Full text of Federal Reserve Bulletin : January 1964

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FEDERAL RESERVE

B U LLETIN
January 1964

BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM




WASHINGTON




E D I T O R I A L

C O M M I T T E E

Charles Molony

Ralph A. Young

Guy E. Noyes

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

Contents
Economic Expansion in Perspective

i

Law Department

9

Announcements

33

National Summary of Business Conditions

43

Guide to Tabular Presentation

46

Financial and Business Statistics, U. S. (Contents on p. 47)

48

International Financial Statistics (Contents on p. 115)

116

Board of Governors and Staff

134

Open Market Committee and Staff; Federal Advisory Council

135

Federal Reserve Banks and Branches

136

Federal Reserve Board Publications

137

Index to Statistical Tables

139

Map of Federal Reserve System

Inside back cover

Volume £o * Number i
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Economic Expansion in Perspective
As THE YEAR 1963 ended, the cyclical
expansion that began in early 1961 was continuing. Throughout the year the nation's
total output of goods and services increased
at a fairly steady pace.
In the fourth quarter gross national product reached a seasonally adjusted annual
rate of $600 billion. This was $35 billion, or
6 per cent, higher than at the end of 1962.
In constant prices the rise amounted to 4.5
per cent.
Differences between the current cyclical
upswing and earlier postwar ones are numerous. Increases in demands have not been
so sharp in some key areas as at times in
earlier expansions, but they have generally
been more persistent.
The growth in aggregate output from the
preceding cyclical peak has already exceeded
increases over the preceding two cycles.
Furthermore, in December the current expansion, measured from its cyclical low,
was within a few months of equaling the

duration of the 1954-57 advance. That was
one of the longest peacetime expansions on
record.
Industrial prices firmed in 1963, and
consumer prices continued to drift up. But
on the whole, inflationary pressures, which
were pronounced from 1955 to mid-1957,
have been muted in this expansion. Wage
increases have been moderate, and productivity gains have been substantial. In
manufacturing, labor costs per unit of output have changed little. Competition from
abroad has remained strong and has been
a significant influence on prices for many
products.
Relative stability in prices and the moderate nature of wage increases have reflected
in large part the fact that resources have
been ample. Employment has shown a sizable increase, mainly in nonindustrial activities, but unemployment has remained high,
ranging between 5.5 and 6.0 per cent of
the civilian labor force. In December, at

ECONOMIC ACTIVITY advoices hrtbtr la 1963
1960-6^100
liO f-

1960-61=100

IMPLOYMENTt
CURJUNT
DOILAKS
'/•'

NONIMDUSTRIAL
CONSTANT
OOt LARS

INDUmiAl

\,
1960

1

1
1961

1
1962

j-vl k/\,
1
1963
I960
1961

1

NOTE.—Seasonally adjusted indexes based on Dept. of
Commerce data for GNP, personal income, and retail sales
and on Bureau of Labor Statistics establishment data for
nonagricultural employment. Industrial includes manufacturing,




1
1962

JX,J

1963

kr

-.1
1960

1
1961

I
1962

,,-J 90
1963

mining, transportation and public utilities, ana constructionnonindustrial includes all other. Latest figures: GNP fourth
quarter estimates of Council of Economic Advisers; other
series, Dec.

1

FEDERAL RESERVE BULLETIN • JANUARY 1964

5.5 per cent, the unemployment rate was
the same as a year earlier. Although manufacturing capacity is being used more intensively than a year earlier, utilization
rates are below the highs reached in most
earlier postwar expansions and also appreciably below operating rates preferred
by producers.
DEMANDS IN 1963

The rise in total output of goods and services
in 1963 stemmed from widespread increases
in demands. After the first quarter of the
year consumers, business, and government
all contributed to the expansion. Consumer
purchases of goods and services about kept
pace with rising disposable income. There
was no significant change in this relationship in the fourth quarter, even though
retail sales showed an exceptionally large
increase in December. In 1963, as in 1962
and 1961, auto purchases showed a sizable
increase late in the year, after the new
models came on the market. In the residential construction area, activity advanced to
a new record level.
Business investment demands continued
to expand moderately, about keeping pace
with expansion in other demands. After a
lull early in the year, business outlays for
fixed capital increased to a new high at the
year-end. The gain for 1963 as a whole was
5 per cent. Inventory accumulation was a
little smaller than in 1962, and the rate
for the fourth quarter was not much above
the average for the year. Stock-sales ratios
continued low.
State and local government purchases
maintained their steady advance, with employee compensation and highway construction up substantially. Federal purchases,
however, increased only a little further dur-




ing the second half of the year, after a sizable increase beginning in early 1961.
Exports of goods and services increased
about 10 per cent from late 1962 to late
1963, in large part reflecting the resumption
of expansion in industrial countries abroad.
With the advance in U.S. production and incomes, imports of goods and services also
rose, but much less sharply than they had
during the initial recovery period of 1961.
The net export balance improved during
1963 and in the fourth quarter was at an
annual rate of $5 billion—about $1.5 billion larger than a year earlier. A rate this
high was last reached in early 1961, when
imports were at their recession low.
DEMANDS IN THREE CYCLES

While this upswing has not avoided a period
of hesitation such as had characterized earlier expansion periods—in this case the slowdown came after mid-19 62—the broad picture is one of greater persistence and greater
uniformity of expansion among the major
demand sectors. By the end of 1963 this
upswing had out-lasted and in most respects
out-performed the 1958-60 expansion and in
duration was approaching the one in 195457. December was the 34th month after the
early 1961 cyclical low. This figure compares with 39 months for the 1954-57 upswing and 25 months for that in 1958-60.
In constant dollars, GNP in the fourth
quarter of 1963 was 14 per cent above the
previous cyclical peak in mid-1960. Growth
over this period was at an annual rate of
3.8 per cent. The rise, both in total and in
terms of average annual rates, exceeded the
increase in each of the two preceding complete cycles. From the spring of 1953 to
the summer of 1957, real GNP increased
at a rate of only 2.3 per cent a year.

ECONOMIC EXPANSION IN PERSPECTIVE

The favorable showing in the current
cycle is the net result of a variety of developments. The accompanying chart shows, in
constant prices, the changes in expenditures
in sectors that, together, now account for
around a third of GNP. These sectors have
accounted for the bulk of postwar cyclical
fluctuations and also for major differences
among the cycles.
Rising Federal purchases of goods and
services accounted for one-eighth of the increase in real GNP from mid-1960 to the
end of 1963. This is in sharp contrast to
developments in the 1953-57 cycle, when the
post-Korean War cut-back in defense expenditures was being worked out. Moreover,
the rise after 1961 contrasts with the 195760 cycle when, after an initial rise, Federal
outlays were reduced fairly steadily. The rise
during this upswing has reflected mainly
expansion in outlays for defense and space
programs. Defense outlays are now budgeted
to decline in the fiscal year 1965.
The behavior of private residential construction activity has also been very different
in this cycle. Continuing its longest rise of
the postwar period, such activity reached a
new high in the fourth quarter of 1963. For
the year 1963 housing starts totaled 1.6 million units as compared with 1.5 million in
1962. In previous cycles the typical pattern
was a sharp and relatively brief expansion
followed by a steady decline.
Differences between the current and previous patterns are related in part to variations in the availability, cost, and terms of
mortgage credit. These in turn have reflected broad differences among the cycles
in monetary policy, savings preferences, the
supply of long-term investment funds, and
the strength of alternative demands for
funds. The recent expansion in residential
construction activity has been concentrated




GNP shows more rIs«fhaBii«irlier
expansions

Anj KIY twqKWWlt list wart M i l f o f If
' 1X0

NOTE.—Indexes based on preceding GNP cyclical peaks as
100, calculated by Federal Reserve from Dept. of Commerce
seasonally adjusted figures (fourth quarter 1963 estimates
are from the Council of Economic Advisers) in 1954 dollars.
Indexes (for 1953-57 cycle, solid blue line; for 1957-60,
dashed blue; for 1960-63, black) centered at troughs in GNP.
Business investment represents private construction other
than nonfarm residential (which is shown in panel above),
producers' durable equipment, and change in business inventories.

FEDERAL RESERVE BULLETIN • JANUARY 1964

in apartments, whereas the two preceding
expansions were largely in single-family
houses. Multifamily units—3 or more—
accounted for about one-third of all private
starts in 1963 as compared with about oneseventh as recently as 1959.
While the recent rise in personal consumption expenditures on durable goods has
fallen short of the dramatic run-up in 1955,
it has shown more staying power. The stairstep nature of the upswing reflects primarily
the repeated concentration of the rise in demands for autos in the fourth quarter.
BUSINESS INVESTMENT

The chart also reveals differences in the
patterns of business investment among the
three cycles. During most of the current
upswing, especially in contrast with 195457, business has tended to view near-term
prospects in cautiously optimistic rather than
ebullient terms. This has colored investment
decisions relating to both inventories and
fixed capital.
Inventories. In this cycle the highest rate
of inventory accumulation was reached in
late 1961 and early 1962, when steel was
being stockpiled as a precaution against a
possible steel strike. There was a similar development on a more moderate scale last
spring. Except for the alternating accumulation and liquidation patterns in steel stocks,
inventory accumulation has generally maintained a moderate pace.
The rate increased in the fourth quarter
of 1963. But according to the latest Department of Commerce quarterly survey conducted in November, manufacturers expected their rate of inventory investment to
recede in the first quarter of 1964 to about
the pace prevailing up to last autumn.
Although there have been some influences
in the direction of larger stock holdings—




NOTE.—Dept. of Commerce data for manufacturers. Latest
figures shown, Nov., except for Mar. 1964 estimate, which is
based on latest survey (Nov.) of manufacturers' inventory
and sales expectations.

notably the increased variety of goods, as
in the case of autos—businesses generally
have tended to keep their inventories more
nearly in line with sales. Stock-sales ratios
have shown remarkable stability for such an
extended period in a cyclical expansion.
In recent years incentives to economize inventories have included the assurance of
prompt deliveries—as a result of ample supplies and productive capacity—and the relative stability of prices. Furthermore, greater
use of electronic computers has facilitated
tighter control of stocks.
Fixed capital outlays. Total business outlays for construction and equipment rose
moderately during 1963 to a new record
level—with the fourth-quarter rate oneseventh above mid-1957. The most recent
Commerce-SEC survey of nonfarm business
plans for new plant and equipment outlays
suggests little change in the first quarter

ECONOMIC EXPANSION IN PERSPECTIVE

of 1964 and resumption of moderate expansion in the second quarter.
Achievement of a new high has resulted
mainly from substantial growth in the communication and commercial industries where
outlays have increased a third since early
1957. In the important area of manufacturing, outlays in the fourth quarter about
equaled the previous record reached in mid1957. Outlays planned for the second quarter are only slightly above the highs reached
7 years earlier.
In terms of constant prices, total business spending for new plant and equipment now in prospect for the second quarter
would be nearly as much above such outlays at the preceding cyclical peak as was
true at the corresponding stage of the 195357 cycle. But in that cycle the contour was
quite different, encompassing an explosive
and inflationary expansion in fixed capital
spending from early 1955 to mid-1956, followed by a protracted high plateau.
Expanding outlays by the communications and commercial sector have been
largely for new capacity—for example, communication facilities, office buildings, and
shopping centers. Many observers have
questioned whether there may be an overexpansion of commercial facilities in some
metropolitan areas, and they have similarly
questioned the expansion in apartment construction. In contrast, a much larger proportion of the current rise in investment outlays by manufacturing industries has been
for modernization of equipment rather than
for more capacity, as indicated in the
BULLETIN for December 1963. This has
stemmed in part from pressures to minimize
costs in a more competitive climate and
from changes in technology.
The steel industry is a case in point: it




was a bellwether in the 1955-57 investment
boom, and has been again in 1963 and in
spending plans for 1964. In early 1955 steel
production was heading towards 100 per
cent of capacity, and the industry initiated
a large capacity expansion program. But in
1963 and early 1964 its investment programs have been designed mainly to improve or displace outmoded facilities, for
the industry was still operating far below
capacity in the last half of 1963.
The more moderate nature of the current
expansion in fixed capital outlays in the
industrial sector has reflected basic differences in short-run pressures of demand on
capacity, in evaluation of the inflation potential, and in assessment of long-term needs
for capacity. With some exceptions, significant pressures on capacity have not yet
occurred, whereas in the first year of the
1954-57 expansion they had developed in
several important industries. In the course
of that expansion, however, additions to
capacity outpaced faltering expansion of
demands for materials and other final products. Growth in capacity during that period
clearly dampened fixed investment demands
for some time thereafter.
Throughout this expansion financial circumstances have been quite favorable for
business investment. In previous cycles corporate cash flows leveled off or declined
after the early recovery period, but in this
cycle they have continued to rise. In 1962
the amount of the increase was boosted by
the new investment tax credit and the
Treasury's revised depreciation guidelines,
but the continued rise in 1963 reflected also
a further—and cyclically atypical—expansion of profits.
CONSUMER INCOMES

Personal income rose 5 per cent during
1963, as it did from the end of 1961 to the

FEDERAL RESERVE BULLETIN • JANUARY 1964

end of 1962, and there were only minor
changes in the rates of increase for various
types of income in the 2 years. Except for
farm income, which declined somewhat in
1963, all major types of income maintained
a steady upward course. Wages and salaries
increased somewhat more than in 1962
because of a larger increase in nonagricultural employment.
Most of the rise in income reflected a
sizable increment in real buying power.
Consumer prices showed a rise of 1.3 per
cent, about the same as during 1962. Population increased by 1.4 per cent, and per
capita real income rose more than 2 per cent
further. The rate of population growth,
which averaged 1.7 per cent a year in the
late 1940's and the 1950's, has declined in
recent years because of a lower birth rate.

CONSUMERS spend relatively stable proportion
of disposable income in this expansion

HONDURABLES proportion continues down;
SERVICES tend to stabilize
NONDURABLE GOODS

i

UJ

30

PROPORTION spent OR dsrables rises moderately

CONSUMER SPENDING AND SAVING

Personal consumption expenditures rose by
5 per cent from late 1962 to the fourth
quarter of 1963. The broad pattern of consumer buying changed little. Expenditures
for services and durable goods rose somewhat more than income while spending for
nondurable goods rose less. Purchases of
nondurable goods moved up irregularly
during 1963, and, on the whole, quite
moderately. As in 1962, most of the rise in
expenditures for durable goods occurred in
the fourth quarter.
The proportions of disposable income
spent and saved have fluctuated less during
the current cyclical upswing than in the
two preceding ones. The spending rate has
ranged between 92 and 93 per cent of
disposable income rather than from 92 to
94 per cent.
Reflecting interest rate relationships and
other competitive factors, consumers' preferences for liquid assets over other forms of




NOTE.—Based on Dept. of Commerce quarterly figures
adjusted for seasonal variation; fourth quarter, based on
Council of Economic Advisers' estimates.

financial assets have remained strong, as
contrasted with a tendency toward direct
financial investment in earlier expansions.
This has led to an unusual increase in savings deposits and other liquid asset holdings.
By late 1963 consumer holdings of such
assets were equivalent to 93 per cent of
the annual rate of disposable income, well
above the 86 per cent of late 1961.
Automobiles. A notable feature of the
current expansion period has been the progressive stepping-up of demands for new
domestic autos beginning with introduction
of the 1962 models in late 1961. In terms of
unit sales, that model year was the most successful since 1955. When the 1963 models
came onto the market in the fall of 1962,
sales of domestic cars jumped again and during that model year totaled 7.2 million cars.

ECONOMIC EXPANSION IN PERSPECTIVE

And there was another spurt when the 1964
models were introduced. Sales of domestic
cars in the fourth quarter of 1963 were
at an annual rate of 7.7 million units.
Strength in auto markets has also led, since
mid-1962, to increased purchases of imported cars, after 3 years of decline.
For the year 1963 dealer sales of new
autos, including imports, totaled 7.7 million
units. This number exceeded by about 3
per cent the 7.5 million record established
8 years earlier. This new record must be
viewed in the perspective of a 15 per cent
rise in population between 1955 and 1963;
of a 13 per cent increase in real per capita
disposable income; and also of big increases
in the number of cars on the road, in scrappage, and in replacement demand.
Current-dollar outlays for autos represented only 4.7 per cent of total consumption expenditures in 1963, considerably less
than the 5.7 per cent of 1955. Prices of
autos have risen more since 1955 than
average prices of consumer goods, although
in recent years list prices of new autos have
been virtually stable.
Other durable goods. Consumer purchases
of radios and television sets, appliances, and
other household durable goods are a little
larger in total dollar volume than auto
purchases, but they tend to show smaller
cyclical fluctuations. Purchases of these
home goods showed only a moderate increase from late 1961 to mid-1963 but
rose sharply thereafter. The advances were
widespread. The further increase in new
housing units was an expansive influence
last year on demands for furniture and
other household equipment.
PRICES

Partly because resources have been ample
relative to demands, the current upswing




has proceeded without upward pressures on
costs and prices of the sort that distorted
the 1954-57 upswing. Industrial prices
firmed during 1963, particularly for metals
and some metal products, but the broad
average showed only a slight rise as some
prices declined and many others were unchanged. At the end of 1963, average industrial prices were no higher than in early
1961, and little changed from early 1959.
From mid-1955 to mid-1957 they increased
nearly 10 per cent.
As a rule, consumer prices tend to follow
wholesale prices after a lag. From early 1956
to late 1957 the consumer price index rose
6 per cent. Since early 1961, it has risen 3.5
per cent, with services up 5 per cent and
commodities up 2.5 per cent. In the 195657 period retail prices of commodities rose
about as much as services.
LABOR MARKET

More expansion in output from the preceding cyclical high has been achieved in this
upswing with about the same increase in
employment as in the two preceding cycles.
Maintenance of a relatively long workweek
in manufacturing and a sustained—and in
total, somewhat larger—rise in productivity
has made this possible. Output per manhour in the private nonfarm sector of the
economy in recent years has risen faster
than the postwar trend and is above it.
Manufacturing industries show a similar
pattern but around a more steeply rising
trend.
The sustained rise in productivity and
moderate growth in the labor force have resulted in less over-all pressure on the labor
market in this upswing: the unemployment
rate has been relatively stable since early
1962—it has averaged 5.7 per cent of the
civilian labor force—whereas in the corre-

FEDERAL RESERVE BULLETIN • JANUARY 1964

NOTE.—BLS index; 1963 partly estimated by Federal Reserve. Trend calculated by Federal Reserve as straight line
fitted by least squares to logarithms of data for all years.

sponding phase of the 1954-57 upswing it
remained close to 4 per cent. Even in
the brief 1958-60 upswing, unemployment
reached a lower rate than it has so far in
this expansion.
Unemployment rates for younger workers




have been high, increasing somewhat further
in 1963. Workers most affected have been
those with insufficient education. In contrast,
increased industrial activity last year resulted in a small reduction in unemployment
among adult male workers.
Average hourly earnings in manufacturing have risen moderately during the current
cycle: 2.9 per cent a year since 1960 as
compared with 3.3 per cent from 1957 to
1960 and 4.2 per cent from 1953 to 1957.
In conjunction with the large rise in productivity, this has brought about an unusual
stability in unit labor costs.
In manufacturing industries total wage
and salary costs per unit of output, including the cost of fringe benefits, were estimated
to be no higher in late 1963 than in mid1960. Indeed, such costs are currently about
the same as they were in the summer of
1957. In the 1953-57 cycle they had increased by nearly 10 per cent. Stability in
unit labor costs has made a major contribution to relative stability of industrial prices
in recent years.

Law Department
Administrative

interpretations, new regulations, and similar material

Savings Accounts by Corporations Operated
for Profit Prohibited

The Board of Governors has received inquiries
regarding an interpretation issued by the Comptroller of the Currency under date of December
19, 1963, to the effect that "a national bank may
. . . accept savings accounts without regard to
whether the funds deposited are to the credit of
one or more individuals or of a corporation, association, or other organization, whether operated
for profit or otherwise."
As members of the Federal Reserve System, national banks are subject to the provisions of Section 19 of the Federal Reserve Act which prohibit
member banks from paying interest, directly or indirectly, on any demand deposit and which require
the Board of Governors to limit the rate of interest
that may be paid by such banks on time and savings deposits. To this end, it is necessary to define
the terms "demand deposits" and "savings deposits"; and the law expressly authorizes the
Board of Governors to define such terms and to
prescribe regulations to effectuate the purposes of
the statute and prevent evasions.
The Board's Regulation Q defines a "savings deposit" in a manner that permits such deposits to
be made only by individuals or by corporations,
associations, and other organizations which are
not operated for profit but for religious, philanthropic, charitable, educational, fraternal, or similar purposes. This definition has been in effect
since 1936.
Accordingly, a deposit by a corporation operated for profit may not be classified by any member bank, including a national bank, as a savings
deposit. Unless such a deposit comes within the
definition of a time deposit" it would constitute
a demand deposit under Regulation Q and payment of interest on such deposit by a national
bank would violate the prohibition of the law
against payment of interest on demand deposits.
Failure of a national bank to comply with provisions of the Federal Reserve Act constitutes
grounds for instituting legal proceedings to close




the bank. The law also provides that any director
of a national bank participating in or assenting to
a violation shall be personally liable for any
damages that may be sustained by the bank, its
shareholders, or any other persons in consequence
of the violation.
In addition, Federal Reserve Regulation D,
relating to reserves required to be maintained by
member banks in the Federal Reserve System,
contains a definition of savings deposits identical
to that of Regulation Q. No deposit of a business
corporation in a member bank may be classified
as a savings deposit for reserve purposes and,
unless it falls within the definition of a time deposit, a national bank must maintain against such
a deposit the reserves applicable to demand deposits ( 1 6 ^ per cent for reserve city banks and
12 per cent for other member banks), rather than
those applicable to time and savings deposits (4
per cent for all member banks). Classification of
such a deposit as a savings deposit would violate
Regulation D and subject the member bank to a
penalty for any resulting reserve deficiency.
Capital Notes and Debentures as "Capital",
"Capital Stock", or "Surplus"

The Board of Governors has been presented
with the question whether capital notes or debentures issued by banks, that are subordinated to deposit liabilities, may be considered as part of a
bank's "capital stock", "capital", or "surplus", for
purposes of various provisions of the Federal
Reserve Act that impose requirements or limitations upon member banks.
A "note" or "debenture" is an evidence of debt,
embodying a promise to pay a certain sum of
money on a specified date. Such a debt instrument
issued by a commercial bank is quite different
from its "stock", which evidences a proprietary or
"equity" interest in the assets of the bank. Likewise, the proceeds of a note or debenture that
must be repaid on a specified date cannot reasonably be regarded as "surplus funds" of the
issuing corporation.

10

FEDERAL RESERVE BULLETIN • JANUARY 1964

Federal law (12 U.S.C. 51c) expressly provides
that the term "capital", as used in provisions of
law relating to the capital of national banks, shall
mean "the amount of unimpaired common stock
plus the amount of preferred stock outstanding
and unimpaired." In addition, when Congress in
1934 deemed it desirable to permit certain notes
and debentures—those sold by State banks to the
Reconstruction Finance Corporation—to be considered as "capital" or "capital stock" for purposes of membership in the Federal Reserve System, Congress felt it necessary to implement that
objective by a specific amendment to Section 9 of
the Federal Reserve Act (12 U.S.C. 321). These
plain evidences of Congressional intent compel
the conclusion that, for purposes of statutory
limitations and requirements, "capital" notes and
debentures may not properly be regarded as part
of either "capital" or "capital stock".
Accordingly, under the law, capital notes or
debentures do not constitute "capital", "capital
stock", or "surplus" for the purposes of provisions of the Federal Reserve Act, including, among
others, those that limit member banks with respect to loans to affiliates (12 U.S.C. 371c), purchases of investment securities (12 U.S.C. 24,
335), investments in bank premises (12 U.S.C.
371d), loans on stock or bond collateral (12
U.S.C. 248 (m)), deposits with nonmember banks
(12 U.S.C. 463), and bank acceptances (12
U.S.C. 372, 373), as well as provisions that limit
the amount of paper of one borrower that may
be discounted by a Federal Reserve Bank for any
member bank (12 U.S.C. 84, 330, 345).
Order Under Section 3 of Bank Holding
Company Act

The Board of Governors of the Federal Reserve
System has issued the following Order and Statement with respect to applications by two bank
holding companies for approval of the acquisition
of voting shares of a bank:
THE ATLANTIC NATIONAL BANK OF
JACKSONVILLE AND ATLANTIC TRUST
COMPANY, JACKSONVILLE, FLORIDA
In the matter of the applications of The Atlantic
National Bank of Jacksonville and Atlantic Trust
Company for approval of the acquisition of voting




shares of Daytona Atlantic Bank, Daytona Beach,
Florida.
ORDER APPROVING APPLICATIONS UNDER BANK
HOLDING COMPANY ACT

There have 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)
and Section 222.4(a)(2) of Federal Reserve
Regulation Y (12 CFR 222.4(a) (2)), applications
on behalf of The Atlantic National Bank of Jacksonville and the Atlantic Trust Company, both
registered bank holding companies of Jacksonville,
Florida, for the Board's approval of the acquisition of up to 35,000 of the 36,000 voting shares
of the Daytona Atlantic Bank, Daytona Beach,
Florida, a proposed new bank.
As required by Section 3(b) of the Act, notices
of the applications were given to, and views and
recommendations requested of, the Comptroller
of the Currency and the Florida State Commissioner of Banking, each of whom recommended
approval of the applications. Notice of receipt of
these applications was published in the Federal
Register on October 5, 1963 (28 Federal Register
10762), which provided an opportunity for submission of comments and views regarding the
proposed acquisition, and the time for filing such
comments and views has expired and all comments and views filed with the Board have been
considered by it.
IT IS ORDERED, for the reasons set forth in the
Board's Statement of this date, that said applications be and hereby are approved, provided that
the acquisition so approved shall not be consummated (a) within seven calendar days after
the date of this Order or (b) later than three
months after said date.
Dated at Washington, D. C , this 19th day of
December, 1963.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Robertson, Shepardson, and Mitchell.
Absent and not voting: Governor Mills. Not participating: Governor Daane.
(Signed) MERRITT SHERMAN,
[SEAL]

Secretary.

LAW DEPARTMENT
STATEMENT

The Atlantic National Bank of Jacksonville
("Atlantic Bank") and Atlantic Trust Company,
both of Jacksonville, Florida (herein jointly referred to as "Applicants"), have applied pursuant
to Section 3 (a) (2) of the Bank Holding Company Act of 1956 ("the Act") for the Board's
approval of the acquisition of up to 35,000 of the
36,000 shares of voting stock to be issued of the
Daytona Atlantic Bank, Daytona Beach, Florida
("Bank"), a proposed new bank. Applicants are
both registered bank holding companies; Atlantic
Trust Company, which is not a bank, directly owns
a controlling interest in nine banks, and all of the
outstanding stock of Atlantic Trust Company is
held by trustees for the benefit of the stockholders
of Atlantic Bank.
Views and recommendations of supervisory authorities. Inasmuch as one of the Applicants is a
national bank and the proposed Bank is to be a
State bank, pursuant to Section 3(b) of the Act
notices of the applications were given to, and
views and recommendations requested of, the
Comptroller of the Currency and the Florida State
Commissioner of Banking. Each recommended
approval of the applications.
Statutory factors. In acting upon these applications the Board is required under Section 3(c) of
the Act to take into consideration the following
five factors: (1) the financial history and condition of the applicants and the bank 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 and condition, prospects, an
character of management of Applicants and Bank.
The financial history and condition, prospects, and
management of the Applicants are considered
satisfactory. Sound condition, satisfactory earnings, and capable management of the ten banks
comprising the "Atlantic Group" are factors which
mainly support the stated conclusions in respect
to Applicants. Similarly, operating as a member
of the Atlantic Group, Bank's prospects also are




11
satisfactory. Its proposed financial structure appears sound and its growth and earnings prospects
satisfactory. The fact that Bank's executive management will be drawn from the First Atlantic National Bank of Daytona Beach, a subsidiary of
Applicants, and the further fact that the President
of the largest bank in the Atlantic Group will be
on Bank's board of directors justifies the conclusion that Bank's management will be satisfactory.
Convenience, needs, and welfare of the communities and area concerned. The convenience,
needs, and welfare most directly affected by Aplicants' proposal are those of the residents and
businesses in the City of Daytona Beach and the
community of Holly Hill which adjoins Daytona
Beach to the north. As hereafter discussed, the
Greater Daytona Beach Area, encompassing Daytona Beach, Holly Hill, Ormond Beach, Port
Orange, and other contiguous incorporated and
unincorporated areas, must also be considered in
respect to a determination as to the probable competitive effect if Applicants' proposal is consummated.
Daytona Beach is located on the eastern coast
of Florida approximately 90 miles south of Jacksonville and had a 1960 population of about 37,000. The adjoining community of Holly Hill had
a population of about 4,000 at the same date.
The population of the Greater Daytona Beach
Area was more than 75,000. Pertinent data submitted by Applicants evidences a continued growth
in this area since 1960.
Daytona Beach, for years an ocean resort area
and automobile race center, has recently experienced business and industrial development, accompanied by the aforementioned residential development. This development in Daytona Beach
has occurred generally west of the downtown portion of the city. A municipal airport and large
automobile speedway have been constructed southwest of the city at a point marking the apparent
southeast boundary of the earlier-mentioned expansion. In the same general area southwest of
the city, approximately 2Vi miles southwest of
Bank's proposed site, the General Electric Company is developing its sizable Command Systems
Division, Aerospace Industrial Park, a complex
described as complementing the National Aeronautics and Space Administration installation
some 60 miles to the south at Cape Kennedy.
Further industrial and residential development

12

FEDERAL RESERVE BULLETIN • JANUARY 1964

that may occur will most likely be in a northerly
direction from the site of General Electric's plant.
Bank's proposed site is located approximately
three miles northwest of what appears to be downtown Daytona Beach, at the hub of three through
streets of western Daytona Beach, including one
of only two major east-west thoroughfares.
Bank's designated primary service area, that is,
the area from which Applicants estimate that at
least 75 per cent of Bank's IPC deposits ("individuals, partnerships, and corporations") will
originate, extends in a radius of 1.5 miles in all
directions from the Bank's site and contains an
estimated population of 20,000. It encompasses
two major existing shopping centers and a third
one now in the planning stage. Several other
smaller shopping centers, the city's junior college,
and a hospital are also located within Bank's
primary service area. There is no bank located
within this area. The nearest existing banks, including Applicants' Daytona Beach subsidiary,
are approximately three miles to the east and
southeast.
The evidence before the Board reflects that the
Daytona Beach banks are presently meeting the
major banking needs of the area. Equally clear is
the fact that greater convenience in respect to access to these services will be afforded through Applicants' proposal. Although the aforementioned
General Electric plant, Municipal Airport, and
automobile speedway are not located within
Bank's primary service area, their location just
beyond the southwestern edge of this area makes
reasonable the conclusion that Bank will represent
a more convenient and accessible facility for the
latter area than the nearest presently existing
banks some three miles distant. Bank's geographic
accessibility would appear also to offer to many
residents and businesses in its primary service
area a more convenient source of banking service
than is now afforded them.
The extent to which the convenience of the
area's inhabitants will be accommodated by Bank's
establishment and operation as part of the Atlantic
Group is a consideration offering some, although
not substantial, weight toward approval of the
applications.
Effect of proposed acquisition on adequate and
sound banking, public interest, and banking competition. The Atlantic Group, to which Applicants
belong, is composed of ten banks located in six




counties of the State. At June 29, 1963,1 the Atlantic Group's banks held combined total deposits
of $365 million, representing approximately 6 per
cent of the total deposits of all insured commercial
banks in the State. First Atlantic National Bank,
Daytona Beach, Applicants' only subsidiary in
Volusia County, holds total deposits of approximately $26 million, representing 21 per cent of
the total deposits held by the nine banks in that
county.
The banking structure of Greater Daytona
Beach is made up principally of banks belonging
to either group or chain systems. The systems'
area banks—all located in Daytona Beach and
adjoining Holly Hill—are not significantly different in aggregate deposit size. The following data
reflect the percentages of deposits of all banks in
Daytona Beach and Greater Daytona Beach, respectively, that are held by the three banks located
in Daytona Beach: First Atlantic National Bank,
36 per cent and 30 per cent; Florida Bank and
Trust Company, a bank in the Florida National
Group (not a bank holding company under the
Act), 29 per cent and 24 per cent; and the Commercial Bank, 34 per cent and 28 per cent. The
Commercial Bank is closely associated through
certain interlocking directors and common executive management with the Exchange Bank, Holly
Hill, and, according to the Applicants, will be
similarly associated with a proposed new bank,
Peninsula State Bank. The Peninsula State Bank
will be located about six miles southeast of Bank's
proposed site.
Exclusive of the Daytona Beach banks, there
are two other banks in the Greater Daytona Beach
area. The Ormond Beach National Bank, Ormond
Beach, located seven miles northeast of Bank's
proposed site, was established in 1959 and has
deposits of approximately $14 million. The Exchange Bank, Holly Hill, opened in March 1963,
is 3.8 miles northeast of Bank's proposed site, and
holds deposits of $1.3 million. The establishment
of two additional banks in this area has been authorized. The Peninsula State Bank, earlier mentioned, is one of these. The other, the Halifax National Bank, will be located at Port Orange, approximately seven miles south of Bank's proposed
site.
1

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

13

LAW DEPARTMENT
As the foregoing data indicate, no one of the
banks in Greater Daytona Beach dominates that
market area. Clearly, such dominance will not be
acquired by Applicants as a result of their ownership and operation of the proposed Bank, with
anticipated deposits of $5 million after three years
of operation.
In respect to the likely effect of consummation
of Applicants' proposal on the competitive abilities
of the Greater Daytona Beach banks, little or no
effect can reasonably be anticipated in respect to
the Ormond Beach National Bank or to the proposed Peninsula State Bank and Halifax National
Bank. The distance separating these banks from
Bank's proposed site, and the apparent existing or
anticipated local character of their respective operations, warrant the conclusion that the three
banks named will be virtually unaffected by consummation of Applicants' proposal.
The Daytona Beach-Holly Hill area remains as
the area most directly affected by the proposed
acquisition. As earlier concluded, there is no substantial disparity in the sizes of the Daytona
Beach banks. Apparent healthy competition exists
among Applicants' Daytona Beach subsidiary, the
Daytona Beach member of the Florida National
Group with deposits of about $21 million, and
Commercial Bank, with deposits in excess of $24
million. The latter bank has experienced, in recent
years, substantially greater deposit growth than
has either of its two Daytona Beach competitors.
These facts, together with the fact that Applicants'
proposal involves the establishment of a new bank,
rather than the acquisition of an existing independent bank, satisfy the Board that approval of
these applications will not in any significant respect prove inconsistent with the preservation of
banking competition in Daytona Beach.
In respect to the Exchange Bank at Holly Hill,
while the nearly four miles separating it from the
proposed Bank's site will not foreclose competition
between them, this distance, together with their
respective sizes, portends minimal direct competition. The basically residential nature of the area
served by the Exchange Bank, and that to be
served by the proposed Bank, indicates that the
service of each will be, for the most part, "local" in
character, and that their respective primary service areas will not overlap. Even assuming that as
a result of Applicants' control of Bank, Exchange
Bank should encounter a more vigorous competi-




tive climate than now exists, in view of its association with the second largest and fastest growing
bank in Daytona Beach, there is little likelihood it
would experience any real impediment to continued growth, the potential of which is indicated
by its deposits in excess of $1 million after but
three months of operation.
Summary and conclusion. For the reasons
herein given, the Board finds that the financial
history and condition, prospects, and character of
managmenet of Applicants and of Bank are satisfactory and, accordingly, consistent with approval
of the applications. The Board's finding that more
convenient banking service will result from the
proposed acquisition weights slightly in favor of
approval of the applications. At the same time,
it is the Board's judgment that the proposed acquisition will not result in an expansion in the
size or extent of the Atlantic Group that will be
inconsistent with adequate and sound banking,
the public interest, or the preservation of banking competition.
On the basis of all the relevant facts as contained in the record before the Board, and in the
light of the factors set forth in Section 3(c) of
the Act, it is the Board's judgment that the proposed acquisition would be consistent with the
public interest and that the applications should
therefore be approved.
Orders Under Bank Merger Act

The Board of Governors of the Federal Reserve
System issued the following Orders and Statements
with respect to applications for approval of the
merger or the consolidation of banks:
FIDELITY-PHILADELPHIA TRUST
COMPANY, PHILADELPHIA,
PENNSYLVANIA
In the matter of the application of FidelityPhiladelphia Trust Company for approval of
merger with Liberty Real Estate Bank and Trust
Company.
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 FidelityPhiladelphia Trust Company, Philadelphia, Penn-

14

FEDERAL RESERVE BULLETIN • JANUARY 1964

sylvania, a State member bank of the Federal
Reserve System, for the Board's prior approval
of the merger of that bank and Liberty Real
Estate Bank and Trust Company, Philadelphia,
Pennsylvania, under the charter and title of the
former. As an incident to the merger, the eleven
offices of Liberty Real Estate Bank and Trust
Company would become branches of FidelityPhiladelphia 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
merger.
IT IS HEREBY ORDERED, for that 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
December 1963.
By order of the Board of Governers.
Voting for this action: Chairman Martin, and Governors Balderston, Mills, and Shepardson. Voting
against this action: Governors Robertson and Mit•chell. Absent and not voting: Governor Daane.
(Signed) MERRITT SHERMAN,

Secretary.
f

[SEAL]

STATEMENT

Fidelity-Philadelphia Trust Company, Philadelphia, Pennsylvania ("Fidelity"), with total deposits of $546 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 Liberty Real Estate Bank
and Trust Company, Philadelphia, Pennsylvania
("Liberty"), with total deposits of $136 million.1
The banks would merge under the charter and
title of Fidelity, which is a State-chartered member
bank of the Federal Reserve System. As an incident to the merger, the eleven offices of Liberty
deposit figures are as of June 30, 1963.




would become branches of Fidelity, increasing
the number of its approved offices to 47.2
Under the law, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are
consistent with the purposes of 12 U.S.C, Ch. 16
(the Federal Deposit Insurance Act), (6) the
convenience and needs of the communities to be
served, and (7) the effect of the transaction on
competition (including any tendency toward
monopoly). The Board may not approve the
transaction unless, after considering all these factors, it finds the transaction to be in the public
interest.
Banking factors. The financial history of both
Fidelity and Liberty is satisfactory, and both have
good growth records. Each of the banks has a
sound financial condition, an adequate capital
structure, and favorable earnings prospects. These
attributes would characterize also the resulting
bank, the management of which would be capable
and aggressive.
Fidelity has urged, as a major factor supporting
approval of the application, that the unanticipated
early retirement of Liberty's chief executive officer
has created a serious management problem which
would be difficult to resolve except by the merger
route. The Board finds that this factor is not
entitled to any weight in favor of approval of
the application. There is nothing in the record
that would warrant a finding that Liberty, a $136
million bank in a large metropolitan area, must
resort to merger in order to solve a management
situation of this kind.
The corporate powers of the two banks are not,
and those of the resulting bank would not be, inconsistent with 12 U.S.C, Ch. 16.
Convenience and needs of the community. The
city of Philadelphia (having boundaries coterminous with those of Philadelphia County) and the
adjoining three counties of Delaware, Montgomery, and Bucks, had a 1960 population exceeding 3.3 million. Under Pennsylvania law, a
bank headquartered in Philadelphia County may
establish branches in any of the four counties. The
2

Five approved branches of Fidelity not yet open
for business are included in the total.

LAW DEPARTMENT
Standard Metropolitan Statistical Area of Philadelphia ("SMSA"),3 which is comprised of these
four counties and also the three New Jersey
counties of Burlington, Camden, and Gloucester,
had a 1961 population of about 4.3 million.
The fourth largest city in the United States,
Philadelphia has a broadly diversified economy.
It is an important commercial and industrial
center, and is one of the main seaports of the
country. In 1961, there were over 4,000 industrial
establishments in the city which employed more
than 273,000 persons and produced goods valued
at over $5 billion.
Philadelphia, like many other cities, has recently engaged in vigorous urban redevelopment
in order to eliminate blighted areas, provide more
attractive residential sections, and counter the
movement of some of its inhabitants and industries
to the suburbs. The city continues to make major
efforts to retain existing industries and to attract
new ones.
Indicative of the banking structure in Philadelphia is the fact that, among the fifteen principal
financial centers in the country, excluding New
York City, 1959 data show that Philadelphia
ranked thirteenth in concentration of banking resources whether measured as the percentage held
by the two or by the four largest banks in each
of the various centers, and fourteenth as to such
concentration in the largest banks in those centers.4 There are fifteen banks with head offices in
Philadelphia operating branches at various points
in the four-county area. Eight of the banks range
fairly evenly along a scale from First Pennsylvania
Banking and Trust Company, which has close to
$1 billion of IPC 5 deposits, down to Liberty.
Seven other more local institutions each has IPC
deposits in a range below $55 million. In addition, Montgomery County has two banks with
around $100 million each in IPC deposits, while
Delaware County has one with IPC deposits of $72
million; and in nearby Camden, New Jersey, there
is one bank with $173 million and another with
$126 million of IPC deposits.
It is apparent that banking needs of the inter3

Defined by the Office of Statistical Standards of
the Bureau of the Budget to cover the whole of a continuous, densely settled, urban community.
4
S. Rep. No. 196, p. 27, 86th Cong., 1st sess., 1959.
5
Deposits of individuals, partnerships, and corporations.




15
locking urban and suburban communities involved in the subject application are, by and large,
amply served by existing banks both larger and
smaller than Fidelity, which ranks fourth, and
Liberty, which ranks eighth in deposit size in the
city. These communities can be defined in various
ways. Consumers and very small commercial enterprises appear to bank within the sub-communities where their homes and places of business
are located. These communities are a few miles,
at most, in diameter, and center on shopping areas
of one kind or another. Slightly larger to mediumsized commercial or individual customers have
access to banks within a larger radius, in many
cases to banks anywhere in the Philadelphia
SMSA, i.e., the greater Philadelphia "community".
The really large customer is served by banks
from all over the nation.
Accordingly, the individual or very small business customer would be affected by consummation
of the proposed merger to the extent of finding
some added convenience in the expanded services
to be offered by the resulting bank at the offices
which were formerly Liberty's. The customer with
business important enough to attract the attention
of banks anywhere in the surrounding counties,
but not sufficiently large to seek banking facilities
beyond those counties, would benefit from having
a fourth large "community" bank within the
metropolitan area. The larger customer with business of a size to attract the attention of banks in
distant cities would find available an increased
lending limit in a Philadelphia bank, if he preferred to bank locally.
Competition. The effect on competition of the
proposed merger, if consummated, must be analyzed both from the standpoint of the effect on
remaining competitors and from that of the effect
on the customers. It is not anticipated that there
would be any significant adverse effect from consummation of the merger on any of the remaining banks, either larger or smaller, having offices
in the Philadelphia SMSA.
From the point of view of the customer, the
effect of the proposed merger on competition must
similarly be broken down into its effect on different categories.
As to the larger customer, the effect would be
beneficial. The climate of competition would be
stimulated by the increased capacity of a largescale bank, and the range of choices available to

16

FEDERAL RESERVE BULLETIN • JANUARY 1964

customers who require services which can only
be rendered by a larger bank would be increased.
The middle-range customer, who cannot reach
outside the metropolitan area, would, it is true,
find his choices reduced by one. However, the
number of sizable banks that would remain
throughout the area in the $100 million and over
category would, in the Board's view, assure the
availability to him of a satisfactory range of
alternatives.
The small consumer, who is limited in practice
to banking offices in his own locality, presents a
more complex situation. However, analysis shows
that, except for two sections of the city, there is
little or no overlapping in the local service areas
of offices of Fidelity and Liberty. One of these
local service areas is that immediately surrounding the Olney branches of the two banks.6 The
other is the downtown financial district, where
about 40 clustered banking offices provide ample
choice of alternatives, and where retail banking is,
of course, a relatively less important factor.
Under the decision of the Supreme Court of the
United States last June in United States v. Philadelphia National Bank, the Bank Merger Act
v
'plainly supplanted
whatever authority . .
[this Board] may have acquired under § 11 [of the
Clayton Act], by virture of the amendment of § 7,
to enforce § 7 against bank mergers".7 Accordingly, no opinion is expressed as to any Clayton
Act aspect of the present application. It may be
appropriate to point out, however, that the merger
which the Court struck down would have resulted
in a single bank—which would have been Philadelphia's largest—controlling more than 30 per
cent of the commercial banking business of the
four-county Philadelphia area, and in the two
largest banks controlling between them 59 per
cent of that business after the merger, while the
two largest before the merger controlled approximately 44 per cent, a more than one-third
increase in concentration.
In contrast to that situation, while the present
proposal would advance Fidelity from third to
6
The application states that, should the proposal be
approved, a study will be made to determine whether
one of the three branches of the resulting bank which
are located in Olney, a suburb in the northcentral portion of Philadelphia County, would be closed.
7
374 U. S. 321 at 345, n. 22 (1963).




second place in the number of banking offices in
the area, it would increase the share of deposits
held by the fourth largest bank in the area based
on deposits from approximately 10.6 per cent to
13.1 per cent, and the share of the four largest
area banks from 63.7 to 66.2 per cent, a difference
in each instance of only 2.5 per cent.
Summary and conclusion. Under this proposal
the fourth and eighth largest of the 15 banks
headquartered in Philadelphia would merge, the
offices of the latter becoming branches of the
former. The resulting bank would continue to rank
in fourth place in deposit size. In limited areas
direct competition exists between offices of the
two banks and this would be eliminated by the
merger. In addition, alternative sources of banking services for small- to medium-sized customers
would be reduced by one. On the other hand, the
resulting bank would be able to offer to its customers and customers of Liberty a substantially
higher loan limit, and to customers of the latter
bank there would be available a broadened range
of banking services. The merger would encourage
a livelier competitive climate for the largest banks
in Philadelphia, and provide an additional large
community bank, while leaving an ample range
of alternative sources of banking services.
Viewed in the light of the standards of the Bank
Merger Act, the Board concludes that the benefits
to the public expected to result from effectuation
of the proposal would outweigh any resulting disadvantages.
Accordingly, the Board finds that the proposed
merger would be in the public interest.
DISSENTING STATEMENT OF GOVERNOR
ROBERTSON

'The time has come," the Walrus said, "to
speak of many things . . . " and began his splendidly irrelevant address to the oysters who were
lined up before him on the sand, their coats
brushed, their faces washed, ready for the treat
which, although they did not know it, was to consist of oysters. In a similar vein, the Statement
of the majority, approving the merger of a Philadelphia walrus, Fidelity, with a very plump oyster,
Liberty, discusses "why the sea is boiling hot,
and whether pigs have wings . . . " without once
addressing itself to the danger that when all the
speeches are finished, there will be no smaller

LAW DEPARTMENT
banks left to answer, because the giants will have
"eaten every one."
Let us go through the majority Statement,
point by point. Section 18(c) of the Bank Merger
Act, as Board Statements always point out, enjoins the Board from approving a merger unless
it makes a finding, after considering all the factors
specified in the statute, that a proposed merger
will be "in the public interest." The financial history and condition of the two banks are found by
the Board to be "satisfactory." So are their capital
structures and their future earnings prospects. This
is, indeed, a modest understatement. Both of the
banks are healthy and sound in every way; their
prospects are excellent. In fact, their recent deposit growth has been at a rate equal to or higher
than that of any other $100 million or over bank
with a head office in Philadelphia.
Did Congress intend banking factors as flawless as these to support approval of a merger? The
report of the Senate Committee on the bill, which
subsequently evolved into the Act that the Board
is applying, cited six situations in which a merger
might be in the public interest, even in the presence of a diminution of competition. Banking
factors mentioned in this list included "probable
failure," "future prospects" which are "unfavorable," "inadequate capital" or "unsound assets,"
and a bank which is an "uneconomic unit." (Senate Report No. 196, April 17, 1959, pp. 19-20;
see also House Report No. 1416, March 23,
1960, p. 10). Is it not fair to infer that where the
facts as to banking factors are resoundingly favorable, as they are in the present instance, Congress
believed that the separate existence of the banks
concerned should be preserved?
As to the management factor, the application
clearly indicates the merger was sought almost
"solely" as a result of the management succession
problem in the bank to be acquired. On this
point, I wholeheartedly agree with the majority
that any reasonably diligent board of directors,
willing and able to pay $50,000 or more in salary,
should be able to find a president for a $136
million institution.
After having eliminated with finality the principal reason (management) relied upon by the
applicant to justify the proposal, the majority of
this Board has approved the merger. This I am
unable to understand—especially in the face of the
decision in June of the United States Supreme




17
Court in United States v. Philadelphia National
Bank, 374 U.S. 321 (1963), a case arising in the
same city shortly after enactment of the Bank
Merger Act and under circumstances fairly comparable to those of the present case.
Admittedly, one of the situations in the list just
mentioned, where merger may be justified, is
where the acquired bank's prospects are unfavorable because it "has no adequate provision for
management succession" and the problem, as the
House Report added, "can be corrected only by
a merger with the resulting bank." (op. cit.) I
have supported approval of mergers where lack
of management succession threatened to create
a real risk for the acquired bank.1 No such risk
can conceivably exist in the case of Liberty.
Turning to the factor of "convenience and needs
of the community," the majority finds that small
customers will enjoy "added convenience in the
enlarged services to be offered by the resulting
bank at the offices which were formerly Liberty's."
But it can hardly be supposed that a bank the size
of Liberty is not already offering all the services
which any small customer could desire, and the
record in this case does not, indeed, support any
other conclusion.
The finding that the merger will provide "a
fourth large 'community' bank" for customers in
the middle category distinguished by the majority,
the small-to-medium individual or firm "with
business important enough to attract the attention
of banks anywhere in the surrounding counties
but [which is] not sufficiently large to seek banking
facilities beyond these counties," is ironic indeed.
Liberty is already large enough to serve this category and what the merger will do is to extinguish
one of the choices now available to customers of
this class. To say otherwise is sophistical.
As to an increased lending limit which the majority Statement points out will result from the
merger, such a limit is already available from
three Philadelphia banks, and from numerous
other banks outside the area which would be delighted at any time to send a representative to
1
See, i.e., Matter of the Application of The Bank of
Virginia, 1963 Fed. Res. Bull. 783; Matter of the Application of Bank of Idaho, 1963 Fed. Res. Bull. 477;
Matter of the Application of The Sullivan County
Trust Company, 1963 Fed. Res. Bull. 475; Matter of
the Application of The Elyria Savings and Trust Company, 1963 Fed. Res. Bull. 474; Matter of the Application of Ann Arbor Bank, 1963 Fed. Res. Bull. 172.

18

FEDERAL RESERVE BULLETIN • JANUARY 1964

Philadelphia to treat with customers who need it.
Indeed, the other advantages mentioned by the
application as supporting approval of the merger
are so anemic that, to paraphrase the dissent of
Mr. Justice Harlan in the Supreme Court decision
just mentioned, I suspect that no one will be more
surprised than Fidelity and Liberty to find that
the day has been carried for their case without
support from the management factor.
Viewed directly, not in the Looking Glass world
of the Walrus and the Carpenter, what the Board
had before it in the present case was a request
that it approve a merger because a big bank
wanted to grow bigger. The bank making this
request is one which more than doubled in size
during the last ten years, a third of that growth
due to mergers. The intensity of its drive to continue growing bigger can be measured by the $4.7
million premium which it offered shareholders of
Liberty, and by its willingness to assume liability
for salary and retirement agreements previously
made between Liberty and seven of its officers
and former officers.
The nine mergers which, in the 1950's, helped
sweep Fidelity to its present size, precisely typified
the race for bigness which led Congress to enact
the Bank Merger Act. (Senate Report, op. cit.,
pp. 8, 9-13; House Report, op. cit., pp. 3-5) The
purpose of Congress in enacting that statute was
to slow down or stop that race, and in the future
to permit only those mergers to take place which
would positively benefit the public interest, in
short, to "make mergers of banks more difficult,"
in the words of Senator Robertson, Chairman of
the Senate Committee on Banking and Currency,
to which I have previously called attention.2 Specifically rejected was "the philosophy that doubts
are to be resolved in favor of bank mergers."
(House Report, op. cit., p. 12)
But is the present case even a doubtful one?
By a strained, fragmented examination of markets,
one by one, the majority seeks to make existing
competition between the two banks disappear.
The Supreme Court, however, in the decision cited
above regarded the four-county area including
Philadelphia as a relevant market. The application
concedes that when this market is viewed as a
whole, the areas from which the two banks draw
2
Matter of Application of Liberty Bank and Trust
Company, 1963 Fed. Res. Bull. 14, 16.




the majority of their deposits and loans overlap
each other for the greater part. Not only will all
the direct competition, present and potential, evidenced by this overlap, disappear as a result of
the merger, but the trend toward concentration
which has been a matter of such concern to Congress and to the Court is intensified. It is true, as
the majority of the Board indicates, that Philadelphia is still near the bottom of a list of the fifteen
or sixteen largest financial centers in the country,
arranged according to the percentage of banking
resources in each center which is held by the
largest banks. But a few more mergers, like this
one, all equally eligible under the standards here
applied by the majority, and Philadelphia will
stand near the head of that list.
After considering this case and many other merger proposals acted upon by the several bank
supervisory agencies during the three-year period
since the enactment of the Bank Merger Act, it
may not be amiss to record here a sober reflection.
Both the Senate and the House Banking and Currency Committees intended that the statute should
be applied in such a manner as to achieve uniformity of approach to bank merger proposals
by the three Federal banking agencies (Senate
Report op. cit., pp. 1, 8; House Report op. cit.,
pp. 12-15). In my view, this expectation has not
been fulfilled. Indeed, after three years' trial, it
seems to me that the goal of uniform application
is illusory, and that it can never be attained with
the present ill-adapted, uncoordinated machinery
of Federal bank supervision and regulation.
To conclude: A substantial degree of existing
competition between the two banks would disappear if this merger were consummated. Finding
the competitive factor adverse—and finding nothing whatever to offset that adverse factor, I see
no alternative but to follow the dictates of Congress and disapprove the application.
DISSENTING STATEMENT OF GOVERNOR
MITCHELL

To warrant the Board's approval of a merger
application, the statute, as I read it, requires that
factors found to be adverse shall be at least balanced by favorable considerations. The favorable
factors cited in the present case do not seem to me
to bear this weight.
I agree with the other members of the Board
that Liberty should experience no serious difficulty

19

LAW DEPARTMENT
in finding a suitable candidate to succeed to its
presidency. However, an enlarged lending limit
for Fidelity is spoken of by the majority as an
advantage to the community. This is illusory; the
addition of $1 million, more or less, to Fidelity's
lending limit will make no practical difference in
the Philadelphia context, where three banks already can offer a vastly greater credit accommodation than that of the resulting bank. Moreover,
borrowers of a size to enjoy the enlarged lending
limit already have easy access to numerous credit
alternatives.
The majority of the Board concedes that some
lessening of competition will result from effectuation of the proposal. The competition that will be
foreclosed includes the provision of day-to-day
ordinary banking services typical of those needed
by most individuals, professional persons, and
community businesses. These services are far more
significant in this situation than are rarely-used
specialities. Smaller business customers, for example, want, and should have, where practicable,
the convenience of more than one bank so that
they may obtain the same advantages—available
to large, more mobile customers—of shopping for
the best services and the lowest prices. Denial of
the application would retain the benefits of competition to at least some users of banking services
in those areas of Philadelphia where the lessening
of competition clearly will occur.
I find nothing in the record before me which,
on balance, supports approval in the face of the
foregoing adverse considerations.
Therefore, I would deny the application.
THE COUNTY TRUST COMPANY,
WHITE PLAINS, NEW YORK
In the matter of the application of The County
Trust Company for approval of merger with The
First National Bank of Brewsters.
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 County
Trust Company, White Plains, New York, a State
member bank of the Federal Reserve System, for
the Board's prior approval of the merger of that
bank and The First National Bank of Brewsters,




Brewster, New York, under the charter and title
of the former. As an incident to the merger, the
sole office of The First National Bank of Brewsters would become a branch of The County 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
merger,
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 18th day of
December, 1963.
By order of the Board of Governors.
Voting for this action: Vice Chairman Balderston, and
Governors Robertson, Shepardson, and Daane. Absent
and not voting: Chairman Martin, and Governors
Mills, and Mitchell.
(Signed) MERRITT SHERMAN,

Secretary.
[SEAL]
STATEMENT

The County Trust Company, White Plains, New
York ("County Trust"), with deposits of $614
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
with The First National Bank of Brewsters, Brewster, New York ("First National"), with deposits
of $3.5 million,* under the charter and title of
County Trust, and, as an incident thereto, a
branch would be operated at the sole location of
First National, increasing the number of offices
of County Trust to 47.
Under the Act, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
* Deposit figures as of June 29, 1963.

20

FEDERAL RESERVE BULLETIN • JANUARY 1964

of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are
consistent with the purposes of 12 U.S.C., Ch.
16 (the Federal Deposit Insurance Act), (6) the
convenience and needs of the community to be
served, and (7) the effect of the transaction on
competition (including any tendency toward monopoly). The Board may not approve the transaction unless, after considering all these factors,
it finds the transaction to be in the public interest.
Banking factors. The financial histories of
County Trust and First National are satisfactory.
Each bank has a sound asset condition and an
adequate capital structure, and this would be true
also of the resulting bank. Each has a satisfactory
earnings record and favorable future earnings
prospects. The future earnings prospects of the
resulting bank also would be favorable.
The active executive officer of First National
is not in good health and desires to be relieved of
his responsibilities of managing the bank. Interests
identified with him own control of the bank, no
provision has been made for management succession, and prospects of obtaining a competent successor from outside the bank are not favorable.
The management of County Trust is competent,
and consummation of the transaction would solve
the smaller bank's management succession problem.
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.
First National serves principally the village of
Brewster (1960 population 1,700), and town of
Southeast (population 6,800), both located in the
southeastern part of Putnam County. Population
of the bank's service area 1 is estimated at 11,000.
The population of Putnam County in 1960 was
31,700, reflecting a ten-year increase of 56 per
cent. Putnam County is contiguous to Westchester
County to the south, and the city nearest to Brewster is Danbury, Connecticut, which is about 10
miles to the east.
While in the past Putnam County has been
essentially a rural summer resort area, there has
a
Area from which the bank derives 15 per cent or
more of its deposits of individuals, partnerships, and
corporations.




been in recent years a substantial increase in the
number of year-round residents due principally to
the construction of important highways. Approximately half of the county's 27 manufacturing
concerns are located in the Brewster area.
First National, the only banking office in Brewster, offers a limited range of banking services and
no trust services. It does not accept time or savings
accounts or special checking accounts. It makes no
single payment loans to individuals, no loans to
farmers, no FHA or GI real estate loans, no
FHA Title 1 loans, and relatively few installment
loans on automobiles or consumer goods. Loans
are made only to customers with deposit balances
at the time of application. Consequently, many
residents of the Brewster area, including many of
the bank's customers, must seek satisfaction of
their credit needs from banks in surrounding
towns or cities.
County Trust operates 46 offices, all located in
Westchester County, where it currently serves 26
communities. It is a leading bank in the county,
providing a broad range of banking services.
Consummation of the proposed merger would
have virtually no effect on the convenience and
needs of Westchester County, a rapidly growing
area with a population of over 800,000 in 1960.
The principal effect would occur in Putnam
County and, more particularly, in Brewster and
its surrounding area. While there may be little or
no demand in the Brewster area for some of the
more specialized services now provided by County
Trust in Westchester County, effectuation of the
proposed merger would contribute significantly to
the convenience and needs of the Brewster area
since County Trust would accept at its Brewster
office special checking accounts, savings and time
deposits, offer all types of mortgage and installment loans, and provide trust services.
Competition. The service areas of County Trust
and First National do not overlap and the competition between them is of little consequence.
A merger with First National would increase
deposit holdings of County Trust by an amount
equal to only .2 per cent of Westchester County
deposits. Thus, while County Trust is the largest
bank headquartered in Westchester County, the
proposed merger would have little effect on the
competition presently existing among the 12
commercial banks in Westchester County which
operate 132 offices. The leading position of County

21

LAW DEPARTMENT

Trust in Westchester County has been lessened
by a number of circumstances. The enactment
of the State's Omnibus Banking Act in 1960 has
permitted large New York City banks to open
numerous branches in Westchester County, thus
bringing them into direct competition with County
Trust. This, of course, is in addition to the competition provided by other New York City banks
which border the county to the south and which
are in competition with county-headquartered
banks. County Trust's rate of growth in recent
years has been below that of most other Westchester County banks.
First National is the smallest of the three commercial banks headquartered in Putnam County.
The other two provide a reasonably complete line
of services to distinctly local areas. Within a tenmile radius of First National there are ten banks
operating 13 offices, all of which are situated
closer to First National than the nearest office of
County Trust. Following consummation of the
proposed merger, they would continue to offer
alternative banking facilities to residents and businesses in the Brewster area. They include branches
of banks with headquarters in Bridgeport and
Stamford, Connecticut, that offer a range of services comparable to those offered by County Trust.
In Brewster itself, there is only one institution, a
savings bank, which accepts savings accounts.
Consummation of the merger would provide competition in Brewster for savings funds. Otherwise,
the competitive effects of the proposed merger in
Putnam County should not be significant.
Summary and conclusion. Consummation of the
proposed merger would solve the management
succession problem at First National and bring to
the people of the growing Brewster area many important banking services which are not presently
available there. At the same time, the proposed
merger would have only a slight effect on competition.
Accordingly, the Board finds the proposed
merger to be in the public interest.
THE LORAIN COUNTY SAVINGS &
TRUST COMPANY,
ELYRIA, OHIO
In the matter of the application of The Lorain
County Savings & Trust Company for approval of
merger with The Central Bank Company.




ORDER DENYING APPLICATION FOR APPROVAL
OF 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 Lorain
County Savings & Trust Company, Elyria, Ohio, a
member State bank of the Federal Reserve System,
for the Board's prior approval of the merger of
that bank and The Central Bank Company, Lorain, Ohio, under the charter and title of the former. As an incident to the merger, the seven
offices of The Central Bank Company would be
operated as branches of The Lorain County Savings & 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
merger,
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 23rd day of
December, 1963.
By order of the Board of Governors.
Voting for this action: Governors Robertson, Mitchell,
and Daane. Voting against this action: Vice Chairman
Balderston, and Governor Shepardson. Absent and not
voting: Chairman Martin and Governor Mills.
(Signed) MERRITT SHERMAN,

Secretary.
[SEAL]
STATEMENT

The Lorain County Savings & Trust Company,
Elyria, Ohio ("Trust Company"), with IPC deposits of $51 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 Central Bank Company, Lorain, Ohio ("Central Bank"), with IPC deposits of
$26 million.* The banks would merge under the
charter and title of Trust Company, which is a
* Deposits of individuals, partnerships, and corporations (IPC deposits) as of June 29, 1963.

22

FEDERAL RESERVE BULLETIN • JANUARY 1964

State-chartered member bank of the Federal Reserve System. As an incident to the merger, the
seven offices of Central Bank would become
branches of Trust Company, increasing the number of its offices to eleven.
Under the Act, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are
consistent with the purposes of 12 U.S.C., Ch. 16
(the Federal Deposit Insurance Act), (6) the convenience and needs of the community to be served,
and (7) the effect of the transaction on competition (including any tendency toward monopoly).
The Board may not approve the transaction unless,
after considering all these factors, it finds the
transaction to be in the public interest.
Banking factors. Both Trust Company and Central Bank have satisfactory financial histories. The
asset condition of each bank also is satisfactory.
Central Bank's capital structure is adequate.
There exists a need for strengthening the capital
structure of Trust Company quite aside from any
considerations in connection with this proposal. Although the net earnings of both banks are below
the average for banks of comparable size in the
Fourth Federal Reserve District, due largely to
their heavy volume of time deposits and high
interest expense, their future earnings prospects
are fairly satisfactory. Neither the capital position
of Trust Company nor the earnings situation at
either bank raises any question as to the essential
soundness of the banks or indicates persuasively
the need or appropriateness of recourse to merger.
Management of Trust Company is competent.
Differing views held by two groups in the board
of directors of Central Bank have interfered with
the adoption of decisive management policies. The
members of one of these groups own a majority
of the shares of stock of the bank. It should be
possible to solve the management problem by
means other than merger.
There is no indication that the corporate powers
of any of the banks are, or would be, inconsistent
with the provisions of 12 U.S.C., Ch. 16.
Convenience and needs of the communities.
Lorain and Elyria, the two chief cities of Lorain
County, are situated in the industrial northern part
of the county. The two cities are about nine miles




apart and are 27 and 25 miles, respectively, from
Cleveland.
Lorain County had a 1960 population of
217,500, an increase of about 47 per cent from
1950. In 1960, Lorain had a population of about
69,000, with over 100 manufacturing firms employing about 20,000 persons. The National Tube
Company, with 8,800 employees, and the Ford
Motor Company, with 4,500 employees, account
for the bulk of such employment. Industry in
Elyria, with a 1960 population of 44,000, is widely
diversified, with 135 manufacturers employing an
estimated 14,000 persons. Many residents work in
Lorain or in Cleveland.
Until 1950, the area directly between Lorain
and Elyria was sparsely populated, and there was
a traditional separation, both commercial and
societal, between the two. However, as the environs of both have developed, the physical separation between them has diminished, and recently
the Lorain National Bank has received approval
for a branch to be located on the Elyria side of
Route 254, the traditional boundary line.
The banking needs of the communities have
been served by seven banks headquartered in the
county. The largest is Trust Company, having its
head office and one branch in Elyria and one
branch each in Oberlin and Amherst, about nine
miles from Elyria in opposite directions. The
Elyria Savings & Trust Company, with IPC deposits of $48 million, is second in size. The third,
Lorain National Bank, has IPC deposits of $36
million. The fourth is Central Bank, with its head
office and four branches in Lorain and one branch
each in Sheffield Lake and Avon, residential communities east of Lorain. After Central Bank there
is a drop to First National Bank of Elyria, with
$15 million of IPC deposits, The City Bank Company, Lorain, with $12 million of IPC deposits,
and The Oberlin Savings Bank Company, with $10
million of IPC deposits. In addition, the largest
Cleveland bank, The Cleveland Trust Company,
with a lending limit of $14 million, has a Lorain
branch. Accounts of the larger commercial and
industrial enterprises tend to be handled by big
city banks, whether headquartered in Cleveland
or elsewhere.
Lending limits of the seven banks now headquartered in Lorain County range up to $356
thousand, and the resulting bank would have had
a lending limit of just over $536 thousand. How-

23

LAW DEPARTMENT
ever, banking needs of the community are already
being met more than adequately, and in view of
the proximity of Cleveland, it does not appear that
this increased lending limit would significantly add
to the convenience of many customers. On the
other hand, the merger would eliminate an alternative source of banking services from the LorainElyria area.
Competition. The seven banks with Lorain
County headquarters operate a total of 36 offices in
the county. As indicated above, three of these
banks have headquarters in Lorain, three in Elyria,
and one in Oberlin. The application asserts, in
effect, that because of the traditional separation
of Lorain and Elyria and the orientation of each
towards Cleveland, relatively little competition
exists between Trust Company and Central Bank
so that consummation of the proposal would not
reduce competition between the two banks significantly. However, steady growth is bringing Elyria
and Lorain closer together. Recently, the traditional line of separation was crossed when Lorain
National Bank was authorized to establish a
branch on the Elyria side, as noted above. Consummation of the proposal would clearly eliminate
substantial potential competition in addition to the
competition now existing between the two banks.
It is undoubtedly true, as indicated by the application, that a significant amount of banking business from Lorain County is transacted with Cleveland banks. However, if the proposal were to be
consummated, approximately 35 per cent of the
IPC deposits in all commercial banking offices in
Lorain County would be concentrated in Trust
Company. In addition, the resulting bank, with 11
offices, would have the greatest number of offices
in operation in the county and the greatest coverage in the most populated areas in the county.
The size and number of offices operated by the resulting bank would tend to give it a competitive
advantage over other banks operating in Lorain
County.
The application urges that effectuation of the
proposal would importantly increase the resulting
bank's potential for competing with Cleveland
banks. The Board concludes that this would not
be the case. The half-million dollar lending limit
of the resulting bank would still be so far below
those of its larger Cleveland neighbors (the lending limit of Cleveland Trust Company, for example, is $14 million, as noted above), that the




proposed merger would not effectively raise it out
of the competitive category in which Trust Company and Central Bank now operate.
Summary and conclusion. The application proposes the merger of the largest and fourth largest
of the seven commercial banks headquartered in
Lorain County, which is the location also of a
branch of the largest Cleveland bank. There is
no evidence that banking needs of the county are
not being adequately cared for; nor does it appear
that the expanded banking services of the resulting
bank would contribute significantly to the convenience of the area. Moreover, the effect on banking
competition would be adverse since consummation
of the merger would create a bank significantly
larger than any of the other locally headquartered
banks and one which would operate the most
offices in the best locations in the county. The
transaction also would eliminate some existing and
the potential for substantial competition between
the two banks. Furthermore, the Board believes
that the management problem of the smaller bank
can be solved by means other than merger, and
that the application does not otherwise establish
any reason why the merger should be approved.
Accordingly, the Board finds that the proposed
merger would not be in the public interest.
DISSENTING STATEMENT OF GOVERNOR
SHEPARDSON IN WHICH GOVERNOR
BALDERSTON CONCURS

The Board's disapproval of this application will
deny to the Lorain-Elyria area a locally headquartered commercial banking institution commensurate with the dynamic residential, commercial, and
industrial growth which the area has experienced
over the past decade and which is virtually certain
to continue. This will give unnecessary protection
to the position of the big Cleveland banks which
will continue siphoning off more and more of the
banking business of growing local concerns in the
Lorain-Elyria area with need for expanded banking services not currently available, even though
they might prefer to bank with a locally headquartered institution and would be able to do so
but for denial of this application.
An increase in lending limit, expanded services,
operating economies, and strengthened management would have resulted from the merger and
would have provided a basis for accommodating
more adequately at the local level the banking

24

FEDERAL RESERVE BULLETIN • JANUARY 1964

needs of small businesses in the area. By the same
token these benefits would have paved the way
for significant changes in the deposit and asset
structures of the two banks needed for improvement in the earnings of both banks and also would
have lightened the task of strengthening the capital position of Trust Company. In a situation such
as this it would be especially ill-advised to leave
solution of a fundamental management problem
to the same frailties from which the difficulties
have developed. It is clear to me that the benefits
to the public from the banking factors as well as
the factor of needs and convenience warrant approval of the merger unless they are offset by
detrimental effects arising under the competitive
factor.
It is true that consummation of the proposal
would eliminate the modest amount of existing
competition between the two banks and the increase in competition that can be expected to
materialize as the anticipated further development
of Lorain County lessens the traditional separation
of Lorain and Elyria. While it is true that the
resulting bank would have over 35 per cent of
the total IPC deposits in all banking offices in
Lorain County, this does not take into account
the admittedly large although undetermined
amount of deposits originating in the LorainElyria area and held by the Cleveland banks. Although now unable to establish branches in Lorain
County, Cleveland banks have 12 branches located within 2-2 V^ miles of the Lorain-Cuyahoga
County line. Fourthermore, there would remain
in the county, five other locally headquartered
banks, as well as the Lorain branch of the Cleveland Trust Company. The next highest concentrations of IPC deposits in the county are in one of
the Elyria banks with 22.4 per cent of the total,
and in one of the Lorain banks with 16.6 per cent
of the total. Undoubtedly, the competition between
the locally headquartered banks would be intensified if the proposal were consummated, and the
Cleveland banks would also be faced with some
increase in competition even though not of substantial degree, from a larger, locally headquartered bank. Thus, even under the competitive factors, there are some considerations weighing in
support of approval of the application.
On balance, it is my view that consummation
of the proposal would be in the public interest
and, therefore, I would approve the application.




OLD KENT BANK AND TRUST COMPANY,
GRAND RAPIDS, MICHIGAN
In the matter of the application of Old Kent
Bank and Trust Company for approval of consolidation with Community State Bank.
ORDER APPROVING CONSOLIDATION 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 Old Kent
Bank and Trust Company, Grand Rapids, Michigan, a State-chartered member bank of the Federal Reserve System, for the Board's prior approval of the consolidation of that bank and
Community State Bank, Grandville, Michigan,
under the charter and title of the former. As an
incident to the consolidation, the two offices of
Community State Bank would be operated as
branches of Old Kent Bank and Trust Company.
Notice of the proposed consolidation, 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 consolidation,
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 consolidation 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 24th day of
December, 1963.
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

Old Kent Bank and Trust Company, Grand
Rapids, Michigan ("Old Kent") with deposits of
$307.6 million as of September 30, 1963, has

LAW DEPARTMENT
applied, pursuant to the Bank Merger Act of 1960
(12 U.S.C. 1828(c)), for the Board's prior approval of the consolidation of that bank and
Community State Bank, Grandville, Michigan
("Community Bank"), with deposits of $18 million as of the same date, under the charter and
title of Old Kent. As an incident to the consolidation, the two offices of Community Bank would
be operated as branches of Old Kent, increasing
the number of its approved offices to 29.
Under the Act, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are
consistent with the purposes of 12 U.S.C, Ch. 16
(the Federal Deposit Insurance Act), (6) the
convenience and needs of the community to be
served, and (7) the effect of the transaction on
competition (including any tendency toward monopoly). The Board may not approve the transaction unless, after considering all these factors, it
finds the transaction to be in the public interest.
Banking factors. The proposed consolidation is
the direct result of serious difficulties, which recently came to light, centering principally in the
mobile home financing department of Community
Bank. The bank's condition is hazardous, its capital having declined to a dangerously low point
following charge-offs that were made because
of loan losses in that department. Moreover,
there are potential losses, including large contingent liabilities in connection with the servicing of
mobile home or trailer paper sold by the bank to
other banks. The future earnings prospects of the
bank are highly unfavorable. Aside from the subject application, there has been no proposal that
would remedy satisfactorily the bank's distressed
condition brought about by deficiencies in its management, which owns a majority of the bank's
stock.
The financial history of Old Kent is satisfactory.
The bank's asset condition also is satisfactory, and
its capital structure is adequate. The future earnings prospects of the bank are favorable, and its
management is satisfactory. Nothing in the record
indicates that these attributes would not also characterize the resulting bank, or that the resulting
bank—which would be under the management of
Old Kent and which would continue Old Kent's




25
experienced trailer loan division—could not satisfactorily resolve the problems involved in its assimilation of Community Bank.
There is no evidence that the corporate powers
of the banks are, or would be, inconsistent with
12 U.S.C, Ch. 16.
Convenience and needs of the communities.
Grand Rapids, with a population exceeding
177,000, is the largest city and the leading industrial, commercial, and financial center in the western portion of the lower peninsula of Michigan.
The population of the Grand Rapids metropolitan
area is around 300,000, and the trade area has a
population of nearly one million. Old Kent offers
a full range of banking and trust services at its
main office and 19 branches in Grand Rapids, and
its six out-of-city branches. Another authorized
in-city branch is not yet open for business.
The main office of Community Bank is at
Grandville, which has a population of about 8,000
and which is situated approximately five miles
southwest of Grand Rapids. Hudsonville, the site
of Community Bank's only branch, is situated
about five miles southwest of Grandville and has
a population of about 2,600. The two towns have
no other banking offices. Primarily suburban residential and shopping centers, the economies of
Grandville and Hudsonville are closely related to
Grand Rapids. The areas surrounding the two
small towns, each of which has a few small
industries, are devoted largely to truck farming.
The areas served by Old Kent and Community
Bank are served also by over 30 offices of other
banks, and two of the banks (one in Grand Rapids and one in Byron Center) recently established
branches at Jenison, two miles east of Grandville,
and Jamestown, three miles southeast of Hudsonville. These branches provide convenient alternative sources of banking services for residents of
Grandville and Hudsonville.
Over one-third of Community Bank's loan
account comprises trailer paper of borrowers far
removed from the Grandville-Hudsonville area.
A serious question arises as to whether that bank
has devoted appropriate attention to the needs of
the two communities. In any event, as branches
of Old Kent, the Grandville and Hudsonville
banking offices would make available in each of
the towns a substantially higher lending limit and
a wider range of services than are presently available at those offices.

26

FEDERAL RESERVE BULLETIN • JANUARY 1964

The convenience and needs of the GrandvilleHudsonville area clearly would be served by the
proposed correction of the hazardous situation,
previously outlined, which, if allowed to deteriorate further, might leave both towns without functioning banking offices.
Competition. As the service areas 1 of Old Kent
and Community Bank overlap near the southwestern limits of Grand Rapids and since Old
Kent is an active competitor throughout the western portion of Michigan's lower peninsula, effectuation of the proposal would eliminate the competition existing between the two banks. However, as the seriously weakened condition of
Community Bank makes its continuance as a
viable banking institution doubtful, its effectiveness as a competitor already has greatly diminished.
Of the eight banks having offices in the service
areas of the two banks, Old Kent is by far the
largest, having more than twice the volume of
deposits and the number of offices of the next
largest bank. Old Kent holds 48.9 per cent of the
total deposits and has 42.8 per cent of the offices
of all the banks in the service areas of the two
banks. Community Bank ranks fifth in size among
the eight banks.
If the proposal were consummated, Old Kent's
share of the deposits would be increased to 51.8
per cent and its share of the offices would rise to
46 per cent. This would not significantly change
the competitive situation in Grand Rapids. However, competition would be intensified for the
recently established Jenison branch of the third
largest of the Grand Rapids banks and also for
the recently established Jamestown branch of the
Byron Center State Bank (4.5 miles from Grandville), the smallest bank in the area. Also, the
small banks at Wyoming (3.6 miles from Grandville) and at Byron Center would be placed at
some competitive disadvantage. Under Michigan
Law, establishment of branches by Old Kent in
Grandville and Hudsonville would preclude the
establishment of branches in either town by other
banks, although the location in either town of a
newly organized bank would be permissible.
Summary and conclusion. It is evident that con1
That area from which a bank derives 75 per cent
or more of its deposits, both demand and time, of individuals, partnerships, and corporations (IPC deposits).




summation of the proposed consolidation would
enhance the competitive position of Old Kent, already the dominant bank among the eight banks
serving the Grand Rapids and Grandville-Hudsonville areas, and would have an adverse effect on
banking competition. On the other hand, the proposed transaction is the only practical solution to
the extremely hazardous situation that besets Community Bank (the fifth largest of the eight banks)
which, if not remedied promptly, risks substantial
detriment to the public. In adition, there would
be some improvement and broadening in the
banking services available at Grandville and
Hudsonville.
Accordingly, the Board finds the proposed consolidation to be in the public interest.
Denial of Bank Holding Company Applications
Affirmed by U.S. Court of Appeals

On December 17, 1963, the United States Court
of Appeals for the Seventh Circuit unanimously
affirmed the action of the Board of Governors in
denying applications (1963 BULL. 181, 187, and

192), under the Bank Holding Company Act of
1956, by the Marine Corporation and First Wisconsin Bankshares Corp., respectively, for the
Board's prior approval to acquire a controlling
interest in three Wisconsin banks. The Marine Corporation's application was with respect to the
Beloit State Bank, and First Wisconsin Bankshares Corp. had proposed to acquire American
Bank and Trust Company, located in Racine, and
Merchants & Savings Bank, located in Janesville.
Copies of the Court's opinions in these cases are
set forth below:
UNITED STATES COURT OF APPEALS
FOR THE SEVENTH CIRCUIT

No. 14122
THE MARINE CORPORATION,
PETITIONER,

vs.
The Board of Governors of the Federal Reserve
System, Respondent.
Petition for Review of An Order of the Board
of Governors of the Federal Reserve System.
December 17, 1963

27

LAW DEPARTMENT

Before

HASTINGS,

Chief Judge,

CASTLE

and

SWY-

GERT, Circuit Judges.

Circuit Judge.
Petitioner, The Marine Corporation, a Wisconsin bank holding company located in Milwaukee,
applied to the Board of Governors of the Federal
Reserve System, pursuant to the Bank Holding
Act of 1956, 12 U.S.C. § § 1841-48, for prior
approval of petitioner's acquisition of eighty per
cent or more of the voting shares of The Beloit
State Bank, Beloit, Wisconsin, a state bank.
In accordance with the provisions of section
3(b) of the act, 12 U.S.C. § 1842(b), the Board
requested the recommendation of the Commissioner of Banks for the State of Wisconsin. The
Commissioner as well as the United States Department of Justice filed statements with the Board
opposing the application.
Pursuant to the requirements of the act, the
Board held a public hearing on the application
before a hearing examiner in accordance with the
Board's Rules of Practice for Formal Hearings
(12 C.F.R. § 263). Thereafter, the hearing examiner issued a report in which he recommended
that the application be approved. Subsequently,
on January 31, 1963, the Board, one member dissenting, rejected the examiner's report and denied
approval of the application. The petition for review followed, under the provisions of section 9
of the act, 12 U.S.C. § 1848.
Petitioner contends that the Board failed to provide findings of fact and reasons to support its
conclusion that the approval of petitioner's application would have an adverse effect upon competition in the Beloit banking area and in the
State of Wisconsin; that the denial of the application was arbitrary and capricious; and that the
Board's order was not supported by substantial
evidence.
In First Wisconsin Banks hares Corp. v. Board
of Governors, Nos. 14108 and 14109, decided
today by this court, a similar contention was made
by Bankshares. There we announced the applicable standard of review of the Board's findings.
We also set forth the statutory factors that the
Board must consider, under section 3(c) of the
act, 12 U.S.C. § 1842(c), in granting or denying
prior approval of an application by a bank holding
company to acquire control of a bank. AccordSWYGERT,




ingly, we think it unnecessary to repeat the standard or the five statutory factors.1
Upon an examination of the record before us
and after applying the standard of review stated
in Bankshares, we conclude that the Board's denial
of the instant application was neither arbitrary nor
capricious and that its order has substantial support in the record when considered as a whole.
For reasons similar to those stated in Bankshares, we do not undertake a recitation or an
analysis of the primary evidentiary facts. Rather,
we think the facts referred to in the Board's opinion 2 and the inferences which the Board drew
therefrom in denying the application demonstrate
that the Board considered all the evidentiary facts
in relation to the five statutory factors, and that
its ultimate findings have reasonable and substantial support.
The Board found that the financial history and
condition of both petitioner and Beloit State are
satisfactory. It also found that their prospects are
good.
The management of petitioner and of the bank
is, according to the Board, satisfactory. This finding supports petitioner's assertion that the management of Beloit State is competent. Petitioner
claims, however, that the bank is finding it increasingly difficult to adequately replace management vacancies. We think the Board was justified
in concluding that, "while it is recognized that
staffing problems might be solved more readily
as a member of a holding company system, the
Board cannot conclude that affiliation with Applicant is the only reasonable means of insuring
continued vitality and competence in Bank's management ranks, and therefore does not regard this
consideration as weighing significantly in favor of
approval of the application."
As to the factor—convenience, needs, and welfare of the area concerned—the Board concluded
that the proposed acquisition would contribute to
the needs of large local business concerns by their
more extensive use of the bank services, and that
*We are mindful of the strictures placed upon the
substantial evidence rule when a hearing examiner has
made findings contrary to those of the administrative

agency. Universal Camera Corp. v. N. L. R. B., 340
U. S. 474 (1951). Those strictures must be kept in
mind in appraising the record here.
3
The portions of the Board's statement quoted in
this footnote by the Court are omitted. See 1963
BULL. 193.

28

FEDERAL RESERVE BULLETIN • JANUARY 1964

this weighed, "although not heavily, in favor of
the application." We think the Board's guarded
conclusion is based upon reasonable factual inferences.
Thus, it is seen that the Board concluded that
its findings covering the first four factors set forth
in section 3(c) favored the approval of the application. It held, however, that the fifth statutory
factor—the effect on adequate and sound banking,
the public interest, and the preservation of competition—prevented approval of the application. It
concluded that petitioner's acquisition of Beloit
State "would be inimical to the preservation of
competition in the field of banking and contrary
to the public interest" and further that "the consummation of the proposed acquisition would
increase the local market dominance of what is
already the largest bank in the City of Beloit and
in Rock County, thereby having a potential longrange detrimental competitive effect on the remaining smaller independent banks located therein, and this negative consideration is sufficient to
outweigh the favorable circumstances found to
exist with respect to the first four statutory factors
in this case and to call for disapproval of the
application."
The question before us, then, is whether these
foregoing conclusions have substantial evidentiary
support either of a direct or inferential nature.
The Board listed the following important facts
relevant to the fifth factor.8 Petitioner has ten
operating banks in Wisconsin and is the third
largest bank holding company in the State; if the
application were to be approved, petitioner would
become the second largest Wisconsin holding company in terms of total deposits; Beloit State is the
largest bank in the City of Beloit and in Rock
County; and its deposits represent over fifty per
cent of the deposits in the City of Beloit and over
twenty-three per cent in the county.
From the basic factual data, which are not in
dispute, the Board could reasonably conclude that
the proposed acquisition would increase the dominance of Beloit State, already the largest bank in
the Rock County area; that this increased dominance would have a potential long-range detrimental effect on the smaller banks in the area; and
finally, that the application should be considered
3
See note 2 supra for the Board's statement of the
facts.




in the light of the extent to which the proposed
acquisition, if consummated, would increase the
existing concentration of banking resources in the
large Wisconsin bank holding companies.
We are convinced that the facts and the reasonable inferences to be drawn therefrom support the
foregoing conclusions. In this connection, it was
proper for the Board to consider, as background
to the facts before it, the view expressed by the
Wisconsin Commissioner of Banks that, ". . . the
major bank holding companies of Wisconsin are
engaged in a struggle for control of our dominant
independent banks and, unless stopped at this
point, will ultimately lead to monopoly control of
banking in the State of Wisconsin."
We think it is self-evident that excessive concentration of control in a few bank holding companies
in a state is itself a danger to banking competition.4
Relevant to this proposition is the statement in
Northwest Bancorp oration v. Board of Governors,
303 F. 2d 832, 839 (8th Cir. 1962):
We think it may not be gainsaid that concentration of control has the natural inherent
effect of lessening competition. . . . Control
of all banks in one ownership would have the
natural effect of lessening competition in the
industry. . . .
Nevertheless size and concentration of bank
control in the area is indeed a factor which
was and should have been considered by the
Board in weighing the advisability of approving the acquisition and its effect upon adequate and sound banking, the public interest
and the preservation of competition. Certainly the size of petitioner as well as that of
bank are factors which contribute to the
4
See S. Rep. No. 1095, 84th Cong., 1st Sess., 1
(1955):
It is not the Committee's contention that bank
holding companies are evil of themselves. However, because of the importance of the banking
system to the national economy, adequate safeguards should be provided against undue concen-

tration of control of banking activities. . . . (Emphasis added.)
Also at 10:
The factors required to be taken into consideration by the Federal Reserve Board under this bill
also require contemplation of the prevention of
undue concentration of control in the banking
field to the detriment of public interest and the
encouragement of competition in banking. (Emphasis added.)

