Full text of Federal Reserve Bulletin : February 1965
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FEDERAL RESERVE
B U LLETIN
February 1965
Volume 51
•
Number 2
* * **
* * * **
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring
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or $5.00 for 12 months.
FEDERAL RESERVE
BULLETIN
Contents
Bank Credit and Monetary Developments in 1964
213
Statement on Gold Reserve Requirements
226
Directors of Federal Reserve Banks and Branches
231
Law Department
242
Announcements
256
National Summary of Business Conditions
258
Guide to Tabular Presentation
260
Financial and Business Statistics, U.S. (Contents on p. 261)
262
International Financial Statistics (Contents on p. 335)
336
Board of Governors and Staff
354
Open Market Committee and Staff; Federal Advisory Council
355
Federal Reserve Banks and Branches
356
Federal Reserve Board Publications
357
Index to Statistical Tables
359
Map of Federal Reserve System
Inside back cover
EDITORIAL
COMMITTEE
Charles Molony
Ralph A. Young
Guy E. Noyes
Daniel H. Brill
Elizabeth B. Sette
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements
and signed articles.
BANK CREDIT AND MONETARY
DEVELOPMENTS IN 1964
213
E
ederal Reserve operations to increase the reserve base of member
banks, in order to accommodate a continued growth in savings and
time deposits and a somewhat more rapid rise in demand deposits,
made possible a further substantial expansion in bank credit in
1964. The rate of increase was about the same as in 1963.
Growth in loans accounted for most of the increase. Business
loans—including those to foreigners—increased faster than they
had in 1963, and the total of other loans and total investments
increased at about the same rate. Nevertheless, the ratio of total
loans to deposits reached a postwar high during the year.
CHART »
BANK CREDIT continued to grow rapidly in 1964.
RATIO SCALE
BIUIONS OF DOLLARS
U.S, G O V T . SECURITIES
OTHER SECURITIES
NOTE.—Seasonally adjusted last-Wednesday-of-the-month data
(except for June 30 and December 31 call dates) for all commercial banks. Interbank loans excluded. Latest figures, January (preliminary).
Expansion in the money supply was uneven during 1964, but
for the year as a whole the increase amounted to 4 per cent, which
was only slightly more than in 1963. Growth in time and savings
deposits at commercial banks exceeded 12.5 per cent, somewhat
less than the rate in the previous year.
Federal Reserve operations during 1964 were carried out in
a domestic environment of rapidly expanding industrial output and
gross national product, but with commodity price indexes remaining stable for the seventh consecutive year. There was some increase
in prices of sensitive industrial materials, however, particularly for
nonferrous metals. While the unemployment rate declined, it still
averaged somewhat over 5.0 per cent.
FEDERAL RESERVE BULLETIN - FEBRUARY 1965
214
A major contribution to economic expansion stemmed from
the March reduction in personal and corporate income tax rates.
As a result of the reduction the Treasury had a somewhat larger
cash deficit, which it continued to finance largely by selling shortterm securities.
To help meet the credit demands associated with the continued expansion in the U.S. economy, the Federal Reserve supplied reserves to the banking system at a slightly faster rate than
in 1963. Steps were taken in the late summer, however, to dampen
somewhat the expansion of bank reserves. As the year progressed, demand forces worked to offset this effort.
Throughout the year our international balance of payments
continued to be an important factor in shaping monetary policy.
In November, in the wake of an increase from 5 to 7 per cent
in the discount rate of the Bank of England, associated with the
sterling crisis, the Federal Reserve Banks raised the U.S. discount
rate from ^Vi to 4 per cent, and the Board of Governors and the
Federal Deposit Insurance Corporation increased maximum rates
that member and insured banks may pay on most time and savings
accounts.
Until the change in the discount rate, both short- and long-term
interest rates had moved in a narrow range. By the year-end,
however, short-term yields had risen about 25 basis points while
long-term yields were generally little changed.
FEDERAL RESERVE
OPERATIONS
^
,
^ ,
, ^
t
.,
,
*n 1964 the Federal Reserve sought to provide for moderate
growth in the reserve base in order to facilitate continued expansion in the economy while maintaining conditions in the money
market that would minimize outflows of short-term capital. In midsummer, however, reserves were provided a little less freely—
relative to demand—thereby permitting some firming in money
market rates of interest.
After the Bank of England raised its discount rate to help
relieve pressure on sterling, then under speculative attack following an extended period in which the British balance of payments
had been deteriorating, all Federal Reserve Banks raised their
discount rates. As was officially stated at the time, this action was
taken to assert the System's resolve to protect the dollar in international financial markets, and not to curtail domestic credit availability, which was then under strong seasonal and temporary demand pressures. Open market operations were adapted so as to be
consistent with these objectives.
Concurrent with the increase in the discount rate, the Board of
Governors and the FDIC raised the maximum rates that member
and insured banks may pay on time and savings accounts as fol-
BANK CREDIT AND MONETARY DEVELOPMENTS
215
lows: Those on time deposits with maturities greater than 90 days
were raised from 4 to AV2 per cent and on 30- to 90-day maturities
from 1 to 4 per cent. Those on savings deposits held for less than
1 year were raised from 3Vi to 4 per cent. These actions were
taken so that banks could continue to compete for interestbearing deposits in financial markets characterized by higher
short-term interest rates.
BANK RESERVES continued upward in 1964.
—
r
/
I
20
/ TOTAL NONBORROWED
RESERVES
I
I
!
.but BORROWINGS averaged somewhat higher.
BORROWINGS
—
1
EXCESS RESERVES
NOTE.—Monthly averages of daily figures for member banks.
Total and nonborrowed reserves are seasonally adjusted. Total
reserves adjusted to exclude the effects of changes in legal reserve ratio. Nonborrowed reserves are total reserves adjusted
minus member bank borrowings from the Federal Reserve.
Excess reserves are total reserves less required reserves. Latest
figures, January (preliminary).
Federal Reserve open market purchases supplied all of the 4.2
per cent increase in member bank reserves in 1964, slightly more
than in 1963. For the entire year, the Federal Reserve increased
its holdings of U.S. Government securities by about $3.4 billion,
a little more than in 1963. Currency expansion, gold losses, and
other technical factors absorbing reserves offset all but about
$900 million of these purchases.
So as to limit downward pressure on short-term interest rates
for balance of payments reasons, only 65 per cent of net outright
purchases were in securities that matured in less than 1 year. This
was a larger proportion than in 1963, but issuance by the Treasury of a larger supply of short-term securities in 1964 made it
FEDERAL RESERVE BULLETIN - FEBRUARY 1965
216
possible for the Federal Reserve to restrict its purchases in the
Treasury bill market.
Excess reserves of member banks averaged slightly less, and
borrowings from the Federal Reserve slightly more, in 1964 than
in 1963. As a result, the free reserves of these banks generally
stayed below the 1963 level, especially after the late summer. In
December, however, average free reserves rose moderately, reflecting in part fluctuations in reserve needs and market conditions
characteristic of the year-end. Moreover, banks' needs to borrow
in December were reduced temporarily by large Federal Reserve
security purchases, which tended to moderate the market's adjustment to the higher levels of short-term interest rates and to underscore the System's intention to maintain reserve availability.
BANK DEPOSIT
GROWTH
.
.
* n ^ e current expansion, the level of financial saving by both
the personal and corporate sectors has risen to new highs. These
sectors have placed a large part of that saving in depositary
claims, and commercial banks have captured an increased proportion of the total flow. The shift reflects the public's response to
the higher rates that banks have offered on time and savings deposits, the increasing use and acceptance of certificates of deposit
(CD's), and the provision by the monetary authorities of a growing reserve base to support such deposits.
The relative diversion of funds to commercial banks has made
it possible not only for banks to grow more rapidly but also for
them to contribute a larger share to total credit flows in recent
years. Although their share of total credit flows has declined in
each year of this expansion, it has remained larger than in any
other cyclical upswing since 1953.
Time and savings deposits. The growth in time and savings
deposits at commercial banks in 1964 exceeded 12.5 per cent,
somewhat below the increase in 1963 but still considerably above
increases in the expansion years of previous cycles. Inflows declined somewhat in early 1964, but after September they accelerated to an annual rate of almost 16 per cent. Indeed, by November the nonbank public's time and savings deposits at commercial
banks for the first time exceeded their holdings of demand deposits—each on a seasonally adjusted basis.
In January 1965, time and savings deposits grew at a seasonally
adjusted annual rate of almost 23 per cent, a rate of increase
exceeded only in February 1962. The enlarged flow of funds into
interest-bearing deposits followed an increase in the rates that
many banks offered on their time and savings deposits under the
217
BANK CREDIT AND MONETARY DEVELOPMENTS
CHART 3
FLOWS
OF
FUNDS to f i n a n c i a l i n s t i t u t i o n s r i s e .
BILLIONS OF DOLLARS
.••
COMMERCIAL BANKS a t t r a c t a larger share in this
and consequently...
DEMAND DEPOSITS
THEIR P R O P O R T I O N of total credit f l o w remains
NOTE.—Based on flow of funds data.
Data in top two tiers are for the private
domestic nonflnancial sector. Securities
include mortgages; depositary-type assets
include demand deposits. In bottom tier,
total credit expansion is net of borrowing by financial institutions and changes
in Federal cash; commercial bank credit
excludes changes in Federal cash.
I-*..
1
1952
1
1
54
|
|
56
I
I
38
I
high.
(
60
expansion
v
/
V
MARKET SECURITIES .
|
|
'62
1
1 n
'ft*
FEDERAL RESERVE BULLETIN - FEBRUARY 1965
revised ceilings. Based on previous experience, it is likely that a
large part of this inflow represents a switching of funds from other
financial institutions and perhaps from demand deposits. As a
result, the growth rate will most likely moderate in the months
ahead.
All major categories of time and savings deposits grew less in
1964 than in 1963. Savings accounts at weekly reporting member
banks, which are held mainly by individuals less sensitive to interest-rate differentials than holders of time deposits, increased more
than 7 per cent. This was 2 percentage points less than in 1963.
The slowdown reflected increased direct acquisitions of marketable securities by individual investors, larger repayments on an
expanding level of consumer debt, and increased competition from
mutual savings banks—especially in New York City where savings
banks raised deposit rates at the beginning of the year.
Additions to passbook savings accelerated after the late summer
—particularly in November, when new-car output was held down
by the effects of strikes at two major producers. In early 1965,
inflows of savings at city banks were larger than in the comparable period of any other recent year.
Time deposits at weekly reporting member banks, which are
held for the most part by investors who are very conscious of
alternative yields, increased by about one-fourth in 1964. The
expansion was considerably less than the increase of over onethird in 1963.
Negotiable CD's, which accounted for over half of the growth in
time deposits, grew by over one-third in 1964, a much smaller
percentage increase than in 1963. Here, too, growth during the
year was uneven, reflecting particularly large maturities of corporate holdings around the quarterly tax and dividend payment
dates. Also, in the spring and again in the fall when short-term
market rates were high relative to CD rate ceilings, some banks
appear to have had difficulty turning over maturing CD's. Moreover, these rate relationships tended to restrict banks to the use of
CD's with shorter maturities, and the average maturity of CD's
outstanding declined considerably during the year, especially at
New York and Chicago banks where the demand is highly sensitive to levels of interest rates.
Money supply. During 1964 the money supply rose by 4.0 per
cent, slightly more than in 1963 and a record for any year since
1951. After increasing at a seasonally adjusted annual rate of
2.0 per cent during the first 5 months, it rose at a rate of 8.5
per cent in June and July and 4.1 per cent after that. The currency
component rose by a postwar record of almost 6.0 per cent in
both 1964 and 1963.
218
BANK CREDIT AND MONETARY DEVELOPMENTS
219
CHART 4
Expansion accelerated in the MONEY SUPPLY in 1964,
but slowed for TIME AND SAVINGS DEPOSITS •
BILLIONS OF DOLLARS
MONEY SUPPLY
TIME & SAVINGS
DEPOSITS
1
1
1
1960
|
1
1962
—
(
60
1964
NOTE.—Seasonally adjusted semimonthly averages of daily figures. Money supply consists of
demand deposits and currency outside the Treasury, the F.R. System, and the vaults of commercial banks. Figures for demand deposit component and for time and savings deposits are
(or all commercial banks. Demand deposit component excludes deposits due to domestic commercial banks and the U.S. Govt., cash items in process of collection, and F.R. float, but
includes foreign demand balances at F.R. Banks. Time deposits exclude those due to domestic
commercial banks and the U.S. Govt. Latest figures, January (preliminary).
The acceleration in money growth over the past 2 years suggests that expanding transactions needs may now be having a
greater influence on the public's demands for cash balances than
formerly. Over the postwar period, these needs have been accommodated to a substantial degree by activation of idle balances, as
cash balances held for liquidity needs were attracted into earning
assets by rising interest rates. The incentives for such transfers have
been particularly strong since early 1962, a period in which competition of banks and other savings institutions for time deposits
and shares has been aggressive. As the public fulfills more of its
desires for liquidity by holding nonmoney assets, the demand for
money will be influenced to a greater extent by transactions needs
related to income and output. Thus, the higher levels of transactions in 1963 and 1964 may help to explain the larger rate
of growth of the money stock in those years.
Since economies in the use of cash for transactions purposes will
continue to be developed and since the public will continue to
have changing desires about the amount of liquidity it wishes
to hold in the form of cash, the money supply should not be
expected to grow in any fixed relationship to income—at least
in the short run. Indeed, in December 1964 and January 1965—
FEDERAL RESERVE BULLETIN • FEBRUARY 1965
220
as short-term open market rates rose and commercial banks offered
more on time and savings deposits—the money supply grew less
rapidly than in the previous months.
BANK CREDIT
In 1964, bank credit increased by an estimated $20.2 billion,
maintaining the same rate of increase—8 per cent—as in 1963.
For the fifth successive year banks added to both loans and investments but, as in each of those years, loans accounted for a
growing share of the increase. In 1964 they accounted for almost
90 per cent of the expansion.
Like total bank credit, loans maintained the same rate of increase—11.6 per cent—as in 1963. However, a significantly larger
proportion of the 1964 increase represented loans to foreigners.
Business loans. Business borrowing at commercial banks expanded more rapidly in 1964 than earlier in the current expansion. Such loans increased by an estimated $5.9 billion, or 11 per
cent; this was over one-fourth more than the increase in 1963.
The expansion was at a fairly steady pace, after allowance for
seasonal influences, except for a sharp rise in December when
discussion of an increase in the prime rate appears to have stimulated some anticipatory borrowing.
Increases in outstanding loans were widely distributed among
industries and reflected in large part the increased needs for funds
associated with expansion of output and capacity. Inventory borrowing appeared to be moderate, although such borrowing increased in late 1964 and early 1965 in the metals industry, as
CHART 5
1964 saw sustained expansion in LOANS and reduced rate of increase for
OTHER SECURITIES
TOTAL LOANS
-INVESTMENTS
15
INVESTMENTS.
BILLIONS OF DOLLARS
-
BUSINESS LOANS
REAL ESTATE LOANS
1954
NOTE.—End-of-year data, excluding interbank loans, for all
commercial banks. Loans to nonbank foreigners and foreign
central banks and official institutions included in total loans and
CONSUMER LOANS
AIL OTHER LOANS
1954
the four loan categories in the bottom tier. All figures for
1962-64 and figures for business and "all other" loans for 195458 are estimates.
BANK CREDIT AND MONETARY DEVELOPMENTS
221
attempts to stockpile inventories in anticipation of a May steel
strike accelerated.
Business loans not only increased more than in 1963 but also
accounted for their largest share of the increase in total loans in
this expansion. However, both the growth rate and the relative
importance of business loans in the increase in total bank loans
have been less than in earlier expansions. These developments reflect the fact that domestic business credit demands have been
dampened in the current expansion, compared with previous cycles,
by higher corporate internal flows from retained earnings and depreciation and, for most of the period, more conservative inventory management. Indeed, the larger increase in business loans in
1964 than in 1963 appears to have been largely the result of the
increase in loans made to foreigners.
Other loans. Real estate loans increased by $4.4 billion or 11.2
per cent in 1964. Although this expansion was less than in 1963, it
was considerably above the rates of increase in most years prior
to 1962. Over the current cyclical expansion to date, the large
inflow of interest-bearing deposits, the lower relative levels of
business loan demands, and the large demands for mortgage credit
to finance new construction and for other purposes have brought
banks increasingly into the mortgage market in search of profitable
investment outlets.
Bank loans to consumers also rose a little less rapidly in
1964 than in 1963. For the year, such loans increased by $2.8
billion or around 10 per cent. High automobile sales for the third
successive year and the continued willingness of consumers to
incur debt for this and other purposes were major factors in the
maintenance of a relatively large volume of bank lending to consumers.
Loans other than business, real estate, and consumer loans,
increased by almost $5 billion in 1964. In addition to including
unusually large purchases of Export-Import Bank participation
certificates, this increase reflected growth in security, agricultural,
nonbank financial, and a variety of unclassified types of loans.
U.S. Government securities. Bank holdings of U.S. Government
securities continued to decline in 1964. The reduction occurred
mainly in the spring and summer, when the inflows of time and
savings deposits slackened. Later in the year, when deposit inflows accelerated, banks added to their holdings again. As a result,
the $1 billion net decline over the year was only one-third as much
as in 1963.
Commercial banks as a rule have reduced their Government
security portfolios during economic expansions, but they have not
done so this time. While the current expansion is the longest in
FEDERAL RESERVE BULLETIN • FEBRUARY 1965
222
the postwar period, banks have on balance increased their holdings, as acquisitions early in the period more than offset the relatively modest later liquidations. With monetary policy more expansive and deposit growth relatively high in the current cycle, while
business loan demand remained quite moderate, there has been
little need to liquidate Government securities so far in this cycle.
In the last 4 months in 1964, holdings of short-term Government securities increased by $5.9 billion, two-thirds in bills. Presumably the increase in holdings of short-term Governments reflected in part preparation for increased loan demand—particularly
for inventory stockpiling in the metals industry—and some feeling
that interest rates might rise as the result of international developments related to sterling.
Banks also lengthened their Government security portfolio at
times in 1964, particularly through exchanges for longer-term
securities in both the January and July advance refundings.
Nevertheless, as a result of the passage of time and of some
selling, bank holdings of longer-term Governments had been reduced by the year-end to about the same proportion of total portfolios as at the end of both 1962 and 1963.
In the Treasury's advance refunding in January 1965, banks
took $5.6 billion of long-term bonds—slightly more than in July
1964—and their exchanges into the longest maturity were almost
twice those in July. The substantial movement into longer maturities suggests that some banks may have regarded the prevailing level of long-term yields as being near the peak for the
current upswing.
Other securities. Bank holdings of other securities—mainly State
and local government and Federal agency securities—had grown
at record rates earlier in the current expansion, but the rate of
acquisition declined in late 1963 and early 1964. Paralleling the
acceleration of the growth in time and savings deposits in the
second half of 1964, other security holdings again began to rise
more sharply. The slower growth early in 1964, however, held the
increase for the year to 10 per cent, one-half of the 1963 rate.
In January 1965, holdings of other securities rose by a record
$900 million on a seasonally adjusted basis. In large part these
acquisitions reflected deliveries of securities purchased in December when offerings of municipals increased sharply, and anticipations by banks that the January 1 increase in interest rates on time
and savings deposits would increase the inflows of such deposits
and thus make more funds available for investment.
BANK LIQUIDITY
_
t
,.
...
. ,
„,, .
„ ,
.f
t
Bank liquidity varied over 1964 in parallel movement with the
rate of deposits inflows. As the growth of time and savings de-
BANK CREDIT AND MONETARY DEVELOPMENTS
223
posits slackened, the growth in loans continued rapid and the
loan-to-deposit ratio rose to a postwar high of 61.1 per cent—
4.0 percentage points above the previous high in mid-1960. As
time and savings inflows accelerated in the last 4 months of the
year, the loan-to-deposit ratio at first declined. Then, with the
large increase in loans in the last 2 months of the year, the ratio
returned to its summer high.
The ratio of bank holdings of short-term Governments to total
deposits moved inversely with the growth in loans over the first 7
months of the year. In late July, following heavy bank participations in the advance refunding, it declined to 5.7 per cent. At
that level the ratio was the lowest for the current expansion, but
it still remained somewhat above the 1960 low. Beginning in late
summer, holdings of short-term Governments rose relative to deposits until the ratio reached 8 per cent in November and December—the highest level since early 1963.
In January 1965, holdings of short- and intermediate-term
Governments declined sharply as banks acquired longer-term
issues in the advance refunding and sold others or allowed them
to mature in order to obtain funds for loans, which rose sharply.
Traditional liquidity ratios, while serving as rough rules of
thumb, suffer from deficiencies, particularly their inability to allow for certain quantitative and qualitative changes in bank portfolios. For example, the increased holdings by banks of State and
local government securities, some of which are short-term, provide a more important supplement to liquidity than during
earlier periods, as do larger holdings of Federal agency securities. Moreover, the monthly cash flows from the amortization
of increased holdings of mortgage and consumer loans and of
CHART 6
BANK LIQUIDITY RATIOS showed mixed changes in 1 9 6 4 .
PER CENT OF DEPOSITS
I
I
I
I
I
I
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 (preliminary): loans, January; U.S. Govts., December.
FEDERAL RESERVE BULLETIN • FEBRUARY 1965
224
business term loans provide additional liquidity that offsets part
of the decline in liquidity associated with smaller holdings of
short-term assets.
INTEREST RATES
Before the change in the discount rate in November, interest
rates had moved within a very narrow range in 1964. The 3-month
Treasury bill rate, until late in 1964, fluctuated within a range of
10 basis points above and below the V/i per cent discount rate
CHART 7
little In 1964...
LONG-TERM YIELDS
PER CENT PER ANNUM
FHA-INSURED MORTGAGES
STATE AND LOCAL Acs
U.S. GOVT. BONDS
I
I
I
1
I
I
I
I
I
but SHORT-TERM YIELDS rose sharply late in year.
NOTE.—Monthly average of daily figures except for FHA-insured mortgages, which are based on quotations 1 day each
month. Corporate and State and local 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, January.
and remained at about the level reached in mid-1963. Long-term
rates showed little net change during this period, after rising
moderately in 1963. There were some increases in yields in the
spring as the result of anticipations that monetary policy would
tighten because of the tax cut and of international developments.
BANK CREDIT AND MONETARY DEVELOPMENTS
These expectations were relatively short-lived, however, and yields
returned to their previous levels.
The reaction of the market to the monetary policy actions of
late November led to a flatter yield curve, but one that was changed
little at the long end. Yields on short-term market securities rose
promptly, but by less than the change in the discount rate. In
December the 3-month Treasury bill rate averaged 3.84 per cent,
about 25 basis points higher than before the November discount
rate increase.
Long-term yields reacted less sharply but in the same direction.
However, by the year-end yields on longer-term securities had
returned by and large to the levels of mid-November. Indeed,
yields on tax-exempt securities declined to their lowest level of
the year, partly as a result of commitments made by commercial
banks in anticipation of an increased flow of time and savings
deposits after the increase in deposit rates on January 1, 1965.
225
Statement on Gold Reserve Requirements
You have asked for comment on three
bills relating to the requirement of present
law that each Federal Reserve Bank maintain a gold certificate reserve of at least 25
per cent against its Federal Reserve notes
in actual circulation, plus a further gold
certificate reserve of at least 25 per cent
against the deposits it holds. S. 743, introduced by Senator Douglas, would repeal
both requirements. S. 797, introduced by
your Chairman at the request of the President, would drop the requirement against
Federal Reserve Bank deposits, but retain
that against Federal Reserve notes. S. 814,
introduced by Senator Javits, would keep
both requirements, reducing that against deposits to 10 per cent and that against notes
to 15 per cent.
That conditions now call for some change
in these requirements seems clear. By the
end of 1964, the ratio of the Federal Reserve Banks' gold certificate holdings to
their deposits and notes combined was 27.5
per cent, down 2 points from a year earlier
and only 2Vi points above the legal minimum now prescribed in Section 16 of the
Federal Reserve Act. If developments well
within the range of possibilities should be
realized, the legal minimum could be penetrated soon, possibly within a year.
Nevertheless the dollar is strong, and so
is our economy. We are enjoying vigorous
NOTE.—Statement of William McChesney Martin,
Jr., Chairman, Board of Governors of the Federal
Reserve System, before the Senate Committee on
Banking and Currency, Feb. 2, 1965.
Chairman Martin made a similar statement on
Feb. 1, 1965, before the House Committee on Banking and Currency, on H.R. 3318.
economic growth, and have been reasonably successful in maintaining a relatively
stable average of prices. American goods
and services are doing well in competition
in world markets, as indicated by the substantial surplus in our trade balance. Therefore action on this legislation can be taken
now, not to deal with a dollar crisis but to
maintain the dollar's current strength.
Gold certificate reserves of the Federal
Reserve Banks reached their peak of $23.4
billion in September 1949 when the total
U.S. gold stock amounted to about 70 per
cent of the free world's monetary gold. Over
the period from 1949 through 1964, net
sales of U.S. gold to foreign monetary authorities reduced our gold certificate reserve
by $8.4 billion [as shown by the table that
appears on page 230]. In the same period
growth in Federal Reserve deposit liabilities
and notes in circulation absorbed into required reserves $3.5 billion. Over these 15
years, therefore, Federal Reserve Bank holdings of gold certificates in excess of the minimum required by statute have on balance
declined by $11.9 billion.
In substantial part United States sales of
gold to foreign monetary authorities since
1949 have reflected postwar recovery of the
free world from the monetary chaos created
by the Second World War, and the desire
of the major foreign industrial countries to
re-establish convertibility of their currencies.
These countries sought to accomplish this
by accumulating monetary reserves partly
in the form of gold and partly in the form
of dollar balances. Between the end of 1949
and the end of 1964, the dollar component
226
STATEMENT ON GOLD RESERVE REQUIREMENTS
of monetary reserves of foreign countries
rose by $10 billion (from $3 billion to $13
billion) while their monetary gold stocks
rose by $16 billion (from $9 billion to $25
billion). Foreign private holdings of dollars
also increased by $8 billion, from about $3
billion to nearly $11 billion.
In the half century since the enactment
of the Federal Reserve Act, the function of
gold in our monetary system has undergone
fundamental change. More than three decades ago, coinage of gold, redemption of
bank notes and deposits in gold, and private acquisition and holding of monetary
gold were discontinued in this country. Domestically, these actions in effect ended the
private use of gold as a store of value. Internationally, they enlarged the availability of
U.S. gold for official settlements with other
governments in response to the needs of our
foreign commerce and investment.
Today, throughout the free world, when
a citizen of one country does business with
a citizen of another—whether or not either
of them is an American—the chances are
that they will settle their accounts in U.S.
dollars. When foreign bankers, merchants,
and investors acquire in their transactions
more dollars than they wish to hold for working balance or investment purposes, they
usually sell them to their central bank. The
central bank may keep the dollars as part
of its monetary reserves or use them, if it
desires, to purchase gold from the U.S.
Treasury. On the other hand, if a country's
international settlements should use up its
dollar balances, its central bank may acquire dollars by selling gold to the U.S.
Treasury.
In short, the readiness of the U.S. Treasury to buy and sell gold at the fixed price
of $35 an ounce in transactions with foreign
monetary authorities has greatly contributed
227
to the willingness of foreign monetary authorities and private foreign residents to hold
a growing total of dollar reserves and working balances. Consequently, the U.S. gold
stock has come to play the dual role of supporting the international convertibility of
the dollar and of facilitating the interconvertibility of other currencies among themselves and into the dollar.
This dual role of the U.S. monetary gold
has helped the dollar to attain a unique position in international commerce and finance.
And the universal acceptability of dollars
has greatly facilitated the record expansion
of international trade over the past 15 years,
with world trade rising from less than $60
billion to nearly $160 billion. For this reason, the availability of U.S. monetary gold
holdings to meet international convertibility
needs is a matter of vital importance not only
to the United States but to the entire present
system of international payments on which
the free world relies.
These developments underscore the need
for speedy correction of the deficit in our
international payments, which for all too
many years has been eroding our gold reserves. The President, in his Economic Report, has stressed the seriousness of the problem, and has unequivocally stated that "we
must and will reduce and eliminate" the
deficit.
In consequence of the large and persistent
deficit in the U.S. balance of payments after
1957, many foreign countries accumulated
dollar balances in excess of their needs for
working balances, reserves, and investments.
Their monetary authorities used such excess
dollar balances to purchase gold from the
U.S. Treasury, and the resulting decline in
the U.S. gold stock has contributed to the
sharp reduction in the System's reserve ratio.
In order to avoid any deflationary impact
228
FEDERAL RESERVE BULLETIN • FEBRUARY 1965
from this outflow, the Federal Reserve offset
the effects of the decline in its gold certificate
holdings by expanding its holdings of U.S.
Government securities. In addition, the Federal Reserve further increased its Government security holdings in order to sustain an
expansion of bank credit consistent with a
growing economy and a relatively stable
average of prices.
Over the years ahead, the continued
growth of U.S. economic activity will require continuing monetary expansion consistent with a stable dollar. Under prospective conditions, it appears all but certain
that the gold certificate reserve ratio of Federal Reserve Banks, for domestic monetary
reasons alone, will steadily decline, even if
gold sales to foreign monetary authorities
are small. Of course, any substantial further
outflow of gold would accentuate the decline.
Accordingly, the time is ripe for legislative action that will, as President Johnson
said in his Economic Report last week,
" . . . place beyond any doubt the ability of the Federal Reserve to meet its responsibility for providing an
adequate but not excessive volume of bank reserves,"
and
". . . place beyond any doubt our ability to use our
gold to make good our pledge to maintain the gold
value of the dollar at $35 an ounce with every resource at our command."
As you know, the President himself expressly requested that Congress "eliminate
the arbitrary requirement that the Federal
Reserve Banks maintain a gold certificate
reserve against their deposit liabilities." The
specific provisions to accomplish this are
encompassed in S. 797, introduced by your
Chairman.
To me, the question before us is a practical one. S. 797 offers a pragmatic response,
proportioned to the present circumstances.
By removing the reserve requirement against
deposits, it would free approximately $4.8
billion in gold now earmarked for cover
purposes and raise the total free gold certificate holdings to about $6.2 billion.
Moreover, by retaining the traditional
gold "backing" for Federal Reserve notes,
the proposal would be reassuring to those
who, in their continuing concern for the stability of the dollar, see in a gold cover requirement an important element of strength.
The value of any currency is so much a
product of confidence that one should not
disregard this advantage of S. 797.
The removal of the reserve requirement
against deposits would seem to me fully adequate to meet our present and foreseeable
needs and sufficiently ample to remove any
doubt anywhere about our ability to defend
the dollar abroad, and to further advance
the progress of our domestic economy.
I might note here that, on an earlier occasion, Congress reduced the gold reserve
requirements by lowering the percentage of
reserves required against Federal Reserve
notes as well as deposits in the Federal Reserve Banks. Specifically, in 1945, Congress
reduced the gold cover requirements from
40 per cent against notes and 35 per cent
against deposits to the present figure of 25
per cent for both. That action was taken
after the amount of free gold certificates had
dropped from $12.4 billion at the beginning
of the war to $3.2 billion by mid-1945. If
an across-the-board reduction of the present
25 per cent requirement were to be made
now—say to 15 per cent—it would release
about $5.5 billion of the earmarked gold, as
compared with the $4.8 billion released by
S. 797. Or the requirement against deposits
could be reduced further, as in S. 814, to
10 per cent, coupled with a reduction in the
note cover to 15 per cent; this would release
an additional $1 billion in gold.
From a technical viewpoint this approach
STATEMENT ON GOLD RESERVE REQUIREMENTS
may be just as sound as that taken by S. 797.
What counts, in my judgment, is which approach would be more acceptable to the
public. And from that standpoint, I believe
it is preferable to preserve the 25 per cent
requirement for Federal Reserve notes and
thus to keep intact the symbolic tie between
our circulating currency and gold.
The Congress could, on the other hand,
take a more all-out approach and repeal the
gold cover requirements altogether. This
would release our entire gold certificate
holdings of $15 billion by severing the last
statutory link between the volume of our
Federal Reserve notes in circulation and
gold. The theory here is that, since neither
Federal Reserve notes nor deposits in Federal Reserve Banks can be redeemed in gold,
there is no need to have any gold "backing"
against either of them. Further, it is suggested
that outright repeal of both gold reserve requirements would eliminate the possibility
that Congress might be called upon to take
further action later. Those who would keep
the "discipline" of gold, however, answer
that this very possibility offers added protection against irresponsible public policies.
While judgments differ as to the value of
this kind of statutory protection, we need not
attempt at this time to resolve forever the
problem of whether or not a gold cover requirement serves a useful end. We need only
to adapt our traditional cover requirements
so that we can better meet present and foreseeable needs. If we keep the gold cover requirement for our currency, our free gold
certificate holdings of more than $6 billion
will be enough to accommodate normal
growth in circulating Federal Reserve notes
for some time to come.
We face the prospect of some additional
gold losses this year. But if we persevere in
efforts to correct our balance of payments
229
deficit, we can look forward to a cessation
of gold outflow and, over the longer run, a
gradual growth of our gold stock from world
supplies, at times in consequence of international settlements and at times by sharing
in new production.
In considering these proposals, I think
we must be careful to keep in mind that, regardless of what is done about legal requirements, there is an inescapable practical requirement that we maintain an adequate
gold stock to back up the role of the dollar
as a key currency in world trade. Hence the
need to conserve our gold stock will continue
to exert a disciplinary influence on monetary
and other policies, and a statutory gold reserve requirement for notes will serve to
emphasize this need.
All of us need to be mindful that sound
money is not established by statute alone.
In the end, our nation cannot have sound
money unless its monetary and fiscal affairs
are well managed. The fundamental elements
in keeping our financial house in order are
thus sound and equitable fiscal and monetary
policies.
It may be helpful to your consideration of
legislation for me to say at this point a few
words about the present provisions of the
law respecting the suspension of gold reserve requirements. The Board's authority
in this regard is contained in Section 11 (c)
of the Federal Reserve Act. It provides that
we can suspend the gold reserve requirements for a period of 30 days, and renew
such suspensions for 15-day periods thereafter.
Upon action to suspend the requirements,
the Board would have to establish a tax on
the Reserve Banks graduated upward with
the size of their reserve deficiencies. The tax
could be very small so long as the reserve
deficiencies were confined to the reserves
230
FEDERAL RESERVE BULLETIN • FEBRUARY 1965
against deposits and the first 5 percentage
points of any deficiencies against Federal
Reserve notes. But if the reserve deficiencies
should penetrate below 20 per cent of the
Federal Reserve notes outstanding, the tax
would undergo a fairly steep graduation in
accordance with statutory specifications.
The Federal Reserve Act further specifies
that, should the reserve deficiencies fall below the 25 per cent requirement against
notes, the amount of the tax must be added
to Reserve Bank discount rates. But if the
deficiencies were confined to reserves against
Reserve Bank deposits, the required penalty
tax could be nominal and no addition to Reserve Bank discount rates would be necessary.
From a technical point of view, it might
be possible under existing law for the Board
to suspend gold reserve requirements indefinitely, since there is no limit on the number
of times the Board might renew suspensions
for periods of 15 days each. Yet it seems
clear that the purpose of the provisions for
suspension was to facilitate adjustments by
those Reserve Banks whose reserves fall temporarily below required levels, and not to
provide a solution to a national problem of
more than temporary import.
In a world in which the role of the dollar
as an international means of payment and a
reserve asset has been under criticism, it is
important for the Congress to assure the
world of the availability of U.S. monetary
gold for legitimate monetary uses in international commerce, to reaffirm the relationship between the dollar and gold, and to reassert the intention of the United States to
maintain an adequate gold reserve for the
dollar. Enactment of S. 797 would accomplish this triple purpose.
In conclusion, I would re-emphasize that
we do not need now to resolve this question
of gold cover for all time, for monetary arrangements and institutions are constantly
evolving in accordance with domestic and
international needs, and these changes call
for adaptation from time to time in monetary
legislation. The all-important need for legislation at this juncture is to assure the world
that U.S. monetary gold is always available
to maintain the convertibility of the dollar
and that the United States will honor its
debts and liabilities in the form of foreign
dollar holdings—as I have said many times
before—down through the last bar of gold,
if that be necessary.
CONSOLIDATED RESERVE POSITION OF THE
FEDERAL RESERVE BANKS
(In millions of dollars, unless otherwise noted)
Sept.
21,
1949
Dec.
31,
1963
Dec.
31,
1964
F R Bank deposits
F.R. notes
17,523
23,248
19,454
35,342
Liabilities requiring reserves
40,771
18,392
32,878
51,270
54,796
4,381
5,812
4,598
8,220
2 4,864
8,835
10,193
13,247
23,440
12,818
2,419
13,699
21,376
15,237
15,075
i 57.5
29.7
27.5
Item
Required reserves:
Against deposits
Against notes
Total required reserves
Free gold certificate h o l d i n g s . . . .
Gold certificate reserves
Ratio of gold certificate reserves to
deposit and note liabilities (per
cent)
1 Postwar peak.
2
Elimination of required reserves against deposits, as recommended
in the President's Economic Report, would raise free gold certificate
holdings to $6,240 million. "Free gold" includes some additional
gold held by the Treasury (amounting to $240 million on Dec. 31,
1964) that is not pledged as cover for gold certificates or U.S. notes.
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:
OSTROM ENDERS
Chairman, Hartford National Bank and Trust Company, Hartford,
Conn.
President, The Orange National Bank, Orange, Mass.
President, Vermont National and Savings Bank, Brattleboro, Vt.
DARIUS M. KELLEY
WILLIAM I. TUCKER
Class B:
JOHN R. NEWELL
WILLIAM R. ROBBINS
JAMES R. CARTER
Class C.JAMES MCCORMACK
WILLIAM WEBSTER
2
ERWIN D. CANHAM
1 Chairman.
X
President, Bath Iron Works Corp., Bath, Maine.
Vice President for Finance, United Aircraft Corporation, East Hartford,
Conn.
President, Nashua Corporation, Nashua, N. H.
Vice President, Massachusetts Institute of Technology, Cambridge,
Mass.
Chairman and Chief Executive Officer, New England Electric System,
Boston, Mass.
Editor in Chief, The Christian Science Monitor, Boston, Mass.
2
Deputy Chairman.
231
1965
1966
1967
1965
1966
1967
1965
1966
1967
232
FEDERAL RESERVE BULLETIN • FEBRUARY 1965
District 2—FEDERAL RESERVE BANK OF NEW YORK
Term
expires
Dec. 31
Class A:
RALPH H. RUE
ROBERT H. FEARON
GEORGE A. MURPHY
Chairman, The Schenectady Trust Company, Schenectady, N. Y.
President, The Oneida Valley National Bank of Oneida, N. Y.
Chairman, Irving Trust Company, New York, N. Y.
1965
1966
1967
Executive Vice President, Union Carbide Corporation, New York, N. Y.
Chairman of the Board, Socony Mobile Oil Company. Inc., New York,
N. Y.
'
Chairman, IBM World Trade Corporation, New York, N. Y.
1965
1966
1967
Formerly Chairman of the Board, General Electric Company, New
York, N. Y.
President, Alfred P. Sloan Foundation, New York, N. Y.
President, New York University, New York, N. Y.
1965
1966
1967
Class B:
KENNETH H. HANNAN
ALBERT L. NICKERSON
ARTHUR K. WATSON
Class C:
PHILIP D. REED I
EVERETT N. CASE
JAMES M. HESTER
2
BUFFALO BRANCH
Appointed by Federal Reserve Bank:
ARTHUR S. HAMLIN
CHARLES W.
MILLARD, JR.
JOHN D. HAMILTON
J. WALLACE ELY
President, The Canandaigua National Bank and Trust Company,
Canandaigua, N. Y.
Chairman of the Board and President, Manufacturers and Traders Trust
Company, Buffalo, N. Y.
President, Chautauqua National Bank of Jamestown, N. Y.
President, Security Trust Company of Rochester, N. Y.
1965
1966
1967
1967
Appointed by Board of Governors:
MAURICE R. FORM AN I
THOMAS E. LAMONT
ROBERT S. BENNETT
President, B. Forman Company, Inc., Rochester, N. Y.
Farmer, Albion, N. Y.
General Manager, Lackawanna Plant, Bethlehem Steel Corporation,
Buffalo, N. Y.
1965
1966
1967
District 3—FEDERAL RESERVE BANK OF PHILADELPHIA
Class A:
BENJAMIN F. SAWIN
CHARLES R. SHARBAUGH
LLOYD W. KUHN
Vice Chairman of the Board, Provident Tradesmens Bank and Trust
Company, Philadelphia, Pa.
President, Cambria County National Bank of Carrolltown, Pa.
President, The Bendersville National Bank, Bendersville, Pa.
1965
1966
1967
Class B:
RALPH K. GOTTSHALL
LEONARD P. POOL
BAYARD L. ENGLAND
Chairman of the Board and President, Atlas Chemical Industries, Inc.,
Wilmington, Del.
President, Air Products and Chemicals, Inc., Allentown, Pa.
Chairman of the Board, Atlantic City Electric Company, Atlantic
City, N. J.
1965
1966
1967
Class C:
D. ROBERT YARNALL, JR.
WALTER E. HOADLEY l
WILLIS J. WINN 2
1
Chairman.
President, Yarnall-Waring Company, Philadelphia, Pa.
Vice President and Treasurer, Armstrong Cork Company,
Lancaster, Pa.
Dean, Wharton School of Finance and Commerce, University of
Pennsylvania, Philadelphia, Pa.
2
Deputy Chairman.
1965
1966
1967
DIRECTORS RESERVE BANKS AND BRANCHES
233
District 4—FEDERAL RESERVE BANK OF CLEVELAND
Term
expires
Dec. 31
Class A:
FRANK E. AGNEW, JR.
RICHARD R. HOLLINGTON
SEWARD D. SCHOOLER
Chairman of the Board and Chief Executive Officer, Pittsburgh
National Bank, Pittsburgh, Pa.
President, The Ohio Bank and Savings Company, Findlay, Ohio.
President, Coshocton National Bank, Coshocton, Ohio.
1965
1966
1967
Class B:
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.
Chairman of the Board and Chief Executive Officer, The Hobart
Manufacturing Company, Troy, Ohio.
WALTER K. BAILEY
EDWIN J. THOMAS
DAVID A. MEEKER
1965
1966
1967
Class C:
LOGAN T. JOHNSTON
ALBERT G. CLAY
JOSEPH B. HALL 1
2
President, Armco Steel Corporation, Middletown, Ohio.
President, Clay Tobacco Company, Mt. Sterling, Ky.
Director, Former Chairman of the Board, The Kroger Co., Cincinnati,
Ohio.
1965
1966
1967
CINCINNATI BRANCH
Appointed by Federal Reserve Bank:
President, The Third National Bank of Ashland, Ky.
President, The Philip Carey Manufacturing Company, Lockland,
Cincinnati, Ohio.
President, The Security Central National Bank of Portsmouth, Ohio.
President, The First National Bank of Cincinnati, Ohio.
JOHN W. WOODS, JR.
JOHN W. HUMPHREY
JAMES PUGH
KROGER PETTENGILL
1965
President, The National Cash Register Company, Dayton, Ohio.
President, University of Cincinnati, Ohio.
President, Burley Belt Fertilizer Company, Lexington, Ky.
1965
1966
1967
1966
1966
1967
Appointed by Board of Governors:
R. STANLEY LAING
WALTER C. LANGSAM
BARNEY A. TUCKER
1
PITTSBURGH BRANCH
Appointed by Federal Reserve Bank :
ALFRED H. OWENS
S. L. DRUMM
JOSEPH S. ARMSTRONG
EDWIN H. KEEP
President,
President,
President,
President,
The Citizens National Bank of New Castle, Pa.
West Penn Power Company, Cabin Hill, Greensburg, Pa.
The Grove City National Bank, Grove City, Pa.
First National Bank of Meadville, Pa.
1965
1966
1966
1967
Appointed by Board of Governors:
F. L. BYROM
G. L. BACH I
ROBERT DICKEY III
President, Koppers Company, Inc., Pittsburgh, Pa.
Maurice Falk Professor of Economics and Social Science,
Carnegie Institute of Technology, Pittsburgh, Pa.
President, Dravo Corporation, Pittsburgh, Pa.
1965
1966
1967
District 5—FEDERAL RESERVE BANK OF RICHMOND
Class A:
DAVID K. CUSHWA, JR.
ROBERT T. MARSH, JR.
President, The Washington County National Savings Bank,
Williamsport, Md.
Chairman of the Board, First and Merchants National Bank,
Richmond, Va.
President, First National Bank, Shelby, N. C.
GEQRGE BLANTON, JR.
i Chairman.
2
Deputy Chairman.
1965
1966
1967
234
FEDERAL RESERVE BULLETIN - FEBRUARY 1965
District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued
Term
expires
Dec. 31
Class B:
R. E. SALVATI
ROBERT E. L. JOHNSON
ROBERT R. COKER
Class C:
WILSON H. ELKINS
WILLIAM H. GRIER
2
EDWIN HYDE I
Consultant, Island Creek Coal Company, Huntington, W. Va.
Chairman of the Board, Woodward & Lothrop, Incorporated,
Washington, D. C.
President, Coker's Pedigreed Seed Company, Hartsville, S. C.
President, University of Maryland, College Park, Md.
President, Rock Hill Printing & Finishing Company,
Rock Hill, S. C.
President, Miller & Rhoads, Inc., Richmond, Va.
1965
1966
1967
1965
1966
1967
BALTIMORE BRANCH
Appointed by Federal Reserve Bank:
JOSEPH B. BROWNE
President, Union Trust Company of Maryland, Baltimore, Md.
JOHN P. SIPPEL
President, The Citizens National Bank of Laurel, Md.
MARTIN PIRIBEK
Executive Vice President, The First National Bank of
Morgantown, W. Va.
ADRIAN L. MCCARDELL
President, First National Bank of Maryland, Baltimore, Md.
Appointed by Board of Governors:
E. WAYNE CORRIN
HARRY B. CUMMINGS
LEONARD C. CREWE, JR. 1
President, Hope Natural Gas Company, Clarksburg, W. Va.
Vice President & General Manager, Metal Products Division,
Koppers Company, Inc., Baltimore, Md.
Chairman of the Board, Maryland Specialty Wire, Inc.,
Cockeysville, Md.
1965
1966
1967
1967
1965
1966
1967
CHARLOTTE BRANCH
Appointed by Federal Reserve Bank:
G. HAROLD MYRICK
Executive Vice President and Trust Officer, The First National
Bank of Lincolnton, N. C.
W. W. MCEACHERN
Chairman and Chief Executive Officer, The South Carolina National
Bank, Greenville, S. C.
WALLACE W. BRAWLEY
Senior Executive Vice President, The First Commercial National Bank
of Spartanburg, S. C.
CARL G. MCCRAW
President, First Union National Bank of North Carolina,
Charlotte, N. C.
Appointed by Board of Governors:
J. C. COWAN, JR. l
JAMES A. MORRIS
WILLIAM B. MCGUIRE
Vice Chairman of the Board, Burlington Industries, Inc.,
Greensboro, N. C.
Dean, School of Business Administration,
University of South Carolina, Columbia, S. C.
President, Duke Power Company, Charlotte, N. C.
1965
1966
1967
1967
1965
1966
1967
District 6—FEDERAL RESERVE BANK OF ATLANTA
Class A:
M. M. KIMBREL
GEORGE S. CRAFT
D. C. WADSWORTH, SR.
Class A:
MCGREGOR SMITH
W. MAXEY JARMAN
JAMES H. CROW, JR.
i Chairman.
Chairman of the Board, First National Bank, Thomson, Ga.
Chairman of the Board, Trust Company of Georgia, Altanta, Ga.
President, The American National Bank, Gadsden, Ala.
1965
1966
1967
Chairman of the Board, Florida Power & Light Company,
Miami, Fla.
Chairman, Genesco, Inc., Nashville, Tenn.
Vice President, The Chemstrand Corporation, Decatur, Ala.
1965
1966
1967
2 Deputy Chairman.
DIRECTORS RESERVE BANKS AND BRANCHES
235
District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued
Term
expires
Dec, 31
Class C:
J. M. CHEATHAM
JOHN A. HUNTER
JACK TARVER *
2
President, Dundee Mills, Incorporated, Griffin, Ga.
President, Louisiana State University, Baton Rouge, La.
President, Atlanta Newspapers, Inc., Atlanta, Ga.
1965
1966
1967
BIRMINGHAM BRANCH
Appointed by Federal Reserve Bank:
A. CALVIN SMITH
JOHN A. HAND
C. WILLARD NELSON
REX J. MORTHLAND
President, First National Bank, Greenville, Ala.
President, The First National Bank of Birmingham, Ala.
President, State National Bank, Decatur, Ala.
President, Peoples Bank and Trust Company, Selma, Ala.
1965
1966
1967
1967
Appointed by Board of Governors:
EUGENE C. GWALTNEY, JR.
MAYS E. MONTGOMERY
C. CALDWELL MARKS I
Vice President and General Manager, Russell Mills, Inc.,
Alexander City, Ala.
General Manager, Dixie Home Feeds Co., Athens, Ala.
Chairman of the Board, Owen-Richards Company, Inc.,
Birmingham, Ala.
1965
1966
1967
JACKSONVILLE BRANCH
Appointed by Federal Reserve Bank:
ARTHUR
WILLIAM
DUDLEY
WILLIAM
W. SAARINEN
H. DIAL
COLE
R. BARNETT
President, Broward National Bank of Fort Lauderdale, Fla.
President, The First National Bank at Orlando, Fla.
President, Florida First National Bank at Ocala, Fla.
Chairman, Barnett National Bank of Jacksonville, Fla.
1965
1966
1967
1967
Chairman of the Board, Florida Atlas Corporation, Jacksonville, Fla.
President, Stetson University, DeLand, Fla.
President, United States Sugar Corporation, Clewiston, Fla.
1965
1966
1967
Appointed by Board of Governors:
CLAUDE J. YATES 1
J. OLLIE EDMUNDS
HARRY T. VAUGHN
NASHVILLE BRANCH
Appointed by Federal Reserve Bank:
R. S. WALLING
WILLIAM F. EARTHMAN, JR.
J. A. HILL
S. N. BROWN
President,
President,
President,
President,
First National Bank, McMinnville, Tenn.
Commerce Union Bank, Nashville, Tenn.
Hamilton National Bank, Morristown, Tenn.
Union National Bank, Fayetteville, Tenn.
1965
1966
1967
1967
Appointed by Board of Governors:
ANDREW D. HOLT I
JAMES E. WARD
ROBERT M. WILLIAMS
President, University of Tennessee, Knoxville, Tenn.
President, Baird-Ward Printing Company, Nashville, Tenn.
President, ARO, Inc., Arnold Engineering Development Center,
Tullahoma, Tenn.
1965
1966
1967
NEW ORLEANS BRANCH
Appointed by Federal Reserve Bank:
J. R. MCCRAVEY, JR.
L. Y. FOOTE
ROBERT M. HEARIN
W. R. WHITE
1
Chairman.
Vice President, Bank of Forest, Miss.
President, First National Bank of Hattiesburg, Miss.
President, First National Bank of Jackson, Miss.
President, First National Bank of Jefferson Parish, Gretna, La.
2 Deputy Chairman.
1965
1966
1967
1967
236
FEDERAL RESERVE BULLETIN * FEBRUARY 1965
District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued
NEW ORLEANS BRANCH—Continued
Term
expires
Dec. 31
Appointed by Board of Governors:
J. O. EMMERICH
GEORGE BENJAMIN BLAIR *
KENNETH R. GIDDENS
Editor, Enterprise-Journal, McComb, Miss.
General Manager, American Rice Growers Cooperative, Lake
Charles, La.
President, WKRG-TV, Inc., Mobile, Ala.
1965
1966
1967
District 7—FEDERAL RESERVE BANK OF CHICAGO
Class A:
HARRY W. SCHALLER
KENNETH V. ZWIENER
JOHN H. CROCKER
President, The Citizens First National Bank of Storm Lake, Iowa
Chairman of the Board, Harris Trust and Savings Bank, Chicago, 111.
Chairman of the Board, The Citizens National Bank of Decatur, 111.
Director, Eli Lilly and Company, Indianapolis, Ind.
Treasurer and Assistant Secretary, Alis-Chalmers Manufacturing
Company, Milwaukee, Wis.
Director, Giddings & Lewis Machine Tool Company, Fond du Lac,
Wis.
Class B:
WILLIAM A. HANLEY
G. F. LANGENOHL
WILLIAM E. RUTZ
Class C.JAMES H. HILTON 2
JOHN W. SHELDON
FRANKLIN J. LUNDING
l
1965
1966
1967
1965
1967
President, Iowa State University of Science and Technology,
Ames, Iowa
President, Chas. A. Stevens & Co., Chicago, 111.
Chairman, Finance Committee, Jewel Tea Company, Inc., Chicago, 111.
1965
1966
1967
1966
DETROIT BRANCH
Appointed by Federal Reserve Bank:
C. LINCOLN LINDERHOLM
FRANKLIN H. MOORE
JOHN H. FRENCH, JR.
RAYMOND T. PERRING
Appointed by Board of Governors:
GUY S. PEPPIATT
MAX P. HEAVENRICH, JR.
JAMES WILLIAM MILLER *
President, Central Bank, Grand Rapids, Mich.
President, The Commercial and Savings Bank, St. Clair, Mich.
President, City National Bank of Detroit, Mich.
Chairman of the Board, The Detroit Bank and Trust Company,
Detroit, Mich.
Chairman of the Board, Federal-Mogul-Bower Bearings, Inc.,
Detroit, Mich.
President and General Manager, Heavenrich Bros. & Company,
Saginaw, Mich.
President, Western Michigan University, Kalamazoo, Mich.
1965
1966
1966
1967
1965
1966
1967
District 8—FEDERAL RESERVE BANK OF ST. LOUIS
Class A:
HARRY F. HARRINGTON
H. LEE COOPER
HARRY E. ROGIER
Class B:
HAROLD O. MCCUTCHAN
ROLAND W. RICHARDS
MARK TOWNSEND
i Chairman.
Chairman of the Board & President, The Boatmen's National Bank of
St. Louis, Mo.
President, Ohio Valley National Bank of Henderson, Ky.
President, The First National Bank of Vandalia, 111.
Senior Executive Vice President, Mead Johnson & Company,
Evansville, Ind.
Vice President and Secretary, Laclede Steel Company, St. Louis, Mo.
Chairman of the Board, Townsend Lumber Company, Inc.,
Stuttgart, Ark.
2 Deputy Chairman.
1965
1966
1967
1965
1966
1967
DIRECTORS RESERVE BANKS AND BRANCHES
237
District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued
Term
expires
Dec. 31
Class C.RAYMOND REBSAMEN i
WILLIAM KING SELF
SMITH D. BROADBENT, JR.
2
Chairman of the Board, Rebsamen & East, Inc., Little Rock, Ark.
President, Riverside Industries, Marks, Miss.
Owner, Broadbent Hybrid Seed Company, Cadiz, Ky.
1965
1966
1967
LITTLE ROCK BRANCH
Appointed by Federal Reserve Bank:
H. C. ADAMS
CECIL W. CUPP
R. M. LAGRONE, JR.
Ross E. ANDERSON
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.
Chairman of the Board, The Commercial National Bank of
Little Rock, Ark.
1965
1966
1966
President, Little Rock University, Little Rock, Ark.
Planter, Parkdale, Ark.
President, Arkansas Power & Light Company, Little Rock, Ark.
1965
1966
1967
1967
Appointed by Board of Governors:
CAREY V. STABLER1
FREDERICK P. BLANKS
REEVES E. RITCHIE
LOUISVILLE BRANCH
Appointed by Federal Reserve Bank:
JOHN H. HARDWICK
RAY A. BARRETT
WM. G. DEATHERAGE
J. E. MILLER
President, The Louisville Trust Company, Louisville, Ky.
President, The State Bank of Salem, Ind.
President, Planters Bank & Trust Co., Hopkinsville, Ky.
Executive Vice President, Sellersburg State Bank, Sellersburg, Ind.
1965
1966
1966
1967
Appointed by Board of Governors:
C. HUNTER GREEN I
LISLE BAKER, JR.
RICHARD T. SMITH
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.
Farmer, Madisonville, Ky.
1965
1966
1967
MEMPHIS BRANCH
Appointed by Federal Reserve Bank:
CHARLES R. CAVINESS
ALLEN MORGAN
CON T. WELCH
LEON C. CASTLING
President,
President,
President,
President,
National Bank of Commerce of Corinth, Miss.
The First National Bank of Memphis, Tenn.
Citizens Bank, Savannah, Tenn.
First National Bank at Marianna, Ark.
1965
1966
1966
1967
Appointed by Board of Governors:
SAM COOPER I
EDWARD B. LEMASTER
JAMES S. WILLIAMS
President, HumKo Products Division, National Dairy Products
Corporation, Memphis, Tenn.
President, Edward LeMaster Co., Inc., Memphis, Tenn.
Plant Manager, American Greetings Corporation, Osceola, Ark.
1965
1966
1967
District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS
Class A:
CURTIS B. MATEER
HAROLD C. REFLING
JOHN F. NASH
i Chairman.
Executive Vice President, The Pierre National Bank, Pierre, S. D.
Executive Vice President, First National Bank in Bottineau, N. D.
President, The American National Bank of St. Paul, Minn.
2 Deputy Chairman.
1965
1966
1967
238
FEDERAL RESERVE BULLETIN - FEBRUARY 1965
District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS—Continued
Term
expires
Dec. 31
Class B.HUGH D. GALUSHA, JR.
RAY C. LANGE
JOYCE A. SWAN
Class C:
ATHERTON BEAN I
JUDSON BEMIS 2
BYRON W. REEVE
Lawyer and Certified Public Accountant, Helena, Mont.
President, Chippewa Canning Company, Inc., Chippewa Falls, Wis.
Executive Vice President & Publisher, Minneapolis Star and Tribune,
Minneapolis, Minn.
1965
1966
1967
Chairman of the Board, International Milling Company,
Minneapolis, Minn.
President, Bemis Bro. Bag Co., Minneapolis, Minn.
President, Lake Shore, Inc., Iron Mountain, Mich.
1965
1966
1967
HELENA BRANCH
Appointed by Federal Reserve Bank:
B. MEYER HARRIS
President, The Yellowstone Bank, Laurel, Mont.
CHARLES H. BROCKSMITH
President, First Security Bank of Glasgow N. A., Glasgow, Mont.
GLENN H. LARSON
President, First State Bank of Thompson Falls, Mont.
Appointed by Board of Governors:
EDWIN G. KOCH I
C. G. MCCLAVE
President, Montana School of Mines, Butte, Mont.
President and General Manager, Montana Flour Mills Co.,
Great Falls, Mont.
1965
1966
1966
1965
1966
District 10—FEDERAL RESERVE BANK OF KANSAS CITY
Class A:
BURTON L. LOHMULLER
EUGENE H. ADAMS
W. S. KENNEDY
Class B:
K. S. ADAMS
FRED W. GILMORE
ROBERT A. OLSON
Class C:
DEAN A. MCGEE
HOMER A. SCOTT I
DOLPH SIMONS 2
President, The First National Bank of Centralia, Kans.
President, The First National Bank of Denver, Colo.
President and Chairman of the Board, The First National Bank of
Junction City, Kans.
Chairman of the Board, Phillips Petroleum Company,
Bartlesville, Okla.
President, Union Stockyards Company of Omaha, Nebr.
President, Kansas City Power & Light Company, Kansas City, Mo.
Chairman of the Board, Kerr-McGee Oil Industries, Inc.,
Oklahoma City, Okla.
Vice President and District Manager, Peter Kiewit Sons' Company,
Sheridan, Wyo.
Editor and President, The Lawrence Daily Journal-World,
Lawrence, Kans.
1965
1966
1967
1965
1966
1967
1965
1966
1967
DENVER BRANCH
Appointed by Federal Reserve Bank:
ELWOOD M. BROOKS
Chairman of the Board, The Central Bank & Trust Co., Denver, Colo.
J. P. BRANDENBURG
President, The First State Bank of Taos, N. Mex.
THEODORE D. BROWN
President, Security State Bank, Sterling, Colo.
1965
1966
1966
Appointed by Board of Governors:
ROBERT T. PERSON I
R. A. BURGHART
1965
1966
i Chairman.
President, Public Service Company of Colorado, Denver, Colo.
Ingle Land and Cattle Company, Colorado Springs, Colo.
2 Deputy Chairman.
DIRECTORS RESERVE BANKS AND BRANCHES
239
District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued
OKLAHOMA CITY BRANCH
Term
expires
Dec. 31
Appointed by Federal Reserve Bank:
HOWARD J. BOZARTH
President, City National Bank and Trust Company, Oklahoma City,
Okla.
GUY L. BERRY, JR.
President, The American National Bank and Trust Company,
Sapulpa, Okla.
C. M. CRAWFORD
President, First National Bank, Frederick, Okla.
1965
Appointed by Board of Governors:
JAMES E. ALLISON I
OTTO C. BARBY
1965
1966
Consultant, Warren Petroleum Corporation, Tulsa, Okla.
Attorney and rancher, Beaver, Okla.
1966
1966
OMAHA BRANCH
Appointed by Federal Reserve Bank:
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.
W. B. MILLARD, JR.
Chairman of the Board, Omaha National Bank, Omaha, Nebr.
1965
1966
Appointed by Board of Governors:
JOHN T. HARRIS
CLIFFORD MORRIS HARDIN I
1965
1966
Merchant and cattleman, McCook, Nebr.
Chancellor, The University of Nebraska, Lincoln, Nebr.
1965
District 11—FEDERAL RESERVE BANK OF DALLAS
Class A:
RALPH A. PORTER
MURRAY KYGER
J. EDD MCLAUGHLIN
Class B:
J. B. PERRY, JR.
D. A. HULCY
H. B. ZACHRY
Class C.ROBERT O. ANDERSON
MAX LEVINE
C. J. THOMSEN 2
President, The State National Bank of Denison, Tex.
Chairman of the Board, The First National Bank of Forth Worth, Tex.
President, Security State Bank & Trust Company, Rails, Tex.
President and General Manager, Perry Brothers, Inc., Lufkin, Tex.
Chairman of the Board, Lone Star Gas Company, Dallas, Tex.
President, H. B. Zachry Co., San Antonio, Tex.
1
1965
1966
1967
1965
1966
1967
Owner, Lincoln County Livestock Company, Roswell, N. Mex.
Chairman of the Board, Foley's, Houston, Tex.
Senior Vice President, Texas Instruments, Inc., Dallas, Tex.
1965
1966
1967
EL PASO BRANCH
Appointed by Federal Reserve Bank:
CHAS. B. PERRY
Chairman of the Board, First State Bank, Odessa, Tex.
DICK ROGERS
President, First National Bank in Alpine, Tex.
ROBERT W. HEYER
Senior Vice Chairman and President, Southern Arizona Bank & Trust
Company, Tucson, Ariz.
ROBERT F. LOCKHART
Vice President, The State National Bank of El Paso, Tex.
1966
1967
Appointed by Board of Governors:
ROGER B. CORBETT I
1965
President, New Mexico State University, University Park, N. Mex.
1965
1966
C. ROBERT MCNALLY, JR.
Rancher, Roswell, N. Mex.
1966
GORDON W. FOSTER
President, Food Mart, Inc., El Paso, Tex.
1967
1
Chairman.
2 Deputy Chairman.
240
FEDERAL RESERVE BULLETIN - FEBRUARY 1965
District 11—FEDERAL RESERVE BANK OF DALLAS—Continued
HOUSTON BRANCH
Term
expires
Dec. 31
Appointed by Federal Reserve Bank:
M. M. GALLOWAY
J. A. ELKINS, JR.
JOHN E. GRAY
A. G. MCNEESE, JR.
Appointed by Board of Governors:
D. B. CAMPBELL 1
LOVETT C. PETERS
EDGAR H. HUDGINS
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.
President, Bank of the Southwest National Association, Houston, 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.
Ranching—Partner in Hudgins Division of J. D. Hudgins,
Hungerford, Tex.
1965
1966
1966
1967
1965
1966
1967
SAN ANTONIO BRANCH
Appointed by Federal Reserve Bank:
DWIGHT D. TAYLOR
Retired Banker, Brownsville, Tex.
FORREST M. SMITH
President, National Bank of Commerce of San Antonio, Tex.
J. R. THORNTON
Chairman of the Board and President, State Bank and Trust Company,
San Marcos, Tex.
MAX A. MANDEL
President, The Laredo National Bank, Laredo, Tex.
Appointed by Board of Governors:
JOHN R. STOCKTON I
G. C. HAGELSTEIN
HAROLD D. HERNDON
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.
Independent Oil Operator, San Antonio, Tex.
1965
1966
1966
1967
1965
1966
1967
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO
Class A:
M. VILAS HUBBARD
CARROLL F. BYRD
CHARLES F. FRANKLAND
Class B:
FRED H. MERRILL
Chairman of the Board & Chief Executive Officer, Citizens
Commercial Trust and Savings Bank of Pasadena, Calif.
Chairman of the Board and President, The First National Bank of
Willows, Calif.
President, The Pacific National Bank of Seattle, Wash.
1965
1966
1967
President, Fireman's Fund American Insurance Companies,
San Francisco, Calif.
Honorary Chairman of the Board, The Eimco Corporation,
Salt Lake City, Utah.
President, Schlage Lock Company, San Francisco, Calif.
JOSEPH ROSENBLATT
MARRON KENDRICK
Class C:
F. B. WHITMAN l
2
JOHN D. FREDERICKS
FREDERIC S. HIRSCHLER
1966
1967
President, The Western Pacific Railroad Company,
San Francisco, Calif.
President, Pacific Clay Products, Los Angeles, Calif.
President, The Emporium Capwell Company, San Francisco, Calif.
1965
1966
1967
1965
LOS ANGELES BRANCH
Appointed by Federal Reserve Bank:
RALPH V. ARNOLD
President and Chairman of the Board, First National Bank and
Trust Company, Ontario, Calif.
DOUGLAS SHIVELY
President, Citizens State Bank of Santa Paula, Calif.
HARRY J. VOLK
President, Union Bank, Los Angeles, Calif.
i Chairman.
2 Deputy Chairman.
1965
1966
1966
DIRECTORS RESERVE BANKS AND BRANCHES
241
District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued
LOS ANGELES BRANCH—Continued
Term
expires
Dec. 31
Appointed by Board of Governors:
ARTHUR G. COONS 1
S. ALFRED HALGREN
President, Occidental College, Los Angeles, Calif.
Vice President and Director, Carnation Company, Los Angeles, Calif.
1965
1966
PORTLAND BRANCH
Appointed by Federal Reserve Bank:
President, The United States National Bank of Portland, Oreg.
E. J. KOLAR
President, The First National Bank of Wallace, Idaho
E. M. FLOHR
Chairman of the Board & President, First Independent Bank,
E . W . FlRSTENBURG
Vancouver, Wash.
1965
1966
1966
Appointed by Board of Governors:
President, Barbey Packing Corporation, Astoria, Oreg.
Lumberman, Portland, Oreg.
GRAHAM J. BARBEY I
ROBERT F. DWYER
1965
1966
SALT LAKE CITY BRANCH
Appointed by Federal Reserve Bank:
President, First Security Bank of Idaho, N. A., Boise, Idaho
Executive Vice President, Barnes Banking Company, Kaysville, Utah
Chairman of the Board, Tracy-Collins Bank & Trust Company,
Salt Lake City, Utah
V. R. STEFFENSEN
ALAN B. BLOOD
NEWELL B. DAYTON
1965
1966
1966
Appointed by Board of Governors:
HOWARD W. PRICE
President, The Salt Lake Hardware Company,
Salt Lake City, Utah.
Rancher, Deeth, Nev.
1
PETER E. MARBLE
1965
1966
SEATTLE BRANCH
Appointed by Federal Reserve Bank:
President, The National Bank of Commerce of Seattle, Wash.
President, The First National Bank of Ferndale, Wash.
Executive Vice President, Seattle-First National Bank, Spokane, Wash.
MAXWELL CARLSON
M. F. HASTINGS
CHAS. H. PARKS
1965
1966
1966
Vice President, McGregor Land and Livestock Company,
Hooper, Wash.
President, Pacific Car and Foundry Company, Seattle, Wash.
1965
1966
Appointed by Board of Governors:
WILLIAM MCGREGOR
ROBERT D.
* Chairman.
O'BRIEN
1
Law Department
Administrative interpretations, new regulations, and similar material
Interest Equalization Tax
By Executive Order 11198, issued by the President on February 10, 1965, the Interest Equalization Tax was extended to acquisitions by commercial banks, in the ordinary course of their
banking business, of debt obligations issued by
foreign obligors which have one year or more remaining to maturity (other than such obligations
repayable exclusively in one or more foreign currencies which are acquired at a foreign branch
of a United States bank, and other than loans
arising out of United States exports). The Order
also provides that the tax is applicable to acquisitions by banks of Canadian debt obligations without regard to the provisions of Executive Order
11175 which was not designed to relate to such
acquisitions.
The text of the Executive Order reads as follows:
EXECUTIVE ORDER 11198
IMPOSITION OF INTEREST EQUALIZATION TAX ON
CERTAIN COMMERCIAL BANK LOANS
By virtue of the authority vested in me by
chapter 41 (sections 4911 through 4931) of the
Internal Revenue Code of 1954, as added by the
Interest Equalization Tax Act, approved September 2, 1964 (Public Law 88-563, 78 Stat. 809),
by section 301 of title 3 of the United States Code,
and as President of the United States, it is hereby
determined that the acquisition of debt obligations of foreign obligors by commercial banks in
making loans in the ordinary course of the commercial banking business has materially impaired
the effectiveness of the tax imposed by section
4911 of the Internal Revenue Code of 1954, as
added by the Interest Equalization Tax Act, because such acquisitions have replaced acquisitions
by United States persons, other than commercial
banks, of debt obligations of foreign obligors
which are subject to the tax imposed by section
4911, and it is hereby ordered that—
Section 1. The provisions of section 4931 shall
apply to acquisitions by commercial banks of debt
obligations of foreign obligors to the extent set
forth herein.
Sec. 2. (a) Section 4914(j) (1) (A) (ii) and
section 4915(c)(2) (A) shall continue to apply;
(b) Section 4914(b) (2) (A) shall continue
to apply only to an acquisition of a debt obligation of a foreign obligor repayable exclusively in
one or more currencies other than United States
currency which is made by a commercial bank
at its branch located outside the United States;
and
(c) The tax imposed by section 4931 (c) shall
apply to an acquisition of a debt obligation of a
foreign obligor having a period remaining to
maturity of one year or more and less than 3
years which is made by a commercial bank, other
than the acquisition of a debt obligation of a foreign obligor—
(1) Arising out of a transaction described in
section 4914(c)(l)(B), (2), (3), (4), or (5),
or section 4914 (d), which is transferred in accordance with section 4914(j) (1) (A) (ii) or
(iii); or
(2) Repayable exclusively in one or more currencies other than United States currency if such
acquisition is made by a commercial bank at its
branch located outside the United States.
Sec. 3. An acquisition by a United States person which is a commercial bank of a debt obligation of a foreign obligor described in Executive
Order No. 11175 dated September 2, 1964, shall
be subject to the tax imposed pursuant to this
order without regard to the provisions of Executive Order No. 11175.
Sec. 4. The Secretary of the Treasury or his
delegate is authorized to prescribe from time to
time such regulations, rulings, directions, and
instructions, and to require such reports of information, as he shall deem necessary to carry
out the purposes of this order.
Sec. 5. This order shall be effective with respect
242
243
LAW DEPARTMENT
to acquisitions made during the period beginning
on the day after the date on which such order is
issued and ending on the date set forth in section
491l(d).
LYNDON B. JOHNSON
THE WHITE HOUSE,
February 10, 1965.
Dated at Washington, D. C , this 27th day of
January, 1965.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Mills, Shepardson, Mitchell, and
Daane. Voting against this action: Governor Robertson.
(Signed) MERRITT SHERMAN,
Secretary.
Orders Under Bank Merger Act
The following Orders and Statements were issued in connection with action by the Board of
Governors with respect to applications for approval
of the merger of banks:
SECURITY-PEOPLES TRUST COMPANY,
ERIE, PENNSYLVANIA
In the matter of the application of SecurityPeoples Trust Company for approval of merger
with The Girard Battles National Bank.
ORDER APPROVING MERGER OF BANKS
There has come before the Board of Governors,
pursuant to the Bank Merger Act of 1960 (12
U.S.C. 1828(c)), an application by SecurityPeoples Trust Company, Erie, Pennsylvania, a
State member bank of the Federal Reserve System,
for the Board's prior approval of the merger of
that bank and The Girard Battles National Bank,
Girard, Pennsylvania, under the charter and title
of Security-Peoples Trust Company. As an incident to the merger, the three offices of The Girard
Battles National Bank would become branches of
Security-Peoples Trust Company. Notice of the
proposed merger, in form approved by the Board,
has been published pursuant to said Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act, including reports furnished by the Comptroller of the
Currency, the Federal Deposit Insurance Corporation, and the Department of Justice on the competitive factors involved in the proposed transaction,
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that said merger shall not be consummated (a)
within seven calendar days after the date of this
Order, or (b) later than three months after said
date.
[SEAL]
STATEMENT
Security-Peoples Trust Company, Erie, Pennsylvania ("Security-Peoples"), with total deposits
of $78 million, has applied, pursuant to the Bank
Merger Act of 1960 (12 U.S.C. 1828(c)), for the
Board's prior approval of the merger of that bank
and The Girard Battles National Bank, Girard,
Pennsylvania ("Girard Battles"), which has total
deposits of $7 million.1 the banks would merge
under the charter and title of Security-Peoples,
which is a member of the Federal Reserve System.
As an incident to the merger, the three offices of
Girard Battles would become branches of the resulting bank, increasing the number of its offices
from two to five.
Under the law, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are consistent with the purposes of 12 U.S.C, Ch. 16 (the
Federal Deposit Insurance Act), (6) the convenience and needs of the community to be served,
and (7) the effect of the transaction on competition (including any tendency toward monopoly).
The Board may not approve the proposed merger
unless, after considering all of these factors, it
finds the transaction to be in the public interest.
Banking factors. The financial history and
condition of Girard Battles are satisfactory, as is its
capital structure. The bank's earnings prospects
are satisfactory, and its management capable.
The capital structure of Security-Peoples is reasonably adequate; the bank's asset condition is
fair. Its financial history reflects willingness, under
the leadership of an unusually capable president,
to encourage growing businesses by granting relatively high-risk loans. Advancing age and a recent
1
Deposit figures are as of June 30, 1964.
244
FEDERAL RESERVE BULLETIN • FEBRUARY 1965
serious illness of this man have transferred management responsibility to a younger executive
group, which has demonstrated a more conservative point of view. Under its earlier management,
the bank enjoyed an above-average rate of earnings. Earnings prospects, whether for SecurityPeoples or for the resulting bank, are regarded as
reasonably favorable.
Neither the corporate powers of the two existing banks, nor those of the resulting bank, are, or
would be, inconsistent with the purposes of 12
U.S.C., Ch. 16.
Convenience and needs of the communities.
Both Erie and Girard are located in Erie County
and lie along the shore of Lake Erie. Girard is
about 16 miles to the west of the county metropolis, and the nearest offices of the two banks are 11
miles apart. Erie is a well-diversified industrial city
with good natural harbor facilities. The entire
county forms a Standard Metropolitan Statistical
Area with a 1960 population of some 250,000, up
about 30,000 from 1950. Over 60 per cent of this
growth was in Erie and its western suburbs, moving along the lake shore toward Girard, which is
a small manufacturing, residential, and trading
center with a 1960 population of some 2,500.
There are 11 banks, with 28 offices, in Erie
County. Five, with 26 offices, and 88 per cent of
county deposits, have their head offices in Erie.
Although State law permits branching throughout
the head-office and adjoining counties, all but three
of these 26 offices are in or very close to the city
of Erie. In order of size, the five Erie banks range
from The First National Bank of Erie, with $92
million in deposits, Security-Peoples, with $78 million, Marine National Bank, with $47 million, and
Union Bank and Trust Company, with $28 million,
down to The Bank of Erie, with $11 million. The
remaining county banks are similar in size to
Girard Battles, or smaller.
Girard Battles has limited trust powers which
are currently being exercised in one instance only,
while Security-Peoples offers a well-rounded range
of trust services.
It appears from the record that there are about
30 businesses in the immediate service area 2 of
Girard Battles, the credit needs of which cannot be
2
The area from which a bank obtains 75 per cent
or more of its deposits of individuals, partnerships,
and corporations.
met by the local bank, and which borrow from the
large Erie banks. Security-Peoples lends to about
10 of these, including floor-planning for three of
the seven automobile dealers in the Girard area.
Security-Peoples has no offices outside Erie, and
only Girard Battles has offices in or immediately
around Girard. However, there are four offices of
large Erie banks between Girard and the city limits
of Erie, so that borrowers whose requirements are
not met in Girard or its environs need not travel
to downtown Erie. Placing offices of SecurityPeoples in Girard and in the adjoining trading
centers where Girard Battles has its two branches
would bring broader banking services to these
communities.
Competition. While Security-Peoples obtains
business throughout the county, it appears that
emphasis is on accounts which Girard Battles
would be unable to handle. The record indicates
that the four large Erie banks compete effectively
for business throughout the county, The First National Bank of Erie through nine offices, and two
more through six offices each, as against the two
offices of Security-Peoples. Despite this competition, felt perhaps chiefly in connection with business loans and trust services that are beyond the
capacity of the smaller banks to offer, the $4 million to $7 million banks, located in outlying centers, have shown satisfactory rates of growth. It is
not believed that this situation would change adversely due to the entry of Security-Peoples into
the communities served by Girard Battles.
Security-Peoples is the second largest bank in
the county, and consummation of the proposed
merger will give it, initially at least, 29 per cent of
county deposits of commercial banks. However,
this rank was achieved largely through the efforts
of a single man, no longer active in management,
as noted above, and with only a third to a quarter
as many offices as any of its rivals. Under these
circumstances, consummation of the proposed
merger, despite the loss of some limited competition between the merging banks, should tend to
improve and continue the competitive climate
which has obtained in the county, particularly if
other banks establish additional branches in growing areas in and around Girard.
Summary and conclusion. The proposed merger
would eliminate some competition between the
merging banks, but in the long run would improve
the competitive picture in Erie County. It would
LAW DEPARTMENT
benefit the communities now served by Girard
Battles by placing the offices of a full-service bank
with an ample lending limit in a growing sector of
the county.
Accordingly, the Board finds that the proposed
merger would be in the public interest.
CONCURRING STATEMENT OF GOVERNORS
MITCHELL AND DAANE
We concur in the finding that the proposed
merger would be in the public interest, but we
believe that the Board's Statement obscures the
relevant competitive aspects of the case. It is irrelevant that Security-Peoples and some other
banks in Erie County make loans of a size beyond
Girard Battles' lending limit. The competition that
should concern the Board is competition for banking services that Girard could extend. The implicit
assumption that a recent change in management
will cause Security-Peoples to lose its relative position in Erie County is not warranted by the record.
What is significant is that the only real competition between Security-Peoples and Girard Battles
is limited to a small number of customers in the
service area of Girard Battles who could use that
bank but who find access to the facilities of the
larger bank practical and convenient. There is no
evidence that Girard Battles is a competitive factor
of substantial consequence in any section of Erie
County outside of its immediate service area.
Consummation of the proposed merger would
increase the deposits of Security-Peoples, the second largest bank in the county, by about 10 per
cent and give it, initially at least, 29 per cent of
county deposits of commercial banks. This increase
in size, however, would not be significantly at the
expense of a banking competitor, but rather would
result from the extension of the services of Security-Peoples so far as local deposits and personal
lending are concerned into an area where it has
scarcely been present hitherto.
DISSENTING STATEMENT OF GOVERNOR
ROBERTSON
I can discover nothing in the record of this case
to support the finding of the majority of the Board
that a merger of Security-Peoples and Girard Battles would be in the public interest. Indeed, several
points in that record seem to me to warrant a contrary conclusion.
In approving the application, the majority seem
245
to say that the convenience and needs of the communities in which offices of Girard Battles are located will be better served by replaing the offices
of the small bank with offices of a larger one
(Security-Peoples).
As for this point, the fact that some business
loans above a certain size are traveling sixteen
miles (or eleven, or eight, or nine, if the nearest
offices of larger banks are considered) to find
accommodation does not establish that the local
bank is not properly serving its community. 1
should be surprised if companies like Libby-Owens
Ford and White Sewing Machine, both of which
have plants in the service area in question, do not
go even farther than Erie to borrow. There are
borrowers in almost every community, probably
including Erie itself, who have to go elsewhere to
satisfy their credit needs. But that does not mean
that the banks in those communities are not properly serving the needs of their communities.
By and large, concerns needing very large lines
of credit can take care of themselves, and it would
seem appropriate that some consideration be given
to the far more numerous members of the community who prefer to do business with a small local
bank. Cf., United States v. Philadelphia National
Bank et ah, 314 U. S. 321, 369 (1963). The
soundness and the healthy growth of Girard
Battles in the face of competition from nearby
banks many times its size clearly evidence that it
has been adequately meeting the needs of the
people in the three communities in which it operates. If there is a need for a wider range of
banking services than the existing bank provides,
establishment of new branches by larger banks is
preferable to the elimination of a small but profitable and well-run community bank.
As for the management factor, and the references in the Board's Statement to a recent change
in management at Security-Peoples, I will only
comment here that, in my view, there should be a
waiting period until the younger, relatively untried,
executive group has demonstrated its capabilities
before expansion through merger is permited.
In addition to the fact that—unlike the majority
—I find it impossible to reach a favorable conclusion with respect to the banking factors which
Congress asked us to consider before approving a
merger, there are factors other than those I have
mentioned which should require an adverse decision. I refer to "the effect of the transaction on
246
FEDERAL RESERVE BULLETIN • FEBRUARY 1965
competition (including any tendency toward monopoly)".
Security-Peoples is already the second largest
bank in the county, almost twice the size of its
next smaller rival, and holds almost a third of area
deposits and a higher proportion of area loans.
The figures demonstrate a high existing degree of
concentration, which should not be augmented by
permitting Security-Peoples to acquire the only
banking offices in the three communities served
by Girard Battles.
Furthermore, it is admitted—even by the majority—that existing competition between SecurityPeoples and Girard Battles will be eliminated.
Under the statutory mandate, it is incumbent on
the Board to find that other factors are sufficiently
favorable to offset any adverse competitive factors.
Congress obviously intended that, before approving
a merger which eliminates competition or tends
toward monopoly, the Board must make an affirmative finding that consummation of the proposal
would be in the public interest. Since I am unable
to subscribe to such a finding on the basis of the
recoic1 in this case, I would disapprove the application.
THE FARMERS' LOAN AND TRUST
COMPANY, COLUMBIA CITY, INDIANA
In the matter of the application of The Farmers* Loan and Trust Company for approval of
merger with Mayer State Bank.
ORDER APPROVING MERGER OF BANKS
There has come before the Board of Governors,
pursuant to the Bank Merger Act of 1960 (12
U.S.C. 1828(c)), an application by The Farmers'
Loan and Trust Company, Columbia City, Indiana,
a State member bank of the Federal Reserve System, for the Board's prior approval of the merger
of that bank and Mayer State Bank, South Whitley, Indiana, under the charter and title of The
Farmers' Loan and Trust Company. As an incident to the merger, the sole office of Mayer State
Bank would become a branch of The Farmers'
Loan and Trust Company. Notice of the proposed
merger, in form approved by the Board, has been
published pursuant to said Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act, in-
cluding reports furnished by the Comptroller of
the Currency, the Federal Deposit Insurance Corporation, and the Department of Justice on the
competitive factors involved in the proposed transaction,
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that said merger shall not be consummated (a)
within seven calendar days after the date of this
Order, or (b) later than three months after said
date.
Dated at Washington, D. C , this 13th day of
January, 1965.
By order of the Board of Governors.
Voting for this action: Unanimous, with all members
present.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
STATEMENT
The Farmers' Loan and Trust Company, Columbia City, Indiana ("Farmers Trust"), with
total deposits of $7,299,000, has applied, pursuant
to the Bank Merger Act of 1960 (12 U.S.C.
1828(c)), for the Board's prior approval of the
merger of that bank and Mayer State Bank, South
Whitley, Indiana ("Mayer Bank"), which has total
deposits of $2,668,000.1 The banks would merge
under the charter and name of Farmers Trust, a
State member bank of the Federal Reserve System.
As an incident to the merger, the office of Mayer
Bank would become a branch of Farmers Trust,
increasing its number of approved offices to two.
Under the law, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are
consistent with the purposes of 12 U.S.C, Ch. 16
(the Federal Deposit Insurance Act), (6) the
convenience and needs of the community to be
served, and (7) the effect of the transaction on
competition (including any tendency toward monopoly). The Board may not approve the transaction unless, after considering all of these factors, it
finds the transaction to be in the public interest.
1
Depositfiguresare as of July 29, 1964.
247
LAW DEPARTMENT
Banking factors. The financial histories of Farmers Trust and Mayer Bank are satisfactory, and
each bank has a sound asset condition and an adequate capital structure. Each bank has a satisfactory earnings record and favorable future earnings
prospects. The management of Farmers Trust is
capable. The management of Mayer Bank, although presently lacking somewhat in depth, is
adequate. In addition to capable management, the
resulting bank would have a sound asset condition, an adequate capital structure, and good future earnings prospects.
There is no indication that the corporate powers
of the banks are, or would be, inconsistent with
the purposes of 12 U.S.C., Ch. 16.
Convenience and needs of the communities.
Farmers Trust and Mayer Bank are two of seven
commercial banks serving Whitley County, Indiana, which is situated in the northeastern portion
of the State. The county is principally an agricultural and residential area, but industry is gradually
increasing in importance in the local economy.
The service area 2 of Farmers Trust consists of
Columbia City and the surrounding area within a
radius of about 8 miles; the service area of Mayer
Bank consists of South Whitley and the surrounding area within a radius of from 5 to 8 miles.
South Whitley is located approximately 10 miles
southwest of Columbia City, and the service areas
of the two banks overlap slightly in a sector where
population density is relatively low.
Mayer Bank does not offer consumer installment loans, for which there is a need in its service
area, and its lending limit is inadequate to enable
it to meet the demand in its area for commercial
and farm loans. Farmers Trust provides consumer
installment loans and its lending limit, although
quite small relative to the needs of the area it
serves, is 50 per cent higher than that of Mayer
Bank. The merger would result in a bank with
greater resources and a higher lending limit, which
could better serve the banking needs and convenience of each of the communities now served by
the two banks.
Competition. The merger would eliminate the
very small amount of competition existing between
Farmers Trust and Mayer Bank and foreclose the
2
The area from which a bank obtains 75 per cent
or more of its deposits of individuals, partnerships,
and corporations.
possible development of further competition between them. However, banking customers in the
service area of the resulting bank would continue
to have access to a number of reasonably convenient alternative commercial banking offices. While
the merger would result in some increase in the
concentration of banking resources, such increase
would not result in a bank so large as to affect
adversely the other five commercial banks serving
Whitley County.
Summary and conclusion. The acquisition of
Mayer Bank by Farmers Trust would not adversely
affect banking competition. The merger would
result, moreover, in a bank better able to serve
the banking needs and convenience of Whitley
County and one capable, as well, of contributing
to the area's economic development.
Accordingly, the Board finds that the proposed
transaction would be in the public interest.
THE COMMERCIAL BANK AND SAVINGS
COMPANY, FOSTORIA, OHIO
In the matter of the application of The Commercial Bank and Savings Company for approval
of merger with The New Riegel State Bank.
ORDER APPROVING MERGER OF BANKS
There has come before the Board of Governors,
pursuant to the Bank Merger Act of 1960 (12
U.S.C. 1828(c)), an application by The Commercial Bank and Savings Company, Fostoria, Ohio, a
State member bank of the Federal Reserve System,
for the Board's prior approval of the merger
of that bank and The New Riegel State Bank, New
Riegel, Ohio, under the charter and title of The
Commercial Bank and Savings Company. As an
incident to the merger, the sole office of The New
Riegel State Bank would become a branch of the
resulting bank. Notice of the proposed merger, in
form approved by the Board, has been published
pursuant to said Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act, including reports furnished by the Comptroller of the
Currency, the Federal Deposit Insurance Corporation, and the Department of Justice on the competitive factors involved in the proposed merger,
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
248
FEDERAL RESERVE BULLETIN • FEBRUARY 1965
application be and hereby is approved, provided
that said merger shall not be consummated (a)
within seven calendar days after the date of this
Order or (b) later than three months after said
date.
