Full text of Federal Reserve Bulletin : July 1964
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FEDERAL RESERVE B U LLETIN July 1964 **** BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON E D I T O R I A L C O M M I T T E E Charles Molony Ralph A. Young Daniel H. Brill Guy E. Noyes Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents Recent Monetary and Credit Developments 813 Federal Reserve Security Transactions, 1954-63 822 Statement Concerning the Coin Shortage 838 Law Department 840 Announcements 847 National Summary of Business Conditions 848 Guide to Tabular Presentation 850 Financial and Business Statistics, U.S. (Contents on p. 851) 852 International Financial Statistics (Contents on p. 911) 912 Board of Governors and Staff 930 Open Market Committee and Staff; Federal Advisory Council 931 Federal Reserve Banks and Branches 932 Federal Reserve Board Publications 933 Index to Statistical Tables 935 Map of Federal Reserve System Inside back cover Volume £o * Number 7 Subscription Price A copy of the Federal Reserve BULLETIN is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents a copy (In quantities of 10 or more of same issue sent to one address, $5.00 per annum or 50 cents each.) Elsewhere $7.00 per annum or 70 cents a copy. Recent Monetary and Credit Developments IN THE FIRST HALF OF 1964, the Federal Reserve continued to provide through open market operations the reserve base to support further expansion in bank credit and money within an environment of rising output and employment and over-all stability of industrial prices. Meantime, the Federal Reserve also helped to maintain a relatively firm tone in the money markets so as to limit incentives for liquid funds to move abroad in search of higher yields. Despite some improvement in the U.S. balance of international payments, the continued adverse balance still constituted a major consideration in the formulation of monetary policy. Total bank credit continued to expand at a rapid pace during the first half of the year, although somewhat less rapidly than in late 1963. Bank loans were readily available, and total loans outstanding rose faster than thev had last year. To accommodate this growth in lending, banks reduced moderately their holdines of U.S. Government securities and curtailed their net purchases of municipal and other securities. The money supply rose at an annual rate of about 3 per cent, somewhat less than in late 1963. But in June it registered the largest increase since November. Time and savings deposits at commercial banks also increased less rapidly, reflecting in part a reduction in the rate of savings inflows to financial intermediaries generally. Demands for and supplies of funds in credit markets were in close balance, and interest rates showed little net change during 813 the first half. Market yields fluctuated, however, increasing a little in the first quarter and dropping back thereafter, largely in response to shifts in market expectations. BANK CREDIT Commercial banks continued to supply a large volume of funds to credit users in the first half of 1964, as they have throughout the current business upswing. Growth in total loans and investments was at an annual rate of 7 per cent, as compared with 8.6 per cent in the 5 months immediately fol- NOTE.—Seasonally adjusted. Total and nonborrowed reserves, monthly averages of daily figures for member banks. Total reserves also adjusted to exclude the effects of changes in reserve requirements. Nonborrowed reserves are total reserves (adjusted) minus borrowings at F.R. Banks. Latest excluded) and investments, : for June 30, Dec. 31 call atest figures, June 30 (estimated). 814 lowing the shift to a moderately less stimulative monetary policy last July. Since the beginning of the current business upswing in early 1961, bank credit has increased 29 per cent, 5 percentage points more than the increase in gross national product. The trends toward liquidation of holdings of U.S. Government securities and reduced purchases of municipal and other securities, which became evident in late 1963, have been more pronounced this year. Late last year banks added to their investments while accommodating a large rise in loans. But this year, when they expanded loans even faster, they reduced their investments slightly. Loans. Bank loans appear to have been readily available throughout this business upswing. This is suggested by the different pattern of loan growth as compared with earlier postwar expansions. In earlier periods the rate of growth in loans accelerated in the recovery phase, then tapered off and finally declined during the later stages of the business expansion; this time it has been rising almost continuously. During the first half of 1964, the annual rate of growth was nearly 13 per cent. Moreover, interest rates on bank loans have not shown any appreciable rise as they had in earlier periods of business expansion. Rates charged on short-term loans to business are at about the same level as at the recession trough in 1961 and are well below the 1959-60 highs. And on mortgage loans, interest rates have declined substantially since 1960, although they have leveled off recently. The types of loans that banks have been making also suggest that funds have been readily available. Had they not had ample funds for their regular domestic customers, banks probably would not have acquired $370 million of participations in Export- FEDERAL RESERVE BULLETIN • JULY 1964 CONTRAST WITH earlier expansions: Bask loais rise at an iacreasfiig rate 1954-57 1959-60 „»' Growth in business loans stable but less rapid BUSINESS 10 15 20 25 30 Months offer cyclical low 35 NOTE.—Indexes based on seasonally adjusted data (excluding interbank loans) at all commercial banks for last Wednesday of month (except for June 30, Dec. 31 call dates). Cyclical lows—May 1954, April 1958, February 1961. Cyclical h i g h s August 1957, May 1960. Import Bank loans or increased their foreign lending so much as they did in early 1964. Over the first 5 months—as in the last half of 1963—bank credit to foreigners, including acceptance financing, increased about 10 per cent. Although such credit increased faster than that to domestic users, it accounts for less than 5 per cent of all commercial bank credit. Business loans. Outstanding loans to nonfinancial businesses, a preferred customer group at most banks, have expanded less rapidly in the current business upswing than in the 1954-57 and 1958-60 expansions. But again, the growth rate has been more stable. In both 1962 and 1963 it amounted to about 9 per cent per annum and it continued RECENT MONETARY AND CREDIT DEVELOPMENTS at a rate close to that in the first half of 1964, after allowance for seasonal influences. Growth slackened somewhat in the first quarter, when the pace of inventory accumulation fell off from the accelerated rate of late 1963. In the second quarter demand for business loans strengthened again. Expansion was more rapid mainly in the metals and metal products, construction, trade, and miscellaneous manufacturing and mining groups. Loans to public utilities and the petroleum refining and chemicals industries, which had contributed substantially to the 1954-57 credit expansion, have changed little in this upswing. The more moderate rate of increase in business loans in the current upswing reflects less pressing needs by businesses for outside financing. Plant and equipment expenditures have grown less sharply and continue to account for a smaller share of the economy's total expenditures than in some earlier business upswings. Inventory accumulation, too, has been moderate and relatively more stable than before. Also, the large volume of funds available from internal sources has contributed to reduced reliance on banks for financing of capital requirements in this expansion. Corporate profits before taxes have continued to expand, in contrast with the squeeze on profits that developed in other recent upswings. Profits after taxes have been buoyed by increased use of the investment tax credit and by this year's 2-point cut in the corporate income tax rate. Depreciation allowances, which were stepped up with the inauguration of more liberal rules 2 years ago, continue their gradual rise. As a result of these developments, the total amount of internal funds available— from undistributed profits and depreciation 815 allowances—continues to exceed plant and equipment outlays, whereas in the later stages of other recent expansions capital outlays had substantially exceeded internal funds. Ready availability of funds to businesses through the money and capital markets also has helped to moderate the need for bank financing. The volume of new securities issued by corporations in the first half of 1964 was considerably larger than in the first half of 1963, although a $1.2 billion issue of stock by a large public utility in early April accounted for most of the increase. Through May, commercial and finance company paper outstanding, seasonally adjusted, rose at an annual rate of 16 per cent. This was a continuation of the rapid growth trend that has prevailed over much of the current upswing. Other loans. Banks added to their holdings of real estate mortgages in the first half of 1964 at about the same rapid pace— roughly 13-14 per cent per year—as in 1962 and 1963. They began to acquire larger amounts of mortgages and other high-yielding longer-term assets following the rapid inflow of time and savings deposits when rates paid on these deposits were raised in early 1962. Even though the inflow of such deposits has slackened somewhat this year, the volume of mortgage financing has remained close to 1963 levels, and banks have absorbed about the same proportion of new mortgages as last year. This year's growth in consumer loans has been a little faster than in the last half of 1963 and a little slower than in the first half. Banks have been competing intensively for such loans in recent years, and their share of total consumer credit outstanding has remained near the 38 per cent peak reached in late 1963. Security loans advanced further in 1964 816 but showed wide fluctuations, as usual. These fluctuations stem mainly from changes in borrowing by brokers and dealers in response to changes in their inventories and in the availability of funds from other sources, particularly around the quarterly corporate tax dates. The contraseasonal rise in security loans between December and June reflected a smaller than usual amount of borrowing by U.S. Government securities dealers in late December and a larger than usual amount of borrowing by both brokers and dealers toward midyear. Since November, when the Federal Reserve raised margin requirements on new loans for purchasing or carrying listed stocks, the volume of stock market credit has shown little change. Investments. Bank holdings of securities declined about $1 billion in the first half of 1964, after allowance for seasonal changes. This was the first significant reduction since the first half of 1960. Although banks continued to acquire municipal and Federal agency issues, they did so at a reduced pace, and the increase in these holdings was more than offset by the decline in holdings of U.S. Government securities. The decline in rate of acquisition of municipal and Federal agency issues continued the downtrend that began last September after 2 years of unusually rapid growth. In the first half of 1964, holdings of such issues increased at an annual rate of 7.5 per cent compared with a rate of more than 12 per cent in the last 4 months of 1963 and 23 per cent earlier in the year. Most of the slackening has been at large city banks, where the earlier growth had been most rapid. This suggests that desired portfolio levels had been reached at these banks. At banks outside leading cities, where FEDERAL RESERVE BULLETIN • JULY 1964 investment policies are generally less flexible than at city banks, the slackening in purchases of municipal and agency issues has been more moderate. BANK INVESTMENT portfolios decline on balance Siiiions U.S. GOVT. of dolla SECURITIES OTHER SECURITIES BANK LIQUIDITY reduced further { SHORT-TERM U.S. GOVT. SECURITIES/TOTAL DEPOSITS Per cent 20 NOTE.—U.S. Govt. and other securities are seasonally adjusted data for last Wednesday of month (except for June 30, Dec. 31 call dates). Short-term U.S. Govt. securities are those maturing within 1 year. Deposits are net of cash items in process of collection. Latest figures, U.S. Govt. and other securities, June 30 (estimated); ratio, May. The reduced rate of acquisitions of municipal and Federal agency securities in early 1964 had little impact on the markets for these securities, notwithstanding the predominant position of commercial banks in these markets in the preceding 2 years. Although State and local governments issued about the same volume of new securities this year as in the first half of 1963, the amount left to be absorbed by nonbank purchasers was unusually large. Nevertheless, the redirection in the placement of these securities occurred with a smaller net RECENT MONETARY AND CREDIT DEVELOPMENTS impact on their market yields than might have been expected. Bank holdings of U.S. Government securities, seasonally adjusted, declined by about $2.2 billion in the first half of 1964, or about as much as in the last half of 1963. Through May a large part of the decline was in Treasury bills and in other issues maturing within a year. Banks regularly acquired appreciable amounts of the new monthly issues of 1-year bills, but sales and run-offs of bills and other short-term securities exceeded these acquisitions. Holdings in the 1-5 year range also declined, but holdings in the long maturity range increased slightly. Banks acquired substantial amounts of long-term bonds in the January advance refunding operation and in the May refunding, but the effects of these acquisitions were offset in part by sales and by shifts of securities into the intermediate maturity range through the passage of time. Bank liquidity. With loans expanding at an accelerated rate and deposits rising somewhat less rapidly than in 1963, bank ratios of loans to deposits increased further. The average ratio for all commercial banks rose more than 2 percentage points to 60.9 per cent in June—a new high for recent years. This was a larger rise than for the entire year 1963. The most rapid advance was at country banks, which have shown the lowest ratios throughout the postwar period. At banks in New York City, where ratios are highest, there has been little net change since 1959, when they reached their postwar peaks. Thus, smaller banks as well as large ones have achieved a more fully loaned position, thereby increasing the sensitivity of their lending responses to changes in monetary policy. 