29

LAW DEPARTMENT
whole picture from which the Board had to
make its determination.
The Board found that the additional banking
services 5 which Beloit State would provide upon
its acquisition by petitioner could only serve to
strengthen its competitive position in the relevant
area. Moverover, any increase of concentration of
control by the bank would adversely affect the competition of the smaller banks for the total banking
resources and needs of the community. We think
this rationale is sound and that it is based upon
valid inferences drawn from undisputed facts.
Accordingly, we hold that the Board's reasons for
denying the application were not insufficient, as
argued by petitioner; further, that the Board did
not act arbitrarily or capriciously.
The Board's order is affirmed.
A true Copy:
Teste:
Clerk of the United States Court of Appeals for the Seventh Circuit.
UNITED STATES COURT OF APPEALS
FOR THE SEVENTH CIRCUIT

Nos. 14108 and 14109
FIRST WISCONSIN BANKSHARES CORPORATION,
PETITIONER,

vs.
The Board of Governors of the Federal Reserve
System, Respondent.
Petition for Review of An Order of the Board
of Governors of the Federal Reserve System.
FIRST WISCONSIN BANKSHARES CORPORATION,
PETITIONER,

vs.
The Board of Governors of the Federal Reserve
System, Respondent.
'On Petition for Review of An Order of the Board
of Governors of the Federal Reserve System.
December 17, 1963
5
These include: increased lending capacity; assistance with installment loan operations, trust and investment services, and foreign banking operations; automotive facilities; a personnel training program; and
-availability of additional capital.




Before HASTINGS, Chief Judge,
GERT, Circuit Judges.

SWYGERT,

CASTLE,

and

SWY-

Circuit Judge.

Petitioner, First Wisconsin Bankshares Corporation, is a Wisconsin corporation with its office
and principal place of business in Milwaukee. It
is a registered bank holding company under the
Bank Holding Company Act of 1956 (12 U.S.C.
§ § 1841-48). This court is asked to review, pursuant to section 9 of the act, 12 U.S.C. § 1848,
orders of the Board of Governors of the Federal
Reserve System denying petitioner's applications
for prior approval by the Board of proposed
acquisitions of eighty per cent or more of the
voting shares of two Wisconsin state banks, the
American Bank and Trust Company, located in
Racine, and the Merchants & Savings Bank, located in Janesville.
The applications filed with the Board, pursuant
to section 3(b) of the act, 12 U.S.C. § 1842(b),
were the bases of separate proceedings before the
Board. The Board denied approval of the acquisitions by orders which are before us on separate
petitions for review. We propose, however, to treat
these petitions together because of the similarity
of their factual and procedural background and of
the questions presented.
The Commissioner of Banks of the State of
Wisconsin (whose recommendation was required
to be solicited under section 2(b) of the act, 12
U.S.C. § 1842(b)) advised the Board that he had
no objection to the American application. Petitioner, at the request of the Board, filed supplementary information in support of its application. The Department of Justice wrote the Board
opposing the application. On January 31, 1963,
the application was denied. The petition for review
followed.
Petitioner's application to acquire the stock of
Merchants & Savings was opposed by both the
Wisconsin Commissioner of Banks and the Justice
Department. Because the Commissioner's recommendation was not timely filed, the Board was not
compelled to hold a formal hearing pursuant to
section 3(b) of the act. However, the Board did
hold a public hearing "to afford opportunity for
the expression of views and opinions by interested
persons." Thereafter, the Board on May 22. 1963,

30

FEDERAL RESERVE BULLETIN • JANUARY 1964

denied the application and the petition for review
followed.
Petitioner contends that the Board's findings and
conclusions are not supported by substantial evidence; that the Board incorrectly interpreted section 3(c) of the Bank Holding Company Act; and
that the Board deprived petitioner of due process
by refusing to hear further evidence, by considering facts not found in the record, and by failing
to inform the petitioner in advance of its alleged
changed interpretation of the act.
Section 3(c) of the act, 12 U.S.C. § 1842(c),
requires the Board to consider five factors in granting or denying acquisitions by a bank holding
company. These factors are:
(1) The financial history and conditions of
the company or companies 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 or
not the effect of such acquisition or merger
or consolidation 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.
Section 9 of the act provides that the factual
findings of the Board if supported by substantial
evidence shall be conclusive.
In the proceedings before us, the evidentiary
facts, including statistical data, were supplied by
petitioner to the Board. They are not in dispute.
The findings of the Board relating to the factors
it is required to consider are ultimate factual conclusions drawn by inference from the primary
evidentiary facts. It is our duty under section 9
to determine whether these ultimate findings have
substantial support in the record. In discharging
that duty, the reviewing court does not act as a
super agency, substituting its judgment for that of
the Board. Inferences of fact must remain within
the purview of the administrative agency. The
test is not whether the Board's findings are those
that the court might have made de novo; rather,
it is whether the Board's ultimate findings and
conclusions could have reasonably been drawn
from the primary evidentiary facts, and whether
they are arbitrary or capricious. Northwest Ban-




corporation v. Board of Governors, 303 F. 2d 832
(8th Cir. 1962).
Upon reviewing the records before us and applying the foregoing standard of review, we conclude that there is substantial evidence upon the
whole record to support the Board's ultimate findings that led to the denials of the applications.
We do not think it necessary to make analyses of
the multitudinous details on which the Board's
findings rest in an attempt to demonstrate their
reasonableness. Instead, the opinions of the Board,
denying the two applications, are set forth below.3
These statements we think sufficiently show that
the Board, pursuant to the statutory mandate,
gave full consideration to all the facts presented
by petitioner and that its findings are not arbitrary,
capricious, or unreasonable.
The first three factors which the Board must
consider, financial history and condition, prospects, and character of management, as regards
both the holding company and the bank whose
control is sought, relate to the solvency of the
institutions.3
After reviewing the pertinent facts, the Board
found that the financial history, condition, prospects, and management of each was satisfactory.
Petitioner disagrees with the Board's finding that
future management problems confronting each
bank was not insurmountable absent acquisition
by petitioner. It also says that insufficient weight
was given by the Board to the lack of prospects
for the banks' growth. While the facts relating to
these matters might support the granting of the
applications, we cannot say that the Board's findings were not reasonably supported by the evidence. Legitimate inferences could have been
drawn either way. We are mindful of what was
said in Northwest Bancorporation, supra, "Where
either one of two inferences may reasonably be
drawn from undisputed facts, the inference
adopted by the agency or board whose duty it is
to draw the inference from which it is to formulate
its judgment may not be disturbed on appeal."
But even if we were to agree with petitioner,
we are still confronted with the Board's findings
with respect to the remaining two factors.
As to the fourth statutory factor, petitioner
1
The portions of the Board's statement quoted in
this footnote by the Court are omitted. See 1963

BULL. 182,
2

188.

S. Rep. No. 1095, 84th Cong., 1st Sess., (1955).

LAW DEPARTMENT
argues that the Board's failure to find that the
proposed acquisitions would substantially serve the
convenience, needs, and welfare of the Racine and
Janesville areas is both contrary to the evidence
and based upon a misinterpretation of the Bank
Holding Company Act. The crucial issue, petitioner says, is "the validity of the Board's view
that if local banking needs can be satisfied from
non-local sources, there is no need to strengthen
or improve the capacity of local banks to meet
those needs sufficient to favor a holding company
acquisition"; that this view is contrary to the
legislative policy underlying the act because it
favors increased dependence by smaller communities for their financial needs upon banking institutions in the "established money centers" of
the country.
We believe the Board's view regarding this
fourth factor is neither an arbitrary nor capricious
treatment of the facts. This is demonstrated by
what the Board said in denying the American application:
Essentially, then, the banking needs of the
community are being served at present, but
Applicant argues that Racine and Wisconsin
banks are entitled to a "fair share" of banking business generated in Racine, and that, if
the independent local banks cannot attract
this share, then the facilities of a holding
company and of it (sic) more powerful member banks should be brought into the community to capture and hold what rightfully
belongs there. Had Congress intended such
regional splitting up of the national banking
market to be a basis for approving bank
holding company expansion, it would have so
stated. It did not so direct the Board.
This is not to say that the banks in a community should not be strong and supple
enough to serve the banking needs of that
community. Where banking needs were going
unmet, and where considerations under the
remaining factors were not adverse to holding
company acquisitions, then the Board has
granted its approval to those acquisitions.
It should also be pointed out that the Board
concluded as to the American application, "considerations under the fourth factor, then, lend
some but only slight weight for approval," and as
to the Merchants & Savings application, "the




31
Board does not believe that a strong case for approval has been presented under the fourth factor." We think the Board's remarks can be interpreted to mean that the applications might have
been granted were it not for the overriding findings that the proposed acquisitions would have an
adverse effect on competition.
In applying the fifth factor, the effect on adequate and sound banking, the public interest, and
the preservation of competition, the Board concluded that the proposed acquisitions would have
effects which would be contrary to the public's
interest in the preservation of banking competition
in the relevant Racine and Janesville banking
areas. The Board's inferences and reasoning leading to these conclusions are fully delineated in the
Board's statements.
Northwest Bancorp oration, supra, involved a
problem similar to that which is presented here.
Accordingly, the statement in that case is particularly pertinent:
The drawing of an inference and the making
of a judgment based thereon, particularly in
this kind of case where the question is
whether the acquisition of bank by petitioner
will, in the future, adversely affect the public
interest and lessen competition in the field of
banking, necessarily requires the making of
a prophecy. Here that prophecy has been
made. The Board, upon whose special competency Congress relied in delegating the authority to approve or disapprove bank acquisitions by holding companies, concluded
that in the overall picture the public interest
would be adversely affected and competition
would be lessened by the acquisition.
Through use of the same facts petitioner finds
that by the acquisition competition would be
enhanced and the public welfare unimpaired.
This is no more than a disagreement with the
Board's conclusion. The responsibility of
making the determination was vested by Congress with the Board and its conclusion must
prevail.
We are convinced that the Board could reasonably find that an anticompetitive effect on the
small banks of the relevant areas would result if
the proposed acquisitions were permitted when
taking into consideration the banking resources
of petitioner, the size of American and Merchants

32

FEDERAL RESERVE BULLETIN • JANUARY 1964

& Savings and their extensive control of the areas'
banking resources with the probability of an expansion of that control if the applications were
granted.
Petitioner argues that in attempting to preserve
competition among the local banks in the Racine
and Janesville areas, the Board's decision "seriously jeopardizes, if it does not completely destroy, the ability of [the areas' banks] to engage
in a competitive struggle with larger out-of-state
banks now rapidly draining off the banking business of the [areas'] principal concerns." Such a
result, it says, is antithetical to the purposes of
the Bank Holding Company Act.
A similar argument was made in United States
v. Philadelphia Nafl Bank, 374 U. S. 321 (1963).
The Court rejected the application of the "concept of 'countervailing power'." Paraphrasing the
Court's language to apply to the instant case, if
anticompetitive effects in one market could be
justified by procompetitive consequences in another, the result would be that bank holding companies could acquire control of so many banks
that in the end there would be nothing left but
large holding companies monopolizing a state's
banking system. Moreover, as was pointed out in
that case, the test of a competitive market is not
only whether small competitors prosper but also
whether consumers are adequately served. Here,
the facts show that the large business concerns of
the relevant areas have had no difficulty in obtaining adequate credit even though they may
have had to go outside the areas to obtain it.
As the Board in its brief points out, even if it
were conceded that the proposed acquisitions
would promote competition with the large out-ofstate banks, such fact would not offset the widened
competitive gap between the banks petitioner seeks
to acquire and the smaller independent banks
located in the Racine and Janesville areas, putting the smaller banks at a greater competitive
disadvantage than they are at the present. It is
within the Board's competence, we think, to con-




sider it better to preserve the competition afforded
by smaller banks by denying the applications than
to strengthen American and Merchants & Savings
so that they might better compete against New
York and Chicago banks.
Petitioner's contentions that it was denied procedural due process are without merit.
Under the provisions of section 3(b) of the act,
if the Comptroller of Currency or the state supervisory authority recommends disapproval
within thirty days after notification, the Board
must conduct a hearing on the application. In the
instant proceedings, the Wisconsin Commissioner
of Banks interposed no objection to petitioner's
request to acquire control of American. He did
oppose its application to acquire Merchants &
Savings; however, his recommendation was not
received within the thirty-day period. Therefore,
no statutory hearing was required as to either
application. Northwest Bancorp oration, supra.
We do not understand it to be petitioner's contention that a formal hearing should have been
conducted; rather, it argues that the Board should
have allowed presentation of further evidence
upon petitions for reconsideration after the denials
of the applications. In both proceedings, petitioner
was afforded ample opportunity to present its
evidence. In one, petitioner was given permission
to amplify its application with an oral presentation and in the other, by written supplementary
information.
We cannot agree with petitioner that the Board
relied upon factual suppositions unsupported by
the evidence. The statements made by the Board
in denying the applications indicate that it relied
solely upon the factual material submitted by
petitioner.
The Board's orders are affirmed.
A true Copy:
Teste:
Clerk of the United States Court of Appeals for the Seventh Circuit.

Announcements
DESIGNATIONS AND APPOINTMENTS OF CHAIRMEN AND FEDERAL RESERVE AGENTS,
DEPUTY CHAIRMEN, AND DIRECTORS
The Board of Governors of the Federal Reserve System announced the following appointments
at the Federal Reserve Banks and branches, effective January 1, 1964, unless otherwise indicated.
Names in CAPITALS indicate NEW appointments; all others are reappointments. Brief data about each
of the new appointments follow the listings.
CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR

1964

Federal Reserve
Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Erwin D. Canham, Editor, The Christian Science Monitor, Boston, Massachusetts.
Philip D. Reed (formerly Chairman, General Electric Company), New
York City.
Walter E. Hoadley, Vice President and Treasurer, Armstrong Cork Company, Lancaster, Pennsylvania.
Joseph B. Hall, Chairman of the Board, The Kroger Co., Cincinnati, Ohio.
Edwin Hyde, President, Miller & Rhoads, Inc., Richmond, Virginia.
Jack Tarver, President, Atlanta Newspapers, Inc., Atlanta, Georgia.
Robert P. Briggs, Executive Vice President, Consumers Power Company,
Jackson, Michigan.
Raymond Rebsamen, Chairman of the Board, Rebsamen & East, Inc., Little
Rock, Arkansas.
Atherton Bean, President, International Milling Company, Inc., Minneapolis, Minnesota.
Homer A. Scott, Vice President and District Manager, Peter Kiewit Sons'
Company, Sheridan, Wyoming.
Robert O. Anderson, Owner, Lincoln County Livestock Co., Roswell, New
Mexico.
F. B. Whitman, President, The Western Pacific Railroad Company, San
Francisco, California.
DEPUTY CHAIRMEN FOR YEAR

1964

Federal Reserve
Bank
Boston
New York




William Webster, President, New England Electric System, Boston, Massachusetts.
James DeCamp Wise (formerly Chairman, Bigelow-Sanford, Inc.), Frenchtown, New Jersey.

33

34

FEDERAL RESERVE BULLETIN • JANUARY 1964
DEPUTY CHAIRMEN FOR YEAR 1964—CONTINUED

Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

David C. Bevan, Chairman, Finance Committee, The Pennsylvania Railroad Company, Philadelphia, Pennsylvania
Logan T. Johnston, President, Armco Steel Corporation, Middletown, Ohio.
William H. Grier, President, Rock Hill Printing & Finishing Company,
Rock Hill, South Carolina.
J. M. CHEATHAM, President, Dundee Mills, Incorporated, Griffin,
Georgia.
James H. Hilton, President, Iowa State University of Science and Technology, Ames, Iowa.
J. H. Longwell, Director, Special Studies and Programs, College of Agriculture, University of Missouri, Columbia, Missouri.
Judson Bemis, President, Bemis Bro. Bag Co., Minneapolis, Minnesota.
Dolph Simons, Editor and Publisher, The Lawrence Daily Journal-World,
Lawrence, Kansas.
C. J. THOMSEN, Senior Vice President, Texas Instruments, Inc., Dallas,
Texas.
John D. Fredericks, President, Pacific Clay Products, Los Angeles, California.
FEDERAL RESERVE BANK DIRECTORS 1

(Three-year terms unless otherwise indicated)
Federal Reserve
Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

William Webster (see page 33).
Everett N. Case, President, Alfred P. Sloan Foundation, New York, New
York.
Walter E. Hoadley (see page 33).
ALBERT G. CLAY, President, Clay Tobacco Co., Mt. Sterling, Kentucky.
William H. Grier (see above).
JOHN A. HUNTER, President, Louisiana State University, Baton Rouge,
Louisiana. Effective January 10, 1964, for unexpired term ending
December 31, 1966.
John W. Sheldon, President, Chas. A. Stevens & Co., Chicago, Illinois.
WILLIAM KING SELF, President, Riverside Industries, Marks, Mississippi.
Judson Bemis (see above).
Homer A. Scott (see page 33).
C. J. THOMSEN (see above). Effective December 17, 1963, for unexpired term ending December 31, 1964.
MAX LEVINE, President, Foley's, Houston, Texas.
John D. Fredericks (see above).
FEDERAL RESERVE BANK BRANCH DIRECTORS 2

(Three-year terms unless otherwise indicated)
Federal Reserve Bank
and Branch
New York
Buffalo
Thomas E. LaMont, Farmer, Albion, New York.
a
Each Federal Reserve Bank has a board of directors consisting of nine members, divided into three
classes, designated as Classes A, B, and C. The six
A and B directors are elected by the member banks,
and the three C directors are appointed by the Board
of Governors. The terms of two of the elected directors and one of the appointed directors at each




Federal Reserve Bank expire at the end of each year.
2
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.

35

ANNOUNCEMENTS
FEDERAL RESERVE BANK BRANCH DIRECTORS

Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore

Charlotte

(continued)

Walter C. Langsam, President, University of Cincinnati,
Cincinnati, Ohio.
G. L. Bach, Maurice Falk Professor of Economics and Social Science, Carnegie Institute of Technology, Pittsburgh,
Pennsylvania.
Harry B. Cummings, Vice President and General Manager,
Metal Products Division, Koppers Company, Inc., Baltimore, Maryland.
JAMES A. MORRIS, Dean, School of Business Administration, University of South Carolina, Columbia, South
Carolina.

A tlanta
Jacksonville
Nashville
New Orleans
Chicago
Detroit
St. Louis
Little Rock
Louisville
Memphis

Minneapolis (2-year term)
Helena
Kansas City (2-year terms)
Denver
Oklahoma City
Omaha
Dallas




El Paso
Houston
San Antonio

J. Ollie Edmunds, President, Stetson University, DeLand,
Florida.
JAMES E. WARD, President, Baird-Ward Printing Company, Nashville, Tennessee.
GEORGE BENJAMIN BLAIR, General Manager, American Rice Growers Cooperative, Lake Charles, Louisiana.
Max P. Heavenrich, Jr., President and General Manager,
Heavenrich Bros. & Company, Saginaw, Michigan.
Frederick P. Blanks, Planter, Parkdale, Arkansas.
LISLE BAKER, JR., Executive Vice President, The
Courier-Journal and Louisville Times Company, Louisville, Kentucky.
Edward B. LeMaster, President, Edward LeMaster Company, Inc., Memphis, Tennessee.
SAM COOPER, President, HumKo Products Division, National Dairy Products Corporation, Memphis, Tennessee,
for unexpired portion of term ending December 31, 1965.
EDWIN G. KOCH, President, Montana School of Mines,
Butte, Montana.
Robert T. Person, President, Public Service Company of
Colorado, Denver, Colorado.
James E. Allison, Consultant, Warren Petroleum Corporation, Tulsa, Oklahoma.
John T. Harris, Merchant and cattleman, McCook, Nebraska.
C. ROBERT McNALLY, JR., Rancher, Roswell, New
Mexico.
LOVETT C. PETERS, Vice President, Continental Oil Company, Houston, Texas.
G. C. Hagelstein, President and General Manager, Union
Stock Yards San Antonio, Texas.

36

FEDERAL RESERVE BULLETIN • JANUARY 1964
FEDERAL RESERVE BANK BRANCH DIRECTORS

San Francisco (2-year terms)
Los Angeles
Portland
Salt Lake City
Seattle

ARTHUR GARDINER COONS, President, Occidental College, Los Angeles, California.
Graham J. Barbey, President, Barbey Packing Corporation,
Astoria, Oregon.
Howard W. Price, President, The Salt Lake Hardware Co.,
Salt Lake City, Utah.
WILLIAM McGREGOR, Vice President, McGregor Land
and Livestock Company, Hooper, Washington.

Federal Reserve Bank of Cleveland
ALBERT G. CLAY, Mt. Sterling, Kentucky,
was appointed a director of the Federal Reserve
Bank of Cleveland for a 3-year term beginning
January 1, 1964. Mr. Clay is President, Clay
Tobacco Co., Mt. Sterling. As a Board-appointed
director of the Cleveland Bank Mr. Clay succeeds Dr. Aubrey J. Brown, Professor of Agricultural Marketing and Head of Department of
Agricultural Economics, University of Kentucky,
Lexington, Kentucky, whose term expired December 31, 1963.
Federal Reserve Bank of Richmond
JAMES A. MORRIS, Columbia, South Carolina, was appointed a director of the Charlotte
Branch of the Federal Reserve Bank of Richmond for a 3-year term beginning January 1,
1964. Mr. Morris is Dean of the School of Business Administration, University of South Carolina,
Columbia. He succeeds Dr. George H. Aull,
Consulting Economist, Clemson College, Clemson, South Carolina, whose term as a director
expired December 31, 1963.
Federal Reserve Bank of Atlanta
J. M. CHEATHAM, Griffin, Georgia, was appointed Deputy Chairman of the Federal Reserve
Bank of Atlanta for the year 1964. Mr. Cheatham is President, Dundee Mills, Incorporated,
of Griffin, and has been serving as a Boardappointed director of the Atlanta Reserve Bank
since January 1960. As Deputy Chairman he
succeeds Mr. Henry G. Chalkley, Jr., The Sweet
Lake Land & Oil Company, Lake Charles, Louisiana, whose terms as Deputy Chairman and as
a director expired December 31, 1963.
JOHN A. HUNTER, Baton Rouge, Louisiana,
was appointed, effective January 10, 1964, a
director of the Federal Reserve Bank of Atlanta




(continued)

for the unexpired portion of a term ending December 31, 1966. Dr. Hunter is President, Louisiana State University, Baton Rouge. He succeeds Henry G. Chalkley, Jr., President, The
Sweet Lake Land & Oil Company, Lake Charles,
Louisiana, whose term as a director expired
December 31, 1963.
JAMES E. WARD, Nashville, Tennessee, was
appointed a director of the Nashville Branch of
the Federal Reserve Bank of Atlanta for a 3year term beginning January 1, 1964. Mr. Ward
is President, Baird-Ward Printing Company, Nashville. He succeeds Mr. W. N. Krauth, President
and General Manager, Colonial Baking Company
of Nashville, whose term as a director expired
December 31, 1963.
GEORGE BENJAMIN BLAIR, Lake Charles,
Louisiana, was appointed a director of the New
Orleans Branch of the Federal Reserve Bank of
Atlanta for a 3-year term beginning January 1,
1964. Mr. Blair is General Manager, American
Rice Growers Cooperative Association, Lake
Charles. He succeeds Frank A. Godchaux, III,
Vice President, Louisiana State Rice Milling Company, Inc., Abbeville, Louisiana, whose term as
a director expired December 31, 1963.
Federal Reserve Bank of St. Louis
WILLIAM KING SELF, Marks, Mississippi,
was appointed a director of the Federal Reserve
Bank of St. Louis for a 3-year term beginning
January 1, 1964. Mr. Self is President, Riverside
Industries, Marks, Mississippi, and has served as
a Board-appointed director of the Memphis
Branch of the Federal Reserve Bank of St. Louis
since December 1961. Mr. Self succeeds Jesse D.
Wooten, Executive Vice President, Mid-South
Chemical Corporation, Memphis, Tennessee,
whose term as a director expired December 31,
1963.

37

ANNOUNCEMENTS
Federal Reserve Bank of St. Louis—Continued
LISLE BAKER, JR., Louisville, Kentucky, was
appointed a director of the Louisville Branch of
the Federal Reserve Bank of St. Louis for a 3year term beginning January 1, 1964. Mr. Baker is Executive Vice President, The CourierJournal and Louisville Times Company in Louisville, Kentucky. He succeeds Dr. Philip Davidson,
President, University of Louisville, Louisville,
Kentucky, whose term as a director expired December 31, 1963.
SAM COOPER, Memphis Tennessee, was appointed a director of the Memphis Branch of the
Federal Reserve Bank of St. Louis for the unexpired portion of a term ending December 31,
1965. Mr. Cooper is President, HumKo Products
Division, National Dairy Products Corporation,
Memphis, Tennessee. He succeeds Mr. William
King Self, President, Riverside Industries, Marks,
Mississippi, who was appointed a director of the
Federal Reserve Bank of St. Louis.
Federal Reserve Bank of Minneapolis
EDWIN G. KOCH, Butte, Montana, was appointed a director of the Helena Branch of the
Federal Reserve Bank of Minneapolis for a 2-year
term beginning January 1, 1964. Mr. Koch is
President, Montana School of Mines in Butte. He
succeeds Mr. John M. Otten, Farmer and rancher,
Lewistown, Montana, whose term as a director
expired December 31, 1963.
Federal Reserve Bank of Dallas
C. J. THOMSEN, Dallas, Texas, was appointed, effective December 17, 1963, a director
of the Federal Reserve Bank of Dallas for
the unexpired portion of a term ending December 31, 1964. He was also appointed Deputy
Chairman at that Bank for the remainder of
1963 and for 1964. Mr. Thomsen is Senior Vice
President, Texas Instruments, Inc., Dallas. As
a director, Mr. Thomsen succeeds Mr. Lamar
Fleming, Jr., Member, Board of Directors, Anderson, Clayton & Co., Inc., of Houston, Texas,
who had resigned. As Deputy Chairman, Mr.
Thomsen succeeds Mr. Morgan J. Davis, Chairman of the Board, Humble Oil & Refining Company, Houston, Texas, who had also resigned.
MAX LEVINE, Houston, Texas, was appointed
a director of the Federal Reserve Bank of Dallas




for a 3-year term beginning January 1, 1964. Mr.
Levine is President, Foley's, Houston, and has
been serving as a Board-appointed director of the
Houston Branch of the Federal Reserve Bank of
Dallas since January 1961. Mr. Levine succeeds
Mr. Morgan J. Davis, Chairman of the Board,
Humble Oil & Refining Company, Houston,
Texas, who had resigned.
C. ROBERT McNALLY, JR., Roswell, New
Mexico, was appointed a director of the El Paso
Branch of the Federal Reserve Bank of Dallas for
a 3-year term beginning January 1, 1964. Mr.
McNally is a rancher in Roswell, New Mexico.
He succeeds Mr. William R. Mathews, Editor
and Publisher, The Arizona Daily Star, Tucson,
Arizona, whose term expired December 31, 1963.
LOVETT C. PETERS, Houston, Texas, was
appointed a director of the Houston Branch of
the Federal Reserve Bank of Dallas for a 3-year
term beginning January 1, 1964. Mr. Peters is
Vice President of the Continental Oil Company
in Houston. He succeeds Mr. Max Levine, President, Foley's, Houston, Texas, whose term expired December 31, 1963, and who was appointed
to the Board of Directors of the Federal Reserve
Bank of Dallas.
Federal Reserve Bank of San Francisco
ARTHUR GARDINER COONS, Los Angeles, California, was appointed, effective January
7, 1964, a director of the Los Angeles Branch
of the Federal Reserve Bank of San Francisco
for the unexpired portion of a term ending December 31, 1965. Mr. Coons is President of
Occidental College, Los Angeles. He succeeds Mr.
Robert J. Cannon, President, Cannon Electric
Company, Los Angeles, whose term expired December 31, 1963.
WILLIAM McGREGOR, Hooper, Washington, was appointed a director of the Seattle
Branch of the Federal Reserve Bank of San Francisco for a 2-year term beginning January 1,
1964. Mr. McGregor is Vice President, McGregor
Land and Livestock Company in Hooper. He succeeds Mr. Henry N. Anderson, President, Twin
Harbors Lumber Company, Aberdeen, Washington, whose term as director expired December 31,
1963.

38

FEDERAL RESERVE BULLETIN • JANUARY 1964
FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS »

The Federal Reserve Banks have announced the following appointments of branch directors. The
appointments have been made for terms of three years beginning January 1, 1964, except where otherwise indicated.
Federal Reserve Bank
and Branch
New York
Buffalo

Cleveland
Cincinnati

CHARLES W. MILLARD, JR., President, Manufacturers &
Traders Trust Company, Buffalo, New York. Mr. Millard
succeeds John M. Galvin, Chairman, Executive Committee,
The Marine Trust Company of Western New York,
Buffalo, New York.

W. HUMPHREY, President, The Philip Carey Manufacturing Company, Cincinnati, Ohio. (Reappointed)

JOHN

JAMES PUGH, President, The Security Central National

Bank of Portsmouth, Ohio. Mr. Pugh succeeds H. W.
Gillaugh, President, The Third National Bank and Trust
Company of Dayton, Ohio.
Pittsburgh

S. ARMSTRONG, President and Trust Officer, The
Grove City National Bank, Grove City, Pennsylvania. Mr.
Armstrong succeeds Charles J. Heimberger, President, The
First National Bank of Erie, Pennsylvania.
JOSEPH

S. L. DRUMM, President, West Penn Power Company,
Greensburg, Pennsylvania. (Reappointed)
Richmond
Baltimore

Charlotte
A tlanta
Birmingham

JOHN P. SIPPEL, President, The Citizens National Bank
of Laurel, Maryland. Mr. Sippel succeeds J. N. Shumate,
President, The Farmers National Bank of Annapolis,
Maryland.

W. W. MCEACHERN, President, The South Carolina National Bank, Greenville, South Carolina. (Reappointed)
A. HAND, President, The First National Bank of
Birmingham, Alabama. Mr. Hand succeeds Frank A.
Plummer, Chairman of the Board and President, Birmingham Trust National Bank, Birmingham, Alabama.
JOHN

1
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.
The announcement of appointments of branch directors made by the Board of Governors is published
on page 38 of this BULLETIN.

39

ANNOUNCEMENTS
A tlanta—Continued

H. DIAL, President, The First National Bank at
Orlando, Florida. Mr. Dial succeeds Godfrey Smith, President, Capital City First National Bank of Tallahassee,
Florida.

Jacksonville

WILLIAM

Nashville

WILLIAM

New Orleans

L. Y. FOOTE, President, First National Bank of Hattiesburg, Mississippi. Mr. Foote succeeds Giles W. Patty,
President, First National Bank, Meridian, Mississippi.

Chicago
Detroit

F. EARTHMAN, JR., President, Commerce Union
Bank, Nashville, Tennessee. Mr. Earthman succeeds D. W.
Johnston, Executive Vice President, Third National Bank
in Nashville, Tennessee.

H. FRENCH, JR., President, City National Bank of
Detroit, Michigan. Mr. French succeeds William A. Mayberry, Chairman of the Board, Manufacturers National
Bank of Detroit, Michigan.
JOHN

H. MOORE, President, The Commercial and
Savings Bank, St. Clair, Michigan. (Reappointed)
FRANKLIN

St. Louis
Little Rock




CECIL W. CUPP, President, Arkansas Bank and Trust
Company, Hot Springs, Arkansas. Mr. Cupp succeeds
J. W. Bellamy, President, National Bank of Commerce of
Pine Bluff, Arkansas.

R. M. LAGRONE, JR., President, The Citizens National
Bank of Hope, Arkansas. (Reappointed)
Louisville

RAY A. BARRETT, President, The State Bank of Salem,
Indiana. (Reappointed)
WILLIAM G. DEATHERAGE, President, Planters Bank &
Trust Company, Hopkinsville, Kentucky. Mr. Deatherage
succeeds John G. Russell, President, The Peoples First
National Bank & Trust Company of Paducah, Kentucky.

Memphis

President, The First National Bank of
Memphis, Tennessee. Mr. Morgan succeeds John E.
Brown, Chairman of the Board and President, Union
Planters National Bank of Memphis, Tennessee.
ALLEN MORGAN,

T. WELCH, President, Citizens Bank, Savannah, Tennessee. Mr. Welch succeeds Simpson Russell, Chairman of
the Board, The National Bank of Commerce of Jackson,
Tennessee.
CON

40

FEDERAL RESERVE BULLETIN • JANUARY 1964
Minneapolis (2-year terms)
Helena

Kansas City (2-year terms)
Denver

B. MEYER HARRIS, President, The Yellowstone Bank,
Laurel, Montana. Mr. Harris succeeds O. M. Jorgenson,
Chairman of the Board, Security Trust and Savings Bank,
Billings, Montana.

ELWOOD M. BROOKS, Chairman of the Board, The Central
Bank & Trust Company, Denver, Colorado. Mr. Brooks
succeeds Eugene H. Adams, President, The First National
Bank of Denver, Colorado.

Oklahoma City

HOWARD J. BOZARTH, President, City National Bank and
Trust Company, Oklahoma City, Oklahoma. Mr. Bozarth
succeeds C. P. Stuart, Chairman of the Board, The Fidelity
National Bank & Trust Company, Oklahoma City, Oklahoma.

Omaha

R. E. BARTON, President, The Wyoming National Bank
of Casper, Wyoming. (Reappointed)
D. KOSMAN, Chairman of the Board and President,
Scottsbluff National Bank, Scottsbluff, Nebraska. (Reappointed)
HENRY

Dallas

El Paso

ROBERT W. HEYER, President, Southern Arizona Bank &
Trust Company, Tucson, Arizona. Mr. Heyer succeeds
Floyd Childress, Vice Chairman of the Board, The First
National Bank of Roswell, New Mexico.

President, First National Bank in Alpine,
Texas. (Reappointed)

DICK ROGERS,

Houston

J. A. ELKINS, JR., Chairman of the Board, First City National Bank of Houston, Texas. (Reappointed)
E. GRAY, President, First Security National Bank of
Beaumont, Texas. (Reappointed)

JOHN

San Antonio

J. R. THORNTON, President, State Bank and Trust Company, San Marcos, Texas, Mr. Thornton succeeds
Donald D. James, Vice President, The Austin National
Bank, Austin, Texas.
FORREST M. SMITH, President, National Bank of Commerce of San Antonio, Texas. (Reappointed)

San Francisco (2-year terms)
Los Angeles




RALPH V. ARNOLD, President, First National Bank and
Trust Company, Ontario, California. (Reappointed)

41

ANNOUNCEMENTS
San Francisco—(Continued)
Portland

E. J. KOLAR, President, The United States National Bank
of Portland, Oregon. Mr. Kolar succeeds C. B. Stephenson,
Chairman of the Board, The First National Bank of
Oregon, Portland, Oregon.

Salt Lake City

V. R. STEFFENSEN, President, First Security Bank of Idaho,
Boise, Idaho. Mr. Steffensen succeeds Oscar Hiller, Presirent, Butte County Bank, Arco, Idaho.

Seattle

MAXWELL CARLSON, President, National Bank of Commerce of Seattle, Washington. Mr. Carlson succeeds Joshua
Green, Jr., Chairman of the Board, Peoples National Bank
of Washington, Seattle, Washington.

ELECTION OF DIRECTOR

The Federal Reserve Bank of St. Louis on December 20, 1963, announced the election of Mark
Townsend as a Class B director of the Bank to
serve for the remainder of the term expiring
December 31, 1964. Mr. Townsend is Chairman
of the Board, Townsend Lumber Company, Inc.,
Stuttgart, Arkansas. As a director of the St. Louis
Bank he succeeds Mr. Raymond Rebsamen, Chairman of the Board, Rebsamen & East, Inc., Little
Rock, Arkansas, who was appointed a Class C
director and Chairman of the Reserve Bank.

EARNINGS AND EXPENSES OF THE FEDERAL
RESERVE BANKS IN 1963 AND 1962

The following table shows a condensed comparative statement of earnings and expenses of the
Federal Reserve Banks in 1963 and 1962. A detailed statement of earnings and expenses of each
Federal Reserve Bank in 1963 will appear in the
February Federal Reserve BULLETIN.

Item

1963

1962

Thousands of dollars
CHANGE IN FIRST VICE PRESIDENT AT
FEDERAL RESERVE BANK OF MINNEAPOLIS

Mr. Albert W. Mills, First Vice President of the
Federal Reserve Bank of Minneapolis, retired
December 31, 1963. Mr. Mills joined the Bank
in 1933 as an employee in the Bank Examination
Department. He became an officer in 1938 when
he was promoted to Assistant Auditor, and in
1941 he was promoted to Auditor. In 1942, Mr.
Mills was made Cashier and Secretary, Vice
President and Cashier in 1947, and First Vice
President in 1950.
Mr. Maurice H. Strothman, Jr., was appointed
First Vice President to serve for the unexpired
portion of Mr. Mills' 5-year term ending February 28, 1966. Mr. Strothman was employed by the
Bank in 1941 as a trust examiner. He was promoted to Assistant Counsel in 1944, Assistant
Vice President in 1949, Vice President in 1951,
Vice President and Counsel in 1958, and Vice
President and General Counsel in 1960. Mr.
Strothman holds B.A. and LL.B. degrees from the
University of Minnesota.




1,151,120
187,273
963,847

Current earnings
Current expenses
Current net earnings
Net additions to or deductions from ( —)
current net earnings 1
Net earnings
Treasury

before

payments

to

Dividends paid
Paid Treasury (interest on F.R. notes)....
Transferred to surplus

1,048,508
176,136

615

-56

964,462

872,316

28,912
879,685

27,412
799,366

55,864

45,538

872,372

1 Includes net profits on sales of U.S. Govt. securities of $312,000
in 1963 and $1,990,000 in 1962.

ERRATA

In the table on page 1497 of the November 1963
BULLETIN, the 1963 figure for "net funds raised
by corporate securities" is inconsistent with figures
for 1960-62.
The figures for these three years include only
securities issued by private domestic nonfinancial
corporations. The figure for 1963, on the other

42

FEDERAL RESERVE BULLETIN • JANUARY 1964

hand, also includes securities issued by domestic
finance companies (exclusive of stock in investment companies) and by foreign borrowers.
The following tabulation shows consistent and
up-to-date figures both with and without finance
company and foreign issues.

I960
Including finance company and foreign issues
(Table 2, line II-Q, plus lines
III r T, and 11-1)2
Excluding finance company and
foreign issues
(Table 2, line II-Q) 2

1961

5.3

7 3

1963

6.6

7.5

1962

6.5

4.8

1

First 3 quarters at an annual rate.
2 Refers to Flow of Funds/Saving, pp. 106-114 of this BULLETIN.

REVISED EDITION OF BOOK ON FEDERAL RESERVE SYSTEM
A revised edition of The Federal Reserve System: Purposes and Functions is available for distribution. This fifth edition commemorates the
fiftieth anniversary of the signing of the Federal
Reserve Act on December 23, 1913, and is dedicated to a better public understanding of the
System's trusteeship for the nation's credit and
monetary machinery.
To this end, the new edition has been expanded to include chapters on the organization
of the Federal Reserve System for policy-making,
on the open market policy process, and on the
balance of payments. These and other changes
that have been made throughout the text are de-




signed to clarify the System's role and functioning in light of changes that have occurred in the
national and world economies and in light of further advances in monetary knowledge.
The text has been written primarily for students, bankers, businessmen, and others who need
a broad statement of the services rendered by the
Federal Reserve System to the economy of the
United States. It does not purport to be an exhaustive account of Federal Reserve activities.
The book is available without charge. Requests
for copies should be sent to the Division of Administrative Services, Board of Governors of the
Federal Reserve System, Washington, D.C. 20551.

National Summary of Business Conditions
Released for publication January 15

Industrial production and construction activity
changed little in December while retail sales rose
sharply. The unemployment rate declined to 5.5
per cent, the same as in October and as in December 1962. Bank credit, the money supply, and time
deposits at commercial banks rose further but by
less than the unusually large amounts in November.

CONSTRUCTION ACTIVITY

New construction put in place in December, at
a seasonally adjusted annual rate of $65.4 billion,
was near the record high of the previous two
months and was 10 per cent above a year earlier.
Private construction, both residential and nonresidential, changed little in December while
public construction declined somewhat.

INDUSTRIAL PRODUCTION

DISTRIBUTION

The Board's index of industrial production in
December was 127 per cent of the 1957-59 average, unchanged from the October-November level
and 7 per cent above a year earlier. Although the
index remained at 127, output of both final products and materials increased fractionally.
Auto assemblies continued at the high November rate, and production schedules indicate little
change in January. Output of trucks and other
transportation equipment also was virtually unchanged in December, but small increases in production were widespread among other types of
consumer goods and business equipment.
Output of nondurable materials continued to
rise in December. Production of durable materials
was unchanged, although output of iron and steel
increased slightly further. In early January steel
ingot production continued to rise.

After having been curtailed in late November
retail sales rose sharply, and the December total
was up 4 per cent from November and 6 per cent
from December 1962. Dealer deliveries of new
domestic autos rose appreciably in December, and
in the first 3 months of the 1964 model-year were
at a rate 6 per cent higher than a year earlier.
COMMODITY PRICES

The wholesale price index for industrial commodities remained stable in December and early
January, although prices of tin, lead and some
metal products increased. Among foodstuffs, livestock prices declined somewhat further while
coffee prices rose sharply.
BANK CREDIT, MONEY SUPPLY, AND RESERVES

Seasonally adjusted commercial bank credit
increased $2.3 billion in December, about onefourth less than the unusually large November
rise. Expansion in loans accounted for most of
the increase but holdings of non-Government
securities also rose. The money supply and time
deposits at commercial banks rose somewhat further but less rapidly than in October and November.
Required and total reserves increased by more
than the usual amounts in December. Excess
reserves, at $500 million, were up a little and
member bank borrowings, at $325 million, were
about the same as in most months since midyear.
Reserves were supplied principally by Federal
Reserve purchases of U.S. Government securities
and an increase in float and were absorbed by
an outflow of currency.

INDUSTRIAL PRODUCTION
1957-59 =100
140
130
120

CONSUMER
GOODS

'"»•'

\ j DURABLE
MANUFACTURES
[

I

I

I

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




43

44

FEDERAL RESERVE BULLETIN • JANUARY 1964
SECURITY MARKETS

Yields on corporate and long-term Treasury
bonds rose somewhat between mid-December and
mid-January but yields on high quality State and

local government bonds and on short-term Treasury issues changed little. Common stock prices
increased to a new high.
INTEREST RATES

RETAIL TRADE
1957-59 = 100
RETAIL SALES

TOTAL

-

-^/V^

-

_

SALES

LONG-TERM
GOVERNMENT SECURITIES i

J\l

in

till

|

F.R. DISCOUNT RATi

r

/TREASURY BILLS
TOTAL L S
ES
_ AUTOMOTIVE G R O U P y \ ^ /

STOCKS

_

, /

>.-/""**»..*••'**

|

|

|

In,

^

1

I

1

1 ^

F. R. indexes; retail sales based on Dept. of Commerce data.
Seasonally adjusted figures; latest for stocks is Nov.; for other
series, Dec.




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 Jan. 8.




Guide to Tabular Presentation

SYMBOLS AND ABBREVIATIONS
N.S.A.

Estimated
Corrected
Preliminary
Revised
Revised preliminary

e
c
P

r
rp

IPC
A
L
S
U
*

I, II,

in, rv
D.a.

n.e.c.
S.A.

Quarters
Not available
Not elsewhere classified
Monthlv Cor Quarterly}
seasonal variation

Monthly (or quarterly)figuresnot adjusted
for seasonal variation
Individuals, partnerships, and corporations
Assets
Liabilities
Sources of funds
Uses of funds
Amounts insignificant in terms of the particular unit (e.g., less than 500,000 when
the unit is millions)
(1) Zero, (2) nofigureto be expected, or (3)
figure delayed

GENERAL INFORMATION
Minus signs are used to indicate (1) a decrease, (2) a 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.tf also includes
municipalities, special districts, and other political subdivisions.
In some of the tables details do not add to totals because of rounding.
The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not
originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the
data.

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

Issue

Page

Annually—continued

. . . Dec. 1964

106-114

Semiannually
Banking offices:
Analysis of changes in number of
Aug. 1963
On, and not on, Federal Reserve Par List
number of
Aug. 1963

1162

Annually
Bank holding companies:
list of, Dec. 31, 1962
June 1963
Banking offices and deposits of group banks,
Dec.31,1962
July 1963




1163

856
1012

46

Banking and monetary statistics, 1962

Issue

Page

(Feb. 1963 268-75
\ Mar. 1963 394-95
(May 1963 720-23

Banks and branches, number of, by class and
State
Apr. 1963 551-52
Income and expenses:
Federal Reserve Banks
Member banks:
Calendar year
Operating ratios
Insured commercial banks

Feb. 1963 264-65
May 1963 710-18
Apr. 1963 553-55
May 1963
719

Stock Exchange firms, detailed debit and credit
balances
Sept. 1963

1322

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

48
52
54
56
58
60
64
66
69

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

70
71
72
74
79
80
83
85
88




Industrial production
Business activity
Construction
Employment and earnings.
Department stores
Wholesale and consumer prices
National product and income series
Flow of funds, saving and investment.
Guide to tabular presentation
Index to statistical tables

The data for F.R. Banks, member banks, and
department stores, and consumer credit are
derived from regular reports made to the
Board; production indexes are compiled by the
Board on the basis of data collected by other
agencies; figures for gold stock, currency, Federal finance, and Federal business-type activi-

92
96
96
98
100
102
104
106
46
139

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

47

48

BANK RESERVES AND RELATED ITEMS

JANUARY 1964

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

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

Gold
stock

U.S. Govt. securities
Dis
counts
I
Bought Repur- and Float
chase
outadTotal
agree- vances
right
ments

Total 2

Treasury
currency
outstanding

Currency
in
circulation

Treasury
cash
holdings

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

Treas-

For-

Member bank
reserves
Other
F.R.
accounts

Otheri

With
F.R.
Banks

Currency
and

Total

Averages of
daily figures
1929—June
1933—June
1939—Dec
1941_Dec...
1945_Dec

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

1950—Dec...
1951—Dec...
1952—Dec...
1953—Dec...
1954_Dec...

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

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

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

1960—Dec
1961—Dec
1962—June....

978
250
8
5
381

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

30
164
739
1,531
1,247

210
272
,402
,189
,269

30
81
616
592
625

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

142 1,117 21,606 22,879 4,629 27,806 1,290
9
657 1,375 25,446 22,483 4,7011 29,139 1,280
99
375 25
524 1,633 1,262 27,299 23,276 4,806 30,494 1,271
_
448
018 27,107 22,028 4,885, 30,968
421
767
407
992 26,317 21,711 4,982 30,749
29
805

615
271
569
602
443

920
571
745
466
439

353
264
290
390
365

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

284
267
367
96
43

27,248 27,170
29,098 29,061
29,568 29,510

1962—Dec

30,546 30,474

15,978 5,561

35,281

398

1963—Jan
Feb...
Mar
Apr...
May
June
July
Aug
Sept
Oct
Nov
Dec

30,198
30,541
30,613
30,897
31,138
31,540
32,158
32,233
32,341
32,648
33,126
33,729

30,148
30,355
30,507
30,833
31,041
31,446
32,014
32,171
32,243
32,464
32,936
33,626

50
186
106
64
97
94
144
62
98
184
190
103

101
181
185
151
229
236
322
355
352
343
407
360

2,663
2,278 3!
1,503 32,287
1 ,626 ",477
, " " 32
1,,596 32,692
1,560 32 ,972
1,635 33,454
34,262
1,740 34
1,453 34,080
34,440
1,710 34
1,593 34,628
1,771 35,353
-',610
2,434 36

15,950
15,922
15,878
15,878
15,834
15,785
15,664
15,602
15,582
15,582
15,582
15,562

5,568
5,567
5,576
5,578
5,576
5,583
5,585
5,584
5,589
5,587
r
5,594
5,583

34,574
34,230
34,431
34,719
34,879
35,293
35,752
35,794
35,945
36,120
••36,693
37,602

422
437
446
436
423
400
393
394
401
395
r
395
390

1,247 31,686
1,300 31,868
2,056 32,299
2,109 32,259

15,977
15,978
15,978
15,978

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

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

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

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

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

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

78
37
58

94 1,665 29,060 17,954 5,396 33,019
152 1,921 31,217 16,929 5,587 33,954
154 1 " " 31,265 16,434 5,601 33,626
508

408
422
402

522
514
514

250
229
269

495 1,029
244 1,112
322
971

16,688 2,595 19,283
17,259 2,859 20,118
17,196 2,728 19,924

72

305 2,298 33,218

587

222

290 1,048

16,932 3,108 20,040

777
832
878
917
890
794
923
846
866
918
938
879

226
208
188
183
171
193
176
164
149
161
150
160

299
305
185
199
183
216
201
200
196
194
198
206

976
1,041
1,095
1,022
1,075
1,125
1,076
1,144
1,163
1,089
1,138
1,215

16,909
16,724
16,707
16,671
16,761
16,800
16,991
16,723
16,890
16,920
17,017
17,303

840
706
716
564
911

1,389 26 ,853
1,
,633 27,156
1,443 26,186
1,496 28,412
",435
1,426 29

376 2,314
35O1 2,211
248 11,473
292 12,812
493 16,027

126 20,035
857 19,581
809 19,516
903 19,574
915 19,676
935 19,735
026 20,017
998 19,721
055 19,945
084 20,004
102 20,119
396 ^20,699

Week ending—
1962
Nov.

7
14
21
28

30,235
30,378
30,104
30,012

30,048
30,138
30,044
29,994

187
240
60
18

170
156
105
103

5,555
5,550
5,550
5,551

34,231
34,560
34,684
34,803

410
401
394
400

392
523
464
488

184
216
193
214

302
309
289
262

822
798
,020
,023

16,878
16,589
16,783
16,597

2,681
2,828
2,902
3,033

Dec

5
12
19
26

30,411
30,698
30,493
30,510

30,223
30,603
30,493
30,489

188
95

93 1,832 32,373 15,977 5,556
109 ' " " 32,629 15,977 5,559
33,163 15,978 5,560
164
308 2i842 33,733 15,978 5,564

34,860
35,226
35,366
35,471

390
402
399
395

500
478
669
665

207
207
208
210

315
268
277
295

,068
.068
,011
,026

16,565
16,517
16,771
17,212

2,964 19,529
3,010 19,527
3,182 19,953
3,113 20,325

21

19,559
19,417
19,685
19,630

1963
Jan.

2
9
16
23
30

30,598
30,404
30,227
29,898
30,123

30,478
30,404
30,227
29,898
29,975

120

Feb.

6
13
20
27

30,540
30,786
30,392
30,405

30,235
30,447
30,337
30,361

Mar. 6
13
20
27

30,552
30,651
30,430
30,635

Apr.

30,997
31,188
30,988
30,589

3
10
17
24

148

716
65
80
172
101

2,684
2,728
2,392
2,307
1,615

34,104
33,286
32,784
32,464
31,916

15,978
15,978
15,963
15,928
15,928

5,568
5,572
5,563
5,567
5,571

35,349
35,022
34,694
34,361
34,080

399
423
412
429
432

628
711
767
823
837

280
226
232
225
220

319 1,054 17,623 3,456 21,079
991 17,157 3,139 20,296
306
980 16,927 3,173 20,100
298
960 16,881 3,034 19,915
281
966 16,583 3,028 19,611
297

305
339
55
44

225
165
157
159

1,358 32,194
1,319 32,330
1,702 32,312
1 , 596 ",219
" ' 32

15,928
15,928
15,928
15,913

5,569
5,563
5,566
5,570

34,107
34,263
34,293
34,228

421
427
444
454

783
838
901
801

206
212
187
230

971
297
959
298
310 1,086
314 1,125

16,907
16,825
16,586
16,550

2,777
2,799
2,926
2,927

19,684
19,624
19,512
19,477

30,402
30,528
30,430
30,519

150
123

172
168
87
271

1,665
1,527
1,872
1,598

32,444
32,402
32,441
32
32,555

15,878
15,877
15,878
15,878

5,573
5,576
5,577
5,576

34,282
34,454
34,511
34,415

448
450
448
451

856
783
845
,014

188
191
180
186

213
181
191
174

1,135
1,114
1,073
1,078

16,772
16,682
16,648
16,690

2,745
2,740
2,857
2,908

19,517
19,422
19,505
19,598

30,855
31,106
30,946
30,589

142
82
42

204
117
187
188

1,345 32,596
1,425 32,779
630
1,630 32,853
1,919 32,743

15,878
15,878
15,878
15,877

5,577
5,578
5,574
5,578

34,535
34,745
34,915
34,685

428
441
427
437

895
897
826
996

189
184
190
191

191 1,074 16,740 2,868
194 1,076 16,696 2,675
216 1,001 16,730 2,960
192
987 16,710 3,019

19,608
19,371
19,690
19,729

For notes see opposite page.




116

JANUARY 1964

49

BANK RESERVES AND RELATED ITEMS

MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
(In millions of dollars)
Factors supplying reserve funds
F.R. Bank credit outstanding
Period
or
date

U.S. Govt. securities

Discounts
Bought Repur- and Float
Total out- chase adright agree- vances
ments

Total 2

Factors absorbing reserve funds
Deposits, other
than member bank
Member bank
Treasury
Cur- Treasreserves
reserves,
Gold
cur- rency
ury
Other
with F.R. Banks
in
cash
F.R.
stock rency
outcirholdacstand- culaings
counts With Curing
tion
For- Other i
F.R. rency Total
Treaseign
Banks and 3
coin

Averages of
daily figures
Week ending—
1963

15
22
29

30,808
31,350
31,333
30,914
30,910

30,646
31,113
31,211
30,914
30,910

124
522 32 ,500 15,877 5,582
141
545 33 ,081 15,864 5,580
229 1,471 33,077 15,828 5,570
304 1 , 899 33,163 15,828 5,574
""
266 1, 446 32,667 15,819 5,578

June 5
12
19
26

31,293
31,587
31,317
31,583

31,191
31,513
31,244
31,430

216
249
284
234

1,318 32,
',868
1,3
S,261
,382 33
1,853 33,498
1,854 33,714

15,797
15,797
15,798
15,779

July

32,249
32,652
32,042
31,687
32,086

32,078
32,308
31,939
31,687
32,044

329
323
401
313
143

1,651 34,273
1|726 34,744
1,929
' 929 34,419
1,"" 34,030
990
1,344 33,611

Aug. 7
14
21
28

32,443
32,286
32,017
32,142

M:
18.
2.

May

Sep

1

25.

Oct.

9.
16.
23.
30.
Nov. 6.
13.
20.
27.
Dec. 4 . . .
18
25
End of month

3,029
2,703
2,910
2,896
3,034

19,644
19,715
19,660
19,683
19,599

16,582
16,587
16,813
17,001

2,856
2,841
2,983
3,051

19,438
19,428
19,796
20,052

1,101
1,107
1,056
1,062
1,069

17,257
17,228
17,067
16,850
16,530

2,985
2,865
3,105
3,078
3,118

20,242
20,093
20,172
19,928
19,648

250
188
185
181

1,071
1,038
1,217
1,219

17,055
16,750
16,655
16,461

2,858
2,959
2,999
3,093

19,913
19,709
19,654
19,554

170
153
142
139

192
206
209
181

1,214
1,219
1,139
1,140

16,689
16,850
16,770
17,052

2,995
2,964
3,130
3,148

19,684
19,814
19,900
20,200

901
910
930
915
906

153
153
150
171
167

192
193
194
188
197

1,114
1,141
1,107
1,060
1,048

17,027
17,349
16,894
16,860
16,553

3,150
2,843
3,095
3,082
3,202

20,177
20,192
19,989
19,942
19,755

36,250
36,625
36,722
36,872

391
823
402
886
403 1,045
386 1,006

156
146
144
151

193
198
208
199

1,019
1,001
1,211
1,250

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

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

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

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 3,246
16,770 3,224
17,204 ^3,477
17,556 ^3,442

20,320
19,994
^20,681
^20,998

332 1,439 34,587 15,583 5,582 36,177
868 1,341 35,918 15,582 5,572 37,227
1341
63 2;600 36,418 '15,513 5577 ^37,662
2600

372
378
*>390

881
890
880

175
165
171

209 1,016 16,922 3,520 20,442
192 1,267 16,952 3,069 20,021
291 1,065 17,049 ^3,986 21,035

34,583
34,755
34,933
34,896
34,911

438
963
435
969
416 1,047
422
931
419
673

167
172
156
190
168

196
997 16,615
191
990 17,012
189
984 16,750
177 1,162 16,787
174 1,155 16,565

5,583
5,581
5,582
5,582

35,108
35,298
35,331
35,279

407
402
404
402

643
774
781
892

169
218
202
185

183
205
237
217

1,156
1,156
1,111
1,099

15,733
15,691
15,669
15,633
15,633

5,587
5,588
5,582
5,584
5,586

35,581
35,899
35,850
35,698
35,564

383
863
391 1,022
396
922
391
886
393
891

173
180
180
168
179

235
196
199
193
202

32,373
32,253
31,964
32,074

403 1,288 34,174 15,633
382
"'"34,075 15,618
324 I)787 34,167 15,583
305 1,418 33,901 15,583

5,587
5,581
5,583
5,586

35,703
35,879
35,850
35,728

402
382
394
400

742
870
879
918

170
167
153
162

32,438
32,644
32,209
32,040

32,264
32,350
32,209
32,040

355
385
225
418

1,348
1,487
1,995
1,937

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

5,587
5,591
5,590
5,587

35,889
36,066
36,016
35,850

391
409
417
385

806
824
942
856

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

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

373
422
339
392
229

^,467 15,582
1,545 34
:,030 15,583
1,
1,567 34 737 15,583
15,581
1,930 34
4,163 15,582

5,589
5,591
5,582
5,583
5,590

35,858
36,061
36,235
36,165
36,066

393
397
392
394
398

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

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

434 1,315 34,842 15,583 5,595
330 1,581 35,138 15,582 5,598
"",635 15,582 5,596
462
233 2,126 35,512 15,582 5,593

33,795
33,849
33,665
33.586

33,590
33,759'
33,582
33.552

540
148
307
350

1,631
1,899
2,471
2,991

34 ,180
34,553
34,465
34,434

36,010
35,945
36,507
37,040

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

15,582
15,582
15,582
15,552

1963
Oct
Nov

32,758 32,696
33,667 33,567
33,593 33,582

Dec
Wednesday
1963
Nov. 6

Dec.

1

13
20
27

4
11
18
25
31 4 . . . .

33,299
32,651
33,054
33,326

32,939
32,651
32,947
33,194

33,976
33,597
33,732
33,672
33,593

33,783
33,594
33,552
33,552
33,582

360

262
132
419
605

1,107 34,735
\\647 34,473
2,069 35,585
1,468 35,442

15,583
15,583
15,583
15,583

5,596
5,599
5,592
5,595

36,498
36,756
36,784
37,228

398
676
420 1,019
396 1,018
396
942

157
151
151
160

187 1,027 16,971 3,100 20,071
197
941 16,171 3,505 19,676
195 ,250 16,966 3,449 20,415
174 ,260 16,459 3,648 20,107

121
321
307
259
63

1,817 35,962
1,769 35,737
2,768 36,891
2,916 36,968
2,600 36,418

15,583
15,583
15,583
15,513
15513

5,583
5,583
5,583
5,587
^5,577

37,403
37,634
37,719
37,873
^37,662

387
586
394 1,067
400
927
401
888
^390
880

152
164
158
138
171

203
195
198
220
291

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.




,259
,264
,207
,213
,065

17,139 3,376 20,515
16,185 3,703 19,888
17,448
^21,225
17,335 n,m *>21,023
17,049 ^3,688 ^21,035
^3,986

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

50

BANK RESERVES AND RELATED ITEMS

JANUARY 1964

RESERVES AND BORROWINGS OF MEMBER BANKS
(Averages of daily figures; in millions of dollars)
Reserve city banks
All member banks
City of Chicago

New York City
Period

Reserves

Total
held

Required

Borrowings
at
Excess

F. R.
Banks

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

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

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

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

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

1,027

826
723
693
703

1,593

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

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

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

1960—Dec
1961—Dec
1962—June

19,283 C18,514
20,118 19,550
19,924 19,433

Reserves
Free
reserves

Total
held

Required

Borrowings
at
Excess F. R.
Banks

974
184
3
5
334
224

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

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

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

7
69
2,611
989
48
105

174

142
657
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

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

*769

568
491

87
149
100

419
391

42
363
5,011
3,390
1,491

986

Reserves
Free
reserves

Total
held

Required

Borrowings
at
Excess F. R.
Banks

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
13

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

1,191
1,353
1,409
1,295
1,210

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

1,164
1,138
1,127
1,070
1,038

3,687
3,834
3,781

3,658
3,826
3,774

29
7
7

19
57
19

10
-50
-12

958
987
976

953
987
977

3,863

3,817

46

108

-62

1,042

3,857 3,840
3,721 3,704
3,752 3,734
3,727 3,716
3,769 3,735
3,722 3,742
3,796 3,740
3,631 3,620
3,748 3,722
3,695 3,693
3,683 3,668
*>3,950 *>3,895

18
17
19
11
34
-20
55
11
27
2
15

5
42
27
12
34
39
40
90
82
101
89
37

13
-25
-8
-1

Free
reserves

63

-62
78
540
295
14
7

8
3
4
1
-1

5
64
232
37
15

3
-61
-236
-36
-16

2
12
8
7

85
97
85
39
104

-83
-86
-77
-31
-104

8
22
2

-4
-22
-3

1,035

18

-11

,038 1,037
,016 1,012
,009 1,008
,003
998
,025 1,025
,029
1,032
,038 1,026
,009 1,007
,029 1,030
,036 1,028
,035 1,032
,056 ^1,050

7
15
38
14
8
3
24
29
40
19
40
26

-6
-11
-37
-9
-8
-6
-13
-27
-41
-11
-37
P-20

-1

1962—Dec

20,040 19,468

572

304

268

1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

20,035
19,581
19,516
19,574
19,676
19,735
20,017
19,721
19,945
20,004
20,119

483
472
426
434
457
377
480
467
413
408
415
*5O5

99
172
155
121
209
236
322
330
321
313
376
327

384
300
271
313

P20,699

19,552
19,109
19,090
19,140
19,219
19,358
19,537
19,254
19,532
19,596
19,704
*>20,194

1962—Dec. 5
12
19
26

19,529
19,527
19,953
20,325

19,149
19,081
19,438
19,764

380
446
515
561

92
107
163
307

288
339
35
254

3,658
3,708
3,840
3,971

3,678
3,669
3,826
3,922

11
5
39
126

-31
34
-25
-77

,011
998
,03!
,074

1,011
991
,034
,065

7
-2
9

-2
3
-4
5

1963—July

19,810
19,630
19,577
19,457
19,351

432
463
595
471
297

329
323
400
312
143

103
140
195
159
154

3,891
3,79^
3,71(
3,797
3,726

3,886
3,758
3,706
3,720
3,711

60
36
81

31

20,242
20,093
20,172
19,928
19,648

-55
3
-68
77
15

,055
,036
,034
,025
1,023

,056
,029
,030
,013
,021

7
4
11
2

-26
-1
-1
-55
-3

Aug. 7. . . .
14....
21
28. . ..

19,913
19,709
19,654
19,554

19,431
19,236
19,252
19,146

482
473
402
408

398
352
294
274

84
121
108
134

3,72:
3,611
3,613
3,569

3,720
3,599
3,605
3,570

82
106
89
81

-80
-94
-81

1,021
l,00f
1,012
1,003

1,024
997
1,009
1,001

Sept. i 4 . . . .

19,684
19,814
19,900
20,200

19,204
19,313
19,552
19,740

480
501
348
460

325
354
193
388

155
147
155
72

3,645
3,615
3,710
3,847

3,601
3,605
3,713
3,817

81
135
41

-3'
-125
-43
-53

,014
,001
,033
,046

1,010
1,001
1,028
1,051

37
27
45

5
-38
-22
-50

20,177
20,192
19,989
19,942
19,755

19,825
19,757
19,603
19,513
19,407

352
435
386
429
348

343
392
309
361
199

43
77
68
149

3,891
3,775
3,678
3,643
3,650

3,877
3,767
3,661
3,639
3,63f

100
130
127
34

-68
-9:
-113
-123
-16

,065
,044
,033
,034
,009

1,060
1,043
1,025
1,028
1,007

7:
51
18
4
4

-67
-50
-10
2
-2

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

19,737
19,637
19,744
19,700

429
428
506
335

404
300
431
200

25
128
7:
135

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

3,75!
3,616
3,650
3,650

182
100
76

-173
-46
-75
16

,038
,031
,049
,03.

1,036
1,021
1,03"
1,035

46
22
73
4

-44
-11
-58
-4

Dec. 4 . . . . 20,320 19,734
19,994 19,804
11
*>20,681 *>20,187
18
P20,998 *>20,510
25

586
190

507
115
272
317

79
75
P222

3,741
3,747
3,913
4,046

3,707
3,745
3,906
4,004

-25
-10

,032
,009
,053
,080

1,027
1,01"
1,044
1,080

43

P494
*488

-37
-6
-15
-24

248
141
158
137

92
95
39

-59
15
-79
-55
-99
-74

ns

3
11
2
-1
8
3

Week ending—

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

18
25
Oct. 2 . . . .
9
16....
23
30
Nov. 6
13
20
27 . . . .

For notes see opposite page.




mi

-11

-75
-40
-9
2

-2

10
15
-1

24
24

51

BANK RESERVES AND RELATED ITEMS

JANUARY 1964

RESERVES AND BORROWINGS OF MEMBER BANKS—Continued
(Averages of daily figures; in millions of dollars)
Other reserve city banks
Reserves

Period
Total
held

Required

Excess

Country banks

Borrowings at
F.R.
Banks

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

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

12
120
1,188
1,303
418
271

409
58

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

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

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

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

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

1960—Dec
1961—Dec
1962—June
1962—Dec

Reserves
Free
reserves

Total
held

Required

Excess

Borrowings at
F.R.
Banks

Free
reserves

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
8,270

7,851
8,308
8,209

100
59
61

20
39
45

80
20
16

6,689
6,931
6,896

6,066
6,429
6,473

623
502
423

40
31
34

583
471
389

8,178

8,100

78

130

-52

6,956

6,515

442

48

394

8,115
7,945
7,936
7,995
8,013
8,038
8,150
8,060
8,119
8,154
8,197
^8,379

8,104
7,919
7,916
7,965
7,962
8,018
8,099
8,017
8,095
8,117
8,163

10
25
20
29
51
20
51
43
24
37
34
P59

60
80
50
54
117
129
201
118
130
131
171
190

-50
-55
-30
-25
-66
-109
-150
-75
-106
-94
-137

6,572
6,474
6,432
6,461
6,496
6,566
6 671
6,611
6,686
6,758
6,842
^6,928

453
425
386
388
372
380
362
411
362
361
363
P385

27
35
40
41
50
65
57
93
69
62
76
74

426
390
346
347
322
315
305
318
293
299
287

P-131

7,025
6,899
6,818
6,849
6,868
6,946
7 033
7,021
7,049
7,119
7,205
*7,313

8,005
7,992
8,105
8,275

7,987
7,952
8,073
8,225

18
40

40
47

-22
-6

31

80

-49

51

116

-64

6,855
6,829
6,978
7,004

6,473
6 469
6,505
6,552

31

8,238
8,198
8,168
8,128
8,037

8,205
8,146
8,136
8,050
8,013

33
53
32
77
25

193
220
266
190
84

-160
-167
-234
-113
-59

7,059
7,061
7,251
6,979
6,861

6,664
6,697
6,705
6,674
6,607

Aug. 7
14
21
28

8,100
8,043
8,043
8,011

8,069
8,014
8,016
7,980

31
29

140
117

-109

27

111

-84

31

97

-66

7,069
7,053
6,986
6,971

Sept. 4
11
18
25

8,082
8,092
8,118
8,168

8,006
8,047
8,111
8,135

76
45
7
34

135
112
74
203

-59
-67
-67
-169

Oct.

8,191
8,221
8,173
8,105
8,064

8,170
8,185
8,135
8,083
8,038

21
36
38
21
25

111
185
119
182
66

8,184
8,194
8,180
8,199

8,168
8,156
8,177
8,162

39

111

-72

4
37

222
101

-218
-64

8,198
8,204
8,362
8,487

8,154
8,167
8,313
8,452

44

304

-260

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

1963

. .

Jan
Feb
Mar

Apr
May
June
July

...

Aug

Sent
Oct
Nov

Dec

1

Week ending—
1962 Dec

5
12
19
26

1963—July

3
10
17
24

2
9
16

23
30
Nov. 6
13
20

27
Dec

4
11
18

25

. . .

17

111

39
51

343
308

41

431

452

61

391

395
364
546
305
254

51
59
48
56
54

344
305
497
248
200

6,619
6 626
6 622
6,594

451
427
365
376

103
84
82
96

6,943
7,106
7,039
7,139

6,587
6,660
6,701
6,737

356
446
338
402

109
70
51
57

247
376
287
345

-90
-149
-81
-161
-41

7,030
7,152
7,105
7,160
7,032

6,719
6 762
6,782
6,762
6,729

311
390
323
398
303

77
56
42
48
95

234
334
281
350
208

-94

7,184
7,170
7,369
7,131

6 782
6,845
6,882
6,853

402
325
487
278

65

7 349
7,033

6 846
6,880

502
153

101
75

78

P412

71
79

^357

OO

37

24

13

49
35

166
161

-117
-126

i This total excludes, and that in the preceding table includes, $51
million in balances of unlicensed banks.
NOTE.—Averages of daily figures. Beginning with Jan. 1963 reserves
are estimated except for weekly averages.
Total reserves held: Based on figures at close of business through Nov.




382
359
472

^386

^974

348
343
283

280

337

67

258

60
90

427
188
401

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.

52

DISCOUNT RATES

JANUARY 1964
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

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

Effective
date
July
July
July
July
July
July
July
July
July
July
July
July

17,
17,
19,
17,
17,
24,
19,
17,
17,
26,
17,
19,

Previous
rate

Rate on
Dec. 31

Effective
date

1963
1963
1963
1963
1963
1963
1963
1963
1963
1963
1963
1963

July
July
July
July
July
July
July
July
July
July
July
July

1
Advances secured by U.S. Govt. securities and discounts of and
advances secured by eligible paper. Rates shown also apply to advances
secured by securities of Federal intermediate credit banks maturing
within 6 months. Maximum maturity: 90 days except that discounts
of certain bankers' acceptances and of agricultural paper may have
maturities not over 6 months and 9 months, respectively, and advances

Advances to all others3 under
last par. Sec. 13

Advances under
Sec. 10(b) 2

17,
17,
19,
17,
17,
24,
19,
17,
17,
26,
17,
19,

Previous
rate

Rate on
Dec. 31

Effective
date
July 17,
June 10,
Aug. 19,
July 17,
July 17,
July 24,
July 19,
July 17,
Aug. 15,
July 26,
Sept. 9,
June 3,

1963
1963
1963
1963
1963
1963
1963
1963
1963
1963
1963
1963

Previous
rate

1963
1960
1960
1963
1963
1963
1963
1963
1960
1963
1960
1960

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

In effect Dec. 31, 1932
Mar. 3
4
Apr. 7
May 26
Oct. 20
Feb. 2
Mar. 16
Jan. 11
May 14
Aug. 27
Sept. 4

F.R.
Bank
of
N.Y.
2*4

1933

Effective
date

Jan. 16
23

Feb.

5
15
Apr. 14
16
May 21

1934

Range
(or level)—
all F.R.
Banks

F.R.
Bank
of
N.Y.

1953

1954

1
1

1959
Mar. 6
16
May 29
June 1 2 . . . . .
Sept. 11
18

May 2
Aug. 4
12!!!!!

-2
-l

Sept

1942

.?:::::

Nov. 18
23

Apr. 11
Oct. 15
30
1946
Apr. 25
May 10
Jan. 12
19
Aug. 13

Apr. 13
20
Aug. 24

1948

3
10

3

3VL

3I

3^-4

1960

14

Aug. 12
Sept. 9

13
1950

Au8

-2§:::::

Nov. 15
Dec. 2

1
Preferential rate of Vi 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




June

1956

1957
Aug. 21

F.R.
Bank
of
N.Y.

Oct. lA.Y.W
Nov. 7

*••&::::
1937

Range
(or level)—
all F.R.
Banks

1958
Jan. 22
24
Mar. 7
13
21
Apr. 18
May 9 . . . . .
Aug. 1 5 . . . . .
Sept. 12

1955

1935

Effective
date

3

4

f

July 17
26

1963

In effect Dec. 31

3%

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.

RESERVE REQUIREMENTS

JANUARY 1964
MAXIMUM INTEREST RATES PAYABLE ON TIME AND
SAVINGS DEPOSITS

RESERVE REQUIREMENTS OF MEMBER BANKS
(Per cent of deposits)

(Per cent per annum)
Net demand deposits 2

Effective date
Type of deposit

Jan. 1,
1936

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

\

July 17,
1963

/

3

|

4
31/2

31/2

3

2i/2

/
\

4
3i/ 2
21/2

31/2

j4
1

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 companies 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 nbaks.
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, 1935,21/2
per cent.
MARGIN REQUIREMENTS
(Per cent of market value)
Effective date
Regulation
July 28, July 10, Nov. 6,
1962
1960
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

Central
reserve
city
banks 3

Reserve
city
banks

Country
banks

Central
reserve
and
reserve
city
banks

Country
banks

70
70

50
50

70
70

70

50

70

NOTE.—Regulations T and U, prescribed in accordance with Securities
Exchange Act of 1934, limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension; margin requirements are the difference between the market value (100-f) and ths maximum loan value.

IneffectDec.31,1948...

26

22

16

71/2

71/2

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

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

24

21
20

15
14
13
12

7
6
5

7
6

13
14
13

6

6

5

5

1958—Feb.
Mar.
Apr.
Apr.
I960—Sept
Nov
Dec

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

1962—Oct. 25, Nov. 1.

4

4

In effect Jan. 1, 1964. ..

I61/2

12

4

4

Present legal requirement :
Minimum
Maximum

/

21/2

4

4
3i/2

\

2
1

Effective date 1

4

\

} ^

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

3

2i/2

J

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

1

Jan. 1,
1957

Time deposits

10
22

7
14

3
6

6

'W
23
24
22
21
20

191/2

19
18%
18
19
20
19
18

12

!?*

19i/2
19
I8I/2
18
Hi/2

5

..*

16i/ 2
12

I6V2

3

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

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

DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
Item

All
member
banks

New
York
City

City
of
Chicago

Other

Reserve city banks
Country
banks

Item

Four weeks ending Nov. 13, 1963
Gross demand:
Total
'131,493 24,362
14,592 4,156
Interbank
3,500
720
U.S. Govt
'113,402 19,486
Other
Net demand 1
'108,430 19,441
Time
'90 347 11,295
Demand balances due
from domestic banks. .
•7,356
Currency and coin
3,067
237
B a l a n c e s w i t h F.R.
Banks
16,915 3,444
19,982 3,681
Total reserves held
Required. . . .
...
' 19,573 3,660
r
409
Excess
21

New
York
City

City
of
Chicago

Other

Country
banks

Four weeks ending Dec. 11, 1963

6,272
1,259
198
4,815
5,300
3,712

50,306
7,318
1,400
41,588
40,754
34,671

'50,553
1,859
1,182
r
47,513
'42,935
r
40 670

94
46

1,984
946

'5,166
1,839

982
1,028
1,023
5

7,191
8,137
8,111
26

r

5 298
7,137
6,779
r
358

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




All
member
banks

Gross demand:
Total
Interbank
U S Govt
Other
Net demand *
Time
Demand balances due
from domestic banks. .
Currency and coin
B a l a n c e s w i t h F.R.
Banks
Total reserves held
Required
Excess

134.125
14.787
4,173
115 165
109.564
90 826

25,023
4,314
739
19 970
19.530
11 639

6,349
1,273
203
4,873
5,301
3 808

51,278
7,343
1,761
42,175
41,048
34,802

51,475
1,857
1.470
48,148
43,685
40,577

7.482
3,216

121
257

102
47

2,051
998

5,207
1,915

16 936
20,152
19,745
407

3 446
3,703
3,688
15

984
1,031
1,027
4

7 197
8,195
8,165
30

5,308
7,223
6,865
358

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.

54

FEDERAL RESERVE BANKS

JANUARY 1964

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

End of month

1963

Item

1963

1962

Dec. 311

Dec. 25

Dec. 18

Dec. 11

Dec. 4

Dec.

Nov.

Dec.

13,819
1,418

13,824
1,403

13,904
1,396

13,904
1,396

13,928
1,378

13,819
1,418

13,924
1,370

14,430
1,266

15,237

15,227

15,300

15,300

15,306

15,237

15,294

15,696

182

182

191

207

233

182

249

288

31
32

227
32

275
32

289
32

89
32

31
32

836
32

37
1

70
92

62
59

52
32

45
5

43
5

70
92

42

52
58

Assets
Redemption fund for F.R. notes

Cash...
.
Discounts and advances:
Member bank borrowings
Other
Acceptances:
Bought outright
Held under rer>urchase agreement
U.S. Govt. securities:
Bought outright:
Bills
Certificates Special
Other
Notes
Bonds

4,142

4,112

4,112

4,154

4,343

4,142

4,127

2,442

7,066
17,729
4,645

7,066
17,729
4,645

7,066
17,729
4,645

7,066
17,729
4,645

7,066
17,729
4,645

7,066
17,729
4,645

7,066
17,729
4,645

13 182
10,717
4,137

Total bought outright
Held under repurchase agreement

33,582
11

33,552
120

33,552
180

33,594
3

33,783
193

33,582
11

33,567
100

30,478
342

33,593

33,672

33,732

33,597

33,976

33,593

33,667

30,820

33,818
6,435
104

34 052
6,885
103

34,123
7,692
103

33,968
5,818
104

34,145
6,003
104

33 818
6,435
104

34,577
5,604
103

30 968
6,518
104

153
247

108
226

108
206

111
201

115
180

153
247

111
166

81
276

56,176

56,783

57,723

55,709

56,086

56,176

56,104

53,931

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

32,381

32,583

32,444

32,369

32,162

32,381

31,995

30,151

17,049
880
171

17,335
888
138

17,448
927
158

16,185
1,067
164

17,139
586
152

16,952
890
165

220

198

203

17 454
597
247

291

195

17 049
880
171
291

193

424

Total deposits

18,391

18,581

18,731

17,611

18,080

18,391

18,200

18,722

3,835
82

3,969
100

4,924
95

4,049
97

4,186
94

3,835
82

4,262
95

3,584
73

54,689

55,233

56,194

54,126

54,522

54,689

54,552

52,530

497

496
934
120

494
934
101

492
934
138

492
934
126

467

990

56,176

56,783

57,723

492
934
157
55,709

497

990

56,086

56,176

56,104

53,931

92

95

97

99

101

92

102

86

8,698

8,671

8,584

8,407

8,675

8,343

6,990

Total U.S Govt securities
Total loans and securities
Other assets:
Denominated in foreign currencies
All other

....

Total assets
Liabilities

Deferred availability cash items..
Other liabilities and accrued dividends

2

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

8,675

934

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
1
2

Tuesday.
No accrued dividends at end-of-December dates.




34 ,317

34,309

34,285

34, 133

33,816

34 ,317

33, 595

32,117

6 ,890
15
28 ,242

7,050
48
27,924

7,265
55
27,863

7, 275
65
2 7 , 807

7,239
30
27,409

6 ,890
15
28 ,242

7, 189
152

2 7 , 329

7,643
16
25,179

35 ,147

35,022

35,183

3 5 , 147

34,678

35 ,147

34, 670

32,838

JANUARY 1964

55

FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH BANK ON DECEMBER 31, 1963
(In millions of dollars)

Item

Total

Boston

Philadelphia

New
York

Cleveland

Atlanta

Richmond

Chicago

Minneapolis

St.
Louis

Kansas
City

Dallas

San
Francisco

Assets

F R. notes of other Banks

13,819
1,418

720
81

3,608
334

728
79

1 072

845
118

730
87

2,427
256

633
60

282
29

587
55

516
44

1,671

121

15,237

Gold certificate account
Redemption fund for F.R. notes

801

3,942

807

1,193

963

817

2,683

693

311

642

560

1,825

496
182

37
9

110
32

35
6

31
11

39
9

41
25

50
25

22
13

41
7

16
7

23
8

51
30

2

1
9

1
2

6
3

2
1

3
2

4
4

2
1

*
1

11

2

1
4

1,831

2,784

2,351

1,957

5,395

1,325

649

1,354

1,286

4,382

Discounts and advances:
31
Secured by U.S. Govt. securities...
Other
32
Acceptances:
70
Bought outright
92
Held under repurchase agreement..
U.S. Govt. securities:
33,582
Bought outright
11
Held under repurchase agreement..
Total loans and securities
Cash items in process of collection...
Bank premises
..
Other assets:
Denominated in foreign currencies.
All other
Total assets

154

70
92
1,571

8,697
11

33,818

1,573

8,880

1,834

2,793

2,354

1,962

5,403

1,328

650

1,366

1,288

4,387

7,791
104

742
3

1,689
8

453
3

509
6

549
17

1,277
23

298
6

211
4

387
7

307
12

780
10

153
247
58,028

7
12

141
64

9
13

14
21

589
5
7
17

8
14

22
39

5
11

7
10

9
9

3,184 14,766

3,160

4,578

3,983

3,433

9,522

2,376

4
5
1,233

2,442

2,216

20
32
7,135

Liabilities
32,877
F R notes
Deposits:
17,049
M^ember bank reserves
880
U.S. Treasurer—General account..
171
291
Other

1,926

7,940

1,917

2,812

2,703

1,929

5,891

1,340

592

1,258

979

3,590

691
37
8

4,995
227
2 54

768
32
9

1,158
44
15

707
79
7

916
63
9

2,498
65
23

652
83
5

404
46
4

767
73
7

844
51
9

2,649
80
2\

4

167

6

8

9

5

33

3

1

5

4

46

18,391

740

5,443

815

1,225

802

993

2,619

743

455

852

908

2,796
540

Total deposits

5,191

443

967

341

399

398

422

Other liabilities

789

239

149

264

240

82

4

20

4

7

6

5

13

3

2

3

4

11

Total liabilities

56,541

3,113 14,370

3,077

4,443

3,909

3,349

9,312

2,325

1,198

2,377

2,131

6,937

Capital Accounts
497
Surplus
.
Other capital accounts

24

132

28

45

25

28

70

17

12

22

28

990

264

66

47

55

90

49

56

140

34

23

43

57

132

3,184 14,766

3,160

4,578

3,983

3,433

9,522

2,376

1,233

2,442

2,216

7,135

Total liabilities and capital accounts.. 58,028
Ratio of gold certificate reserves to
deposit and F.R. note liabilities
combined (per cent):
Dec 31 1963
Nov 30 1963
Dec 31 1962
Contingent liability on acceptances
purchased for foreign correspond-

29.7
30 3
31.8

30.0
37.2
35.9

29.5
28.5
30.0

29.5
30.3
36.1

29.6
30.2
34.5

27.5
31.8
29.8

28.0
30.9
31.3

31.5
32.3
31.0

33.3
29.6
31.6

29.7
28.8
37.1

30.4
32.9
32.4

29.7
25.3
30.1

28.6
28.5
31.9

92

5

3 25

5

9

4

5

13

3

2

4

5

12

6 ,147

1,407

618

1 296

1 054

3 758

120

Federal Reserve Notes—Federal Reserve Agent's Accounts
F.R. notes outstanding (issued to
Bank)
Collateral held against notes outstanding :
Eligible paper
Total collateral
1
?

34 317

2,004

8 ,774

1

2,992

6 890
15
28 ,242
35 ,147

2,013

483

1 700

625
1

365

1 100

950

2,275

1,700

5 ,077

500

272
11
1,100

750

2,450

2
1 ,210

190

6 ,700

475
1
1 ,600

610

1,530

900

3,200

8 ,400

2

,026

3,060

2,901

2,065

6 ,177

1 ,462

620

1,383

1,090

3,950

After deducting $112 million participations of other F.R. Banks.
After deducting $117 million participations of other F.R. Banks.




2,787

2,009

3 After deducting $67 million participations of other F.R. Banks.

56

FEDERAL RESERVE BANKS; BANK DEBITS

JANUARY 1964

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

End of month

1963
Dec. 31 i

Dec. 25

Dec. 18

1963
Dec. 11

Dec. 4

321

Dec.

1962
Nov.

Dec.

63
28
35

259
224
35

307
271
36

285
36

121
86
35

63
28
35

868
829
39

38
35
3

162
105
57

121
72
49

84
43
41

50
13
37

48
14
34

162
105
57

42
11
31

110
70
40

33,593
493
6,322
15,754
8,669
2,136
219

33,672

33,732
882
6,010
15,816
8,669
2,136
219

33,597
642
6,064
15,868
8,504
2,300
219

33,976
1,032
5,997
15,924
8,504
2,300
219

33,593
493
6,322
15,754
8,669
2,136
219

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

30,820
665
5,252
11,850
10,808
2,094
151

Swiss
francs

Discounts and advances—Total...
Within 15 days
16 days to 90 days
Acceptances—Total
Within 15 days
16 days to 90 days
U.S. Government securities—Total
Within 15 days 2
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

721

6,189
15,738
8,669
2,136
219

1 Tuesday.
2
Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.

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

Total

End of period

Belgian
francs

25
25
38
25
*
3
3

50
45
45
51
51
51
51

94
99
128
113
63
66
96

1963—Mar
Apr
May
Jury
Aug
Sept

Canadian
dollars

German
marks

Italian
lire

Netherlands
guilders

10
7
29
27
6
6
6

French
francs

1
1
1
1
1
1
1

1
13
8
7
2
2
7

2
2
2
2
2
2
2

4
5
5
•
•
*
25

BANK DEBITS AND DEPOSIT TURNOVER
]Debits

Period

All
reporting
centersi
N.S.A

to demand deposit accounts
(billions of dollars)

l

Leading centers
New York
S.A.

N.S.A.