Dated at Washington, D. C , this 28th day of
January, 1965.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Mills, Robertson, Shepardson, Mitchell, and
Daane. Absent and not voting: Governor Balderston.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
STATEMENT
The Commercial Bank and Savings Company,
Fostoria, Ohio ("Commercial"), with total deposits of $11 million, has applied, pursuant to the
Bank Merger Act of 1960 (12 U.S.C. 1828(c)),
for the Board's prior approval of the merger of
that bank and The New Riegel State Bank, New
Riegel, Ohio ("State"), which has total deposits
of $2 million.1 The banks would merge under the
charter and title of Commercial, which is a member of the Federal Reserve System. As an incident
to the merger, the single office of State would
become a branch of the resulting bank, increasing
the number of its offices from three to four.
Under the law, the Board is required to consider,
as to each of the banks involved, (1) its financial
history and condition, (2) the adequacy of its
capital structure, (3) its future earnings prospects,
(4) the general character of its management, (5)
whether its corporate powers are consistent with
the purposes of 12 U.S.C, Ch. 16 (the Federal
Deposit Insurance Act), (6) the convenience and
needs of the community to be served, and (7) the
effect of the transaction on competition (including
any tendency toward monopoly). The Board may
not approve the proposed merger unless after considering all of these factors, it finds the transaction
to be in the public interest.
Banking factors. The financial history and condition of both banks are satisfactory. The capital
structure of State is adequate and that of Commercial is fairly satisfactory. Earnings of State have
declined sharply in the last two or three years due
1
Depositfiguresare as of June 30, 1964.
to interest expense arising from a high proportion
of time to total deposits, and to a difficulty in
placing loans and thereby developing an adequate
return on earnings assets. There is no immediate
prospect for change in either of these factors, and
earnings prospects of State would not be regarded
as favorable, were it to continue its separate existence. Earnings prospects of Commercial are good,
as would be those of the resulting bank.
Management of both banks is competent. The
executive officer of State is beginning to look forward to retirement. However, he has several more
years to serve, and the matter of management succession lends no support to the proposal. Management of the resulting bank would be competent.
Neither the corporate powers of the two existing banks, nor those of the resulting bank, are, or
would be, inconsistent with the purposes of 12
U.S.C, Ch. 16.
Convenience and needs of the communities. The
head offices of Commercial and State are located
in Seneca County, in a rich, agricultural section of
north central Ohio about 40 miles south of Toledo
and some 80 miles north of Columbus. Fostoria,
where Commercial has its head office, is a city with
a 16,000 population and has diversified industry
producing, among other things, spark plugs, carbon products, machine tools, and wire. New Riegel, ten miles away, is a farming community of
400 persons. There is a second city in Seneca
County, Tiffin, with a population of 21,000, which
is somewhat closer to New Riegel, and customers
from New Riegel have reasonably easy access in
either center to banks offering an adequate range of
services. However, it seems clear that the needs
and convenience of the smaller community would
be benefited if a branch of a larger bank were
located there. Because of State's low lending limit,
the bank has had to decline many real estate mortgage loan applications. It makes no F.H.A. or
G.I. loans. Only within the past two years has the
bank been accepting a limited volume of consumer installment loans. Loans at State are about
a third of deposits, and a substantial portion of
these loans were purchased from Commercial.
Competition. Fostoria, where Commercial has
its head office, is located on the boundaries of
three counties. Under Ohio law, Commercial may
branch in any of the three, as may the largest bank
in the county, Commercial's chief rival, Tri-County
249
LAW DEPARTMENT
National Bank, with total deposits of $25 million
as against the $13 million which would be held by
the resulting bank. Tri-County National has two
branches in Tiffin, the other city in Seneca County.
Three other banks headquartered in Tiffin have
total deposits of $20 million, $13 million, and $10
million, respectively. A small independent bank
with headquarters in Carey, a town about ten
miles southwest of New Riegel, in Wyandot
County, has total deposits of $4 million and is
expected to lose some, but not substantial, business
as a result of the merger.
Commercial is, accordingly, the fourth largest of
six commercial banks in Seneca County, and would
be the third largest of five, with 16 per cent of the
deposits of individuals, partnerships, and corporations in the county after consummation of the merger. The first and second in rank would remain
substantially larger.
State and Commercial each derive some business from the area served by the other, and they
have some common customers. However, competition between the two banks has been relatively
mild, due to a working relationship of over 30
years' standing. Commercial has advised and
assisted the smaller bank, lending it personnel to
fill gaps caused by vacations and emergencies, referring deposit accounts to it when requested by
borrowers who did not wish to keep more than the
insured maximum at Commercial itself, and selling
real estate mortgages to State.
Summary and conclusion. While effectuation of
the merger of Commercial and State would end
some existing competition between two banks, this
competition has not been active or aggressive. The
smaller bank is unable, due to its low lending limit,
to meet normal needs of its agricultural community. Because of the high proportion of time to
demand deposits and its inability to build up its
loan and investment portfolio satisfactorily, State
has experienced a severe drop in earnings. No
change that can reasonably be expected to occur
during the next few years, other than a merger
along the lines proposed, would appear likely to
reverse this situation. As a result of the merger,
New Riegel would benefit by having conveniently
available the local office of a bank able to meet
community needs.
Accordingly, the Board finds that the proposed
merger would be in the public interest.
Orders Under Section 3 of Bank Holding
Company Act
The following Order was issued by the Board of
Governors extending the period of time within
which a corporation may become a bank holding
company, and Order and Statement denying an
application for an existing bank holding company
to acquire the stock of an additional bank:
COMMERCIAL BANCORP., INC.,
MIAMI, FLORIDA
In the matter of the application of Commercial
Bancorp, Inc., Miami, Florida, for permission to
become a bank holding company by acquiring
stock of three banks in Florida.
ORDER EXTENDING PERIOD OF TIME
PRESCRIBED BY PROVISO IN ORDER
OF APPROVAL
WHEREAS, by Order dated November 16, 1964,
the Board of Governors, pursuant to section
3(a)(l) of the Bank Holding Company Act of
1956 (12 U.S.C. 1842(a)) and section 222.4(a)
of Federal Reserve Regulation Y (12 CFR 222.4
( a ) ( l ) ) , approved the application of Commercial Bancorp, Inc., Mimai, Florida, to become
a bank holding company through the acquisition
of a minimum of 80 per cent of the voting shares
of each of the following banks located in Florida:
Commercial Bank of Miami, Miami; Merchants
Bank of Miami, West Miami; and Bank of Kendall, Kendall; and
WHEREAS, said Order was made subject to the
proviso that the acquisition approved "shall not
be consummated . . . (b) later than three months
after said date [of Order]"; and
WHEREAS, Commercial Bancorp, Inc., has applied to the Board for an extension of time within
which the approved acquisition may be consummated, and it appearing to the Board that good
cause has been shown for the additional time requested and that such extension would not be
inconsistent with the public interest;
IT IS HEREBY ORDERED, that the Board's Order of
November 16, 1964, be, and it hereby is, amended
so that the proviso relating to the time by which
Commercial Bancorp, Inc., shall consummate the
approved acquisition of stock shall read: "provided
250
FEDERAL RESERVE BULLETIN • FEBRUARY 1965
that the acquisition so approved shall not be consummated . . . (b) later than May 16, 1965."
Dated at Washington, D. C , this 18th day of
January, 1965.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Mills, Robertson, Shepardson, and
Mitchell. Absent and not voting: Governor Daane.
(Signed) MERRITT SHERMAN,
Secretary.
By Order of the Board of Governors.
[SEAL]
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
FIRST VIRGINIA CORPORATION,
ARLINGTON, VIRGINIA
In the matter of the application of The First
Virginia Corporation, Arlington, Virginia, for approval of the acquisition of voting shares of The
Loudoun National Bank of Leesburg, Leesburg,
Virginia.
ORDER DENYING APPLICATION UNDER BANK
HOLDING COMPANY ACT
There has come before the Board of Governors,
pursuant to section 3 (a) (2) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(2))
and section 222.4(a) (2) of Federal Reserve Regulation Y (12 CFR 222.4(a)(2)), an application
by The First Virginia Corporation, Arlington, Virginia, a registered bank holding company, for the
Board's prior approval of the acquisition of 80 per
cent or more of the voting shares of The Loudoun
National Bank of Leesburg, Leesburg, Virginia.
As required by section 3(b) of the Act, the
Board notified the Comptroller of the Currency of
receipt of the application and requested his views
and recommendation. The Comptroller recommended approval.
Notice of Receipt of Application was published
in the Federal Register on September 3, 1964 (29
F.R. 12567), which provided an opportunity for
filing with the Board comments and views regarding the proposed acquisition. The time for filing
has expired and all comments and views filed have
been considered by the Board.
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is denied.
Dated at Washington, D. C , this 26th day of
January, 1965.
STATEMENT
The First Virginia Corporation ("Applicant"),
Arlington, Virginia, a registered bank holding
company, has filed with the Board, pursuant to
section 3 (a) (2) of the Bank Holding Company
Act of 1956 ("the Act"), an application for approval of the acquisition of 80 per cent or more
of the voting shares of The Loudoun National
Bank of Leesburg, Leesburg, Virginia.
Views and recommendation of supervisory authority. As required by section 3(b) of the Act,
notice of receipt of the application was given to,
and views and recommendation requested of, the
Comptroller of the Currency. He recommended
approval of the application.
Statutory factors. Section 3(c) of the Act requires the Board to take into consideration the
following five factors in acting on this application:
(1) thefinancialhistory and condition of the holding company and the banks concerned; (2) their
prospects; (3) the character of their management;
(4) the convenience, needs, and welfare of the
communities and the area concerned; and (5)
whether the effect of the proposed acquisition
would be to expand the size or extent of the bank
holding company system involved beyond limits
consistent with adequate and sound banking, the
public interest, and the preservation of competition in the field of banking.
Financial history, condition, and prospects of
Applicant and Bank. Applicant was incorporated
under the laws of Virginia in 1949. At year-end
1956 Applicant's system comprised three banks
holding combined deposits of $40.7 million. At
year-end 1960, with the acquisition of an additional bank, Applicant's subsidiaries held combined deposits of approximately $61 million. This
total increased to $89.4 million by year-end 1961,
the increase due principally to Applicant's acquisition of an additional bank in that year. During
1962 Applicant acquired four additional banks
through stock acquisitions and merged a fifth bank
LAW DEPARTMENT
with an existing subsidiary, bringing the combined
deposits of Applicant's banks at year-end 1962 to
nearly $172 million. At June 30, 1964,1 Applicant
owned a majority of the stock of nine banks in the
State of Virginia with combined total deposits of
approximately $197 million. In addition to its
banking subsidiaries, Applicant owns two insurance agencies, a bank premises company and a
bank servicing corporation.
The Loudoun National Bank of Leesburg
("Bank") was chartered and opened for business
in Leesburg, Virginia, in 1870. Since November
1962, it has operated a branch office at the Dulles
International Airport, approximately 15 miles east
of Leesburg. In January 1963, Bank opened a
drive-in branch in Leesburg approximately two
blocks from its main office. At June 30, 1964,
Bank had total deposits of $8.4 million.
Applicant's financial history and condition, reflected principally in the operating histories and
financial conditions of its subsidiary banks, appear
to offer no bar to approval of this application. Although Applicant's present and proposed debt
position is relatively heavy, the past earnings records and generally sound present conditions of
its subsidiary banks warrant the conclusion that
Applicant's prospects are reasonably satisfactory.
Bank's financial history and condition are satisfactory. This conclusion, in major respects, is
premised upon an impressive growth and satisfactory earnings record. These same factors support
a conclusion as to Bank's favorable prospects
either as a subsidiary of Applicant or operating
independently of Applicant's control.
Management. The management of Applicant
and its subsidiary banks is considered experienced
and well qualified. In respect to Bank's management, Applicant states that "The single most important problem at the Bank is the lack of management" and, in support of this assertion, states
"Neither the Bank's officers nor the majority of
the members of the board are experienced with
the problems that the Bank will encounter as a
part of an urban community".
Bank's executive vice president and chief operating officer has been with Bank since 1945. Its
cashier, 37 years of age, has been in Bank's em1
Unless otherwise indicated, all banking data noted
are as of this date.
251
ploy since 1948 in most phases of its operation.
The Board views Applicant's assertion of the management problem, not as evidencing a lack of indidividuals capable of managing Bank, but rather an
inability on the part of Bank's board of directors
to select a principal operating officer, either from
persons available within Bank or from outside
sources. Applicant describes a conflict within
Bank's board of directors, existing for a considerable period of time, in regard to the selection of an
individual who would serve as president of Bank.
Applicant asserts that "this lack of cohesiveness in
the board of directors" would be remedied by
Applicant's acquisition of Bank. It is noted that
the Comptroller of the Currency, while recognizing that Bank lacks depth in its top managerial
posts and that Applicant's acquisition of Bank
would provide a source of executive management
for the future, is of the opinion that Bank "continues to be competently and progressively managed by the executive vice president". It is also
noted that Applicant states it will consider the
merits of recommending to Bank's board of directors the election of either the executive vice
president or the present cashier to the office of
president and chief executive officer.
The Board finds reasonable Applicant's assertion
that its control of Bank would result in a satisfactory resolution of the present conflict within Bank's
board of directors regarding choice of an individual to act as Bank's chief operating officer. Such
assurance constitutes a consideration weighing in
favor of approval of the application. At the same
time, the Board is unable to conclude that Bank's
board of directors, being aware of their responsibilities to Bank and, in turn, to the communities
Bank serves, cannot resolve their conflicting points
of view regarding selection of a chief executive
officer without Applicant's intervention. On at least
one previous occasion, a similar problem within
the board of directors was resolved in a manner
beneficial to both Bank and its customers. While
the circumstances that apparently facilitated the
previous solution may not now be present, the
Board is of the view that Applicant's proposal,
though constituting perhaps the most assured solution to Bank's management problem, is not the
only solution available.
Convenience, needs, and welfare of the communities and areas concerned. Leesburg, with an
estimated population of 4,000 is situated some 38
252
FEDERAL RESERVE BULLETIN • FEBRUARY 1965
miles northwest of Washington, D. C , and is the
seat of and largest town in Loudoun County. Historically, Loudoun County has been one of Virginia's foremost agricultural regions and principal
livestock centers. It had a 1960 population of approximately 25,000 and has an estimated present
population of about 33,000. According to a County
development plan submitted as part of the application, the estimated 1970 and 1980 population
figures are 47,900 and 85,200, respectively. Since
1962 the economy of Loudoun County, particularly the easternmost portion thereof, has become
increasingly industrial in nature. This trend to light
industry, with an accompanying residential development, has resulted principally from the establishment and operation in Loudoun County of Dulles
International Airport. The direct bearing that Applicant asserts the Airport has on this application
is discussed hereafter.
Applicant has defined the approximate primary
service area 2 of Bank as encompassing the town of
Leesburg and the surrounding area approximately
coextensive with the territorial limits of Loudoun
County on the north and east, approximately 15
miles to the south and southeast, and approximately 2 miles to the west. In addition, Bank's
Dulles Airport branch is stated to serve primarily
the Airport, the village of Sterling some two miles
north of the Airport, and the town of Herndon, approximately three and one-half miles east of the
Airport. The combined population of the aforementioned areas is estimated by Applicant at about
26,000.
In addition to Loudoun National's offices, there
are three banking offices in Leesburg. The Purcellville National Bank, a subsidiary of Applicant with
its main office in Purcellville, nine miles from Leesburg, has a branch office in Leesburg, about .2
mile from Bank's main office. The Purcellville National Bank has total deposits of $4.6 million. The
Peoples National Bank of Leesburg ($10.7 million
deposits) operates two offices within one-half mile
of Bank's location. This bank is one of the nine
banks in Virginia in which majority control is held
by Financial General Corporation of Washington,
D. C , a holding corporation that is exempted from
the Act.
2
The area from which Applicant estimates at least
75 per cent of Bank's deposits of individuals, partnerships, and corporations ("IPC deposits") originate.
The principal services which it is asserted will
be rendered for and made available to Bank as a
subsidiary of Applicant are the following: Applicant would constitute a ready source of additional
capital and a source for loan participations. Guidance and assistance would be rendered Bank in the
solicitation and servicing of commercial, industrial, mortgage, and construction loans, and trust
accounts. A variety of other services would be offered to Bank, including internal audit procedures,
advice on foreign commerce and exchange, data
processing, and other technical services.
Data in the record raise a question as to Applicant's financial ability in the near future to augment significantly Bank's capital position. Applicant's debt position present and prospective, involving, in part, proposals to augment the capital
of three of its larger subsidiary banks, would appear significantly to limit its ability to augment
Bank's capital should such action appear advisable.
Similarly questionable, in the Board's view, is
Applicant's ability to improve substantially Bank's
potential for meeting the large credit requirements
of its customers. The record reflects the fact, conceded by Applicant, that Bank is presently meeting
the credit needs of its service area. Applicant asserts, however, that Bank's present lending limit
($50,000) is insufficient to meet the prospective
credit requirements of Loudoun County, which
Applicant anticipates Bank will be called upon to
serve, and that as a subsidiary of Applicant, there
would be available to Bank, through intrasystem
participations, an aggregate loan limit of $1.8
million.
The percentage of loans to deposits for all banks
in Applicant's system is about 62 per cent and for
its largest bank, 70 per cent. These circumstances
impose substantial limitations on the ability of Applicant's banks to relieve Bank of overlines. Even if
it be assumed that Applicant's banks could participate in handling some of Bank's larger credit overlines, it cannot be further assumed, as Applicant
suggests, that its acquisition of Bank is a sine qua
non to Bank's ability to meet the credit needs of its
customers. The record reflects that in the 12-month
period immediately preceding the filing of the application, Bank issued a participation in only one
loan. There is no indication of any difficulty encountered in securing this participation. Nor, in
the Board's view, considering Bank's correspondent
relationships by Bank in Virginia, Washington,
LAW DEPARTMENT
D. C , and New York, is there reason to believe
that a continuing expansion of Loudoun County
will present Bank with any credit demand which it
cannot serve either alone or in participation with its
correspondents.
As to the remainder of the services which Applicant states it would furnish, the Board concludes
that Applicant's system is not now, and would not
be, the only convenient source for these services.
The following specific examples reflect the Board's
reasoning in this respect. Applicant states that
Bank's service area has great potential for trust
services, but that trust business is not actively solicited by Bank, and that Bank's officers are not
experienced in the trust field. In view of the fact
that Bank operates a trust department, advertises
in the bankers' directories the availability of "complete trust services", and has three officers with the
title of trust officer or assistant trust officer, the
Board is unable to attribute significant weight to
Applicant's assertion that none of Bank's officers
is experienced in the trust field, or that trust business is not now actively solicited by Bank. Should
some assistance in the trust field be required,
Bank's correspondent banks would appear equally
as able as Applicant to assist Bank with any unusual or troublesome trust problems. In the event
that Bank might be unable to provide a particular
trust service, it is noted that The Peoples National
Bank of Leesburg advertises complete trust services, and it is assumed that trust services are also
available through the branch of Applicant's bank
located in Leesburg.
Regarding Applicant's furnishing auditing and
data processing services to Bank, while both services would benefit Bank directly, and indirectly
the public, assistance in respect to both of these
services is available to Bank apart from the proposed affiliation with Applicant. Guidance and
advice regarding the installation of an internal
audit program are available to Bank through appropriate supervisory authorities, from its correspondent banks, and from qualified professional
organizations, in at least one of which Bank advertises membership. Similarly, should it be determined that the use of electronic data processing
equipment is feasible in respect to Bank's operations, the availability of such equipment in several
of the large banks in nearby Washington appears
to offer a reasonable source, albeit somewhat less
253
economical and convenient, of such assistance for
Bank.
Among the services that Applicant has stated it
would provide for Bank are those relating to the
operation of Bank's office at Dulles International
Airport. Applicant has made known the view of
the Federal Aviation Agency concerning the desirability of Bank providing foreign exchange service and a multilingual staff member at its airport
office. Applicant's subsidiary, Southern Bank of
Norfolk, operates a foreign department which, according to Applicant, could give assistance to
Bank in meeting the foreign currency exchange
requirements of travelers arriving and departing
this country by way of Dulles International Airport.
The Board concurs in Applicant's position that
weighing toward approval of this application is the
fact that Applicant stands able to assist Bank in
making available at its Dulles International Airport office foreign currency exchange and related
services, to the extent that such may be required
by increased foreign commerce and travel. However, the amount of weight ultimately to be attributed to the aforementioned fact is significantly
lessened by the following findings. While stating
that the services in respect to foreign commerce
and travel are not now presently offered by Bank,
Applicant has not established to the Board's satisfaction an existing need for these services. Further,
the additional services which the Federal Aviation
Agency has suggested would be desirable at Bank's
airport branch are such that advice and assistance
regarding their initiation and development, admittedly available through Applicant's Norfolk subsidiary, appear available to Bank through its correspondents. For example, Bank's Washington correspondent, a bank with nearly $460 million of
deposits, operates an international banking department. It is highly unlikely, in the Board's judgment,
that Bank's airport branch now has, or will have
in the reasonably foreseeable future, a demand for
foreign commerce and related services that cannot be served either by Bank alone or with the
assistance of its correspondents.
Summarizing, the Board concludes that the evidence of record bearing on the convenience, needs,
and welfare of the areas served by Bank, as they
would be affected by consummation of Applicant's
proposal, lends but slight weight toward approval.
Even this slightly favorable weight is brought into
254
FEDERAL RESERVE BULLETIN • FEBRUARY 1965
question by the presence in Leesburg of the branch
of The Purcellville National Bank, Applicant's
subsidiary. It is reasonable to assume that any new
or expanded services which Applicant proposes to
make available through Bank's two Leesburg offices are, or can be, made available to the public
through its subsidiary bank's office located in the
same community.
Effect of proposed acquisition on adequate and
sound banking, public interest, and banking competition. In determining the effect of Applicant's
proposed acquisition of Bank on "adequate and
sound banking, the public interest, and the preservation of competition . . .", the Board believes it
necessary to determine the extent to which the
banking resources of the areas concerned are, and
would be, concentrated in one or more banking
institutions, including subsidiaries of all bank holding companies operating in these areas. For the
Board to limit its consideration to Applicant's system alone, excluding from consideration the existence of other holding companies and their banks
doing business in the area, "would leave the statutory direction without substantial meaning and
prevent the Board from the consideration of vital
facts in making its judgment." Northwest Bancorporation v. Board of Governors, 303 F.2d 832,
842 (CCA-8, 1962).
Applicant's system is composed of nine banks,
operating 44 banking offices and holding aggregate
deposits of $197 million. These figures represent,
respectively, approximately 6 per cent of the total
banking offices in the State, and 5 per cent of the
aggregate deposits held by such banking offices.
Approval of this application would give Applicant
control of 10 banks, with 47 banking offices and
aggregate deposits of $206 million. Applicant is
the smallest of the four bank holding companies
(three registered and one nonregistered) operating
in the State. Combined, these bank holdings companies presently control 25.6 per cent of the deposits of all banks in the State. Applicant's acquisition of Bank would increase to 25.8 the percentage of deposits thus controlled. Measured on
this State-wide basis, the resulting concentration
of banking resources in bank holding companies
is not viewed by the Board as excessive. However,
analysis of both bank deposits and banking office
control within Loudoun County by bank holding
companies that would exist following Applicant's
proposed acquisition of Bank presents a substantially less favorable picture.
In Loudoun County, a total of 6 banks operating
10 banking offices hold an aggregate of $35 million
of deposits. At present, two of the banks (four
banking offices) are owned by bank holding companies. Applicant's bank, The Purcellville National
Bank, holds $4.6 million in deposits, or 13 per cent
of the total held by banks in the County. Financial
General's bank, The Peoples National Bank of
Leesburg, operates two banking offices and holds
approximately $10.7 million of deposits, or 31 per
cent of the County's total deposits. Applicant's acquisition of Bank would give bank holding company subsidiaries control of 70 per cent of Loudoun County's banking offices, and 68 per cent
of the total deposits held by such offices.
The degree of concentration implicit in the
foregoing data is not ameliorated as the geographic
scope of inquiry is narrowed. Contrary to the
position taken by Applicant, the Board believes
the combined service areas of Bank and The Purcellville National Bank to be an appropriate geographic area within which to analyze existing and
potential concentration of banking resources and
competition between the two banks. In this combined area, Applicant now controls 17 per cent of
the banking offices (2 of 12), and 11 per cent
of the deposits held by those offices. Consummation of the proposal before the Board would increase these figures to 42 per cent of the banking
offices and 32 per cent of deposits held. Within the
same area, if Applicant's proposal were to be consummated, Applicant and Financial General Corporation, combined, would control approximately
67 per cent of the banking offices, and 59 per cent
of the banking deposits. Within Bank's primary
service area, Applicant's one office represents 11
per cent of the total offices therein. The deposits in
this office ($54,000) represent .2 per cent of the
area's total. In acquiring ownership of Bank, Applicant would increase its control of offices to four
out of nine (44%), and its control of the area's
total deposits to $8.4 million or 29 per cent of
such deposits.
Viewing the banking structures of Loudoun
County and the more restricted geographic areas
herein discussed, the Board views as inimical to
sound banking competition and the public interest
the demonstrated degree of holding company
control of banking offices and deposits that would
LAW DEPARTMENT
result from approval of this application.
Next to be considered is the question of the extent to which Applicant's ownership of Bank would
eliminate existing competition between Bank and
Applicant's subsidiary, The Purcellville National
Bank (herein "Purcellville National"), or would
likely foreclose future competition between them.
The evidence of record clearly establishes, in the
Board's judgment, elimination of actual and potential competition in such measure as to require
denial of the application in the absence of compelling reasons for approval.
In determining the degree of existing competition, the Board has removed from consideration
the minimal competition that Bank's Dulles Airport Branch may offer to either office of Purcellville National. Applicant takes the position that
neither of Bank's offices competes substantially
with Purcellville National. Specifically, Applicant
contends that Loudoun County is physically divided in a north-south direction by the Catoctin
Mountain ridge, and that the ridge, located to the
west of Leesburg, "forms a psychological as well
as a physical barrier" between Leesburg and the
towns of Hamilton, Purcellville, and Round Hill
to the west-southwest; Lovettsville to the north;
and Middleburg to the south. According to Applicant, bank service areas generally do not cross
over the Catoctin Mountain ridge.
The Board does not accept Applicant's premise
regarding competitive restrictions allegedly imposed by the Catoctin Mountain ridge. As evidenced by maps contained in the application, the
ridge in question has its southernmost point well
north of the most direct east-west line between
Leesburg and the aforementioned towns. Travel
between Leesburg and Purcellville appears to be
unimpeded via Virginia Route 7. Evidence of the
daily movement between Leesburg and Purcellville, a distance of but nine miles, is given by Applicant's statement that "a substantial portion of
the business at its [Purcellville National] Leesburg
branch is done by people who would bank at Purcellville's main office, but find the Leesburg office
more convenient to their work."
As designated by Applicant, the respective primary service areas of Bank (defined, supra, fn.2)
and Purcellville National do not overlap. Applicant
concedes, however, that each bank competes for
business in Leesburg, Middleburg, Lovettsville,
Hamilton, and Purcellville. Regarding the force of
255
competition between Bank and Purcellville National in each of these communities, the Board
concurs in Applicant's position that neither bank
draws a significant portion of its total deposits or
loans from Middleburg, Lovettsville, or Hamilton.
Contrary to Applicant's contention, however, the
Board finds that a significant portion of the deposit
and loan accounts of Purcellville National originates in Bank's primary service area, and that a
similarly substantial percentage of Bank's deposit
and loan accounts have their source from within
Purcellville National's primary service area.
According to data furnished by Applicant,
$855,000 of IPC deposits held by Purcellville National, representing 20 per cent of the total of
such deposits held, originate in Bank's primary
service area. The $855,000 is 12 per cent of the
total IPC deposits held by Bank. Twenty-one per
cent ($354,000) of the total of commercial and
industrial, farm, and consumer loans made by Purcellville National originated within Bank's primary
service area. This dollar volume is 9 per cent of
the total of such loans made by Bank.
From the primary service area of Purcellville
National's main office, Bank derives 18 per cent
($1.3 million) of its total IPC deposits, and 59 per
cent ($2.3 million) of the total of its commercial
and industrial, farm, and consumer loans. The dollar volume of these loans equals 42 per cent of all
loans made by Bank, and 81 per cent of all loans
and 136 per cent of all commercial and industrial,
farm, and consumer loans made by Purcellville
National.
The evidence of record establishes to the Board's
satisfaction that Bank and Purcellville National
compete actively and substantially for both bank
deposits and loans, principally within Purcellville
National's primary service area. Approval of the
proposed acquisition would result in the elimination of the substantial competition that now exists
and would foreclose the probability that future
economic expansion of the area would stimulate
even more vigorous competition. The Board is unable to accept as realistic Applicant's assertion that
the fact of Applicant's control of both banks "will
not, in itself, mean that competition between them
will be eliminated." In view of Applicant's proposals for financial assistance, service rendition,
and general guidance, it is unlikely that the two
banks would remain vigorous competitors.
Applicant's acquisition of Bank would reduce
256
FEDERAL RESERVE BULLETIN • FEBRUARY 1965
from three to two the available banking sources in
Leesburg, both of which would be holding company subsidiaries. This adverse effect, with the attending concentration of banking resources and
elimination of competition, outweighs the slightly
favorable circumstances relating to the management and convenience factors.
On the basis of all the relevant facts as contained in the record before the Board, and in the
light of the factors set forth in section 3(c) of the
Act, it is the Board's judgment that the proposed
transaction would not be consistent with the public
interest and that the application should therefore
be denied.
Announcements
RESIGNATION OF PRESIDENT OF THE FEDERAL
RESERVE BANK OF MINNEAPOLIS
Mr. Frederick L. Deming, President of the Federal Reserve Bank of Minneapolis since April 1,
1957, resigned to accept a Presidential appointment
as Under Secretary of the Treasury for Monetary
Affairs, effective February 1, 1965.
DEATH OF DIRECTOR
Mr. Elwood M. Brooks, Chairman of the Board,
The Central Bank & Trust Co., Denver, Colorado,
who had served as a director of the Denver Branch
of the Federal Reserve Bank of Kansas City since
January 1, 1964, died on February 5, 1965.
FEDERAL RESERVE ROLE IN BALANCE OF
PAYMENTS PROGRAM
The following statement was sent by the presidents
of the Federal Reserve Banks to all banks in their
districts regarding the role of the Federal Reserve
System in connection with the President's message
of February 10, 1965, setting forth his program to
improve the United States balance of payments:
The President of the United States has today
sent to Congress a message setting forth his program to improve the U.S. balance of payments.
In addition to stressing the vital importance of
stability of domestic costs and prices, the President's program includes:
( 1) Legislation to continue the Interest Equalization Tax through December 31, 1967;
( 2 ) Immediate action under the existing statute to impose the Interest Equalization
Tax on bank loans with maturity of one
year or more;
( 3 ) Legislation to apply the Interest Equalization Tax, retroactive to February 10,
1965, to nonbank credits to foreigners
if such credits have a maturity of one
year or more;
( 4) A call on the Federal Reserve System—in
cooperation with the Treasury—to work
with all banks to limit lending to foreigners;
257
ANNOUNCEMENTS
( 5 ) Legislation to provide immunity from
anti-trust laws for specified voluntary
programs, if needed, with respect to foreign loans by banks.
( 6) A call on the Department of Commerce
to work with corporations with business
interests abroad to effectuate a reduction
of their capital outflows;
( 7) A more vigorous export promotion drive;
( 8 ) Encouragement of foreign investment in
the U.S. through appropriate tax legislation;
( 9) Legislation to reduce from $100 to $50
the duty-free allowance of tourists returning from abroad, and a "See the USA
First" program designed to increase tourism in the U.S.;
(10) An intensified effort to reduce military expenditures abroad;
(11) Continued action to minimize adverse
balance of payments effects of the foreign
aid program.
The Federal Reserve System shares the President's concern about the deterioration in our balance of payments and his determination to improve our payments position and to strengthen
confidence in the dollar. The System and the
banking and financial community have been assigned major roles in the President's program.
The central focus of the program is on measures that will reduce the outflow of U.S. capital.
Such flows have been heavy in recent years, and
were particularly so in recent months. In the
fourth quarter of 1964, for example, bank credit
to foreigners expanded by $1 billion.
To assure the success of the program, the System is requesting all banks to limit credits to
foreigners that are not clearly and directly for
the purpose of financing exports of U.S. goods
and services. Over all, the objective is to hold
outstanding credits (including export credits) to
foreigners during 1965 to a level not over 5 per
cent above the December 31, 1964, outstandings.
In most instances, this should be the minimum
goal for individual banks. Within the over-all
limit, certain countries may need to be given preferential treatment.
Outstanding credit to foreigners includes loans,
acceptance credits, deposits with foreign banks
(including foreign branches and subsidiaries of
U.S. banks), and investments and acquisitions of
assets abroad regardless of maturity, whether or
not they are subject to the interest equalization
tax.
The Federal Reserve program will be further
explained under the following procedures:
1. The President is asking representatives of
the financial community to meet with him soon
to discuss the program set forth in his message to
the Congress;
2. The Chairman of the Board of Governors is
asking the bank representatives present at the
President's meeting to confer with him and the
other members of the Board of Governors, and
presidents of the Reserve Banks following that
meeting;
3. Each bank that has foreign loans and investments outstanding in excess of $5 million is
being requested to meet individually with representatives of the Reserve Bank of its District for
further discussion of the program;
4. Technical advisory committees may be invited to meet with Federal Reserve officials concerning problems that arise under the System's
program.
Implementation of the program limiting lending to foreigners will result inevitably in some
hardships for individual lenders and borrowers.
This is unfortunate, but the overriding long-run
international position of the dollar is dependent
upon the wholehearted cooperation of the nation's financial institutions.
I am confident that the financial community
stands prepared to join with the Federal Reserve
System in this urgent national effort to restore
balance of payments equilibrium and to maintain
the dollar "as good as gold." In good part, the
success of the President's program depends on us.
BANK DEBITS AND DEPOSIT TURNOVER
The series of bank debits and deposit turnover
(page 272 of this BULLETIN) is in the process of
revision; hence the data in the table have not been
updated past December 1964. Beginning with current release of data for January 1965 and with
the table in the March 1965 BULLETIN this series
will reflect seasonally adjusted annual rates of
debits and turnover for approximately 225 standard metropolitan statistical areas. A technical
article describing the revised series will also appear
in the March BULLETIN.
National Summary of Business Conditions
Released for publication February 15
Industrial production rose further in January,
following the large increases in November and
December when auto output recovered from
strikes. The rate of unemployment edged down to
4.8 per cent. Retail sales declined slightly although sales of new autos rose to a new record.
Industrial commodity prices changed little. Expansion in loans and in time and savings deposits
at commercial banks was substantial while growth
in the money supply was moderate. In late January and early February, short-term interest rates
increased somewhat but bond yields were stable
or declined a little.
INDUSTRIAL PRODUCTION
Industrial production in January rose to 137.7
per cent of the 1957-59 average, from 137.0 per
cent in December, and continued 8 per cent above
a year earlier. Production of autos and of steel
remained at the high levels of December while
output of some other products and materials increased.
Production of consumer goods rose slightly
further. Auto assemblies were maintained at the
record pace reached in December—an annual
rate in excess of 9 million units—mainly to make
up for production lost during the autumn strikes.
INDUSTRIAL PRODUCTION
1957-59 = 100
February assemblies are scheduled to remain at
that rate. Output of furniture and some other
consumer goods increased further in January.
Production of business equipment, which had increased 6 per cent in the second half of 1964,
remained at an advanced level.
Increases in output of materials were mainly
among the nondurable goods. Output of iron and
steel and most other durable goods changed little.
CONSTRUCTION
New construction activity declined 1 per cent
in January, to a seasonally adjusted annual rate
of $66 billion, reflecting a decrease of 4 per cent
in public construction. In December, according to
revised figures, public construction had increased
4 per cent and total activity had risen nearly 2
per cent to about the record levels set earlier in
1964.
DISTRIBUTION
Retail sales declined slightly in January, after
increasing sharply in December from a reduced
rate, but were 7 per cent above a year earlier. Deliveries of new domestic autos increased substantially further, as supplies continued to improve
from the effects of the strikes last autumn. Dealer
stocks of new autos remained moderately below
a year ago.
COMMODITY PRICES
TOTAL/'^
The industrial commodity price index was
stable in late January and early February. Scrap
metals declined moderately and other sensitive
industrial materials generally changed little.
Wholesale prices of foodstuffs rose somewhat, reflecting mainly increases in livestock.
FINAL PRODUCTS^j? 5 ^^
v^MATERIALS
1
I
1
1
1
1
r
NONDURABLE
^
s
MANUFACTURES/*^
r
I
*
1
I
EQUIPMENT/\,
~
BANK CREDIT, MONEY SUPPLY, AND RESERVES
Jff
C ^ ^ - ^ / A
DURABLE
\
/ MANUFACTURES
-
1
-
* - ^ \
/ / ^
C N U E
O S M R
GOODS
Seasonally adjusted commercial bank credit
rose $2.7 billion in January, following an increase
of about $1 billion in December. Loans rose substantially further, and banks increased their holdings of municipal and Federal agency securities
_
\j
1
1
1
1
1
1
1
1
1
1
F.R. indexes, seasonally adjusted. Latest figures shown are
for January.
258
259
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Federal Reserve holdings of U.S. Government
securities, in gold stock, and in float.
while they continued to reduce their holdings of
Treasury issues. The seasonally adjusted money
supply increased moderately further and time and
savings deposits at commercial banks rose by a
record amount.
Seasonally adjusted total and required reserves
continued to expand. Free reserves averaged $100
million, somewhat less than in December but a
little more than the average in the fourth quarter
as a whole. Member bank borrowings rose from
a reduced level in December while excess reserves declined slightly. Reserves were supplied
principally by a return flow of currency from circulation, and they were absorbed by decreases in
Yields on seasoned corporate and State and
local government bonds declined slightly further
between mid-January and mid-February and
yields on long-term Treasury securities were
stable. The rate on 3-month Treasury bills increased somewhat, to about 3.90 per cent.
Common stock prices rose to a new high in
early February, and the volume of trading increased. In mid-February stock prices were moderately below the peak.
PRICES
INTEREST RATES
SECURITY MARKETS
ALL COMMODITIES
I
I
I
NONFOOD COMMODITIES
SERVICES
„
'
PROCESSED FOODS
Bureau of Labor Statistics indexes. Latest figures shown for
consumer prices, December; for wholesale prices, January.
Discount rate, range or level for all F.R. Banks. Weekly
average market yields for U.S. Govt. bonds maturing in 10
years or more and for 90-day Treasury bills. Latest figures
shown, week ending Feb. 12.
Guide to Tabular Presentation
SYMBOLS AND ABBREVIATIONS
e
c
P
r
rp
i, n,
in, iv
n.a.
n.e.c.
S.A.
N.S
Estimated
Corrected
Preliminary
Revised
Revised preliminary
Quarters
Not available
Not elsewhere classified
Monthly (or quarterly) figures adjusted for
seasonal variation
IPC
A
L
S
U
Monthly (or quarterly) figures not adjusted
for seasonal variation
Individuals, partnerships, and corporations
Assets
Liabilities
Sources of funds
Uses of funds
Amounts insignificant in terms of the particular unit (e.g., less than 500,000 when
the unit is millions)
(1) Zero, (2) no figure to be expected, or (3)
figure delayed
GENERAL INFORMATION
Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow.
A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left)
of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the
right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items.
"U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes
municipalities, special districts, and other political subdivisions.
In some of the tables details do not add to totals because of rounding.
The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data.
LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY,
WITH LATEST BULLETIN REFERENCE
Quarterly
Annually—Continued
Issue
Page
Jan. 1965
Flow of funds.
176-85
324
Flow of funds (assets and liabilities).
325
Income and expenses:
Federal Reserve Banks
Member banks:
Calendar year
Operating ratios
Insured commercial banks
Annually
Bank holding companies:
List of, Dec. 31, 1963
June 1964
Banking offices and deposits of group banks.
Dec.31,1963
June 1964
Issue
Page
Feb. 1965 326-33
Mar. 1964 396-97
Banks and branches, number of, by class and
Apr. 1964 518-19
State
Semlannually
Banking offices:
Analysis of changes in number of
Feb. 1965
On, and not on, Federal Reserve Par List
number of
Feb. 1965
Banking and monetary statistics, 1964.
782
783
260
Apr. 1964
517
Feb. 1965 322-23
May 1964 630-38
Apr. 1964 520-22
May 1964
639
Stock exchange firms, detailed debit and credit
balances
Sept. 1964
1206
Financial and Business Statistics
* United States *
Member bank reserves, Reserve Bank credit, and related items; Federal funds.
Reserve Bank discount rates; margin requirements; reserve requirments.
Open market transactions; Federal Reserve Banks
Bank debits; currency in circulation
Money supply; banks and the monetary system.
Commercial and mutual savings banks, by classes.
Commercial banks, by classes. . .
Weekly reporting member banks.
Business loans . . . .
262
267
269
272
274
276
280
282
285
Interest rates
..
Security prices; stock market credit; open market paper.
Savings institutions.
Federal
finance
Federally sponsored agencies .
Security issues. . .
Business finance. . .
Real estate credit. .
Consumer credit.
286
287
288
290
295
296
299
301
304
Industrial production
Business activity; construction.
Employment and earnings
Wholesale and consumer prices
National product and income series.
Flow of funds.
308
312
314
316
318
320
Earnings and expenses of Federal Reserve Banks during 1964.
Number of banking offices in the United States
Banking offices on Federal Reserve par list and not on par list.
Banking and monetary statistics, 1964
....
322
324
325
326
Guide to tabular presentation
Index to statistical tables.
260
359
The data for F.R. Banks and member banks and
for consumer credit are derived from regular
reports made to the Board; production indexes
are compiled by the Board on the basis of data
collected by other agencies; and flow of funds
figures are compiled on the basis of materials
from a combination of sources, including the
Board. Figures for gold stock, currency, Fed-
eral finance, and Federal credit agencies are obtained from Treasury statements. The remaining data are obtained largely from other
sources. For many of the banking and monetary
series back data and descriptive text are available in Banking and Monetary Statistics and
its Supplements (see list of publications at end
of the BULLETIN).
261
262
BANK RESERVES AND RELATED ITEMS
FEBRUARY 1965
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS
(In millions of dollars)
Factors supplying reserve funds
Factors absorbing reserve funds
F. R. Bank credit outstanding
Period
or
date
U.S. Govt. securities
Total
Discounts
Repur- and Float i
Bought chase
adoutagree- vances
right ments
Total 2
Gold
stock
Treasury
currency
outstanding
Currency
in
circulation
Treasury
cash
holdings
Deposits, other
than member bank
reserves,
with F. R. Banks
Treasury
Member bank
reserves
Other
F. R.
accounts
Foreign Other i
With
F.R.
Banks
Currency
and
coin 3
Total
Averages of
daily figures
210
61 1,317 4,024 2,018
4,400
272
12 2,208 4,030 2,295
5,455
83 2,612 17,518 2,956
7,609 2,402
170 2,404 22,759 3,239 10,985 2,189
652 24,744 20,047 4,322 28,452 2,269
1929—June...
1933—June
1939—Dec
1941—Dec
1945—Dec
179
179
1,933
1,933
2,510
2,510
2,219
2,219
23,708 23,708
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
20,345
23,409
24,400
25,639
24,917
20,336
23,310
23,876
25,218
24,888
9
99
524
421
29
142
657
,633
448
407
117 21,606
375 25,446
262 27,299
018 27,107
992 26,317
22,879
22,483
23,276
22,028
21,711
4,629
4,701
4,806
4,885
4,982
1955—Dec...
1956—Dec...
1957—Dec...
1958—Dec
1959—Dec
24,602
24,765
23,982
26,312
27,036
24,318
24,498
23,615
26,216
26,993
284
267
367
96
43
840
706
716
564
911
389 26,853
633 27,156
443 26,186
496 28,412
426 29,435
21,689
21,942
22,769
20,563
19,482
5,008
5,064
5,144
5,230
5,311
1960—Dec...
1961—Dec...
1962—Dec...
1963—Dec
27,248
29,098
30,546
33,729
27,170
29,061
30,474
33,626
78
37
72
103
94
152
305
360
29 ,060
31,217
~218
36;610
17,954
16,929
15,978
15,562
1964—Jan
Feb....
Mar....
Apr....
May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec.
33,200
33,009
33,389
33,498
33,907
34,631
34,898
35,118
35,273
35,334
36,036
37,126
33,127
32,981
33,348
33,453
33,836
34,530
34,765
34,996
35,143
35,257
35,867
36,895
73
28
41
45
71
101
133
122
130
77
169
231
289
311
259
214
256
271
265
334
332
311
433
266
,164 35,770
,644 35,028
,710 35,454
,798 35,602
,747 35,981
,784 36,760
,841 37,077
,670 37,170
,914 37,578
,027 37,747
,874 38,421
,423 39,873
15,513
15,480
15,462
15,462
15,462
15,462
15,463
15,462
15,462
15,462
15,442
15,388
1965—Jan..
36,684 36,457
33,795
33,849
33,665
33,586
978
250
8
5
381
376 2,314
350 2,211
248 11,473
292 12,812
493 16,027
2,314
2,211
11,473
12,812
16,027
739
796
832
908
929
17,391
20,310
21,180
19,920
19,279
17,391
20,310
21,180
19,920
19,279
394
247
186
337
348
983
998
,063
,174
,195
19,240
19,535
19,420
18,899
18,628
19,240
19,535
19,420
18,899
304 18,932
250
229
222
160
495
244
290
206
,029
,112
,048
,215
16,688
17,259
16,932
17,303
965
926
948
924
957
886
804
909
893
863
613
944
155
141
153
141
148
135
131
145
143
133
148
181
212
205
202
195
180
200
201
194
189
189
200
186
1,052
991
998
987
1,111
1,273
1,194
1,151
1,129
1,009
1,119
1,093
17,247
17,018
17,146
17,084
17,092
17,356
17,408
17,340
17,589
17,716
17,812
17,964
653
875
180
223
37,274
37,487
37,621
37,752
385
388
392
395
812
856
907
903
167
143
158
154
197
202
196
210
1,264
1,268
1,194
1,208
17,074
16,770
17,204
17,556
3,246 20,320
3,224 19,994
3,476 20,680
3,445 21,001
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
1,142
1,070
1,062
1,059
1,041
17,653
17,685
17,463
17,149
16,840
3,796
3,484
3,442
3,314
3,360
21,449
21,169
20,905
20,463
20,200
17,089
17,116
16,972
16,852
3,131
3,062
3,199
3,184
20,220
20,178
20,171
20,036
30
81
616
592
625
30
164
739
1,531
1,247
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
31,265
31,775
31,932
32,371
32,775
777
772
768
691
396
434
463
385
470
524
459
372
345
262
361
5,396
5,587
5,561
5,583
33,019
33,954
35,281
37,603
408
422
398
389
522
514
587
879
5,583
5,586
5,579
5,580
5,577
5,584
5,568
5,562
5,564
5,533
5,494
5,401
36,827
36,383
36,615
36,887
37,107
37,541
37,938
38,033
38,224
38,362
38,937
r
39,698
408
429
433
426
425
414
431
421
437
471
529
r
595
227
340 2,126 39,245 15,258 5,395 39,011
33,590
33,759
33,582
33,552
205
90
83
34
540
148
307
350
1,631
1,899
2,471
2,991
15,582
15,582
15,582
15,552
5,580
5,586
5,582
5,586
92
167
156
590
396
394
198
209
2,752 37,153 15,513
2,461 36,706 15,513
2,203 36,231 15,513
2,365 35,623 15,513
1,764 34 ,780 15,512
"
1,665
1,921
2,298
2,434
2,595
2,859
3,108
3,443
19,283
20,118
20,040
20,746
r
3,426 r20,673
'3,128 '20,146
3,067 20,213
20,277
'20,220
20,558
'20,665
'20,566
"20,928
•21,033
21,160
3,650 21,614
949 18,006 ^3,612 ^21,618
Week ending—
1963
Dec.
4
11
18
25
36,010
35,945
36,507
37,040
1964
Jan.
1
8
15
22
29
33,655
33,698
33,494
32,944
32,739
33,563
33,531
33,338
32,944
32,739
Feb.
5
12
19
26
33,009
33,275
32,887
32,750
32,979
33,214
32,862
32,750
277 1,417 34 ,771
372 1,496 35 ,208
291
846 35,088
200
,835 34,846
15,512
15,498
15,462
15,462
5,587
5,586
5,583
5,588
36,292
36,462
36,469
36,308
425
424
420
439
759
978
979
903
131
151
124
147
214
960
200
961
209
960
197 1,051
Mar. 4
11
18
25
33,245
33,437
33,270
33,384
33,245
33,437
33,195
33,301
362
253
358
279
,529 35,204
,609 35,385
,758 35,480
,973 35,750
15,462
15,463
15,463
15,462
5,586
5,580
5,576
5,579
36,352
36,538
36,692
36,657
443
989
452
941
444
897
431 1,044
150
149
144
159
207 1,040 17,072 3,111 20,183
207 1,062 17,079 2,899 19,978
200 1,005 17,137 3,076 20,213
196
950 17,354 3,156 20,510
Apr.
1
8
15
22
29
33,575
33,979
33,843
33,050
33,086
33,534
33,916
33,843
33,050
32,985
101
155
209
191
321
137
,512 35,353
,593 35,898
,756 35,891
,166 35,593
,772 35,083
15,462
15,463
15,462
15,462
15,462
5,578
5,583
5,585
5,576
5,578
36,735
36,839
36,998
36,912
36,813
391
415
439
432
423
881
922
980
898
929
164
148
135
133
140
202
952
203 1,039
197 1,005
187
946
193
959
17,067 3,242 20,309
17,376 2,974 20,350
17,183 3,185 20,368
20,323
17,123
19,966
16,667
May
6
13
20
27
33,763
33,987
33,749
33,839
33,580
33,904
33,715
33,819
183
83
34
20
213
314
298
209
,653 35,724
640 36,020
064 36,179
739 35,844
15,463
15,463
15,462
15,462
5,582
5,571
5,573
5,581
36,910
37,150
37,154
37,123
426
417
990
427 1,010
430
927
156
160
143
131
188
954
179
939
178 1,195
174 1,250
17,247
17,218
17,107
16,852
For notes see opposite page.
3,030
3,075
3,197
3,262
20,277
20,293
20,304
20,114
263
BANK RESERVES AND RELATED ITEMS
FEBRUARY 1965
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
(In millions of dollars)
Factors absorbing reserve funds
Factors supplying reserve funds
F.R. Bank credit outstanding
Period
or
date
Discounts
ToRepur- and Float i tal 2
Bought
adTotal out- chase vances
agreeright ments
Deposits, other
Member bank
than member bank
Treas- Curreserves,
reserves
Tresaury
Other
with F.R. Banks
cur- rency
ury
F.R.
in
Gold rency
cash
acstock
ciroutholdcounts With Curstand- culaings Treas- Fortion
ing
F.R. rency Total
Other i
ury
eign
and
Banks coin 3
U.S. Govt. securities
Averages of
daily figures
Week ending—
1964
5,584
5,590
5,582
5,582
June
3
10
17
24
34,381
34,757
34,591
34,427
34,327
34,530
34,438
34,427
54
227
153
265
289
328
232
1,521 36,222
1,471 36,597
1,823 36,811
136
2," 36,875
15,463
15,462
15,461
15,461
37,263
37,487
37,614
37,574
425
436
415
395
914
905
880
905
145
135
131
138
197
199
196
203
,257
,308
,240
,273
17,066
17, 179
17, 378
17,430
3,128
3,007
3,238
3,297
20,194
20,186
20,616
20,727
July
1.
8.
15.
22.
29.
34,841
35,335
35,304
34,392
34,518
34,823
35,215
35,030
34,392
34,357
18
120
274
221
263
460
159
179
1,818
1,882
1,787
2,195
1,626
15,462 5,582 37,618
15,463 5,574 37,916
38,099
15,463
37,969
15,463
37,814
15,463
404
416
425
444
440
873
842
885
770
711
140
134
123
131
133
195
222
204
191
190
,276
,256
,223
,158
,148
17,498
17, 840
17,703
17, 154
16,975
3,347
2,965
3,291
3,275
3,353
20,845
20,805
20,994
20,429
20,328
Aug. 5.
12.
19.
26.
35,112
35,397
34,855
35,051
34,980
35,097
34,855
34,929
132
300
262
376
279
329
1,460 36,892
1,554 37,393
2,024 37,197
1,719 37,137
15,462
15,462
15,461
15,462 5,563
37,893
38,114
38,113
37,998
433
417
412
429
769
964
932
918
137
141
144
145
199
193
199
188
,132
,113
,102
,214
17, 363
17,467
17, 314
17,270
3,197
3,130
3,269
3,340
20,560
20,597
20,583
20,610
Sept. 2.
9.
35,162
35,611
35,397
34,904
35,186
35,144
35,234
35,262
34,904
35,157
18
377
135
315
478
225
410
280
1,451 36,968
1,563 37,716
1',846 37,524
" "37,820
2,465
1,943 37,487
15,462
15,462
15,462
15,462
15,461
5,572
5,566
5,564
5,569
5,556
38,007
38,243
38,425
38,192
38,075
423
426
435
448
440
858
857
906
962
914
164
131
142
131
161
191 ,199
188 ,220
194 ,163
193 ,054
186 1,066
17, 159
17, 679
17,285
17, 870
17, 662
3,362
3,000
3,454
3,386
3,477
20,521
20,679
20,739
21,256
21,139
35,759
35,663
34,909
34,911
35,549
35,532
34,909
34,911
210
131
372
241
382
233
1,820 38,051
1,875 37,876
37
2,548 37,878
1,""" 37
,995 ~~203
15,463
15,462
15,463
15,462
5,554
5,541
5,538
5,513
38,209
38,465
38,432
38,333
457
838
470
865
489 1,012
467
810
131
133
130
137
204 1,103 18, 125 3,134
177 1,028 17,739 3,246
189
966 17,660 3,331
185
925 17, 321 3,455
21,259
20,985
20,991
20,776
Nov. 4.
11.
18.
25.
35,711
35,986
35,913
35,992
35,642
35,671
35,698
35,867
69
315
215
125
479
429
593
162
1,634
1,711
1,962
2,136
37,910
38,201
38,532
38,388
15,462
15,463
15,462
15,430
5,505
5,497
5,497
5,494
38,446
38,793
38,975
39,071
122
139
130
148
197
205
215
183
17, 851
17, 823
17,926
17, 592
3,359
3,192
3,389
3,467
21,210
21,015
21,315
21,059
Dec.
36,667
37,335
37,335
36.926
36,936
36,667
37,335
37,020
36,660
36,570
315
266
366
377
124
162
291
535
1,860 38,
,969
,480
1,950 39,
2;084 39,632
2,907 40,175
2,884 40,409
15,387
15,387
15,388
15,387
15.388
5,456
5,400
5,402
5,404
5,397
39,277
39,476
39,743
39,834
39,852
484
666
503
546
563
533
521
552
554
827
571
873
593 1,024
608
978
620
990
224
186
142
144
221
196
886 17, 848
186 1,231 17,745
176 1,106 17, 637
183 1,057 18, 160
996 18, 338
177
3,528
3,400
3,750
3,681
3,658
21,376
21,145
21,387
21,841
21,996
37,058
36,816
36,460
36,440
36,515
36,515
36,403
36,334
543
301
57
106
340
460
322
252
2,622 40,111
2,149 39,522
2,249 39,112
1,841 38,631
15,388
15,330
15,187
15,187
5,407
5,394
5,393
5,387
39,552
39,282
38,927
38,644
630
674
649
780
662 1,015
657
997
228
186
178
151
205
212
213
18, 513 3,690
18, 174 3,670
17,797 3,643
17, 668
592
22,203
21,844
21,440
21,260
36,774 36,774
37,044 36,506
538
210 2,255 39,302 15,386 5,414 39,248
186 2,606 39,930 15,388 5,405 39,619
543
612
974
820
256
229
209
787 18 084 3 228 21,312
321 1,036 18,086 4, 278 22,364
36,741 36,621
120
304 1,577 38,737 ^15,186
?38,519
929
143
218 1,039 17, 801 P3, 170 ^20,971
37,371
37,039
37,281
37,030
36,763
37,371
37,039
36,907
36,618
36,506
374
412
257
152 1,664 39,:
,262
246 1,534 38,
,877
227 2,434 39,993
505
646 40,234
357
502 39,688
5,403
5,397
5,408
5,391
5,405
39,381
39,717
39,839
39,974
39,775
562
617
585 1,118
602 1,070
612
918
642
754
281
148
121
206
228
190
183
175
16:
188
37,032
36,524
36,285
36,723
36,527
36,482
36,259
36,405
505
42
26
318
337 2,304 39,762 15,388 5,409
192 ,780 38,597 15,188 5,388
38,392 15,188 5,394
86
234
534 38,611 15,188 5,391
39,428
39,143
38,817
38,600
656
49:
671
979
664 1,098
676
90^
229
214
177
133
201 1,010 18 543 3 943 22,486
206
872 17 088 4 094 21,182
207
896 17 115 3 978 21,093
194
860 17 820
962 ^21,782
16.
23.
30.
Oct.
7
14
21
28
2
9
16
23
30
161
122
29
36,960
37
37,588
37,636
36,789
36
"',381
1,111
1,153
1,150
1,245
1965
Jan.
6....
13....
20...
27...,
1,026
970
902
887
End of month
1964
Nov..
Dec.
1965
Jan
Wednesday
1964
Dec.
2
9
16
23
30
15,388
15,388
15,388
15,388
15,388
1,313
1,137
1,048
993
1,067
17 709 3 798
16 774 3 847
17 933 4 112
18 147 r4 015
17 826 4 362
21,507
20,621
22,045
22,162
r
22,188
1965
Jan.
6
13
20
27
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.
264
BANK RESERVES AND RELATED ITEMS
FEBRUARY 1965
RESERVES AND BORROWINGS OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
All member banks
New York City
Period
Borrowings
at
ReExcess F.R.
quired
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
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
1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec
19,240
19,535
19,420
18,899
18,932
1960—Dec
1961—Dec
1962—Dec
1963—Dec
1964—Jan
Feb
Mar
Apr
May
June....
July
Aug
Sept
Oct
Nov
Dec
Borrowings
at
ReExcess F.R.
quired
Banks
Reserves
Reserves
Total
held
Free
reserves
Total
held
-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
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
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
19,283
20,118
20,040
20,746
18,514
19,550
19,468
20,210
769
568
572
536
87
149
304
327
682
419
268
209
20,675
20,148
20,213
20,273
20,219
20,558
20,663
20,564
20,927
21,032
21,160
21,614
20,248
19,753
19,856
19,898
19,886
20,170
20,266
20,151
20,506
20,620
20,764
21,203
427
395
357
375
333
388
397
413
421
412
396
411
256
304
259
213
255
270
265
334
331
309
430
243
171
91
98
162
78
118
132
79
90
^21,619 *21,217
1965—Jan
974
184
3
5
334
224
P402
299
'794
'468
558
364
361
164
177
'236
'104
239
125
196
4,228
4,068
3,909
3,842
3,791
42
363
5,011
3,390
1,491
986
City of Chicago
103
-34
168
Reserves
Free
Total
held
Required
Excess
Borrowings
at
F.R.
Banks
Free
reserves
192
38
-167
69
2,611
989
-144
67
161
211
1,141
1,143
939
1,024
161
133
601
848
924
1,011
78
540
295
14
125
44
30
14
12
58
151
486
115
62
67
-107
-456
-101
-50
1,199
1,356
1,406
1,295
1,210
,191
,353
,409
,295
,210
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
1,166
1,149
1,136
1,077
1,038
,164
,138
,127
,070
,038
3,687
3,834
3,863
3,951
3,658
3,826
3,817
3,895
29
7
46
56
19
57
108
37
10
-50
-62
19
958
987
1,042
1,056
3,906
3,797
3,803
3,787
3,833
3,983
3,943
3,876
3,983
3,962
3,893
4,083
3,893
3,757
3,798
3,773
3,832
3,945
3,921
3,858
3,954
3,942
3,882
4,062
13
40
5
14
36
47
22
16
26
39
40
39
45
54
97
35
-23
-7
-17
-2
-26
-1
-18
-22
-16
-34
-86
-13
1,048
1,014
1,026
1,021
1,044
1,033
1,039
1,039
1,061
1,058
1,076
1,083
H3
113
P10
4,073
4,072
3,864
3,837
3,780
155
44
4
11
67
45
79
15
21
-49
-34
-10
-10
1,094
1,100
1,047
1,027
1,012
,090
,091
,043
,032
,007
-46
-19
-37
-33
-3
^4,073
38
22
17
29
20
11
22
174
63
-62
78
540
295
14
7
8
3
-4
1
-1
5
64
232
37
15
3
-61
-236
-36
-16
2
12
85
97
85
39
104
-83
-86
-77
-31
-104
953
987
,035
,051
8
22
18
26
-4
-22
-11
-21
,044
,016
,022
,015
,042
,034
,036
,033
,061
,056
,072
,086
27
87
90
21
5
13
22
13
34
29
20
28
-22
-89
-86
-14
-3
-14
-19
-8
-34
-26
-17
-32
,099
13
3
3
-4
12
P-5
Week ending—
1964—Jan.
1.
8.
15.
22.
29.
'21,457
21,169
20,905
20,463
20,200
20,663
'20,701
20,305
20,174
19,827
19.
26.
20,560
20,597
20,583
20,611
20,209
20,123
20,192
20,140
474
391
471
260
376
278
329
91
98
113
142
3,931
3,850
3,885
3,851
3,934
3,833
3,875
3,839
-2
17
10
12
14
3
49
56
-16
13
-39
-43
1,037
,028
,033
,035
,036
,029
,037
,035
-5
-21
-13
-14
Sept. 2 .
9.
16.
23.
30.
20,521
20,679
20,739
21,256
21,140
20,133
20,182
20,368
20,775
20,752
388
497
371
481
388
315
478
225
409
278
73
19
146
72
110
3,882
3,831
3,924
4,041
4,143
3,841
3,823
3,894
4,036
4,073
41
8
29
5
70
56
30
21
137
-15
-22
8
-132
65
,038
,038
,043
,087
,088
,033
,033
,043
,085
,084
-2
-54
-5
-35
-38
Oct.
14.
21.
28.
21,259
20,985
20,991
20,776
20,826
20,575
20,574
20,465
433
410
417
311
370
239
380
230
63
171
37
81
4,095
3,948
3,905
3,881
4,089
3,898
3,898
3,872
6
50
7
9
53
59
87
1
-47
-9
-80
,070
,047
,054
,052
,070
,042
,057
,048
-69
-27
Nov. 4 .
11.
18.
25.
21,210
21,015
21,315
21,059
20,768
20,646
20,724
20,801
442
369
591
258
476
427
590
159
-34
-58
3,989
3,824
3,837
3,879
32
5
25
25
220
73
131
10
-188
-68
-106
15
,083
,065
,070
,083
,081
,059
,070
,078
-11
99
4,021
3,829
3,862
3,904
Dec.
21,376
21,145
21,387
21,841
21,996
20,987
20,852
20,999
21,437
21,441
389
293
388
404
555
375
122
134
257
504
14
171
254
147
51
3,972
3,925
4,031
4,157
4,195
3,969
3,907
4,017
4,145
4,147
3
18
13
12
48
24
4
12
38
101
-21
14
1
-27
-53
,081
,060
,065
,097
,112
,081
,059
,065
,104
,108
4
j
-50
-72
22,199 21,846
21,845 21,257
21,440 21,050
*>21,259 *>20,919
353
588
390
*>340
309
424
277
203
44
164
113
4,327
4,061
4,038
3,984
4,328
4,036
3,982
3,992
-2
25
55
-7
63
161
156
74
-65
-137
-100
-81
,153
,085
,084
1,084
,152
,087
,079
,082
1
-2
5
3
-14
-32
5
-1
1965—Jan.
7.
2.
9.
16.
23.
30.
6.
13.
20.
27.
For notes see opposite page.
600
289
373
351
1
A
-14
-6
44
6
-44
5
-32
-3
~t
FEBRUARY 1965
BANK RESERVES AND RELATED ITEMS
265
RESERVES AND BORROWINGS OF MEMBER BANKS—Continued
(In millions of dollars)
Other reserve city banks
Reserves
Period
Total
held
Required
Excess
Borrowings at
F.R.
Banks
1929—June.
1933—June.
1939—Dec..
1941 —Dec.
1945—Dec.
1947—Pec.
761
648
749
528
1,953
3,014
5,976
6,589
12
120
1,188
1,303
418
271
409
58
3,140
4,317
6,394
6,861
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954_Dec.
6,689
7,922
8,323
7,962
7,927
6,458
7,738
8,203
7,877
7,836
1955—Dec.
1956—Dec.
1957—Dec.
1958—Dec.
1959—Dec.
7,924
8,078
8,042
7,940
7,954
1960—Dec.
1961—Dec.
1962—Dec.
1963—Dec.
1964—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
Country banks
Reserves
Free
reserves
Total
held
Required
Free
reserves
Excess
Borrowings at
F.R.
Banks
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
22
96
671
804
1,011
597
327
126
3
4
46
57
-305
-30
668
800
965
540
232
184
120
85
91
50
354
639
184
117
182
-170
-519
-99
-26
4,761
5,756
6,094
5,901
5,634
4,099
5,161
5,518
5,307
5,032
663
596
576
594
602
29
88
236
105
52
634
508
340
489
550
7,865
7,983
7,956
7,883
7,912
60
96
86
57
41
398
300
314
254
490
-338
-203
-228
-198
-449
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
7,950
8,367
8,178
8,393
7,851
8,308
8,100
8,325
100
59
78
68
20
39
130
190
80
20
-52
-122
6,689
6,931
6,956
7,347
6,066
6,429
6,515
6,939
623
502
442
408
40
31
48
74
583
471
394
334
346
8 ;i22
,208
,234
,184
,318
,385
,350
,480
,529
,614
,733
8,325
8,104
8,172
8,204
8,151
8,290
8,341
8,314
8,440
8,484
8,566
8,712
21
19
36
30
32
27
44
36
40
45
48
21
137
106
90
108
144
142
147
191
179
163
225
125
-116
-87
-54
-78
-112
-115
-103
-155
-139
-118
-177
-104
7,376
7,215
7,176
7,230
7,159
7,225
7,296
7,299
7,403
7,483
7,578
7,714
6,986
6,876
6,864
6,906
6,861
6,901
6,968
6,945
7,051
7,139
7,244
7,342
390
339
312
323
298
323
328
355
352
344
334
372
56
64
57
68
80
76
56
91
73
63
88
55
334
275
255
255
218
247
272
264
279
281
246
317
28,713
P8,675
238
120
2-82
27,695
27,370
2324
54
15.
22.
29.
8,636
8,540
8,416
8,337
8,163
8,478
8,498
8,376
8,319
8,133
158
42
40
18
30
384
217
193
77
93
-226
-175
-153
-59
-63
7,500
7,461
7,533
7,257
7,234
7,023
7,041
7,022
6,986
6,907
477
421
512
271
327
56
74
48
44
55
421
347
463
227
272
19.
26.
8,350
8,340
8,347
8,353
8,316
8,301
8,315
8,321
33
39
31
32
151
246
145
187
-118
-207
-114
-155
7,242
7,379
7,318
7,371
6,924
6,960
6,965
6,944
318
420
353
427
89
107
74
72
229
313
279
355
Sept. 2.
9.
16.
23.
30.
8,389
8,406
8,455
8,554
8,555
8,322
8,351
8,399
8,527
8,497
67
55
56
27
58
144
292
124
190
158
—77
-237
-68
-163
-100
7,212
7,405
7,318
7,574
7,353
6,937
6,976
7,033
7,127
7,098
275
429
285
447
256
108
97
74
45
72
167
332
211
402
184
Oct.
7.
14.
21.
28.
8,581
8,567
8,471
8,443
8,554
8,484
8,464
8,419
27
83
7
23
189
91
228
146
-162
-8
-221
-123
7,513
7,424
7,561
7,401
7,113
7,152
7,155
7,125
401
272
406
276
60
56
54
73
341
216
352
203
Nov. 4.
11.
18.
25.
8,585
8,570
8,601
8,624
8,543
8,536
8,556
8,576
42
34
45
48
163
262
312
73
-121
-228
-267
-25
7,521
7,551
7,782
7,448
7,155
7,227
7,261
7,268
366
324
521
180
80
92
103
76
286
232
418
104
Dec
2.
9.
16.
23.
30.
8,651
8,636
8,657
8,853
8,838
8,643
8,591
8,621
8,815
8,799
45
36
37
39
240
60
81
118
258
-232
-14
-45
-79
-219
7,671
7,525
7,634
7,734
7,851
7,293
7,295
7,295
7,373
7,387
378
229
339
361
464
79
55
40
58
69
299
174
298
303
395
6.
13.
20.
27.,
8,983
8,763
8,691
8,566
8,942
8,710
8,610
8,540
41
54
81
26
183
152
71
87
-142
-98
10
-61
7,737
7,936
7,626
27,624
7,424
7,424
7,378
27,305
313
511
249
49
81
50
38
264
430
199
2281
1965—Jan
Week ending—
1964—Jan.
1..
Aug.
1965—Jan.
i This total excludes, and that in the preceding table includes, $51
million in balances of unlicensed banks.
NOTE.—Averages of daily figures. Beginning with Jan. 1964 reserves
are estimated except for weekly averages.
Total reserves held: Based on figures at close of business through Nov.
1959; thereafter on closing figures for balances with F.R. Banks and 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.
266
MAJOR RESERVE CITY BANKS
FEBRUARY 1965
BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS
(In millions of dollars unless otherwise noted)
Basic reserve position
Less:
Reporting banks
and
week ending—
Excess
reserves i
Borrowings
at F.R.
Banks
Net:
Net
interbank
Federal
funds
trans.
Related transactions with
U.S. Govt. securities dealers
Interbank Federal funds transactions
Surplus
or
deficit
Gross transactions
Per cent
of
avg.
required
reserves
Purchases
Sales
Net transactions
Total
2-way
trans- 2
actions
Purchases
of net
buying
banks
Sales
of net
selling
banks
Loans
to
dealers 3
Borrowings
from
dealers*
Net
loans
Total—46 banks
1964 Dec
2
9
16
23
30
6
33
32
23
62
117
22
54
129
309
440
-551
321
-311
345
-367
1,123 - 1 , 2 2 8
898 - 1 , 1 4 5
5.8
3.3
3.9
12.6
11.8
1,905
2,109
2,072
2,298
1,886
1,465
1,787
1,727
1,175
987
995
1,207
1,236
1,030
884
910
902
835
1,268
1,002
470
581
491
145
104
1,076
532
996
1,104
1,139
93
97
71
63
98
983
434
925
1,041
1,041
1965—Jan.
6
13
20
27
20
43
101
-1
198
317
211
117
1,015 - 1 , 1 9 2
1,295 - 1 , 5 6 8
1,310 - 1 , 4 2 0
531
-649
11.9
16.5
15.1
6.9
1,909
2,286
2,287
1,801
894
991
977
1,270
724
815
864
833
1,185
1,471
1,423
968
171
176
113
437
1,194
1,401
1,423
1,061
126
127
107
92
1,068
1,274
1,316
969
8 in New York City
1964—Dec.
2
9
16.
23
30
-2
6
9
8
39
4
12
38
90
41
-223
-140
494
426
-43
226
137
-524
-477
1.2
6.2
3.7
13.5
12.3
969
909
1,009
1,172
924
928
1,133
1,149
678
498
580
714
732
639
453
390
195
277
534
471
348
419
417
39
45
831
469
796
855
883
93
97
71
63
98
738
372
725
792
785
1965
6
13
20
27
4
14
46
-11
61
161
156
72
635
829
810
443
-691
-976
-920
-526
17.1
26.0
24.8
14.2
970
1,158
1,167
943
335
330
356
500
260
330
356
441
710
829
810
502
75
59
924
877
792
666
126
127
107
92
799
750
685
575
Jan
38 outside
New York City
1964—Dec.
2
9
16
23
30
8
26
22
15
24
117
19
42
91
219
399
545
485
629
472
-508
-537
-505
-704
-668
8.8
9.4
8.8
12.0
11.4
935
1,199
1,063
1,126
961
537
655
578
497
489
415
492
505
392
431
520
707
558
734
530
121
162
73
105
58
245
63
200
249
256
245
63
200
249
256
1965—Jan
6
13
20
27..
16
29
55
9
137
155
55
45
380
466
500
88
-501
-592
-500
-123
8.4
10.3
8.8
2.2
939
1,128
1,120
858
559
662
620
770
463
486
507
392
476
642
613
466
96
176
113
378
270
524
632
394
270
524
632
394
-1
1
—1
1
3
32
3
111
71
130
225
121
-144
-74
-131
-265
-194
14.9
7.8
13.7
26.8
19.5
239
261
279
345
258
129
189
148
120
137
125
172
144
87
109
115
89
134
258
149
4
18
4
33
27
100
31
95
103
84
100
31
95
103
84
14
30
96
156
117
53
-109
-189
-116
-51
10.5
19.4
12.0
5.3
232
284
318
190
136
128
201
137
136
115
135
107
96
169
183
84
13
66
30
125
145
154
118
125
145
154
118
5 in Chicago
1964—Dec.
2
9
16
23
30
1965—Jan
6
13
20
27
^
1
2
42
76
33 others
1964—Dec.
1965—Jan
2
9
16
23
30
9
26
23
14
20
85
16
42
49
143
288
473
354
404
351
-364
-463
-374
-439
-474
7.6
9.7
7.8
9.0
9.7
696
938
784
781
703
408
465
430
377
352
291
321
360
305
322
406
617
424
476
382
117
144
69
72
31
145
31
105
146
172
6
13
20
27
15
32
54
7
123
125
55
45
284
310
383
34
-392
-404
-384
-72
7.9
8.4
8.1
1.5
707
844
802
667
423
534
420
633
327
370
373
285
380
473
430
382
95
163
47
348
145
379
477
276
1 Based upon reserve balances including all adjustments applicable to
the reporting period. Carryover reserve deficiencies, if any, are deducted.
2 Derived from averages for individual banks for entire week. Figure
for each bank indicates extent to which its weekly average purchases
and sales are offsetting.
3 Federal funds loaned, net funds supplied to each dealer by clearing
banks, repurchase agreements (purchases of securities from dealers
subject to resale) or other lending arrangements.
1
145
31
105
146
172
145
379
477
276
• Federal funds borrowed, net funds acquired from each dealer by
clearing banks, reverse repurchase agreements (sales of securities to
dealers subject to repurchase), resale agreements, and borrowings secured
by Govt. or other issues.
NOTE.—Weekly averages of daily figures. Details may not add to
totals because of rounding.
For description of series and back data, see August 1964 BULL., pp.
FEBRUARY 1965
267
DISCOUNT RATES
FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per annum)
Discounts for and advances to member banks
Advances and discounts under
Sees. 13 and 13a i
Federal Reserve Bank
Effective
date
Rate on
Jan. 31
Previous
rate
Rate on
Jan.31
Effective
date
Nov. 24,1964
Nov. 24,1964
Nov. 24,1964
Nov. 27,1964
Nov. 27,1964
Nov. 25,1964
Nov. 24,1964
Nov. 24,1964
Nov. 30,1964
Nov. 30,1964
Nov. 27,1964
Nov. 27,1964
Boston
New Y o r k . . .
Philadelphia..
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Advances to all others under
last par. Sec. 13 3
Advances under
Sec. 10(b) 2
Rate on
Jan. 31
Nov. 24,1964
Nov. 24,1964
Nov. 24,1964
Nov. 27,1964
Nov. 27,1964
Nov. 25,1964
Nov. 24,1964
Nov. 24,1964
Nov. 30,1964
Nov. 30,1964
Nov. 27,1964
Nov. 27,1964
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
Effective
date
P
Previous
rate
Previous
rate
Nov. 24,1964
Nov. 24,1964
Nov. 24, 1964
Nov. 27,1964
Nov. 27, 1964
Nov. 25,1964
July 19,1963
Nov. 24,1964
Nov. 30, 1964
Nov. 30,1964
Nov. 27, 1964
Nov. 27, 1964
secured by FICB securities are limited to 15 days.
2 Advances secured to the satisfaction of the F.R. Bank. Maximum
maturity: 4 months.
3 Advances to individuals, partnerships, or corporations other than
member banks secured by U.S. Govt. direct securities. Maximum maturity: 90 days.
FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per annum)
Effective
date
Range
(or level>all F.R.
Banks
F.R.
Bank
of
N.Y.
In effect Dec. 31, 1932......
Mar. 3
4
Apr. 7
May 26
Oct. 20
1933
Feb. 2
Mar. 16
Jan. 11
May 14
Aug. 27
Sept. 4
¥
1934
Effective
date
Jan. 16
23
Feb.
5
15
Apr. 14
16
May 21
1953
4-2
Apr
1937
Aug. 4
XlY.'.Y.
Sept
,!:::::
Nov. 18
23
1946
Apr. 25
May 10...
1948
Jan. 12
19
&:::::::::::::::
1950
'V
1
4
1956
-£:::::
- 2 ?:::::
Nov. 15
Dec.
2
i Preferential rate of V4 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
July 17
26
Nov. 24
30
1957
AuE
Jan. 22
24
Mar. 7
Range
or level)—
all F.R.
Banks
F.R.
Bank
of
N.Y.
1958
2*4-3
3 -3%
f
10
14
Aug. 12
Sept. 9
Ap,.3. : ; : :
Aug
Effective
date
Apr. 18
May 9
Aug. 15
Sept
-&::::::
Oct. 24
Nov. 7
1959
Mar. 6
16
May 29
June 12
Sept. 11
18
1960
June 3
-£::::
May 2
1942
F.R.
Bank
of
N.Y.
13
21
1954
1955
1935
Apr. 11
Oct. 15
30
Aug
Range
(or level)—
all F.R.
Banks
3
-3
3
1963
3
S
1964
1965
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; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24
28, 30, 31, 3.875; 1965—Jan. 4, 5, 6, 7, 8, 3.875.
268
RESERVE REQUIREMENTS
FEBRUARY 1965
MAXIMUM INTEREST RATES PAYABLE ON TIME AND
SAVINGS DEPOSITS
RESERVE REQUIREMENTS OF MEMBER BANKS
(Per cent of deposits)
(Per cent per annum)
Net demand deposits 2
Time deposits
Effective date
Type of deposit
Jan. 1,
1936
Savings deposits held
for:
1 year or more
Less than 1 year
} 2%
Postal savings deposits
held for:
1 year or more
Less than 1 year
1
3
2%
1
4
4
4
4
4
3%
3
} 2%
July 17, Nov. 24,
1964
1963
4
3%
3
} 2%
Other time deposits
payable in:i
1 year or more
6 months-1 year
90 days-6 months....
Less than 90 days....
Jan. 1,
1962
Jan. 1,
1957
/
4
3%
4%
4
For exceptions with respect to foreign time deposits, see Oct. 1962
BULL., p. 1279.
NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q.
Under this Regulation the rate payable by a member bank may not in
any event exceed the maximum rate payable by State banks or trust
cos. on like deposits under the laws of the State in which the member
bank is located. Effective Feb. 1, 1936, maximum rates that may be
paid by insured nonmember commercial banks, as established by the
FDIC, have been the same as those in effect for member banks.
Maximum rate payable on all types of time and savings deposits:
Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2%
per cent.
MARGIN REQUIREMENTS
Effective date i
Central Reserve
reserve
city
city
banks 3 banks
Country
banks
Central
reserve
and
reserve
city
banks
Country
banks
In effect Dec. 31, 1948..
26
22
16
7%
7%
1949—May 1,5
June 30, July 1..
Aug. 1,11
Aug. 16,18
Aug. 25
Sept. 1
1951—Jan. 11, 16
Jan. 25, Feb. 1 . .
1953—July 1,9
1954—June 16,24
July 29, Aug. 1.
24
21
20
15
14
13
12
7
6
5
7
6
13
14
13
6
6
5
5
§*
If* ii*
19
23
24
22
21
20
1958—Feb. 27, Mar. 1.
Mar. 20, Apr. 1..
Apr. 17
Apr. 24
1960—Sept. 1
Nov 24
Dec. 1
20
19
18
12
17*
8*
IS*
5
it*
16%
17%
16%
12
4
4
16%
12
4
4
10
22
7
14
3
6
3
6
1962—Oct. 25, Nov. 1.
In effect Feb 1, 1965...
Present legal requirement:
Minimum
.
Maximum
...
(Per cent of market value)
Effective date
Regulation
July 28, July 10, Nov. 6,
1960
1962
1963
Regulation T:
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
70
70
50
50
70
70
70
50
70
1
When two dates are shown, 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 terminated effective July 28, 1962.
NOTE.—All required reserves were held on deposit with F.R. Banks,
June 21, 1917 until late 1959. Since then, member banks have also been
allowed to count vault cash as reserves, as follows: Country banks—in
excess of 4 and 2% per cent of net demand deposits effective Dec. 1, 1959
and Aug. 25, 1960, respectively. Central reserve city and reserve city
banks—in excess of 2 and 1 per cent effective Dec. 3, 1959, and Sept.,1,
1960, respectively. Effective Nov. 24, 1960, all vault cash.
NOTE.—Regulations T and U, prescribed in accordance with Securities
Exchange Act of 1934, limit the amount of credit that may be extend ed on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension; margin requirements are the difference between the market value (100+) and the maximum loan^value.
DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
Reserve city banks
Item
All
member
banks
New
York
City
City
of
Chicago
Country
banks
Item
Other
All
member
banks
139,850
15,358
5,506
118,986
114,005
102,292
26,262
4,551
1,102
20,609
20,126
14,435
6,548
1,309
328
4,911
5,414
4,467
53,100
7,513
2,217
43,371
42,645
38,876
7,645
3,446
135
281
110
53
1,988
1,042
17,778
21,224
20,841
383
3,635
3,916
3,898
18
1,020
1,073
1,072
1
7,586
8,628
8,591
37
53,939 Gross demand—Total..
1,985
Interbank
1,859
U.S. Govt
50,095
Other
45,819 Net demand*
44,514 Time
Demand balances due
5,412
from dom. banks...,
2,071 Currency and coin
Balances with F . R .
5,536
Banks
7,607 Total reserves held
,
7,279
Required
328
Excess
i Demand deposits subject to reserve""requirements are gross demand
deposits minus cash items in process of collection and demand balances
due from domestic banks.
City
of
Chicago
Country
banks
Other
Four weeks ending Jan. 6, 1965
Four weeks ending Dec. 9, 1964
Gross demand—Total
Interbank
U.S. Govt
Other
Net demand1
Time
Demand balances due
from dom. banks....
Currency and coin
Balances with F . R .
Banks
Total reserves held
Required
Excess
New
York
City
144,500
15,869
4,943
123,688
117,507
103,402
28,064
4,743
1,098
22,223
21,661
14,638
6,766
1,313
313
5,140
5,625
4,481
54,818
7,781
1,887
45,150
43,754
39,369
54,852
2,032
1,645
51,175
46,467
44,913
7,935
3,694
149
324
114
58
2,097
1,119
5,575
2,194
18,162
21,856
21,434
422
3,853
4,177
4,160
17
1,049
1,107
1,107
7,714
8,833
8,794
39
5,545
7,739
7,373
366
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.
269
OPEN MARKET ACCOUNT
FEBRUARY 1965
TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT
(In millions of dollars)
Outright transactions in U.S. Govt. securities by maturity
Total
Treasury bills
Others within 1 year
Month
Gross
purchases
Gross
sales
Redemptions
Gross
purchases
Gross
sales
Redemptions
1963—Dec
319
289
15
319
289
95
989
699
588
1,332
937
1,264
574
670
458
18
714
136
255
115
239
367
85
371
447
95
989
677
538
1,259
900
1,264
145
670
458
18
714
136
255
115
239
367
85
371
447
620
534
888
131
866
388
534
888
131
866
Exch.
or
maturity
shifts
Gross
sales
15
1964—Jan
Feb
Mar
Apr
Gross
purchases
June
July
AUE
Sept
Oct
Nov
Dec
610
413
1,347
1 197
813
610
413
1,275
1 197
215
706
— 3 411
15
-2,164
2 030
— 28
215
5
Outright transactions in U.S. Govt. securities by maturity—continued
1-5 years
Gross
purchases
Gross
sales
5-10 years
Exch.
or
maturity
shifts
1963—Dec
1964—Jan
Feb
Mar
Apr
May
July
Sept
Oct
Nov
Dec
AUE
Sept
Oct
Nov
Dec
-70
9
13
43
20
-15
2,164
307
30
27
11
187
108
33
—2 030
102
202
89
29
28
335
45
52
Gross
sales
826
915
429
127
497
172
682
625
1,070
684
812
682
1,313
2,194
440
127
338
280
734
625
1,021
733
712
782
1,313
1,657
NOTE.—Sales, redemptions, and negath figures reduce System holditive
ings; all other figures increase such holdin
Exch.
or
maturity
shifts
Gross
purchases
Gross
sales
Exch.
or
maturity
shifts
-164
3 481
11
Gross
purchases
1964—Jan
Feb
Mar
Apr
May
June.. . .
July
Gross
sales
164
Repurchase agreements
(U.S. Govt. securities)
1963—Dec
Gross
purchases
Over 10 years
-307
— ioi
35
-335
Net change
in U.S.
Govt.
securities
3
8
4
5
41
34
11
-35
5
Bankers' acceptances
Net
outright
Net
repurchases
Net change
in U.S. Govt.
securities and
acceptances
-74
28
92
45
-840
416
601
-601
1,060
566
257
113
186
359
1,065
-2
-4
-4
-7
-92
-934
412
662
-633
1,014
602
229
93
249
341
1 048
300
269
-7
-7
-4
2
6
15
64
-25
-39
36
-21
-16
61
-18
-23
15
270
FEDERAL RESERVE BANKS
FEBRUARY 1965
CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
(In millions of dollars)
End of month
Wednesday
Item
1964
1965
1964
1965
Jan. 27
Jan. 20
Jan. 13
Jan. 6
Dec. 30
Jan.
Dec.
Jan.
13,317
1,554
13,317
1,563
13,304
1,564
13,505
1,570
13,505
1,570
13,352
1,554
13,505
1,570
13,819
1,412
14,871
14,880
14,868
15,075
15,075
14,906
15,075
15,231
179
178
161
146
131
193
146
325
189
45
41
45
147
45
307
30
327
30
259
45
156
30
332
32
57
63
56
30
56
45
56
33
56
10
58
57
59
35
68
5,943
5,797
6,020
6,065
6,044
6,159
6,044
3.312
25,188
5,274
25,188
5,274
25,188
5,274
25,188
5,274
25,188
5,274
25,188
5,274
">5 188
j
7.066
11,129
36,405
318
36,259
26
36,482
42
36,527
505
36,506
257
36,621
120
36,506
j
538
Total U.S. Govt. securities
36,723
36,285
36,524
37,032
36,763
36,741
37,044
32,752
Total loans and securities
Cash items in process of collection
Bank premises »
Other assets:
Denominated in foreign currencies
All other
37,077
5,852
102
36,457
6,883
103
36,817
6,796
102
37,458
7,154
102
37,186
7,017
103
37,160
5,330
102
37,324
7,190
102
33,184
4,832
103
455
361
423
326
455
302
320
276
370
255
287
367
295
257
254
342
Total assets
58,897
59,250
59,501
60,531
60,137
58,345
60,389
54,271
33,747
33,957
34,267
34,508
34,831
33,706
34,659
31,122
17,820
907
133
194
17,115
1 098
177
207
17,088
214
206
18,543
492
229
201
17,826
754
228
188
17,801
929
143
218
18,086
820
229
321
16,983
791
136
210
19,054
18,597
18,487
19,465
18,996
19,091
19,456
18,120
4,318
635
4,948
633
5,016
639
4,850
639
4,515
130
3,753
638
4,584
642
3,373
77
57.754
58,135
58,409
59,462
58,472
57,188
59,341
52,692
528
524
91
524
524
67
524
524
44
524
524
21
524
990
151
528
524
105
524
524
501
990
58,897
59,250
59,501
60,531
60,137
58,345
60,389
Assets
Gold certificate account
Redemption fund for F.R. notes
Total gold certificate reserves
•
...
