Full text of Federal Reserve Bulletin : February 1964
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FEDERAL RESERVE
B U LLETIN
February 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
141
Bank Credit and Money in 1963
148
Statement on Proposed Changes in Federal Reserve Act
155
Directors of Federal Reserve Banks and Branches
166
Presidents, Vice Presidents, and General Auditors of Reserve Banks
168
Law Department
173
Announcements
174
National Summary of Business Conditions
Guide to Tabular Presentation
176
Financial and Business Statistics, U.S. (Contents on p. 177)
178
International Financial Statistics (Contents on p. 251)
252
270
Board of Governors and Staff
271
Open Market Committee and Staff; Federal Advisory Council
272
Federal Reserve Banks and Branches
273
Federal Reserve Board Publications
275
Index to Statistical Tables
cover
Map of Federal Reserve System
Inside back
Volume go • Number 2
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DURING 1963 THE Federal Reserve continued to encourage monetary and credit
expansion with a view to stimulating a
further rise in economic activity. The availability of bank reserves was reduced somewhat during the year, however. Reflecting
this shift in policy, member bank borrowings from Federal Reserve Banks rose moderately, and market rates of interest generally advanced, especially short-term rates
after mid-July when the Federal Reserve
discount rate was raised.
Expansion of bank credit continued to
be rapid, although the increase was slightly
smaller than the unusually large 1962 rise.
Loans rose somewhat more than in 1962.
Banks also made larger additions to their
holdings of tax-exempt securities, although
growth slackened late in the year. To accommodate the larger credit growth in these
areas under somewhat less stimulative monetary conditions, banks reduced their holdings of U.S. Government securities by more
than 5 per cent. As a result, bank liquidity
declined further.
The privately held money supply rose
3.8 per cent in 1963, the second highest
annual rate of growth in the past decade.
Time and savings deposits at commercial
banks continued their rapid expansion, increasing nearly 15 per cent, a rate slightly
less than the postwar record in 1962.
The moderate additional upward pressure on interest rates—mainly short-term
ones—reduced the incentives for capital to
flow out of this country to financial centers
abroad. In the last half of the year capital
outflows were restrained also by the proposed retroactive interest equalization tax
on foreign long-term securities. With the
trade balance continuing to show some improvement and capital outflows more limited, the U.S. balance of payments deficit
showed substantial improvement after midyear.
TOTAL RESERVES <oftia«a growth
-
17
BORROWINGS rise i i 1963
1959
1960
196)
1961
1**3
"64
NOTE.—Monthly averages of daily figures for member banks.
Total and nonborrowed reserves seasonally adjusted. Total reserves adjusted to exclude the effect) of changes in reserve
requirements. Nonborrowed reserves a « total reserves adjusted
minus member bank borrowings from the Federal Reserve.
Latest figures, Jan., preliminary.
Along with its action to raise discount
rates in July, the Federal Reserve increased
to 4 per cent the maximum rate of interest
that member banks may pay on time deposits and certificates with maturities of 90
days to 1 year. This change was designed to
141
142
FEDERAL RESERVE BULLETIN • FEBRUARY 1964
enable banks to continue to compete effectively for foreign and domestic funds, thus
helping further to combat the U.S. balance
of payments problem.
In early November, the Board of Governors raised initial margin requirements
on loans for purchasing or carrying listed
securities from 50 to 70 per cent to help
prevent excessive use of stock market credit.
Such credit had increased sharply since
July 1962, when margin requirements had
been lowered from 70 to 50 per cent.
BANK RESERVES AND FEDERAL RESERVE
OPERATIONS
Total reserves of member banks increased
by nearly $700 million from December
1962 to December 1963. This was about
the same as the amount of reserves provided
in the previous year. In 1962, however,
reserves were made available mainly through
a reduction in time deposit reserve requirements rather than through an increase in the
volume of reserves.
Banks in 1963, however, had to obtain
more reserves on their own initiative by borrowing from Federal Reserve Banks than in
the previous 2 years. Such borrowings averaged about $340 million in the fourth quarter of 1963, compared with $160 million a
year earlier and $100 million in the same
period in 1961.
In addition to providing reserves for
credit expansion, the Federal Reserve made
larger net purchases of U.S. Government
securities in the open market during 1963
in order to offset the influence of other factors that absorbed reserves. Outflows of
currency into circulation and a rise in U.S.
Government deposits held at the Federal
Reserve Banks absorbed more reserves in
1963 than in 1962, although the smaller
decline in the U.S. gold stock provided a
partial offset.
As in the previous 2 years, the Federal
Reserve continued to conduct open market
operations so as to minimize downward
pressures on short-term interest rates. It
did this by supplying part of the bank reserves needed to support further bank credit
and monetary expansion through open market purchases of longer-term U.S. Government securities. System purchases of securities maturing in more than a year amounted
to $1.5 billion in 1963, or about 17 per cent
of the outright purchases of all maturities.
But purchases of longer-term securities
were smaller both absolutely and in relation
to total Federal Reserve purchases than in
the 2 previous years when downward market pressures on short-term interest rates
were more persistent. In 1962 and 1961,
the Federal Reserve purchased $1.9 billion
and $2.7 billion, respectively, of such securities, representing 20 and 30 per cent of
total System purchases.
COMMERCIAL BANK LOANS AND
INVESTMENTS
Despite the slight reduction in reserve availability, commercial banks continued to supply credit to businesses, consumers, and
credit markets generally, in substantial volume during 1963. On balance, outstanding
bank loans and investments increased about
$18.5 billion, or 8 per cent, compared with
almost 9 per cent in 1962 and about 8 per
cent in 1961. In all of these years, large inflows of funds into time and savings deposits
facilitated the expansion of credit. In view
of the increased interest costs associated
with the rapid growth of these deposits,
banks continued to emphasize longer-term,
higher-yielding types of both loans and investments.
BANK CREDIT AND MONEY IN 1963
Loans. Almost 90 per cent of the net rise
in bank credit in 1963 represented bank
loans—a much larger share than in 1962
or 1961, when the percentages were about
75 and 45. This higher ratio reflected the
reduced availability of bank reserves combined with a somewhat stronger demand
for business and consumer loans than in
1962 and 1961, as well as the continued interest of banks in expanding their holdings
of real estate mortgages. Total loans at all
commercial banks rose nearly 12 per cent
BANKS add to loans and "other" securities
while reducing holdings of U.S. Governments
B i l l i o n s of
dollars
1963
1962
1
TOTAL LOANS
AND
INVESTMENTS
U.S. GOVT.
SECURITIES
OTHER
SECURITIES
NOTE.—Based on data for all commercial banks for Dec. 31.
Figures for 1962 and 1963 estimated. Interbank loans excluded.
in 1963, compared with 11 per cent in 1962
and 6 per cent in 1961.
Business loans rose by $4.5 billion, nearly
one-fifth more than in the previous year and
over twice as much as in 1961. Over half
of the increase, after allowance for seasonal
influences, occurred in the fall of the year,
when business inventory accumulation accelerated moderately at both the manufacturing and the distribution levels. In this
period there was more lending than usual
to food processors, commodity dealers, and
trade concerns. Borrowing by public utilities
also was substantial. Loans to metal pro-
143
ducers and fabricators and other manufacturers, however, showed little net change;
this reflected in part the large and expanding amounts of internal funds generated
through depreciation charges and earnings.
Banks increased their holdings of real
estate loans by $5.3 billion, about one-third
more than in 1962. The rise in total mortgage debt outstanding, however, was only
about one-sixth larger than in 1962. As
a result, the proportion of the increase accounted for by commercial banks—18 per
cent—was 2 percentage points higher than
in 1962.
Banks also added more to their consumer
loans last year, in line with the general
expansion in demand for credit to finance
automobiles and other durable goods. In
addition, bank loans to nonbank financial
institutions—principally mortgage and sales
finance companies—rose somewhat more
than in 1962, as these companies too resorted to bank financing to help meet the
increased demand for consumer and mortgage credit.
Security loans of banks exhibited rather
sharp month-to-month swings, while moving appreciably higher over the year. Lending to U.S. Government security dealers was
heavy in February, June, and September in
connection with Treasury financing activities, including large advajnce refundings in
the late winter and in the summer. Reflecting in large part the expansion in stock market credit, bank loans to purchase and carry
non-U.S. Government securities rose substantially in 1963. After1 the Federal Reserve increased margin requirements in early
November, however, expansion in stock
market credit slackened.
Investments. With loans absorbing a larger
proportion of investable funds than in the
2 previous years, banks were able to add
144
FEDERAL RESERVE BULLETIN • FEBRUARY 1964
only a small amount to their investment
portfolios in 1963. But within the portfolios
they continued, as in 1962, to emphasize the
securities of State and local governments
and of Federal agencies.
Banks added $5.8 billion to such holdings
in 1963, or slightly more than in 1962 when
they had been unusually active in the municipal issues market. The 1963 rate of growth,
which was rapid early in the year but
slackened in the last few months, amounted
to 20 per cent, slightly below the 22 per
cent rise in 1962.
In making large additions to their loans
and to their holdings of municipal and Federal agency securities, the banks reduced
their holdings of U.S. Government securities
by $3.5 billion, or about 5 per cent; in 1962
there had been a decrease of less than 1 per
cent. Thus, most of the bank adjustment to
the 1963 reduction in reserve availability
under conditions of strengthened loan demand was made in holdings of U.S. Government securities, except for the more restrained buying of other securities in the last
few months of the year.
The decline in Government security holdings was concentrated in the short-term area.
At banks reporting in the Treasury Survey
of Ownership, holdings of securities maturing within a year declined by $3.2 billion.
At the same time, holdings maturing in 1
to 5 years declined by $240 million, but
holdings maturing in more than 5 years increased by $300 million.
The shifting away from short-term holdings continued the tendency that began in
1962, when the banks had also stressed
higher-yielding longer-term U.S. Government securities as part of their efforts to
maintain earnings in the face of the rapid
growth in interest-bearing deposits. The
banks' participation in two large advance
refundings during 1963 contributed to the
lengthening of their security holdings.
The rise in holdings of securities maturing in more than 5 years, however, was
much smaller than in 1962. In part, this
may have reflected the rise in short-term
rates to more attractive levels, and also expectations at times of further increases in
the general level of interest rates. As of the
end of 1963, banks' holdings of U.S. Government securities maturing in more than
5 years were about 5 per cent of their
total loans and investments, 1V2 percentage
points more than at the end of 1961 but considerably below the levels prevailing during
most of the 1950's.
Banks also have been lengthening the
average maturity of their total assets by
making substantial additions to their holdings of real estate loans and non-U.S. Government securities. These items together accounted for 30 per cent of the banks' total
loans and investments outstanding at the
end of 1963, compared with 25 per cent 6
years earlier.
Liquidity measures. The lengthening of
bank portfolios in the past 2 years and the
substantial rise in total loans have reduced
bank liquidity. For instance, the ratio of
short-term U.S. Government securities to
total deposits declined 1.7 percentage points
in 1962 and another 2 percentage points in
1963 to an estimated 7.5 per cent at the
year-end. Practically all of the decline in
1963 took place in the first half, however;
after June the ratio fluctuated in a narrow
range.
As measured by the ratio of loans to total
deposits, the decline in bank liquidity was
rather steady during 1963. By the year-end
this ratio had risen to about 59 per cent,
compared with 56.5 per cent a year earlier
and 54.5 at the end of 1961. The 1963 ad-
145
BANK CREDIT AND MONEY IN 1963
vance continued the uptrend evident since
the end of World War II.
Increases in loan-deposit ratios have been
marked at country banks, where ratios are
the lowest, and also at reserve city banks
outside New York and Chicago. At Chicago
SHORT-TERM Govts. decline relative
to deposits as loans ratio rises
Per
Per
RATIO TO TOTAL DIPOSITJ:
12
/VM
/
-
JL
-
i
/SHORT-TERMM V
/>
AS
OOVTS.
"\/-'
—
S
LOANS
v
-
4
0
-
7
,
I
1
!
48
NOTE.—Based on data for all commercial banks. Loans exclude interbank loans. Short-term U.S. Govt. securities are
those maturing within a year. Deposits are net of cash items in
process of collection. Latest figures, Dec.
banks, ratios drifted upward during the year,
but at New York City banks, where ratios
are the highest—around 67.5 per cent at
the year-end-—there was little net change.
MONEY SUPPLY AND TIME DEPOSITS
During 1963 the money supply—defined as
currency and demand deposits in the hands
of the public—grew by 3.8 per cent. About
one-third of the increase was in currency,
which rose 6 per cent or about twice as fast
as demand deposits. The over-all increase
was the second most rapid expansion for
any year in the past decade, and it compares
with a growth rate of only 1.5 per cent in
1962. In that year expansion in the money
supply, as well as in other financial assets,
was influenced by a large-scale shift in the
public's preferences toward time and sav-
ings deposits, a shift that stemmed from the
higher rates paid on such deposits beginning
in early 1962.
In both 1962 and 1963, however, expansion during the fourth quarter was particularly rapid, equal to a seasonally adjusted
annual rate of about 7 per cent. The increases probably were associated in part with
the unusually strong business demands for
bank financing in the latter part of both
years. But there were also greater-thanusual declines in U.S. Government deposits
at commercial banks, and these resulted in
large transfers of funds into the hands of
the public. In the earlier months of both
years, the Treasury had built up its cash balances to high levels, in part through shortterm cash financings timed to minimize the
downward pressure on short-term interest
rates in periods of seasonal market ease.
In 1963, however, the pattern of fourthquarter expansion of the money supply was
somewhat different from that in 1962. Practically all of the upsurge came early in the
quarter, whereas the expansion in the fourth
quarter of 1962 was steadier. In part, this
difference is accounted for by the fact that
average U.S. Government deposits showed a
substantial rise in December 1963, when
unexpectedly large corporate tax payments
were transferring funds out of private deposits.
In early 1964 the money supply rose
sharply further, reflecting mainly the large
year-end bulge in bank cjredit.
The turnover of money rose further in
1963, as in nearly every postwar year. The
turnover of demand deposits at centers outside New York in the fourth quarter was
6.2 per cent larger than a year earlier. This
was smaller, however, than the comparable
rise—7.7 per cent—in 1962, when the
stock of money expanded less rapidly than
in 1963.
146
FEDERAL RESERVE BULLETIN • FEBRUARY 1964
Along with the substantial growth in the
money supply during 1963, time deposits
expanded by about $14 billion, or 15 per
cent—a higher rate than in any previous
postwar year except 1962. Negotiable time
certificates of deposit were an important
contributor to this rise. At major New York
City banks, certificates outstanding increased
NOTE.—Seasonally adjusted. Money supply and time deposits,
monthly averages of daily figures. Other liquid assets, end of
period. Money supply consists of demand deposits at all commercial banks (except those due to domestic commercial banks
and the U.S. Govt.); foreign demand balances at F. R. Banks;
and currency in the hands of the public. Commercial bank
and F.R. Bank float excluded. Time deposits are time and
savings deposits, other than domestic interbank and U.S.
Govt., at all commercial banks. Other liquid assets are holdings by the nonbank public of deposits in mutual savings banks
and the Postal Savings System; shares in savings and loan
associations; U.S. Govt. savings bonds; and U.S. Govt. securities maturing within a year. Latest figures, Dec.
by $1.8 billion, compared with less than
half that amount in 1962; at weekly reporting banks outside New York City they increased by more than $2 billion, also more
than in 1962. At all weekly reporting banks,
time deposits (other than passbook savings
accounts) accounted for 63 per cent of the
increase in time and savings deposits combined, a much larger proportion than in
1962 when the rise in time deposits also
had been exceptional.
A further impetus to the issuance of negotiable time certificates came from the
mid-July rise to 4 per cent in maximum permissible rates on time deposits maturing in
90 days to 1 year. Previously, the maximum
rate had been ZVi per cent on deposits maturing in 6 months to 1 year and IV2 per
cent on those maturing in 90 days to 6
months. The latter rate had effectively priced
such maturities out of the market, since the
yield on 3-month Treasury bills had been
above 2Vi per cent from late 1961 on. By
mid-July, moreover, the 2>Vi per cent maximum on time deposits with maturities of 6
months to 1 year was being pressed by the
rise in rates on 6-month Treasury bills.
Commercial banks made upward adjustments in the rates for these shorter-term
maturities in mid-July, and they also raised
the rates offered on maturities of 1 year and
over, for which the maximum permissible
rate remained at 4 per cent. With the attractiveness of both short- and longer-term negotiable certificates enhanced, the volume
outstanding increased sharply during the remainder of 1963 and in early 1964.
Corporations apparently have come to regard negotiable time certificates, which are
salable in the secondary market, as an instrument suitable for the temporary investment of funds. Throughout 1963 there were
substantial temporary declines in outstanding certificates on and around the quarterly
corporate tax and dividend payment dates.
The money supply and time deposits together grew more rapidly than gross national product in 1963. With the continued
substantial growth in other liquid assets in
the hands of the public—such as shares in
savings and loan associations, deposits in
mutual savings banks, and short-term U.S.
Government securities—the ratio of total
liquid asset holdings to GNP rose from 80.4
per cent in the fourth quarter of 1962 to an
estimated 81.7 per cent in the fourth quarter of 1963. The continued rise in this ratio,
which often declines in periods of economic
expansion, reflected in part the relatively
147
BANK CREDIT AND MONEY IN 1963
favorable interest rates available on deposittype and other liquid assets compared with
market yields on direct security investments.
MOST PRIVATE long-tern interest rates
rise ia 1963
FHA-INSURED MORTGAGES
INTEREST RATES
Many short- and long-term interest rates
moved upward in 1963. This uptrend in the
structure of rates contrasted with 1962,
when long-term rates declined while shortterm rates rose slightly.
Yields in the long-term markets in 1962
had been strongly influenced by the increased flow of funds into those markets
from commercial banks stemming from the
large growth in their time and savings deposits "after rates were raised early in the
year. Banks and other savings institutions
supplied an even larger volume of funds to
the capital markets in 1963. But demands
for long-term financing strengthened considerably. As a result, bond yields generally
rose, and mortgage yields stabilized after
a 3-year decline.
Yields on high-quality long-term corporate and State and local government bonds,
after declining in 1962, increased moderately in 1963, in part because of larger offerings of new issues. The average yield on
long-term U.S. Government securities also
rose rather moderately during 1963, after
declining in the previous year. Although the
Treasury issued a somewhat smaller volume
of long-term debt for cash in 1963 than in
1962, it continued to move a substantial
volume of issues into longer maturities
through advance refundings.
Upward pressure on long-term rates last
year also reflected the change in investor
expectations associated with improved business activity as well as the upward pressure
on short-term rates resulting from monetary
policy actions. Nevertheless, at the year-end,
U.S. GOVERNMENT rates rise too
1957
1959
19*1
19«3
NOTE.—Monthly averages, except for FHA (based on quotation for 1 day each month). Corporate and State and local
govt. bonds, Moody's Investors Service. U.S. Govt. bonds, issues maturing or callable in 10 years or more. Treasury bills,
market yields on 3-month bills. Latest figures, Dec.
average yields on long-term securities were
still appreciably below their peaks in the
previous business upswing—by 25 basis
points on corporate and U.S. Treasury issues and more than 50 basis points on municipals. In early 1964 yields on long-term
bonds declined slightly.
The yield on short-term securities—as
typified by the 3-month Treasury bill—remained fairly stable in the first hah* of 1963,
after having edged upward) during 1962. In
the second half, however, the bill yield rose
by about Vz of a percentage point to about
3Y2 per cent, the level to which the Federal
Reserve discount rate had been raised in
mid-July. At this level the bill yield was
still well below the previous peak in early
1960. In early 1964 short-term rates showed
little change.
Statement on Proposed Changes in
Federal Reserve Act
the inquiries into the Federal Reserve System that are conducted each
year by various committees of the Congress,
believing as we do that every gain made
in knowledge of the System will be beneficial to us all. Your present inquiry is especially timely, coming as it does shortly
after the 50th anniversary of President Wilson's signing of the Federal Reserve Act
on December 23, 1913. We are pleased on
this occasion to join with you again in considering the merits of the present structural
arrangement of the System, and to aid in
your consideration in any way we can.
We do not claim the System is perfect or
infallible. Being a human institution, it is
neither. It has made mistakes, and undoubtedly it will make more of them, for
the mind of man has not yet managed to
devise any means of excluding error. In its
half-century of existence, encompassing the
ordeal of two world-embracing wars and
between them the anguish of boom, crash,
and depression, the System has experienced
failures as well as successes. But it has also
learned from experience, and I believe we
can find considerable satisfaction today in
the extent to which the Federal Reserve
System over the years has accomplished
the objectives set for it by the Congress.
Clearly, the System has achieved the goal
uppermost in the minds of its creators by
W E WELCOME
NOTE.—Statement of William McChesney Martin,
Jr., Chairman, Board of Governors of the Federal
Reserve System, before the Subcommittee on Domestic Finance of the House Committee on Banking and
Currency, Jan. 21, 1964.
providing the country with an elastic currency, for which it had vainly sought during most of its earlier history. To be sure,
this and other goals were attained by the
System only over time, through a process
of evolution, innovation, and experimentation as experience demonstrated errors in
the assumption prevalent 50 years ago that
the supply of money and credit could be
geared automatically to the needs of the
country through adherence to the "real bills"
doctrine. Yet the framers of the Federal
Reserve Act, like those of the U.S. Constitution, wrought exceedingly well when they
created a structure capable of adaptation
and development as the economy itself developed—a structure that places trusteeship
over the creation of money in a body that is
insulated from shortsighted pressures for
abuse of that power; one that combines the
advantages of regional units with central
supervision and coordination; and one that
ingeniously engages public and private participation in a democratic effort to serve the
interests of the people as a whole.
Having 12 regional banks in the System
has aided the System greatly in keeping in
close touch with developments and trends
in credit and business throughout the country. Furthermore, the regional system has
enabled us to bring into focus a wide range
of views, enhancing flexibility in adapting
to economic changes. Perhaps the development of open market operations as a method
of supplying or absorbing bank reserves, the
base on which bank credit rests in this
148
STATEMENT ON PROPOSED CHANGES IN FEDERAL RESERVE ACT
country, is the most striking example of what
has been accomplished by that process.
Authorized initially for the chief purpose
of enabling investments to make the individual Reserve Banks financially self-supporting, open market operations evolved
gradually as a major tool of monetary policy,
with the operations of the 12 regional banks
coordinated today through a single, broadbased committee that pools in the public
behalf the economic and human resources
of the entire System. At present, the System is again breaking new ground in establishing a network of currency interchange
arrangements with central banks in other
countries as a means of protecting the dollar on the foreign exchanges and contributing in the long run to a stronger international payments mechanism.
I believe that a good part of the Federal
Reserve's strength is derived from this
unique blend of public and private participation, regional initiative, and central supervision. Obviously, the System is open to
improvement, and it has been improving
as a result of evolution. Change is inevitable, but we should make sure it is change
for the better. Change purely for the sake
of making the System conform more closely
to the structure of the standard Government
agency would, in my judgment, slow our
progress toward achievement of the goals
set forth in the Federal Reserve Act and
the Employment Act of 1946.
One constructive step that you could take
to remove the last vestige of the now-obsolete "real bills" doctrine, to which I referred
earlier, would be to pass legislation that the
Board recommended last August 21. That
legislation would permit the Federal Reserve
Banks to make discounts or advances on
sound collateral without imposing a penalty
merely because this collateral does not meet
149
the archaic technical requirements of "eligible paper."
According to the "real bills" doctrine, the
supply of money and credit would be automatically expanded and contracted in step
with the needs of the economy if reserve
bank credit was based on short-term, selfliquidating "real bills" drawn to finance the
production and distribution of the goods the
economy produced. In keeping with this
idea, the original Federal Reserve Act provided that member banks could obtain credit
from their Reserve Banks only by discounting short-term, self-liquidating, agricultural,
industrial, or commercial paper arising out
of actual transactions.
The realization grew that the amount of
"real bills" could be blown up disproportionately during times of inflationary bidding for goods, and conversely, that it could
constrict unduly during periods of depressed
business conditions. Furthermore, the American economy was developing needs for new
and more flexible credit forms—needs which
could not be met within the old "real bills"
framework.
Commercial banking changed to meet
these needs. Congress also changed the law
to free Federal Reserve credit from being
based on "real bills" alone. Today, when
member banks borrow from a Federal Reserve Bank, they have three choices as to the
collateral they may offer: (1) obligations of
the United States, (2) eligible paper, or (3)
other paper satisfactory to the Reserve
Bank. If, however, they take the third
choice, they must pay a penalty rate of interest, Vi of 1 per cent higher than the rate
that applies in the other two cases. Member
banks have had no difficulty making this
choice and have shown an overwhelming
preference for the simpler, less expensive
method of offering U.S. Government obli-
150
FEDERAL RESERVE BULLETIN • FEBRUARY 1964
gations as security for their borrowings.
The technical requirements of present
law, such as those with respect to maturity
and relation to "actual" commercial transactions, exclude large volumes of perfectly
sound paper as a basis for Federal Reserve
credit, except at a penalty rate of interest.
The reasons the Board advocates a change
in these provisions are set forth in the following excerpt from our letter of August 21,
1963, to your chairman, transmitting a draft
of the proposed bill, which has been introduced in the House by Mr. Kilburn (H.R.
8505) and in the Senate by Senator Robertson (S. 2076):
"As long as member banks hold a large enough
volume of Government securities, they need not, of
course, be particularly concerned as to the eligibility for discount with the Reserve Banks of customers' paper held by them. Since World War II,
however, there has been a sharp net decline in the
aggregate holdings of Government securities by
member banks. If any substantial increase in economic activity should cause banks to reduce their
holdings of Government securities in order to meet
increased credit demands, many banks would be
obliged to tender other kinds of collateral if they
should seek to obtain Federal Reserve credit.
"If such a situation should develop, the Reserve
Banks could accept technically 'ineligible' paper as
collateral for advances to their member banks only
under Section 10(b) of the Federal Reserve Act
at a rate of interest Vi of 1 per cent above the
regular discount rate. However, the necessity for
distinguishing between 'eligible' and 'ineligible'
paper would give rise to cumbersome administrative procedures that are not warranted by the exigencies of current banking conditions. In order to
avoid these problems, it would clearly be preferable to move in advance and to revise and up-date
the law so as to eliminate the existing restrictions
with respect to 'eligible paper.'
"The Board of Governors and the Federal Reserve Banks believe that such a revision of the
law would be desirable so that the Reserve Banks
will always be in a position to perform promptly
and efficiently one of their principal responsibilities
—the extension of appropriate credit assistance to
member banks to enable the latter to meet the
legitimate credit needs of the economy."
I hope that this legislation will be given
favorable consideration by your Committee.
You have asked for comments on two
other bills. One of these, H.R. 9631, would
abolish the Board of Governors and the
Federal Open Market Committee. It would
establish a new 12-member Federal Reserve
Board under the chairmanship of the Secretary of the Treasury. It would increase the
Federal Advisory Council from 12 members
to as many as 52 and include among them
the Comptroller of the Currency and the
Chairman of the Federal Deposit Insurance
Corporation. Finally, it would provide for
an annual audit of the Federal Reserve System by the General Accounting Office.
While time to study this bill has been
limited, since it was introduced only 6 days
ago, the issues it raises have been studied intensively over the years.
As we look back today on the 50th anniversary of the signing of the Federal Reserve Act, we are approaching other anniversaries. On January 29, 12 years will have
elapsed since I transmitted to your chairman replies by the Board of Governors to an
extensive and searching questionnaire he
addressed to us in his capacity as chairman
of the Subcommittee on General Credit
Control and Debt Management of the Joint
Committee on the Economic Report, now
the Joint Economic Committee.
Coincidentally, January 29 will also be
the first anniversary of the opening of your
Committee's first hearing under your present
chairman, at which I had the pleasure of introducing to you my fellow Board members
and the Presidents of the Federal Reserve
Banks. You may recall that at that time I
commended to your attention the comprehensive study of the Federal Reserve that
STATEMENT ON PROPOSED CHANGES IN FEDERAL RESERVE ACT
Mr. Patman directed in 1952. In commenting on the issues before you today, I shall
borrow freely from the material developed
by that study.
At the outset, H.R. 9631 raises the issue
of whether the Secretary of the Treasury
should exercise control over the Federal Reserve System. To oversimplify only slightly,
the question is whether the principal officer
in charge of paying the Government's bills
should be entrusted also with the power to
create the money to pay them. The Congress concluded in 1935 that Secretaries of
the Treasury should not be faced with a
conflict of interest of this magnitude and
amended the Federal Reserve Act to discontinue their service on the Board of Governors. In debate on the Banking Act of 1935,
the then chairman of the Senate Banking
and Currency Committee, Carter Glass,
speaking from the experience he had gained
from service as chairman of your Committee and as Secretary of the Treasury, commented as follows:
<c
. . . With respect to the Secretary of the Treasury, it was urged—and I know it to be a fact,
because I was once Secretary of the Treasury—
that he exercised undue influence over the Board;
that he treats it rather as a bureau of the Treasury
instead of as a board independent of the Government, designed to respond primarily and altogether to the requirements of business and industry and agriculture, and not to be used to finance
the Federal Government, which was assumed always to be able to finance itself."
Monetary policy should be directed toward gearing the supply of money and
credit to the needs of the economy as a
whole, not the needs of the Treasury. This
principle was laid down more precisely in
1950 by the Douglas Subcommittee on
Monetary, Credit, and Fiscal Policies,
quoted with approval in the 1952 Report of
the Patman Subcommittee, as follows:
151
"We recommend that an appropriate, flexible,
and vigorous monetary policy, employed in coordination with fiscal and other policies, should be
one of the principal methods used to achieve the
purposes of the Employment Act. Timely flexibility toward easy credit at some times and credit
restriction at other times is an essential characteristic of a monetary policy that will promote economic stability rather than instability. The vigorous use of a restrictive monetary policy as an antiinflation measure has been inhibited since the war
by considerations relating to holding down the
yields and supporting the prices of U.S. Government securities. As a long run matter, we favor
interest rates as low as they can be without inducing inflation, for low interest rates stimulate capital investment. But we believe that the advantages
of avoiding inflation are so great and that a restrictive monetary policy can contribute so much
to this end that the freedom of the Federal Reserve
to restrict credit and raise interest rates for general stabilization purposes should be restored even
if the cost should prove to be a significant increase
in service charges on the Federal debt and a
greater inconvenience to the Treasury in its sale
of securities for new financing and refunding purposes."
This is not to say that the Federal Reserve
should operate in isolation from the Treasury. On the contrary, we enjoy cordial and
close relations with the Secretary, and we
are working together in harmony to meet
our separate responsibilities.
Another question thoroughly explored in
1952 was the role of the Federal Open Market Committee. The Board's replies to the
Patman Subcommittee Questionnaire included the following statement on this subject:
"The present arrangement, however, under
which open market operations are placed under
the jurisdiction of a committee representing the
Reserve Banks as well as the Board is consistent
with the basic concept of a regional Federal Reserve System. It provides a means whereby the
viewpoints of the Presidents of the Federal Reserve Banks located in various parts of the cou*
try, with their technical experience in banking '
152
FEDERAL RESERVE BULLETIN • FEBRUARY 1964
with their broad contacts with current credit and
business developments, both indirectly and through
their boards of directors, may be brought to bear
upon the complex credit problems of the System.
It promotes System-wide understanding of these
problems and closer relations between the Presidents and the Board in the determination of System policies. In practice the open market policies
of the Open Market Committee and the credit
policies of the Board have been coordinated and
the existing arrangement has worked satisfactorily."
The 1952 Patman Subcommittee Report
concluded that "the present arrangement
serves a useful purpose and there is no reason to disturb it." I concur in that conclusion.
In my judgment, the present arrangement
governing membership on the Open Market
Committee has produced a body of capable,
qualified men, beholden to no group or faction in private or public life, and dedicated
exclusively—in accordance with the oath
taken by every one of them—to the service
of the whole American public. It pleases me
that you will have the opportunity to become
better acquainted with them as these hearings progress.
A third issue raised by H.R. 9631 relates
to the number of members of the Board and
the length of their terms. In my judgment, a
12-man Board would be unwieldy—and I
might add parenthetically that the same
would be true of a 52-member Federal Advisory Committee, as provided for in Section
2 of the bill. If any change is to be made in
the size of the Board, I would favor reducing it, possibly to 5 members, rather than
enlarging it. In our reply to the 1952 Patman Subcommittee Questionnaire, the
Board commented as follows concerning
terms of members:
" . . . A considerably shorter term, say a term of
6 years, without any prohibition against reappointment, might be sufficiently long and might be more
practicable. The elimination of the prohibition of
the law against reappointment of a member at the
expiration of his term would permit the maintenance of a Board membership over the years having the requisite knowledge and experience regarding the Board's problems."
H.R. 9631 also would provide that the new
Federal Reserve Board members be appointed with "due regard to a fair representation of the financial, agricultural, industrial, commercial, labor, and consumer interests, and geographical divisions of the
country." This would continue the present
provisions regarding qualifications for appointment to the Board of Governors, except that reference to labor and consumer
interests would be added, and the present
prohibition against appointing more than
one member from a Federal Reserve district
would be dropped. I would favor dropping
from the Federal Reserve Act any reference
to representation of particular segments of
our society. Our efforts should be bent toward obtaining qualified men who will act
in the interest of the nation as a whole. Repealing the restrictions based on district
lines would assist in this primary goal of appointing the best men available for service
on the Board.
Another provision of H.R. 9631 would
require an annual audit of the Board and
the Reserve Banks by the General Accounting Office.
Until 1933, the GAO audited expenditures by the Board, but not the Reserve
Banks. The Banking Act of 1933, however,
provided that the "Board shall determine
and prescribe the manner in which its obligations shall be incurred and its disbursements and expenses allowed and paid. . . ."
The House and Senate Committee reports
said the change was made in order to leave
"to the Board the determination of its own
STATEMENT ON PROPOSED CHANGES IN FEDERAL RESERVE ACT
internal management policies." Thus, Congress in 1933 freed from GAO audit the only
part of the System that was ever subject to it.
Since 1952, the Board has been audited
annually by independent certified public accounting firms, and their audit reports have
been submitted to the two Banking and
Currency Committees. Topflight auditors
have been used (Arthur Andersen & Co.,
Price Waterhouse & Co., and now Haskins
& Sells).
The Federal Reserve Act provides that
the Board "shall, at least once each year,
order an examination of each Federal Reserve Bank." The Board maintains a staff of
examiners who devote themselves exclusively to this work. The Board's instructions
to its examiners require, briefly, that the examination shall determine (a) each Bank's
financial condition through appraisal of its
assets and verification of its assets and liabilities; (b) its proper discharge of all its
responsibilities; and (c) its compliance with
all applicable provisions of law and regulations. Each year, an outside commercial
auditor (currently Haskins & Sells) accompanies the Board's examiners on their examination of one of the Banks, to review and
observe the examination procedures. Also,
each Bank has a resident auditor, responsible directly to the Bank's Board of Directors, and not dependent on any of the
Bank's officers for security of position.
Throughout the year he and his staff make
comprehensive audits of all phases of the
Bank's operations, reporting directly to the
Board of Directors of the Bank. Copies of
these reports are reviewed by the Board of
Governors of the Federal Reserve System.
In sum, then, we have in each Reserve
Bank an internal audit program conducted
the year around by the Bank's resident auditor and his staff, who, by a deliberately es-
153
tablished plan of organization, are directly
responsible to the Board of Directors and
independent of the Bank's operating management. In addition, a staff of examiners
directly employed by the Board of Governors in Washington examines each Bank
every year and reports directly to the Board
of Governors. We have the statement of
certified public accountants of national repute that the examination procedures employed by the Board's staff fully conform
with generally accepted auditing standards.
This combination of internal and external
scrutiny provides an audit coverage of the
Reserve Banks that is unexcelled in any
other organization and is as objective and
independent in approach as human ingenuity can devise. It is difficult to perceive how
the GAO or any other audit group could
achieve a more effective result.
You also have asked for comments on
H.R. 3783, which would provide for the retirement of Federal Reserve Bank stock. As
I testified at your hearings on this question
in 1960, Federal Reserve Bank stock, while
not an indispensable feature of the System,
has served as a means of integrating member
banks and bankers into the System. It has
provided a business-like method for electing
two-thirds of the directors of the Reserve
Banks, and I see no reason to change it. The
stock is an attractive investment for member
banks. Without saying that it is a principal
consideration in their attitude toward membership in the System, I feel that in view of
the fact that most smaller State banks are
not members and a number of smaller national banks are pressing for release from
membership, it would be unwise to tip the
scales further in the direction of making
membership unattractive. Admittedly, other
methods could be found for electing directors, and retirement of the stock would in-
154
FEDERAL RESERVE BULLETIN • FEBRUARY 1964
crease the payments from Federal Reserve
earnings into the Treasury, by roughly the
amount of the dividend payments ($29 million in 1963). But I would earnestly advise
against making this change, not only because
of its potentially disruptive effect on relations with member banks but also because
inevitably some observers would view it as
a step toward nationalization of the banking system while others would read into it
some other significant portent of basic monetary changes. Fear of public misunderstanding should not deter us from making
changes for which there is a demonstrated
need or prospect of real benefit, but, in my
judgment, those conditions are not met by
this proposal.
The purpose of the Federal Reserve System is to contribute—to the maximum extent that monetary policy can contribute—
to the achievement of sustained high employment, stable values, and a rising standard of living for all Americans. It cannot of
course achieve those goals alone, but it can
contribute, and I can assure you that it is
unreservedly dedicated to that end today.
In the last analysis, whether an institution
renders good or bad public service will always depend more upon the character of
the human beings engaged in its operations
than upon its organizational form and structure. The solution of difficult and complex
problems depends upon the ability of conscientious men to reconcile differences of
opinion and come to a meeting of the minds
on what best serves the public's good rather
than upon the forms of institutional organization.
In his first inaugural address as President,
Woodrow Wilson gave us some counsel
about dealing with our economic system
that I believe applies as well to the Federal
Reserve itself. These are his words, as they
are inscribed below his plaque in the Federal Reserve Building:
"We shall deal with our economic system as it
is and as it may be modified, not as it might be if
we had a clean sheet of paper to write upon; and
step by step we shall make it what it should be, in
the spirit of those who question their own wisdom
and seek counsel and knowledge, not shallow selfsatisfaction or the excitement of excursions whither
they cannot tell."
Directors of
Federal Reserve Banks and Branches
Following is a list of the directorates of the Federal Reserve Banks and branches as at present constituted. The list shows, in addition to the name of each director, his principal business affiliation, the
class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors;
three Class A and three Class B directors, who are elected by the stockholding member banks, and three
Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A
directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers,
directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the
member banks of each Federal Reserve district are classified by the Board of Governors of the Federal
Reserve System into three groups, each of which consists of banks of similar capitalization, and each
group elects one Class A and one Class B director. Class C directors may not be officers, directors,
employees, or stockholders of any bank. One Class C director is designated by the Board of Governors
as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman.
Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed
by the Board of directors of the parent Federal Reserve Bank and the others are appointed by the Board
of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors
at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve
Bank may prescribe.
District 1—FEDERAL RESERVE BANK OF BOSTON
Term
expires
Dec. 31
Class A:
WILLIAM M. LOCK WOOD
OSTROM ENDERS
DARIUS M. KELLEY
President, The Howard National Bank and Trust Company, Burlington, Vt.
Chairman, Hartford National Bank and Trust Company, Hartford,
Conn.
President, The Orange National Bank, Orange, Mass.
1964
1965
1966
Class B:
JAMES R. CARTER
JOHN R. NEWELL
WILLIAM R. ROBBINS
President, Nashua Corporation, Nashua, N. H.
1964
President, Bath Iron Works Corp., Bath, Maine.
1965
Vice President for Finance, United Aircraft Corporation, East Hartford,
Conn.
1966
Class C:
ERWIN D. CANHAM i
JOHN T. FEY
WILLIAM WEBSTER 2
Editor, The Christian Science Monitor, Boston, Mass.
President, University of Vermont, Burlington, Vt.
Chairman and Executive Officer, New England Electric System,
Boston, Mass.
2
* Chairman.
155
Deputy Chairman.
1964
1965
1966
156
FEDERAL RESERVE BULLETIN - FEBRUARY 1964
District 2—FEDERAL RESERVE BANK OF NEW YORK
Term
expires
Dec. 31
Class A:
GEORGE CHAMPION
RALPH H. RUE
ROBERT H. FEARON
Class B:
B. EARL PUCKETT
KENNETH H. HANNAN
ALBERT L. NICKERSON
Class C:
JAMES DECAMP WISE 2
PHILIP D. REED I
EVERETT N. CASE
Chairman of the Board, The Chase Manhattan Bank, New York, N. Y. 1964
Chairman, The Schenectady Trust Company, Schenectady, N. Y.
1965
President, The Oneida Valley National Bank of Oneida, N. Y.
1966
Formerly Chairman of the Board, Allied Stores Corporation,
New York, N. Y.
1964
Executive Vice President, Union Carbide Corporation, New York, N. Y. 1965
Chairman of the Board, Socony Mobil Oil Company, Inc.: New York
N. Y.
1966
Formerly Chairman of the Board, Bigelow-Sanford, Inc., Frenchtown,
N. J.
1964
Formerly Chairman of the Board, General Electric Company,
New York, N. Y.
1965
President, Alfred P. Sloan Foundation, New York, N. Y.
1966
BUFFALO BRANCH
Appointed by Federal Reserve Bank:
ANSON F. SHERMAN
President, The Citizens Central Bank, Arcade, N. Y.
ELMER B. MILLIMAN
President, Central Trust Company, Rochester, N. Y.
ARTHUR S. HAMLIN
President, The Canandaigua National Bank and Trust Company,
Canandaigua, N. Y.
CHARLES W. MILLARD, JR.
President, Manufacturers and Traders Trust Company, Buffalo, N. Y.
1965
1966
Appointed by Board of Governors:
WHITWORTH FERGUSON I
MAURICE R. FORMAN
President, Ferguson Electric Construction Co., Inc., Buffalo, N. Y.
President, B. Forman Company, Inc., Rochester, N. Y.
1964
1965
Farmer, Albion, N. Y.
1966
THOMAS E. LAMONT
1964
1964
District 3—FEDERAL RESERVE BANK OF PHILADELPHIA
Class A:
EUGENE T. GRAMLEY
BENJAMIN F. SAWIN
CHARLES R. SHARBAUGH
Class B.FRANK R. PALMER
RALPH K. GOTTSHALL
LEONARD P. POOL
Class C:
WILLIS J. WINN
DAVID C. BEVAN
2
WALTER E. HOADLEY l
i Chairman.
President, Milton Bank and Safe Deposit Company, Milton, Pa.
Vice Chairman of the Board, Provident Tradesmens Bank and Trust
Company, Philadelphia, Pa.
President, Cambria County National Bank of Carrolltown, Pa.
Chairman of the Board, The Carpenter Steel Company, Reading, Pa.
Chairman of the Board and President, Atlas Chemical Industries, Inc.,
Wilmington, Del.
President, Air Products and Chemicals, Inc., Allentown, Pa.
Dean, Wharton School of Finance and Commerce, University of
Pennsylvania, Philadelphia, Pa.
Chairman, Finance Committee, The Pennsylvania Railroad Company,
Philadelphia, Pa.
Vice President and Treasurer, Armstrong Cork Company, Lancaster, Pa.
2
Deputy Chairman.
1964
1965
1966
1964
1965
1966
1964
1965
1966
157
DIRECTORS RESERVE BANKS AND BRANCHES
District 4—FEDERAL RESERVE BANK OF CLEVELAND
Term
expires
Dec. 31
Class A:
C. N. SUTTON
FRANK E. AGNEW, JR.
RICHARD R. HOLLINGTON
President, The Richland Trust Company, Mansfield. Ohio
Chairman of the Board and Chief Executive Officer, Pittsburgh
National Bank, Pittsburgh, Pa.
President, The Ohio Bank and Savings Company, Findlay, Ohio
1964
1965
1966
Class B:
Chairman of the Board and Chief Executive Officer, The Hobart
Manufacturing Company, Troy, Ohio
Chairman of the Board, The Warner & Swasey Company,
Cleveland, Ohio
Chairman of the Board and Chief Executive Officer, The Goodyear
Tire & Rubber Company, Akron, Ohio
DAVID A. MEEKER
WALTER K. BAILEY
EDWIN J. THOMAS
Class C:
JOSEPH B. HALL 1
LOGAN T. JOHNSTON
ALBERT G. CLAY
2
Chairman of the Board, The Kroger Co., Cincinnati, Ohio
President, Armco Steel Corporation, Middletown, Ohio
President, Clay Tobacco Company, Mt. Sterling, Ky.
1964
1965
1966
1964
1965
1966
CINCINNATI BRANCH
Appointed by Federal Reserve Bank:
Chairman of the Board, The Fifth Third Union Trust Co.,
G. Carlton Hill
Cincinnati, Ohio
President, The Third National Bank of Ashland, Ky.
JOHN W. WOODS, JR.
President, The Philip Carey Manufacturing Company, Cincinnati, Ohio
JOHN W. HUMPHREY
President, The Security Central National Bank of Portsmouth, Ohio
JAMES PUGH
1964
1965
1966
1966
Appointed by Board of Governors:
BARNEY A. TUCKER
HOWARD E. WHITAKER I
WALTER C. LANGSAM
President, Burley Belt Fertilizer Company, Lexington, Ky.
Chairman of the Board, The Mead Corporation, Dayton, Ohio
President, University of Cincinnati, Cincinnati, Ohio
1964
1965
1966
PITTSBURGH BRANCH
Appointed by Federal Reserve Bank:
JAMES B. GRIEVES
ALFRED H. OWENS
S. L. DRUMM
JOSEPH S. ARMSTRONG
President,
President,
President,
President,
Commonwealth Bank and Trust Company, Pittsburgh, Pa.
The Citizens National Bank of New Castle, Pa.
West Penn Power Company, Greensburg, Pa.
The Grove City National Bank, Grove City, Pa.
1964
1965
1966
1966
Appointed by Board of Governors:
WILLIAM A. STEELE
1
F. L. BYROM
G. L. BACH
Chairman of the Board and President, Wheeling Steel Corporation,
Wheeling, W. Va.
President, Koppers Company, Inc., Pittsburgh, Pa.
Maurice Falk Professor of Economics and Social Science,
Carnegie Institute of Technology, Pittsburgh, Pa.
1964
1965
1966
District 5—FEDERAL RESERVE BANK OF RICHMOND
Class A:
J. MCKENNY WILLIS, JR.
DAVID K. CUSHWA, JR.
ROBERT T. MARSH, JR.
i Chairman.
Director, Maryland National Bank (Baltimore), Easton, Md.
President, The Washington County National Savings Bank,
Williamsport, Md.
Chairman of the Board, First and Merchants National Bank,
Richmond, Va.
2
Deputy Chairman.
1964
1965
1966
158
FEDERAL RESERVE BULLETIN - FEBRUARY 1964
District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued
Term
expires
Dec. 31
Class B:
ROBERT R. COKER
R. E. SALVATI
ROBERT E. L. JOHNSON
Class C.EDWIN HYDE 1
WILSON H. ELKINS
WILLIAM H. GRIER 2
President, Coker's Pedigreed Seed Company, Hartsville, S. C.
Chairman of the Board, Island Creek Coal Company,
Huntington, W. Va.
Chairman of the Board, Woodward & Lothrop, Incorporated,
Washington, D. C.
1964
1965
President, Miller & Rhoads, Inc., Richmond, Va.
President, University of Maryland, College Park, Md.
President, Rock Hill Printing & Finishing Company, Rock Hill, S. C.
1964
1965
1966
1966
BALTIMORE BRANCH
Appointed by Federal Reserve Bank:
HARVEY E. EMMART
Senior Vice President and Cashier, Maryland National Bank,
Baltimore, Md.
MARTIN PIRIBEK
Executive Vice President, The First National Bank of
Morgantown, W. Va.
JOSEPH B. BROWNE
President, Union Trust Company of Maryland, Baltimore, Md.
JOHN P. SIPPEL
President, The Citizens National Bank of Laurel, Md.
Appointed by Board of Governors:
LEONARD C. CREWE, JR.
E. WAYNE CORRIN
HARRY B. CUMMINGS 1
President and Treasurer, Maryland Fine & Specialty Wire Co., Inc.
Cockeysville, Md.
President, Hope Natural Gas Company, Clarksburg, W. Va.
Vice President & General Manager, Metal Products Division,
Koppers Company, Inc., Baltimore, Md.
1964
1964
1965
1966
1964
1965
1966
CHARLOTTE BRANCH
Appointed by Federal Reserve Bank:
JOE H. ROBINSON
Senior Vice President, Wachovia Bank and Trust Company,
Charlotte, N. C.
WALLACE W. BRAWLEY
President, The Commercial National Bank of Spartanburg, S. C.
G. HAROLD MYRICK
Executive Vice President and Trust Officer, The First National Bank of
Lincolnton, N. C.
W. W. MCEACHERN
President, The South Carolina National Bank, Greenville, S. C.
1964
1964
Appointed by Board of Governors:
CLARENCE P. STREET
J. C. COWAN, JR.
1964
JAMES A. MORRIS
President, McDevitt & Street Company, Charlotte, N. C.
Vice Chairman of the Board, Burlington Industries, Inc.,
Greensboro, N. C.
Dean, School of Business Administration, University of South Carolina,
Columbia, S. C.
1965
1966
1965
1966
District 6—FEDERAL RESERVE BANK OF ATLANTA
Class A:
D. C. WADSWORTH, SR.
M. M. KIMBREL
GEORGE S. CRAFT
President, The American National Bank, Gadsden, Ala.
Chairman of the Board, First National Bank, Thomson, Ga.
President, Trust Company of Georgia, Atlanta, Ga.
1964
1965
1966
Class B:
JAMES H. CROW, JR.
MCGREGOR SMITH
W. MAXEY JARMAN
Vice President, The Chemstrand Corporation, Decatur, Ala.
Chairman of the Board, Florida Power & Light Company, Miami, Fla.
Chairman, Genesco, Inc., Nashville, Tenn.
1964
1965
1966
i Chairman.
2
Deputy Chairman.
159
DIRECTORS RESERVE BANKS AND BRANCHES
District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued
Term
expires
Dec. 31
Class C.JACK TARVER l
J. M. CHEATHAM
JOHN A. HUNTER
President, Atlanta Newspapers, Inc., Atlanta, Ga.
President, Dundee Mills, Incorporated, Griffin, Ga.
President, Louisiana State University, Baton Rouge, La.
2
1964
1965
1966
BIRMINGHAM BRANCH
Appointed by Federal Reserve Bank:
JOHN H. NEILL, JR.
W. H. MITCHELL
A. CALVIN SMITH
JOHN A. HAND
President,
President,
President,
President,
Union Bank & Trust Co., Montgomery, Ala.
The First National Bank of Florence, Ala.
First National Bank, Greenville, Ala.
The First National Bank of Birmingham, Ala.
1964
1964
1965
1966
Appointed by Board of Governors:
C. CALDWELL MARKS *
JACK W.
WARNER
Chairman of the Board, Owen-Richards Company, Inc.,
Birmingham, Ala.
Chairman of the Board and President, Gulf States Paper Corporation,
Tuscaloosa, Ala.
1964
1965
JACKSONVILLE BRANCH
Appointed by Federal Reserve Bank:
J. T. LANE
HARRY FAGAN
ARTHUR W. SAARINEN
WILLIAM H. DIAL
Chairman
President,
President,
President,
of the Board, The Atlantic National Bank, Jacksonville, Fla.
First National Bank in Fort Myers, Fla.
Broward National Bank of Fort Lauderdale, Fla.
The First National Bank at Orlando, Fla.
1964
1964
1965
1966
Appointed by Board of Governors:
HARRY T. VAUGHN
CLAUDE J. YATES
!
J. OLLIE EDMUNDS
President, United States Sugar Corporation, Clewiston, Fla.
Vice President and General Manager, Southern Bell Telephone and
Telegraph Company, Jacksonville, Fla.
President, Stetson University, DeLand, Fla.
1964
1965
1966
NASHVILLE BRANCH
Appointed by Federal Reserve Bank:
TRAVIS HITT
HARRY M. NACEY, JR.
R. S. WALLING
WILLIAM F. EARTHMAN, JR.
President,
President,
President,
President,
Farmers National Bank, Winchester, Tenn.
Hamilton National Bank, Knoxville, Tenn.
First National Bank, McMinnville, Tenn.
Commerce Union Bank, Nashville, Tenn.
1964
1964
1965
1966
Chairman of the Board and President, Aladdin Industries, Inc.,
Nashville, Tenn.
President, University of Tennessee, Knoxville, Tenn.
President, Baird-Ward Printing Company, Nashville, Tenn.
1964
1965
1966
Appointed by Board of Governors:
V. S. JOHNSON, JR.
ANDREW D. HOLT I
JAMES E. WARD
NEW ORLEANS BRANCH
Appointed by Federal Reserve Bank:
LEWIS GOTTLIEB
JOHN OULLIBER
J. R. MCCRAVEY, JR.
L. Y. FOOTE
i Chairman.
Chairman of the Board, City National Bank, Baton Rouge, La.
President, The National Bank of Commerce in New Orleans, La.
Vice President, Bank of Forest, Miss.
President, First National Bank of Hattiesburg, Miss.
2
Deputy Chairman.
1964
1964
1965
1966
160
FEDERAL RESERVE BULLETIN • FEBRUARY 1964
District 7—FEDERAL RESERVE BANK OF ATLANTA—Continued
NEW ORLEANS BRANCH—Continued
Term
expires
Dec. 31
Appointed by Board of Governors:
KENNETH R. GIDDENS
J. O. EMMERICH 1
GEORGE BENJAMIN BLAIR
President, WKRG-TV, Inc., Mobile, Ala.
Editor, Enterprise-Journal, McComb, Miss.
General Manager, American Rice Growers Cooperative,
Lakes Charles, La.
1964
1965
1966
District 7—FEDERAL RESERVE BANK OF CHICAGO
Class A:
JOHN H. CROCKER
HARRY W. SCHALLER
KENNETH V. ZWIENER
Chairman of the Board, The Citizens National Bank of Decatur, 111.
President, The Citizens First National Bank of Storm Lake, Iowa
Chairman of the Board, Harris Trust and Savings Bank, Chicago, 111.
1964
1965
1966
Class B:
Director, Giddings & Lewis Machine Tool Company,
Fond du Lac, Wis.
Director, Eli Lilly and Company, Indianapolis, Ind.
Treasurer and Assistant Secretary, Allis-Chalmers Manufacturing
Company, Milwaukee, Wis.
WILLIAM E. RUTZ
WILLIAM A. HANLEY
G. F. LANGENOHL
1964
1965
1966
Class C:
ROBERT P. BRIGGS ]
JAMES H. HILTON 2
Executive Vice President, Consumers Power Company, Jackson, Mich.
President, Iowa State University of Science and Technology,
Ames, Iowa
President, Chas. A. Stevens & Co., Chicago, 111.
JOHN W. SHELDON
1964
1965
1966
DETROIT BRANCH
Appointed by Federal Reserve Bank:
DONALD F. VALLEY
C. LINCOLN LINDERHOLM
FRANKLIN H. MOORE
JOHN H. FRENCH, JR.
Chairman
President,
President,
President,
of the Board, National Bank of Detroit, Mich.
Central Bank, Grand Rapids, Mich.
The Commercial and Savings Bank, St. Clair, Mich.
City National Bank of Detroit, Mich.
1964
1965
1966
1966
Appointed by Board of Governors:
JAMES WILLIAM MILLER
GUY S. PEPPIATT
!
MAX P. HEAVENRICH, JR.
President, Western Michigan University, Kalamazoo, Mich.
Chairman of the Board, Federal-Mogul-Bower Bearings, Inc.,
Detroit, Mich.
President and General Manager, Heavenrich Bros. & Company,
Saginaw, Mich.
1964
1965
1966
District 8—FEDERAL RESERVE BANK OF ST. LOUIS
Class A :
ARTHUR WERRE, JR.
HARRY F. HARRINGTON
H. LEE COOPER
Executive Vice President, First National Bank of Steeleville, 111.
Chairman of the Board and President, The Boatmen's National Bank of
Saint Louis, Mo.
President, Ohio Valley National Mank of Henderson, Ky.
1964
1965
1966
Class B:
MARK TOWNSEND
HAROLD O.
MCCUTCHAN
ROLAND W.
RICHARDS
1
Chairman.
Chairman of the Board, Townsend Lumber Company, Inc.,
Stuttgart, Ark.
Senior Executive Vice President, Mead Johnson & Company,
Evansville, Ind.
Vice President and Secretary, Laclede Steel Company, St. Louis, Mo.
2
Deputy Chairman.
1964
1965
1966
DIRECTORS RESERVE BANKS AND BRANCHES
161
District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued
Term
expires
Dec. 31
Class C:
J. H. LONG WELL
2
Director, Special Studies and Programs, College of Agriculture,
University of Missouri, Columbia, Mo.
Chairman of the Board, Rebsamen & East, Inc., Little Rock, Ark.
President, Riverside Industries, Marks, Miss.
RAYMOND REBSAMEN
WILLIAM KING SELF
1964
1965
1966
LITTLE ROCK BRANCH
Appointed by Federal Reserve Bank:
Ross E. ANDERSON
H. C. ADAMS
CECIL W. CUPP
R. M. LAGRONE, JR.
Chairman of the Board, The Commercial National Bank of
Little Rock, Ark.
Executive Vice President, The First National Bank of De Witt, Ark.
President and Chairman, Arkansas Bank and Trust Company,
Hot Springs, Ark.
President, The Citizens National Bank of Hope, Ark.
1964
1965
1966
1966
Appointed by Board of Governors:
WALDO E. TILLER
CAREY V. STABLER 1
FREDERICK P. BLANKS
President, Tiller Tie and Lumber Company, Inc., Little Rock, Ark.
President, Little Rock University, Little Rock, Ark.
Planter, Parkdale, Ark.
1964
1965
1966
LOUISVILLE BRANCH
Appointed by Federal Reserve Bank:
JOHN R. STROUD
JOHN H. HARDWICK
RAY A. BARRETT
WM. G. DEATHERAGE
Executive Vice President, The First National Bank of Mitchell, Ind.
President, The Louisville Trust Company, Louisville, Ky.
President, The State Bank of Salem, Ind.
President, Planters Bank & Trust Co., Hopkinsville, Ky.
1964
1965
1966
1966
Farmer, Madisonville, Ky.
Vice President and General Manager, Southern Bell Telephone and
Telegraph Company, Louisville, Ky.
Executive Vice President & General Manager, The Courier-Journal
& Louisville Times Company, Louisville, Ky.
1964
Appointed by Board of Governors:
RICHARD T. SMITH
C. HUNTER GREEN I
LISLE BAKER, JR.
1965
1966
MEMPHIS BRANCH
Appointed by Federal Reserve Bank:
LEON C. CASTLING
CHARLES R. CAVINESS
ALLEN MORGAN
CON T. WELCH
President, First National Bank at Marianna, Ark.
President, National Bank of Commerce of Corinth, Miss.
President, The First National Bank of Memphis, Tenn.
President, Citizens Bank, Savannah, Tenn.
1964
1965
1966
1966
President, Wesson Farms, Inc., Victoria, Ark.
President, HumKo Products Division, National Dairy Products
Corporation, Memphis, Tenn.
President, Edward LeMaster Company, Inc., Memphis, Tenn.
1964
Appointed by Board of Governors:
FRANK LEE WESSON
SAM COOPER
1
EDWARD B. LEMASTER
1965
1966
District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
Class A:
ROLLIN O. BISHOP
CURTIS B. MATEER
HAROLD C. REFLING
i Chairman.
Consultant, The American National Bank of Saint Paul, Minn. ..
Executive Vice President, The Pierre National Bank, Pierre, S. B .
Executive Vice President, First National Bank in Bottineau, N. D;
2 Deputy Chairman.
1964
1965
1966
162
FEDERAL RESERVE BULLETIN * FEBRUARY 1964
District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS—Continued
Term
expires
Dec, 31
Class B:
T. G. HARRISON
HUGH D. GALUSHA, JR.
RAY C. LANGE
Class C.JOHN H. WARDEN
ATHERTON BEAN I
JUDSON BEMIS 2
Chairman of the Board, Super Valu Stores, Inc., Minneapolis, Minn.
Lawyer and Certified Public Accountant, Helena, Mont.
President, Chippewa Canning Company, Inc., Chippewa Falls, Wis.
1964
1965
1966
Chairman of the Board, Upper Peninsula Power Company,
Houghton, Mich.
President, International Milling Company, Minneapolis, Minn.
President, Bemis Bro. Bag Co., Minneapolis, Minn.
1964
1965
1966
HELENA BRANCH
Appointed by Federal Reserve Bank :
ROY G. MONROE
Chairman of the Board and President, The First State Bank of
Malta, Mont.
HARALD E. OLSSON
President, Ronan State Bank, Ronan, Mont.
B. MEYER HARRIS
President, The Yellowstone Bank, Laurel, Mont.
Appointed by Board of Governors:
C. G. MCCLAVE i
EDWIN G. KOCH
President and General Manager, Montana Flour Mills Co.,
Great Falls, Mont.
President, Montana School of Mines, Butte, Mont.
1964
1964
1965
1964
1965
District 10—FEDERAL RESERVE BANK OF KANSAS CITY
Class A:
W. S. KENNEDY
BURTON L. LOHMULLER
EUGENE H. ADAMS
Class B:
ROBERT A. OLSON
K. S. ADAMS
FRED W. GILMORE
Class C:
DOLPH SIMONS 2
DEAN A. MCGEE
HOMER A. SCOTT I
President and Chairman of the Board, The First National Bank of
Junction City, Kans.
President, The First National Bank of Centralia, Kans.
President, The First National Bank of Denver, Colo.
1964
1965
1966
President, Kansas City Power & Light Company, Kansas City, Mo.
Chairman of the Board, Phillips Petroleum Company, Bartlesville, Okla.
President, Union Stock Yards Company of Omaha, Nebr.
1964
1965
1966
Editor and President, The Lawrence Daily Journal-World,
Lawrence, Kans.
Chairman of the Board, Kerr-McGee Oil Industries, Inc.,
Oklahoma City, Okla.
Vice President and District Manager, Peter Kiewit Sons' Company,
Sheridan, Wyo.
1964
1965
1966
DENVER BRANCH
Appointed by Federal Reserve Bank:
J. H. BLOEDORN
President, The Farmers State Bank of Fort Morgan, Colorado
J. P. BRANDENBURG
President, The First State Bank of Taos, N. Mex.
ELWOOD M. BROOKS
Chairman of the Board, The Central Bank & Trust Company of
Denver, Colo.
Appointed by Board of Governors:
R. A. BURGHART
Ingle Land and Cattle Company, Colorado Springs, Colo.
ROBERT T. PERSON *
President, Public Service Company of Colorado, Denver, Colo.
1
Chairman.
3
Deputy Chairman.
1964
1964
1965
1964
1965
DIRECTORS RESERVE BANKS AND BRANCHES
163
District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued
OKLAHOMA CITY BRANCH
Appointed by Federal Reserve Bank:
R. L. KELSAY
Chairman of the Board and President, The First National Bank in
Hobart, Okla.
GUY L. BERRY, JR.
President, The American National Bank and Trust Company,
Sapulpa, Okla.
HOWARD J. BOZARTH
President, City National Bank and Trust Company of
Oklahoma City, Okla.
Appointed by Board of Governors:
OTTO C. BARBY
Attorney and rancher, Beaver, Okla.
JAMES E. ALLISON I
Consultant, Warren Petroleum Corporation, Tulsa, Okla.
Term
expires
Dec. 31
1964
1964
1965
1964
1965
OMAHA BRANCH
Appointed by Federal Reserve Bank:
JOHN F. DAVIS
President, First National Bank, Omaha, Nebr.
R. E. BARTON
President, The Wyoming National Bank of Casper, Wyo.
HENRY D. KOSMAN
Chairman of the Board and President, Scottsbluff National Bank,
Scottsbluff, Nebr.
Appointed by Board of Governors:
CLIFFORD MORRIS HARDIN I
Chancellor, The University of Nebraska, Lincoln, Nebr.
JOHN T. HARRIS
Merchant and cattleman, McCook, Nebr.
1964
1965
1965
1964
1965
District 11—FEDERAL RESERVE BANK OF DALLAS
Class A:
J. EDD MCLAUGHLIN
RALPH A. PORTER
ROY RIDDEL
President, Security State Bank & Trust Company, Rails, Tex.
President, The State National Bank of Denison, Tex.
President, First National Bank at Lubbock, Tex.
1964
1965
1966
Class B:
H. B. ZACHRY
J. B. PERRY, JR.
D. A. HULCY
President, H. B. Zachry Co., San Antonio, Tex.
President and General Manager, Perry Brothers, Inc., Lufkin, Tex.
Chairman of the Board, Lone Star Gas Company, Dallas, Tex.
1964
1965
1966
Class C:
C. J. THOMSEN 2
ROBERT O. ANDERSON *
MAX LEVINE
Senior Vice President, Texas Instruments, Inc., Dallas, Tex.
Owner, Lincoln County Livestock Company, Roswell, N. Mex.
President, Foley's, Houston, Tex.
1964
1965
1966
EL PASO BRANCH
Appointed by Federal Reserve Bank:
JOSEPH F. IRVIN
CHAS. B. PERRY
DICK ROGERS
ROBERT W. HEYER
Appointed by Board of Governors:
DYSART E. HOLCOMB *
President,
Chairman
President,
President,
Southwest National Bank of El Paso, Tex.
of the Board, First State Bank, Odessa, Tex.
First National Bank in Alpine, Tex.
Southern Arizona Bank & Trust Company, Tucson, Ariz.
1964
1965
1966
1966
ROGER B. CORBETT
Director of Research, El Paso Natural Gas Products Company,
El Paso, Tex.
President, New Mexico State University, University Park, N. Mex.
1964
1965
C. ROBERT MCNALLY, JR.
Rancher, Roswell, N. Mex.
1966
i Chairman.
2
Deputy Chairman.
164
FEDERAL RESERVE BULLETIN • FEBRUARY 1964
District 11—FEDERAL RESERVE BANK OF DALLAS—Continued
HOUSTON BRANCH
Term
expires
Dec. 31
Appointed by Federal Reserve Bank:
J. W. MCLEAN
M. M. GALLOWAY
J. A. ELKINS, JR.
JOHN E. GRAY
President, Texas National Bank of Commerce of Houston, Tex.
President, First Capitol Bank, West Columbia, Tex.
Chairman of the Board, First City National Bank of Houston, Tex.
President, First Security National Bank of Beaumont, Tex.
1964
1965
1966
1966
Appointed by Board of Governors:
EDGAR H. HUDGINS
!
D. B. CAMPBELL
LOVETT C. PETERS
Ranching—Partner in Hudgins Division of J. D. Hudgins,
Hungerford, Tex.
Works Manager, Sabine River Works, E. I. du Pont de Nemours &
Company, Orange, Tex.
Vice President—Transportation and Supplies, Continental Oil
Company, Houston, Tex.
1964
1965
1966
SAN ANTONIO BRANCH
Appointed by Federal Reserve Bank :
MAX A. MANDEL
DWIGHT D. TAYLOR
FORREST M. SMITH
J. R. THORNTON
President, The Laredo National Bank, Laredo, Tex.
President, Pan American State Bank, Brownsville, Tex.
President, National Bank of Commerce of San Antonio, Tex.
Chairman of the Board and President, State Bank and Trust Company,
San Marcos, Tex.
1964
1965
1966
1966
Appointed by Board of Governors:
HAROLD D. HERNDON I
JOHN R. STOCKTON
G. C. HAGELSTEIN
Independent Oil Operator, San Antonio, Tex.
Professor of Business Statistics and Director of Bureau of Business
Research, The University of Texas, Austin, Tex.
President and General Manager, Union Stock Yards San Antonio, Tex.
1964
1965
1966
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO
Class A:
CHARLES F. FRANKLAND
M . VlLAS HUBBARD
CARROLL F. BYRD
Class B:
WALTER S. JOHNSON
FRED H.
MERRILL
President, The Pacific National Bank of Seattle, Wash.
President and Chairman of the Board, Citizens Commercial Trust and
Savings Bank of Pasadena, Calif.
Chairman of the Board and President, The First National Bank of
Willows, Calif.
Chairman of the Board, American Forest Products Corporation,
San Francisco, Calif.
President, Fireman's Fund American Insurance Companies,
San Francisco, Calif.
President, The Eimco Corporation, Salt Lake City, Utah
1964
1965
1966
1964
1965
1966
JOSEPH ROSENBLATT
Class C:
FREDERIC S. HIRSCHLER
F. B. WHITMAN I
JOHN D. FREDERICKS 2
President, The Emporium Capwell Company, San Francisco, Calif.
President, The Western Pacific Railroad Company, San Francisco, Calif.
President, Pacific Clay Products, Los Angeles, Calif.
1964
1965
1966
LOS ANGELES BRANCH
Appointed by Federal Reserve Bank:
DOUGLAS SHIVELY
ROY A. BRITT
RALPH V. ARNOLD
1 Chairman.
President, Citizens State Bank.of Santa Paula, Calif.
Vice Chairman of the Board and Chairman, Executive Committee,
Crocker-Citizens National Bank, Los Angeles, Calif.
President and Chairman of the Board, First National Bank and
Trust Company, Ontario, Calif.
2 Deputy Chairman.
1964
1964
1965
DIRECTORS RESERVE BANKS AND BRANCHES
165
District 12—FEDERAL RESERVE BANK OF SA1V FRANCISCO—Continued
LOS ANGELES BRANCH—Continued
Term
expires
Dec. 31
Appointed by Board of Governors:
S. ALFRED HALGREN 1
ARTHUR G. COONS
Vice President and Director, Carnation Company, Los Angeles, Calif.
President, Occidental College, Los Angeles, Calif.
1964
1965
PORTLAND BRANCH
Appointed by Federal Reserve Bank:
D. S. Baker
President, The Baker-Boyer National Bank, Walla Walla, Wash.
E. M. FLOHR
President, The First National Bank of Wallace, Idaho
E. J. KOLAR
President, The United States National Bank of Portland, Oreg.
1964
1964
1965
Appointed by Board of Governors:
RAYMOND R. RETER
GRAHAM J. BARBEY I
Reter Fruit Company, Medford, Oreg.
President, Barbey Packing Corporation, Astoria, Oreg.
1964
1965
SALT LAKE CITY BRANCH
Appointed by Federal Reserve Bank:
ALAN B. BLOOD
REED E. HOLT
V. R. STEFFENSEN
Executive Vice President, Barnes Banking Company, Kaysville, Utah
President, Walker Bank & Trust Company, Salt Lake City, Utah
President, First Security Bank of Tdaho, N. A., Boise, Idaho
1964
1964
1965
President and General Manager, Rowland's Inc., Pocatello, Idaho
President, The Salt Lake Hardware Company, Salt Lake City, Utah
1964
1965
Appointed by Board of Governors:
THOMAS B. ROWLAND
HOWARD W. PRICE
!
SEATTLE BRANCH
Appointed by Federal Reserve Bank:
CHAS. H. PARKS
M. F. HASTINGS
MAXWELL CARLSON
Executive Vice President, Seattle-First National Bank, Spokane, Wash.
President, The First National Bank of Ferndale, Wash.
President, The National Bank of Commerce of Seattle, Wash.
1964
1964
1965
Appointed by Board of Governors:
ROBERT D. O'BRIEN I
WILLIAM MCGREGOR
i Chairman.
President, Pacific Car and Foundry Company, Seattle, Wash.
1964
Vice President, McGregor Land and Livestock Company, Hooper, Wash. 1965
Presidents, Vice Presidents,
and General Auditors of Reserve Banks
Federal
Reserve
Bank of—
President
First Vice President
Vice Presidents
General Auditor
Boston.
George H. Ellis
E. O. Latham
Ansgar R. Berge
D. Harry Angney
Luther M. Hoyle, Jr. Oscar A. Schlaikjer
G. Gordon Watts
Charles E. Turner
Parker B. Willis
New York.
Alfred Hayes
William F. Treiber
Harold A. Bilby
Charles A. Coombs
Marcus A. Harris
Robert G. Rouse
Horace L. Sanford
Robert W. Stone
John J. Clarke
Howard D. Crosse
Alan R. Holmes
Walter H. Rozell, Jr.
Insley B. Smith
(Buffalo)
Thomas O. Waage
John P. Jensen
Philadelphia.
Karl R. Bopp
Robert N. Hilkert
Hugh Barrie
Joseph R. Campbell
David P. Eastburn
Harry W. Roeder
Richard G. Wilgus
John R. Bunting
Norman G. Dash
Murdoch K. Goodwin
J. V. Vergari
G. William Metz
Cleveland.
Roger R. Clouse
W. Braddock Hickman
Donald S. Thompson Elmer F. Fricek
Fred O. Kiel
(Cincinnati)
Maurice Mann
Martin Morrison
Edward A. Fink
Fred S. Kelly
Clyde E. Harrell
(Pittsburgh)
Clifford G. Miller
Paul C. Stetzelberger
Elfer B. Miller
Richmond.
Edward A. Wayne
Aubrey N. Heflin
Robert P. Black
W. S. Farmer
E. F. MacDonald
(Charlotte)
John L. Nosker
Benjamin U.
Ratchford
J. G. Dickerson, Jr.
D. F. Hagner
(Baltimore)
Upton S. Martin
J. M. Nowlan
R. E. Sanders, Jr.
G. Harold Snead
Atlanta.
Malcolm Bryan
Harold T. Patterson
J. E. McCorvey
T. A. Lanford
(Jacksonville)
E. C. Rainey
(Birmingham)
Brown R. Rawlings
Charles T. Taylor
J. E. Denmark
R. E. Moody, Jr.
(Nashville)
L. B. Raisty
M. L. Shaw
(New Orleans)
DeWitt Adams
Chicago.
Charles J. Scanlon
Hugh J. Helmer
Ernest T. Baughman
Paul C. Hodge
C. T. Laibly
H. J. Newman
Harry S. Schultz
A. M. Gustavson
L. H. Jones
Richard A. Moffatt
Leland M. Ross
R. A. Swaney
(Detroit)
John J. Endres
St. Louis.
Harry A. Shuford
Darryl R. Francis
Marvin L. Bennett
Dale M. Lewis
E. Francis DeVos
(Memphis)
Howard H. Weigel
Orville O. Wyrick
Homer Jones
Fred Burton
(Little Rock)
Donald L. Henry
(Louisville)
Joseph C. Wotawa
George W. Hirshman
166
Stanley B. Lacks
167
PRESIDENTS, VICE PRESIDENTS, GENERAL AUDITORS
Federal
Reserve
Bank of
President
First Vice President
Vice Presidents
General Auditor
Minneapolis.
Frederick L. Deming
Kyle K. Fossum
C. W. Groth
M. H. Strothman, Jr. M. B. Holmgren
A. W. Johnson
H. G. McConnell
Franklin L. Parsons
Clement A. Van Nice
(Helena)
Ralph J. Dreitzler
Kansas City
George H. Clay
Henry O. Koppang
John T. Boysen
Ray J. Doll
L. F. Mills
George C. Rankin
(Omaha)
Clarence W. Tow
J. T. White
Wilbur T. Billington
J. R. Euans
H. W. Pritz
(Oklahoma City)
John W. Snider
(Denver)
William F. Fairley
Dallas.
Watrous H. Irons
Philip E. Coldwell
Roy E. Bohne
(El Paso)
J. L. Cook
(Houston)
T. A. Hardin
G. R. MurfT
T. W. Plant
Thomas R. Sullivan
James L. Cauthen
Ralph T. Green
Carl H. Moore
(San Antonio)
James A. Parker
W. M. Pritchett
Arthur H. Lang
San Francisco...
Eliot J. Swan
H. E. Hemmings
J. L. Barbonchielli
W. M. Brown
(Portland)
E. H. Galvin
A. B. Merritt
E. R. Barglebaugh
(Seattle)
P. W. Cavan
David L. Grove
A. L. Price
(Salt Lake City)
D. M. Davenport
C. H. Watkins
(Los Angeles)
(Los Angeles)
George D. Hartlin
Law Department
Administrative interpretations, new regulations, and similar material
Reserves of Member Banks
The Board of Governors of the Federal Reserve
System, effective January 29, 1964, amended Section 204.2(b) of Regulation D, pertaining to the
computation of reserves, to conform this section
to the language of Section 19 of the Federal
Reserve Act (12 U.S.C. 465), which makes no
reference to private banks. The amendment is related to that portion of the Board's interpretation
published below concerning the status of certain
private banks under the provision of the statute
just cited. The text of the amendment to the
Regulation is as follows:
AMENDMENT TO REGULATION D
(12 CFR PART 204)
Effective January 29, 1964, Section 204.2(b) is
amended to read as follows:
SECTION 204.2—COMPUTATION
OF RESERVES
(/?) Deductions allowed in computing reserves. In
determining the reserve balances required under the
terms of this part, member banks may deduct from
the amount of their gross demand deposits the
amounts of balances subject to immediate withdrawal
due from other banks and cash items in process
of collection as denned in § 204.l(g). Balances "due
from other banks" do not include balances due from
Federal Reserve banks, balances (payable in dollars
or otherwise) due from foreign banks or branches
thereof wherever located, or balances due from foreign branches of domestic banks."
Domestic Branches of Foreign Banks
and Private Banks as "Banks"
(a) Domestic branch of foreign bank a "nonmember clearing bank." The Board has been asked
whether a branch in this country of a foreign
bank is a "nonmember bank" within the meaning of Section 13, paragraph 1, of the Federal
0
A member bank exercising fiduciary powers may not include in balances "due from other banks" amounts of trust
funds deposited with other banks and due to it as trustee
or other fiduciary. If trust funds are deposited by the trust
department of a member bank in its commercial or savings
department and are then redeposited in another bank subject
to immediate withdrawal they may be included by the member
bank in balances "due from other banks," subject to the
provisions of § 204.2 (b).
168
Reserve Act (12 U.S.C. 342) and, therefore, an
institution of the kind for which a Federal Reserve Bank may open and maintain a nonmember
clearing account pursuant to the statute.
According to the information before the Board,
the foreign bank is an incorporated commercial
banking institution. The branch is licensed by
the bank supervisory authority of the State in
which it is located. The business of the branch
does not appear to differ essentially from that
usually conducted by a commercial bank; and,
under the law of the State, the branch is subject
to regulation and supervision comparable in important respects to that applicable to Statechartered banks.
The Board has concluded that such a branch,
being a "bank" within the definition of that term
in Section 1, paragraph 2, of the Act (12 U.S.C.
221) but ineligible for membership in the Federal
Reserve System under Section 9 of the Act (12
U.S.C. 321), is a "nonmember bank" to which
nonmember clearing privileges may be made available in the discretion of the Federal Reserve
Bank of the district pursuant to Section 13, paragraph 1, of the Act.
(b) Domestic branch of foreign bank a "bank"
under Section 22(g) of the Act. A related inquiry
received by the Board is whether a branch in this
country of a foreign bank, such as the one involved under (a) above, falls within the term
"any bank" in the second sentence of Section
22(g) of the Federal Reserve Act (12 U.S.C.
375a), which requires an executive officer of a
member bank to report to that bank any indebtedness owed by him to "any bank" other than the
member bank.
The Board is of the view that, for reasons
similar to those determinative of the matter set
forth in (a) hereof, such a branch clearly is
within the words "any bank" in Section 22(g) of
the Act, and that, accordingly, any indebtedness
of an executive officer of a member bank to any
such branch must be reported as required by the
statute.
(c) Private bank a "nonmember clearing
LAW DEPARTMENT
bank." In connection with the matters covered
under (a) and (b) above, the Board has been
asked whether a private bank, as described below,
may be properly regarded as a "nonmember bank"
within the meaning of Section 13, paragraph 1, of
the Federal Reserve Act (12 U.S.C. 342) and,
therefore, as a bank of the kind for which a Federal Reserve Bank may open and maintain a
nonmember clearing account pursuant to the
statute.
Private banks are unincorporated and, therefore, ineligible for membership in the Federal
Reserve System under Section 9 of the Federal
Rserve Act (12 U.S.C. 321). The private bank
with respect to which the question arose operates
pursuant to authority in the law of the State of
its location, conducts a banking business similar
to that of incorporated commercial banks, and
maintains required reserves pursuant to State law.