>
e others
S.A.

Leading centers

337 other
. eponing
centers 3

2

N.S.A.

Annual rate of turnover
of demand deposits *

S.A.

New York

N.S.A.

S.A.

N.S.A.

6 others
S.A.

2

337 other
reporting
centers 3

N.S.A.

N.S.A.
20.4
21.8
23.0
22.9
24.5

22.3
23.7
25.1
24.9
26.7

25.7
26.2 . . . .
27.7
29.0

28.2
29.0
31.3
33.1

28.5

31 .3

32.6

28.7
27.1
28.3
28.7
29.5
29.0
30.2
29.1
29.9
30.2
29.4
*>30.6

32 .6
32 .2
32 .1
33 .3
33 .2
32 .2
34 .3
33.6
34 .3
34 .9
33 .6
P 3 3 .9

32.6
30.6
32.8
33.0
33.3
33.1
34.3
32.7
34.1
34.7
33.6
*35.3

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

1960.
1961.
1962.
1963^

2,838. 8
3,111. 1
3,436.4
3.754. 4

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

577 .6 . . . .
622 .7
701 .7
775 .8

1,158.3
1,209.6
1,318.9
1,422.6

60.0
70.0 . . . .
77.8
84.8

34.8
36.9
41.2
44.6

1962—Dec...

320. 9 134 .2

141.6

60.9

63 .7

I l l .3

115.6

88 .9

93.7

43 .4

44.4

1963—Jan
Feb....
Mar....
Apr
May...
June...
July....
Aug....
Sept...
Oct
Nov....
Dec.. . .

325. 8
274. 5
306. 8
307. 8
318. 0
299. 6
320. 7
300. 1
310. 4
337. 1
296. 6
356. 9

128 .1
127 .7
128 .9
125 .0
129 .8
121 .5
130 .3
127 .8
140 .1
133 .7
125 .4
139 .6

137.2
116.6
133.0
126.9
133.1
125.0
129.9
119.5
130.3
136.9
116.7
151.0

62 .8
61 2
61 6
63 9
62 1
61 6
66 9
63 3
67 0
69 4
67 3
70 0

66 .3
55 .2
62 .5
64 .2
64 .4
61 .7
66 .8
61 .9
63 .1
71 .3
63 .8
74 .6

116 .2
112 .6
113 .0
119 .3
117 .1
113 .9
122 .8
119 .2
122 .6
123 .6
120 .0
123 .5

122.4
102.7
111.3
116.7
120.6
112.9
124.0
118.7
116.9
128.9
116.1
131.3

83 .7
84 .6
85 .8
82 .2
85 .0
79 .3
85 .1
88 .9
96 .9
87 .2
80.7
89 .0

84.5
80.3
88.4
80.6
85.2
85.1
83.7
83.7
95.6
86.5
80.4
93.8

44 .1
42 .7
43 .1
44 .2
43 .1
42 .8
46 .8
44 .2
46 .7
48 .4
46 .0
P47 .5

43.7
40.4
45.6
45.2
43.9
44.5
45.8
42.9
46.1
47.6
45.3
M8.6

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




343

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

....
27 7
28
28
28
29
29
28
30
29
29
30
29

8
3
3
6
1
1
3
5
9
1
0
8

S.A.

N.S.A.

57

U.S. CURRENCY

JANUARY 1964
DENOMINATIONS IN CIRCULATION
(In millions of dollars)
Total
in circulation 1

Total

Coin

$1 2

$2

$5

$10

1939
1941
1945
1947
1950

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

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

590
751
1,274
1,404
1,554

559
695
1,039
1,048
J. 113

36
44
73
65
64

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

1955
1958
1959
I960
1961

31,158
32,193
32,591
32,869
33,918

22,021
22,856
23,264
23,521
24,388

1,927
2,182
2,304
2,427
2,582

1,312
1,494
1,511
1,533
1,588

75
83
85
88
92

1962—Nov
Dec . . .

34,782
35,338

24,991
25,356

2,756
2,782

[,570
1,636

1963—Jan
Feb
Mar
Apr .
May

34,093
34,286
34,513
34,645
35,067
35,470
35,663
35,850
35,891
36,177
37,227

24,214
24,385
24,548
24,613
24,953
25,266
25,368
25,487
25,468
25,642
26,536

2,759
2,773
2,795
2,827
2,850
2,878
2,904
2,926
2,947
2,960
2,986

1,524
1,519
1,523
1,539
1,562
1,566
1,559
1,558
1.576
1,592
1,644

End of period

July
Aug
Sept
Oct
Nov • . .

Coin and small denomination currency

Large denomination currency
$20

Total

$50

$100

$500

$1,000

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

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

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

460
724
2,327
2,548
2,422

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

191
261
454
428
368

425
556
801
782
588

20
24
7
5
4

32
46
24
17
12

2,151
2,186
2,216
2,246
2,313

6,617
6,624
6,672
6,691
6,878

9,940
10,288
10,476
10,536
10,935

9,136
9,337
9,326
9,348
9,531

2,736
2,792
2,803
2,815
2,869

5,641
5,886
5,913
5,954
6,106

307
275
261
249
242

438
373
341
316
300

12
9
5
10
10

94
97

2,294
2,375

7,009
7,071

11,268 9,791
11,395 9,983

2,924
2,990

6,333
6,448

237
240

289
293

3
3
3
3
3
3
3

95
95
95
95
96
97
97
98
98
98
100

2,217
2,219
2,230
2,232
2,266
2,279
2,265
2,271
2,282
2,302
2,396

6,723
6,788
6,838
6,819
6,932
7,004
6,993
7,026
7,001
7,046
7,359

10,897
10,991
11,067
11,102
11,246
11,442
11,549
11,609
11,564
11,644
12,050

2,937
2,939
2,954
2,975
3,001
3,030
3,060
3,075
3,077
3,103
3,155

6,407
6,427
6,471
6,516
6,572
6,631
6,691
6,743
6,794
6,885
6,988

239
239
241
242
243
244
244
244
245
245
247

289
289
292
291
292
293
293
293
294
294
295

3
3
3
3
3
3
3
3
3
3
3

4
4
4
4
4
4
4
4
9
5
4

2

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

9,879
9,902
9,965
10,032
10,114
10,204
10,295
10,363
10,423
10,535
10,691

$5,000 $10,000

4
10

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

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

KINDS OUTSTANDING AND IN CIRCULATION
(In millions of dollars)
Held in the Treasury
Total outstanding As security
Nov. 30,
against
Treasury
1963
gold and
cash
silver
certificates

Kind of currency

15 582
(15,294)
33,594
5,572

Standard silver dollars
Silver bullion
.
...
Subsidiary silver coin
Minor coin
United States notes
In process of retirement
Total

Nov 30 1963
Oct 31 1963
Nov 30 1962

1

..

.

..

..

.

.

4
5
5
5

(15 294)

485
1,999
(2,030)
1,870
704
347
167

Gold
Gold certificates
F R notes
Treasury currency—Total

30
1,999

54,748
54,103
53,055

(17,324)
(17,363)
(17,928)

(2,030)

288
77
13

J

12,478

5

378
372
381

]

Nov. 30,
1963

Oct. 31,
1963

Nov. 30,
1962

2,816
1,598
251

31,920
5,308

30,923
5,254

29,594
5,188

10

440

436

378

198
20

5
1
1
1

Outside Treasury and F.R. Banks. Includes any paper currency held
outside the United States and currency and coin held by banks. Estimated
totals for Wed. dates shown in table on p. 49.
2
Includes $156 million reserve against United States notes.
^ 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




2

For
F.R.
Banks
and
Agents

Currency in circuitition

Held by
F.R.
Banks
and
Agents

1,831
1,846
700
325
165

1,807
1.829
696
321
166

1,942
1,726
652
318
172

21
12,478
12,494
12,890

4,665
5.059
5,002

37,227

36 177

34,782

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.

58

MONEY SUPPLY

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

Not seasonally adjusted

Money supply

Period
Total

Currency Demand
deposit
component component

Money supply

Time
deposits
adjusted i

Total

Currency Demand
deposit
component component

Time
deposits
adjusted^

U.S.
Govt.
demand1
deposits

3.4

1956—Dec
1957—Dec.
1958—Dec
1959—Dec

136.9
135.9
141.2
142.0

28.2
28.3
28.6
28.9

108.7
107 5
112.6
113.2

52.1
57 5
65.5
67.4

140.3
139.3
144.7
145.6

28.8
28.9
29.2
29.5

111.5
110 4
115.5
116.1

51.4
56 7
64.6
66.6

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

141.2
145.7
147.9
153.3

28.9
29.6
30.6
32.4

112.2
116.1
117.3
120.9

72.7
82.5
97.5
111.7

144.7
149.4
151.6
157.2

29.6
30.2
31.2
33.1

115.2
119.2
120 4

72.1
81.8
96 6
110.7

1962—Dec

147.9

30.6

117.3

97.5

151.6

31.2

5.6

148.7
148.6
148.9
149.4
149.4
149.8
150.7
150.5
150.9
152.0
153.1
153.3

30.7
30.9
31.1
31.2
31.3
31.6
31.6
31.8
31.8
32.0
32.3
32.4

118.1
117.7
117.8
118.2
118.1
118.2
119.1
118.8
119.1
120.1
120.9
120.9

99.1
100.3
101.8
102.6
103.7
104.5
105.5
106.7
107.6
108.9
110.7
111.7

151.8
148.3
147.4
149.5
147.3
148.2
149.4
149.1
150.5
152.4
154.5
157.2

30.5
30.5
30.8
30.9
31.1
31.4
31.8
31.9
32.0
32.1
32.6
33.1

120.4
121.3
117.8
116.7
118.6
116.2
116.7
117.6
117.2
118.6
120.3
121.9
124.0

96.6

1963—Jan
Feb
Mar
Apr
May

98.4
99.9
101.7
102.9
104.0
105.0
106.0
107.3
108.1
109.3
110.0
110.7

4.8
5.6

150.9
150.9

31.8
31.8

119.1
119.1

107.4
107.7

150.8
150.3

32.1
31.8

July
Aug
Sept
Oct
Nov
Decp

....

124.0

3 5
3 9
4.9
4.7
4.9

5 6
5.3

5.9

4.2
7.0
7.4
7.7
6.2
6.5
5.3
4.6
5.3

Half month

108.0

108.2

5.2
7.8

108.9
109.6

6.9
3.8

Oct

1
2

152.1
151.9

31.9
32.0

120.2
119.9

108.5
109.4

151.8
153.0

32.2
32.0

118.7
118.5
119.6
121.0

Nov

1
2

153.2
153.1

32.2
32.4

121.0
120.7

110.1
111.3

155.0
154.0

32.5
32.7

122.5
121.4

110.0
110.1

4.0
5.1

Dec.

1

153.2
153.4

32.5
32.3

120.7
121.1

111.5
111.9

156.5
157.8

33.2
33.1

123.3
124.8

110.5
110.9

4.2
6.3

1963—Sept. 1

Not seasonally adjusted
Money supply
Week
ending—
Total

Currency Demand
deposit
compocomponent
nent

Time
deposits
adjusted 1

Not seasonally adjusted

U.S.
Govt.
demand 1
deposits

19.'!!.'.
26

143.9
145.5
146.0
144.1

30.4
30.5
30.3
30.1

113.5
115.0
115.7
114.0

93.5
93.6
93.8
94.1

7.8
6.1
6.3
8.1

3
10
17
24
31

144.9
145.4
146.8
146.7
147.7

30.2
30.6
30.5
30.4
30.2

114.7
114.8
116.3
116.3

117.5

94.3
94.6
94.9
95.1
95.3

8.2
8.9
7.4
6.9
5.8

Nov. 7
14
21
28

148.2
148.7
147.9
147.8

30.7
30.8
30.9
30.7

117.5
117.9
117.1
117.1

95.5
95.5
95.1
95.3

6.1
4.7
6.7
6.5

Dec.

5....
12
19
26

149.1
150.7
152.6
152.2

30.9
31.2
31.2
31.4

118.1
119.5
121.4
120.8

95.8
96.2
96.6
96.9

6.3
4.5
4.5
6.4

2
9
16

153.4
152.4
152.7

30.9
31.0
30.6

122.6
121.5
122.1

97.5
97.8
98.3

6.8
6.0
4.2

1962 Sent 15

Oct

1963—Jan.

..

Money supply

Week
ending—
Total

Currency Demand
compodeposit
nent
component

117.4
118.5
120.2
118.1
118.3
119.0
120.7
120.5

107.8
108.0
108.1
108.0

6.0

121.2

108.5
108.9
109.1
109.4
109.8

8.',
7.6
5.3
4.1
3.3

32.3
32.7
32.6
32.6

122.5
122.4
121.7
121.1

110.0
110.0
109.9
110.1

4.4
3.8
4.9
5.0

33.0
33.2
33.1
33.2

122.3
123.0
125.0
124.0

110.2
110.6
110.8
110.7

4.7
4.1
4.4
6.7

159.0

32.8

126.2

111.3

6.5

150 .7
152 1
149 9

31.9
32.2
31.9
31.8

2
9
16
23
30

150 1
151 3
152 8
152.7
153.1

31.7
32.3
32.2
32.2
31.9

Nov. 6
13
20
27

154.8
155.0
154.2
153.7

Dec.

19 64—Jan.

U.S.
Govt.
demand
deposits *

155.3
156.2
158.1
157.2

1963—SeDt. 4
11
18
25
Oct.

Time
deposits
adjusted i

149

4
11
18
25
p

S
15

... .

• • •:

5.1
5.0
8.0

; i

1

i At all commercial banks.
NOTE.—Averages of daily figures. For back data see Aug. 1962 BULL.,
pp. 941-51. Money supply consists of (1) demand deposits at all commercial banks, other than those due to domestic commercial banks and




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

JANUARY 1964

59

BANKS AND THE MONETARY SYSTEM
CONSOLIDATED CONDITION STATEMENT
(In millions of dollars)
Liabilities
and capital

Assets
Total
assets,

Bank credit
Date
Gold

Treasury
currency
outstand-

Total

Loans,
net

ing

4 037
4 ,031

Commercial
and
savings
banks

Total

754
22 ,706
17 ,767
16 ,889
16 ,435

2,019
2,286
2,963
3,247
4,339
4 562
4,636
5,398
5,585
5,598

58,642 41,082
42,148 21,957
54,564 22,157
64,653 26,605
167,381 30,387
160,832 43 023
171,667 60,366
266,782 144,704
285,992 154,017
293,212 159,463

5, 741
10, 3?8
?3, 105
29, 049
128, 417
107 086
96, 560
9 5 , 461
10?, 308
101, 05?

5 499
8 199
19 417
25 ,511
101 ,?88
81 ,199
72 ,894
67
7? 715
70 ,7??

1962—Dec. 2 8 . . . .

15 ,978

5,568

309,389 170,693

103, 684

1963—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept
Oct
Nov.
Dec.

,900
15 ,900
15 ,900
15 ,900
15 ,800
15 ,733
15 600
15 ,600
15 600
15 600
15 ,600
15 .500

5,600
5,600
5,600
5,600
5,600
5,587
5 600
5,600
5 600
5 600
5,600
5,600

305,500
307,100
309,100
309,600
311,600
318,697
318,200
317,500
322 600
323,400
326,900
332,000

167,000
168,900
170,300
171,200
173,300
178,290
177,900
178,300
182 100
182,300
185,300
188,800

103, 300
102, 600
102, 500
101, 500
101, 000
102, 418
101, 800

1929 June
1933—June
1939—Dec.
1941 Dec.
1945—Dec.
1947 Dec
1950—Dec.
1960—Dec.
1961—Dec.
1962—June

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

17 ,644

737

?0 ,065

30....
27
27
24....
29
29
31*...
28*...
25*

30*.
27*...
25*

Total
liabil-

U.S. Government securities
Other
secu-

Federal
Reserve
Banks

?16

*>*
131

1 ,204
1
,867
7 888

7? 563

30 478

643

72 ,400
71 ,500
71 ,300
70 300
69 ,?00
69 ,708
68 ,700
67 ,000
68 000
67 ,700
67 ,Q00
68 ,600

99, 900
100 700
101 100
101, 800
102, 900

484
?54
?6?
559
778
384
881
663

30 300
30 500
30 600
30 500
31 ,100
3? 0?7
3? ,500
3? ?00
32 100

600
600
600
700
700
683
700
700
700
700
600
700

?7
?8
?9

Capital
and
misc.
accounts,
net

Other

1 998
?
?4
22

and
capital,

Total
deposits
and
currency

328

835
71?
667

,800

33 300

33 ,700

8 ,922
6 ,436
6 ,812
7 ,826
10 ,979

64,698
48,465
75,171
90,637
191,785
188 148
199,009
298,947
308,466
315,245

55 ,776
4? ,029
68 ,359
8? ,811
180 ,806
175 ,348
184 ,384
?63 ,165
?80 397
?86 ,968

35,012

330,935

30? 195

?8 ,739

35,200
35,600
36,300
36,900
37,300
37,989
38,500
39,300
39 800
40,100
39,700
40,400

327,000
328,500
330,500
331,100
332,900
340,017
339,400
338,700
343 700
344 600
348,000
353,100

?97 ,100
?98 ,500
300 ,600
301 100
301 ,900
310
308 ,700
307 ,200
3 P ,000
3 P ,600
315 ,900
322 ,800

?9 ,800
30 ,100

11,819
9,863
9,302
8,999
8,577
10 723
14,741
26,617
29,667
32,697

,800

14 ,624
?6 ,783
?8 ,070
?8 ,275

,900

?9 ,900
31 ,000

,732

30 ,700
31 ,400
31 ,700

,000
39 ,100
30 ,300

DETAILS OF DEPOSITSi AND CURRENCY
Money supply
Seasonally adjusted
Date
Total

1929 June
1933 June
1939 Dec
1941 Dec
1945 Dec
1947_Dec.
1950—Dec.
1960—Dec.
1961—Dec.
1962—June

Currency
outside
banks

Demand
deposits
adjusted !

29
30

30....
31

Not seasonally adjusted

Total

26 179
19 172
36,194
48 607
102,341
113,597
117.67C
144,458
150,578
142,522

31
31....
30....
31....
30....
30....

110 ,500
114 ,600
139 ,200
144 ,800
143 ,300

26,100 84,400
24,600 90,000
28,200 111,000
28,700 116,100
29,300 114,000

1962—Dec. 2 8 . . . .

147 ,600

29,600 118,000 153,162

1963—Jan.
Feb.
Mar.
Apr.

146 ,800
147 ,100
147 ,700
148 ,300
146 ,400
148 ,300
148 ,900
148 ,200
149 ,100
150 ,600
151 ,600
152 ,600

30,100
30,200
30,400
30,500
30,500
30,700
30,900
30,900
31,000
31,100
31,600
31,600

May

June
July
Aug.
Sept.
Oct.
Nov.
Dec.

30....
27....
27....
24....
29....
29....
31*...
28*...
25*...
30*...
27*...
25*...

116,700
116,900
117,300
117,800
115,900
117,600
118,000
117,300
118,100
119,500
120,000
121,000

Related deposits (not seasonally adjusted)
:

148,900
146.40C
145,500
148,40C
144,900
147,144
148,800
146,90C
148,100
152,000
153,90C
157,400

Currency
outside
banks

Demand
deposits
adjusted J

Total

3,639 22 540 28
4,761 14 411 21
29 793
6,401
27
9,615 38 99? 27
26,490 75 ,851 4 8 ,
26,476 87 ,121 56
25,39? 92 ,272 59
29,356 115 ,102 108
30,052 120 ,525 121
30,433 112 ,089 132

Commercial
banks

ForPostal
eign
Mutual Savings net 3
savings
Sysbanks 2
tem

R 905
q
10 *523
10 532

770
651
581

365
50
1 217
1 498
2,141
1,682
2,518
3,184
1,497
1,508

41 ,478

530

1,488

405

41 ,700
41 ,900
42 ,400
42 ,500
42 ,800
43 ,181
43 ,300
43 ,500
43 ,700
44 ,100
4A ,300
44 ,600

500
500
500
500
500
493
500
500
500
500
500
500

1,300
1,200
1,200
1,200
1,200
1,337
1,300
1,200
1,200
1,200
1,200
1,200

400
500
400
400
400
369
400
400
400
400
400
400

19 557
10 849
15 258
15 884
30, 135
35, 249
36, 314
7 1 , 380
82, 145
9 1 , 734

17 ,746
20 ,009
36 ,318
38 ,420
39 ,791

30,904 122 ,258 139 448

97, 440

119 ,200
116 ,500
115 ,400
118 ,200
114 ,200
115 ,312
117 ,800
115 ,800
117 ,000
120 ,700
121 ,40(1
124 ,500

99, 000
100 500
102 200
103, 000
104 500
105 648
106 600
107 600
108 100
109 900
110 100
110, 800

29,700
29,80(
30,100
30,20C
30,700
31,832
31,000
31,10(
31,100
31,300
32,50(
32,900

141
142
145
146
147
149
150
151
152
154
154
155

200
900
100
000
700
322
300
600
300
400
900
800

Treasury
cash
holdings

149
1 186
1 278
1 313
2,932
3,416
2,923

611
656
059
729
45?
411
247
468
216
106

1 Other than interbank and U.S. Govt., less cash items in process of
collection.
2 Includes relatively small amounts of demand deposits. Beginning
with June 1961, also includes certain accounts previously classified as
other liabilities.
3 Reclassification of deposits of foreign central banks in May 1961
reduced this item by $1,900 million ($1,500 million to time deposits and
$400 million to demand deposits).




1
U.S. <
jovernment

Time

,385

264

2 4 00
2
2 287
1, 336
1, 293
377
422
379

At
commercial
and
savings
banks

At
F.R.

]Banks

381
852

36
35

846

1 895
24 608
1,452
2,989
6,193
6,219
9,841

634
867
977
870
668
485
465
612

7,090

602

4,600
800
800
6,700
900
7,600
4,000 1,100
600
7,100
806
11,306
600
7,400
6,100 1,000
900
9,100
800
3,800
900
4,600
900
7,000

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.

60

COMMERCIAL AND MUTUAL SAVINGS BANKS

JANUARY 1964

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
Other
liaBor- Total NumCash1 bilities
row- capital ber
and
assets
ings
of
Demand
capital Total i
counts banks
ac- 2
DeU.S.
Time
Time 3
counts
Govt. Other
mand
U.S.
Govt. Other

Total

Loans

61,126
140,227
134,924
256,700
263,542

26,615
30,362
43,002
154,318
160,123

280,397
276,950
278,850
280,650
280,760
282,640
287,411
287,680
287,450
292,200
293,410
296,650
301,270

172,822
169,410
171,800
173,090
173,570
176,120
179,714
180,530
181,150
184,470
185,690
189,060
192,340

72,563 35: 012 54 939 343
303,653
293,030
72,350 35 190 46 780 331
71,450 35 600 48 410 335 030 295,450
71,280 36 280 46 530 335 010 295,460
70,250 36 940 47!290 335 990 296,040
69,220 37 300 47 720 338 250 298,090
69,708 37 989 52 046 347 896 309,428
68,650 38 500 49 170 344 990 304,960
67,010 39 290 46 190 341 620 300,860
67,970 39 760 48 920 349 210 308,350
67,670 40 050 48 790 350 390 308,900
67,860 39 730 51 170 356 100 313,370
68,560 40 370 51 910 361 620 319,540

535 6,839
084 139,188
520 4,320
110 140,980
520 6,440
670 142,680
520 7,330
950 144,860
560 3,760
060 145,750
540 6,820
540 147,460
551 11,069
681 149,083
530
250 150,050
130
530
870 129 330 151,330
550
850 132 380 152,060
550 ,610 135 760 154,190
550 4^90 138 920 154,630
550 6 ,790 141 240 155,620

3,635 28,046 13,940
2,670 27,790 13,951
3,070 28 000 13,954
3,100 28 090 13,962
3,270 28 170 13,967
3,060 28 380 13,983
1,563 28 612 13,993
2,960 28 550 14,014
3,240 28;690 14,025
28
2,930 28 830 14,034
3,690 29 020 14,050
4,400 29 130 14,068
3,950 29,220 14,078

31
31
31 4
30
30

50,746
124,019
116,284
215,441
220,670

21,714
26,083
38,057
124,925
129,193

15,952
21,808 7,225 26 ,551 79,104 71,283
10,982
44,349
30,241
7,331 34,806 160,312 150,227
90,606 9
14,065
105,921
240 1,343 94,367 35,360
69,221 ,006 37,502 155,377 144,103 2,792
278,561 248,689 7,914
481 5,946 141,920 82,429
66,578 23,937 56,432 278
"
525 9,554 128,785 92,034
64,443 27,034 48 728 276,220 245",2984,400

23 7,173 14,278
219 8,950 14,011
65 10,059 14,181
471 22,459 13,432
786 23,183 13,422

1962—Dec. 28
1963—Jan. 30
Feb. 27
Mar. 27
Apr. 24
May 29
June 29
July 31?
Aug. 28?
Sept. 25?
Oct. 30?
Nov. 27?
Dec. 25?

235,839
232,040
233,620
234,860
234,920
236,490
241,014
240,980
240,380
244,840
245,940
248,850
253,270

140,106
136,340
138,410
139,360
139,540
141,750
145,049
145,560
145,800
148,870
149,720
152,760
155,720

66,434 29. 298 54; 049 297 116 262,122
66,200 29; 500 45 970 285;050 251,270
65,270 29; 940 47 540 288;210 253,470
64,840 30; 660 45 640 287; 590 252,960
580 253,490
64,010 31. 370 46 460
63,010 3L 730 46 880 290;510 255,280
63,542 32; 423 51 156 299;875 266,179
62,480 32 940 48 340 296;710 261,650
60,870 33 710 45 390 293 000 257,340
61,810 34 160 48 080 300 250 264,560
61,770 34 450 47 970 301 340 264,790
61,970 34 120 50 370 306 740 269,020
62,690 34 860 50,940 311 870 274,890

43,521
107,183
97,846
179,599
183,497

18,021
22,775
32,628
106,232
109,212

19,539 5,961 23,123 68,121 61,717 10,385
78,338 6,070 29
"",845 138,304 129,670 13,576
57,914 7,304 32,
,845 132,060 122
""",528 12,353
54,058 19,308 49,579 235,112 209 ,630 17,195
,
52,065 22,219 42,853 232 359 206,057 13,796

1,709 37,136
",179 69,640
64 22
,176 80,609
50
303 5,381 119,595
351 8,734 108,014

195,698
192,301
193,694
194,884
194,589
195,892
199,495
199,412
198,780
202,599
203,343
205,816
209,812

118,637
115,289
117,075
117,883
117,677
119,515
122,088
122,550
122,763
125,458
126,074
128,811
131,467

52,968 24 092 47,427 249.488 219,468 15,309
52,749 24 263 40;024 238;565 209,589 13,449
51,984 24 635 4L 471 241,407 211,525 13,501
13,186
51,719 25 282 39;685 240;835 211,146 13186
13,290
50,950 25 962 40,434 241 409 211 ,275 13290
50,023 26 354 41,009 243 246 213 ,104 13,146
50,399 27,008 44^29 251 214 222 ,619 14,388
49,371 27,491
388 248 396 218;376 13;
627 244 827 214,303 13,172
47,876 28,141
48,633 28,508 42,211 251,312 220,730 13,837
28, "~~
895 251 833 220,475 14,083
48,568 28;701
14,171
48,647 28;358 44 276 256; 778 224.
14,596
49,326 29 019 44 655 261 239 229

358
341
347
345
380
361
373
349
355
371
377
376
377

All banks:
1941_Dec. 31
1945_Dec. 31
1947—Dec. 31 4
1961—Dec. 30
1962—June 30
1962—Dec. 28
1963—Jan. 30
Feb. 27
Mar. 27
Apr. 24
May 29
June 29
July 31?
Aug. 28?
Sept. 25?
Oct. 30?
Nov. 27?
Dec. 25?

26,479
10,982
25,511 8, 999 27,344 90,908 81,816
44,355
45,613
01,288 8, 577 35,415 177,332 165,612
14,065
101
105,935
81,199 10,723 38,388 175,091 161,865 2,793
240 1,346 94,381 53,105
715
482 5,952 141,979 120,848
72,715 29^67 57,368 321,394 287,176 7,914
526 9,559 128,845 131,855
70,722 32 697 49;612 320,638 285,186 4,400
6,008
4,100
4,140
3,800
3,910
3,730
5,042
4,000
13,800
4,510
4,790
14,880
15,340

23 8,414 14,826
227 0,542 14,553
66 11,948 14,714
482 26,227 13,946
796 27,036 13,934

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

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

31
31
31
30
30

1962—Dec. 28
1963—Jan. 30
Feb. 27
Mar. 27
Apr. 24
May 29
June 29
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 25?
Mutual savings banks:
1941_Dec. 31
1945_Dec. 31
1947_Dec. 31 4
1961—Dec. 30
1962—June 30
1962—Dec.
1963—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

28
30
27
27
24
29
26
31?
28?
25?
30?
27?
25?

For notes sec 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
41,259 29,393 6,136 5,730
42,872 30,930 6,278 5,663
44,558
44,910
45,230
45,790
45,840
46,150
46,397
46,700
47,070
47,360
47,470
47,800
48,000

32,716
33,070
33,390
33,730
34,030
34,370
34,665
34,970
35,350
35,600
35,970
36,300
36,620

6,129
6,150
6,180
6,440
6,240
6,210
6,166
6,170
6,140
6,160
5,900
5,890
5,870

5,714
5,690
5,660
5,620
5,570
5,570
5,566
5,560
5,580
5,600
5,600
5,610
5,510

793
609
886
936
884

11,804
17,020
19,714
42,833
44,418

10,533
15,385
17,763
38,487
39,888

890
810
870
890
830
840
890
830
800
840
820
800
970

46,086
46,450
46,820
47,420
47,410
47,740
48,020
48,280
48,620
48,960
49,050
49,360
49,750

41,531
41,760
41,980
42,500
42,550
42,810
43,248
43,310
43,520
43,790
44,110
44,350
44,650

6,008
4,100
4,140
3,800
3,910
3,730
5,042
4,000
3,800
4,510
4,790
4,880
5,340

535
520
520
520
560
540
550
530
530
550
550
550
550

97,709
99,280
100,760
102,420
103,260
104,710
105,903
130 133,190 106,800
870 129,270 107,870
8,850 132,320 108,330
135,700 110,140
3
4;
138,860 110,340
6,790 141,180 111,030

6,829 141,041
4 ,320 133,050
6 ,440 131,610
,330 128,890
3^60 132
6,820 129,480
11,060 133,624

6,086
3,785
5,667
6,523
3,301
6,018
9,761
6,349
5,148
7,936
3,154
3,812
6,052

117,999
110,954
109,730
107,402
109,920
107,939
111,548
110,997
107,350
109,959
112,702
115,516
117,469

6
14
3
7
6
10

3,627 24,094 13,429
2,670
840 13,440
3,070
010 13,443
3,100 24,070 13,451
3,270 24,180 13,456
3,060 24,360 13,472
1,545 24. 582 13,482
2,960 24 520 13,503
3,240 24,600 13,515
r2,930 24,720 13,524
3,690 24,920 13,540
4,400 25,000 13,558
3,950 25,070 13,569
5,886
7,589
8,464
18,638
19,179

6,619
6,884
6,923
6,113
6,070

79,716
81,060
82,280
83,690
84,384
85,640
86,550
87,311
88,278
88,627
90,159
90,440
91,024

3,550 19,854
2,614 19,697
3,033 19,819
3,042 19,851
19
3,235 19,925
2,910 20
",082
1,440 20 ,238
2,849 20
,213
3,076 20
,273
2,836 20,377
20
3,553 20,555
4,244 "",606
20
3,779 20
,66f

6,049
6,046
6,042
6,039
6,041
6,052
6,058
6,072
6,080
6,092
6,097
6,104
6,108

10,527
15,371
17,745
38,420
39,821

1,241
1,592
1,889
3,768
3,853

548
542
533
514
512

41,478
41,700
41,920
42,440
42,490
42,750
43,180
43,250
43,460
43,730
44,050
44,290
44,590

3,951
3,950
3,990
4,020
3,990
4,020
4,031
4,030
4,090
4,110
4,100
4,130
4,150

511
511
511
511
511
511
511
511
510
510
510
510
509

12,347
24,210
28,340
67,157
75,16f

4
208
54
438
735

JANUARY 1964

61

COMMERCIAL AND MUTUAL SAVINGS BANKS

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

Loans and investments

Class of bank
and date

Total

Reserve city member banks
New York City: 5
1941—Dec. 31
1945_Dec. 31
1947—Dec. 31
1961—Dec. 3 0 . . . . . .
1962—June 30
1962—Dec.
1963—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

11,050
8,731
9,125
7,987
8,296
9,323
9,802
8,786
7,591
8,995
8,776
9,259
9,061

46,135
42,626
43,563
42,652
42,343
43,624
44,981
43.557
41,789
44,185
43,847
45,200
46,080

37,885
34,799
35,044
34.794
34,091
35,459
37,454
35,779
33,809
36,361
35,655
36,807
37,867

4,783
4,119
4,047
3,913
3,919
4,278
4,734
4,092
3,804
3.991
4,020
4,272
4,168

207
213
209
214
227
207
187
189
194
202
209
212
215

4,057
7,046
6,402
9,283
8,810

1,035
1,312
1,217
1,624
1,128

127
1,552
72
369
546
410
218
309
427
161
346
584
406
289
583
186
200
398

1,648
2,120
2,259
3,683
3,761

36
37
37
13
13

1,728
1.082
1,645
1,117
1,352
1,292
794
1,029
1,204
1.031
1,438
1,480
1,599

3,898
3,897
3,904
3,904
3,927
3,947
3,931
3,944
3,940
3 945
3,966
3,966
3,971

17
17
16
16
16
16
13
13
13
13
13
13
13

35
34

288
377
426
870
894

13
12
14
9
9

3.025
3,152
3,204
3,198
3,357
3.488
3,499
3,509
3,556
3.563
3,714
3,794
3,798

262
132
235
596
313
165
111
240
252
327
274
211
272

948
956
955
957
963
971
974
980
979
983
990
993
,000

13
13
13
13
12
12
12
12
12
12
12
12
12

2
1
81
240

1,967
2,566
2.844
6,997
7,201

351
359
353
206
206

2,337
1,400
2,276
2,605
1,218
2,387
3,793
2.488
2,022
2,941
1,141
1,462
2,288

43,609 30,743 1,388
40.765 31,316 1,178
40.298 31,714
994
39,698 32.384 1,082
40,822 32.603 1.429
39,706 33.151 1,131
41.291 33,549
407
41,096 33.763 1,294
39,867 34.105 1,213
40.341 34.216 1.250
41,359 34,610 1,500
42,698 • 34,692 2,102
43,474 35,053 1,427

7,263
7,263
7,298
7,315
7.330
7,413
7.440
7.462
7,490
7 557
7,635
7,653
7,703

191
190
190
190
192
192
194
194
195
196
194
C
195
191

10,109
24,235
28,378
46,211
42,596

1,430
376
4,213
385
2,890
397
2,041
940
1,936 1,329

1,566 4,363
1,489 7,459
1,739 6,866
2,603 10,383
1,893 10,009

8,957
8,682
8,901
9,138
8,813
8,832
9,082
9,171
8,965
9,346
9,211
9,376
9,662

5,418
5,101
5,348
5,376
5,291
5,428
5,545
5,574
5,566
5,796
5,826
6,038
6,276

2,129
2,217
2,232
2,440
2,168
2,050
2,071
2,096
1,825
1,915
1,743
1,731
1,699

1,409
1,364
1,321
1,322
1,354
1,354
1,466
1,501
1,574
1,635
1,642
1,607
1,687

2,280
1,969
1,982
1,899
1.949
2,084
2.136
2,109
1,951
2.094
1,993
1,955
2,074

11,432
10,860
11,092
11,260
10,983
11,143
11,440
11,484
11,097
11,623
11,394
11,521
11,936

9,993
9,481
9,594
9,410
9,469
9,759
10,141
10,007
9.638
10,036
9,934
10,103
10,441

1,277
1,140
1,194
1,155
1,182
1,122
1,202
1,153
1,165
1,209
1,218
1,186
1,219

15,347 7,105
6,467 1,776
40,108 8,514 29,552 2,042
36,040 13,449 20,196 2,396
68,565 42,379 19,748 6,438
70,145 43,824 18,627 7,694

8,518
11,286
13,066
20,216
17,602

24,430
51,898
49,659
90,815
89.885

22,313
49,085
46,467
81,883
80,631

4,356
6,418
5,627
8,350
6,622

104
491 12,557 4,806
30 8,221 24,655 9.760
22
405 28,990 11,423
62 2,103 44,986 26 ,381
75 3,670 40,601 29,663

8,165
8,218
8,339
8.609
8,801
9,010
9,124
9,293
9,379
9,579
9,650
9,605
9,823

19,539
16,172
16,884
16,603
16.940
16,603
18,526
17,748
16,665
17.478
17,185
18,887
18,927

94,914
90.467
91.380
91,622
92,086
92.362
95.433
94,865
93.658
95.675
95,705
98,069
99,833

84,248
80,101
81,023
81.320
81,349
81,610
85,555
83,987
82,704
84.554
84,266
85,891
88,253

7,477
6,555
6,660
6,561
6,616
6,275
6,811
6,544
6,612
6,959
7,062
6,949
7,350

82
65
75
72
90
91
110
96
98
97
94
90

banks: 6
31
31......
31
30
30

12,518 5,890 4,377 2,250
35,002 5,596 26,999 2,408
36,324 10,199 22,857 3,268
73,131 39,693 24,407 9,031
75,019 41,492 23,843 9,685

6,402
10,632
10,778
15,595
13,806

19,466
46.059
47,553
90,376
90,555

17,415
43,418
44,443
81,646
81,577

792
,207
,056
,925
,529

225
5,465
432
1,641
2,601

28
30
27
27
24
29
29
31
28
25
30
27
25^

80,623
79,758
80,176
80,363
81,026
81,448
82,952
83,055
83,152
84,421
85,166
86,049
86,905

25,425 10,501 14,559 97,008
25,380 10,531 13,152 94,612
25,063 10,672 13,480 95,372
24,763 10,864 13.196 95,301
24,648 11,04! 13,249 95,997
24,308 11,239 12,999 96,117
24,496 11,522 14 465 99,361
24,404 11,603 13 !745 98.490
24,193 11,850 13 420 98,283
24,537 12.015 13 ^644 99.829
24,575 12,:
240 13 941100,887
24^10 12;268 14 175 101,988
24,886 12,423,14 593(103,390

87,342
85,208
85,864
85,622
86,366
86,276
89.470
88,603
88,152
89.779
90,620
91,514
92,957

,773
,635
,600
,557
,573
,471
,641
,581
,591
,678
,783
,764
,859

1,931
1,398
2,014
2,106
1,253
2,087
60 3,332
2,002
1,900
2,334
1,159
1,485
1,897

..

28
30
27
27
24
29
29......
31
28
25
30
27
25^

4,017
4,150
4,303
4,487
4,766
4,751
4,895
5,094
5,338
5,279
5,169
4,878
5,086

195
30
283
381

954
1,333
1,801
4,626
4,672

1,408
769
1,068
1,385
669
1,198
2,052
1,453
937
2,078
668
665
1,469

22,231
20,231
20,000
19,320
19,303
19,612
20,351
19,686
18.140
19.353
19,571
20,201
20,537

9,256
9,467
9,720
9,962
9,973
10,164
10,131
10,359
10.734
10.737
11,187
11,457
11,478

2,419
476
3,462
719
4,201
913
5,268 2,008
4,520 2,598
5,264
4,956
4,872
4,619
4,757
4.791
4,840
4,926
4.616
4.669
4,802
4,909
5,012

6

For notes see end of table.




866 12,051
807
17 6,940 17,287 1,236
12
267 19,040 1,445
191 1,267 23,129 6,935
210 1,918 20,296 8,098

2,760
5,931
5,088
7,606
7,937

1962—Dec. 28
1963—Jan. 30
Feb. 27
Mar. 27
Apr. 24
May 29
June 2 9 . .
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 25^

1962—Dec.
1963—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

4,202
4,640
4,453
5,296
4,517

21,954
20,649
20,874
20,950
20,258
20,886
21,446
21,416
21,191
22,036
21,765
23,103
23,648

Other reserve city:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1961—Dec. 30
1962—June 30

Country member
1941_Dec.
1945—Dec
1947_Dec.
1961—Dec.
1962—June

17,932
30,121
25,216
36,818
35,039

12,896 4,072 7,265 1,559 6,637 19,862
26,143 7,334 17,574 1,235 6,439 32,887
20,393 7,179 11,972 1,242 7,261 27,982
30,297 19,535 7,862 2,900 11,164 43,538
30,396 19,224 7,659 3,513 9,552 41,910
7,017
7,009
7,125
7,096
6,805
6,478
6,506
5,941
5,418
5,642
5,926
5,634
6,077

Time

32,989
31,808
32,302
32,533
31.829
32,115
32,847
32,451
31,947
32,957
32,860
33,615
34,811

28......
30
27
27
24
29
29
31......
28
25
30
27
25 P

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

Loans

Total
Bor- capital Number
rowacof
ings counts banks

73,130
72,053
72,315
72,850
72,921
73,497
74,614
74.735
74,716
75,875
76,106
76,776
78,434

46,567
45,692
46,412
46,821
46,791
47,300
48,164
48,512
48,897
49,757
50,132
50,699
1,947

44,698
43,847
44,441
44,736
45,337
45,901
46,934
47,048
47,109
47,869
48,351
48,971
49,596

18,398
18,143
17,564
17,420
17,329
17,187
17,326
16,930
16,440
16,539
16,324
16,472
16,664

6,253
12.494
14.560
31,832
34 .803

4
11
23
40
80

1,982
2,525
2.934
7,088
7,323

6,219
6,476
6,519
5,885
5,842

46,895 36,692
45.002 37.125
44,560 37,642
43.765 38.146
45,038 38.451
43.830 38.837
45,066 39.371
45,289 39.680
44.727 39.883
45,596 40 111
46,970 40.648
47,708 40.497
48,446,40,695

172
222
159
247
141
322
127
286
407
228
341
451
481

,744
,581
,662
,675
,705
.751
.894
,827
.864
892
,964
,994
,995

5,828
5,826
5,823
5,820
5,821
5,832
5,839
5,853
5,860
5,871
5,878
C
5,884
5,892

62

COMMERCIAL AND MUTUAL SAVINGS BANKS

JANUARY 1964

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

Loans and investments
Securities
Cash
assets !

Class of bank
and date
Total

Loans

U.S.
Govt.

Other

Total
assets—
Total
liabilities
and
capital
accounts 2

Interbank *

Other
Borrowings

Demand

Total
Demand

Time

Total Numcapita] ber
acof
counts banks

Time

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

25,788
34,292
36,926

76,820
157,544
152,733

69,411
1,762 41,298 15,699
10,654
147,775
13,883
23,740 80,276 29 8 7 6
",
141,851 12,615
54 1,325 92,97534 ,882

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

188,790
198,011
213,904
234,243
239,447

,143
58,348 20
,451
60,468 20
66,026 23,531
65,891 28,903
63,037 32,047

49,158
51,836
56,086
53,702
50,770

242,828
255,669
276,600
295,093
297,836

218,474
228,401
247,176
260,609
264,654

130,720 65 ,858
132,533 71 ,348
,122
141;050 82
140, 169 97,380
132,788 105,559

602 19,206 13,107
149 20; 628 13,119
462 22,089 13,108
584 23,712 13,119
,498 24,191 13,189

27,571 11,725 12,039 3,806
69,312 13,925 51,250 4,137
65,280 21,428 38,674 5,178

14,977
20,114
22,024

43,433
90,220
88,182

39,458
6,786
1,088 23,262 8,322
84,939
9,229
14,013 45,473 16,224
82,023 8,375
35
795 53,541 19,278

3,640 5,117
4,644 5,017
5,409 5,005

10,892
11,140
13,006
16,042
17,751

27,464
28,675
31,078
29,684
28,641

132,636
139,261
150,809
160,657
162,748

15,950 6,295 7,500 2,155
37,871 8,850 27,089 1,933
32,566 11,200 19,240 2,125

8,145
9,731
10,822

24,688
48,084
43,879

22,259
3,739
621 13,874 4,025
44,730
4,411
8,166 24,168 7,986
40,505 3,978
15
381 27,068 9,062

5,396
5,439
6,302
8,050
9,257

16,045
17,081
18,501
17,744
16,288

73,090
77,316
84,303
88,831
88,466

65,069
68,118
74,119
76,643
77,106

1,509 1,025
10,584 1,063
10,039 1,448

2,668
4,448
4,083

8,708
19,256
20,691

7,702
18,119
19,340

262

1959—Dec.
1960—Dec.
1961—Dec.
1962—Dec.
1963—June

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

National member
banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1959—Dec.
1960—Dec.
1961—Dec.
1962—Dec.
1963—June

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

State member banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..

102,615
107,546
116,402
127,254
130,146

110,299
117,092
124,348
139,449
144,363

59,962
63,694
67,309
75,548
78,383

31,761
32,712
36,088
35,663
34,011

119,638
124,911
135,511
142,825
145,513

15,500 1,358 5,037
16,921 1,667 5,932
17,737
333 5,934
15,844
402 6,815
14,871
430 11,005

8,947
9,829
10,359
9,155
8,468

514
611
104
127
159

,502
,867
,918

6,102
825 1,763 39,974 16,406
240 5,962
6,608 1,028 2,022 40,733 17,727
20 6,299
6,835
199 2,066 43,303 21,716
213 6,763
6,154
231 2,351 41,924 25,983 1,914 7,104
5,920
215 3,723 39,161 28,088
839 7,230

,691
,644
,600
,544
,521

55,264
58,073
63,196
68,444
69,350

34,817
36,240
38,924
43,089
43,705

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

5,776
14,639
16,444

3,241
2,992
4,958

1959—Dec.
1960—Dec.
1961—Dec.
1962—Dec.
1963—June

30,939
32,411
34,320
38,557
39,963

15,534
17,169
18,123
20,811
22,274

11,546
11,368
11,972
12,932
12,647

3,859
3,874
4,225
4,814
5,042

5,651
6,082
6,508
6,276
5,841

37,132
39,114
41,504
45,619
46,635

33,795
35,391
37,560
41,142
42,035

451
484
543
535
483

Noninsured nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 3 1 4

1,457
2,211
2,009

455
318
474

761
1,693
1,280

241
200
255

763
514
576

2,283
2,768
2,643

1,872
2,452
2,251

177

1959—Dec. 31..
1960—Dec. 31..
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..

,480
,498
,536
,584
,555

534
550
577
657
686

589
535
553
534
496

358
413
406
392
373

309
314
346
346
386

1,858
1,883
1,961
2,009
2,026

1,429
1,443
1,513
1,513
1,525

Nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 3 1 4

7,233
16,849
18,454

3,696 2,270 1,266
3,310 12,277 1,262
5,432 11,318 1,703

3,431
4,962
4,659

10,992
22,024
23,334

1959—Dec.
I960—Dec.
1961—Dec.
1962—Dec.
1963—June

32,419
33,910
35,856
40,141
41,519

16,068
17,719
18,700
21,469
22,961

12,134
11,904
12,525
13,466
13,143

4,216
4,287
4,631
5,206
5,415

5,961
6,396
6,854
6,622
6,227

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

1,693
10,846
12,683

642
3,081
3,560

629
7,160
8,165

421
606
958

1959—Dec.
I960—Dec.
1961—Dec.
1962—Dec.
1963—June

30,580
33,794
35,660
38,597
40,128

20,942
23,852
25,812
28,778
30,533

5,016
4,787
4,690
4,639
4,545

4,622
5,155
5,158
5,180
5,050

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

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

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

For notes see end of table.




15,052
16,394
17,971
17,305
16,388

71,015 36,421
340 10,302 4,542
71,660 39,546
111 11,098 4,530
76,292 45,441
225 11,875 4,513
76,075 53,733 1,636 12,750 4,505
72,387 58,462
600 13,008 4,537
1 2,246
130 2,945
9 3,055

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

1959—Dec.
1960—Dec.
1961—Dec.
1962—Dec.
1963—June

2,742
3,265
3,315
3,735
6,038

129
244
4

53 4,162 3,360
1,560 10,635 5,680
149 12,366 6,558

959 6,810
1,083 6,416
1,271 6,478

19,732
20,140
21,456
22,170
21,241

,059
13
,095
14
14
,979
17,664
19,010

2,944
3,232
3,452
3,870
3,964

6,878
6,948
6,997
7,072
7,133

329
181
185

1,291
1,905
18 1,392

253
365
478

329
279
325

852
714
783

150
159
177
164
171

83
132
148
133
120

873
846
869
872
835

311
293
307
330
343

350
358
370
371
379

366
352
323
308
291

9,573
20,571
21,591

439

457
425
190

38,990
40,997
43,465
47,628
48,661

35,224
36,834
39,073
42,654
43,560

601
643
719
699
654

151
429
675

1,958
11,424
13,499

1,789
10,363
12,207

686
766
828
784
789

31,743
35,092
37,065
39,951
41,580

28,577
31,502
33,400
36,104
37,585

533
645
553
729
1,245

5,504
3,613
14,101
6,045
167 13,758 7,036

103
545
160
657
178
565
176
743
177 1,300

20,605
20,986
22,325
23,042
22,076

12

13,370
14,388
15,286
17,994
19,353

18 1,288 7,662
11 1,362 7,130
12 1,596 7,261
34
33
33
77
105

3,294
3,590
3,822
4,240
4,343

7,244
7,300
7,320
7,380
7,424

1,789
10,351
12 12,192

164
1,034
1,252

52
192
194

28 28,544
1,468
3,137
267 35,827
"137,273
303

2,654
2,998
3,191
3,343
3,414

268
325
330
331
331

JANUARY 1964

63

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 savings
banks:
1941—Dec. 31
1945—D ec 31
1947—Dec. 3H
I959—Dec
I960—Dec
1961 Dec
1962—Dec
1963—June

Loans

Deposits
Total
assets—
Securities
Total
Interbank 1
Other
liaCash bilities
assets! and
Demand
capital Total 1 DeU.S.
Other
ac- 2
Time
mand
Govt.
counts
U.S.
Other
Govt.

4,259
1,198
1,384

3,075 1,353
641
3,522
760
3,813

642
180
211

9,846
5,596
6,215

8,744
5,022
5,556

6
2
1

6,981
5,320
5,600
5,961
6,269

31
31
30
28
29

8,687
5,361
5,957

4,184
3,270
3,581
3,938
4,132

1,848
1,453
1,446
1,490
1,621

143
107
108
106
101

7,200
5,481
5,768
6,134
6,440

6,405
4,850
5,087
5,427
5,663

1

949
597
572
533
516!

1
Reciprocal balances excluded beginning with 1942. Reclassification
of deposits of foreign central banks in May 1961 reduced interbank
deposits by a total of $1,900 million ($1,500 million time to other time
and $400 million demand to other demand).
2 Includes other assets and liabilities not shown separately.
3 See note 2 on p. 59.
4 Beginning with Dec. 31, 1947, the series was revised. A net of 115
noninsured nonmember commercial banks with total loans and investments of about $110 million were added, and 8 banks with total loans
and investments of $34 million were transferred from noninsured mutual
savings to nonmember commercial banks.
5 These data reflect the reclassification of New York City and city of
Chicago as reserve cities effective July 28, 1962. For details see Aug.

1962 BULL., p. 993.

6 Beginning with June 1963, 3 New York City banks with loans and
investments of $392 million and total deposits of $441 million were
reclassified as country banks. Also see note 6, Oct. 1962 BULL., p. 1315.

1

Bor- Total Numrow- capital ber
of
acings counts banks
Time

2 5,553

8,738
5,020

1,077
558
637

496
350
339

6,404
4,850
4 5,083
6 5,420
18 5,645

705
555
577
608
617

249
189
184
180
180

6

2

NOTE.—Data are for all commercial and mutual savings banks in the
United States (including Alaska and Hawaii, beginning with 1959).
Commercial banks include all nonmember and member commercial
banks; stock savings banks and nondeposit trust cos. are included with
commercial banks. Member banks include 1 national bank in the
Virgin Islands that became a member in May 1957, 2 noninsured nondeposit trust cos. and, before July 1962, mutual savings banks that
became members of the FRS during 1941 (3 before Jan. 1960, 2 until
June 1961, and 1 until July 1962; these banks were excluded from commercial banks).
Comparability of figures for classes of banks is affected somewhat
by changes in F.R. membership, deposit insurance status, and the reserve
classifications of cities and individual banks, and by mergers, etc.
Figures are partly estimated except on call dates.
For revisions in series before June 30, 1947, see July 1947 BULL.,
pp. 870-71.

LOANS AND INVESTMENTS AT COMMERCIAL BANES
(In billions of dollars)
Seasongilly adjusted

Not seasonally adjusted

Securities

Period
Total i

Loans l

Securities
Total i

U.S.
Govt.

Loans*

Other

U.S.
Govt.

Other

97 5
110.0

93.2

58.2
66 4
58.9

17.9
20 6
20.5

61.0
66 6
66 4
62.9

20.9
23 9
29 3
35.1

1957
1958
1959

166.4
181 0
185.7

91.4
95.6
107.8

57.0
64 9
57.6

17.9
20 5
20.4

169.3
184 4
189.5

I960,
196 i .

194.5
209.6
228 1
246.3

114.2
121.1
114 7
150.6

59.6
64.7
64 3
60.8

20.7
23.8

198.5
214.4

34.9

252.2

116.7
123 9
137 9
154.2

225.9
228.1

132.2
134.7

64.6
64.3

29.1
29.1

226.8
233.6

132.3
137.9

65.6
66.4

28.8
29.3

228.9
232.3
235.0
232.5
234.8
240.3
237.8
238.5
240 7
241.0
244.0
246.3

134.7
136.8
137.8
137.4
138.9
141.8
142.4
142.5
145 0
146.3
148.8
150.6

64.6
65.4
66.7
63.9
64.2
66.0
62.4
62.1
61 7
60.2
60.8
60.8

29.6
30 1
30.5
31.2
31.7
32.5
33.0
33.9
34 0
34 s
34 4
34.9

229.1
230 4
231.9
232.3
233 6
239.1
237.8
237 1

133.4
135 2
136.4
136.9
138 9
143.1
142.4
142 5
146 0
146 2
148 9
154.2

66.2
65 3
64.8
64.0
63 0
63.5
62.5
60 8
61 8
61 8
62 0
62.9

29.5
29 9
30.7
31.4
31 7
32.4
32 9
33 7
34 ?
34 5
34 1
35..

1QA" 2
1963 2

1962

Nov

Dec. 2

1963- Jan .
Feb
Mar

May
Junep
Jul> p
Aug.
Oct v
Novp . . .
Dec 2 v
1 Adjusted to exclude interbank loans.
2 Data are estimates for Dec. 31.




?Q 1.

741 Q

242 4
24^ 0
252.2

NOTE.—Data are for last Wed. of month (except for June 30 and
Dec. 31 call dates). For description of seasonally adjusted series and
back data, see July 1962 BULL., pp. 797-802.

64

COMMERCIAL BANKS

JANUARY 1964

LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions of dollars)
Loans 1

Total
loans 1
and
invest- Total 2
ments

Class of
bank and
call date

Investments

For
To
purchasing
financial
or carrying institutions
Commer- Agri- securities
cial
Real
and cul- To
esturintate
al broduskers To
To
To
trial
and others banks others
dealers

Total: 2
1947—Dec. 31..116,284 38,057 18,167 1,660 830 1,220 115
215,441 124,925 45,172 6,248 4,056 2,134 1,033
1961—Dec. 30..
235,839 140,106 48,673 7,097 5,144 2,131 2,578
1962—Dec. 28..
1963—Mar. 18 235,550 140,380 48,710 7,460 4,480 2,130 3,120
June 29..241,014 145,049 49,862 7,541 4,645 2,233 1,934
All insured:
1941—Dec. 3 1 . . 49,290 21,259 9, 214 1 ,450 614 662
1945—Dec. 3 1 . . 121,809 25,765 9,461 1,314 3,164 3,606
"
~
1947—Dec. 3 1 . . 114,274 37,583 18,012 1,610 823 1,190
1961—Dec.
1962—Dec.
1963—Mar
June

30..
28..
18..
29..

213,904 124,348 44,965 6,2114,030 2,107
234,243 139, " " 48,458 7,060 5,119 2,103
'"" ,449" "
"
. .
233,975 139,731 48,499 7,417 4,459 2,105
239,447 144,363 49,660 7,513 4,615 2,203

9,393 5,723 947
7,847 3 ,412
7,311 30,320 27;
459
8,49 34^59 30,553 3 ,909
8,050 34,920 30,720 3 ,780
8,649 36,725 32,661 "

7,296 30,211 27,708 3,396
30,402 3 890
8,434 34,123 30
8,022 34,781 30,568 3 763
8,620 36,558 32,506 3 793

Member, total:
1941—Dec. 3 1 . . 43,521 18,021 8,671 972 594 598
1945—Dec. 3 1 . . 107,183 22,775 8,949 855 3,133 3,378
1947—Dec. 3 1 . . 97,846 32,628 16,962 1 ,046 811 1,065

39
47
113

1961—Dec. 30.. [ 79,599106,232 40,931 3,934 3,877 1,827
1,777
1962—Dec. 28.. 95,698 118,637 43,843 4^19 4
1963—Mar. 18.. 95,060 118,490 43,832 4,580 4,2831,790
• ~
"'
June 29.. 99,495 122,088 44,701 4,664 4,436 1,880

1,014
2,445
2,994
1,844

6,893 23,987
7,936 27,162
7,528 27,683
8;i34 29,127

32
26
93

123
80
111

New York City:*
1941_Dec. 3 1 . . 12,896
1945—Dec. 3 1 . . 26,143
1947—Dec. 3 1 . . 20,393

4,072 2,807
7,334 3,044
7,179 5,361

412 169
2,453 1,172
545 267

1961—Dec. 30..
1962—Dec. 28..
1963—Mar. 18..
June 29..

30,297
32,989
32,941
32,847

19,535 11,278
21,954 11,943
21,501 11,839
21,446 11,630

23 1,956
17 2,766
2,138
2,308

City ofChicago ;3
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .

2,760
5,931
5,088

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

48
211
73

7,606
8,957
9,078
9,082

4,626
5,418
5,473
5,545

2,609
2,941
2,989
3,051

354
407
350
358

137
152
163
176

53
89
139
135

114 194
427 1,503
170 484

4
17
15

Other reserve city:^
1941—Dec. 3 1 . . 15,347 7,105 3,456
1945—Dec. 3 1 . . 40,108 8,514 3,661
1947—Dec. 3 1 . . 36,040 13,449 7,088
1961—Dec. 30..
1962—Dec. 28..
1963—Mar. 18..
June 29..

68,565
73,130
72,594
74,614

42,379 16,879
46,567 17,660
46,710 "",555
17
,805
48,164 17

Country:
1941—Dec. 3 1 . . 12,518 5,890 1,676
1945—Dec. 3 1 . . 35,002 5,596 1,484
1947—Dec. 3 1 . . 36,324 10,199 3,096
1961—Dec. 30..
1962—Dec. 28..
1963—Mar. 18..
June 29..
Nonmember:
1947_Dec. 3 1 . .
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..

300
205
225

,076 976
1,179 1,053
,179 1,159
,245 1,090

22
36
46
669
703
698
741

2,193
11,488
11,674
10,570
9,128

Certifi- Notes Bonds
cates

7,789
2,114
3,932
3,230
3,216

State
and
local Other
govt. secusecu- rities
rities

6,034 53,205 5, 276 3 ,729
26
's336 26,641 20,345 3,592
-,- •
23,841 26,987 24,755 4,543
23,830 27,190 26^70 4 ,280
23,821 27;378 27,817 4,606

11,356
11,514
10,419
9,002

2,098 26 145 26,426 20 068 3 ,462
3,91623 715 26,746 24 547 4 ,356
3,215 23,703 26 ,953 25 860 4 ,093
3,203 23,741 27,092 271573 4,475

221
362
379
393

9,229
8,862
7,839
6,863

1,842 21,390 21,598 16,691
3,249 19,443 21,414 20,773
"
2,628 19,480 21 51421,978
2,608 19,423 21 505 23,533

1,430
95
51 40 4,213
149 26 2,890
476
523
537
555

229
369
369
288

2,041
2,129
2,275
2,071

2,117
1,998
1,799
1,639

442
508
247
240

256
133 1,467
132
235
478
92
377
115
572
60
426
71

2,617
3,319
3,131
3,475

729
606
638

830
629
604

2,806
2,023
2,299
2,118

2,635
3,585
4,082
4,451

265
432
374
444

153 1,022
749 1,864
248 2,274

182
181
213

193
204
185

743
816
788 1,242
864 1,167
791 1,226

124
168
162
240

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
7,862
7,017
6,984
6,506

,090 21,871
,254 2:,815
199 3
1,105

2,496
2,488
2,640
2,508

728
849
780
782

1,508
6,467
295
751 5,421
956 820
1,527
•9,552 1,034 6,982 5,653 15,883 1,126 916
855 387 29
1,459
373 2,358 1,901 15,563 1,342 1,053
3,147 1,969 351 20,196

470 3,261 9,590 9,172 998 19,748
784
752 1,020 3,583 11,030 9,860 1,266 18,398
767 1,128 3,409 11,252 9,894 1,284 17,382
786
751 3,886 11,683 10,464 1,380 17,326

741 8,605 7,382
3,020
2,343 1,403 7,257 7,395
1,751 1,236 7,293 7,103
1,685 1,191 7,281 7,168

5,710
7,252
7,630
8,163

1,528
4,377
1,823
707 359 26 ,999
1,881
3,827 1,979 224 22 ,857
13,242 11,132 751 24,407
14,441 12,273 826 25,425
14,627 12,319 796 24,820
15,206 13,186 856 24,496

110
481 3,787
630 5,102 4,544 16
,722
480 2,583 2,108 17,687
3,614
566 9,560 10
,667
4,144 1,223 8,849 11,209
3,718 1,085 8,768 11,248
3,112 1,106 8,851 11,427

1,222 1,028
1,342 1,067
2,006 1,262

20
42
23

183
471
227

2
4
5

39,693 10,165 2,811
44,698 1 1 ,299 3
" " ',187
44,805 11, 448 3 ,360
46,934 12, 215 3,378

591
728
635
680

438
447
452
469

116
764
708
412

18,454 5,432 1,205 614
35,856 18,700 4,241 2,314
40,141 21,469 4,8302,678
41,519 22,961 5,161 2,877

20
179
190
209

156
306
354
354

2
19
132
90

1,251
1,563
1,381
1,463

1 Beginning with June 30, 1948, figures for various loan items are
• -DGgniiuiig wuii JUIIC j u , i 7 f o , liguica i u i vcuiuua iuo.il licuii tilc
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.




66,026
65,891
64,290
63,037

,852
22,1 3,198 54,058
,799
24, 3,657 52,968
24,1 3,531 51,461
,869
26,366 3,557 50,399

934 2,072 1,220
376 1,711
467
572 2,087 1,329 2,143 1,196
425
409 1,020 2,040 1,425 2,119 1,082
448
546 2,044 1,845 2,161 1,034

659
648
818

73,131
80,623
80,447
82,952

Bills

3,653
19,539
3,494
971
,561
3,007 15
3,455 1,900 057 78,338 2,275 16,985 14,271 44
,807
7,130 4,662 839 57,914 1,987 5,816 4,815 45 ,295

52
233
87

1961—Dec. 30..
1962—Dec. 28..
1963—Mar. 18..
June 29..

69,221
66,578
66,434
64,820
,542

U.S. Government
securities

21,046
988
4,773
4,505
3,159 16,899 3,651 3,333
88,912 2,455 19,071 16,045 51,342 3 , 873 3
4,677 2,361 1,132 88
— ",258
9,266 5,654 914 67,941 2,124 7,552 5,918 52
",347 5, 129 3,621

40
49
114
1,027
2,551
3,098
1,902

Other
to
in- Other
dividuals
Total

2,266 1,061
418 6,341 4,995
523 7,097 5,754
515 7,598 6,295

727
913
872
961

7,530 1,500
8,694 1,807
9,099 ,723
9 , 692 1,830
""

109 11,318
206 1,973 1,219 7,920 1,078 625
214 12,525 2,259
272 4,947 5,046 3,655 976
252 13,466 2,812
683 4,398 5,573 3,982 1,224
254 13,143 2,265
608 4,398 5,873 4,284 1,131

2 Dica^uuwus of loan, investment, and deposit classifications are not u i
- Breakdowns ui iKja.LL xiivcauiicxii, aiiu U^JJISSII titissiuLauuiis ttio u
available before 1947; summary figures for earlier dates appear in the
preceding table.
3 New York City and city of Chicago were central reserve city banks
before July 28, 1962; reserve city banks thereafter.
For other notes see opposite page.
f

JANUARY 1964

65

COMMERCIAL BANKS
RESERVES AND LIABILITIES BY CLASS OF BANK
(In millions of dollars)
Demand deposits

Reserves
with
F.R.
Banks

Class of
bank and
call date

Currency
and
coin

DeBalances mand
dewith
posits
domestic4 adbanks justed 5

17, 796
16, 918
17, 680
16, 100
16, 529

2 ,216
3 ,689
4 ,252
3 ,920
3 ,483

10, 216
14, 169
13, 099
12, 630
12, 579

Interbank

Time deposits

Certified
and
officers'
checks,
etc.

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

IPC

U.S.
Govt.

State
and
local
govt.

1, 343
5, 946
6, 829
5, 400
11, 060

6, 799
12, 242
12, 071
11, 720
12, 396

2
5
4
4
4

581
056
511
340
502

84, 987
124, 622
124, 459
117, 480
116, 726

240
481
535
460
550

111
283
269
270
254

All insured:
673 1, 762
1941—Dec. 3 1 . . . . 12 396 1 ,358 8, 570 37,845 9,823
1945—Dec. 3 1 . . . . 15 810 1 ,829 11, 075 74,722 12,566 1 ,248 23, 740
1947_Dec. 3 1 . . . . 17 796 2 ,145 9, 736 85,751 11,236 1,379 1, 325

3, 677
5, 098
6, 692

i

077
585
559

36, 544
72 593
83 723

158
70
54

59
103
111

5 023 123 878
4 434 123 744
284 116 825
\ 421 116 067

333
402
422
430

283
269
267
254

1 009
450
2 401

33 061
62 950
72 704

140
64
50

50
99
105

487
270
874
535

4 ,654 105 454
4 ,083 104 646
3 ,950 98 481
4 060 97 953

303
358
374
373

260
243
241
228

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

319
237
290

450
1 ,338
1 ,105

11 282

6
17
12

10
12

29
20
14

267
1408
880
052

333
366
309
357

2 ,583
2 ,237
2 ,231
2 ,172

20 ,213
19 ,628
17 ,953
17 822

191
207
215
187

38
53
55
59

162
266
318
326

Total: 2
1947_Dec.
1961_Dec.
1962—Dec.
1963—Mar.
June

1961—Dec.
1962—Dec.
1963—Mar.
June

31....
30....
28....
18«...
29....

30....
28....
18....
29....

16
17
16
16

918
680
098
529

3 ,670
4 ,232
3 ,906
3 ,468

Member, total:
1941_Dec. 3 1 . . . . 12 396 1 ,087
1945—Dec. 3 1 . . . . 15 811 1 ,438
1947—Dec. 3 1 . . . . 17 797 1 ,672

87,123
122,654
124,342
118,930
117,419

DoFormestic * eign 6

11,362
16,574
14,713
14,120
13,749

16,440
14,579
14,021
13,607

1 ,430
1 ,340
1,295
1 ,150
1 ,294

1 ,298
1 ,265
1 ,138
1 ,264

5, 934
6, 815
5, 391
11, 005

12, 149
11, 991
11 636
12, 300

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

13, 871
12, 795
12, 162
12, 237

121,671
123,361
118,014
116,471

100,660
101,528
96,903
95,637

1 ,270
1 ,237
1 ,117
1,242

IPC

918
680
098
529

2 ,813
3 ,263
3 ,005
2 ,644

5 ,105
4 ,015
4 ,639

93
111
151

141 10,761
78 15,065
70 16,653

30....
28....
18....
29....

3 ,286
4 ,121
3 ,341
3 ,439

240
251
254
191

143
156
126
121

17,089
17,095
16,103
15,669

4,330
3,854
3,926
3,802

City of Chicago:*
1941_Dec. 31
1945—Dec. 31
1947 Dec. 3 1 . . . .

1 ,021
942
1 ,070

43
36
30

298
200
175

2,215
3,153
3,737

1,027
1,292
1,196

8
127
20 1 552
72
21

233
237
285

34
66
63

2 ,152
3 ,160
3 ,853

889
1 ,071
856
974

37
44
42
40

158
99
157
154

3,809
4,262
4,146
3,941

1,578
1,235
1,190
1,155

45
41
44
47

369
410
265
584

315
351
288
373

124
109
118
112

4 ,830
4 ,804
4 ,458
4 ,355

4 ,060
425
6 ,326
494
,095
7
562
7 ,533
858
7 ,671 1,021
7 ,130
935
7 ,183
815

2 ,590 11,117
2 ,174 22,372
2 ,125 25,714

4,302
6,307
5,497

491
54
110 8 ,221
131
405

1 ,144
1 ,763
2 ,282

286
611
705

2 ,542
2 ,253
2 ,301
2 234

36,187
35,481
33,917
33,502

8,107
7,229
6,829
6,572

243 2 ,103
248 ,337
237 ,863
239 3 ,793

3 ,520
3 ,216
,822
3 ,195

2 ,210
4 ,527
4 ,993

526
796
929

3 ,216 9,661
4 ,665 23,595
3 ,900 27,424

790
1,199
1,049

i

225
5 ,465
432

5 ,210
4 ,817
4 ,771
4 ,933

1 ,678
1 ,947
1 ,774
1,599

5 ,881
5 ,389
5 ,105
5 ,182

43,575
44,689
42,737
42,524

1,910
1,753
1,612
1,617

15
19
19
25

544
876
989
840

3 ,947
5 ,446
5 ,202
4 ,889

13,595
21,994
22,814
21,782

385
649
642
603

1961—Dec.
1962—Dec.
1963—Mar.
June

30....
28....
18....
29

New York City:*
1941_Dec. 31
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1961—Dec.
1962—Dec.
1963—Mar.
June

1961—Dec.
1962—Dec.
1963—Mar.
June

30....
28....
18....
29....

Other reserve city: *
1941—Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1961—Dec.
1962—Dec.
1963—Mar.
June

30....
28....
18....
29....

Country:
1941_Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
1961—Dec.
1962—Dec.
1963—Mar.
June
Nonmember:2
1947_Dec.
1961—Dec.
1962—Dec.
1963—June

30....
28....
18....
29....
31
30
28
29...

16
17
16
16

8
7
7
7

724
897
689
690

15,924
14,071
13,558
13,146

5
6
4
9

967
929
818
932 2

9
9
8
9

646
If 712

34, 383
76, 680
90, 991
94, 610
98, 183

65
471
3 ,627
2 ,990
,545

492 15, 146
496 29 277
826 33, 946
5, 412
6, 397
7 091
7 412

418 11 878
399 23 712
693 27 542
4
5
5
5

371
158
745
999

62
74
77
80

t

t
ac-

CO unts

10, 059
22, 459
24, 094
24, 140
24, 582

22
23
23
24

089
712
784
191

4 5 886
208 7 589
54 8 464

526 438
316 3 ,550
352 2 ,883
322 1,440

18
19
19
20

638
854
919
238

1 648

778

206
2 120
30
i 418 195 2 259
735 283
683
937 1
898
541 ,357
5 746 1,728 I3 920
794
931
9

3
476
719
902 . . . .

9

14
18
14
16

5
7
7
6

8
16
49
130

996
3 001
3 161
3 ,363

11 ,127
22 ,281
26 ,003

104
30
22

20
38
45

4 ,542
9 ,563
11 ,045

1 ,152
980
901
1 ,021

40 ,315
39 ,413
37 ,199
37 ,075

62
82
90
110

110
83
82
70

243
160
332
2 ,310
2 ,633
2 ,873
2 ,913

1 ,370
2 ,004

239
435
528

8 ,500
21 ,797
25 ,203

30
17
17

31
52
45

1 ,641
1 ,931
1 ,752
3 ,332

5 ,320
5 ,337
5 ,456
5 ,610

796
756
700
755

40 ,095
40 ,801
38 ,872
38 ,700

37
51
55
60

108
100
97
94

55
167
565
70
57
743
51 1 ,300

1 ,295
2 ,755
2 ,802
2 ,861

180
402
428
442

12 ,284
19 ,168
19 ,813
18 ,773

190
178
176
177

288
377
426

35
262
267
111

870
948
954
974

1 ,967
2 ,566
1 2 ,844

23 ,962
81 6 ,997
28 ,027 1,388 7 ,263
29 ,205 1 ,038 7 ,294
30 ,567 407 7 ,440

146 6 ,082
219 12 ,224
337 14 ,177
1,891
2 ,242
2 ,504
2 ,631

a

10 6, 844
215 8 671
61 9 734

76, 426 462
90, 714 3 ,584
94 320 2 ,953
97 893 1,498

2

* Beginning with 1942, excludes reciprocal bank balances.
5 Through 1960, demand deposits other than interbank and U.S.
Govt., less cash items in process of collection; beginning with 1961
demand deposits other than domestic commercial interbank and U.S.
Govt., less cash items in process of collection.
«Beginning with June 1961, reclassification of deposits of foreign
central banks reduced foreign interbank demand deposits by about $400
million and interbank time deposits by about $1,500 million. These
amounts are now included in demand and time deposits of individuals,
partnerships, and corporations.




381
086
760
761

866
5, 465
6, 450
7, 150
7, 466

Borrowings

4 1 ,982
11 2 ,525
23 2 ,934

29 ,834
34 ,350
35 ,446
36 ,647

40
172
222
127

7 ,088
7 ,744
7 ,750
7 ,894

6
172 6 ,858
23 1 ,094 14 ,169
26 1 ,292 16 ,675
26 1 ,467 17 ,861

12
33
77
105

1 ,596
3 ,822
4 ,240
4 ,343

NOTE.—Data are for all commercial banks in the United States. These
figures exclude data for banks in U.S. possessions except for member
banks. During 1941 3 mutual savings banks became members of the
FRS; these banks (3 before Jan. 1960, 2 until June 1961, and 1 until
July 1962) are included in member banks but are not included in all insured
or total banks. Comparability of figures for classes of banks is affected
somewhat by changes in F.R. membership, deposit insurance status, and
the reserve classifications of cities and individual banks, and by mergers,
etc.
For other notes see opposite page.

66

WEEKLY REPORTING MEMBER BANKS

JANUARY 1964

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

2

2

justed

justed

Commercial
and
industrial

Agritural

To brokers
and dealers

To financial institutions

To others

U.S.
U.S.
Govt. Other Govt. Other
sesesesecuri- curi- curi- curities
ties
ties
ties

Bank

Foreign

Nonbank

Valua.
tion
reserves

Real
estate

All
other

2,700
2,726
2,776
2,774

15,415
15,470
15,483
15,504

18,251
18,299
18,339
18,374

,745
,748
,741
j741

3,888
3,665
3,656
3,667

3,559
3,538
3,550
3,559

17,674
17,757
17,811
17,846

19,689
19,702
19,774
19,899

,963
,968

3,711
3,744
4,342
4,578
793 4,901

3,546
3,557
3,557
3,567
3,694

17,855
17,879
17,915
17,921
17,880

19,911 ,96?
19,945 ,96?
20,114 ,945
20,200 ,94?
20,452 > 004

Do- Pers.
mes- and
tic
sales
com- finan. Other
mer- COS.,
cial
etc.

TotalLeading Cities
1962
128,058
128,706
131,160
. . 132,075

126,113
126,817
129,361
129,940

79,364
79,821
81,920
82,311

34,779
34,807
35,075
35,166

1,493
849 2,169
1,503
863 2,309
1,526 1,824 2,632
1,529 1,604 2,748

86
82
88
97

1.334

6
13
20
27

137,379
136,929
137,505
137,808

134,924
134,670
135,328
135,298

87,612
87,869
88,193
88,578

36,862
37,108
37,198
37,254

1,550
1,575
1,587
1,585

483 3,248
513 3,351
441 3,484
436 3,614

85
87
90
90

,701
,707
,718

4

138,061
139,016
141,090
141,172
142,098

135,697
136,749
138,912
138,931
141,305

88,513
89,059
90,932
91,035
92,901

37,326
37,476
37,999
37,858
38,793

1,594
1,607
1,618
1,634
1,569

301
533
726
494
532

3,517
3,527
3,812
3,908
4,222

87
82
103
101
140

30,534
30,637
31,846
32,083

29,671
30,031
31,326
31,410

19,594
19,748
20,855
20,922

11,545
11,456
11,577
11,592

631 1,114
676 1,209
16 1,305 1,426
17 1,089 1,529

14
14

27

Dec

32,931
32,634
32,757
33,209

31,997
31,807
31,989
32,218

21,334
21,435
21,509
21,895

11,900
12,023
12,052
12,113

17
18
18
19

234 1,834
290 1,879
244 1,939
291 2,090

4
11
18
25
31 9

33,076
33,696
34,703
34,412
34,898

32,096
32,811
33,882
33,687
34,562

21,648
21,970
22,732
22,720
23,666

12,141
12,220
12,421
12,298
12,776

19
25
25
26

97,524
98,069
99,314
99,992

96,442
96,786
98,035
98,530

59,770
60,073
61,065
61,389

104,448
104,295
104,748
104,599

102,927
102,863
103,339
103,080

104,985
105,320
106,387
. . . . 106,760
107,200

103,601
103,938
105,030
105,244
106,743

5
12
19
26

...

348

,358
369

613 1,945 3,420
618 1,889 3,544
625 1,799 3,935
650 2,135 4,237

1963
Nov

Dec

11
18

25
31 9

836
834
847
880

2,455
2,259
2,177
2,510

1,738
1,727

902
941
958
978
995

2,364
2,267
2,178
2,241

400
405

281
284

71?
7?5

1,730

733

963

,964

New York City
1962
Dec

5
12
19
26

287
301

1,088
1,150
520 1,309
673 1,456

558
569

411
416

585
574

1,234
1,254
1,227
1,236

3,223
3,222
3,199
3,198

501
501

18
18
18
17

532
534
539
540

394
396
394
431

934
827
768
991

1,290
1,163
1,154
1,208

669
667
674
676

1,848
1,863
1,868
1,871

3,173
3,159
3,181
3,211

575
575
57?
57?

17
15
31
30

540
542
543
544

437
455
469
490

980
885
821
725

34

538

509

708

1,856
1,840
1,834
1,829
1,798

3,192
3,196
3,232
3,267
3,295

573
573
S57
S57

244 2,631

1,194
1,194
1,495
1,584
336 1,618

667
675
672
669

41

173 1,985
351 2,030
315 2,252
187 2,353

23,234
23,351
23,498
23,574

1,486
1,493
1,510
1,512

218 1,055
187 1,100
519 1,206
515 1,219

72

934

68
74
82

943
947
953

332 1,082
334 1,283
338 1,279
349 1,462

2,332
2,394
2,626
2,781

2,142
2,157
2,191
2,200

14,181
14,216
14,256
14,268

15,028 ,?44
15,077 ,?47
15,140 1 ,^40
15,176 ,?40

66,278
66,434
66,684
66,683

24,962
25,085
25,146
25,141

1,533
1,557
1,569
1,566

249
223
197
145

1.414
,47?
,545
,5?4

67
69
72
73

1.169

442
438
453
449

1,521
1,432
1,409
1,519

2,598
2,502
2,502
2,459

2,890
2,871
2,876
2,883

15,826
15,894
15,943
15,975

16,516
16,543
16,593
16,688

66,865
67,089
68,200
68,315
69,235

25,185
25,256
25,578
25,560
26,017

1,575
1,582
1,593
1,608
1,528

128
182
411
307
288

,532
,497
,560
,555
1,591

70
67
72
71
106

465
486
489
488
486

1,384
1,382
1,357
1,516

2,517
2,550
2,847
2,994
457 3,283

2,879
2,882
2,885
2,898
2,986

15,999
16,039
16,081
16,092
16,082

3R9
16,719
16,749 ,389
16 882
388
385
16,933
17,157 1,478

7
10

14
15

863
606

501
501

1963
Nov. 6
13
20
Dec

526

Outside
New York City
1962
Dec

5
12
19
26

Nov

6
13

1963

20
27

Dec

4
11
18

25
31 9

For notes see p. 68.




173

1,179
1,172
J85
188

l'l90
1,194
1,189

388

,393
391
39?

67

WEEKLY REPORTING MEMBER BANKS

JANUARY 1964

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- l t o
After
in
1 year 5 years 5 years

Balances
with
domestic
banks

Balances
with
foreign
banks

Currency
and
coin

Reserves
with
F.R.
Banks

All
other
assets

Total
assets—
Total
liabilities
and
capital
accounts

Total—
Leading Cities
1962
4,006
4,037
4,042
3,992

14,573
14,513
14,450
14,386

6,189
6,168
6,170
6,163

15,472
15,765
15,822
15,821

16,885
17,419
18,032
18,162

3,014
3 029
3,128
3,187

145
151

4,261
4,089
3,953
3,758

932 2,878
913 2,871
832 2,881
840 2,867

13,183
13,165
14,014
14,036

6,988
6,892
6,500
6,425

19,070
18,871
18,955
18,794

17,573
17,324
17,655
17,540

3,046
3,248
3,028
3,190

269

28,393
28,485
28,577
28,576
29,018

4,263
4,377
4,497
4,581
5,027

842

845
844
849
864

2,899
2,885
2,866
2,869
2,889

14,028
14,066
14,335
14,298
14,260

6,361
6,312
6,035
5,979
5,978

18,791
19,205
19,403
19,320
19,386

17,735
17,416
18,536
18,337
18,743

3,130
3,035
3 151
3,187
3,671

274
296
310
274

6,240
6,297
6,509
6,521

1,359
1,440
1,665
1,744

471
475
475
474

673
691
709
683

2,473
2,430
2,383
2,355

1,264
1,261
1,277
1,265

3,837
3,986
3,962
3,967

3,522
4,026
4,264
4,037

118
119
99
96

65
77
68
95

077
309
292

Nov. 6
13
20
27

5,754
5,554
5,606
5,506

1,514
1,406
1,348
1,237

160

601

144
147

595
452
460

1,310
1,251
1,130
1,137

4,909
4,818
4,874
4,817

3,947
3,581
4,045
3,673

117
87
74
102

105
110
102

157

2,169
2,158
2,529
2,515

Dec. 4
11
18
25
31 9

5,628
5,891
6,061
5 947
5,840

1,362
1,593
1,746
1,645
1,548

159
153

471
478
459

3,870
3,956
4,277
4,379
4,549

83
108

154

4,820
4,950
5,089
5,020
5,056

122
113

487
484

1,103
1,109
1,084
1,088
1,093

87
70

153
154

2,533
2,558
2,591
2,576
2,586

131
147

25,037
24,934
25,110
25,287

2,872
2,785
2,975
3,177

1,807
1,813
1,842
1,872

3,333
3,346
3,333
3,309

12,100
12,083
12,067
12,031

4,925
4,907
4,893
4,898

11,635
11,779
11,860
11,854

13,363
13,393
13,768
14,125

2,896
2,910
3,029
3,091

80
74
88
93

2,747
2,683
2,605
2,521

772 2,277 11,014
769 2,276 11,007
685 2,429 11,485
683 2,407 11,521

5,678
5,641
5,370
5,288

14,161
14,053
14,081
13,977

13,626
13,743
13,610
13,867

2,929
3,161
2,954
3,088

164
156

27

22,488
22,376
22,574
22,420

166

4
11
18
25
31 9

22,765
22,594
22 516
22,629
23,178

2,901
2,784
2,751
2,936
3,479

683 2,428 11,495 5,258
692 2,407 11,508 5,203
691 2,379 11,744 4,951
695 2,385 11,722 4,891
710 2,430 11,674 4,885

13,971
14,255
14,314
14,300
14,330

13,865
13,460
14,259
13,958
14,194

3,043
2,965
3,068
3,079
3,521

162
161
165

Dec

31,277
31,231
31,619
31,808

4,231
4,225
4,640
4,921

6
13
20
27

28,242
27.930
28,180
27,926

4

5
12
19
26

2,278
2,288
2,317
2,346

1 ,616
1 861
1 ,831
1,959

12,110
12 378
12,917
12,828

4,764
4 772
4 753
4,848

163,590
165 587
169,242
168,379

278
290

1 ,657
1 ,833
1,772
1 J753

12 601
11,977
12,577
12,307

5 234
5,336
5,282
5 347

174,965
174,746
174,897
176,233

284

1 ,773

12,548
12,099
13 096
12,925
12,803

5 277
5,242
5 239
5,315
5,538

176,079
176,534
179,917
179,662
184,994

0Q5

3 062
3,521
3,805
3,551

1 943
1,967
1,961
2 004

40 719
41,706
43,975
42,545

?68
272
?60
?S?

3,457
3,112
3,609
3,195

2,165
2,264
2 243
2,285

44,278
43,436
43,623
44,679

?77
3->S
323
->cp
?97

3,384
3,448
3,740
3,832
3,991

2,200
2,184
2,159
2 166
2,340

44,010
44,794
46,182
45,573
48,303

,339

9,048
8,857
9,112
9,277

2,821
2,805
2,792
2,844

122,871
123,881
125,267
125,834

1,501

9,144
8,865
8,968
9,112

3,069
3,072
3,039
3,062

130,687
131,310
131,274
131,554

,496
1,683
670
,6?3
1,698

9,164
8,651
9 356
9,093
8,812

3,077
3,058
3,080
3,149
3,198

132,069
131,740
133,735
134,089
136,691

156

188

1963
Nov

Dec

11

18
25
31 9

266

.,008

1 Q93
: ,915

,995

New York City
1962
Dec

5
12
19

26
1963

150

124

111

Outside
Mew York City
1962
Dec.

5
12
19
26

1
,539
,664

1963
Nov

Dec

6
13
20

For notes see the following page.




176

163
163

1,389
,561
j519

68

WEEKLY REPORTING MEMBER BANKS

JANUARY 1964

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Deposits

Borrowings

Demand
Wednesday

Total
unadjusted 4

Demand
deposits
adTotal 6
justed 5

EPC

Time

State
and
local
govt.

DomesFor- U.S. tic
eign 7 Govt. com- Totals
mercial
banks

Other Capital
From From liabili- acties counts
F. R.
Banks others

Other time
Savings

IPC

State
and
local
govt.