Cash
Discounts and advances:
Other
Acceptances:
Held under repurchase agreements.
U.S. Govt. securities:
Bought outright:
Bills
Certificates—Special
Other
Notes
Bonds
..
Held under repurchase agreements
5,274
4,645
32,752
Liabilities
F.R. notes
Deposits:
IVIember bank reserves
U.S Treasurer—General account
Other
Total deposits
Deferred availability cash items
Other liabilities and accrued dividends *
Total liabilities
Q7Q
Capital Accounts
Capital paid in
Surplus
Other capital accounts
Total liabilities and capital accounts
Contingent liability on acceptances purchased for
U.S. Govt. securities held in custody for foreign
account
88
54,271.
123
123
124
123
123
122
122
91
8,188
8,187
8,478
8,471
8,515
7,952
8,389
8,740
Federal Reserve Notes—Federal Reserve Agents' Accounts
F.R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificate account
.. ..
Eligible paper
U.S. Govt. securities
Total collateral
i No accrued dividends at end-of-December dates.
36 ,886
36 ,995
37 ,098
37 ,182
37 ,247
36,832
37 ,233
33, 879
6 ,727
12
31 ,329
6 ,734
4
31 ,322
6 ,687
2
31 ,430
6 ,687
8
31 ,430
6 ,687
24
31 ,430
6,727
6
31,329
6 ,687
12
31 ,430
6, 700
68
28, 367
38 ,068
38 ,060
38 ,119
38 ,125
38 ,141
38,062
38 ,129
35, 135
271
FEDERAL RESERVE BANKS
FEBRUARY 1965
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1965
(In millions of dollars)
Item
Total Boston
New
York
Philadelphia
Cleveland
Atlanta
Richmond
Chicago
Minne- Kansas
apolis
City
St.
Louis
San
Dallas Francisco
Assets
13,352
1,554
627
89
3,530
734
87
1,068
771
94
285
561
62
313
29
604
62
538
51
1,607
136
929
128
2,070
350
14,906
716
3,880
821
1,204
1,057
865
2,355
623
342
666
589
1,788
F.R. notes of other Banks
Other cash
940
193
82
12
229
43
69
6
81
18
76
10
99
20
80
29
46
9
25
5
20
9
46
6
87
26
Discounts and advances:
Secured by U.S. Govt. securities...
Other
Acceptances:
259
45
3
2
87
12
6
2
2
4
9
2
10
3
24
6
2
4
64
2
26
24
6
731
1,401
1,487
4,824
Redemption fund for F.R. notes
58
57
Held under repurchase agreements.
U.S. Govt. securities:
36,621
Bought outright
120
Held under repurchase agreements .
181
58
57
1,968
8,861
120
1,950
3,030
2,655
2,000
6,320
1,394
37,160
1,973
9,195
1,958
3,036
2,666
2,013
6,350
1,396
736
1,467
1,516
4,854
6,774
102
458
3
1,214
8
526
6
489
5
573
19
1,124
21
331
6
200
4
422
6
363
11
654
10
287
367
13
20
175
87
420
3
16
18
26
29
17
20
41
61
10
14
7
6
38
55
3,277 14,731
3,311
4,926
3,626 10,061
2,435
1,325
13
17
2,620
17
15
60,729
14
25
4,342
2,563
7,512
F.R. notes
Deposits:
34,646
2,050
8,081
2,037
2,956
2,966
2,022
6,270
1,385
623
1,329
1,071
3,856
17,801
U.S. Treasurer—General account..
929
Foreign
143
Other
218
675
52
6
*
4,995
107
2 47
124
771
71
7
1
1,300
74
12
*
787
85
7
5
996
51
8
1
2,584
91
18
13
638
88
4
1
444
60
3
*
835
81
6
3
1,046
67
8
1
2,730
102
17
69
Total deposits
19,091
733
5,273
850
1,386
884
1,056
2,706
731
507
925
1,122
2,918
Other liabilities
5,197
638
408
31
907
166
325
35
398
34
443
37
824
93
257
22
154
15
288
28
269
35
Total liabilities
59,572
3,222 14,427
3,247
426
55
4,823
4,282
3,558
9,893
2,395
1,299
2,570
2,497
498
87
7,359
140
137
27
29
29
6
47
47
9
26
26
8
31
31
6
76
75
17
18
18
4
12
12
2
23
23
4
31
31
4
70
70
13
3,277 14,731
3,311
4,926
4,342
3,626 10,061
2,435
1,325
2,620
2,563
7,512
Cash items in process of collection...
Other assets:
Denominated in foreign currencies.
All other
Total assets
Liabilities
Capital Accounts
Surplus
Other capital accounts
528
524
105
Total liabilities and capital accounts.. 60,729
25
25
5
Ratio of gold certificate reserves to
deposit and F.R. note liabilities
combined (per cent):
Jan 31 1965
Dec 31 1964
Jan 31 1964
27.7
27.5
30.4
25.7
27.4
30.0
29.1
25.4
30.3
28.4
28.6
30.4
27.7
28.9
29.4
27.5
26.6
31.9
28.1
26.3
30.1
26.2
27.2
30.3
29.4
29.3
28.9
30.3
26.7
32.3
29.1
27.7
32.6
26.9
31.7
30.3
26.4
29.8
30.2
Contingent liability on acceptances
purchased for foreign correspondents
122
6
3 32
7
11
6
7
17
4
3
6
7
16
6,652
1,465
645
1,385
1,154
4,144
Federal Reserve Notes—Federal Reserve Agent's Accounts
F.R. notes outstanding (issued to
Bank)
36,832
Collateral held against notes outstanding:
Gold certificate account
6,727
Eligible paper
,
6
U.S. Govt. securities
, 31,329
Total collateral
38,062
2,150
8,650
2,115
3,199
2,178
420
1,710
690
340
1,100
280
112
225
180
735
7,200
435
6
1,800
500
1,765
2,775
2,434
1,900
5,700
1,260
545
1,200
1,050
3,700
2,185
8,910
2,241
3,275
3,124
2,240
6,800
1,540
657
1,425
1,230
4,435
1 After deducting $212 million participations of other F.R. Banks.
2 After deducting $96 million participations of other F.R. Banks.
3,095
3 After deducting $90 million participations of other F.R, Banks.
272
FEDERAL RESERVE BANKS; BANK DEBITS
FEBRUARY 1965
MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
(In millions of dollars)
Wednesday
Item
End of month
1964
1965
1965
Jan.
1964
Jan. 27
Jan. 20
Jan. 13
Jan. 6
Dec. 30
Discounts and advances—Total. . .
Within 15 days
16 days to 90 days
234
187
47
86
40
46
192
146
46
337
306
31
357
325
32
304
256
48
186
155
31
364
360
4
Acceptances—Total
Within 15 days
16 days to 90 days
120
76
44
86
45
41
101
60
41
89
45
44
66
20
46
115
71
44
94
45
49
68
13
55
36,723
36,285
1,083
3,153
16,451
13,506
1,797
295
36,524
953
3,415
16,558
13,506
1,797
295
37,032
1,361
3,567
16,506
13,506
1,797
295
36,763
1,136
3,523
16,506
13,506
1,797
C
295
36,741
1,305
3,335
16,503
13,506
1,797
295
37,044
1,083
3,564
16,799
13,506
1,797
295
32,752
4,137
2,153
15,438
8,669
2,136
219
Netherlands
guilders
Swiss
francs
U.S. Government securities—Total
Within 15 days i
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
1,423
3,233
16,469
13,506
1,797
295
Dec.
Jan.
i Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS
(In millions of U.S. dollar equivalent)
Total
End of period
1964—Mar
Apr
May
June
July
330
214
213
124
168
195
164
74
.
Sept
Oct
Pounds
sterling
Belgian
francs
11
1
1
16
29
61
90
32
52
52
51
52
52
45
15
2
German
marks
Italian
lire
6
6
6
French
francs
Canadian
dollars
234
101
101
2
2
2
2
2
4
2
2
2
2
2
2
2
Japanese
yen
2
1
21
1
1
1
1
3
3
3
50
50
50
80
80
51
31
BANK DEBITS AND DEPOSIT TURNOVER
Debits to demand deposit accounts 1
(billions of dollars)
All
reporuug
centers
Period
N.S.A.
Leading centers
New York
S.A
N.S.A.
6 others
S.A.
2
N.S.A.
Annual rate of turnover
of demand deposits l
Leading centers
337 other
reporting
centers 3
S.A
New York
N.S.A.
S.A.
N.S.A.
6 others 2
S.A.
N.S.A.
337 other
reporting
centers 3
S.A
N.S.A.
343
S.A
N.S.A.
1955.
1956.
1957.
1958.
1959.
.
.
.
.
2 ,043.5
2 ,200.6
2 ,356.8
2 ,439.8
2 ,679.2
766.9
815.9
888.5
958.7
1,023.6
431 .7
462.9
489 .3
487 .4
545 .3
845.0
921.9
979.0
993.6
1,110.3
42.7
45.8
49.5
53.6
56.4
27.3
28.8
30.4
30.0
32.5
20.4
21.8
23.0
22.9
24.5
22.3
23.7
25.1
24.9
26.7
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
577 .6
622 .7
701 .7
775 .7
1,158.3
1,209.6
1,318.9
1,423.0
60.0
70.0
77.8
84.8
34.8
36.9
41.2
44.6
28.2
29 0
31 3
33.1
..
25.7
26.2
27.7
29.0
1963—Dec....
357.1 139. 6
151.0
69.7
74 .6
123. 7
131.5
89.0
93.8
47 .5
48.6
29. 8
30.6
33. 9
35.3
1964—Jan....
Feb
Mar....
Apr
May...
June...
July....
Aug
Sept
Oct
Nov....
Dec...
360.8
294.9
342.9
349.9
329.6
353.6
362.9
319.4
339.0
353.5
333.9
400.1
143. 7
129. 4
138. 1
146. 0
135. 1
140. 2
151. 5
140. 4
149. 5
146. 0
146. 2
156. 4
153.9
121.1
145.8
148.2
135.3
151.2
154.5
128.3
142.4
146.1
136.0
173.1
69
65
68
72
67
67
71
68
70
71
70
72
73 .5
60 .5
71 .1
72 .8
68 .6
70 .9
72 .9
65 .8
68 .0
72 .0
66 .8
79 .2
126. 6
121. 1
125. 1
131. 8
125. 0
126. 6
131. 1
128. 9
131. 7
132. 8
135. 4
135. 8
133.3 92.1
113.2 86.2
126.1 91.6
129.0 95.5
125.7 90.9
131.6 94.5
135.5 100.2
125.4 92.8
128.6 97.0
135.4 94.2
131.1 92.9
147.8 98.7
93.0
81.8
94.4
93.6
91.1
101.4
98.6
87.4
95.7
93.6
92.6
104.0
47 .8
45 .4
46 .9
49 .3
47.6
47 .1
49 .1
47 .1
47 .7
48 .0
46 .4
48 .1
47.4
42.9
49.6
50.4
48.4
48.9
48.1
45.8
47.0
47.2
45.7
49.1
30. 6
29. 5
30. 1
31. 6
30. 4
30. 5
31. 2
30. 6
30. 7
31. 1
31. 5
31. 5
30.4
28.2
30.2
30.6
30.9
31.5
31.1
30.2
30.7
31.1
31.9
32.3
34. 8
33. 7
34. 4
36. 0
35. 3
35. 0
35. 6
35. 1
35. 1
35. 5
35. 5
35. 2
34.9
32.0
35.1
35.7
35.5
36.0
35.5
34.2
34.9
35.3
35.5
36.7
6
5
4
4
7
5
4
8
4
7
4
2
1 Excludes interbank and U.S. Govt. demand accounts or deposits.
2 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.
3 Before Apr. 1955, 338 centers.
4 Before Apr. 1955, 344 centers.
NOTE.—See p. 257 for announcement about pending revision.
FEBRUARY 1965
273
U.S. CURRENCY
DENOMINATIONS IN CIRCULATION
(In millions of dollars)
Large denomination currency
Coin and small denomination currency
Total
in circulation i
Total
Coin
$1 2
$2
$5
$10
1939
1941
1945
1947
1950
1955
7,598
11,160
28 515
28,868
27,741
31,158
5,553
8,120
20,683
20,020
19,305
22,021
590
751
1,274
1,404
1,554
1,927
559
695
36
44
,039
,048
,113
,312
73
65
64
75
1,019
1,355
2,313
2,110
2,049
2,151
1958
1959
1960
1961
1962
32 193
32,591
32,869
33,918
35,338
22 856
23,264
23,521
24,388
25,356
2,182
2,304
2,427
2,582
2,782
,494
,511
,533
1,588
1,636
83
85
88
92
97
2,186
2,216
2,246
2,313
2,375
37,692
26,807
3,030
1,722
103
2,469
7,071
7,373
36 247
36,312
36,799
36,885
37,208
37,734
July .
37,835
Aug
38 014
Sept
38,166
Oct . . . . 38,373
Nov
39,248
Dec
39,619
25,500
25,561
26,000
26,063
26,353
26,797
26,859
26,972
27,068
27,201
27,925
28,100
3 021
3,044
3,105
3,139
3,169
3,205
3,223
3,249
3,285
3,321
3,359
3,405
1,599
1,590
1,621
1,630
1,655
1,676
1,668
1,668
1.693
1J16
1,749
1,806
101
101
102
103
105
107
108
109
111
111
108
2,287
2,278
2,321
2,320
2,350
2,379
2,359
2,364
2,361
2,385
2,455
2,517
6,958
6,983
7,096
7,095
7,170
7,280
7,262
7,272
7,280
7,328
7,568
7,543
End of period
1963—Dec
1964
Jan
Feb
Mar
Apr
May
111
$5,000 $10,000
S20
Total
$50
$100
$500
$1,000
1,772
2,731
6,782
6,275
5,998
6,617
1,576
2,545
9,201
9,119
8,529
9,940
2,048
3,044
7,834
8,850
8,438
9,136
460
724
2,327
2,548
2,422
2,736
919
1,433
4,220
5,070
5,043
5,641
191
261
454
428
368
307
425
556
801
6,624
6,672
6,691
6,878
10,288
10,476
10,536
10,935
11,395
9,337
9,326
9,348
9,531
9,983
2,792
2,803
2,815
2,869
2,990
5,886
5,913
5,954
6,106
6,448
275
261
249
242
240
373
341
316
300
293
12,109 10,885
3,221
7,110
249
298
3
4
11,533
11,566
11,754
11,775
11,904
12,151
12,239
12,310
12,339
12,339
12,687
12,717
3,157
3,147
3,158
3,172
3,185
3,217
3,231
3,249
3,253
3,262
3,314
3,381
7,043
7,057
7,094
7,104
7,127
7,175
7,202
7,248
7,302
7,367
7,468
7,590
247
246
246
247
246
3
245
245
294
293
294
292
291
292
291
292
246
291
246
246
291
289
4
4
4
4
4
4
4
4
4
4
4
4
10,747
10,751
10,799
10,822
10,855
10,937
10,976
11,041
11,098
11,172
11,323
11,519
246
248
32
46
24
17
12
12
20
24
7
5
782
588
438
4
3
3
9
5
10
10
10
3
3
3
3
3
3
3
3
2
3
3
3
3
3
2
293
2 Paper currency only; $1 silver coins reported under coin.
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.
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
Total outstanding As security
Dec. 31,
against
Treasury
1964
gold and
cash
silver
certificates
Kind of currency
Gold
Gold certificates
F.R. notes
Treasury currency—Total
Standard silver dollars
Silver bullion
Silver certificates
.
Subsidiary silver coin
Minor coin
United States notes
In process of retirement 4
Total—Dec. 31, 1964
Nov 30 1964
Dec. 31, 1963
1
15,388
(15,075)
37,231
5,405
,
....
485
1,539
(1 348)
2,166
782
323
111
5 58,025
5 57.288
5 55,410
(15,075)
85
214
3 12,259
Nov. 30,
1964
Dec. 31,
1963
2,816
2,573
146
34,573
5,046
34,124
5,124
32,313
5,378
(16,423)
(16,542)
(17,236)
*
612
543
361
C
482
482
452
io6
3
191
10
5
3
1
1,348
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. 263.
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
Dec. 31,
1964
2313
0,348)
For
F.R.
Banks
and
Agents
Currency in circulation 1
Held by
F.R.
Banks
and
Agents
1,231
2,147
776
299
110
1,357
2,109
768
297
111
1,863
1,872
706
321
165
5,535
5,221
4,936
39,619
14
3
22
*
12,259
12,275
12,421
39,248
"37,'692"
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.
274
MONEY SUPPLY
FEBRUARY 1965
MONEY SUPPLY AND RELATED DATA
(In billions of dollars)
Seasonally adjusted
]vloney
Period
Total
Not seasonally adjusted
supply
Currency Demand
deposit
component component
1957 Dec
1958—Dec
1959 Dec
I960—Dec
1961 Dec
1962 Dec
1963—Dec
1964—Dec
135.9
141.1
142.1
141.1
145.5
147.6
153.2
159.4
28.3
28.6
28.9
28.9
29.6
30.6
32.4
34.2
1963—Dec
153.2
32.4
1964 Jan
Feb
Mar
Apr
May
June
July
Aua;.. .
Sept
Oct
Nov
Dec
153.8
153.8
154.2
154.5
154.5
155.6
156.7
157.2
158.0
158.6
159.1
159.4
32.6
32.7
32.9
33.0
33.3
33.4
33.5
33.7
33.8
33.9
34.2
34.2
1965—Jan
159.8
Oct (1)
(2)
Money supply
Time
deposits
adjusted i
Currency Demand
deposit
component component
Total
107.6
112.6
113.2
112.1
116.0
117.1
120.7
125.2
57.4
65.4
67.4
72.9
82.8
97.9
112.3
126.5
139.3
144.7
145.6
144.7
149.4
151.6
157.2
163.6
28.9
29.2
29.5
29.6
30.2
31.2
33.1
34.9
110.4
115.5
116.1
115.2
119.2
120.3
124.1
128.7
120.7
Time
deposits
adusted i
56.7
64.6
66.6
72.1
81 8
96.7
111.0
125.0
U.S.
Govt.
demand l
deposits
3.5
3.9
4 9
4.7
4 9
5.6
5.2
5.5
112.3
157.2
33.1
124.1
111.0
5.2
121.2
121.1
121.3
121.5
121.3
122.1
123.3
123.5
124.2
124.7
124.9
125.2
113.9
115.1
115.7
116.4
117.4
118.5
119.4
120.6
121.7
123.1
125.1
126.5
157.8
153.8
152.9
155.0
152.4
153.6
155.2
155.1
156.9
158.8
160.4
163.6
32.4
32.3
32.6
32.7
33.0
33.3
33.7
33.8
33.8
34.0
34.5
34.9
125.4
121.5
120.3
122.3
119.4
120.3
121.5
121.3
123.1
124.8
125.9
128.7
113.2
114.6
115.7
116.7
118.1
119.2
120 1
121.1
122.0
123 3
124.1
125.0
4.2
4.8
6.1
4 2
6.9
7.8
7 0
6.4
6.6
5.6
5.8
5.5
34.5
125.3
128.9
163.9
34.3
129.6
128.1
4.2
158.9
158.2
33.9
34.0
125.0
124.3
122.7
123.4
158.4
159.1
34.1
33.9
124.3
125.2
123 0
123.6
6 8
4.5
Nov.(l)
(2)...
159.3
158.8
34.2
34.2
125.1
124.6
124.4
125.8
161.0
159.8
34.5
34.6
126.5
125.2
124.0
124.1
4.6
7.0
Dec (1)
159.4
159.4
34.2
34.2
125.2
125.3
126.3
126.7
162.8
164.4
34.9
35.0
128.0
129.4
124.7
125.3
4.9
6.1
1965—Jan (1)
(2)
160.1
159.5
34.4
34.5
125.8
124.9
128.0
129.7
165.3
162.5
34.6
34.1
130.8
128.5
127.2
128.9
4.7
3.7
C
Half month
1964
Not seasonally adjusted
Not seasonally adjusted
Money supply
Week
ending—
Total
Currency Demand
deposit
compocomponent
nent
Time
deposits
adjusted l
U.S.
Govt.
demand l
deposits
2
9. . . .
16
23. . . .
30
150.1
151.3
152.8
152.6
153.3
31.7
32.3
32.2
32.2
31.9
118.4
119.0
120.6
120.5
121.4
108.7
109.1
109.3
109.6
110.1
8.8
7.7
5.4
4.1
3.1
Nov
6
13
20
27
155.0
155.2
154.4
153 8
32.3
32.7
32.6
32.6
122.7
122.5
121.8
121.2
110.2
110.2
110.1
110.4
4.2
3.6
4.7
4.9
Dec.
4
11
18
25
155.5
156.4
158.2
157.5
33.0
33.3
33.1
33.3
122.5
123.1
125.1
124.3
110.5
110.8
111.0
111.0
4.5
3.8
4.2
6.6
1964—Jan.
1
8
15
22
29
158.8
158.7
158.4
158.1
156.2
32.8
32.9
32.6
32.4
32.0
126.0
125.8
125.8
125.7
124.1
111.5
112.3
113.0
113.6
113.7
6.6
6.4
4.2
3.1
2.9
Feb.
5
12
19
156.1
155.5
153.2
32.2
32.5
32.3
123.9
123.0
120.9
113.9
114.4
114.7
3.6
3.6
5.3
1963—Oct.
...
i At all commercial banks.
NOTE.—Averages of daily figures. For back data see June 1964 BULL.,
pp. 679-92. Money supply consists of (1) demand deposits at all commercial banks other than those due to domestic commercial banks and
the U.S. Govt., less cash items in process of collection and F.R. float; (2)
Money supply
Week
ending—
Total
Currency Demand
deposit
compocomponent
nent
Time
deposits
adjusted 1
U.S.
Govt.
demand 1
deposits
7
14
21
28
157.7
159.0
159.0
159.0
34.1
34.2
34.1
33.8
123.7
124.8
124.9
125.2
122.7
123.2
123.4
123.7
8.3
5.6
4.6
4.1
Nov. 4
11
18
25
160.6
160.8
160.9
159.3
34.0
34.6
34.5
34.5
126.6
126.3
126.4
124.8
123.9
124.1
124.0
124.1
5.1
4.5
5.4
6.9
Dec.
2
9
16
23
30
160.8
161.8
164.6
164.6
163.8
34.6
35.0
34.8
35.0
35.1
126.1
126.9
129.8
129.6
128.7
124.2
124.6
125.0
125.0
125.5
7.2
5.5
3.6
5.7
6.6
1965—Jan.
6
13
20
27
166.2
164.7
164.0
162.0
34.8
34.5
34.2
34.0
131.4
130.2
129.8
128.0
126.5
127.6
128.3
129.1
6.4
4.0
2.9
3.8
3
10*....
17
162.0
161.9
34.0
34.4
128.0
127.5
129.5
130.1
4.6
4.7
1964—Oct.
Feb.
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.
275
BANKS AND THE MONETARY SYSTEM
FEBRUARY 1965
CONSOLIDATED CONDITION STATEMENT
(In millions of dollars)
Assets
Liabilities
and capital
Total
assets,
netTotal
liabil-
Bank credit
Date
Gold
Treasury
currency
outstanding
u.s. Government
securities
Total
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Other
securities
Loans,
net
and
capital,
net
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
1929—June 29
1933—June 30
1939—Dec. 30
1941—Dec 31.
1945—Dec. 31
1947 Dec 31
1950 Dec. 30.
1961—Dec. 30
1962 Dec 28
1963—June 29
Dec. 20
4,037
4,031
17,644
22,737
20,065
22,754
22,706
16,889
15,978
15,733
15,582
2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,585
5,568
5,587
5,586
58,642
42,148
54,564
64,653
167,381
160,832
171,667
285,992
309,389
318,697
333,203
41,082
21,957
22,157
26,605
30,387
43,023
60,366
154,017
170,693
178,290
189,433
5,741
10,328
23,105
29,049
128,417
107,086
96,560
102,308
103,684
102,418
103,273
5,499
8,199
19,417
25,511
101,288
81,199
72,894
72,715
72,563
69,708
69,068
216
1,998
2,484
2,254
24,262
22,559
20,778
28,881
30,478
32,027
33,552
26
131
1,204
1,284
2,867
3,328
2,888
712
643
683
653
11,819
9,863
9,302
8,999
8,577
10,723
14,741
29,667
35,012
37,989
40,497
64,698
48,465
75,171
90,637
191,785
188,148
199,009
308,466
330,935
340,017
354,371
55,776
42,029
68,359
82,811
180,806
175,348
184,384
280,397
302,195
310,284
323,251
8 922
6,436
6,812
7,826
10,979
12,800
14,624
28,070
28,739
29,732
31,118
1964
15,500
15,500
15,500
15,461
15,500
15,500
15,500
15,500
15,400
15,400
5,600
5,600
5,600
5,578
5,600
5,600
5,600
5,500
5,500
5,400
328,700
335,000
336,900
343,988
341,300
344,000
351,100
350,600
355,400
361,700
187,200
193,500
195,900
201,161
199,300
200,600
205,000
204,000
206,500
212,300
101,400
100,100
99,700
100,879
99,900
100,700
102,800
103,100
105,300
105,400
68,100
66,200
65,200
65,337
64,300
64,900
66,700
67,000
68,100
67,800
32,700
33,100
34,000
34,794
34,800
35,100
35,400
35,200
36,300
36,800
600
800
500
748
700
800
700
900
1,000
900
40,100
41,400
41,300
41,948
42,100
42,700
43,400
43,500
43,600
43,900
349,800
356,100
358,000
365,027
362,300
365,100
372,100
371,600
376,200
382,500
319,000
323,600
325,100
333,114
329,500
331,100
338,400
337,700
341,500
348,900
30,800
32,400
32 900
31,915
32,800
34,000
33,700
33,900
34,800
33,500
15,200
5,400
359,500 210,500
104,600
66,900
36,700
1,000
44,400
380,100
346,200
33,800
Jan 29
Apr 29
May 2 7 . .
June 30
July 29
Aug. 26r
Sept. 30 *
Oct 28rr*>
Nov. 25 *»
Dec. 30 rP
1965—Jan
27 P
DETAILS OF DEPOSITS AND CURRENCY
Money supply
Seasonally adjusted
1
Related deposits (not seasonally adjusted)
Time
Not seasonally adjusted
Date
fur
v^UT-
Total
rency
outside
banks
Demand
deposits
adjusted i
Total
110,500
114,600
144,800
147,600
148,300
153,100
26,i66
24,600
28,700
29,600
30,700
31,700
84,400
90,000
116,100
118,000
117,600
121,400
26,179
19,172
36,194
48,607
102,341
113,597
117,670
150,578
153,162
147,144
158,104
152,200
152,900
151,900
153,500
154,000
154,300
156,800
Oct. 2 8 ' P . . 157,500
Nov. 25 r**. 156,600
Dec. 30 *\. 158,800
31,900
32,300
32,500
32,700
32,800
32,900
33,100
33,300
33,400
33,600
120,300
120,600
119,400
120,800
121,200
121,400
123.700
124,200
123,200
125,200
154,300
153,100
150,000
153,331
154,000
152,900
155,800
158,100
159,000
164,300
1929 June 29
1933 June 30
1939 p e c 30
1941 Dec. 31
1945 Dec 31
1947—Dec. 3 1 . . . .
1950—Dec. 3 0 . . . .
1961—Dec. 3 0 . . . .
1962—Dec. 2 8 . . . .
1963—June 2 9 . . . .
Dec. 2 0 . . . .
1964—Jan.
Apr.
May
June
July
Aug.
Sept.
29..,.
29....
27....
30....
29....
26....
30'*..
1965--Jan. 27*...
158,100
33,900 124,200 160,200
CurDerency
mand
outside deposits
banks
adjusted i
ForPostal
eign
Com- Mutual Savings net 3
mercial savings
Sysbanks banks 2
tem
Treasury
cash
holdings
3,639
4,761
6,401
9,615
26,490
26,476
25,398
30,053
30,904
31,832
33,468
22,540
14,411
29,793
38,992
75,851
87,121
92,272
120,525
122,258
115,312
124,636
28,611 19,557
21,656 10,849
27,059 15,258
27,729 15,884
48,452 30,135
56,411 35,249
59,247 36,314
121,216 82,145
139,448 97,440
149,322 105,648
155,713 110,794
8,905
9,621
10,523
10,532
15,385
17,746
20,009
38,420
41,478
43,181
44,467
149
1,186
1,278
1,313
2,932
3,416
2,923
651
530
493
452
1,217
1,498
1,141
1,682
2,518
1,497
1,488
1,337
1,206
204
264
2 409
2,215
2 287
1,336
1,293
422
405
369
392
31,500
32,000
32,400
33,020
32,900
33,100
33,200
33,200
34,300
34,300
122,800
121,000
117,600
120,311
121,000
119,800
122,600
124,900
124,700
130,000
159,200
163,500
165,100
166,627
167,700
169,000
170,400
172,000
172,500
175,000
113,600
117,100
118,400
119,330
120,300
121,200
122,100
123,500
123,800
125,600
45,100
46,000
46,300
46,882
47,100
47,400
47,900
48,100
48,300
49,000
400
400
400
415
400
400
400
400
400
400
[,200
1,300
1,300
1,324
1,300
1,400
1,400
1,400
1,500
,700
400
400
400
391
400
400
400
500
600
600
33,400 126,800 178,700 128,900
49,400
400
1,500
700
1 Series begin in 1946; data are available only for last Wed. of month.
2 Other than interbank and U.S. Govt, less cash items in process of
collection.
3 Includes relatively small amounts of demand deposits. Beginning
with June 1961, also includes certain accounts previously classified as
other liabilities.
* 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).
Total
U.S Government
365
50
At
commercial
and
savings
banks
381
852
846
1,895
24 608
1,452
2,989
6,219
7,090
11,306
6,986
At
F.R.
Banks
36
35
634
867
977
870
668
465
602
806
850
3,100
800
4,400 1,000
7,400
900
10,502
939
5,300
700
6,300 1,100
9,400
900
5,000
700
7,200
800
6,600
800
4,200
900
NOTE.—For back figures and descriptions of the consolidated condition
statement and the seasonally adjusted series on currency outside banks
and demand deposits adjusted, see "Banks and the Monetary System,"
Section 1 of Supplement to Banking and Monetary Statistics. 1962, and
Jan. 1948 and Feb. 1960 BULLS.
Except on call dates, figures are partly estimated and are rounded to
the nearest $100 million.
276
COMMERCIAL AND MUTUAL SAVINGS BANKS
FEBRUARY 1965
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
(Amounts in millions of dollars)
Loans and investments
Class of bank
and date
Deposits
Total
assets—
Total
Securities
Interbank 1
Other
liaBor- Total NumCash l bilities
row- capital ber
assets
acof
and
ings counts banks
Demand
capital Total i DeU.S. Other
acTime 3
mand Time U.S.
Govt.
counts2
Govt. Other
Total
All banks
1941—Dec.
1945—Dec.
1947—Dec.
1962—Dec.
1963—June
Dec.
1964—Jan.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Loans
31..
31..
3H.
28 . .
29. .
20..
61,126
140,227
134,924
280,397
287,411
302,251
26,615
30,361
43,002
172,822
179,714
192,686
25,511 8,999 27,344 90,908 81,816
10 982
101,288 8,577 35,415 177,332 165,612
14,065
81,199 10,723 38,388 175,091 151,865 12,793
240
72,563 35,012 54,939 343,201 303,653 16,008
535
69,708 37,989 52,046 347;896 309,428 15,042
551
69,068 40,497 51,536 362,394 319,636 15,267
528
44,355
105,935
1,346 94,381
6,839 141,084
11,069 133,681
6,734 141,576
26,479
45,613
53,105
139,188
149,083
155,531
29 . .
29. .
27. .
30..
29. .
26. .
30 r
*•?
28 r*>
25 r*>
30 »
298,190
304,130
305,660
310,404
309,330
311,540
317,630
317,860
322,390
328,310
190,010
196,580
199,210
203,119
202,950
203,920
207,530
207,340
210,720
216,600
68,050 40,130 48 530 355 410 313,950 14,090
66,180 41 ,370 48 710 361 760 318,450 13,700
65,150 41 ,300 48 850 363 420 319,500 13,680
65,337 41 948 54 073 373 909 331,843 15,272
64,310 42 070 48 580 366 950 322,830 13,770
64,900 42!720 48 810 369 080 324,710 14,390
66,710 43;390 53, 680 381 020 336,980 15,820
66,980 43 540 51 880 379 130 333,810 15,360
68,080 43;590 52,(960 384;860 338,290 15,460
67,780 43;930 56,550 394,420 347,910 16,470
2
137,480
4
7
10,263 139;160
5. 110 135,690
6,
040 134,760
9 ,180 141,030
4,
,740 141 160
6,990 142;820
6,340 149,470
158,990
163,310
164,910
166,469
167,570
168,840
170,260
171,840
172,320
174,830
1965—Jan. 27*\
Commercial banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947_Dec. 3 H .
1962—Dec. 28 . .
1963—June 29 . .
Dec. 2 0 . . .
1964—Jan.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
29..
29..
27. .
30..
29. .
26. .
30?.
28P.
25^.
30*\
325,810 214,530 66,850 44,430 51,800 387,260 341,280 4,800
50,746
24,019
16,284
135,839
141,014
154,162
570
640
630
678
690
680
690
710
700
800
23 8,414 14,826
227 10,542 14,553
11,948 14,714
66 11
635 28,046 13,940
,612 13,993
702 29,882 14,079
3,230 29
3,560 30
3,560 30
2,120 31
3,950 30
3,540 31
2,760 31
3,940 31
4,500 31
4,730 32
14,095
14,140
14,154
14,175
14,195
14,203
14,230
14,242
14,251
14,266
880 3,990 143,050 178,560 4,400 32,050 14,289
21,714
26,083
38,057
140,106
145,049
156,006
21,808 7,225 26 ,551 79,104 71,283
90,606 7,331 34,806 160,312 150,227
69,221 9, 006 37,502 155,377 144,103
66,434 29,298 54,049 297.116 262,122
54
63,542 32,423 51,156 299,875 266,179
63,196 34,959 50
,711 312,773 275,120
10,982
14,065
2,792
240
6,008
535
5,042
550
5,267
526
44,349
15,952
23 7,173 14,278
105,921
30,241
219 8,950 14,011
1,343 94,367 35,360
65 10,059 14,181
6,829 141,041 97,709 3,627 24,094 13,429
11,060 133,624 105,903 1,545 24,582 13,482
6,729 141,534 111,064 3,664 25,677 13,570
249.790 153.050
254,590 158,660
255,720 160,860
260,179 164,463
258,640 163,840
260,330 164,400
266,060 167,640
266,160? 167,070
70.360 170,060
275,980 175,550
62,140 34• ,600 47. 305 ,330 268,800
670
60,120 35 ,810 47 890 310;580 272,400
59.110 35,750 48,000 311,810 273,170
59,322 36 ,394 53,168 321 909 284,903
58,280 36 ,520147 720 314 530 275,710
0901277,230
58,800 37 ,130j47,
680 289,020
60,630 37 ,790 52,
640 285,630
61,130 37 .960 50
030 289,900
62,290 38i,010 52
200 298,880
62,000 38,430 55,550
4,090
3,700
3,680
5,272
3,770
4.390
5,820
5.360
5,460
6,470
2 820
4
7,
10
5
6
9,180
4, 740
6. 990
6,
340
570
640
630
677
690
680
690
710
700
800
137,420 113,900
570 117,310
136,;
133,030 118,630
139, 110 119,587
135,640 120,500
710 121,410
134,'
980 122,350
140,!
141 illO 123,710
142,770 123,980
149,420 125,850
3,230 25,380 13,586
3,560 26,080 13,633
3,560 26,380 13,647
2,099 26,768 13,669
3,950 26,590 13,689
3,540 26,760 13,697
2,760 27,120 13,724
3,940 27,250 13,736
4,500 27,380 13,746
4,730 27,610 13,761
272,930 173,030 60,990 38,910 50,850 332,500 291,800 4,800
880 3,990 143,000 129,130 4,400 27,650 13,784
31..
31..
31 ..
28 . .
29 . .
20. .
43,521
07,183
97,846
95.698
99.495
110,127
18,021
22.775
32.628
118,637
122,088
131,712
19,539 5,961 23,123 68,121 61,717
78.338 6,070 29,845 38,304 129,670
57,914 7,304132,845 32.060 122,528
52,968 24
,092 47,427 !49,488 219,468
50.399 27.008 44,929 51
27
,619
49,342 29,073 44,395 261 469 229,376
0,385
3,576
2,353
5,309
4,388
4,518
140 1,709 37,136
64 22,179 69,640
50 1,176 80,609
358 6,086 117,999
373 9,761 111,548
382 5 ,986 117,562
""
1964—Jan. 29. .
Apr. 29. .
M a y 27. .
June 30. .
July 29. .
Aug. 26. .
Sept. 30. .
Oct. 28. .
Nov. 25. .
Dec. 30. .
206,179
210.375
211,293
215.132
213.635
215,030
220,105
219,678
223,153
228,341
129,103
133.873
135.665
138.649
138,042
138,478
141.393
140.646
143,241
148,138
48,344
46.734
45,979
46,235
45.223
45,651
47.245
47.458
48,383
48,260
.644
28 732 41 ,480 254.6 223,404
29 768 41 889 259,460 226,817
649 41 983 260,441 227,459
249 46 767 269 437 238,052
370'41 7321262, 606 229,429
901 kl 830|263, 8251230,642
467146 423 274, 3021241.331
31 574 44 680 271
237,656
31 529145 689 276,
241,141
31 943 48 737 284,712 249,336
3,363
3,019
3.022
4,527
3,078
3,661
5,056
14,559
4.646
15,614
429
493
489
525
536
531
542
555
551
649
1965—Jan. 27*.
225,493 145,830 47,297 32,366 44,461 277,606 242,781 14,016
1965—Jan. 27*\
Member banks:
1941_Dec.
1945—Dec.
1947—Dec.
1962—Dec.
1963—June
Dec.
Mutual savings banks:
1941—Dec. 31 . .
1945_Dec. 31 . .
1947—Dec. 31 4.
1962—Dec. 28. .
1963—June 29 . .
Dec. 20. .
1964—Jan.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
29..
29. .
27. .
30..
29. .
26. .
30'..
28 rr..
25 r ..
30 ..
1965—Jan. 27*>..
For notes see end of table.
10,379 4.901 3,704 1,774
16,208 4,279 10,682 1,246
18,641 4.944 11.978 1,718
44.558 32,716 6.129 5,714
46.397 34,665 6,166 5,566
48,089 36,679 5,872 5,539
48.400
49,540
49,940
50.226
50,690
51.210
51.570
51.700
52.030
52.330
36,960
37.920
38,350
38.656
39.110
39.520
39.890
40.270
40.660
41,050
52,880 41,500
5,910
6,060
6.040
6.016
6.030
6.100
6.080
5,850
5.790
5,780
793
609
886
890
890
826
11,804
17,020
19,714
46.086
48,020
49,621
10,533
15,385
17,763
41.531
43,248
44,516
5,530
860
5,560
820
5,550
850
5.554
905
5.550
860
5.590
900
5.600
880
5.580
900
5,580
900
5,500 1,000
50,080
51,180
51,610
52,000
52,420
52,990
53.340
53.490
53.830
54,220
45.150
46,050
46,330
46.940
47,120
47.480
47,960
48.180
48.390
49,030
5,860 5,520
950 54,760 49,480
4 5,886
12,347
24,210
208 7,589
28,340
54 8,464
79,716 3,550 9,854
",238
86,550 1,440 20
90,929 3,499 1,054
2,394 113 823 93,395
3,751
314 96,240
6,440
182 97,326
9,342
624 98,034
319 98,860
4 636
,458 99,581
5 411
8,460
,969 100,304
4,325
,793 101,424
6 ,319 118,030 101,595
5 ;782 124,084 103,207
731 3,662 118,307 106,065
3,073 20,952
3,371 21,500
3,389 21,719
1,936 22
22,060
3,740 21,947
3,354 22
22,088
2,624 22,382
3,733 22,474
4,297 22,560
4,486 22,761
6,619
6,884
6,923
6,049
6,058
6,112
6,124
6,153
6,161
6,180
6,186
6,188
6,204
6,209
6,221
6,225
4,186 22,799 6,235
14
43
58
42
10,527
15,371
17,745
41,478
43,180
44,467
1,241
1,592
1,889
3,951
4.031
4,205
548
542
533
511
511
509
60
50
50
50
50
50
50
50
50
50
45.090
46,000
46,280
46,882
47,070
47.430
47,910
48.130
48,340
48,980
4,150
4,210
4,240
21 4.269
4,280
4.350
4.380
4,360
4.420
4,400
509
507
507
506
506
506
506
506
505
505
50 49,430
4,400
505
6
14
277
COMMERCIAL AND MUTUAL SAVINGS BANKS
FEBRUARY 1965
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Total
assets—
Total
Securities
Interbank
Other
liaCash1 bilities
assets
and
Demand
capital Total i DeU.S.
ac- 2
Govt. Other
mand Time U.S.
counts
Govt. Other
Loans and investments
Class of bank
and date
Reserve city member banks
New York City: 5, 6, 7
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1962—Dec. 28
1963—June 29
Dec. 20
Total
Loans
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
32,989 21,954 7,017 4,017 11,050 46,135 37,885
32,847 21,446 6,506 4.895 9,802 44,981 37,454
34,827 23,577 6,154 5,095 9,372 46,434 38,327
1964—Jan. 29
Apr. 29
May 27
June 30
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 30
33,651
34,624
35,467
36,693
35,963
35,936
37,904
36,611
37,594
39,852
1965—Jan. 27*
38,271 26,573
City of Chicago: 5
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1962—Dec. 28
1963—June 29
Dec. 20
22,965
23,967
24,544
25,490
25,179
24,648
26,040
25,048
26,051
27,733
Time
4,202
4,640
4,453
4,783
4,734
4,289
6
17
12
207
187
214
866
6,940
267
1,408
2,052
1,419
12,051
807
1,648
17,287 1,236
195 2,120
19,040 1,445
30 2,259
22,231 9.256 1,728 3,898
20.351 10.131
794 3,931
20,960 11,446 1,438 3,984
36
37
37
17
13
13
4,040
4,044
4,071
4,711
3,993
4,000
4,727
4,299
4,394
4,782
256
304
295
317
341
336
340
350
333
417
351
833
1,349
2,112
987
992
2,350
1,059
1,261
1,425
20,061 11,966 1,294
20,140 12,327 1,270
19,670 13,205 1,494
21,224 13,181
924
19,606 13,548 1,476
19,383 13,627 1,365
21,199 13,671
938
20,324 13,969 1,345
20,679 ' ',086 1,784
14
22,792 14,268 2,157
4.161
4,203
4,351
4,402
4,388
4,421
4.447
4,436
4,434
4,472
13
13
14
14
14
14
14
13
13
13
5,630 6,068 9,427 50,166 40,890 4,274
457
795 20,670 14,694 1,781 4,465
13
5,691
5,390
5,619
5,779
5,322
5,691
5,973
5,712
5,954
6,127
4,995
5,267
5,304
5,424
5,462
5,597
5,891
5,851
5,589
5,992
8,864
8,864
9,393
10,550
8,669
8,621
10,183
9,639
10,103
10,975
44,912
46,040
47,346
49,716
47,137
46,929
50,696
48,758
50,171
53,356
36,674
37,648
38,590
41,545
38,475
38,338
42,287
40,001
40,753
43,684
2,760
5,931
5,088
8,957
9,082
9,615
954
1,333
1,801
5,418
5,545
6,220
1,430
4,213
2,890
2,129
2,071
1,705
376
385
397
,409
,466
,690
1,566 4,363 4,057
1,489 7,459 7,046
1,739 6,866 6,402
2,280 11,432 9,993
2,136 11,440 10.141
1,970 11,776 10,296
,035
,312
,217
,277
,202
,211
127
1,552
72
410
584
395
1964—Jan. 29
Apr. 29
M a y 27
June 30
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 30
9,242
9,316
9,394
9,636
9,394
9,638
9,914
9,788
10,021
10,419
5,837
6,088
6,173
6,266
6,092
6,311
6,421
6,404
6,600
7,003
1,823
1,706
1,706
1,750
1,737
1,717
1,857
1,791
1,786
1,853
,582
,522
,515
,620
,565
,610
,636
,593
,635
,563
1,994
2,118
2,185
2,121
2,091
1,930
2,251
2,234
2,232
2,363
,075
,114
,151
,182
,148
,229
,327
,238
,251
,264
1,850 1,628 2,163 12,703 11,177 1,153
11,437
11,676
11,806
12,046
11,733
11,817
12,458
12,305
12,537
13,077
9,977
10,263
10,414
10,630
10,289
10,351
10,964
10,802
11,009
11,433
1965—Jan. 27*
10,245
6,767
Other reserve city: 7
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1962—Dec. 28
1963—June 29
Dec. 20
15,347
40,108
36.040
73,130
74.614
78,370
7,105
8,514
13,449
46,567
48.164
51,891
6,467
29,552
20,196
18,398
17,326
16,686
1964—Jan. 29
Apr. 29
May 27
June 30
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 30
76,859
78,650
79,226
80,466
80,080
80,662
82,222
82,239
83,044
84,683
51,034
52,811
53,749
54,604
54,557
55.049
55,804
55,712
56,292
57,907
16,152 9,673
15,692 10,147
15,294 10,183
15,488 10,375
15,018 10,505
14,922 10,691
15,680 10.
15,722 10;
15,986 10,766 18
15,923 10,853 19
1965—Jan. 27*
83,987 57,428 15,541 11,018 18,353 104,997 92,273 6,758
Country member banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1962—Dec. 28
1963—June 29
Dec. 20
Bor- Total Numrow- capital ber
acof
ings counts banks
1,776
2,042
2,396
8,165
9,124
9,792
8,518
11,286
13,066
19,539
18.526
18,778
2,419
476
3,462
719
4,201
913
5,264 3,025
4,840 3.499
4,887 3,787
100
212
384
587
282
298
616
288
380
399
4,839
4,893
4,810
4,744
4,690
4,652
4,840
4,939
4,906
5,250
259
5,076 4,663
3,948
4.028
4.046
4,090
4,145
4,149
4,158
4,314
4,450
4,499
262
111
255
288
377
426
948
974
996
13
12
14
13
12
12
257
166
185
210
201
197
258
255
256
313
1,002
1,012
1,008
1,017
1,018
1,024
1.034
1,034
1,044
1,055
12
12
12
12
12
12
12
12
12
12
232 1,046
12
351
359
353
191
194
190
24,430
51,898
49,659
94,914
95.433
99,643
22,313
49,085
46,467
84,248
85.555
87,994
4,356
6,418
5.627
7,477
6.811
7,225
104
30
22
82
110
95
491
8,221
405
2,337
3.793
2,212
12,557 4,806
1,967
24,655 9,760
2 2,566
28,990 11,423
1 2.844
43,609 30 ,743 1,388 7.263
41.291 33.549
407 7.440
43,459 35 ,004 1,417 7,697
96,184
98,569
98,750
102,245
99,824
100,348
104.065
103,165
104,306
107,096
84,938
86,601
86,814
91,145
87,609
88,169
91,950
90,422
91,299
94,475
6,512
6,232
6,231
6,894
6,320
6,732
7,217
7,152
7,102
7,571
98
117
115
118
115
116
115
118
132
147
813
1,586
2,708
3,771
1,875
2,151
3,244
1,685
2,580
2,223
41,439 36,
076
41,321 37,345
40,009 37 .751
42,387 37 ,974
41,155 38 ,144
40.740 38 .430
42,689 38 .685
42,618 38 ,849
42,851 38,634
45,067 39 ,467
7,773
7,984
8,032
8,110
8,125
8.173
8,324
8,357
8,360
8,459
189
186
183
183
184
185
"185
C
184
*182
C
182
184 1,580 42,848 40,903 1,756 8,504
184
1,146
1,500
1,301
572
1,647
1,415
1,150
1,725
1,845
1,5-53
12,518
35,002
36,324
80,623
82.952
87,316
5,890
5,596
10,199
44,698
46.934
50,023
4,377 2,250 6,402 19,466
26,999 2,408 10,632 46,059
22,857 3,268 10.778 47,553
25,425 10,501 14,559 97,008
24.496 11,522 14,465 99,361
24,797 12,496 14,274 103
',615
17,415
43,418
44,443
87,342
89.470
92,759
792
1,207
1,056
1J73
1,641
1,793
225
5,465
432
1,931
3,332
1,960
10,109 6,258
24,235 12,494
28,378 14,560
46.895 36 ,692
45.066 39 .371
48,256 40 ,693
4
11
23
172
127
390
1,982
2,525
2.934
7.744
7.894
8,377
6,219
6,476
6,519
5,828
5.839
5,897
1964—Jan. 29
Apr. 29
May 27
June 30
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 30
86,427
87,785
87,206
88,337
88,198
88,794
90.065
91,040
92,494
93,387
49,267
51,007
51,199
52,289
52,214
52,470
53.128
53,482
54,298
55,495
24,678 12,482 13
102,111
23,946 12,832 13
103.175
23,360 12,647 13 406 102,539
23,218 12,830 14
105.430
23,146 12,838 13
103,912
23,321 13,003 14,094 104,731
23,735 13,202
107,083
24,233 13,325
107,627
24,657 13,539
109.392
24,357 13,535 15,642 111,183
91,815
92,305
91,641
94,733
93,056
93,784
96,130
96,431
98,080
99,744
1,736
1,629
1,569
1,739
1,617
1,700
1,785
1,870
1,899
1,997
,130
,120
,999
,872
,492
,970
2,250
1,293
2,098
1,735
47,484 41,405
46,960 42 ,540
45.693 42 .324
47,270 42 ,788
46.868 43 .023
46,683 43 375
48.241 43.790
48,912 44 ,292
49,594 44 ,425
50,975 44 ,973
376
435
409
230
416
377
278
408
412
483
016
,301
328
531
416
470
8.577
8,647
8,722
8,775
5.910
5,942
5,952
5,971
5,976
5,977
C
5,993
c
6,000
'6,014
6018
1965—Jan. 27*
92,990 55,062 24,276 13,652 14,518 109,740 98,441 1,831
For notes see end of table.
1,028 49,713 45,805
417 8,784 6,026
278
COMMERCIAL AND MUTUAL SAVINGS BANKS
FEBRUARY 1965
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Loans and investments
Securities
Class of bank
and date
Total
Loans
Cash
assets *
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
1961—Dec. 30..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
National member
banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1961—Dec. 30..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
State member banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1961—Dec. 30..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
Insured nonmember
commercial banks:
1941_Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
Total
assets—
Total
liabilities
and
capital
accounts *
Deposits
Interbank *
Total
Other
Bor- Total Numrow- capital ber
of
acings counts banks
Demand
Demand Time
Time
U.S.
Govt.
Other
25,788
34,292
36,926
76,820
157,544
152,733
69,411
10,654
1,762 41,298 15,699
147,775
13,883
i,276 ~~,876
23,740 80,276 29!
141,851 12,615
54 1,325 92.975 34 ,882
66,026 23 ,531
65,891 28,903
62,723 34
",594
58,880 36 ,002
56,086
53,702
50,337
52,845
276,600
295,093
310,730
319,913
247,176
260,609
273,657
283,463
27,571 11,725 12,039 3,806
69,312 13,925 51,250 4 137
65,280 21,428 38,674 5,178
14,977
20,114
22,024
43,433
90,220
88,182
36,088 13 ,006
35,663 16,042
33,384 19
",218
31,560 20 ,168
31,078
29,684
28,635
29,511
150,809
160,657
170,233
175,250
15,950 6,295 7,500 2,155
37,871
8,850 27,089 1,933
32,566 11,200 19,240 2,125
8,145
9,731
10,822
6,302
8,050
9,855
10
",080
213,904
234,243
252,579
258,597
116,402
127,254
137,447
141,198
63,196
68,444
72,680
73,934
5,776
14,639
16/"
124,348
139,449
155,261
163,715
17,737
15,844
15,077
15,072
333
402
443
591
5,934
OU
6,815
712
6,712
10,234
141,050 82,122
462 22,089 13,108
140,169 ^i * JOV 3,584 23,712 13,119
97,380
-,
ITVi m.\J7
140,702 110,723 3,571 25,277 13,284
.
138,323 119,243 2,035 26,358 13,394
39,458
6,786
1,088 23,262 8,322
84,939
9,229
14,013 45,473 16
6,224
82,023 8,375
35
795 53,541 19,278
10,359
9,155
8,863
8,488
104
127
146
161
225 11,875
1,636 12,750
1 70413,548
841 14,262
4,513
4,505
4,615
4,702
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
2,246
130 2,945
3,055
,502
,867
|918
18,501
17,744
15,760
17,256
84,303
88,831
91,235
94,186
74,119
76,643
78,553
82,074
6,835
6,154
5,655
6,038
43,303 21,716
213 6,763
41,924 25,983 1,914 7,104
40,725 29,642 1,795 7,506
40,255 31,897 1,095 7,799
,600
,544
,497
,478
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
38,924
43,089
46,866
49,179
17,971
17,305
15,958
14,675
135,511
142,825
150,823
155,978
199
231
236
364
129
244
4
3,315
3,735
3,691
5,822
2,066
2,351
2,295
3,520
53 4,162 3,360
1,560 10,635 5,680
149 12,366 6,558
18,123
20,811
23,550
25,066
11,972
12,932
13,391
12,654
4,225
4,814
5,523
5,755
6,508
6,276
5,942
6,078
41,504
45,619
49,275
50,488
37,560
41,142
44,280
45,411
543
535
559
546
Noninsured nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947_Dec. 31.*
1,457
2,211
2,009
455
318
474
761
1,693
1,280
241
200
255
763
514
576
2,283
2,768
2,643
1,872
2,452
2,251
177
185
1,291
1,905
18
1,392
1961—Dec. 30.,
1962—Dec. 28..
1963—Dec. 20.,
1964—June 30.,
1,536
1,584
1,571
1,571
577
657
745
748
553
534
463
432
406
392
362
390
346
346
374
323
1,961
2,009
2,029
1,984
1,513
1,513
1,463
1,439
177
164
190
200
148
133
83
85
869
872
832
787
3,696 2,270 1,266
3,310 12,277 1,262
5,432 11,318 1,703
3,431
4,962
4,659
10,992
22,024
23,334
9,573
20,571
21,591
439
190
5,504
3,613
14,101
6,045
167] 13,758 7,036
719
699
749
745
178
176
144
151
565
743
743
915
Nonmember
commercial banks:
1941_Dec. 31.,
1945—Dec. 31..
1947—Dec. 31..
1961—Dec. 30.,
1962—Dec. 28.,
1963—Dec. 20.
1964—June 30.,
Iniured mutual
tarings banks:
1941—Dec. 31.
1945—Dec. 31.
1947_Dec. 31.
1961—Dec. 30.
1962—Dec. 28.
1963—Dec. 20.
1964—June 30.
7,233
16,849
18,454
35,856
40,141
44,035
45,047
18,700
21,469
24,295
25,815
12,525
13,466
13,854
13,087
4,631
5,206
5,885
6,145
6,854
6,622
6,316
6,401
43,465
47,628
51,304
52,472
39,073
42,654
45,743
46,850
1,693
10,846
12,683
642
3,081
3,560
629
7,160
8,165
421
606
958
151
429
675
1,958
11,424
13,499
1,789
10,363
12,207
35,660
38,597
41,664
43,431
25,81
28,778
32,300
34,050
4,690
4,639
4,324
4,316
5,158
5,180
5,041
5,064
828
784
72:
799
37,065
39,951
43,019
45,022
33,400
36,104
38,657
40,797
For notes see end of table.
3,640 5,117
78 4,644 5,017
45 5,409 5,005
76,
1,292 45 ,441
76,075 53 ,733
76,836<
61,288
75,369 66
",137
67,309
75,548
84,845
89,469
34,320
38,557
42,464
43,476
1961—Dec. 30..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
10 6,844 13,426
215 8,671 13,297
61 9,734 13,398
553
729
726
892
329
181
457
425
959 6,810
1,083 6,416
1,271 6,478
3,452
3,870
4,234
4,309
6,997
7,072
7,173
7,215
253
365
478
329
279
325
852
714
783
307
330
341
344
370
371
389
399
323
308
285
274
21,456 14,
,979
22,170 17,664
23,140 ",793
22,699 21 ,209
3,822
4,240
4,623
4,708
7,320
7,380
7,458
7,489
",192
12 12
164
1,034
1,25"
52
192
194
256 33 ,137
267 35,827
292 38,359
333 40,456
3,191
3,343
3,572
3,618
330
331
330
327
22,325 15,286
.....
.....
23,042 17,994
23,972 20,134
23,486 21,553
12
18 1,288 7,662
11 1,362 7,130
12 1,596 7,261
1,789
10,351
33
77
165
163
FEBRUARY 1965
279
COMMERCIAL AND MUTUAL SAVINGS BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Loans and investments
Class of bank
and date
Total
Noninsured mutual sayings
banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31 3
1961—Dec.
1962—Dec.
1963 Dec.
1964—June
Loans
Deposits
Total
assets—
Total
Interbank1
Other
Securities
HaCash bilities
assetsi and
Demand
capital Total 1 DeU.S. Other
acGovt.
mand Time U.S.
counts 2
Govt. Other
4,259
1,198
1,384
3,075 1,353
3,522
641
3,813
760
642
180
211
9,846
5,596
6,215
8,744
5,022
5,556
6
2
1
5,600
5,961
6,425
6,795
30
28
20
30
8,687
5,361
5,957
3,581
3,938
4,380
4,605
1,446
1,490
1,548
1,700
572
533
498
490
108
106
104
105
5,768
6,134
6,602
6,977
5,087
5,427
5,859
6,143
1
1
1
1
1
Reciprocal balances excluded beginning with 1942.
2 Includes other assets and liabilities not shown separately.
3 See note 3, p. 587, May 1964 BULL.
4 See note 4, p. 587, May 1964 BULL.
5 See note 5, p. 587, May 1964 BULL.
• Beginning with May 18, 1964, one New York City country bank with
loans and investments of $1,034 million and total deposits of $982 million
was reclassified as a reserve city bank.
7 See note 6, p. 587, May 1964 BULL.
NOTE.—Data are for all commercial and mutual savings banks in the
United States (including Alaska and Hawaii, beginning with 1959). Com-
Bor- Total Numrow- capital ber
of
acings counts banks
Time
8,738
5,020
2 5,553
4
6
8
15
5,083
5,420
5,851
6,128
6
1,077
558
637
496
350
339
1
577
608
633
651
184
180
179
179
1
parability of figures for classes of banks is affected somewhat by changes
in F.R. membership, deposit insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc.
Data for June 30, 1964, for national banks have been adjusted to make
them comparable with State bank data. (Dec. 20, 1963 data also adjusted to lesser extent.)
Figures are partly estimated except on call dates.
For revisions in series before June 30, 1947, see July 1947 BULL., pp.
870-71.
See also NOTE, p. 643, May 1964 BULL.
LOANS AND INVESTMENTS AT COMMERCIAL BANKS
(In billions of dollars)
Seasonally adjusted
Not seasonally adjusted
Securities
Period
Total1
Loans1
Securities
Total1
U.S.
Govt.
Loans1
Other
U.S.
Govt.
Other
1957—Dec. 31...
1958—Dec. 31...
1959—Dec. 31...
166.4
181.2
185.9
91.4
95.6
107.6
57.1
65.1
57.8
17.9
20.5
20.5
169.3
184.4
189.5
93.2
97.5
110.0
58.2
66.4
58.9
17.9
20.6
20.5
1960—Dec. 31...
1961—Dec. 30...
1962—Dec. 31 2..
1963—Dec. 31 2.,
1964—Dec. 31 2*
194.5
209.8
228.3
246.5
266.0
113.8
120.5
133.9
149.4
166.7
59.9
65.4
65.2
62.1
60.9
20.8
23.9
29.2
35.0
38.4
198.5
214.4
233.6
252.4
272.6
116.7
123.9
137.9
153.9
171.7
61.0
66.6
66.4
63.4
62.4
20.9
23.9
29.3
35.1
38.5
1964—Jan. 29...
Feb. 26...
Mar. 25...
Apr. 29...
M a y 27...
June 30...
July 29...
Aug. 26...
Sept. 30'..
Oct. 28*..
Nov. 25»..
Dec. 31 2 P
246.7
248.4
251.4
251.8
253.5
256.3
254.5
258.7
261.7
260.8
264.9
266.0
151.0
151.8
153.9
155.4
157.3
160.0
159.7
161.5
163.0
163.1
165.2
166.7
60.8
61.2
62.1
60.8
60.3
60.0
58.4
60.2
61.2
59.9
61.3
60.9
34.9
35.4
35.4
35.6
35.9
36.3
36.4
37.0
37.5
37.8
38.4
38.4
246.2
247.2
249.9
250.6
251.5
257.3
254.2
256.1
262.2
262.1
265.7
272.6
149.5
150.6
152.8
154.7
156.7
161.6
159.4
160.2
163.7
163.0
165.4
171.7
62.1
61.5
61.5
60.1
59.1
59.3
58.3
58.8
60.7
61.1
62.3
62.4
34.6
35.1
35.6
35.8
35.8
36.4
36.5
37.1
37.8
38.0
38.0
38.5
1965—Jan. 27 *>. .
268.7
169.9
59.5
39.3
268.1
168.2
61.0
38.9
1
2
Adjusted to exclude interbank loans.
Data are estimates.
NOTE.—For back data, see June 1964 BULL., pp. 693-97.
For description of seasonally adjusted series, see July 1962 BULL. pp.
797-802.
Data are for last Wed. of month and are partly estimated (except for
June 30 and Dec. 31 call dates).
280
COMMERCIAL BANKS
FEBRUARY 1965
LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions of dollars)
Loans
Investments
For
To
purchasing
financial
Totall
or carrying institutions
Comloans
mer- Agri- securities
and
cial
Real
invest- Total 2 and culesments
tur- To
intate
al broduskers To
To
To
trial
and others banks others
dealers
Class of
bank and
call date
Total: 2
1947—Dec.
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
1
31..116,284 38,057 18,167 1,660 830 1,220
8
,
215,441 124,925 45,172 6,248 4,056 2 1 3 4
45
30..
2,134
235,839 140,106 48 ,673 097 5,144 2,131
28..
254,162 156,006 52J947 7J470 5 353 2,509
,947
20..
30..260,179 164,463 55,061 688 5 526 2,704
115
1,033
2,578
3,605
2,881
All insured
1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662
1 ""
1945—Dec. 31..121,809 25,765 9,461 1,314 3 ,164 3,606
1947—Dec. 31..114,274 37,583 18,012 1,610 823 1,190
40
49
114
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
213,904 124,348 44,965 6,211 4,030 2,107
30..
234,243 139,449 48,458 7,060 5
28..
',119 2,103
20..
252,579 155,261 52,743 7,444 5 ,321 2,476
30..258,597 163,715 54,855 7,,663 5 ,492 2,671
9,393 5,723 947 69,221
7,311 30,320 27,
,
",847 3,412 66 ,578
8J459 34,259 30,553 3,909 66,434
9,479 39,056 34,550 4 ,034 63,196
10,450 41,388 37,594 4 ,421 59,322
39
47
113
1961—Dec. 30..179,599 106,232 40,931 3,934 3,877 1,827
1962—Dec. 28..195,698 118,637 43,843 ,419 4 954 1,777
210,127 131,712 47,403 659 5 124 2,136
1963—Dec. 20..
-'
1964—June 30.. 215,132 138,649 49,217 4 J 5 5 5J341 2,320
1,014
2,445
3,439
2,733
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
30.. 30,297
28.. 32,989
20.. 34,827
30.. 36,693
City of Chicago:
1941—Dec. 31..
1945—Dec. 31..
1947_Dec. 31..
1961—Dec. 30..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
4,072 2,807
7,334 3,044
7,179 5,361
8
412
169
2,453 1,172
545 267
6,893 23,987 22,852 3,198 54,058
7,936 27,162 24,799 3,657 52,968
8,875 31,009 27,908 3,765 49,342
9,887 32,794 30,275 4,137 46,235
123
80
111
2,760
5,931
5,088
954
732
1,333
760
1,801 1,418
48
211
73
52
233
87
7,606
8,957
9,615
9,636
4,626
5,418
6,220
6,266
354
407
497
498
137
152
181
192
53
89
242
200
114 194
427 1,503
170 484
4
17
15
2,609
2,941
3,378
3,332
Other reserve city:
1941—Dec. 31.. 15,347 7,105 3,456
1945—Dec. 31.. 40,108 8,514 3,661
1947—Dec. 31., 36,040 13,449 7,088
1961—Dec. 30., 68,565
1962—Dec. 28., 73,130
1963—Dec. 20., 78,370
1964—June 30., 80,466
42,379
46,567
51,891
54,604
300
205
225
,
16,879 1,076 976
17,660 1,179 1,053
18,862 1,219 1,243
19,624 1,173 1,155
' '"
Bills
Certificates
2,193
1,488
1,674
1,059
9,061
7,789 6,034 53,205 5,276 3,729
2,114 26,336 26
26,641 20,345 3,592
3,932 23,841 26,987 24
,
24,755 4,543
1,658 22,415 28,065 29,786 5,173
415
35 23,141 27,085 31,419 4,975
1,356 2,098 26,145 26,426 20,068 3,462
1,514 3,916 23,715 26,746|24,547 4,356
0,952 1,649 22,316 27,806 29,559,5,035
8,970
32 23,044 26,835 31,1844,818
95
22
36
46
669
703
751
893
9,229 1,842 21,390 21,598 16,691 2,617
8,862 3,249 19,443 21,414 20i773 3 ,319
8,032 1,307 18,072 21,932
18
210 3 ,864
6,707
16 18,572 20,940
579 3 ,670
729
606
638
830
629
604
442 2,496 2,806 2,635
508 2,488 2,023 3,585
147 2,341 1,955 4,653
2,625 1,821 4,952
265
432
442
472
182
181
213
193
204
185
743
816
788 1,242
717 1,361
680 1,370
124
168
329
251
522
7,265
311
1,623 5,331
287 272 17,574
477 3,433 3,325 10,339
564 238 11,972 1,002
640
558 9,772
467
376 1,711
934 2,072 1,220
425
572 2,087 1,329 2,143 1,196
569 1,007 2,247 1,968 2,257 1,068
625 1,014 2,762 2,296 2,548 1,128
23 1,956
17 2,766
26 2,677
21 3,045
State
and
local Other
govt. secusecu- rities
Notes Bonds rities
3,653 19,539
3,494
971
3,007 15,561 3,090 2,871
3,455 1,900 1,057 78,338 2,275 16,985 14
78
4,271 44,807 3,2542,815
7,130 4,662 839 57,914 1,987 5,816 4,815 45
'-,295 4,199 3,105
32
26
93
19,535 11,278
21,954 11,943
23,577 12 ,332
25,490 12,647
U.S. Government
securities
4,773
4,505 21,046
988
3,159 16,899 3,651 3,333
4,677 2,361 1,132 88
88,912 2,455 19,071 16,045 51 3 4 2 3,873 3,258
",
9,266 5,654 914 67,941 2,124 7,552 5,918 52 ,347 5,129 3,621
708 3,396 66,026
1,027 7,296 30,211
34
2,551 8,434 34,123 30,402 3,890 65,891
9,415 381861 34,383 4,015 62,723
38,861
3,594
2J839 10,414 41,190 37,432 4,403 58,880
Member, total
1941_Dec. 31.. 43,521 18,021 8,671 972 594 598
1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3,378
1947—Dec. 31.. 97,846 32,628 16,962 1 ,046 811 '1,065
~"
"'"
New York City:
1941—Dec. 31.. 12,896
1945_Dec. 31.. 26,143
1947_Dec. 31.. 20,393
Other
to
in- Other
dividuals
Total
51
149
221
362
401
409
476
523
594
600
7,862
7,017
6,154
5,779
2,117
1,998
1,711
1,333
1,430
256
133 1,467
132
235
2,041
2,129
1,705
1,750
478
377
347
418
40 4,213
26 2,890
229
369
318
318
92
115
42
153 1,022
749 1,864
248 2,274
728
849
599
652
508
6,467
295
1,527
751 5,421
956 820
855 387 29,552 1,034 6,982 5,653 15,883 1,126
1,459
916
351 20,196
373 2,358 1,901 15,563 1,342 ,053
3,147 1,969
784
470 3,261 9,590 9,172 998 19,748
18
752 1,020 3,583 11,030 9,860 1,266 '-,398
,686
891 1,224 4,286 12
",525 11,106 1,462 16
970
953 4,706 13,207 12 ,063 ,753 15,488
3,020
741 8,605 7,382
2,343 1,403 7,257 7,395
2,152
545 6,600 7,390
2,206
6,566 6,715
5,710
7,252
8,810
9,449
727
913
981
925
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
1961—Dec. 30. 73,131
1962—Dec. 28., 80,623
1963—Dec. 20. 87,316
1964—June 30. 88,337
Nonmember
1947_Dec. 31.
1961—Dec. 30.
1962—Dec. 28.
1963—Dec. 20.
1964—June 30.
18,454
35,856
40,141
44,035
45,047
20
42
23
183
471
227
2
4
5
39,693
44,698
50,023
52,289
,165 2 ,811
10,
11,299 3 ,187
12,831 3,374
",535
13,614 3
591
728
708
644
438
447
496
534
116
764
966
565
1,251
1,563
1,591
1,525
13,242
14,441
16,114
16,883
11,132
12,273
13,951
15,063
751 24,407
826 25,425
25
917 24,797
939 23,218
3,614
566 9,560 10 ,667 7,530 1,500
4,144 1,223 8,849 11,209 8,694 1,807
3,822
573 8,531 11,871 10,385 2,111
2,749
15 8,728 11,725 10,808 2
~ " -,022
5,432
18,700
21,469
24,295
25,815
1,205 614
4,241 2,314
4,830 -,678
5,544 2 ,811
5,844 2 ,933
20
179
190
229
185
156
306
354
373
384
2
19
13:
166
149
418
523
604
563
2,266
6,341
7,097
8,047
8,594
1,061
4,995
5,754
6,643
7,320
109 11,318
214 12,525
13,466
13,854
284 13,087
206 1,973 1,219 7,920 1,078
625
2,259
272 4,947 5,046 3,655 976
2,812
683 4,398 5,573 3,982 1,224
3,027
351 4,343 6,133 4,576 1,309
1
19 4,569 6,144 4,841 1,305
2,354
4,377
1,528
1,823
707 359 26,999
1,881
3,827 1,979 224 22,857
i Beginning with June 30, 1948, figures for various loan items are
shown gross (i.e., before deduction of valuation reserves); they do not
add to the total and are not entirely comparable with prior figures. Total
loans continue to be shown net.
110
481 3,787 1,222 1,028
630 5,102 4,544 16
6,722 1,342 1,067
480 2,583 2,108 17,687 2,006 1,262
659
648
818
2 Breakdowns of loan, investment, and deposit classifications are not
available before 1947; summary figures for earlier dates appear in the
preceding table.
For other notes see opposite page.
FEBRUARY 1965
281
COMMERCIAL BANKS
RESERVES AND LIABILITIES BY CLASS OF BANK
(In millions of dollars)
Demand deposits
Reserves
with
F.R.
Banks
Class of
bank am I
call date
Total-.2
1947—Dec.
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
31....
30....
28....
20....
30....
All insured:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
30....
28....
20....
30....
Member, total
1941—Dec. ' 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 3 1 . . . .
1961—Dec.
1962—Dec.
1963—Dec.
1964— June
30....
28....
20....
30....
New York City:
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
30...
28...
20...
30...
City of Chicago:
1941_Dec. 3 1 . . .
1945_Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
30...
28...
20...
30...
Other reserve city:
1941—Dec. 3 1 . . .
1945_Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
30...
28...
20...
30...
Country:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947_Dec. 3 1 . . .
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
Nonmember:2
1947_Dec.
1961 Dec.
1962—Dec.
1963—Dec.
1964—June
30...
28...
20...
30...
31
30
28
20
30
DeBalCur- ances mand
derency with
posits
and
doadcoin mestic
banks3 usted*
17, 796
16, 918
17, 680
17, 150
16, 774
2, 216
3, 689
4, 252
4, 048
4, 539
Interbank
Time deposits
Certified
and
officers'
checks,
etc.
U.S.
Govt. State
inter- and
and
bank Postal local
Sav- govt.
ings
U.S.
Govt.
State
and
local
govt.
1, 343
5, 946
6, 829
6, 729
0, 257
6,799
12,242
12,071
12,256
12,583
2, 581
5, 056
4, 511
4, 494
4, 832
84, 987
124, 622
124, 459
124, 784
121, 695
240
481
535
526
677
111
283
269
269
257
762
673
12, 396 1, 358 8,570 37, 845 9, 823
15, 810 1, 829 11,075 74, 722 12, 566 1 ,248 3', 740
17, 796 2, 145 9,736 85, 751 11, 236 1 ,379 1, 325
3,677
5,098
6,692
077
2! 585
2, 559
36, 544
72, 593
83, 723
158
70
54
59
103
111
023
434
429
781
123, 878
123, 744
124, 098
121, 051
333
402
443
591
283
269
269
257
16, 918
17, 680
17, 150
16, 774
3
4,
4
4
670
232
033
524
12 396 1 087
15 811 1 438
17 797 1 672
16
17
17
16
918
680
150
774
2
3
3
3
813
263
131
511
10,216
14,169
13,099
12,312
12,693
87, 123
22, 654
24, 342
26, 579
22, 537
ForDomestic 3 eign 5
11, 362
16, 574
14, 713
14, 048
13, 909
16, 440
14, 579
13, 900
13, 756
1 ,430
1 ,340
1 ,295
1 ,218
1 ,363
1 ,298
1 ,265
1 ,177
1 ,316
IPC
866
5,465
6,450
7,908
8,680
12,149
11,991
12,175
12,491
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
401
33, 061
62, 950
72, 704
140
64
50
50
99
105
381
086
986
342
9,487
9,270
9,376
9,639
4 654
083
4 055
4 379
105, 454
104, 646
104, 130
101, 605
303
358
382
525
260
243
240
227
4,371
5,158
6,364
7,045
6
17
12
10
12
29
20
14
191
207
214
317
38
53
76
71
8,724
7,897
7,359
7,807
21, 671
23, 361
25, 615
21, 608
00, 660
01, 528
02, 816
99, 288
15
14
13
13
924
071
378
247
1 ,270
1 ,237
1 ,140
1 ,280
5
6
5
9
5
4
4
4
5 105
4 015
4 639
93
111
151
141 10, 761
78 15, 065
70 16 653
607
866
3 595
3 535 ,105 6 940
267
3 236 1 ,217
319
237
290
450
1 338
1 ,105
11 282
15 712
17 646
3 ,286
4 ,121
3 ,625
3 ,919
240
251
264
273
143
156
96
82
089
095
763
389
4 330
3 ,854
3 ,487
3 ,791
967 1 267
929
408
801
419
920
112
333
366
368
420
2 ,583
2 ,237
2 ,119
2 ,323
20
19
18
18
1 ,021
942
1 ,070
43
36
30
298
200
175
2 215
153
737
1 ,027
1 ,292
1,196
8
127
20 1 ,552
72
21
233
237
285
34
66
63
889
1 ,071
1 ,019
923
37
44
49
53
158
99
98
151
4 262
4 144
3 845
1 ,578
1 ,235
1 ,169
1 ,135
45
41
43
47
369
410
395
587
315
351
275
311
124
109
112
114
4 ,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
405
131
1,144
1,763
2,282
858
7 ,533
7 ,671 1 ,021
935
7 ,587
7 ,106 1 ,072
2,542
2,253
2,105
2,296
36 ,187
35 ,481
35 ,859
34 ,281
8 ,107
7 ,229
6 ,958
6 ,616
243
248
267
278
2 ,103
2 ,337
2 ,212
3 ,77
2 ,210
4 ,527
4 ,993
3,216 9 ,661
4,665 23 ,595
3,900 27 ,424
790
1 ,199
,049
5,88
5,389
5,060
5,27
43 ,575
44 ,689
46 ,049
44 ,773
,910
1 ,753
1 ,764
1 ,705
1
19
29
34
3,94
5,44
5,20
4,95
4,88
13 ,595
21 ,994
22 ,814
23 ,76
23 ,249
38
649
64
67
66
5
70
5
7
84
526
796
929
5 ,210 ,678
4 ,817 1 ,947
4 ,919 1 ,884
4 ,826 2 ,113
544
876
989
917
1 ,02
17
17
16
16
I3 809
213
628
473
480
2 152
3 160
3 853
4
4
4
4
5,412
6,397
7,853
8,634
526 438 8, 638
316 3,550 9, 854
054
326 3,499
762 ,936 22', 060
1, 648
778
1 206 "195 2 120
1 418
30 2 259
2
(
476
719
902
8
16
185
199
1 ,996
3 ,001
3 ,595
3 ,887
6
286
611
705
11 ,127
22 ,281
26 ,003
104
30
22
20
38
45
3,520
3,216
3,144
3,234
1 ,152
980
1 ,034
1 ,086
40 ,315
39 ,413
39 ,28
38 ,067
62
82
95
118
110
83
72
69
22
5 ,46
432
1,370
2,004
2,647
239
43
52
8 ,500
21 ,79
25 ,20
30
17
17
3
52
4
1 ,64
1 ,93
1 ,960
2 ,87
5,320
5,337
5,590
5,674
79
75
790
85
40 ,09
40 ,80
41 ,87
40 ,74
37
5
56
64
10
100
8
8
1,89
2,24
2,77
2,95
1,29
2,75
2,80
2,88
2,94
18
40
42
43
45
12 ,28
19 ,16
19 ,81
20 ,65
20 ,09
190
17
17
14
15
2'
2
2
3
17
1,09
1,29
1,54
1,63
5 See note 6, May 1964 BULL., p. 589.
62
74
84
90
4 5, 886
208 7, 589
54 8, 464
162 6 735 283 3 683
266 8 937 1,728 3 898
449 10 920 1,438 3 984
528 12 582 924
402
14
18
17
25
288
377
426
35
262
255
210 1
243 4 ,542
160 9 ,563 ""2
332 11 ,045
2,310
2,633
2,950
3,362
870
948
996
017
1 967
2 ,566
2 ,844
23 ,962
81 6 ,997
28 ,027 1,388 7 ,263
31 ,982 1,416 7 ,697
34 ,544 572 8 ,110
146 6 ,082
219 12 ,224
33 14 ,17
1
2
,982
2 ,525
2 ,934
29 ,834
34 ,350
37 ,82
39 ,74
4
17
39
23
7 ,088
7 ,744
8 ,377
8 ,531
6 ,85
14 ,16
16 ,67
18 ,56
19 ,88
1
3
7
16
16
1 ,596
3 822
4 240
4 ,623
4 ,708
banks. Comparability of figures for classes of banks is affected somewhat by changes in F.R. membership, deposit insurance status, and the
reserve classifications of cities and individual banks, and by mergers, etc.
Data for June 30, 1964, for national banks have been adjusted to make
them comparable with State bank data. (Data for Dec. 20, 1963, also
adjusted to lesser extent.)
Also see NOTE, May 1964 BULL., p. 589.
NOTE.—Data are for all commercial banks in the United States. These
figures exclude data for banks in U.S. possessions except for member
10 6, 844
215 8, 671
61 9, 734
76, 426 462 22, 089
90, 714 ,584 23, 712
02, 600 ,571 25, 277
10, 352 2,035 26, 358
418 11 878
399 23, 712
693 27, 542
830
804
500
319
16
56
74
74
91
t
:-
65 0, 059
34, 383
76, 680 471 2, 459
90, 991 ,627 4, 094
02, 886 ,664 5, 677
10, 650 ,099 26, 768
492 15, 146
496 29, 277
826 33, 946
5, 934
6, 815
6, 712
0, 234
13,871
12,795
11,984
12,409
3 Beginning with 1942, excludes reciprocal bank balances.
4 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.
IPC
Bor- Ca
u
row- a<
ings covmts
For other notes see opposite page.
282
WEEKLY REPORTING MEMBER BANKS
FEBRUARY 1965
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
(In millions of dollars)
Loans
For purchasing
or carrying securities
Total
loans
and
investments 1
Wednesday
Loans
and
investments
Loans
adadjusted 2 justed 2
Commercial
and
industrial
Agricultural
To brokers
and dealers
To financial institutions
To others
Bank
Nonbank
Real
estate
U . S . Other U . S . Other
Govt.
Govt.
securicuri- curi- curities
ties
ties
ties
Foreign
Domestic
commercial
Pers.
and
sales
finan.
All
other
Valuation
reserves
Other
COS.,
etc.
TotalLeading CMea
1964
Jan.
8
15
22
29
Dec.
2
9
16
23
30
Jan.
,
6
13
20
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
,559
37,641
37,424 ,551
,531
37,195
149,460 146,997 98,992 40,999
148,789 146,275 98,374 40,914
151,814 148,993 100,796 41,668
151,599 '149,449 101,012 41,668
",227 42,119
153,695 151,010 102
779
1,114
984
642
2,039 4,308 3,603 17,889
2,269 4,187 3,595 17,944
1,994 3,794 3,553 17,983
1,896 3,788 3,551 17,991
3,827
3,928
3,516
3,453
115
121
117
108
,729
,723
,720
,726
993
970
973
982
,621
690 3,173
,623
468 3,072
,639
902 3,382
,607
909 3,321
.591 1,114 3,517
66
65
73
66
72
,936
,936
,930
,946
,974
1,353
1,366
1,374
1,419
1,560
2,463
2,514
2,821
r
2,150
2,685
2,931
2,621
2,222
2,560
20,242
20,203
20,173
20,197
2,045
2,048
2,047
2,042
4,418
4,190
4,864
4,913
4,929
4,013 19,909 22,918
4,027 19,934 22,881
4,047 19,948 23,059
4,077 '20,011 23,158
4,103 20,008 '23,320
2,104
2,102
2,090
2,083
2,080
4,676
4,368
4,222
4,203
4,129
4,074
4,047
4,034
20,012
20,064
20,054
20,075
23,270
23,067
23,098
23,121
2,278
2,278
2,280
2,288
407 1,380
695 ',400
694
,175
816
,230
698
687
682
673
1,809
1,822
1,825
1,815
3,268
3,232
3,204
3,204
562
562
562
562
1965
152,715
151,368
151,014
150,705
149,784 101,224
148,747 100,905
148,792 100
100,450
148,145 100,079
42,084
41,938
41,863
41,834
,579
,577
,569
,565
967
1,520
1,241
931
3,211
3,050
3,109
3,080
,961
,949
,962
,954
1,543
1,510
1,494
1,500
27
New York City
1964
34,098
34,255
33,470
33,228
8
15
22
29
Dec. 2
9
16
23
30
33,691
33,560
32,776
32,412
22,695
22,742
22,183
21,921
12,357
12,217
12,172
12,058
298
478
500
380
2,341
2,376
2,102
2,007
537
535
539
542
512
500
496
525
35,969
36,035
37,644
37,183
38,176
Jan.
35,146
34,936
36,293
36,579
37,356
24,335
24,021
25,199
25,304
25,938
13,197
13,179
13,491
13,485
13,859
360
306
450
603
640
1,788
1,677
1,968
1,932
2,104
582
584
585
588
602
739
823
737 1,099
731 1,351
759
604
843
820
,383
,262
,654
,629
,516
817
819
828
825
825
2,270
2,279
2,265
2,277
2,283
3,740
3,717
3,763
3,740
3,785
570
568
565
564
553
37,278
36,906
36,586
36,591
36,691
36,164
35,954
35,838
25,317
25,057
24,938
24,841
13,890
13,782
13,750
13,732
428
591
530
398
1,786
1,697
1,670
1,681
593
583
588
583
821
816
803
798
587
742
632
753
,445
,301
,266
,269
873
855
850
868
2,290
2,297
2,270
2,281
3,772
3,717
3,788
3,810
613
613
614
614
,632
,574
,300
,080
2,928
2,787
2,619
2,558
1965
Jan.
6
13
20....
27
Outside
New York City
1964
Jan.
8
15
22
29
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
1,535
1,532
1,530
1,510
481
636
484
262
,486
,552
,414
,446
1,192
1,188
1,181
1,184
481
470
477
457
2,905
2,908
2,871
2,878
16,080
16,122
16,158
16,176
16,974 1,483
16,971 1,486
16,969 ',485
16,993
,480
Dec.
2
9
16
23
30
113,491
112,754
114,170
114,416
115,519
111,851
111,339
112,700
i12,870
113,654
74,657
74,353
75,597
'75,708
76,289
27,802
27,735
28,177
28,183
28,260
1,602
1,604
1,620
1,587
1,571
330
162
452
306
474
,385
,395
,414
,389
,413
1,354
1,352
1,345
1,358
1,372
614
,640 3,035 3,196
629
,415 2,928 3,208
643 1,470 3,210 3,219
660 1,546 3,284 3,252
717 1,865 3,413 3,278
17,639
17,655
17,683
17,734
17,725
19,178
19,164
19,296
19,418
r
19,535
,534
,534
,525
,519
,527
115,437
114,462
114,428
114,114
113,093
112,583
112,838
112,307
75,907
75,848
75,512
75,238
28,194
28,156
28,113
28,102
1,560
1,558
1,549
1,546
539
929
711
533
,425
,353
,439
,399
1,368
1,366
1,374
1,371
722
694
691
702
17,722
17,767
17,784
17,794
19,498
19,350
19.310
19,311
,665
,665
,666
,674
1965
Jan.
6
13
20
27
For notes see p . 284.
2,344 3,231
1,879 3,067
1,590 2,956
1,807 2,934
3,256
3,219
3,197
3,166
283
WEEKLY REPORTING MEMBER BANKS
FEBRUARY 1965
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Investments
Cash assets 3
U.S. Government securities
Wednesday
Total
Bills
Certificates
Notes and bonds
maturing—
Other
securities
Total
With- 1 to After
in
lyear 5 years 5 years
Balances
with
domestic
banks
BalReances Currency •erves
with
and
with
forcoin
F.R.
eign
Banks
banks
All
other
assets
Total
assets—
Total
liabilities
and
capital
account!
TotalLeading Cities
1964
Jan.
8..
15..
22.,
29.,
28,601
28,569
28,034
27,759
4,733
5,016
4,619
4,509
868 2,896
870 2,861
876 2,845
2,342
14,216
14,085
13,995
13,770
5,888
5,737
5,699
6,250
19,396
19,190
19,039
18,987
17,740
18,207
17,308
17,580
2,935
3,186
2,919
2,867
292
273
274
266
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
Dec.
2.
9.
16.
23.,
30.
27,256
26,941
27,241
27,340
27,679
5,153
4,991
5,285
5,374
5,700
4,010
4,030
4,034
4,020
4,038
11,784
11,733
12,049
12,047
12,048
6,309
6,187
5,873
5,899
5,893
18,568
20,749
20,960 17,810
20,956 19,139
21,097 19,354
21,104 '19,020
3,285
3,093
3,472
'3,398
'3,449
264
264
242
298
279
1,938
13,081
2,078 12,3751
2,070 13,355
1,990 13,668
2,131 13,161
5,878
6,088
5,894
5,855
5,942
190,094
187,320
194,348
194,201
196,084
Jan.