Such private bank is examined periodically by
and submits reports of condition to the State
authority responsible for its supervision pursuant
to the law of the State wherein it maintains banking offices. It seems clear that the private bank
conforms to the policy and terms set forth by
Congress for engaging in the banking business,
whether by individuals, firms, corporations, or
other organizations, in Section 21 (a) (2) of the
Banking Act of 1933 (12 U.S.C. 378).
The Board is of the opinion that, in view of the
foregoing and in the light of its conclusion in
(a) hereof, any such private bank constitutes a
"bank" within the definition of that term in Section 1, paragraph 2, of the Federal Reserve Act
(12 U.S.C. 221) and a "nonmember bank" under
the language of Section 13, paragraph 1, of the
Act. Accordingly, a Federal Reserve Bank, in its
discretion, may make available to any such private
bank in the district nonmember clearing privileges
as described in the statute.
These views of the Board supersede the interpretation regarding private banks published
at 1917 Federal Reserve BULLETIN 693 and any
other interpretations to the extent that they conflict with these views, and to that extent such
interpretations are hereby revoked.
(d) Private bank a "bank" under Section 22(g)
of the Act. The Board has received an inquiry related to the matters covered under (b) and (c)
above. The question is whether a private bank,
such as the one involved in (c), comes within
169
the term "any bank" in the second sentence of
Section 22(g) of the Federal Reserve Act (12
U.S.C. 375a). That statute requires any executive
officer of a member bank to report to that bank
any indebtedness owed by him to "any bank"
other than the member bank.
The Board's view is that any indebtedness of
an executive officer of a member bank to any
such private bank must be reported as required
by the aforementioned provision of Section 22(g)
of the Act since, as indicated in (c) hereof, the
private bank clearly is within the words "any
bank" as used in the statute.
These views of the Board supersede any other
previous interpretations to the extent that they
conflict with these views, and to that extent such
interpretations are hereby revoked.
(e) Private bank a "bank" under Section 19,
paragraph 11, of the Act. In connection with the
matters covered in (c) and (d) above, the Board
was asked whether, in computing its required
reserves under Section 19, paragraph 11, of the
Federal Reserve Act (12 U.S.C. 465), a member
bank may deduct any balance due from a private
bank of the kind involved in those paragraphs.
The statute provides that:
"In estimating the reserve balances required by this
Act, member banks may deduct from the amount of
their gross demand deposits the amounts of balances
due from other banks (except Federal reserve banks
and foreign banks) and cash items in process of collection payable immediately upon presentation in the
United States, within the meaning of these terms as
defined by the Board of Governors of the Federal
Reserve System." (Emphasis added)
The Board regards this question as governed
by its views in (c) and (d) hereof. Accordingly,
as the term "other banks" in the statute includes
such private banks, balances due therefrom may
be deducted in accordance with the provisions of
Section 19, paragraph 11, of the Act.
These views of the Board supersede the interpretation referring to private banks published at
1935 Federal Reserve BULLETIN 108 and any other
interpretations to the extent that they conflict with
these views, and to that extent such interpretations
are hereby revoked.
Loans to Executive Officers of Foreign Branches
of National and State Member Banks
Section 22(g) of the Federal Reserve Act (12
U.S.C. 375a) provides, with certain exceptions,
170
FEDERAL RESERVE BULLETIN • FEBRUARY 1964
that "no executive officer of any member bank
shall borrow from or otherwise become indebted
to any member bank of which he is an executive
officer, and no member bank shall make any loan
or extend credit in any other manner to any of
its own executive officers. . . ." Pursuant to the
authority conferred by the ninth paragraph of
Section 25 of the Federal Reserve Act (12 U.S.C.
604a), which was added to that section by the
Act of August 15, 1962 (P.L. 87-588), the Board
of Governors in Section 213.4(f) of Regulation M has, subject to certain conditions, authorized foreign branches of national banks to make
home loans of $20,000 or less to their executive
officers. The question has arisen whether foreign
branches of State member banks would violate
Section 22(g) by extending credit to their executive officers to the same extent and subject to
the same conditions as foreign branches of national banks. A separate but related question is
whether executive officers of foreign branches of
national (and State member) banks may borrow
from their respective branches as envisaged by
Section 213.4(f).
It is manifest that in enacting Section 22(g)
Congress intended that identical rules regarding
loans to executive officers should apply to both national and State member banks. Moreover, the
legislative history of the ninth paragraph of Section 25 (Act of August 15, 1962) clearly establishes that Congress did not intend thereby to
confer upon national banks any special advantages vis-a-vis State member banks. This Congressional intent is further evidenced by the provision regarding establishment of branches in the
third paragraph of Section 9 of the Federal Reserve
Act (12 U.S.C. 321) that "nothing herein contained shall prevent any State member bank from
establishing and operating branches in the United
States or any dependency or insular possession
thereof or in any foreign country, on the same
terms and conditions and subject to the same
limitations and restrictions as are applicable to the
establishment of branches by national banks. . . ."
On the basis of the foregoing considerations,
the Board of Governors is of the opinion that foreign branches of State member banks would not
violate Section 22(g) by extending credit to their
executive officers subject to the same restrictions
and conditions as apply to foreign branches of national banks under Section 213.4(f) of Regula-
tion M. The Board also believes that it would not
violate Section 22(g) for an executive officer of a
foreign branch of a national or State member
bank to borrow from such branch to the same
extent to which the branch may extend him credit.
Order Under Bank Merger Act
The Board of Governors of the Federal Reserve
System issued the following Order and Statement
with respect to an application for approval of the
acquisition of bank assets:
RHODE ISLAND HOSPITAL
TRUST COMPANY,
PROVIDENCE, RHODE ISLAND
In the matter of the application of Rhode Island
Hospital Trust Company for approval of acquisition of assets of Wickford Savings Bank
ORDER APPROVING ACQUISITION
OF BANK'S ASSETS
There has come before the Board of Governors,
pursuant to the Bank Merger Act of 1960 (12
U.S.C. 1828(c)), an application by Rhode Island
Hospital Trust Company, Providence, Rhode Island, a member bank of the Federal Reserve
System, for the Board's prior approval of its
acquisition of assets of Wickford Savings Bank,
Wickford, Rhode Island. As an incident to such
application, Rhode Island Hospital Trust Company has applied, under Section 9 of the Federal
Reserve Act, for the Board's prior approval of the
establishment of a branch by that bank at the
present location of Wickford Savings Bank. Notice
of the proposed acquisition of assets, in form approved by the Board of Governors, has been published pursuant to said Bank Merger Act.
Upon consideration of all relevant material,
including the 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
applications be and hereby are approved, provided
that said acquisition of assets and establishment of
a branch shall not be consummated (a) within
seven calendar days following the date of this
171
LAW DEPARTMENT
Order, or (b) later than three months after said
date.
Dated at Washington, D. C , this 10th day of
February, 1964.
By order of the Board of Governors.
Voting for this action: Unanimous, with all members
present.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
STATEMENT
Rhode Island Hospital Trust Company, Providence, Rhode Island ("Trust Company"), with
deposits of $341.7 million as of June 29, 1963, 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 assets of the Wickford
Savings Bank, Wickford, Rhode Island ("Savings
Bank"), a mutual savings bank with deposits of
$4.4 million as of the same date.
Incident to such application, Trust Company
also has applied, under Section 9 of the Federal
Reserve Act (12 U.S.C. 321), for the Board's prior
approval of the establishment of a branch at the
location of the sole office of Savings Bank, increasing the number of offices operated by Trust Company to 24. In addition, Trust Company has received approval to establish three other branches
which are not yet operative.
Under the Act, 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 these factors, it
finds the transaction to be in the public interest.
Banking factors. Both of the banks have satisfactory financial histories. Each has a sound financial condition, an adequate capital structure, satisfactory management, and favorable future earnings prospects. It is expected that this would be
true also of the acquiring bank.
There is no indication that the powers of the
banks involved are or would be inconsistent with
the purposes of 12 U.S.C, Ch. 16.
Convenience and needs of the communities.
Wickford, an unincorporated community in the
Town of North Kingstown on the western shore
of Narragansett Bay, is 20 miles south of the city
of Providence. The proposed transaction would
affect only the banking needs and convenience in
the Wickford-North Kingstown area, which comprises the service area of Savings Bank.*
North Kingstown's 1960 population of about
19,000 represents an increase of around 28 per
cent for the preceding decade. For the same period, Wickford's population increased by 20 per
cent to approximately 3,000. While the economy
of Savings Bank's service area is based largely on
local retail outlets and small manufacturing concerns, North Kingstown has experienced substantial growth because of extensive military installations in the area. Industrial expansion in the area
is in progress and is expected to increase.
The only commercial bank with offices in the
Wickford-North Kingstown area is Industrial National Bank of Rhode Island, the State's largest
commercial bank, which has one office at Wickford and two elsewhere in the service area of
Savings Bank.
While leaving unchanged the number of banking offices where savings accounts can be maintained in the Wickford-North Kingstown area,
consummation of the proposal would make available at the Wickford branch of Trust Company,
the State's second largest commercial bank, significant banking services not available at Savings
Bank. These would include checking accounts,
instalment and other loans, a substantially higher
lending limit, and trust services. As a result, the
residents of the Wickford-North Kingstown area
would have the benefit of a convenient alternative
source of banking services. People's Savings Bank
in Providence, with a branch three miles north of
Savings Bank, would remain conveniently available to those residents of the area desiring the
services of a mutual savings bank.
Competition. The effect of the proposed transaction on competition would be limited to the service
area of Savings Bank. Trust Company's service
"That area from which a bank contains 75 per cent
or more of its deposits of individuals, partnerships,
and corporations.
172
FEDERAL RESERVE BULLETIN • FEBRUARY 1964
area includes almost all of the State and encompasses the service area of Savings Bank. However,
there is no more than a minor amount of competition between the two banks. Trust Company's
offices nearest to Wickford are at East Greenwich,
seven miles north, and at Wakefield, ten miles
south of Wickford; but the Industrial National
Bank of Rhode Island, mentioned above, has a
branch midway between East Greenwich and
Wickford, in addition to a branch at Wakefield.
Furthermore, mutual savings banks are not permitted under State law to offer many of the services available at commercial banks.
While the proposal does not provide for the
assumption by Trust Company of the deposit
liabilities of Savings Bank, it may be reasonably
expected that some depositors in Savings Bank will
transfer their accounts to Trust Company, rather
than receive them in connection with the liquidation of Savings Bank. However, Savings Bank's
deposits are equal to only about one-half of one
per cent of the aggregate deposits of individuals,
corporations, and partnerships in commercial
banks in Rhode Island, so that any resulting increase in the size of Trust Company would not
be significant.
As previously noted, the only commercial bank
with offices in the Wickford-North Kingstown area
is Industrial National Bank of Rhode Island, the
State's largest. While effectuation of the transaction would provide residents of the area a choice
of commercial banking services and thereby stimulate competition for commercial banking services
in that area, it would not be expected to affect
adversely People's Savings Bank in Providence, the
mutual savings bank whose branch would be the
only other banking office in the Wickford-North
Kingstown area.
Summary and conclusion. This proposal, which
would supplant the sole office of a small mutual
savings bank with a branch of the second largest
commercial bank in the State, would provide to
the customers of the former a convenient alternative source of commercial banking services. The
transaction would be expected to stimulate competition between the acquiring bank and the largest
commercial bank in the State, since branches of
the latter are now the only commercial banking
offices within the relevant area, without adversely
affecting the only other bank in the area, a mutual
savings bank.
Accordingly, the Board finds the proposed acquisition of assets to be in the public interest.
Announcements
CHANGES IN THE BOARD'S STAFF
Henry Benner, Assistant Director, Division of Examinations, retired February 1, 1964. Mr. Benner,
formerly with the Federal Reserve Bank of Philadelphia, came to the Board in September 1950 to
assist in the formulation and administration of the
real estate credit regulation, and was appointed
Assistant Director of the Division of Selective
Credit in February 1951. With the suspension of
Regulation X and discontinuance of that division
173
in September 1952, Mr. Benner was appointed to
the position from which he retired.
Karl E. Bakke, formerly a Senior Attorney in
the Board's Legal Division, was appointed an Assistant Secretary in the Office of the Secretary,
effective January 20, 1963. Before joining the
Board's staff in May 1962, Mr. Bakke was an
Attorney-Adviser with the U.S. Tariff Commission. He received his A.B. degree from Yale University and his LL.B. from Georgetown University
Law School.
National Summary of Business Conditions
Released for publication February 14
Industrial production, construction activity, and
retail sales were virtually unchanged in January
and nonfarm employment increased. The money
supply and time and savings deposits at commercial banks rose further. Since mid-January bond
yields have declined.
INDUSTRIAL PRODUCTION
Industrial production in January was 127 per
cent of the 1957-59 average, the same as in the
preceding 3 months. Auto assemblies declined
somewhat but were 8 per cent above a year earlier.
Output of other consumer durable goods rose further, reflecting mainly increases in production of
television sets, furniture, and rugs. Production of
most types of business equipment changed little,
and altogether output of final products was unchanged.
Output of materials also was stable in January,
although production of iron and steel continued to
rise. Output of most other durable materials as
well as most nondurable materials changed little.
In early February steel ingot production advanced
slightly further.
CONSTRUCTION ACTIVITY
New construction activity in January, at a
seasonally adjusted annual rate of nearly $66
billion, was little changed from November and
December and was about a tenth above a year
earlier. Public construction, which had declined
3 per cent in December, rose 1 per cent while
private construction was unchanged.
EMPLOYMENT
Nonfarm employment increased 87,000 in January to 57.8 million. Employment increased in
trade, services, and State and local government
but declined appreciably in construction. In manufacturing, employment changed little and the average workweek was down slightly from December
but was the same as a year earlier. The unemployment rate was 5.6 per cent compared with 5.5 in
December.
DISTRIBUTION
After rising 2Vi per cent in December, retail
sales changed little in January. Sales were off at
department stores and most other major outlets for
nondurable goods but were unchanged at durable
goods stores. New car sales declined somewhat
from December but were equal to the high rate
for the fourth quarter as a whole.
INDUSTRIAL PRODUCTION
COMMODITY PRICES
1957-59 = 100
I 140
| 130
FINAL
PRODUCTS.
140
NONDURABLE
MANUFACTURES
130
CONSUMER - - « ,
GOODS
120
no
Since the beginning of the year prices of basic
industrial commodities have changed little. Prices
of lead, zinc, tin, and wool have been stable following substantial increases last year, and prices
of rubber and hides have changed little after substantial decreases. Among foodstuffs, coffee prices
rose about a fifth in late December and early January and then declined somewhat. Cocoa and
sugar have declined, and with marketings about
a tenth larger than a year ago, livestock prices
have remained at reduced levels.
100
BANK CREDIT, MONEY SUPPLY, AND RESERVES
F. R. indexes, seasonally adjusted. Latest figures shown are
for Jan.
Seasonally adjusted commercial bank credit declined $500 million in January following an aver-
174
175
NATIONAL SUMMARY OF BUSINESS CONDITIONS
age monthly expansion of over $2.5 billion in
November and December. A further rise in loans,
mainly security loans, was more than offset by
reductions in holdings of U.S. Government and
other securities. The money supply rose sharply
in the first half of the month and declined moderately in the second half; time deposits at commercial banks rose substantially further. U.S. Government deposits declined.
Total and required reserves of member banks
rose somewhat after allowance for seasonal factors.
Excess reserves, at $425 million, were lower than
in December but about the same as in the 3 previous months; member bank borrowings from the
Federal Reserve, at $255 million, were lower than
in other recent months. In January reserves were
supplied principally through a return flow of currency from circulation. Reductions in float and in
System holdings of U.S. Government securities
absorbed reserves.
RETAIL TRADE
PRICES
SECURITY MARKETS
Since mid-January yields on U.S. Government
bonds and on seasoned corporate and State and
local government bonds have declined slightly.
Treasury bill rates have changed little. Common
stock prices have risen somewhat further to a new
high.
WHOLESALE
1957-59 = 100
RETAIL SALES
h
_
TOTAL^^yv/"
_
SALES
J\A
1
At I. COM MODHIES
\
\
[
I
CO MM ODITIES
arm end toco
1—
TOTAL LESS
_ AUTOMOTIVE G R O U P > V l / >
STOCKS
_
J '
1
!
f
!
!
1
NONFOOD COMMODITIES
i
i
i
PROCESSED FOODS
•v
...I
1
1
1
M
1964
.rt-L
1
'
I
1
1960
F. R. indexes; retail sales based on Dept. of Commerce data.
Seasonally adjusted figures; latest for stocks is Dec; for other
series, Jan.
Bureau of Labor Statistics indexes. Latest figures shown for
consumer prices, Dec; for wholesale prices, Jan.
Guide to Tabular Presentation
SYMBOLS AND ABBREVIATIONS
N.S.A.
Estimated
Corrected
Preliminary
Revised
Revised preliminary
e
c
P
r
rp
IPC
A
L
S
U
*
I, II,
in, rv
n.a.
n.e.c.
S.A.
Quarters
Not available
Not elsewhere classified
Monthly (or quarterly)
seasonal variation
Monthly (or quarterly)figuresnot 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) nofigureto be expected, or (3)
figure delayed
GENERAL INFORMATION
Minus signs are used to indicate (1) a decrease, (2) a negativefigure,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
Flowoffunds
Issue
Jan. 1964
Semiannually
Banking offices:
Analysis of changes in number of
Feb. 1964
On, and not on, Federal Reserve Par List
number of
Feb. 1964
Annually
Bank holding companies:
List of, Dec. 31, 1962
June 1963
Banking offices and deposits of group banks,
Dec.31,1962
July 1963
Annually—continued
Page
106-114
Banking and monetary statistics, 1963
Issue
Page
Feb. 19C4 242-47
Banks and branches, number of, by class and
State
Apr. 1963 551 52
240
241
856
1012
176
Income and expenses:
Federal Reserve Banks
Member banks:
Calendar year
Operating ratios
Insured commercial banks
Feb. 19C4 238-39
May 1963 710-18
Apr. 1963 553-55
May 1963
719
Stock Exchange firms, detailed debit and credit
balances
Sept. 1963
1322
Financial and Business Statistics
* United States *
Member bank reserves, Reserve Bank credit, and related items
Reserve Bank discount rates; margin requirements; reserve requirements
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
178
182
184
186
188
190
194
196
199
Interest rates
..
Security prices; stock market credit; open market paper
Savings institutions
Federal finance .
..
Federally sponsored credit agencies
Security issues
Business
finance
Real estate credit
Consumer credit
200
201
202
204
209
210
213
215
218
Industrial production
Business activity
Construction
Employment and earnings
Department stores . .
Wholesale and consumer prices
National product and income series.
Flow of funds, saving and investment.
222
226
226
228
230
232
234
236
Earnings and expenses of Federal Reserve Banks during 1963 .
Number of banking offices in the United States
Banking offices on Federal Reserve par list and not on par list
Banking and monetary statistics, 1963
238
240
241
242
Guide to tabular presentation
Index to statistical tables.
176
275
The data for F.R. Banks, member banks, and
department stores, and 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; figures for gold stock, currency, Fedcral finance, and Federal business-type activi-
ties 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).
177
178
BANK RESERVES AND RELATED ITEMS
FEBRUARY 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
Gold
stock
U.S. Govt. securities
Discounts
Bought Repur- and Float
outchase
adTotal
right
agree- vances
ments
Total 2
Treasury
currency
outstanding
Currency
in
circulation
Treasury
cash
holdings
Deposits, other
than member bank
reserves,
with F.R. Banks
Treasury
Member bank
reserves
Other
F.R.
accounts
For- Other
eign
With
F.R.
Banks
Currency
and
coin 3
Total
Averages of
daily figures
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
142
9
657
99
524 1,633
448
421
407
29
,117 21,606
,375 25,446
,262 27,299
,018 27,107
992 26,317
22,879
22,483
23,276
22,028
21,711
4,629
4,701
4,806
4,885
4,982
27,806 1,290
29,139 1,280
30,494 1,271
30,968
767
30,749
805
615
271
569
602
443
920
571
745
466
439
353
264
290
390
365
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
,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
1960—Dec
1961—Dec
1962—Dec
27,248 27,170
29,098 29,061
30,546 30,474
78
37
72
94 1,665 29 ,060 17,954 5,396 33,019
152 1,921 31,217 16,929 5,587 33,954
305 2,298 33,218 15,978 5,561 35,281
408
422
398
1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.....
Dec
30,198
30,541
30,613
30,897
31,138
31,540
32,158
32,233
32,341
32,648
33,126
33,729
30,148
30,355
30,507
30,833
31,041
31,446
32,014
32,171
32,243
32,464
32,936
33,626
50
186
106
64
97
94
144
62
98
184
190
103
34,574
34,230
34,431
34,719
34,879
35,293
35,752
35,794
35,945
36,120
36,693
r
37,603
1964—Jan.. . .
33,200 33,127
73
289 2,164 35,770 15,513 5,583 36,827
30,411
30,698
: 30,493
30,510
30,223
30,603
30,493
30,489
188
95
120
978
250
8
5
381
840
706
716
564
911
101
181
185
151
229
236
322
355
352
343
407
360
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
459
372
345
262
361
983
394
247
998
186 1,063
337 1,174
348 1,195
19,240
19,535
19,420
18,899
18,628
19,240
19,535
19,420
18,899
304 18,932
522
514
587
250
229
222
495 1,029
244 1,112
290 1,048
16,688 2,595 19,283
17,259 2,859 20,118
16,932 3,108 20,040
422
437
446
436
423
400
393
394
401
395
395
'389
777
832
878
917
890
794
923
846
866
918
938
879
226
208
188
183
171
193
176
164
149
161
150
160
299
305
185
199
183
216
201
200
196
194
198
206
16,909 3,126 20,035
16,724
,857 19,581
16,707
,809 19,516
16,671
,903 19,574
16,761
,915 19,676
16,800
,935 19,735
16,991
,026 20,017
16,723
,998 19,721
16,890
,055 19,945
16,920
,084 20,004
17,017
,102 20,119
17,303
,427 20,730
408
965
155
212 1,052 17,247 ^3,427 *>20,674
4,400
210
61 1,317 4,024 2,018
5,455
272
12 2,208 4,030 2,295
7,609 2,402
83 2,612 17,518 2,956
170 2,404 22,759 3,239 10,985 2,189
652 24,744 20,047 4,322 28,452 2,269
2,278 32,663
"",287
1,503 32
1,626 32 ,477
' ,596 32,692
560 32,972
635 33,454
740 34,262
,080
710 34,440
34,628
35,353
2,434 36,610
15,950
15,922
15,878
15,878
15,834
15,785
15,664
15,602
15,582
15,582
15,582
15,562
5,568
5,567
5,576
5,578
5,576
5,583
5,585
5,584
5,589
5,587
5,594
5,583
30
81
616
592
625
30
164
739
1,531
1,247
976
1,041
1,095
1,022
1,075
1,125
1,076
1,144
1,163
1,089
1,138
1,215
Week en ding1962
Dec.
5
12
19
26
21
93
109
164
308
1,832 32,373
1,'
,629
2,443 33,163
2,842 33 ,733
15,977
15,977
15,978
15,978
5,556
5,559
5,560
5,564
34,860
35,226
35,366
35,471
390
402
399
395
500
478
669
665
207
207
208
210
315
268
277
295
1,068
1,068
1,011
1,026
16,565
16,517
16,771
17,212
2,964 19,529
3,010 19,527
3,182 19,953
3,113 20,325
2,684 34,104
2,728 33,286
2,,392 32,784
2,307 32,464
1,615 31,916
15,978
15,978
15,963
15,928
15,928
5,568
5,572
5,563
5,567
5,571
35,349
35,022
34,694
34,361
34,080
399
423
412
429
432
628
711
767
823
837
280
226
232
225
220
319 1,054
991
306
980
298
960
281
966
297
17,623
17,157
16,927
16,881
16,583
3,456 21,079
3,139 20,296
3,173 20,100
3,034 19,915
3,028 19,611
1963
Jan.
2
9
16
23
30
30,598
30,404
30,227
29,898
30,123
30,478
30,404
30,227
29,898
29,975
148
716
65
80
172
101
Feb.
6
13
20
27
30,540
30,786
30,392
30,405
30,235
30,447
30,337
30,361
305
339
55
44
225
165
157
159
,358 32,194
,319 32,330
,702 32,312
,596 32,219
15,928
15,928
15,928
15,913
5,569
5,563
5,566
5,570
34,107
34,263
34,293
34,228
421
427
444
454
783
838
901
801
206
212
187
230
971
297
959
298
310 1,086
314 1,125
16,907
16,825
16,586
16,550
2,777
2,799
2,926
2,927
19,684
19,624
19,512
19,477
Mar. 6
13
20
27
30,552
30,651
30,430
30,635
30,402
30,528
30,430
30,519
150
123
172
168
87
271
,665 32,444
,527 32,402
,872 32,441
,598 32,555
15,878
15,877
15,878
15,878
5,573
5,576
5,577
5,576
34,282
34,454
34,511
34,415
448
856
450
783
448
845
451 1,014
188
191
180
186
213
181
191
174
,135
,114
,073
,078
16,772
16,682
16,648
16,690
2,745
2,740
2,857
2,908
19,517
19,422
19,505
19,598
Apr.
3
10
17
24
30,997
31,188
30,988
30,589
30,855
31,106
30,946
30,589
142
82
42
204
117
187
188
,345 32,596
,425 32,779
.
,630 32,853
,919 32,743
15,878
15,878
15,878
15,877|
5,577
5,578
5,574
5,578
34,535
34,745
34,915
34,685
428
441
427
437
895
897
826
996
189
184
190
191
191
194
216
192
,074
,076
,001
987
16,740
16,696
16,730
16,710
2,868
2,675
2,960
3,019
19,608
19,371
19,690
19,729
May
1
8
15
22
29
30,808
31,350
31,333
30,914
30,910
30,646
31,113
31,211
30,914
30,910
162
237
122
124
141
229
304
266
,522 32,500
,545 33,081
,471 33,077
,899 33,163
,446 32,667
15,877
15,864
15,828
15,828
15,819 5,578
34,583
34,755
34,933
34,896
34,911
438
963
435
969
416 1,047
422
931
419
673
167
172
156
190
168
196
997 16,615
990 17,012
191
984 16,750
189
177 1,162 16,787
174 1,155 16,565
3,029
2,703
2,910
2,896
3,034
19,644
19,715
19,660
19,683
19,599
For notes sec opposite page.
116
FEBRUARY 1964
179
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
(In millions of dollars)
Factors supplying reserve funds
F.R. Bank credit outstanding
Period
or
date
U.S. Govt. securities
DisTocounts
Bought Repur- and Float i tal 2
Total out- chase adright agree- vances
ments
Factors absorbing reserve funds
Deposits, other
Treasthan member bank
Member bank
Cur- Treasury
reserves,
reserves
Gold
ury
cur- rency
with F.R. Banks Other
in
stock rency
cash
F.R.
cirholdoutacings
stand- culacounts With Curtion
ing
Treas- For- Othcri
F.R.
Total
ury
Banks
Averages of
daily figures
Week ending—
1963
June
5
31,293 31,191
31,587 31,513
31,317 31,244
19
31,583
31,430
26........
102
74
73
153
216
249
284
234
1,318 32,868
1,382 33,261
1,853 33,498
1,854
" 33,714
15,797
15,797
15,798
15,779
5,583
5,581
5,582
5,582
35,108
35,298
35,331
35,279
407
402
404
402
643
774
781
892
169
218
202
185
183
205
237
217
,156
,156
,111
,099
16,582
16,587
16,813
17,001
2,856
2,841
2,983
3,051
19,438
19,428
19,796
20,052
3
10
12
July
32,249
32,652
32,042
, 31,687
32,086
32,078
32,308
31,939
31,687
32,044
171
344
103
329
323
401
313
143
1,651 34,273 15,733
" ,744 15,691
,726 34
1,-"
,929 34:,419 15,669
1^90 34 ,030 15,633
1,344 33 ,611 15,633
5,587
5,588
5,582
5,584
5,586
35,581
35,899
35,850
35,698
35,564
863
383
391 1,022
922
396
886
391
891
393
173
180
180
168
179
235
196
199
193
202
,101
,107
,056
,062
,069
17,257
17,228
17,067
16,850
16,530
2,985
2,865
3,105
3,078
3,118
20,242
20,093
20,172
19,928
19,648
, 32,443
, 32,286
, 32,017
32,142
32,373
32,253
31,964
32,074
70
33
53
68
403
382
324
305
1,288
1,367
1,787
1,418
34 ,174
34 ,075
34 ,167
33 ,901
15,633
15,618
15,583
15,583
5,587
5,581
5,583
5,586
35,703
35,879
35,850
35,728
402
382
394
400
742
870
879
918
170
167
153
162
250
188
185
181
,071
,038
,217
,219
17,055
16,750
16,655
16,461
2,858
2,959
2,999
3,093
19,913
19,709
19,654
19,554
32,438 32,264
32,644 32,350
32,209
32,040 32,040
174
294
355
385
225
418
1,348
1,487
1,995
1,937
34 ,180
34 ,553
34 ,465
34 ,434
15,582
15,583
15,582
15,582
5,587
5,591
5,590
5,587
35,889
36,066
36,016
35,850
391
409
417
385
806
824
942
856
170
153
142
139
192
206
209
181
,214
,219
,139
,140
16,689
16,850
16,770
17,052
2,995
2,964
3,130
3,148
19,684
19,814
19,900
20,200
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
567 34,737 15,583 5,582 36,235
339
930 34,589 15,581 5,583 36,165
392
416 34,163 15,582 5,590 36,066
229
393
397
392
394
398
901
910
930
915
906
153
153
150
171
167
192
193
194
188
197
,114
,141
,107
,060
,048
17,027
17,349
16,894
16,860
16,553
3,150
2,843
3,095
3,082
3,202
20,177
20,192
19,989
19,942
19,755
13
20
27
33,031
33,179
32,949
33,111
32,822
32,880
32,773
33,018
209
299
176
93
434
330
462
233
1,315 34 ,842
1,581 35,138
",635
2,180 35
2,,126 35 ,512
15,583
15,582
15,582
15,582
5,595
5,598
5,596
5,593
36,250
36,625
36,722
36,872
391
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
4
11
18
25
33,795
33,849
33,665
33,586
33,590
33,759
33,582
33,552
205
90
83
34
540
148
307
350
1,631
899
1,899
2,471
2,991
36,010
35,945
36,507
37,040
15,582
15,582
15,582
15,552
5,580
5,586
5,582
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
3,444
20,320
19,994
20,680
21,000
33,655
33,698
33,494
32,944
32,739
33,563
33,531
33,338
32,944
32,739
92
167
156
590
396
394
198
209
2,752
2,461
2,203
2,365
365
1,764
37,153
36,706
36,231
35,623
35
34,780
15,513
15,513
15,513
15,513
15,512
5,580
5,582
5,584
5,586
5,582
37,730
37,306
36,983
36,690
36,364
381
927
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 3,790
17,685 3,485
17,463 3,442J
17,149 3,314
16,840 ^3,360
21,443
21,170
20,905
20,463
^20,200
33,667 33,567
33,593 33,582
100
11
868 1,341 35,918 15,582 5,572 37,227
63 2,600 36,418 15,513 5,578 37,692
378
361
890
165
171
192 1,267 16,952 3,069 20,021
291 1,065 17,049 4,099 21,148
791
136
210
17
24
31
Aug. 7
14
21
28
32,209
nV.'.','.'.'.,
Oct
25
2
9
16
23
30
Nov. 6
Dec.
1964
Jan.
1
8
15
22
29
End of month
1963
Nov.
Dec
1964
364 1,459 34,643 P15,513 '5,586 *>36,237
32,752 32,752
957 16,983 '3,447 •20,430
Jan
Wednesday
Dec.
1963
4...
11...
18...
25...
31 4..
33,976
33,597
33,732
33,672
33,593
33,783
33,594
33,552
33,552
33,582
193
3
180
120
11
121
321
307
259
63
817 35,962
769 35,737
768 36,891
916 36,968
600 36,418
15,583
15,583
15,583
15,513
15,513
5,583
5,583
5,583
5,587
5,578
37,403
37,634
37,719
37,873
37,692
387
586
394 1,067
400
927
401
888
361
880
152
164
158
138
171
203
195
198
220
291
13,493
13,419
12,696
12,721
33,341
33,322
32,696
32,721
152
97
325 1,956 35 ,919
94 2,386 36,022
348 1,748 34,888
347 34,467
333
15,513
15,513
15,513
15,513
5,583
5,585
5,581
5,582
37,187
36,888
36,568
36,310
403 l,082|
417
996 j
418 1,036
427
847
171
155
147
130
214 1,063 16,895 3,725 20,620
219 1,063 17,382 3,776 21,158
210 1,055 16,547 3,649 20,196
197
956 16,696 •3,685 ^20,381
1,259
1,264
1,207
1,213
1,065
17,139
16,185
17,448
17,335
17,049
3,376
3,703
3,776
3,691
4,099
20,515
19,888
21,224
21,026
21,148
1964
Jan.
8.
15.
22.
29.
1 Beginning with 1960 reflects a minor change in concept, see Feb.
1961 BULL., p. 164.
2 Includes industrial loans and acceptances, when held. (Industrial
loan program discontinued Aug. 21, 1959.) For holdings of acceptances
on Wed. and end-of-month dates, see subsequent tables on F.R. Banks.
See also note 1.
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.
4
Tuesday.
180
BANK RESERVES AND RELATED ITEMS
FEBRUARY 1964
RESERVES AND BORROWINGS OF MEMBER BANKS
(Averages of daily figures; in millions of dollars)
Reserve city banks
All member banks
New York City
Period
Reserves
Total
held
Required
Excess
Borrowings
at
F.R.
Banks
Reserves
Free
reserves
Total
held
Required
Excess
City of Chicago
Borrowings
at
F.R.
Banks
1929—June
1933—June
1939—Dec
1941_Dec
1945—Dec
1947_Dec
2,314 2,275
12,160 1,797
11,473 6,462
12,812 9,422
16,027 14,536
17,261 16,275
42
363
5,011
3,390
1,491
986
974
184
3
5
334
224
-932
179
5,008
3,385
1,157
762
762
861
5,623
5,142
4,118
4,404
755
792
3,012
4,153
4,070
4,299
7
69
2,611
989
48
105
174
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec....
17,391
20,310
21,180
19,920
19,279
16,364
19,484
20,457
19,227
18,576
1,027
826
723
693
703
142
657
1,593
441
246
885
169
-870
252
457
4,742
5,275
5,357
4,762
4,508
4,616
5,231
5,328
4,748
4,497
1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec
19,240
19,535
19,420
18,899
18,932
18,646
18,883
18,843
18,383
18,450
594
652
577
516
482
839
688
710
557
906
-245
-36
-133
-41
-424
4,432
4,448
4,336
4,033
3,920
I960—Dec
1961—Dec
1962—Dec
19,283 18,514
20,118 19,550
20,040 19,468
769
568
572
87
149
304
682
419
268
1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
20,035
19,581
19,516
19,574
19,676
19,735
20,017
19,721
19,945
20,004
20,119
20,730
19,552
19,109
19,090
19,140
19,219
19,358
19,537
19,254
19,532
19,596
19,704
20,205
483
472
426
434
457
377
480
467
413
408
415
525
99
172
155
121
209
236
322
330
321
313
376
327
384
300
271
313
248
141
158
137
92
95
39
198
J>20,674 ^20,247
»427
256
1964—Jan
Week ending—
1963—Jan. 2
9
16....
23
30
63
192
38
1
78
540
295
14
13
-62
78
540
295
14
7
125
44
30
14
12
58
151
486
115
62
67
-107
-456
-101
-50
1,199
1,356
',406
,295
,210
1,191
1,353
1,409
1,295
1,210
8
3
-4
1
-1
5
64
232
37
15
3
-61
-236
-36
-16
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
,136
,077
1,038
1,164
1,138
1,127
1,070
1,038
2
12
85
97
85
39
104
-83
-86
-77
-31
-104
3,687
3,834
3,863
3,658
3,826
3,817
29
7
46
19
57
108
10
-50
-62
958
987
1,042
953
987
1,035
3,857
3,721
3,752
3,727
3,769
3,722
3,796
3,631
3,748
3,695
3,683
3,950
3,840
3,704
3,734
3,716
3,735
3,742
3,740
3,620
3,722
3,693
3,668
3,895
18
17
19
11
34
-20
55
11
27
2
15
55
13
5
42
-25
27
-8
-1
12
34
39 " - 5 9
40
15
90
-79
82
-55
101
-99
89
-74
37
18
,038
,016
,009
,003
,025
,029
,038
,009
,029
,036
,035
,056
1,037
1,012
1,008
998
1,025
1,032
1,026
1,007
1,030
1,028
1,032
1,050
?3,906 *3,893
36
714
63
79
170
99
320
375
442
316
332
4,180
3,973
3,816
3,811
3,757
4,030
3,934
3,818
3,793
3,746
149
39
2
18
11
299
7
14....
21....
28
19,913
19,709
19,654
19,554
19,431
19,236
19,252
19,146
482
473
402
408
398
352
294
274
84
121
108
134
3,722
3,611
3,613
3,569
3,720
3,599
3,605
3,570
2
12
8
-1
8:
106
89
81
Sf::::
18
25....
19,684
19,814
19,900
20,200
19,204
19,313
19,552
19,740
480
501
348
460
325
354
193
388
155
147
155
72
3,645
3,615
3,710
3,847
3,601
3,605
3,713
3,817
44
10
-2
30
2....
9
16
23....
30....
20,177
20,192
19,989
19,942
19,755
19,825
19,757
19,603
19,513
19,407
352
435
386
429
348
343
392
309
361
199
9
43
77
68
149
3,891
3,775
3,678
3,643
3,650
3,877
3,767
3,661
3,639
3,632
Nov. 6
13....
20
27
20,166
20,065
20,250
20,035
19,737
19,637
19,744
19,700
429
428
506
335
404
300
431
200
25
128
75
135
3,760
3,669
3,652
3,671
Dec.
20,320
19,994
20,680
21,000
19,734
19,804
20,188
20,516
586
190
492
484
507
115
272
317
79
75
220
16'
21,443 20,658
21,170 20,707
20,905 20,305
20,463 20,174
*>20,200 ^19,828
785
463
600
289
P373
558
364
361
164
177
227
99
239
125
1964—Jan.
4
11
18
25. . . .
1
8
15
22
29
For notes see opposite page.
Excess
Free
reserves
161
133
601
848
924
1,011
1,034
438
521
486
431
Oct.
Required
161
211
1,141
1,143
939
1,024
20,045
19,858
19,579
19,429
19,180
Sep
Total
held
-167
69
2,611
989
-144
67
21,079
20,296
20,100
19,915
19,611
Aug.
Borrowings
at
F.R.
Banks
Reserves
Free
reserves
P-23
A
-22
-11
-6
-11
-37
o
-8
-6
-13
-27
-41
-11
-37
-20
1
4
1
5
-3
11
2
-1
8
3
6
,048
,102
,063
,028
,030
,019
1,092
1,056
1,029
1,025
1,017
10
7
-80
-94
-81
,021
,oo:
,oi:
,oo:
1,024
997
1,009
1,001
-2
5
3
2
81
135
41
83
-3'
-125
-43
-53
,014
,001
,033
,046
1,010
1,001
1,028
1,051
5
-5
5
-38
-22
-50
15
8
17
4
18
83
100
130
127
34
-68
-9:
-113
-123
-16
,065
,044
,033
,034
,009
1,060
1,043
1,025
1,028
1,007
5
1
8
6
2
-67
-50
-10
2
-2
3,752
3,616
3,650
3,650
9
54
1
20
18:
100
76
-173
-46
-75
16
,038
,031
,049
,034
1,036
1,021
1,035
1,035
2
10
15
-1
-44
-11
-58
-4
3,741
3,747
3,913
4,046
3,707
3,745
3,906
4,004
34
-25
-10
1,027
1,012
1,044
1,080
6
-3
9
-11
,03:
,009
,053
,080
-37
-6
-15
-24
4,228
4,068
3,909
3,841
3,791
4,073
4,072
3,864
3,837
3,780
155
—4
45
88
-49
-3-11
-10
,100
,047
,027
,012
1,090
1,091
1,043
1,032
1,007
6
13
1
-150
39
-8
-55
6
-12
-3
-5
i
6
2
73|
45
12
-75
-40
-9
2
-47
-19
-37
-33
-3
FEBRUARY 1964
181
BANK RESERVES AND RELATED ITEMS
RESERVES AND BORROWINGS OF MEMBER BANKS—Continued
(Averages of daily figures; in millions of dollars)
Other reserve city banks
Reserves
Period
Country banks
Reserves
Excess
Borrowings at
F.R.
Banks
Free
reserves
Borrowings at
F.R.
Banks
Free
reserves
22
96
671
804
1 011
597
327
126
3
4
46
57
-305
-30
668
800
965
540
4,099
5,161
5,518
5,307
5,032
663
596
576
594
602
29
88
236
105
52
634
508
340
489
550
5,716
5,859
5,906
5,849
6,020
5,220
5 371
5,457
5,419
5,569
497
488
449
430
450
159
144
172
162
213
338
344
277
268
237
80
20
-52
6,689
6,931
6,956
6,066
6,429
6,515
623
502
442
40
31
48
583
471
394
7,025
6,899
6,818
6,849
6,868
6,946
7,033
7,021
7,049
7,119
7,205
7,333
6,572
6,474
6,432
6,461
6 496
6,566
6 671
6,611
6,686
6,758
6,842
6 937
453
425
386
388
372
380
362
411
362
361
363
396
27
35
40
41
50
65
57
426
390
346
347
322
315
305
130
131
171
190
-50
-55
-30
-25
-66
-109
-150
-75
-106
-94
-137
-122
93
318
69
62
76
74
293
299
287
322
*>22
137
*-115
*7,373
*>6,985
P388
56
P332
8,318
8,248
8,131
8 036
7,938
137
53
20
41
34
315
34
48
115
53
-178
19
-28
-74
-19
7,342
6,958
7,105
6,997
6,862
6,605
6,620
6,601
6 576
6,479
737
338
504
All
383
35
27
13
33
38
702
311
490
388
345
8,069
8,014
8,016
7,980
31
29
27
31
140
117
111
97
-109
28
8,100
8,043
8,043
8,011
7,069
7,053
6,986
6,971
6,619
6,626
6,622
6,594
451
427
365
376
103
84
82
96
348
343
283
280
Sept. 4
11
18
25
8,082
8,092
8,118
8,168
8,006
8,047
8,111
8,135
76
45
135
6,587
6 660
6 701
6,737
356
109
247
446
338
70
51
402
57
376
287
16
23
30
8,191
8,221
8,173
8,105
8,064
6
13
20
27
Total
held
Required
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
1
96
123
-397
62
1,188
1,302
322
148
632
441
1,568
2,210
4,576
4,972
610
344
897
1,406
3,566
4,375
1950 Dec
1951 Dec
1952—Dec
1953 Dec
1954—Dec
6,689
7,922
8,323
7,962
7,927
6,458
7,738
8,203
7,877
7,836
232
184
120
85
91
50
354
639
184
117
182
-170
-519
-99
-26
4,761
5,756
6,094
5,901
5,634
1955 Dec
1956—Dec
1957 Dec
1958—Dec
1959—Dec
7,924
8,078
8,042
7,940
7,954
7,865
7,983
7,956
7,883
7,912
60
96
86
57
41
398
300
314
254
490
-338
-203
-228
-198
-449
I960—Dec
1961 Dec
1962—Dec
7,950
8,367
8,178
7,851
8,308
8,100
100
59
78
20
39
130
8,115
7,945
7,936
7,995
8,013
8,038
8,150
8,060
8,119
8,154
8,197
8,390
8,104
7,919
7,916
7,965
7,962
8,018
8,099
8,017
8,095
8,117
8,163
8,322
10
25
20
29
51
20
51
60
80
50
54
117
129
201
43
118
24
37
34
68
*8,347
P8,325
8,455
8,301
8,151
8,077
7,972
1929 June
1933_june
1939 Dec
1941—Dec
1945—Dec
1947 Dec
. .
1963—Jan
Feb
Mar
Apr
May
June
July
. . .
Sept
Oct
Nov.
Dec
1964—Jan . . .
. . .
Total
held
Required
Excess
Week ending—
1963 Jan
2
9
16
23
30
Aug. 7
14
21
Oct
Nov
Dec
1964
Jan
-84
-66
-59
-67
7
112
74
-67
34
203
-169
6,943
7,106
7,039
7,139
8,170
8,185
8,135
8,083
8,038
21
36
38
21
25
111
185
119
182
66
-90
-149
-81
-161
-41
7,030
7,152
7,105
7,160
7,032
6 719
6,762
6,782
6,762
6,729
311
390
323
398
303
77
56
42
48
95
8,184
8,194
8,180
8,199
8,168
8,156
8,177
8,162
17
39
111
111
4
37
222
101
-94
-72
-218
7,184
7,170
7,369
7,131
6,782
6,845
6 882
6,853
402
325
487
278
65
67
60
90
427
188
4
11
18
25
8,198
8,204
8,362
8,487
8,154
8,167
8,313
8,452
44
37
49
-260
7,349
7,033
7,351
7,388
6,846
6,880
6,925
6,979
502
153
426
409
101
75
71
79
401
35
304
24
166
161
1
8
15
22
29
8,621
8,540
8,416
8,337
8,163
8,473
8,499
8,376
8,319
8,133
148
41
40
18
30
384
217
193
77
93
-236
-176
-153
7,500
7,461
7,533
7,257
*>7,234
7,023
7,046
7,022
6,986
*>6,907
477
415
511
271
56
74
48
44
55
421
341
463
227
2
9
.
i This total excludes, and that in the preceding table includes, $51
million in balances of unlicensed banks.
NOTE.—Averages of daily figures. Beginning with Jan. 1963 reserves
are estimated except for weekly averages.
Total reserves held: Based on figures at close of business through Nov.
— oo
-64
13
-117
-126
-59
-63
P327
345
234
334
281
350
208
337
258
78
355
330
'272
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.
182
DISCOUNT RATES
FEBRUARY 1964
FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per annum)
Discounts for and advances to member banks
Federal Reserve Bank
Advances and discounts under
Sees. 13 and 13a 1
Effective
date
Rate on
Jan.31
July
July
July
July
July
July
July
July
July
July
July
July
Boston
New Y o r k . . .
Philadelphia..
Cleveland....
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Previous
rate
Effective
date
Rate on
Jan.31
July
July
July
July
July
July
July
July
July
July
July
July
17, 1963
17, 1963
19, 1963
17, 1963
17, 1963
24, 1963
19, 1963
17, 1963
17, 1963
26, 1963
17, 1963
19, 1963
i Advances secured by U.S. Govt. securities and discounts of and
advances secured by eligible paper. Rates shown also apply to advances
secured by securities of Federal intermediate credit banks maturing
within 6 months. Maximum maturity: 90 days except that discounts
of certain bankers' acceptances and of agricultural paper may have
maturities not over 6 months and 9 months, respectively, and advances
Advances to all others under
last par. Sec. 13 3
Advances under
Sec. 10(b) *
17,
17,
19,
17,
17,
24,
19,
17,
17,
26,
17,
19,
Previous
rate
Rate on
Jan.31
1963
1963
1963
1963
1963
1963
1963
1963
1963
1963
1963
1963
Effective
date
July 17,
June 10,
Aug. 19,
July 17,
July 17,
July 24,
July 19,
July 17,
Aug. 15,
July 26,
Sept. 9,
June 3,
1963
1960
1960
1963
1963
1963
1963
1963
1960
1963
1960
1960
Previous
rate
4
5
5
5
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
Range
(or levelsall F.R.
Banks
F.R.
Bank
of
N.Y.
Effective
date
Range
(or level)—
all F.R.
Banks
F.R.
Bank
of
N.Y.
Effective
date
1953
In effect Dec. 31, 1932
Mar. 3
4
Apr. 7
M a y 26
Oct. 20
I*
1934
Feb. 2
Mar. 16
F.R.
Bank
of
N.Y.
1958
Jan. 16
23
1933
Range
(or level)—
all F.R.
Banks
Jan. 22
24
Mar. 7
13
21
Apr. 18
May 9
Aug. 15
1954
Feb. 5
15
Apr. 14
16
M a y 21
Sep
4f:::::::
Oct. 24
Nov. 7
1955
1935
Jan. 11
M a y 14
ig
1937
1 -2
1 -1%
Aug. 27
Sept. 4
1942
Apr. 11
Oct. 15
30
Apr
-&::::
May 2
Aug. 4
1959
Mar. 6
16
M a y 29
June 12
Sept. 11
18
12!!!;;
Sept. 9
13
Nov. 18
23
1960
1946
Apr. 25
M a y 10
1948
Jan. 12
19
June
3
10
14
Aug. 12
Sept. 9
1956
Apr. 13
,
20
Aug. 24
31
f
1963
**&:::::::::::::::
1950
1957
*•&:::::
Nov. 15
Dec. 2
1
Preferential rate of % of 1 per cent for advances secured by U.S.
Govt. securities maturing in 1 year or less. The rate of 1 per cent was
continued for discounts of and advances secured by eligible paper.
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
3
«2*
3 -3%
July 17
26
3
-
1964
In effect Jan. 31
against U.S. Govt. securities was the same as its discount rate except
in the following periods (rates in percentages): 1955—May 4-6, 1.65;
Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug.
24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29,
2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July
20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3
2.75; 1962—Mar. 20-21, 2.75.
MAXIMUM INTEREST RATES PAYABLE ON TIME AND
SAVINGS DEPOSITS
RESERVE REQUIREMENTS OF MEMBER BANKS
(Per cent of deposits)
(Per cent per annum)
Net demand deposits2
Effective date
Type of deposit
Jan. 1,
1936
Savings deposits held for:
1 year or more
Less than 1 year
Jan. 1,
1957
3
} 2*
Jan. 1,
1962
July 17,
1963
3
Less than 1 year
Other time deposits payable in: i
1 year or more
6 months-1 year
90 days-6 months
Less than 90 days
m
4
3%
{ k
3
<ji
i For exceptions with respect to foreign time deposits, see Oct. 1962
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.
Central
reserve
city
banks 3
Reserve
city
banks
Country
banks
Effective date
Regulation
July 28, July 10, Nov. 6,
1960
1962
1963
70
70
50
50
70
70
70
50
70
NOTE.—Regulations T and Us 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.
Central
reserve
and
reserve
city
banks
Country
banks
26
22
16
7V2
7V2
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
18
13
14
13
6
6
5
5
1958_Feb.
Mar.
Apr.
Apr.
1960—Sept
Nov
Dec.
27, Mar. 1.
20, Apr. 1..
17
24
1
24
1
171/2
17
H1/2
11
11*
23
24
22
21
20
19 2
18i/2
18
17%
12
5
16!/ 2
12
I61/2
4
4
I6I/2
12
4
4
10
22
7
14
3
6
3
6
1962—Oct. 25, Nov. 1.
In effect Feb. 1, 1964...
Maximum
(Per cent of market value)
Time deposits
IneffectDec.31,1948...
Present legal requirement:
MARGIN REQUIREMENTS
Regulation T:
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
Effective date 1
4
{ k
Postal savings deposits
held for:
BULL., p.
183
RESERVE REQUIREMENTS
FEBRUARY 1964
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 central reserve or reserve city banks.
2 Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due from domestic banks.
3 Authority of the Board of Governors to classify or reclassify cities as
central reserve cities was teminated effective July 28, 1962.
NOTE.—All required reserves were held on deposit with F.R. Banks,
June 21, 1917, until late 1959. Since then, member banks have also been
allowed to count vault cash as reserves, as follows: Country banks—in
excess of 4 and 2V2 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.
DEPOSITS, CASH, AND RESERVES OF MEMBER BANES
(In millions of dollars)
Reserve city banks
Reserve city banks
Item
All
member
banks
New
York
City
City
of
Chicago
Country
banks
Item
Other
6,349 51,278
1,273
7,343
203
1,492
4,873 '42,444
5,301 41,048
3,808 34,802
'51,476
1,857
1,470
'48,149
'43,687
'40,581
102
47
2,051
998
5,207
1,915
984
1,031
1,027
4
7,197
8,195
8,165
30
5,308
7,223
6,865
358
1
Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due from domestic banks.
New
York
City
City
of
Chicago
Country
banks
Other
Four weeks ending Jan. 8, 1964
Four weeks ending Dec. 11, 1963
Gross demand:
134,126 25,023
Total
Interbank
14,787 4,314
U.S. Govt
'3,904
739
Other
'115,436 19,970
Net demand 1
109,566 19,530
Time
'90,831 11,639
Demand balances due
7,482
from domestic banks. .
121
Currency and coin
3,216
257
B a l a n c e s w i t h F.R.
16,936 3,446
Banks
Total reserves held
20,152 3,703
Required
19,745 3,688
Excess
407
15
All
member
banks
Gross demand:
Total
Interbank
U.S. Govt
Other
Net demand 1
Time
Demand balances due
from domestic banks.
Currency and coin
B a l a n c e s w i t h F.R.
Banks
Total reserves held
Required
Excess
139,772
15,231
5,231
119,311
114,287
91,739
27,054
4,452
1,211
21,391
21,473
11,766
6,675
1,279
305
5,091
5,593
3,838
53,447
7,596
1,922
43,930
42,562
35,283
52,596
1,904
1,792
48,900
44,658
40,852
7,664
3,549
115
300
100
55
2,138
1,087
5,311
2,108
17,524
21,073
20,517
556
3,764
4,064
4,014
50
1,027
1,082
1,076
6
7,416
8,503
8,434
69
5,317
7,425
6,993
432
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.
184
FEDERAL RESERVE BANKS
FEBRUARY 1964
CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
(In millions of dollars)
Wednesday
End of month
1964
Item
1963
1964
1963
Jan. 29
Jan. 22
Jan. 15
Jan. 8
Dec. 31 i
Jan.
Dec.
Jan.
13,819
1,412
13,804
1,418
13,809
1,420
13,809
1,424
13,819
1,418
13,819
1,412
13,819
1,418
14,385
1,275
15,231
15,222
15,229
15,233
15,237
15,231
15,237
15,660
310
286
263
229
182
325
182
449
301
316
62
293
32
332
31
32
31
32
32
32
87
69
27
71
52
71
74
70
92
68
70
92
Assets
Gold certificate account
Redemption fund for F.R. notes
Cash
Discounts and advances:
Other
.
Acceptances:
.
32
.
66
U.S. Govt. securities:
Bought outright:
Bills
Notes
Bonds
Other
Total bought outright
Held under repurchase agreement
Total U.S. Govt. securities
Cash items in process of collection
Bank premises
Other assets:
Denominated in foreign currencies
All other
Total assets
32
62
10
3,281
3,256
3,882
3,901
4,142
3,312
4,142
2,109
7,066
17,729
4,645
7,066
17,729
4,645
7,066
17 729
4,645
7,066
17,729
4,645
7,066
17,729
4,645
7,066
17,729
4,645
7,066
17,729
4,645
13,182
10,682
4,137
32,721
32,696
33,322
33,341
33,582
32,752
33,582
30,110
97
152
11
11
179
32,721
32,696
33,419
33,493
33,593
32,752
33,593
30,289
33,120
5,303
104
33,140
6,200
104
33,636
6,853
104
33,963
6,227
104
33,818
6,435
104
33,184
4,832
103
33,818
6,435
104
30,448
4,846
104
255
338
153
318
153
294
55,423
56,532
153
247
56,176
255
341
54,661
153
273
56,182
54,271
153
247
56,176
110
367
51,984
31,182
31,401
31,699
31,956
32,381
31,122
32,381
29,111
16,696
847
16,547
1,036
17,382
996
16,895
1,082
17,049
880
16,983
791
17,049
880
16,644
821
130
197
147
210
155
219
171
214
171
291
136
210
171
291
197
327
17,870
17,940
18,752
18,362
18,391
18,120
18,391
17,989
3,956
4,452
4,467
4,271
3,835
3,373
3,835
3,335
81
79
81
84
82
77
82
68
53,089
53,872
54,999
54,673
54,689
52,692
54,689
50,503
501
990
499
990
499
990
497
990
497
990
501
990
497
990
471
934
81
62
44
22
54,661
55,423
56,532
56,182
56,176
51,984
Liabilities
F.R. notes
Deposits:
Member bank reserves
U.S. Treasurer—General account
•
Other
Total deposits
Deferred availability cash items .
...
Total liabilities
Capital Accounts
Capital paid in
. . . . .
.
. . .
. .
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
88
56,176
54,271
76
92
92
92
88
92
91
92
84
8,795
8,643
8,612
8,642
8,675
8,740
8,675
7,033
Federal Reserve Notes—Federal Reserve Agents' Account s
F.R. notes outstanding (issued to Bank).. .
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U.S. Govt. securities
Total collateral
1 Tuesday.
No accrued dividends at end-of-Dec. dates.
2
33,952
34, 085
34,179
34,275
34,317
33 ,879
34 ,317
31 ,595
6,700
39
28,377
6, 700
23
28, 397
6,740
7
28,394
6,740
20
28,394
6,890
15
28,242
6 ,700
68
28 ,367
6 ,890
15
28 ,242
7 ,517
24
25 ,231
35,116
3 5 , 120
35,141
35,154
35,147
35 ,135
35 ,147
32 ,772
FEBRUARY 1964
185
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH BANK ON JANUARY 31, 1964
(In millions of dollars)
Item
Total
Boston
Philadelphia
New
York
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Assets
Gold certificate account
Redemption fund for F.R. notes
F.R. notes of other Banks
Other cash
Discounts and advances:
Secured by U.S. Govt. securities...
Other
Acceptances:
Bought outright
Held under repurchase agreement..
U.S. Govt. securities:
13,819
1,412
700
80
3,508
334
736
78
1,055
983
110
769
86
2,281
125
259
512
60
315
29
639
54
557
44
1 764
153
15,231
780
3,842
814
1,180
1,093
855
2,540
572
344
693
601
1,917
866
325
80
20
181
69
76
17
70
23
55
19
92
33
74
43
29
18
53
11
22
14
48
9
86
49
332
32
3
2
8
9
4
2
2
3
4
35
2
133
4
33
5
1
32
1
46
2
27
4
68
68
32,752
1,656
8,426
1,741
2,728
2,209
1,779
5,454
1,292
633
1,328
1,271
4,235
33,184
1,661
8,511
1,747
2,733
2,214
1,816
5,591
1,326
639
1,361
1,319
4,266
494
3
12
18
1,176
8
359
3
461
6
473
17
176
4
643
10
23
29
14
19
9
14
15
13
34
44
3,068 13,940
3,048
4,525
3,319
9,351
2,253
6
5
1,238
309
7
11
15
2,432
300
12
14
18
988
22
36
57
279
6
167
86
426
5
13
24
3,849
2,317
7,049
31,988
F.R. notes
Deposits:
16,983
Member bank reserves
791
U.S. Treasurer—General account..
136
Other
210
1,875
7,750
1,868
2,734
2,618
1,844
5,768
1,304
584
1,228
954
3 461
676
4,585
177
2 40
751
1,218
45
12
751
824
972
63
6
4
2
56
5*
426
1
2,532
50
18
615
144
946
43
7
1
49
7
1
2 687
118
18
54
18,120
729
4,946
806
1,276
807
997
2,602
676
480
895
1,029
2,877
4,625
77
385
4
805
20
282
4
367
6
338
5
386
4
741
14
215
3
237
3
242
3
491
9
2,993 13,521
2,960
4,383
3,768
3,231
9,125
2,198
136
2
1,202
2,363
2,228
6,838
132
264
23
28
55
5
45
90
7
25
49
7
28
56
4
72
140
14
17
34
4
12
23
1
22
43
4
29
57
3
67
132
12
3,068 13,940
3,048
4,525
3,849
3,319
9,351
2,253
1,238
2,432
2,317
7,049
Held under repurchase agreement..
Total loans and securities
•
Cash items in process of collection...
Bank premises
Other assets:
Denominated in foreign currencies.
All other
6,084
103
254
342
56,389
Total assets
Liabilities
Total deposits
Deferred availability cash items . . . .
Other liabilities
Total liabilities
54,810
47
6
47
7
45
7
51
3
2
Capital Accounts
Surplus
Other capital accounts
501
990
88
Total liabilities and capital accounts.. 56,389
Ratio of gold certificate reserves to
deposit and F.R. note liabilities
combined (per cent):
Jan 31 1964
Dec. 31, 1963
Jan 31 1963
Contingent liability on acceptances
purchased for foreign correspond-
24
47
4
30.4
29.7
32.7
30.0
30.0
32.4
30.3
29.5
33.7
30.4
29.5
32.4
29.4
29.6
31.5
31.9
27.5
33.5
30.1
28.0
31.7
30.3
31.5
33.1
28.9
33.3
33.2
32.3
29.7
34.3
32.6
30.4
32.9
30.3
29.7
33.6
30.2
28.6
30.6
91
5
3 24
5
8
5
5
13
3
2
4
5
12
6 ,079
1 ,376
612
1,034
3 ,690
Federal Reserve Notes—Federal Reserve Agent's Accounts
F.R. notes outstanding (issued to
Bank)
Collateral held against notes outstanding :
Gold certificate account
Eligible paper ..
U.S. Govt. securities
Total collateral.
33,879
1 ,983
1 ,946
2,959
6,700
68
28,367
433
1 ,700
1 ,580
605
365
1 ,100
750
2,550
2,150
1,700
5 ,177
33
1 ,210
180
4
1 ,600
500
6 ,700
500
1 ,100
900
3 ,700
35,135
2 ,013
8 ,400
2 ,029
3,050
2,755
2,065
6 ,277
1 ,493
620
1 ,403
1,080
3 ,950
8 ,?37
* After deducting $187 million participations of other F.R. Banks.
* After deducting $96 million participations of other F.R. Banks.
2,731
1,962
750
120
1
31
3 After deducting $67 million participations of other F.R. Banks.
186
FEDERAL RESERVE BANKS; BANK DEBITS
FEBRUARY 1964
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
(In millions of dollars)
Wednesday
Item
End of month
1964
1964
Jan.
Jan. 29
Jan. 22
Jan.15
Jan. 8
Dec. 31
333
331
2
348
314
34
94
60
34
325
291
34
63
28
35
66
14
52
96
39
57
123
62
61
145
87
58
32,721
331
5,944
15,422
8,669
2,136
219
32,696
432
5,801
15,439
8,669
2,136
219
33,419
677
6,128
15,590
8,669
2,136
219
33,493
824
6,034
15,611
8,669
2,136
219
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 15days2
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
1963
1963
Dec.
Jan.
364
360
4
63
28
35
87
85
2
162
105
57
68
13
55
162
105
57
72
27
45
33,593
493
6,322
15,754
8,669
2.136
219
32,752
4,137
2,153
15,438
8,669
2,136
219
33,593
493
6,322
15,754
8,669
2,136
219
30,289
4,154
1,256
11,861
10,773
2.094
151
Netherlands
guilders
Swiss
francs
1 Tuesday.
2
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 equivalents)
Total
End of period
1963—Apr
May
June
July
Aug
Sept
Oct
Pounds
sterling
Belgian
francs
25
38
25
*
3
3
3
45
45
51
51
51
51
51
99
128
113
63
66
96
115
Canadian
dollars
French
francs
German
marks
Italian
lire
7
29
27
6
6
6
2
1
1
1
1
1
1
51
2
2
2
2
2
2
2
13
8
7
5
5
*
*
*
25
2
2
7
4
BANK DEBITS AND DEPOSIT TURNOVER
Debits to demand deposit accounts 1
(billions of dollars)
Annual rate of turnover
of demand deposits l
Leading centers
Leading centers
All
Period
reporting
centers
N.S.A
6 others
New York
S.A
S.A
1955.
1956.
1957
1958.
1959.
2 ,043. 5
2 ,200. 6
2 ,356. g
2 ,439. 8
2 ,679. 2
888 5
958 7
1 ,023 6
1960.
1961.
1962.
1963.
2 ,838. 8
3 ,111. 1
3 ,436. 4
3 ,754. 7
1 ,102 9
1 ,278 8
1 ,415 8
1 ,556 0
1963—Jan...
Feb...
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
1964—Jan
766 9
815.9
!
2
N.S.A.
N.S.A.
27 3
28.8
577 . 6
622 .7
701 .7
1,158 3
1,209 6
1,318 9
1,423.0
60
70
77
84
0
0
8
34
36
41
44
775 .7
122 4
'102 8
111 3
'116 8
120 6
112 9
124 0
118 7
116 9
128 9
116 .1
'131 . 5
83. 7
84. 6
85. 8
82. 2
85. 0
79. 3
85 1
88 9
96 9
87 2
80 7
89 0
84 5
80 3
88 4
80 6
85 2
85 .1
83 .7
83 .7
126.6
133 .3
92 1
153 .9
69 6
73 .5
S.A
N.S.A.
343
centers
S.A
8
9
2
6
22. 9
24. 5
25. 7
26. 2
27. 7
29. 0
28. 2
29. 0
31. 3
33 1
93 .8
28. 7
27. 1
28. 3
'28. 8
29. 5
29. 0
30 2
29 1
29 9
30 2
29 4
30 6
32.6
32. 2
46 .7
48 . 4
46 . 0
47 .5
28. 8
28. 3
28. 3
29. 6
29 1
28 1
30 3
29 5
29 9
30 1
29 0
29 8
93 . 0
,47 .8
HI .4
,30 6
no 4
»34 8
95.6
86 .5
80 .4
44 .2
3 Before Apr. 1955, 338 centers.
4 Before Apr. 1955, 344 centers.
N.S.A.
23. 7
25.
24. 9
26. 7
43 7
40 4
45 6
'45 1
43 9
44 5
45 8
42 .9
46 .1
47 . 6
45 . 3
48 . 6
44 .1
42 .7
43 .1
' 4 4 .1
43 .1
' 4 2 .7
46 . 8
4
22.3
20. 4
21. 8
23 o
30 4
30 0
32 5
8
116.2
112.6
113.0
'119.4
64 . 4
117.1
61 .7
113.9
66 .8
122.8
61 .9
119.2
63 .1
122.6
71 .3
123.6
63 .8
120.0
74 .6 '123.7
* Excludes interbank and U.S. Govt demand accounts or deposits.
2 Boston, Philadelphia, Chicago, Detroit, San Francisco and Los
Angeles.
S.A.
8
5
6
4
142.9
360 7
129.9
N.S.A.
7
133 7
296 6 125 4
'357 1 139 6
140.1
2
6
0
9
1
0
S.A
42
45
49
53
56
119 5
130 3
136 .9
116 7
151 0
7
9
0
8
5
3
8
137
116
133
126
133
125
N.S.A
337 other
reporting3
centers
2
845. 0
921. 9
979. 0
993.6
1,110. 3
66 . 3
55 .2
62 . 5
'64 .1
128
127
128
125
129
121
130
127
S.A.
6 others
New York
431 .7
462 .9
489 3
487 . 4
545 . 3
62. 8
61. 2
61. 6
'63. 8
62. 1
61. 6
66. 9
63 3
67 0
69 4
67 3
70 0
'325. 9
274. 5
306. 8
307. 8
318. 0
299.6
320. 7
300. 1
310. 4
'337 2
337 other
reporting3
centers
32. 1
33. 3
33. 2
32. 2
34.3
33. 6
34. 3
34. 9
33 6
33 9
32 6
30.6
32
33
33
33
34
32
34
8
0
3
1
3
7
1
34.7
33 6
35 3
P34 .9
FEBRUARY 1964
187
U.S. CURRENCY
DENOMINATIONS IN CIRCULATION
(In millions of dollars)
Coin and small denomination currency
Total
in circulation 1
Total
Coin
$1 2
$2
$5
$10
1939
1941
1945
1947
1950
7,598
11,160
28,515
28,868
27,741
5,553
8,120
20,683
20,020
19,305
590
751
1,274
1,404
1,554
559
695
1,039
1,048
1,113
36
44
73
65
64
1,019
1,355
2,313
2,110
2,049
1955
1958
1959
I960
1961
31,158
32,193
32,591
32,869
33,918
22,021
22,856
23,264
23,521
24,388
1,927
2,182
2,304
2,427
2,582
1,312
1,494
1,511
1,533
1,588
75
83
85
88
92
1962—Dec
35,338
25,356
2,782
1,636
1963—Jan
Feb
Mar
Apr
May
June . .
July
Aug
Sept
Oct
Nov
Dec
34,093
34,286
34,513
34,645
35,067
35,470
35,663
35,850
35,891
36,177
37 227
37,692
24,214
24,385
24,548
24,613
24,953
25,266
25,368
25,487
25,468
25,642
26 536
26,807
2,759
2,773
2,795
2,827
2,850
2,878
2,904
2,926
2,947
2,960
2 986
3,030
1,524
1,519
1,523
1,539
1,562
1,566
1,559
1,558
1,576
1,592
1 644
1,722
End of period
Large denomination currency
$20
Total
$50
$100
$500
$1,000
1,772
2,731
6,782
6,275
5,998
1,576
2,545
9,201
9,119
8,529
2,048
3,044
7,834
8,850
8,438
460
724
2,327
2,548
2,422
919
1,433
4,220
5,070
5,043
191
261
454
428
368
425
556
801
782
588
20
24
7
5
4
32
46
24
17
12
2,151
2,186
2,216
2,246
2,313
6,617
6,624
6,672
6,691
6,878
9,940
10,288
10,476
10,536
10,935
9,136
9,337
9,326
9,348
9,531
2,736
2,792
2,803
2,815
2,869
5,641
5,886
5,913
5,954
6,106
307
275
261
249
242
438
373
341
316
300
3
3
3
3
3
12
9
5
10
10
97
2,375
7,071
11,395 9,983
2,990
6,448
240
293
3
10
95
95
95
95
96
97
97
98
98
98
100
103
2,217
2,219
2,230
2,232
2,266
2,279
2,265
2,271
2,282
2,302
2,396
2,469
6,723
6,788
6,838
6,819
6,932
7,004
6,993
7,026
7,001
7,046
7 359
7,373
10,897
10,991
11,067
11,102
11,246
11,442
11,549
11,609
11,564
11,644
12 050
12,'1O9
9,879
9,902
9,965
10,032
10,114
10,204
10,295
10,363
10,423
10,535
10 691
10,885
2,937
2,939
2,954
2,975
3,001
3,030
3,060
3,075
3,077
3,103
3 155
3,221
6,407
6,427
6,471
6,516
6,572
6,631
6,691
6,743
6,794
6,885
6 988
7,110
239
239
241
242
243
244
244
244
245
245
247
249
289
289
292
291
292
293
293
293
294
294
295
298
3
3
3
3
3
3
3
3
3
3
3
4
4
4
4
4
4
4
4
9
5
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.
$5,000 $10,000
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
15,513
(15,237)
34 318
5,578
Gold
Gold certificates
F R notes
Treasury currency—Total
Standard silver dollars
Silver bullion
Silver certificates
Subsidiary silver coin
Minor coin
United States notes
In process of retirement
Total—Dec. 31, 1963
Nov 30 1963
Dec. 31, 1962
Total outstanding As security
Dec. 31,
Treasury
against
1963
gold and
cash
silver
certificates
. . . .
4
485
1,981
(1,999)
1,891
709
347
(15,237)
2 276
(1,999)
68
17
17
1,981
3 12,421
11
1
1
166
5 55,410
5 54,748
5 53,665
(17,236)
(17,324)
(17,912)
361
378
380
2,816
1 937
183
4
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. 179.
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 circukition
Held by
F.R.
Banks
and
Agents
12,421
12,478
12,880
l
Dec. 31,
1963
Nov. 30,
1963
Dec. 31,
1962
32 313
5,378
31 920
5,308
30,084
5,254
5
452
440
385
136
15
1
25*
1,863
1,872
706
321
1,831
1,846
700
325
1,986
1,739
658
315
172
4,936
4,665
5,066
37,692
165
165
37,227
35,338
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.
188
MONEY SUPPLY
FEBRUARY 1964
MONEY SUPPLY AND RELATED DATA
(In billions of dollars)
Seasonally adjusted
Not seasonally adjusted
Money supply
Period
Total
Money supply
Currency Demand
deposit
component component
Time
deposits
adjusted i
Total
Currency Demand
deposit
component component
Time
deposits
adjusted 1
U.S.
Govt.
demand1
deposits
1956—Dec
1957—Dec
1958—Dec
1959—Dec
136.9
135.9
141.2
142.0
28.2
28.3
28.6
28.9
108.7
107.5
112.6
113.2
52.1
57.5
65.5
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
1963—Dec
141.2
145.7
147.9
153.5
28.9
29.6
30.6
32.4
112.2
116.1
117.3
121.1
72.7
82.5
97.5
111.8
144.7
149.4
151.6
157.4
29.6
30.2
31.2
33.1
115.2
119.2
120.4
124.3
72.1
81.8
96.6
110.8
4.7
4.9
5.6
5.1
148.7
148.6
148.9
149.4
149.4
149.8
150.7
150.5
150.9
C
152.1
C
153.4
153.5
30.7
30.9
31.1
31.2
31.3
31.6
31.6
31.8
31.8
32.0
32.3
32.4
118.1
117.7
117.8
118.2
118.1
118.2
119.1
118.8
119.1
120.1
121.1
121.1
99.1
100.3
101.8
102.6
103.7
104.5
105.5
106.7
107.6
108.9
110.7
111.8
151.8
148.3
147.4
149.5
147.3
148.2
149.4
149.1
150.5
152.5
154.8
157.4
30.5
30.5
30.8
30.9
31.1
31.4
31.8
31.9
32.0
32.1
32.6
33.1
121.3
117.8
116.7
118.6
116.2
116.7
117.6
117.2
118.6
120.4
122.2
124.3
98.4
99.9
101.7
102.9
104.0
105.0
106.0
107.3
108.1
109.3
110.0
110.8
4.8
5.6
5.9
4.2
7.0
7.4
7.7
6.2
6.5
C
5.2
C
4.3
5.1
154.8
32.5
122.3
113.7
158.0
32.4
125.6
112.9
4.1
152.1
152.0
31.9
32.0
120.2
120.1
108.5
109.4
151.8
153.1
32.2
32.0
119.6
121.2
108.9
109.6
6.9
*3.6
Nov. (1).
(2).
C
153.4
153.3
32.2
32.4
121.3
121.0
110.1
111.3
155.3
154.3
32.5
32.7
122.8
121.6
109.9
110.1
Dec. (1).
(2).
153.5
153.5
32.5
32.3
121.0
121.2
111.6
111.9
156.7
158.0
33.2
33.0
123.6
124.9
110.6
110.9
155.2
154.4
32.5
32.6
122.7
121.8
113.0
114.4
158.8
157.2
32.7
32.1
126.2
125.1
112.4
113.4
1963—Jan
Feb
Mar
Apr
May
June.....
July
Aug
Sept
Oct
Nov
Dec
1964—Jan.p...
Half month
1963—Oct. (1).
(2).
1964—Jan. (1).
(2)
Not seasonally adjusted
Total
Currency
component
Demand
deposit
component
Time
deposits
adjusted i
Money supply
U.S.
Govt.
demand :
deposits
118.3
119.0
120.7
120.5
121.4
108.5
108.9
109.1
109.4
109.8
8.7
7.6
5.3
4.1
C
3.1
32.3
32.7
32.6
32.6
122.8
122.6
121.9
121.3
110.0
109.9
109.9
110.1
155.6
156.5
158.4
157.6
33.0
33.2
33.1
33.2
122.6
123.2
125.3
124.3
110.2
110.6
110.8
110.7
C
4.5
C
3.8
C
4.1
C
159.0
158.9
158.6
158.3
156.4
32.8
32.8
32.5
32.4
32.0
126.2
126.1
126.1
125.9
124.4
111.3
112.1
112.7
113.4
113.4
6.5
6.3
4.1
3.1
2.8
Total
Demand
deposit
component
2..
9..
16..
23..
30..
150.1
151.3
152.8
152.7
153.3
31.7
32.3
32.2
32.2
31.9
Nov. 6..
13..
20..
27..
155.1
155.3
154.5
153.9
Dec. 4..
11..
18..
25..
144.9
145.4
146.8
146.7
147.7
30.2
30.6
30.5
30.4
30.2
114.7
114.8
116.3
116.3
117.5
94.3
94.6
94.9
95.1
95.3
8.2
8.9
7.4
6.9
5.8
Nov.
7..
14.
21.
28.
148.2
148.7
147.9
147.8
30.7
30.8
30.9
30.7
117.5
117.9
117.1
117.1
95.5
95.5
95.1
95.3
6.1
4.7
6.7
6.5
5.
12.
19.
26..
149.1
150.7
152.6
152.2
30.9
31.2
31.2
31.4
118.1
119.5
121.4
120.8
95.8
96.2
96.6
96.9
6.3
4.5
4.5
6.4
2.,
9.
16.
23.
30.
153.4
152.4
152.7
151.5
150.1
30.9
31.0
30.6
30.4
30.1
122.6
121.5
122.1
121.1
120.0
97.5
97.8
98.3
98.7
99.0
6.8
6.0
4.2
4.2
4.1
1954—Jan.
6.
13.
20.
150.3
149.6
147.6
30.5
30.6
30.5
119.9
119.0
117.1
99.3
99.8
100.1
4.8
4.8
6.1
Feb.
Feb.
5.3
3.0
U.S.
Govt.
demand J
deposits
Currency
component
3..
10..
17..
24..
31..
1963—Jan.
4.0
6.1
Time
deposits
adjusted 1
Week
ending—
1062— Oct.
Dec.
4.8
c
Not seasonally adjusted
Money supply
Week
ending—
C
1963—Oct.
15..,
22..,
29*.
C
4.6
C
4.8
6.5
I
1
At all commercial banks.
NOTE.—Averages of daily figures. For back data see Aug. 1962 BULL.,
pp, 941-51. Money supply consists of (1) demand deposits at all commercial banks, other than those due to domestic commercial banks and
the U.S. Govt., less cash items in process of collection and F.R. float;
(2) foreign demand balances at F.R. Banks; and (3) currency outside the
Treasury, the FRS, and the vaults of all commercial banks. Time
deposits adjusted are time deposits at all commercial banks other than
those due to domestic commercial banks and the U.S. Govt.
189
BANKS AND THE MONETARY SYSTEM
FEBRUARY 1964
CONSOLIDATED CONDITION STATEMENT
(In millions of dollars)
Liabilities
and capital
Assets
Other
securities
Total
assets,
net—
Total
liabilities
and
capital,
net
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
Bank credit
Date
Gold
Treasury
currency
outstanding
U.S. Government securities
Total
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Loans,
net
1929—June 29.,
1933—June 30.,
1939—Dec. 30.,
1941—Dec. 31.,
1945—Dec. 31.,
1947—Dec. 31.,
1950—Dec. 30.,
1960—Dec. 31.,
1961—Dec. 30.,
1962—June 30.,
Dec. 28.,
4,037
4,031
17,644
22,737
20,065
22,754
22,706
17,767
16,889
16,435
15,978
2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,398
5,585
5,598
5,568
58,642
42,148
54,564
64,653
167,381
160,832
171,667
266,782
285,992
293,212
309,389
41,082
21,957
22,157
26,605
30,387
43,023
60,366
144,704
154,017
159,463
170,693
5,741
10,328
23,105
29,049
128,417
107,086
96,560
95,461
102,308
101,052
103,684
5,499
8,199
19,417
25,511
101,288
81,199
72,894
67,242
72,715
70,722
72,563
216
1,998
2,484
2,254
24,262
22,559
20,778
27,384
28,881
29,663
30,478
26
131
1,204
1,284
2,867
3,328
2,888
835
712
667
643
11,819
9,863
9,302
8,999
8,577
10,723
14,741
26,617
29,667
32,697
35,012
64,698
48,465
75,171
90,637
191,785
188,148
199,009
"289,947
308,466
315,245
330,935
55,776
42,029
68,359
82,811
180,806
175,348
184,384
263,165
280,397
286,968
302,195
8,922
6,436
6,812
7,826
10,979
12,800
14,624
26,783
28,070
28,275
28,739
1963—Jan. 30.,
M a y 29.,
June 29.,
July 31 v
Aug. 28P,
Sept. 25*.
Oct. 30*
Nov. 27*.