Foreign 7

TotalLeading Cities
1962
Dec.

5
12
19
26

3,388
2,339
3,600
4 ,772

141,566
143,582
147,298
146,207

62,762
65,029
66,326
66,263

92,315
93,988
97,533
96,196

66,229
69,143
70,345
69,603

5,000
4,857
4,759
4,788

1,593
1,665
1,721
1,807

2,282
1,930
2,310
1,867

49,251
49,594
49,765
50,011

34,535
34,572
34,607
34,712

8,713
8,924
9,002
9,080

3,216
3,291
3,351
3,344

2,440
2,458
2,453
2,521

167
165
290
212

2,583
2,621
2,490
2,836

5,662
5,624
5,572
5,497

13,612
13,595
13,592
13,627

151,016
150,637
150,655
151,722

63,126
63,515
63,137
63,950

93,488
93,130
92,874
93,771

67,100
68,734
67,341
69,001

5,231
4,778
4,955
5,060

1,707 2,810 2,773
1,684 ,914 2,544
1,726 3 ,342 1,940
2,714 11,569
1,768:

57,528
57,507
57,781
57,951

37,606
37,630
37,689
37,699

12,544
12,491
12,640
12,796

3,901
3,891
3,928
3,942

3,107
3,125
3,152
3,140

192
51
361
482

3,557
3,580
3,393
3,524

5,881
6,167
6,212
6,205

14,319
14,311
14,276
14,300

152,334
152,403
156,017
155,886
163,562

63,527
65,412
66,609
66,077
67,844

94,207
94,095
97,800
97,506
104,335

67,802
69,847
71,056
70,556
74,513

5,051
4,765
4,776
4,844
5,338

1,770 3,160
1,836 1,867
870
1,870 3,646
1,933 4 ,735
2,019 4 ,556

2,514
1,956
12,493
11,856
13,320

58,127
58,308
58,217
58,380
59,227

37,729
37,740
37,765
37,787
38,083

12,883
13,028
12,794
12,834
13,310

3,994 3,152
4,054
4,140
4,188
4,237 3,188

47
219
244
187
16

3,151
3,467
3,271
3,310
594

6,187
6,087
6,065
5,921
5,666

14,360
14,358
14,320
14,358
14,569

33,152
34,026
36,150
34,778

15,667
16,482
17,340
17,087

24,468
25,167
27,256
25,806

16,578
17,564
18,462
17,925

278
259
271
289

1,169 944
633
1,233
893
1,286
1,369 1,404

3,137
2,976
3,119
2,894

8,684
8,859
8,894
8,972

3,915
3,929
3,935
3,950

2,612
2,769
2,810
2,837

230
231
231
223

1,754
1,756
1,738
1,782

1,011
1,217
1,342
1,332

2,667
2,624
2,592
2,629

3,814
3,801
3,801
3,806

822
465
817
663

1963
Nov. 6
13
20
27

Dec. 4
11
18

25
31 9
New York City
1962
Dec.

5...
12...
19...
26...
1963

Nov.

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

35,911
35,097
35,213
36,351

15,513
15,403
15,577
15,661

24,878
24,070
23,942
25,016

16,671
16,878
16,520
17,344

468
274
296
316

1,289
1,253
1,298
1,328

3,308
3,245
2,970
3,180

11,033
11,027
11,271
11,335

4,391
4,401
4,413
4,410

3,876
3,846
4,042
4,123

384
382
398
395

2,202
2,218
2,234
2,222

1,634
1,482
172 1,423
22 1,459

2,734
2,892
2,869
2,915

3,962
3,965
3,946
3,932

Dec.

4...
11...
18...
25...
31 9 . . . .

36,255
36,588
38,000
37,426
40,978

15,876
16,623
17,381
16,994
17,692

24,872
25,183
26,691
26,072
29,373

16,763
17,705
18,298
17,734
19,484

322
274
325
310
419

896 3,236
1,318
1,367 525 3,077
1,419
974 3,293
1,477 1,466 2,996
1,532 1,470 3,695

11,383
11,405
11,309
11,354
11,605

4,409
4,407
4,406
4,406
4,434

4,157
4,210
4,092
4,109
4,348

396
413
410
417
379

2,237
2,183
2,201
2,217
2,222

988
1,405
1,466
1,551
587

2,810
2,760
2,740
2,609
2,616

3,957
3,950
3,939
3,937
4,122

108,414
109,556
111,148
111,429

47,095
48,547
48,986
49,176

67,847
68,821
70,277
70,390

49,651
51,579
51,883
51,678

4,722
4,598
4,488
4,499

424 2,444
432 ,706
435 2,707
438 3,368

9,145
8,954
9,191
8,973

40,567
40,735
40,871
41,039

30,620
30,643
30,672
30,762

6,101
6,155
6,192
6,243

2,986
3,060
3,120
3,121

686
702
715
739

92
127
200
212

1,572
1,404
1,148
1,504

2,995
3,000
2,980
2,868

9,7989,794
9,791
9,821

Nov. 6
13
20
27

115,105
115,540
115,442
115,371

47,613
48,112
47,560
48,289

68,610
69,060
68,932
68,755

50,429
51,856
50,821
51,657

4,763
4,504
4,659
4,744

418 1,988
431 1,449
428 2,525
2
440 2,051

9,465
9,299
8,970
8,389

46,495
46,480
46,510
46,616

33,215
33,229
33,276
33,289

8,668
8,645
8,598
8,673

3,51
3,509
3,530
3,54^

905
907
918
918

155
51
189
460

1,923
2,098
1,970
2,065

3,147
3,275
3,343
3,290

10,357
10,346
10,330
10,368

Dec. 4
11

116,079
115,815
118,017
118,460
122,584

47,651
48,789
49,228
49,083
50,15f

69,335
68,912
71,109
71,434
74,962

51,039
52,142
52,758
52,822
55,029

4,729
4,491
4,451
4,534
4,919

45 2,264
469 1,342
451 2,672
456 3,269
3
487 3,086

9,278
8,879
9,200
8,860
9,625

46,744
46,903
46,908
47,026
47,622

33,320
33,333
33,359
33,381
33,649

8,726
8,818
8,702
8,725
8,962

3,598
3,641
3,730
3,771
3,858

915
927
932
96:
966

47
128
207
137
16

2,163
2,062
1,805
1,759
594

3,377
3,327
3,325
3,312
3,050

10,403
10,408
10,381
10,421
10,447

37

Outside
New York City
1962
Dec.

5...
12...
29...
26
1963

18

25
31 9 . . . .

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 nterbank and
U.S. Govt., less cash items in process of collection.




6 Includes certified and officers' checks and deposits of mutual savings
banks, not shown separately.
7
Deposits of foreign governments and official institutions, central
banks, international institutions, banks in foreign countries, and foreign*
branches of U.S. banks other than reporting bank.
8 Includes U.S. Govt., postal savings, domestic commercial interbank,
and mutual savings banks, not shown separately.
9 Tuesday.

JANUARY 1964

69

BUSINESS LOANS OF BANKS

COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS
(Net change in millions of dollars)
Week

Dec.
31 i

Durable goods manufacturing:
Primary metals

Dec.
25

Quarter

Half year

1963

Industry

Month
1963

1963

1963

-15
208
15
-11
1

Other nondurable goods
Mining, including crude petroleum
Trade: Commodity dealers
Retail
Transportation, communication, and
other public utilities
Construction
. .
All other types of business, mainly
services

4
23
-17
9
3

89
4
4
19
-2

13
-26
2
-151

117
26

Petroleum refining

11
46
24
10
-7

295
9
-7
-65

Nondurable goods manufacturing:
Food, liquor, and tobacco

4
20
_2
-21

-8
-28
83
21
-18

Transportation equipment
Other fabricated metal products...

Dec.
11

Dec.
18

4
-34

Dec.
4

Dec.

Nov.

Oct.

IV

III

2nd

II

1st

3
9
g
-1
-9
-55
-7
20
-4
6

-1
-5
-40
10
3

3
279
12
-14
-19

9
13
59
-2
-33

-8
-116
-52
-35
-38

4
177
5
-51
-90

5
9
90
-7
23

-50
16
-80
36
58

9
186
-95
-59
-67

-38
151
-91
58
91

44
5
-6
-7
-8

74
-57
84
39
-19

153
66
12
-4
4

269
114
-24
-54
-81

496
238
72
-20
-96

148
71
27
-40
60

-222
80
39
-24
47

644
167
99
-60
36

-593
288
7
66
92

26
91

1
-16
16
-36

-5
-32
6
14

320
-64
42
-147

97
125
15
231

-4
288
68
136

413
348
125
220

30
235
-30
-67

-59
-195
100
71

443
583
95
154

237
263
23
52

19
-2

115
6

50
-24

305
-28

80
16

161
-15

546
-27

-16
67

— 22
175

529
40

-255
133

17

228

33

101

101

46

510

155

-95

570

3

147

573

180

Net change in classified loans

853

-183

451

140

35

1,296

863

287

2,446

427

116

2,873

137

Commercial and industrial change—
all weekly reporting banks

935

-141

523

150

72

1,539

958

352

2,849

385

351

3,234

393

N O T E . — D a t a for sample of about 200 banks reporting changes in their
larger loans; these banks hold about 95 per cent of total commercial and
industrial loans of all weekly reporting member banks and about 70 per

cent of those of all commercial banks.
End-of-week date shown. Figures for periods other than week are
based on weekly changes.
i Tuesday.

BANK R A T E S O N S H O R T - T E R M B U S I N E S S

LOANS

(Per cent per annum)

Area
and
period

Year:
19 large cities:
1955
1956
1957
1958
1959
1960
1961
1962
1963
Quarter: i
19 large cities:
1962—Dec.
1963—Mar.,
June.
Sept.,
Dec.

Size of loan
(thousands of dollars)

All

loans

110

10100

100200

200

5.0
5.2
5.5
5.5
5.8

4.4
4.8
5.1
5.0
5.5

4.0
4.4
4.8
4.6
5.2

3.5
4.0
4.5
4.1
4.9

5.2
5.0
5.0
5.0

6.0
5.9
5.9
5.9

5.7
5.5
5.5
5.5

5.4
5.2
5.2
5.2

5.0
4.8
4.8
4.8

5.02
5.00
5.01
5.01
5.00

5.88
5.89
5.86
5.86
5.86

5.55
5.55
5.54
5.54
5.54

5.28
5.21
5.24

4.85
4.83
4.84
4.85
4.82

i Based on new loans and renewals for first 15 days of month.
NOTE.—Weighted averages. For description see Mar. 1949 BULL.,
pp. 228-37. Bank prime rate was 3 per cent Jan. 1, 1955-Aug. 3, 1955.




Size of loan
(thousands of dollars)

All
loans
110

and over

3.7
4.2
4.6
4.3
5.0

5.21
5.23

Area
and
period

10100

100200

200
and over

4.68
4.70
4.68
4.71
4.65

Quarter—cont.: l
New York City:
1962—Dec
1963—Mar
June....
Sept
Dec

4.78
4.80
4.78
4.81
4.76

5.61
5.62
5.61
5.64
5.63

5.33
5.36
5.37
5.36

5.12
5.06
5.05
5.04
5.04

7 northern and
eastern cities:
1962—Dec,
1963—Mar...
June..,
Sept.. .
Dec....

5.05
4.98
5.01
5.01
5.04

5.85
5.85
5.84
5.85
5.85

5.55
5.53
5.54
5.56
5.55

5.23
5.18
5.27
5.19
5.27

4.92
4.84
4.87
4.88
4.90

11 southern and
western cities:
1962—Dec
1963—Mar....
June
Sept....
Dec

5.33
5.30
5.32
5.30
5.29

6.01
6.02
5.97
5.96
5.97

5.68
5.66
5.63
5.64
5.65

5.41
5.33
5.34
5.33
5.31

5.10
5.07
5.12
5.09
5.07

5.36

Changes thereafter occurred on the following dates (new levels shown, in
per cent): 1955—Aug. 4, 3y4; Oct. 14, 3y2; 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, 4%

70

INTEREST RATES

JANUARY 1964
MONEY MARKET RATES
(Per cent per annum)
U.S. Government securities (taxable) 3

Finance
Prime
coml.
paper,
4- to 6months 1

Period

paper
placed
directly,
3- to 6months 2

Prime
bankers'
acceptances,
90 days *

3-month bills

6-month bills

9- to 12-month issues

Rate
on new
issue

Market
yield

Rate
on new
issue

Market
yield

Bills
(market
yield)

Other 4

3- to 5year
issues 5

2.81
3.01
3.36

2.378
2.778
3.219

2.36
2.77
3.16

2.605
2.908
3.253

2.59
2.90
3.25

2.81
3.01
3.30

2.91
3.02
3.28

3.60
3.57
3.72

2.97
3.26
3.55

1962—Dec

.

Week ending—
1963—Nov 30
Dec. 7
14
21
28

.

3.00

2.856

2.87

2.908

2.91

2.94

2.95

3.44

3 18
3.13
3.15
3 17
3.15
3 21
3.35
3.57
3 63
3.72
3.75
3.84

3 07
3.13
3.13
3 13
3.13
3 24
3.41
3.59
3 63
3.63
3.71
3.63

2 914
2.916
2.897
2 909
2.920
2 995
3.143
3.320
3 379
3.453
3.522
3.523

2.91
2.92
2.89
2.90
2.92
2.99
3.18
3.32
3.38
3.45
3.52
3.52

2.962
2.970
2.950
2.988
3.006
3.078
3.272
3.437
3,494
3.573
3.648
3.667

2.96
2.98
2.95
2.98
3.01
3.08
3.31
3.44
3.50
3.58
3.65
3.66

3.00
3.00
2.97
3.03
3.06
3.11
3.40
3.50
3.57
3.61
3.67
3.69

2.97
2.89
2.99
3.02
3.06
3.17
3.33
3.41
3.54
3.59
3.70
3.77

3.47
3.48
3.50
3.56
3.57
3.67
3.78
3.81
3.88
3.91
3.97
4.04

3.88
3.88
3.98
4.00
4.00

.

3.16

3 34
3.25
3.34
3.32
3.25
3 38
3.49
3.72
3 88
3.88
3.88
3.96

. .

Jan
Feb
Mar
Apr
.
May
June
July
Aug
Sent
Oct
Nov
Dec . . .

2.68
3.07
3.40

3.29

1961
1962
1963

1963

CO.

3.75
3.75
3.84
3.88
3.88

3.63
3.63
3.63
3.63
3.63

3.480
3.531
3 500
3.538
3.522

3.48
3.52
3.50
3.53
3.52

3,631
3.670
3.662
3.679
3.657

3.63
3.68
3.66
3.67
3.64

3.66
3.69
3.68
3.69
3.69

3.74
3.76
3.78
3.77
3.77

3.97
3.99
4.02
4.06
4.07

1
Averages of daily offering rates of dealers.
2
Averages of daily rates, published by finance cos., for varying maturities in the 90-179 day range.
3
Except for new bill issues, yields are averages computed from daily
closing bid prices.

4 Certificates of indebtedness and selected note and bond issues.
5
Selected note and bond issues.

BOND AND STOCK YIELDS
(Per cent per annum)
Government bonds

Period

State
and loca

United
States
(longterm)

Total l

3.90
3.95
4.00

1961
1962
1963

Corporate bonds

3.60
3.30
3.28

By selected
rating

Dividend/
price ratio

By
group

. .

May

June
July
Aus
Sept

...

Oct

Nov . .
Dec
Week ending—
1963 Nov 30
Dec 7
14
21

28
Number of issues

. .

Earnings/
price ratio

Total i
Aaa

3.27
3.03
3.06

4.01
3.67
3.58

Industrial

Railroad

Public
utility

Preferred

Common

Common

5.08
5.02
4.86

4.54
4.47
4.42

4 82
4.86
4 65

4 57
4.51
4 41

4 66
4.50
4 30

2 97
3.37
3 17

4 74
6.05
6 57

Aaa

Baa

4.66
4.61
4.50

Baa

4.35
4.33
4.26

3.87

1962—Dec
1963 Jan
Feb
Mar . .
Apr

3.22

2.93

3.57

4.52

4.24

4.92

4.40

4.76

4.41

4.42

3.40

3.88
3.92
3.93
3.97
3.97
4.00
4.01
3.99
4.04
4 07
4.10
4.14

3.22
3.24
3.21
3.21
3.21
3.31
3.31
3.28
3.31
3.33
3.36
3.33

2.95
2.99
2.97
2.97
2.99
3.09
3.10
3.09
3.13
3.15
3.17
3.12

3.56
3.57
3.56
3.55
3.54
3.62
3.60
3.58
3.58
3.59
3.62
3.61

4.49
4.48
4.47
4.47
4.48
4.47
4.49
4.50
4.52
4.52
4.54
4.55

4.21
4.19
4.19
4.21
4.22
4.23
4.26
4.29
4.31
4.32
4.33
4.35

4.91
4.89
4.88
4.87
4.86
4.84
4.84
4.83
4.84
4 83
4.84
4.85

4 38
4.37
4 38
4.40
4 40
3.40
4.43
4 45
4.46
4 47
4 47
4.48

4 72
4.69
4 65
4.63
4 63
4 61
4.62
4 63
4.65
4 66
4 68
4.68

4 38
4.37
4 38
4.39
4 39
4 40
4.42
4 42
4 44
4 44
4 45
4.49

4 34
4.27
4 24
4.31
4 29
4 29
4.34
4 30
4 30
4 26
4 28
4.32

3 31
3 27
3 28
3 15
3 13
3 16
3 20
3 13
3 06
3 05
3 14
3 14

4.10
4.12
4.12
4.15
4.16

3.36
3.34
3.34
3.32
3.31

3.17
3.14
3.12
3.11
3.11

3.62
3.61
3.61
3.62
3.60

4.54
4.54
4.54
4.55
4.57

4.33
4.33
4.34
4.36
4.37

4 84
4.84
4.85
4 85
4.85

4 48
4 48
4.47
4 48
4.50

4 67
4 67
4 67
4 69
4.70

4 46
4 47
4.49
4 50
4.51

4 29
4 30
4 31
4 32
4.34

3 20
3 14
3 15
3 12
3.15

4-12

20

120

30

30

40

40

40

14

5

5

1

Includes bonds rate 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.




Stocks

500

5 50

5 ii
2 5 49
>

500

figures, Corp. bonds: Averages of daily figures. Both of these series are
from Moody's Investors Service series.
Stocks: Standard and Poor's Corp. series. Dividend,price ratios are
based on Wed. figures; earnings price ratios are as of end of period.
Preferred stock ratio is based on 8 median yields for a sample of noncallable issues—12 industrial and 2 public utility; common stock ratios
on the 500 stocks in the price index. Quarterly earnings are seasonally
adjusted at annual rates.

JANUARY 1964

SECURITY MARKETS
SECURITY PRICES
Bonds

Common stocks
Standard and Poor's index
(1941—43= 10)

Standard
and Poor's
Period

U.S.
Govt.
(longterm)

State
and
local

Corporate
AAA

Volume
of
trading
(thouTrade,
sands
finance, Minof
and
ing shares)
service

Securities and Exchange Commission index
(1957-59= 100)
Manufacturing

Industrial

Total

Railroad

Public
utility

Total
Total

PubTrans- lic
Non- porta- utiltion
duity
rable

Durable

1961
1962
1963

87.55
86 94
86.31

107.8
112 0
111.3

95.2
96.2
96.8

66.27 69.99 32.83 61.87 134.2 126.7 129.2 124.4 105.7 168.4 160.2 92.5 4,085
62 38 65 54 30 56 59 16 127 1 118 0 116.5 119 4 97 8 167 2 155 0 98 0 3 820
69.87 73.39 37.58 64.99 142.3 133.3 129.3 137.1 122.5 180 5 169 3 123 5 4 573

1962—Dec

87.96

113.0

97.3

62.64 65.59 32.24 60.24 128.0 119.1 114.0 123.8 102.3 167.9 151.8 101.5 4,048

1963- Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

87.81
87.33
87.15
86.63
86.66
86.36
86.16
86.45
85.77
85.50
85.03
84.64

113.0
112.1
113.3
113.2
112.6
110.7
110.3
111.4
110.7
109.9
108.6
109 5

97.6
97.8
97.8
97.4
97.1
97.1
96.7
96.5
96.0
95.9
95.9
95.5

65.06
65.92
65.67
68.76
70.14
70.11
69.07
70.98
72.85
73.03
72.62
74.17

68.00
68.91
68.71
72.17
73.60
73.61
72.45
74.43
76.63
77.09
76.69
78.38

34.06
34.59
34.60
36.25
38.37
39.34
38.75
39.22
39.00
38.31
38.60
39.92

63.35
64.07
63.35
64.64
65.52
64.87
64.47
66.57
67.09
65.55
64.81
65.63

132.6
135.0
133.7
140.7
143.2
142.5
140.7
144.6
148.2
148.7
147.3
151.1

123.6
125.5
124.5
132.0
134.3
133.7
131.8
135.6
139.4
139.9
138.0
141.4

119.2
121.0
118.7
126.9
130.7
130.8
126.6
130.4
135.5
138.0
136.6
137.7

127.7
129.7
129.9
136.9
137.7
136.7
136.7
140.5
143.2
141.6
139.4
145.0

107.3
110.3
109.3
116.3
124.2
127.2
125.8
128.8
128.0
128.2
129.5
134.9

173.0
177.5
174.5
179 2
180.6
178.0
176.6
180.9
182 9
184.8
186.4
191.3

155.8
158.4
158.6
164 8
170.0
170.6
168.5
173.1
179 7
179.9
174.9
176 5

106.8
109.3
111.5
120 1
123.2
125.2
127.3
132.3
132 9
130.0
127.9
135 2

4,573
4,168
3,561
5,072
4,781
4,528
3,467
4,154
5 331
5,316
5,221
4,701

85.09
84.87
84.85
84 48
84.36

108.4
108.4
109.6
109 9
109.9

95.9
95.7
95.6
95 3
95.2

72.62
73.87
73.96
74 47
74.14

76.73
78.11
78.13
78 68
78.32

38.73
39.13
39.84
40 48
40.03

64.41
65.18
65.65
65 88
65.65

149.1
150.7
150.8
151 2
151.5

139.3 137.8
140.8 137.8
140.91 137.5
141 8 137 2
142.2; 138.4
1

140.8
143.8
144.2
146 2
145.9

132.7
133.7
135.5
134 8
135.6

190.3
191.9
191.8
190 9
190.6

176.0
177.0
176.9
176 1
176.0

132.3
136.4
135.7
134 2
134.5

6,451
4,823
4,376
4 899
4,143

Week ending—
Nov 30
Dec. 7
14

21
28

NOTE.—Annual data are averages of monthly data. Monthly and
weekly data are computed as follows:
U.S. Govt. bonds, derived from average market yields in preceding
table on basis of an assumed 3 per cent, 20-year bond, averages of daily
figures.
Municipal and corporate bonds, derived from average yields, as computed by Standard and Poor's Corp., on basis of a 4 per cent, 20-year
bond; Wed. closing prices.

Common stocks, Standard and Poor's index based on averages of daily
figures; Securities and Exchange Commission index on weekly closing
prices.
Volume of trading, average daily trading in stocks on the N.Y. Stock
Exchange for a 5V2-nour trading day.

STOCK MARKET CREDIT
(In millions of dollars)
Customer credit

Months

Total
securities
other than
U.S. Govt.

Net debit b«dances with
N.Y. Stock Exchange
firms secured by—

Broker and dealer credit

Bank loans to others than
brokers and dealers for purchasing and carrying—

U.S.
Govt.
securities

Other
securities

U.S.
Govt.
securities

Other
securities

Money borrowed on—

U.S.
Govt.
securities

Other securities
Total

Customer
collateral

Other
collateral

Customers'
net
free
credit
balances

1959—Dec
1960—Dec
1961—Dec

4,461
4,415
5,602

150
95
35

3,280
3,222
4,259

167
138
125

1,181
1,193
1,343

221
142
48

2,362
2,133
2,954

2,044
1,806
2,572

318
327
382

1,135
1,219

1962—Dec

5,494

24

4,125

97

1,369

35

2,785

2,434

351

1,216

1963—Jan
Feb
Mar
Apr
May....
June....
July
Aug
Sept
Oct
Nov
Dec

5,595
5,717
5,754
5,978
6,229
6,420
6,511
6,660
6,971
7,180
7,298
7,202

28
23
28
27
24
32
25
23
41
29
34
26

4,208
4,332
4,331
4,526
4,737
4,898
4,895
5,034
5,316
5,495
5,586
5,475

95
91
100
99
75
104
81
87
86
83
90
140

1,387
1,385
1,423
1,452
1,492
1,522
1,616
1,626
1,655
1,685
1,712
1,727

32
35
63
33
33
44
29
23
69
33
28
32

2,895
3,059
3,129
3,239
3,655
3,909
3,836
3,933
4,100
4,218
4,457
4,444

2,556
2,695
2,754
2,889
3,150
3,333
3,359
3,467
3,592
3,713
3,892
3,849

339
364
375
350
505
576
477
466
508
505
565
595

1,199
1,191
1,175
1,201
,166
,149
,126
1,093
1,180
,176
1,211
1,202

NOTE.—Data in the first three cols, and last col. are for end of month,
in the other cols., for last Wed.
Net debit balances and broker and dealer credit: ledger balances of
member firms of the N.Y. Stock Exchange carrying margin accounts, as
reported to the Exchange. Customers' debit and free credit balances
exclude balances maintained with the reporting firm by other member
firms of national securities exchanges and balances of the reporting firm
and of general partners of the 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.




996

Bank loans to others than brokers and dealers: figures are for weekl>
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.

72

OPEN MARKET PAPER; SAVINGS INSTITUTIONS

JANUARY 1964

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
Placed
directly2

2,672
3 2,751
3,202
4,497
4,686

551
840
677
1,358
1,711

2,121
31,911
2,525
3,139
2,975

1962—Nov
Dec

7,091
6,000

2,501
2,088

1963 Jan . . .
Feb
Mar
Apr
May
June . .
July
Aug
Sent
. .
Oct
Nov

6,790
6,996
7,076
7,382
7,542
7,239
7,522
7,808
7,161
7,869
8,170

2,091
2,193
2,260
2,204
2,084
2,049
2,059
2,062
2,098
2,230
2,172

Total

1957
1958
1959
I960
1961

Own
acct.

Foreign
corr.

Goods stored in or
Imshipped between
Exports
ports Dollar
points in—
Others
into
from
exUnited United change
States States
United Foreign
States countries

94
64
36
173
376

66
49
75
74
51

76
68
82
230
126

878
775
675
1,060
1,234

278
254
357
403
485

456
349
309
669
969

46
83
74
122
117

296
244
162
308
293

232
263
249
524
819

841
865

245
288

38
110

88
86

1,264
1,301

525
541

719
778

173
186

145
171

914
974

849
840
886
977
923
953
990
938
946
911
976

304
301
280
274
225
274
213
236
181
181
214

72
54
52
44
42
43
39
38
34
44
42

84
84
83
83
83
83
85
89
104
105
102

1,284
1,285
1,288
1,280
1,422
1,344
1,386
1,343
1,463
1,491
1,410

538
542
554
523
525
536
555
556
564
563
572

730
703
730
750
808
807
791
772
775
807
842

149
159
142
146
149
130
128
105
97
89
54

180
148
122
108
72
66
64
53
47
46
46

996
,013
1,041
,130
,142
,158
,174
.159
1,226
1,229
1,230

Accepting banks
Placed
through
dealers *

Based on—

Total

Own Bills
bills bought

1,307
1,194
1,151
2,027
2,683

287
302
319
662
1,272

194
238
282
490
896

4,590
3,912

2,476
2,650

1.086
1,153

4,699
4,803
4,816
5,178
5,458
5,190
5,463
5,746
5,063
5,639
5,998

2,593
2,565
2,589
2,658
2,696
2,697
2,712
2,644
2,709
2,733
2,744

1,153
1,141
1,167
1,251
1,148
1,227
1,202
1,174
1,107
,093
1,190

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.

F.R.
Banks

3
Beginning with Nov. 1958, series includes all paper with maturity
of 270 days or more. Figures on old basis for Dec. were (in millions):
total $2,739; placed directly $1,899.

MUTUAL SAVINGS BANKS
(Amounts in millions of dollars)
Loans

Securities

End of period
Mortgage

Other

U.S.
Govt.

State
and
local
govt.

1 * 86
57

4 787
4,202

89
62

3 592
10,650

1955
1956
1957
1958
1959 4

17 279
19,559
20 971
23,038
24,769

211
248
253
320
358

8 464
7,982
7,583
7,270
6,871

646
675
685
729
721

I960
1961..
1962

26,702
28,902
32,056

416
475
602

6,243
6,160
6,107

1962—Oct
Nov
Dec

31,548
31,820
32,056

536
586
602

1963—Jan
Feb
Mar
Apr
May
June
July

32,492
32,812
33,125
33,452
33,809
34,075
34,389
34,690
34,964
35,333

575
583
611
568
614
588
583
662
667
637

1941
1945

Sent
Oct

Corporate
and
other i

Other
assets

Deposits 2

Other
liabilities

Surplus
accounts

Mortgage loan
commitments 3

Number Amount

829
606

689
185

11 772
16,962

10 503
15,332

38
48

1 231
1,582

3 366
3,549
4 344
4,971
4,845

966
920
889
921
829

414
448
490
535
552

31 346
33,381
35 215
37,784
38,945

28 182
30,026
31 683
34,031
34,977

310
369
427
526
606

2 854
2,986
3 105
3,227
3,362

89,9i2
65,248

1,664
1,170

672
677
527

5,076
5,040
5,177

874
937
956

589
640
695

40,571
42,829
46,121

36,343
38,277
41,336

678
781
828

3,550 58,350
3,771 61,855
3,957 114,985

1,200
1,654
2,548

6,152
6,133
6,107

548
542
527

5,154
5,181
5,177

867
832
956

697
683
695

45,502
45,776
46,121

40,644
40,791
41,336

955
1,025
828

3,904 93,526
3,960 99,616
3,957 114,985

2,229
2,323
2,548

6,146
6,177
6,437
6,195
6,170
6,189
6,170
6,137
6,076
5,899

512
501
475
470
462
458
455
455
453
451

5,173
5,162
5,153
5,081
5,076
5,090
r
5,107
r
5,132
5,171
5,149

819
870
891
830
852
890
828
809
848
819

735
722
743
728
734
737
r
750
r
741
775
765

46,451
46,826
47,436
47,325
47,717
48,028
48,282
48,626
48,955
49,052

41,565
41,780
42,306
42,318
42,549
42,972
43,109
43,282
43,712
43,910

912
1,052
1,106
1,034
1,148
1,023
1,138
1,248
1,124
I 049

3,955
3,993
4,023
3,973
4,019
4,033
4,035
4,096
4,118
4,093

2,345
2,398
2,379
2,409
2,390
2,447
2,419
2,366
2,403
2,379

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. 59.
3
Commitments outstanding of banks in N.Y. State as reported to the
Savings Banks Association of the State of New York.
4
Data reflect consolidation of a large mutual savings bank with a
commercial bank.




Cash
assets

Total
assets—
Total
liabilities
and
surplus
accts.

101,815
108,060
103,534
107,672
107,429
110,518
108,914
107,108
109,205
106,337

NOTE.—National Assn. of Mutual Savings Banks data; figures are
estimates for all savings banks in the United States and differ somewhat
from those shown elsewhere in BULLETIN; the latter are for call dates and
are based on reports filed with U.S. Govt. and State bank supervisory
agencies. Loans are shown net of valuation reserves.

JANUARY 1964

SAVINGS INSTITUTIONS
LIFE INSURANCE COMPANIES
(In millions of dollars)
Government securities

End of period

Total
assets
Total

Statement value:

Business securities
Mortgages

United State and Foreign
local
States

Total

Bonds

Policy
loans

Real
estate

Other
assets

Stocks

1941
1945

32,731
44,797

9,478
22,545

6,796
20,583

1,995
722

687
1,240

10,174
11,059

9,573
10,060

601
999

6,442
6,636

1,878
857

2,919
1,962

1,840
1,738

1955
1956
1957
1958
1959

90,432
96,011
101,309
107,580
113,650

11,829
11,067
10,690
11,234
11,581

8,576
7,555
7,029
7,183
6,868

2,038
2,273
2,376
2,681
3,200

1,215
1,239
1,285
1,370
1,513

39,545
41,543
44,057
47,108
49,666

35,912
38,040
40,666
42,999
45,105

3,633
3,503
3,391
4,109
4,561

29,445
32,989
35,236
37,062
39,197

2,581
2,817
3,119
3,364
3,651

3,290
3,519
3,869
4,188
4,618

3,743
4,076
4,338
4,624
4,937

1960
1961
1962

119,576
126,816
133,291

11,679
11,896
12,448

6,427
6,134
6,170

3,588
3,888
4,026

1,664
1,874
2,252

51,857
55,294
57,576

46,876
49,036
51,274

4,981
6,258
6,302

41,771
44,203
46,902

3,765
4,007
4,107

5,231
5,733
6,234

5,273
5,683
6,024

Book value:
1960—Dec...
1961—Dec...

119,576
126,816

11,699
11,915

6,428
6,135

3,606
3,902

1,665
1,878

51,053
53,967

46,967
49,149

4,086
4,818

41,815
44,250

3,796
4,011

5,233
5,735

5,980
6,938

1962—Oct. r . . . .
Nov
Dec

131,813
132,505
133,169

12,582
12,720
12,510

6,359
6,405
6,189

4,063
4,062
4,060

2,160
2,253
2,261

56,371
56,509
56,555

51,264
51,352
51,374

5,107
5,157
5,181

46,020
46,380
46,980

4,119
4,134
4,124

6,166
6,185
6,214

6,555
6,577
6,786

1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

134,011
134,500
134,977
135,610
136,236
136,698
137,670
138,361
138,764
139,610

12,852
12,877
12,687
12,660
12,497
12,389
12,456
12,452
12,429
12,425

6,312
6,243
6,032
6,013
5,851
5,757
5,843
5,810
5,824
5,829

4,088
4,080
4,063
4,036
4,000
3,981
3,954
3,935
3,892
3,893

2,452
2,554
2,592
2,611
2,646
2,651
2,659
2,707
2,713
2,703

56,829
57,059
57,381
57,664
58,054
58,294
58,578
58,764
58,919
59,308

51,592
51,784
52,038
52,289
52,673
52,841
53,129
53,268
53,357
53,654

5,237
5,275
5,343
5,375
5,381
5,453
5,449
5,496
5,562
5,654

47,203
47,348
47,618
47,910
48,165
48,421
48,665
48,964
49,233
49,536

4,154
4,171
4,179
4,200
4,211
4,239
4,260
4,313
4,339
4,357

6,245
6,279
6,320
6,364
6,399
6,438
6,511
6,548
6,585
6,620

6,728
6,766
6,792
6,812
6,910
6,917
7,200
7,320
7,259
7,458

1
Issues of foreign governments and their subdivisions and bonds of
the International Bank for Reconstruction and Development.

NOTE.—Institute of Life Insurance data; figures are estimates for all
life insurance cos. in the United States.

Year-end figures: Annual statement asset values, with bonds carried
on an amortized basis and stocks at year-end market value, Month-end
figures: Book value of ledger assets. Adjustments for interest due and
accrued and for differences between market and book values are not made
on each item, separately, but are included in total, in "other assets."

SAVINGS AND LOAN ASSOCIATIONS
(In millions of dollars)
Assets
End of
period

Liabilities
Total
assets 2 —
Total
liabilities

Savings
capital

Mortgages

U.S.
Govt.
securities

1941
1945

4,578
5,376

107
2,420

344
450

775
356

6,049
8,747

4,682
7,365

475
644

256
336

1955
1956
1957
1958
1959

31,408
35,729
40,007
45,627
53,141

2,338
2,782
3,173
3,819
4,477

2,063
2,119
2,146
2,585
2,183

1,789
2,199
2,770
3,108
3,729

37,656
42,875
48,138
55,139
63,530

32,142
37,148
41,912
47,976
54,583

2,557
2,950
3,363
3,845
4,393

1,546
1,347
1,379
1,444
2,387

1,161
1,293

I960
1961.
1962

60,070
68,834
78,770

4,595
5,211
5,563

2,680
3,315
3,926

4,131
4,775
5,346

71,476
82,135
93,605

62,142
70,885
80,236

4,983
5,708
6,520

2,197
2,856
3,629

1962—Oct
Nov
Dec

77,182
77,972
78,770

5,523
5,569
5,563

3,130
3,230
3,926

5,281
5,445
5,346

91,116
92,216
93,605

77,724
78,581
80,236

6,058
6,070
6,520

1963—Jan
Feb
Mar
Apr
May
June
Julv
Aue
Sept
Oct

79,441
SO,137
81,042
82,103
83,281
84,525
85,628
86,836
87,933
89,063

5,751
5,923
6,100
6,135
6,111
6,201
6,271
6,233
6,345
6,375

3,593
3,699
3,789
3,650
3,613
3,850
3,401
3,353
3,383
3,446

5,238
5,284
5,401
5,493
5,887
5,858
5,708
5,859
5,897
5,994

94,023
95,043
96,332
97,381
98,892
100,434
101,008
102,281
103,558
104,878

81,221
82,065
83,260
83,738
84,707
86,349
86,313
86,956
87,872
88,674

6,554
6,573
6,573
6,584
6,600
6,800
6,810
6,826
6,830
6,840

Cash

Other i

1
Includes other loans, stock in the Federal home loan banks, other
investments, real estate owned and sold on contract, and office buildings
and fixtures.
2
Before 1958 mortgages are net of mortgage pledged shares. Asset
items will not add to total assets, which include gross mortgages with no
deductions for mortgage pledged shares. Beginning with Jan. 1958, no
deduction is made for mortgage pledged shares. These have declined
consistently in recent years and amounted to $42 million at the end of
1957.
3 Consists of advances from FHLB and other borrowing.




Reserves
and
undivided
profits

Borrowed
money 3

Loans in
process

Other

Mortgage
loan
commitments

M6

402
1,411
1,430
1 484

833
843
862
1,475
1,285

1,186
1,550
1,990

713
874
968
1,136
1,221

1,359
1,908
2,230

3,195
3,172
3,629

1,979
1,932
1,999

2,160
2,461
1,221

2,438
2,434
2,230

2,892
2,697
2,601
2,725
2,840
3,434
3,688
3,912
4,208
4,409

1,929
1,954
2,097
2,254
2,353
2,461
2,485
2,493
2,536
2,568

1,427
1,754
1,801
2,080
2,392
1,390
1,712
2,094
2,112
2,387

2,342
2,446
2,662
2,843
3,019
3,092
3,097
3,110
3,067
3,035

NOTE.—Federal Savings and Loan Insurance Corp. data; figures are
estimates for all savings and loan assns. in the United States. Data
beginning with 1954 are based on monthly reports of insured assns. and
annual reports of noninsured assns. Data before 1954 are based entirely
on annual reports. Data for current and preceding year are preliminary
even when revised.
All data currently shown from Jan. 1962 to present are revised in this
issue.

74

FEDERAL FINANCE

JANUARY 1964
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
Derivation of U. S. Government cash transactions

Receipts from the public,
other than debt

Net cash borrowing
or repayment

Payments to the public,
other than debt
Net
rects.

Period
Budget
net

Plus:
Trust
funds

Less:

IntragOVt. *

Equals:
Total
rects.2

Less:
Plus:
Trust
Adjustfunds 3 ments 4

Budget

Equals:
Total
payts.

payts.

Change
Less:
in
Invest.
debt
by
(direct agen. &
& agen.) trusts

Less:
Noncash
debt

Equals:
Net

Cal. year—1960
1961
1962

79,518
78,157
84,709

21,773
24,099
25,471

2,946 98,287
4,418 97,774
3,928 106,206

77,565
84,463
91,907

20,876
25,144
25,386

3,747 94,694
5,017 104,590
5,419 111,874

3,593
-6,816
-5,668

-549
6,792
9,055

1,629
-440
1,109

491
470
1,386

-2,669
6,762
6,560

Fiscal year—1960
1961
1962
1963

77,763
77,659
81,409
86,376

20,342
23,583
24,290
27,689

2,975 95,078
3,945 97,242
3,776 101,865
4,281 109,739

76,539
81,515
87,787
92,642

21,212
22,793
25,141
26,545

3,424 94,328
4,766 99,542
5,266 107,662
5,436 113,751

750
-2,300
-5,797
-4,012

3,371
2,102
11,010
8,681

925
856
492
2,069

597
536
923
1,033

1,848
712
9,594
5,579

Half year:
1961—July-Dec
1962—Jan.-June
July-Dec
1963—Jan.-June

35,826
45,583
39,126
47,250

10,656
13,633
11,838
15,851

1,776 '44,670
2,000 57,195
1,928 49,011
2,352 60,728

43,165
44,622
47,286
45,356

12,765
12,377
13,010
13,536

2,041

3,225
2,194
3,241

53,889
53,773
58,101
55,650

-9,219
3,422
-9,090
-5,078

8,098
2,911
6,142
2,538

-1,486
1,978
-870
2,939

402
521
865
169

9,182
412
6,148
-569

7,027
8,360

2,528
1,681

264
490

9,287
9,546

8,070
7,572

1,909
2,095

-41
234

10,019
9,434

-723
112

3,258
-1,984

449
-936

1,548
-1,337

1,262
289

5,533
7,305
9,663
5,735
6,953

990
3,361
2,123
1,752
4,656
2,969
1,419
3,887
1,830
1,289
2,749

237
314
237
236
283
1,046
271
213
274
266
259

6,283
10,350
11,545
7,248
11,323
13,980
4,693
10,960
11,652
4,423
9,617

8,013
6,763
7,806
7,590
7,470
7,715
7,863
8,305
7,815
8,776
7,784

1,795
2,230
1,968
2,242
2,302
2,981
2,651
2,438
2,515
2,592
1,955

990
213
852
163

8,818
8,779
8,922
9,669
9,989
9,321
10,045
11,287
9,549
10,740
9,812

-2,535
1,570
2,622
-2,421
1,334
4,659
-5,353
-328
2,102
-6,318
-194

-372
1,010
1,949

-998

61
33
-4
87
28
-36
128
116
101
78
163

565
461
-2,066
846
-567
40
271
128
839
1,126
949

Month:
1962—Nov
Dec
1963—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..

12,061
3,547
7,290
10,095
3,400
7,131

-218
1,375

468
-544

781
629
-73

517
120

-829
104
2,282
2,820
1,463
1,458
-854 -1,253
2,028
1,784
-575
366
103 -1,101
1,593
481

Effects of operations on Treasurer's account
Net operating transactions
Period

Net financing transactions
Agencies & trusts

Budget
surplus
or
deficit

Fiscal year—1960..
1961..
1962..
1963..

Treasurer's account
(end of period)
Operating bal.

Invest.
in U. S.
Govt.
sec. 3

Change
in
gross
direct
public
debt

Held
outside
Treasury

Treasurer's
account

Balance

1,746
-538
1,780
1,022

-925
-856
-492
-2,069

1,625
2,640
9,230
7,659

-4
-222
118
-74

2,654
-1,311
3,736
1,686

8,005
6,694
10,430
12,116

504
408
612
806

6,458
5,453
8,815
10,324

1,043
833
1,003
986

-599
720

900
879
873
148

1,486
-1,978
870
-2,939

7,198
2,032
5,269
2,390

199
-81
4
-78

-200
3,936
-2,922
4,607

6,494
10,430
7,509
12,116

465
612
597
806

5,157
8,815
6,092
10,324

872
,003
820
986

619
-414

-1,852
1,080

-65
-64

-449
936

3,323
-1,920

-57

591
400

7,109
7,509

585
597

5,728
6,092

796
820

-805
1,131
155
-490
2,354
-12
-1,232
1,449
-685
-1,304
795

692
-133
618
-159
-528
231
70
-874
411
291
-495

-319
-211
-304
-69
244
1,462
171
328
265
296
-179

998
-517
-120
829
-2,820
-1,979
1,253
-1,784
575
1,101
-481

-53
1,221
-1,645
173
2,038
656
-1,025
1,700
100
-193
1,773

57
73
-245
100
-208
145
39
-43
9
87

-2,024
1,961
806
-1,672
978
4,558
-5,118
-152
2,938
-5,273
760

5,485
7,446
8,252
6,579
7,558
12,116
6,998
6,846
9,783
4,510
5,270

821
841
909
952
651
806
629
705
948
881
890

3,678
5,580
6,466
4,340
5,992
10,324
5,564
5,389
7,958
2,839
3,521

986
,025
877
,287
915
986
805
752
877
790
859

Trust
funds 3

Clearing
accounts

Market
issuance
of
sec. 3

1,224
-3,856
-6,378
-6,266

-870
790
-851
1,143

-149
285
566
122

Half year:
1961—July-Dec.
1962—Jan.-June.
July-Dec..
1963—Jan.-June.

-7,339
962
-8,160
1,894

-2,109
1,256
-1,172
2,315

-137
704

Month:
1962—Nov
Dec

-1,042
788

1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov

-2,480
542
1,857
-1,854
-516
4,346
-4,316
-1,015
2,279
-5,377
-652

1 Primarily interest payments by Treasury to trust accounts and accumulations to U.S. employee trust funds.
2 Includes small adjustments not shown separately.
3
Includes net expenditures of Govt. sponsored enterprises.




Change in
cash balances

F. R.
banks

Tax
and
loan
accts.

Other
net
assets

4
Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing
accounts.
5
Includes technical adjustments not allocated by functions.

NOTE.—Based on Treasury Dept. and Bureau of the Budget data.

75

FEDERAL FINANCE

JANUARY 1964
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions of dollars)
Cash receipts from the public
Income taxes
Period

Individual

Total

Estate
and
gift

Unempl.

Customs

Int.
and
repayments

Refunds

Other

22,179
21,765
21,296
22,336

11,865
12,064
12,752
13,410

5,126
5,204
5,3^7
5,521

2,642
2,923
3,080
3,405

14,678
16,390
17,040
19,735

11,526
12,981
13,197
15,127

2,670
2,905
3,342
4,114

1,626
1,916
2,035
2,187

1,123
1,008
1,171
1,241

1,820
2,105
1,358
1,903

5,238
5,976
6,266
6,571

2,079
1,817
1.830
2,516

44,670 17,652 3,189 8,259
57,195 18,594 11,214 13,037
49,011 18.958 3,319 8,810
60,728 19,761 10,950 13,526

6,394
6,358
6,808
6,602

2,789
2,578
2,845
2,676

1,612
1,468
1,756
1,649

7,049
9.991
7,937
11,798

5,460
7,737
6,111
9,016

1,345
1,997
1,579
2,535

873
1,162
914
1,273

579
592
639
602

762
596
1,179
724

887
5,379
805
5,766

800
1,030
J,252
1,264

98
258
122
91
147
129
109
128
186
103
140
104
142

73
64

266
267

109
838
1,720
1,603
1,204
292
245
229
202
207
59

195
65
180
215
157
458
210
225
147
203

Fiscal year—1960.. 95,078 31,675
1961.. 97,242 32,978
1962.. 101,865 36,246
1963.. 109,739 38,719

13,271
13,175
14,403
14,269

1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov

OASI
and
R.R.

Total

Other

Month:
1962—Nov
Dec

Total

Liquor
and to- Highway
bacco

Corp.

Withheld

Half year:
1961—July-Dec.
1962—Jan.-June.
July-Dec..
1963—Jan.-June.

Social ins. taxes

Excise taxes

9,287 5,195
9,546 3,131

117
407

412
3,450

,125
,136

521
419

298
277

1,894
735

1,416
652

438
47

139
132

114
94

1,269
5,422
3,182
973
5,642
3,272
1,295
5,607
3,210
1,404
5,429

2,367
783
745
4,371
651
2,033
381
179
2,140
247
113

517
422
6,081
551
443
5,511
574
386
3,603
557
396

,099
,038
,081
,022
,192
,171
,179
,207
,165
1,156
1,065

409
379
438
446
499
507
453
495
466
n.a.
n.a.

261
272
279
258
311
267
297
345
300
285
371

552
3,119
1,526
1,177
3,998
1,422
775
3,199
1,197
678
2,145

330
2,025
1,361
936
3,026
1,337
540
2,424
1,097
490
1,699

173
1,055
123
200
933
48
189
730
66
140
413

191
145
216
303
229
188
221
175
148
158
139

80
103
107
110
106
95
117
108
104
123
106

6,283
10,350
11,545
7,248
11,323
13,980
4,693
10,960
11,652
4,423
9,617

11
4

Cash payments to the public

Total 5

National
defense

Intl.
affairs

Space
research

Agriculture

Natural
resources

Commerce
and
transp.

Fiscal year—1960..
1961..
1962 '
1963..

94,328
99,542
107,662
113,751

45,915
47,685
51,462
53,429

1,574
2,153
2,490
2,265

401
744
1,257
2,552

4,877
5,183
5,942
7,261

1,824
2,103
2,223
2,454

4,819
5,107
5,487
5,776

Half year:
1961—July-Dec..
1962—Jan.-June.
July-Dec.'
1963—Jan.-June.

53,889
53,773
58,101
55,650

24,129
27,332
26,123
27,306

1.637
854
875
1,390

482
775
1,024
1,528

'3,396
'2,547
4,446
2,816

1,207
1,016
1,388
1,065

Month:
1962—Nov
Dec

10,018
9,434

'4,590
4,431

'248
53

187
187

'462
536

1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov

8,818
8,779
8,922
9,669
9,989
9,321
10,045
11,287
9,549
10,740
9,812

4,580
4,135
4,609
4,572
4,575
4,835
4,263
4,456
4,246
4,670
4,164

270
225
225
284
74
312
-7
152
186
239
242

233
194
250
271
281
299
270
285
287
342
301

516
324
535
508
598
367
818
915
621
882
446

Period

1961

1962

Hous- Health,
ing
& com. labor &
devel. welfare

Education

1,440
-103
1,692
-263

19,107
22,364
23,961
25.677

2,896
2,591
3,096
2,680

,477
213
,030
,290

228
189

507
524

195
164
153
166
175
212
215
295
265
253
209

398
401
406
386
449
640
502
643
650
682
561

1963

Veterans

Interest

General
Govt.

867
945
1,052
1,212

5,907
6,187
6.092
5,970

7,233
7,257
6,940
7,424

1,559
1,724
1,882
1,983

11,452
12,509
12,349
13,330

450
602
562
649

3,073
3,019
2,957
3,013

3,346
3,595
3,580
3,845

942
939
984
,000

3
445

2,112
2,082

79
98

492
490

1,277
320

'157
161

-723
-406
-307
-74
-161
384
464
274
274
264
82

2,309
2,232
2,227
2,278
2,117
2,167
2,217
2,099
2,129
2,274
2,201

132
125
110
93
93
96
109
126
88
83
68

784
467
452
411
476
419
513
481
476
503
489

225
1,358
325
305
1,314
318
227
1,474
285
348
1,239

169
150
158
155
201
167
204
171
183
169
171

1961

1962

1963

Item
IV

II

III

IV

II

III

IV

III

Seasonally adjusted
Cash budget:
Receipts..
Payments.
Net....

25.2
26.9

25.3
27.6

26.5
27.0

27. 3
28. 1

-1 .7 -2 .2

- .5

-. 7 - 2 .1

For notes, see opposite page.




27
29.2

27.4 27.8 28.7
28.2 '28.2 30.4
- .8 r 4 - 1 . 7

HI]

IV

Not seasonally adjusted
21.3
27.2

26.2
26.0

31.0
27.8

26 0
28 5

23.0
29.6

-5 .9

.3

3.2

-2.5

-6 .6

'32.
6 27.3
' 9.
2 1 30.9
1.
3
7 ' .4 - 3 . 5

28.2
26.5

76

U.S. GOVERNMENT SECURITIES

JANUARY 1964

TOTAL DEBT, BY TYPE OF SECURITY
(In billions of dollars)
Public issues
Total
gross
debt i

End of period

Total
gross
direct
debt 2

3

Marketable

Nonmarketable

Total
Total

Certificates

Bills

Notes

Bonds

4

Convertible
bonds

Special
issues 6

Total 5

Savings
bonds

8 9
56.9
59.5

6.1
48.2
52.1

20.0
29.0

64.3
278.7
257.0

57.9
278.1
256.9

50.5
255.7
225.3

41.6
198.8
165.8

2.0
17.0
15.1

38.2
21.2

6.0
23.0
11.4

33.6
120.6
118.0

280.8
276.7
275.0
283.0
290.9

280.8
276.6
274.9
282.9
290.8

233.9
228.6
227.1
236.0
244.2

163.3
160.4
164.2
175.6
188.3

22.3
25.2
26.9
29.7
39.6

15.7
19.0
34.6
36.4
19.7

43.3
35 3
20.7
26 1
44.2

81.9
80 9
82.1
83 4
84.8

11.4
10 8
9.5
8 3
7.1

59.2
57 4
53.4
52 1
48.9

57.9
56 3
52.5
51 2
48.2

43.9
45.6
45.8
44.8
43.5

I960—Dec
1961—Dec
1962—Dec

290.4
296.5
304.0

290.2
296.2
303.5

242.5
249.2
255.8

189.0
196.0
203.0

39.4
43.4
48.3

18.4
22.7

51.3
71.5
53.7

79.8
75.5
78.4

5 7
4.6
4.0

47 8
48.6
48.8

47.2
47.5
47.5

44.3
43.5
43.4

1963—Jan
Feb
Mar
Apr
May

303.9
305.2
303.5
303.7
305.8
306.5
305.5
307.2
307.3
307.1
308.9
310.1

303.4
304.6
303.0
303.2
305.2
305.9
304.8
306.5
306.6
306.4
308.2
309.3

257.1
258.1
256.8
257.6
257.6
257.2
257.2
257.0
258.0
259.2
260.5
261.6

204.0
204.8
203.5
204.3
204.1
203.5
203.5
203.2
204.3
205 3
206.6
207.6

48.9
49.9
48.5
49.4
49.7
47.2
47.2
47.2
48.2
49 7
50.5
51.5

22.7
23.7
21.8
21.8
22.2
22.2
22.2
17.0
15.5
15.5
10.9
10.9

53.7
50 0
53.4
53.0
52.1
52.1
52.2
58.6
54.1
53 7
58 7
58.7

78.6
81 1
79.8
80.1
80.1
82.0
81.9
80.5
86.5
86 S
86 4
86.4

4.0
39
3.7
3.5
3.5
3.5
3.5
3.4

49.2
49 4
49.6
49.7
50.0
50.2
50.3
50.3
50.4
50 6
50 7
50.7

47.7
47.9
48.0
48.1
48.2
48.3
48.4
48.5
48.6
48 7
48 8
48.8

42.2
42.5
42.2
41.6
43.6
44.8
43.7
45.5
44.7
43.3
43.6
43.7

1941 Dec
1945_Dec
1947 Dec
1955 Dec
1956 Dec
1957_Dec
1958 Dec
1959—Dec

. ...

July.
Aug
Sept
Oct .
Nov .
Dec

1 Includes some debt not subject to statutory debt limitation (amounting
to $365 million on Dec. 31, 1963), and fully guaranteed securities, not
shown separately.
2
Includes non-interest-bearing debt, not shown separately.
3 Includes amounts held by U.S. Govt. agencies and trust funds, which
totaled $14,196 million on Nov. 30, 1963.
4
Includes Treasury bonds and minor amounts of Panama Canal and
postal savings bonds.

5.5

3.4

3 3
3 3
3.2

7.0

5

Includes Series A investment bonds, depository bonds, armed forces
leave bonds, adjusted service bonds, foreign currency series, foreign
series, Rural Electrification Administration bonds, and before 1956,
tax6 and savings notes, not shown separately.
Held only by U.S. Govt. agencies and trust funds.
NOTE.—Based on daily statement of U.S. Treasury.

OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES
(Par value in billions of dollars)
Held by—
End of
period

Total
gross
debt

Held by the public

U.S.
Govt.
agencies
and
trust
funds i

F.R.
banks

Total

Commercial
banks

Mutual
savings
banks

Insurance
companies

Other
corporations

State
and
local
govts.

Individuals
Other
Savings
bonds securities

Foreign Other
and
misc.
interinvesnational2 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

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

280.8
276.7
275.0
283.0
290.9

51.7
54.0
55.2
54.4
53.7

24.8
24.9
24.2
26.3
26.6

204.3
197.8
195.5
202.3
210.6

62.0
59.5
59.5
67.5
60.3

8.5
8.0
7.6
7.3
6.9

14.6
13.2
12.5
12.7
12.5

23.5
19.1
18.6
18.8
22.6

15 4
16.3
16.6

14 5
15.4
15.8
15 3
22.3

7 5

8.1

7.8
7.6

16 5
18.0

50.2
50.1
48.2
47 7
45.9

7 7
12 0

8.4
9.0
8.9

10.1

I960—Dec
1961—Dec

290.4
296.5

55.1
54.5

27.4
28.9

207.9
213.1

62.1
67.2

6.3
6.1

11.9
11.4

20.1
19.7

18 7
18.7

45.7
46.4

19.1
18.5

13 0
13.4

11.2
11.6

1962—Nov
Dec

305.9
304.0

57.9
55.6

30.5
30.8

217.5
217.6

'66.1
'67.2

6.1
6.1

11.5
11.5

21.8
20.1

19.3
19.5

46.9
46.9

'18.2
'18.3

15.4

12.2
12.7

1963—Jan
Feb
Mar
Apr
May.

303.9
305.2
303.5
303.7
305.8
306.5
305.5
307.2
307.3
307.1
308.9

54.5
55.1
55.1
54.3
57.1
58.4
57.1
58.9
58.3
57.2
57.7

30.3
30.6
31.0
31.2
31.3
32.0
32.5
32.4
32.6
32.8
33.7

219.1
219.5
217.4
218.2
217.4
216.1
215.9
215.9
216.4
217.2
217.5

r
66.1
'65.8
'64.7
'65.1
'63.9
'64.4
'63.3
'61.7
'63.0
'63.1
62.7

6.1
6.1
6.3
6.1
6.1
6.1
6.1
6.1

11.5
11.4
11.2
11.1
11.0
10.8
10.9
10.9
11.0
11.0
11.0

21.0
21.6
20.7
21.0
22.2
20.2
'20.5
'21.3
'19.6
'20.4
21.5

19.9
19.9
20.1
'20.5
'20.5
'20.7
'20.9
'21.2
'20.9
'20.7
20.3

47.1
47.2
47.3
47.3
47.4
47.5
47.6
47.7
47.7
47.8
47.8

'18 6
'18.7
'19.1
'18.4
'18.0
'18.1
'18.4
'18 4
'18.7
'18.8
18.9

15.3
15.2
15.4
15.6

12.9
13.8
12.7
13.0
12.5
12.5
12.6
12.7
13.5
13.6
13.2

Julv..
Aug
Sept
Oct
Nov

1 Includes the Postal Savings System.
2
Includes investments of foreign balances and international accounts
in the United States.




6.0

5.8
5.8

15.3

15.9
15.8
'15.6
'15 9
16.0
'15.9
16.1

.5
6.6
5.7

3
Includes savings and loan assns., dealers and brokers, nonprofit
institutions, and corporate pension funds.

NOTE.—Reported data for F.R. Banks and U.S. Govt. agencies and
trust funds; Treasury estimates for other groups.

U.S. GOVERNMENT SECURITIES

JANUARY 1964

OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY
(Par value in millions of dollars)
Within 1 year

1-5
years

5-10
years

10-20
years

Over
20 years

34,384
40,984
39,034
34,836
37,864

72,298
66,360
61,640
57,678
56,660

18,684
19,782
33,983
39,097
37,500

13,224
11,976
4,565
8,358
8,358

10,979
13,419
15,539
15,658
15,648

591
583
865
964
1,248

891
669
726
621
477

2,431
1,860
1,425
1,754
1,827

1,602
1,594
2,731
3,114
3,102

1,461
1,756
1,309
2,175
2,175

1,140
2,022
2,583
2,866
2,925

15,223
17,650
17,741
19,415
22,632

3,217
3,349
2,723
3,504
4,199

12,006
14,301
15,018
15,911
18,433

10,711
8,737
10,834
10,909
8,517

1,179
2,227
2,094
2,225
2,300

243
204
68
88
88

28
63
83
121
131

153,515
158,600
162,553
161,095
161,130

57,125
65,526
67,952
63,556
64,028

35,638
39,512
44,662
45,252
45,074

21,487
26,014
23,290
18,304
18,954

59,156
55,763
49,381
45,015
46,316

15,903
15,961
29,158
33,758
32,098

11,520
10,016
3,188
6,095
6,095

9,811
11,334
12,873
12,671
12,592

54,260
59,073
58,004
53,905
53,551

14,697
21,149
19,885
15,481
15,215

6,976
9,962
9,838
8,299
7,821

7,721
11,187
10,047
7,182
7,394

31,596
30,751
26,348
24,550
25,563

5,654
5,043
11,163
12,831
11,776

1,775
1,724
191
528
527

538
407
417
515
469

Mutual savings banks:
1960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Oct. 31
Nov. 30

5,944
5,867
5,793
5,551
5,533

480
868
635
670
682

144
181
252
277
256

336
505
383
393
426

1,544
1,514
1,337
1,035
1,128

1,849
1,708
2,210
2,237
2,114

897
662
306
390
390

1,174
1,298
1,305
1,219
1,219

Insurance Companies:
1960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Oct. 31
Nov. 30

9,001
9,020
9,265
9,221
9,225

940
1,228
1,259
1,068
1,152

341
442
552
500
519

599
786
707
568
633

2,508
2,222
2,175
1,923
1,860

2,076
1,625
2,223
2,507
2,485

1,433
1,274
718
939
939

2,044
2,671
2,890
2,784
2,789

10,741
10,547
10,750
10,367
11,176

8,340
8,697
9,063
7,826
8,442

5,599
5,466
6,551
6,405
6,932

2,741
3,231
2,512
1,421
1,510

2,269
1,747
1,524
2,068
2,307

58
72
149
379
350

39
22
5
15
12

33
8
9
78
65

2,454
2,760
2,862
3,268
3,338

322
446
437
322
373

163
155
254
196
240

159
291
183
126
133

858
895
817
782
889

473
617
1,030
1,383
1,303

396
371
105
255
252

406
431
473
526
521

State and local governments:
1960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Oct. 31
Nov. 30

10,957
10,893
11,716
12,123
11,913

3,933
3,974
4,447
4,250
4,156

2,643
2,710
3,282
3,553
3,393

1,290
1,264
1,165
697
763

1,785
1,320
1,059
987
861

828
842
1,505
1,540
1,534

1,382
1,250
688
1,588
1,591

3,029
3,507
4,017
3,758
3,771

All others:
1960—Dec.
1961—Dec.
1962—Dec.
1963—Oct.
Nov.

60,158
60,440
64,162
66,660
66,394

28,413
29,346
32,227
33,939
34,008

19,772
20,596
23,935
26,023
25,914

8,641
8,750
8,292
7,916
8,094

18,596
17,314
16,121
13,669
13,707

4,965
6,054
10,877
12,880
12,534

5,598
4,713
1,175
2,380
2,384

2,587
3,012
3,761
3,792
3,760

Type of holder and date

Total
Total

Bills

Other

189,015
195,965
203,011
205,347
206,551

73,830
84,428
87,284
84,556
88,385

39,446
43,444
48,250
49,720
50,521

U.S. Govt. agencies and trust funds:
1960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Oct. 31
Nov. 30

8,116
8,484
9,638
11,494
11,754

1,482
1,252
1,591
1,585
1,725

Federal Reserve Banks:
I960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Oct. 31
Nov. 30

27,384
28,881
30,820
32,758
33,667

Held by public:
1960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Oct. 31
Nov. 30
Commercial banks:
1960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Oct. 31
Nov. 30

All holders:
1960—Dec.
1961—Dec.
1962—Dec.
1963—Oct.
Nov.

31
31
31
31
30

Nonfinancial corporations:
1960—Dec. 31
1961—Dec. 31
1962—Dec. 31
1963—Oct. 31
Nov. 30
Savings and loan
I960—Dec.
1961—Dec.
1962—Dec.
1963—Oct.
Nov.

associations:
31
31
31
31
30

31
31
31
31
30

NOTE.—Direct public issues only. Based on Treasury Survey of
Ownership.
Data complete for U.S. Govt. agencies and trust funds and F.R. Banks
but for other groups are based on Treasury Survey data. Of total marketable issues held by groups, the proportion held on latest date and the
number of reporting owners surveyed were: (1) about 90 per cent by the
6,084 commercial banks, 506 mutual savings banks, and 796 insurance




cos. combined; (2) about 50 per cent by the 469 nonfinancial corps, and
488 savings and loan assns.; and (3) about 60 per cent by 480 State and
local govts.
Holdings of "all others," a residual throughout, include holdings of all
those not reporting in the Treasury Survey, including investor groups not
listed separately.

78

U.S. GOVERNMENT SECURITIES

JANUARY 1964

DEALER TRANSACTIONS
(Par value, in millions of dollars)
U.S. Government securities
By maturity

By type of customer

Period

U.S. Govt.
agency
securities

Dealers and brokers
Total

Within
1 year

1-5
years

5-10
years

Over
10 years

U.S.
Govt.
securities

mercial
banks

Other

All
other

1962—Nov
Dec

1,770
2,071

1.266
1,446

262
366

210
222

32
38

550
610

32
38

722
881

466
543

70
88

1963—Jan
Feb
Mar
Apr
May

1,871
2,350
1,694
1,788
1,639
1,574
1,775
1,308
1,799
1,575
1,713

1,484
1,646
1,241
1,438
1,160
1,208
1,440
,060
1,280
,261
1,300

226
400
224
195
282
168
172
139
207
144
252

124
230
149
105
127
165
134
88
214
124
131

36
75
79
50
69
33
29
21
100
46
29

621
733
544
509
529
471
556
401
522
467
480

37
44
39
33
30
26
27
15
36
28

730
952
657
757
601
584
727
507
733
637
662

484
622
454
488
479
493
464
384
509
439
544

81
73
91
91
81
108
95
88
140
91
117

6
13
20 . .
27

1,721
1,813
1,785
1,568

1,207
1,366
1,286
1,275

364
296
292
145

109
129
174
115

42
22
33
33

437
495
580
420

35
31
27
24

668
734
626
621

580
553
553
503

69
75
93
110

4
11

1,623
1,591
1,515
1,550

[,349
1,281
1,052
I 177

165
172
273
228

82
109
151
112

28
29
37
33

431
473
489
494

23
30
21
29

664
643
655
688

506
445
349
339

228
67
60
116

June
July
Aug
Sept
Oct
Nov

...

Week ending—
1963—Nov

Dec.

18

25

NOTE.—The transactions data combine market purchases and sales of
U.S. Govt. securities dealers reporting to the F.R. Bank of N.Y. They
do not include allotments of and exchanges for new U.S. Govt. securities,
redemptions of called or matured securities, or purchases or sales of securi-

ties under repurchase agreements, reverse repurchase (resale), or similar
contracts. Averages of daily figures based on the number of trading
days in the period.

DEALER POSITIONS

DEALER FINANCING

(Par value, in millions of dollars)

(In millions of dollars)

U.S. Government securities, by maturity
Period

Over
5 years

Commercial banks

U.S.
Govt.
agency
securities

All
maturities

Within
1 year

1-5
years

1962—Nor
Dec

4,013
4,268

3,309
3,829

447
365

256
74

204
227

1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov

4,021
3,410
3,547
3,467
3,494
3,093
2,881
3,096
3,689
3,538
3,546

3,622
2,863
2,439
2,934
2,810
2,666
2,505
2.871
3,099
2.8Q9
3,008

368

30

74
543
178
44
80
21
-82
300
444
108

128
212
228
305
357
267
275
195
176
159

3,758
3,530
3,611
3,098
3,537

2,817
2,731
2,920
2,621
3,095

224
212
216
168
98

717
586
475
309
343

194
167
181
158
188

4,108
3,630
3,415
3,322

3,328
3,042
2,952
2,870

551
449
391
395

228
138
72
58

Period

178
144
138
173

Corporations *

All
other

185

473
563
355
640
347
357
307
290
196
430

All
sources

New
York
City

Elsewhere

1962—Nov
Dec

4,100
4,378

1,170
1,563

716
839

1,666
1,566

548
411

1963—Jan
Feb
Mar
Apr

4,062
3,553
4,027
3,548
3,764
3,361
3,020
3,293
3,974
3,415
3,551

1,388
1,070
1,436
886
936
866
659
553
1,201
825
660

895
897
1,009
854
888
650
533
501
898
775
671

1,396
1,083
1,129
,366
,536
1,543
,478
,924
,527
,387
1,748

383
502
453
442
403
303
350
316
348
429
472

June
July
Aug
Sept
Oct
Nov

Week ending—
Oct.

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

Nov. 6.
13.
20.
27.

.
.
.
.

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.
Averages of daily figures based on number of trading days in the period.




Oct.

3,481
3,691
3,348
3,075
3,378

1,263
958
818
615
737

911
911
749
654
657

1,083
1,177
1,273
1,553
1,636

224
645
507
253
348

Nov.

1

2...
9...
16...
23...
30...
6...
13. . .
20...
27. . .

3,718
3,533
3,579
3,473

924
526
691
592

837
642
772
548

,503
,685
1,659
1,995

454
679
457
337

All business corps, except commercial banks and insurance cos.

NOTE.—Averages of daily figures based on the number of calendar days
in the period. Both bank and nonbank dealers are included. See also
note to the opposite table on this page.

79

OUTSTANDING SECURITIES

JANUARY 1964

U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, DECEMBER 31, 1963
(In millions of dollars)
Issue and coupon rate
Treasury bills
Jan. 2, 1964
Jan. 9,1964
Jan. 15, 1964
Jan. 16, 1964
Jan. 23, 1964
Jan. 30, 1964
Feb. 6,1964
Feb. 13, 1964
Feb. 20, 1964
Feb. 27, 1964
Mar. 5, 1964
Mar. 12, 1964
Mar. 19, 1964
Mar. 23, 1964 i
Mar. 26, 1964
Apr. 2,1964
Apr. 9, 1964
Apr. 15, 1964
Apr. 16, 1964
Apr. 23, 1964
Apr. 30, 1964
May 7,1964
May 14, 1964
May 21, 1964
May 28, 1964
June 4, 1964
June 11,1964
1

Issue and coupon rate

Amount

Amount

Treasury bills—Cont.
June 18, 1964
June 25, 1964
July 15, 1964
Aug. 31, 1964
Sept. 30, 1964
2,100
Oct. 31, 1964
Nov. 30, 1964
2,201
2,101
2,102
2,496
2,101
2,103

800
804
1,998
1,001
1,002
1,000
1,005

2,202

2,102 Certificates
2,102
Feb. 15, 1964
2,202
May 15, 1964
2,200
2,202 Treasury notes
2,001
Apr. 1,1964
2,209
May 15, 1964
May 15, 1964
898
Aug. 15, 1964
900
2,501
Aug. 15, 1964
800
Oct. 1, 1964
800
Nov. 15, 1964
Nov. 15, 1964
800
800
Apr. 1,1965
801
May 15, 1965
800
May 15, 1965
802
Oct. 1,1965
800
Nov. 15, 1965
801
Feb. 15, 1966

3V4
3V4
lVi
4*/4
3%
5
3Y4
Vfo
4%
3Y4
11/2
4%
3%
\y2
V/i
3Y&

Issue and coupon rate
Treasury notes—Cont.
Apr. 1,1966
IVi
Aug. 15, 1966
4
Oct. 1,1966
W2
Feb. 15, 1967
3%
Apr. 1,1967
11/2
Aug. 15, 1967
334
Oct. 1,1967
114
Apr. 1,1968
iy 2
Oct. 1,1968
\y2

6,741
4,198 Treasury bonds
457
4,399
2,016
2,316
5,019
490
4,195
6,398
466
2,113
7,977
315
2,954
5,653

June
Dec.
Feb.
June
Dec.
Feb.
Mar.
May
Aug.
Nov.
Mar.
June
Sept.
Nov.
Dec.
May

15, 1962-67... 2%
15, 1963-68... 2i/2
15, 1964
3
15, 1964-69... 21/2
15, 1964-69... 21/2
15, 1965
2%
15, 1965-70.. .2y2
15, 1966
334
15, 1966
3
15, 1966
33/g
15, 1966-71... 2%
15, 1967-72... 2 i/i
15, 1967-72... 2y2
15, 1967
3%
15, 1967-72... 21/2
15, 1968
3%

Issue and coupon rate

Amount

675
4,010
357
3,475
270
4,433
457
212
24

Amount

Treasury bonds—Cont.
Aug. 15, 1968
334
Nov. 15,1968
3%
Feb. 15, 1969
4
Oct. 1,1969
4
Aug. 15, 1970
4
Aug. 15, 1971
4
Nov. 15, 1971
3K
Feb. 15, 1972
4
Aug. 15, 1972
4
Aug. 15, 1973
4
Nov. 15, 1974
3%
May 15, 1975-85.. Ay4
June 15, 1978-83...314
Feb. 15, 1980
4
Nov. 15, 1980
3%
May 15, 1985
3l/4
Feb. 15, 1990
3%
Aug. 15, 1987-92...4*4
Feb. 15, 1988-93
4
May 15, 1989-94... 4H
Feb. 15, 1995
3
Nov. 15, 1998
3V2

1,461
1,814
1,634
2,630
2,541
4,682
2,418
2,862
1,024
1,851
1,406
1,309
1,952
3,604 Convertible bonds
2,757
Investment Series B
2,460
Apr. 1, 1975-80... 234

3,747
1,591
1,844
2,538
1,906
2,806
2,760
2,344
2,579
3,894
2,244
470
1,589
2,610
1,914
1,129
4,910
365
250
1,560
2,508
4,449

3,246

NOTE.—Direct public issues only. Based on Daily Statement of U.S.
Treasury.

Tax anticipation issue.

FEDERALLY SPONSORED AGENCIES, NOVEMBER 30, 1963
Agency, type and date of issue,
and coupon rate
Federal home loan banks
Notes:
Mar. 15, 1963
Apr. 15, 1963
Sept. 16, 1963
June 17, 1963
Apr. 15, 1963
Aug. 15, 1963
July 16, 1963
Sept. 16, 1963
Oct. 15, 1963
Bonds:
June 17, 1963
Sept. 17, 1962

Maturity

3.20
3V4
3.85
3.40
3.30
3.70
3*/i
3.95
3.90
3V2
3V4

Federal National Mortgage Association—
secondary market operations
Debentures:
May 10, 1961
3YS
Sept. 11, 1961
4
Dec. 11, 1961
3"'
Dec. 10, 1957
4^
Sept. 10, 1962
Dec. 12, 1960
4}
Mar. 10, 1958
3?
Apr. 10, 1959
4Apr. 11, 1960
4=
Sept. 12, 1960
4}
Aug. 23, 1960
4V8
Sept. 11, 1961
4Vi
Feb. 10, 1960
5H
Dec. 11, 1961
43/8
June 12, 1961
4V4
Feb. 13, 1962
41/2

Jan.
Feb.
Feb.
Mar.
Apr.
May
June
July
Aug.

15,
17,
17,
16,
15,
15,
15,
15,
17,

1964
1964
1964
1964
1964
1964
1964
1964
1964

Oct. 15, 1964
Sept. 15, 1965

May 11,
Sept. 10,
Dec. 11,
June 10,
Mar. 10,
Dec. 12,
Mar. 11,
Apr. 10,
Apr. 10,
Sept. 10,
Aug. 10,
Sept. 10,
Feb. 10,
June 12,
June 12,
Feb. 10,

1964
1964
1964
1965
1966
1966
1968
1969
1970
1970
1971
1971
1972
1972
1973
1977

Amount
(millions
of dollars)

320
265
300
275
435
330
326
413
300
460
175

94
144
111
98
108
93
87
88
146
119
64
98
100
100
146
198

Agency, type and date of issue,
and coupon rate

Maturity

Federal intermediate credit banks
Debentures:
Mar. 4, 1963
Apr. 1,1963
May 1,1963
June 3, 1963
July 1,1963
Aug. 1,1963
Sept. 3, 1963
Oct. 1,1963
Nov. 4, 1963

Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.

Federal land banks
Bonds:
Apr. 20. 1963
Aug. 8, 1963
Dec. 20, 1960
Oct. 20, 1960
June 20, 1961
Apr. 2, 1961
May 1,1958
Sept. 20, 1961
Feb. 15, 1957
May 1,1962
Oct. 1, 1957
Oct. 22, 1963
Apr. 1,1959
May 1,1963
Feb. 2, 1959
July 15,1957
Feb. 1,1960
Feb. 14, 1958
Jan. 5, 1960
May 1,1956
Sept. 14, 1956
Feb. 20, 1963
Feb. 20, 1962

Apr. 20, 1964
Aug. 20, 1964
Oct. 20. 1964
Oct. 20, 1965
Dec. 20, 1965
Feb. 21, 1966
May 2, 1966
July 20, 1966
Feb. 15, 1967-72
May 22, 1967
Oct. 1, 1967-70
Oct. 23, 1967
Mar. 20, 1968
June 20, 1968
Mar. 20, 1969
July 15, 1969
Feb. 20, 1970
Apr. 1, 1970
July 20, 1970
May 1, 1971
Sept. 15, 1972
Feb. 20, 1973-78
Feb. 20, 1974

2, 1963
2, 1964
3, 1964
2, 1964
1, 1964
4, 1964
1, 1964
1, 1964

3, 1964

Tennessee Valley Authority
Short-term notes
Banks for cooperatives
Debentures:
June 3,1963
Aug. 1,1963
Oct. 1,1963

3.20
35/s
3.80

Dec.
Feb.
Apr.

2, 1963
3, 1964
1, 1964

158
185
183

NOTE.—These securities are not guaranteed by the U.S. Govt.; see also
NOTE to table at top of following page.




Bonds:
Nov. 15, 1960.
July 1, 1961.
Feb. 1,1962.

Amount
(millions
of dollars)

279
252
273
231
232
223
191
175
172

147
215
90
160
115
150
108
193
72
180
75
174
86
186
100
60
82
83
85
60
109
148
155

35
.4.40

Nov. 15, 1985
July 1, 1986
Feb. 1, 1987

50
50
45

80

CREDIT AGENCIES; SECURITY ISSUES

JANUARY 1964

MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGExNCIES
(In millions of dollars)
Federal home loan banks
Assets
End of
period

Advances
to
members

Investments

Federal National
Mortgage Assn.
(secondary market
operations)

Liabilities and capital

Cash
and
deposits

Bonds
and
notes

Member
deposits

Mortgage
loans

Capital
stock

(A)

Banks
for
cooperatives

Debentures
and
notes
(L)

Loans
to
cooperatives
(A)

Fede;ra
A
Ian a
ban ks

Federal
intermediate
credit banks

Debentures
(L)

and
discounts
(A)

Debentures

Mortgage
loans

Bonds

(L)

(A)

(L)

Loans

.

1,417
1 228
1,265
1,298
2,134

765
1 027
908
999
1,093

62
62
63
75
103

975
963
825
714
1,774

698
683
653
819
589

516
607
685
769
866

83
628
1,562
1 323
1,967

200
1,315
1,100
1,640

371
457
454
510
622

110
143
222
252
364

693
747
932
1,157
1,391

657
705
886
1 116
1,356

1 497
1,744
1,919
2 089
2^360

1,191
1,437
1,599
1,743
1,986

. . . .

1,981
2,662

1 233
1 153

90
159

1,266
1,571

938
] 180

989
1 107

2 788
2,770

2 523
2,453

649
697

407
435

1,501
1,650

1 454
1 ; 585

2 564
2,828

2,210
2,431

1962—Nov. .
Dec...

3,068
3,479

1,848
1,531

75
173

2,707
2,707

,028
,214

.121
,126

2,768
2,752

2,479
2,422

746
735

480
505

1,822
1,840

1,774
1,727

3,037
3,052

2,628
2,628

1963—Jan.. .
Feb...
Mar..
Apr...
May..
June..
July. .
Aug..
Sept..
Oct...
Nov..

2,802
2,611
2,514
2,635
2,740
3,270
3.548
3,758
4,024
4,226
4,290

,876
,883
,974
,702
1,720
1,937
,525
,511
1,484
,537
,515

87
81
62
87
75
159
94
70
96
131
96

2,348
2,096
2,003
1,908
2,035
2,770
2,816
3,036
3,299
3,599
3,599

,155
,213
,283
,250
,236
,325
.069
,011
,014
986
978

,128
,129
,130
,133
,134
,137
.146
,148
,153
,150
,166

2,708
2,599
2,446
2,285
2,126
2,072
2,038
2,030
2,028
2,027
2,020

2,370
2,343
2,126
2,043
1,984
1,960
1,950
1,916
1,899
1,884
1,792

111
775
761
745
702
701
711
706
735
848
858

505
480
480
491
489
459
459
473
473
526
526

1,858
1,926
1,892
2,108
2,210
2,293
2,352
2,360
2,318
2,169
2,083

1,729
1,787
1,842
1,935
2,037
2,133
2,203
2,233
2,233
2,139
2,027

3,069
3,089
3,118
3,147
3,176
3,198
3,218
3,240
3,259
3,280
3,291

2,628
2,661
2,661
2,661
2,725
2,725
2,725
2,796
2,796
2,834
2,834

1955
1956
1957
1958
1959
1960
1961

NOTE.—Data from Federal Home Loan Bank Board, Federal National
Mortgage Assn., and Farm Credit Admin. Among the omitted balance
gg
,
g
sheet items are capital accounts of all agencies, except for stock of home
loan banks. Bonds, debentures, and notes are valued at par. They
include only publicly offered securities (excluding, for the home loan

banks, bonds held within the FHLB System), and are not guaranteed by
the U.S. Govt.;; for a listing of these securities,, see preceding page. Loans
g
pg
p
g
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

Issues for new capital

Type of issuer

Period
Total

General
obligations

Revenue

PHAi

U.S.
Govt.
loans

State

Special
district
Other 2
and
stat.
auth.

Total
amount
delivered 3

Use of proceeds

Total
Education

Roads
and
bridges

Utilities 4

Housings

Veterans'
aid

Other
purposes

1957
1958
1959

6,926
7,526
7,697

4,795
5,447
4,782

1,965
1,778
2,407

66
187
332

99 1,489
115 1,993
176 1,686

1,272
1,371
2,121

4.164
4,162
3,890

6,568 6,875
7,708 7,441
7,423 7,589

2,524
2,617
2,318

1,036
1,164
844

1,517
,412
1,985

113
251
401

333
339
355

I960
1961
1962

7,292
8,566
8,845

4,771
5,724
5,582

2,095
2,407
2,681

302
315
437

125
120
145

1,110
1,928
1,419

1,984
2,165
2,600

4,198
4,473
4,825

7,102 7,247
8,301 8,463
8,732 8,568

2,405
2,821
2,963

1,007
1,167
1,114

1,316
,700
,668

426
385
521

201 1,891
478 1,913
125 2,177

666
610
572

378
403
277

273
194
173

117

15
12
6

150
121
54

236
200
242

280
289
276

416
650
544

650
578
550

211
213
163

14
97
14

136
150
93

2
117

290
116
163

978
834
1,012
948
'952
r
l,089
'885
'754
'464
1,263

527
431
674
•"692
'437
'422
r
447
'392
'354
664

21
20
16
16
15
28
21
14
25
21

41
100
265
156
168
134
77
186
'93
143

250
342
'332
207
'424
'528
'422
'285
'72
445

686
391
416
585
'359
r
426
'386
'283
••298
674

657
843
880
1.003
899
r
912
r
l,100
'928
'701
565

'732
726
'974
'866
'861
r
945
'647
'706
'448
1,052

310
238
251
369
214
r
251
'246
r
260
'204
220

99
114
52
70
69
39
r
67
'32
'33
130

182
85
231
225
'346
'194
'126
'143

2
91
142
1
56
114
26
123
31
9

'139
197
298
202
'176
347
'182
'148
'103
363

1962—Oct
Nov
Dec
1963—Jan
Feb
Mar
Apr
May....
June....
July....
Aug. . . .
Sept....
Oct

429
383
210
'240
'500
'639
r
416
r

mi

'85
577

138

116

1 Only bonds sold pursuant to 1949 Housing Act; secured by contract
requiring the Public Housing Administration to make annual contributions
to the local authority.
2
Municipalities, counties, townships, school districts.
3 Excludes U.S. Govt. loans. Based on date of delivery to purchaser
(and payment to issuer) which occurs after date of sale.
4
Water, sewer, and other utilities.




m
330

1,352
1,657
1,685

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.

81

SECURITY ISSUES

JANUARY 1964
TOTAL NEW ISSUES
(In millions of dollars)

Gross proceeds, all issues

Proposed use of net proceeds,
all corporate issues 5

l

Noncorporate

Corporate

New capital

Period
Bonds
Total

U.S.
Govt.
agency 3

U.S.
Govt. 2

U.S.
State
and
local

Stock
Total

Other

4

Total

Privately
placed

Publicly
offered

Total

Total
Preferred

Corn-

10,240
10,939
12,884
11,558
9,748

7,420
8,002
9,957
9,653
7,190

4,119
4,225
6,118
6,332
3,557

3,301
3,777
3,839
3,320
3,632

635
636
411
571
531

579 10,154
302 13,147
869 10,770

8,081
9,425
9,016

4,806
4,706
4,487

3,275
4,720
4,529

409 1,664 9,924 9,653
449 3,273 12,874 11,979
436 1,318 10,572 9,814

646
595
547

169
115
111

976
784
1,197

853
732
1,072

539
286
264

314
446

49
24
59

74
28
65

961
776
1,184

835
703
1,103

999
810
989
915
902
1,072
789
726
452
1,282

240
141
82
62
131
25
78
100
4
3

695
642
1,363
1,049
1,340
1,246
810
786
871
1,170

593
548
1,273
832
1,244
1,133
710
686
784
1,043

350
259
499
380
550
459
279
336
283
511

243
289
774
452
694
675
431
349
501
532

30
17
17
26
17
38
35
39
5
36

71
77
74
191
78
75
65
61
81
91

684
631
1,349
1,034
1,323
1,230
797
774
862
1,154

613
594
1,144
930
904
1,013
676
667
795
1,062

1955
1956.
1957
1958
1959

26,772 9,628
22,405 5,517
30.571 9,601
34,443 12,063
31,074 12,322

746 5,977
169 5,446
572 7 6,958
2,321 7,449
707 7,681

1960
1961
1962

27,541 7,906
35,494 12.253
29,975 8; 590

1,672
1,448
1.188

1962—Oct.. .
Nov..
Dec.

