Full text of Federal Reserve Bulletin : December 1964

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FEDERAL RESERVE

B U LLETIN
December 1964

* • • •+

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM




WASHINGTON




E D I T O R I A L

C O M M I T T E E

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.

Contents
Business Income and Investment

1513

Law Department

1520

Announcements

1531

National Summary of Business Conditions

1535

Guide to Tabular Presentation

1538

Financial and Business Statistics, U.S. (Contents on p. 1539)

1540

International Financial Statistics (Contents on p. 1601)

1602

Board of Governors and Staff

1620

Open Market Committee and Staff; Federal Advisory Council

1621

Federal Reserve Banks and Branches

1622

Federal Reserve Board Publications

1623

Index to Statistical Tables

1627

Map of Federal Reserve System

Inside back cover

Volume £o * Number 12
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Business Income and Investment
BUSINESS OUTLAYS for plant and equipment have increased sharply this year and
are expected to rise further in 1965. By late
1964 such outlays were more than a third
larger than at the 1961 cyclical low. Most of
this increase has taken place since mid1963.
The rising trend in plant and equipment
expenditures has persisted longer in this upswing than it did in the large expansion of
1955-57. Growth in the dollar value of such
spending has not matched that in the earlier
period, but prices of equipment have increased much less this time. However, if advances in outlays anticipated through mid1965 are realized, the aggregate percentage
increase in the dollar value of these expenditures in the 4 years since early 1961 will be a
little larger, even without adjustment for
differences in price trends, than in the
shorter and steeper 1955-57 expansion.
Plant and equipment outlays tend to respond slowly to cyclical upturns in general
economic activity. This is due in part to the
time required to implement spending decisions once they are made. In addition, the
decisions themselves may be delayed until
a combination of factors becomes strong
enough to stimulate a general upward adjustment in business spending plans. Such a
development may have accounted for the
more rapid rise in capital expenditures since
mid-1963, as a number of factors have remained or have become unusually favorable
to investment.
Profit margins have risen much longer
than in earlier expansion periods and this
year have been at the highest levels since




1513

CORPORATE INTERNAL FUNDS still growing

in 4th year of economic expansion

NOTE.—Seasonally adjusted quarterly totals at annual rates
for nonfinancial corporations. Based on Dept. of Commerce
data for internal funds (retained earnings and depreciation
allowances) and Dept. of Commerce-Securities and Exchange
Commission data for capital outlays (expenditures for plant and
equipment) in the United States. Amounts excluded—for banks,
insurance companies, and investment companies from each
series, and for unincorporated businesses from the outlays series
—estimated by Federal Reserve from Dept. of Commerce annual
data. Latest figures shown, third quarter 1964.

the mid-1950's. The rate of capacity use in
manufacturing has remained high for an
unusually long period, at close to the level
prevailing in late 1956. Other stimulants to
capital spending have included the availability of improved technological processes,
domestic and foreign competition for markets, and Governmental actions taken in
part to encourage both earlier retirement
and greater expansion of fixed assets.
Moreover, alternative needs for funds,
especially for additions to inventories, have
been more moderate than in previous upswings, and supplies of both internal and
external funds have been ample.

1514

FEDERAL RESERVE BULLETIN • DECEMBER 1964

Corporate retained earnings and depreciation allowances have risen almost steadily
for nearly 4 years. This long advance has
reflected a number of developments, including substantial increases in sales, the upward
trend in profit margins, a step-up in depreciation allowances, and a reduction in the
proportion of profits paid out in income
taxes.
Despite higher dividend payments, the total flow of internal funds in late 1964 was
running one-third above the early 1961 low
and one-fifth above the pre-recession peak
reached in mid-1959.
At the same time, funds have been readily
available in credit and capital markets and,
in sharp contrast with earlier upswings, the
cost of new borrowing has shown little increase as capital outlays have expanded.
INTERNAL FUNDS

Internal funds of nonfinancial corporations
have been accumulating at a seasonally adjusted annual rate of more than $40 billion
throughout this year. This compares with
$27 billion at the 1961 cyclical low and a
previous peak rate of $33 billion reached
in the second quarter of 1959 just prior to
the long strike in the steel industry.
In this as in other expansion periods, internal funds rose sharply in the first year of
recovery. In previous expansions such funds
leveled off or declined during the second
year, but this time they continued to rise
steadily until the beginning of 1964 when
they spurted up again because of the tax
cut. Since the first quarter of this year the
total flow has increased a little further.
Depreciation allowances have accounted
for about half of the rise in internal funds
during this expansion period, and they now
comprise about three-fourths of the total.
The growth in depreciation, which has been




substantial throughout the postwar period,
is in large part a reflection of the expansion
that has taken place in plant and equipment.
But it also results from liberalization, in
1954 and again in 1962, of the rules for
computing depreciation on such investment.
Since the step-up at the beginning of 1962,
the depreciation component of internal
funds has grown at approximately the same
steady pace as it had earlier.
The most striking features of the increase
in corporate retained earnings in this expansion have been the long rise in profits before taxes and the significant easing of Federal income taxes.
In the first 9 months of 1964 corporate
profits before taxes were at a seasonally adjusted annual rate of more than $57 billion. By the third quarter they were oneeighth above the 1963 average and nearly
one-fourth above the level for the first quarter of 1962—which was the first quarter
affected by the new depreciation guidelines
and a year after the recession low. Almost
all major industries have shared in the rise
in profits this year.
Profits after taxes have risen much faster
than profits before taxes over the expansion
period, as three actions by the U.S. Government have significantly reduced the proportion of corporate receipts paid out in Federal income taxes.
Two of these actions—adoption of the
new guidelines for depreciation and of the
tax credit for investment outlays—became
effective at the beginning of 1962. Their impact on tax liabilities and after-tax earnings
may be seen from Chart 2. While profits
before taxes dropped with the step-up in depreciation allowances, the reduction in taxes
resulting from the additional depreciation
expense and from the investment tax credit
offset all of the drop in before-tax profits,
and profits after taxes in the first quarter of

1515

BUSINESS INCOME AND INVESTMENT

DEPRECIATION continues upward trend.

— 40
I

Reflecting tax changes, PROFITS AFTER TAXES
rise sharply;

DIVIDENDS grow less rapidly.

1962 remained at the same level as in the
fourth quarter of 1961.
The third Governmental action involved
revision of Federal income tax rates. A major feature of the revision was a 4-point reduction in the maximum rate paid by corporations, to become effective in two equal
steps—at the beginning of 1964 and at the
beginning of 1965. As a result of the first
step-down, tax liabilities declined in the
first quarter of 1964 even though profits
before taxes increased by 4 per cent. The
net effect was a 10 per cent rise in income
after taxes. Since the fourth quarter of 1961,
profits before taxes have risen by a little
more than one-sixth, and profits after taxes
by nearly one-third.
This sharp rise in profits after taxes has
been accompanied by a smaller, though substantial, increase in dividend payments. Although the proportion of after-tax earnings
paid out in dividends has declined from
about two-thirds in 1961-63 to five-eighths
currently, total dividend disbursements have
increased by one-fourth since late 1961.
Dividend payments rose sharply in the
closing quarter of 1963, when year-end extras were considerably larger than usual,
and payments have increased further during
1964. Many companies have raised their regular dividend rates this year. In addition,
some companies that normally would have
made payments in late 1963 delayed them
until early 1964 in anticipation of lower
individual income tax rates, and several
large companies paid extra dividends in the
early part of the year.
EXTERNAL FINANCING

NOTE.—Seasonally adjusted quarterly totals at annual rates
for all corporations. Dept. of Commerce figures except for depreciation, which is estimated by Federal Reserve from Dept.
of Commerce annual data. Latest figures, third quarter 1964.




For those businesses whose depreciation allowances and retained earnings were not
adequate to meet their total financing requirements, the supply of funds available

1516

FEDERAL RESERVE BULLETIN • DECEMBER 1964

for external financing has remained ample.
Financing costs, while continuing at a relatively high level historically, have remained
unusually stable throughout the expansion
period.
The persistent tendency for corporate internal funds to outrun plant and equipment
spending, together with the generally moderate growth in inventories in recent years,
might seem to indicate little need for expanded corporate financing from external
sources. In practice, however, corporations
in need of funds are not in all instances
those that are experiencing the largest internal flows, and corporations in some industries customarily finance a large proportion of their outlays externally.
Substantial amounts of new security financing have therefore been undertaken in
each year of the expansion, and business use
of bank credit has increased steadily.
Corporate security issues for new capital
totaled $9.5 billion during the first 9 months
of 1964—30 per cent more than a year earlier and the largest January-September volume since the record year of 1957. But

about two-thirds of the increase reflected
two unusual equity issues in the communications industry, and most of the remaining
one-third was accounted for by a rapid rise
in commercial bank financing through sale
of capital notes and debentures. Efforts of
banks to expand their loanable funds
by selling such issues began in the latter part of 1963. Securities issued by nonbank corporations in the real estate and financial group have also been unusually
large this year.
Aside from the two large issues of
communications stock, nonfinancial corporations as a group issued a smaller volume of new securities in the first 9 months
of this year than in the same period of any
other year since 1960. Manufacturing companies accounted for this further decline.
Their offerings in the period were off more
than 25 per cent from 1963. In addition,
new issues by foreign corporations in U.S.
capital markets were sharply below their
heavy 1963 volume. The reduction reflected
first anticipation, and then enactment, of the
interest equalization tax.

NEW CAPITAL issues rise sharply in 1964, reflecting finance and communication offerings

NOTE.—Based on Securities and Exchange Commission quarterly data.




1517

BUSINESS INCOME AND INVESTMENT

The ability of corporations to place this
year's expanded volume of new security offerings without any appreciable rise in interest cost has reflected the continued growth
in saving seeking long-term investment as
well as the continued general availability of
bank credit. Individuals have provided some
of these increased funds to corporations by
their direct purchases—especially of the two
large issues of communications stock. But
the bulk of the expanded flow into corporate
securities has continued to come from life
insurance companies and pension funds.
In addition to the increase in security issues, other forms of external business financing—including mortgages, bank loans, and
commercial paper—also expanded somewhat more rapidly up to late 1964 than in
1963. From January through November
business loans at commercial banks rose at
an annual rate of 10 per cent, compared with
9 per cent in 1963 and 8 per cent in 1962.
The growth in business loans over the whole
expansion period has been less vigorous but
more sustained than in earlier upswings.
Since the end of 1961 the amount of such
loans outstanding has risen by about onefourth.
PROFITABILITY

One of the factors contributing to the increasing flow of corporate internal funds
throughout this expansion period has been
a prolonged rise in profit margins. Profitability, as measured by over-all ratios of aftertax earnings to sales and to net worth in
manufacturing industries, trended upward
from early 1961 through early 1964, as
Chart 4 shows. These ratios appear to have
increased somewhat less than usual in the
second quarter of this year, and they may
have declined by a little more than the usual
seasonal amount in the third, but their levels




PROFITABILITY of manufacturers rises
in recent years
PROFITS AFTER TAXES
PLUS D E P R E C I A T I O N

NOTE.—Net worth proportions (lower grid) relate annual
rate of profits after taxes for each quarter to stockholders'
equity at the end of the quarter. All data are from Federal
Trade Commission-Securities and Exchange Commission and
are not adjusted for seasonal variation. Latest figures shown,
third quarter 1964.

are still high relative to those of other recent years.
Over this expansion period, profitability
has improved for almost every manufacturing industry as well as for manufacturing as
a whole. Increases have tended to be relatively larger for durable goods than for nondurable goods groups, but the latter generally show greater stability in profit rates
over the cycle. In part because of the tax
cut, however, increases in early 1964 were
about as large among nondurable as among
durable goods groups.
For manufacturing corporations as a
whole, profits after taxes in the first half of
1964 were equal to 5.2 per cent of sales.
This compared with a ratio of 4 per cent in
early 1961, and it was the highest for any
January-June period since 1956. If one adds
back depreciation allowances before com-

1518

FEDERAL RESERVE BULLETIN - DECEMBER 1964

puting the ratio, the recent level has been
the highest since the early postwar years,
when inventory profits were substantial.
This latter ratio is a useful supplement to
the more usual measures of profitability.
Since part of the sharp postwar rise in depreciation reflects tax-law changes that have
moderated the growth in corporate profits,
totals of profits and depreciation are more
comparable over time than the figures for
either alone. Ratios based on such totals
are particularly useful in assessing the influence of profitability on capital investment,
because depreciation charges represent funds
that are retained by corporations and thus
are available for financing outlays.
The ratio of manufacturers' profits after
taxes to stockholders' equity has also trended
upward during the expansion period. At an
annual rate of nearly 11.5 per cent in the
first half of 1964, it was higher than for any
similar period since 1957.
Many observers believe that ratios of
earnings to stockholders' equity are a more
meaningful indicator of profitability—to
lenders, to owners, and to managers—than
earnings per dollar of sales. Such ratios may
also be more meaningful for comparisons
of profitability among different industries.
However, comparisons of present rates with
those for earlier years are affected by
changes in the valuation of net worth.
In the late 1940's and even into the
1950's, ratios of profits to net worth related
earnings that were stated in postwar prices
to net worth that was stated largely or partly
in much lower prewar prices. This understatement of net worth relative to earnings
gradually disappeared after prices stabilized, and such ratios now probably relate
quantities measured in roughly the same
prices.




Regardless of the over-all ratio used to
measure profitability, its relation to capital
spending is difficult to evaluate. For example, declines in profit rates may discourage
spending, or on the other hand they may
stimulate outlays that are designed to cut
costs. Increases in profitability may stimulate outlays to increase capacity, or they
may simply represent the benefits gained
from a preceding wave of major investment
programs.
Moreover, the relationship between profitability and spending presumably is determined by the actual or expected rate of return on a particular product or a particular
investment and not by the ratio of total profits to either total sales or total net worth.
Nevertheless, generally rising margins
based on aggregate data, when they occur
in most industries and in conjunction with
other favorable developments, certainly constitute a plus factor for capital spending.
CAPACITY UTILIZATION

Among the nonfinancial considerations influencing business plans for investment, a
major one is the extent to which existing
capacity is being utilized. As with measures
of profitability, the influence of capacity use
on capital spending relates to specific product lines or specific production processes.
Although available estimates of capacity use
—and of spending—are necessarily more
inclusive than this, they provide a rough indication of the degree of pressure on capacity.
In the third quarter of 1964, according
to Federal Reserve estimates, manufacturers
were operating at 88 per cent of capacity, as
Chart 5 shows. This is the highest rate of
capacity utilization since 1956 except for
the second quarter of 1959, which was affected by an inventory build-up in anticipation of a steel strike.

BUSINESS INCOME AND INVESTMENT

RATE OF CAPACITY USE relatival? high

despite large additions to available CAPACITY

NOTE.—Rate of capacity relates production in manufacturing
to Federal Reserve estimates of current capacity, which are
interpolated from year-end estimates. The latter are derived
principally from capacity utilization as reported by McGrawHill and December-January production as shown in the Board's
index of industrial production. Latest capacity rates shown,
third quarter 1964.

However, this rate is below the rates
reached on a number of occasions in the
early and mid-1950's. The reason for this
is that output in industries producing durable goods has not been so high this time
relative to capacity. For nondurable goods
industries, on the other hand, the operating
rate has been 90 per cent ever since early
1961, and it has never been much higher
than this.
Even in the durable goods groups, the
relatively moderate over-all utilization rate
in late 1964 obscured significant differences,
among and within particular industries, between the mix of product demands and the
mix of capacity to meet them. In iron and
steel and nonferrous metals, for example,




1519
output was quite close to capacity for some
production processes but well below capacity for others.
The high operating rate for nondurable
goods groups may have been exerting less
pressure on existing capacity than the lower
average rate for durable goods groups.
Many nondurable goods industries do not
experience wide shifts in demand, and nondurable goods industries as a group characteristically have operated nearer to capacity
over long periods than those manufacturing
durable goods.
Thus the same utilization rate may have
different implications in different industries
or at different times. For this reason it is not
surprising that data for broad aggregates of
industries and products provide little evidence of some critical capacity utilization
rate that automatically triggers adoption of
new spending plans.
On balance it appears that outlays to expand manufacturing capacity in recent years
have been based on what have proved to be
realistic appraisals of prospective demands.
Percentage increases in capacity in 1961
and 1962 were less marked than those in
1954 and 1955, though increases in 1963
and 1964 have been fully as large as those in
1956 and 1957.
In the long expansion period since early
1961 increases in output and in new orders
have been more gradual and have pressed
against capacity less quickly than in some
earlier periods. This less rapid advance may
also have contributed to the more orderly
and longer-sustained growth in plant and
equipment outlays.

Law Department
Administrative interpretations, new regulations, and similar material

Maximum Rates of Interest Payable on
Time and Savings Deposits

Explanatory Statement Regarding Maximum
Interest Rates on Deposits

in the maximum permissible rates of interest that
member banks may pay on time and savings deposits under the revision of the Supplement to the
Board's Regulation Q that became effective November 24, 1964.
1. Time certificates of deposit issued prior to
November 24, 1964, may be amended by a member bank, if desired, to bear interest up to the new
applicable increased maximum rates for any period
subsequent to that date. For example, a certificate
dated July 1, 1964, maturing July 1, 1965, may
be amended to bear interest up to a rate of 4Vz
per cent for any period subsequent to November
24, 1964. (As hereafter noted, the rate would be
subject to any restrictions imposed by applicable
State law.)
2. While the revised Supplement, like the Supplement previously in effect, fixes a maximum rate
of interest that may be paid on any time deposit
having a maturity of less than 90 days, the Supplement must, of course, be read in connection
with the provisions of Regulation Q. A deposit
with a maturity of less than 30 days would not
constitute a "time deposit" within the meaning
of the provisions of section 217.1 of the Regulation
and, unless it met the definition of a savings deposit, the deposit would constitute a demand upon
which the payment of interest would not be permissible.
3. The new maximum rates are not retroactive.
Consequently, a savings deposit that has remained
on deposit for less than 12 months prior to November 24, 1964, may bear interest at a rate up to
not more than 4 per cent for any period beginning
with such date but may not bear interest at a rate
in excess of 3Vi per cent for any period prior to
such date, except that, if and when a savings deposit, which was in the bank prior to November
24, 1964, has remained in the bank for a full 12month period, interest may then be adjusted to
provide a yield of not more than 4 per cent from
the date of the deposit.

The following comments are intended to answer certain questions in connection with changes

4. It should be borne in mind that State member banks are subject also to any provisions of

The Board of Governors, effective November
24, 1964, increased the maximum permissible
rates of interest payable by member banks of the
Federal Reserve System on savings deposits and
time deposits. Similar action was taken by the
Federal Deposit Insurance Corporation with respect to maximum rates of interest payable by nonmember insured banks. The new maximum rates
of interest are contained in the Supplement to the
Board's Regulation Q, the revised text of which
is as follows:
SUPPLEMENT TO REGULATION Q
SECTION

217.6

Effective November 24, 1964
Pursuant to the provisions of Section 19 of the
Federal Reserve Act and § 217.3, the Board of Governors of the Federal Reserve System 1 hereby prescribes the following maximum rates of interest
payable by member banks of the Federal Reserve
System on time and savings deposits:
(a) Maximum rate of 4V2 per cent. No member
bank shall pay interest accruing at a rate in excess
of
AVi per cent per annum, compounded quarterly,2 regardless of the basis upon which such interest may
be computed, on any time deposit having a maturity
date 90 days or more after the date of deposit or
payable upon written notice of 90 days or more.
(b) Maximum rate of 4 per cent. No member bank
shall pay interest accruing at a rate in excess
of 4 per
cent per annum, compounded quarterly,2 regardless
of the basis upon which such interest may be computed:
(1) On any saving deposit, or
(2) On any time deposit having a majority date
less than 90 days after the date of deposit or payable
upon written notice of less than 90 days.
1
The maximum rates of interest payable by member banks
of the Federal Reserve System on time and savings deposits as
prescribed herein are not applicable to any deposit which is
payable only at an office of a member bank located outside of
the2 States of the United States and the District of Columbia.
This limitation is not to be interpreted as preventing the
compounding of interest at other than quarterly intervals,
provided that the aggregate amount of such interest so compounded does not exceed the aggregate amount of interest at
the rate above prescribed when compounded quarterly.




1520

1521

LAW DEPARTMENT
State law or regulations thereunder that prescribe
maximum rates of interest that they may pay on
time and savings deposits, and in some cases
State-prescribed rates may be less than the maximum rates prescribed by the Board. In addition,
under section 24 of the Federal Reserve Act
national banks may not pay interest on time or
savings deposits at a rate in excess of the highest
rate authorized by State law to be paid upon such
deposits by State banks or trust companies.
5. It should be emphasized that the Supplement
to the Board's Regulation Q prescribes only maximum rates of interest that member banks may
pay on time and savings deposits. Member banks
are free, of course, to pay lower interest rates if
they so desire.
Short-Term Negotiable Notes of Banks not
Securities Under Section 32 of Banking
Act of 1933
The Board has been asked whether short-term
unsecured negotiable notes of the kinds issued
by some of the large banks in this country as a
means of obtaining funds are "other similar securities" within the meaning of Section 32 of the
Banking Act of 1933 (12 U.S.C. 78) and the
Board's Regulation R (12 CFR 218).
Section 32 forbids certain interlocking relationships between banks which are members of the
Federal Reserve System and individuals or organizations "primarily engaged in the issue, flotation,
underwriting, public sale, or distribution, at
wholesale or retail, or through syndicate participation, of stocks, bonds or other similar securities. . . . " Therefore, if such notes are securities
similar to stocks or bonds, any dealing therein
would be an activity covered in Section 32 and
would have to be taken into consideration in
determining whether the individual or organization
involved was "primarily engaged" in such activities. The Board has concluded that such shortterm notes of the kind described above are not
"other similar securities" within the meaning of
Section 32 and the regulation.
Order Under Section 3 of the
Bank Holding Company Act
The Board of Governors issued the following
Order and Statement in connection with action
on an application for permission to become a bank
holding company:




COMMERCIAL BANCORP, INC.,
MIAMI, FLORIDA
In the matter of the application of Commercial
Bancorp, Inc., for permission to become a bank
holding company through acquisition of stock of
three banks in Florida.
ORDER APPROVING APPLICATION UNDER
BANK HOLDING COMPANY ACT

There has come before the Board of Governors,
pursuant to Section 3(a)(l) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)) and
Section 222.4(a)(l) of Federal Reserve Regulation Y (12 CFR 222.4(a)(l)), an application
on behalf of Commercial Bancorp, Inc., Miami,
Florida, for the Board's approval of action whereby Applicant would become a bank holding company through the acquisition of a minimum of
80 per cent of the voting shares of each of the
following banks located in Florida: Commercial
Bank of Miami, Miami; Merchants Bank of
Miami, West Miami; and Bank of Kendall, Kendall.
As required by Section 3(b) of the Act, the
Board notified the Florida State Commissioner of
Banking of the receipt of the application and requested his views and recommendation. The Commissioner recommended approval. Notice of receipt of the application was published in the
Federal Register on April 24, 1964 (29 F. R.
5522), which provided an opportunity for submission of comments and views regarding the
proposed transaction. Time for filing such views
and comments has expired and all comments and
views filed with the Board have been considered
by it.
IT IS 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 16th day of
November, 1964.
By order of the Board of Governors.
Voting for this action: Unanimous, with all members
present.
(Signed) MERRITT SHERMAN,
[SEAL]

Secretary.
y

1522

FEDERAL RESERVE BULLETIN • DECEMBER 1964
STATEMENT

Commercial Bancorp, Inc., Miami, Florida
("Applicant"), has filed an application pursuant
to Section 3(a)(l) of the Bank Holding Company Act of 1956 ("the Act") requesting prior
approval of action whereby Applicant would become a bank holding company within the meaning of the Act through the acquisition of 80 per
cent of the outstanding stock of each of the following three banks in Florida: Commercial Bank
of Miami, Miami ("Commercial Bank"); Merchants Bank of Miami, West Miami ("Merchants
Bank"); and Bank of Kendall, Kendall ("Kendall
Bank").
The three proposed subsidiary banks are commonly owned and controlled as reflected by the
fact that Applicant's six organizers own 60.7 per
cent, 72.5 per cent, and 73.5 per cent of the
common stock of Commercial Bank, Merchants
Bank, and Kendall Bank, respectively, Applicant's
president, who is one of its organizers, owns 45.7
per cent, 50.2 per cent, and 50.7 per cent of
Commercial Bank, Merchants Bank, and Kendall
Bank, respectively, and is also president of each of
the three proposed subsidiary banks.
Applicant proposes to acquire, in exchange for
shares of its stock, a minimum of 80 per cent
of the outstanding stock of each of the three banks.
On the basis of a 100 per cent exchange of stock
of the banks for holding company stock, Applicant's organizers would control 67 per cent of the
holding company.
At December 20, 1963 * Commercial Bank
held total deposits of $20.5 million; Merchants
Bank held total deposits of $16.1 million; and
Kendall Bank, organized in July 1962, held total
deposits of $3.5 million. Each proposed subsidiary bank is a nonmember insured bank.
Views and recommendation of State supervisory
authority. In response to a request by the Board
for views and a recommendation on Applicant's
proposal, the Commissioner of Banking for the
State of Florida recommended that the application
be approved.
Statutory factors. 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
1
Unless otherwise indicated, all banking data noted
are of this date.




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.
Financial history, condition, prospects, and
management of Applicant and the banks concerned. While Applicant has no financial history,
its proposed financial structure appears sound.
The financial history and condition of each of the
proposed subsidiary banks is satisfactory, as are
their prospects and the prospects of the Applicant. The managements of the proposed subsidiary banks are experienced and competent. Applicant's management will be composed of officers
and directors of the respective subsidiary banks,
and the individual who is president of each bank
is the president of Applicant. It is concluded that
Applicant's management will be satisfactory.
Convenience, needs, and welfare of the communities and area concerned. Applicant and the
three proposed subsidiary banks are located in
Dade County, the most populous county in the
State of Florida. Dade County, with an estimated
population of 1,074,000, has grown at a rate
faster than the State of Florida as a whole. The
County has a diversified economic base with retail
trade and tourism constituting major sources of
employment and income.
Each proposed subsidiary bank has only one
office, branch banking being prohibited by Florida
law. Commercial Bank is located in northeast
Dade County about five miles north of downtown
Miami. Its primary service area2 has an estimated
population of 115,000, encompassing an area of
about 6V2 miles from east to west and 9 ^ miles
from north to south, and has located therein
almost 2,300 business establishments. Data compiled by Dade County officials and submitted by
Applicant project an area population of 125,500
by 1970.
3
As used herein, "primary service area" refers to
the area from which Applicant estimates that each
of the proposed subsidiary banks derives approximately 75 per cent of its deposits of individuals,
partnerships, and corporations.

LAW DEPARTMENT
Merchants Bank is located about twelve miles
southwest of Commercial Bank. Bank's primary
service area, which has a population of about
126,000 (estimated to increase to 172,000 by
1970), covers an area of approximately 56 square
miles and includes a large area to the west where
there is no other commercial banking institution.
There are about 1,450 business establishments in
Merchants Bank's primary service area.
Kendall Bank is situated about 5Vi miles south
of Merchants Bank, almost directly across from
a large shopping center which contains a major
department store. The bank has a primary service
area extending about 6*4 miles from east to west
and 9Vi miles from north to south. The area has
experienced rapid population growth in the last
decade. Its present population of about 114,000
is expected to increase to about 231,000 by 1970.
There are nearly 1,800 businesses in Kendall
Bank's primary service area.
While the primary service areas of the three
proposed subsidiary banks have evidenced growth
and a potential need for expanded banking services, there is no evidence that present banking
requirements in any of the areas are going unserved or are being inadequately served.
In the main, Applicant's case for approval of
its proposal rests upon its assertion that the following principal advantages will be realized by the
banks involved, with ultimate benefit to the public: (1) there will be made available to the banks'
customers new and improved services such as
trust department facilities, foreign department
services, and expanded and improved credit facilities; (2) as expansion of the banks' physical
facilities becomes necessary, an occurrence predicted by Applicant, a more ready source of capital
for this purpose will be assured through Applicant; and (3) improvements will be made in
the banks' internal operating procedures and controls.
While some benefit would be realized if Applicant were to accomplish the innovations and improvements described, the absence in the record of
evidence of an existing or reasonably foreseeable
need either for trust services on a scale visualized
by installation of trust departments, or for services usually provided by a foreign department of
a bank, minimizes the potential benefit to the
public from Applicant's proposal. Similarly, in
respect to the proposed expansion of one or more




1523
of the banks' premises, there is evidence in the
record that such expansion has taken place as
needed without apparent capital impairment. In
respect to improvements in the banks' operating
procedures and controls, the Board believes that
the improvements forecast by Applicant can be
accomplished in nearly the same degree by the
three commonly controlled banks as presently
operated. The Board concludes that the evidence
bearing on the fourth statutory factor is consistent
with, and lends some weight toward, approval of
the application.
Effect of proposed acquisition on adequate and
sound banking, public interest, and banking competition. The 47 commercial banks located in Dade
County hold combined deposits of about $1.3
billion. The combined deposits of Commercial
Bank, Merchants Bank, and Kendall Bank amount
to approximately $40 million, or about three per
cent of the deposits held by all banks in Dade
County, and less than one per cent of the total
deposits of all banks in the State.
Commercial Bank is the fifth largest of 17 banks
operating in its primary service area. Its deposits
of $20.5 million represent slightly more than 7
per cent of the deposits held by the aforementioned
17 banks. The four largest banks in Commercial
Bank's primary service area have deposits ranging
in total from $35 million to slightly above $50
million. Merchants Bank ranks fourth in size of
eight banks in its primary service area, its deposits
of $16 million representing about 14 per cent of
the combined deposits of those eight banks.
Kendall Bank, with deposits of $3.5 million, is
the smallest of seven banks located in its primary
service area; its deposits are equal to about nine
per cent of the combined deposits of all banks
in the latter area.
In addition to the competition offered by banks
located within the respective service areas, nine
other banks having combined deposits of $125
million, and ranging in size of deposits held from
$3 million to $44 million, are located outside of
but compete in one or more of the three banks'
primary service areas. Viewing as a single area the
three primary service areas here involved, 28
banks therein, including Applicant's three proposed subsidiaries, hold combined deposits of
$411 million, of which less than 10 per cent are
held by Commercial Bank, Merchants Bank, and
Kendall Bank, combined. As to either the 25

1524

FEDERAL RESERVE BULLETIN • DECEMBER 1964

banks located in this greater area (excluding Applicant's proposed subsidiaries), or the 9 banks
located outside the area but competing therein,
the Board concludes that the competition to be
offered by the three banks operating under Applicant's ownership and control will not differ significantly in nature or degree from that now
offered by these banks.
Nor does it appear that there exists significant
competition among and between the three proposed subsidiary banks that would be eliminated
by consummation of this proposal. The lack of
such existing competition, while due in part to the
common ownership and control previously mentioned, is attributable in some degree to the distances separating each of the three banks, and to
their sizes in relation to the other banks located
and competing in their respective primary service
areas. Thus, even absent the common ownership
and control evidenced, it is reasonably concluded
that no significant competition would exist between or among the three proposed subsidiary
banks in the foreseeable future.
In sum, consummation of Applicant's proposal
appears to be consistent with the maintenance of
adequate and sound banking and the preservation
of banking competition.
Conclusion. On the basis of all the relevant
facts as contained in the record 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 acquisition would be consistent with
the public interest and that the application should,
therefore, be approved.
Orders Under Bank Merger Act

The Board of Governors issued the following
Orders and Statements with respect to applications
for approval of the acquisition of assets or the
merger of certain banks:
WHEELING DOLLAR SAVINGS & TRUST
CO., WHEELING, WEST VIRGINIA
In the matter of the application of Wheeling
Dollar Savings & Trust Co. for approval of acquisition of assets of South Wheeling Bank and
Trust Company.
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 Wheeling Dollar Savings & Trust Co., Wheeling, West
Virginia, 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 South Wheeling Bank and Trust Company, Wheeling, West Virginia. 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
Order, or (b) later than three months after said
date.
Dated at Washington, D. C , this 25th day of
November, 1964.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Mills, and Mitchell. Voting against
this action: Governor Robertson. Absent and not
voting: Governors Shepardson and Daane.
(Signed) MERRITT SHERMAN,

Secretary.
[SEAL]
STATEMENT

Wheeling Dollar Savings & Trust Co., Wheeling,
West Virginia ("Wheeling Dollar"), with total
deposits of $40.4 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
acquisition of the assets and assumption of deposit liabilities of South Wheeling Bank and Trust
Company, Wheeling, West Virginia ("South
Wheeling Bank"), which has total deposits of
$6.7 million.1 Wheeling Dollar would be precluded by State law from operating the office of
South Wheeling Bank as a branch.
1

Deposit figures are as of May 30, 1964

LAW DEPARTMENT
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
Wheeling Dollar and South Wheeling Bank are
satisfactory, and each bank has a sound asset
condition and an adequate capital structure.
Wheeling Dollar's earnings record is good, and its
future earnings prospects are satisfactory. Although the earnings record of South Wheeling
Bank also is good, its future earnings prospects
are regarded as uncertain since they appear to be
heavily dependent upon the continued availability
to the bank of the services of one individual. About
45 per cent of the deposits of South Wheeling
Bank originate from beyond the area that the
bank normally would be expected to serve. This
business, which is attributable directly to the many
acquaintances and wide personal following of
South Wheeling Bank's chief executive officer,
most probably would be lost in substantial part if
he should become inactive.
While the management of each bank is satisfactory, South Wheeling Bank faces a prospective
management succession problem in that it cannot
replace from within the organization its chief executive officer and the next ranking officer, both
of whom may be forced into retirement for
reasons of health. However, the management succession problem confronting South Wheeling
Bank is not only one of finding, hiring, and retaining capable managerial talent, although this,
alone, presents difficulties in view of the small
size of the bank and the unattractiveness of the
area in which the bank is situated. It is an inseparable part of the more pervasive problem
which results essentially from the bank's unusual
dependence upon the business-generating ability
of its principal officer and the implications which
this fact has for the bank's prospects. The prob-




1525
lem, viewed in this dimension, takes on considerable significance.
Consummation of the proposal, which would
remove the foregoing uncertainty concerning
South Wheeling Bank, would not adversely affect
the banking factors as they relate to Wheeling
Dollar.
There is no indication 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.
Wheeling Dollar and South Wheeling Bank are
two of six commercial banks located in Wheeling,
Ohio County, West Virginia. The city of Wheeling is located in the northwestern part of the
State on the eastern bank of the Ohio River, which
separates West Virginia and Ohio. The service
area 2 of Wheeling Dollar consists of Ohio County
and considerable portions, as measured by population, of the adjacent counties of Marshall and
Brook in West Virginia and Belmont County in
Ohio. The service area of South Wheeling Bank
is smaller and contained entirely within the service area of Wheeling Dollar. South Wheeling Bank
derives 35 per cent of its deposits from Belmont
County, about 56 per cent from the southern
portion of Wheeling and the nearby communities
of Bethlehem and Mozart, and the balance from
the remainder of the city of Wheeling. There is
no evidence that the banking needs and convenience of the community are not being adequately met.
The population of the Wheeling Standard
Metropolitan Statistical Area, which consists of
Ohio and Marshall Counties in West Virginia and
Belmont County in Ohio, decreased during the
decade 1950-1960 from 196,000 to 190,000 persons. The economy of the Wheeling area, which
is dependent for the most part upon various industrial enterprises, has suffered from declining
activity. Although there has been some recent
improvement, unemployment is both substantial
and persistent. Economic conditions are especially
poor in the sector from which South Wheeling
Bank derives most (i.e., about 56 per cent) of its
deposits, and it does not seem probable that these
conditions will be improved substantially, or in
the immediate future, by the redevelopment pro2
The area from which a bank obtains 75 per cent
or more of its deposits of individuals, partnerships,
and corporations ("IPC deposits").

1526

FEDERAL RESERVE BULLETIN • DECEMBER 1964

gram planned for a portion of this sector near
the location of South Wheeling Bank.
Both Wheeling Dollar and South Wheeling Bank
offer the usual range of banking services. Their
offices are only five blocks apart, the office of
Wheeling Dollar being located in the main business district of Wheeling, which lies across Wheeling Creek from the declining area to the south
in which South Wheeling Bank has its office. The
offices of two other commercial banks situated
in the main business district of Wheeling are
within six blocks of the office of South Wheeling
Bank. Thus, existing and potential customers of
South Wheeling Bank, upon consummation of the
proposal, wo\ild continue to have reasonably convenient sources of commercial bank services, and
it does not appear that the banking convenience
and needs of any area served by South Wheeling
Bank would be adversely affected to any significant extent.
Competition. Wheeling Dollar is the largest of
the six3 commercial banks located in Wheeling
and, with 22.5 per cent of the IPC deposits,4 is
the largest of the 19 commercial banks operating
in its service area. South Wheeling Bank accounts
for less than 5 per cent of the IPC deposits held
by the 13 commercial banks operating in Wheeling
and in Belmont County, Ohio, and less than 4
per cent of such deposits in the area served by
Wheeling Dollar. As noted earlier, offices of the
proponent banks are only five blocks apart and
Wheeling Dollar's large service area includes
within its boundaries the entire service area of
South Wheeling Bank. If the $6 million in IPC
deposits held by South Wheeling Bank were acquired by Wheeling Dollar, the latter's share of
all such deposits held by commercial banks in
its service area would be increased to 26.2 per
cent.
The proposed transaction would eliminate all
existing and potential competition between South
Wheeling Bank and the other banks in its service
area, including Wheeling Dollar. However, banking customers in the area served by South Wheeling Bank would continue to have access to a
number of reasonably convenient alternative commercial banking offices. Further, despite the fact
3

A new bank is proposed to be located in downtown Wheeling near, and north of, Wheeling Dollar's
office.
4
Depositfiguresare as of June 30, 1964.




that, under the proposal, several members of the
staff of South Wheeling Bank, including its two
principal officers, would join the staff of Wheeling
Dollar, the latter would not gain an additional
banking office. Thus, under these circumstances,
the amount of banking business which Wheeling
Dollar would be able to gain and retain as a
result of the acquisition would seem to be
markedly less than the total volume now held by
South Wheeling Bank. Further, the proposed transaction would not result in an increase in Wheeling
Dollar's capital and surplus accounts, and, thus,
there would be no increase in its lending limit.
Summary and conclusion. Although consummation of the proposed transaction would result
in the elimination of a banking office through the
closing of an independent commercial bank, it
would not materially affect the banking needs and
convenience of the community concerned, and it
is not probable that the consequences for banking
competition in the relevant area would be adverse.
Wheeling Dollar, without the benefit of an additional banking office, would find it necessary to
contend with other banks for the business now
held by South Wheeling Bank. Further, consummation of the proposed transaction would afford
an orderly solution for the potential earnings
problem of South Wheeling Bank, which is
occasioned by its location and its extraordinary
dependence upon the continued availability of the
services of its present chief executive officer.
Accordingly, the Board finds that the proposed
acquisition of assets and assumption of liabilities
would be in the public interest.
DISSENTING STATEMENT OF GOVERNOR
ROBERTSON

When a bank is given a charter, it receives a
license to engage in the banking business—a business vested with a public interest. Hence, it
assumes an implied obligation to provide banking
facilities to the community so long as the public
need therefor exists—certainly so long as it is
feasible and profitable for it to do so. Of course,
it can legally cease to carry out this obligation—
but only in accordance with the applicable provisions of law. The question here is whether the
Bank Merger Act of 1960 can be used for this
purpose.
In this case there is a clear public need, as
evidenced by the volume of business and profits

LAW DEPARTMENT
enjoyed by the South Wheeling Bank—the only
bank in South Wheeling, West Virginia. If this
acquisition is consummated, that bank will cease
to exist and South Wheeling will be left without
a banking office.
The Bank Merger Act of 1960 was enacted for
the purpose of safeguarding our multiple unit
banking system from continued erosion through
bank absorptions. Here, by virtue of the Board's
decision, it is being used for another purpose—as
enabling legislation to permit a small but sound,
profitable, and growing bank to cease operation
and to be absorbed by its largest competitor without due regard for the needs and convenience of
the community.
As I read the Bank Merger Act and its legislative history, Congress clearly did not intend
by that measure to provide a "way out" for a
bank and its stockholders so long as it is possible
and profitable for the institution involved to pursue its responsibility to serve the public. As a
matter of fact, not so long ago the Board emphasized this responsibility when, in denying a proposed bank acquisition, it said that "the principal
consideration . . . is the convenience and needs of
the communities and area concerned rather than
its benefits to the banks involved." (1962 Federal
Reserve BULLETIN 548, 550; similarly, 1958 Federal Reserve BULLETIN 902, 909.) In my judgment, the decision of the majority in the present
case fails to meet this test.
The majority relies heavily for its approval of
this application on what it fears might happen to
South Wheeling Bank if its chief executive officer
and its next ranking officer, aged 57 and 50, respectively—and particularly the former—should
be forced into retirement for reasons of health.
Everyone must admit that the bank is successful
and that its future prospects can be characterized only as favorable, unless the majority's
anxiety is warranted. For the past five years,
South Wheeling Bank has enjoyed an increase in
deposits at a rate exceeding the average for all
Wheeling banks, and its net current operating
earnings have been better than the average for
banks in its size group in the Fourth Federal
Reserve District. The majority's apprehension concerning management and its relationship to future
prospects of the South Wheeling Bank is hard to
understand in view of the fact that both of the
bank's senior officers are to continue in com-




1527
parable capacities with the larger applicant bank.
Indeed, it would seem that the anticipated continuation of the business-generating ability of the
small bank's chief executive officer, in particular,
may well have been a significant consideration
supporting Wheeling Dollar's interest in the proposal.
The majority's decision permitting the demise
of South Wheeling Bank leaves to the customers
of that bank no choice but to seek new banking
connections. Wheeling Dollar, which is Wheeling's
largest bank, is six times the size of South Wheeling Bank and three times as large as the smallest
of the other two banks in the downtown business section of Wheeling. However, the favorable
experience of South Wheeling Bank is indisputable testimony to the fact that many members
of the public prefer to deal with a small, conveniently located bank, rather than one of its
much larger competitors. The decision of the
majority which, in effect, would deprive a great
number of these people of the alternative of doing
business with a small bank seems oddly at variance
with the view stated by the Board in denying an
application in an earlier case where it stated:
"Competition throughout all ranges of banking
size and services is in the public interest." (1962
Federal Reserve BULLETIN 548, 553)
Furthermore, the success of South Wheeling
Bank reflects well the contribution that it is making to the economic life of its community. To
halt—as the majority does—continuation of this
contribution ought to require more by way of
justification than can be found in the record of
this case, particularly in view of the redevelopment program in south Wheeling, in connection
with which some land in the affected area already
has been cleared and sold for use by new business concerns. Both present and potential support
of this small bank to its community and to the
success of the redevelopment program will be
lost. In short, it would seem that the principal
beneficiaries of this acquisition are the senior officers and stockholders of South Wheeling Bank—
not the affected public, at whose expense the bank
is unjustifiably excused from its responsibilities.
Consummation of the acquisition will diminish
banking competition, as the majority recognizes.
The service area of South Wheeling Bank lies
entirely within that of Applicant, and the competition that will be eliminated is substantial. In

1528

FEDERAL RESERVE BULLETIN • DECEMBER 1964

the area of Wheeling from which South Wheeling
Bank derives over $3 million, or about 56 per
cent, of its deposits (the south Wheeling area in
which there is no other banking office), Wheeling
Dollar derives over $3.6 million, or a little over
10 per cent, of its deposits. South Wheeling Bank
originates over $700,000, or approximtaely 24
per cent, of its loans in the area, while Wheeling
Dollar originates over $1,160,000, or approximately 6 per cent, of its loans in the area. Even
though all of the business of South Wheeling Bank
may not flow to Wheeling Dollar after the acquisition, I do not see how consummation of the
proposal can fail to further fortify to a material
degree Wheeling Dollar's already distinctly dominant position in the area.
Since I cannot share the grave concern of the
majority with respect to the future prospects of
South Wheeling Bank but am deeply concerned
over the serious adverse effects that the transaction will have on the needs and convenience of
the community and on competition, I conclude
that consummation of the proposed acquisition
would not be in the public interest, and hence I
would deny the application.
WORTHEN BANK & TRUST COMPANY,
LITTLE ROCK, ARKANSAS
In the matter of the application of Wort hern
Bank & Trust Company for approval of merger
with Bank of Arkansas.
ORDER APPROVING MERGER OF BANKS

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 Worthen Bank
& Trust Company, Little Rock, Arkansas, a State
member bank of the Federal Reserve System, for
the Board's prior approval of the merger of that
bank and Bank of Arkansas, Little Rock, Arkansas, under the charter and title of Worthen Bank
& Trust Company. As an incident to the merger,
the two offices of Bank of Arkansas would become branches of Worthen Bank & Trust Company. Notice of the proposed merger, 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 Cor-




poration, 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 merger 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 7th day of
December, 1964.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Mills, Shepardson, and Daane.
Absent and not voting: Governors Robertson and
Mitchell.
(Signed) MERRITT SHERMAN,

Secretary.
[SEAL]
STATEMENT

Worthen Bank & Trust Company, Little Rock,
Arkansas ("Worthen"), with total deposits of $96
million, has applied, pursuant to the Bank Merger
Act of 1960 (12 U.S.C. 1828(c)), for the Board's
prior approval of the merger of that bank and
Bank of Arkansas, Little Rock, Arkansas, which
has total deposits of $6 million.1 The banks would
merge under the charter and name of Worthen, a
member State bank of the Federal Reserve System.
As an incident to the merger, the two offices of
Bank of Arkansas would become branches of
Worthen, increasing its number of approved offices to eight.2
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 consider1

Deposit figures are as of June 30, 1964.
This total includes one branch of Worthen not
yet opened for business.
2

LAW DEPARTMENT
ing all of these factors, it finds the transaction to
be in the public interest.
Banking factors. The financial histories of
Worthen and Bank of Arkansas are satisfactory,
and each bank has a sound asset condition and a
reasonably adequate capital structure. Worthen has
a satisfactory earnings record and its future earnings prospects are favorable. While the earnings
of Bank of Arkansas have been generally satisfactory, its future earnings prospects are uncertain. It is located in a relatively less attractive
sector of Little Rock and proposed expressways
will route traffic around the area and tend to accelerate the existing trend among business enterprises to relocate in the more desirable areas of
Little Rock.
The management of Worthen is capable. Bank
of Arkansas has experienced an unusually high
rate of turnover in management personnel, and
the evidence indicates that the bank is in need of
improved internal control procedures. Bank of
Arkansas, earlier and independently of the merger
application, received provisional authorization to
convert to a branch its present head office (which
would be moved to a downtown location), and
expand its operations. Because of the proposed
expansion in operations, one of the conditions
upon which the plan was approved required that
management be suitably supplemented. Consummation of the proposed merger would supply
needed management strength and depth for the
scope of operations presently conducted by Bank
of Arkansas.
The asset condition, earnings prospects, and
management of the resulting bank would be satisfactory, and its capital structure would be reasonably adequate.
The corporate powers of the two banks are not,
and those of the resulting bank would not be,
inconsistent with the purposes of 12 U.S.C.,
Ch. 16.
Convenience and needs of the communities.
Little Rock, which has a population in excess of
125,000, is the seat of Pulaski County and the
capital of Arkansas. The city has enjoyed considerable industrial development in recent years
and there are now over 300 manufacturing plants
in the metropolitan area, which collectively have
more than 17,000 employees. There are six commercial banks in Little Rock and two in North
Little Rock, which is situated directly across the




1529
Arkansas River from Little Rock. These eight
banks have a total of 24 authorized branches.8
Worthen offers a wide range of banking services and Bank of Arkansas offers the services
normally made available by banks of its size.
The offices of the two banks nearest each other are
about one mile apart. The main office of Worthen
is in downtown Little Rock about three and onefourth miles distant from the main office of Bank
of Arkansas, which is in the southwestern section
of the city. All offices of the proponent banks are
located within a seven-mile radius of downtown
Little Rock and are situated near the offices of
competing banks.
Worthen's service area i consists of Little Rock
and North Little Rock. The service area of Bank
of Arkansas is smaller and contained entirely
within the service area of Worthen. The proposed
conversion of the main office of Bank of Arkansas into a branch of Worthen may affect slightly
the convenience and needs of the customers of
the former bank since branch banks, under Arkansas law, do not have full banking powers.
Competition. Worthen, with 27 per cent of the
total deposits and 30 per cent of the IPC deposits
of all commercial banks in its service area, is the
second largest of the eight commercial banks in
Little Rock and North Little Rock. Bank of Arkansas, with 1.8 per cent of the total deposits and
2.3 per cent of the IPC deposits, ranks seventh."
The two largest commercial banks in Little Rock
account for over 62 per cent of the loans and
about 61 per cent of the deposits held by the city's
commercial banks. Consummation of the proposed
merger would eliminate the existing and potential
competition between Bank of Arkansas and the
other banks in its service area, including Worthen,
and increase slightly the concentration of banking
resources in the relevant area. However, the evidence indicates that competition for the banking
business now held by Bank of Arkansas would be
vigorous.
Summary and conclusion. The proposed merger
would result in the elimination of an independent
commercial bank and have the potential of in3
This total includes six branches authorized but
not opened as of September 1, 1964.
4
The area from which a bank obtains 75 per cent
or more of its deposits of individuals, partnerships,
and corporations ("IPC deposits").
"Figures are as of June 30, 1964.

1530

FEDERAL RESERVE BULLETIN • DECEMBER 1964

creasing Worthen's share of total commercial
bank deposits in the relevant area from 27 per
cent to about 30 per cent. It does not appear that
the transaction would have any significant effect
on the banking needs and convenience of the community concerned. The present location of the
head office of Bank of Arkansas creates uncertainty with respect to the bank's future earnings
prospects, and it may not be able to fulfill the




conditions attached to approval of the earlier
plan to expand operations in conjunction with the
proposed relocation of its head office. Consummation of the proposed transaction would resolve
this problem and result in the operation of the
present Bank of Arkansas offices under strengthened management.
Accordingly, the Board finds that the proposed
merger would be in the public interest.

CHANGES IN DISCOUNT RATES AND IN
MAXIMUM INTEREST RATES PAYABLE ON
SAVINGS AND TIME DEPOSITS

The Federal Reserve System took action November 23, 1964, on two fronts to maintain the international strength of the dollar.
The Board of Governors in Washington approved actions by the directors of the Federal
Reserve Banks of Boston, New York, Philadelphia, Chicago, and St. Louis increasing the discount rates of those Banks from 3Vi per cent to
4 per cent, effective Tuesday, November 24, 1964.
The change was the first since July 1963 when
Federal Reserve discount rates were increased
from 3 to V/2 per cent.
The Board of Governors also increased the maximum rates that member banks are permitted to
pay on savings deposits and time deposits—including certificates of deposit—to the following levels
effective Tuesday, November 24, 1964:
1. On savings deposits, 4 per cent, regardless
of the time the funds have been on deposit. The
maximum rates previously permissible were W2
per cent on savings deposits in the bank for less
than one year and 4 per cent on those on deposit
for one year or more.
2. On time deposits and certificates of deposit,
4 per cent for maturities of less than 90 days (that
is, 30-89 days) and AV2 per cent for all longer
maturities. The maximum rates previously permissible were 1 per cent for maturities of less than 90
days, and 4 per cent for longer maturities.
The actions were taken following a rise in official and market rates in London, where an increase in the bank rate from 5 to 7 per cent was
announced by the Bank of England November 23,
1964. They also follow recent advances in rates on
the European continent.
The Federal Reserve actions were aimed at
countering possible capital outflows that might be
prompted by any widening spread between interest




rates in this country and the higher rates abroad
and also at ensuring that the flow of savings
through commercial banks remain ample for the
financing of domestic investment.
Since November 23, 1964, the Board of Governors has also approved the action by the directors of the following Federal Reserve Banks increasing the discount rates of those Banks from
3lA to 4 per cent on the dates shown:
Atlanta
Cleveland
Richmond
Dallas
San Francisco
Minneapolis
Kansas City

November
November
November
November
November
November
November

25,
27,
27,
27,
27,
30,
30,

1964
1964
1964
1964
1964
1964
1964

APPOINTMENT OF DIRECTORS

On December 2, 1964. the Board of Governors
announced the appointment of R. Stanley Laing
as a director of the Cincinnati Branch of the Federal Reserve Bank of Cleveland to serve for the
remainder of the term expiring December 31,
1965. Mr. Laing is President of the National
Cash Register Company, Dayton, Ohio. As a director of the Cincinnati Branch he succeeds Mr.
Howard E. Whitaker, Chairman of the Board of
the Mead Corporation in Dayton, who had resigned.
On December 9, 1964, the Board of Governors announced the appointment of Eugene C.
Gwaltney, Jr. as a director of the Birmingham
Branch of the Federal Reserve Bank of Atlanta
to serve for the remainder of the term expiring
December 31, 1965. Mr. Gwaltney is Vice President and General Manager of Russell Mills, Inc.,
Alexander City, Alabama. As a director of the
Birmingham Branch he succeeds Mr. Jack Warner,
Chairman of the Board and President, Gulf States
Paper Corporation, Tuscaloosa, Alabama, who had
resigned.

1531

1532

FEDERAL RESERVE BULLETIN • DECEMBER 1964
ELECTION OF CLASS A AND CLASS B DIRECTORS

The Federal Reserve Banks have announced the results of the annual elections by their member
banks of Class A and Class B directors as shown below. The directors have been elected to serve for
three years beginning January 1, 1965.
Boston
Class A

Class B
New York
Class A

Class B

Philadelphia
Class A

I. TUCKER, President, Vermont National
and Savings Bank, Brattleboro, Vermont. Mr. Tucker
succeeds William M. Lockwood, President, The
Howard National Bank and Trust Company, Burlington, Vermont.

WILLIAM

R. CARTER, President, Nashua Corporation,
Nashua, New Hampshire. (Re-elected)
JAMES

A. MURPHY, Chairman, Irving Trust Company, New York, New York. Mr. Murphy succeeds
George Champion, Chairman of the Board, The
Chase Manhattan Bank, New York, New York.

GEORGE

ARTHUR K. WATSON, Chairman, IBM World Trade
Corporation, New York, New York. Mr. Watson
succeeds B. Earl Puckett, formerly Chairman of the
Board, Allied Stores Corporation, New York, New
York.

LLOYD W. KUHN, President, The Bendersville Na-

tional Bank, Bendersville, Pennsylvania. Mr. Kuhn
succeeds Eugene T. Gramley, President, Milton Bank
and Safe Deposit Company, Milton, Pennsylvania.
Class B

Cleveland
Class A

Class B

Richmond
Class A




BAYARD L. ENGLAND, Chairman of the Board, Atlantic City Electric Company, Atlantic City, New
Jersey. Mr. England succeeds Frank R. Palmer, formerly Chairman of the Board, The Carpenter Steel
Company, Reading, Pennsylvania.

D. SCHOOLER, President, Coshocton National Bank, Coshocton, Ohio. Mr. Schooler succeeds C. N. Sutton, President, The Richland Trust
Company, Mansfield, Ohio.

SEWARD

DAVID A. MEEKER, Chairman of the Board and Chief
Executive Officer, The Hobart Manufacturing Company, Troy, Ohio. (Re-elected)
BLANTON, Jr., President, First National
Bank, Shelby, North Carolina. Mr. Blanton succeeds
J. McKenny Willis, Jr., Director, Maryland National Bank, Easton, Maryland.
GEORGE

1533

ANNOUNCEMENTS
Class B
Atlanta
Class A

Class B
Chicago
Class A

Class B

St. Louis
Class A

Class B

Minneapolis
Class A

ROBERT R. COKER, President, Coker's Pedigreed Seed
Company, Hartsville, South Carolina. (Re-elected)

D. C. WADSWORTH, Sr., President, The American
National Bank, Gadsden, Alabama. (Re-elected)
H. CROW, Jr., Vice President, The Chemstrand Corporation, Decatur, Alabama. (Re-elected)

JAMES

H. CROCKER, Chairman of the Board, The Citizens National Bank of Decatur, Illinois. (Re-elected)

JOHN

E. RUTZ, Director, Giddings & Lewis Machine Tool Company, Fond du Lac, Wisconsin. (Reelected)

WILLIAM

E. ROGIER, President, The First National
Bank of Vandalia, Illinois. Mr. Rogier succeeds
Arthur Werre, Jr., Executive Vice President, First
National Bank of Steeleville, Illinois.
HARRY

MARK TOWNSEND, Chairman of the Board, Townsend Lumber Company, Inc., Stuttgart, Arkansas.
(Re-elected)

JOHN F. NASH, President, The American National

Bank of St. Paul, Minnesota. Mr. Nash succeeds
Rollin O. Bishop, Consultant, The American National Bank of St. Paul, Minnesota.
Class B

Kansas City
Class A

Class B




A. SWAN, Executive Vice President and Publisher, Minneapolis Star and Tribune, Minneapolis,
Minnesota. Mr. Swan succeeds T. G. Harrison,
Chairman of the Board, Super Valu Stores, Inc.,
Minneapolis, Minnesota.
JOYCE

W. S. KENNEDY, President and Chairman of the
Board, The First National Bank of Junction City,
Kansas. (Re-elected)
ROBERT A. OLSON, President, Kansas City Power
and Light Company, Kansas City, Missouri. (Reelected)

1534

FEDERAL RESERVE BULLETIN • DECEMBER 1964

Dallas
Class A

Class B
San Francisco
Class A

Class B

FARM DEBT HANDBOOK

Farm Debt: Data from the 1960 Sample Survey
of Agriculture is available for distribution. This
publication contains selected data from a national
farm survey made by the Bureau of the Census.
Tables provide data on the debt, incomes, and
assets of farm operations classified by such factors
as size and type of farm, age and income of operator, type and amount of debt, and lender to
whom debt is owed. Some data on debt of farm
landlords are also shown.
The handbook is available for $1.00 a copy.
Requests for copies should be sent to the Division
of Administrative Services, Board of Governors of
the Federal Reserve System, Washington, D.C.
20551. Remittance should accompany order and




J. EDD MCLAUGHLIN, President, Security State Bank
and Trust Company, Rails, Texas. (Re-elected)
H. B. ZACHRY, President, H. B. Zachry Co., San
Antonio, Texas. (Re-elected)

CHARLES F. FRANKLAND, President, The Pacific National Bank of Seattle, Washington. (Re-elected)
MARRON KENDRICK, President, Schlage Lock Company, San Francisco, California. Mr. Kendrick succeeds Walter S. Johnson, Chairman of the Board,
American Forest Products Corp., San Francisco,
California.

be made payable to the order of the Board of
Governors of the Federal Reserve System.
CHANGE IN BULLETIN INDEX

Starting with the 1964 volume, the annual index
of the BULLETIN will exclude references to statistical tables that appear regularly in each monthly
number. A monthly index to these tables may be
found at the back of each issue; the page numbers
for these indexes appear in the "Guide to Page
References in Monthly Issues" at the top of the
first page of the annual index (p. 1629).
References to all special tables that appeared
during the year will be listed in the annual index
as well as in the monthly indexes of the issues in
which they appeared.

National Summary of Business Conditions
Released for publication December 16

Production and employment rebounded to new
highs in November as strikes ended in the auto
industry. Recovery in sales of new cars was limited
by supplies, however, and total retail sales declined
slightly. Construction activity changed little. Bank
credit increased, after a decline in October, and
monetary expansion continued at a moderate pace.
Federal Reserve discount rates and maximum rates
that banks may pay on time and savings deposits
were raised in late November following a rise in
official and market rates in London. In midDecember yields on short-term securities were
higher than a month earlier but those on longterm bonds were little changed.
INDUSTRIAL PRODUCTION

The Board's index of industrial production in
November was 134.9 per cent of the 1957-59
average compared with 131.7 per cent in October
and 134.0 per cent in September. Production of
autos, trucks, and parts recovered three-fourths
of the September-October decline, although production was still affected to some extent by strikes.
Subsequently auto assemblies rose to record rates,
and if schedules for the whole of December are
achieved, assemblies will be about 5 per cent above
INDUSTRIAL PRODUCTION
1957-59 = 100

_

TOTAL

f .~^r

FINAL
^-f^^
PRODUCTS y—""V

^_

N . | \ - / / MATERIALS

140
~~

NONDURABLE
MANUFACTURES

130

i**^^
jf^"

CONSUMER
,+--/Jr
GOODS>»/^^

i\
^y^^^/*\f

f t ' '

-V

N

1962

1964

1960

1

1
1962




New construction put in place changed little
in November and, at a seasonally adjusted annual
rate of $65Vi billion, remained about 2 per cent
below the highs attained earlier this year. Private
residential activity was stable, following a 9 per
cent decline from its high last March, and private
nonresidential construction continued at a record
pace. Public activity rose 2 per cent after a 4
per cent decline in October.
EMPLOYMENT

Employment in nonfarm establishments rose
sharply in November following a moderate decrease in October because of the auto strike and
was about 300,000 higher than in September. In
manufacturing, employment substantially recovered in transportation equipment and increased
somewhat in nondurable goods. The average factory workweek also rose appreciably. Among nonmanufacturing industries, employment rose further in construction, services, trade, and State and
local government. The unemployment rate declined to 5.0 per cent from 5.2 in October; since
May the rate has ranged between 4.9 and 5.3 per
cent.
DISTRIBUTION

1
1964

F. R. indexes, seasonally adjusted. Latest figures shown
for Nov.

CONSTRUCTION

"*v'' EQUIPMENT

1
1960

-

DURABLE

MANUFACTURES

the pre-strike level and 12 per cent above December 1963.
Output of television sets, furniture, and some
other consumer goods increased further in November. Industrial and commercial machinery continued to expand, and with truck output recovering, the business equipment total rose 3 per cent
to a level 10 per cent above a year earlier. Among
materials, iron and steel changed little while automotive parts recovered and most other durable
and nondurable materials continued to expand.

Retail sales declined slightly further in November following the 4 per cent decrease of October.

1535

1536

FEDERAL RESERVE BULLETIN • DECEMBER 1964

Sales at nondurable goods stores declined while
deliveries of new autos showed only a moderate
recovery and remained sharply below pre-strike
levels.
COMMODITY PRICES

The industrial commodity price index rose
slightly further in November and early December
to a level about a half per cent above that prevailing through the first nine months of the year.
Further recovery in fuel oils and additional increases among nonferrous metals and products account for most of the rise.
Prices of foods and foodstuffs changed little.
Wholesale prices of livestock and meats remained
at the seasonally reduced levels reached at the
end of October and were close to the levels of a
year ago.
BANK CREDIT, MONEY SUPPLY, AND RESERVES

Seasonally adjusted commercial bank credit increased over $4 billion in November following a
sizeable decline in October. Influenced by large
Treasury financing operations, bank holdings of
U.S. Government securities and loans to Government security dealers rose substantially. Other major loan categories and holdings of municipal and
agency issues increased further. The seasonally

adjusted money supply rose $500 million, a little
less than the average rise in the three previous
months. Time deposits at commercial banks increased more than in other recent months, however, and U.S. Government deposits rose contraseasonally.
Seasonally adjusted total and required reserves
increased in November. Excess reserves averaged
$395 million, $35 million less than member bank
borrowings. In September and October, excess reserves had averaged about $100 million more than
borrowings. Reserves were supplied principally
through Federal Reserve purchases of U.S. Government securities and were absorbed mainly by
currency outflows.
SECURITY MARKETS

Federal Reserve discount rates were raised from
3V2 per cent to 4 per cent on November 23.
The rate on 3-month Treasury bills rose to around
3.85 per cent in mid-December from 3.62 per
cent on November 20. Yields on long-term Treasury issues and on seasoned corporate and municipal bonds rose after the increase in the discount
rate but subsequently retreated to about the levels
of mid-November.
Common stock prices have declined about 3 per
cent from the high reached on November 20. The
volume of trading has remained moderately active.
INTEREST RATES

PRICES
WHOLESALE

ALL ITEMS

-

ALL COMMODITIES

I

I

1

I

I

1

1

NONFOOD COMMODITIES

COMMODITIES

1

1

1

1

1

1

SERVICES

1

. . .

.»•••• ' **

PROCESSED FOODS
^J*

|

V

FARM PRODUCTS

•*""*''*

-

'"

-

^~^*~

I

1

FOODS

1

_

1

- - .-

Bureau of Labor Statistics indexes. Latest figures shown for
consumer prices, Oct.; for wholesale prices, Nov. estimates.




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 Dec. 11.




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

o.a.
n.e.c.
S.A.

Monthly (or quarterly) figures not adjusted
for seasonal variation
Individuals, partnerships, and corporations
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

IPC
A
L
S
U
*

Quarters
Not available
Not elsewhere classified
Monthlv for Quarterly)
seasonal variation

GENERAL INFORMATION
Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow.
A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left)
of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the
right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items.
"U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes
municipalities, special districts, and other political subdivisions.
In some of the tables details do not add to totals because of rounding.
The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data.

LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY,
WITH LATEST BULLETIN REFERENCE
Quarterly

Issue
.

Flow of funds.

Annually— Continued

Issue

Page

Feb. 1964
Mar. 1964

242-47
396-97

Banks and branches, number of, by class and
State

Apr. 1964

518-19

1082

Flow of funds (assets and liabilities).. .

Apr. 1964

517

1083

Income and expenses:
Federal Reserve Banks
Member banks:
Calendar year
Operating ratios
Insured commercial banks

Feb. 1964

238-39

Page

Oct. 1964 1332-48

Semiannually
Banking offices:
Analysis of changes in number of
Aug. 1964
On, and not on, Federal Reserve Par List
number of
Aug. 1964
Annually
Bank holding companies:
List of, Dec. 31, 1963
June 1964
Banking offices and deposits of group banks,
Dec.31,1963.
June 1964




782
783

Banking and monetary statistics, 1963.

Stock exchange firms, detailed debit and credit
balances

1538

May 1964 630-38
Apr. 1964 520-22
May 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

1540
1545
1547
1550
1552
1554
1558
1560
1563

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.

1564
1565
1566
1568
1573
1574
1577
1579
1582

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

1586
1590
1592
1594
1596
1598

Guide to tabular presentation
Index to statistical tables

1538
1627

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).

1539

1540

BANK RESERVES AND RELATED ITEMS

DECEMBER 1964

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

Factors supplying reserve funds
F. R. Bank credit outstanding
Period
or
date

U.S. Govt. securities

Total

Discounts
Repur- and Float
Bought chase | ad- |
outagree- vances
right

Total 2

Gold
stock

Treasury
currency
outstanding

Currency
in
circulation

Treasury
cash
holdings

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

Treas-

For-

Member bank
reserves
Other
F. R.
With
F.R.
Banks

Otheri

Currency
and
coin 3

Total

Averages of
daily figures
210
4,024 2,018
61 1,317
4,400
272
4,030 2,295
12 2,208
5,455
83 2,612 17,518 2,956
7,609 2,402
170 2,404 22,759 3,239 10,985 2,189
652 24,744 20,047 4,322 28,452 2,269

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

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

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

,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

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

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

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

5,008
5,064
5,144
5,230
5,311

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

777
772
768
691
396

434
463
385
470
524

459
372
345
262
361

1960—Dec
1961—Dec
1962—Dec
1963—June

27,248
29,098
30,546
31,540

27,170
29,061
30,474
31,446

78
37
72
94

94
152
305
236

,665 29,060
,921 31,217
,298 33,218
,635 33,454

17,954
16,929
15,978
15,785

5,396
5,587
5,561
5,583

33,019
33,954
35,281
35.293

422
398
400

522
514
587
794

1963—Nov
Dec

33,126 32,936
33,729 33,626

190
103

407
360

,771 35,353 15,582 5,594 36,693
,434 36,610 15,562 5,583 37,603

395
389

1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

33,200
33,009
33,389
33,498
33,907
34,631
34,898
35,118
35,273
35,334
36,036

33,127
32,981
33,348
33,453
33,836
34,530
34,765
34,996
35,143
35,257
35,867

73
28
41
45
71
101
133
122
130
77
169

164 35,770
289
644 35,028
311
710 35,454
259
798 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
433 1.874 38,421

36,827
36,383
36,615
36,887
37,107
37,541
37,938
38,033
38,224
r
38.362
38,936

32,511
33,036
32,784
32,226
32,474

32,449
32,617
32,521
32,226
32,413

62
419
263

373 1,545 34,467 15,582 5,589 35,858
422
,527 35,030 15,583 5,591 36,061
339
,567 34,737 15,583 5,582 36,235
392
,930 34,589 15,681 5,583 36,165
229
,416 34,163 15,582 5,590 36,066

33,031
33,179
32,949
33,111

32,822
32,880
32,773
33,018

209
299
176
93

434
330
462
233

5,593
5,598
5,596
5,593

33,795
33,849
33,665
33,586

33,590
33,759
33,582
33,552

205
90
83
34

92
167
156

590
396
394
198
209

Nov

30
81
616
592
625

30
164
739
1,531
1,247

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
832
908
929

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

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

394
247
186
337
348

983
998
,063
,174
,195

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

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

250
229
222
193

495
244
290
216

,029
,112
,048
,125

16,688
17,259
16,932
16,800

938
879

150
160

198
206

,138 17,017 3,097 20,114
,215 17,303 3,443 20,746

408
429
433
426
425
414
431
421
437
471
529

965
926
948
924
957
886
804
909
893
863
613

155
141
153
141
148
135
131
145
143
133
148

212
205
202
195
180
200
201
194
189
189
200

,052 17,247 3,428 20,675
991 17,018 3,130 20,148
998 17,146 3,067 20,213
987
084 3,189 20,273
,111
092 3,127 20,219
,273
,356 3,202 20,558
,194
408 3,255 20,663
,151
,340 3,224 20,564
,129
589 3,338 20,927
,009
716 3,316 21,032
,119
812 ^3.349 21.161

393
397
392
394
398

901
910
930
915
906

153
153
150
171
167

192 1,114 17.027 3,t50 20,177
193 1,141 17,349 2,843 20,192
194 ',107 16,894 3,095 19,989
188
,060 16,860 3,082 19,942
197
,048 16,553 3,202 19,755

36,251
36,625
36,722
36,872

388
823
402
886
403 1,045
386 1,006

156
146
144
151

193
198
208
199

,019
,001
,211
,250

17,188
17,060
17,080
16,823

2,978
3,005
3,170
3,212

20,166
20,065
20,250
20,035

540 1,631 36,010 15,582 5,580
15,582 5,586
148 1,899
899 35,945
35
307 2,471 36,507 15,582 5,582
350 2,991 37,040 15,552 5,586

37,274
37,487
37,621
37,752

385
388
392
395

812
856
907
903

167
143
158
154

197
202
196
210

,264
,268
,194
,208

17,074
16,770
17,204
17,556

3,246
3,224
3,476
3,445

20,320
19,994
20.680
21,001

5,580
5,582
5,584
5,586
5,582

37,730
37,306
36,983
36,690
36,364

927
381
402
966
406 1,033
416 1,044
410
869

185
168
167
148
141

227
205
213
216
208

,142
,070
,062
,059
,041

17,653
17,685
17,463
17,149
16,840

3,796
3,484
3,442
3,314
3,360

21,449
21,169
20,905
20,463
20,200

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

3,131
3,062
3,199
3,184

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

978
250
8
5
381

15,513
15,480
15,462
15,462
15,462
15,462
15,463
15,462
15,462
15,462
15,442

5,583
5,586
5,579
5,580
5,577
5,584
5,568
5,562
5,564
5,533
5.494

2,595
2,859
3,108
2,929

19,283
20,118
20,040
19,729

Week ending—
1963
Oct.