Dec. 25*
15,900
15,800
15,733
15,600
15,600
15,600
15,600
15,600
15,500
5,600
5,600
5,587
5,600
5,600
5,600
5,600
5,600
5,600
305,500
311,600
318,697
318,200
317,500
322,600
323,400
326,900
332,000
167,000
173,300
178,290
177,900
178,300
182,100
182,300
185,300
188,800
103,300
101,000
102,418
101,800
99,900
100,700
101,100
101,800
102,900
72,400
69,200
69,708
68,700
67,000
68,000
67,700
67,900
68,600
30,300
31,100
32,027
32,500
32,200
32,100
32,800
33,300
33,700
600
700
683
700
700
700
700
600
700
35,200
37,300
37,989
38,500
39,300
39,800
40,100
39,700
40,400
327,000
332,900
340,017
339,400
338,700
343,700
344,600
348,000
353,100
297,100
301,900
310,284
308,700
307,200
312,000
312,600
315,900
322,800
29,800
31,000
29,732
30,700
31,400
31,700
32,000
32,100
30,300
1964—Jan. 29P.
15,500
5,600
328,300 187,400
100,800
67,500
32,700
600
40,100
349,400
318,400
31,100
DETAILS OF DEPOSITS AND CURRENCY
Money supply
Seasonally adjusted
Related deposits (not seasonally adjusted)
Not seasonally adjusted
Date
Total
1929—June
1933_j U ne
1939—Dec.
1941—Dec
1945_Dec.
1947_Dec.
1950—Dec.
1960—Dec.
1961—Dec.
1962—Dec.
Currency
outside
banks
Demand
deposits
adjusted i
Total
Currency
outside
banks
Demand
deposits
adjusted J
Total
204
264
2,409
2,215
2,287
1,336
1,293
377
422
405
99,000
100,500
102,200
103,000
104,500
105,648
106,600
107,600
108,100
109,900
110,100
110,800
41,700
41,900
42,400
42,500
42,800
43,181
43,300
43,500
43,700
44,100
44,300
44,600
500
500
500
500
500
493
500
500
500
500
500
500
1,300
1,200
1,200
1,200
1,200
1,337
1,300
1,200
1,200
1,200
1,200
1,200
400
500
400
400
400
369
400
400
400
400
400
400
31,400 122,400 159,000 113,500
45,100
400
1,200
400
30,100
30,200
30,400
30,500
30,500
30,700
30,900
30,900
31,000
31,100
31,600
31,600
148,900
146,400
145,500
148,400
144,900
147,144
148,800
146,900
148,100
152,000
153,900
157,400
29,700
29,800
30,100
30,200
30,700
31,832
31,000
31,100
31,100
31,300
32,500
32,900
151,700
31,800 119,900 153,800
1964—Jan. 29*..
Treasury
cash
holdings
365
50
1,217
1,498
2,141
1,682
2,518
3,184
1,497
1,488
146,800
147,100
147,700
148,300
146,400
148,300
148,900
148,200
149,100
150,600
151,600
152,600
116,700
116,900
117,300
117,800
115,900
117,600
118,000
117,300
118,100
119,500
120,000
121,000
Foreign
net 3
149
1,186
1,278
1,313
2,932
3,416
2,923
770
651
530
26,100 84,400
24,600 90,000
28,200 111,000
28,700 116,100
29,600 118,000
1963—Jan. 3 0 . . .
Feb. 2 7 . . .
Mar. 2 7 . . .
Apr. 2 4 . . .
May 2 9 . . .
June 2 9 . . .
July 31*..
Aug. 28*..
Sept. 25*..
Oct. 30*..
Nov. 27*..
Dec. 25*..
Postal
Mutual Savings
savings2
Sysbanks
tem
8,905
9,621
10,523
10,532
15,385
17,746
20,009
36,318
38,420
41,478
3,639 22,540 28,611
4,761 14,411 21,656
6,401 29,793 27,059
9,615 38,992 27,729
26,490 75,851 48,452
26,476 87,121 56,411
25,398 92,272 59,247
29,356 115,102 108,468
30,053 120,525 121,216
30,904 122,258 139,448
110,500
114,600
139,200
144,800
147,600
Commercial
banks
U.S. Government
19,557
10,849
15,258
15,884
30,135
35,249
36,314
71,380
82,145
97,440
26,179
19,172
36,194
48,607
102,341
113,597
117,670
144,458
150,578
153,162
29...
30...
30...
31...
31...
31...
30...
31...
30...
28...
119,200
116,500
115,400
118,200
114,200
115,312
117,800
115,800
117,000
120,700
121,400
124,500
1 Other than interbank and U.S. Govt., less cash items in process of
collection.
2
Includes relatively small amounts of demand deposits. Beginning
with June 1961, also includes certain accounts previously classified as
other liabilities.
3 Reclassification of deposits of foreign central banks in May 1961
reduced this item by $1,900 million ($1,500 million to time deposits and
$400 million to demand deposits).
Time
141,200
142,900
145,100
146,000
147,700
149,322
150,300
151.600
152,300
154,400
154,900
155,800
At
commercial
and
savings
banks
381
852
846
1,895
24,608
1,452
2,989
6,193
6,219
7,090
At
F.R.
Banks
36
35
634
867
977
870
668
485
465
602
4,600
800
6,700
800
7,600
900
4,000 1,100
7,100
600
11,306
806
7,400
600
6,100 1,000
9,100
900
3,800
800
4,600
900
7,000
900
3,100
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.
190
COMMERCIAL AND MUTUAL SAVINGS BANKS
FEBRUARY 1964
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
(Amounts in millions of dollars)
Deposits
Total
assets—
Total
Securities
Interbank 1
Other
liaBor- Total NumCash l bilities
row- capital ber
and
of
ings
assets
Demand
capital Total i
banks
U.S.
ac- 2
De- Time
Time 3
counts
Govt. Other
mand
U.S.
Govt. Other
Loans and investments
Class of bank
and date
Total
All banks:
1941—Dec. 31..
1945_Dec. 31..
1947_Dec. 31 4
1961—Dec. 30..
1962—June 30. .
Dec. 28..
Loans
61,126 26,615 25,511 8, 999 27,344
10,982
27
90,908 81,816
140,227 30,362 101,288 8 ,577
. . . 35,415 177,332 165,612
14,065
134,924 43,002 81,199 10,723 38,388 175,091 161,865 12,793
240
256,700 154,318 72,715 29,667
482
. . . . . . 321,394 287,176 17,914
667 57,368
263,542 160,123 70,722 32,697 49,612 320;
320,638 285,186 14,400
526
280,397 172,822 72,563 35,012 54 939 343,201 303,653 16,008
535
1963—Jan. 30..
M a y 29. .
June 29..
July 3l2\
Aug. 28*\
Sept. 2 5 P .
Oct. 30*\
Nov. 27*>.
Dec. 25*>.
276,950 169,410
282,640 176,120
287,411 179,714
287,680 180,530
287,450 181,150
292,200 184,470
293,410 185,690
296,650 189,060
301,270 192,340
1964—Jan. 29*\
297,800 190,160 67,510 40,130 48,310 354,800 313,410 14,060
72,350 35,,190 46 780 331 500 293,030 14,100
69,220 37!,30047; 720 338; 250 298,090 13,730
69,708 37!989 52 046 347; 896 309,428 15,042
68,650 38!,500 49 170 344;990 304,960 14,000
67,010 39;290 46 190 34i;620 300,860 13,800
67,970 39;760 48 920 349;210 308,350 14,510
67,670 40;050 48 790 350; 390 308,900 14,790
170 356; 100 313,370 14,880
67,860 39;730
68,560 40;370 51,910 361 620 319,540 15,340
520
540
551
530
530
550
550
550
550
26,479
23 8,414 14,826
44,355
45,613
227 10,542 14,553
105,935
11,948 14,714
66 11
1,346 94,381 53,105
482 26,227 13,946
5,952 141,979 120,848
796 27,036 13,934
9,559 128,845 131,855
6,839 141^084 139,188 3,635 28iO46 13,940
4,320 133, 110 140,980
6,820 129^40 147,460
149,083
11,069
130 133^50 150,050
5! 870 129,330 151,330
850 132,380 152,060
610 135,760 154,190
390 138,920 154,630
790 141; 240 155,620
5:
i
2,670 27,790 13,951
3,060 28,,380 13,983
1,563 28,612 13,993
14,014
2 9 6 0 28
2,960
14,025
3,240 28
2,930 28 830 14,034
3,690 29 020 14,050
4,400 29 130 14,068
3,950 29,220 14.078
610 2,840 137,'070 158,830 3,200 29,510 14,095
Commercial banks:
1941_Dec. 31..
1945—Dec. 31..
1947—Dec. 314.
1961—Dec. 30 ..
1962—June 30..
Dec. 28. .
50,746 21,714
124,019 26,083
116,284 38,057
215,441 124,925
220,670 129,193
235,839 140,106
10,982
21,808 7,225 26,551 79,104 71,283
14,065
90,606 7,331 34,806 160,312 150,227
240
155,377 144,103 12,792
69,221 9,006 37,502
37
481
66,578
>3,937 56,432 278,561 248,689 17,914
,578 23
034 48,728 276,220 245,298 14,400
525
64,443 27,034
535
",298 54,049 297,116 262,122 16,008
66,434 29
1963—Jan. 30. .
M a y 29..
June 29..
July 31».
Aug. 28*\
Sept. 25v.
Oct. 30*\
Nov. 27?.
Dec. 25*.
232,040 136,340
236,490 141,750
241,014 145,049
240,980 145,560
240,380 145,800
244,840 148,870
245,940 149,720
248,850 152,760
253,270 155,720
66,200 29,500 45.970 285,050 251,270 14,100
63,010 3i;730 46; 880 290;510 255,280 13,730
63,542 32,423 51,156 299;875 266,179 15,042
296,710 261,650 14,000
62,480 32 ,940 48,
293,000 257,340 13,800
60,870 33 ,710 45;
61,810 34,160 48;080 300',250 264;560 14,510
61,770 34,450 47;970 301 ,340 264;790 14,790
370 306,740 269,020 14,880
61,970 34
940 3111870 274,890 15,340
62,690 34
1964-Jan. 29*>.
249,400 153,200 61,600 34,600 47,450 304,720 268,260 14,060
Member banks:
1941_Dec. 31..
1945—Dec. 31..
1947_Dec. 31..
1961—Dec. 30..
1962—June 30. .
Dec. 28..
520
540
550
530
530
550
550
550
550
44,349
105,921
1,343 94,367
5,946 141,920
9,554 128,785
6,829 141,041
4,320
050 99,280
6,820 129,480 104,710
11,060 133,624 105,903
7,130 133, 190 106,800
5,870 129, 270 107,870
8,850 132, 320 108,330
3,610 135,700 110,140
4J390 138,860 110,340
"\030
6,790 141,180 111
19,539 5,961 23,123 68,121 61,717 10,385
29,845 138,304 129,670 13,576
78,338 6,070 29
" , 8 4 5 132,""
060 122,528 12,353
57,914 7,304 32
54,058 19,308 49 ,579 235, 112 209,630 17,195
22,219 42 ,853 232, 359 206,057 13,796
52,065 __,.
52,968 24,092 47 ,427 249,488 219,468 15,309
140 1,709
64 22,179
50 1,176
303 5,381
351 ;734
358 6,086
1963—Jan. 30..
M a y 29..
June 29..
July 31..
Aug. 28. .
Sept. 25. .
Oct. 30. .
Nov. 27. .
Dec. 25..
192,301 115,289
195,892 119,515
199,495 122,088
199,412 122,550
198,780 122,763
202,599 125,458
203,343 126,074
205,816 128,811
209,812 131,467
i,024 238,565 209,589 13,449
52,749 24 263 40.
50,023 26 354 41,009 243,246 213,104 13,146
50,399 27^008 44;929 251,214 222,619 14,388
49,371 27,491
388 248; 396 218,376 13,370
627 244;827 214,303 13,172
47,876 28,141
48,633 28,508 42,211 251J312 220,730 13,837
48,568 28;701 41,895 251,833 220,475 14,083
48,647 28;358 44;,276 256, 778 224,315 14,171
49,326 29 019 44,655 261 239 229,518 14,596
341
361
373
349
355
371
377
376
377
1964—Jan. 29*\
206,179 129,103 48,344 28,732 41,480 254,644 223,404 13,363
10,379 4,901 3,704 1,774
16,208 4,279 10,682 1,246
18,641 4,944 11,978 1,718
41,259 29,393 6,136 5,730
42,872 30,930 6,278 5,663
44,558 32,716 6,129 5,714
1963—Jan. 30. ,
May 29. .
June 26.,
July 31 P.
Aug. 28^.
Sept. 25^.
Oct. 30*\
Nov. 27*>.
Dec. 25*.
44,910
46,150
46,397
46,700
47,070
47,360
47,470
47,800
48,000
1964—Jan. 29*
48,400 36,960
For notes see end of table.
33,070
34,370
34,665
34,970
35,350
35,600
35,970
36,300
36,620
6,150
6,210
6,166
6,170
6,140
6,160
5,900
5,890
5,870
5,690
5,570
5,566
5,560
5,580
5,600
5,600
5,610
5,510
5,910 5,530
2,670 23,840 13,440
3,060 24,360 13,472
1,545 24 ,'582 13,482
"' ~ " 13,503
2,960 24,520
3,240 24;600 13,515
2,930 24,720 13,524
3,690 24,920 13,540
4,400 25,000 13,558
3,950 25,070 13,569
610 2,840 137,010 113,740 3,200 25,360 13,586
43,521 18,021
107,183 22,775
97,846 32,628
179,599 106,232
183,497 109,212
195,698 118,637
Mutual savings banks
1941_Dec. 3 1 . .
1945—Dec. 3 1 . ,
1947_Dec. 31 4
1961—Dec. 30..
1962—June 30..
Dec. 28..
23 7,173 4,278
15,952
219 8,950 14,011
30,241
35,360
65 10,059 14,181
82,429
13
471 22,459 13,432
92,034
786 23,183 13,422
97,709 3,627 24,094 13,429
37,136
69,640
80,609
119,595
108,014
117,999
785 110,954
018 107,939
761 111,548
349 110,997
148 107,350
936 109,959
154 112,702
812 115,516
052 117,469
4 5,886
12,347
208 7,589
24,210
54 8,464
28,340
67,157
438 18,638
75,162
735 19,179
79,716 3,550 19,854
6,619
6,884
6,923
6,113
6,070
6,049
81,060
85,640
86,550
87,311
88,278
88,627
90,159
90,440
91,024
6,046
6,052
6,058
6,072
6,080
6,092
6,097
6,104
6,108
2,614 19,697
2,910 ",082
20
1,440 20 ,238
2,849 20,213
3,076 20,273
2,836 20,377
3,553 20,555
4,244 20,606
3,779 20,669
429 2,394 113,823 93,395 3,073 20,952 6,124
10,527
15,371
17,745
38,420
39,821
41,478
1,241
1,592
1,889
3,768
3,853
3,951
548
542
533
514
512
511
41,760
42,810
43,248
43,310
43,520
43,790
44,110
44,350
44,650
41,700
42,750
43,180
43,250
43,460
43,730
44,050
44,290
44,590
3,950
4,020
19 4,031
4,030
4,090
4,110
4,100
4,130
4,150
511
511
511
511
510
510
510
510
509
860 50,080 45,150
45,090
4,150
509
793
609
886
936
884
890
11,804
17,020
19,714
42,833
44,418
46,086
10,533
15,385
17,763
38,487
39,888
41,531
810
840
890
830
800
840
820
800
970
46,450
47,740
48,020
48,280
48,620
48,960
49,050
49,360
49,750
6
14
3
7
6
10
191
COMMERCIAL AND MUTUAL SAVINGS BANKS
FEBRUARY 1964
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Total
assets—
Total
Securities
Other
liaCash bilities
assets
and
Demand
capital Total i DeU.S.
ac- 2
Time
Govt. Other
mand
counts
U.S.
Govt. Other
Loans and investments
Class of bank
and date
Total
Reserve city member banks:
New York City:5
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1961—Dec. 30
1962—June 30
Dec. 28
Loans
31,808
32,115
32,847
32,451
31,94^
32,95'
32,860
33,615
34,811
1964—Jan. 29*
33,651 22,965
20,649
20,886
21,446
21,416
21,191
22,036
21,765
23,103
23,648
6
17
12
191
210
207
866
6,940
267
1,267
1,918
1,408
12,051
17,287
19,040
23,129
20,296
22,231
4,119
4,278
4,734
4,092
3,804
3,991
4,020
4,272
4,168
213
207
187
189
194
202
209
212
215
769
1,198
2,052
1,453
937
2,078
668
665
1,469
20,231 9,467
19,612 10,164
20,351 10,131
19,686 10,359
18,140 10
10,734
19,353 10,737
19,571 11,187
20,201 11,457
20,537 11,478
5,691 4,995 8,864 44,912 36,674 4,040
256
7,009
6,478
6,506
5,941
5,418
5,642
5,926
5,634
6,077
4,150
4,751
4,895
5,094
5,338
5,279
5,169
4,878
5,086
8,731
9,323
9,802
8,786
7,591
8,995
8,776
9,259
9,061
42,626
43,624
44,981
43,557
41,789
44,185
43,847
45,200
46,080
City of Chicago:5
1941_Dec. 31
1945—Dec. 31
1947—Dec. 31
1961—Dec. 30
1962—June 30
Dec. 28
2,760
5,931
5,088
7,606
7,937
8,957
954
1,333
1,801
4,626
4,67f
5,418
1,430
4,213
2,890
2,041
1,936
2,129
376
385
39
940
,329
,409
1,566 4,363
1,489 7,459
1,739 6,866
2,603 10,383
1,893 10,009
2,280 11,43"
1963—Jan. 30
May 29
June 29
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 25
8,832
9,082
9,171
8,965
9,346
9,211
9,376
9,662
5,101
5,428
5,545
5,574
5,566
5,796
5,826
6,038
6,276
2,217
2,050
2,071
2,096
1,825
1,915
1,743
1,731
1,699
,364
,354
,466
,501
,574
,635
,642
,607
,687
1,969
2,084
2,136
2,109
1,951
2,094
1,993
1,955
2,074
1964—Jan. 29*
9,242
5,83'
Other reserve city: 6
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1961—Dec. 30
1962—June 30
Dec. 28
15,347
40,108
36,040
68,565
70,145
73,130
7,105
8,514
13,449
42,379
43,824
46,567
6,467
29,552
20,196
19,748
18,627
18,398
1,776
2,042
2,396
6,438
7,69«'
8,165
8,518
11,286
13,066
20,216
17,602
19,539
1963—Jan. 30
May 29
June 29
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 25
72,053
73,497
74,614
74,735
74,716
75,875
76,106
76,776
78,43.
45,69:
47,300
48,164
48,512
48,89^
49,75'
50,13:
50,699
51,94^
18,143
17,187
17,326
16,930
16,440
16,539
16,324
16,472
16,664
8,218
9,010
9,12-'
9,293
9,379
9,579
9,650
9,605
9,823
16,172
16,603
18,526
17,748
16,665
17,478
17,185
18,887
18,927
1964—Jan. 29*
Country member banks: 6
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1961—Dec. 30
1962—June 30
Dec. 28
Time
4,202
4,640
4,453
5,296
4,517
4,783
12,896 4,072 7,265 1,559 6,637 19,862 17,932
26,143 7,334 17,574 1,235 6,439 32,887 30,121
20,393 7,179 11,972 1,242 7,261 27,982 25,216
30,297 19,535 7,862 2,'""
900 11,164 43,538 36,818
30,396 19,224 7,659 3,513 9,552 41,910 35,039
32,989 21,954 7,017 4,017 11,050 46,135 37,885
1963—Jan. 30
May 29
June 29
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 25
Bor- Tota Number
row- capital
acof
ings counts
banks
34,799
35,459
37,454
35,779
33,809
36,361
35,655
36,807
37,867
4,057
7,046
6,40:
9,283
8,810
9,993
1,035
1,312
1,217
1,624
1,128
1,277
10,860
11,143
11,440
11,484
11,097
11,623
11,394
11,521
11,936
9,481
9,759
10,141
10,007
9,638
10,036
9,934
10,103
10,441
1,140
1,122
1,202
1,153
1,165
1,209
1,218
1,186
1,219
1,823 1,582 1,994 11,43'
9,97'
1,075
24,430
51,898
49,659
90,815
89,885
94,914
22,313
49,085
46,467
81,883
80,631
84,248
90,467
92,362
95,433
94,865
93,658
95,675
95,705
98,069
99,833
80,101
81,610
85,555
83,987
82,704
84,554
84,266
85,891
88,253
807
1,236
195
1,445
30
6,935
283
8,098
381
9,256 1,728
1,648
2,120
2,259
3,683
3,761
3,898
36
37
37
13
13
17
1,082
1,292
794
1,029
1,204
1,031
1,438
1,480
1,599
3,897
3,947
3,931
3,944
3,940
3,945
3,966
3,966
3,971
17
16
13
13
13
13
13
13
13
351 20,061 11,966 1,294
4,161
13
288
377
426
870
894
948
13
12
14
9
9
13
13
12
12
12
12
12
12
12
12
127
1,552
72
369
546
410
2,419
476
3,462
719
4,201
913
5,268 2,008
4,520 2,598
5,264 3,025
35
34
262
218
346
584
406
289
583
186
200
398
4,956
4,791
4,840
4,926
4,616
4,669
3,152
3,488
3,499
3,509
3,556
3,563
4,80: 3,714
4,909 3,794
5,01" 3,798
132
165
111
240
252
327
274
211
27:
956
971
974
980
979
983
990
993
1,000
100
4,839 3,948
257
1,00:
12
4,356
6,418
5,627
8,350
6,62:
7,477
104
491 12,557 4,806
30 8,221 24,655 9,760
1
2:
405 28,990 11,423
26,381
81
62 2,103 44,986 26
40,601
29,663
3,670
240
75
2,337 43,609 30,743 1,388
1,967
2,566
2,844
6,997
7,201
7,263
351
359
353
206
206
191
6,555
6,275
6,811
6,544
6,61:
6,95<
7,06:
6,949
7,350
65
91
110
96
98
9
94
90
88
7,263
7,413
7,440
7,462
7,490
7,557
7,635
7,653
7,703
190
192
194
194
195
196
194
195
191
76,859 51,034 16,15: 9,673 16,826 96,184 84,938 6,512
98
813 41,439 36,076 1,146 7,773
190
15
12
16
13
12
12
14
14
14
1,400
2,387
3,793
2,488
2,02:
2,941
1,141
1,46:
2,288
40,765 31,316
39,706 33,151
41,291 33,549
41,096 33,763
39,867 34,105
40,341 34,216
41,359 34,610
42,698 34,692
43,474 35,053
1,178
1,131
40^
1,294
1,213
1,250
1,500
2,102
1,42^
12,518
35,002
36,324
73,131
75,019
80,623
5,890
5,596
10,199
39,693
41,492
44,698
4,377
26,999
22,857
24,407
23,843
25,425
19,466
46,059
47,553
90,376
90,555
97,008
17,415
43,418
44,443
81,646
81,577
87,342
79:
1,207
1,056
1,925
1,529
1,773
225
5,465
43."
1,641
2,601
1,931
10,109
24,235
28,378
46,211
42, 596
46,895
6,258
12,494
14,560
31,832
34
34,803
36,692
11
23
40
80
172
1,982
2,525
2,934
7,088
7,323
7,744
6,219
6,476
6,519
5,885
5,842
5,828
1963—Jan. 30
May 29
June 29
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 25
79,758
81,448
82,952
83,055
83,15f
84,421
85,166
86,04f
86,905
43,84'
45,901
46,934
47,048
47,109
47,869
48,351
48,971
49,596
25,380 10,531 13,152 94,612
24,308 11,239 12,999 96,117
24,496 11,522 14,465 99,361
24,404 11,603 13,745 98,490
24,193 11,850 13,420 98,283
24,537 12,015 13,644 99,829
24,575 12,240 13,941 100,887
24,810 12,268 14,175 101,988
24,886 12,423 14,593 103,390
85,208
86,276
89,470
88,603
88,152
89,779
90,620
91,514
92,957
1,635
1,471
1,641
1,581
1,591
1,678
1,783
1,764
1,859
1.398
2,087
3,332
2,00:
1,900
2,334
1,159
1,485
1,897
45,002 37,125
43,830 38,837
45,066i39,371
39
45, 289 39,680
44,727 39,883
45,596340 H I
46, 970 40,648
4 7 ,708
. . . 40,497
48,446 40 ,695
222
322
127
286
407
228
341
451
481
7,581
7,751
7,894
7,827
7,86
7,892
7,964
7,994
7,995
5,826
5,832
5,839
5,853
5,860
5,871
5,878
5,884
5,892
1964—Jan. 29*
86,427 49,267 24,678 12,48: 13,796 102,111 91,815 1,736
For notes see end of table.
2,250
2,408
3,268
9,031
9,685
10,501
6,402
10,632
10,778
15,595
13,806
14,55r
60 1,130 47,484 41,405
376 8,016 5,909
192
COMMERCIAL AND MUTUAL SAVINGS BANKS
FEBRUARY 1964
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Loans and investments
Securities
Cash
assets *
Class of bank
and date
Total
Loans
U.S.
Govt.
Other
Insured commercial
banks:
1941—Dec. 31.. 49,290 21,259 21,046 6,984
1945—Dec. 31.. 121,809 25,765 88,912 7,131
1947—Dec. 31.. 114,274 37,583 67,941 8,750
1959—Dec. 31..
I960—Dec. 31..
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..
National member
banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1959—Dec. 31..
I960—Dec. 31..
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..
State member banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1959—Dec. 31..
1960—Dec. 31..
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..
Total
assets—
Total
liabilities
and
capital
accounts 2
Interbank
Other
Demand
Total
Demand
Time
76,820
157,544
152,733
69,411
10,654
1,762 41,298 15,699
147,775
29,876
13,883
23,740 80,276
276 29
141,851 2,615
54 1,325 92,975 34,882
58,348 20,143
20
60,468 20,451
20
66,026 23,531
65,891 28,903
63,037 32,047
49,158
51,836
56,086
53,702
50,770
242,828
255,669
276,600
295,093
297,836
218,474
228,401
247,176
260,609
264,654
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
10,892
11,140
13,006
16,042
17,751
27,464
28,675
31,078
29,684
28,641
132,636
139,261
150,809
160,657
162,748
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
22,259
3,739
621 13,874 4,025
44,730
4,411
8,166 24,168 7,986
40,505 3,978
15
381 27,068 9,062
5,396
5,439
6,302
8,050
9,257
16,045
17,081
18,501
17,744
16,288
73,090
77,316
84,303
88,831
88,466
65,069
68,118
74,119
76,643
77,106
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
188,790 110,299
198,011 117,092
213,904 124,348
234,243 139,449
239,447 144,363
102,615
107,546
116,402
127,254
130,146
55,264
58,073
63,196
68,444
69,350
59,962
63,694
67,309
75,548
78,383
34,817
36,240
38,924
43,089
43,705
31,761
32,712
36,088
35,663
34,011
15,052
16,394
17,971
17,305
16,388
39,458
6,786
1,088 23,262 8,322
84,939
9,229
14,013 45,473 16,224
82,023 8,375
35
795 53,541 19,278
119,638
124,911
135,511
142,825
145,513
8,947
9,829
10,359
9,155
8,468
514
611
104
127
159
71,015
71,660
76,292
76,075
72,387
3,640 5,117
4,644 5,017
5,409 5,005
36,421
340 10,302
39
",546
11,098
,441
11,875
53,733 1,636 12,750
58
",462
600 13,008
4,542
4,530
4,513
4,505
4,537
,502
,867
,918
6,102)
825 1,763 39,974 16,406
240 5,962
6,608 1,028 2,022 40,733 17,727
20 6,299
6,835
199 2,066 43,303 "',716
21
213 6,763
6,154
231 2,351 41,,924 25,983 1,914 7,104
5,920
215 3,723 39,161 28,088
839 7,230
,691
,644
,600
,544
,521
15,534
17,169
18,123
20,811
22,274
11,546
11,368
11,972
12,932
12,647
3,859
3,874
4,225
4,814
5,042
5,651
6,082
6,508
6,276
5,841
37,132
39,114
41,504
45,619
46,635
33,795
35,391
37,560
41,142
42,035
451
484
543
535
483
Noninsured nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 314
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
1959—Dec. 31..
I960—Dec. 31..
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..
,480
,498
,536
,584
,555
534
550
577
657
686
589
535
553
534
496
358
413
406
392
373
309
314
346
346
386
1,858
1,883
1,961
2,009
2,026
1,429
1,443
1,513
1,513
1,525
150
159
177
164
171
Nonmember
commercial banks:
1941_Dec. 31..
1945—Dec. 31..
1947—Dec. 314
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
457
425
439
190
1959—Dec. 31..
1960—Dec. 31..
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..
32,419
33,910
35,856
40,141
41,519
16,068
17,719
18,700
21,469
22,961
12,134
11,904
12,525
13,466
13,143
4,216
4,287
4,631
5,206
5,415
5,961
6,396
6,854
6,622
6,227
38,990
40,997
43,465
47,628
48.661
35,224
36,834
39,073
42,654
43,560
601
643
719
699
654
1.693
10,846
12,683
64:
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
30,580
33,79-'
35,660
38,597
40,128
20,94:
23,85:
25,81:
28,778
30,533
5,016
4,787
4,690
4,639
4,545
4,622
5,155
5,158
5,180
5,050
686
766
828
784
789
31,743
35,09f
37,065
39,951
41,580
28,57
31,50:
33,400
36,104
37,585
2,742
3,265
3,315
3,735
6,038
13,107
13,119
13,108
13,119
13,189
1 2,246
130 2,945
9 3,055
30,939
32,411
34,320
38,557
39,963
For notes see end of table.
10 6,844 13,426
215 8,671 13,297
61 9,734 ",398
13
5,500 1,358 5,037 130,720 65,858
602t19,206
[6,921 1,667 5,932 132,533 71,348
149 20,628
7,737
333 5,934 141,050 82,122
462 22,089
[5,844
97
402 6,815 140,169 ^,,380
3,584
584 23,712
23J12
.4,871
430 11,005 132,788 105,559 1,498 24,191
1959—Dec.
1960—Dec.
1961—Dec.
1962—Dec.
1963—June
1959—Dec. 31.
I960—Dec. 31.
1961—Dec. 30.
1962—Dec. 28.
1963—June 29.
Other
25,788
34,292
36,926
5,776
14,639
16,444
Insured mutual
savings banks:
1941—Dec. 31.
1945_Dec. 31.
1947—Dec. 31.
Time
U.S.
Govt.
Insured nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
31..
31..
30..
28..
29..
Total NumBor- capital
ber
rowacings counts of
banks
129
244
4
53 4,162 3,360
1,560 10,635 5,680
149 12,366 6,558
959 6,810
1,083 6,416
1,271 6,478
19,732
20,140
21,456
22,170
21,241
13,059
14
",095
14,979
17,664
19,010
2,944
3,232
3,452
3,870
3,964
6,878
6,948
6,997
7,072
7,133
329
181
185
1,291
1,905
18 1,392
253
365
478
329
279
325
852
714
783
83
132
148
133
120
873
846
869
872
835
311
293
307
330
343
350
358
370
371
379
366
352
323
308
291
533
645
553
729
1,245
5,504
3,613
14,101
6,045
167 13,758 7,036
103
545
160
657
178
565
176
743
177 1,300
20,605
20,986
22,325
23,042
22,076
12
13,370
14,388
15,286
17,994
19,353
18 1,288 7,662
11 1,362 7,130
12 1,596 7,261
34
33
33
77
105
3,294
3,590
3,822
4,240
4,343
7,244
7,300
7,320
7,380
7,424
1,789
10,351
12 12,192
164
1,034
1,252
52
192
194
28 28,
8,544
29 31,468
3,137
267 35,827
303 37,273
2,654
2,998
3,191
3,343
3,414
268
325
330
331
331
193
COMMERCIAL AND MUTUAL SAVINGS BANKS
FEBRUARY 1964
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Total
assets—
Other
Interbank 1
Securities
Total
liaCash 1 bilities
assets
and
Demand
capital Total i DeacTime
mand
Govt. Other
U.S.
count sGovt. Other
Lo<ins and investments
Class of bank
and date
Total
Noninsured mutual savings
banks:
1941 Dec *1
1945—Dec. 31
1947—Dec. 314
1959 Dec
1960 Dec
1961—Dec.
1962 Dec
1963—June
8 687
5 ,361
5 ,957
Loa ins
075
1, 198
1, 384
3, 522
3, 813
270
3 , 581
1 848
1 453
1, 446
1 490
1, 621
f,
31
31
30
28
29
s
320
5 ,600
961
6 ,269
938
4 , 132
1 353
641
760
949
642
180
211
143
107
597
572
533
108
106
516
101
9 846
5,596
6,215
7 200
5 481
5,768
6 134
6,440
1 Reciprocal balances excluded beginning with 1942. Reclassification
of deposits of foreign central banks in May 1961 reduced interbank
deposits by a total of $1,900 million ($1,500 million time to other time
and2 $400 million demand to other demand).
Includes other assets and liabilities not shown separately.
3 See note 2 on p. 189.
4
Beginning with Dec. 31, 1947, the series was revised. A net of 115
noninsured nonmenber commercial banks with total loans and investments of about $110 million were added, and 8 banks with total loans
and investments of $34 million were transferred from noninsured mutual
savings to nonmember commercial banks.
5 These data reflect the reclassification of New York City and city of
Chicago as reserve cities effective July 28, 1962. For details see Aug.
1962 BULL., p. 993.
6 Beginning with June 1963, 3 New York City banks with loans and
investments of $392 million and total deposits of $441 million were
reclassified as country banks. Also see note 6, Oct. 1962 BULL., p. 1315.
8 744
Bor- Total Number
row- capital
acof
ings counts
banks
Time
8 738
5 ,020
5 ,553
6
1 077
558
637
1
404
1
705
249
1
1
555
189
4 5 ,083
6
420
18 5 ,645
577
608
184
180
617
180
6
2
5 ,022
5 ,556
1
405
4 850
5 ,087
427
5 ,663
1
2
4 850
2
496
350
339
NOTE.—Data are for all commercial and mutual savings banks in the
United States (including Alaska and Hawaii, beginning with 1959).
Commercial banks include all nonmember and member commercial
banks; stock savings banks and nondeposit trust cos. are included with
commercial banks. Member banks include 1 national bank in the
Virgin Islands that became a member in May 1957, 2 noninsured nondeposit trust cos. and, before July 1962, mutual savings banks that
became members of the FRS during 1941 (3 before Jan. 1960, 2 :until
June 1961, and 1 until July 1962; these banks were excluded fromjcommercial banks).
Comparability of figures for classes of banks is affected somewhat
by changes in F.R. membership, deposit insurance status, and the reserve
classifications of cities and individual banks, and by mergers, etc.
Figures are partly estimated except on call dates.
For revisions in series before June 30, 1947, see July 1947 BULL. 6
pp. 870-71.
LOANS AND INVESTMENTS AT COMMERCIAL BANES
(In billions of dollars)
Seasonally adjusted
Not seasonally adjusted
Securities
Period
Total
Loans *
Securities
Total l
U.S.
Govt.
Other
Loans i
U.S.
Govt,
Other
1957
1958
1959
166.4
181.0
185.7
91.4
95.6
107.8
57.0
64.9
57.6
17.9
20.5
20.4
169.3
184.4
189.5
93.2
97.5
110.0
58.2
66.4
58.9
17.9
20.6
20.5
1960...
1961 . . .
1962 2.
1963 2.
194.5
209.6
228.1
246.3
114.2
121.1
134.7
150.6
59.6
64.7
64.3
60.8
20.7
23.8
29.1
34.9
198.5
214.4
233.6
252.2
116.7
123.9
137.9
154.2
61.0
66.6
66.4
62.9
20.9
23.9
29.3
35.1
1963—Jan
Feb.. . .
Mar....
Apr....
May.. .
June...
July?..
Aug. 2 '..
SepU J ..
Oct.P.p .
Nov. .
228.9
232.3
235.0
232.5
234.8
240.3
237.8
238.5
240.7
241.0
244.0
246.3
134.7
136.8
137.8
137.4
138.9
141.8
142.4
142.5
145.0
146.3
148.8
150.6
64.6
65.4
66.7
63.9
64.2
66.0
62.4
62.1
61.7
60.2
60.8
60.8
29.6
30.1
30.5
31.2
31.7
32.5
33.0
33.9
34.0
34.5
34.4
34.9
229.1
230.4
231.9
232.3
233.6
239.1
237.8
237.1
241.9
242.4
245.0
252.2
133.4
135.2
136.4
136.9
138.9
143.1
142.4
142.5
146.0
146.2
148.9
154.2
66.2
65.3
64.8
64.0
63.0
63.5
62.5
60.8
61.8
61.8
62.0
62.9
29.5
29.9
30.7
31.4
31.7
32.*
32.9
33.7
34.2
34.5
34.1
35.1
1964—Jan.p.
245.8
151.3
59.8
34.7
246.0
149.8
61.6
34.6
1
Adjusted to exclude interbank loans.
2 Data are estimates for Dec. 3K
NOTE.—Data are for last Wed. of month (except for June 30 and
Dec. 31 call dates). For description of seasonally adjusted series and
back data, see July 1962 BULL., pp. 797-802.
194
COMMERCIAL BANKS
FEBRUARY 1964
LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions of dollars)
Investments
Loans *
For
To
purchasing
financial
Total
or
carrying
Cominstitutions
loans !
mer- Agri- securities
and
cial culReal
invest- Total 2 and
esments
tur- To
intate
al brodusTo
kers
To
To
trial
and others banks others
dealers
Class of
bank and
call date
Total: 2
1947—Dec. 31..116,284
1961—Dec. 30..215,441
1962—Dec. 28..235,839
1963—Mar. 18 •.235,550
June 29..241,014
38,057 18,167
,
1,660 830
124,925 45,172 6,248 4 ,056
140,106 48
,144
140,380 48
460 4,480
145,049 49;862 7;541 4,645
1,220
2,134
2,131
2,130
2,233
115
1,033
2,578
3,120
1,934
All insured:
1941—Dec. 3 1 . . 49,290 21,259 9,214 1,450 614 662
1,314 3,164 3,606
1945—Dec. 3 1 . . 121,809 25,765 9,461 1,314
1947—Dec. 3 1 . . 114,274 37,583 18,012 1,610 823 1,190
40
49
114
1961—Dec.
1962—Dec.
1963—Mar
June
30..
28..
18..
29..
124,348 44,965 6,211
139,449 48,458 7,060 5;il9 2
139,731
,
....,._.,_
144,363 49,660 7,513 4,615 2,203
1,027
2,551
3,098
1,902
Member, total:
1941—Dec. 3 1 . . 43,521 18,021 8,671 972 594 598
1945—Dec. 3 1 . . 107,183 22,775 8,949 855 3,133 3,378
1947—Dec. 3 1 . . 97,846 32,628 16,962 1 ,046 811 ,065
39
47
113
1961—Dec. 30..
1962—Dec. 28..
1963—Mar. 18..
June 29..
213,904
234,243
233,975
239,447
179,599
195,698
195,060
199,495
New York City:*
1941—Dec. 3 1 . . 12,896
1945—Dec. 3 1 . . 26,143
1947—Dec. 3 1 . . 20,393
106,232 40,931 3,934 3,877 ,827
118,637 43,843 4 ^ 1 9 4 ^ 5 4 1,777
118,490 43,832 4,580 4,283 J1,790
—
122,088 44,701 4,664
" 4,436' 1,880
4,072 2,807
7,334 3,044
7,179 5,361
412 169
2,453 1,172
545 267
1,014
2,445
2,994
1,844
30,297
32,989
32,941
32,847
19,535 11,278
21,954 11
11,943
21,501 11,839
21,446 11
",630
23 ,956
17 2 ,766
13 2,138
13 2,308
City of Chicago:*
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
2,760
5,931
5,088
954
732
1,333
760
1,801 1,418
48
211
73
52
233
87
1961—Dec. 30..
1962—Dec. 28..
1963—Mar. 18..
June 29..
7,606
8,957
9,078
9,082
4,626
5,418
5,473
5,545
354
407
350
358
137
152
163
176
53
89
139
135
114 194
427 1,503
170 484
4
17
15
2,609
2,941
2,989
3,051
Other reserve city:*
1941—Dec. 3 1 . . 15,347 7,105 3,456
1945—Dec. 3 1 . . 40,108 8,514 3,661
1947—Dec. 3 1 . . 36,040 13,449 7,088
1961—Dec. 30..
1962—Dec. 28..
1963—Mar. 18..
June 29..
68,565
73,130
72,594
74,614
42,379
46,567
46,710
48,164
16,879
17,660
17,555
17,805
Country:
1941—Dec. 31.. 12,518 5,890 1,676
1945—Dec. 31.. 35,002 5,596 1,484
1947—Dec. 31.. 36,324 10,199 3,096
300
205
225
1,076
976
1,179 1,053
1,179 1,159
1,245 1,090
2
4
5
10,165 2 ,811
11,,299 3,187
11,,448 3,360
\2,2\5 3 ,378
591
728
635
680
438
447
452
469
116
764
708
412
Nonmember:
1947—Dec. 31.. 18,454 5,432 1,205 614
1961—Dec. 30.. 35,856 18,700 4,241 2,314
830 2,678
1962—Dec. 28.. 40,141 21,469 4,830
1963—June 29.. 41,519 22,961 5,161 2,877
20
179
190
209
156
306
354
354
2
19
132
90
6,893 23,987 22,852 3,198 54,1
• ,058
7,936 27,162 24,799 3,6
:,968
7,528 27,683 24,869 3,531 :
8il34 29,127 26,366 3i557 50^399
123
80
111
669
703
698
741
7,789 6,034 53 ,205
276 3 ,729
2,114 26,336 26 ,641
345 3 ,592
3,932 23,841 26,9987 24,755 4,543
3,230 23,830 27,1
27,190 26
_ . , 070
. . . 4,280
,
3,216 23,821 27,378 27,817 4,606
2,098 26,145
3,916 23,715
3,215 23,703
3,203 23,741
26,426 20 ,068 3,462
26,746 24 ,547 4,356
26,953 25
_ , 8 6 0 4,093
27,092 27,573 4,475
221
362
379
393
9,229
8,862
7,839
6,863
1,842 21,390
3,249 19,443
2,628 19,480
,
2,608 19,423
21,598 16,691 2,617
21,414 20,773 3,319
21,514
,. 21,978
_.,
3,131
,
21,505 23,533 3,475
1,623 5,331
522
7,265
311
287 272 17,574
477 3,433 3,325 10
0,339
558 9,772
564 238 11,972 1,002
640
95
51
149
476
523
537
555
7,862
7,017
6,984
6,506
1,430
40 4,213
26 2,890
229
369
369
288
2,041
2,129
2,275
2,071
729
606
638
830
629
604
2,806
2,023
2,299
2,118
2,635
3,585
4,082
4,451
265
432
374
444
256
133 1,467
132
235
153 1,022
749 1,864
248 2,274
182
181
213
193
204
185
478
377
572
426
728
849
780
782
743
816
788 1,242
864 1,167
791 1,226
124
168
162
240
2,117
1,998
1,799
1,639
442
508
247
240
92
115
60
71
2,496
2,488
2,640
2,508
1,508
6,467
295
751 5,421
956 820
1,527
855 387 29,552 1,034 6,982 5,653 15,883 1,126
916
1,459
373 2,358 1,901 15,563 1,342 1,053
3,147 1,969 351 20,196
1,528
4,377
1,823
707 359 26,999
1,881
3,827 1,979 224 22,857
1,251
1,563
1,381
1,463
1* DCguuuug
Beginning with
June J30,
1948, iiguics
figures iui
for vcuiuus*
various IUCUI
loan licuis
items arc
are
wiui juiio
U , I7TO,
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.
Certificates
19,539
3,007 15,561 3,090 2,871
3,494
3,653
971
3,455 1,900 1,057 78,338
78
2,275 16,985 14,271 44,807 3,254 2,815
7,130 4,662 839 57,914 1,987 5,816 4,815 45,295 4,199 3,105
998 19,748
784
470 3,261 9,590 9,172
752 1,020 3,583 11,030 9,860 266 18,398
1,284
17,382
767 1,128 3,409 11,252 9,894
786
' 1 ,380 17,326
751 3,886 11,683 10, 464
183
471
227
Bills
7,296 30,211 27,708 3,396 66,026 11,356
8,434 34,123 30,402 3,890 65,891 11,514
8,022 34,781 30,568 3,763 64,290 10,419
8,620 36,558 32,506 3,793 63,037 9,002
22
36
46
20
42
23
39,693
44,698
44,805
46,934
Total
State
and
local Other
govt. secusecu- rities
Notes Bonds rities
21,046
3,159 16,899 3,651 3,333
988
4,773
4,505
88,912 2,455 19,071 16,045 51" ,342 3,873 3,258
4,677 2,361 1,132 88
9,266 5,654 914 67,941 2,124 7,552 5,918 52 ,347 5,129 3,621
467
376 1,711
934 2,072 1,220
425
572 2,087 1,329 2,143 1,196
409 1,020 2,040 1,425 2,119 1,082
448
546 2,044 1,845 2,161 1,034
659
648
818
1961—Dec. 30.. 73,131
1962—Dec. 28.. 80,623
1963—Mar. 18.. 80,447
June 29.. 82,952
U.S. Government
securities
9,393 5,723 947 69,221 2,193
",847 3 ,412 66,578 11,488
27
7,311 30,320
.
8,459 34,259 30,553 3,909 66,434 11,674
050
34;920
30;720
3,780 64,820 10,570
8,050 34,920 30,720 3,812
63,542 9,128
8,649 36,725 32,661
32
26
93
1961—Dec. 30..
1962—Dec. 28..
1963—Mar. 18..
June 29..
Other
to
in- Other
dividuals
13,242
14,441
14,627
15,206
11 ,132
12,273
12",319
13 ,186
2,266 1,061
418 6,341 4,995
523 7,097 5,754
515 7,598 6,295
751I 24,407
826>25,425
25
796 24,820
856 24,496
109
214
252
254
741
3,020
2,343 1,403
1,751 1,236
1,685 1,191
8,605
7,257
7,293
7,281
7,382
7,395
7,103
7,168
5,710
7,252
7,630
8,163
727
913
872
961
110
481 3,787 1,222 1,028
630 5,102 4,544 16,722 1,342 1,067
480 2,583 2,108 17,687 2,006 1
',262
3,614
566 9,560 10,667
4,144 1,223 8,849 11,209
3,718 1,085 8,768 11,248
3,112 1,106 8,851 11,427
11,318
206 1,973
12,525 2,259
272
13,466 2,812
683
13,143 2,265
608
1,219
4,947
4,398
4,398
7,920
5,046
5,573
5,873
7,530 1 ,500
8,694 1 ,807
9,099 ,723
9,692 1 ,830
1,078 625
3,655 976
3,982 ,224
4,284 1,131
2* Breakdowns
r>rcaK.uuwus of
ui loan,
IUCUI, investment,
juivcsixucm, and
ouu deposit
ucpua.11 classifications
ciassiiiuttuons are
arc not
noi
available before 1947; summary figures for earlier dates appear in the
preceding table.
3 New York City and city of Chicago were central reserve city banks
before July 28, 1962; reserve city banks thereafter.
For other notes see opposite page.
FEBRUARY 1964
195
COMMERCIAL BANKS
RESERVES AND LIABILITIES BY CLASS OF BANK
(In millions of dollars)
Demand deposits
Class of
bank and
call date
Reserves
with
F.R.
Banks
Currency
and
coin
DeBalances mand
dewith
posits
doadmestic
banks* justed 5
17,796
16,918
17,680
16,100
16,529
2,216
3,689
4,252
3,920
3,483
10,216
14,169
13,099
12,630
12,579
Interbank
Time deposits
Certified
and
officers'
checks,
etc.
U.S.
Govt. State
Inter- and
and
bank Postal local
Sav- govt.
ings
U.S.
For- Govt.
Domestic * eign «
State
and
local
govt.
11,362
16,574
14,713
14,120
13,749
1,343
5,946
6,829
5,400
11,060
6,799
12,242
12,071
11,720
12,396
2,581
5,056
4,511
4,340
4,502
84,987
124,622
124,459
117,480
116,726
240
481
535
460
550
111
283
269
270
254
ADinsured:
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
5,391
11,005
12,149
11,991
11,636
12,300
5,023
4,434
4,284
4,421
123,878
123,744
116,825
116,067
333
402
422
430
283
269
267
254
671 1,709
6,246 33,754 9,714
7,117 64,184 12,333 1,243 22,179
6,270 73,528 10,978 1,375 1,176
3,066
4,240
5,504
1,009
2,450
2,401
33,061
62,950
72,704
140
64
50
50
99
105
5,381
6,086
4,760
9,761
9,487
9,270
8,874
9,535
4,654 105,454
4,083 104,646
3,950 98,481
4,060 97,953
303
358
374
373
260
243
241
228
4,371
5,158
5,745
5,999
Total: 2
1947—Dec.
1961—Dec.
1962—Dec.
1963—Mar.
June
1961—Dec.
1962—Dec.
1963—Mar.
June
31....
30....
28....
18«...
29....
30....
28....
18....
29....
16,918
17,680
16,098
16,529
3,670
4,232
3,906
3,468
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
13,871
12,795
12,162
12,237
87,123
122,654
124,342
118,930
117,419
121,671
123,361
118,014
116,471
100,660
101,528
96,903
95,637
16,440
14,579
14,021
13,607
1,430
1,340
1,295
1,150
1,294
1,298
1,265
1,138
1,264
1,270
1,237
1,117
1,242
IPC
866
5,465
6,450
7,150
7,466
IPC
34,383
65 10,059
76,680 471 22,459
90,991 3,627 24,094
94,610 2,990 24,140
98,183 1,545 24,582
492 15,146
496 29,277
826 33,946
5,412
6,397
7,091
7,412
418 11,878
399 23,712
693 27,542
16,918
17,680
16,098
16,529
2,813
3,263
3,005
2,644
New York City:*
1941_Dec. 31
1945_Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
5,105
4,015
4,639
93
111
151
141 10,761
78 15,065
70 16,653
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
30....
28....
18....
29....
3,286
4,121
3,341
3,439
240
251
254
191
143
156
126
121
17,089
17,095
16,103
15,669
4,330
3,854
3,926
3,802
967 1,267
929 1,408
818
880
932 2,052
333
366
309
357
2,583
2,237
2,231
2,172
20,213
19,628
17,953
17,822
191
207
215
187
38
53
55
59
162
266
318
326
City of Chicago:*
1941—Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947_Dec. 31
1,021
942
1,070
43
36
30
298
200
175
2,215
3,153
3,737
J.027
1,292
,196
127
8
20 1,552
72
21
233
237
285
34
66
63
2,152
3,160
3,853
2
9
476
719
902
30....
28....
18....
29....
889
1,071
856
974
37
44
42
40
158
99
157
154
3,809
4,262
4,146
3,941
1,578
1,235
1,190
1,155
45
41
44
47
369
410
265
584
315
351
288
373
124
109
118
112
4,830
4,804
4,458
4,355
14
18
14
16
5
7
7
6
8
16
49
130
1,996
3,001
3,161
3,363
Other reserve city: 3
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
54
491
110 8,221
131
405
1,144
1,763
2,282
286
611
705
11,127
22,281
26,003
104
30
22
20
38
45
7,533
858
7,671 1,021
7,130
935
7,183
815
2,542
2,253
2,301
2,234
36,187
35,481
33,917
33,502
8,107
7,229
6,829
6,572
243
248
237
239
2,103
2,337
1,863
3,793
3,520
3,216
2,822
3,195
1,152
980
901
1,021
40,315
39,413
37,199
37,075
62
82
90
110
110
83
82
70
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
7
432
1,370
2,004
2,647
239
435
528
8,500
21,797
25,203
30
17
17
31
52
45
5,210
4,817
4,771
4,933
1,678
1,947
1,774
1,599
5,881
5,389
5,105
5,182
43,575
44,689
42,737
42,524
1,910
L,753
1,612
,617
1,641
1,931
1,752
3,332
5,320
5,337
5,456
5,610
796
756
700
755
40,095
40,801
38,872
38,700
37
51
55
60
108
100
97
94
544
876
989
840
3,947
5,446
5,202
4,889
13,595
21,994
22,814
21,782
385
649
642
603
55
167
70
565
57
743
51 1,300
1,295
2,755
2,802
2,861
180
402
428
442
12,284
19,168
19,813
18,773
190
178
176
177
1961—Dec.
1962—Dec.
1963—Mar.
June
1961—Dec.
1962—Dec.
1963—Mar.
June
1961—Dec.
1962—Dec.
1963—Mar.
June
30....
28....
18....
29....
Country:
1941—Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1961—Dec.
1962—Dec.
1963—Mar.
June
Nonmember:2
1947 Dec
1961—Dec
1962—Dec.
1963—June
4
30....
28....
18....
29....
31
30
28
29
8,724
7,897
7,689
7,690
15,924
14,071
13,558
13,146
15
19
19
25
Beginning with 1942, excludes reciprocal bank balances.
5 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.
6 Beginning with June 1961, reclassification of deposits of foreign
central banks reduced foreign interbank demand deposits by about $400
million and interbank time deposits by about $1,500 million. These
amounts are now included in demand and time deposits of individuals,
partnerships, and corporations.
778
1,206
1,418
1 648
195 2,120
30 2,259
6,735 283 3,683
8,937 1,728 3,898
9,541 1,357 3,920
9,746 794 3,931
288
377
426
35
262
267
111
870
948
954
974
1,967
2 2,566
1 2,844
23,962
81 6,997
28,027 1,388 7,263
29,205 1,038 7,294
30,567 407 7,440
146 6,082
219 12,224
337 14,177
1,891
2,242
2,504
2,631
4 5,886
208 7,589
54 8,464
62,526 438 18,638
74,316 3,550 19,854
77,352 2,883 19,919
80,322 1,440 20,238
243 4,542
160 9,563
332 11,045
2,310
2,633
2,873
2,913
10 6,844
215 8,671
61 9,734
76,426 462 22,089
90,714 3,584 23,712
94,320 2,953 23,784
97,893 1,498 24,191
30....
28....
18....
29....
1961—Dec.
1962—Dec.
1963—Mar.
June
Bor- Capital
row- acings counts
4 1,982
11 2,525
23 2,934
29,834
34,350
35,446
36,647
40
172
222
127
7,088
7,744
7,750
7,894
6
172 6,858
23 1,094 14,169
26 1,292 16,675
26 1,467 17,861
12
33
77
105
1,596
3,822
4,240
4,343
NOTE.—Data are for all commercial banks in the United States. These
figures exclude data for banks in U.S. possessions except for member
banks. During 1941 3 mutual savings banks became members of the
FRS; these banks (3 before Jan. 1960, 2 until June 1961, and 1 until
July 1962) are included in member banks but are not included in all insured
or total banks. Comparability of figures for classes of banks is affected
somewhat by changes in F.R. membership, deposit insurance status, and
the reserve classifications of cities and individual banks, and by mergers,
etc.
For other notes see opposite page.
196
WEEKLY REPORTING MEMBER BANKS
FEBRUARY 1964
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
(In millions of dollars)
Loans
For purchasing
or carrying securities
Total
loans
and
investments *
Wednesday
Loans
and
investments
Loans
art
justed* justed 2
Commercial
and
industrial
Agritural
To brokers
and dealers
To financial institutions
To others
U.S.
U.S. Other
Govt. Other
se- Govt.
sesesecuri- curicuri- curities
ties
ties
ties
Bank
Foreign
Nonbank
Do- Per*,
mes- and
sales
tic
com- finan. Other
mer- COS.,
cial
etc.
Real
estate
All
other
Valuation
reserves
TotalLeading Cities
1963
Jan
2
9
16
23
30
Dec. 4
11
18
25
31 9
1.562 1,569 2,801
1,552 1,087 2,481
1,544 1,453 2,682
1,540
837 2,532
,5?7
537 2,531
133,221
130,380
130,938
128,724
129,284
131,094
128,641
129,012
127,482
127,391
82,947
80,842
80,801
79,536
79,457
35,351
34,937
34,612
34,291
34,295
138,061
139,016
141,090
141,172
142,098
135,697
136,749
138,912
138,931
141,305
88,513
89,059
90,932
91,035
92,901
37,326 ,594
37,476 1,607
37,999 ,618
37,858 1,634
38,793 ,569
3,517
3,527
3,812
3,908
532 4,222
140,855
140,965
138,808
137,764
138,816
138,696
136,814
135,868
90,819
90,937
89,741
89,122
37,818 1,561
779 3,827
559 1,114 3,928
37,641
984 3,516
37,424 1,551
642 3,453
37,195 1,531
115
121
32,216
31 132
31,544
30,488
30,940
31,709
30,434
30,860
30,198
30,192
21,075
19,913
19,985
19,447
19,368
11,751
11,570
11,373
11,248
11,317
17
17
11
11
12
945
647
927
645
388
1,567
1,354
1,483
1,358
1,304
15
33,076
33,696
34,703
34,412
34 898
32,096
32,811
33,882
33,687
34,562
21,648
21,970
22,732
22 720
23,666
12,141
12,220
12,421
12 298
12,776
19
25
25
26
41
173
351
315
187
244
1,985
2,030
2,252
2,353
2,631
34,098
34 255
33,470
33,228
33,691
33,560
32,776
32,412
22,695
22 742
22,183
21,921
12,357
12 217
12,172
12,058
26
27
298 2,341
478 2,376
101,005
99,248
99,394
98,236
98,344
99,385
98,207
98,152
97,284
97,199
61,872
60,929
60,816
60,089
60,089
23,600 1.545
535
23,367
23,239 ,533
5?9
23,043
515
22,978
624
440
526
192
149
104,985
105,320
106,387
106,760
107,200
103,601
103,938
105,030
105,244
106,743
66,865
67,089
68,200
68,315
69,235
25,185
25,256
25,578
25,560
26,017
1,582
1,593
106,757
106 710
105,338
104,536
105,125
105 136
104,038
103,456
68,124
68,195
67,558
67,201
25,461
25,424
25,252
25,137
,532
,530
301
533
726
494
113
109
112
98
95
1,413
1,383
1,381
1,378
1,387
669
651
645
645
651
2,127
1,739
1,926
1,242
1,893
87
82
103
101
1,725
1,730
1,733
1,738
140 1,727
902
941
958
978
995
2,364
2,267
2,178
2,241
1,729
1,723
117 1,720
108 1,726
993
970
973
982
2,039
2,269
1,994
1,896
16
15
428
415
412
404
408
17
15
31
30
34
540
542
543
544
538
31
30
4,563
3,881
3,660
3,495
3,694
2,834
2,792
2,785
2,788
2,740
15 519
15 520
15,565
15 585
15 626
18 454
18 351
18,275
18 262
18 290
1 901
1 902
1,913
1 915
1,916
3,711
3,744
4,342
4,578
793 4,901
3,546
3,557
3,557
3,567
3,694
17,855
17 879
17,915
17 921
17 880
19,911
19 945
20,114
20 200
20 452
1,962
1 962
1,945
1 942
2 004
4,308
4,187
3,794
3,788
3,603
3,595
3,553
3,551
17 889
17,944
17,983
17 991
20 242
20 203
20,173
20 197
2 045
2 048
2,047
2 042
317
314
313
312
312
507 1 606
698 1,193
684 1,083
290 1,058
748 1,197
562
558
551
556
546
J 9ftQ
I 208
1,224
1,221
,230
3,205
3 167
3 147
3,172
3 193
549
549
437
455
469
,194
1,194
,495
[,584
.618
667
675
672
490
509
980
885
821
725
336
,856
[ 840
,834
,829
,798
3,192
3 196
3 232
3,267
3 295
573
573
557
557
526
512
500
407
695
,809
822
,825
.815
3 268
3 232
3,204
3 204
562
562
1964
Jan
8
15
22
29
New York City
1963
Jan
2
9
16
23
30
Dec. 4
11
18
25
31 *
17
19
669
708
554
554
554
1964
Jan
8
15
22
29
. . . .
21
21
500 2,102
380 2,007
29
28
537
535
539
542
496
525
1,234
1,127
1,199
1,174
1,227
96
90
97
82
80
985
968
969
974
979
352
337
332
333
339
128 1,532
182 1,497
411 1,560
307 1,555
288 1,591
70
67
72
71
106
1,185
1,188
1,190
1,194
1,189
465
486
489
488
1,384
1,382
1,357
1,516
486
457
2,517
2,550
2,847
2,994
3,283
2,879
2 882
2,885
2,898
2,986
15,999
16 039
16,081
16,092
16,082
16,719
16 749
16,882
16,933
17.157
84
91
88
80
1,192
1,188
1,181
1,184
481 1,632
470 1,574
477 1,300
457 1,080
2,928
2,787
2,619
2,558
2,905
2 908
2,871
2,878
16,080
16 122
16,158
16,176
16,974 ,483
16 971 1 486
16,969 ,485
16,993 ,480
1,380
1,400
694 1,175
816 1,230
698
687
682
673
562
562
Outside
New York City
1963
Jan
2
9
16
23
30
Dec. 4
11
18
25
31 » .
...
575
608
1,528
1,620 2,957 2,272 14,310
1,041 2,688 2,234 14,312
1,242 2 577 2 234 14 341
952 2,437 2,232 14 364
1,145 2,497 2,194 14,396
15 249 J.352
15,184 ,353
15 128
359
15 090
361
15,097 ,36?
,389
389
,388
,385
,478
1964
Jan.
8
15
22
29
For notes see p. 198.
510
481
636
484
262
1,486
1,552
1,414
1,446
197
WEEKLY REPORTING MEMBER BANKS
FEBRUARY 1964
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Cash assets
Investments
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
BalReances Currency serves
with
and
with
forcoin
F.R.
eign
Banks
banks
All
othei
assets
Total
assets—
Total
liabilities
and
capital
accounts
Total—
Leading Cities
1963
Jan.
2
9
16
23
30
32,369
31,961
32,409
32,116
31,986
5,487
5,164
5,651
5,353
5,205
2,368
2,363
2,360
2,348
2,358
3,996
3,988
3,929
3,961
3,958
14,330
14,286
14,299
14,297
14,277
6,188
6,160
6,170
6,157
6,188
15,778
15,838
15,802
15,830
15,948
18,596
17,386
17,467
17,459
17,078
Bee.
4
11
18
25
31 9
28,393
28,485
28,577
28,576
29,018
4,263
4,377
4,497
4,581
5,027
842
845
844
849
864
2,899
2,885
2,866
2,869
2,889
14,028
14,066
14,335
14,298
14,260
6,361
6,312
6,035
5,979
5,978
18,791
19,205
19,403
19,320
19,386
28,601
28,569
28,034
27,759
4,733
5,016
4,619
4,509
870 2,861
876 2,845
2,896 14,216 5,*
14,085 5,737
13,995 5,699
2,342 13,770 6,250
6,668
6,527
6,905
6,743
6,75!
1,859
1,781
2,195
2,030
2,032
495
494
490
483
491
701
685
689
703
708
2,323
2,315
2,321
2,307
2,306
5,628
5,891
6,061
5,947
5,840
1,362
1,593
1,746
1,645
1,548
159
153
153
154
154
5,915
5,84f
5,64'
5,563
1,620
1,527
1,237
1,259
2
9
16
23
30
25,701
25,434
25,504
25,373
25,234
Dec.
4
11
18
25
31 9
Jan.
8
15
22
29
3,761
3,006
3,137
2,898
2,853
181
163
184
173
168
1,816
1,761
1,665
1,687
1,659
12,838
12,456
12,481
12,701
12,398
4,972
4,831
4,831
4,817
4,925
173,985
166,627
168,749
163,546
163,742
17,735
17,416
18,536
18,337
18,743
3,671
284
274
296
310
274
1,773
2,008
1,993
1,915
1,995
12,548
12,099
13,096
12,925
12,803
5,277
5,242
5,239
5,315
5,538
176,079
176,534
179,917
179,662
184,994
19,396
19,190
19,039
18,987
17,740
18,207
17,308
17,580
2,935
3,186
2,919
2,860
292
273
274
273
1,901
1,817
1,845
1,851
12,612
12,931
12,270
12,596
5,356
5,362
5,443
5,541
178,959
180,969
175,633
173,885
,290
,252
,210
,220
,215
3,966
3,994
3,970
4,008
4,072
4,505
3,962
3,979
4,207
4,076
116
90
110
100
94
86
69
86
82
83
275
265
246
247
248
4,028
3,538
3,537
3,778
3,651
2,082
2,025
2,059
1,996
2,036
44,893
41,783
42,985
40,956
41,561
471
478
487
484
459
2,533 ,103
2,558 ,109
2,591 1,084
2,576 1,088
2,586 1,093
4,820
4,950
5,089
5,020
5,056
3,870
3,956
4,211
4,379
4,549
87
70
83
108
150
122
113
131
147
111
277
325
323
292
297
3,384
3,448
3,740
3,832
3,991
2,200
2,184
2,159
2,166
2,340
44,010
44,794
46,182
45,573
48,303
158
155
159
163
466
533
667
396
2,557
2,546
2,515
2,484
1,114
1,084
1,069
1,261
5,081
4,973
4,946
4,928
4,268
4,194,07(
4,259
75
108
132
124
124
118
294
264
269
274
3,767
3,701
3,598
3,775
2,235
2,253
2,331
2,359
45,502
46,384
44,571
44,400
3,628
3,383
3,456
3,323
3,173
,873
,869
,870
,865
,867
3,295
3,303
3,240
3,258
3,250
12,007
11,971
11.978
11,990
11,971
4,898
4,908
4,960
4,937
4,973
11,812
11,844
11,832
11,822
11,876
14,091
13,424
13,488
13,252
13,002
3,645
2,916
3,027
2,798
2,759
1,541
1,496
1,419
1,440
1,411
8,810
8,918
8,944
8,923
8,74^
2,890
2,806
2,772
2,821
2,889
129,092
124,844
125.764
122,590
122,181
22,765
22,594
22,516
22,629
23,178
2,901
2,784
2,751
2,936
3,479
683
692
691
695
710
2,428
2,407
2,379
2,385
2,430
11,495
11,508
11,744
11,722
11,674
5,258
5,203
4,951
4,891
4,f~~
13,971
14,255
14,314
14,300
14,330
13,
13,460
14,259
13,958
14,194
3,043
2,965
3,068
3,079
3,521
162
161
165
163
163
1,496
1,683
1,670
1,623
1,698
9,164
8,651
9,356
9,093
8,812
3,077
3,058
3,080
3,149
3,198
132,069
131,740
133,735
134,089
136,691
22,686
22,724
22 387
22,196
3,113
3,489
3,382
3,250
710
715
717
725
2,430
2,328
2,178
1,946
11,659
ll,53r
11,480
11,286
4,774
4,653
4,630
4,989
14,315
14,21"
14,093
14,059
13,472
14,010
13,229
13,321
2,860
3,078
2,831
2,768
160
149
150
155
1,607
1,553
1,576
1,577
8,845
9,230
8,672
8,821
3,121 133,457
3,109 134,585
3,112 131,062
1964
Jan.
8
15
22
29
New York City
1963
Jan.
2
9
16
23
30
Dec. 4
11
18
25
31 9
1964
Jan.
8
15
22
29'.'.'.'.'.'.'.'.'.
Outside
New York City
92
1963
Jan.
1964
For notes see the following page.
3,182
129,485
198
WEEKLY REPORTING MEMBER BANKS
FEBRUARY 1964
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars
Deposits
Borrowings
Demand
Wednesday
Demand
Total
deunadjusted* posits
adTotals
justed 5
IPC
Time
DomesState
tic
and For- U.S.
Totals
local eign? Govt. commergovt.
cial
banks
Other
Other time
Savings
IPC
State
and Forlocal eign7
govt.
liabili- acFrom
ties counts
F.R. From
others
Banks
TotalLeading Cities
1963
Jan.
2...
9...
16...
23...
30...
152,495
145,280
147,033
142,086
142,022
65,843
64,787
65,447
64,401
64,495
102,109
9 A,611
96,160
90,951
90,720
71,531
68,378
70,075
67,052
66,791
5,125
4,749
4,939
4,866
5,054
1,849
1,704
1,761
1,765
1,716
4,749
2:,916
""
:,682
2.
1,566
2,760
14,321
12,944
12944
12,518
11,438
11,010
50,386
50,603
50,873
51,135
51,302
34,920
34,993
35,042
35,106
35,143
9,221
9,265
9,384
9,463
9,542
3,410
3,475
3,537
3,595
3,622
2,483
2,514
2,545
2,611
2,635
75
54
76
595
107
2,566
2,453
2,607
1,799
2,398
5,219
5,208
5,417
5,445
5,558
13,630
13,632
13,616
13,621
13,657
Dec.
4...
11...
18...
25...
31 9
152,334
152,403
156,017
155,886
163,562
63,527
65,412
66,609
66,077
67,844
94,207
94,095
97,800
97,506
104
" ',335
67,802
69,847
71,056
70,556
74,513
5,051
4,765
4,776
4,844
5,338
1,770 3,160
1,836 ,
1,870
870 3,646
1,933 4,735
2,019 4,556
12,514
11,956
12,493
11,856
13,320
58,127
58,308
58,217
58,380
59,227
37,729 12 ,883
37,740 13,028
37,765 12,794
37,787 12,834
12
38,083 13,310
3,994
4,054
4,140
4,188
4,237
3,152
3,110
3,133
3,179
3,188
47
219
244
187
16
3,151
3,467
3,271
3,310
1,181
6,187
6,087
6,065
5,921
5,666
14,360
14,358
14,320
14,358
14,569
155,386
157,883
152,144
150,500
65,239
67,136
65,151
64,940
95,898
98,229
92,168
90,224
69,437
72,209
68,843
67,605
4,889
5,095
4,919
4,926
1,870 2,972
1,857 2 ,097
1,949 1
1,546
1,866 1,545
12,679
12,561
11,397
10,739
59,488
59,654
59,976
60,276
38,043 13,518
38,052 13,643
38,117 13,818
38,131 14,057
4,287
4,321
4,361
4,401
3,224
3,216
3,245
3,241
259
34
255
245
3,157
2,860
2,770
2,642
5,588
5,598
5,899
5,879
14,569
14,594
14,565
14,619
1964
Jan.
8...
15...
22...
29
New York City
1963
Jan.
2
9
16
23
30
37,254
34,178
35,030
33,369
33,857
16,849
16,416
16,519
16,073
16,264
28,26:
25,133
25,919
24,176
24,613
18,341
17,116
17,605
16,751
17,043
360
272
348
251
306
1,395 1,441
857
1,277
1,345 773
1,348 736
757
1,295
3,882
3,196
3,224
3,102
3,083
8,99:
9,045
9,111
9,193
9,244
3,974
4,001
4,017
4,040
4,050
2,864
2,855
2,867
2,872
2,892
212
213
226
227
224
1,760
1,791
1,816
1,868
1,892
1,242
1,204
1,458
987
1,078
2,580
2,581
2,665
2,713
2,807
3,817
3,820
3,820
3,820
3,815
Dec.
4
11
18
25
31 9 . . .
36,255
36,588
38,000
37,426
40,978
15,876
16,623
17,381
16,994
17,692
24,872
25,183
26,691
26,072
29,373
16,763
17,705
18,298
17,734
19,484
322
274
325
310
419
1,318
896 3,236
1,367 525 3,077
1,419 974 3,293
1,477 1,466 2,996
1,53: 1,470 3,695
11,383
11,405
11,309
11,354
11,605
4,409
4,407
4,406
4,406
4,434
4,157
4,210
4,092
4,109
4,348
396
413
410
417
379
2,237
2,183
2,201
2,217
2,222
988
1,405
1,466
1,551
587
2,810
2,760
2,740
2,609
2,616
3,957
3,950
3,939
3,937
4,122
37,061
38,368
36,414
36,228
16,541
17,081
16,572
16,520
25,434
26,708
24,644
24,349
17,237
18,217
17,309
17,160
380
411
320
286
1,420
1,370
l,49f
1,43:
911
609
384
345
3,081
3,339
2,997
2,930
11,627
11,660
11,770
11,879
4,411
4,398
4,405
4,410
4,362
4,373
4,442
4,538
374
404
40:
401
2,253
2,253
2,277
2,275
143 1,566
1,222
105 1,167
144 1,156
2,631
2,671
2,766
2,748
4,101
4,123
4,119
4,124
1964
Jan.
8
15
22
29
Outside
New York City
1963
Jan.
2
9
16
23
30
115,241
111,102
112,003
108,717
108,165
48,994
48,371
48,928
48,328
48,231
73,847
69,544
70,241
66,775
66,107
53,190
51,262
52,470
50,301
49,748
4,765
4,477
4,591
4,615
4,748
454 3,308
427 2
2,059
416 1,909
417 1,830
421 2,003
10,439
9,748
9,294
8,336
7,92-
41,394
41,558
41,76:
41,94:
42,058
30,946
30,992
31,025
31,066
31,093
6,357
6,410
6,517
6,591
6,650
3,198
3,262
3,311
3,368
3,398
723
723
729
743
743
75
54
64
528
103
1,324
1,249
1,149
812
1,320
2,639
2,627
2,752
2,732
2,751
9,813
9,812
9,796
9,801
9,842
Dec.
4
11
18
25
116,079
115,815
118,017
118,460
122,58.
47,651
48,789
49,228
49,083
50,15:
69,335
68,912
71,109
71,434
74,96f
51,039
52,142
52,758
52,822
55,029
4,729
4,491
4,451
4,534
4,919
452 2,264
469 1,342
451 2,672
456 3,269
487 3,086
9,278
8,879
9,200
8,860
9,625
46,744
46,903
46,908
47,026
47,622
33,320
33,333
33,359
33,381
33,649
8,726
8,818
8,702
8,725
8,962
3,598
3,641
3,730
3,771
3,858
915
927
932
962
966
47
128
207
137
16
2,163
2,062
1,805
1,759
594
3,377
3,327
3,325
3,312
3,050
10,403
10,408
10,381
10,421
10,447
118,325
119,515
115,730
114,272
48,698
50,055
48,579
48,420
70,464
71,521
67,524
65,875
52,200
53,99"
51,534
50,445
4,509
4,684
4,599
4,640
450 2,061
487 1,488
45' 1,162
434 1,200
9,598
9,222
8,400
7,809
47,861
47,994
48,206
48,397
33,63:
33,654
33,712
33,721
9,156
9,270
9,376
9,519
3,913
3,9r
3,95'
4,000
971
963
968
966
116
34
150
101
1,591
1,638
1,603
1,486
2,95'
2,927
3,133
3,131
10,468
10,471
10,446
10,495
31 9 . . . .
1964
Jan.
8
15
22
29
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.
6
Includes certified and officers* checks and deposits of mutual savings
banks, not shown separately.
7 Deposits of foreign governments and official institutions, central
banks, international institutions, banks in foreign countries, and foreign
branches of U.S. banks other than reporting bank.
8 Includes U.S. Govt., postal savings, domestic commercial interbank
and mutual savings banks, not shown separately.
9 Tuesday.
FEBRUARY 1964
199
BUSINESS LOANS OF BANKS
COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS
(In millions of dollars)
Outstanding
Net change during—
1964
Industry
Jan.
29
Jan.
22
Jan.
15
Jan.
1963
1964
Dec.
31 i
Jan.
1963
Dec.
1963
Nov.
IV
510
155
1,296
863
Commercial and industrial loans—
all weekly reporting banks
1,539
958
2,849
1 Tuesday.
2
Beginning December 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.
2nd
half
III
Durable goods manufacturing:
Primary metals
,
614
-2
615
608
617
608
-47
Machinery
,
2,123 2,152 2,175 2,174 2,170
-49
Transportation equipment
,
903
881
908
881
832
-19
794
Other fabricated metal products. . ,
797
799
807
788
-51
Other durable goods
,
1,010 1,021
1,032 1,042
991
Nondurable goods manufacturing:
-292
Food, liquor, and tobacco
1,626
1,645
1,718
1,918
1,751
Textiles, apparel, and leather
1,256
-75
1,277 1,308 1,309
1,331
Petroleum refining
1,192 1,195
1,152 1,187
5
1,193
1,005
993
8
Chemicals and rubber
984
978
997
819
-30
Other nondurable goods
821
823
844
849
Mining, including crude petroleum
and natural gas
2,722 2,736 2,753 2,794 2,892 - 1 7 0
1,381
1,387 1,390 1,386
1,422
-41
Trade: Commodity dealers
1,954 1,969 2,001 2,067 - 1 1 1
Other wholesale
1,956
Retail
2,299 2,315 2,331 2,330 2,512 - 2 1 3
Transportation, communication, and
other public utilities
-223
4,300 4,352 4,375 4,489 4,523
Construction
1,824 1,825
1,841
1,834 1,855
-31
All other:2
Bankers' acceptances
835
-47
817
806
936
All other types of business, mainly
4,673 4,687 4,683 4,674 4,765
-92
services
Total classified loans
31,291 31,477 31,683 31,871 32,771 -1,480
37,195 37,424 37,641 37,818 38,793 - 1 , 5 8 9
1963
1st
half
3
279
-12
-14
-19
9
13
59
-2
-33
4
177
-5
-51
-90
5
9
-90
-7
23
-50
16
-80
36
58
9
186
-95
-59
-67
-38
151
-91
58
91
74
-57
84
39
-19
153
-66
12
-4
4
496
-238
72
-20
-96
148
71
27
-40
60
-222
80
39
-24
47
644
-167
99
-60
-36
-593
288
7
66
92
320
-64
42
-147
97
125
15
231
413
348
125
220
30
235
-30
-67
-59
-195
100
71
443
583
95
154
237
-263
23
52
16
546
-27
-16
67
-22
175
529
40
-255
133
570
3
147
573
180
2,446
427
116
2,873
137
385
351
3,234
393
•
305
-28
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
All
loans
period
Size of loan
(thousands of dollars)
110
10100
100200
Area
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
4.0
4.4
4.8
4.6
5.2
3.5
4.0
4.5
4.1
4.9
I960
1961
1962
1963
5.2
5 0
5 0
5.0
6.0
5.9
5.9
5.9
5.7
5.5
5 5
5.5
5.4
5.2
5.2
5.2
5.0
4.8
4.8
4.8
5.02
5 00
5 01
5.01
5.00
5.88
5 89
5 86
5.86
5.86
5.55
5 55
5 54
5 54
5.54
5.28
5 21
5 24
5.21
5.23
4.85
4 83
4.84
4.85
4.82
Quarter: *
19 large cities:
1962 Dec
1963 Mar
June
Sept
Dec
.
.......
i Based on new loans and renewals for first 15 days of month.
NOTE.—Weighted averages. For description see Mar. 1949 BULL,
pp. 228-37. Bank prime rate was 3 per cent Jan. 1, 1955-Aug. 3, 1955.
period
All
loans
Quarter—cont.: *
New York City:
1962 Dec
1963—Mar
June........
Sept
Dec
Size of loan
(thousands of dollars)
110
10100
100200
200
and over
4.78
4.80
4.78
4.81
4.76
5.61
5.62
5.61
5.64
5.63
5.33
5.36
5.37
5.36
5.36
5.12
5.06
5.05
5.04
5.04
4.68
4.70
4.68
4.71
4.65
7 northern and
eastern cities:
1962—Dec
1963—Mar
June
Sept
Dec
5.05
4.98
5.01
5.01
5.04
5.85
5 85
5.84
5.85
5.85
5.55
5 53
5.54
5.56
5.55
5.23
5 18
5.27
5.19
5.27
4 92
4 84
4.87
4.88
4.90
11 southern and
western cities:
1962—Dec
1963—Mar
June
Sept
Dec
5.33
5.30
5.32
5.30
5.29
6.01
6.02
5.97
5.96
5.97
5.68
5.66
5.63
5.64
5.65
5.41
5 33
5.34
5.33
5.31
5.10
5 07
5.12
5.09
5.07
Changes thereafter occurred on the following dates (new levels shown, in
per cent): 1955—Aug. 4, 3 ^ : Oct. 14, 3 % ; 1956—Apr. 13, 3 % ; Aug.
21, 4; 1957—Aug. 6, 4y2; 1958—Jan. 22, 4; Apr. 21, 3y 2 ; Sept. 11, 4;
1959—May 18, 4 % ; Sept. 1, 5; and 1960—Aug. 23, 4i/2
200
INTEREST RATES
FEBRUARY 1964
MONEY MARKET RATES
(Per cent per annum)
U.S. Government securities (taxable)3
Prime
coml.
paper,
4- to 6-1
months
Period
1961
1962
1963
1963 Jan
Feb
Miar
.