2,150
1,821
2,149

359
327
295

1963—Jan...
Feb..,
Mar..
Apr..
May.,
June.
July..
Aug..
Sept..
Oct...

2,708
2,166
2,830
2,927
2,783
5,054
2,089
2,010
1,673
3,023

774
425
396
716
409
2,252
413
398|
3471
394|

148
186
459

174

New
money"

7,230
8,345
8,558

182
334
557
1,052
616

2,185
2,301
2,516
1.334
2,027

Other
purposes

Retirement
of
securities

864
721
663
915
814

1,227
364
214
549
135

8,758
895
10,829 1,150
8,323 1,491

271
895
757

727
494
923

108
209
180

126
73
81

563
448
1,056
812
830
783
588
596
730
960

50
146
88
118
74
230
89
71
65
102

72
37
205
104
419
217
121
107
67
92

10,049 8,821 7,957
10,749 10,384 9,663
12,661 12,447 11,784
11,372 10,823 9,907
9,527 9,392 8,578

Proposed uses of net proceeds, major groups of corporate issuers

Manufacturing

Commercial and
miscellaneous

Transportation

Public utility

Communication

Real estate
and financial

Period
New
capital 8

Retirement of
securities

New
capital 8

Retirement of
securities

New
capital 8

Retirement of
securities

New
capital 8

Retirement of
securities

New
capital 8

Retirement of
securities

New
capital 8

Retirement of
securixies

1955
1956
1957
1958
1959

2,397
3,336
4,104
3,265
1,941

533
243
49
195
70

769
682
579
867
812

51
51
29
13
28

544
694
802
778
942

338
20
14
38
15

2,254
2,474
3,821
3,605
3,189

174
14
51
138
15

1,045
1,384
1,441
1,294
707

77
21
4
118

1,812
1,815
1,701
1,014
1,801

56
17
67
47
6

1960
1961
1962

1,997
3,708
3,020

79
306
204

794
1,095
832

30
46
29

672
680
551

39
26
30

2,754
2,892
2,357

51
104
445

1,036
1,427
1,281

1
378
10

2,401
2,176
1,773

71
36
39

1962—Oct..
Nov.
Dec.

153
271
345

10
3
31

40
40
104

20
35
90

15
13

141
175
252

108
50
25

260
4
54

222
178
257

2
4
5

1963—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug..
Sept.
Oct..

135
220
592
148
216
227
297
272
237
266

5
6
31
5
29
10
28
3
47
10

49
52
85
64
60
114
63
50
32
56

114
115
97
342
222
230
107
100
78
198

65
30
61
86
58
179
82
22
*
72

125
68
43
71
92
58
86
25
39
42

91
110
183
271
212
276
89
184
348
469

105
1
9
5
2
4
7
3

1
5
12
2
3
4
7
4
1

1
Gross proceeds are derived by multiplying principal amounts or
number of units by offering price.
2 Includes guaranteed issues.
3
Issues not guaranteed.
4
Foreign governments, International Bank for Reconstruction and
Development, and domestic nonprofit organizations.
5
Estimated gross proceeds less cost of flotation.




99
30
143
34
101
109
35
36
61
31

60
12

262
8
5
71
1
4

6

For plant and equipment and working capital.
7 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.

82

SECURITY ISSUES

JANUARY 1964

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
(In millions of dollars)
Deri vation of change, all i jsuers
All securities

Common and preferred stocks

Bonds and notes

Period

New issues
New
issues

Retirements

Net
change

New
issues

Retirements

Net
change

1957
1958
1959

14,350
14,761
12,855

3,609
5,296
4,858

10,741
9,465
7,998

9,638
9,673
7,125

2,584
3,817
3,049

I960
1961
1962

13,084
16,745
13,490

5,033
6,967
6,249

8,051
9,778
7,241

8,072
9,225
8,593

1962—III
IV

2,744
3,423

1,634
1,576

1,110
1,848

1963—1
II
Ill

3,074
4,176
3,297

1,803
2,449
2,004

1,272
1,727
1,293

Retirements

Net change

Invest.
cos. 1

Other

Invest.
cos. 1

Other

Invest.
cos. 1

Other

7,053
5,856
4,076

1,391
2,018
2,353

3,321
3,070
3,377

406
515
785

618
964
1,024

985
1,503
1,568

2,703
2,106
2,354

3,078
4,090
3,566

4,994
5,134
5,028

2,288
3,259
2,788

2,724
4,261
2,109

869
1,811
1,123

1,086
1,696
1,561

1,419
2,078
1,665

1,638
2,566
548

1,816
2,503

1,082
960

734
1,543

500
511

428
409

235
286

317
330

265
225

111
79

2,096
3,013
2,189

1,087
1,540
1,230

1,009
1,473
959

608
613
659

370
550
449

348
396
389

367
513
385

260
217
270

3
36
64

Type of issuer
Manufacturing

Commercial
and other 2

Transportation 3

Public
utility

Period
Bonds
& notes

Bonds
& notes

Stock

Bonds
& notes

1957
1958
1959

1,779
2,191
316

1,391
-61
425

169
417
217

24
9
158

I960
1961
1962

399
1,938
1,479

451
318
-403

261
505
313

1962—m
IV

291
390

-159
-83

1963—1
II
Ill

391
460
378

-102
-224
-60

Real estate
and financial

Communication

Stock

Bonds
& notes

Stock

Bonds
& notes

Stock

289
413
335

-93

2,585
2,133
1,738

815
1,027
1,028

1,236
494
475

198
1,070
443

995
206
994

1,259
1,656
1,866

-91
-431
-173

173
63
-61

-42
1
-34

1,689
1,655
1,301

635
700
487

901
148
1,178

356
1,472
363

1,572
825
819

1,749
2,584
1,972

8
78

11
-35

—27
40

— 12
-11

87
316

134
69

244
308

100
97

132
410

302
268

58
112
17

-18
-14
-27

100
131
-95

—3
-31
27

190
250
148

25
167
8

197
99
82

87
101
131

73
422
429

273
254
254

Stock

1
2
3

Open-end and closed-end cos.
Extractive and commercial and misc. cos.
Railroad and other transportation cos.
4 Includes investment companies.
NOTE.—Securities and Exchange Commission estimates of cash transactions only. As contrasted with data shown on p. 81, new issues

Bonds
& notes

4

Stock

exclude foreign and include offerings of open-end investment cos., sales
of securities held by affiliated cos. or R F C , 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. 81.

OPEN-END INVESTMENT COMPANIES
(In millions of dollars)
Sales and redemption
of own shares

Assets (market value
at end of period)

Month

Year
Sales

Redemptions

Net
sales

Total i

Cash
position 2

1952
1953
1954

783
672
863

196
239
400

587
433
463

3,931
4,146
6,110

309

1955
1956
1957
1958
1959

1,207
1,347
1,391
1,620
2,280

443
433
406
511
786

765
914
984
1,109
1,494

7,838
9,046
8,714
13,242
15,818

438
492
523
634
860

1960
1961
1962

2,097
2,951
2,699

842
1,160
1,123

1,255
1,791
1,576

17,026
22,789
21,271

973
980
1,315

Other

Sales

Redemptions

Net
sales

Total i

Cash
position

2

Other

1962—Nov...
Dec...

163
191

89
105

74
87

21,088
21,271

1,324
1,315

19,764
19,956

1963—Jan...
Feb...
Mar...
Apr...
May..
June..
July...
Aug...
16,053
Sept...
21,809
Oct....
19,956
Nov...

235
166
200
203
194
195
219
193
206
214
210

116
115
117
133
132
115
124
123
142
132
123

118
51
84
70
61
79
95
69
64
82
87

22,447
22,015
22,639
23,487
24,038
23,692
23,550
24,925
24,496
24,914
24,774

1,336
1,401
1,350
1,256
1,286
1,166
1,310
1,287
1,300
1,374
1,419

21,111
20,614
21,289
22,231
22,752
22,526
22,240
23,638
23,196
23,540
23,355

5,801

7,400
8,554
8,191
12,608
14,958

1 Market value at end of period less current liabilities.
2 Cash and deposits, receivables, all U.S. Govt. securities, and other
short-term debt securities, less current liabilities.




Sales and redemption
of own shares

Assets (market value
at end of period)

NOTE.—Investment Co. Institute data based on reports of members,
which comprise substantially all open-end investment companies registered
with the Securities and Exchange Commission. Data reflect newly formed
companies after their initial offering of securities.

JANUARY 1964

83

BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
(In millions of dollars)
1962

Industry

1958

1959

1960

1961

1963

1962 i

Ill

IV

II 1

III

Manufacturing
Total (180 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (79 corps.): 2
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (101 corps.): 3
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Foods and kindred products (25 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied products (21 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (16 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Primary metals and products (35 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (25 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends

105,134 118,423 123,126 122,849 135,579 33,291 34,602 31,995 35,690 34,549 37,521 34,861
10,466 14,090 13,463 13,200 15,401 3,908 4,096 3,187
4,210 3,960 4,721 3,717
5,714
7,440 7,121 7,135 8,184 2,033 2,096 1,700 2,355 2,078 2,431 1,981
4,078 4,342 4,464 4,714 5,022 1,154 1,158 1,163
1,548 1,164
1,315 1,165
41,541 45,442 47,277 49,237 52,077
4,402 5,648 5,570 5,589 6,001
2,574 3,210 3,210 3,219
3,416
1,912 1,953 2,037 2,153
1,785

12,793 12,984 12,981 13,320 13,207 13,818 13,941
1,461 1,501 1,453 1,586 1,512 1,617 1,657
816
827
867
815
959
899
942
512
513
539
517
611
539
530

63,593 72,981 75,849 73,612 83,502 20,499 21,619 19,014 22,371 21,342 23,703 20,920
6,065 8,442 7,893 7,611 9,400 2,447 2,595 1,734 2,624 2,448 3,083 2,060
4,231 3,911 3,916 4,768 1,217 1,282
3,140
873 1,397 1,211 1,532 1,039
2,294 2,430 2,510 2,677 2,870
642
644
626
647
936
776
636

10,707 11,303 11,901 12,607 13,124
1,152 1,274 1,328 1,417 1,440
604
555
631
670
685
312
344
392
367
419

3,231
336
160
103

3,267
355
167
103

3,328
380
180
104

3,298
368
178
109

3,268
334
162
108

3,470
386
184
110

3,557
404
195
110

10,390 11,979 12,411 12,825 13,978
1,538 2,187 2,010 1,989 2,229
829 1,131 1,061 1,039 1,160
799
843
876
717
795

3,372
545
279
198

3,567
586
297
196

3,467
546
283
199

3,572
553
301
283

3,508
548
283
204

3,788
621
318
204

3,765
607
319
194

12,838 13,372 13,815 14,483 15,013
919 1,187 1,267 1,237 1,362
791
969 1,026 1,025 1,084
528
516
518
521
566

3,771
343
262
139

3,612
300
227
142

3,714
299
255
141

3,916
420
341
145

3,959
390
304
151

3,937
343
265
149

4,028
387
303
150

19,226 21,035 20,898 20,308 21,361
2,182 2,331 2,215 1,998 1,860
1,154 1,222 1,170 1,067 1,003
802
831
845
821
840

5,733
620
320
209

5,535
505
269
210

4,992
353
186
210

5,102
383
228
192

5,155
431
231
180

6,151
713
372
182

5,498
474
253
182

14,685 17,095 16,826 17,576 19,127
1,463 1,890 1,499 1,672 1,913
734
934
763
838
957
422
448
482
497
520

4,537
454
225
129

4,916
490
240
129

4,665
457
228
129

5,008
512
265
133

4,768
481
239
137

5,120
535
266
140

5,111
537
263
140

18,469 22,731 25,738 22,779 28,603
1,332 2,985 3,185 2,788 4,326
706 1,479 1,527 1,410 2,136
758
833
969 1,148
807

6,904
1,096
531
215

7,515
1,253
596
216

5,708
589
287
216

8,476
1,389
721
501

7,851
1,265
599
216

8,615
1,469
704
361

6,421
673
331
220

9,440
728
571
367

2,296
133
66
85

2,408
186
105
92

,,332
172
125
67

2,405
237
275
123

2,238
116
82
89

2,474 ^2,398
252
189
103

10,195 11,129 11,906 12,478 13,252
2,704 2,983 3,163 3,349 3,591
1,519 1,655 1,793 1,883 2,053
1,134 1,219 1,307 1,374 1,459

3,399
1,051
585
366

3,206
835
472
371

,255
887
488
356

3,392
818
508
366

2,245
648
320
231

2,296
678
335
232

,300
683
337
235

2,355
630
335
237

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

9,565
843
602
419

6,939
1,860
921
674

9,825
845
578
406

7,572
2,153
1,073
743

9,514
648
445
385

8,111
2,326
1,155
806

1
Figures have not been adjusted for the varying treatment by individual companies of additional depreciation under the new guidelines and
of 2the investment tax credit.
Includes 17 cos. in groups not shown separately.
3
Includes 27 cos. in groups not shown separately.

NOTE.—Manufacturing corps. Data are obtained primarily from
published co. reports.
Railroads. Interstate Commerce Commission data for Class I linehaul railroads.
Electric power. Federal Power Commission data for Class A and B
electric utilities, except that quarterly figures on operating revenue and
profits before taxes are partly estimated by the Federal Reserve to include
affiliated nonelectric operations




9,189
625
382
359

8,615
2,478
1,233
867

9,196
2,639
1,327
935

3,377
848
498
378
2,365
672
336
225

3,481
930
529
384

2,440
711
357
255

2,465
725
368
252

Telephone. Data obtained from Federal Communications Commission on revenues and profits for telephone operations of the Bell System
Consolidated (including the 20 operating subsidiaries and the Long
Lines and General departments of American Telephone and Telegraph
Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operating subsidiaries and the 2 affiliates.
All series. Profits before taxes are income after all charges and before
Federal income taxes and dividends. For description of series see
June 1949 BULL., pp. 662-66 (manufacturing); Mar. 1942 BULL., p p -

215-17 (public utilities); and Sept. 1944 BULL., p. 908 (electric power).
Back data available from Division of Research and Statistics.

84

BUSINESS FINANCE

JANUARY 1964

CORPORATE PROFITS, TAXES, AND DIVIDENDS
(In billions of dollars)
Corporate
capital
Undis- consumptributed
tion
profits
allowances l

Profits
before
taxes

Income
taxes

Profits
after
taxes

Cash
dividends

1955
1956
1957
1958
1959

44.9
44.7
43.2
37.4
47.7

21.8
21.2
20.9
18.6
23.2

23.0
23.5
22.3
18.8
24.5

11.2
12.1
12.6
12.4
13.7

11.8
11.3
9.7
6.4
10.8

18.4
20.0
21.8
22.7
24.3

I960
1961
1962

44.3
43.8
46.8

22.3
22.0
22.2

22.0
21.8
24.6

14.5
15.3
16.6

7.5
6.5
8.1

25,6
26.8
30.8

Year

Quarter

1962—1
II....

m.....
IV...
1963—1
II
III

i Includes depreciation, capital outlays charged to current accounts, and
accidental damages.

Corporate
capital
Undis- consumptributed
tion
profits
allowances 1

Profits
before
taxes

Income
taxes

Profits
after
taxes

Cash
dividends

45.9
46.7
46.2
48.4

21.7
22.1
21.9
22.9

24.2
24.6
24.3
25.5

16.2
16.4
16.5
17.1

8.0
8.2
7.8
8.4

30.3
30.7
31.0
31.3

48.3
51.0
52.2

22.9
24.2
24.7

25.4
26.8
27.5

17.1
17.6
17.6

8.3
9.2
9.8

31.7
32.1
32.7

NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally
adjusted annual rates.

CURRENT ASSETS AND LIABILITIES OF CORPORATIONS
(In billions of dollars)
Current assets

End of period

1956
1957
1958
1959
I960
1961

Net
working
capital

Total

Cash

U.S.
Govt.
securities

Current liabilities

Notes and accts.
receivable
U.S.
Govt.i

Inventories

Other

Total

Other

Notes and accts.
Accrued
payable
Federal
income
U.S.
taxes
Other
Govt.i

Other

107.4
111.6
118.7
124.2
128.6
136.8

237.9
244.7
255.3
277.3
289.0
306.0

34.8
34.9
37.4
36.3
37.2
40.3

19.1
18.6
18.8
22.8
20.1
19.7

2.6
2.8
2.8
2.9
3.1
3.4

95.1
99.4
106.9
117.7
126.1
135.5

80.4
82.2
81.9
88.4
91.8
95.2

5.9
6.7
7.5
9.1
10.6
12.0

130.5
133.1
136.6
153.1
160.4
169.3

2.4
1.7
L.7
L.8
1.8

81.5
84.3
88.7
99.3
105.0
111.6

17.6
15.4
12.9
15.0
13.5
14.0

29.0
31.1
33.3
37.0
40.1
41.9

1962—II

ni
IV

140.4
141.3
144.0

313.3
320.5
325.9

37.2
37.5
41.0

19.6
19.0
20.1

3.3
3.4
3.6

141.0
146.4
146.5

98.7
100.5
100.9

13.5
13.7
13.7

172.9
179.2
181.9

1.8
o
2.0

113.4
117.7
119.8

13.6
14.6
14.9

44.1
45.0
45.1

1963_1
II
Ill

144.9
147.1
149.7

327.7
334.7
341.6

36.9
38.0
38.5

20.7
20.2
19.6

3.5
3.3
3.4

148.7
153.1
157.8

102.7
104.0
105.8

15.2
16.0
16.6

182.8
187.6
192.0

2.3
2.5
2.5

120.2
123.8
126.6

14.1
14.2
15.1

46.2
47.1
47.7

i Receivables from, and payables to, the U.S. Govt. exclude amounts
offset against each other on corps.' books.

NOTE.—Securities and Exchange Commission estimates; excludes
banks, savings and loan associations, and insurance cos.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT
(In billions of dollars)
Manufacturing
Period

Total
Durable

Nondurable

Transportation
Mining

Public
utilities

Communications

Other i

Railroad

Other

.96
1.24
1.24
.94
.99

.92
1.23
1.40
.75
.92

1.60
1.71
1.77
1.50
2.02

4.31
4.90
6.20
6.09
5.67

1.98
2.68
3.03
2.62
2.67

7.49
8.36
7.37
7.20
8.21

.99
.98

1.94
1.85
2.07
1.91

5.68
5.52
5.48
5.64

3.13
3.22
3.63

Total
(S.A.
annual
rate)

8.44
8.46
9.52

1955
1956
1957
1958
1959

28.70
35.08
36.96
30.53
32.54

5.44
7.62
8.02
5.47
5.77

6.00
7.33
7.94
5.96
6.29

1960
1961
1962
19632

35.68
34.37
37.31
39.05

7.18
6.27
7.03
7.77

7.30
7.40
7.65
7.85

1.04

1.03
.67
.85
1.08

1962—11..

m.,

IV..

9.50
9.62
10.18

1.77
1.79
2.03

1.92
1.93
2.10

.27
.28
.27

.26
.24
.20

.60
.50
.50

.37
.54
.52

.93
.87
.95

2.37
2.48
2.60

36.95
38.35
37.95

1963—1...
II ..
III.
IV 2

8.25
9.74
10.14
10.92

1.62
1.96
1.96
2.23

1.65
1.95
1.99
2.25

.24
.26
.27
.28

.21
.28
.29
.31

.39
.54
.45
.54

.04
.40
.60
.60

.85
.95
.93

2.26
2.41
2.64

36.95
38.05
40.00
40.75

1964—12. ,

9.05

1.79

1.80

.24

.26

.50

1.10

1
2

Includes trade, service, finance, and construction.
Anticipated by business.




1.08

13 75

3.71
3.36

40.75

NOTE.—Dept. of Com merce and Securities and Exchange Commission
estimates for corp. and noncorp. business, excluding agriculture.

JANUARY 1964

85

REAL ESTATE CREDTT
MORTGAGE DEBT OUTSTANDIiNG
[In billions of dollars]
Nonfarm

All properties

All
holders

End of period

1941
1945

Otlier
hold 21*S

Financial
institutions1

1- to 4-family houses

2

U.S.
agencies

Individuals
and
others

All
holders

Finan. Other
instiholdTotal
tutions1
ers

Farm
Multifamily and
commercial properties

3

Finan. Other
Total
instiholdtutions !
ers

37.6
35.5

4.7
2.4

12.2
12.1

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

144.5
'156.5
l71.8
'190.8

111.2
119.7
131.5
145.5

6.0
'7.4
7.8
10.0

27.3
29.4
32.7
'35.3

134.6
146.1
160.7
178.7

99.0
107.6
117.7
130.9

83.4
89.9
98.5
109.2

15.6
17.7
19.2
21.6

35.6
38.5
43.0
47.9

23.9
25.8
28.8
31.9

11.7
12.7
14.2
16.0

r
206.8
r

157.6
172.6
192.5

11.2
11.8
12.2

r

226.3
251.6

1956
1957
1958
1959

20.7
21.0

38.O 194.0
'41.9 '212.4
47.0 236.4

141.3
r
153.1
166.5

117.9
128.2
140.4

23.4
'24.9
26.0

52.7
5
59.3
69.9

35.0
'39.4
46.6

17.7

231.1
237.8
244.5
251.6

176.0
181.5
186.8
192.5

12.1
12.1
12.1
12.2

257.1
265.2
273.3
281 1

197.2
1 1 .8
11.2
204.1
i: i
210 8
217 3 !.

r

1960
1961^
1962*
1962—1"
if"

ni"
IV"

1963—1"
II"
IV"

r

All
holders

FinanOther
cial
insti- holders 4
tutions l

1.5
1.3

4.9
3.4

'9.8
'10.4

6.0
'"6.4
'6.9

12.1

3.9
4.0
4.2
4.5

23.4

r

6.4
4.8

M2.8
M3.9
15.2

4.7
5.0
5.5

'8.2
'•8.9
9.7

l9.9

r
ll.l
r

n.6

42.9
44.3
45.6
47.0

216.8
223.1
229.6
236.4

155.3
159.1
162.9
166.5

130.0
133.7
137.1
140.4

25.3
25.5
25.8
26.0

61.5
64.0
66.7
69.9

40.9
42.6
44.3
46.6

20.6
21.5
22.3
23.4

14.2
14.7
14.9
15.2

5.1
5.3
5.4
5.5

9.1
9.4
9.6
9.7

48.1
49.9
51 4

241.6
249.1
256.8

169.2
173.7
178.3

143.3
147.9

25.9
25.8
26 0

72.4
75.4
78.5

48.3
50.3
52 4

24.1
25.1
26 1

15.5
16.1
16 6

5.6
5.9
6.1

9.9
10.2
10.5

i

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 Administration, and Federal land banks, and in earlier years, RFC, HOLC,
and FFMC. Other U.S. agencies (amounts small or current separate
data not readily available) included with individuals and others.
3 Derived figures; includes small amounts of farm loans held by
savings and loan assns.

4
Derived figures; includes debt held by Federal land banks and
Farmers Home Administration.

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
Administration, Public Housing Administration, Veterans Administration, and Comptroller of the Currency.
Figures for first three quarters of each year are F.R. estimates.

MORTGAGE LOANS HELD BY BANKS
(In millions of dollars)
Mutual savings bank holdings

Commercial bank holdings *
Residential
End of period
Total
Total

FHAinsured

VAguaranteed

1941
1945

4,906
4,772
22,719
23,337
25,523
25,145

17,004
17,147
18,591
20,320

4,803
4,823
5,476
6,122

3,902
3,589
3,335
3,161

I960
1961
1962

28,806
30,442
34,476

20,362
21,225
23,482

5,851
5,975
6,520

1961 n
Ill
IV

29,383
29,920
30,442

20 595
20,953
21,225

1962—1
II

30,844
32,194
33,430
34,476

1963—T
T
T
Ill"

35,243

Residential
Conventional

Other
nonfarm

3 292
3,395

1956
1957
1958
1959

Ill
IV

1
2

1 6 Q1Q

38,550

Total
Total

FHAinsured

VAguaranteed

566
521

4,812
4,208

8,300
8,735
9,780
11,037

4,379
4,823
5,461
6,237

1,336
1,367
1,471
1,588

19,746
21,169
23,263
24,992

17,703
19,010
20,935
22,486

4,409
4,669
5,501
6,276

7,139
7,790
8,360
8,589

2,859
2,627
2,654

11,652
12,623
14,308

6,796
7,470
8,972

1,648
1,747
2,022

26,935
29,145
32,320

24,306
26,341
29,181

5,820
5,905
5,975

2,726
2,676
2,627

12 049
12,372
12,623

7,072
7,227
7,470

1,716
1,740
1,747

28,015
28,589
29,145

21,211
22,049
22 824
23,482

6,003
6,195
6,376
6,520

2,547
2,593
2,617
2,654

12,661
13,260
13,831
14,308

7,817
8,219
8,628
8,972

1,816
1,927
1,978
2,022

23,846
24 9*8
26,021

6,627

2,651
2 837
2,940

14,568 9,270
15,260 9,740
15.951 10,216

2,127
2,241
2,313

Conventional

3,884
3,387

Includes loans held by nondeposit trust cos., but not bank trust depts.
Data for 1941 and 1945, except for totals, are special F.R. estimates.

NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp.
series for all commercial and mutual savings banks in the United States




Farm

856

1,048

6.8^1
7,130

2

Other
nonfarm

Farm

900
797

28
24

6,155
6,551
7,073
7,622

1,984
2,102
2,275
2,451

59
57
53
55

7,074
8,045
9,238

8,986 8,246
9,267 9,028
9,787 10,156

2,575
2,753
3,088

54
51
51

25,318
25,892
26,341

7,634
7,811
8,045

9,192
9,231
9,267

8,492
8,850
9,028

2,645
2,646
2,753

51
51
51

29,833
30,638
31,484
32,320

26,940
27,632
28,464
29,181

8,340
8,662
8,984
9,238

9,392 9,208
9,502 9,469
9,633 9,847
9,787 10,156

2,842
2,954
2,968
3,088

51
51
52
51

33,368
34,309
35,215

30,143 9,724 10,046 10,373
30,969 10,023 10,218 10.728
31,833 10,370 10.370 11,093

3,174
3,290
3,332

51
50
50

and possessions; first and third quarters, estimates based on FDIC data
for insured banks beginning in 1962. For earlier years the basis for
first and third quarter estimates included F.R. commercial bank call
data and data from National Assn. of Mutual Savings Banks.

86

REAL ESTATE CREDIT

JANUARY 1964

MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
Loans outstanding (end of period)

Loans acquired

Nonfarm

Nonfarm

Period
Total
Total

FHAinsured

VAguaranteed

Farm

1

1941
1945

Total

976

1956
1957
1958
1959

6,715
5,230
5,277
5,970

6,201
4,823
4,839
5,472

842
653
1,301
1,549

1 652
831
195
201

3,707
3,339
3,343
3,722

I960
1961
1962

6,086
6,785
7,478

5,622
6,233
6,859

1,401
1,388
1,355

291
220
469

707
732
1,010

662
688
949

131
135
142

647
518
705
705
713
725
821
766
716
774

581
447
608
624
635
657
737
704
653
718

122
98
125
126
129
117
140
140
142
147

1962—Oct
Nov
Dec

.

. . .

1963—Jan
Feb
Mar
Apr
May
June
July
Sect
Oct

Total

Other i

FHAinsured

913
776

7,304
7,721
7,433
7,086

16,577
18,180
19,519
20,994

2,481
2,584
2,667
2,844

9,032
9,665
10,176

6,901
6,553
6,395

22,856
24,815
26,931

2,982
3,17©
3,490

42,654
42,972
43,557

10,078
10,147
10,215

6,394
6,391
6,401

26,182
26,434
26,941

3,366
3,380
3,400

43,805
43,928
44,156
44,407
44,616
44,831
45,028
45,294
45,522
45,799

10,309
10,343
10,388
10,444
10,483
10,501
10,510
10,564
10,604
10,658

6,397
6,390
6,399
6,418
6,428
6,432
6,428
6,419
6,402
6,393

27,099
27,195
27,369
27,545
27,705
27,898
28,090
28,311
28,516
28,748

3,398
3,420
3,462
3,503
3,549
3,590
3,637
3,670
3,711
3,737

5,529
5,860

815
1,394

514
407
438
498

32,989
35,236
37,062
39,197

30,508
32,652
34,395
36,353

6,627
6,751
7,443
8,273

3,930
4,625
5,035

464
552
619

41,771
44,203
46,902

38,789
41,033
43,502

48
52
55

483
501
752

45
44
61

46,020
46,352
46,957

48
44
63
68
73
54
57
50
48
52

411
305
420
430
433
486
540
514
463
519

66
71
97
81
78
68
84
62
63
56

47,203
47,348
47,618
47,910
48,165
48,421
48,665
48,964
49,233
49,536

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.

Farm
Other

4,714
4,466

6,442
6,636

NOTE.—Institute of Life Insurance data.

VAguaranteed

monthly figures may not add to annual totals and for loans outstanding,
the end-of-Dec. figures may differ from end-of-year figures, because
monthly figures represent book value of ledger assets whereas year-end
figures represent annual statement asset values, and because data for
year-end adjustments are more complete.

For loans acquired, the

MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS

NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS

(In millions of dollars)

(In millions of dollars)

Loans made
Period
Total 2

New
construction

Total i

Loans outstanding (end of period)

By type of lender (N.S.A.)

ConVAvenguaranteed tional 2

N.S.A.

Savings &
loan
assns.

Insurance
companies

Commercial
banks

Mutual
savings
banks

1941
1945

Home
FHApur- Total 2 '
insured
chase

4,732
5,650

1,490
2,017

404
250

1,165
1,097

218
217

Period
S.A. 2

1941
1945

1,379
1,913

437
181

581
1,358

4,578
5,376

1956
1957
1958
1959

10,325
10,160
12,182
15,151

3,699
3,484
4,050
5,201

4,620
4,591
5,172
6,613

35,729
40,007
45,627
53,141

1,486
1,643
2,206
2,995

6,643
7,011
7,077
7,186

27,600
31,353
36,344
42,960

1956
1957
1958
1959

27,088
24,244
27,388
32,235

9,532
9,217
10,516
13,094

1.799
1,472
1,460
1,523

5,458
4,264
5,204
5,832

1,824
1,429
1,640
1,780

1960
1961
1962

14,304
17,364
20,754

4,678
5,081
5,979

6,132 60,070
7,207 68,834
8,524 78,770

3,524
4,167
4,476

7,222 49,324
7,152 57,515
7,010 67,284

I960
1961
1962

29,341
31,157
34,187

12,158
13,662
15-144

1,318
1,160
.212

4,520
4,997
5,851

1,557
1,741
1,957

1,750
1,755

505
534

708 77,972
643 78,770

4,457
4,476

7,058 66,457
7,010 67,284

Oct
Nov
Dec

2,925
2,939
2,916

3,208
2,883
2,682

[,403
1,270
1,168

116
105
103

554
490
444

191
178
168

1,573
1,503
1,834
2,058
2,199
2,242
2,341
2,428
2,196
2,387
1,838

434
429
573
622
651
638
619
623
642
685
500

4,500
4,522
4,535
4,547
4,581
4,587
4,621
4,635
4,662
4,679
4,666

7,015
7,047
7,045
7,068
7,089
7,047
7,084
7,085
7,058
7,028
6,971

2,876
2,869
2,907
2,986
3,066
3,121
3,183
3,213
3,189

2,658
2,424
2,751
3,065
3,233
3,177
3,515
3,525
3,177
3,534

1,143
1,086
1,261
1,412
1,497
1,468
1,606
1,611
1,442
1,594

100
88
99
112
116
119
127
123
116
125

457
408
467
539
563
551
595
612
546
616

141
123
126
145
168
181
218
212
190
206

1962
Nov
Dec

1962

1963
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
NOV.P

616
576
666
760
854
936
1,003
1,071
928
977
749

79,441
80,137
81,042
82,103
83,281
84,525
85,628
86,836
87,933
89,051
89,845

67,926
68,568
69,462
70,488
71,611
72,891
73,923
75,116
76,213
77,344
78,208

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
Feb
Mar
Apr
May
June
July
Aug
Sent
Oct

.

.

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.

JANUARY 1964

87

REAL ESTATE CREDIT

GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE

MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- to 4-FAMBLY PROPERTIES

(In millions of dollars)

(In billions of dollars)

FHA-insured

VA-guaranteed

Mortgages
Period
Total

New
homes

Existing
homes

257

217

Mortgages

PropProjects 1

im- Total 3
proveNew
ments 2
homes

Governmentunderwritten

End of
period

Total

Existing
homes

ConvenFHA- VA- tional
inTotal
guarsured anteed

1945
20

171

192

1945

665

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

I960
1961
1962

6,293
6,546
7,184

2,197
1,783
1,849

2,403
2,982
3,421

711
926
1,079

982
855
834

1,985
1,829
2,652

1,554
1,170
1,357

428
656
1,292

1962—Nov
Dec

649
589

172
145

321
284

86
95

70
65

254
236

124
115

129
121

1963 Jan
Feb
Mar
Apr.
May

618
536
546
540
562
590
640
653
617
734
577

179
141
137
120
123
118
142
136
138
160
127

324
259
279
273
292
301
369
372
367
407
317

60
82
73
86
72
86
72
60
46
88
55

54
54
57
62
75
85
56
86
66
79
78

254
202
219
245
260
226
265
278
267
316
258

123
100
106
114
108
91
98
103
103
119
100

131
101
113
130
151
135
167
175
165
196
158

July
Aug.
Sent
Oct
Nov

18.6

4.3

4.1

.2

14.3

1956
1957
1958
1959

99.0
107.6
117.7
130.9

43.9
47.2
50.1
53.8

15.5
16.5
19.7
23.8

28.4
30.7
30.4
30.0

55.1
60.4
67.6
77.0

I960
1961
1962*

141.3
153.1
166.5

56.4
59.1
62.0

26.7
29.5
32.3

29.7 84.8
29.6 93.9
29.7 104.5

155.3
159.1
162 9
166.5

59.9
60.4
61.0
62.0

30.3
30.9
31.5
32.3

29.6 95.4
29.5 98.7
29.5 101 9
29.7 104 5

169 2
173.7
178.3

62.8
63.5
64.3

33.0
33.5
34.3

29.8 1C6.4
30.0 110.2
30.0 114.1

1962—IP
UP

Ill*
IV*
1963—IP
UP

III?

NOTE.—For total debt outstanding, figures arc
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.
2 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.

FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY

FEDERAL HOME LOAN BANKS

(In millions of dollars)

(In millions of dollars)

Mortgage holdings

Mortgage
transactions
(during
period)

Advances outstanding
(end of period)

Total

FHAinsured

VAguaranteed

Purchases

Sales

Commitments
undisbursed
1945

278

213

195

176

19

46

1956
1957
1958
1959

3,047
3,974
3,901
5,531

978
1,237
1,483
2,546

2,069
2,737
2,418
2,985

609
1,096
623
1,907

5
3
482
5

360
764
1,541
568

1956
1957
1958
1959

745
1,116
1,364
2,067

934
1,079
1,331
1,231

1,228
1,265
1,298
2,134

798
731
685
1,192

430
534
613
942

683
653
819
589

I960
1961
1962

6,159
6,093
5,923

3,356
3,490
3,571

2,803
2,603
2,353

1,248
815
740

357
541
498

576
631
355

1960
1961
1962

1,943
2,882
4,111

2,097
2,200
3,294

1,981
2,662
3,479

1,089
1,447
2,005

892
,216
,474

93S
,180
,213

1962—Nov
Dec

5,949
5,923

3,575
3,571

2,374
2,353

57
26

19
18

366
355

1962—Nov.
Dec..

252
611

275
200

3,068
3,479

1,821
2,005

,246
,474

,028
,213

1963 Jan
Feb
Mar
Apr
May

5,853
5,697
5,501
5,227
4,993
4,883
4,795
4,752
4,720
4,702
4,677

3,552
3,469
3,375
3,269
3,164
3,114
3,069
3,050
3,034
3,033
3,021

2,300
2,227
2.126
1,958
1,828
1,769
1,727
,703
,686
1,669
1,656

34
17
28
28
26
32
19
23
21
23
15

66
129
191
268
213
102
74
29
10
5
7

336
323
289
281
272
251
183
185
183
190
196

1963—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov.

249
178
250
451
382
696
709
466
517
610
363

926
370
348
329
277
166
432
456
251
408
299

2,802
2,611
2,514
2,635
2,740
3,270
3,548
3,758
4,024
4,226
4,290

1,669
1,534
1,399
1,516
1,585
1,876
2,139
2,296
2,493
2,588
2,611

,134
,077
,115
,119
,155
,393
,409
,462
,531
,638
,679

,155
,213
,282
,250
,236
,325
,069
,011
,014
986
978

End of
period

July
Sept
Oct
Nov

NOTE.—Federal National Mortgage Assn. data excluding conventional
mortgage loans acquired by FNMA from the RFC Mortgage Co., the
Defense Homes Corp., the Public Housing Admin., and Community
Facilities Admin.




Period

Advances

Repayments

Total

Shortterm 1

Longterm 2

Members
deposits

1 Secured or unsecured loans maturing in 1 year or less.
2 Secured loans, amortized quarterly, having maturities of more than
1 year but not more than 10 years.
NOTE.—Federal Home Loan Bank Board data.

88

CONSUMER CREDIT

JANUARY 1964
TOTAL CREDIT
(In millions of dollars)
Instalment

End of period

Total
Total

Automobile
paper

Other
consumer
goods
paper

Noninstalment
Repair
and modernization
loans *

Personal
loans

Total

Singlepayment
loans

Charge
accounts

Service
credit

1939
1941
1945

7,222
9,172
5,665

4,503
6,085
2,462

1,497
2,458
455

1,620
1,929
816

298
376
182

1,088
1,322
1,009

2,719
3,087
3,203

787
845
746

1,414
1,645
1,612

518
597
845

1956
1957
1958
1959

42,334
44,970
45,129
51,542

31,720
33,867
33,642
39,245

14,420
15,340
14,152
16,420

8,606
8,844
9,028
10,630

1,905
2,101
2,346
2,809

6,789
7,582
8,116
9,386

10,614
11,103
11,487
12,297

3,253
3,364
3,627
4,129

4,995
5,146
5,060
5,104

2,366
2,593
2,800
3,064

1960
1961
1962

56,028
57,678
63,164

42,832
43,527
48,034

17,688
17,223
19,540

11,525
11,857
12,605

3,139
3,191
3,246

10,480
11,256
12,643

13,196
14,151
15,130

4,507
5,136
5,456

5,329
5,324
5,684

3,360
3,691
3,990

1962—Nov
Dec

61,203
63,164

47,052
48,034

19,416
19,540

11,960
12,605

3,259
3,246

12,417
12,643

14,151
15,130

5,420
5,456

4,884
5,684

3,847
3,990

1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov

62,462
61,989
62,149
63,167
64,135
64,987
65,491
66,308
66,538
67,088
67,746

47,920
47,852
48,075
48,806
49,484
50,307
50,894
51,526
51,718
52,257
52,695

19,582
19,678
19,930
20,376
20,794
21,236
21,593
21,819
21,725
21,971
22,107

12,453
12,250
12,149
12,197
12,272
12,422
12,459
12,607
12,702
12,845
13,046

3,211
3,185
3,177
3,200
3,245
3,281
3,316
3,357
3,377
3,400
3,407

12,674
12,739
12,819
13,033
13,173
13,368
13,526
13,743
13,914
14,041
14,135

14,542
14,137
14,074
14,361
14,651
14,680
14,597
14,782
14,820
14,831
15,051

5,430
5,479
5,539
5,562
5,674
5,709
5,683
5,789
5,844
5,830
5,894

5,071
4,511
4,374
4,581
4,793
4,783
4,760
4,839
4,833
4,898
4,999

4,041
4,147
4,161
4,218
4,184
4,188
4,154
4,154
4,143
4,103
4,158

i Holdings of financial institutions; holdings of retail outlets are included in other consumer goods paper.
NOTE.—Consumer credit estimates cover loans to individuals for household, family, and other personal expenditures, except real estate mortgage

loans. The estimates include data for Alaska beginning with Jan. 1959
(except for instalment credit held by sales finance cos.) and for Hawaii
beginning with Aug. 1959. For a description of the series see Apr. 1953
BULL. Back data are available upon request.

INSTALMENT CREDIT
(In millions of dollars)
Financial institution
End of period

1939
1941 . .
1945

Total
Total

Retail outlets

Commercial
banks

Sales
finance
cos.

Credit
unions

Consumer Other i
finance *

1,197
1,797
300

132
198
102

657
759
629

9,117
9,609
8,844
10,319

2,014
2,429
2,668
3,280

2,940
3,124
3,085
3,337

Department
stores 2

Furniture
stores

Appliance
stores

Automobile
dealers s

1,438
1,605
686

354
320
131

439
496
240

183
206
17

123
188
28

339
395
270

1,129
1,195
1,282
1 407

4,743
4,668
4,983
5,676

1,408
1,393
1,882
2,292

,187
1,210
1,128
,225

377
361
292
310

502
478
506
481

,269
,226
,175
,368

Total

Other

4,503
6,085
2,462

3,065
4,480
1,776

1956
1957
1958
1959

31,720
33,867
33,642
39,245

26,977
29,200
28,659
33,570

1,079
1,726
745
11,777
12,843
12,780
15,227

I960
1961
1962

42,832
43,527
48,034

37,218
37,935
41,782

16,672
17,008
19,005

11,472
11,273
12,194

3,923
4,330
4,902

3,670
3,799
4,131

1.481
,525
1,550

5,615
5,595
6,252

2,414
2,421
3,013

1,107
1,058
1,073

333
293
294

359
342
345

I 402
1,481
1,527

1962 Nov
Dec

47,052
48,034

41,256
41,782

18,847
19,005

11,986
12,194

4,861
4,902

4,009
4,131

,553
,550

5,796
6,252

2,835
3,013

1,019
073

287
294

319
345

,336
1,527

1963—Jan
Feb
Mar
Apr
May
June.
July
Aug
Sect
Oct
Nov

47,920
47,852
48,075
48,806
49,484
50,307
50,894
51,526
51,718
52,257
52,695

42,335
42,371
42,531
43,149
43,723
44,373
44,878
45,375
45,687
46,161
46,462

19,129
19,256
19,450
19,882
20,229
20,602
20,874
21,101
21,145
21,391
21,486

12,668
12,556
12,460
12,506
12,583
12,693
12,807
12,906
13,073
13,187
13,302

4,864
4,876
4,928
5,034
5,139
5,251
5,330
5,412
5,458
5,529
5,569

4,134
4,138
4,139
4,174
4,191
4,241
4,276
4,329
4,381
4,425
4,461

1,540
1,545
1,554
1,553
1,581
1,586
1,591
1,627
.630
1,629
1,644

5,585
5,481
5,544
5,657
5,761
5,934
6,016
6,151
6,031
6,096
6,233

2,478
2,480
2,566
2,686
2,797
2,925
2,999
3,107
3,025
3,077
3,172

1,049
1,027
1,002
992
994
997
994
1,004
1,009
1,015
1,032

290
284
278
273
274
274
274
276
279
280
282

308
288
315
324
319
331
343
341
321
325
326

1,460
1,402
1,383
I 382
1,377
1,407
1,406
1,423
I 397
I 399
[ 421

1 Consumer finance cos. included with "other" financial institutions
until Sept. 1950.
2
Includes mail-order houses.




3 Automobile paper only; other instalment credit held by automobile
dealers is included with "other" retail outlets.
See also NOTE to table above.

89

CONSUMER CREDIT

JANUARY 1964
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS

INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES

(In millions of dollars)

(In millions of dollars)

Automobile
paper
Purchased

End of period

Direct

Other
comsumer
goods
paper

Total

Repair
and
modernization
loans

Personal
loans

1939
1941
1945

1,079
1,726
745

237
447
66

178
338
143

166
309
114

135
161
110

363
471
312

1956.
1957
1958
1959

11,777
12,843
12,780
15,227

3,651
4,130
4 014
4,827

2,075
2,225
2,170
2,525

2,464
2,557
2,269
2,640

1 469
1,580
1 715
2,039

2,118
2,351
2,612
3,196

1960
1961
1962

16,672
17,008
19,005

5,316
5,391
6,184

2,820
2,860
3,451

2,759
2,761
2,824

2,200
2,198
2,261

3,577
3,798
4,285

1962—Nov
Dec

18,847
19,005

6 164
6,184

3,405
3,451

2,773
2,824

2 270
2,261

4,235
4,285

1963—Jan
Feb

19,129
19,256
19 450
19,882
20,229
20,602
20,874
21,101
21,145
21,391
21,486

6,216
6,281
6 386
6,549
6,695
6 849
6,976
7,073
7,072
7,177
7,218

3,492
3,530
3,592
3,699
3,794
3,869
3,922
3,936
3,903
3,951
3,984

2,861
2,865
2,866
2,895
2,930
2,973
2,986
3,012
3,033
3,073
3,084

2,239
2,220
2 209
2,229
2,258
2 286
2,312
2,336
2 352
2,370
2,373

4,321
4,360
4,397
4,510
4,552
4,625
4,678
4,744
4,785
4,820
4,827

..

..

Mar

Apr
May

June
July
Aus

Sept
Oct
Nov

End of period

Total

115
167
24

148
201
58

56
66
54

1956
1957..
1958
1959

9,117
9,609
8,844
10,319

7,238
7,393
6,310
7,187

1,277
1,509
1,717
2,114

32
31
36
72

570
676
781
946

1960 .
1961
1962

11,472
11,273
12,194

7,528
6,811
7,449

2,739
3,100
3,123

139
161
170

] nfifi
,201
,452

1962—Nov
Dec

11,986
12,194

7,440
7,449

2,967
3,123

171
170

,408
45?

1963—Jan

12,668
12,556
12,460
12,506
12,583
12,693
12,807
12,906
13,073
13,187
13,302

7,471
7,477
7,514
7,639
7,778
7,934
8,069
8,153
8,099
8,163
8,210

3,567
3,446
3,307
3,214
3 136
3,069
3,011
2,986
3,157
3,186
3,233

167
165
164
162
162
162
162
161
161
161
160

1,463
1,468
1,475
J 4Q1

Feb

Mar
Apr

May
June
July
Aug
Sept
Oct

Nov

(In millions of dollars)

Other
consumer
goods
paper

Repair
and
modernization
loans

Personal
loans

Singlepayment
loans

1939.
1941
1945

2,719
3,087
3,203

625
693
674

162
152
72

236
275
290

1,178
1,370
1,322

10,614
11,103
11,487
12,297

2,843
2,937
3,156
3,582

410
427
471
547

893
876
907
958

3,842
3,953
3,808
3,753

260
317
345
393

2,366
2,593
2'800
3,064

13,196
14,151
15,130

3,884
4,413
4,690

623
723
766

941
948
927

3,952
3,907
4,252

436
469
505

3,360
3,691
3,990

14,151
15,130

4,669
4,690

751
766

688
927

3,696
4,252

500
505

3,847
3,990

1963—Jan... 14,542
Feb.. . 14,137
Mar... 14,074
Apr... 14,361
M a y . . 14,651
June.. 14,680
July... 14,597
Aug... 14,782
Sept... 14,820
O c t . . . 14,831
Nov... 15,051

4,685
4,713
4,727
4,793
4,836
4,893
4,874
4,879
4,927
4,952
4,987

745
766
812
769
838
816
809
910
917
878
907

775
646
587
603
610
599
555
579
620
639
667

3,802
3,376
3,308
3,505
3,699
3,689
3,682
3,713
3,667
3,743
3,817

494
489
479
473
484
495
523
547
546
516
515

4,041
4,147
4,161
4,218
4,184
4,188
4,154
4,154
4,143
4,103
4,158

24
36
20

15
14
14

669
785
643

1956
1957
1958
1959

6,083
6,748
7,035
8,024

954
1,114
1,152
1,400

624
588
565
681

404
490
595
698

4,101
4,555
4,723
5,244

1960
1961
1962

9,074
9,654
10,583

1,665
1,819
2,111

111
743

800
832

5,837
6,257
6,906

1956
1957
1958
1959

10,423
10,583

2,088
2,111

743

818

751

815

6,774
6,906

10,538
10,559
10,621
10,761
10,911
11,078
11,197
11,368
11,469
11,583
11,674

2,095
2,102
2,123
2,165
2,208
2,253
2,283
2,316
2,330
2,355
2,369

748
746
747
755
764
789
799

805
800
804
809
825
833
842
860

1960
1961.
1962

802
815
822

864
869
874

Dec

1963

Jan
Feb
Mar
Apr

May
June
July
Aug
Sept
Oct

Nov

in

815

6,890
6,911
6,947
7,032
7,114
7,215
7,283
7,393
7,473
7,544
7,609

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.




Service
Other
credit
Definan- part- Other Credit
cial
retail cards 2
insti- ment 1 outlets
tutions stores

Total

81
122
54

751

Charge accounts

End of period

789
957
731

Nov

507

,528
,565
606
,656
,677
,699

NONINSTALMENT CREDIT

1939
1941
1945

1962

Personal
loans

878
1,363
164

(In millions of dollars)

Total

Repair
and
modernization
loans

1,197
1,797
300

1939
1941
1945

INSTALMENT CREDIT HELD BY OTHER
FINANCIAL INSTITUTIONS

End of period

Other
consumer
goods
paper

See NOTE to first table on previous page.

See NOTE to first table on previous page.

Automobile
paper

Automobile
paper

.

.

1962—Nov...
Dec...

Commercial
banks

518
597
845

1 Includes mail-order houses.
2
Service station and misc. credit-card accounts and home-heating
oil accounts.
See NOTE to first table on previous page.

90

CONSUMER CREDIT

JANUARY 1964

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

Repair and
modernization loans

N.S.A.

S.A.1

N.S.A.

Personal loans
S.A.1

N.S.A.

Extensions
1956
1957
1958
1959

39 868
42,016
40 119
48,052

15 515
16 465
14 226
17,779

11 721
11 807
11 747
13,982

1 582
1 674
1 871
2,222

11 051
12 069
12 275
14,070

1960
1961
1962

49,560
48,396
55,126

17,654
16,007
19,796

14,470
14,578
15,685

2,213
2,068
2,051

15,223
15,744
17,594

1962—Nov
Dec

4,855
4,826

4,915
5,351

1,776
1,739

1,737
1,579

1,364
1,415

1,454
1,884

167
164

170
145

1,548
1,508

1,553
1,743

1963—Jan
Feb
Mar
Apr
May
June
July
Aug . .
Sept
Oct
Nov

4,899
4,957
4,973
5,008
4,985
5,054
5,100
5,100
5,093
5,311
4,979

4,385
4,083
4,702
5,332
5,294
5,222
5,365
5,242
4,755
5,487
4,981

1,807
1,809
1,811
,870
,847
,820
,854
,802
.730
1,910
1,792

1,624
1,537
1,787
2,072
2,067
1,967
2,055
1,839
1,524
2,040
1,734

1,360
1,395
1,406
1,359
1,357
1,408
1,409
1,441
1,425
1,457
1,432

1,188
1,039
1,238
1,355
1 386
1,410
1,393
1,456
1,384
1,547
1,517

172
169
180
187
188
186
191
185
181
188
168

132
126
160
195
218
199
214
213
193
205
169

1,560
1,584
1,576
1,592
1 593
1,640
1,646
1,672
1,757
1,756
1,587

1,441
1,381
1,517
1,710
1 623
1,646
1,703
1,734
1,654
1,695
1,561

.

..

Repayments
1956
1957
1958
1959

37,054
39 868
40,344
42,603

i960
1961
4962

10,756
11 569
11,563
12,402

1,370
1,477
1,626
1,765

10,373
11,276
11,741
12,857

45 972
47,700
50,620

«

14,555
15,545
15,415
15,579
16 384
16,472
17,478

13 574

1 883
2,015
1,996

14 130
\A 967
1(5,206

14 OAd

U1,939

1962—Nov . . . .
Dec

4,372
4,341

4,389
4,368

1,523
1,509

1,514
1,454

1,268
1,262

1,271
1,239

165
166

162
158

1,416
1,404

1,442
1,517

1963—Jan
f eb .
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov

4,414
4,462
4,496
4,487
4,544
4,568
4,591
4,619
4,752
4,780
4,596

4,499
4,151
4,479
4,601
4,616
4,399
4,778
4,610
4,563
4,948
4,543

1,564
1,566
1,546
1,585
1,611
1,588
1,603
1,607
1,659
1,676
1,638

1.582
1,441
1,535
1,626
1,649
1,525
1,698
,613
1.618
1,794
1,598

1,277
1,289
1,324
1,276
1,294
1,317
1,330
1,326
1,347
1,362
1,324

1,340
1,242
1,339
1,307
1,311
1,260
1,356
,308
1,289
1,404
1.316

167
165
170
170
170
167
171
170
174
170
167

167
152
168
172
173
163
179
172
173
182
162

1,406
1,442
1,456
1,456
1,469
1,496
[,487
,516
1,572
1.572
1,467

1,410
,316
,437
1,496
1,483
1,451
1,545
,517
,483
1,568
1.467

Net change in credit outstanding

2

1956
1957
1958
1959

2 814
2,148
225
5,601

960
920
1,189
2,268

965
238
184
1,602

212
197
245
463

678
793
534
1,269

1960
1961
1962

3 588
696
4,506

1,270
-465
2,318

896
332
746

330
53
55

1,093
777
1,388

1962 Nov
Dec

483
485

526
983

253
230

223
125

96
153

1963

485
495
477
521
441
486
509
481
341
531
383

-114
-68
223
731
678
823
587
632
192
539
438

243
243
265
285
236
232
251
195
71
234
154

42
96
252
446
418
442
357
226
-94
246
136

83
106
82
83
63
91
79
115
78
95
108

Jan
Feb
May
June.
July
Sept
Oct
Nov

....

1 Includes adjustment for differences in trading days.
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.
2

NOTE.—Estimates are based on accounting records and often include
financing charges. Renewals and refinancing of loans, purchases and




183
645

-152
-203
-101
48
75
150
37
148
95
143
201

2
-2

8
-13

132
104

111
226

5
4
10
17
18
19
20
15
7
18
1

-35
-26
-8
23
45
36
35
41
20
23
7

154
142
120
136
124
144
159
156
185
184
120

31
65
80
214
140
195
158
217
171
127
94

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.

JANUARY 1964

91

CONSUMER CREDIT
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions of dollars)

Commercial banks

Total

Sales finance
companies

Other financial
institutions

Retail outlets

Period
S.A.I

N.S.A.

S.A.1

N.S.A.

S.A.1

N.S.A.

S.A.I

N.S.A.

S.A.1

N.S.A.

Extensions
1956
1957
1958
1959

39,868
42,016
40,119
48,052

14,463
15,355
14,860
17,976

9,619
10,250
9,043
11,196

9,148
9,915
9,654
10,940

6,638
6,495
6,563
7,940

I960
1961
1962

49,560
48,396
55,126

18,269
17,711
20,474

11,456
10,667
12,124

12,073
12 282
13,525

7,762
7,736
9,003

1962—Nov
Dec

4,855
4,826

4,915
5,351

1.802
1,803

1,721
1,704

1,071
1,149

1,070
1,189

1,184
1,133

1,219
1,316

798
741

905
1,142

1963—Jan
Feb
Mar
Apr
M!ay
June
July
Aug
Sept
Oct
Nov

4,899
4,957
4,973
5,008
4,985
5,054
5,100
5,100
5,093
5,311
4,979

4,385
4,083
4,702
5,332
5,294
5,222
5,365
5,242
4,755
5,487
4,981

1,843
1,879
1,902
[,916
1,887
1,919
1,898
1,878
.R78
2,000
1,877

1,754
1,614
1,840
2,133
2,074
2,010
2,066
1,920
1,744
2,061
1,766

1,074
1,035
1,022
1,032
1,042
1,016
1,054
1,051
1,021
1 115
1,030

978
845
957
1,094
1,107
1,076
1,159
1,094
955
1,194
1,013

1,180
1,185
1,191
1,223
1,224
1,245
1,254
1,274
1,322
1,351
1,198

1,044
1,019
1,151
1,283
1,276
1,268
1,307
1,328
1,218
1 311
1,213

802
858
858
837
832
874
894
897
872
845
874

609
605
754
822
837
868
833
900
838
921
989

...

. . .

Repayments
1956
1957
1958
1959

37,054
39,868
40,344
42,603

13,362
14,360
14,647
15,560

8,949
9,759
9,842
9,742

8,415
9,250
9,365
10,020

6,328
6,499
6,490
7,281

I960
1961
1962

45,972
47,700
50,620

16,832
18,294
18,468

10,442
10,943
11,434

11,022
11,715
12,593

7,676
6,749
8,125

1962
1963

Jan
Feb
Mar
Apr
M^ay
June
July
Aug
Sept
Oct
Nov

4,372
4,341

Nov
Dec
. .

4,389
4,368

1,582
1,610

1.554
1,545

948
978

944
981

1,097
1,064

1.120
1,156

745
689

771
686

4,414
4,462
4,496
4 487
4,544
4 568
4,591
4,619
4,752
4 780
4,596

4,499
4,151
4,479
4,601
4,616
4,399
4,778
4,610
4,563
4 948
4,543

1,592
1,594
1.664
1,646
1,681
1,699
1,690
1,692
1.737
1,737
1,734

1,630
1,487
1,646
1,701
1,727
1,637
1,794
1,693
1,700
1,815
[.671

986
1,035
1,026
1 014
1,017
1 012
1,007
1,000
1,034
1 054
983

966
957
1,053
1 048
1,030
966
1,045
995
997
1 129
959

1,086
1,096
1,104
1 112
1,114
1 129
1,144
1,158
1,190
1 209
1,116

1,089
998
1,089
I 143
1,126
1 101
1,188
1,157
1,117
I 197
.122

750
737
702
715
732
728
750
769
791
780
763

814
709
691
709
733
695
751
765
749
807
791

Net change in credit outstanding 2
1956
1957
1958
1959

2,814
2,148
-225
5,601

1,176
1,066
-63
2,447

670
491
-765
1,475

733
665
289
986

235
-75
315
693

I960
1961
1962

3 588
696
4 506

1 446
335
1,997

1 152
-199
921

1 051
578
932

— 61
-20
656

1962

Nov
Dec

483
485

526
983

220
193

167
159

123
171

126
208

87
69

99
160

53
52

134
456

1963

Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov

485
495
477
521
441
486
509
481
341
531
383

-114
-68
223
731
678
823
587
632
192
539
438

251
285
238
270
206
220
208
186
141
263
143

124
127
194
432
347
373
272
227
44
246
95

550
0
-4
18
25
4
47
51
196
110
108

474
-112
-96
46
77
110
114
99
167
114
115

94
89
87
111
110
116
110
116
132
142
82

-45
21
62
140
150
167
119
171
101
114
91

-410
121
156
122
100
146
144
128
-128
16
50

-667
-104
63
113
104
173
82
135
-120
65
137

1 Includes adjustment for differences in trading days.
2
Net changes in credit outstanding are equal to extensions less repayments except: (1) in 1959, when the differences do not reflect the introduction of outstanding balances for Alaska and Hawaii, and (2) in certain
months when data for extensions and repayments have been adjusted to
eliminate duplication resulting from large transfers of paper. In those




months the differences between extensions and repayments for some
particular holders do not equal the changes in their outstanding credit.
Such transfers do not affect total instalment credit extended, repaid, or
outstanding.
See also NOTE to previous table.

92

INDUSTRIAL PRODUCTION: S.A.

JANUARY 1964

MARKET GROUPINGS
(1957-59= 100)

Total index

1962

957-59 1962
proaverporage
tion
.

Fincil products totcil
Consumer goods
E q u i p m e n t , including d e f e n s e . . . .
Ma.teria.ls

Nov.

100.00 118.3

Grouping

119.5

119.1

119.2

120.2 121.3

122.5 124.5

125.8 126.5 125.7 125.7 126.5 126 7

121.3
120.5
123.1
117.8

121.7
121.2
122.4
116.9

122.3
121.8
122.0
116.8

122.6
122.9
121.5
118.0

122.1
122.5
120.4
122.9

125.2
125.9
123.8
126.6

47.35
32.31
15.04
52.65

119.7
119.7
119.6
117.0

1963
Dec.

Jan.

Feb.

Mar.

122.4
123.1
120.7
120.2

Apr.

May

123.5
124.1
122.1
125.7

June

July

125.9
126.4
124.8
126.7

Aug.

126.2
126.7
125.3
125.1

Sept.r Oct. r

126.5
126.7
126.2
125.0

127.7
127.8
127.6
125.6

Nov.

128 0
128.2
127.6
125 6

Consumer goods
Automotive

vroducts

....

Auto parts and allied products

3.21 131.1 135.2 136.9 136.5 137.7 136.3 137.6 137.1 145.3 141.1 134.8 138.0 146 8 J49 1
1.82 135.9 141.1 142.0 141.3 142.0 141.8 141.9 144.3 159.9 153.1 139.6 144.2 156.8 160.6
1.39 124.9 127.5 130.1 130.2 132.1 129.1 132.0 127.7 126.1 125.3 128.5 129.8 133.6 134.0

Miscellaneous home goods
Apparel, knit goods, and shoes

10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41

118.1 119.2
122.2 122.9
118.2 119.0
121.4 126.0
109.2 99.5
123.9 125.8
125.7 125.0
114.5 116.1

119.9
123.9
120.0
127.2
99.6
125.4
127.5
116.4

120.2
125.8
117.3
121.9
104.4
130.0
132.3
115.7

Processed foods
Beverages and tobacco
Drugs, soap, and toiletries
Newapapers, magazines, and books.
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas

19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74

118.7
113.7
111.7
129.9
116.7
126.1
111.9
133.0
136.3
125.6

119.5
114.3
112.6
131.6
116.4
126.9
112.0
134.2
139.9

119.8
114.4
112.5
132.9
115.8
127.9
113.7
134.9
139.5

120.2
113.8
115.1
134.2
113.9
129.7
113.2
137.7
142.0

11.63
6.85
2.42
1.76
.61

122.1
117.2
143.1
117.2
107.7

125.9
120.5
144.4
124.5
118.4

125.1
119.9
144.2
125.4
119.1

26.73
3.43
7.84
9.17
6.29

114.1
127.5
118.9
110.4
106.1

114.1
129.3
120.4
111.3
102.3

25.92
9.1
3.0
6.0
7.4

120.0
116.5
117.
116.3
134.7

9.4
6.0
2.8
2.3
1.0
1.2
.5

Home goods
Appliances, TV, and radios
Appliances
TV and home radios

121.3
127.3
123.2
126.7
113.4

127.4
131.9
116.2

120.6
126.9
123.6
125.6
118.1
127.0
130.7
115.3

122.3
130.3
128.0
131.9
117.1
130.7
132.6
115.5

123.6
131.0
129.1
133.7
116.0
132.8
131.7
117.4

123.9
130.1
126.0
130.6
112.9
133.8
131.9
118.7

125.1
132.0
130.2
136.8
111.4
133.6
133.0
119.2

725.5
132.3
130.4
136.9
112.0
131.6
135.2
119.7

126.8 127.0
131.3 133.0
126.6
131.81
112 0j " i i 3 i
133.2 133.9
135.4 135.7
121.8 121.9

115.0
133.4
117.9
140.9
144.9

121.8
115.2
114.0
137.7
115.3
131.4
117.3
138.2
141.9

121.0
114.9
112.7
137.1
118.3
128.7
115.0
135.4
137.3

122.9
115.9
116.2
138.7
119.3
132.0
115.6
140.0
143.5

123.8
116.1
115.2
139.7
119.3
136.1
119.2
144.3
149.2

125.2
116.3
117.1
143.8
119.1
138.2
115.5
149.2
155.4

126.1
117.9
117.4
144.0
120.2
138.4
115.6
149.6
155.9

125.4
117.9
112.9
144.8
118.2
137.6
118.8
146.7
151.4

125 5
118.1
116.0
144.0
117.6
136.9
119.3
145.5
150.0

"i43.'9
117.3

125.0
118.8
145.3
126.2
118.8

125.0
119.3
144.5
126.9
123.2

124.9
119.2
143.8
126.3
119.7

124.3
119.2
143.3
126.0
115.2

125.9
120.9
143.4
124.8
112.2

127.8
122.8
142.2
128.1
122.0

129.0
123.6
142.4
135.3
116.6

130.1
124.9
141.5
134.6
118.8

131.0
125.6
141.6
140.7
122.0

132.0
126.6
141.2
140.6
130.7

132.0
127.4
139.6
138.4
131.9

113.2
129.7
120.3
108.6
103.5

113.3
129.3
121.4
108.6
106.0

114.4
130.9
121.2
109.2
109.5

118.0
134.0
122.2
112.4
115.0

121.2
135.4
123.1
115.1
120.6

124.5
139.4
125.1
116.7
126.8

125.8
145.9
128.0
118.0
123.6

125.2
142.7
126.4
119.4
116.7

121.9
136.6
126.3
119.2
108.8

122.1
137.8
128.4
119.0
107.5

122.6
138.0
128.3
119.4
110.6

122.3
138.4
125.9
119.0
111.0

122.4
118.5
120.6
117.5
137.8

121.
117.4
118.0
117.
137.

120.5
116.0
118.5
114.7
137.3

121.8
116.7
119.3
115.4
138.0

122.6
117.8
121.5
115.9
140.2

124.7
119.0
116.1
120.4
143.2

126.9
121.6
120.3
122.2
145.0

127.3
121.6
121.1
121.8
145.3

128.3
119.8
119.9
119.8
147.6

128.4
121.7
119.7
122.7
147.0

128.0
121.2
118.2
122.7
147.9

128.6
121.6
122.7
121.0
149.6

129.0
121.5
123.8
120.3
150.3

111.7
104.9
129.9
130.
122.
139.
126.

113.9
107.
132.
133.
123.
144.

112.0
104.
132.
133.
123.
145.

111.7
102.9
134.3
135.0
124.9
146.

113.9
105.6
135.9
136.9
125.
149.

113.
105.
134.7
135.
124.
147.

115.6
108.0
135.9
136.5
130.3
144.6

117.9
110.5
138.3
139.0
132.6
147.6

118.8
111.5
138.7
139.2
132.
148.

121.
114.0
141.9
143.0
136.
151.

120.4
113.8
140.4
141.0
132.5
151.4

119.1
112.1
139.4
139.7
133.1
148.4

119.0 119.4
111.0 110.8
141.4
141 9
134.2
151.7

125.
117.

128.
118.

129.
119.

130.
119.

130.
120.

131.
120.

131.
119.

133.
121.

136.
122.

134.
123.

133.2. 134.7 137.'
124.( \ 124.1 124.'

120.8
125.9
119.8
123.7
108.8
126.0

132.9
116.6
121.4
114.5
114.3
135.2

125 4
118.1

116.4

Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment. ..
Farm eauioment
..

3.41
Materials
Durable goods materials
Consumer durable
Equipment
.
Construction
Mietal materials n e e
Nondurable materials
Business supplies
Containers
General business supplies
Nondurable materials n e e
Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
.
General industrial
Commercial and other
Gas

..
••
...
.•
....

Supplementary groups of
consumer goods
Automotive and home goods
Aooarel and staples
See NOTE on opposite page.




7.8
24.5

139.6
124.6

JANUARY 1964

93

INDUSTRIAL PRODUCTION: S.A.
INDUSTRY GROUPINGS
(1957-59 = 100)

Grouping

1957-59 1962
proaverporage
tion

1962
Nov.

Dec.

1963
Jan.

100.00 118.3 119.5 119.1 119.:

Feb.

Mar.

Apr,

May

June

July

Aug. Sept. r Oct.

Nov.

120.:

121.3 122.5 124.5 125.8 126.5 125.7 125.7 126.5 126.7

86.45
48.0'
38.38
8.23
5.32

118.7
117.9
119.8
105.0
131.3

119.9
119.2
120.9
105.7
133.4

119.7
118.9
120.8
103.2
133.8

119.8
119.0
120.7
103.0
135.9

120.6
120.0
121.4
104.7
138.2

121.9
121
122.5
105.4
136.4

123.1
122.8
123.4
107.4
135.7

125.
125.6
124.8
108.5
139.1

126.4
127.4
125.2
109.4
141.3

126.8
127.0
126.4
111.3
145.3

125.9 126.1 127.1
125.0 125
126.3
127.
127.1 128.2
111.3 110.3 109.5
144.6 142.8 143.3

127.3
126.5
128.3
108.2
144.5

Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals and products.
Fabricated metal products
Structural metal parts

12.3.
6.95
5.45
1.50
5.37
2.86

110.0
104.6
100.6
119.1
117.1
113.2

108.2
100.7
95.3
121.2
117.9
112.8

107.3
99.7
95.8
120.6
117.2
112.5

107.8
99.6
96.0
121.7
118.4
113.5

111.0
105.2
102.2
121.0
118.5
113.9

115.1
111.9
111.5
123.7
119.3
115.4

120.1 125.6
120.
127.4
121.8 129.3
121.0 124.2
120.2 123.3
116.8 120.9

125.5
125.8
126.1
125.5
125.1
123.0

124.0
122.8
117.1
123.5
125.6
124.2

116.8
109.4
102.6
126.4
126.4
124.5

115.5
107.7
100.0
129.4
125.6
123.7

116.4
108.4
100.0
130.6
126.8
122.

116.6
109.1
103.0
132.6
126.2
121.6

Machinery and related p r o d u c t s . . . .

27.98
14.80
8.43
6.37
10.19
4.68
5.26
1.71
1.28

122.1
123.5
119.7
128.5
118.3

124.8
125.9
123.0
129.7
121.5
137.3
134.
103.9 107.2
123.0 125.0

124.7
125.5
121.5
130.8
121.7
137.7
107.0
125.4

124.7
125.2
122.2
129.5
122.4
137.9
107.9
125.7

125.3
126.4
123.1
130.8
122.3
139.1
106.8
127.0

125.0
126.2
122.7
130.8

127.3
128.4
124.5
133.5
124.5
143.1
107.5
130.2

130.3
129.4
126.0
133.9
130.4
153.8
109.4
131.6

130.0
129.6
127.0
133.0
129.3
150.9
109.6
132.6

129.4
130.5
128.0
133.9
126.8
143.7
111.1
132.1

130.6
131.3
129.4
133.7
128.7
146.5
112.1
133.0

131.9
132.2
131.4
133.3
130.8
150.3
113.0
132.5

131.9
132.8
131.9
134.0
130.5
151.8
111.1
131.8

Total index.
Manufacturing, total.
Durable
Nondurable
Mining
Utilities
Durable Manufactures

Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment. . .
Instruments and related products. .
Ordnance and accessories

125.3
125.9
121.7
131.4
123.7
122.
140.2 141.8
105.6 107.2
127.2 126.6

Clay, glass, and lumber
Clay, glass, and stone products. .
Lumber and products

4.72 109.3 110.4 777.5 770.9 7OP.5 775.0 772.7 7/3.3 7/3.9 114.0 775.3 775.5 115.9 117.1
118.5 120.4 120.9
2.99 111.1 112.9 113.1 113.9 110.7 114.6 115.5 115.9 117.9 119.7 118.
1.73 106.1 106.1 108.7 105.7 108.2 115.7 108.0 108.9 106.9 104.1 110.4 110.3 108.1 110.6

Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures

3.05 124.5 125.5 124.6 725.0 123.6 124.8 725.5 729.3 729.3 732.0 732.7 737.9 130.6 131.9
1.54 126.8 129.3 128.6 129.2 126.6 128.3 129.3 132.8 133.2 135.8 135.8 136.3 135.0 136.6
128.4 127.4 126.2 127.1
1.51 122.2 121.7 120.5 120.7 120.6 121.3 122.3 125.7 125.4 128.

Nondurable manufactures
Textile mill products
Apparel products
Leather and products

7.60
2.90
3.59
1.11

115.1
115.2
118.9
102.3

7/5.5 775.2 775.2 775.6 775.9 776.2 776.5 775.0 775.9 720.2 727.7
112.7 112.7 113.4 112.6 114.3 115.9 116.3 116.7 117.6 119.1 120.0
122.3 122.2 122.5 123.2 122.5 122.9 122.6 124.9 126.2 126.9 126.5
100.7 99.4 96.4 98.7 98.8 95.4 97.5 99.2 98.9 101.3 106.6

Paper and printing
Paper and products
Printing and publishing
Newspapers

5.77
3.43
4.74
1.53

116.7
119.7
114.6
108.5

116.9
119.8
114.8
109.7

115.4 114.5 775.5 775.7 7/9.2 720.5 727.6
119.6 120.3 123.3 123.9 122.8 123.4 125.8
112.3 110.2 110.5 109.7 116.5 118.4 118.6
100.5 94.0 93.9 90.8 109.7 111.4 112.5

Chemicals, petroleum, and rubber.
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products....

11.54
7.58
3.84
1.97
1.99

131.2
136.1
147.5
112.9
130.6

133.6
138.7
151.2
113.0
134.5

134.2
138.7
150.6
114.2
136.8

134.2
140.0
152.6
114.3
131.4

735.5
141.4
153.1
114.3
132.8

138.2
143.6
155.2
115.5
140.3

739.7
146.1
160.7
115.8
138.8

141.3
147.8
161.9
116.9
140.7

Foods, beverages, and tobacco....
Foods and beverages
Food manufactures
Beverages
Tobacco products

11.07
10.25
8.64
1.61
.82

113.4
113.5
113.8
111.5
112.0

114.2
114.2
114.7
111.5
114.7

774.5
114.8
115.1
113.1
111.4

775.0
115.2
115.0
116.1
113.0

775.0
115.0
115.2
114.2
114.6

775.6
115.7
116.0
113.9
114.2

114.7
114.8
115.2
112.7
112.7

Coal, oil, and gas
Coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Gas and gas liquids
Oil and gas drilling

6.80
1.16
5.64
4.91
4.25
.66
.73

103.8
95.3
105.5
107.2
105.1
120.4
94.2

705.5
96.6
107.4
109.7
107.5
123.7
91.5

702.5
95.6
104.2
106.3
103.8
121.9
90.5

101.3
95.1
102.6
104.8
101.6
125.0
87.6

703.7
96.1
105.3
107.9
104.8
124.7
87.4

103.9
93.9
105.9
107.8
104.9
126.0
93.5

706.7
100.8
107.2
109.7
107.3
124.5
90.3

Metal, stone, and earth materials.
Metal mining
Stone and earth minerals

1.43 110.9 106.8 705.7 777.7 709.7 772.6 773.9 772.5 7/3.0 772.7 777.6 772.5 773.0 770.2
.61 112.6 99.1 104.1 110.1 114.3 115.7 114.5 116.4 112.8 110.3 112.8 113.4 109.7 106.2
.82 109.7 112.5 105.8 111.9 106.2 110.2 113.4 110.1 113.2 113.5 110.7 111.9 115.5 113.1

Textiles, apparel, a n d l e a t h e r . . . .

121.7 123.1
120.9 122.3
127.9 129.7
103.9

722.3
127.8
118.4
111.6

122.4
127.8
118.5
112.8

722.0
126.7
118.6
113.7

122.4
128.6
117.9
111.9

141.3
148.5
162.2
118.2
137.0

143.3
151.3
165.2
119.5
136.5

144.4
151.7
165.3
117.6
143.

144.
152.6
166.8
117.0
142.5

145.7 145.9
153.6 154.6
168.5
119.0
142.0

116.4
116.2
116.4
115.2
118.1

776.7
116.3
116.4
115.6
114.4

776.9
116.8
116.8
116.7
117.9

777.5
117.5
117.5
117.7
116.8

776.5
116.5
117.5
110.9
116.8

118.2 117.9
118.5 118.2
118.8 118.3
117.0
114.1

707.7
104.5
108.3
111.9
109.5
130.4
84.0

705.6
107.1
108.9
112.6
110.1
128.2
84.5

777.7
107.1
111.9
115.7
113.0
132.8
86.4

777.2
108.0
111.8
115.1
112.7
130.7
89.5

709.9
106.2
110.6
113.5
110.6
131.9
91.1

108.7
104.1
109.7
112.6
109.6

122.5
128.1
118.5
113.2

Mining
107.8
102.1
108.9
112.8
109.4

89.7

Utilities
Electric.
Gas

4.04 133.1 136.2 136.1 138.0 140.3 138.1 136.8 140.9 143.5 148.3 147.3 144.7 145.4
1.28 125.9 124.6 126.8 130.0 131.4 130.6 132.9 133.7 135.2

NOTE.—Published groupings include some series and subtotals not
shown separately. A description and historical data are available in




Industrial Production 1957-59 Base. Figures for individual series and
subtotals (N.S.A.) are published in the monthly Business Indexes release.

94

INDUSTRIAL PRODUCTION: N.S.A.

JANUARY 1964

MARKET GROUPINGS
(1957-59= 100)

Grouping

Total index

Equipment, including defense....
Materials

1957-59 1962
proaverporage
tion

1962
Nov.

Dec.

1963
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.r Oct. r

Nov.

100.00 118.3 120.6 117.2 117.9 120.5 122.5 123.1 125.1 127.9 120.5 123.8 128.3 129.9 127.0
47.35
32.31
15.04
52.65

119.7
119.7
119.6
117.0

122.1
122.1
122.0
119.2

119.5
117.7
123.3
115.2

120 0
119.0
122.1
115.9

122 4
122 4
122.6
118.7

123 7
123.9
123.1
121.5

122.1
122.1
122.1
124.0

123.0
123.1
122.8
126.9

127.1
128.1
124.8
128.6

121.7
121.3
122.6
119.4

123.8
124.3
122.6
123.9

130.0
131.7
126.3
126.8

131.8
134.1
126.9
128.2

127.9
128.7
126.1
126.3

Consumer Goods
Autos
Auto parts and allied products
Home goods and apparel
Appliances, TV, and radios
Appliances
TV and home radios
Miscellaneous home goods
Apparel, knit goods, and shoes
Consumer staples
Processed foods
Drugs soap and toiletries . . . .
Newspapers, magazines, and books..
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas

3.21 131.1 145.1 143.7 142.4 144.0 144.7 148.2 145.9 155.7 134.9 75.5 127.4 160.7 160.5
1.82 135.9 159.4 157.6 152.6 153.4 157.4 160.4 158.7 175.9 145.4 36.3 122.6 177.2 181.5
1.39 124.9 126.3 125.5 129.0 131.5 128.1 132.2 129.1 129.1 121.1 127.1 133.7 139.0 132.8
10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41

118.1
122.2
118.2
121.4
109.2
123.9
125.7
114.5

120.1
128.3
124.8
128.1
115.4
129.6
131.3
113.2

111.2
123.2
115.6
124.8
89.6
130.4
126.5
100.9

113.6
118.0
108.3
112.6
96.1
126.1
122.8
109.9

123.1
126.6
127.3
133.5
109 9
126.0
126.3
120.1

126.3
128.6
129.6
138.2
105 5
127.1
128.5
124.3

122.1
126.0
123.6
129.7
106.3
125.7
129.1
118.8

121.2
128.0
127.3
135.1
105.4
124.8
131.3
115.5

126.2
132.4
133.5
141.7
110.2
130.3
132.9
120.9

112.0
116.8
104.0
111.7
82.4
125.8
124.6
108.0

126.3
126.8
113.6
114.4
111.4
134.9
135.9
125.8

130.1
141.0
140.2
144.2
128.8
137.8
144.7
120.9

131.9
140.2
135.8
135.9
135.5
139.3
146.1
124.8

127.3
138.9

19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74

118.7
113.7
111.7
129.9
116.7
126.1
111.9
133.0
136.3
125.6

119.3
117.5
106.5
132.0
116.4
122.2
111.5

116.7
110.7
97.4
131.6
115.8
131.5
116.6

117.9
107.5
101.2
133.1
113.9
141.9
117.9

118.3
106.7
104.2
134.8
114.4
142.2
120.4

119.2
108.9
110.3
136.3
116.5
135.5
115.4

117.8
107.5
115.6
137.8
117.8
126.2
109.4

120.3
110.5
125.7
138.8
118.7
124.7
111.7

124.5
115.1
132.0
142.8
117.5
129.3
117.6

123.9
116.5
120.8
137.0
116.5
135.3
118.1

131.5
126.5
126.4
145.7
120.2
139.2
119.9

133.3
133.8
116.6
146.0
121.2
137.7
118.4

130.8
130.5
121.4
146.9
119.4
128.9
116.4

124.0
120.2

11.63
6.85
2.42
1.76
.61

122.1
117.2
143.1
117.2
107.7

124.3
118.8
146.1
122.0
106.6

126.1
120.6
146.7
122.6
116.3

125.1
119.0
145.4
123.7
117.3

126.3
118.7
143.5
128.4
137.4

127.3
119.3
142.5
134.0
136.9

126.4
119.2
140.6
132.3
134.7

126.8
121.0
141.7
130.3
122.1

129.3
123.9
142.6
133.2
125.6

126.5
122.4
139.6
131.5
106.1

127.0
124.5
141.8
126.4
98.1

131.0
126.7
143.7
135.6
116.3

131.2
125.8
143.6
139.2
120.3

130.0
125.6
141.3
135.6
118.6

26.73
3.43
7.84
9.17
6.29

114.1
127.5
118.9
110.4
106.1

115.5
136.0
121.7
111.1
103.1

112.3
138.8
122.7
102.5
98.9

112.3
135.5
123.5
100.2
103.2

114.6
135.5
123.5
102.0
110.5

118.5
137.4
124.4
106.9
117.8

122.0
135 8
123.7
113.9
124.2

126.5
139.5
125.4
120.2
130.0

129.2
144.9
127.0
125.4
128.8

118.7
128.4
122.2
121.2
105.3

118,7
112.4
123.0
126.4
105.6

124.0
138.6
126.3
125.9
110.7

125.3
143.0
127.4
125.2
113.3

123.1
145.6
127.3
118.8
111.9

25.92
9.11
3.03
6.07
7.40

120.0
116.5
117.1
116.3
134.7

123 0
119.4
114.0
122.2
139.2

118.3
111.5
102.7
115.9
133.7

119.7
112.2
111.4
112.6
137.3

122.9
115.1
116.9
114.2
142.1

124 5
118 6
121.5
117 1
144.4

126 0
122 1
119.6
123 4
144.6

127.3
122.8
121.5
123.4
147.2

128.0
122.8
127.2
120.7
146.0

120.1
112.2
115.1
110.8
136.2

129.2
123.5
131.7
119.4
145.5

129.6
125.0
125.9
124.5
147.2

131.1
127.2
128.8
126.4
150.3

129.6
122.4
117.0
125.1
151.8

9.41
6.07
2.86
2.32
1.03
1.21
.54

111.7
104.9
129.9
130.7
122.8
139.9
126.4

113.6 112.7 113.1 115.2 114.6 115.2 115.9 118.9 115.2 121.8 120.1 119.7 119.2
107.8 106.4 105.8 109.6 108.4 109.4 109.3 111.3 103.4 111.9 110.3 111.3 111.5

iii.'i

137.9
142.5
117.6

H2.5
117.3
115.9

130.1 145.1 164.7 162.0 152.1 135.9 130.6 135.8 147.3 154.5 151.9 135.0

Equipment
Industrial equipment.
Commercial equipment... *
Freight and passenger equipment...
Farm equipment

3.41
Materials
Durable goods materials
Consumer durable
Equipment
Construction
Metal materials n e.c
Containers
Nondurable materials n e e
Mineral fuels
Electricity
General industrial
Commercial and other
Gas

i30.7 130.4 132.6 131.1 131.4 ni.i 134.7 141.0 147.0 152.0 149.1 144.0
123.9 122.0 124.3 122.5 124.9
131.9 133.4 132.7 136.2 135.8 137.2
139.0 140.0 142.3 141.0 139.5 128.2 139.8 150.7 162.7 169.4 164.1 153.2
136.1

Supplementary groups of
consumer goods
Automotive and home goods
Apparel and staples
See NOTE on opposite page.




7.80 125.9 135.2 131.7 128.0 133.8 135.2 135.1 135.4 142.0 124.3 105.7 135.4 148.6 147.8
24.51 117.7 117.9 113.2 116.1 118.7 120.3 118.0 119.2 123.7 120.4 130.2 130.5 129.5 122.6

JANUARY 1964

95

INDUSTRIAL PRODUCTION: N.S.A.
INDUSTRY GROUPINGS
(1957-59=100)

Grouping

1957-59 1962
proaverportion

1962
Nov.

Dec.

1963
Jan.

Feb.

Mar.

Apr.

100.00 118.3 120.6 117.2 117.9 120.5 122.5 123.1

Total index

May

June

July

Aug.

Sept. r Oct. r

Nov.

125.1 127.9 120.5 123.8 128.3 129.9 127.0

86.45
48.07
38.38
8.23
5.3:

118.7
117.9
119.8
105.0
131

121.4
121.0
121.9
106.3

777.5
119.
115.1
103.3

777.5
118.3
117.2
102.6

120.7 123.3
120.7 123.2
120.6 123.
104.9 104.5

124.0
124.
123.7
106.9

126.1
126.9
125.1
108.9

128.8
129.8
127.6
111.3

720.5
121.0
119.8
105.3

123 A
118.
130.0
112.2

128.7
126.6
131.
111.

131.1
129.3
133.2
111.3

Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals and products.
Fabricated metal products
Structural metal parts

12.32
6.95
5.45
1.50
5.37
2.86

770.0
104.6
100.6
119.1
117.1
113.2

709.0
101.7
96.3
121.
118.6
116.0

705.2
97.3
93.4
111.4
117.8
114.8

108.4
102.6
97.9
119.6
116.0
112.4

772.6
110.1
106.6
122.8
115.8
111.5

775.
118.8
117.
125.
117.
112.2

722.5
125.
125.5
126.3
118.4
113.8

727.0
130.7
130.6
130.8
122.3
119.1

725.2
129.6
128.6
133.3
126.4
123.0

772.7
104.1
102.5
109.9
122.5
121.7

775.5
102.6
96.
125.1
127.5
125.1

777.5
106.5
100.0
130.3
131.6
127.

118.7 777.5
109.5 110.2
103.0 104.0
132.6
133.
130.6 127.0
126.7 125.0

Machinery and related products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment. . .
Instruments and related products. .
Ordnance and accessories

27.98
14.80
8.43
6.37
10.19
4.68
5.26
1.71
1.28

722.7
123.5
119.
128.5
118.3
134.1
103.9
123.0

727.7
126.
120.5
133.7
127.2
149.1
107.8
127.2

727.7
127.0
122.5
132.9
127.6
149.1
108.6
127.0

725.9
124.9
122.
128.5
126.2
145.6
109.0
125.2

727.6
128.1
125.3
132.0
126.0
145.9
108.1
126.2

725.2
128.5
126.1
131.6
127.4
148.5

727.5
126.9
125.3
129.0
127.7
149.3
107.7
108.
126.9 126.5

128.4
128.3
126.4
130.9
127.5
149.4
107.1
128.