817 Another indicator of the reduction in bank liquidity is the declining ratio of bank holdings of short-term Government securities to total deposits. Since December this ratio has dropped about 1 percentage point. In May, it stood at 6.4 per cent, less than 2 percentage points above the low reached in mid-1960—near the end of a period of reduced availability of bank credit. Holdings of short-term municipal and Federal agency securities, however, are a more important supplemental source of liquidity now than they were earlier. Some large banks apparently regard issuance of negotiable time certificates of deposit as an alternate source of liquidity, which can be relied on to help meet unanticipated loan demands or other drains. This presupposes that additional funds can be attracted from the money market as needed, by offering higher rates if necessary. Reliance on this source of funds, however, entails a variety of risks. An individual bank may not always have adequate leeway under the regulations governing rates on time deposits to offer rates that would attract increased funds. Furthermore, demand for CD's and other money market instruments may not always be adequate to absorb increased offerings at rates acceptable to an individual bank in the light of the amount it can earn on reinvestment of the funds. MONEY SUPPLY AND DEPOSIT TURNOVER The seasonally adjusted money supply expanded at an annual rate of 3 per cent in the first half of 1964, as compared with 4 per cent rate in the last half of 1963. Growth this year has been somewhat uneven, partly in response to changes in U.S. Government deposits. In early May in particular the privately held money supply was under con- FEDERAL RESERVE BULLETIN • JULY 1964 818 siderable downward pressure as a result of the unusually rapid build-up in these deposits from their low April level. But in June, when U.S. Government deposits again rose much more than usual, the money supply expanded almost as much as it had in the previous 5 months. GROWTH i i Hoiey sipply <">& • • « • deposits coitiiies Billions of dollars NOTE.—Seasonally adjusted. Money supply and time deposits, semimonthly averages of daily figures. Money supply consists of demand deposits at all commercial banks (except those due to domestic commercial banks and the U.S. Govt.); foreign demand balances at F.R. Banks; and currency in the hands of the public. Commercial bank and F.R. Bank float excluded. Turnover, monthly, of demand deposits except interbank and U.S. Govt. at 343 centers outside New York. Latest figures, June (preliminary). A major feature of the recent growth in the money supply has been the further large rise in currency in circulation. In the first half currency increased almost as much as demand deposits. Since currency accounts for only about one-fifth of the total money supply, its relative growth rate per annum —6 per cent—greatly exceeded that for demand deposits, which was only 2 per cent. The public has increased its holdings of both coin and paper money, particularly large denominations. Increases in $50 and $100 bills have accounted for about a third of the rise in currency outstanding over the past year. The slower expansion in the money supply in early 1964 than in late 1963 reflected the changing needs of the public for bank credit and for cash for transactions and liquidity purposes. Investment in inventories, for example, was much smaller in the first half of 1964 than in the last half of 1963. In addition, interest rates were higher, and this may have induced some holders of cash to seek ways to economize on the size of balances needed for transactions purposes. Finally, after accumulating cash balances in late 1963, individuals may have drawn down their balances in early 1964, in acquiring large amounts of marketable securities. Turnover of demand deposits at banks outside New York City advanced in the second quarter of 1964 after having shown little net change during the fall and winter. Meanwhile, the volume of bank debits had expanded substantially faster in the last half of 1963 than in early 1964, although there was some pick-up in the second quarter of this year. TIME AND SAVINGS DEPOSITS Total time and savings deposits continued their rapid expansion in the first half of 1964, but the rate of gain was somewhat less than in 1963—11 per cent on an annual basis compared with about 15 per cent in 1963. Growth was rapid early in the year and again toward midyear, but in March and April, the rate was only a little over half that in the other 4 months. Passbook savings deposits at weekly reporting banks rose much less in the first half of 1964 than they had a year earlier. The $970 million increase this year was only about three-fifths that in the comparable period of 1963. RECENT MONETARY AND CREDIT DEVELOPMENTS This slowdown appears to have reflected in part a redirection of the flow of consumer savings away from financial intermediaries and into direct acquisitions of marketable securities, including common stocks, and to some extent into accelerated debt repayment. Savings and loan associations too have experienced a marked slackening this year in the growth of savings balances. Both commercial banks and savings and loan associations also experienced increased competition from mutual savings banks, particularly in New York City where the mutual banks raised their rates effective January 1. Although deposits at mutual savings banks rose nearly 25 per cent more in the first half of 1964 than the first half of 1963, the dollar increase was much smaller than the reduction in savings growth at commercial banks and savings and loan associations. Time deposits other than savings accounts at weekly reporting banks rose about the same amount as in the first half of 1963. About two-thirds of the $3 billion or 14 per cent rise in these deposits was in negotiable time certificates of deposit, which are held mainly by business corporations. But time deposits of State and local governments and of foreign governments, central banks, and other official institutions also rose substantially. Negotiable time certificates of deposit (CD's) outstanding at weekly reporting banks expanded by more than $2 billion during the first half of 1964, or at an annual rate of 44 per cent, and at midyear they totaled $11.7 billion. Among money market instruments, these certificates are now second in importance only to Treasury bills. Growth in CD's was quite rapid in January and again in April and May, but in February and March it was relatively mod- 819 erate. Around the quarterly tax and dividend payment dates in March and June, maturities were quite large, and outstanding CD's declined in those weeks. The slowdown in growth of CD's in February and March may have been due in part to difficulties encountered by some banks in rolling over maturing certificates at a 4 per cent rate. To attract funds through CD's, banks have found it necessary to pay a premium over the market yield on Treasury bills with comparable maturities. For the largest banks this premium generally has been between 15 and 30 basis points, and it has been larger for other issuers. In February and March, when market yields on Treasury bills advanced temporarily, some banks appear to have been unable to maintain the requisite differential, and their outstanding CD's declined. In April, after bill rates had receded, outstanding CD's at those banks began to increase again. A survey at weekly reporting member banks indicated that on May 20 the bulk of the outstanding CD's in denominations of $100,000 or more at the 244 banks issuing such certificates had relatively short maturities; 72 per cent matured within about 5 months. Maturities at banks outside New York and Chicago were somewhat shorter than at banks in those cities. This presumably reflected in part the need for the smaller banks to offer shorter maturities in competing against large banks under the 4 per cent ceiling rate. BANK RESERVES Total reserves of member banks, seasonally adjusted, rose at an annual rate of 4 per cent through June 1964, slightly faster than for the full year 1963. Reserves required against private demand and time deposits 820 increased at a considerably slower rate than last year, but those against U.S. Government deposits rose much more than usual. To offset reserve drains from the decline in Federal Reserve float and from market factors influencing reserves and at the same time to accommodate moderate growth in the reserve base, the Federal Reserve increased its holdings of U.S. Government securities by $1.2 billion. Most of the acquisitions were Treasury bills, but from time to time the System added moderate amounts to its holdings of issues in the intermediate and long maturity ranges. Free reserves averaged close to $100 million in the first half of 1964; this was about the same as in the last 5 months of 1963 following the July shift to a somewhat less stimulative monetary policy. Excess reserves continued to decline, after allowance for usual seasonal movements, as they have since the outset of this business upswing. The decline reflects, in large part, the closer management of reserve positions at country banks, which normally hold about 85 per cent of the excess reserves of all member banks. The attractive levels of short-term interest rates have provided increased incentive to banks to make effective use of their excess reserves. Moreover, the expanding size of country banks and the development of regional markets for Federal funds by a number of correspondent banks throughout the country have enabled them to place surplus funds in the Federal funds market on a more widespread basis than earlier. Borrowings at the Reserve Banks also moved generally lower over the first half of 1964. Compared with an average of $335 million in the last 5 months of 1963, borrowings averaged about $260 million in May and June. This reduction would indicate FEDERAL RESERVE BULLETIN • JULY 1964 some easing in reserve pressures on borrowing banks during the period. INTEREST RATES Most short- and long-term interest rates showed little change on balance in the first half of 1964 after advancing during most of 1963. At the end of June, yields on U.S. Government securities were generally a few basis points lower than at the turn of the year, with the 3-month Treasury bill yield slightly below the discount rate. Yields on long-term corporate issues were a few basis points higher than in late December, and yields on State and local government issues were about unchanged. Rates on mortgage loans have remained stable for more than a year following a protracted downtrend beginning in 1960. INTEREST RATES cbaige little in first half of '64 Per cent per ann 1958 1964 NOTE.—Monthly averages of daily figures except for FHA (based on quotation for 1 day each month). Corporate and State and local govt. bonds, Moody's Investors Service. U.S. Govt. bonds, issues maturing or callable in 10 years or more. Treasury bills, market yields on 3-month bills. Latest figures, June. RECENT MONETARY AND CREDIT DEVELOPMENTS Early in 1964 most market yields receded from their peaks reached around the turn of the year. Later, when the tax cut became imminent and interest rates in some foreign countries were rising, yields generally advanced. This increase reflected mainly expectations that increased pressures, including those from an anticipated less stimulative monetary policy, would soon develop in financial markets. When it became apparent that the initial responses of businesses and consumers to the tax cut were moderate, that an immediate shift to a less stimulative monetary policy was unlikely, and that the Treasury deficit for this calendar year would be well below earlier projections, expectations changed and interest rates generally declined. 821 The absence of any appreciable net change in interest rates this year appears to reflect a close balance between the supplies of and demands for funds in money and capital markets. New capital financing by business corporations has been running at a high level, and that by State and local governments has been close to the high levels of the past 2 years. In mortgage markets too, demands for funds have remained near last year's record levels. Meanwhile, seasonal net repayments of debt by the U.S. Treasury have been somewhat larger than last year, and total financial saving has continued to run high. While flows to depositary-type institutions have been smaller, funds flowing directly into stocks and bonds have been larger. Federal Reserve Security Transactions, 1954-63 by STEPHEN H. AXILROD AND JANICE KRUMMACK serve open market operations, including IN THE LAST 3 YEARS of the decade 1954analysis of their relation to market per63, Federal Reserve open market transactions in U.S. Government securities were formance and to other factors—such as gold distinguished by their large volume and by flows, movements of currency into circulatheir distribution across all maturity classes. tion, and variations in Federal Reserve float Through these operations monetary policy —which affect bank reserves and therefore encouraged expansion of bank credit and the need for Federal Reserve credit. money in order to help sustain domestic ecoThe main points that emerge from the nomic growth in a period material presented are: when manpower resources 1. The average annual TAFF PAPERS—In addiand plant capacity were increase in Federal Reserve tion to its regular contents, under-utilized, and at the credit in 1961-63 was large the Federal Reserve Bulletin same time took into account from time to time includes spe($2.3 billion) as compared cial papers on economic and the persistent deficit in the with that in 1954-60 ($185 financial subjects. These paU.S. balance of payments. million), and practically all pers, prepared originally for In this situation efforts were of it was supplied through the information of the Board made to minimize downopen market operations. of Governors by individuals on ward pressures on shortits staff, are selected for pubSubstantially greater flows term interest rates while lication because of their genof currency into circulation, eral interest. The authors are supplying reserves to the and some increase in the responsible for the analyses banking system. outflow of gold to foreign and conclusions set forth. With continuing growth countries, increased the in the economy and moneneed for open market optary policy stimulative, long- and short-term erations to offset the resulting decline in interest rates changed little in 1961-63 as bank reserves. Federal Reserve credit was compared with other recent postwar periods also required to support the large expansion of cyclical expansion. At the end of 1963 of bank credit that was generated in part long-term rates were close to their end-ofby the increased public preference for time 1960 levels. Meanwhile, short-term interest and savings deposits at commercial banks rates—typified by the 3-month Treasury bill in those years, especially after the revision rate—showed a moderate upward movein the Board's Regulation Q, which became ment. Their day-to-day and week-to-week effective at the beginning of 1962. The need fluctuations also became quite narrow, esfor open market operations to supply repecially during 1962 and 1963. serves was especially marked because the Given the policy stance of this period as Federal Reserve made only minor use of a reference point, this paper sketches the the reserve requirement instrument in supmain features of the associated Federal Replying funds for bank credit expansion. 822 S F.R. SECURITY TRANSACTIONS, 1954-63 2. The gross volume of Federal Reserve open market operations also expanded sharply in 1961-63, with total transactions (purchases and sales taken together) averaging $28.2 billion as compared with $14.9 billion in the earlier period. Associated with the greater volume, there were changes in the character of operations, which to some extent may have altered the direct impact of System operations on interest rates. 