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1964
.
.
Jan
Week ending—
1964 Jan
4
11
18
25
Feb 1
Finance
CO.
paper
placed
directly,
3- to 6months 2
Prime
bankers'
acceptances,
90 days i
3-month bills
Rate
on new
issue
6-month bills
Market
yield
Rate
on new
issue
9- to 12-month issues
Market
yield
Bills
(market
yield)
Other 4
3- to 5year
issues 5
2.97
3 26
3.55
2.68
3 07
3.40
2.81
3 01
3.36
2.378
2.778
3.219
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
3.34
3.25
3 34
3.32
3.25
3.38
3.49
3.72
3.88
3.88
3.88
3.96
3 18
3.13
3 15
3 17
3.15
3 21
3.35
3.57
3 63
3.72
3.75
3.84
3 07
3.13
3 13
3 13
3.13
3 24
3.41
3.59
3 63
3.63
3.71
3.63
2.914
2.916
2 897
2.909
2.920
2 995
3.143
3.320
3.379
3.453
3.522
3.523
2.91
2.92
2 89
2.90
2.92
2.99
3.18
3.32
3.38
3.45
3.52
3.52
2.962
2.970
2.950
2.988
3.006
3.078
3.272
3.437
3,494
3.573
3.648
3.667
2.96
2.98
2.95
2.98
3.01
3.08
3.31
3.44
3.50
3.58
3.65
3.66
3.00
3.00
2.97
3.03
3.06
3.11
3.40
3.50
3.57
3.61
3.67
3.69
2.97
2.89
2.99
3.02
3.06
3.17
3.33
3.41
3.54
3.59
3.70
3.77
3.47
3.48
3.50
3.56
3.57
3.67
3.78
3.81
3.88
3.91
3.97
4.04
3.97
3.82
3.71
3.529
3.52
3.652
3.64
3.68
3.66
4.06
4.00
4.00
4 00
3.98
3.88
3.84
3.86
3 88
3.78
3.75
3.63
3.63
3 73
3.75
3.75
3.524
3.534
3 549
3.538
3.501
3.52
3.53
3.54
3.52
3.50
3.651
3.669
3.679
3.648
3.613
3.65
3.66
3.65
3.63
3.61
3.70
3.72
3.69
3.66
3.65
3.75
3.68
3.59
3.66
3.67
4.08
4.08
4.07
4.04
4.04
1 Averages of daily offering rates of dealers.
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.
2
4
Certificates of indebtedness and selected note and bond issues.
5 Selected note and bond issues.
BOND AND STOCK YIELDS
(Per cent per annum)
Government bonds
Period
1964
State
and local
United
States
(longterm)
Total 1
3.90
3.95
4.00
3.60
3.30
3.28
3.27
3.03
3.06
4.01
3.67
3.58
Dec
3.88
3.92
3.93
3.97
3.97
4.00
4.01
3.99
4.04
4.07
4.10
4.14
3.22
3.24
3.21
3.21
3.21
3.31
3.31
3.28
3.31
3.33
3.36
3.33
2.95
2.99
2.97
2.97
2.99
3.09
3.10
3.09
3.13
3.15
3.17
3 12
Jan
4.15
3.29
4 15
4.16
4 16
4.15
4.15
3 30
3.31
3 30
3.29
3.28
6-12
20
Week ending—
1964 Jan
4
11
18
Feb.
25
1
Number of issues
Earnings/
price ratio
Industrial
Railroad
Public
utility
Preferred
Common
Common
5.08
5.02
4.86
4.54
4.47
4.42
4.82
4.86
4.65
4 57
4.51
4.41
4.66
4.50
4.30
2 97
3.37
3.17
4.74
6.05
4.21
4.19
4.19
4.21
4.22
4.23
4.26
4.29
4.31
4.32
4.33
4 35
4.91
4.89
4.88
4.87
4.86
4.84
4.84
4.83
4.84
4 83
4.84
4 85
4.38
4.37
4.38
4.40
4 40
3.40
4.43
4.45
4.46
4 47
4.47
4 48
4.72
4.69
4.65
4.63
4 63
4.61
4.62
4.63
4.65
4 66
4 68
4 68
4.38
4.37
4.38
4.39
4 39
4.40
4.42
4.42
4.44
4 44
4 45
4 49
4.34
4.27
4.24
4.31
4 29
4.29
4.34
4 30
4.30
4 26
4 28
4 32
3.31
3.27
3.28
3.15
3 13
3.16
3.20
3 13
3.06
3 05
3 14
3 14
4.57
4.37
4.83
4.50
4.68
4.51
4.32
3.06
4 ^7
4 57
4 57
4.57
4.57
4 37
4.37
4 38
4.38
4.37
4 84
4 84
4 84
4.83
4.83
4 50
4 50
4 50
4.50
4.50
4 69
4 67
4 68
4^69
4.68
4 51
4 51
4 52
4.52
4.52
4 34
4 33
4 31
4.31
4.30
3 11
3 07
3 05
3.03
3.05
30
30
40
40
40
14
Aaa
Baa
4.66
4.61
4.50
4.35
4.33
4.26
3.56
3.57
3.56
3.55
3.54
3.62
3.60
3.58
3.58
3.59
3.62
3 61
4.49
4.48
4.47
4.47
4.48
4.47
4.49
4.50
4.52
4.52
4.54
4 55
3.09
3.56
3 11
3.11
3 10
3.07
3.08
3 56
3 ^"7
3 56
3.56
3.56
5
120
1
Includes bonds rate A a and A, data for which are not shown separately. Because of a limited number of suitable issues, the number
of corporate bonds in some groups has varied somewhat.
NOTE.—Annual yields are averages of monthly or quarterly data.
Monthly and weekly yields are computed as follows: U.S. Govt. bonds:
Averages of daily figures for bonds maturing or callable in 10 years or
more.
State and local govt. bonds: General obligations only, based on Thurs.
Dividend/
price ratio
Total i
Baa
Jan
Feb
Mar .
Apr
May
June
July
Aug
Sept
Oct
Nov
Stocks
By
group
By selected
rating
Aaa
1961
1962
1963
1963
Corporate bonds
500
5.50
5.71
*>5.49
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.
201
SECURITY MARKETS
FEBRUARY 1964
SECURITY PRICES
Bonds
Common stocks
Standard and Poor's index
(1941-43= 10)
Standard
and Poor's
Period
U.S.
Govt.
(longterm)
State
and
local
Corporate
AAA
Industrial
Total
Railroad
Public
utility
Volume
of
trading
Trade,
(thoufisands
of
nance, Minand
ing shares]
service
Securities and Exchange Commission index
(1957-59= 100)
Manufacturing
Total
Total
PubTrans- lic
Non- porta- utildution
ity
rable
Durable
1961
1962
1963
87.55
86.94
86.31
107.8
112.0
111.3
95 2
96 2
96.8
66 27 69.99 32.83 61.87 134.2 126.7 129.2 124.4 105.7 168.4 160.2 92.5 4,085
62.38 65.54 30.56 59.16 127.1 118.0 116.5 119.4 97.8 167.2 155.0 98.0 3,820
69.87 73.39 37.58 64.99 142.3 133.3 129.3 137.1 122.5 180.5 169.3 123.5 4,573
1963—Jan
Feb
Mar
Apr
May
Dec
87.81
87.33
87.15
86.63
86.66
86.36
86.16
86.45
85.77
85.50
85.03
84.64
113.0
112.1
113.3
113.2
112.6
110.7
110.3
111.4
110.7
109.9
108.6
109.5
97.6
97.8
97.8
97.4
97.1
97.1
96.7
96 5
96.0
95.9
95 9
95.5
65.06
65.92
65.67
68.76
70.14
70.11
69.07
70.98
72.85
73.03
72.62
74.17
1964—Jan
84.42
111.0
95.3
76.45 80.85 41.00 67.26 155.7 146.3 142.9 149.7 140.4 196.0 178.3 140.2 5,302
84 48
84.36
84.34
84.48
84.50
109.9
109.9
111.1
111.4
112.5
95 2
95.3
95.2
95.2
95.4
75 12
75.98
76.47
76.85
76.91
..
July
Sept
Oct
Nov
Week ending—
1964—Jan 4 .
11
18
Feb.
25
1
68.00
68.91
68.71
72.17
73.60
73.61
72.45
74.43
76.63
77.09
76.69
78.38
79 41
80.31
80.85
81.27
81.39
34.06
34.59
34.60
36.25
38.37
39.34
38.75
39.22
39.00
38.31
38.60
39.92
40.55
40.74
41.05
41.13
41.20
NOTE.—Annual data are averages of monthly data. Monthly and
weekly data 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, averages of daily
figures.
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.
63.35
64.07
63.35
64.64
65.52
64.87
64.47
66.57
67.09
65.55
64.81
65.63
66.22
67.09
67.37
67.62
67.29
132.6
135.0
133.7
140.7
143.2
142.5
140.7
144.6
148.2
148.7
147.3
151.1
153.6
155.2
155.8
157.0
157.0
123.6
125.5
124.5
132.0
134.3
133.7
131.8
135.6
139.4
139.9
138.0
141.4
144.6
145.9
146.3
147.2
147.7
119.2
121.0
118.7
126.9
130.7
130.8
126.6
130.4
135.5
138.0
136.6
137.7
141.5
142.9
143.5
143.4
143.3
127.7
129.7
129.9
136.9
137.7
136.7
136.7
140.5
143.2
141.6
139.4
145.0
147 7
148.8
149.0
150.9
151.9
107.3
110.3
109.3
116.3
124.2
127.2
125.8
128.8
128.0
128.2
129.5
134.9
138.3
139.8
141.0
142.5
140.4
173.0
177.5
174.5
179.2
180.6
178.0
176.6
180.9
182.9
184.8
186.4
191.3
155.8
158.4
158.6
164.8
170.0
170.6
168.5
173.1
179.7
179.9
174.9
176.5
192.1
195.1
196.9
198.6
197.4
176.6
177.7
177.7
180.0
179.6
106.8
109.3
111.5
120.1
123.2
125.2
127.3
132.3
132.9
130.0
127.9
135.2
139.8
139.5
139.2
141.7
140.7
4,573
4,168
3,561
5,072
4,781
4,528
3,467
4,154
5,331
5,316
r
5,294
4,701
5,473
5,401
6,098
5,253
4,529
Common stocks, Standard and Poor's index based on averages of daily
figures; Securities and Exchange Commission index on weekly closing
prices.
Volume of trading, average daily trading in stocks on the N.Y. Stock
Exchange for a 5Vi-hour trading day.
STOCK MARKET CREDIT
(In millions of dollars)
Broker and dealer credit
Customer credit
Months
Total
securities
other than
U.S. Govt.
Net debit balances with
N.Y. Stock Exchange
firms secured by—
Bank loans to others than
brokers and dealers for purchasing anc carrying—
U.S.
Govt.
securities
Other
securities
U.S.
Govt.
securities
Other
securities
Money borrowed on—
U.S.
Govt.
securities
Other securities
Total
Customer
collateral
Other
collateral
Customers'
net
free
credit
balances
1960—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
1,135
1,219
1,216
1963—Jan
Feb
Mar
Apr
May....
June
July
Aug
Sept
Oct
Nov
Dec
5,595
5,717
5,754
5,978
6,229
6,420
6,511
6,660
6,971
7,180
7,298
r
7,241
28
23
28
27
24
32
25
23
41
29
34
26
4,208
4,332
4,331
4,526
4,737
4,898
4,895
5,034
5,316
5,495
5,586
r
5,514
95
91
100
99
75
104
81
87
86
83
90
140
1,387
1,385
1,423
1,452
1,492
1,522
1,616
1,626
1,655
1,685
1,712
1,727
32
35
63
33
33
44
29
23
69
33
28
32
2,895
3,059
3,129
3,239
3,655
3,909
3,836
3,933
4,100
4,218
4,457
'4,449
2,556
2,695
2,754
2,889
3,150
3,333
3,359
3,467
3,592
3,713
3,892
'3,852
339
364
375
350
505
576
477
466
508
505
565
597
1,199
1,191
1,175
1,201
1,166
1,149
1,126
1,093
1,180
1,176
1,211
r
l,210
1964—Jan
7,250
22
5,524
108
1,726
41
4,210
3,795
415
1,262
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 nation a 1
securities
and oi
of general
general partpartsecurities exchanges
excnanges and
ana balances
oaiances of
oi reporting
reporting firm
nrm anu
ners of reporting firm. Balances are net for each customer—i.e., all
accounts of one customer are consolidated. Money borrowed includes
borrowings from banks and from other lenders except member firms of
national securities exchanges.
Nov. data on customers' net debit balances exclude amounts carried
by a large former member firm in liquidation; most of these accounts
r
have been transferred to other member firms and are reported in their
debit figures from the month received (some in Dec. 1963, more in Jan.
1964). Debit balance totals for the period Oct.-Jan., therefore, are
not completely comparable.
Bank loans to others than brokers and dealers: figures are for weekly
reporting member banks. Before July 1959, loans for purchasing or
carrying U.S. Govt. securities were reported separately only by N.Y.
and Chicago banks. Accordingly, for that period the fifth col. includes
202
OPEN MARKET PAPER; SAVINGS INSTITUTIONS
FEBRUARY 1964
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
(In millions of dollars)
Dollar acceptances
Commercial and finance
company paper
Held by—
End of period
Accepting banks
Total
Total
1957
1958
1959
I960
1961
Placed
through
dealers 1
Placed
directly 2
Total
Own Bills
bills bought
3ased on—
F. R.
Banks
Others
Own
acct.
Foreign
corr.
Goods stored in or
ImExshipped between
ports
ports Dollar
into
from
exUnited United change
States States
United Foreign
States countries
2,672
3 2,751
3,202
4,497
4,686
2,121
3 1,911
2,525
3,139
2,975
1,307
1,194
1,151
2,027
2,683
287
302
194
238
94
64
66
49
16
68
878
775
278
254
456
349
296
244
232
263
319
662
1,272
282
490
46
83
677
1,358
1,711
36
173
75
74
82
230
357
403
309
669
74
122
162
308
896
376
51
126
675
1,060
1,234
485
969
117
293
249
524
551
840
819
1962
Dec
6,000
2,088
3,912
2,650
1,153
865
288
110
86
1,301
541
778
186
171
974
1963
Jan
Feb .
Mar
6,790
6,996
7,076
7,382
7,542
7,239
7,522
7,808
7,161
7,869
8,170
6,747
2,091
2,193
2,260
2,204
2 084
2,049
2,059
2,062
2,098
2,230
2,172
1,928
4,699
4,803
4,816
5,178
5 458
5,190
5,463
5,746
5,063
5,639
5,998
4,819
2,593
2,565
2,589
2,658
2 696
2,697
2,712
2,644
2,709
2,733
2,744
2,890
1,153
1,141
1,167
1,251
1,148
1,227
1,202
1,174
1,107
1,093
1,190
1,291
849
840
886
977
923
304
301
280
274
225
72
54
52
44
42
84
84
83
83
83
538
542
554
523
525
730
703
730
750
808
149
159
142
146
149
274
43
83
536
130
39
38
34
C
85
89
104
105
102
92
807
180
148
122
108
72
213
236
181
181
214
260
1,284
1,285
1,288
1,280
1,422
1,344
1,386
1,343
1,463
c
l,477
1,410
1,345
555
556
564
563
572
567
791
772
775
807
842
908
128
105
97
89
54
56
996
1,013
,041
[,130
1,142
1,158
1,174
[,159
1,226
1,229
1,230
1,317
Apr
May
July .
Aug
Sept
Oct
Nov
Dec
953
990
938
946
911
976
1,031
1
As reported by dealers; includes finance co. paper as well as other
commercial
paper sold in the open market.
2
As reported by finance cos. that place their paper directly with
investors.
58
42
162
66
64
53
47
46
46
41
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
Securities
End of period
Mortgage
1941
1945
Other
U.S.
Govt.
State
and
local
govt.
1 / 86
57
4,787
4 202
89
62
3,592
10 650
1955
1956
1957
1958
1959 4
17,279
19 559
20,971
23,038
24,769
211
248
253
320
358
8,464
7 982
7,583
7,270
6,871
646
675
685
729
721
I960
1961
1962
26,702
28,902
32,056
416
6,243
6,160
6,107
Nov
Dec
31,820
32,056
586
602
6,133
1963—Jan
Feb
Mar
Apr
32,492
32,812
33,125
33,452
33,809
34,075
34,389
34,690
34,964
35,333
35,654
1962
June
July
Sept
Oct
Nov
475
602
575
583
611
568
614
588
583
662
667
637
659
6,107
6,146
6,177
6,437
6,195
6,170
6,189
6,170
6,137
6,076
5,899
5,885
Corporate
and
other 1
Other
assets
Other
liabilities
Surplus
accounts
Mortgage loan
commitments 3
Number Amount
606
689
185
11,772
16 962
10 503
15 332
38
48
1 231
1 582
3,366
3 549
4,344
4,971
4,845
966
920
889
921
829
414
448
490
535
552
31,346
33 381
35,215
37,784
38,945
28 182
30 026
31,683
34,031
34,977
310
369
427
526
606
2 854
2 986
3,105
3,227
3,362
89,912
65,248
1,664
1,170
672
677
527
5,076
5,040
5,177
874
937
956
589
640
695
40,571
42,829
46,121
36,343
38,277
41,336
678
781
828
3,550 58,350
3,771 61,855
3,957 114,985
1,200
1,654
2,548
542
527
5,181
5,177
832
956
683
695
45,776
46,121
40,791
41,336
1,025
828
3,960 99,616
3,957 114,985
2,323
2,548
512
501
475
470
5,173
5,162
5,153
5,081
5,076
5,090
5,107
5,132
5,171
5,149
5,073
819
870
891
830
735
722
743
728
852
890
828
734
737
750
809
848
741
775
819
811
765
781
46,451
46,826
47,436
47,325
47,717
48,028
48,282
48,626
48,955
49,052
49,312
41,565
41,780
42,306
42,318
42,549
42,972
43,109
43,282
43,712
43,910
44,028
[,052
1,106
1,034
1,148
1,023
1,138
1.248
1,124
1,049
1,141
3,955
3,993
4,023
3,973
4,019
4,033
4,035
4,096
4,118
4,093
4,143
2,345
2,398
2,379
2,409
2,390
2,447
2,419
2,366
2,403
2,379
2,378
462
458
455
455
453
451
448
829
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. 189.
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
liabili- Deposits 2
ties
and
surplus
accts.
932
101,815
108,060
103 534
107,672
107,429
110,518
108,914
107,108
109 205
106,337
109,881
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 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.
SAVINGS INSTITUTIONS
FEBRUARY 1964
203
LIFE INSURANCE COMPANIES
(In millions of dollars)
Government securities
End of period
Statement value:
1941
1945
Total
assets
Total
Business securities
United State and Foreign 1
States
local
Total
Bonds
Stocks
Mortgages
Real
estate
Policy
loans
Other
assets
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
601
999
6,442
6,636
1,878
857
2,919
1,962
1,840
1,738
1955
1956
1957
1958
1959
90,432
96,011
101,309
107,580
113,650
11,829
11,067
10,690
11,234
11,581
8,576
7,555
7,029
7,183
6,868
2,038
2,273
2,376
2,681
3,200
1,215
1,239
1,285
1,370
1,513
39,545
41,543
44,057
47,108
49,666
35,912
38,040
40,666
42,999
45,105
3,633
3,503
3,391
4,109
4,561
29,445
32,989
35,236
37,062
39,197
2,581
2,817
3,119
3,364
3,651
3,290
3,519
3 869
4,188
4,618
3,743
4,076
4,338
4,624
4,937
I960
1961
1962
119,576
126,816
133,291
11,679
11,896
12,448
6,427
6,134
6,170
3,588
3,888
4,026
1,664
1,874
2,252
51,857
55,294
57,576
46,876
49,036
51,274
4,981
6,258
6,302
41,771
44,203
46,902
3,765
4,007
4,107
5 231
5,733
6,234
5 273
5,683
6,024
119,576
126,816
11,699
11,915
6,428
6,135
3,606
3,902
1,665
1,878
51,053
53,967
46,967
49,149
4,086
4,818
41,815
44,250
3,796
4,011
5,233
5,735
5,980
6,938
132,584
133,169
12,694
12,510
6,395
6,189
4,046
4,060
2,253
2,261
56,511
56,555
51,370
51,374
5,141
5,181
46,352
46,980
4,128
4,124
6,204
6,214
6,695
6,786
134,011
134,500
134,977
135,610
136,236
136,698
137,670
138,361
138,764
139,610
140,207
12,852
12,877
12,687
12,660
12,497
12,389
12,456
12,452
12,429
12,425
12,371
6,312
6,243
6,032
6,013
5,851
5,757
5,843
5,810
5,824
5,829
5,787
4,088
4,080
4,063
4,036
4,000
3,981
3,954
3,935
3,892
3,893
3,889
2,452
2,554
2,592
2,611
2,646
2,651
2,659
2,707
2,713
2,703
2,695
56,829
57,059
57,381
57,664
58,054
58,294
58,578
58,764
58,919
C
59,214
59,574
51,592
51,784
52,038
52,289
52,673
52,841
53,129
53,268
53,357
53,654
53,989
5,237
5,275
5,343
5,375
5,381
5,453
5,449
5,496
5,562
c
5,560
5,585
47,203
47,348
47,618
47,910
48,165
48,421
48,665
48,964
49,233
49,536
49,813
4,154
4,171
4,179
4,200
4,211
4,239
4,260
4 313
4,339
4,357
4,369
6,245
6,279
6,320
6,364
6,399
6,438
6,511
6 548
6,585
6,620
6,651
6,728
6,766
6,792
6,812
6,910
6,917
7,200
7,320
7,259
7,458
7,429
Book value:
1960—Dec
1961—Dec
1962—Nov.
Dec
r
1963—Jan
Feb
Mar
May
July
Sept
Oct
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.
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
assets 2—
Total
liabilities
Savings
capital
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
1955
1956
1957
1958
1959
31,408
35,729
40,007
45,627
53,141
2,338
2,782
3,173
3,819
4,477
2,063
2,119
2,146
2,585
2,183
1,789
2,199
2,770
3,108
3,729
37,656
42,875
48,138
55,139
63,530
32,142
37,148
41,912
47,976
54,583
2,557
2,950
3,363
3,845
4,393
1,546
1,347
1,379
1,444
2,387
1,161
1,293
713
874
833
843
862
1,475
1,285
I960
1961
1962
60,070
68,834
78,770
4,595
5,211
5,563
2,680
3,315
3,926
4,131
4,775
5,346
71,476
82,135
93,605
62,142
70,885
80,236
4,983
5,708
6,520
2,197
2,856
3,629
1,186
1,550
1,990
968
1,136
1,221
1,359
1,908
2,230
1962—Nov
Dec
77,972
78,770
5,569
5,563
3,230
3,926
5,445
5,346
92,216
93,605
78,581
80,236
6,070
6,520
3,172
3,629
1,932
1,999
2,461
1,221
2,434
2,230
1963—Jan
Feb
Mar . , .
Apr
May
June
July
Aug
Sept
Oct. r
Nov
79,441
80,137
81,042
82,103
83,281
84,525
85,628
86,836
87.933
89,051
89,857
5,751
5,923
6,100
6,135
6,111
6,201
6,271
6,233
6,345
6,419
6,548
3,593
3,699
3,789
3,650
3,613
3,850
3,401
3,353
3,383
3,450
3,482
5,238
5,284
5,401
5,493
5,887
5,858
5,708
5,859
5,897
5,979
6,154
94,023
95,043
96,332
97,381
98,892
100,434
101,008
102,281
103,558
104,899
106,041
81,221
82,065
83,260
83,738
84,707
86,349
86,313
86,956
87,872
88,667
89,471
6,554
6,573
6,573
6,584
6,600
6,800
6,810
6,826
6,830
6,838
6,855
2,892
2,697
2,601
2,725
2,840
3,434
3,688
3,912
4,208
4,405
4,464
1,929
1,954
2,097
2,254
2,353
2,461
2,485
2,493
2,536
2,576
2,502
1,427
1,754
1,801
2,080
2,392
1,390
1,712
2,094
2,112
2,413
2,749
2,342
2,446
2,662
2,843
3,019
3,092
3,097
3,110
3,067
3,025
2,929
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
Reserves
and
undivided
profits
Borrowed
money 3
Loans in
process
Other
402
1,411
1,430
1 dRd
Consists of advances from FHLB and other borrowing.
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.
204
FEDERAL FINANCE
FEBRUARY 1964
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
Derivation of U.S. Government cash transactions
Receipts from the public,
other than debt
Net cash borrowing
or repayment
Payments to the public,
other than debt
Period
Budget
net
Plus:
Trust
funds
Less:
Intragovt.!
Equals:
Total
rects. 2
Less:
Adjustments 4
Plus:
Trust
funds 3
Budget
Equals:
Total
payts.
Net
rects.
or
payts.
Change
Less:
in
Invest.
debt
(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 97,77r4
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
6,762
6,560
4,255
Fiscal year—1960..
1961..
1962..
1963..
77,763
77,659
81,409
86,376
20,342
23,583
24,290
27,689
2,975 95,078
3,945 97,242
3,776 101,865
4,281 109,739
76,539
81,515
87,787
92,642
21,212
22,793
25,141
26,545
3,424 94,328
4,766 99,542
5,266 107,662
5,436 113,751
750
-2,300
-5,797
-4,012
3,371
2,102
11,010
8,681
925
856
492
'2,068
597
536
923
1,033
I 848
712
9 594
5,579
Half year:
1962—Jan.-June.
July-Dec..
1963—Jan.-June.
July-Dec..
45,583
39,126
47,250
40,266
13,633
11,838
15,851
13,404
2,000
1,928
2,352
1,792
57,195
49,011
60,728
51,847
44,622
47,286
45,356
48,832
12,377
13,010
13,536
14,812
3,225
'2,195
3,241
2,141
53,773
58,101
55,650
61,503
3,422
-9,090
c
5,078
-9,657
2,911
'6,143
2,538
5,135
1,978
-870
2,939
-403
521
865
169
714
412
6,148
-569
4,824
8,360
1,681
490
9,546
7,572
'2,097
'233
'9,436
'111
-1,985
'-938
-1,337
'290
5,533
7,305
9,663
5,735
6,953
990
3,361
2,123
1,752
4,656
2,969
1,419
3,887
1,830
1,289
2,749
2,230
237
314
237
236
283
1,046
271
213
274
266
259
521
6,283
10,350
11,545
7,248
11,323
13,980
4,693
10,960
11,652
4,423
9,617
10,503
8,013
6,763
7,806
7,590
7,470
7,715
7,863
8,305
7,815
8,776
7,784
8,289
1,795
2,230
1,968
2,242
2,302
2,981
2,651
2,438
2,515
2,592
1,955
2,661
990
213
852
163
-218
1,375
468
-544
781
629
-73
881
8,818
8,779
8,922
9,669
9,989
9,321
10,045
11,287
9,549
10,740
9,812
10,069
-2,535
-372
-998
1,570
1,010
517
2,622 - 1 , 9 4 9
120
-2,421
104
-829
1,334
2,282
2,820
4,659
1,463
1,458
-5,353
-854 -1,253
-3281
2,028
1,784
2,102
366
-575
-6,318
103 - 1 , 1 0 1
-194
1,593
481
433
1,899
260
61
33
4
87
28
-36
128
116
101
78
163
128
565
461
-2,066
846
-567
40
Month:
1962—Dec
1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
12,061
3,547
7,290
10,095
3,400
7,131
8,803
271
128
839
1,126
949
1,511
Effects of operations on Treasurer's account
Net operating transactions
Period
Net financing transactions
Agencies & trusts
Treasurer's
account
Balance
-925
-856
-492
-2,069
1,625
2,640
9,230
7,659
4
-222
118
-74
2,654
-1,311
3,736
1,686
8,005
6,694
10,430
12,116
504
408
612
806
6,458
5,453
8,815
10,324
1.043
833
1,003
986
879
'874
148
1,648
-1,978
870
-2,939
403
2,032
5,269
2,390
3,487
-81
4
-78
-60
3,936
-2,922
4,607
-4,741
10,430
7,509
12,116
8,815
6,092
10,324
7,375
612
597
806
880
5,621
1,003
820
986
874
-65
'-65
-449
'938
3,323
-1,920
-57
6
591
400
7,109
7,509
585
597
5,728
6,092
796
820
998
-517
-120
829
-2,820
-1,979
1,253
-1,784
575
1,101
-481
-260
-53
1,221
-1,645
173
2,038
656
-1,025
1,700
100
-193
1,773
1,132
57
73
-245
100
-208
145
39
-43
9
87
-2,024
1,961
806
-1,672
978
4,558
-5,118
-152
2,938
-5,273
760
2,105
5,485
7,446
8,252
6,579
7,558
12,116
6,998
6,846
9,783
4,510
5,270
7,375
821
841
909
952
651
806
629
705
948
881
890
3,678
5,580
6,466
4,340
5,992
10,324
5,564
5,389
7,958
2,839
3,521
5,621
986
1,025
877
1,287
915
986
805
752
877
790
859
874
Clearing
accounts
Market
issuance
of
sec. 3
Invest,
in U.S.
Govt.
sec. 3
Fiscal year—1960..
1961..
1962..
1963..
1,224
-3,856
-6,378
-6,266
-870
790
-851
1,143
-149
285
566
122
1,746
-538
1,780
1,022
Half year:
1962—Jan.-June.
July-Dec.
1963—Jan.-June.
July-Dec..
962
-8,160
1,894
-8,567
1,256
-1,172
2,315
-1,408
704
-599
720
-365
-1,042
788
-2,480
542
1,857
-1,854
-516
4,346
-4,316
-1,015
2,279
-5,377
-652
514
619
'-416
-1,852
1,080
-805
1,131
155
-490
2,354
692
-133
618
-159
-528
-12
-1,232
231
70
1,449
-685
-1,304
795
-431
-874
411
291
-495
232
-319
-211
-304
-69
244
1,462
171
328
265
296
-179
76 7
1 Primarily interest payments by Treasury to trust accounts and accumulations to U.S. employee trust funds.
23 Includes small adjustments not shown separately.
Includes net expenditures of Govt. sponsored enterprises.
Operating bal.
Held
outside
Treasury
Trust 3
funds
1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Treasurer's account
(end of period)
Change
in
gross
direct
public
debt
Budget
surplus
or
deficit
Month:
1962—Nov
Dec
Change in
cash balances
-151
F.R.
banks
Tax
and
loan
accts.
Other
net
assets
4
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.
FEBRUARY 1964
205
FEDERAL FINANCE
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions of dollars)
Cash receipts from the public
Income taxes
Period
Individual
Total
Other
2,670
2,905
3,342
4,114
1,626
1,916
2,035
2,187
1,123
1,008
1,171
1,241
1,820
2,105
1,358
1,903
5,238
5,976
6,266
6,571
2,079
1,817
1,830
2,516
1,997
1,579
2,535
1,588
1,162
914
1,273
992
592
639
602
661
596
1,179
724
947
5,379
805
5,766
1,044
1,030
1,252
1,264
1,213
11,526
12,981
13,197
15,127
7,737
6,111
9,016
5,521
18,594 11,214 13,037
18,958 3,319
8,810
19,761 10,950 13,526
20,120 3,465 9,242
6,358
6,808
6,602
7,043
2,578
2.845
2,676
n.a.
1,468 9,991
1,756 7,937
1,649 11,798
1,898 9,209
1,269
5,422
3,182
973
5,642
3,272
1,295
5,607
3,210
4,423 1,404
9,617 5,429
10,503 3,176
Refunds
14,678
16,390
17,040
19,735
2,642
2,923
3,080
3,405
6,283
10,350
11,545
7,248
11,323
13,980
4,693
10,960
11,652
and
repayments
Unempl.
5,126
5,204
5,367
9,546 3,131
Customs
Total
11,865
12,064
12,752
13,410
13,271
13,175
14,403
14,269
7,373
Int.
Estate
and
gift
OASI
and
R.R.
22,179
21,765
21,296
22,336
Fiscal year—1960.. 95,078 31,675
1961., 97,242 32,978
1962.. 101,865 36,246
1963.. 109,739 38,719
Month:
1962—Dec
j 963—Jan
Feb
Mar
Apr
May
June
July.
Aug
Sept
Oct
Nov
Dec
Liquor
and to- Highway
bacco
Total
Other
57,195
49,011
60,728
51,848
Social ins. taxes
Corp.
Withheld
Half year:
1962—Jan.-June.
July-Dec..
1963—Jan.-June.
July-Dec..
Excise taxes
407
3,450
1,136
419
277
735
652
47
132
94
258
64
267
2,367
783
745
4,371
651
2,033
381
179
2,140
247
113
406
517
422
6,081
551
443
5,511
574
386
3,603
557
396
3,726
1,099
1,038
1,081
1,022
1,192
1,171
1,179
1,207
1,165
1,156
1,065
1,271
409
379
438
446
499
507
453
495
466
561
n.a.
n.a.
261
272
279
258
311
267
297
345
300
285
371
300
552
3,119
1,526
1,177
3,998
1,422
775
3,199
1,197
678
2,145
1,240
330
2,025
1,361
936
3,026
1,337
540
2,424
1,097
490
1,699
1,147
173
1,055
123
200
933
48
189
730
66
140
413
52
191
145
216
303
229
188
221
175
148
158
139
150
80
103
107
110
106
95
117
108
104
123
106
103
122
91
147
129
109
128
186
103
140
104
142
272
109
838
1,720
1,603
1,204
292
245
229
202
207
59
103
195
65
180
215
157
458
210
225
147
203
141
262
Cash payments to the public
Space
research
Agriculture
Natural
resources
Commerce
and
transp.
Hous- Health,
ing
&
& com. labor
devel. welfare
Education
1,574
2,153
'2,492
2,242
401
744
1,257
2,552
4,877
5,183
5,942
7,266
'1,822
'2,101
2,223
2,456
4,819
5,107
5,487
5,777
1,440 19,107
-103
22,364
'1,691 '23,975
25,698
-268
855
875
1,367
1,032
775
1,024
1,528
1,857
2,547
4,446
2,816
4,314
1,016
1,386
1,067
1,455
2,591
3,099
2,681
3,657
214
1,028
-1,294
1,857
12,515
12,349
13,348
13,150
187
532
188
527
443
233
194
250
271
281
299
270
285
287
342
301
372
'509
•"320
'529
'501
'590
367
818
915
621
882
446
632
195
164
153
166
'176
213
215
295
265
253
209
216
398
401
406
386
449
641
502
643
650
682
561
619
-723
-406
'-310
-74
-161
380
464
274
274
264
82
499
Total 5
National
defense
Intl.
affairs
Fiscal year—1960
1961
1962
1963'....
94,328
99,542
107,662
113,751
45,915
47,685
51,462
53,429
Half year:
1962—Jan.-Junerr. ..
July-Dec. ...
1963—Jan.-June'. . .
July-Dec
53,773
58,101
55,650
61,502
27,331
26,123
27,306
26,359
9,436
4,431
53
8,818
8,779
8,922
9,669
9,989
9,321
4,580
4,135
4,609
4,572
4,575
4,835
4,263
4,456
4,246
4,670
4,164
4,560
270
225
225
284
74
289
n
152
186
239
242
220
Period
Month:
1962—Dec.r
1963—Jan
Feb
Mar
Apr
May
June r
July
Aug
Sept
Oct
Nov
Dec
10,045
11,287
9,549
10,740
9.812
10.069
1962
Veterans
Interest
General
Govt.
867
945
1,052
1,214
5,907
6,187
6,092
5,971
7,233
7,257
6,940
7,427
'1,558
1,724
1,882
1,983
601
562
651
561
3,019
2,956
3,010
2,954
3,595
3,580
3,846
3,845
1,000
2,082
98
489
320
160
2,309
2,232
2,227
2,278
2,117
2,185
2,217
2,099
2,129
2.274
2,201
2,230
132
125
110
93
93
98
109
126
88
83
68
87
784
467
452
411
476
419
513
481
476
503
489
492
225
1,358
325
305
1,314
319
227
1,474
285
348
1,239
273
169
150
158
155
201
167
204
171
183
169
171
186
1962
939
983
1,084
1963
Item
II
III
IV
IV
III
Seasonally adjusted
Cash budget:
Receipts..
Payments.
Net
25.3
27.6
-2.2
For notes, see opposite page.
26.5
27.0
27.3
28.1
-.5
-.7
27.1
29.2
-2.1
27.4
28.2
27.8
28.2
-.8
-.4
III
IV
IV
Not seasonally adjusted
28.7
30.4
-1.7
28.9
30.2
-1.3
26.2
26.0
26 .0
28 .5
23 .0
29 .6
28 .2
27.8
26 .5
32.6
29.1
3.2
- 2 .5
- 6 .6
1 .7
3.4
31.0
-6.1
206
U.S. GOVERNMENT SECURITIES
FEBRUARY 1964
TOTAL DEBT, BY TYPE OF SECURITY
(In billions of dollars)
Public issues
Total
gross
debti
End of period
Total
gross
debt 2
Marketable
Total
Total
Bills
Certificates
Notes
Bonds *
Convertible
bonds
Nonmarketable
Special
Total 5
Savings
bonds
8.9
56 9
59 5
6 1
48 2
52 1
7.0
20 0
29 0
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
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
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
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
1963 Jan .
Feb
Mar
Apr
May
303.9
305.2
303.5
303.7
305.8
306.5
305.5
307.2
307.3
307.1
308.9
310.1
309.3
303.4
304.6
303.0
303.2
305.2
305.9
304.8
306.5
306.6
306.4
308.2
309.3
308.6
257.1
258.1
256.8
257.6
257.6
257.2
257.2
257.0
258.0
259.2
260.5
261.6
262.6
204.0
204.8
203.5
204.3
204.1
203.5
203.5
203.2
204.3
205.3
206.6
207.6
208.6
48.9
49.9
48.5
49.4
49.7
47.2
47.2
47.2
48.2
49.7
50 5
51.5
52.5
22.7
23.7
21.8
21.8
22.2
22.2
22.2
17.0
15.5
15.5
10 9
10.9
10.9
53.7
50 0
53.4
53.0
52.1
52.1
52.2
58.6
54.1
53.7
58 7
58.7
56.4
78.6
81 1
79 8
80.1
80.1
82.0
81.9
80.5
86.5
86.5
86 4
86 4
4.0
3 9
3 7
3.5
3.5
3.5
3.5
3.4
3.4
3.3
3 3
3 2
3.2
49.2
49 4
49 6
49 7
50.0
50 2
50.3
50.3
50 4
50.6
50 7
50 7
50.8
47.7
47 9
48 0
48.1
48.2
48 3
48.4
48.5
48.6
48.7
48 8
48 8
48.9
42.2
42 5
42.2
41.6
43.6
44.8
43.7
45.5
44.7
43.3
43 6
43.7
41.9
JUly
1964
Sept
Oct
Nov
Dec
Jan
1 Includes some debt not subject to statutory debt limitation (amounting
to $364 million on Jan. 31, 1964), and fully guaranteed securities, not
shown separately.
2 Includes non-interest-bearing debt, not shown separately.
3 Includes amounts held by U.S. Govt. agencies and trust funds, which
totaled $14,322 million on Dec. 31, 1963.
* Includes Treasury bonds and minor amounts of Panama Canal and
postal savings bonds.
oo. /
5 Includes Series A investment bonds, depository 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—
Endot
period
Total
gross
debt
Held by the public
U.S.
Govt.
agencies
and
trust
funds i
F.R.
banks
Total
Commercial
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
govts.
Individuals
Other
Savings
bonds securities
Foreign Other
and
misc.
invesinternational2 tors 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
.5
6.6
5.7
1956—Dec
1957—Dec
1958—Dec
1959—Dec
276.7
275.0
283.0
290.9
54.0
55.2
54.4
53.7
24.9
24.2
26.3
26.6
197.8
195.5
202.3
210.6
59.5
59.5
67.5
60.3
8.0
7.6
7.3
6.9
13.2
12.5
12.7
12.5
19.1
18.6
18.8
22.6
16.3
16.6
16.5
18.0
50.1
48.2
47.7
45.9
15.4
15.8
15.3
22.3
7.8
7.6
7.7
12.0
8.4
9.0
8.9
10.1
I960—Dec
1961—Dec
1962—Dec
290.4
296.5
304.0
55.1
54.5
55.6
27.4
28.9
30.8
207.9
213.1
217.6
62.1
67.2
67.2
6.3
6.
6.
11.9
11.4
11.5
20.1
19.7
20.1
18.7
18 7
19.5
45.7
46.4
46.9
19.1
18.5
18.3
13.0
13 4
15.3
11.2
11 6
12.7
1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
303.9
305.2
303.5
303.7
305.8
306.5
305.5
307.2
307.3
307.1
308.9
310.1
54.5
55.1
55.1
54.3
57.1
58.4
57.1
58.9
58.3
57.2
57.7
58.0
30.3
30.6
31.0
31.2
31.3
32.0
32.5
32.4
32.6
32.8
33.7
33.6
219.1
219.5
217.4
218.2
217.4
216.1
215.9
215.9
216.4
217.2
217.5
218.5
66.7
65.8
64.7
65.1
63.9
64.4
63.3
61.7
63.0
63.1
62.7
64.1
6.
6.
6.:
6.
6.
6.
6.
6.
6.0
5.8
5.8
5.8
11.5
11.4
11.2
11.1
11.0
10.8
10.9
10.9
11.0
11.0
11.0
11.0
21.0
21.6
20.7
21.0
22.2
20.2
20.5
21.3
19.6
20.4
r
21.6
20.7
19.9
19.9
20 1
20.5
20.5
20 7
20.9
21.2
20 9
20.7
20.3
20.8
47.1
47.2
47.3
47.3
47.4
47.5
47.6
47.7
47 7
47.8
47.8
48.1
18.6
18.7
19 1
18.4
18.0
18 1
18.4
18.4
18 7
18.8
18.9
18.8
15.3
15.2
15 4
15.6
15.9
15 8
15 6
15.9
16 0
15
9
r
16.0
16.0
12 9
13.8
12 7
13.0
12.5
12 5
12 6
12.7
13 5
13 6
13.2
13.2
1
Includes the Postal Savings System.
2 Includes investments of foreign balances and international accounts
in the United States.
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.
207
U,S. GOVERNMENT SECURITIES
FEBRUARY 1964
OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY
(Par value in millions of dollars)
Within 1 year
1-5
years
5-10
years
10-20
years
Over
20 years
34,384
40,984
39,034
37,864
37,864
72,298
66,360
61,640
56,660
58,487
18,684
19,782
33,983
37,500
35,682
13,224
11,976
4,565
8,358
8,357
10,979
13,419
15,539
15,648
15,642
591
583
865
1,248
1,366
891
669
726
477
478
2,431
1,860
1,425
1,827
1,910
1,602
1,594
2,731
3,102
3,021
1,461
1,756
1,309
2,175
2,178
1,140
2,022
2,583
2,925
2,936
15,223
17,650
17,741
22,632
22,580
3,217
3,349
2,723
4,199
4,146
12,006
14,301
15,018
18,433
18,434
10,711
8,737
10,834
8,517
8,658
1,179
2,227
2,094
2,300
2,136
243
204
68
88
88
28
63
83
131
131
153,515
158,600
162,553
161,130
162,089
57,125
65,526
67,952
64,028
64,979
35,638
39,512
44,662
45,074
46,027
21,487
26,014
23,290
18,954
18,952
59,156
55,763
49,381
46,316
47,919
15,903
15,961
29,158
32,098
30,525
11,520
10,016
3,188
6,095
6,091
9,811
11,334
12.873
12,592
12,575
54,260
59,073
58,004
53,551
54,881
14,697
21,149
19,885
15,215
16,703
6,976
9,962
9,838
7,821
9,290
7,721
11,187
10,047
7,394
7,413
31,596
30,751
26,348
25,563
26,107
5,654
5,043
11,163
11,776
11,075
1,775
1,724
191
527
533
538
407
417
469
463
Mutual savings banks:
I960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Nov. 30
Dec. 31
5,944
5,867
5,793
5,533
5,502
480
868
635
682
690
144
181
252
256
268
336
505
383
426
422
1,544
1,514
1,337
1,128
1,211
1,849
1,708
2,210
2,114
2,009
897
662
306
390
377
1,174
1,298
1,305
1,219
1,215
Insurance Companies:
I960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Nov. 30
Dec. 31
9,001
9,020
9,265
9,225
9,254
940
1,228
1,259
1,152
1,181
341
442
552
519
549
599
786
707
633
632
2,508
2,222
2,175
1,860
2,044
2,076
1,625
2,223
2,485
2,303
1,433
1,274
718
939
939
2,044
2,671
2,890
2,789
2,787
10,741
10,547
10,750
11,176
10,427
8,340
8,697
9,063
8,442
7,671
5,599
5,466
6,551
6,932
6,178
2,741
3,231
2,512
1,510
1,493
2,269
1,747
1,524
2,307
2,397
58
72
149
350
290
39
22
5
12
9
33
8
9
65
60
2,454
2,760
2,862
3,338
3,253
322
446
437
373
378
163
155
254
240
236
159
291
183
133
142
858
895
817
889
919
473
617
1,030
1,303
1,202
396
371
105
252
253
406
431
473
521
501
State and local governments:
1960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Nov. 30
Dec. 31
10,957
10,893
11,716
11,913
12,453
3,933
3,974
4,447
4,156
4,637
2,643
2,710
3,282
3,393
3,869
1,290
1,264
1,165
763
768
1,785
1,320
1,059
861
941
828
842
1,505
1,534
1,502
1,382
1,250
688
1,591
1,591
3,029
3,507
4,017
3,771
3,782
All others:
1960—Dec.
1961—Dec.
1962—Dec.
1963—Nov.
Dec.
60,158
60,440
64,162
66,394
66,320
28,413
29,346
32,227
34,008
33,719
19,772
20,596
23,935
25,914
25,637
8,641
8,750
8,292
8,094
8,082
18,596
17,314
16,121
13,707
14,301
4,965
6,054
10,877
12,534
12,144
5,598
4,713
1,175
2,384
2,389
2,587
3,012
3,761
3,760
3,767
Type of holder and date
Total
Total
Bills
Other
189,015
195,965
203,011
206,551
207,571
73,830
84,428
87,284
88,385
89,403
39,446
43,444
48,250
50,521
51,539
U.S. Govt. agencies and trust funds:
1960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Nov. 30
Dec. 31
8,116
8,484
9,638
11,754
11,889
1,482
1,252
1,591
1,725
1,844
Federal Reserve Banks:
1960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Nov. 30
Dec. 31
27,384
28,881
30,820
33,667
33,593
All holders :
1960—Dec.
1961—Dec.
1962—Dec.
1963—Nov.
Dec.
Held by public:
1960—Dec.
1961—Dec.
1962—Dec.
1963—Nov.
Dec.
31
31
31
30
31
31
31
31
30
31
Commercial banks:
1960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Nov. 30
Dec. 31
Nonfinancial corporations:
1960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Nov. 30
Dec. 31
Savings and loan
I960—Dec.
1961—Dec.
1962—Dec.
1963—Nov.
Dec.
associations:
31
31
31
30
31
31
31
31
30
31
,
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 and the
number of reporting owners surveyed were: (1) about 90 per cent by the
6,070 commercial banks, 505 mutual savings banks, and 794 insurance
cos. combined; (2) about 50 per cent by the 469 nonfinancial corps, and
488 savings and loan assns.; and (3) about 60 per cent by 480 State and
local govts.
Holdings of "all others," a residual throughout, include holdings of all
those not reporting in the Treasury Survey, including investor groups no
listed separately.
208
FEBRUARY 1964
U.S. GOVERNMENT SECURITIES
DEALER TRANSACTIONS
(Par value, in millions of dollars)
U.S. Government securities
By type of customer
By maturity
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
1962—Dec
2,071
1,446
366
222
38
610
38
881
543
88
1963—Jan
Feb
Mar
Apr
May
June . . .
July
1,871
2,350
1,694
1,788
1,639
1,574
1,775
1,308
1,799
1,575
1,713
1,719
J.484
[.646
1,241
1,438
1,160
1,208
1,440
,060
1,280
1,261
.300
226
400
224
195
282
168
172
139
207
144
252
213
124
230
149
105
127
165
134
88
214
124
131
122
36
75
79
50
69
33
29
21
100
46
29
37
621
733
544
509
529
471
556
401
522
467
480
508
37
44
39
33
30
26
27
15
36
31
28
30
730
952
657
757
601
584
727
507
733
637
662
730
484
622
454
488
479
493
464
384
509
439
544
451
81
73
91
91
81
108
95
88
140
91
117
96
1,623
1,591
1,515
1,550
[,349
1,281
1,052
1,177
165
172
273
228
82
109
151
112
28
29
37
33
431
473
489
494
23
30
21
29
664
643
655
688
506
445
349
339
228
67
60
116
2,410
2,022
2,513
2,478
1,624
2,013
1,602
1,918
L 851
1,323
209
252
336
274
175
134
144
193
226
86
54
23
66
126
40
640
653
759
872
518
45
22
40
51
29
1,042
868
1,142
981
685
683
479
573
575
391
147
90
96
100
121
Sept
Oct
Nov
Dec
Week ending—
1963—Dec
4
11
18
25
1964—Jan
1
8
15
22
29
. .
NOTE.—The transactions data combine market purchases and sales of
U.S. GOYL 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
AU
maturities
Within
1 year
1962—Dec
4,268
3,829
365
74
227
1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct . . . .
Nov
Dec
4,021
3,410
3,547
3,467
3,494
3,093
2,881
3,096
3,689
3,538
3,546
3,090
3,622
2,863
2,439
2,934
2,810
2,666
2,505
2,871
3,099
2,899
3,008
2,800
368
473
563
355
640
347
357
307
290
196
430
295
30
74
543
178
44
80
21
-82
300
444
108
4
185
128
212
228
305
357
267
275
195
176
159
254
6..
13..
20..
27..
4,108
3,630
3,415
3,322
3,328
3,042
2,952
2,870
551
449
391
395
228
138
72
58
178
144
138
173
4,
11.
18.
25.
3,433
2,942
3,053
3,092
3,034
2,629
2,813
2,846
356
279
251
298
41
33
-12
-52
259
254
243
240
1-5
years
Over
5 years
Commercial banks
U.S.
Govt.
agency
securities
Period
Dec.
.
.
.
.
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.
Averages of daily figures based on number of trading days in the period.
New
York
City
Elsewhere
Corporations 1
All
other
1962—Dec
4,378
1,563
839
11,566
411
1963—Jan
Feb
Mar
Apr
May
4,062
3,553
4,027
3,548
3,764
3,361
3,020
3,293
3,974
1,388
1,070
1,436
886
936
866
659
553
1,201
825
660
823
895
897
1,009
854
888
650
533
501
898
775
671
587
1,396
1,083
1,129
1,366
1,536
1,543
,478
,924
[,527
1,387
1,748
.466
383
502
453
442
403
303
350
316
348
429
472
263
3,718
3,533
3,579
3,473
3,421
3,108
3,214
3,078
924
526
691
592
837
642
772
548
,503
,685
1,659
,995
454
679
457
337
576
523
1,029
1,038
482
443
646
689
,962
,863
,309
,171
402
278
230
179
July
Aug
Sept
Oct
Nov
Dec
Week ending—
1963—Nov.
All
sources
3,415
3,551
3,139
Week ending—
1963—Nov.
6...
13...
20...
27...
Dec.
4...
11. . .
18. . .
25...
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.
FEBRUARY 1964
209
OUTSTANDING SECURITIES
U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, JANUARY 31, 1964
(In millions of dollars)
Issue and coupon rate
Treasury bills
Feb. 6,1964.
Feb. 13, 1964.
Feb. 20, 1964.
Feb. 27, 1964.
Mar. 5, 1964.
Mar. 12, 1964.
Mar. 19, 1964.
Mar. 23, 1964
Mar. 26, 1964.
Apr. 2,1964.
Apr. 9, 1964.
Apr. 15, 1964.
Apr. 16, 1964.
Apr. 23, 1964.
30, 1964.
May
May
May
May
June
June
June
June
June
July
July
July
1
7, 1964.
14, 1964.
21, 1964
28, 1964
4,1964
11, 1964
18, 1964
22, 1964 i
25, 1964
2,1964
9,1964
15, 1964
Issue and coupon rate
Amount
Amount
Treasury bills—Cont.
July 16, 1964
July 23, 1964
July 30, 1964
Aug. 31, 1964
Sept. 30, 1964
Oct. 31, 1964
Nov. 30, 1964
Dec. 31, 1964
2,201
2,202
2,102
2,102
2,202
2,200
2,202
2,001
2,209
199 Certificates
201
Feb. 15, 1964
501
May 15, 1964
101
103 Treasury notes
101
Apr. 1,1964
800
May 15, 1964
801
May 15, 1964
800
Aug. 15, 1964
802
Aug. 15, 1964
800
Oct. 1, 1964
801
Nov. 15, 1964
800
Nov. 15, 1964
2,501
Apr. 1,1965
804
May 15, 1965
800
May 15, 1965
800
Oct. 1,1965
1,998
Nov. 15, 1965
800
801
800
1,001
1,002
1,000
1,005
1,000
3V4
V/A
l^i
V/A
3%
5
3VA
1&
4%
3VA
\Vi
4%
3%
Vh
3i/i
sue and coupon rate
Treasury notes—Cont.
Feb. 15, 1966
3%
Apr. 1,1966
\Vi
Aug. 15, 1966
4
Oct. 1,1966
1
Feb. 15,1967
3!
Apr. 1,1967
V:
Aug. 15, 1967
3
Oct. 1, 1967
1
Apr. 1,1968
1
Oct. 1,1968
1
6,741
4,198 Treasury bonds
June 15, 1962-67... 2Vi
Dec. 15, 1963-68...2Vi
Feb. 15, 1964
3
457
4,399
June 15, 1964-69... 2 Vi
2,016
Dec. 15, 1964-69...2%
2,046
Feb. 15, 1965
2%
4,085
Mar. 15, 1965-70... 2Vi
May 15, 1966
3V4
490
Aug. 15, 1966
3
3,868
Nov. 15, 1966
3%
5,963
466
Mar. 15, 1966-71...2Vi
1,816
June 15, 1967-72...2%
7,977
Sept. 15, 1967-72... 2 Vi
315
Nov. 15, 1967
3y8
2,954
Dec. 15, 1967-72...2Vi
Issue and coupon rate
Amount
5,653
675
4,010
357
3,475
270
4,433
457
212
51
Amount
Treasury bonds—Cont.
May 15,1968
37/g
Aug. 15, 1968
3V4
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, 1 9 7 2 . . . . . . . . 4
Aug. 15, 1972
4
Aug. 15, 1973
4
Nov. 15, 1974
3%
May 15, 1975-85... 4 VA
June 15, 1978-83... 3 VA
Feb. 15, 1980
4
Nov. 15, 1980
3&
May 15, 1985
3*4
Feb. 15, 1990
.3%
Aug. 15, 1987-92... 4VA
Feb. 15, 1988-93
4
May 15, 1989-94... 4H
Feb. 15, 1995
3
Nov. 15, 1998
3Vi
1,461
1,814
1,634
2,629
2,541
3,974
2,418
2,862
1,024
1,851
1,406
1,307
1,952 Convertible bonds
3,604
Investment Series B
2,754
Apr. 1, 1975-80...2%
2,460
3,747
1,591
1,844
2,538
4,130
2,806
2,760
2,344
2,579
3,894
2,244
1,216
1,589
2,610
1,914
1,129
4,909
365
250
1,560
2,502
4,445
3,211
NOTE.—Direct public issues only. Based on Daily Statement of U.S.
Treasury.
Tax anticipation issue.
FEDERALLY SPONSORED AGENCIES, DECEMBER 31, 1963
Agency, type and date of issue,
and coupon rate
Federal home loan banks
Notes:
Mar. 15, 1963
Apr. 15, 1963
Sept. 16, 1963
June 17, 1963
Apr. 15, 1963
Aug. 15, 1963
July 16, 1963
Sept. 16, 1963
Oct. 15, 1963
Dec. 9,1963
Bonds:
June 17, 1963
Sept. 17, 1962
Dec. 9,1963
Maturity
3.20
3%
3.85
3.40
3.30
3.70
3*4
3.95
3.90
4.00
3Vi
3%
4%
Federal National Mortgage Association—
secondary market operations
Debentures:
May 10, 1961
3%
Sept. 11, 1961
4
Dec. 11, 1961
3"'
Dec. 10, 1957
4
Sept. 10, 1962
3
Dec. 12, 1960
4
Mar. 10, 1958
3
Apr. 10, 1959
4
Apr. 11, 1960
4
Sept. 12, 1960
4
Aug. 23, 1960
4
Sept. 11, 1961
4i
Feb. 10, 1960
5
Dec. 11, 1961
4
June 12, 1961
4
Feb. 13, 1962
4'
Banks for cooperatives
Debentures:
Aug. 1,1963
Oct. 1, 1963
Dec. 2,1963
3%
3.80
3%
Jan.
Feb.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Amount
(millions
of dollars)
15, 1964
17, 1964
17, 1964
16, 1964
15, 1964
15, 1964
15, 1964
15, 1964
17, 1964
15, 1964
320
265
300
275
435
330
326
413
300
564
Oct. 15, 1964
Sept. 15, 1965
Aug. 15, 1966
460
175
200
May
Sept.
Dec.
June
Mar.
Dec.
Mar.
Apr.
Apr.
Sept.
Aug.
Sept.
Feb.
June
June
Feb.
89
144
111
98
108
93
87
88
146
119
64
98
100
100
146
198
Feb.
Apr.
June
11,
10,
11,
10,
10,
12,
11,
10,
10,
10,
10,
10,
10,
12,
12,
10,
1964
1964
1964
1965
1966
1966
1968
1969
1970
1970
1971
1971
1972
1972
1973
1977
Maturity
Federal intermediate credit banks
Debentures:
.3.20
Apr. 1, 1963
May 1,1963
4
June 3, 1963
.3.30
July 1, 1963
.3.45
Aug. 1, 1963
.3.65
Sept. 3, 1963
..334
Oct. 1,1963
Nov. 4,1963
!3.95
Dec. 2, 1963
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Federal land banks
Bonds:
Apr. 20. 1963.
Aug. 8, 1963.
Dec. 20, 1960.
Oct. 20, 1960.
June 20, 1961.
Apr. 2, 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.
Feb. 2, 1959.
July 15, 1957.
Feb. 1, 1960.
Feb. 14, 1958.
Jan. 5, 1960.
May 1, 1956.
Sept. 14, 1956.
Feb. 20, 1963.
Feb. 20, 1962.
Apr. 20, 1964
Aug. 20, 1964
Oct. 20. 1964
Oct. 20, 1965
Dec. 20, 1965
Feb. 21, 1966
May 2, 1966
July 20, 1966
Feb. 15, 1967-72
May 22, 1967
Oct. 1, 1967-70
Oct. 23, 1967
Mar. 20, 1968
June 20, 1968
Mar. 20, 1969
July 15, 1969
Feb. 20, 1970
Apr. 1, 1970
July 20, 1970
May 1, 1971
Sept. 15, 1972
Feb. 20, 1973-78
Feb. 20, 1974
2,
3,
2,
1,
4,
1,
1,
3,
1,
1964
1964
1964
1964
1964
1964
1964
1964
1964
Tennessee Valley Authority
Short-term notes
3, 1964
1, 1964
1, 1964
200
193
196
NOTE.—These securities are not guaranteed by the U.S. Govt.; see also
NOTE to table at top of following page.
Agency, type and date of issue,
and coupon rate
Bonds:
Nov. 15, 1960.
July 1, 1961.
Feb. 1,1962.
Amount
(millions
of dollars)
252
273
231
232
223
191
175
172
203
147
215
90
160
115
150
108
193
72
180
75
174
86
186
100
60
82
83
85
60
109
148
155
35
.4.40
4%
Nov. 15, 1985
July 1, 1986
Feb. 1, 1987
50
50
45
210
CREDIT AGENCIES; SECURITY ISSUES
FEBRUARY 1964
MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES
(In millions of dollars)
Federal home loan banks
Assets
End of
period
Liabilities and capital
Ad-
vances
to
members
1955
1956
1957
1958
1959
Federal National
Mortgage Assn.
(secondary market
operations)
1,417
1,228
1,265
1 298
2,134
Investments
Cash
and
de-
posits
and
notes
Member
de-
posits
1,093
1,774
698
683
653
819
589
1,981
2,662
1,233
1,153
90
159
1,266
1,571
938
989
1,180
1962—Dec...
3,479
1,531
173
2,707
1963—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
2,802
2,611
2,514
2,635
2,740
3,270
3,548
3,758
4,024
4,226
4,290
4,784
1,876
1,883
1,974
1,702
1,720
1,937
1,525
1,511
1,484
1,537
1,515
1,906
87
2,348
2,096
2,003
1,908
2,035
2,770
2,816
3,036
3,299
3,599
3,599
4,363
.. .
1,027
908
999
81
62
87
75
159
94
70
96
131
96
159
975
963
825
714
Mortgage
loans
Capital
stock
62
62
63
75
103
1960
1961
765
Bonds
and
notes
(A)
516
607
685
769
866
Debentures
(L)
Loans
to
cooperatives
(A)
Loans
Debentures
and
discounts
(L)
1,454
1,585
2,564
2,828
2,210
2,431
1,840
1,727
3,052
2,628
1,858
1,926
1,892
2,108
2,210
2,293
2,352
2,360
2,318
2,169
2,083
2,099
1,729
1,787
1,842
1,935
2,037
2,133
2,203
2,233
2,233
2,139
2,027
1,952
3,069
3,089
3,118
3,147
3,176
3,198
3,218
3,240
3,259
3,280
3,291
3,310
2,628
2,661
2,661
2,661
2,725
2,725
2,725
2,796
2,796
2,834
2,834
2,834
1 157
1,391
1,107
2,788
2,770
2,523
2,453
649
697
407
435
1,501
1,650
1,214
1,126
2,752
2,422
735
505
1,155
1,213
1,283
1,250
1,236
1,325
1,069
1,011
1,014
1,128
1,129
1,130
1,133
1,134
,137
1,146
1,148
1,153
,150
,166
,171
2,708
2,599
2,446
2,285
2,126
2,072
2,038
2,030
2,028
2,027
2,020
2,000
2,370
2,343
2,126
2,043
1,984
1,960
1,950
1,916
1,899
1,884
1,792
1,788
777
775
761
745
702
701
711
706
735
848
858
840
505
480
480
491
489
459
459
473
473
526
526
589
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
(A)
1,116
1,356
110
143
222
252
364
1,151
Bonds
(L)
1,191
1,437
1,599
1,743
1,986
371
457
454
510
622
986
978
Mortgage
loans
1,497
1,744
1,919
2,089
2,360
1,315
1 100
1,640
200
Debentures
(A)
(L)
1,562
1 323
1,967
83
628
Fed<jral
lar id
ban ks
Federal
intermediate
credit banks
Banks
for
cooperatives
693
747
932
657
705
886
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)
All issues (new capital and refunding)
Type of issue
Type of issuer
Period
Total
GenerReveal
nue
obligations
PHAi
1957
1958
1959
6,926
7,526
7,697
4,795
5,447
4,782
1,965
1,778
2,407
187
332
I960
1961
1962
7,292
8,566
8,845
4,771
5,724
5,582
2,095
2,407
2,681
437
1962—Nov .
Dec...
610
572
403
277
194
173
117
1963—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
978
834
527
429
948
431
674
692
383
210
240
952
1,089
437
422
500
639
885
754
447
392
416
232
464
'1,313
'318
'672
660
391
1,012
r
622
226
66
302
315
138
ii6
Issues for new capital
U.S.
Govt.
loans
State
Special
district
and Other 2
stat.
auth.
Use of proceeds
Total
Education
Roads Utiland
ities 4
bridges
Housing 5
Veter- Other
ans'
puraid
poses]
99 1.489
115 1,993
176 1,686
1,272 4,164
1,371 4,162
2,121 3,890
6,568 6,875
7,708 7,441
7,423 7,589
2,524
2,617
2,318
J .036
1,164
844
1,517
1,412
1,985
251
401
1,352
339 1,657
355 1,685
125 1,110
120 1,928
41Q
145
1,984 4,198
2 165 4,473
2,600 4,825
7,102 7,247
8,301 8 463
8,732 8,568
2,405
2,821
2,963
1,007
I 167
1,316
1,700
1,668
426
385
521
201 1,891
478 1,913
125 2,177
213
163
97
14
150
93
2
117
116
99
114
52
182
85
2
91
142
1
56
114
26
123
31
9
2
139
197
298
202
176
347
182
148
103
r
365
94
12
6
121
54
200
242
289
21
20
16
16
15
28
21
14
25
r
20
43
41
100
265
156
686
391
416
585
168
134
250
342
332
207
424
528
359
426
77
186
422
285
386
283
93
143
72
r
485
298
r
685
184
135
340
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.
4
Water, sewer, and other utilities.
Total
amount
delivered 3
276
114
650
544
578
657
843
880
732
726
974
866
310
238
70
861
945
214
251
231
225
69
39
346
194
647
706
246
260
67
32
701
448
'564 '1 103
1,039
639
204
'262
126
143
33
r
133
77
'335
1,003
899
912
1,100
928
550
251
369
241
99
203
113
333
163
5 Includes urban redevelopment loans.
NOTE.—The figures in the first column differ from those shown on r 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.
FEBRUARY 1964
211
SECURITY ISSUES
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
Total
U.S.
Govt.
agency 3
U.S.
Govt. 2
U.S.
State
and
local
1955,
1956,
1957,
1958,
1959,
26,772 9,628
22,405 5,517
30,571 9,601
34,443 12,063
31,074 12,322
746 5,977
169 5,446
572 7 6,958
2,321 7,449
707 7,681
1960,
1961.
1962,
27,541 7,906
35,494 12,253
29,975 8,590
1,672
1,448
1,188
1962—Nov.
Dec.
1,821
2,149
327
295
1963—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
2,708
2,166
2,830
2,927
2,783
5,054
2,089
2,010
1,673
3,023
2,130
774
425
396
716
409
2,252
413
398
347
394
333
148
459
174
200
7,230
8,345
8,558
Bonds
Stock
Total
Total
Privately Pre- Complaced ferred mon
Publicly
offered
Other 4 Total
10,240
10,939
12,884
11,558
9,748
7,420
8,002
9,957
9,653
7,190
4,119
4,225
6,118
6,332
3,557
3,301
3,777
3,839
3,320
3,632
635
636
411
571
531
579 10,154
302 13,147
869 10,770
8,081
9,425
9,016
4,806
4,706
4,487
3,275
4,720
4,529
409 1,664 9,924 9,653 8,758
895
449 3,273 12,874 11,979 10,829 1,150
436 1,318 10,572 9,814 8,323 1,491
271
895
757
182
334
557
1,052
616
2,185
2,301
2,516
1,334
2,027
New 6
Total money
Retirement
Other
of
pur- secuposes rities
10,049 8,821 7,957
10,749 10,384 9,663
12,661 12,447 11,784
11,372 10,823 9,907
9,527 9,392 8,578
864 1,227
721
364
663
214
915
549
814
135
595
547
115
111
784
1,197
732
1,072
286
264
446
808
24
59
28
65
776
1,184
703
1,103
494
923
209
180
73
81
999
810
989
915
902
1,072
789
726
452
1,282
688
240
141
82
62
131
25
78
100
4
3
5
695
642
1,363
1,049
1,340
1,246
810
786
871
1,170
904
593
548
1,273
832
1,244
1,133
710
686
784
1,043
747
350
259
499
380
550
459
279
336
283
511
205
243
289
774
452
694
675
431
349
501
532
542
30
17
17
26
17
38
35
39
5
36
51
71
77
74
191
78
75
65
61
81
91
106
684
631
1,349
1,034
1,323
1,230
797
774
862
1,154
893
613
594
1,144
930
904
1,013
676
667
795
1,062
830
563
448
1,056
812
830
783
588
596
730
960
614
50
146
88
118
74
230
89
71
65
102
216
72
37
205
104
419
217
121
107
67
92
63
Proposed uses of net proceeds, major groups of corporate issuers
Manufacturing
Commercial and
miscellaneous
Tr ansp ortation
Public utility
Communication
Real estate
and financial
Period
RetireRetireRetireRetireRetireRetirement of
New
ment of
New
ment of
New
ment of
New
ment of
New
New
ment of
secu- capital 8
secusecu- capital 8
secu- capital 8
secucapital 8
capital 8
secucapital 8
rities
rities
rities
rities
rities
rities
2,397
3,336
4,104
3,265
1,941
533
243
49
195
70
769
682
579
867
812
51
51
29
13
28
544
694
802
778
942
338
20
14
38
15
2,254
2,474
3,821
3,605
3,189
174
14
51
138
15
1,045
1,384
1,441
1,294
707
77
21
4
118
1,812
1,815
1,701
1,014
1,801
56
17
67
47
6
1,997
3,708
3,020
79
306
204
794
1,095
832
30
46
29
672
680
551
39
26
30
2,754
2,892
2,357
51
104
445
1,036
1,427
1,281
1
378
10
2,401
2,176
1,773
71
36
39
1962—Nov.
Dec.
271
345
3
31
40
104
1
4
35
90
15
13
175
252
135
220
592
148
216
227
297
272
237
266
224
5
6
31
5
29
10
28
49
52
85
64
60
114
63
50
32
56
43
2
1
5
12
2
3
4
7
4
1
5
99
30
143
34
101
109
35
36
61
31
104
60
12
114
115
97
342
222
230
107
100
78
198
130
4
54
125
68
43
71
92
58
86
25
39
42
13
178
257
1963—Jan..
Feb..
Mar.
Apr.,
May,
June,
July.
Aug.
Sept.
Oct..
Nov.
50
25
65
30
61
86
58
179
82
22
*
72
41
4
5
1
*
105
1
9
5
4
7
6
1955
1956
1957
1958
1959
,
1960
1961
1962
47
10
10
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.
262
8
71
1
4
1
91
110
183
271
212
276
89
184
348
469
316
67 For plant and equipment and working capital.
Beginning with 1957 this figure differs from that shown on the previous8 page because this one is based on Bond Buyer data.
All issues other than those for retirement of securities.
NOTE.—Securities and Exchange Commission estimates of new issues
maturing in more than 1 year sold for cash in the United States.
212
SECURITY ISSUES
FEBRUARY 1964
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
(In millions of dollars)
Derivation of change, all issuers
Bonds and notes
All securities
Common and preferred stocks
Period
Retirements
Net
change
New
issues
Retirements
Net
change
Invest.
COS.*
Net change
Retirements
New issues
New
issues
Other
Invest,
cos.i
Other
Invest.
cos. 1
Other
1957
1958
1959
14,350
14,761
12,855
3,609
5,296
4,858
10,741
9,465
7,998
9,638
9,673
7,125
2,584
3,817
3,049
7,053
5,856
4,076
1,391
2,018
2,353
3,321
3,070
3,377
406
515
785
618
964
1,024
985
1,503
1,568
2,703
2,106
2,354
I960
1961
1962
13,084
16,745
13,490
5,033
6,967
6,249
8,051
9,778
7,241
8,072
9,225
8,593
3,078
4,090
3,566
4,994
5,134
5,028
2,288
3,259
2,788
2,724
4,261
2,109
869
1,811
1,123
1,086
1,696
1,561
1,419
2,078
1,665
1,638
2,566
548
1962—III
IV
2,744
3,423
1,634
1,576
1,110
1,848
1,816
2,503
1,082
960
734
1,543
500
511
428
409
235
286
317
330
265
225
111
79
1963—1
II
Ill
3,074
4,176
3,297
1,803
2,449
2,004
1,272
1,727
1,293
2,096
3,013
2,189
1,087
1,540
1,230
1,009
1,473
959
608
613
659
370
550
449
348
396
389
367
513
385
260
217
270
3
36
64
Type of issuer
Manufacturing
Transportation 3
Commercial
and other 2
Real estate
and financial
Communication
Public
utility
4
Period
Stock
1957
1958
1959
1,779
2,191
316
1,391
-61
425
169
417
217
24
9
158
289
413
335
I960
1961
1962
399
1,938
1,479
451
318
-403
261
505
313
-91
-431
-173
1962—III
IV
291
390
-159
-83
8
78
1963—1
II
Ill
391
460
378
-102
-224
-60
58
112
17
1
2
3
4
Bonds
& notes
Bonds
& notes
Bonds
& notes
Bonds
& notes
Bonds
& notes
Stock
Bonds
& notes
Stock
-93
2
2,585
2,133
1,738
815
1,027
1,028
1,236
494
475
198
1,070
443
995
206
994
1,259
1,656
1,866
173
63
-61
-42
1
-34
1,689
1,655
1,301
635
700
487
901
148
1,178
356
1,472
363
1,572
825
819
1,749
2,584
1,972
11
-35
-27
40
-12
-11
87
316
134
69
244
308
100
97
132
410
302
268
-18
-14
-27
100
131
-95
-3
-31
27
190
250
148
25
167
8
197
99
82
87
101
131
73
422
429
273
254
254
Stock
Open-end and closed-end cos.
Extractive and commercial and misc. cos.
Railroad and other transportation cos.
Includes investment companies.
NOTE.—Securities and Exchange Commission estimates of cash transactions only. As contrasted with data shown on p. 211, new issues
Stock
Stock
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. 211.
OPEN-END INVESTMENT COMPANIES
(In millions of dollars)
Sales and redemption
of own shares
Assets (market value
at end of period)
Sales
Redemptions
Net
sales
Total i
Cash
position
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
2
Other
Sales
Redemptions
Net
sales
Total i
Cash
position 2
Other
1962—Dec...
191
105
87
21,271
1,315
19,956
5,801 1963—Jan...
Feb...
Mar...
7,400
Apr...
8,554
May..
8,191
June..
12,608
July...
14,958
Aug...
Sept...
16,053
Oct....
21,809
Nov...
19,956
Dec...
23,873
235
166
200
203
194
195
219
193
206
214
210
225
116
115
117
133
132
115
124
123
142
132
123
132
118
51
84
70
61
79
95
69
64
82
87
92
22,447
22,015
22,639
23,487
24,038
23,692
23,550
24,925
24,496
24,914
24,774
25,214
1,336
1,401
1,350
1,256
1,286
1,166
1,310
1,287
1,300
1,374
1,419
,341
21,111
20,614
21,289
22,231
22,752
22,526
22,240
23,638
23,196
23,540
23,355
23,873
Market value at end of period less current liabilities.
Cash and deposits, receivables, all U.S. Govt. securities, and other
short-term debt securities, less current liabilities.
Assets (market value
at end of period)
Month
Year
1
2
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.
FEBRUARY 1964
213
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
(In millions of dollars)
1962
Industry
1958
1959
1960
1961
1963
1962 1
I
II
IV 1
III
I i
IIIi
III
Manufacturing
Total (180 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (79 corps.): 2
Sales
Profits before taxes
Profits after taxes
Dividends
.
.
Durable goods industries (101 corps.): 3
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 (21 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 (35 corps.):
Sales
Profits before taxes
Profits after taxes . . .
Dividends
Machinery (25 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (14 corps.):
Sales
. .
Profits before taxes
Profits after taxes
Dividends
105,134 118,423 123,126 122,849 135,579 33 291 34 602 31,995 35 690 34 549 37 521 34 861
10,466 14,090 13,463 13,200 15,401 3,908 4,096 3,187 4,210 3 960 4 721 3,717
5,714 7,440 7,121 7,135 8,184 2,033 2,096 1,700 2,355 2,078 2,431 1,981
4,078 4,342 4,464 4,714 5,022 1,154
1,158
1,163
1,548
1,164
1,165
1,315
41,541 45,442 41,211 49,237 52,077 12,793 12,984 12,981 13 320 13 207 13 818 13 941
4,402 5,648 5,570 5,589 6,001 1,461
1,501
1,453
1,586
1,512
1,617 1,657
816
815
827
959
942
867
899
2,574 3,210 3,210 3,219 3,416
1,912 1,953 2,037 2,153
1,785
512
513
517
611
530
539
539
63,593 72,981 75,849 73,612 83,502 20,499 21,619 19,014 22,371 21,342 23,703 20,920
6,065 8,442 7,893 7,611 9,400 2 447 2,595 1,734 2 624 2 448 3 083 2 060
3,140 4,231 3,911 3,916 4,768 1,217 1,282
873 1,397 1,211
1,532 1,039
642
644
647
936
626
636
2,294 2,430 2,510 2,677 2,870
776
10,707 11,303 11,901 12,607 13,124
1,152
1,440
1,417
1,274 1,328
604
631
555
670
685
312
344
367
392
419
3,231
336
160
103
3,267
355
167
103
3,328
380
180
104
3,298
368
178
109
3,268
334
162
108
3,470
386
184
110
3,557
404
195
110
10,390 11,979 12,411 12,825 13,978
1,538 2,187 2,010 1,989 2,229
829 1,131
1,061
1,039
1,160
799
876
795
717
843
3 372
3,567
3 467
3 572
3 508
3 788
3 765
545
586
546
279
198
297
196
283
199
12,838 13,372 13,815 14,483 15,013
1,362
919 1,187
1,267 1,237
791
969 1,026
1,025 1,084
566
516
518
521
528
3 771
343
262
139
3,612
300
227
142
19,226 21,035 20,898 20,308 21,361
2,182 2,331 2,215 1,998 1,860
1,154
1,067 1,003
1,222 1,170
5,733
620
320
5,535
505
269
14,685 17,095 16,826 17,576 19,127
1,463 1,890 1,499
1,672 1,913
734
934
763
838
957
422
448
482
520
497
4,537
454
225
129
4,916
490
240
129
4,665
457
228
129
5,008
512
265
133
18,469 22,731 25,738 22,779 28,603
1,332 2,985 3,185 2,788 4,326
706 1,479
1,527 1,410 2,136
807
833
969 1,148
758
6 904
1,096
531
215
7,515
1,253
596
216
5 708
287
216
9,514
648
445
385
9,440
728
571
367
2,296
133
66
85
2,408
186
105
92
10,195 11,129 11,906 12,478 13,252
2,704 2,983 3,163 3,349 3,591
1,519
1,655
1,793
1,883 2,053
1,134
1,219
1,374 1,459
1,307
3,399
1,051
3,206
835
802
831
840
845
821
209
210
548
621
607
283
204
318
204
319
194
3,714
299
255
141
301
283
3 916
420
341
145
3 959
390
304
151
3 937
343
265
149
4 028
387
303
150
4,992
353
186
5 102
383
228
5 155
431
231
6 151
713
372
5,498
474
253
4,768
481
239
137
5,120
535
266
140
5,111
537
263
140
8 476
1,389
721
501
7 851
1,265
599
216
8 615
1,469
704
361
6 421
2,332
172
125
67
2,405
237
275
123
2,238
116
82
89
2,474
252
189
103
2,398
197
156
66
3,255
887
3,392
818
3,830
1,100
3,377
848
3,481
930
210
589
553
192
180
182
182
673
331
220
Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric power:
Operating r e v e n u e . . .
Profits before taxes
Profits after taxes
Dividends
.
Telephone:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
.
.
9,565
843
602
419
. . . .
.
. .
9,825
845
578
406
6,939
1,860
921
7,572
2,153
1,073
8,111
2,326
1,155
8,615
2,478
1,233
9,196
2,639
1,327
674
743
806
867
935
1 Figures have not been adjusted for the varying treatment by individual cos. of additional depreciation under the new guidelines and of
the2 investment tax credit.
Includes 17 cos. in groups not shown separately.
3 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.
9,189
625
382
359
472
488
366
371
356
2,245
648
320
2,296
678
335
2,300
683
337
585
231
232
235
508
366
2,355
630
335
237
626
498
392
378
2,365
672
336
2,440
711
357
225
255
529
384
2,465
725
368
252
Telephone. Data obtained from Federal Communications Commission on revenues and profits for telephone operations of the Bell System
Consolidated (including the 20 operating subsidiaries and the Long
Lines and General departments of American Telephone and Telegraph
Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operating subsidiaries and the 2 affiliates.