757.9
131.3
129.0
134.3
132.2
158.9
107.9
131.6

724.5
123.2
123.6
122.6
124.9
144.
107.5
129.7

777.0
125.7
123.3
128.8
100.
88.9
108.5
132.1

129.8
133.3
128.5
139.7
123.5
137.0
110.8
133.9

133.9
133.0
128.8
138.6
135.
160.4
112.4
134.0

Manufacturing, total
Durable
Nondurable
Mining
Utilities

128.1
128.4
127.7
108.8

Durable manufactures

754.2
132.8
129.3
137.6
136.0
163.3
111.8
134.2

97.2 700.5 706.7 772.5 775.5 722.7 777. 725.7 724.5 724.4 777.7
99.7 99.1 105.4 115.5 122.2 126.1 126.3 128.7 126.
127.6 122.1
93.0 102.8 107.3 107.4 111.4 116.9 102.7 120.4 121.6 118.9 108.5

Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products

4.7. 709.5 110.4 99.9
2.99 111.1 114.0 102.9
1.73 106.1 104.1 94.6

Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures

136.2
3.05 124.5 729.6 726.5 720.9 727.5 725.5 722.5 725.
725.7 726.7 754.6 757.7 757.
140.4 140.4 138.8
1.54 126.8 131.4 131.2 126.9 126.3 126.8 126.2 127.6 132.5 132.0 139.
1.51 122.2 127.9 121.7 114.8 117.2 119.7 119.4 122.7 124.8 121.3 129.9 133.8 135.0 133.6

Nondurable manufactures
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products

7.60
2.90
3.59
1.11

775.7 114.5 104.7 772.7 720.5 724.7 779.5 775.4 727.7 706.9 724.7 727. 725.9 779.6
115.2 115.0 108.2 112.3 116.0 120.0 115.3 121.0 121.4 105.8 120.3 120.0 119.7 119.5
118.9 119.2 105.7 116.4 129.4 134.8 129.9 123.8 128.6 113.3 132.0 127.1 133.0 126.5
102.3 98.2 92.2 97.8 105.5 104.2 95.4 93.9 100.6 89.4 108.7 105.2 105.5

Paper and printing
,
Paper and products
Printing and publishing.
Newspapers

5.77
3.43
4.74
1.53

776.7
119.7
114.6
108.5

720.5
123.0
119.2
120.7

111.4 772.7 775.9 777.7 720.9
108.6 118.6 125.9 127.0 125.0
113.4 107.5 108.7 111.0 117.9
100.0 86.6 90.3 92.6 116.4

722.5
126.0
119.6
118.8

722.7 772.6 727.5 725.5 727.5
128.3 113.7 131.0 127.8 135.5
117.6 111.8 115.2 120.3 122.3
113.1 97.1 102.1 114.5 121.8

Chemicals, petroleum, and rubber.
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products

11.54
7.58
3.84
1.97
1.99

757.2
136.1
147.5
112.9
130.6

755.5
138.9
153.6
111.3
135.3

131.4
136.6
150.6
112.5
130.6

754.5
138.9
152.6
112.6
138.1

757.2
142.7
156.5
112.6
140.5

759.5
145.8
159.4
111.5
144.8

742.7
149.7
162.
112.3
143.1

742.5
150.2
163.8
115.1
139.3

745.9
150.9
162.2
121.7
139.1

756.0 745.3 745.5 147.5 744.5
144.3 150.7 152.0 154.2 153.2
157.3 162.3 164.8 168.5
123.5 121.7 119.6
123.
117.0 134.5 144.4 149.9

Foods, beverages, and tobacco...
Foods and beverages
Food manufactures
Beverages
Tobacco products

77.07
10.25
8.64
1.61
.82

113.4
113.5
113.8
111.5
112.0

775.6
115.4
118.1
101.2
117.0

705.7
109.5
111.1
100.9
90.7

706.6
106.2
108.1
95.8
111.8

706.7
106.1
107.4
99.2
114.0

709.6
109.4
109.4
109.2
112.5

709.4
109.2
107.7
117.2
112.5

774.0
113.4
110.7
127.4
122.4

775.5
118.4
115.
136.4
123.5

777.2
118.2
116.2
129.2
104.3

726.2
126.2
126.2
126.5
126.4

729.7
130.5
133.4
114.8
120.2

128.7 118.3
129.0 118.5
130.7 120.7
120.0
124.3

Coal, oil, and gas
Coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Gas and gas liquids
Oil and gas drilling

6.50
1.16
5.64
4.91
4.25
.66
.73

705.5
95.3
105.5
107.2
105.1
120.4
94.2

706.2
100.6
107.4
109.5
106.7
127.5
93.3

705.0
93.9
107.3
109.3
105.8
132.0
93.2

704.5
93.2
106.6
108.7
104.7
134.5
92.0

707.0
97.3
109.0
112.5
108.7
133.3
85.4

705.9
94.7
108.2
111.6
108.3
132.6
85.1

706.7
101.5
107.8
111.3
109.1
125.4
84.1

706.4
105.5
106.6
110.1
108.4
124.3
82.4

705.5
116.6
106.8
110.0
108.4
120.4
85.3

707.5
72.5
107.9
110.7
108.7
123.6
88.6

709.5
113.6
109.0
111.4
109.5
123.8
92.8

705.5
112.4
107.7
109.8
107.6
124.0
93.2

109.0
113.5
108.1
110.8
108.0

Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals

7.43 770.9 706.4
.61 112.6 96.1
.82 109.7 114.2

95.6
94.7
96.2

724.4
127.5
122.2
124.5

Mining
705.5
106.3
109.0
112.7
108.6

*84.'i

95.0 707.9 720.9 725.0 722.0 725.5 125.0 722.5 109.8
94.3 94.7
96.9 102.9 101.8 104.2 123.4 127.5 118.0 121.8 127.0 119.6 103.0
92.4 88.6 95.1 110.6 119.0 123.1 125.0 125.3 123.6 124.3 114.8

Utilities
Electric.
Gas

4.04 133.1 130.4 136.7 146.3 144.3 140.2 133.1 133.0 138.8 147.1 153.1 150.3 140.2
1.28 125.9

NOTE.—Published groupings include some series and subtotals not
shown separately. A description and historical data are available in




Industrial Production—1957-59 Base. Figures for individual series and
subtotals (N.S.A.) are published in the monthly Business Indexes release.

96

BUSINESS ACTIVITY

JANUARY 1964
SELECTED BUSINESS INDEXES
(1957-59=100)

Manufacturings

Industrial production
Major market groupings
Period

1950
1951 . .
1952
1953
1954

igroupings

Fin al products

Total

MateConrials
Mfg.
Total sumer Equipgoods ment
72.8
78 6
84.3
89.9
85.7
93.9
98.1
99.4
94.8
105.7
109.9
111.3
119.7
124 9
121.3
121.7

78.6
77.8
79.5
85.0
84.3
93.3
95.5
97.0
96.4
106.6
111.0
112.7
119.7
125 3
120.5
121.2

56.4
78.4
94.1
100.5
88.9

76.9
83.8
84.3
92.6
85.9

95.0
103.7
104.6
91.3
104.1
107.6
108.3
119.6
124 2
123.1
122.4

99.0
101.6
101.9
92.7
105.4
107.6
108.4
117.0
123.7
117.8
116.9

122.3
122.6
122.4
122.1
123.5
125.2
125.9
126.2
126.5
127.7
128.0
128.6

121.8
122.9
123.1
122.5
124.1
125.9
126.4
r 126.7
126.7
127.8
128.2
128.8

122.0
121.5
120.7
120.4
122.1
123.8
124.8
125.3
126.2
127.6
127.6
128.5

116.8
118.0
120.2
122.9
125.7
126.6
126.7
125.1
125.0
125.6
125.6
126.1

74.9
81.3
84.3
91.3
85.8

1955
1956
1957
1958
1959

96.6
99.9
100.7
93.7
105.6
108.7
I960
1961
109.8
1962
118.3
1963 P
124 3
119.5
1962—Nov
Dec
119.1
1963—Jan
119.2
Feb
. . . . 120.2
Mar
121.3
Apr
122.5
May
124.5
June
125.8
July
126.5
125.7
Aug
'125.7
Sept
126.5
Oct
Nov
126.7
Dec.P
127.2

Constrution
contracts

Major industry

Nonagricultural
employEmment— ployTotal i ment

Mining

49.5
56.4
61.2
66.8
71.8

61
63
67
70
76

86.0
91.0
92.9
95.5
93.2

80.2
87.9
93.9
98.1
108.0

91
92
93
102
105

96.4
99.7
100.6
97.8
101.6

115.6
122.8
131.3
140.8

105
108
120

103.4
103.1
106.2
108 8

133.4
133.8

123
138

106.9
106.9

121
130
118
125
144
135
126
132
128
146
144

107.1
107.4
107.9
108.2
108.5
108.8
109.1
109.1
109.3
109.6
109.6
109.9

Payrolls

99.4
106.1
106.1
111.6
101.8
105.5
106.7
104.7
95.2
100.1
99.9
95.9
99.2
99 9
98.9
98.8

135.9
138.2
136.4
135.7
139.1
141.3
145.3
144.6
142.8
r
143.3
144.5
145.5

Freight Departload- store
Wholeings
sales
Consale

98.9
98.9
99.4
100.1
100.4
100.3
100.4
99.8
100.1
100.4
100.0
100.5

sumer

commodity

Utilities

83.2
75.8
81.9
91.3
85.2
90.5
92.7
92.9
86.3
90.2
97.3
99.2
100.2 104.8
100.8 104.6
93.2
95.6
106.0
99.7
108.9 101.6
109.7 102.6
118.7 105.0
124 8 108.0
119.9 105.7
119.7 103.2
119.8 103.0
120.6 104.7
121.9 105.4
123.1 107.4
125.2 108.5
126.4 109.4
126.8 111.3
125.9 111.3
126.1 H10.3
127.1 r109.5
127.3 108.2
127.8 107.1

Prices 3

1 Employees only, excludes personnel in the armed forces.
Production workers only.
Prices are not seasonally adjusted.

2
3

NOTE.—Data are seasonally adjusted unless otherwise noted.
Construction contracts: F. W. Dodge Corp. monthly index of dollar

68.9
80.2
84.5
93.6
85.4

117.1
121.5
115.0
116.6
104.6

72
76
78
80
80

83.8
90.5
92.5
93.2
93.6

86.8
96.7
94.0
92.7
92.9

94.8
100.2
101.4
93.5
105.1
106.7
105.4
113.7
118 0
113.7
114.7
115.2
115.8
116.7
116.6
117.9
118.2
118.0
117.0
120.3
120.0
119.4
121.4

115.3
115.9
108.2
93.8
97.9
95.3
91.2
92.4
93 3
92.9
90.6

88
94
96
99
105

93.3
94.7
98.0
100.7
101.5

93.2
96.2
99.0
100.4
100.6

106
109
114
119

103.1
104.2
105.4

100.7
100.3
100.6
100 3

118
117

106.0
105.8

100.7
100.4

113
114
119
115
117
120
120
126
121
113

106.0
106.1
106.2
106.2
106.2
106.6
107.1
107.1
107.1
107.2
107.4

100.5
100.2
99.9
99.7
100.0
100.3
100.6
100.4
100.3
100.5
100.7
100.3

89.9
93.9
94.3
95.7
96.9

94.6
93.9
90.9
91.2
92.7
92.3
93.9

2>H7

«127

value of total construction contracts, including residential, nonresidential,
and heavy engineering; does not include data for Alaska and Hawaii.
Employment and payrolls: Based on Bureau of Labor Statistics data;
includes data for Alaska and Hawaii beginning with 1959.
Prices: Bureau of Labor Statistics data.
Freight carloadings: Based on data from Association of American
Railroads.

CONSTRUCTION CONTRACTS
(In millions of dollars)

Type of ownership and
type of construction

1962
1961

1963

1962
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Total construction

37,135 41,303 3,188 3,198 2,779 2,917 3,583 3,983 4,851 4,402 4,125 4,061 3,707 4,313 3,749

By type of ownership:
Public
Private

12,547 13,599 1,099 1,190
932 1,092 1,182 1,168 1,567 1,384 1,319 1,318 1,154 1,321
24,588 27,705 2,089 2,009 1,847 1,825 2,401 2,814 3,283 3,019 2,805 2,744 2,552 2,992

By type of construction:
Residential
Nonresidential
Public works and utilities

16,123 18,039 1,361 1,166 1,250 1,215 1,642 1,986 2,061 1,966 1,934 1,883 1,789 2,028 1,519
12,115 13,010 1,066
921 1,016 1,005 1,146 1,210 1,452 1,458 1,271 1,322 1,154 1,331 1,082
514
698
8,897 10,255
761 1,111
796
954 1,148
978
920
857
764
787 1,337

NOTE.—Dollar value of total contracts as reported by the F. W. Dodge
Corp. does not include data for Alaska or Hawaii. Totals of monthly




data exceed annual totals because adjustments—negative—are made to
accumulated monthly data after original figures have been published.

97

CONSTRUCTION

JANUARY 1964
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)
Private
Period

Total
Total

Nonfarm
residential

Total

Public

Busi less
Industrial

Commercial

Public
utility

Other
nonresidential

Total

Military

Highway

Sewer
and
water

Other

1955
1956
1957
1958

44,164
45,815
47,845
48,950

32,440
33,067
33,766
33,493

18,705
17,677
17,019
18,047

9,980
11,608
12,535
11,058

2,399
3,084
3,557
2,382

3,218
3,631
3,564
3,589

4,363
4,893
5,414
5,087

3,755
3,782
4,212
4,388

11,724
12,748
14,079
15,457

1.287
,360
,287
,402

3,861
4,431
4,954
5,545

1,085
1,275
1,344
1,387

5,491
5,682
6,494
7,123

1959 i
1960
1961.
1962
1963^

56,555
55,556
57,399
59,036
62,757

40,344
39,603
40 365
41,478
43 759

24,962
22,546
22,499
24,174
25 690

11,044
12,354
12,811
12,251
12,869

2,106
2,851
2,759
2,857
3 118

3,930
4,180
4,663
5,023
5 110

5,008
5,323
5,389
4,371
4 641

4,338
4,703
5,055
5,053
5 200

16,211
15,953
17,034
17,558
18,998

,488
,386
1,368
1,269

5,870
5,464
5,818
6,156

1,467
1,487
1,581
1,754
1,967

7,386
7,616
8 267
8,379

1962—Dec

59,271

41,823

24,357

12,454

2,880

5,107

4,467

5,012

17,448

1,244

6,192

1,787

8,225

1963—Jan
Feb

60,371
59,154
60,114
59,555
60,458
62,335
62,733
64,194
64 228
65,888
65,928
65,437

41,726
41,376
41,526
42,436
43,143
43,184
43,931
44,571
44 827
45 608
45,576
45,617

24,636
24,273
24,353
24,984
25,646
25,801
25,888
25,832
25 919
26 532
26,707
26,600

12,117
12,107
12,175
12,437
12,432
12,251
12,807
13,397
13 536
13,722
13,506
13,606

2,794
2,771
2,774
2,810
2,852
2,976
3,136
3,310
3 395
3,461
3,538
3,577

4,943
4,902
4,963
4,890
4,775
4,589
4,953
5,346
5 561
5 412
5,367
5,412

4,380
4,434
4,438
4,737
4,805
4,686
4,718
4,741
4 580
4,849
4,601
4,617

4,973
4,996
4,998
5,015
5,065
5,132
5,236
5,342
5 372
5 354
5,363
5,411

18,645
17,778
18,588
17,119
17,315
19,151
18,802
19,623
19 401
20,280
20,352
19,820

1,337
1,405
1,255
1,176
1,369
1,682
1.909

6,963
6,170
6,960
5,602
5,611
6,813
6,331
6,965
6 550
7,442
7,706

1,759
1,760
1,778
1,802
1,868
1,927
1,990
2,061
2 109
2,128
2,159
2,193

8,586
8,443
8,595
8,539
8,467
8,729
8,572

Mar

Apr
May

June
July
Aug
Sept
Oct

Dec
1

p

Beginning with 1959, includes data for Alaska and Hawaii.

Data for the months Dec. 1962-Sept. 1963, inclusive, (and 1962 totals)
have been revised. Revisions for earlier years are pending.

1

NOTE.—Monthly data are at seasonally adjusted annual rates. Beginning with 1959, figures are Census Bureau estimates. Data before
1959 are joint estimates of the Depts. of Commerce and Labor.

NEW HOUSING STARTS
(In thousands of units)
By area *

Annual rate,

By type of ownership
Governmentunderwritten

C A

(private only)
Period
Total

Total

Nonfarm

Metropolitan

Nonmetropolitan

Private
Total

1family

2family

Multifamily

Public
Total

FHA

VA

1954
1955
1956
1957
1958....
1959

1,220
1,329
1,118
1,042
1,209
1,379

897
976
780
700
827
946

324
353
338
342
382
432

1,202
1,310
1,094
993
1,142
1,343

1,077
1,190
981
840
933
1,079

34
33
31
33
39
49

90
87
82
120
170
215

19
19
24
49
68
36

583
670
465
322
439
458

276
277
195
193
337
349

307
393
271
12*
102
109

1959
I960
1961
1962

1,554
1,296
1,365
1,492

1,077
889
948
1,054

477
407
417
439

1,517
1,252
1,313
1.463

1,234
995
975
992

56
44
44
49

227
214
295
422

37
44
52
30

458
336
328
339

349
261
244
261

109
75
83
78

39
27
22
23
39
49
53
48
47
48
44
48
35

121
94

79
56

4
4

39
34

25
20

19
16

81
87
124
158
166
153
150
144
145

47
52
81
106
107
100
98
96
93
102
72

3
4
4
6
6
5
5
5
5
5
4

31
31
40
47
54
49
47
44
48
53
41

2
1
3
1
4
2
3
4
2
4
2

18
17
22
29
30
27
29
25
25
27
22

14
13
17
22
22
20
21
19
19
21
17

6
5
4
4
5
7
7
7
8
7
6
6
5

1962 Nov
Dec

1,579
1,562

,564
,541

123
95

84
68

1963—Jan
Feb
Mar
Apr
May

1,344
1,380
1,575
1,618
1,618
1,571
1,588
1,455
. . . 1,732
Pi,819
*1,528

,317
,353
,549
,590
1,590
1,554
1,573
1,434
1,697
p .779
*1,495

83
88
128
160
170
157
152
148
147

62
65
89
112
116
109
105
100
104
115
83

July
Aug
Sept
Oct
Nov

2>163

P119

i Beginning with 1959, based on revised definition of metropolitan areas.
NOTE.—Beginning with 1959, Census Bureau series includes both
farm and nonfarm series developed initially by the Bureau of Labor




2>161

»117

P3

n

Statistics, for which annual totals are given including overlap for 1959.
Data from Federal Housing Administration and Veterans Administration
represent units started, based on field office reports of first compliance
inspections.

98

EMPLOYMENT

JANUARY 1964
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons unless otherwise indicated)
Civilian labor force

Total noninstitutional
population

Period

Total
labor
force

Not in the

Employed*
Total
Total

In nonagricultural
industries

In
agriculture

Unemployment
rate 2
(per cent)
S.A.

Unemployed

1957
1958
1959

120,445
121,950
123,366

70,746
71,284
71,946

67,946
68,647
69,394

65,011
63,966
65,581

58,789
58,122
59,745

6,222
5,844
5,836

2,936
4,681
3,813

49,699
50,666
51,420

4 3
6 8
5 5

I960 3
1961
1962
1963?

125,368
127,852
130,081
132,125

73,126
74,175
74,681
75,713

70,612
71,603
71,854
72,975

66,681
66,796
67 846
68,809

60,958
61,333
62,657
63,863

5,723
5,463
5,190
4,946

3,931
4,806
4 007

52,242
53,677
55,400
56,412

5.6
6.7
56
5.7

1962—Dec

131,096

74,142

71,378

67,561

63,495

4,066

5.5

131,253
131,414
131,590
131,740
131,865
132,036
132,196
132,345
132,497
132,682
132,853
133,025

73,323
73,999
74,382
74,897
75,864
77,901
77,917
77,167
75,811
76,086
76,000
75,201

70,607
71,275
71,650
72,161
73,127
75,165
75,173
74,418
73,062
73,344
73,261
72,461

65,935
66,358
67,148
68 097
69,061
70,319
70 851
70,561
69,546
69,891
69,325
68,615

61,730
62,309
62,812
63 424
63,883
64,365
64,882
65,065
64,220
64,541
64,548
64,576

4,206
4,049
4,337
4,673
5,178
5,954
5,969
5,496
5,326
5,350
4,777
4,039

3,817
4,672
4,918
4,501
4,063
4,066
4,846
4,322

56,954

1963 Jan
Feb
Mar
Apr
May

57,930
57,414
57,208
56,843
56,001
54,135
54,279
55,178
56,686
56,596
56,852
57,824

5.8
6.1
5.6
5 7
5.9
5.7
5 6
5.5

July
Sept
Oct
Nov
Dec

i 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.

4,166

3,857
3,516
3,453
3,936
3,846

5.6

5 5
5.9
5.5

NOTE.—Information relating to persons 14 years of age and over is
obtained on a sample basis. Monthly data relate to the calendar week
that contains the 12th day; annual data are averages of monthly figures.
Bureau of Labor Statistics estimate.

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
(In thousands of persons)
Contract
construction

Total

Manufacturing

1957
1958
19591

52,904
51,423
53,404

17,174
15,945
16,675

828
751
732

2,923
2,778
2,960

1960
1961
1962
1963»

54,370
54,224
55 841
57,183

16,796
16,327
16.859
17,036

712

Period

Mining

672
652
634

Transportation & public utilities

Trade

Finance

Service

Government

4,241
3,976
4,011

10,886
10,750
11,127

2,477
2,519
2,594

6,749
6,811
7,115

7,626
7,893
8,190

2,885
2,816
2.909
3,033

4,004
3,903
3.903
3,914

11,391
11,337
11,582
11,863

2,669
2,731
2,798
2,866

7,392
7,610
7 949
8,304

8,520
8,828
9 188
9,534

SEASONALLY ADJUSTED

1962—Dec

56,211

16,851

633

2,913

3,898

11,629

2,822

8 079

9 386

1963—Jan
Feb
Mar
Apr
May

56,333
56 458
56,706
56,873
57,060
57 194
57,340
57,344
57,453
57,646
57,623
57,805

16,871
16,872
16,948
17,037
17,095
17,075
17,103
17,033
17,076
17,119
17,062
17,127

631
631
631
639
640
639
640

623

2,967
2,920
2,928
3,005
3,019
3,046
3,069
3,083
3,071
3,066
3,059
3,112

3,821
3,899
3,894
3,890
3,909
3,919
3,936
3,941
3,950
3,937
3,933
3,921

11,685
11,729
11,795
11,784
11,825
11,864
11,884
11,907
11,922
11,935
11,945
11,935

2,834
2 839
2,848
2 853
2,864
2 865
2,870
2,873
2,873
2,887
2,888
2,891

8 110
8 144
8,207
8 199
8,228
8 282
8 349
8,373
8 377
8 430
8,459
8,493

9 414
9 424
9 455
9 466
9 480
9 504
9 489
9.499
9 552
9 643
9,649
9,703

1962—Dec

57,044

16,862

634

2,776

3,914

12,420

9,613

55,409
55,374
55,714
56,505
56 967
57,609
57,422
57,651
58,211
58,426
58,264
58,638

16,687
16,683
16,756
16,845
16 960
17,111
17,050
17,199
17,398
17,367
17,231
17,143

622
618
616
632
643
650
641
646
641

2,584
2,470
2,556
2,846
3,049
3,232
3,364
3,437
3,378
3,333
3,178
2,966

3,775
3,844
3,847
3,859
3,897
3,954
3,975
3,976
3,982
3,968
3,949
3,937

11,535
11,433
11,497
11,740
11,720
11,848
11,832
11,878
11,942
12,014
12,170
12,745

2,811
2,806
2,813
2,825
2,842
2 858

8,014

1963 Jan
Feb
Mar
Apr
May

7,956
7,997
8 076
8,199
8 294
8,423
8,474
8,457
8 436
8,472
8,442
8,425

9,444
9,516
9 541
9 542
9 546
9,506
9,179
9.139
9 547
9,751
9,783
9,919

July
Aue
Sept
Oct
NOV.P

Dec v

635
632
629
628

NOT SEASONALLY ADJUSTED

July
Aug
Sent
Oct
Nov p
Dec.P
1

637

632
624

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




2,885
2,916
2,919
2,887
2,884
2,879
2,879

ending nearest the 15th of the month. Proprietors, self-employed persons,
domestic servants, unpaid family workers, and members of th« armed
forces are excluded.

99

EMPLOYMENT AND EARNINGS

JANUARY 1964

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands of persons)
Seasonally adjusted
Industry group

1963

1962

1962
Dec.

Oct.

Nov.?

Dec.* 3

Dec.
Total

Not seasonally adjusted

Oct.

Nov.?

1963

12,443

12,649

12,599

12,661

12,459

12,895

12,763

12,670

Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.

6,935
121
525
321
474
901
862
1,044
1,065
1,080

7,110
120
526
325
491
931
895

7,084
118
529
325
496
934
892

1,074

1,074

7,129
119
532
328
495
939
900

1,051

311

1,143
237
317

1,044
1,114
238
320

6,962
123
512
323
467
899
869
1,040
1,080
1,112
233
306

7,204
120
543
334
504
929
913
1,057
1,074
1,149
240
342

7,182
120
531
332
502
930
908
1,059
1,068
1,155
241
337

7,153
120
518
330
487
937
907
1,071
1,064
1,162
240
320

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

5,508
1,170
79
802
1,123
486
581
516
121
315
315

5,539
1 159
77
795
164
488
591
527
120
308
310

5,515
1 150
82
797
145
488
590
525
119
312
307

5,497
1,143
83
802
1,126
488
586

5,691
1,248
94
804
1,180
493
599
526
120
317
309

5,581
1,171
87
803
1,162
492
598
523
118
319
309

5,517
1,133
81
795
1,155
491
600
522
116
315
310

231

1,075

1,049
1,128
238
326
5,532
1,160
78
795
1,153
490
595
525
118
310
308

514

119
320
317

for, the pay period ending nearest the 15th of the month.

NOTE.—Bureau of Labor Statistics; data cover production and related
workers only (full- and part-time) who worked during, or received pay

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

1962

1962

1963
Dec?

Dec.

Oct.

Total

40.2

40.6

40.5

40.5

Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries..

41.1
41.2
39.9
40.4
40.5
40.2
41.1
41.7
40.4
42.4
40.8
39.4

41.2
41.2
40.3
40.7
41.6
40.6
41.6
41.9
40.3
42.3
41.0
39.7

41.1
40.7
40.0
41.0
41.3
40.9
41.5
42.1
40.1
42.3
40.7
39.4

41.4
40.9
40.4
40.9
41.0
41.0
41.6
42.2
40.2
42.3
40.8
39.4

107.53
120.10
78.40
81.58
97.84
120.39
106.30
114.53
100.21
129.73
101.52
80.19

109.71
121.13
85.68
84.03
105.67
122.41
109.93
117.04
100.28
131.52
102.75
81.40

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

39.4
41.0
38.8
40.3
36.0
42.8
38.1
41.7
42.0
41.0
36.9

39.8
41.0
38.1
41.0
36.4
43.0
38.4
41.5
41.6
41.0
38.9

39.5
40.9
39.1
40.8
35.7
42.9
38.1
41.4
41.7
40.9
37.4

39.6
41.1
38.7
40.9
36.3
42.9
38.4
41.6
41.3
41.2
37.8

86.94
93.71
75.20
68.45
60.31
104.43
109.24
112.17
126.99
101.76
65.05

88.98
94.35
71.46
71.04
64.25
108.43
111.74
113.85
131.77
101.93
67.66

NOTE.—Bureau of Labor Statistics; data are for production and related
workers only.




Dec.

1963
Oct.

Average hourly earnings
(dollars per hour; N.S.A.)
1962

Dec?

1963
Nov.*7

Dec.

Oct.

98.01 100.53 100.85 102.00

2.42

2.47

2.49

2.50

110.00
120.66
81.97
83.43
103.75
123.42
109.15
117.88
100.35
132.68
102.50
81.19

111.22
122.25
81.78
84.85
101.09
126.07
110.51
119.71
101.75
133.73
103.16
81.78

2.61
2.88
2.00
1.98
2.44
2.98
2.58
2.74
2.45
3.01
2.47
2.02

2.65
2.94
2.10
2.02
2.51
3.03
2.63
2.80
2.47
3.08
2.50
2.03

2.67
2.95
2.07
2.02
2.50
3.04
2.63
2.82
2.49
3.10
2.50
2.04

2.68
2.96
2.06
2.03
2.49
3.06
2.65
2.83
2.50
3.11
2.51
2.06

89.10
95.94
73.33
72.28
63.01
107.68
.16
113.85
133.02
102.50
66.59

90.17
96.82
76.61
72.34
63.71
108.11
113.98
114.40
130.56
103.91
68.92

2.19
2.28
1.88
1.69
1.68
2.44
2.83
2.69
3.06
2.47
1.73

2.23
2.29
1.80
1.72
1.77
2.51
2.91
2.75
3.16
2.48
1.79

2.25
2.34
1.89
1.75
1.76
2.51
2.91
2.75
3.19
2.50
1.79

2.26
2.35
1.92
1.76
1.76
2.52
2.93
2.75
3.20
2.51
1.79

Dec?

100

DEPARTMENT STORES

JANUARY 1964
SALES AND STOCKS, BY DISTRICT
(1957-59- 100)
Federal Reserve district

Period

United
States
Boston

New
York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

88
94
96
99
105
106
109
114

91
96
96
99
104
106
112
114

80
S9
95
100
105
108
112
116

93
97
98
99
104
104
107
110

92
96
98
98
104
108
110
113

89
95
97
98
105
105
108
113

81
90
94
99
107
107
110
118

95
99
100
97
104
104
105
110

90
96
97
98
104
103
104
109

85
93
97
99
104
106
108
109

88
93
94
99
107
108
111
114

84
92
96
99
105
100
102
108

82
91
93
98
109
110
115
123

118
117

119
116

'120
118

'110
112

114
114

119
113

125
122

113
114

111
115

111
110

117
117

109
111

128
127

113
114
119
115
117
120
120
126
121
113
*117

115
111
121
112
118
119
121
129
123
112
110

113
115
119
119
119
120
123
129
128
113
114

103
108
112
105
111
112
115
116
120
104
105

111
109
118
111
113
118
116
125
119
112
113

116
112
123
111
116
120
118
126
124
112
2>119

123
119
135
118
123
130
124
130
130
'121
131

107
108
116
110
111
119
116
126
118
109
115

104
108
114
114
111
117
113
115
112
102
?109

110
114
117
103
110
116
114
125
111
110
112

108
117
122
118
118
120
120
122
116
110

107
109
113
110
110
115
113
112
111
102
109

127
128
130
118
129
127
128
132
125
127
^130

Nov
Dec

141
212

147

152
216

145
202

141
211

r

225

210

145
219

136
201

'132
201

130
197

133
203

126
193

145
232

Jan
Feb
Mar
Apr
May

86
85
101
112
112
114
100
114
121
116
2>141

103
128
r
121
144

75
78
98
104
108
104
87
96
119
108
139

83
79
97
111
109
109
98
113
119
110
141

112
124
120
2>142

94
92
116
121
116
117
111
120
122
'122
151

79
79
97
109
110
115
96
113
119
113
138

79
78
97
107
110
109
95
109
112
107
»130

76
80
96
105
105
113
91
121
119
114
132

82
84
101
114
114
114
108
122
117
113
*>133

83
80
98
108
106
103
103
113
107
104
126

97
101
105
116
118
121
117
127
124
124
P147

St. Minne- Kansas
Dallas
Louis apolis
City

San
Francisco

SALES
1955
1956.
1957
1958
1959
I960
1961
1962
SEASONALLY ADJUSTED
1962—Nov
1963

Jan
Feb
Mar
Apr
May
JUly
Sept
Oct
Nov

nn

NOT SEASONALLY ADJUSTED
1962
1963

July
Sent
Oct
Nov

87

90

79

88

95
112
114
113
91
106
124
115
139

101
111

114
116
94

142
82

79
102
112

111

no
99

STOCKS
88
96
97
99
104
108
111
116

78
89

87
95

99
98
103
109
110
117

97
99
104
110
109
115

99
98
103
105
105
112

86
93
102
97
101
113
112
116

90
99
100
96
104
108
110
118

86
98
102
97
101
107
108
118

89
97
100
97
103
108
109
119

93
102
103
98
99
103
111
117

88
98
102
97
101
108
108
113

90
99
100
98
103
109
111
113

79
91
99
98
104
106
103
112

81
92
96
97
107
114
115
125

1962—Nov
Dec

'120
117

116
118

119
120

112
112

117
118

121
122

122
130

122
121

119
121

113
111

'109
111

112

HI

'128
108

1963—Jan
Feb
Mar
Apr
May

120
119
120
120
121
121
123
122
124
128
*128

119
119
119
120
120
118
121
119
119
123
123

116
116
115
118
119
118
119
118
120
124
126

113
109
108
110
109
109
112
113
114
116
117

125
121
119
122
120
119
125
127
126
129
128

121
119
119
121
117
118
119
118
118
124
128

129
126
123
122
125
127
128
124
126
129
P130

120
119
121
119
124
126
126
125
129
132
131

117
120
118
121
119
122
122
120
121
122
127

111
112
113
114
115
115
115
115
122
121
123

111
114
117
118
120
118
121
120
120
124
P122

113
113
113
114
118
118
120
117
115
119
P122

128
127
129
128
132
129
131
130
133
139
2138

1962 Nov
Dec

137
110

137
110

138
112

131
102

138
109

'137
112

'143
115

136
108

135
108

131
104

126
103

128
103

'146
118

1963—Jan
Feb
Mar
Apr
May

107
112
120
123
122
116
117
122
131
143
*>147

104
109
118

105

99
102
109

99
106
112
114
113
107
112
116
129
137
142

101

99
106
114

112
103
102
109
121
134
137

108
110
121
125
127
122
123
124
137
144
147

108
117

121
120
111
107
115
126
141
147

106
109
120
124
119
111
112
119
127
140
145

104
111
119

121

106
112
119
123
121
121
119
125
135
148
151

116

109
117

121
118
113
115
118
125
137
*>141

111
115
119
122
135
*139

115
120
130
129
130
125
127
131
139
154
H57

85
94

1955
1956,.
1957
1958
1959
I960
1961
1962
SEASONALLY ADJUSTED

July
Sept
Oct
Nov
NOT SEASONALLY ADJUSTED

July
Aug
Sept
Oct
Nov

121
112
111
118
129
143
146

114

NOTE.—Based on retail figures; sales are average per trading day;
stocks are as of end of month or averages of monthly data.




123
126
125
124
118
118
124
133
145
P152

124
119
115
117
121
129
139
143

117
116

For description of series and for back data beginning with 1947, see
July 1962 BULL., p. 803.

JANUARY 1964

101

DEPARTMENT STORES
DEPARTMENT STORE MERCHANDISING DATA
Amounts (millions of dollars)
Period

Receipts

New
orders

Stocks

Outstanding
orders

Stocks
plus
outs,
orders

408
410

401
412

3.0
3.0

1.1
1.0

41
4.0

10
1.0

461
437
510

444
459
461
462
495

449
458
458
464
498

2.9
3.0
3.1
3.0
3.0

1.1
1.1
1.1
1.0
1.1

[,474
1,485
[,593

518
529
571

496
512
535

493
517
533

3.1
3.1
3.2

1.1
1.1
1.2

40
4.1
4.1
4.1
4.1
4.3
4.2
4.4

1.0
1.0
1.0
1.0
1.1
1.0
1.0

'654
998

1,871
1,505

'547
385

'691
611

'576
447

2.9
1.5

.8
.4

3.7
1.9

1.1
.6

407
366
467
512
512

1,466
1,508
1,616
1,653
1,632
1,540
1,553
[,627
1,768
1,922
1.992

498
555
507
459
509

368
408
575
549
491
390
448
593
650
708
698

481
465
527
501
541
591
507
546
667
650
570

3.6
4.1
3.5
3.2
3.2

J-2
1.5
l.l
.9
1.0

4.8
5.6

3.2
3.6
3.1
3.5

1.5
1.8
1.4
1.5

.9
1.1
1.2
1.1
1.0
.8
1.0

Sales

Stocks

406
409

J. 163
1,140

437
454
459
462
488

1,195
1,286
1,338
1,323
1,391

..

494
506
526

1962—Nov
Dec
1963—Jan..
Feb
Mar
Apr
May
June
July

1953
1954

.

1955 .
1956
1957
1958
1959
I960
1961
1962..

.

.

482
435
519
509

..

Aus

Sept
Oct
Nov 'i'

.

554
628

NOTE.—Sales, stocks, and outstanding orders: actual dollar amounts
reported by a selected group of department stores whose 1962 sales
were more than 40 per cent of estimated total department store sales. Sales
are total for month, stocks and outstanding orders are as of end of month.




Outstanding
orders

Ratios to sales

421

388
446
470

710
769
722
739
681
553

3.5
3.2

1.2
.9

45
4.1
4.2

4.7
5.3
4.5
4.9
4.7
5.1

Receipts

1.0

1.1
1.3
1.3
1.1

Receipts and new orders: monthly totals derived from reported figures
on sales, stocks, and outstanding orders.
For further description see Oct. 1952 BULL., pp. 1098-1102. Back
figures may be obtained upon request.

102

PRICES

JANUARY 1964
CONSUMER PRICES
(1957-59= 100)
Housing
All
items

1929
1933
1941
1945

Food

59 7
45.1
51.3
62.7

Period

Total

Rent

55.6
35.3
44.2
58.4

61.4
67.5

85.4
60.8
64.3
66.1

Solid
and
petroleum
fuels

88.3
86.4

45.2
53.6

56.6
42.7
54.4
73.9

Read- Other
goods
ing
and
and
recrea- services
tion

Transportation

ApHouse House- parel
furhold
nish- operaings
tion

Gas
and
electricity

Medical
care

Personal
care

50.6
57.5

47.6
63.6

57.3
75.0

53.3
62.9

56.2
42.8
51.9
71.2

51.2
55.4

58.2
67.3

1954

93.6

95.4

93.4

93.5

92.5

90.6

101.9

89.5

97.3

90.8

86.6

88.5

92.4

94.3

1955
1956
1957
1958
1959

93.3
94.7
98.0
100.7
101.5

94.0
94.7
97.8
101.9
100.3

94.1
95.5
98.5
100.2
101.3

94.8
96.5
98.3
100.1
101.6

94.9
95.9
96.9
100.3
102.8

91.9
95.9
100.8
99.0
100.2

100.0
98.9
100.5
99.8
99.8

90.8
93.7
97.3
100.2
102.4

96.7
98.4
99.7
99.8
100.7

89.7
91.3
96.5
99.7
103.8

88.6
91.8
95.5
100.1
104.4

90.0
93.7
97.1
100.4
102.4

92.1
93.4
96.9
100.8
102.4

94.3
95.8
98.5
99.8
101.8

I960
1961
1962

103 1
104.2
105.4

101.4
102.6
103.6

103.1
103.9
104.8

103.1
104.4
105.7

107.0
107.9
107.9

99.5
101.6
102.1

100.1
99.5
98.9

104.8
105.9
107.4

102.1
102.8
103.2

103.8
105.0
107.2

108.1
111.3
114.2

104 1
104.6
106.5

104.9
107.2
109.6

103.8
104.6
105.3

1962—Nov
Dec

106.0
105.8

104.1
103.5

105.1
105.2

106.2
106.2

108.1
108.1

103.6
104.8

98.7
98.6

107.8
108.1

104.3
103.9

108.3
108.0

115.0
115.3

107.1
107.6

110.1
110.0

105.6
105.6

1963 Jan
Feb
Mar
Apr
May

106.0
106.1
106.2
106.2
106.2
106.6
107.1
107.1
107.1
107.2
107.4

104.7
105.0
104.6
104.3
104.2
105.0
106.2
106.0
105.4
104 9
105.1

105.4
105.4
105.7
105.8
105.7
105.9
106.0
106.0
106.2
106.3
106.6

106.3
106.4
106.4
106.5
106.6
106.7
106.7
106.8
107.0
107.1
107.2

108.2
108.0
108.0
107.5
107.4
108.1
108.1
107.2
108.0
108.1
108.0

104.9
104.8
104.8
104.2
102.4
102.1
102.3
102.6
103.7
104.5
105.4

97.9
98.3
98.6
98.5
98.4
98.5
98.5
98.3
98.6
98.7
98.8

109.3
109.3
109.7
109.9
110.0
110.2
110.3
110.6
110.7
110.5
110.7

103.0
103.3
103.6
103.8
103.7
103.9
103.9
104.0
104.8
105.4
105.6

106.6
106.8
107.0
107.0
107.4
107.4
107.8
108.3
107.9
109.0
109.1

115.5
115.6
115.8
116.1
116.4
116.8
116.9
117.1
117.2
117.4
117.5

107.4
107.3
107.3
107.6
107.8
107.8
108.0
108.0
108.2
108 4
108.4

110.2
110.0
110.1
111.0
110.7
110.9
111.5
112.1
112.3
112.7
112.8

105.7
105.7
105.7
105.8
106.0
107.6
108.0
108.0
108.0
108.2
108.3

July
Sept
Oct
Nov

NOTE.—Bureau of Labor Statistics index for city wage-earner and
clerical worker families.

WHOLESALE PRICES: SUMMARY
(1957-59= 100)
Other commodities

Period

1954

All Farm Proccom- prod- essed
modi- ucts foods
ties
Total

92.9 104.4

97.6

Chem- RubTextiles, Hides, Fuel, icals, ber,
etc.
etc.
etc.
etc.
etc.

90.4 100.6

89.9

94.6

97.3

93.2 97.9 94.3 92.4
96.2 96.6 94.3 96.5
99.0 99.2 97.9 99.2
100.4 103.6 102.9 99.5
100.6 97.2 99.2 101.3

I960
1961
1962

100.7
100.3
100.6

96.9 100.0 101.3 101.5 105.2 99.6 100.2
96.0 100.7 100.8 99.7 106.2 100.7 99.1
97.7 101.2 100.8 100.6 107.4 100.2 97.5

1962—Nov
Dec

100.7
100.4

99.3 101.3 100.7 100.5 107.3 100.7
97.3 100.9 100.7 100.6 106.9 100.8

1963—Jan
Feb

100.5
100.2
99.9
99.7
100.0
100.3
100.6
100.4
100.3
100.5
100.7

98.5
96.5
95.4
95.4
94.4
94.9
96.8
96.3
95.5
95.1
96.2

Apr
May
June
July
Sent
Oct
Nov

100.7
100.6
100.6
100.4
100.5
100.7
100.8
100.8
100.7
100.9
100.9

100.4
100.3
100.2
100.1
100.2
100.3
100.4
100.4
100.5
100.7
101.0

See next page for composition of other commodities.




97.6

88.8

84.3

83.2

93.9

88.8

93 8 110.5

100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91.3 94.6 99.1
100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95 2 95 1 98.1
100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6
98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101.5
100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9

1955
1956
1957
1958
1959

100.8
100.5
99.0
99.3
101.7
102.4
102.2
100.9
100.9
102.2
102.5

87.6

NonLumMa- Furni- meMisber, Paper, Metals chin- ture, tallic To- cellaery
etc.
etc.
etc.
min- bacco neous
erals

106.0
105.1
105.1
104.5
104.8
104.5
104.3
103.6
103.1
103.4
103.6

100.4
100.3
100.8
100.3
100.4
100.9
100.4
98.9
99.0
r
98.8
97.9

97.0
96.8
96.9
96.7
96.8
96.3
96.4
96.3
96.0
96.0
96.0
r
96.2
96.3

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
96.3
95.8

99.1
99.0

94.3 95.9
94.2 96.1
94.1 96.5
94.1 97.0
93.2 97.5
93.1 98.3
93.0 101.6
93.7 102.6
93.4 99.9
94.2 99.2
94.2 99.3

99.0
99.1
99.0
99.0
99.1
99.4
99.0
99.1
99.1
r
99.5
99.4

93.7
94.4

99.3 102.2
99.3 102.3
99.5
99.4
99.4
99.4
99.9
100.0
100.0
100.1
100.3
100.9
101.0

102.3
102.2
102.0
101.9
102.0
102.0
102.1
102.1
102.2
102.3
102.5

98.6 101.6 104.5 109.8
98.4 101.5 104.3 110.2
98.3
98 2
98.2
98.1
98.0
98.1
98.0
98.1
98.1
98.1
98.1

101.4
101 5
101.5
101.5
101.3
101.2
100.9
101.0
101.1
r
101.3
101.3

104.3
104 3
104.3
104.4
105 2
105.8
107.5
107 5
107.5
r
107 5
107.5

111.6
111.5
110.8
108.0
107.6
108.1
110.4
111.1
111.8

r i u .2
110.9

JANUARY 1964

103

PRICES
WHOLESALE PRICES: DETAIL
(1957-59= 100)
1962

1963

1962

Group
Nov.

Sept.

Oct.

96.4
99.5
98.3
97.6
102.1
112.4
106.9
90.1

88.0
102.9
88.6
99.4
101.8
107.8
110.5
89.0

'89.1
101.8
88.0
99.4
102.6
97.9
114.1
90.4

107.7
100.1
108.0

107.0
94.2
108.0

107.7
'93.2
107.4

96.3
102.5
79.1
92.2
79.8
88.7
91.8
101.2

105.3
112.5
80.9
84.1
78.6
80.8
86.2
106.5

105.8
125.4
81.8
'90.2
84.8
82.3
86.0
108.7

100.7
100.1
93.6
130.3
101.7
127.8

99.9 100.2
100.6 100.6
94.2
94.0
130.1 126.1
102.5
102.3
116.9 116.9

Nov

Nov.

Sept.

Oct.

Nov.

96.0
Woodpulp
100.3
Wastepaper
87.9
Paper
99.8
Paperboard
103.1
Converted paper and paperboard...
102.4
Building paper and board
117.5
90.7 Metals and Metal Products:

89.4
96.0
102.2
94.1
99.7
96.6

91.7
90.9
102.2
94.1
99.8
97.6

95.0
90.7
102.8
96.6
99.4
96.9

94.4
91.0
102.9
96.6
99.4
95.9

Iron and steel
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products
Fabricated nonstructural metal products

98.4
98.3
103.7
103.8
97.5
92.8
98.1

99.1
99.6
104.7
104.2
100.6
93.1
98.7

99.9
'99.9
104.6
104.4
100.6
93.1
'98.9

100.0
100.2
104.6
104.4
100.6
92.7
99.0

103.9

105.0

107.0

107.0

109.8
108
109

110.9
110.1
110.2

111.2
110.4
110.3

111.5
110.9
110.6

103
103

104.3
103.5

104.5
103.5

104.7
103.7

102.5
98.1
100.8

104.6
97.2
'99.3

104.8
97.2
'99.9

104.7
97.5
99.9

100.5

100.5

100.5

100.5

104.1
102.5
96.8
93.1
90.4
102.9

104.8
103.0
96.8
91.4
87.8
103.5

104.8
103.1
97.4
'91.2
87.8
103.4

104.8
103.1
97.9
91.2
87.8
103.4

96.6
103.3
102.8
103.4
105.0
89.4
102.4

100.0
103.0
101.3
103.4
106.1
88.2
100.9

102.3
102.9
101.3
103.4
106.1
87.4
101.4

101.0
102.9
101.4
103.5
106.1
87.4
101.4

102.2
101.5
117.4

105.7
101.0
127.7

105.9
100.9
127.7

105.9
100.9
127.7

101.2
114.9
98.7
104.4
101.7

101.1
119.0
99.1
103.4
101.1

101.1
117.9
99.1
103.5
101.1

101.0
117.2
99.1
103.5
101.4

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 and products
Miscellaneous processed foods
Textile Products and Apparel:
Cotton products
Wool products
Man-made fiber textile products
Silk products
Apparel
Other textile products
Hides, Skins, Leather, and Products:
Hides and skins
Leather
Footwear
Other leather products

80.5
99.5
108.4
103.4

97.7
103.6
122.3
102.7
98.6

97.2
103.6
121.7
101.8
95.9

'97.7
103.6
122.0
101.4
95.6

82.7 Furniture and Other Household Dura99.7
bles:
108.3
103.4
Household furniture
Commercial furniture
Floor coverings
Household appliances
98.3
Television, radios, and phonographs.
103.6
Other household durable goods
122.7
101.3
93.8 Nonmetallic Mineral Products:

95.9
103.8
93.9
95.1
75.9
103.1
99.2
99.5

94.5
103.9
89.2
94.9
81.3
103.8
97.2
98.9

94.2
103.9
90.8
94.9
'88.5
103.8
97.1
'99.0

Flat glass
Concrete ingredients
94.2
Concrete products
105.1
Structural clay products
90.9
Gypsum products
95.0
Prepared asphalt roofing
90.8
Other nonmetallic minerals
103.8
98.4 Tobacco Products and Bottled Bever99.0
ages:

92.8
88.0
99.7

88.9
91.7
97.2

91.5
91.7
97.9

96.3
102.3
91.5

100.7
105.6
92.6

99.3
106.2
92.4

Rubber and Products:
Crude rubber
Tires and tubes
Miscellaneous rubber products

106.4
131.2
84.1
93.5
83.8 Machinery and Motive Products:
84.1
Agricultural machinery and equip....
86.6
Construction machinery and equip...
107.8
Metalworking machinery and equip..
General purpose machinery and
equipment
101.2
Miscellaneous machinery
101.7
Special industry machinery and
94.4
equipment (Jan. 1961= 100)
130.5
Electrical machinery and equip
102.3
Motor vehicles
119.0
Transportation equip., R.R. rolling
stock (Jan. 1961= 100)

77.3
99.5
108.4
103.4

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

107.8
91.7
107.9

107.1
106.8
108.4
105.0

Fuels and Related Products, and Power,
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100)
Petroleum products, refined

Tobacco products
Alcoholic beverages
91.6
Nonalcoholic beverages
91.7
97.9 Miscellaneous Products:

Lumber and Wood Products:
Lumber
Mill work
Plywood

NOTB.—Bureau of Labor Statistics Index.




1963

Group

99.5
106.2
92.5

Toys, sporting goods, small arms. . .
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment..
Other miscellaneous products

104

NATIONAL PRODUCT AND INCOME

JANUARY 1964

GROSS NATIONAL PRODUCT O R EXPENDITURE
(In billions of dollars)
1962
Item

1929

1933

1941

1950

1958

1959

1960

1961

III
125.8! 284.6

104.4

56.0

Personal consumption expenditures.
Durable goods
Nondurable goods
Services

79.0
9.2
37.7
32.1

46.4
3.5
22.3
20.7

Gross private domestic investment.
New construction
Residential, nonfarm
Other
Producers' durable equipment..
Change in business inventories.
Nonfarm only

16.2
8.7
3.6
5.1
5.9
1.7
1.8

1.4
1.4
.5
1.0
1.6
-1.6
-1.4

18.1
6.6
3.5
3.1
6.9
4.5
4.0

50.0
24.2

Net exports of goods and services.
Exports
Imports

7.0
6.3

.2
2.4
2.3

8.5
1.3

8.0
2.0

Gross national Product

Government purchases of goods and services.
Federal
National defense
Other
Less: Government sales
State and local
Gross national product in constant (1954)
dollars

1963

1962
II

IV

III

444.5 482.7 502.6 518.2 554.9 556.8 565.2 571.8 579.6 588.7

81.9 195.0 293.2 313.5 328.2 336.8 355.4 356.7 362.9 367.4 370.4 374.9
37.3
44.9
48.2
51.0
9.7
30.4
43.6
43.6
47.7
50.5
50.6
50.8
43.2
99.8 141.6 147.1 151.8 155.1 161.4 162.5 163.6 165.3 165.9 168.6
29.0
64.9 114.3 122.8 131.5 138.0 145.7 146.6 148.9 151.4 153.5 155.5

10.1
18.9
6.8
6.0

56.6
35.5
18.0
17.4
23.1
-2.0
-2.9

72.7
40.2
22.3
17.9
25.9
6.6
6.5

71.8
40.7
21.1
19.7
27.6
3.5
3.2

69.0
41.6
21.0
20.5
25.5
1.9
1.5

78.8
44.4
23.2
21.2
28.8
5.5
4.9

78.9
46.0
24.2
21.7
29.3
3.6
2,8

78.8
45.0
23.7
21.2
29.9
4.0
3.2

77.8
43.7
22.7
21.0
29.0
5.1
4.3

80.7
45.8
24.8
21.0
30.7
4.3
3.6

83.7
47.9
25.9
22.0
31.6
4.2
3.7

1.1
6.0
4.8

.6
13.1
12.5

1.2
22.7
21.5

22.9
23.6

3.0
26.3
23.3

4.4
27.5
23.1

3.8
28.9
25.1

4.1
29.4
25.3

3.3
28.8
25.5

3.6
28.6
24.9

4.8
30.7
25.9

4.3
31.4
27.1

2.0

24.8
16.9
13.8
3.2

6.0

7.8

39.0
19.3
14.3
5.2
.1
19.7

93.5
52.6
44.8
8.3
.5
40.8

97.2
53.6
46.2
7.9
.5
43.6

99.6 107.9 117.0 117.0 120.2 123.0 123.8 125.7
53.1
62.4
63.6
66.5
57.4
62.4
65.5
66.4
54.3
56.7
45.7
49.0
53.3
53.5
56.4
56.7
10.4
10.6
8.0
8.9
10.0
9.7
10.
10.8
1.1
.6
.6
.8
.8
1.0
1.2
.8
56.6
54.6
59.4
50.6
54.6
57.3
46.5
57.5

14.1

181.8 126.6 238.1 318.1 401.3 428.6 439.9

NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates.
For explanation of series see U.S. Income

447.7 474.8 475.6! 481.4 485.3; 489.4 495.1

and Output (a supplement to the Survey of Current Business) and the July
1963 Survey of Current Business.

NATIONAL I N C O M E
(In billions of dollars)
!
1929

1933

1941

1950

1958

1959

1960

1961

1962

1963

1962 !
111

IV

I

III

National income

87.8

40.2 104.7 241.9 367.4

400.5 414.5 426.1 453.7 455.5 462.2 466.7 474.6 482.0

Compensation of employees . .

51.1

29.5

64.8 154.2 257.1

278.5 293.6 302.1 322.9 325.3 327.7 332.0 338.7 342.8

50.4
45.5
.3
4.6

29.0
23.9
.3
4.9

62.1 146.4 239.8 258.5 271.3 278.8 297.1
51.9 124.1 196.6 213.1 222.9 221.0 241.6
9.8
1.9
9.9
5.0
10.2 10.8
9.9
8.3
17.3 33.5 35.4 38.5 41.6 44.7

.7

.5

2.7

7.8

17.3

20.1

22.3

23.3

25.7

25.9

26.2

27.5

27.9\

28.2

.1
.6
14.8

.1
.4
5.6

2.0
.7
17.4

4.0
3.8
37.5

8.0
9.4
46.1

9.7
10.4
46.5

11.3
11.0
46.2

11.9
11.4
48.1

13.7
12.1
49.8

13.8
12.2
49.8

13.8
12.3
50.3

15.0
12.4
50.7

15.3!
12.6
50.0!

15.5
12.7
50.5

8.8
6.0

3.2
2.4

10.9
6.5

23.5
14.0

32.5
13.5

35.1
11.4

34.2
12.0

35.3
12.8

36.5
13.3

36.6
13.2

36.9
13.4

37.2
13.5

37.4
12.6

37.8
12.7

5.4

2.0

3.5

9.0

12.2

11.9

12.1

12.1

12.0

12.0

12.0

12.0

12.0

12.1

10.1

-2.0

14.5

35.7

37.2

47.2

44.5

43.8

47.0

46.1

49.3

48 .8

50.1

52.2

9.6
1.4
8.3
5.8
2.4

.2
'.5
-.4
2.1
-2.4

17.0
17.6
9.4
4.5
4.9

40.6
17.9
22.8
9.2
13.6

37.4
18.6
18.8
12.4
6.4

47.7
23.2
24.5
13.7
10.8

44.3
22.3
22.0
14.5

43.8
22.0
21.8
15.3
6.5

46.
22.2
24.6
16.6
8.1

46.2
21.9
24.3
16.5
7.8

48.4
22.9
25.5
17.1
8.4

48 .3
22 .9
25 .4
17 # i
8

51.0
24.2
26.8
17.6
9.2

52.2
24.7
27.5
17.6
9.8

-2.5

-5.0

-.3

<

4.5

5.5

14.8

16.4

20.0

22.0

Wages

and

salaries....

Private
Military
Government civilian.
Supplements to wages and salaries
Employer contributions for social insurance
Other labor income
Proprietors' income
Business and professional.
Farm
Rental income of persons
Corporate profits and inventory valuation
adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment. .
Net interest

.5
6.4

-2.
5.0

NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to previous table.




7.5

.2

.2
18.1

299.
301.5 304.5 310.8 314.6
243.7 244.7 246.7 252.2 255.1
10.8 10.8
10.5
10.7
10.7
47.8
46.3
48.7
45.0
47.1

-A]

.4
.4

.9
•*> i

-.9
.9
11

n

.0
24.3

JANUARY 1964

105

NATIONAL PRODUCT AND INCOME

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
(In billions of dollars)
1962
Item

1929

1941

1933

1950

1958

1959

1960

1961

III

104. 4

Gross national product
Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy

•7

9. 0

7. 2

7. 0
6
3

1

11.

I

-. ,

Equals: National income

87. 8

Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance

10. 1 _ 2

Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Equals: Personal income

9
10
5 8
6
85 8

1.5
1.2
2.1
.7
47.2

~>
6
1
1 4

1. 5

Equals: Disposable personal income

83 1

Less: Personal consumption expenditures....

79 0

Personal

tax

and nontax

payments.

...

Federal . .
State and local

Equals: Personal saving
Disposable personal income in constant (1954)
dollars

134 9

5
4

19 .1

38. 6

41.0

43.0

?1 7 39.
42.6
1. 8
2.1
.8
.7 - 1 . 5 - 3 . 0

46.4
2.2
-3.0

.2

1
40. 2

2

4 2

IV

I

II

III

56. 0 125. 8 284 .6 444. 5 482.7 502.6 518. 2 554.9 556.8 565.2 571.8 579.6 588.7

8. 6

Plus: Subsidies less current surplus of government enterprises

Less:

1963

1962

1. 1

.4

.5

44. 3

49.4

49. 1 53.0
2. 3
2.3
- 1 . 9 -1.8
17
.

1 .7

49.7

50.1

50.6

51.3

52.1

53 3 54 1
2.3
2.3
-2.6 -1.9

55 2
2.3
-2.3

56 0
2.3
-4.2

57 2
2.3
-4.4

1.6

.7

.4

.5

1.4

104. 7 241 .9 367. 4 400.5 414.5 426. 1 453.7 455.5 462.2 466.7 474.6 482.0
8
1:5

°3

35 .7
6 .9

37. 2
14. 8

47.2
17.6

44.5
20.6

43. 8
21. 4

47.0
23.9

46.1
24.0

49.3
24.2

48.8
26.5

50.1
27.0

52.2
27.4

2 6 14.3 24.5 25.4 27.3 31.3 32.5 32.3 33.6 34.7 34.2 34.4
1. 3
8.5
4.8
7.1
7.8
7.7
8.0
6.2
8.1
8.2
8.3
8.4
4 5
9.2
12.4 13.7 14.5 15.3 16.6 16.5 17.1 17.1 17.6 17.6
2.3
.8
5
2.2
2.3
2.3
1.8
2.1
2.3
2.3
2.3
2.3
96 3 228.5 360.3 383.9 401.3 417.4 442.1 444.5 449.9 453.9 459.9 465.2
3 ?
2 0

20 8

42. ?

?

18 . 2
2 6

36 6
5 7

45 7

60.8
51.1
9.7
93 0 207 .7 317 9 337.1 349.9 364 4 384.4 386.5 391.4 394.5 400.0 404.4

46 4

81 9

195 .0

293 2

6

11 1

12 .6

24 7

s
1 0

-

102 1

46 8
40.4
6.4

51.4
44.0
7.3

52. 0

45 1
7 8

57.7
49.0
8.7

58.1
49.4
8.7

58 5
49.7
8 8

59 4
50.0
9 4

59 9
50.4
9 6

313.5 328.2 336 8 355.4 356.7 362.9 367.4 370.4 374.9
23.6

21.7

27. 6

29.1

29.7

28.5

27.1

29.6

29.5

175.1 231 .0 296 3 310.7 317.8 328 4 343.6 345.1 348.2 349.5 353.2 356.0

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)
1962
1961

Item

1963

1962
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov."

417.4 442.1 449.9 452.1 M54.0 452.9 454.8 457.4 460.1 462.6 464.2 465.1 467.3 471.2 472.8

Total personal income

278.8 297.7 301.5 302.9 302.8 304.7 306.1 308.7 311.2 312.9 314.1 314.4 316.2 318.7 319.1
Wage and salary disbursements
Commodity-producing industries... 110.8 118.5 119.9 119.6 119.5 120.1 120.9 122.5 123.8 124.7 125.1 124.7 125.5 126.3 126.3
87.5
94.2
Manufacturing only
95.0
94.9
94.7
95.5
96.3
97.2 98.4 99.0 99.2 98.7 99.6 100.2 100.2
72.9 76.6 77.5 78.4 77.9 78.6 78.7 79.2 79.7 79.8 80.1 80.2 80.7 80.9 80.9
Distributive industries
43.4 46.4 47.3 47.7 47.8 48.3 48.5 48.7 49.1 49.4 49.8 50.0 50.2 50.4 50.6
Service industries
51.8 55.6 56.9 57.3 57.6 57.8 58.0 58.3 58.6 58.9 59.2 59.5 59.8 61.0 61.3
Government

12.5
50.1
37.3
12.8
12.0
17.3

Other labor income. .

11.4

12.1

12.3

12.4

12.3

12.5

12.5

Proprietors' income
Business and professional
Farm

48.1
35.3
12.8

49.8
36.5
13.3

50.4
37.0
13.4

50.5
37.0
13.5

50.7
37.1
13.6

50.7
37.2
13.5

50.5
37.2
13.3

12.1

12.0

12.0

12.0

12.0

12.0

12.0

15.3

16.6

16.9

17.7

17.0

17.2

17.2

Personal interest income. .

27.7

30.0

31.1

31.3

31.5

31.7

31.8

Transfer payments...

33.6

34.8

36.0

35.7

139.1

35.7

36.2

31.9
36.4

9.5

10.2

10.3

10.3

11.4

11.5

11.5

11.6

Rental income.
Dividends

.

Less: Personal contributions
social insurance
Nonagricultural income
Agricultural income
1

...

for

12.6

12.7

12.7

12.7

12.8

12.8

50.0
37.6
12.4

50.4
37.1
12.7

50.6
37.9
12.7

50.6
37.9
12.7

50.9
38.2
12.7

50.9
38.2
12.7

12.0

.2.1

12.1

12.1

12.2

12.2

18.2

17 5

17.6

17.8

18.2

18.5

32.3

32.6

32.8

33.0

33.2

33.5

36.6

36.4

36.5

36.7

36.8

37.3

37.8

11.7

11.8

11.8

11.9

11.9

12.0

12.0

400.3 424.5 432.0 434.1 M35.9 434.9 437.0 440.5 443.1 445.8 447.0 448.0 450.3 454.1 455.8
17.1

17.6

17.8

18.0

18.1

Includes stepped-up rate of Govt. life insurance payments to veterans
and a special dividend to all W.W. II veterans holding NSLI policies;
disbursements amounted to $3.6 billion.




12.6
50.0
37.4
12.6
12.0
17.3
32.1

18.0

17.8

17.3

17.1

16.9

17.2

17.1

17.0

17.0

17.0

NOTE.—Dept. of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.

I A. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR THIRD QUARTER, 1963—Not seasonally adjusted

O

(In billions of dollars)

Sector
Transaction
category
A
B
C

U

S

D

Gross investment (E4- J )
T

U

23.7

E
F
G
H
I

Private capital expenditures,
net
Consumer durables
Residential construction. ..
Plant and equipment
Inventory change

16.9
11.7
4.3
1.0

J

Netfinancialinvest (K IS)

Noncorporate

S

U

U.S.
Govt.

Corporate

U

Farm

24.8
12 6
12.2

Gross saving
Capital consumption
Net saving (A—B)

Government sectors

Nonfinancial business sectors

Consumer
and nonprofit
organizations

S

S

State
and local

Banking
system

U

S

11.3
80
3 3 ....

2.4
2 3
1

1.3
11
2

U

Financial sectors

U

S

Savings
institutions

S

U

U

S

-2.9

-1.2

.3

—12

3

1 1

S

I1

1.4

3.9

10.0

1

1.2
.1

1.4
2 6
-.1

1.4
85
.1

1

S
T

Time and svgs. accounts...
At coml. banks

V
W

Life insurance reserves
Pension fund reserves

X
Y
Z
AA
AB
1

Credit market instr
U.S. Govt. securities....
State and local oblig
Corp. and foreign bonds.
Corp. stocks

AC

1- to 4-familv mt&s

AD
AE
AF
AG

Other mortgages
Consumer credit
Bank loans n e e
Other loans

AI

6.8

— .1

—1.5

—1.5

2.4

2 7

*

*

3.4

-1.6

-.3

6.8

i

....

1.5

4.9

.8

*
3

1

3

4.3

3.4

1.9

.6

29.0

3
1 7
2 1
1
3 0
3 0

*
1
6.2

5

Security credit
To brokers and dealers..
To others .
...

*
*

AM
AN
AO

Trade credit
Equity in noncorp. business
Misc. financial trans

— 5

AP Sector discrepancies (A—D)..

1.1

*

1.4

Q

.
4
1

.

1.0

*

2

*

*
*
7
3.0
2 4

*

...

1

*
*

1

*

2.5
5
1
4
1.1

.9

.9
1 5

.

7
3
*
4

17

3 4
7
16..
*

1.7

2
2

3
*
*
*

4 8
1
*
*

*

*
1
1

*

10

*

6

7
1

*

1 0

37
7
3

1 0
6
6 ..
1 0

*

8

*
8

.
o

....

7

1

7 ..
2
— 5

*

3.5

2.4

*

*

-.1

-.3

29

-.5

7
.2
5

*

.1

.3

12

.2
1

.3

. ..
4
.4

*
*

1
*

1
1

1
1
*
*

5
i
1

4

7

-

— 7

4

28.2
*
*

*

—2
*

-.1
_ 3

.1

-.6
4 0

-.3

J

.4
.6

-.9

K
L

-.2

M
N
Q
P

1 0
— 3
1.7 - 1 . 3
.3
2 1
1

-.2

15.6
1.5
1.7
1 l
5
5 2
2 7
1.6
1 0
4
1
1.0

2.6
5
.4

o
s
T

u
y

*

4c

.1 X
-.1 Y
.1 AA
* AB
AC
AD
AE
.1 AF
AG
- . 1 AH
* AI
AJ
AK
AL

16
9
7
3.5

1

3

15.6
1.5

9
.9

*
-

1 5

11
5
1
*
.1
4
*

5
3
1

8

*

-

s

.7

D

1 1
2.2

1 1
1.4

o

4
1
1 l
5
5
5

32.1

5 4
3.0
2 4

.2

7

.1

j

1

*

-.9

4

4 3
.1
1.6
1
2
*

AJ
AK
AL

....

— 2

.4

2 4

1.1
2.2
2.1
1 6
.2
-.3
*
— 1
.8

.2

*

*

1 9

2
*
-1 0

.8

2.6

32

A
B
C

32.3 E
11.7 F
7.1 G
13.5 H
1 I

.9

3.6
3 4

37.2
23.9
13.3

32.3
11 7 .
7 1
13 5
.1

s

2 4

4.9

-.9

37.2
23 9
13 3

33 2

1 \

2 4
4.4
2.0
2.4

...

%

*

-.3

4.3

Federal loans




* ....

1

2 7

Natl.
saving
and
investment

Discrepancy

S

-.1

.1

....

*

Demand deposits and curr.
Private domestic
U S Govt
Foreign

U

— l

9

8.5

Gold and official U.S. for-

O
P
Q
R

S

2 ... .

2 4

1.3

24

U

S

All
sectors

2

...

13.7

M

U

1.1

—29 . . . .

Rest of
the world

Finance
n.e.c.

Insurance

-.9
1.0

AM
• • . • AN
.2 AO

4.0

5.2 AP
V0

IB. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR THIRD QUARTER, 1963—Seasonally adjusted annual rates
(In billions of dollars)

Sector
Transaction
category

U

S

Government sectors

Nonfinancial business sectors

Consumer
and nonprofit
organizations

Noncorporate

U

S

91 0
50 2
40 8

Corporate

U

Farm

U

U.S.
Govt.

S

4.3

U

State
and local

U

Savings
institutions

Banking
system

U

S

41 7
32 1
9.7

9.3

4 2
1

S

Financial sectors

S

3.7

-3 5

Insurance

S

X 1

35

-3.7

U

S

U

Rest of
the
world

Finance
n.e.c.

S

U

S

U

U

S

.8

30

All
sectors

Discrepancy

36

Capital consumption
Net saving (A—B)

D

Gross investment ( E + J )

93.7

4.3

9.3

34.4

E

73.5
50 8
17 8
3 9.

5.3

15.5

40.6

F
G
H
I

Private capital expenditures,
net
.
Consumer durables
Residential construction. . .
Plant and equipment
Inventory change

.3

.3

48
.5

41
10 8
.6

4 1
33.5
3.1

3

3

J

Net financial invest. (K—L)...

30.3

-1.0

-6.3

-6.3

-3.0

-6.3

.9

3.0

3.3

.1

*

.5

13.6

-8.1

3.8

10.0

18.4

14.3

8.5

3.4

110.3

139 6
95 8
43 8

K.
M

Financial uses, net

N

Demand deposits and curr..

6.8

i.i

18.8

Gold and official U.S. foreign exchange
Treasury currency
..

O

38.9

-3.0

O
R

U S Govt
Foreign

*
- 6

10 6

20 9
75
13.4

S
T
U

Time and svgs. accounts...
At coml banks
At svgs institutions

V
W

Life insurance reserves
Pension fund reserves

X
Y
Z
AA
AB
AC
AD
AE
AF
AG
AH
AI

4.9 25.5
Credit market instr
3.0
U.S. Govt securities....
i
State and local oblig
Corp. and foreign bonds. — 1 1
—6
Corp. stocks
-.2
17.5
1- to 4-family mtgs
Other mortcaces
3 8
4
6 7
Consumer credit
2
Bank loans n e e
.7
Other loans
Open market paper
*
Federal loans

AJ
AK
AL

Security credit
To brokers and dealers .
To others

AM
AN
AO

Trade credit
Equity in noncorp. business — 1 9
*
Misc financial trans

AP Sector discrcD£incics (A D^




-5.1

3.2

17
10
3

.4

.4

3

3.6 - 6 . 8
8.1 - 1 . 0 11.1
-5.3
— 1.8
.1
33
5
1 l
10 — 8
4 7
3
4 7
.8
1 2
1.0
1.1 - . 1
.6
4.1 - 1 . 6
* — .1
-.2
2
1 4.0

...
3.5

16.4

1

134
50
25
53
4

11.1

10.4
-8 7
5.9
_ 2
35
2.6
25
6 6
2 -2.0
— 5
2

*

6.0

18.5
3.0
6
*
*
*
13 8
2.7
1 2 .

6

*

1

9.7
13
7 3..

7 7 - 2
1

— 3
— 8

5

3.0

26
.3
3

...
.5
.5

3.0
.6
2 4

.2

*
*

1.0
5

30

*

134.6
50.8
25.9
53.6
4.2

27

E
F
G
H
I

. ..

.

J

106.9

K
L

- 1
*

-.1

*

- 1
*

-.9

M
N

3 3 2 5
5.2 - 4 . 3
9 4 18
9

..

-3.5

g

26

16

6 7
1 9
.8

P
Q
R

S
T

2.4
.9

X
Y
Z
.7 AA
.1 AB
AC
. AD
AE
.6 AF
AG
- . 3 AH
.4 AI
AJ
AK
AL

5 9
2 5
3 4

.5 - 1 . 2

-.9

u
v
.. w

58.8 58.6 - . 1
-5.1 -5.3 - . 1
6 0
.7
5.8
.1
2 4
19 7
11 5
6 7
6
6 7
*
.5
5.1
5.1
.2
3
4 . . ..
4 0

.4

o

-.7

25 7
12 4
13.4

2.0

9 6
_ g

4

— 4

D

3.4
3.4

2.5
2.5

*

*

—2 3
2 8

-.4
-.9

1.8
1.8

1.8

1

1

3

6.6

1.5

5.2
2.0
20
2.0

A
B
C

45
9 9
5.7
.3
— 4
.3
1.0
12

13.6
7

95.8
43.8

6
8
9
6
2

4 4
6 2

6.2

5.0 143.3

9
9.5
11 2

3.4

7

13 4

10.

. . . . —1.3

8.3

.9

2.8
18
— 1
—1 9

..

138.0

— 2

28
3.1
1.6
-.1
15

—2 6 .
*

.1

3

12 4
12.4

3.3

*

— 7

8

8
33
52
94
9

...

3 3

-17

20 .

3.0

9.1

1.0
8

3.0

9.3

.

- 9
-13

*

ii
1.3

*

—ii 2

45
9 9.

.1
.1

-6.3

...

4

- 3 . 5 138.0

3.6

49.1
.

*

*

£

S

B
C

9 2

Natl.
saving
and
investment

2 9
2.0

AM
AN
.1 AO

1.6

7.6 AP

108

FLOW OF FUNDS/SAVING
2.

JANUARY 1964

SAVING, INVESTMENT, AND FINANCIAL FLOWS
(In billions of dollars)
1961

Transaction category,
or sector

1958

1959

1960

1961

in
I.

1962

1963

1962

iv

ii

ni

IIr

IV

III

Saving and investment

A
B
C
D
E
F
G

Gross national saving
Consumer and nonprofit
Farm and noncorp. business
Corporate nonfin. business
U.S. Government
State and local govt
Financial sectors

94.5 115.6 119.5 116.1 130.2 119.1 125.7 124.2 131.7 131.9 132.8 131.6 139.5 142.2
68.9 74.5 73.4 80.0 86.6 82.7 85.3 85.2 87.1 86.5 87.7 87.0 91.2 91.0
11.9 13.4 12.9 12.5 13.1 12.4 12.4 12.9 13.1 13.2 13.3 13.2 13.3 13.5
25.2 35.2 29.7 32.1 36.6 32.3 37.3 36.2 36.7 35.1 38.6 37.2 39.5 41.7
j g -4.5
4.3 - 5 . 5 - 4 . 7 -5.3 - 5 . 7 - 7 . 0 - 4 . 4 - 2 . 0 - 5 . 7 - 4 . 4 - 5 . 9 - 3 . 7
- 5 ^ 2 -3.5 -3.0 - 4 . 7 - 3 .
-4.7 -5.2 -4.5 - 3 . 3 - 3 . 4 - 4 . 0 - 3 . 5 - 2 . 6 - 3 . 5
1.5
3.2
1.7
4.0
1.5
2.2
1.6
2.3
1.6
2.1
1.4
2.6
2.8
2.5

H
I
J

Gross national investment
Consumer durable goods
Business inventories

94.3 114.6 117.4 114.5 127.2 117.6 125,2 126.6 128.9 126.0 127.3 129.4 135.1 134.6
37.3 43.6 44.9 43.6 48.2 43.9 46.4 47.3 47.5 47.7 50.5 50.2! 51.0 50.8
-2.0
1.8
6.6
3.4 7.0 7.7
3.5
4.3
4.3
4.2
4.9
5.9
2.8
3.3

K
L
M
N
0
P

Net financial investment
Discrepancy (A—H)

A
B
C

Net funds raised—Nonfin. sectors.,
Loans and short-term securities...
Long-term securities and mtgs

n.

22.1
43.4
.7

66.2

68.3
21.6
46.0
.6

67.1
20.1
46.4
.7

73.2
21.3
51.3
.7

.4 -1.7
2.0
.2

.7
2.2

2.0
1.5

53.2
19.7
33.4

36.2
8.0
28.3

47.2
19.5
27.7

58.6
18.1
39.9
.6

Gross pvt. fixed investment
Consumer and nonprofit.
Nonfin. business
Financial sectors
,

70.4
21.5
48.2

69.3
21.7
46.8

73.2
19.9
52.6
.7

75.4
21.2
53.5
.7

75.0
22.3
52.1
.6

72.0
20.6
50.6
.8

76.4
19.6
56.2
.6

79.5
21.7
57.2
.6

K
L
M
N

.8
3.0

68.5
19.3
48.5
.7
1.8
1.5

1.4

2.4
-2.4

2.3
2.8

-1.5
5.5

3.0

5.9

3.4
4.4

7.6

O
P

58.1
17.6
40.5

58.3
11.7
46.5

53.8
25.9
28.0

61.8
29.7
32.1

63.0 40.1
19.9 -1.9
43.1 42.0

67.7
22.7
45.0

60.9
3.1
57.8

67.4
27.2
40.2

49.0
.1
48.9

A
B
C

14.6
5.7 16.1
.9 11.3 17.8
14.2 -6.6 - 2 . 4
3.5 4.3
3.7
3.2
2.7
3.1

8.4 -5.6
2.0 -12.4
6.6
8.3
2.0
.2
.8 - . 5
1.1
.7
52.6 45.5
17.2 12.5
7.0 4.3
6.3 3.5
4.0
4.7
35.4 33.1
5.9
3.6
4.9
4.0
15.5 16.3
9.1 9.2

11.4 12.1
2.4 -10.4
7.3 21.9
3.3
3.3
1.2
1.5
2.0
1.8
53.0 45
17.1 11
7.6 6.7
4.4
5.8
.6
3.7
35.9 33.8
4.0
4.3
5.
4.1
16.5 15.5
8.6
10.9

9.1 - 6 . 8
10.3 -12.4
-.2
7.2
5.0
2.0
3.5
1.2
1.5
.8
53.3 53.9
14.5 12.9
6.6
6.7
4.0
3.4
3.9
2.8
38.9 41.0
9.3
6.0
1.6
3.8
17.2
19.7
11.5
10.7

58.3
4.8
4.9
2.2
8.7
11.0

63.0 40.1
3.9 - 6 . 5
1.9
4.5
1.9
2.8
9.3 9.0
8.4
4.3
38.2
25.4
33.4 24.9
27.7 26.1
2.3
2.9
24.8 23.9
13.4 10.6
11.5 13.3
5.7 - 1 . 3

67.7 60.9
6.8
1.5
1.2
3.6
1.7
2.7
8.5
9.4
9.1
6.3
44.1 33.6
39.1 32.7
37.9 30.5
8.9 - 4 . 1
29.0 34.5
13.7 17.1
15.3 17.4
2.2
1.3
2.5
6.2
1.6
1.2

67.4
2.5
1.2
5.3
9.2
6.0

49.0
-9.4
3.6
2.0
10.7
9.6

43.1
42.1
30.8
7.3
23.
9.4
14.2
11.3

32.7
32.3
29.5
4.5
25.0
11.7
13.4
2.8

Financial flows—Summary

By sector
D U.S. Government
E
Short-term securities
F
Other securities
G Foreign borrowers
H
Loans
1
Securities
J
Pvt. domestic nonfin. sectors
K
Loans
L
Consumer credit
M
Bank loans n.e.c
N
Other loans
0
Securities and mortgages
P
State and local obligations
Q
Corporate securities
R
1- to 4-family mortgages
S
Other mortgages

42.9
3.5
39.5
8.6
-1.2
9.5
2.3
1.1
1.3
32.0
3.3
l'.8
1.3
28.7
5.5
8.0
10.1
5.2

T Net sources of credit (= A)
U
Chg. in U.S. Govt. cash balance
V
U.S. Govt. lending
W
Foreign funds
,
X
Pvt. insur. and pension reserves.
V
Sources n.e.c

42.9
.1
1.7
3.1
7.8
5.0

Z Pvt. domestic nonfin.
sectors,
AA Deposits and U.S. Govt. secur..
AB
Deposits
AC
Demand dep. and currency,
AD
Time and svgs. accounts....
AE
At commercial banks
AF
At savings instit
AG
U.S. Govt. securities

25.3
17.7
20.6
4.9
15.7
7.0
8.7
-2.9
8.5
.9

AH

Other securities and mtgs

AI

Less security debt
III.

A
B
C
D

H
1
J

Financial institutions

F
G
H
1

Net funds advanced—Total
U.S. Govt. securities
Other securities and mtgs
Loans
By sector
Banking system
Savings institutions
Insurance and pension funds
Finance n.e.c

,

J
K
L
M
N
O
P
Q
R
S
T
U
V
W

Net sources of funds—Total
Gross saving
Deposit claims
,
Demand deposits and currency.,
Time dep. at coml. banks
Other savings accounts
Life insurance reserves
,
Pension fund reserves
Credit market instruments
,
Investment co. shares
Corporate bonds
,
Loans
,
Security credit
,
Other sources, net

,
,

8.7 - 2 . 1
7.5
7.6
5.5 - 5 . 1 11.3
2.4
3.8
2.5 - 4 . 1
4.9
.8
2.0
2.3
2.8
.2
1.4
1.3
1.9
.7
1.0
.7
.8
43.6 36.3 36.9 48.2
5.9
14.7 11.2
13.7
1.7
6.4 4.5
5.8
1.9
5.6 2.8
4.5
3.9
2.4
2.7
3.5
29.0 25.2 31.0 34.5
4.7
3.7
5.0 5./
5.3
5.3
7.3 4.8
13.2 10.4 11.7 15.4
5.8 5.8
6.9 9.4
53.2 36.2 47.2 58.1
.7
.9
.3
1.0
3.8 2.4
2.8
3.5
3.6
3.3
2.2
2.5
8.8
8.
8.7
9.0
5.7
6.3
5.1
5.6
30.5
15.3 28.2
23.8
8.3 23.5
11.0 14.0 24.6
.5 - 1 . 0
4.5
10.5 15.0 20.0
2.1
5.4
8.7
8.4
9.6 11.4
12.9 -5.7 - 1 . 1

36.5
26.6
32.2 21.6
29.8 23.4
1.6
4.4
28.3 19.0
15.1
8.0
13.2
11.0
2.4 -1.8

1.1
43.8
10.4
4.9
4.0
1.5
33.4
6.3
5.5
13.5
8.0
53.8
.2
4.5
4.0
9.4
4.4

.6
41.9
8.1
4.3
2.2
1.6
33.8
6.4
6.0
13.2
8.3

61.8
4.9
4.0
2.7
8.6
3.3

31.3
38.4
28.3 31.6
25.5 27.7
8.3 -7.7
17.1 35.4
22.7
4.9
12.7
12.2
3.9
2.9

Z
AA
AB
AC
AD
AE
AF
AG

6.8
.2

6.8
-.3

6.0
1.3

4.1
-.2

5.7
.6

4.8
1.8

6.7

37.5 30.6
11.3 -7.2
22.9 23.2
3.3 14.6

34.6
2.9
20.7
11.1

44.4
8.4
27.4
8.5

51.4
3.9
34.0
13.5

51.7
15.9
27.8
8.0

48.5
1.3
31.4

52.5
10.6
30.9
11.0

48.3 43.0
1.0 -3.9
39.3 32.1
14.8
8.0

61.9
7.8
33.8
20.4

54.3 60.4 53.9
6.6 - 1 . 9 - 7 . 0
36.0 42.9 42.3
11.8 19.5 18.7

A
B
C
D

17.4
9.3
9.0
1.8

5.0
10.6
10.1
4.9

9.9
9.3
10.2
5.3

17.5
12.0
10.7
4.2

17.3
13.5
11.8
5.9

25.1
13.6

19.5
13.3
11.7
3.8

9.3
15.7
11.3
6.7

27.7
15.4
12.5
6.2

26.0
17.1
11.3
-.1

13.2
18.5
13.6
8.7

F
G
H
I

37.5
1.5
22.5
5.6
8.0
8.9
3.3
4.4
.5
1.6
.2
-1.3
.6
4.7

30.6
1.5
10.9
1.4
1.1
8.4
3.6
5.2
6.2
1.8
1.1

34.6
2.2
15.6

44.4
1.7

20.4 22.5
14.5 11.9
11.5 10.8
6.5
5.0
51.4 51.7
2.3
1.6
32.1 29.6
3.5 9.4
9.2
15.3
13.3 11.0
4.1
3.9
5.0 4.8
5.6
5.5
2.1
1.9
.1
.8
2.8
3.2
.9 - 1 . 2
7.4
1.3

48.5
1.6
28.9

52.5 48.3 43.0
2.6
1.4
2.5
35.0 31.3 18.8
-.4
6.3 - 4 . 7
22.7 13.3 10.2
12.7 11.7 13.3
4.1
3.6 4.4
4.5
5.7 4.6
7.2
6.1
4.9
2.2
3.2
1.3
1.1
.3
.5
1.2
3.9 4.2
1.5 -2.0
1.6
1.2
5.0

61.9
2.8
43.4
12.8
15.0
15.7
4.2
5.2
4.4
.8

54.3
2.1
37.1
1.2
18.4
17.4
4.0
4.5
1.6
.8
.3
.4
-1.4
6.4

3.1
•
3.1

5!8
9.5
3.4
4.7
3.4
1.5
1.5
.2
.5
4.9

26.8
5.9
9.4
11.5
3.7
4.9
3.3
2.0
.5
.6
.9
3.0

NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
For other notes see p. 110.




.8
40.1
8.6
1.6
2.1
4.9
31.6
5.9
6.4
11.9
7.3

15.8

10.7

5.5
12.7
3.5
5.9
5.5
2.7
.2
2.0
2.2
1.0

10.7
3.2

.2
-4.5

3.3
2.8

1.4
2.1
2.7

3.2
2.2

22.9
16.7
11.8
9.0

3.5 AH
3.2 AI

60.4 53.9
4.0
3.2
35.4 22.4
10.7 - 3 . 3
10.5 12.4
14.2 13.4
4.4
3.5
6.2
5.7
8.3
9.7
1.0
1.8
1.8
2.0
6.1
5.2
2.5
3.1
5.4
.3

109

FLOW OF FUNDS/SAVING

JANUARY 1964
3

PRINCIPAL FINANCIAL TRANSACTIONS
(In billions of dollars)
1962

1961
Transaction category,
or sector

1958

1959

1960

1961

III

I.
A
B
C

D
F
F

G
H
I

II.