2
9
16
23
30
Nov. 6
13
20
27

Dec.

4
11
18
25

61

1,315
1,581
,
2
2,180
180
2,126

34,
3,842
35
35,138
35,635
35,512

15,583
15,582
15,582
15,582

1964
Jan.

1
8
15
22
29

33,655
33,698
33,494
32,944
32,739

33,563
33,531
33,338
32,944
32,739

Feb.

5
12
19
26

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

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

277 1,417 34,771 15,512 5,587
372 1,496 35,208 15,498 5,586
846 35,088 15,462 5,583
291
835 34,846 15,462 5,588
200

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

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

5,586
5,580
5.576
5,579

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 3,
20,183
207 1,062 17,079 2,899 19,978
200 1,005 17,137 3,076 20,213
196
950 17,354 3.156 20,510

For notes see opposite page.




2,752 37,153
2,461 36,706
2,203 "',231
36
2,365 35,623
1,764 34,780

,529
,609
.758
,973

35,204
35,385
35,480
35,750

15,513
15,513
15,513
15,513
15,512

15,462
15,463
15.463
15,462

1541

BANK RESERVES AND RELATED ITEMS

DECEMBER 1964

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

Factors supplying reserve funds
F.R. Bank credit outstanding
Period
or
date

U.S. Govt. securities

Total

^5

15.
22.
29.

33.575
33.979
33.843
33,050
33,086

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

20.
27.

33,763
33.987
33,749
33,839

33.580
33,904
33.715
33,819

3.
10.
17.
24.

34.381
34,757
34,591
34,427

Discounts
Toand Float» tal 2
advances

Gold
stock

Treasury
currency
outstanding

Currency
in
circulation

Treasury
cash
holdings

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

Treasury

Foreign

Other
F.R.
accounts

Other i

Member bank
reserves

With
F.R.
Banks

Currency
and
coin 3

Total

Averages of
daily figures
Week ending—
1964
Apr.

1

M.y

June

July

101

155
209
191
321
137

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

15.462
15,463
15,462
15,462
15,462

5,578
5.583
5,585
5,576
5,578

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 17,067 3,242 20,309
203 1.039 17,376 2,974 20,350
197 1.005 17,183 3.185 20.368
187
946 17,123 3,200 20.323
193
959 16,667 3,299 19,966

183
83
34
20

213
314
298
209

1,653 35,724
640 36.020
064 36,179
739 35,844

15,463
15,463
15,462
15.462

5,582
5.571
5,573
5,581

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

888
426
417
990
427 1,010
430
927

156
160
143
131

188
179
178
174

954 17,247 3,030
939 17.218 3.075
,195 17.107 3,197
,250 16,852 3,262

20.277
20.293
20.304
20,114

34.327
34.530
34,438
34,427

54
227
153

265 1,521 36.222 15,463 5,584 37,263
289 1.471 36.597 15,462 5.590 37.487
328 1,823 36,811 15.461 5,582 37,614
232 2,136 36 ,875 15,461 5,582 37,574

425
436
415
395

914
905
880
905

145
135
131
138

197
199
196
203

,257 17,066 3,128
,308 17,179 3,007
,240 17,378 3,238
,273 17,430 3,297

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

34,841
35.335
35,304
34,392
34,518

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

18
120
274

221
263
460
159
179

1,818 36,960
1 , 882 37,588
1, 787 37.636
2,195 36,789
1, 626 36,381

15,462
15,463
15,463
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

,276
,256
,223
,158
!l48

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

3,347
2,965
3,291
3,275
3,353

20,845
20,805
20,994
20,429
20,328

262 1,460 36 ,892
376 1,554 37 .393
279 2,024 37 ,197
329
719 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

199
193
199
188

,132
,113
,102
,214

17,363
17,467
17,314
17,270

3,197
3,130
3,269
3,340

20,560
20,597
20,583
20,610

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
188
194
193
186

,199
,220
,163
,054
,066

17,159
17,679
17,285
17,870
17,662

3,362
3,000
3,454
3,386
3,477

20,521
20,679
20,739
21,256
21,139

Aug.

5.
12.
19.
26.

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

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

132
300

Sept.

2.
9.
16.
23.
30.

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

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

18
377
135

Oct.

7.
14.
21.
28.

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

122

315
478
225
410
280

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

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

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

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

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 38,209
5,541 38,465
5,538 38,432
5,513 38,333

838
457
470
865
489 1,012
467
810

131
133
130
137

204
177
189
185

,103 18,125
,028 17,739
966 17,660 3,331
925 17,321 3,455

21,259
20,985
20,991
20,776

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 38,446
5,497 38,793
5,497 38,975
5.494 39,071

484
503
533
552

666
546
563
521

122
139
130
148

197
205
215
183

,111
,153
,150
,245

21,210
21,015
21,315
21,059

35.350 35,250
35,709 35,709
36,774 36,774

100

95 1.567 37,111 15,463 5,553 38,166
415 1,695 37,900 15,462 5,505 r 38,373
210 2,255 39,302
5 4 1 7 ^39,241

434
'475

933
687
974

148
120
256

194 1,130
194 1,135
209
787

17,121 3,826 20,947
17,883 3,128 21,011
18,084 *>3,228 ^21,312

622
462
482 1,042
474 1,209
474
710

139
130
115
151

204
201
180
183

1,085
960
974
856

17,917
16.852
17,691
17,480

3,332
3,756
3,696
3,852

21,249
20,608
21,387
21,332

546
641
4?5
752

131
144
157
194

197
242
191
186

1.171
1,098
1,302
1,081

17,446
17,353
17,885
16,978

3,462
3,638
3,680
3,890

20,908
20,991
21,565
20,868

29

17,851
17,823
17,926
17,592

3,359
3,192
3,389
3,467

End of month
1964
Sept
Oct
Nov
Wednesday
1964
Oct.

Nov.

7.
14.
7\.
28.

35,861
35,137
34,763
35,218

35,652
35,111
34,763
35,218

209
26

212
79
1,171
503

1,635
1,900
2,124
1,451

37 ,810
37 ,208
38 .096
37,254

15,463
15,463
15,463
15,463

5,546
5,543
5,516
5,507

4.

35,953
35,854
36,269
36,280

35,709
35,578
35.765
36.280

244
276
504!

409
514
149
160

1,187
1,577
2.071
1.612

37,643
38,016
38.580
38,141

15,463
15,463
15,463
15,388

5,497 38,622
5,496 38,983
5.495 39,031
5,487 39,266

18
25

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 Ved. and end-of-montb dates, see subsequent tables on F.R. Banks.
See also note 1.




38,389
38,546
38,431
38,370

490
515
546
559

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.

1542

BANK RESERVES AND RELATED ITEMS

DECEMBER 1964

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

Borrowings
at
ReF.R.
Excess
quired
Banks

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

....

Borrowings
at
F.R.
Banks

Reserves

1Reserves

Free
reserves

Total
held

City of Chicago

Required Excess

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
\\\51
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

174

Reserves
Free
reserves

Total
held

Required

161

192
38

-167
69
2,611
989
-144
67

j 141
,143

211
939

,074

Borrowings
at
F.R.
Banks

Excess

161
133
601
848
924
1,011

1
78
540
295
14
13

63

6

-62
78
540
295
14
7

8
3
-4
1
-1

5
64
232
37
15

3
-61
-236
-36
-16

2
12
g
7

85
97
85
39
104

-83
-86
-77
—31
-104

4
7
-4

8
22
18
3

—4
-22
-11
—7

4
5

40
26

-36
-21

27
87
90
21
5

-22
-89
-86
-14
-3
-14
-19
-8
-34
-26

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

125
44
30
14
12

58
151
486
115
62

67
-107
-456
-101
-50

,199
,356
,406
,795
,710

1.191

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

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

35
57
34
23
-10

197
147
139
102
99

-162
-91
-105
—81
-109

,166
,149
,116
,077
,038

,164
,138
,127
,070
,038

I960 Dec
1961—Dec
1962—Dec
1963—June

19,283
20,118
20,040
19,729

18,514
19,550
19,468
19,355

769
568
572
374

87
149
304
236

682
419
268
138

3,687
3,834
3,863
3,722

3,658
3,826
3,817
3,742

29
7
46
-20

19
57
108
39

10
-50
-62
-59

958
987

,042
,078

953
987
,035
,032

1963—Nov
Dec

20,114 19,705
20,746 20,210

409
536

376
327

33
209

3,683
3,951

3,668
3,895

15
56

89
37

-74
19

,035

,031

056

051

20,248
19,753
19,856
19,898
19,886
20,170
20,266
20,151
20,506
20,620

427
395
357
375
333
388

256
304
259
213
255
270

13
40
5
14
38
22
17
29
20
*>11

36
47
22
16
26
39
40
39
45
54
97

-23
-7
-17
-2
-26
1
-18
-22
-16
-34
*86

,048
,014
,076

,044
,016
,022
,015
,042
,034
,036
,033
,061
,056
,072

5
_2
4
7
2
-1

265
334
331
309
430

171 3,906 3,893
91 3,797 3,757
98 3,803 3,798
162 3,787 3,773
78 3,833 3,832
118 3,983 3,945
132 3,943 3,921
79 3,876 3,858
90 3,983 3,954
103 3,962 3,942
2;-34 z-3,893 ^3,882

182
100
76
5

-173
-46
-75
16

,038
,031
,049
,034

,036
1,021
1,035
L,O35

80
16

-76
7
-46
9

,027
1,006
L,O33
1,053

18

6
-86
-16
22
-2

1964—Jan
Feb
Mar
Apr
May
julv
Aijg

Sept
Oct
Nov

20,675
20,148
20,213
20,273
20,219
20,558
20 663
20 564
20,927
21 032
^21,161

P20,764

397
413
421
All
*>396

,409
,795
,710

0?1

V

,044
,011
,039
,039
,061
,058
,076

Free
reserves

13
22
13
34
29
20

P-17

2
10
15
-1

46
22
73
4

-44
-12
-58
-4

1,028
1,006
1,033
1,048

-1

9
20

-10
—20

20

—20

1,054
1,056
[,041
1,043
1,022

1,059
1,050
1,039
1,036
1,020

-4
6
2
6
3

23
4
68
5
7

-27

p

3
5
3

Week ending—
1963—Nov.

6....
13
20
27

20,166
20,065
20.250
20,035

19,737
19,634
19.744
19,700

429
431
506
335

404
300
431
200

1964—June

3....
10

20,194
20,186
20 616
20,727

19,899
19,857
20,161
20,376

295
329
455
351

264
289
327
232

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

20,443
20,514
20,422
20,151
19,957

402
291
572
278
368

19....
26

20,560
20,597
20,583
20,611

20,209
20,123
20,192
20,140

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

20,521
20,679
20,739
21,256
21,140

20,133
20,182
20,368
20,775
20,752

Oct.

7
14
21....
28! 1.''.

21,259
20,985
20,991
20,776

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

Nov. 4 . . . .
11
18
25

21,210
21,015
21,315
21,059

20,768
20,646
20,724
20,801

17.
24....
July

1....

o. . . .
15
22
29....
Au8

ii::::

For notes see opposite page.




25
131
75
135

3,760
3,669
3,652
3,671

3,752
3,616
3,650
3,650

9
54
1
20

31
40
119

3,881
3,847
3,966
4,038

3,877
3,824
3,954
4,002

23
12
35

221
263
460
159
179

181
28
112
119
189

4,075
4,012
3,969
3,905
3,862

4,046
4,007
3,921
3,883
3,846

29

351
474
391
471

260
376
278
329

91
98
113
142

3,931
3,850
3,885
3,851

3,934
3,833
3,875
3,839

-2
17
10
12

14
3
49
56

-16
13
-39
-43

1,037
1,028
1,033
1,035

1,036
1,029
1,037
.035

1
-1
-3

6
20
10
14

388
497

73
19

3,841
3,823
3,894
4,036
4,073

56
30

7
59

5
70

137
6

1,087
1,088

1,033
1,033
1,043
1,085
1,084

5
5

21

-15
-22
8
-132
65

1,038
,038

29

72
110

3,882
3,831
3,924
4,041
4,143

41
8

481
388
433
410
417
311

315
478
225
409
278
370
239
380
230

1
4

37
42

-5
-21
-13
-14
2
-54
-5
-35
-38

63
171
37
81

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

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

6
50
7
9

-47
-9
-80
8

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

1,070
1,042
1,057
1,048

-1
6
-3
4

68
33
11
10

-69
-27
-14
-6

442
369

476
427

-34
-58

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

3.989
3,824
3,837
3,879

-188
-68
-106
15

1,083
1 065
1,070
1.083

1,081
1,059
1.070
1,078

6

13

25
25

53
59
87
1
220
73

-11
6
— 44
5

371

591
258

590
159

128

146

1
99

48
22
16

32
c

58

26
23
91
64

131
10

043

4

2

6

44

2

-66

1
-4

1543

BANK RESERVES AND RELATED ITEMS

DECEMBER 1964

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

Period

Country banks

Borrowings at
F.R.
Banks

Total
held

Required

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

761
648
3,140
4,317
6,394
6,861

749
528
1,953
3,014
5,976
6,589

12
120
1,188
1,303
418
271

409
58

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

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

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

Reserves
Free
reserves

Excess

Borrowings at
F.R.
Banks

Free
reserves

22
96
671

327
126
3

-305
-30
668

Total
held

Required

632
441
1,568
2,210
4,576
4,972

610
344
897
1,406
3,566
4,375

804

4

96
123

-397
62
1,188
1,302
322
148

800

1,011
597

46
57

965
540

232
184
120
85
91

50
354
639
184
117

182
-170
-519
-99
-26

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

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

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

60
96

398
300
254
490

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

338
344

57
41

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

159
144

314

-338
-203
-228
-198
-449

497
488

86

449

172

430
450

162
213

277

7,950
8,367
8,178
8,036

7,851
8,308
8,100
8,018

100
59
78
18

20
39
130
129

80
20
-52
-111

6,689
6,931
6,956
6,942

6,066
6,429
6,515
6,563

623
502
442
379

40
31
48
65

583
471
394
314

.

8,197
8,393

8,164
8,325

33
68

171
190

-138
-122

7,199
7,347

6,842
6,939

357
408

76
74

281
334

8,325
8,104
8,172
8,204
8,151
8,290
8,341
8,314
8,440
8,484
^8.566

21

137

-116
-87
-54

334

30
32
27
44

339
312

108
144
142
147

64
57

275
255

323
298
323
328

68
80
76
56

36
40
45

255
218
247
272

191
179
163

225

355
352
344

91
73
63

"48

-78
-112
-115
-103
-155
-139
-118
"-177

6,986
6,876
6,864
6,906
6,861
6,901
6,968
6,945
7,051
7.139

56

106
90

7,376
7,215
7,176
7,230
7,159
7,225
7 296
7,299
7.403
7.483

390

19
36

.

8,346
8,122
8,208
8,234
8,184
8,318
8 385
8,350
8,480
8,529
^8.614

P7',244

^333

88

264
279
281

^245

8.184
8,194
8 180
8,199

8.168
8,156
8,177
8,162

17
39
4
37

111
222
101

-94
-72
-218
-64

7.184
7,170
7,369
7,131

6,782
6,845
6.882
6,853

402
325
487
278

65
67
60
90

337
258
427
188

8,184
8,218
8,302
8,420

8,173
8,188
8,283
8,361

11
30
18
59

102
134
170
147

-91
-104
-152
-87

7,101
7,115
7,314
7,216

6,821
6,839
6,891
6,965

280
276
423
252

73
119
79
58

207
156
344
194

8,394
8,454
8,437
8,279
8,192

19
26

-115

34
62

134
112

276
106

-242
-44

95

-72

6,944
7 003
7,025
6,954
6,899

41
56

23

7,303
7 257
7,514
7,141
7,226

359
254

22
29

8 413
8 480
8,471
8,341
8,215

5
I!:::....
19
26

8 350
8,340
8,347
8,353

8,316
8,301
8,315
8,321

33
39
31

151
246
145

32

187

-118
-207
-114
-155

7,242
7,379
7,318
7,371

6,924
6,960
6,965
6,944

427

72

30

8 389
8,406
8 455
8,554
8,555

8,322
8,351
8,399
8,527
8,497

67
55
56
27
58

144
292
124
190
158

-77
-237
-68
-163
-100

7 212
7,405
7,318
7,574
7,353

6,937
6,976
7,033
7,127
7,098

275
429
285
447
256

108
97
74
45
72

167
332
211
402
184

7
14
21
28

8,581
8,567
8.471
8.443

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

27
83

189
91

406

54

352

146

7,113
7,152
7.155
7,125

401
272

23

7,513
7,424
7,561
7,401

341
216

228

-162
-8
-221
-123

60
56

7

276

73

203

Nov. 4

8,585
8.570
8 601
8^624

8.543
8,536
8 556
8.576

42
34
45

163
262
112

-121
-228
-267

80
92
103

286
232
418

73

-25

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

366
324
521

48

7,521
7,551
7 782
7,448

180

76

104

.

. .

I960 Dec
1961 Dec
1962 Dec
1963—June
1963_Nov
Dec

.

1964—Jan
Feb
Mar
Apr
May
June
Julv

.

Sept
Oct
Nov

Excess

1

268
237

Week ending—
1963—Nov

6
13

20
27
1964

June

3
10
17

24
July

1
8
15

A.U2
g

Sept

2
9

16
23

Oct

11
18

25

.

i j h i s 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.




-86

318
198

52
48

436
139

327

59

268

318
420
353

89
107
74

229
313
279

488
187

355

Total reserves held: Based on figures at close of business through Nov.
1959; thereafter on closing figures for balances with F.R. Banks and opening figures for allowable cash; see also note 3 to preceding table.
Required reserves: Based on deposits as of opening of business each day.
Borrowings at F.R. Banks: Based on closing figures.

1544

MAJOR RESERVE CITY BANKS

DECEMBER 1964

BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS
(In millions of dollars unless otherwise noted)
Related transactions with
U.S. Govt. securities dealers

Basic reserve position

Reporting banks
and
week ending—

Less:
Excess
reserves !

Net:

Borrowings
at F.R.
Banks

Net
interbank
Federal
funds
trans.

Net transactions

Gross transactions

Per cent
of
Surplus
Puror
chases
deficit
required
reserves

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
1964—Oct. 7
14
21
28

13
77
-4
21

218
138
246
82

581
753
507
311

-786
-813
-757
-372

8.2
8.8
8.2
4.0

1,561
1,893
1,824
2,039

980
1,140
1,318
1,728

858
944
972
,158

703
949
852
881

121
196
345
570

1,127
715
944
744

114
87
66
88

1,013
628
878
656

Nov. 4
11
18
25

39
10
45
46

303
210
288
16

472
795
786
425

-736
-995
-1,029
-395

7.8
10.8
11.1
4.2

1,734
1,788
1,561
1,972

1,262
992
776
1,548

986
860
685
1,076

748
928
876
897

276
133
90
472

1,295
1,075
1,274
958

83
82
70
99

1,212
992
1,204
859

14
21
28

4
39
4
12

53
59
87

210
331
99
-57

-259
-351
-182
69

6.8
9.7
5.0
1.9

751
877
733
909

541
547
635
966

490
477
530
614

260
400
203
295

50
70
104
352

779
485
637
606

114
87
65

665
398
572
518

Nov. 4
11
18
25

19
2
15
21

218
73
129
10

43
429
488
46

-242
-500
-601
-34

6.5
14.0
16.8
1.0

720
821
823
953

676
392
335
907

476
392
332
560

243
429
491
393

200

3
347

1,000
791
943
619

83
82
70
99

917
708
873
520

10
39
-8
10

165
79
159
82

371
422
408
369

-527
-463
-575
-441

9.2
8.2
10.2
7.9

810
1,016
1,091
1,130

439
593
683
761

368
467
442
544

442
549
649
586

71
127
241
218

348
230
306
138

348
230
306
138

20
7
29
24

85
136
159
6

429
367
298
379

-494
-496
-428
-360

8.6
8.7
7.5
6.3

1,014
966
739
1,020

585
600
440
641

510
467
353
516

504
499
385
504

76
133
87
125

295
284
331
339

295
284
331
339

2
4
-2

62
29
10

122
71
-24
37

-186
-96
12
-44

19.3
10.2

256
230
261
241

134
159
285
205

122
119
133
158

134

12
40

1.2
4.7

128
84

152
47

111
78
70
45

111
78
70
45

1
5
-4
2

11

79
109
105
11

-152
-9

9.1
11.0
15.9
.9

251
251
216
220

172
142
111
209

148
141
108
185

102
111
108
35

24

44

3
24

93
94
99
94

93
94
99
94

11
35
-6
9

103
51
149
74

249
351
432
332

-341
-367
-586
-397

7.2
7.8
12.5
8.5

554
785
830
889

305
434
398
557

246
348
309
386

308
438
521
503

59
86
89
170

237
152
236
93

237
152
235
93

18
2
33
23

74
136
116
6

350
257
193
368

-406
-392
-276
-352

8.5
8.3
5.8
7.4

763
715
523
800

413
458
329
432

361
327
245
331

402
389
277
469

52
132
84
101

202
190
232
245

202
190
232
245

8 in New York City
1964—Oct.

7

38 outside
New York City
1964—Oct.

Nov. 4.
tl.
18.
25.
5 in Chicago
1964—Oct.

Nov. 4 .
11.
18.
25.

-104

33 others
1964—Oct.

7.
14.
21.
28.

Nov. 4
11
18
25

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.




I

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.
944-74.

DECEMBER 1964

1545

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

Federal Reserve Bank

Rate on !
Nov. 30 i
Boston
New York . . .
Philadelphia..
Cleveland
Richmond. . .
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City. .
Dallas
San Francisco

Effective
date
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.

Previous

24,1964
24,1964
24,1964
27,1964
27,1964
25,1964
24,1964
24,1964
30,1964
30,1964
27,1%4
27,1964

Rate on
Nov. 30

Effective
date
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.

z

41/2
41/2
41/2
41/2
41/2
41/2

1
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 *

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 i
Nov. 30 !
5%

Effective
date

Previous
rate

i Nov. 24, 1964
i Nov. 24, 1964
Nov. 24, 1964 I
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

•Vi

fA
41/2

4%
4i/

/2
41/2

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.

2^-31/2

2Vi

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

2^-31/2

Feb. 2
Mar. 16
Jan. 11
May 14
Aug. 27
Sept. 4

1934
W2

1935
1V2-21/2

l%2
1937

1%

1 -2
1 -1%

1942
Apr. 11
Oct.

15
30

Apr. 25
May 10
Jan. 12

Jan. 16
23

Feb.

5
15
Apr. 14
16
May 21

Apr. 14
15
May 2
Aug. 4
5
12
Sept. 9
13
Nov. 18
23

1953

Effective
date

Jan. 22.
24.
Mar. 7.
13.

\yA-2

1954

Range
(or level)—
all F.R.
Banks

F.R.
Bank
of
N.Y.

1958

21.
WA

IB
1955

Apr. 18.
May 9.
Aug. 15.

s=Pt.n.
Oct. 24.
Nov. 7.

WI-WA

lift*

Mar. 6

ft

1959

1

2^-3

16

3

May 29
June 12
Sept. 11
18

WA-2VA
WA-21/A
2 -2VA
2 -2VA
21/4
2VA-2VI

June

3
10

3 -3»/2
31/2
3V2-4
4
1960

14

1946
Apr. 13
20
Aug. 24

1948
1

-WA
WA
WA-WI

Aug. 12
Sept. 9

1956
21/2-3
2%-3
2%-3

July 17.
26.

31

WA
WA

1957

IV2

1950

A u 8

^:::::
Nov. 15
Dec. 2

1 Preferential rate of l/i 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.
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.

2V4

19
Aug. 13

Aug. 21
25

Range
(or level)—
all F.R.
Banks

3%

1*

20

Effective
date

3

1963
3 -3V4
3%

1964
3 j?
3

-3
3

T

^

Nov. 24

!
j 31/2-4

In effect Nov. 30

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.

1546

RESERVE REQUIREMENTS

DECEMBER 1964

MAXIMUM INTEREST RATES PAYABLE ON TIME AND
SAVINGS DEPOSITS

RESERVE REQLTREMExNTS OF MEMBER BANKS
(Per cent of deposits)

(Per cent per annum)
Net demand deposits 2

Time deposits

Effective date
Type of deposit

1
J

an. I, ! July 17, Nov. 24,
1962 j ,963
1964

/

} 2*

Postal savings deposits
held for:
1 year or more
Less than 1 year

1

} 2*

Other time deposits
payable in:*
1 year or more
6 months-1 year
90 days-6 m o n t h s . . . .
Less than 90 days

(
3

21/2

/

21/2
1

4

4
3i/2

31/2

4

4

31/2

31/2

i

4
4

4

h

4

4i/2

4

For exceptions with respect to foreign time deposits, see Oct. 1962

BULL., p.

Effective date 1

s

Savings deposits held
for*
1 year or more
Less than 1 year.

1

Jan. 1,
1957

Jan. 1,
1936

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

Central
reserve
city
banks 3

Reserve
city
banks

Country
banks

Central
reserve
and
reserve
city
banks

Country
banks

In effect Dec. 31, 1948..

26

22

16

71/2

7i/i

1949_May
June
Aug.
Aug.
Aug.
Sept.
1951—Jan.
Jan.
1953—July
1954—june
July

1,5
30, July 1..
1, 11
16, 18
25
1
11, 16
25, Feb. 1..
1,9
16, 24
29, Aug. 1.

24

21
20

15
14
13
12

7
6
5

7
6

!!*
19
20
19

13
14
13

6

6

12

5

5

18

1958—Feb.
Mar.
Apr.
Apr.
1960—Sept.
Nov
Dec.

27, Mar. 1.
20, Apr. 1..
17
24
1
24
1

!?*

J.V4

IF
22i/ 2

22
23
24
22
21
20

It*

5

16%

171/2
16i/ 2

12

4

4

In effect Dec. 1, 1964. .

16i/ 2

12

4

4

Present legal requirement:
Minimum
Maximum

10
22

7
14

3
6

3
6

1962—Oct. 25, Nov. 1.

(Per cent of market value)
Effective date
Regulation

July 28, July 10,
1960
1962

Regulation T:
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks

Nov. 6,
1963

70
70

50
50

70
70

70

50

70

1
When two dates are shown, first-of-month or midmonth dates record
changes at country banks, and other dates (usually Thurs.) record changes
at 2central reserve or reserve city banks.
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 countl 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%) and the maximum loan value.
DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
Item

All
member
banks

New
York
City

Reserve city banks

City
of
Other
Chicago I

Country
banks

Four weeks ending Oct. 14, 1964
Gross demand—Total...
Interbank
U.S. Govt
Other
Net demand 1
Time
Demand balances due
from dom. banks.. .
Currency and coin
B a l a n c e s w i t h F.R.
Banks
Total reserves held
Required
Excess
1

137,773
14,931
6,912
115,930
113,393
100,856

2 6 , 416
4 , 430
1, 835
2 0 , 151
2 1 , 004
1 3 , 958

6 ,513
1 ,293
495
4 ,725
5 ,472
4 ,186

52,311
7,316
2,625
42,369
42,201
38,807

7,475
3,311

107
265

98
50

1,993
1,006

17,849
21,160
20,732

3 , 792
4 , 057
4, 024
33

1 ,023
1 ,073
/ ,070
3

7,558
8,564
5,575

428

49

New
York
City

City
of
Chicago

Country
banks
Other

Four weeks ending Nov. 11, 1964

52,533 Gross demand—Total. . . 37, 716
1,891
Interbank
15, 376
1,957
U.S. Govt
4 , 104
48.684
Other
118, 235
44.716 Net demand 1
112, 487
43,905 Time
101, 906
I Demand balances due
5,277 I
from dom. banks...
7 , 619
1,990 Currency and coin
3 , 335
B a l a n c e s w i t h F.R.
5,476
Banks
17 664
7,466 I Total reserves held
20 999
7,122
Required
20.615
344
Excess
384

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




Item

All
member
banks

989
20 .456
20 J 5 8
14 .250

6 .481
1 ,327
262
4 ,892
5 ,384
4 ,323

52,258
7,510
i;604
43,144
42,016
38,955

52,979
1,987
1,249
49,743
44,929
44,378

114
266

106
51

1.988
1,005

5,411
2,014

3 .643
3 ,909
3 .896

1 ,013
1 .064

7,512
8,517
8.491

5,496
7,510
7,167
343

25 ,998
4 ,552

13

1.061

3

26

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.

1547

OPEN MARKET ACCOUNT

DECEMBER 1964

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

Treasury bills

Others within 1 year

Month
Gross
sales

Gross
purchases

1963—Oct
Nov.
Dec

...

1964—Jan
Feb
Mar
Apr
May.
June
July
Aug
Sept

...

oct

.

Gross
purchases

Gross
sales

Redemptions

654
1,176
319

156
295
289

365
9
15

654
977
319

156
295
289

365
9
15

95
989
699
588
1,332
937
1,264

670
458
18
714
136

255
115
239
367
85
371
447

670
458
18
714
136

255
115
239
367
85
371
447

574

413

95
989
677
538
1,259
900
1,264
145
388
1,275

6i6
534
888

620
1,347

:

Redemptions

610

!

Exch.
or
maturity
shifts

Gross
sales

Gross
purchases

2,518

-3,411
15
-2,164
2 030

413
534
888

Outright transactions in U.S. Govt. securities by maturity-—continued
1-5 years

Gross
purchases

1963—Oct
Nov
Dec

Gross
sales

5-10 years
Exch.
or
maturity
shifts

— 2 510

106

164

Gross
purchases

13
43

-15
2 164

20

307

Aug
Sept

187
108

-2,030

202
89

33

102

29

3,48i

.

Oct

Repurchase agreements
(U.S. Govt. securities)
Gross
purchases
1963—Oct
Nov
Dec
1964

Jan
Feb
Mar
Apr
May
June
July
Aus

Sept
Oct

.

Gross
sales

11

Exch.
or
maturity
shifts

10

3
8
4

4i

34
11

-102

Net change
in U.S.
Govt.
securities

Bankers' <icceptances

Net
repurchases

Net
outright

195
909
-74

10
-2
28

42<)
12'7
49' 7

440
127
338
280
734
625
1,021
733
712
782

-840
416
601
-601
1,060
566
257
113
186
359

-2
-4
-4
-7
f

n:

Gross
sales

-307

1,032
921
915

I
I
68:5
l,07(
62 )
6&
81
68

Gross
purchases

— 70

9

30
27

1,09. 5
95<)
82<5

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




Exch.
or
maturity
shifts

—8
— 164

83

1964—Jan
Feb
Mar
Apr
May
June

11

Gross
sales

Over 10 years

-7
c_4
2

;

i

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

14
-14
92

219
893
45

-92

-934
412
662
-633
1,014

64
-25
-39
36
-21
r
—U >
61
-li

fJC\l

229
93
249
341

1548

FEDERAL RESERVE BANKS

DECEMBER 1964

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

End of month

1964

Item

1964

1963

Nov. 25

Nov. 18

Nov. 11

Nov. 4

Oct. 28

Nov.

Oct.

Nov.

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

13.556
1,535

13,650
1,524

13,650
1,524

13,680
1,497

13,685
1,500

13,555
1,536

13,685
1,500

13,924
1,370

Total gold certificate reserves

15,091

15,174

15,174

15,177

15,185

15,091

15,185

15,294

130

130

139

151

154

126

158

249

158
2

147
2

512
2

407

501

208

413

836
32

45
44

42
49

40
31

40
54

38
44

43
20

38
43

5.925

5,410

5,223

5.354

4.863

6.419

5.354

4,127
7,066
17:729
4,645

Assets

Cash
Discounts and advances:
Member bank borrowings
Other
Acceptances:
Bought outright
Held under repurchase agreements.
U.S. Govt. securities:
Bought outright:
Bills
Certificates—Special
Other
Notes
Bonds
Total bought outright
Held under repurchase agreements..

25,133
5,222

25,133
5,222

25,133
5,222

25,133
5,222

25,133
5,222

25.133
5:222

25.133

36,280

35,765
504

35,578
276

35,709
244

35.218

36.774

35,709

33.567
100

Total U.S. Govt. securities

36,280

36,269

35,854

35,953

35,218

36.774

35,709

33,667

Total loans and securities
Cash items in process of collection
Bank premises
Other assets:
Denominated in foreign currencies
All other

36,529
6.059
102

36,509
7,283
102

36.439
6,034
102

36,456
5.993
102

35,803
5.756
102

37.047
6.100
102

36.205
5 392
102

34,577
5.604
103

416
161

193
137

118
484

43
461

348
444

727
169

74
447

111
166

Total assets.

58,488

59,528

58,490

58.383

57.792

59,362

57.563

56.104

F.R. notes
Deposits:
Member bank reserves
U.S. Treasurer—General account.
Foreign
Other

34,171

33,924

33,851

33,480

33,213

34.209

33,224

31,995

16,978
752
194
186

17,885
425
157
191

17,353
641
144
349

17.446
546
131

17,480
710
151

197

183

18,084
974
256
209

17,883
687
120
194

16.952
890
165
193

Total deposits

18,110

18,658

18,487

18,320

18,524

19.523

18.884

18.200

4,447
118

5.212
116

4,350
114

4.806
111

4.305
104

3.845
130

3,697
106

4,262
95

56.846

57,910

56,802

56,717

56.146

57.707

55.911

54.552

522
990
130

521
990
107

521
990
177

521
990
155

521
990
135

522
990
143

521
990
141

492
934
126

58,488

59,528

58,490

58,383

57,792

59.362

57,563

56,104

Liabilities

Deferred availability cash items
Other liabilities and accrued dividends
Total liabilities

!
j

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

124

124

125

125

128

125

8.334

8,222

8,250

8,176

8.521

8.278

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




36.405

36,063

35,868

35.649

35.562

36.488

35,591

33,595

6 .667
30 ,645

6 ,657
1
30 ,430

6,572
6
30,210

6.552
2
30,190

6 552
19
30 165

6.667
2

6,552
11
30,165

7,189
152
27,329

37,313

37,088

36,788

36.744

36,736

36.728

34,670

30,695
37.364

DECEMBER 1964

1549

FEDERAL RESERVE BANKS

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1964
(In millions of dollars)

Item

Total

Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

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

13,555
1,536

694
87

3,134
353

667
83

1,112
139

858
127

861
91

2,158
279

518
62

307
27

566
60

557
50

2,123
178

Total gold certificate reserves

15,091

781

3,487

750

1,251

985

952

2,437

580

334

626

607

2,301

431
126

28
7

158
34

18
2

22
7

25
9

36
11

32
21

15
5

23
4

11
4

23
3

40
19

175
35

30
*

19
1

1
*

1
*

3
*

10
24

19
1

1
*

28

20
*

42

1
9

F.R. notes of other Banks
Other cash
Discounts and advances:
Secured by U.S. Govt. securities...
Other...
Acceptances:
Bought outright
.
. . .
Held under repurchase agreements.
U.S. Govt. securities:
Bought outright
Held under repurchase agreements .

43
20

*

43
20

36,774

1,963

8,888

2,032

3,086

2,596

2,017

6,280

1,435

701

1,375

1,402

4,999

37,047

1,993

8,971

2,033

3,087

2,599

2,051

6,300

1,436

729

1,395

1,444

5,009

7,868
102

591
3

1,465
8

483
3

572
6

645
5

593
18

1,263
22

386
6

215
4

473
6

409
11

773
10

727
169

35
8

1193
40

41
9

66
15

36
13

41
9

103
27

25
7

17
2

32
9

41
7

97
23

61,561

3,446

14,356

3,339

5,026

4,317

3,711

10,205

2,460

1,328

2,556

2,545

8,272

F.R notes
.
. .
Deposits:
JVIember bank reserves
U.S. Treasurer—General account..
Foreign
Other

34,640

2,031

8,111

2,027

2,941

2,949

2,014

6,281

1,387

601

1,332

1,062

3,904

18,084
974
256
209

719
59
11
1

4,344
256
280
137

747
30
13
1

1,286
61
22
1

862
51
12
6

986
57
13
2

2,812
100
34
2

691
67
8
1

430
36
6
*

876
58
11
4

1,099
52
14
2

3,232
147
32
52

Total deposits

19,523

790

4,817

791

1,370

931

1,058

2,948

767

472

949

1,167

3,463

5,613
130

539
7

963
31

422
7

557
10

344
9

535
8

715
23

244
5

214
3

198
5

217
5

665
17

59,906

3,367

13,922

3,247

4,878

4,233

3,615

9,967

2,403

1,290

2,484

2,451

8,049

522
990
143

25
47
7

137
264
33

29
55
8

47
90
11

26
49
9

31
56
9

74
140
24

18
34
5

12
23
3

23
43
6

30
57
7

70
132
21

Total loans and securities
Cash items in process of collection...
Bank premises
Other assets:
Denominated in foreign currencies.
All other
Total assets
Liabilities

Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities
Capital Accounts
Capital paid in
Surplus
Other capital accounts

61,561

3,446

14,356

3,339

5,026

4,317

3,711

10,205

2,460

1,328

2,556

2,545

8,272

Ratio of gold certificate reserves to
deposit and F.R. note liabilities
combined (per cent):
Nov 30 1964
Oct. 31, 1964
Nov. 30 1963

27.9
28.8
30.3

27.7
29.8
37.2

27.0
28.0
28.5

26.6
26.8
30.3

29.0
27.6
30.2

25.4
29.0
31.8

31.0
29.2
30.9

26.4
30.2
32.3

26.9
28.6
29.6

31.1
29.8
28.8

27.4
30.0
32.9

27.2
27.0
25.3

31.2
29.4
28.5

Contingent liability on acceptances
purchased for foreign correspondents

125

6

334

7

11

6

7

18

4

3

5

7

17

6 545

1 467

620

1,373

1 153

4 105

Total liabilities and capital accounts..

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

36 488

2 116

6 667
2
30,695
37,364

2,130

8,716

2,092

3,146

410

1,720

615

340

1,100

225

180

735

2,700

2,450

1,850

5,600

280
1
1,260

112

7,100

450
1
1,800

500

1,720

515

1,200

1,000

3,500

8,820

2,251

3.200

3,065

2,190

6,700

1,541

627

1,425

1,180

4,235

1 After deducting $534 million participations of other F.R. Banks.
2 After deducting $176 million participations of other F.R. Banks.




2,123

3 After deducting $91 million participations of other F.R. Banks.

1550

FEDERAL RESERVE BANKS; BANK DEBITS

DECEMBER 1964

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

End of month

1964

Item
Nov. 25

Nov. 11

Nov. 4

Oct. 28

Nov.

1963
Oct.

Nov.

160
156
4

149
145
4

514
507
7

409
405
4

503
497
6

210
206
4

415
401
14

868
829
39

50
39

91
55
36

71
40
31

94
65
29

82
55
27

63
26
37

81

54
27

42
11
31

36,280
916
3,392
16,475
13,119
2,088
290

36,269
1,530
3,193
16,049
13,119
2.088
290

35,854
7,211
3,073
10,101
13,091
2,053
325

35,953
7,491
2,893
10,100
13,091
2,053
325

35,218
818
8,891
10,040
13,091
2,053
325

36,774
538
3,911
16,828
13,119
2,088
290

35,709
6,892
3,181
10,167
13,091
2,053
325

33,667
619
6,211
15,813
8,505
2,300
219

Netherlands
guilders

Swiss
francs

Discounts and advances—Total. ..
Within 15 days
16 days to 90 days..
Acceptances—Total
Within 15 days
16 days to 90 days
U.S. Government securities—Total
Within 15 daysi
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

Nov. 18

1964

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)

Total

End of period

1964 Feb
Mar

271
330

214
213
124
168
195

Apr

May
June
July
Aug

Pounds
sterling

Belgian
francs

11
11

52
52

1
1
16
29
61

Canadian
dollars

French
francs

German
marks

Italian
lire

1
1

1
6

201
234

2
4

2
2
2
2
2

52
51
52
52
45

1
1
1
1
1

6
6
1
1
1

Japanese
yen

101
101
2
2
2

*
21

50
50
50
80
80

3
2

1
*

1

*
*
*

1
3

BANK DEBITS AND DEPOSIT TURNOVER
Debits to demand deposit accounts *
(billions of dollars)
I>eriod

Leading centers

AH

repui img
centers
N.S.A.
1955.
1956.
1957.
1958.
1959.

2 ,043.5
2 ,200.6
2 ,356.8
2 ,439.8
2 ,679.2

1960.
1961.
1962.
1963.

2 ,838.8
3 ,111.1
3 ,436.4
3 ,754.7

New York
S.A.

N.S.A.

6 others
S.A

2

N.S.A.

S.A.

N.S.A.

S.A.

N.S.A.

6 others
S.A.

N.S.A.

337 other
reporting
centers 3
S.A.

N.S.A.

343

S.A.

N.S.A.

958.7
1,023.6

42.7
45.8
49.5
53.6
56.4

27.3
28.8
30.4
30.0
32.5

20.4
21.8
23.0
22.9
24.5

22.3
23.7
25.1
24.9
26.7

1,102.9
1,278.8
1,415.8
1,556.0

577.6
622.7
701.7
775.7

1,158.3
1,209.6
1,318.9
1,423.0

60.0
70.0
77.8
84.8

34.8
36.9
41.2
44.6

25.7
26.2
27.7
29.0

28.2
29.0
31.3
33.1

120.0
123.7

296.6 125 . 4
357.1 139 . 6

116.7
151.0

67. 3
69. 7

63.8
74.6

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

360.8
294.9
342.9
349.9
329.6
353.6
362.9
319.4
339.0
353.5
333.9

153.9
121.1
145.8
148.2
135.3
151.2
154.5
128.3
142.4
146.1
136.0

69.6

73.5 126.6
60.5 121.1
71.1 125.1
72.8 131.8
68.6 125.0
70.9 '126.6
72.9 131.1
65.8 128.9
68.0 131.7
72.0 132.8
66.8 135.4

65. 5
68. 4
72. 4

67.7

67. 5
71. 4
68. 8

70.4
71.7
70. 4

Excludes interbank and U.S. Govt. demand accounts or deposits.
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.




N e w York

2

845.0
921.9
979.0
993.6
1,110.3

1963—No v
Dec

1
2

Leading centers

337 other
reporting
centers 3

431.7
462.9
489.3
487.4
545.3

766.9
815.9

143 .7
129 . 4
138 .1
146 . 0
135 .1
140 . 2
151 .5
140 . 4
149 .5
146 . 0
146 . 2

Annual rate of turnover
of demand deposits I

116.1
131.5

80.7
89.0

80.4
93.8

133.3 92.1
113.2 86.2
126.1 91.6
129.0 95.5
125.7 90.9
131.6 94.5
135.5 100.2
125.4 92.8
128.6 97.0
135.4 94.2
131.1 92.9

93.0
81.8
94.4
93.6
91.1
101.4
98.6
87.4
95.7
93.6
92.6

46 . 0
47 .5

45.3
48.6

47.4
42.9
49.6
50.4
47.6
48.4
47 # 1
48.9
49 _ 1 48.1
47 1
45.8
47 \l
47.0
48 .0
47.2
M6 .4
H5.1
47 .8
45 . 4
46 .9
49 .3

3 Before Apr. 1955, 338 centers.
4 Before Apr. 1955, 344 centers.

29 0
29 8

29.4
30.6

33 . 6
33 .9

33.6
35.3

30
29
30
31
30
30
31
30
30
31

30.4
28.2
30.2
30.6
30.9
31.5
31.1
30.2
30.7
31.1

34 .8
33 .7
34 .4
36 .0

34.9
32.0
35.1
35.7
35.5
36.0
35.5
34.2
34.9
35.3
^35.5

6
5
1
6
4
5
2
6
7
1
5

35.3

35 .0
35 .6
35 .1
35 .1
35 .5
^35 .5

DECEMBER 1964

1551

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
1960
1961
1962

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

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

2,182
2,304
2,427
2,582
2,782

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

83
85
88
92
97

1963—Oct..
Nov.
Dec,

36,177
37,227
37,692

25,642
26,536
26,807

2,960
2,986
3,030

1,592
1,644
1,722

98
100
103

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

36,247
36,312
36,799
36,885
37,208
37,734
37,835
38,014
38,166
38,373

25,500
25,561
26,000
26,063
26,353
26,797
26,859
26,972
27,068
27,201

3,021
3,044
3,105
3,139
3,169
3,205
3,223
3,249
3,285
3,321

1,599
1,590
1,621
1,630
1,655
1,676
1,668
1,668
1,693
1,716

101
101
102
103
105
107
108
109
111
111

End of period

Coin and small denomination currency

Large denomination currency
$5,000 $10,000

$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

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

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

9,337
9,326
9,348
9,531
9,983

2,792
2,803
2,815
2,869
2,990

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

275
261
249
242
240

373
341
316
300
293

3
3
3
3
3

9
5
10
10
10

2,302
2,396
2,469
2,287
2,278
2,321
2,320
2,350
2,379
2,359
2,364
2,361
2,385

7,046
7,359
7,373
6,958
6,983
7,096
7,095
7,170
7,280
7,262
7,272
7,280
7,328

11,644 10,535
12,050 10 ,691
12,109 10 ,885

3,103
3,155
3,221

6,885
6,988
7,110

245
247
249

294
295
298

3
3
3

5
4
4

11,533 10,747
11,566 10,751
11,754 10
10,799
11,775 10,822
11,904 10
10,855
12,151 10,937
12,239 10,976
12,310 11,041
12,339 11,098
12.339 11,172

3,157 7,043
3,147 7,057
3,158 7,094
3,172 7,104
3,185 7,127
3,217 7,175
3,231 7,202
3,249 7,248
3,253 7,302
3.262 7.367

247
246
246
247
246
246
245
245
246
246

294
293
294
292
291
292
291
292
291
291

3
3
3
3
3
2
3
3
3
3

4
4
4
4
4
4
4
4
4
4

2

i 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.

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

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

KINDS OUTSTANDING AND IN CIRCULATION
(In millions of dollars)
Held in the Treasury
Kind of currency

Gold
Gold certificates
F.R. notes
Treasury current—Total.
Standard silver dollars
Silver bullion
Silver certificates
Subsidiary silver coin
Minor coin
United States notes
In process of retirement 4 . .
Total—Oct. 31, 1964.
Sept. 30, 1964.
Oct. 31, 1963.
1

Total outstanding As security
Oct. 31,
against
Treasury
1964
gold and
cash
silver
certificates
15,461
(15,185)
35,591
5,504
485
1,649
(1,559)
2,098
765
347
161
5 56.556
5 56.335
5 54,103

(15,185)

2 277

(1,559)

95
104

1,559

3
90

3 12,369

(16,744)
(16,873)
(17,363)

475
434
372

Oct. 31,
1964

Sept. 30,
1964

Oct. 31,
1963

2,816
2.367
157

33,129
5,244

32,842
5,324

30,923
5,254

114
11
2

10
*
1

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. 1541.
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.
4 Redeemable from the general fund of the Treasury.
5 Does not include all items shown, as some items represent the security




For
F.R.
Banks
and
Agents

Currency in circulation *
Held by
F.R.
Banks
and
Agents

12,369
12,374
12.494

5,340

5,360
5.059

482

482

436

1,445
2,077
763
317
160

1,559
2,048
755
320
161

1,807
1,829
696
321

166

38,373
38,166

36,177

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

1552

MONEY SUPPLY

DECEMBER 1964
MONEY SUPPLY AND RELATED DATA
(In billions of dollars)
Seasonally adjusted

Not seasonally adjusted
Money supply

Money supply
Period
Total

Currency Demand
deposit
component component

Time
deposits
adjusted i

Total

Currency Demand
deposit
component component

Time
deposits
adjusted »

U.S.
Govt.
demand
deposits

1956—Dec
1957 Dec
1958—Dec
1959 Dec

136.9
135.9
141.1
142.1

28.2
28.3
28.6
28.9

108.7
107.6
112.6
113.2

51.9
57.4
65.4
67.4

140.3
139.3
144.7
145.6

28.8
28.9
29.2
29.5

111.5
110.4
115.5
116.1

51.4
56.7
64.6
66.6

3.4
3.5
3.9
4.9

1960—Dec
1961 Dec
1962—Dec

141.1
145.5
147.6

28.9
29.6
30.6

112.1
116.0
117.1

72.9
82.8
97.9

144.7
149.4
151.6

29.6
30.2
31.2

115.2
119.2
120.3

72.1
81.8
96.7

4.7
4.9
5.6

1963—Sept
Oct
Nov
Dec

151.6
152.3
153.5
153.2

31.9
32.0
32.3
32.4

119.7
120.3
121.2
120.7

108.1
109.3
111.1
112.3

150.6
152.5
154.8
157.2

31.9
32.1
32.6
33.1

118.6
120.4
122.1
124.1

108.3
109.5
110.2
111.0

6.6
5.3
4.4
5.2

1964—Feb
Mar
Apr
May

153.8
154.2
154.5
154.5
155.6
156.7
157.2
158.0
158.6
159.1

32.7
32.9
33.0
33.3
33.4
33.5
33.7
33.8
33.9
34.2

121.1
121.3
121.5
121.3
122.1
123.3
123.5
124.2
124.7
124.9

115.1
115.7
116.4
117.4
118.5
119.4
120.6
121.7
123.1
125.1

153.8
152.9
155.0
152.4
153.6
155.2
155.1
156.9
158.8
160.4

32.3
32.6
32.7
33.0
33.3
33.7
33.8
33.8
34.0
34.5

121.5
120.3
122.3
119.4
120.3
121.5
121.3
123.1
124.8
125.9

114.6
115.7
116.7
118.1
119.2
120.1
121.1
122.0
123.3
124.1

4.8
6.1
4.2
6.9
7.8
7.0
6.4
6.6
5.6
5 8

157.0
157.5

33.7
33.7

123.3
123.8

120.3
120.9

156.0
154.3

33.9
33.7

122.1
120.6

120.8
121.4

5.9
6.9

157.8
158.1

33.8
33.8

124.1
124.3

121.6
121.9

157.1
156.7

34.0
33.6

123.1
123.1

121.9
122.0

5.0
8.2

Oct (1)
(2)

158.9
158.2

33.9
34.0

125.0
124.3

122.7
123.4

158.4
159.1

34.1
33.9

124.3
125.2

123 0
123 6

6 8
4 5

Nov (I)

159.3
158.9

34.2
34.2

125.1
124.7

124.4
125.8

161.0
159.9

34.5
34.6

126 5
125.3

124 0
124.1

4 6
7.0

July
Aug
Sept
Oct p
Nov
Half month
1964

Aug. (1)
(2) .
Sept. (1)
(2)...

......

. .

(l)p

Not seasonally adjusted

Not seasonally adjusted
Money supply

Money supply
Week
ending—
Total

Currency Demand
deposit
compo- component
nent

Time
deposits
adjusted i

U.S.
Govt.
demand
deposits 1

1963—Aug. 7
14
21
28

150.6
150.3
148.0
147.8

31.9
32.0
31.9
31.7

118.7
118.3
116.1
116.1

107.0
107.3
107.6
107.8

6.4
5.4
6.9
6.6

Sept. 4
11
18
25

149.4
150.8
152.1
149.9

31.9
32.2
32.0
31.8

117.5
118.6
120.2
118.1

108.1
108.2
108.4
108.3

6.1
5.1
5.1
8.1

Oct.

16
23
30

150.1
151.3
152.8
152.6
153.3

31.7
32.3
32.2
32.2
31.9

118.4
119.0
120.6
120.5
121.4

108.7
109.1
109.3
109.6
110.1

8.8
7.7
5.4
4.1
3.1

Nov. 6
13
20
27

155.0
155.2
154.4
153.8

32.3
32.7
32.6
32.6

122.7
122.5
121.8
121.2

110.2
110.2
110.1
110.4

4.2
3.6
4.7
4.9

Dec.

155.5
156.4
158.2

33.0
33.3
33.1

122.5
123.1
125.1

110.5
110.8
111.0

4.5
3.8
4.2

ON*

1

2

4
11
18

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)




Week
ending—
Total

Currency Demand
deposit
compo- component
nent

Time
deposits
adjusted i

U.S.
Govt.
demand
deposits *

1964-Aug. 5
12
19
26

156.4
156.1
154.5
153.6

33.7
34.0
33.8
33.6

122.7
122.1
120.7
120.0

120.6
120.8
121.1
121.4

5.9
5.5
6.9
7.3

Sept. 2
9
16
23
30

155.3
156.4
158.7
157.2
155.8

33.6
34.3
33.9
33.7
33.5

121.7
122.1
124.8
123.5
122.3

121.6
121.9
122.0
121.8
122.2

6.0
5.7
4.1
7.6
9.2

Oct. 7
14
21
28

157.7
159.0
159.0
159.0

34.1
34.2
34.1
33.8

123.7
124.8
124.9
125.2

122.7
123.2
123.4
123.7

8.3
5.6
4.6
4.1

Nov. 4
11
18
25

160.6
160.8
160.9
159.3

34.0
34.6
34.5
34.5

126.6
126.3
126.4
124.8

123.9
124.1
124.0
124.1

5.1
4.5
5.4
6.9

Dec.

160.8

34.6

126.2

124.2

7.2

2P

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.

1553

BANKS AND THE MONETARY SYSTEM

DECEMBER 1964

CONSOLIDATED CONDITION STATEMENT
(In millions of dollars)
Liabilities
and capital

Assets

Other
securities

Total
assets,
netTotal
liabilities
and
capital,
net

Total
deposits
and
currency

Capital
and
misc.
accounts,
net

64,698
48,465
75,171
90,637
191,785
188,148
199,009
289,947
308,466
330,935
340,017

55,776
42,029
68,359
82,811
180,806
175,348
184,384
263,165
280,397
302,195
310,284

8,922
6,436
6,812
7,826
10,979
12,800
14,624
26,783
28,070
28,739
29,732

Bank credit

Date

1929—June
1933_j U ne
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1960—Dec.
1961—Dec.
1962—Dec.
1963—June

Gold

Treasury
currency
outstanding

U.S. Government securities
Total

Total

Commercial
and
savings
banks

Federal
Reserve
Banks

Loans,
net

Other

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

4,037
4,031
17,644
22,737
20,065
22,754
22,706
17,767
16,889
15,978
15,733

2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,398
5,585
5,568
5,587

58,642
42,148
54,564
64,653
167,381
160,832
171,667
266,782
285,992
309,389
318,697

41,082
21,957
22,157
26,605
30,387
43,023
60,366
144,704
154,017
170,693
178,290

5,741
10,328
23,105
29,049
128,417
107,086
96,560
95,461
102,308
103,684
102,418

5,499
8,199
19,417
25,511
101,288
81,199
72,894
67,242
72,715
72,563
69,708

216
1,998
2,484
2,254
24,262
22,559
20,778
27,384
28,881
30,478
32,027

2,867
3,328
2,888
835
712
643
683

11,819
9,863
9,302
8,999
8,577
10,723
14,741
26,617
29,667
35,012
37,989

1963—Nov. 27.
Dec. 20.

15,600
15,582

5,600
5,586

327,000 185,200
333,203 189,433

102,200
103,273

68,200
69,068

33,300
33,552

600
653

39,700
40,497

348,200
354,371

316,200
323,251

32,000
31,118

1964—Jan. 29.
Feb. 26.
Mar. 25.
Apr. 29.
May 27.
June 30.
July 29.
Aug. 26.r
Sept. 30
Oct. 2 8 '
Nov. 25*

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

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

328,700
330,400
334,200
335,000
336,900
343,988
341,300
344,000
351,100
350,600
355,300

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

68,100
67,500
67,600
66,200
65,200
65,337
64,300
64,900
66,700
67,000
68,100

32,700
32,900
33,400
33,100
34,000
34,794
34,800
35,100
35,400
35,200
36,300

600
700
700
800
500
748
700
800
700
900
1,000

40,100
40,600
41,200
41,400
41,300
41,948
42,100
42,700
43,400
43,500
43,500

349,800
351,400
355,300
356,100
358,000
365,027
362,300
365,100
372,100
371,600
376,200

319,000
319,400
323,900
323,600
325,100
333,114
329,500
331,100
338,400
337,700
341,400

30,800
32,000
31,400
32,400
32,900
31,915
32,800
34,000
33,700
33,900
34,800

187,200
188,700
191,300
193,500
195,900
201,161
199,300
200,600
205,000
204,000
206,400

26
131
1,204
1,284

DETAILS OF DEPOSITS AND CURRENCY

Money supply
Seasonally adjusted

1

Related deposits (not seasonally adjusted)

te
Total

Currency
outside

banks
1929 June
1933—june
1939 Dec
1941—Dec.
1945 Dec
1947__Dec.
1950—Dec.
I960—Dec.
1961—Dec.
1962—Dec.
1963—June

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

110,500
114,600
139,200
144,800
147,600
148,300

26,100
24,600
28,200
28,700
29,600
30,700

Demand
deposits
adjusted 2

84,400
90,000
111,000
116,100
118,000
117,600

Total

26,179
19,172
36,194
48,607
102 341
113,597
117,670
144,458
150,578
153,162
147,144

CurDerency
mand
outside deposits
banks
adjusted 2
3,639
4,761
6 401
9,615
26 490
26,476
25,398
29,356
30,053
30,904
31,832

22 540
14,411
29 793
38,992
75 851
87,121
92,272
115,102
120,525
122,258
115,312

Total

Commercial
banks

204
264
2 409
2,215
2 287
1,336
1,293
377
422
405
369

381
852
846
1,895
24 608
1,452
2,989
6,193
6,219
7,090
11,306

36
35
634
867
977
870
668
485
465
602
806

44,300
44,467

500
452

,200
,206

400
392

4,600
6,986

900
850

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

400
400
400
400
400
415
400
400
400
400
400

,200
,100
,200
1 ,300
,300
,324
,300
,400
,400
,400
,500

400
500
400
400
400
391
400
400
400
500
600

31,900
32,000
32,400
32,300
32,500
32,700
32,800
32,900
33,100
33,300
33,400

31,500
31,600
32,100
32,000
32,400
33,020
32,900
33,100
33,200
33,200
34,300

122,800
118,800
118,800
121,000
117,600
120,311
121,000
119,800
122,600
124,900
124,700

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 Reclassiflcation 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).




At
F.R.
Banks

365
50
217
,498
I 141
,682
>,518
\$,184
,497
1 ,488
,337

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

154,300
150,400
150,800
153,100
150,000
153,331
154,000
152,900
155,800
158,100
159,000

At
commercial
and
savings
banks

149
1,186
1 278
1,313
2 932
3,416
2,923
770
651
530
493

32,500 121,600 154,900 110,200
33,468 124,636 155,713 110,794

120,300
119,200
120,700
120,600
119,400
120,800
121,200
121,400
123.700
124,200
123,200

Treasury
cash
holdings

8 905
9,621
10,523
10,532
15 385
17,746
20,009
36,318
38,420
41,478
43,181

31,600 120,200 154,100
31,700 121,400 158,104

152,200
151,200
153,100
152,900
151,900
153,500
154,000
154,300
156,800
157,500
156,600

Foreign
Postal
Mutual Savings net 4
savings3
Sysbanks
tem

28 611 19,557
21,656 10,849
27 059 15 258
27,729 15,884
48 452 30 135
56,411 35,249
59,247 36,314
108,468 71,380
121,216 82,145
139,448 97,440
149,322 105,648

1963—Nov. 2 7 . . . . 151,800
Dec. 2 0 . . . . 153,100
29....
26....
25....
29
27....
30
29....
26....
30^..
28 r *..
25*...

U.S. Government

Time

Not seasonally adjusted

159,200
160,600
162,200
163,500
165,100
166,627
167,700
169,000
170,400
172,000
172,400

113,600
114,800
115,800
117,100
118,400
119,330
120,300
121,200
122,100
123,500
123,800

800
3,100
6,000
800
8,100 1,100
4,400 1,000
7,400
900
10,502
939
5,300
700
6,300 1,100
9,400
900
5,000
700
7,200
800

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 BULLS.

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

1554

DECEMBER 1964

COMMERCIAL AND MUTUAL SAVINGS BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
(Amounts in millions of dollars)
Deposits
Total
assets—
Total
Securities
Other
Interbank 1
lia! Cash bilities
1
!assets
and
Demand
capital Total 1
acU.S.
mand ! Time U . S .
Govt. Other i
counts 2
Govt. Other

Loans and investments

Class of bank
and date
Total

All banks
1941—Dec.
1945—Dec.
1947—Dec.
1961—Dec.
1962—Dec.
1963—June

31
31
314
30
28
29

61,126
140,227
134,924
256,700
280,397
287,411

Loans

26,615
30,362
43,002
154,318
172,822
179,714

De- I

25,511 8,999127,344
101,288 8,577 35,415
81,199 10,723 38,388
7 2 , 715
" " 29,667 57,368
72,,563 35,012 54,939
69,708 37 ,989 5 2 046
,""

90,908 81,816
177,332 165,612
1
175,091 161,865
1
,176
321,394 287,
343,201 303,653
:
347;896 309,428

10,982
14,065
12,793
240
17,914
482
16,008
535
15.042
551

44,355
105,935
1,346 94,381
5,952 141,979
6,839 141,084
11,069 133,681

Bor-

Total I Numcapitali ber
ac- I of
counts banks

Time 3

I

26,479J
14,826
23 8,414 14,553
45,613|
227 10,542 14,714
53,105!
66 11,948 13,946
120,848
482 26,227
139^188 3,635
28,'O46 13'940
149,083 1,563 28,612 13,993
" nnr%

1963—Nov. 27
Dec. 20

296,870 188,950 68,190 39,730 51,270 356,420 313,630 14,880
302,251 192,686 69,068 40,497 51,536 362,394 319,636 15,267

550 4,390 139.100 154,710 4,430 29.130114,068
528 6,734 141;576 155,531 3,702 29,882(14,079

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

298, 190 190,010
299,450 191,340
" ,440
200 194
303,~~~
304, 130 196,580
305,660 199,210
310,404
" —203 ,119
309,330 202,950
311,540 203,920
317,630 207,530
317,860 207,340
322, 330 210,690

68,050 40 130 48 530 355.410 313.950 14,090
67,530 40 580 48 830 356;940 314;550 13,960
67,610 41 150 48 280 360;310 318;070 14,070
66,180 41 370 48 710 361;760 318:450 13,700
65,150 41;300 48 850 363;420 319;
13,680
65,337 41;948 54 073 373:909 331:
15,272
64,310 42!070 48 580 366;950 322;830 13,770
64,900 42!720 48 810 369!080 324;710 14,390
66,710 43;390 53 680 381:020 336;980 15,820
66,980 43;540 51 880 379;130 333:810 15,360
68,140 43,500 52,950 384.790 338 210 15,460

570
14,095
137,480 158,990 3,230 29.
590
14,113
133,850 160,420 3,320 29;
630
133,500 162,000 3,270 29;990 14,122
136,620 163,310 3,560 30:290 14,140
640
164,910 3,560 30:620 14.154
630
678 10,263 139^160 166,469 2,120 3i; 037 14,175
135,690 167,570 3,950 30;870 14.195
690
168,840 3,540 3i:110 14,203
680
170,260 2,760 31 500 14,230
690
171,840 3,940 31 610 14.242
710
172,240 4,500 31 790 14; 251
700
142

50,746 21,714
124,019 26,083
116,284 38,057
215,441 124,925
235,839 140,106
241,014 145,049

21,808
90,606
69,221
66,578
66,434
63,,542

29
26
25
29
27
30
29
26
30 *P
28 rv
25"

Commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31 4
1961—Dec. 30
1962—Dec. 28
1963—June 29

7 225
7,331
9,006
",937
23
29,298
32,423

10,982
26 ,551 79,104 71,283
14,065
34,806 160,312 150,227
37
240
37,502 155,377 144,103 12,792
— ,561 248,689 17,914
481
56,432 278
54,049 297; 116 262,122 16,008
535
51,156 299; 875 266,179 15,042
550

1963—Nov. 27
Dec. 20

249,070 152,650 62,300 34,120 50,470 307,060 269,280 14,880
254,162 156,006 63; 196 34,959 50,711 312,773 275,120 15,267

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

29
26
25
29
27
30
29
26
30 rP
28P
25?'

249,790
250,590
253,880
254,590
255,720
260,179
258,640
260,330
266,060
266,160
270,360

153,050 62,140
154,000 61,540
156,810 61,500
158,660 60,120
160,860 59,110
164,463 59,322
163,840 58,280
' ,400 58,800
164
167,640 60,630
167,070 61,130
170,060 62.290

31
31
31
30
28
29

43,521
107,183
97,846
179,599
195,698
199,495

18,021
22,775
32,628
106,232
118,637
122,088

Member banks:
1941_Dec.
1945—Dec.
1947_Dec.
1961—Dec.
1962—Dec.
1963—June

34.600 47 670 305 330 268
8,800 14,090
35;050 47 930 306 ,340 269; 090 13,960
35;570 47 390 309 ,270 272
2,110
' " 14,070
' —~
35;810 47; 890 310 ,580 272
2,400 13,700
35;750 48; 000 311 810 273
3,170 13,680
36;394 53; 168 321 909 284
4,903 15,272
36;520 47; 720 314 530 275
5,710 13,770
37;130 47; 910 316 090 277,230 14,390
37 790 52; 800 327;680 289;020 15,820
37 960 50; 980 325;640 285;630 15,360
38,010 52,060 331,030 289,900 15,460

19,539 5,961 23,123 68,121 61,717 10,385
29
138,304 129,670 13,576
78,338 6,070 ",845
57,914 7,304 32,845 132,060 122,528 12,353
54,058 19,308 49; 579 235; 112 209; 63017,195
17
968 24,092
52,968
, . 47,427 249,488 219 ,468 15,309
50,399 27,008 44,929 251,214 222 ,619 14,388

1963—Nov. 27
Dec. 20

205,816 128,811 48,647 28,358 44,276 256,778 224,315 14,171
210,127 131,712 49,342 29,073 44,395 261,469 229,376 14,518

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

206,179 129,103
206,916 129,888
209,979 132,381
210,375 133,873
211,293 135,665
138,649
215,132 138
213,635 138,042
215,030 138,478
220,105 141,393
219,678 140,646
140
223,153 143,241

29
26
25
29
27
30
29
26
30
28
25*>

Mutual savings banks:
1941_Dec. 31
1945—Dec. 31
1947—Dec. 314
1961—Dec. 30
1962—Dec. 28
1963—June 29

3,704 1,774
10,379 4,901
16,208 4,279 10,682 1,246
18,641 4,944 11,978 1,718
41,259 29,393 6,136 5,730
44,558 32,716 6,129 5,714
46,397 34,665 6,166 5,566

1963—Nov. 27
Dec. 20

47,800 36,300
48,089 36,679

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

48,400
48,860
49,320
49,540
49,940
50,226
50,690
51,210
51,570
51,700
51.970

29
26
25
29
27
30
29
26
30 r
28'
25*

For notes see end of table.