All series. Profits before taxes are income after all charges and before
Federal income taxes and dividends. For description of series see
June 1949 BULL., pp. 662-66 (manufacturing); Mar. 1942 BULL., p p 215-17 (public utilities); and Sept. 1944 BULL., p. 908 (electric power).
Back data available from Division of Research and Statistics.
214
BUSINESS FINANCE
FEBRUARY 1964
CORPORATE PROFITS, TAXES, AND DIVIDENDS
(In billions of dollars)
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
Undistributed
profits
Corporate
capital
consumption
allowances 1
1955
1956
1957
1958
1959
44.9
44.7
43.2
37.4
47.7
21.8
21.2
20.9
18.6
23.2
23.0
23.5
22.3
18.8
24.5
11.2
12.1
12.6
12.4
13.7
11.8
11.3
9.7
6.4
10.8
18.4
20.0
21.8
22.7
24.3
1960
1961
1962
44.3
43.8
46.8
22.3
22.0
22.2
22.0
21.8
24.6
14.5
15.3
16.6
7.5
6.5
8.1
25.6
26.8
30.8
Year
1
Includes depreciation, capital outlays charged to current accounts, and
accidental damages.
Corporate
capital
Undis- consumptributed
tion
profits
allowances !
Quarter
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
1962 I
II
III....
IV....
45.9
46.7
46.2
48.4
21.7
22.1
21.9
22.9
24.2
24.6
24.3
25.5
16.2
16.4
16.5
17.1
8.0
8.2
7.8
8.4
30.3
30.7
31.0
31.3
1963—1
II
III....
48.3
51.0
52.2
22.9
24.2
24.7
25.4
26.8
27.5
17.1
17.6
17.6
8.3
9.2
9.8
31.7
32.1
32.7
NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally
adjusted annual rates.
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS
(In billions of dollars)
Current liabilities
Current assets
End of period
Net
working
capital
Total
Cash
U.S.
Govt.
securities
Notes and accts.
receivable
U.S.
Govt. i
Other
Inventories
Other
Total
Notes and accts.
Accrued
payable
Federal
income
taxes
U . S .1
Other
Govt.
Other
1956
1957
1958
1959
I960
1961
107.4
111.6
118.7
124.2
128.6
136.8
237.9
244.7
255.3
277.3
289.0
306.0
34.8
34.9
37.4
36.3
37.2
40.3
19.1
18.6
18.8
22.8
20.1
19.7
2.6
2.8
2.8
2.9
3.1
3.4
95.1
99.4
106.9
117.7
126.1
135.5
80.4
82.2
81.9
88.4
91.8
95.2
5.9
6.7
7.5
9.1
10.6
12.0
130.5
133.1
136.6
153.1
160.4
169.3
2.4
2-1
1.7
L7
1.8
L.8
81.5
84.3
88.7
99.3
105.0
111.6
17.6
15.4
12.9
15.0
13.5
14.0
29.0
31.1
33.3
37.0
40.1
41.9
1962—11 . .
HI
IV
140.4
141.3
144.0
313.3
320.5
325.9
37.2
37.5
41.0
19.6
19.0
20.1
3.3
3.4
3.6
141.0
146.4
146.5
98.7
100.5
100.9
13.5
13.7
13.7
172.9
179.2
181.9
L.8
2.0
113.4
117.7
119.8
13.6
14.6
14.9
44.1
45.0
45.1
1963—I
II
Ill
144.9
147.1
149.7
327.7
334.7
341.6
36.9
38.0
38.5
20.7
20.2
19.6
3.5
3.3
3.4
148.7
153.1
157.8
102.7
104.0
105.8
15.2
16.0
16.6
182.8
187.6
192.0
2.3
2.5
2.5
120.2
123.8
126.6
14.1
14.2
15.1
46.2
47.1
47.7
i Receivables from, and payables to, the U.S. Govt. exclude amounts
offset against each other on corps.' books.
0
NOTE.—Securities and Exchange Commission estimates; excludes
banks, savings and loan assns., and insurance cos.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT
(In billions of dollars)
Manufacturing
Period
Total
Durable
Nondurable
Transportation
Mining
Railroad
Other
Public
utilities
Communications
Other l
Total
(S. A.
annual
rate)
1955
1956 . .
1957
1958
1959
28.70
35.08
36.96
30.53
32.54
5.44
7.62
8.02
5.47
5.77
6.00
7.33
7.94
5.96
6.29
.96
1.24
1.24
.94
.99
.92
1.23
1.40
.75
.92
1.60
1.71
1.77
1.50
2.02
4.31
4.90
6.20
6.09
5.67
1.98
2.68
3.03
2.62
2.67
7.49
8.36
7.37
7.20
8.21
1960
1961
1962
1963 2
35.68
34.37
37.31
39.05
7.18
6.27
7.03
7.77
7.30
7.40
7.65
7.85
.99
.98
1.08
1.04
1.03
.67
.85
1.08
1.94
1.85
2.07
1.91
5.68
5.52
5.48
5.64
3.13
3.22
3.63
8.44
8.46
9.52
1962—11
Ill
IV
9.50
9.62
10.18
1.77
1.79
2.03
1.92
1.93
2.10
.27
.28
.27
.26
.24
.20
.60
.50
.50
1.37
L.54
1.52
.93
.87
.95
2.37
2.48
2.60
36.95
38.35
37.95
1963—1 . .
II
HI
IV 2
8.25
9.74
10.14
10.92
1.62
1.96
1.96
2.23
1.65
1.95
1.99
2.25
.24
.26
.27
.28
.21
.28
.29
.31
.39
.54
.45
.54
L.04
1.40
1.60
L60
.85
.95
.93
2.26
2.41
2 64
36.95
38.05
40.00
40.75
9.05
1.79
1.80
.24
.26
.50
1.10
1964—I 2
1
2
Includes trade, service, finance, and construction.
Anticipated by business.
13 75
3 71
36
40.75
NOTE.—Dept. of Commerce and Securities and Exchange Commission
estimates for corp. and noncorp. business, excluding agriculture.
JANUARY 1964
215
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING
[In billions of dollars]
All properties
End of period
Financial
holdinstiers
tutions i
Other
holders
2
1- to 4-family houses
U.S.
agencies
Individuals
and
others
Finan.
instiTotal
tutions l
20.7
21.0
4.7
2.4
12.2
12.1
31.2
30.8
18.4
18.6
1956
1957
1958
1959
144.5
156.5
171.8
190.8
111.2
119.7
131.5
145.5
6.0
7.4
7.8
10.0
27.3
29.4
32 7
35.3
134.6
146.1
160 7
178.7
1960 .
1961^
206.8
226.3
251.6
157.6
172.6
192.5
11.2
11.8
12.2
38.0
41.9
47.0
231.1
237.8
244.5
251.6
176.0
181.5
186.8
192.5
12.1
12.1
12.1
12.2
257.1
265.1
273.3
281.3
197.2
204.1
210.8
217.3
11 8
11.2
11.1
rw
1963—IP
1\P..
Ill*
.
3
All
holders
37.6
35.5
1962 IP
IIP
HIP
Multifamily and
commercial properties
All
All
1941
1945
1962P
Farm
Nonfarrr l
Other
holders
Finan. Other
instiTotal
holdtutions 1 ers
holders
FinanOther
cial
insti- holders4
tutions !
7.2
6.4
12.9
12.2
8.1
7.4
4.8
4.7
6.4
4.8
1.5
1.3
4.9
3.4
99.0
107.6
117.7
130.9
11.2
12.2
83.4
89.9
98.5
109.2
15.6
17.7
19.2
21.6
35.6
38.5
43.0
47.9
23.9
25.8
28.8
31.9
11.7
12.7
14.2
16.0
9.8
10.4
11.1
12.1
3.9
4.0
4.2
4.5
6.0
6.4
6.9
7.6
194.0
212.4
236.4
141.3
153.1
166.5
117.9
128.2
140.4
23.4
24.9
26.0
52.7
59.3
69.9
35.0
39.4
46.6
17.7
19.9
23.4
12.8
13.9
15.2
4.7
5.0
5.5
8.2
8.9
9.7
42.9
44.3
45.6
47.0
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
14.2
14.7
14.9
15.2
5.1
5.3
5.4
5.5
9.1
9.4
9.6
9.7
48 1
49.9
51.4
241 6
249.0
256.8
169 2
173.7
178.3
143 3
147.9
152.3
25 9
25.8
26.0
72 4
75.3
78.5
48 3
50.3
52.4
24 1
25.0
26.1
15.5
16.1
16.6
5.6
5.9
6.1
9.9
10.2
10.5
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 small amounts of farm loans held by
savings and loan assns.
4Derived figures; includes debt held by Federal land banks and
Farmers Home Admin.
NOTE.—Based on data from Federal Deposit Insurance Corp., Federal
Home Loan Bank Board, Institute of Life Insurance, Depts. of Agriculture and Commerce, Federal National Mortgage Assn., Federal Housing
Admin., Public Housing Admin., Veterans Admin., and Comptroller
of the Currency.
Figures for first 3 quarters of each year are F.R. estimates.
MORTGAGE LOANS HELD BY BANKS
(In millions of dollars)
Commercial bank holdings *
Residential
End of period
Total
Total
FHAinsured
VAguaranteed
1941
1945
4,906
4,772
3 292
3,395
1956
1957
1958
1959
22,719
23,337
25,523
28,145
17,004
17,147
18 591
20,320
4,803
4,823
5 476
6,122
3,902
3,589
3 335
3,161
I960
1961
1962
28,806
30,442
34,476
20,362
21,225
23,482
5,851
5,975
6,520
29,383
29,920
30,442
20 595
20,953
21,225
30,844
32,194
33,430
34,476
35,243
36,939
38,550
1961
II
in
rv
1962—1
n
in
IV
1963—1
n
III?
Mutual savings bank holdings
Residential
Conventional
Other
nonfarm
Farm
Total
Total
FHAinsured
VAguaranteed
856
566
521
4,812
4,208
3 884
3,387
8,300
8,735
9 780
11,037
4,379
4,823
5 461
6,237
1,336
1,367
1,471
1,588
19,746
21,169
23,263
24,992
17,703
19,010
20 935
22,486
4,409
4,669
5,501
6,276
7,139
7,790
8 360
8,589
2,859
2,627
2,654
11,652
12,623
14,308
6,796
7,470
8,972
1,648
1,747
2,022
26,935
29,145
32,320
24,306
26,341
29,181
5 820
5,905
5,975
2,726
2,676
2,627
12 049
12,372
12,623
7,072
7,227
7,470
1,716
1,740
1,747
28,015
28,589
29,145
21,211
22,049
22,824
23,482
6,003
6,195
6,376
6,520
2,547
2,593
2,617
2,654
12,661
13,260
13,831
14,308
7,817
8,219
8,628
8,972
1,816
1,927
1,978
2,022
23,846
24,958
26,021
6,627
6,861
7,130
2,651
2,837
2,940
14,568 9,270
15,260 9,740
15,951 10,216
2,127
2,241
2,313
1 048
1 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.
2
NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp.
series for all commercial and mutual savings banks in the United States
2
Conventional
Other
nonfarm
Farm
900
797
28
24
6,155
6,551
7 073
7,622
1,984
2,102
2,275
2,451
59
57
53
7,074
8,045
9,238
8,986 8,246
9,267 9,028
9,787 10,156
2,575
2,753
3,088
54
25 318
25,892
26,341
7 634
7,811
8,045
9 192
9,231
9,267
8,492
8,850
9,028
2,645
2,646
2,753
51
51
51
29,833
30,638
31,484
32,320
26,940
27,632
28,464
29,181
8,340
8,662
8,984
9,238
9,392 9,208
9,502 9,469
9,633 9,847
9,787 10,156
2,842
2,954
2,968
3,088
51
51
52
51
33,368
34,309
35,215
30,143 9,724 10,046 10,373
30,969 10,023 10,218 10,728
31,833 10,370 10,370 11,093
3,174
3,290
3,332
51
50
50
55
51
51
and possessions; first and third quarters, estimates based on FDIC data
for insured banks beginning in 1962. For earlier years the basis for
first and third quarter estimates included F.R. commercial bank call
data and data from National Assn. of Mutual Savings Banks.
216
REAL ESTATE CREDIT
FEBRUARY 1964
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
Loans acquired
Loans outstanding (end of period)
Nonfarm
Nonfarm
Period
Total
FHAinsured
Total
VAguaranteed
Farm *
1941
1945
976
1956
1957
1958
1959
6,715
5,230
5,277
5,970
6,201
4,823
4,839
5,472
842
653
1,301
1,549
1,652
831
195
201
3,707
3,339
3,343
3,722
1960
1961
1962
6,086
6,785
7,478
5,622
6,233
6,859
1,401
1,388
1,355
291
220
469
1962—Nov
Dec
732
1,010
688
949
135
142
1963—Jan
Feb
Mar
Apr
May
647
518
705
705
713
725
821
766
716
774
680
581
447
608
624
635
657
737
704
653
718
622
122
98
125
126
129
117
140
140
142
147
126
My
Sept
Oct
Nov
Total
Other i
Total
FHAinsured
Farm
Other
4,714
4,466
913
776
7,304
7,721
7,433
7,086
16,577
18,180
19,519
20,994
2,481
2,584
2,667
2,844
9,032
9,665
10,176
6,901
6,553
6,395
22,856
24,815
26,931
2,982
3,170
3,400
42,972
43,557
10,147
10,215
6,391
6,401
26,434
26,941
3,380
3,400
43,805
43,928
44,156
44,407
44,616
44,831
45,028
45,294
45,522
45,799
46,057
10,309
10,343
10,388
10,444
10,483
10,501
10,510
10,564
10,604
10,658
10,711
6,397
6,390
6,399
6,418
6,428
6,432
6,428
6,419
6,402
6,393
6,395
27,099
27,195
27,369
27,545
27,705
27,898
28,090
28,311
28,516
28,748
28,951
3,398
3,420
3,462
3,503
3,549
3,590
3,637
3,670
3,711
3,737
3,756
6,442
6 636
5,529
5 860
815
1,394
514
407
438
498
32,989
35,236
37,062
39,197
30,508
32,652
34,395
36,353
6,627
6,751
7,443
8,273
3,930
4,625
5,035
464
552
619
41,771
44,203
46,902
38,789
41,033
43,502
52
55
501
752
44
61
46,352
46,957
48
44
63
68
73
54
57
50
48
52
54
411
305
420
430
433
486
540
514
463
519
442
66
71
97
81
78
68
84
62
63
56
58
47,203
47,348
47,618
47,910
48,165
48,421
48,665
48,964
49,233
49,536
49,813
1 Certain mortgage loans secured by land on which oil drilling or
extracting operations in process were classified with farm through June
1959 and with "other" nonfarm thereafter. These loans totaled $38
million on July 31, 1959.
VAguaranteed
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
year-end adjustments are more complete.
Nan.—Institute of Life Insurance data. For loans acquired, the
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
(In millions of dollars)
(In millions of dollars)
Loans made
Period
Total 2
New
construction
Loans outstanding (end of period)
FHAHome
pur- Total 2 r insured
chase
VAConguarvenanteed tional 2
Total i
N.S.A.
Savings &
loan
assns.
Insurance
companies
Commercial
banks
Mutual
savings
banks
1941
1945
4,732
5,650
1,490
2,017
404
250
1 165
1,097
218
217
1956
1957
1958
1959
27,088
24,244
27,388
32,235
9,532
9,217
10,516
13,094
1,799
1*472
1,460
1,523
5,458
4,264
5,204
5,832
1,824
1,429
1,640
1,780
1960
1961
1962
29,341
31,157
34,187
12,158
13,662
15,144
1,318
1,160
.212
4,520
4,997
5,851
1,557
1,741
1,957
2,939
2,916
2,883
2,682
1,270
1,168
105
103
490
444
178
168
2,876
2,869
2,907
2,986
3,066
3,121
3,183
3,213
3,189
3,134
2,658
2,424
2,751
3,065
3,233
3,177
3,515
3,525
3 177
3,534
2,880
1,143
11,086
1,261
1,412
1,497
1,468
1,606
1,611
t 442
1,594
1 271
100
88
99
112
116
119
127
123
116
125
103
457
408
467
539
563
551
595
612
546
141
123
126
145
168
181
218
212
190
206
184
Period
S.A. 2
1,913
181
1,358
5 376
1956
1957
1958
1959
10,325
10,160
12,182
15,151
3,699
3,484
4,050
5,201
4,620
4,591
5,172
6,613
35,729
40,007
45,627
53,141
1,486
1,643
2,206
2,995
6,643
7,011
7,077
7,186
27,600
31,353
36,344
42,960
I960
1961
1962
1963P
14,304
17,364
20,754
24,706
4,678
5,081
5,979
7,010
6,132
7,207
8,524
9,917
60,070
68,834
78,770
90,811
3,524
4,167
4,476
4,684
7,222
7,152
7,010
6,960
49,324
57,515
67,284
79,167
1,755
534
643 78,770
4,476
7,010 67,284
Nov
Dec
1,573
1,503
1,834
2,058
2,199
2,242
2,341
2,428
2,196
2,387
1,856
2,090
434
429
573
622
651
638
619
623
642
4,500
4,522
4,535
4,547
4,581
4,587
4,621
4,635
4,662
4,679
4,683
4,684
7,015
7,047
7,045
7,068
7,089
7,047
7,084
7,085
7,058
7,028
6,980
6,960
67,926
68,568
69,462
70,488
71,611
72,891
73,923
75,116
76,213
77,344
78,194
79,167
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
1945. . . .
1962
Dec
1962
1963
Jan
Feb
Mar
May!!!!!!!
July
Sept
Oct
Nov
Dec P
685
502
592
616
576
666
760
854
936
1,003
1,071
928
79,441
80,137
81,042
82,103
83,281
84,525
85,628
86,836
87,933
977 89,051
757 89,857
773 90,811
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.)
1963
616
495
1 Includes amounts for other lenders, not shown separately.
2 Three-month moving average, seasonally adjusted by Federal Reserve.
NOTE.—Federal Home Loan Bank Board data.
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
1945
New
homes
Existing
homes
257
217
Projects *
Property Total 3
imNew
prove-2
homes
ments
20
171
192
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
I960
1961
1962
1963
6,293
6,546
7,184
7,126
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
Dec
589
145
284
95
65
236
115
121
1963 Jan
Feb
Mar
Apr
May
618
536
546
540
562
590
640
653
617
734
577
601
179
141
137
120
123
118
142
136
138
160
127
142
324
259
279
273
292
301
369
372
367
407
317
345
60
82
73
86
72
86
72
60
46
88
55
63
54
54
57
62
75
85
56
86
66
79
78
52
254
202
219
245
260
226
265
278
267
316
258
255
123
100
106
114
108
91
98
103
103
119
100
106
131
101
113
130
151
135
167
175
165
196
158
149
July
End of
period
Total
Existing
homes
3,461
3,715
6,349
7,694
SeDt
Oct
Nov
Dec
Governmentunderwritten
Mortgages
1956
1957
1958
1959
1962
217
REAL ESTATE CREDIT
FEBRUARY 1964
Total
ConvenFHA- VA- tional
inguarsured anteed
1945
18.6
4.3
4.1
.2
14.3
1956
1957
1958
1959
99.0
107.6
117.7
130.9
43.9
47.2
50.1
53.8
15.5
16.5
19.7
23.8
28.4
30.7
30.4
30.0
55.1
60.4
67.6
77.0
I960
1961
1962*
141.3
'153.1
166.5
56.4
59.1
62.0
26.7
29.5
32.3
29.7 84.8
29.6 93.9
29.7 104.5
1962—I*
IIP
Ill*
IV*
155.3
159.1
162.9
166.5
59.9
60.4
61.0
62.0
30.3
30.9
31.5
32.3
29.6 95.4
29.5 98.7
29.5 101.9
29.7 104.5
1963—1*
II*
Ill*
169 2
173.7
178.3
62.8
63.5
64.3
33.0
33.5
34.3
29.8 106.4
30.0 110 2
30.0 114.1
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.
* Monthly figures do not reflect mortgage amendments included in annual totals.
Not ordinarily secured by mortgages.
3 Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans
represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans
closed. Figures do not take into account principal repayments on previously insured or
guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on
number and average amount of loans closed.
2
FEDERAL NATIONAL MORTGAGE ASSOCIATION
ACTIVITY
FEDERAL HOME LOAN BANKS
(In millions of dollars)
Mortgage holdings
(In millions of dollars)
Mortgage
transactions
(during
period)
Advances outstanding
(end of period)
Total
FHAinsured
VAguaranteed
Purchases
Sales
Commitments
undisbursed
1945
278
213
195
176
19
46
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
609
1,096
623
1,907
5
3
482
5
360
764
1,541
568
1956
1957
1958
1959
745
1,116
1,364
2,067
934
1,079
1,331
1,231
1,228
1,265
1,298
2,134
798
731
685
1,192
430
534
613
942
683
653
819
589
I960
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
357
541
498
1,114
576
631
355
191
I960
1961
1962
1963
1,943
2,882
4,111
5,625
2,097
2,200
3,294
4,521
1,981
2,662
3,479
4,784
1,089
1,447
2,005
RQ2
1,216
1,474
1,921
938
1,180
1,213
1,151
1962—Dec
5,923
3,571
2,353
26
18
355
1962—Dec
611
200
3,479
2,005
1,474
1,213
1963—Jan
Feb
Mar
Apr
May
5,853
5,697
5,501
5,227
4,993
4,883
4,795
4,752
4,720
4,702
4,677
4,650
3,552
3,469
3,375
3,269
3,164
3,114
3,069
3,050
3,034
3,033
3,021
3,017
2,300
2,227
2.126
1,958
1,828
1,769
1,727
1,703
1,686
1,669
[,656
1,634
34
17
28
28
26
32
19
23
21
23
15
24
66
129
191
268
213
102
74
29
10
5
7
19
336
323
289
281
272
251
183
185
183
190
196
191
1963—Jan
Feb
Mar
249
178
250
451
382
696
709
466
517
610
363
754
926
370
348
329
277
166
432
456
251
408
299
259
2,802
2,611
2,514
2,635
2,740
3,270
3,548
3,758
4,024
4,226
4,290
4,784
1,669
[,534
1,399
1,516
1,585
1,876
2,139
2,296
2,493
2,588
2,611
2,863
1,134
1,077
1,115
1,119
1,155
1,393
1,409
1,462
[,531
1,638
1,679
1,921
1,155
1,213
1,282
1,250
1,236
1,325
1,069
1,011
1,014
986
978
1,151
End of
period
July
Sept
Oct
Nov
Dec
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.
Period
Advances
Repayments
Total
M^y!;;;;"
July
Sept
Oct
Nov
Dec
Shortterm 1
Longterm 2
Members
deposits
1 Secured or unsecured loans maturing in 1 year or less.
2 Secured loans, amortized quarterly, having maturities of more than
1 year but not more than 10 years.
NOTE.—Federal Home Loan Bank Board data.
218
FEBRUARY 1964
CONSUMER CREDIT
TOTAL CREDIT
(In millions of dollars)
Noninstalment
Instalment
Total
End of period
1939
1941
1945
1956
1957
1958
1959
. . .
....
1960
1961
1962
1963
Other
consumer
goods
paper
Total
Automobile
paper
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
455
1,620
1,929
816
42,334
44,970
45,129
51,542
31,720
33,867
33,642
39,245
14,420
15,340
14,152
16,420
56,028
57,678
63,164
69,890
42,832
43,527
48,034
53,745
Repair
and modernization
loans 1
Singlepayment
loans
Charge
accounts
Service
credit
Personal
loans
Total
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
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
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
1962
Dec
63,164
48,034
19,540
12,605
3,246
12,643
15,130
5,456
5,684
3,990
1963
Jan .
Feb
62,462
61,989
62,149
63,167
64,135
64,987
65,491
66,308
66,538
67,088
67,746
69,890
47,920
47,852
48,075
48,806
49,484
50,307
50,894
51,526
51,718
52,257
52,695
53,745
19,582
19,678
19,930
20,376
20,794
21,236
21,593
21,819
21,725
21,971
22,107
22,199
12,453
12,250
12,149
12,197
12,272
12,422
12,459
12 607
12,702
12,845
13,046
13,766
3,211
3,185
3,177
3,200
3,245
3,281
3,316
3,357
3,377
3,400
3,407
3,389
12,674
12,739
12 819
13,033
13,173
13,368
13,526
13 743
13,914
14,041
14,135
14,391
14,542
14,137
14,074
14,361
14,651
14,680
14,597
14,782
14,820
14,831
15,051
16,145
5,430
5,479
5,539
5,562
5,674
5,709
5,683
5,789
5,844
5,830
5,894
5,959
5,071
4,511
4,374
4,581
4,793
4,783
4,760
4,839
4,833
4,898
4,999
5,871
4,041
4,147
4,161
4,218
4,184
4,188
4,154
4,154
4,143
4,103
4,158
4,315
Mar
Apr . . . .
May
June.
July
Aug
Sept
Oct
Nov
Dec
. .
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
1939
1941
1945
4,503
6,085
2,462
3,065
4,480
1,776
1,079
1,726
745
1,197
1,797
300
132
198
102
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
1960
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
1962—Dec.
48,034
41,782
19,005
1963—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.
47,920
47,852
48,075
48,806
49,484
50,307
50,894
51,526
51,718
52,257
52,695
53,745
42,335
42,371
42,531
43,149
43,723
44,373
44,878
45,375
45,687
46,161
46,462
46,992
19,129
19,256
19,450
19,882
20,229
20,602
20,874
21,101
21,145
21,391
21,486
21,610
Total
Department
stores 2
Furniture
stores
Appliance
stores
Automobile
dealers s
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
,195
,282
,407
4,743
4,668
4,983
5,676
1,408
1,393
1,882
2,292
1,187
1,210
377
361
,269
,226
,175
,368
3,923
4,330
4,902
5,622
3,670
3,799
4,131
4,590
,481
,525
,550
,647
5,615
5,595
6,252
6,753
2,414
2,421
3,013
3,427
12,194
4,902
4,131
,550
6,252
12,668
12,556
12,460
12,506
12,583
12,693
12,807
12,906
13,073
13,187
13,302
13,523
4,864
4,876
4,928
5,034
5,139
5,251
5,330
5,412
5,458
5,529
5,569
5,622
4,134
4,138
4,139
4,174
4,191
4,241
4,276
4,329
4,381
4,425
4,461
4,590
,540
,545
,554
,553
,581
,586
,591
,627
,630
,629
1,644
1,647
5,585
5,481
5,544
5,657
5,761
5,934
6,016
6,151
6,031
6,096
6,233
6,753
1
Consumer finance cos. included with "other" financial institutions
until
Sept. 1950.
2
Includes mail-order houses.
Retail outlets
1,225
1,107
1,058
1,073
1,086
310
502
478
506
481
333
293
294
287
359
342
345
328
,402
,481
,527
,625
3,013
1,073
294
345
1,527
2,478
2,480
2,566
2,686
2,797
2,925
2,999
3,107
3,025
3,077
3,172
3,427
1,049
1,027
1,002
290
284
278
273
274
274
274
276
279
280
282
287
308
288
315
324
319
331
343
341
321
325
326
328
1,460
1,402
1,383
1,382
1,377
1,407
1,406
1,423
1,397
1,399
1,421
1,625
1 , 1 4.O
992
994
997
994
1,004
1,009
1,015
1,032
1,086
3 Automobile paper only; other instalment credit held by automobile
dealers is included with "other" retail outlets.
See also NOTE to table above.
FEBRUARY 1964
219
CONSUMER CREDIT
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS
INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES
(In millions of dollars)
(In millions of dollars)
Automobile
paper
End of period
Purchased
Direct
Other
comsumer
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
1960
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
1962—Dec
19,005
6,184
3,451
2,824
2,261
4,285
1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
19,129
19,256
19,450
19,882
20,229
20,602
20,874
21,101
21,145
21,391
21,486
21,610
6,216
6,281
6,386
6,549
6,695
6,849
6,976
7,073
7,072
7,177
7,218
7,246
3,492
3,530
3,592
3,699
3,794
3,869
3,922
3,936
3,903
3,951
3,984
4,003
2,861
2,865
2,866
2,895
2,930
2,973
2,986
3,012
3,033
3,073
3,084
3,123
2,239
2,220
2,209
2,229
2,258
2,286
2,312
2,336
2,352
2,370
2,373
2,361
4,321
4,360
4,397
4,510
4,552
4,625
4,678
4,744
4,785
4,820
4,827
4,877
End of period
Total
878
1,363
164
115
167
24
148
201
58
56
66
54
1956
1957
1958
1959
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
1960
1961
1962
1963
11,472
11,273
12,194
13,523
7,528
6,811
7,449
8,228
2,739 i
3,100 I
3,123 i
139
161
170
158
1,066
1,201
,452
,754
1962—Dec..
12,194
7,449
170
,452
1963—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
12,668
12,556
12,460
12,506
12,583
12,693
12,807
12,906
13,073
13,187
13,302
13,523
7,471
7,477
7,514
7,639
7,778
7,934
8,069
8,153
8,099
8,163
8,210
8,228
167
165
164
162
162
162
162
161
161
161
160
158
,463
,468
,475
,491
,507
,528
,565
,606
,656
1,677
1,699
1,754
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
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
1960
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
1962—Dec.
10,583
2,111
751
815
6,906
M?y
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
2,095
2,102
2,123
2,165
2,208
2,253
2,283
2,316
2,330
2,355
2,369
2,394
748
746
747
755
764
777
789
799
802
815
822
835
805
800
804
809
825
833
842
860
864
869
874
870
6,890
6,911
6,947
7,032
7,114
7,215
7,283
7,393
7,473
7,544
7,609
7,760
NOTE.—Institutions represented are consumer finance cos., credit
unions, industrial loan cos., mutual savings banks, savings and loan
assns., and other lending institutions holiing consumer instalment loans.
See NOTE to first table on previous page.
3,123 |
3,567 I
3,446 i
3,307
3,214
3,136
3,069
3,011
2,986
3,157
3,186
3,233
3,383
(In millions of dollars)
789
957
731
10,538
10,559
10,621
10,761
10,911
11,078
11,197
11,368
11,469
11,583
11,674
11,859
3,383 I
NONINSTALMENT CREDIT
1939
1941
1945
1963—Jan..
Feb.
Mar.
Personal
loans
1,197
1,797
300
(In millions of dollars)
Total
Repair
and
modernization
loans
1939
1941
1945
INSTALMENT CREDIT HELD BY OTHER
FINANCIAL INSTITUTIONS
End of period
Other
consumer
goods
paper
See NOTE to first table on previous page.
See NOTE to first table on previous page.
Automobile
paper
Automobile
paper
Singlepayment
loans
Charge accounts
Service
Other
credit
Definan- partOther Credit
cial
2
retail
insti- ment l outlets cards
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
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
4,252
4,456
436
469
505
520
3 360
3,691
3,990
4,315
1962—Dec...
15,130
4,690
766
927
4,252
505
3,990
1963—Jan...
Feb.
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct.
Nov.
Dec.
14,542
14,137
14,074
14,361
14,651
14,680
14,597
14,782
14,820
14,831
15,051
16,145
4,685
4,713
4,727
4,793
4,836
4,893
4,874
4,879
4,927
4,952
4,987
5,047
745
766
812
769
838
816
809
910
917
878
907
912
775
646
587
603
610
599
555
579
620
639
667
895
3,802
3,376
3,308
3,505
3,699
3,689
3,682
3,713
3,667
3,743
3,817
4,456
494
489
479
473
484
495
523
547
546
516
515
520
4,041
4,147
4,161
4,218
4,184
4,188
4,154
4,154
4,143
4,103
4,158
4,315
1960
1961
1962
1963
..
Commercial
banks
518
597
845
1
Includes mail-order houses.
2 Service station and misc. credit-card accounts and home-heating
oil accounts.
See NOTE to first table on previous page.
220
CONSUMER CREDIT
FEBRUARY 1964
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
(In millions of dollars)
Total
Automobile paper
Period
S.A.i
N.S.A.
S.A.1
N.S.A.
Other consumer
goods paper
S.A.1
N.S.A.
Repair and
modernization loans
S.A.1
N.S.A.
Personal loans
S.A.1
N.S.A.
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
1,582
1,674
1,871
2,222
11,051
12,069
12,275
14,070
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
2,213
2,068
2,051
2,178
15,223
15,744
17,594
19,624
1962—Dec
4,826
5,351
1,739
1,579
1,415
1,884
164
145
1,508
1,743
1963—Jan
Feb
Mar
Apr
May
June
July
4,899
4,957
4,973
5,008
4,985
5,054
5,100
5,100
5,093
5,311
4,979
5,272
4,385
4,083
4,702
5,332
5,294
5,222
5,365
5,242
4,755
5,487
4,981
5,974
J.807
1,809
1,811
1,870
1,847
1,820
1,854
1,802
1,730
1,910
1,792
,914
1,624
1,537
1,787
2,072
2,067
1,967
2,055
1,839
1,524
2,040
1,734
1,767
1.160
1,395
1,406
1,359
1,357
1,408
1,409
1,441
1,425
.457
1,432
1^523
MRS
1,039
1,238
1,355
1,386
1,410
1,393
1,456
1,384
1,547
172
169
180
187
188
186
191
185
181
188
168
172
132
126
160
195
218
199
214
213
193
205
169
154
1 560
1,584
1,576
1,592
1,593
1,640
1,646
1,672
1,757
1,756
1,587
1,663
1,441
1,381
1,517
1,710
1,623
1,646
1,703
1,734
1,654
1,695
1,561
1,959
Sept
Oct
Nov
Dec
•
S17
2^094
Repayments
1956
1957
1958
1959
I960
1961
1962
1963
«
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
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
1962—Dec
4,341
4,368
1,509
1,454
1,262
1,239
166
158
1,404
1,517
1963—Jan
Feb
Mar
Apr
May
June
July
4,414
4,462
4,496
4,487
4,544
4,568
4,591
4,619
4,752
4,780
4,596
4,812
4,499
4,151
4,479
4,601
4,616
4,399
4,778
4,610
4,563
4,948
4,543
4,924
1.564
1,566
1,546
1,585
1,611
.5RR
i;603
1,607
1,659
1,676
1,638
1,707
1.582
1,441
1,535
1,626
1,649
1,525
1,698
1,613
1,618
1,794
1,598
,675
1,277
1,289
1,324
1,276
1,294
1,317
1.310
1,326
1,347
1,362
1,324
1,384
1.340
1,242
1,339
1,307
1,311
1,260
1,356
1,308
1,289
1,404
1,316
1,374
167
165
170
170
170
167
152
168
172
173
1.406
1,442
1,456
1,456
1,469
1,496
1,487
1,516
1,572
1,572
1,467
1,544
1,410
1,316
1,437
1,496
1,483
1,451
1,545
1,517
1^483
1,568
1,467
1,703
Sept
Oct
Nov
Dec
167
163
171
170
179
172
174
173
170
167
177
182
162
172
Net change in credit outstanding 2
1956
1957
1958
1959
2,814
2 148
-225
5,601
— 1,189
2,268
I960
1961
1962
1963
3,588
696
4,506
5,711
1,270
-465
2,318
2,659
960
920
1,602
212
197
245
463
793
534
1,269
896
332
746
1,161
330
53
55
143
1,093
111
1 388
1,748
965
238
184
1962—Dec
485
983
230
125
153
645
1963—Jan
Feb
Mar
Apr
May
485
495
477
521
441
486
-114
-68
223
731
678
823
July
509
481
587
632
Sept
Oct
Nov
Dec
341
531
192
539
42
96
252
446
418
442
357
226
-94
246
383
460
438
243
243
265
285
236
232
251
195
71
234
154
207
83
106
82
83
63
91
79
115
78
95
108
139
-152
-203
— 101
48
75
150
37
148
95
143
201
720
1,050
136
92
1 Includes adjustment for differences in trading days.
Net changes in credit outstanding equal extensions less repayments
except in 1959, when the differences d o not reflect the introduction
of outstanding balances for Alaska and Hawaii.
2
NOTE.—Estimates are based on accounting records and often include
financing charges. Renewals and refinancing of loans, purchases and
-2
5
4
10
17
18
19
20
15
18
1
-5
678
-13
104
226
-35
-26
—8
23
45
36
35
41
20
23
7
-18
154
142
120
136
124
144
159
156
185
184
120
119
31
65
80
214
140
195
158
217
171
127
94
256
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 J a n .
1954 BULL., pp. 9-17. Back data upon request.
FEBRUARY 1964
CONSUMER CREDIT
221
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions of dollars)
Total
Commercial banks
Period
S.A.I
N.S.A.
S.A.i
N.S.A.
Sales finance
companies
S.A.1
N.S.A.
Other financial
institutions
S.A.i
N.S.A.
Retail outlets
S.A.1
N.S.A.
Extensions
1956
1957
1958
1959
39,868
42,016
40,119
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
I960
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
1962—Dec
4,826
5,351
1,803
1,704
'1,053
'1,064
1,133
1,316
'837
'1,267
1963—Jan
4,899
4,957
4,973
5,008
4,985
5,054
5,100
4,385
4,083
4,702
5,332
1.843
1,879
1,902
1,916
[,887
1,919
1,898
1,878
1,878
-2,000
1,877
1,963
1,754
1,614
1,840
2,133
2,074
2,010
2,066
1,920
1,744
2,061
1,766
1,889
1 074
1,035
1,022
1,032
1,042
1,016
1,054
1,051
1,021
1,115
1 030
1,134
978
845
957
J 094
,107
,076
1,159
1,094
955
1,194
Oil
1,192
1 180
1,185
1,191
1 044
1 niQ
1,151
1,283
1,276
1,268
1,307
1,328
1,218
1,311
I 213
1,476
802
858
858
837
832
874
894
897
872
845
874
609
605
754
822
837
868
833
900
838
921
989
1,417
Feb
Mar
Apr
May
July
Aug
Sept
Oct
Nov
Dec
5,100
5,093
5,311
4,979
5,272
5,294
5,222
5,365
5,242
4,755
5,487
4,981
5,974
1
17."K
1,224
1,245
1,254
1,274
1 322
1,351
1 198
1,252
923
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
1962—Dec
1963—Jan
Feb
Mar
Apr
May
July
Sept .
Oct
Nov
Dec
4,341
4,414
4,462
4,496
4,487
4,544
4,568
4,591
4,619
4,752
4,780
4,596
4,812
4,368
1,610
1,545
4,499
4,151
4,479
4,601
4,616
4,399
4,778
4,610
4,563
4,948
4,543
4,924
1.592
1,594
,664
1,646
1,681
.699
1,690
1,692
1,737
1,737
1,734
1,802
1.630
1,487
1,646
1,701
1,727
1,637
1,794
,693
,700
1,815
,671
,765
981
1,064
1,156
986
966
1,089
1,035
1,026
1,014
1,017
1,012
1,007
1,000
1,034
1,054
983
1,039
957
1,053
1,048
1 030
1.086
1,096
I 104
1,112
1,114
1,129
[ 144
1,158
1,190
.209
1,116
1,167
978
966
1,045
995
997
1,129
959
1,066
Net change in credit outstanding
1956
1957
1958
1959
2,814
2,148
-225
5 601
1,176
1,066
— 63
2 447
670
491
— 765
1 475
I960
1961
1962
1963
3,588
4,506
5,711
1,446
335
1 997
2,605
1,152
-199
921
1,329
696
998
,089
,143
,126
,101
,188
,157
,117
,197
,122
,291
689
750
686
814
737
702
709
691
715
732
728
750
769
709
733
695
751
765
791
780
763
804
749
807
791
802
2
733
665
235
-75
1,051
-61
-20
656
501
289
986
315
693
578
932
1,276
1962—Dec
485
983
193
159
171
208
69
160
52
456
1963 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.
Dec
485
495
-114
-68
223
731
678
823
587
251
285
238
270
124
127
194
432
347
550
0
94
89
-45
21
-410
62
140
156
122
100
146
144
-667
-104
63
113
4
47
474
-112
-96
46
77
110
114
632
192
539
438
186
51
196
110
108
190
99
167
114
115
221
477
521
441
486
509
481
341
531
383
460
1,050
206
220
208
141
263
143
161
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
373
272
227
44
246
95
124
A
18
25
87
111
110
150
116
110
167
119
116
132
142
82
85
171
101
114
91
185
121
128
-128
16
50
24
104
173
82
-120
135
65
137
520
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.
222
INDUSTRIAL PRODUCTION: S.A.
FEBRUARY 1964
MARKET GROUPINGS
(1957-59= 100)
Grouping
Total index.
Final products, total
Consumer goods
Equipment, including defense...
Materials
957-59 1962
proaverporage
tion
1962
Dec.
1963
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept. Oct. r
Nov. r Dec,
100.00 118.3 119.1 119.2 120.2 121.3 122.5 124.5 125.8 126.5 125.7 125.7 126.5 126.6 127.0
47.35
32.31
15.04
52.65
119.7
119.7
119.6
117.0
121.7
121.2
122.4
116.9
122.3
121.8
122.0
116.8
122.6
122.9
121.5
118.0
122.4
123.1
120.7
120.2
122.1
122.5
120.4
122.9
123.5
124.1
122.1
125.7
125.2
125.9
123.8
126.6
125.9
126.4
124.8
126.7
126.2
126.7
125.3
125.1
126.5
126.7
126.2
125.0
127.9
128.0
127.7
125.5
128.0
128.2
127.7
125.6
128.5
128.2
128.6
125.9
Consumer goods
Automotive products
Autos
Auto parts and allied p r o d u c t s . . . .
3.21 131.1 136.9 136.5 137.7 136.3 137.6 137.1 145.3 141.1 134.8 138.0 146.8 149.1 147.5
1.82 135.9 142.0 141.3 142.0 141.8 141.9 144.3 159.9 153.1 139.6 144.2 156.8 160.6 157.0
1.39 124.9 130.1 130.2 132.1 129.1 132.0 127.7 126.1 125.3 128.5 129.8 133.6 134.0 134.9
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 s h o e s . . . .
10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41
118.1
122.2
118.2
121.4
109.2
123.9
125.7
114.5
119.9
123.9
120.0
127.2
99.6
125.4
127.5
116.4
120.2
125.8
117.3
121.9
104.4
130.0
132.3
115.7
120.8
125.9
119.8
123.7
108.8
126.0
132.9
116.6
121.3
127.3
123.2
126.7
113.4
127.4
131.9
116.2
120.6
126.9
123.6
125.6
118.1
127.0
130.7
115.3
122.3
130.3
128.0
131.9
117.1
130.7
132.6
115.5
123.6
131.0
129.1
133.7
116.0
132.8
131.7
117.4
123.9
130.1
126.0
130.6
112.9
133.8
131.9
118.7
125.1
132.0
130.2
136.8
111.4
133.6
133.0
119.2
125.5
132.3
130.4
136.9
112.0
131.6
135.2
119.7
126.2
131.3
126.6
131.8
112.0
133.2
135.4
121.8
126.9
132.9
129.4
135.2
113.1
134.1
136.1
121.8
126.1
133.4
Consumer staples
Processed foods
Beverages and tobacco
Drugs, soap, and toiletries
Newapapers, 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
118.7
113.7
111.7
129.9
116.7
126.1
111.9
133.0
136.3
125.6
119.8
114.4
112.5
132.9
115.8
127.9
113.7
134.9
139.5
120.2
113.8
115.1
134.2
113.9
129.7
113.2
137.7
142.0
121.4
114.5
114.3
135.2
115.0
133.4
117.9
140.9
144.9
121.8
115.2
114.0
137.7
115.3
131.4
117.3
138.2
141.9
121.0
114.9
112.7
137.1
118.3
128.7
115.0
135.4
137.3
122.9
115.9
116.2
138.7
119.3
132.0
115.6
140.0
143.5
123.8
116.1
115.2
139.7
119.3
136.1
119.2
144.3
149.2
125.2
116.3
117.1
143.8
119.1
138.2
115.5
149.2
155.4
126.1
117.9
117.4
144.0
120.2
138.4
115.6
149.6
155.9
125.4
117.9
112.9
144.8
118.2
137.6
118.8
146.7
151.4
125.1
118.1
116.0
144.0
117.6
138.0
119.3
147.1
150.8
125.3
117.8
114.5
143.8
117.2
137.9
118.2
147.4
151.1
126.0
118.9
11.63 122.1
6.85 117.2
2.4: 143.1
1.76 117.2
.61 107.7
3.41
125.1
119.9
144.2
125.4
119.1
125.0
118.8
145.3
126.
118.8
125.0
119.3
144.5
126.9
123.2
124.9
119.2
143.8
126.3
119.7
124.3
119.2
143.3
126.0
115.2
125.9
120.9
143.4
124.8
112.2
127.8
122.8
142.2
128.1
122.0
129.0
123.6
142.4
135.3
116.6
130.1
124.9
141.5
134.6
118.8
131.0
125.6
141.6
140.7
122.0
132.0
126.6
141.2
140.6
130.7
132.1
127.4
139.0
139.
131.9
132.6
128.6
141.2
137.5
129.3
115.6
135.4
139.2
120.0
143.3
121.1
iii'.i
Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment.
Farm equipment
Defense equipment
Materials
Durable goods materials
Consumer durable
Equipment
Construction
Metal materials n.e.c
26.73
3.43
7.84
9.1
6.29
114.1
127.5
118.9
110.4
106.1
113.2 113.3 114.4 118.0 121.
129.7
120.3
108.6
103.5
129.3
121.4
108.6
106.0
130.9
121.2
109.2
109.5
134.0
122.
112.4
115.0
135.4
123.1
115.1
120.6
124.5
139.4
125.1
116.7
126.8
125.8
145.9
128.0
118.0
123.6
125.2
142.7
126.4
119.4
116.7
121.9
136.6
126.3
119.
108.8
122.1
137.8
128.4
119.0
107.5
122.5
138.0
128.3
119.3
110.6
122.4
138.4
125.9
118.9
111.4
122.0
138.7
128.0
117.4
113.2
Nondurable materials
Business supplies
Containers
General business supplies.
Nondurable materials n.e.c..
25.92
9.11
3.03
6.07
7.40
120.0
116.5
117.1
116.3
134.
121.1
117.
118.0
117.1
137.1
120.5
116.0
118.5
114.7
137.3
121.8
116.7
119.3
115.4
138.0
122.6
117.8
121.5
115.9
140.2
124.7
119.0
116.1
120.4
143.
126.9
121.6
120.3
122.
145.0
127.3
121.6
121.1
121.8
145.3
128.3
119.8
119.9
119.8
147.6
128.4
121.7
119.7
122.7
147.0
128.0
121.
118.
122.7
147.9
128.6
121.5
122.6
121.0
149.8
128.8
121.8
124.0
120.7
150.1
130.0
124.4
123.7
124.8
151.8
Business fuel and p o w e r . . . .
Mineral fuels
Nonresidential utilities.. .
Electricity
General industrial
Commercial and other....
Gas
9.41
6.07
2.86
2.32
1.03
1.21
.54
111.7
104.9
129.9
130.
122.8
139.9
126
112.0
104.
132.9
133.6
123.2
145.1
111.7
102.9
134.3
135.0
124.9
146.5
113.9
105.6
135.9
136.9
125.8
149.
113.3
105.1
134.7
135.3
124.
147.5
115.6
108.0
135.9
136.5
130.3
144.6
117.9
110.5
138.3
139.0
132.6
147.6
118.8
111.5
138.
139.
132.2
148.3
121.2
114.0
141.9
143.0
136.5
151.8
120.
113.8
140.
141.0
132.5
151.
119.1
112.1
139.4
139.7
133.1
148.4
118.7
110.5
141.2
141.9
134.2
151.7
118.7 118.2
110.0 108.9
141.9
142.5
133.5
153.5
Supplementary groups of
consumer goods
Automotive and home goods...
Apparel and staples
See NOTE on opposite page.
7.80 125.9 129.3 130.0 130.7 131.0 131.3 133.1 136.9 134.6 133.2 134.7 137.7 139.6 139.2
24.51 117.7 119.1 119.2 120. 120.5 119.8 121.3 122. 123.8 124.6 124.1 124.9 124.5 124.7
223
INDUSTRIAL PRODUCTION: S.A.
FEBRUARY 1964
INDUSTRY GROUPINGS
(1957-59 = 100)
Grouping
[957-59 1962
proaverporage
tion
1963
1962
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept. Oct.
100.00 118.3 119.1 119.2 120.2 121.3 122.5 124.5 125.8 126.5 125.7 127.1
Nov.;
Dec.
127.3
126.6 127.0
86.45
48.07
38.38
8.23
5.32
118.7
117.9
119.8
105.0
131.3
119.7
118.9
120.8
103.2
133.8
119.8
119.0
120.7
103.0
135.9
120.6
120.0
121.4
104.7
138.2
121.9
121.5
122.5
105.4
136.4
123.1
122.8
123.4
107.4
135.7
125.2
125.6
124.8
108.5
139.1
126.4
127.4
125.2
109.4
141.3
126.8
127.0
126.4
111.3
145.3
125.9
125.0
127.2
111.3
144.6
126.1
125.3
127.1
110.3
142.8
127.1
126.3
128.1
109.1
143.9
727.3
126.6
128.3
107.6
144.5
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
110.0
104.6
100.6
119.1
117.1
113.2
107.3
99.7
95.8
120.6
117.2
112.5
107.8
99.6
96.0
121.7
118.4
113.5
111.0
105.2
102.2
121.0
118.5
113.9
115.1
111.9
111.5
123.7
119.3
115.4
120.1
120.1
121.8
121.0
120.2
116.8
125.6
127.4
129.3
124.2
123.3
120.9
125.5
125.8
126.1
125.5
125.1
123.0
124.0
122.8
117.1
123.5
125.6
124.2
116.8
109.4
102.6
126.4
126.4
124.5
7/5.5
107.7
100.0
129.4
125.6
123.7
116.4 116.7 117.2
108.4 109.5 110.3
100.0 103.5 104.4
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
122.1
123.5
119.7
128.5
118.3
134.1
103.9
123.0
124.7
125.5
121.5
130.8
121.7
137.7
107.0
125.4
124.7
125.2
122.2
129.5
122.4
137.9
107.9
125.7
125.3
126.4
123.1
130.8
122.3
139.1
106.8
127.0
125.0
126.2
122.7
130.8
122.1
140.2
105.6
127.2
125.3
125.9
121.7
131.4
123.7
141.8
107.2
126.6
127.3
128.4
124.5
133.5
124.5
143.1
107.5
130.2
130.3
129.4
126.0
133.9
130.4
153.8
109.4
131.6
130.0
129.6
127.0
133.0
129.3
150.9
109.6
132.6
129.4
130.5
128.0
133.9
126.8
143.7
111.1
132.1
130.6
131.3
129.4
133.7
128.7
146.5
112.1
133.0
737.9
132.2
131.4
133.3
130.8
150.3
113.0
132.5
Total index.
Manufacturing, total.
Durable
Nondurable
Mining
Utilities
127.8
MIA
128.6
107.2
145.0
Durable Manufactures
103.51 132.9 136.0
126.8 126.1 126.1
122.8 121.5 121.7
131.9
132.6
131.9
133.6
130.8
151.8
111.7
131.9
132.3
132.8
132.6
133.1
131.1
151.1
112.5
132.5
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
4.72 109.3 777.5 770.9 709.5 775.0 772.7 773.3 773.9 114.0 775.3 7/5.5 775.9 777.3 118.9
2.99 111.1 113.1 113.9 110.7 114.6 115.5 115.9 117.9 119.7 118.1 118.5 120.4 120.9 123.1
1.73 106.1 108.7 105.7 108.2 115.7 108.0 108.9 106.9 104.1 110.4 110.3 108.1 111.1 111.6
Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures....
5.05 724.5 124.6 725.0 723.6 124.8 725.5 729.3 729.3 732.0 732.7 131.9 730.6 131.9 732.7
1.54 126.8 128.6 129.2 126.6 128.3 129.3 132.8 133.2 135.8 135.8 136.3 135.0 136.7 138.0
1.51 122.2 120.5 120.7 120.6 121.3 122.3 125.7 125.4 128.1 128.4 127.4 126.2 127.0 126.1
Nondurable manufactures
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products
7.60
2.90
3.59
1.11
775.7 775.2 775.2 115.6 775.9 776.2 776.5 775.0 775.9 720.2 727.7
115.2 112.7 113.4 112.6 114.3 115.9 116.3 116.7 117.6 119.1 120.0
118.9 122.2 122.5 123.2 122.5 122.9 122.6 124.9 126.2 126.9 126.5
102.3 99.4 96.4 98.7 98.8 95.4 97.5 99.2 98.9 101.3 106.6
Paper and printing
Paper and products
Printing and publishing.
Newspapers
5.77
3.43
4.74
1.53
775.7
119.7
114.6
108.5
115.4 114.5 775.5 775.7 779.2
119.6 120.3 123.3 123.9 122.8
112.3 110.2 110.5 109.7 116.5
100.5 94.0 93.9 90.8 109.7
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
131.2
136.1
147.5
112.9
130.6
134.2
138.7
150.6
114.2
136.8
134.2
140.0
152.6
114.3
131.4
735.3
141.4
153.1
114.3
132.8
735.2
143.6
155.2
115.5
140.3
Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products
77.07
10.25
8.64
1.61
.82
113.4
113.5
113.8
111.5
112.0
774.5
114.8
115.1
113.1
111.4
775.0
115.2
115.0
116.1
113.0
775.0
115.0
115.2
114.2
114.6
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
703.5
95.3
105.5
107.2
105.1
120.4
94.2
702.5
95.6
104.2
106.3
103.8
121.9
90.5
707.3
95.1
102.6
104.8
101.6
125.0
87.6
703.7
96.1
105.3
107.9
104.8
124.7
87.4
Metal, stone, and earth materials.
Metal mining
Stone and earth minerals
1.43 770.9 705.7 777.7 709.7 772.6 773.9 772.5 773.0 772.7 777.6 772.5 7/3.7 770.3 112.3
.61 112.6 104.1 110.1 114.3 115.7 114.5 116.4 112.8 110.3 112.8 113.4 109.8 106.3 111.4
.82 109.7 105.8 111.9 106.2 110.2 113.4 110.1 113.2 113.5 110.7 111.9 115.5 113.2 113.0
727.7
120.9
127.9
103.9
123.0 123.4
122.3 122.1
129.6 130.3
103.7
720.5
123.4
118.4
111.4
727.6
125.8
118.6
112.5
722.3
127.8
118.4
111.6
122.4
127.8
118.5
112.8
722.0
126.7
118.6
113.7
122.3
128.4
117.9
111.9
122.7
128.5
118.5
113.2
739.7
146.
160.7
115.8
138.8
141.3
147.8
161.9
116.9
140.7
141.3
148.5
162.2
118.2
137.0
143.3
151.3
165.2
119.5
136.5
144.4
151.7
165.3
117.6
143.1
144.8
152.6
166.8
117.0
142.5
145.9
153.9
169.
119.0
142.
146.2 145.3
154.4 153.4
169.4
118.5
142.4
775.6
115.7
116.0
113.9
114.2
114.7
114.8
115.2
112.7
112.7
116.4
116.2
116.4
115.2
118.1
776.7
116.3
116.4
115.6
114.4
776.9
116.8
116.8
116.7
117.9
777.5
117.5
117.5
117.7
116.8
776.5
116.5
117.5
110.9
116.8
118.2
118.5
118.8
117.0
114.1
117.2 775.7
117.4 118.4
118.0 119.1
114.4
114.6
703.9
93.9
105.9
107.8
104.9
126.0
93.5
706.7
100.8
107.2
109.7
107.3
124.5
90.3
707.7
104.5
108.3
111.9
109.5
130.4
84.0
705.6
107.1
108.9
112.6
110.1
128.2
84.5
777.7
107.1
111.9
115.7
113.0
132.8
86.4
777.
108.0
111.8
115.1
112.7
130.7
89.5
709.9
106.2
110.6
113.5
110.6
131.9
91.1
108.3
104.1
109.1
112.0
109.6
127.4
89.7
102.1
108.1
111.8
108.9
124.2
127.5
121.8
119.2
in.'i
Mining
106.1
103.4
106.7
110.2
106.9
"83 .'6
Utilities
Electric
Gas
4.04 133.1 136.1
1.28 125.9 126.8
138.0 140.3 138.1 136.8 140.9 143.5 148.3 147.3 144.7 145.7 146.2
130.0 131.4 130.6 132.9 133.7 135.2
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.
224
INDUSTRIAL PRODUCTION: N.S.A.
FEBRUARY 1964
MARKET GROUPINGS
(1957-59= 100)
1957-59 1962
propor- average
tion
Grouping
Total index
.
.
.
Consumer goods
Equipment, including defense....
1962
Dec.
1963
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept. Oct. r Nov.' Dec.
100.00 118.3 117.2 117.9 120.5 122.5 123.1 125.1 127.9 120.5 123.8 128.3 129.9 127.0 124.5
47.35
32.31
15.04
52.65
119.7
119.7
119.6
117.0
119.5
117.7
123.3
115.2
120.0
119.0
122.1
115.9
122.4
122 4
122.6
118.7
123.7
123.9
123.1
121.5
122.1
122.1
122.1
124.0
123.0
123.1
122.8
126.9
127.1
128.1
124.8
128.6
121.7
121.3
122.6
119.4
123.8
124.3
122.6
123.9
130.0
131.7
126.3
126.8
131.9
134.2
126.9
128.1
127.8
128.5
126.2
126.3
125.3
123.6
129.0
123.9
Consumer Goods
Auto parts and allied products
3.21 131.1 143.7 142.4 144.0 144.7 148.2 145.9 155.7 134.9 75.5 127.4 160.7 160.5 154.1
1.82 135.9 157.6 152.6 153.4 157.4 160.4 158.7 175.9 145.4 36.3 122.6 177.2 181.5 172.7
1.39 124.9 125.5 129.0 131.5 128.1 132.2 129.1 129.1 121.1 127.1 133.7 139.0 132.8 129.6
126.3
128.6
129.6
138.2
105.5
127.1
128.5
124.3
122.1
126.0
123.6
129.7
106.3
125.7
129.1
118.8
121.2
128.0
127.3
135.1
105.4
124.8
131.3
115.5
126.2
132.4
133.5
141.7
110.2
130.3
132.9
120.9
112.0
116.8
104.0
111.7
82.4
125.8
124.6
108.0
126.3
126.8
113.6
114.4
111.4
134.9
135.9
125.8
130.1
141.0
140.2
144.2
128.8
137.8
144.7
120.9
131.9
140.2
135.8
135.9
135.5
139.3
146.1
124.8
127.2
138.8
135.8
137.4
131.2
138.1
142.9
117.5
116.5
131.3
119.2
108.9
110.3
136.3
116.5
135.5
117.9 120.4 115.4
117.8
107.5
115.6
137.8
117.8
126.2
109.4
120.3
110.5
125.7
138.8
118.7
124.7
111.7
124.5
115.1
132.0
142.8
117.5
129.3
117.6
123.9
116.5
120.8
137.0
116.5
135.3
118.1
131.5
126.5
126.4
145.7
120.2
139.2
119.9
133.3
133.8
116.6
146.0
121.2
137.7
118.4
130.9
130.5
121.4
146.9
119.4
129.6
116.4
123.7
119.9
108.3
142.4
117.2
130.2
117.7
122.1
115.1
10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41
118.1
122.2
118.2
121.4
109.2
123.9
125.7
114.5
111.2 113.6
123.2 118.0
115.6 108.3
124.8 112.6
89.6 96.1
130.4 126.1
126.5 122.8
100.9 109.9
19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74
118.7
113.7
111.7
129.9
116.7
126.1
111.9
133.0
136.3
125.6
116.7
110.7
97.4
131.6
115.8
131.5
116.6
11.63
6.85
2.42
1.76
.61
122.1
117.2
143.1
117.2
107.7
126.1
120.6
146.7
122.6
116.3
125.1
119.0
145.4
123.7
117.3
126.3
118.7
143.5
128.4
137.4
127.3
119.3
142.5
134.0
136.9
126.4
119.2
140.6
132.3
134.7
126.8
121.0
141.7
130.3
122.1
129.3
123.9
142.6
133.2
125.6
126.5
122.4
139.6
131.5
106.1
127.0
124.5
141.8
126.4
98.1
131.0
126.7
143.7
135.6
116.3
131.2
125.8
143.6
139.2
120.3
130.1
125.6
140.7
136.9
118.6
133.0
129.4
143.6
134.5
126.1
Metal materials n e e
26.73
3.43
7.84
9.17
6.29
114.1
127.5
118.9
110.4
106.1
112.3
138.8
122.7
102.5
98.9
112.3
135.5
123.5
100.2
103.2
114.6 118.5
135.5 137.4
123.5 124.4
102.0 106.9
110.5 117.8
122.0
135.8
123.7
113.9
124.2
126.5
139.5
125.4
120.2
130.0
129.2 118.7
144.9 128.4
127.0 122.2
125.4 121.2
128.8 105.3
118.7
112.4
123.0
126.4
105.6
124.0
138.6
126.3
125.9
110.7
125.3
143.0
127.4
125.1
113.3
123.2
145.6
127.3
118.7
112.3
120.8
149.8
130.6
110.3
108.2
NonduToblc ntotcfictls .
Business supplies
Containers
General business supplies
Nondurable materials n e e
25.92
9.11
3.03
6.07
7.40
120.0
116.5
117.1
116.3
134.7
118.3
111.5
102.7
115.9
133.7
119.7 122.9 124.5
112.2 115.1 118.6
111.4 116.9 121.5
112.6 114.2 117.1
137.3 142.1 144.4
126.0
122.1
119.6
123.4
144.6
127.3
122.8
121.5
123.4
147.2
128.0
122.8
127.2
120.7
146.0
129.2
123.5
131.7
119.4
136.2 145.5
129.6
125.0
125.9
124.5
147.2
131.0
127.2
128.7
126.4
150.5
129.4
122.7
117.2
125.5
151.6
127.0
118.3
107.6
123.6
148.0
9.41
6.07
2 86
2.32
1.03
1.21
.54
111.7
104.9
129 9
130.7
122.8
139.9
126.4
112.7 113.1 115.2 114.6 115.2 115.9 118.9 115.2 121.8 120.1 119.4 118.5 119.0
106.4 105.8 109.6 108.4 109.4 109.3 111.3 103.4 111.9 110.3 110.8 110.7 111.1
Home goods and opporcl
Appliances, TV, and radios
Appliances
TV and home radios
Furniture and rugs
Miscellaneous home goods
Apparel, knit goods, and shoes
Processed foods
Beverages and tobacco
Newspapers, magazines, and books..
Consumer fuel and lighting
Electricity
123.1
126.6
127.3
133.5
109.9
126 0
126.3
120.1
117.9
107.5
101.2
133.1
113.9
118.3
106.7
104.2
134.8
114.4
141.9 142.2
91.3
140.8
138.1
104.0
'l39!7
121.1
'iio!7
145.1 164.7 162.0 152.1 135.9 130.6 135.8 147.3 154.5 151.9 135.0 135.2
Equipment
Commercial equipment
Freight and passenger equipment...
Farm equipment
3.41
Materials
Equipment
Mineral fuels
Electricity
General industrial
Commercial and other
Gas
120.1
112.2
115.1
110.8
130.4 132.6 131.1 131.4 131.1 134.7 141.0 147.0 152.6 149.1 144.0 139.7
122.0 124.3 122.5 124.9 128.2 131.9 133.4 132.7 136.2 135.8 137.2 133.9
140.0 142.3 141.0 139.5 136.1 139.8 150.7 162.7 169.4 164.1 153.2 147.7
Supplementary groups of
consumer goods
Automotive and home goods
See NOTE on opposite page.
7.80 125.9 131.7 128.0 133.8 135.2 135.1 135.4 142.0 124.3 105.7 135.4 148.6 147.7 140.7
24.51 117.7 113.2 116.1 118.7 120.3 118.0 119.2 123.7 120.4 130.2 130.5 129.6 122.4 118.1
225
INDUSTRIAL PRODUCTION: N.S.A.
FEBRUARY 1964
INDUSTRY GROUPINGS
(1957-59=100)
Grouping
957-59 1962
proaverporage
tion
1962
Dec.
1963
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept. Oct. r
Nov. r Dec
100.00 118.3 117.2 117.9 120.5 122.5 123.1 125.1 127.9 120.5 123.8 128.3 129.9 127.0 124.5
Total index.
86.45
48.07
38.38
8.23
5.32
118.7
117.9
119.8
105.0
131.3
117.5
119.4
115.1
103.3
117.8
118.3
117.2
102.6
120.7
120.7
120.6
104.9
123.3
123.2
123.4
104.5
124.0
124.4
123.7
106.9
126.1
126.9
125.1
108.9
128.8
129.8
127.6
111.3
120.5
121.0
119.8
105.3
123A
118.1
130.0
112.2
725.7
126.6
131.4
111.4
131.1
129.3
133.3
111.0
128.1
128.4
127.6
108.2
124.9
127.2
122.1
107.3
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
110.0
104.6
100.6
119.1
117.1
113.2
106.2
97.3
93.4
111.4
117.8
114.8
108.4
102.6
97.9
119.6
116.0
112.4
112.6
110.1
106.6
122.8
115.8
111.5
118.1
118.8
117.1
125.1
117.2
112.2
122.5
125.7
125.5
126.3
118.4
113.8
127.0
130.7
130.6
130.8
122.3
119.1
128.2
129.6
128.6
133.3
126.4
123.0
112.1
104.1
102.5
109.9
122.5
121.7
113.5
102.6
96.4
125.1
127.5
125.1
117.5
106.5
100.0
130.3
131.6
127.4
118.7
109.5
103.0
133.2
130.6
126.7
7/7.7
110.6
104.5
132.9
126.9
124.9
115.6
107.0
101.8
125.7
126.7
124.1
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
122.1
123.5
119.7
128.5
118.3
134.1
103.9
123.0
127.7
127.0
122.5
132.9
127.6
149.1
108.6
127.0
125.9
124.9
122.2
128.5
126.2
145.6
109.0
125.2
127.6
128.1
125.3
132.0
126.0
145.9
108.1
126.2
128.2
128.5
126.1
131.6
127.4
148.5
108.2
126.9
127.3
126.9
125.3
129.0
127.7
149.3
107.7
126.5
128.4
128.3
126.4
130.9
127.5
149.4
107.1
128.2
131.9
131.3
129.0
134.3
132.2
158.9
107.9
131.6
124.8
123.2
123.6
122.6
124.9
144.2
107.5
129.7
117.0
125.7
123.3
128.8
100.1
88.9
108.5
132.1
129.8
133.3
128.5
139.7
123.5
137.0
110.8
133.9
133.9
133.0
128.8
138.6
135.2
160.4
112.4
134.0
134.2
132.7
129.3
137.2
136.4
163.3
112.4
134.3
755.7
133.9
133.7
134.2
136.8
162.1
114.2
134.2
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
4.72 109.3
2.99 111.1
1.73 106.1
99.9
102.9
94.6
Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures....
3.05 124.5 126.5 120.9 121.8 123.3
1.54 126.8 131.2 126.9 126.3 126.8
1.51 122.2 121.7 114.8 117.2 119.7
Manufacturing, total.,
Durable
Nondurable
Mining
Utilities
Durable manufactures
97.2 100.5 106.1 112.5 118.3 122.7 777.7 725.7 724.5 124.4 7/7.5 106.5
99.7 99.1 105.4 115.5 122.2 126.1 126.3 128.7 126.2 127.6 122.1 112.0
93.0 102.8 107.3 107.4 111.4 116.9 102.7 120.4 121.6 118.9 109.0 97.1
754.2
122.8 125.2 128.7 725.7 134.6 757.7 757.7 136.
126.2 127.6 132.5 132.0 139.2 140.4 140.4 138.9 140.8
119.4 122.7 124.8 121.3 129.9 133.8 135.0 133.5 127.4
Nondurable manufactures
727.2
120.0
127.1
105.2
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products
7.60
2.90
3.59
1.11
115.1 104.7 112.1
115.2 108.2 112.3
118.9 105.7 116.4
102.3 92.2 97.8
Paper and printing
Paper and products
Printing and publishing.
Newspapers
8.17
3.43
4.74
1.53
116.7
119.7
114.6
108.5
111.4 112.1 115.9 117.7 120.9 122.3
108.6 118.6 125.9 127.0 125.0 126.0
113.4 107.5 108.7 111.0 117.9 119.6
100.0 86.6 90.3 92.6 116.4 118.8
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
131.
136.1
147.5
112.9
130.6
131.4
136.6
150.6
112.5
130.6
134.3
138.9
152.6
112.6
138.1
137.2
142.7
156.5
112.6
140.5
139.8
145.8
159.4
111.5
144.8
142.1
149.7
162.Q
112.3
143.1
142.3
150.2
163.8
115.1
139.3
143.9
150.9
162.2
121.7
139.1
136.0
144.3
157.3
123.1
117.0
143.3
150.7
162.3
123.5
134.5
145.5
152.0
164.8
121.7
144.4
147.8
154.5
169.1
119.6
150.1
144.6 142.0
153.0 150.2
170.4
116.7
140.3
Foods, beverages, and tobacco....
Foods and beverages
Food manufactures
Beverages
Tobacco products
11.07
10.25
8.64
1.61
.82
113.4
113.5
113.8
111.5
112.0
108.1
109.5
111.1
100.9
90.7
106.6
106.2
108.1
95.8
111.8
106.7
106.1
107.4
99.2
114.0
109.6
109.4
109.4
109.2
112.5
109.4
109.2
107.7
117.2
112.5
114.0
113.4
110.7
127.4
122.4
775.5
118.4
115.1
136.4
123.5
777.2
118.2
116.2
129.2
104.3
725.2
126.2
126.2
126.5
126.4
729.7
130.5
133.4
114.8
120.2
725.7
129.0
130.7
120.0
124.3
7/7.7 111.6
117.8 113.0
120.4 115.5
103.9
116.9
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
103.8
95
105.5
107.2
105.1
120.4
94.
105.0
93.9
107.3
109.3
105.8
132.0
93.2
104.3
93.2
106.6
108.7
104.7
134.5
92.0
107.0
97.3
109.0
112.5
108.7
133.3
85.4
105.9
94.7
108.2
111.6
108.3
132.6
85.1
106.7
101.5
107.8
111.3
109.1
125.4
84.1
106.4
105.5
106.6
110.1
108.4
124.3
82.4
705.5
116.6
106.8
110.0
108.4
120.4
85.3
707.5
72.5
107.9
110.7
108.7
123.6
88.6
709.5
113.6
109.0
111.4
109.5
123.8
92.8
705.5
112.4
107.7
109.8
107.6
124.0
93.2
705.6
113.5
107.6
110.2
108.0
124.3
90.1
107.8
106.3
108.1
111.7
108.1
Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals
2.43 110.9
.61 112.6
.82 109.7
95.6
94.7
96.2
120.8
116.0
129.4
105.5
124.7 119.3 118.4 727.7 106.9
120.0 115.3 121.0 121.4 105.8
134.8 129.9 123.8 128.6 113.3
104.2 95.4 93.9 100.6 89.4
724.7
120.3
132.0
108.7
725.9 119.6 109.6
119.7 119.5 113.2
133.0 126.4 111.4
105.5 98.0
722.7 772.5 727.5 725.5 727.5
128.3 113.7 131.0 127.8 135.3
117.6 111.8 115.2 120.3 122.3
113.1 97.1 102.1 114.5 121.8
124.6
127.9
122.2
124.5
7/9.9
115.8
122.8
118.6
Mining
108.4
101.5
109.8
113.4
108.9
*85.*5
98.0 107.9 120.9 725.0 722.0 725.5 725.0 722.5 709.9 102.1
94.3
94.7
96.9 102.9 101.8 104.2 123.4 127.5 118.0 121.8 127.0 119.7 103.1 101.4
92.4 88.6 95.1 110.6 119.0 123.1 125.0 125.3 123.6 124.3 114.9 102.7
Utilities
Electric
Gas
4.04 133.1
1.28 125.9
136.7 146.3 144.3 140.2 133.1 133.0 138.8 147.1
NOTE.—Published groupings include some series and subtotals not
shown separately. A description and historical data are available in
153.1 150.3
140.:
137.8
Industrial Production—1957-59 Base. Figures for individual series and
subtotals (N.S.A.) are published in the monthly Business Indexes release.
226
BUSINESS ACTIVITY
FEBRUARY 1964
SELECTED BUSINESS INDEXES
(1957-59=100)
Manufacturing 2
Industrial production
Major market groupings
Constrution
contracts
Major industry
Period
Final products
Total
1950
1951
1952
1953
1954
groupings
MateConrials
Total sumer Equipgoods ment
74.9
81.3
84.3
91.3
85.8
72.8
78.6
84.3
89.9
85.7
78.6 56.4
77.8 78.4
79.5 94.1
85.0 100.5
84.3 88.9
76.9
83.8
84.3
92.6
85.9
1955
1956
1957
1958
1959
96.6 93.9 93.3 95.0 99.0
99.9 98.1 95.5 103.7 101.6
100.7 99.4 97.0 104.6 101.9
93.7 94.8 96.4 91.3 92.7
105.6 105.7 106.6 104.1 105.4
I960
1961
1962
1963
108.7
109.8
118.3
124.3
1962—Dec
1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1964—Jan. v
109.9
111.3
119.7
124.9
111.0
112.7
119.7
125.3
107.6
108.3
119.6
124.2
107.6
108.4
117.0
123.7
119.1 121.7 121.2 122.4 116.9
119.2
120.2
121.3
122.5
124.5
125.8
126.5
125.7
125.7
126.5
r
126.6
127.0
122.3
122.6
122.4
122.1
123.5
125.2
125.9
126.2
126.5
127 9
128.0
128.5
121.8
122.9
123.1
122.5
124.1
125.9
126.4
126.7
126.7
r
128 0
128.2
128.2
*127.1 *128.6 ^128.4
122.0
121.5
120.7
120.4
122.1
123.8
124.8
125.3
126.2
116.8
118.0
120.2
122.9
125.7
126.6
126.7
125.1
125.0
r
mi .i 125.5
M27.7 125.6
128.6 125.9
*>129.0
Nonagricultural
employEmment— ployTotal i ment
Mining
Utilities
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
86.0
91.0
92.9
95.5
93.2
99.4
106.1
106.1
111.6
101.8
99.2
104.8
104.6
95.6
99.7
80.2
87.9
93.9
98.1
108.0
91
92
93
102
105
96.4
99.7
100.6
97.8
101.6
105.5
106.7
104.7
95.2
100.1
101.6
102.6
105.0
108.0
115.6
122.8
131.3
140.8
105
108
120
132
103.4
103.1
106.2
108.7
99.9
95.9
99.2
99.9
103.2
133.8
138
106.9
98.8
103.0
104.7
105.4
107.4
108.5
109.4
111.3
125.9 111.3
126.1 r 110.3
127.1 r109.1
127.3 107.6
127.8 107.2
135.9
138.2
136.4
135.7
139.1
141.3
145.3
144.6
142.8
143.9
144.5
145.0
121
130
118
125
144
135
126
132
128
146
107.1
107.4
107.9
108.2
108.5
108.8
109.1
109.1
109.3
109 6
144 109.5
148
109.8
98.9
98.9
99.4
100.1
100.4
100.3
100.4
99.8
100.1
100 4
100.0
100.5
110.0
100.6
Mfg.
75.8
81.9
85.2
92.7
86.3
97.3
100.2
100.8
93.2
106.0
108.9
109.7
118.7
124.8
119.7
119.8
120.6
121.9
123.1
125.2
126.4
126.8
H25.1 *127.8 P107.7 P146.0
1
Employees only, excludes personnel in the armed forces.
2 Production workers only.
3 Prices are not seasonally adjusted.
NOTE.—Data are seasonally adjusted unless otherwise noted.
Construction contracts: F. W. Dodge Corp. monthly index of dollar
Prices 3
Freight Department
load- store
WholePayings
Consale
sales
rolls
sumer commodity
68.9
80.2
84.5
93.6
85.4
94.8
100.2
101.4
93.5
105.1
106.7
105.4
113.7
118.0
114.7
115.2
115.8
116.7
116.6
117.9
118.2
118.0
117.0
120.3
120 0
119.4
121.8
121.7
117.1
121.5
115.0
116.6
104.6
115.3
115.9
108.2
93.8
97.9
95.3
91.2
92.4
93.3
90.6
89.9
93.9
94.3
95.7
96.9
72
76
78
80
80
83.8
90.5
92.5
93.2
93.6
86.8
96.7
94.0
92.7
92.9
88
94
96
99
105
93.3
94.7
98.0
100.7
101.5
93.2
96.2
99.0
100.4
100.6
106
109
114
119
103.1
104.2
105.4
106.7
100.7
100.3
100.6
100.3
117
105.8
100.4
113
114
119
115
117
120
120
126
121
113
117
106.0
106.1
106.2
106.2
106.2
106.6
107.1
107.1
107.1
107 2
107.4
107.6
100.5
100.2
99.9
99.7
100.0
100.3
100.6
100.4
100.3
100 5
100.7
100.3
94.6
93.9
90.9
91.2
92 7
92.3
93.9
?126
97.2
m\
101.0
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
a n millions of dollars)
1963
1962
Type of ownership and
type of construction
1962
1963
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
.•
41,303 45, 546 3,198 2,779 2 ,917 3,583 3,983 4 ,851 4,402 4, 125 4 ,061 3 ,707 4 ,313 3,749 3 ,413
By type of ownership:
Public
Private
13,599 14 651 1,190
932 1 ,09? 1,182 1,168 1 ,567 1,384 1. 319 1 ^ 1 8 1 .154 1 .3?1 1,157 1 ,155
27,705 30, 893 2,009 1,847 1 ,825 2,401 2,814 3 ,283 3,019 2, 805 2 ,744 2 ,552 2 ,992 2,592 2 ,257
Totfll construction
By type of construction:
Residential
Public works and utilities
SfP 1,166 1,250 1 .?15 1,642 1,986 ? ,061 1,966 1 934 1 ,883 1 ,789 ? j0?8 1,519
18,039
921 1,016 1 ,005 1,146 1,210 1 .45? 1,458
13,010 14 ^77
?71 1 .T?? 1 ,154 1 ,331 1,082
514
698
796
10,255 10, 667 1,111
978
920
954 1,148
787 1 ,337
857
764
NOTE.—Dollar value of total contracts as reported by the F. W. Dodge
Corp. does not include data for Alaska or Hawaii. Totals of monthly
data exceed annual totals because adjustments—negative—are made to
accumulated monthly data after original figures have been published.
227
CONSTRUCTION
FEBRUARY 1964
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)
Private
Period
Total
Total
Nonfarm
residential
Public
Total
Industrial
Commercial
Public
utility
Other
nonresidential
Business
Total
tary
Highway
Sewer
and
water
1Mili-
Other
1955
1956
1957
1958
44,164
45,815
47,845
48,950
32,440
33,067
33 766
33,493
18,705
17,677
17,019
18,047
9,980
11,608
12,535
11,058
2,399
3,084
3,557
2,382
3,218
3,631
3,564
3,589
4,363
4,893
5,414
5,087
3,755
3,782
4,212
4,388
11,724
12,748
14,079
15,457
1,287
1,360
1,287
1,402
3,861
4,431
4,954
5,545
1,085
1,275
1,344
1,387
5,491
5,682
6 494
7,123
1959 l r
1960 rr
1961
1962
1963^
55,305
53,941
55,455
59 036
62,770
39 235
38,078
38,299
41 478
43,789
24,251
21,706
21,680
24,174
25,719
10,557
11,652
11,789
12,251
12,870
2,106
2,851
2,780
2,857
3,118
3,930
4,180
4,674
5,023
5,110
4,521
4,621
4,335
4,371
4,642
4,427
4,720
4,830
5,053
5,200
16,070
15,863
17,156
17,558
18,981
,465
,366
,378
,269
5,761
5,437
5,855
6,156
1 .467
,487
,581
,754
,966
7 377
7,573
8,342
8 379
1963—Jan
Feb
Mar
Apr . .