C

r>
E
F
G
H

At savings institutions
.
Memo—Consumer and nonprofit
orgs.—Total

5.6
.1
5.5

6.2
.1
6.1

16.9
8.0

.9
.8
.9
5.3
8.9
14.0

Total net issues

...

8.2

-1.2
9.5

8.5
Net acQuisitions by sector
-2.9
Pvt. domestic nonfin. sectors
-2.5
Consumers and nonprofit
Svgs. bonds and postal svgs. dep.. - . 7
G
H
-1.7
Securities
T
*
j
State and local covt
— .4
11.3
Y
Financial sectors
y
10.4
Banking system
.
2 2
M
8.2
N
CoTwnevcial banks
F

F
G
H

10 .5

5.0 11.1
1.1
7.4
3.8
4.9
1. 6
3.8
5.1
1. 3 - 2 . 1
1.1
- . 1 -1.6
6
u
1.5
.8
1
-1.3
-2.6
*
1.
1.0
-1.4
0

6 .4
- 1 ,3

.5
.9
-.3
-.6
-.5
.2
.6

15.3

70
9. 4

3.5
1.0

4. 9
3

-.1
*
-.1

9.5
1.1

-.4
-.4
-.9
3.0

5.8
.8
1.4
.3
3.3

8.4

9.5

11.3

12.8

9.3
5.5
3.8

-2.6
-5.1

8.7
12.9

-2.3
-5.7
-3.3

7.3

-2.0
9.2
3.8
1.8

-7.2
-7.9
-8.2

2.5

7

2.5

4. 8

1.

9

6.' 6
5
11.
5
17.
8

7 0

- 2 .9
5 .7
2 .8
1 4
.7
1 .5
2 .8

4
4 9

-5

3

6 .3 - 4 . 7
3 9 -6.
.3

1.7

12 .8
1

11 3

IIr

1 .2
6 8

-5 6

1 17 6
6 .0
5 .2
2 1
1 7
3
6 8
3 6 -6 3
0
7
-4 6
2. 1
5 .5 - 1 . 0 13 .1
7 .3
3 .0
1 -7 6
*
7 - 4 .7
1 .1
1 .4
- 2 .8
2. 7 - 1 .6
.1
1 1
4
2 t
8
.4
.7
.4
9
.3
.3 - 1
.4
.2
.7
- 2 .1
5 - 4 .7 - 4 .9

28.6
15.3
2.6
1.0
.3
11.5

20.2
9.2

18
5

.8 - 2 .4
1.0
8
1.1
.5
6.2
6 .6

35 4
22.7
4.8
2-0
15 .9

0
13 .3

2 .6
6
.1
10 .1

30 6
IS 0

23.
10.

6
4
3
9 6

.3
1 0
1 .3
10 .5

13.3

11.0

12 .7

12 .7

11 .7

13. 3

15 .7

24.7

17.2

18 .8

28 .6

21 .6

22 9

25 .7

7. 3
11. 3
-4. 1

7.4
2.4
4.9

15.0
14.2

4 7
11 3
-6 6

7. 8
i
1

7.6
2.4

15.1
-1.8

9
7

— .4

-2.8
-2.7
2
2.9
2.7

.2
*
3.0

2.0
-.4
-.4
1.0
.6

11.8

11.1

5.5
8.0

4.7

3.7

5.3
1.1

5.3
1 5

.7

Rest of the world
14.9
3.4
2.1

Net issues
Rest of the world

6
4
8 4
7. 4
7.
9

.7
.3

.9

35 9
18 4
4 .6

9
1 .4
.6
9
.4
17
.0
27

15 4
17 8
4

8 6 -4. 1
2 .0 - 1 2 4
6 6
8 3

11 5
9 7
2 4 -10 4
9
7 3

5 .0
? 9

15
3 *9
-1 9

9 .3
9
,7 - 1 3

9 .8
1 3

9 .7

2

-2 .0
1 ,9

_" 5
0

.7
.7

.9
.3

7 8

6.6
9 1
5

3 .?,
9

2.6
.7

.4
1.9
.3 - 4 . 0
1.4
— .4

9

15.9

1 .3

3.9
2.2
2.0
.3
.4
.4
.8
1.3

11.1
.2
3.5
1.1

7
1 0
6
5
.8

13 6
5 0
7. 3

11.7

13.3

13 .2

8

1
6
4

1

12.2

2

1.1

2

-2

- 9

1

3 9
10 6
9 6

5

2.5
6.5

5.9

6.4
.1

1.0

.8

1 1

13.2
1.3
1.5

11.1
2.1
2.2

13. 6
2. 0
1. 9

11.7
-.8
1.4

13.3
1.2
1.8

.7
.4

-.2
.4

2 7

4.4

.2
3.3

7.0
-.4

7.7
—8

7.4
-.4

9

.3
-.8

4
4
1 i

— .7
1 2

7.0
-.6
-.1
c
1 0

1.6

1.8
.4

1.5
3

15.3
10.1
5.2

19.0
13.2
5.8

19.0

6.3
5 .5

5.1

4.8
.8

11.8
2.7
1.3

15.3

8.4
-1.7
-1.0

3 3
8 .1

9

1 1

1 4

0
4

1.9

2.1
.3

1
9
1 7
7
.4

16.2
10.4
5.8

18 7
11 7
6 9

24.7
15.4
9.4

19.3
11.9
7.3

21 .6
13 c
8

16.2
2.4
1.2

24.7
3.3
.3

19.3
2.0
.8

7-1 6
1
1A

4.0

1.8

13.3
3.0
.4

11.0
2.2
.8

1? .1

2.8
*

18 7
1 6
6
1 6
11.0
2 7
6

2.7
2.7
2.6

2 7
1 6
1 6

5.0
1.9
.4

-.1

6.0
4.0
2.6

5
3
3A

1.0

V.

III

10. 7 - 3 . 3
2 5 -9 4
8 3
6 1
10 6
.9
3 4 -11
6 4
9 5
7 6
10 . 6
6
-1 9
5 - I .3
9
7
.9
8
1 .8
9
1 0 — 4 .3

A
B
C
D
F
F
G
H
T
f
K
L
M

25 7
1? .4
3 .2
1 0
.7
7 .5

A
B
C
T>
E
F

?4
10 ^
2
1 0
6
14

13 . 4

G

20 9

20 .9

H

-5 3
- 1 7 , .4
7

B
C

3 .9
.4
3 .5

A

1A
1 .0
7
.3

8
3
1
7

.5
.3
.5
2 .6

13 ,3
6 4
6 .0

13 .0

1
6

7
-3 9
-6 4

?

^r

*

,9
->

9

S

2

8

9
1 9

10
10
12
11
6
7
5
2
2
-1

?

3 - 5 .1
.8
3
4

f

8
9
9

7 9
—4

3

S
9

,7

9

4
3 0

8 8
3 6
4 0

11 .6

12 .1
4 .0
5 .8

7

1 8

4
6

1
1 9

1

-2

6
7
3
— 9

D
F
F
G
H
T
T
K
T
M
N
O
P
O
R

12 . 4
6 .0
3 .8
1 8
.8

A
B
C
E>
E
F
G
H
T
T
K
T
M
N
O
P

3 .0
0
.0
- 1 .8
1 6
- 7 .0
-8 7
7

3

2
1.7

.1

7
1

.7
.7
.4
1.1

1.2
3
2
2.7

1

.2

6
1

i

-.7

f>

5 9

4 .9
1 .1
1 .1

13.3 13 .0
8 8
2.4 - 3 .4 - 2 0
1 .3
1
.9
1
5 7
8 .5

4 3

4 1
1 4

3

0

14
9
1
2
1

4
3
6
0
5

14 4
11 .6 12 A
.2 - 2 .2 - 1 6
2 0
17
19
__ 1
6 3
8 2
8
1 0
2
8
1 0
- 6

12 . 4
- 1 .8
1 4
.1
5 .7
7 .9
.9
— .3
.6
1 9
1 .8
*

5

8
4

- .1

1 3
3

8
.1

5 8
8 .1
.9
6
_ .3
6
.8
.1
-

21 .4
13 .2
8 .3

24 6
15 .5
9 .1

25 5
16 3
9 2

27 .4
16
10 19

24 . 1
15 .5
8 .6

27 9
17 2
10 7

31 . 1
19 .7
11 .5

A
B
C

71 4
3 .1
1 9

74 6
2 .0
3

?7 4

24 .1

27 9
2 8
0
6
15 8
3 5
1 5

31 .1
3 .7

6 .1
16 .5
4 .0
1.2

T>
E
F
G
H
T
J

7 .6
3 9
3 0
2
7
7
2 .8

6 .6
3 .2
.0
.2
1 .0
.6
2 .7

A
B
C
T>
F
F
G

0
6 .5

3

9

j 3
1 q
3
.6

1

1 .3
.9
2 .4

3 3

3 5

6 8
7 .9
-1 5 -1 3
*
-1

O

Mortgages

A
B
C

Total net borrowing
1 - to 4-family
Other

E
F

Consumer and nonprofit orgs
U S Govt

G
FT

10 .7

4.6

.4
.7

-.3

14.9

State and local govt
Nonfinancial corporations

Q

I
J

lr

IV

Other securities

K
T
M
N

o
p

9.4
4.8

5. 9
3

-.6

2
.1

Net purchases, by sector
Consumers and nonprofit orgs
State and local govt
Corp business
Commercial banks..
Insurance and pension funds
Finance n e e
Security brokers and dealers
Investment cos —Net...

T
y

.3
.9

.7

.4

Insurance and pension funds
Finance n e e
Rest of the world
IV.

A
B

1.4
.7

1.2
2.5
2.7 - 2 . 2
.2
.5
.7
.1
-.1
*
.9
-.5

D
F

C
D
E

III

U.S. Govt. securities

r

o
P
o
R

II

I

Time and savings accounts

Net increase—Total
At commercial banks—Total
Corporate business . . . .
State and local govt
Foreign depositors
.
Consumer and nonprofit o r g s . . . .

III.
A
B

IV

Demand deposits and currency

Net incr. in banking system liability..
U.S. Govt. deposits
Other
Net increase in assets, by s e c t o r . . . .
U.S. Govt
Other domestic sectors
Consumer and nonprofit

State and local govt
j
Financial sectors
Rest of the world
K
L Discrepancy—U.S. Govt. cash
Other
M

B

1963

1962

2.4
2.1
7.8

Savings institutions
Insurance sector
Mortgage companies

2.0

2.0
2.2
2.5
9.5
2.4

e

,*}

8.8

lo

3 .0
1 .1

4
1? 3
2 .2

4.7
13 .4
2 .4

14.2
4 .5

2 .9
.3
3 .8
15 .4
3 .2

3 .6
4 .0
2 .1

4A

3
1
4 6

4 3

.3

.3

13.4
3 0
7

3 .9
1 .9
1 .3

8 .2
6 .1
1 .7

4 2
2 9
3 0

7 .6
5 .0
4 .5

9
8

3
9
4

.7

2 .1

.s

VT. Bank loans n.e.c.
A
B

Total net borrowing
Nonfinancial business

1.2
1.4
.4

r

D
p
F

.6

Rest of the world . . . .

G

.

-1.1

7.5
5.3
3.7

NOTE.—Ouarterly data are seasonally adjusted totals at annual rates.
For other notes see following page.




3
4

2 1
—. 2

3 9
6
*
1 .7

1 .4
<;
.1
— .5

110

FLOW OF FUNDS/SAVING

JANUARY 1964

Notefto Table 2.
I. Saving and investment. Derived statistically from Commerce Dept.
income and product accounts. Tables presenting the relation to those
accounts are available on request. Gross national saving (line A) is the
sum for domestic sectors of gross-saving entries in Table 4. It is before
deduction of capital consumption allowances. Govt. saving is net of
public outlays for capital goods as well as current operations. Gross
national investment (line H) is gross private domestic investment in
income-and-product accounts plus consumer durables plus net foreign
investment. Net foreign investment differs from corresponding incomeand-product series by amount of errors and omissions in balance of
payments statement.
Relation of saving-investment discrepancy to flow of funds matrix is
described in Aug. 1959 BULL., p. 859.
II. Financial flows—Summary. Structure of this table is described
in Nov. 1962 BULL., p. 1405. Total net funds raised (line A) consists
of borrowing through credit market instruments (line X of matrix, Table
IB) by consumer and nonprofit, nonfinancial business, govt., and restof-world sectors. Credit-market funds raised by all sectors consist of
Line A plus financial sector borrowing shown in line R of Sec. III.
Short-term securities included in line B are those shown on line E for
U.S. Govt. U.S. Govt. "other" securities (line F) include savings bonds.
Total U.S. Govt. borrowing (line D) includes CCC-guaranteed bank
loans not shown separately.
Demand deposits are included here on bank-record basis, for both the
U.S. Govt. (line U) and private sectors (line AC) rather than as they
appear on the books of depositors and in Table 3, Part I. Difference is
described in Aug. 1959 BULL., p. 852 ff. Foreign funds (line W) consists

4.

of lines H through L in Table 4 (I).
Sources n.e.c. (line Y) is mainly consumer credit advanced by nonfinancial business and financial sector net sources of funds other than
deposits and insurance and pension reserves. The series is net of financialsector discrepancies shown in Table 4 (G) and (H).
Private domestic nonfinancial sectors (line Z) is the sum of lines AA
through AI. Private sectors consist of consumer and nonprofit, nonfinancial business, and State and local govts. Line AI is borrowing
by consumers to carry securities less net free credit balances with security
brokers; the borrowing is secured by U.S. Govt. as well as private securities.
III. Financial institutions. An unconsolidated grouping for all financial
sectors; e.g., bank loans to finance companies are included both as
assets and as liabilities. Line R includes bank stock issues not shown
separately. "Other sources, net" reflects mainly (with negative sign)
financial sector account discrepancies but also net gold purchases and
plant and equipment spending.
Notes to Table 3.
For descriptions of transactions included in accounts see Aug. 1959
BULL., p. 851

ff.

III. U.S. Govt. securities. Consumer-held savings bonds and Postal
Savings System deposits are now included in U.S. Govt. securities rather
than the former group, fixed-value redeemable claims.
IV. Other securities. Total shown for issues of "other securities"
excludes open-end investment co. shares; these are shown as a deduction
on line P, offsetting net purchases of such shares included in the other
lines (mainly consumer) under "net purchases." Net purchases includes
small amounts for mutual savings banks not shown separately.

SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS
(In billions of dollars)
1961

1958

Category

1959

1960

1961

1962

1963

1962
III

IV

II

III

IV

I'

IIr

III

(A) Consumer and nonprofit organizations
A
B
C
D
E
F
G

357.7 381.4 399.2 415.0 440.8 418.0 426.2 431.8 439.5 443.4 448.7 452.9 461.0 466.3
Current receipts
Income receipts *
330.9 353.2 368.8 380.5 404.6 383.3 390.7 396.0 403.7 407.4 411.4 415.2 422.7 427.9
Transfer receipts 2
, 26.8 28.1 30.4 34.5 36.2 34.7 35.5 35.8 35.8 36.0 37.3 37.7 38.3 38.4
Income taxes and other deductions. 52.9 58.7 64.7 66.6 72.3 66.5 69.4 69.9 73.1 72.4 73.7 75.1 76.8 78.0
Taxes less tax refunds 3
, 42.1 46.4 51.0 52.6 57.3 52.4 54.5 55.8 57.5 57.7 58.1 59.0 59.5 60.4
Pension and OASI deductions 4 . .
10.8 12.2 13.6 14.1 15.0 14.1 14.9 14.1 15.6 14.8 15.6 16.1 17.3 17.7
Cur. receipts after deduct. ( A - D ) . . 304.8 322.7 334.6 348.4 368.5 351.5 356.8 361.9 366.4 370.9 374.9 377.8 384.2 388.3

H
I
J
K
L
M
N

Cur. expend, for goods and serv. 5 . . 243.3 256.1 268.5 277.7 291.1 278.5 281.8 285.8 289.5 292.9 296.1 299.4 302.8 307.4
4.2
Net life insurance premiums 6
,
3.2
3.7
3.6
3.6
3.2
2.9
3.3
3.5
3.7
3.5
3.6
3.0
4.0
Current surplus (G—H—I)
58.3 63.0 62.5 67.5 73.9 70.1 71.7 72.6 73.1 74.5 75.2 75.4 77.4 76.6
Insurance and retirement credits 7 . .
10.6 11.5 10.9 12.6 12.7 12.6 13.6 12.6 14.0 11.9 12.5 11.6 13.8 14.4
Capital consumption »
, 41.6 43.5 45.5 46.9 48.5 46.9 47.0 47.5 48.2 48.9 49.6 49.9 50.1 50.2
Net saving ( J + K - L )
27.3 31.0 27.9 33.1 38.0 35.8 38.3 37.7 38.9 37.6 38.1 37.1 41.1 40.8
Gross saving (L+M)
68.9 74.5 73.4 80.0 86.6 82.7 85.3 85.2 87.1 86.5 87.7 87.0 91.2 91.0

O

Gross investment ( P + T )

73.5

78.0

73.6

83.1

91.0

89.4

82.8

96.4

89.7

77.2 100.7

88.7

92.5

92.7

O

P
Q
R
S

Capital expend, (net of sales)...
Residential construction
Consumer durable goods
Plant and equipment (nonprofit)..

55.4
15.3
37.3
2.7

65.7
19.2
43.6
2.9

66.5
18.4
44.9
3.2

63.7
16.7
43.6
3.4

69.5
17.7
48.2
3.6

63.2
15.9
43.9
3.4

67.9
18.1
46.4
3.4

69.0
18.3
47.3
3.5

67.4
16.3
47.5
3.6

68.9
17.6
47.7
3.7

72.8
18.5
50.5
3.8

70.8
16.8
50.2
3.8

70.6
15.7
51.0
3.9

72.5
17.8
50.8
3.9

P
Q
R
S

T Net Jinan, investment
(U—AJ) ,
U
Net acquis. offinan. assets 9
V
Demand deposits and currency,
W
Savings accounts
,
X
At commercial banks
,
Y
At savings institutions

18.2
30.3
2.5
14.0
5.3
8.7

12.3
33.0
1.2
11.3
3.0
8.4

7.0
23.4
-.6
12.8
3.3
9.6

19.4
35.1
1.6
17.8
6.5
11.4

21.5
43.4
5.1
24.7
11.5
13.2

26.2
15.0
40.3 36.3
3.8 - 2 . 9
17.2 18.8
6.2
6.6
11.0 12.2

27.4
46.0
3.0
28.6
15.9
12.7

22.3
42.4
5.5
21.6
10.1
11.5

8.2
31.7
-1.0
22.9
9.6
13.3

28.0
53.4
13.1
25.7
10.5
15.3

18.0
42.7
7.3
27.0
9.6
17.4

21.8
47.6
7.6
20.9
6.7
14.2

20.2
49.1
10.6
20.9
7.5
13.4

w

3.8
7.7

3.5
7.4

3.8
8.8

4.2
8.5

4.0
8.7

3.6
9.9

4.3
8.3

3.8
10.2

4.5
7.4

4.3
8.2

4.1
7.5

3.6
10.2

11.9
1.2
7.3 - 3 . 3
1.7
1.7
*
.1
1.0
.3
2.0
2.4
-3.1 -1.4

2.6
-.9
1.0

3.2
.7
-.5
.5
.9 - . 9
3.3
1.6
.2 - 2 . 6

5.7
2.6
1.0
-.8
1.0
2.0
.7

5.7
3.2
2.1
-.4
-.4
1.2
1.0

3.6
2.6
-1.9
3.9
.4 - . 8
1.1
1.4
.9 - 4 . 0
3.1
2.0
-1.7 -2.8

1.5
.1
-.7
-.7
-.6
3.5
-2.5

21.3
20.2
18.6
13.3
4.9
.4
1.6
1.1

18.6 20.1
17.9 19.4
18.5 22.5
13.7 15.0
4.3
7.0
.5
.5
- . 6 -3.1
.8
.8

23.4
22.1
20.5
15.6
4.3
.6
1.5
1.4

AA
AB

Life insurance reserves 10
Pension fund reserves i o

,

3.3
7.2

AC
AD
AE
AF
AG
AH
AI

Cr. and equity mkt. instr. hr. * 1 ,
U.S. Govt. securities
State and local obligations...
Corporate and foreign bonds.
Corporate stock
Mortgages
Net invest, in noncorp. bus

3.4
-2.5
.9
.5
2.1
2.4
-.6

AJ
AK
AL
AM
AN
AO
AP
AQ
AR

Net increase in liabilities
Consumers
Credit market instruments...
1-to 4-family mortgages..,
Consumer credit
Other loans 12
Security credit
,
Nonprofit organizations * 3
Discrepancy ( N - O )
,

12.1
11.3
10.2
9.6
.2
.4
1.2
.8

20.7
20.0
20.0
13.1
6.4
.5
*
.7

16.4
15.9
16.0
10.8
4.5
.7
-.1
.5

15.8
15.1
13.8
11.5
1.7
.6
1.3
.7

21.9
20.8
21.0
14.7
5.8
.5
-.1
1.1

14.1
13.5
13.1
11.0
1.6
.4
.4
.7

-4.6

-3.5

-.2

-3.0

-4.4

-6.7

NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
For other notes see end of table.




2.5 - 1 1 . 3

-2.6

.8
7.6
5.1
.9
*
6.4
- . 9 -2.3
2.6
.3
1.8 - 1 . 1
.3 - 1 . 6 - 3 . 1
4.4
2.9
2.8
-3.5 -3.6 -2.5

U
V
X
Y

4.5 AA
9.9 AB
4.9
3.0
-.1
-1.1
-.6
3.7
-1.9

AC
AD
AE
AF
AG
AH
AI

25.4
24.1
22.4
14.3
7.6
.5
1.7
1.4

24.8
24.0
22.8
15.6
6.7
.5
1.2
.8

25.7
25.1
22.7
15.7
6.6
.5
2.4
.6

28.9 AJ
28.2 AK
24.9 AL
17.5AM
6.7 AN
.6 AO
3.3 AP
.6 AQ

9.3 - 1 3 . 0

-1.7

-1.2

- 1 . 7 AR

111

FLOW OF FUNDS/SAVING

JANUARY 1964
4.

SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued
(In billions of dollars)
1961

Category

1958

1959

1960

1961

1962

1963

1962
III

IV

II

III

III

IV

(B) Farm business
A
B
C
D
E

Net income
Proprietors' income withdrawals 1 4 ,
Net saving ( A - B ) 15
Capital consumption
Current surp.= gross saving (C+D)

F
G
H
I

Gross investment (G+J)
Capital expenditures
Construction and equipment i
Change in inventories
Net financial investment 17
(K—L)
Net acquis. offinan. assets
Net increase in liabilities
Credit market instruments
Mortgages
Bank loans n.e.c. 18
Other loans 19
Trade debt
Proprietors' net investment. . . .

13.5
13.5

11.4
11.4

12.0
12.0

12.8
12.8

13.3
13.3

12.9
12.9

13.0
13.0

13.1
13.1

13.2
13.2

13.4
13.4

13.5
13.5

13.6
13.6

13.7
13.7

13.8
13.8

4.0
4.0

4.2
4.2

4.2
4.2

4.1
4.1

4.2
4.2

4.1
4.1

4.2
4.2

4.2
4.2

4.2
4.2

4.2
4.2

4.2
4.7
4.7
.1

4.2
4.5
4.2
.3

4.1
4.9
4.7
.2

4.
4.8
4.7
.1

4.2
4.6
4.5
.1

4.2
4.6
4.5

4.2
4.7
4.6
.1

4.2
4.8
4.8

4.2
4.2
4.2
5.7
5.0
.6

-1.4
.3
1.7
1.5
.7
.6
.2
.2

-.6
-.4
.2
1.8
.9
.7
.2
.2
-1.7

-.2
.2
1.2
.9
.2
.1
.1
-1.2

4.1
4.9
4.7
.2
-.8
-.1
1.
1.2
.3
.3
.1
-1.1

4.2
4.2
4.2
5.1
5.1

4.2
4.3

4.0
5.4
4.4
.9

4.2
4.2
4.2
5.0
4.9
.1

-.4

-.5

-.5

-.6

-.8
-.7
1.7
1.1
.3
.2

.7
2.2
1.3
.7
.3
.3
-1.9

-.8

_ g

.7
.9
.5
.6
2.3
2.5
2.1
1.8
2.4
1.
1.3
1.4
1.1
1.2
1.5
1.1
.3
.9
.5
.6
.8
.4
.2
.5
.3
.3
.2
.3
.7
.1
.1
.2
.3
.7
-2.0 -1.9
-1.4 - 2 . 0 - 1 . 9 - 1 .
.4

-1.5

4.3
5.3
4.8
.5
-1.0

1.5
3.3
2.0
.7
.6
.2
-2.0

1.1
3..0
1,
.7
1.0
.3
-.1
-1.9

(C) Noncorporate nonfinancial business
2

A
B
C
D
E

Net income o
Proprietors' income withdrawals 2 *.
Net saving ( A - B ) 15
Capital consumption
Current surp.= gross saving (C+D).

38.3
38.3

40.8
40.8

40.1
40.1

40.9
40.9

42.1
42.1

41.3
41.3

41.9
41.9

8.0
8.0

8.3
8.2

8.7
8.7

8.4
8.4

9.0
9.0

8.3
8.3

8.2
8.3

F
G
H
I

Gross investment ( G + J ) . . .
Capital
expenditures
Plant and equipment 2 2 . .
Change in inventories 2 0 .

8.0
8.7
9.0
-.2

8.2
11.1
10.7
.4

8.7
11.4
10.9
.5
-2.6
.1
-.3
.3
2.8
3.1
2.1
-.1
1.1
-.1
2

8.4
12.1
11.3

9.0
13.9
13.
.9

8.3
15.5
12.2
3.3

8.3
12.5
12.3
.2

-5.0
-3.7
.5
.5
'.2
.4
5.5
4.2
5.6
3.0
4.0
2.8
-.3
.7
.5
.9
.7
*
-.7
1.2

-7.2
.5
.1
.1
7.7
6.3
3.5
1.2
1.7
-.5

-4.3

J Net financial investment (JK—TV)
K
Net acquis. offinan. assets
L
Demand deposits and currency.
M
Consumer credit
N
Net increase in liabilities
O
Credit market instruments..
P
Mortgages
Q
Bank loans n.e.c
R
Other loans 23
S
Trade debt, net (debt less asset).
T
Proprietors' net investment. . . .

-2.9
-.4
-.8
.2
2.5
1.8
4.1
2.9
2.3
2.3
.5
1.0
.2
.9
-.5
-.3
- . 6 -1.3
I'O
.9

.1
.4
5.0
3.1
3.1
-.2
.2

42.1
42.1

42.2
42.2

42.5
42.5

42.8
42.8

43.0
43.0

43.5
43.5

8.9
8.9

9.1
9.1

9.2
9.2

9.0
9.0

9.1
9.1

9.2
9.2

12.6
10.9
1.7

8.9
15.2
13.7
1.5

9.1
14.0
13.9
.1

9.0
13.3
12.7
.6

9.1
13.8
14.8
-1.0

9.2
15.5
14.9
.6

F
G
H
I

-3.8
.5

-6.3
.6

-4.9
.1

9.2
13.9
13.7
.2
-4.7
.9

.3
4.4
3.2
2.9
.3

A
6.9
8.4
3.6
3.9
.9
-.6
-.9

5.1
4.7
4.0
-.9
1.6
1.1
-.7

-6.3
.5
....
.3
.4
5.7
6.8
6.3
.1
4.8
5.8
1.2
.2
1.1
1.3
- . 8 -1.3

J
K
L
M
N
O
P
Q
R
S
T

44.8
21.2
13.9
9.7
32.1
41.7

A
B
C
D
E
F

34.4
40.6
37.5
33.5
4.1
3.1

G
H

41.6
41.6

-.5
2.4

-4.1

.2
4.5
5.5
4.5
5.9
3.4
5.3
1.4
-.3
-.3
.9
1.8
1.3
-1.5 -1.7

(D) Corporate nonfinancial business
2

A
B
C
D
E
F

Profits «
Profits tax payments (net) 2 4 . . . .
Net dividend payments 2 5
Net saving ( A - B - C )
Capital consumption
Current surp.= gross saving (D+E).

31.4
18.9

G
H
I
J
K
L

Gross investment (H+M)
Capital expenditures
Fixed investment
Plant and equipment
Residential construction 26. . . .
Change in inventories 2 °

M Net financial investment (N—W)
N
Net acquis. offinan. assets....
O
Liquid assets
P
Demand dep. and curr
Q
Time deposits
R
U.S. Govt. securities
S
Consumer credit
T
Other loans (finance paper)....
U
Trade credit
V
Other financial assets 2 7
W
X
Y
Z
AA
AB
AC
AD

Net increase in liabilities 2 8
Credit and equity market instr.
Corporate bonds
Corporate stock
Mortgages
Bank loans n.e.c
Other loans 29
Trade debt

AE Discrepancy (F —G)
AF Memo: Profits tax accruals

36.9
19.6
11.4

20.6
12.4

37.1
19.8
11.4

22.1
25.2

24.8
29.7

26.1
32.1

30.1
36.6

26.3
32.3

20.3
11.3
10.4
26.9
37.3

21.2
23.9
26.5
25.2

32.1
34.1
28.0
26.4

26.5
33.6
30.9
29.6

28.3
31.1
30.4
28.2

34.0
37.5
33.5
30.7

26.1
31.3
31.5
28.5

37.1
38.0
31.4
28.9

-7.1

-2.9
12.0

-3.5

-2.6

1.4

1.6
6.1

-2.7
11.0

-2.0
12.3

2.4
1.5
.9
.5
6.1
1.5

73.7
11.0
5.7
2.3
2.5
.4
.2
2.7

2.4

-1.0

-.4
3.8
.8
.5
6.1
1.9

14.3
12.1
3.0
2.3
2.5
3.7
.7
2.1

5.0

1.3
2.7

5.1

6.0

6.5

2.2
.7

.2
.6
4.2
2.2

2.2
1.3
1.3
-.4
.1
.1
7.7
2.0

12.2
11.7

2.8
4.0

9.6
.8

14.9
12.6

-1.9
.8

-2.7

3.5
1.8
2.2
2.6
1.5
.4

-2.1
2.6
.3
1.1
.8
5.1
1.9

4.6
2.7
3.0

1.6
.7
2.2

3.1

3.3

3.8

16.2

20.7

19.2

19.2

NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
For other notes see end of table.




41.9

37.5
21.4
11.2

4.0
24

39.5

40.8
18.7
10.4
11.6
23.6
35.2

9.3
3.1

73.7
12.8
4.2
.5
4.4
2.6
1.1
.1
2.6
19.5

6.0

3.0
-.2

2.4
6.7

-5.2

-.9

8.2

77.0

-2.1
1.1
.8

-4.0

1.4
-.2
6.8
2.1

13.4
12.3
3.9
2.4
3.4
.4
2.1
1.1

2.8
5.6

-2.4
-.5
1.2
.7

39.1
20.2
12.4

39.2
20.1
12.5

38.6
21.3
12.5

41.3
20.9
12.2

40.9
21.6
13.3

42.6
20.8
13.9

29.7
36.2

30.0
36.7

30.3
35.1

30.5
38.6

31.1
37.2

31.5
39.5

35.5
37.3
31.3
29.8

32.5
38.6
34.3
30.8

33.1
37.5
34.8
31.4

35.0
36.5
33.5
30.8

30.0
36.6
32.8
30.0

38.5
41.0
36.4
31.9

-6.1
6.6
-1.7
-4.7

-4.4
15.0
-1.3

6.5

1.5
6.0

-1.7
7.7
1.0

-5.7

4.8
1.9

.6

10.4

5.'l

77.9
12.6

9.4

1.7

4.5
1.1
3.7
3.1
.2
5.3

1.3

10.8
5.1
.9
3.4
1.3
.1

-1.5

6.6

3.5
4.3

2.6
.4
1.6
1.1
3.8
1.9

72.5
12.1
5.2
-.3
4.0
1.7
1.5
.3

4.8

3.4
2.7

8.1

2.7
3.0

-1.5

2.4

9.2
5.1
2.1
2.3
.7
1.0
.2
.8
1.9

19.4
12.9

10.8
15.5

*
.6

-2.0

1.0
2.0

10.8

3.4
3.1
.5
1.1
4.1
6.0
3.0
4.5
1.8
.9
6.5 - 4 . 8

6.1

2.7
3.8

-6.5
9.5

-1.7
-7.6

4.6
1.3
-.3
.3
8.7
2.7

16.0
10.9
5.7
.1
3.7
2.1
-.6
5.2

8.0

4.5
4.6

-2.5
-6.2
13.4 12.6
.7
2.6
-.6
-1.9
2.4
3.2
2.1 - 1 . 8
.8
1.5
2.2
-.1
9.7
5.2
1.3
2.0
75.9
11.1
2.6

-1.0

5.0
3.0
1.5
4.7

6.2

.2

.7

4.2

2.1

3.7

7.1

1.0

19.6

22.2

19.3

19.5

19.1

20.0

20.1

21.4

18.8
11.1
3.3
.5
5.7
1.0
.6
7.7

J
K
L
M
N
O
P

s
s

T
U
V
W
X
Y
Z
AA
AB
AC
AD

7.3 AE
22.0 AF

112

FLOW OF FUNDS/SAVING

JANUARY 1964

4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued
(In billions of dollars)
1961
Category

1958

1959

1960

1961

1962

1963

1962
III

II

IV

(E) U.S. Government

3

III

IV

o

68.7
36.4
20.4
11.9

73.1
40.0
20.0
13.0

80.8
43.7
23.2
14.0

80.0
44.8
21.0
14.2

85.8
48.6
21.9
15.2

80.1
44.5
21.1
14.5

83.0
46.6
21.3
15.1

83.4
47.3
21 2
14.9

85.3
48.9
21.3
15.1

86.9
49.0
22.7
15.3

87.4
49.3
22.4
15.7

88.2
49.6
22.9
15.7

88.1
50.0
22.1
16.0

89.7
50.7
22.6
16.4

10.6
12.6

13.0
12.9

15.7
14.1

16.3
16.9

18.4
17.3

16.4
17.0

16.7
17.5

18.1
17.1

18.4
17.1

18.5
17.2

18.5
18.0

20.7
18.0

21.2
18.1

21.5
18.2

1.8
2.2

1.9
2.4

1.9
2.6

2.0
2.9

2.0
2.9

2.0
3.3

1.9
2.7

2.0
2.9

2.0
2.8

2.0
2.9

2.0
2.9

2.1
3.8

2.1
2.9

2.1
2.9

13.6
6.4
56.1
3.7
52.4
-3.5

13.4
7 1
55.9
3.7
52.2
5.3

14.6
6.9
61.4
3.8
57.6
-4.6

15.7
7.2
66.7
3.8
62.8
-3.6

14.5
6.8
61.4
3.5
57.9
-4.5

14.9
6 9
64.3
3.6
60.7
-4.8

15.6
7 0
66.9
3.6
63.3
-6.0

15.5
7.1
65.7
4.1
61.6
-2.5

15.4
7.2
66.0
3.6
62.4
-1.3

16.3
7.3
68.0
4.0
64.0
-4.6

16.4
7.4
68.9
4.2
64.7
-3.5

17.2
7.5
69.6
4.0
65.6
-3.9

17.9
7.6
69.5
4.0
65.6
-2.9

O
P

Net grants and donations paid 3 4 . . .
11.9
Net interest paid 35
5.6
Net purchases of goods & services 3 6 55.6
3.4
Construction expenditures
52.2
Other
Current surplus (A, E, and G, less
-6.9
F and H through K)
.9
Credits imputed to consumers 3 7 . . .
Gross and net saving (N — O)
-7.8

1.0
-4.5

1.0
4.3

1.0
-5.5

1.1
-4.7

.7
-5.3

.9
-5.7

1.0
-7.0

1.9
-4.4

.6
-2.0

1.1
-5.7

.9
-4.4

2.0
-5.9

.9
-3.7

Q
R
S
T
U
V
W

Net finan. investment ( R - X )
Net acquis. of finan. assets
Demand deposits & currency...
Credit market instruments
Mortgages 3 8
Other loans 39
Other financial assets 4 0

-8.1
1.6
A
1.7
.3
1.4
-.2

-5.1
4.8
.7
3.8
2.2
1.6
.3

3.7
3.4
.9
2.4
1.2
1.1

-5.8
3.3
.3
2.8
.6
2.2
.2

-5.0
4.2
1.1
3.5
.3
3.2
-.4

-1.2
13.7
1A
4.9
.8
4.1
1.4

- 6 . 7 -10.2
2.0
8.7
-1.3
5.3
4.5
4.0
1.4
1.2
3.1
2.9
-1.2
-.6

.1
8.2
3.6
4.5
.3
4.2
.1

-2.4
-5.5
-6.3
1.9
-.1
2.0
-1.0

-7.6
5.3
1.7
3.6
-.1
3.8

-4.9
9.4
6.8
1.2
-1.3
2.5
1.5

-2.3 -3.0
6.7 -8.1
3.4 -11.2
1.2
3.6
-2.0
-.5
3.2
4.1
2.0
-.5

9.7

10.0

o

9.1

9.2

14.9

8.7

19.0

8.1

-3.0

12.9

14.4

.9
8.2
-1.2
10.2
-.7
.4
.2

1.0
9.3
5.5
5.8
-2.0
-.6
.2

1.0
-2.6
-5.1
2.9

1.1
7.4
2.4
4.6
.3
2
!5

.7
15.0
.9
13.5
.7
-.4
c

.9
4.7
11.3
-7.5
.9

1.0
15.4
17.8
-2.4

2.\

.3

.6

.6

.3

-4.1

1.1

A
B
C
D

Tax receipts (net of refunds)
Individual income
,
Corporate profits
Other 31
Social insurance programs 3 2 . . .
Premiums received
Benefits paid
Life insur. & retirement programs 3 3
Premiums received
Benefits paid

E
F
G
H
I
J
K
L
M
N

X
Y
Z
AA
AB
AC
AD
AE
AF

Net increase in liabilities
Life insurance and retirement
reserves
U.S. Govt. securities 41
Short-term direct 4 2
Other securities
Svgs. bonds 43
Other loans 44
Other liabilities 45
Discrepancy (P - Q ) . . . .

1.0
7.3
11.3
-4.7
A
.7
.2
'.5
.6
.8
•3

9.0

-5.1

A
B
C
D

X

2.0
.9 Y
10.1 - 5 . 3
Z
10.3 -12.4 AA
-1.4
6.1 AB
1.2
1.0 AC
- 1 . 1 - 1 . 6 AD
-2.1
.8 AE

\l
1.9

1.9
.6
8.6 - 4 . 1
2.0 - 1 2 . 4
6.3
7.7
.4
.6
- . 2 -1.5
-2.2
2.0

.9
1.1
11.5
9.7
2.4 - 1 0 . 4
21.0
7.2
.9
.2
.6
1.7
1.3
.4

3.2

-4.5

2.0

.5

-3.6

- . 8 AF

.5

(F) State and local governments
41.1
4.2
.7
45.8
13.9
-2.2
34.2
-1.2
1.8
-3.0

44.1
4.8
.8
49.8
14.8
-2.4
37.3
-1.7
3.0
-4.7

47.9
5.4
.8
53.7
15.5
-2.5
40.7
-1.3
2.5
-3.8

44.5
4.8
.8
50.0
14.6
-2.4
37.8
-1.5
3.2
-4.7

45.5
5.0
.8
51.6
15.5
-2.4
38.5
-1.9
3.3
-5.2

46.8
5.1
.8
52.4
15.4
-2.5
39.5
-1.4
3.1
-4.5

47.6
5.4
.8
52.7
15.0
-2.5
40.2
-.6
2.7
-3.3

48.2
5.3
.8
53.8
15.3
-2.5
41.0
—1 1
2.3
-3.4

48.9
5.8
.8
55.9
16.5
-2.6
42.0
-2.0
2.0
-4.0

50.3
5.8
.9
56.5
16.3
-2.6
42.8
-1.3
2.2
-3.5

51.0
6.0
.9
56.3
15.2
-2.7
43.7
-.2
2.5
-2.6

51.8 A
B
6.8
C
.9
58.4 D
16.5
E
-2.7
F
44.6 " G
H
-.7
2.8
I
-3.5
J

-1.5
4.3
.2
A
1.4
3*.3
2.7
.2
1.8
.4
.1

2.4

-4.3 -8.1
4.0
1.3
—. 1 - 1 . 6
1.0
1.0
3.1
1.9
1.4
-.4
— 1
*
2.3
K8

-4.2
5.8
2.8
.8
2.3
.2
*
2.1

-5.7
4.4
-2.8
2.0
5.3
3.9
_ 2
\'.6

-4.1
5.1
1.4
.6
3.1
1.4
— \
US

-.9
5.5
2.7
.4
2.4
.7
_ |
US

-6.7
.8
-1.6
1.0
1.5
-.3
*
1.9

.2
6.9
1.1
2.9
2.8
.8
\
2A

-6.1
5.7
.5
.3
4.9
2.8
-.2
2.3

-6.3
2.8
-1.3
1.0
3.1
1.6

1.2

-4.2
4.1
.6
.9
2.7
.3
*
2.4

6.7
A.I
.3
4.4
1.6
.3

5.5
3.7
*
3.6
1.8
.4

8.4
5.0
.4
4.6
3.0
.4

8.3
5.1
.4
4.7
2.5
.7

9.5
5.9
.8
5.2
3.2
.4

10.0
6.3
.9
5.5
3.3
.4

10.1
6.4
.6
5.8
3.1
.6

9.2
5.9
.6
5.3
2.7
.7

6.4
3.6
-1.2
4.8
2.3
.4

7.5
4.3
1.4
2.9
2.0
1.1

6.7
4.0
-.8
4.8
2.2
.5

11.9
9.3
3.1
6.3
2.5
*

9.2
6.0
.4
5.7
2.8
.3

-1.5

-.5

.5

3.5

-1.0

1.2

.9

-2.5

2.7

-3.7

3.5

2.8

A
B
C
D
E
F
G
H
I
J

Tax receipts 46
34.1
3.4
Net insurance and grants receipts 4 7.
.6
Net interest paid
Net purchases of goods & services 3 6 40.2
13.4
Construction and land
-1.9
Other by govt. enterprises
28.7
Other by general g o v e r n m e n t . . . .
-3.3
Current surplus ( A + B - C - D)
1.9
Credits imputed to consumers 4 8 . . .
-5.2
Gross and net saving (H—I)

37.2
4.6
.7
43.0
13.9
-2.1
31.2
-1.9
1.6
-3.5

K
L
M
N
O
P
0
R

Net financial investment (L — S)
Net acquis. of finan. assets
Demand deposits and currency.
Time deposits
Credit market instruments
U.S. Govt. securities
State and local obligations...
Other 49

-5.0
2.8
.2
.8
1.8
-.4
.5
1.7

-3.3
3.4
.5

S
T
U
V
W
X

Net increase in liabilities
State and local obligations
Short-term
Other
Employee retirement reserves..
Other liabilities so

7.8
5.5

Y

Discrepancy (J —K)

.4

5.1
1.9
.4
-.2

-.3

NOTE.—Quarterly data are seaso nally adjusted totals at annual rates.
For other notes see end of table.




\'.6

K
L
M
N
O
P
Q
R
S
T
U
V

w
X
Y

113

FLOW OF FUNDS/SAVING

JANUARY 1964
4.

SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued
(In billions of dollars)
1962

1961
Category

1958

1959

1960

1963

1962

1961

III

I

IV

II

III

II «
•

IV

III

(G) Banking system
A
B
C

Net operating surplus
..
Profits tax and net div pymts 51. . .
Current surp. = gross svg. (A — B ) . . .

D Gross investment (E+F). ...

....

3.8
2.6

4.3
3.1

3.8
2.9

4.0
2.8

3.7
2.7

2.5

3.7
2.6

3.9
2.7

4.1
2.8

4.3
3.0

.8

1.2

i.i

.9

1.2

1.0

1.1

1.1

1.2

1.3

4 2
2 8
1.4

4 1
2 8
1.2

3 9
2 9
1.1

A
B
C

1.5
.2

.9
.3

1.1
.2

1.1
.3

.8
.3

-.3
.3

.5
.4

3.5
.4

1.7
.3

1.3
j 7
.3

-.4
.2

2 9
.5

3 1
.3

1 2
.3

D
E

.5
.9
.5
.9
5.1
77.5 19.3
8.7
j 5
-.6
-1.0 -2.1
16.4 19.3
4.8
9.6
7.4
-7.9
2.7
2.2
.7
1.5
.3
2.0
-8.2
5.9
.3
2.0
-3.1
7.1 - 1 . 0
3.5
-5.1 — 1 5 -1.2
1.3

-.6
23.0
.9
22.6
12.2
1.1
11.1

A
3.2
16.1
22.2
-3.1 -1.7
15.1 22.9
.1
9.6
2 8
5.4
4.2
-2.7
-9.0
9.5
6.3 - 5 . 3

1.4
21.7
.7
22.2
.7
.3

2.5
2.8
25.3
25.4
— 1 —5
26.8 20.0
9.1 - 2 . 2
5 2
1 9
— 4.1
3.9
-8.0 -3.2
11.9
-.9

.9
10.0
- 9
10.4
-8.7
1 3
-10.0
-7.1
-2.9

F
G
H
I
J
K
L
M
N

5.0
.1
2.4
1.4
3.9

6.2
-.5
4.7
3.1
8.2

3.5
-.2
4.6
1.6
4.3

3.3
2
4.3
2.7
7.6

-.5

2.2

.9

2 2 -2.8
-1.2
1.6

2 5
-2.1

2 4

—8
—6

6 5
5 9
-.2
-.2
6.1
6.1
2.5
3.0
6 6
7 6
— .7 - 2 . 0
2 9
2 8
2.9 - 2 3

P
Q
R
S
T
U
V
W

1.2
F Net financial invest. (G-X) 2
....
15.2
G
Net acquis. offinan. assets 5
-2.3
H
Gold
17.0
I
Credit market instruments
10.4
J
U S Govt securities
2.2
K
Monetary authorities
.
8.2
L
Commercial banks 4 2
.9
M
Short-term direct . . . . .
N
Other
. ..
7.3
P
Q

State and local obligations
Corp. and foreign b o n d s . . . .

S
T
U
V
W

Consumer credit
Bank loans n e e
Other loans 5 3
Security loans 4
Other assets 5

X
Y
Z
AA
AB
AC
AD
AE
AF
AG
AH

...

2.6

.... i
2.1
.2
1.2

4

*
2.5
2.9
7.5

.6

2.8

-.2
.7
1.7
2.7

-.1
1.6
.9
2.7

1.4
2
.8

.4
-.1

-.6
2
1.1

13.9

4.6

7.8

1.4

.3
.9

.6

Net increase in liabilities . 5 S
Demand dep. net & curr. . . .
Due to U S Govt ^ 6
Due to rest of the world
Due to others 5 6 m , . # t
Demand deposits, net 5S. . .
Currency
Time deposits
. , , ..
Due to c o n s u m e r s . . . . . . . . . .
Due to others 5 7
Other liabilities

•I
5.6

.6

-.5

4^0

2.2
6.0

1.1
1.1
.8

.5

16.9
5.9
.3

18.8
3.5
1.0

.4

5.8

2.4

5.1

1 .5

1.5

1.6
.9
15.3
11.5
3 8

•f

.2

1.9
.3

9.4
6.5
2 9

*

6.6

-.1

.5

-.2
1.8
*
5.0

3 2
.1
2.2
1.4
5.7

—1

4.5

5./
-.4
.4
-.1
8.0
5.8
3.0
5.3
3.3
27 —1 8 2 5
-.7

AI Discrepancy (C — D).

3 6

3.3
2.5

2 2

-.8

1.8

3.5

.3

2.2

.3

19.1
- A
4.9
1.4
5.9
9.7 - 6 . 7
9.2 - 5 . 5
5.6
.3
.6
1.8
9.2
5.5 22.7
6.2
6.6
15.9
2 9 —1 1
6 8
5.0
- 7 -3.5

23.6
9.4
4.8
— 1.3

1.2

16.0
10.7
.2
.7

6

-2.4

-2.0
-.6
3.5
29.7
-3.5 -1.6
6.8 25.3
-6.4
5.1
- 2
2.5
.4 -6.2
2.6
A
-11.5 - 1 . 6
'.8
4.2
5.3

20.3
6.3
3.9
-.4

5.5

-4.7
-6.5
-.9

2.7

2.6

1.0
1.7
13.3
10.1
3 2

3.4
-.8
10.2
9.6
6

.7

-.1

-.5

3.0

3.5

5 7
.1
3.8
3.4
3 6

30.3
22 8
12.8
1.2
1.5
6.8
.3
—7
11.0 - 4 . 9
10.3 -8.9
.7
4.0
15.0
18.4
10.5
9.6
4 5
8 8

22 6
10.7
2.5
.8

9 1
-3.3
-9.4
.9
5.2
7.4
7.0
5.4
2.0 -1.8
12.4
10.5
7.5
6.7
4 9
3 8
*
1.3

X
Y
Z
AA
AB
AC
AD
AE
AF
AG
AH

2.5

3.2

1.7

-1.5

-1.8

-.1

AI

( H ) N o nbank financia institutions
A
B
C

Current surplus 5 8
Credits imputed to consumers s*. ..
Gross saving (A — B)

D
E

Gross investment (E-f-F)
Capital expend, (insur.

F
G
H
I
J
K
L
M

Net financial invest. (G — Z)....
Net acquis offinan assets. . ..
By subsector:
Miutual savings banks
S. & L. assns. & cr. unions. .
Life insurance companies....
Other insurance companies. .
Noninsured pension funds...
Finance n e e
By type:
Demand dep and curr
Cr. and equity mkt. instr
U S Govt securities . .
State and local obligations
Corp. and foreign bonds. .
Corporate stock
1 - to 4-family mortgages...
Other mortgages
Consumer credit .
Other loans 6 0
Security credit
Other financial assets 6 l

N
O
P
O
R
S
T
U
V
W
X
Y
AA
AB
AC
AD
AE
AF
AG
AI
AJ
AK
AL
AM

8.5

7.8
.7

9.1

9.2

9.4

8.1
1.1

8.7
.7

10.1
9.0
1.1

9.3

8.8
.3
1.7

8.7
.6

9.9
9.4

o o

10.6
9.3
1.3

10.2
9.0
1.3

10.9
9.4
1.5

9.2

8.6
.3

8.5
.7

12.0
9.2
2.8

12.8
10.7
2.1

A
B
C

.3
2.4
21.4
2.6
7.5
5.2
1.2
2.9
2.0

3.1

3.2

3.2

3.4

3.4

.4

.4

.4

.4

.4

.4

2.2
.4

2.6
.4

4.5
.4

3.6
.4

2.6
.3

3.0
.3

5.6
.3

D
E

1.3
25.8
1.4
8.9
5.2
1.9
3.2
5.3

2.7
25.9

2.8
32.3
3.2
12.0
6.5
1.8
3.6
5.1

3.0
30.9
2.2
10.7
5.8
1.5
3.6
7.1

3.0
33.2
2.3
12.7
6.0
1.4
4.1
6.7

1.8
29.0
3.0
10.8
6.1
2.1
3.3
3.7

2.2
29.6
2.7
10.9
5.9
2.0

5.6

2.8
28.9
2.2
10.8
5.8
1.6
3.5
4.8

4.1
34.1
3.8
12.3
7.0
1.7
3.2
6.2

3.2
36.7
3.4
14.3
7.0
1.5
3.7
6.9

2.3
28.6
3.6
13.3
6.1
2.4
3.4
3

2.7
37.8
3.0
13.6
5.8
2.0
4.2
9.1

.7

.1

19.0 25.6
.9
.7
1 1 1.6
3.5
4.7
3.1
2.2
9.7
8.0
2.4
2.5
- 2.2
.4

.6

1.3

.8

A
31.8
2.5

-.8

.2

31.3
1.6

1.1

2.1

25.8
1.1

1.4

-.1

24.8
.2

1.5

32.6
2.6

27.3
-2.6

1.2

1.2

35.1
.2

3.5
3.0
8.8
2.8

3.6
4.0
10.9
3.4

4.0
3.6
12.9
4.0

2.3

.5

2.1

2 0
•

2 7
*
.6

1 1

1 9
2

.7

.5

5.3
41.1
3.4
15.0
7.1
2.7
4.5
8.5
.7
37.8
1.6
2
5.6
3.0
17.0
4.7
3.0
2 7
3.0
-.4

F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y

18.8 24.5
1.2
2.3
Dep. in mutual savings banks..
6.6
Savings shares
7.2
3.6
3.3
Life insurance reserves
4.4
Pension fund reserves..
5.2
.5 6.0
Credit & equity market instr.« 2 .
1.1
.2
Corporate bonds
1.8
1.6
Corporate stock
1.7
-1.1
Bank loans n e e

23.1
1.4
8.1
3.4
4.7
3.5
1.5
1.5
-.3

25.9
2.1
9.4
3.7
4.9
3.3
.5
2.0
.1

29.5
3.1
10.2
4.1
5.0
5.7
.8
1.9
1.1

55.5
3.2
10.2
4.4
6.2
9.6
1.8
1.8
2.7
.5
3.0
2.5
-.4

Z
AA
AB
AC
AD
AE
AF
AG
AI
AJ
AK
AL
AM

2.8

sector)..

Open market paper 63
FHLB loans to S.&L. assns.« 3
Security credit
Miscellaneous &*

AN Discrepancy (C—D)

3

1.0
.6

1.6
8.3
5.4
1.5

1.5

.8

.8

1.7

.9

3.3
4.4
10.6
3.7

4.9
6.1
13.7
3.5

3.8
2.3
13.8
3.5

4.0
1.6
13.4
5.4

4.1
2.7
14.6
4.1

5.3
3.8
16.5
4.3

1.7

1 8

1 5
-3.8

3 4
1.9
.1

3.0
1.0
1.6
.4

3.4
.1
1.0
1.1

1.7
2.7
2.4
.1

30.0
3.5
9.8
4.4
4.6
6.4
.5
1.3
.7
2.7
1.1
1.6

33.5
3.7
12.0
4.2
5.2
4.3
1.4
.8
2.1
-.8
.8
2.7

26.3
3.3
14.2
4.0
4.5
1.7
.3
.8
-.5

35.0
3.0
11.2
3.5
5.7
8.0
2.0
1.0
2.8

1.5

1.9

-.8
.5

1.9

.9

.8

-.3

.9

-.2

-2.5 - 2 . 1 - 2 . 8

-2.9

-1.9

-1.3

-3.2

.9

*

.7
.9
1.6

-2.1 - 1 . 4

-2.1

NOTE.—Quarterly data are seasonally adjusted totals at annual rates.




1.9
5
1.7
.6

32.6
.3

27.2
2.7
10.1
4.1
4.5
4.8
.3
3.2
-.2
1.2
.3
1.5

-.2
.5
1.5

.2

3 1
-.4
.2

.8

3.9
5.0
12.2
4.1

28.3
1.0

30.2
2.2
10.5
3.5
5.9
5.1
.2
2.7
.5
.5
1.2
2.2

.8
*
1.2

*
.6
1.1

1.3

3.7
3.7
10.8
3.3

29.5
1.2

27.8
1.9
9.1
3.9
4.8
5.7
.1
2.1
2.7
-.2
.9
-1.2
3.5

.5

-.1

29.6
3.6

3.7

1.1

.8
.9
.5

27.3
2.6
9.1
3.6
5.7
7.4
1.1
2.2
1.7
1.2

1.2
-2.0

For other notes see following page.

1.2

.6

1.9

-.2
-1.4

1.5

*

.5
3.1

-2.1

1.9

-.2

.3

- 3 . 5 AN

114

FLOW OF FUNDS/SAVING
4.

JANUARY 1964

SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued
(In billions of dollars)
1962

1961
Category

1958

1959

1960

1961

1963

1962
III

IV

II

I

III

IV

II *

I'

II

(I) Rest of the world
Net purch. of goods and serv. (B6 — C) 1.2
Purch. of goods and services 5 5... 22.7
Sales of goods and services 6 . . . .
21.5
Net unilateral receipts from Govt 6 5
1.3
Current surplus ( D - A ) 6 6

A
B
C
D
E

F Net financial investment (G-N)
G
Net acquis. offinan. assets
H
Gold
I
U S . dem dep and currency
J
Time deposits
K.
U S Govt securities
L
Other credit market instr 67
M
Misc. financial assets 6 8
N
O
P
Q
R

Net incYea.se in liabilities
..
Official U.S. foreign exchange 69
Securities
Loans 7 0
Miscellaneous 7 *

S

Discrepancy (E — F)

72

-.4
3.4
2 3
.9
1
.3

4.0
3.3
4.4
4.5
3.8
4.1
4.1
3.0
3.2
-.8
4.3 A
3.7
4.8
22.9 26.3 27.5 28.9 27.8 28.2 27.9 29.5 29.4 28.8 28.4 30.7 31.4 B
23.6 23.3 23.1 25.1 23.7 24.2 24.6 25.0 25.3 25.5 24.7 25.9 27.1 C
1.6
1.8
1.5
1.6
1.6
1.6
1.5
1 7 D
1 5
1 8
1.5
1.5
1.5
2.3 - 1 . 4 - 2 . 9 - 2 . 2 - 2 . 6 - 2 . 4 - 1 . 5 -3.0 - 2 . 6 - 1 . 7 - 2 . 2 - 3 . 1 - 2 . 6
E
1.7
4.5
1 l
*
-.9
3 0
4
.9

- . 7 -2.0
3.3
3.8
9
1 7
-.1
-.1
.3
.6
6
4
.5
.8
.6
1.1

1.5

2 8
*
7
2
1.9

4 6
-.4
7
1.4
3.0

.4

.6

-.7

3 8
*
1 3

5.4
.3
8
1.9
2.3
-.9

- . 8 - 1 . 8 - 1 . 4 - 2 . 4 -2.3
4.3
2.9
3.3
2.6
4.9
9
6
2.0
1.2
.5
.7
1.4 - . 4
-1.3
.1
.5
.3
j |
.8
.7
2.6
1 3
*
.1
-.6
.7 - . 1
.2
.1
.2
2.8
.6

-1.4

Quarterly data are seasonally adjusted totals at annual rates.
1

Payrolls, interest, dividends, and income withdrawals from unincorporated business.
2
Grant and donation receipts of consumers and nonprofit organizations (net of transfers within the sector), social insurance benefits, and
benefits from private pension and govt. retirement funds.
3
U.S. Govt., State, and local income and estate and gift taxes.
4
Mainly employee contributions to OASI and to private pension and
govt. retirement funds.
5
Figures include net operating outlays of nonprofit organizations
and net transfer payments abroad.
6
Net of dividends on and benefits from private life insurance and
individual annuity policies and Govt. life insurance.
7
In connection with consumer saving through life insurance, private
pension funds, railroad retirement, and govt. employee retirement.
8 On consumer durables, owner-occupied houses, and nonprofit plant
and equipment.
9
Includes net free credit balances with security brokers not shown
separately.
1
° Includes govt. as well as private.
1
1 Includes savings bonds and PSS deposits in line AD.
12
Policy loans and hypothecated deposits.
1
3 Consists of commercial mortgages, bank loans, loans from Govt.
and 4 trade debt.
1
Estimated as equal to seasonally adjusted net farm income.
15
Zero by definition; see note 14.
*6 Includes farm residential construction.
17
Mainly demand deposits and currency.
18 Excludes CCC-guaranteed loans. See Aug. 1959, BULL., p. 840.
19
Govt.; excludes CCC nonrecourse loans.
2
o After inventory valuation adjustment.
21
Estimated as equal to seasonally adjusted business net income.
22
Includes residential construction equal in amount to line K in
corporate business table.
23
Mainly REA and other loans from U.S. Govt. and loans from
finance cos.
24
U.S. Govt., State, and local taxes on profits.
2
5 Includes profits paid by U.S. branches to foreign parent corps, less
profits paid by foreign branches to U.S. parent corps.
26
Includes change in work in place in 1-4 family construction.
27
Direct investments abroad and foreign-currency holdings. State and
local securities are included in line N but not shown separately.
28
Includes direct investments from abroad not shown separately.
2
9 Mainly commercial paper and loans from finance cos.
3 0 Lines A through P of Table 4 (E) are derived mainly from nationalincome data, while lines Q through AE are based on data behind Treasury
cash budget; discrepancy (line A F reflects differences in treatment between these two sources of information. Since line C is profit-tax payments rather than accruals, line N is surplus in national-income accounts
plus excess of profit-tax receipts over accruals.
Net cash borrowing in Treasury cash budget corresponds closely to
line Z less accrual of interest on savings bonds and Treasury bills included
in that line. Cash surplus is closely indicated by line S less net cash
borrowing. Lines T, W, AD, and AE are reflected in cash outgo in cash
budget except for small amounts included in receipts. Lines O and AB
are imputations reflected in neither national-income accounts nor cash
budget.
31
Mainly excise taxes and customs receipts; also includes estate and
gift3 2taxes.
OASI, disability insurance, and unemployment programs. Line E
includes U.S. Govt. employment taxes; line F , U.S. Govt. benefit payments to consumers.
33
Veterans' life insurance and Govt. employee and R.R. retirement
tunds. Line G excludes Govt. contributions to these funds.
34
Transfer payments (other than insurance benefits) to individuals,
plus net cash unilateral transfers to foreign countries, grants-in-aid to
State and local govts. and subsidies to business.




5.7
6.8
1.4 - 1 . 0
.8
1.1
3.2
2.7
2.4
1.8

3.4
-.6
1 0
1.3
1.7

5.2

-1.0

.9

-.8

c

.6
3.1
2.0

•

1.4
1 8
-.9
-.3
1.2
-.5

1.5 - 3 . 0 - 3 . 4
3.2
2.7
6.3
1
4
5
8
.3 — 7
1.3
1.4
1.0
7
9
3 0
*
- 3
.3
*
1.4
1.0

1.5
5.6
1.2
1.1 - 1 . 7 - 1 . 5
1.1
1 8
.7
.8 - . 5
1.5
3.0
-.6
2.6
-.7 -2.6 -3.2

* F
2.4 G
8 H
9
I
.7
J
—9 K
.5 L
.4 M

6 1
.1
2 0
1 2
2.6

9 7
*
1 5
3 5
4.7

2 4
.1
8
1.2
.5

N
O
P
Q
R

.8

.3

-2.6

S
>

3
5
36

Includes net accruals on savings bonds and Treasury bills.
Purchases less sales for general govt. and govt. enterprises, including outlays for tangible capital and (for U.S. Govt.) net disbursements to farmers in form of CCC-direct and guaranteed loans.
37
Govt. life ins., employee retirement, and R.R. retirement p r o grams. Excludes social security, which is treated as nonfinancial operation.
398 Mainly on 1- to 4-family and farm properties.
3
Mainly loans to business sectors, to foreign and State and local'
govts. and to savings and loan assns. (by FHLB). Excludes CCCguaranteed loans other than those on tobacco.

4
0 Mainly nonconvertible foreign currencies and imputed claims on
monetary authorities connected with net I M F position; see note 69.
41
Includes U.S. Govt. agency debt and accrued interest on Treasury
bills and savings bonds. Excludes debt held by U.S. Govt. agencies,.
I M F notes, and currency items in public debt.
42
Direct marketable issues due within 1 year.
43
Consumer-held only. Other holdings in line AB.
44
CCC-guaranteed bank loans and C C C certificates of interest.
45
Mainly misc. deposits.
46
Excludes employment taxes.
47
Receipts of U.S. Govt. grants; payments of direct relief & other
transfers; & receipts & payments in connection with govt. employee
retirement, unemployment insurance, & cash sickness comp. programs.
48
Arising from employee pension programs.
49
Corporate bonds and mortgages.
so Trade debt and loans from U . S . Govt.
51
Includes payment to Treasury on F.R. notes outstanding.
5 2 Foreign-exchange components are described in note 69.
5
3 Includes misc. and Treasury currency assets n o t shown separately.
5 4 Mainly unidentified assets.
5 5 Net of F.R. float and cash items in process of collection as reported
by commercial banks.
5 6 Bank-record basis, net of bank float; differs from sector demand
deposits and currency assets (shown in Table 3 and in n o n b a n k sector accounts in Table 4) principally because of mail float.
57
Mainly floats on interbank deposits and loans and unidentified
liabilities. Includes bank stock issues.
58
Includes premiums on life insurance and private pension plans, lesj
benefit payments and policy dividends.
5 9 In connection with consumer saving through life insurance and pen
sion funds.
6 0 Mainly finance co. loans to business and insurance policy loans.
6
1 Trade credit, time deposits, savings shares, and misc. assets.
62
Lines A F , AI, and AJ are finance co. liabilities; line A G is open-end
investment co. shares.
6 3 Part of "other loans" category.
64
Deposits at banks in U.S. possessions and agencies of foreign banks.
6 5 Lines B, C, and D are exports, imports, and net transfers from Govt.
in national income accounts.
66 Net foreign investment in national income accounts with opposite
sign.
67
Corporate securities and acceptances.
68 Direct investments, unidentified assets, and misc. deposits.
69
Official foreign currency holdings and net I M F position of U.S.
I M F position consists of U.S. capital subscription less I M F holdings of
special U.S. Govt. notes and deposits with Federal Reserve.
?o Security credit, bank loans n . e . c , and other loans (consisting of
loans from U.S. Govt. and acceptances).
71
Direct investments, foreign currency and deposits held by U.S.
domestic sectors, and other liabilities.
72
"Errors and omissions" in U.S. balance of payments statements.

NOTE.—"Liabilities" covers equity as well as debt claims.
F o r descriptions of sectors, of capital expenditures, and of financial
transaction categories, see "Technical N o t e s , " Aug. 1959 BULL., p p .
846-59; for discussion of saving and investment concepts, see p . 834.

Financial Statistics

* International *
Reported gold reserves of central banks and governments.

116

Gold production

117

Net gold purchases and gold stock of the United States

118

Estimated foreign gold reserves and dollar holdings.

119

International capital transactions of the United States

120

U.S. balance of payments

129

Foreign trade

130

Money rates in foreign countries

131

Foreign exchange rates

132

Guide to tabular presentation

6

Index to statistical tables

139

The figures on international capital transactions
are collected by the F.R. Banks from reports
made on Treasury foreign exchange forms collected by the F.R. Banks in accordance with
Executive Orders No. 6560, dated Jan. 15, 1934,
and No. 10033, dated Feb. 8, 1949, and Treasury regulations thereunder. Other data are com-




piled largely from regularly published sources
such as central bank statements and official
statistical bulletins. For some of the series, back
data are available in Banking and Monetary
Statistics and its Supplements (see list of publications at end of the BULLETIN).

115

116

GOLD RESERVES

JANUARY 1964

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(In millions of dollars)
Estimated
total
world *

Intl.
Monetary
Fund

United
States

Estimated
rest of
world

Argentina

1956
1957
1958
1959
I960
1961

38,075
38,765
39,445
40,195
40,505
41,105

1,692
1,180
1,332
2,407
2,439
2,077

22,058
22,857
20,582
19,507
17,804
16,947

14,325
14,730
17,530
18,280
20,260
22,080

224
126
60
56
104
190

107
126
162
154
147
162

71
103
194
292
293
303

1962—Nov
Dec

41,435

2,190
2,194

16,014
16,057

23,185

64
61

187
190

1963 Jan
Feb
Mar
Apr
May
June

41,575

2 199
2,225
2,226
2 228
2,235
2 244
2 268
2,276
2,304
2 305
2,312

15 974
15,891
15 946 23,405
15 914
15,854
15 830 23 660
15 677
15,633
15,634 ^23,955
15 640
15,609

58
53
52

192
195
198

End of
period

July
Aug
Sept

41 730
....

*41,895

Oct
Nov

End of
period

1956
1957
1958
1959.
I960
1961

Cuba

Dominican
Repub-

Ecuador

El Salvador

52

Australia

198

51
51

199
200

51

201

49
49

202
202
205

206

Finland

France

Austria

Belgium

Colombia

Congo,
Rep.
of the

46
40
40
43
45
48

57
62
72
71
78
88

122
81
83
42
30

702
708

43
43

64
57

714
725
732
739
746
755
762
768
775
784

43
42
42
42
43
43
43
43
43
44
43

58
58
59
59
60
60
61
61

Brazil

Canada

1,270
1,134
1,170
1,248

324
324
325
327
287
285

1,103
1,100
1,078
960
885
946

439
454

1,340
1,365

286
225

454
469
484
494
504
504
504
504
504
515
525

I 362
1,364
1,372
1 372
1,372
1 373
1 354
1,365
1,367
1 367
1,367

225
225
208
179
179
179
179
179

Germany,
Fed.
Rep. of

Greece

Guatemala

10
13
17
26
76
87

27
27
27
24
24
24

247
247
247
247
247
247

45
39
37
33
58
43

138
138
141
140
130
130

14
20
34
84
98
84

925
915

800

India

Chile

Indonesia

Iran

Iraq

11
11
11
10
10
3

22
22
22
20
20
19

28
31
31
30
30
18

35
35
35
38
41
47

1,290
1,641
2,121

1,494
2 542
2 639
2,637
2 971
3,664

1962—Nov
Dec

3
3

19
19

18
18

61
61

2,545
2,587

3,669
3,679

77
77

24
24

247
247

44
44

129
129

98
98

1963—Jan
Feb
Mar
Apr
May
June •
July

3
3
3
3
3
3
3

19
19
19
19
19
19
19
19
19
19

18
18
18
18
18
18
18
18
18
18

61
61
61
61
61
61
61
61
61
61

2,626
2,673
2,709
2,743
2,777
2,814
2,963
2,997
3 031
3 089
3,128

3,694
3,727
3 749
3,749
3 749
3,753
3 761
3,761
3 761
3 817
3,823

77

24
24
24
23
23
23
23
23
23

247
247
247
247
247
247
247
247
247

44
44
44
44

129
129
129
129
129
129
142
142
142
142

98
98
98
98
98
98
98
98
98

136
136
80
50

AUB

3

Sept
Oct
Nov

3

End of
period

61

Ireland
Rep. of

Italy

Lebanon

Mexico

77
77
77
77
77
77
77

Pakistan

247
247

Peru

98

142

Philippines

Portugal

Saudi
Arabia

South
Africa

49
49
49
50
52
53

35
28
19
28
42
47

22
6
10
9
15
27

448
461
493
548
552
443

18
18
65

224
217
211
238
178
298

1,581
1,581

30
30

53
53

47
47

39
41

471
471

78
78

509
499

1,581
1,581
1,581
1,581
1,581
1,581
1,581
1,581
I 581
1,581
1,581

30
30
30
30
30
30
31
31
31
31
31

53
53
53
53
53
53
53
53
53
53
53

47
47
47
47
47
47
52
57
57
57
57

42
43
45
45
46
21
22
24
25

471
476
478
478
478
478
482
496
497
497
497

78
78
78
78
78
78
78
78
78
78

486
505
551
571
591
598
611
639
643
630
629

338
452
1,086
1,749
2,203
2,225

77
91
91
102
119
140

167
180
143
142
137
112

,050
1,132
,451
,581

1962—Nov
Dec

18
18

2,237
2,243

172
172

95
95

1963—Jan
Feb
Mar
Apr
May
June
July

18
18
18
18
18
18
18
18
18
18
18

2,254
2,284
2,286
2,286
2,287
2,289
2,292
2,291
2,291
2,331

172
172
172
172
172
172
172
172
172
172
172

95
94
94
95
93
92
95
95
94




Norway

77
77

50
45
43
30
30
30

18
18
18
18
18
18

For notes sec end of table.

581
750

NetherNew
lands Zealand

1956
1957 .
1958
1959
I960
1961

Sept
Oct
Nov

924

844
1dA

33
33
33
34
35

JANUARY 1964

117

GOLD RESERVES AND PRODUCTION
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
(In millions of dollars)

End of
period

Spain

Sweden Switzerland

Thailand

Syria

Turkey

U.A.R.
(Egypt)

United
Kingdom

Venezuela

Uruguay

Yugoslavia

Bank
for
Intl.
Settle-2
ments

EPUEF3

1956
1957
1958
1959
I960
1961

132
101
57
68
178
316

266
219
204
191
170
180

1,664
1,706
1,925
1,934
2,185
2,560

19
24
24
19
19
19

112
112
112
104
104
104

144
144
144
133
134
139

188
188
174
174
174
174

1,772
1,554
2,808
2,514
2,800
2,268

186
180
180
180
180
180

603
719
719
652
401
401

18
14
17
10
4
6

59
24
-42
-134
-19
115

268
254
126
40
55
56

1962—Nov
Dec

437
446

181
181

2,421
2,667

19
19

104
104

140
140

174
174

2,582

180
180

401
401

4
4

151
-50

56

(963

475
495
514
533
552
574
574
574
574
573
573

181
181
181
181
182
182
182
182
182
182
182

2,455
2,460
2,461
2,453
2,453
2,530
2,444
2,451
2,501
2 520
2,522

19
19
19
19
19
19
19
19
19

104
104
104
104
104
104
104
104
104

140
120
140
140
140
140
140
138
137
136
136

174
174
174
174
174
174
174
174
174
174
174

180
180
180
180
172
171
171
171
171

401
401
401
401
401
401
401
401
401
401

4
4
4
4
5
5
7
8
11

116
88
107
132
137
78
155
150

Jan
Feb
Mar
Apr
May
July
Sept
Oct
Nov

i Includes reported or estimated gold holdings of international and
regional organizations, central banks and govts. of countries listed in
this table and also of a number not shown separately here, and gold to be
distributed by the Tripartite Commission for the Restitution of Monetary
Gold; excludes holdings of the U.S.S.R., other Eastern European countries, and China Mainland.
The figures included for the Bank for International Settlements are
the Bank's gold assets net of gold deposit liabilities. This procedure
avoids the overstatement of total world gold reserves since most of the
gold deposited with the BIS is included in the gold reserves of individual
countries.

2,447
2,447
2,506

j

41
43
42

—22

2 Net gold assets of BIS, i.e., gold in bars and coins and other gold
assets minus gold deposit liabilities.
3 European Payments Union through Dec. 1958 and European Fund
thereafter.
NOTE—For back figures and description of the data in this and the
following tables on gold (except production), see "Gold" Section 14
Supplement to Banking and Monetary Statistics, 1962.

GOLD PRODUCTION
(In millions of dollars at $35 per fine troy ounce)
Africa
World
production i

Period

North and South America
Congo
(Leopold- United
ville) States

Canada

Mexico

South
Africa

Rhodesia

Ghana

556.2
596.2
618.0
702.2
748.4
803.1
892.7

18.8
18.8
19.4
19.8
19.6
20.1
19.4

22.3
27.7
29.8
32.0
31.3
29.2
31.1

13.1
13.1
12.3
12.2
11.1
8.1
7.1

65.3
63.0
61.6
57.2
58.8
54.8
54.5

153.4
155.2
158.8
156.9
161.1
156.6
145.5

12.3
12.1
11.6
11.0
10.5
9.4
8.3

1962—Oct
Nov
Dec,

78.1
78.5
74.7

1.6

2.7
2.7
2.9

31.4

4.3
3.8
3.7

12.5
12.1
11.7

1963 Jan
Feb
Mar

78.0
76.5
79.4
79.1
80.6
80.1
81.6
81.7
80.9
82.0

6
1.6
6
1.6
1.6
1.6
1.6
1.7
1.6

11.7
11.0
11.6
11.8
12.4
11.6
10.9
11 7
11.5
12.2

975.0
1,015.0
1,050.0
1,125.0
1,175.0
1,215.0
1,290.0

1956
1957
1958
1959
I960
1961
1962

May!

'.'.I..........

July
AUK

Sept
Oct

.

....

a
1.7

1 Estimated; excludes U.S.S.R., other Eastern European countries,
China Mainland, and North Korea.
2 Gold exports.
3 Oct.-Dec.




Other

Nicaragua 2 Brazil
7.6
6.9
7.2
7.3
7.0
7.7
7.8

Colom- Ausbia
tralia

India

4.3
4.2
3.9
3.8
4 1
4.4
4.5

15.3
11.4
13.0
13.9
15 2
14.0
13.7

36.1
37.9
38.6
38.1
38 0
37.5
37.4

7.3
6.3
6 0
5.8
5 7
5.7
5.7

.5
.3
.4

A
.4
.3

1.2
1.0
.8

3.2
3.0
3.3

.4
.5
.4

.8
.6
.7
.8
.7
5
.7
6

.4
.4
.4
.4
.3
4
.4
4
.4

1.2
1.0
1.1
1.1
1.1
9
1.0
9

2 9
2.9
3.1
2.8
2.8
3.3
3.4
3 0

All
other J

.4
.4
.5
.5
.5
4
.4

63.0
62.2
69.8
64.8
64 2
64.4
62.3

NOTE.—Estimated world production based on reports of the U.S.
Bureau of Mines. Country data based on reports from individual countries
and of the Bureau of Mines except Brazil, data for which are from
American Bureau of Metal Statistics. For the United States, annual figures
are from the Bureau of the Mint and monthly figures are from American
Bureau o i Metal Statistics.

118

U.S. GOLD

JANUARY 1964

NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY
(In millions of dollars at $35 per fine troy ounce)
1963

1962
Area and country

1955

1956

1958

1957

1960

1959

1961

1962
III

Western Europe:
Belgium

•

-68
-10

Germany, Fed. Rep. of
Italy
Netherlands
Portugal

3
-34

25

_5
o

Switzerland

3

31

100

Bank for Intl Settlements
Other

4
-78

Total

18
80

Canada

8

14
14

Total

75

-5

6

.

-30

-30

-20

-101

-101

-101

-146
102
-387

-20
-45
—64

-20
50
8

-70

-60

107

18

-12

*

15

-9

14

*

-79

-104

-149

-139

59
27

17

28

-4

*

6

-11

16

34

-16

*

214

-156
-125
-306
-23
-53

- 7 5 4 -1,105

-399

74

—50
-2

— 11

—90
-2

85
57
38

—1
10

-4

20
-22

-17

-5

-1

1

-

175

9

83

- 9 7 i -101

2 -93

-41

-11

-8

25

-101

-93

-41

-11

-8

25

-28

81

69

19

*

18

30
-4

157
-28

18

-34

-186

-113

-5

-38

-6

-1

-2

-1

-10

-25

-998 -1,969

-970

-833

-434

-6

-96

-100

-180

-833

-434

-6

-96

-100

-180

14

-3
172 - 2 , 2 9 4

3 200
-68

-114
-324
-550
-36
-96

2

80

Intl. Monetary Fund

-56
-214

-23

-249

-827 -1,718

67

1
.

-143
-63
-456

190

-68

All other
Total foreign countries

20
-350
-32
-38

III

100
-25

30
65

—200
29

-5

Total

-30
— 10

-144

—6

Asia:
Other

— 349
-261
—20
32
-215
—900
-178
-21

-1
— 141
-173
-34

5

115
—1
28

Venezuela
Other

-83
— 39
-266

68 - 2 , 3 2 6

15

Latin American republics:
Argentina
•• .
Brazil
Colombia

-84
— 329

n

I

IV

280

4 -44

600
772 - 2 , 2 9 4

-100
15

3 300

-1,041 -1,669

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.

-109

1

150
-820

3 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.
* Payment to the IMF of $344 million as increase in U.S. gold subscription less sale by the IMF of $300 million (see also note 3).

U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES
BY U.S. MONETARY AUTHORITIES
(In millions of dollars)
End of period
Gold stock i

Year

Total
Total*

Treasury

Foreign
currency
holdings

Month
Total

1951..
1952..
1953..
1954..
1955..
1956..
1957..

22,873
23,252
22,091
21,793
21,753
22,058
22,857

22,873
23,252
22,091
21,793
21,753
22,058
22,857

22,695
23,187
22,030
21,713
21,690
21,949
22,781

53
379
-1,161
-298
-40
305
799

1958..
1959..
I960..
1961..
1962..
1963?.

20,582
19,507
17,804
17,063
16.156
15,808

20,582
19,507
17,804
16,947
16,057
15,596

20,534
19,456
17,767
16,889
15,978
15,513

-2,275
-1,075
-1,703
-741
-907
-348

116
99
212

Total
gold

Total

Gold stock i

Changes in—
Foreign
currency
holdings 3

Total

Total
gold

Total 2

53 1962—Dec...
379
- 1 , 1 6 1 1963—Jan...
-298
Feb...
-40
Mar...
305
Apr...
799
May..
June..
July...
-2,275
Aug...
4-1,075
Sept...
-1,703
Oct..
-857
Nov...
-890
Dec. P.
-461

1 Includes gold sold to the United States by the International Monetary Fund with the right of repurchase, which amounted to $800 million
on2 Dec. 31, 1963.
Includes gold in Exchange Stabilization Fund.
3 For holdings of F.R. Banks only see pp. 54 and 56.




End of period

Changes in—

Treasury

16,156

16,057

15,978

99

-60

43

16,102
16,023
16,078
16,046
16,009
15,956
15,764
15,725
15,788
15,910
15,780
15.808

15,974
15,891
15,946
15,914
15,854
15,830
15,677
15,633
15,634
15,640
15,609
15,596

15,928
15,878
15,878
15,877
15,797
15,733
15,633
15,582
15,582
15,583
15,582
15,513

128
132
132
132
155
126
87
92
154
270
171
212

-54
-79
55
-32
-37
-53
-192
-39
63
122
-130
28

-83
-83
55
-32
-60
-24
-153
-44
1
6
-31
-13

4 Includes payment of $344 million as increase in U.S. gold subscription to the International Monetary Fund.
NOTE.—See Table 10 on p. 127 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.

119

GOLD RESERVES AND DOLLAR HOLDINGS

JANUARY 1964

HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS
(In millions of dollars)

Area and country

Western Europe:
Austria
Belgium
Denmark
Finland
France
Germany Fed Rep of
Greece
.
Italy
Netherlands .
Norway
Portusal
Spain
.
Sweden
Switzerland
Turkey
United Kingdom
Other2
Total...
Canada
Latin American republics:
Argentina
Brazil
.
Chile
Colombia
Cuba
Mexico
Panama Republic of
Peru
Uruguay
Venezuela
Other
Total
Asia:
India
Indonesia
Japan
Philippines
Thailand
Other
Total
Africa:
South Africa
U A R (Egypt)
Other
Total
Other countries:
Australia
All other

Dec. 3 , 1962

Sept. 30, 1962

Dec. 3 1, 1961
Gold &
shortterm
dollars

U.S.
Govt.
bonds
& notes

Gold &
shortterm
dollars

U.S.
Govt.
bonds
& notes

Gold &
shortterm
dollars

558
1.574
83
138
3,110
6,506
154
3,459
1,797
135
542
469
586
3,435
165
4,495
681

3
8
30
2
4
3
*
*
3
126
1
1
93
83
*
435
48

744
1,511
78
135
3,643
6,467
187
3,533
1,857
142
610
588
639
3,290
162
4,319
665

*
*
30
2
3
3
*
2
91
1
1
102
86
*
418
47

783
1,539
98
134
3,744
6,409
196
3,627
1,829
155
632
623
671
3,575
165
4,191
540

27,887

840

28,570

786

3,704

459

4,169

266

425
513
153
235
44
607
87
131
237
819
293

1
1
*

301
499
147
228
37
528
85
154
272
780
354

1
1
*
1
*
6
1
*
1
1

271
429
178
205
16
626
98
152
281
806
336

*
5
1
1
1
1

Mar. 31, 1963

U.S.
Gold&
Govt.
shortbonds
term
& notes * dollars

*

June 30, 1963

Gold&
U.S.
shortGovt.
bonds
term
& notes i dollars

2

1
87
1
1
93
83
*
370
48

789
1,555
96
140
4,123
6,224
243
3,385
1,809
160
635
705
673
3,273
162
4,630
562

16
2
3
3
*
1
2
111
1
1
73
85
*
297
46

814
1,606
111
131
4,532
6,462
251
3,422
1,897
165
625
736
699
3,420
156
4,354
478

28,911

708

29,164

644

4,057

389

3,871

528
1
1

3

318
400
167
226
16
690
97
155
276
837
421

16
2
3
3

>

Sept. 30, 1963"

U.S.
Gold &
Govt.
shortbonds
term
& notes i dollars

•)

U.S.
Govt.
bonds
& notes 1

298
48

903
1,667
147
134
4,497
6,634
258
3,540
1,910
158
646
751
616
3,325
158
4,253
490

312
50

29,859

668

30,087

728

3 929

644

3 877

700

1
2

453
360
176
216
14
759
117
198
263
933
376

1
1

1
*
4
1
*
1
1
3

393
348
172
243
15
688
111
168
262
905
398

1
*
5
1
*
1
1
1

T

15
3
1
2
137
1
1
73
83

2
*
15
3
3

i
2
133
1
123
82

3,544

12

3,385

12

3,398

13

3,603

13

3,703

12

3,865

12

325
119
3 1,976
212
368
1,329

6
1
3

6
1
3
1
*
41

288
72
2,499
215
437
1,444

6

*
40

296
74
2,558
225
471
1,516

5
1
3

*
45

293
77
2,344
198
430
1,420

*
40

295
76
2,613
223
480
1,546

5
1
3
*
*
40

302
67
2,689
222
486
1,537

5
1
3
*
*
43

3 4,329

56

4,762

52

4,955

50

5,140

49

5,233

49

5,303

52

330
189
343

*
*
12

535
186
368

*
*
10

540
188
373

*
*
10

597
193
377

*
10

636
191
355

*
*
10

683
186
331

*
8

862

12

1,089

10

1,101

10

1,167

10

1,182

10

1,200

8

337
287

*
29

340
281

28

360
358

*
30

348
329

*
30

260
275

*
27

315
279

30

3

535

27

594

30

624

29

621

28

718

30

677

30

Total foreign countries 4 .... 340,861

1,406

42,569

1,156

43,046

1,199

43,566

1,272

44,624

1,413

45,009

1,530

Total

International and regional 5 .
Grand total 4

5,829

1,432

7,127

993

7,352

911

7,218

966

7,090

1,065

7,091

1,163

346,690

2,838

49,696

2,149

50,398

2,110

50,784

2,238

51,714

2,478

52,100

2,693

1 Excludes nonmarketable U.S. Treasury bonds and notes held by
official institutions of foreign countries as shown in Table 7 on page 126.
2 In addition to other Western European countries includes unpublished gold reserves of certain Western European countries; gold to be
distributed by the Tripartite Commission for the Restitution of Monetary Gold; European Fund; and the Bank for International Settlements
(the figures for the gold reserves of the BIS represent the Bank's net
gold assets).
3 Total short-term dollars include $82 million reported by banks
initially included as of Dec. 31, 1961, of which $81 million reported for
Japan.
4
Excludes gold reserves of the U.S.S.R., other Eastern European
countries, and China Mainland.
5 International Bank for Reconstruction and Development, Inter-




national Monetary Fund, International Finance Corporation, International Development Association, and other international organizations; Inter-American Development Bank, European Coal and Steel
Community, European Investment Bank, and other Latin American and
European regional organizations except the BIS and E.F. (see note 2).

iivjiineguuciLuc, nuii-inicicsi-ucitiiiig ipcticti vj.a. uuics nciu uy me xuici-

American Development Bank and the International Development
Association. U.S. Govt. bonds and notes are official and private holdings
of U.S. Govt. securities with an original maturity of more than 1 year.
See also NOTE to table on gold reserves.