48,344 28 732 41 480 254 644 223
13,363
47,873 29 155 41 969 255 804 223
13,275
47,985 29 613 41 ,171 258 229 226
13,378
46,734 29 768 41 889 259 460 226 817 13,019
45,979 29 649 41 983 260 441 227,459 13,022
46,235 30 249 46 ,767 269,437 238,052 14,527
45,223 3O;37O 41 732 262;606 229
13,078
13,661
45,651 30,901 41 ,830 263;825 230;
15,056
47,245 31,467 46 ,423 274;
241,331
47,458 31,574 44 ,680 271
237,656 14,559
48,383 31 529 45,689 276,406 241,141 14,646

36,960
37,340
37,630
37,920
38,350
38,656
39,110
39,520
39,890
40.270
40;630

793
609
886
936
890
890

11,804
17,020
19,714
42,833
46,086
48,020

10,533
15,385
17,763
38,487
41,531
43,248

44,349
105,921
1,343 94,367
5,946 141,920
6,829 141,041
11,060 133,624

15,952
30,241
35,360
82,429
97,709
105,903

23 7,173
219
65 10,059
471 22,459
627 24,094
545 24,582

14,278
14,011
14,181
13,432
13,429
13,482

550 4.390 139,040 110,420 4,430 25,000 13.558
526 6,729 141,534 111,064 3,664 25,677 13,570
570
590
630
640
630
677
690
680
690
710
700

2. 820
5;730
7; 870
180
7!200
10,257
5 110
6 040
9 180
4 ,740
6 ,990

137,420 113,900
133,790 115,020
116,090
117,310
118,630
119,587
139
120,500
135
121,410
134
122,350
140
123,710
141
142,
123,980

140
64
50
303
358
373

1,709
2,179
22
1,176
5,381
6,086
9,761

37,136
69,640
80,609
119,595
117,999
111,548

3,230 25,380 13,586
3,320 25,670 13,604
3,270 25 ,750 13,614
3,560 26 080 13,633
3,560 26 380 13,647
2,099 26,768 13,669
3,950 26,590 13,689
3,540 26,760 13,697
2,760 27,120 13,724
3,940 27,250 13,736
4,500 27,380 13.746

12,347
4 5,886!
24,210
208 7,589i
28,340
54 8,464|
67,157
438 18,638
79,716 3,550 19,854
86,550 1,440 20
"",238

6,619
6,884
6,923
6,113
6,049
6,058

376 3 ,812 115.,516 90,440 4,244 20,606 6,104
382 5 986 117,,562 90,929 3,499 21,054 6,112
429
448
489
493
489
525
536
531
542
555
551

394
5;044
7,032
3 ,751
6 440
342
4^636
;
5 411
8 460
4,325
,319

3,073 20,952
",172
3,166 21
3,054 21,226
3,371 21,500
3,389 21,719
,936 ",060
22
1,936
3,740 21,947
3,,354 22,088
2,,624 22,382
3,733 22,474
,297 ".560
22
4"~

6,124
6,130
6,136
6,153
6,161
6,180
6,186
6,188
6,204
6,209
6,221

10,527
15,371
17,745
38,420
41,478
43,180

1,241
1,592
1,889
3,768
3,951
4,031

548
542
533
514
511
511

113.,823 93,395
94,350
95,183
96,240
97,326
115.,624 98,034
112;,319 98,860
111,458 99,581
116,969 100,304
116,,793 101,424
118.030 101,595

no;,823
no;,459
113;,314
no;,182

6
14

5,890 5,610
5,872 5,539

800 49,360 44,350
826 49,621 44,516

44,290
44,467

4,130
38 4,205

510
509

5,910
5,990
6,110
6,060
6,040
6,016
6,030
6,100
6,080
5,850
5,850

860
900
890
820
850
905
860
900
880
900
890

45,090
45,400
45,910
46,000
46,280
46,882
47,070
47,430
47,910
48,130
48,260

4,150
4,200
4,240
4,210
4,240
21 4,269
4,280
4,350
4,380
4,360
4.410

509
509
508
507
507
506
506
506
506
506
505

5,530
5,530
5,580
5,560
5,550
5,554
5,550
5,590
5,600
5,580
5,490

50,080
50,600
51,040
51,180
51,610
52,000
52,420
52,990
53,340
53,490
53,760

45,150
45,460
45,960
46,050
46,330
46,940
47,120
47,480
47,960
48,180
48,310

1555

COMMERCIAL AND MUTUAL SAVINGS BANKS

DECEMBER 1964

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

Reserve city member banks
New York City: 5, 6, i
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1961—Dec. 30
1962—Dec. 28
1963—June 29
1963—Nov.
Dec.
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.

12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202
26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640
20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453
30,297 19,535 7,862 2,900 11,164 43,538 36,818 5,296
32,989 21,954 7,017 4,017 11,050 46,135 37,885 4,783
32,847 21,446 6,506 4,895 9,802 44,981 37,454 4,734|
33,615 23.103
34,827 23,577

27
20
29
26
25
29
27
30
29
26
30
28
25^

City of Chicago: 5
1941_Dec. 31
1945—Dec. 31
1947—Dec. 31
1961—Dec. 30
1962—Dec. 28
1963—June 29
1963—Nov.
Dec.
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.

27
20
29
26
25
29
27
30
29
26
30
28
25''

Other reserve city: 7
1941_Dec. 31
1945—Dec. 31
1947—Dec. 31
1961—Dec. 30
1962—Dec. 28
1963—June 29
1963—Nov.
Dec.
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.

27
20
29
26
25
29
27
30
29
26
30
28
25''

Country member banks: 6 ,
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1961—Dec. 30
1962—Dec. 28
1963—June 29
1963—Nov.
Dec.
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.

27
20
29
26
25
29
27
30
29
26
30
28
25?

For notes see end of table.




Total I.
assets—
Total
Securities
lia-I Cash bilities
I
and
Loans ,
capital Total i Dei U.S.
acGovt. Other I
mand
counts 2

Deposits
Other

Bor- i Total Numrow- j ac- ! ber
of
i counts) banks

Demand
Time

Time
U.S.
Other
i Govt.

6|
I7j
12
191
207
187

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

1,648
12,051
807
17,287 1,236
195 2,120
19,040 1,445
30 2,259
23,129 6,935
283 3,683
22,231 9,256 1,728 3,898
20,351 10,131
794 3,931

5,634 4.878 9.259 45.200 36.807 4,272!
6,154 5,095 9,372 46,434 38,327 4,289!

I
212; 665 20.201 11,457| 1.480 3,966i
214| ,419 20,960 11,446 1,438 3,984j

5,691
5,561
5,879
5,390
5,619
5,779
5,322
5,691
5,973
5,712
5,954

256
268
306
304
295
317
341
336
340
350
333

33,651
33,611
34,885
34,624
35,467
36,693
35,963
35,936
37,904
36,611
37,594

22,965
22,799
23,653
23,967
24,544
25,490
25,179
24,648
26,040
25,048
26,051

2,760
5,931
5,088
7,606
8,957
9,082

954
1,333
1,801
4,626
5,418
5,545

1,430
376 1,566 4,363 4,057
4,213
385 1,489 7,459 7,046
2,890
397 1,739 6,866 6,402
2,041
940 2,603 10,383 9,283
2,129 1,409 2,280 11,432 9,993
2,071 1,466 2,136 11,440 10,141

9,376
9,615

6,038
6,220

1,731 1,607| 1,955 11.521 10.103
1,705 1,6901 1,970 11,776 10,296

9,242
9,423
9,695
9,316
9,394
9,636
9,394
9,638
9,914
9,788
10,021

5,837
5,956
6,064
6,088
6,173
6,266
6,092
6,311
6,421
6,404
6,600

1,823
1,867
2,063
1,706
1,706
1,750
1,737
1,717
1,857
1,791
1,786

15,347
40,108
36,040
68,565
73,130
74,614

7,105
8,514
13,449
42,379
46,567
48,164

6,467
29,552
20,196
19,748
18,398
17,326

4,995
5,251
5,353
5,267
5,304
5,424
5,462
5,597
5,891
5,851
5,589

8,864
9,317
8,530
8,864
9,393
10,550
8,669
8,621
10,183
9,639
10,103

44,912
45,377
45,875
46,040
47,346
49,716
47,137
46,929
50,696
48,758
50,171

36,674
37,010
37,661
37,648
38,590
41,545
38,475
38,338
42,287
40,001
40,753

4,040
4,060
4,096
4,044
4,071
4,711
3,993!
4,000
4,727
4,299
4,394!

13
13
13
13
14
14
14
14
14
13
13

2,419
476}. . . . . j 288
3,462
719 . .. . .! 3 7 7
4,201
6
913. . . .35. I 4 2870
5,268 2,008
5,264 3,025! 262
948
4,840 3,499!
111
974
4.909 3.794
993!
211
996J
4,887 3,787j
255
4,839 3,948! 257! ,002!
4,715 3,923i
370| ,002!
4,627 3,889|
327 ,011!
4,893 4,028|
166 ,012i
4,810 4,046!
185 ,008
4,744 4,090
210 ,017
4,690 4,145
201 ,018i
4,652 4,149
197! ,024;
.0341
4,840 4.158
258;
4,939 4.314
255;
_,0341
,._.,
4.906 4.450
256 ! 1 . 0 4 4

13
12
14
9
13
12

12,557 4,806
1,967!
24,655 9,760
2i 2,566!
28,990 11,423
li 2,844!
26,381
44,986 26
81! 6,997)
43,609 30,743 1,388 7,263!
407 7,440
41,291 33,549

351
359
353
206
191
194

90 1.462 42,698 34,692 2.102 7,653j
95 2,212 43,459 35,004 1,417 7,697]

195
190

1,035
1,312
1,217
1,624
1,277
1,202

127
1,552
72
369
410
584
200
395

11,437
11,641
11,713
11,676
11,806
12,046
11.733
11,817
12,458
12,305
12,537

9,977
10,056
10,128
10,263
10,414
10,630
10,289
10,351
10,964
10,802
11,009

,075
,124
,124
,114
,151
,182
,148
,229
,327
,238
.251

15
15
16
16
23
25
24
23
23
23

100
279
472
212
384
587
282
298
616
288

1,776 8,518
1,286
2,042 11
2,396 13,066
6,438 20,216
8,165 19,539
"",526
9,124 18

24,430
51,898
49,659
90,815
94,914
95,433

22,313
49,085
46,467
81,883
84,248
85,555

4,356
6,418
5,627
8,350
7,477
6,811

104
30
22
62
82
110

491
8,221
405
2 ,103
2 ,337
3,793

76,776 50,699 16,472 9,605 18,887 98,069 85,891 6,949
78,370 51,891 16,686 9,792 18,778 99,643 87,994 7,225
76,859
77,289
78,288
78,650
79,226
80,466
80,080
80,662
82,222
82,239
83,044

51,034
51,529
52,395
52,811
53,749
54,604
54,557
55,049
55,804
55,712
56,292

16,152 9,673
826 96,184 84,938 6,512
15,994 9,766
193 96,845 85,456 6,449
15,866 10,027 16 863 97,572 86,404 6,495
15,692 10,147
445 98,569 86,601 6,232
15,294 10,183
999 98,750 86,814 6,231
15,488 10,375
143 102,245 91,145 6,894
15,018 10,505 ,209 99,824 87,609 6,320
14,922 10,691
185 100,348 88,169 6,732
15,680 io;
158 104,065 91,950 7,217
305 103,165 90,422 7,152
15,722 io;
15,986 10,766 18 646 104,306 91,299 7,102

12,518
35,002
36,324
73,131
80,623
82,952

5,890
5,596
10,199
39,693
44,698
46,934

4,377 2,250
26,999 2,408
22,857 3,268
24,407 9,031
25,425 10,501
24,496 11
",522

13
13

1,294 4,16l!
1,320 4,184j
1,187 4,184
1,270 4,203
1,494 4,351
924 4,4021
1,476 4,388
1,365 4,421
938 4,447
1.345 4,4361
1 .784 4.434!

351
901
1,563
833
1,349
2,112
987
992
2,350
1,059
1,261

1,994
2,023
1,776
2,118
2,185
2,121
2,091
1,930
2,251
2,234
2,232

1,582
1,600
1,568
1,522
1,515
1,620
1,565
1,610
1,636
1,593
1,635

36
37
37
13
17
13

20,061 11,966
19,694 12,087
19,453 12,243
20,140 12,327
12
19,670 13,205
21,224 13,181
19,606 13,548
19,383 13,627
21,199 13,671
20,324 13,969
20.679 14,086

!

98
105
107
117
115
118
115
116
115
118
132

813
2,062
2,796
1,586
2,708
3,771
1,875
2,151
3,244
1,685
2,580

41,439 36,076
40,234 36,606
40,167 36,839
36
41,321 37,345
40,009 ",751
37
42,387 37,974
41,155 38,144
40,740 38
",430
42,689 38,685
42,618 38,849
42,851 38,634

l,146i
1,095
1,000
1,500
1,301
572
1,647
1,415
1,150
1,725
1,845

7,773
7,814
7,815
7,984
8,032|
8,110
8,125
8,173
8,324
8,357
8,360!

30
17
17
37
51
60

225
5,465
432
1,641
1,931
3,332

10,109 6,258
24,235 12,494
28,378 14,560
46,211 31,832
46,895 36,692
45,066 39
"",371

4
11
23
40
172
127

1,982
2,525
2,934
7,088

12
12
12
12
12
12
12
12
12
12
12
12
12

189
189
186
186
183
183
184
185
186
186
185

7

6,402
10,632
10,778
15,595
14,559
14,465

19,466
46,059
47,553
90,376
97,008
99,361

17,415
43,418
44,443
81,646
87,342
89,470

792
1,207
1,056
1,925
1,773
1,641

86,049 48,971 24,810 12,268 14,175 101,988 91,514 1,764
87,316 50,023 24,797 12,496 14,274 103,615 92,759 1,793
86,427
86,593
87,111
87,785
87,206
88,337
88,198
88,794
90,065
91,040
92,494

49,267
49,604
50,269
51,007
51,199
52,289
52,214
52,470
53,128
53,482
54,298

24,678 12,482 13,796 102,111
24,451 12,538 ,436 101,941
24,177 12,665 002 103,069
462 103,175
23,946 12 832
23,360 12 647 13,406 102,539
23,218 12,830
105,430
23,146 12,838
103,912
23,321 13,003 14^094 104,731
23,735 13,202
831 107,083
24,233 13,325
502 107,627
24,657 13,539 14.708 109,392

91,815
91,418
92,348
92,305
91,641
94,733
93,056
93,784
96,130
96.431
98,080

1,736
1,642
1,663
1,629
1,569
1,739
1,617
1,700
1,785
1,870
1,899

60 1,485 47,708 40,497
56 1,960 48,256 40,693
60
60
60
56
56
64
56
56
64
64
64

1,130
1,802
2,201
1,120
1,999
2,872
1,492
1,970
2,250
1,293
2,098

47,484 41 ,405
46, 180 41,734
46,212 42,212
46,960 42,540
45,693 42,324
47,270 42,788
46, 868 43,023
46,683 43,375
48,241 43,790
48, 912 ^",292
44
49, 594 44,425

6,219
6,476
6,519
5,885
7,744 5,828
7,894 5,839

451 7,994 5,884
390 8,377 5,897
376
381
540
435
409
230
416
377
278
408
412

8,016
8,172
8,216
8,301
8,328
8,531
8,416
8,470
8,577
8,647
8.722|

5,910
5,916
5,925
5,942
5,952
5,971
5,976
5.977
5,992
5,998
6,011

1556

COMMERCIAL AND MUTUAL SAVINGS BANKS

DECEMBER 1964

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

Loans and investments

Total
assets—
Total
liabilities
and
capital
accounts *

Securities
Class of bank
and date
Total

Loans

u. s.

Other

Govt.

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

30..
28..
20..
30..

State member banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31
1961—Dec.
1962—Dec.
1963—Dec.
1964—June

30..
28..
20..
30..

Interbank *
Total i

Other

Bor- Total Number
row- capita]
acof
ings counts
banks

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

69,411
10,654
1,762 41,298 15,699
147,775
23,740 80,276 29
",876
13,883
141,851 12,615
54 1,325 92.975 34 ,882

66,026 23 ,531
65,891 28,903
62,723 34 ,594
58,880 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

39,458
84,939
82,023

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

135,511
142,825
150,823
155,978

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

3,739
22,259
621 13,874 4,025
4,411
44,730
8,166 24,168 7.986
15
40,505 3,978
381 27,068 9,062

6,302
8,050
9,855
10,080

18,501
17,744
15,760
17,256

84,303
88,831
91,235
94,186

74,119
76,643
78.553
82,074

6,835
6,154
5,655
6,038

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

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

116,402
127,254
137,447
141,198

63,196
68,444
72,680
73,934

124,348
139,449
155,261
163,715

67,309
75,548
84,845
89,469

38,924
43,089
46,866
49,179

17,971
17,305
15,958
14,675

17,737
15,844
15,077
15,072

333
402
443
591

5,934 141,050 82 ,122
462 22,089 13,108
6,815J140,169 97 ,380 3,584 23,712 13,119
6,712 140,702 110,723 3,571 25,277 13,284
10,234 138,323 119,243 2,035 26 ,358 13,394

6,786
1,088 23,262 8,322
9,229
14,013 45,473 16,224
,375
35
795 53,541 19,278

10,359
9,155
8,863
8,488

104
127
146
161

199
231
236
364

76,,292 45,441
76,075 53,733
76,836 61 ,288
75,369 66 ,137

3,315
3,735
3,691
5,822

2,066
2,351
2,295
3,520

5,776
14,639
16,444

1961—Dec.
1962—Dec.
1963—Dec.
1964—June

30..
28..
20..
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

Noninsurcd nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31.4

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

185

1,291
1,905
18
1,392

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

148
133
83
85

869
872
832
787

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

5,504
3,613
14,101
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

12,525
13,466
13,854
13,087

4,631
5,206
5,885
6,145

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

Insured mutual
savings banks:
1941—Dec. 31..
1945—Dec. 31.,
1947—Dec. 31.,

1,693
10,846
12,683

642
3,081
3,560

629
7,160
8,165

421
606
958

151
429
675

1,958
11,424
13,499

1,789
10,363
12,207

1961—Dec.
1962—Dec.
1963—Dec.
1964—June

35,660
38,597
41,664
43,431

25,812
28,778
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

33,400
36,104
38,657
40.797

For notes see end of table.




45,022

129
244

4

53 4,162 3,360
,560 10.635 5,680
149 12,366 6,558
553
729
726
892

329
181

457
425

3,640 5,117
4,644 5,017
5,409 5,005
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
41,
,983 1,914
40,725 29 ,642 1,795
40,255 31,897 1,095

Insured nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..

30.,
28.,
20.,
30.,

10 6,844 13,426
215 8,671 13,297
'-,398
61 9,734 13

12

,600
,544
,497
,478

959 6,810
6
7 1.083 6,416
7 1,271 6,478
3,452
3,870
4,234
4,309

6,997
7,072
7,173
7,215

253
365
478

329
279
325

852
714
783

307
330
341
344

370
371
389
399

323
308
285
274

21,456 14,979
22; 170 17,664
23,140 19,793
22,699 21,209

22,325
23,042
23,972
23,486

6,763
7.104
7.506
7,799

24
34
72
99

18 1.288
11 1,362
12 1,596

33
77
165
163

7,662
7,130
7,261

3,822
4,240
4,623
4,708

7.320
7.380
7,458
7,489

1,789
10,351
12 12,192

164
1,034
1,252

52
192
194

256 33,137
5,827
8,359

3,191
3,343
3,572
3,618

330
331
330
327

15,286
17,994

20
".134
21,553

333 40,456

1557

COMMERCIAL AND MUTUAL SAVINGS BANKS

DECEMBER 1964

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 savings
banks:
1941—Dec 31
1945—Dec# 31
1947—Dec. 31 3
1961—Dec.
1962—Dec
1963—Dec.
1964—j u n e

30
28
20
30

.

Loans

Deposits

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

8,687
5,361
5,957

4,259
1,198
1,384

3,075
3,522
3,813

1,353
641
760

642
180
211

9,846
5,596
6,215

8,744
5,022
5,556

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

Reciprocal balances excluded beginning with 1942.
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.
6
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). Com2

Interbank 1

Other

NumBor- Total
capital ber
rowof
acings counts banks

Demand
Demand

Time

Time
U.S.
Govt.

Other

6
2
1
1

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

577
608
633
651

184
180
179
179

1
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)
Seasonally adjusted

Not seasonally adjusted
Securities

Securities

Period
Total*

Loans 1

Total 1
U.S.
Govt.

Other

Loans 1
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

I960—Dec.
1961—Dec.
1962—Dec.
1963—Dec.

31..
30..
31 2
31 2

194.5
209.8
228.3
246.5

113.8
120.5
133.9
149.4

59.9
65.4
65.2
62.1

20.8
23.9
29.2
35.0

198.5
214.4
233.6
252.4

116.7
123.9
137.9
153.9

61.0
66.6
66.4
63.4

20.9
23.9
29.3
35.1

1963—Sept. 25..
Oct. 30..
Nov. 27..
Dec. 31 2

241.5
241.2
244.2
246.5

145.4
146.1
148.4
149.4

62.2
60.8
61.4
62.1

33.9
34.3
34.4
35.0

241.9
242.4
245.0
252 A

146.0
146.0
148.6
153.9

61.8
62.0
62.3
63.4

34.2
34.5
34.1
35.1

1964—Jan. 2 9 . .
Feb. 2 6 . .
Mar. 2 5 . .
Apr. 2 9 . .
May 2 7 . .
June 3 0 . .
July 2 9 . .
Aug. 2 6 . .
Sept. 30^.
Oct. 28*>,
Nov. 25^.

246.7
248.4
251.4
251.8
253.5
256.3
254.5
258.7
261.7
260.8
264.9

151.0
151.8
153.9
155.4
157.3
160.0
159.7
161.5
163.0
163.1
165.2

60.8
61.2
62.1
60.8
60.3
60.0
58.4
60.2
61.2
59.9
61.3

34.9
35.4
35.4
35.6
35.9
36.3
36.4
37.0
37.5
37.8
38.4

246.2
247.2
249.9
250.6
251.5
257.3
254.2
256.1
262.2
262.1
265.7

149.5
150.6
152.8
154.7
156.7
161.6
159.4
160.2
163.7
163.0
165.4

62.1
61.5
61.5
60.1
59.1
59.3
58.3
58.8
60.7
61.1
62.3

34.6
35.1
35.6
35.8
35.8
36.4
36.5
37.1
37.8
38.0
38.0

1
2

Adjusted to exclude interbank loans.
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).

1558

COMMERCIAL BANKS

DECEMBER 1964

LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions of dollars)
Investments

Loans *

Class of
bank and
call date

For
To
purchasing
financial
or carrying institutions
Total
Comloans !
mer- Agri- securities
and
Real
cial culinvest- Total 2 and
esments
tur- To
tate
inal broduskers To
To
To
trial
and others banks others
deal-

Total: 2
1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 1,220
"-,172 6 1248
* ' " 4,056 2,134
1961—Dec. 30..215,441 124,925 ..,
1962—Dec. 28.,235,839 140,106 48,673 7,097 5,1442,131
1963—Dec. 20.,254,162 156,006 52,947 7,470 5,353 2,509
1964—June 30., 260,179 164,463 55,061 7;688 5,526 2,704
All insured
1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662
1 " 3,164 3,606
1945—Dec. 31.,121,809 25,765 9,461 1,314
1947—Dec. 31., 114,274 37,583 18,012 1,610 823 ,190
1961—Dec. 30.,213,904 124,348
1962—Dec. 28.,234,243 139,449
1963—Dec. 20.,252,579 155,261
1964—June 30., 258,597 163,715

44,965
48,458
52,743
54,855

6,211 4,030 2,107
7,060 5 J 1 9 22,103
7
2,476
7,663 5,492 2,671
2

9,393 5,723 947 69,221
115
1,033 7,311 30,320 27,847 3,412 66 ,578
2,578 8;459 34,259 30,553 3,909 66,434
' ,034
~ " 63,196
3,605 9,479 39,056 34,550 4
2,881 10,450 41,388 37;594 4,421 59,322

1961—Dec. 30. 179,599 106,232 40,931 3,934 3,877 1,827
1
1962—Dec. 28. 195,698 118,637 43,843 4;419 4;954 1,777
1963—Dec. 20. 210,127 131,712 47,403 4,659 5, 124 2,136
1964—June 30. 215,132 138,649 49,217 4,755 5,341 2,320

1,014
2,445
3,439
2,733

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

30,297
32,989
34,827
36,693

19,535 11,278
21,954 11,943
11
23,577 12,332
25,490 12,647

23 1,956
17 2,766
26 2,677
21 3,045

2,760
5,931
5,088

954
732
1,333
760
1,801 1,418

48
211
73

52
233
87

7,606
8,957
9,615
9,636

4,626
5,418
6,220
6,266

354
407
497
498

137
152
181
192

53
89
242
200

114 194
427 ,503
170 484

4
17
15

City of Chicago:
1941—Dec. 31.
1945_Dec. 31.
1947—Dec. 31.
1961—Dec. 30.
1962—Dec. 28.
1963—Dec. 20.
1964—June 30.
Other reserve city:
1941—Dec. 31.
1945_Dec. 31.
1947—Dec. 31.
1961—Dec. 30.
1962—Dec. 28.
1963—Dec. 20.
1964—June 30.
Country:
1941—Dec. 31.
1945—Dec. 31.
1947_Dec. 31.

2,609
2,941
3,378
3,332

15,347 7,105 3,456
40,108 8,514 3,661
36,040 13,449 7,088
68,565
73,130
78,370
80,466

300
205
225

42,379 16,879 1,076 976
46,567 17,660 1,179 1,053
51,891 18,862 1,219 1,243
54,604 19,624 1,173 1,155

12,518 5,890 1,676
35,002 5,596 1,484
36,324 10,199 3,096

6,893 23,987 22,852 3,198 54,<,058
7,936 27,162 24,799 3,657 52,'
,968
8,875 31,009 27,908'
3',765 49,342
9|887 32|794 30^75 4,137 46,235
123
80
111

22
36
46

20
4:
23

183
471
227

2
4
5

669
703
751
893

7,789 6,034 53,205 5,276
2,114 26i336 26 ,641 20,345
3,932:23,841 26,9
,987 24,755
1,658 22,415
415 28,0
28,065 29,786
35 23,141 27,0085 31,419

3,729
3,592
4,543
5,173
4,975

16,899 3,651 3,333
51
" , 3 4 2 3,873 3,258
52 ,347 5,129 3,621
26,426
26,746
27,806
26,835

20 ,068 3,462
24 ,547 4,356
29 ,559 5,035
31 ,1844,818

221
362
401
409

9,229 1,842 21,390 21,598 16,691 2,617
8,862 3,249 19,443 21,414 201773 3!
3,319
8,032 1,307 18,072121,932 25 210 3,864
6,707
16 18,572 20,940 26^79 3J670

1,430
95
40 4,213
51
149
26 2,890
476
523
594
600

229
369
318
318

2,041
2,129
1,705
1,750

2,117
1,998
1,711
1,333

729
606
638

830
629
604

442 2,496 2,806 2,635
508 2,488 2,023 3,585
147 2,341 1,955 4,653
2,625 1,821 4,952

265
432
442
472

256
133 1,467
132
235
478
377
347
418

92
115
42

153 1,022
749 1,864
248 2,274
728
849
599
652

182
181
213

193
204
185

743
816
788 1,242
717 1,361
680 1,370

124
168
329
251

1,527
6,467
295
508
751 5,421
956 820
855 387 29,552 1,034 6,982 5,653 15,883 1,126 916
1,459
3,147 1,969 35120,196
373 2,358 1,901 15,563 1,"
342
" 1,053
3,261 9,590 9,172 998 19,748 3,020
741 8,605 7,382 5,710 727
1,030 9,860 1,266 18
18,398 2,343 1,403 7,257 7,395 7,252 913
3,583 11
4,286 12,525 11,106 1 , 462 16,686 2,152
545 6,600 7,390 8,810 981
4,706 13,207 12,063 1,753 15,488 2,206
6,566 6,715 9,449 925
1,823
1,528
4,377
1,881
707 359 26 ,999
3,827 1,979 224 22 ,857
13,242 11,132
14,441 12,273
16,114 13,951
13
16,883 15,063

1961—Dec. 30.
1962—Dec. 28.
1963—Dec. 20.
1964—June 30.

73,131
80,623
87,316
88,337

39,693 10, 165 2 ,811
44,698 11, 299 3 ,187
50,023 12,831 3,374
52,289 1 3 ,614
" 3",535

591
728
708
644

438
447
496
534

116
764
966
565

1,251
1,563
1,591
1,525

Nonmember
1947—Dec. 31.
1961—Dec. 30.
1962—Dec. 28.
1963—Dec. 20.
1964—June 30.

18,454
35,856
40,141
44,035
45,047

5,432
18,700
21,469
24,295
25,815

20
179
190
229
185

156
306
354
373
384

19
13!
166
149

418
523
604
563

^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.




2,193
1,488
1,674
1,059
9,061

7,265
522
311
1,623 5,331
287 272 17,574
477 3,433 3,325 10,339
564 238 11,972 1,002
640
558 9,772

934 2,072 1,220 7,862
467
376 1,711
425
572 2,087 1,329 2,143 1,196 7,017
569 1,007 2,247 1,968 2,257 1,068 6,154
625 1,014 2,762 2,296 2,548 1,128 5,779

659
648
818

1,205 614
4,241 2,314
4,830 2,678
5,54421,811
""
5,844 21,933

Certifi- Notes Bonds
cates

3,494
653 19,539
971
3,007 15,561 3,090 2,871
3,455 1,900 1, 057 78,338 2,275 16,985 14,271 44
" , 8 0 7 3,254 2,815
7,130 4,662 839 57,914 1,987 5,816 4,815 45 ,295 4,199
3,105

32
26
93

784
470
752 1,020
891 1,224
970
953

State
and
local Other
govt. secusecu- rities
rities

Bills

4,773
505 21,046
988
3,159
4,677 2,361 1,132 88,912 2,455 19,071 16,045
9,266 5,654 914
~' 67,941 2,124 7,552 5,918
,296 30,211 27,708 3,396 66 ,026 1,356 2,098 26
1,027
26,145
,434 34,123 30,402 31,890 65,891 1,514 3,916 23,715
2,551
3,594 ,415 38,861 34,383 4^015 62,723 0,952 1,649 22,316
8,970
32 23,044
2,839 10,414 41,190 37,432 4,403 58
39
47
113

1961—Dec. 30.
1962—Dec. 28.
1963—Dec. 20.
1964—June 30.

U. S. Government
securities

40
49
114

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 1,065

412 169
2,453 1,172
545 267

Other
to
in- Other
dividuals
Total

2,266
6,341
7,097
8,047
8,594

1,061
4,995
5,754
6,643
7,320

110
481 3,787 1,222 1,028
630 5,102 4,544 16
6,722 1,342 1,067
480 2,583 2,108 17,687 2,006 1,262

751 24,407
25,425
826 25
917 24,797
939 23,218

3,614
566 9,560 10,667
4,144 1,223 8,849 11,209
3,822
573 8,531 11,871
2,749
15 8,728 ",725
11

109
214
25!
269
284

206 1,973 1,219 7,920 1,078 625
2,259
272 4,947 5,046 3,655 976
2,812
683 4,398 5,573 3,982 1,224
3,027
351 4,343 6,133 4,576 1,309
2,354
19 4,569 6,144 4,841 1,305

11,318
12,525
13,466
13,854
13,08^

530 1 ,500
694 1 ,807
385 21,111
808 21,022

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.

COMMERCIAL BANKS

DECEMBER 1964

1559

RESERVES AND LIABILITIES BY CLASS OF BANK
(In millions of dollars)
Time deposits

Demand deposits
Class of
bank and
call date

BalDeReCur- ances mand
serves rency
with
dewith
and
doposits
F.R.
coin
mestic
adBanks
banks 3 justed4

Interbank

Certified
and
officers'
checks,
etc.

U.S.
Govt. State
Inter- and
and
bank Postal local
Sav- govt.
ings

U.S.
Govt.

State
and
local
govt.

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:
1941—Dec. 3 1 . . . . 12,396 1,358 8,570 37,845 9,823
673 1,762
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

6,246 33,754 9,714
671 1,7 9
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

8,724
7,897
7,359
7,807

5,381
6,086
5,986
9,342

9,487
9,270
9,376
9,639

4,654
4,083
4,055
4,379

105,454
104,646
104,130
101,605

303
358
382
525

260
243
240
227

4,371
5,158
6,364
7,045

866
3,595
607
3,535 1,105 6,940
3,236 1,217
267

319
237
290

450
1,338
1,105

11,282
15,712
17,646

6
17
12

10
12

29
20
14

1,267
1,408
1,419
2,112

333
366
368
420

2,583
2,237
2,119
2,323

20,213
19,628
18,473
18,480

191
207
214
317

38
53
76
71

Total: 2
1947—Dec.
1961—Dec.
1962—Dec.
1963—Dec.
1964—June

1961—Dec.
1962—Dec.
1963—Dec.
1964—June

3 1 . . . . 17,796 2,216 10,216 87,123 11,362
3 0 . . . . 16,918 3,689 14,169 122,654 16,574
2 8 . . . . 17,680 4,252 13,099 124,342 14,713
2 0 . . . . 17,150 4,048 12,312 126,579 14,048
3 0 . . . . 16,774 4,539 12,693 122,537 13,909

3 0 . . . . 16,918 3,670 13,871 121,671
2 8 . . . . 17,680 4,232 12,795 123,361
2 0 . . . . 17,150 4,033 11,984 125,615
3 0 . . . . 16,774 4,524 12,409 121,608

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
1961—Dec.
1962—Dec.
1963—Dec.
1964—June

DoFormestic 3 eign5

3 0 . . . . 16,918 2,813
2 8 . . . . 17,680 3,263
2 0 . . . . 17,150 3,131
3 0 . . . . 16,774 3,511

New York City:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .

100,660
101,528
102,816
99,288

16,440
14,579
13,900
13,756

15,924
14,071
13,378
13,247

1,430
1,340
1,295
1,218
1,363

1,298
1,265
1,177
1,316

1,270
1,237
1,140
1,280

IPC

5,105
4,015
4,639

93
111
151

141 10,761
78 15,065
70 16,653

30....
28....
20....
30....

3,286
4,121
3,625
3,919

240
251
264
273

143
156
96
82

17,089
17,095
16,763
16,389

4,330
3,854
3,487
3,791

City of Chicago:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947 Dec. 3 1 . . . .

1,021
942
1,070

43
36
30

298
200
175

2,215
3,153
3,737

J 017
1,292
1,196

127
8
20 1,552
72
21

233
237
285

34
66
63

2,152
3,160
3,853

30....
28....
20....
30....

889
1,071
1,019
923

37
44
49
53

158
99
98
151

3,809
4,262
4,144
3,845

1,578
1,235
1,169
1,135

45
41
43
47

369
410
395
587

315
351
275
311

124
109
112
114

4,830
4,804
4,500
4,319

Other reserve city:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .

4,060
6,326
7,095

425
494
562

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

7,533
858
7,671 1,021
7,587
935
7,106 1,072

2,542
2,253
2,105
2,296

36,187
35,481
35,859
34,281

8,107
7,229
6,958
6,616

243
248
267
278

2,103
2,337
2,212
3,771

3,520
3,216
3,144
3,234

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

5,210
4,817
4,919
4,826

1,678
1,947
1,884
2,113

5,881
5,389
5,060
5,278

43,575
44,689
46,049
44,773

1,910
1,753
1,764
1,705

15
19
29
34

544
876
989
917
1,028

3,947
5,446
5,202
4,953
4,886

13,595
21,994
22,814
23,763
23,249

385
649
642
671
661

55
70
57
78
84

1961—Dec.
1962—Dec.
1963—Dec.
1964—June

1961—Dec.
1962—Dec.
1963—Dec.
1964—June

1961—Dec.
1962—Dec.
1963—Dec.
1964—June

30....
28....
20....
30....

Country:
1941_Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1961—Dec.
1962—Dec.
1963—Dec.
1964—June

30....
28....
20....
30....

Nonmember:2
1947_Dec. 31
1961—Dec. 30
1962—Dec. 28
1963—Dec. 20
1964 June 30

967
929
801
920

34,383
65 10,059
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

4 5,886
208 7,589
54 8,464

62,526 438 18,638
74,316 3,550 19,854
84,326 3,499 21,054
90,762 1,936 22,060
778
1,206
1,418

1,648
195 2,120
30 2,259

162 6,735 283 3,683
266 8,937 1,728 3,898
449 10,920 1,438 3,984
528 12,582 924 4,402

2

9

476
719
902

288
377
426

14
18
17
25

5
7
6
5

8
16
185
199

1,996
3,001
3,595
3,887

35
870
262
948
255
996
210 1,017

11,127
22,281
26,003

104
30
22

20
38
45

1,152
980
1,034
1,086

40,315
39,413
39,281
38,067

62
82
95
118

110
83
72
69

1,370
2,004
2,647

239
435
528

8,500
21,797
25,203

30
17
17

31
52
45

1,641
1,931
1,960
2,872

5,320
5,337
5,590
5,674

796
756
790
856

40,095
40,801
41,877
40,740

37
51
56
64

108
100
86
83

1,891
2,242
2,778
2,956

29,834
34,350
37,829
39,749

40
172
390
230

7,088
7,744
8,377
8,531

167
565
743
743
915

1,295
2,755
2,802
2,880
2,943

180
402
428
438
453

12,284
19,168
19,813
20,654
20,090

190
178
176
144
151

6
23
26
29
30

172
1,094
1,292
1,545
1,635

6,858
14,169
16,675
18,560
19,888

12
33
77
165
163

1,596
3,822
4,240
4,623
4,708

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.
3 See note 6, May 1964 BULL., p. 589.

243 4,542
160 9,563 ""2
332 11,045
1
2,310 23,962
81
2,633 28,027 1,388
2,950 31,982 1,416
3,362 34,544 572
146 6,082
219 12,224
337 14,177

1,967
2,566
2,844
6,997
7,263
7,697
8,110

4 1,982
11 2,525
23 2,934

classes of banks is affected somebanks. Comparability of figures for• cl
what by changes
in F.R. membership,
<
. , deposit
insurance status, and the
w
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

For other notes see opposite page.

1560

WEEKLY REPORTING MEMBER BANKS

DECEMBER 1964

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
(In millions of dollars)
Loans

For purchasing
or carrying securities
Wednesday

Total
loans
and
investments i

Loans
and
investments
justed

2

Loans
justed

2

Commercial
and
industrial

To brokers
and dealers
tural

To financial institutions

To others

Bank

U.S. Other
U.S.
Govt. Other
Forse- Govt.
sesese- curieign
curi- curities curities
ties
ties

Nonbank

Do- Pers.
mes- and
tic
sales
com- finan. Other
mer- COS.,
cial
etc.

Real
estate

Valuation
reother
serves
All

TotalLeading Cities
1963
Nov

6
13
20
27

137 379
136,929
137,505
137 808

134,924
134,670
135,328
135,298

87,612
87,869
88,193
88,578

36,862
37,108
37,198
37,254

1,550
1,575
1,587
1,585

483
513
441
436

3,248
3,351
3,484
3,614

85
87
90
90

1,701
1,707
1,718
1,712

3,559
3,538
3,550
3,559

17 674
17,757
17,811
17 846

19 689
19,702
19,774
19 899

1 963
1,968
1,963
1 964

146,061
146,462
145 436
146,472

143,951
144,094
143,734
144,363

96,498
96,753
96,727
96,545

39,743
39,964
39,913
39,882

1,591
1,594
1,596
1,606

679
669
723
610

3,336
3,290
3,359
3,268

69
68
70
69

1,923 1.248 2,110 4,203 4,065
,258 2,368 4,187 4,038
1,917
751 1,702 4,065 3,999
1,917
748 2,109 4,052 3,978
1,916

19,560
19,638
19 680
19,719

22,191
22,240
22 263
22,304

2,110
2,110
2 109
2,107

148,211
147 101
148 179
148,979

145,619
145 016
145,693
146,250

98,021
97,694
97,998
98,019

40,192
40,295
40,651
40,548

1,617 1,099 3,516
1,629 1,000 3,320
1,635
756 3,311
1,633
954 3,179

68
63
61
64

1,928
1,943
1,950
1,948

32 931
32 634
32,757
33 209

31 997
31,807
31,989
32,218

21,334
21,435
21,509
21,895

11,900
12,023
12,052
12,113

17
18
18
19

234 1,834
290 1,879
244 1,939
291 2,090

18
18
18
17

532
534
539
540

394
396
394
431

16
16

283 1,869
301 1,859
333 1,883
360 1,827

7
7

606
599

16
15

8
8

600
601

20

613

2,083
513 1,871
356 1,838
384 1,740

9
8
8
9

604
601
598

836
834
847
880

2,455
2,259
2,177
2,510

3,888
3,665
3,656
3,667

1964
Oct.

7
14
21

28
Nov. 4
11

18
25

748 2,592
1,287 2,085
797 2,486
314 2,729

4,316
4,106
4,168
4,103

4,045
4,059
4,048
4,023

19,741
19 789
19 842
19,886

22,360
22 311
22 391
22,474

2 109
2 108
2 107
2,107

934
827
768
991

1,290
1,163
1,154
1,208

669
667
674
676

1 848
1 863
1,868
1 871

3 173
3 159
3,181
3 211

575
575
572
572

677
714 1,286
689 1,204 1,292
673
446 1,218
677
695 1,217

813
789

2,160
2 183
2,183
2,198

3,500
3 494
3,474
3 508

571
571

2 216
2,218
2 242
2,255

3 556
3,498
3 576
3,582

571

16 516
16,543
16 593
16,688

I 388
1,393
I 391
1,392

New York City
1963
Nov

6
13
20
27

Oct.

7
14 .
21
28

35,103
35 382
34,325
34,951

34,389
34,178
33,879
34,256

23,416
23,489
23,352
23,360

12,770
12,831
12,745
12,733

4
11
18

35 714
34,809
35,692
35,949

34,928
34,345
34,589
34,624

24,175
23,808
23,907
23,724

12,779
12,835
12,996
12,931

20
18
18

104 448
104,295
104 748
104,599

102,927
102,863
103,339
103,080

66,278
66,434
66,684
66,683

24,962
25,085
25,146
25,141

1,533
1,557
1,569
1,566

249
223
197
145

1,414
1,472
1,545
1,524

67
69
72
73

1,169
1,173
1,179
1,172

442 1 571 2,598 2 890 15 826
438 ,432 2,502 2,871 15,894
453
409 2,502 2,876 15 943
449 ,519 2,459 2,883 15,975

110,958
111,080
111,111
111,521

109,562
109,916
109,855
110,107

73,082
73,264
73,375
73,185

26,973
27,133
27,168
27,149

1,575
1,578
1,580
1,591

396
368
390
250

1,467
1,431
1,476
1,441

62
61
62
61

1,317
1,318
1,317
1,315

571
569
578
571

,396
,164
,256
,414

2,917
2,895
2,847
2,835

3,252
3,249
3,209
3,191

17,400
17 455
17,497
17,521

18,691
18 746
18,789
18,796

1,539
I 539
1,538
1,536

112 497
112,292
112,487
113,030

110,691
110,671
111,104
111,626

73,846
73,886
74,091
74,295

27,413
27,460
27,655
27,617

1,597
1,609
1,617
1,615

486 1,433
487 1,449
400 1,473
570 1,439

59
55
53
55

1,329
1,339
1,349
1,350

567

806
,621
,383
404

2 939
2,797
2,836
2,853

3 232
3 244
3,230
3,203

17 525
17 571
17,600
17,631

18 804
18 813
18,815
18,892

I 538
I 537
1,536
1,536

1964

Nov

..

25

599

786 1,377
688
464 1,309
693 1,103 1,332
708 1,325 1,250
681

790
787
813

815
818
820

571
571

571
571
571

Outside
New York City
1963
Nov

6
13
20
27

Oct

7
14
21
28

Nov

4
11
18
25

1964

....

For notes see p. 1562.




599

599
606

DECEMBER 1964

1561

WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Investments

Cash assets

3

U. S. Government securities
Wednesday
Total

Bills

Certificates

Notes and bonds
maturing—

Other
securities

Total

With- 1 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

TotalLeading Cities
1963
Nov. 6
13
20

27

932 2,878 13,183 t ,988
913 2,871 13,165 t ,892
832 2,881 14,014 f >,500
840 2,867 14,036 t5,425

19,070
18,871
18,955
18,794

17,573
17,324
17,655
17,540

3,046
3,248
3 028
3,190

269
266
278
290

1 ,657
1 ,833
1 ,777
1 ,753

12,601
11,977
12 577
12,307

5,234
5,336
5 282
5,347

174,965
174,746
174 897
176,233

3,621
3,649
3,670
3,683

11,394 f 5,770
11,379 ti,73O
11,425 f 5,615
11,419 ( 5,553

21,031
20,922
20,898
20,890

18,108
18,076
18,548
18,701

3,078
3,550
3,131
3,208

227
255
261
256

1 741
1 ,930
1 ,863
1 ,961

13,062
12,341
13,293
13,276

5,862
5,872
5,836
5,842

184,481
188,109
184,736
185,472

3,706
3,711
3,901
3,988

11,495
11,444
11,811
11,721

t5,457

f5,475
t5,473
(5,484

20,769
20,770
20,663
20,693

18,086
17,994
18,599
17,825

3,348
3 352
3,354
3,160

290
256
257
247

1 ,729
1 88^
1 ,878
1 ,856

12,719
12 504
13,110
12,562

5,885
5 853
5,786
5,821

189,664
186 022
188,911
188,812

601
595
452

4,909
4,818
4,874
4,817

3,947
3,581
4,045
3,673

117
87
74

105
110
102

^68
272
760

460

2,169 1 ,310
2,158 1 ,251
2,529 1 ,130
2,515 ,137

102

124

75?

3,457
3,112
3,609
3,195

2,165
2,264
2 243
2,285

44 278
43,436
43 623
44,679

1,510
1,456
1,300
1,687

753
761
772
786

1,846
1,799
1,763
1,752

,205
,71?
,198

177

5 687
5,468
5,480
5,473

3 930
3,323
4,444
4,431

79
96
85
74

99
114
113
108

776
787
770
77P

3 476
2,826
3,976
3,970

2 436
2,498
2,480
2 431

46 090
47,451
46,112
46 855

5,365
5,223
5,492
5,678

1,600
1,474
1,603
1,761

801

1,780
1,766
2,040
2,001

184

.184
167
,208

5,388
5,314
5 190
5,222

3,739
3,992
3 829
3,872

134

128
90

122
123

774

799
682

84

117

758

3,245
3,464
3 343
3,413

2,430
2,421
2 420
2,400

48,208
46,407
47 312
48 301

22,488
22,376
22,574
22,420

2,747
2,683
2,605
2,521

772 2,277

11,014 5,678
769 2,276 11,007 >5,641
685 2,429 11,485 5,370
683 2,407 11,521 5,288

14,161
14,053
14,081
13,977

13,626
13,743
13,610
13,867

2,929
3,161
2,954
3,088

164

156
176
166

,389
,561
J SI?
,501

9,144
8,865
8,968
9,112

3,069
3,072
3,039
3,062

130 687
131,310
131,274
131,554

21,136
21 198
21,062
21 505

3,127
3 205
3,099
3,586

2,868

9,548
9,580
9,662
9,667

5,593
5,525
5,403
5,355

15,344
15 454
15,418
15,417

14,178
14,753
14,104
14,270

2,999
3 454
3,046
3,134

128

,465

2,898
2,897

141
148
148

643
j687

9,586
9,515
9,317
9,306

3,426
3,374
3,356
3,411

138,391
140 658
138,624
138,617

21,464
21,329
21 540
21,860

3,571
3,448
3,244
3,584

2,905
2,912
3.219
3,280

9,715
9,678
9,771
9,720

5,273
->;29i
5,306
5,276

15,381
15,456
15,473
15,471

14,347
14,002
14,770
13,953

3,262
3,224
3,264
3,076

156

,455
1,604
,605
,598

9,474
9,040
9,767
9,149

3,455
3,432
3,366
3,421

141,456
139,615
141,599
140,511

28,242
27,930
28,180
27,926

4,261
4,089
3,953
3,758

26,422
26,419
26,109
26,928

4,637
4,661
4,399
5,273

26,829
26,552
27,032
27,538

5,171
4,922
4,847
5,345

5,754
5,554
5,606
5,506

1,514
1,406
1,348
1,237

5 286
5,221
5,047
5,423

1964
Oct.

7
14
21
28

Nov

4
11
18
25

New York City
1963
Nov. 6
13
20

27

160

144
147
157

1964
Oct

7
14

21
28

Nov. 4
11
18
25

708

86

278
771

Outside
New York City
1963
Nov

6
13
20
27

Oct

7

1964
14

21
28

Nov. 4
11
18

25

For notes see the following page.




134
134
130

1562

WEEKLY REPORTING MEMBER BANKS

DECEMBER 1964

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Borrowings

Deposits
Demand
Wednesday

Total
unadjusted 4

Demand
deposits
ad- 5 Totals
justed

IPC

Time

DomesState
tic
and
For- U.S.
Total*
local eign7 Govt. commerGovt.
cial
banks

Other time 9
Savings

IPC

State
and
Forlocal eign 7
Govt.

Other Capital
acFrom From liabiliF.R. others ties counts
Banks

TotalLeading Cities
1963
151,016
150,637
150,655
151,722

63,126
63,515
63,137
63,950

93,488
93,130
92,874
93,771

67,100
68,734
67,341
69,001

5,231
4,778
4,955
5,060

1,707
1,684
1,726
1,768

2,810
1,914
3,342
2,714

12,773
12,544
11,940
11,569

57,528
57,507
57,781
57,951

37,606
37,630
37,689
37,699

12,544
12
12,491
12,640
12,796

3,901
3,891
3,928
3,942

3,107
3,125
3,152
3,140

5,881
6,167
6,212
6,205

14,319
14,311
14,276
14,300

7
14
21
28

159,665
162,850
158,908
160,022

63,522
63,512
64,307
64,999

94,745
97,777
93,689
94,544

67,691
70,800
69,023
68,627

4,762
4,517
4,600
5,035

1,881 4,698
1,924 3,231
2,011 2,631
2,018 3,389

12,075
13,335
11,835
11,699

64,920
65,073
65,219
65,478

39,933
39,974
40,029
40,061

16,006
16,104
16,219
16,464

4,644
4,699
4,650
4,630

3,816
159 2,861 6,318
3,780
31 3,276 6,496
3,805 1,115 2,769 6,484
3,803
412 3,079 6,473

15,478
15,456
15,460
15,486

Nov. 4

163,630
160,129
162,791
162,336

64,019
63,890
63,282
63,856

98,301
94,593
97,230
96,724

69,371
67,818
68,982
68,724

5,730
5,193
4,731
5,095

2,052 3,697 13,103
1,986 2,842 12
12,787
1,988 5,004 12,597
1,943 4,826 11',855

65,329
65,536
65,561
65,612

40,128
40,197
40,227
40,255

16,254
16,388
16,264
16,288

4,626
4,606
4,611
4,628

3,807
3,834
3,951
3,941

345
434
103
105

3,719
3,335
3,676
3,967

6,405
6,549
6,791
6,883

15,565
15,575
15,550
15,521

35,911
35,097
35,213
36,351

15,513
15,403
15,577
15,661

24,878
24,070
23,942
25,016

16,671
16,878
16,520
17,344

468
274
296
316

,289
,253
,298
,328

822
465
817
663

11,033
11,027
11,271
11,335

4,391
4,401
4,413
4,410

3,876
3,846
4,042
4,123

384
382
398
395

2,202
2,218
2,234
2,222

37

"J72

,634
,482
,423
,459

2,734
2,892
2,869
2,915

3,962
3,965
3,946
3,932

7
14
21
28

37,833
39,010
37,627
38,374

15,922
15,194
15,853
15,946

24,918
26,032
24,483
25,149

16,731
17,193
16,795
16,837

309
302
283
351

,381 1,585 2,790 12,915
,418 1,033 3,557 12,978
,487 812 2,955 13,144
,482 1,045 3,116 13,225

4,557
4,552
4,553
4,554

4,910
4,993
5,125
5,200

423
429
430
436

2,699
2,680
2,712
2,709

,130
,228
,076
,309

2,872
2,962
2,931
2,915

4,255
4,251
4,252
4,252

Nov. 4
11
18
25

39,520
37,895
38,589
39,190

15,435
15,391
15,356
15,230

26,314
24,522
25,151
25,779

16,876
16,299
16,658
16,781

658
425
294
278

,516 1,100 3,454
,468 810 3,136
,478 1,327 3,097
,436 1,231 3,238

13,206
13,373
13,438
13,411

4,549
4,567
4,580
4,583

5,176
5,318
5,280
5,276

444
440
443
444

2,715
2,727
2,822
2,805

,477
,286
,404
,721

2,847
2,872
3,049
3,134

4,286
4,277
4,270
4,256

115,105
115,540
115,442
115,371

47,613
48,112
47,560
48,289

68,610
69,060
68,932
68,755

50,429
51,856
50,821
51,657

4,763
4,504
4,659
4,744

418 ,988
431 1,449
428 2,525
440 2,051

9,465
9,299
8,970
8,389

46,495
46,480
46,510
46,616

33,215
33,229
33,276
33,289

8,668
8,645
8,598
8,673

3,517
3,509
3,530
3,547

905
907
918
918

155
51
189
460

1,923
2,098
1,970
2,065

3,147
3,275
3,343
3,290

10,357
10,346
10,330
10,368

7. ..
14...
21...
28...

121,832
123,840
121,281
121,648

47,600
48,318
48,454
49,053

69,827
71,745
69,206
69,395

50,960
53,607
52,228
51,790

4,453
4,215
4,317
4,684

500 3,113 9,285
506 2,198 9,778
524 1,819 8,880
536 2,344 8,583

52,005
52,095
52,075
52,253

35,376
35,422
35,476
35,507

11,096
11,111
11,094
11,264

4,221
4,270
4,220
4,194

1,117
1,100
1,093
1,094

159
31
889
407

1,731
2,048
1,693
1,770

3,446
3,534
3,553
3,558

11,223
11,205
11,208
11,234

Nov. 4...
11...
18...
25...,

124,110
122,234
124,202
123,146

48,584
48,499
47,926
48,626

71,987
70,071
72,079
70,945

52,495
51,519
52,324
51,943

5,072
4,768
4,437
4,817

536 2,597
518 2,032
510 3,677
507 3,595

52,123
52,163
52,123
52,201

35,579
35,630
35,647
35,672

11,078
11,070
10,984
11,012

4,182
4,166
4,168
4,184

1,092
1,107
1,129
1,136

267
357
103
105

2,242
2,049
2,272
2,246

3,558
3,677
3,742
3,749

11,279
11,298
11,280
11,265

Nov. 6
13
20
27

192
51
361
482

3,557
3,580
3,393
3,524

1964
Oct.

11

18
25
New York City
1963
Nov. 6
13
20
27
1964
Oct.

3,308
3,245
2,970
3,180

22

226

Outside
New York City
1963
Nov. 6...
13...
20...
27...
1964
Oct.

1
After deduction of valuation reserves.
2 Exclusive of loans to domestic commercial banks and after deduction
of valuation reserves; individual loans items are shown gross.
3 Excludes cash items in process of collection.
4
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.
* Includes certified and officers' checks and deposits of mutual savings
banks, not shown separately.
i Deposits of foreign governments and official institutions, central




9,649
9,651
9,500
8,617

banks, international institutions, banks in foreign countries, and foreign
branches of U.S. banks other than reporting bank.
»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):
Nov. 4
Nov. 11 Nov. 18 Nov. 25
Total—Leading Cities
12,449
12,704
12,740
12,733
New York City
4,664
4,818
4,807
4,759
Outside New York City...
7,785
7,886
7,933
7,974

DECEMBER 1964

1563

BUSINESS LOANS OF BANKS

COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS
(In millions of dollars)
Outstanding

Net change during
1964

1964

Industry
Nov.
25

Nov.
18

Nov.

Nov.

Oct.
28

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

40,548 40,651 40,295 40,192 39,882

Nov.

Oct.

1964
Sept.

III

-10
60
52
36

-26

-2
-36
-27
-51
-38

23;

57

1,685
1,450
1,025
1,194
955

169
-103
-23
42
-32

212
-179
16
22
-31

193
-6
67
73

177
64
-44
17

2,737

2,839
1,320
2,241
2,743

2,786
1,246
2,222
2,693

43
217
34
47

-48
208
40
-11

47
102
60
163

4,258
2,250

4,286
2,236

4,322
2,232

-9
29

-105

296
-28

869

886

866

48

-55

5,012 4,998 4,992 4.981 5,006
33,890 34,008 33,711 33,664 33,405

6
485
666

625
2,142
886
932
1,155

680
2,144
882
951
1,172

664
2,100
873
946
1,180

659
2,101
865
944
1,182

657
2,078
860
947
1,181

1,854
1,347
1,002
1,236
923

1,877
1,386
1,011
1,242
927

1,796
1,412
1,022
1,218
931

1,781
1,425
1,023
1,220
932

2,829
1,463
2,256
2,740

2,821
1,435
2,247
2,796

2,829
1,394
2,240

4,313
2,261

4.275
2,269

914

895

1

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.

-32
64
26
-15

-81
-81
-13

1964

1963

1st
half

2nd
half

70
-58
7
119
80

53
83
12
72
40

123
25
19
191
120

9
186
-95
-59
-67

-459
211
-92
108

31

-163
23
-42
50
98

-622
234
-134
158
106

644
-167
99
-60
36

140
154
75
143

15
-284
59
66

-213
-254
-19
-17

-198
-538
40
49

443
583
95
154

400
104

-73
226

-423
39

-496
265

529
40

-54

61

-29

-47

-76

-39
1,165

104
268

170

-71

-11
1,055

-728

274
-460

2,873

-71

1,051

1,205

576

-621

-45

3,234

573

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
and
period

All
loans

Size of loan
(thousands of dollars)
110

10100

100200

200
and over

Year:
19 large cities:
1955
1956
1957
1958
1959

3 7
4.2
4 6
4.3
5.0

5 0
5.2
5.5
5.5
5.8

4 4
4.8
5 1
5.0
5.5

I960
1961
1962
1963

5.2
5 0
5.0
5.0

6.0
5.9
5.9
5.9

5.01
5.00
4 99
4 99
4.98

5.86
5.86
5 83
5 84
5.86

3 5
4.0
4.5
4.1
4.9

5.7
5 5
5.5
5.5

4 0
4.4
4 8
4.6
5 2
5.4
5 2
5.2
5.2

5.54
5.54
5 54
5 53
5.57

5.21
5.23
5 22
5 24
5.23

4.85
4.82
4 82
4.81
4.79

5.0
4.8
4.8
4.8

Quarter:'
19 large cities:
1963 Sept
Dec
1964 Mar
June .
Sept
1

. .

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.




Area
and
period

Size of loan
(thousands of dollars)
All
loans

1—
10

10100

100200

200
and over

4.81
4 76
4.77
4.74
4.72

5.64
5 63
5.66
5.64
5.64

5.36
5.36
5.39
5.36
5.40

5.04
5 04
5.06
5.05
5 01

4.71
4.65
4.66
4.63
4 61

7 other northern and
eastern cities:
1963—Sept
Dec
1964—Mar
June
Sept . . .

5.01
5.04
5.02
5.03
5.01

5.85
5.85
5.81
5.83
5.88

5.56
5.55
5.54
5.55
5.56

5.19
5.27
5.24
5.27
5.25

4.88
4.90
4.88
4.89
4.86

11 southern and
western cities:
1963—Sept
Dec
1964 Mar . . .
June
Sept

5.30
5.29
5 29
5.29
5.31

5.96
5.97
5 91
5 93
5.95

5.64
5.65
5 62
5.61
5.67

5.33
5.31
5 31
5.34
5.36

5.09
5.07
5 08
5.07
5.09

Quarter—cont.: *
New York City:
1963—Sept
Dec
1964—Mar
June
Sept

1

Changes thereafter occurred on the following dates (new levels shown
in per cent): 1955—Aug. 4, 3 % ; Oct. 14, 3i/ 2 ; 1956—Apr. 13, 3 % ; Aug.
21, 4; 1957—Aug. 6, 4i/ 2 ; 1958—Jan. 22, 4; Apr. 21, 3 ^ ; Sept, 11, 4
1959—May 18, 4i/ 2 ; Sept. 1,5; and 1960—Aug. 23, 4%.

1564

DECEMBER 1964

INTEREST RATES
MONEY MARKET RATES
[Per cent per annum]

U. S. Government securities (taxable)3

Period

Prime
coml.
paper,
4- to 6-1
months

Finance
CO.

paper
placed
directly,
3- to 6months 2

Prime
bankers'
acceptances,
90 days 1

3-month bills

6-month bills

9- to 12-month issues

Rate
on new
issue

Bank
discount
rate 4

Rate
on new
issue

Bank
discount
rate 4

Bills
(bank
discount
rate 4)

Other 5

3- to 5year
issues 6

2.97
3 26
3 55

2.68
3 07
3 40

2.81
3 01
3.36

2.378
2 778
3.157

2.36
2 77
3 16

2.605
2.908
3.253

2.59
2.90
3.25

2.81
3.01
3.30

2.91
3.02
3.28

3.60
3.57
3.72

Nov
Dec

3 88
^.96

3 75
3.84

3 71
3.63

3 522
3.523

3 52
3 52

3.648
3.667

3.65
3.66

3.67
3.69

3.70
3.77

3.97
4.04

1964—Jan
Feb

3 97
3.88
4 00
3 91
3.89
4 00
3.96
3 88
3.89
4 00
4 02

3.82
3.76
3 83
3.80
3.76
3 88
3.81
3 76
3.75
3 91
3 89

3.70
3.75
3 75
3.80
3.75
3 75
3.75
3 75
3.75
3 75
3.79

3.529
3.532
3 553
3.484
3.482
3.478
3.479
3 506
3.527
3 575
3.624

3 52
3.53
3 54
3 47
3.48
3 48
3.46
3 50
3.53
3 57
3 64

3.652
3.664
3.740
3.676
3.612
3.572
3.566
3.618
3.666
3 729
3.794

3.64
3.67
3.72
3.66
3.60
3.56
3.56
3 61
3.68
3 72
3.81

3.68
3.71
3.78
3.75
3.71
3.70
3.64
3.67
3.73
3.79
3.86

3.66
3.63
3.67
3.63
3.67
3.83
3.68
3.73
3.82
3.83
3.88

4.06
4.02
4.15
4.18
4.07
4.03
3.99
3.99
4.03
4.04
4.04

4.00
4 00
4.00
4.00
4.06

3.91
3 88
3.88
3.88
3.91

3.75
3 75
3.75
3.75
3.88

3.567
3 562
3.574
3.600
3.758

3.56
3 56
3.58
3.61
3.78

3.724
3 718
3.742
3.772
3.942

3.71
3 72
3.74
3.78
3.96

3.77
3.79
3.79
3.80
4.00

3.82
3.82
3.82
3.83
4.00

4.03
4.02
4.00
4.02
4.11

1961
1962
1963
1963

Mar

Apr
May
June .
July
Au2
Sept
Oct
Nov

. .

Week ending—
1964—Oct. 31
Nov 7
14
21

28

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 Except for new bill issues, yields are averages computed from daily
closing bid prices.

4
5
6

This series formerly shown as "Market yield."
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

State
and local

United
States
(longterm)

3.90
3.95
4.00

1963—Nov
Dec
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov

4.10
4.14
4.15
4.14
4.18
4.20
4.16
4.13
4.13
4.14
4.16
4.16
4.12

Week ending—
1964—Oct. 31. .
Nov. 7. .
14. .
21. .
28. .

4.15
4.12
4.11
4.11
4.15

Number of issues

6-12

3.60
3.30
3.28

3.29
3.27

3.27
3.27

20

Aaa

Baa

3.27
3.03
3.06
3.17
3.12
3.09
3.08
3.14
3.12
3.09
3.10
3.08
3.08
3.09
3.11
3.08

4.01
3.67
3.58
3.62
3.61
3.56
3.54
3.57
3.52
3.54
3.54
3.54
3.54
3.57
3.58
3.52

3.11
3.10
3.07
3.05
3.09

3.56
3.55
3.50
3.49
3.54

Public
utility

Preferred

Corn-

Common

4.54
4.47
4.42

4.57
4.51
4.41
4.45
4.49
4.51
4.51
4.51
4.53
4.53
4.55
4.54
4.54
4.53
4.52
4.53

4.66
4.50
4.30

4.98
6.20
5.75

4.28
4.32

2.98
3.37
3.17
3.14
3.13

4.50
4.48
4.49
4.53
4.54
4.54
4.52
4.52
4.52
4.53
4.53

4.82
4.86
4.65
4.68
4.68
4.68
4.67
4.67
4.69
4.69
4.70
4.68
4.65
4.65
4.66
4.67

4.32
4.31
4.34
4.37
4.41
4.41
4.37
4.29
4.25
4.25
4.25

3.06
3.05
3.03
3.00
3.01
3.05
2.96
3.03
3.00
2.95
2.96

4.81
4.81
4.80
4.80
4.82

4.53
4.53
4.52
4.51
4.54

4.66
4.65
4.66
4.66
4.67

4.52
4.53
4.53
4.52
4.55

4.25
4.24
4.25
4.24
4.27

2.96
2.96
2.96
2.95
2.98

30

40

40

40

14

500

4.66
4.61
4.50
4.54
4.55

4.35
4.33
4.26

4.57
4.55
4.56
4.58
4.59
4.59
4.58
4.57
4.57
4.57
4.58

4.37
4.36
4.38
4.40
4.41
4.41
4.40
4.41
4.42
4.42
4.43

5.08
5.02
4.86
4.84
4.85
4.83
4.83
4.83
4.85
4.85
4.85
4.83
4.82
4.82
4.81
4.81

4.57
4.57
4.57
4.57
4.59

4.43
4.43
4.43
4.42
4.44

120

30

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.




Railroad

Baa

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.

Earnings/
price ratio

Industrial

Aaa

4.33
4.35

Dividend/
price ratio

By
group

Total i
Total i

1961
1962
1963

By selected
rating

Stocks

4.47
4.48

5.49
5.50
'5.68

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.

DECEMBER 1964

1565

SECURITY MARKETS

MORTGAGES: NEW HOMES
SECURITY PRICES
FHAinsured

Conventional first mortgages

U.S.
Govt.
(longterm)

State
and
local

Corporate
AAA

Total

Industrial

Railroad

Public
utility

Volume
of
trading
(thou.
shares)

87.55
86.94
86.31

107.8
112.0
111.3

95.2
96.2
96.8

66.27
62.38
69.87

69.99
65.54
73.39

32.83
30.56
37.58

60.20
59.16
64.99

4,085
3,820
4,573

16.4
16.4
16.7

1963—Nov.. 85.03
Dec. . 84.64

108.5
109.5

95.9
95.4

72.62
74.17

76.69
78.38

38.60
39.92

64.81
65.64

5,294
4,701

16.7
17.2
17.2
17.2
17.0
17.3
17.4
17.8
17.6
17.4

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

84.42
84.60
84.10
83.84
84.38
84.70
84.70
84.59
84.31
84.47
84.81

111.2
112.3
109.9
110.3
111.6
111.8
112.1
111.8
111 .0
112.0

95.3
95.7
95.2
94.7
94.7
94.9
95.2
95.3
95.1
'95.1
95.2

76.45
77.39
78.80
79.94
80.72
80.24
83.22
82.00
83.41
84.85
85.44

80.85
81.96
83.64
84.92
85.79
85.13
88.19
86.70
88.27
89.75
90.36

41.00
41.54
42.88
43.27
44.86
46.29
48.93
47.17
47.14
48.69
48.01

67.26
67.20
66.78
67.30
67.29
67.46
70.35
71.17
72.07
73.37
74.39

5,302
4,639
5,428
5,616
4,959
4,372
4,663
3,919
5,228
4,843
4,928

Week
ending—
Oct. 31
Nov. 7
14
21
28

84.53
84.82
85.00
84.97
84.51

111.4
111.6
112.5
112.5
111.4

95.0
95.2
95.2
95.4
95.1

84.86
85.18
85.10
86.07
85.58

89.69
90.09
89.96
91.05
90.55

49.55
49.14
47.66
48.03
47.59

73.55
73.67
74.49
74.89
74.43

4,622
4,587
4,696
5,624
4,701

Maturity
(yrs.)

Loan/
price
ratio
(per
cent)

Avg.
loan
(thou.
dollars)

5.46

(5.98)
(5.93)
(5 81)
5.84

.64

24.0

73.3

16.3

1963—Oct...
Nov..
Dec.

5.45
5.45
5.45

5.82
5.82
5.80

.61
.65
.62

24.6
24.2
24.5

73.4
73.5
73.9

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

5.45
5.45
5.45
5.45
5.45
5.45
5.46
5.46
5.46
5.45
5.45

5.83
5.81
5.79
5.79
5.77
5.76
5.76
5.77
5.77
5.75

.64
.58
.55
.55
.52
.59
.52
.58
.57
.58

24.7
24.7
24.5
24.8
24.7
25.4
24.5
24.7
25.0
24.5

74.7
74.8
74.6
73.9
73.7
74.3
73.9
74.4
74.2
73.2

1961
1962
1963
1963

1

Yield
(per
cent)
15.69
5.60

Common stock prices
(1941-43= 10)

Bond prices
Interest
rate
(per
cent)

Fees,
etc.
(per
cent)

Period

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*4 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.

Period

1961
1962
1963

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

Months

Total
securities
other than
U.S. Govt.