May
July
Aug
Sept
Oct
Nov p
Dec
60,371
59,154
60,114
59,555
60,458
62,335
62,733
64,194
64 228
65,888
66,106
65,463
41,726
41,376
41,526
42,436
43,143
43,184
43,931
44,571
44 827
45,608
45,750
45,784
24,636
24,273
24,353
24,984
25,646
25,801
25,888
25,832
25,919
26,532
26,927
26,712
12,117
12,107
12,175
12,437
12,432
12,251
12,807
13,397
13,536
13,722
13,460
13,661
2,794
2,771
2,774
2,810
2,852
2,976
3,136
3,310
3,395
3,461
3,538
3,577
4,943
4,902
4,963
4,890
4,775
4,589
4,953
5,346
5,561
5,412
5,367
5,412
4,380
4,434
4,438
4,737
4,805
4,686
4,718
4,741
4,580
4,849
4,555
4,672
4,973
4,996
4,998
5,015
5,065
5,132
5,236
5,342
5,372
5,354
5,363
5,411
18,645
17,778
18,588
17,119
17,315
19,151
18,802
19,623
19,401
20,280
20,356
19,679
1,337
1,405
1,255
1,176
1,369
1,682
1,909
6,963
6,170
6,960
5,602
5,611
6,813
6,331
6,965
6,550
7,442
7,706
6,761
1,759
,760
1,778
,802
,868
.927
1,990
2,061
2,109
2,128
2,159
2,176
8,586
8,443
8,595
8,539
8,467
8,729
8,572
1964—Jan."
65,820
45,873
26,815
13,674
3,469
5,400
4,805
5,384
19,947
1
2 183
NOTE.—Monthly data are at seasonally adjusted annual rates. Beginning with 1959, figures are Census Bureau estimates. Data before
1959 are joint estimates of the Depts. of Commerce and Labor.
Beginning with 1959, includes data for Alaska and Hawaii.
NEW HOUSING STARTS
(In thousands of units)
By <irea
Annual rate,
l
By type of ownership
Governmentunderwritten
C A
Period
(private only)
Total
Total
Nonfarm
Prn ('ate
Metropolitan
Nonmetropolitan
Total
1family
2family
Multifamily
1954
1955..
1956
1957
1958
1959
1,220
1,329
1,118
1,042
1,209
1,379
897
976
780
700
827
946
324
353
338
342
382
432
1,202
1,310
1,094
993
1,142
1,343
1,077
1,190
981
840
933
1,079
34
33
31
33
39
49
120
170
215
1959
I960
1961
1962
1963
1,554
1,296
1,365
1,492
1,077
889
948
1,054
1,138
477
407
417
439
481
1,517
1,252
1,313
1,463
*>1,589
1,234
995
975
992
56
44
44
49
227
214
295
422
1962—Dec
1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
82
Total
FHA
VA
19
19
24
49
68
36
583
670
465
322
439
45S
276
277
195
193
337
349
307
393
271
37
44
52
451
336
32*
349
261
244
109
75
83
292
221
30
261
121
102
109
7*
71
1,562
1,541
95
6S
27
94
56
4
34
1
20
16
5
1.344
1,380
1,575
L618
1,618
1,571
1,588
1,455
•
1,732
1,847
p 1.556
p
597
1,317
1,353
1,549
1,590
1,590
1,554
1,573
1,434
1,697
,807
V ,525
V ,548
83
88
128
160
170
157
152
148
147
166
62
65
89
112
116
109
105
100
104
117
83
76
22
23
39
49
53
48
47
48
44
49
38
23
81
87
124
158
166
153
150
144
145
163
47
52
81
106
107
100
98
96
3
4
4
6
6
5
5
5
5
31
31
40
47
54
49
47
44
48
55
42
3
1
4
2
3
4
2
4
2
3
18
17
22
29
30
27
29
25
25
14
13
17
22
22
20
21
19
19
4
27
21
22
21
17
16
i Beginning with 1959, based on revised definition of metropolitan areas.
NOTE.—Beginning with 1959, Census Bureau series includes both
farm and nonfarm series developed initially by the Bureau of Labor
90
87
Public
93
103
73
5
4
P2
4
5
7
7
7
8
7
6
6
5
5
Statistics, for which annual totals are given including overlap for 1959.
Data from Federal Housing Admin, and Veterans Admin, represent
units started, based on field office reports of first compliance inspections.
228
FEBRUARY 1964
EMPLOYMENT
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons unless otherwise indicated)
Civilian labor force
Total noninstitutional
population
Period
Total
labor
force
Employed *
Total
Not in the
Total
In nonagricultural
industries
In
agriculture
Unemployed
Unemployment2
rate
(per cent)
S.A.
1957
1958
1959
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
5 5
I960 3
1961
1962
1963
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
5.7
i963 Jan
Feb
Mar
Apr
May
131,253
131,414
131,590
131,740
131,865
132,036
132,196
132,345
132,497
132,682
132,853
133,025
73,323
73,999
74,382
74,897
75,864
77,901
77,917
77,167
75,811
76,086
76,000
75,201
70,607
71,275
71,650
72,161
73,127
75,165
75,173
74,418
73,062
73,344
73,261
72,461
65,935
66,358
67,148
68,097
69,061
70,319
70,851
70,561
69,546
69,891
69,325
68,615
61,730
62,309
62,812
63,424
63,883
64,365
64,882
65,065
64,220
64,541
64,548
64,576
4,206
4,049
4,337
4,673
5,178
5,954
5,969
5,496
5,326
5,350
4,777
4,039
4,672
4,918
4,501
4,063
4,066
4,846
4,322
3,857
3,516
3,453
3,936
3,846
57,930
57,414
57,208
56,843
56,001
54,135
54,279
55,178
56,686
56,596
56,852
57,824
133,200
74,514
71,793
67,228
63,234
3,993
4,565
58,685
July
Sent
Oct
Nov
Dec
1964 Jan
.
...
1 Includes self-employed, unpaid family, and domestic service 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.
r
5.7
5.9
5.7
5.7
5.9
5.7
5.6
5.5
'5.5
r
5.6
5.9
5.5
r
5.6
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
19591
52 904
51,423
53,404
17,174
15,945
16,675
828
751
732
2,923
2,778
2,960
I960
1961
1962
54,370
54,224
55,841
57,175
16,796
16,327
16,859
17,035
712
672
652
634
Sept
Oct
Nov p
Dec
56,333
56,458
56,706
56,873
57,060
57,194
57,340
57,344
57,453
57,646
57,580
57,747
16,871
16,872
16,948
17,037
17,095
17,075
17,103
17,033
17,076
17,119
17,061
17,122
1964 Jan P
57,834
Period
19632?
Transportation & public utilities
Trade
Finance
Service
Government
4,241
3,976
4,011
10 886
10 750
11,127
2 477
2 519
2,594
6 749
6 811
7,115
7 626
7 893
8,190
2,885
2,816
2,909
3,030
4,004
3,903
3,903
3,913
11,391
11,337
11,582
11,864
2,669
2 731
2.798
2,866
7 392
7 610
7,949
8,297
8 520
8 828
9.188
9,535
631
631
631
639
640
639
640
635
632
629
630
629
2,967
2,920
2,928
3,005
3 019
3,046
3,069
3,083
3,071
3,066
3,057
3,077
3,82i
3,899
3,894
3,890
3 909
3,919
3,936
3,941
3,950
3,937
3,928
3,913
11,685
11,729
11,795
11,784
11 825
11,864
11,884
11,907
11,922
11,935
11 941
11,956
2,834
2 839
2,848
2,853
2 864
2,865
2,870
2,873
2,873
2,887
2 887
2,892
8 110
8 144
8,207
8 199
8 228
8 282
8,349
8,373
8 377
8,430
8 423
8,446
9,414
9 424
9 455
9 466
9 480
9 504
9,489
9,499
9 552
9,643
9 653
9,712
17,148
625
3,008
3,925
12,009
2,903
8,477
9,739
55,409
55,374
55,714
56 505
56,967
57,609
57,422
57,651
58,211
58,426
58,220
58,586
16,687
16,683
16,756
16 845
16,960
17,111
17,050
17,199
17,398
17,367
17,229
17,138
622
618
616
632
643
650
641
646
641
637
634
630
2,584
2,470
2,556
2 846
3,049
3,232
3,364
3,437
3,378
3,333
3,176
2,932
3,775
3,844
3,847
3 859
3,897
3,954
3,975
3,976
3,982
3,968
3,944
3,929
11,535
11,433
11,497
11 740
11,720
11,848
11,832
11,878
11,942
12,014
12,166
12,766
2,806
2,813
2,825
2 842
2,858
2 885
2,916
2,919
2,887
2,884
2 878
2,880
7,956
7,997
8 076
8 199
8,294
8 423
8,474
8 457
8 436
8,472
8 406
8,378
9,444
9,516
9 541
9 542
9,546
9 506
9,170
9 139
9 547
9,751
9 787
9,933
56,896
16,965
616
2,620
3,878
11,855
2,874
8,316
9,772
Mining
SEASONALLY ADJUSTED
1963—Jan
Feb
Mar
Apr
May
July
NOT SEASONALLY ADJUSTED
1963 Jan
Feb
Mar
Apr
May
July
Aug
Sept
Oct
Dec
r
1964 Jan P
..
. . .
i Data include Alaska and Hawaii beginning with 1959.
NOTE.—Bureau of Labor Statistics; data include all full- and parttime employees who worked during, or received pay for the pay period
ending nearest the 15th of the month. Proprietors, self-employed pertons,
domestic servants, unpaid family workers, and members of the armed
forces are excluded.
FEBRUARY 1964
229
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands of persons)
Seasonally adjusted
Industry group
Not seasonally adjusted
1963
1964
1963
1964
Jan.
Nov.
Jan.?
Jan.
Nov.
Dec.*3
12,453
12,590
12,654
12,672
12,286
12,756
12,666
12,504
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.
6,950
121
533
323
476
900
860
1,045
1,063
1,085
233
311
7,081
117
532
325
495
932
891
1,074
1,041
1,116
238
320
7,129
118
535
328
495
943
897
1,082
1,045
1,129
238
319
7,146
118
537
329
493
945
903
1,085
1,045
1,132
236
323
6,896
121
501
319
452
900
857
1,043
1,069
1,113
232
289
7,180
119
534
332
501
928
907
1,059
1,065
1,157
241
337
7,154
119
521
330
487
941
904
1,078
1,060
1,163
240
313
7,088
118
504
325
468
945
900
1,083
1,051
1,160
236
300
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
5,503
1,167
77
800
1,125
487
582
519
118
5,509
1,148
82
796
1,144
488
590
524
119
311
307
5,525
1,154
80
795
1,148
490
597
525
118
311
307
5,526
1,161
78
794
1,148
490
599
525
114
312
305
5,390
1,094
77
790
1,109
483
578
514
117
319
310
5,576
1,169
87
802
1,161
492
598
522
118
318
309
5,512
1,127
83
795
1,150
491
602
522
116
316
309
5,416
1,088
79
784
1,132
486
595
520
113
313
305
Total
318
310
NOTE.—Bureau of Labor Statistics; 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
Jan.
Average weekly earnings
(dollars per week; N.S.A.)
1963
1964
Nov.
Jan.?
1963
Jan.
Nov.
Average hourly earnings
(dollars per hour; N.S.A.)
1964
Dec.?'
Jan.?
1963
Jan.
Nov.
1964
Dec?
Jan.? 5
2.52
Total
40.4
40.5
40.6
40.4
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..
40.9
41.2
39.9
40.8
40.8
40.3
41.3
41.7
40.3
42.5
40.6
39.6
41.1
40.6
40.1
41.0
41.3
40.9
41.5
42.1
40.2
42.3
40.7
39.4
41.5
40.9
40.7
41.1
40.9
41.0
41.7
42.5
40.4
42.6
40.7
39.6
41.1
40.7
39.7
40.6
40.4
41.1
41.5
42.4
40.1
42.8
40.7
39.7
105.82
119.65
77.03
79.00
97.36
120.80
105.52
114.40
97.93
127.74
99.88
79.58
110.00
120.36
82.97
83.43
103.75
123.42
109.56
117.88
100.60
132.68
102.91
81.59
111.90
122.60
83.60
85.26
100.85
126.07
110.77
120.98
102.66
134.23
102.91
82.59
110.02
121.47
80.94
80.60
99.40
126.07
108.92
120.13
100.65
130.71
102.16
81.74
2.60
2.89
1.96
1.97
2.44
2.99
2.58
2.75
2.43
2.97
2.46
2.03
2.49
2.67
2.95
2.09
2.02
2.50
3.04
2.64
2.82
2.49
3.10
2.51
2.05
2.51
2.69
2.97
2.09
2.03
2.49
3.06
2.65
2.84
2.51
3.10
2.51
2.07
2.69
2.97
2.07
2.02
2.51
3.06
2.65
2.84
2.51
3.09
2.51
2.08
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
39.6
40.8
39.2
40.2
36.3
42.7
38.2
41.4
41.7
41.0
36.8
39.5
40.9
39.2
40.8
35.7
42.8
38.1
41.4
41.5
40.9
37.4
39.6
41.0
38.3
41.0
36.0
42.9
38.5
41.6
41.8
41.5
38.1
39.3
40.8
38.8
40.2
34.9
42.6
38.3
41.7
41.2
40.9
37.5
86.24
92.52
73.15
67.26
60.35
103.21
107.16
111.10
130.62
100.37
65.60
89.10
95.94
73.13
72.28
63.01
107.43
110.78
113.85
132.39
102.91
66.59
90.19
96.59
75.45
72.51
63.54
108.11
114.27
114.82
132.57
105.08
69.45
88.69
95.75
73.53
70.05
60.36
106.77
111.25
115.65
133.16
102.16
69.12
2.20
2.29
1.90
1.69
1.70
2.44
2.82
2.69
3.14
2.46
1.74
2.25
2.34
1.88
1.75
1.76
2.51
2.90
2.75
3.19
2.51
1.79
2.26
2.35
1.91
1.76
1.77
2.52
2.93
2.76
3.21
2.52
1.79
2.28
2.37
1.93
1.76
1.77
2.53
2.92
2.78
3.24
2.51
1.80
NOTE.—Bureau of Labor Statistics; data are for production and related
workers only.
97.44 100.85 102.66 101.05
2.43
230
DEPARTMENT STORES
FEBRUARY 1964
SALES AND STOCKS, BY DISTRICT
(1957-59- 100)
Federal Reserve district
Period
United
States
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
94
96
99
105
106
109
114
PH9
96
96
99
104
106
112
114
118
S9
95
100
105
108
112
116
121
97
98
99
104
104
107
nil
in
96
98
98
104
108
110
113
116
95
97
98
105
105
108
113
119
90
94
99
107
107
110
118
127
99
100
97
104
104
105
110
115
96
97
98
104
103
104
109
112
1962—Dec
117
117
118
'110
112
113
122
114
1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
113
114
119
115
117
120
120
126
121
113
117
115
111
121
112
118
119
121
129
123
112
110
124
113
115
119
119
119
120
123
129
128
113
114
129
103
108
112
105
111
112
115
116
120
104
105
118
111
109
118
111
113
118
116
125
119
112
113
124
116
112
123
111
116
120
118
126
124
112
119
123
119
135
118
123
130
124
130
130
121
131
134
107
108
116
110
111
119
116
126
118
109
115
123
225
216
202
209
210
219
201
86
85
101
112
112
114
100
114
121
116
141
87
79
95
112
114
113
91
106
124
115
139
242
90
88
101
111
114
116
94
103
128
121
144
235
75
78
98
104
108
104
87
96
119
108
139
217
83
79
97
111
109
109
98
113
119
110
141
230
82
79
102
112
111
110
99
112
124
120
142
*>232
94
92
116
121
116
117
111
120
122
122
151
240
79
79
97
109
110
115
96
113
119
113
138
217
79
78
97
107
110
109
95
109
112
107
130
208
94
99
98
103
109
110
117
96
97
99
104
108
111
116
120
89
97
99
104
110
109
115
120
95
99
98
103
105
105
112
112
93
102
97
101
113
112
116
125
99
100
96
104
108
110
118
121
98
102
97
101
107
108
118
127
97
100
97
103
108
109
119
125
102
103
98
99
103
111
117
121
St.
Minne- Kansas
Louis apolis
City Dallas
San
Francisco
SALES
1956
1957
1958
1959
1960
1961
1962
1963
93
97
99
104
106
108
109
113
93
94
99
107
108
111
114
118
92
96
99
105
100
102
108
112
91
93
98
109
110
115
123
129
113
110
us
112
127
104
108
114
114
111
110
114
117
103
110
116
114
125
111
110
112
115
108
117
122
118
118
120
120
122
116
110
117
107
109
113
110
110
115
113
112
111
102
109
121
127
128
130
118
129
127
128
132
125
127
130
197
203
193
232
76
80
96
105
105
113
91
121
119
114
132
206
82
84
101
114
114
114
108
122
117
113
133
83
80
98
108
106
103
103
113
107
104
126
210
97
101
105
116
118
121
117
127
124
124
147
^248
98
102
97
101
108
108
113
116
99
100
98
103
109
111
113
119
91
99
98
104
106
103
112
117
92
96
97
107
114
115
126
132
SEASONALLY ADJUSTED
117
113
115
112
102
109
118
NOT SEASONALLY ADJUSTED
1962—Dec
1§63-Jan
Feb
Mar
May;;;;;;;;!!;;!";!;;
June
July
Aug
Sept
Oct
Nov
Dec
r
STOCKS
1956,
1957
1958
1959
1960
1961
1962
1963
SEASONALLY ADJUSTED
1962—Dec
'120
118
120
112
118
121
129
121
121
1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
120
119
120
120
121
121
123
122
124
128
128
p\27
119
119
119
120
120
118
121
119
119
123
123
122
116
116
115
118
119
118
119
118
120
124
126
125
113
109
108
110
109
109
112
113
114
116
117
117
125
121
119
122
120
119
125
127
126
129
128
127
121
119
119
121
117
118
119
118
118
124
128
126
129
126
123
122
125
127
128
124
126
129
130
133
120
119
121
119
124
126
126
125
129
132
131
126
117
120
118
121
119
122
122
120
121
122
127
130
111
112
113
114
115
115
115
115
122
121
r
122
119
115
108
108
104
105
103
118
116
123
126
125
124
118
118
124
133
145
152
118
108
110
121
125
127
122
123
124
137
144
147
112
104
111
119
124
119
115
117
121
129
139
143
116
99
106
112
114
113
107
112
116
129
137
140
112
101
108
117
121
118
113
115
118
125
137
141
99
106
114
117
116
111
115
119
122
135
139
115
120
130
129
130
125
127
131
139
154
157
1
113
111
114
117
118
120
118
121
120
120
124
122
111
113
113
113
114
118
118
120
117
115
119
122
129
128
127
129
128
132
129
131
130
133
139
138
mo
NOT SEASONALLY ADJUSTED
1962—Dec
110
110
112
101
109
1963—Jan
Feb
Mar
M*ay;;;;;;;;;;;;;;;;;;;
June
July
Aug
Sept
Oct
Nov
Dec
107
112
120
123
122
116
117
122
131
143
147
104
109
118
121
121
112
111
118
129
143
146
114
105
109
117
121
120
111
107
115
126
141
147
117
99
102
109
114
112
103
102
109
121
134
137
106
106
112
119
123
121
121
119
125
135
148
151
118
NOTE.—Based on retail figures; sales are average per trading day;
stocks are as of end of month or averages of monthly data.
mi
106
109
120
124
119
111
112
119
127
140
145
115
For description of series and for back data beginning with 1947 see
July 1962 BULL., p. 803.
FEBRUARY 1964
231
DEPARTMENT STORES
D E P A R T M E N T S T O R E M E R C H A N D I S I N G DATA
Ratios to sales
Amounts (millions of dollars)
Outstanding
orders
Receipts
New
orders
1,140
388
410
412
1,195
1,286
1,338
1,323
1,391
446
470
461
437
510
444
459
461
462
495
449
458
458
464
498
493
517
529
544
3.1
3.1
3 2
3.3
Period
Sales
Stocks
1954
409
1955
1956
1957
1958
1959
437
454
459
462
488
494
506
524
538
1,474
1,485
l,590
1,655
518
529
569
592
496
512
53O
543
Outstanding
orders
Stocks
plus
outs,
orders
Receipts
3.0
1.0
4.0
1.0
2.9
3.0
3.1
3.0
3.0
j 1
1 n
1.1
.1
1.0
t.l
4.0
4 1
4.1
4.1
4 1
l.l
LI
I 2
2
4 3
4.2
4 4
4.5
I 0
1.0
Stocks
I 0
0
L.O
[ l
I960
1961
1962
1963*7
r
1962—Dec
'989
M,498
'"382
r
608
'441
1.5
.4
1.9
.6
407
366
467
512
512
482
435
519
509
r
556
631
1,061
1,466
1,508
1,616
1,653
1,632
1,540
1,553
1,627
1,768
r
l,938
1,998
1,564
498
555
507
459
509
710
769
722
739
r
680
555
400
368
408
575
549
491
390
448
593
650
r
726
691
627
481
465
527
501
541
591
507
546
667
r
667
566
472
3.6
4.1
3.5
3.2
3.2
3.2
3.6
3.1
3.5
3 5
3.2
1.5
1.2
1.5
L.I
.9
1.0
1.5
1.8
1.4
1.5
4.8
5.6
4.5
4.1
4 2
.9
1.1
1.2
1.1
1 0
8
1.0
1 l
1.3
1 3
1.1
.6
1963
Jan
Feb
Mar
Apr
May
June
July
Sept
Oct
Nov
Dec P
.
.
.
.
NOTE.—Sales, stocks, and outstanding orders: actual dollar amounts
reported by a selected group of department stores whose 1962 sales
were more than 40 per cent of estimated total department store sales. Sales
are total for month, stocks and outstanding orders are as of end of month.
r
r
r
r
?
.9
.4
4.7
5.3
4 5
4.9
4 7
4.1
1.9
1
1.0
Receipts and new orders: monthly totals derived from reported figures
on sales, stocks, and outstanding orders.
For further description see Oct. 1952 BULL., pp. 1098-1102. Back
figures may be obtained upon request.
232
PRICES
FEBRUARY 1964
CONSUMER PRICES
(1957-59= 100)
Housing
All
items
Food
1929
1933
1941
1945
59.7
45 1
51.3
62.7
1955
1956
1957
1958
1959
I960
1961
1962 3
1963*
Period
Gas
and
electricity
Solid
and
petroleum
fuels
House
furnishings
ApHouse- parel
hold
operation
Transportation
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
services
Total
Rent
55.6
35 3
44.2
58.4
61.4
67.5
85.4
60 8
64.3
66.1
88.3
86.4
45.2
53.6
56.6
42.7
54.4
73.9
53.3
62.9
56.2
42 8
51.9
71.2
51.2
55.4
50.6
57.5
47.6
63.6
57.3
75.0
58.2
67.3
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
94.9
95.9
96.9
100.3
102.8
91.9
95.9
100.8
99.0
100.2
100.0
98.9
100.5
99.8
99.8
90.8
93.7
97.3
100.2
102.4
96.7
98.4
99.7
99.8
100.7
89.7
91.3
96.5
99.7
103.8
88.6
91.8
95.5
100.1
104.4
90.0
93.7
97.1
100.4
102.4
92.1
93.4
96.9
100.8
102.4
94.3
95.8
98.5
99.8
101.8
103.1
104.2
105.4
106.7
101.4
102.6
103.6
105.1
103.1
103.9
104.8
106.0
103.1
104.4
105.7
106.8
107.0
107.9
107.9
107.9
99.5
101.6
102.1
104.0
100.1
99.5
98.9
98.5
104.8
105.9
107.4
110.2
102.1
102.8
103.2
104.2
103.8
105.0
107.2
107.8
108.1
111.3
114.2
116.7
104.1
104.6
106.5
107.9
104.9
107.2
109.6
111.5
103.8
104.6
105.3
107.1
1962 Dec
105.8
103.5
105.2
106.2
108.1
104.8
98.6
108.1
103.9
108.0
115.3
107.6
110.0
105.6
1963
106.0
106.1
106.2
106.2
106.2
106.6
107.1
107.1
107.1
107.2
107.4
107.6
104.7
105.0
104.6
104.3
104.2
105.0
106.2
106.0
105.4
104.9
105.1
105.4
105.4
105.4
105.7
105.8
105.7
105.9
106.0
106.0
106.2
106.3
106.6
106.9
106.3
106.4
106.4
106.5
106.6
106.7
106.7
106.8
107.0
107.1
107.2
107.3
108.2
108.0
108.0
107.5
107.4
108.1
108.1
107.2
108.0
108.1
108.0
108.1
104.9
104.8
104.8
104.2
102.4
102.1
102.3
102.6
103.7
104.5
105.4
105.8
97.9
98.3
98.6
98.5
98.4
98.5
98.5
98.3
98.6
98.7
98.8
98.8
109.3
109.3
109.7
109.9
110.0
110.2
110.3
110.6
110.7
110.5
110.7
110.9
103.0
103.3
103.6
103.8
103.7
103.9
103.9
104.0
104.8
105.4
105.6
105.5
106.6
106.8
107.0
107.0
107.4
107.4
107.8
108.3
107.9
109.0
109.1
108.9
115.5
115.6
115.8
116.1
116.4
116.8
116.9
117.1
117.2
117.4
117.5
117.5
107.4
107.3
107.3
107.6
107.8
107.8
108.0
108.0
108.2
108.4
108.4
108.8
110.2
110.0
110.1
111.0
110.7
110.9
111.5
112.1
112.3
112.7
112.8
113.1
105.7
105.7
105.7
105.8
106.0
107.6
108.0
108.0
108.0
108.2
108.3
108.3
Jan
Feb
Mar
Apr
May
June
July....
AUR
Sept
Oct
Nov
Dec
NOTE.—Bureau of Labor Statistics index for city wage-earner and
clerical worker families.
WHOLESALE PRICES: SUMMARY
(1957-59= 100)
Other commodities
Period
1955
1956
1957
1958
1959
All Farm Proccom- prod- essed
modi- ucts foods
Total
ties
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
100.0
100.7
101.2
101.1
TexChem- Rubtiles, Hides, Fuel, icals, ber,
etc.
etc.
etc.
etc.
etc.
NonLumMa- Furni- meMisber, Paper, Metals chin- ture, tallic Tocellaetc.
ery
etc.
etc.
min- bacco neous
erals
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 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101 5
100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9
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
99.9 100.4 101.8 101.3
96.1 95.9 98.8 100.7
93.3 96.5 100.0 100.0
93.8 98.6 99.2 100.1
1962—Dec
100.4
97.3 100.9 100.7 100.6 106.9 100.8
96.8
94.4
95.8
99.0
1963—Jan
Feb
Mar
Apr
May
100.5
100.2
99.9
99.7
100.0
100.3
100.6
100.4
100.3
100.5
100.7
100.3
98.5
96.5
95.4
95.4
94.4
94.9
96.8
96.3
95.5
95.1
96.2
93.3
96.9
96.7
96.8
96.3
96.4
96.3
96.0
96.0
96.0
96.2
96.3
96.2
94.3 95.9
94.2 96.1
94.1 96.5
94.1 97.0
93.2 97.5
93.1 98.3
93.0 101.6
93.7 102.6
93.4 99.9
94.2 r 99.2
94.2 99.2
93.8 99.1
99.0
99.1
99.0
99.0
99.1
99.4
99.0
99.1
99.1
99.5
99.4
99.4
July
Sept
Oct
Nov
Dec
100.8
100.5
99.0
99.3
101.7
102.4
102.2
100.9
100.9
102.2
102.5
100.4
100.7
100.6
100.6
100.4
100.5
100.7
100.8
100.8
100.7
100.9
100.9
101.2
100.4
100.3
100.2
100.1
100.2
100.3
100.4
100.4
100.5
100.7
106.0
105.1
105.1
104.5
104.8
104.5
104.3
103.6
103.1
103.4
noi.i 103.5
101.2 102.9
See next page for composition of other commodities.
100.4
100.3
100.8
100.3
100.4
100.9
100.4
98.9
99.0
98.8
97.9
99.3
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
99.3 102.3
99.5
99.4
99.4
99.4
99.9
100.0
100.0
100.1
100.3
100.9
101.0
101.3
102.3
102.2
102.0
101.9
102.0
102.0
102.1
102.1
102.2
102.3
102.5
102.6
98.4 101.5 104.3 110.2
98.3
98.2
98.2
98.1
98.0
98.1
98.0
98.1
98.1
98.1
98.1
98.0
101.4
101.5
101.5
101.5
101.3
101.2
100 9
101.0
101.1
101 3
101.2
101.3
104.3
104 3
104.3
104.4
105.2
105.8
107 5
107.5
107.5
107 5
107.5
107.5
111.6
111 5
110.8
108.0
107 6
108.1
110 4
111 1
111.8
111 2
110.9
112.2
233
PRICES
FEBRUARY 1964
WHOLESALE PRICES: DETAIL
(1957-59= 100)
1962
1962
1963
Dec.
Oct.
Nov.
Dec.
r
Livestock and ooultrv
Plant and animal fibers . .
Fluid milk
Eggs
Hay and seeds
Dec.
Oct.
Nov.
Dec.
94.8
89.4
Woodpulp
101.8
94.6
Wastepaper
102.2
79.9
Paper
101.4
94.1
103.4
Converted paper and paperboard.... 99.6
99.8
96.2
Building paper and board
114.6
90.6 Metals and Metal Products:
95.0
90.7
102.8
96.6
99.4
96.9
94.4
91.0
102.9
96.6
99.4
95.9
94.4
90.8
102.9
96.5
99.5
95.9
98.7
97.7
103.7
103.8
97.5
93.3
Heating equipment
Fabricated structural metal products . 98.1
Fabricated nonstructural metal prod103.8
99.9
99.9
104.6
104.4
100.6
93.1
98.9
r
99.9
100.2
104.6
104 4
100.6
r
92.8
r
98.9
100.0
101.0
104.6
104.3
100.6
92.7
98.9
107.0
107.1
108.2
111.2 111.4
110.4 110.9
110.3 110.5
111.7
111.1
110.6
104.5
103 5
104.7
103 7
104.7
103 8
104.8
97.2
99.9
104.7
97.5
99.9
105.0
97.6
99.9
100.5
100.5
100.5
104.8
103.1
97.4
91.2
87.8
103.4
104 8
103.1
97.9
91.2
87.8
103.4
104.7
103.1
98.0
91.1
87.3
103.3
96.6 101.6
103.2 102.9
102.5 101.3
103.5 103.4
105.0 106.1
89.4
87.4
102.4 101.4
101.0
102.9
101.4
103.5
106.1
87.4
101.4
101.0
103.1
101.4
103.5
106.1
87.4
101.4
102.2
101.1
117.4
105.9
100.9
127.7
105.9
101.0
127.7
101.1 101.0
117.9 117.2
99.1
99.1
103.5 103.6
101.1 101.4
101.0
119.6
99.1
103.6
101.4
Pulp, Paper, and Allied Products:
Farm Products:
Fresh End. dried produce
1963
Group
Group
88.5
101.1
96.2
98.1
101.9
. . . . . . . 99.3
108.2
89.0
89.1
101.8
88.0
99.4
102.6
97.9
114.1
90.4
96.1
100.3
87.9
99.8
r
103.2
102.4
117.5
90.7
107.6
99 A
108.1
107.7
93.2
107.4
r
95.7
102.8
79.1
85.2
78.9
90.0
91.8
100.4
105.8
125.4
81.8
90.2
84.8
82.3
86.0
108.7
100.8
100.2
93.7
143.3
101.7
127.9
100.2 r 101.3
100.6 1 0 1 . 6
94.2
94.4
126.1 130.5
102.5 102.3
116.9 119.0
Processed Foods'
Cereal and bakery products
Meat poultry and fish
Dairy products and ice cream
Canned and frozen fruits, and vegetables
Sugar and confectionery
Animal fats and oils
Refined vegetable oils
Vegetable oil and products
Miscellaneous processed foods
107.3
91.7
107.9
106.9
87.7
107.9
106.4
131.2
84.1
93.5
'84.0
84.1
'87.4
107.8
106.8
124.9
85.7
88.7
76.7 Machinery and Motive Products:
77.4
110.0
87.9
Agricultural machinery and equip
107.4
Construction machinery and equip.... 108.3
Metal working machinery and equip... 109.3
General purpose machinery and
103.8
103.4
101.5
Miscellaneous machinery
102.5
Special industry machinery and
102.8
94.6
equipment (Jan. 1961= 100)
126.3
98.1
Electrical machinery and equip
102.3
Motor vehicles
100.8
116.0
Transportation equip., R.R. rolling
100.5
stock (Jan. 1961= 100)
Textile Products and Apparel:
Cotton products
Wool products
Man-made fiber textile products
Silk products
Apparel
.
Iron and steel
Nonferrous metals
Metal containers
Hardware
Hides, Skins, Leather, and Products:
Leather
Other leather Droducts
101.6
106.1
108.5
105 5
80.5
99.5
108.4
103.4
98.3
103.6
123.1
102.7
98.6
97.7
98.3
103.6 103.6
122.0 '122.3
101.4 101.3
95.6
93.8
76.3 Furniture and Other Household Dura99.5
bles:
108.2
104.2
Household furniture
103.1
102.3
Commercial furniture
96.4
Floor coverings
93.0
Household appliances
98.3
Television, radios, and phonographs.. 90.4
103.6
102.8
Other household durable goods
124.7
101.3
96.1 Nonmetallic Mineral Products:
95.9
103.8
92 9
94.8
72.8
102.8
99.6
99.5
94.2
103.9
90 8
94.9
88.5
103.8
97.1
99.0
94.2
105.1
r
91 1
95.0
r
90.2
r
103.7
98.4
99.0
Concrete ingredients
94.3
Concrete products
105.3
91 0
Gypsum products
94.9
Prepared asphalt roofing
85.1
Other nonmetallic minerals
103.5
98.4 Tobacco Products and Bottled Beverages:
99.1
94.7
89.0
99.7
91.5
91.7
97.9
91.6
91.7
97.9
95.8
102.1
90.4
99.3
106.2
92.4
82.7
99.7
r
108.2
r
103 2
Fuels and Related Products, and Power:
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100)
Petroleum products, refined
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs and Pharmaceuticals
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and Products:
Crude rubber
Tires and tubes
...
Miscellaneous rubber products
Tobacco products
Alcoholic beverages
89.9
Nonalcoholic beverages
91.4
97.9 Miscellaneous Products:
Lumber and Wood Products:
Lumber
Millwork
NOTE.—Bureau of Labor Statistics Index.
r
99.3
106.2
92.5
99.2
106.3
92.4
Toys, sporting goods, small arms. . .
Manufactured animal feeds
101.3
115.7
98.7
Jewelry, watches, photo equipment... 104.4
Other miscellaneous products
101.5
105.9
100.9
127.7
234
NATIONAL PRODUCT AND INCOME
FEBRUARY 1964
GROSS NATIONAL PRODUCT OR EXPENDITURE
(In billions of dollars)
1962
Item
1929
1933
1941
1950
1959
1960
1961
1962
1963
1963
II
IV
46.4
3.5
22.3
20.7
81.9
9.7
43.2
29.0
Gross private domestic investment
New construction
Residential, nonfarm
Other
Producers' durable equipment
Change in business inventories
Nonfarm only
16.2
8.7
3.6
5.1
5.9
1.7
1.8
1.4
1.4
.5
1.0
1.6
-1.6
50.0
24.2
14.1
10.1
18.9
6.8
6.0
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
69.0
41.6
21.0
20.5
25.5
1.9
1.5
21.2
28.8
-1.4
18.1
6.6
3.5
3.
6.9
4.5
4.0
Net exports of goods and services.
Exports
Imports
.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
Government purchases of goods and services.
Federal
National defense
Other
Less: Government sales
State and local
8.5
1.3
1.3
8.0
2.0
24.8
16.9
13.8
' 3.2
39.0
19.3
7.2
6.0
97.2
53.6
46.2
7.9
.5
43.6
99.6
53.1
45.7
8.0
.6
46.5
Gross national product in constant (1954)
dollars
181.8
1A
502.6
554.9
56.0
79.0
9.2
37.7
32.1
2.0
125.8 284.6 482.7
518.2
104.4
Personal consumption expenditures.
Durable goods
Nondurable goods
Services
Gross national product
585.1 565.2 571.8
III
579.6 588.7
IV
600.1
195.0 313.5 328.2 336.8 355.4 373.1 362.9 367.4 370.4 374.9 379.9
48.2
43.6
51.5
30.4
43.6
44.9
50.6
53.6
50.5
51.0
50.8
151.8 155.1 161.4 167.1 163.6 165.3 165.9 168.6 168.7
99.8 147.
64.9 122.8 131.5 138.0 145.7 154.5 148.9 151.4 153.5 155.5 157.7
14.3
5.2
.1
19.7
126.6 238.1 318.1 428.6 439.9
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. For explanation of series see U.S. Income
NATIONAL
78.8
44.4
23.2
78.8
45.0
23.7
21.2
29.9
4.0
3.2
77.8
43.7
22.7
21.0
5.5
4.9
82.3
46.6
25.0
21.6
30.9
4.7
4.2
4.4
27.5
23.1
3.8
28.9
25.
4.5
30.7
26.2
3.3
28.8
25.5
167.9
57.4
49.0
8.9
.6
50.6
117.0
62.4
53.3
10.0
.8
54.6
125.1
66.3
56.7
10.5
1.0
58.8
5.1
4.3
80.7
45.8
24.8
21.0
30.7
4.3
3.6
83.7
47.9
25.9
22.0
31.6
4.2
3.7
87.1
49.2
26.8
22.4
32.5
5.4
5.1
3.6
28.6
24.9
4.8
30.7
25.9
4.3
31.4
27.1
5.4
32.3
26.9
29.0
120.2 123.0 123.8 125.7 127.7
63.6
54.3
10.4
1.1
56.6
65.5
56.4
10.
1.0
57.5
66.5
56.7
10.6
.8
57.3
66.4
56.7
10.8
1.2
59.4
66.6
57.2
10.4
1.0
61.2
447.7 474.8 492.9 481.4 485.3 489.4 495.1 501.7
and Output (a supplement to the Survey of Current Business) and the July
1963 Survey of Current Business.
INCOME
(In billions of dollars)
1962
Item
1929
1933
1950
1939
1960
1961
1962
1963
IV
II
III
IV
National i n c o m e . . . .
87.8
40.2
104.7
Compensation of e m p l o y e e s . . .
51.1
29.5
64.8
154.2 278.5 293.6
50.4
45.5
.3
4.6
29.0
23.9
.3
4.9
62.1
51.9
1.9
8.3
146.4 258.5 271.3 278.8 297.1
124.1 213.1 222.9 221.0 241.6
10.2 10.8
5.0
9.9
9.9
41.6
35.4
17.3
38.5
44.7
.7
.5
2.7
7.8
20.1
22.3
23.3
25.7
28.0
26.2
27.5
27.9
28.2
28.5
.1
.6
14.8
.1
.4
5.6
2.0
.7
17.4
4.0
3.8
37.5
9.7
10.4
46.5
11.3
11.0
46.2
11.9
11.4
48.1
13.7
12.1
49.8
15.4
12.6
50.5
13.8
12.3
50.3
15.0
12.4
50.7
15.3
12.6
50.0
15.5
12.7
50.5
15.7
12.8
50.8
8.
6.0
3.2
2.4
10.9
6.5|
23.5
14.0
35.1
11.4
34.2
12.0
35.3
12.8
13*3
37.7
12.8
36.9
13.4
37.2
13.5
37.4
12.6
37.8
12.7
38.2
12.6
5.4
2.0
3.5!
9.0
11.9
12.1
12.1
12.0
12.1
12.0
12.0
12.0
12.1
12.2
10.1
-2.0
14.5
35.7
47.2
44.5
43.8
47.0
51.3
49.3
48.8
50.1
52.2
n.a.
9.6
1.4
8.3
5.8
2.4
.2
.5
- .4
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
43.8
22.0
21.8
15.3
6.5
46.8
22.2
24.6
16.6
8.1
51.7
24.5
27.2
17.8
9.4
48.4
22.9
25.5
17.1
8.4
48.3
22.9
25.4
17.1
8.3
51.0
24.2
26.8
17.6
9.2
52.2
24.7
27.5
17.6
9.8
n.a.
n.a.
n.a.
18.8
n.a.
.5
-2.1
-2.5
-5.0
-.5]
.2
.2
-.4
.9
.4
Q
6.4
5.0
4.5
5.5
16.4!
18.1
20.0
22.0
24.1
23.0
23.3
23.7
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
adjustment
Inventory valuation adjustment
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to previous table.
400.5 414.5 426.1 453.7
302.1 322.9
478.4 462.2 466.7
340.4 327.7
474.6 482.0
332.0 338.7
n.a.
342.8
347.9
312.3 301.5 304.5 310.8 314.6
253.0 244.7 246.7 252.2 255.1
11.0
10.7 10.8 10.8
10.5
48.3
47.1 47.8 48.7
46.3
319.4
258.1
11.8
49.5
and inventory valuation
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Net interest
241.9
.0 - 1 . 1
24.3
25.0
FEBRUARY 1964
235
NATIONAL PRODUCT AND INCOME
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
(In billions of dollars)
1962
Item
1929
1933
1941
1950
1959
1960
1961
1962
IV
104.4
Gross national product
Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
1963
1963
I
II
III
IV
56.0 125.8 284.6 482.7 502.6 518.2 554.9 585.1 565.2 571.8 579.6 588 7 600 1
8.6
7.2
9.0
7.0
.6
3
7.1
.7
9
11.3
.5
4
44.3
49.4
23.7 42.6 46.4 49.1
.8
2.1
2.2
2.3
— .7 — 3.0 — 3.0 — 1.9
53.0
2.3
19.1
41.0
43.0
1
O
51.6
50.1
50.6
51.3
52.1
56.6 54.1 55.2 56.0 57.2
2.3
2.3
2.3
2.3
2.3
— 3 2 — 19 —2 3 —4 1 —4 4
52.7
58.1
2.3
na
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
.2
.3
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
2.1
.7
47 2
Less: Personal tax and nontax payments
Federal
State and local
2.6
1.3
1.4
7.5
.5
1.0
Equals: Disposable personal income
83.1
79.0
45.7
46.4
93.0 207.7 337.1 349.9 364.4 384.4 402.4 391.4 394.5 400.0 404.4 410.9
Less: Personal consumption expenditures
4.2
-.6
11.1
Equals: Personal saving
Disposable personal income in constant (1954)
dollars
.
.1
.2
.4
.5
1.7
7
1 7
1 6
7
4
5
40 2 104 7 241 9 400.5 414.5 426.1 453 7 478 4 462 2 466 7 474 6 482 0
14.5
2.8
35.7
6.9
47.2
17.6
44.5
20.6
43.8
21.4
47.0
23.9
51.3
27.2
49.3
24.2
48.8
26.5
50.1
27.0
52.2
27.4
1 i
na
n.a.
27.8
2.6 14.3 25.4 27.3 31.3 32.5 34.6 33.6 34.7 34.2 34.4 35.2
7.1
7.7
1.3
4.8
7.8
8.0
8.4
8.2
8.3
8.5
8.4
8.5
4.5
9.2 13.7 14.5 15.3 16.6 17.8 17.1 17.1 17.6 17.6 18.8
2.1
2.3
2.2
.5
.8
2.3
2.3
2.3
2.3
2.3
2.3
2.3
96 3 228.5 383.9 401.3 417 4 442 1 463 0 449 9 453 9 4*9 9 465 2 473 0
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
45.1
7.8
57.7
49.0
8.7
60.5
50.9
9.6
58.5
49.7
8.8
59.4
50.0
9.4
59.9
50.4
9.6
60.8
51.1
9.7
62.1
52.2
9.9
81.9 195.0 313.5 328.2 336.8 355.4 373.1 362.9 367.4 370.4 374.9 379.9
12.6
23.6
21.7
27.6
29.1
29.3
28.5
27.1
29.6
29.5
31.0
134.9 102.1 175.1 231.0 310.7 317.8 328.4 343.6 354.9 348.2 349.5 353.2 356.0 360.7
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.
PERSONAL INCOME
(In billions of dollars)
1961
Item
1962
1962
Dec.
1963
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.^
417.4 442.1 452.1 1454.0 452.9 454.8 457.4 460.1 462.6 464.2 465.1 467.3 471.2 472.6 475.2
Total personal income
278. 297.1 302.9 302.8 304.7 306.1 308.7 311.2 3 2.9 314.1 314.4 316.2 318.7 3 9.2 320.3
Wage and salary disbursements
Commodity-producing industries.. 110.8 118.5 119.6 119.5 120.1 120.9 122.5 123.8 124.7 125.1 124.7 125.5 126.3 126.2 126.9
87.5 94.2 94.9 94.7 95.5 96.3 97.2
98.4 99.0 99.2 98.7 99.6 100.2 100.2 100.9
Manufacturing only
72.9 76.6 78.4 77.9 78.6 78.7 79.2 79.7 79.8 80.1 80.2 80.7 80.9 81.0 81.0
Distributive industries
43.4 46.4 47.7 47.8 48.3 48.5 48.7 49.1 49.4 49.8 50.0 50.2 50.4 50.6 50.8
Service industries
51.8 55.6 57.3 57.6 57.8 58.0 58.3 58.6 58.9 59.2 59.5 59.
Government
61.0 61.3 61.6
Other labor income . . .
11.4
12.1
12.4
12.3
12.5
12.5
12.5
12.6
12.6
12.7
12.7
12.7
12.8
12.8
12.8
Proprietors' income
Business and professional
Farm
48.1
35.3
12.8
49.8
36.5
13.3
50.5
37.0
13.5
50.7
37.1
13.6
50.7
37.2
13.5
50.5
37.2
13.3
50.1
37.3
12.8
50.0
37.4
12.6
50.0
37.6
12.4
50.4
37.7
12.7
50.6
37.9
12.7
50.6
37.9
12.7
50.9
38.2
12.7
50.8
38.2
12.6
50.8
38.3
12.5
Rental income... ,
12.1
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.1
12.1
12.1
12.2
12.2
12.2
Dividends
15.3
16.6
17.7
17.0
17.2
17.2
17.3
17.3
18.2
17.5
17.6
17.8
18.2
18.5
19.8
27.7
30.0
31.3
31.5
31.7
31.8
31.9
32.1
32.3
32.6
32.8
33.0
33.2
33.5
33.8
33.6
34.8
35.7 139.1
35.7
36.2
36.4
36.6
36.4
36.5
36.7
36.8
37.3
37.6
37.5
9.5
10.2
10.3
11.4
11.5
11.5
11.6
11.7
11.8
11.8
11.9
11.9
12.0
12.0
12.1
Personal interest income
,
Transfer payments
Less: Personal contributions
social insurance
Nonagricultural income . . .
Agricultural income
for
400.3 424.5 434.1 1435.9 434.9 437.0 440.5 443.1 445.8 447.0 448.0 450.3 454.1 455.7 458.5
17.1
17.6
18.0
18.1
18.0
1
Includes stepped-up rate of Govt. life insurance payments to veterans
and a special dividend to all W.W. II veterans holding NSLI policies;
disbursements amounted to $3.6 billion.
17.8
17.3
17.1
16.9
17.2
17.1
17.0
17.0
16.9
16.8
NOTE.—Dept. of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.
236
FLOW OF FUNDS/SAVING
FEBRUARY 1964
SAVING, INVESTMENT, AND FINANCIAL FLOWS
(In billions of dollars)
Transaction category,
or sector
1961
1958
1959
1960
1961
III
I.
1962
1963
1962
IV
III
IV
III
Saving and investment
A
B
C
D
E
F
G
Gross national saving
Consumer and nonprofit
Farm and noncorp, business
Corporate nonfin. business
U.S. Government
State and local govt
Financial sectors
94.5 115.6 119.5 116.1 130.2 119.1 125.7 124.2 131.7 131.9 132.8 131.6 139.5 142.2
68.9 74.5 73.4 80.0 86.6 82.7 85.3 85.2 87.1 86.5 87.7 87.0 91.2 91.0
11.9 13.4 12.9 12.5 13.1 12.4 12.4 12.9 13.1 13.2 13.3
13.3 13.5
25.2 35.2 29.7 32.1 36.6 32.3 37.3 36.2 36.7 35.1 38.6
39.5 41.7
-4.5
-7.
-5.9 -3.7
4.3 - 5 . 5 - 4 . 7 - 5 . 3 - 5 . 7 - 7 . 0 - 4 . 4 - 2 . 0 - 5 . 7
-5.2 -3.5 -3.0 -4.7 -3.8 -4.7 -5.2 -4.5 -3.3 -3.4 -4.0 -3.5 -2.6 -3.5
2.3
1.5
1.7
1.6
1.6
1.4
1.5
2.5
2.8
4.0
3.2
2.2
2.6
2.1
H
I
J
Gross national investment
Consumer durable goods
Business inventories
94.3 114.6 117.4 114.5 127.2 117.6 125.2 126.6 128.9 126.0 127.3 129.4 135.1 134.6
37.3 43.6 44.9 43.6 48.2 43.9 46.4 47.3 47.5 47.7 50.5 50.2 51.0 50.8
4.2
-2.0
6.6
4.9
3.4
3.3
3.5
5.9
2.8
4.3
4.3
7.0
7.7
K
L
M
N
Gross pvt. fixed investment
Consumer and nonprofit
Nonfin. business
Financial sectors
0
P
Net financial investment
Discrepancy ( A - H )
A
B
C
Net funds raised—Nonfin. sectors. .
Loans and short-term securities. . .
Long-term securities and mtgs
II.
66.2
22.1
43.4
.7
68.3
21.6
46.0
.6
67.1
20.1
46.4
.7
73.2
21.3
51.3
.7
68.5
19.3
48.5
.7
70.4
21.5
48.2
69.3
21.7
46.8
73.2
19.9
52.6
.7
75.4
21.2
53.5
.7
75.0
22.3
52.1
.6
72.0
20.6
50.6
76.4
19.6
56.2
.6
79.5
21.7
57.2
.6
K
L
M
N
.4 - 1 . 7
2.0
.2
.7
2.2
2.0
1.5
3.0
1.8
1.5
1.4
.6
2.4
-2.4
2.3
2.8
*
5.9
-1.5
5.5
3.0
2.1
3.4
4.4
7.6
O
P
53.2
19.7
33.4
36.2
8.0
28.3
47.2
19.5
27.7
58.1
17.6
40.5
58.3
11.7
46.5
53.8
25.9
28.0
61.8
29.7
32.1
63.0
19.9
43.1
40.1
-1.9
42.0
67.7
22.7
45.0
60.9
3.1
57.8
67.4
27.2
40.2
49.0
.1
48.9
8.7 - 2 . 1
7.5
5.5 - 5 . 1
11.3
3.8
2.5 - 4 . 1
.8
2.0
2.8
.2
1.4
1.9
.7
.7
.8
43.6 36.3 36.9
14.7 11.2
5.9
6.4
4.5
1.7
5.6
2.8
1.9
2.7
3.9
2.4
29.0 25.2 31.0
4.7
3.7
5.0
5.3
5.3
7.3
13.2 10.4 11.7
5.8
5.
6.9
7.6
2.4
4.9
2.3
1.3
1.0
48.2
13.7
5.8
4.5
3.5
34.5
5.7
4.8
15.4
9.4
58.1
1.0
3.5
2.5
9.0
5.6
14.6
16.1
5.7
.9 11.3 17.8
14.2 - 6 . 6 - 2 . 4
3.5 4.3
3.7
3.2
2.7
3.1
.8
.6
1.1
40.1 43.8 41.9
8.6 10.4
8.1
1.6 4.9
4.3
2.1
2.2
4.0
4.9
1.6
1.5
31.6 33.4 33.8
5.9
6.3
6.4
6.4 5.5
6.0
11.9 13.5 13.2
7.3 8.0
8.3
58.6
18.1
39.9
.6
Financial flows—Summary
By sector
D U.S. Government
E
Short-term securities
F
Other securities
G Foreign borrowers
H
Loans
1
Securities
J
Pvt. domestic nonfin. sectors
K
Loans
L
Consumer credit
M
Bank loans n.e.c
N
Other loans
0
Securities and mortgages
P
State and local obligations
Q
Corporate securities
R
1- to 4-family mortgages
S
Other mortgages
42.9
3.5
39.5
8.6
-1.2
9.5
2.3
1.1
1.3
32.0
3.3
.2
1.8
1.3
28.7
5.5
8.0
10.1
5.2
T Net sources of credit (=A)
U
Chg. in U.S. Govt. cash balance.
V
U.S. Govt. lending
W
Foreign funds
X
Pvt. insur. and pension reserves.
V
Sources n.e.c
42.9
.1
1.7
3.1
7.8
5.0
Z
Pvt. domestic nonfin. sectors
AA Deposits and U.S. Govt. secur...
AB
Deposits
AC
Demand dep. and currency.
AD
Time and svgs. accounts
AE
At commercial banks
AF
At savings instit
AG
U.S. Govt. securities
25.3
17.7
20.6
4.9
15.7
7.0
8.7
-2.9
AH
Other securities and mtgs
AI
Less security debt
III.
A
B
C
D
H
I
J
53.2
.7
3.8
3.6
8.8
5.7
36.2
.9
2.4
3.3
8.1
6.3
30.5 15.3
23.8
8.3
11.0 14.0
.5 - 1 . 0
10.5 15.0
2.1
5.4
8.4
9.6
12.9 - 5 . 7
47.2
58.3 53.8 61.8 63.0 40.1
.3
4.8
.2
4.9
3.9 - 6 . 5
4.9
4.5
2.8
4.0
4.5
1.9
2.2
4.0
2.7
2.2
2.8
1.9
8.7 9.4
8.6
9.3
9.0
8.7
4.3
8.4
11.0 4.4
5.1
3.3
28.2 36.5 26.6 31.3 38.4 38.2 25.4
23.5 32.2 21.6 28.3 31.6 33.4 24.9
24.6 29.8 23.4 25.5 27.7 27.7 26.1
2.3
1.6
4.4
4.5
8.3 - 7 . 7
2.9
20.0 28.3 19.0 17.1 35.4 24.8 23.9
13.4 10.6
8.7 15.1 8.0
4.9 22.7
11.4 13.2 11.0 12.2 12.7 11.5 13.3
J O
3.9
-1.1
2.4
2.9
5.7 - 1 . 3
6.0 4.1
5.7
4.8
.2
3.3
6.7
1.3 - . 2
.6
1.8
- . 1 -4.5
2.8
6.8
.2
6.8
-.3
37.5 30.6
11.3 - 7 . 2
22.9 23.2
3.3 14.6
34.6
2.9
20.7
11.1
44.4
8.4
27.4
8.5
51.4
3.9
34.0
13.5
51.7
15.9
27.8
8.0
48.5
1.3
31.4
15.8
52.5
10.6
30.9
11.0
17.4
9.3
9.0
1.8
5.0
10.6
10.1
4.9
9.9
9.3
10.2
5.3
17.5
12.0
10.7
4.2
20.4
14.5
11.5
5.0
22.5
11.9
10.8
6.5
17.3
13.5
11.8
5.9
25.1
13.6
10.7
3.2
37.5
1.5
22.5
5.6
8.0
8.9
3.3
4.4
.5
1.6
.2
-1.3
.6
4.7
30.6
1.5
10.9
1.4
1.1
8.4
3.6
5.2
6.2
1.8
1.1
3.1
*
3.1
34.6
2.2
15.6
.3
5.8
9.5
3.4
4.7
3.4
1.5
1.5
.2
.5
4.9
44.4
1.7
26.8
5.9
9.4
11.5
3.7
4.9
3.3
2.0
.5
.6
.9
3.0
51.4
2.3
32.1
3.5
15.3
13.3
4.1
5.0
5.6
1.9
.8
2.8
.9
1.3
51.7
1.6
29.6
9.4
9.2
11.0
3.9
4.8
5.5
2.1
.1
3.2
-1.2
7.4
48.5
1.6
28.9
10.7
5.5
12.7
3.5
5.9
5.5
2.7
.2
2.0
2.2
1.0
52.5
1.4
35.0
-.4
22.7
12.7
4.1
4.5
4.9
3.2
.3
8.5
.9
11.4 12.1
2.4 -10.4
7.3 12.9
3.3
3.3
1.2
1.5
2.0
1.8
53.0 45.5
17.1 11.7
7.6
6.7
5.8
4.4
3.7
.6
35.9 33.8
4.3
4.0
4.1
5.
16.5 15.5
8.6
10.9
9.1
10.3 -12.4
7.2
-.2
2.0
5.0
1.2
3.5
.8
1.5
53.3 53.9
12.9
14.5
6.7
6.6
3.4
4.0
2.8
3.9
38.9 41.0
6.0
9.3
3.8
1.6
17.2
19.7
11.5
10.7
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
67.7
1.5
3.6
2.7
9.4
6.3
60.9
6.8
1.2
1.7
8.5
9.1
67.4
2.5
1.2
5.3
9.2
6.0
49.0
-9.4
3.6
2.0
10.7
9.6
T
U
V
w
44.1 33.6
39.1 32.7
37.9 30.5
8.9 - 4 . 1
29.0 34.5
17.1
13
15.3 17.4
2.2
1.3
43.1
42.1
30.8
7.3
23.6
9.4
14.2
11.3
32.7
32.3
29.5
4.5
25.0
11.7
13.4
2.8
Z
AA
AB
AC
AD
AE
AF
AG
6.2
1.2
2.5
1.6
48.3 43.0
1.0 - 3 . 9
39.3 32.1
14.8
8.0
61.9
7.8
33.8
20.4
54.3
6.6
36.0
11.8
19.5
13.3
11.7
3.8
27.7
15.4
12.5
6.2
26.0
17.1
11.3
-.1
61.9 54.3
2.8
2.1
43.4 37.1
12.8
1.2
15.0 18.4
15.7 17.4
4.2
4.0
5.2
4.5
4.4
1.6
.8
.8
1.4
.3
2.1
.4
2.7 - 1 . 4
6.4
-.7
3.2
2.2
X
Y
3.5 AH
3.2 AI
Financial institutions
F
G
H
1
Net funds advanced—Total
U.S. Govt. securities
Other securities and mtgs
Loans
By sector
Banking system
Savings institutions
Insurance and pension funds
Finance n.e.c
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
Net sources of funds—Total
Gross saving
Deposit claims
Demand deposits and currency..
Time dep. at compl. banks
Other savings accounts
Life insurance reserves
Pension fund reserves
Credit market instruments
Investment co. shares
Corporate bonds
Loans
Security credit
Other sources, net
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
For other notes see Jan. 1964 BULL., p. 110.
8.4 - 5 . 6
2.0 -12.4
6.6
8.3
2.0
.2
.8
-.5
1.1
.7
52.6 45.5
17.2 12.5
7.0
4.3
6.3
3.5
4.0
4.7
35.4 33.1
5.9
3.6
4.9
4.0
15.5
16.3
9.1
9.2
1.2
1.5
1.2
9.3
15.7
11.3
6.7
48.3 43.0
2.6
2.5
31.3 18.8
6.3 - 4 . 7
13.3 10.2
11.7 13.3
3.6
4.4
4.6
5.7
7.2
6.1
2.2
1.3
1.1
.5
3.9
4.2
-2.0
1.6
5.0
60.4 53.9
-1.9 -7.0
42.9 42.3
19.5 18.7
A
B
C
D
22.9
16.7
11.8
9.0
13.2
18.5
13.6
8.7
F
G
H
I
60.4
4.0
35.4
10.7
10.5
14.2
3.5
5.7
8.3
1.0
2.0
5.2
53.9 r J
3.2 K
22 A *1
M
12.4 N
13.4 O
4.4 P
6.2
9.7
1.8
1.8
6.1
2.5' T
5.4 U
V
W
3.1
.3
S
s
237
FLOW OF FUNDS/SAVING
FEBRUARY 1964
PRINCIPAL FINANCIAL TRANSACTIONS
(In billions of dollars)
1961
Transaction category,
or sector
I.
1958
1959
1961
1962
1963
1962
III
IV
9.4
4.8
4.6
11.1
7.4
4.9
3.8
1.1
-1.6
1.5
-1.3
-2.6
1.0
10.7
I
II
III
IV
I
II
III
Demand deposits and currency
A
B
C
D
E
F
G
Net incr. in banking system liability..
U.S. Govt. deposits
Other
Net increase in assets, by s e c t o r . . . .
U.S. Govt
Other domestic sectors
Consumer and nonprofit
I
J
K
L
M
State and local govt
Financial sectors
Rest of the world
Discrepancy—U.S. Govt. cash
Other
II.
1.4
5.6
.7
.1
5.5
.7
6.2
.4
.1
.7
-.3
6.1
2.5
1.2
2.7 - 2 . 2
.2
.5
.1
.7
-.1
*
*
.9
-.5
.3
.9
-.6
.5
.9
-.6
-.5
'.6
-.1
*
-.1
5.9
5.1
4.9
4.8
1.6
1.3
.6
1.3
-.1
1.0
3.5
1.0
2.5
5.0
1.1
3.8
5.1
-2.1
-\A
10*.5
6.4
-1.3
7.0
-2.9
5.7
2.8
1.4
.7
1.5
2.8
-.4
4.9
-5.3
2.1
5.3
-4.6
3.0
-5.7
-2.8
1.1
1.4
-.4
-2.1
6.3
3.9
2.3
5.2
3.6
2.0
5.5
—4.7
1.4
— .1
-.4
.3
.7
18.2
5.5
-2.4
.8
.5
6.6
35.4
22.7
4.8
2.0
*
15.9
25.0
13.3
23.5
10.2
2.6
.6
12.8
-4.7
1.2
10.7 - 3 . 3
1.5
-6.5
2.5 - 9 . 4
6.8
11.3 - 5 . 6
1.7
8.3
6.1
17.6
-5.1
6.0 10.6
-.9
1.7
—6.3
3 4 — 11 2
6 8
*
2.1 15.7
6 4
9 5
-1.0
13.1
7.3
7.6
10.6
2.1
—
1
9
—7
6
—
6
*
2.7 - 1 . 6
1.1
.5 - 1 . 3
7
2
,4
2.1
g
.7
8
.3
9
-.1
* -.9
-.2
1.8
1.0 - 4 . 3
.5 - 4 . 7 - 4 . 9
A
B
C
D
E
F
G
H
I
j
K
L
M
Time and savings accounts
A
B
C
D
E
F
Net increase—Total
At commercial b a n k s — T o t a l . . . . . .
Corporate business
State and local govt
Foreign depositors
Consumer and nonprofit o r g s . . . .
16.9
8.0
.9
.8
.9
5.3
8.9
H
Memo—Consumer and nonprofit
orgs.—Total
14.0
III.
15.3
5.8
.8
1.4
.3
3.3
20.9
9.4
8.4
9.5
11.3
12.8
-2.6
-5.1
2.5
9.5
1.1
-.4
-.4
-.9
3.0
28.6
15.3
2.6
1.0
.3
11.5
20.2
9.2
11.5
13.3
11.0
12.7
17.8
24.7
17.2
18.8
7.3
11.3
-4.1
7.4
2.4
4.9
15.0
4.7
11.3
-6.6
15.4
17.8
-2.4
8.6 - 4 . 1
2.0 -12.4
6.6
8.3
9.7 11 5
2.4 — 10 4
7.3 21 9
7.6 15.1
5.0 15.2
2.4 - 1 . 8
2.9
3.9
.7
2.6
3.2 - 1 . 9
,1
.3
.9
.7
.4
2.4 —2.0
1.9
.3 - 4 . 0
-.5
1.9
1.4
-.4
.2
3.9
3.9 15.9
1.3
10.6
2.2 12.2
.1
9.6
2.0
2.8
5.4
.3
11.1 -2.7
4.2
g
2
1 0
.4 - . 2
.6
.3
—
.
1
.8
3.5
-.5
1.3
1.1
.8
.7
9.3 —3.9
5.7 - 1 . 3
3.9
.1
.4
.6
3.5
— .5
.4 -2.0
1.4
.7
1.0 - 3 . 9
.7 -6.4
.3
-.2
.4 -6.2
g
5
.3
.5
1.2
.5
2.6
1.2
9.8
1.3
.9
.6
6.5
.8
1.0
1.1
6.2
.6
.1
10.1
.4
— .3
9.6
30.6
15.0
2.3
1.0
1.3
10.5
12.7
11.7
13.3
15.7
17.4
14 2
13 4
G
28.6
21.6
22.9
25.7
27.0
20.9
20.9
H
35.9
18 4
4 6
2.9
1 4
9.6
24.7
10 5
2 4
.3
1 0
6.7
25.7
12 4
3 2
1.0
7
7.5
A
B
C
D
E
F
U.S. Govt. securities
A
B
C
Total net issues
Short-term direct
Other
8.2
-1.2
9.5
9.3
5.5
3.8
E
F
G
Pvt. domestic nonfin. sectors
Consumers and nonprofit
Sv&$ bonds and vostal SVBS dev
8.5
-2.9
-2.5
-.7
— 1.7
I
J
K
Corp. nonfin. business
State and local govt
Financial sectors
8.7
12.9
7.3
—2.0
9.2
3.8
1.8
-7.2
-7.9
M
N
Monetary authorities
Commercial banks
P
Q
R
Insurance and pension funds
Finance n.e.c
Rest of the world
IV.
B
C
D
E
1960
*
-.4
11.3
10.4
2.2
8.2
-8.2
-2.3
7.8
-5.7 -1.1
-.9
-3.3
— .4
.7
-2.8
-1.6
-.4
-2.7
.2
.3
2.9
8.4
2.7
7.4
.7
1.5
2.0
5.9
.9
14.2
.3
.2
.1
.2
*
3.0
— 4
.6
__ <
'.6
.4
14.9
5.5
8.0
.2
1.3
11.8
4.7
5.3
1.1
.7
11.1
3.7
5.3
1.5
13.6
5.0
7.3
.5
.8
1.0
.8
1.1
14.9
3.4
2.1
11.8
2.7
1.3
11.1
2.1
2.2
— .2
.4
13.6
2.0
1.9
11.7
-.8
1.4
13.3
1.2
1.8
13.2
1.3
1.5
2.7
7.7
4.4
7.4
-.4
.2
3.3
8.4
.2
3.3
8.1
-.9
10 1
5 3
10 3 — 12 4
7 2
12 3
11.3
6.4
9
1 2
9
5 2
1 3
2 1
.8
2 8
6 6 —1 9
9.1 - 2 2
9 7
—5 1
2 8
3.0
10
.7
2 0
.7
—18
-.3
1 6
7.8
—7 0
5.1
—8 7
2.5
5.2
1.9
1 3
2.6
3.9 -4.1 -10.0
4
1 0
e
.6 - 1 . 3
.2
.7
1.6 —2.5 — 4
3
.7
.9
3.0
-.9
1.3
.9
.2
2.2
A
B
C
D
E
F
G
H
I
J
K
L
M
N
P
Q
R
Other securities
State and local govt . . .
Nonfinancial corporations
Finance companies
Rest of the world
G
H
Consumers and nonprofit orgs
State and local govt
K
Insurance and pension funds
M
N
O
P
Q
Security brokers and dealers
Investment cos.—Net
Purchases
Net issues
Rest of the world
A
B
C
Total net borrowing
1- to 4-family
Other
D
E
F
G
H
Net acquisitions
Consumer and nonprofit orgs
U.S. Govt
Commercial banks
Savings institutions
. .
.5
V.
2.5
6.5
.7
.4
7.0
-.4
.7
-.4
-.4
.2
— .7
1.1
1.6
1.2
1.8
.4
7.0
-.6
-.1
— .5
1.0
1.5
.3
15.3
10.1
5.2
19.0
13.2
5.8
16.2
10.4
5.8
15.3
2.4
.3
2.1
7.8
2.0
.5
19.0
2.0
2.2
2.5
9.5
2.4
.2
1.2
1.4
.4
.5
.6
.5
-1.1
7.5
5.3
3.7
1.0
.7
.2
1.7
-.8
-.8
-.2
-.6
1.4
2.0
.4
11.7
5.1
4.8
.8
13.3
5.9
6.4
.1
-1.7
.3 - 1 . 0
-.8
— 7
13.2
6.3
5.5
.2
13.3
6.4
6.0
.3
.6
13.0
5.9
4.9
1.1
1.1
13.3
13.0
2.4 - 3 . 4
.9
1.3
— .2
5.0
5.7
6.5
-.3
.1
.9
— .9 - 1 . 3
8.8
3.6
4.0
.5
11.6
4.3
4.1
1.4
8.8
11.6
-.2
1.7
.7
-2.0
1.5
2
3.3
6.8
2
3.5
7.9
— 1.5 - 1 . 3
1.3
-.8
.2 — 1.5 — ..4
4
— .2
2.4
14.4
9.3
1.6
2 0
1 5
12 4
6.0
3.8
18
8
A
B
C
D
E
12.1 14 4 12 4
-2.2 -1.6 -1.8
1.9
2.0
1 4
F
G
H
2
5.8
8.1
-.9
\
j
J
—1
—6
5 7
J
7.9 K
— .9 L
-.3 M
— 6 N
12 O
18
P
* Q
25.5
16.3
9.2
27.4
16.5
10.9
24.1
15.5
27.9
17.2
10.7
31.1
19.7
11 5
A
B
C
24.6
2.0
.3
4.7
13.4
2.4
1.3
25.5
3.5
27.4
4.4
-.1
24.1 27.9
2.9
2.8
-1.3 -2.0
4.6
4.3
3.8
6.1
13.4
3.0
.7
14.2
15.4
15.8
4.5
3.2
3.5
1.5
31 1
3.7
-.5
6.1
16.5
4.0
1.2
D
E
F
G
H
I
J
8.2
6.1
1.7
3.9
.6
*
1.7
4.3
2.9
3.0
-.9
.8
7.6
5.0
4.5
-.3
.9
3.6
4.0
2.1
7.6
3.9
3.0
1.4
.5
.2
.7
6.6
3.2
1.0
1.2
1.0
.6
2.7
A
B
C
D
E
F
G
8.5
1.5
1.1
1.9
-.1
1.4
2.1
.3
1.7
2.7
.4
— .6
2.2
-.1
1.3
.3
18.7
11.7
6.9
24.7
15.4
9.4
19.3
11.9
7.3
21.6
13.5
8.0
21.4
13.2
8.3
24.6
15.5
9.1
16.2
2.4
1.2
.7
8.8
2.8
*
18.7
1.6
.6
1.6
11.0
2.7
.6
24.7
3.3
4.0
13.3
3.0
.4
19.3
2.0
.8
1.8
11.0
2.2
.8
21.6
1.2
1.4
2.2
12.1
3.0
1.1
21.4
3.1
1.2
2.4
12.3
2.2
-.3
2.7
2.7
2.6
-.1
.2
.1
-.3
2.7
1.6
1.6
-.3
.3
.7
.1
6.0
4.0
2.6
.7
.7
.4
1.1
5.0
1.9
.4
1.2
.3
.2
2.7
5.7
3.3
3.1
-.2
.3
1.3
.5
3.9
1.9
1.3
.3
.4
2.1
-.2
1.9
3.2
1.8
12.1
4.0
5.8
3
2 0
.8
-.6
T
6
.8
6.3
8.2
.8
1.0
— 28
1.0
Mortgages
8.6
VI. Bank loans n.e.c.
C
Corporate . . .
E
F
G
Farm
Rest of the world
Financial sectors
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
For other notes see Jan. 1964 BULL., p. 110.
*
.7
-.1
2.1
-.5
.7
2.8
238
FEDERAL RESERVE BANKS, 1963
FEBRUARY 1964
EARNINGS AND EXPENSES OF
Item
Total
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Current Earnings
Discounts and advances.
Acceptances
U.S. Govt. securities....
Foreign currencies
All other
Total current earnings
$8,865,844
1,728,755
1,138,167,465
2,039,600
318,396
$282,807
$546,633
$563,965
$585,180
57,691,810 286,967,895
97,018
549,698
15,032
56,100
61,405,726
118,491
19,227
94,214,163
190,022
21,529
75,645,681
95,995
17,251
62,77'4,757
111,142
33,924
1,151,120,060
58,070,907 291,816,683
61,826,251
94,972,347
76,322,891
63,505,003
$267,047
$2,514,235
1,728,755
Current Expenses
Salaries:
Officers
Employees
Retirement and other benefits.
Fees—Directors and others
Traveling expenses
Postage and expressage
,
Telephone and telegraph
Printing and supplies
Insurance
Taxes on real estate
,
Depreciation (building)
Light, heat, power, and water.
Repairs and alterations
Rent
Furniture and equipment:
Purchases
Rentals
All other
Inter-Bank expenses
Subtotal
F.R. currency
Assessment for expenses of Board of Governors
Total
Less: Reimbursement for certain fiscal agency
and other expenses
Net expenses
7,530,851
99,257,976
17,517,934
571,122
2,144,063
21,333,562
1,735,398
8,376,360
389,900
5,000,399
6,368,389
1,930,003
1,852,828
154,229
416,378
6,382,259
1,090,900
19,685
128,303
1,474,181
95,382
630,695
28,646
620,827
197,775
119,841
38,572
11,426
1,434,884
23,609,561
3,877,325
69,001
364,090
2,711,365
381,854
1,,692,605
58,535
874,918
455,999
256,301
900,630
5,787
516,224
4,903,977
903,164
60,434
92,905
1,068,485
77,537
517,689
14,137
154,236
270,528
95,608
105,411
6,059
602,871
8,215,749
1,474,774
55,762
173,718
1,778,887
124,531
639,204
33,821
393,274
900,317
177,978
169,765
25,172
569,058
6,630,316
1,211,181
43,844
154,789
1,963,545
121.006
666;270
31,979
198,394
523,786
164,655
104,022
11,623
617,992
5,942,427
1,105,009
91,330
177,137
1,921,730
181,334
564,353
36,287
288,967
580,541
138,247
79,342
15,081
3,097,943
9,125,749
3,303,310
286,108
840,616
125,341
53,024
911,515
1,018,106
861,887
-754,358
343,692
523,122
126,717
63,420
146,431
832,752
462,018
102,108
223,606
674,367
138,456
-9,461
142,874
535,817
152,662
64,551
189,690,014
10,062,901
7,572,800
12,559,959
726,102
362,200
38,730,006
1,972,475
2,032,100
9,843,345
535,287
435,000
16,309,131
534,895
704,300
13,421,436
896,477
358,300
12,635,681
927.246
416,600
207,325,716
13,648,261
42,734,580
10,813,632
17,548,326
14,676,213
13,979,526
20,052,359
1,125,501
3,636,001
901,516
1,896,146
1,139,644
1,374,488
187,273,357
12,522,760
39,098,579
9,912,116
15,652,180
13,536,568
12,605,038
963,846,704
45,548,147 252,718,103
51,914,136
79,320,167
62,786,323
50,899,965
Profit and Loss
Current net earnings
Additions to current net earnings :
Profits on sales of U.S. Govt. securities
(net)
All other
Total additions
Deductions from current net earnings
312,355
490,787
15,896
34,153
77,185
112,711
17,908
38,653
26,166
45,949
20,749
36,891
16,693
19,027
803,140
50,049
189,896
56,561
72,115
57,639
35,720
188,309
10,822
10,970
3,165
1,415
1,459
1,686
39,227
Net deductions from ( —) or additions to current net earnings
614,834
178,927
53,396
70,700
56,181
34,034
Net earnings before payments to Treasury.,. .
964,461,538
45,587,374 252,897,030
51,967,532
79,390,867
62,842,503
50,933,999
Dividends paid
Paid Treasury (interest on F.R. notes)
Transferred to surplus.
Surplus, January 1. . ..
28,912,019
879,685,219
1,376,442
7,743,061
41,648,032 232,650,269
1,638,699
48,851,933
2,653,643
73,916,924
1,391,693
56,413,810
1,613.389
44,938,810
55,864,300
933,851,400
2,562,900 12,503,700
44,670,100 250,711,100
1,476,900
53,769,400
2,820,300
86,968,400
5,037,000
44,102,300
4.381,800
51,244,600
Surplus, December 3 1 .
989,715,700
47,233,000 263,214,800
55,246,300
89,788,700
49,139,30 0
55,626,400
FEDERAL RESERVE BANKS, 1963
FEBRUARY 1964
FEDERAL RESERVE BANKS
Chicago
St. Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Item
Current Earnings
$1,679,049
$246,814
$169,804
$821,800
190,404,300
288,100
42,590
45,292,511
69,486
9,447
22,713,451
46,502
14,384
47,457,227
84,916
32,766
$602,554 Discounts and advances
Acceptances
45,650,694 147,949,252 U.S. Govt. securities
116,460
271,770 Foreign currencies
22,853
33,294 All other
192,414,039
45,618,258
22,944,141
48,396,708
46,375,963 148,856,869
$585,957
Total current earnings
Current Expenses
710,054
14,368,199
2,486,793
46,204
259,449
2,923.726
194,707
1,309.821
38,282
933.423
1,371,092
309,456
135,881
63,218
603,502
5,355,725
955,983
28,561
131,056
1,200,047
93,125
480,774
26,626
182,920
321,151
137,098
42,306
2,262
440,904
3,208,546
598,708
30,441
113,884
838,199
61,171
247,588
14,480
348,805
344,037
99,781
40,231
1,361
536,597
5,335,290
1,008,888
37,706
130,850
1,430,909
105,142
488,868
24,701
239,233
225,956
156,364
64,357
3,878
467,956
4,221,255
765,011
38,380
130,739
1,160,438
118,941
341,362
35,175
259,616
692,511
134,139
49,695
1,508
614,431
11,084,672
2,040,198
49,774
287,143
2,862,050
180,668
797,131
47,231
505,786
484,696
140,535
122,616
6,854
290,786
1,650,167
520.233
155,373
103,139
355,926
130,903
39,742
49,147
405,432
131,860
26,016
301,991
601,311
211,780
48,795
97,475
500,262
294,541
64,200
201,179
1,187,871
146,912
146,590
27,766,864
1,712,708
1,069,700
10,190,847
497,019
256,900
7,000,591
77,640
176,300
10,952,617
423,850
322,600
9,373,204
242,538
434,400
30,549,272
10,944,765
7,254,531
11,699,067
10,050,142
3,697,765
1,231,094
611,557
1,550,287
841,691
26,851,507
9,713,671
6,642,974
10,148,781
9,208,451
165,562,532
35,904,587
Salaries:
Officers
Employees
Retirement and other benefits
Fees—Directors and others
Traveling expenses
Postage and expressage
Telephone and telegraph
Printing and supplies
Insurance
Taxes on real estate
Depreciation (building)
Light, heat, power, and water
Repairs and alterations
Rent
Furniture and equipment:
Purchases
Rentals
All other
Inter-Bank expenses
Subtotal
20,906,336
1,516,664 F.R. currency
1,004,400 Assessment for expenses of Board of Gvoernors
23,427,400
Total
Less: Reimbursement for certain fiscal agency
2,046,668
and other expenses
21,380,731
Net expenses
Profit and Loss
16,301,167 138,247,928
37,167,513 127,476,138 Current net earnings
Additions to current net earnings:
Profits on sales of U.S. Govt. securities
(net)
39,629
All other
69,229
51,785
53,889
12,768
17,535
7,257
24,595
14,474
14,066
11,845
24,089
105,674
30,303
31,852
28,540
35,934
113,032
1,996
2,101
642
24,808
16,213 Deductions from current net earnings
-7,358
165,555,174
28,307
29,751
27,898
11,126
Net deductions from (—) or additions to
92,644 current net earnings
35,932,894
16,330,918
38,275,826
37,178,639 127,568,782 Net earnings before payments to Treasury
4,069,450
153,713,724
985,699
32,405,995
673,472
14,332,545
1,251,974
33,396,652
1,668,435
3,846,063 Dividends paid
32,204,404 115,212,119 Paid Treasury (interest on F.R. notes)
7,772,000
132,072,500
2,541,200
31,706,300
1,324,900
21,709,200
3,627,200
39,625,000
3,305,800
8,510,600 Transferred to surplus
53,464,000 123,808,500 Surplus, January 1.
139,844,500
34,247,500
23,034,100
43,252,200
56,769,800 132,319,100 Surplus, December 31
108,857
Total additions
239
240
BANKING OFFICES
FEBRUARY 1964
NUMBER OF BANKING OFFICES IN THE UNITED STATES
Commercial banks
All
banks
Type of office and type of change
l
Member
Total
Mutual savings
bariks
Nonmember
Total
National
State i
1
Noninsured
1,343
852
783
650
444
425
399
366
352
323
308
284
68
52
194
202
223
239
241
268
325
330
331
330
511
496
339
327
304
283
278
249
189
184
180
179
52
67
41
37
37
39
42
47
44
50
50
32
124
165
257
296
305
318
381
427
466
502
Total
Insured
Noninsured
Insured
Banks (head office):
Dec.