120

INTL. CAPITAL TRANSACTIONS OF THE VS.

JANUARY 1964

1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
International and regional *
End of
period

Grand
total

European
regional 2

Foreign

L.A.
regional

Total

Other

115
57

14,615
16,231
17,260
18,781

8 665
9,154
10,212
10,940

5,950
7,076
7,048

Total

Intl.

16 159
*19 389
21,272
522 533

1 544
^3,158
4,012
3 752

1,544
43,158
3,897
3,695

25,196
25,017

5,095
5,148

4,936
4,938

34
34

125
176

20,101
19,869

11,996
11,958

24,949
24,989
25,154
25,328
25,407
25,812
J u l y . . . . 25,436
Aug
25,745
Sept
25,842
Oct.*>... 26,257
Nov.*... 26,379

5,100
5,059
4,983
5,029
4,862
4,837
4,950
4,819
4,778
4,767
4,678

4,895
4,856
4,797
4,847
4,697
4,671
4,783
4,658
4,618
4,613
4,522

30
26
28
19
20
26
18
18
18
17
17

175
111
158
162
145
141
150
144
142
137
139

19,849
19,930
20,171
20,300
20,546
20,975
20,486
20,926
21,064
21,490
21,701

11,564
11,482
11,767
11,887
12,062
12,341
11,891
12,179
12,359
12,292
12,316

1958
1959
I960
1961
1962—Nov....
Dec
1963—Jan
Feb
Mar
Apr
May....
June

Europe

Official 3

Latin
Canada America

Ask

Africa

Other
countries

7,841
8,105
7,911

7 708
8,473
9,046
10 322

2 019
2 198
2,439
2 758

2 403
2,408
2,308
2 340

2 205
2 780
3,115
5 2 974

192
253
227
283

88
119
125
104

10,290
10,157

3,667
3,349

2,295
2,448

3,365
3,444

320
319

164
152

8,285
8,448
8,404
8,413
8,483
8,634
8,594
8,747
8,705
9,198
9,385

10,009
10,098
10,259
10,086
10,247
10,722
10,284
10,627
10,752
10,818
10,755

3,295
3,261
3,139
3,227
3,244
3,174
3,073
3,129
3,102
3,370
3,498

2,561
2,576
2,678
2,862
2,883
2,879
2,943
2,972
3,006
3,021
3,034

3,518
3,523
3,621
3,644
3,704
3,733
3,737
3,741
3,779
3,850
3,951

319
329
326
321
303
291
286
293
264
267
277

147
142
147
160
165
175
162
164
160
164
185

Nether- Norway
lands

Portufal

Spain

la. Eorope
End of period

Total

Austria Belgium

Denmark

Finland

France

Germany

Greece

Italy

Sweden

1958
1959
I960
1961

7,708
8,473
9,046
10,322

411
331
243
255

115
138
142
326

169
137
54
52

69
71
46
91

532
655
519
989

1,755
1,987
3,476
2,842

126
186
63
67

1.121
1,370
877
1,234

339
485
328
216

130
95
82
105

163
138
«4
99

36
86
149
153

303
213
227
406

1962—Nov....
Dec

10,290
10,157

305
329

195
174

69
67

72
73

1,271
1,157

2,770
2,730

113
119

t,296
1,384

243
248

115
125

154
161

165
177

483
490

1963—Jan
Feb
Mar
Apr
May....
June....
July....
Aug
Sept
Oct.*...

10,009
10,098
10,259
10,086
10,247
10,722
10,284
10,627
10,752
10,818
10,755

320
317
305
276
288
310

177
189

56
44

75
75

1,272
1,359
1,414
1,433
1,573
1,718
1,435
1,477
1,466
1,421
1,486

2,495
2,413
2,475
2,456
2,670
2,709
2,771
2,844
2,873
2,965
3,041

142
162
166
171
174
174
181

1,182
1,123
1,099
1,121
1,054
1,133
1,165
1,287
1,249
1,029
'877

232
216
228

120
134
130
131
130
135
136

167
161
157
159
153
147
151
146
149
149
162

184
209
191
169
163
162
184
201

Cuba

NOV.P...

354
392
399
372
347

183
208
224
233
208
271
300
398
385

65
69
74
80
99
101
116
128
144

79
70

68
70
76
75
73
78
86

176
181
173
181

la. Europe—Continued
End of period Switzer- Turkey
land

United
Kingdom

Yugoslavia

873
990

9
6
10

1958
1959
I960
1961

852
969
678

875

26

1,667
2,227

12

1962—Nov
Dec

837
908

25
25

1,893
1,609

15
11

1963—Jan
Feb
Mar
Apr
May....
June....
July....
Aug. . . .
Sept
Oct.*...
Nov.?...

861
813
812
751
718
890
809
790
824
858
831

30
36
22
21
20
16
16
27

1,923
2,041
2,183
2,056
1,948
1,907
1,800
1,854
1,747
1,810
1,713

14
13
10
11
11
12
12
15

For notes see following page.




20
31
18

21
26
25

15
15
16

286
324
316

'238
'226
329
366
361

133
127
119
119

177
164
172

476
507
492
480
483
517
470
432
434
419
431

lb. Latin America
Other
Other
Western U.S.S.R. Eastern
Europe 6
Europe

Total

Argentina

Brazil

Chile

Colombia

138
151
194

100
185
135

169
217
158

325

2
3
12
5

12
13
14

16

2,403
2,408
2,308
2,340

337
315
235

228

105

147

249
349

3
3

17
19

2,295
2,448

205
210

176
204

101
135

261
264
230

3
3
2

19
19
16
18
19
20

2,561
2,576
2,678
2,862
2,883
2,879
2,943
2,972
3,006
3,021
3,034

211
235
266
309
335
342
383
399
404
381
360

188
173
192
198
167
169
151
160
181
185
187

131
118
125
120
124
129
114
117
133
122
135

671
569
357

197
152
172
157
159
252
304
356

3
2
3

2
3
2
2
2

r19

'19
17
22
20

150

Mexico

286
164
77
43

418
442
397
495

136
148

715

15

492
531

183
177
167
163
165
183
157
168
155
163
162

14
14
15
15
15
14
13
12
13
12
11

558
589
596
639
€27
596
658
670
665
633
654

JANUARY 1964

121

INTL. CAPITAL TRANSACTIONS OF THE U.S.

1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
1 c 4sia

lb. Latin America—Continued
End of
period

Panama

Peru

Uruguay

Venezuela

Other
L.A.
Rep.

Other
Neth.
Bahamas
Antilles & Latin
&
Total
Bermuda 8 Surinam America 8

China
Mainland

Hong
Kong

India

Indonesia

Israel

146
129
123
87

77
82
72
84

82
62
51
57

494
277
398
418

222
227
235
226

97
9 14

69
111

79
88
72
89

35 2,205
33 2,780
12 3 115
15 32,974

36
36
35
35

62
60
57
56

77
114
54
78

108
139
178
76

56
87
75
63

1962—Nov....
Dec

87
98

103
105

85
101

407
405

267
267

ill
123

95
97

15
10

3,365
3,444

36
36

62
65

51
41

26
28

81
81

1963—Jan
Feb
Mar....
Apr
May....
June....
July....
Aug
Sept
Oct.P...

96
102
97
103
110
111
109
113
117
111
125

105
103
108
110
113
121
126
129
141
!53
155

90
95
96
91
94
91
93
91
92
93
110

455
413
436
505
498
504
559
541
532
616
581

300
329
352
361
357
331
326
322
310
300
303

123
123
123
129
133
138
129
126
132
128
!34

97
95
95
94
95
98
93
89
94
87
82

10
10
10
25
52
52
33
35
39
37
36

3,518
3,523
3,621
3,644
3,704
3,733
3,737
3,741
3,779
3,850
3,951

36
36
36
35
35
35
39
35
35
35

62
61
61
66
61
64
61
62
65
67
69

46
45
49
40
47
48
49
48
55
51
49

30
30
30
33
34
32
34
33
23
32
27

87
93
96
95
97
106
91
96
93
105
113

1958
1959
I960
1961

NOV.P...

1c. Asia—Continued

1958..
1959
I960
1961 .
1962

.

.

Nov
Dec

1963 Jan . . . .
Feb
Mar
Apr....
May...
June....
July....
Aug....
Sept....
Oct.P. ..
Nov.P. .

Id. Africa
Other
Asia

Total

Congo
(Leopoldvillc)

99
94
84
92

133
141
186
264

378
504
204
254

192
253
227
283

30
31
32
34

43
58
64
93

30
49
29
32

16
20
22
15

171
174

76
75

324
333

285
280

320
319

38
35

93
68

43
41

174
181
180
176
179
202
204
210
197
209
196

79
81
88
92
100
108
114
122
126
134
141

348
361
367
368
371
376
379
384
382
382
379

324
325
344
363
375
361
365
356
332
342
378

319
329
326
321
303
291
286
293
264
267
277

36
36
32
32
29
30
30
30
24
24
25

68
68
68
105
103
101
88
85
77
71
59

43
44
46
46
49
38
45
48
40
43
55

Korea

Philippines

935
1,285
1,887
51 672

145
148
152
199

176
172
203
185

2 111
2 195

142
136

2 204
2,191
2 254
2 268
2,305
2,309
2 315
2 309
2,385
2,403
2,455

129
120
116
108
99
92
87
86
86
91
108

Taiwan

1 International Bank for Reconstruction and Development, International Monetary Fund, International Finance Corporation, International Development Association, 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 governments and their
agencies, and Bank for International Settlements and European Fund.
4 Includes $1,031 million representing increase in U.S. dollar subscription to the IMF paid in June 1959.
5
Includes $82 million reported by banks initially included as of Dec.
31, 1961, of which $81 million reported for Japan.
6 Includes Bank for International Settlements and European Fund.
7 Decline reflects principally reclassification of deposits for changes
in 8domicile over the past few years from Cuba to other countries.
Data based on reports by banks in the Second F.R. District only for
year-end 1958-1962; Dec. 1961 figure carried forward through Nov.
1962 and Dec. 1962 figure carried forward through Mar. 1963.




It. Other countries

Thailand

Japan

End of
period

35

South
Morocco 8 Africa

U.A.R. Other
(Egypt) Africa

Total

Australia

All
other s

73
95
80
109

88
119
125
104

79
110
88
98

9
9
37
6

17
14

129
161

164
152

158
147

6
5

13
16
19
19
15
17
15
13
12
18
14

159
165
161
119
107
105
109
117
111
111
123

147
142
147
160
165
175
162
164
160
164
185

142
137
142
149
149
160
147
149
146
148
171

5
5
5
11
16
15
15
15
14
16
14

9

Bermuda only; Bahamas included in "Other Latin America."
10 Represent a partial breakdown of the amounts shown in the "other"
categories (except "Other Eastern Europe") in Tables la-le.
Except as indicated by note II, data for 1960-62 based on reports
by banks in the Second F.R. District only; data for Apr. 1963 based on
reports by banks in all F.R. Districts.
11
Based on reports by banks in all F.R. districts.
12 Jamaica, Trinidad and Tobago included in British West Indies.
NOTE.—Short-term liabilities are principally deposits (demand and
time) and U.S. Govt. securities maturing in not more than 1 year from
their date of issue; the latter, however, exclude nonnegotiable, noninterest-bearing special U.S. notes held by the International Development Association and the Inter-American Development Bank. For data
on long-term liabilities, see Table 5. For back figures and further
description of the data in this and the following tables on international
capital transactions of the United States, see "International Finance"
Section 15, Supplement to Banking and Monetary Statistics, 1962.

122

INTL. CAPITAL TRANSACTIONS OF THE U.S.

JANUARY 1964

1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
If. Supplementary Data " (end of period)
>
1960

1961

1962

1963
Apr.

5.1
2 7
12.6
4.1

3.1
3 2
16.1
3.4

5.6
2 9
10.8
1.7

5.2
4 7
8.9
2.0

Other Latin American Republics:
H23.1
Bolivia
Costa Rica
.
. . . . 19.8
H36.9
Dominican Republic
27.3
El Salvador
.
. . . . 1124.3
H43.9
Guatemala
10.7
Haiti
15.0
Honduras
.
.
(12)
Jamaica
Nicaragua
11.9
4.6
Paraguay
Trinidad & Tobaeo
(12)

H26.2
13.3
H22.8
23.6
H21.9
H45.8
9.9
14.8
1.8
17.3
4.9

H23.2
16.5
H42.0
36.3
H22.5
H40.9
10.5
13.8
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

Other Latin America:
British West Indies
French West Indies & French
Guiana

12 11.3

12 14.0

9 0

22 6

.4

.5

1.0

1.3

9.8
.9
10.9
6.9

3.6
4.5
15.3
6.5

5.3
2.5
12.6
4.9

n.a.
8.9
10.2
n.a.

Area or country
Other Western Europe:
Iceland
Ireland Rep of
Luxembourg
.
.
Monaco

.

.• •

Other Asia:
Afghanistan
Burma

...

Ceylon.

(12)

3.3

1960

1961

1962

1963
Apr.

H22.4
13 8
1.8
9.6
5.0
36.2
6.3
Pakistan
10.6
Ryukyu Islands (inch Okinawa). 14.2
18.4
Saudi Arabia
Singapore
1.9
Syria
4.2
Viet-Nam
14.6

H31.3
20 2
1.6
27.1
4.6
52.3
4.4
10 1
14.6
24.9
3.2
2.6
7.9

ii 18.7
8 5
1.2
33.0
14.0
65.9
12.6
15 9
17.0
28.4
5.8
4 9
10.1

49 4
na
1.7
38 2
n.a.
77.9
13.6
15 9
32.7
37.1
5.3
3 4
11.6

Area or country
Other Asia (Cont.):
Iran
Iraq
Jordan
Kuwait
Laos
Lebanon

Other Africa:
Algeria
Ethiopia, incl. Eritrea
Ghana. .
Liberia
Libya
Mozambique . . . .
Nigeria
Rhodesia & Nyasaland, Fed. of..
Somali Republic
Sudan
Tunisia .

.4
9.3
.9
16.8
5.6
2.2
.8
3.9
3.5
1.9
2.8

.5
11.1
1.1
21.9
5.4
1.6
21.8
6.5
1.7
2.0
1.2

16
17.0
4.1
17 6
5.5
25
26.8
6.8
.6
2.4
10.9

5
20.8
n.a.
13 4
10 5
1 i
n.a.
7.5
.6
na
n.a.

All other:
New Zealand

35.1

4.0

4.7

8.8

For notes see preceding page.

2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Pay*ible in dollars
To banks and official institutions
End of period

To all other foreigners

Total
Total

Deposits

U.S.
Treasury Special
U.S.
bills and notes 2
Demand Time 1 certificates

Other 3

U.S.
Treasury Other 3
bills and
Time 1 certificates

Deposits
Total
Demand

Payable
in
foreign
currencies

16,159 13,669
419,389 416,913
21,272 18,929
22,450 19,944
22,533 20,025

1958
1959
I960
1961
1961 5

6,1 72
6,341
7,568
8,644
8,707

5,066
7,180
7,491
7,363
7,363

757
4 2,065
2,469
2,388
2,388

1.075
[,328
1,401
1,549
,567

2,430
2,398
2,230
2,356
2,358

1,5 51
1,833
1,849
1,976
1,977

306
295
148
149
149

174
270
233
231
232

59
77
113
150
150

380
352
363
401
412
416
423
439
421
468
469
499
485

212
143

1962—No v
Dec

25,196
25,017

22,425
22,309

8,437
8,528

9,453
9,214

3,012
3,012

1,523
1,555

2,559
2,565

2,049
2,096

130
116

1963—Jan
Feb

24,949
24,989
25,154
25,328
25,407
25,812
25,436
25,745
25,842
26,257
26,379

22,222
22,185
22,339
22,453
22,514
22,864
22,531
22,770
22,813
23,169
23,228

8,858
8,957
8,936
8,924
5,471 3,480
5,714 3,561
5,638 3,561
5,487 3,674
5,567 3,647
5,760 3,821
5,993 3,805

8,765
8,617
8,766
8,875
8,955
9,012
8,781
8,916
8,859
8,735
8,555

2,995
2,980
2,965
2,981
2,976
2,922
2,961
3,028
3,028
3,036
3,036

1,604
1,631
,672
1,674
,632
,655
1,590
1,665
,712
,817
1,839

2,563
2,655
2,671
2,759
2,762
2,822
2,797
2,864
2,921
2,943
3,022

2,077
2,110
2,116
2,197
1,405
1,442
1,401
1,399
1,441
1,391
1,454

123
144
143
146
128
109
117
111
109
122
134

Mar

Apr
May
June
July
Aug
Sept
Oct.*1
NOV.P

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 Association and the Inter-American Development
Bank, which amounted to $312 million on Nov. 30, 1963.




806
832
858
886
902
931
949

164
150
143
116
130
127
108
112
108
145
130

3 Principally bankers' acceptances, commercial paper, and negotiable
time certificates of deposit.
4 Includes $1,031 million of nonnegotiable, non-interest-bearing
special U.S. notes representing increase in U.S. dollar subscription to
the IMF paid in June 1959.
5 These figures reflect the inclusion of data for banks initially included
as of Dec. 31, 1961.

123

INTL. CAPITAL TRANSACTIONS OF THE U.S.

JANUARY 1964

3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
Europe

Canada

Latin
America

2,542
",624
3,614
3 4,820

696
534
717
767

243
272
421
556

,099
,176
,356
,522

435
586
1,052
3 1,891

69
56
69
85

1962—Nov..
Dec.

4,925
5,173

741
877

548
526

,563
,606

1,940
2,017

132
146

4963—Jan....
Feb...
Mar...
Apr...
May..
June..

4,961
5,090
5,124
5,316
5,354
5,534
5,470
5,435
5,430
5,560
5,736

751
794
825
850
865
985
875
952
920
967
1,005

535
573
547
580
580
654
667
597
554
628
632

,575
,605
,563
,587
,592
,612
,668
,697
,698
,690
,686

1,970
1,978
2,048
2,158
2,176
2,138
2,124
2,046
2,119
2,135
2,264

131
140
142
141
48
47
47
50
51
56
52

Grand
total

End of period
1958.
1959.
1960.
1961.

July...
Aug...
Sept...
Oct.?9.
Nov. P.

Intl. and
regional

Asia

Other
countries 2

Africa i

92
97
87
92
88
82
97

3a. Europe

End of period

Austria

Total

Belgium

Denmark

Finland

France

Germany

Greece

Italy

Netherlands

Norway

Portugal

Spain

Sweden

696
534
717
767

7
4
2
5

65
56
65
20

14
18
13
11

6
8
9
23

102
57
32
42

77
54
82
165

7
5
6
6

36
30
34
35

56
38
33
54

22
7
17
27

2
2
4
5

30
8
8
11

24
19
28
35

741
877

7
7

21
32

10
14

32
30

62
68

139
186

7
6

43
54

24
27

28
35

9
9

23
19

18
18

751
794
825
850
865
985
875
952
920
967
1,005

7
8
9
8
9
9
9
12
10
10
9

21
30
25
29
34
29
28
26
28
26
27

9
13
13
15
14
10
10
9
It
11
11

35
39
39
41
44
51
51
49
51
49
49

56
56
58
67
72
67
63
65
69
66
65

134
144
160
144
143
256
132
159
146
151
176

6
6
6
9
7
8
10
9
10
9
9

51
69
58
67
60
57
69
85
70
81
82

26
36
29
32
37
34
37
37
37
41
36

34
35
32
33
34
31
34
35
35
34
41

9
10
11
13
12
11
11
12
13
14
16

19
23
25
33
40
44
44
52
45
38
34

16
19
22
23
26
24
25
33
32
33
36

1958
1959
1960
1961
1962—Nov..

Dec,
1963—Jan...
Feb...
Mar..
Apr..,
May.,
June.
July.,
Aug..
Sept..

Oct.?',
Nov.?

3a. Europe—Continued

End of period

Switzerland

Turkey

United
Kingdom

3b. Latin America

Other
Other
Yugo- Western U.S.S.R, Eastern Total
slavia Europe 4
Europe'

Argentina

Brazil

Chile

1,099
1,176
1,356
1,522

40
60
121
192

148
117
225
186

52
59
73
127

51
68
80
125

166
115
26
19

293
291
343
425

1,563
1,606

182
181

180
171

174
186

138
131

17
17

400
408

1,575
1,605
1,563
1,587
1,592
1,612
1,668
1,697
1,698
1,690
1,686

156
161
161
170
180
180
200
198
187
183
184

187
179
178
196
196
197
192
199
210
183
172

168
160
151
151
161
166
171
170
179
186
192

129
149
145
137
136
153
146
176
169
180
185

17
17
17
17
17
17
17
17
17
17
16

417
420
409
405
406
409
448
448
454
445
443

42
38
60
105

72
47
49
16

124
121
245
181

5
13
11
9

1962—Nov..
Dec...

64
75

12
42

211
221

15
19

1963—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug...
Sept..
Oct.*.
Nov.-"

72
67
71
65
66
65
69
71

42
36
32
40
44
49
47
44
47
42
23

180
172
197
190
175
188
185
202
197
232
266

19
19
21
21
20
21
21
21
19
20
22

1958
1959
1960
1961

91
78

For notes see following page.




12

Colombia

Cuba

Mexico

124

INTL. CAPITAL TRANSACTIONS OF THE U.S.

JANUARY 1964

3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—-Continued
(Amounts outstanding; in millions of dollars)
3b. Latin America—Continued

End of
period

Peru

Panama

Uruguay

Other
L.A.
Republics 6

Venezuela

3c. Asia
Bahamas
&
Ber- 1
muda

Neth.
Antilles
&
Surinam

Other
Latin
America 7

Total

China
Mainland

HEong
Kong

India

Indonesia

Israel

1958
1959
1960
1961

23
18
23
32

31
36
44
74

52
47
57
55

142
247
234
144

44
57
55
56

i
4[
£
13

53
57
66
74

435
586
1,052
31 891

3
2
2
2

6
10
9
9

4
6
9
g

23
14
24
36

1962—Nov...
Dec....

32
30

84
85

107
122

104
102

54
66

9

82
98

1,940
2 017

2
2

13
13

18
20

34
37

1963

33
38
40
34
34
29
29
30
30
33
34

88
83
86
91
95
103
106
104
103
103
98

114
123
113
121
97
95
96
93
86
89
80

102
104
97
100
101
99
96
99
102
103
106

67
70
68
60
115
105
113
112
109
116
121

1
C
1)
C
9
1
C
10
1'
1'
1(
9
S
8

87
92
89
96
19
18
11
10
10
15
14

1 970
1 978
2,048
2 158
2,176
2,138
2,124
2.046
2,119
2,135
2,264

2
2
2
2
2
2
2
2
2
2
2

14
14
14
14
13
12
12
11
11
11
12

17
20
24
22
22
19
16
19
20
18
16

Jan....
Feb....
Mar...
M^y!'.!
June...
July...
Aug....
Sept.. .
Oct.p..
Nov. P..

27
27
29
31
33
31
33

1958
1959
1960
1961
1962

Nov
Dec . .

1963 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.*

Japan

Korea

Philippines

179
324
806
I 528

End of period

1
1
2
4

67
24
19
114

I 740

4
3
4
8
13
15
14
16
17
16
16

1 697
I
I 691
L 751
I 876
1,896
,869
1,872
1,793
1,862
,872
1,983

13

26

Other
Asia

6
9
7
10

13
15
24
34

134
180
150
145

4
3
3
6

77
70

8
9

33
41

89
80

2
2

75
80
81
73
69
66
52
51
56

11
13
14
15
16
14
16
13
11

43
43
40
40
38
40
38
40
43

73
70
69
70
75
73
69
73
69

44

72

45

73

2
1
2
2
2
1
2
1
2
I
i

63

8

74

8

1 Not reported separately until May 1963.
2 Includes Africa until May 1963
3 Includes $58 million reported by banks initially included as of Dec.
1961, of which $52 million reported for Japan.
* Until May 1963 includes Eastern European countries other than
U.S.S.R., Czechoslovakia, Poland, and Rumania.
* Czechoslovakia, Poland, and Rumania only until May 1963.
* Bolivia, Dominican Republic, El Salvador, and Guatemala only until
May 1963.
7
Until May 1963 includes also the following Latin American Republics: Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, and Trinidad and Tobago.




Congo
(Lco- Moroc- South
poldco i
Africa
ville)

Thailand

Taiwan

Total i

92
97
87
92
88
82

97

i
i
i
i
i

35
38
39
33
31
27
29
28
28
30
25

3e. Other countries

3d. Africa

3c. Asia—Continue d

i

U.A.R. Other Total 2
(Egypt) Africa*

Australia

All
others

0

3
2
3
13

69
56
69
85

13
18
28
29

28
21
24
27

?
0

25
26

132
146

44
41

49
67

Q

1

?
^
13
3
4
4
^
4

21
21
19
17
18
25
20
26
29

57
53
50
50
42

131
140
142
141
48
47
47
50
51

38
39
44
44
42
41
41
43
44

3

6

27

36
51

56
52

49
44

61
66
64
64
6
6
6
6
7
8
8

7

2
1

27

8 Until May 1963 includes also African countries other than Congo
(Leopoldville), South Africa, and U.A.R. (Egypt).
NOTE.—Short-term claims are principally the following items payable
on demand or with a contractual maturity of not more than 1 year: loans
made to and acceptances made for foreigners; drafts drawn against
foreigners where collection is being made by banks and bankers for
their own account or for account of their customers in the United States;
and foreign currency balances held abroad by banks and bankers and
their customers in the United States. Excludes convertible currencies
held by U.S. monetary authorities.
See also NOTE to Table 1.

JANUARY 1964

125

INTL. CAPITAL TRANSACTIONS OF THE U.S.

4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Payable in dollars

End of period

Loans to—
Official
institutions i

Banks

Others

Collections
outstanding

Total
Total

Payable in foreign currencies

Acceptances
made for
acct. of
foreigners

Other 2

Deposits
with
foreigners

Total

Foreign govt.
securities,
comml. and
finance
paper

Other 3

1958
1959
1960
1961.
196H

2,542
2,624
3,614
4,762
4,820

2,344
2,406
3,135
4,177
4,234

401
351
290
329
329

439
498
524
699
709

428
460
482
618
622

421
516
605
694
700

656
582
1,233
1,837
1,874

198
217
480
586
586

181
203
242
385
386

16
15
238
200
200

1962—Nov
Dec

4,925
5,173

4,351
4,616

371
359

824
953

644
651

718
686

1,794
1,967

574
557

364
371

210
186

1963—Jan
Feb
Mar
Apr
Mav
June
July
Aug
Sept
Oct.p

4,961
5,090
5,124
5,316
5,354
5,534
5,470
5,435
5,430
5,560
5,736

4,438
4,544
4,550
4,722
4,759
4,843
4,834
4,804
- ,828
4,868
5,101

322
293
255
236
174
142
136
166
177
153
189

845
853
850
824
790
884
842
891
848
867
993

658
672
680
695
689
689
702
711
713
713
749

637
684
708
731
741
733
740
733
757
772
800

1,976
2,041
2,057
2,235
316
367
379
347
310
337
339

523
546
575
595
595
693
636
631
602
691
636

347
359
375
383
389
464
401
407
404
462
429

176
188
200
211
54
52
58
55
49
55
51

NOV.P

1 Includes central banks.
2 Until May 1963 includes acceptances made for account of foreigners.
3 Until May 1963 includes foreign government securities, commercial
and finance paper.

2,049
2,028
2,035
1,956
2,024
2,027
2,031

152
176
176
170
148
174
156

4
These figures reflect the inclusion of data for banks initially included
as of Dec. 31, 1961.

5. LONG-TERM CLAIMS ON AND LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Claims
End of period

Payable in dollars
Total
Total

.

1962—Nov
Dec

1963—Jan
Feb

Mar
Apr
May
July
.

1,362
1,545
1,698
2,034

2
1
7
2
1
4

2,139
2.112
2; 124
2,176
12,370
2,388
2,422
2,463
2,509
2,503
2,562

4
4
6
11
29
35
45
48
47
47
44

1 Includes $86 million of long-term loans previously held but reported
for the first time as of May 1963.




Total
liabilities

2,144
2,151

.

Septp
Oct v
Nov

All other

12,370
2,388
2,422
2,463
2,509
2,501
2,560

12,337
2,353
2,386
2,424
2,468
2,461
2,524

33
35
36
39
41
39
36

toto * • « • •—

1958
1959
I960
1961

Loans

Payable in
foreign
currencies

126

INTL. CAPITAL TRANSACTIONS OF THE U.S.

JANUARY 1964

6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE
(In millions of dollars)
U.S. Govt. bonds and notes

U.S. corpo rate
securities

l

Foreign bonds

Foreign stocks

Net purchases or sales

Period

Purchases

Foreign

Intl.
regional Total

Official

Net pur- PurSales chases or chases
sales

Net pur- PurSales chases or chases
sales

Sales

Net purchases or
sales

Other

689
127
512
-728

165
225
532
-521

524
-98
-20
-207

2 593
2,419
3,384
2,568

2 158
2,167
3,161
2,508

435
252
223
60

946
883
802
1,093

1 458
1,445
1,262
2,037

—512
-562
-460
-944

566
509
596
702

804
592
966
806

—238
—83
—370
-104

1962 Nov
Dec

—67
62

—74
—23

7
85

210
195

198
211

12
-16

70
60

201
216

-131
-157

69
61

48
61

22

1963 Jan
Feb
Mar
Apr
May

127
—44
45
12
206
22
-10
142
83
8
104

21
—6
40
7
101
-8
-3
105
-4
3
60

106
—38
5
5
105
30
-7
37
87
5
44

215
183
177
273
310
354
208
224
239
261
257

202
190
176
235
239
342
192
207
235
272
232

12
—7

56
61
84
M21
144
52
75
44
222
48
28

314
214
186
r
181
409
156
116
110
232
43
61

-258
— 153
— 102
-60
-265
-104
-42
-66
-9
5
-33

r
59
r

59
59

1959
I960
1961
1962

....

••••••

July
Sept
Oct.*

127
31
5
43
82
14
43

-21
-12
-6
5
-9
1

1 Excludes nonmarketable U.S. Treasury bonds and notes held by
official institutions of foreign countries; see Table 7.
* Includes small amounts of State and local govt. securities.

38
71
12
16
17
4
-11
25

5l
60
66
67
59
55
42
44
59
70

r
"4
r

&7
60
79
43
23
31
27

r*

9
— 13
—7

r

-24
-1
21
28
43

NoTE.-pStatistics include transactions of international and regional,
organizations.
See also NOTE to Table 1.

7. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES
(In millions of dollars)
Payable in foreign currencies

Payable in dollars

End of period
Total
1962 Nov
Dec

381
481
481
551
605
605
655
705
705
705
705
730

Belgium

Germany

201
251

1963 Jan
Feb
Mar
Apr
May

Austria

July
Sept
Oct
Nov
Dec




Italy

Switzerland

150
200

25
25
25
25
25
25
25
25
50

30
30
30
30
30
30
30
30

100
200
200
200
200
200
225
275
275
275
275
275

81
81
81
126
150
150
175
175
175
175
175
175

Canada

Italy

Sweden

51
51

200
200
200
200
200
200
200
200
200
200
200
200

Total

183
183
183
183
183
183
208
163
163
163
163
163

125
125
125
125
125
125
125
125
125
125
125
125

58
58
58
58
58
58
58
13
13
13
13
13

25
25
25
25
25
25

JANUARY 1964

127

INTL. CAPITAL TRANSACTIONS OF THE U.S.
NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES,
BY TYPE OF SECURITY AND BY COUNTRY
(In millions of dollars)
Country or area

Type of security
Period

Total

Switzerland

United
Kingdom

40
38
21
4

254
171
166
129

15
-48
-17
-33

-8
-12

-1
-3

8
-11

-1
-3

9

-1
-1
-1

-2
-10
-2
-4
2
-7
•
8
2
-10
7

Stocks

Bonds

435
252
223
60

363
202
323
111

73
50
-99
-51

1962—Nov...
Dec...

12
-16

21
-4

1963—Jan...
Feb...
Mar...

12
-7

M^y!!
June..
July. .
Aug...
Sept...
Oct.*.

38
71
12
16
17
4
-11
25

3
-9
*
37
60
21
8
16
10
-8
38

1959
1960
1961
1962

NOV.P.
1

France

1
10
-8
8
1
-7
-3
-13

•
-4
-1
-2
-1
-1
3

4
11
43
39
32
20
2
9
15
21

Not reported separately until May 1963.

Total
Europe

Canada

Latin
America

Asia

71
72
61
24

379
234
232
124

-30
-45
-112
-43

40
36
44
-20

25
13
44
-18

2

6
-15

•
2

-3
-5

7
•

4
7
-5
-5
4
-3
1
4
1
-5
5

4
-2
3
33
45
19
21
13
11
-2
36

1
-7

Other
Europe

12

-12
-4
1
-6
-!1
-20

1
•
•
3
6
3
•
-1
-4
•
5

4
•
•
4
6
1
-4
2
1
1
1

Africa 1

Other
countries

Intl.
and
regional

- I
L
J
I

22
14
12
17
2
2

i

2
1
1
3

i
t
i

^

1

i

1

2
2
2
2
2
2

t
1

NOTE.—Statistics include small amounts of State and local govt. securities.

9. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES, BY AREA

10. DEPOSITS, U.S. GOVT. SECURITIES, AND
GOLD HELD AT F.R. BANKS FOR FOREIGNERS

(In millions of dollars)

(In millions of dollars)

Total

Period

1959
1960
1961
1962

Intl. Total
forand
eign
regional countries

Assets in custody
Europe

Latin
Can- Amer- Asia Africa* Other
counada
ica
tries

-750
-645
-830
-1,048

-157
-147
1
-235

-593
-498
-832
-813

-50
-117
-262
-188

-443
-196
-318
-360

1962—Nov..
Dec..

-109
-156

-10
-78

-99
-78

4
2

-95
-45

1963—Jan ,
Feb..
Mar..
Apr..
May.
June.
July.
Aug..
Sept..
Oct.?
Nov.*

'-258
-162
'-115
-67
'-284
-105
'-65
'-68
11
33
10

-35
6
-29
-62
3
2
8
1
2
4
2

1

....

- 3 -197
-224
' - 4 -125
-167
'-86 '-43
-27
37
-5
*
- 2 4 -207
-287
'-107 ' - 2 5
-42
'2
'-73
-6
-6
-68
-29
10 - 1 4
-16
9
29
28
2
8
8

Not reported separately until May 1963.




11 - 9 7
-107
-41
- 5 8 -121
- 4 1 -175

-15
-36
-73
-50

-7

-10
-36

2
7

-12
-3
1
1
*
__ *
-36
1
15
*
2

-12
-34
-19
-13
-57
-41
-36
-34
20
-10
5

•

'-1
•
1
1
•
4
*
*

'1
'-31
*
1
2
1
2
'1
*

End of
period

Deposits

U.S. Govt.
securities J

Earmarked
gold

1958
1959
1960
1961

272
345
217
279

3,695
4,477
5,726
6,006

8,538
9,861
11,843
11,905

1962—Dec...

247

6,990

12,700

1963—Jan...
Feb...
Mar...
Apr...
May..
June..
July. .
Aug...
Sept...
Oct...
Nov...
Dec...

197
192
201
160
171
175
182
177
174
175
165
171

7,033
7,079
7,277
7,478
7,886
7,957
7,733
7,856
7,945
8,241
8,343

12,789
12,836
12,789
12,815
12,878
12,917
13,086
13,129
13,132
13,025
13,048
12,954

8,675

1 U.S. Treasury bills, certificates of indebtedness,
notes, and bonds; includes securities payable in foreign
currencies.
NOTE.—Excludes deposits and U.S. Govt. securities
held for international organizations. Earmarked gold
is gold held for foreign and international accounts (for
back figures, see "Gold" Section 14, Supplement to Banking and Monetary Statistics, 1962).

128

INTL. CAPITAL TRANSACTIONS OF THE U.S.

JANUARY 1964

11. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS
(End of period; in millions of dollars)
<
Claims on foreigner

Liabilities to foreigners
1962

Area and country
III
Europe:

IV

1962

1963
IV i

I

I i

1963

IIP

III

IV

IV 1

2
20
3
1
32
33
2
30
50
13
1
7
8
27
4
118
3
2
*

4
27
6
4
49
106
6
62
37
13
6
15
25
34
6
245
2
4
*
1

6
24
8
3
51
116
5
75
31
15
6
20
15
29
4
227
3
5

I

I i

UP

5
24
6
4
59
114
6
82
24
15
8
25
17
29
6
192
3
4
I
2

5
24
6
4
59
114
6
82
24
15
8
25
17
29
6
196
3
4
1
2

5
27
8
3
50
106
6
83
34
15
7
23
20
36
5
201
3
3

3
24
5
1
34
38
3
27
27
9
1
11
7
25
4
115
4
1
*
1

2
21
3
1
32
33
1
28
33
10
1
9
7
24
4
93
4
1
*
1

2
21
3
1
32
33
1
28
33
10
1
9
7
24
4
94
4
*
1

2
18
2
1
31
36
1
29
46
12
1
7
8
26
4
109
4
1
•
1

2

6
24
8
3
51
117
5
78
31
15
6
20
15
29
4
238
3
5
I
2

341

308

309

339

341

356

654

645

661

626

630

640

67

80

81

63

64

59

824

732

753

789

830

918

9
17
4
4
*
6
25
8
1
23
6

9
17
4
4
•
6
25
8
1
24
6

6
17
3
3
1
6
5
9
1
23

6
18
3
3
1
6
5
9
1
23

Other L A Republics * . .

9
23
5
3
1
7
18
3
5
19
5

32
90
25
17
6
53
10
23
5
38
18

33
106
25
15
6
56
13
20
6
33
20

34
106
25
15
6
57
13
20
6
33
20

31
108
25
17
6
58
13
14
7
33
22

31
108
25
18
6
58
13
14
7
33
22

Neth. Antilles & Surinam . . . .
Other Latin America 6

5
16

5
20

5
20

8
15

8
15

6
18
4
5
«
10
11
4
3
27
11
3
9
2

2
43

6
44

6
45

7
41

7
41

30
105
26
20
6
56
14
19
5
37
38
11
9
11

118

128

129

101

101

113

362

383

387

382

382

386

2
2
10
2

2
2
11
2
2
48
3
3
*
4
16

2
2
11
2
2
52

2
2
8
2

*
4
38

12
112
3
10
3
4
36

10
119
4
11
3
5
33

•
4
39
3
10
123
4
11
3
5
33

*
4
50
3
7
124
4
19
5
5
39

*
4
50
3
7
127
4
10
5
5
39

*
3
49
4
7
141
5
11
6
5
44

90

90

2
2
16
2
2
43
3
5
*
4
22
101

•
4
34

46
3
4
•
4
16

2
2
8
2
1
46
3
4
#
4
16

220

231

236

251

255

276
2
1
8
15
15

Belgium
Finland
Germany Fed Rep of . . . . . .
Greece
Italy
Netherlands
Spain

United Kinsdom
Yugoslavia . . . . .
Other Western Europe 2
T T C C T>

Other Eastern Europe 3
Total

Latin America:
Arcentina ••
Chile
Colombia
Cuba
Mexico

•

Peru
Uruguay

»•

Xotal
Asia:
Hong Kong
India
Indonesia

. ••

66
1
5
*
3
19
111

Korea
Philirmines
Taiwan
Thailand .
Other Asia
Total
Africa:
Congo (Leopoldville)
South Africa
.
U.A R (Egypt)
Other Africa *

92

3
«
4
16
97

2
18
2
1
31
36
1
29
46
12
1
7
8
26
4

no

4
1
*
1

3

•
...

*

*

1

1

12
1

12
1

12
1

6

6
1

Total 5
Other countries:
Australia 7
All other
Total

8

International and regional
Grand total

3

3

3

3

3

10
13

10
10

10
10

9
12

9
12

35

42

14
12

11
13

11
13

10
13

10
13

13
4

24
26

24
25

24
26

26
27

26
27

28
8

40

37

30

73

74

77

77

35

•

*

17
*

76

*

37
*

30

1

1

1

1

1

1

3

678

646

653

624

626

682

2,137

2,064

2,111

2,126

2,176

2,300

1 Includes data for a number of firms reporting for the first time on
Dec. 31,1962 (6th revised series) and on Mar. 31,1963 (7th revised series).
2 Until June 1963 includes Eastern European countries other than
U.S.S.R., Czechoslovakia, Poland, and Rumania.
3 Czechoslovakia, Poland, and Rumania only until June 1963.
4
Bolivia, Dominican Republic, El Salvador, and Guatemala only
until June 1963.
5 Not reported separately until June 1963.
6 Until June 1963 includes also the following Latin American Republics:
Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay,
and Trinidad and Tobago.




1
*
11
9
14

3

f Until June 1963 includes also African countries other than Congo
(Leopoldville), South Africa, and U.A.R. (Egypt).
8 Includes Africa until June 1963.
NOTE.—Reported by exporters, importers, and industrial and commercial concerns in the United States. Data exclude claims held through
U.S. banks, and intercompany accounts between U.S. companies and
their foreign affiliates.
See also NOTE to Table 1.

129

U.S. BALANCE OF PAYMENTS

JANUARY 1964

U.S. BALANCE O F PAYMENTS
(In millions of dollars)
1962
1961

1963

III

1960

II

1962
III"

A. Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and other than special U.S. Govt. transactions—
Seasonally adjusted
Exports of goods and services—Total 1
Merchandise
Military sales
Investment income receipts, private
Investment income receipts, Govt
Other services

26,974
19,459
335
2,873
349
3,958

28,311
19,913
402
3,464
380
4,152

29,790
20,479
660
3,850
472
4,329

7,610
5,262
190
940
144
1,074

7,550
5,270
141
946
105
1,088

7,424
4,925
216
1,060
114
1,109

7,447
4,998
181
1,063
124
1,081

Imports of goods and services—Total.
Merchandise
Military expenditures
Investment income payments
Other services

-23,205
-14,723
-3,048
-939
-4,495

-22,867
-14,497
-2,934
-882
-4,554

-24,964
-16,145
-3,028
-995
-4,796

-6,222
-4,030
-748
-245
-1,199

-6,282
-4,127
-732
-245
-1,178

-6,341
-4,046
-794
-265
-1,236

-6,257
-4,002
-748
-276
1,231

-6,435
-4,170
-725 I
-285
-1,255 !

-6,681
-4,404
-707
-299
-1,271

Balance on goods and services *

3,769

5,444

4,826

1,388

1,268

1,083

1,190

1,456 I

1,310

Remittances and pensions

-672

-705

-736

-182

176

212

-209 I

-193

3,097

4,739

4,090

1,206

1,092

896

978

1,247 \

,117

-2,775
-1,664
-1,213

-3,370
-1,854
-1,941

-3,520
-1,903
-2,133

-853
-466
-507

-849
-434
-486

-911
-466
-660

-876
-440
-563

-1,186
-515
-620

-744
-450
-440

-527

-261

-248

-154

-74

-50

1. Balance on goods, services, remittances
pensions

- 260

- 20

-50
65
130

14
25
148

—5
31
151

54
-1
156

-63
46
183

953
-501
-512
-9

1,461
-488
-616
203

-451
-276
-289
83

.

87
18

623

28
3

41
588

80
606

147
617

46
44
184

-3,552
-1,694
-850
430

-3,507
-1,598
-1,011
466

-3,118
-1,557
-1,209
271

-819
-506
-329
66

-708
-359
— 188
-10

- 902
-493
-335
20

-1,348
-90

3. Private capital flows, net, excluding foreign
liquid assets in U.S
U.S. direct investments abroad
U.S. long-term capital, other
Foreign long-term investments in U.S
5

7,991
5,539
176
1,003
125
1,148

and

2. U.S. Govt. grants and capital flow, net, excluding
advance debt repayments 2
Grants 3,4
Long-term loans and subscriptions 4
Change in foreign currency holdings and
short-term claims, net (increase, —) 2,4
Seasonal adjustment on three preceding items
combined
Change in associated liabilities
Scheduled loan repayments

U.S. short-term capital
Foreign short-term capital

891
481
203
964
125
118

-1,541
177

-507
-116

1
-51

-164
13

-55

-5Q

-683

-1,025

-37

-469

-492

122

-3,043

-3,573

-3,913

Balance of A (= 1 + 2 + 3 + 4 )
Less: Net seasonal adjustments
Balance of A before seasonal adjustment.

-905

-3,913

4. Errors and unrecorded transactions

-3,043

-3^573"

-503
-129
-374

-934
337
-1,271

-1,409
-95
-1,314

-973
-176
-797

I

63
142
1,258
-66
-1,192

-334
-412
337
-749

B. Changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and special U.S. Govt. transactions—Not seasonally adjusted
Total
Advance repayments on U.S. Govt. loans 6 .
Advances on U.S. military exports, n e t . . . . .
Sales of nonconvertible nonmarketable
net
Dollar securities
Foreign currency securities

3,913
48
-16

3,043
668
5

374
53
-2

1,271
471
107

1,314
142
223

797
25
20

1,192
34
c

749
237
14

251

251

251

251

63
58
5

-10
819
-29

-95
-45
-50

securities,'7

Sales of convertible nonmarketable securities,
Dollar securities
Foreign currency securities

350
125
225

net.

Change in U.S. short-term liabilities reported by
U.S. banks9 and foreign holdings of marketable
U.S. Govt. bonds and notes
International and regional organizations 10
Foreign private holders excluding banks * *
Foreign commercial banks
Foreign official holders
Change in U.S. monetary reserve assets (increase, — ) . .
I M F position
Convertible currencies
Gold

152
152

175
25
150

1,738
637
-152
104
1,149

1,764
407
81
595
681

653
213
134
-147
453

486
-2
269
-243
462

-188
-107
-137
-214
270

309
109
-42
-132
374

307
-64
74
384
-87

897
-48
115
75
755

192
-19
97
-34
148

2,143
441

606
-135
-116
857

1,533
626
17
890

-163
44
-324
117

881
331
104
446

389
14
351
24

32
-46
-33
111

124
2
6
116

226
59
-28
195

1,702

1
Excludes military transfers under grants.
2 Includes also very small amounts of changes in "misc. Govt. nonliquid liabilities."
3 Includes military grants.
4 Not seasonally adjusted separately.
5
Other than foreign liquid assets in U.S.
6 Includes sell-offs.
7
With maturities over 12 months.




3,573
666
470

8 Certificates sold abroad by Export-Import Bank.
9 Includes official liabilities.
*o Includes, for International Monetary Fund, only changes in its
holdings of income-earning U.S. Govt. securities.
1
! Including undetermined holders.
NOTE.—Dept. of Commerce data. Minus sign indicates net payments
(debits); absence of sign indicates net receipts (credits)

130

FOREIGN TRADE; MONEY RATES

JANUARY 1964

MERCHANDISE EXPORTS AND IMPORTS
(In millions of dollars, seasonally adjusted)
Imports 2

Exports i
Period

Export surplus

1960

1961

1962

1963

1960

1961

1962

1963

Month:
Jan
Feb
Mar
Apr
May
June
July
Aug
SeDt
Oct
Nov .
Dec

1,561
1,566
1,518
1,622
1,659
1,634
1,707
1,625
1,647
1,668
1,681
.645

f fi?3

1,712
1,751
1,662
1,585
1,582
1,689
1,689
1,678
1,780
1,733
.725

1,655
1,812
1,61'4
1,803
1,782
1,838
1,729
1,687
3 1,943
31,493
1,695
3 1,839

3 982
32,131
3 1,991
31,918
1,901
1,814
1,779
1,897
1,992
1,899
1,940

1,213
1,307
1,261
1,315
1,242
1,252
1,235
1,227
1,188
1,178
1,126
.109

1,161
1,150
1,163
1,152
1,153
3 1,174
3 1,379
1,254
1,262
1,300
1,309
1,315

1,327
1,315
1,339
1,364
1,386
1,342
1,362
1,364
3 1,476
31.319
1,432
3 1,372

3 1,093
31,493
3 1,484
1,423
1,406
1,410
1,469
1,533
1,453
1,475
1,480

Quarter:
I
II
Ill
IV

4,645
4,915
4,979
4,994

5,086
3 4,829
3 5,056
5,238

5,141
5,423
3 5,359
3 5,027

3 5 104
5,633
5,668

3,781
3,809
3,650
3,413

3,474
3 3,479
3 3,895
3,924

3,981
4,092
3 4,202
3 4,123

3 4,070
4,239
4,455

19,609

20,152

20,901

14,654

14,713

16,397

Year

4

3
3

1 Exports of domestic and foreign merchandise; excludes Dept. of
Defense shipments of grant-aid military equipment and supplies under
Mutual Security Program.
2 General imports including imports for immediate consumption plus
entries into bonded warehouses.

1960

1961

1962

1963

348
259
257
307
417
382
472
398
459
490
555
536

462
562
588
510
432
3 408
3 310
435
416
480
424
410

328
497
335
439
396
496
367
323
3 467
3 174
263
3 467

3-111
3 638
3 507
3 495
495
404
310

864
1,106
1,329
1,581

1,612
31,350
3 1,161
1,314

1,160
1,331
1,157
3904

31,034
1,394
1,213

4,955

5,439

4,504

364

539
424
460

3 Significantly affected by strikes.
Sum of unadjusted figures.

4

NOTE.—Bureau of the Census data.

OPEN MARKET RATES
(Per cent per annum)

Month

France

United Kingdom

Canada

Treasury Day-today
bills,
3 months l money2

Bankers' Treasury
acceptbills,
ances,
3 months 3 months

Day-today
money

Bankers'
allowance Day-today
on
money3
deposits

Germany

Netherlands

Switzerland

Treasury
bills,
60-90
days4

Day-today
money 5

Treasury
bills,
3 months

Day-today
money

Private
discount
rate

1960—Dec
1961—Dec

3.53
2.82

3.16
2.37

4.64
5.61

4.44
5.35

3.88
4.83

3.12
4.00

3.70
3.58

3.75
2.00

4.31
3.06

1.51
1.32

1.13
1.11

2.00
2.00

1962—Nov
Dec

3.81
3.88

3.82
3.75

4.03
3.86

3.77
3.64

3.31
3.30

2.50
2.50

3.50
3.51

2.63
2.63

2.56
3.50

1.85
1.98

1.47
1.24

2.00
2.00

1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov

3.82
3.68
3.63
3.58
3.33
3.23
3.39
3.64
3.69
3.57
3.64

3.68
3.52
3.55
3.60
3.33
2.89
2.91
3.12
3.14
2.99
3.22

3.69
3.63
3.70
3.88
3.88
3.84
3.87
3.85
3.88
3.86
3.91

3.51
3.45
3.55
3.71
3.67
3.69
3.77
3.71
3.69
3.67
3.75

2.85
2.82
2.82
2.84
2.92
2.88
2.98
2.97
3.00
2.98
3.02

2.04
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00

3.39
3.45
3.43
3.92
3.91
4.76
5.26
4.10

2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63

2.50
2.94
3.50
3.06
2.94
3.88
3.44
2.69
2.94
2 88

1.93
67
88
.91
.96
t.87
2.07
78
1.89
1.95
2.10

ff>
.00
.27
.62
1.58
.14
.92
06
.24
.11
1.14

2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00

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.
5
Based on average of lowest and highest quotation during month.
2




ns
3.64

NOTE.—For description of rates and back data, see "International
Finance," Section 15 of Supplement to Banking and Monetary Statistics,
1962.

JANUARY 1964

131

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
Dec. 31, 1962
Country

Rate
as of
Dec. 31,
1963

1963
Per
cent

Month
effective

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

6.0
5.0
3.5
10.0
4.0

Dec.
Mar.
Dec.
Apr.
Feb.

1957
1960
1962
1958
1962

4.0
4.0
14.62
5.0
3.0

Nov.
Aug.
July
Aug.
Apr.

1962
1960
1962
1959
1939

6.0
6.5
5.0
5.0
6.0

Jan.
May
Nov.
May
June

1960
1961
1956
1962
1961

7.0
3.5
3.0
6.0
3.0

Apr.
Oct.
May
Nov.
Jan.

1962
1960
1961
1960
1962

9.0
4.0
3.0
6.0
3.86

Dec.
May
Apr.
Nov.
Dec.

1960
1957
1946
1960
1962

6.0
3.5
6.57
4.5
4.0

Feb.
June
Nov.
June
Apr.

1955
1958
1962
1942
1962

7.0
6.0
3.5
4.0
9.5

Mar.
Apr.
Feb.
Jan.
Nov.

1961
1954
1955
1959
1959

7.0
6.0
3.5
4.0
9.5

Philippine Republic *

6.0
2.0
3.5
4.0
4.0

Jan.
Jan.
Nov.
June
June

1962
1944
1962
1961
1962

6.0
2.0
3.5
4.0
4.0

Switzerland

2.0
7.0
7.5
4.5
4.5

Feb.
Feb.
May
Apr.
Dec.

1959
1945
1961
1962
1960

Belgium
Brazil
Canada 1
Ceylon
Chile 2
Colombia
Costa Rica
Cuba
Denmark
Ecuador
Egypt
El Salvador

•

Finland

Iceland
India «
Ireland

•••

•

Israel
Italy
Netherlands.

Pakistan

Turkey
...
United Kingdom
Venezuela

....

4 0

3.5

4 25

4 0
4 0
14.21
8.0
3.0

4.0

14.20

14.21

8.0

6 0

5 5

4 0
5.5

4.5
9.0

3.69

4.03

6.21

3.88

3.95

3.5

4.0

NOTE.—Rates shown are mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and/or
govt. securities for commercial banks or brokers. For countries with
more than one rate applicable to such discounts or advances, the rate
shown is the one at which it is understood the central bank transacts

3.94

4 0

6.0
5.5
5.0
5.0
6.0
7.0
4.0
3.0
5.5
3.0
9 0
4.5
9.0
4.0
3.94
6.0
3.5
5.84
4.5
3.5

5.84

3.5

» On June 24, 1962, the bank rate on advances to chartered banks
was fixed at 6 per cent. Rates on loans to money market dealers will
continue to be .25 of 1 per cent above latest weekly Treasury bill tender
average rate but will not be more than the bank rate.
2
Beginning with Apr. 1, 1959, new rediscounts have been granted at
the average rate charged by banks in the previous half year. Old rediscounts remain subject to old rates provided their amount is reduced by
one-eighth each month beginning with May 1, 1959, but the rates are
raised by 1.5 per cent for each month in which the reduction does not
occur.
3
Rate shown is for advances only.
4
Rate applies to advances against commercial paper as well as against
govt. securities and other eligible paper.
5 Beginning with June 1, 1962, the rediscount rate for commercial
bank loans financing the purchase of surplus agricultural commodities
under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22,
1962, the rediscount rate for commercial bank financing of 9 categories
of development loans was reduced from 6 to 3 per cent.




6.0
4.5
4.25
10.0
4.0

4.5

4.0

2.0
7.0
7.5
4.0
4.5
the largest proportion of its credit operations. Other rates for some of
these countries follow:
Argentina—3 and 5 per cent for certain rural and industrial paper, depending on type of transaction;
Brazil—8 per cent for secured paper and 4 per cent for certain agricultural
paper;
Colombia—5 per cent for warehouse receipts covering approved lists o
products and 6 and 7 percent for agricultural bonds;
Costa Rica—-5 per cent for paper related to commercial transactions
(rate shown is for agricultural and industrial paper);
Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by
national public securities;
Ecuador—6 per cent for bank acceptances for commercial purposes;
Indonesia—various rates depending on type of paper, collateral, commodity involved, etc.;
Japan—penalty rates (exceeding the basic rate shown) for borrowings
from the central bank in excess of an individual bank's quota;
Peru—8 per cent for agricultural, industrial and mining paper; and
Venezuela—4 per cent for rediscounts of certain agricultural paper and
for advances against government bonds or gold and 5 per cent on advances against securities of Venezuelan companies.

132

FOREIGN EXCHANGE RATES

JANUARY 1964

FOREIGN EXCHANGE RATES
(In cents per unit of foreign currency)
Argentina
(peso)
Period
Free

Official
1958
1959
1960
1961
1962
1963

2.207
5.556
1.2730
1.2026
1.2076
.9080
.7245

.

.

Australia
(pound)

Austria
(schilling)

Belgium
(franc)

Canada
(dollar)

Ceylon
(rupee)

Denmark
(krone)

Finland
(markka)

France
(franc)

223.88
223.81
223.71
223.28
223.73
223.10

3.8536
3.8619
3.8461
3.8481
3.8685
3.8690

2.0044
2.0012
2.0053
2.0052
2.0093
2.0052

103.025
104.267
103.122
98.760
93.561
92.699

21.049
21.055
21.048
21.023
21.034
21.015

14.482
14.508
14.505
14.481
14.490
14.484

.3118
.3115
3112
.3110
.3107
131 057

2374
.2038
20 389
20.384
20.405
2
20 404

1962—Dec.

.7057

223.37

3.8694

2.0098

92.924

21.013

14.498

1963 Jan
Feb

.7466
.7422
.7362
.7252
.7266
.7265
.7309
.7439
.7034
.6767
.6942
.7391

223.49
223.38
223.16
223.16
223.08
223.12
223.17
223.07
222.92
222.93
222.93
222.83

3.8694
3.8676
3.8681
3.8676
3.8677
3.8702
3.8719
3.8712
3.8706
3.8686
3.8659
3.8690

2.0086
2.0073
2.0049
2.0058
2.0055
2.0036
2.0038
2.0039
2.0037
2.0026
2.0059
2.0067

92.823
92.777
92.746
92.851
92.810
92.722
92.598
92.325
92.590
92.757
92.778
92.629

21.021
21.011
21.005
21.014
21.014
21.015
21.015
21.010
21.019
21.015
21.021
21.019

14.487
14.480
14.492
14.491
14.477
14.490
14.488
14.470
14.485
14.479
14 484
14.489

131.056
31 057
31.057
31.055
31.057
31 057
31.057
31.056
31.057
31.057
31 057
31.059

2 20.405
20.405
20.405
20 405
20.405
20 405
20.405
20.405
20 404
20.400
20 405
20.404

Germany
(deutsche
mark)

India
(rupee)

Ireland
(pound)

Italy
(lira)

Japan
(yen)

Malaysia
(dollar)

Mexico
(peso)

Netherlands
(guilder)

New
Zealand
(pound)

23.848
23.926
23.976
24.903
25.013
25.084

21.048
21.031
20.968
20.980
21.026
20.966

280.98
280.88
280.76
280.22
280.78
280.00

.16006
.16099
.16104
.16099
.16107
.16087

.27791
.27781
.27785
.27690
.27712
.27663

32.767
32.857
32.817
32.659
32.757
32.664

8.0056
8.0056
8.0056
8.0056
8.0056
8.0056

26.418
26.492
26.513
27.555
27.755
27.770

278.19
278 10
277.98
277.45
278.00
277.22

Mar

Apr
May
June
July
Aug

SeDt
Oct
Nov

Dec

Period

1958
1959
I960
1961
1962
1963

.3106

20.404

1962—Dec...

25.031

20.989

280.33

.16105

.27897

32.790

8.0056

27.779

277.56

1963 Jan

24.966
24.985
25.023
25.045
25.090
25.121
25.109
25 101
25.121
25.137
25.154
25.165

20.996
20.984
20.963
20.964
20.962
20.965
20.968
20.962
20.951
20.961
20.961
20.954

280.48
280.34
280.06
280.07
279.96
280.02
280.08
279.96
279.77
279.78
279.78
279.65

.16104
.16102
.16102
.16100
.16097
.16081
.16086
.16102
.16078
.16062
.16065
.16065

.27894
.27892
.27886
.27716
.27582
.27563
.27550
.27554
.27589
.27603
.27586
.27564

32.817
32.717
32.633
32.594
32.586
32.595
32.648
32.647
32.645
32.698
32.705
32.697

8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056

27.772
27 773
27.808
27 828
27.815
27 780
27.755
27 712
27.721
27.749
27 765
27.765

277.71
277 56
277.29
277 30
277.19
277 25
277.31
277 19
277 00
277.01
277 01
276.88

Norway
(krone)

Philippine
Republic
(peso)

Portugal
(escudo)

Spain
(peseta)

Sweden
(krona)

Switzerland
(franc)

United
Kingdom
(pound)

49.695
49.721
49.770

3.4900
3.4967
3.4937
3.4909
3.4986
3.4891

2.3810
2.0579
1.6635
1.6643
1.6654
1.6664

19.328
19 324
19.349
19.353
19 397
19.416

23.328
23.142
23.152
23.151
23.124
23.139

280.98
280 88
280.76
280.22
280 78
280.00

Feb

Mar
Apr

May
June
July .
Aus

Sect . .
Oct
Nov
Dec

.

..

Period

14.008
14.028
14.018
14.000
14.010
13 987

1958
1959
I960
1961
1962
1963

South Africa
(pound)
279.93
279.83
279.71
279.48

(rand)

139.57
139.87
139.48

1962 Dec

14.000

3.4902

139.64

1.6664

19.278

23.167

280.33

1963—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

14.000
13.995
13.995
13.999
13.995
13.997
13.993
13.985
13.971
13.971
13 970
13 972

3.4900
3.4900
3.4901
3.4901
3.4900
3.4900
3.4900
3.4893
3.4881
3.4863
3.4875
3.4874

139.72
139.64
139.51
139.51
139.46
139.49
139.52
139.46
139.36
139.37
139.37
139.30

1.6665
1.6664
1.6661
1.6663
1.6663
1.6663
1.6663
1.6664
1.6664
1.6664
1.6665
1.6666

19.313
19.290
19 264
19.251
19.267
19.286
19.302
19.266
19.268
19 250
19.262
19.250

23.120
23.123
23.102
23.099
23.127
23.125
23.129
23.164
23.171
23.171
23.166
23.170

280.48
280.34
280 06
280.07
279.96
280.02
280.08
279 96
219.11
279 78
219.IS
279.65

.

1
A new markka, equal to 100 old markkaa, was introduced on Jan. 1,
1963.
2 Effective Jan. 1, 1963, the franc again became the French monetary
unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960.




NOTE.—Averages of certified noon buying rates in New York for
cable transfers. For description of rates and back data, see "International
Finance," Section 15 of Supplement to Banking and Monetary Statistics,




BOARD OF GOVERNORS
of the Federal Reserve System
W M . McC. MARTIN, JR.,

Chairman

A L.
J. L.

CHAS. N. SHEPARDSON

MILLS, JR.
ROBERTSON

RALPH

C. CANBY

A. YOUNG, Adviser to the Board

CHARLES MOLONY,

CLARKE

Vice Chairman

GEORGE W. MITCHELL
J. DEWEY DAANE

GUY

Assistant to the Board

BALDERSTON,

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
LEGAL DIVISION
HOWARD H. HACKLEY, General Counsel
DAVID B. HEXTER, Assistant General Counsel
THOMAS J. O'CONNELL, Assistant General
Counsel
JEROME W. SHAY, Assistant General Counsel
WILSON L. HOOFF, Assistant General Counsel

DIVISION OF EXAMINATIONS
FREDERIC SOLOMON, Director
ROBERT C. MASTERS, Associate Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
JAMES C. SMITH, Assistant Director
BRENTON C. LEAVITT, Assistant Director
ANDREW N. THOMPSON, Assistant Director
LLOYD M. SCHAEFFER, Chief Federal Reserve

Examiner
DIVISION OF PERSONNEL ADMINISTRATION

DIVISION OF RESEARCH AND STATISTICS

EDWIN J. JOHNSON, Director
H. FRANKLIN SPRECHER, JR., Assistant

DANIEL H. BRILL, Director
ROBERT C. HOLLAND, Associate Director
ALBERT R. KOCH, Associate Director
FRANK R. GARFIELD, Adviser
J. CHARLES PARTEE, Adviser
KENNETH B. WILLIAMS, Adviser
LEWIS N. DEMBITZ, Associate Adviser
ROBERT SOLOMON, Associate Adviser

Director

DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH E. KELLEHER, Director
HARRY E. KERN, Assistant Director

OFFICE OF THE CONTROLLER

DIVISION OF INTERNATIONAL FINANCE
RALPH A. YOUNG, Director
J. HERBERT FURTH, Adviser
A. B. HERSEY, Adviser
ROBERT L. SAMMONS, Adviser
SAMUEL I. KATZ, Associate Adviser
RALPH C. WOOD, Associate Adviser

J. J. CONNELL, Controller
SAMPSON H. BASS, Assistant

Controller

OFFICE OF DEFENSE PLANNING
INNIS D. HARRIS, Coordinator

DIVISION OF BANK OPERATIONS
JOHN R. FARRELL, Director
GERALD M. CONKLING, Assistant Director
M. B. DANIELS, Assistant Director
JOHN N. KILEY, JR., Assistant Director




1

DIVISION OF DATA PROCESSING
M. H. SCHWARTZ, Director
LEE

134

W. LANGHAM, Assistant Director

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL

135

Federal Open Market Committee
WM. M C C . MARTIN, JR.,

Chairman

ALFRED HAYES,

Vice Chairman

C. CANBY BALDERSTON

J. DEWEY DAANE

J. L. ROBERTSON

KARL R. BOPP

WATROUS H. IRONS

CHARLES J. SCANLON

GEORGE H. CLAY

A. L. MILLS, JR.

CHAS. N. SHEPARDSON

GEORGE W. MITCHELL
RALPH A. YOUNG, Secretary

MERRITT SHERMAN, Assistant Secretary

DAVID P. EASTBURN, Associate Economist

KENNETH A. KENYON, Assistant Secretary

J. HERBERT FURTH, Associate Economist

HOWARD H. HACKLEY, General Counsel

GEORGE GARVY, Associate Economist

DAVID B. HEXTER, Assistant General Counsel

RALPH T. GREEN, Associate Economist

GUY E. NOYES, Economist

ROBERT C. HOLLAND, Associate Economist

ERNEST T. BAUGHMAN, Associate Economist

ALBERT R. KOCH, Associate Economist

DANIEL H. BRILL, Associate Economist

CLARENCE W. TOW, Associate Economist

ROBERT W. STONE, Manager, System Open Market Account
CHARLES A. COOMBS, Special Manager, System Open Market Account

Federal Advisory Council
LAWRENCE H. MARTIN, BOSTON

EDWARD B. S M I T H , CHICAGO

W I L L I A M H. M O O R E , N E W YORK

JAMES P. HICKOK, ST. LOUIS

WILLIAM L. DAY, PHILADELPHIA

JOHN A. MOORHEAD, MINNEAPOLIS

L. A. STONER, CLEVELAND

M. L. BREIDENTHAL, KANSAS CITY

JOHN F . WATLINGTON, J R . , RICHMOND

JAMES W. A S T O N , DALLAS

J. FlNLEY McRAE, ATLANTA

RANSOM M. COOK, SAN FRANCISCO

HERBERT V. PROCHNOW, Secretary




WILLIAM J. KORSVIK, Assistant Secretary

136

FEDERAL RESERVE BULLETIN • JANUARY 1964

Federal Reserve Banks and Branches
Federal Reserve Bank
or branch
Zip Code
Boston
New York
Buffalo

...02106
10045
...14240

Chairman
Deputy Chairman

President
First Vice President

Erwin D. Canham
William Webster

George H. Ellis
Earle O. Latham

Philip D. Reed
James DeCamp Wise
Whitworth Ferguson

Vice President
in charge of branch

Alfred Hayes
William F. Treiber
Insley B. Smith

Philadelphia

19101

Walter E. Hoadley
David C. Bevan

Karl R. Bopp
Robert N. Hilkert

Cleveland

44101

Joseph B. Hall
Logan T. Johnston
Howard E. Whitaker
William A. Steele

W. Braddock Hickman
Donald S. Thompson

Edwin Hyde
William H. Grier
Harry B. Cummings

Edward A. Wayne
Aubrey N. Heflin

Jack Tarver
J. M. Cheatham
C. Caldwell Marks
Harry T. Vaughn
Andrew D. Holt
J. O. Emmerich

Malcolm Bryan
Harold T. Patterson

Robert P. Briggs
James H. Hilton
James William Miller

Charles J. Scanlon
Hugh J. Helmer

Raymond Rebsamen
J. H. Longwell

Harry A. Shuford
Darryl R. Francis

Cincinnati
Pittsburgh
Richmond
Baltimore
Charlotte
Atlanta...
Birmingham
Jacksonville
Nashville
New Orleans
Chicago

45201
...15230
23213
21203
...28201
30303
35202
32201
37203
...70160
..60690

Detroit

...48231

St. Louis

63166

Little Rock
Louisville
Memphis
Minneapolis
Helena
Kansas City

72203
40201
...38101
55440
...5P601
64106

Denver
80217
Oklahoma City.. 73101
Omaha
...68102
Dallas
El Paso
Houston
San Antonio
San Francisco

...75222
..79999
77001
...78206
94120

Los Angeles
, 90054
Portland
97208
Salt Lake City...
84110
. 98124
Seattle




Fred O. Kiel
Clyde E. Harrell

Donald F. Hagner
Edmund F. MacDonald

Edward C. Rainey
Thomas A. Lanford
Robert E. Moody, Jr.
Morgan L. Shaw

Russel A. Swaney

C. Hunter Green
Atherton Bean
Judson Bemis
Charles G. McClave

Frederick L. Deming
M. H. Strothman, Jr.

Homer A. Scott
Dolph Simons
Robert T. Person
James E. Allison
Clifford Morris Hardin

George H. Clay
Henry O. Koppang

Robert O. Anderson
C. J. Thomsen
Dysart E. Holcomb
Edgar H. Hudgins
Harold D. Herndon

Watrous H. Irons
Philip E. Coldwell

F. B. Whitman
John D. Fredericks
S. Alfred Halgren
Graham J. Barbey
Howard W. Price
Robert D. O'Brien

Eliot J. Swan
H. Edward Hemmings

Fred Burton
Donald L. Henry
E. Francis DeVos

Clement A. Van Nice

John W. Snider
Howard W. Pritz
George C. Rankin

Roy E. Bonne
J. Lee Cook
Carl H. Moore

Clifford H. Watkins
Arthur L. Price
Erwin R. Barglebaugh

Federal Reserve Board Publications
Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington, D. C. 20551. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors
of the Federal Reserve System. A more complete list, including periodic releases and additional reprints,
appeared on pages 1745-1748 of the December 1963 BULLETIN. (Stamps and coupons not accepted.)
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS. 1961. 238 pp.

Base. 1962.
172 pp. $1.00 per copy; in quantities of 10 or
more for single shipment, $.85 each. (Copies
of the 1959 revision also are available at $.50
each.)

INDUSTRIAL PRODUCTION—1957-59

ANNUAL REPORT OF THE BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM.

Monthly. Subscription prices: (1) $6.00 per annum or $.60 a
copy in the United States and its possessions,
Bolivia, Canada, Chile, Colombia, Costa Rica,
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Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela. (2) Elsewhere,
$7.00 per annum or $.70 per copy. (3) In quantities of 10 or more copies sent to one address in
the United States, $5.00 per annum or $.50 per
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FEDERAL RESERVE BULLETIN.

Study by a
Federal Reserve System Committee. 1959. I l l
pp. $1.00 per copy; in quantities of 10 or more
for single shipment, $.85 each.

THE FEDERAL FUNDS MARKET—A

DEBITS AND CLEARING STATISTICS AND THEIR

USE (rev. ed.). 1959. 144 pp. $1.00 per copy;
in quantities of 10 or more for single shipment,
$.85 each.
1896-1955. Pt. I, U.S.
Summary. Pt. II, Summaries by States and other
areas. 1959. 1,229 pp. $4.00.

ALL-BANK STATISTICS,

FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS. Monthly. Annual

THE FEDERAL RESERVE ACT, as amended through

October 1, 1961, with an Appendix containing
provisions of certain other statutes affecting the
Reserve System. 386 pp. $1.25.

subscription includes one issue of Historical
Chart Book. Subscription prices: (1) $6.00 per
annum or $.60 per copy in the United States
and the countries listed above. (2) Elsewhere,
$7.00 per annum or $.70 per copy. (3) In quantities of 10 or more of same issue for single
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FLOW OF FUNDS IN THE UNITED STATES, 1939-53.

1955. 390 pp. $2.75.
SUPPLEMENT TO BANKING AND MONETARY STATISTICS. Sec. 1. Banks and the Monetary System.

1962. 35 pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50
Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 14.
Gold. 1963. 24 pp. $.35. Sec. 15. International
Finance. 1962. 99 pp. $.65.

HISTORICAL CHART BOOK. Issued annually in Sep-

tember. Annual subscription to monthly chart
book includes one issue of the Historical. Prices:
(1) $.60 each in the United States and the countries listed above. (2) Elsewhere, $.70 each. (3)
In quantities of 10 or more for single shipment,
$.50 each.

REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.

TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Pt. I. 1959. 108

pp. Pt. n . 1960. 159 pp. Pt. D E 1960. 112 pp.
D.
Individual books $1.00 each; set of 3 books
$2.50.




RULES OF ORGANIZATION AND PROCEDURE—BOARD
OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. 1962. 40 pp.
PUBLISHED INTERPRETATIONS

December 31, 1962. $2.50.

137

of the Board, as of

138

FEDERAL RESERVE BULLETIN
REPRINTS

CHANGES IN STRUCTURE OF THE FEDERAL DEBT.

(From Federal Reserve BULLETIN unless preceded
by an asterisk)
THE HISTORY OF RESERVE REQUIREMENTS FOR
BANKS

JANUARY 1964

IN THE UNITED STATES. NOV. 1938,

20 pp.

May 1963. 10 pp.
FINANCING THE U.S. PAYMENTS DEFICIT. Apr.

1963. 8 pp.
FEDERAL RESERVE OPEN MARKET OPERATIONS IN

1962. Apr. 1963. 29 pp.

THE MONETARY SYSTEM OF THE UNITED STATES.

NEGOTIABLE

TIME

CERTIFICATES

OF DEPOSIT.

Apr. 1963. 11 pp.

Feb. 1953. 16 pp.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
STABILITY. May 1953. 7 pp.

N E W FOREIGN BOND ISSUES IN THE U.S. MARKET.

OPEN MARKET OPERATIONS IN LONG-TERM S E -

BANKING AND MONETARY STATISTICS,

CURITIES. Nov. 1958. 15 pp.
*PART I, ALL-BANK STATISTICS, 1896-1955. Re-

print of the U.S. Summary containing a description of revised statistics for all banks in
the United States, by class of bank, together
with revised statistics. Apr. 1959. 94 pp.
STATISTICS ON THE GOVERNMENT
MARKET. Apr. 1961. 8 pp.

SECURITIES

May 1963. 13 pp.
1962. Se-

lected series of banking and monetary statistics
for 1962 only. Feb., Mar., and May 1963. 16
pp.
RECENT CHANGES IN LIQUIDITY. June 1963. 10 pp.
INTEREST RATES ON TIME DEPOSITS, Mid-Febru-

ary 1963. June 1963. 7 pp.
SURVEY OF COMMON TRUST FUNDS, 1962. June

1963. 6 pp.

REVISION OF CONSUMER CREDIT STATISTICS. Dec.

1961. 15 pp.

MONETARY DEVELOPMENTS, FIRST HALF '63. July

1963. 7 pp.

REVISED INDEXES OF FREIGHT CARLOADINGS. Dec.

1961. 3 pp.

MEASURES OF MEMBER

BANK

RESERVES.

July

1963. 14 pp.

SEASONALLY ADJUSTED SERIES FOR BANK CREDIT.

July 1962. 6 pp.

BANK LOANS SECURED BY STOCKS AND BONDS. July

1963. 19 pp.

REVISION OF MONTHLY DEPARTMENT STORE I N -

DEXES. July 1962. 6 pp.

A BANK

EXAMINER

LOOKS

AT AGRICULTURAL

LENDING. July 1963. 8 pp.

REVISION OF MONEY SUPPLY SERIES. Aug. 1962.

11 PP.

MEASURING AND ANALYZING ECONOMIC GROWTH

Aug. 1963. 14 pp.

REVISION OF WEEKLY DEPARTMENT STORE SALES
INDEX. Aug. 1962. 3 pp.

CHANGES IN BANKING STRUCTURE, 1953-62. Sept

1963. 8 pp.

INTEREST RATES AND MONETARY POLICY. Sept.
ECONOMIC

1962. 28 pp.
INDUSTRIAL

PRODUCTION—1957-59

BASE.

Oct.

1962. 10 pp.
FLOW OF FUNDS SEASONALLY ADJUSTED. NOV.

1962. 15 pp.
A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962.

14 pp.
A N E W LOOK AT THE FARM D E B T PICTURE. Dec.

1962. 18 pp.
MONEY AND BANK CREDIT IN 1962. Feb. 1963. 8

pp.
FARM D E B T AS RELATED TO VALUE OF SALES.

Feb. 1963. 9 pp.




CHANGE

AND ECONOMIC

ANALYSIS.

Sept. 1963. 17 pp.
TREASURY AND FEDERAL RESERVE FOREIGN EX-

CHANGE OPERATIONS. Sept. 1963. 8 pp. (Also

similar reprint from Mar. 1963 BULL.)
BANK AND PCA LENDING TO FARMERS. Sept. 1963.

11pp.
THE U.S. BALANCE OF PAYMENTS, 1961-63. Oct.

1963. 8 pp.
THE OPEN MARKET POLICY PROCESS. Oct. 1963.

11 PP.
RECENT

10 pp.

INTEREST

RATE

TRENDS.

NOV. 1963.

Index to Statistical Tables
Acceptances, bankers', 70, 72
Agricultural loans of commercial banks, 64, 66
Assets and liabilities (See also Foreign liabilities and
claims):
Banks and the monetary system, consolidated, 59
Corporate, current, 84
Domestic banks, by classes, 60, 64, 66, 72
Federal Reserve Banks, 54
Automobiles:
Consumer instalment credit, 88, 89, 90
Production index, 92, 93
Bankers' balances, 65, 67
(See also Foreign liabilities and claims)
Banks and the monetary system, consolidated statement, 59
Banks for cooperatives, 79, 80
Bonds (See also U.S. Govt. securities):
New issues, 80? 81, 82
Prices and yields, 70, 71
Brokers and dealers in securities, bank
loans to, 64, 66
Business expenditures on new plant and equipment, 84
Business indexes, 96
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 60, 65, 68
Federal Reserve Banks, 54
Carloadings, 96
Central banks, foreign, 116, 131
Coins, circulation of, 57
Commercial banks:
Assets and liabilities, 60, 63, 64
Consumer loans held, by type, 89
Number, by classes, 60
Real estate mortgages held, by type, 85
Commercial and industrial loans:
Commercial banks, 64
Weekly reporting member banks, 66, 69
Commercial paper, 70, 72
Condition statements (See Assets and liabilities)
Construction, 96, 97
Consumer credit:
Instalment credit, 88, 89, 90, 91
Noninstalment credit, by holder, 89
Consumer price indexes, 96, 102
Consumption expenditures, 104, 105
Corporations:
Sales, profits, taxes, and dividends, 83, 84
Security issues, 81, 82
Security prices and yields, 70, 71
Cost of living (See Consumer price indexes)
Currency in circulation, 48, 57, 58
Customer credit, stock market, 71
Debits to deposit accounts, 56
Demand deposits:
Adjusted, banks and the monetary system, 59
Adjusted, commercial banks, 56, 58, 65
Banks, by classes, 53, 60, 68
Turnover of, 56
Type of holder, at commercial banks, 65
Department stores, 96, 100, 101
Deposits (See also specific types of deposits):
Adjusted, and currency, 59
Banks, by classes, 53, 60, 65, 68, 72
Federal Reserve Banks, 54, 127
Postal savings, 53, 59




Discount rates, 52, 131
Discounts and advances by Federal Reserve
Banks, 48, 54, 56
Dividends, corporate, 83, 84
Dollar assets, foreign, 119, 127
Earnings and hours, manufacturing industries, 99
Employment, 96,98, 99
Farm mortgage loans, 85, 86
Federal finance:
Cash transactions, 74
Receipts and expenditures, 75
Treasurer's balance, 74
Federal home loan banks, 79, 80, 87
Federal Housing Administration, 85, 86, 87
Federal intermediate credit banks, 79, 80
Federal land banks, 79, 80
Federal National Mortgage Assn., 79, 80, 87
Federal Reserve Banks:
Condition statement, 54
U.S. Govt. securities held by, 48, 54, 56, 76, 77
Federal Reserve credit, 48, 54, 56
Federal Reserve notes, 54, 57
Federally sponsored credit agencies, 79, 80
Finance company paper, 70, 72
Financial institutions, loans to, 64, 66
Float, 48
Flow of funds/savings, 106
Foreign central banks, 116, 131
Foreign currency operations, 54, 56, 118, 126
Foreign deposits in U.S. banks, 48. 54. 59, 65.
68, 127
Foreign exchange rates, 132
Foreign liabilities and claims:
Banks, 120, 122, 123, 125, 127
Nonfinancial concerns, 128
Foreign trade, 130
Gold:
Certificates, 54, 57
Earmarked, 127
Net purchases by U.S., 118
Production, 117
Reserves of central banks and govts., 116
Reserves of foreign countries and international
organizations, 119
Stock, 48, 59, 118
Govt. debt. (See U.S. Govt. securities).
Gross national product, 104, 105
Hours and earnings, manufacturing industries, 99
Housing starts, 97
Industrial production index, 92, 96
Instalment loans, 88, 89, 90, 91
Insurance companies, 73, 76, 77, 86
Insured commercial banks, 62, 64
Interbank deposits, 53, 60, 65
Interest rates:
Bond yields, 70
Business loans by banks, 69
Federal Reserve Bank discount rates, 52
Foreign countries, 130, 131
Open market, 70, 130
Stock yields, 70
Time deposits, maximum rates, 53
International capital transactions of the U.S., 120
International institutions, 116, 118, 119
Inventories, 104

139

140

FEDERAL RESERVE BULLETIN • JANUARY 1964

Investment companies, new issues, 82
Investments {See also specific types of investments):
Banks, by classes, 60, 64, 67, 72
Commercial banks, 63
Federal Reserve Banks, 54, 56
Life insurance companies, 73
Savings and loan assns., 73
Labor force, 98
Loans {See also specific types of loans):
Banks, by classes, 60, 64, 66, 72
Commercial banks, 63
Federal Reserve Banks, 48, 54, 56
Insurance companies, 73, 86
Insured or guaranteed by U.S., 85, 86, 87
Savings and loan assns., 73, 86
Manufactures, production index, 93, 96
Margin requirements, 53
Member banks:
Assets and liabilities, by classes, 60, 64
Borrowings at Federal Reserve Banks, 50, 54, 68
Deposits, by classes, 53
Number, by classes, 61
Reserve requirements, 53
Reserves and related items, 48
Weekly reporting series, 66
Mining, production index, 93, 96
Money rates {See Interest rates)
Money supply and related data, 58
Mortgages {See Real estate loans)
Mutual savings banks, 59, 60, 62, 72, 76, 77, 85
National banks, 62
National income, 104, 105
National security expenditures, 75, 104
Nonmember banks, 62, 64, 65
Payrolls, manufacturing, index, 96
Personal income, 105
Postal Savings System, 53. 59
Prices:
Consumer, 96, 102
Security, 71
Wholesale commodity, 96, 102
Production, 92, 96
Profits, corporate, 83. 84
Real estate loans:
Banks, by classes, 64, 72, 85
Type of holder, 85, 86, 87
Type of property mortgaged, 85, 86, 87
Reserve requirements, member banks, 53
Reserves:
Central banks and govts., 116
Commercial banks, 65
Federal Reserve Banks, 54
Foreign countries and international organizations, 119
Member banks. 48, 50, 53, 65, 67




Residential mortgage loans, 85, 86, 87
Sales finance companies, consumer loans of, 88,
89, 91
Saving:
Flow-of-funds series, 106
National income series, 105
Savings deposits {See Time deposits)
Savings institutions, principal assets, 72, 73
Savings and loan assns., 73, 77, 86
Securities {See also U.S. Govt. securities):
Federally sponsored agencies, 79
International transactions, 126, 127
New issues, 80, 81, 82
Silver coin and silver certificates. 57
State member banks, 62
State and local govts.:
Deposits of, 65, 68
Holdings of U.S. Govt. securities, 76, 77
New security issues, 80, 81
Ownership of obligations of, 64, 72, 73
Prices and yields of securities, 70, 71
Stock market credit, 71
Stocks:
New issues, 81, 82
Prices and yields, 70, 71
Tax receipts, Federal, 75
Time deposits, 53, 58, 59, 60, 65, 68
Treasurer's account balance, 74
Treasury cash, 48, 57, 59
Treasury currency, 48, 57, 59
Treasury deposits, 48, 54, 74
Unemployment, 98
U.S. balance of payments, 129
U.S. Govt. balances:
Commercial bank holdings, by classes, 65, 68
Consolidated monetary statement, 59
Treasury deposits at Federal Reserve
Banks, 48, 54, 74
U.S. Govt. securities:
Bank holdings, 59, 60, 64, 67, 72, 76, 77
Dealer transactions, positions, and financing, 78
Federal Reserve Bank holdings, 48, 54, 56, 76, 77
Foreign and international holdings, 54, 119, 127
International transactions, 126
New issues, gross proceeds, 81
Outstanding, by type of security, 76, 77, 79
Ownership of, 76, 77
Prices and yields, 70, 71
United States notes, outstanding and in circulation, 57
Utilities, production index, 93, 96
Vault cash, 48, 53, 65
Veterans Administration, 85, 86, 87
Weekly reporting member banks, 66
Yields {See Interest rates)

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES

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Legend
1

Boundaries of Federal Reserve Districts




Boundaries of Federal Reserve Branch Territories

© Board of Governors of the Federal Reserve System
© Federal Reserve Bank Cities

• Federal Reserve Branch Cities