Net debit balances with
N. Y. Stock Exchange
firms secured by—

Broker and dealer credit

Bank loans to other than
brokers and dealers for purchasing anc carrying-

Money borrowed on—
Customers
net

U.S.
Govt.
securities

Other
securities

U.S.
Govt.
securities

Other
securities

U.S.
Govt.
securities

Other securities
Total

Customer
collateral

free
credit
balances

Other
collateral

I960—Dec
1961—Dec
1962—Dec

4,415
5,602
5,494

95
35
24

3,222
4,259
4,125

138
125
97

1,193
1,343
1,369

142
48
35

2,133
2,954
2,785

1,806
2,572
2,434

327
382
351

,135
,219
,216

1963—Nov
Dec

7,298
7,242

34
26

5,586
5,515

90
140

1,712
1,727

28
32

4,457
4,449

3.892
3,852

565
597

,211
,210

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

7,250
7.120
7,141
7,314
7,277
7,229
7,160
7.096
7,142
7,101
7,108

22
21
21
21
19
18
25
21
19
20
20

5,524
5,384
5,366
5,510
5,439
5,370
5,289
5,187
5,221
5,185
5,160

108
97
97
101
96
94
70
69
81
69
64

1,726
1,736
1,775
1,804
1,838
1,859
1,871
1,909
1,921
1,916
1,948

41
33
18
17
113
156
266
191
109
102
184

4,210
4,158
4,138
4,411
4,362
4,275
4.129
4,090
4,122
4.053
3.951

3,795
3,738
3,646
3,916
3,868
3,766
3,672
3,618
3,568
3,528
3,469

415

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




420
492
495
494
509
457
472
554
525
482

i

,262
,199
,231
,165
,138
,146
,114
,077
.145
.155
1,131

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.

1566

OPEN MARKET PAPER; SAVINGS INSTITUTIONS

DECEMBER 1964

COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
(In millions of dollars)
Dollar acceptances
Commercial and finance
company paper

Accepting t>anks

End of period

Total
Placed
through
dealers l

Total

1Jased on—

Held b y -

Placed
directly2

Total

Own Bills
bills bought

F.R.
Banks

Others

Own
acct.

Foreign
corr.

2 672
3 2,751
3 202
4,497
4,686
6 000

1 307
1,194
1 151
2,027
2,683
2,650

302
319
662
1,272
1,153

94

66

840
677
1,358
1,711
2,088

2,121
3 1,911
2 525
3,139
2,975
3,912

194

.

238
282
490
896
865

64
36
173
376
288

49
75
74
51
110

76
68
82
230
126
86

878
775
675
,060
,234
,301

1961—Oct..
Nov
Dec.. . .

7 869
8,170
6,747

2 210
2.172
1,928

5,639
5,998
4,819

2,733
2,744
2,890

911
1 093
1,190
976
1,291 1,031

58
42

260

162

105
102
92

,410
,345

1964—Jan .
Feb

7,765
8,119
7,737
7 920
8,326
8,036
8,879
8,879
8 444
9,343

2,042
2,079
2,038
2,039
1,973
1,948
2,006
2,070
2,220
2,431

5,723
6,040
5,699
5,881
6,353
6,088
6,873
6,809
6,224
6,912

2,938
3,056
3,102
3,102
3,049
3,149
3,137
3,127
3,175
3,222

1,393
1,466
1,395
1,355
1,418
1,370
1,455
1,486
1,423
1,400

368
371
353
295
313
257
334
341
297

68
64
125
93
47
83
56
36
99

236

81

91
95
110
117
146
146
137
132
127
126

,386
1,431
1,473
,536
,438
,550
,489
1,473
I 525
I 614

1957
1958
1959
I960
1961 .
1962

...

Mar

Apr
May
June.
July
Aus

Sept
Oct

551

287

1,025
1,095
1,042
1,060
1,105
1,113
1,121
1,145
1,127
1,164

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
nvestors.

181
214

477

Goods stored in or
shipped between
ImExp o m ts in—
ports
ports Dollar
exinto
from
United United change
United Foreign
States States
States countries
232

456

46

296

349
309
669
969
778

83
74
122
117
186

244
162
308
293
171

263
249
524
819
974

563
571

807
842

89
54

46
46

567

908

56

41

1.229
,230
,317

557
596
590
587
576
567
576
586
609

962
983
990
963
941
929
949
922
918

70
94
87
105
73
82
74
82
113

39
31
35
36
34
27
24
22
36

,310
,351
,401
,411
,426
,545
,513
,514
,499

647

935

106

34

500

278

254
357
403
485
541

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)
Loans
End of period

Mortgage

Securities

Other

U. S.
Govt.

State
and
local
govt.

4,787
4,202

89
62

3,592
10,650

1956
1957
1958
1959 4
1960

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

28,902
32,056

475
602

6,160
6,107

1963—Sept.
Oct..
Nov.
Dec.

34,964
35,333
35,654
36,007

667
637
659
607

1964—Jan..
Feb..
Mar.
Apr.
May,
June,
July.
Aug.
Sept.

36,352
36,635
36,933
37,267
37,601
37,971
38,407
r
38,764
39,146

667
703
704
646
714
676
705
764
739

1941
1945

Corporate
and
other !

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

3,549
4,344
4,971
4,845
5,076

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

5,040
5,177

937
956

640
695

42,829
46,121

38,277
41,336

781
828

3,771 61,855
3,957 114,985

1,654
2,548

6,076
5,899
5,885
5,863

453
451
448
440

5,171
5,149
5,073
5,074

848
819
811
912

775
765
781
799

48,955
49,052
49,312
49,702

43,712
43,910
44,028
44,606

1,124
1,049
1,141
943

4,118
4,093
4,143
4,153

109,205
106,337
109,881
104,326

2,403
2,379
2,378
2,549

5,951
6,033
6,117
6,064
6,052
6,024
6,025
6,095
6,082

440
427
424
423
419
409
409
407
409

5,097

849
880
887
819
847
906
863
895
883

823 50,179 45,006
800 50,614 45,266
825 51,042 45,761
820 51,178 45,851
827 51,610 46,124
871 52,001 46,624
867 52,417 46,918
879 '52,983 '47,274
887 53,339 47,757

1,023
1,143
1,036
1,118
1,225
1,102
1,222
1,356
1,200

4,150
4,206
4,244
4,209
4,261
4,275
4,277
4,352
4,382

102,694
113,062
120,396
123,979
124,416
132,625
132,726
134,371
134,277

2,228
2,391
2,504
2,586
2,661
2,690
2,701
2,743
2.736

1,786
1,257

,135
5,151
5,138
5,150
5,145
5,142
5,179
5,193

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. 1553.
3 Commitments outstanding of banks in N.Y. State as reported to the
Savings
Banks Assn. of the State of N.Y.
4
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.

DECEMBER 1964

SAVINGS INSTITUTIONS

1567

LIFE INSURANCE COMPANIES
(In millions of dollars)
Government securities
End of period

Total
assets

Business securities
Mortgages

Real
estate

601
999

6,442
6,636

1,878
857

2 919
1,962

1 840
1,738

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
3,364
3,651
3,765

3,869
4,188
4 618
5,231

4 338
4,624
4 937
5,273

55,294
57,576
60,780

49,036
51,274
53,645

6,258
6,302
7,135

44,203
46,902
50,544

4,007
4,107
4,319

5,733
6,234
6,655

5,683
6,024
6,385

1,878
2,261

53,967
56,565

49,149
51,389

4,818
5,176

44,250
46,957

4,011
4,114

5,735
6,235

6 938
6,951

3,890
3,893
3,889
3,876

2,817
2,703
2,695
2,699

58,848
59,214
59,574
59,452

53,302
53,654
53,989
53,769

5,546
5,560
5,585
5,683

49,260
49,536
49,813
50,543

4,321
4,357
4,369
4,348

6,569
6,620
6,651
6,690

7,332
7,458
7,429
7,540

3,859
3,857
3,849
3,853
3,827
3,822
3,809
3,822
3,846

2,724
2,844
2,841
2,847
2,878
2,891
2,909
2,922
2,924

60,006
60,050
60,189
60,426
60,613
60,793
61,275
61,355
61,458

54,269
54,281
54,335
54,525
54,674
54,772
55,213
55,228
55,262

5,737
5,769
5,854
5,901
5,939
6,021
6,062
6,127
6,196

50,828
51,126
51,441
51,806
52,117
52,466
52,832
53,173
53,560

4,368
4,377
4,391
4,402
4,416
4,437
4,446
4,462
4,487

6,729
6,772
6,819
6,872
6,909
6,955
6,947
6,986
7,024

7,570
7,702
7,806
7,781
7,821
7,967
7,847
7,992
8,086

Total

United State and Foreign *
States
local

Total

Bonds

Stocks

32,731
44,797

9,478
22,545

6,796
20,583

1,995
722

687
1,240

10,174
11,059

9,573
10,060

1957
1958
1959
I960

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

1961
1962
1963

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

126,816
133,291

11,915
12,469

6,135
6,171

3,902
4,037

138,878
139,610
140,207
140,903

12,548
12,425
12,371
12,330

5,841
5,829
5,787
5,755

141,866
142,531
143,067
143,676
144,312
144,964
145,823
146,475
147,172

12,365
12,506
12,421
12,389
12,436
12,346
12,476
12,507
12,557

5,782
5,805
5,731
5,689
5,731
5,633
5,758
5,763
5.787

Statement value:
1941
1945

Book value:
1961—Dec
1962—Dec
1963

Sept
Oct
Nov
Dec

1964

Jan
Feb
Mar
Apr
May
June
July

r

Sept

i 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.

Policy
loans

Other
assets

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)
Assets
End of
period

Liabilities
Total
assets2—
Total
liabilities

Savings
capital

Reserves
and
undivided
profits4

Mortgage
loan
commitments

Mortgages

U.S.
Govt.
securities

1941
1945

4,578
5,376

107
2,420

344
450

775
356

6,049
8,747

4,682
7,365

475
644

256
336

1956
1957
1958
1959
I960

35,729
40,007
45,627
53,141
60,070

2,782
3,173
3,819
4,477
4,595

2,119
2,146
2,585
2,183
2,680

2,199
2,770
3,108
3,729
4,131

42,875
48,138
55,139
63,530
71,476

37,148
41,912
47,976
54,583
62,142

2,950
3,363
3,845
4,393
4,983

1,347
1,379
1,444
2,387
2,197

1,161
1,293
1,186

713
874
968

843
862
1,475
1,285
1,359

1961
1962

68,834
78,770

5,211
5,563

3,315
3,926

4,775
5,346

82,135
93,605

70,885
80,236

5,708
6,520

2,856
3,629

1,550
1,999

1,136
1,221

1,908
2,230

1963—Sept
Oct
Nov
Dec

87,933
89,051
89,857
90,849

6,345
6,419
6,548
6,440

3,383
3,450
3,482
3,964

5,897
5,979
6,154
6,178

103,558
104,899
106,041
107,431

87,872
88,667
89,471
91,205

6,830
6,838
6,855
7,208

4,208
4,405
4,464
5,011

2,536
2,576
2,502
2,520

2,112
2,413
2,749
1,487

3,067
3,025
2,929
2,613

1964

91,453
92,163
93,069
93,978
94,971
96,067
97 111
98,059
98,874

6,598
6,662
6,733
6,717
6,712
6,685
6 687
6,736
6,774

3,568
3,601
3,613
3,467
3,504
3,795
3 339
3,354
3,390

5,989
6,098
6,233
6,353
6,738
6,728
6,536
6,649
6,725

107,608
108,524
109.648
110,515
111,925
113,275
113,673
114,798
115,763

91,669
92,423
93,525
93,846
94,828
96,593
96,609
97,382
98,409

7,235
7,250
7,219
7,230
7,243
7,511
7,531
7,551
7,547

4,590
4,377
4,323
4,601
4,544
4,980
4,991
4,992
5,065

2,364
2,336
2,430
2,464
2,503
2,538
2,559
2,487
2,389

1,750
2,138
2,151
2,374
2,807
1,654
1,983
2,386
2,353

2,664
2,818
2,964
3,110
3,148
3.107
3 074
2,982
2,919

Jan
Feb
Mar
Apr......
May
June
July r . . .
Aug. ....
Sept

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
and2 fixtures.
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
430
1, 484

4
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.

1568

FEDERAL FINANCE

DECEMBER 1964
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
Derivation of U.S. Government cash transactions

Receipts from the public,
other than debt

Payments to the public,
other than debt

Net cash borrowing
or repayment

Period
Budget
net

Plus:
Trust
funds

Less:
Intragovt. i

Equals:
Total
rects. 2

Plus:
Trust
funds 3

Budget

Less:
Adjustments*

Equals.
Total
payts.

Net
rects.
or
payts.

Change
Less:
in
Invest.
debt
by
(direct agen. &.
& agen.) trusts

Less:
Noncash
debt

Equals:
Net

Cal. year—1961
1962
1963

78,157
84,709
87,516

24,099
25,471
29,255

4,418 97,11'4
3,928 106,206
4,144 112,575

84,463
91,907
94,188

25,144
25,386
28,348

5,017 104,590
5,419 111,874
5,382 117,153

-6,816
-5,668
-4,579

6,792
9,055
7,672

-440
1,109
2,535

470
1,386
883

6,762
6,560
4,255

Fiscal year—1961...
1962...
1963...
1964*..

77,659
81,409
86,376
89,368

23,583
24,290
27,689
30,332

3,945 97,242
3,776 101,865
4,281 109,739
4,192 115,440

81,515
87,787
92,642
97,671

22,793
25,141
26,545
28,870

4,766 99,542
5,266 107,662
5,436 113,751
6,422 120,119

-2,300
-5,797
-4,012
-4,680

2,102
11,010
8,681
7,733

856
492
2,069
2,756

536
923
1,033
1,099

712
9,594
5,579
3,878

Half year:
1962—July-Dec...
1963—Jan.-June..
July-Dec...
1964—Jan.-June*.

39,126
47,250
40,266
49,102

11,838
15,851
13,404
16,928

1,928
2,352
1,792
2,400

49,011
60,728
51,847
63,593

47,286
45,356
48,832
48,839

13,010
13,536
14,812
14,058

2,195
3,241
2,141
4,281

58,101
55,650
61,503
58,616

-9,090
5,078
-9,657
4,977

6,143
2,538
5,135
2,598

-870
2,939
-403
3,159

865
169
714
385

6,148
-569
4,824
-946

3,400
7,131
8,803

1,289
2,749
2,230

259
259
521

4,423
9,617
10,503

8,776
7,784
8,289

2,592
1,955
2,661

'630 10,739
9,812
-73
881 10,069

-6,316
-194
433

103
1,593
1,899

-1,101
481
260

78
163
128

1,126
949
1,511

5,853
8,047
10,148
6,609
6,136
12,310
3,487
6,653
10,072
3,398

1,088
3,705
2,330
1,942
4,744
3,119
1,532
4,171
1,994
1,224

303
222
304
212
222
1,138
270
267
320
271

6,628
11,525
12,168
8,334
10,652
14,286
4,745
10,552
11,739
4,344

8,492
7,521
7,871
7,930
7,511
9,513
7,410
8,083
8,450
8,329

2,257
2,063
2,227
2,935
2,067
2,509
2,713
2,524
2,266
2,481

-3,219
2,132
2,778
-1,829
1,119
3,996
-5,472

-1,059
1,550
-744
-1,880
4,049
683
-594
3,284
1,412
93

-1,328
830
167
-1,491
3,230
1,751
-1,205
1,960
-251
-1,556

86
133
35
22
61
48
38
67
82
16

183
586
-946
-411
758
-1,116
572
1,257
1,581
1,633

Month:
1963—Oct
Nov
Dec
1964—Jan
Feb
Mar
M^y*.;;!;;
June*
July
Aug
Sept
Oct

902
191
707
703
45
1,733
-95
-611
1,016
298

9,848
9,393
9,390
10,163
9,533
10,290
10,217
11,218
9,700
10,512

2,039
-6,168

Effects of operations on Treasurer's account
Net operating transactions
Period

Net financing transactions
Agencies & trusts

Budget
surplus
or
deficit

Trust
funds 3

Clearing
accounts

Market
issuance
of
sec. 3

Invest,
in U. S.
Govt.
sec.

3

Change in
cash balances

Treasurer's account
(end of period)
Operating bal.

Change
in
gross
direct
public
debt

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
-8,303

790
-851
1,143
1,462

285
566
122
1,131

-538
1,780
1,022
1,880

-856
-492
-2,069
-2,756

2,640
9,230
7,659
5,853

-222
118
-74
348

-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:
1962—July-Dec...
1963—Jan.-June...
July-Dec....
1964—Jan.-June*..

-8,160
1,894
-8,567
264

-1,172
2,315

-599
720
-365
1,496

874
148
1,648
232

870
-2,939
403
-3,159

5,269
2,390
3,487
2,366

4
-78
-60
408

-2,922
4,607
-4,741
3,661

7,509
12,116
7,375
11,036

597
806

6,092
10,324
5,621
9,180

820
986
874
917

Month:
1963—Oct..
Nov..
Dec..

-5,377
-652
514

-1,304
795

'293
-495
232

296
-179
767

1,101
-481
-260

-193
1,773
1,132

'89

-5,273
760
2,105

4,510
5,270
7,375

881
890

-151

2,839
3,521
5,621

790
859
874

-2,639
526
2,277
-1,322
-1,375
2,797
-3,923
-1,430
1,622
-4,930

-1,169
1,642

512
-163
368
468
-237
547
-403
-946
613
11

-289
-230
24
109
117
502
-64
378
-108
67

1,328
-830
-167
1,491
3,230
1,751
1,205
1,960
251
1,556

-770
1,780
-767
-1,989
3,931
181
-530
2,906
1,520
26

84
194
-23
335
-333
150
-10
-43
226
-30

-3,111
2,531
1,861
-2,571
2,215
2,735
-4,886
640
3,400
-4,498

4,264
6,795
8,656
6,085
8,300
11,036
6,150
6,789
10,189
5,691

791
1,024
831
925
890
939
785
939
933
687

2,451
4,783
6,940
3,974
6,557
9,180
4,505
5,085
8,339
4,155

1,022
988
885
1,186
853
917
860
765
917
849

1964—Jan....
Feb...
Mar...
Apr...
May..
June*.
July..
Aug...
Sept...
Oct

-1,408
2,870

-431

103

-993
2,677
610
-1,181
1,648
-273
-1,257

1 Primarily interest payments by Treasury to trust accounts and accumulations to U.S. employee trust funds.
2 Includes small adjustments not shown separately.
3 Includes net transactions of Govt. sponsored enterprises.




939

* Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing
accounts.
5 Includes technical adjustments not allocated by functions.
NOTE.—Based on Treasury Dept. and Bureau of the Budget data.

DECEMBER 1964

1569

FEDERAL FINANCE
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions of dollars)
Cash receipts from the public
Income taxes

Period

Excise taxes

Individual
Withheld

Other

97,,242 32 ,978
101,,865 36 ,246
109,739 38 ,719
115,440 39 ,219

13,175
14,403
14,269
15,309

Liquor Highand to- way
bacco

Estate
and
gift

Customs

Int.
and
repayments

Refunds

Other

21,765
21,296
22,336
24,301

12,064
12,752
13,410
13,953

5,204
5,367
5,521
5,630

2,923
3,080
3,405
3,646

12,981
13,197
15,127
17,404

2,905
3,342
4,114
4,036

1,916
2,035
2,187
2,415

1,008
1,171
1,241
1,284

2,105
1,358
1,903
1,764

5,976
6,266
6,571
7,146

1,817
1,830
2,516
2,404

Half year:
1962—July-Dec.
1963—Jan.-June.
July-Dec..
1964—Jan.-June*

49,011 18,958 3,319 8,810
60,728 19,761 10,950 13,526
51,848 20,120
20
3,465 9,242
63,59! 19,099 11,844 15,059

6,808
6,602
7,043
6,910

2,845
2,676
2,940
2,690

1,756 7,937 6,111
1,649 11,798 9,016
1,898 9,209 7,373
1,748 12,728 10,031

1,579
2,535
1,588
2,448

914
1,273
992
1,423

639
602
661
623

,179
724
947
817

805
5,766
1,044
6,102

1,252
1,264
1,213
1,191

Month:
1963—Oct
Nov
Dec

4,42: 1,404
9,617 5,429
10,503 3,176

Fiscal year—1961...
1962...
1963...
1964*..

1964—Jan
Feb
Mar
Apr
May
June*....
July
Aug
Sept
Oct

6,628
11,525
12,168
8,334
10,652
14,286
4,745
10,552
11,739
4,344

1,432
6,105
3,222
889
4,837
2,614
1,172
4,809
2,669
1,158

16,390
17,040
19,735
21,937

247
113
406

557
396
3,726

1,156
',065
,271

561
466
499

285
371
300

C
653
2,145
1,240

C
468
1,699
1,147

^137
413
52

158
139
150

123
106
103

104
142
272

207
59
103

^228
141
262

2,441
870
770

583
451
6,654
684
491
6,196
646
419
3,950
572

,087
,112
,121
,103
,195
,293
,234
,284
,203
,176

385
382
434
465
466
560
456
496
502
n.a.

283
320
264
254
305
320
328
380
324
298

542
3,382
1,678
1,394
4,163
1,566
905
3,455
1,256
639

294
2,393
1,527
1,116
3,242
1,457
623
2,732
1,158
478

195
954
109
239
884
65
233
684
56
121

180
184
196
422
234
206
219
219
166
205

101
87
108
109
100
117
120
112
122
126

148
102
177
123
126
144
143
123
132
130

126
944
1,960
1,575
1,196
302
219
207
216
176

246
176
202
179
141
256
148
179
202
250

5,006
561
2,196
377
159
2,255
264

<Cash payments to the public

Total s

National
defense

Intl.
affairs

Space
research

Agriculture

Natural
resources

Commerce
and
transp.

Fiscal year—1961
1962
1963
1964*....

99,542
107,662
113,751
120,119

47,685
51,462
53,429
54,480

2,153
2,492
2,265
1,964

744
1,257
2,552
4,171

5,183
5,942
7,242
7,382

2,101
2,223
2,456
2,599

5,107
5,487
5,777
6,518

Half year:
1962—July-Dec
1963—Jan.-June....
July-Dec
1964—Jan.-June*...

58,101
55,649
61,502
58,617

26,123
27,304
26,359
28,125

875
1,392
1,032
934

1,024
1,527
1,857
2,313

4,446
2,797
4,314
3,070

1,386
1,067
1,455
1,142

10,739
9,812
10,069

4,670
4,164
4,560

238
242
220

342

88O

253

679

264

301
372

446
632

209
216

561
619

82
499

9,848
9,393
9,390
10,163
9,533
10,290
10,217
. . . . 11,218
9,700
10,512

4,385
4,311
4,425
4,594
4,678
5,732
3,592
3,869
4,243
4,301

251
204
131

355
317
359
452
326
504

701
610
541
587
274
357

192
179
171
174
175

394
424
446
472
460
668

Period

Month:
1963 Oct
Nov
Dec
1964—Jan
Feb
Mar
Apr
May
July
Aus
Sept
Oct

r

-152

275
225

201
265
191
301

1962
Item

rv

r

334
385

672
1,120

386
387

624
841

I[

244

III

I

IV

II

Education

-103
1,691
-268
1,712

22,364
23,975
25,698
27,269

3,099
1,028
2,679 - 1 , 2 9 6
3,657
1,857
2,864
-147

12,349
13,347
13,150
14,119

-12

-383
-101
386

-245
208

702
740
759
779

246
16

35
-48

III

IV

Net

27.1
29.0

27.5
28.2

?7 8
?8 5

-1.9

-.7

.7

For notes, see opposite page.




28.. 5 29.0
30. 5 30.0
2 i)

-1.0

Veterans

Interest

General
Govt.

945
1,052
1,214
1,295

6,187
6,092
5,971
6,108

7,257
6 940
7,427
8,029

1,724
1 882
1,983
2,294

562
650
561
729

2,956
3,010
2,954
3,154

3,580
3,846
3,845
4,186

983
1,002
1,084
1,206

348
1,238

2,276
2,201
2,230
2,448
2,357
2,402
2,404
2,000
2,508
2,277
2,249
2,229
2,261

83

503

68
87

489
492

127
120
140
125
106
111

703
468
499
457
486
541
485

78
129

126
94

525
505

1963
I

269

1,393

364
402

1,394

364

360
1 378
317
436

172
171
186
263
178
181
172
178
234

194
183

244
200

1964

in

II

273

I

IV

II

III

Notst ;asonally adjusted

Seasonally adjusted
Cash budget:
Receipts

r

1962

1964

1963
I

235
287

Hous- Health,
ing
&
& com. labor
devel. welfare

29.7
30.5
-.8

28.2
30.6

23.0
29.6

28.2
26.5

32.6
29.1

?7 3
31 0

24.5
30.6

30.3
28.6

33.3
30.0

27 0
31.1

.9 - 2 . 5

-6.6

1.7

3.4

-3.6

-6.1

1.7

3.3

-4.1

4
?,<3

1570

U.S. GOVERNMENT SECURITIES

DECEMBER 1964

TOTAL DEBT, BY TYPE OF SECURITY
(In billions of dollars)
Public issue 5 3
Total
gross
debt i

End of period

Total
gross
direct
debt 2

Marketable
Total
Bills

Total

Certificates

Notes

Bonds

4

1941 Dec
1945 Dec
1947 Dec

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

1956 Dec
1957 Dec
1958—Dec
1959—Dec

276.7
275.0
283.0
290.9

276.6
274.9
282.9
290.8

228.6
227.1
236.0
244.2

160.4
164.2
175.6
188.3

25.2
26.9
29.7
39.6

19.0
34.6
36.4
19.7

35.3
20.7
26.1
44.2

80.9
82.1
83.4
84.8

1960—Dec
1961 Dec
1962—Dec

290.4
296.5
304.0

290.2
296.2
303.5

242.5
249.2
255.8

189.0
196.0
203.0

39.4
43.4
48.3

18.4
5.5
22.7

51.3
71.5
53.7

1963 Nov
Dec

308.9
310.1

308.2
309.3

260.5
261.6

206.6
207.6

50.5
51.5

10.9
10.9

1964—Jan
Feb
Mar
Apr
M!ay
June
July
Aus
Sept
Oct
Nov

309.3
311.1
310.4
308.4
312.3
312 5
312 0
314.9
316 5
316.5
319.3

308.6
310.4
309.6
307.6
311.5
311.7
311.2
314.1
315.6
315.6
318.5

262.6
263.2
262.2
261.4
262.2
260 7
261.1
262.2
263.8
265.0
267.4

208.6
209.2
208.2
207.4
208.0
206 5
206 8
207.7
209 0
210.1
212.4

52.5
53.6
52.5
51.0
52.2
50 7
51.0
52.0
53.3
55.0
56.5

10.9
4.2
4.2
4.2

.

1 Includes noninterest-bearing debt (of which $286 million, on Nov. 30,
1964, 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
$14,260 million on Oct. 31, 1964.
4
Includes Treasury bonds and minor amounts of Panama Canal and
postal savings bonds.

Convertible
bonds

Nonmarketable

Special
issues 6

Savings
bonds

Total 5

8 9
56.9
59.5

6 1
48 2
52.1

7 0
20.0
29.0

10.8
9.5
8.3
7.1

57.4
53.4
52.1
48.9

56.3
52.5
51.2
48.2

45.6
45.8
44.8
43.5

79.8
75.5
78.4

5.7
4.6
4.0

47.8
48.6
48.8

47.2
47.5
47.5

44.3
43.5
43.4

58.7
58.7

86.4
86.4

3.3
3.2

50.7
50.7

48.8
48.8

43.6
43.7

56.4
64.5
64.5
65.1
67.3
67 3
58 6
58.6
58 6
58.1
58.9

88.7
87.0
87.0
87.0
88.5
88 5
97 1
97.1
97 1
97.0
97.0

3.2
3.2
3.2
3.1
3.1
31
3.1
3.1
31
3.1
3.1

50.8
50.8
50.8
50.9
51.0
51 1
51 2
51.4
51 7
51.8
51.9

48.9
49.0
49.1
49.1
49 2
49 3
49 4
49.4
49 5
49 6
49.7

41.9
42.9
43.2
42.0
45.0
46 6
45 7
47.4
47 4
46.3
46.7

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
tax6 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

End of
period

Held by the public

U.S.
Govt.
agencies
and
trust
funds 1

F.R.
Banks

Total

Commercial
banks

Mutual
savings
banks

Insurance
companies

Other
corporations

State
and
local
govts.

Individuals

Savings
Other
bonds securities

Foreign
and
international

Other
misc.
investors 3

1941 Dec
1945_Dec
1947 Dec

64.3
278.7
257.0

9.5
27.0
34.4

2.3
24.3
22.6

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

1956—Dec
1957—Dec
1958—Dec
1959—Dec
1960—Dec
1961 Dec
1962—Dec

276.7
275.0
283.0
290.9
290.4
296 5
304.0

54.0
55.2
54.4
53.7
55.1
54.5
55.6

24.9
24.2
26.3
26.6
27.4
28.9
30.8

197.8
195.5
202.3
210.6
207.9
213.1
217.6

59.5
59.5
67.5
60.3
62.1
67.2
67.2

8.0
7.6
7.3
6.9
6.3
6.1
6.1

13.2
12.5
12.7
12.5
11.9
11.4
11.5

19.1
18.6
18.8
22.8
20.1
20.0
20.2

16 3
16.6
16.5
18.0
18.7
18 7
19.5

50 1
48.2
47.7
45 9
45.7
46 4
46 9

15 4
15.8
15.3
22 1
19.1
18 2
18 2

7 8
7 6
7.7
12 0
13 0
13 4
15 3

8
9
8
10
11
11
12

1963—Oct
Nov
Dec

307.1
308.9
310.1

57.2
57.7
58.0

32.8
33.7
33.6

217.2
217.5
218.5

63.1
62.7
64.1

5.8
5.8
5.8

11.0
11.0
11.0

20.4
21.6
20.6

20.7
20.3
20.8

47 8
48.0
48.1

18 8
18 9
18.9

15 9
16 0
15 9

13 6
13 2
13 3

309.3
311 1
310.4
308.4
312 3
312.5
312.0
314.9
316.5
316.5

56.5
57.5
57.6
56.1
59.4
61.1
59.9
61.8
61.8
60.5

32.8
33.2
33.8
33.2
34.2
34.8
35.1
35.2
35.4
35.7

220.0
220.5
219.0
219.1
218.8
216.6
217.0
218.0
219.3
220.2

62.6
61.9
61.2
60.6
59.5
59.7
58.8
59.4
61.2
61.5

5.9
6.0
6.1
6.0
6.0
6.0
6.0
6.0
6.0
5.8

11.1
11.0
10.9
10.8
10.8
10.6
10.7
10.8
10.9
10.9

21.8
22.7
21.4
21.8
22.5
20.2
20.7
20.9
r
19.8
20.7

21.0
21 4
21.9
22.6
22 7
22.6
22.3
22.6
22.3
22.2

48.1
48 2
48 3
48.3
48 4
48 5
48.6
48.6
48 7
48.8

19.4
19 7
20 1
19.4
19 7
19 7
19.9
19.4
19 5
19.6

15 9
15 9
15 6
15 3
15 4
15 6
15 8
16.0
r
16 3
16.5

14 2
13 6
13 6
14 2
13 8
13 7
14 4
14.3
14 6
14.4

1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

.. .
.

1 Includes the Postal Savings System.
2 Includes investments of foreign balances and international accounts
«in the United States.




5
6 6
5.7
4
0
9
1
2
6
7

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.

U.S. GOVERNMENT SECURITIES

DECEMBER 1964

1571

OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY
(Par value in millions of dollars)
Within 1 year
Type of holder and date

1-5

5-10
years

10-20
years

Over
20 years

66,360
61,640
58,487
57,452
63,422

19,782
33,983
35,682
42,995
36,725

11,976
4,565
8,357
8,353
8,353

13,419
15,539
15,642
17,491
17,483

669
726
478
460
456

1,860
1,425
1,910
1,807
2,192

1,594
2,731
3,021
3,111
2,737

1,756
1,309
2,178
2,198
2,198

2,022
2,583
2,936
3,284
3,293

3,349
2,723
4,146
5,067
5,, 353

14,301
15,018
18,434
14,887
14,887

8,737
10,834
8,658
12,956
13,091

2,227
2,094
2,136
2,126
2,053

204
68
88
91
91

63
83
131
223
234

39,512
44,662
46,027
47,058
48,607

26,014
23.290
18,952
13,997
13,826

55,763
49,381
47,919
42,689
48,139

15,961
29,158
30,525
37,758
31,935

10,016
3,188
6 091
6,064
6,064

11,334
12,873
12.575
13,984
13,956

9,962
9,838
9,290
9,186
9,562

11,187
10,047
7,413
6,215
6,279

30,751
26,348
26,107
21,742
23,806

5,043
11.163
11,075
13,944
11,609

1,724
191
533
501
506

407
417
463
561
486

Total

years

Total

Bills

Other

195,965
203,011
207,571
208,981
210,118

84,428
87,284
89,403
82,689
84,135

43,444
48,250
51,539
53,345
54,966

40,984
39,034
37,864
29,344
29,169

U.S. Govt. agencies and trust funds:
1961—Dec. 31 .
1962—Dec. 31
1963—Dec. 31
1964—Sept. 30
Oct. 31

8,484
9,638
11,889
12,080
11,883

1,252
1,591
1,844
1,680
1,462

583
865
1,366
1,220
1,006

Federal Reserve Banks:
1961—Dec. 31
1962—Dec. 31...,
1963—Dec. 31
1964—Sept. 30
Oct. 31

28,881
30,820
33,593
35,350
35,709

17,650
17.741
22,580
19,954
20,240

158,600
162,553
162,089
161,550
162,527

65,526
67.952
64,979
61.055
62,433

All holders:
1961—Dec.
1962—Dec.
1963—Dec.
1964—Sept.
Oct.

31
31..
31
30
31

field by public:
1961--Dec. 31
1962- Dec. 31
1963—Dec. 31
1964—Sept. 30
Oct. 31
Commercial banks:
1961 -Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—Sept. 30
Oct. 31

59,073
58 004
54 881
52,149
52,248

21 149
19 885
16 703
15,401
15,841

Mutual savings banks:
1961- Dec. 31
1962—Dec. 31
1963-Dec. 31
1964—Sept. 30
Oct. 31

5.867
5,793
5,502
5,725
5,494

868
635
690
741
603

181
252
268
475
333

505
383
422
266
270

1,514
1,337
1,211
1,133
1,384

1,708
2,210
2,009
2,239
1,894

662
306
377
351
338

1,298
1,305
1,215
1,261
1,275

Insurance companies:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964— Sept. 30
Oct. 31

9,020
9,265
9,254
9,169
9,211

1,228
1,259
1,181
959
996

442
552
549
540
567

786
707
632
419
429

2,222
2,175
2,044
1,832
1,966

1,625
2,223
2,303
2,564
2,422

1,274
718
939
938
940

2,671
2,890
2,787
2,876
2,887

10,547
10,750
10,427
9,184
9,696

8,697
9,063
7,671
6,532
7,079

5,466
6,551
6.178
4,868
5,564

3,231
2,512
1,493
1,664
1,515

1,747
1,524
2,397
2,105
2,070

72
149
290
420
418

22
5
9
9
10

8
9
60
117
119

Savings and loan associations:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964— Sept. 30
Oct. 31

2,760
2,862
3,253
3,302
3,313

446
437
378
341
367

155
254
236
234
261

291
183
142
107
106

895
817
919
821
944

617
1,030
1,202
1,399
1,266

371
105
253
238
238

431
473
501
503
499

State and local governments:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964— Sept. 30
Oct. 31

10,893
11,716
12,453
15,808
15,630

3,974
4,447
4,637
5,604
5,372

2,710
3,282
3,869
4,772
4,577

1,264
1,165
768
832
795

1,320
1,059
941
1,758
1,962

842
1,505
1,502
2,134
1,948

1,250
688
1.591
1,692
1,691

3,507
4,017
3.782
4,621
4,657

All others:
1961—Dec.
1962—Dec.
1963—Dec.
1964—Sept.
Oct. 31

60,440
64,162
66,320
66,212
66,934

29,346
32,227
33,719
31,478
32,175

20,596
23,935
25,637
26,983
27,743

8,750
8,292
8,082
4,495
4,432

17,314
16,121
14,301
13,297
16,007

6,054
10,877
12 144
15,058
12,378

4,713
1.175
2.389
2,334
2,339

3,012
3,761
3,767
4,045
4,034

Nonfinancial corporations:
1961 -Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—Sept. 30
Oct. 31

31
31
31
30

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 6,020 commercial banks, 502 mutual savings




banks, and 784 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.

1572

U.S. GOVERNMENT SECURITIES

DECEMBER 1964

DEALER TRANSACTIONS
(Par value, in millions of dollars)
U.S. Government securities
By maturity

By type of customer

Period

U.S. Govt.
agency
securities

Dealers and brokers
Total
Within
1 year

1-5
years

5-10
years

Over
10 years

U.S.
Govt.
securities

Commercial
banks

Other

All
other

1963

Oct
Nov
Dec

1,575
1,713
1,719

1,261
1,300
] 348

144
252
213

124
131
122

46
29
37

467
480
508

31
28
30

637
662
730

439
544
451

91
117
96

1964

Jan
Feb
Mar
Apr

2,144
1,809
1,685
1,849
1,702
1,488
1,936
1,453
1,510
1.749

1,656
,336
1,361
1,528
1,264
1,201
1,433
1,099
1,214
1,476

264
272
213
234
248
170
216
197
155
141

159
145
81
70
165
97
208
123
102
92

65
56
31
18
25
19
79
34
39
41

687
528
563
590
566
458
581
406
443
529

36
29
22
24
29
24
38
26
20
25

905
737
657
737
651
566
784
604
616
719

516
516
443
498
457
439
532
417
432
475

99
91
86
134
120
142
131
113
117
114

7
14
21
28

1,717
1,745
1,605
,811

1,424
1,529
1,360

172
105
125
123

78
84
90
98

43
27
30
55

519
543
479
562

25
23
21
33

694
685
696
736

480
493
409
482

138
106
97
115

4
11
18
25

1,983
1,967
1,836
I 662

1,544
1,434
1,342
1,293

248
369
306
204

143
129
149
117

49
35
39
49

521
611
525
505

27
36
25
26

869
848
855
646

566
473
431
486

107
221
122
105

June
July
Sept
Oct
Week ending—
1964—Oct.

Nov.

.

.

.

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
All
maturities

Within
1 year

1-5
years

Over
5 years

Oct
Nov
Dec

3,538
3,546
3,090

2,899
3,008
2,800

196
430
295

444
108
-4

176
159
254

1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

3,582
3,475
2,775
2,393
3,087
3,475
3,817
4,313
3,954
3,358

3,218
2,787
2,486
2,316
2,670
3,217
3,121
2,978
3,302
2,966

272
468
323
156
164
91
229
552
373
231

92
219
-34
-78
253
167
468
782
280
160

163
195
195
170
231
318
225
275
250
262

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

4,301
4,075
3,968
3,820
3,850

3,283
3,269
3,349
3,265
3,316

514
443
359
311
341

504
363
259
245
192

292
274
245
227
245

7..
14..
21..
28..

3,269
3,195
3,236
3,508

2,838
2,832
2,894
3,121

265
221
196
221

166
143
146
167

268
270
243
258

1963

Commercial banks

U.S.
Govt.
agency
securities

All
sources

Period

New
York
City

Elsewhere

Corporations 1

All
other

1963—Oct
Nov
Dec

3,415
3,551
3,139

825
660
823

775
671
587

1,387
,748
1,466

429
472
263

1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

3,646
3,645
2,971
2,390
3,082
3,541
4,156
4,186
4,011
3,299

1,139
1,048
784
545
711
981
1,250
1,144
1,255
845

1,019
879
613
556
724
761
871
924
1,069
835

1,159
1,355
1,247
1,065
1,347
1,493
1,671
1,703
1,253
1,258

328
363
326
225
300
307
364
416
434
361

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

4,043
4,144
4,132
3,981
3,712

1,020
965
1,412
1,379
1,279

847
798
962
1,358
1,179

1,827
1,609
1,301
1,015
972

350
772
457
229
283

7...
14...
21...
28...

3,439
3,099
3,337
3,195

985
705
776
798

966
820
899
656

1,041
1,187
1,347
1,430

447
387
315
311

Week ending—
Week ending—
1964—Sept.

Oct.

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.




1964—Sept.

Oct.

1

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.

1573

OUTSTANDING SECURITIES

DECEMBER 1964

U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, NOVEMBER 30, 1964
(In millions of dollars)
Issue and coupon rate
Treasury bills
Dec. 3, 1964.
Dec. 10, 1964.,
Dec. 17, 1964.,
Dec. 24, 1964.,
Dec. 31, 1964.
Jan. 7,1965.,
Jan. 14, 1965.
Jan. 21, 1965.
Jan. 28, 1965.
Jan. 31, 1965.
Feb. 4, 1965.
Feb. 11, 1965.
Feb. 18, 1965.
Feb. 25, 1965.
Feb. 28, 1965.
Mar. 4, 1965.
Mar. 11, 1965.
Mar. 18, 1965.
Mar. 22, 19651
Mar. 25, 1965.
Mar. 31, 1965.
Apr. 1, 1965.
Apr. 8, 1965.
Apr. 15, 1965.
Apr. 22, 1965.
Apr. 29, 1965.
Apr. 30, 1965.

Issue and coupon rate

Amount

Amount

Treasury bills—Cont.
2,205
May 6, 1965
2,302
May 13, 1965
2,303
May 20, 1965
2,202
May 27, 1965
May 31, 1965
3,202
June
22, 19651
2,100
June 30, 1965
2,114
July 31, 1965
2,103
Aug. 31, 1965
2,102
Sept. 30, 1965
1,000
2,101
Oct. 31, 1965
2,102
Nov. 30, 1965
2,102
2,102 Treasury notes
1,001
Apr. 1,1965
W2
900
May 15, 1965
A%
901
May 15, 1965
3%
900
Aug. 13, 1965
3%
2,504
Aug. 13, 1965
37/8
901
Oct. 1, 1965
iy 2
Nov. 15, 1965
31/2
1,001
Nov. 15, 1965
4
900
Feb. 15, 1966
2>%
901
Feb. 15, 1966
3%
1,004
Apr. 1,1966
11/2
1,001
May 15, 1966
4
1,003
Aug. 15, 1966
4
1,001

1,000
1,000
1,001
1,000
1,000
1,504
1,001
1,000
1,000
1,001
1,000

1,001
466
1,816
6,620
6,202
1,066
315
2,954
8,560
3,260
4,040

675
9,519
5,156

Issue and coupon rate
Treasury notes—Cont.
Oct. 1, 1966
Feb. 15, 1967
Apr. 1,1967
Aug. 15, 1967
Oct. 1,1967
Apr. 1, 1968
Oct. 1,1968
Apr. 1,1969
Oct. 1,1969

\y2
3y8
11/2
334
11/2
11/2
iy 2
HA
iy 2

Treasury bonds
June 15, 1962-67... 21/2
Dec. 15, 1963-68... 21/2
June 15, 1964-69...2V4
Dec. 15, 1964-69... 21/2
Feb. 15, 1965
2%
Mar. 15, 1965-70.. .2i/ 2
May 15, 1966
3%
Aug. 15, 1966
3
Nov. 15, 1966
33/8
Mar. 15, 1966-71.. .2i/ 2
June 15, 1967-72... 2Vi
Sept. 15, 1967-72... 21/2
Nov. 15, 1967
35/s
Dec. 15, 1967-72... 21/2
May 15, 1968
3%
Aug. 15, 1968
3%

Issue and coupon rate

Amount

Treasury bonds—Cont.
Nov. 15, 1968
3%
Feb. 15, 1969
4
Oct. 1,1969
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
4i/8
May 15, 1974
414
Nov. 15, 1974
3%
May 15, 1975-85.. AVA
June 15, 1978-83... 3 V4
Feb. 15, 1980
4
Nov. 15, 1980
31/2
May 15, 1985
3V4
Feb. 15, 1990
3V2
Aug. 15, 1987-92... 414
Feb. 15, 1988-93
4
May 15, 1989-94.. .4i/8
Feb. 15, 1995
3
Nov. 15, 1998
31/2

357
2,359
270
4,433
457
212
115
61
11

1,434
1,805
2,626
2,538
3,976
2,414
2,250
1,024
1,851
1,402
1,292
1,952
3,604
2,722 Convertible bonds
2,460
Investment Series B
3,747
Apr. 1, 1975-80... 23^

NOTE.—Direct public issues only.
Treasury.

L Tax anticipation issue.

Amount
1,591
1,844
6,265
4,129
2,806
2,760
2,344
2,579
3,894
4,357
1,532
2,244
1,218
1,586
2,609
1,913
1,128
4,905
1,563
250
1,560
2,415
4,433

3,055

Based on Daily Statement of U.S.

FEDERALLY SPONSORED AGENCIES, OCTOBER 30, 1964

Agency, type and date of issue,
and coupon rate

Amount
(millions
of dollars)

Agency, type and date of issue,
and coupon rate

1964
1965
1965
1965
1965
1965
1965
1965
1965

175
249
435
430
525
250
446
552
172

Federal intermediate credit banks
Debentures:
.3.90
Feb. 3, 1964
.3.90
Mar. 3, 1964
.4.05
Apr. 1,1964
.•4i/ 8
May 4, 1964
.4.05
June 1, 1964
.4.10
July 1,1964
4
Aug. 3, 1964
Sept. 1,1964
.3.95
Oct. 1,1964
....4

Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July

1965
1966
1966
1966

175
260
200
275

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
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,
Aug. 23,
Oct. 20,
Dec. 20,
Feb. 21,
May 2,
July 20,
Feb. 15,
May 22,
Oct. 1,
Oct. 23,
Mar. 20,
June 20,
Aug. 20,
Mar. 20,
July 15,
Oct. 20,
Feb. 20,
Apr. 1,
July 20,
May 1,
Sept. 15,
Feb. 20,
Feb. 20,

Maturity

Federal home loan banks
Notes:
Feb.
Mar.
Apr.
May
June
Oct.
Aug.
Sept.
Oct.

17,
16,
15,
15,
15,
15,
17,
15,
15,

1964
1964
1964
1964
1964
1964
1964
1964
1964

3?/8
4.05
4.15
4.10
4Vfc
4
3.95
4.05
4.05

Bonds:
Sept.
July
Dec.
June

17, 1962
15, 1964
9,1963
15, 1964

3%
4Vs
4%
414

Nov.
Jan.
Feb.
Apr.
May
June
July
Aug.
Sept.

16,
15,
15,
15,
17,
15,
15,
16,
15,

Sept. 15,
Mar. 15,
Aug. 15,
Nov. 15,

Federal National Mortgage Association—
secondary market operations
Discount Notes

Debentures:
Dec. 11, 1961
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:
June 1,1964
Aug. 3,1964
Oct. 1,1964

3%
43/8
3V4
4Vs
35/8
4^
45/8
4Vs
4i/8
41/2
5%
43/8
4V4
4%

3.90
3.90
4

158

Dec.
June
Mar.
Dec.
Mar.
Apr.
Apr.
Sept.
Aug.
Sept.
Feb.
June
June
Feb.

Dec.
Feb.
Apr.

11,
10,
10,
12,
11,
10,
10,
10,
10,
10,
10,
12,
12,
10,

1964
1965
1966
1966
1968
1969
1970
1970
1971
1971
1972
1972
1973
1977

1, 1964
1, 1965
1, 1965

111
98
108
93
87
88
143
119
64
96
100
100
146
198

159
232
185

NOTE.—These securities are not guaranteed by the U.S. Govt.; see also
NOTE to table at top of following page.




Tennessee Valley Authority
Short-term notes
Bonds:
Nov. 15, 1960.
July 1,1961.
Feb. 1, 1962.

Maturity

.414
. . .4
...4

i
4

.414
•4i/8

.41/4

4%
••41/
'.'.3V
••31/2

• -3%
/s
•41/2

2,
1,
4,
1,
1,
1,
3,
1,
1,

1964
1964
1965
1965
1965
1965
1965
1965
1965

1965
1965
1965
1965
1966
1966
1966
1967-72
1967
1967-70
1967
1968
1968
1968
1969
1969
1969
1970
1970
1970
1971
1972.
1973-78
1974

Amount
(millions
of dollars)

332
306
313
290
259
248
217
204
186

209
159
160
140

150
108
193
72
180
75
174
111
186
160
100
60
209
82
83
85
60
109
148
155
35

.4.40

••4%
••41/2

Nov. 15, 1985
July 1, 1986
Feb. 1, 1987

50
50
45

1574

CREDIT AGENCIES; SECURITY ISSUES

DECEMBER 1964

MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES
(In millions of dollars)
Federal home loan banks
Assets
end oi
period

Advances
to
members

Investments

Federal National
Mortgage Assn.
(secondary market
operations)

Liabilities and capital
Cash
and
deposits

Bonds
and
notes

Member
deposits

Capital
stock

Mortgage
loans
(A)

Debentures
and
notes

cu

Banks
for
cooperatives
Loans
to
cooperatives
(A)

Debentures

(D

Federal
intermediate
credit banks

Federal
land
banks

Loans
and
discounts
(A)

Debentures

Mortgage
loans

Bonds

(L)

(A)

(L)

1955
1956
1957
1958
1959

1,417
1,228
1 265
1,298
2,134

765
1,027
908
999
1,093

62
62
63
75
103

975
963
825
714
1,774

698
683
653
819
589

516
607
685
769
866

83
628
1,562
1,323
1,967

200
1,315
1,100
1,640

371
457
454
510
622

110
143
222
252
364

693
747
932
1,157
1,391

657
705
886
1,116
1,356

1,497
1,744
919
2,089
2,360

1,191
1,437
1,599
1,743
1,986

1960
1961
1962

1,981
2,662
3,479

J 7W
1,153
,531

90
159
173

1,266
1,571
2,707

938
1,180
1,214

989
1,107
1,126

2 788
2,770
2,752

2,523
2,453
2,422

649
697
735

407
435
505

1,501
1,650
1,840

1,454
1,585
1,727

2 564
2,828
3,052

2,210
2,431
2,628

1963—Oct...
Nov..
Dec...

4,226
4,290
4,784

1,537
1,515
,906

131
96
159

3,599
3,599
4,363

986
978
1,151

1,150
1,166
1,171

2,027
2,020
2,000

1,884
1,792
1,788

848
858
840

526
526
589

2,169
2,083
2,099

2,139
2,027
1,952

3,280
3,291
3,310

2,834
2,834
2,834

1964—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct...

4,414
4,216
4,168
4,444
4,395
4,769
4,763
4,781
4,837
4,797

,730
,622
,709
,420
,607
,804
,476
,622
,597
,614

101
86
86
72
82
153
106
75
99
94

3,961
3,631
3,622
3,625
3,727
4,201
4,042
4,169
4,165
4,144

944
943
997
957
990
1,153
936
926
989
978

1,176
1,182
1,189
1,193
1,196
1,201
1,208
1,210
1,212
1,214

1,988
1,985
1,984
1,983
1,984
1,962
1,940
1,936
1,926
1,934

,786
,786
1,785
,781
,698
,698
,698
,696
i;549
,549

866
849
815
786
747
757
782
787
809
924

589
589
586
533
527
498
498
538
538
576

2,102
2,163
2,238
2,329
2,412
2,504
2,561
2,561
2,516
2,377

1,964
2,018
2,069
2,157
2,246
2,315
2,396
2,433
2,424
2,352

3,333
3,364
3,406
3,445
3,481
3,516
3,551
3,586
3,620
3.652

2,836
2,886
2,886
2,973
2,973
2,973
2,973
3,102
3,102
3,169

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 issuer

Type of issue
Period
Total

General
obligations

Revenue

PHAi

U.S.
Govt.
loans

State

Special
district
and Other 2
stat.
auth.

Utilities 4

Housings

Veterans'
aid

Other
purposes

251
401

339 1,657
355 1,685

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

201 1,891
478 1 913
125 2,177
2,369

290
314
698
362
299

969
708
712
449
581 1 051
729
897
1,005
416

261
204
232
278
158

32
33
102
130
7

144
77
338
221
136

123
31
9
2
1

148
103
371
98
115

456
431
469
602
339
529
486
251

428
944
772
868
812
973
810 1,215
1,214
665
902
696
904
947
834
756

273
242
251
378
258
361
401
161

42
33
262
59
40
42
25
73

114
238
136
225
208
183
167
439

141
3
11
145
45
134
*

1,778
2,407

187
332

115 1.993
176 1,686

1,371 4,162
2,121 3,890

1960
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 1,110
120 ,928
145 L,419
249 .620

1,984
2,165
2,600
3,636

4,198
4,473
4,825
5,281

1963—Aug....
Sent....
Oct
Nov . . .
Dec

764
480
1 265
754
495

394
333
679
401
401

240
122
567
310
85

116

14
25
20
43
9

187
94
143
185
69

287
73
424
208
126

1964—Jan
Feb
Mar
Apr
May
June
July
Aug

1,007
853
867
1,266
706
938
940
775

606
663
497
630
472
537
563
244

230
181
355
473
214
258
367
519

140
1

31
8
15
22
20
23
11
12

215
214
136
106
141
71
116
13

336
208
262
558
167
338
338
511




Edu- Roads
and
cation bridges

1,412
1,985

5,447
4,782

1 Only bonds sold pursuant to 1949 Housing Act; secured by contract
requiring the Public Housing Administration to make annual contributions
to 2the local authority.
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.
* Water, sewer, and other utilities.

Total

1,164
844

7,526
7,697

120

Use of proceeds

2,617
2,318

1958
1959

Hi

Total
amount
delivered 3

7,708 7,441
7,423 7,589
7,102
8,301
8,732
10,496

60
30

313
226
153
407
151
181
311
83

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.

1575

SECURITY ISSUES

DECEMBER 1964
TOTAL NEW ISSUES
(In millions of dollars)

Proposed use of net proceeds,
all corporate issues 5

Gross proceeds, all issues *

Noncorporate

Corporate

New capital

Period
Bonds
Total
U.S.
Govt.

2

U.S.
Govt.
agency 3

Publicly
offered

Total

Other
New
purmoney 6 poses

Total

Privately
placed

Preferred

Common

8 ,00?
9 ,957
9 ,65?
7 ,190

4,225
6,118
6,332
3,557

3,777
3,839
3,320
3,632

636 2,301 10.749
411 2 516 12 661
571 1,334 11.372
531 2,027
9,526

7,230
8,360
8,558
10,107

579
303
915
891

10,154
13,165
10,705
12,237

8 ,081
9 ,4?0
8 ,969
10 ,872

4,806
4,700
4,440
4,714

3,275
4,720
4,529
6,158

409
450
422
342

1,664
3,294
1,314
1,022

174
200

452
1,282
688
483

4
10
5
13

871
1,116
891
1,459

784
99?
732
1 ,376

283
511
183
626

501
481
549
751

5
34
54
30

81
91
106
53

862
1 101
879
1,444

795
j on
819
1 ,415

730
9P
606
1 098

65
100
212
316

67
88
61
30

474
413
399
1,444
367
383 " " 2 7 5
387
260
2,449
160
358

1,006
810
844
1 204
660
900
922
767
952

16
89
73
47
85
37
'29
'23
13

985
710
805
2,234
1,155
1,461
'869
r
728
1,130

863
6?1
714
863
1 ,008
1 ,091
'644
'616
974

338
279
361
383
470
468
234
183
376

526
342
353
480
537
623
r
411
r
433
598

95
27
8
80
3
87
23 1 349
50
98
82
289
'59
'166
'54
'58
23
133

972
702
796
2 215
1,141
1,441
r
854
r
718
1,117

930
685
754
? 178
1 ,069
,378
r
780
'661
,035

845
5^3
677
094
953
1 292
"•653
••570
788

85
162
77
83
116
86
'127
'91
247

43
17
42
37
72
63
'74
r
57
82

I960
1961
1962
1963

27,541
35,527
29,956
31,616

7,906
12,253
8,590
7,213

1,672
1,448
1,188
1,168

Sept
Oct
Nov
Dec

1,673
2 977
2,117
2,312

347
394
333
357

Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

2,482
2,022
2,121
4 930
2,267
3,056
r
2,467
r
4,128
2,453

...

Total

10,939
12,884
11,558
9,748

22,405
5,517
9,601
30 571
34,443 12,063
31,074 12,322

1964

Total
Other 4

Retirement
of
securities

334
557
1,052
616

169
5,446
572 76,958
2,321
7,449
7,681
707

1956
1957
1958
1959

1963

U.S.
State
and
local

Stock

9 663
11 784
9 907
8, 578

10,384
12 447
10,823
9,392

9,924
9,653
1? 885 12 017
10,501
9,747
12,081 10,553

8
10
8
8

721
663
915
814

364
214
549
135

895
758
715 1,302
240 1,507
993 1,561

271
868
754
1,528

Proposed uses of net proceeds, major groups of corporate i ssuers

Manufacturing

Commercial and
miscellaneous

Transportation

Public utility

Communication

Real estate
a n d financial

Period
New
capital^

Retirement of
securities

New
capita 8

Retirement of
securities

New
capital 8

Retirement of
securities

New
capital 8

Retirement of
securities

New
capital 8

Retirement of
securities

New
capital8

Retirement of
securities

1956
1957
1958
1959

3,336
4,104
3,265
1,941

243
49
195
70

682
579
867
812

51
29
13
28

694
802
778
942

20
14
38
15

? ,474
3 ,821
3 ,605
3 ,189

14
51
138
15

1,384
1,441
1 294
7 0 'j

21
4
118
*

1,815
1,701
1 014
1,801

17
67
47
6

I960 . . .
1961
1962
1963

1,997
3,691
2,958
3,312

79
287
228
190

794
1,109
803
774

30
36
32
55

672
651
543
873

39
35
16
83

? ,754
? ,883
? ,341
,935

51
106
444
699

1,036
1 43f
1,276
726

1
382
11
356

2,401
2 248
1,825
2,933

71
22
23
144

8
2

78
201
131
198

*
73
41
2

39
4
13
64

1
4
3
#

348
446
337
416

7
1
4
6

109
155
174
151
441
264
207
r
138
296

26
4
18
19
53
4
16
'27
38

157
83
34
1,377
27
258
23
16
19

*
*
1
*

332
110
322
265
218
439
'266
'277
271

1
1
4
3
1
13
'12
'3
4

1963

Sept
Oct
Nov
Dec

237
240
214
515

47
5
8
13

32
60
41
104

4
4
5
8

61
25
83
118

1964

jan
Feb
Mar
Apr
May
June
July
Aug
Sept

149
123
146
186
206
332
'149
'164
234

14
3
17
6
10
39
'40
'12
36

84
60
48
107
50
50
'45
'45
166

1
2

98
154
31
91
127
35
'90
'20
49

r

1
Gross proceeds are derived by multiplying principal amounts or
number of units by offering price.
2
Includes guaranteed issues.
3 Issues not guaranteed.
4 Foreign governments, International Bank for Reconstruction and
Development, and domestic nonprofit organizations.
5 Estimated gross proceeds less cost of flotation.




1
6
8
6
1
*
1

5
'4
15
2

6

For plant and equipment and working capital.
Beginning with 1957 this figure differs from that shown on the previous page because this one is based on Bond Buyer data.
8
All issues other than those for retirement of securities.
7

NOTE.—Securities and Exchange Commission estimates of new issues
maturing in more than 1 year sold for cash in the United States.

1576

SECURITY ISSUES

NOVEMBER 1964

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
(In millions of dollars)
Derivation of change, all issuers
i

Ml securities

Bonds and notes

Common and preferred stocks

Period

New issues
New
issues

1958r
1959r
1960r
1961r
1962rr
1963

. .

Retirements

Net
change

New
issues

Retirements

Net
change

Retirements

Net change

Invest.
cos. 1

Other

Invest.
cos. 1

Other

Invest.

Other

COS. 1

12,731
10,500

4,754
4,051

7,977
6,448

9,661
7,122

3,811
3,049

5,850
4,073

2,360
2,838

710
540

519
794

424
208

1,841
2,044

286
332

10,797
13,648
10,868
12,503

4,107
5,828
5,317
7,175

6,690
7,819
5,552
5,328

8,072
9.194
8,613
10,556

3,078
4,024
3,749
4,979

4,994
5,170
4,864
5,577

2,688
3,855
3,338
3,049

37
599
-1,083
-1,101

855
1,171
1,140
1,536

174
633
427
661

1,833
2,684
2,198
1,513

-137
-34
-1,510
-1,762

1963r

III
IV

2 608
3,816

1,595
2,084

1,014
1,733

2 159
3,222

1,230
1,121

929
1,201

734
931

-285
-337

393
392

-29
570

341
539

-256
-907

1964r

I
II
Ill

3,334
4,103
2,862

1,424
1,326
1,471

1,910
2,777
1,391

2,149
2,867
2,158

914
940
1,033

1,235
1,927
1,126

920
917
1,009

265
318
-305

536
469
475

-26
-84
-37

384
448
535

291
402
-270

Type of issuer
Manufacturing

Period

Bonds
& notes

Transportation 3

Commercial
and other 2
Bonds
& notes

Stocks

Bonds
& notes

Stocks

Stocks

Communication

Public
utility
Bonds
& notes

Stocks

Bonds
& notes

Real estate
and financial

Stocks

Bonds
& notes

4

Stocks

1958*1959r

2,197
316

-46
442

406
217

11
162

413
332

-93
2

2,133
1,738

1,027
1,028

494
475

1,070
445

206
994

158
298

r

399
2,012
1,355
1,804

462
415
-242
-664

261
516
294
339

-46
-447
-201
-352

173
71
-85
316

-42
-7
-25
-19

1,689
1,648
1,295
876

635
704
479
245

901
149
1,172
438

356
1,457
357
447

1,572
775
833
1,806

331
528
319
94

III
IV

378
574

-54
-275

17
87

-17
-307

-95
180

27
-15

148
288

8
47

82
61

131
129

399
912

— 11
53

1964r i
II
Ill

81
291
225

-253
-65
28

61
72
82

16
-21
-34

131
51
29

-6
31
-47

156
606
290

70
156
149

234
225
42

811
681
92

572
681
458

38
68
78

1960
1961r
1962rr
1963
1963r

1
Open-end and closed-end cos.
2 Extractive and commercial and misc. cos.
3
Railroad and other transportation cos.
* Includes investment cos.
NOTE.—Securities and Exchange Commission estimates of cash transactions only. As contrasted with data shown on p. 1575, new issues exclude

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. 1575.

OPEN-END INVESTMENT COMPANIES
(In millions of dollars)
Sales and redemption
of own shares
Year

Net
sales

Assets (market value
at end of period)
Total 2

Cash
position

Sales !

Redemptions

1952
1953
1954

783
672
863

196
239
400

587
433
463

3,931
4,146
6,110

309

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

1960
1961
1962
1963

2,097
2,951
2,699
2,460

842
1,160
1,123
1,504

1,255
1,791
1,576
952

17,026
22,789
21,271
25,214

973
980
1,315
1,341

?

Other

Assets (market value
at end of period)

Month
Sales

Redemptions

Net
sales

Total 1

Cash
position

2

Other

1963—Oct...
Nov..
Dec...

214
210
225

132
123
132

82
87
92

24,914
24,774
25,214

1,374
1,419
1,341

23,540
23,355
23,873

7,400 1964—Jan...
8,554
Feb...
8,191
Mar..
12,608
Apr...
14,958
May..
June..
July...
16,053
Aug...
21,809
Sept..
19,956
Oct....
23,873

294
219
263
276
241
285
308
260
299
306

183
165
184
165
153
147
168
149
149
142

110
55
79
111
88
138
140
110
149
164

25,854
26,334
26,863
27,051
27,497
27,682
28,319
28,164
29,130
29,087

1,383
1,380
1,403
1,339
1,444
1,499
1,471
1,457
1,436
1,312

24,471
24,954
25,460
25,712
26,053
26,183
26,848
26,707
27,694
27,775

5,801

1
Excludes shares issued to shareholders as capital gains and dividend
distributions.
2 Market value at end of period less current liabilities.
3 Cash and deposits, receivables, all U.S. Govt. securities, and other
short-term debt securities, less current liabilities.




Sales and redemption
of own shares

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.

1577

BUSINESS FINANCE

DECEMBER 1964

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
(In millions of dollars)
1963
Industry

1959

1960

1961

1962

1964

1963
III

IV

III

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

172 123,911 123,669 136 ,545 147,384 34,917 37,922 35,381 39,173 38,326 '40,784 37,667
172 13,543 13,268 15,330 17,388 4,012 4,759 3,730 4,887 '4,781 '5,333 4,080
482 7,161 7,167 8,215 9,135 2,099 2,453 2,007 2,576 '2,603 '2,898 2,318
360 4,485 4,730 5,048 5,441 1,169
1,320 1,183 1,768 1,285 1,448 1,322
543 47,372 49,362 52,245 55,142 13,239 13,869 13,984 14,050 14,220 14,823 14,882
651 5,579 5,602 5,896 6,395 1,512 1,613 1,613 1,658 1,643 '1,752 1,743
212 3,215 3,225 3,403 3,659
867
897
934
961
1-992 '1,028 1,037
910 1,948 2,031 2,150 2,265
537
537
542
649
561
569
582
628 76,540 74,307 84,300 92,243 21,671 24,053 21,395 25,123 '24,106 25,961 22,785
521 7,964 7,666 9,434 10,993 2,500 3,145 2,118 3,230 3,138 '3,581 2,338
270 3,946 3,942 4,812 5,476 1,231
1,556 1,073 1,615 ^1,611 '1,871 1,281
450 2,536 2,699 2,898 3,176
632
783
641
1,119
724
879
741

644 12,202 12,951 13,457 14,164
300 1,342 1,440 1,460 1,533
618
639
682
698
740
349
372
397
425
448

3,360
337
164
109

3,581
387
184
111

3,621
404
195
111

3,603
404
197
118

'3,721
'401
'202
119

3,831
422
214
118

740 12,205 12,606 13,759 14,621
164 2,005 1,979 2,162 2,337
,120 1,058 1,034 1,126 1,213
791
786
833
868
904

3,448
544
281
202

3,728
616
316
202

3,705
584
305
201

3,740 '3,791 '4,114
593
'636
'682
310
'347
'366
299
207
209

4,067
657
353
212

,372 13,815 14,483 15,106 15,995
,187 1,267 1,237 1,319 1,495
969 1,026 1,025 1,099 1,184
518
521
528
566
608

3,959
390
304
151

3,937
343
265
149

4,068
381
312
154

4,032
381
303
154

4,132 '4,111
'400
'361
336
'298
159
158

4,122
367
312
168

,940 20,828 20,234 21,260 22,146
,322 2,214 1,999 1,838 2,183
,218 1,169 1,067 1,013 1,186
838
843
829
820
732

5,123
430
231
180

6,114
711
372
.181

5,470
467
252
181

5,439 '5,540 '6,046
574
560
'674
332
315
384
186
190
187

6,047
611
352
187

,983 16,681 17,446 19,057 21,041
,904 1,509
1,701
1,924 2,368
941
768
859
966 1,151
456
494
508
531
578

4,923
528
258
140

5,286
587
285
143

5,286
585
289
141

5,547
668
319
154

5,401 '5,673
673
'702
338
357
157
170

5,573
688
349
170

,262 26,275 23,314 29,156 33,236
,01
3,197 2,786 4,337 5,011
,491 1,534 1,404 2,143 2,393
81
837
973 1,151 1,447

7,987
1,268
600
217

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
593
340
277

',825
845
578
406

9,560
816
651
383

2,239
116
8
89

2,474
252
189
103

2,399
197
156
66

2,447
252
225
125

2,362
188
144
110

129 11,906 12,478 13,489 14,177
983 3,163 3,349 3,583 3,741
655 1,793 1,883 2,06f
2,185
219 1,307 1,374 1,46:
1,548

3,819
1,100
626
392

3,371
848
498
378

3,458
930
529
384

3,529 '3,961 '3,572
862 1,106
893
532
542
660
394
41
424

3,687
998
583
426

572
153
073
743

2,365
672
336
225

2,440
711
35'
255

2,465
725
368
252

2,526
707
356
256

2,654
773
402
268

'3,598
345
'173
117

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

9,51
648
445
385

8,111
2,326
1,155
806

9,189
625
38!
359

8,615
2,478
1,233
867

1 Includes 17 cos. in groups not shown separately.
2 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.




9,440
729
572
367

9,196
2,639
1,327
935

9,796
2,815
1,417
988

2,543
726
37'
261

2,481
245
196
101

2,619
796
408
26:

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 BTTLL., 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.

1578

BUSINESS FINANCE

DECEMBER 1964

CORPORATE PROFITS, TAXES, AND DIVIDENDS
(In billions of dollars)
Corporate
capital
Undis- consumptributed
tion
profits
allowances i

Year

Profits
before
taxes

Income
taxes

Profits
after
taxes

Cash
dividends

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

1960
1961
1962
1963

44.3
44.2
48.2
51.3

22.3
22.3
23.2
24.6

22.0
21.9
25.0
26.7

14.5
15.2
16.5
18.0

7.5
6.7
8.5
8.7

Corporate
capital
Undis- consumptributed
tion
profits
allowances l

Quarter

Profits
before
taxes

Income
taxes

Profits
after
taxes

Cash
dividends

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

25.6
26.9
30.5
31.8

1964—1,
,
II
III*...

56.6
57.9
58.0

25.4
26.0
26.0

31.2
31.7
32.0

19.4
19.8
20.0

11.8
12.1
12.0

33.0
33.4
33.8

1
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 assets
Net
working
capital

End of period

Total

Cash

U.S.
Govt.
securities

Current liabilities

Notes and accts.
receivable
U.S.
Govt.*

Other

Inventories

Other

Total

Notes and accts.
payable
Accrued
Federal
income
taxes
U.S.
Govt. i Other

Other

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
3.1
3.4
3.7

95.1
99.4
106.9
117.7
126.1
135.8
146.7

80.4
82.2
81.9
88.4
91.8
95.2
100.9

5.9
6.7
7.5
9.1
10.6
11.4
12.4

130.5
133.1
136.6
153.1
160.4
171.2
184.0

2.4
2.3
1.7
1.7
1.8
1.8
2.0

81.5
84.3
88,7
99 3
105,0
112.8
121.2

17.6
15 4
12.9
15.0
13.5
14.1
15.0

29.0
31.1
33.3
37.0
40.1
42.5
45.7

1963 HI
IV

148.8
151.2

342.9
349.9

40.8
44.5

19.7
20.6

3.4
3.6

158.1
159.7

105.8
107.3

15.2
14.3

194.1
198.8

2.5
2.5

128.1
131.8

15.3
16.3

48.3
48.2

1964

154.7
157.1
159.4

350.6
356.7
364.3

40.6
42.5
43.1

21.4
20.2
19.1

3.3
3.0
3.2

161.3
165.6
171.6

108.6
109.6
111.2

15.5
15.9
16.1

195.9
199.6
204.9

2.6
2.6
2.7

128.9
131 .7
135.0

15.6
15.2
16.0

48.8
50.1
51.2

1956
1957
1958
1959
I960
1961
1962

»

I
II
Ill

i Receivables from, and payables to, the U.S. Govt. exclude amounts
offset against each other on corps', books.