Dec
Dec
Dec.
Dec
Dec.
Dec
Dec
Dec.
Dec
Dec.
Dec.
31, 1934
31 1941 .
31 1947 2
31, 1951
31 1956
31 1957
31 1958
31 1959
31, 1960
31 1961
31 1962
31 1963
16,063
14,826
14,714
14,618
14,167
14,090
14,020
13,991
13,986
13,946
13,938
14,078
15,484
14,278
14,181
14,089
13,640
13,568
13,501
13,474
13,472
13,432
13,427
13,569
6,442
6,619
6,923
6,840
6,462
6,393
6,312
6,233
6,174
6,113
6,047
6,108
5,462
5,117
5,005
4,939
4,651
4,620
4,578
4,542
4,530
4,513
4,503
4,615
1,502
J .918
1,901
1,811
1,773
1,734
1,691
1,644
1,600
1,544
1.493
9,042
7,662
7,261
7,252
7,181
7,178
7,192
7,244
7,300
7,320
7,380
7,461
7,699
6,810
6,478
6,602
6,737
6,753
6,793
6,878
6,948
6,997
7,072
7,177
3,133
3,699
4,332
5,383
7,955
8,609
9,286
10,099
10,969
11,896
12,932
14,122
3,007
3,564
4,161
5,153
7,589
8,204
8,861
9,652
10,483
11,353
12,345
13,498
2,224
2,580
3,051
3,837
5,886
6,378
6,924
7,492
8,133
8,899
9,649
10,613
1,243
1,565
1,870
2,370
3,809
4,178
4,534
4,973
5,509
6,044
6,640
7,420
981
1,015
1,181
1,467
2,077
2,200
2,390
2,519
2,624
2,855
3,009
3,193
783
984
1,110
1,316
1,703
1,826
1,937
2,160
2,350
2,454
2,696
2,885
7 J3
932
1,043
1,275
1,666
1,789
1,898
2,118
2,303
2,410
2,646
2,835
298
-2
298
-2
165
162
3
133
-2
-140
-13
-2
-1
-139
-12
-81
-9
-1
-55
-7
-1
-26
-2
980
Branches, additional offices, and facilities:
Dec.
Dec
Dec
Dec.
Dec
Dec.
Dec.
Dec
Dec.
Dec
Dec
Dec.
31
31
31
31
31
31
31
31
31
31
31
31
1934
1941
1947 2
.
1951
1956
1957
1958
1959 . .
.
1960
1961
1962
1963
..
1 26
103
47
65
109
109
120
129
105
116
121
122
Changes Jan.-Dec. 31,1963
Banks:
New banks 3
Suspensions
..
..
Consolidations and absorptions:
Banks converted into branches
Other
Voluntary liquidations 4 .
Other change 5
Interclass changes:
Nonmember to national
Nonmember to State member .
State member to national.
State member to nonmember
.
National to nonmember
Noninsured to insured
Net change . . . .
Number of banks Dec. 31 1963
Branches and additional offices:
De novo
....
Banks converted
Discontinued 6
Interclass changes:
Nonmember to national
Nonmember to State member
State member to national
State member to nonmember
National to State member
National to nonmember
Noninsured to insured
Net change
Number of branches and additional
offices Dec 31 1963
Banking facilities: 7
Established 6
Discontinued
Interclass changes:
Nonmember to national
National to nonmember
Net change
Number of facilities, Dec. 31, 1963
....
-1
18
4
. . . .
8
—22
-13
-13
4
-8
-22
18
-58
-3
—1
-1
-56
-3
-2
-18
-4
-18
-3
-1
22
13
-37
-24
284
142
13,569
61
6,108
112
4,615
-51
1,493
81
7,461
1,103
140
-54
1,065
139
-52
850
117
-40
654
87
-27
196
30
-13
215
22
-12
214
22
-12
50
15
50
-50
-15
-50
-15
—7
-19
15
-37
-7
1
7
7
19
1,189
1,152
966
781
185
186
19
1
186
13,844
13,220
10,370
7,204
3,166
2,850
2,800
8
5
-7
4
1
-2
3
3
-1
1
3
35
2
1
3
35
8
-7
1
278
*i
\
278
1
-1
_2
243
-19
-5
j
216
27
-i
-1
140
14,078
37
—1
1
22
13
37
105
7,177
1
State member bank and insured mutual savings bank figures both
included, 1941 to 1962 inclusive, mutual savings banks, but these figures
were not included in commercial bank totals. State member bank
figures also include 1 or 2 noninsured trust cos., 1954 to date.
2 Series revised as of June 30, 1947. The revision resulted in a net
addition of 115 banks and 9 branches.
3 Exclusive of new banks organized to succeed operating banks.
4
Exclusive of liquidations incident to succession, conversion, and
18
115
-2
-1
330
-1
179
36
2
1
_2
i
50
36
1
502
122
absorption of banks.
5 Ceased banking operations.
6
Includes 1 insured nonmember branch reclassified as a facility.
7 Provided at military and other Govt. establishments through arrangements made by the Treasury Dept.
NOTE.—Beginning with 1959, figures include all banks in Alaska and
Hawaii, but nonmember banks in territories and possessions are excluded.
FEDERAL RESERVE PAR LIST
FEBRUARY 1964
241
NUMBER OF PAR AND NONPAR BANKING OFFICES
Par
Nonpar
(nonmember)
Total
F.R. District,
State, or other area
Member
Total
Nonmember
Banks
Branches
and offices
Banks
Branches
and offices
Branches
and offices
13,341
13,487
12,459
13,617
11,724
11,893
12,127
13,297
6,045
6,107
9,667
10,631
388
530
578
867
859
1,456
2,509
1,486
1,331
1,843
1,234
406
943
2,361
891
1,246
1,732
743
1,394
475
170
174
203
3,285
388
530
578
867
752
923
2,509
1,217
724
1,841
1,160
404
943
2,361
891
1,246
1,633
668
1,394
393
118
174
191
3,285
251
426
443
513
413
467
1,010
475
485
796
656
172
242
12
12
242
149
196
61
20
14
379
129
51
223
77
2,122
7
258
60
76
16
164
10
12
142
149
196
61
20
14
340
123
51
223
54
2,122
7
423
7
27
1,006
436
673
593
348
199
43
160
111
111
4
399
212
45
198
220
158
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
118
161
367
706
194
633
124
424
7
75
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
Branches
and offices
Banks
5,679
5,786
2,460
2,666
1,617
1,594
332
320
744
2,084
693
1,064
1,094
548
892
264
67
123
123
2,935
137
104
135
354
339
456
1,499
742
239
1,045
504
232
199
277
198
182
539
120
502
129
51
51
68
350
107
533
99
75
269
607
2
74
2
82
52
111
43
176
48
1,968
6
203
32
68
12
67
5
8
61
79
74
31
13
3
169
12
8
47
6
154
1
55
28
78
2
6
100
'23*
258
60
76
15
97
5
4
81
70
122
30
7
11
171
152
7
27
1,006
436
673
593
348
95
43
149
111
111
4
399
212
45
198
185
158
70
2
16
523
224
165
209
97
55
28
132
40
103
4
272
38
32
135
145
113
82
5
11
483
212
508
384
251
40
15
17
71
337
476
728
8
177
48
3
26
52
4
118
161
367
302
60
582
124
424
7
75
337
476
728
7
97
48
3
26
52
4
53
111
216
215
36
171
91
135
5
53
210
391
596
6
61
27
3
19
45
3
65
50
151
87
24
411
33
289
2
22
127
85
132
1
36
21
232
61
358
151
159
552
400
50
616
10
572
79
1,699
672
38
815
34
234
1,047
106
232
61
358
94
60
552
397
50
616
10
572
79
1,699
580
14
815
34
234
1,047
106
196
38
299
35
41
350
236
14
462
5
513
47
1,616
328
6
706
29
201
850
75
36
23
59
59
19
202
161
36
154
5
59
32
2 83
252
8
109
5
33
197
31
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
138
173
293
1,097
52
48
280
93
182
575
217
71
272
45
95
43
430
344
210
44
259
45
95
43
430
344
31
58
82
597
23
28
184
34
109
163
152
36
188
24
77
22
336
327
57
11
141
472
29
20
96
59
73
412
58
8
71
21
18
21
94
17
165
69
223
1,069
52
48
280
93
182
575
131
Wyoming
Puerto Rico 1
Virgin Islands ]
63
11
2
1
136
6
63
11
2
48
.....
1
15
6
15
11
121
Total, including Puerto Rico
and Virgin Islands: 1
Dec. 31, 1962
Dec. 31, 1963
F.R. District, Dec. 31,1963:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
State or area, Dec. 31, 1963:
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana.
Iowa
Kansas
Kentucky
Louisiana
Maine
165
1
136
6
1
Puerto Rico and the Virgin Islands assigned to the N.Y. District for
purposes of Regulation J, "Check Clearing and Collection." Member
branches in Puerto Rico and all except 2 in the Virgin Islands are branches
of N.Y.C. banks. Certain branches of Canadian banks (2 in Puerto
Rico and 1 in Virgin Islands) are included above as nonmember banks;
and nonmember branches in Puerto Rico include 6 other branches of
Canadian banks.
2 Includes 4 N.Y.C. branches of 2 insured nonmember Puerto Rican
banks.
Banks
34
Banks
127
174
13
63
40
45
Branches
and offices
12
39
1
271
11
104
35
404
134
51
1
80
57
99
92
24
50
104
70
28
7
27
13
7
7
1
NOTE.—Includes all commercial banking offices in the United States,
Puerto Rico, and the Virgin Islands on which checks are drawn, including
278 banking facilities. Number of banks and branches differs from that
in the preceding table because this table includes banks in Puerto Rico
and the Virgin Islands but excludes banks and trust cos. on which no
checks are drawn.
242
WEEKLY REPORTING MEMBER BANKS, 1963
FEBRUARY 1964
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
(In millions of dollars)
Loans
For purchasing
or carrying securities
Wednesday
Total
loans
and
investments 1
Loans
and
Cominvestmerments
Loans
cial
adadand
justed
2
justed 2
industrial
Agricultural
To brokers
and dealers
To financial institutions
To others
U.S.
U.S.
Other
Govt. Other Govt.
sesesecuricuricuricurities
ties
ties
ties
Bank
Foreign
Nonbank
Real
estate
All
other
DoPers.
mesand
tic
sales
com- finan. Other
mer- COS.,
cial
etc.
Valuation
reserves
113
109
112
98
95
1,413
1,383
1,381
1,378
1,387
669
651
645
645
651
2,127 4,563 2,834
1,739 3,881 2,792
1,926 3,660 2,785
1,242 3,495 2,788
1,893 3,694 2,740
15,519
15,520
15,565
15,585
15,626
18,454
18,351
18,275
18,262
18,290
,901
,902
,913
,915
.916
2,507
2,579
2,554
2,607
99
95
92
91
1,400
1,381
1,384
1,385
630
633
615
647
1,792
2,175
1,669
2,190
3,706
3,751
3,729
3,807
2.735
2,726
2,715
2,704
15,641
15,688
15,748
15,768
18.230
18^35
18.232
18,269
,920
,923
,923
,927
34,639
34,746
35,289
35,208
,510 1,566 2,584
,502 1,558 2,532
,504
902 2,637
,510
759 2,617
102
104
99
100
1,404
1,405
1,425
1,423
663
644
639
637
1,700
2,013
2,055
2,001
3,700
3,762
4,117
4,050
2,685
2,704
2,724
2,740
15,784
15,827
15,872
15,921
18,286
18,290
18,312
18,372
,932
,932
,929
,931
r
35,236
'35,234
'35,218
r
34,996
,512
,527
,538
,548
2,632
2,637
2,655
2,630
92
92
103
99
1,432
1,435
1,443
1,452
674
694
680
681
,914
.654
,796
,458
'3,964
'3,850
'3,809
'3,711
2,693
2,704
2,734
2,760
15,944
16,026
16,093
16,185
18,367
18,431
18,559
18,528
,937
,935
,932
,935
82,961
82,285
82,963
82,755
82,280
'35,297
'35,192
r
35,393
'35,227
'35,028
,540 1,036 3,064
,538
840 2,836
,548
747 3,063
,555
634 3,160
,560
294 3,070
85
77
77
75
75
1,459
1,469
1,475
1,488
1,492
684 2,125 '3,983 2,762
679
,714 '3,819 2,769
694
,613 '3,918 2,796
707
.429 '3,770 2,800
702
J 2 2 '3,754 2,869
16,237
16,310
16,421
16,502
16,537
18,751
18,694
18,765
18,769
18,833
.937
,938
,934
,932
,934
129,645
129,961
131,935
133,116
82,388
82,686
84,167
84,693
34,922
34,994
35,449
35,559
1,548
1,549
1,550
1,533
323
376
594
645
3,080
3,111
3,309
3,423
77
76
104
1,489
,494
,498
,522
707
714
761
728
16,566
16,645
16,703
16,771
18,904
18,928
18,960
19,055
,938
,938
,938
,939
133,668
133,954
133,801
132,241
133,926
132,302
132,012
131,924
130,874
131,985
84,311
83,945
83,840
83,253
84,384
35,391
35,291
35,261
34,947
35,014
1,539
1,480
1,394
1,408
1,414
408
483
513
268
509
3,351
3,156
3,088
2,996
3,122
79
76
76
76
81
,521
,522
,524
,620
,616
742
,366
750
,942
762
,877
749
,367
770 1,941
4,219 3,087 16,829 19,096
4,081
16,872 19,069
16,908 19,095
3,996
16,978 19,110
3,840
4,349 3,275 17,030 19,158
,951
,951
,953
,951
,954
132,976
133,375
132,906
133,128
131,347
131,255
131,440
131,126
84,191
84,467
84,632
84,502
35,159
35,198
35,264
35,204
1,390
1,395
1,408
1,420
358
364
367
291
3,124
3,104
3,063
3,040
85
87
86
87
,604
,617
,622
,626
770
774
777
764
1,629
2,120
1,466
2,002
4,159
4,206
4,241
4,126
3,243
3,293
3,302
3,321
17,083
17,153
17,203
17,269
19,169
19,232
19,255
19,310
1,953
1,956
1,956
1,956
18
25
134,576
134,672
136,664
135,816
132,365
132,599
134,548
134,264
85,228
85,613
87,345
87,063
35,348
35,498
35,864
35,944
1,414
678 3,146
1,419
969 3,087
1,444 1,420 3,333
1,465 1,246 3,284
87
83
84
86
,629
,630
,656
,655
775
792
785
801
2,211
2,073
2,116
1,552
4,171
4,065
4,512
4,243
3,303
3,315
3,380
3,448
17,223
17,290
17,359
17,409
19,412
19,424
19,468
19,443
1,958
1,959
1,960
1,961
2
9
16
23
30
136,864
135,528
135,695
135,398
135,894
134,984
133,423
134,115
133,183
133,754
87,366
86,193
86,827
86,188
86,598
36,145
36,121
36,282
36,310
36,296
1,477 1,152 3,319
497 3,176
1,499
745 3,244
1,521
368 3,083
1,540
1,554
452 3,183
85
85
83
89
87
,673
,666
,680
,681
,685
803
827
833
823
838
1,880
2,105
1,580
2,215
2,140
4,262
3,895
3,820
3,664
3,759
3,469
3,465
3,489
3,474
3,484
17,455
17,485
17,570
17,612
17,651
19,487
19,438
19,521
19,501
19,565
1,961
1,961
1,961
1,957
1,956
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 1,550
37,108 1,575
37,198
,587
37,254
,585
483
513
441
436
3,248
3,351
3,484
3,614
85
87
90
90
,701
,707
,718
,712
836
834
847
880
2,455
2,259
2,177
2,510
3,559 17,674 19,689
3,538 17,757 19,702
17,811 19,774
17,846 19,899
1,963
1,968
1,963
1,964
Dec.
138,061
139,016
141,090
141,172
142,098
135,697
136,749
138,912
138,931
141,305
88,513
89,059
90,932
91,035
92,901
37,326
37,476
37,999
37,858
38,793
301
533
726
494
532
3,517
3,527
3,812
3,908
4,222
87
,725
82
,730
103 1,733
101 1,738
140 1,727
902
941
958
978
995
2,364
2,267
2,178
2,241
793
3,546
3,557
3,557
3,567
3,694
1,962
1,962
1,945
1,942
2,004
1963—Jan.
2
9
16
23
30
133,221
130,380
130,938
128,724
129,284
131,094
128,641
129,012
127,482
127,391
82,947
80,842
80,801
79,536
79,457
35,351
34,937
34,612
34,291
34,295
,562 1,569 2,801
,552 1,087 2,481
,544 1,453 2,682
,540
837 2,532
,527
537 2,531
Feb.
6
13
20
27
129,454
129,584
129,407
130,534
127,662
127,409
127,738
128,344
79,690
79,784
79,890
80,672
34,388
34,389
34,534
34,564
,521
753
,524
706
,521
689
,508 1,249
Mar. 6
13
20
27
129,858
130,504
131,161
131,557
128,158
128,491
129,106
129,556
80,991
81,142
81,591
81,406
Apr.
3
10
17
24
130,729
130,209
131,583
130,612
128,815
128,555
129,787
129,154
81,130
81,230
81,522
81,219
May
1
8
15
22
29
133,015
131,491
132,329
131,969
131,565
130,890
129,777
130,716
130,540
129,843
June
5
12
19
26
131,641
131,882
133,219
134,553
3
10
17
24
31
Aug. 7
14
21
28
July
Sept
-,?:::::
Oct.
4
11
18
25
31 9...
For notes see p. 244.
,594
,607
,618
,634
,569
521
535
622
564
,996
,921
,284
,437
3,840
3,805
4,192
4,218
3,711
3,744
4,342
4,578
4,901
2,866
2,931
3,013
3,074
17,855
17,879
17,915
17,921
17,880
19,911
19,945
20,114
20,200
20,452
FEBRUARY 1964
243
WEEKLY REPORTING MEMBER BANKS, 1963
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Investments
Cash assets
3
Total
assets—
L J.S. Government securities
Wednes day
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
1 O lai
liat iliti ;s
an d
cap itiiai
at
acco unts
1963—Jan.
2....
9....
16....
23....
30....
32 ,369
31 ,961
32 ,409
32 ,116
31 ,986
5 ,487
5 ,164
5 ,651
5 ,353
5 ,205
2 ,368
2 ,363
2 ,360
2 ,348
2 ,358
3 ,996
3 ,988
3 ,929
3 ,961
3 ,958
14 ,330
14 ,286
14 ,299
14 ,297
14 ,277
6 ,188
6 ,160
6 ,170
6 ,157
6 ,188
15 ,778
15 ,838
15 ,802
15 ,830
15 ,948
18
17
17
17
17
596
386
467
459
078
3 ,761
3 ,006
3 ,137
2 ,898
2 ,853
181
163
184
173
168
1,816
1,761
1,665
1,687
1,659
12,838
12,456
12,481
12,701
12,398
4,972
4,831
4,831
4,817
4,925
173 ,985
166 ,627
168 ,749
163 ,546
163 ,742
Feb.
6....
13....
20....
27....
32 ,050
31 ,735
31 ,716
31 ,446
5 ,231
5 ,005
5 ,029
4 ,829
2 ,370
2 ,338
2 ,455
2 ,525
4 ,067
4 ,068
3 ,485
3 ,629
14 202
14 ,215
13 ,789
13 ,401
6 ,180
6 ,109
6 ,958
7 ,062
15 ,922
15 ,890
16 ,132
16 ,226
17
17
17
17
331
112
509
228
2 ,908
3 ,068
2 ,933
2 ,971
161
182
199
207
1,522
1,666
1,636
1,665
12,740
12,196
12,741
12,385
5,000
5,056
4,804
4,904
164 ,080
166 ,476
164 ,421
166 ,242
Mar
6....
13....
20....
27....
30 ,940
30 ,722
30 ,912
31 ,399
4 ,464
4 ,256
4 ,508
4 ,988
2 ,576
2 ,586
1 ,771
1 ,753
3 ,599
3 ,622
2 ,578
2 ,593
13
13
14
14
296
282
340
343
7
6
7
7
005
976
715
722
16 ,227
16 ,627
16 ,603
16 ,751
17
17
17
17
159
387
342
129
3 ,062
3 ,205
3 ,152
2 ,940
198
197
171
174
1,503
1,629
1,615
1,663
12,396
12,356
12,404
12,352
4,958
4,880
4.845
4^12
165 ,005
166 ,615
166 ,773
165 ,680
Apr.
3....
10....
17....
24....
30 ,857
30 ,348
30 ,946
30 ,597
4 ,724
4 ,200
4 ,773
4 ,409
1 ,750
1 ,794
1 ,808
1 ,807
2 ,507
2 ,495
2 ,489
2 ,456
14
14
14
14
222
230
226
216
7
7
7
7
654
629
650
709
16 ,828
16 ,977
17 ,319
17 ,338
17 207
16 895
17 281
17, 473
3 ,103
2 ,952
3 ,209
2 ,906
190
171
193
184
1,533
1,618
1,691
1,679
12,381
12,154
12,188
12,704
4,919
4,886
5,028
5,058
165 ,988
164 ,902
168 ,269
165 ,423
May
1....
8....
15....
22....
29....
30 ,689
30 ,277
30 ,481
30 ,225
29 ,966
4 ,537
4 ,156
4 ,342
4 ,220
4 ,145
1 ,841
1 ,857
1 ,754
1 ,779
1 ,774
2 ,441
2 ,444
2 ,381
2 ,378
2 ,390
14
14
14
14
14
168
203
618
602
530
7
7
7
7
7
702
617
386
246
127
17 ,240
17 ,215
17 ,272
17 ,560
17 ,597
18 028
17, 341
17 716
17, 606
16, 910
3 ,361
2 ,943
3 ,256
2 ,977
2 ,931
194
200
199
207
210
1,554
1,567
1,628
1,648
1,618
12,919
12,631
12,633
12,774
12,151
5,126
5,076
5,020
4,952
5,074
171 ,271
166 ,664
171 ,255
167 ,600
167 292
June 5 . . . .
12....
19....
26....
29 ,660
29 ,566
29 ,791
30 ,377
3 ,929
3 ,876
4 ,068
4 ,223
1 ,773
1 ,769
1 ,761
1 ,757
2 ,413
2 ,437
2 ,472
2 ,462
14
14
14
14
491 7 054
512 6 972
494 6 996
411
524
17 ,597
17 ,709
17 ,977
18 ,046
17, 350
17, 670
18, 194
17, 702
3 ,002
3 ,157
3 ,167
3 ,048
208
231
219
214
1,525
1,701
1,670
1,746
12,615
12,581
13,138
12,694
5,150
5,067
5,032
5,091
167
169
170
170
715
401
641
720
July
3....
10....
17....
24....
31....
29 ,789
29 ,914
29 ,736
29 ,214
29 ,099
3 ,767
4 ,027
4 ,020
3 ,637
3 ,372
1 ,769
1 ,749
1 ,746
1 ,712
1 ,833
2 ,489
2 ,508
2 ,488
2 ,502
2 ,546
14
14
14
14
14
402
363
290
235
257
7
7
7
7
7
362
267
192
128
091
18 ,202
18 ,153
18 ,348
18 ,407
18 ,502
18, 093
17, 010
17, 473
17, 001
17, 833
3 ,133
3 ,006
3 ,133
3 ,234
3 ,063
217
237
211
216
209
1,475
1,715
1,668
1,716
1,634
13,268
12,052
12,461
11,835
12,927
5,057
5,097
5,186
5,239
5,330
172
169
171
167
170
188
866
393
071
832
Aug.
7
14....
21....
28....
28 ,346
28 ,118
27 ,957
27 ,683
2 ,732
2 ,569
2 ,635
2 ,464
1 ,836
1 ,846
1 ,481
1 ,495
2 ,638
2 ,655
3 ,480
3 ,509
14
14
14
14
245
207
533
484
6
6
5
5
895
841
828
731
18 ,810
18 ,670
18 ,851
18 ,941
17, 618
16, 911
17, 446
16, 916
2 ,874
3 ,040
2 ,926
2 ,874
205
214
207
217
1,595
1,691
1,689
1,759
12,944
11,966
12,624
12,066
5,371
5,327
5,059
5,115
168
170
168
167
134
112
556
174
Sept. 4
11....
18....
25....
28 ,066
27 ,863
28 ,019
28 ,066
2 ,833
2 ,888
3 ,281
3 ,435
1 ,479
1 ,439
1 ,097
963
3 ,517
3 ,409
2 ,950
2 ,881
14
14
13
13
517
418
447
466
5
5
7
7
720
709
244
321
19 ,071
19 ,123
19 ,184
19 ,135
17, 441
17, 426
17, 552
17, 601
3 ,225
3 ,286
3 ,172
3 ,063
207
210
218
206
1,632
1,770
1,732
1,765
12,377
12,160
12,430
12,567
5,146
5,191
5,124
5,155
171
171
174
172
113
807
751
306
Oct.
2....
9
16....
23....
30....
28 ,367
28 ,086
28 ,035
27 ,794
27 ,990
4 ,005
3 ,821
3 ,843
3 ,701
3 ,904
962
957
942
942
936
2 ,768
2 ,763
2 ,768
2 ,768
2 ,853
13 325
13 313
13, 260
13, 225
13, 219
7 307
7 232
7 222
7, 158
7, 078
19 ,251
19 ,144
19 ,253
19 ,201
19 ,166
17, 897
17, 276
17, 547
17, 089
17, 517
3 ,190
2 ,948
3 ,153
2 ,864
2 ,850
231
239
231
250
258
1,660
1,688
1,699
1,754
1,814
12.816
12,401
12,464
12,221
12,595
5,207
5,220
5,242
5,146
5,237
174
171
174
170
171
821
315
589
787
958
Nov. 6 . . . .
13....
20....
27....
28 ,242
27 ,930
28 ,180
27 926
4 ,261
4 ,089
3 ,953
3 758
932
913
832
840
2 ,878
2 ,871
2 ,881
2 ,867
13, 183
13, 165
14, 014
14, 036
6, 988
6, 892
6, 500
6, 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
1,772
1,753
12,601
11,977
12,577
12,307
5,234
5,336
5,282
5,347
174
174
174
176
965
746
897
233
Dec.
28
28
28
28
29
4
4
4
4
5
842
845
844
849
864
2 ,899
2 ,885
2 ,866
2 ,869
2 ,889
14, 028
14, 066
14, 335
14, 298
14, 260
6, 361
6, 312
6, 035
5, 979
5, 978
18 ,791
19 ,205
19 403
19 320
19 386
17, 735
17, 416
18, 536
18, 337
18, 743
3 ,130
3 ,035
3 ,151
3 ,187
3 ,671
284
274
296
310
274
1,773
2,008
1,993
1,915
1,995
12,548
12,099
13,096
12,925
12,803
5,277
5,242
5,239
5,315
5,538
176
176
179
179
184
079
534
917
662
994
4....
11....
18....
25....
31 9..
393
485
577
576
018
For notes see the following page.
263
377
497
581
027
244
WEEKLY REPORTING MEMBER BANKS, 1963
FEBRUARY 1964
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Borrowings
Deposits
Time
Demand
Wednesday
Total
unadjusted4
Demand
deposits
adTotal 6 I P C
justed 5
State
and
local
govt.
Foreign 7
Domestic
U.S.
com- Totals
Govt. mercial
banks
Other time
Savings
From ! From
F.R.
Banks others
IPC
State
and
local
govt.
Foreign 7
Other Capital
liabilities
5,125 1,849
4,749 1,704
4,939 1,761
4,866 1,765
5,054 1,716
4,749
2,916
2,682
2,566
2,760
14,321
12,944
12,518
11,438
11,010
50,386
50,603
50,873
51,135
51,302
34,920
34,993
35,042
35,106
35,143
9,221
9,265
9,384
9,463
9,542
3,410
3,475
3,537
3,595
3,622
2,483
2,514
2,545
2,611
2,635
75
54
76
595
107
2,566
2,453
2,607
1,799
2,398
5,219
5,208
5,417
5,445
5,558
13,630
13,632
13,616
13,621
13,657
90, 586 65 ,492
92,448 67,344
90,32r,8 ",776
64
9 1 ,562
" 65,834
5,070
4,935
5,132
5,329
,659
,629
,641
,648
3,326
3,354
4,532
4,254
11,830
11,777
11,137
11,078
51,540
51,663
51,909
52,150
35,267
35,328
35,384
35,426
9,623
9,676
9,807
9,928
3,649
3,628
3,661
3,668
2,644
2,677
2,704
2,771
190
145
362
65
2,432
2,763
2,356
2,885
5,627
5,763
5,776
5,859
13,705
13,694
13,690
13,721
61,701
63,232
61,936
62,312
90,082 64,477
91,181 67,074
'",207
9 1 ,336
, " ' 65
90,,259 64 ,608
5,238
4,737
4,779
4,916
,639
,633
,753
,712
3,363
2,523
4,275
5,034
11,988
11,582
11,700
10,831
52,562
52,938
52,971
53,187
35,562
35,657
35,751
35,874
10,159
10,363
10,328
10,372
3,704
3,783
3,797
3,824
2,773
2,759
2,712
2,744
130
29
96
165
2,597
2,898
3,020
2,770
5,886
5,830
5,637
5,562
13,748
13,739
13,713
13,737
144,118
142,962
146,256
142,722
61,811
63,139
64,393
63,529
90,700 65 ,005
89,439 65,970
92,831 68,586
89,072 65 ,806
4,772
4,652
5,056
5,050
1,676 3,684
1,674 1,843
1,676 1,991
1,758 2,389
12,072
11,545
12,070
10,874
53,418
53,523
53,425
53,650
35,956
35,929
35,785
35,801
10,447
10,529
10,470
10,601
3,839
3,856
3,961
4,006
2,790
2,814
2,812
2,843
48
269
33
798
2,563
2,409
2,559
2,359
5,462 13,797
442 13,820
5,442
5,636 13,785
5,759 13,785
1.
8..
15..
22..
29..
148,923
144,163
148,507
144,892
144,714
63,699
61,888
61,006
61,245
61,143
95,172 67,004 5,993 1,691 4,957 11,414
90,137 63 ,914 5,376 1,773 4,191 11,302
,197 5,364 1,748 5,204 11,866
94,:
90,477 63 ,760 5,367 1,672 5,481 10,678
90,176 64,260 5,399 1,635 4,537 10,753
53,751
54,026
54,241
54,415
54,538
35,822 10,679
35,909 10,854
35,952 11,036
36,014 11,133
36,048 11,175
4,019
4,052
4,027
4,039
4,076
2,834
2,818
2,834
2,847
2,857
75
332
565
732
79
2,671
2,551
2,481
2,293
2,662
5,737 13,865
5,738 13,880
5,833 13,869
5,817 13,866
5,926 13,911
June
5.
12.
19.
26.
144,910
146,706
148,061
148,336
61,452
62,785
62,191
62,010
90,353 64,401
92,014 67 ,442
93,460 66 ,389
93,480 65 ,147
5,280 1,640 3,870 11,457 54,557
4,834 1,637 2,825 11,622 54,692
4,684 1,726 5,587 11,486 54,601
4,905 1,693 7,144 10,952 54,856
36,126
36,181
36,220
36,355
11,160
11,275
11,206
11,269
4,035
4,001
3,928
3,966
2,857
2,859
2,871
2,894
133
170
716
568
2,852
2,694
2,079
2,250
5, 896
5,917
5,891
5,623
July
3.
10.
17.
24.
31.
150,108
147,623
148,985
145,836
148,399
60,954
61,692
62,526
62,883
63,281
95,198 65 ,724
,501
92,:
93,868 67,401
90,500 65 ,474
92,818 66,795
4,992
4,705
4,716
4,731
4,968
1,720 6,879 11,995 54,910
1,665 5,154 11,886 55,086
1,692 4,648 11,761 55,117
1,884 3,790 11,237 55,336
1,788 4,920 10,874 55,581
36,518
36,621
36,660
36,700
36,741
11,234
11,314
11,358
11,549
11,691
3,883
3,866
3,800
3,816
3,837
2,900
2,912
2,918
2,897
2,934
537
82
241
21
260
2,147
2,717
2,592
1,551
2,434
5,439 13,957
5,487 13,957
5,643 13,932
5,732 13,931
5,734 14,005
Aug.
7.
14.
21.
28.
144,801
146,991
145,799
144,338
61,833 89,076 64,342 4,919
61,249 91,064 66 ,047 4,66f
60,828 89,657 64,302 4,611
012 64,024 4,715
61,528
1,644 3,579 11,495
1,685 3,788 11,528
1,716 4,558 11,126
1,682 3,759 10,710
36,821 11,756
36,850 11,876
36,887 12,064
36,896 12,181
3,803
3,831
3,837
3,894
2,969
2,992
2,980
2,984
924
90
531
258
2,540
3,096
2,39.^
2,678
5,844
5,920
5,817
5,859
Sep.^4.
18.
25.
148,065
148,386
151,309
149,433
61,547
62,717
63,190
61,609
91,673h65 ,551
91,780 67 ,586
94,994 68 ,697
92,967 65,640
4,899
4,478
4,405
4,427
1,690 4,047 12,129 56,392 36,949
1,660 2,340 12,205 56,606 36,996
1,628 4,160 12,233 56,315 37,055
1,649 6,310 11,314 56,466 37,147
12,153
12,285
11,913
11,951
3,902
3,915
3,911
3,933
3,01
3,037
3,063
3,05^
119 2,949 5,908 14,072
6,029 14,085
290
297 3,or 6,033 14,081
430 3,031 6,046 14,107
Oct.
2.
9.
16.
23.
30.
151,948
148,193
151,573
146,989
148,428
61,885
61,752
62,749
63,041
63,809
95,237 66,320
91,,333 65 ,605
94,631 68,895
89,731 66,837
90,875 67,322
4,902
4,433
4,454
4,458
4,76:
,705
,617
,640
,725
,751
6,229 12,270
4,069 12,221
3,001 12,776
2,139 11,39"
2,304 11
",45:
56,711
56,860
56,94:
57,258
57,553
37,34:
37,425
37,465
37,503
37,534
12,013
12,062
12,107
12,384
12,639
3,917
3,914
3,913
3,897
3,915
3,073
3,096
3,092
3,102
3,09r
421
160
338
236
11
2,290
2,547
2,937
2,549
3,407
3,26^
5,741
5,848
5,951
5,960
5,883
14,164
14,177
14,178
14,195
14,265
Nov.
6.
13.
20.
27.
151,016
150,637
150,655
151,722
63,126
63,515
63,137
63,950
93,488 67,100
93,130 68 ,734
92,874 67 ,341
93,771 69,001
5,231
4,778
4,95"
5,060
,707
,684
,726
,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, "~
37,699
12,544
12,491
12,640
12,796
3,901
3,891
3,928
3,94:
3,107
3,125
3,152
3,140
19:
51
361
48:
3,55
3,580
3,393
3,524
5,881
6,167
6,21"
6,205
14,319
14,311
14,276
14,300
Dec.
4 . 152,334
11. 152,403
18. 156,017
25. 155,886
31 9. 163,56:
63,527
65,412
66,609
66,077
67,844
94,207 67,80:
94,095 69,847
97,800 71 ,056
97,506 70,556
104,335 74,513
,770
5,051
,836
4,765
,870
4,776
,933
4,844
5,338 2,019
3,160
1,867
3,646
4,735
4,556
12,514
11,956
12,493
11,856
13,320
58,12'
58,308
58,217
58,380
59,227
37,729
37,740
37,765
37,78^
38,083
12,883
13,028
12,794
12,834
13,310
3,994
4,054
4,140
4,188
4,23^
3,15:
3,110
3,133
3,179
3,188
4'
219
244
18
16
3,151
3,467
3,271
3,310
1,181
6,18
6,08
6,065
5,921
5,666
14,360
14,358
14,320
14,358
14,569
1963—Jan.
2..
9..
16..
23..
30..
152,495
145,280
147,033
142,086
142,022
65,843
64,787
65,447
64,401
64,495
102,109 71 ,531
68,378
94,677 68
70,075
96,160 70
90,951 67,052
",791
90,720 66
Feb.
6..
13..
20..
27..
142,126
144,111
142,237
143,712
63,135
62.593
61,958
62,654
Mar.
6..
13..
20..
27..
142,644
144,119
144,307
143,446
Apr.
3..
10..
17..
24.
May
1
After deduction of valuation reserves.
Exclusive of loans to domestic commercial banks and after deduction
of valuation reserves; individual loan 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 reported as in process of collection.
6 Includes certified and officers' checks and deposits of mutual savings
2
55,725
55,927
56,142
56,326
13,924
13,914
13,894
13,943
14,025
14,015
14,017
14,041
banks, not shown separately.
7
Deposits of foreign governments and official institutions, central
banks, international institutions, banks in foreign countries, and foreign
branches of U.S. banks other than reporting bank.
8
Includes U.S. Govt., postal savings, domestic commercial interbank,
and mutual savings banks, not shown separately.
9 Tuesday.
FEBRUARY 1964
245
BUSINESS LOANS OF BANKS, 1963
COMMERCIAL AND INDUSTRIAL LOANS O F WEEKLY REPORTING MEMBER BANKS
(Net change in millions of dollars)
Industry
Jan.
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 types of business, mainly services . . .
Mar.
Feb.
Apr.
-3
-56
-58
-12
-49
-1
84
25
33
35
16
107
23
2
46
-105
-205
-38
-24
-28
-16
-99
121
-21
13
27
-67
125
13
105
34
232
19
-108
-181
-13
-5
32
59
-183
-67
r
-45
Net change in classified loans
Commercial and industrial change—All weekly
reporting banks
June
May
July
Aug.
Oct.
Nov.
Dec.
11
34
70
12
28
-116
-52
-35
-38
9
13
59
-2
-33
3
279
-12
-14
-19
43
36
152
-62
48
10
17
269
-114
-24
-54
-81
153
-66
12
-4
4
74
-57
84
39
-19
-15
49
-25
-49
13
108
-27
-54
32
78
21
37
-4
288
68
136
97
125
15
231
320
-64
42
-147
83
31
-134
10
-18
-34
24
-19
152
34
40
161
-15
-95
80
16
155
305
-28
510
-46
446
-491
204
714
287
863
1296
32
531
-545
190
740
352
958
1539
Mar.
6
Mar.
13
Mar.
20
Mar.
27
18
-26
-44
20
23
-7
54
68
6
26
-13
-66
-64
-11
-35
7
41
-97
-136
9
12
17
-7
-120
26
26
-52
20
34
46
1
11
33
-54
44
-22
-94
7
50
89
78
-82
-2
102
-30
-78
50
22
6
-94
43
24
-36
-23
7
25
-67
2
18
16
23
60
-64
53
-41
91
32
-821
244
598
•-284
-871
269
644
' — 212
-61
-12
Sept.
Q
30
Week ending—
Industry
Jan.
2
Durable goods manufacturing:
Primary metals
Machinery
Transportation equipment
Other fabricated metal p r o d u c t s . . .
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 types of business, mainly
services
Jan.
Jan.
16
Jan.
23
1
2
n
-3
2
-12
-2
-8
-11
-11
-7
-10
-25
-10
-15
-17
-4
-33
-6
-30
^
-112
-7
-3
-1
4
-14
8
-1
6
-75
-16
-11
-13
-15
242
-14
-7
-119
-7
-19
-38
95
9
-12
-17
-31
8
9
•j
5
-9
-44
17
19
-27
-7
-28
-28
-157
-20
-56
-11
49
-93
-18
-43
Net change in classified loans
116
-353
-293
-315
Commercial and industrial change—
All weekly reporting banks
185
-414
-325
-321
For
NOTE see end of table.
Jan.
30
20
-8
-4
9
-4
11
3
-24
28
-11
r
Feb.
13
Feb.
6
Feb.
20
Feb.
27
-4
31
17
9
1
-2
13
4
10
14
1
36
15
7
10
4
4
-11
7
10
-5
17
15
5
4
5
20
-14
3
15
9
82
79
19
20
-13
-58
-24
7
-2
32
-45
31
14
30
-6
21
-65
28
-11
-27
25
12
9
-28
39
8
14
11
5 !
37 |
-4
66
10 |
-17
24
-3
16
5
45
24
11
-1
-14
-11
21
39
-32
-2
79
-17
-9
16
-11
-17
18
35
3
-29
6
55
5
-20
-16
-4
-58
3
-38
7
24
-16
-70
-5
-11
21
103
-5
-2
c
9
10
61
-35
-1
54
21
27
23
86
136
19
61
130
497
-90
93
145
30
75
107
543
-81
246
BUSINESS LOANS OF BANKS, 1963
FEBRUARY 1964
COMMERCIAL AND INDUSTRIAL LOANS O F WEEKLY REPORTING MEMBER
BANKS—Continued
(Net change in millions of dollars)
Week ending—
Industry
Apr.
3
Durable goods manufacturing:
Parimary metals
Machinery
Transportation equipment
Other fabricated metal p r o d u c t s . . .
Other durable g o o d s . .
N o n d u r a b l e goods manufacturing:
F o o d , liquor, a n d tobacco
Textiles, apparel, a n d leather
Petroleum refining
Chemicals a n d rubber
Other n o n d u r a b l e goods
.
. .
Mining, including crude petroleum
and natural gas
Trade * C o m m o d i t y dealers
Other wholesale
Retail
Transportation, communication, and
other public utilities
Construction
All other types of business, mainly
services
. . .
.
. .
Apr.
10
Apr.
17
Apr.
24
-54
25
-3
8
4
2
-8
-36
6
7
-3
1
-49
6
1
_2
-30
-17
-10
-6
12
6
1
-12
-57
17
1
11
2
14
-1
6
12
2
—1
-24
-11
_2
-29
4
27
11
1
9
r
May
1
May
8
May
15
May
May
29
June
5
June
12
June
19
June
26
-I
-11
-15
1
-1
8
-7
-31
1
-5
-12
-1
2
-18
-9
2
3
2
8
9
3
44
45
17
16
-1
8
23
-2
11
-48
-26
-1
-26
-46
-13
19
-24
4
-26
4
-5
8
10
-22
16
7
2
6
60
16
21
10
3
-10
-1
17
17
7
16
16
-23
-20
8
7
-86
-19
-I
1
I
16
14
—6
4
7
-68
25
4
-4
7
i
-25
56
14
-32
-23
3
-21
15
39
13
-34
2
-35
8
-25
10
35
-3
-7
4
-10
-15
-7
13
-6
-27
_2
3
-16
8
-10
1
2
15
-6
18
9
16
-53
13
-21
15
19
23
-22
13
_ |
39
2
7
-39
9
-7
-3
-22
3
83
20
29
-3
-5
-2
I
7
26
26
-3
8
c
c
11
18
-32
-12
9
21
15
r
2 4
-1
-11
89
-21
11
-15
-32
-3
43
51
Net change in classified loans
r19
'-49
-5
-249
258
-132
153
-154
-171
-104
59
407
84
Commercial a n d industrial change—
All weekly reporting b a n k s
'28
-16
-222
301
-105
201
-166
-199
-106
72
455
110
Aug.
28
Sept.
4
Sept.
11
Sept.
18
Sept.
25
-22
9
22
-14
3
-7 .......
-8
14
-4
38
63
21
-4
3
9
15
-12
21
r
-2
W e e k endin ?—
Industry
Julv
3
Durable goods manufacturing:
Parimary metals
Machinery
Transportation equipment
Other fabricated metal p r o d u c t s . . .
Other durable goods
Nondurable goods manufacturing:
Food liquor a n d tobacco
Textiles, apparel, a n d leather
Petroleum refining. .
Chemicals a n d rubber
Other nondurable goods
Mining, including crude petroleum
and natural gas
Trade • C o m m o d i t y dealers
Other wholesale
Retail
Transportation, communication, a n d
other public utilities
Construction
All other types of business, mainly
services
2
-12
-48
-5
-23
July
10
-i
-6
-9
17
10
July
17
Julv
24'
J
Aug.
7
3u!y
7
8
-12
-10
-8
1
-55
1
-14
-23
-11
-I
5
2
10
2
45
-1
-2
-12
-7
3
13
1
_4
-17
-5
-4
-72
-7
13
24
15
-6
4
-1
-5
17
-3
4
11
6
59
4
46
44
-59
_2
10
1
c
44
9
-7
21
9
68
27
76
-11
47
18
-33
125
365
82
366
80
22
1
-19
1
9
5
7
-1
7
-35
-16
-16
-15
28
11
-3
-13
—5
-2
34
21
18
33
24
9
15
9
-8
39
2
— 17
10
4
2
-3
- i3
-19
9
-21
-21
22
-24
27
5
18
2
31
3
— 11
30
12
-4
-13
2
16
-18
-1
-86
— 10
-42
9
-16
8
-5
-4
15
7
-23
17
-24
14
4
5
-35
-8
-5
1
-10
-49
42
8
136
50
58
-40
142
145
39
66
-60
144
150
29
-31
— 54
Net change in classified loans
-184
-93
-16
-268
Commercial a n d industrial change—
All weekly reporting b a n k s
-168
-100
-30
-314
67
Aug.
21
-25
23
-11
-45
14
71
For NOTE see end of table.
9
Aug.
14
32
8
-7
6
-12
19
1
8
-23
23
6
2
-21
50
-8
-29
13
2
-1
31
12
4
25
-»
9
-12
22
13
-14
5
2
i
247
BUSINESS LOANS OF BANKS, 1963
FEBRUARY 1964
COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS—Continued
(Net change in millions of dollars)
Week ending—
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 types of business, mainly services . .
Net change in classified loans
Commercial and industrial
weekly reporting banks
-15
11
1
-8
20
2
-14
-1
1
2
-3
-8
—1
-5
-40
10
-6
-3
9
_2
-5
60
-6
25
-14
-4
30
10
-7
-1
21
78
-46
_5
12
-15
— 25
-1
—3
-10
44
-5
-6
-7
-8
-18
63
15
23
82
39
5
127
-1
31
35
4
10
11
41
27
47
-5
-32
6
14
28
7
-11
66
-9
-48
70
14
115
19
4
10
58
-20
—5
-19
65
50
24
52
-24
46
6
101
-2
101
-34
33
117
26
228
170
3
-5
503
210
73
78
35
140
451
-183
853
161
28
-14
566
246
90
56
72
150
523
-141
935
Oct.
16
Oct.
23
Oct.
30
Nov.
6
—4
4
-12
-23
—I
-11
-20
13
-3
-1
-2
-28
2
-7
—4
-40
20
— 16
-22
1
-67
-12
-11
-5
-3
86
-13
-9
-25
-17
25
-3
-10
-42
_2
84
-9
-7
27
-21
25
-63
7
-7
-27
48
-26
-4
-7
-14
26
38
17
20
49
5
2
-17
82
12
69
-14
55
19
45
74
2
19
— 27
-20
-13
21
6
-42
161
-42
201
-24
1
i
Dec.
4
Dec.
11
Dec.
18
3
11
4
9
-9
—1
-9
46
24
10
-7
20
-2
-21
208
15
-11
1
-55
-7
20
-4
6
89
4
4
19
2
4
-23
-17
9
3
-8
-28
83
21
-18
->i
M
17
13
-26
2
26
91 -151
295
9
change—All
NOTE.—Data for sample of about 200 banks reporting changes in their
larger loans; these banks hold about 95 per cent of total commercial and
industrial loans of all weekly reporting member banks and about 70 per
Dec.
31
Nov.
27
Oct.
9
Nov.
13
Dec.
25
Nov.
20
Oct.
2
to to
Industry
-7
-65
cent of those of all commercial banks.
End-of-week date shown. Monthly figures are based on weekly changes.
248
INTEREST RATES, 1963
FEBRUARY 1964
xMONEY MARKET RATES
[Per cent per annum]
Prime
coml.
paper,
4- to 6-l
months
Period
Finance
CO.
paper
placed
directly,
3- to 6months 2
L r. S. Government securities (taxable) 3
Prime
bankers'
acceptances,
90 days i
3-month bills
6-month bills
9- to 12-month issues
Rate
on new
issue
Market
yield
Rate
on new
issue
Market
yield
Bills
(market
yield)
Other 4
3- to 5year
issues 5
3.07
3 13
3.13
3 13
3 13
3.24
3 41
3.59
3.63
3 63
3.71
3.63
2.914
2 916
2.897
2 909
2 920
2.995
3 143
3.320
3.379
3 453
3.522
3.523
2.91
2.92
2.89
2.90
2.92
2.99
3.18
3.32
3.38
3.45
3.52
3.52
2.962
2.970
2.950
2 988
3.006
3.078
3.272
3.437
3.494
3.573
3.648
3.667
2.96
2.98
2.95
2.98
3.01
3.08
3.31
3.44
3.50
3.58
3.65
3.66
3.00
3.00
2.97
3.03
3.06
3.11
3.40
3.50
3.57
3.61
3.67
3.69
2.97
2.89
2.99
3.02
3.06
3.17
3.33
3.41
3.54
3.59
3.70
3.77
3.47
3.48
3.50
3.56
3.57
3.67
3.78
3.81
3.88
3.91
3.97
4.04
3.34
3 25
3 34
3 32
3 25
3.38
3 49
3.72
3.88
3 88
3.88
3.96
3.18
3 13
3 15
3 17
3 15
3.21
3 35
3.57
3.63
3 72
3.75
3.84
3.38
3.19
3.00
2.894
2.89
2.924
2.93
2.95
2.96
3.41
3.38
3.38
3 38
3.30
3.23
3.25
3 15
3.13
3.00
3.04
3 06
3.10
2.926
2.920
2 884
2.923
2.89
2.90
2.90
2.93
2.966
2.966
2 932
2.976
2.94
2.95
2.95
2.99
2.95
2.96
3.00
3.03
2.99
2.99
2.96
2.97
3.44
3.45
3.44
3.50
2
9
16
23
3.25
3.25
3.25
3.25
3.13
3.13
3.13
3.13
3.13
3.13
3.13
3.13
2.917
2.946
2.944
2.905
2.93
2.95
2.93
2.90
2.972
2.995
2.995
2.969
2.99
3.00
2.99
2.96
3.02
3.02
3.01
2.99
2.95
2.89
2.87
2.88
3.50
3.47
3.46
3.46
Mar. 2
9
3.25
3 25
3 38
3.38
3.38
3.13
3.13
3 13
3.13
3.23
3.25
3.19
3.13
3.13
3.13
3.13
3 13
3.13
3.13
2.870
2.897
2 870
2.902
2.919
2.90
2.89
2.88
2.90
2.91
2.922
2.938
2.931
2.955
2.977
2.94
2.93
2.94
2.96
2.98
2.98
2.97
2.95
2.97
2.99
2.93
2.99
2.97
2.99
3.01
3.13
3.13
3.13
3.13
2.922
2.913
2.917
2.884
2.91
2.90
2.90
2.89
2.98
2.98
3.00
2.98
2.99
3.00
3.07
3.05
3.02
3.01
3.04
3.00
3.13
3.14
3.19
3.15
3.13
3 13
3.13
3.13
2.898
2.905
2.903
2.922
2.90
2.91
2.90
2.94
2.982
2.978
3.010
2.982
2.988
2.993
2.990
3.005
3.50
3.49
3.49
3.51
3.53
3.53
3.54
3.59
3.59
2.99
2.99
2.99
3.02
3.05
3.04
3.04
3.06
3.00
3.00
3.03
3.10
3.56
3.54
3.55
3.59
3.25
3 38
3.38
3.38
3.38
3.13
3.19
3.19
3.21
3.25
3.13
3.23
3.25
3.25
3.25
2.974
3.028
2.975
2.997
2.979
2.98
3.00
2.98
2.98
2.99
3.055
3.098
3.063
3.081
3.070
3.06
3.08
3.07
3.08
3.07
3.09
3.12
3.11
3.11
3.11
3.17
3.21
3.18
3.15
3.14
3.64
3.68
3.66
3.68
3.67
3.44
3.50
3.50
3.50
3.30
3.34
3.38
3.38
3.25
3.35
3.45
3.50
3.011
3.164
3.192
3.206
3.03
3.22
3.19
3.19
3.093
3.272
3.355
3.369
3.12
3.34
3.36
3.36
3.16
3.39
3.48
3.47
3.20
3.35
3.40
3.35
3.72
3.80
3.80
3.79
Aug. 3
10
17
24
31
3.58
3.63
3.75
3.75
3.78
3.38
3.53
3.56
3.63
3.63
3.50
3.53
3.63
3.63
3.63
3.263
3.253
3.335
3.355
3.396
3.24
3.26
3.32
3.36
3.39
3.398
3.389
3.441
3.462
3.494
3.38
3.39
3.43
3.47
3.49
3.46
3.48
3.50
3.52
3.54
3.30
3.28
3.36
3.51
3.54
3.77
3.77
3.80
3.83
3.85
Sept. 7
14
3.88
3.88
3.88
3.88
3.63
3.63
3.63
3.63
3.63
3.63
3.63
3.63
3.384
3.343
3.409
3.379
3.36
3.36
3.41
3.38
3.487
3.460
3.522
3.507
3.47
3.48
3.51
3.51
3.56
3.57
3.58
3.56
3.54
3.54
3.54
3.53
3.88
3.88
3.89
3.88
26
3.88
3.88
3.88
3.88
3.68
3.75
3.75
3.66
3.63
3.63
3.63
3.63
3.408
3.459
3.458
3.488
3.41
3.45
3.47
3.44
3.515
3.569
3.568
3.628
3.53
3.56
3.59
3.60
3.59
3.60
3.61
3.62
3.57
3.56
3.58
3.62
3.88
3.90
3.91
3.93
2
9
16
23
30
3.88
3.88
3.88
3.88
3.88
3.75
3.75
3.75
3.75
3.75
3.63
3.72
3.75
3.75
3.63
3.452
3.517
3.565
3.524
3.480
3.47
3.54
3.55
3.51
3.48
3.586
3.621
3.678
3.660
3.631
3.59
3.64
3.68
3.65
3.63
3.60
3.68
3.69
3.67
3.66
3.61
3.66
3.68
3.75
3.74
3.94
3.98
3.97
3.98
3.97
7
14
3.88
3.98
4.00
4.00
3.75
3.84
3.88
3.88
3.63
3.63
3.63
3.63
3.531
3.500
3.538
3.522
3.52
3.50
3.53
3.52
3.670
3.662
3.679
3.657
3.68
3.66
3.67
3.64
3.69
3.68
3.69
3.69
3.76
3.78
3.77
3.77
3.99
4.02
4.06
4.07
Jan
Feb .
Mar
Apr
May..
June
July.
Aug
Sept .
Oct
Nov
. . . .
Dec
Week ending—
1962—Dec. 2 9 . . .
1963—Jan.
Feb.
5
12
19
26
16
23
30
Apr. 6
13
20
27
May 4
11
18
25
June 1
8
15
22
29
Julyy
6
13.
20
27
21
28
Oct.
5
12
19
Nov
Dec.
21
28
...
3.38
3.38
3.30
3.25
3.25
3.25
3.25
3.25
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 Certificates of indebtedness and selected note and bond issues.
5
Selected note and bond issues.
INTEREST RATES, 1963
FEBRUARY 1964
249
BOND AND STOCK YIELDS
(Per cent per annum)
Government bond s
Period
United
States
(longterm)
4 38
4.37
4.38
4.40
4.40
4 40
4.43
4.45
4.46
4.47
4.47
4.48
4 72
4.69
4.65
4.63
4.63
4 61
4.62
4.63
4 65
4.66
4.68
4 68
4 38
4.37
4.38
4.39
4.39
4 40
4.42
4.42
4 44
4.44
4.45
4 49
4 34
4.27
4.24
4.31
4.29
4 29
4.34
4.30
4.30
4.26
4.28
4.32
3 31
3.27
3.28
3.15
3.13
3 16
3.20
3.13
3.06
3.05
3.14
3.14
4.52
4.23
4.93
4.40
4.75
4.40
4.41
3.39
26
4.22
4.21
4.20
4 21
4.93
4.92
4 91
4 91
4.40
4.39
4.37
4 37
4.73
4.73
4 72
4 71
4.39
4.38
4 38
4 37
4.40
4.38
4 35
4 30
3.41
3.31
3.31
3 26
2
9
16
23
3.90
3.92
3 91
3.92
3.23
3.23
3.23
3.23
2.97
2.98
2.98
2.98
3.57
3.57
3.57
3.57
4.48
4.48
4.48
4.47
4.21
4.19
4.19
4.19
4.90
4.90
4.90
4.88
4.37
4.37
4 37
4.37
4.70
4.70
4 68
4.68
4.38
4.37
4 37
4.37
4.28
4.29
4 26
4.26
3.25
3.24
3 25
3.27
3.94
3.92
3.93
3.94
3 95
3.25
3.25
3.23
3.18
3 19
3.02
3.02
2.98
2.93
2 93
3.57
3.57
3.57
3.55
3 55
4.47
4.47
4.47
4.47
4 46
4.19
4.19
4.19
4.19
4 19
4.88
4.88
4.88
4.87
4 88
4.37
4.38
4.38
4.37
4 38
4 66
4.65
4.65
4 66
4 64
4 37
4.37
4.38
4 37
4 37
4.27
4.24
4.25
4.24
4 24
3.31
3.33
3.28
3.27
3 24
3.95
3.96
3.99
3 98
3.20
3.20
3.21
3.23
2.94
2.95
2.99
3.00
3.55
3.55
3.55
3.56
4.47
4.47
4.47
4.48
4.20
4.20
4.21
4.22
4.87
4.87
4 87
4.87
4.38
4.39
4.40
4.41
4.64
4.63
4 63
4.64
4.38
4.38
4 39
4.39
4.28
4.29
4 34
4.34
3.20
3.16
3 13
3.10
3.98
3.97
3.96
3.97
3.23
3.23
3.19
3.20
3.01
3.01
2.97
2.97
3.56
3.56
3.52
3.52
4.48
4.48
4.47
4.47
4.22
4.22
4.21
4.22
4.87
4.86
4.86
4 85
4.41
4.40
4.40
4.40
4.63
4.63
4.63
4 63
4.40
4.39
4.39
4 39
4.31
4.30
4.28
4.27
3.09
3.10
3.14
3 15
3.99
4 00
3.99
4 00
4.00
3.22
3 29
3.30
3 32
3.32
3.00
3 06
3.08
3 10
3.10
3.55
3 60
3.62
3 63
3.63
4.48
4 47
4.47
4 47
4.47
4.23
4 23
4.23
4 22
4.22
4.84
4 84
4.83
4 84
4.84
4.40
4 40
4.40
4 40
4.40
4.63
4 62
4 61
4 61
4.63
4.39
4 39
4 39
4 40
4.40
4.27
4 27
4.28
4 30
4.31
3.15
3 15
3 15
3 16
3.19
4.02
4.03
4 02
4.00
3.30
3.32
3 31
3.29
3.08
3.11
3 11
3.10
3.60
3.62
3 61
3.57
4.48
4.48
4 49
4.50
4.23
4.24
4 27
4.29
4.85
4.84
4 84
4.84
4.41
4.41
4 43
4.44
4.62
4.62
4 62
4 62
4.40
4 41
4 42
4 42
4.34
4.34
4 36
4.34
3.17
3.17
3 22
3 25
3.99
3.99
3.99
3.99
3.99
3.27
3.27
3.28
3.30
3.29
3.08
3.08
3.08
3.11
3.09
3.57
3.57
3.59
3.59
3.58
4.50
4.50
4.50
4.50
4.50
4.29
4.29
4.29
4.29
4.29
4.84
4.83
4.83
4.83
4.83
4.45
4.45
4.44
4.44
4.45
4.63
4.64
4 63
4.63
4.63
4.42
4.42
4 43
4.42
4 42
4.33
4.32
4.30
4.29
4.29
3.21
3.18
3.13
3.12
3 09
4.03
4.05
4.05
4.04
3.30
3.31
3.32
3.33
3.12
3.12
3.13
3.15
3.58
3.58
3.58
3.59
4.51
4.51
4.52
4.52
4.30
4.31
4.32
4.32
4.84
4.84
4.84
4.84
4.45
4.46
4.46
4.46
4.64
4.64
4.65
4 65
4.44
4 45
4.45
4 45
4.30
4.30
4.30
4.29
3.07
3 04
3.06
3.05
4.04
4.06
4.07
4.07
3.33
3.31
3.31
3.34
3.15
3.14
3.14
3.16
3.59
3.58
3.58
3.60
4.52
4.53
4.52
4.53
4.32
4.31
4.31
4.32
4.83
4.84
4.84
4.83
4.46
4.46
4.46
4.47
4.65
4.67
4.67
4.66
4.44
4 44
4.44
4.45
4.27
4.24
4.27
4.26
3.08
3.08
3.04
3.05
4.09
4.12
4.10
4.10
4.10
3.34
3.35
3.37
3.37
3.36
3.16
3.16
3.18
3.18
3.17
3.60
3.61
3.62
3.62
3.62
4.53
4.53
4.54
4.54
4.54
4.32
4.33
4.33
4.33
4.33
4.83
4.83
4.83
4.85
4.84
4.47
4.48
4.47
4.48
4.48
4.66
4 67
4.68
4.68
4.67
4.45
4 45
4.45
4.46
4.46
4.25
4.26
4.28
4.29
4.29
3.02
3.09
3.12
3.16
3.20
4.12
4.12
4.15
4.16
3.34
3.34
3.32
3.31
3.14
3.12
3.11
3.11
3.61
3.61
3.62
3.60
4.54
4.54
4.55
4.57
4.33
4.34
4.36
4.37
4.84
4.85
4.85
4.85
4 48
4.47
4.48
4.50
4.67
4.67
4.69
4.70
4 47
4.49
4.50
4.51
4.30
4.31
4.32
4.34
3.14
3.15
3.12
3.15
12
20
5
5
120
30
30
40
40
40
14
500
2
9
.
.
30
6
13
20
27
4
11
18
25
1
8
15
22
29
.
.
6
.
I ? : : . :\\....'...:.
20
27
3
10
17
24
31
Sept. 7
14
21
28
5
12
19
26
Nov. 2
9.
16
....
23
30
7.
14
21
28
Number of issues
. . .
4.49
4.48
4.47
4.47
4.48
4.47
4.49
4.50
4.52
4.52
4.54
4.55
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
corp. bonds in some groups has varied somewhat.
NOTE.—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.
4.91
4.89
4.88
4.87
4.86
4.84
4.84
4.83
4.84
4.83
4.84
4.85
4.21
4.19
4.19
4.21
4.22
4 23
4.26
4.29
4.31
4.32
4.33
4.35
4.51
4.50
4.49
4 49
5
12 .
19
16 .
23
Dec
Common
3.57
3.57
3.55
3 55
Week ending—
1962—Dec. 29. . .
Oct
Preferred
3.57
Nov
Dec
Aug
Public
utility
2.94
Oct
Julv
3.56
3.57
3.56
3.55
3.54
3.62
3.60
3.59
3.58
3.59
3.62
3.61
Railroad
Baa
2.94
2.94
2.94
2 95
Sept
June
2.95
2.99
2.97
2.97
2.99
3.09
3.10
3.09
3.13
3.15
3.17
3.12
Industrial
Aaa
3.22
3.22
3.20
3 21
Aug
Mav
Baa
3.22
June
July
Apr.
Aaa
3.87
3.87
3.87
1 91
May
Mar
Total i
Dividend/
price ratio
By
group
3.85
Mar
Apr
Feb
By selected
ratings
Total i
3.22
3.24
3.21
3.21
3.21
3.31
3.31
3.28
3.31
3.33
3.36
3.33
Feb
Jan
State
and loca
Stocks
3.88
3.92
3.93
3.97
3.97
4.00
4.01
3.99
4.04
4.07
4.10
4.14
Jan
1963
Corporate bonds
Earnings/
price ratio
Common
5.93
5 88
5 70
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.
Financial Statistics
* International *
Reported gold reserves of central banks and governments.
252
Gold production
253
Net gold purchases and gold stock of the United States
254
Estimated foreign gold reserves and dollar holdings.
255
International capital transactions of the United States.
256
U.S. balance of payments.
265
Foreign trade
266
Money rates in foreign countries.
267
Foreign exchange rates.
268
Guide to tabular presentation.
176
Index to statistical tables.
_.5
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 end of the BULLETIN).
251
252
GOLD RESERVES
FEBRUARY 1964
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(In millions of dollars)
Estimated
total
world i
Intl.
Monetary
Fund
United
States
Estimated
rest of
world
Argentina
1956
1957
1958
1959
1960
1961
38,075
38,765
39,445
40,195
40,505
41,105
1,692
1,180
1,332
2,407
2,439
2,077
22,058
22,857
20,582
19,507
17,804
16,947
14,325
14,730
17,530
18,280
20,260
22,080
224
126
60
56
104
190
1962—Dec
41.435
2,194
16,057
23,185
2,199
2,225
2 226
2,228
2,235
2,244
2,268
2 276
2,304
2,305
2,312
2,312
15,974
15,891
15 946 23 405
15,914
15,854
15,830 23,660
15,677
15 633
15 634 j>23 955
15,640
15,609
15,596
End of
period
1963—Jan
Feb
Mar .
Apr
May
June••
July
A.uc
Sept
Oct
Nov
Dec
41 575
. .
41,730
*>41 895
Australia
Austria
Belgium
Brazil
Canada
1,103
1,100
1,078
960
885
946
61
190
454
1,365
225
708
43
57
58
53
52
52
51
51
51
49
49
49
192
195
198
198
199
200
201
202
202
205
206
208
454
469
484
494
504
504
504
504
504
515
525
536
1,362
1,364
L 372
1,372
1,372
1,373
I 354
I 365
I 367
1,367
1,367
,371
225
225
208
179
179
179
179
179
714
725
732
739
746
755
762
768
775
784
800
817
43
42
42
42
43
43
43
43
43
44
43
43
58
58
59
59
60
60
61
61
61
France
Germany,
Fed.
Rep. of
Greece
Guatemala
35
35
35
38
41
47
924
581
750
1,290
1,641
2,121
1,494
2,542
2,639
2,637
2 971
3,664
10
13
17
26
76
87
27
27
27
24
24
24
247
247
247
247
247
247
45
39
37
33
58
43
915
22
22
22
20
20
19
28
31
31
30
30
18
1962—Dec
3
19
18
61
2,587
3,679
77
24
247
1963—Jan
Feb
Mar
Apr
May
June
j u iv
3
3
3
3
3
3
3
3
3
3
19
19
19
19
19
19
19
19
19
19
19
19
18
18
18
18
18
18
18
18
18
18
18
61
61
61
61
61
61
61
61
61
61
61
2,626
2,673
2,709
2,743
2,777
2 814
2 963
2 997
3 031
3 089
3,128
3,175
3 694
3,727
3,749
3,749
3,749
3 753
3 761
3 761
3 761
3 817
3 823
3,843
77
77
77
77
77
77
77
77
77
77
77
24
24
24
23
23
23
23
23
23
23
247
247
247
247
247
247
247
247
247
247
247
Sept
Oct
Nov
Dec
End of
period
Ireland
Rep. of
1956
1957
1958
1959
I960
1961
Italy
18
18
18
18
18
18
338
452
1 086
1,749
2,203
2,225
1962—Dec
18
1963—Jan
Feb
Mar
Apr
May
18
18
18
18
18
18
18
18
18
18
18
18
July
Sect
Oct
Nov
Dec
For notes see end of table.
Lebanon
Finland
61
Mexico
122
81
83
42
30
324
324
325
327
287
285
925
11
11
11
10
10
3
136
136
80
50
1
57
62
72
71
78
88
1,270
1,134
1,170
1,248
El Salvador
1956
1957
1958
1959
I960
1961
46
40
40
43
45
48
71
103
194
292
293
303
Ecuador
Cuba
Congo,
Rep.
of the
107
126
162
154
147
162
Dominican
Republic
End of
period
Colombia
Chile
NetherNew
lands Zealand
77
91
91
102
119
140
167
180
143
142
137
112
844
744
1 050
2,243
172
2,254
2,284
2,286
2,286
2,287
2,289
2,292
2,291
2.291
2 331
2,331
2,343
172
172
172
172
172
172
172
172
172
172
172
Norway
Indonesia
Peru
Iraq
138
138
141
140
130
130
14
20
34
84
98
84
44
129
98
44
44
44
44
129
129
129
129
129
129
142
142
142
142
142
98
98
98
98
98
98
98
98
98
98
Saudi
Arabia
South
Africa
224
217
211
238
178
298
142
247
Pakistan
Iran
Philippines
Portugal
49
49
49
50
52
53
35
28
19
28
42
47
22
6
10
9
15
27
448
461
493
548
552
443
18
18
65
30
53
47
41
471
78
499
30
30
30
30
30
30
31
31
31
31
31
31
53
53
53
53
53
53
53
53
53
53
53
53
47
47
47
47
47
47
52
57
57
57
57
57
42
43
45
45
46
21
22
24
25
471
476
478
478
478
478
482
496
497
497
497
78
78
78
78
78
78
78
78
78
78
486
505
551
571
591
598
611
639
643
630
629
630
1,451
1,581
33
33
33
34
35
1
50
45
43
30
30
30
95
1,581
1
95
94
94
95
93
92
95
95
94
110
1,581
1,581
I 581
1,581
1,581
1,581
1,581
1,581
1,581
1 581
1^581
1 601
I
J.132
India
FEBRUARY 1964
253
GOLD RESERVES AND PRODUCTION
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
(In millions of dollars)
18
14
17
10
4
6
59
24
-42
-134
-19
115
268
254
126
40
55
56
2,582
180
401
4
-50
56
2,447
180
180
180
180
172
401
401
401
401
401
401
401
401
401
401
401
4
4
4
4
5
5
7
8
11
116
88
107
132
137
78
155
150
j
-22
1,772
1,554
2,808
2,514
2,800
2,268
104
140
174
104
104
104
104
104
104
104
104
104
104
140
120
140
140
140
140
140
138
137
136
135
135
174
174
174
174
174
174
174
174
174
174
174
174
1,664
1,706
1,925
1,934
2,185
2,560
19
24
24
19
19
19
112
112
112
104
104
104
1962—Dec
446
181
2,667
19
1963—Jan
Feb
Mar
Apr
May
June
July
475
495
514
533
552
574
574
574
574
573
573
573
181
181
181
181
182
182
182
182
182
182
182
182
2,455
2,460
2,461
2,453
2,453
2,530
2,444
2 451
2,501
2,520
2,522
2,820
19
19
19
19
19
19
19
19
19
Sept . .
Oct
Nov
Dec
603
719
719
652
401
401
188
188
174
174
174
174
266
219
204
191
170
180
Aug
186
180
180
180
180
180
144
144
144
133
134
139
132
101
57
68
178
316
1956
1957
1958
1959
I960
1961
Bank
for
Intl.
Settlements 2
United
Kingdom
Thailand
Syria
Yugoslavia
U.A.R.
(Egypt)
Switzerland
Spain
Venezuela
Turkey
Sweden
End of
period
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
2,447
171
171
171
171
171
2,506
171
EPUEF3
41
43
42
-77
-279
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 Dec. 1958 and European Fund
thereafter.
NOTE—For back figures and description of the data in this and the
following tables on gold (except production), see "Gold," Section 14 of
Supplement to Banking and Monetary Statistics, 1962.
GOLD PRODUCTION
(In millions of dollars at $35 per fine troy ounce)
Africa
Period
World
production i
North and South America
South
Africa
Rhodesia
Ghana
556.2
596.2
618.0
702.2
748.4
803.1
892.7
18.8
18.8
19.4
19.8
19.6
20.1
19.4
22.3
27.7
29.8
32.0
'30.8
29.2
31.1
1962—Nov
Dec
78.5
74.7
1.6
2.7
2.9
1963—Jan
Feb
Mar
Apr
May
78.0
76.5
79.4
79.1
80.6
80.1
81 6
81.7
80.9
82.0
81.6
1.6
1.6
6
975.0
1,015.0
1,050.0
1,125.0
1,175.0
1,215.0
1,290.0
1956
1957
1958
1959
I960
1961
1962
July
Aug
Sept
Oct
Nov
6
6
6
6
7
Congo
(Leo- United
pold- States
vilie)
Canada
Mexico
13.1
13.1
12.3
12.2
11.1
8.1
7.1
65.3
63.0
61.6
57.2
58.8
54.8
54.5
153.4
155.2
158.8
156.9
161.1
156.6
145.5
12.3
12.1
11.6
11.0
10.5
31.4
3.8
3.7
12.1
11.7
2.7
2.7
2.7
27
2.6
26
7
1 Estimated; excludes U.S.S.R., other Eastern European countries,
China
Mainland, and North Korea.
2
Gold exports.
3 Oct.-Dec.
11.7
11.0
11.6
11.8
12.4
11.6
10 9
11.7
11.5
12.2
9.4
8.3
.3
.4
.8
.6
.7
.8
.7
.5
7
.6
Other
NicaColom- Ausragua 2 Brazil
bia
tralia
7.6
6.9
7.2
7.3
7.0
7.7
7.8
4.3
4.2
3.9
3.8
4.1
4.4
4.5
.4
.3
.4
.4
.4
4
.3
.4
4
.4
.4
All
other *
India
15.3
11.4
13.0
13.9
15.2
14.0
13.7
1.0
36.1
37.9
38.6
38.1
38.0
37.5
37.4
7.3
6.3
6.0
5.8
5.7
5.7
5.7
3.0
3.3
.5
.4
1.2
1.0
1.1
2.9
2.9
3.1
28
2.8
33
34
3.0
3.0
.4
.4
.5
.8
1.1
1.1
9
1 0
.9
.7
63.0
62.2
69.8
64.8
'64.7
64.4
62.3
5
.5
4
4
4
NOTE.—Estimated world production based on reports of the U.S.
Bureau of Mines. Country data, except for Brazil, based on reports from
individual countries and Bureau of Mines; data for Brazil from American
Bureau of Metal Statistics. For the United States, annual figures are
from the Bureau of the Mint, monthly figures from American Bureau of
Metal Statistics.
254
LLS. GOLD
FEBRUARY 1964
NET GOLD PURCHASES OR SALES BY T H E UNITED STATES, BY COUNTRY
(In millions of dollars at $35 per fine troy ounce)
Area and country
1956
1955
1957
1958
1959
1960
1961
m
Western Europe:
-68
-10
France
Italy
Netherlands
3
-34
25
-5
Spain
-8
100
Bank for Intl Settlements
Other
Total
4
18
-78
80
Canada
Latin American republics:
Brazil
Other
Xotal
3
31
8
Total
15
5
115
-1
28
75
-1
-141
-173
-34
-30
-10
-249
20
-350
— 32
-38
67
-200
29
6
2
14
-28
81
69
19
-5
5
*
18
20
-4
*
18
-34
1
14
-3
80
172 - 2 , 2 9 4
3 200
280
-96
'*-i44
'"-23
100
-25
— 156
-125
-306
—23
-53
III
-56
-30
-30
-20
-214
-101
-101
-101
— 146
102
-387
—20
-45
-64
—20
50
8
—70
-60
107
18
-12
*
15
-9
14
*
-399
-79
-104
-149
-139
-1
10
59
27
17
28
-1
-4
*
6
-11
83
16
34
-16
*
*
-143
-63
-456
-754 -1,105
85
57
38
-22
-17
-5
-100
-109
175
-2
—6
—20
— 157
-28
-214
74
— 15
-97 i -101
9
-93
-41
-11
-8
25
-93
-41
-11
-8
25
-113
e
-38
-6
-1
-2
-1
-10
-25
-998 -1,969
-970
-833
-434
-6
-96
-100
-180
-833
-434
-6
-96
-100
-180
-101
3 300
150
-1,041 -1,669
-820
1
Includes sales of $21 million to Lebanon and $48 million to Saudi
Arabia.
2
Includes sales of $21 million to Burma, $32 million to Lebanon, and
$13 million to Saudi Arabia.
2
-i
-4
-186
4 _44
600
772 - 2 , 2 9 4
—90
-2
—50
-11
14
-68
— 114
-324
-550
—36
-827 -1,718
— 30
65
-5
Intl. Monetary Fund
Grand total
-83
-39
-266
n
I
IV
190
-68
All other
Total foreign countries
-349
—261
-20
32
-215
-900
— 178
-21
68 - 2 , 3 2 6
Asia:
Other
-84
-329
1963
1962
1962
1
3 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.
4 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 3).
U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES
BY U.S. MONETARY AUTHORITIES
(In millions of dollars)
End of period
Year
Total
Gold stock i
Total 2
Treasury
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
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
Changes in—
Foreign
currency
holdings
Total
Total
gold
53
379
-1,161
-298
-40
305
799
116
99
212
Month
53 1963—Jan....
379
Feb....
-1,161
Mar....
-298
May!!'
-40
June..
305
July...
799
Aug....
Sept...
-2,275
-2,275
Oct....
- 1 , 0 7 5 4-1,075
Nov...
-1,703 -1,703
Dec...
-741
-857
-907
-890
-348
- 4 6 1 1964—Jan. P..
1 Includes gold sold to the United States by the International Monetary Fund with the right of repurchase, which amounted to $800 million
on 2Jan. 31,1964.
Includes gold in Exchange Stabilization Fund.
3 For holdings of F.R. Banks only see pp. 184 and 186.
End of period
Total
Gold stock i
Changes in—
Foreign
currency
holdings3
Total
Total
gold
Total 2
Treasury
16,102
16,023
16,078
16,046
16,009
15,956
15,764
15,725
15,788
15,910
15,780
15,808
15,974
15,891
15,946
15,914
15,854
15,830
15,677
15,633
15,634
15,640
15,609
15,596
15,928
15,878
15,878
15,877
15,797
15,733
15,633
15,582
15,582
15,583
15,582
15,513
128
132
132
132
155
126
87
92
154
270
171
212
-54
-79
55
-32
-37
-53
-192
-39
63
122
-130
28
-83
-83
55
-32
-60
-24
-153
-44
1
6
-31
-13
15,848
15,541
15,513
307
40
-55
4 Includes payment of $344 million as increase in U.S. gold subscription to the IMF.
NOTE.—See Table 10 on p. 263 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.
FEBRUARY 1964
255
GOLD RESERVES AND DOLLAR HOLDINGS
HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS
(In millions of dollars)
Dec. 31 , 1961
Area and country
Gold&
shortterm
dollars
Western Europe:
Austria
Belgium
Denmark
Finland
France
Germany Fed Rep of
Greece
Italy
Netherlands
Norway
558
1,574
83
138
3,110
6,506
154
3,459
1,797
..
Latin American republics:
Argentina.
Brazil
Chile
Colombia
Cuba
Mexico
Panama Republic of
Peru
Uruguay
Venezuela
Other
Total
Asia:
India
Indonesia
Japan
Philippines
Thailand
Other
Total
Africa:
South Africa
U A R (EevoO
Other
Total
Other countries:
Australia
All other
Total
Total foreign countries 4 ...
International and regional 5
Grand total 4
3
744
8
30
2
4
1,511
78
135
3,643
6,467
187
3,533
1,857
3
*
3
126
1
1
93
June 3C , 1963
U.S.
Gold &
Gold&
U.S.
U.S.
Gold&
Govt.
shortshortGovt.
Govt.
shortbonds
term
bonds 1 term
bonds l term
& notes dollars & notes dollars & notes dollars
*
30
2
3
3
*
*
2
783
*
1,539
98
134
3,744
6,409
196
3,627
1,829
*
16
2
3
3
**
1
87
1
1
93
83
789
814
2
1
15
*
3
3
160
635
705
673
111
I
1
73
85
*
297
46
3,420
156
4,354
478
1
86
*
418
47
3,575
165
4,191
540
370
48
3,273
162
4,630
562
27,887
840
28,570
786
28,911
708
29,164
644
3,704
459
4,169
266
4,057
389
3,871
528
1
301
499
1
1
271
429
1
1
318
400
1
1
393
348
1
*
6
178
205
16
626
425
513
153
235
44
607
*
1
*
5
87
131
1
1
237
1
1
819
293
3,544
12
325
119
147
228
37
528
85
154
272
780
354
1
*
1
1
*
1
4
167
226
16
690
1
*
158
646
751
616
3
3
1
2
133
1
123
298
48
3,325
158
4,253
490
82
*
312
50
29,859
668
30,087
728
3,929
644
3,877
700
1
1
453
360
1
1
176
216
14
759
5
172
243
15
688
*
1
4
1
1
1
*
806
336
3
837
421
1
3
905
398
1
2
933
376
1
3,398
13
3,603
13
3,703
12
3,865
12
295
5
302
5
97
155
276
6
293
6
288
6
77
1
3
1
72
2,344
2,499
1
3
2,558
212
1
3
1
368
1,329
*
45
430
1,420
437
1,444
*
40
3 4,329
56
4,762
4,955
330
189
343
*
12
535
186
368
*
10
540
188
373
862
12
1,089
10
260
275
*
27
315
279
*
30
*
41
52
4
1
2
137
1
1
73
83
2
15
1
*j
98
152
12
198
*
1
165
625
736
699
3
903
1,667
147
134
4 497
6,634
258
3 540
1,910
U.S.