3. Both outright transactions and repurchase agreements (RP's) increased. Outright transactions rose much more than RP's on the average, but the use of RP's became quite large by 1963 and to an extent may have reduced day-to-day fluctuations of the bill rate in that period. Transactions with foreign accounts—especially purchases— were a somewhat larger share of total outright transactions. Purchases from these accounts tended to shield the market from the direct downward pressures on rates that are associated with System buying in the market. And with regard to transactions in issues maturing in more than a year, they were principally purchases and were most important in 1961; after that they diminished in importance. When made, however, these purchases kept some downward pressure off bill rates and put some downward pressure on long-term rates. 4. Greater weekly fluctuations in volatile reserve factors such as Federal Reserve float and currency in circulation, together with a larger net increase in required reserves over the period, accompanied the rise in open market transactions. At the same time, after taking into account such transactions, weekto-week fluctuations in free reserves declined, especially in 1962 and 1963, as compared with earlier years. 5. These smaller fluctuations in free reserves—in view of the comparative stability of the economy during the period and other 823 fundamental influences on interest rates noted in the text—may have helped to keep market interest rate expectations stable. This development, together with changes in the character of Federal Reserve operations, had a marginal influence on rates. Interest rate movements reflected the conjunction of such operations and of the demand and supply forces that resulted from trends in the economy and changing preferences for financial assets. SUPPLY AND USE OF FEDERAL RESERVE CREDIT The Federal Reserve supplied substantially more credit (net) to the economy in each of the past 3 years than in any of the previous 7 years, except for the recession-recovery year of 1958. As may be seen from Table 1, the supply of Federal Reserve credit reflective of monetary policy operations (that is, changes in security holdings and in discounts and advances) rose by $1.9 billion in 1961, $1.6 billion in 1962, and $3.3 billion in 1963, as compared with an average annual increase of about $185 million in the 1954-60 period. Open market operations have supplied practically all of Federal Reserve credit in recent years; the amounts that member banks acquired by borrowing have been quite small. In some other years, such as 1955, all of the net increase in Federal Reserve credit had been through member bank borrowings, as open market operations absorbed reserves. Some of the larger amounts of Federal Reserve credit supplied during 1961-63 reflected on the one hand the stimulative monetary policy of the period, and on the other the greatly enlarged public preference for time deposits. The large inflow of time deposits to banks required a large expansion in the reserve base even though the reserve 824 FEDERAL RESERVE BULLETIN • JULY 1964 requirement percentage against such deposits is small. But there are other explanations, too, for the growth in Federal Reserve credit. One relates to the limited use of the reserve requirement instrument as compared with open market operations in carrying out policy. Changes in reserve requirements were used more often in the years before 1961 than they have been since. During 1954, for instance, reserves were provided mainly by reductions in reserve requirements. These reductions were large enough to permit a very sizable growth in bank credit even though Federal Reserve credit and total member bank reserves declined. In 1960 a somewhat similar situation developed. In that year member banks were given permission to count vault cash as reserves. By this action the Federal Reserve made possible an increase in reserve availability, while utilizing funds already outstanding. Therefore, total Federal Reserve credit could decline over the year even though bank credit rose. In the 1961-63 period, the Federal Reserve used the reserve requirement instrument only once. Hence a large expansion in Federal Reserve credit was necessary to foster growth in commercial bank credit. The one use occurred in the fall of 1962 TABLE 1 FACTORS AFFECTING SUPPLY OF FEDERAL RESERVE CREDIT (Annual changes, in millions of dollars) Factors • accounting for increase Year Increase in F. R. credit (excl. float) Increase in: Total Currency member in bank reserves circulation * Treasury deposits at Reserve Banks and "other" 2 Float -764 -641 -219 -249 139 59 -39 295 40 -397 -244 101 33 351 516 510 157 439 404 244 190 -53 70 835 -78 706 1,078 1,987 1954 1955 1956 1957 1958 1959 I960 -780 2,173 3 1,093 3 -614 -115 -521 1961 1962 1963 1,901 1,624 3,256 i Through 1960 represents currency in circulation outside the Treasury and Federal Reserve. Thereafter, when all member bank vault cash could be counted as reserves, represents currency in circulation outside the Treasury, Federal Reserve, and member banks. i "Other" includes changes in Treasury currency outstanding, Treasury holdings of cash, foreign and other deposits at the Federal Reserve, and other Federal Reserve accounts. In the case of Treasury currency outstanding, a decrease accounts for an increase in Federal Reserve credit. Decrease in: 671 -251 -185 -191 -205 -374 50 282 76 -239 -256 —377 -136 Gold stock 317 22 -253 -827 2,206 1,081 1,528 1,025 951 416 3 In 1959 and 1960 the increase in Federal Reserve credit is smaller than the factors accounting for the increase since the permission given to count increasing portions of vault cash and reserves during those years added to member bank reserves without at the same time adding to Federal Reserve credit. The increase in vault cash counted as reserves in 1959 was $304 million and in 1960 was $2,291 million. NOTE.—Changes are based on averages of daily figures for December. 825 F.R. SECURITY TRANSACTIONS, 1954-63 when $780 million of reserves were released through a reduction of one percentage point in the requirement against time deposits from 5 per cent to 4 per cent. Even in 1962, though, there was a large expansion of Federal Reserve credit. This was because a substantial amount of credit was needed to offset the impact on bank reserves of outflows of gold to foreign countries and of the increase in currency in circulation. In comparison with the 1954-60 period, the movements of gold and currency in 1961-63 added substantially to the need for expansionary open market operations, as gold outflows and increases in currency in circulation were not permitted to contract member bank credit and deposits. The amount of bank reserve absorption from changes in the gold stock and in circulating currency taken together was in fact a feature of the years beginning with 1958. Currency and gold absorbed only slightly more bank reserves in the 1961-63 period than in the 1958-60 period. In the earlier period gold outflows were the major factor, but in the more recent period increases of currency in circulation came to be the major factor. The intensive use of open market operations added slightly more downward pressure on short-term interest rates than if more frequent use had been made of reductions in reserve requirement percentages. But in view of the balance of payments problem, the Federal Reserve made efforts to modify such pressures by extending its operations into longer-term securities. GROSS TRANSACTIONS IN U.S. GOVERNMENT SECURITIES A sharp increase in gross Federal Reserve security transactions—open market purchases and sales taken together—accompanied the rise in the net supply of Federal Reserve credit over the past 3 years. The annual average of gross transactions, including outright transactions and RP's, rose from $14.9 billion in 1954-60 to $28.2 billion in 1961-63, as Table 2 shows. Most of the increase was in outright transactions, which nearly tripled their 1954-60 average of $5.6 billion. The average volume of RP's rose less than 50 per cent over the same period, but they were especially large ($18.1 billion) in 1963. The rise in outright transactions included substantial increases in both System purchases and System sales of Government se- TABLE 2 SYSTEM TRANSACTIONS IN U.S. GOVERNMENT SECURITIES (In billions of dollars) Repurchase Redern tions agreements Year or period Total Outright 1954 1955....... 1956....... 1957 1958 1959.< I960 9.6 11*5 14*3 18*3 17J 12.4 21,4 4.3 3.6 5.1 4,7 9.4 4,4 7.5 5,4 7.9 9.2 13.5 7.7 7.9 13*8 2.0 1.3 .9 1.0 1,6 .9 1.4 1961 1962 1963,,,*... 24,6 28.6 31.4 15.2 16,6 13.3 9.5 12.0 18.1 1.4 1.2 14.9 2B,2 5.6 15.0 9.4 13.2 Annual average: 1954-60.... 1961-63.,,. 1.3 i Includes $295 million of maturing coupon issues. K o m D a t a on a delivery basis, Details may not a$d totals because of rounding, curities, as Appendix Table 1 shows. Meanwhile, redemptions of maturing issues by the System were little changed from one period to the other. 826 Gross transactions are always much larger than net transactions, depending as they do on the amounts of short-run, up and down movements in currency in circulation, float, and other reserve factors. A later section of the paper will evaluate the extent to which the rise in gross transactions was in fact a reflection of greater short-term fluctuations in these reserve factors. But the rise in gross transactions was also to some degree a result of the changes in the underlying credit conditions and in the longer-term trends of the reserve factors discussed in the previous section. This was reflected most strongly in System buying, and net purchases (net of sales and redemptions) rose from 7 per cent of total purchases in 1954-60 to 25 per cent in the last 3 years. FEDERAL RESERVE BULLETIN • JULY 1964 has the largest capacity to absorb continuous operations with minimum risk of unwarranted changes in expectations as to interest rates and of System domination of the market.1 Gross outright transactions in Treasury bills and in coupon issues maturing within 1 year together have far outweighed those in long-term securities, as shown in Table 3. Although their share of the total declined toward the end of the period, longer-term issues represented an enlarged proportion of all System purchases in 1961-63. At the same time, however, such issues accounted for only a small portion of all sales by the System. TABLE 3 Maturity distribution of outright transactions. The sharp rise in gross transactions of the System in 1961 coincides—in part by chance—with the formal abandonment of the "bills preferably" policy in February of that year. In the ensuing period through 1963, System purchases of issues maturing in more than 1 year totaled $6.1 billion, substantially dwarfing the $255 million in sales of issues with these maturities, as shown in Appendix Table 2. The net addition to bank reserves over this period was accomplished mostly in the long-term market. During only two periods of the preceding 7 years—in the summer of 1958 and the final months of 1960—had the System ventured into securities outside the short-term area, i.e., maturing in more than a year. Purchases of the longer-term issues during these periods were $178 million, and sales $14 million. However, the System has continued in the past 3 years to carry out the bulk of its open market operations within the shortterm market, because that end of the market MATURITY DISTRIBUTION OF SYSTEM PURCHASES AND SALES (Per cent) Transaction by maturity Total purchases Treasury bills Coupon issues maturing— Within 1 year... In 1-5 years.... Over 5 years Total sales Treasury bills Coupon issues maturing— Within 1 year... In 1-5 years Over 5 years 1954-60 1961 1962 1963 100.0 100.0 100.0 100.0 93.0 63.6 69.3 82.9 6.3 .5 .2 6.6 21.1 8.7 11.0 16.0 3.7 .6 9.6 6.9 100.0 100.0 100.0 100.0 97.3 74.1 92.4 97.7 2.6 .1 24.3 1.6 6.0 1.6 1.2 1.1 1 The absorptive capacity of the market can be indicated by available data on transactions. In 1962 and 1963, average annual transactions in Government securities (excluding transactions among dealers) as reported by dealers amounted to $241 billion in the within 1-year maturity range, $33 billion in the 1-5 year range, and $26 billion in the over-5-year group. 827 F.R. SECURITY TRANSACTIONS, 1954-63 The continued larger share of Treasury bills and short-term coupon issues in System sales as compared with purchases during 1961-63, and the correspondingly larger share of longer-term issues in purchases, was consistent with System efforts to—at a minimum—keep downward pressures off short-term rates. But the need for such operations varied with the degree of pressure on short-term rates stemming from market forces. The market itself kept short-term interest rates somewhat higher during 1962 and 1963. In 1962, in the aftermath of the increase in rates paid on time and savings deposits, investment preferences of banks moved away from the short end of the market toward the long end, and this served to put upward pressure on short-term rates and downward pressure on long-term rates. In 1963, the increase in the Federal Reserve discount rate and an associated reduction in reserve availability helped to raise shortterm rates to still higher levels. Transactions with dealers and foreign ac- counts. System transactions with dealers and with foreign accounts have shared in the rise in gross transactions, though the mix has changed somewhat. On an annual average basis, transactions with dealers increased from $4.2 billion in 1954-60 to $11.0 billion in 1961-63. Transactions with foreign accounts rose from $1.3 billion to $4.0 billion; these transactions are mainly in bills, but they include some coupon issues. Although System transactions with foreign accounts were still not large in absolute amounts, they did rise somewhat as a percentage of total transactions, as shown in Table 4. This rise was made possible by the considerable enlargement in foreign holdings of U.S. Government securities as the balance of payments position of foreign countries improved. System transactions with foreign accounts may have less effect on market rates of interest than transactions with dealers. System operations with foreign accounts generally take place on occasions when foreign orders to buy or sell coincide with System needs TABLE 4 TRANSACTIONS WITH DEALERS AND FOREIGN ACCOUNTS (Percentage distribution) Type of transaction 1 954-60 Total transactions With dealers With foreign accounts... Total purchases From dealers.". From foreign accounts.. 100.0 76.1 " 23.9 100.0 85.2 14*8 Total sales To dealers To foreign accounts,,.. 