6
13
20
27,473
26,501
26,939
26,671
5,451
4,482
5,294
5,127
4,187
4,301
3,188
3,140
12,008
11,890
10,455
10,478
5,827
5,828
8,002
7,926
21,087
21,341
21,403
21,395
19,585
18,108
18,117
18,559
3,351
3,196
3,285
3,017
266
254
265
264
1,988
2,082
1,970
1,975
13,980
12,576
12,597
13,303
5,839
5,947
5,792
5,865
195,699
192,342
190,576
189,534
5,915
5,845
5,647
5,563
1,620
,527
,237
,259
466
533
667
396
2,557
2,546
2,515
2,484
,114
,084
,069
,261
5,081
4,973
4,946
4,928
4,268
4,197
4,079
4,259
75
108
88
92
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
5,441
5,469
5,619
5,769
5,819
,512
,594
,709
,812
1,854
698
705
721
740
748
2,077 ,154
2,087 ,083
2,129 ,060
2,150 1,067
2,149 1,068
5,370
5,446
5,475
5,506
5,599
4,467
4,097
4,095
4,448
4,356
104
79
130
117
146
124
124
97
140
149
298
349
345
303
311
3,941
3,545
3,523
3,888
3,750
2,467
2,633
2,475
2,416
2,456
48,405
47,863
50,421
50,381
51,444
5,721
5,465
5,309
5,289
1,742
1,309
1,449
1,459
757
927
626
597
2,161
2,149
1,642
1,721
1,061
1,080
1,592
1,512
5,653
5,642
5,707
5,708
4,808
4,026
4,045
4,212
146
116
113
90
136
134
142
135
310
308
287
292
4,216
3,468
3,503
3,695
2,380
2,460
2,378
2,394
50,206
48,932
48,369
48,238
22,686
22,724
22,387
22,196
3,113
3,489
3,382
3,250
2,430
2,328
2,178
1,946
11,659
11,539
11,480
11,286
4,774
4,653
4,630
4,989
14,315
14,217
14,093
14,059
13,472
14,010
13,229
13,321
2,860
3,078
2,831
2,775
160
149
150
148
,607
,553
,576
,577
8,845
9,230
8,672
8,821
3,121
3,109
3,112
3,182
133,457
134,585
131,062
129,485
21,815
21,472
21,622
21,571
21,860
3,641
3,397
3,576
3,562
3,846
3,31
3,325
3,313
3,280
3,290
9,707
9,646
9,920
9,897
9,899
5,155
5,104
4,813
4,832
4,825
15,379 14,101
15,514 13,713
15,044
15,481
15,591 14,906
15,505 14,664
3,181
3,014
3,342
'3,281
'3,303
140
140
145
158
130
,640
,729
,725
,687
,820
9,140
8,830
9,832
r
9,780
r
9,411
3,411
3,455
3,419
3,439
3,486
141,689
139,457
143,927
143,820
'144,640
,752
21,036
21,630
21,382
3,709
3,430
3,374
2,562
2,543
9,847
9,741
8,813
8,757
4,766
4,748
6,410
6,414
15,434
15,699
15,696
15,687
3,205
3,080
3,172
2,927
130
120
123
129
1,678
1,774
1,683
1,683
9 ,764
9 ,108
9 ,094
9 ,608
3,459
3,487
3,414
3,471
145,493
143,410
142,207
141,296
1965
27
New York C ty
1964
Jan.
8
15
22
29
Dec. 2
9
16
23
30
158
155
159
163
1965
Jan.
6
13
20
27
Outside
New York City
1964
Jan.
8.
15.
22.
29.
Dec. 2
9
16
23
30
710
715
71
725
1965
Jan. 6
13
20
27
3,173
3,845
3,668
For notes see the following page.
14,777
14,082
14,072
14,347
284
WEEKLY REPORTING MEMBER BANKS
FEBRUARY 1965
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Deposits
Borrowings
Time
Demand
Wednesday
Demand
deTotal
unadposits
justed 4
adTotal 6
justed 5
IPC
DomesState
tic
and
For- U.S. com- Totals
local tJign? Govt. merGovt.
cial
banks
Other time 9
Savings
IPC
State
Forand
local eign 7
Govt.
Other CapFrom From liabili- ital
acties
•p -p
counts
Banks others
Total—
Leading Cities
1964
Jan
8
15
22
29
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
1,857
1,949
1,866
2,972
2,097
1,546
1,545
12,679
12,561
11,397
10,739
59,488
59,654
59,976
60,276
38,043
38,052
38,117
38,131
13,518
13,643
13,818
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
Dec
2
9
16
23
30
163,377
160,081
167,370
167,619
169,455
64,607
64,967
68,194
66,161
'68,045
97,707
94,022
101,399
101,297
102,574
69,515
68,940
74,201
72,030
'73,654
5,333
4,875
4,886
5,120
5,239
1,938 4,364
1,930 2,321
2,006 2,784
2,169 4,858
? 190 4,563
12,548
12,101
12,920
12,885
12,539
65,670
66,059
65,971
66,322
66,881
40,312
40,343
40,371
40,431
40,698
16,237
16,431
16,024
16,189
16,407
4,680
4,770
5,023
5,142
5,168
3,932
4,001
4,020
4,016
4,053
110
180
163
398
281
3,972
4,228
4 256
3,703
r
4,023
7,023
7,219
6 974
6,861
r
6,632
15,612
15,612
15,585
15,620
15,693
168,846
165,783
165,209
163,459
66,202
66,166
66,069
65,897
101,512
97,525
96,567
94,374
72,029
72,109
70,978
69,352
5,157
4,764
4,858
5,106
2,052 3,806
1,997 1,601
1 893 2,505
2,071 2,916
13,944
12,839
12,340
11,156
67,334
68,258
68,642
69,085
40,860
41,053
41,132
41,220
16,714
17,334
17,635
17,959
5,206
5,303
5,285
5,301
3,986
3,948
3,964
3,961
257
113
5
155
4,818
4,469
3,419
3,843
6,101
6,298
6,283
6,368
15,677
15,679
15,660
15,709
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
402
401
2,253
2,253
2,277
2,275
143 1.566
,222
105 ,167
144 ,156
2,631
2,671
2,766
2,748
4,101
4,123
4,119
4,124
,900 3,278
,901 3,473
932 3 217
83 1,673 3,119
115 2,003 2,981
4,284
4,283
4,272
4,262
4,294
50 2,484
2,198
1 575
55 1,715
2,752
2,919
2 850
2,970
4,296
4,288
4,285
4,288
1965
jan
6
13
20
27
New York City
1964
an
8
15
22
29
....
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 1,420
411 1,370
320
49?
286 1,432
Dec
2
9
16
23
30
....
38,943
38,181
41 000
41,244
42,051
15,698
15,798
17 276
16,273
17,133
25,550
24,622
27 506
27,636
28,410
17,049
16,876
18 945
17,940
18,897
339
271
254
332
330
1,450 1,097 3,253 13,393
1,432 586 3,140 13,559
1,488 601 3,422 13,494
1,654 1,436 3,593 13,608
1,666 1,405 3,416 13,641
4,584
4,596
4,607
4,613
4,642
5,258
5,368
5,170
5,234
5,231
443
441
531
534
494
2,795
2,837
2,859
2,886
2,924
40,624
39,527
39 659
39,210
16,473
16,292
16 411
16,320
26,952
25,534
25 740
25,179
17,726
17,433
17 600
17,173
271
287
294
277
1,539 1,195 3,544 13,672
1,481 443 3,259 13,993
I 378 635 3 334 13,919
1,550 747 3,071 14,031
4,657
4,680
4,705
4,723
5,297
5,530
5,466
5,584
481
523
468
451
2,874
2,851
2,883
2,857
8
15
22
29
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
53,992
51,534
50,445
4 509
4,684
4,599
4,640
450 2,061
487 1,488
457 1,162
434 1,200
9,598
9,222
8,400
7,809
47,861
47,994
48,206
48,397
33,632
33,654
33,712
33,721
9,156
9,270
9,376
9,519
3,913
3,917
3,959
4,000
971
963
968
966
116
34
150
101
1,591
1,638
1,603
1,486
2,957
2,927
3,133
3,131
10,468
10,471
10,446
10,495
Dec. 2
9
16
23
30
124,434
121,900
126,370
126,375
127,404
48,909
49,169
50,918
49,888
'50,912
72,157
69,400
73,893
73,661
'74,164
52,466
52,064
55,256
54,090
'54,757
4,994
4,604
4,632
4,788
4,909
488 3,267
498 1,735
518 2,183
515 3,422
524 3,158
9,295
8,961
9,498
9,292
'9,123
52,277
52,500
52,477
52,714
53,240
35,728
35,747
35,764
35,818
36,056
10,979
11,063
10,854
10,955
11,176
4,237
4,329
4,492
4,608
4,674
1,137
1,164
1,161
1,130
1,129
110
155
163
315
166
2,072
2,327
2,324
2,030
'2,020
3,745
3,746
3,757
3,742
'3,651
11,328
11,329
11,313
11,358
11,399
128,222
126,256
125,550
124,249
49,729
49,874
49,658
49,577
74,560
71,991
70,827
69,195
54,303
54,676
53,378
52,179
4,886
4,477
4,564
4,829
513 2,611
516 1,158
515 1,870
521 2,169
10,400
9,580
9,006
8,085
53,662
54,265
54,723
55,054
36,203
36,373
36,427
36,497
11,417
11,804
12,169
12,375
4,725
4,780
4,817
4,850
1,112
1,097
1,081
1,104
207
113
5
100
2,334
2,271
1,844
2,128
3,349
3,379
3,433
3,398
11,381
11,391
11,375
11,421
911
609
384
345
25
1965
Jan
6
13
20
27
Outside
New York City
1964
jan
1965
jan
6
13
20
27
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.
* Total demand and total time deposits.
5 Demand deposits other than domestic commercial interbank and
U.S. Govt., less cash items in process of collection.
* Includes certified and officers' checks and deposits of mutual savings
banks, not shown separately.
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
and mutual savings banks, not shown separately.
9 Includes certificates of deposit outstanding in following
(in millions of dollars):
Jan. 6
Jan.13
Jan . 2 0
13, 425
Total—Leading Cities
12,763
13 ,262
New York City
4,595
4 ,813
4, 726
Outside New York City...
8,168
8 ,449
8, 699
interbank
amounts
Jan .27
13, 638
4, 817
8, 821
FEBRUARY 1965
285
BUSINESS LOANS OF BANKS
COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS
(In millions of dollars)
Outstanding
Net change during
1965
Industry
1964
1965
Jan.
Jan.
27
Jan.
20
Jan.
13
Jan.
6
Dec.
647
2,249
968
961
1,157
646
2,224
968
965
1,139
640
2,253
962
980
1,158
638
2,237
952
970
1,151
641
2,207
947
962
1,153
1,880
1,255
991
1,372
872
1,915
1,246
1,009
1,449
878
1,897
1,254
1,013
1,411
892
1,965
1,263
1,013
1,412
894
2,000
1,270
1,042
1,404
892
3,174
1,510
2,183
2,675
3,207
1,472
2,196
2,593
3,219
1,448
2,219
2,589
3,216
1,410
2,236
2,543
4,578
2,231
4,591
2,245
4,576
2,246
885
916
1,022
1964
1964
Dec.
Nov.
IV
1964
2nd
III
Durable goods manufacturing:
Primary metals
Machinery
Transportation equipment
Other fabricated metal products.. .
Other durable goods
Nondurable goods manufacturing:
Food, liquor, and tobacco
Textiles, apparel, and leather
Petroleum refining
Chemicals and rubber
Other nondurable goods
Mining, including crude petroleum
and natural gas
Trade: Commodity dealers
Other wholesale
Retail
Transportation, communication, and
other public utilities
Construction
All other: 1
Bankers' acceptances
All other types of business, mainly
services
Total classified loans
181
174
5,540 5,498 5,441
5,453 5,394
35,128 35,157 35,220 35,327 35,247
146
-119
382
1,357
485
394
1,771
-39
1,165
Commercial and industrial loans—
All weekly reporting banks
41,849 41,875 41,947 42,090 42,119
-270
1,571
666
2,166
1,205
16
65
61
30
-2
-32
64
26
-15
-120
-15
-51
-32
-20
3,129
1,429
2,263
2,493
45
81
-80
182
4,632
2,255
4,664
2,262
-86
-31
1,087
1,095
i Beginning Dec. 31, 1963, bankers' acceptances for the creation
of dollar exchange are excluded from commercial and industrial loans
and those relating to commercial transactions are shown in a separate
category. Current figures are therefore not strictly comparable with
figures previously reported, but differences are relatively small.
-81
-81
-13
-26
-18
93
60
-36
-66
146
-77
40
168
-31
169
-103
-23
42
-32
527
-359
33
232
-94
300
-34
7
43
217
34
47
295
391
-247
70
-58
7
119
-99
-36
-9
123
25
19
191
120
177
64
-44
17
31
-163
23
-42
50
98
704
-295
-11
249
-63
-622
234
-134
158
106
-211
140
154
75
143
15
-284
59
66
435
545
156
-68
-198
-538
40
49
237
38
351
1
-210
1st
400
104
-73
226
637
142
-496
265
-29
235
-76
104
268
355
2,936
274
-460
576
3,371
-45
57
81
12
47
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
200
and over
Year:
19 large cities:
1956
1957
1958
1959
I960
1961
1962
1963
1964
4 2
...
5 2
4 8
4 4
4 0
4.6
.
5.5
4.8
4.5
4 3
5.0
5 5
5.8
5.1
5 0
5.5
4 6
5.2
4 1
4.9
5.2
6.0
5.7
5.4
5.0
5.0
5.9
5.5
5.2
4.8
5 0
5 9
5 5
5 2
4 8
5.0
5.9
5.5
5.2
4.8
5 0
5 9
5 6
5 3
4 8
5.00
4 99
4.99
4.98
5.00
5.86
5 83
5.84
5.86
5.54
5 54
5.53
5.57
5.23
5.56
5.31
4.82
4 82
4.81
4.79
4.82
Quarter:*
19 large cities:
1963—Dec
1964 Mar
June
Sept
Dec
5.85
5.22
5.24
5.23
l 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.
Size of loan
(thousands of dollars)
Area
All
period
loans
Quarter—cont.: 1
New York City:
1963—Dec
1964 Mar . . . .
June
Sept . . . .
Dec
7 other northern and
eastern cities:
1963 Dec . . . .
1964—Mar
June
Sept
Dec
11 southern and
western cities:
1963—Dec
1964 Mar
June
Sent
Dec
110
10100
100200
200
and over
4.76
4 77
4.74
4 72
4.77
5 63
5 66
5.64
5 64
5.59
5.36
5.39
5.36
5.40
5.35
5.04
5 06
5.05
5 01
5.08
4.65
4 66
4.63
4 61
4.66
5 04
5.02
5 03
5.01
5.03
5 85
5.81
5 83
5.88
5.84
5 55
5.54
5.55
5.56
5.58
5 27
5.24
5 27
5.25
5.31
4 90
4.88
4.89
4.86
4.88
5.29
5 29
5.29
5.31
5.31
5.97
5 91
5.93
5.95
5.96
5.65
5 62
5.61
5.67
5.31
5.07
5 08
5.07
5.09
5.67
5 31
5.34
5.36
5.46
5.06
Changes thereafter occurred on the following dates (new levels shown
ir per cert): 1955—Aug. 4, 3y4; Oct. 14, 3Vi; 1956— Apr. 13, 3%;;Aug.
21, 4; 1957—Aug. 6, 4 % ; 1958—Jan. 22, 4; Apr. 21, 3 % ; Sept. 11, 4
1959—May 18, 4 % ; Sept. 1, 5; and 1960—Aug. 23, AVi.
286
INTEREST RATES
FEBRUARY 1965
MONEY MARKET RATES
(Per cent per annum)
Period
Prime
CO.
bankers'
paper
acceptplaced
directly,
ances,
months * 3- to 6-2 90 days 1
months
Federal
funds
rate 3
3-month bills
6-month bills
4
9- to 12-month issues
i
tn
^
Rate
on new
issue
Market
yield 5
Rate
on new
issue
Market
yield 5
Bills
(market
yield) 5
Other «
year
issues 7
3.07
3.40
3.83
3.01
3.36
3.77
2.68
3.18
3.50
2.778
3.157
3.549
2.77
3.16
3.54
2.908
3.253
3.686
2.90
3.25
3.68
3.01
3.30
3.74
3.02
3.28
3.76
3.57
3.72
4.06
3.97
3.88
4.00
3.91
3.89
4.00
3.96
3.88
3.89
4.00
4.02
4.17
3.82
3.76
3.83
3.80
3.76
3.88
3.81
3.76
3.75
3.91
3.89
3.98
3.70
3.75
3.75
3.80
3.75
3.75
3.75
3.75
3.75
3.75
3.79
4.00
3.48
3.48
3.43
3.47
3.50
3.50
3.42
3.50
3.45
3.36
3.52
3.85
3.529
3.532
3.553
3.484
3.482
3.478
3.479
3.506
3.527
3.575
3.624
3.856
3.52
3.53
3.54
3.47
3.48
3.48
3.46
3.50
3.53
3.57
3.64
3.84
3.652
3.664
3.740
3.676
3.612
3.572
3.566
3.618
3.666
3.729
3.794
3.971
3.64
3.67
3.72
3.66
3.60
3.56
3.56
3.61
3.68
3.72
3.81
3.94
3.68
3.71
3.78
3.75
3.71
3.70
3.64
3.67
3.73
3.79
3.86
3.96
3.66
3.63
3.67
3.63
3.67
3.83
3.68
3.73
3.82
3.83
3.88
3,96
4.25
4.05
4.00
3.90
3.828
3.81
3.944
3.94
3.91
3.87
4.06
4.02
4.15
4.18
4.07
4.03
3.99
3.99
4.03
4.04
4.04
4.07
4.06
4.25
4.25
4.25
4.25
4.25
4.06
4.06
4.06
4.06
4.03
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
3.57
4.00
3.867
3.829
3.814
3.821
3.848
3.83
3.80
3.77
3.81
3.85
3.957
3.927
3.942
3.960
3.946
3.93
3.92
3.94
3.94
3.94
3.93
3.92
3.90
3.90
3.91
3.92
3.78
3.87
3.85
3.87
4.07
4.07
4.06
4.04
4.05
3.26
3.55
3.97
1962
1963
1964
1964
Prime
coml.
paper,
U . S. Government securities (taxable)
Finance
Jan
Feb
Mar
May
June
July
Aug
Sept
Oct
Nov
Dec
1965—Jan
Week ending—
1965—Jan. 2
9
16
23
30
C
* Averages of daily offering rates of dealers.
2 Averages of daily rates, published by finance cos., for varying maturities in the 90-179 day range.
3 Seven-day average for week ending Wed.
4 Except for new bill issues, yields are averages computed from daily
closing bid prices.
5 Bills quoted on bank discount rate basis.
* Certificates of indebtedness and selected note and bond issues.
i Selected note and bond issues.
BOND AND STOCK YIELDS
(Per cent per annum)
Government bonds
Period
State
and loca
Total i
Jan
Feb
Mar
Apr
May
June
July
Sept
Oct
Nov
Dec
By selected
rating
Stock
Dividend/
price ratio
By
group
Earnings/
price ratio
Aaa
Baa
Industrial
Railroad
Public
utility
Preferred
Common
Common
4.61
4.50
4.57
4.33
4.26
4.40
5.02
4.86
4.83
4.47
4.42
4.52
4.86
4.65
4.67
4.51
4.41
4.53
4.50
4.30
4.32
3.37
3.17
3.01
6.06
5.68
3.56
3.54
3.57
3.52
3.54
3.54
3.54
3.54
3.57
3.58
3.52
3.51
4.57
4.55
4.56
4.58
4.59
4.59
4.58
4.57
4.57
4.57
4.58
4.58
4.37
4.36
4.38
4.40
4.41
4.41
4.40
4.41
4.42
4.42
4.43
4.44
4.83
4.83
4.83
4.85
4.85
4.85
4.83
4.82
4.82
4.81
4.81
4.81
4.50
4.48
4.49
4.53
4.54
4.54
4.52
4.52
4.52
4.53
4.53
4.54
4.68
4.67
4.67
4.69
4.69
4 70
4.68
4.65
4.65
4.66
4.67
4.68
4.51
4 51
4.51
4 53
4.53
4 55
4.54
4.54
4.53
4 52
4.53
4.54
4.32
4 31
4.34
4 37
4.41
4 41
4.37
4.29
4.25
4 25
4.25
4.23
3.06
3 05
3.03
3 00
3.01
3 05
2 %
3.03
3.00
2 95
2 96
c
3.O5
TotaU
Aaa
Baa
3.95
4.00
4.15
1962
1963
1964
1964
United
States
(longterm)
Corporate bonds
3.30
3.28
3.28
3.03
3.06
3.09
3.67
3.58
3.54
4.15
4.14
4.18
4.20
4.16
4.13
4.13
4.14
4.16
4.16
4.12
4.14
3.29
3.27
3.33
3.30
3.29
3.29
3.26
3.27
3.30
3.31
3.27
3.23
3.09
3.08
3.14
3.12
3.09
3.10
3.08
3.08
3.09
3.11
3.08
3.01
1965—Jan
4.14
3.18
2.97
3.44
4.57
4.43
4.80
4.53
4.66
4.52
4.18
4.16
4.15
4.15
4.14
4.13
3.22
3.21
3.18
3.17
3.17
2.99
2.99
2.97
2.96
2.96
3.51
3.49
3.44
3.42
3.41
4.58
4.58
4.57
4.57
4.57
4.43
4.44
4.43
4.43
4.42
4.80
4.80
4.80
4.79
4.79
4.53
4.53
4.53
4.53
4.52
4.68
4.67
4.66
4.67
4.66
4.53
4.53
4.53
4.52
4.52
4.22
4.21
4.19
4.15
4.17
6-12
20
5
5
120
30
30
40
40
40
14
*5.60
3.04
3.02
3 00
2.97
2.96
Number of issues
5 68
2.99
Week ending—
1965 Jan
2
9
16
23
30
5.51
l Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number
of corporate bonds in some groups has varied somewhat.
NOTE.—Annual yields are averages of monthly or quarterly data.
Monthly and weekly yields are computed as follows: U.S. Govt. bonds:
Averages of daily figures for bonds maturing or callable in 10 years or
more.
State and local govt. bonds: General obligations only, based on Thurs.
500
500
figures, Corp. bonds: Averages of daily figures. Both of these series are
from Moody's Investors Service series.
Stocks: Standard and Poor's Corp. series. Dividend/price ratios are
based on Wed. figures; earnings/price ratios are as of end of period.
Preferred stock ratio is based on 8 median yields for a sample of noncallable issues—12 industrial and 2 public utility; common stock ratios
on the 500 stocks in the price index. Quarterly earnings are seasonally
adjusted at annual rates.
FEBRUARY 1965
SECURITY PRICES
MORTGAGES: NEW HOMES
FHAinsured
Period
1961
1962
1963
1963
1964
Yield
(per
cent)
15.69
5.60
Conventional first mortgages
Interest
rate
(per
cent)
Fees,
etc.
(per
cent)
Loan/
price
ratio
(per
cent)
Maturity
(yrs.)
Avg.
loan
(thou.
dollars)
Period
.64
.57
24.0
24.8
73.3
74.1
16.3
17.3
1963—Dec.
5.45
5.80
.62
24.5
73.9
16.7
1964—Jan...
Feb...
Mar..
5.45
5.45
5.45
5.45
5.45
5.45
5.46
5.46
5.46
5.45
5.45
5.45
5 45
5.83
5.81
5.79
5.79
5.77
5.76
5.76
5.77
5.77
5.75
5.75
5.76
.64
.58
.55
.55
.52
.59
.52
.58
.57
.58
.55
.59
24.7
24.7
24.5
24.8
24.7
25.4
24.5
24.7
25.0
24.5
24.7
25.2
74.7
74.8
74.6
73.9
73.7
74.3
73.9
74.4
74.2
73.2
73.5
73.9
16.7
17.2
17.2
17.2
17.0
17.3
17.4
17.8
17.6
17.4
17.4
17.8
Volume
of
trading
(thou.
shares)
U.S.
Govt.
(longterm)
State
and
local
Corporate
AAA
Total
Industrial
Railroad
Pubhe
utility
86.94
86.31
84.46
112.0
111.3
111.5
96.2
96.8
95.1
62.38
69.87
81.37
65.54
73.39
86.19
30.56
37.58
45.46
59.16
64.99
69.91
3,820
4,573
4,888
84.42 111.2
84.60 112.3
84.10 109.9
83.84 110.3
84.38 111.6
84.70 111.8
84.70 112.1
84.59 111.8
84.31 111.0
C
84.37 110.9
84.81 112.0
84.65 112.6
95.3
95.7
95.2
94.7
94.7
94.9
95.2
95.3
95.1
95.1
95.2
95.3
76.45
77.39
78.80
79.94
80.72
80.24
83.22
82.00
83.41
84.85
85.44
83.96
80.85
81.96
83.64
84.92
85.79
85.13
88.19
86.70
88.27
89.75
90.36
88.71
41.00
41.54
42.88
43.27
44.86
46.29
48.93
47.17
47.14
48.69
48.01
C
45.75
67.26
67.20
66.78
67.30
67.29
67.46
70.35
71.17
72.07
73.37
74.39
74.24
5,302
4,639
5,428
5,616
4,959
4,372
4,663
3,919
5,228
4,843
4,928
4,729
1962
1963
1964
5.46
5.45
1
Common stock prices
(1941-43- 10)
Bond prices
(5.98)
(5 93)
(5.81)
5.84
5.78
M*ay'.;
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
1965—Jan
287
SECURITY MARKETS
1964—Jan...
Feb...
Mar..
Apr..
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
1965—Jan... 84.56
Last 6 months only.
NOTE.—Annual data are averages of monthly figures. Yields
on FHA-insured mortgages are derived from weighted averages
of FHA field-office opinions on private secondary market prices
for Sec. 203, 30-year mortgages, with the minimum down payment, a maximum permissible interest rate of 5}£ per cent, and
an assumed prepayment period of 15 years. Price data are
reported as of the first of the succeeding month.
Conventional first mortgages, Home Loan Bank Board in
cooperation with Federal Deposit Insurance Corporation beginning in late 1962; interest rate data for earlier years—in
parentheses—are based on estimates from Federal Housing
Administration.
114.1
95.5
86.12
91.04
46.79
75.87
5,457
Week
ending—
Jan. 2
9
16
23
30
112.9
113.5
114.3
114.2
114.2
95.3
95.4
95.3
95.5
95.7
84.23
84.88
85.78
86.60
87.21
89.05
89.75
90.68
91.52
92.20
45.60
46.01
46.68
47.09
47.36
74.22
74.60
75.58
76.49
76.81
5,131
4,660
5,631
5,373
6,163
84.42
84.48
84.48
84.60
84.67
NOTE.—Annual data are averages of monthly figures. Monthly and weekly
data are averages of daily figures unless otherwise noted and are computed as
follows:
U.S. Govt. bonds, derived from average market yields in preceding table on basis
of an assumed 3 per cent, 20-year bond.
Municipal and corporate bonds, derived from average yields, as computed by
Standard and Poor's Corp., on basis of a 4 per cent, 20-year bond; Wed. closing
prices.
Common stocks, Standard and Poor's index.
Volume of trading, average daily trading in stocks on the N.Y. Stock Exchange
for a 5Vi-hour trading day.
STOCK MARKET CREDIT
(In millions of dollars)
Customer credit
Net debit balances with
N. Y. Stock Exchange
firms secured by—
Months
Total
securities
other than
U.S. Govt.
U.S.
Govt.
securities
Other
securities
Broker and dealer credit
Bank loans t o other than
brokers and dealers for purchasing and carrying—
U.S.
Govt.
securities
Other
securities
Money borrowed on—
U.S.
Govt.
securities
Other securities
Tr»ta1
i oiai
Customer
collateral
Other
collateral
Customers
net
free
credit
balances
1961—Dec
1962—Dec...
1963—Dec...
5,602
5,494
7,242
35
24
26
4,259
4,125
5,515
125
97
140
1,343
1,369
1,727
48
35
32
2,954
2,785
4,449
2,572
2,434
3,852
382
351
597
1,219
1,216
1,210
1964—Jan...
Feb...
Mar...
Apr...
May..
June..
July..
Aug...
Sept...
Oct...
Nov...
Dec...
7,250
7,120
7,141
7,314
7,277
7,229
7,160
7,096
7,142
7,101
7,108
7,053
22
21
21
21
19
18
25
21
19
20
20
21
5,524
5,384
5,366
5,510
5,439
5,370
5,289
5,187
5,221
5,185
5,160
5,079
108
97
97
101
96
94
70
69
81
69
64
72
1,726
1,736
1,775
1,804
1,838
,859
1,871
,909
,921
1,916
1,948
[,974
41
33
18
17
113
156
266
191
109
102
184
222
4,210
4,158
4,138
4,411
4,362
4,275
4,129
4,090
4,122
4,053
3,951
'3,910
3,795
3,738
3,646
3,916
3,868
3,766
3,672
3,618
3,568
3,528
3,469
3,393
415
420
492
495
494
509
457
472
554
525
482
r
517
1,262
,199
1,231
1,165
,138
1,146
1,114
1,077
1,145
1,155
1,131
1,169
6,940
33
4,986
70
1,954
177
3,763
3,317
446
1,207
1965—Jan
t
NOTE.—Data in first 3 cols, and last col. are for end of month; in other
cols, for last Wed.
Net debit balances and broker and dealer credit: Ledger balances of
member firms of N.Y. Stock Exchange carrying margin accounts, as
reported to Exchange. Customers' debit and free credit balances exclude
balances maintained with reporting firm by other member firms of national
securities exchanges and balances of reporting firm and of general partners of reporting firm. Balances are net for each customer—i.e., all accounts of one customer are consolidated. Money borrowed includes
borrowings from banks and from other lenders except member firms of
national securities exchanges.
Nov. data on customers' net debit balances exclude amounts carried
by a large former member firm in liquidation; most of these accounts
have been transferred to other member firms and are reported in their
debit figures from the month received (some in Dec. 1963, more in Jan.
1964). Debit balance totals for the period Oct.-Jan., therefore, are not
completely comparable.
Bank loans to others than brokers and dealers: figures are for weekly
reporting member banks. Before July 1959, loans for purchasing or
carrying U.S. Govt. securities were reported separately only by N.Y.
and Chicago banks. Accordingly, for that period the fifth col. includes
any loans for purchasing or carrying such securities at other reporting
banks. Composition of series also changed beginning with July 1959;
revised data for the new reporting series (but not for the breakdown of
loans by purpose) are available back through July 1958 and have been
incorporated.
288
OPEN MARKET PAPER; SAVINGS INSTITUTIONS
FEBRUARY 1965
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
(In millions of dollars)
Dollar acceptances
Commercial and finance
company paper
Held b y -
End of period
Accepting banks
Total
Placed
through
dealers 1
Total
Placed
direct-
551
840
677
1,358
1,711
2,088
2,121
31,911
2,525
3,139
2,975
3,912
1,307
1,194
1,151
2,027
2,683
2,650
287
302
319
662
,272
1,153
194
238
282
490
896
865
2,672
3 2,751
3,202
4,497
4,686
6,000
1957
1958
1959
I960
1961
1962
Own Bills
bills bought
ly 2
Total
Based on—
F.R.
Banks
Others
Own
acct.
Foreign
corr.
94
64
36
173
376
288
66
49
75
74
51
110
76
68
82
230
126
86
878
775
Goods stored in or
shipped between
ImExports Dollar
ports
points in—
from
into
exUnited United change
United Foreign
States States
States countries
[,060
1,234
1,301
278
254
357
403
485
541
456
349
309
669
969
778
fn *
?
46
83
74
122
117
186
296
244
162
308
293
171
232
263
249
524
819
974
1963 Dec
6,747
1,928
4,819
2,890
1,291 1,031
260
162
92
1,345
567
908
56
41
1,317
1964
7,765
8,119
7,737
7,920
8,326
8,036
8,879
8,879
8,444
9,343
9,146
8,361
2,042
2,079
2,038
2,039
1,973
1,948
2,006
2,070
2,220
2,431
2,438
2,223
5,723
6,040
5,699
5,881
6,353
6,088
6,873
6,809
6,224
6,912
6,708
6,138
2,938
3,056
3,102
3,102
3,049
3,149
3,137
3,127
3,175
3,222
3,217
3,385
1,393
1,466
1,395
1,355
1,418
1,370
1,455
1,486
1,423
1,400
1,458
1,671
368
371
353
295
313
257
334
341
297
236
263
370
68
64
125
93
47
83
56
36
99
81
63
94
91
95
110
117
146
146
137
132
127
126
125
122
1,386
1,431
1,473
1,536
1,438
1,550
I 489
1,473
1,525
.614
557
596
590
587
576
567
576
586
609
647
657
667
962
983
990
963
941
929
949
922
918
935
955
999
70
94
87
105
73
82
74
82
113
106
102
111
39
31
35
36
34
27
24
22
36
34
40
43
1,351
1,401
1,411
1,426
1,545
1,513
1,514
1,499
1,500
1,463
1,565
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
....
...
Nov
Dec
1,025
1,095
1,042
1,060
1,105
1,113
1,121
1,145
1,127
1,164
1,195
1,301
1 As reported by dealers; includes finance co. paper as well as other
commercial paper sold in the open market.
2 As reported by finance cos. that place their paper directly with
investors.
1,570
1,498
3 Beginning with Nov. 1958, series includes all paper with maturity
of 270 days or more. Figures on old basis for Dec. were (in millions):
total $2,739; placed directly $1,899.
MUTUAL SAVINGS BANKS
(Amounts in millions of dollars)
Securities
Loans
End of period
Mortgage
Other
U.S.
Govt.
State
and
local
govt.
4 787
4,202
89
62
3 592
10,650
1956
1957
1958
1959 4
I960
19,559
20,971
23,038
24,769
26,702
248
253
320
358
416
7,982
7,583
7,270
6,871
6,243
675
685
729
721
672
1961
1962
28,902
32,056
475
602
6,160
6,107
677
1963—Nov
Dec
35,654
36,007
659
607
5,885
5,863
1964
36,352
36,635
36,933
37,267
37,601
37,971
38,407
38,764
39,146
39,538
39,898
667
703
704
646
714
676
705
764
739
727
760
5,951
6,033
6,117
6,064
6,052
6,024
6,025
6,095
6,082
5,849
5,785
1941
1945.
Jan
Feb
Mar
Apr
May
June
Julv
Sept
Oct
Nov
Corporate
and
other 1
1 786
1,257
Other
assets
Deposits2
Other
liabilities
Surplus
accounts
Mortgage loan
commitments 3
Number Amount
829
606
689
185
11 772
16,962
10 503
15,332
38
48
1 231
1,582
3,549
4,344
4,971
4,845
5,076
920
889
921
829
874
448
490
535
552
589
33,381
35 215
37,784
38,945
40,571
30,026
31 683
34,031
34,977
36,343
369
427
526
606
678
2,986
3 105
3,227
3,362
3,550
89,912
65,248
58,350
1,664
1,170
1,200
5,040
5,177
937
640
956
695
42,829
46,121
38,277
41,336
781
527
828
3,771 61,855
3,957 114,985
1,654
2,548
448
5,073
5,074
49,312
49,702
44,028
44,606
1,141
943
4,143 109,881
4,153 104,326
2,378
2,549
50,179
50,614
51,042
51,178
51,610
52,001
52,417
52,983
53,339
53,482
53,825
45,006
45,266
45,761
45,851
46,124
46,624
46,918
47,274
47,757
47,982
48,188
1.023
1,143
1,036
1,118
[,225
1,102
1,222
1,356
1,200
,146
1,223
4,150
4,206
4,244
4,209
4,261
4,275
4,277
4,352
4,382
4,354
4,414
102,694
113,062
120,396
123,979
124,416
132,625
132,726
134,371
134,277
139,066
136,470
2,228
2,391
2,504
2,586
2,661
2,690
2,701
2,743
2,736
2,825
2,811
440
440
427
424
423
419
409
409
407
409
403
399
5,097
5,135
5,151
5,138
5,150
5,145
5,142
5,179
5,193
5,178
5,180
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. 275.
3 Commitments outstanding of banks in N.Y. State as reported to the
Savings Banks Assn. of the State of N.Y.
• Data reflect consolidation of a large mutual savings bank with a
commercial bank.
Cash
assets
Total
assets—
Total
liabilities
and
surplus
accts.
811
781
912
799
849
880
823
800
887
819
825
820
847
827
906
863
895
883
898
905
871
867
879
887
889
898
NOTE.—National Assn. of Mutual Savings Banks data; figures are
estimates for all savings banks in the United States and differ somewhat
from those shown elsewhere in the BULLETIN; the latter are for call dates
and are based on reports filed with U.S. Govt. and State bank supervisory
agencies. Loans are shown net of valuation reserves.
FEBRUARY 1965
SAVINGS INSTITUTIONS
289
LIFE INSURANCE COMPANIES
(In millions of dollars)
Government
End of period
Statement
1941
1945
value:
Total
assets
32,731
44,797
securities
Total
United
States
9,478
22,545
6,796
20,583
1,995
722
7,02
7,18
6,86
6,42
Business
State andForeign 1
local
securities
Total
Bonds
1,240
10,174
11,059
9,573
10,060
2,376
2,681
3,200
3,588
1,285
1,370
1,513
1,664
4
4
4
5
4
4
4
4
687
Mortgages
Real
estate
Policy
loans
Other
assets
6 442
6,636
1,878
857
2,919
1,962
1,840
1,738
35,236
37,062
39,197
41,771
3,119
3,364
3,651
3,765
3,869
4,188
4,618
5,231
4,
4,
4,
5,
Stocks
601
999
1957
1958
1959
I960
101,309
107,580
113,650
119,576
1
1
1
1
1961
1962
1963
126,816
133,291
141,121
11,896
12,448
12,438
6 134
6,170
5,813
3,888
4,026
3,852
1,874
2,252
2,773
55,294
57,576
60,780
49,036
51,274
53,645
6 258
6,302
7,135
44 203
46,902
50,544
4 007
4,107
4,319
5,733
6,234
6,655
5,683
6,024
6,385
126,816
133,291
11,915
12,469
6,135
6,171
3,902
4,037
1,878
2,261
53,967
56,565
49,149
51,389
4,818
5,176
44,250
46,957
4,011
4,114
5,735
6,235
6,938
6,951
140,215
140,903
12,518
12,330
5,837
5,755
3,880
3,876
2,801
2,699
59,527
59,452
53,964
53,769
5,563
5,683
49,854
50,543
4,343
4,348
6,622
6,690
7,351
7,540
141,866
142,531
143,067
143,676
144,312
144,964
145,823
.... 1 4 6 , 4 7 5
147,172
147,977
148,746
12,365
12,506
12,421
12,389
12,436
12,346
12,476
12,507
12,557
12,555
12,509
5,782
5,805
5,731
5,689
5,731
5,633
5,758
5,763
5,787
5,769
5,699
3,859
3,857
3,849
3,853
3,827
3,822
3,809
3,822
3,846
3,866
3,841
2,724
2,844
2,841
2,847
2,878
2,891
2,909
2,922
2,924
2,920
2,969
60,006
60,050
60,189
60,426
60,613
60,793
61,275
61,355
61,458
61,722
61,968
54,269
54,281
54,335
54,525
54,674
54,772
55,213
55,228
55,262
55,487
55,658
5,737
5,769
5,854
5,901
5,939
6 021
6,062
6,127
6,196
6,235
6,310
50,828
51,126
51,441
51,806
52,117
52,466
52,832
53,173
53,560
53,984
54,404
4,368
4,377
4,391
4,402
4,416
4 437
4,446
4,462
4,487
4,499
4,514
6,729
6,772
6,819
6,872
6,909
6,955
6,947
6,986
7,024
7,060
7,094
7,570
7,702
7,806
7,781
7,821
7,967
7,847
7,992
8,086
8,157
8,257
Book value:
1961
Dec
1962—Dec .
r
1963
N o v
Dec
1964
Jan
Feb
Mar
Apr
M a y
June
July
A u g
Sept
Oct
N o v
.
0,690
1,234
1,581
1,679
9
3
8
7
1
Issues of foreign governments and their subdivisions and b o n d s
the International B a n k for Reconstruction a n d Development.
of
NOTE.—Institute of Life Insurance data; figures are estimates for
life i n s u r a n c e c o s . i n t h e U n i t e d S t a t e s .
all
S A V I N G S A N D
L O A N
Year-end
on an a
figures:
accrued
on each
4
7
9
1
,
,
,
,
0
1
6
8
5
0
6
5
7
8
6
7
0
2
5
6
,
,
,
,
6
9
1
8
6
9
0
7
6
9
5
6
3
4,
4,
4,
391
109
561
981
3
6
9
2
38
24
37
73
figures:
A n n u a l statement asset values, with b o n d s carried
mortized basis a n d stocks at year-end market value.
Month-end
B o o k value of ledger assets. Adjustments for interest d u e a n d
a n d for differences between market a n d b o o k values are not m a d e
item, separately, but are included in total, in "other assets."
A S S O C I A T I O N S
(In millions of dollars)
Assets
End of
period
Liabilities
Total
assets 2—
Total
iabilities
Mortgage
loan
commitments
Mortgages
U.S.
Govt.
securities
1941
1945
4,578
5,376
107
2,420
344
450
775
356
6,049
8,747
4,682
7,365
475
644
256
336
1956
1957
1958
1959
I960
35,729
40,007
45,627
53,141
60,070
2,782
3,173
3,819
4,477
4,595
2,119
2,146
2,585
2,183
2,680
2,199
2,770
3,108
3,729
4,131
42,875
48,138
55,139
63,530
71,476
37,148
41,912
47,976
54,583
62,142
2,950
3,363
3,845
4,393
4,983
1,347
1,379
1,444
2,387
2,197
,161
,293
,186
713
874
968
843
862
1.475
1,285
1,359
1961
1962
68,834
78,770
5,211
5,563
3,315
3,926
4,775
5,346
82,135
93,605
70,885
80,236
5,708
6,520
2,856
3,629
,550
999
1,136
1,221
1,908
2,230
89,857
90,849
6,548
6,440
3,482
3,964
6,154
6,178
106,041
107,431
89,471
91,205
6,855
7,208
4,464
5,011
>,502
>,520
2,749
1,487
2,929
2,613
91,453
92,163
93,069
93,978
94,971
96,067
97,111
98,059
98,895
99,731
100,398
6,598
6,662
6,733
6,717
6,712
6,685
6,687
6,736
6,778
6,820
6,958
3,568
3,601
3,613
3,467
3,504
3,795
3,339
3,354
3,391
3,413
3,497
5,989
6,098
6,233
6,353
6,738
6,728
6,536
6,649
6,751
6,823
7,079
107,608
108,524
109,648
110,515
111,925
113,275
113,673
114,798
115,815
116,787
117,932
91,669
92,423
93,525
93,846
94,828
96,593
96,609
97,382
98,455
99,206
100,039
7,235
7,250
7,219
7,230
7,243
7,511
7,531
7,551
7,555
7,565
7,590
4,590
4,377
4,323
4,601
4,544
4,980
4,991
4,992
5,065
5,029
4,995
>,364
1,336
>,430
>,464
>,5O3
>,538
>,559
>,487
>,388
>,3O6
1,243
1,750
2,138
2,151
2,374
2,807
1,654
1,983
2,386
2,352
2,681
3,065
2,664
2,818
2,964
3,110
3,148
3,107
3,074
2,982
2,911
2,896
2,832
1963—Nov
Dec
1964—Jan
Feb
M a r
Apr
M a y
June
July
A u g
Septr
Oct.
N o v
,
, ,
Cash
Other i
1
Includes other loans, stock in the Federal h o m e loan banks, other
investments, real estate o w n e d a n d sold o n contract, a n d office buildings
a n d fixtures.
2 Before 1958 mortgages are net of mortgage-pledged shares.
Asset
items will not a d d to total assets, w h i c h include gross m o r t g a g e s with n o
deductions for mortgage-pledged shares. Beginning with Jan. 1958, n o
d e d u c t i o n is m a d e for m o r t g a g e - p l e d g e d shares. T h e s e h a v e d e c l i n e d
consistently in recent years and a m o u n t e d to $42 million at the end of
1957.
3 Consists of advances from F H L B and other borrowing.
Savings
capital
Reserves
and
undivided
profits *
Borrowed
money 3
Loans in
process
Other
402
1,430
1,484
4
T h e d e c l i n e in r e s e r v e s a n d s u r p l u s f r o m F e b . t o M a r . 1 9 6 4 is c o n
centrated in state-chartered savings a n d loan assns. in Calif, w h e r e the
a c c o u n t i n g s y s t e m is b e i n g revised.
NOTE.—Federal Savings and Loa
e s t i m a t e s for all s a v i n g s a n d l o a n
beginning with 1954 are based on m
annual reports of noninsured assns.
o n annual reports. D a t a for curren
even w h e n revised.
n I n s u r a n c e C o r p . d a t a ; figures a r c
assns. in the United States.
Data
onthly reports of insured assns. and
D a t a before 1954 are based entirely
t and preceding year are preliminary
290
FEDERAL FINANCE
FEBRUARY 1965
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
Derivation of U. S. Government cash transactions
Net cash borrowing
or repayment
Payments to the public,
other than debt
Receipts from the public,
other than debt
Period
Budget
net
Plus:
Trust
funds
Equals:
Total
rects. 2
Less:
Intragovt. 1
Less:
Adjustments
Plus:
Trust
funds
Budget
Equals:
Total
payts.
Net
rects.
or
payts.
Change
Less:
in
Invest.
debt
b y
(direct agen. *
&
& agen.) trusts
Less:
Noncash
debt
Equals :
Net
Cal. year—1962
1963
1964
84,709
87,516
88,696
25,471
29,255
30,742
3,928 106,206
4,144 112,575
4,324 115,035
91,907
94,188
96,944
25,386
28,348
28,925
5,419 111,874 -5,668
'5,313 '1 17,222 '-4,647
5,069 120,800 -5,765
9,055
7,672
9,084
1,109
2,535
2,156
1,386
883
619
6,560
4,255
6,309
Fiscal year—1961
77,659
81,409
86,376
89,459
23,583
24,290
27,689
30,331
3,945 97,242
3,776 101,865
4,281 109,739
4,190 115,530
81,515
87,787
92,642
97,684
22,793
25,141
26,545
28,885
4,766 99,542 -2,300
5,266 107,662 -5,797
5,436 113,751 -4,012
6,237 120,332 -4,802
2,102
11,010
8,681
7,733
856
492
2,069
2,775
536
923
1,033
1,099
712
9,594
5,579
3,859
47,250
40,266
49,193
39,503
15,851
13,404
16,927
13,815
2,352
1,792
2,398
1,926
60,728
51,847
63,683
51,352
45,356
48,832
48,852
48,092
13,536
14,812
14,073
14,852
5,078
55,650
61,572 '-9,725
'4,923
58,760
62,040 -10,688
2,538
5,135
2,598
6,486
2,939
-403
3,178
-1,022
169
714
385
234
-569
4,824
-965
7,274
8,803
2,230
521
10,503
8,289
2,661
881
10,069
1,899
260
128
1,511
5,853
8,047
10,148
6,609
6,136
12,401
3,487
6,653
10,072
3,398
7,037
8,856
1,088
3,705
2,330
1,942
4,744
3,117
1,532
4,171
1,994
1,224
2,928
1,966
303
222
304
212
222
1,136
270
267
320
271
240
557
6,628
11,525
12,168
8,334
10,652
14,376
4,745
10,552
11,739
4,344
9,716
10,256
8,492
7,521
7,871
7,930
7,511
9,527
7,410
8,083
8,450
8,329
7,051
8,770
2,257
2,063
2,227
2,935
2,067
2,523
2,713
2,524
2,266
2,481
2,073
2,794
902
191
707
703
45
1,548
-95
-611
1,016
298
-156
453
9,848
9,393
9,390
10,163
9,533
10,502
10,217
11,218
9,700
10,512
9,281
11,112
-3,219 -1,059
2,132
1,550
2,778
-744
-1,829 -1,880
1,119
4,049
3,874
683
-5,472
-594
-666
3,284
2,039
1,412
-6,168
93
436
2,976
-857
-685
-1,328
830
167
-1,491
3,230
1,770
-1,205
1,960
-251
-1,556
809
-780
86
133
35
22
61
48
38
67
82
16
153
-122
183
586
-946
-411
758
-1,136
572
1,257
1,581
1,633
2,015
1962
1963
1964
Half year:
1963—Jan.-June....
July-Dec
1964—Jan.-June
July-Dec
Month:
1963—Dec
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3,241
2,072
'4,165
904
r
433
217
Effects of operations on Treasurer's account
Net operating transactions
Net financing transactions
Agencies & trusts
Period
Budget
surplus
or
deficit
Trust
funds 3
Clearing
accounts
Market
issuance
of
sec. 3
Invest,
in U.S.
Govt.
sec. 3
Change in
cash balances
Treasurer's account
(end of period)
Operating bal.
Change
in
gross
direct
public
debt
Held
outside
Treasury
Treasurer's
account
Balance
F.R.
banks
Tax
and
loan
accts.
Other
net
assets
Fiscal year—1961..
1962..
1963..
1964..
-3,856
-6,378
-6,266
-8,226
790
-851
1,143
1,446
285
566
122
948
-538
1,780
1,022
1,880
-856
-492
-2,069
-2,775
2,640
9,230
7,659
5,853
-222
118
-74
206
-1,311
3,736
1,686
-1,080
6,694
10,430
12,116
11,036
408
612
806
939
5,453
8,815
10,324
9,180
833
1,003
986
917
Half year:
1963—Jan.-June.,
July-Dec,
1964—Jan.-June..
July-Dec...
1,894
-8,567
341
-8,589
2,315
-1,408
2,854
-1,036
720
'-434
1,381
-1,256
148
1,648
232
258
-2,939
403
-3,178
1,022
2,390
3,487
2,366
6,228
-78
'-129
334
367
4,607
-4,741
3,661
-3,741
12,116
7,375
11,036
7,295
806
880
939
820
10,324
5,621
9,180
5,377
986
874
917
1,098
Month:
1963—Dec
514
-431
232
767
-260
1,132
-151
2,105
7,375
880
5,621
874
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
-2,639
526
2,277
-1,322
-1,375
2,874
-3,923
-1,430
1,622
-4,930
-15
86
-1,169
1,642
103
-993
2,677
594
-1,181
1,648
-273
-1,257
855
-829
512
-163
368
468
-237
364
-403
-946
613
11
-549
17
-289
-230
24
109
117
502
-64
378
-108
67
125
-139
1,328
-830
-167
1,491
-3,230
-1,770
1,205
-1,960
251
1,556
-809
780
-770
1,780
-767
-1,989
3,931
181
-530
2,906
1,520
26
2,851
-546
84
194
-23
335
-333
9
-10
-43
226
-30
46
178
-3,111
2,531
1,861
-2,571
2,215
2,735
-4,886
640
3,400
-4,498
2,412
-809
4,264
6,795
8,656
6,085
8,300
791
1,024
831
925
890
939
785
939
933
687
974
820
2,451
4,783
6,940
3,974
6,557
9,180
4,505
5,085
8,339
4,155
6,182
5,377
1,022
988
885
1,186
853
917
860
765
917
849
948
1,098
1 Primarily interest oaymerits by Treasury to trust accounts and accumulations to U.S. emoloyee trust funds.
2 Includes small adjustments not shown separately.
3 Includes net transactions of Govt. sponsored enterprises.
•Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing
accounts.
11,036
6,150
6,789
10,189
5,691
8,104
7,295
5 Includes technical adjustments not allocated by functions.
6
Fiscal year cash payments for agriculture and international affairs
reflect a shift of the Food for Peace program out of agriculture and into
international affairs. Data are not yet available to make the adjustment
on a monthly or half-yearly basis.
NOTE.—Based on Treasury Dept. and Bureau of the Budget data.
FEBRUARY 1965
291
FEDERAL FINANCE
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions of dollars)
Cash receipts from the public
Income taxes
Period
Individual
Total
Total
OASI
and
R.R.
Unempl.
12,981
13,197
15,128
17,405
Estate
and
gift
Customs
Int.
and
repayments
Refunds
Other
Total
21,765
21,296
22,336
24,301
12,064
12,752
13,410
13,950
5,204
5,367
5,521
5,630
2,923
3,080
3,405
3,646
16,381
17,032
19,729
21,936
2,896
3,334
4,107
4,037
1,916
2,035
2,187
2,416
1,008
1,171
1,241
1,284
2,105
1,358
1,815
1,702
5,976
6,266
6,571
7,148
1,826
1,838
2,604
2,499
19,761 10,950 13,526
20,120 3,465 9,242
19,139 11,866 15,059
17,732 3,598 9,989
6,602
7,043
6,907
7,398
2,676
2,940
2,690
n.a.
1,649
1,898
1,748
1,947
11,796 9,017 2,532
9,209 7,373 1,588
12,727 10,032 2,449
9,378 7,535 1,594
1,273
992
1,424
1,170
602
661
623
729
636
'943
759
900
5,766
1,044
6,104
1,008
1,348
1,216
1,283
1,466
Other
32,978
36,246
38,719
39,259
13,175
14,403
14,269
15,331
Fiscal year—1961...
1962...
1963...
1964...
97,242
101,865
109,739
115,530
Half year:
1963—Jan.-June..
July-Dec...
1964—Jan.-June..
July-Dec...
60,728
51,847
63,683
51,352
Month:
1963—Dec.......
10,503 3,176
6,628
11,525
12,168
8,334
10,652
14,376
4,745
10,552
11,739
4,344
9,716
10,256
Liquor
and to- Highway
bacco
Corp.
Withheld
1964—Jan
Feb
Mar
Apr..
May
June......
July
Aug
Sept.......
Oct
Nov.......
Dec.
Social ins. taxes
Excise taxes
1,432
6,105
3,222
889
4,837
2,654
1,172
4,809
2,669
1,158
4,956
2,969
406
3,726
1,271
499
300
1,240
1,147
52
150
103
272
103
262
2,441
870
770
5,006
561
2,219
377
159
2,255
264
112
430
583
451
6,654
684
491
6,196
646
419
3,950
572
449
3,953
1,087
1,112
1,121
1,103
1,195
1,290
1,234
1,284
1,203
1,176
1,244
1.257
385
382
434
465
466
560
456
496
502
n.a.
n.a.
n.a.
283
320
264
254
308
320
328
380
324
298
336
280
542
3,382
1,678
1,394
4,163
1,563
904
3,455
1,256
639
2,238
885
294
2,393
1,527
1,116
3,242
1,457
623
2,732
1,158
478
1,766
778
195
954
109
239
884
66
233
684
56
121
435
65
180
184
196
422
234
208
219
219
166
205
168
192
101
87
108
109
100
117
120
112
122
126
124
125
124
102
146
119
125
145
143
123
132
130
220
152
126
944
1,960
1,575
1,196
304
219
207
216
176
100
90
264
176
233
183
142
288
149
179
202
250
305
383
Cash payments to the public
Tr»t«1 5
l oiai •
>
National
defense
Intl.
affairs
Fiscal year—1961. .
1962..
1963..
1964'.
99,542
107,662
113,751
120,332
47,685
51,462
53,429
54,514
Half year:
1963—Jan.-June.
July-Dec.f
55,649
61,572
1964—Jan.-June'
July-Dec..
58,761
62,040
Month:
1963—Dec. r .
1964 -Jan.
Feb
Mar.....
Apr
May
June....
July.....
Aug
Sept
Oct
Nov.....
Dec
Space
research
Agriculture 6
Natural
resources
Commerce
and
transp.
'3,608
'3,976
'3,805
3,492
744
1,257
2,552
4,171
'3,728
'4,458
'5,703
5,846
2,101
2,223
2,456
2,595
5,107
5,487
5,777
6,545
27,304
26,359
1,368
1,031
1,527
1;857
2,821
4,302
1,067
1,455
28,158
24,569
Period
962
1,205
2,313
2,333
3,038
4,255
6
Hous- Health,
ing
Educalaoor Xr tion
& com. Inhnr oc
devel. welfare
Interest
General
Govt.
22,364
23,975
25,698
27,285
945
1,052
1,214
1,299
6,187
6,092
5,971
6,107
7,257
6,940
7,427
8,011
'1,678
'1,837
'1,953
2,221
2,679 - 1 , 2 9 6
3,657
1,850
13,347
13,162
650
563
3,010
2,956
3,846
3,841
'972
1,052
1,139
1,543
2,890
4,288
14,126
13,722
732
639
3,150
2,943
4,170
4,258
1,168
1,138
-103
1,691
-268
1,674
-175
516
10,069
4,560
220
372
630
216
622
499
2,232
87
494
269
176
9,848
9,393
9,390
10,163
9,533
'10,434
10,217
11,218
9,700
10,512
9,281
11,112
4,385
4,311
4,425
4,594
4,678
5,765
3,592
3,869
4,243
4,301
4,052
4,512
251
204
131
-152
275
253
201
265
191
301
-190
437
355
317
359
452
326
504
334
385
386
387
406
435
701
610
541
587
274
325
672
1,120
624
841
357
641
192
179
171
174
175
248
235
287
293
244
229
255
394
424
446
472
460
'694
702
740
759
779
657
651
'-13
-383
-101
386
-245
'181
246
16
35
-48
-193
460
'2,449
'2,358
2,402
2,404
2,000
2,513
2,277
2,249
2,229
2,261
2,299
2,407
'129
120
140
125
106
112
78
129
126
94
90
122
703
468
499
457
486
'537
485
501
525
505
398
529
269
1,393
364
402
1,394
'348
360
1,378
317
436
1,337
430
'236
178
181
172
178
223
1963
Item
II
1964
III
IV
II
III
1963
IV
27 .5
28 .2
27. 8
28. 5
28. 5 29 .0
30. 5 30 .0
29 .7
30 .5
Net.
- .7
-. 7
- 2 . 0 - 1 .0
- .8
For notes, see opposite page.
'184
183
'189
200
164
218
1964
III
Seasonally adjusted
Cash budget:
Receipts
Payments
C
Veterans
III
IV
IV
27 .0
31 .1
_ 4 .1
24.3
30.9
Not seasonally adjusted
28.7
30.2
28 .2
26.5
32 .6
29 .1
27 .3
31 .0
24 .5
30 .6
30 .3
28 .6
33. 4
'30. 1
- 1 .0 - 2 .5 - 1 . 5
1.7
3 .4
- 3 .6
- 6 .1
1 .7
3. 2
28 .5 28 .2
29 .5 30 .6
-6.6
292
U.S. GOVERNMENT SECURITIES
FEBRUARY 1965
TOTAL DEBT, BY TYPE OF SECURITY
(In billions of dollars)
Public issue:
Total
gross
debt i
End of period
Total
gross
direct
debt 2
Marketable
Nonmarketable
Total
Total
Certificates
Bills
Notes
Bonds *
Convertible
bonds
Special
issues 6
Totals
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
1963—Dec
290.4
296.5
304.0
310.1
290.2
296.2
303.5
309.3
242.5
249.2
255.8
261.6
189.0
196.0
203 0
207.6
39.4
43.4
48 3
51.5
18.4
5.5
22.7
10.9
51.3
71.5
53.7
58.7
79.8
75.5
78.4
86.4
5.7
4.6
4 0
3.2
47.8
48.6
48.8
50.7
47.2
47.5
47.5
48.8
44.3
43.5
43.4
43.7
1964
309.3
311.1
310.4
308.4
312.3
312 5
312.0
314.9
316 5
316.5
319 3
318.7
308.6
310.4
309.6
307.6
311.5
311.7
311.2
314.1
315.6
315.6
318.5
317.9
262.6
263.2
262.2
261.4
262.2
260 7
261.1
262.2
263 8
265.0
267 4
267.5
208.6
209.2
208.2
207.4
208 0
206 5
206 8
207.7
209 0
210 1
212 4
212.5
52.5
53.6
52.5
51.0
52 2
50 7
51 0
52 0
53 3
55 0
56 5
56.5
10.9
4.2
4.2
4.2
56.4
64.5
64.5
65.1
67.3
67 3
58 6
58.6
58 6
58.1
58 9
59.0
88.7
87.0
87.0
87.0
88.5
88 5
97 1
97.1
97 1
97.0
97 0
97.0
3.2
3.2
3.2
3.1
3
3
3
3.
3
3
3
3.0
50.8
50.8
50.8
50.9
51.0
51 1
51 2
51.4
51 7
51.8
51 9
52.0
48.9
49.0
49.1
49.1
49.2
49 3
49.4
49.4
49 5
49.6
49 7
49.7
41.9
42.9
43.2
42.0
45.0
46.6
45.7
47.4
47.4
46.3
46.7
46.1
318.6
318.0
269.4
214.4
58.4
53.2
102.8
3.0
52.1
49.8
44.2
Jan
Feb
Mar
Apr
May
June
J U ly,
Sept.
Oct
Nov
Dec
•
.
. . .
1965—Jan
1 Includes noninterest-bearing debt (of which $286 million, on Jan. 29,
1965, was not subject to statutory debt limitation) and guaranteed securities, not shown separately.
2 Excludes guaranteed securities.
3 Includes amounts held by U.S. Govt. agencies and trust funds, which
totaled $14,532 million on Dec. 31, 1964.
* Includes Treasury bonds and minor amounts of Panama Canal and
postal savings bonds.
5 Includes Series A investment bonds, depositary bonds, armed forces
leave bonds, adjusted service bonds, foreign currency series, foreign
series, Rural Electrification Administration bonds, and before 1956.
tax and savings notes, not shown separately.
« Held only by U.S. Govt. agencies and trust funds.
NOTE.—Based on Daily Statement of U.S. Treasury.
OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES
(Par value in billions of dollars)
Held by—
End of
period
Total
gross
debt
Held by the public
U.S.
Govt.
agencies
and
trust
funds 1
F.R.
Banks
Total
Commercial
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
govts.
Individuals
Other
Savings
bonds securities
Foreign Other
and
misc.
interinvesnational* 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
1960—Dec
1961—Dec
1962—Dec
1963—Dec
276.7
275.0
283.0
290.9
290.4
296.5
304.0
310.1
54.0
55.2
54.4
53.7
55.1
54.5
55.6
58.0
24.9
24.2
26.3
26.6
27.4
28.9
30.8
33.6
197.8
195.5
202.3
210.6
207.9
213.1
217.6
218.5
59.5
59.5
67.5
60.3
62.1
67.2
67.2
64.3
8.0
7.6
7.3
6.9
6.3
6.1
6.1
5.8
13.2
12.5
12.7
12.5
11.9
11.4
11.5
11.3
19.1
18.6
18.8
22.8
20.1
20.0
20.2
20.6
16.3
16.6
16.5
18.0
18.7
19.0
20.1
21.1
50.1
48.2
47.7
45.9
45.7
46.4
46.9
48.1
15.4
15.8
15.3
22.1
19.1
17.9
17.6
18.2
7.8
7.6
7.7
12.0
13.0
13.4
15.3
15.9
8.4
9.0
8.9
10.1
11.2
11.6
12.7
13.3
1964—Jan
Feb
Mar
309.3
311.1
310.4
308.4
312.3
312.5
312.0
314.9
316.5
316.5
319.3
318.8
56.5
57.5
57.6
56.1
59.4
61.1
59.9
61.8
61.8
60.5
61.2
60.6
32.8
33.2
33.8
33.2
34.2
34.8
35.1
35.2
35.4
35.7
36.8
37.0
220.0
220.5
219.0
219.1
218.8
216.6
217.0
218.0
219.3
220.2
221.4
221.1
62.9
62.2
61.6
61.1
60.0
60.2
59.3
60.0
61.8
62.1
63.4
63.7
5.9
6.0
6.1
6.0
6.0
6.0
6.0
6.0
6.0
5.8
5.7
5.7
11.3
11.3
11.2
11.0
11.0
10.9
10.9
11.0
11.2
11.2
11.2
11.1
21.8
22.7
21.4
21.8
22.5
20.2
'20.5
'20.5
'19.1
'20.2
'20.1
19.7
21.2
21.4
21.7
22.6
22.6
22.5
22.3
22.6
22.3
22.2
'21.9
21.6
48.1
48.2
48.3
48.3
48.4
48.5
48.6
48.6
48.7
48.8
48.9
48.9
18.8
19.1
19.6
18.8
19.0
19.0
'19.3
'18.9
'19.3
'19.4
'19.0
19.2
15.9
15.9
15.6
15.3
15.4
15.6
15.8
16.0
16.3
'16.3
16.4
16.6
14.2
13.6
13.6
14.2
13.8
13.7
14.4
14.3
14.6
'14.4
'14.6
14.6
May
June
July
Aug
Sept
Oct
Nov
Dec
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.
FEBRUARY 1965
U.S. GOVERNMENT SECURITIES
293
OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY
(Par value in millions of dollars)
Within 1 year
Type of holder and date
1-5
years
lotat
Total
All holders:
1961—Dec.
1962—Dec.
1963—Dec.
1964—Nov.
Dec.
Bills
5-10
years
10-20
years
Over
20 years
Other
31
31
31
30
31
195,965
203,011
207,571
212,414
212,454
84,428
87,284
89,403
88,443
88,451
43,444
48,250
51,539
56,469
56,476
40,984
39,034
37,864
31,974
31,974
66,360
61,640
58,487
61,427
64,007
19,782
33,983
35,682
38,963
36,421
11,976
4,565
8,357
6,108
6,108
13,419
15,539
15,642
17,473
17,467
U.S. Govt. agencies and trust funds:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—Nov. 30
Dec. 31
8,484
9,638
11,889
12,117
12,146
1,252
1,591
1,844
1,677
1,731
583
865
1,366
1,247
1,308
669
726
478
430
424
1,860
1,425
1,910
2,219
2,422
1,594
2,731
3,021
3,372
3,147
1,756
1,309
2,178
1,563
1,563
2,022
2,583
2,936
3,286
3,282
Federal Reserve Banks:
196i_Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—Nov. 30
Dec. 31
28,881
30,820
33,593
36,774
37,044
17,650
17,741
22,580
21,278
21,388
3,349
2,723
4,146
6,419
6,487
14,301
15,018
18,434
14,859
14,901
8,737
10,834
8,658
13,119
13,564
2,227
2,094
2,136
2,088
1,797
204
68
88
56
58
63
83
131
234
237
31
31
31
30
31
158.600
162,553
162,089
163,523
163,264
65,526
67,952
64,979
65,488
65,331
39,512
44,662
46,027
48,803
48,682
26,014
23,290
18,952
16,685
16,650
55,763
49,381
47,919
46,089
48,021
15,961
29,158
30,525
33,503
31,477
10,016
3,188
6,091
4,490
4,487
11,334
12,873
12,575
13,953
13,948
Commercial banks:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—Nov. 30
Dec. 31
59.073
58,004
54,881
53,309
53,752
21,149
19,885
16,703
17,757
18,509
9,962
9,838
9,290
10,108
10,969
11,187
10,047
7,413
7,649
7,540
30,751
26,348
26,107
22,951
23,507
5,043
11,163
11,075
11,920
11,049
1,724
191
533
187
187
407
417
463
494
501
Mutual savings banks:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—Nov. 30
Dec. 31
5,867
5,793
5,502
5,441
5,434
'686
635
690
579
608
181
252
268
323
344
505
383
422
256
263
1,514
1,337
1,211
1,360
1,536
1,708
2,210
2,009
1,962
1,765
662
306
377
261
260
1,298
1,305
1,215
1,279
1,266
Insurance companies:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—Nov. 30
Dec. 31
9,020
9,265
9,254
9,209
9,160
1,228
1,259
1,181
1,025
1,002
442
552
549
498
480
786
707
632
527
522
2,222
2,175
2,044
1,905
2,045
1,625
2,223
2,303
2,563
2,406
1,274
718
939
824
818
2,671
2,890
2,787
2,891
2,890
10,547
10,750
10,427
9,627
9,136
8,697
9,063
7,671
7,228
6,748
5,466
6,551
6,178
5,519
5,043
3,231
2,512
1,493
1,709
1,705
1,747
1,524
2,397
1,863
2,001
72
149
290
412
272
22
5
9
3
3
8
9
60
122
112
Savings and loan associations:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—Nov. 30
Dec. 31
2,760
2,862
3,253
3,400
3,418
446
437
378
444
490
155
254
236
300
343
291
183
142
144
148
895
817
919
1,012
1,055
617
1,030
1,202
1,339
1,297
371
105
253
132
129
431
473
501
473
447
State and local governments:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—Nov. 30
Dec. 31
10,893
11,716
12.453
15,390
15,022
3,974
4,447
4,637
5,294
4,863
2,710
3,282
3,869
4,367
3,961
1,264
1,165
768
927
902
1,320
1,059
941
1,802
2,014
842
1,505
1,502
2,192
2,010
1,250
688
1,591
1,450
1,454
3,507
4,017
3,782
4,652
4,680
All others:
1961—Dec.
1962—Dec.
1963—Dec.
1964—Nov.
Dec.
60,440
64,162
66,320
67,149
67,341
29,346
32,227
33,719
33,162
33,111
20,596
23,935
25,637
27,687
27,542
8,750
8,292
8,082
5,475
5,570
17,314
16,121
14,301
15,197
15,863
6,054
10,877
12,144
13,115
12,678
4,713
1,175
2,389
1,633
1,637
3,012
3,761
3,767
4,042
4,052
Held by public:
1961—Dec.
1962—Dec.
1963—Dec.
1964—Nov.
Dec.
Nonfinancial corporations:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—Nov. 30
Dec. 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 by those
reporting in the Survey and the number of owners surveyed were: (1)
about 90 per cent by the 6,006 commercial banks, 501 mutual savings
banks, and 785 insurance cos. combined; (2) about 50 per cent by the
469 nonfinancial corps, and 488 savings and loan assns.; and (3) about
70 per cent by 507 State and local govts.
Holdings of "all others," a residual, include holdings of all those not
reporting in the Treasury Survey, including investor groups not listed
separately.
294
U.S. GOVERNMENT SECURITIES
FEBRUARY 1965
DEALER TRANSACTIONS
(Par value, in millions of dollars)
U.S. Government securities
By maturity
By type of customer
Period
U.S. Govt.
agency
securities
Dealers and brokers
Total
Within
1 year
1-5
years
5-10
years
Over
10 years
U.S.
Goyt.
securities
Commercial
banks
Other
All
other
1963—Dec
1,719
1,348
213
122
37
508
30
730
451
96
1964—Jan
Feb
Mar....
Apr
May
June
July
Aug
Sept
Oct
Nov.
Dec
2,144
1,809
1,685
1,849
1,702
1,488
1,936
1,453
1,510
1,749
1,864
2,052
1,656
1,336
1,361
1,528
1,264
1,201
1,433
1,099
1,214
1,476
1,426
1,596
264
272
213
234
248
170
216
197
155
141
271
261
159
145
81
70
165
97
208
123
102
92
127
146
65
56
31
18
25
19
79
34
39
41
40
49
687
528
563
590
566
458
581
406
443
529
533
615
36
29
22
24
29
24
38
26
20
25
28
38
905
737
657
737
651
566
784
604
616
719
805
835
516
516
443
498
457
439
532
417
432
475
r
499
564
99
91
86
134
120
142
131
113
117
114
131
85
Week ending—
1964—Dec.
2
9.
16
23
30
2,388
1,966
1,817
1,680
2,361
2,037
',495
,352
,298
,978
209
271
277
230
233
112
163
142
122
118
31
37
46
30
34
657
661
557
475
648
29
31
38
31
46
948
787
731
753
978
754
488
492
422
689
76
77
78
110
77
1965—Jan.
6
13
20
27
3,882
2,618
2.054
1,675
,529
,921
,668
,271
792
293
166
141
309
166
137
164
253
239
84
100
,106
745
584
468
71
52
38
30
1,666
1,176
841
747
1.038
645
591
431
72
54
123
119
NOTE.—The transactions data combine market purchases and sales of
U.S. Govt. securities dealers reporting to the F.R. Bank of N.Y. They
do not include allotments of and exchanges for new U.S. Govt. securities,
redemptions of called or matured securities, or purchases or sales of securi-
ties under repurchase agreements, reverse repurchase (resale), or similar
contracts. Averages of daily figures based on the number of trading
days in the period.
DEALER POSITIONS
DEALER FINANCING
(Par value, in millions of dollars)
(In millions of dollars)
U.S. Government securities, by maturity
Period
All
maturities
Within
1 year
1-5
years
Over
5 years
Commercial banks
U.S.
Govt.
agency
securities
1963—Dec
3,090
2,800
295
-4
254
1964—Jan
Feb
Mar
Apr
May.....
June
July
Aug
Sept
Oct
Nov
Dec
3,582
3,475
2,775
2,393
3,087
3,475
3,817
4,313
3,954
3,358
3,692
3,252
3,218
2,787
2,486
2,316
2,670
3,217
3,121
2,978
3,302
2,966
3,073
2,675
272
468
323
156
164
91
229
552
373
231
479
419
92
219
-34
-78
253
167
468
782
280
160
140
159
163
195
195
170
231
318
225
275
250
262
313
282
4..
11..
18..
25..
3,701
3,861
3,865
3,682
3,247
3,105
3,184
3,142
258
579
535
439
196
177
146
100
300
296
309
328
2..
9..
16..
23..
30..
2,926
2,739
3,274
3,420
3,856
2,367
2,141
2,663
2.865
3,266
455
434
400
385
451
105
164
211
170
140
Period
322
270
252
288
296
Week ending—
1964—Nov.
Dec.
New
York
City
Elsewhere
Corporations l
All
other
1963—Dec
3,139
823
587
1,466
263
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3,646
3,645
2,971
2,390
3,082
3,541
4,156
4,186
4,011
3,299
3,706
3,399
1,139
1,048
784
545
711
981
1,250
1,144
1,255
845
1,020
1,029
1,019
879
613
556
724
761
871
924
1,069
835
963
781
1,159
1,355
1,247
1,065
1,347
1,493
1,671
1,703
1,253
1,258
1,192
1,056
328
363
326
225
300
307
364
416
434
361
531
533
Week ending—
NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the
contract is matched by a reverse repurchase (resale) agreement or delayed
delivery sale with the same maturity and involving the same amount of
securities. Included in the repurchase contracts are some that more
clearly represent investments by the holders of the securities rather than
dealer trading positions.
Average of daily figures based on number of trading days in the period.
All
sources
1964—Nov.
4...
11...
18...
25...
3,704
3,668
3,882
3,698
1,196
869
1,118
956
903
967
1,033
977
1,227
1,131
1,155
1,274
378
701
576
491
Dec.
2...
9...
16. . .
23...
30...
3,363
2,863
3,560
3,500
3,668
944
607
1,054
1,235
1,254
833
501
895
873
828
1,236
1,427
981
842
933
350
328
631
551
653
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 arc included. See also
note to the opposite table on this page.
FEBRUARY 1965
295
OUTSTANDING SECURITIES
U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, JANUARY 31, 1965
(In millions of dollars)
Issue and coupon rate
Treasury bills
Jan. 31. 1965..
Feb. 4,1965.
Feb. 11,1965.
Feb. 18, 1965.
Feb. 25, 1965.
Feb. 28, 1965.
Mar. 4,1965.
Mar. 11, 1965.
Mar. 18, 1965.
Mar. 22, 19651
Mar. 25, 1965.
Mar. 31, 1965.
Apr. 1,1965.
Apr. 8,1965.
Apr. 15, 1965.
Apr. 22, 1965.
Apr. 29, 1965.
Apr. 30, 1965.
May 6,1965.
May 13, 1965.
May 20, 1965.
May 27,1965.
May 31,1965.
June 3,1965.
June 10, 1965.
June 17, 1965.
June 22, 1965
June 24,1965.
1
Issue and coupon rate
Amount
Amount
Treasury bills—Cont.
1,000
June 30, 1965
2,101
July 1, 1965
2,102
July 8, 1965
2,102
July 15, 1965
2,102
July 22, 1965
1,001
July 29,1965
2,101
July 31, 1965
2,202
Aug. 31, 1965
2,201
Sept. 30, 1965
2,504
Oct. 31, 1965
2,109
Nov. 30, 1965
1,001
Dec. 31,1965
2,100
2,003
2,104 Treasury notes
2,201
Apr. 1,1965
1%
2,206
May 15,1965
4%
1,001
May 15, 1 9 6 5 . . . . . . 3%
1,000
Aug. 13,1965
3%
1,000
Aug. 13,1965
3%
1,001
Oct. 1,1965
IVi
1,000
Nov. 15, 1965
3%
1,000
Nov. 15, 1965
4
1,000
Feb. 15,1966
3%
1,001
Feb. 15, 1966
3%
1,001
Apr. 1,1966
\Vi
3,263
May 15,1966
4
1,005
Aug. 15, 1966
4
Issue and coupon rate
Treasury notes—Cont.
1,001
Oct. 1, 1966
1
1,002
Feb. 15, 1967
3
1,003
Apr. 1,1967
1'
1,001
Aug. 15, 1967
3^
1,001
Oct. 1,1967
1
1,003
Apr. 1,1968
1
1,000
Oct. 1,1968
1_
1,000
Apr. 1,1969
1%
1,001
Oct. 1, 1969
\y2
1,000
1,001 Treasury bonds
1,003
June 15, 1962-67... 2fc
Dec. 15, 1963-68... 2 Vi
June 15, 1964-69... 2 Vi
Dec. 15, 1964-69... 2Vi
466
Feb. 15, 1965
2%
1,816
Mar. 15, 1965-70...2%
6,620
May 15, 1966
3%
6,202
Aug. 15, 1966
3
1,066
Nov. 15, 1966
3y8
315
Mar. 15, 1966-71... 2%
1,615
June 15, 1967-72... 2%
8,099
Sept. 15, 1967-72...2%
2,196
Nov. 15,1967
3%
2,600
Dec. 15, 1967-72... 2Vi
675
May 15, 1968
3%
9,519
Aug. 15, 1968
3%
5,156
Nov. 15, 1968
3%
Issue and coupon rate
Amount
Treasury bonds—Cont.
Feb. 15, 1969...
4
Oct. 1,1969
4
Feb. 15, 1970
4
Aug. 15, 1 9 7 0 . . . . . . . . 4
Aug. 15, 1971..
4
Nov. 15, 1971......37/s
Feb. 15, 1972
4
Aug. 15, 1 9 7 2 . . . . . . . . 4
Aug. 15, 1973
4
Nov. 15, 1973
4V6
Feb. 15, 1974
4H
May 15, 1974
414
Nov. 15, 1974
37/s
May 15, 1975-85...4V4
June 15, 1978-83... 3 V4
Feb. 15, 1980
4
Nov. 15, 1980
3V£
May 15, 1985
3l/4
Feb. 15,1990
3%
Aug. 15, 1987-92...414
Feb. 15, 1988-93
4
May 15, 1989-94... 41/8
Feb. 15,1995
3
Nov. 15, 1 9 9 8 . . . . . . 3Vi
357
2,358
270
2,932
457
212
115
61
97
1,432
1,794
2,626
2,537
2,170
2,413
1,685
1,024
1,851
1,401
1,287
1,952
2,028
2,717
2,460 Conrertible bonds
3,747
Investment Series B
1,591
Apr. 1,1975-80...2%
NOTE.—Direct public issues only.
Treasury.
Tax anticipation issue.
Amount
1,844
6,262
4,384
4,129
2,806
2,760
2,344
2,579
3,894
4,357
3,103
1,532
2,244
1,218
1,585
2,609
1,913
1,128
4,904
3,828
250
1,560
2,399
4,430
2,969
Based on Daily Statement of U.S.
FEDERALLY SPONSORED AGENCIES, DECEMBER 31, 1964
Agency, type and date of issue,
and coupon rate
Federal home loan banks
Notes:
Mar. 16,1964
Apr. 15,1964
May 15, 1964
June 15,1964
Oct. 15, 1964
Aug. 17, 1964
Sept. 15, 1964
Oct. 15, 1964
Nov. 16, 1964
Bonds:
Sept.
July
Dec.
June
17, 1962
15, 1964
9,1963
15, 1964
Maturity
Amount
(millions
of dollars)
4.05
4.15
4.10
4%
4
3.95
4.05
4.05
4.10
Jan.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
15, 1965
15, 1965
15, 1965
17, 1965
15, 1965
15, 1965
16, 1965
15, 1965
15, 1965
249
435
430
525
250
446
552
172
400
3*/4
4i/8
4%
4*4
Sept.
Mar.
Aug.
Nov.
15, 1965
15, 1966
15, 1966
15, 1966
175
260
200
275
Federal National Mortgage Association—
secondary market operations
Discount notes.
Debentures:
Dec. 10, 1957
Sept. 10, 1962
Dec. 12,1960
Mar. 10, 1958
Apr. 10, 1959
Apr. 11, 1960
Sept. 12, 1960
Aug. 23, 1960
Sept. 11, 1961
Feb. 10,1960
Dec. 11, 1961
June 12, 1961..
Feb. 13,1962
Banks for cooperatives
Debentures:
Aug. 3,1964
Oct. 1,1964
Nov. 2,1964
Dec. 1,1964
163
4%
334
4H
3%
4%
4%
4Vs
4Vs
4V£
5%
4%
4V4
4%
June
Mar.
Dec.
Mar.
Apr.
Apr.
Sept.
Aug.
Sept.
Feb.
June
June
Feb.
10,
10,
12,
11,
10,
10,
10,
10,
10,
10,
12,
12,
10,
1965
1966
1966
1968
1969
1970
1970
1971
1971
1972
1972
1973
1977
98
108
93
87
88
143
119
64
96
100
100
146
198
Federal intermediate credit banks
Debentures:
Apr. 1,1964
May 4,1964
June 1,1964
July 1,1964
Aug. 3,1964
Sept. 1,1964
Oct. 1,1964
Nov. 2,1964
Dec. 1,1964
Federal land banks
Bonds:
Apr. 20, 1964
Aug. 20, 1964
Oct. 20, 1960
June 20, 1961
Apr. 3,1961
May 1,1958
Sept. 20, 1961
Feb. 15, 1957
May 1,1962
Oct. 1,1957
Oct. 22,1963
Apr. 1,1959
May 1,1963
Aug. 20, 1964
Feb. 2,1959
July 15,1957
Oct. 20, 1964
Feb. 1,1960
Feb. 14, 1958
Jan. 5,1960
May 1,1956
Sept. 14, 1956
Feb. 20, 1963
Feb. 20, 1962
Maturity
4.05
4&
V
4.05
4.10
4
3.95
4
4.05
4.05
4l/4
4
4
4
3%
3%
4V4
4%
4
4Vi
4YS
4V4
4
4V4
4%
4%
4V4
5Vs
3%
5V6
3%
3%
4i/8
4%
Jan.
Feb.
Mar.
Apr.
May
June
July
y
Aug.
Sept.
4, 1965
1, 1965
1, 1965
1, 1965
3, 1965
1, 1965
1, 1965
2, 1965
1, 1965
Apr. 20, 1965
Aug. 23, 1965
Oct. 20, 1965
Dec. 20, 1965
Feb. 21, 1966
May 2, 1966
July 20, 1966
Feb. 15, 1967-72
May 22, 1967
Oct. 1, 1967-70
Oct. 23, 1967
Mar. 20, 1968
June 20, 1968
Aug. 20, 1968
Mar. 20, 1969
July 15, 1969
Oct. 20, 1969
Feb. 20, 1970
Apr. 1, 1970
July 20, 1970
May 1, 1971
Sept. 15, 1972.
Feb. 20, 1973-78
Feb. 20, 1974
Tennessee Valley Authority
Short-term notes
3.90
4
4
4
Feb.
Apr.
May
June
1, 1965
1, 1965
3,1965
1, 1965
232
196
67
192
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)
289
290
259
249
217
204
186
195
226
209
159
160
140
150
108
193
72
180
75
174
111
186
160
100
60
209
82
83
85
60
109
148
155
45
4.40
4%
4%
Nov. 15, 1985
July 1, 1986
Feb. 1, 1987
50
50
45
296
CREDIT AGENCIES; SECURITY ISSUES
FEBRUARY 1965
MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES
(In millions of dollars)
Federal home loan banks
Assets
End of
period
1955
1956
1957
1958
1959
1963—Dec...
1,417
1,228
1,265
1,298
2,134
1,981
2,662
3,479
4,784
1964—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
4,414
4,216
4,168
4,444
4,395
4,769
4,763
4,781
4,837
4,797
4,784
5,325
1960
1961
1962
Liabilities and capital
Ad-
vances
to
members
Investments
and
de-
Bonds
and
notes
posits
765
1,027
908
999
1,093
l _r\i
,153
,531
,906
1,730
(,622
1,709
1,420
,607
1,804
1,476
1,622
1,597
1,614
1,889
1,523
Federal National
Mortgage Assn.
(secondary market
operations)
Member
deposits
62
62
63
75
103
975
963
825
714
1,774
698
683
653
819
589
90
159
173
1,266
1,571
2,707
159
4,363
101
86
86
72
82
153
106
75
99
94
84
141
3,961
3,631
3,622
3,625
3,727
4,201
4,042
4,169
4,165
4,144
4,369
4,369
Debentures
and
notes
(L)
Mortgage
loans
(A)
Capital
stock
Loans
to
cooperatives
(A)
Fed eral
i
lai lQ
bai
Federal
intermediate
credit banks
Banks
for
cooperatives
Debentures
(L)
Loans
and
discounts
(A)
nr
iks
Debentures
Mortgage
loans
Bonds
(L)
(A)
(L)
1,497
1,744
1,191
1,437
1,599
1,743
1,986
516
607
685
769
866
83
628
1,562
1 323
1,967
200
1,315
1,100
1,640
371
457
454
510
622
110
143
222
252
364
693
747
932
1,157
1,391
657
705
886
1,116
1,356
938
989
1,180
1,214
1,107
1,126
2,788
2 770
2,752
2,523
2,453
2,422
649
697
735
407
435
505
1,501
1,650
1,840
1,454
1,585
1,727
1,151
1,171
2,000
1,788
840
589
2,099
944
943
997
957
990
,176
1,182
1,189
1,193
,196
1,201
1,208
1,210
1,212
1,214
[.216
1,227
1,988
1,985
1,984
1,983
1,984
1,962
1,940
1,936
1,926
1,934
1,930
1,940
1,786
1,786
1,785
1,781
1,698
1,698
1,698
1,696
1,549
1,707
1,701
1,601
866
849
815
786
747
757
782
787
809
924
975
958
589
589
586
533
527
498
498
538
538
576
638
686
2,102
2,163
2,238
2,329
2,412
2,504
2,561
2,561
2,516
2,377
2,241
2,247
1,153
936
926
989
978
989
1,199
NOTE.—Data from Federal Home Loan Bank Board, Federal National
Mortgage Assn., and Farm Credit Admin. Among the omitted balance
sheet items are capital accounts of all agencies, except for stock of home
loan banks. Bonds, debentures, and notes are valued at par. They include only publicly offered securities (excluding, for the home loan banks,
919
2,210
2,431
2,628
1,952
2,089
2,360
2,564
2,828
3,052
3,310
1,964
2,018
2,069
2,157
2,246
2,315
2,396
2,433
2,424
2,352
2,174
2,112
3,333
3,364
3,406
3,445
3,481
3,516
3,551
3,586
3,620
3,652
3,680
3,718
2,836
2,886
2,886
2,973
2,973
2,973
2,973
3,102
3,102
3,169
3,169
3,169
2,834
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
General
Reveobligations nue
PHAi
Issues for new capital
U.S.
Govt.
loans
State
Special
district
and Other 2
stat.
auth.
Total
amount
delivered 3
Use of proceeds
Total
1958
1959
7,526
7,697
5,447
4,782
1,778
2,407
187
332
115 1,993
176 1,686
1,371 4,162
2 121 3,890
I960
1961
1962
1963
7,292
8,566
8,845
10,538
4,771
5,724
5,582
5,855
2,095
2,407
2,681
4,180
302
315
437
1,110
120 1,928
145 1,419
249 1,620
1,984
2,165
2,600
3,636
4,198
4,473
4,825
5,281
7,102
8,301
8,732
10,496
480
122
567
310
314
698
362
712
581
897
495
73
424
208
1 051
754
333
679
401
401
85
416
1,007
853
867
1,266
706
606
663
497
630
472
230
181
355
473
214
140
537
258
563
244
367
519
509
260
1963—Sept
Oct
Nov
Dec.
1964—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
1 265
938
940
775
920
254
125
25
20
43
94
143
185
Utilities 4
Veterans'
aid
Housings
Other
purposes
1,164
844
1,412
1,985
251
401
339 1,657
355 1,685
7,247
8,463
8,568
9,151
2,405
2,821
2,963
3,029
1,007
1,167
1,114
812
1,316
1,700
1,668
2,344
426
385
521
598
201
449
204
232
278
158
33
102
130
7
77
338
221
136
31
9
2
273
242
251
378
258
361
401
161
206
42
33
262
59
40
729
9
69
126
299
1,005
i-ii
215
214
136
106
141
336
208
262
558
167
456
431
469
602
339
944
428
772
868
812
973
810 1,215
665
1,214
120
23
130
Roads
and
bridges
2,617
2,318
31
8
15
22
20
11
12
71
338
529
696
902
116
13
338
511
486
251
947
834
20
101
374
445
896
904
756
1 Only bonds sold pursuant to 1949 Housing Act; secured by contract
requiring the Public Housing Administration to make annual contributions
to 2the local authority.
Municipalities, counties, townships, school districts.
3
Excludes U.S. Govt. loans. Based on date of delivery to purchaser
(and payment to issuer) which occurs after date of sale.
* Water, sewer, and other utilities.