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)
Transportation

Manufacturing
Period

Total
Durable

Nondurable

Mining
Railroad

Other

Public
utilities

Communications

Other i

Total
(S. A.
annual
rate)

1956
1957
1958
1959

35.08
36 96
30.53
32.54

7.62
8 02
5.47
5.77

7.33
7 94
5 96
6.29

1.24
1 24
94
.99

1.23
1 40
.75
.92

1.71
1 77
1 50
2.02

4.90
6 20
6 09
5.67

2.68
3 03
2 62
2.67

8.36
7 37
7 20
8.21

I960
1961
1962
1963
19642r

35.68
34.37
37.31
39.22
44.66

7.18
6.27
7.03
7.85
9.35

7 30
7.40
7.65
7.84
9.16

99
.98
1.08
1.04
1.18

1.03
.67
.85
1.10
1.46

1.94
1.85
2.07
1.92
2.31

5 68
5.52
5.48
5.65
6 14

3 13
3.22
3.63
3.79

8 44
8.46
9.52
10.03
15 06

9.74
10.14
11.09

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
«.O6

V93

2 41
2 64
2 72

38.05
40.00
41.20

1964—I
II . .
Ill*IV 2 r

9.40
11.11
11.54
12.60

1.93
2.30
2.37
2.75

1.87
2.23
2.30
2.76

26
29
.30
.32

.32
.36
.37
.41

.51
.63
.59
.57

1.18
1.58
71
.68

.97
1.10
1.06

2 37
7 61
2.84

42.55
43 50
45.65
46.70

1965—12

10.58

2.19

2.24

.29

.38

.53

.27

1963—-II

m
IV

1
Includes trade, service, finance, and construction.
2 Anticipated by business.




4 11
3 68

47.90

NOTE.—Dept. of Commerce and Securities and Exchange Commission
estimates for corp. and noncorp. business, excluding agriculture.

DECEMBER 1964

1579

REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING
(In billions of dollars)

All properties

End of
period

All
holders

Financial
institutions 1

Nonfarm

Farm

Other
holders 2

1- to 4-family houses

U.S.
agencies

Individuals
and
others

Financial
Other
insti- holders3
tutions l

All
holders

All
holders

Multifamily and
commercial properties 4

Total

Finan.
institutions

Other
holders

Total

Finan.
institutions

Other
holders

Mortgage
types
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
1962^
1963P

226.3
251.6
280.9

172.6
192.5
216.9

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

1962—IP. . .
UP ..
III*..
IV*..

231.1
237.8
244.5
251.6

176.0
181.5
186.8
192.5

12.1
12.1
12.1
12.2

42.9
44.3
45.6
47.0

14.2
14.7
14.9
15.2

5.1
5.3
5.4
5.5

9.1
9.4
9.6
9.7

216.8
223.1
229.6
236.4

155.3
159.1
162.9
166.5

130.0
133.7
137.1
140.4

25.3
25.5
25.8
26.0

61.5
64.0
66.7
69.9

40.9
42.6
44.3
46.6

20.6
21.5
22.3
23.4

66.4
67.2
68.1
69.2

150.4
156.0
161.5
167.2

1963—IP. . . 257.1
UP. . 265.1
IIIP.. 273.1
I V P . . 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

287.0
295.1
III*.. 303.1

221.8
228.3
234.7

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

1964—IP...
UP. .

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

savings
and loan assns.
5
Data by type of mortgage on nonfarm 1- to 4-family properties alone
are shown on second page following.
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)
Commerci il bank holdings

x

Mutu al savings bank holdings 2
Residential

Residential
IEnd of period
Total
Total

4,906

1941.
1945

4,172

1957
1958.
1959
1960.

23,337
25,523
28,145
28,806

1961.
1962
1963

30,442
34,476
39,414

FHAinsured

VAguaranteed

Conventional

3 t0Q0
3 395

Other
nonfarm

Farm

Total
Total

1,048
856

566
521

4 81?
4 ,?08

3,884
3,387

FHAinsured

VAguaranteed

Conventional

Other
nonfarm

Farm

900
797

28
24

3 589
3,335
3,161
2,859

8 735
9,780
11 037
11,652

4 823
5,461
6,237
6,796

1,367
1,471
1,588
1,648

o\ ,169

?0 36?

4 823
5,476
6 122
5,851

?3 ?63
04 ,99?
06 935

19,010
20,935
22,486
24,306

4,669
5,501
6,276
7,074

7,790
8,360
8,589
8,986

6 ,551
7 073
7 ,6??
8 ?46

2,102
2,275
2,451
2,575

57
53
55
54

?1 ,??5
93 48?
?6 ,476

5,975
6,520
7,105

2,627
2,654
2,862

12,623
14 308
16,509

7,470
8 972
10,611

1,747
2,022
2,327

?9 145
3? ,3?0
36 ,??4

26,341
29,181
32,718

8,045
9,238
10,684

9,267
9,787
10,490

9 07,8
10 156
11 ,544

2,753
3,088
3,454

51
51
52

30,844
32,194
33,430
34,476

? ! 0]]
00 ,048
07 ,8?4

2 547
2,593
2,617
2,654

12 661
13,260
13,831
14,308

7 817
8,219
8,628
8,972

1,816
1,927
1,978
2,022

09 ,833

23 ,482

6 003
6,195
6,376
6,520

30 ,638
31 484
32 ,320

26,940
27,632
28,464
29,181

8,340
8,662
8,984
9,238

9,392
9,502
9,633
9,787

9 ,?08
9 469
9 847
10 ,156

2,842
2,954
2,968
3,088

51
51
52
51

1963- I
II
HI
TV

35,243
36,939
38,360
39,414

23 ,846
04 958
?5 ,855
?6 ,476

6,627
6 861
7,007
7,105

2,651
2 837
2,870
2,862

14,568
15 260
15,978
16,509

9,270
9 740
10,203
10,611

2,127
2,241
2,302
2,327

33 ,368
34 ,309
35 191
36 ??4

30,143
30,969
31,775
32,718

9,724
10,023
10,328
10,684

10,046
10,218
10,335
10,490

10 ,373
10 7?8
11 11?
11 544

3,174
3,290
3,365
3,454

51
50
51
52

1964—IP

40,200
41,648
42,948

26 ,894
?7 ,750

7,110
7,158

2,824
2,793

16,960
17,799

10,894
11,340

2,412
2,558

37 ,155
38 199
39 381

33,506
34,407

11,004
11,376

10,639
10,826

11 ,863
1? ?05

3,597
3,740

52
52

1962

T
II
Ill
IV

TTP
IIIP

1
2

. . . .

17 147
18 J 5Q1
00 ,3?0

Includes loans held by nondeposit trust cos., but not bank trust depts.
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




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.

1580

REAL ESTATE CREDIT

DECEMBER 1964

MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
Loans outstanding (end of period)

Loans acquired

Nonfarm

Nonfarm
Period
Total
Total

FHAinsured

Farm

VAguaranteed

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
6,023

552
619
866

44,203
46,902
50,544

41,033
43,502
46,752

49
52
54
69

505
519
442
907

66
56
58
88

49,260
49,536
49,813
50,543

61
54
53
58
60
51
56
56
57

436
421
All
515
465
575
578
528
592

107
90
127
102
85
85
76
66
65

50,828
51,126
51,441
51,806
52,117
52,466
52,832
53,173
53,560

5,230
5,277
5,970
6,086

4 823
4,839
5,472
5,622

653
1,301
1,549
1,401

831
195
201
291

3 339
3,343
3,722
3,930

1961
1962
1963

6,785
7,478
9,172

6,233
6,859
8,306

1,388
1,355
1,605

220
469
678

760
774
680
1,236

694
718
622
1,148

140
147
126
172

745
705
800
808
737
863
861
805
875

638
615
673
706
652
778
785
739
810

141
140
143
133
127
152
151
155
161

1964

.

Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

. . .

i 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.

FHAinsured

5,529
5,860

1957
1958
1959
I960

r

Total

6,442
6,636

976

Sept
Oct
Nov
Dec

Total

Other i

1941
1945

1963

1

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

6,553
6,395
6,401

24,815
26 931
29,595

3,170
3,400
3,792

45,547
45,799
46,057
46,753

10,605
10,658
10,711
10,790

6,402
6,393
6,395
6,411

28,540
28,748
28 951
29,552

3,713
3,737
3,756
3,790

47,010
47 271
47,523
47,824
48,085
48,384
48,709
49,014
49,367

10,857
10,923
10,982
11,032
11,076
11,116
11,165
11,227
11,296

6,418
6 423
6,420
6,425
6,433
6,422
6,413
6,410
6,404

29,735
29 925
30,121
30,367
30 576
30,846
31,131
31 377
31,667

3,818
3,855
3,918
3,982
4,032
4,082
4,123
4,159
4,193

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)

Loans outstanding (end of period)

Loans m a d e
Period
Total i

New
construction

Home
purchase

Total 2

FHAinsured

VAguaranteed

Conventional

Total

N.S.A.

Savings &
loan
assns.

Insurance
companies

Commercial
banks

1941..
1945..

4,732
5,650

1,490
2,017

404
250

1,165
1,097

1957..
1958..
1959..
I960..

24,244
27,388
32,235
29,341

9,217
10,516
13.094
12;i58

,472
,460
,523
,318

4,264
5,204
5,832
4,520

31,157
34,187
36,925

13,662
15,144
16,716

,160
,212
,339

4,997
5,851
6,354

3,121
3,183
3,213
3,189
3,134
3,149
3,059

3,177
3,515
3,525
3,177
3,534
2,880
2,987

,468
,606
,611
,442
,594
,271
,322

119
127
123
116
125
103
110

551
595
612
546
616
495
504

181
218
212
190
206
184
166

3,081
3,029
3,034
3,008
3,096

2,758
2,575
2,935
3,089
3,090
3,388

,170
,128
,290
,350
,349
1,485

103
90
102
109
116
126

483
465
540
567
560
607

145
129
140
154
176
197

S.A. 2

2

1941
1945

1 379
1,913

-137
181

581
1,358

4 578
5,376

1957
1958
1959
I960

10,160
12,182
15,151
14,304

3 484
4 oso
5 901
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
7,077
7,186
7,222

17,364
20,754
24,734

5 081
5 979
7 038

7,207 68,834
8,524 78,770
9,920 90,849

4,167
4,476
4,685

7,152 57,515
7,010 67,284
6,960 79,204

1961.
1962.
1963.

2,387
1,856
2,118

685
50?
620

977
757
lie

89,051
89,857
90,849

4,679
4,683
4,685

7,028 77,344
6,980 78,194
6,960 79,204

June
July
Aug
Sept

1,716
1,712
2,071
2 081
2,145
2,394
2,363
2,164
2,048
2,044

434
474
6?1
579
597
6?4
635
537
498
523

696
674
784
831
881
1,054
1,037
1,025
970
898

91,453
92,163
93,069
93,978
94,971
96,067
97,111
98,059
98,895
99,730

4,705
4,705
4,710
4,714
4,723
4,737
4,752
4,761
4,785
4,806

6,931
6,902
6,879
6,855
6,821
6,790
6,770
6,743
6,722
6,704

1961
1962
1963

. .

31,353
36,344
42,960
49,324

1963

1963
Oct
Nov
Dec

Oct

1964
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.P

....

79,817
80,556
81,480
82,409
83,427
84,540
85,589
86,555
87,388
88,220

1
Includes loans for repairs, additions and alterations, refinancing, etc.,
not shown separately.
2 Beginning with 1958 includes shares pledged against mortgage loans.

NOTE.—Federal Home Loan Bank Board data.




By type of lender (N.S.A.)

Nov
Dec
1964
Jan
Feb
Mar
Apr
May
June
1

Includes amounts for other lenders, not shown separately.
Three-month moving average, seasonally adjusted by Federal R e serve.
2

NOTE.—Federal H o m e Loan Bank Board data.

DECEMBER 1964

1581

REAL ESTATE CREDIT

GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE

MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- to 4-FAMILY PROPERTIES

(In millions of dollars)

(In billions of dollars)
FHA-insured

VA -guaranteed

Mortgages
Period
Total

665

257

217

Total

Existing
homes

20

171

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

6,293
6,546
7,184
. . 7,216

2,197
1,783
1,849
1,664

2,403
2,982
3,421
3,905

711
926
1,079
843

982
855
834
804

1,985
1,829
2,652
3,045

1,554
1,170
1,357
1,272

428
656
1,292
1,770

Oct
Nov
Dec

734
577
601

160
127
142

407
317
345

88
55
63

79
78
52

316
258
255

119
100
106

196
158
149

Jan
Feb
Mar
Apr
M^ay
June
July

666
534
600
646
570
711
782
740
720
790

162
126
126
117
105
128
141
137
138
159

381
314
357
367
352
442
476
468
467
491

62
48
59
119
68
67
108
68
66
81

61
46
58
43
46
73
57
67
49
58

268
201
208
206
192
233
251
246
270
271

114
81
84
81
71
76
81
78
85
93

153
120
124
125
121
157
171
167
185
178

. . .

1960
1961
1962
1963

Sept
Oct

^TMonthly 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.

ConvenFHA- VA- tional
Total
inguarsured anteed

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

1960
1961
1962
1963P

141.3
153.1
166.5
182.2

56.4
59.1
62.0
65.5

26.7
29.5
32.3
35.0

29.7 84.8
29.6 93.9
29.7 104.5
30.5 116.7

1962—III
IV

162.9
166.5

61.0
62.0

31.5
32.3

29.5 101.9
29.7 104.5

169.2
173.7
nip.".'!.'.' 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

66.3
66.8
67.9

35.7
36.3
37.4

30.6 118.9
30.5 122.7
30.5 126.2

192

3,461
3,715
6,349
7,694

1956
1957
1958
1959

1964

Existing
homes

Total 3
improveNew
ments 2
homes

End of
period

1945

1945

1963

New
homes

Projects i

Governmentunderwritten

Mortgages

Prop-

1963—IP

1964—IP

185.2
189.6
194.0

UP
IIIP

106.4
110.2
113.9
116.7

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.

2

FEDERAL NATIONAL MORTGAGE ASSOCIATION
(In millions of dollars)
Mortgage holdings
End of
period

ACTIVITY

(In millions of dollars)

Mortgage
transactions
(during
period)

Commitments
undisbursed

Total

FHAinsured

VAguaranteed

1956
1957
1958
1959

3,047
3,974
3,901
5,531

978

1,237
1,483
2,546

2,069
2,737
2,418
2,985

1960
1961
1962
1963

6,159
6,093
5,923
4,650

3,356
3,490
3,571
3,017

2,803
2,603
2,353
1,634

1,248
815
740
290

1,114

576
631
355
191

4,702
4,677
4,650

3,033
3,021
3,017

1.669
,656
,634

23
15
24

5
7
19

190
196
191

4,624
4,613
4,598
4,572
4,565
4,539
. . 4,516
4,477
4,453
4,440

3,006
3,011
3,016
3,015
3,027
3,025
3,033
3,008
2,998
2,997

,618
,603
,582
,557
,538
,514
,482
,469
,455
,443

21
24
27
38
44
36
41
44
34
36

11
4
11
31
21
21
30
43
24
14

189
188
192
204
202
199
222
230
245
260

1963 Oct
Nov

Dec
1964 Jan
Feb
Mar
Apr

May
June
July
Aug
Sept
Oct

Purchases

Sales

609

5
3
482
5

1,096
623

1,907

357
541
498

360
764

1,541
568

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.




FEDERAL HOME LOAN BANKS

Period

Advances

Repayments

Advances outstanding
(end of period)
Total

Shortterm i

Longterm 2

Members
deposits

1945

278

213

195

176

19

46

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

1960
1961
1962
1963

1,943
2,882
4,111
5,601

2,097
2,200
3,294
4,296

1,981
2,662
3,479
4,784

1,089
1,447
2,005
2,863

892
1,216
1,474
1,921

938
1,180
1,213
1,151

1963—Nov
Dec

363
754

299
259

4,290
4,784

2,611
2,863

1,679
1,921

978
1,151

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

467
225
339
573
352
703
584
369
382
401
379

837
424
387
296
401
329
590
351
327
441
392

4,414
4,216
4,168
4,444
4,395
4,769
4,763
4,781
4,837
4,797
4,784

2,653
2,500
2,406
2,463
2,438
2,674
2,699
2,662
2,635
2,605
2,572

1,762
1,716
1,763
1,982
,957
1,095
2,064
l,\\9
1,202
l,\92

944
943
977
957
990
1,153
936
926
989
C
978
789

1

2,212

Secured or unsecured loans maturing in 1 year or less.
Secured loans, amortized quarterly, having maturities of more than
1 year but not more than 10 years.
2

NOTE.—Federal Home Loan Bank Board data.

1582

CONSUMER CREDIT

DECEMBER 1964
TOTAL CREDIT
n millions of dollars)
Noninstalment

Instalment
Total

End of period

Total

Automobile
paper

Other
consumer
goods
paper

Repair
and modernization
loans 1

Personal
loans

Total

Singlepayment
loans

Charge
accounts

Service
credit

1939
1941
1945

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

1956
1957
1958
1959

42,334
44,970
45,129
51,542

31,720
33,867
33,642
39,245

14,420
15,340
14,152
16,420

8,606
8,844
9,028
10,630

1,905
2,101
2,346
2,809

6,789
7,582
8,116
9,386

10,614
11,103
11,487
12,297

3,253
3,364
3,627
4,129

4,995
5,146
5,060
5,104

2,366
2,593
2,800
3,064

I960
1961
1962
1963

56,028
57,678
63,164
69,890

42,832
43,527
48,034
53,745

17,688
17,223
19,540
22,199

11,525
11,857
12,605
13,766

3,139
3,191
3,246
3,389

10,480
11,256
12,643
14,391

13,196
14,151
15,130
16,145

4,507
5,136
5,456
5,959

5,329
5,324
5,684
5,871

3,360
3,691
3,990
4,315

1963—Oct
Nov
Dec

67,088
67,746
69,890

52,257
52,695
53,745

21,971
22,107
22,199

12,845
13,046
13,766

3,400
3,407
3,389

14,041
14,135
14,391

14,831
15,051
16,145

5,830
5,894
5,959

4,898
4,999
5,871

4,103
4,158
4,315

1964—Jan
Feb
Mar

69,203
68,786
68,913
69,816
70,945
71,907
72,456
73 069
73,495
73,928

53,597
53,552
53,795
54,382
55,120
55,914
56,496
57,055
57,446
57,826

22,189
22,271
22,471
22,830
23,255
23,702
24,024
24,251
24,295
24,423

13,638
13,467
13,451
13,476
13,599
13,730
13,813
13,923
14.046
14,222

3,354
3,335
3,321
3,328
3,364
3,395
3,426
3,466
3,493
3,509

14,416
14,479
14,552
14,748
14,902
15,087
15,233
15,415
15,612
15,672

15,606
15,234
15,118
15,434
15,825
15,993
15,960
16,014
16,049
16,102

5,900
5,958
6,002
6,048
6,206
6,233
6,218
6,299
6,354
6,333

5,339
4,805
4,634
4,833
5,099
5,238
5,240
5,231
5,223
5,352

4,367
4,471
4,482
4,553
4,520
4,522
4,502
4,484
4,472
4,417

Apr
May
July
Aug
Sept
Oct

. . .

.

1 Holdings of financial institutions; holdings of retail outlets are included in "other consumer goods paper."
NOTE.—Consumer credit estimates cover 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)
Financial institutions
End of period

Total
Total

Commercial
banks

Sales
finance
cos.

ConCredit
sumer
unions finance

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

1956
1957
1958
1959

31,720
33,867
33,642
39,245

26,977
29,200
28,659
33,570

11,777
12,843
12,780
15,227

9,117
9,609
8,844
10,319

2,014
2,429
2,668
3,280

I960
1961
1962
1963

42,832
43,527
48,034
53,745

37,218
37,935
41,782
46,992

16,672
17,008
19,005
21,610

11,472
11,273
12,194
13,523

1963—Oct
Nov
Dec

52,257
52,695
53,745

46,161
46,462
46,992

21,391
21,486
21,610

53,597
53,552
53,795
54,382
55,120
55,914
56,496
57,055
. . 57,446
57,826

47,300
47,454
47,653
48,191
48,824
49,543
50,082
50,583
50,937
51,220

21,630
21,799
21,919
22,224
22,559
22,907
23,176
23,389
23,527
23,663

1939
1941
1945

1964

.

Jan....
Feb
Mar
Apr
May
June
July
Aug
SeDt
Oct

.

.

1

Other i

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

2,940
3,124
3,085
3,337

1,129
1 195
,282
,407

4,743
4,668
4,983
5,676

1,408
1,393
1,882
2,292

1.187
1,210
1,128
U225

377
361
292
310

502
478
506
481

1 269
1,226
1,175
1,368

3,923
4,330
4,902
5,622

3,670
3,799
4,131
4,590

,481
1,525
,550
1,647

5,615
5,595
6,252
6,753

2,414
2,421
3,013
3,427

1,107
1,058
1,073
1,086

333
293
294
287

359
342
345
328

1,402
1,481
1,527
1,625

13,187
13,302
13,523

5,529
5,569
5,622

4,425
4,461
4,590

L629
,644
1,647

6,096
6,233
6,753

3,077
3,172
3,427

1,015
1,032
1,086

280
282
287

325
326
328

1,399
1,421
1,625

13,840
13,788
13,802
13,893
14,027
14,228
14,359
14,475
14,553
14,625

5,584
5,607
5,668
5,776
5,889
6,014
6,109
6,204
6,283
6,334

4,592
4,595
4,597
4,628
4,657
4,701
4,748
4,797
4,845
4,870

1,654
1,665
1,667
,670
1,692
1,693
1,690
1,718
729
L,728

6,297
6,098
6,142
6,191
6,296
6,371
6,414
6,472
6,509
6,606

3,063
2,949
3,044
3,106
3,182
3,231
3,267
3 332
3,371
3,444

1,065
1,047
1,022
1,013
1,020
1,028
i fm
1 044
1,048
1,062

281
278
273
272
271

328
330
334
340
348
355
360
363
365
367

1,560
1,494
1,469
1,460
1,475
1,486
1,477
1,460
1,450
1,457

1 Consumer finance cos. included with "other** financial institutions
until Sept. 1950.
2 Includes mail-order houses.




Retail outlets

271

273
273
275
276

3 Automobile paper only; other instalment credit held by automobile
dealers is included with "other" retail outlets.
See also NOTE to table above.

DECEMBER 1964

1583

CONSUMER CREDIT

INSTALMENT CREDIT HELD BY COMMERCIAL BANKS

INSTALMENT CREDIT HELD BY SALES FINANCE COMPAN1ES

(In millions of dollars)

(In millions of dollars)

Automobile
paper
End of period

Purchased

Direct

Other
consumer
goods
paper

Total

Repair
and
modernization
loans

Personal
loans

1939,
1941
1945

1,079
1,726
745

237
447
66

178
338
143

166
309
114

135
161
110

363
471
312

1956
1957
1958
1959

11,777
12,843
12,780
15,227

3,651
4 130
4,014
4,827

2,075
2,225
2,170
2,525

2,464
2,557
2,269
2,640

1,469
1,580
1,715
2,039

2,118
2,351
2,612
3,196

I960
1961
1962
1963

16,672
17,008
19,005
21,610

5,316
5 391
6,184
7,246

2,820
2,860
3,451
4,003

2,759
2,761
2,824
3,123

2,200
2,198
2,261
2,361

3,577
3,798
4,285
4,877

21,391
21,486
21,610

7,177
7 218
7,246

3,951
3,984
4,003

3,073
3,084
3,123

2,370
2,373
2,361

4,820
4,827
4,877

21,630
21,799
21,919
22,224
22,559
22,907
23,176
23,389
23 527
23,663

7,246
7,275
7,364
7 501
7,673
7,854
7 979
8,090
8 143
8,233

4,016
4,052
4,102
4,172
4,255
4,323
4,371
4,389
4.390
4,396

3,134
3,226
3,195
3,185
3,192
3,205
3,234
3,244
3,255
3,273

2,333
2,316
2,303
2,308
2,331
2,355
2,380
2,405
2,422
2,437

4,901
4,930
4,955
5,058
5,108
5,170
5,212
5,261
5,317
5,324

1963

Oct
Nov
Dec

1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

.

..

Other
consumer
goods
paper

1 197
1,797
300

878
1,363
164

115
167
24

148
201
58

56
66
54

9,117
9,609
8,844
10,319

7,238
7,393
6,310
7,187

1,277
1,509
1,717
2,114

32
31
36
72

570
676
781
946

I960
1961
1962
1963

11,472
11,273
12,194
13,523

7,528
6,811
7,449
8,228

2,739
3,100
3,123
3,383

139
161
170
158

,066
,201
,452
,754

1963—Oct
Nov
Dec

13,187
13,302
13,523

8,163
8,210
8,228

3,186
3,233
3,383

161
160
158

,677
,699
,754

1964—Jan
Feb
Mar
Apr
May
June

13,840
13,788
13,802
13,893
14,027
14,228
14,359
14,475
14,553
14,625

8,220
8,227
8,265
8,371
8,489
8,633
8,741
8,799
8,764
8,773

3,701
3,635
3,603
3,580
3,583
3,615
3,614
3,643
3,706
3,754

156
154
152
151
149
150
149
149
148
146

1,763
1,772
[,782
1,791
1,806
1,830
1,855
1,884
1,935
952

1939
1941
1945
1956
1957
1958
1959

.

July
A u g . . . .

Sept
Oct

INSTALMENT CREDIT HELD BY OTHER
FINANCIAL INSTITUTIONS

NONINSTALMENT CREDIT
(In millions of dollars)

(In millions of dollars)

End of period

Total

Other
consumer
goods
paper

Repair
and
modernization
loans

Personal
loans

1939
1941
1945

789
957

731

81
122
54

24
36
20

15
14
14

669
785
643

1956
1957
1958
1959

6,083
6,748
7,035
8,024

954
1,114
1,152
1,400

624
588
565
681

404
490
595
698

4,101
4,555
4,723
5,244

I960
1961
1962
1963

9,074
9,654
10,583
11,859

1,665
1,819
2,111
2,394

771
743
751
835

800
832
815
870

5,837
6,257
6,906
7,760

1963—Oct.
Nov
Dec

11,583
11 674
11,859

2,355
2,369
2,394

815
822
835

869
874
870

7,544
7,609
7,760

1964—Jan
Feb
Mar
Apr
May
June
July

11,830
11,867
11,932
12,074
12,238
12,408
12,547
12,719
12 857
12,932

2,379
2,387
2,406
2,446
2,490
2,537
2,573
2,610
2 633
2,654

834
838
845
860
876
894
911
927
941
956

865
865
866
869
884
890
897
912
923
926

7,752
7,777
7,815
7,899
7,988
8,087
8,166
8,270
8,360
8,396

Aug

Set>t
Oct

Singlepayment
loans




Charge accounts

Service
Other Decredit
finan- partOther Credit
cial
retail cards 2
ment
insti1 outlets
tutions stores

End of period

Total

1939
1941
1945

2,719
3,087
3,203

625
693
674

162
152
72

236
275
290

1,178
1,370
1,322

1956
1957
1958
1959

10,614
11,103
11,487
12,297

2,843
2,937
3,156
3,582

410
427
471
547

893
876
907
958

3,842
3,953
3,808
3,753

260
317
345
393

2,366
2,593
2,800
3,064

1960
1961
1962
1963

13,196
14,151
15,130
16,145

3,884
4,413
4,690
5,047

623
723
766
912

941
948
927
895

3,952
3,907
4,456

436
469
505
520

3,360
3,691
3,990
4,315

1963—Oct...
Nov..
Dec...

14,831
15,051
16,145

4,952
4,987
5,047

878
907
912

639
667
895

3,743
3,817
4,456

516
515
520

4,103
4,158
4,315

15,606
15,234
15,118
15,434
May!.' 15,825
June.. 15,993
July... 15,960
Aug... 16,014
Sept... 16,049
Oct.... 16,102

4,991
5,036
5,076
5,152
5,230
5,313
5,329
5,335
5,361
5,361

909
922
926
896
976
920
889
964
993
972

782
655
614
610
626
610
576
588
624
660

4,014
3,590
3,485
3,667
3,910
4,028
4,008
3,960
3,928
4,055

543
560
535
556
563
600
656
683
671
637

4,367
4,471
4,482
4,553
4,520
4,522
4,502
4,484
4,472
4,417

1964—Jan...
Feb...
Mar..

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.

Personal
loans

See NOTE to first table on previous page.
See NOTE to first table on previous page.

Automobile
paper

Repair
and
modernization
loans

Automobile
paper

Total

End of period

1
2

Commercial
banks

A,252

518
597
845

Includes mail-order houses.
Service station and misc. credit-card accounts and home-heating
oil accounts.
See NOTE to first table on previous page.

1584

CONSUMER CREDIT

DECEMBER 1964

INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
(In millions of dollars)
Total

Automobile paper

Other consumer
goods paper

Repair and
modernization loans

Personal loans

Period
S.A.I

N.S.A.

S.A.1

N.S.A.

S.A.1

N.S.A.

S.A.1

N.S.A.

••••••••••

1,582
1,674
1,871
2,222

S.A.i

N.S.A.

•••••••••

11,051
12,069
12,275
14,070

Extensions
1956
1957
1958
1959

39,868
42,016
40,119
48,052

15,515
16,465
14,226
17,779

11,721
11,807
11,747
13,982

1960
1961
1962
1963

49,560
48,396
55,126
60,822

17,654
16,007
19,796
22,013

14,470
14,578
15,685
17,007

15,223
15,744
17,594
19,624

2,213
2,068
2,051
2,178

1963—Oct
Nov
Dec

5,311
4,979
5,272

5,487
4,981
5,974

1.910
1,792
1,914

2-040
I 734
1,767

1.457
1,432
1,523

1.547
1,517
2,094

188
168
172

205
169
154

1.756
1,587
1,663

1.695
,561
1,959

1964—Jan
Feb
Mar
Apr
May

5,276
5,421
5,480
5,371
5,552
5,399
5,541
5,529
5,617
5,507

4,784
4 552
5,322
5,578
5,584
5,949
5,747
5,519
5,393
5,552

1,888
I 953
I 942
1,961
2,023
1,962

1,689
I 686

1,493
I 578
I 665
1,544
1,589
1,537

1,380
1,212
1,488
1,495
1,547
1,632
1,543
1,540
1,592
1,657

185
186
179
174
187
183
189
186
186
180

141
142
163
178
205
208
208
210
200
191

1,710
1,704
1,694
1,692
1,753
1,717
1,810
1,756
1,819
1,821

1,574
1,512
1,688
1,778
1,695
1,864
1,830
1,785
,771
,705

July
Sept
Oct

1 QQfi

2*017
2,024
1,924

2,127
2,137
2,245
2,166
1 984
1,830
1,999

1,546
1 570
1,588
1,582

Repayments
1956
1957
1958
1959

37,054
39,868
40,344
42 603

14,555
15,545
15,415
15 579

10,756
11,569
11,563
12 402

1,370
1,477
1,626
1 765

10,373
11,276
11,741
12,857

1960
1961
1962
1963

45,972
47,700
50,620
55,111

16,384
16,472
17,478
19,354

13,574
14,246
14,939
15,846

1,883
2,015
1,996
2,035

14,130
14,967
16,206
17,876

1963—Oct
Nov
Dec

4,780
4,596
4,812

4,948
4,543
4,924

1.676
1,638
1,707

1-794
1,598
1,675

1-362
1,324
1,384

1.404
1,316
1,374

170
167
177

182
162
172

1.572
1,467
1,544

1.568
1,467
1,703

1964—Jan
Feb
Mar
Apr
May

4,848
4,842
4,956
4,959
5,059
5,029
5,058
5,094
5,104
5,097

4,932
4,597
5,079
4,991
4,846
5,155
5,165
4,960
5,002
5,172

1,684
1,716
1,735
1,759
1,776
1,768
1,781
1.789
1,802
1,788

,699
1,604
1,783
1,768
1,712
1,798
1,844
I 757
1,786
.871

1,441
1,395
1,468
1,453
1,483
1,486
1,448
1 496
1,491

1,508
1,383
1,504
1,470
1,424
1,501
1,460
1 430
1,469
1.481

176
171
174
172
175
170

176

1,547
1,560
1,579
1,575
1,625
1,605
1,658
I.6T7
1^639
1,686

1,549
1,449
1,615
1,582
1,541
1,679
1,684
1,603
1,574
1.645

July
Aug
Sept
Oct

456

171
172
172
167

161
177
171

169
177
177
170
173
175

Net change of credit outstanding2
1956
1957
1958
1959

.

I960
1961
1962
1963

. .

2,814
2 148
-225
5 601
3,588
696
4.506
5,711

— 1,189
2 268

965
238
184
1 602

212
197
245
463

678
793
534
1,269

1 270
-465
2 318
2 659

896
332
746
1,161

330
53
55
143

1,093
777
1 388
1,748

960
920

1963—Oct
Nov
Dec

531
383
460

539
438
1,050

234
154
207

246
136
92

95
108
139

143
201
720

18
1
-5

23
7
-18

184
120
119

127
94
256

1964—Jan
Feb
Mar
Apr
May

428
579
524
412
493
370
483
435

-148
-45
243
587
738
794
582
559
391

204
237
207
202
247
194

-10
82
200
359
425
447
322
227
44

-35
-19
-14
7
36
31

163
144
115
117
128
112
152
119
180
135

25
63
73
196
154
185

136

— 128
— 171
-16
25
123
131
83
110
123
176

9
15
5
2
12
13

380

52
183
197
91
106
51
98
74
97
126

July
Aug
Sept
Oct

.. .

511
410

215

228
222

128

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




18

31

14
14

40
27

13

16

146

182
197
60

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.

DECEMBER 1964

CONSUMER CREDIT

1585

INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions of dollars)
Total

Commercial banks

Period
S.A.1

N.S.A.

S.A.1

N.S A.

Sales finance
companies
S.A.1

Other financial
institutions

N.S.A.

S.A.1

N.S.A.

Retail outlets
S.A.1

N.S.A.

Extensions
1956
1957
1958
1959

39,868
42,016
40 It9
48,052

14,463
15,355
14,860
17,976

9,619
10,250
9,043
11,196

9,148
9,915
9,654
10,940

6,638
6,495
6,563
7,940

1960
1961
1962
1963.

49,560
48,396
55,126
60,822

18,269
17,711
20,474
22,871

11,456
10,667
11,999
12,664

12,073
12,282
13,525
14,894

7,762
7,736
9,128
10,393

1963— Oct
Nov
Dec

5,311
4,979
5,272

5,487
4,981
5,974

2,000
1,877
1,963

2 061
1 766
1,889

1 in
1 030
1,134

J 1Q4

J HI
l'l98
1,252

J ill

013
1,192

1964-Jan
Feb
Mar
Apr
May
June
July

5,276
5,421
5,480
5,371
5,552
5,399
5,541
5,529
5,617
5,507

4,784
4,552
5,322
5,578
5,584
5,949
5,747
5,519
5,393
5,552

1,928
2,043
2,006
1,981
2,075
2,004
2,065
2,084
2,104
2,030

1,825
1,786
2 011
2,158
2,144
2,247
2,199
2,063
1,989
2,044

1,125
1,187
1,209
1,160
1,196
1,174
1,158
1,157

I 020
980
[ 166
1,201
1,194
1,324
1,242
1,172
1,142
,192

1,312
1,283
I 292
1,309
1,350
1,321
1,397
1,355
1,405
1,402

1,157
1,122
1,290
1,347
1,338
1,453
,426

Aue

Sept
Oct

•

1 1Q1

1,156

213
1,476

1,382
1,348
1,319

845
874
923

921
989
1,417

911
908
973
921
931
900
921
933
917
919

782
664
855
872
908
925
880
902
914
997

Repayments
1956
1957
1958
1959

37,054
39,868
40,344
42,603

13,362
14,360
14,647
15,560

8,949
9,759
9,842
9,742

8,415
9,250
9,365
10,020

6,328
6,499
6,490
7,281

1960
1961
1962
1963

45,972
47,700
50,620
55,111

16,832
18,294
18,468
20,266

10,442
10,943
11,434
12,211

11,022
11,715
12,593
13,618

7,676
6,749
8,125
9,016

1963—Oct
Nov
Dec

4 780
4 596
4,812

4,948
4,543
4,924

J 737
1.734
1,802

1 S15
I 671
1,765

1,054
983
1,039

1,129
959
1,066

1964- Jan
Feb
Mar

4.848
4,842
4,956
4,959
5.059
5,029
5,058
5,094
5,104
5,097

4,932
4,597
5,079
4,991
4,846
5,155
5,165
4,960
5,002
5,172

1,768
1,793
1,843
1,833
1,876
1,845
1,857
,889
1,860
1,868

1.805
I 703
,891
1,853
1.809
1,899
1,930
L,85O
1,851
1,908

1 07fi
1,094
1,084
1,097
1,114
1,102
1,097
1,087
1,118
1,071

1 n*n
l'032
1,152
1,110
1,060
1,123
1,111

Apr

May
July
Aug.
Sept
Oct

056

l!097
1,120

1,116
1,167

1,122
1,291

780
763
804

807
791
802

1,184
1,173
1,201
1,197
1,234
1,223
1,267
1,237
1 766
1,284

1,186
1,085
1,225
1,205
1,174
1,283
1.287
U210
1,210
1,244

820
782
828
832
835
859
837
881
860
874

891
777
811
823
803
850
837
844
844
900

J.1Q7

Net change in credit outstanding 2
1956
1957
1958
1959

2 814
2,148
—225
5,601

1 176
1,066
-63
2 447

670

733

491
—765
1 475

665
289
986

235
-75
315
693

I960
1961
1962
1963

3,588
696
4,506
5,711

1,446
335
1,997
2 605

1,152
— 199
921
1 329

1,051
578
932
1,276

-61
-20
656
501

1963—Oct
Nov
Dec

531
383
460

539
438
1,050

263
143
161

246
95
124

110
108
190

114
115
221

142
82
85

114
91
185

16
50
24

65
137
520

1964—Jan
Feb
Mar.
Apr
May
June
July
Aug
Sept
Oct

428
579
524
412
493
370
483
435
513
410

— 148
—45
243
587
738
794
582
559
391
380

160
336
163
148
199
159
208
195
244
162

20
169
120
305
335
348
269
213

396
93
125
63
82
72
61
70

3!7
-52

138
136

106

78
72

128
110
91
112
116
98
130
118
139
118

-29
37
65
142
164
170
139
172
138
75

—256
40
145
89
96
41
84
52
24
45

-456
-199
44
49
105
75
43
58
37
97

1 Includes adjustment for differences in trading days.
2
Net changes in credit outstanding are equal to extensions less repayments except: (1) in 1959, when the differences do not reflect the introduction of outstanding balances for Alaska and Hawaii, and (2) in certain
months when data for extensions and repayments have been adjusted to
eliminate duplication resulting from large transfers of paper. In those




85

14

91
134
201
131
116

months the differences between extensions and repayments for some
particular holders do not equal the changes in their outstanding credit.
Such transfers do not affect total instalment credit extended, repaid, or
outstanding.
See also NOTE to previous table.

1586

INDUSTRIAL PRODUCTION: S.A.

DECEMBER 1964

MARKET GROUPINGS
(1957-59= 100)

Grouping

Total index.
Final products, total
Consumer goods
Equipment, including defense...
Materials

1957-59 1963
pro- averporage
tion

1963
Oct.

Nov.

1964
Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.r Sept.r Oct

100.00 124.3 126.1 126.1 127.0 127.7 128.2 129.0 130.5 131.3 131.6 132.9 133.8 134.0 131.7
47.35
32.31
15.04
52.65

124.9
125.2
124.2
123.7

127.2
127.4
127.0
125.5

121.0
126.9
127.1
125.7

128.0
128.0
128.1
125.9

128.5
128.9
127.9
126.7

128.1
128.8
127.1
128.1

128.7
128.8
128.8
129.3

130.6
130.8
130.7
130.6

131.1
131.0
131.3
131.3

131.7
131.5
132.0
131.8

132.3
132.1
132.7
133.6

133.3
133.1
133.6
134.7

132.5
132.0
133.7
135.7

130.7
129.3
133.6
132.5

Consumer goods
Automotive products
Autos
Auto parts and allied products

3.21 141.2 145.8 145.8 146.1 146.6 145.5 144.3 149.3 151.4 151.7 152.6 755.5 144.7 105.4
1.82 149.5 154.8 155.1 155.6 155.3 156.5 152.5 160.0 160.3 161.7 162.6 165.0 146.0 83.0
1.39 130.2 134.0 133.6 133.5 135.2 131.1 133.4 135.2 139.6 138.4 139.3 143.8 143.0 135.0

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
1.52
5.41

123.1
129.6
125.1
130.6
109.5
131.3
133.6
117.6

125.2
131.3
125.8
131.8
108.8
133.0
136.5
120.0

126.1
133.3
128.5
134.0
113.1
134.5
137.9
120.0

126.6
134.2
128.5
133.0
115.6
135.4
139.9
120.2

127.0
134.8
127.5
130.7
118.6
136.1
142.3
120.4

128.3
137.3
131.3
135.3
120.3
138.1
143.7
120.7

126.8
136.4
128.7
132.9
116.9
139.0
143.5
118.7

128.9
137.7
130.7
134.7
119.5
139.7
144.2
121.5

129.5
136.9
129.7
139.4
102.4
141.0
142.1
123.2

130.0
137.8
131.0
136.9
114.3
141.9
142.4
123.4

131.2
139.7
131.1
136.6
115.5
144.7
145.9
124.0

131.9
140.1
133.3
140.0
114.5
144.2
144.8
124.9

131.9
139.8
136.8
143.9
116.7
141.0
142.3
125.3

133.3
142.0
138.4
145.3
119.1
145.4
143.5

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

123.7
116.6
116.9
140.1
117.8
133.5
116.9
141.5
146.7

125.4
117.7
118.3
144.0
117.8
135.6
119.4
143.5
150.0

124.2
117.0
115.7
142.0
117.2
134.7
118.5
142.6
148.6

125.7
118.9
117.4
142.7
120.4
135.2
117.4
143.8
150.4

127.0
121.4
116.5
142.2
121.5
136.5
115.6
146.6
154.3

126.2
120.2
118.5
140.1
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
120.2
122.6
144.5
124.7
138.7
120.4
147.6
155.2

128.9
119.4
119.4
150.5
125.5
140.6
121.8
149.8
157.6

129 A
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
156.1
165.6

131.2
120.2

11.63
6.85
2.42
1.76
.61

128.3
123.0
142.4
132.2
121.6

131.8
126.6
141.2
139.2
130.8

132.0
127.4
139.0
139.7
134.5

132.9
128.6
140.2
139.9
131.6

132.9
128.9
141.6
137.0
131.2

'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

142.0
143.1
149.1
128.0
141.0

153.1
122.5
122.8

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....

26.73
3.43
7.84
9.17
6.29

121.2
137.2
125.4
116.3
114.3

122.3
139.6
127.8
118.6
110.8

122.6
141.3
127.5
119.0
111.6

122.6
142.9
128.8
118.9
113.5

123.0
141.9
129.2
119.6
117.6

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

135.7
153.1
137.1
125.8
128.7

128.6
113.0
137.8
123.6
132.2

Nondurable materials
Business supplies
Containers
General business supplies.
Nondurable materials n.e.c..

25.92
9.11
3.03
6.07
7.40

126.3
120.3
120.2
120.4
145.0

128.8
122.5
122.5
122.5
149.7

128.9
122.6
123.9
122.0
150.2

129.3
123.0
121.3
123.8
151.2

130.4
124.4
125.1
124.0
152.2

130.6
125.2
125.5
125.1
152.2

130.8
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

135.2 135.7
126.0
127.
125.6 125.7
127.8 126.2
160.2 162.8

136.5
128.7
131.6
127.2
161.7

9.41
6.07
2.86
2.32
1.03
1.21
.54

117.2
109.3
138.7
139.5
131.2
149.6

118.4
110.1
141.2
141.9
134.2
151.7

118.2
109.3
141.8
142.4
133.9
152.9

118.2
109.0
142.3
142.9
134.5
153.3

119.1
110.2
142.7
143.8
134.8
154.9

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

Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Commercial and other..
Gas

123.8 124.1
113.2 113.5
150.6
151.0
147.

159.2

Supplementary groups of
consumer goods
Automotive and home goods.
Apparel and staples
See NOTE on opposite page.




7.80 134.4 137.3 138.4 139.1 139.7 140.7 139.7 142.4 142.9 143.5 145.0 146.6 141.8 126.9
24.51 122.3 124.2 123.3 124.5 125.5 125.0 124.6 127.2 127.2 127.7 128.0 128.9 128.9 130.0

DECEMBER 1964

1587

INDUSTRIAL PRODUCTION: S.A.
INDUSTRY GROUPINGS
(1957-59= 100)

Grouping

1957-59 1963
proaverporage
tion

1963
Oct.

Nov.

1964
Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July I Aug. ri Sept.r | Oct.

100.00 124.3 126.1 126.1 127.0 127.7 128.2 129.0 130.5 131.3 131.6 132.9 133.8 134.0 131.7

Total index.

86.45
48.07
38.38
8.23
5.32

124.9
124.5
125.3
107.9
140.0

126.8
126.0
127.7
108.6
142.3

126.9
126.4
127.6
107.5
142.1

127.9
127.3
128.7
107.3
143.0

128.5
128,1
128.9
108,8
144.5

129,1
128.9
129.4
108.9
143.4

129.9
130.0
129.8
108.8
144.8

131.4
131.6
131.1
109.9
147.5

132.2
132.6
131.7
111.3
148.3

132.4
133.2
131.5
111.4
149.7

133.9
135.0
132.5!
110.9
151.4

134.5
135.7i
133.1!
111.9
154.5

134.7
135.1
134.1
112.0
153.2

132.1
129.9
134.9
112.2
154.0

Primary and fabricated metals
Primary metals
Iron and steel,,
Nonferrous metals and products.
Fabricated metal products
Structural metal parts

12 32
6 95
5 45
1.50
5.37
2,86

117.7
113.3
109.6
126.7
123.4
120.2

116.5
108.5
101.5
131.2
126.8
123.0

116.8
109.7
103.5
133.1
126,0
123.1

117.6
110.5
104.9
134.7
126.8
122.9

120.0
113.6
108,3
132.2
128.2
124.4

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
132.2i
133.0134.8,
131.0

133.6
133.0
129.1
139.4
134.4
131.7

131.9
133.0
130.6
138.1
130.4
128.3

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

128.7
129.2
126.9
132.3
127.0
146.1
109.5
130.2

131.1
131.7
131.3
132.2
130.0
149.8
111.8
132.5

131.5
132.8
132.1
133.7
129.6
149.8
111.1
131.9

132.8
133.9
133.5
134.4
131.3
151.9
112.2
132.7

132.9
134.7
135.2
134.0
130.8
151.9
111.1
132.2

132.3
133.6
132.9
134.5
131.1
153.0
110.8
133.6

133.2
135.9
136.7
134.9
130.1
151.1
110.6
134.2

135.2
137.5
138.1
136.8
133.0
156.2
112.0
134.7

135.9
138.5
139.6
137.0
134.1
157.4
112.8
134.6

137.1
140.1
141.9
137.7
134.9
158.3
113.4
134.8

138.0
141.9
143.6
139.7
134.3
158.6
111.7
136.4

138.
142.8
144.1
141."
135.3
160.9
111.5
137.4

137.8
144.1
145.0
142.9
130.9
150.1
112.7
138.6

129.3
145.9
147.7
143.6
105.2
95.9
111.0
137.7

Manufacturing, total.
Durable
Nondurable
Mining
Utilities
Durable manufactures

Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products

4.72 114.4 117.4 117.2 117.0 117.9 121.6 121.9 121.6 120.9 120.1 122.6 121.4 120.7 121.1
2.99 117.5 120.4 120.3 120.5 121.2 124.1 125.3 125.2 124.3 126.6 126.4 125.6 127.0 126.9
1.73 108.9 112.2 111.8 111.0 112.2 117.3 116.1 115.4 114.9 109.0 116.1 114.1 109.7 111.I

Furniture and miscellaneous..,
Furniture and fixtures
Miscellaneous manufactures.,

3.05 129.1 130.8 131.8 132.6 133.0 133.9 134.7 135.6 136.2 138.0 138.5 139.0 138.4 141.3
1.54 133.1 135.3 136.4 137.6 137.3 138.1 139.0 139.8 140.5 142.8 143.2 144.4 144.1 147.4
1.51 125.0 126.2 127.1 127.6 128.6 129.7 130.4 131.4 131.9 133.2 133.8 133.4 132.6 135.1

Nondurable manufactures
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products

7.60 118.5
2.90 116.9
3.59 125.6
1.11 99.8

120.7
119.3
127.3
102.9

121.3
120.5
128.5
100.0

121.3 120.7 122.4 121.7 121.6
119.4 118.8 119.8 118.9 119.4
129.1 129.4 131.7 131.8 130.5
101.2 97.8 99.3 96.3 98.4

123.5 122.9 124.9 126.0 126.6 127.8
119.3 119.2 121.5 123.5 125.8 127.3
132.8 133.8 134.4 135.1 135.5
104.7 97.3 103.5 103.1 100.3

Paper and printing
Paper and products
Printing and publishing.
Newspapers

8.17
3.43
4.74
1.53

120.1
125.1
116.4
108,0

121.7
127.0
117.9
111.9

121.7
127.3
117.7
113.2

123.9
127,6
121.3
119.2

123.4
128.7
119.5
113.9

124.5
129.1
121.2
114.5

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

128.0
132.8
124.5
120.0

127.9
132.8
124.3
118.3

128.4

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

141.8
148.6
162.7
117.1
140.0

146.2
153.5
168.3
119.0
145.0

146.0
153.6
169.3
118.5
144.3

146.3
154.5
171.4
116.6
144.3

146.4
154.7
173.1
116.0
145.0

146.9
154.5
173.3
119.1
145.3

147.4
155.2
174.9
119.7
145.1

149.5
157.0
176.7
120.8
149.4

150.0
156.7
173.7
122.0
152.2

152.1
159.6
176.3
122.1
153.4

152.3
158.7
177.1
124.6
155.2

153.6
160.8
178.7
121.2
158.2

156.7 157.2
164.6 165.0
184.2
120.4 123" t
162.4

Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products

11.07
10.25
8.64
1.61
.82

116.8
116.9
116.8
117.8
115.2

117.8
118.1
117.7
120.5
114.1

117.1
117.3
117.5
116.3
114.6

118.8
119.1
119.2
118.7
114.9

120.2
120.8
121.3
118.4
112.7

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

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
120.4
119.1
127.6
121.4

120.0 121.1
120.0 121.2
119.1 120.4
124.6
120.6

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

107.0
102.5
107.9
110.9
108.1
128.7
87.4

707.7
103.9
108.5
111.5
109.1
127.0
87.9

106.3
102.2
107.2
110.9
108.1
129.0
82.0

106.0
105.1
106.2
109.9
106.6
130.8
81.6

107.5
104.0
108.3
111.7
108.5
132.2
84.9

107.4
99.2
109.1
111.7
107.8
136.2
91.5

107.1
94.5
109.7
112.3
109.0
133.3
92.0

108.1
98.7
110.0
113.0
109.6
134.8
89.8

109.9
106.1
110.7
113.5
110.1
135.3
91.3

109.8
105.1
110.8
113.8
110.2
137.1
90.1

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

111.2
105.1
112.4
115.1
111.1

Metal, stone, and earth materials.,
Metal mining
Stone and earth minerals

1.43 112.2 112.8 113.1 113,2 114.7 116.4 117.0 118.5 117.9 119.2 114.9 117.7 116.1 118.4
.61 112.3 111.9 112.2 112.9 116.4 118.8 119.8 124.2 119.4 119.2 107.7 112.2 111.3 116.6
.82 112.1 113.5 113.8 113.4 113.5 114.7 115.0 114.3 116.8 119.2 120.2 121.7 119.6 119.7

135.9
123.0
115.9

128.6
137.0
122.5
112.7

Mining
110.9
109.2
111.2
114.5
111.0

'94.4

Utilities
Electric
Gas

4.04 142.6 145.4 145.0 146.1 148.3 146.5 148.3 151.3 152.3 153.6 155.5 159.3 157.2
1.28 131.9 132.5 132.9 133.3 133.9 134.6 135.2

NOTE.—Published groupings include some series and subtotals not
shown separately. A description and historical data are available in




Industrial Production 1957-59 Base. Figures for individual series and
subtotals (N.S.A.) are published in the monthly Business Indexes release.

1588

INDUSTRIAL PRODUCTION: N.S.A.

DECEMBER 1964

MARKET GROUPINGS
(1957-59= 100)
1957-59 1963
propor- average
tion

Grouping

1963
Oct.

Nov.

1964
Dec

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug. r Sept.' Oct.

100.00 124.3 129.9 127.0 124.7 125.7 128.3 129.0 131.7 132.3 133.9 127.6 132.9 136.5 135.2

Total index
Final products total

.

Consumer goods
E q u i p m e n t , including d e f e n s e . . . .
Materials

47.35
32 31
15.04
52.65

724.9
125.2
124.2
123.7

757.5
134.1
126.8
128.2

727.5
128.3
126.1
126.5

725.5
124.0
128.8
123.9

725.7
126.1
128.0
124.9

725.5
128.9
127.5
128.1

725.5
127.7
130.1
129.6

750.7
130.3
131.5
132.6

750.5
130.0
131.8
133.9

755.5
133.2
133.5
134.5

727.5
126.3
130.1
127.8

131.4
131.5
131.1
134.2

735.2
137.2
134.0
136.8

734.9
135.7
133.3
135.3

Consumer goods
3.21 141.2 160.7 750.5 754.2 151.9 154.4 752.7 752.5 750.5 752.7 131.1 59.5 739.7 114.1
1.82 149.5 177.2 181.5 172.7 165.4 172.2 167.8 182.4 176.3 180.3 130.1 46.2 132.9 95.4
1.39 130.2 138.9 132.8 129.9 134.1 130.9 131.4 136.4 139.8 139.4 132.4 146.7 147.2 138.8

Autos
Auto parts and allied products
Home goods and apparel
Home goods
Appliances, TV, and radios
Appliances
TV and home radios
Furniture and rugs
Miscellaneous home soods
Apparel, knit goods, and shoes

10 00
4 59
1.81
I 33
.47
1 26
1.52
5.41

725.7
129.6
125.1
130.6
109.5
131.3
133.6
117.6

757.9
140.2
135.8
135.9
135.5
139 3
146.1
124.8

727.5
138.7
135.8
137.4
131.2
138.1
142.7
117.6

777.5
132.9
123.4
134.8
91.3
139.7
138.5
104.6

727.5
129.5
124.7
126.0
121.0
133.1
132.1
115.0

752.9
137.4
138.7
144.6
122.2
135.8
137.2
129.1

729.5
138.6
137.8
147.5
110.2
137.3
140.6
122.3

750.5
138.3
135.9
144.9
110.5
137.2
142.0
123.9

729.5
135.6
130.0
141.6
97.4
135.6
142.1
124.4

757.2
140.5
136.8
145.3
112.9
140.2
145.2
123.4

720.0
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

135.4
147.4
144.1
147.3
134.8
147 1
151.6
125.3

739.7
149.9
145.2
142.4
153.1
152.2
153.5

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
I 47
3.67
I 20
2 46
1 72
74

725.7
116.6
116.9
140.1
117.8
133.5
116.9
141.5
146.7

750.P
130.5
124.2
146.9
119.4
127.6
116.4

725.5
119.9
109.4
142.4
117.2
128.1
117.7

722.2
115.2
101.2
139.8
120.9
138.6
120.2

124.1
113.5
102.3
141.1
120.3
150.1
120.5

722.5
111.1
107.4
139.7
122.8
144.0
119.9

722.5
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

725.0
114.1
131.0
144.6
123.7
130.5
116.3

729.2
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

737.2
129.4
136.1
152.4
124.8
148.4
122.3

737.9
135 2
124.9
154.1
124.7
144.7
120.4

737.2
134.5

11 63
6 85
2 42
1.76
61

725.5
123.0
142.4
132.2
121.6

131.2
125.8
143.6
139.2
120.3

750.7
125.6
140.7
136.9
118.7

752.5
129.4
142.6
135.0
125.8

752.5
129.2
141.7
132.9
131.8

132.4
127.3
139.4
139.2
142.0

755.9
132.0
139.7
141.9
147.3

757.5
133.9
140.4
146.4
147.3

735.5
135.8
140.2
148.2
140.5

141.2
138.8
144.1
147.0
139.9

737.7
137.1
142.8
136.2
115.8

735.7
139.2
145 8
136.2
111.9

142.2
141.7
149 8
139.0
125.9

141.4
142.2
151 6
128.0
129.7

26 73
3 43
7 84
9 17
6.29

727.2
137.2
125.4
116.3
114.3

725 4
143.1
127.4
125.1
113.5

725.5
145.5
127.6
118.8
112.5

727.7
150.0
130.7
110.6
108.5

727.7
146.9
130.4
108.0
114.5

725.5
146.5
130.8
113.3
124.5

727.4
146.2
131.8
116.0
128.2

757.2
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

727.7
135.2
129.7
129.5
118.5

132.6
140.3
131 6
134.5
126.8

136.4
153.1
135.7
133.3
132.6

131.8
115.8
137 4
130.4
135.4

25 92
9 11
3 03
6*07
7.40

726". 5
120 3
120 2
120.4
145.0

131.2
127.8
128,7
127 4
150.4

729.5
123.9
117.1
127.2
151.7

725.9
118.1
105.5
124.4
148.2

725.5
119.6
117.6
120.5
151.4

757.0
123.1
123.0
123.2
155.2

757.5
124.9
123.6
125.6
156.2

134.0
129.5
130.8
128.8
157.7

755.9
128.6
129.5
128.2
157.7

134.1
126.9
130 0
125.4
158.0

727.5
120.2
125.0
117.7
147.3

135.9
129.2
138 2
124.6
157.8

737.3
130.4
133 9
128.7
161.2

739.0
134.3
138 2
132.3
162.5

9 41
6 07
2 86
2 32
I 03
1 21
.54

117 2
109,3
138 7
139.5
131.2
149.6

119.3 118.4 118.6 119.9 119.6 119.3 119.8 120.4 122.2 119.8 125.2 125.1 125.1
110.8 110.6 110.6 112.1 112.6 111.4 111.6 111.0 111.0 104.6 111 3 112 0 114 2

i56.2
124.2

135.0 135.2 155.7 179.9 166.8 161.3 151.4 140.5 145.0 165.4 173.2 166.4

Equipment
Industrial equipment
Freight and passenger equipment. . .
Farm equipment

3.41
Materials
Consumer durable
Equipment
Construction
]Vtetal materials n e e

.

Business supplies
Containers
General business supplies
Nondurable materials n e e
Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Commercial and other
Gas

...

i44 6 139.7 i39.9 141.5 138.9 141.3 141.9 146.0 152.5 158.9 162 9 159 9
137.2 133.9 133.2 134.1 132.1 136.9 138.7 142 7 144 8 143 9 148 0 149 3
153.2 147.7 148.7 151.0 147.8 148.0 147.9 152.2 163.0 177.0 181.2 174.3

Supplementary groups of
consumer goods
Automotive and home goods
Apparel and staples
See NOTE on opposite page.




7 80 134.4 148 6 147.7 141.7 138.7 144.4 144.1 148.3 145.9 149.6 128.6 117.1 144.0 135.1
24.51 122.3 129.5 122.2 118.3 122.1 124.0 122.5 124.6 124.9 127.9 125.6 136.1 135.1 135.9

1589

INDUSTRIAL PRODUCTION: N.S.A.

DECEMBER 1964

INDUSTRY GROUPINGS
(1957-59= 100)
1957-59 1963
proaverporage
tion

Grouping

1963
Oct.

Nov.

1964
Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug. r Sept. r

Oct.

100.00 124.3 129.9 127.0 124.7 125.7 128.3 129.0 131.7 132.3 133.9 127.6 132.9 136.5 135.2

Total index

86.45
48.07
38.38
8.23
5.32

124.9
124.5
125.3
107.9
140.0

131.2
129.3
133.6
111.0

725.2
128.4
128.0
108.1

725.2
127.3
122.6
107.0

725.5
126.7
124.7
107.9

72P.7
129.5
128.5
108.3

730.0
131.3
128.4
107.6

733.0
134.1
131.7
109.8

733.7
134.8
132.3
111.7

735.2
136.4
133.6
112.6

727.9
128.8
126.7
107.0

733.7
129.6
137.4
113.0

737.5
136.8
138.2
113.4

735.3
132.6
140.9
114.7

Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals and products..
Fabricated metal products
Structural metal parts

72.32
6.95
5.45
1.50
5.37
2.86

777.7
113.3
109.6
126.7
123.4
120.2

775.5
109.6
103.0
133.8
130.6
126.7

777.5
110.8
104.5
133.6
126.8
124.9

775.5
107.2
102.3
125.3
126.2
124.1

77P.3
114.7
110.5
130.0
125.1
121.9

124.4
124.3
119.4
142.0
124.7
121.0

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. P
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

735.5
131.5
129.1
140.4
140.9
137.0

734.3
134.3
132.6
140.7
134.3
132.2

Machinery and related products
Machinery . .
.
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and p a r t s . . . . . . . .
Aircraft and other equipment....
Instruments and related products...

27.98
14.80
8.43
6.37
10.19
4.68
5.26
1.71
1.28

725.7
129.2
126.9
132.3
127.0
146.1
109.5
130.2

733.9
133.0
128.9
138.6
135.2
160.4
112.4
134.0

134.2
132.7
129.3
137.2
136.6
163.2
112.8
134.3

735.3
134.3
134.4
134.3
137.0
162.2
114.4
134.3

733.7
134.3
135.1
133.3
133.4
157.0
112.2
131.3

134.7
135.5
135.3
135.8
135.0
160.1
112.1
131.6

735.0
138.4
140.5
135.6
134.3
158.1
112.3
132.2

735.7
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

739.5
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

725.5
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

130.8
146.4
145.0
148.4
108.3
102.0
111.6
139.2

Manufacturing, total
Durable.

. . .

Nondurable
Mining
Utilities
Durable manufactures

Clay, glass, and lumber
Clay, glass, and stone products
Lumber and products

4.72 114.4 124.4 117.3 106.6 104.2 112.0 113.9 120.4 125.4 729.2 126.0 732.4 129.9 128.4
2.99 117.5 127.6 122.1 111.5 107.3 111.7 115.9 124.6 129.3 134.6 133.4 136.3 134.6 134.5
1.73 108.9 118.9 109.0 98.2 98.7 112.6 110.3 113.1 118.7 119.9 113.2 125.5 121.8 117.8

Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures

3.05 72P.7 137.7 735.2 133.9 727.5 72P.5 131.5 733.7 733.7 735.3 735.5 743.4 744.5 745.5
1.54 133.1 140.4 138.9 140.1 234.6 134.6 135.9 137 4 136.3 142.5 141.8 149.2 149 6 153.0
1.51 125.0 135.0 133.5 127.6 120.9 124.5 127.1 128.8 129.9 133.9 129.1 137.4 139.9 144.6

Nondurable manufactures
7.60 775.5 723.5 77P.5 70P.P 777.5 72P.5 124.7 724.7 725.2 725.7 773.0 737.4 725.4 737.7
2.90 116.9 119.3 119.3 112.8 116.4 122.8 123.1 121.2 124.7 124.6 110.3 126.6 126.4 127.3
3.59 125.6 133.0 126.6 112.3 124.9 142.2 133.1 135.7 135.5 133.8 121.6 141.9 134.1
1.11 99.8 105.5 98.0 94.4 97.3 106.2 102.1 98.4 100.0 98.3 92.6 109.8 101.8

Textiles apparel, and leather
Textile mill products
Apparel products
Leather and products

8.17
3.43
4.74
1.53

720.7
125.1
116.4
108.0

127.8
135.3
122.3
121.8

124.6
127.9
122.2
124.5

119.4
115.2
122.5
118.6

120.4
126.8
115.8
104.9

124.5
132.3
118.9
110.7

126.4
131.7
122.6
117.5

730.P
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

727.5
137.3
121.0
107.1

729.5
135.9
124.9
116.7

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

141.8
148.6
162.7
117.1
140.0

148.3
154.5
169.1
119.6
153.1

145.6
153.1
170.7
116.7
145.7

142.8
150.7
169.7
114.9
140.7

145.3
152.8
172.2
114.3
147.2

147.7
155.0
175.0
117.3
150.4

148.3
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

755.4
163.0
178.1
125.8
155.7

745.3
152.9
170.9
128.3
133.5

754.7
160.9
176.6
127.3
158.2

757.5 755.4
164.2 164.4
182.4
125.2
164.5

Foods beverages and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products

11.07
10.25
8.64
1.61
.82

775.5
116.9
116.8
117.8
115.2

72P.3
129.7
130.7
124.1
124.3

777.P
118.0
120.4
105.6
116.9

772.5
114.0
115.6
105.2
93.5

111.4
111.4
114.0
97.7
111.5

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

775.0
116.7
114.3
129.5
133.8

727.3
120.9
117.0
141.7
126.4

720.5
121.5
117.7
141.8
112.8

730.5
130.5
129.0
138.4
131.4

732.7 733.7
133.2 133.9
134.9 134.8
124.6
125.3

6.80
1.16
5.64
4.91
4.25
.66
.73

107.0
102.5
107.9
110.9
108.1
128.7
87.4

705.5
113.2
107.6
110.2
108.0
124.3
90.1

107.8
106.4
108.0
111.6
108.1
133.8
84.1

107.9
103.2
108.8
112.3
107.7
141.7
85.5

70P.5
101.9
111.4
114.5
110.1
143.0
90.4

770.7
100.4
112.1
115.4
111.0
144.0
89.3

108.6
95.3
111.4
115.2
111.2
140.5
85.3

705.7
99.4
110.7
114.5
111.4
134.1
85.1

108.4
107.2
108.7
111.9
109.0
130.0
87.3

108.6
108.4
108.6
111.6
109.1
127.6
88.2

103.2
77.2
108.5
111.1
108.1
130.7
91.1

109.7
113.5
108.9
110.8
107.6
131.1
96.2

110.3
111.2
110.1
112.1
108.9

Paper and printing
Paper and products
Printing and publishing
Newspapers

.

734.9
145.9
127.0
122.6

Mining
Coal, oil, and gas
Coal
Crude oil and natural gas
Crude oil
Gas and gas liquids
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals

111.8
119.0
110.3
113.1
109.9

"96.*4

1.43 772.2 722.3 70P.P 702.5 P5.7 700.7 102.7 774.5 727.0 737.5 725.0 725.5 725.4 725.4
.61 112.3 119.7 103.2 101.6 102.4 106.9 106.6 115.5 131.3 134.7 115.2 121.2 125 8 124 8
.82 112.1 124.3 114.9 103.2 96.0 95.1 99.8 114.3 123.8 129.6 132.3 134.5 130.4 131.1

Utilities
Electric
Gas

4.04 142.6 140.2 137.8 146.6 157.9 150.8 149.8 145.9 143.7 149.3 161.6 167.3 162.6
1.28 131.9

NOTE.—Published groupings include some series and subtotals not
shown separately. A description and historical data are available in




Industrial Production—1957-59 Base. Figures for individual series and
subtotals (N.S.A.) are published in the monthly[Business Indexes release.