Govt.
bonds
& notes i
281
3,385
3 1,976
U.S.
Gold&
Govt.
shortbonds 1 term
& notes dollars
1.606
111
131
4 532
6.462
'251
3,422
1,897
1
16
2
3
102
155
632
623
671
Sept. 30 , 1963^
2
1,555
96
140
4,123
6,224
243
3,385
1,809
3,290
162
4,319
665
91
296
1
5
111
168
262
j
117
198
263
1
1
3
2 613
223
1
3
*
222
1
3
*
471
1,516
40
480
1,546
40
486
1,537
43
50
5,140
49
5,233
49
5 303
52
•
*
10
597
193
377
*
10
636
191
355
*
*
10
683
186
331
*
*
8
1,101
10
1,167
10
1,182
10
1,200
8
337
287
*
29
340
281
*
28
360
358
30
348
329
*
30
215
74
225
76
67
2 689
535
27
594
30
624
29
621
28
718
30
677
30
340,861
1,406
42,569
1,156
43,046
1,199
43,566
1,272
44,624
1,413
45,009
1,530
7,218
966
7,090
1,065
7,091
1,163
50,784 1 2,238
51,714
2,478
52,100
2,693
5,829
1,432
7,127
993
7,352
911
346,690
2,838
49,696
2,149
50,398
2,110
1
Excludes nonmarketable U.S. Treasury bonds and notes held by
official
institutions of foreign countries as shown in Table 7 on p. 262.
2
In addition to other Western European countries includes 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
Total short-term dollars include $82 million reported by banks
initially included as of Dec. 31, 1961, of which $81 million reported for
Japan.
4
Excludes gold reseryes of the U.S.S.R., other Eastern European
countries, and China Mainland.
5 International Bank for Reconstruction and Development, Inter-
Mar. 3 , 1963
83
*
435
48
3,435
165
4,495
681
Total
Canada
U.S.
Gold&
Govt.
shortbonds
term
& notes dollars
Dec. 3 , 1962
142
610
588
639
135
542
469
586
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other2
Sept. 30, 1962
national 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 the BIS and E.F. (see note 2).
NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and official and private short-term dollar holdings
(principally deposits and U.S. Treasury bills and certificates); excludes
nonnegotiable, non-interest-bearing special U.S. notes held by the InterAmerican Development Bank and the International Development
Assn. U.S. Govt. bonds and notes are official and private holdings of
U.S. Govt. securities with an original maturity of more than 1 year.
See also NOTE to table on gold reserves.
256
INTL. CAPITAL TRANSACTIONS OF THE U. S.
FEBRUARY 1964
1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
Foreign
International and regional *
End of
period
Grand
total
Total
Intl.
16,159
419,389
21 272
522,533
1,544
43,158
4 012
3,752
1,544
43,158
3,897
3,695
1962—Dec
25,017
5,148
4,938
1963—Jan
Feb
Mar....
Apr
May....
June.. . .
July
Aug....
Sept
Oct
Nov.».. .
Dec.*\..
24,949
24,989
25,154
25,328
25,407
25,812
25,436
25,745
25,842
26,257
26,379
25,856
5,100
5,059
4,983
5,029
4,862
4,837
4,950
4,819
4,778
4,767
4,678
4,651
4,895
4,856
4,797
4,847
4,697
4,671
4,783
4,658
4,618
4,613
4,522
4,496
1958
1959
1960
1961
European
regional 2
L.A.
regional
Europe
Africa
Other
countries
192
253
227
283
119
125
104
3,444
319
152
3,518
3,523
3,621
3,644
3,704
3,733
3,737
3,741
3,779
3,852
3,951
3,971
319
329
326
321
303
291
286
293
264
265
277
241
147
142
147
160
165
175
162
164
160
164
185
194
Nether- Norway
lands
Portugal
Spain
130
95
82
105
163
138
84
99
36
86
149
153
Latin
Canada America
Asia
Total
Official 3
Other
iis
57
14,615
16,231
17,260
518,781
8,665
9,154
10 212
10,940
5,950
7,076
7,048
57,841
7,708
8,473
9 046
10,322
2,019
2,198
2,439
2,758
2,403
2,408
2,308
2,340
2,205
2,780
3,115
52,974
34
176
19,869
11,958
7,911
10,157
3,349
2,448
30
26
28
19
20
26
18
18
18
17
17
18
175
177
158
162
145
141
150
144
142
137
139
137
19,849
19,930
20,171
20,300
20,546
20,975
20,486
20,926
21,064
21,490
21,701
21,206
11,564
11,482
11,767
11,887
12,062
12,341
11,891
12,179
12,359
12,294
12,316
12,366
8,285
8,448
8,404
8,413
8,483
8,634
8,594
8,747
8,705
9,196
9,385
8,840
10,009
10,098
10,259
10,086
10,247
10,722
10,284
10,627
10,752
10,818
10,755
10,674
3,295
3,261
3,139
3,227
3,244
3,174
3,073
3,129
3,102
3,370
3,498
2,986
2,561
2,576
2,678
2,862
2,883
2,879
2,943
2,972
3,006
3,021
3,034
3,139
oo
l a . Europe
End of period
Total
Austria Belgium
1958
1959
1960
1961
7,708
8,473
9,046
10,322
411
331
243
255
1962—Dec
10,157
1963—Jan
Feb
Mar.. ..
Apr
May.. . .
June
July
Aug
Sept
Oct
Nov. 75 ...
Dec.p...
10,009
10,098
10,259
10,086
10,247
10,722
10,284
10,627
10,752
10,818
10,755
10,674
Denmark
Finland
115
138
142
326
169
137
54
52
329
174
67
73
320
317
305
276
288
310
354
392
399
372
347
365
ill
189
183
208
224
233
208
271
300
398
385
403
56
44
65
69
74
80
99
101
116
128
144
161
75
75
79
70
68
70
76
75
73
78
86
99
69
71
46
91
France
532
655
519
989
Germany
Greece
Italy
1,121
1,370
877
1,234
1,755
1,987
3,476
2,842
126
186
63
67
,157
2,730
119
1,384
248
125
161
111
490
1,272
1,359
,414
1,433
1,573
,718
,435
,477
,466
,421
,486
,463
2,495
2,413
2,475
2,456
2,670
2,709
2,771
2,844
2,873
2,965
3,041
3,041
142
162
166
171
174
174
181
176
181
173
181
187
1,182
1,123
1,099
1,121
1,054
1,133
1,165
1,287
1,249
1,029
877
805
232
216
228
286
324
316
238
226
329
367
361
359
120
134
130
131
130
135
136
133
127
119
119
133
167
161
157
159
153
147
151
146
149
149
162
191
184
209
191
169
163
162
184
201
177
164
172
205
476
507
492
480
483
517
470
432
434
419
431
409
Colombia
Cuba
169
217
158
147
286
164
77
43
418
442
397
495
l a . Europe—Continued
End of period
Switzer- Turkey
land
United
Kingdom
Yugoslavia
9
6
10
12
671
569
357
325
14
13
10
11
11
12
12
15
15
15
16
16
261
264
230
197
152
172
157
159
252
305
356
395
1958
1959
1960
1961
852
969
678
875
20
31
18
26
873
990
1,667
2,227
1962—Dec
908
25
,609
1963—Jan
Feb
Mar....
Apr
May.. ..
June....
July....
Aug....
Sept
Oct p
Nov. ...
Dec.P. . .
861
813
812
751
718
890
809
790
824
856
831
906
30
36
22
21
20
16
16
27
21
,923
2,041
2.183
2,056
.948
;907
,800
,854
,747
,810
,713
,489
For notes see following page.
%
21
339
485
328
216
303
213
227
406
lb. Latin America
Other
Other
Western6 U.S.S.R. Eastern
Europe
Europe
349
Sweden
Argentina
Brazil
2,403
2,408
2,308
2,340
150
337
315
235
138
151
194
228
100
185
135
105
Total
Chile
Mexico
2
3
12
5
3
12
13
14
16
19
2,448
210
204
135
148
715
531
3
3
2
3
2
3
2
3
2
19
19
16
18
19
20
19
19
17
21
20
24
2,561
2,576
2,678
2,862
2,883
2,879
2,943
2,972
3,006
3,021
3,034
3,139
211
235
266
309
335
342
383
399
404
381
360
375
188
173
192
198
167
169
151
160
181
185
187
178
131
181
125
120
124
129
114
117
133
122
135
143
183
177
167
163
165
183
157
168
155
163
162
169
14
14
15
15
15
14
13
12
13
12
11
11
558
589
596
639
627
596
658
670
665
632
654
669
FEBRUARY 1964
257
INTL. CAPITAL TRANSACTIONS OF THE U.S.
1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY-Continued
(Amounts outstanding; in millions of dollars)
lc. Asia
lb. Latin America—Continued
End of
period
1958
1959
I960
1961
1962—Dec
1963—Jan
Feb
Mar....
Apr
May....
June....
July
Aug
Sept
Oct
NOV.P. . .
Dec.'...
Peru
Panama
Uruguay
Venezuela
Other
L.A.
Rep.
Other
Neth.
Bahamas
&
Antilles & Latin
Total
Bermuda 8 Surinam America 8
97
China
Mainland
Hong
Kong
India
Indonesia
Israel
146
129
123
87
77
82
72
84
82
62
51
57
494
277
398
418
222
227
235
226
9 14
69
111
79
88
72
89
35 2,205
33 2,780
12 3,115
15 52,974
36
36
35
35
62
60
57
56
77
114
54
78
108
139
178
76
56
87
75
63
98
105
101
405
267
123
97
10
3,444
36
65
41
28
81
96
102
97
103
105
103
108
110
113
121
126
129
141
153
155
158
90
95
96
91
94
91
455
413
436
505
498
504
559
541
532
616
581
591
300
329
352
361
357
331
326
322
310
307
303
349
123
123
123
129
133
138
129
126
132
128
134
136
97
95
95
94
95
98
93
89
94
87
82
85
10
10
10
25
52
52
33
35
39
32
36
32
3,518
3,523
3,621
3,644
3,704
3,733
3,737
3,741
3,779
3,852
3,951
3,971
36
36
36
35
35
35
39
35
35
35
35
35
62
61
61
66
61
64
61
62
65
67
69
66
46
45
49
40
47
48
49
48
55
51
49
51
30
30
30
33
34
32
34
33
23
32
27
48
87
93
96
95
97
106
91
96
93
105
113
112
no
111
109
113
117
111
125
129
93
91
92
93
110
113
lc. Asia—Continued
Philippines
End of
period
Id. Africa
Taiwan
Congo
Thailand
Other
Asia
T/v*-«»1
a
1SK§ M "
le. Other countries
MoSouth
rocco 8 Africa
U.A.R. Other
(Egypt) Africa
rp
#
|
Australia
All
other*
935
1,285
1
887
3
1,672
145
148
152
199
176
172
203
185
99
94
84
92
133
141
186
264
378
504
204
254
192
253
227
283
30
31
32
34
43
58
64
93
30
49
29
32
16
20
22
15
73
95
80
109
88
119
125
104
79
110
88
98
9
9
37
6
1962—Dec . . .
2,195
136
174
75
333
280
319
35
68
41
14
161
152
147
5
1963 Jan
Feb
Mar
Apr....
May...
June....
July
2,204
2,191
2,254
2,268
2,305
2,309
2 315
2,309
2,385
2 403
2,455
2,454
129
120
116
108
99
92
87
86
86
91
108
113
174
181
180
176
179
202
204
210
197
209
196
209
79
81
88
92
100
108
114
122
126
134
141
149
348
361
367
368
371
376
379
384
382
382
379
382
324
325
344
363
375
361
365
356
332
344
378
353
319
329
326
321
303
291
286
293
264
265
277
241
36
36
32
32
29
30
30
30
24
24
25
26
68
68
68
105
103
101
88
85
77
71
59
49
43
44
46
46
49
38
45
48
40
43
55
41
13
16
19
19
15
17
15
13
12
18
14
14
159
165
161
119
107
105
109
117
111
109
123
112
147
142
147
160
165
175
162
164
160
164
185
194
142
137
142
149
149
160
147
149
146
148
171
180
5
5
5
11
16
15
15
15
14
16
14
13
1958
1959
I960
1961
Sept....
Oct
Nov.*..
3
Dec.? ..
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 reflects principally reclassification of deposits for changes
in 8domicile over the past few years from Cuba to other countries.
Data based on reports by banks in the Second F.R. District only for
year-end 1958-1962; Dec. 1962 figure carried forward through Mar. 1963.
9
Bermuda only; Bahamas included in "Other Latin America."
10 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 1960-62 based on reports
by banks in the Second F.R. District only; data for Apr. 1963 based on
reports by banks in all F.R. Districts.
11 Based on reports by banks in all F.R. districts.
12
Jamaica, Trinidad and Tobago included in British West Indies.
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.
258
INTL. CAPITAL TRANSACTIONS OF THE U.S.
FEBRUARY 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 Data Jo (end of period)
1960
1961
1962
5.1
2.7
3.1
3.2
5.6
2.9
12.6
16.1
10.8
4.1
3.4
1.7
H23.1
19.8
H36.9
27.3
H24.3
H43.9
10.7
15.0
H26.2
13.3
H22.8
23.6
H21.9
H45.8
Area or country
Other Western Europe:
Iceland
Ireland, Rep. of
Luxembourg
Monaco
Other Latin American Republics:
Bolivia
Costa Rica
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Jamaica
Nicaragua
Paraguay
Trinidad & Tobago
H23.2
16.5
H42.0
36.3
H22.5
H40.9
10.5
13.8
5.2
4.7
8.9
2.0
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
12 14.0
9.0
22.6
.5
1.0
1.3
9.8
.9
3.6
4.5
10.9
15.3
5.3
2.5
12.6
4.9
n.a.
8.9
10.2
n.a.
9.9
14.8
(12)
1.8
3.3
11.9
4.6
17.3
14.8
4.9
(12)
5.7
Other Latin America:
1211.3
British West Indies
French West Indies & French
.4
Guiana
Other Asia:
Afghanistan
Burma
Cambodia
Ceylon
1963
Apr.
(12)
6.9
6.5
Area or country
1961
1962
1963
Apr.
H31.3
20.2
H18.7
1.6
27.1
4.6
52.3
4.4
10.1
14.6
24.9
3.2
2.6
7.9
8.5
1.2
33.0
14.0
65.9
12.6
15.9
17.0
28.4
5.8
4.9
10.1
49.4
n.a.
1.7
38.2
n.a.
77.9
13.6
15.9
32.7
37.1
5.3
3.4
11.6
1960
Other Asia (Cont.):
H22.4
Iran
13.8
Iraq
1.8
Jordan
9.6
Kuwait
5.0
Laos
Lebanon
36.2
6.3
Malaya
Pakistan
10.6
Ryukyu Islands (inch Okinawa). 14.2
Saudi Arabia
18.4
Singapore
1.9
Syria
4.2
Viet-Nam
14.6
Other Africa:
Algeria
Ethiopia, incl. Eritrea
Ghana
Liberia
Libya
Mozambique
Nigeria
Rhodesia & Nyasaland, Fed. of..
Somali Republic
Sudan
Tunisia
.4
9.3
.9
16.8
5.6
2.2
.8
3.9
3.5
1.9
2.8
.5
11.1
1.1
21.9
5.4
1.6
21.8
6.5
1.7
2.0
1.2
1.6
17.0
4.1
17.6
5.5
2.5
26.8
6.8
.6
2.4
10.9
.5
20.8
n.a.
13.4
10.5
1.1
n.a.
7.5
.6
n.a.
n.a.
All other:
New Zealand
35.1
4.0
4.7
8.8
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 institution s
End of period
Total
1958
1959
I960
1961
1961 5
To all other foreigners
Total
16,159 13,669
419,389 416,913
21,272 18,929
22,450 19,944
22,533 20,025
U.S.
Treasury
bills and
Demand Time 1 certificates
Special
U.S.
notes 2
Other 3
6,772
6,341
7,568
8,644
8,707
5,066
7,180
7,491
7,363
7,363
757
4 2,065
2,469
2,388
2,388
1,075
1,328
1,401
1,549
1,567
Deposits
Deposits
Total
Demand
U.S.
Treasury Other 3
bills and
Time 1 certificates
2,430
2,398
2,230
2,356
2,358
1.J51
1,833
1,849
1,976
1,977
295
148
149
149
174
270
233
231
232
306
Payable
in
foreign
currencies
59
77
113
150
150
1962—Dec
25,017
22,309
8,528
9,214
3,012
1,555
2,565
2,096
116
352
143
1963 Jan
Feb
Mar
Apr
May
24,949
24,989
25,154
25,328
25,407
25,812
25,436
25,745
25,842
26,257
26,379
25,856
22 222
22,185
22,339
22,453
22,514
22,864
22,531
22,770
22,813
23,169
23,228
22,672
8,858
8,957
8,936
8,924
5,471 3,480
5,714 3,561
5,638 3,561
5,487 3,674
5,567 3,647
5,760 3,821
5,993 3,805
5,628 3,673
8,765
8,617
8,766
8,875
8,955
9,012
8,781
8,916
8,859
8,735
8,555
8.570
2,995
2,980
2,965
2,981
2,976
2,922
2,961
3,028
3,028
3,036
3,036
3,036
1,604
1,631
1,672
1,674
1,632
1,655
1,590
1,665
1,712
1,817
1,839
1,765
2,563
2,655
2,671
2,759
2,762
2,822
2,797
2,864
2,921
2,943
3,022
3,047
2,077
2,110
2,116
2,197
1,405
1,442
1,401
1,399
1,441
1,391
1,454
1,493
123
144
143
146
128
109
117
111
109
363
401
412
416
423
439
421
468
469
122
499
134
119
485
469
164
150
143
116
130
127
108
112
108
145
130
137
July
Aug
Sect
Oct
..
NOV.P
5
Dec.*
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 $289 million on Dec. 31, 1963.
806
832
858
886
902
931
949
966
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.
FEBRUARY 1964
259
INTL. CAPITAL TRANSACTIONS OF THE U.S.
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
1958
1959
I960
1961
Intl. and
regional
,
1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sent
Oct
Nov /;p
Dec
Other
countries 2
Africa i
Canada
696
534
717
767
243
272
421
556
1,099
1,176
1,356
1,522
435
586
1,052
3 1,891
5 173
877
526
1,606
2,017
69
56
69
85
146
4 961
5 090
5,124
5,316
5,354
5,534
5,470
5,435
5,430
5,563
5,736
5,905
751
794
825
850
865
985
875
952
920
967
1,005
937
535
573
547
580
580
654
667
597
554
627
632
607
1,575
I 605
1,563
1,587
1,592
1,612
1,668
1,697
1,698
1,690
1,686
,739
1,970
1 978
2,048
2,158
2,176
2,138
2,124
2,046
2,119
2,139
2,264
2,459
131
140
142
141
48
47
47
50
51
56
52
58
2 542
2,624
3,614
3
4 820
1962—Dec
Latin
America
Europe
Asia
92"
97
87
92
88
82
97
104
3a. Europe
End of period
Total
Austria
Belgium
Denmark
696
534
717
767
7
4
?
65
56
65
20
14
18
13
11
877
7
32
751
794
825
850
865
985
875
952
920
967
1,005
937
7
8
21
30
25
29
34
29
28
26
28
26
27
26
1958 .
1959
I960..
1961
1962—Dec
1963 Jan
Feb
Mar
Apr
Mav
. .
.
.
...
July
Aug
Sept
Oct
NOV.P
Dec
p
9
8
9
9
9
1?
10
10
9
8
Finland
Netherlands
Norway
Portugal
Spain
Sweden
36
30
34
35
56
38
33
54
22
7
17
27
2
2
4
5
30
8
8
11
24
19
28
35
6
54
27
35
9
19
18
6
6
6
9
7
8
10
9
10
9
9
9
51
69
58
67
60
57
69
85
70
81
82
97
26
36
29
32
37
34
37
37
37
41
36
33
34
35
32
33
34
31
34
35
35
34
41
40
9
10
11
13
12
11
11
12
13
14
16
14
19
23
25
33
40
44
44
52
45
38
34
30
16
19
22
23
26
24
25
33
32
33
36
30
France
Germany
Greece
6
8
9
23
102
57
32
42
77
54
82
165
7
5
6
6
14
30
68
186
9
13
13
15
14
10
10
9
11
11
11
13
35
39
39
41
44
51
51
49
51
49
49
52
56
56
58
67
72
67
63
65
69
66
65
70
134
144
160
144
143
256
132
159
146
151
176
121
Italy
3a. Europe—Continued
End of period
Switzerland
Turkey
United
Kingdom
3b. 1^atin America
Other
Other
Yugo- Western
Eastern5 Total
slavia Europe 4 U.S.S.R. Europe
1
51
68
80
125
166
115
26
19
293
291
1,606
181
171
186
131
17
408
1,575
1,605
1,563
1,587
1,592
1,612
1,668
1,697
1,698
1,690
1,686
1,739
156
161
161
170
180
180
200
198
187
183
184
188
187
179
178
196
196
197
192
199
210
183
172
163
168
160
151
151
161
166
171
170
179
186
192
187
129
149
145
137
136
153
146
176
169
180
185
208
17
17
17
17
17
17
17
17
17
17
16
16
417
420
409
405
406
409
448
448
454
445
443
465
42
221
6
72
67
71
65
66
65
69
71
75
91
78
70
42
36
32
40
44
49
47
44
47
42
23
48
180
172
197
190
175
188
185
202
197
232
266
229
6
6
9
12
17
16
17
16
52
59
73
127
8
75
1963—Jan
Feb
Mar
Apr
May
For notes see following page.
148
117
225
186
7
6
8
8
11
11
13
13
12
12
15
16
1962 Dec
7
Mexico
19
19
21
21
20
21
21
21
19
20
22
23
9
to
Cuba
19
11
5
13
11
9
n7
Colombia
40
60
121
192
124
121
245
181
Sept
Oct
Nov vv
Dec
Chile
1,099
1,176
1,356
1,522
72
47
49
16
July
*
Brazil
4
5
8
8
42
38
60
105
1958
1959
I960
1961
Argentina
343
425
260
INTL. CAPITAL TRANSACTIONS OF THE U.S.
FEBRUARY 1964
3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
3b. Latin America—Continued
End of
period
Panama
Peru
1Uru1guay
Venezuela
Other
L.A.
Republics 6
3c. Asia
Bahamas
&
Ber- 1
muda
Neth.
Antilles
&
Surinam
Other
Latin
America 7
31 891
6
9
8
23
14
24
36
66
9
98
2 017
2
13
20
37
67
70
68
10
10
9
10
10
14
14
10
9
8
8
9
87
92
89
1,970
1,978
2,048
2,158
2,176
2,138
2,124
2,046
2,119
2,139
2,264
2,459
2
2
2
2
2
2
14
14
14
14
13
12
12
11
11
11
12
11
17
20
24
22
22
19
16
19
20
18
16
17
35
38
39
33
31
27
29
28
28
30
25
22
44
57
55
56
1962—Dec....
30
85
122
102
1963—Jan
Feb....
Mar...
Apr....
May...
June...
July...
Aug....
Sept...
Oct....
Nov. *..
Dec.p..
33
38
40
34
34
29
29
30
30
33
34
36
88
83
86
91
95
103
(06
[04
103
103
98
99
114
123
113
121
97
95
96
93
86
89
80
62
102
104
97
100
101
99
96
99
102
103
106
114
6
4
60
115
105
113
112
109
116
121
135
27
27
29
31
33
31
33
42
96
19
18
11
10
10
15
14
16
3c. Asia—Continue d
179
324
806
3 1,528
1
1
2
4
67
24
19
114
6
9
7
10
1962 Dec
I 740
3
70
9
1963—-Jan
Feb
Mar
1,697
1,691
1,751
I 876
1,896
1,869
1,872
4
75
80
81
73
69
66
52
51
56
63
74
113
11
13
14
15
16
14
16
13
11
8
8
8
May
June
July
AUE
Sept
Oct
,
Nov.*.
Dec.*>.
. .
1,793
1,862
1,876
1,983
2,137
8
14
16
17
16
16
13
26
25
Taiwan
Other
Asia
13
15
24
34
134
180
150
145
4
41
43
43
40
40
38
40
38
40
43
44
45
52
Total i
10
26
146
41
67
9
1?
13
13
21
21
19
17
18
25
20
26
29
27
27
28
131
140
38
39
44
44
42
41
41
43
44
49
44
48
61
66
64
64
6
10
80
73
2
92
97
87
92
88
82
97
104
2
1
2
1
2
1
1
2
1
2
1
7
3
1
All
others
13
18
28
29
2
1
2
2
Australia
69
56
69
85
12
11
70
75
73
69
73
69
72
73
71
i
3
2
3
13
3
3
70
69
4
3e. Other countries
Congo
South U.A.R. Other Total2
(Leo- Morocpoldco 1
Africa (Egypt) Africa*
ville)
Thailand
1
Not reported separately until May 1963.
23 Includes Africa until May 1963.
Includes $58 million reported by banks initially included as of Dec.
1961,
of which $52 million reported for Japan.
4
Until May 1963 includes Eastern European countries other than
U.S.S.R., Czechoslovakia, Poland, and Rumania.
s Czechoslovakia, Poland, and Rumania only until May 1963.
* Bolivia, Dominican Republic, El Salvador, and Guatemala only until
May 1963.
i Until May 1963 includes also the following Latin American Republics: Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, and Trinidad and Tobago.
2
2
2
2
2
4
Jd. Africa
Philippines
Israel
8
13
142
247
234
144
Korea
Indonesia
6
10
9
9
52
47
57
55
Japan
India
3
2
2
2
31
36
44
74
13
15
]Jong
][Cong
435
586
1,052
23
18
23
32
1958
1959
I960
1961
China
Mainland
53
57
66
74
1958
1959
I960
1961
End of period
Total
13
14
14
13
14
IS
16
15
57
53
50
50
42
36
51
59
142
141
48
47
47
50
51
56
52
58
28
21
24
27
6
6
6
6
7
8
8
9
8
Until May 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.
261
INTL. CAPITAL TRANSACTIONS OF THE U.S.
FEBRUARY 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
End of period
Loans to—
Total
1958
1959
1960 .
1961 4
1961
Official
institu-1
tions
Banks
Others
Collections
outstanding
Total
Acceptances
made for
acct. of
foreigners
Other 2
Deposits
with
foreigners
Total
Foreign govt.
securities,
comml. and
finance
paper
Other 3
656
582
1,233
1,837
1,874
198
217
480
586
586
181
203
242
385
386
686
1,967
557
371
186
637
684
708
731
741
733
740
733
757
772
800
831
1,976
2,041
2,057
2,235
316
367
379
347
310
341
339
335
523
546
575
595
595
693
636
631
602
691
636
624
347
359
375
383
389
464
401
407
404
462
429
428
176
188
200
211
54
52
58
55
49
55
51
42
2,542
2,624
3,614
4,762
4,820
2,344
2,406
3,135
4,177
4,234
401
351
290
329
329
439
498
524
699
709
428
460
482
618
622
421
516
605
694
700
1962—Dec
5,173
4,616
359
953
651
1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov."
Dec. P.
4,961
5,090
5,124
5,316
5,354
5,534
5,470
5,435
5,430
5,563
5,736
5,905
4,438
4,544
4,550
4,722
4,759
4,843
4,834
4,804
4,828
4,871
5,101
5.281
322
293
255
236
174
142
136
166
177
153
189
188
845
853
850
824
790
884
842
891
848
869
993
972
658
672
680
695
689
689
702
711
713
710
749
762
.
Payable in foreign currencies
1 Includes central banks.
23 Until May 1963 includes acceptances made for account of foreigners.
Until May 1963 includes foreign government securities, commercial
and finance paper.
2,049
2,028
2,035
1,956
2,024
2,027
2,031
2.193
16
15
238
200
200
152
176
176
170
148
174
156
153
* These figures reflect the inclusion of data for banks initially included
as of Dec. 31, 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
Payable in dollars
Total
Total
Loans
All other
Payable in
foreign
currencies
Total
liabilities
1958
1959
I960
1961
1,362
1,545
1,698
2 034
2
1
7
2
1962—Dec
2 151
4
2,139
2,112
2,124
2,176
i 2,370
2,388
2,422
2,463
2,509
2,503
2,562
22,998
4
4
6
11
29
35
45
48
47
47
44
44
1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct p
Nov. .
Dec?
1 Includes $86 million of long-term loans previously held but reported
for thefir«!ttime as of May 1963
2 Includes $186 million reported by banks for the first time as of
12,370
2,388
2,422
2,463
2,509
2,501
2,560
22,996
12,337
2,353
2,386
2,424
2,468
2 461
2,524
2,781
33
1
35
36
39
41
*
39
36
214
2
2
2
December 1963, representing in part claims previously held but not
reported by banks.
262
INTL. CAPITAL TRANSACTIONS OF THE U.S.
FEBRUARY 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 1
Foreign bonds
Net purchases or sales
Period
Foreign
Intl.
__
J
regional Total
Official
Purchases
Net pur- PurSales chases or chases
sales
2,419
3,384
2,568
2,977
2,167
3,161
2.508
2,776
252
223
60
201
883
802
1,093
978
Net pur- PurSales chases or chases
sales
-98
-20
-207
368
1,445
-562
1,262
-460
-Q44
2.037
2,084 - 1 , 1 0 5
225
532
-521
302
Dec
62
-23
85
195
211
-16
60
216
1963 Jan
Feb
Mar
Apr
May
127
-44
45
12
206
22
-10
142
83
8
104
-25
21
-6
40
7
101
-8
-3
105
-4
3
60
-14
106
-38
5
5
105
30
-7
37
87
5
44
-11
215
183
177
273
310
354
208
224
239
261
257
276
202
190
176
235
239
342
192
207
235
272
232
253
12
-7
56
61
84
121
144
52
75
44
222
50
28
40
314
214
186
181
409
156
116
110
232
43
61
62
1962
. ...
• ...
July
Sept
Oct
Dec?
127
31
5
43
82
14
43
-6
Sales
Net purchases or
sales
Other
127
512
-728
670
I960
1961.
1962
1963^
Foreign stocks
—21
-1
-12
—6
5
—9
1
-5
1 Excludes nonmarketable U.S. Treasury bonds and notes held by
official institutions of foreign countries; see Table 7.
2 Includes small amounts of State and local govt. securities.
38
71
12
16
17
4
— 11
25
23
509
596
592
966
702
695
806
643
-370
-104
52
-157
61
61
*
—258
-153
— 102
59
59
*
51
60
-9
— 13
—60
66
67
59
55
42
44
60
70
63
59
73
74
87
60
79
43
23
31
27
28
-20
-1
-24
-1
21
29
43
34
-265
-104
-42
-66
-9
7
-33
-22
-83
H
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
Total
Austria
1962 Dec
251
1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
381
481
481
551
605
605
655
705
705
705
705
730
25
25
25
25
25
25
25
25
50
1964—Jan
730
50
Belgium
Germany
Italy
Switzerland
Total
Canada
Italy
Sweden
200
51
30
30
30
30
30
30
30
30
100
200
200
200
200
200
225
275
275
275
275
275
200
200
200
200
200
200
200
200
200
200
200
200
81
81
81
126
150
150
175
175
175
175
175
175
183
183
183
183
183
183
208
163
163
163
163
163
125
125
125
125
125
125
125
125
125
125
125
125
58
58
58
58
58
58
58
13
13
13
13
13
25
25
25
25
25
25
30
275
200
175
160
125
10
25
263
INTL. CAPITAL TRANSACTIONS OF THE U.S.
FEBRUARY 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
Stocks
Bonds
252
223
60
201
202
323
111
197
50
-99
-51
4
-16
-4
-12
1960
1961
1962
1963»
1962—Dec...
1963—Jan...
Feb...
Mar...
Ntey!!
June..
July. .
Aug...
Sept...
Oct...
Nov. P.
Dec. P.
Country or area
Total
12
-7
•
38
71
12
16
17
4
-11
25
23
9
3
-9
•
37
60
21
United
Kingdom
38
21
4
-9
171
166
129
-13
-48
-17
-33
206
72
61
24
15
-3
-11
-3
2
-1
-1
-1
•
•
-4
-1
-2
-1
-1
3
*
•
1
10
-8
8
1
-7
-3
-13
2
16
10
-8
38
21
Switzerland
France
4
3
11
43
39
32
20
-lo
-2
-4
7
*
8
2
-10
7
3
9
15
21
8
i Not reported separately until May 1963.
Other
Europe
Canada
Latin
America
Asia
234
232
124
199
-45
-112
-43
-53
36
44
-20
14
13
44
-18
17
-15
2
Total
Europe
4
7
-5
-5
4
-3
1
4
1
-5
5
7
4
-2
3
33
45
19
21
13
11
-2
36
17
-5
1
-7
1
•
•
3
6
3
•
-1
-4
•
5
1
-5
12
-12
-4
1
-6
-11
-20
2
Africa i
Other
countries
Intl.
and
regional
1
-\
]
14
12
17
22
•
Xt
2
4
•
4»
2
1
1
4
6
1
-4
2
1
1
1
1
1
2
2
2
2
2
2
2
i
t
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)
Total
Period
Intl. Total
forand
eign
recoungional tries
-498
-832
-813
-958
-645
-830
-1.048
-1,053
-147
1
-235
-96
1962—Dec
-156
-78
-78
1963—Jan
Feb
Mar
-258
-162
-115
-67
-284
-105
-65
-68
11
36
10
12
-35
6
-29
-62
3
2
8
1
2
4
2
2
-224
-167
-86
-5
-287
-107
-73
-68
10
32
8
10
1960
1961
1962
1963?> . . . .
.
.
May!;;; .
June.... .
July
Aug
Sept
Oct 7
Nov.* . .
Dec.**...
Assets in custody
Europe
Canada
-117
-262
-188
-53
-196
-318
-360
-614
2
-45
- 3 -197
4 -125
-43
-27
37
*
- 2 4 -207
-25
-42
2
-6
-6
-29
-14
-16
10
28
2
8
16
-2
* Not reported separately until May 1963.
Latin
Other
Amer- Asia Africa* counica
tries
-36
-73
-50
-8
-107
-58
-41
-31
-41
-121
-175
-252
-7
-36
7
-12
-3
1
1
•
-1
-36
1
15
2
2
1
-12
-34
-19
-13
-57
-41
-36
-34
20
-10
5
-11
-1
*
1
-31
*
1
2
1
2
1
*
1
•
1
1
•
4
*
*
6
End of
period
Deposits
U.S. Govt.
securities *
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—Jan...
Feb...
Mar...
M^y!!
June..
July..
Aug...
Sept...
Oct...
Nov...
Dec...
197
192
201
160
171
175
182
177
174
175
165
171
7,033
7,079
7,277
7,478
7,886
7,957
7,733
7,856
7,945
8,241
8,343
8,675
12,789
12,836
12,789
12,815
12,878
12,917
13,086
13,129
13,132
13,025
13,048
12,954
1964—Jan....
136
8,740
12,899
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, Supplement to Banking and Monetary Statistics, 1962).
264
INTL. CAPITAL TRANSACTIONS OF THE U.S.
FEBRUARY 1964
11. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS
(End of period; in millions of dollars)
Liabilities to foreigners
1962
Area and country
IV
Europe:
Finland
Germanv Fed ReD o f . . . . . . .
[taly
Netherlands .
Sweden
Switzerland
United Kingdom
Yugoslavia
Other Western Europe
2
Total
Canada
. •
Latin America:
Argentina
Brazil
Chile
Colombia
Cuba
Mexico
Panama
Venezuela.
Other L A. Republics 4
Bahamas and Bermuda ^ •
Neth. Antilles & Surinam . . . .
Other Latin America «
Total
Asia:
China Mainland
Hong Kong
Indonesia
Israel
Philippines.....
Thailand
Other Asia
33
1
?8
33
10
1
9
7
24
4
94
4
*
. ...
I
I1
2
18
2
1
31
36
1
29
46
12
1
7
8
26
4
109
4
1
2
18
2
1
31
36
1
29
46
12
1
7
8
26
4
no
4
1
1
Total
8
International and regional
Grand total
6
7
40
5
127
3
3
20
15
'28
4
227
3
5
1
2
2
j
2
'660
3
'629
639
664
'752
789
830
918
887
33
34
106
25
15
6
56
13
20
31
108
31
108
30
103
26
6
33
20
106
25
15
6
57
13
20
6
33
20
6
44
29
112
23
22
6
53
13
20
4
38
41
12
10
8
118
2
2
16
64
59
62
9
17
4
4
*
9
17
4
4
*
6
25
8
1
24
6
6
17
3
3
6
18
3
1
6
5
9
1
23
3
6
18
4
5
6
20
4
5
6
5
9
23
3
20
5
20
8
15
8
15
10
11
4
3
27
11
3
9
2
6
17
3
4
25
11
6
9
2
128
129
101
101
113
2
2
2
2
11
2
2
8
2
1
46
3
4
4
16
2
2
8
2
1
46
3
4
*
4
16
97
90
*
12
1
12
1
6
1
5
'625
63
2
52
3
3
5
24
6
4
59
114
6
82
24
15
8
25
17
'28
6
196
3
4
2
•
81
2
2
48
3
3
*
4
16
5
24
III,
II
11
6
26
5
3
48
106
7
95
30
16
7
26
19
30
6
222
3
4
*
3
80
11
I
6
24
8
3
51
117
5
78
31
15
6
20
15
'28
4
238
3
5
356
5
IV i
6
24
8
3
51
116
5
75
31
15
6
341
6
25
8
1
23
6
IV
1963
2
23
2
1
31
35
2
26
56
13
384
'731
6
4
59
114
6
82
24
15
8
25
17
'28
6
192
3
4
27
7
3
50
106
6
83
34
15
7
23
20
36
5
201
3
3
25
17
6
58
13
14
7
33
22
25
18
6
58
13
14
7
33
22
6
45
7
41
7
41
37
38
11
9
11
'382
'386
382
382
383
390
4
16
2
2
43
3
5
*
4
19
2
2
15
2
1
29
1
7
1
1
21
4
38
3
10
119
4
11
3
5
33
*
4
39
3
10
123
4
11
3
5
33
4
50
3
7
124
4
10
5
5
39
*
4
50
3
7
127
4
10
5
5
39
3
49
4
7
142
4
11
6
5
44
4
42
5
7
133
4
11
3
4
42
90
99
82
231
236
251
255
275
255
1
1
*
11
9
2
1
8
15
15
9
12
18
41
42
3
1
1
6
14
*
*
12
10
10
35
33
3
3
3
3
10
10
10
10
9
12
9
12
20
6
56
14
19
5
2
U
13
10
13
10
13
13
4
18
6
24
25
24
26
26
27
26
27
28
13
8
28
7
37
37
30
30
17
24
73
74
77
77
35
35
0
*
*
*
1
1
1
3
2
624
626
679
703
'2,062
'2,125
r? 175
,295
2,275
*
646
653
1
Includes data for a number of firms reporting for the first time on
Dec. 31,1962 (6th revised series) and on Mar. 31, 1963 (7th revised series).
2 Until June 1963 includes Eastern European countries other than
U.S.S.R., Czechoslovakia, Poland, and Rumania.
3 Czechoslovakia, Poland, and Rumania only until June 1963.
4 Bolivia, Dominican Republic, El Salvador, and Guatemala only
until June 1963.
56 Not reported separately until June 1963.
Until June 1963 includes also the following Latin American Republics:
Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay,
and Trinidad and Tobago.
2
20
3
1
32
33
2
30
50
13
1
7
8
27
4
118
3
2
339
Total 5
All other 7
III?
309
Other Africa 5
Other countries:
Australia
II
308
92
Total
Africa:
Congo (Leopoldville)
M^orocco ^
South Africa
U A R CEzvDi)
21
3
1
3?
1
Other Eastern Europe 3
1962
1963
IV i
2
21
3
1
32
33
1
28
33
10
1
9
7
24
4
93
4
1
Claims on foreigners
'2 109
7
Until June 1963 includes also African countries other than Congo
(Leopoldville),
South Africa, and U.A.R. (Egypt).
8
Includes Africa until June 1963.
NOTE.—Reported by exporters, importers, and industrial and commercial concerns in the United States. Data exclude claims held through
U.S. banks, and intercompany accounts between U.S. companies and
their foreign affiliates.
See also NOTE to Table 1.
265
U.S. BALANCE OF PAYMENTS
FEBRUARY 1964
U.S. BALANCE OF PAYMENTS
(In millions of dollars)
1962
Item
1960
1961
1963
1962
III
IV
A. Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and other than special U.S. Govt. transactions—
Seasonally adjusted
Exports of goods and services—Total1
Merchandise
Military sales
Investment income receipts, private
Investment income receipts, Govt
Other services
26,974
19,459
335
2,873
349
3,958
28,311
19,913
402
3,464
380
4,152
29,790
20,479
660
3,850
472
4,329
7,610
5,262
190
940
144
1,074
^mports of goods and services—Total.
Merchandise
Military expenditures
Investment income payments
Other services
-23,205
-14,723
-3,048
-939
-4,495
-22,867
-14,497
-2,934
-882
-4,554
-24,964
-16,145
-3,028
-995
-4,796
-6,222
-4,030
-748
-245
-1,199
Balance on goods and services 1
3,769
5,444
4,826
Remittances and pensions
-672
-705
-736
1. Balance on goods, services, remittances and
pensions
3,097
4,739
-2,775
-1,664
-1,213
-3,370
-1,854
-1,941
-527
-261
2. U.S. Govt. grants and capital flow,
net, excluding
advance debt repayments2
Grants 3, 4
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...
1,088
7,424
4,925
216
1,060
114
1,109
7,447
4,998
181
1,063
124
1,081
7,891
5,481
203
964
125
1,118
7,991
5,539
176
1,003
125
1,148
-6,282
-4,127
-732
-245
-1,178
-6,341
-4,046
-794
-265
-1,236
-6,257
-4,002
-748
-276
-1,231
-6,435
-4,170
-725
-285
-1,255
-6,681
-4,404
-707
-299
-1,271
1,388
1,268
1,083
1,190
1,456
1,310
-182
-176
-187
-212
-209
-193
4,090
1,206
1,092
896
978
1,247
1,117
-3,520
-1,903
-2,133
-853
-466
-507
-849
-434
-486
-911
-466
-660
-876
-440
-563
-1,186
-515
-620
-744
-450
-440
-248
-154
-50
-260
-20
7,550
5,270
141
946
105
-74
28
-50
65
130
14
25
148
-5
31
151
41
588
80
606
147
617
46
44
184
-3,552
-1,694
-850
430
-3,507
-1,598
-1,011
466
-3,118
-1,557
-1,209
271
-819
-506
-329
66
-708
-359
-188
-10
-902
-493
-335
20
-953
-501
-512
-1,348
-90
-1,541
177
-507
-116
1
-51
-164
13
-39
-905
-1,025
-37
-469
-683
-55
-492
156
-63
46
183
n
-1,461
-488
-616
203
-451
-276
-289
83
87
-18
-623
63
28
3
-122
54
1
142
-334
-412
-1,409
337
-749
-95
-1,314
B. Changes in foreign liquid assets in U.S. and m U.S. monetary reserve assets, amd special U.S. Govt. transactions—Not seasonally adjusted
Balance of A (= 1 + 2 + 3 + 4 )
Less: Net seasonal adjustments
Balance of A before seasonal adjustment.
Total
Advance repayments on U.S. Govt. loans
Advances on U S military exports net
-3,913
6
3,913
48
-16
-3,043
-3,573
-3,643
3,043
668
5
Sales of nonconvertible nonmarketable securities,"1
net
Dollar securities
•
Foreign currency securities
-3^573
-503
-129
-374
-934
337
-1,271
3,573
666
470
374
53
2
1,271
471
107
-973
-176
-797
-1,258
-66
-1,192
1,314
142
223
797
25
20
1,192
34
251
251
251
251
63
58
5
-10
8 19
Sales of convertible nonmarketable securities 7 net
Dollar securities
Foreign currency securities
. . .
. . . .
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 °
Foreign private holders excluding banks 1 *
Foreign commercial banks
Foreign official holders
Change in U.S. monetary reserve assets (increase,—)..
IMF position
Convertible currencies
Gold
350
125
225
-29
749
237
14
-95
-45
-50
152
152
175
25
150
1,738
637
-152
104
1,149
1,764
407
81
595
681
653
213
134
-147
453
486
-2
269
-243
462
-188
-107
-137
-214
270
309
109
-42
-132
374
307
-64
74
384
-87
897
-48
115
75
755
192
-19
97
-34
148
2,143
441
606
-135
-116
857
1,533
626
17
890
-163
44
-324
117
881
331
104
446
389
14
351
24
32
-46
-33
111
124
2
6
116
226
59
-28
195
1,702
1 Excludes military transfers under grants.
2
Includes also very small amounts of changes in "misc. Govt. nonliquid
liabilities."
3
Includes military grants.
4
Not seasonally adjusted separately.
s Other than foreign liquid assets in U.S.
6
Includes sell-offs.
7 With maturities over 12 months.
c
8 Certificates sold abroad by Export-Import Bank.
9 Includes official liabilities.
10 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 payments
(debits); absence of sign indicates net receipts (credits)
266
FOREIGN TRADE; MONEY RATES
FEBRUARY 1964
MERCHANDISE EXPORTS AND IMPORTS
(In millions of dollars, seasonally adjusted)
Imports
Exports i
Period
Month:
Jan
Feb
Mar
May
July
Aug
Sept
Oct
Nov
Dec . . . .
Quarter:
II
Ill
IV
Year
4
r
2
Export surplus
r
1961
1962 r
462
562
341
489
107
621
588
510
432
3 408
3 310
435
330
430
358
485
401
357
473
496
473
364
365
387
480
424
410
211
300
462
487
473
569
1,612
1,160
1,273
1,195
973
987
1,333
1,282
1,529
4,556
5,137
1963 r
1960
1961
1962'
1963
985
1.213
2,118
1,960
1,913
1,893
1,785
1,823
1 895
1,980
1,946
1,945
2,049
1,307
1,261
1,315
1,242
1,252
1,235
1,227
1,188
1,178
1,126
1,161
1,150
1,163
1,152
1,153
3 1,174
3 1,379
1,254
1,262
1,300
1,309
1,315
1,327
1,320
1,342
1,365
1,404
1.351
1,347
1 346
1,471
1,312
1,425
1,377
1,092
1.497
1,487
1,417
1,420
I 421
1,458
508
1,450
1,459
1,472
4S0
348
259
257
307
417
382
472
398
459
490
555
536
3,781
3,809
3,650
3,413
3,474
3 3,479
3 3,895
3,924
3.989
4,120
4,164
4,114
4 076
4,258
4 416
4,411
864
1,106
1,329
1,581
3 1,350
3 1,161
1,314
14,654
14,713
16,389
17,151
4,955
5,439
1960
1961
1962
1.561
1,566
1,518
1,622
1,659
1,634
1,707
1,625
1,647
1,668
1,681
rvdS
1,623
1,712
1,751
1,662
1,585
31,582
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
1,908
1,523
1,725
1,839
4 645
4,915
4 979
4,994
5,086
3 4,829
3 5 056
5,238
5,149
5,393
5,359
5,087
5,063
5,591
5 698
5,940
19,609
20,152
20,945
22,288
10Q
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.
1960
416
437
1963 r
530
3 Significantly affected by strikes.
Sum of unadjusted figures.
4
NOTE.—Bureau of the Census data.
OPEN MARKET RATES
(Per cent per annum)
Month
Treasury Day-today
bills,
3 months i money2
Bankers' Treasury
acceptbills,
ances,
3 months 3 months
1960—Dec
1961—Dec
3.53
2.82
3.16
2.37
4.64
5.61
1962—Dec
3.88
3.75
3.86
1963—Jan
Feb
Mar.
Apr
May
June
July
3.82
3.68
3.63
3.58
3.33
3.23
3.39
3.64
3.69
3.57
3.64
3.71
3.68
3.52
3.55
3.60
3.33
2.89
2.91
3.12
3.14
2.99
3.22
3.55
3.69
3.63
3.70
3.88
3.88
3.84
3.87
3.85
3.88
3.86
3.91
3.91
Sept
Oct
Nov
Dec
Day-today
money
Bankers'
allowance Day-today
on
money3
deposits
Germany
Netherlands
Treasury
bills,
60-904
days
Day-today
money5
Treasury
bills,
3 months
4.31
3.06
1.51
1.32
1.13
1.11
Day-today
money
Switzerland
Private
discount
rate
3.88
4.83
3.12
4.00
3.70
3.58
3.75
2.00
3.64
3.30
2.50
3.51
2.63
3.50
[.98
1.24
2.00
3.51
3.45
3.55
3.71
3.67
3.69
3.77
3.71
3.69
3.67
3.75
3.74
2.85
2.82
2.82
2.84
2.92
2.88
2.98
2.97
3.00
2.98
3.02
3.00
2.04
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
3.39
3.45
3.43
3.92
3.91
4.76
5.26
4.10
3.13
3.64
4.14
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.50
2.94
3.50
3.06
2.94
3.88
3.44
2.69
2.94
2.88
2.75
1.93
L.67
1,88
1.91
1.96
1.87
Z.07
1.78
1.89
1.95
2.10
2.25
1.66
LOO
.27
.62
1.58
1.14
1.92
1.06
.24
1.11
1.14
r 1.61
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
4.44
5.35
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.
France
United Kingdom
Canada
2.00
2.00
NOTE.—For description of rates and back data, see "International
Finance," Section 15 of Supplement to Banking and Monetary Statistics,
1962.
FEBRUARY 1964
267
MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS
(Per cent per annum)
Changes during the last 12 months
Rate as of
Jan. 31, 1963
Country
1964
1963
Per
cent
Month
effective
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Rate
as of
Jan. 31,
1964
Jan.
6.0
4.5
4.25
10.0
4.0
6.0
5.0
3.5
10.0
4.0
Dec.
Mar.
Dec.
Apr.
Feb.
1957
1960
1962
1958
1962
4.0
4.0
14.20
5.0
3.0
Nov.
Aug.
Jan.
Aug.
Apr.
1962
1960
1963
1959
1939
6.0
6.5
5.0
5.0
6.0
Jan.
May
Nov.
May
June
1960
1961
1956
1962
1961
7.0
3.5
3.0
5.5
3.0
Apr.
Oct
May
Jan.
Jan.
1962
1960
1961
1963
1962
9.0
4.5
3.0
6.0
3.86
Dec.
Jan.
Apr.
Nov.
Dec.
1960
1963
1946
1960
1962
Netherlands
6.0
3.5
6.57
4.5
3.5
Feb.
June
Nov.
June
Jan.
1955
1958
1962
1942
1963
Norway
Pakistan
Peru
7.0
6.0
3.5
4.0
9.5
Mar.
Apr.
Feb.
Jan.
Nov.
1961
1954
1955
1959
1959
7.0
6.0
3.5
4.0
9.5
Portugal
South Africa
Spain
Sweden
6.0
2.0
3.5
4.0
3.5
Jan.
Jan.
Nov.
June
Jan.
1962
1944
1962
1961
1963
6.0
2.0
3.5
4.0
4.5
Thailand
Turkey
United Kingdom
Venezuela. . . . • .
2.0
7.0
7.5
4.0
4.5
Feb.
Feb.
May
Jan.
Dec.
1959
1945
1961
1963
1960
Argentina • « .
Brazil
Canada *
Ceylon
Chile 2
Cuba
Denmark •
Ecuador
Egypt
El Salvador
Finland
Honduras ' . .
Iceland
India 4
Iran
Ireland
Italy
Japan
. . .
.
4.5
3.5
4.25
4.0
4.0
14.21
8.0
3.0
4.0
14.21
8.0
6 0
6.0
5.5
5.0
5.0
6.0
5 5
7.0
4.0
3.0
5.5
3.0
4.0
9.0
3.69
4.03
6.21
3.88
3.95
3.94
4 0
9.0
4.5
9.0
4.0
3.98
3.98
5.84
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 advances only.
* Rate applies to advances against commercial paper as well as against
govt. securities and other eligible paper.
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.
NOTE.—Rates shown are mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and/or
govt. securities for commercial banks or brokers. For countries with
more than one rate applicable to such discounts or advances, the rate
shown is the one at which it is understood the central bank transacts
4.0
4.0
4.0
4.5
6.0
3.5
5.84
4.5
4.0
2.0
7.0
7.5
4.0
4.5
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);
Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by
national public securities;
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 percent on advances
ag ainst securities of Venezuelan companies.
268
FOREIGN EXCHANGE RATES
FEBRUARY 1964
FOREIGN EXCHANGE RATES
(In cents per unit of foreign currency)
Argentina
(peso)
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Denmark
(krone)
2.207
5.556
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
1963—Jan
Feb
Mar
Apr .
May
June
July
Aug
Sent
Oct
Nov
Dec
.7466
.7422
.7362
.7252
.7266
.7265
.7309
.7439
.7034
.6767
.6942
.7391
223.49
223.38
223.16
223.16
223.08
223.12
223.17
223.07
222.92
222.93
222.93
222.83
3.8694
3.8676
3.8681
3.8676
3.8677
3.8702
3.8719
3.8712
3.8706
3.8686
3.8659
3.8690
2.0086
2.0073
2.0049
2.0058
2.0055
2.0036
2.0038
2.0039
2.0037
2.0026
2.0059
2.0067
92.823
92.777
92.746
92.851
92.810
92.722
92.598
92.325
92.590
92.757
92.778
92.629
21.021
21.011
21.005
21.014
21.014
21.015
21.015
21.010
21.019
21.015
21.021
21.019
14.487
14.480
14.492
14 491
14.477
14 490
14.488
14.470
14 485
14.479
14 484
14.489
131.056
31.057
31.057
31 055
31.057
31 057
31.057
31.056
31 057
31.057
31 057
31.059
2 20.405
20.405
20.405
20 405
20.405
20 405
20 405
20.405
20 404
20.400
20 405
20.404
1964—Jan
.7514
222.97
3.8702
2.0071
92.551
21.025
14.471
31.063
20.402
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Italy
(lira)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
Netherlands
(guilder)
New
Zealand
(pound)
1958
1959
I960
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
.27791
.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 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
24.966
24.985
25.023
25.045
25.090
25.121
25.109
25.101
25.121
25.137
25.154
25.165
20.996
20.984
20.963
20.964
20.962
20.965
20.968
20.962
20.951
20.961
20.961
20.954
280.48
280.34
280.06
280.07
279.96
280.02
280.08
279.96
279.77
279.78
279.78
279.65
.16104
.16102
.16102
.16100
.16097
.16081
.16086
.16102
.16078
.16062
.16065
.16065
.27894
.27892
.27886
.27716
.27582
.27563
.27550
.27554
.27589
.27603
.27586
.27564
32.817
32.717
32.633
32.594
32.586
32.595
32.648
32.647
32.645
32.698
32.705
32.697
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
27.772
27.773
27 808
27.828
27 815
27.780
27 755
27.712
27.721
27 749
27.765
27.765
277.71
277.56
277 29
277.30
277 19
277.25
277 31
277.19
277.00
277 01
277.01
276.88
1964—Dec
25.148
20.963
279.83
.16065
.27589
32.706
8.0056
27.753
277.06
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
2 3810
139.57
139.87
139.48
.6635
6643
.6654
.6664
19 328
19.324
19.349
19 353
19.397
19.416
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
Free
Official
1958
1959
I960
1961
1962
1963
Period
Period
South Africa
(pound)
(rand)
Finland
(markka)
1
.3118
.3115
.3112
.3110
.3107
31.057
France
(franc)
.2374
.2038
20.389
20.384
20 405
2
20.404
1958
1959
1960
1961
1962
1963
14.008
14.028
14.018
14.000
14.010
13.987
1963 Jan
Feb
Mar
Apr . . .
May
June
July
Aug
Sept
Oct
Nov
Dec
14 000
13.995
13.995
13 999
13.995
13 997
13.993
13.985
13.971
13.971
13.970
13.972
3.4900
3.4900
3.4901
3.4901
3.4900
3.4900
3.4900
3.4893
3.4881
3.4863
3.4875
3.4874
139.72
139.64
139.51
139.51
139.46
139.49
139.52
139.46
139.36
139.37
139.37
139.30
.6665
1.6664
6661
L.6663
L.6663
1.6663
L.6663
1.6664
1.6664
1.6664
1 6665
1.6666
19.313
19.290
19 264
19.251
19.267
19.286
19.302
19.266
19 268
19.250
19 262
19.250
23.120
23.123
23 102
23.099
23.127
23.125
23.129
23.164
23 171
23.171
23 166
23.170
280.48
280.34
280 06
280.07
279.96
280.02
280.08
279.96
279 77
279.78
279 78
279.65
13.969
3.4861
139.39
1 6665
19.272
23.168
279.83
1964—Dec
. . . .
.
.
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
? 0S7Q
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.
BOARD OF GOVERNORS
of the Federal Reserve System
W M . M C C . MARTIN, JR.,
Chairman
C. CANBY
A. L. MILLS, JR.
CHAS. N. SHEPARDSON
BALDERSTON,
GEORGE W. MITCHELL
J. DEWEY DAANE
J. L. ROBERTSON
RALPH
A. YOUNG, Adviser to the Board
CHARLES MOLONY,
Vice Chairman
GUY
Assistant to the Board
CLARKE
E. NOYES, Adviser to the Board
ROBERT
L. CARDON, Legislative Counsel
L. FAUVER, Assistant to the Board
OFFICE OF THE SECRETARY
MERRITT SHERMAN, Secretary
KENNETH A. KENYON, Assistant Secretary
ELIZABETH L. CARMICHAEL, Assistant Secretary
ARTHUR L. BROIDA, Assistant Secretary
KARL E. BAKKE, Assistant Secretary
LEGAL DIVISION
HOWARD H. HACKLEY, General Counsel
DAVID B. HEXTER, Assistant General Counsel
THOMAS J. O'CONNELL, Assistant General
Counsel
JEROME W. SHAY, Assistant General Counsel
WILSON L. HOOFF, Assistant General Counsel
DIVISION OF EXAMINATIONS
FREDERIC SOLOMON, Director
ROBERT C. MASTERS, Associate Director
GLENN M. GOODMAN, Assistant Director
JAMES C. SMITH, Assistant Director
BRENTON C. LEAVITT, Assistant Director
ANDREW N. THOMPSON, Assistant Director
LLOYD M. SCHAEFFER, Chief Federal Reserve
Examiner
DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON, Director
DIVISION OF RESEARCH AND STATISTICS
H. FRANKLIN SPRECHER, JR., Assistant Director
DANIEL H. BRILL, Director
ROBERT C. HOLLAND, Associate Director
ALBERT R. KOCH, Associate Director
FRANK R. GARFIELD, Adviser
J. CHARLES PARTEE, Adviser
KENNETH B. WILLIAMS, Adviser
LEWIS N. DEMBITZ, Associate Adviser
ROBERT SOLOMON, Associate Adviser
DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH E. KELLEHER, Director
HARRY E. KERN, Assistant Director
OFFICE OF THE CONTROLLER
DIVISION OF INTERNATIONAL FINANCE
J. J. CONNELL, Controller
SAMPSON H. BASS, Assistant
RALPH A. YOUNG, Director
J. HERBERT FURTH, Adviser
A. B. HERSEY, Adviser
ROBERT L. SAMMONS, Adviser
SAMUEL I. KATZ, Associate Adviser
RALPH C. WOOD, Associate Adviser
Controller
OFFICE OF DEFENSE PLANNING
INNIS D. HARRIS, Coordinator
DIVISION OF BANK OPERATIONS
JOHN R. FARRELL, Director
GERALD M. CONKLING, Assistant Director
M. B. DANIELS, Assistant Director
JOHN N. KILEY, JR., Assistant Director
DIVISION OF DATA PROCESSING
M. H. SCHWARTZ, Director
LEE W. LANGHAM, Assistant
270
Director
OPEN MARKET COMMITTEE AND ADVISORY COUNCIL
27j_
Federal Open Market Committee
W M . M C C . MARTIN, JR.,
Chairman
ALFRED HAYES,
Vice Chairman
C. CANBY BALDERSTON
J. DEWEY DAANE
J. L. ROBERTSON
KARL R. BOPP
WATROUS H. IRONS
CHARLES J. SCANLON
GEORGE H. CLAY
A. L. MILLS, JR.
CHAS. N. SHEPARDSON
GEORGE W.
MITCHELL
RALPH A. YOUNG, Secretary
MERRITT SHERMAN, Assistant Secretary
DAVID P. EASTBURN, Associate Economist
KENNETH A. KENYON, Assistant Secretary
J. HERBERT FURTH, Associate Economist
HOWARD H. HACKLEY, General Counsel
GEORGE GARVY, Associate Economist
DAVID B. HEXTER, Assistant General Counsel
RALPH T. GREEN, Associate Economist
GUY E. NOYES, Economist
ROBERT C. HOLLAND, Associate Economist
ERNEST T. BAUGHMAN, Associate Economist
ALBERT R. KOCH, Associate Economist
DANIEL H. BRILL, Associate Economist
CLARENCE W. TOW, Associate Economist
ROBERT W. STONE, Manager, System Open Market Account
CHARLES A. COOMBS, Special Manager, System Open Market Account
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
JOHN A. MOORHEAD, MINNEAPOLIS, President
L . A . STONER, CLEVELAND
M . L . BREIDENTHAL, KANSAS CITY
JOHN F. WATLINGTON, JR., RICHMOND
JAMES W. ASTON, DALLAS, Vice President
J. FlNLEY M c R A E , ATLANTA
RANSOM M . COOK, SAN FRANCISCO
HERBERT V. PROCHNOW, Secretary
WILLIAM J. KORSVIK, Assistant
Secretary
272
FEDERAL RESERVE BULLETIN • FEBRUARY 1964
Federal Reserve Banks and Branches
Federal Reserve Bank
or branch
Zip Code
Chairman
Deputy Chairman
President
First Vice President
Boston..
02106
Erwin D. Canham
William Webster
George H. Ellis
Earle O. Latham
New York...
.10045
Philip D. Reed
James DeCamp Wise
Whitworth Ferguson
Alfred Hayes
William F. Treiber
Walter E. Hoadley
David C. Bevan
Karl R. Bopp
Robert N. Hilkert
Joseph B. Hall
Logan T. Johnston
Howard E. Whitaker
William A. Steele
W. Braddock Hickman
Donald S. Thompson
Edwin Hyde
William H. Grier
Harry B. Cummings
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
Robert P. Briggs
James H. Hilton
James William Miller
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
C. 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
jraham J. Barbey
Howard W. Price
Robert D. O'Brien
Eliot J. Swan
H. Edward Hemmings
Buffalo
Philadelphia
Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore
Charlotte
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
Chicago
..14240
19101
.44101
45201
.15230
23213
21203
.28201
.30303
35202
,32201
37203
.70160
60690
Detroit
..48231
St. Louis
63166
Little Rock
Louisville
Memphis
Minneapolis
72203
40201
..38101
55440
Helena
..59601
Kansas City
..64106
Denver
..80217
Oklahoma City ,
73101
Omaha
..68102
Dallas
EFPaso
Houston
San Antonio
San Francisco
Los Angeles
Portland
Salt Lake City....
Seattle
75222
79999
77001
..78206
94120
90054
97208
84110
98124
Vice President
in charge of branch
Insley B. Smith
Fred O. Kiel
Clyde E. Harrell
Donald F. Hagner
Edmund F. MacDonald
Edward C. Rainey
Thomas A. Lanford
Robert E. Moody, Jr.
Morgan L. Shaw
Russel A. Swaney
Fred Burton
Donald L. Henry
E. Francis DeVos
Clement A. Van Nice
John W. Snider
Howard W. Pritz
George C. Rankin
Roy E. Bohne
J. Lee Cook
Carl H. Moore
Clifford H. Watkins
William M. Brown
Arthur L. Price
Erwin R. Barglebaugh
Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington, D. C. 20551. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors
of the Federal Reserve System. A more complete list, including periodic releases and additional reprints,
appeared on pages 1745-1748 of the December 1963 BULLETIN. (Stamps and coupons not accepted.)
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS. 1963. 297 pp.
Base. 1962.
172 pp. $1.00 per copy; in quantiies of 10 or
more for single shipment, $.85 each. (Copies
of the 1959 revision also are available at $.50
each.)
INDUSTRIAL PRODUCTION—1957-59
ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM.
Monthly. Subscription prices: (1) $6.00 per annum or $.60 a
copy in the United States and its possessions,
Bolivia, Canada, Chile, Colombia, Costa Rica,
Cuba, Dominican Republic, Ecuador, Guatemala Haiti, Republic of Honduras, Mexico,
Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguy, and Venezuela. (2) Elsewhere,
$7.00 per annum or $.70 per copy. (3) In quantities of 10 or more copies sent to one address
in the United States, $5.00 per annum or $.50
per copy per month.
FEDERAL RESERVE BULLETIN.
FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS. Monthly. Annual
subscription includes one issue of Historical
Chart Book. Subscription prices: (1) $6.00 per
annum or $.60 per copy in the United States
and the countries listed above. (2) Elsewhere,
$7.00 per annum or $.70 per copy. (3) In quantities of 10 or more of same issue for single
shipment, $.50 each.
Study by a
Federal Reserve System Committee. 1959. I l l
pp. $1.00 per copy; in quantities of 10 or more
for single shipment, $.85 each.
THE FEDERAL FUNDS MARKET—A
DEBITS AND CLEARING STATISTICS AND THEIR
USE (rev. ed.). 1959. 144 pp. $1.00 per copy;
in quantities of 10 or more for single shipment,
$.85 each.
1896-1955. Pt. I, U.S.
Summary. Pt. II, Summaries by States and other
areas. 1959. 1,229 pp. $4.00.
ALL-BANK STATISTICS,
THE FEDERAL RESERVE ACT, as amended through
October 1, 1961, with an Appendix containing
provisions of certain other statutes affecting the
Reserve System. 386 pp. $1.25.
FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
1955. 390 pp. $2.75.
SUPPLEMENT TO BANKING AND MONETARY STATISTICS. Sec. 1. Banks and the Monetary System.
1962. 35 pp. $.35. Sec. 10 Member Bank Reserves and Related Items. 1962. 64 pp. $.50.
Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 14.
Gold. 1963. 24 pp. $.35. Sec. 15. International
Finance. 1962. 99 pp. $.65.
HISTORICAL CHART BOOK. Issued annually in Sep-
tember. Annual subscription to monthly chart
book includes one issue of the Historical. Prices:
(1) $.60 each in the United States and the countries listed above. (2) Elsewhere, $.70 each. (3)
In quantities of 10 or more for single shipment,
$.50 each.
TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Pt. I. 1959. 108
pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp.
Individual books $1.00 each; set of 3 books
$2.50.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
RULES OF ORGANIZATION AND PROCEDURE—BOARD
OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. 1962. 40 pp.
PUBLISHED INTERPRETATIONS
December 31, 1962. $2.50.
273
of the Board, as of
274
FEDERAL RESERVE BULLETIN
REPRINTS
FEBRUARY 1964
FINANCING THE U.S. PAYMENTS DEFICIT. Apr.
1963. 8 pp.
(From Federal Reserve BULLETIN unless preceded
by an asterisk)
FEDERAL RESERVE OPEN MARKET OPERATIONS IN
THE HISTORY OF RESERVE REQUIREMENTS FOR
BANKS IN THE UNITED STATES. NOV. 1938,
NEGOTIABLE
20 pp.
1962. Apr. 1963. 29 pp.
TIME
CERTIFICATES
OF DEPOSIT.
Apr. 1963. 11 pp.
THE MONETARY SYSTEM OF THE UNITED STATES.
Feb. 1953. 16 pp.
N E W FOREIGN BOND ISSUES IN THE U.S. MARKET.
May 1963. 13 pp.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
STABILITY. May 1953. 7 pp.
O P E N MARKET OPERATIONS IN LONG-TERM S E CURITIES. Nov. 1958. 15 pp.
BANKING AND MONETARY STATISTICS,
1962. Se-
lected series of banking and monetary statistics
for 1962 only. Feb., Mar., and May 1963. 16
pp.
•PART I, ALL-BANK STATISTICS, 1896-1955. Re-
RECENT CHANGES IN LIQUIDITY. June 1963. 10 pp.
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.
INTEREST RATES ON TIME DEPOSITS, Mid-Febru-
STATISTICS
ON THE GOVERNMENT
SECURITIES
MARKET. Apr. 1961. 8 pp.
ary 1963. June 1963. 7 pp.
SURVEY OF COMMON TRUST FUNDS, 1962. June
1963. 6 pp.
MONETARY DEVELOPMENTS, FIRST HALF '63. July
1963. 7 pp.
REVISION OF CONSUMER CREDIT STATISTICS. Dec.
1961. 15 pp.
MEASURES OF MEMBER
BANK
RESERVES.
July
1963. 14 pp.
REVISED INDEXES OF FREIGHT CARLOADINGS. Dec.
1961. 3 pp.
BANK LOANS SECURED BY STOCKS AND BONDS. July
1963. 19 pp.
SEASONALLY ADJUSTED SERIES FOR BANK CREDIT.
July 1962. 6 pp.
A BANK
EXAMINER
LOOKS
AT AGRICULTURAL
LENDING. July 1963. 8 pp.
REVISION OF MONTHLY DEPARTMENT STORE I N -
DEXES. July 1962. 6 pp.
MEASURING AND ANALYZING ECONOMIC GROWTH.
Aug. 1963. 14 pp.
REVISION OF MONEY SUPPLY SERIES. Aug. 1962.
11 PP.
CHANGES IN BANKING STRUCTURE, 1953-62. Sept,
1963. 8 pp.
REVISION OF WEEKLY DEPARTMENT STORE SALES
ECONOMIC
INDEX. Aug. 1962. 3 pp.
INDUSTRIAL
PRODUCTION—1957-59
BASE.
FLOW OF FUNDS SEASONALLY ADJUSTED. NOV.
1962. 15 pp.
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.
MONEY AND BANK CREDIT IN 1962. Feb. 1963. 8
pp.
FARM D E B T AS RELATED TO VALUE OF SALES.
Feb. 1963. 9 pp.
CHANGES IN STRUCTURE OF THE FEDERAL DEBT.
AND ECONOMIC
ANALYSIS.
Oct.
1962. 10 pp.
May 1963. 10 pp.
CHANGE
Sept. 1963. 17 pp.
TREASURY AND FEDERAL RESERVE FOREIGN E X -
CHANGE OPERATIONS. Sept. 1963. 8 pp. (Also
similar reprint from Mar. 1963 BULL.)
BANK AND PCA LENDING TO FARMERS. Sept. 1963.
11pp.
THE U.S. BALANCE OF PAYMENTS, 1961-63. Oct.
1963. 8 pp.
THE O P E N MARKET POLICY PROCESS. Oct. 1963.
11pp.
RECENT
INTEREST
RATE
TRENDS.
NOV. 1963.
10 pp.
BANK CREDIT AND MONEY IN 1963. Feb. 1964.
7 pp.
Index to Statistical Tables
Acceptances, bankers', 200, 202, 248
Agricultural loans of commercial banks, 194, 196, 242
Assets and liabilities {See also Foreign liabilities and
claims):
Banks and the monetary system, consolidated, 189
Corporate, current, 214
Domestic banks, by classes, 190, 194, 196,
202, 242
Federal Reserve Banks, 184
Automobiles:
Consumer instalment credit, 218, 219, 220
Production index, 222, 223
Bankers' balances, 195, 197, 243
{See also Foreign liabilities and claims)
Banking and monetary statistics for 1963, 242
Banking offices:
Changes in number, 240
Par and nonpar offices, number, 241
Banks, and the monetary system, consolidated statement, 189
Banks for cooperatives, 209, 210
Bonds {See also U.S. Govt. securities):
New issues, 210, 211, 212
Prices and yields, 200, 201, 249
Brokers and dealers in securities, bank loans to, 194,
196, 242
Business expenditures on new plant and
equipment, 214
Business indexes, 226
Business loans {See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 190, 195, 198, 244
Federal Reserve Banks, 184
Carloadings, 226
Central banks, foreign, 252, 267
Coins, circulation of, 187
Commercial banks:
Assets and liabilities, 190, 193, 194
Consumer loans held, by type, 219
Number, by classes, 190
Real estate mortgages held, by type, 215
Commercial and industrial loans:
Commercial banks, 194
Weekly reporting member banks, 196, 199, 245
Commercial paper, 200, 202, 248
Condition statements {See Assets and liabilities)
Construction, 226, 227
Consumer credit:
Instalment credit, 218, 219, 220, 221
Noninstalment credit, by holder, 219
Consumer price indexes, 226, 232
Consumption expenditures, 234, 235
Corporations:
Sales, profits, taxes, and dividends, 213, 214
Security issues, 211, 212
Security prices and yields, 200, 201, 249
Cost of living {See Consumer price indexes)
Currency in circulation, 178, 187, 188
Customer credit, stock market, 201
Debits to deposit accounts, 186
Demand deposits:
Adjusted, banks and the monetary system, 189
Adjusted, commercial banks, 186, 188, 195
Demand deposits—continued
Banks, by classes, 183, 190, 198, 244
Turnover of, 186
Type of holder, at commercial banks, 195
Department stores, 226, 230, 231
Deposits {See also specific types of deposits):
Adjusted, and currency, 189
Banks, by classes, 183, 190, 195, 198, 202, 244
Federal Reserve Banks, 184, 263
Postal savings, 183, 189
Discount rates, 182, 267
Discounts and advances by Federal Reserve
Banks, 178, 184, 186
Dividends, corporate, 213, 214
Dollar assets, foreign, 255, 263
Earnings and expenses, Federal Reserve Banks, 238
Earnings and hours, manufacturing industries, 229
Employment, 226, 228, 229
Farm mortgage loans, 215, 216
Federal finance:
Cash transactions, 204
Receipts and expenditures, 205
Treasurer's balance, 204
Federal home loan banks, 209, 210, 217
Federal Housing Administration, 215, 216, 217
Federal intermediate credit banks, 209, 210
Federal land banks, 209, 210
Federal National Mortgage Assn., 209, 210, 217
Federal Reserve Banks:
Condition statement, 184
Earnings and expenses, 238
U.S. Govt. securities held by, 178, 184, 186,
206, 207
Federal Reserve credit, 178, 184, 186
Federal Reserve notes, 184, 187
Federally sponsored credit agencies, 209, 210
Finance company paper, 200, 202, 248
Financial institutions, loans to, 194, 196, 242
Float, 178
Flow of funds/saving, 236
Foreign central banks, 252, 267
Foreign currency operations, 184, 186, 254, 262
Foreign deposits in U. S. banks, 178, 184, 189, 195,
198, 244, 263
Foreign exchange rates, 268
Foreign liabilities and claims:
Banks, 256, 258, 259, 261, 263
Nonfinancial concerns, 264
Foreign trade, 266
Gold:
Certificates, 184, 187
Earmarked, 263
Net purchases by U.S., 254
Production, 253
Reserves of central banks and govts., 252
Reserves of foreign countries and international
organizations, 255
Stock, 178, 189, 254
Govt. debt {See U.S. Govt. securities)
Gross national product, 234, 235
Hours and earnings, manufacturing industries, 229
Housing starts, 227
275
276
FEDERAL RESERVE BULLETIN • FEBRUARY 1964
Industrial production index, 222, 226
Instalment loans, 218, 219, 220, 221
Insurance companies, 203, 206, 207, 216
Insured commercial banks, 192, 194, 240
Interbank deposits, 183, 190, 195
Interest rates:
Bond yields, 200, 249
Business loans by banks, 199
Federal Reserve Bank discount rates, 182
Foreign countries, 266, 267
Open market, 200, 248, 266
Stock yields, 200, 249
Time deposits, maximum rates, 183
International capital transactions of the U.S., 256
International institutions, 252, 254, 255
Inventories, 234
Investment companies, new issues, 212
Investments (See also specific types of investments):
Banks, by classes, 190, 194, 197, 202, 243
Commercial banks, 193
Federal Reserve Banks, 184, 186
Life insurance companies, 203
Savings and loan assns., 203
Labor force, 228
Loans (See also specific types of loans):
Banks, by classes, 190, 194, 196, 202, 242
Commercial banks, 193
Federal Reserve Banks, 178, 184, 186
Insurance companies, 203, 216
Insured or guaranteed by U.S., 215, 216, 217
Savings and loan assns., 203, 216
Manufactures, production index, 223, 226
Margin requirements, 183
Member banks:
Assets and liabilities, by classes, 190, 194
Banking offices, changes in number, 240
Borrowings at Federal Reserve Banks, 180,
184, 198, 244
Deposits, by classes, 183
Number, by classes, 191
Reserve requirements, 183
Reserves and related items, 178
Weekly reporting series, 196, 242
Mining, production index, 223, 226
Money rates (See Interest rates)
Money supply and related data, 188
Mortgages (See Real estate loans)
Mutual savings banks, 189, 190, 192, 202,
206,207,215,240
National banks, 192, 240
National income, 234, 235
National security expenditures, 205, 234
Nonmember banks, 192, 194, 195, 240
Par and nonpar banking offices, number, 241
Payrolls, manufacturing, index, 226
Personal income, 235
Postal Savings System, 183, 189
Prices:
Consumer, 226, 232
Security, 201
Wholesale commodity, 226, 232
Production, 222, 226
Profits, corporate, 213, 214
Real estate loans:
Banks, by classes, 194, 202, 215, 242
Type of holder, 215, 216, 217
Type of property mortgaged, 215, 216, 217
Reserve requirements, member banks, 183
Reserves:
Central banks and govts., 252
Commercial banks, 195
Federal Reserve Banks, 184
Foreign countries and international organizations, 255
Member banks, 178, 180, 183, 195, 197, 243
Residential mortgage loans, 215, 216, 217
Sales finance companies, consumer loans of, 218,
219, 221
Saving:
Flow-of-funds series, 236
National income series, 235
Savings deposits (See Time deposits)
Savings institutions, principal assets, 202, 203
Savings and loan assns., 203, 207, 216
Securities (See also U.S. Govt. securities):
Federally sponsored agencies, 209
International transactions, 262, 263
New issues, 210, 211, 212
Silver coin and silver certificates, 187
State member banks, 192, 240
State and local govts.:
Deposits of, 195, 198, 244
Holdings of U.S. Govt. securities, 206, 207
New security issues, 210, 211
Ownership of obligations of, 194, 202, 203
Prices and yields of securities, 200, 201, 249
Stock market credit, 201
Stocks:
New issues, 211, 212
Prices and yields, 200, 201, 249
Tax receipts, Federal, 205
Time deposits, 183, 188, 189, 190, 195, 198, 244
Treasurer's account balance, 204
Treasury cash, 178, 187, 189
Treasury currency, 178, 187, 189
Treasury deposits, 178, 184, 204
Unemployment, 228
U.S. balance of payments, 265
U.S. Govt. balances:
Commercial bank holdings, by classes, 195, 198
Consolidated monetary statement, 189
Treasury deposits at Federal Reserve
Banks, 178, 184, 204
U.S. Govt. securities:
Bank holdings, 189, 190, 194, 197, 202, 206,
207, 243
Dealer transactions, positions, and financing, 208
Federal Reserve Bank holdings, 178, 184, 186,
206, 207
Foreign and international holdings, 184, 255, 263
International transactions, 262
New issues, gross proceeds, 211
Outstanding, by type of security, 206, 207, 209
Ownership of, 206, 207
Prices and yields, 200, 201, 248, 249
United States notes, outstanding and in circulation, 187
Utilities, production index, 223, 226
Vault cash, 178, 183, 195
Veterans Administration, 215, 216, 217
Weekly reporting member banks, 196, 242
Yields (See Interest rates)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
I
j
Minneapolis^
(?
THE FEDERAL RESERVE SYSTEM
g)
HAWAII
1
Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
© Board of Governors of the Federal Reserve System
® Federal Reserve Bank Cities
• Federal Reserve Branch Cities
@FedFRASER