7,708 7,441
7,423 7,589
Education
892
42
25
73
50
114
238
136
225
208
183
167
439
248
1,891
478 1,913
125 2,177
2,369
103
371
98
115
1
141
3
11
145
45
134
*
133
60
30
313
226
153
407
151
181
311
83
254
5 Includes urban redevelopment loans.
NOTE.—The figures in the first column differ from those shown on the
following page, which are based on Bond Buyer data. The principal
difference is in the treatment of U.S. Govt. loans.
Investment Bankers Assn. data; par amounts of long-term issues.
Based on date of sale unless otherwise indicated.
FEBRUARY 1965
297
SECURITY ISSUES
TOTAL NEW ISSUES
(In millions of dollars)
Proposed use of net proceeds,
all corporate issues 5
Gross proceeds, all issues 1
Noncorporate
Corporate
N e w capital
Period
Total
U.S.
U.S.
Govt.
Govt. 2 agency 3
U.S.
State
and
local
1956
1957
1958
1959
22,405 5,517
30,571 9,601
34,443 12,063
31,074 12,322
169 5,446
572 7 6,958
2,321 7,449
707 7,681
I960
1961
1962
1963
27,541 7,906
35,527 12,253
29,956 8,590
31,616 7,213
1,672 7,230
1,448 8,360
1,188 8,558
1,168 10,107
1963 Nov . . .
Dec
2,117
2,312
333
357
1964
2,482
2,022
2,121
4,930
2,267
3,056
2,467
4,128
2,453
2,908
4,611
474
413
399
1,444
367
383
387
2,449
358
367
3,242
Jan . .
Feb
Mar
Apr
May
June
July
Aug
Sept . . . .
Oct
Nov
200
275
260
160
510
Stock
Bonds
Total
Other 4 Total
Publicly
offered
Total
8 ,00?
7 ' 190
4,225
6,118
6,332
3,557
3,777
3,839
3 320
3,632
636 2,301 10,749 10,384 9 663
411 2,516 12,661 12,447 11 784
571 1,334 11 372 10,823 Q 907
8 578
531 2,027 9,527
10,154 8 ,081
13,165 9 ,4?0
10,705 8 ,969
12,237 10 ,872
4,806
4,700
4,440
4,714
3,275
4,720
4,529
6,158
409
450
422
342
334 10,939
557 12,884
1,052 11,558
616 9,748
579
303
915
891
New Other
Total money 6 purposes
Privately Pre- Complaced ferred mon
9 ,957
9
Retirement
of
securities
721
663
915
814
364
214
549
135
1,664 9 924 9,653 8 758
895
3,294 12,885 12,017 10 715 1,302
1,314 10,501
8 ?40 1,507
1,022 12,081 10,553 8 993 1,561
271
868
754
1,528
688
483
5
13
891
1,459
732
1 ,376
183
626
549
751
54
30
106
53
879
1,444
819
1,415
606
1 098
212
316
61
30
1,006
810
844
1,204
660
900
922
767
952
816
566
16
89
73
47
85
37
29
23
13
185
80
985
710
805
2,234
1,155
1,461
869
728
1,130
1,030
724
863
714
863
1 ,008
1 ,091
644
616
974
814
672
338
279
361
383
470
468
234
183
376
181
30
526
342
353
480
537
623
411
433
598
633
642
95
27
8
80
87
3
23 1,349
98
50
82
289
59
166
58
54
133
23
189
27
42
9
972
702
796
2,215
1,141
1,441
854
718
1,117
1,015
717
930
685
754
2,178
1,069
1,378
780
661
1,035
951
649
845
5?3
677
2 094
953
1 292
653
570
788
776
516
85
162
77
83
116
86
127
91
247
175
133
43
17
42
37
72
63
74
57
82
63
68
Proposed uses of net proceeds, major grou ps of corporate issuers
Manufacturing
Period
Commercial and
miscellaneous
Transportation
Public utility
Communication
Real estate
and financial
RetireRetireRetireRetireRetireRetirement of
ment of
New
New
New
ment of
New
ment of
ment of
New
ment of
New
capitals
capital 8
secucapital 8 secusecu- capital 8 secucapital 8 secu- capitals
securities
rities
rities
rities
rities
rities
1956
1957
1958
1959
3,336
4,104
3,265
1,941
243
49
195
70
682
579
867
812
51
29
13
28
694
802
778
942
?0
14
38
15
I960
1961
1962
1963
1,997
3,691
2,958
3,312
79
287
228
30
36
32
55
672
651
543
873
39
190
794
1,109
803
774
214
515
8
13
41
104
5
8
83
118
149
123
146
186
206
14
3
17
6
10
39
40
12
36
11
24
84
60
48
107
50
50
45
45
166
100
164
1
2
98
154
31
91
127
35
90
20
49
44
49
1963
Nov
Dec
1964
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
332
.
. .
149
164
234
218
192
1
1
6
29
1
Gross proceeds are derived by multiplying principal amounts or
number of units by offering price.
2
Includes guaranteed issues.
3 Issues not guaranteed.
* Foreign governments, International Bank for Reconstruction and
Development, and domestic nonprofit organizations.
5 Estimated gross proceeds less cost of flotation.
16
83
1
6
8
6
1
1
*
1
1
?
,474
14
51
138
15
1,384 \
1,441
1,294
707
21
4
118
*
1,815
1,701
1,014
1,801
17
67
47
6
,754
51
106
444
699
1,036
1,435
1,276
726
382
2,401
2,248
1,825
2,933
71
22
23
144
41
2
26
4
18
19
53
4
16
27
38
37
7
13
64\
3
*
*
*
1
337
416
4
6
1
1
4
3
1
5
332
110
322
265
218
439
3 ,821
3 ,605
3 ,189
7 ,883
? ,341
,935
131
198
109
155
17r4
151
441
264
207
138
296
306
34
157f
83
34I
1,37' }
r
27
25?{
23
16
IS>
8S >
11
11
356
*
4
15
2
6
1
266
277
271
202
199
13
12
3
4
2
7
6
For plant and equipment and working capital.
i Beginning with 1957 this figure differs from that shown on the previous page because this one is based on Bond Buyer data.
8
All issues other than those for retirement of securities.
NOTE.—Securities and Exchange Commission estimates of new issues
maturing in more than 1 year sold for cash in the United States.
298
SECURITY ISSUES
FEBRUARY 1965
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
(In millions of dollars)
Derivation of change, all issuers
All securities
Bonds and notes
Common and preferred stocks
Period
New issues
New
issues 0
Retire-c
ments
Net
change e
Retirements
New
issues
Net
change
Net change
Retirements
Invest.
cos.1
Other«
Other*
Invest.
cos.1
Invest.
Other'
COS.*
1958
1959
15,091
13,338
5,273
4,845
9,818
8,492
9,661
7,122
3,811
3,049
5,850
4,073
2,360
2,838
3,070
3,378
519
794
943
1,002
1,841
2,044
2,127
2,376
1960
1961
1962
1963
13,485
17,503
14,206
15,552
4,962
6,999
6,457
8,711
8,523
10,503
7,750
6,841
8,072
9,194
8,613
10,556
3,078
4,024
3,749
4,979
4,994
5,170
4,864
5,577
2,688
3,855
3,338
3,049
2,725
4,454
2,255
1,948
855
1,171
1,140
1,536
1,029
1,804
1,567
2,197
1,833
2,684
2,198
1,513
1,696
2,650
688
-249
1963—III
IV
3,342
4,747
1,988
2,476
1,355
2,272
2,159
3,222
1,230
1,121
929
2,101
734
931
449
594
393
392
364
962
341
539
85
-368
1964—1
II
Ill
4,254
5,020
3,871
1,960
1,795
1,946
2,294
3,225
1,926
2,149
2,867
2,158
914
940
1,033
1,235
1,927
1,126
920
917
1,009
1,185
1,235
704
536
469
475
510
385
438
384
448
535
675
850
265
c
Type of issuer
Manufacturing
Period
Bonds
& notes
Commercial
and other 2
Bonds
& notes
Stocks
Transportation 3
Bonds
& notes
Stocks
Public
utility
Stocks
Real estate
and financial
Communication
Bonds
& notes
Stocks
Bonds
& notes
Stocks
Bonds
& notes
4
Stocks'
1958
1959
2,197
316
-46
442
406
217
11
162
413
332
-93
2
2,133
1,738
1,027
1,028
494
475
1,070
445
206
994
cl,999
2,342
I960
1961
1962
1963
399
2,012
1,355
1,804
462
415
-242
-664
261
516
294
339
-46
-447
-201
-352
173
71
-85
316
-42
-7
-25
-19
1 689
1,648
1,295
876
635
704
479
245
901
149
1,172
438
356
1,457
357
447
1 572
775
833
1,806
2,164
3,212
2,517
1,607
1963—III
IV
378
574
-54
-275
17
87
-17
-307
-95
180
27
-15
148
288
8
47
82
61
131
129
399
912
330
592
1964—1
II
Ill
81
291
225
-253
—65
28
61
72
82
16
-21
-34
131
51
29
-6
31
-47
156
606
290
70
156
149
234
225
42
811
681
92
572
681
458
422
516
613
1 Open-end and closed-end cos.
Extractive and commercial and misc. cos.
3 Railroad and other transportation cos.
4
Includes investment cos.
2
NOTE.—Securities and Exchange Commission estimates of cash transactions only. As contrasted with data shown on p. 297, new issues exclude
foreign and include offerings of open-end investment cos., sales of securities held by affiliated cos. or RFC, special offerings to employees, and also
new stock issues and cash proceeds connected with conversions of bonds
into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose
shown on p. 297.
OPEN-END INVESTMENT COMPANIES
(In millions of dollars)
Sales and redemption
of own shares
Assets (market value
at end of period)
Year
Sales i
1953
1954
Redemptions
672
863
239
400
Net
sales
433
463
Total 2
4,146
6,110
Cash
position
3
Other
309
5,801
1955
1956
1957
1958
1959
1,207
1,347
1,391
1,620
2,280
443
433
406
511
786
765
914
984
1,109
1,494
7,838
9,046
8,714
13,242
15,818
438
492
523
634
860
7,400
8,554
8,191
12,608
14,958
1960
1961
1962
1963
1964
2,097
2,951
2,699
2,460
3,404
842
1,160
1,123
1,504
1,875
,255
1,791
1,576
952
,528
17,026
22,789
21,271
25,214
29,116
973
980
1,315
1.341
1,329
16,053
21,809
19,956
23,873
27,787
1
Excludes shares issued to shareholders as capital gains and dividend
distributions.
2 Market value at end of period less current liabilities.
3 Cash and deposits, receivables, all U.S. Govt. securities, and other
short-term debt securities, less current liabilities.
Assets (market value
at end of period)
Sales and redemption
of own shares
Month
Sales
Redemptions
Net
sales
Total i
Cash
position
2
Other
1963—Dec...
225
132
92
25,214
1,341
23,873
1964—Jan...
Feb...
Mar..
Apr...
May..
June..
July...
Aug...
Sept..
Oct....
Nov..
Dec...
294
219
263
276
241
285
308
260
299
306
317
336
183
165
184
165
153
147
168
149
149
142
134
136
110
55
79
111
88
138
140
110
149
164
184
200
25,854
26,334
26,863
27,051
27,497
27,682
28,319
28,164
29,130
29,087
29,062
29,116
1,383
1,380
1,403
]1,339
1,444
1,499
1,471
1,457
1,436
1,312
1,300
1,329
24,471
24,954
25,460
25,712
26,053
26,183
26,84S
26,707
27,694
27,775
27,762
27,181
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 1965
299
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
(In millions of dollars)
1963
Industry
1959
1960
1961
1962
1964
1963
III
III
IV
Manufacturing
Total (177 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (78 corps.): 1
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (99 corps.): 2
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Foods and kindred products (25 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied products (20 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (16 corps.):
Sales
Profits before taxes
Profits after taxes.
Dividends
Primary metals and products (34 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (24 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
119,172 123,911 123,669 136,545 147,384 34,917 37,922 35,381 39,173 38,326 40,784 37,667
14,172 13,543 13,268
330 17,388 4,012 4,759 3,730 4,887 4,781 5.333 4,080
7,482 7,161 7,167
215 9,135 2,099 2,453 2,007 2,576 2,603 2; 898 2.318
4,360 4,485 4,730
048 5,441 1,169 1,320 1,183 1,768 1,285 1,448 1,322
45,543 47,372 49,362
5,651 5,579 5,602
3,212 3,215 3,225
1,910 1,948 2,031
245 55,142 13,239 13,869 13,984 14,050 14,220 14,823 14,882
896 6,395 1,512 1,613 1,613 1,658 1,643 1.752 1,743
403 3,659
867
897
934
992 1,028 1,037
961
150 2,265
537
542
561
537
649
569
582
73,628 76,540 74,307 84,300 92,243 21,671 24,053 21,395 25,123 24,106 25,961 22,785
8,521 7,964 7,666
10,993 2,500 3,145 2,118 3,230 3,138 3,581 2,338
4,270 3,946 3,942
5,476 1,231 1,556 1,073 1,615 1,611 1,871 1,281
2,450 2.536 2,699
3,176
783
632
641 1,119
724
741
879
11,644 12,202 12,951 13,457 14,164
1,300 1,342 1,440 1,460 1,533
639
618
698
682
740
372
349
397
425
448
3,360
337
164
109
3,581
387
184
111
3,621
404
195
111
3,603
404
197
118
3,598
345
173
117
3,721
401
202
119
3,831
422
214
118
11,740 12,205 12.606 13,759 14,621
2,164 2,005 1,979 2,162 2,337
1,120 1,058 1,034 1.126 1,213
786
791
904
833
3,448
544
281
202
3,728
616
316
202
3,705
584
305
201
3.740
593
310
299
3,791
636
347
207
4.114
682
366
209
4,067
657
353
212
13.372 13,815 14,483 15,106 15,995
1,187 1,267 1.237 1,319 1,495
969 1,026 1,025 1,099 1,184
521
518
528
566
608
3,959
390
304
151
3,937
343
265
149
4,068
381
312
154
4,032
381
303
154
4,132
400
336
158
4,111
361
298
159
4.122
367
312
168
20,940 20,828
2.322 2.214
1,218 i ;i69
829
838
16,983 16.681
1,904 1,509
768
941
494
456
20,234 21,260 22,146
1.999 1,838 2,183
1,067 1,013 1,186
820
732
843
5.123
430
231
180
6,114
711
372
181
5,470
467
252
181
5,439
574
332
190
5,540
560
315
186
6,046
6741
384
187
6,047
611
352
187
17.446 19,057 21,041
1.701 1,924 2,368
859
966 1,151
508
531
578
4.923
528
258
140
5,286
587
285
143
5,286
585
289
141
5,547
668
319
154
5,401
673
338
157
5,673
702
357
170
5,573
688
349
170
23,262 26,275 23,314 29,156 33,236
3,012 3,197 2,786 4.337 5,011
1,491 1.534 1,404 2,143 2,393
812
837
973 1,151 1.447
7,987
1,268
600
217
8,755
1,473
706
362
6,564
677
333
220
9,930
1,593
753
648
9,275 10.028
1,573 1,775
782
900
276
419
7,137
593
340
277
9.560
816
651
383
2,239
116
82
2,474
252
189
103
2,399
197
156
66
2,447
252
225
125
2,362
188
144
110
2.481 2,846
245 .
196
175
11,129 11,906 12.478 13,489 14,177
2,983 3,163 3.349 3,583 3,741
1,655 1,793 1,883 2,062 2,185
1,219 1,307 1,374 1,462 1,548
3,819
1.100
626
392
3,371
848
498
378
3,458
930
529
384
3,529
862
532
394
3,961
1,106
660
424
3.5721 3,687
893
998
542
583
412
426
2,365
67"
336
225
2,440
711
357
255
2,465
725
368
252
2,526
707
356
256
2.543
726
377
261
2,619J
2,654
796
408
262
773
402
268
Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric power:
Operating revenue
Profits before taxes .
Profits after taxes.
Dividends
Telephone:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
9,825
845
578
406
7.572
2.153
1,073
743
9.514
648
445
385
8,111
2,326
1,155
806
9.189
625
382
359
8,615
2,478
1.233
867
1
Includes 17 cos. in groups not shown separately.
2 Includes 27 cos. in groups not shown separately.
NOTE.—Manufacturing
corps. Data are obtained primarily from
published co. reports.
Railroads. Interstate Commerce Commission data for Class I linehaul railroads.
Electric power.
Federal Power Commission data for Class A and B
electric utilities, except that quarterly figures on operating revenue and
profits before taxes are partly estimated by the Federal Reserve to include
affiliated nonelectric operations.
9,440
729
572
367
9,196
2,639
1,327
935
9,796
2,815
1,417
988
11-
Telephone. Data obtained from Federal Communications Commission on revenues and profits for telephone operations of the Bell System
Consolidated (including the 20 operating subsidiaries and the Long
Lines and General departments of American Telephone and Telegraph
Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operating subsidiaries and the 2 affiliates.
All series. Profits before taxes are income after all charges and before
Federal income taxes and dividends. For description of series see
June 1949 BULL., pp. 662-66 (manufacturing); Mar. 1942 BULL., pp.
215-17 (public utilities); and Sept. 1944 BULL., p . 908 (electric power).
Back data available from the Division of Research and Statistics.
300
BUSINESS FINANCE
FEBRUARY 1965
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 i
1956
1957
1958
1959
44.7
43.2
37.4
47.7
21.2
20.9
18.6
23.2
23.5
22.3
18.8
24.5
12.1
12.6
12.4
13.7
11.3
9.7
6.4
10.8
1960
1961
1962
1963
44.3
44.2
48.2
51.3
22.3
22.3
23.2
24.6
22.0
21.9
25.0
26.7
14.5
15.2
16.5
18.0
7.5
6.7
8.5
8.7
Year
Corporate
capital
consumption
allowances 1
Quarter
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
20.0
21.8
22.7
24.3
1963—1
II
III....
IV....
48.9
51.1
51.3
54.3
23.4
24.5
24.5
26.0
25.5
26.6
26.7
28.3
17.2
17.7
17.9
19.1
8.3
8.9
8.9
9.2
31.3
31.6
32.1
32.4
25.6
26.9
30.5
31.8
1964—1
II
III....
56.6
57.9
58.0
25.4
26.0
26.0
31.2
31.9
32.0
19.4
19.8
20.0
11.8
12.1
12.0
33.0
33.4
33.8
1
Includes depreciation, capital outlays charged to current accounts, and
accidental damages.
Undistributed
profits
Quarterly data are at seasonally
NOTE.—Dept. of Commerce estimates,
adjusted annual rates.
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS
(In billions of dollars)
Current assets
End of period
Net
working
capital
Total
Cash
U.S.
Govt.
securities
Current liabilities
Notes and accts.
receivable
Notes and accts.
payable
Inventories
U.S.
Govt. 1
Other
Total
Other
U.S.
Govt. i
Accrued
Federal
income
taxes
Other
Other
107.4
111.6
118 7
124 2
128.6
135 6
142.8
237.9
244.7
255.3
211.2,
289.0
306 8
326.7
34.8
34.9
37.4
36.3
37.2
41 1
42.9
19.1
18.6
18 8
22.8
20.1
20 0
20.2
2.6
2.8
2 8
2 9
3.1
3 4
3.7
95.1
99.4
106 9
117.7
126.1
135 8
146.7
80.4
82.2
81 9
88.4
91.8
95 2
100.9
5.9
6.7
7 5
9.1
10.6
11 4
12.4
130.5
133.1
136.6
153.1
160.4
171 2
184.0
2.4
2.3
1 7
1.7
1.8
1 8
2.0
81.5
84.3
88.7
99.3
105.0
112 8
121.2
17.6
15.4
12.9
15.0
13.5
14 1
15.0
29.0
31.1
33.3
37.0
40.1
42.5
45.7
1963—III
IV
148 8
151.2
342 9
349.9
40 8
44.5
19 7
20.6
3 4
3.6
158 1
159.7
105 8
107.3
15 2
14.3
194 1
198.8
2.5
2.5
128.1
131.8
15.3
16.3
48.3
48.2
1964—1
II
III.
154 7
157.1
159.4
350.6
356.7
364.3
40 6
42.5
43.1
21 4
20.2
19.1
3 3
3.0
3.2
161 3
165.6
171.6
108 6
109.6
111.2
15 5
15.9
16.1
195 9
199.6
204.9
2 6
2.6
2.7
128 9
131.7
135.0
15.6
15.2
16.0
48.8
50.1
51.2
1956
1957.
1958
1959
1960
1961 .
1962
..
i Receivables from, and payables to, the U.S. Govt. exclude amounts
offset against each other on corps.' books.
NOTE.—Securities and Exchange Commission
banks, savings and loan assns., and insurance cos.
estimates;
excludes
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT
(In billions of dollars)
Manufacturing
Total
Period
Transportation
Durable
Nondurable
35.08
36.96
30.53
32.54
7.62
8.02
5.47
5.77
7.33
7.94
5.96
6.29
35 68
34.37
37.31
39.22
44.66
7 18
6.27
7.03
7.85
9.35
1963—11
Ill
IV
9.74
10.14
11.09
1964
1956
1957
1958
1959
1960
1961.
.
1962
1963
1964 2
I
II
Ill
IV 2
1965—1 2
..
Communications
Other 1
annual
rate)
Railroad
Other
1.24
1.24
.94
.99
1.23
1.40
.75
.92
1.71
1.77
1.50
2.02
4.90
6.20
6.09
5 67
2.68
3.03
2.62
2 67
8 36
7.37
7.20
8 21
7 30
7.40
7.65
7.84
9.16
99
.98
1.08
1.04
1.18
1 03
.67
.85
1.10
1.46
1 94
1.85
2.07
1.92
2.31
5 68
5.52
5.48
5.65
6.14
3 13
3.22
3 63
3.79
8 44
8.46
9 52
10.03
1.96
1.96
2.31
1.95
1.99
2.25
.26
.27
.28
.28
.29
.33
.54
.45
.54
1.40
1.60
1.61
.95
.93
1.06
2 41
2.64
2.72
38 05
40.00
41.20
9.40
11.11
11.54
12.60
1.93
2 30
2.37
2.75
1.87
2.23
2.30
2.76
.26
.29
.30
.32
.32
.36
.37
.41
.51
.63
.59
.57
1.18
1 58
1.71
1.68
.97
1 10
1.06
2.37
2 61
2 84
4. 11
42.55
43 50
45.65
46.70
10.58
2.19
2.24
.29
.38
.53
1.27
3 . 68
47.90
1 Includes trade, service, finance, and construction.
2 Anticipated by business.
Total
Public
utilities
Mining
15. 06
NOTE.—Dept. of Commerce and Securities and Exchange Commission
estimates for corp. and noncorp. business, excluding agriculture.
FEBRUARY 1965
301
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING
(In billions of dollars)
Farm
All properties
End of
period
All
holders
Other
holders 2
Financial
instiIndiU.S.
tutions i agen- viduals
and
cies
others
Nonfarm
1- to 4-family houses
Financial
Other
insti- holders'
tutions i
All
holders
All
holders
Mortgage
type 5
Multifamily and
commercial properties 4
Total
Finan.
institutions
Other
holders
Total
Finan.
institutions
Other
holders
FHAVAunderwritten
Conventional
1941
1945
37.6
35.5
20.7
21.0
4.7
2.4
12.2
12.1
6.4
4.8
1.5
1.3
4.9
3.4
31.2
30.8
18.4
18.6
11.2
12.2
7.2
6.4
12.9
12.2
8.1
7.4
4.8
4.7
3.0
4.3
28.2
26.5
1957
1958
1959
1960
156.5
171.8
190.8
206.8
119.7
131.5
145.5
157.6
7.4
7.8
10.0
11.2
29.3
32.5
35.4
38.0
10.4
11.1
12.1
12.8
4.0
4.2
4.5
4.7
6.4
6.9
7.6
8.2
146.1
160.7
178.7
194.0
107.6
117.7
130.9
141.3
89.9
98.5
109.2
117.9
17.7
19.2
21.6
23.4
38.5
43.0
47.9
52.7
25.8
28.8
31.8
35.0
12.7
14.2
16.1
17.7
51.6
55.2
59.2
62.3
94.5
105.5
119.4
131.7
226.3
251.6
280.9
310.4
172.6
192.5
216.9
240.5
11.8
12.2
11.2
41.9
47.0
52.9
13.9
15.2
16.8
5.0
5.5
6.2
8.9
9.7
10.6
212.4
236.4
264.2
153.1
166.5
182.2
128.2
140.4
156.0
24.9
26.0
26.2
59.3
69.9
82.0
39.4
46.6
54.8
19.9
23.4
27.2
65.5
69.2
73.0
146.9
167.2
191.1
1963—I*... 257.1
IIP.. 265.1
I I I P . . 273.1
I V P . . 280.9
197.2
204.1
210.6
216.9
11.8
11.2
11.1
11.2
48.1
49.9
51.4
52.9
15.5
16.1
16.5
16.8
5.6
5.9
6.1
6.2
9.9
10.2
10.5
10.6
241.6
249.0
256.5
264.2
169.2
173.7
178.2
182.2
143.3
147.9
152.2
156.0
25.9
25.8
26.0
26.2
72.4
75.3
78.3
82.0
48.3
50.3
52.3
54.8
24.1
25.0
26.0
27.2
70.1
70.9
71.7
73.0
171.5
178.1
184.8
191.1
1964—IP. . . 287.0
UP..
295.1
I I I P . . 303.1
FVX. 310.4
221.8
228.3
234.7
240.5
11.2
11.2
11.3
54.0
55.6
57.1
17.3
18.0
18.5
6.4
6.7
6.9
10.9
11.3
11.6
269.7
277.1
284.6
185.2
189.6
194.0
158.9
163.1
167.2
26.3
26.5
26.8
84.5
87.5
90.6
56.5
58.5
60.6
28.0
29.0
30.0
73.8
74.5
75.6
195.8
202.6
209.0
1961
1962*
1963*
1964*>
, ,
savings and loan assns.
5 Data by type of mortgage on nonfarm 1 - to 4-family properties alone
are shown on second page following.
1 Commercial banks (including nondeposit trust cos. but not trust
depts.), mutual savings banks, life insurance cos., and savings and loan
assns.
2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin.,
and Federal land banks, and in earlier years, RFC, HOLC, and FFMC.
Other U.S. agencies (amounts small or current separate data not readily
available) included with "individuals and others."
3
Derived figures; includes debt held by Federal land banks and farm
debt held by Farmers Home Admin.
4 Derived figures; includes small amounts of farm loans held by
NOTE.—Based on data from Federal Deposit Insurance Corp., Federal
Home Loan Bank Board, Institute of Life Insurance, Depts of Agriculture and Commerce, Federal National Mortgage Assn., Federal Housing
Admin., Public Housing Admin., Veterans Admin., and Comptroller
of the Currency.
Figures for first 3 quarters of each year are F.R. estimates.
MORTGAGE LOANS HELD BY BANKS
(In millions of dollars)
Commercial bank holdings 1
Total
Total
FHAinsured
VAguaranteed
Conventional
1941
1945
4 906
4,772
3 292
3,395
1957
1958
1959
I960
23,337
25,523
28,145
28,806
17,147
18,591
20,320
20,362
4,823
5,476
6,122
5,851
3 589
3,335
3,161
2,859
8,735
9,780
11,037
11,652
30,442
34,476
39,414
21,225
23,482
26,476
5,975
6,520
7,105
30,844
32,194
33,430
34,476
21,211
22,048
22,824
23,482
35,243
36,939
38,360
39,414
40,200
41,648
42,948
.
.
1961
1962
1963
1962
I
II
Ill
IV
1963—1
II .
Ill
IV
1964
I
II
IIIP
.
.
Other
nonfarm
Farm
Total
Total
1 048
856
566
521
4 812
4,208
4,823
5,461
6,237
6,796
1,367
1,471
1,588
1,648
21,169
23,263
24,992
26,935
19,010
20,935
22,486
24,306
2 627
2,654
2,862
12,623 7,470
14,308 8,972
16,509 10,611
1,747
2,022
2,327
6,003
6,195
6,376
6,520
2,547
2,593
2,617
2,654
12,661
13,260
13,831
14,308
7,817
8,219
8,628
8,972
23,846
24,958
25 855
26,476
6,627
6,861
7 007
7,105
2,651
2,837
2 870
2,862
26,894
27,750
7 110
7,158
2 824
2,793
FHAinsured
VAguaranteed
Conventional
3 884
3,387
Other
nonfarm
Farm
900
28
797
24
6,551
7,073
7,622
8,246
2,102
2,275
2,451
2,575
57
53
55
54
29 145
32,320
36,224
26 341 8 045 9 267 9,028
29,181 9,238 9,787 10,156
32,718 10,684 10,490 11,544
2,753
3,088
3,454
51
51
52
1,816
1,927
1,978
2,022
29,833
30,638
31,484
32,320
26,940
27,632
28,464
29,181
9,392 9,208
9,502 9,469
9,633 9,847
9,787 10,156
2,842
2,954
2,968
3,088
51
51
52
14,568 9,270
15,260 9,740
15,978 10,203
16,509 10,611
2,127
2,241
2,302
2,327
33,368
34,309
35 191
36,224
30,143 9 724 10,046 10,373
30,969 10,023 10,218 10,728
31 775 10 328 10,335 11 112
32,718 10,684 10,490 11,544
3,174
3,290
3,365
3,454
51
16,960 10,894
17,799 11,340
2,412
2,558
37 155
38,199
39,381
33 506 11 004 10 639 11 863
34,407 11 376 10,826 12,205
3,597
3,740
52
52
1
Includes loans held by nondeposit trust cos., but not bank trust depts.
2 Data for 1941 and 1945, except for totals, are special F.R. estimates.
NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp.
series for all commercial and mutual savings banks in the United States
2
Residential
Residential
End of period
.
Mutual savings bank holdings
4,669
5,501
6,276
7,074
8,340
8,662
8 984
9,238
7,790
8,360
8,589
8,986
51
50
51
52
and possessions. First and third quarters, estimates based on FDIC data
for insured banks for 1962 and part of 1963 and on special F.R. interpolations thereafter. For earlier years, the basis for first and third quarter
estimates included F.R. commercial bank call data and data from the
National Assn. of Mutual Savings Banks.
302
FEBRUARY 1965
REAL ESTATE CREDIT
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
Loans acquired
Nonfarm
Period
.
.
Nonfarm
Total
Total
1941
1945
Loans outstanding (end of period)
FHAinsured
VAguaranteed
Farm *
Total
Other i
Total
.
FHAinsured
6,442
6,636
976
5,529
5 860
VAguarantced
815
1,394
Farm
Other
4,714
4 466
913
776
5 230
5,277
5 970
6,086
4,823
4,839
5 472
5,622
653
1,301
1,549
1,401
831
195
201
291
3,339
3,343
3,722
3,930
407
438
498
464
35,236
37,062
39,197
41,771
32,652
34,395
36,370
38,789
6,751
7,443
8,273
9,032
7,721
7,433
7,086
6,901
18,180
19,519
21,011
22,856
2,584
2,667
2,827
2,982
1961
1962
1963
6 785
7 478
9,172
6 233
6,859
8,306
1,388
1,355
1,605
220
469
678
4,625
5,035
6,023
552
619
866
44,203
46,902
50,544
41,033
43,502
46,752
9,665
10,176
10,756
6,553
6,395
6,401
24,815
26,931
29,595
3,170
3,400
3,792
1963_Nov. r
Dec
715
1,236
659
1,148
132
172
55
69
472
907
56
88
49,854
50,543
46,097
46,753
10,712
10,790
6,394
6,411
28,991
29,552
3,757
3,790
1964—Jan
Feb
Mar..
Apr
May
June
July
Aug
Sept
Oct .
Nov
745
705
800
808
737
863
861
805
875
904
857
638
615
673
706
652
778
785
739
810
836
791
141
140
143
133
127
152
151
155
161
165
158
61
54
53
58
60
51
56
56
57
60
60
436
421
477
515
465
575
578
528
592
611
573
107
90
127
102
85
85
76
66
65
68
66
50,828
51,126
51,441
51,806
52,117
52,466
52,832
53,173
53,560
53,984
54,404
47,010
47,271
47,523
47,824
48,085
48,384
48,709
49,014
49,367
49,756
50,151
10,857
10,923
10,982
11,032
11,076
11,116
11,165
11,227
11,296
11,376
11,453
6,418
6,423
6,420
6,425
6,433
6,422
6,413
6,410
6,404
6,403
6,412
29,735
29,925
30,121
30,367
30,576
30,846
31,131
31,377
31,667
31,977
32,286
3,818
3,855
3,918
3,982
4,032
4,082
4,123
4,159
4,193
4,228
4,253
1957
1958
1959
I960
.
..
.
.
1
Certain mortgage loans secured by land on which oil drilling or
extracting operations in process were classified with farm through June
1959 and with "other" nonfarm thereafter. These loans totaled $38
million on July 31,1959.
NOTE.—Institute of Life Insurance data.
monthly figures may not add to annual totals and for loans outstanding,
the end-of-Dec. figures may differ from end-of-year figures, because
monthly figures represent book value of ledger assets whereas year-end
figures represent annual statement asset values, and because data for yearend adjustments are more complete.
For loans acquired, the
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
(In millions of dollars)
(In millions of dollars)
Period
Total
New
construction
Total i
Loans outstanding (end of period)
Loans made
Home
purchase
Total 2
Period
sured
N.S.A.
Savings &
loan
assns.
Insurance
companies
Commercial
banks
Mutual
savings
banks
1941
1945
FHAin
4,732
5,650
1,490
2,017
404
250
1,165
1,097
218
217
24,244
27,388
32,235
29,341
9,217
10,516
13,094
12,158
1,460
1,523
1,318
4,264
5,204
5,832
4,520
1,640
1,780
1,557
31,157
34,187
36,925
13,662
15,144
16,716
1,160
1,212
no
4,997
5,851
6,354
1,741
.957
2,061
3,183
3,213
3,189
3,134
3,149
3,059
3,515
3,525
3,177
3,534
2,880
2,987
1 fiOfi
127
123
116
125
103
110
595
612
546
616
495
504
218
212
190
206
184
166
3,081
3,029
3,034
3,008
3,096
3,143
2,758
2,575
2,935
3,089
3,090
3,388
3,519
1 170
103
90
102
109
116
126
137
483
465
540
567
560
607
618
145
129
140
154
176
197
233
ConVAguarvenanteed tional 2
S.A. 2
1941
1945
1,379
1,913
437
181
581
1,358
4,578
5,376
1957
1958
1959
1960
10,160
12,182
15,151
14,304
3,484
4,050
5,201
4,678
4,591
5,172
6,613
6,132
40,007
45,627
53,141
60,070
1,643
2,206
2,995
3,524
7,011
7,077
7,186
7,222
31,353
36,344
42,960
49,324
1957
1958
1959
I960
1961
1962
1963
1964
17,364
20,754
'24,735
24,489
5,081 7,207 68,834
5,979 8,524 78,770
7,039 9,920 90,849
6,499 10,404 101,178
4,167
4,476
4,685
4,888
7,152
7,010
6,960
6,683
57,515
67,284
79,204
89,607
1961
1962
1963
r
2,118
620
776 90,849
4,685
6,960 79,204
1964
Jan
Feb
Mar
May'.'.'.'.'.'.',
June
July
Aug
Sept
Oct
Nov
1,716
1,712
2,071
2,081
2,145
2,394
2,363
2,164
2,048
2,051
1,791
1,953
434
474
621
579
597
624
635
537
498
531
462
506
696 91,453
674 92,163
784 93,069
831 93,978
881 94,971
,054 96,067
,037 97,111
,025 98,059
970 98,895
893 99,731
770 100,418
790 101,178
4,705
4,705
4,710
4,714
4,723
4,737
4,752
4,761
4,785
4,802
4,821
4,888
6,931
6,902
6,879
6,855
6,821
6,790
6,770
6,743
6,722
6,700
6,683
6,683
79,817
80,556
81,480
82,409
83,427
84,540
85,589
86,555
87,388
88,229
88,914
89,607
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.
.
..
1963
1963
Dec
By type of lender (N.S.A.)
Julv
Sent
Oct
Nov
Dec
1,611
1,442
1,594
1,271
1.322
1964
Jan
Feb
Mar
Apr
May
July
1,128
1,290
L,35O
1,349
1,485
1,508
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.
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- to 4-FAMELY PROPERTIES
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
(In millions of dollars)
(In billions of dollars)
FHA-insured
VA-guaranteed
Total
Projects i
Property
Total 3
imNew
prove-2
homes
ments
New
homes
Existing
homes
665
257
217
20
171
192
1956
1957
1958
1959
3,461
3,715
6,349
7,694
1,133
880
1,666
2,563
1,505
1,371
2,885
3,507
130
595
929
628
692
869
868
997
5,868
3,761
1,865
2,787
3,910
2,890
1,311
2,051
1,948
863
549
730
1960
1961
1962
1963
1964
6,293
6,546
7,184
7,216
8,130
2,197
1,783
1,849
1,664
1,608
2,403
2,982
3,421
3,905
4,965
711
926
1,079
843
895
982
855
834
804
663
1,985
1,829
2,652
3,045
2,846
1,554
1,170
1,357
1,272
1,023
428
656
1,292
1,770
1,821
1963—Dec
601
142
345
63
52
255
106
149
1964
666
534
600
646
570
711
782
740
720
790
688
683
162
126
126
117
105
128
141
137
138
159
135
135
381
314
357
367
352
442
476
468
467
491
422
428
62
48
59
119
68
67
108
68
66
81
81
67
61
46
58
43
46
73
57
67
49
58
50
54
268
201
208
206
192
233
251
246
270
271
258
242
114
81
84
81
71
76
81
78
85
93
91
88
153
120
124
125
121
157
171
167
185
178
167
153
1945
Jan
Feb
Mar
Apr .
...
May
June
July . .
Aug
Sept
Oct
Nov
Dec
Governmentunderwritten
Mortgages
Mortgages
Period
303
REAL ESTATE CREDIT
FEBRUARY 1965
End of
period
Total
Existing
homes
ConvenFHA- VA- tional
in- guarTotal
sured anteed
1945
18.6
4.3
4.1
.2
14.3
1957
1958.
1959
107.6
117.7
130.9
47.2
50.1
53.8
16.5
19.7
23.8
30.7
30.4
30.0
60.4
67.6
77.0
.
1963P
141.3
153.1
166.5
182.2
56.4
59.1
62.0
65.5
26.7
29.5
32.3
35.0
29.7 84.8
29.6 93.9
29.7 104.5
30.5 116.7
1962—III
IV
162.9
166.5
61.0
62.0
29.5 101.9
29.7 104.5
1963—I?
169.2
173.7
178.2
182.2
62.8
63.5
64.3
65.5
31.5
32.3
33.0
33.5
34.3
35.0
185.2
189.6
194.0
66.3
66.8
67.9
35.7
36.3
37.4
30.6 118.9
30.5 122.7
30.5 126.2
I960
1961
1962.
IP
IIIP
IV*
1964—IP
IIP
IIIP
29.8
30.0
30.0
30.5
106.4
110.2
113.9
116.7
NOTE.— For total debt outstanding, figures are
FHLBB and F.R. estimates. For conventional,
figures are derived.
Based on data from Federal Home Loan Bank
Board, Federal Housing Admin, and Veterans Admin.
1 Monthly figures do not reflect mortgage amendments included in annual totals.
Not ordinarily secured by mortgages.
3 Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans
represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans
closed. Figures do not take into account principal repayments on previously insured or
guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on
number and average amount of loans closed.
2
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY
(In millions of dollars)
Mortgage holdings
Mortgage
transactions
(during
period)
Purchases
Sales
609
1,096
623
1,907
5
3
482
5
360
764
1,541
568
3,356
3,490
3,571
3,017
2,996
2,803
2,603
2,353
1,634
1,416
1,248
815
740
290
424
357
541
498
1,114
251
576
631
355
191
313
4,650
3,017
1,634
24
19
191
4,624
4,613
4,598
4,572
4,565
4,539
4,516
4,477
4,453
4,440
4,439
4,412
3,006
3,011
3,016
3,015
3,027
3,025
3,033
3,008
2,998
2,997
3,011
2,996
1,618
1,603
1.582
,557
1,538
1,514
1,482
1,469
1,455
1,443
1,428
1,416
21
24
27
38
44
36
41
44
34
36
40
40
11
4
11
31
21
21
30
43
24
14
11
31
189
188
192
204
202
199
222
230
245
260
292
313
(In millions of dollars)
Commitments
undisbursed
2,069
2,737
2,418
2,985
FEDERAL HOME LOAN BANKS
End of
period
Total
FHAinsured
VAguaranteed
1956
1957
1958
1959
3,047
3,974
3,901
5,531
978
1,237
1,483
2,546
I960
1961
1962
1963
1964
6,159
6,093
5,923
4,650
4,412
1963—Dec
1964
Advances
Repayments
Advances outstanding
(end of period)
Total
Short- Longterm 1 term 2
Members
deposits
1945
Jan
Feb
Mar
Apr
May
June
July
Aug
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.
278
213
195
176
19
46
1956
1957.
1958
1959
745
1 ,116
1 ,364
'j ,067
934
1,079
1,331
1,231
1,228
1,265
1,298
2,134
798
731
685
1,192
430
534
613
942
683
653
819
589
1960
1961.
1962
1963.
1964
1 ,943
,882
4 ,111
,601
5 ,563
2,097
2,200
3,294
4,296
5,023
1,981
2,662
3,479
4,784
5,325
1,089
1,447
2,005
2,863
2,846
892
1,216
1,474
1,921
2,479
938
1 ,180
1 213
,151
1 ,199
754
259
4,784
2,863
1,921
1 ,151
467
225
339
573
352
703
584
369
382
401
379
791
837
424
387
296
401
329
590
351
327
441
392
250
4,414
4,216
4,168
4,444
4,395
4,769
4,763
4,781
4,837
4,797
4,784
5,325
2,653
2,500
2,406
2,463
2,438
2,674
2,699
2,662
2,635
2,605
2,572
2,846
1,762
1,716
1,763
1,982
1,957
2,095
2,064
2,119
2,202
2,192
2,212
2,479
944
943
977
957
990
1 153
936
926
989
978
c 989
1 ,199
1963- -Dec
1964-_jan
Feb
Mar
Apr
May
June
July
Aue
Sept
Oct
Nov
Dec
1
2
Secured or unsecured loans maturing in 1 year or less.
Secured loans, amortized quarterly, having maturities of more than
1 year but not more than 10 years.
NOTE.—Federal Home Loan Bank Board data.
304
CONSUMER CREDIT
FEBRUARY 1965
TOTAL CREDIT
(In millions of dollars)
Instalment
End of period
Total
Total
Automobile
paper
Other
consumer
goods
paper
Noninstalment
Repair
and modernization
loans i
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
1939.
1941.
1945.
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
455
1,620
1,929
816
376
182
1,088
1,322
1,009
2,719
3,087
3,203
787
845
746
1,414
1,645
1,612
518
597
845
1957.
1958.
1959.
44,970
45,129
51,542
33,867
33,642
39,245
15,340
14,152
16,420
8,844
9,028
10,630
2,101
2,346
2,809
7,582
8,116
9,386
11,103
11,487
12,297
3,364
3,627
4,129
5,146
5,060
5,104
2,593
2,800
3,064
1960
1961
1962
1963
1964
56,028
57,678
63.164
69,890
76,810
42,832
43,527
48,034
53,745
59,397
17,688
17,223
19,540
22,199
24,521
11,525
11,857
12,605
13,766
15,303
3,139
3,191
3,246
3,389
3,502
10,480
11,256
12,643
14,391
16,071
13,196
14,151
15,130
16,145
17,413
4,507
5,136
5,456
5,959
6,473
5,329
5,324
5,684
5,871
6,300
3,360
3,691
3,990
4,315
4,640
1963—Dec.
69,890
53,745
22,199
13,766
3,389
14,391
16,145
5,959
5,871
4,315
1964—Jan.. .
Feb..
Mar..
Apr..
May.
June.
July. .
Aug..
Sept..
Oct.. ,
69,203
68,786
68,913
69,816
70,945
71,907
72.456
73,069
73,495
73,928
74,371
76,810
53,597
53,552
53,795
54,382
55,120
55,914
56.496
57;055
57,446
57,826
58,085
59,397
22,189
22,271
22,471
22,830
23,255
23,702
24,024
24,251
24,295
24,423
24,367
24,521
13,638
13,467
13,451
13,476
13,599
13,730
13,813
13,923
14,046
14,222
14,431
15,303
3,354
3,335
3,321
3,328
3,364
3,395
3,426
3,466
3,493
3.509
3.516
3,502
14,416
14,479
14,552
14,748
14,902
15,087
15,233
15,415
15,612
15,672
15.771
16,071
15,606
15,234
15,118
15,434
15,825
15,993
15,960
16,014
16,049
16,102
16,286
17,413
5,900
5,958
6,002
6,048
6,206
6,233
6,218
6,299
6,354
6,333
6,412
6,473
5,339
4,805
4,634
4,833
5,099
5,238
5,240
5,231
5,223
5,352
5,394
6,300
4,367
4,471
4,482
4,553
4,520
4,522
4,502
4,484
4,472
4,417
4,480
4,640
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)
Retail outlets
Financial institutions
End of period
Total
Total
Commercial
banks
Sales
finance
cos.
Credit
unions
1939
1941
1945
4,503
6,085
2,462
3,065
4,480
1,776
1,079
1,726
745
1,197
1,797
300
132
198
102
1957
1958
1959
33,867
33,642
39,245
29,200
28,659
33,570
12,843
12,780
15,227
9,609
8,844
10,319
2,429
2,668
3,280
1960
1961
1962
1963
1964
42,832
43,527
48,034
53,745
59,397
37,218
37,935
41,782
46,992
51,990
16,672
17,008
19.005
21,610
23,943
11,472
11,273
12,194
13,523
14,762
1963—Dec
53,745
46,992
21,610
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
53,597
53,552
53,795
54,382
55,120
55,914
56,496
57,055
57,446
57,826
58,085
59,397
47,300
47,454
47,653
48,191
48,824
49,543
50,082
50,583
50,937
51,220
51,341
51,990
21,630
21,799
21,919
22,224
22,559
22,907
23,176
23,389
23,527
23,663
23,680
23,943
Consumer
finance
Total
Department
stores 2
Furniture
stores
Appliance
stores
Automobile
dealers 3
Other
657
759
629
1,438
1,605
686
354
320
131
439
496
240
183
206
17
123
188
28
339
395
270
3,124
3,085
3,337
1,195
1,282
1,407
4,668
4,983
5,676
1,393
1,882
2,292
,210
,128
,225
361
292
310
478
506
481
1,226
1,175
1,368
3,923
4,330
4,902
5,622
6,458
3,670
3,799
4,131
4,590
5,078
,481
,525
,550
,647
,749
5,615
5,595
6,252
6,753
7,407
2,414
2,421
3,013
3,427
3,922
,107
,058
,073
,086
,152
333
293
294
287
286
359
342
345
328
370
,402
,481
,527
,625
,677
13,523
5,622
4,590
,647
6,753
3,427
,086
287
328
,625
13,840
13,788
13,802
13,893
14,027
14,228
14,359
14,475
14,553
14,625
14,622
14,762
5,584
5,607
5,668
5,776
5,889
6,014
6,109
6,204
6,283
6,334
6,378
6,458
4,592
4,595
4,597
4,628
4,657
4,701
4,748
4,797
4,845
4,870
4,919
5,078
,654
,665
,667
,670
,692
,693
,690
,718
,729
,728
,742
,749
6,297
6,098
6,142
6,191
6,296
6,371
6,414
6,472
6,509
6,606
6,744
7,407
063
949
044
106
182
3,231
,065
.047
;022
,013
,020
,028
,037
,044
,048
,062
,088
,152
281
278
273
272
271
271
273
273
275
276
279
286
328
330
334
340
348
355
360
363
365
367
C
367
370
,560
,494
,469
,460
,475
,486
,477
,460
,450
,457
,469
,677
1
Consumer finance cos. included with "other" financial institutions
until Sept. 1950.
2
Includes mail-order houses.
Other i
3^332
3,371
3,444
3,541
3,922
3 Automobile paper only; other instalment credit held by automobile
dealers is included with "other" retail outlets.
See also NOTE to table above.
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS
INSTALMENT CREDIT HELD BY SALES FINANCE COM PAMES
(In millions of dollars)
(In millions of dollars)
Automobile
paper
End of period
Total
Purchased
Direct
Other
comsumer
goods
paper
Repair
and
modernization
loans
Personal
loans
1,079
1,726
745
237
447
66
178
338
143
166
309
114
135
161
110
363
471
312
1957
1958
1959
12,843
12,780
15,227
4,130
4,014
4,827
2,225
2,170
2,525
2,557
2,269
2,640
1,580
1,715
2,039
2,351
2,612
3,196
1960
1961
1962
1963
1964
16,672
17,008
19,005
21,610
23,943
5,316
5,391
6,184
7,246
8,300
2,820
2,860
3,451
4,003
4,451
2,759
2,761
2.824
3^ 123
3,380
2,200
2,198
2,261
2,361
2,427
3,577
3,798
4,285
4,877
5,385
1963—Dec
21,610
7,246
4,003
3,123
2,361
4,877
21,630
21,799
21,919
22,224
22,559
22,907
23,176
23,389
23,527
23,663
23,680
23,943
7,246
7,275
7,364
7,501
7,673
7,854
7,979
8,090
8,143
8,233
8,242
8,300
4,016
4,052
4,102
4,172
4,255
4,323
4,371
4,389
4,390
4,396
4,393
4,451
3,134
3,226
3,195
3,185
3,192
3,205
3,234
3,244
3,255
3,273
3,281
3,380
2,333
2,316
2,303
2,308
2,331
2,355
2,380
2,405
2,422
2,437
2,438
2,427
End of period
Total
4,901
4,930
4,955
5,058
5,108
5,170
5,212
5,261
5,317
5,324
5,326
5,385
Personal
loans
1,197
1,797
300
878
,363
164
115
148
201
58
56
66
54
1957
1958
1959
9,609
8,844
10,319
,393
,310
7,187
1,509
1,717
2,114
31
36
72
676
781
946
1960
1961
1962
1963
1964
11,472
11,273
12,194
13,523
14,762
7,528
6,811
7,449
8,228
8,701
139
161
170
158
142
,066
,201
,452
,754
2,030
13,523
8,228
2,739
3,100
3,123
3,383
3,889
3,383
158
,754
1964—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
13,840
13,788
13,802
13.893
14,027
14,228
14,359
14,475
14,553
14,625
14,622
14,762
8,220
8,227
8,265
8,371
8,489
8,633
8,741
8,799
8,764
8,773
8,698
8,701
3,701
3,635
3,603
3,580
3,583
3,615
3,614
3,643
3,706
3,754
3,804
3,889
156
154
152
151
149
150
149
149
148
146
144
142
,763
,772
,782
,791
,806
,830
,855
,884
.935
;952
,976
2,030
NONINSTALMENT CREDIT
(In millions of dollars)
(In millions of dollars)
Automobile
paper
Repair
and
modernization
loans
1939
1941
1945
INSTALMENT CREDIT HELD BY OTHER
FINANCIAL INSTITUTIONS
Total
Other
consumer
goods
paper
See NOTE to first table on previous page.
See NOTE to first table on previous page.
End of period
Automobile
paper
1963—Dec.
1939
1941
1945
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
305
CONSUMER CREDIT
FEBRUARY 1965
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
Singlepayment
loans
End of period
Total
Commercial
banks
Charge accounts
Service
Other Decredit
finan- part- Other Credit
cial
retail cards 2
insti- ment outlets
tutions stores 1
1939
1941
1945
789
957
731
81
122
54
24
36
20
15
14
14
669
785
643
1957
1958
1959
6,748
7,035
8,024
1,114
1,152
1,400
588
565
681
490
595
698
4,555
4,723
5,244
1939
1941
1945
2,719
3,087
3,203
625
693
674
162
152
72
236
275
290
1,178
1,370
1,322
1960
1961
1962
1963
1964
9,074
9,654
10,583
11,859
13,285
1,665
1,819
2,111
2,394
2,699
111
743
751
835
997
800
832
815
870
933
5,837
6,257
6,906
7,760
8,656
1957
1958
1959
11,103
11,487
12,297
2,937
3,156
3,582
427
471
547
876
907
958
3,953
3,808
3,753
317
345
393
2,593
2,800
3,064
1963—Dec.
11,859
2,394
835
870
7,760
1964—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
11,830
11,867
11,932
12,074
12,238
12,408
12,547
12,719
12,857
12,932
13,039
13,285
2,379
2,387
2,406
2,446
2,490
2,537
2,573
2,610
2,633
2,654
2,667
2,699
834
838
845
860
876
894
911
927
941
956
969
997
865
865
866
869
884
890
897
912
923
926
934
933
7,752
7,777
7,815
7,899
7,988
8,087
8,166
8,270
8,360
8,396
8,469
8,656
1960
1961
1962
1963
1964
13,196
14,151
15,130
16,145
17,413
3,884
4,413
4,690
5,047
5,469
623
723
766
912
1,004
941
948
927
895
909
3,952
3,907
4,252
4,456
4,756
436
469
505
520
635
3,360
3,691
3,990
4,315
4,640
NOTE.—Institutions represented are consumer finance cos., credit
unions, industrial loan cos., mutual savings banks, savings and loan
assns., and other lending institutions holding consumer instalment loans.
See NOTE to first table on previous page.
518
597
845
1963—Dec...
16,145
5,047
912
895
4,456
520
4,315
1964—Jan....
Feb.. .
Mar...
Apr...
May..
June..
July...
Aug...
Sept...
Oct....
Nov...
Dec..
15,606
15,234
15,118
15,434
15,825
15,993
15,960
16,014
16,049
16,102
16,286
17,413
4,991
5,036
5,076
5,152
5,230
5,313
5,329
5,335
5,361
5,361
5,377
5,469
909
922
926
896
976
920
889
964
993
972
1,035
1,004
782
655
614
610
626
610
576
588
624
660
703
909
4,014
3,590
3,485
3,667
3.910
4,028
4,008
3,960
3,928
4,055
4,065
4,756
543
560
535
556
563
600
656
683
671
637
626
635
4,367
4.471
4; 482
4,553
4,520
4,522
4,502
4,484
4,472
4,417
4,480
4.640
1
2
Includes mail-order houses.
Service station and misc. credit-card accounts and home-heating
oil accounts.
See NOTE to first table on previous page.
306
CONSUMER CREDIT
FEBRUARY 1965
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
(In millions of dollars)
Total
Automobile paper
Period
S.A.1
N.S.A.
S.A.1
N.S.A.
Other consumer
goods paper
S.A.1
N.S.A.
Repair and
modernization loans
S.A.1
Personal loans
S.A.1
N.S.A.
N.S.A.
Extension
1957...
1958
1959
1960
42,016
40,119
48,052
49,560
16,465
14,226
17,779
17,654
11,807
11,747
13,982
14,470
1,674
1,871
2,222
2,213
1961
1962
1963
1964
48,396
55,126
60,822
66,070
16,007
19,796
22,013
23,565
14,578
15,685
17,007
19,162
2,068
2 051
2,178
2,182
1963
12,069
12,275
14,070
15,223
=
15,744
17,594
19,624
21,161
Dec
5,272
5,974
1,914
1,767
1,523
2,094
172
154
1,663
1,959
1964—Jan
Feb
5,276
5,421
5,480
5,371
5,552
5,399
5,541
5,529
5,617
5,507
5,456
5,816
4,784
4,552
5,322
5,578
5,584
5,949
5,747
5,519
5,393
5,552
5,323
6,767
1.888
1,953
1,942
1,961
2,023
1,962
1,996
2,017
2,024
1,924
.858
2,043
1,689
1,686
J.493
1,578
1,665
1,544
1,589
1,537
1,546
1,570
1,588
1,582
1.380
1,212
1,488
1,495
1,547
1,632
1,543
1,540
,592
1,657
185
186
179
174
187
183
189
141
163
178
205
208
208
186
210
1,719
2,404
186
180
175
180
200
191
175
161
1.710
L704
1,694
,692
1,753
1,717
1,810
,756
1,819
1,821
1.574
1,512
1,688
1,778
1,695
1,864
L,83O
1,785
1,771
1.705
l',149
2,210
Mar
May
July
Sept
Oct
Nov
Dec
1,983
2,127
2,137
2,245
2,166
1,984
1,830
1,999
1,727
1,992
zr>
142
792
1,874
Repayments
1957
1958
1959
1960
39,868
40,344
42,603
45,972
15,545
15,415
15,579
16,384
11,569
11,563
12,402
13,574
1,477
1,626
1,765
1,883
11,276
11,741
12 857
14,130
1961
1962
1963
1964
47,700
50,620
55 111
60,418
16,472
17,478
19 354
21,243
14,246
14,939
15 846
17,625
2,015
1,996
2 035
2,069
14,967
16,206
17 876
19,481
1963—Dec
4,812
4,924
1,707
1,675
1,384
1,374
177
172
1,544
1 703
1964
4,848
4,842
4,956
4,959
5,059
5,029
5,058
5,094
5,104
5 097
5,155
5,256
4,932
4,597
5,079
1.684
1,716
1,735
1,759
1,776
1,768
1,781
1,789
[,802
.788
1,818
1,864
1.699
1,604
1,783
1,768
1,712
1,798
1,844
1,757
1,786
1,871
1,783
1.838
1,441
1,395
1,468
1,453
1,483
1,486
1,448
1,496
1,491
1,456
1,509
1,505
J. 508
,383
1,504
1,470
1,424
1,501
1,460
,430
1.469
1,481
1.463
1,532
176
171
174
176
161
J. 547
1 549
1.449
1,615
I 582
1 541
1,679
I 684
1,603
1,574
1 645
1,650
1 910
Jan
Feb
Mar
Apr
May
June
July
Aug
Sent
Oct
Nov
Dec
.
4,991
4,846
5,155
5,165
4,960
5,002
5,172
5,064
5,455
172
177
171
175
169
170
171
172
172
177
177
170
173
167
174
177
175
168
175
1,560
1,579
1,575
1,625
1,605
1,658
1,637
1,639
I 686
1.654
U710
Net change of credit outstanding2
1957
1958
1959
I960
2,148
-225
5 601
3,588
1961
1962
1963
1964
-1,189
2,268
1,270
1 602
896
696
4,506
5 711
5,652
. .
-465
2,318
2 659
2,322
332
746
1 161
1,537
920
238
184
197
245
463
793
534
1 269
1,093
330
53
55
111
1 388
1 748
1 680
143
113
Dec
460
1,050
207
92
139
720
-5
-18
119
256
1964—Jan
Feb
428
-148
-10
52
-35
163
25
-45
243
183
197
-16
15
5
-19
207
82
200
-128
-171
9
579
524
204
237
412
493
587
738
202
247
359
425
91
106
25
123
144
115
63
73
2
12
117
128
370
483
435
513
410
301
560
794
582
559
391
380
259
194
196
154
447
51
98
74
97
126
122
214
131
83
110
123
176
209
872
13
18
14
14
13
1
3
112
152
119
180
135
138
164
185
146
182
197
60
99
300
1963
Mar
Apr
May
....
June
July
A.Ug
Sept.
Oct
Nov
Dec
•
1,312
215
322
228
222
136
40
179
227
44
128
-56
154
1 Includes adjustments for differences in trading days.
2
Net changes in credit outstanding equal extensions less repayments
except in 1959, when the differences do not reflect the introduction of
•outstanding balances for Alaska and Hawaii.
NOTE.—Estimates are based on accounting records and ofen include
financing charges. Renewals and refinancing of loans, purchases and
-14
7
36
31
31
40
27
16
7
-14
sales of instalment paper, and certain other transactions may increase
the amount of extensions and repayments without affecting the amount
outstanding.
For a description of the series in this and the following table see Jan.
1954 BULL., pp. 9-17. Back data upon request.
FEBRUARY 1965
CONSUMER CREDIT
307
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions of dollars)
Total
Commercial banks
Period
S.A.1
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
42,016
40,119
48,052
49,560
. .
1961
1962
1963
1964
15,355
14,860
17,976
18,269
10,250
9,043
11,196
11,456
9,915
9.654
10,940
12,073
6,495
6,563
7.940
7,762
48,396
55,126
60,822
66,070
1957
1958
1959
1960
17 711
20,474
22,871
24,515
10,667
11,999
12,664
14,020
13,525
14,894
16,251
12,282
7,736
9.128
10,393
11,284
1963—Dec
5,272
5,974
1,963
1,889
1,134
1,192
1,252
1,476
923
1,417
1964—j an
Feb
Mar
5,276
5,421
5,480
4,784
4,552
5,322
1,928
2,043
2,006
1,981
2,075
2,004
2,065
2,084
2,104
2,030
2,036
2,186
1,825
1,786
2,011
2,158
2,144
2,247
2,199
2,063
1,989
2,044
1,873
2,176
J 195
1,187
1,209
1,160
1,196
1,174
1,158
1,157
1,191
1,156
1,114
1,191
1,020
980
1.166
1,201
1,194
1,324
1,242
1,172
1,142
1,192
1 070
1,317
1,312
1,283
J.292
1,309
,350
1,321
1,397
1,355
1,405
1,402
1,370
1,443
J 1S7
1,122
1,290
1,347
1,338
1,453
1,426
:1,382
1,348
911
908
973
921
931
900
921
933
917
919
936
996
782
664
855
872
908
925
880
902
914
997
1,015
1,570
,
5,371
5,552
5,399
5,541
5,529
5,617
5,507
5,456
5,816
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
5,578
5,584
5,949
5,747
5,519
5,393
5,552
5,323
6,767
319
l',365
1,704
Repayments
1957
1958
1959
1960
39,868
40,344
42,603
45,972
14,360
14,647
15,560
16,832
9,759
9,842
9,742
10,442
9,250
9,365
10,020
11,022
6,499
6,490
7,281
7,676
1961
1962
1963
1964 . .
47,700
50,620
55,111
60,418
18,294
18,468
20,266
22,268
10,943
11,434
12,211
13,161
6,749
8,125
9,016
10,164
1963—Dec,
4,812
4,924
1,802
1,765
1,039
1,066
1,167
11,715
12,593
13,618
14,82*5
1,291
1964—Jan
Feb
Mar
4,848
4,842
4,956
4,959
5,059
5,029
5,058
5,094
5,104
5.097
5,155
5,256
4,932
4,597
5,079
4,991
4,846
5,155
5,165
4,960
5,002
5,172
5 064
5,455
J.768
,793
,843
,833
[,876
[,845
1,857
1,889
[,860
[,868
,916
.944
1.805
1,703
1,891
1,853
1,809
1,899
1.930
1,850
1,851
1,908
1,856
1,913
1,076
1,094
1,084
1,097
1,114
1,102
1,097
1 087
1,118
1,071
1,103
1,129
1.050
1,032
1,152
1,110
1,060
1,123
1,111
1,056
1.097
1,120
1 073
1,177
1,184
1,173
1,201
1,197
1,234
1,223
1,267
1 237
1,266
1,284
1,255
1,303
J.I 86
1,085
1,225
1,205
1,174
1,283
1,287
1,210
1,210
1,244
1,258
1 .458
Apr
May
June
July
Aus.
Sept
..
. .
Oct
Nov
Dec
Net change in credit outstanding
1957
1958
1959
I960
2 148
-225
5 601
3 588
1961
1962
1963
1964
4 506
5 711
5^652
1 066
-63
2 447
1,446
696
491
802
891
782
828
in
837
881
860
837
844
844
832
835
859
874
881
880
811
823
803
850
900
877
907
665
— 75
315
693
— 61
578
932
— 20
656
501
654
289
986
1 051
— 199
921
1 329
1,239
335
820
2
-765
1 475
1,152
1 997
2 605
2,333
804
1 276
1,426
1963 Dec
460
1,050
161
124
190
221
85
185
24
520
1964—Jan
428
-148
160
20
317
128
-29
-256
579
524
412
493
370
483
435
513
410
301
560
-45
243
587
738
794
582
559
391
380
259
336
163
148
199
159
208
195
244
162
120
242
169
120
305
335
348
269
213
138
136
17
263
396
93
125
63
-52
14
91
134
201
110
91
112
116
98
130
118
139
118
115
140
37
65
142
164
170
139
172
138
75
107
246
40
145
89
96
41
84
52
24
45
55
116
-456
-199
44
49
105
75
43
58
37
97
138
663
Feb
Mar
Apr
M^ay
June
July
Sept
Oct
Nov
Dec
.
••
. . .
.
1,312
1 Includes adjustment for differences in trading days.
2 N e t changes in credit outstanding are equal t o extensions less repayments except: (1) in 1959, when the differences d o n o t reflect the i n t r o duction of outstanding balances for Alaska and Hawaii, a n d (2) in certain
m o n t h s when d a t a for extensions a n d repayments have been adjusted to
eliminate duplication resulting from large transfers of paper. In those
82
72
61
70
106
85
11
62
131
116
78
72
-3
140
m o n t h s t h e differences between extensions a n d repayments for some
particular holders d o n o t equal the changes in their outstanding credit.
Such transfers d o n o t affect total instalment credit extended, repaid, or
outstanding.
See also N O T E to previous table.
308
FEBRUARY 1965
INDUSTRIAL PRODUCTION: S.A.
MARKET GROUPINGS
(1957-59= 100)
Grouping
1957-59 1963
pro- averporage
tion
1963
1964
Jan.
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct. r Nov. r Dec.
100.00 124.3 127.0 127.7 128.2 129.0 130.5 131.3 131.6 132.9 133.8 134.0 131.2 134.8 137.0
Equipment, including defense....
Materials
47.35
32.31
15.04
52.65
124.9
125.2
124.2
123.7
128.0
128.0
128.1
125.9
128.5
128.9
127.9
126.7
128.1
128.8
127.1
128.1
128.7
128.8
128.8
129.3
130.6
130.8
130.7
130.6
131.1
131.0
131.3
131.3
131.7
131.5
132.0
131.8
132.3
132.1
132.7
133.6
133.3
133.1
133.6
134.7
132.5
132.0
133.7
135.6
130.3
129.2
132.6
132.2
134.6
133.6
136.7
135.4
137.0
136.8
137.6
136.9
Consumer goods
Auto parts and allied products
3.21 141.2 146.1 146.6 145.5 144.3 149.3 151.4 151.7 152.6 155.8 144.7 105.9 143.0 166.0
1.82 149.5 155.6 155.3 156.5 152.5 160.0 160.3 161.7 162.6 165.0 146.0 83.0 145.1 183.0
1.39 130.2 133.5 135.2 131.1 133.4 135.2 139.6 138.4 139.3 143.8 143.0 136.1 140.2 143.7
Apparel, knit goods, and shoes
Beverages and tobacco
Newspapers, magazines, and books..
Consumer fuel and lighting
Residential utilities
Electricity
Gas
10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41
123.1
129.6
125.1
130.6
109.5
131.3
133.6
117.6
126.6
134.2
128.5
133.0
115.6
135.4
139.9
120.2
127.0
134.8
127.5
130.7
118.6
136.1
142.3
120.4
128.3
137,3
131.3
135.3
120.3
138.1
143.7
120.7
126.8
136.4
128.7
132.9
116.9
139.0
143.5
118.7
128.9
137.7
130.7
134.7
119.5
139.7
144.2
121.5
129.5
136.9
129.7
139.4
102.4
141.0
142.1
123.2
130.0
137.8
131.0
136.9
114.3
141.9
142.4
123.4
131.2
139.7
131.1
136.6
115.5
144.7
145.9
124.0
131.9
140.1
133.3
140.0
114.5
144.2
144.8
124.9
131.9
139.8
136.8
143.9
116.7
141.0
142.3
125.3
133.8
142.4
139.0
146.1
119 1
145.5
143.7
126.6
136.6
146.6
142.7
148.9
125.1
148.3
150.0
128.0
19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74
123.7
116.6
116.9
140.1
117.8
133.5
116.9
141.5
146.7
125.7
118.9
117.4
142.7
120.4
135.2
117.4
143.8
150.4
127.0
121.4
116.5
142.2
121.5
136.5
115.6
146.6
154.3
126.2
120.2
118.5
140.1
123.7
134.7
116.8
143.4
149.2
126.3
118.4
121.9
140.1
125.1
136.2
117.6
145.3
151.9
128.8
120.8
125.2
142.8
126.7
138.5
120.9
147.1
154.5
128.3
120.2
122.6
144.5
124.7
138.7
120.4
147.6
155.2
128.9
119.4
119.4
150.5
125.5
140.6
121.8
149.8
157.6
129.1
118.4
126.4
146 7
123.5
142.8
121.4
153.2
162.2
130.0
118.7
125.5
149.1
123.2
145.7
118.8
158.8
169.8
129.9
118.7
123.3
152 6
121.3
144.4
120.4
156.1
165.6
130.7
120.0
123.3
151 9
121.8
145.8
122 2
157.4
166.8
130.5 131.3
122.0 122.9
123.1
149.7 * isi j
122.8 124.4
142.4
119.9 iio i
153.4
161.1
11.63
6.85
2.42
1.76
.61
128.3
123.0
142.4
132.2
121.6
132.9
128.6
140.2
139.9
131.6
132.9
128.9
141.6
137.0
131.2
'131.9
127.9
140.4
137.8
126.0
134.2
131.9
141.0
135.8
127.6
136.5
133.9
143.1
140.8
126.6
138 0
135.7
141.9
143.9
130.7
139 0
137.6
143.7
141.3
129.1
140 0
138.5
145.7
141.9
127.9
141 6
139.6
145.5
144.9
139.9
141 8
140.4
147.6
141.0
136.0
140 7
140.4
149 3
128.6
145.1
146 2
144.5
151 0
149.1
138.0
147 3
144.5
152 3
155.1
137.1
26.73
3.43
7.84
9.17
6.29
Appliances, TV, and radios
121.2
137.2
125.4
116.3
114.3
122.6
142.9
128.8
118.9
113.5
123.0
141.9
129.2
119.6
117.6
125.8
144.3
129.6
123.2
123.4
127.3
141.9
130.4
123 4
125.2
129.0
144.1
131.6
123 8
126.9
129.8
143.8
132.9
123 5
127.5
130.8
148.1
133.3
122 8
127.3
132.7
150.2
133.8
125 7
130.2
134.1
167.0
135.7
125 7
130.6
135.6
153.1
137 1
125 8
128.4
128 1
113.2
1T7 2
123 8
130.9
134 4
145.1
138 9
126 6
134.5
135 8
153.3
141 0
127 7
138.6
25.92
9.11
3.03
6.07
7.40
126.3
120.3
120.2
120.4
145.0
129.3
123.0
121.3
123.8
151.2
130.4
124.4
125.1
124.0
152.2
130.6
125.2
125.5
125.1
152.2
130.8
124.9
123.6
125.6
152.4
132.3
126.1
127.0
125.7
154.6
132.8
126.5
128.2
125.7
153.9
132.9
124.9
123 8
125.4
155.7
134.6
126.9
125 0
127.9
158.7
135.2
127.1
125 6
127.8
160.2
135.7
125.9
125 4
126.2
163.0
136.3
128 7
131 6
127.3
161.4
136.4
128 7
132 4
126.9
161.8
138.1
132 7
134 9
131.6
162.6
9.41
6.07
2.86
2.32
1.03
1.21
.54
117.2
109.3
138.7
139.5
131.2
149.6
118.2
109.0
142.3
142.9
134.5
153.3
119.1
110.2
142.7
143.8
134.8
154.9
118.7
109.3
143.5
144.6
135.6
155.6
118.7
108.9
144.5
145.6
136.9
156.4
120.7
110.3
147.9
149.0
140.5
159.9
122.2
112.1
148.9
150.1
142.0
160.7
122.7
112.2
149.7
150.6
143.5
160.4
123.0
112.4
149.8
150.5
143.9
160.9
123.4
112.7
150.9
151.5
145.1
161.9
123.7
113.0
150.6
151.0
147.1
159.2
123.9
113.3
150.6
150.4
144.1
160.6
123.9 124.1
112.9 112.8
151.0
150.5
147.4
158.1
137.9
148.1
143.4
146.2
135 5
149.6
152.5
Equipment
Freight and passenger equipment...
r
3.41
Materials
General business supplies
Business fuel and cower •
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Commercial and other
Gas
Supplementary groups of
consumer goods
Automotive and home goods
Apparel and staples
See NOTE on opposite page.
7.80 134.4 139.1 139.7 140.7 139.7 142.4 142.9 143.5 145.0 146.6 141.8 127.3 145.1 155.5
24.51 122.3 124.5 125.5 125.0 124.6 127.2 127.2 127.7 128.0 128.9 128.9 129.8 130.0 130.8
FEBRUARY 1965
309
INDUSTRIAL PRODUCTION: S.A.
INDUSTRY GROU PINGS
(1957-59= 100)
1957-59 1963
proaverporage
tion
Grouping
1963
Dec.
1964
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.'
Nov.*" Dec.
100.00 124.3 127.0 127.7 128.2 129.0 130.5 131.3 131.6 132.9 133.8 134.0 131.2 134.8 137.0
86.45
48.07
38.38
8.23
5.32
Durable
Mining
Utilities
124.9
124.5
125.3
107.9
140.0
127.9
127.3
128.7
107.3
143.0
725.5
128.1
128.9
108.8
144.5
729.7
128.9
129.4
108.9
143.4
729.9
130.0
129.8
108.8
144.8
131.4
131.6
131.1
109.9
147.5
132.2
132.6
131.7
111.3
148.3
132.4
133.2
131.5
111.4
149.7
133.9
135.0
132.5
110.9
151.4
134.5
135.7
133.1
111.9
154.5
134.9
135.2
134.4
111.9
153.2
131.7
129.4
134.5
112.0
153.8
135.8
136.5
134.9
112.8
152.1
138.5
140.1
136.4
112.0
152.0
12.32
6.95
5.45
1.50
5.37
2.86
777.7
113.3
109.6
126.7
123.4
120.2
117.6
110.5
104.9
134.7
126.8
122.9
720.0
113.6
108.3
132.2
128.2
124.4
722.5
117.6
114,5
139.9
129.0
126.0
124.6
120.9
118.1
142.6
129.3
127.8
725.5
123.8
123.7
138.5
129.5
129.2
725.5
127.1
127.8
135.0
130.3
128.1
725.7
126.1
125.2
132.8
130.6
129.6
752.7
131.2
130.4
135.9
133.3
131.2
755.7
132.8
132.2
133.0
134.8
131.0
755.5
132.8
129.1
138.5
134.3
131.7
131.3
131.8
130.3
133.9
130.7
128.6
735.6
134.6
133.3
140.2
137.0
135.8
737.9
136.7
135.9
147.7
139.4
137.6
27.98
14.80
8.43
6.37
10.19
4.68
5.26
1.71
1.28
725.7
129.2
126.9
132.3
127.0
146.1
109.5
130.2
752.5
133.9
133.5
134.4
131.3
151.9
112.2
132.7
752.9
134.7
135.2
134.0
130.8
151.9
111 1
132.2
752.5
133.6
132.9
134.5
131.1
153.0
110.8
133.6
755.2
135.9
136.7
134.9
130.1
151.1
110.6
134.2
755.2
137.5
138.1
136.8
133.0
156.2
112.0
134.7
135.9
138.5
139.6
137.0
134.1
157.4
112.8
134.6
757.7
140.1
141.9
137.7
134.9
158.3
113.4
134.8
755.0
141.9
143.6
139.7
134.3
158.6
111.7
136.4
755.7
142.8
144.1
141.1
135.3
160.9
111.5
137.4
757.5
144.1
145.0
142.9
130.9
150.1
112.7
138.6
128.7
144.7
145.4
143.8
105.3
96.2
110.8
137.6
138.8
147.0
148.2
145.4
129.2
143.9
114.5
140.2
743.7
148.5
149.2
147.7
140.2
167.2
115.2
142.1
Durable manufactures
Nonferrous metals and products..
Structural metal Darts
Machinery and related products
Aircraft and other equipment....
Instruments and related products...
Clay, glass, and stone products
Furniture and
miscellaneous.........
4.72 774.4 777.0 777 9 727.5 727.9 121.6 720.9 120.1 722.5 121.4 720.7 121.0 120.9 121.5
2,99 117.5 120.5 121 2 124 1 125.3 125.2 124.3 126.6 126.4 125.6 127.0 126.9 Ml .1 130.1
1.73 108.9 111.0 112 2 117.3 116,1 115.4 114.9 109.0 116.1 114.1 109.7 110.8 109.2 106.7
3.05
1.54
1.51
129.1 132.6 755 0 755 9 134.7 135.6 136.2 138.0 138.5 759 0 138.4 141.7 143 4 745 0
133.1 137.6 137 3 138 1 139.0 139.8 140.5 142.8 143.2 144 4 144.1 \A1A 149.3 151 6
125.0 127.6 128 6 129.7 130.4 131.4 131.9 133.2 133.8 133.4 132.6 135.9 137.4 138.3
Nondurable manufactures
Textiles, apparel, and leather
Apparel products
Leather and products
7.60 775.5 121.3 720.7 122.4 727.7 727.5 725.5 722.9 724.9 725.0 725.5
2.90 116.9 119.4 118.8 119.8 118,9 119.4 119.3 119.2 121.5 123.5 125.8
3.59 125.6 129.1 129.4 131.7 131.8 130.5 132.8 133.8 134.4 135.1 135.8
1.11 99.8 101 2 97.8 99.3 96.3 98.4 104.7 97.3 103.5 103.1 100.3
128.4
127.5
137.2
102.4
729.7 730.4
128.9 130.0
138.7
103.2
8.17
3.43
4.74
1.53
Chemicals, petroleum, and rubber...,
Industrial chemicals
Rubber and plastics products
Foods, beverages, and tobacco
Beverages
Tobacco products
120.1
125.1
116.4
108.0
123.9
127.6
121.3
119.2
123.4
128.7
119.5
113.9
124.5
129.1
121.2
114.5
125.4
130.4
121.8
115.2
127.5
132.9
123.6
117.2
128.2
134.3
123.9
117.1
126.6
130.1
124.1
117.2
725 0
132.8
124.5
120 0
727 9
132 8
124.3
118 3
128.2
135.5
123.0
115.9
729.2
137.0
123.6
116.3
725 2
134.1
123.9
117 5
11.54
7.58
3.84
1.97
1.99
141.8
148.6
162.7
117.1
140.0
745.3
154.5
171.4
116.6
144.3
146 4
154.7
173.1
116,0
145.0
146.9
154.5
173.3
119.1
145.3
147.4
155.2
174.9
119.7
145.1
749.5
157.0
176.7
120.8
149.4
150.0
156.7
173.7
122.0
152.2
752.7
159.6
176.3
122.1
153.4
752.5
158.7
177.1
124 6
155.2
755.5
160 8
178.7
121 2
158.2
755.9
165.0
184.9
120.4
162.4
155.4
162.5
179.9
122.9
161.0
754.5 755.5
162.2 163 3
180.9
121 6 i 20 6
159.4
11.07
10.25
8.64
1.61
.82
775.5
116.9
116.8
117.8
115.2
118.8
119.1
119.2
118.7
114.9
720.2
120.8
121.3
118.4
112.7
779.5
120.6
119.8
125.0
105.6
720.2
120.3
119.7
123.8
118.2
727.2
120.6
120.0
124.1
127.5
120.7
120.0
120.2
119.2
129.2
779.5
119.6
119.5
120.1
118.1
720.5
120.0
118.9
125.8
127.5
720.5
120.4
119 1
127.6
121.4
720.0
120.0
119.1
124.6
120.6
120.9
120.7
120.2
123.3
123.3
722.7 723.2
122.8 123.4
122 6 123 3
124.1
121.0
6,80
1.16
5,64
4.91
4.25
.66
.73
707.0
102.5
107.9
110.9
108.1
128.7
87.4
106.0
105.1
106.2
109.9
106.6
130.8
81.6
707.5
104.0
108.3
111.7
108.5
132.2
84.9
107.4
99.2
109.1
111.7
107.8
136.2
91.5
707.7
94.5
109.7
112.3
109.0
133.3
92.0
705.7
98.7
110.0
113.0
109.6
134.8
89.8
109.9
106.1
110.7
113.5
110.1
135.3
91.3
709.5
105.1
110.8
113.8
110.2
137.1
90.1
770.7
105.0
111.1
114.2
110.3
139.0
90.5
770.7
107 9
111.3
113.8
109 8
139.6
94.0
777.0
105.1
112.3
114.9
111.1
139.1
94.4
110.8
109.2
111.1
114.3
110.8
136.8
89.2
770.2
108 7
110.4
113.9
110 2
737 4
139 3
125.6
119 6
Mining
Coal
Crude oil and natural gas
Crude oil
Gas and gas liquids
Metal, stone, and earth
materials.,..
"ti'.Z
770.0
107 2
110.5
114.1
110 4
"86.*4
1.43 112.2 775.2 114.7 116.4 117,0 775.5 117.9 779.2 774.9 777.7 775.7 118.0 725.3 727.5
.61 112.3 112.9 116.4 118.8 119.8 124.2 119.4 119.2 107.7 112.2 111.3 115.7 127.1 119.7
82 112.1 113.4 113.5 114.7 115.0 114.3 116.8 119.2 120.2 121.7 119.6 119.7 123.9 123.4
Utilities
Electric
Gas
4.04 142.6 146.1 148.3 146.5 148.3 151.3 152.3 153.6 155.5 159.3 157.2 157.4 155.0
1.28 131.9 133.3 133.9 134.6 135.2
NOTE.—Published groupings include some series and subtotals not
shown separately. A description and historical data are available in
Industrial Production 1957-59 Base. Figures for individual series and
subtotals (N.S.A.) are published in the monthly Business Indexes release.
310
INDUSTRIAL PRODUCTION: N.S.A.
FEBRUARY 1965
MARKET GROUPINGS
(1957-59= 100)
Grouping
Total index.
Final products, total
Consumer goods
Equipment, including defense...
Materials
1957-59 1963
propor- average
tion
1963
Dec
1964
Jan.
Feb. Mar. Apr.
May June
July
Aug. Sept.
Oct. r
Nov. r Dec.
100.00 124.3 124.7 125.7 128.3 129.0 131.7 132.3 133.9 127.6 132.9 136.5 135.0 135.7 134.6
47.35
32.31
15.04
52.65
124.9
125.2
124.2
123.7
125.5
124.0
128.8
123.9
126.7
126.1
128.0
124.9
128.5
128.9
127.5
128.1
128.5
127.7
130.1
129.6
130.7
130.3
131.5
132.6
130.5
130.0
131.8
133.9
133.3
133.2
133.5
134.5
127.5
126.3
130.1
127.8
131.4
131.5
131.1
134.2
136.1
137.1
134.0
136.8
134.9
136.0
132.4
135.0
135.0
134.7
135.6
136.3
134.2
132.3
138.3
135.0
Consumer goods
Automotive products
Autos
Auto parts and allied products.
3.21 141.2 154.2 151.9 154.4 152.1 162.5 160.6 162.7 131.1 89.5 139.1 114.7 153.4 169.4
1.82 149.5 172.7 165.4 m.i 167.8 182.4 176.3 180.3 130.1 46.2 132.9 95.4 165.4 192.2
1.39 130.2 129.9 134.1 130.9 131.4 136.4 139.8 139.4 132.4 146.7 147.2 140.2 137.6 139.5
Home goods and apparel
Home goods
,
Appliances, TV, and radios. .
Appliances
TV and home radios
Furniture and rugs
Miscellaneous home g o o d s . . .
Apparel, knit goods, and shoes.
10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41
123.1
129.6
125.1
130.6
109.5
131.3
133.6
117.6
117.5
132.9
123.4
134.8
91.3
139.7
138.5
104.6
121.6
129.5
124.7
126.0
121.0
133.1
132.1
115.0
132.9
137.4
138.7
144.6
122.2
135.8
137.2
129.1
129.8
138.6
137.8
147.5
110.2
137.3
140.6
122.3
130.5
138.3
135.9
144.9
110.5
137.2
142.0
123.9
129.5
135.6
130.0
141.6
97.4
135.6
142.1
124.4
131.2
140.5
136.8
145.3
112.9
140.2
145.2
123.4
120.0
126.8
110.4
118.8
86.6
137.0
137.9
114.1
134.2
136,4
120.2
122.0
115.1
146.1
147.7
132.4
135.1
147.4
144.1
147.3
134.8
147.1
151.6
124.7
Consumer staples
Processed foods
Beverages and tobacco
Drugs, soap, and toiletries
Newspapers, magazines, and books.
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas
19 JO
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74
123.7
116.6
116.9
140.1
117.8
133.5
116.9
141.5
146.7
122.2
115.2
101.2
139.8
120.9
138.6
120.2
124.1
113.5
102.3
141.1
120.3
150.1
120.5
122.5
111.1
107.4
139.7
122.8
144.0
119.9
122.6
109.8
117.6
139.4
124.8
140.2
116.4
124.8
112.7
127.6
142.8
125.7
135.0
114.7
725.0
114.1
131.0
144.6
123.7
130.5
116.3
129.2
116.9
136.5
153.8
124.5
134.2
120.3
128.8
117.8
132.0
140.8
121.6
145.0
123.5
137.2
129.4
136.1
152.4
124.8
148,4
122.3
137.9
135.2
124.9
154.1
124.7
144.7
120.4
11.63
6.85
2.42
1.76
.61
128.3
123.0
142.4
132.2
121.6
132.8
129.4
142.6
135.0
125.8
132.5
129.2
141.7
132.9
131.8
132.4
127.3
139.4
139.2
142.0
135.9
132.0
139.7
141.9
147.3
137.8
133.9
140.4
146.4
147.3
138.8
135.8
140.2
148.2
140.5
141.2
138.8
144.1
147.0
139.9
137.1
137.1
142.8
136.2
115.8
138.7
139.2
145.8
136.2
111.9
142.2
141.7
149.8
139.0
125.9
140.1
139.6
151.8
128.6
133.5
144.1
142.5
152.8
146.1
122.1
147.3
145.4
154.9
149.7
131.2
141.6
150.2
145.8
143.2
153.1
152.3
153.8
134.2
138.2
151.7
148.5
150.2
143.5
152.3
155.2
126.7
129.3
147.0
138.5
145.7
118.4
154.4
151.0
136.7 129.8
134.3 125.1
129.5| 116.3
154.9j 150.1
123.5 122.8
137.0; 135.4
119.0 119.2
• !•
155.7 179.9 166.8 161.3 151.4 140.5 145.0 165.4 173.2 166.4 150.11 146.6
127.6
119.1
148 .*7
124.9
iii.9
Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment.
Farm equipment
Defense equipment
3.41
Materials
Durable goods materials
Consumer durable
Equipment
Construction
Metal materials n.e.c
26.73
3.43
7.84
9.17
6.29
121.2
137.2
125.4
116.3
114.3
121.1
150.0
130.7
110.6
108.5
121.1
146.9
130.4
108.0
114.5
125.3
146.5
130.8
113.3
124.5
127.4
146.2
131.8
116.0
128.2
131.2
148.4
133.0
122.6
132.0
133.9
149.5
133.8
127.8
134.5
134.9
149.6
134.6
132.0
131.4
127.7
135.2
129.7
129.5
118.5
132.6
140.3
131.6
134.5
126.8
136.3
153.1
135.7
133.3
132.3
131.3
116.0
136.8
130.6
134.0
135.2
149.5
139.0
126.3
135.6
134.6
161.0
143.1
118.8
132.5
Nondurable materials
Business supplies
Containers
General business supplies.
Nondurable materials n.e.c..
25.92
9.11
3.03
6.07
7.40
126.3
120.3
120.2
120.4
145.0
126.9
118.1
105.5
124.4
148.2
128.8
119.6
117.6
120.5
151.4
131.0
123.1
123.0
123.2
155.2
131.8
124.9
123.6
125.6
156.2
134.0
129.5
130.8
128.8
157.7
133.9
128.6
129.5
128.2
157.7
134.1
126.9
130.0
125.4
158.0
127.8
120.2
125.0
117.7
147.3
135.9
129.2
138.2
124.6
157.8
137.3
130.3
133.6
128.7
161.4
138.9
134.3
138.2
132.4
162.2
137.4
130.0
"- *
125.1
132.4
163.4
135.5
127.4
117.4
132.3
159.3
9.41
6.07
2.86
2.32
1.03
1.21
.54
117.2
109.3
138.7
139.5
131.2
149.6
118.6 119.9 119.6 119.3 119.8 120.4 122.2 119.8 125.2 125.0 124.9 124.1 124.6
110.6 112.1 112.6 111.4 111.6 111.0 111.0 104.6 111.3 111.8 114.1 114.3 114.5
Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Commercial and other..