1590

BUSINESS ACTIVITY; CONSTRUCTION

DECEMBER 1964

SELECTED BUSINESS INDEXES
(1957-59= 100)
Manufacturing

Industrial production
Major market groupings
Period

Final products
Total
Total

74.9
81.3
84.3
91.3
85.8

1950
1951
1952
1953
1954

Constrution
contracts

Major industry
groupings

72.8
78.6
84.3
89.9
85.7

MateConrials
sumer Equipgoods ment

Wholesale
commodity

78.6 56.4 76.9 75.8
77.8 78.4 83.8 81.9
79.5 94.1 84.3 85.2
85.0 100.5 92.6 92.7
84.3 88.9 85.9 86.3
93.3 95.0 99.0 97.3
95.5 103.7 101.6 100.2
97.0 104.6 101.9 100.8
96.4 91.3 92.7 93.2
106.6 104.1 105.4 106.0
111.0 107.6 107.6 108.9
112.6 108.3 108.4 109.6
119.7 119.6 117.0 118.7
125.2 124.2 123.7 124.9

83.2
91.3
90.5
92.9
90.2

49.5
56.4
61.2
66.8
71.8

61
63
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

117.1
121.5
115.0
116.6
104.6

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

99.2
104.8
104.6
95.6
99.7

96.5
99.8
100.7
97.8
101.5
103.2
102.8
105.7
107.9

105.5
106.7
104.7
95.2
100.1

94.8
100.2
101.4
93.5
105.1

115.3
115.9
108.2
93.8
97.9

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

99.9
95.9
99.1
99.7

106.7
105.4
113.8
117.9

95.3
91.2
92.4
93.3

106
107
115
120

103.1
104.2
105.4
106.7

100.7
100.3
100.6
100.3

108.7
108.7
109.1
109.2
109.8
110.0
110.1
110.3
110.6
110.9
111.0
111.3
111.1
111.9

100.1
100.0
100.4

119.9
119.2
121.6

92.7
92.3
93.9

121
120
123

107.2
107.4
107.6

100.5
100.7
100.3

100.5
100.8
101.1
101.1
101.1
101.6
101.9
102.0
102.9
100.5
102.9

120.0
122.6
122.9
124.1
123.8
124.1
124.0
125.1
128.5
122.8
127.0

97.2
96.9
94.0
94.8
96.4
93.6
94.5
93.2
96.4
94.6
98.5

123
126
124
125
127
127
128
130
130
125
124

107.7
107.6
107.7
107.8
107.8
108.0
108.3
108.2
108.4
108.5

101.0
100.5
100.4
100.3
100.1
100.0
100.4
100.3
100.7
100.8
100.7

91
92
93
102
105

i960
1961
1962
1963

101.6 115.6
109.9
111.2
102.6 122.3
119.7
105.0 131.4
124.9
107.9 140.0
126.1 127.2 127.4 127.0 125.5 126.8 108.6 142.3
126.1 127.0 126.9 127.1 125.7 126.9 107.5 142.1
127.0 128.0 128.0 128.1 125.9 127.9 107.3 143.0
127.7 128.5 128.9 127.9 126.7 128.5 108.8 144.5
128.2 128.1 128.8 127.1 128.1 129.1 108.9 143.4
129.0 128.7 128.8 128.8 129.3 129.9 108.8 144.8
130.5 130.6 130.8 130.7 130.6 131.4 109.9 147.5
131.3 131.1 131.0 131.3 131.3 132.2 111.3 148.3
131.6 131.7 131.5 132.0 131.8 132.4 111.4 149.7
132.9 132.3 132.1 132.7 133.6 133.9 110.9 151.4
133.8 133.3 133.1 133.6 134.7 1 3 4 . 5 111.9 154.5
134.0 132.5 132.0 '133.7 135.7 134.7 '112.0 153.2
131.7 130.7 129.3 133.6 132.5 132.1 112.2 154.0
134.9 134.5 133.5 136.7 135.4 135.8 112.2 154.5

105
108
120
132

Nov.*

Consumer

Utilities

80.2
87.9
93.9
98.1
108.0

1964—Jan
Feb
Mar
Apr
May
June
July...
Aug..
Sept
Oct

Payrolls

Freight Total
carload- RetaiH
Sales
ings

Mining

96.6 93.9
99.9 98.
100.7 99.4
93.7 94.8
105.6 105.7

1963—Oct
Nov
Dec

Nonagricultural
employEmment— ployTotal 12

Mfg.

1955
1956
1957
1958
1959

108.7
109.7
118.3
124.3

Prices s

23

1
2

Employees only, excludes personnel in the armed forces.
Employment and payrolls data are revised to incorporate Bureau of
Labor Statistics March 1963 Benchmark revision.
3 Production workers only.
4
Federal Reserve index based on Census Bureau figures.
5
Prices are not seasonally adjusted.

146
144
148
147
143
140
138
138
138
140
121
131
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

1963
1962

1964

1963
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Total construction

41,303 45,546 4,313 3,749 3,413 3,346 3,201 4,215 C4,359 4,639 4,504 4,601 3,760 3,762 4,029

By type of ownership:
Public
Private

13,599 14,653 1,321 1,157 1,155 1,197 1,041 1,339 1,318 1,535 1,491 1,619 1,101 1,124 1,310
27,705 30,893 2,992 2,592 2,257 2,149 2,160 2,876 3,042 3,104 3,013 2,983 2,658 2,638 2,719

By type of construction:
Residential building
Nonresidential building,
Nonbuilding

18,039 20,502 2,028 1,519
13,010 14,377 1,331 1,082
10,255 10,667
954 1,148

1,325 1,372 1,427 1,991 2,006 2,050
1,102 1,158 1,082 1,252 1,420 1,362
985
816
692
972
933 1,227

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




1,996 2,000 1,679 1,717
1,400 1,548 1,275 1,228
1,107 1,054
807
817

data exceed annual totals because adjustments—negative—are made to
accumulated monthly data after original figures have been published.
Nonbuilding construction formerly labeled public works and utilities.

1591

CONSTRUCTION

DECEMBER 1964
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)

Public

Private
Period

Total
Total

Nonfarm
residential

Business
Total

Industrial

Commercial

Public
utility

Other
nonresidential

Total

Military

Highway

Sewer
and
water

Other

1955
1956
1957
1958

46,519
47,601
49,139
50,153

34,804
34,869
35,080
34,696

21,877
20,178
19,006
19,789

9,387
11,076
12,029
10,659

2,399
3,084
3,557
2,382

3,218
3,631
3,564
3,589

3,770
4,361
4,908
4,688

3,540
3,615
4,045
4,248

11,715
12,732
14,059
15,457

1.287
,360
,287
,402

3,852
4,415
4,934
5,545

1,085
1.275
1,344
1,387

5,491
5,682
6,494
7,123

19591
I960
1961
1962
1963

55,305
53,941
55,447
59,453
62,451

39,235
38 078
38,299
41,695
43,772

24,251
21,706
21,680
24,292
25,843

10,557
11,652
11,789
12,222
12,656

2,106
2,851
2,780
2,949
2,962

3,930
4,180
4,674
4,955
5,200

4,521
4,621
4,335
4,318
4,494

4,427
4,720
4,830
5,181
5,273

16,070
15,863
17,148
17,758
18,679

1,465
1,366
,378
.222

5,761
5,437
5,855
6,378
6,670

1,467
1,487
1,581
1,754

7,377
7,573
8,334
8,404

1963 Nov
Dec

65,072
65 193

45 488
45 778

27,000
26 896

13,078
13 426

3 136
3 158

5,469
5 515

4 473
4 753

5,410
5 456

19,584
19 415

7,254
6 713

2,159
2 176

196^

64 684
65 528
66,509
66 615
64 983
66,576
66 641
65,991
66,454
65,231
65,637

45 440
46 274
46 923
46 449
45 780
46,006
46 261
45*906
45,861
45,393
45,367

26 907
27,600
28,123
27 538
26,678
26,612
26 708
26,342
25,972
25,621
25,509

13 106
13 151
13,260
13 297
13,437
13,598
13 736
13,784
14,183
14,161
14,300

3 060
3 058
3,074
3 076
3 149
3,204
3 334
3 505
3,514
3,540
3,655

5 499
5 546
5,668
5 561
5 542
5,562
5 574
5 609
5,746
5,776
5,767

4 547
4 547
4,518
4 660
4 746
4,832
4 828
4 670
4,923
4,845
4,878

5 427
5 523
5,540
5 614
5 665
5,796
5 817
5,780
5,706
5,611
5,558

19 244
19 254
19,586
20 166
19,203
20,570
20 380
20,085
20,593
19,838
20,270

6 685
6,169
6,796
7 068
6,410
6,888
7 549
7,021
7,273
6,667

2 185
2,273
2,341
2 371
2,404
2,402
2 368
2,325
2,264
2,199
2,220

Jan
Feb
Mar
Apr
May
June
July
Aus
Sept
Oct v
Nov v

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.

1 Beginning with 1959, includes data for Alaska and Hawaii.

NEW HOUSING STARTS
(In thousands of units)
By type of ownership

By area

Annual rate,
(private only)i
Total

Period
Total

Nonfarm

Metropolitan

Nonmetropolitan

Total

1family

1955
1956
1957
1958

1 646

1959
I960
1961
1962
1963

1,554
1,296
1,365
1,492

1,077
889
948
1,054
1,151

All
407
417
439
490

1,517
1,252
1,313
1,463
.609

1,234
995
975
992
1,021

168
122

118
85
77

50
37
21

165
121
96

75
74
97
103
115
118
103
97
90
99

26
27
37
50
45
46
42
48
36
45

100
100
130
149
158
159
143
142
?123
*142

[641

1964

Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

1.864
[,577
1,570

1.824
1,544
1,524

1,718
1,657
1,663
1,531
1,529
1,611
1,505
,430
V 1,465
p 1,600

1,688
1,613
1,638
1,501
1,507
1,585
[,483
1.408
Pi,441
*1,569

97
101

101
133
152

161
164
145

145
»126
*>144

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




2family

Multifamily

,325
,175
,314

,349
,224
,382

1963—Oct
Nov
Dec

Governmentunderwritten

Prh 'ate

227
214
295
422
535

104
72
51

56
44
44
49
53
5
4
3

55
64
82
91
101
102
92
90
81

4
5
5
6
5
5
4
4
4

41
32
43
52
52
51
47
47
39

55
44
42

Public
Total

FHA

19
24
49
68

670
465
322
439

277
195
193
337

393
271
128
102

37
44
52
30
32
3
2
2

458
336
328
339
292

349
261
244
261
221

109
75
83
78
71

27
22
21

21
17
16

6
5
5

1

16
17
21
23
29
25
26
23
23
24

11
12
16
18
23
19
20
18
18
19

4
4
5
5

3
4
3
6
2
3
P3

vl

VA

6
6
5
5
5

are pending. Data from Federal Housing Admin, and Veterans Admin,
represent units started, based on field office reports of first compliance
inspections.

1592

EMPLOYMENT

DECEMBER 1964
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons unless otherwise indicated)
Civilian labor force

Total noninstitutional
population

Period

1957
1958
1959

Total
labor
force

Employed*
Total
Total

In nonagricultural
industries

In
agriculture

Not in the

Unemployment2
rate
(per cent)
S.A.

Unemployed

120,445
121,950
123,366

70 746
71,284
71,946

67,946
68,647
69,394

65,011
63,966
65,581

58,789
58,122
59,745

6,222
5,844
5,836

2,936
4,681
3,813

49,699
50,666
51,420

4.3
6.8

125,368
127,852
130,081
132,125

73,126
74,175
74,681
75,712

70,612
71,603
71,854
72,975

66,681
66,796
67,846
68,809

60,958
61,333
62,657
63,863

5,723
5,463
5,190
4,946

3,931
4,806
4,007
4,166

52,242
53,677
55,400
56,412

5.6
6.7
5.6

1963—Nov
Dec

132,853
133,025

76,000
75,201

73,261
72,461

69,325
68,615

64,548
64,576

4,777
4,039

3,936
3,846

56,852
57,824

5.9
5.5

1964

133,200
133,358
133,519
133,678
133,866
134,041
134 216
134,400
134,586
134 772
134,952

74,514
75 259
75,553
76,544
77,490
79,389
78 958
78,509
76,865
77,112
76,897

71,793
72,527
72,810
73,799
74,742
76,645
76,218
75,758
74,122
74,375
74,166

67,228
68,002
68,517
69,877
71,101
71,953
72,405
72,104
70,805
71,123
70,793

63,234
64,071
64,500
65,448
66,094
66,100
66,586
66,704
65,575
65,997
66,248

3,993
3,931
4,017
4,429
5,007
5,853
5,819
5,400
5,230
5,126
4,545

4,565
4,524
4,293
3,921
3,640
4,692
3,813
3,654
3,317
3,252
3,373

58,685
58,099
57,965
57,135
56,376
54,652
55,258
55,891
57,721
57,661
58,055

5.6
5.4

. .

I960 3
1961 .
1962
1963

. . .

Jan
Feb
Apr
May
June
July
Sent
Oct
Nov

...

.

1 Includes self-employed, unpaid family, and domestic servi<ice workers.
2 Per cent of civilian labor force.
3 Inclusion of figures for Alaska and Hawaii beginning with 1960
increased population by about 500,000 and total labor force by about
300,000. Most of the increase was in nonagricultural industries.

5.5

5.7

5.4

5.4
5.1
5.3
4.9
5.1

5.2
5.2

5.0

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)

Contract
construction

Total

Manufacturing

1957
1958
1959

52,894
51,368
53,297

17,174
15,945
16,675

828
751
732

2,923
2,778
2,960

1960
1961
1962'
1963'

54,203
53,989
55,515
56,643

16,796
16,326
16,853
17,005

712
672
650
635

57,101
57,291

17,059
17,115

57,334
57,684
57,754
57,827
57,931
58,104
58,256
58,301
58,458
58,372
58,790

Period

Transportation & public utilities

Trade

Finance

Service

Govern
ment

4,241
3,976
4,011

10,886
10,750
11,127

2,477
2,519
2,594

6,749
6,811
7,115

'7,616
r
7,839
'8,083

2,885
2,816
2,902
2,983

4,004
3,903
3,906
3,914

11,391
11,337
11,566
11,803

2,669
2,731
2,800
2,873

7,392
7,610
7,947
8,230

'8,353
'8,594
8,890
9,199

635
636

3,015
3,052

3,932
3,931

11,910
11,950

2,896
2,904

8,352
8,366

9,302
9,337

17,131
17,171
17,208
17,224
17,225
17,285
17,344
17,339
17,449
17,164
17,472

632
633
633
633
631
639
639
634
634
638
641

2,941
3,132
3,122
3,081
3,093
3,106
3,107
3,103
3,080
3,102
3,150

3,936
3,943
3,940
3,964
3,968
3,965
3,983
3,999
4,005
3,995
3,999

12,021
12,083
12,077
12,096
12,135
12,187
12,223
12,231
12,229
12,277
12,290

2,911
2,917
2,924
2,931
2,934
2,943
2,948
2,951
2,960
2,965
2,969

8,401
8,437
8,455
8,461
8,489
8,509
8,561
8,573
8,592
8,635
8,639

9,361
9,368
9,395
9,437
9,456
9,470
9,451
9,471
9,509
9,596
9,630

57,647
58,012

17,193
17,096

639
634

3,121
2,872

3,948
3,935

12,110
12,725

2,884
2,887

8,327
8,299

9,425
9,564

56,328
56,445
56,783
57,329
57,874
58,596
58,418
58,680
59,258
59,154
59,349

16,893
16,937
17,005
17,058
17,135
17,350
17,299
17,498
17,792
17,421
17,603

618
614
615
627
634
651
646
647
645
644
645

2,579
2,631
2,707
2,921
3,130
3,308
3,424
3,482
3,391
3,372
3,260

3,877
3,880
3,885
3,924
3,952
4,005
4,031
4,043
4,045
4,027
4,015

11,855
11,772
11,862
11,919
12,031
12,180
12,173
12,201
12,243
12,340
12,497

2,882
2,891
2,901
2,919
2,931
2,964
2,998
2,998
2,972
2,962
2,957

8,233
8,277
8,328
8,453
8,548
8,654
8,698
8,676
8,661
8,678
8,613

9,391
9,443
9,480
9,508
9,513
9,484
9,149
9,135
9,509
9,710
9,759

Mining

SEASONALLY ADJUSTED

1963—Nov
Dec
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
NOT SEASONALLY ADJUSTED

1963—Nov
Dec
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov

,

,

i Data include Alaska and Hawaii beginning with 1959.
NOTE.—Bureau of Labor Statistics; revised data include all full- and parttime employees who worked during, or received pay for the pay period




ending nearest the 15th of the month. Proprietors, self-employed persons,
domestic servants, unpaid family workers, and members of the armed
forces are excluded.

1593

EMPLOYMENT AND EARNINGS

DECEMBER 1964

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands of persons)
Not seasonally adjusted

Seasonally adjusted
Industry group

1963

1964

1963

1964

Nov.

Sept.

Oct.*

Nov.*

Nov.

Sept.

Oct.?

12,592

12,956

12,663

12,963

12,722

13,280

12,916

13,096

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.

7,071
115
534
325
490
944
895
1,078
1,023
1,121
232
314

7,377
103
530
338
500
1,026
945
1,149
1,049
1,180
234
323

7,082
102
528
339
498
1,023
900
1,149
1,053
933
233
324

7,345
102
533
339
500
1,036
930
1,148
1,058
1,136
233
330

7,147
117
536
330
495
933
908
1,065
1,043
1,156
235
330

7,490
104
555
345
519
1,027
961
1,142
1,068
1,187
237
345

7,184
103
543
347
511
1,014
917
1,135
1,075
954
235
349

7,423
103
535
345
506
1,024
943
1,134
1,079
1,171
236
347

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

5,521
1,158
81
796
1,133
488
592
526

5,579
1,133
71
803
1,173
494
606
530
116
340
313

5,581
1,134
77
803
1,177
495
604
527
116
335
313

5,618
1,152
80
810
1,178
496
605
528
115
338
316

5,575
1,175
85
801
1,147
491
598
523
119
326
309

5,790
1,272
91
811
1,196
501
610
532
118
345
315

5,732
1,226
94
811
1,193
500
611
526
116
343
314

5,673
1,169
85
815
1,192
499
612
525
114
344
318

Total

120
320
307

NOTE.—Bureau of Labor Statistics; revised data cover production and
related workers only (full- and part-time) who worked during, or received

pay for, the pay period ending nearest the 15th of the month.

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES

Average hours worked
(per week; S.A.)
Industry Group

1963

1964

Nov.

Sept.

Total

40.5

40.5

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.

41.2
40.5
40.1
41.0
41.4
41.1
41.5
42.1
40.3
42.0
40.7
39.5

41.4
40.0
39.4
40.5
41.1
42.8
41.3
42.0
40.3
42.3
40.9
39.1

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

39.7
40.9
39.2
40.9
35.9
42.8
38.2
41.5
41.5
41.0
37.7

39.4
40.7
37.0
40.0
34.9
42.7
38.5
42.1
42.5
41.3
37.7

1963

7

1964

1963

1964

Nov.

Sept.

Oct.?

40.5

40.9 100.85 104.60 102.97 104.70

2.49

2.57

2.53

41.3
40.7
39.8
41.2
41.4
41.9
41.4
42.6
40.7
40.5
40.9
39.7

41.6
40.8
40.5
41.7
41.6
41.9
42.0
42.9
40.8
41.6
40.9
39.9

110.00
120.47
82.97
83.43
103.75
123.73
109.56
117.88
100.60
132.68
102.91
81.59

114.13
121.60
88.00
85.49
107.33
136.21
112.86
120.67
102.72
133.67
104.81
81.35

111.78
124.14
88.07
86.94
108.36
129.48
110.24
122.54
103.48
124.75
104.81
83.41

113.98
125.46
86.62
86.94
107.59
129.90
112.98
123.11
103.48
134.83
105.47
83.62

2.67
2.96
2.09
2.02
2.50
3.04
2.64
2.82
2.49
3.10
2.51
2.05

2.75
3.04
2.20
2.07
2.58
.19
2.70
2.88
2.53
3.16
2.55
2.07

2.70
3.05
2.18
2.07
2.58
3.12
2.65
2.89
2.53
3.05
2.55
2.08

2.53
3.18
2.56
2.08

39.8
40.9
38.9
41.5
36.1
42.9
38.6
41.6
41.6
41.6
38.4

40.0
40.9
38.7
41.5
36.3
42.7
38.4
41.7
41.5
41.6
38.4

89.10
95.94
73.71
72.28
63.01
107.43
111.16
114.13
132.39
102.50
66.77

91.87
98.53
73.10
71.82
63.00
112.06
116.10
120.41
140.51
108.26
68.45

91.77
97.64
73.35
75.89
64.80
111.89
116.10
117.45
133.44
106.50
68.82

92.17
98.40
75.08
76.68
65.16
110.17
114.82
118.01
134.05
106.91
69.92

2.25
2.34
1.89
1.75
1.76
2.51
2.91
2.75
3.19
2.50
1.79

2.32
2.38
1.86
1.80
1.80
2.60
3.00
2.86
3.26
2.59
1.84

2.30
2.37
1.82
1.82
1.80
2.59
3.00
,2.83
3.20
2.56
1.84

2.31
2.40
1.95
1.83
1.80
2.58
2.99
2.83
3.23
2.57
1.84

Nov.

Sept.

Average hourly earnings
(dollars per hour; N.S.A.)

Nov.*>

Oct.*

NOTE.—Bureau of Labor Statistics; revised data arc for production and
related workers only.




Average weekly earnings
(dollars per week; N.S.A.)

2.56
2.74

3.13

1594

PRICES

DECEMBER 1964
CONSUMER PRICES
(1957-59= 100)
Housing

Period

All
items

Food
Total

Rent

Homeownership

Health and recreation

Fuel
oil
and
coal

Gas
and
electricity

Fur- Apparel Transnishand
portaings
upkeep tion
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

1929
1933
1941.
1945

59.7
45.1
51.3
62.7

55 6
35
44 ?
58 .4

61.4
67.5

85 4
60.8
64.3
66.1

1955.
1956
1957.
1958
1959

93.3
94.7
98.0
100.7
101.5

94 0
94 .7
97 8
101.9
100 3

94.1
95.5
98.5
100.2
101.3

94.8
96.5
98.3
100.1
101.6

92.6
94.1
98.2
100.4
101.4

91.9
95.9
100.8
99.0
100 2

94.9
95.9
96.9
100.3
102.8

97.3
97.3
99.4
99.9
100.7

95.9
97.8
99.5
99.8
100 6

89.7
91.3
96.5
99.7
103 8

91. 4
93. 6
97. 0
100. 3
102. 8

88 6
91 .8
95 S
100 .1
104 4

90.0
93 .7
97
100 .4
10? 4

92.1
93.4
96.9
100.8
102.4

94.3
95.8
98.5
99.8
101.8

1960
1961.
1962.
1963

103.1
104.2
105.4
106.7

101 .4
10? 6
103 6
105.1

103.1
103.9
104.8
106.0

103.1
104.4
105.7
106.8

103.7
104.4
105.6
107.0

99.5
101.6
102.1
104.0

107.0
107.9
107.9
107.9

101.5
101.4
101.5
102.4

102.2
103.0
103.6
104.8

103.8
105 0
107.2
107.8

105. 4
107.
109. 4
111. 4

108 .1
111 3
114.2
117 .0

104 .1
104 6
106 S
107 .9

104.9
107.2
109.6
111.5

103.8
104.6
105.3
107.1

1963- -Oct
Nov
Dec

107.2
107.4
107.6

104.9
1051
105 .4

106.3
106.6
106.9

107.1
107.2
107.3

107.4
108.0
108.4

104.5
105.4
105.8

108.1
108.0
108.1

102.6
102.7
102.9

105.9
106.1
106.1

109.0
109.1
108.9

112. 3
112. 4
112. 7

117 .7
117 9
117.9

108 .4
108 4
108 .8

112.7
112.8
113.1

108.2
108.3
108.3

1964- J a n
Feb
Mar
Apr .
May
June
July
Aug
Sent
Oct

107.7
107.6
107.7
107.8
107.8
108.0
108.3
108.2
108.4
108.5

105 .8
106 .0
105 7
105 .7
105 5
106 .2
107 .2
106 9
107 .2
106 .9

106.9
106.9
107.1
107.0
106.9
107.1
107.1
107.2
107.4
107.6

107.3
107.5
107.5
107.7
107.7
107.8
107.8
107.9
107.9
108.2

108.5
108.8
108.9
108.6
108 4
108.7
108.9
109.2
109.5
109.6

106.6
106.6
106.1
103.3
102 1
101.4
100.9
100.9
101.5
102.9

108.1
106.2
107.1
108.0
108.0
108.1
107.9
108.2
108.2
108.2

102.7
102.7
102.8
102.9
102.9
102.9
102.8
102.6
102.8
102.8

105.0
105.1
105.3
105.6
105.7
105.7
105.5
105.3
105.9
106.2

109.4
108.6
108.9
109.0
109 1
109.2
109.4
109.3
108.9
109.4

112. 7
112. 9
113. 1
113. 4
113.
113. 5
113. 7
113. 8
113. 9
114. 0

118.2
118.5
118-7
119 .0
119 1
119 .3
119 .5
119 8
119 .7
119 .9

108 .5
108 .4
108 7
108 .7
108 Q
109
109 !3
109 4
109 .5
109 .7

113.1
113.3
113.6
114.0
114.1
114.0
114.1
114.2
114.3
114.5

108.3
108.4
108.5
108.6
108.7
108.7
108.9
108.9
109.0
109.1

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
ties
Total

Textiles,
etc.

RubHides, Fuel, Chemicals, ber,
etc.
etc.
etc.
etc.

NonLum- Paper,
MisMa- Furni- meTober,
Metals chin- ture, tallic bacco cellaetc.
neous
ery
etc.
etc.
minerals

1955
1956
1957
1958
1959

93.2 97.9 94.3 92.4
96.2 96.6 94.3 96.5
99.0 99.2 97.9 99.2
100.4 103.6 102.9 99.5
100.6 97.2 99.2 101.3

I960
1961
1962
1963

100.7
100.3
100.6
100.3

96.9
96.0
97.7
95.7

1963—Oct
Nov
Dec

100.5
100.7
100.3

95.1 102.2 100.9 100.7 103.4
96.2 102.5 100.9 101.1 103.5
93.3 100.4 101.2 101.2 103.0

98.8
97.9
99.3

96
96.3
96.2

94.2
94.2
93.8

99.2
99.2
99.1

1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

101.0
100.5
100.4
100.3
100.1
100.0
100.4
100.3
100.7
100.8

96.3
94.5
95.2
94.4
93.7
93.2
94.1
93.6
r
95.7
93.8

99.5
99.0
97.0
96.1
96.4
96.3
96.7
96.4
r
95.
96.6

96.3
96.4
96.5
96.6
96.7
96.5
96.6
96.5
96.6
96.9

93.7
93.6
93.9
93.1
92.6
91.6
91.8
91.8
91.9
92.

99.0
99.9
101.0
101.8
101.8
101.4
101.2
100.9
100.6
100.3

100.0
100.7
101.2
101.1

102.5
100.9
100.5
100.4
99.4
100.2
101.2
101.0
102.2
101.7

100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91.3 94.6 99.1
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
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
98.9 96.0 98.7 100.4 100.1 97.4 100.
99.1 100.1 100.2 99.9 99.7 101.5
100.4 109.
98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9

101.3 101.5 105.2 99.6 100.2
100.8 99.7 106.2 100.7 99.1
100.8 100.6 107.4 100.2 97.5
100.7 100.5 104.2 99.8 96.3

101.3
101.2
101.1
101.
101.
100.9
101.1
101.1
101.1
101.5

101.2
101.2
101.2
101.1
101.2
101.0
101.1
101.2
101.2
101.4

See next page for composition of other commodities.




102.7
102.5
102.5
104.5
104.7
104.8
105.4
105.6
rlO5.4
105.9

99.9 100.4 101.8 101.3
96.
95.9 98.8 100.7
93.3 96.5 100.0 100.0
93.8 98.6 99.2 100.1

102.4 100.1 101.4 102.5 99.3
102.3 99.5 101.8 103.2 103.9
102.3 98.8 101.8 104.1 107.3
102.2 98.1 101.3 106.1 110.4

99.5 100.9 102.3
99.4 101.0 102.5
99.4 101.3 102.6

98.1 101.3 107.5 111.2
98.1 101.2 107.5 110.9
98.0 101.3 107.5 112.2

99.8
99.9
99.3
99.1
98.7
98.7
98.7
98.7
98.
99.1

98.4
98.5
98.5
98.6
98.6
98.5
98.6
98.6
98.6
98.6

101.7
101.8
102.0
102.2
102.1
102.3
102.5
103.0
103.0
103.8

102.5
102.5
102.7
102.9
103.3
103.0
103.1
102.9
102.9
103.0

101.1
101.2
101.1
101.3
101
101
101
101
101.8
101.8

107.6
107.1
107.1
107.
107.3
107.4
107.3
107.5
107.5
107.6

112.6
110.9
109.8
109.5
107.2
106.7
107.5
'107.3
109.2
110.0

1595

PRICES

DECEMBER 1964
WHOLESALE PRICES: DETAIL
(1957-59= 100)
1963

1964

1963

Oct.

Aug.

Sept.

89.1
101.8
88.0
99.4
102.6
97.9
114.1
90.4

97.9
85.7
88.4
96.0
101.8
98.6
105.8
98.5

101.5
90.2
90.9
94.4
103.6
96.9
108.8
96.8

107.7
93.2
107.4

108.3
93.3
107.3

108.1
'96.1
108.7

105.8
125.4
81.8
90.2
84.8
82.3
86.0
108.7

102.3
106.4
98.2
93.5
82.3
79.4
87.7
108.9

102.2
105.1
98.2
'97.7
87.7
84.0
88.3
109.3

100.2
100.6
94.2
126.1
102.5
116.3

98.6
103.0
95.8
117.0
103.3
119.8

98.9
102.9
'95.7
117.0
103.3
120.7

Oct.

Aug.

Sept.

Oct.

98.5
Woodpulp
88.9
Wastepaper
85.8
Paper
93.8
Paperboard
104.3
Converted paper and paperboard...
97.7
Building paper and board
111.0
99.3 Metals and Metal Products:

95.0
90.7
102.8
96.6
99.4
96.9

95.5
93.3
103.7
96.4
97.6
93.9

95.5
92.2
103.7
96.4
97.6
94.3

97.5
92.2
104.0
96.4
98.1
94.2

Iron and steel
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products.
Fabricated nonstructural metal products

99.9
99.9
104.6
104.4
100.6
93.1
98.7

101.2
105.8
105.6
104.9
102.9
91.7
99.4

100.5
107.0
105.6
104.9
103.0
91.7
99.6

100.6
110.4
105.6
104.9
103.9
91.8
99.6

107.0

108.0

108.2

108.2

111.2
110.4
110.3

113.1
112.3
113.3

113.0
112.4
113.6

112.9
112.4
113.9

104.2
103.5

'103.7
104.7

103.8
104.7

104.8
104.8

104.8
97.4
99.9

106.0
96.6
100.7

106.0
96.6
100.5

106.0
96.6
100.7

100.5

100.6

100.6

100.6

104.8
103.1
97.4
91.2
87.8
103.4

105.6
103.2
99.0
91.3
87.3
104.4

105.6
103.2
99.0
91.3
87.3
104.4

105.6
103.2
99.0
91.3
87.3
104.3

101.6
102.9
101.3
103.4
106.1
87.4
101.4

103.1
102.8
100.8
104.5
108.6
91.2
101.8

103.1
102.8
101.1
104.6
108.6
91.2
101.5

103.1
102.8
101.1
104.8
108.6
91.2
101.5

105.9
100.9
127.7

106.0
100.8
127.4

106.1
100.8
127.3

106.1
100.8
128.1

101.1
117.9
99.1
103.5
101.1

101.0
110.2
99.1
103.9
102.5

101.2
113.7
99.1
103.6
103.1

101.1
115.3
99.1
103.8
103.1

Oct.
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:
Hides and skins
Leather
Footwear
Other leather products

97.7
103.6
122.0
101.4
95.6

96.6
107.3
121.2
101.4
91.4

'97.3
107.3
118.4
101.5
89.5

95.4 Furniture and Other Household Dura104.8
bles:
109.0
Household furniture
103.5
Commercial furniture
Floor coverings
Household appliances
97.7
Television, radios, and phonographs.
107.3
Other household durable goods
119.4
101.5
91.9 Nonmetallic Mineral Products:

94.2
103.9
90.8
94.9
88.5
103.8
97.1
99.0

93.9
104.8
89.8
94.7
101.3
103.4
100.2
99.6

93.9
104.8
89.9
94.6
106.2
104.4
99.1
99.6

Flat glass
Concrete ingredients
94.3
Concrete products
104.8
Structural clay products
90.5
Gypsum products
94.6
Prepared asphalt roofing
107.7
Other nonmetallic minerals
104.3
99.6 Tobacco Products and Bottled Bever99.8
ages:

91.5
91.7
97.9

89.9
88.0
96.4

90.4
88.0
96.4

99.3
106.2
92.4

101.1
109.1
91.8

100.7
109.1
'91.8

Rubber and Products:
Crude rubber
Tires and tubes
Miscellaneous rubber products

102.9
105.8
98.2
109.7
96.3 Machinery and Motive Products:
91.2
90.1
Agricultural machinery and equip...
109.1
Construction machinery and equip...
Metalworking machinery and equip..
General purpose machinery and
equipment
99.0
Miscellaneous machinery
103.1
Special industry machinery and
96.1
equipment (Jan. 1961= 100)
116.6
Electrical machinery and equip
103.3
Motor vehicles
120.8
Transportation equip., R.R. rolling
stock (Jan. 1961= 100)

96.0
95.5
104.5 104.0
108.3 108.4
103.7 103.3

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

108.2
93.4
108.9

80.5
99.5
108.4
103.4

Fuels and Related Products, and Power,
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100)
Petroleum products, refined

Tobacco products.
Alcoholic beverages
91.3
Nonalcoholic beverages.
88.0
96.5 Miscellaneous Products:

Lumber and Wood Products:
Lumber
Millwork
Plywood
NOTE.—Bureau of Labor Statistics.




1964

Group

Group

100.4
109.0
91.2

Toys, sporting goods, small arms
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment..
Other miscellaneous products

1596

NATIONAL PRODUCT AND INCOME

DECEMBER 1964

GROSS NATIONAL PRODUCT OR EXPENDITURE
(In billions of dollars)
1964

1963
Item

1941

1933

1929

1950

1960

1959

1961

1962

1963
III

IV

1

III?

11

Gross national product

. . . 104.4

56.0 125.8 284.6 482.7 502.6 518.7 556.2 583.9 587.2 599.0 608.8 618.6 628.4

Personal consumption expenditures

...

79.0
9.2
37.7
32.1

46.4
3.5
22.3
20.7

16.2
8 7
3.6
5.1

1.4
/ 4
.5
1 0

Durable goods
Nondurable goods
Services

.

.

.

.

Gross private domestic investment

New construction
Residential nonfarm
Other
Producers' durable equipment
Change in business inventories
Nonfarm only

Net exports of goods and services
Exports
Imports

. ..

Government purchases of goods and services..
Federal
National defense
)
Other
Less * Government sales
State and local
Gross national product in constant (1954)
dollars

...

.

...

81.9 195.0 313.5 328.2 337.3 356.8 375.0 377.4 381.3 390.0 396.1 404.6
9.7 30.4 43.6 44.9 43.7 48.4 52.1 52.2 53.6 55.9 57.0 58.7
43.2 99.8 147.1 151.8 155.4 162.0 167.5 168.6 168.9 172.9 175.3 179.5
29.0 64.9 122.8 131.5 138.3 146.4 155.3 156.6 158.8 161.1 163.8 166.4
72.7
40.2
22.3
17.9
25.9
6.6
6.5

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

82.8
47.2
25.4
21.9
31.4
4.2
3.7

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

4.6
27.6
23.0

4.0
29.2
25.2

4.4
30.7
26.3

4.2
31.0
26.8

5.8
32.6
26.9

7.7
34.5
26.8

5.7
33.7
27.9

7.0
35.7
28.7

5.9

1.6

6.9

1.7
1.8

-1.6
-1.4

4.5
4.0

50.0
24.2
14.1
10.1
18.9
6.8
6.0

.8
7.0
6.3

2
2.4
2.3

1.1
6.0
4.8

.6
13.1
12.5

-.8
22.9
23.6

3.0
26.3
23.3

8.5
/ 3
1.3

8.0
2 0

24.8
16.9
3.2

39.0
19 3
14.3
5.2

97.2
53.6
46.2
7.9

99.6 108.0 116.3 122.6 122.8 124.8 125.2 129.6 129.5
64.7
64.3
67.1
64.9
55.7 57.4 62.9
64.4
65.5
45.7 49.0 53.6 55.2 55.5 55.3 54.0 57.0 55.2
10.2 10.3
8.9
8.0
9.5
10.5 11.5 11.0 11.2

7.2

6.0

7.8

19.7

43.6

2.0

18.1
6.6
3.5
3.1

\ 13.8

/

.1

.5

.6

.6

.9

.8

.6

.9

1.2

.9

46.5

50.6

53.5

57.9

58.4

59.9

60.9

62.5

.9

64.1

181.8 126.6 238.1 318.1 428.6 439.9 447.9 476.4 492.6 494.8 502.0 508.0 513.5 519.6

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

1959

1960

1961

1962

III

National income

...

C o m p e n s a t i o n of e m p l o y e e s . . .

Wages and salaries
Private
Military
Government civilian
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

.

87.8

IV

I

II

III*

40.2 104.7 241.9 400.5 414.5 426.9 455.6 478.5 481.9 490.0 498.4 507.1 514.5

51.1

29.5

64.8 154.2 278.5 293.6 302.2 323.1 340.3 342.7 347.7 352.5 358.6 364.8

50.4
45.5
.3
4.6

29.0
23.9
.3
4.9

.7

.5

62.1 146.4 258.5 271.3 278.8 297.1 312.1 314.3 318.8 323.2 328.7 334.4
51.9 124.1 213.1 222.9 227.0 241.6 252.9 255.0 257.6 260.8 265.3 269.4
5.0
10.2 10.8 10.9 10.7 11.7 11.7 11.7 11.8
1.9
9.9
9.9
8.3 17.3 35.4 38.5 41.6 44.7 48.3 48.7 49.6 50.7 51.7 53.2
7.8 20.1 22.3 23.4
25.9 28.2
28.8
2.7
28.4
29.4
30.4
29.9

.1
.6

.1
.4

14.8
8.8
6.0

4.0
3.8

9.7
10.4

11.3
11.0

11.8
11.6

13.6
12.3

15.1
13.1

15.2
13.2

15.4
13.4

15.7
13.7

15.9
14.0

16.2
14.2

5.6

2.0
.7
17.4

37.5

46.5

46.2

48.2

49.8

50.6

50.7

51.5

51.2

51.7

52.1

3.2
2.4

10.9
6.5

23.5
14.0

35.1
11.4

34.2
12.0

35.3
12.9

36.6
13.2

37.6
13.0

37.8
12.9

38.3
13.2

38.6
12.6

39.1
12.6

39.6
12.6

5.4

2.0

3.5

9.0

11.9

12.1

12.2

12.2

12.3

12 4

12 4

12 4

12 4

12 4

10.1

-2.0

14.5

35.7

47.2

44.5

44.1

48.4

50.8

51 4

53 1

56 4

57 9

58 1

9.6
1.4
8.3
5.8
2.4

J

2.1
-2.4

17.0
7.6
9.4
4.5
4.9

40.6
17.9
22.8
9.2
13.6

47.7
23.2
24.5
13.7
10.8

44.3
22.3
22.0
14.5
7.5

48.2
23.2
25.0
16.5
8.5

51.3
24.6
26.7
18.0
8.7

51.3
24.5
26.7
17.9
8.9

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

.5

-2.1

-2.5

-5.0

c

.2

44.2
22.3
21.9
15.2
6.7
1

.2

-1.2

-.2

6.4

5.0

4.5

5.5

16.4

18.1

20.1

22.1

24.7

25.4

25.9

26.5

27.1

NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTF to previous table.




1964

1963

.3

-.4

24.4

.1

1597

NATIONAL PRODUCT AND INCOME

DECEMBER 1964

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
(In billions of dollars)
1963
Item

1929

1933

1941

1950

1959

1960

1961

1962

IV

III
Gross national product

104.4

Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy

1964

1963
III?
618.6 628.4

56.0 125.8 284.6 482.7 502.6 518.7 556.2 583.9 587.2 599.0

8.6

7.2

9.0

7.0
.6
.3

7.1
.7

11.3
.5
.4

41.0

43.0

44.5

48.7

50.8

51.2

51.7

53.1

53.7

23.7 42.6
2.1
.8
- . 7 -3.0

46.4
2.2
-3.0

49.0
2.4
-2.6

52.8
2.4
-1.8

55.9
2.4
-2.7

56.1
2.4
-3.5

57.3
2.4

59.0
2.5
-2.4

60.1
2.5
-1.4

.4

.5

1.6

1.6

1.0

.9

.7

.9

19.1

-1.8

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. . .

10.1 - 2 . 0
.3
.2

14.5
2.8

Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Equals: Personal income

.9
1.0
5.8
.6
85.8

1.5
1.2
2.
.7
47.2

14.3 25.4 27.3 31.3 32.3 34.3 34.0 34.7 35.9 35.5 35.5
8.0
7.4
7.1
8.6
9.2
7.8
4.8
8.7
8.8
9.1
9.3
9.2 13.7 14.5 15.2 16.5 18.0 17.9 19.1 19.4 19.8 20.0
2.4
2.4
2.2
2.4
2.1
2.4
2.5
.8
2.4
2.5
2.5
96.3 228.5 383.9 401.3 417.6 442.4 464.1 466.3 474.5 480.9 487.9 494.5

2.6
1.3
1.4

7.5
.5

Less: Personal tax and nontax payments. . .
Federal
State and local
Equals: Disposable personal income

83.1

Less: Personal consumption expenditures..
Equals: Personal saving

79.0
4.2

Disposable personal income in constant (1954)
dollars

.1

.2

.7

40.2 104.7 241.9 400.5 414.5 426.9 455.6 478.5 481.9 490.0

1.0
45.7
46.4

35.7
6.9

47.2
17.6

44.5
20.6

44.]
21.4

48.4
23.9

50.8
26.9

51.4
27.1

53.1
27.5

507.1 514.5
56.4
28.0

57.9
28.4

58.1
29.0

2.6
1.3
4.5
.5

3.3
2.0
1.3

20.8
18.2
2.6

46.8
40.4
6.4

51.4
44.0
7.3

52.9
45.
7.8

93.0 207.7 337.1 349.9 364.7
81.9 195.0 313.5 328.2 337.3
11.1

12.6

21.7

23.6

27.3

-.6

57.9
49.1

61.6
51.9

8.8

9.6

384.6 402.5
356.8 375.0
27.8

61.9
52.2
9.7|

63.3
53.4
9.9

61.4
51.2
10.2

r

57.7
'47.3
10.5

58.8
48.2
10.6

r
404.4 411.2 419.5 430.2 435.6

377.4 381.3 390.0 396.1 404.6
27.0

29.9

29.5

r

34.0

31.0

27.5

134.9 102.1 175.1 231.0 310.7 317.8 328.2 343.4 354.9 356.3 360.7 366.7 r374.7 378.8

NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.

PERSONAL INCOME
(In billions of dollars)
1963
Item

1962

1964

1963
Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Total personal income.

442.4 464.1 472.7 473.8 477.1 M79.4 480.5 482.9 486.6 487.8 489.3 491.4 494.9 497.9 498.6

Wage and salary disbursements
Commodity-producing industries..
Manufacturing only
Distributive industries
Service industries
Government

297.1 312.1 318.2 318.3 320.0 320. 323.6 325.1 327.7 328.7 550.7 557.5 334.6 337.2 337.3
118.5 123.3 125.4 125.1 126.0 125.6 127.1 MIA 128.8 128.7 129.4 129.9 130.8 132.1 131.0
94.2 98.0 99.7 99.7 700.2 700.0 700.7 101.1 702.5 702.5 702.7 705.0 103.8 105.1 103.7
76.6 80.3 81.8 81.8 82.0 82.4 82.8 83.1 83.7 84.2 84.6 85.2 85.7 86.3 86.6
46.4 49.3 50.0 50.1 50.5 50.8 51.4 51.9 52.1 52.3 52.4 52.6 52.9 53.4 53.7
55.6 59.2 61.0 61.3 61.5 62.
62.4 62.7 63.0 63.4 63.8 64.1 65.1 65.4 66.0

Other labor income

12.3

13.1

13.4

13.5

13.5

13.6

Proprietors' income
Business and professional
Farm

49.8
36.6
13.2

50.6
37.6
13.0

57.5
38.2
13.2

57.5
38.2
13.2

51.6
38.4
13.2

57.7
38.3
12.8

Rental income

12.2

12.3

12.4

12.4

12.4

12.4

Dividends

16.5

18.0

18.5

18.8

20.1

19.3

Personal interest income.

30.0

32.9

34.0

34.2

34.4

34.7

Transfer payments

34.7

36.7

37.1

37.2

37.2

139.7

10.3

11.8

12.1

11.9

12.1

12.2

Less: Personal contributions
social insurance
Nonagricultural income.
Agricultural income

for

13.9

14.0

14.1

14.2

14.2

14.3

14.4

57.5
39.0
12.5

51.7
39.1
12.6

57.9
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

12.4

12.4

12.4

12.4

12.4

12.4

12.5

19.8

19.8

19.9

20.0

20.0

19.9

19.9

35.5

35.7

35.9

36.0

36.2

36.5

36.8

38.2

38.0

37.6

37.8

38.0

38.0

38.2

12.5

12.5

12.6

12.7

12.8

12.9

13.0

12.3

12.4

424.9 446.6 455.1 456.1 459.5 1462.1 463.5 466.1 469.7 470.7 472.1 474.4 477.8 480.6 481.3
17.6

17.5

17.6

17.6

17.5

1
Includes stepped-up rate of Govt. life insurance dividend payments
to veterans in the amount of $2.1 billion.




13.8
57.2
38.8
12.4
12.6[
12.4
12.4
19.6
19.4
35.3
35.0
37.8
37.5
13.7

57.5
38.7

17.2

17.0

16.8

17.0

17.1

17.2

16.9

17.1

17.2

17.3

NOTE.—Dept. of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.

1598

FLOW OF FUNDS

DECEMBER 1964
SAVING, INVESTMENT, AND FINANCIAL FLOWS
(In billions of dollars)
1962

Transaction category,
or sector

I.

1959

1962

State and local govt

8

Gross national investment

10

Business inventories

IV

I

II

III

IV

I

II

.

.

.

148.1
102.2
13.2
44.2
-10.8
-2.7
2.1

1
2
3
4
5
6
7

114.4 117.3 114.4 128.8 136.6 128.4 129.7 130.9 130.2 134.5 136.4 145.5 147.0 148.1
43.6 44.9 43.7 48.4 52.1 47.7 48.4 50.2 51.1 51.5 52.2 53.6 55.9 57.0
6.6
3.5
1.9
5.9
4.4
6.1
5.1
5.4
3.6
3.6
4.2
6.4
2.5
3.7
..

8
9
10

Households

16 Discrepancy (1 8)

66.1
22.1
43.3
.7

68.2
21.6
46.0
.6

66.8
20.0
46.2
.7

73.2
21.4
51.1
.7

77.6
21.9
54.8
.8

72.7
20.8
51.2
.7

75.2
21.7
52.8
.6

74.6
22.4
51.6
.6

74.3
21.6
52.1
.6

76.7
21.5
54.4
.8

-1.9
1.3

.7
2.3

2.0
2.2

1.3
1.4

2.5
1.1

1.9
2.2

1.0
2.1

.8
1.2

1.2
1.3

2.7
2.5

52.8
19.1
33.7

36.2
16.1
20.0

47.8
17.2
30.7

58.3
15.4
42.9

63.2
19.3
43.8

65.2 45.5
22.6 - 1 0 . 3
42.6 55.8

63.6
22.8
40.8

59.0
19.7
39.3

70.1
30.1
39.9

7.6
8.9 - 2 . 0
5.2
3.1
8.8
4.3 - 5 . 6 - 1 . 4
-.6
.5
.2
.9
2.0
2.8
.2
1.4
2.0
.8
.6
.8
42.9 36.2 37.5
14.3 11.2
6.2
6.4
4.5
1.7
5.6
2.8
2.1
2.3
3.9
2.5
28.6 25.0 31.3
3.6
4.9
4.5
5.3
7.3
5.3
13.0 10.5 11.4
5.9
5.6
7.7

7.5
.5
6.8
.2
2.3
1.2
1.0
48.5
13.4
5.5
4.6
3.4
35.1
5.0
5.3
13.0
11.9

4.8
1.4
3.8
-.4
3.4
2.3
1.0
55.0
16.1
.7
6.8
2.6
38.9
6.7
3.4
15.2
13.6

9.7 - 1 . 6
5.1 - 2 2 . 7
4.6 22.1
* -.9
2.3 - . 6
.9
-.9
1.4
.4
53.2 47.6
16.6 14.3
6.8
5./
5.5
4.8
4.3
4.3
36.6 33.3
3.2
5.7
6.4
4.6
13.4 13.4
11.1 12.1

9.9
5.5
3.2
1.2
3.1
1.4
1.7
50.6
14.7
6.4
5.7
2.6
35.9
4.1
4.1
13.6
14.1

8.9
7.1
1.4
.3
3.7
1.6
2.1
46.4
10.7
6.3
3.2
1.1
35.7
5.5
5.0
75.5
11.4

47.8
2^8
2.0
9.3
4.6

58.3
1.4
3.5
2.9
9.2
3.1

63.2
-.6
2.7
2.5
10.9
4.1

65.2 45.5
1.7 - 5 . 1
1.6
4.7
2.5
.8
9.1
9.0
4.2
2.9

63.6
5.0
3.2
3.3
9.6
2.0

59.0
3.4
.2
2.8
9.4
7.7

28.8
24.2
23.7
3.7
20.0
8.9
11.1
.5

38.3
31.3
29.9
1.8
28.0
15.1
12.9
1.4

43.5
37.0
33.8
5.8
28.0
13.1
14.9
3.2

42.9 36.2
36.4 21.6
29.3 28.0
2.8
2.7
26.5 25.3
14.6 12.0
11.9 13.3
7.1 - 6 . 4

40.5
35.3
35.2
5.3
29.9
14.9
15.0
.1

35.5
35.3
30.6
.3
30.3
75.7
75.5
4.7

78.6
22.2
55.5
.9

80.7
22.4
57.3
1.0

83.4
22.4
60.0
.9

1.4
4.8
2.6 - 1 . 6

5.3
-.2

4.0
•

15
16

60.4
21.7
38.8

73.8
26.9
46.9

17
18
19

9.5 - 3 . 6
11.2 - 1 3 . 2
-.9
10.6
- . 7 -1.0
5.2
1.2
3.4
.8
1.8
.5
55.3 57.3
16.3 15.1
6.9
7.1
4.7
5.7
4.6
2.3
39.1 42.2
7.7
7.4
4.2
2.8
15.8 16.2
13.4 14.3

4.3 10.0
10.6
4.3
.5
- . 2 -1.0
3.2
4.1
3.4
4.2
-.2
-.1
61.1 46.3
22.2
7.9
6.5
6.5
13.4
-.8
2.3
2.3
38.9 38.4
6.5
4.4
1.7
6.4
15.3 15.3
15.4 12.2

5.8
3.6
1.9
.4
4.1
3.3
.8
63.9
19.7
7.2
5.7

20
21
22
23
24
25
26
27
28
29
30

6.4
44.2
5.7
7.4
75.5
14.6

31
32
33
34
35
36

70.1 55.0
1.0 - 6 . 9
3.6
2.6
8.0
-.6
10.7 13.0
3.9
2.5
45.3 41.9
41.9 28.2
33.5 30.0
3.3
7.9
25.6 26.7
10.8 75.5
14.8 13.2
8.4 - 1 . 8

68.6

51.4
42.7
42.0
12.4
29.6
14.4
15.2
.8

8.4
6.6
1.4

2.3
5.1
-1.3

60.4 73.8 54
8.3 - 3 . 4 55
52.1 77.2 56

619
1.0
21.2 19.0
22.8 11.3
1.6 - 7 . 9
.1
.1

68.6
*
68.5
68.5
3.9
26.2
27.5
.5
.9

26.3
38.1
11.8

28.1
39.5
11.5

25.9
34.6
8.6

29.0
29.1
.1

2.6

3.6

4.5

1.7

4.4 - 1 . 6

-1.2

-.7

11.9
9.5
8.7
5.5
1.2
1.8
3.3
.9
1.4 - 1 . 3

12.1
8.0
4.7
2.6
3.3

83.4 11
22.8 12
60.3 13
.3 14

Financial flows—Summary

17 Net funds raised—nonfinan. sectors..
18 Loans and short-term securities....
19 Long-term securities and mtgs
By sector
20 U.S Government
21
Short-term mkt. securities
23

CCC guaranteed loans

25
26

Loans
Securities

28
29

Loans
Consumer credit

31

Other loans

33

State and local obligations

36

Other mortgages

37 Net sources of credit (—17)
38
Chg. in U.S. Govt. cash balance..
39
U.S. Govt. lending
40
Foreign funds
.
....
41
Pvt. insur. & pension reserves....
42
Sources n e e

52.8
.7
3.8
3.5
9.5
3.8

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. sec....

31.4
16.5
10.8
.2
10.6
2.1
8.4
5.7

36.2
.9
2.3
3.2
8.5
5.5
15.8
9.2
13.7
-1.3
15.0
5.4
9.6
-4.6

51
52
53

Other U.S Govt. securities....
Pvt. credit mkt. instruments...
Less security debt

7.2
7.8
.2

-.5
6.9
-.3

-1.3
7.1
1.3

.6
6.3
-.2

54 Total funds raised
55 Less change in U.S. Govt. c a s h . . . .
56 Total net of U.S. Govt. cash

52.8
.7
52.1

47.8
.3
47.6

58.3
1.4
56.9

57 Funds supplied directly to cr. mkts...

52.1
.4

36.2
.9
35.3
35.3
.7

47.6
1.5

56.9
1.9

4.3
5.3
.8
.1

7.9
8.9
.9
.1

15.0
15.4
.2
.2

17.7
19.1
1.3
.1

19.6
24.1
4.5

21.1
23.4
2.4

22.7
25.0
2.3

24.1
28.9
4.8

20.7
20.1
-.8
.3
27.4
34.3
6.9

3.8

2.3

2.8

3.5

2.7

3.4

1.2

.7

1.3

.8

2.0
20.6
.3
11.8
6.0 - 1 . 9
3.3
3.1
.2
-.3

5.0
3.6
.2
2.5
1.3

8.5
3.5
2.2
2.6
-.2

2.0 -.9
6.5
3.6
2.0 - 3 . 9

8.0
7.7
1.0

- . 3 -3.1
4.3
8.4
-1.2
5.1

.3
5.8
2.6

55.0
1.8
53.2

68.6
25.6
42.9

4.5
-.1
10.7
2.0

60.4 73.8 37
8.3 - 3 . 4 38
1.7
6.4 39
.1
4.2 40
12.3 11.7 41
.8 42
-.5
38.5 54.2 43
31.6 34.0 44
26.4 31.3 45
-.1
6.2 46
26.5 25.1 47
11.9
9.5 48
14.6 75.5 49
5.1
2.7 50
-.1
10.3
3.3

5.2 51
15.2 52
.2 53

Direct lending in credit markets

60
61

Total
Less chg. in U.S. Govt. cash...

64

Total

69
70

in

115.7 119.7 116.7 130.1 137.7 130.5 131.8 132.2 131.4 137.0 139.0 143.9 146.8
74.2 73.2 78.5 83.7 88.6 83.7 83.9 84.5 84.9 87.2 89.3 93.0 96.0
11.6 11.9 11.7 12.0 12.3 12.0 12.1 12.2 12.2 12.3 12.4 12.5 12.8
33.7 32.6 33.0 38.4 39.4 37.7 38.9 40.5 39.6 39.0 40.0 38.9 43.3
-2.1
2.4 - 5 . 2 - 5 . 2 - 2 . 9 - 6 . 0 - 3 . 7 - 5 . 7 - 5 . 9 - 2 . 8 - 2 . 0
- . 8 -3.8
. . . . . -3.8 -3.3 -3.8 -2.2 -2.4 -1.4 -2.1 -2.5 -2.8 -2.2 -2.3 -2.1 -2.6
2.4
3.5
2.7
3.1
3.4
1.6
2.5
1.1
2.9
4.6
3.5
2.0
2.7

6

III.

1964

1963

1963

Saving and investment

Farm and noncorp. business

II.

1961

II

3

12

1960

Consumers
Business

63.2
-.6
63.7
63.7
2.6

65.2 45.5
1.7 - 5 . 1
63.5 50.6

63.6
5.0
58.6

59.0
3.4
55.5

70.1 55.0
1.0 - 6 . 9
69.1 61.9

63.5
*

50.6
.8
19.7 15.7
20.8 11.4
1.1 - 4 . 4
.1
*
24.5 23.6
27.1 31.1
2.6
7.5

58.6
2.0
21.2
25.5
4.3
.1

55.5
3.0

69.1
2.8

4.7

1.6

3.2

.2

1.0

.7

1.1

1.7

8.2
5.3
.2
4.5
2.1
2.7
2.0
1.9
1.0 - 1 . 2

4.8
6.1
1.8
2.1
5.1

9.7 13.6
2.4
6.6
2.1
4.0
2.9
3.4
2.0 - 3 . 9

16.7
19.2
2.4

25.8 29.3
35.0 24.9
9.2 - 4 . 3

11.8
6.3
3,5
4.6
2.6

NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Oct. 1964 BULL., p.1335.




52.1
4.2

77.2 57
1.4 58

6.0 16.9
15.5 13.6
8.7 -3.9
.9
.5

59
60
61
62

27.3
37.7
10.4
6.4

63
64
65
66

2.5 67

22.9
16.8
1.1
5.2
.2

68
69
70
71
72

1599

FLOW OF FUNDS

DECEMBER 1964
PRINCIPAL FINANCIAL TRANSACTIONS
(In billions of dollars)

1962
Transaction category,
or sector

1959

1961

1960

1962

1963

1964

1963
II

III

IV

12. 7
5. 0

I

II

III

2.6
3.4

11.1
1.0
10.1

-2.0
-6.9

5.0

8.0
7.4

I

IV

II

I. Demand deposits and currency
!

5
6
7

Net incr. in banking system liability..
U S Govt. deposits
Other
Tiomestic sectors
State and local sovts
Financial sectors
Mail float
Rest of the world

0

10

1.1
.7
.4
.4
1.3

.9
-.8
-.7

-2.2
.5

-1.3
-.5
.2

.2
.6
*

.5
.4

9.5

5.8
-.6

5.4
1.7

3 5
-5 1

3.7
3.0
3.4

1 6
3 4
? 6

2.1 - 1 .2 - 2 . 0
7
.6
.7

-3.6
1.7

-1 3
2 3

5.4
.3
5.1
4.9
.3

4 .4
1 .4

3 .1
3 0
1 9

1.2
.7
.2

1 1
4
1

15.3
5.8
.8
1.4

20.7
9.4
1.3
.9

78 ,7

.3
3.3

.3
6.7

1

6.4
6.2
6.3

8
2

.2
1.4
.7

29.1
14.1
3.8
1.6

26.4
14.8
3.0
.8

7

7.7
7. 7
2. 9
2. 7
1.

9
?

1 8

5

?,s ?,
12 0
1 0
6

16. 4
2. 6
1.

10 4

1.
10 8

-.9

-4.4
-.7

-.5
.4
n

-1.4
.8

.1
1.1
2.1

12.3
7.9
4 .7
*
8.3 — 3 1
8
12.2 - . 5
0
5 3 1? l
5
4.8
8 0
9 0
-1.5 -1.3 -7.9
1 .2
<?
.1
4 1
— 1
7
2.0
_ 2
1 8

1

4.8

ll

-.5

-.3

1 .2

28 0
12.7
5.2
-1.4
8
8 1
15.2

0
10 . 3
.2
.1

4
5

6
79
9
10

II. Time and savings accounts
15
16
17
18
JO
21
22

Net increase—Total
A t commercial b a n k s — T o t a l . . . .
Corporate business
Foreicn depositors
Households
At savings institutions
M e m o : Households,total

..

1.1
-.4
4
q
3.0

8.4
11.4

9.5
12.8

11.3
17.8

15 .6
2 .6
1 0
6
11

13 .1
24 .5

1.0
7.7

.3

15.1
22.6

10.9
11.6
22.7

13.2
23.7

5.2

9.7

7

6

15. 2
25. 8

32.3
15.0
3.2
1.8
1.3
8.7

17.3
25.3

26.4
27.4
11.9
14.2
2.2
3.8
.6
1.8
1 .0
.8
8.0

7.9

14.5
22.8

30.6
15.3
6.2

'•2

6.4

13.1
21.1

15.3
21.5

10.2 - 2 . 6
11.2 - 1 3 . 2
-.9
10.6

4.5

9

5
15 .6
20 .8

15

16
17
18
19
T)
2

\

III. U . S . Govt. securities
24

Xotal net issues
Short-term marketable
Other

26

Net arciiiisitions bv sector

28
29
30

Short-term
Commercial banks
Short-term direct
Other direct , . • *

32
33
34
35
36
37
38
39
10
42
43

* •• •

.. •
..

Short-term direct
Other direct

•

•.

Pvt. domestic nonfin. sectors
Short-term direct
Other dirprt
Noneuarantced
Savings bonds—Households . . .

7.3
-2.5
5.2
3.1
8.8
4.3 - 5 . 6 - 1 . 4
9.5

7

8

5.1 - 2 2 7
5. 5
1.4
1
4.6
3.
3.8
5.2
7.3
9.7
7.3
7
8. 7
9.5 - 2 . 5
-•
2.8
.6
.7
1.5
1.9
3
.2
4.9
- . 8 -1.0 -1.1
3 3
3. 5
2 .0
1.0
5.4
-7.6
.8 - 2 . 6
3.1 - 6 3
3. 2
1.7
9.3 - 5 .2 - 3 . 6 - 4 . 1 - 2 1 0 - 1 . 5
-3.7
7.0
6.1
-3.4 -5.2 -4.1
9
.5
5 .2
n R 3.1. 43
8
.5
i.l
-.5
.3
— .1
1
- 3
1.
8
7
-.7
-.7
1.2
.7 - 1 . 3
2.
-1.4
9
1.6
1
0
— 1.7
.5
.8
_.
.1
1
-.1
.2
.4
.2
1
.5
.6
1
.4
3.0
.5
1. 5
n
7
0
.2
2
0
.9
2.1
1 5
2 .0
6.2
5.1
13.0 - 5 . 1
-.8
-. 2
0
1
,0
0
1
2.0
4
.
3
6.9
7.5
*
7 1
_
- . 4 -1.6
5.0
1.1 - 1 . 4
1
.4
.3
.9
.6
2 2
8
0
*
.2
1.2
-l'.S
.8
4
.5

6 8

•3

i

8.5

7.1
1.4
8.6
4.1
12.3
3.4
-5.9
10.4
-1.1
-2.4
-4.1
1.9

10.3
2.4
7.5
-2.3
-5.3
1.8
1.3
—1 3
-1.3
*
.1
2.8
.6
8.7

.2
4 "*

11 0
10.6
5

24

4.5
11.1
.5 26
n 07
2.8
4 0
-.5
3.7 - 3 . 2 28
1.1
1.1 - 7 . 6 29
5.7
1.7
.2 30
-5.7
1.0 — 8 « 31
1 .1 32
1.1 - 1 . 7
3*1
31
2
2 ^
0 1
2.0 -1.8
2 .2 34
1 6
.4 35

-2.6
1.9
.7
-12.4
-8.4
-4.6

1

.6

- . 4 -\.2
—1 6 — 9
1.6
6.6
3.1
5^0
4
7.3 - 2 . 9
3 3
4 3
— .8 - 1 . 9
6 8
-2.2
2.1
2.1
1.5
-.6
1.4
1 "*
1.1
1.1
.8
.3

3 .6
1

-1.9
0

1

.9

7 .9
1 9

37
38
39

3 7
1 .6

41
42
43

14.0
4.4
6.4
-> 4

16.9
5.7
7.4

1

.8

44
45
46
47
48

14.0
4.6

16 .9
5 7

<•)

.9

IV. Other securities

11.1
3.6
5.3
1 5

13.0
6.7
3.4
1 6

.8

11 .7
5 .0
5 .3
.3
1 0

1.0

1.4

13.7
1.9

11 .7
- 1 .3

13.0
-1.4

14.0
-3.6
1.2

13.7
4.9
7.3
.5

44
45
46
47
48

Total net issues, by sector.
State and local eovts
•.
Nonfinsn^ial cornorations . • . •.

11.7
4.5
5.3
1 1
.8

.6

49
50
51
52
S3
54
55
56
57
58
50
60

Net purchases

11.7
2.6
1.1
.74

11.1
1.5
2.2
-.2
.4

2.6

7.3

7.9
-.8

61
(0
63
M
6*>

Total net lending
1_ t o 4-family

Commercial b a n k s
Insurance and pension funds
Security brokers and d e a l e r s . . .
Portfolio purchases • • •
Net issues of own shares
Rest of the world

1.9

.2

7.4
- . 5*

1.2
1.8
.4

-.5
1.0
1.5
.3

-.2
-.6
1.4
2.0
2

19.1
13.2

16.0
10.4

19.5
11.8

1 .2

A .4
7 .6
8
1
1 9

1.6

5.2

7.9
-.2

140
5.7
6.4
5

8 4
3 2
4 6

5

.3
-.5
.8
1.3
.2

1.5
.1
2.4
2.3

29.3
15.7

24.9
13.8

1

6
1
1
7

1 7

8 4 10. 6
-1 3 -4. 2
1 3

5.4

9.5
1.7

10.
4.
4.

3.6

-7
-1

0
1

4
5
1
1 3

1. 5

3. 8

13.4
5.8
5.0

13.7
7.1
2.8
1 9

2.1

13.9
7.4
4.2
1 7

11.2
6.5

1.8

.5

13.4
13.7
2.4 - 4 . 3

13.9

11.2
-3.0

1.9

1.7

5.5

5.8

7. 9
7.9
1. 8 - 4 . 4
2. 1 - 4 . 0
3
— .4
8

.4
.8

?

8.7
1.6

Q

1.3
6.3

I'l
1.3

3.2
4 6
7.1
8.7
2.7 — 4 3
3 4 —3 8

— .2

7.8
-.7
— 6

.9
1.1
.5

.9
1.5
.1

29.8
16.4

31.1
16.7

31.1
15.7

.6

.5

.5

1.8

.4

.9

1 6

6
0

40
50
51
52
3
53
8.4 54
1 0 55
2 4
.4 57
6 58
1 0 50
.1 60
1 .4

V. Mortgages

Other

66
67
U j§ Government
69
70
71
72

Savings institutions
Mortgage companies

.1

-.1

.4

13.0

10.5

11.4

5.9

5.6

7.7

19.1

16.0

19.5

1.8
2.2
2.5
9.6
2.4
.2

2.1
1.2
.7
8.9
2.9
*

25 .3
13 .4
4
13 .0
11 .9

2.7
.6

25 .3
4 .0
.3
4 .0
V .2
3 .0
.5

2.4
.6
1.6

11.0

.5

.4

15.2
13.6

13.4
11.1

29.3

24.9

4.5

-1.0

4.9

16.0
3.9
.8

2.9
.5
4.4

13.1

2.5
1.0

25 9
13 7
3
13 4
12 1

28 3
14 2
6
13 6
14 1

25.4
14.0

25 9
4 .1

28
5
—
4
13
4

25.4

•

4 .4

n3 .4
.6

3
7
3
4
8
3
2

.5

13.5
11.4
3.6

15.8
13.4

16.2
14.3

15.3
15.4

15.3
12.2

29.8

31.1

31.1

27.2
2.7

4.6

j 2

-1.9

5.7

4.6
-.4
5.2

15.3

16.4

16.4

3.7
1.1

4.2
1.1

4.5
1.0

2.6
2.6
.5

7.9
4.4
2.0

1.7
.3

1.8
.6

8.4
5.6
3.0

17.3
13.5
10.7
1.7
1.1

4.2

3.3
.2

27.2
15.0

5.2
-.3
4.5

16.1

.2
4.4

14.6
4.3
1

7
16 1
4
16
14 6

61
6?
63
64
65

30 7
4 0
8
4 7
14 9
4
1 .5

66
67
68
69
70
71

72

VT. Bank loans n.e.c
73
1A
75
76
77
78
79

Total net borrowins
Nonfinancial business
Corporate
Nonfarm noncoroorate

Farm
Financial sectors
NOTE.

7.5

2.7

5.3
3.7

2.7
2.6

2.7
1.6
1.7

6 .1
4 .1
2 .6

9.1
6.5
4.0

1.0
.7

\i

-.5
.3

.1
-.3

.7
*

.9
.7

1.8
.7

.2
1.7

1

.4
1 .1

.6
1.7

7.0
5.2
3.9

.7
.7

.3
1.0

5 .3
4 .2
2 .7
1 .1

.5
.3

.7

8
5
2
1

0
0
6

5
8

6
2 8

-.2
-.3

.8
2.2

Quarterly data are seasonally adjusted totals at annual rates. F o r other notes see Oct. 1964 B U L L . , p . 1335.




1.9
.8

.5
2.3

1.3
2.5

1.5
-.8

8 0.
6 0

-2.7
1.7
.3

1 .8

2.3

9

1

1 .9

9

73
74
7*5

76
77
78
79

Financial Statistics

* International *
Reported gold reserves of central banks and governments

1602

Gold production.

1603

Net gold purchases and gold stock of the United States.

1604

Estimated foreign gold reserves and dollar holdings.

1605

International capital transactions of the United States

1606

Money rates in foreign countries.

1615

Arbitrage in Treasury bills

1616

Foreign exchange rates

1617

U.S. balance of payments.

1618

Foreign trade

1619

Guide to tabular presentation.

1538

Index to statistical tables

1627




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).

1601

1602

GOLD RESERVES

DECEMBER 1964

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(In millions of dollars)
Estimated
total
world i

End of
period

Intl.
Monetary
Fund

United
States

Estimated
rest of
world

Argentina

126
60
56
104
190
61

126
162
154
147
162
190

103
194
292
293
303
454

915
1,270
1.134
I 170
I 248
1,365

49
78
78

205
206
208

515
525
536

78
78
76
76
74
74
74
73
73

210
211
211
215
216
218
219
221
223
224

38 765
39 445
40
195
r
40 540
r
41 140
Ml, 465

1 180
1 332
2,407
2 439
2 077
2,194

22 857 14 730
20 582 17 530
19,507 18,280
17 804 r 20 295
16 947 '22 115
16,057 '23,215

1963—Oct
Nov
Dec

'42,315

2,305
2,312
2,312

15,640
15,609
15,596

1964—Jan
Feb
Mar

'42,420

2,314
2 322
2,328
2,334
2,353
2 359
2 359
2,424
'2 425
2,425

15,540
15 518
15,550 '24,540
15,727
15,693
15,623 24,960
15 629
15,657
15 643 24 950
15,606

1957
1958
1959
1960
1961
1962

....