100.0 59,9 40.1 1961-63 100,0 73.3 26.7 100*0 79,0 21.0 100.0 64.5 / 35,7 to absorb or provide reserves. Transactions directly with foreign accounts involve less chance of expectational rate movements than if the System asked for bids in the market to execute (say) sale orders of foreign accounts and at the same time bought in the market for its own account to supply reserves. If the market sees both types of transactions, there is no certainty that the rate effects will cancel out, because of the likelihood that undue weight will be given to the System's own transactions. Because operations with foreign accounts are undertaken generally when there is a need to absorb or supply reserves, there may be little reason to attach great significance to the fact that the rise from the 195460 period to 1961-63 in transactions with foreign accounts as compared with all transactions was accompanied by a relative in- 828 crease in purchases from foreign accounts and a relative decrease in sales, as shown in Table 4. Nevertheless, the rise in purchases from foreign accounts relative to purchases from dealers shielded the market from some downward pressures on interest rates. Repurchase agreements. The most notable fact about RP's is the sharp rise in their volume from 1961 to 1963, as shown in Table 2. By 1963 the volume was greatly above the average for the preceding 9 years and was also considerably in excess of the earlier high in 1960. The primary purpose of RP's is to provide bank reserves on a temporary basis, and their use depends in large part, therefore, on the extent and duration of the reserve need. The effect of the use of RP's on market interest rates depends on what is assumed to happen in the absence of such agreements. The reserves supplied by RP's would otherwise be supplied by System purchases of bills and would soon be absorbed by bill sales (in order to have a reserve effect similar to RP's). If it is supposed that dealers were content with their bill positions in view of the existing bill rates, of their short-run expectations, and of customer demand, outright purchases of bills by the System in preference to RP's would put direct downward pressure on short-term interest rates while temporarily reducing inventories of bills below the desired levels.2 When this occurs, dealers cannot be certain that the System will sell soon after it buys; hence they will feel the need to bid for new inventory. When the System does have to turn around and sell bills when the temporary reserve need is 3 Such downward pressures are, of course, in addition to those associated with bank utilization of the newly created reserve funds. FEDERAL RESERVE BULLETIN • JULY 1964 over, this generates upward pressures on interest rates. If, on the other hand, the System were to use RP's rather than outright purchases and sales, this would minimize some of the direct downward pressure on interest rates (and subsequent associated upward pressure) because dealers would know that their securities would soon be available to satisfy customer demand, even though the securities were temporarily tied up as collateral for RP's.3 Thus, there would be less fluctuation in interest rates if RP's were used more. Moreover, the availability of favorable financing to dealers through RP's—especially at times when dealers were hard pressed to find money—may have prompted them to hold more inventories than they otherwise would have at existing market rates.4 This too may have increased the market's capacity to ride out temporary changes in customer demand and supply with only minimum changes in interest rates. WEEK-TO-WEEK FLUCTUATIONS IN RESERVE FACTORS In evaluating System open market transactions in 1961-63 and the need for them, given the assumption that it is desirable not to have large and frequent short-run instabilities in the money market, it is necessary to gauge such transactions against the increased week-to-week variations in reserve factors. While these week-to-week variations reflect to some extent the trend that develops over a year in reserve factors, they reflect mainly temporary and seasonal movements. Especially important in this respect are 3 Dealers may, and often do, repurchase such securities before the maturity of the agreements. 4 Dealer positions in bills averaged around $2.5 billion in 1962 and 1963 as compared with $1.9 billion in 1961. 829 F.R. SECURITY TRANSACTIONS, 1954-63 Federal Reserve float, currency in circulation, and Treasury deposits at the Federal Reserve, all of which are highly volatile from week to week.5 Gold is significant in the longer run, but it does not show sizable week-to-week fluctuations. The increase in the annual gross fluctuation of these volatile factors does indeed account for practically all of the absolute rise in System transactions. Measures of these fluctuations, shown in Table 5, are derived by summing the week-to-week increases and decreases in these factors for a year.6 The accompanying chart shows the week-toweek changes in these factors for the first and last year of the period 1954-63. Float. The gross fluctuation in float has risen from an annual average of $9.5 billion in the 1954-60 period to an average $12.8 billion in 1961-63, with the net change over a year remaining close to zero, of course. The rise in these fluctuations was not a gradual one, however. They reached a peak first in 1956, then declined, and did not surpass that peak until 1961. During the past 3 years fluctuations in float were at a sustained high level. The principal explanation for the fact that the gross fluctuation in float reached 5 Variations in these factors are measured on a weekly-average basis. The intra-weekly movements of the reserve factors should not affect gross transactions of the System significantly because short-run operating reserve targets—for instance, free reserves—are expressed as averages of daily figures for the week. However, to the extent that the intra-weekly pattern of factors affecting reserves is not correctly anticipated, it is necessary for the System to make both purchases and sales during a week. In that event total System transactions are affected. Intra-weekly movements of money market indicators—such as the Treasury bill rate, the Federal funds rate, and the volume of Federal funds transactions—may also affect the volume of transactions if the System Account Management is attempting to maintain a more or less steady "tone" in the money market. ' T h e annual figure is not exact since the data are derived from statement-week changes, which do not coincide exactly with the first and last day of the calendar year. a new higher range in the 1961-63 period seems to lie in the increase in check writing. The annual rate of increase in debits to demand deposits at all reporting centers rose to about 10 per cent in this period from a 7 per cent average in 1954-60. Currency in circulation. Like float, but in an even more exaggerated form, gross shortterm fluctuations in currency in circulation affecting bank reserves have been more pronounced in recent years. In 1961-63 such fluctuations jumped to an average of $10.0 billion, as compared with an average of $5.6 LARGE weekly Ilittidtiois in reserve foctors; VOLATILITY of float and cwretcy increases Millions of dollars 1954 1963 830 billion in 1954-60 (and a range that was only $5.0 billion to $6.5 billion over the 7-year period). The definition of currency in circulation that is relevant to analysis of the need for Federal Reserve credit has changed over the decade. In three stages, between November 1959 and November 1960, member banks were permitted to count all their vault cash in meeting reserve requirements. As a result, with vault cash part of bank reserves, currency in circulation for the 1961-63 period refers to holdings of currency outside member banks, the Federal Reserve, and the Treasury; for earlier years currency in circulation included currency held by member banks since it could not be counted as reserves.7 FEDERAL RESERVE BULLETIN • JULY 1964 The enlarged week-to-week fluctuation of currency in circulation during 1961-63 seems to have been traceable to at least two factors. One was the increase in public preference for currency, mentioned earlier. The average annual net increase of currency in circulation in the recent period was equal to about 12 per cent of the gross fluctuation in currency that occurred during a year, as compared with 5 per cent in the earlier years. In other words, the short-term fluctuation was enlarged because it occurred under con7 A precise measure of currency in circulation affecting reserves would exclude changing amounts of vault cash in the transition period 1959-60. Such calculations present difficult statistical problems, however, and they were not attempted for the purposes of this paper. Such a measure would not change any of the analysis, especially since the bulk of vault cash could not be counted as reserves until toward the end of 1960. F.R. SECURITY TRANSACTIONS, 1954-63 ditions of changing long-term preferences for cash in hand. To the extent that the greater preference for currency reflected a greater need for currency for transactions purposes, it would also have tended to enlarge the seasonal swings; not only would outflows of currency into circulation have become larger but so too would inflows from circulation. In any event, both outflows and inflows increased. The provision for using vault cash as reserves was a second and major influence on the extent to which currency fluctuations came to affect reserves. In earlier years, when vault cash could not be counted as reserves, the amount of cash that banks did hold provided a cushion that enabled them to satisfy currency needs of their customers before—and in the very short run perhaps without—making large calls on their reserve balances. Now, however, vault cash is not only a means for supplying customers' cash needs but also a part of a bank's primary reserves. One result of this dual function is that outflows of currency into circulation have an immediate impact on banks' total reserves, whereas formerly these outflows would have affected measures of bank liquidity immediately but would not have affected the reserve base until banks felt it necessary to call on reserve balances. 831 this procedure, short-term fluctuations in the Treasury's balance at the Federal Reserve fell from $6.8 billion in 1954 to $3.6 billion in 1956. Use of calls on Class C banks has made it possible for the Treasury to keep a better day-to-day control over its balance. This control is by no means perfect, however, because it is difficult to predict on a daily basis how receipts and payments will affect the balance. By 1963 the target level of the Treasury balance with Reserve Banks had been raised from $500 million to $900 million. Though a higher target balance does not necessarily result in greater short-term fluctuations, the higher balance does afford more leeway and thus makes it possible to put less emphasis on minimizing deviations from the target. Fluctuations in Treasury deposits were in fact larger in 1963 than in any of the previous 5 years. Nevertheless, for 1961-63 as a whole the average annual fluctuations on a week-toweek basis fell to $3.2 billion from $4.2 billion in 1954-60. Thus the need for larger gross security transactions by the System as a result of the greater short-term fluctuations in float and currency was to a minor degree canceled by the greater short-term stability in the Treasury's balance. Treasury deposits at the Federal Reserve. The factors taken together. It is possible There was little change in the gross fluctuation of Treasury deposits at the Federal Reserve after 1955. In July of that year the Treasury established a new procedure for making calls on its tax and loan accounts at banks. In so doing it set up a separate classification of Class "C" depositaries, which are banks with total deposits of $500 million or more. Deposits with Class C banks can be adjusted on any particular day so as to keep Treasury balances with the Federal Reserve at a desired level. As a result of that the week-to-week movements of the three factors could work out to be largely offsetting in their effect on reserve balances. This has not been the case, however. As the third column of Table 6 shows, the reserve effect of gross fluctuations in float, currency, and Treasury deposits taken together averaged $16.3 billion in 1961-63. This was about 50 per cent more than the $10.6 billion average in 1954-60. It would appear from the foregoing that the need for more intensive Federal Reserve 832 FEDERAL RESERVE BULLETIN • JULY 1964 operations in the 1961-63 period reflected in part structural changes that affect some of the reserve factors. For example, the permission to count vault cash as reserves increased the week-to-week fluctuations of currency in circulation as they affect reserves. The other changes are not so obviously long lasting. It is possible that the enlarged public preference for currency may abate. However, the reasons for the greater preference are not as yet clear—certainly not so clear as in the Korean war period of 1951 52—and therefore expectations of a return to a net currency outflow more like that in 1954-60 cannot be strongly based. And with respect to float, it is not clear whether the next few years will bring a continuation of the accelerated rise in check writing evident in 1961-63, a return to the more moderate rise of earlier years, or a reduction in check collection lags as a result of increased automation and more efficient transport. SYSTEM TRANSACTIONS, RESERVE FACTORS, AND FREE RESERVES The relation over a year between the volume of System transactions and the volume of reserve factors is quite complex, depending as it does on how reserve targets coincide with movements in reserve factors week by week. At one extreme, if reserve targets were constant, one would expect that increased fluctuations in reserve factors would be ac- TABLE 6 GROSS RESERVE FLUCTUATIONS AND SYSTEM TRANSACTIONS In billions of dollars) Year or period 1954 1955 . 1956 1957 1958 1959 I960 ... 1961 1962 1963 Reserve effect of float, currency in circulation, and Treasury deposits Increases Decreases> Total Gross transactions (weekly-average basis) ' Free reserves Increases Decreases Total Increases Decreases Total 5.5 5.5 5.3 6.2 4.1 4.8 5.2 5.2 5.4 5.9 6.4 4.6 5.1 5.1 10.7 10.9 11.3 12.7 8.6 9.8 10.3 4.6 3.5 3.5 3.9 1.9 2.0 3.5 4.8 3.9 3.6 3.8 2.1 2.3 2.4 9.4 7.4 7.0 7.7 4.0 4.3 5.8 2.7 2.9 3.1 3.5 5.3 3.1 4.7 3.9 3.2 2.9 4.2 3.2 27 4.5 6.6 6.1 5.9 7.7 8.5 5.7 9.2 7.7 8.0 7.1 7.8 8.9 9.4 15.5 16.8 16.4 2.5 1.8 1.4 2.8 1.8 1.5 5.3 3.6 2.9 6.6 7.4 9.0 4.7 5.7 5.9 11.3 13.0 14.9 5.2 7.6 5.4 8.7 10.6 16.3 3.3 1-9 3.3 2.0 6.5 3.9 3.6 7.6 3.5 5.4 7.1 13.1 Annual average: 1954-60 1961-63 »Includes both outright transactions (including redemptions) and repurchase agreements. NOTE.—Annual figures represent sum of week-to-week increases and week-to-week decreases; derived from averages of daily figures for each statement week. Details may not add to totals because of rounding. F.R. SECURITY TRANSACTIONS, 1954-63 companied by the same absolute increase in open market operations.8 But inasmuch as reserve targets change continuously, the change in the volume of operations will for this reason alone be at variance with the change in the volume of reserve factors. In practice, the correspondence between the volume of operations and changes in reserve factors is at best loose. According to the figures shown in the last column of Table 6, weekly average Federal Reserve gross transactions rose by $6 billion between the two periods 1954-60 and 196163.!l In absolute terms, the increased volume of operations was about in line with the increased need as indicated by the three volatile reserve factors. However, more elements than these have to be considered, especially if free reserves of member banks (excess reserves less borrowings from Federal Reserve Banks) are taken as reflecting the short-run impact of open market operations. Short-term movements in required reserves are an additional factor to be considered in evaluating the need for open market operations in terms of free reserves. With required reserves included, the gross fluctuation of the four principal factors taken together that affect free reserves in the short run rose by $4.7 billion from $9.3 billion (annual average) in 1954-60 to $14.0 billion in 1961-63. After taking into account Federal Reserve open market transactions, however, free reserves in the latter period actually fluctuated less than earlier. This was especially true in 1962 and 1963, when the week-to-week fluctuations in free reserves fell to $3.6 bil8 Assuming no use of other policy instruments. Gross transactions in this table differ from total transactions in Table 2 in three respects. First, they are based on the week-to-week change in the weekly average of System holdings; therefore purchases and sales that occur during a statement week are netted. Secondly, they include redemptions in the total. And thirdly, they are on a statement-week basis, which does not necessarily coincide with the calendar year. 0 833 lion and $2.9 billion, respectively. System operations thus offset more of the short-run changes in reserve factors, including required reserves, than in earlier years. While the greater volume of System transactions, shown on a weekly-average basis in Table 6, was in some part related to the reduced fluctuation in the weekly average of free reserves, it also reflected an increase in offsetting intra-weekly transactions. The enlargement of such operations is indicated by the growth from 1954-60 to 1961-63 in the size of the difference between total transactions shown in Table 2 (with redemptions added) and the volume of System transactions on a weekly-average basis from Table 6 (where purchases and sales during a week are offset against each other). 