Gas
139.9 141.5 138.9 iii.3 i-ii.9 146.0 152.5 158.9 162.9 159.9
133.2 134.1 132.1 136.9 138.7 142.7 144.8 143.9 148.0 149.3
148.7 151.0 147.8 148.0 147.9 152.2 163.0 177.0 181.2 174.3
152.6
147.3
162.2
147.7
147.4
152.7
Supplementary groups of
consumer goods
Automotive and home goods.
Apparel and staples
See NOTE on opposite page.
7.80 134.4 141.7 138,7 144.4 144.1 148.3 145.9 149.6 128.6 117.1 144.0 135.6 152.4 156.3
24.51 122.3 118.3 122.1 124.0 122.5 124.6 124.9 127.9 125.6 136.1 135.0 136.2 129.1 124.7
311
INDUSTRIAL PRODUCTION: N.S.A.
FEBRUARY 1965
INDUSTRY GROUPINGS
(1957-59= 100)
1957-59 1963
proaverporage
tion
Grouping
1963
Dec.
1964
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct. r Nov.' Dec.
100.00 124.3 124.7 125.7 128.3 129.0 131.7 132.3 133.9 127.6 132.9 136.5 135.0 135.7 134.6
Total index
86.45
48.07
38.38
8.23
5.32
Mining
Utilities
124.9
124.5
125.3
107.9
140.0
125.2
127.3
122.6
107.0
125.8
126.7
124.7
107.9
129.1
129.5
128.5
108.3
130.0
131.3
128.4
107.6
133.0
134.1
131.7
109.8
133.7
134.8
132.3
111.7
135.2
136.4
133.6
112.6
127.9
128.8
126.7
107.0
133.1
129.6
137.4
113.0
137.4
136.8
138.2
113.3
136.0
132.2
140.8
114.5
137.1
138.5
135.4
113.4
135.7
140.1
130.3
111.6
12.32
6.95
5.45
1.50
5.37
2.86
117.7
113.3
109.6
126.7
123.4
120.2
115.5
107.2
102.3
125.3
126.2
124.1
119.3
114.7
110.5
130.0
125.1
121.9
124.4
124.3
119.4
142.0
124.7
121.0
127.4
128.4
124.0
144.2
126.2
122.8
130.7
132.1
128.6
144.6
128.9
125.3
131.9
132.9
130.4
142.2
130.6
127.5
131.2
128.6
125.2
141.0
134.5
132.2
123.5
117.4
116.1
122.3
131.3
131.2
131.5
125.9
124.3
131.7
138.8
135.6
135.4
131.3
129.1
139.5
140.7
137.0
133.8
133.1
132.3
136.4
134.6
132.5
136.7
135.9
134.6
140.2
137.8
137.8
135.7
133.3
132.5
136.5
138.7
139.0
27.98
14.80
8.43
6.37
10.19
4.68
5.26
1.71
1.28
128.7
129.2
126.9
132.3
127.0
146.1
109.5
130.2
135.3
134.3
134.4
134.3
137.0
162.2
114.4
134.3
133.7
134.3
135.1
133.3
133.4
157.0
112.2
131.3
134.7
135.5
135.3
135.8
135.0
160.1
112.1
131.6
136.0
138.4
140.5
135.6
134.3
158.1
112.3
132.2
138.1
139.5
142.2
135.8
138.5
166.7
112.6
132.7
137.9
139.8
143.1
135.4
137.7
165.0
112.3
133.3
139.8
142.6
145.3
139.0
138.4
167.4
111.8
136.1
130.9
135.3
140.0
129.1
125.1
142.0
109.0
135.0
126.8
138.5
138.8
138.0
109.1
106.7
109.5
138.5
137.7
145.3
143.1
148.1
128.5
145.8
112.2
140.1
130.2
145.3
142.8
148.7
108.3
102.3
111.4
139.1
141.2
147.1
145.1
149.9
135.0
155.0
116.2
142.7
146.2
149.9
150.2
149.5
144.6
174.5
117.5
143.8
Durable manufactures
Nonferrous metals and products..
Structural metal parts
Machinery and related products
Machinery . .
Nonelectrical machinery
Electrical machinery . . .
...
Transportation equipment
Aircraft and other equipment....
Instruments and related products...
Clay glass and lumber
Clay, glass, and stone products
Miscellaneous manufactures
4.72 114.4 106.6 104.2 112.0 113.9 120.4 125.4 129.2 126.0 132.4 129.9 128.2 121.1 110.8
2.99 117.5 111.5 107.3 111.7 115.9 124.6 129.3 134.6 133.4 136.3 134.6 134.5 129.6 120.3
1.73 108.9 98.2 98.7 112.6 110.3 113.1 118.7 119.9 113.2 125.5 121.8 117.4 106.5 94.4
3.05 129.1 133.9 127.8 129.6 131.5 133.1 133.1 138.3 135.5 143.4 144 8 149.2 148.2 146 4
1.54 133.1 140.1 234.6 134.6 135.9 137.4 136.3 142.5 141.8 149.2 149.6 153.0 152.0 154.3
1.51 125.0 127.6 120.9 124.5 127.1 128.8 129.9 133.9 129.1 137.4 139.9 145.4 144.3 138.3
Nondurable manufactures
Textiles apparel and
Textile mill products
leather.......
Leather and products . » • • •
7.60 118.5 109.9 117.6 129.5
2.90 116.9 112.8 116.4 122.8
3.59 125.6 112.3 124.9 142.2
1.11 99.8 94.4 97.3 106.2
124.7 124.7
123.1 121.2
133.1 135.7
102.1 98.4
126.2 125.1 113.0 131.4 126.0
124.7 124.6 110.3 126.6 126 4
135.5 133.8 121.6 141.9 133.1
100.0 98.3 92.6 109.8 101.8
132.3
127 5
144.7
105.0
128.5 117.9
128 3 119 6
137.3
101.1
8.17
3.43
4.74
1.53
120.1
125.1
116.4
108.0
119.4
115.2
122.5
118.6
120.4
126.8
115.8
104.9
124.5
132.3
118.9
110.7
126.4
131.7
122.6
117.5
130.9
138.2
125.6
125.5
129.3
135.0
125.1
124.8
127.3
132.7
123.4
117.8
120.9
124.8
118.2
104.4
127.8
137.3
121.0
107.1
129.4
135.5
124 9
116.7
134.9
145.9
126.9
122.6
131.1
134.8
128.4
128.7
Industrial chemicals
Petroleum products
Rubber and plastics products
11.54
7.58
3.84
1.97
1.99
141.8
148.6
162.7
117.1
140.0
142.8
150.7
169.7
114.9
140.7
145.3
152.8
172.2
114.3
147.2
147.7
155.0
175.0
117.3
150.4
148.3
156.5
176.6
115.5
149.7
151.7
160.3
179.3
116.0
154.0
152.2
159.9
176.5
120.2
154.5
155.4
163.0
178.1
125.8
155.7
145.3
152.9
170.9
128.3
133.5
154.7
160.9
176.6
127.3
158.2
757.5
164 5
183.1
125 2
164.5
157.8
163 6
180.8
123 5
170.0
154.4 153.6
161 7 160 6
182.3
119 8 118 8
161.0
Beverages
Tobacco products
11.07
10.25
8.64
1.61
.82
116.8
116.9
116.8
117.8
115.2
112.5
114.0
115.6
105.2
93.5
111.4
111.4
114.0
97.7
111.5
110.7
111.2
111.7
108.6
105.1
111.7
111.4
110.1
118.2
116.4
116.2
115.4
113.0
127.8
127.2
118.0
116.7
114.3
129.5
133.8
121.3
120.9
117.0
141.7
126.4
120.8
121.5
117.7
141.8
112.8
130.5
130.5
129.0
138.4
131.4
132 7
133.2
134 9
124.6
125.3
133 4
133.4
134 6
127.0
134.3
123 6 116 6
123.6 118 1
125 7 119 6
112.7
123.4
6.80
1.16
5.64
4.91
4.25
.66
.73
107.0
102.5
107.9
110.9
108.1
128.7
87.4
107.9
103.2
108.8
112.3
107.7
141.7
85.5
109.8
101.9
111.4
114.5
110.1
143.0
90.4
110.1
100.4
112.1
115.4
111.0
144.0
89.3
108.6
95.3
111.4
115.2
111.2
140.5
85.3
108.7
99.4
110.7
114.5
111.4
134.1
85.1
108.4
107.2
108.7
111.9
109.0
130.0
87.3
108.6
108.4
108.6
111.6
109.1
127.6
88.2
103.2
77.2
108.5
111.1
108.1
130.7
91.1
109.7
113.5
108.9
110.8
107.6
131.1
96.2
110.2
111.2
109.9
111.9
108 9
131.3
96.4
111.1
119 0
110.2
113.0
109 7
133.9
91.4
111 .7
113 2
111.4
114.6
110 2
Paper and products
Chemicals, petroleum, and rubber....
127.2
125.8
128 2
123.2
Mining
Coal
Crude oil and natural g a s . . . . . . . . . .
Gas and gas liquids
Metal, stone, and earth minerals
HI .9
105 3
113.3
116 6
111 5
1.43 112.2 102.5 98.7 100.1 102.7 114.8 127.0 131.8 125.0 128.8 128.4 128.0 121.6 110.3
.61 112.3 101.6 102.4 106.9 106.6 115.5 131.3 134.7 115.2 121.2 125.8 123.8 116.9 107.7
.82 112.1 103.2 96.0 95.1 99.8 114.3 123.8 129.6 132.3 134.5 130.4 131.1 125.1 112.3
Utilities
Electric.
Gas
4.04 142.6 146.6 157.9 150.8 149.8 145.9 143.7 149.3 161.6 167.3 162.6 151.5 147.3
1.28 131.9
.—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.
312
BUSINESS ACTIVITY; CONSTRUCTION
FEBRUARY 1965
SELECTED BUSINESS INDEXES
(1957-59= 100)
Manufacturing 2
Industrial production
Major market groupings
Period
Final products
Total
Constrution
contracts
Ma jor industry
grouping 5
MateConrials
sumer Equipgoods ment
Nonagricultural
employEmment— ployTotal i ment
Prices
Freight Total
retail
load- sales3
ings
Payrolls
4
Consumer
Wholesale
commodity
Mfg.
Mining
Utilities
75.8
81.9
85.2
92.7
86.3
83.2
91.3
90.5
92.9
90.2
49.5
56.4
61.2
66.8
71.8
61
63
67
70
76
86.1
91.1
93.0
95.6
93.3
99.4
106.1
106.1
111.6
101.8
68.9
80.2
84.5
93.6
85.4
117.1
121.5
115.0
116.6
104.6
72
76
79
83
82
83.8
90.5
92.5
93.2
93.6
86.8
96.7
94.0
92.7
92.9
1955
1956
1957
1958
1959
96.6 93.9 93.3 95.0 99.0 97.3
99.9 98.1 95.5 103.7 101.6 100.2
100.7 99.4 97.0 104.6 101.9 100.8
93.7 94.8 96.4 91.3 92.7 93.2
105.6 105.7 106.6 104.1 105.4 106.0
99.2
104.8
104.6
95.6
99.7
80.2
87.9
93.9
98.1
108.0
91
92
93
102
105
96.5
99.8
100.7
97.8
101.5
105.5
106.7
104.7
95.2
100.1
94.8
100.2
101.4
93.5
105.1
115.3
115.9
108.2
93.8
97.9
89
92
97
98
105
93.3
94.7
98.0
100.7
101.5
93.2
96.2
99.0
100.4
100.6
I960
1961
1962
1963
108.9
109.6
118.7
124.9
132 8
101.6
102.6
105.0
107.9
110.9
115.6
122.3
131.4
140.0
150.0
105
108
120
132
137
103.2
102.8
105.7
107.9
110 8
99.9
95.9
99.1
99.7
101 7
106.7
105.4
113.8
117.9
124 6
95.3
91.2
92.4
93.3
95 5
106
107
115
120
127
103.1
104.2
105.4
106.7
100.7
100.3
100.6
100.3
1964P
108.7
109.7
118.3
124.3
131 9
1963—Dec
127.0 128.0 128.0 128.1 125.9 127.9
100.4
107.6
100.3
Total
1950
1951
1952
1953
1954
74.9
81.3
84.3
91.3
85.8
1964—Jan
Feb
Mar
Apr
May.....
July .
Aug
Sept
Oct
Nov
Dec
1965—Jan.?'
72.8
78.6
84.3
89.9
85.7
109.9
111.2
119.7
124.9
131 5
78.6 56.4
77.8 78.4
79.5 94.1
85.0 100.5
84.3 88.9
111.0
112.6
119.7
125.2
131 2
107.6
108.3
119.6
124.2
132.1
76.9
83.8
84.3
92.6
85.9
107.6
108.4
117.0
123.7
132.7
107.3
143.0
148
109.1
121.2
93.9
123
128.5
129.1
129.9
131.4
132.2
132.4
133.9
134.5
134.9
131 7
135.8
138.5
108.8
108.9
108.8
109.9
111.3
111.4
110.9
111.9
111.9
'112 0
112.8
112.0
144.5
143.4
144.8
147.5
148.3
149.7
151.4
154.5
153.2
r
153 8
152.1
152.0
147
143
140
138
138
138
140
121
131
136
143
154
109.2 100.5 120.6
109.8 100.8 122.3
110.0 101.1 122.5
110.1 101.1 123.4
110.3 101.1 123.3
110.6 101.6 123.8
110.9 101.9 124.3
111.0 102.0 126.0
111.3 102.9 127.6
111 2 100 5 122 9
112 1 103 2 127 9
112.7 103 9 130.4
97.2
96.9
94.0
94.8
96.4
93.6
94.5
93.2
96.4
94 6
98 5
99.1
123
126
124
125
127
127
128
130
130
125
127
133
107.7 101.0
107.6 100.5
107.7 100.4
107.8 100.3
107.8 100.1
108.0 100.0
108.3 100.4
108.2 100.3
108.4 100.7
108 5 100.8
108 7 100.7
108.8 100.7
137.7 137.5 137.2 138.1 137.6 139.1
112.0
153.0
100.4
131
101.0
127.7
128.2
129.0
130.5
131.3
131.6
132.9
133.8
134.0
r
131 2
134 8
137.0
128.5
128.1
128.7
130.6
131.1
131.7
132.3
133.3
132.5
130 3
134 6
137.0
128.9
128.8
128.8
130.8
131.0
131.5
132.1
133.1
132.0
129 2
133.6
136.8
127.9
127.1
128.8
130.7
131.3
132.0
132.7
133.6
133.7
132 6
136.7
137.6
126.7
128.1
129.3
130.6
131.3
131.8
133.6
134.7
135.6
132 2
135.4
136.9
1 Employees only, excludes personnel in the armed forces.
Production workers only.
Federal Reserve index based on Census Bureau figures.
4 Prices are not seasonally adjusted.
112.9
104.4
132.3
NOTE.—Data are seasonally adjusted unless otherwise noted.
Construction contracts: F. W. Dodge Co. monthly index of dollar
value of total construction contracts, including residential, nonresidential,
and heavy engineering; does not include data for Alaska and Hawaii.
Employment and payrolls: Based on Bureau of Labor Statistics data;
includes data for Alaska and Hawaii beginning with 1959.
Prices: Bureau of Labor Statistics data.
Freight carloadings: Based on data from Association of American
Railroads.
2
3
CONSTRUCTION CONTRACTS
(In millions of dollars)
Type of ownership and
type of construction
1963
1963
1964
1964
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
45,546 47,299 3,413 3,346 3,201 4,215 4,359 4,639 4,504 4,601 3,760 3,762 4,029 3,757 3,598
By type of ownership:
Public
Private
By type of construction:
Residential building
|jy Nonresidential building
14,653 15,371 1,155 1,197 1,041 1,339 1,318 1,535 1,491 1,619 1 101 1 124 1 310 1 174 1 230
30,893 31,928 2,257 2,149 2,160 2,876 3,042 3,104 3,013 2,983 2,658 2 638 2 719 2 583 2 368
20,502 20,561 1,325 1,372 1,427 1,991 2,006 2,050 1,996 2,000 1,679 1 717 1 702 1 482
14,377 15,495 1,102 1,158 1,082 1,252 1,420 1,362 1,400 1,548 1,275 1,228 1,425 1,263
10,667 11,244
816
692
985
972
933 1,227 1,107 1,054
807
817
902 1,012
NOTE.—Dollar value of total contracts as reported by the F. W. Dodge
Co. does not include data for Alaska or Hawaii. Totals of monthly
data exceed annual totals because adjustments—negative—are made to
accumulated monthly data after original figures have been published.
Nonbuilding construction formerly labeled public works and utilities.
313
CONSTRUCTION
FEBRUARY 1965
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)
Private
Period
Total
Total
Public
Public
utility
Other
nonresidential
Total
Military
Highway
Sewer
and
water
4,415
4,934
5,545
1.275
1,344
1,387
5,682
6,494
7,123
5,761
5,437
5,854
6,378
6,670
1,467
1,487
1 581
1,754
7,377
7,573
8,342
8,404
Business
Nonfarm
residential
Total
Industrial
Commercial
1956
1957
1958
47,601
49,139
50,153
34,869
35,080
34,696
20,178
19,006
19,789
11,076
12,029
10,659
3,084
3,557
2,382
3,631
3,564
3,589
4,361
4,908
4,688
3,615
4,045
4,248
12,732
14,059
15,457
1,360
1,287
1,402
19591
I960
1961
1962
1963
1964-»
55,305
53,941
55,447
59,453
62,451
65,962
39,235
38,078
38,299
41,695
43,772
45,915
24,251
21,706
21,680
24,292
25,843
26,540
10,557
11,652
11,789
12,222
12,656
13,738
2,106
2,851
2,780
2,949
2,962
3,333
3,930
4,180
4,674
4,955
5,200
5,635
4,521
4,621
4,335
4,318
4,494
4,770
4,427
4,720
4,830
5,181
5,273
5,637
16,070
15,863
17,148
17,758
18,679
20,047
1,465
1,366
1,371
1,222
Dec v
64,684
65,528
66 509
66,615
64,983
66,576
66,641
65,991
66,454
65,335
65 588
66,737
45,440
46,274
46 923
46,449
45,780
46,006
46,261
45,906
45,861
45,521
45 497
45,707
26,907
27,600
28 123
27,538
26,678
26,612
26,708
26,342
25,972
25,679
25,642
25,771
13,106
13,151
13 260
13,297
13,437
13,598
13,736
13,784
14,183
14,231
14,297
14,389
3,060
3,058
3 074
3,076
3,149
3,204
3,334
3,505
3,514
3,540
3 655
3,791
5,499
5,546
5 668
5,561
5,542
5,562
5,574
5,609
5,746
5,776
5 767
5,639
4,547
4,547
4 518
4,660
4,746
4,832
4,828
4,670
4,923
4,915
4 875
4,959
5,427
5,523
5 540
5,614
5,665
5,796
5,817
5,780
5,706
5,611
5 ^58
5,547
19,244
19,254
19 586
20,166
19,203
20,570
20,380
20,085
20,593
19,814
20 091
21,030
Jan v
66,086
45,832
25,952
14,362
3,818
5,582
4,962
5,518
20,254
1964
Jan
Feb
Mar
Apr
May
June
July
Auu
Sept
Oct
Nov
1965
1
Beginning with 1959, includes data for Alaska and Hawaii.
C
Other
2'298
6,685
6,169
6 796
7,068
6,410
6,888
7,549
7,021
7,273
6,667
7,151
7,500
.. .
.
2,185
2,273
2 341
2,371
2,404
2,402
2,368
2,325
2,264
2,199
2 193
2.170
2 116
NOTE.—Monthly data are at seasonally adjusted annual rates. Beginning with 1959, figures are Census Bureau estimates. Data before
1959 are joint estimates of the Dept. of Commerce and Labor.
NEW HOUSING STARTS
(In thousands of units)
(private only)
Metropolitan
Nonfarm
Nonmetropolitan
Total
1.646
1955
1956
1957
1958
1family
Public
Multifamily
1,077
889
All
407
417
439
490
463
1,517
1,252
1,313
1,463
1,609
PI 544
1,234
995
948
Total
FHA
VA
19
24
49
68
,554
,296
,365
,492
,641
. ...
2family
1,627
1 325
1,175
1,314
349
,224
,382
1959
I960
1961
1962
1963
1964
Governmentunderwritten
Private
Total
Period
Total
By type of ownership
By area
Annual rate,
670
465
322
439
277
195
193
337
271
128
102
109
75
56
44
227
214
37
44
458
336
349
261
1,021
44
49
53
295
422
535
52
30
12
244
261
221
205
975
992
393
83
78
71
59
576
1,054
1,151
1 113
P32
328
339
292
264
1963—Dec
1,570
1,524
97
77
21
96
51
3
42
2
21
16
5
1964—Jan
Feb
Mar
Apr
May
1,688
1,613
1,638
1,501
1,507
1,585
1,483
1,408
1,433
1,559
101
101
133
75
74
97
26
27
37
100
100
130
55
64
82
4
5
5
41
32
43
1
1
3
16
17
21
11
12
16
4
4
5
152
161
103
115
50
45
91
101
18
23
5
5
46
42
48
36
159
143
142
123
102
92
90
80
5
4
4
4
6
2
3
3
25
26
23
23
19
20
18
18
6
6
5
5
P1,404
143
\ 11
5
4
19
16
5
5
*>l,502
46
37
24
21
Pl.541
44
35
90
69
Dec
99
76
2
P1,430
141
P109
51
47
47
40
4
3
23
29
118
103
97
90
6
5
52
52
164
145
145
126
Oct
Nov
1,718
1,657
1,663
1,531
1,529
1,611
1,505
1,430
1,457
1,591
17
13
4
V
JUly
AUK
Sept
p
?93
67
27
NOTE.—Beginning with 1959, Census Bureau series includes both farm
and nonfarm series developed initially by the Bureau of Labor Statistics.
Series before 1959 reflect recent Census Bureau revisions which are not
available by area or type of structure. Complete revisions pre-1959
149
158
P92
P?
Pi
are pending. Data from Federal Housing Admin, and Veterans Admin,
represent units started, based on field office reports of first compliance
inspections.
314
EMPLOYMENT
FEBRUARY 1965
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons unless otherwise indicated)
Civilian labor force
Total
labor
force
Total noninstitutional
population
Period
Employed 1
Total
Not in the
Total
In nonagricultural
industries
In
agriculture
Unemployed
1959
I960 3
1961
1962
1963
1964
123,366
125,368
127 852
130,081
132,125
134,143
71,946
73,126
74 175
74,681
75,712
76,971
69,394
70,612
71,603
71,854
72,975
74,233
65,581
66,681
66,796
67,846
68,809
70,357
59,745
60,958
61,333
62,657
63,863
65,596
5,836
5,723
5,463
5,190
4,946
4,761
3,813
3,931
4,806
4,007
4,166
3,876
51,420
52,242
53,677
55,400
56,412
57,172
1964—Jan
Feb
Mar
Apr
May
June
July
Aus .
Sept
133,200
133,358
133 519
13^,678
133,866
134,041
134,216
134,400
134,586
134,772
134,952
135,135
74,514
75,259
75,553
76,544
77,490
79,389
78,958
78,509
76,865
77,112
76,897
76,567
71,793
72,527
72,810
73,799
74,742
76,645
76,218
75,758
74,122
74,375
74,166
73,841
67,228
68,002
68,517
69,877
71,101
71,953
72,405
72,104
70,805
71,123
70,793
70,375
63,234
64,071
64,500
65,448
66,094
66,100
66,586
66,704
65,575
65,997
66,248
66,590
3,993
3,931
4,017
4,429
5,007
5,853
5,819
5,400
5,230
5,126
4,545
3,785
4,565
4,524
4,293
3,921
3,640
4,692
3,813
3,654
3,317
3,252
3,373
3,466
58,685
58,099
57,965
57,135
56,376
54,652
55,258
55,891
57,721
57,661
58,055
58,568
135,302
75,699
72,992
68,996
65,257
3,739
3,996
59,603
Unemployment
rate 2
(per cent)
S.A.
. ..
....
.....
Oct
Nov
Dec
1965—Jan
1
2
Includes self-employed, unpaid family, and domestic service workers.
Per cent of civilian labor force.
3 Inclusion of figures for Alaska and Hawaii beginning with 1960
increased population by about 500,000 and total labor force by about
300,000. Most of the increase was in nonagricultural industries.
5.5
5.6
6.7
5.6
5.7
5.2
r
r
5.5
5.4
5.4
5.4
5.2
5.3
5.0
5.1
r
5.1
5.2
r
4.9
r
5.0
r
4.8
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)
Total
1959
1960
1961
1962
1963
1964*
Manufacturing
53,297
54,203
53,989
55,515
56,643
58,178
Period
16,675
16,796
16,326
16,853
17,005
732
57,334
57,684
57,754
57,827
57,931
58,104
58,256
58,301
58,458
58,382
58,878
59,187
17,131
17,171
17,208
17,224
17,225
17,285
17,344
17,339
17,449
17,171
17,505
17,608
632
633
633
59,280
Mining
Contract
construction
Transportation & public utilities
Trade
Finance
Service
Govern- "^
ment -
2,960
2,885
2,816
2,902
2,983
3,105
4,011
4,004
3,903
3,906
3,914
3,974
11,127
11,391
11,337
11,566
11,803
12,184
2,594
2,669
2,731
2,800
2,873
2,945
7,115
7,392
7,610
7 947
8 230
8,532
8,083
8,353
8,594
8,890
9,199
9,501
633
631
639
639
634
634
638
639
636
2,941
3,132
3,122
3,081
3,093
3,106
3,107
3,103
3,080
3,106
3,162
3,247
3,936
3,943
3,940
3,964
3,968
3,965
3,983
3,999
4,005
3,996
3,997
4,022
12,021
12,083
12,077
12,096
12,135
12,187
12,223
12,231
12,229
12,278
12,311
12,349
2,911
2,917
2,924
2,931
2,934
2,943
2,948
2,951
2,960
2,964
2,970
2,977
8 401
8,437
8 455
8,461
8,489
8,509
8,561
8,573
8,592
8,633
8 634
8,649
9 361
9,368
9 395
9,437
9,456
9,470
9,451
9,471
9,509
9,596
9 660
9,699
17,689
634
3,223
3,939
12,424
2,980
8,684
9,707
56,328
56,445
56,783
57,329
57,874
58,596
58,418
58,680
59,258
59,164
59,441
59,917
16,893
16,937
17,005
17,058
17,135
17,350
17,299
17,498
17,792
17,428
17,638
17,586
618
614
615
627
634
651
646
647
645
644
634
2,579
2,631
2,707
2,921
3,130
3,308
3,424
3,482
3,391
3,376
3,273
3,055
3,877
3,880
3,885
3,924
3,952
4,005
4,031
4,043
4,045
4,028
4,013
4,026
11,855
11,772
11,862
11,919
12,031
12,180
12,173
12,201
12,243
12,341
12,518
13,152
2,882
2,891
2,901
2,919
2,931
2,964
2,998
2,998
2,972
2,961
2,958
2,959
8,233
8,277
8,328
8,453
8,548
8,654
8,698
8,676
8,661
8 676
8,608
8,580
9,391
9,443
9 480
9,508
9,513
9 484
9,149
9,135
9,509
9 710
9 790
9,925
58,221
17,442
620
2,827
3,880
12,252
2,950
8,510
9,740
17,301
712
672
650
635
636
SEASONALLY ADJUSTED
1964—Jan
Feb
Mar
Apr
May
June
JUly
Aug
Sept
Oct . . . .
Nov
Dec P
.
1965—Jan. *
>
.
....
NOT SEASONALLY ADJUSTED
1964
jan
Feb
Mar
Apr
May
JUly
Auc
Sept
Oct
Nov
Dec P
1965—Jan.p
643
* 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 persons,
domestic servants, unpaid family workers, and members of the armed
forces are excluded.
FEBRUARY 1965
315
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands of persons)
Seasonally adjusted
Industry group
1964
Jan.
Not seasonally adjusted
1965
1964
Nov.
1965
Jan.
Nov.
Dec.P
12,659
12,993
13,084
13,150
12,435
13,125
13,064
12,923
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.
7,124
115
535
326
490
958
903
1,091
1,026
1,134
232
314
7,376
102
532
340
500
1,038
933
1,145
1,065
1,156
235
330
7,450
100
537
344
502
1,041
945
1,156
1,078
1,180
237
330
7,498
100
535
349
502
1,042
957
1,159
7,454
103
534
346
506
1,026
946
1,131
1,086
1,192
238
347
7,454
102
522
345
490
7,401
101
504
345
472
1,032
1,033
1,199
238
330
7,029
116
504
322
461
950
891
1,089
1,028
1,149
231
289
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
5,535
1,157
75
799
1,146
489
597
526
5,617
1,151
5,634
1,156
76
812
1,185
495
611
531
113
339
316
5,652
1,161
76
813
1,189
496
612
532
113
344
316
5,406
1,088
75
787
1,121
484
593
520
115
321
304
5,671
1,168
85
813
1,195
499
612
527
113
343
317
5,610
Total
118
322
306
1,181
496
605
530
114
337
315
NOTE.—Bureau of Labor Statistics; data cover production and related
workers only (full- and part-time) who worked during, or received pay for,
1,087
948
945
1,150
1,157
1,092
1,089
1,215
237
304
1,214
238
322
5,522
1 091
76
801
163
491
608
525
110
343
314
1,133
80
809
1,180
496
616
527
111
342
318
the pay period ending nearest the 15th of the month.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
Average weekly earnings
(dollars per week; N.S.A.)
Average hours worked
(per week; S.A.)
Industry Group
1964
Jan.
1965
Nov.
1964
Jan.
1965
Nov.
Jan.*3
Average hourly earnings
(dollars per hour; N.S.A.)
1964
Jan.
Nov.
2.52
1965
Total
40.2
40.9
41.2
41.4 100.30 104.70 106.81 105.52
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.
41.1
40.7
39.1
40.1
40.8
41.2
41.5
41.8
40.2
41.9
40.1
38.7
41.6
40.4
39.9
41.5
41.5
42.2
42.0
42.8
40.9
41.5
41.1
39.7
42.0
40.7
40.3
41.8
42.1
42.2
42.3
43.0
41.1
42.8
41.3
40.0
42.3
41.2
39.9
41.8
41.6
42.2
42.5
43.0
41.3
43.8
41.5
40.1
109.21
121.47
80.29
79.59
99.50
125.77
108.39
118.43
100.00
127.82
100.15
80.26
113.57
124.24
84.53
86.53
107.33
130.83
112.98
122.83
103.73
132.82
106.40
83.20
116.75
126.38
84.16
88.40
105.88
132.71
115.60
126.14
106.50
140.48
107.74
85.44
115.37
127.51
82.74
85.49
104.34
132.19
113.97
124.84
105.22
138.45
106.55
84.56
2.69
2.97
2.08
2.02
2.50
3.06
2.65
2.84
2.50
3.08
2.51
2.09
2.56
2.73
3.06
2.14
2.07
2.58
3.13
2.69
2.89
2.53
3.14
2.57
2.08
2.58
2.76
3.06
2.12
2.08
2.57
3.13
2.72
2.92
2.56
3.20
2.59
2.12
2.58
2.76
3.08
2.10
2.08
2.57
3.14
2.72
2.91
2.56
3.19
2.58
2.13
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
39.1
40.8
37.8
40.7
34.7
42.6
38.1
41.3
41.3
40.9
36.6
40.0
41.0
38.5
41.5
36.4
42.4
38.4
41.7
41.7
41.3
38.1
40.0
41.3
39.7
41.8
36.5
42.6
38.6
41.6
41.9
41.1
38.2
40.0
41.4
38.5
42.1
36.5
42.8
38.4
41.6
41.6
42.0
37.7
88.24
95.91
72.69
70.40
60.34
106.09
110.75
113.85
132.16
101.25
66.95
92A1
98.64
74.30
76.68
65.70
109.82
114.82
118.01
134.69
105.73
69.37
93.26
99.77
82.62
77.04
65.16
111.11
117.39
118.71
135.20
106.91
71.76
92.27
99.80
75.20
75.76
64.62
109.56
114.30
117.99
136.03
106.91
71.23
2.28
2.38
1.97
1.76
1.78
2.52
2.93
2.77
3.20
2.50
1.79
2.31
2.40
1.94
1.83
1.81
2.59
2.99
2.83
3.23
2.56
1.84
2.32
2.41
2.03
1.83
1.80
2.59
3.01
2.84
3.25
2.57
1.84
2.33
2.44
2.00
1.83
1.81
2.59
3.00
2.85
3.27
2.57
1.85
NOTE.—Bureau of Labor Statistics; data are for production and related
workers only.
316
PRICES
FEBRUARY 1965
CONSUMER PRICES
(1957-59= 100)
Housing
All
items
59.7
45.1
51.3
62.7
1956
1957
1958
1959
Homeownership
Fuel
oil
and
coal
Gas
and
electricity
Fur- Apparel Transnishand
portaings
upkeep tion
and
operation
45.2
53.6
Food
Period
Health and recreation
88.3
86.4
51.2
55.4
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
services
50.6
57.5
47.6
63.6
57.3
75.0
58.2
67.3
93.6
97.0
100.3
102.8
91.8
95.5
100.1
104.4
93.7
97.1
100.4
102.4
93.4
96.9
100.8
102.4
95.8
98.5
99.8
101.8
105.4
107.3
109.4
111.4
113.6
108.1
111.3
114.2
117.0
119.4
104.1
104.6
106.5
107.9
109.2
104.9
107.2
109.6
111.5
114.1
103.8
104.6
105.3
107.1
108.8
108.9
112.7
117.9
108.8
113.1
108.3
109.4
108.6
108.9
109.0
109.1
109.2
109.4
109.3
108.9
109.4
110.0
110.5
112.7
112.9
113.1
113.4
113.5
113.5
113.7
113.8
113.9
114.0
114.2
114.3
118.2
118.5
118.7
119.0
119.1
119.3
119.5
119.8
119.7
119.9
120.2
120.3
108.5
108.4
108.7
108.7
108.9
109.1
109.3
109.4
109.5
109.7
109.7
110.0
113.1
113.3
113.6
114.0
114.1
114.0
114.1
114.2
114.3
114.5
114.9
114.9
108.3
108.4
108.5
108.6
108.7
108.7
108.9
108.9
109.0
109.1
109.1
109.2
Total
Rent
55.6
35.3
44.2
58.4
61.4
67.5
85.4
60.8
64.3
66.1
94.7
98.0
100.7
101.5
94.7
97.8
101.9
100.3
95.5
98.5
100.2
101.3
96.5
98.3
100.1
101.6
94.1
98.2
100.4
101.4
95.9
100.8
99 0
100.2
95.9
96.9
100.3
102.8
97.3
99.4
99.9
100.7
97.8
99.5
99 8
100.6
91.3
96.5
99.7
103.8
I960
1961
1962 .
1963
1964
103.1
104.2
105.4
106.7
108.1
101.4
102.6
103.6
105.1
106.4
103.1
103.9
104.8
106.0
107.2
103.1
104.4
105.7
106.8
107.8
103.7
104.4
105.6
107.0
109.1
99.5
101.6
102 1
104.0
103.5
107.0
107.9
107 9
107.9
107.9
101.5
101.4
101.5
102.4
102.8
102.2
103.0
103.6
104.8
105.7
103.8
105.0
107.2
107.8
109.3
1963—Dec
107.6
105.4
106.9
107.3
108.4
105.8
108.1
102.9
106.1
j 964—Jan
Feb
Mar
Apr
May
June
July
Aufi
Sept
Oct
Nov
Dec . .
107.7
107.6
107.7
107.8
107.8
108.0
108.3
108.2
108.4
108.5
108.7
108.8
105.8
106.0
105.7
105.7
105.5
106.2
107.2
106.9
107.2
106.9
106.8
106.9
106.9
106.9
107.1
107.0
106.9
107.1
107.1
107.2
107.4
107.6
107.7
107.8
107.3
107.5
107.5
107.7
107.7
107.8
107.8
107.9
107.9
108.2
108.3
108.4
108.5
108.8
108.9
108.6
108.4
108.7
108.9
109.2
109.5
109.6
109.8
110.0
106.6
106.6
106 1
103.3
102.1
101 4
100.9
100.9
101 5
102.9
103.7
105.8
108.1
106.2
107.1
108.0
108.0
108.1
107.9
108.2
108.2
108.2
108.1
108.3
102.7
102.7
102.8
102.9
102.9
102.9
102.8
102.6
102.8
102.8
102.9
102.9
105.0
105.1
105.3
105.6
105.7
105.7
105.5
105.3
105.9
106.2
106.4
106.6
1929
1933 .
1941
1945
Total
NOTE.—Bureau of Labor Statistics index for city wage-earners and
clerical workers.
The new series index begins with January 1964.
WHOLESALE PRICES: SUMMARY
(1957-59= 100)
Other commodities
Period
All
com- Farm Processed
modi- prod- foods
ucts
ties
Total
TexChem- Rubtiles, Hides, Fuel, icals, ber,
etc.
etc.
etc.
etc.
etc.
NonLum- Paper,
Ma- Furni- meMisTo- cellaber,
etc. Metals chin- ture, tallic bacco neous
etc.
ery
etc.
minerals
1956
1957
1958
1959
96.2 96.6 94.3 96.5 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1
99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6
100.4 103.6 102.9 99.5 98.9 96.0 98.7 100.4 100.
97.4 100.1 99.1 100.1 100.2 99.9 99.7 101.5
100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9
I960
1961
1962
1963
1964?
100.7
100.3
100.6
100.3
100.5
96.9
96.0
97.7
95.7
94.3
1963—Dec.
100.3
93.3 100.4 101.2 101.2 103.0
1964—Jan..
Feb.,
Mar.
Apr.,
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
101.0
100.5
100.4
100.3
100.1
100.0
100.4
100.3
100.7
100.8
100.7
100.8
96.3
94.5
95.2
94.4
93.7
93.2
94.1
93.6
95.7
93.8
94.0
92.8
100.0
100.7
101.2
101.1
101.0
102.5
100.9
100.5
100.4
99.4
100.2
101.2
101.0
102.2
101.7
100.9
100.8
101.3
100.8
100.8
100.7
101.2
101.3
101.2
101.
101.
101.
100.
101.
101.
101.
101.5
101.6
101.8
101.5
99.7
100.6
100.5
101.2
101.2
101.2
101.2
101.1
101.2
101.0
101.1
101.2
101.2
101.4
101.4
101.5
See next page for composition of other commodities.
105.2 99.6 100.2
106.2 100.7 99.1
107.4 100.2 97.5
104.2 99,8 96.3
104.6 97.1 96.7
99.9 100.4 101.8 101.3 102.4 100.1 101.4 102.5 99.3
96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9
93.3 96.5 100.0 100.0 102.3 98.8 101.8 104.1 107.3
93.8 98.6 99.2 100.1 102.2 98.1 101.3 106.1 110.4
92.5 100.6 99.0 102.8 102.9 98.5 101.5 107.4 109.2
99.3
96.2
93.8
99.1
102.7 99.5
102.5 99.0
102.5 97.0
104.5 96.1
104.7 96.4
104.8 96.3
105.4 96.7
105.6 96.4
105.4 95.2
106.0 96.7
r
105.5 '97.6
105.4 98.2
96.3
96.4
96.5
96.6
96.7
96.5
96.6
96.5
96.6
96.9
97.1
97.2
93.7
93.6
93.9
93.1
92.6
91.6
91.8
91.8
91.9
92.1
92.2
92.1
99.0
99.9
101.0
101.8
101.8
101.4
101.2
100.9
100.6
100.3
99.6
99.4
99.4 101.3 102.6
99.8
99.9
99.3
99.1
98.7
98.7
98.7
98.7
98.7
99.1
98.9
98.9
101.7
101.8
102.0
102.2
102.1
102.3
102.5
103.0
103.0
103.8
104.3
104.7
98.0 101.3 107.5 112.2
102.5 98.4 101.1
102.5 98.5 101.2
102.7 98.5 101.1
102.9 98.6 101.3
103.3 98.6 101.3
103.0 98.5 101.4
103.1 98.6 101.5
102.9 98.6 101.7
102.9 98.6 101.8
103.0 98.5 101.8
103.2 '98.5 101.8
103.1 98.5 101.8
107.6
107.1
107.1
107.1
107.3
107.4
107.3
107.5
107.5
107.6
107.5
107.5
112.6
110.9
109.8
109.5
107.2
106.7
107.5
107.3
109.2
110.1
108.5
110.7
FEBRUARY 1965
317
PRICES
WHOLESALE PRICES: DETAIL
(1957-59= 100)
1963
1964
1963
Group
Dec.
Oct.
Nov.
94.8
101.8
79.9
101.4
103.4
99.8
114.6
90.6
98.2
88.9
85.8
93.8
104.5
97.7
111.0
99.3
108.0
88.0
83.6
93.9
105.4
91.6
115.6
98.4
106.9
87.7
108.1
108.2
93.2
108.9
108.3
89.8
109.5
106.8
124.9
85.7
88.4
76.7
77.4
88.2
107.4
102.7
105.8
98.2
109.8
96.1
91.2
90.4
109.1
102.3
104.7
98.2
107.3
106.2
99.0
94.4
110.3
101.5
102.8
94.6
126.3
102.3
115.3
99.0
103.1
96.1
116.6
103.3
120.7
99.1
103.3
96.5
117.8
103.2
il9.4
Dec
Dec.
Oct.
Nov.
Dec.
99.2
Woodpulp
90.1
Wastepaper
83.1
Paper
92.6
Paperboard
105.3
Converted paper and paperboard...
85.3
Building paper and board
116.7
98.3 Metals and Metal Products:
94.4
90.8
102.9
96.5
99.5
95.2
97.5
92.2
104.0
96.4
98.1
94.3
96.8
92.5
104.0
96.4
97.9
93.9
96.8
95.9
103.6
96.4
97.9
93.9
Iron and steel
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products.
Fabricated nonstructural metal products
100.0
101.0
104.6
104.3
100.6
92.7
98.8
100.7
110.4
105.6
104.8
103.9
91.8
99.6
100.9
112.0
105.6
104.8
104.1
'91.9
101.1
113.4
105.6
104.8
104.1
92.2
100.0
108.2
108.2
1C8.2
108.3
111.9
111.2
110.8
112.9
112.4
114.0
113.8
113.4
114.1
114.0
113.5
114.2
104.6
103.7
104.8
105.1
104.9
105.1
105.0
104.2
105.0
97.7
99.9
106.0
96.5
100.7
106.4
r
96.5
100.7
106.5
96.3
100.8
100.5
100.6
100.6
100.6
104.7
103.1
98.0
91.1
87.3
103.3
105.5
103.2
99.0
91.2
87.3
104.3
105.6
103.2
99.0
'90.9
87.2
104.3
105 6
103.3
99.0
90.8
87.2
104.4
101.0
103.1
101.4
103.5
106.1
87.4
101.4
103.1
102.8
101.1
104.8
108.6
91.2
101.5
103.1
102.9
101.1
104.9
108.6
91.2
101.5
102.1
102.9
101.1
105.1
108.6
91.2
101.5
105.9
101.0
127.7
106.1
100.8
128.1
106.1
100.5
128.1
106.1
100.5
128.1
101.1
119.7
99.1
103.6
101.4
101.1
115.3
99.1
103.9
103.1
100.9
112.4
99.1
103.9
103.2
101.0
116.4
99.1
103.9
103.0
Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products
Pulp, Paper, and Allied Products:
Processed Foods:
Cereal and bakery products
Meat, poultry, and fish
Dairy products and ice cream
Canned and frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials
Animal fats and oils
Crude vegetable oils
Refined vegetable oils
Vegetable oil end products
Miscellaneous processed foods
Textile Products and Apparel:
Cotton products
Wool products
Man-made fiber textile products....
Silk products
Apparel
Other textile products
1964
Group
108.1
88.8
108.9
101.9
107.1
98.2
107.8
105.9 Machinery and Motive Products:
98.0
100.1
Agricultural machinery and equip....
111.2
Construction machinery and equip....
Metal working machinery and equip...
General purpose machinery and
equipment
99.4
Miscellaneous machinery
102.8
Special industry machinery and
96.8
equipment (Jan. 1961= 100)
117.4
Electrical machinery and equip
Motor vehicles,
103.2
Transportation equip., R.R. rolling
118.5
stock (Jan. 1961= 100)
Hides, Skins, Leather, and Products:
Hides and skins
Leather
Footwear
Other leather products
76.3
99.5
108.2
103.3
95.4
104.8
109.1
103.6
r
90.7
i03.9
109.0
'103.9
98.3
103.6
124.8
101.3
96.1
97.7
107.3
120.4
101.5
91.9
98.0
107.3
123.1
101.4
93.3
90.2 Furniture and Other Household Dura103.7
bles:
109.0
104.0
Household furniture
Commercial furniture
Floor coverings
Household appliances
98.2
Television, radios, and phonographs.
107,3
Other household durable goods
125.4
101.3
94.0 Nonmetallic Mineral Products:
94.3
105.1
91.0
95.0
85.0
103.5
98.4
99.1
94.3
104.8
90.5
94.6
107.7
104.3
99.6
99.8
94.1
104.9
91.3
94.7
112.6
104.5
101.0
99.6
Flat glass
Concrete ingredients
94.2
Concrete products
105.1
Structural clay products
91.2
Gypsum products
94.7
Prepared asphalt roofing
Other nonmetallic minerals
117.0
104.7
100.7 Tobacco Products and Bottled Beverages:
99.6
89.9
91.4
97.9
91.3
88.0
96.5
92.1
88.0
96.5
99.2
106.3
92.4
100.4
109.0
91.2
99.2
109.0
90.7
Fuels and Related Products, and Power:
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100)
Petroleum products, refined
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs and Pharmaceuticals
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and Products:
Crude rubber
Tires and tubes
Miscellaneous rubber products
Tobacco products
Alcoholic beverages
90.3
Nonalcoholic beverages
88.4
96.5 Miscellaneous Products:
Lumber and Wood Products:
Lumber
Millwork
Plywood
NOTE.—Bureau of Labor Statistics.
99.1
109.0
90.3
Toys, sporting goods, small a r m s . . .
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment..
Other miscellaneous products
318
NATIONAL PRODUCT AND INCOME
FEBRUARY 1965
GROSS NATIONAL PRODUCT OR EXPENDITURE
(In billions of dollars)
1963
Item
1929
1933
1941
1950
1960
1961
1962
1963
1964
1964P
III
IV
Gross national product
104.4
IV
56.0 125.8 284.6 502.6 518.7 556.2 583.9 622.6 599.0 608.8 618.6 628.4 634.6
81.9 195.0 328.2 337.3 356.8 375.0 399.3 381.3 390.0 396.1 404.6 406.5
9.7 30.4 44.9 43.7 48.4 52.1 57.0 53.6 55.9 57.0 58.7 56.3
43.2 99.8 151.8 155.4 162.0 167.5 177.3 168.9 172.9 175.3 179.5 181.3
29.0 64.9 131.5 138.3 146.4 155.3 165.1 158.8 161.1 163.8 166.4 169.0
Personal consumption expenditures.
Durable goods
Nondurable goods
Services
79.0
9.2
37.7
32.1
Gross private domestic investment.
New construction
Residential, nonfarm
Other
Producers' durable equipment..
Change in business inventories.,
Nonfarm only
16.2
1.4
8.7
1.4
3.6
.5
5.1
1.0
5.9
1.6
1.7 - 1 . 6
1.8 - 1 . 4
18.1
6.6
3.5
3.1
6.9
4.5
4.0
50.0
24.2
14.1
10.1
18.9
6.8
6.0
71.8
40.7
21.1
19.7
27.6
3.5
3.2
68.8
41.0
21.1
19.8
25.9
1.9
1.5
79.1
44.2
23.6
20.6
29.0
5.9
5.3
82.0
46.6
25.2
21.3
31.0
4.4
3.9
87.7
48.9
26.0
22.9
35.1
3.7
3.6
87.1
48.3
26.2
22 A
32.4
6.4
6.0
85.9
49.2
26.9
22.3
34.2
2.5
2.2
87.2
48.9
26.2
22.7
34.6
3.7
3.4
87.3
48.9
25.7
23.1
35.6
2.8
2.7
90.4
48.7
25.1
23.6
36.0
5.7
6.1
.2
2.4
2.3
1.1
6.0
4.8
.6
13.1
12.5
3.0
26.3
23.3
4.6
27.6
23.0
4.0
29.2
25.2
4.4
30.7
26.3
7.0
35.2
28.2
5.8
32.6
26.9
7.7
34.5
26.8
5.7
33.7
27.9
7.0
35.7
28.7
7.7
37.1
29.4
8.0 24.8
16.9
2.0
1 13.8
2.0
r 3.2
39.0
19.3
14.3
5.2
.1
19.7
99.6 108.0 116.3 122.6 128.6 124.8 125.2 129.6 129.5 130.0
55.7 57.4 62.9 64.7 65.5 64.9 64.3 67.1 65.5 65.3
45.7 49.0 53.6 55.2 55.4 55.3 54.0 57.0 55.2 55.3
8.0
8.9 10.2 10.3 11.2 10.5 11.5 11.0 11.2 11.3
1.1
.8
1.2
.9
.6
.9
.9
.6
.9
1.2
46.5 50.6 53.5 57.9 63.0 59.9 60.9 62.5 64.1 64.6
Net exports of goods and services.
Exports
Imports
Government purchases of goods and services.
Federal
National defense
Other
Less: Government sales
State and local
Gross national product in constant (1954)
dollars
.8
7.0
6.3
8.5
1.3
> 1.3
7.2
46.4
3.5
22.3
20.7
6.0
7.8
181.8 126.6 238.1 318.1 439.9 447.9 476.4 492.6 516.0 502.0 508.0 513.5 519.6 522.7
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. For back data and explanation of series
see National Income 1954 Edition, A Supplement to the Survey of Current
Business; U.S. Income and O utput, A Supplement to the Survey of Current
Business (1958); and the July 1964 Survey of Current Business.
NATIONAL INCOME
(In billions of dollars)
1963
Item
1929
1933
1941
1950
1960
1961
1962
1963
1964
1964*
IV
III
IV*
National income
87.8
40.2 104.7 241.9 414.5 426.9 455.6 478.5 509.8 490.0 498.4 507.1 514.5
Compensation of employees
51.1
29.5
64.8 154.2 293.6 302.2 323.1 340.3 361.7 347.7 352.5 358.6 364.8 370.6
Wages and salaries
Private
Military
Government civilian
50.4
45.5
.3
4.6
29.0
23.9
.3
4.9
.7
.5
62.1 146.4 271.3 278.8 297.1 312.1 331.6 318.8 323.2 328.7 334.4 339.9
51.9 124.1 222.9 227.0 241.6 252.9 267.4 257.6 260.8 265.3 269 A 274.0
11.7 11.7 11.8 11.9
1.9
5.0
9.9 10.2 10.8 10.9 11.8 11.7
8.3 17.3 38.5 41.6 44.7 48.3 52.4 49.6 50.7 51.7 53.2 54.0
2.7
7.8 22.3 23.4 25.9 28.2 30.1 28.8 29.4 29.9 30.4 30.7
.1
.6
.1
.4
14.8
8.8
6.0
5.4
Supplements to wages and salaries
Employer contributions for social insurance
Other labor income
,
Proprietors' income
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation
adjustment
Profits before tax.
Profits tax liability
Profits after tax
Dividends
Undistributed profits
11.3
11.0
11.8
11.6
13.6
12.3
15.1
13.1
16.0
14.1
15.4
13.4
15.7
13.7
15.9
14.0
16.2
14.2
16.2
14.5
37.5
46.2
48.2
49.8
50.6
52.0
51.5
51.2
51.7
52.1
52.8
3.2
2.4
10.9
6.5
23.5
14.0
34.2
12.0
35.3
12.9
36.6
13.2
37.6
13.0
39.3
12.7
38.3
13.2
38.6
12.6
39.1
12.6
39.6
12.6
39.9
12.9
2.0
3.5
9.0
12.1
12.2
12.2
12.3
12.4
12.4
12.4
12.4
12.4
12.5
10.1 - 2 . 0
6.4
14.5
35.7
44.5
44.1
48.4
50.8
57.0
53.1
56.4
57.9
58.1
.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
44.3
22.3
22.0
14.5
7.5
44.2
22.3
21.9
15.2
6.7
48.
23.2
25.0
16.5
8.5
57.3
24.6
26.7
18.0
8.7
57.2
25.6
31.6
19.8
11.8
54.3
26.0
28.3
19.1
9.2
56.6
25.4
31.2
19.4
11.8
57.9
26.0
31.9
19.8
12.1
58.0
26.0
32.0
20.0
12.0
-2.1
9.6
1.4
8.3
5.8
2.4
Inventory valuation adjustment
Net interest
4.0
3.8
5.6
2.0
.7
17.4
-2.5
-5.0
.2
-.1
-.2
-1.2
-.2
-.1
.1
-.7
4.5
5.5
18.1
20.1
22.1
24.4
26.8
25.4
25.9
26.5
27.1
27.6
5.0
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to previous table.
20.2
319
NATIONAL PRODUCT AND INCOME
FEBRUARY 1965
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
(In billions of dollars)
1963
Item
1929
1933
1941
1950
1960
1961
1962
1963
1964
1964*
IV
Gross national product.
104.4
Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
7.2
9.0
19.1
7.0
.6
.3
7.1
.7
.9
11.3
.5
.4
23.7
.8
-.7
.1
.2
-.1
Equals: National income
87.8
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
10.1 - 2 . 0
.2
40.2
Equals: Disposable personal income
1.5
1.2
2.
.7
85.8
Less: Personal tax and nontax payments....
Federal
State and local
47.2
2.6
1.3
1.4
1.5
.5
83.1
Less: Personal consumption expenditures..
Equals: Personal saving
79.0
4.2
Disposable personal income in constant (1954)
dollars
IV
43.0
44.5
48.7
53.4
50.8
51.7
52.5
46.4 49.0 52.8 55.9 59.4 57.3 57.9
2.4
2.2
2.5
2.4
2.4
2.5
2.4
- 3 . 0 - 2 . 6 -1.8 - 2 . 7 - 1 . 7 - 1 . 8 - 1 . 6
1.6
.5
1.6
1.0
.9
.7
1.0
53.7
54.4
59.0 60.1
2.5
2.5 - 1 . 4
-2.4
60.7
2.5
53.1
.7
1.0
104.7 241.9 414.5 426.9 455.6 478.5 509.8 490.0 498.4 507.1 514.5
14.5
2.8
35.7
6.9
44.5
20.6
44.1
21.4
48.4
23.9
57.0
28.7
50.8
26.9
53.1
27.5
56.4
28.0
57.9
28.4
58.
29.0
29.3
.1
.9
1.0
5.8
.6
Equals: Personal income
III
56.0 125.8 284.6 502.6 518.7 556.2 583.9 622.6 599.0 608.8 618.6 628.4 634.6
8.6
Plus: Subsidies less current surplus of government enterprises
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
II
1.0
45.7
46.4
2.6
1.3
4.5
.5
14.3
4.8
9.2
27.3
7.8
14.5
2.2
31.3
7.4
15.2
2.4
32.3
8.0
16.5
2.4
34.3
8.6
18.0
2.4
35.7
9.2
19.8
2.5
34.7
8.8
19.1
2.4
35.9
9.1
19.4
2.5
35.5
9.3
19.8
2.5
-.1
35.5
9.2
20.0
2.5
35.9
9.3
20.2
2.5
96.3 228.5 401.3 417.6 442.4 464.1 491.4 474.5 480.9 487.9 494.5 502.2
3.3
2.0
1.3
20.8
18.2
2.6
93.0 207.7
81.9 195.0
11.1
12.6
-.6
51.4
44.0
52.9
45.1
7.3
7.8
349.9 364.7
328.2 337.3
21.7
57.9
49.
384.6
356.8
27.8
27.3
61.6
51.9
9.6
402.5
59.5
49.0
10.6
431.8
399.3
375.0
32.5
63.3
53.4
9.9
411.2
381.3
61.4
51.2
10.2
57.7
47.3
10.5
58.8
48.2
10.6
60.2
49.3
10.9
419.5 430.2 435.6 442.1
390.0 396.1 404.6 406.5
29.5
34.0
31.0
35.5
29.9
27.5
134.9 102.1 175.1 231.0 317.8 328.2 343.4 354.9 375.8 360.7! 366.7 374.7 378.8 383.1
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.
PERSONAL INCOME
(In billions of dollars)
1963
Item
1964
1963
Dec.
Totafpersonal income
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov. Dec 33
464.1 491.4 477.1 1479.4 480.5 482.9 486.6 487.8 489.3 491.4 494.9 497.9 498.7 502.3 505.7
312.1 331.6 320.0 320.8 323.6 325.1 327.7 328.7 330.1 331.8 334.6 337.2 337.3 340.4 342.4
Wage and salary disbursements
Commodity-producing industries... 123.3 129.8 126.0 125.6 127.1 127.4 128.8 128.7 129.4 129.9 130.8 132.1 130.7 133.2 134.4
98.0 103.0 100.2 100.0 100.7 101.1 702.5 102.3 702.7 705.0 103.8 705.7 103.4 705.5 106.6
Manufacturing only
80.3 84.9 82.0 82.4 82.8 83.1 83.7 84.2 84.6 85.2 85.7 86.3 86.8 87.3 87.6
Distributive industries
49.3 52.6 50.5 50.8 51.4 51.9 52.1 52.3 52.4 52.6 52.9 53.4 53.7 53.9 54.2
Service industries
59.2 64.2 61.5 62.1 62.4 62.7 63.0 63.4 63.8 64.1 65.1 65.4 66.0 65.9 66.2
Government
Other labor income.
13.1
14.1
13.5
13.6
13.7
13.8
13.9
14.0
14.1
14.2
14.2
14.3
14.4
14.5
14.5
Proprietors' income.
Business and professional.
Farm
50.6
37.6
13.0
52.0
39.3
12.7
51.6
38.4
13.2
51.1
38.3
12.8
51.3
38.7
12.6
51.2
38.8
12.4
57.5
39.0
51.7
39.1
12.6
57.9
39.3
12.6
57.9
39.5
12.4
52.2
39.6
12.6
52.4
39.7
12.7
52.5
39.8
12.7
52.8
39.9
12.9
53.1
40.0
13.1
Rental income
12.3
12.4
12.4
12.4
12.4
12.4
Dividends
18.0
19.8
20.1
19.3
19.4
19.6
Personal interest income.
32.9
36.0
34.4
34.7
35.0
35.3
Transfer payments
36.7
38.2
37.2
139.7
37.5
37.8
11.8
12.7
12.1
12.2
12.3
12.4
Less: Personal contributions
social insurance
Nonagricultural income.
Agricultural income
for
12.4
19.8
35.5
38.2
12.5
12.4
12.4
12.4
12.4
12.4
12.5
12.5
12.5
19.8
19.9
20.0
20.0
19.9
19.9
19.9
20.6
35.7
35.9
36.0
36.2
36.5
36.7
36.9
37.2
38.0
37.6
37.8
38.0
38.0
38.3
38.4
38.4
12.5
12.6
12.7
12.8
12.9
12.9
13.0
13.1
446.6 474.2 459.5 1462.1 463.5 466.1 469.7 470.7 472.1 474.4 477.8 480.6 481.4 484.9 488.0
17.5
17.2
17.5
17.2
17.0
i Includes stepped-up rate of Govt. life insurance dividend payments
vto veterans in the amount of $2.1 billion.
12.5
16.8
17.0
17.1
17.2
16.9
17.1
17.2
17.3
17.5
17.7
NOTE.—Dept. of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.
320
FLOW OF FUNDS
FEBRUARY 1965
SAVING, INVESTMENT, AND FINANCIAL FLOWS
(In billions of dollars)
1962
Transaction category,
or sector
1959
1960
1961
1962
1963
1964
1963
III
IV
II
III
IV
II
III
I. Saving and investment
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
147.3 1458 148.8 152.0
92.4 94.5 100.3 98.9
14.5 12.8 13.1 13.6
39.1 43.2 44.2 44.7
-3.9 - 9 . 5 - 6 . 9
-2.6 - 2 . 7 - 2 . 9
116.1 119.4 116.1
73.7
73.5 78.0
11.7
11.8
11.9
33.8
33.
32.6
-2.1
2.4 - 5 . 2
-3.8 -3.3
2
2.8
2.3
Gross national investment
Consumer durable goods
Business inventories
114.4 117.3 114.4 128.8 136.6 129.7 130.9 130.2 134.5 136.4 145.5 147.1 148.3 144.8
52.1
43.7 48.4
43.6 44.9
50.2
51.1
51.5
52.2
55.9 57.0 58.7
53.6
48.4
5.9
4.4
1.9
6.6
5.4
3.6
6.4
3.6
4.2
2.5
3.7
3.5
5.1
2.8
Gross pvt. fixed investment
Households
Nonfinan. business
Financial sectors
Net financial investment
3.3
4.2
4.5
66.1
22.1
43.3
68.2
21.6
46.1
.5
66.8
20.0
46.1
.7
73.2
21.4
51.2
.6
77.6
21.9
54.7
1.0
75.2
21.7
52.9
.5
74.6
22.4
51.8
.4
74.3
21.6
52.1
.6
76.7
21.5
54.3
.9
78.6
22.2
55.3
1.2
80.7
22.4
57.0
1.3
83.4
22.4
59.8
1.2
83.4
22.8
60.1
.4
84.2
23.1
60.7
.4
11
12
13
14
-1.9
1.7
.7
2.
2.0
1.7
1.3
1.6
2.5
3.7
1.0
2.9
.7
1.3
1.2
2.3
2.7
5.5
1.4
5.2
4.8
5.3
-1.3
4.1
-.9
7.2
15
16
52.3
18.6
33.7
35.0
15.0
20.0
46.9
16.3
30.7
58.3
15.4
42.9
62.3
18.5
43.8
47.5
-7.5
53.2
59.1
21.5
37.6
59.8
18.1
41.7
72.8
28.8
44.1
54.2
5.0
49.2
62.4
22.1
40.3
67.2
26.0
41.2
77.7
27.3
50.4
65.7
15.3
50.5
17
18
19
8.9
5.2
4.3
-.6
.9
.2
.8
42.5
13.8
6.4
5.4
2.1
28.6
4.5
5.3
13.0
5.9
52.3
.7
3.8
3.5
8.8
3.3
-2.0
3.1
-5.6
.5
2.0
1.4
.6
35.0
10.0
4.5
2.9
2.6
25.0
3.6
5.3
10.5
5.6
6.4
4.3
.9
1.2
3.4
1.7
1.7
49.3
14.3
5.4
6.1
1.8
35.0
3.3
4.1
13.5
14.1
59.1
3.9
3.2
2.3
8.8
2.2
10.8
6.5
4.0
.3
3.7
1.6
2.1
45.2
9.7
6.3
.8
2.5
35.6
5.6
5.0
13.5
11.4
59.8
4.6
.2
3.3
8.7
7.2
11.5 - 5 . 1
9.0 -10.5
3.3
6.4
- . 7 -1.0
5.0
1.4
3.
1.0
1.8
.5
56.3
57.9
17.4
15.5
6.9
7.1
7.0
5.8
3.5
2.6
39.0 42.4
7.0
7.5
2.8
4.2
15.8
16.3
13.4
14.3
72.8
54.2
3.0 - 7 . 6
2.5
3.6
7.1
-.4
10.5
11.3
2.2
5.6
1.
.4
1.7
-.2
3.3
3.5
-.2
57.2
18.4
6.5
9.9
2.0
38.9
6.6
1.7
15.1
15.4
62.4
-1.7
4.5
10.9
9.1
2.7
-1.0
4.0
4.
58.3
1.3
3.5
2.9
9.0
2.6
4.8 - 3 . 1
1.4 -20.6
3.8 18.4
-.4
-.9
3.4
-.3
2.3
-.7
1.0
.4
54.2
49.1
15.2
14.7
6.7
5.7
5.9
5.6
2.6
4.0
38.9
34.4
6.7
4.3
3.4
4.6
15.1
13.4
13.6
12.1
62.3 45.7
- . 4 -5.5
2.7
1.6
2.5
.7
10.2
8.1
4.0
4.1
13.7
6.5
4.7
2.6
38.6
4.2
6.5
15.3
12.5
67.2
8.1
2.8
2.5
11.0
3.4
6.3
-.2
6.1
.4
3.9
3.1
.8
67.5
24.0
7.2
9.
7.0
43.5
5.9
6.9
16.5
14.3
77.7
-.8
5.1
2.6
11.3
3.6
7.7
.8
6.3
.6
2.7
2.7
*
55.4
11.2
7.3
2.4
1.5
44.1
7.5
5.1
16.9
14.7
65.7
-4.1
2.6
3.6
10.0
8.4
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
39.0
31.2
29.8
1.8
28.0
15.0
12.9
1.4
43.3
36.2
33.0
5.0
28.1
13.1
14.9
3.2
36.7
22.
26.8
2.0
24.8
11.4
13.3
-4.6
38.8
34.6
34.2
5.4
28.8
14.0
14.8
A
35.8
33.7
29.7
-2.3
32.0
15.3
16.8
4.0
47.6
41.8
36.
10.8
25.3
10.6
14.7
5.7
41.6
29.3
28.4
2.4
26.0
13.0
13.0
1.0
48.3
39.8
37.9
8.9
28.9
13.6
15.4
1.9
39.4
31.5
27.9
.3
27.6
12.9
14.8
3.5
55.9
35.3
36.3
9.3
27.0
11.5
15.5
-1.0
45.3
27.6
33.3
5.2
28.1
12.0
16.1
-5.7
43
44
45
46
47
48
49
50
.6
7.0
-.2
1.9
7.2
2.0
5.6
10.3
1.5
-1.6
7.2
1.4
-1.5
5.4
1.8
2.1
6.6
2.9
5.8
8.3
1.
1.3
8.6
1.4
1.2
6.6
-.1
4.5
16.7
.6
6.0
10.8
-.9
51
52
53
58.3
1.3
57.0
62.3
-.4
62.7
45.7
-5.5
51.2
59.1
3.9
55.2
59.8
4.6
55.2
72.9
3.0
69.9
54.2
-7.6
61.8
62.4
-1.7
64.1
67.2
8.1
59.0
77.7
-.8
78.5
65.7
-4.1
69.9
16
Discrepancy (1-8)
17
18
19
20
21
22
23
24
25
26
27
28
29
Net funds raised—nonfinan. sectors..
Loans and short-term securities . . . .
Long-term securities and mtgs
By sector
U.S. Government
Short-term mkt. securities
Other securities
CCC guaranteed loans
Foreign borrowers
Loans
Securities
Pvt. domestic nonfin. sectors
Loans
Consumer credit
30
31
32
33
34
35
36
37
38
39
40
41
42
Bank loans n.e.c
Other loans
Securities and mortgages
State and local obligations
Corporate securities
/ - to 4-family mortgages
Other mortgages
Net sources of credit (=17)
Chg. in U.S. Govt. cash balance..
U.S. Govt. lending
Foreign funds
Pvt. insur. & pension reserves....
Sources n.e.c
43
44
45
46
47
48
Pvt. domestic nonfin. sectors
Liquid assets
Deposits
Demand dep. and currency
Time and svgs. accounts...
At commercial
banks....
At savings instit
Short-term U.S. Govt. s e c . .
32.2
16.4
10.8
.2
10.6
2.1
8.4
5.6
51
52
53
Other U.S. Govt. securities
Pvt. credit mkt. instruments...
Less security debt
7.5
8.4
.2
II. Financial Hows—Summary
49
50
130.4 140.3 132.6 132.2 132.5 140.0 141.6
83.9
88.2
84.9
87.4
84.3
87.8
83.3
12.4
14.0
13.4
13.9
14.3
12.9
12.5
38.4
39.4
39.4
39.0 40.0
39.0 40.3
-5.2 -2.9 -3.7 -5.6 -5.9 -2.8 -2.0
-2.2 -2.4 -2.1 -2.5 -2.8 -2.2 -2.3
3.1
4.1
3.4
4.7
3.9
2.8
3.5
Gross national saving
Households
Farm and noncorp. business
Corporate nonfin. business
U.S. Government
State and local govt
Financial sectors
7.6
7.5
8.8
.5
-1.4
6.8
.2
.2
2.3
2.8
1.2
2.0
.8
1.0
36.6 48.6
5.3 13.5
1.7 5.5
2.2
5.1
1.4 2.9
31.3 35.1
5.0
4.9
7.3 5.3
11.4 13.0
7.7 11.9
35.0 46.9
.9
*
2.3
2.8
3.2
2.0
8.2
8.7
4.0
3.7
16.5 29.7
9.2 24.7
13.8 24.2
4.1
-1.3
15.0 20.1
5.4
9.0
9.6 11.1
-4.6
.5
-.5 -1.3
7.6
7.5
1.3
-.3
10.5
III. Direct lending in credit markets
54
55
56
Total funds raised
Less change in U.S. Govt. c a s h . . . .
Total net of U.S. Govt. cash
52.3
.7
51.6
35.0
.9
34.2
46.9
57
58
59
60
Funds supplied directly to cr. mkts...
Monetary authorities
Total
Less change in U.S. Govt. cash.
51.6
.5
.3
34.2
.8
.7
46.9
1.5
1.5
57.0
1.9
2.0
.1
62.7
2.6
2.9
.3
51.2
1.2
.6
-.6
55.2
1.6
2.3
.6
55.2
4.1
5.3
1.1
69.9
2.6
2.2
-.4
61.8
1.0
1.9
.9
64.1
2.6
2.1
-.5
59.0
5.5
5.1
-.4
78.5
1.4
2.1
.7
69.9
2.1
2.5
.4
57
58
59
60
61
62
63
64
Commercial banks, net
Total
Less chg. in U.S. Govt. cash...
Security issues
3.7
4.6
8.0
9.0
.9
15.5
15.7
18.1
19.5
1.3
.1
19.7
19.3
-.7
.3
16.2
11.4
-4.9
.1
20.6
24.0
3.3
.1
15.6
19.1
3.5
22.5
26.0
3.4
18.4
10.1
-8.5
22.1
21.8
-1.2
.9
11.7
21.0
8.5
.9
23.8
22.8
-1.5
.5
18.7
14.7
-4.5
.6
61
62
63
64
65
66
67
Nonbank finance, net
Total
,
Less credit raised
18.9
23.3
4.4
19.2
21.5
21.0
23.4
23.1
26.8
33.6
6.9
22.3
29.1
28.3
28.9
25.6
36.3
10.6
27.8
38.6
10.9
28.0
30.6
2.6
26.5
37.3
10.7
33.4
34.3
2.4
2.4
65
66
67
U.S. Government
4.7
25.3
30.6
5.3
68
2.7
1.6
2.3
2.8
3.5
24.7
30.4
5.7
w
3.2
69
Foreign
70
71
72
73
74
Pvt. domestic nonfin
Consumers
Business
St. and local govts
Less net security credit
-.1
3.8
3.4
21.4
12.6
6.0
3.1
.2
1.2
2.7
1.0
-1.9
3.3
-.3
46.9
.2
.7
5.5
4.1
.2
2.5
1.3
27.8
1.3
9.2
4.2
2.3
2.6
-.2
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
10.3
7.2
2.1
2.9
2.0
9.9
4.1
3.5
3.7
1.5
4.7
5.0
1.9
-.9
1.4
.6
.2
1.
.1
2.5
3.6
4.5
2.8
5.1
2.6
68
5.1
-2.2
-.7
-.4
2.3
1.2
69
10.4
10.8
1.5
-.5
1.4
11.5
3.8
2.3
5.3
19.6
13.6
2.7
4.0
.6
12.0
7.6
.5
3.0
70
71
72
73
74
11.5
5.9
4.6
3.9
2.9
13.2
9.4
1.3
4.3
1.8
6.
2.9
1.1
3.9
1.8
For other notes see Jan. 1965 BULL., p. 179.
FEBRUARY 1965
321
FLOW OF FUNDS
PRINCIPAL FINANCIAL TRANSACTIONS
(In billions of dollars)
Transaction category,
or sector
1962
1959
1960
1961
1962
1963
1964
1963
III
IV
III
IV
III
I. Demand deposits and currency
1
2
3
4
5
6
7
8
9
10
Net incr. in banking system liability
U.S. Govt. deposits
Other.
Domestic sectors
Households
Nonfinancial business
State and local govts
Financial sectors
Mail float
Rest of the world
11
12
13
14
15
16
17
18
Net increasey-Total
At commercial banks—Total....
Corporate business
State and local govts
Foreign depositors
Households
At savings institutions
Memo: Households total
1.1
.7
.9
.4 -.8
.4 -.7
1.6 -.9
-2.5 -1.0
.1 -1.1
.2
.5
1.0
1.7
-.1
5.4
*
5.3
5.1
1.1
1.7
.3
1.1
1.0
.2
2.2 14.4 -4.2
2.1
4.4
5.0 -4.1 11.4
7.6
9.9
8.5
4.6
1.3 -.4 -5.5
3.0 -7.6 -1.7
8.1 - . 8 -4.1
3.9
3.4
6.2
7.5 -2.4 11.5
9.4
5.5
1.8
9.4
3.1
1.4
7.4 -2.8 10.8
4.7
5.2
9.6
.2 10.0
3.0
2.6
6.6
3*
. 2 4.0
.8
3.9
1.1
7.4
5.1 - 1 . 2
6.9 -1.4
2.9 -2.6 -2.0 -1.6 -3.6 -5.3
-2.1
.8 -2.4 -.3
4.2 -.2
1.9
7.2
1.4
3.6
2.3
.9
3.2 -2.9
1.9 -.5
e
1.1
.8
.7 -.1
.7
.3
.6
2 -.6
1.4 -.9
-.6
.3 -1.6
1.8 -1.5
1.7 -l.*2
.1
.4
1.6 -.6
.3 -1.2
.6
.3 -.3
A
1.5
II. Time and savings accounts
9.5
1.1
— 4
15.3
5.8
.8
1.4
.3
3.3
9.5
12.8
20.7
9.4
1.3
.9
.3
6.8
11.3
17.9
28.7
15.6
2.6
1.0
.6
11.5
13.1
24.4
9.5 -2.5
7.3
5.2
3.1
8.8
4.3 -5.6 -1.4
7.3
.5
6.8
-A
-.9
3.0
8.4
11.4
29.2
14.1
3.8
1.6
1.0
7.6
15.1
22.6
24.6
11.4
.9
.9
.1
9.7
13.2
23.0
30.6
15.6
2.5
.5
1.6
11.0
15.1
25.8
34.1
16.6
3.6
2.9
1.4
8.8
17.5
25.6
26.0
11.6
2.2
.3
.9
8.1
14.4
22.8
26.6
13.7
3.6
1.5
.8
7.9
12.9
20.8
29.9
14.4
5.9
1.9
.8
5.7
15.5
21.1
29.3
13.9
5.9
.4
1.0
6.5
15.4
21.3
28.4
12.8
2.9
.8
1.3
7.9
15.6
23.3
5.2 -2.2
1.4 -20.6
3.8 18.4
5.2
4.3
.9
10.5
6.5
4.0
12.3 -4.1
9.0 -10.5
6.4
3.3
2.1
.4
1.7
11.9
9.1
2.7
5.9
-.2
6.1
28.9
12.9
4.5
2.4
1.0
5.1
16.0
21.2
III. U.S. Govt. securities
19 Total net issues
20
Short-term marketable
21
Other
22 Net acquisitions, by sector
23
Monetary authorities
24
Short-term
25
Commercial banks
26
Short-term direct
27
Other direct
28
Nonguaranteed
29
Nonbank finance
30
Short-term direct
31
Other direct
32
Nonguaranteed
33
Foreign
34
Short-term
35
Pvt. domestic nonfin. sectors...
36
Short-term direct
37
Other direct
38
Nonguaranteed
39
Savings bonds—Households.
9.5
.3
-.8
-7.8
-3.7
-3.6
-.5
.8
.2
.2
.4
3.0
2.1
13.2
7.4
5.3
2.2
-1.8
7.1 19
.8 20
6.3 21
5.2 -2.2
2.1 11.9
5.2 10.5 12.3 -4.1
6.0
7.1 22
7.3
7.3
-2.5
2.0
1.8
1.6
2.1
2.6 23
2.8
5.4
.7
1.5
1.9
.8
2.4
5.4
2.9 13.5
.4 -1.9
5.0 -2.8
6.5 24
-1.0 -1.1
2.0
4.9
7.8
3.3
1.7
1.3 -2.9 -1.8 25
5.4
.8 -2.5 -6.9
1.7
4.0 -.1 -13.5 -.6
2.3
7.0
4.5
2.0 -2.4 26
9.3 -5.2 -3.6 -22.0 -2.3 -5.2 -3.3 -10.2
2.7 10.2
.7 -5.9
-5.2 - 4
5.2
.5 14.2
2.0 -4.0 -6.2
4 27
1.3 -1.1
-.1
.7
1.1 -1.7
.8
.5
1.1
.3
.8
1.3
'.9 28
1.8 -2.5 -1.2
3.2 -2.2
2.0
2.2
-.3
.8
1.3 -.7
2.6
3.1 29
2.1 -4.1 -1.3
2.1 - 1 .
.4
1.2
2.3
1.6
.7 -1.3
.8
.2 30
*
.6 -.6
1.6 -.4
1.2
-1.7 -.8
.5
.5
1.8
*
2.5 31
.1
.1
.6
.2
.2
.1
.2
.3
-.2
.5 -.3
.3 32
.1
1.2
.1 -1.5
.4
.6
.9
.5
.4
.8
1.2
3.0 33
3.4 -2.4
-2.6 -1.1 -1.2
.2
.2
2.0 -.7
1.4 -.3
2.5
3.0 34
1.2
6.8
3.2
4.7
5.1
3.6
-5.1
2.0
1.0 -1.2
2.5
.2 35
7.8
-.1
2.7 -1.9 -6.6 36
2.0 -5.2
-4.3
1.0
.2
.7
2.6
4.6
A
4.2 -.8
1.9
1.0
2.9
4.8 -1.6
-1
.7
6.7 37
*
* -2.2
1.5
.9
2.1 -.6
1.6 -.7 38
.6
.8
2.1
39
1.1
1.2
.4
1.2
-.3
.9
.6
.2
1.4
1.
IV. Other securities
40 Total net issues, by sector
41
State and local govts
42
Nonfinancial corporations
43
Commercial banks
44
Finance companies
45
Rest of the world
11.7
4.5
5.3
.1
1.1
.8
11.1
3.6
5.3
.1
1.5
.6
13.7
4.9
7.3
.2
.5
11.7
5.0
5.3
.1
.3
1.0
13.0
6.7
3.4
.3
1.6
1.0
46 Net purchases
47
Households
48
State and local govts
49
Commercial banks
50
Insurance and pension funds...
51
Finance n.e.c
52
Security brokers and dealers.
53
Investment cos.—Net
54
Portfolio purchases
55
Net issues of own shares..
56
Rest of the world
11.7
3.2
1.0
l\
-.9
— .2
-.7
1.
1.8
.4
11.1 13.7
2.2
2.4
2.1
1.8
.4
2.6
7.1
8.0
-.9 -1.3
-.4 -.7
-.5 -.6
1.0
1.4
1.5
2.0
.3
.2
11.7
-.6
1.2
4.4
7.5
-.7
*
13.0
— .5
5^2
7.7
57 Total net lending
58
1- to 4-family
59
In process.
60
Disbursed
61
Other
19.1
13.2
16.0
10.4
29.3
15.7
15.2
13.6
25.9
13.8
13.4
12.1
25.4
14.0
29.7
16.4
31.2
16.9
10.5
5.6
25.3
13.4
.4
13.0
11.9
28.2
14.1
13.0
5.9
19.5
11.8
.4
11.4
7.7
13.5
14.1
13.5
11.4
15.8
13.4
16.3
14.3
62 Net acquisitions
63
Households
64
U.S. Government
65
Commercial banks
66
Savings institutions
67
Insurance
68
Mortgage companies...
19.1
1.8
2.2
2.5
9.6
2.4
16.0
2.1
1.2
.7
8.9
2.9
19.5
2.4
.6
1.6
11.0
2.7
.6
25.3 29.3
4.0
4.3
.3 - 1 . 0
4.0
4.9
13.2 16.0
3.0
3.9
.8
.5
25.9
4.1
28.2 25.4 29.7
5.6
4.5
3.5
2 -1.3 -1.9
5.6
4.2
4.4
13.9 15.3 16.4
3.2
3.7
4.
1.1
.2
.2
7.2
5.
1.6
.2
2.8
2.7
-.3
.1
3.0
1.7
.1
.7
8.1
5.6
1.7
.6
6.1
5.0
.4
9.0
6.6
1.3
.6
-.8
l!9
14.6
7.5
5.1
.6
1.5
*
40
41
42
43
44
45
9.5
9.8 13.2 13.6 14.0 11.4 13.2 16.5 14.6
1.0
1.9
.9
6.0
1.2 -1.4 -.5 -3.4
1.0
1.2
1.5
1.0
1.5
1.3
1.5
1.8
6.1
5.8
5.8
3.3
.8
3.8
4.7
3.5
5.6
8.4
7.1
7.4
8.4
7.7
8.9
8.7
5.7
7.5
1.1 -2.0 — .7 -1.3
n -2.3 -1.4 -1.3
c -2.2
-.9 -1.1
.2 -1.0
1.0 - 1 .
c
'.6 -2.0
-'.2
-.2
.1 -.9 -1.0 -.3 -1.1
-.2
-l!7
e
1.6
.9
.9
.1
.4
.9
.6
'.8 -.1
1.9
1.8
.8
1.8
.4
1.0
.6
1.6
1.6
1.3 -.2
-.4
.2 -.2
.5
.1
.2
46
47
48
49
50
51
52
53
54
55
56
9.5
4.3
4.6
.1
.2
.4
9.8
3.3
4.
.1
.7
1.7
13.2
5.6
5.0
*
.4
2.1
13.6
7.0
2.8
.1
1.9
1.8
14.0
7.5
4.2
.1
1.7
.5
11.4
6.6
1.7
.9
2.4
-.2
13.2
4.2
6.5
.9
1.7
i
16.5
5.9
6.9
2^4
V. Mortgages
4.5
13.4
3.0
.6
31.0
15.6
15.1
15.4
27.6
15.1
-.3
15.3
12.5
30.3
16.1
-.4
16.5
14.3
31.2
16.6
-.4
16.9
14.7
31.2
4.3
-.4
5.2
16.5
4.
31.0
4.9
-.4
4.5
16.0
4.4
1.0
27.6
3.8
.3
4.5
14.6
4.2
-.2
30.3
4.0
.8
4.6
14.8
4.5
1.2
31.2
5.3
.1
4.7
15.4
5.1
.2
8.5
5.7
2.1
.7
13.1
10.0
1.9
1.4
6.7
4.7
-.3
2.2
13.9
9.7
3.6
.6
2.4
2.2
-1.4
1.2
VI. Bank loans n.e.c.
69 Total net borrowing
70
Nonfinancial business.
71
Nonbank finance
72
Rest of the world
6.5
4.6
1.0
.4
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
7.8
5.3
2.0
1.9
.2
1.3
For other notes see Jan. 1965 BULL., p. 179.
69
70
71
72
322
FEDERAL RESERVE BANKS, 1964
FEBRUARY 1965
EARNINGS AND EXPENSES OF
Item
Total
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Current Earnings
10,492,106
2,787,002
1,323,740,280
6,335,565
392,351
Foreign currencies
All other
Total current earnings
2,224,336
2,787,002
68,290,447 328,581,792
299,441
1,694,108
69,830
16,628
320,766
542,502
1,019.21S
71,094,952 i09,727,i78
566,039
357,112
20,129
28,419
90,899,834
317,401
21,022
72,724,513349,191
53,278-
1,343,747,303
Discounts and advances
Acceptances
68,967,322 335,357,068
71,694,902 110,642,402
91,780,759
74,146,196
360,806
222,709
Current Expenses
Salaries:
Officers
Retirement and other benefits
Traveling expenses
Postage and expressage
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 certainfiscalagency
and other expenses
Net expenses
7,741,458
100,462,115
17,241,058
537,416
2,192,701
21,946,430
1,838,794
8,354,552
349,642
5,197,323
5,717,251
1,950,024
1,400,945
135,555
443,244
6,241,097
1,117,949
21,648
132,861
1,521,050
96,030
584,835
28,836
595,859
182,557
128,511
51,858
16,432
1,377,964
24,402,326
3,872,719
55,672
376,526
2,825,449
407,852
1,690,936
45,595
908,116
420,704
268,092
396,457
6,684
561,609
4,838,993
845,399
27,094
105,696
1,062,669
83,753
523,262
14,449
160,811
270,528
89,779
105,431
5,909
609,734
8,193,102
1,439,106
71,141
164,260
1,826,191
129,182
585,643
35,461
475,756
641,253
174,000
180,967
26,083
631,044
6,837,859
1,160,105
32,811
158,504
2,079,353
127,528
669,390
32,004
201,289
223,893
164,781
118,624
11,438
671,255
6,268,300
1,097,656
91,869
181,119
2,049,656
204,899
616,253
34,598
317,073
667,625
165,905
71,052
8,067
2,907,041
10,217,625
3,291,616
180,636
823,793
133,104
55,373
176,448
454,277
121,773
64,026
298,913
871,320
448,974
104,645
12,355,673
893,393
411,900
13,660,966
9,511,906
890,940
482,600
10,885,446
16,275,731
1,146,556
783,900
18,206,187
148,795
812,644
110,398
-6,898
13 513.562
1,469^253
429,500
15,412,315
424,331
629,108
160 671
69,068
191,481,550
17,229,671
8,655,200
217,366,421
779,368
1,386,398
910,040
-791,929
39,338,969
3,036,988
2,300,200
44,676,157
13 728 505
1,628,086
488,500
15,845,091
19,970,533
1,101,360
3,720,533
934,376
1,756,606
1,114,146
1,413,854
197,395,889
12,559,606
40,955,624
9,951,070
16,449,581
14,298,169
14,431,237
56,407,716 294,401,444
61,743,832
94,192,820
77,482,590
59,714,959
Profit and Loss
1,146,351,415
Additions to current net earnings:
Profits on sales of U.S. Govt. securities
(net)
All other
,
Total additions
615,705
361,036
976,743
32,238
34,509
66,747
150,704
76,053
226,757
33,281
31,562
64,844
51,271
40,114
91,385
42,610
11,306
53,916
33,498
9,053
42,551
Deductions from current net earnings
250,796
5,281
6,308
551
3,991
2,319
55,621
Net addition to or deduction from (—) current
net earnings
725,947
61,466
220,449
64,293
87,394
51,598
-13,070
56,469,182 294,621,893
61,808,124
94,280,214
77,534,188
59,701,888
1,716,176
2,762,835
1,528,499
1,774,674
86,224,099 134,215,180
99,005,588
82,807,715
Net earnings before payments to U.S. Treasury.. 1,147,077,362
Dividends paid
Payments to U.S. Treasury (interest on F.R.
Transferred to surplus
Surplus, January 1
30,781,548
1,582,118,614
8,137,656
-465,822,800 -22,381.600 -126,000,950 -26,132,150 -42,697,800 -22,999,900 -24,880,500
989,715,700 47,233,000 263,214,800 55,246,300 89,788,700 49,139,300 55,626,400
523,892,900 24,851,400 137,213,850 29,114,150 47,090,900 26,139,400 30,745,900
NOTE.—Details may not add to totals because of rounding.