May
June
July

42 940

Aug

2>43 020

Sept
Oct

End of
period

Cuba

1957
1958
1959
I960
1961
1962

136
80
50
1

1963—Oct
Nov
Dec
1964

. ..

Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
End of
period

Italy

r

24,405

Belgium

Brazil

324
325
327
287
285
225

42

1 100
1,078
960
885
946
708

40
40
43
45
48
43

62
72
71
78
88
57

1,367
1,367
1,371

150
150
150

42
42
42

784
800
817

44
43
43

61
61
62

547
558
569
579
579
592
592
592
592
592

1,373
I 374
1,376
1,390
1,392
1,392
3<n
1,'395
1 395
1,404

150
150
150
120
120
120

42
42
42
42
42
42
42
42
42
42

837
850
871
892
910
931
949
969
990
1,001

44
43
43
43
42
43
43
43
43
43

62
63
63
64
64
65
66

France

Germany,
Fed.
Rep. of

Greece

Guatemala

11
11
10
10
3
3

22
22
20
20
19
19

31
31
30
30
18
18

35
35
38
41
47
61

581
750
1,290
1,641
2,121
2,587

2,542
2,639
2,637
2,971
3,664
3,679

13
17
26
76
87
77

27
27
24
24
24
24

247
247
247
247
247
247

3
3
3

19
19
19

18
18
18

61
61
61

3,089
3 128
3 175

3,817
3 823
3 843

77
77
77

23
23
23

3
3
3
3
3
3
3
3
3

19
18
18
17
17
11
11
11
11
11

18
18
18
18
18
18
18
18
18

66
66
66
65
65
65
65
65
65
64

3,210
3,248
3,298
3,366
3 404
3,451
3,489
3 527
3,564
3,598

3,844
3,849
3,953
4,060
4 070
4,081
4,117
4 139
4,149
4,149

77
77
77
77
77
77
77
77
93

23
23
23
23
23
23
23

Japan

Lebanon

Mexico

NetherNew
lands Zealand

Pakistan

Peru

Indonesia

Iran

Iraq

138
141
140
130
130
129

20
34
84
98
84
98

247
247
247

142
142
142

98
98
98

247
247
247
247
247
247
247
247
247
247

142
142
141
141
141
141
141
141
141
141

98
98
98
112

39
37
33
58
43
44

Philippines

Portugal

Saudi
Arabia

South
Africa

49
49
50
52
53
53

28
19
28
42
47
47

6
10
9
15
27
41

461
493
548
552
443
471

18
18
65
78

217
211
238
178
298
499

1,581
1,581
1,601

31
31
31

53
53
53

57
57
57

27
27
28

497
497
497

78
78
78

630
629
630

1,601
1,601
L,601
1,601
I 601
I 601
1,601
1,601
1,601
611

31
31
31
31
31
31
31
31
31
31

53
53
53
53
53
53
53
53
53
53

57
57
57
57
67
67
67
67
67
67

30
21
23

497
497
497
497
497
497
497

78
78
78
78
78
78
78

632
631
627
627
626
607
615
597
589
601

91
91
102
119
140
172

180
143
142
137
112
95

1,050
1,132
1,451
1,581
1,581

1963—Oct
Nov
Dec

2,331
2,331
2,343 ' " " 2 8 9 "

172
172
172

115
134
139

1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

2,343
2,343
2,143
2,143
2,146
2 148
2,153
2 100
2 104
2 104

172
172
172
172
172
172
172
172

151
157
156
162
168
168
172
170

290

Norway

India

45
43
30
30
30
30

93
124
244
247
287
289

289

Colombia

Canada

El Salvador

Finland

Chile

Burma

Ecuador

452
1,086
1,749
2,203
2,225
2,243




Austria

Dominican
Repub-

1957
1958
1959
I960
1961
1962

For notes see end of table.

Australia

744

33
33
34
35
1
J

DECEMBER 1964

1603

GOLD RESERVES AND PRODUCTION
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
(In millions of dollars)

End of
period

Spain

Sweden Switzerland

Thailand

Syria

Turkey

U.A.R.
(Egypt)

United
Kingdom

144
144
133
134
139
140

188
174
174
174
174
174

1,554
2 808
2,514
2 800
2,268
2,582

2,484

101
57
68
178
316
446

219
204
191
170
180
181

1,706
1,925
1,934
2,185
2,560
2,667

24
24
19
19
19

112
112
104
104
104
104

Oct
Nov
Dec

573
573
573

182
182
182

2 520
2,522
2,820

19
19
19

104
104
104

103
102
115

174
174
174

1964—Jan
Feb
Mar
Apr
May

573
573
573
573
573
575
575
575
576
575

182
182
182
182
182
182
182
182
182
182

2,549
2,551
2,542
2,524
2,526
2,599
2,560
2 530
2,532
2,532

19

104
104
104
104
104
104
104
104
104

115
115
115
115
115
115
115
105
105
105

174
174
174
174
174
174
174
174
174
174

1957
1958
1959
I960
1961
1962
1963

July
Aug
Sept
Oct

19

19

19
19
19

19
19
19
19

1
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.

Uruguay

2,458
2,439

Venezuela

Yugoslavia

180
180
180
180

719
719
652
401

14
17
10
4

180

401

6

180

401

4

24
—42
-134
— 19
115
-50

171
171
171

401
401
401

14
14
14

—22
-77
-279

171

401

14

171

401

14

171
171

401
401

15
15

171

401

15

171
171

401
401

15
16

401
401
401

16

171
171

2 302

Bank
for
Intl.
Settle-2
ments

EPUEF3

—7
22
— 82
47
40
64
95
66
71

254
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 through 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

1964

North and South America

South
Africa

Rhodesia

Ghana

618.0
702.2
748.4
803.1
892.2
960.1

19.4
19.8
19.6
20.1
19.4
19.8

29.8
32.0
30.8
29.2
31.1
32.2

Sept
Oct
Nov
Dec

80.9
82.0
81.6
78.6

1.6
7
7
8

2.7

Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

78.7
79.9
84.9
82.3
83.4
85.4
86 9
87.2
88.2

7

2.6

1.6
6

2.6
2.6

6
7
6
7
7

2.6
2.6
2.4

1,050.0
1,125.0

1958
1959
I960
1961
1962
1963
1963

World
production i

1,175.0

1,215.0
1,295.0
1,350.0

Congo
(Leo- United
pold- States
ville)
12.3
12.2
11.1
8.1
7.1
7.5

" Vi *9*

1 Estimated; excludes U.S.S.R., other Eastern European countries,
China Mainland, and North Korea.
2 Quarterly data.




61.6
57.2
58.8
54.8
54.5
51.4

Canada

Mexico

Nicaragua

158.8
156.9
162.0
156.6
145.5
139.0

11.6
11 0
10.5
9 4
8 3

7.2
7.3
7.0
7.9
7.8
7.2

11.5
12.2
11.7
10.8
10.7
9.8
10.3
11.6
10.7
10.8
11 3
11.3
10.9

Other

Asia

Colom- India
bia

Philippines

Australia

All
other 1

38.6
38 1
38.0
37 7
37 4
35.8

58.9
54 5
53.6
53 8
57 3
59.3

13.0
13.9
15.2
14.0
13.9
11.4

6.0
5.8
5.6
5.5
5.7
4.8

14.8
14 1
14.4
14 8
14 8
13.2

4
.8
.8
.8

.7
.6
.8
.9

4
.4
.4
.4

1 2

3 0

1.2
1.3
1.2

2.6

8

1.2

.4

1.0
.5

1.2
1.0

8.3

.7
.4
3
4

1.2
1.1

1 l

.4
.5 "2 3.' 8'
.4

23 8

3 1
2.8

3 1
2.5
2.6
2.6
2.7

3 0
3 0

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.

1604

U.S. GOLD

DECEMBER 1964

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

Western Europe:
Austria
Belgium
France
Germany, Fed. Rep. of
Xtaly
Netherlands
Portugal
Spain
Switzerland
United Kingdom
Bank for Intl. Settlements
Other

1957

3
-34

1958

— 84
-329

3

25
31

Canada
Latin American republics:
Argentina
Brazil
Colombia
•
Mexico
Venezuela
Other
Total

Total
All other
Total foreign countries

...

-249

20
-350
-32
-38

— 324
-550
-36
-96

8

80

68

-2,326

15

5

115
—1
28

75

1961

-114

-827 -1,718

1964

1963

1962

III

IV

— 32

—23

-214

-101

-101
-200
200

-101

329

74

131

109

-12

1

*

-4

-7

14

-754 -1,105

-399

-139

-7

-31

79

35

-30
72

-i

-30
28

-1

28

1
10

-4

-4

—1
-141
-144
-173
-34
-23

-30
-10

18

— 143
-63
-456

— 82
-518

I

— 32

100
-25
-156
— 125
-306
-23
-53

-146
102
-387

II

-130

III

-2
— 30
221

-101
-25

163
-1

190
67
-11

85
57
38

-50
-2
-6
-20

-90
-2

-22

-17

5

-7

-11

-1

2

3
25

—200
29

6

2

-30
65
-5

-28

81

69

19

-100

-109

175

32

-16

-3

A

*

is

-30
-4

-157
-28

-15
-97

1-101

2-93

3 12

•

-4

5

*

18

-186

-113

-101

-93

12

*

-4

5

14

-34
2

-5

-38

-6

-1

-36

-25

i

2

-9

-1

80

172 - 2 , 2 9 4

-998 -1,969

-970

-833

-392

-180

-15

-28

95

41

600

5-44

-833

-392

-180

-15

-28

95

41

Asia:
Other

— 83
-39
-266

1960

— 349
-261
-20
32

—215
-900
-178
-21

—8
100

Total

1959

Intl. Monetary Fund

4200

Grand total

280

4300

150

772 - 2 , 2 9 4 -1,041 - 1 , 6 6 9

-820

i 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.

-2
7

-1
-1

4 Proceeds from this sale invested by the IMF in U.S. Goyt. 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)
End of period
Gold stock

Year
Total

Total 2

Treasury

Foreign
currency
holdings

Total

1951
1952
1953
1954
1955
1956
1957

22,873
23,252
22,091
21,793
21,753
22,058
22,857

22,873
23,252
22,091
21,793
21,753
22,058
22,857

22,695
23,187
22,030
21,713
21,690
21,949
22,781

53
379
-1,161
-298
-40
305
799

1958
1959
1960
1961
1962
1963

20,582
19,507
17,804
17,063
16,156
15,808

20,582
19,507
17,804
16,947
16,057
15,596

20,534
19,456
17,767
16,889
15,978
15,513

-2,275
-1,075
-1,703
-741
-907
-348

116
99
212

Total
gold

Month

Gold stock
Total
Total

53 1963—Nov....
379
Dec...
-1,161
- 2 9 8 1964—Jan
-40
Feb....
305
Mar....
799
Apr....
May. ..
June...
-2,275
July....
4-1,075
Aug....
-1,703
Sept....
-857
Oct.. . .
-890
Nov.?..
-461

1 Includes gold sold to the United States by the International Monetary Fund with the right of repurchase, which amounted to $800 million
on 2Nov. 30, 1964.
Includes gold in Exchange Stabilization Fund.
3
For holdings of F.R. Banks only see pp. 1548 and 1550.




End of period

Changes in—

1

2

Changes in—

1

Foreign
currency3
holdings
Treasury

Total

Total
gold

15,780
15,808

15,609
15,596

15,582
15,513

171
212

-130
28

-31
-13

15,847
15,865
15,990
15,991
15,946
15,805
15,840
15,890
15,870
15,702
16,324

15,540
15,518
15,550
15,727
15,693
15,623
15,629
15,657
15,643
15,606
15,566

15,512
15,462
15,461
15,462
15,463
15,461
15,462
15,460
15,463
15,461
15,386

307
347
440
264
253
182
211
233
227
96
758

39
18
125

-56
-22
32
177
-34
-70
6
28
-14
-37
-40

-45
-141
35
50
-20
-168
622

4 Includes payment of $344 million increase in U.S. gold subscription
to the IMF.
NOTE.—See Table 10 on p. 1613 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.

1605

GOLD RESERVES AND DOLLAR HOLDINGS

DECEMBER 1964

HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS
(In millions of dollars)
Dec. 3 I, 1962

Western Europe:
Austria

783
1,542
'159
134
3,744
6,409
196
3,627
1,829
155
632
623
671
3,575
165
4,191
'481

Germany, Fed. Rep. of.
Greece
Italy
Netherlands
Portugal

Turkey
United Kingdom
Other 2
Total

28,916

Latin American republics:
Argentina
Brazil
Chile
Colombia
Cuba
Panama Republic of
Uruguay. •
Other
Total
Asia:
•

Other
Total
Africa:
South Africa
U A.R. (Egypt)
Other
Total
Other countries:
All other
Total
Total foreign countries 3
International and regional
Grand total

3

Sept. 30,1964*

June 30, 1964

903
1,678
'208
134
4,510
6,634
258
3,540
1,910
158
646
751
616
3,325
128
4,253
'441

2
1
15
*
3
3
*
21
133
1
123
82
*
312
50

901
1,791
'253
160
4 653
6,884
265
3,146
1,961
164
688
778
591
3,726
136
3,967
'369

2
1
13
*
3
3
*
21
126
1
1
133
83
*
361
49

2
129
75
*
328
46

3
*
141
1
*
41
131

911
1,782
'259
176
4 709
6,811
239
2 927
1,898
135
689
807
610
3,528
135
4,245
'559

3
*
141
7
1
*
1
4
131
*
2
130
77
*
380
49

902
1,832
289
167
5 003
6,616
224
3 039
1,823
188
687
839
615
3,737
129
4,153
514

3
14
1
7
1
*
1
5
131
*
2
130
77
*
402
48

947
1,821
352
174
5 093
6,437
222
3 225
1,963
205
721
972
733
3,653
123
4,222
462

4
101
*
2
90
78
*
402
49

3
14

1
7
1
*
1

708 30,093

729 30,433

779

741 30,420

800 30,757

822 31,325

753

4,057

389

3,882

700

3,805

686

687

3,555

686

3,674

686

3,863

695

271
429
178
205
16
626
98
152
281
806
336

1
1
*1

1
1
*
1

*
41

*
1
1
1

453
329
186
231
12
808
129
215
284
992
424

1
1
*
1
*
51

1
1
3

453
360
176
216
14
759
117
198
263
933
376

*
*
*
1
*
2
10
*
*
1

452
329
181
244
11
837
91
230
277
1,017
463

*
*
2

424
294
227
238
11
817
105
271
276
1,057
487

*
*
*
1
*
*1
*
*
*
2

386
330
224
226
10
808
89
271
280
1,077
463

*
2

3,398

13

3,865

12

4,063

14

4,132

5

4,207

4

4,164

5

1
5
*
*

1
5
*
*
42

307
72
2,847
253
546
2,005

*
1
5
**

38

311
86
2,731
227
529
1,947

45

44

5,831

48

6,030

51
*

10

635
196
280

14

10

1,111

14

5

*
1
1
1
12

*
*
1
*
1

288
72
'2,484
215
437
'1,490

6
302
1
67
3 '2,674
*
222
*
486
40 '1,581

5
298
1
92
3 '2,743
*
237
*
486
42 '1,687

42

*
302
1
90
5 '2,735
232
*
513
*
41 '1,892

'4,986

50 '5,332

51 '5,543

51

47 '5,764

540
188
373

*
*
10

683
186
331

*
*
10

671
188
291

*
*
10

9

670
198
'287

10

645
196
280

1,101

10

1,200

10

1,150

10

9 '1,155

10

1,121

5
1
3
*
*

*

*
*

1
*
1

1
**

337

*

348

*

388

*

373

384

*

392

287

29

326

28

314

30

26

308

25

351

26

361

624

29

674

28

702

30

26

681

25

735

26

753

28

1,530 '45,696

1,568

1,596 47,246

1,546

'43,082
4

*
16
2
3
3
*
*
1
87
1
1
93
83
*
370
48

7,349
'50,431

1,199 '45,046
911

7,093

2,110 '52,139

1,163

1,524 '45,707
7,068

6,958

1,213

1,218

2,693 '52,654

2,781

2,742 '52,775

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-




Mar. 3] ,1964

Dec. 31, 1963

U.S. Govt.
Gold& U.S. Gold& U.S. Gold& bonds & notes * Gold& U.S. Gold& U.S. Gold& U.S.
short- Govt. short- Govt. shortshort- Govt. short- Govt. short- Govt.
term
bonds
term
term bonds
term
term bonds
bonds
term
bonds
dollars & notes dollars & notes dollars
New dollars & notes dollars & notes dollars & notes
Old
series
series

Area and country

Indonesia.
Japan

Sept. 30, 1963

1,570 46,325
1,170

7,294

2,740 53,619

28

7,500

923

2,664 54,746

2,469

1,068

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, n on-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 7 on p. 1612.
See also NOTE to table on gold reserves.

1606

INTL. CAPITAL TRANSACTIONS OF THE U.S.

DECEMBER 1964

1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
International and regional
End of
period

Grand
total

European
regional 2

i

Foreign

L.A.
regional

Europe

Latin
Canada America

Official

Other

9,154
10,212
10,940
11,963

7,076
7,048
57,841
7,911

8,473
9 046
10,322
10,162

2,198
2 439
2,758
3,349

2,408
2,308
2,340
2,448

Africa

Other
countries

2,780
3,115
52,974
3,444

253
227
283
319

119
125
104
152

Asia

Total

Intl.

419,389
21,272
522,533
25,019

43,158
4,012
3,752
5,145

43,158
3,897
3,695
4,938

34

16,231
115* 17 260
57 518,781
173
19,874

1963—Oct
Nov
Dec

26,294
26,428
25,938

4,756
4,668
4,637

4,619
4,528
4,501

17
17
18

120
122
118

21,538
21,760
21,301

12,342
12,394
12,467

9,195
9,367
8,834

10,865
10,819
10,770

3,373
3,493
2,988

3,019
3,034
3,137

3,852
3,955
3,971

265
274
241

164
185
194

1964—Jan
Feb.
Mar
Apr
May....
June....
July
Aug
Sept.».. .
Oct.*\..

26,122
26,119
25,905
26,334
26,340
26,300
26,863
27,243
27,369
27,976

4,668
4,775
4,731
4,780
4,833
4,926
4,910
4,918
5,066
5,057

4,537
4,649
4,603
4,591
4,654
4,755
4,748
4,757
4,910
4,890

17
17
19
16
16
25
18
18
17
18

115
109
108
172
163
146
144
143
139
148

21,454
21,344
21,174
21,554
21,507
21,374
21.953
22,325
22,303
22,919

12,217
12,059
12,015
11,758
11,906
12,102
12,121
12,309
12,346
12,291

9,237
9,285
9,159
9,796
9,601
9,272
9,832
10,016
9,956
10,629

10,752
10,618
10,679
10,643
10,618
10,658
10,788
11,144
11,281
11,226

3,100
3,034
2,684
2,903
2,932
2,743
3,030
3,064
2,873
3,392

3,171
3,191
3,192
3,365
3,332
3,313
3,400
3,358
3,291
3,411

4,012
4,077
4,194
4,224
4,209
4,245
4,312
4,352
4,438
4,459

246
238
248
236
231
228
234
225
231
245

172
184
177
184
185
186
190
183
189
188

Italy

Nether- Norway
lands

Portugal

Spain

1959
1960
1961
1962

Total

la. Europe

End of period

Total

Austria Belgium

1959
I960
1961
1962

8,473
9,046
10,322
10,162

331
243
255

1963—Oct....
Nov...
Dec...

10,865
10,819
10,770

1964—Jan
Feb....
Mar...
Apr....
May . .
June...
July...
Aug....
Sept.*3..
Oct.»..

10,752
10,618
10,679
10,643
10,618
10,658
10,788
11,144
11,281
11,226

Denmark

Finland

France

Germany,
Fed.
Rep. of

Greece

1,987
3,476
2,842
2,730

186
63
67
119

1,370
877
1,234
1,384

485
328
216
248

95
82
105
125

138
84
99
161

86
149
153
177

213
227
406
490

137
54
52
67

71
46
91

329

138
142
326
177

73

655
519
989
1,157

372
347
365

410
401
420

128
144
161

78
86
99

1,434
1,499
,478

2,965
3,041
3,041

174
183
188

1,029
877
803

367
361
360

119
119
133

152
162
191

164
172
205

419
431
409

360
322
342
297
341
310
327
355
355
293

440
431
406
437
439
440
396
424
426
444

176
157
167
191
195
197
213
229
260
269

93
108
110
111
112
102
105
105
109
112

1,487
1,467
1,411
1,406
1,518
1,552
1,558
1,525
1,529
1,523

2,999
3,157
2,858
2,386
2,303
2,535
2,360
2,361
2,288
2,184

177
167
162
156
148
147
143
130
129
157

685
536
784

319
289
297
254
264
222
309

107
96
104
117
159
157
167

199
200
192
189
193
190
216

206
217
234
218
241
264
296

421
431
428
415
420
433
451

849
866
891
928

1,057
1,121
1,260

la. Europe—Continued
Turkey
End of period Switzerland
1959
I960
1961
1962

969
678
875
908

31
18
26
25

1963—Oct....
Nov...
Dec

857
831

26
25

906

21

1964—Jan....
Feb....
Mar...
Apr....
May . .
June...
July. . .
Aug....
Sept.*..
Oct.p..

915
919
986
1,043
1,063
1,138
1,121
1,102
1,121
1,083

18
28

For notes see following page.




Sweden

20
16
15
14
13
12
18
22

171
11A
186

230
224
228

376
396
409

509

551
563

lb. Latin America

United
Kingdom

Yugoslavia

990

6
10
12
11

569
357
325

351

3
12
5
3

13
14
16
19

1,807
1,706
1,483

15

16
16

325
395
465

2
2
2

1,777
1,735
1,787
1,008
1,931
1,714
1,864
1,951
1,920
1,848

14
13
13
13
14
14
14
13
16
12

334
320
357
514
372
309
278
254
260
254

3
2
3
3
4
3
4
3

1,667
2,227
1,609

316
362
355

Other
Other
Western U.S.S.R. Eastern
Europe «
Europe

3
2

Argentina

Brazil

2,408
2,308
2,340
2,448

337
315
235
210

151
194
228
204

21
20
24

3,019
3,034
3,137

381
360
375

23
22
19
21
20
25
23
21
20
23

3,171
3,191
3,192
3,365
3,332
3,313
3,400
3,358
3,291
3,411

381
392
376
377
402
350
336
307
313
305

Total

Colombia

Cuba

185
135
105
135

217
158
147
148

164
77
43
'15

442
397
495
531

185
189
179

122
135
143

163
162
169

12
11
11

632
654
669

169
172
179
178
189
174
176
221
210
233

131
136
138
142
135
184
168
172
181
163

174
173
181
190
178
173
164
149
169
162

11
11
11
12
11
11
10
10
10
10

684
708
681
707
659
649
666
674
638
663

Chile

Mexico

1607

INTL. CAPITAL TRANSACTIONS OF THE U.S.

DECEMBER 1964

1. SHORT-TERM LIABILITIES TO FOREIGNER S REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
lb. Latin America—Continued
End of
period

Peru

Panama

1959
1960
1961
1962

129
123

82
72

87
98

84

1963—Oct
Nov....
Dec

111
125
129

1964—Jan
Feb
Mar....
Apr
May . . .
June
July
Aug.....
Sept.P...
Oct.?...

111
113
91
90
90
105
85
92
89
96

Uruguay

Venezuela

Other
L.A.
Rep.

lc. iVsia
Neth.
Other
Bahamas
Antilles & Latin
&
Bermuda 8 Surinam America

3,852
3,955
3,971

35
35
35

67
69
66

51
49
51

32
27
48

105
113
112

646

358
391
397
412
425
426
427
419
402
405

128
125
141
154
155
166
171
166
175
178

88
87
88
86
85
93
93
96
98
105

16
14
13
11
14
16
14
19
18
16

4,012
4,077
4,194
4,224
4,209
4,245
4,312
4,352
4,438
4,459

35
36
36
36
36
36
35
35
36
36

78
72
74
72
71
71
75
80
77
74

51
52
55
56
67
64
62
56
60
55

44
54
46
45
40
42
40
27
28
36

121
129
126
132
140
135
133
129
134
132

592

616
717
687
656
769
707
676
763

88
72
89

Id. Africa

504
204
254
280

253
227
283
319

209
196
209

134
141
149

382
379
382

344
381
353

265
274
241

201
203
209
205
203
204
218
216
230
227

166

385

177
200
215
219
232
249
248
238
229

400
409
416
416
425
426
439
442
447

384
441
472
512
510
490
523
507
533
571

246
238
248
236
231
228
234
225
231
245

122
126
124
120
115
106
100
101
103
103

Taiwan

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,
and4 Bank for International Settlements and European Fund.
Includes $1,031 million representing increase in U.S. dollar subscription to the IMF paid in June 1959.
5 Includes $82 million reported by banks initially included as of Dec.
31, 1961, of which $81 million reported for Japan.
67 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.
8 Data based on reports by banks in the Second F.R. District only for
year-end 1959-1962.




87
75
63
81

30
30
15

141
186
264
333

2 424
2,388
2,446
2 415
2,393
2,441
2,451
2,514
2,557
2,548

Tan . . . .
Feb
Mar
Apr . . . .
May . . . . .
June.... .
July
.
Aug
.
Sept.*... .
.

139
178
76
28

87
82
93

94
84
92
75

1964

54
78
41

97

Total

91
108
113

114

128
134
136

Other
Asia

2 403
2,456
2 454

60
57
56
65

307
306
355

Thailand

1963—Oct
Nov
Dec . . . .

36
35
35
36

616
581
591

105
104
106
98
104
105
106
112
109
113

172
203
185
174

2,780
3,115
52,974
3,444

405

168
173
173
191
197
204
218
214
204
199

148
152
199
136

Israel

33
12
15
10

93
110
113

1.285
1 887
51 672
2,195

1959
I960
1961
1962

Indonesia

India

69
111
123

153
155
158

Philippines

Hong
Kong

9 14

105

Korea

China
Mainland

235
226
267

277
398
418

Japan

Total

227

62
51
57
101

1(:. Asia—Continued
End of
period

8

le. Other countries

Congo
Mo- 8
(Leopold- rocco
ville)

South
Africa

31
32
34
35

58
64
93
68

49
29
32
41

20
22
15
14

24
25

71
59
49

43
55
41

48
41
33
24
19
17
20
18
17
8

42
43
43
46
49
38
44
38
46
48

26
25
25
26
25
24
25
24
23
16
16

U.A.R. Other
(Egypt) Africa

Total

Australia

All
other*

95
80
109
161

119
125
104
152

110
88
98
147

9
37
6
5

18
14
14

109
121
112

164
185
194

148
171
180

16
14
13

17
19
24
26
21
22
24
20
22
23

114
110
123
114
118
126
120
125
131
149

172
184
177
184
185
186
190
183
189
188

157
170

15
14
15
22
21
19
22
20
20
23

162
162
164
166
168
162
169
165

9 Bermuda only; Bahamas included in "Other Latin America."
!0 Represent a partial breakdown of the amounts shown in the "other'
categories (except "Other Eastern Europe") in Tables la-le.
Except as indicated by note 11, data for 1962 based on reports by banks
in the Second F.R. District only; thereafter data based on reports by
banks
in all F.R. Districts.
1
! Based on reports by banks in all F.R. Districts.
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, noninterest-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 5. 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.

1608

INTL. CAPITAL TRANSACTIONS OF THE U.S.

DECEMBER 1964

1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
If. Supplementary Data1** (end of period)
1963

1964

Other Western Europe:
Iceland..
Ireland, Rep of
Luxembourg
Monaco.

Area or country
Apr.

Dec.

Apr.

5.2
4.7
8 9
2.0

7.0
10.7
7 4
2.7

4.7
6.0
8 6
2.4

3.1

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
6.5
35.0
8.9
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

9.0

5.6
2.9
10 8
1.7

Other Latin American Republics:
Bolivia
Costa Rica
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Nicaragua
.
Paraguay
Trinidad & Tobago

H23.2
16.5
H42.0
36.3
H22.5
H40.9
10.5
13.8
3.3
14.8
5.7

Other Latin America:
British West Indies .
....
French West Indies & French
Guiana
Other Asia:
Afghanistan
Burma
Cambodia
Ceylon..

22.6

7.3

6.3

1 0

1 3

1 3

6

5.3
2.5
12.6
4.9

13.3
8.9
10.2
9.6

5.0
9.9
6.9
3.1

4.2
n.a.
2.1
3.7

1964

1963

1962

Area or country

1962
Apr.

Dec.

Apr.

Other Asia (Cont.):
Iran
H18.7
Iraq
8.5
Jordan
1 2
33.0
Kuwait
Laos
14.0
Lebanon
. . 65.9
18.4
Malaysia
Pakistan
15.9
Ryukyu Islands (incl. Okinawa). 17.0
Saudi Arabia
28.4
4.9
Syria
Viet-Nam
10.1

49.4
11.1
1 7
38.2
12.8
77.9
18.9
15.9
32.7
37.1
3 4
11 6

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
n.a.
2 7
49.9
6.5
108.1
24 3
16.1
31.6
151.0
5 7
17 9

Other Africa:
Algeria
Ethiopia, incl. Eritrea
Ghana
Liberia
Libya
Mozambique
Nigeria
Somali Republic
Southern Rhodesia
Sudan
Tunisia

10.9

.5
20.8
10 8
13.4
10.5
1.1
24.5
.6
na
2 4
11.6

.9
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
n.a.
8
3 5
2 0

4.7

8.8

10.5

18.8

1.6

.

...

17.0
4.1
17.6
5.5
2.5
26.8
.6
na
2.4

All other:
New Zealand

i

8

For notes see preceding page.

2. 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

Deposits

Total

1959
1960
1961
1961 5
1962
1963—Oct
Nov.
Dec
1964—Jan
Feb.. .
Mar
Apr
May. .
June
July
Aug
Sept.P
Oct p

419,389 416,913
21,272 18,929
22,450 19,944
22,533 20,025
25,019 22,311

U.S.
Treasury
bills and
Demand Time l certificates
6,341
7,568
8,644
8,707
8,528

Deposits

Special
U.S.
notes 2

Other 3

7,180
7,491
7,363
7,363
9,214

42,065
2,469
2,388
2,388
3,012

1,328
1,401
1,549
1,567
1,557

2,398
2,230
2,356
2,358
2,565

Total
Demand

U.S.
Treasury Other 3
bills and
Time 1 certificates

23,205
23,277
22,758

5,760
5,994
5,629

3,824
3,806
3,673

8,735
8,555
8,571

3,036
3,036
3,036

1,850
1,886
1,849

2,943
3,022
3,047

1.391
1,454
1,493

26,122
. 26,119
25,905
26,334
26,340
26,300
26,863
27,243
27,369
27,976

22,990
22,923
22,682
23,069
23,116
23,044
23,611
23,962
24,003
24,622

5,900
5,796
5,818
6,063
5,901
5,772
6,210
6,359
6,242
6,750

3,756
3,842
3,800
3,938
3,923
3,723
3,788
3,770
3,753
3,847

8,531
8 371
7,972
7,687
7 800
7,866
7,914
8,163
8,180
8,130

3,036
3,166
3,171
3,166
3,164
3,289
3,289
3,275
3,425
3,394

1,767
1,748
1,921
2,215
2,328
2,394
2,409
2,395
2,403
2,501

3,002
3,070
3,111
3,148
3,107
3,132
3,130
3,158
3,234
3,247

1,425
1,443
1,424
[,457
L 467
[,496
1,464
,450
,478
I 449

Payable
in
foreign
currencies

295
148
149
149
116

270
233
231
232
352

931
949
966

122
134
119

499
485
469

77
113
150
150
143
145
130
134

980
994
1,023
1,038
1,057
1,077
1,093
1,132
1,175
1,193

120
127
136
116
87
75
86
91
101
105

477
506
528
537
495
484
487
485
480
500

131
125
112
117
118
123
123
124
132
106

l , j 33

1,849
1,976
1,977
2,096

26,294
26,428
25,938

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
Bank, which amounted to $292 million on Oct. 31, 1964.




To all other foreigners

Total

3 Principally bankers' acceptances, commercial paper, and negotiable
time certificates of deposit.
4 Includes $1,031 million of nonnegotiable, non-interest-bearing special
U.S. notes representing increase in U.S. dollar subscription to the IMF
paid in June 1959.
5 These figures reflect the inclusion of data for banks initially included
as of Dec. 31, 1961.

1609

INTL. CAPITAL TRANSACTIONS OF THE U.S.

DECEMBER 1964

3. 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

Intl. and
regional

Europe

Canada

Latin
America

534
717
767
877

272
421
556
526

,176
,356
,522
,606

586
1,052
3 1,891
2,017

964
989
939

627
634
638

,694
,688
,742

2,166
2,298
2,493

82
97
104

56
52
58

954
1,001
940
1,002
1,028
1,164
1,075
1,048
1,064
1,163

680
636
713
735
764
855
744
746
672
633

,761
,753
,781
,818
,795
,856
,917
,936
,988
2,022

2,601
2,716
2,796
2,794
2,825
2,874
2,837
2,891
2,922
2.911

104
100
98
102
98
100
98
98
101
108

55
56
44
45
50
52
58
60
58
65

2,624
3,614
3 4,820
5,163
5,590
5,759
5,975
6,158
6,265
6,372
6,497
6,561
6,901
6,731
6,779
6,805
6,903

1959.
1960.
1961.
1962.
1963—Oct..
Nov..
Dec.
1964—Jan....
Feb...
Mar...
Apr...
May..
June..
July...
Aug...
Sept. P.
Oct.P.

Asia

Africa 1

Other
countries

2

56
69
85
137

3a. Europe

End of period

Total

Austria

Belgium

Denmark

Finland

France

Germany,
Fed. Rep.
of

Greece

Italy

Netherlands

Norway

1959
1960
1961
1962

534
717
767
877

56
65
20
32

9
23
30

57
32
42
68

54
82
165
186

30
34
35
54

38
33
54
27

7
17
27
35

1963—Oct..
Nov.
Dec.

964
989
939

26
27
26

49
49
52

66
65
70

151
170
121

81
82
97

41
36
33

34
41
40

1964—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
OtP

954
1,001
940
1,002
1,028
1,164
1,075
1,048
1,064
1,163

25
30
28
29
30
31
29
31
31
35

53
69
69
75
63
63
65
62
65
66

74
80
85
86
92
86
79
72
74
78

160
165
123
135
158
135
114
133
127
173

96
95
83
85
90
114
100
94
92
113

40
42
43
47
38
45
46
40
40
40

39
34
33
34
35
41
34
33
33
36

1959
I960
1961
1962
1963—Oct
Nov
Dec
1964—Jan
Feb
Mar
Apr
May
June
July
Septpp
Oct

. . .

Switzerland

Turkey

38

47

121

Sweden

11
19

19
28
35
18

14
16
14

38
29
26

33
36
30

12
12
17
17
15
16
19
20
17
21

26
24
27
25
25
28
31
32
31
28

25
25
23
29
29
32
31
31
36
43

Colombia

Cuba

Mexico

68

115

291

Other
Other
Yugo- Western
Eastern5 Total
slavia Europe 4 U.S.S.R. Europe

Argentina

8
8
8

1,176
1,356
1,522
1,606

121
192
181

225
186
171

73
127
186

80
125
131

3

5

13

60

Brazil

117

Chile

59

60
105
75

49
16
42

245
181
221

11
9
6

91
78
70

42
23
48

229
262
237

7
10
7

20
22
23

12
15
16

1,694
1,688
1,742

183
184
188

183
172
163

186
192
187

180
185
208

18
18
18

445
443
465

79
74

36
50

212
219

8
11

23
23

18
18

218
219

17
17

468
477

198

14

23

18

179
175
176
180
175
171
175
175
187
196

184
184

46

1,761
1,753
1,781
1,818
1,795
1,856
1,917
1,936
1,988
2,022

170
166

77

155

182

222

16

498

16
16
17

519
511
543
575
572
569
583

81
76
85
91

25
23
42
52

246
255
347
285

17
24
29
26

88
82
89

35
49
31

277
290
312

23
21
17

For notes see following page.




United
Kingdom

Spain

3b. Latin America

3 a. Europe—Continued

End of period

Portugal

11
9
19

25
24
22
22
21
22
26

:

t

i
4
i

17
17
15
16
20
18

20

147
141
147
147
153
158
155

192
186
191
187
187
196
183

226
230
246
251
250
273
291

26
19
17

17
17
17
16

343
425
408

1610

INTL. CAPITAL TRANSACTIONS OF THE U.S.

DECEMBER 1964

3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
3c. Asia

3b. Latin America—Continued

End of
period

Panama

Peru

Uruguay

Venezuela

Other
L.A.
Republics 6

1959
1960
1961
1962

18
23
32
30

36
44
74
85

47
57
55
122

247
234
144
102

57
55
56
66

1963—Oct
Nov.,...
Dec

33
33
35

103
98
99

92
82
65

103
106
114

116
121
135

1964—Jan
Feb
Mar
Apr
May....
June....
July
Aug
Sept.*3...
Oct.?...

47
45
50
46
41
44
40
38
37
35

106
107
110
113
113
114
112
104
102
95

54
50
50
48
51
54
55
62
63
62

109
112
115
123
125
128
140
137
140
140

148
145
147
147
144
140
160
169
172
188

Bahamas
&
Ber- 1
muda

Neth.
Antilles
&
Surinam

Other
Latin
America 7

Philippines

Taiwan

10
9
9
13

6
9
8
20

14
24
36
37

31
33
42

8
8
9

15
14
16

2 166
2,298
2,493

2
2
2

11
12
11

18
16
17

30
25
22

37
33
34
37
35
37
38
41
42
44

9
10
12
11
13
12
11
19
18
19

15
12
14
11
11
10
10
13
15
16

2,601
2,716
2,796
2,794
2,825
2,874
2,837
2,891
2,922
2,911

2
2
2
2
2
2
2
2
2
2

11
11
12
13
13
15
16
16

18
17
26
22
23
21
20
19
24
20

9

180
150
145
80

63
74
113

8
8
8

44
45
52

72
73
71

82
97
104

129
142
150
161
155
158
174
179
179

9
10
9
8
7
7
7
7
8
8

52
58
58
57
54
57
53
56
53
54

80
76
77
74
84
78
78
77
80
80

104
100
98
102
98
100
98
98
101

114

10

70

1963—Oct
Nov
Dec

1,904
2,017
2,171

13
26
25

1964—Jan.. .
Feb
Mar.
Apr

2,247
2,340
2,400
2,394
2,421
2,469
2,416
2,472
2,492
2,479

28
30
31
29
28
27
27
23
25

May
Aug

Sept.*>
Oct P

21

185

9
7

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
Until 1963 includes Eastern European countries other than U.S.S.R.,
Czechoslovakia,
Poland, and Rumania.
5
Czechoslovakia, Poland, and Rumania only until 1963.
6 Bolivia, Dominican Republic, El Salvador, and Guatemala only until
1963.
7 Until 1963 includes also the following Latin American Republics:
Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay,
and Trinidad and Tobago.




Israel

2
2
2
2

15
24
34
41

1
2
4
3

Indonesia

586
1,052
H 891
2,017

Other
Asia

324
806
31 528
1,740

June
July

India

57
66
74
98

Thailand

Korea

24
19

Hong
Kong

20
21

Total i

Congo
(Leo- Moroc- South
poldco i
Africa
ville)

108

U.A.R. Other Total 2
(Egypt) Africa i

57

36
51
59

56
52
58

49
44
48

8
8
9

61
55
55
56
49
52
50
50
52

55
56
44
45
50
52
58
60
58

47
49
36
37
40
43
49
50
49

8
8
8
8
9
9
9
9
10

10

26

2
3

15
16
15

27
27
28

2
1

15
15
17
20
18
19
19
19
18

25
28
24
24
29
26
26
26
29

18

29

All
other 8

41

85

2

Australia

137

56
69

1

39
39
40

21
24

2
3
13

2
2
2
2
2

25
29
31
34
38
39
44

18
28

12
11
10

3
3
6
2

i

3e. Other countries

3d. Africa

Japan

1959
1960
1961
1962

China
Mainland

4
8
13
9

3c. Asia—Continued

End of period

Total

58

65

29

56

27

10

8 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 convertible currencies
held by U.S. monetary authorities.
See also NOTE to Table 1.

1611

INTL. CAPITAL TRANSACTIONS OF THE U.S.

DECEMBER 1964

4. 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

1963 Oct
Nov
Dec . . . .

2,624
3,614
4,762
4 820
5,163
5,590
5,759
5,975

1964—Jan
Feb
Mar
Apr
May
June
July
Aug v
Sept
Oct »

6,158
6,265
6,372
6,497
6,561
6,901
6,731
6,779
6,805
6,903

2,406
3 135
4,177
4 234
4,606
4,896
5,121
5,344
5,509
5,620
5,710
5,788
5,826
6,093
6,043
6,087
6,131
6,227

Collec- Acceptances
tions
made Other 3
outfor
acct.
standof
foring
eigners 2

Official
institutions *

Banks

Others

1.309
,296
1,646
I 660
1,954

351
290
329
329

498
524
699
709

460
482
618
622

359

953

642

,732
1,919
915

153
201
186

852
961
955

in

757
774

773
801
832

2,024
2,057
2,051
2,098
2,143
2,196
2,237
2,269
2,314
2,384

191
176
162
152
140
168
168
151
159
163

1,037
1,090
1,086
1,108
1,138
1,143
1,152
1,176
1,207
1,252

796
791
803
838
865
885
917
942
948
969

863
891
932
911
932
933
956
956
980
968

Total

1959
I960
1961
1961 5
1962

Payable in foreign currencies

1
Includes central banks.
2 Not reported separately until 1963.
3 Until 1963 includes acceptances made for account of foreigners.
4
Until 1963 includes foreign government securities, commercial and
finance paper.

582

516
605
694
700
686

Total

Foreign
govt. seDeposits curities,
with for- comml. Other 4
eigners and finance
paper 2
15

233
837
874
967

217
480
586
586
557

203
242
385
386
371

2,046
2,052
2,214

345
350
384

694
639
631

465
432
432

174
156
157

55
51
42

2,248
2,325
2,394
2,413
2,373
2,438
2,401
2,403
2,409
2,431

373
348
333
367
378
526
448
460
428
444

649
644
662
709
735
808
688
692
674
677

399
410
397
444
452
494
419
416
416
416

207
197
211
210
221
254
207
202
176
177

43
36
55
56
62
60
62
74
83
83

1
1
1
1

238
200
200

186

5 These figures reflect the inclusion of data for banks initially included
asofDec31,1961.

5. LONG-TERM CLAIMS ON AND LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Claims
End of period

P;lyable in dollars

Total
Total

All other

1,545
1,698
2 034
2,160

1959
I960
1961
1962
1963—-Oct
Nov
Dec

1964

Loans

Payable in
foreign
currencies

Jan
Feb
Mar

Apr

May

June
July
Aug

Sept pp

Oct
1

. .




1
7
2
4

2,512
2,584
13,015

2,509
2,581
1 3,013

2,470
2 545
2,796

3,058
3,107
'3,253
'3,283
'3,307
'3,320
'3,377
3,450
3,561
3,682

3,056
3,104
'3,252
'3,283
'3,307
'3,320
'3,377
3,449
3,561
3,682

2,839
2,888
'3,037
'3,070
'3,095
'3,117
'3,182
3,252
3,366
3,479

Includes $193 million reported by banks for the first time as of
December 1963, representing in part claims previously held but not
reported by banks.

Total
liabilities

2
2

66

217

2

69

217
217
215
213

2
2
1
1

39
36

212

202
194
198
195
203

1

1
1
1
**

64

73
74
104
145
154

156
174
173
168
161

1612

INTL. CAPITAL TRANSACTIONS OF THE U.S.

DECEMBER 1964

6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE
(In millions of dollars)
U.S. corporate
securities 2

U.S. Govt. bonds and notes l

Foreign stocks

Foreign bonds

Net purchases or sales
Period
Total

1963_Oct
Nov
Dec

1964—Jan
Feb
Mar
Apr

May
July
Aug
Sept *
Oct P

Official

Purchases

Net pur- PurSales chases or chases
sales

Net pur- PurSales chases or chases
sales

2,419
3 384
2,568
2,980

2,167
3 161
2,508
2,773

252
223
60

1,093

1,445
-562
1,262
-460
-944
2,037
2,086 - 1 , 0 9 5

509
596
702
696

592
966
806
644

40

43
61
62

7
-32
-22

60
70
63

31
28
28

40

37

3

45

32

51
43
70
53
67
70

134
40
f

3

77
62
66
71

-44
-5

62
64
61
49

36
36
50
50
47
42
32

26
31
22
12
17
19
16

49
60

42
59

7
1

671

-98
-20
-207
369

207

991

8
105
-25

3
61
-14

5
44
-11

14
43
-6

-9
1
-5

261
258
277

272
227
254

— 11
31
23

50
29

-48

43

27

17

309

30
-27
-4
-83
12
-16
-98

26

-103
-61

29
-27
-5
20
12
-17
-37

3
-27
-8
20
10
6
3

296
264
334
360
296
297
353
262

-81
-30

-84
-21

3
-9

230
299
340
313
313
284
260

3
4

267
335

301
353

13
—34
— 35
-20
16
17
—68
-2
-34
-17

225
532

1
*
1
•

Sales

Net purchases or
sales

Other

-521
302

127
512
-728

I960
1961
1962
1963

Foreign

Intl.
and
regional Total

4
*
1
-23
-40
-13

1
Excludes nonmarketable U.S. Treasury bonds and notes held by
official insti tutions of foreign countries; see Table 7.
2 Include s small amounts of State and local govt. securities.

883
802

37
51
252

192
157
112

76
32

97
395

r
r

-83

-121
-103
6
-46
-144

-83

—370
— 104
51
29
42

34

NOTE.—Statistics include transactions of international and regional
organizations.
See also NOTE to Table 1.

7. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES
(In millions of dollars)
Payable in foreign currencies

Payable in dollars

End of period
Austria

Belgium

200

51

705
730

25
50

30
30

275
275

200

175

200

175

163

730
730
680
732
802
802
953
1 005
1,005
1,086
1,086

50
50
50
50
50
50
50
50

30
30
30
30
30
30
30
30

275
275
275
477
477
477
628
628

200
200
150

30

628

175
175
175
175
1245
1245
1245
l 297
1297
1327
i 327

Total
1962—Dec
1963—Nov
Dec
1964—Jan.....
Feb
Mar
Apr.
May
July
Aus

Sept
Oct . . .
Nov

Germany

251
,

50

50
50

30
30

679
679

1 Includes the equivalent of $70 million payable in Swiss francs to the
Bank for International Settlements.




Italy

Switzerland

Total

163

Canada

Sweden

Italy

125

13

125

13

160
160
158
158
158
152
152
152

125
125
125
125
125
125
125
125

10
10
8

354

2 329
2 329
2 329

354
354

8
2
2

25
25
25
25
25
25
25
25
25
25
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.

1613

INTL. CAPITAL TRANSACTIONS OF THE U.S.

DECEMBER 1964

8. 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

Switzerland

United
Kingdom

38
21
4
-8

171
166
129
-14

-48
-17
-33
206

-3
-7
2

-1
3
*

-10
6
3

9
-9
16
-2
14
23
6
48
9
8

-2

-2
-6
-13
-6
-21
-24
-32
-22
-15
-19

Stocks

Bonds

252
223
60
207

202
323
111
198

50
-99
-51
9

1963—Oct...
Nov...
Dec...

-11
31
23

-8
38
21

1964—Jan...
Feb...
Mar...

13
—34
-35
-20
16
17
-68
-2
-34
-17

-26
-51
-17
3
-6
-74
-50
-43
-25

1960
1961
1962
1963

May!!
June..
July..
Aug...
Sept.?.
Oct.*5.

Country or area

France

2
-9
-4
4
-3
e

-6

Total
Europe

Canada

Latin
America

Asia

72
61
24
16

234
232
124
199

-45
-112
-43
-47

36
44
-20
14

13
44
-18
17

15
22
8

-5
6
7

_2
36
18

-11
-14
2

•
5
1

1
1
1

-16
-22
-19
-24

8
4
5
3
6
-3
8
2
*

-12
-25
-25
-27
-17

11
-10

10
1
-10
-2
23
4
-4
3

28
-32
19
4
14

1 Not reported separately until May 1963.
2 Yearly figures include Africa.

Other
Europe

-~61
-4
-16
-13

1

g

10
9
10
-8
3
-18
-7

*

-2
2
-1
1
3
3
•
-2
2

Africa i

Other
coun-2
tries

Intl.
and
regional

:

14
12
17
22

I

:
]L
1

»

1

t

2
2
2

k

1
2
3
1
1
2
1
2

)

t

4

«
i

4

<

i

i

i

1

>

NOTE.—Statistics include small amounts of State and local govt. securities.

9. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES, BY AREA

10. DEPOSITS, U.S. GOVT. SECURITIES, AND
GOLD HELD AT F.R. BANKS FOR FOREIGNERS

(In millions of dollars)

(In millions of dollars)

Period

1960
1961
1962
1963
1963—Oct
Nov...
Dec...
1964—Jan....
Feb...
Mar...
Apr
May..
June..
July. ..
Aug...
Sept.*.
Gct.*\ .
1
2

Assets in custody

Intl.
and
regional

Total
foreign
countries

Europe

Other
Latin
Can- AmerAsia Africa1 counada
tries 2
ica

-645
-830
-1,048
-1,044

-147

-498
-832
-813
-949

-117
-262
-188
-49

-196
-318
-360
-614

-107

-41

-58
-41

-26

-121
-175
-252

36

4

10

2
2

32
8
10

10
2
16

28
8

-2

2
2
1

-10
-5
-11

1
*
1

32
'-53

24

1

-10

—4
1
-14
3
2
-13
1
1
12

8

1
1
1
2
1
4
2
1
1
6

Total

1

-235
-96

12
35

'-57

33

r-100

-91
-28
14
22
-39

-143

r _

3
4

31
2
- 4 8 r-52
1
-92
9
-36
4
9
1
20
*
-39
7 -149

Not reported separately until May 1963.
Yearly figures include Africa.




22
23
24
8
13
19
4

c

2

16
'-80
r

10

-58

-93
-49
6
16
-35

-167

4
-5
-12
-8
-5
-2
-1
-5

-36
-73

-50
o

1
1
1
))•

2

End of
period

Deposits

U.S. Govt.
securities1

Earmarked
gold

1959
1960
1961
1962

345
217
279
247

4,477
5,726
6,006
6,990

9,861
11,843
11,905
12,700

1963—Nov...
Dec...

165
171

8,343
8,675

13,048
12,954

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

136
155
167
166
161
156
135
163
148
120
256

8,740
8,731
8,105
7,860
7,892
8,043
8,201
8,247
8,373
8,201
8,278

12,899
12,884
12,775
12,726
12,747
12,795
12,752
12,741
12,738
12,707
12,672

i 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).

1614

INTL. CAPITAL TRANSACTIONS OF THE U.S.

DECEMBER 1964

11. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS
(End of period; in millions of dollars)
Liabilities to foreigners
1963

Area and country
II
Europe:
Austria
Belgium
Denmark

2

20
3
1
32

Germaiiv Fed Reo of
Greece
.
•
Italy
Netherlands
.
Norway

33
2

• ....

30

50
3
1
7
8

Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
.
.
Other Western Europe
USSR
Other Eastern Europe

...

Latin America:
. .

Cuba
Mexico

. . . .

Other Latin America
Total. .
Asia:
China Mainland
Hong Kong
India
Israel
Japan
Korea
Philippines
Taiwan
Thailand
Other Asia

.
.
.

.

. . .

Total
Africa:
Congo (Leopoldville)
Morocco
South Africa
U A R fEevDt")

Other Africa
Total
Other countries:
Australia
. . . . . .
Allother
Total
International and regional
Grand total

. .

31

1
33

35
2

34
2

26

25

2
19
1
31

3

5

21
1

27
7

8
22
8
4
103
9

3
50

3
48

106
6

26

36
5

24

43
2
1
7
7

46
3
1
9
7

89

106
7

102

106

28
5
7
23
20

24
6
7
26
19

32
7
8
29
17

35

30

7
201
3
3

6
218
3
4

1

5
102
I
3
*
1

3

3

32
2

28

40

25

20

2
100
4
3

4
110
6
1

346

373

325

319

316

629

650

59

62

72

68

62

918

887

6
19
4
5

7
13
3
7

30
103
26
20
6
56
14

1
22
13
1
6
4

6
13
3
6
*
11
298
3
20
10
2
6
5

6
11
3
8
*
8
21

3
27
11
2
9
2

6
21
4
5
*
6
3
17
4
25
11
5
9
2

1
22
9
2
7
6

113

118

110

122

112

382

2
2
16

2
2
15

1
2
14

2
2
14

2

7
2

2
1

3
1

3
2

14
5
1

*
3
49

43
3

24
1
5
1
2
18

23
1
5
1
1
22

28
1
5
1
1
21

140
4
11
6
5
44

130
4
11

4
19

29
1
7
1
I
21

104

82

72

76

81

273

5

*
*

8
20
6

IV

6
26
5

5
127
3
3
*

19

7

47

27

I

7
18
6
7
52
114
13
101
34
6
8
32
20

6

19
7
70

82
9

101

30
7
10
47
17
19

23

5
234
3
4
1
3

5
244
4
4

2

5
*

265
i

6

678

701

712

688

861

847

28
112
23
22
6
53
13

40
113
25
19
5
60
13

39
119
24
19
5
59
10

34
127

19

19

26

25

4
38
40
11
10
8

27

5
37
38
10
9
11

9
36
39
10
5
11

7
37
42
20
5
10

15
40
44
21

388

412

424

447

*
4
42

•

4
42

*
6
39

*
5
39

5
7

8

170
5

160
4

4
42

161
6
9
4
11
41

254

295

300

3
2

2
\

9

8

4
7

7
7

T,

f

10
7

12

7
46

23

5
62
11

11

4
7
"*98

1
*

2

•
10

2
1

9

10

8

9

6
8

4
6

2
6

15
15

12
18

11
18

14
23

1
13
13
26

33

25

21

19

41

42

43

50

55

13
4

18
6

17
5

25
4

27
6

28
8

28
7

32
9

33
5

37
6

17

24

22

30

33

35

35

42

38

43

*

*

*

•

1

3

2

2

1

1

674

691

627

635

624

2,282

2,257

2,159

2,375

2,402

1
*

11

12

9
14

10
10

35

NOTE.—Reported by exporters, importers, and industrial and commercial concerns in the United States. Data exclude claims held through




2

26
3

III

II

27

4

Other L A Republics
B a h a m a s a n d Bermuda
N e t h Antilles & Surinam

2
23
2
I

I

4
118
3

10
11

Peru
Uruguay

IV

1964

1963

46
3
1
7
9

*

Total

1964

56
2
1
6
7

4c

Canada
Argentina.
Brazil
Chile

III

Claims on foreigners

1

1
*

U.S. banks, and intercompany accounts between U.S. companies and
their foreign affiliates.
See also NOTE to Table 1.

1615

MONEY RATES

DECEMBER 1964

CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS
(Per cent per annum)
Changes during the last 12 months

Rate as of
Nov. 30, 1963
Country

1963
Per
cent

Month
effective

Argentina
Austria
Belgium
Brazil

6.0
4.5
4.25
10.0
4.0

Dec.
June
Oct.
Apr.
Feb.

1957
1963
1963
1958
1962

Canada 1
Ceylon
Chile 2
,
China (Taiwan) 3

4.0
4.0
14.21
14.04
8.0

Aug.
Aug.
July
July
May

1963
1960
1963
1963
1963

3.0
5.5
5.0
6.0
7.0

Apr.
Nov.
Nov.
June
Apr.

1939
1963
1956
1961
1962

4.0
3.0
4.5
5.5
3.0

Nov.
May
Oct.
Jan.
Jan.

1963
1961
1961
1963
1962

9.0
4.5
9.0
4.0
3.94

Dec.
Jan.
Aug.
Oct.
Aug.

1960
1963
1963
1963
1963

6.0
3.5
4.0
5.84
10.22

Feb.
June
Nov.
Apr.
June

1955
1958
1963
1963
1960

Mexico . .
. ........
Netherlands
New Zealand
Nicaragua. . . . . . . . . . . .

4.5
3.5
7.0
6.0
3.5

June
Jan.
Mar.
Apr.
Feb.

1942
1963
1961
1954
1955

Pakistan
Peru
Philippine Republic

4.0
9.5
6.0
2.0
3.5

Jan.
Nov.
Jan.
Jan.
Nov.

1959
1959
1962
1944
1962

4.0
4.0
2.0
7.0
4.0

June
June
Feb.
Feb.
Oct.

1961
1963
1959
1945
1962

7.5
5.0
4.0
4.5

May
May
Jan.
Dec.

1961
1962
1963
1960

Costa Rica
El Salvador
Finland
Germany, Fed. Rep. of
Ghana
Greece
Iceland
India
Iran
Ireland

.

Italy
Korea

5

......

South Africa.
Spain

.

. . . ......

Switzerland
Tunisia

••

Turkey.
United Arab Rep. (Egypt)..
United Kingdom
Venezuela

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.
6.0
4.5
4.75
10.0
4.0

4 75

4.25
14.39

14.63

4.25
4.0
14.63
14.04
8.0
3.0
6.5
5.0
4.0
7.0

6.5
4 0

4.0
3.0
4.5
5.5
3.0
9.0
5.0
9.0
4.0
4.94

5.0
3.98

3.94

4.5

4.62

4.69

4.87

4.0

4.89

4.94

5.0

6.57
10.5

4.0
9.5
6.0
2.0
4.0

4.0
4.5

2.5

5.0

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 corrrrercial banks or brokers. For countries with
more than one rate applicable to such discounts or advances, the rate

6.0
3.5
5.0
6.57
10.5
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.
* Rate shown is for advances only.
5 Beginning 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.




Rate
as of
Nov. 30,
1964

1964

5.0

7.0

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.

1616

MONEY RATES; ARBITRAGE

DECEMBER 1964

OPEN MARKET RATES
[Per cent per annum]

Month

Treasury Day-today
bills,
3 months l money 2

Bankers' Treasury
acceptbills,
ances,
3 months 3 months

Germany,
Fed. Rep. of

France

United Kingdom

Canada

Day-today
money

Bankers'
allowance Day-today 3
on
deposits money

Netherlands

Treasury
bills,
60-904
days

Day-today
money5

Treasury
bills,
3 months

Day-today
money

Switzerland
Private
discount
rate

1961—Dec
1962—Dec

2.82
3.88

2.37
3.75

5.61
3.86

5.35
3.64

4.83
3.30

4.00
2.50

3.58
3.51

2.00
2.63

3.06
3.50

1.32
1.98

1.11
1.24

2.00
2.00

1963—Oct
Nov
Dec

3.57
3.64
3.71

2.99
3.22
3.55

3.86
3.91
3.91

3.67
3.75
3.74

2.98
3.02
3.00

2.00
2.00
2.00

3.64
4.14
4.66

2.63
2.63
2.63

2.88
2.75
2.56

1.95
2.10
2.25

1.11
L.14
1.56

2.00
2.00
2.00

1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

3.76
3.81
3.88
3.75
3.66
3.56
3.60
3.80
3.79
3.69

3.51
3.57
3.70
3.52
3.33
3.28
3.49
3.79
3.77
3.60

3.91
4.00
4.53
4.53
4.56
4.64
4.73
4.84
4.84
4.88

3.72
3.91
4.30
4.30
4.35
4.44
4.57
4.65
4.65
4.69

3.03
3.10
3.79
3.81
3.77
3.80
3.67
3.92
3.94
3.99

2.00
2.08
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00

4.13
4.33
4.98
5.03
6.18
4.91
4.83
4.70
4.74

2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63

2.69
2.69
3.38
3.44
3.38
3.31
3.38
3.38
3.69
3.25

2.31
2.33
2.88
3.00
3.10
3.81
4.26
3.74
3.70
3.80

1.67
1.88
2.51
2.42
2.78
2.05
5.53
2.06
2.09
3.24

2.00
2.00
2.00
2.38
2.50
2.50
2.50
2.50
2.50
2.50

1
Based on average yield of weekly tenders during month.
23 Based on weekly averages of daily closing rates.
Rate shown is on private securities.
4
Rate in effect at end of month.

5 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 Canada

United States and United Kingdom

Treasury bill rates

Treasury bill rates
Date

Premium
United
Kingdom
quotation
basis)

(+)or

United
States

Spread
(favor
of
London)

discount
(-)on
forward
pound

Net
incentive
(favor
of
London)

Premium

(+)or

Canada
As
quoted
in
Canada

Adj. to
U.S.
quotation
basis

United
States

Spread
(favor
of
Canada)

discount
(-)on
forward
Canadian
dollar

Net
incentive
(favor
of
Canada)

1964
3
10
17
24
31

4.34
4.34
4.44
4.50
4.50

3.46
3.45
3.39
3.43
3.44

.88
.89
1.05
1.07
1.06

-.57
-.54
-.50
-.73
-.67

.31
.35
.55
.34
.39

3.57
3.55
3.60
3.60
3.67

3.49
3.47
3.52
3.52
3.59

3.46
3.45
3.39
3.43
3.44

.03
.02
.13
.09
.15

+
+
+
+
+

.27
.27
.14
.17
.14

.30
.29
.27
.26
.29

Aug. 7
14
21
28

4.50
4.50
4.50
4.50

3.47
3.48
3.48
3.46

1.03
1.02
1.02
1.04

-.72
-.67
-.60
-.64

.31
.35
.42
.40

3.76
3.83
3.80
3.79

3.67
3.74
3.71
3.70

3.47
3.48
3.48
3.46

.20
.26
.23
.24

-.14
-.34
-.34
-.21

.06
-.08
-.11
.03

Sept. 4
11
18
25

4.50
4.50
4.50
4.50

3.48
3.50
3.52
3.52

L.02
LOO
.98
.98

-.62
-.66
-.72
-.75

.40
.34
.26
.23

3.80
3.81
3.84
3.75

3.71
3.72
3.75
3.66

3.48
3.50
3.52
3.52

.23
.22
.23
.14

-.30
-.27
-.20
-.20

-.07
-.05
.03
-.06

Oct.

2
9
16
23
30

4.50
4.53
4.59
4.59
4.59

3.53
3.56
3.56
3.56
3.53

.97
.97
1.03
1.03
1.06

-.75
-.76
-.96
-.91
-.82

.22
.21
.07
.12
.24

3.71
3.67
3.68
3.71
3.70

3.63
3.59
3.60
3.63
3.62

3.53
3.56
3.56
3.56
3.53

.10
.03
.04
.07
.09

-.20
-.20
-.14
-.20
-.20

-.10
-.17
-.10
-.13
-.11

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

.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

Dec.

6.41

3.76

2.65

-2.54

.11

3.86

3.77

3.76

.01

-.13

-.12

July

4

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.




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.

DECEMBER 1964

FOREIGN EXCHANGE RATES

1617

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)

5.556
2.207
1.2730
1.2026
1.2076
.9080
.7245

223.88
223.81
223.71
223.28
223.73
223.10

3.8536
3.8619
3.8461
3.8481
3.8685
3.8690

2.0044
2.0012
2.0053
2.0052
2.0093
2.0052

103.025
104.267
103.122
98.760
93.561
92.699

21.049
21.055
21.048
21.023
21.034
21.015

14.482
14.508
14.505
14.481
14.490
14.484

.3118
.3115
.3112
.3110
.3107
131.057

.2374
.2038
20.389
20.384
20.405
220.404

1963—Nov.
Dec,

.6942
.7391

222.93
222.83

3.8659
3.8690

2.0059
2.0067

92.778
92.629

21.021
21.019

14.484
14.489

31.057
31.059

20.405
20.404

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

.7514
.7582
.7438
.7287
.7312
.7272
.7279
.7075
.6980
.6979
.6725

222.97
222.86
222.95
223.03
223.06
222.64
222.29
222.04
221.79
221.79
221.90

3.8702
3.8681
3.8675
3.8687
3.8686
3.8694
3.8710
3.8725
3.8712
3.8699
3.8693

2.0071
2.0068
2.0070
2.0082
2.0089
2.0060
2.0085
2.0103
2.0126
2.0146
2.0149

92.551
92.575
92.534
92.498
92.499
92.499
92.473
92.690
92.913
92.984
93.100

21.025
21.021
21.019
21.020
21.021
21.009
20.977
20.953
20.955
20.954
20.953

14.471
14.457
14.484
14.494
14.482
14.470
14.459
14.438
14.435
14.430
14.430

31.063
31.068
31.077
31.077
31.066
31.063
31.063
31.059
31.056
31.054
31.076

20.402
20.403
20.404
20.405
20.405
20.401
20.405
20.405
20.402
20.403
20.405

Germany
(deutsche
mark)

India
(rupee)

Ireland
(pound)

Italy
(lira)

Japan
(yen)

Malaysia
(dollar)

Mexico
(peso)

Netherlands
(guilder)

New
Zealand
(pound)

1958
1959
1960
1961
1962
1963

23.848
23.926
23.976
24.903
25.013
25.084

21.048
21.031
20.968
20.980
21.026
20.966

280.98
280.88
280.76
280.22
280.78
280.00

.16006
.16099
.16104
.16099
.16107
.16087

.27991
.27781
.27785
.27690
.27712
.27663

32.767
32.857
32.817
32.659
32.757
32.664

8.0056
8.0056
8.0056
8.0056
8.0056
8.0056

26.418
26.492
26.513
27.555
27.755
27.770

278.19
278.10
277.98
277.45
278.00
277.22

1963—Nov.
Dec.

25.154
25.165

20.961
20.954

279.78
279.65

.16065
.16065

.27586
.27564

32.705
32.697

8.0056
8.0056

27.765
27.765

277.01
276.88

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

25.148
25.169
25.163
25.160
25.159
25.165
25.159
25.152
25.154
25.158
25.148

20.963
20.959
20.968
20.970
20.977
20.945
20.912
20.886
20.862
20.859
20.867

279.83
279.69
279.81
279.90
279.94
279.42
278.97
278.66
278.34
278.35
278.48

.16065
.16063
.16029
.16000
.16001
.16002
.16001
.16002
.16002
.16003
.16003

.27589
.27567
.27603
.27583
.27579
.27580
.27576
.27580
.27665
.27658
.27686

32.706
32.694
32.645
32.595
32.606
32.571
32.524
32.474
32.431
32.467
32.507

8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056

27.753
27.733
27.731
27.711
27.681
21.€21
27.657
27.674
27.712
27.772
27.824

277.06
276.92
277.04
277.13
277.17
276.65
276.21
275.91
275.59
275.59
275.73

Norway
(krone)

Philippine
Republic
(peso)

Portugal
(escudo)

Spain
(peseta)

Sweden
(krona)

Switzerland
(franc)

United
Kingdom
(pound)

49.695
49.721
49.770

3.4900
3.4967
3.4937
3.4909
3.4986
3.4891

139.57
139.87
139.48

2.3810
2.0579
.6635
.6643
.6654
.6664

19.328
19.324
19.349
19.353
19.397
19.272

23.328
23.142
23.152
23.151
23.124
23.139

280.98
280.88
280.76
280.22
280.78
280.00

Period
Official
1958
1959
1960
1961
1962
1963

Period

Period

Free

South Africa
(pound)

(rand)

1958
1959
1960
1961
1962
1963

14.008
14.028
14.018
14.000
14.010
13.987

1963—Nov..
Dec...

13.970
13.972

3.4875
3.4874

139.37
139.30

.6665
.6666

19.262
19.250

23.166
23.170

279.78
279.65

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

13.969
13.962
13.976
13.989
13.992
13.984
13.972
13.962
13.956
13.956
13.956

3.4861
3.4848
3.4867
3.4879
3.4874
3.4847
3.4796
3.4746
3.4714
3.4680
3.4686

139.39
139.32
139.38
139.43
139.45
139.19
138.96
138.81
138.65
138.65
138.72

.6665
.6664
.6663
.6664
.6664
.6663
.6663
.6662
.6661
.6662
.6665

19.272
19.290
19.430
19.451
19.464
19.467
19.441
19.466
19.461
19.376
19.396

23.168
23.122
23.110
23.143
23.171
23.172
23.139
23.145
23.148
23.164
23.172

279.83
279.69
279.81
279.90
279.94
279.42
278.97
278.66
278.34
278.35
278.48

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.




279.93
279.83
279.71
279.48

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 Statistics,
1962.