10 The greater intra-weekly activity was related in part to efforts to keep money market conditions, and especially at times the Treasury bill rate, relatively stable, as indicated by the Federal Open Market Committee directives of that period. In carrying out this policy, there were some swap operations between short- and long-term securities. There were also some offsetting operations in short-term securities themselves, although this was in part because the changes in reserve factors during a week sometimes differed from the projected changes and therefore required a reversal of operations toward the end of the week. 10 The volume of transactions can also be gauged against the number of days the System was in the market during a year. In the 3 years 1958-60, the System made outright transactions in the market on 88, 45, and 81 days, respectively, which represented 35 per cent, 18 per cent, and 32 per cent of trading days. In the years 1961-63, the System was in the market 115, 120, and 87 days, respectively—or 46 per cent, 48 per cent, and 35 per cent of all trading days. Thus, the market saw System trading activity on more days in 1961-63 than in 1958-60. In the first 6 months of 1964 the System was in the market 31 per cent of all trading days. 834 FEDERAL RESERVE BULLETIN • JULY 1964 CONCLUDING COMMENT The preceding sections of the paper have shown how tendencies in the factors affecting reserves in the past 3 years led, in view of the problems faced by monetary policy and the posture of policy, to an increase in System open market operations and to a change in the character of operations. Some operations have been undertaken outside the short-term area; transactions with foreign accounts have increased; and the use of RP's has also risen, especially in the latter part of the period. At the same tune fluctuations in free reserves have dampened. In the money market during this period short-term interest rates have shown less and less variation. As the accompanying chart shows, the week-toweek fluctuation in the Treasury bill rate became quite small in 1962 and 1963. The volume and character of System open market operations are only one of many in- fluences on interest rates. Some other important factors in 1961-63 were the impact on the structure of the money market of changes in Regulation Q at the beginning of 1962 and in mid-1963, which raised the ceiling rates of interest that banks were permitted to pay on savings and time deposits. These changes led to the evolution of a large and active market for negotiable time certificates of deposit—an instrument closely competitive with Treasury bills—and to enlargement of the short-term credit market. They also led to large-scale investments by banks in long-term markets, such as those for U.S. Government and State and local government securities and for mortgages. The growth of negotiable time certificates of deposit may have taken some of the daily pressure off bill rates because these certificates provided investors, mainly businesses, with another instrument through which they FREE RESERVES AND INTEREST RATES show less week-to-week fluctuation in last 2 years Por cenl Billions of dollars P e r annum TREASURY BILLS 3-MO. MARKET YIELD NET BORROWED RESERVES J '55 '56 '59 NOTE.—Figures for bill rate and reserves are weekly averages of daily figures. I '60 L '61 '62 '63 F.R. SECURITY TRANSACTIONS, 1954-63 could make adjustments in their liquidity positions. In addition, the further development of an active market in Federal funds (which are excess reserve balances made available mainly by one bank to another) tended to reduce the extent to which banks needed to make reserve adjustments in the Treasury bill market, or through borrowing at the Federal Reserve. Treasury operations were a fundamental influence on the course of short-term interest rates. Concern about the U.S. balance of payments deficit and about the danger of short-term capital outflows from this country led the Treasury to obtain much of its new cash by issuing bills. In this way, upward pressure was kept on Treasury bill rates on the average, and some of the seasonal pressures on rates that had appeared in earlier years were ironed out. Federal Reserve policy, too, was adapted to the balance of payments problem as well as to the need for expansion in the domestic economy. The over-all stance of policy changed little during 1961-63—as indicated by only one change in the discount rate (that in mid-1963) and by a continued large volume of reserve funds available to member banks, which made it possible for the banks to finance credit expansion with relatively little recourse to the Federal Reserve discount window. With basic economic forces leading to stable economic growth during the period and with monetary policy continuing to be stimulative, interest rates showed comparatively small changes, as compared with other postwar periods of economic expansion. As time went on, the relative stability 835 of interest rates tended to produce expectations that the stability would continue, and this in itself served to dampen short-run rate fluctuations. It was not the purpose of this paper to examine all of these influences on interest rates in the 1961-63 period, nor to assess their relative importance. But the ones noted here are fundamental, and they provide essential background against which the market impact of the volume and character of System open market operations should be judged. Against this background, the juxtaposition of Federal Reserve operations and reserve factors that led to dampened fluctuations in free reserves, especially in 1962 and 1963, may have taken some of the edge off of temporary pressures on interest rates and helped to sustain expectations that market rates of interest would tend to be stable. Free reserves are taken by the market as a significant indicator not only of Federal Reserve policy but also of short-term market conditions. Limited fluctuations in free reserves over a number of weeks would therefore tend to keep active participants in the market from expecting significant immediate changes in short-term interest rates. The character of System operations during the past 3 years was also a marginal factor in the day-to-day market. In general, the emerging pattern of rates has to be viewed as the product of System operations and of the basic demand/supply forces deriving from the credit demands of the economy and the asset preferences of institutional and other investors. 836 FEDERAL RESERVE BULLETIN • JULY 1964 APPENDIX TABLE 1 OUTRIGHT PURCHASES AND SALES OF THE SYSTEM O P E N MARKET ACCOUNT (In billions of dollars) Year or period With dealers j Purchases Sales Total 1954 1955 1956 1957 1958 1959 1960 2.8 2.1 2.8 2.0 5.9 2.2 3.5 1.1 1.0 1.3 1.4 1.6 .4 1.6 3.9 3.1 4.2 3.4 7.4 2.7 5.1 1961 1962 1963 6.9 8.3 6.7 3.5 4.3 3.3 3.0 7.3 1.2 3.7 With foreign accounts 1 Purchases Total Sales Total Purchases Sales Total .1 .1 .3 .4 .9 .6 1.2 .3 .4 .7 .9 1.0 1.1 1.2 .4 .5 1.0 1.3 1.9 1.8 2.5 2.9 2.2 3.1 2.4 6.8 2.9 4.7 1.4 1.4 2.0 2.3 2.6 1.6 2.9 4.3 3.6 5.1 4.7 9.4 4.4 7.5 10.4 12.6 10.0 2.2 1.6 2.1 2.6 2.4 1.2 4.8 3.9 3.3 9.1 9.8 8.8 6.1 6.7 4.5 15.2 16.5 13.3 4.2 11.0 .5 2.0 .8 2.1 1.3 4.0 3.6 9.2 2.0 5.8 5.6 15.0 1 Annual average: 1954-60 1961-63 NOTE.—Data on a commitment basis. Sales exclude redemptions. Details may not add to totals because of rounding. 837 F.R. SECURITY TRANSACTIONS, 1954-63 APPENDIX TABLE 2 MATURITY DISTRIBUTION OF TOTAL OUTRIGHT TRANSACTIONS OF THE SYSTEM (In millions of dollars) Coupon issues maturing— Treasury bills Year Within 1 year Purchases Sales 1954 1955 . 1956 1957 1958 1959 1960 2,903 2,009 3,125 2,407 5,489 ^,866 4,370 1,354 1,416 2,018 2,161 2,633 1 574 2,631 1961 1962 1963 5,794 6,813 7,291 4,486 6,211 4,360 i Excludes $295 million of maturing issues. Redemptions Purchases 1,978 1,257 888 984 1,590 937 1,445 1,015 1,353 1,232 Sales After 5 years In 1-5 years Purchases Sales Purchases Sales 167 153 1,200 218 202 600 1 085 56 55 10 1 in 14 1,474 402 54 1,923 1 569 844 97 108 50 NOTE.—Data on a delivery basis. 788 362 609 .... Statement Concerning the Coin Shortage We are experiencing a critical coin shortage that can be overcome only by a rapid and substantial increase in production. Normally, coins flow into circulation and back into the Federal Reserve Banks in much the same manner as currency does. But in recent years demand for coin has grown in unprecedented fashion. As commercial banks have found themselves with less and less excess coin, the return flow to the Reserve Banks has dwindled. Deliveries of new coin from the mint have risen, but this added supply has been more than offset by the drying up of return flows of coin from circulation. Today, as shown in the accompanying chart, the return flow has shrunk to the point where it is now less than the amount of new coin received from the mint; in more normal times, the return flow was nine times as great as receipts from the mint. In consequence, inventories have fallen to the point where the Reserve Banks have been unable to deliver coins on request, but instead have been forced to ration coins in order to distribute the limited supply on a fair basis. As the shortage has become more critical, we have considered various methods of dealing with it. To meet the heavy seasonal demand for coins in late 1963, we tried to induce larger return flows of coin by accepting deposits of wrapped coin from banks and by paying transportation charges on shipments from nonmember banks, but we achieved only limited success. We have previously recommended that the Treasury be authorized to discontinue changing the mintage date on coins each year, and we now support the Secretary's proposal for legislation to this effect. Keeping the 1964 date, particularly on Kennedy half dollars, should lessen the extent to which coins are withdrawn from circulation by collectors and speculators. So far as distribution is concerned, the Federal Reserve Banks are endeavoring to use all practical means to assure that the FEDERAL RESERVE BANK COIN RECEIPTS, P A Y M E N T S , NOTE.—Statement of William McChesney Martin, Jr., Chairman, Board of Governors of the Federal Reserve System, before the Legal and Monetary Affairs Subcommittee of the Committee on Government Operations of the House of Representatives, July 1, 1964. AND INVENTORY NOTE.—Exclusive of silver dollars. Inventory figures are for the end of the month, except for Jan. 1, 1963. All others represent totals for the month. 838 STATEMENT CONCERNING THE COIN SHORTAGE supply of coins available to them is distributed fairly and efficiently among the commercial banks. But, in our considered judgment, the only real solution to the present coin shortage problem lies in a substantial increase in the production of coin. We are gratified that the Senate has completed action on H. R. 10532, the TreasuryPost Office appropriations bill, which would provide the funds needed for construction of the new mint in Philadelphia, as well as for full-time operations at the existing mints, and we hope that agreement will soon be reached between the two Houses so that the bill may be speedily signed into law. But we cannot wait for the new mint to solve our problem. Production must be increased substantially this year and next, and the new mint will not be in operation soon enough for that. Estimates by the Federal Reserve Banks of their coin requirements for fiscal year 1965 (as were shown in an accompanying table) indicate a need for 6.8 billion pieces, considerably more than the 4,970 million pieces (excluding silver dol- 839 lars) contemplated by H.R. 10532. The need for increased production is heightened by the fact that demand for coins can be expected to rise seasonally later this year. Needs of this kind are extremely difficult to predict with accuracy, and these estimates could be substantially above or below the mark. But we in the Federal Reserve System are convinced that the only safe course at this point is to flood the market with coins in order to remove the incentive to hold on to excess coin, and that normal considerations of cost and efficiency in production are of secondary importance at this time. We have urged the Secretary of the Treasury to take steps to increase production, and we welcome the recent announcement of proposals to accomplish substantial increases in the fiscal year 1965. Increases are sorely needed, particularly before the seasonal increase in demand that may be expected this fall, and we urge the Congress to provide whatever funds and authority may be required for this purpose. Law Department Administrative interpretations, new regulations, and similar material Amendment to Defense Production Act The Defense Production Act of 1950 (Section 301 of which is the basis for guarantees of loans for defense production), which would have expired June 30, 1964, was amended by Act of Congress approved June 30, 1964 (Public Law 88343), so as to continue in force until the close of June 30, 1966. Purchase of Government Obligations by Federal Reserve Banks By Act of Congress approved June 30, 1964 (Public Law 88-344), the authority of the Federal Reserve Banks under Section 14(b) of the Federal Reserve Act to purchase and sell direct or fully guaranteed obligations of the United States directly from or to the United States, which would have expired on June 30, 1964, was extended to June 30, 1966. The text of the Act is as follows: AN ACT To amend Section 14(b) of the Federal Reserve Act, as amended, to extend for two years the authority of Federal Reserve Banks to purchase United States obligations directly from the Treasury. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That Section 14(b) of the Federal Reserve Act, as amended (12 U.S.C. 355), is amended by striking out "July 1, 1964" and inserting in lieu thereof "July 1, 1966" and by striking out "June 30, 1964" and inserting in lieu thereof "June 30, 1966." Approved June 30, 1964. Loans by National Banks on Forest Tracts By Act of Congress, approved June 30, 1964 (Public Law 88-341), the second paragraph of Section 24 of the Federal Reserve Act, was amended so as to liberalize the restrictions on national banks with respect to loans on forest tracts. The text of the Act is as follows: AN ACT To amend Section 24 of the Federal Reserve Act (12 U.S.C. 371) to liberalize the conditions of loans by national banks on forest tracts. Be it enacted by the Senate and House of Representatives of the United States of America in Con- gress assembled, That the second paragraph of Section 24 of the Federal Reserve Act (12 U.S.C. 371) is amended to read: "Any national banking association may make real estate loans secured by first liens upon forest tracts which are properly managed in all respects. Such loans shall be in the form of an obligation or obligations secured by mortgage, trust deed, or other such instrument; and any national banking association may purchase any obligation so secured when the entire amount of such obligation is sold to the association. The amount of any such loan shall not exceed 60 per centum of the appraised fair market value of the growing timber, lands, and improvements thereon offered as security and the loan shall be made upon such terms and conditions as to assure that at no time shall the loan balance exceed 60 per centum of the original appraised total value of the property then remaining. No such loan shall be made for a longer term than three years; except that any such loan may be made for a term not longer than fifteen years if the loan is secured by an amortized mortgage, deed of trust, or other such instrument under the terms of which the installment payments are sufficient to amortize the principal of the loan within a period of not more than fifteen years and at a rate of at least 6% per centum per annum. All such loans secured by first liens upon forest tracts shall be included in the permissible aggregate of all real estate loans prescribed in the preceding paragraph, but no national banking association shall make forest-tract loans in an aggregate sum in excess of 50 per centum of its capital stock paid in and unimpaired plus 50 per centum of its unimpaired surplus fund." Approved June 30, 1964. Deposit Contract Providing for Three Month's Maturity With Option To Withdraw On Ninety Days' Notice The Board of Governors has recently considered an inquiry as to whether a deposit contract of the following nature complies with Federal Reserve Regulation Q (12 CFR Part 217). The contract provides in effect that each deposit will mature 3 months after deposit, except that the whole or any part of the deposit may be withdrawn "before such maturity" at the expiration of either 90 days' or 30 days' written notice; that any part not withdrawn at maturity or pursuant to notice of withdrawal will be deemed to be redeposited for an additional 3-month period dating from the end of the original period, subject to the same terms and conditions; and that, if not withdrawn, the deposit will be similarly 840 841 LAW DEPARTMENT renewed for successive 3-month periods up to an aggregate period of 2 years. Interest would be paid at a rate of 4 per cent (the maximum rate currently permitted by Regulation Q in the case of time deposits maturing in 90 days or more), except that, if withdrawn pursuant to 30 days' notice, the rate would be one per cent per annum (the maximum rate in the case of time deposits maturing in less than 90 days) from the beginning of the "renewal period" in which the deposit is withdrawn. Where a time deposit contract provides for payment on a specified maturity date and also affords the depositor the alternative of withdrawing the deposit pursuant to a notice of withdrawal, the two withdrawal privileges are incompatible if the depositor gives a notice of withdrawal that would expire after the specified maturity date, unless the giving of such notice is regarded as equivalent to an extension of the specified maturity and as supplanting that maturity. In other words, as applied to the form of deposit contract above described, if the deposit is initially made on January 1 to mature on March 31 (that is, after 90 days), and if on March 1 the depositor gives 90 days' notice of withdrawal, so that the period of such notice would expire after the original maturity date, the March 1 notice of withdrawal would not be revocable but must be construed as extending the maturity of the deposit from March 31 to May 29. Any other construction of such a contract would have the effect of permitting a member bank to agree to pay interest at a rate of 4 per cent on a deposit that could be withdrawn within less than 90 days. U.S.C. 1828(c)), an application by Farmers Bank of Clinch Valley, Tazewell, Virginia, a State member bank of the Federal Reserve System, for the Board's prior approval of the merger of that bank and Bank of Graham, Bluefield, Virginia, under the charter of Farmers Bank of Clinch Valley and with the title of Bank of Tazewell County. As an incident to the merger, the two officers of Bank of Graham (one of which has been approved but not yet opened) would become branches of Bank of Tazewell County. Notice of the proposed merger, in form approved by the Board, has been published pursuant to said Act. Upon consideration of all relevant material in the light of the factors set forth in said Act, including reports furnished by the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Department of Justice on the competitive factors involved in the proposed transaction, IT IS HEREBY ORDERED, for the reasons set forth in the Board's Statement of this date, that said application be and hereby is approved, provided that said merger shall not be consummated (a) within seven calendar days after the date of this Order, or (b) later than three months after said date. Dated at Washington, D. C , this 16th day of June, 1964. By order of the Board of Governors. Voting for this action: Governors Mills, Robertson, Shepardson, Mitchell, and Daane. Absent and not voting: Chairman Martin and Vice Chairman Balderston. (Signed) MERRITT SHERMAN, Secretary. Orders Under Bank Merger Act The following Orders and Statements were issued in connection with actions by the Board of Governors of the Federal Reserve on applications for approval of the merger of banks: FARMERS BANK OF CLINCH VALLEY, TAZEWELL, VIRGINIA In the matter of the application of Farmers Bank of Clinch Valley for approval of merger with Bank of Graham ORDER APPROVING MERGER OF BANKS There has come before the Board of Governors, pursuant to the Bank Merger Act of 1960 (12 [SEAL] STATEMENT Farmers Bank of Clinch Valley, Tazewell, Virginia ("Farmers Bank"), with deposits of $9 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 Bank of Graham, Bluefield, Virginia ("Graham Bank"), with deposits of $5.5 million,* under the charter of the former and with the title of Bank of Tazewell County. The proposal contemplates that the main office of Graham Bank and the bank's only branch, approved but not yet operative, would become branches of the resulting * Deposit figures as of December 20, 1963. 842 bank, increasing the number of its offices from two to four. 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 financial histories of both banks are satisfactory. The asset condition of each is basically sound and both have adequate capital structures. The asset condition and capital structure of the resulting bank would be satisfactory. Graham Bank's net earnings have been a little below the average for banks of comparable size in the Fifth Federal Reserve District. The earnings prospects of the bank are considered to be fair. Farmers Bank has had a good history of earnings. The earnings prospects of Farmers Bank and the resulting bank would appear to be favorable. Both banks are lacking in management depth. Combining the staffs of the two banks, as the proposal contemplates, would supply some of the necessary depth, and the resulting bank would be in a better position to attract and hold competent executive personnel. Management of the resulting bank would be reasonably satisfactory. There is no indication that the 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. The main office of Farmers Bank is in Tazewell (population about 4,500), the seat of Tazewell County, which lies in the southwestern part of the State. The bank's only branch is located two miles north of the main office. Tazewell serves a trade area of about 12,000 persons. In addition to coal mining and agriculture (important activities which, however, are of declining importance in the County), some employment for persons in the area is provided by a manufacturer FEDERAL RESERVE BULLETIN • JULY 1964 of electronic components in Tazewell and by manufacturing plants in other nearby communities, including Bluefield, which is situated in Tazewell County about 18 miles northeast of Tazewell. The application indicates that the lending limit of $90,000 of Farmers Bank has been generally adequate to serve the needs of its customers, and it appears that consummation of the proposal would have little significant effect on the banking convenience and needs of the Tazewell community. In contrast to Tazewell, Bluefield (the location of Graham Bank and its approved but as yet inoperative branch) is experiencing considerable commercial, industrial, and residential growth, largely because of its contiguity to Bluefield, West Virginia, which is also experiencing economic expansion. The populations of Bluefield, Virginia, and of Bluefield, West Virginia, exceed, respectively, 4,200 and 19,500. There are some 17 industrial concerns in or near Bluefield, Virginia, and further economic support is derived from Bluefield College. Graham Bank's lending limit of $52,500 is too small to allow it to participate, to any great extent, in the economic growth of the area. The resulting bank's lending limit of $150,000 would place it in a more favorable position to offer a convenient alternative source of credit to the expanding commercial and industrial enterprises in the area. Competition. There is no more than a minor amount of competition between Farmers Bank and Graham Bank. Although the service area * of each of the two banks overlaps slightly, the 18 miles separating the banks are mountainous, rural, and sparsely settled. Generally, Tazewell County banks serve their own communities and are not in direct or active competition with banks in other localities. Farmers Bank's principal competitor is the only other bank in Tazewell, Tazewell National Bank, which is slightly smaller in deposit size. Graham Bank's principal competitors are three banks in Bluefield, West Virginia, and to a lesser extent, Southwest Virginia Bank in Pocahontas, Virginia, which is located 13 miles northwest of Graham Bank's main office. The resulting bank would hold about 16 per * The area from which a bank obtains 75 per cent or more of its deposits of individuals, partnerships, and corporations. 843 LAW DEPARTMENT cent of the deposits of the combined service area of the participating banks and would be the third largest in the area with total deposits of about $14 million. The first and second largest, with deposits of approximately $34 and $23 million and located in Bluefield, West Virginia, are in direct competition with Graham Bank. The principal competitive effect of the proposed merger would occur in the Bluefield area. The increased lending limit of the resulting bank would stimulate competition with the two largest banks, especially in the field of credit for industrial and commercial expansion. There is no evidence that the smaller West Virginia bank, the Commercial Bank of Bluefield, would experience undue competitive stress. It presently competes successfully with the two largest banks in the area. The proposed merger would not have any significant adverse effect on the other bank in Tazewell. No new offices would be gained by the merger in the immediate Tazewell area to compete against Tazewell National Bank, nor would the increased lending limit be a competitive factor, since the economy of that area at present does not indicate a need for such service. Summary and conclusion. The merger of Farmers Bank of Clinch Valley, Tazewell, and Bank of Graham, Bluefield, would eliminate only a minor amount of competition existing between them. It would not have undesirable competitive effects on other banks in the service area of the resulting bank, nor would the proposal adversely affect the over-all competitive situation. Consummation of the merger will supply management depth and create an institution that could more adequately serve Tazewell County than can the two banks as separate entities, particularly in the Bluefield area which is experiencing industrial and residential growth. Accordingly, the Board finds the proposed transaction to be in the public interest. CAMDEN TRUST COMPANY, CAMDEN, NEW JERSEY In the matter of the application of Camden Trust Company for approval of merger with Merchantville National Bank and Trust 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 Camden Trust Company, Camden, New Jersey, a State member bank of the Federal Reserve System, for the Board's prior approval of the merger of that bank with Merchantville National Bank and Trust Company, Merchantville, New Jersey, under the charter and title of the former. As an incident to the merger, the main office and branch of Merchantville National Bank and Trust Company would be operated as branches of Camden 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 26th day of June, 1964. By order of the Board of Governors. Voting for this action: Governors Mills, Robertson, Shepardson, Mitchell, and Daane. Absent and not voting: Chairman Martin and Vice Chairman Balderston. (Signed) MERRITT SHERMAN, Secretary. [SEAL] STATEMENT Camden Trust Company, Camden, New Jersey ("Camden Trust"), with deposits of $193 million,1 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 Merchantville National Bank and Trust Company, Merchantville, New Jersey ("Merchantville Bank"), with deposits of $16 million,1 under the charter and title of Camden Trust. The proposal contemplates that the two offices of Merchantville Bank would be operated as branches of Camden 1 As of December 20, 1963. 844 Trust, increasing the number of its offices to seventeen. 