1,452,361
77,398,421 412,485,188
FEDERAL RESERVE BANKS, 1964
FEBRUARY 1965
FEDERAL RESERVE BANKS
Chicago
St. Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Item
Current Earnings
2,774,280
213,693
246,575
651,853
223,502,248
901,823
48,541
5i,628,6i6
216,596
14,204
26,265,227
143,482
18,040
52,835,082
274,174
38,985
949,975 Discounts and advances
Acceptances
51,185,796 177,004,595 U.S. Govt. securities
363,107
853,092 Foreign currencies
24,917
38,356 All other
227,226,892
52,073,109
26,673,324
53,800,094
52,539,217 178,846,018
965,397
Total current earnings
Current Expenses
759,860
14,624,242
2,537,710
36,226
275,527
2,956,445
205,624
1,250,940
30,706
943,730
1,261,548
300,734
158,358
50,757
599,690
5,541,584
957,026
31,714
134,851
1,239,252
95,555
491,994
28,384
190,076
301,519
145,957
53,388
1,577
421,101
3,149,897
536,883
38,533
122,755
855.968
63,932
270,193
15,780
366,515
344,037
90,812
57,504
1,301
520,861
5,652,764
1,026,394
41,496
141,440
1,490,462
108,455
533,158
20,264
257,540
290,623
150,413
74,401
3,792
495,045
4,314,333
735,399
37,621
127,341
1,230,572
127,103
367,546
24,518
263,918
689,718
127,819
50,938
1,019
650,051
10,397,618
1,914,712
51,591
271,821
2,809,363
188,881
770,402
39,047
516,640
423,246
143,221
81,967
2,496
351,942
1,890,204
574,887
162,593
90,897
480,461
126,740
41,292
84,746
379,567
135,532
27,195
91,988
783,305
179,220
53,044
83,693
552,222
273,983
67,176
195,284
1,154,326
116,294
154,419
28,372,033
3,117,641
1,224,500
10,551,957
887,233
298,700
6,962,251
321,642
201,300
11,419,620
618,990
379,200
9,569,964
802,430
498,300
32,714,174
11,737,890
7,485,193
12,417,810
10,870,694
3,691,605
1,249,704
609,703
1,493,658
828,499
29,022,569
10,488,186
6,875,490
10,924,152
10,042,195
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
19,881,379
2,416,519 F.R. Currency
1,156,600 Assessment for expenses of Board of Governors
23,454,498
Total
Less: Reimbursement for certain fiscal agency
2,056,489
and other expenses
21,398.009
Net expenses
Profit and loss
198,204,324
41,584,924
19,797,833
42,875,942
103,881
61,005
23,977
8,346
12,280
20,433
24,913
18,822
24,030
16.458
83,022
33,375
164,887
32,323
32,713
43,735
40,488
116,397
2,706
5,119
2,425
147,821
10,588
162,180
27,204
30.288
-104.086
29.900
198,366,504
41,612,128
19,828,121
42.771,856
4.373.219
1,054,136
711,321
1.362.588
259,234,935
56,862,492
29,991,401
61.360,918
42,497.022 157,448,009 Current net earnings
Additions to current net earnings:
Profits on sales of U.S. Govt. securities
(net)
All other
Total additions
8,066 Deductions from current net earnings
108,331
Net addition to or deduction from (—)
current net earnings
42.526,923 157,556.340 Net earnings before payments to U.S. Treasury
1.797,729
4,110.356 Dividends paid
66,913,343 215,619,334 Payments to U.S. Treasury (interest on F.R. notes)
-65,241,650 -16,304.500 -10.874.600 -19.951,650 -26,184,150 -62,173,350 Transferred to surplus
139.844,500 34,247,500 23,034,100 43,252,200 56.769,800 132,319,100 Surplus, January 1
74,602,850
17,943,000
12.159,500
23,300,550
30,585,650
70,145,750 Surplus, December 31
323
324
FEBRUARY 1965
BANKING OFFICES
NUMBER OF BANKING OFFICES IN THE UNITED STATES
Commercial banks 1
Type of office and type of change
All
banks
Mutual savings
banks
Member
Total
Total
National
Nonmember
Statei
Total
Noninsured
Insured
Insured 1
Noninsured
Banks (head office):
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
31,
31,
31,
31,
31,
31,
31,
31,
31,
31,
31,
31,
31,
1934..
1941. .
19472.
1951..
1956..
1957..
1958..
1959..
1960..
1961. .
1962..
1963..
1964..
16,063
14,826
14.714
14,618
14,167
14,090
14,020
13,991
13,986
13,946
13,938
14,078
14,266
15,484
14,278
14,181
14,089
13,640
13,568
13,501
13,474
13,472
13,432
13,427
13,569
13,761
6,442
6,619
6,923
6,840
6,462
6,393
6,312
6,233
6,174
6,113
6,047
6,108
6,225
5,462
5,117
5,005
4,939
4,651
4,620
4,578
4,542
4,530
4,513
4,503
4,615
4,773
980
1,502
1,918
1,901
1,811
1,773
1,734
1,691
1,644
1,600
1.544
1,493
1,452
9,042
7,662
7,261
7,252
7,181
7,178
7,192
7,244
7,300
7,320
7,380
7,461
7,536
7,699
6.810
6,478
6,602
6,737
6,753
6,793
6,878
6,948
6,997
7,072
7,177
7,262
3,133
3,699
4,332
5,383
7,955
8,609
9,286
10,099
10,969
11,896
12,932
14,122
15,275
3,007
3,564
4,161
5,153
7,589
8,204
8,861
9,652
10,483
11,353
12,345
13,498
14,601
2,224
2,580
3,051
3,837
5,886
6,378
6,924
7,492
8,133
8,899
9.649
10,613
11,457
1,243
1,565
1,870
2,370
3,809
4,178
4,534
4,973
5,509
6,044
6,640
7,420
8,156
981
1,015
1,181
1,467
2,077
2,200
2,390
2,519
2,624
2,855
3,009
3,193
3,301
783
984
1,110
1,316
1,703
1,826
1,937
2,160
2,350
2,454
2,696
2,885
3,144
932
1,043
1,275
1,666
1,789
1,898
2,118
2,303
2,410
2,646
2,835
3,094
52
67
41
37
37
39
42
47
44
50
50
50
337
336
203
-1
200
133
-7
120
-6
13
-77
-6
-1
-63
-43
-7
-43
-7
1,343
852
783
650
444
425
399
366
352
323
308
284
274
68
52
194
202
223
239
241
268
325
330
331 j
330 |
327 I
511
496
339
327
304
283
278
249
189
184
180
179
178
Branches, additional offices, and facilities:
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
31,
31,
31,
31,
31,
31,
31,
31,
31,
31,
31,
31,
31,
1934..
1941..
19472.
1951..
1956..
1957..
1958..
1959..
I960..
1961 ..
1962..
1963..
1964..
783
126
32
124
165
257
296
305
318
381
427
466
502
549
103
47
65
109
109
120
129
105
116
121
122
125
2
-1
-2
Changes Jan.-Dec. 31, 1964
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 State member
National to nonmember
Noninsured to insured
Net change
Number of banks, Dec. 31, 1964.
Branches and additional offices:
De novo 6
Banks converted
Discontinued
Other change
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, 1964
Banking facilities:7
Established
Discontinued 6
Interclass changes:
National to nonmember
State member to nonmember
Net change
Number of facilities, Dec. 31, 1964.
-124
-14
-2
-1
-120
-13
-2
-14
-3
-1
-1
-1
4
-13
-19
-19
-19
-4
-19
-4
19
-1
-5
5
20
85
7,262
188
14,266
192
13,761
117
6,225
158
4,773
-41
1,452
75
7,536
1,072
124
-46
1
1,025
121
-46
1
761
100
-37
585
84
-22
176
16
-15
264
21
-9
1
-27
-12
-20
-10
274
261
21
2
327
-27
-12
-13
c
-11
-5
12
-78
-13
11
178
44
2
Q
1
1,151
1,101
845
736
109
256
5
3
256
14,995
14,321
11,215
7,940
3,275
3,106
3,056
4
-2
4
-2
3
-2
3
-2
2
280
2
280
-1
-1
-1
242
216
1
State member bank and insured mutual savings bank figues, both
include 1 to 3 member mutual savings banks, 1941 to 1962 inclusive, not
reflected in total commercial bank figures. 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 an 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
-1
i
1
47
50
3
549
125
1
-1
26
absorption of banks.
5 Ceased banking operations.
6
Includes one national facility reclassified as a branch.
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.
FEBRUARY 1965
325
FEDERAL RESERVE PAR LIST
NUMBER OF PAR AND NONPAR BANKING OFFICES
Pc
Nor par
(nonm<;mber)
Total
F.R. District,
State, or other area
Member
Total
Nonmember
Banks
Branches
and offices
Banks
Branches
and offices
Total, including Puerto Rico
and Virgin Islands: 1
Dec 31 1963
Dec 31 1964
13.487
13,675
13,617
14,724
11,893
12,128
13,297
14,413
6,107
6,224
10,631
11,475
5,786
5,904
2.666
2,938
F.R. District, Dec. 31, 1964:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
.
Kansas City
Dallas
San Francisco
382
530
554
852
854
1 520
2 523
1,493
1,352
1,889
1 267
459
1 040
2,529
963
1.353
1,892
798
1.519
526
180
186
219
3,519
382
530
554
852
759
1,006
2,523
1,237
745
1,887
1,196
457
1 040
2,529
963
1,353
1,786
725
1,519
458
126
186
209
3,519
250
419
421
506
418
502
1,016
481
494
830
672
215
824
2,228
754
1,156
1,190
584
986
296
71
130
130
3,126
132
111
133
346
341
504
1,507
756
251
1,057
524
242
216
301
209
197
596
141
533
162
55
56
79
393
252
12
15
245
194
209
63
20
15
418
142
51
239
90
2,269
8
286
64
84
17
176
10
15
149
194
209
63
20
15
382
136
51
239
69
2,269
8
286
64
84
17
103
5
5
83
106
132
34
7
12
196
120
43
189
62
2,091
6
229
34
76
12
73
5
10
66
88
77
29
13
3
186
431
7
24
1 027
430
674
594
348
209
43
169
114
120
5
441
221
50
213
236
161
166
7
24
1,027
430
674
594
348
111
43
157
114
120
5
441
221
50
213
205
161
71
2
15
525
218
165
211
96
57
28
139
41
111
5
298
40
34
143
154
115
95
5
9
502
212
509
383
252
54
15
121
158
361
719
196
640
128
428
8
72
369
525
805
9
191
55
3
27
58
20
121
158
361
314
68
593
128
428
8
72
369
525
805
8
123
55
3
27
58
20
56
110
222
221
38
175
92
138
6
51
229
431
663
6
66
29
3
18
50
18
65
48
139
93
30
418
36
290
2
21
140
94
142
2
57
26
233
63
352
147
163
547
416
50
586
10
627
84
1.808
711
44
871
36
249
1,147
112
233
63
352
96
65
547
414
50
586
10
627
84
1.808
614
19
871
36
249
1,147
112
194
41
289
35
44
351
246
14
435
5
559
53
1,715
344
9
753
31
211
938
78
39
22
63
61
21
196
168
36
151
5
68
31
293
270
10
118
5
38
209
34
133
173
293
1,128
55
48
277
97
184
577
242
72
295
50
103
49
486
378
233
44
282
50
103
49
486
378
30
58
83
614
25
28
184
38
112
165
168
36
205
24
83
26
373
355
59
11
143
486
30
20
93
59
72
412
65
8
77
26
20
23
113
23
170
89
69
226
1,100
55
48
277
97
184
577
1
140
7
52
140
7
68
11
3
1
15
6
State or area, Dec. 31, 1964:
Alabama
Alaska
Arizona
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georsia
Hawaii
Idaho
Illinois
Kansas
Kentucky
M^ine
M"arvland
Massachusetts
Michigan
Mississiooi
Missouri
Montana
,
....
Nevada
New Hamoshire
New Tersev
New York
North Carolina
North Dakota
Ohio
Oklahoma
Pennsylvania
Rhode Island
..
South Carolina
South Dakota
Tennessee
...
Texas
Utah
Virginia
Washington
West Virginia
Wyoming
Puerto Rico 1
Virgin Islands ^
..
68
11
3
170
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 2 in Virgin Islands) are included above as nonmember banks; and
nonmember branches in Puerto Rico include 6 other branches of Canadian
banks.
2
Includes 5 N.Y.C. branches of 2 insured nonmember Puerto Rican
banks.
Banks
1
Branches
and offices
37
Banks
16
11
Branches
and offices
Banks
Branches
and offices
1,594
1,547
320
311
95
514
106
73
256
607
2
71
2
68
54
16
8
50
7
178
2
57
30
8
5
76
2
6
96
21
18
73
9
265
12
98
31
405
128
47
1
68
51
98
97
25
143
181
16
70
51
46
10
36
9
8
2
2
44
104
67
28
9
28
13
133
125
1
NOTE.—Includes all commercial banking offices in the United States.
Puerto Rico, and the Virgin Islands on which checks are drawn, including
280 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.
326
WEEKLY REPORTING MEMBER BANKS, 1964
FEBRUARY 1965
ASSETS AND LIABILITIES OF BANKS TN LEADING CITIES
(In millions of dollars)
Loans
For purchasing
or carrying securities
Wednesday
Total
loans
and
investments !
Loans
and
Cominvestments Loans mercial
adadjusted 2 justed 2 and
industrial
Agricultural
To brokers
and dealers
To others
U.S.
U.S.
Govt. Other Govt. Other
sesesesecuri- curi- curi- curities
ties
ties
ties
To financial institutions
Bank
Foreign
Domestic
commercial
Nonbank
Valuation
Real
estate
Pers.
and
sales
finan. Other
All
other
17,889
17,944
17,983
17,991
20,242
20,203
20,173
20,197
2,045
2,048
2,047
2,042
20,422
20,420
20,441
20,457
2,044
2,047
2,048
2,052
I
COS.,
etc.
3,603
3,595
3,553
3,551
1964—Jan
8.
15.
22.
29.
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
37,641
37,424
37,195
1,561
1,559
1,551
1,531
779
1,114
984
642
3,827
3,928
3,516
3,453
115
121
117
108
1,729
1,723
1,720
1,726
Feb.
5.
12.
19.
26.
138,397
138,479
138,855
138,541
136,328
136,842
136,987
136,847
89,504
89,887
90,052
89,875
37,314
37,368
37,619
37,590
1,520
1,524
1,528
1,513
637
930
783
583
3,334
3,374
3,312
3,279
103
97
95
97
1,741
1,741
1,736
1,736
1,011 2,069 3,908 3,537 18,021
1,011 ',637 3,876 3,512 18,081
,868 3,947 3,497 18,127
1,015
1,000 ,694 4,033 3,478 18,161
Mar. 4.
11.
18.
25.
139,454
139,240
141,160
141,158
137,748
137,589
139,308
138,908
89,977
90,168
91,727
91,351
37,599
37,507
38,137
38,172
1,482
1,484
1,493
1,493
489
553
759
573
3,366
3,399
3,569
3,469
96
98
97
97
1,768
1,773
1,775
1,775
,706
1,004
,651
1,058
,852
1,051
1,063 2,250
4,113
4,203
4,650
4,438
3,447
3,444
3,455
3,449J
18,163
18,217
18,280
18,341
20,500
20,486
20,518
20,541
2,050
2,054
2,057
2,060
Apr.
1.
8.
15.,
22.
29.
141,144
141,065
141,142
140,405
140,858
138,373
138,844
139,288
138,001
138,680
92,002
91,345
92,191
91,592
92,208
38,308
37,964
38,252
38,015
38,057
1,496
1,492
1,494
1,5011
1,510
343 3,796
561 3,706
593i 3,732
432i 3,679
434J 3,613
109
103
102
100
101
1,785
1,806
1,810
1,796
1,804
1,071
1,088
1,112
1,123
1,124
2,771
2,221
1,854
2,404
2,178
4,640
4,159
4,369
4,146
4,310
3,539
3,506
3,549
3,525
3,571
18,366
18,393
18,461
18,488
18,520
20,601
20,620
20,771
20,841
21,217
2,052
2,053
2,054
2,054
2,053
May
6.
13.
20.
27.
141,284
141,266
141,120
141,421
139,050
138,888
139,185
139,025
92,796
92,886
93,275
93,158
38,307
38,394
38,416
38,320
1,517
1,523
1,538
1,545
615
615
634
534
3,637
3,574
3,723
3,783
95
93
95
96
1,808 1,110 2,234
1,831 1,105 2,378
1,837 1,10! 1,935
1,838 1,117 2,396
,564
4,367
,562
4,322
4,378
,578
4,321 3,584|
18,530
18,606
18,658
18,692
21,308
21,325
21,373
21,384
2,062
2,064
2,056
2,056
June
3.
10.
17.
24.
141,644
142,113
144,147
143,369
139,791
140,053
142,013
141,173
93,658
93,852
95,573
94,969
38,243
38,234
38,885
38,748
1,548
1,555
1,563
1,570
832
989
853
719
3,821
3,780
3,996
3,935
95
94
92
94
1,850
1,851
1,852
1,859
4,409
4,333
5,051
4,509
18,706
18,764
18,836
18,875
21,488
21,538
21,611
21,707
2,059
2,058
2,057
2,056
July
1.
8.
15.
22.
29.
145,125
143,361
143,883
142,810
142,895
142,720
141,597
140,987
140,327
140,332
96,022
95,194
95,336
94,899
94,568
38,785
38,568
38,687
38,526
38,498
1,567
1,570
1,584
1,595
1,588
775
1,082
1,161
1,461
1,088
4,195
3,836
3,680
3,409
3,355
68
70
72
66
70
1,865 1,174 2,405 4,990 3.897| 18,936
1,867 1,139 1,764 4,417 3,913 18,970
1,862 1,127 2,896 4,407 3,93l! 19,037
1,875 1,131 2,483 4,069 3,960 19,086
1,871 1,142 2,563 4,106 3,958 19,120
21,829
21,821
21,850
21,781
21,832
2,059
2,059
2,062
2,060
2,060
Aug. 5.
12.
19.
26.
143,676
143,584
144,408
143,688
141,660
141,237
142,192
141,389
95,374
95,177
95,666
94,962
38,700
38,874
38,915
38,902
1,557 1,181 3,381
1,546
919 3,337
1,550 1,118 3,324
1,542
686 3,303
87
71
74
69
1,866
1,867
1,916
1,909
1,182
1.190
1,150
1,178
2,016
2,347
2,216
2,299
4,476
4,322
4,448
4,278
3,968
3,995
4,068
3,965
19,157
19,227
19,276
19,292
21,877
21,882
21,920
21,933
2,058
2,053
2,093
2,095
Sept. 2.
9.
16.
23.
30.
145,213
144,523
147,259
146,133
147,809
142,946
141.918
145,042
144,564
145,878
96,015
95,108
97,685
97,242
97,784
39,091
39,031
39,802
39,711
39,953
1,546
1,545
1,561
1,569
1,578
1,213
632
1,610
1,482
1,236
3,323
3,197
3,420
3,415
3,558
67
64
63
60
81
,902
,906
,918
,917
,921
1.217
1.211
1.211
1,215
1,239
2,267
2,605
2,217
1,569
1,931
4,333
4,168
4,503
4,260
4,515
4,007
4,011
4,068
4,055
4,043
19,320
19,366
19,458
19,509
19,533
22,094
22,077
22,171
22,151
22,234
2,098
2,100
2,100
2,102
2,107
Oct.
7.
14.
21.
28.
146.061
146,462
145,436
146,472
143,951
144,094
143,734
144,363
96,498
96,753
96,727
96,545
39,743
39,964
39,913
39,882
1,591
1,594
1,596
1,606
679
669
723
610
3,336
3,290
3,359
3,268
69
68
70
69
,923
,917
,917
,916
1.248
1.758
1.251
1,248
2,110
2,368
1,702
2,109
4,203
4,187
4,065
4,052
4,065
4,038
3,999
3,978
19,560
19,638
19,680
19,719
22,191
22,240
22,263
22,304
2,110
2,110
2,109
2,107
Nov. 4.
11.
18.
25.
148,211
147,101
148,179
148,979
145,619
145,016
145,693
146,250
98,021
97,694
97,998
98,019
40,192
40,295
40,651
40,548
1,617 1,099 3,516
1,629 1,000 3,320
1,635
756 3,311
1,633
954 3,179
68
63
61
64
,928
,943
,950
,948
1,248
1.287
1.292
1,314
2,592
2,085
2,486
2,729
4,316
4,106
4,168
4,103
4,045
4,059
4,048
4,023
19,741
19,789
19,842
19,886
22,360
22,311
22,391
22,474
2,109
2,108
2,107
2,107
Dec.
149,460
148,789
151,814
P
151,599
153,695
146,997 98,992
146,275 98,374
148,993 100,796
i495449 ••101,012
151,010 102,227
40,999
40,914
41,668
41,668
42,119
1,621
690
1,623
468
1,639
902
1,607
909
^1,591 1,114
66
65
73
66
72
,936
,936
,930
.946
,974
2,463
1 '366 2,514
1,374 2,821
1.419 '2,150
1,560 2,685
4,418
4,190
4,864
4,913
4,929
4,013
4,027
4,047
4,077
4,103
19,909
19,934
19,948
r
20,011
20,008
22,918
22,881
23,059
23,158
'•23,320
2,104
2,102
2,090
2,083
2,080
2.
9.
16.
23.
30.
For notes see p. 328.
3,173
3.072
3; 382
3,321
3,517
993 2,039 4,308
970 2,269 4,187
9731 1,994 3,794
982 1,896 3,788
1,121
1,131
1,159
1,198
1,353
1,853
2,060
2,134
2,196
3,604;
3,6411
3,732!
3,811j
327
WEEKLY REPORTING MEMBER BANKS, 1964
FEBRUARY 1965
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Investments
Cash assets
3
U. S. Government securities
Wednesday
Total
Bills
Certificates
Notes and bonds
maturing—
Other
securities
Total
With- 1 to After
in
1 year 5 years 5 years
Balances
with
domestic
banks
BalReances Currency serves
with
with
and
forF. R.
coin
eign
Banks
banks
All
other
assets
Total
assets—
Total
liabilities
and
capital
accounts
1964—Jan.
8..
15.,
22.,
29.,
28,601
28,569
28,034
27,759
4,733
5,016
4,619
4,509
868
870
876
888
2,896
2,861
2,845
2,342
14,216
14,085
13,995
13,770
5,888
5,737
5,699
6,250
19,396
19,190
19,039
18,987
17,740
18,207
17,308
17,580
2,935
3,186
2,919
2,867
292
273
274
266
,901
,817
,845
,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
Feb.
5.,
12.,
19.,
26.,
27,590
27,728
27,682
27,591
4,111
4,264
4,276
4,221
1,062
1,072
118
110
2,386
2,383
2,736
2,802
13,748
13,768
14,563
14,531
6,283
6,241
5,989
5,927
19,234
19,227
19,253
19,381
17,972
17,476
17,485
17,877
2,924
3,025
3,019
2,906
256
252
258
267
,646
,796
,779
,793
13,146
12,403
12,429
12,911
5,592
5,636
5,406
5,438
176,191
175,701
175,396
175,301
Mar. 4.,
11.,
18.,
25.,
28,197
27,865
27,910
27,802
4,938
4,729
4,861
4,837
111
111
112
111
2,868
2,855
2,872
2,856
14,403
14,306
14,279
14,229
5,877
5,864
5,786
5,769
19,574
19,556
19,671
19,755
17,384
17,634
18,225
17,219
3,098
3,016
2,996
2,830
271
246
264
267
,607
,726
,744
,779
12,408
12,646
13,221
12,343
5,509
5,564
5,481
5,560
176,407
176,512
179,498
177,072
Apr. 1.,
8.
15.
22.
29.
26,870
27,960
27,261
26,609
26,713
4,081
4,836
4,281
3,646
3,806
109
113
115
162
155
2,871
2,923
2,995
3,013
3,022
14,133
14,454
14,279
14,232
14,184
5,676
5,634
5,591
5,556
5,546
19,501
19,539
19,836
19,800
19,759
18,881
17,329
18,589
17,044
17,379
3,727
2,870
3,331
2,995
2,837
255
254
245
256
266
,717
,701
,779
,800
,842
13,182
12,504
13,234
11,993
12,434
5,674
5,677
5,662
5,693
5,714
181,656
177,771
182,403
177,211
177,812
May 6.
13.
20.
27.
26,664
26,440
26,488
26,318
3,820
3,640
3,772
3,691
194 3,092 14,047 5,511
206 3,118 14,015 5,461
3,744 13,117 5,855
3,814 12,983 5,830
19,590
19,562
19,422
19,549
17,909
17,896
17,724
17,559
2,922
3,088
2,950
3,021
281
263
268
276
,640
,836
,778
,849
13,066
12,709
12,728
12,413
5,687
5,729
5,616
5,651
179,362
180,092
178,563
178,429
June 3.
10.
17.
24.
26,567
26,391
26,500
26,278
3,979
3,905
4,055
3,900
3,895
3,910
3,924
3,945
12,867
12,847
13,147
13,124
5,826
5,729
5,374
5,309
19,566
19,810
19,940
19,926
17,793
XT,112
18,290
18,116
2,930
2,946
3,169
2,987
302
317
339
304
,674
,792
,776
,862
12,887
12,717
13,006
12,963
5,687
5,664
5,593
5,534
178,911
179,459
183,807
180,392
July
26,621
26,286
25,514
25,305
25,701
4,201
3,927
3,539
3,283
3,597
4,001
4,014
3,884
4,022
2f"
13,181
13,112
12,879
12,513
11,386
5,238
5,233
5,212
5,487
7,720
20,077
20,117
20,137
20,123
20,063
18,537
18,240
18,346
17,438
17,759
3,286
2,965
3,300
3,052
2,839
303
299
296
281
256
,715
,734
,797
,819
,850
13,233
13,242
12,953
12,286
12,814
5,743
5,678
5,773
5,732
5,723
186,388
181,188
185,255
180,111
179,412
19.
26.
26,049
25,805
26,205
25,961
4,021
3,800
3,773
3,632
3,043
3,069
3,434
3,446
11,255
11,186
11,274
11,267
7,730
7,750
7,724
7,616
20,237
20,255
20,321
20,466
18,024
17,456
17,465
17,228
3,008
3,084
3,046
2,940
254
246
256
255
,654
,822
,820
,854
13,108
12,304
12,343
12,179
5,633
5,670
5,523
5,526
181,364
181,638
181,858
179,767
Sept. 2.
9.
16.
23.
30.
26,392
26,147
26,577
26,594
27,207
4,208
4,042
4,568
4,634
5,252
3,460
3,504
3,520
3,586
3,620
11,221
11,141
11,105
11,076
11,072
7,503
7,460
7,384
7,298
7,263
20,539
20,663
20,780
20,728
20,887
17,769
17,819
18,187
18,377
18,292
3,154
3,203
3,456
2,963
3,366
272
254
258
257
251
,750
,820
,871
,899
,831
12,593
12,542
12,602
13,258
12,844
5,691
5,718
5,690
5,722
6,032
182,817
181,887
188,453
184,492
188,621
Oct.
7.
14.
21.
28.
26,422
26,419
26,109
26,928
4,637
4,661
4,399
5,273
3,621
3,649
3,670
3,683
11,459
11,444
1 1,490
11,484
'6,705
'6,665
'6,550
'6,488
21,031
20,922
20,898
20,890
18,108
18,076
18,548
18,701
3,078
3,550
3,131
3,208
227
255
261
256
,741
,930
,863
,961
13,062
12,3411
13,293!
13,276 j
,862
,872
,836
5,842
184,481
188,109
184,736
185,472
Nov. 4.
11.
18.
25.
26,829
26,552
27,032
27,538
5,171
4,922
4,847
5,345
3,706
3,711
3,901
3,988
11,560
11,509
11,876
11,786
6,392
6,410
6,408
6,419
20,769
20,770
20,663
20,693
18,086
17,994
18,599
17,825
3,348
3,352
3,354
3,160
290
256
257
247
1,729
1,882
1,878
1,856
12,719
12,504
13,110
12,562
5.885
51853
5,786
5,821
189,664
186,022
188,911
188,812
Dec.
27,256
26,941
27,241
27,340
27,679
5,153
4,991
5,285
5,374
5,700
4,010
4,030
4,034
4,020
4,038
11.784
11,733
12,049
12,047
12,048
6,309
6,187
5,873
5,899
5,893
20,749
20,960
20,956
21,097
21,104
18,568
17,810
19,139
19,354
19,020
3,285
3,093
3,472
'3,398
'3,449
264
264
242
298
279
1,938 13,081
2,078 12,375
2,070 13,355
1,990 13,668
2,131 13,161
5,878
6,C
5,894
5,855
5,942
190,094
187,320
194,348
194,201
196,084
Aug. t 5 .
2.
9.
16.
23.
30.
For notes see the following page.
328
WEEKLY REPORTING MEMBER BANKS, 1964
FEBRUARY 1965
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Borrowings
Deposits
Demand
Wednesday
DeTotal mand
deunadjusted 4 posits
ad- 5 Total 6
justed
IPC
State
and
local
govt.
Time
Domestic
For- U.S. comeign'' Govt. mer- Totals
cial
banks
Other time 9
Savings
IPC
State
and
local
govt.
Other Capital
From From liabiliF.R. others ties
Banks
Foreign7
1964—Jan.
8.
15.
22.
29.
155,386
157,883
152,144
150,500
65,239
67,136
65,151
64,940
95,898 69 ,437
98,229 72 ,209
92,168 68 ,843
90,224 67 ,605
4,889
5,095
4,919
4,926
,870
,857
,949
,866
2,972
2,097
1,546
1.545
12,679
12,561
11,397
10,739
59,488
59,654
59,976
60,276
38,043
38,052
38.117
38,131
13,518
13,643
13,818
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
Feb.
5.
12.
19.
26.
152,281
152,245
151,917
151,505
64,015
63,718
62,090
62,565
91,81667.
,228
91,567 67.
,605
91,106 65!
,508
90,575 65;
,460
5,260
4,879
4,997
5,188
,850
,829
,721
,674
1,996 11,575
2,560 11,179
4,129111,237
3,755 10,810
60,465
60,678
60,811
60,930
38,172
38,218
38,264
38,291
14,198
14,327
14,317
14,390
4,368
4,404
4,381
4,407
3,280
3,280
3,402
3,387
323
338
28
528
2,908
2,317
2,666
2,439
6,009
6,126
6,112
6,131
14,670
14,675
14,673
14,698
Mar. 4 . 153,247 62,353 92,140 65.731
11. 152,608 63,457 91,237 67!421
18. 155,196 63,360 94,006 67;781
25. 153,467 62,630 92,053 65; 376
5,304
4,687
4,797
5,169
,763
,754
,754
,854
3,689
2,148
4,498
5,493
12,038
11,558
11,516
10,795
61,107
61,371
61,190
61,414
38,360
38,428
38,509
38,566
14,475
14,687
14,319
14,513
4,407
4,383
4,437
4,390
3,411
3,414
3,439
3,460
12
397
911
21
2,211
2,613
2,714
2,842
6, 220 14,717
6,170 14,724
5,986 14,691
6,034 14,708
Apr.
1.
8.
15.
22.
29.
157,257
154,008
157,911
152,622
153,455
62,532
63,083
65,987
64,341
63,959
95,811 66,659
338
92,338 66,452
96,401 70,854
90,665 67,881
""
91,232 66,813
5,349
4,768
6,204
5,314
5,529
,841
,752
,803
,820
,806
5,130112,192
3,917 11,638
1,380 12,024
1.309 10,946
2,948 10.464
61,446
61,670
61,510
61,957
62,223
38,704
38,672
38,483
38.459
38,437
14,418
14,625
14,508
14,757
14,950
4,381
4,369
4,448
4,588
4,660
3,457
3,523
3,604
3,684
3,704
223
103
716
103
276
3,470
2,917
2,841
3,279
2,884
5,926
5,947
6,057
6.337
6,283
14,780
14,796
14,878
14,870
14,914
May
6.
13.
20.
27.
155,135
155,564
153,924
153,955
62,261
61,797
60,692
61,651
92,770 65,246
93,058 66,429
91,135 64,709
90,960 64,867
5,843
5,223
5,039
5,108
,791
,741
,747
,793
4,781
4,973
5,433
5,029
62,365
62,506
62,789
62,995
38,533
38,571
38,632
38,662
14,920
15,060
15,242
15,410
4,705
4,665
4,694
4,725
3.736
3,740
3,748
3,729
189
103
477
108
2,866
3,055
2,842
3,043
6,193
6,400
6,363
6,319
14,979
14,970
14,957
15,004
June
3.
10.
17.
24.
154,574
155,068
159,401
156,152
61,472
63,140
63,274
62,035
91,474 64,312
91,847 66,389
96,377 68,578
93,070 65,207
5,300
4,980
4,790
4,849
,782
,761
,813
,831
4,997 11,218 63.100 38,726 15,468
3,706 11 ,091 63,221 38,774 15,546
5.665 ,661 63,024 38,797 15,387
7,043 10,619 63,082 38,848 15,481
4,706
4,681
4,626
4,597
3,735
3,750
3,740
3,670
284
241
157
35
2,754
2,969
3,154
3,199
6,250
6,124
6,062
5,972
15,049
15,057
15,033
15,034
161,829
157,229
160.268
155,712
154,675
62,664
61,959
63,359
63,314
63,674
98,717 67,206
93,897 65,317
96,787 69,337
91,943 66,884
90,754 66,397
5,405 ,939 7,286 11,784
4,778 ,906 6,192 11,837
4,829 2,010 3,887 12,288
4,716 2,037 3,298 11,200
4,897 ,923 3,604 10,441
63,112
63,332
63,481
63,769
63,921
39,053
39,084
39,118
39,156
39,168
15,360
15,530
15,658
15,838
15,943
4,527
4,515
4,484
4,020
4,535
3,678
3,706
3.704
3,733
3,750
385
365
91
46
226
3,304
2,783
3,835
3,194
3,308
5,728
5,649
5,932
6,038
6,038
15,142
15,162
15,129
15,121
15,165
Aug. 5. 156.645
12. 156,978!
19. 156,995j
26. 155,064!
62,952
62,613
61,332
62,393
92,827 66,198
92,957 67,213
92,832 65,611
90,735 65,413
5,215
4,897
4,596
4,889
11,684
11,585
11,585
10,996
63,818
64,021
64,163
64,329
39,242
39,302
39.369
39,421
15,818
15,935
15,940
16,026
4,492
4,483
4,533
4,55?
3,740
3,775
3,801
3,800
644
92
118
75
2,854
3,224
3,321
3,125
5,994 15,227
6,102 15,242
6—190 15,234
6,245 15,258
Sept. 2.
9.
16.
23.
30.
62,
62,949
65,046
62,748
63,722
93,372 66 ,168
92,086 66 ,641
99,082 71 ,682
95,061 66,852
99,479 68
",867
64,440
64,576
64,041
64,365
64,719
39,477
39,533
39,574
39,640
39,873
16,000
16,096
15,509
15,744
15,854
4,613
4,591
4,607
4,628
4,648
3,829
3,836
3,829
3,826
3,824
36
96
29
652
20
3,324
3,303
3,451
2,517
2,466
6,350
6,526
6,510
6,545
6,489
7. 159,665 63,522
14. 162,850! 63,512
21. 158,908 64,307
28. 160,022 64,999
,745 67,691
,777 70,800
,689 69,023
,544 68,627
5,071
,970 4,511 12,028
4,717 ,961 2,825 12,485
4,723 ,903 3,754 12 ,965
4,666 ,886 6,610 11 ,443
5,224 ,945 6,951 12,318
4,762 ,881 4,698 12,075
4,517 ,924 3,231 13,335
4,600 2,011 2,631 11,835
5,035 2,018 3,389 11,699
64,920
65,073
65,219
65,478
39,933
39,974
40.029
40,061
16,006
16,104
16,219
16,464
4,644
4,699
4,650
4,630
159 2,861
3,816
3,780
31 3,276
3,805 1,115 2,769
3,803
412 3,079
64,019
,301 69,371
[
63,890 94 ,593 67,818
63,282 97 ,230 68,982
63,856 96,724 68;724
5,730 2,052 3,697 13,103
5,193 ,986 2,842 12,787
4,731 ,988 5,004 12
',597
5,095 ,943 4,826 11 ,855
65,329
65,536
65,561
65,612
40,128
40.197
40.227
40,255
16,254
16.388
16,264
16,288
4,626
4,606
4,611
4,628
3,807
3,834
3,951
3,941
345
434
103
105
3,719
3,335
3,676
3,967
6,405
6,549
6,791
6,883
15,565
15,575
15,550
15,521
97,707 69 ,515
94,022 68 ,940
101,399 74 ,201
101,297 72 ,030
r
169.455! r 68,045 102,574 73,654
5,333 ,938 4,364 12 ,548
4,875 ,930 2,321 12,101
4,886 2,006 2,784 12,920
5,120 2,169 4,858 12,885
5,239 2,190 4,563 12,539
65,670
66,059
65,971
66,322
66,881
40,312
40,343
40.371
40 431
40.698
16,237
16,431
16,024
16,189
16,407
4,680
4,770
5,023
5,142
5,168
3,932
4,001
4,020
4,016
4,053
110
180
163
398
281
3,972
4,228
4,256
3,703
r
4,023
7,023
7,219
6,974
6,861
'6,632
15,612
15,612
15,585
15,620
15,693
July
Oct.
157,812|
156,662
163I123
159,426
164,198
Nov. 4.
11.
18.
25.
163,630
160,129
162,791
162,336
Dec.
163,377
160,081
167,370
167,619
2.
9.
16.
23.
30.
64,607
64,967
68,194
66,161
,988
,905
,876
,920
4,160
3,831
5,453
4,021
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.
11,246
11,087
10,907
10.482
15,295
15,300
15,340
15,352
15,448
6,318 15,478
6,496 15,456
6,484 15,460
6,473 15,486
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 See opposite page.
329
BUSINESS LOANS OF BANKS, 1964
FEBRUARY 1965
COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING AT WEEKLY REPORTING MEMBER BANKS
(In millions of dollars)
Jan.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
633
2,188
855
808
1,006
656
2,213
874
855
1,048
707
2,215
865
901
1,111
694
2,185
904
940
1,138
723
2,188
898
988
1,154
666
2,090
824
980
1,163
674
2,062
831
966
1,185
655
2,073
874
983
1,213
662
2,111
876
972
1,190
657
2,122
876
943
1,172
634
2,182
929
953
1,157
1,685
1,288
1,183
990
827
1,556
1,380
1,166
1,003
838
1,481
1,522
1,108
1,072
841
1,385
1,536
1,085
1,146
883
1,298
1,544
1,065
1,143
912
1,288
1,551
1,051
1,138
936
1,263
1,606
985
1.121
961
1,254
1,624
944
1,098
984
1,398
1,658
978
1,162
997
1,609
1,530
1,020
1,193
972
1,827
1,392
1,015
1,229
928
1,951
1,295
1,024
1,326
909
2,751
1,386
1,970
2,319
2,696
1,313
1,982
2,360
2,688
1,208
2,026
2,455
2,676
1,095
2,047
2,504
2,694
959
2,074
2,626
2,688
885
2,101
2,561
2,748
916
2,121
2,481
2,781
931
2,124
2,568
2,851
998
2,160
2,618
2,815
1,162
2,219
2,634
2,830
1,403
2,246
2,754
2,964
1,448
2,265
2,694
4,379
1,831
4,191
1,844
4,064
1,870
4,041
1,915
4.000
2,022
3,981
2,098
4,079
2,147
4,099
2,228
4,262
2,239
4,324
2,232
4,283
2,254
4,489
2,267
837
4,678
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:
Bankers' acceptances
All other types of business, mainly services..
Feb.
611
2,156
881
795
1,014
Industry
913
4,748
905
4,883
891
4,932
923
4,936
887
5,020
940
5,063
976
5,024
928
5,005
873
4,996
891
4,996
1,038
5,207
31,581 31,480 31,769 31,935 32,057 32,136 32,154 32,353 33,052 133,390 33,818 34,732
Total classified loans
Commercial and industrial loans— All weekly
37,520 37,473 37,854 38,119 38,359 38,528 38,613 38,848 39,518 39,876 40,422 41,474
reporting banks
Wednesday
Industry
Jan.
Jan.
29
Feb.
5
Feb.
12
Feb.
19
Feb.
26
Mar.
4
Mar.
11
Mar.
18
Mar.
25
608
2,175
908
797
1,021
614
2,152
903
794
1,010
615
2.123
832
788
991
626
2,159
848
789
997
624
2,168
842
808
1,005
637
2,202
872
814
1,011
643
2,221
857
822
1,011
637
2,175
853
824
1,014
648
2,179
855
846
1,031
669
2,245
895
870
1,065
670
2,253
893
879
1,082
1,751
1,309
1,152
978
844
1,718
1,308
1,193
984
823
1.645
1,277
1,195
993
821
1,626
1,256
1,192
1,005
819
1,588
1,308
1,178
980
841
1,568
1,348
1,176
990
832
1,568
1,415
1,160
1,015
839
1,500
1,447
1,149
1,026
840
1,503
1,487
1,128
1,035
829
1,462
1,511
1,106
1,055
828
1,499
1,547
1,104
1,092
849
1,459
1,542
1,095
1,105
857
2,794
1,386
2,001
2,330
2,753
1,390
1,969
2,331
2,736
1.387
1,954
2,315
2,722
1,381
1,956
2,299
2,699
1,340
1,976
2,365
2,698
1,342
1,973
2,343
2,700
1,295
1,987
2,361
2,689
1,277
1,993
2,371
2,686
1,241
2,013
2,403
2,683
1,222
2,011
2,402
2,704
1,202
2,032
2,519
2,679
1,168
2,048
2,495
4,489
1,834
4,375
1,841
4,352
1,825
4,300
1,824
4,229
1,834
4,189
1,846
4,180
1,846
4,165
1,850
4,088
1,846
4,010
1,864
4,059
1,877
4,100
1,894
835
4,674
Total classified loans
Jan.
22
608
2,174
881
799
1,032
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:
Bankers' acceptances
All other types of business, mainly services
Jan.
15
806
4,683
817
4,687
889
4,673
880
4,708
914
4,725
927
4,771
932
4,791
965
4,819
889
4,858
876
4,921
4,935
31,871 31,683 31,477 31,291 31,345 31,391 31,600 31,584 31,546 31,460 32,025 32,043
Commercial and industrial loans—All weekly
37,818 37,641 37,424 37,195 37,314 37,368 37,619 37,590 37,599 37,507 38,137 38,172
reporting banks
For Note see end of Table.
Note to table on preceding page:
9 Includes certificates of deposit outstanding in following amounts
(in millions of dollars):
Jan.
8
. .
15
22
29
Feb.
5
12
19
26.
Mar
18
25
Apr.
..
1
8 ...: .
15
22
29
10,405
10 526
10 562
10,603
.. .
4...
11
9,822
9 897
10,054
10 281
May
10 627
10,799
10 550
10 718
June
.
6
13
20.. .
27
3
10
17
24
.
10,639
10 891
10,906
11 188
11 365
11,362
11 530
11 736
11,864
11 914
11,917
11 595
11 687
July
1
8
15
22
29
Aug. 5
12
19
26
Sept. 2
9
16
23
30
..
.. . .
11,670
11,833
11 928
12 109
12,168
12,048
12,181
12,194
12,262
12,251
12,263
11,701
11,885
11,955
Oct.
7
14
. . .
21
28 .
Nov. 4
11
1 Q
.
12,095
12,212
12 324
12 546
12,449
12,704
10
1A(\
25
Dec.
. '12,736
2
9
. . . r12 654
M2,756
r
12 348
.. . 1 2 418
12,585
16
23
30
330
BUSINESS LOANS OF BANKS, 1964
FEBRUARY 1965
COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING AT WEEKLY REPORTING MEMBER BANKS—Continued
(In millions of dollars)
Wednesday
Industry
Apr.
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:
Bankers' acceptances
All other types of business, mainly
services
Apr.
8
Apr.
May
6
May
May
20
May
June
3
June
10
June
17
June
24
705
2,232
876
906
1,101
711
2,204
872
898
1,105
714
2,234
871
907
1,113
705
2,201
858
893
1,118
702
2,204
850
903
1,119
703
2,218
905
931
1,127
688
2,187
889
936
1,145
691
2,168
915
939
1,141
693
2,165
908
954
1,139
698
2,166
873
962
1,143
714
2,166
897
983
1,147
741
2,225
921
,007
,165
740
2,195
900
998
1,162
1,485
1,547
1,086
1,148
874
1,394
1,537
1,090
1,136
860
1,385
1,556
1,102
1,146
889
1,331
1,527
1,077
1,149
893
1,328
1,515
1,070
1.153
897
1,310
1,533
1,066
1,146
901
1,303
1,555
1,070
1,143
912
1,295
1,552
1,067
1,142
917
1,283
1,536
1,055
1,141
918
1,291
1,535
1,048
1,114
1,243
1,536
1,049
1,123
922
922
,323
,568
,052
,159
944
1,296
1,565
1,053
1,155
955
2,654
1,171
2,051
2,516
2,677
1,120
2,039
2,430
2,676
1,081
2,053
2,529
2,693
1,073
2,049
2,524
2,679
1,031
2,044
2,518
2,678
997
2,057
2,633
2,710
962
2,075
2,618
2,693
952
2,089
2,653
2,696
923
2,076
2,602
2,678
894
2,083
2,551
2,688
879
2,094
2,536
2,690
885
2,119
2,597
2,694
884
2,107
2,561
4,075
1,884
4,012
1,883
4,028
1,933
4,034
1,935
4,056
1,941
3,994
1,971
4,003
2,019
3,992
2,046
4,009
2,051
3,944
2,062
3,911
2,087
4,042
2,123
4,027
2,120
902
918
921
844
871
887
955
943
909
924
893
871
860
4,945
4,926
4,925
4,923
4,936
4,952
4,919
4,932
4,943
5,000
5,001
5,044
5,039
Total classified loans
32,158 31,812 32,063 31,827 31,817 32,009 32,089 32,127 32,001
Commercial and industrial loans
All weekly reporting banks
38,308 37,964 38,252 38,015 38,057 38,307 38,394 38,416 38,320 38,243 38,234 38,885 38,748
31,869 32,476 32,311
Wednesday
Industry
Durable goods manufacturing:
Primary metals
Machinery
Transportation equipment
Other fabricated metal products
Other durable goods
Nondurable goods manufacturing:
Food, liquor, and tobacco
Textiles, apparel, and leather
Petroleum refining
Chemicals and rubber
Other nondurable goods
Mining, including crude petroleum and
natural gas
Trade: Commodity dealers
Other wholesale
Retail
Transportation, communication, and other
public utilities
Construction
All other:
Bankers' acceptances
All other types of business, mainly services,
Total classified loans
July
July
8
Aug.
5
Aug.
12
Aug.
19
Aug.
Sept.
Sept.
Sept.
16
Sept.
23
Sept.
30
656
674
667
668
667
673
683
669
648
650
671
659
659
659
2,132 2,101 2,097 2,062 2,058 2,068 2,054 2,070 2,054 2,037 2,037 2,096 2,079 2,114
874
823
796
781
805
846
836
849
835
843
843
900
887
895
958
962
988
983
958
962
1,012
972
967
966
998
998
967
985
1,171 1,181 1,161 1,151 1,152 1,174 1,181 1,189 1,196 1,198 1,211 1,222 1,216 1,219
1,322 1,284 1,252 1,239 1,217 1,225 1,236 1,273 1,280 1,332 1,341 1,411 1,432 1,473
1,593 1,609 1,628 1,612 1,587 1,606 1,624 1,630 1,635 1,676 1,667 1,685 1,636 1,629
1,043 1,033
987
959
961
950
940
954
942
943
948
942
981 1,009
1,131 1,122 1,126 1,116 1,111 1,102 1,093 1,096 1,099 1,142 1,148 1,174 1,172 1,172
986
954
951
968
964
966
980
988
994
999 1,000 1,007
975
992
2,682 2,685 2,796 2,800 2,776 2,777 2,784 2,777 2,787 2,854 2,857 2,857 2,853
936
903
921
925
928
936
897
930
929
951
963 1,008 1,028
2,124 2,116 2,123 2,128 2,112 2,128 2,122 2,123 2,122 2,139 2,134 2,161 2,183
2,522 2,464 2,456 2,436 2,526 2,591 2,568 2,571 2,541 2,538 2,532 2,659 2,657
2,834
1,038
2,182
2,704
4,099 4,062 4,070 4,086 4,079 4,087 4,090 4,087 4,131 4,155 4,152 4.272 4,306
2,134 2,125
2,159 2,163 2,184 2,23f 2,245 2,252 2,236 2,245 2,257 2,232
2,i5r
974
978
966
907
911
980
98:
982
975
905
923
911
93: 5,063 5,06: 5,05: 5,022 5,016 5,011 5,002 4,991 5,023 5,015
5,060 5,033
5,096
4,427
2,224
921
5,000
32,291 32,103 32,212 32,091 32,071 32,246 32,332 32,411 32,421 32,651 32,601 33,299 33,232 33,476
Commercial and industrial loans—All weekly
38,785 38,568 38,687 38,526 38,498 38,700 38,87- 38,915 38,902 39,091 39,031 39,802 39,711 39,953
reporting banks
For NOTE see end of table.
331
BUSINESS LOANS OF BANKS, 1964
FEBRUARY 1965
COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING AT WEEKLY REPORTING MEMBER BANKS—Continued
(In millions of dollars)
Wednesday
Industry
Oct.
7
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:
Bankers' acceptances
All other types of business, mainly
services
Oct.
14
Oct.
21
Oct.
28
Nov.
4
Nov.
11
Nov.
18
Nov.
25
Dec.
2
Dec.
9
Dec.
16
Dec.
23
Dec.
30
661
2,114
885
991
1,201
669
2,134
881
985
1,195
661
2,120
878
965
1,183
657
2,078
860
947
1,181
659
2,101
865
944
1,182
664
2,100
873
946
1,180
680
2,144
882
951
1,172
625
2,142
886
932
1,155
622
2,144
906
939
1,154
622
2,152
907
951
1,150
637
2,206
940
953
1,166
650
2,200
945
958
1,162
641
2,207
947
962
1,153
1,508
1,600
1,010
1,193
985
1,572
1,586
1,015
1,179
981
1,669
1,482
1,028
1,206
965
1,685
1,450
1,025
1,194
955
1,781
1,425
1,023
1,220
932
1,796
1,412
1,022
1,218
931
1,877
1,386
1,011
1,242
927
1,854
1,347
1,002
1,236
923
1,894
1,316
1,013
1,246
924
1,871
1,311
1,013
1,274
921
1,998
1,306
1,028
1,351
906
1,994
1,273
1,023
1,356
901
2,000
1,270
1,042
1,404
892
2,824
1,082
2,198
2,585
2,842
1,126
2,227
2,603
2,809
1,196
2,229
2,655
2,786
1,246
2,222
2,693
2,839
1,320
2,241
2,743
2,829
1,394
2,240
2,737
2,821
1,435
2,247
2,796
2,829
1,463
2,256
2,740
2,894
1,469
2,256
2,882
2,897
1,445
2,260
2,701
2,924
1,461
2,276
2,759
2,975
1,436
2,269
2,636
3,129
1,429
2,263
2,493
4,341
2,205
4,323
2,242
4,309
2,250
4,322
2,232
4,286
2,236
4,258
2,250
4,275
2,269
4,313
2,261
4,366
2,254
4,371
2,251
4,481
2,297
4,565
2,269
4,664
2,262
869
895
914
969
1,016
1,040
1,072
1,095
4,981
4,992
4,998
5,012
5,090
5,116
5,199
5,233
5,394
876
901
851
866
4,986
4,997
4,995
5,006
Total classified loans
33,245 33,458 33,451 33,405 33,664 33,711 34,008 33,890 34,338 34,229 34,928 34,917 35,247
Commercial and industrial loans
All weekly reporting banks
39,743 39,964 39,913 39,882 40,192 40,295 40,651 40,548 40,999 40,914 41,668 41,668 42,119
NOTE.—Data for sample of about 200 banks reporting changes in their
larger loans; these banks hold about 80 per cent of total commercial and
industrial loans of all weekly reporting member banks and about 60 per
cent of those of all commercial banks.
Monthly figures are averages of figures for Wednesday dates.
332
INTEREST RATES, 1964
FEBRUARY 1965
MONEY MARKET RATES
(Per cent per annum)
U.S. Government securities (taxable) 4
Prime
coml.
paper,
4- to 6months i
Period
Finance
CO.
paper
placed
directly,
3- to 6months2
Prime
bankers'
acceptances
90 daysi
Federal
funds
rate 3
3-month bills
6-month bills
9- to 12-month issues
Rate
on new
issue
Market
yield 5
Rate
on new
issue
Market
yield 5
Bills
(Market
yield) 5
3.97
3 88
4.00
3.91
3 89
4.00
3.96
3.88
3.89
4.00
4.02
4.17
Jan
Feb
Mar
Apr
May
June
July
AUK
Sept
Oct
Nov
Dec
Week ending—
1963—Dec. 28...
3.82
3 76
3.83
3.80
3 76
3.88
3.81
3.76
3.75
3.91
3.89
3.98
3.70
3 75
3.75
3.80
3 75
3.75
3.75
3.75
3.75
3.75
3.79
4.00
3.48
3 48
3.43
3.47
3.50
3.50
3.42
3.50
3.45
3.36
3.52
3.85
3.529
3 532
3.553
3.484
3.482
3.478
3.479
3.506
3.527
3.575
3.624
3.856
3.52
3.53
3.54
3.47
3 48
3.48
3.46
3.50
3 53
3 57
3.64
3.84
3.652
3.664
3.740
3.676
3.612
3.572
3.566
3.618
3.666
3.729
3.794
3.971
3.64
3.67
3.72
3.66
3.60
3.56
3.56
3.61
3.68
3.72
3.81
3.94
3.68
3 71
3.78
3.75
3 71
3.70
3.64
3.67
3.73
3.79
3.86
3.96
3- to 5year
issues 6
Other 6
3.66
3 63
3.67
3.63
3.67
3.83
3.68
3.73
3.82
3.83
3.88
3.96
4.06
4.02
4.15
4.18
4.07
4.03
3.99
3.99
4.03
4.04
4.04
4.07
4.00
3.88
3.63
3.50
3.522
3.52
3.657
3.64
3.69
3.77
4.07
1964—Jan.
4...
11...
18...
25...
4.00
4.00
4.00
3.98
3.84
3.86
3.88
3.78
3.63
3.63
3.73
3.75
3.43
3.50
3.50
3.43
3.524
3.534
3.549
3.538
3.52
3.53
3.54
3.52
3.651
3.669
3.679
3.648
3.65
3.66
3.65
3.63
3.70
3.72
3.69
3.66
3.75
3.68
3.59
3.66
4.08
4.08
4.07
4.04
Feb.
1...
8...
15...
22...
29...
3.88
3.88
3.88
3.88
3.90
3.75
3.75
3.75
3.75
3.78
3.75
3.75
3.75
3.75
3.75
3.50
3.50
3.50
3.43
3.50
3.501
3.505
3.540
3.534
3.547
3.50
3.51
3.52
3.53
3.56
3.613
3.615
3.660
3.679
3.703
3.61
3.63
3.66
3.68
3.72
3.65
3.65
3.70
3.71
3.76
3.67
3.66
3.66
3.58
3.61
4.04
3.99
4.00
4.02
4.05
Mar. 7...
14...
21...
28...
4.00
4.00
4.00
4.00
3.81
3.81
3.81
3.86
3.75
3.75
3.75
3.75
3.29
3.50
3.43
3.46
3.589
3.534
3.538
3.550
3.56
3.54
3.54
3.54
3.777
3.715
3.726
3.740
3.74
3.72
3.72
3.73
3.78
3.78
3.77
3.80
3.64
3.65
3.67
3.72
4.10
4.12
4.16
4.23
Ap,
4.00
3.98
3.88
3.88
3.93
3.84
3.75
3.75
3.80
3.88
3.78
3.75
3.50
3.45
3.50
3.46
3.525
3.503
3.484
3.463
3.52
3.48
3.47
3.45
3.710
3.703
3.687
3.662
3.70
3.69
3.67
3.64
3.77
3.77
3.78
3.74
3.71
3.68
3.64
3.58
4.21
4.19
4.18
4.16
3.88
3.88
3.88
3.88
3.94
3.75
3.75
3.75
3.75
3.80
3.75
3.75
3.75
3.75
3.75
3.45
3.50
3.50
3.50
3.48
3.446
3.482
3.491
3.482
3.475
3.45
3.49
3.47
3.47
3.47
3.616
3.629
3.625
3.598
3.595
3.60
3.63
3.59
3.60
3.58
3.69
3.72
3.71
3.71
3.70
3.56
3.55
3.52
3.84
3.84
4.14
4.10
4.04
4.07
4.06
June 6...
13...
20...
27...
4.00
4.00
4.00
4.00
3.88
3.88
3.88
3.88
3.75
3.75
3.75
3.75
3.50
3.50
3.50
3.50
3.478
3.462
3.496
3.478
3.47
3.47
3.49
3.47
3.589
3.553
3.590
3.556
3.57
3.57
3.58
3.53
3.71
3.71
3.71
3.68
3.84
3.84
3.84
3.85
4.05
4.04
4.04
4.02
....
18...
25...
4.00
4.00
4.00
3.93
3.88
3.86
3.81
3.78
3.75
3.75
3.75
3.75
3.50
3.50
3.50
3.14
3.479
3.492
3.448
3.503
3.48
3.48
3.43
3.46
3.528
3.544
3.549
3.619
3.51
3.53
3.55
3.61
3.68
3.67
3.63
3.65
3.76
3.68
3.64
3.70
4.01
3.99
3.98
4.00
Aug. 1...
8...
15...
22...
29...
3.88
3.88
3.88
3.88
3.88
3.75
3.75
3.75
3.78
3.78
3.75
3.75
3.75
3.75
3.75
3.50
3.50
3.50
3.50
3.50
3.475
3.488
3.510
3.511
3.513
3.46
3.48
3.51
3.50
3.50
3.591
3.588
3.611
3.634
3.639
3.57
3.58
3.62
3.63
3.62
3.61
3.65
3.66
3.67
3.67
3.67
3.68
3.71
3.76
3.78
3.99
3.98
3.99
3.99
4.00
Sept. i 5 . . .
19...
26...
3.88
3.88
3.88
3.88
3.74
3.72
3.75
3.75
3.75
3.75
3.75
3.75
3.50
3.43
3.46
3.50
3.512
3.514
3.541
3.542
3.50
3.52
3.54
3.54
3.629
3.649
3.693
3.692
3.64
3.67
3.69
3.70
3.70
3.72
3.74
3.74
3.82
3.84
3.83
3.80
4.03
4.04
4.05
4.02
3...
10...
17...
24...
31...
4.00
4.00
4.00
4.00
4.00
3.81
3.90
3.94
3.94
3.91
3.75
3.75
3.75
3.75
3.75
3.39
3.36
3.07
3.48
3.46
3.555
3.582
3.580
3.592
3.567
3.55
3.57
3.58
3.58
3.56
3.711
3.744
3.726
3.738
3.724
3.71
3.73
3.72
3.74
3.71
3.77
3.80
3.80
3.80
3.77
3.82
3.84
3.84
3.84
3.82
4.02
4.05
4.06
4.05
4.03
Nov. 7...
14...
21...
28...
4.00
4.00
4.00
4.06
3.88
3.88
3.88
3.91
3.75
3.75
3.75
3.88
3.50
3.50
3.59
3.34
3.562
3.574
3.600
3.758
3.56
3.58
3.61
3.78
3.718
3.742
3.772
3.942
3.72
3.74
3.78
3.96
3.79
3.79
3.80
4.00
3.82
3.82
3.83
4.00
4.02
4.00
4.02
4.11
Dec. 5...
12...
19...
26...
4.13
4.13
4.13
4.25
3.94
3.94
3.94
4.06
4.00
4.00
4.00
4.00
3.71
3.39
4.00
4.00
3.868
3.815
3.864
3.868
3.82
3.81
3.86
3.86
4.030
3.944
3.965
3.960
3.97
3.94
3.95
3.94
4.02
3.96
3.94
3.94
4.04
3.97
3.92
3.95
4.11
4.06
4.06
4.07
4...
18...
25...
May 2 . . .
9...
16...
23...
30...
M y
Oct.
1 Averages of daily offering rates of dealers.
2 Averages of daily rates, published by finance cos., for varying maturities in the 90-179 day range.
3 Seven-day average for week ending Wed.
4 Except for new bill issues, yields are averages computed from daily
closing bid prices.
5 Bills quoted on bank-discount-rate basis.
< Selected note and bond issues.
*
INTEREST RATES, 1964
FEBRUARY 1965
333
BOND AND STOCK YIELDS
(Per cent per annum)
Corporate bonds
Government bonds
State
and loca!
United
States
(longterm)
Jan
Mar
Apr
May
June
July
Sept
Oct
Nov
Dec
Week ending—
1963 Dec 28
Total i
4.15
4 14
4.18
4.20
4.16
4.13
4.13
4.14
4.16
4.16
4.12
4.14
Period
3.29
3.27
3.33
3.30
3.29
3.29
3.26
3.27
3.30
3.31
3.27
3.23
By selected
ratings
Stocks
Dividend/
price ratio
By
group
Total i
Aaa
Baa
3.09
3.08
3.14
3.12
3.09
3.10
3.08
3.08
3.09
3.11
3.08
3.01
3.56
3.54
3.57
3.52
3.54
3.54
3.54
3.54
3.57
3.58
3.52
3.51
Aaa
4.57
4 55
4.56
4.58
4.59
4.59
4.58
4.57
4.57
4.57
4.58
4.58
Baa
4.37
4 36
4.38
4.40
4.41
4.41
4.40
4.41
4.42
4.42
4.43
4.44
4.83
4 83
4.83
4.85
4.85
4.85
4.83
4.82
4.82
4.81
4.81
4.81
Industrial
Railroad
Public
utility
Preferred
Common
4.50
4 48
4.49
4.53
4.54
4.54
4.52
4.52
4.52
4.53
4.53
4.54
4.68
4 67
4.67
4.69
4.69
4.70
4 68
4.65
4.65
4 66
4.67
4.68
4.51
4 51
4.51
4.53
4.53
4.55
4 54
4.54
4.53
4 52
4.53
4.54
4.32
4 31
4.34
4.37
4.41
4.41
4 37
4.29
4.25
4 25
4.25
4.23
3.06
3 05
3.03
3.00
3.01
3.05
2 96
3.03
3.00
2 95
2.96
3.05
4.16
3.31
3.11
3.60
4.57
4.37
4.85
4.50
4.70
4.51
4.34
3.30
3.31
3.30
3.29
3.11
3.11
3.10
3.07
3.56
3.57
3.56
3.56
4.57
4.57
4.57
4.57
4.37
4.37
4.38
4.38
4.84
4.84
4.84
4.83
4.50
4.50
4.50
4.50
4.69
4.67
4.68
4.69
4.51
4.51
4 52
4.52
4.34
4.33
4 31
4.31
4.15
4.14
4.14
4 14
4.15
3.28
3.26
3.27
3.27
3.28
3.08
3.08
3.08
3.07
3.09
3.56
3.53
3.54
3.55
3.55
4.57
4.55
4.55
4.55
4.54
4.37
4.36
4.36
4.36
4.35
4.83
4.82
4.83
4.83
4.83
4.50
4.48
4.47
4.47
4.47
4.68
4.67
4.68
4 67
4.66
4 52
4.51
4.50
4 51
4.50
4.30
4.31
4.30
4.30
4.31
4.16
4.17
4.18
4.20
3.31
3.31
3.35
3.35
3.12
3.13
3.16
3.16
3.57
3.55
3.57
3.58
4.55
4.55
4.56
4.57
4.36
4.37
4.38
4.39
4.83
4.83
4.83
4.83
4.48
4.48
4.48
4.50
4.66
4.67
4.67
4.68
4.51
4.51
4.51
4.53
4.32
4.33
4.35
4.37
3.05
3.02
3.01
3.03
25
4 20
4.20
4.20
4.19
3.33
3.31
3.29
3.29
3.14
3.15
3.11
3.10
3.56
3.51
3.51
3.52
4.58
4.58
4.59
4.59
4.40
4.40
4.40
4.41
4.84
4.85
4.85
4.85
4.52
4.53
4.53
4.54
4.69
4.68
4.69
4.70
4 53
4.53
4.54
4.53
4.37
4.38
4.37
4.37
3.02
3.00
2.99
2.98
2
9
16
23
30
4.19
4.18
4.16
4.14
4.14
3.30
3.31
3.30
3.27
3.28
3.12
3.12
3.10
3.07
3.08
3.52
3.54
3.55
3.52
3.53
4.59
4.59
4.59
4.59
4.59
4.41
4.41
4.41
4.41
4.41
4.85
4.86
4.86
4.84
4.84
4.54
4.54
4.54
4.54
4.54
4.70
4.70
4.70
4.69
4.69
4.53
4 53
4.54
4.54
4.54
4.38
4.39
4.41
4.41
4.43
3.01
2.96
3.00
3.03
3.05
4 15
4.14
4.13
4.12
3 27
3.28
3.29
3.30
3.08
3.10
3.11
3.11
3.53
3.54
3.54
3.55
4.59
4.59
4.60
4.60
4.41
4.41
4.41
4.41
4.85
4.85
4.86
4.87
4.54
4.54
4.54
4.54
4 69
4.69
4.70
4.71
4.55
4.55
4.55
4.55
4.41
4.41
4.40
4.40
3.08
3.08
3.03
3.02
4.11
4 12
4.13
4.14
3.29
3 27
3.25
3.25
3.10
3.07
3.07
3.09
3.55
3.55
3.53
3.53
4.59
4.58
4.58
4.58
4.40
4.40
4.41
4.40
4.86
4.84
4.83
4.82
4.53
4 53
4.52
4.52
4.70
4 68
4.68
4.67
4.55
4 55
4.54
4.54
4.39
4.36
4.36
4.36
2.98
2.95
2.95
2.94
4.14
4 14
4.14
4.14
4.14
3.26
3 26
3.27
3.27
3.27
3.09
3.08
3.08
3.08
3.08
3.53
3.53
3.53
3.54
3.54
4.57
4.57
4.57
4.57
4.57
4.40
4.41
4.42
4.41
4.41
4.82
4.81
4.81
4.81
4.82
4.52
4.52
4.52
4.52
4.52
4.66
4.65
4.65
4.65
4.66
4.54
4.54
4.54
4.54
4.54
4.36
4.31
4.29
4.28
4.26
2.96
3.02
3.02
3.02
3.06
4.16
4.17
4 17
4.16
3.27
3.29
3 32
3.32
3.08
3.08
3.10
3.10
3.54
3.56
3.59
3.59
4.57
4.57
4.57
4.56
4.42
4.42
4.42
4.42
4.83
4.82
4.82
4.81
4.52
4.52
4.52
4.52
4.66
4.65
4.65
4.64
4.54
4.54
4.53
4.53
4.26
4.25
4.24
4.23
3.03
3.00
3.00
2.98
31 . .
4.15
4 16
4.17
4.17
4.15
3.32
3 32
3.32
3.32
3.30
3.11
3 11
3.11
3.12
3.11
3.59
3.59
3.58
3.58
3.56
4.56
4 57
4.57
4.57
4.57
4.42
4 43
4.42
4.42
4.43
4.81
4 80
4.80
4.81
4.81
4.52
4.53
4.53
4.53
4.53
4.64
4.65
4.65
4.66
4.66
4.53
4.53
4.53
4.52
4.52
4.25
4.24
4.25
4.25
4.25
2.97
2 95
2.95
2.95
2.96
7
14 . .
21
28
4.12
4 11
4.11
4.15
3.29
3 25
3.25
3.29
3.10
3.07
3.05
3.09
3.55
3.50
3.49
3.54
4.57
4.57
4.57
4.59
4.43
4.43
4.42
4.44
4.81
4 80
4.80
4.82
4.53
4.52
4.51
4.54
4.65
4.66
4.66
4.67
4.53
4.53
4.52
4.55
4.24
4.25
4.24
4.27
2.96
2 96
2.95
2.98
5
12
4.15
4.12
4.13
4.14
3 27
3.24
3.22
3.22
3.05
3.01
2.99
2.99
3.52
3.52
3.51
3.51
4.59
4.59
4.58
4.58
4.45
4.45
4.43
4.43
4.83
4.83
4.81
4.80
4.55
4.55
4.53
4.53
4.69
4.69
4.68
4.67
4.55
4.54
4.53
4.53
4.27
4.24
4.21
4.21
3.05
3.06
3.07
3.04
12
20
5
5
120
30
30
40
40
40
14
500
4
11
18
25
Feb
.
14
21
28
Apr
4
11
18
May
June
. . . .
6
13
20
27
July
4
11
18
25
Aug
1
8
15
22
29
Sent
p
5
12.:..
19
26
Oct
3
10
17
24
Nov
Dec
19
26
Number of issues
:.
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. figures.
5.68
3.05
3.05
3.03
3.04
3.06
7
5.51
3.11
3.07
3 05
3.03
1
8
15
22
29
Common
3.15
4.15
4.16
4 16
4.15
1964 Jan
Mar
Earnings/
price ratio
500
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 non-callable 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.
336
Gold production.
337
Net gold purchases and gold stock of the United States.
338
Estimated foreign gold reserves and dollar holdings
339
International capital transactions of the United States.
340
Money rates in foreign countries.
349
Arbitrage in Treasury bills. .
350
Foreign exchange rates.
351
U.S. balance of payments.
352
Foreign trade.
353
Guide to tabular presentation.
260
Index to statistical tables.
359
Thefigureson international capital transactions
are collected by the F.R. Banks from reports
made on Treasury foreign exchange forms collected by the F.R. Banks in accordance with
Executive Orders No. 6560, dated Jan. 15, 1934,
and No. 10033, dated Feb. 8, 1949, and Treasury regulations thereunder. Other data are com-
piled largely from regularly published sources
such as central bank statements and official
statistical bulletins. For some of the series, back
data are available in Banking and Monetary
Statistics and its Supplements (see list of publications at the end of the BULLETIN).
335
336
GOLD RESERVES
FEBRUARY 1965
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(In millions of dollars)
Estimated
total
world*
End of
period
Intl.
Monetary
Fund
United
States
Estimated
rest of
world
Afghanistan
Argentina
Australia
Austria
Belgium
Brazil
Chile
Burma
Canada
40
40
43
45
48
43
1957
1958
1959
1960
1961
1962
38,765
39,445
40,195
40,540
41,140
41,465
1,180
1,332
2,407
2,439
2,077
2,194
22,857
20,582
19,507
17,804
16,947
16,057
14,730
17,530
18,280
20,295
22,115
23,215
n.a.
n.a.
n.a.
n.a.
36
36
126
60
56
104
190
61
126
162
154
147
162
190
103
194
292
293
303
454
915
1,270
1,134
1,170
1,248
1,365
324
325
327
287
285
225
42
1,100
1,078
960
885
946
708
1963—Dec
42,315
2,312
15,596
24,405
36
78
208
536
1,371
150
42
817
43
2,314
2,322
2,328
2,334
2,353
2,359
2,359
2,424
2,425
2,425
2,430
2,179
15,540
15,518
15,550
15,727
15,693
15,623
15,629
15,657
15,643
15,606
15,566
15,471
36
36
36
36
36
37
37
37
37
37
37
78
78
16
76
74
74
74
73
73
210
211
211
215
216
218
219
221
223
224
224
226
547
558
569
579
579
592
592
592
592
592
592
600
1,373
1,374
1,376
150
150
150
120
120
120
120
120
120
92
92
92
42
42
42
42
42
42
42
42
42
42
42
837
850
871
892
910
931
949
969
990
1,001
1,007
1,026
44
43
43
43
42
43
43
43
43
43
43
43
Denmark
Finland
1964 Jan
. ...
Feb
Mar
Apr .
. .
May
June
July
Aug
Sept
Oct
Nov
Dec
End of
period
42,420
42,940
*>43,020
Colombia
1957
1958
1959
I960
1961
1962
62
72
71
78
88
57
24,950
France
Germany,
Fed.
Rep. of
Greece
35
35
38
41
47
61
581
750
1,290
1,641
2,121
2,587
2,542
2,639
2,637
2,971
3,664
3,679
13
17
26
76
87
77
247
247
247
247
247
247
Indonesia
39
37
33
58
43
44
Iran
Iraq
Israel
138
141
140
130
130
129
20
34
84
98
84
98
10
41
2
2
2
Italy
93
124
244
247
287
289
289
92
61
3,175
3,843
77
247
142
98
60
2,343
66
66
66
65
65
65
65
65
65
64
64
3,210
3,248
3,298
3,366
3,404
3,451
3,489
3,527
3,564
3,598
3,632
3,729
3,844
3,849
3,953
4,060
4,070
4,081
4,117
4,139
4,149
4,149
4,149
4,248
77
77
77
77
77
77
77
77
93
98
98
247
247
247
247
247
247
247
247
247
247
247
247
142
142
141
141
141
141
141
141
141
141
141
141
98
98
98
112
112
112
112
112
112
61
62
62
56
56
56
56
56
56
56
56
56
2,343
2,343
2,143
2,143
2,146
2,148
2,153
2,100
2,104
2,104
2,104
2,107
Moroc- Netherco
lands
Nigeria
Philippines
Portugal
Saudi
Arabia
Kuwait
Lebanon
Mexico
91
91
102
119
140
172
180
143
142
137
112
95
n.a.
16
23
29
29
29
1963—Dec
48
172
139
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
48
49
50
50
50
50
48
46
46
45
45
172
172
172
172
172
172
172
172
172
172
151
157
156
162
168
168
172
170
170
169
. .
. .
For notes see end of table.
744
1,050
1,132
Norway
Pakistan
Peru
Japan
452
1,086
1,749
2,203
2,225
2,243
92
92
92
92
92
92
92
92
92
92
92
92
n.a.
n.a.
n.a.
n.a.
43
49
India
,392
1,392
1,393
1,395
1,395
1,404
1,434
451
62
. .
End of
period
1957.
1958
1959
1960
1961
1962
24,960
62
63
63
64
64
65
66
67
57
58
1963—Dec
1964 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
32
48
57
107
107
92
24,540
289
290
South
Africa
49
49
50
52
53
53
28
19
28
42
47
47
6
10
9
15
27
41
461
493
548
552
443
471
18
18
65
78
217
211
238
178
298
499
,581
,581
20
20
45
43
30
30
30
30
29
,601
20
31
53
57
28
497
78
630
29
29
29
29
29
34
34
34
34
34
34
,601
1,601
1,601
,601
1,601
1,601
1,601
1,601
1,601
1,611
1,621
1.688
20
20
20
20
20
20
20
20
20
20
20
31
31
31
31
31
31
31
31
31
31
31
31
53
53
53
53
53
53
53
53
53
53
53
53
57
57
57
57
67
67
67
67
67
67
67
67
30
21
23
24
25
26
28
29
30
497
497
497
497
497
497
497
497
497
78
78
78
78
78
78
78
78
78
78
632
631
627
627
626
607
615
597
589
601
592
574
) 4S1
337
GOLD RESERVES AND PRODUCTION
FEBRUARY 1965
GOLD RESERVES OF CENTRAL BANES AND GOVERNMENTS—Continued
(In millions of dollars)
End of
period
1957
1958
1959
1960
1961
1962
Spain
101
57
68
178
316
446
219
204
191
1963—Dec
573
182
1964
573
573
573
573
182
182
182
182
573
182
575
577
576
576
575
576
616
182
182
182
182
182
182
189
Jan
Feb
Mar
Apr
May
June
July
A-U2
Sept
Oct
Nov
Dec
170
180
181
Venezuela
Yugoslavia
Bank
for
Intl.
Settle-2
ments
180
180
180
719
24
-42
-134
180
180
180
401
401
401
14
17
10
4
2,484
171
2,458
171
171
171
171
Turkey
U.A.R.
(Egypt)
United
Kingdom
104
144
144
133
134
139
140
188
174
174
174
174
174
1,554
2,808
2,514
2,800
2,268
2,582
50
104
115
174
51
51
51
51
104
104
104
104
54
104
54
55
55
55
55
104
104
104
104
104
104
104
115
115
115
115
115
115
115
105
105
105
105
104
174
174
174
174
174
174
174
174
174
174
Thailand
Taiwan
Sweden Switzerland
1,706
1,925
1,934
2,185
2,560
112
112
104
104
42
43
41
41
43
43
2,667
2,820
2,549
2,551
2,542
2 524
2 526
2,599
2 560
2,530
2,532
2 532
2,532
2,725
104
55
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
EPUEF 3
2,302
401
14
-279
47
401
401
401
401
14
14
15
15
-7
22
—82
47
401
15
47
171
171
171
171
171
171
171
174
—50
171
2,439
6
4
254
126
40
55
56
56
401
401
401
401
401
15
16
16
16
17
401
17
40
64
95
66
71
79
-50
719
652
-19
115
28
28
2 Net gold assets of BIS, i.e., gold in bars and coins and other gold
assets minus gold deposit liabilities.
3 European Payments Union through 1958 and European Fund thereafter.
NOTE.—For back figures and description of the data in this and the
following tables on gold (except production), see "Gold," Section 14 of
Supplement to Banking and Monetary Statistics, 1962.
GOLD PRODUCTION
(In millions of dollars at $35 per fine troy ounce)
North and South America
Africa
Period
World
production i
Congo
(Leo- United
pold- States
ville)
Rhodesia
Ghana
618.0
702.2
748.4
803.1
892.2
960.1
19.4
19.8
19.6
20.1
19.4
19-8
29.8
32.0
30.8
29.2
31.1
32.2
1963—Nov
Dec
81.6
78.6
.7
.8
1964—Jan
Feb
Mar
Apr
May
78.7
79.9
84.9
82.3
83 4
85.4
86 9
87.2
88.2
1,050.0
1,125.0
1,175.0
1,215.0
1,295.0
1,350.0
1958
1959
I960
1961
1962
1963
July
Aug
Sept
Oct
Nov
'.6
6
.6
7
6
7
2.6
2.6
2.6
2.6
2 6
2.4
12.3
12.2
11.1
8.1
7.1
7.5
2 1.9
22.5
.7
1 6
1 Estimated; excludes U.S.S.R., other Eastern European countries,
China Mainland, and North Korea.
2 Quarterly data.
Mexico
Nicaragua
158.8
156.9
162.0
156.6
145.5
139.0
11.6
11.0
10.5
9.4
7.2
7.3
7.0
7.9
8.3
8.3
7.8
7.2
10.7
9.8
10.3
11.6
10 7
10.8
11.3
11.3
10.9
11.5
11.5
61.6
57.2
58.8
54.8
54.5
51.4
Canada
11.7
10.8
South
Africa
Colom- India
bia
5.7
4.8
38.6
38.1
38.0
37 7
37.4
35.8
.8
.9
.4
.4
L.3
1.2
3.1
2.8
1.2
1.2
0
.4
.4
.5
.4
4
1.3
.2
.4
.4
.4
1.2
3.1
2.5
2.6
2.6
2 7
.8
1.0
4
.3
.4
.7
AusAll
tralia other *
14.4
14.8
14.8
13-2
.8
.8
.7
Philippines
14.8
14.1
13.0
13.9
15.2
14.0
13.9
11-4
.5
Other
Asia
*t
0
LO
6.0
5.8
5.6
5.5
' *>
58.9
54.5
53.6
53 8
57.3
59.3
3.0
3 0
3.1
2.5
NOTE.—Estimated world production based on report of the U.S.
Bureau of Mines. Country data based on reports from individual
countries and Bureau of Mines. Data for the United States are from
the Bureau of the Mint.
338
U.S. GOLD
FEBRUARY 1965
NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY
(In millions of dollars at $35 per fine troy ounce)
Area and country
1956
1957
1958
1959
1960
1962
1961
1963
1963
1964
III
Western Europe:
3
-83
-39
-84
-329
—1
-141
-266
3
-34
— 173
-144
34
Italy
Netherlands
25
-349
-261
31
-20
32
-10
Spain
-215
-900
-178
-350
-32
-324
-550
-36
-21
-38
-96
-8
100
United Kinsdom
Bank for Intl. Settlements
18
8
80
Total
Canada
20
68 - 2 , 3 2 6
15
—249
—iii
-827 -1,718
—214
— 101
-82
—518
I
m
II
—32
32
23
— ioi
200
101
200
101
-25
-146
102
-387
-130
329
74
131
109
—2
— 30
221
-12
1
*
-4
-7
14
-1
- 7 5 4 -1,105
-399
-139
-7
-31
79
35
-1
28
-156
— 125
-306
-23
-53
163
190
75
67
— 11
-200
—90
— 50
2
-30
-1
28
Colombia
23
100
—25
5
115
Latin American republics:
Argentina
— 30
-143
-63
—456
IV
—6
-20
2
85
57
38
— 30
72
-1
-4
-4
— 30
28
J
10
29
2
65
-5
-22
-17
-5
-7
-11
-1
-3
-3
-2
81
69
19
-100
-109
175
32
-16
-3
-4
25
7
*
-30
-157
-15
18
-4
-28
-97
1-101
3 12
*
-4
5
18
Total
6
-28
Other
-34
-186
-113
-101
12
*
-4
5
-3
-5
-38
-6
-36
-25
-1
2
-9
172 - 2 , 2 9 4
-998 -1,969
-970
-833
-392
-180
-15
-28
95
41
600
5-44
-833
-392
-180
-15
-28
95
41
Asia:
Total
All other
14
.
80
280
4300
-820
-93
-1
-1
-1
150
772 - 2 , 2 9 4 -1,041 - 1 , 6 6 9
4200
Intl. Monetary Fund
2-93
1 Includes sales of $21 million to Lebanon and $48 million to Saudi
Arabia.
2 Includes sales of $21 million to Burma, $32 million to Lebanon, and
$13 million to Saudi Arabia.
3 Includes purchases of $25 million from the Philippines.
4 Proceeds from this sale invested by the IMF in U.S. Govt. securities;
upon termination of the investment the IMF can reacquire the same
amount of gold from the United States.
5 Payment to the IMF of $344 million as increase in U.S. gold subscription less sale by the IMF of $300 million (see also note 4).
U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES
BY U.S. MONETARY AUTHORITIES
(In millions of dollars)
Changes in—
End of period
Gold stock i
Year
Total
Total 2
Treasury
1952..
1953..
1954..
1955..
1956..
1957..
23,252
22,091
21,793
21,753
22,058
22,857
23,252
22,091
21,793
21,753
22,058
22,857
20,582
19,507
17,804
17,063
16,156
15,808
15,903
20,582
19,507
17,804
16,947
16,057
15,596
15,471
20,534
19,456
17,767
16,889
15,978
15,513
15,388
Total
Total
gold
116
99
212
432
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, 1965.
Includes gold in Fxchange Stabilization Fund.
3 For holdings of F.R. Banks only see pp. 270 and 272.
Month
Changes in—
Gold stock i
Total
Total 2
379 1964—Jan
Feb....
-1,161
-298
Mar....
-40
Apr....
305
May...
799
June...
July....
-2,275
-2,275
Aug....
-1,075 4-1,075
Sept....
-1,703
-1,703
Oct
-741
-857
Nov....
-907
-890
Dec...
-348
-461
95
-125 1965—Jan.P.. .
379
-1,161
-298
-40
305
799
23,187
22,030
21,713
21,690
21,949
22,781
1958..
1959..
I960..
1961.. . . .
1962..
1963..
1964..
Foreign
currency
holdings
End of period
Foreign
currency
holdings 3
Treasury
Total
Total
gold
15,847
15,865
15,990
15,991
15,946
15,805
15,840
15,890
15,870
15,702
16,324
15,903
15,540
15,518
15,550
15,727
15,693
15,623
15,629
15,657
15,643
15,606
15,566
15,471
15,512
15,462
15,461
15,462
15,463
15,461
15,462
15,460
15,463
15,461
15,386
15,388
307
347
440
264
253
182
211
233
227
96
758
432
39
18
125
1
-45
-141
35
50
-20
-168
622
-421
-56
-22
32
177
-34
-70
6
28
-14
-37
-40
-95
15,573
15,209
15,186
364
-330
-262
4 Includes payment of $344 million increase in U.S. gold subscription
to the IMF.
NOTE.—See Table 11 on p. 347 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.
339
GOLD RESERVES AND DOLLAR HOLDINGS
FEBRUARY 1965
HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS
(In millions of dollars)
Dec. 31, 1962
Area and country
Western Europe:
Austria
Belgium
Finland
Germany, Fed. Rep. of.
Italy
Netherlands
Spain
Turkey
Other 2
Sept. 30, 1963
Dec. 31, 1963
Mar. 31, 1964
June 30, 1964
U.S. Govt.
Gold& U.S. Gold& U.S. Gold& bonds & notes * Gold& U.S. Gold& U.S.
short- Govt. short- Govt. shortshort- Govt. short- Govt.
term bonds term bonds term
term bonds term bonds
dollars & notes dollars & notes dollars Old
New dollars & notes dollars & notes
series series
783
1,542
159
134
3,744
6,409
196
3,627
1,829
155
632
623
671
3,575
165
4,191
481
*
*
16
2
3
*
*
1
87
1
1
93
83
•
370
48
903
1,678
208
134
4,510
6,634
258
3,540
1,910
158
646
751
616
3,325
128
4,253
441
2
1
15
*
3
3
*
1
2
133
1
1
123
82
*
312
50
901
1,791
253
160
4,653
6,884
265
3,146
1,961
164
688
778
591
3,726
136
3,967
369
2
1
13
*
3
3
*
1
2
126
1
1
133
83
#
361
49
3
*
14
1
6
1
*
1
4
131
2
129
75
*
328
46
•
911
1,782
259
176
4,709
6,811
239
2,927
1,898
135
689
807
610
3,528
135
4,245
559
3
*
14
1
7
1
*
1
4
131
*
2
130
77
*
380
49
902
1,832
289
167
5,003
6,616
224
3,039
1,823
188
687
839
615
3,737
129
4 153
514
•
14
1
7
•
1
5
131
*
2
130
77
•
402
48
Sept. 30,1964*
Gold& U.S.
short- Govt.
term bonds
dollars & notes
3
*
14
1
7
1
*
1
4
101
*
2
90
78
947
1,821
352
174
5,093
6,437
222
3,225
1,963
205
721
972
733
3,653
123
4,222
462
402
49
708 30,093
729 30,433
779
741 30,420
800 30,757
822 31,325
753
4,057
389
3 882
700
3 805
686
687
3 555
686
3 674
686
3 863
695
271
429
178
205
16
626
98
152
281
806
336
1
1
•
1
*
4
1
•
1
1
3
453
360
176
216
14
759
117
198
263
933
376
1
1
•
453
329
186
231
12
808
129
215
284
992
424
1
1
*
1
*
5
1
*
1
1
1
*
*
*
1
*
2
10
•
•
1
452
329
181
244
11
837
91
230
277
1,017
463
•
•
•
1
*
1
1
*
•
*
2
424
294
227
238
11
817
105
271
276
1,057
487
•
•
•
1
*
1
•
•
•
•
2
386
330
224
226
10
808
89
271
280
1,077
465
*
*
•
1
*
1
1
•
*
*
2
3,398
13
3,865
12
4,063
12
14
4,132
5
4,207
4
4,166
5
288
72
2,484
215
437
1,490
302
67
2,674
222
486
1,581
5
1
3
*
•
42
*
1
5
*
*
41
302
90
2,735
232
513
1,892
*
1
5
*
*
45
51
47
5,764
*
1
5
*
•
42
48
307
72
2,847
260
546
1,998
5,543
•
1
5
*
•
38
44
311
86
2,731
230
529
1,944
5,332
5
1
3
*
*
42
51
298
92
2,743
237
486
1,687
4,986
6
1
3
*
*
40
50
6,030
51
540
188
373
•
•
10
683
186
331
*
•
10
671
188
291
•
*
10
*
9
670
198
287
14
1,101
10
1,200
10
1,150
10
9
1,155
337
287
•
29
348
326
•
28
388
314
•
30
*
26
373
308
29
674
28
702
30
26
681
1,530 45,696
1,568
28,916
Total
Latin American republics:
Argentina
Brazil
Chile
Cuba
Panama, Republic of.
Other
Total
Asia:
Philippines
Thailand
Other
Total
Africa:
South Africa
U.A.R. (Egypt)
Other
Total
Other countries:
All other
624
Total
43,082
International and regional 4
Grand total
3
7,349
50,431
1,199 45,046
911
7,093
2,110 52,139
1,163
6,958
1,213
1,218
2,693 52,654
2,781
2,742 52,775
1 The first column continues the series based on a 1960 survey and
subsequently reported securities transactions; the second is based on a
survey as of July 31, 1963, and reported securities transactions for Aug.Dec. Data are not available to reconcile the 2 series.
2 Includes, in addition to other Western European countries, unpublished gold reserves of certain Western European countries; gold to be
distributed by the Tripartite Commission for the Restitution of Monetary Gold; European Fund; and the Bank for International Settlements
(the figures for the gold reserves of the BIS represent the Bank's net
gold assets).
3
Excludes gold reserves of the U.S.S.R., other Eastern European
countries, and China Mainland.
4 Includes international organizations and Latin American and Euro-
1,524 45,707
7,068
•
5,831
*
10
645
196
280
10
635
196
280
10
1,121
10
1,111
14
•
25
384
351
•
26
392
359
•
28
25
735
26
751
28
1,596 47,246
1,546
1,570 46,325
1,170
7,294
2,740 53,619
1,068
7,498
923
2,664 54,744
2,469
pean regional organizations, except the Bank for International Settlements
and European Fund, which are included in "Other Western Europe."
NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and official and private short-term dollar holdings
(principally deposits and U.S. Treasury bills and certificates); excludes
nonnegotiable, non-interest-bearing special U.S. notes held by the InterAmerican Development Bank and the International Development Assn.
U.S. Govt. bonds and notes are official and private holdings of U.S.
Govt. securities with an original maturity of more than 1 year; excludes
nonmarketable U.S. Treasury bonds and notes held by official institutions
of foreign countries as shown in Table 8 on p. 346.
See also NOTE to table on gold reserves.
340
INTL. CAPITAL TRANSACTIONS OF THE U.S.
FEBRUARY 1965
1. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS AND INTERNATIONAL ORGANIZATIONS
(Amounts outstanding; in millions of dollars)
Grand
total
End of period
Intl.
and
regional
Foreign
countries
1
Western
Europe 2
Latin
American
republics
Canada 3
Asia
Other
countries
Africa
1963—Dec
19,505
5,855
13,650
7,867
1,653
1,058
2,731
154
187
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct p
N o vp
Dec
19,265
19,241
19,152
18,949
19,047
19,337
19,318
19,412
19,516
19,426
19,789
20,221
5,838
5,945
5.900
5,951
5,901
5 994
5,979
5,925
5,988
5,964
5 953
5,873
13,427
13,296
13,252
12,998
13,146
13,343
13,339
13,487
13,528
13,462
13,836
14,348
7,602
7,531
7,500
7,155
7,249
7,490
7,425
7,635
7,713
7,514
7,814
8,268
J .621
1,568
,470
1,464
1,474
1,478
1,460
1,482
1,510
,561
I 611
1,524
1,137
1,107
1,135
1,249
1,240
1,153
1,239
1,149
1,074
1,175
1,188
1,238
2,741
2,756
2,815
2,808
2,864
2,911
2,889
2,906
2,928
2,904
2,929
3,021
157
156
157
151
146
137
147
140
146
158
151
160
169
178
175
171
173
174
179
175
157
150
143
137
. .
....
1 Includes international organizations, and Latin American and European regional organizations, except the Bank for International Settlements
and the European Fund which are included in Western Europe.
2 Includes Bank for International Settlements and European Fund.
3 Data are as reported by the Canadian Dept. of Finance, adjusted to
exclude holdings of nonmarketable U.S. Treasury notes, foreign series.
Data on holdings of such notes appear in Table 8.
NOTE.—Data represent short-term liabilities to the official institutions
of foreign countries and to official international and regional organizations,
as reported by banks in the United States, and estimated foreign official
holdings of marketable U.S. Govt. securities with an original maturity
of more than one year. Data exclude nonnegotiable, non-interest-bearing
special notes held by the Inter-American Development Bank and the
International Development Association, and also nonmarketable U.S.
Treasury notes and bonds, payable in dollars and in foreign currencies.
1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
International and regional l
End of
period
Grand
total
Total
Intl.
21 272
422,533
25,019
4,012
3,752
5,145
3,897
3,695
4,938
1963—Dec
25,938
4,637
1964—Jan , . .
Feb
Mar
Apr
May....
June....
July
Aug
Sept
Oct
Nov.?'...
Dec.* 3 ...
26,122
26,119
25,905
26,334
26,340
26,300
26,863
27,243
27,367
27,998
28,921
28,759
4,668
4,775
4,731
4,780
4,833
4,926
4,910
4,918
5,064
5,061
5,050
4,971
1960
1961
1962
European
regional 2
Foreign
L.A.
regional
Europe
Total
Official
Other
34
115
57
173
17,260
418,781
19,874
10,212
10,940
11,963
7,048
47,841
7,911
9 046
10,322
10,162
4,501
18
118
21,301
12,467
8,834
10,770
4,537
4,649
4,603
4,591
4,654
4,755
4,748
4,757
4,910
4,900
4,889
4,801
17
17
19
16
16
25
18
18
17
18
17
22
115
109
108
172
163
146
144
143
137
143
144
148
21,454
21,344
21,174
21,554
21,507
21,374
21,953
22,325
22,303
22,937
23,871
23,788
12,217
12,059
12,015
11,758
11,906
12,102
12,121
12,309
12,350
12,297
12,711
13,223
9,237
9,285
9,159
9,796
9,601
9,272
9,832
10,016
9,953
10,640
11,160
10,565
10,752
10,618
10,679
10,643
10,618
10,658
10,788
11,144
11,281
11,230
11,995
12,248
Italy
Latin
Canada America
2 439
2,758
3,349
2,988
3,100
3,034
2,684
2,903
2,932
2,743
3,030
3,064
2,873
3,405
3,458
2,979
2,308
2,340
2,448
3,137
3,171
3,191
3,192
3,365
3,332
3,313
3,400
3,358
3,291
3,411
3,485
3,532
Asia
3,115
42,974
3,444
3,971
4,012
A,011
4,194
4,224
4,209
4,245
4,312
4,352
4,438
4,459
4,514
4,591
Africa
Other
countries
221
283
319
125
104
152
241
194
246
238
248
172
184
177
184
185
186
190
183
189
188
181
191
236
231
228
234
225
231
244
238
247
2a. Europe
End of period
Total
Austria Belgium
Denmark
Finland
France
Germany,
Fed.
Rep. of
Greece
3,476
2,842
2,730
63
67
119
I960
1961
1962
9,046
10,322
10,162
243
255
329
142
326
177
54
52
67
46
91
73
519
989
1,157
1963—Dec
10,770
365
420
161
99
1,478
3,041
1964—Jan
Feb
Mar....
Apr
May....
June
July....
Aug
Sept
Oct
10,752
10,618
10,679
10,643
10,618
10,658
10,788
11,144
11,281
11,230
11,995
12,248
360
322
342
297
341
310
327
355
355
293
349
323
440
431
406
437
439
440
396
424
426
444
474
436
176
157
167
191
195
197
213
229
260
269
280
336
93
108
110
111
112
102
105
105
109
112
110
127
1,487
1,467
,411
,406
,518
,552
,558
,525
,529
,524
,599
,663
2,999
3,157
2,858
2,386
2,303
2,535
2,360
2,361
2,288
2,184
2,152
2,009
NOV.P...
Dec.p...
For notes see following two pages.
Nether- Norway
lands
Portugal
Spain
Sweden
877
1,234
1,384
328
216
248
82
105
125
84
99
161
149
153
177
188
803
360
133
191
205
409
177
167
162
156
148
147
143
130
129
159
172
174
685
536
784
849
866
891
928
1,057
1,121
1,260
1,431
1,621
319
289
297
254
264
222
309
316
362
356
446
367
107
96
104
117
159
157
167
171
174
186
182
183
199
200
192
189
193
190
216
230
224
228
224
257
206
217
234
218
241
264
296
376
396
409
410
393
421
431
428
415
420
433
451
509
551
563
653
644
227
406
490
FEBRUARY 1965
341
INTL. CAPITAL TRANSACTIONS OF THE U.S.
2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANES EN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
2a. Europe—Continued
2b. Latin America
Other
Other
Western U.S.S.R. Eastern
Europe 5
Europe
End of period Switzerland
Turkey
United
Kingdom
Yugoslavia
I960
1961
1962
678
875
908
18
26
25
1,667
2,227
1,609
10
12
11
357
325
351
12
5
3
1963—Dec
906
21
1,483
16
465
915
919
986
1,043
1,063
1,138
,121
,102
,121
,083
,196
1,368
18
28
20
16
15
14
13
12
18
22
27
37
1,777
1,735
1,787
2,008
1,931
1,714
1,864
1,951
1,920
i;848
1,997
1,899
14
13
13
13
14
14
14
13
16
12
16
32
334
320
357
514
372
309
278
254
260
254
251
357
1964—Jan
Feb
Mar....
Apr
May . . .
June....
July
Aug
Sept
Oct 7
Nov.? ...
Dec.p...
Total
Argentina
Brazil
Chile
Panama
Peru
Uruguay
Venezuela
Other
L.A.
Rep.
Cuba
158
147
148
77
43
615
397
49S
531
Mexico
14
16
19
2,308
2,340
2,448
315
235
210
194
228
204
135
105
135
2
24
3,137
375
179
143
169
11
669
3
2
3
3
4
3
4
3
3
2
3
3
23
22
19
21
20
25
23
21
20
23
21
19
3,171
3,191
3,192
3,365
3,332
3,313
3,400
3,358
3,291
3,411
3,485
3,532
381
392
376
377
402
350
336
307
313
305
279
290
169
172
179
178
189
174
176
221
210
233
253
257
131
136
138
142
135
184
168
172
181
163
151
176
174
173
181
190
178
173
164
149
169
162
183
207
11
11
11
12
11
11
10
10
10
10
10
10
684
708
681
707
659
649
666
674
638
663
772
732
2b. Latin America—Continued
End of
period
Colombia
2c. ,4sia
Neth.
Other
Bahamas
Antilles & Latin
&
Bermuda 7 Surinam America
7
Total
China
Mainland
Hong
Kong
India
Indonesia
Israel
57
56
65
54
78
41
178
76
28
75
63
81
123
87
98
72
84
105
51
57
101
398
418
405
235
226
267
69
111
123
72
89
97
12 3,115
15 42,974
10 3,444
35
35
36
1963—Dec
129
15$
113
591
355
136
93
15
35
66
51
48
112
1964—Jan
Feb
Mar....
Apr
May . . .
June....
July
Aug
Sept
Oct
Nov.»...
Dec.P...
111
113
91
90
90
105
85
92
89
96
103
98
168
173
173
191
197
204
218
214
204
199
196
205
105
104
106
98
104
105
106
112
109
113
111
110
646
592
616
717
687
656
769
707
676
763
714
729
358
391
397
412
425
426
427
419
404
405
407
404
128
125
141
154
155
166
171
166
175
178
174
178
88
87
88
86
85
93
93
96
98
105
113
114
16
14
13
11
14
16
14
19
16
16
18
22
35
36
36
36
36
36
35
35
36
36
35
35
78
72
74
72
71
71
75
80
77
74
85
95
51
52
55
56
67
64
62
56
60
55
63
59
44
54
46
45
40
42
40
27
28
36
37
38
121
129
126
132
140
135
133
129
134
132
140
133
I960
1961 .
1962
.....
Korea
Philippines
1,887
41 672
2,195
I960
1961
1962
Japan
152
199
136
203
185
174
4,012
4,077
4,194
4,224
4,209
4,245
4,312
4,352
4,438
4,459
4,514
4,591
2d. Africa
2c. Asia—Continued
End of
period
3,971
2e. Other countries
Thailand
Other
Asia
Total
Congo
(Leopoldville)
Morocco 7
South
Africa
84
92
75
186
264
333
204
254
280
227
283
319
32
34
35
64
93
68
29
32
41
Taiwan
U.A.R. Other
(Egypt) Africa
22
15
14
80
109
161
Total
Australia
All
other 7
125
104
152
88
98
147
37
6
5
1963—Dec
2,454
113
209
149
382
353
241
26
49
41
14
112
194
180
13
1964 Jan
Feb
Mar
Apr
May
June....
July
Aug
Sept
Oct
2 424
2,388
2,446
2,415
2,393
2,441
2,451
2,514
2,557
2,548
2,569
2,672
122
126
124
120
115
106
100
101
103
103
106
104
201
203
209
205
203
204
218
216
230
227
228
233
166
177
200
215
219
232
249
248
238
240
221
221
385
400
409
416
416
425
426
439
442
437
444
458
384
441
472
512
510
490
523
507
533
571
585
543
246
238
248
236
231
228
234
225
231
244
238
247
25
25
26
25
24
25
24
23
24
26
25
26
48
41
33
24
19
17
20
18
17
8
7
7
42
43
43
46
49
38
44
38
46
48
51
50
17
19
24
26
21
22
24
20
22
23
19
24
114
110
123
114
118
126
120
125
123
139
135
141
172
184
177
184
185
186
190
183
189
188
181
191
157
170
162
162
164
166
168
162
169
165
163
175
15
14
15
22
21
19
22
20
20
23
18
16
NOV.P. . .
Dec.P. . .
1 International Bank for Reconstruction and Development, International Monetary Fund, International Finance Corp., International
Development Assn., and other international organizations; Inter-American Development Bank, European Coal and Steel Community, European
Investment Bank and other Latin American and European regional
organizations, except Bank for International Settlements and European
Fund which are included in "Europe."
2 Not reported separately until 1962.
3 Foreign central banks and foreign central govts. and their agencies,
and Bank for International Settlements and European Fund.
* Includes $82 million reported by banks initially included as of Dec.
31, 1961, of which $81 million reported for Japan.
5 Includes Bank for International Settlements and European Fund.
• Decline from end of 1961 reflects principally reclassification of deposits for changes in domicile over the past few years from Cuba to other
countries.
7
Data based on reports by banks in the Second F.R. District only for
year-end 1960-1962.
For NOTE see end of Table 2.
342
INTL. CAPITAL TRANSACTIONS OF THE U.S.
FEBRUARY 1965
2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
2f. Supplementary Data 8 (end of period)
1963
1964
1963
1962
Area or country
Area or country
Apr.
Other Latin American republics:
Costa Rica
El Salvador
Haiti
Honduras
Jamaica
Trinidad & Tobago
Other Latin America:
British West Indies
French West Indies & French
Guiana
Other Asia:
Afghanistan
Ceylon
5.2
4.7
8.9
2.0
7.0
10.7
7.4
2.7
4.7
6.0
8.6
2.4
923.2
16.5
942.0
36.3
922.5
940.9
10.5
13.8
3.3
14.8
5.7
3.1
21.2
32.8
47.4
37.8
48.6
74.8
11.9
23.7
5.8
42.5
6.8
4.1
32.6
29 1
58.0
53.4
41.7
47.9
12.9
20.0
6.5
35.0
8.9
5.7
35.1
35.9
40.6
62.1
57.8
65.1
17.3
26.3
4.7
52.3
8.4
5.5
9.0
22.6
7.3
6.3
1.0
1.3
1.3
.6
5.3
2.5
12.6
4.9
Ireland, Rep. of
Apr.
5.6
2.9
10.8
1.7
Other Western Europe:
Dec.
13.3
8.9
10.2
9.6
5.0
9.9
6.9
3.1
4.2
n.a.
2.1
3.7
1964
1962
Apr.
Pakistan
Ryukyu Islands (incl. Okinawa).
Syria
Viet-Nam
Other Africa:
Algeria
Ethiopia, incl. Eritrea
Ghana
Liberia
Mozambique
Nigeria
Southern Rhodesia
Sudan
Tunisia
All other:
New Zealand
8 Represent a partial breakdown of the amounts shown in the "other"
categories (except "Other Eastern Europe") in Tables 2a-2e.
Except as indicated by note 9, data for 1962 based on reports by banks
in the Second F.R. District only; thereafter data based on reports by
banks in all F.R. Districts.
9 Based on reports by banks in all F.R. Districts.
918.7
8.5
1.2
33.0
14.0
65.9
18.4
15 9
17.0
28.4
4.9
10.1
49.4
11.1
1.7
38.2
12.8
77.9
18.9
15 9
32.7
37.1
3.4
11.6
23.5
19.8
2.8
46.5
8.8
76.3
24.1
17 3
21.7
61.7
2.1
12.1
33.4
n.a.
2.7
49.9
6.5
108.1
24.3
16 1
31.6
151.0
5.7
17.9
.5
20.8
10.8
13 4
10.5
1.1
24.5
.6
n.a.
2.4
11.6
.9
22.3
6.4
22 0
14.1
1.4
17.8
.8
3.6
2.5
1.0
1.0
32.1
6.3
17 8
14.9
1.4
n.a.
.8
3.5
2.0
.8
4.7
Laos
Lebanon
Apr.
1.6
17.0
4.1
17.6
5.5
2.5
26.8
.6
n.a.
2.4
10.9
Other Asia (Cont.):
Iran
Iraq
Jordan
Dec.
8.8
10.5
18.8
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 6. For back figures and further
description of the data in this and the following tables on international
capital transactions of the United States, see "International Finance/'
Section 15 of Supplement to Banking and Monetary Statistics, 1962.
NOTE.—Short-term liabilities are principally deposits (demand and
3. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Payable in dollars
To banks and official institutions
End of period
To all other foreigners
Total
U.S.
Treasury
bills and
Demand Timei certificates
Deposits
Total
7,- 68
8,644
8,707
8,528
Deposits
Special
U.S.
notes 2
Other 3
7,491
7,363
7,363
9,214
2,469
2,388
2,388
3,012
1,401
1,549
1,567
1,557
2,230
2,356
2,358
2,565
Total
Demand
1,* 49
1,976
1,977
2,096
I960
1961
1961 4
1962
21,272
22,450
22,533
25,019
18,929
19,944
20,025
22,311
1963—Dec
25,938
22,758
5,629
3,673
8,571
3,036
1,849
3,047
1,493
26,122
26,119
25,905
26,334
26,340
26,300
26,863
27,243
27,367
. . . 27,998
28,921
NOV.P
Dec.*5
28,759
22,990
22,923
22,682
23,069
23,116
23,044
23,611
23,962
24,002
24,642
25,510
25,291
5,900
5,796
5,818
6,063
5,901
5,772
6,210
6,359
6,243
6,764
7,310
6,708
3,756
3,842
3,800
3,938
3,923
3,723
3,788
3,770
3,753
3,856
3,873
3,982
8,531
8,371
7,972
7,687
7,800
7,866
7,914
8,163
8,180
8,130
8,467
8,727
3,036
3,166
3,171
3,166
3,164
3,289
3,289
3,275
3,425
3,394
3,385
3,308
1,767
1,748
1,921
2,215
2,328
2,394
2,409
2,395
2,401
2,498
2,475
2,566
3,002
3,070
3,111
3,148
3,107
3,132
3,130
3,158
3,234
3,250
3,300
3,355
1.425
1,443
1,424
1,457
1,467
1,496
1,464
1,450
1.478
i',449
1,500
1,540
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
1 Excludes negotiable time certificates of deposit which are included
in "Other."
2 Nonnegotiable, non-interest-bearing special U.S. notes held by the
International Monetary Fund; excludes such notes held by the International Development Assn. and the Inter-American Development
U.S.
Treasury Other 3
bills and
Time 1 certificates
Payable
in
foreign
currencies
148
149
149
116
233
231
232
352
113
150
150
143
966
119
469
134
980
994
1,023
1,038
1,057
1,077
1,093
1,132
1,175
1,196
1,208
1,243
120
127
136
116
87
75
86
91
101
105
84
72
477
506
528
537
495
484
487
485
480
500
509
500
131
125
112
117
118
123
123
124
132
106
111
112
Bank, which amounted to $329 million on Dec. 31, 1964.
3 Principally bankers' acceptances, commercial paper, and negotiable
time certificates of deposit.
4 These figures reflect the inclusion of data for banks initially included
as of Dec. 31, 1961.
343
INTL. CAPITAL TRANSACTIONS OF THE U. S.
FEBRUARY 1965
4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
I960
1961
1962
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov33
v
Dec.
421
556
526
1,356
1,522
1,606
1,052
3 1,891
2,017
939
638
1,742
2,493
104
58
680
636
713
735
764
855
744
746
675
635
636
729
1,761
1,753
1,781
1,818
1,795
1,856
1,917
1,936
1,988
2,024
2,097
42,154
2,601
2,716
2,796
2,794
2,825
2,874
2,837
2,891
2,923
2,925
2,934
3,137
104
100
98
102
98
100
98
98
101
108
108
120
55
56
44
45
50
52
58
60
58
66
66
58
Canada
717
767
877
1
5,975
6,158
6,265
6,372
6,497
6,561
6,901
6,731
6,779
6,810
6,923
6,981
47,416
...
Asia
Europe
3,614
3 4 820
5,163
1963—Dec
Latin
America
954
1,001
Intl. and
regional
Grand
total
End of period
940
1,002
1,028
1,164
1,075
,048
1,064
,164
,140
,217
t
Africa i
Other
countries
2
69
85
137
4a. Europe
End of period
Austria
Total
Belgium
Denmark
France
Finland
Germany,
Fed. Rep.
of
Greece
Italy
Netherlands
Norway
Portugal
Spain
33
54
27
17
27
35
4
5
9
8
11
19
Sweden
1960
1961
1962
717
767
877
65
20
32
13
11
14
9
23
30
32
42
68
82
165
186
6
6
6
34
35
54
1963—Dec.
939
26
13
52
70
121
9
97
33
40
14
26
30
1964—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
954
1,001
940
1,002
1,028
1,164
1,075
1,048
1,064
1,164
1,140
1,217
25
30
28
29
30
31
29
31
31
35
34
42
13
15
15
12
15
16
17
18
17
15
16
28
53
69
69
75
63
63
65
62
65
74
80
85
86
92
86
79
72
74
76
76
79
160
165
123
135
158
135
114
133
127
173
175
159
9
9
9
9
9
10
11
10
10
10
10
9
96
95
83
85
90
114
100
94
92
113
135
109
40
42
43
47
38
45
46
40
40
40
42
39
39
34
33
34
35
41
34
33
33
36
40
43
12
12
17
17
15
16
19
20
17
21
20
19
26
24
27
25
25
28
31
32
31
28
32
40
25
25
23
29
29
32
31
31
36
43
41
47
Cuba
Mexico
NOV.
Dec.
69
71
85
4a. Europe—Continued
End of period
1960
1961
1962
Switzerland
Turkey
United
Kingdom
60
105
75
49
16
42
1963—Dec...
70
48
36
50
46
25
23
42
52
35
49
31
15
36
212
219
198
246
255
347
285
277
290
312
278
319
Other
Other
Yugo- Western U.S.S.R. Eastern Total
slavia Europe 5
Europe 6
237
79
74
77
81
76
85
91
88
82
90
91
97
4b. Latin America
245
181
221
1964—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug...
Sept..
Oct...
NOV.P
Dec. P.
For notes see following page.
28
35
18
Argen- Brazil
tina
Chile
Colombia
11
9
19
121
192
181
225
186
171
73
127
186
80
125
131
26
19
17
343
425
408
23
8
11
14
17
24
29
26
23
21
17
15
15
,356
,522
,606
,742
188
163
187
208
18
465
23
23
23
25
24
22
22
21
22
26
21
20
,761
,753
,781
,818
,795
,856
,917
,936
,988
2,024
2,097
42,154
179
175
176
180
175
171
175
175
187
196
205
4201
170
166
155
147
141
147
147
153
158
155
146
4120
184
184
182
192
186
191
187
187
196
183
188
4170
218
219
222
226
230
246
251
250
273
291
300
319
17
17
16
17
17
17
16
16
16
16
17
17
468
477
498
519
511
543
575
572
569
584
604
630
344
INTL. CAPITAL TRANSACTIONS OF THE U.S.
FEBRUARY 1965
4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
4c. Asia
4b. Latin America—Continued
End of
period
I960
1961
1962
Other
L.A.
Republics?
Peru
Uruguay
Venezuela
44
74
85
Panama
57
55
122
234
144
102
Bahamas
&
Bermuda 1
55
56
66
23
32
30
Neth.
Antilles
&
Surinam
Other
Latin
Americas
Total
China
Mainland
Hong
Kong
India
Indonesia
Israel
8
13
9
66
74
98
1,052
31,891
2,017
2
2
2
9
9
13
9
8
20
24
36
37
1963—Dec....
35
99
65
114
135
42
9
16
2,493
2
11
17
22
1964—Jan....
Feb....
Mar....
Apr....
May...
June...
July...
Aug....
Sept....
Oct....
Nov.*..
Dec.P. .
47
45
50
46
41
44
40
38
37
35
38
41
106
107
110
113
113
114
112
104
102
96
97
102
54
50
50
48
51
54
55,
62
63
62
67
76
109
112
115
123
125
128
140
137
140
140
153
165
148
145
147
147
144
140
160
169
173
188
200
4216
37
33
34
37
35
37
38
41
42
44
50
58
9
10
12
11
13
12
11
19
18
19
17
18
15
12
14
11
11
10
10
13
13
16
16
20
2,601
2,716
2,796
2,794
2,825
2,874
2,837
2,891
2,923
2,925
2,934
3,137
2
2
2
2
2
2
2
2
2
2
2
2
11
11
12
13
13
15
16
16
20
21
20
26
18
17
26
22
23
21
20
19
24
20
19
22
25
29
31
34
38
39
44
39
39
40
45
44
4c. Asia—Continued
Japan
Korea
Philippines
806
31 528
1 740
2
4
3
19
114
70
1963—Dec
2,171
25
1964—Jan
Feb
Mar
Apr
May
2,247
2,340
2,400
2,394
2,421
2,469
2,416
2,472
2,493
. . . . 2,488
2,496
2,653
28
30
31
29
28
27
27
23
25
25
25
21
End of period
I960
1961
1962
July
Aug
Sept
Oct
NOV.P
Dec P
4d. Africa
Taiwan
Thailand
Other
Asia
7
10
9
24
34
41
150
145
80
113
8
52
71
104
129
142
150
161
155
158
174
179
179
185
183
202
9
10
9
8
7
7
7
7
8
9
8
9
52
58
58
57
54
57
53
56
53
54
55
64
80
76
77
74
84
78
78
77
80
81
79
88
104
100
98
102
98
100
98
98
101
108
108
120
* Not reported separately until 1963.
2 Includes Africa until 1963.
3 Includes $58 million reported by banks initially included as of Dec.
1961, of which $52 million reported for Japan.
4
Beginning Dec. 31,1964, excludes certain U.S. Govt. claims previously
included. Claims excluded as of this date are as follows: Argentina $8
million; Brazil $25 million; Chile $18 million; Other Latin American
Republics $6 million; Total Latin America and Grand total $58 million.
5 Until 1963 includes Eastern European countries other than U.S.S.R.,
Czechoslovakia, Poland, and Rumania.
6
Czechoslovakia, Poland, and Rumania only until 1963.
7 Bolivia, Dominican Republic, El Salvador, and Guatemala only until
1963.
8 Until 1963 includes also the following Latin American Republics:
Total i
Congo
(Leo- Moroc- South
poldco i
Africa
ville)
3
6
2
1
3
1
4e. Other countries
U.A.R. Other Total 2
(Egypt) Africa i
11
10
10
3
13
26
1
15
28
2
1
1
1
2
2
2
2
2
2
2
2
15
15
17
20
18
19
19
19
18
18
19
19
25
28
24
24
29
26
26
26
29
29
28
42
Australia
All
other^
69
85
137
28
29
41
24
27
57
59
58
48
9
61
55
55
56
49
52
50
50
52
58
58
56
55
56
44
45
50
52
58
60
58
66
66
58
47
49
36
37
40
43
49
50
49
56
57
48
8
8
8
8
9
9
9
9
10
10
9
10
Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay,
and Trinidad and Tobago.
9 Until 1963 includes also African countries other than Congo (Leopoldville), South Africa, and U.A.R. (Egypt).
NOTE.—Short-term claims are principally the following items payable
on demand or with a contractual maturity of not more than 1 year: loans
made to and acceptances made for foreigners; drafts drawn against
foreigners where collection is being made by banks and bankers for
their own account or for account of their customers in the United States;
and foreign currency balances held abroad by banks and bankers and
their customers in the United States. Excludes convertible currencies
held by U.S. monetary authorities.
See also NOTE to Table 2.
345
INTL. CAPITAL TRANSACTIONS OF THE U.S.
FEBRUARY 1965
5. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Payable in foreign currencies
Payable in dollars
Loans>to—
Bad of period
Total
Total
Collec- Acceptances
tions
made
outfor acct. Other 3
standof for- 2
ing
eigners
Total
Official
institutions 1
Banks
Others
1,296
1,646
1,660
1,954
290
329
329
359
524
699
709
953
482
618
622
642
605
694
700
686
I960
1961
1961 5
1962
3,614
4,762
4 820
5,163
3 135
4,177
4 234
4,606
1963 Dec
5,975
5,344
1,915
186
955
774
832
1964—Jan
Feb
Mar
Apr
May
6,158
6,265
6,372
6,497
6,561
6,901
6,731
6,779
6,810
6,923
6,981
67,416
5,509
5,620
5,710
5,788
5,826
6,093
6,043
6,087
6,136
6,246
6,309
6,810
2,024
2,057
2,051
2,098
2,143
2,196
2,237
2,269
2,314
2,383
2,473
2,652
191
176
162
152
140
168
168
151
159
164
166
223
1.037
1,090
1,086
796
791
803
838
865
885
917
942
948
968
978
1,055
863
891
932
911
932
933
956
956
980
986
990
1,007
July
Sept .
Oct
Nov p
Dec P
[,108
1,138
1,143
,152
1,176
,207
251
1,329
1,374
1
2
Includes central banks.
Not reported separately until 1963.
3 Until 1963 includes acceptances made for account of foreigners.
4
Until 1963 includes foreign government securities, commercial and
finance paper.
Total
Foreign
govt. seDeposits curities,
with for- comml. Other
eigners and finance
paper 2
4
1,233
1,837
1 874
1,967
480
586
586
557
242
385
386
371
2,214
384
631
432
157
42
2,248
2,325
2,394
2,413
2,373
2,438
2,401
2,403
2,414
2,431
2,419
2,600
373
348
333
367
378
526
448
460
428
446
428
552
649
644
662
709
735
808
688
692
674
677
672
6 605
399
410
397
444
452
494
419
416
416
416
404
6 346
207
197
211
210
221
254
207
202
176
177
183
182
43
36
55
56
62
60
62
74
83
83
84
77
238
200
200
186
5 These figures reflect the inclusion of data for banks initially included
as 6of Dec 31, 1961.
Beginning Dec. 31, 1964, excludes certain U.S. Govt. claims previously
included. Claims excluded as of this date amount to $58 million.
6. LONG-TERM CLAIMS ON AND LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Claims
Pay*ible in dollars
End of period
Total
Total
All other
i 3,030
1963 Dec
Jan
Feb
Mar
Apr
May
June
July
Aug
Set>t
Oct
Nov
Dec
v
v
....
3,073
3,126
3,272
3,305
3,331
3,344
3,408
3,474
3,585
3,689
3,851
3,971
1 Includes $193 million reported by banks for the first time as of
December 1963, representing in part claims previously held but not
reported by banks.
Total
liabilities
7
2
4
1,698
2 034
2 160
1960
1961
1962
1964
Loans
Payable in
foreign
currencies
i 3,028
3,071
3,123
3,271
3,304
3,330
3,343
3,407
3,473
3,585
3,689
3,851
3,971
2,811
2,854
2,907
3,056
3,091
3,118
3,141
3,213
3,276
3,388
3,486
3,650
3,777
217
2
69
217
217
215
213
212
202
194
198
197
203
201
195
2
2
73
74
104
145
154
156
174
173
170
164
284
308
*
*
*
346
INTL. CAPITAL TRANSACTIONS OF THE U.S.
FEBRUARY 1965
7. 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
Foreign stocks
Net purchases or sales
Period
regional Total
1961
1962
1963
Purchases
Foreign
Intl.
Official
Net pur- PurSales chases or chases
sales
3,161
2,508
2,773
3,710
223
60
207
-175
802
1,093
991
915
Net pur- PurSales chases or chases
sales
532
-521
302
-315
-20
-207
369
-23
-59
36
3,384
2,568
2,980
3,535
1963—Dec
-25
-14
-1
-6
-5
277
254
23
40
62
1964—Jan
Fcb
Mar
Apr
May
-5
30
—27
-48
1
*
1
-103
27
26
17
3
-27
-8
20
10
6
3
3
4
3
2
309
230
299
340
313
313
284
260
267
335
296
288
296
264
334
360
296
297
353
262
301
353
292
302
13
34
—35
-20
16
17
-68
-2
—34
-17
3
-14
40
51
43
70
53
67
70
37
51
252
86
93
37
134
40
192
157
112
76
32
97
399
342
220
July
Aug
Sept
Oct
NOV.P
-83
12
-16
—98
—81
—30
-37
1
-61
-84
-21
*
*
Net purchases or
sales
Other
512
-728
671
-338
43
29
-27
-5
20
12
-17
—37
3
-9
-37
2
Sales
4
*
1
-23
-40
-13
-40
*
1
Excludes nonmarketable U.S. Treasury bonds and notes held by
official institutions of foreign countries; see Table 8.
2 Includes small amounts of State and local govt. securities.
1,262
-460
2,037
-944
2,086 - 1 , 0 9 5
-923
1,837
596
702
696
748
966
806
644
548
— 370
-104
51
200
-22
63
28
34
3
-83
3
-121
-103
-44
-5
6
-46
-148
-256
-127
77
62
66
71
62
64
61
49
49
60
55
72
45
36
36
50
50
47
42
32
42
59
50
59
32
26
31
22
12
17
19
16
7
1
5
13
NOTE.—Statistics include transactions of international and regional
organizations.
See also NOTE to Table 2.
8. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES
(In millions of dollars)
Payable in foreign currencies
Payable in dollars
End of period
Austria
Belgium
251
730
50
30
275
730
730
680
732
802
802
953
1,005
1,005
1,086
1,086
1,086
1,086
50
50
50
50
50
50
50
50
50
50
50
50
50
30
30
30
30
30
30
30
30
30
30
30
30
30
275
275
275
477
477
477
628
628
628
679
679
679
679
Total
1962—Dec
1963—Dec
1964—Jan
Feb
Mar
Apr
May
julv
SeDt
Oct
Nov
Dec
1965—Jan
....
Germany
1
Includes the equivalent of $70 million payable in Swiss francs to the
Bank for International Settlements.
Italy
Switzerland
Total
Canada
Italy
Sweden
200
200
51
175
163
125
13
25
200
200
150
175
175
175
175
1245
1245
1245
1297
1297
1 327
1 327
1 327
1327
160
160
158
158
158
152
152
152
354
354
354
354
354
125
125
125
125
125
125
125
125
2 329
2 329
2 329
2 329
2 329
10
10
8
8
8
2
2
2
25
25
25
25
25
25
25
25
25
25
25
25
25
2
Includes $204 million of nonmarketable bonds issued to the Government of Canada in connection with transactions under the Columbia
River treaty.
FEBRUARY 1965
347
INTL. CAPITAL TRANSACTIONS OF THE U.S.
9. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES,
BY TYPE OF SECURITY AND BY COUNTRY
(In millions of dollars)
Type of security
Period
C o u n t r y or area
Total
Stocks
Bonds
France
Switzerland
United
Kingdom
223
60
207
— 175
323
111
198
— 350
-99
-51
9
174
21
4
-8
— 37
166
129
-14
— 200
— 17
-33
206
—4
61
24
16
14
1963—Dec...
23
21
2
3
8
7
1964—Jan...
Feb...
Mar..
Apr...
May..
June..
July. .
Aug...
Sept...
Oct...
Nov. P.
13
-34
-35
-20
16
17
-68
2
-34
-17
3
-14
4
-26
-51
-17
3
-6
-74
-50
-43
-25
-27
-38
9
-9
16
-2
14
23
6
48
9
8
30
24
-2
-6
-13
-6
-21
-24
-32
-22
-15
-19
-26
-14
-16
-22
-19
-24
7
28
-32
19
4
14
41
-5
8
4
5
3
6
-3
8
2
*
-1
-15
-1
1961 .
1962
1963
1964^
. .
Dec*.
-2
*
2
*
-9
-4
-4
-3
—5
-6
2
-3
1 Not reported separately until May 1963.
2 Yearly figures include Africa.
Latin
America
Asia
-228
—43
—47
1
44
-20
14
25
44
— 18
17
10
2
1
1
*
-12
-25
-25
-27
-17
-3
-61
-4
-16
-13
11
-10
c
10
9
10
-8
3
-18
10
1
-10
-2
23
4
-4
-3
*
*
*
4
1
-2
2
-1
1
3
3
*
-2
2
2
*
Other
countries 2
Intl.
and
regional
*
18
Other
Europe
Total
Europe
232
124
199
Canada
— 112
3
3
2
-23
Africa *
3
1
1
12
17
22
18
*
2
1
2
3
1
1
2
1
2
1
1
1
1
i
s
i
i
NOTE.—Statistics include small amounts of State and local govt. securities.
10. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES, BY AREA
11. D E P O S I T S , U . S . G O V T . S E C U R I T I E S , A N D
G O L D H E L D A T F . R. BANKS F O R F O R E I G N E R S
(In millions of dollars)
(In millions of dollars)
Period
1961
1962
1963
1964^
Total
Total
Intl.
forand
eign
recoungional tries
Canada
-262
-188
-49
163
-318
-360
-614
-664
10
16
-2
3
32
-4
-53
2
31
-48
-52
1
-92
9
-36
4
9
1
20
*
-39
7 -153
-95 -156
-22
-92
24
22
23
24
8
13
19
4
-5
2
15
16
1 -83?
— 830
. . — 1,048 - 2 3 5 - 8 1 3
- 9 6 -949
-1,044
-722 -140 -582
1963—Dec
1964—Jan
Feb
Mar
Apr
May
June
July
Aug . . . .
Sept
Oct
Nov.". . .
Dec.* 9 ....
12
35
-57
33
-100
-91
-28
14
22
-39
-147
-251
-114
Assets in custody
Europe
2
16
-80
10
-58
-93
-49
6
16
-35
-171
-129
-98
Latin
America
Asia
Other
countries 2
Africa i
— 58 - 1 2 1
— 41 - 1 7 5
- 2 6 -252
-77
-36
7
— 73
-50
-8
25
1
-11
6
1
1
-4
1
-14
3
2
-13
1
1
12
-30
5
-10
8
4
-5
-12
-8
-5
-2
-1
-5
-15
-18
I
1
1
1
1
*
2
*
1
1
2
1
4
2
1
1
6
2
2
E n d of
period
Deposits
U.S. Govt.
securities *
Earmarked
gold
1961
1962
1963
279
247
171
6,006
6,990
8,675
11,905
12,700
12,954
1964—Jan....
Feb...
Mar...
Apr...
May..
June. .
July...
Aug...
Sept...
Oct....
Nov...
Dec...
136
155
167
166
161
156
135
163
148
120
256
229
8,740
8,731
8,105
7,860
7,892
8,043
8,201
8,247
8,373
8,201
8,278
8,389
12,899
12,884
12,775
12,726
12,747
12,795
12,752
12,741
12,738
12,707
12,672
12,698
1965—Jan....
143
7,952
12,871
1
1
N o t reported separately until M a y 1963.
2 Yearly figures include Africa.
U.S. Treasury bills, certificates of indebtedness,
notes, and bonds; includes securities payable in foreign
currencies.
NOTE.—Excludes deposits and U.S. Govt. securities
held for international organizations. Earmarked gold
is gold held for foreign and international accounts (for
back figures, see "Gold," Section 14 of Supplement to
Banking and Monetary Statistics, 1962).
348
INTL. CAPITAL TRANSACTIONS OF THE U.S.
12.
FEBRUARY 1965
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS
(End of period; in millions of dollars)
Liabilities to foreigners
Area and country
1963
Dec.
Europe:
Austria
Belgium
Denmark
Finland
France
Germany, Fed. Rep. of.
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe..
U.S.S.R
Other Eastern Europe...
Claims on foreigners
1964
Dec,
1963
Mar.
June
June 2
Sept.
Canada.
Latin America:
Argentina
Brazil
Chile
Colombia
Cuba
Mexico
Panama
Peru
Uruguay
Venezuela
Other L.A. Republics
Bahamas and Bermuda....
Neth. Antilles & Surinam.
Other Latin America
2
26
3
1
33
34
2
25
46
3
1
7
9
25
2
100
4
3
2
19
1
1
31
32
2
26
43
2
1
7
7
20
4
110
6
1
3
21
1
1
28
36
5
24
46
3
1
9
7
19
5
102
1
3
3
20
1
1
27
34
5
22
46
2
1
8
7
18
4
97
1
2
3
22
1
1
31
44
4
27
31
2
2
12
7
36
5
108
1
4
325
325
319
316
301
341
72
Total.
2
26
3
1
33
34
2
25
46
3
1
7
9
25
2
100
4
3
72
68
62
57
59
7
13
3
7
7
13
3
7
6
11
3
20
6
1
22
13
1
6
4
21
7
1
22
9
2
7
6
5
10
3
7
*
7
21
6
1
21
8
2
7
6
4
11
4
7
20
5
1
22
13
1
6
4
6
13
3
6
*
11
29
8
3
20
10
2
6
5
Dec.
1964
Dec.
Mar.
June
June 2
Sept.*>
7
18
6
7
52
114
13
101
34
6
8
32
20
23
5
248
4
5
6
21
7
5
70
82
9
101
30
7
10
47
17
19
5
274
3
6
5
20
7
5
68
79
9
99
30
6
10
46
17
17
5
270
3
6
90
32
7
9
48
19
16
4
394
3
6
5
17
6
8
50
95
22
8
4
47
103
9
106
32
7
8
29
17
27
5
234
3
4
1
3
22
8
4
47
103
9
106
32
7
8
29
17
27
5
241
3
4
1
3
678
685
706
722
706
821
685
731
910
921
912
1,007
26
5
1
20
11
2
9
4
25
113
25
19
5
60
13
22
4
36
39
10
5
10
40
113
25
21
5
60
13
27
10
36
39
10
5
11
39
118
24
21
5
59
10
26
8
37
42
20
5
10
34
126
23
23
5
62
11
25
15
40
44
21
5
11
34
125
21
22
5
58
11
24
15
38
42
20
5
39
128
25
26
4
64
9
27
23
45
47
19
4
10
387
415
426
447
429
471
4
42
10
7
161
6
9
4
11
41
6
39
5
7
170
5
12
3
7
46
5
39
5
8
170
4
11
4
7
53
5
38
5
7
169
4
11
4
7
51
7
36
4
7
186
5
14
5
7
55
300
308
303
327
2
1
12
13
25
5
2
11
12
27
10
110
110
122
112
104
111
Asia:
China Mainland.
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Taiwan
Thailand
Other Asia
14
3
1
24
1
5
1
2
18
1
2
14
3
1
24
1
5
1
2
18
2
2
14
3
2
23
1
5
1
1
22
2
2
14
5
1
27
1
5
1
1
21
2
2
13
5
1
25
1
4
1
1
19
1
2
16
3
1
21
4
42
10
7
161
6
9
4
11
41
Total.
72
72
76
80
73
82
295
295
10
5
10
6
10
2
6
10
2
5
3
1
11
1
5
3
2
9
11
18
3
2
9
11
18
14
23
2
1
13
13
26
25
25
21
19
18
22
43
43
50
55
53
57
17
5
17
5
25
4
27
6
27
5
26
32
9
32
9
33
5
37
6
36
6
38
7
22
22
30
33
32
34
42
42
38
43
41
45
1
1
1
1
1
1
623
586
2,131
2,213
2,430
2,498
2,446
2,728
Total.
Africa:
Congo (Leopoldville).
Morocco
South Africa
U.A.R. (Egypt)
Other Africa
Total.
Other countries:
Australia
All other
Total
International and regional.
Grand total
626
627
635
1
Eighth revised series; includes data from firms reporting for the first
time as of Dec. 31, 1963. This series also includes claims previously
held but not reported.
2
Ninth revised series; includes reports from firms having $500,000
or more of liabilities or of claims; for previous series the exemption level
was $100,000.
1
31
649
NOTE.—Reported by exporters, importers, and industrial and commercial concerns in the United States. Data exclude claims held through
U.S. banks, and intercompany accounts between U.S. companies and
their foreign affiliates.
See also NOTE to Table 2.
FEBRUARY 1965
349
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, 1964
Per
cent
Argentina. •
Austria
.
Iran
••
• • ••
Mexico
Netherlands
New Zealand
Nicaragua
Norway
• ••
•
............
Peru
Philippine Republic s
Portucal
South Africa
Spain
Sweden
Switzerland
Thailand
Tunisia
...
.
.
United Arab Rep. ( E g y p t ) . .
United Kingdom
Venezuela
Apr.
June
4.0
3.0
4.5
5.5
3.0
Nov.
May
Oct.
Jan.
Jan.
1960
1963
1963
1963
1964
Feb.
June
Nov.
Apr.
June
1955
1958
1963
1963
1960
4.5
4.0
7.0
6.0
3.5
June
Jan.
Mar.
Apr.
Feb.
1942
1964
1961
1954
1955
Jan.
Nov.
Jan.
Jan.
Nov.
1959
1959
1962
1944
1962
4.0
4.5
2.0
7.0
4.0
7.5
5.0
4.0
4.5
June
Jan.
Feb.
Feb.
Oct.
1961
1964
1959
1945
1962
May
May
Jan.
Dec.
1961
1962
1963
1960
Aug.
Sept.
Oct.
Nov.
Dec.
4 25
3.0
6.5
5.0
4.0
7.0
6.5
4.0
3.5
8.0
5.6
4.62
4.69
4.87
4.89
4.94
6.87
6.81
5 0
6.57
10.5
6.21
4.6
2.5
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
4.0
3.5
4.5
5.5
3.0
8.0
5.0
9.0
4.0
6.81
6.0
3.5
5.0
6.21
10.5
4.5
4.5
7.0
6.0
3.5
4.5
5.0
6.0
4.5
4.75
12.0
4.0
4.25
4.0
14.63
14.04
8.0
14.63
4.5
Rate
as of
Jan. 31,
1965
Jan.
12.0
1963
1961
1961
1963
1962
Dec.
Jan.
Aug.
Oct.
Jan.
July
4.75
1
On June 24, 1962, the bank rate on advances to chartered banks
was fixed at 6 per cent. Rates on loans to money market dealers will
continue to be .25 of 1 per cent above latest weekly Treasury bill tender
average rate but will not be more than the bank rate.
2 Beginning with Apr. 1, 1959, new rediscounts have been granted at
the average rate charged by banks in the previous half year. Old rediscounts remain subject to old rates provided their amount is reduced by
one-eighth each month beginning with May 1, 1959, but the rates are
raised by 1.5 per cent for each month in which the reduction does not
occur.
3 Rate shown is for call loans.
4
Rate shown is for advances only.
5 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.
May
1939
1963
1956
1961
1962
4.0
9.5
6.0
2.0
3.5
Honduras 4
Israel
Italy
Apr.
Nov.
Nov.
June
Apr.
6.0
3.5
4.0
5.84
10.22
France
Germany, Fed. Rep. o f . . . . .
Ghana
Mar.
1963
1960
1964
1963
1963
14.39
14.04
8.0
3.0
5.5
5.0
6.0
7.0
.......
Feb.
Oct. 1963
Apr. 1958
Feb. 1962
Aug.
Aug.
Jan.
July
May
4.0
4.0
•
Finland
Japan
Dec. 1957
June 1963
9.0
4.5
9.0
4.0
3.94
Canada *
Ceylon
Chile 2
China (Taiwan) 3
Iceland
India
Month
effective
6.0
4.5
4.25
10.0
4.0
•
Belgium • • • •
•
Brazil
Burma
• • • • ••• •
Costa Rica .
Denmark
Ecuador
1965
1964
Country
4 5
5 0
7.0
4.0
9.5
6.0
2.0
4.5
4.0
5.0
2.5
7.0
4.0
7.5
5.0
7.0
4.5
shown is the one at which it is understood the central bank transacts
the largest proportion of its credit operations. Other rates for some
of these countries follow:
Argentina—3 and 5 per cent for certain rural and industrial paper, depending on type of transaction;
Brazil—8 per cent for secured paper and 4 per cent for certain agricultural
paper;
Colombia—5 per cent for warehouse receipts covering approved lists of
products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent
for rediscounts in excess of an individual bank's quota;
Costa Rica—5 per cent for paper related to commercial transactions
(rate shown is for agricultural and industrial paper);
Ecuador—6 per cent for bank acceptances for commercial purposes;
Indonesia—various rates depending on type of paper, collateral, commodity involved, etc.;
Japan—penalty rates (exceeding the basic rate shown) for borrowings
from the central bank in excess of an individual bank's quota;
Peru—8 per cent for agricultural, industrial and mining paper; and
Venezuela—4 per cent for rediscounts of certain agricultural paper and
for advances against govt. bonds or gold and 5 per cent on advances
against securities of Venezuelan companies.
350
MONEY RATES; ARBITRAGE
FEBRUARY 1965
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
Treasury Day-tobills,
day
3 months1 money 2
Bankers' Treasury
acceptbills,
ances,
3 months 3 months
Day-today
money
1961—Dec
1962—Dec
2.82
3.88
2.37
3.75
5.61
3.86
5.35
3.64
3.71
3.55
3.91
3.74
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3.76
3.81
3.88
3.75
3.66
3.56
3.60
3.80
3.79
3.69
3.73
3.85
3.51
3.57
3.70
3.52
3.33
3.28
3.49
3.79
3.77
3.60
3.68
3.84
3.91
4.00
4.53
4.53
4.56
4.64
4.73
4.84
4.84
4.88
5.42
6.84
3.72
3.91
4.30
4.30
4.35
4.44
4.57
4.65
4.65
4.69
5.18
6.62
Bankers'
allowance Day-today
on
deposits money 3
4.83
3.30
1963—Dec
Germany,
Fed. Rep. of
France
Netherlands
Switzerland
Treasury Day-tobills,
day
3 months money
Private
discount
rate
Treasury
bills,
60-90
days 4
Day-today
moneys
3.06
3.50
1.32
1.98
1.11
1.24
4.00
2.50
3.58
3.51
2.00
2.63
3.00
2.00
4.66
2.63
2.56
2.25
1.56
2.00
3.03
3.10
3.79
3.81
3.77
3.80
3.67
3.92
3.94
3.99
4.54
5.87
2.00
2.08
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.56
5.00
4.13
4.33
4.98
5.03
6.18
4.91
4.83
4.70
4.74
4.30
4.13
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.69
2.69
3.38
3.44
3.38
3.31
3.38
3.38
3.69
3.25
3.13
2.88
2.31
2.33
2.88
3.00
3.10
3.81
4.26
3.74
3.70
3.80
3.84
3.68
1.67
1.88
2.51
2.42
2.78
2.05
3.53
2.06
2.09
3.14
2.00
2.00
2.00
'2.27
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.68
1 Based on average yield of weekly tenders during month.
Based on weekly averages of daily closing rates.
Rate shown is on private securities.
4 Rate in effect at end of month.
'•2.79
2.09
2.00
2.00
5 Based on average of lowest and highest quotation during month.
2
3
NOTE.—For description of rates and back data, see "International
Finance," Section 15 of Supplement to Banking and Monetary Statistics,
1962.
ARBITRAGE ON TREASURY BILLS
(Per cent per annum)
United States and Canadai
United States and United Kingdom
Treasury bill rates
Treasury bill rates
Date
Premium
United
Kingdom
(adj. to
U.S.
quotation
basis)
Sept. 4
ll!..!....
18
25
Oct.
(+>or
United
States
Spread
(favor
of
London)
discount
( - ) on
forward
pound
4.50
4.50
4.50
4.50
3.48
3.50
3.52
3.52
1.02
1.00
.98
.98
-.62
— .66
-.72
-.75
2
9
16
23
30
4.50
4.53
4.59
4.59
4.59
3.53
3.56
3.56
3.56
3.53
.97
.97
1.03
1.03
1.06
-.75
— .76
-.96
— .91
-.82
Nov. 6
13
20
27
4.53
4.53
4.62
6.41
3.54
3.56
3.59
3.79
.99
.97
1.03
2.62
Dec.
6.41
6.41
6.41
6.41
6.41
3.76
3.80
3.84
3.84
3.80
Net
incentive
(favor
of
London)
Canada
Spread
(favor
of
Canada)
Premium
(4-) or
discount
(-)on
forward
Canadian
dollar
Net
incentive
(favor
of
Canada)
As
quoted
in
Canada
Adj. to
U.S.
quotation
basis
United
States
.40
.34
.26
.23
3.80
3.81
3.84
3.75
3.71
3.72
3.75
3.66
3.48
3.50
3.52
3.52
.23
.22
.23
.14
— .30
— .27
-.20
-.20
-.07
— .05
.03
-.06
.22
.21
.07
.12
.24
3.71
3.67
3.68
3.71
3.70
3.63
3.59
3.60
3.63
3.62
3.53
3.56
3.56
3.56
3.53
.10
.03
.04
.07
.09
— .20
— .20
— .14
— .20
— .20
— .10
— .17
— .10
— .13
— .11
-.91
-.92
-1.01
-2.65
.08
.05
.02
-.03
3.70
3.67
3.68
3.86
3.62
3.59
3.60
3.78
3.54
3.56
3.59
3.79
.08
.03
.01
-.01
— .20
— .17
-.13
-.27
— .12
— .14
-.12
-.28
2.65
2.61
2.57
2.57
2.61
-2.54
-2.68
-2.62
-2.69
-2.72
.11
-.07
-.05
-.12
-.11
3.86
3.83
3.86
3.85
3.83
3.77
3.74
3.77
3.76
3.74
3.76
3.80
3.84
3.84
3.80
.01
-.06
-.07
-.08
-.06
-.13
-.07
-.07
-.07
-.14
-.12
-.13
-.14
-.15
-.20
1964
4
11..
18
24
31
1965
jan
8
15
22
29
6.44
6.44
6.41
6.38
3.77
3.74
3.81
3.83
2.67
2.70
2.60
2.55
-2.61
-2.71
-2.61
-2.65
.06
-.01
-.01
-.10
3.80
3.81
3.72
3.70
3.71
3.73
3.63
3.62
3.77
3.74
3.81
3.83
-.06
-.01
-.18
-.21
-.14
-.20
-.27
-.27
— 20
— .21
-.45
-.48
Feb
5
6.32
3.89
2.43
-2.55
-.12
3.71
3.63
3.89
-.26
-.23
-.49
NOTE.—Treasury bills: All rates are on the latest issue of 91-day bills.
U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K.
rates are Friday opening market offer rates in London.
Premium or discount on forward pound and on forward Canadian dollar:
Rates per annum computed on basis of midpoint quotations (between
bid and offer) at 11 a.m. Friday in New York for both spot and forward
pound sterling and for both spot and forward Canadian dollars.
All series: Based on quotations reported to Federal Reserve Bank of
New York by market sources.
For description of series and for back figures see Oct. 1964 BULL.,
pp. 1241-60. For description of adjustments to U.K. and Canadian
Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260,
Oct. 1964 BULL.
FEBRUARY 1965
FOREIGN EXCHANGE RATES
351
FOREIGN EXCHANGE RATES
(In cents per unit of foreign currency)
Argentina
(peso)
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Denmark
(krone)
Finland
(markka)
France
(franc)
1.2730
1.2026
1.2076
.9080
.7245
.7179
223.81
223.71
223.28
223.73
223.10
222.48
3.8619
3.8461
3.8481
3.8685
3.8690
3.8698
2.0012
2.0053
2.0052
2.0093
2.0052
2.0099
104.267
103.122
98.760
93.561
92.699
92.689
21.055
21.048
21.023
21.034
21.015
20.988
14.508
14.505
14.481
14.490
14.484
14.460
.3115
.3112
3110
.3107
131.057
31.067
.2038
20.389
20 384
20.405
220.404
20.404
1964—Jan
Feb
Mar
Apr
May
June
July
Aus
Sept
Oct
Nov
Dec
.7514
.7582
.7438
.7287
.7312
.7272
.7279
.7075
.6980
.6979
.6725
.6652
222.97
222.86
222.95
223.03
223.06
222.64
222.29
222.04
221.79
221.79
221.90
222.36
3.8702
3.8681
3.8675
3.8687
3.8686
3.8694
3.8710
3.8725
3.8712
3.8699
3.8693
3.8707
2.0071
2.0068
2.0070
2.0082
2.0089
2.0060
2.0085
2.0103
2.0126
2.0146
2.0149
2.0144
92.551
92.575
92.534
92.498
92.499
92.499
92.473
92.690
92.913
92.984
93.100
93.039
21.025
21.021
21.019
21.020
21.021
21.009
20.977
20.953
20.955
20.954
20.953
20.944
14.471
14.457
14.484
14.494
14.482
14.470
14.459
14.438
14.435
14.430
14.430
14.459
31 063
31.068
31.077
31.077
31.066
31.063
31.063
31.059
31.056
31.054
31.076
31.084
20 402
20.403
20.404
20.405
20.405
20.401
20.405
20.405
20.402
20.403
20.405
20.405
1965—Jan
.6628
222.42
3.8697
2.0148
93.109
20.943
14.458
31.079
20.404
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Italy
(lira)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
Netherlands
(guilder)
New
Zealand
(pound)
1959
I960
1961
1962
1963
1964
23.926
23.976
24.903
25.013
25.084
25.157
21.031
20.968
20.980
21.026
20.966
20.923
280.88
280.76
280.22
280.78
280.00
279.21
.16099
.16104
.16099
.16107
.16087
.16014
.27781
.27785
.27690
.27712
.27663
.27625
32.857
32.817
32.659
32.757
32.664
32.566
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
26.492
26.513
27 555
27.755
27.770
27.724
278.10
277.98
277 45
278.00
277.22
276.45
1964 Jan
Feb
Mar
Apr
May
25.148
25.169
25.163
25.160
25.159
25.165
25.159
25.152
25.154
25.158
25.148
25.149
20.963
20.959
20.968
20.970
20.977
20.945
20.912
20.886
20.862
20.859
20.867
20.898
279.83
279.69
279.81
279.90
279.94
279.42
278.97
278.66
278.34
278.35
278.48
279.06
.16065
.16063
.16029
.16000
.16001
.16002
.16001
.16002
.16002
.16003
.16003
.16003
.27589
.27567
.27603
.27583
.27579
.27580
.27576
.27580
.27665
.27658
.27686
.27837
32.706
32.694
32.645
32.595
32.606
32.571
32.524
32.474
32.431
32.467
32.507
32.569
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
27 753
27.733
27.731
27.711
27.681
27 627
27.657
27.674
27.712
27.772
27.824
27.831
277 06
276.92
277.04
277.13
277.17
276 65
276.21
275.91
275.59
275.59
275.73
276.30
25.135
20.894
279.13
.16003
.27856
32.575
8.0056
27.827
276.37
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
49.721
49.770
3.4967
3.4937
3.4909
3.4986
3.4891
3.4800
2 0579
1.6635
1.6643
1 6654
1 6664
23.142
23.152
23.151
23.124
23 139
23.152
280 88
280.76
280.22
280 78
280 00
279.21
Period
1959
I960
1961
1962
1963
1964
Period
July
Sept
Oct
Nov
Dec
1965—Jan
Period
1959
I960
1961
1962
1963
1964
1964
14.028
14.018
14.000
14.010
13 987
13.972
Jan
Feb
Mar
Apr
May
July
Aug
Sept
Oct
Nov
Dec
1965—Jan
13.969
13.962
13.976
13.989
13.992
13.984
13.972
13.962
13.956
13.956
13.956
13.980
13.977
:;;;::::;;
(pound)
279.83
279.71
279.48
(rand)
1 fififil
19.324
19.349
19.353
19.397
19 272
19.414
3.4861
3.4848
3.4867
3.4879
3.4874
3.4847
3.4796
3.4746
3.4714
3.4680
3.4686
3.4777
139.39
139.32
139.38
139.43
139.45
139.19
138.96
138.81
138.65
138.65
138.72
139.01
1.6665
1.6664
1.6663
1.6664
1.6664
1.6663
1.6663
1.6662
1.6661
1.6662
1.6665
1.6666
19.272
19.290
19.430
19.451
19.464
19.467
19.441
19.466
19.461
19.376
19.396
19.439
23.168
23.122
23.110
23.143
23.171
23.172
23.139
23.145
23.148
23.164
23.172
23.172
279.83
279.69
279 81
279.90
279.94
279.42
278.97
278.66
278.34
278.35
278.48
279.06
3.4783
139.05
1.6665
19.465
23.149
279.13
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.
South Africa
139.57
139 87
139 48
139.09
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.
352
U.S. BALANCE OF PAYMENTS
FEBRUARY 1965
U.S. BALANCE OF PAYMENTS
(In millions of dollars)
1963
Item
1961
1962
1964
1963
m
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
7,977
5,472
206
969
4,531
32,020
21,989
659
3,969
498
4,905
-22,852
-14,497
-2,954
-882
-4,519
-25,021
-16,134
-3,044
-995
-4,848
-26,335
-16,996
-2,897
-1,194
-5,248
-6,531
-4,212
-731
-279
-1,309
Balance on goods and services *
5,586
5,063
5,685
1,446
Remittances and pensions
-705
-738
-826
-209
4,881
4,325
4,859
1,237
-3,396
-1,854
-1,939
-3,547
-1,919
-2,129
-3,785
-1,896
-2,181
-1,170
-500
-620
-261
-245
Imports of goods and services—Total.
Merchandise
Military expenditures
Investment income payments
Other services
1. Balance on goods, services, remittances and
pensions
2. U . S . Govt. grants and capital flow, net, excluding
advance debt repayments
Grants 2,3
Long-term loans and subscriptions 3
Change in foreign currency holdings and
short-term claims, net (increase, —) 3
Seasonal adjustment o n three preceding items
combined
,
Change in associated liabilities
,
Scheduled loan repayments
3. U . S . private capital, net
Direct investments abroad
Other long-term capital
,
Short-term capital
4. Foreign capital, net, excluding liquid assets in
U.S
Foreign long-term investments in U.S
Foreign short-term capital
Miscellaneous U.S. Govt. nonliquid liabilities.,
5. Errors and unrecorded transactions
Balance of A ( = 1 + 2 + 3 + 4 + 5 )
Less: Net seasonal adjustments
Balance of A before seasonal adjustment.
28,438
19,913
402
3,464
380
4,279
30,084
20,576
656
3,850
471
124
1,206
-261
-445
8,037
5,610
117
963
125
1,222
8,471
5,917
155
1,001
126
1,272
9,000
6,112
210
1,225
131
1,322
8,839
6,036
151
1,194
132
1,326
9,164
6,362
179
1,164
133
1,326
-6,733
-4,368
-711
-308
-6,744
-4,379
-708
-332
-1,325
-6,748
-4,366
-717
-317
-1,348
-7,008
-4,576
-728
-319
-1,385
-7,201
-4,747
-684
-326
-1,444
1,727
2,252
1,831
1,963
-202
-197
-208
-214
1,098
1,525
2,055
1,623
1,749
-791
-455
-441
-925
-496
-562
-773
-467
-514
-939
-549
-693
-890
-459
-606
-33
-1,346
1,304
-206
-101
75
66
56
-80
35
183
42
29
163
-22
-9
164
46
36
155
-66
14
171
80
578
147
599
94
643
45
10
156
-4,180
-1,599
-1,025
-1,556
-3,434
-1,654
-1,227
-553
-4,307
-1,888
-1,685
-734
-1,637
-477
-598
-562
-534
-235
-303
4
-1,008
-558
-238
-212
-1,380
-521
-227
-632
-1,451
-571
-263
-617
-1,408
-519
-586
-303
622
447
175
162
272
-106
-4
311
329
-19
267
199
67
115
96
17
2
-47
29
-74
-2
26
13
9
4
130
114
17
-1
159
-88
43
204
-998
-1,111
-339
-11
-267
57
-170
-54
-176
-3,071
-3,605
-3,261
-1,314
-379
441
-820
-398
18
-416
-242
-311
69
-691
-104
-587
-566
450
-1,016
1
1
-102
-1,212
B. Changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and special U.S. Govt. transactions—Not seasonally adjusted
Total
3,261
326
334
1,212
34
-5
820
241
80
416
26
239
-69
52
151
587
33
-64
1,016
30
-24
—43
31
-74
-10
19
-29
— 95
-45
-50
-i
-1
-55
—5
-50
-8
-8
*
-2
—2
*
702
150
552
Sales of nonconvertible nonmarketable securities,*
net
Dollar securities6
3,605
681
470
251
3,071
696
5
152
175
25
150
25
122
203
152
25
122
203
251
Sales of convertible nonmarketable securities,* net
Dollar securities . .
Foreign currency securities
Change in U.S.7 short-term liabilities reported by
U.S. banks and foreign holdings of marketable
8
International and regional organizations 9
Foreign private holders excluding banks
Foreign official holders
Change in U.S. monetary reserve assets (increase,—).
IMF position
Gold
1,764
407
81
595
681
670
211
131
-129
457
1,564
-238
394
438
970
917
-46
115
75
773
192
-15
93
-31
145
132
-112
110
8
126
-166
-85
34
284
-399
201
-25
54
80
92
739
-138
122
574
181
606
-135
-116
857
1,533
626
17
890
378
30
— 113
461
124
2
6
116
227
59
-28
196
-5
15
-58
38
-51
131
-228
46
303
118
258
-73
70
135
—45
-20
1 Excludes military transfers under grants.
2 Excludes military grants.
3 N o t seasonally adjusted separately.
4 Includes sell-offs.
s With maturities over 12 months.
6 Includes certificates sold abroad by Export-Import Bank.
7 Includes official liabilities.
8 Includes, for International Monetary Fund, only changes in its
holdings o f income-earning U.S. G o v t securities.
9 Including undetermined holders.
NOTE.—Dept. o f Commerce data. Minus sign indicates net payments
(debits); absence o f sign indicates net receipts (credits).
FEBRUARY 1965
FOREIGN TRADE
353
MERCHANDISE EXPORTS AND IMPORTS
(In millions of dollars, seasonally adjusted)
Exports 1
Imports '"
Export surplus
Period
1961
Month:
Jan...
Feb...
Mar...
Apr...
May..
June..
July..
Aug...
Sept...
Oct...
Nov...
Dec...
1962
1963'
1,623
1,712
1,751
1,662
1,585
3 1,582
3 1,689
1,689
1,678
1,780
1,733
1,725
1,668
1,809
1,672
1,795
1,762
1,836
1,748
1,703
3 1,908
3 1,523
1,725
3 1,839
3 1,958
31,914
1,895
1,803
1,841
1,922
1,958
1,967
1,966
2,091
5,086
3 4,829
3 5,056
5,238
5,149
5,393
3 5,359
3 5,087
IV....
20,152
20,945
1963 r
1964 r
1,434
1,460
1,520
1,541
1,539
1,518
1,578
1,575
1,546
1,548
1,698
1,642
462
562
588
510
432
3 408
3 310
435
416
480
424
410
341
489
330
430
358
485
401
357
3 437
3 211
300
3 462
3-114
3614
3 473
3 499
479
372
391
425
515
512
500
611
609
586
554
520
523
516
545
534
689
607
499
788
3 4,095
3 4,262
4,390
4,401
4,414
4,598
4,699
4,888
1,612
3 1,350
3 1,161
1,314
1,160
1,273
3 1,195
3 973
3973
3 1,350
1,331
1,623
1,749
1,559
1,768
1,894
17,142
18,685
5,439
4,556
5,282
6,935
1963'
1964
2,043
2,046
2,074
2,061
2,062
2,034
2,123
2,109
2,235
2,155
2,197
2,430
,161
,150
,163
,152
,153
31 ,174
3 1,379
,254
,262
,300
,309
,315
1,327
1,320
1,342
1,365
1,404
1,351
1,347
1,346
3 1,471
3 1,312
1,425
3 1,377
3 1,100
31,510
3 1,485
3 1,415
1,416
1,431
1,450
1,497
1,443
1,455
1,466
1,480
3 5,068
35,612
5,721
6,024
6,163
6,157
6,467
6,782
3 ,474
3 3 ,479
3 3 ,895
3 ,924
3,989
4,120
3 4,164
34,114
22,424
25,620
14,713
16,389
3986
Year 4 . .
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.
1962
1962
Quarter:
if .'.*.*;
in....
1961
1961
3 2,124
1964
r
r
3 Significantly affected by strikes.
4 Sum of unadjusted figures.
NOTE.—Bureau of the Census data.
BOARD OF GOVERNORS
of the Federal Reserve System
W M . M C C . MARTIN, JR.,
Chairman
A. L. MILLS, JR.
C.
CANBY BALDERSTON,
CHAS. N. SHEPARDSON
GEORGE W.
J. L. ROBERTSON
RALPH
MITCHELL
J. DEWEY DAANE
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
DIVISION OF EXAMINATIONS
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
FREDERIC SOLOMON, Director
GLENN M. GOODMAN, Assistant Director
BRENTON C. LEAVITT, Assistant Director
JAMES C. SMITH, Assistant Director
ANDREW N. THOMPSON, Assistant Director
LLOYD M. SCHAEFFER, Chief Federal Reserve
Examiner
DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON, Director
H. FRANKLIN SPRECHER, JR., Assistant Director
DIVISION OF RESEARCH AND STATISTICS
DANIEL H. BRILL, Director
ROBERT C. HOLLAND, Associate Director
ALBERT R. KOCH, Associate Director
FRANK R. GARFIELD, Adviser
J. CHARLES PARTEE, Adviser
ROBERT SOLOMON, Adviser
KENNETH B. WILLIAMS, Adviser
LEWIS N. DEMBITZ, Associate Adviser
DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH E. KELLEHER, Director
HARRY E. KERN, Assistant Director
OFFICE OF THE CONTROLLER
DIVISION OF INTERNATIONAL FINANCE
JOHN KAKALEC, Controller
SAMPSON H. BASS, Assistant
RALPH A. YOUNG, Director
A. B. HERSEY, Adviser
SAMUEL I. KATZ, Adviser
ROBERT L. SAMMONS, Adviser
REED J. IRVINE, Associate Adviser
JOHN E. REYNOLDS, Associate Adviser
RALPH C. WOOD, Associate Adviser
Controller
OFFICE OF DEFENSE PLANNING
INNIS D. HARRIS, Coordinator
DIVISION OF BANK OPERATIONS
DIVISION OF DATA PROCESSING
JOHN R. FARRELL, Director
GERALD M. CONKLING, Assistant Director
M. B. DANIELS, Assistant Director
JOHN N. KILEY, JR., Assistant Director
M. H. SCHWARTZ, Director
LEE W. LANGHAM, Assistant
354
Director
OPEN MARKET COMMITTEE AND ADVISORY COUNCIL
355
Federal Open Market Committee
W M . M C C . MARTIN, JR.,
Chairman
ALFRED HAYES,
Vice Chairman
C. CANBY BALDERSTON
A. L. MILLS, JR.
HARRY A.
SHUFORD
J. DEWEY DAANE
GEORGE W. MITCHELL
ELIOT J. SWAN
W. BRADDOCK HICKMAN
J. L. ROBERTSON
EDWARD A. WAYNE
CHAS. N. SHEPARDSON
RALPH A. YOUNG, Secretary
DANIEL H. BRILL, Associate Economist
MERRITT SHERMAN, Assistant Secretary
GEORGE GARVY, Associate Economist
KENNETH A. KENYON, Assistant Secretary
ROBERT C. HOLLAND, Associate Economist
ARTHUR L. BROIDA, Assistant Secretary
HOMER JONES, Associate Economist
HOWARD H. HACKLEY, General Counsel
ALBERT R. KOCH, Associate Economist
DAVID B. HEXTER, Assistant General Counsel
MAURICE MANN, Associate Economist
GUY E. NOYES, Economist
BENJAMIN U. RATCHFORD, 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, Vice President
EDWARD BYRON SMITH, CHICAGO
WILLIAM H. MOORE, NEW YORK
JAMES P. HICKOK, ST. LOUIS
WILLIAM L. DAY, PHILADELPHIA
JOHN A. MOORHEAD, MINNEAPOLIS
L. A. STONER, CLEVELAND
ROGER D. KNIGHT, JR., KANSAS CITY
JOHN F. WATLINGTON, J R . , RICHMOND
JAMES W. ASTON, DALLAS
SAM M. FLEMING, ATLANTA
RANSOM M. COOK, SAN FRANCISCO
HERBERT V. PROCHNOW, Secretary
WILLIAM J. KORSVIK, Assistant
Secretary
356
FEDERAL RESERVE BULLETIN • FEBRUARY 1965
Federal Reserve Banks and Branches
Federal Reserve Bank
or branch
Zip Code
Boston
New York
Chairman
Deputy Chairman
President
First Vice President
.02106
Erwin D . Canham
William Webster
George H. Ellis
Earle O. Latham
10045
Philip D . Reed
Everett N . Case
Maurice R. Forman
Vice President
in charge of branch
Alfred Hayes
William F. Treiber
Buffalo
.14240
Philadelphia
19101
Walter E. Hoadley
Willis J. Winn
Karl R. Bopp
Robert N . Hilkert
Cleveland
44101
Joseph B. Hall
Logan T. Johnston
Walter C. Langsam
G. L. Bach
W. Braddock Hickman
Edward A. Fink
Edwin Hyde
William H. Grier
Leonard C. Crewe, Jr.
J. C. Cowan, Jr.
Edward A. Wayne
Aubrey N . Heflin
Cincinnati
Pittsburgh
Richmond
Baltimore
Charlotte
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
Chicago
45201
..15230
23213
,21203
..28201
Jack Tarver
J. M. Cheatham
35202 C. Caldwell Marks
32201 Claude J. Yates
• 37203 Andrew D . Holt
.70160 George Benjamin Blair
30303
.60690
Detroit
..48231
St. Louis
63166
Little Rock
Louisville
Memphis
Minneapolis
Helena
Kansas City
.72203
40201
..38101
55440
..59601
64106
80217
Denver
73101
Oklahoma City,,
Omaha
..68102
Dallas
El Paso
Houston
San Antonio
San Francisco
75222
.79999
77001
..78206
94120
..90054
Los Angeles
Portland
97208
Salt Lake C i t y . . . . ..84110
Seattle
98124
Insley B. Smith
Fred O. Kiel
Clyde E. Harrell
Donald F . Hagner
Edmund F. MacDonald
Malcolm Bryan
Harold T. Patterson
Edward C. Rainey
Thomas A. Lanford
Robert E. Moody, Jr.
Morgan L. Shaw
Franklin J. Lunding
James H. Hilton
James William Miller
Charles J. Scanlon
Hugh J. Helmer
Raymond Rebsamen
Smith D . Broadbent, Jr.
Carey V. Stabler
C. Hunter Green
Sam Cooper
Harry A. Shuford
Darryl R. Francis
Atherton Bean
Judson Bemis
Edwin G. Koch
(Vacancy)
M. H. Strothman, Jr.
Homer A. Scott
Dolph Simons
Robert T. Person
James E. Allison
Clifford Morris Hardin
George H. Clay
Henry O. Koppang
Robert O. Anderson
Carl J. Thomsen
Roger B. Corbett
D . B. Campbell
John R. Stockton
Watrous H. Irons
Philip E. Coldwell
F. B. Whitman
John D . Fredericks
Arthur G. Coons
Graham J. Barbey
Howard W. Price
William McGregor
Eliot J. Swan
H. Edward Hemmings
Russel A. Swaney
Fred Burton
Donald L. Henry
E. Francis DeVos
Clement A. Van Nice
John W. Snider
Howard W. Pritz
George C. Rankin
Fredric W. Reed
J. Lee Cook
Carl H. Moore
Clifford H. Watkins
William M. Brown
Arthur L. Price
Erwin R. Barglebaugh
Federal Reserve Board Publications
The material listed may be obtained from Publications Services, Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated,
remittance should accompany request and be made payable to the order of the Board of Governors of
the Federal Reserve System. For a more complete list, including periodic releases, see pp. 1623-26 of the
December 1964 BULLETIN. (Stamps and coupons not accepted.)
DEBITS AND CLEARINGS STATISTICS AND THEIR
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS. 1963. 297 pp.
USE. 1959. 144 pp. $1.00 a copy; in quantities
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THE FEDERAL FUNDS MARKET—A
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Base. 1962.
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TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Pt. I. 1959.
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FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
PUBLISHED INTERPRETATIONS
Data from the 1960 Sample Survey
of Agriculture. 1964. 185 pp. $1.00.
FARM DEBT:
1955. 390 pp. $2.75.
1896-1955. 1959. 1,229 pp.
$4.00.
357
358
FEDERAL RESERVE BULLETIN • FEBRUARY 1965
REPRINTS
SURVEY OF FINANCIAL CHARACTERISTICS OF CON-
(From Federal Reserve BULLETIN unless preceded
by an asterisk)
THE HISTORY OF RESERVE REQUIREMENTS FOR
BANKS
IN THE UNITED STATES. NOV. 1938.
SUMERS. Mar. 1964. 9 pp.
TREASURY AND FEDERAL RESERVE FOREIGN E X CHANGE OPERATIONS AND THE GOLD POOL. Mar.
1964. 14 pp.
20 pp.
U.S. TRADE AND PAYMENTS IN 1963. Apr. 1964.
•PART I, ALL-BANK STATISTICS, 1896-1955. Re-
print of the U.S. Summary containing a description of revised statistics for all banks in
the United States, by class of bank, together
with revised statistics. Apr. 1959. 94 pp.
STATISTICS ON THE GOVERNMENT
MARKET. Apr. 1961. 8 pp.
SECURITIES
REVISION OF CONSUMER CREDIT STATISTICS. Dec.
1961. 15 pp.
7 pp.
FLOWS
THROUGH
FINANCIAL
INTERMEDIARIES.
May 1964. 9 pp.
BANKING AND MONETARY STATISTICS,
1963. Se-
lected series of banking and monetary statistics for 1963 only. Feb., Mar., and May 1964.
15 pp.
REVISION OF THE MONEY SUPPLY SERIES. June
REVISED INDEXES OF FREIGHT CARLOADINGS. Dec.
1964. 14 pp.
1961. 3 pp.
REVISION OF BANK CREDIT SERIES. June
INDUSTRIAL
PRODUCTION—1957-59
BASE.
Oct.
1962. 10 pp.
FLOW OF FUNDS SEASONALLY ADJUSTED. NOV.
1962. 15 pp.
FARM D E B T AS RELATED TO VALUE OF SALES.
Feb. 1963. 9 pp.
CHANGES IN STRUCTURE OF THE FEDERAL DEBT.
TIME
CERTIFICATES
OF DEPOSIT.
Apr. 1963. 11 pp.
IN
THE U.S.
FEDERAL
RESERVE
SECURITY
TRANSACTIONS,
1954-63. July 1964. 16 pp.
NEW
SERIES ON FEDERAL FUNDS. Aug.
1964.
MINISTERIAL STATEMENT OF THE GROUP OF T E N
PREPARED
BY DEPUTIES.
Aug.
1964. 25 pp.
TREASURY AND FEDERAL RESERVE FOREIGN E X -
BANK LOANS SECURED BY STOCKS AND BONDS.
July 1963. 19 pp.
BANK
July 1964. 9 pp.
AND A N N E X
N E W FOREIGN BOND ISSUES
MARKET. May 1963. 13 pp.
A
RECENT MONETARY AND CREDIT DEVELOPMENTS.
31 pp.
Mar. 1963. 10 pp.
NEGOTIABLE
1964.
5 pp.
CHANGE OPERATIONS. Sept. 1964. 16 pp.
U.S. BALANCE OF PAYMENTS, 1963-64. Oct. 1964.
EXAMINER
LOOKS AT AGRICULTURAL
LENDING. July 1963. 8 pp.
8 pp.
YIELD DIFFERENTIALS IN TREASURY BILLS, 1959-
MEASURING AND ANALYZING ECONOMIC GROWTH.
64. Oct. 1964. 20 pp.
Aug. 1963. 14 pp.
U.S.
BANK AND PCA LENDING TO FARMERS. Sept. 1963.
11pp.
THE O P E N MARKET POLICY PROCESS. Oct. 1963.
10 pp.
SECURITIES
in
1964.
Nov.
RESEARCH INTO BANKING STRUCTURE AND COMPETITION. Nov. 1964. 17 pp.
11pp.
RECENT
GOVERNMENT
1964. 8 pp.
INTEREST
RATE TRENDS.
NOV. 1963.
BANK CREDIT AND MONETARY DEVELOPMENTS IN
1964. Feb. 1965. 13 pp.
Index to Statistical Tables
(For list of tables published quarterly, semiannually, or
annually, with latest BULLETIN reference, see page 260.)
Acceptances, bankers', 269, 286, 288
Agricultural loans of commercial banks, 280, 282
Arbitrage, 350
Assets and liabilities (See also Foreign liabilities and
claims):
Banks and the monetary system, consolidated, 275
Corporate, current, 300
Domestic banks, by classes, 276, 280, 282
Federal Reserve Banks, 270
Automobiles:
Consumer instalment credit, 304, 305, 306
Production index, 308, 309
Demand deposits—Continued
Type of holder, at commercial banks, 281
Deposits (See also specific types of deposits):
Adjusted, and currency, 275
Banks, by classes, 268, 276, 281, 284, 288
Federal Reserve Banks, 270, 347
Postal savings, 268, 275
Discount rates, 267, 349
Discounts and advances by Federal Reserve Banks,
262, 270, 272
Dividends, corporate, 299, 300
Dollar assets, foreign, 339, 347
Bankers' balances, 281, 283
(See also Foreign liabilities and claims)
Banking and monetary statistics for 1964, 326
Banking offices:
Changes in number, 324
Par and nonpar offices, number, 325
Banks and the monetary system, consolidated
statement, 275
Banks for cooperatives, 295, 296
Bonds (See also U.S. Govt. securities):
New issues, 296, 297, 298
Prices and yields, 286, 287
Brokers and dealers in securities, bank loans to,
280, 282
Business expenditures on new plant and
equipment, 300
Business indexes, 312
Business loans (See Commercial and industrial loans)
Earnings and expenses, Federal Reserve Banks, 322
Earnings and hours, manufacturing industries, 315
Employment, 312, 314, 315
Capital accounts:
Banks, by classes, 276, 281, 284
Federal Reserve Banks, 270
Carloadings, 312
Central banks, foreign, 336, 349
Coins, circulation of, 273
Commercial and industrial loans:
Commercial banks, 280
Weekly reporting member banks, 282, 285, 329
Commercial banks:
Assets and liabilities, 276, 279, 280
Consumer loans held, by type, 305
Number, by classes, 276
Real estate mortgages held, by type, 301
Commercial paper, 286, 288
Condition statements (See Assets and liabilities)
Construction, 312, 313
Consumer credit:
Instalment credit, 304, 305, 306, 307
Noninstalment credit, by holder, 305
Consumer price indexes, 312, 316
Consumption expenditures, 318, 319
Corporations:
Sales, profits, taxes, and dividends, 299, 300
Security issues, 297, 298
Security prices and yields, 286, 287
Cost of living (See Consumer price indexes)
Currency in circulation, 262, 273, 274
Customer credit, stock market, 287
Debits to deposit accounts, 272
Debt (See specific types of debt or securities)
Demand deposits:
Adjusted, banks and the monetary system, 275
Adjusted, commercial banks, 272, 274, 281
Banks, by classes, 268, 276, 284
Turnover of, 272
Farm mortgage loans, 301, 302
Federal finance:
Cash transactions, 290
Receipts and expenditures, 291
Treasurer's balance, 290
Federal funds, 266
Federal home loan banks, 295, 296, 303
Federal Housing Administration, 287, 301, 302, 303
Federal intermediate credit banks, 295, 296
Federal land banks, 295, 296
Federal National Mortgage Assn., 295, 296, 303
Federal Reserve Banks:
Condition statement, 270
Earnings and expenses, 322
U.S. Govt. securities held by, 262, 270, 272,
292, 293
Federal Reserve credit, 262, 270, 272
Federal Reserve notes, 270, 273
Federally sponsored credit agencies, 295, 296
Finance company paper, 286, 288
Financial institutions, loans to, 280, 282
Float, 262
Flow of funds, 320
Foreign central banks, 336, 349
Foreign currency operations, 270, 272, 338, 346
Foreign deposits in U.S. banks, 262, 270, 271, 281,
284, 347
Foreign exchange rates, 351
Foreign liabilities and claims:
Banks, 340, 342, 343, 345, 347
Nonfinancial concerns, 348
Foreign trade, 353
Gold:
Certificates, 270, 273
Earmarked, 347
Net purchases by U.S., 338
Production, 337
Reserves of central banks and govts., 336
Reserves of foreign countries and international
organization, 339
Stock, 262, 275, 338
Gross national product, 318, 319
Hours and earnings, manufacturing industries, 315
Housing starts, 313
Income, national and personal, 318
Industrial production index, 308, 312
Instalment loans, 304, 305, 306, 307
Insurance companies, 289, 292, 293, 302
Insured commercial banks, 278, 280, 324
Interbank deposits, 268, 276, 281
359
360
FEDERAL RESERVE BULLETIN • FEBRUARY 1965
Interest rates:
Bond yields, 286, 333
Business loans by banks, 285
Federal Reserve Bank discount rates, 267
Foreign countries, 349, 350
Money market rates, 286, 332, 350
Mortgage yields, 287
Stock yields, 286, 333
Time deposits, maximum rates, 268
International capital transactions of the U.S., 340
International institutions, 336, 338, 339
Inventories, 318
Investment companies, new issues, 298
Investments (See also specific types of investments):
Banks, by classes, 276, 280, 283, 288
Commercial banks, 279
Federal Reserve Banks, 270, 272
Life insurance companies, 289
Savings and loan assns., 289
Labor force, 314
Loans (See also specific types of loans):
Banks, by classes, 276, 280, 282, 288
Commercial banks, 279
Federal Reserve Banks, 262, 270, 272
Insurance companies, 289, 302
Insured or guaranteed by U.S., 301, 302, 303
Savings and loan assns., 289, 302
Manufactures, production index, 309, 312
Margin requirements, 268
Member banks:
Assets and liabilities, by classes, 276, 280
Banking offices, changes in number, 324
Borrowings at Federal Reserve Banks, 264,
270, 284
Deposits, by classes, 268
Number, by classes, 277
Reserve position, basic, 266
Reserve requirements, 268
Reserves and related items, 262
Weekly reporting series, 282, 326
Mining, production index, 309, 312
Money rates (See Interest rates)
Money supply and related data, 274
Mortgages (See Real estate loans)
Mutual funds, 298
Mutual savings banks, 275, 276, 278, 288, 292, 293,
301, 324
National banks, 278, 324
National income, 318, 319
National security expenditures, 291, 318
Nonmember banks, 278, 280, 281, 324
Open market transactions, 269
Par and nonpar banking offices, number, 325
Payrolls, manufacturing, index, 312
Personal income, 319
Postal Savings System, 268, 275
Prices:
Consumer, 312, 316
Security, 287
Wholesale commodity, 312, 316
Production, 308, 312
Profits, corporate, 299, 300
Real estate loans:
Banks, by classes, 280, 288, 301
Mortgage yields, 287
Type of holder, 301, 302, 303
Type of property mortgaged, 301, 302, 303
Reserve position, basic, member banks, 266
Reserve requirements, member banks, 268
Reserves:
Central banks and govts., 336
Commercial banks, 281
Federal Reserve Banks, 270
Foreign countries and international organizations, 339
Member banks, 262, 264, 268, 281, 283
Residential mortgage loans, 301, 302, 303
Retail credit, 304
Retail sales, 312
Sales finance companies, consumer loans of, 304,
305, 307
Saving:
Flow of funds series, 320
National income series, 319
Savings and loan assns., 289, 293, 302
Savings deposits (See Time deposits)
Savings institutions, principal assets, 288, 289
Securities (See also U.S. Govt. securities):
Federally sponsored agencies, 295
International transactions, 346, 347
New issues, 296, 297, 298
Silver coin and silver certificates, 273
State and local govts.:
Deposits of, 281, 284
Holdings of U.S. Govt. securities, 292, 293
New security issues, 296, 297
Ownership of obligations of, 280, 288, 289
Prices and yields of securities, 286, 287
State member banks, 278, 324
Stock market credit, 287
Stocks:
New issues, 297, 298
Prices and yields, 286, 287
Tax receipts, Federal, 291
Time deposits, 268, 274, 275, 276, 281, 284
Treasurer's account balance, 290
Treasury cash, 262, 273, 275
Treasury currency, 262, 273, 275
Treasury deposits, 262, 270, 290
Turnover, deposit, 272
Unemployment 314
U.S. balance of payments, 352
U.S. Govt. balances:
Commercial bank holdings, by classes, 281, 284
Consolidated monetary statement, 275
Treasury deposits at Federal Reserve Banks, 262,
270, 290
U.S. Govt. securities:
Bank holdings, 275, 276, 280, 283, 288, 292, 293
Dealer transactions, positions, and financing, 294
Federal Reserve Bank holdings, 262, 270, 272,
292, 293
Foreign and international holdings, 270, 339, 347
International transactions, 346
New issues, gross proceeds, 297
Open market transactions, 269
Outstanding, by type of security, 292, 293, 295
Ownership of, 292, 293
Prices and yields, 286, 287, 350
United States notes, outstanding and in circulation, 273
Utilities, production index, 309, 312
Vault cash, 262, 268,281
Veterans Administration, 301, 302, 303
Weekly reporting member banks, 282, 326
Yields (See Interest rates)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
THE FEDERAL RESERVE SYSTEM g)
HAWAII
^ <C^%?
^^
^
Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
© Board of Governors of the Federal Reserve System
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