1618

U.S. BALANCE OF PAYMENTS

DECEMBER 1964

U.S. BALANCE OF PAYMENTS
(In millions of dollars)
1964

1963
Item

1961

1962

1963
II*

IV

A. Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and other than special U.S. Govt. transactions—
Seasonally adjusted
Exports of goods and services—Totall.
Merchandise
Military sales
Investment income receipts, private..
Investment income receipts, Govt....
Other services

28,438
19,913
402
3,464
380
4,279

30,084
20,576
656
3,850
471
4,531

32,020
21,989
659
3,969
498
4,905

7,535
4,990
181
1,036
123
1,205

7,977
5,472
206
969
124
1,206

8,037
5,610
117
963
125
1,222

8,471
5,917
155
1,001
126
1,272

128
1,320

8,798
6,042
142
1,190
129
1,295

-22,852
-14,497
-2,954
-882
-4,519

-25,021
-16,134
-3,044
-995
-4,848

-26,335
-16,996
-2,897
-1,194
-5,248

-6,327
-4,037
-747
-275

-6,531
-4,212
-731
-279
-1,309

-6,733
-4,368
-711
-308

-6,744
-4,379
-708
-332
-1,325

-6,745
-4,366
-717
-315
-1,347

-7,009
-4,576
-731
-314
-1,388

Balance on goods and services *

5,586

5,063

5,685

1,727

2,252

1,789

Remittances and pensions

-705

-738

-826

-202

-197

-208

1. Balance on goods, services, remittances and
pensions
,

4,881

4,325

4,859

999

1,237

1,098

1,525

2,055

1,581

-3,396
-1,854
-1,939

-3,551
-1,919
-2,129

-3,784
-1,896
-2,181

-899
-445
-558

-1,169
-500
-620

-789
-455
-441

-927
-496
-562

-764
-467
-514

-940
-556
-692

-261

-249

-50

-260

-31

-103

79

73

45
10
156

-80
35
183

42
29
163

-17
-9
164

45
35
155

Imports of goods and services—Total.
Merchandise
Military expenditures
Investment income payments
Other services

2. U.S. Govt. grants and capital 2flow, net, excluding
advance debt repayments .
Grants 3,*
,
Long-term loans and subscriptions 4
Change in foreign currency holdings and
short-term claims, net (increase,—) 2,4
,
Seasonal adjustment on three preceding items
combined
Change in associated liabilities
,
Scheduled loan repayments
3. Private capital flows, net, excluding foreign
liquid assets in U.S
,
U.S. direct investments abroad
U.S. long-term capital, other
,
Foreign long-term investments in U.S
U.S. short-term capital
Foreign short-term capital 5 .
4. Errors and unrecorded transactions.
Balance of A ( = 1 + 2 + 3 + 4 )
Less: Net seasonal adjustments
Balance of A before seasonal adjustment.

-444

-1,268
1,208
-209

1,446
-209

-1,346
1,304
-206

8,997
6,112
210
1,227

80
578

147
599

94
643

-7
20
141

-3,558
-1,599
-1,025
447

-3,268
-1,654
-1,227
272

-3,997
-1,888
-1,685
329

-1,152
-618
-546
5

-1,371
-477
-598
199

-421
-235
-303
96

-1,053
-558
-238
29

-1,332

13

-1,292
-513
-261
78

-1,556
175

-553
-106

-734
-19

36
-29

-562
67

4
17

-212
-74

-610
9

-621
25

-998

-1,111

-339

-118

-11

-267

57

-192

-31

-3,071

-3,605

-3,261

-1,314

-379

-31605

-3,261

-1,170
-357
-813

-398
18
-416

-233
-302
69

-682
-109
-573

-102

-1,212

441
-820

-517
-227

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 6.
Advances on U.S. military exports, net

3,071
696
5

Sales of nonconvertible nonmarketable securities^
net
,
Dollar securities*
Foreign currency securities

3,605
681
470

3,261
326
334

813
25
20

1,212
34
-5

820
241
80

416
26
239

-69
52
151

251

-43
31
-74

63
58
5

-10
19

-95
-45
-50

-1
-1

-55
-5
-50

702
150
552

350
125
225

*25i'

Sales of convertible nonmarketable securities,'' net
Dollar securities
Foreign currency securities

-29
152

25

122

"25

* 152

Change in U.S.9 short-term liabilities reported by
U.S. banks and foreign holdings of marketable
U.S. Govt. bonds and notes
International and regional organizations 1 0
Foreign private holders excluding banks * *
Foreign commercial banks
Foreign official holders

1,764
407
81
595
681

670
211
131
-129
457

1,564
-238
394
438
970

323
-65
76
386
-74

917
-46
115
75
773

Change in U.S. monetary reserve assets (increase,—),
IMF position
,
Convertible currencies
,
Gold

606
-135
-116
857

1,533
626
17
890

575
30
-113
461

32
-46
-33
111

124
2
6
116

i Excludes military transfers under grants.
* Includes also very small amounts of changes in "misc. Govt nonliquid liabilities."
3 Excludes military grants.
* Not seasonally adjusted separately.
5 Other than foreign liquid assets in U.S.
«Includes sell-offs.
• With maturities over 12 months.




175
25
150

573
33
-76

192
-15
93
145

132
-112
110
8
126

-166
-85
34
284
-399

199
-26
54
86
85

227
59
-28
196

-5
15
-58
38

-5/
131
-228
46

303
118
258
-73

-31

8 Includes certificates sold abroad by Export-Import Bank.
9 Includes official liabilities.
1° Includes, for International Monetary Fund, only changes in its
holdings of income-earning U.S. Govt securities.
11 Including undetermined holders.
NOTE.—Dept. of Commerce data. Minus sign indicates net payment*
(debits); absence of sign indicates net receipts (credits).

DECEMBER 1964

FOREIGN TRADE

1619

MERCHANDISE EXPORTS AND IMPORTS
(In millions of dollars, seasonally adjusted)
Exports

!

Imports

2

Export surplus

Period
1961

1962

1963

1964

1961

1962

1963

1964

1961

1962

1963

1,623
1,712
1,751
1,662
1,585
3 1,582
3 1,689
1,689
1,678
1,780
1 733
1 725

1,668
1,809
1,672
1,795
1,762
1,836
1,748
1,703
3 1,908
31,523
1 725
3 1 839

3 985
32,118
3 1,960
3 1,913
1,893
1,785
1,823
1,895
1,980
1,946
1 945
2 049

2,037
2,029
2,078
2,046
2,052
2,004
2,111
2,085
2,271
2,134

1.161
,150
1,163
1,152
1,153
,174
1,379
1,254
1,262
1,300
I 309

1,327
1,320
1,342
1,365
1,404
1,351
1,347
1,346
3 1,471
3 1,312
1 425
3 1 377

3 1,092
3 1,497
3 J.487
3 ,417
1,420
1,421
1,458
1,508
1,450
1,459
I 472

1.422
1,445
1,523
,542
1,548
1,506
1,590
1,592
1,558
.551

462
562
588
510
432
3 408
3 310
435
416
480
424
410

341
489
330
430
358
485
401
357
3 437
3211
300
3 462

3 -107
3 621
3 473
3 496
473
364
365
387
530
487
473
569

615
584
555
504
504
498
521
493
713
583

II
Ill
IV

5,086
3 4,829
3 5,056
5,238

5,149
5,393
3 5,359
3 5,087

3 5,063
3 5,591
5,698
5,940

6,144
6,102
6,467

3,474
3 3,479
3 3,895
3,924

3,989
4,120
3 4,164
34,114

3 4,076
3 4,258
4,416
4,411

4,390
4,596
4,740

1,612
31,350
3 1,161

1,160
1,273
31,195
3 973

3 987
31,333
1,282
1,529

1,754
1,506
1,727

Year 4

20,152

20,945

22,288

14,713

16,389

17,151

4,556

5,137

Month:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sect
Oct
Nov

Dec

. . . .

3
3

US

480

1964

Quarter:

1
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.




1,314
5,439

3 Significantly affected by strikes.
* Sum of unadjusted figures.
NOTE.—Bureau of the Census data.

BOARD OF GOVERNORS
of the Federal Reserve System
W M . M C C . MARTIN, JR.,

Chairman

A. L. MILLS, JR.
J. L. ROBERTSON

C. CANBY BALDERSTON, Vice Chairman

CHAS. N. SHEPARDSON

GEORGE W. MITCHELL
J. DEWEY DAANE

RALPH A. YOUNG, Adviser to the Board

G U Y E. NOYES, Adviser to the Board

CHARLES MOLONY, Assistant to the Board

ROBERT L. CARDON, Legislative

Counsel

CLARKE L. FAUVER, Assistant to the Board

DIVISION OF EXAMINATIONS

OFFICE OF THE SECRETARY
MERRITT SHERMAN, Secretary

FREDERIC SOLOMON, Director

KENNETH A. KENYON, Assistant Secretary
ELIZABETH L. CARMICHAEL, Assistant Secretary
ARTHUR L. BROIDA, Assistant Secretary
KARL E. BAKKE, Assistant Secretary

GLENN M. GOODMAN, Assistant Director
BRENTON C. LEAVITT, Assistant Director
JAMES C. SMITH, Assistant Director
ANDREW N. THOMPSON, Assistant Director

LEGAL DIVISION

LLOYD M. SCHAEFFER, Chief Federal Reserve
Examiner

HOWARD H. HACKLEY, General Counsel

DAVID B. HEXTER, Assistant General Counsel
THOMAS J. O'CONNELL, Assistant General

Counsel
JEROME W. SHAY, Assistant General Counsel
WILSON L. HOOFF, Assistant General Counsel

DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant

DIVISION OF RESEARCH AND STATISTICS
DANIEL H. BRILL,

Director

Director

ROBERT C. HOLLAND, Associate Director
ALBERT R. KOCH, Associate Director

DIVISION OF ADMINISTRATIVE SERVICES

FRANK R. GARFIELD, Adviser
J. CHARLES PARTEE, Adviser
KENNETH B. WILLIAMS, Adviser

JOSEPH E. KELLEHER,

Director

HARRY E. KERN, Assistant

LEWIS N. DEMBITZ, Associate Adviser
ROBERT SOLOMON, Associate Adviser

Director

OFFICE OF THE CONTROLLER

DIVISION OF INTERNATIONAL FINANCE
JOHN KAKALEC,

RALPH A. YOUNG, Director

A. B. HERSEY,

ROBERT L. SAMMONS,

Controller

SAMPSON H. BASS, Assistant

Adviser

Controller

Adviser

REED J. IRVINE, Associate Adviser
SAMUEL I. KATZ, Associate Adviser
JOHN E. REYNOLDS, Associate Adviser
RALPH C. WOOD, Associate Adviser

OFFICE OF DEFENSE PLANNING
INNIS D. HARRIS,

Coordinator

DIVISION OF BANK OPERATIONS
DIVISION OF DATA PROCESSING

JOHN R. FARRELL, Director

GERALD M. CONKLING, Assistant

M. B. DANIELS, Assistant

M. H. SCHWARTZ, Director

Director

JOHN N. KILEY, JR., Assistant




Director

LEE W. LANGHAM, Assistant

Director

1620

Director

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL

1621

Federal Open Market Committee
W M . M C C . MARTIN, JR.,

Chairman

ALFRED HAYES,

C. CANBY BALDERSTON

A.

J. DEWEY DAANE

GEORGE W.

W.

J. L.

BRADDOCK HICKMAN

L. MILLS, JR.

HARRY A.

MITCHELL

SHUFORD

ELIOT J. SWAN

ROBERTSON

CHAS. N.

Vice Chairman

EDWARD A.

WAYNE

SHEPARDSON

RALPH A. YOUNG, Secretary

Assistant Secretary
GEORGE GARVY, Associate Economist
KENNETH A. KENYON, Assistant Secretary
DAVID L. GROVE, Associate Economist
ARTHUR L. BROIDA, Assistant Secretary
ROBERT C. HOLLAND, Associate Economist
HOWARD H. HACKLEY, General Counsel
HOMER JONES, Associate Economist
DAVID B. HEXTER, Assistant General Counsel
ALBERT R. KOCH, Associate Economist
GUY E. NOYES, Economist
MAURICE MANN, Associate Economist
DANIEL H. BRILL, Associate Economist
BENJAMIN U. RATCHFORD, Associate Economist
ROBERT W. STONE, Manager, System Open Market Account
CHARLES A. COOMBS, Special Manager, System Open Market Account

MERRITT SHERMAN,

Federal Advisory Council
LAWRENCE H. MARTIN, BOSTON

EDWARD B. SMITH, CHICAGO

WILLIAM H. MOORE, NEW YORK

JAMES P. HICKOK, ST. LOUIS

WILLIAM

L. DAY,

PHILADELPHIA

L . A . STONER, CLEVELAND
JOHN

F.

WATLINGTON, JR., RICHMOND

J. FlNLEY MCRAE, ATLANTA
HERBERT




V. PROCHNOW, Secretary

JOHN

A. MOORHEAD,

MINNEAPOLIS,

President

M . L . BREIDENTHAL, KANSAS CITY
JAMES

W. ASTON,

DALLAS,

Vice President

RANSOM M . COOK, SAN FRANCISCO
WILLIAM

J. KORSVIK, Assistant Secretary

1622

FEDERAL RESERVE BULLETIN • DECEMBER 1964

Federal Reserve Banks and Branches
Federal Reserve Bank
or branch
Zip Code
Boston

...02106
10045

New York
Buffalo

...14240

Chairman

Deputy Chairman

President
First Vice President

Erwin D. Canham
William Webster

George H. Ellis
Earle O. Latham

Philip D. Reed
James DeCamp Wise
Whitworth Ferguson

Alfred Hayes
William F. Treiber
Insley B. Smith

Philadelphia

19101

Walter E. Hoadley
David C. Bevan

Karl R. Bopp
Robert N. Hilkert

Cleveland

44101

Joseph B. Hall
Logan T. Johnston
Howard E. Whitaker
William A. Steele

W. Braddock Hickman
Edward A. Fink

Edwin Hyde
William H. Grier
Harry B. Cummings
Clarence P. Street

Edward A. Wayne
Aubrey N. Heflin

Jack Tarver
J. M. Cheatham
C. Caldwell Marks
Harry T. Vaughn
Andrew D. Holt
J. O. Emmerich

Malcolm Bryan
Harold T. Patterson

Cincinnati
Pittsburgh

45201
...15230
23213

Richmond
Baltimore
Charlotte
Atlanta

21203
...28201
...30303

Birmingham....
35202
Jacksonville
32201
Nashville
37203
New Orleans
...70160
Chicago

...60690

Detroit

...48231

St. Louis

63166

Little Rock
Louisville
Memphis

72203
40201
...38101

Minneapolis
Helena

55440
...59601

Kansas City

64106

80217
Denver
73101
Oklahoma City
...68102
Omaha
Dallas
El Paso
Houston
San Antonio

...75222
79999
77001
...78206

San Francisco
Los Angeles
,,
Portland
Salt Lake City...
Seattle




94120
90054
97208
84110
98124

James H. Hilton
James William Miller

Vice President
in charge of branch

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
Charles J. Scanlon
Hugh J. Helmer

Raymond Rebsamen
J. H. Longwell
Carey V. Stabler
C. Hunter Green
Frank Lee Wesson

Harry A. Shuford
Darryl R. Francis

Atherton Bean
Judson Bemis
C. G. McClave

Frederick L. Deming
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
Dysart E. Holcomb
Edgar H. Hudgins
Harold D. Herndon

Watrous H. Irons
Philip E. Coldwell

F. B. Whitman
John D. Fredericks
S. Alfred Halgren
Graham J. Barbey
Howard W. Price
Robert D. O'Brien

Eliot J. Swan
H. Edward Hemmings

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

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1623

1624

FEDERAL RESERVE BULLETIN • DECEMBER 1964
PERIODIC RELEASES
WEEKLY

INTERDISTR1CT S E T T L E M E N T F U N D ( G . I 5 )

MONTHLY DEPARTMENT STORE SALES—Selected

APPLICATIONS RECEIVED, OR ACTED ON, BY THE
BOARD (H.2)
COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING BY INDUSTRY (H.I2)

Cities and Areas (G.7.2)
MONTHLY DEPARTMENT STORE SALES, BY DEPARTMENTS (G.7.3)
MONTHLY FOREIGN EXCHANGE RATES (G.5)

CONDITION OF WEEKLY REPORTING MEMBER
BANKS IN NEW YORK AND CHICAGO (H.4.3)

MONTHLY U.S. GOVERNMENT SECURITY YIELDS
AND PRICES (G.14)

CONDITION OF WEEKLY REPORTING
BANKS IN LEADING CITIES (H.4.2)

NATIONAL SUMMARY OF BUSINESS CONDITIONS

MEMBER

(G.12.2)

FACTORS AFFECTING BANK RESERVES AND CONDITION STATEMENT OF F. R. BANKS (H.4.1)

OPEN MARKET MONEY RATES AND BOND PRICES

RESERVE POSITION
BANKS (H.5)

RETAIL FURNITURE REPORT

OF MAJOR

RESERVE

CITY

WEEKLY DEPARTMENT STORE SALES—SELECTED

CITIES AND AREAS (H.8b)
WEEKLY FOREIGN EXCHANGE RATES

(H.10)

WEEKLY U. S. GOVERNMENT SECURITY YIELDS
AND PRICES (H.I5)

(G.13)
(G.16)
SALES FINANCE COMPANIES (G.20)
STATE MEMBER BANKS OF THE FEDERAL RESERVE
SYSTEM AND NONMEMBER BANKS THAT MAINTAIN CLEARING ACCOUNTS WITH FEDERAL R E -

SERVE BANKS (Also annual list) (G.4)

QUARTERLY-SEMIANNUALLY
SEMIMONTHLY-IRREGULAR
CHANGES IN STATE BANK MEMBERSHIP (K.3)
ASSETS AND LIABILITIES OF ALL BANKS IN THE
UNITED STATES (J.4)
DEMAND DEPOSITS,
ITEMS (J.3)

CURRENCY,

AND RELATED

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS (J.I)
RESEARCH LIBRARY—RECENT ACQUISITIONS (J.2)

MONTHLY

ALL BANKS IN THE UNITED STATES AND OTHER
AREAS—PRINCIPAL ASSETS AND LIABILITIES,
BY STATES (E.4)
BANK RATES ON SHORT-TERM BUSSINESS LOANS

(E.2)
MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT (E.8)
MEMBER BANK LOANS (E.3.4)
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (E.6)
SUMMARY REPORT—ASSETS AND LIABILITIES OF

ASSETS AND LIABILITIES OF ALL MEMBER BANKS,
BY DISTRICTS (G.7.1)

MEMBER BANKS (E.3.1)

ANNUALLY

BANK DEBITS AND DEPOSIT TURNOVER (G.6)

BUSINESS INDEXES (G.12.3)
CONSUMER CREDIT

(G.19)

CONSUMER CREDIT AT CONSUMER FINANCE COMPANIES (G.22)
CONSUMER

INSTALMENT

CREDIT

AT COMMER-

CIAL BANKS (G.I8)

BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS
EXCEPT INTERBANK AND U.S. GOVERNMENT
ACCOUNTS (C.5)
DEPARTMENT

STORE

TRADE,

UNITED

STATES

(C.7.3)
MEMBER BANK INCOME (C.4)

DEPARTMENT STORE CREDIT (G.I7)
FEDERAL RESERVE PAR LIST

(Also annual list.)

(G.3)
INDEX NUMBERS OF WHOLESALE PRICES (G.8)




BIENNIALLY
DISTRIBUTION OF BANK DEPOSITS BY COUNTIES
AND STANDARD METROPOLITAN AREAS (C.8)

1625

FEDERAL RESERVE BOARD PUBLICATIONS
REPRINTS
(From Federal Reserve Bulletin unless preceded
by an asterisk)

A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962.

14 pp.
A N E W LOOK AT THE FARM D E B T PICTURE. Dec.

1962. 18 pp.

T H E HISTORY OF RESERVE REQUIREMENTS FOR
BANKS

IN THE UNITED STATES.

NOV. 1938.

20 pp.

FARM

ADJUSTMENT FOR SEASONAL VARIATION. Descrip-

tion of method used by Board in adjusting
economic data for seasonal variation. June
1941. 11 pp.

CHANGES IN STRUCTURE OF THE FEDERAL D E B T .

Mar. 1963. 10 pp.
NEGOTIABLE

1954. 10 pp.
STATES. May 1955. 13 pp.

OF DEPOSIT.

May 1963. 13 pp.
RECENT CHANGES IN LIQUIDITY. June 1963. 10 pp.

REVISION OF CONSUMER CREDIT STATISTICS. Oct.

1956. 24 pp. (Also, similar reprint from Apr.

INTEREST RATES ON SAVINGS AND OTHER T I M E
DEPOSITS, MID-FEBRUARY 1963. June 1963.

7 pp.

1953 BULL.)
SEASONAL FACTORS AFFECTING BANK RESERVES.

MEASURES

OF M E M B E R

BANK

RESERVES.

July

1963. 14 pp.

Feb. 1958. 12 pp.
O P E N MARKET OPERATIONS IN LONG-TERM S E -

BANK

LOANS SECURED

BY STOCKS AND BONDS.

July 1963. 19 pp.

CURITIES. Nov. 1958. 15 pp.
* PART I, ALL-BANK STATISTICS, 1896-1955. Re-

print 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.
ON THE GOVERNMENT

SECURITIES

MARKET. Apr. 1961. 8 pp.
SURVEY OF FINANCE COMPANIES, M I D - 1 9 6 0 . Oct.

1961. 21 pp.
LIQUIDITY AND PUBLIC POLICY. Oct. 1961. 17 pp.
REVISION OF CONSUMER CREDIT STATISTICS. Dec.

A

BANK

EXAMINER

LOOKS

AT AGRICULTURAL

LENDING. July 1963. 8 pp.
MEASURING AND ANALYZING ECONOMIC GROWTH.

Aug. 1963. 14 pp.
CHANGES IN BANKING STRUCTURE, 1953-62. Sept.

1963. 8 pp.
ECONOMIC

CHANGE

AND ECONOMIC

ANALYSIS.

Sept. 1963. 17 pp.
BANK AND PCA LENDING TO FARMERS. Sept. 1963.

11 pp.
T H E O P E N MARKET POLICY PROCESS. Oct. 1963.

1961. 15 pp.

11 pp.

REVISED INDEXES OF FREIGHT CARLOADINGS. Dec.

1961. 3 pp.
SEASONALLY ADJUSTED SERIES FOR BANK CREDIT.

RECENT

INTEREST

RATE

TRENDS.

NOV. 1963.

10 pp.
BANK CREDIT AND MONEY IN 1963. Feb. 1964.

July 1962. 6 pp.
REVISION OF MONEY SUPPLY SERIES. Aug. 1962.

7 pp.
SURVEY OF FINANCIAL CHARACTERISTICS OF CON-

11 pp.
INTEREST RATES AND MONETARY

POLICY, Sept.

PRODUCTION—1957-59

BASE.

Oct.

1962. 10 pp.
F L O W OF FUNDS SEASONALLY ADJUSTED. N O V .

1962. 15 pp.

SUMERS. Mar. 1964. 9 pp.
TREASURY AND FEDERAL RESERVE FOREIGN E X -

1962.28 pp.




CERTIFICATES

N E W FOREIGN BOND ISSUES IN THE U.S. MARKET.

BANKERS' ACCEPTANCE FINANCING IN THE UNITED

INDUSTRIAL

TIME

Apr. 1963. 11 pp.

T H E PRIVATE DEMAND FOR GOLD, 1931-53. Sept.

STATISTICS

D E B T AS RELATED TO VALUE OF SALES.

Feb. 1963. 9 pp.

CHANGE OPERATIONS AND THE GOLD POOL. Mar.

1964. 14 pp.
U.S. TRADE AND PAYMENTS IN 1963. Apr. 1964.

7 pp.

1626

FEDERAL RESERVE BULLETIN • DECEMBER 1964
REPRINTS—(Continued)

FLOWS

THROUGH

FINANCIAL

NEW SERIES ON FEDERAL FUNDS. Aug.

INTERMEDIARIES.

May 1964. 9 pp.
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.
July 1964. 9 pp.

1964. 25 pp.
TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS. Sept. 1964. 16 pp.

U.S. BALANCE
8 pp.

OF PAYMENTS,

1963-64. Oct. 1964.

YIELD DIFFERENTIALS IN TREASURY BILLS,

1959-

RESERVE

U.S.

GOVERNMENT SECURITIES in

1964.

Nov.

1964. 8 pp.
SECURITY

1954-63. July 1964. 16 pp.




MINISTERIAL STATEMENT OF THE GROUP OF TEN
AND ANNEX PREPARED BY DEPUTIES. Aug.

64. Oct. 1964. 20 pp.

RECENT MONETARY AND CREDIT DEVELOPMENTS.

FEDERAL

1964.

31 pp.

TRANSACTIONS,

RESEARCH INTO BANKING STRUCTURE AND COMPETITION. Nov. 1964. 17 pp.

Index to Statistical Tables
Acceptances, bankers', 1547, 1564, 1566
Agricultural loans of commercial banks, 1558, 1560
Arbitrage, 1616
Assets and liabilities (See also Foreign liabilities and
claims):
Banks and the monetary system,
consolidated, 1553
Corporate, current, 1578
Domestic banks, by classes, 1554, 1558, 1560
Federal Reserve Banks, 1548
Automobiles:
Consumer instalment credit, 1582, 1583. 1584
Production index, 1586, 1587
Bankers' balances, 1559, 1561
(See also Foreign liabilities and claims)
Banks and the monetary sytem, consolidated
statement, 1553
Banks for cooperatives, 1573, 1574
Bonds (See also U.S. Govt. securities):
New issues, 1574, 1575, 1576
Prices and yields, 1564, 1565
Brokers and dealers in securities, bank loans to,
1558, 1560
Business expenditures on new plant and
equipment, 1578
Business indexes, 1590
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 1554, 1559, 1562
Federal Reserve Banks, 1548
Carloadings, 1590
Central banks, foreign, 1602, 1615
Coins, circulation of, 1551
Commercial banks:
Assets and liabilities, 1554, 1557, 1558
Consumer loans held, by type, 1583
Number, by classes, 1554
Real estate mortgages held, by type, 1579
Commercial and industrial loans:
Commercial banks, 1558
Weekly reporting member banks, 1560, 1563
Commercial paper, 1564, 1566
Condition statements (See Assets and liabilities)
Construction, 1590, 1591
Consumer credit:
Instalment credit, 1582, 1583, 1584, 1585
Noninstalment credit, by holder, 1583
Consumer price indexes, 1590, 1594
Consumption expenditures, 1596, 1597
Corporations:
Sales, profits, taxes, and dividends, 1577, 1578
Security issues, 1575, 1576
Security prices and yields, 1564, 1565
Cost of living (See Consumer price indexes)
Currency in circulation, 1540, 1551, 1552
Customer credit, stock market, 1565

Farm mortgage loans, 1579, 1580
Federal finance:
Cash transactions, 1568
Receipts and expenditures, 1569
Treasurer's balance, 1568
Federal funds transactions, 1544
Federal home loan banks, 1573, 1574, 1581
Federal Housing Administration, 1565, 1579,
1580, 1581
Federal intermediate credit banks, 1573, 1574
Federal land banks, 1573, 1574
Federal National Mortgage Assn., 1573, 1574, 1581
Federal Reserve Banks:
Condition statement, 1548
U.S. Govt. securities held by, 1540, 1548. 1550,
1570, 1571
Federal Reserve credit, 1540, 1548, 1550
Federal Reserve notes, 1548, 1551
Federally sponsored credit agencies, 1573, 1574
Finance company paper, 1564, 1566
Financial institutions, loans to, 1558, 1560
Float, 1540
Flow of funds, 1598
Foreign central banks, 1602, 1615
Foreign currency operations, 1548, 1550, 1604, 1612
Foreign deposits in U.S. banks, 1540, 1548, 1549,
1559, 1562, 1613
Foreign exchange rates, 1617
Foreign liabilities and claims:
Banks, 1606, 1608, 1609, 1611, 1613
Nonfinancial concerns, 1614
Foreign trade, 1619
Gold:
Certificates, 1548, 1551
Earmarked, 1613
Net purchases by U.S., 1604
Production, 1603
Reserves of central banks and govts., 1602
Reserves of foreign countries and international
organizations, 1605
Stock, 1540, 1553, 1604
Govt. debt (See U.S. Govt. securities)
Gross national product, 1596, 1597
Hours and earnings, manufacturing industries, 1593
Housing starts, 1591

Debits to deposit accounts, 1550
Demand deposits:
Adjusted, banks and the monetary system, 1553
Adjusted, commercial banks, 1550, 1552, 1559
Banks, by classes, 1546, 1554, 1562
Turnover of, 1550
Type of holder, at commercial banks, 1559
Deposits (See also specific types of deposits):
Adjusted, and currency, 1553
Banks, by classes, 1546, 1554, 1559, 1562, 1566




Deposits—Continued
Federal Reserve Banks, 1548, 1613
Postal savings, 1546, 1553
Discount rates, 1545, 1615
Discounts and advances by Federal Reserve
Banks, 1540, 1548, 1550
Dividends, corporate, 1577, 1578
Dollar assets, foreign, 1605, 1613
Earnings and hours, manufacturing industries, 1593
Employment, 1590, 1592, 1593

Industrial production index, 1586, 1590
Instalment loans, 1582, 1583, 1584, 1585
Insurance companies, 1567, 1570, 1571, 1580
Insured commercial banks, 1556, 1558
Fnterbank deposits, 1546, 1554, 1559
Interest rates:
Bond yields, 1564
Business loans by banks, 1563
Federal Reserve Bank discount rates, 1545
Foreign countries, 1615, 1616

1627

1628

FEDERAL RESERVE BULLETIN • DECEMBER 1964

Interest rates—Continued
Mortgage yields, 1565
Open market, 1564, 1616
Stock yields, 1564
Time deposits, maximum rates, 1546
International capital transactions of the U.S., 1606
International institutions, 1602, 1604, 1605
Inventories, 1596
Investment companies, new issues, 1576
Investments (See also specific types of investments):
Banks, by classes, 1554, 1558, 1561, 1566
Commercial banks, 1557
Federal Reserve Banks, 1548, 1550
Life insurance companies, 1567
Savings and loan assns., 1567
Labor force, 1592
Loans (See also specific types of loans):
Banks, by classes, 1554, 1558, 1560, 1566
Commercial banks, 1557
Federal Reserve Banks, 1540, 1548, 1550
Insurance companies, 1567, 1580
Insured or guaranteed by U.S., 1579, 1580, 1581
Savings and loan assns., 1567, 1580
Manufactures, production index, 1587, 1590
Margin requirements, 1546
Member banks:
Assets and liabilities, by classes, 1554, 1558
Borrowings at Federal Reserve Banks, 1542,
1548, 1562
Deposits, by classes, 1546
Number, by classes, 1555
Reserve position, basic, 1544
Reserve requirements, 1546
Reserves and related items, 1540
Weekly reporting series, 1560
Mining, production index, 1587, 1590
Money rates (See Interest rates)
Money supply and related data, 1552
Mortgages (See Real estate loans)
Mutual savings banks, 1553, 1554, 1556, 1566, 1570,
1571, 1579
National banks, 1556
National income, 1596, 1597
National security expenditures, 1569, 1596
Nonmember banks, 1556, 1558, 1559
Open market transactions, 1547
Payrolls, manufacturing, index, 1590
Personal income, 1597
Postal Savings System, 1546, 1553
Prices:
Consumer, 1590, 1594
Security, 1565
Wholesale commodity, 1590, 1594
Production, 1586, 1590
Profits, corporate, 1577, 1578
Real estate loans:
Banks, by classes, 1558, 1566, 1579
Mortgage yields, 1565
Type of holder, 1579, 1580, 1581
Type of property mortgaged, 1579, 1580, 1581
Reserve position, basic, member banks, 1544
Reserve requirements, member banks, 1546
Reserves:
Central banks and govts., 1602
Commercial banks, 1559
Federal Reserve Banks, 1548




Reserves—Continued
Foreign countries and international
organizations, 1605
Member banks, 1540, 1542, 1546, 1559, 1561
Residential mortgage loans, 1579, 1580, 1581
Retail sales, 1590
Sales finance companies, consumer loans of, 1582
1583, 1585
Saving:
Flow of funds series, 1598
National income series, 1597
Savings deposits (See Time deposits)
Savings institutions, principal assets, 1566, 1567
Savings and loan assns., 1567, 1571, 1580
Securities (See also U.S. Govt. securities):
Federally sponsored agencies, 1573
International transactions, 1612, 1613
New issues, 1574, 1575, 1576
Silver coin and silver certificates, 1551
State member banks, 1556
State and local govts.:
Deposits of, 1559, 1562
Holdings of U.S. Govt. securities, 1570, 1571
New security issues, 1574, 1575
Ownership of obligations of, 1558, 1566, 1567
Prices and yields of securities, 1564, 1565
Stock market credit, 1565
Stocks:
New issues, 1575, 1576
Prices and yields, 1564, 1565
Tax receipts, Federal, 1569
Time deposits, 1546, 1552, 1553, 1554, 1559, 1562
Treasurer's account balance, 1568
Treasury cash, 1540, 1551, 1553
Treasury currency, 1540, 1551, 1553
Treasury deposits, 1540, 1548, 1568
Unemployment, 1592
U.S. balance of payments, 1618
U.S. Govt. balances:
Commercial bank holdings, by classes, 1559, 1562
Consolidated monetary statement, 1553
Treasury deposits at Federal Reserve
Banks, 1540, 1548, 1568
U.S. Govt. securities:
Bank holdings, 1553, 1554, 1558, 1561, 1566,
1570, 1571
Dealer transactions, positions, and
financing, 1572
Federal Reserve Bank holdings, 1540, 1548, 1550,
1570, 1571
Foreign and international holdings, 1548,
1605, 1613
International transactions, 1612
New issues, gross proceeds, 1575
Open market transactions, 1547
Outstanding, by type of security, 1570,
1571, 1573
Ownership of, 1570, 1571
Prices and yields, 1564, 1565, 1616
United States notes, outstanding and in
circulation, 1551
Utilities, production index, 1587, 1590
Vault cash, 1540, 1546, 1559
Veterans Administration, 1579, 1580, 1581
Weekly reporting member banks, 1560
Yields (See Interest rates)

Index to Volume
GUIDE TO PAGE REFERENCES IN MONTHLY ISSUES
Issue
January
February
March
April
May

June

Total

Index to
tables

Issue

1-140
141-276
277-424
425-548
549-670
671-812

139-140
275-276
423-424
547-548
669-670
811-812

July
August
September
October
November
December

Pages

Alaskan member banks, credit for reconstruction
and rehabilitation
446
Annual report, Board of Governors, 1963 . . .
446
Armstrong, Joseph S., appointed director at Pittsburgh Branch
38
Articles:
Bank credit and money in 1963
141
Bank credit series, revision o f .
. . . 693
Banking structure and competition, research
into
...
.
.1383
Business income and investment
1513
Construction and mortgage markets
. 277
Consumer instalment credit . . . .
1111
Consumers, survey of financial
characteristics .
.
285
Economic expansion in perspective
.1
Federal funds, new series on.
944
Federal Reserve security transactions,
1954-63
822, 1016
Flows through financial intermediaries
549
Grants of reduced reserves to banks in reserve cities
.698
Labor market
671, 847
Member bank income, 1963
....
. .558
Ministerial statement of Group of Ten and
annex prepared by Deputies . .
. . . 975
Monetary and credit developments, recent. .813
Monetary and fiscal policies, major issues in. 1400
Money supply series, revision of
.679
Statements to Congress:
Coin shortage, statement concerning
838
Federal Reserve Act, proposed changes
in . . . .
.
148
Federal Reserve purchases of special securities direct from the Treasury,
H.R. 11499
704
Federal Reserve System proposed
changes in
308
Regulation of collective investment
funds maintained by banks, H.R. 8499
and H.R. 9410 . . .
....
704
Treasury and Federal Reserve foreign exchange operations and the gold pool.294, 1119
U.S. balance of payments, 1963-64
1233
U.S. exports in the last decade
. 937
U.S. Govt. securities in 1964 .
1375
U.S. trade and payments in 1963
425
Yield differentials in Treasury bills, 1959-64.1241
Atlantic National Bank of Jacksonville and Atlantic Trust Company, Order under Bank
Holding Company Act
10
Auerbach, Irving, article on new series on Federal funds
944
Axilrod, Stephen H., coauthor of article on Federal Reserve security transactions, 1954-63
822




Total
813- 936
937-1110
1111-1232
1233-1374
1375-1512
1513-1637

Index to
tables
935- 936
1109-1110
1231-1232
1373-1374
1511-1512
1627-1628

Pages

Baker, Lisle, Jr., appointed director of Louisville
Branch . . . .
35
Bakke, Karl E., appointed Assistant Secretary of
Board of Governors
173
Balance of payments
{See U.S. balance of payments)
Bank credit and money in 1963, article
141
Bank credit series, revision of, article.
693
Bank Holding Company Act:
Banking offices and deposits of group banks,
Dec. 31, 1963
783
Interpretations:
Computer services for customers of subsidiary banks
.1137
Loans, discounts, and extensions of
credit between banks in bank holding
company systems . . .
...
432
List of companies registered pursuant to Section 5, Dec. 31, 1963
782
Litigation, denial of applications by Marine
Corporation and First Wisconsin Bankshares Corp. affirmed by U.S. Court of
Appeals .
.
26
Orders issued under:
Atlantic National Bank of Jacksonville
and Atlantic Trust Company .
10
Barnett National Securities Corporation
.
1138, 1415
Baystate Corporation
442
Citizens and Southern Holding Company and Citizens and Southern National Bank .
.
1012
Clayton Bancshares Corporation
1261
Commercial Bancorp, I n c . . . .
1521
First National Bank of Tampa and
Union Security & Investment Co..
714
First Wisconsin Bankshares Corporation.438
Society Corporation
1007, 1415
Union Security & Investment Co.
714
Bank Merger Act:
Orders issued under:
Bordentown Banking Company, Bordentown, N J . . .
329
Camden Trust Company, Camden, N.J. 843
Chemical Bank New York Trust Company, New York, N.Y.
. .321, 326
City Bank and Trust Company, Jackson,
Mich.
..
711
County Trust Company, Tenafly, N.J. 565
County Trust Company, White Plains.
N.Y
19
Farmers Bank of Clinch Valley, Tazewell, Va.
841

1629

1630

FEDERAL RESERVE BULLETIN • DECEMBER 1964
Pages

Bank Merger Act—Continued
Orders issued under—Continued
Fidelity-Philadelphia Trust Company,
Philadelphia, Pa
13
Girard Trust Bank, Philadelphia, Pa. 433
Hyannis Trust Company, Hyannis,
Mass
435
Lorain County Savings & Trust Company, Elyria, Ohio
21
Old Kent Bank and Trust Company,
Grand Rapids, Mich
24
Provident Tradesmens Bank and Trust
Company, Philadelphia, Pa. .
1003
Rhode Island Hospital Trust Company,
Providence, R.I
170
State Bank of Albany, Albany, N.Y. . 1416
State and Savings Bank, Monticello,
Ind
1001
Wheeling Dollar Savings & Trust Co.,
Wheeling, W. Va
1524
Worthen Bank & Trust Company, Little
Rock, Ark
1528
Bank securities, application of Securities Exchange Act to
1134
Bank Service Corporation Act, assurances required in situations involving State member
banks
.432
Banking and monetary statistics
for 1963 .
242, 396, 640
Banking offices:
Changes in number .
..
240, 1082
Par and nonpar offices, number
. 2 4 1 , 1083
Banking structure and competition, research into 1383
Banks and branches, number, by class and State. .518
Barnett National Securities Corporation, Orders
under Bank Holding Company Act . . 1 1 3 8 , 1415
Baystate Corporation, Order under Bank Holding Company Act
. 442
Benner, Henry, retirement as Assistant Director,
Division of Examinations
173
Blair, George Benjamin, appointed director at
New Orleans Branch
35
Blanton, George, Jr., elected Class A director at
Richmond .
1532
Board of Governors:
Annual report, 1963
446
Litigation
. 26
Members:
List, 1913-64 .
...
708, 847
Robertson, J. L., reappointment
446
Statements to Congress:
Coin shortage, statement concerning . . . .
....
.838
Federal Reserve Act, proposed
changes in
...
148
Federal Reserve System, proposed
changes in
308, 567
Legislation relating to Federal Reserve purchases of special securities direct from the Treasury . 704
Legislation to provide for regulation of collective investment
funds maintained by banks
704
Members and officers
1620
Publications {See Publications)
Regulations {See Regulations)
Staff:
Bakke, Karl E., appointed Assistant
Secretary
173




Pages

Board of Governors—Continued
Staff—Continued
Benner, Henry, retirement as Assistant
Director, Division of Examinations. 173
Connell, J. J., retirement as Controller 847
Davis, W. M., appointed Acting Director, Division of Data Processing
719
Furth, J. Herbert, retirement as Adviser
in Division of International Finance,
and appointment as Consultant .
1420
Irvine, Reed J., appointed Associate
Adviser, Division of International
Finance .
719
Kakalec, John, appointed Controller
847
Masters, Robert C , retirement as Associate Director, Division of Examinations
331
Reynolds, John E., appointed Associate
Adviser, Division of International
Finance
719
Schwartz, M. H., resignation as Director, Division of Data Processing, and
subsequent reappointment to same
position
719, 1420
Bonds:
Underwriting of notes payable from proceeds
of subsequent sale of general obligation
bonds, interpretation
1001
Underwriting of public authority bonds
payable from rents under lease with governmental entity having general taxing
powers, interpretation
564
Bordentown Banking Company, Bordentown,
N.J., Order under Bank Merger Act
329
Bozarth, Howard J., appointed director at Oklahoma City Branch
40
Branch banks:
Federal Reserve:
Directors {See Directors. Federal Reserve branch banks)
Territory of Little Rock Branch, extension of
..
719
Vice Presidents in charge of .
1622
Foreign banks, domestic branches of, as
"banks," interpretation
168
Foreign branches of member banks, loans
to executive officers of, interpretation.
169
"Messenger service" provided by State member banks, interpretation
710
Number, by class and State
519
Briggs, Robert P., resignation as Class C director,
Chairman, and Federal Reserve Agent at
Chicago
1269
Brooks, Elwood, M., appointed director at Denver
Branch
.
40
Brunner, Karl, comment on statements to Congress on proposed changes in Federal Reserve
System
567
Business conditions, national summary. .43, 174, 332,
448, 568, 720, 848, 1018, 1142, 1270, 1421, 1535
Business income and investment, article
1513
California Bond Anticipation Notes, ineligible for
underwriting and dealing in by State member
banks
1001
Camden Trust Company, Camden, N.J., Order
under Bank Merger Act
843
Capital and surplus of member banks:
Capital notes and debentures as.
interpretation

1631

INDEX VOLUME 50
Pages

Pages

Capital and surplus of member banks—Continued
Undivided profits as, interpretation
710
Carlson, Maxwell, appointed director at Seattle
Branch
41
Chairmen and Deputy Chairmen of Federal Reserve Banks
33, 1269, 1622
Cheatham, J. M., appointed Deputy Chairman at
Atlanta
34
Chemical Bank New York Trust Company, New
York, N.Y., Orders under Bank Merger
Act
.321, 326
Citizens and Southern Holding Company and
Citizens and Southern National Bank, Order
under Bank Holding Company Act
1012
City Bank and Trust Company, Jackson, Mich.,
Order under Bank Merger Act
711
Clay, Albert G., appointed Class C director at
Cleveland
34
Clayton Bancshares Corporation, Order under
Bank Holding Company Act
1261
Clearing and collection:
Nonmember clearing banks:
Domestic branch of foreign bank
168
Private bank
168
Regulation G, amendments to Section 207.3 1135
Regulation J, amendments to Section 210.51135
Coin shortage, statement of Chairman Martin
on
838
Collective investment funds maintained by banks,
statement of Chairman Martin on H.R. 8499
and H.R. 9410
704
Commercial Bancorp, Inc., Order under Bank
Holding Company Act
1521
Commercial banks:
Banking offices, changes in number
.240, 1082
Branches, number, by State
519
Collective investment funds maintained by
banks, statement of Chairman Martin on
H.R. 8499 and H.R. 9410
704
Income and expenses
639
Interest equalization tax information returns 1134
Number, by class and State
518
Connell, J. J., retirement as Controller, Board of
Governors
..
..
847
Construction and mortgage markets, article
277
Consumer instalment credit, article
1111
Consumers, survey of financial characteristics of,
article
285
Coombs, Charles A., reports on Treasury and
Federal Reserve foreign exchange operations
and the gold pool
294, 1119
Coons, Arthur Gardiner, appointed director at
Los Angeles Branch
36
Cooper, Sam, appointed director at Memphis
Branch
.
35
Corporations operated for profit, savings accounts
prohibited
9
County Trust Company, Tenafly, N.J., Order
under Bank Merger Act
565
County Trust Company, White Plains, N.Y.,
Order under Bank Merger Act
19
Cupp, Cecil W., appointed director at Little Rock
Branch
39
Customer credit, Stock Exchange firms, June
1956-64
1206

Deatherage, William G., appointed director at
Louisville Branch
39
Defense Production Act, extension of
840
Department store sales and stocks, responsibility
for preparation of data
446
Deposits:
Deposit contract providing for 3 months'
maturity with option to withdraw on 90
days' notice, interpretation .
840
Savings accounts by corporations operated
for profit prohibited .
..
9
Time and savings, maximum permissible
rates, increase in . . .
1520, 1531
Transfer from deposit account to "borrowed
money" account and payment of interest
thereon .
1000
Dial, William H., appointed director at Jacksonville Branch . . . .
....
39
Directors, Federal Reserve Banks:
Chairman and Federal Reserve
Agents
33, 1269, 1622
Class A and Class B, elections
41, 1141, 1532
Class C, appointments
34, 1141
Deputy Chairmen
33, 1622
List
155
Resignations and death .
..
1016. 1269
Directors, Federal Reserve branch banks:
Appointments
34, 38, 1531
List . . . .
155
Resignations
719, 1269
Discount rates at Federal Reserve Banks, increase
in . .
1531
Dividends:
Federal Reserve Banks
41, 238
Insured commercial banks
639
Member banks
559. 562, 630

Daane, J. Dewey, statement on proposed changes
in Federal Reserve System
316, 567
Davis, W. M., appointed Acting Director, Division
of Data Processing
719




Earnings and expenses:
Federal Reserve Banks .
41, 238
Insured commercial banks
639
Member banks
558, 630
Earthman, William F., Jr., appointed director at
Nashville Branch
39
Eckert, James B., article on revision of bank
credit series . . .
..
693
Economic expansion in perspective, article
1
Employment:
Labor market, article
671, 847
England, Bayard L., elected Class B director at
Philadelphia
1532
Errata:
June BULLETIN (pages 678 and 709)
847
July BULLETIN (page 834)
...
1016
November 1963 BULLETIN (page 1497)
41
Executive officers of member banks, loans to:
Foreign branches of national and State member banks authorized to lend to executive
officers
169
Reports of indebtedness to domestic branches
of foreign banks and to private banks
required
168, 169
Exports {See Foreign trade)
Farm Debt: Data from the 1960 Sample Survey
of Agriculture
1534
Farmers Bank of Clinch Valley, Tazewell, Va.,
Order under Bank Merger Act
841
Federal Advisory Council
1621
Federal funds:
New series on, article
944

1632

FEDERAL RESERVE BULLETIN • DECEMBER 1964
Pages

Pages

Federal funds—Continued
Transactions by Edge Corporation to adjust
reserve balance, interpretation
1414
Federal Open Market Committee:
Foreign exchange operations,
reports on
..
294, 1119
Members and staff
1621
Minutes, 1936-60, availability of
1015
Open market transactions, new BULLETIN
table on
1017
Federal Reserve Act:
Interpretations:
Capital and surplus of member
banks
9, 710
Domestic branches of foreign banks as
"banks"
.
168
Investments in stock of foreign banks
1000
Loans to executive officers of member
banks
168, 169
"Messenger service" provided by State
member banks
710
Private banks as "banks"
168
Savings accounts by corporations operated for profit prohibited
9
Transfer from deposit account to "borrowed money" account and payment
of interest thereon
1000
Proposed changes in, statements on
148, 308
Section 14(b), authority to purchase Govt.
obligations direct from U.S.,
extension of
704. 840
Section 24:
Conventional real estate loans by national banks, amendment
1134
Loans on forest tracts, amendment
840
Federal Reserve Banks:
Authority to purchase Govt. obligations direct from U.S., extension of
704, 840
Branches (See Branch banks)
Chairmen and Deputy Chairmen 33, 1269, 1622
Directors (See Directors)
Discount rates, increase in
1531
Earnings and expenses
41, 238
First Vice Presidents:
Fink, Edward A., appointed at
Cleveland
446
List
166, 1622
Mills, Albert W., retirement at Minneapolis
.
41
Strothman, Maurice H., Jr., appointed
at Minneapolis .
.
.
41
Thompson, Donald S., retirement at
Cleveland
446
General Auditors
166
Presidents
166, 1622
Vice Presidents .
166
Federal Reserve districts:
Territory of Little Rock Branch, extension 719
Federal Reserve notes, interest paid to
Treasury
...
..
41, 238
Federal Reserve security transactions, 1954-63,
article .
. . .
822, 1016
Federal Reserve System:
Admissions of State banks to
membership
.
.447, 567, 719, 1017, 1420
Book on purposes and functions, revised
edition
42
Historical records, availability of
...
1015
Proposed changes in, statements
148, 308, 567

Federal Reserve and Treasury foreign exchange
operations and the gold pool, reports on. .294, 1119
Fey, John T., resignation as Class C director at
Boston
.
.
.1016
Fidelity-Philadelphia Trust Company, Philadelphia, Pa., Order under Bank Merger Act .
13
Financial intermediaries, flows through, article
549
Fink, Edward A., appointed First Vice President
of Federal Reserve Bank of Cleveland
446
First National Bank of Tampa, Order under Bank
Holding Company Act . .
714
First Wisconsin Bankshares Corporation:
Litigation
26, 29
Order under Bank Holding Company Act
438
Flow of funds:
Financial assets and liabilities
517, 1342
Revised data
.1269
Saving and financial flows . . .
106, 508, 1332
Supplement to Flow of Funds Accounts,
1945-62
331
Through financial intermediaries, article
549
Foote, L. Y., appointed director at New Orleans
Branch
39
Foreign banking and financing corporations:
Transactions in Federal funds to adjust reserve balance maintained by Edge Corporation, interpretation
1414
Foreign banks:
Domestic branches of, as "banks", interpretation
.
168
Investments by member banks in stock of,
interpretation
...
1000
Foreign exchange operations:
Treasury and Federal Reserve foreign exchange operations and the gold pool, reports on
294, 1119
Foreign trade:
U.S. exports in the last decade, article
937
French, John H., Jr., appointed director at
Detroit Branch
..
39
Friedman, Milton, comment on statements to
Congress on proposed changes in Federal Reserve System
. . . .
.
567
Fry, Edward R., coauthor of article on revision
of money supply series
679
Furth, J. Herbert, retirement as Adviser in Division of International Finance, and appointment
as Consultant
1420




Girard Trust Bank, Philadelphia, Pa., Order under
Bank Merger Act
433
Gold pool:
Treasury and Federal Reserve foreign exchange operations and the
294, 1119
Govt. securities (See U.S. Govt. securities)
Group of Ten, Ministerial statement of, and
annex prepared by Deputies . .
975
Gwaltney, Eugene C., Jr., appointed director at
Birmingham Branch
1531
Hand, John A., appointed director at Birmingham
Branch . . .
38
Harris, B. Meyer, appointed director at Helena
Branch
40
Heyer, Robert W., appointed director at El Paso
Branch
...
40
Historical records of Federal Reserve System,
availability of
.
1015
Holland, Robert C , article on research into banking structure and competition
1383

1633

INDEX VOLUME 50
Pages

Pages

Hunter, John A., appointed Class C director at
Atlanta
....
34
Hyannis Trust Company, Hyannis, Mass., Order
under Bank Merger Act
435

Interpretations—Continued
Federal funds transactions to adjust reserve
balance maintained by Edge Corporation 1414
Interlocking relationship involving securities
affiliate of brokerage firm. .
563
Investments by member banks in stock of
foreign banks
1000
Loans to executive officers of foreign
branches of national and State member
banks
169
Maximum interest rates on deposits, explanatory statement . . .
1520
"Messenger service" provided by State member banks
710
Private banks as "banks".
168
Published interpretations of Board
1016
Savings accounts by corporations operated
for profit prohibited.
9
Transfer from deposit account to "borrowed
money" account and payment of interest
thereon
...
1000
Underwriting of notes payable from proceeds
of subsequent sale of general obligation
bonds
1001
Underwriting of public authority bonds payable from rents under lease with governmental entity having general taxing powers 564
Unsecured negotiable notes
1137, 1521
Investment, business income and, article
1513
Investments:
Collective investment funds maintained by
banks, statement of Chairman Martin on
H.R. 8499 and H.R. 9410.
704
Investment securities:
Notes payable from proceeds and subsequent sale of general obligation
bonds, underwriting by State member
banks
1001
Public Authority bonds payable from
rents under lease with governmental
entity having general taxing powers,
underwriting by State member banks. 564
Member banks, in stock of foreign banks,
interpretation
1000
Irvine, Reed J., appointed Associate Adviser,
Division of International Finance.
719

Income and expenses:
Federal Reserve Banks
238
Insured commercial banks
639
Member banks .
558, 630
Index, annual, change in
..
1534
Industrial production index, revisions in
. . . 847
Industrial Production Measurement in the United
States: Concepts, Uses, and Compilation Practices, paper on
.446
Insured banks:
Changes in control of, reporting requirements
1261, 1414
Insured commercial banks:
Banking offices, changes in number
240, 1082
Branches, number, by State
519
Income and expenses
639
Number, by State
518
Interest equalization tax information returns,
inspection by Board and Reserve Banks
1134
Interest on deposits:
1
Deposit contract providing for 3 months
maturity with option to withdraw on 90
days' notice, interpretation .
840
Savings accounts by corporations operated
for profit prohibited . . .
9
Time and savings deposits, maximum permissible rates, increase in
1520, 1531
Transfer from deposit account to "borrowed
money" account and payment of interest
thereon
1000
Unsecured negotiable notes issued by member banks
1137
Interest rates:
Article on U.S. Govt. securities in 1964
1375
Discount rates at Federal Reserve Banks,
increase in
..
1531
Time and savings deposits, maximum permissible rates, increase in . .
..1520, 1531
Interlocking relationship involving securities affiliate of brokerage firm, interpretation
563
International monetary system:
Article on major issues in monetary and
fiscal policies
1400
Ministerial statement of Group of Ten and
annex prepared by Deputies, article
975
Interpretations:
Bank Holding Company Act:
Computer services for customers of subsidiary banks .
.
.
1137
Loans, discounts, and extensions of
credit between banks in bank holding
company systems
432
Bank Service Corporation Act:
Assurances required in situations involving State member banks.
.
432
Capital and surplus of member banks:
Capital notes and debentures as
9
Undivided profits a s . .
710
Change in control of bank management incident to a merger, reports of.
.1414
Deposit contract providing for 3 months'
maturity with option to withdraw on 90
days' notice
840
Domestic branches of foreign banks as
"banks"
168




Johnson. Harry G., paper on major issues in
monetary and fiscal policies
1400
Kakalec, John, appointed Controller, Board of
Governors
847
Katz, Samuel I., article on yield differentials in
Treasury bills, 1959-64
1241
Kendrick, Marron, elected Class B director at
San Francisco
1534
Koch, Edwin G., appointed director at Helena
Branch
35
Kolar, E. J., appointed director at Portland Branch 41
Krummack, Janice, coauthor of article on Federal
Reserve security transactions, 1954-63
822
Kuhn, Lloyd W., elected Class A director at
Philadelphia
1532
Kyger, Murray, elected Class A director at
Dallas
1141
Labor market, article
. 671, 847
Laing, R. Stanley, appointed director at Cincinnati Branch
1531

1634

FEDERAL RESERVE BULLETIN • DECEMBER 1964
Pages

Pages

Legislation:
Authority of Federal Reserve Banks to purchase Govt. obligations direct from the
U.S., extension of
. . 704, 840
Changes in control of banks, reporting requirements . .
1261, 1414
Coin shortage, statement of Chairman Martin on H.R. 10532
838
Collective investment funds maintained by
banks, statement of Chairman Martin on
H.R. 8499 and H.R. 9410
704
Conventional real estate loans by national
banks, amendment to Section 24 of Federal Reserve Act
1134
Defense Production Act, extension of
840
Federal Reserve Act, proposed changes in,
statement of Chairman Martin. . .
148
Federal Reserve System, proposed changes
in, statements of Governors Mitchell and
Daane
308, 567
Housing Act of 1964
1134
Interest Equalization Tax Act. . .
1134
Loans by national banks on forest tracts,
amendment to Section 24 of Federal Reserve Act
..
840
Securities Exchange Act, amendments with
respect to stocks and other securities of
banks
1134
Levine, Max, appointed Class C director at Dallas 34
Litigation:
Bank holding company applications, Board's
denial affirmed by U.S. Court of Appeals 26
Loans:
Commercial banks to foreign obligors, interest equalization tax information . . . 1134
Executive officers of member banks (See Executive officers)
National banks:
Conventional real estate loans, amendment to Section 24 of Federal Reserve Act
..
1134
Loans on forest tracts, amendment to
Section 24 of Federal Reserve Act . 840
Lorain County Savings & Trust Company, Elyria,
Ohio, Order under Bank Merger Act.
21

Member banks—Continued
Banking offices, changes in number
240, 1082
Borrowings at Federal Reserve Banks,
weekly averages for 1963 .
396
Branches, number, by State
519
Capital and surplus:
Capital notes and debentures as, interpretation
9
Undivided profits as, interpretation.
710
Changes in control of management, reporting requirements
1261, 1414
Executive officers, loans to (See Executive
officers)
Income and expenses
558, 630
Interlocking relationship involving securities
affiliate of brokerage firm, interpretation 563
Investments in stock of foreign banks, interpretation
1000
National banks (See National banks)
Number, by class and State.
518
Operating ratios
..
520
Reserves (See Reserves)
Savings accounts by corporations operated
for profit prohibited
9
State member banks (See State member
banks)
Underwriting of notes payable from proceeds
of subsequent sale of general obligation
bonds
1001
Underwriting of public authority bonds payable from rents under lease with governmental entity having general taxing
powers
.
564
Unsecured negotiable notes, issuance by. . 1137
Weekly reporting series, Wednesday data for
1963
242
Membership in the Federal Reserve System:
Admissions of State banks
447, 567
719, 1017, 1420
"Messenger service" provided by State member
banks, interpretation
.
710
Millard, Charles W., Jr., appointed director at
Buffalo Branch . .
38
Mills, Albert W., retirement as First Vice President of Federal Reserve Bank of Minneapolis 41
Ministerial statement of Group of Ten and annex prepared by Deputies
975
Minutes of Federal Open Market Committee.
1936-60, availability of..
1015
Mitchell, George W., statement on proposed
changes in Federal Reserve System
308, 567
Monetary and credit developments, recent,
article
.
813
Monetary and fiscal policies, major issues in,
paper by Harry G. Johnson. . . .
1400
Money and bank credit in 1963, article
141
Money supply series, revision of, article
679
Morgan, Allen, appointed director at Memphis
Branch
..
..
.
39
Morris, James A., appointed director at Charlotte
Branch
35
Mortgages (See Real estate loans)
Murphy, George A., elected Class A director at
New York
1532
Mutual savings banks:
Banking offices, changes in number
240, 1082
Branches, number, by State
519
Number, by State
518

Marine Corporation, litigation under Bank Holding Company Act. .
26
Martin, Wm. McC, Jr.:
Coin shortage, statement concerning.
838
Federal Reserve Act, proposed changes in,
statement on H.R. 8505, S. 2076, H.R.
9631, and H.R. 3783
148
Federal Reserve purchases of special securities direct from the Treasury, statement
on H.R. 11499
704
Regulation of collective investment funds
maintained by banks, statement on H.R.
8499 and H.R. 9410
704
Masters, Robert C , retirement as Associate Director, Division of Examinations
331
McCormack, James, appointed Class C director
at Boston . . . .
1141
McGregor, William, appointed director at Seattle
Branch
36
McNally, C. Robert, Jr., appointed director at
El Paso Branch.
35
Member banks:
Alaskan banks, credit for reconstruction and
rehabilitation purposes
446




1635

INDEX VOLUME 50
Pages

Pages

Nash, John F., elected Class A director at Minneapolis
1533
National banks (See also Member banks):
Banking offices, changes in number.
. 240, 1082
Branches, number, by State.
..
.519
Conventional real estate loans, amendment
to Section 24 of Federal Reserve Act.
1134
Executive officers of foreign branches of,
loans to, interpretation
169
Investments in stock of foreign banks, interpretation
.
..
1000
Loans on forest tracts, amendment to Section 24 of Federal Reserve Act.
840
Number, by State.
...
.518
Savings accounts by corporations operated
for profit prohibited.
...
. 9
National summary of business conditions. . . .43, 174,
332, 448, 568, 720, 848, 1018, 1142.
1270, 1421, 1535
Nonmember banks:
Banking offices, changes in number
240, 1082
Branches, number, by State
519
Domestic branch of foreign bank a "nonmember bank" entitled to clearing privileges
168
Number, by State.
.
. .
518
Private bank a "nonmember bank" entitled
to clearing privileges.
168

Real estate loans:
Construction and mortgage markets, article 277
Conventional, by national banks, amendment to Section 24 of Federal Reserve
Act
1134
Regulations, Board of Governors:
D. Reserves of Member Banks:
Amendment to Section 204.2(b) . . .
168
Deposit of business corporation, classification as savings deposit for reserve
purposes prohibited
9
Unsecured negotiable notes issued by
member banks . . .
1137
G, Collection of Noncash Items:
Amendments to Section 207.3
1135
J, Check Clearing and Collection:
Amendments to Section 210.5
1135
K, Corporations Engaged in Foreign Banking and Financing under the Federal Reserve Act:
Transactions in Federal funds to adjust
reserve balances
..
..
1414
Q, Payment of Interest on Deposits:
Deposit contract providing for 3 months'
maturity with option to withdraw on
90 days' notice
..
.840
Maximum permissible rates on time and
savings deposits, increase in. 1520, 1531
Savings accounts by corporations operated for profit prohibited
. . .
9
Transfer from deposit account to "borrowed money" account and payment
of interest thereon.
..
. . 1000
Unsecured negotiable notes issued by
member banks
1137
R, Relationships with Dealers in Securities:
Short-term negotiable notes of banks
not securities under.
1521
S, Bank Service Arrangements:
Assurances required in situations involving State member banks.
.432
Reserves:
Edge Corporations, transactions in Federal
funds to adjust reserve balances, interpretation .
1414
Member banks:
Computation of reserves:
Balances due from private banks,
deduction permissible
.. ..
169
Regulation D, amendment to Section 204.2 (b)
168
Deposit of business corporation, classification as savings deposit for reserve
purposes prohibited
....
9
Grants of reduced reserves to banks in
reserve cities, article
...
.698
Reserves and borrowings, weekly averages for 1 9 6 3 . . .
396
Revision of bank credit series.
..
.693
Revision of money supply series, article
679
Reynolds, John E., appointed Associate Adviser,
Division of International Finance
719
Rhode Island Hospital Trust Company, Providence, R.I., Order under Bank Merger Act. . . 170
Riddel, Roy, Class A director at Dallas, death of 1016
Robertson, J. L., reappointed as member of
Board of Governors
..
446
Rogier, Harry E., elected Class A director at
St. Louis
1533

Old Kent Bank and Trust Company, Grand Rapids, Mich., Order under Bank Merger Act.
24
Open Market Committee (See Federal Open
Market Committee)
Open market transactions, new BULLETIN table
on
..
. . . .
1017
Operating ratios, member banks
520
Par List
.
.
. . 241, 1083
Peters, Lovett C . appointed director at Houston
Branch . . . . . . . .
35
Presidents of Federal Reserve Banks. .
166, 1622
Private banks as "banks", interpretation
168
Profits:
Insured commercial banks
639
Member banks
559, 561, 630
Undivided profits of member banks as capital or surplus, interpretation.
.
710
Projector, Dorothy S., article on survey of financial characteristics of consumers.
...
285
Provident Tradesmens Bank and Trust Company,
Philadelphia, Pa., Order under Bank Merger
Act
1003
Publications, Board of Governors:
Annual report, 1963
446
Back issues of the BULLETIN
1141
BULLETIN index, change
1534
Farm Debt: Data from the I960 Sample
Survey of Agriculture. .
...
1534
Federal Reserve System: Purposes and Functions, revised edition.
42
Flow of Funds Accounts, 1945-62, 1963
supplement
...
331
Industrial Production Measurement in the
United States: Concepts, Uses, and Compilation Practices
446
List
1623
Published interpretations of the Board
1016
Pugh, James, appointed director at Cincinnati
Branch
38




1636

FEDERAL RESERVE BULLETIN • DECEMBER 1964
Pages

Pages

Saving:
Flow of funds
106, 508, 1332
Through financial intermediaries, article
549
Savings deposits {See Deposits)
Schooler, Seward D., elected Class A director at
Cleveland
.
. . . . 1532
Schwartz, M. H., resignation as Director, Division of Data Processing, and subsequent reappointment to same position
719, 1420
Securities {See also U.S. Govt. securities):
Bank securities, application of Securities
Exchange Act to
1134
Legislation to provide for regulation of collective investment funds maintained by
banks, statement of Chairman Martin on
H.R. 8499 and H.R. 9410
704
Short-term negotiable notes of banks not
securities under Section 32 of Banking Act
of 1933 . .
1521
Securities companies:
Interlocking relationship involving securities
affiliate of brokerage firm, interpretation 563
Securities Exchange Act, application to stocks and
other securities of banks
1134
Self, William King, appointed Class C director
at St. Louis
34
Sippel, John P., appointed director at Baltimore
Branch
...
..
...
38
Society Corporation, Orders under Bank Holding Company Act. . .
1007, 1415
Solodow, Robert, article on member bank income 558
Special tables:
Bank holding companies:
Banking offices and deposits of group
banks, Dec. 31, 1963. .
783
List of, Dec. 31, 1963. . .
782
Banking and monetary statistics
for 1963 .
.242, 396
Banking offices:
Analysis of changes in number. .240, 1082
On, and not on, Federal Reserve Par
List, number
241, 1083
Banks and branches, number of, by class
and State .
518
Flow of funds:
Assets and liabilities
517
Saving and financial flows 106, 508, 1332
Income and expenses:
Federal Reserve Banks. .
238
Insured commercial banks
639
Member banks:
Calendar year
630
Operating ratios
520
Stock Exchange firms, detailed debit and
credit balances
1206
Staff of Board of Governors {See Board of Governors)
State Bank of Albany, Albany, N.Y., Order under
Bank Merger Act. . . .
1416
State member banks {See also Member banks):
Admissions to membership in Federal Reserve System..
447, 567, 719, 1017, 1420
Bank Service Corporation Act, assurances
required in situations involving
432
Banking offices, changes in number
240, 1082
Branches, number, by State. . . .
519
Changes in control of, reporting requirements
1261, 1414

State member banks—Continued
Executive officers of foreign branches of,
loans to, interpretation. . . .
169
Investments in stock of foreign banks, interpretation
1000
Mergers {See Bank Merger Act)
"Messenger service" provided by, interpretation
710
Number, by State
518
Savings accounts by corporations operated
for profit prohibited
9
Underwriting of notes payable from proceeds
of subsequent sales of general obligation
bonds .
..
.
1001
Underwriting of public authority bonds
payable from rents under lease with government entity having general taxing
powers
..
564
State and Savings Bank, Monticello, Ind., Order
under Bank Merger Act. . .
.
1001
Steffensen, V. R., appointed director at Salt Lake
City Branch
.
41
Stock market credit:
Stock Exchange firms, June 1956-64
1206
Stocks:
Bank stocks and other securities, application of Securities Exchange Act to. . . 1134
Strothman, Maurice H., Jr., appointed First Vice
President of Federal Reserve Bank of Minneapolis
41
Studies:
Research into banking structure and competition, article
1383
Surveys:
Financial characteristics of consumers
285
Swan, Joyce A., elected Class B director at
Minneapolis
1533
System open market account, new BULLETIN
table
1017




Territory of Little Rock Branch, extension of
719
Thompson, Donald S., retirement as First Vice
President of Federal Reserve Bank of Cleveland
446
Thomsen, C. J., appointed Class C director and
Deputy Chairman at Dallas.
34
Thornton, J. R., appointed director at San Antonio Branch
40
Time deposits {See Deposits)
Townsend, Mark, elected Class B director at St.
Louis
41
Trade, U.S., and payments in 1963, article
425
Treasury bills, yield differentials in, 1959-64,
article
1241
Treasury and Federal Reserve foreign exchange
operations and the gold pool, reports on 294, 1119
Trust funds, statement of Chairman Martin on
H.R. 8499 and H.R. 9410
704
Tucker, William L, elected Class A director at
Boston
1532
Union Security & Investment Co., Order under
Bank Holding Company Act
714
U.S. balance of payments:
1963-64, article
1233
U.S. trade and payments in 1963, article
425
U.S. Govt. securities:
Article on U.S. Govt. securities in 1964
1375

1637

INDEX VOLUME 50
Pages

Pages

U.S. Govt. securities—Continued
Authority of Federal Reserve Banks to purchase direct from U.S., extension of. .704, 840
Federal Reserve security transactions,
1954-63, article . . .
.822, 1016

Weekly reporting member banks:
Wednesday data for 1963.
242
Welch, Con T., appointed director at Memphis
Branch
39
Wheeling Dollar Savings & Trust Co., Wheeling,
W. Va., Order under Bank Merger Act
1524
Whitaker, Howard E., resignation as director at
Cincinnati Branch
1269
Worthen Bank & Trust Company, Little Rock,
Ark., Order under Bank Merger Act
1528
Wyand, Robert R., II, coauthor of article on revision of money supply series
679

Ward, James E., appointed director at Nashville
Branch
35
Warner, Jack W., resignation as director at Birmingham Branch
719
Watson, Arthur K., elected Class B director at
New York
1532