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. Camden Trust and Merchantville Bank have satisfactory financial histories. The asset condition of each is sound and they have adequate capital structures. Were the merger to be consummated, these attributes would characterize the resulting bank also. Camden Trust has a satisfactory earnings record and its earnings prospects are favorable. Although the net earnings of Merchantville Bank declined for 1963, its earnings record in general has been good. During the period 1955 to 1963 the bank's total deposits increased by over 85 per cent, and its loans by 123 per cent. Its only branch was opened in June 1963. Prospects for the foreseeable future are that the bank will continue as a profitable organization. The earnings prospects for the resulting bank would also be favorable. The management of Merchantville Bank is satisfactory, if less aggressive than that of Camden Trust. The bank's chief executive officer, who is past normal retirement age and has been the dominant influence in management, desires to be relieved of his present responsibilities with the bank. It appears that the bank has not recruited or trained successor management. Nonetheless, in view of the bank's size and location and the aggregate compensation of that officer, it should be possible to find a successor by means other than merger, and no evidence is presented in the application to support a contrary conclusion. There is no indication that the corporate powers are or would be inconsistent with 12 U.S.C., Ch. 16. Convenience and needs of the communities to FEDERAL RESERVE BULLETIN • JULY 1964 be served. The City of Camden, in Camden County, is located directly across the Delaware River from Philadelphia, Pennsylvania. The population of the city was about 117,000 in 1960, reflecting a decrease of almost 6 per cent since 1950, while that of the county exceeded 392,000, reflecting an increase of over 30 per cent. Camden County is one of New Jersey's major industrial areas. The Borough (i.e., village) of Merchantville, also in Camden County, comprises an area of slightly more than one square mile, situated about three miles from Camden. Merchantville is chiefly residential, many of its residents being employed in Camden. Merchantville's population of over 4,000 in 1960 reflected a slight decline over the past decade. Unlike most of the area surrounding it, Merchantville has virtually no vacant land. Under New Jersey law, banks may establish branches only in the county of their head offices; but a bank may not establish a de novo branch in any political subdivision where the main office or branch of another bank is located. There are already banking offices in virtually all the political subdivisions in Camden County, and Merchantville Bank would be able to obtain a branch in any adjoining municipality only by merging with an existing bank. No bank outside Merchantville can establish a branch within that borough except by merger. Camden County is served by nine banks, of which two, Camden Trust and First Camden National Bank and Trust Company ("First Camden"), together have about 75 per cent of total IPC deposits 2 and 82 per cent of total loans and discounts of all banks in the county. The remaining banks range in size from Haddonfield National Bank, with $44 million of deposits, down to Delaware Valley National Bank of Cherry Hill, with $3 million. In addition, the application states that several banks in Burlington County, some only a short distance across the county line from Merchantville, and in Gloucester County, southeast of Camden County, also serve, to some extent, the convenience and needs of the communities concerned. The Borough of Merchantville has only two banking offices. First Camden has a nearby of3 Deposits of individuals, partnerships, and corporations. LAW DEPARTMENT fice which serves that general area from which the bulk of Merchantville Bank's loans and deposits are obtained. First Camden has two additional offices, and Camden Trust has one office, located outside that area but nearby and conveniently available to it. The effect of the merger on banking convenience and needs would be limited almost entirely to Merchantville. While Merchantville Bank does not offer banking services such as corporate trust services, dealer loans, certain types of instalment loans, or safe deposit boxes at the present branch office, and has a lending limit of $100,000, there is little indication of a demand for such banking services or a larger lending limit in Merchantville. All the services and facilities not now available within the Borough of Merchantville which would be offered by the resulting bank are already available at easily accessible offices of larger banks, particularly the three offices of First Camden and the office of Camden Trust located within, or on the perimeter of, the service area s of Merchantville Bank. Nor are the convenience and needs of the Merchantville community such as to require the presence of a larger bank in the borough. Competition. Camden Trust is the largest bank in Camden County. The entire service area of Merchantville Bank lies within the service area of Camden Trust, and there is direct competition between the two banks. One office of Camden Trust is little more than a mile from an office of Merchantville Bank. Consummation of the merger would eliminate that competition. The application contends that consummation of the proposed transaction would increase competition between Camden Trust and First Camden. To some extent this would be the case, since representation of Camden Trust would be increased in an area where First Camden's offices are clustered. The application also urges that because of the restrictions imposed by New Jersey law that are described above, Merchantville Bank is "locked into" its present competitive position. This is accurate only in the sense that except by merging, Merchantville Bank is not likely to grow into a major competitive factor in the county through establishment of additional offices. State law protects the competitive position of that bank 3 The area from which a bank obtains 75 per cent or more of its IPC deposits. 845 in the area in which it now functions, and there is no reason to anticipate that it will not continue to enjoy a healthy growth as an independent local institution. Nor would approval of the proposal result in there being two competitive banks in Merchantville. The borough would remain exclusive territory of a single bank. Any increased competition between the two large banks which might result from consummation of the proposed merger is more than outweighed by the increase in the already high degree of concentration of banking resources in Camden County which would clearly ensue. At present, Camden Trust holds over 42 per cent of IPC deposits and over 47 per cent of loans of banks headquartered in the county, and operates fifteen of the forty-six banking offices in the county. If the merger were consummated, these percentages would increase to 46 and 49, respectively, and the number of offices to seventeen out of fortysix. The two largest banks in the County, Camden Trust and First Camden, together hold 75 per cent of IPC deposits and 82 per cent of loans of banks headquartered in the county and operate 63 per cent of the banking offices of all banks in Camden County. If the proposed merger were consummated, these two banks combined would hold 79 per cent of the IPC deposits, 84 per cent of the loans, and operate 67 per cent of the banking offices in the county. Of the six other banks headquartered in the county, none would hold as much as 10 per cent of the county's IPC deposits or loans. While indicating Camden County as the service area of the resulting bank, the application also includes banks in nearby areas of Burlington and Gloucester Counties, as mentioned above, in measuring the share of banking business of banks operating throughout the service area of Camden Trust. Even if this approach were justified, it remains true that a substantial existing degree of concentration of banking resources would be increased by the proposed merger. Thus, Camden Trust and First Camden together have about 65 per cent of IPC deposits and 73 per cent of loans of all banks in the extended area of service. After consummation of the proposed merger, these percentages would be about 68 and 75, respectively. Thus, even on the basis of a market diluted by the Burlington and Gloucester banks which the appli- 846 cant would include, the figures on concentration are not reduced sufficiently to alter this important aspect of the competitive picture. Summary and conclusion. Consummation of the proposed merger would eliminate a healthy and growing bank in direct competition with Camden Trust and increase the already high degree of concentration of banking resources in the area served by the two banks. Neither the management factor nor the convenience and needs of the communities concerned adds any significant weight for FEDERAL RESERVE BULLETIN • JULY 1964 approval of the application. While effectuation of the proposal would tend to increase competition between the larger banks already competing in the community concerned, and although the possibility of banks branching either in or out of the Borough of Merchantville is severely limited by State law, except by merger, these considerations do not appear to the Board sufficient to outweigh the adverse competitive considerations in this case. Accordingly, the Board is unable to find that the proposed merger would be in the public interest. Announcements CHANGES IN THE BOARD'S STAFF Mr. J. J. Connell, Controller since March 1, 1958, retired from the Board's staff July 1, 1964, after more than 35 years service. Prior to his appointment as Controller, Mr. Connell had extensive experience in the areas of Reserve Bank supervision and operations. To succeed Mr. Connell, effective July 1, the Board appointed as Controller, Mr. John Kakalec, who had been serving as Assistant to the Controller since February, 1960. He joined the Board's staff in June, 1949, and has been assigned to positions in the Divisions of Administrative Services and Bank Operations in addition to assignments in the Controller's office. A graduate of The George Washington University School of Government, Mr. Kakalec holds A.B. and M.A. degrees in accounting. REVISIONS IN INDUSTRIAL PRODUCTION INDEXES The seasonally adjusted indexes of industrial production for the total and the industry groupings shown in this issue, pages 896, 897, and 900, have been revised back to May 1963, incorporating revisions of seasonal adjustment factors back to January 1961. The revised industry grouping indexes for the whole period since January 1961 and the revised seasonal factors, as well as those for the market groupings, will be available and distributed to the Business Indexes' mailing list within the next two months. ERRATA IN JUNE 1964 BULLETIN The last paragraph in the first column of page 678 should be changed to read as follows: "This September about 3.6 million workers in service, trade, and other nonmanufacturing activities, who were first covered in 1961, will be affected by an increase in minimum wages from $1.00 to $1.15 an hour. In September 1965 their minimum wages will be raised to $1.25 an hour, and they will then be on a parity with those for workers who had already been covered in the minimum wage increase in September 1963." On page 709, third column, the date of Governor Daane's oath of office should be November 29, 1963. 847 National Summary of Business Conditions Released for publication July 15 among other materials, nondurable as well as durable. Industrial activity continued to advance in June while retail sales and construction activity changed little. The unemployment rate rose slightly after declining in May. The money supply increased substantially and time and savings deposits at commercial banks continued to expand. In security markets, interest rates declined somewhat between mid-June and mid-July while common stock prices rose appreciably. CONSTRUCTION New construction put in place changed little in June, following downward revisions in May for both private and public expenditures. The seasonally adjusted annual rate of $65 billion in June was 2 per cent below the record level in MarchApril. INDUSTRIAL PRODUCTION Industrial production rose further in June to 131.8 per cent of the 1957-59 average. The figure for May was revised upward to 131.2 per cent, reflecting in part the incorporation into the index of revised seasonal adjustment factors for the period beginning with January 1961. In June output of both consumer goods and business equipment increased. Production of television sets recovered from a strike and output of furniture and of consumer staples advanced. Auto assemblies remained at record levels. In the business equipment industries, output of industrial machinery rose appreciably further. Over-all output of materials also expanded in June. Production of iron and steel changed little but small increases in output were widespread INDUSTRIAL PRODUCTION 1957-59=100 DISTRIBUTION Retail sales in June remained at the advanced May rate. Dealer deliveries of new cars declined, in part because shipments from assembly plants in the East were limited by a trucking strike. Sales at most major outlets for nondurable goods continued to expand. For the second quarter as a whole, retail sales were up more than W2 per cent from the first quarter and 6 per cent from the spring quarter of 1963. AGRICULTURE Commercial production of meat in the first half of 1964 was 8 per cent above a year earlier, with most of the expansion accounted for by beef. The July 1 survey of crop conditions indicates another year of large production. The planted acreage of cotton is almost as large as last year, suggesting that relatively few farmers elected to retire acreage under the new cotton-stabilization program. COMMODITY PRICES F.R. indexes, seasonally adjusted. Latest figures shown are for June. From early June to early July the wholesale commodity price index increased somewhat, reflecting a rise in foodstuffs that was mainly seasonal. The index for industrial commodities was stable at the level of last December. Since early June, livestock and meat prices have increased appreciably as marketings of meat animals have been curtailed. Wheat prices have declined further in adjustment to the lower loan rate under the Federal program for this year's crop. Among basic industrial commodities, tin has risen 848 849 NATIONAL SUMMARY OF BUSINESS CONDITIONS sharply and steel scrap has increased. Supplies of copper are being curtailed by strikes. BANK CREDIT, MONEY SUPPLY, AND RESERVES Seasonally adjusted commercial bank credit increased $1.6 billion in June, reflecting principally continued expansion in loans. Holdings of U.S. Government securities declined further while holdings of other securities rose moderately. Following a small reduction in May, the seasonally adjusted money supply increased substantially. Time and savings deposits at commercial banks continued to expand. Seasonally adjusted total and required reserves, on a monthly average basis, rose in June. Excess reserves of member banks averaged $390 million and borrowings from the Federal Reserve $270 PRICES million; excess reserves were higher than in May but borrowings were also up slightly. Reserves were supplied principally through System purchases of U.S. Government securities and were absorbed through currency outflow. SECURITY MARKETS From mid-June to early July bond yields generally declined somewhat. On July 8 the Treasury announced an advance refunding of nearly $27 billion of publicly-held securities. Subsequently, yields on short-term Treasury securities declined to a new low for this year while the average yield on longer-term Government issues rose slightly from its 1964 low. Since mid-June, common stock prices have risen appreciably to a new high. INTEREST RATES WHOLESALE 5 ALL ITEM.S - ALL COMMODITIES .. . 1 ! ! I COMMODITIES O t h e r than f a r m a n d l o o d 1 1 . . ^ - 1 1 " " " ~ 1 NONFOOD COMMODITIES 1 ! SERVICES 1 ..-•--• PROCESSED FOODS FOODS | * FARM PRODUCTS j 1 1 _ 1 Bureau of Labor Statistics indexes. Latest figures shown for consumer prices, May; for wholesale prices, June estimated. 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 July 10. Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e c P r rp N.S Estimated Corrected Preliminary Revised Revised preliminary i, ii, III, IV n.a. n.e.c. S.A. IPC A L S u Quarters Not available Not elsewhere classified Monthly (or quarterly) figures adjusted for seasonal variation Monthly (or quarterly) figures not adjusted for seasonal variation Individuals, partnerships, and corporations Assets Liabilities Sources of funds Uses of funds Amounts insignificant in terms of the particular unit (e.g., less than 500,000 when the unit is millions) (1) Zero, (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. "U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Flow of funds. Issue Page Apr. 1964 508-17 Semiannually Banking offices: Analysis of changes in number of Feb. 1964 On, and not on, Federal Reserve Par List number of Feb. 1964 Issue Page Feb. 1964 242-47 Mar. 1964 396-97 Banks and branches, number of, by class and Apr. 1964 518-19 State 240 241 Annually Bank holding companies: List of, Dec. 31, 1963 June 1964 Banking offices and deposits of group banks, Dec. 31, 1963 June 1964 Annually—continued Banking and monetary statistics, 1963. Income and expenses: Federal Reserve Banks Member banks: Calendar year Operating ratios Insured commercial banks. May 1964 630-38 Apr. 1964 520-22 May 1964 639 Stock exchange firms, detailed debit and credit balances Sept. 1963 Feb. 1964 238-39 782 783 850 1322 Financial and Business Statistics * United States * Member bank reserve, 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 852 856 858 860 862 864 868 870 873 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 874 875 876 878 883 884 887 889 892 Industrial production Business activity. Construction Employment and earnings Wholesale and consumer prices National product and income series. Flow of funds 896 900 900 902 904 906 908 Guide to tabular presentation. Index to statistical tables 850 935 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- 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. 851 852 BANK RESERVES AND RELATED ITEMS JULY 1964 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors absorbing reserve funds Factors supplying reserve funds F.R. Bank credit outstanding Period or date U.S. Govt. securities Discounts Bought Repur- and Float out- chase adTotal right agree- Total 2 Deposits, other than member bank Member bank Treasreserves, reserves Cur- Treasury with F.R. Banks Other ury cur- rency Gold F.R. in cash stock rency cirholdacoutings stand- culacounts With Curtion F.R. rency Total ing Treas- For- Other i eign ury Banks and coin 3 Averages of daily figures 1929—June.... 179 179 1933—June.... 1,933 1,933 1939—Dec 2,510 2,510 1941—Dec 2,219 2,219 1945—Dec 23,708 23,708 978 250 8 5 381 210 61 1,317 4.024 2,018 4,400 272 12 2,208 4,030 2,295 5,455 83 2,612 17,518 2,956 7,609 2,402 170 2,404 22,759 3,239 10,985 2,189 652 24,744 20,047 4,322 28,452 2,269 30 81 616 592 625 30 164 739 1,531 1,247 376 2,314 350 2,211 248 11,473 292 12,812 493 16,027 2,314 2,211 11,473 12,812 16,027 4.629 4,701 4,806 4,885 4,982 27,806 1,290 29,139 1,280 30,494 1,271 30,968 767 30,749 805 615 271 569 602 443 920 571 745 466 439 353 264 290 390 365 739 796 832 908 929 17,391 20,310 21,180 19,920 19,279 17,391 20,310 21,180 19,920 19,279 5,008 5.064 5,144 5,230 5,311 31,265 31,775 31,932 32,371 32,775 777 772 768 691 396 434 463 385 470 524 459 372 345 262 361 394 247 186 337 348 983 998 ,063 ,174 ,195 19,240 19,535 19,420 18,899 18,628 19,240 19,535 19,420 18,899 304 18,932 408 422 398 522 514 587 250 229 222 495 244 290 ,029 16,688 2,595 19,283 ,112 17,259 2.859 20,118 ,048 16,932 3,108 20,040 94 144 62 98 184 190 103 94 665 29,060 17,954! 5,396 33,019 152 31,217 16,929! 5,587 33,954 305 2,298 33,218 15,978! 5,5611 35,281 | | 236 635 33,454 322 ,740 34,2621 15,785! 5.585 35,752 15,664; 5,583| 35,293 355 ,453 34,080 15,602 5,584 35,794 352 ,710 34,440 15.582 5,589 35,945 343 593 34,628 15,582 5.587 36,120 407 ,771 35,353 15,582j 5,594 36,693 360 434 36,610| 15,562| 5,583 37,603 400 393 394 401 395 395 389 794 923 846 866 918 938 879 193 176 164 149 161 150 160 216 201 200 196 194 198 206 ,125 ,076 ,144 ,163 ,089 ,138 ,215 16,800 16,991 16,723 16,890 16,920 17,017 17,303 2,929 3,029 2,996 3,055 3,083 3,097 3,443 19,729 20,020 19,719 19,945 20,003 20,114 20,746 33,127 32,981 33,348 33,453 33,836 34,530 73 28 41 45 71 101 289 311 259 214 2561 271 i 408 429 433 426 '425 415 965 926 948 924 957 886 155 141 153 141 148 135 212 205 202 195 180 200 ,052 991 998 987 ,111 ,273 17,247 17,018 17,146 17,084 17,092 17,356 3,428 3,130 3,067 3,189 3,127 3,192 20,675 20,148 20,213 20,273 20,219 20,548 30,808 31,350 31,333 30,914 30,910 30,646 31,113 31,211 30,914 30,910 162 237 122 124 141 229 304 266 I 1, ,522 32,500 15,877 1,545 33,081 15,864 1,471 33,077 15,828 1,899 33,163 15,828 1,446 32 ,667 15,819 5,578 34,583 34,755 34,933 34,896 34,911 963 438 435 969 416 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 3,029 2,703 2,910 2,896 3,034 19,644 19,715 19,660 19,683 19,599 31,293 31,587 31,317 31,583 31,191 31,513 31,244 31,430 102 74 73 153 216 249 284 234 1,318 32,868 1,382 33,261 ,382 33 1,853 33,498 1,854 33 ,714 15,797 15,797 15,798 15,779 5,583 5,581 5,582 5,582 35,108 35,298 35,331 35,279 407 402 404 402 643 774 781 892 169 218 202 185 183 1,156 16,582 2,856 19,438 205 ,156 16,587 2,841 19,428 237 ,111 16,813 2,983 19,796 217 ,099 17,001 3,051 20,052 17 24 31 32,249 32,652 32,042 31,687 32,086 32,078 32,308 31,939 31,687 32,044 171 344 103 42 329 323 401 313 143 1,651 1,726 1,929 1,990 1,344 34,273 34 ,744 34 ,419 34 ,030 33 ,611 15,733 15,691 15,669 15,633! 15,633| 35,581 35,899 35,850 35.698 35,564 863 383 391 1,022 396 922 391 886 393 891 173 180 180 168 179 235 ,101 196 ,107 199 ,056 193 ,062 202 1,069 Aug. 7 14 21 28 32,443 32,286 32,017 32,142 32,373 32,253 31,964 32,074 70 33 53 68 403 382 324 305 1,288 1,367 1,787 1,418 34,174 34 ,075 34 ,167 33 ,901 15,6331 15,618 15,583 15,5831 5,587 5,581 5,583 5,586 35,703 35,879 35,850 35,728 402 382 394 400 742 870 879 918 170 167 153 162 250 188 185 181 1,071 17,055 2,858 19,913 1,038 16,750 2,959 19,709 1,217 16,655 2,999 19,654 1,219 16,461 3,093 19,554 Sept. 4 11 18 25 32,438 32,644 32,209 32,040 32,264 32,350 32,209 32,040 174 294 355 385 225 418 1,348 1,487 1,995 1,937 34 ,180 34 ,553 34,465 34,434 15,582 15.583 15;582 15,582 5,587j 5.591 5,590 5,587 35, 36,066 36,016 35,850 391 409 417 385 806 824 942 856 170 153 142 139 192 206 209 181 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 Oct. 32,511 33,036 32,784 32,226 32,474 32.449 32,617 32,521 32,226 32,413 62 419 263 373 ,545 34,467 422 ,527 35,030 339 567 34,737 392 930 34,589 229 1J416 34,163 15,582 15,583 15,583 15.581 15,582 5.589 5,591 5,582 5,583 5,590 35,858 36,061 36,235 36,165 36,066 393 397 392 394 398 901 910 930 915 906 153 153 150 171 167 192 193 194 188 197 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 1950—Dec 1951—Dec 1952—Dec 1953—Dec 1954—Dec 20,345 23,409 24,400 25,639 24,917 20,336 23,310 23,876 25,218 24,888 1955—Dec 1956—Dec 1957—Dec 1958—Dec 1959—Dec 24,602 24,765 23,982 26,312 27,036 24,318 24,498 23,615 26,216 26,993 I960—Dec 1961—Dec 1962—Dec 27,248 27,170 29,098 29,061 30,546 30,474 1963—June. July . Aug.. Sept.. Oct.. Nov.. Dec. 31,540 32,158 32,233 32,341 32,648 33,126 33,729 31,446 32,014 32,171 32,243 32,464 32,936 33,626 1964—Jan.., Feb.. Mar.. Apr.. May. June. 33,200 33,009 33,389 33,498 33,907 34,631 1 8 15 22 29 5 142 1,117 21,606 22,879 9 657 99 446 22,483 524 1,633 299 23,276 448 421 018 27,107 22,028 407 29 992 26,317 21,711 284 840 389 26,853 21,689 706 267 633 27,156 21,942 716 >43 26,186 22,769 367 564 ,496 28,412 20,563 96 911 43 ,426 29,435 19,482 78 37 72 164 35,770 644 35,028 ,710 35,454 ,798 35.602 ,747 35,981 ,784 36.7601 15,513j 15,480 15,462 15.462 15,462 15.462 5,5831 36,827 5,586 36,383 5,579 36,615 5,580! 36,887 5.577 '37,107 5.585 37,.541 Week ending— 1963 May June 12 19 26 July 3 10 2 9 16 23 30 For notes see opposite page. 61 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 19,648 853 BANK RESERVES AND RELATED ITEMS JULY 1964 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 Dis counts Repur- and Float Bought chase adoutTotal agreeright ments vances Total 2 Factors absorbing reserve funds Deposits, other than member bank Treas- Curreserves, ury Treaswith F. R. Banks cur- rency ury Gold rency in cash stock ciroutholdstand- culaings tion Treas- For- Other ing ury eign Other F. R. accounts Member bank reserves CurWith I rency F.R. Total and Banks coin 3 Averages of daily figures Week ending1963 Nov. 6 13 20 27 3,031 3,179 2,949 3,111 32,822 32,880 32,773 33,018 209 299 176 93 434 330 462 233 1,315 34,842 1,581 35,138 2 ,180 35,635 2 ,126 35,512 15,583 15,582 15,582 15,582 5,593 5,598 5,596 5,593 36,251 36,625 36.722 36,872 388 823 402 886 403 1,045 386 K006 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 Dec. 4 . . 11.. 18.. 25.. 3,795 3,849 3,665 3,586 33,590 33,759 33,582 33 552 205 90 83 34 540 148 307 350 1,631 1,899 2 ,471 2 ,991 36,010 35,945 36,507 37,040 15,582 15,582 15,582 15 552 5,580 5,586 5 582 5 586 37,274 37,487 37 621 37 752 385 388 392 395 812 856 907 903 167 143 158 154 197 202 196 210 1,264 1,268 1,194 1,208 17,074 16,770 17,204 17,556 3,246 3,224 3,476 3,445 20,320 19,994 20,680 21,001 15 22 29 13,655 13,698 13,494 12,944 i2,73r 33 563 33 531 33 338 32 944 32 739 92 167 156 590 396 394 198 209 2 ,752 37 2 ,461 36 2 ,203 36 2 ,365 35 1,764 34 15 15 15 15 15 513 513 513 513 512 5 5 5 5 5 580 582 584 586 582 37 37 36 36 36 730 306 983 690 364 381 927 402 966 406 1,033 416 1,044 410 869 185 168 167 148 141 227 1,142 17,653 205 1,070 17,685 213 1,062 17,463 216 1,059 17,149 208 1,041 16,840 3,796 3,484 3,442 3,314 3,360 21,449 21,169 20,905 20,463 20,200 5 12 19 26 13,009 13,275 12,~" 12,750 32 979 33 214 32 862 32 750 30 61 25 277 372 291 200 1,417 34 771 1,496 35 208 1,846 35 088 1,835 34 846 15 512 15 498 15 462 15 462 5 5 5 5 587 586 583 588 36 36 36 36 292 462 469 308 425 424 420 439 131 151 124 147 214 960 200 961 209 960 197 1,051 17,089 17,116 16,972 16,852 3,131 3,062 3,199 3,184 20,220 20,178 20,171 20,036 362 253 358 279 1,529 35 1,609 35 1,758 35 1,973 35 204 385 480 750 15 462 15 463 15 463 15 462 5 5 5 5 586 580 576 579 36 36 36 36 352 538 692 657 443 989| 9411 452 444 897 431 1,044 150 149 144 159 207 1,040 17,072 207 1,062 17,079 200 1,005 17,137 196 950 17,354 3,111 2,899 3,076 3,156 20,183 19,978 20,213 20,510 1,512 35 1,593 35 1,756 35 2 ,166 35 1,772 35 353 898 891 593 083 15 15 15 15 15 462 463 462 462 462 5 5 5 5 5 578 583 585 576 578 36 36 36 36 36 735 839 998 912 813 391 415 439 432 423 881 922 980 898 929 164 148 135 133 140 202 952 17,067 3,242 203 1,039 17,376 2,974 197 1,005 17,183 3,185 187 946 17,123 3,200 193 959 16,667 3,299 20,309 20,350 20,368 20,323 19,966 20,277 20,293 20,304 20, 1 14 1964 Jan. Feb. 1. 759 978 979 903 Mar. 4. 11. 18. 25. 33,245 33,437 33,270 33,384 33 33 33 33 Apr. 33,575 33,979 33,843 33,050 33,086 33 534 33 916 33 843 33 050 32 985 101 155 209 191 321 137 20'. 27. 33,763 33,987 33,749 33,839 33 580 33 904 33,715 33 819 183 83 34 20 213 314 298 209 1,653 35 1,640 36 2 ,064 36 1,739 35 724 020 179 844 15 463 15 463 15,462 15,462 5 5 5 5 582 571 573 581 36 910 37,150 37,154 37,123 426 888 417 990 427 1,010 430 927 156 160 143 131 188 954 17,247 179 939 17,218 178 1,195 17,107 174 1,250 16,852 3 10 17 24 34,38 34,75' 34,59 34,427 34,327 34,530 54 34,438 34,427 227 265 289 328 232 1,521 36,222 1,471 36,597 1,823 36,811 2 ,136 36,875 15,463 15,462 15,461 15,461 5,584 5 ,590 5,582 5,582 37,263 37,487 37,614 37,574 425 436 415 395 914 905 880 905 145 135 131 138 197 199 196 203 33,169 34,229 34,794 33,117 34,229 34,794 52 116 1,741 35,119 15,462 5,579 36,885 226 ,564 36,066 15,463 5,583 37,208 79 1,633 36,589 »15,461 ,583 *37,719 413 416 925 997 939 166 161 156 193 951 16,629 3,55: 18 16,890 2,82: 1,25 182 1,255 16,973 ^3,46 34,229 33,944 33,824 34,02f 33,907 33,904 33,760 34,013 322 40 64 10 247 179 530 204 1,403 35,967 1,527 35,723 1,700 36,125 1,274 35,556 15,463 15,463 15,463 15,463 5,584 5,573 5,575 5,582 37,064 37,218 37,163 37,208 436 424 435 437 785 829 1,072 884 137 165 148 145 962 17,455 175 171 875 17,076 170 1,244 16,931 185 1,251 16,490 34,65: 34,65' 34,61' 34,53 34,473 34,539 34,438 34,531 182 118 179 365 1,345 36,431 334 1,330 36,400 214 ,954 36,855 93 ,821 36,546 15,463 15,463 15,463 15,463 5,589 5,586 5,585 5,586 37,407 37,611 37,647 37,588 440 429 404 402 804 845 790 967 119 142 15. 139 212 190 187 19' 1. 15 22 29 May 6. June 245 437 195 301 153 706 231 623 780 75 83 41 63 153 1,257 1,308 1,240 1,273 3,030 3,075 3,197 3,262 17,066 3,128 17,179 3,007 17,378 >35236 17,430 ^3,297 20,194 20,186 ^20,614 no,121 End of month 1964 Apr May 20,184 19,713 ^20,434 June Wednesday 1964 May 6 13 20 27 June 3 10 17 24 1 Beginning with 1960 reflects a minor change in concept, see Feb. 1961 BULL., p. 164. 2 Includes industrial loans and acceptances, when held. (Industrial loan program discontinued Aug. 21, 1959.) For holdings of acceptances on Wed. and end-of-month dates, see subsequent tables on F.R. Banks. See also note 1. 1,252 1,311 1,230 1,284 3,185 3.518 3,486 3,64 20,640 20,594 20,417 20,134 17,250 3,335 20,585 16,920 3,420 20,340 17,491 n 1,002 17,017 P3',683 "20,700 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. 854 BANK RESERVES AND RELATED ITEMS JULY 1964 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City Period 1 Reserves Total held Required Excess BorrowFree ings reat serves F. R. Banks Reserves Total held Required City of Chicago Borrowings at Excess F.R. Banks Reserves Free reserves 1929—June.... 1933—June 1939—Dec 1941_Dec 1945_Dec 1947_Dec 2,314 2,275 12,160 1,797 11,473 6,462 12,812 9,422 16,027 14,536 17,261 16,275 42 363 5,011 3,390 1,491 986 974 184 3 5 334 224 -932 179 5,008 3,385 1,157 762 762 861 5,623 5,142 4,118 4,404 755 792 3,012 4,153 4,070 4,299 7 69 2,611 989 48 105 174 1950—Dec 1951—Dec 1952—Dec 1953—Dec 1954—Dec 17,391 20,310 21,180 19,920 19,279 16,364 19,484 20,457 19,227 18,576 1,027 826 723 693 703 142 657 1,593 441 246 885 169 -870 252 457 4,742 5,275 5,357 4,762 4,508 4,616 5,231 5,328 4,748 4,497 1955—Dec 1956—Dec 1957—Dec 1958—Dec 1959—Dec 19,240 19,535 19,420 18,899 18,932 18,646 18,883 18,843 18,383 18,450 594 652 577 516 482 839 688 710 557 906 -245 -36 -133 -41 -424 4,432 4,448 4,336 4,033 3,920 1960—Dec 1961—Dec 1962—Dec 19,283 18,514 20,118 19,550 20,040 19,468 769 568 572 87 149 304 682 419 268 1963—June July Aug Sept Oct Nov Dec. 19,729 20,020 19,719 19,945 20,003 20,114 20,746 19,355 19,537 19,256 19,533 19,596 19,705 20,210 374 483 463 412 407 409 536 236 322 330 321 313 376 327 20,675 20,248 20,148 19,753 20,213 19,856 20,273 19,898 20,219 19,886 "20,548 "20,171 427 395 357 375 333 nil 256 304 259 213 255 270 noi 1964—Jan Feb Mar May'.!!! June.... Total held Required Excess Borrowings at F.R. Banks Free reserves 161 211 1,141 1,143 939 1,024 161 133 601 848 924 1,011 1 78 540 295 14 13 63 192 38 -167 69 2,611 989 -144 67 -62 78 540 295 14 7 125 44 30 14 12 58 151 486 115 62 67 -107 -456 -101 -50 1,199 1,356 1,406 1,295 1,210 1,191 1,353 1,409 1,295 1,210 8 3 -4 1 -1 5 64 232 37 15 3 -61 -236 -36 -16 4,397 4,392 4,303 4,010 3,930 35 57 34 23 -10 197 147 139 102 99 -162 -91 -105 -81 -109 1,166 1,149 1,136 1,077 1,038 1,164 1,138 ,127 ,070 ,038 2 12 8 7 85 97 85 39 104 -83 -86 -77 -31 -104 3,687 3,834 3,863 3,658 3,826 3,817 29 7 46 19 57 108 10 -50 -62 958 987 1,042 953 987 ,035 8 22 18 -4 -22 -11 138 161 133 91 94 33 209 3,722 3,795 3,630 3,748 3,695 3,683 3,951 3,742 3,740 3,620 3,721 3,693 3,668 3,895 -20 55 10 27 2 15 56 39 40 90 82 101 89 37 -59 15 -80 -55 -99 -74 19 1,028 1,038 1,009 1,029 1,036 1,035 1,056 ,032 ,026 ,007 ,030 ,028 ,031 ,051 -4 12 2 -1 8 4 5 3 24 29 40 19 40 26 -7 -12 -27 -41 -11 -36 -21 171 91 98 162 78 3,906 3,797 3,803 3,787 3 833 "3,983 3,893 3,757 3,798 3,773 3 832 "3,945 13 40 5 14 -23 -7 -17 -2 -26 "38 36 47 22 16 26 39 P-\ 1,048 1,014 1,026 1,021 1,044 "1,033 ,044 ,016 ,022 ,015 ,042 ,034 5 -2 4 7 2 "-1 27 87 90 21 5 13 -22 -89 -86 -14 -3 P-14 Week ending— 1963—June 5. 12. 19. 26. 19,438 19,428 19,796 20,052 19,098 19,009 19,298 19,673 340 419 498 379 216 248 284 234 124 171 214 145 3,672 3,632 3,749 3,848 3,662 3,621 3,743 3,828 10 12 5 20 11 18 63 73 -1 -6 -58 -53 1,028 1,012 1,016 1,058 ,025 ,009 ,021 ,051 2 3 -5 7 1964—Jan. 1. 8. 15. 22. 29. 21,449 21,169 20,905 20,463 20,200 20,663 20,706 20,305 20,174 19,827 786 463 600 289 373 558 364 361 164 177 228 99 239 125 196 4,228 4,068 3,909 3,841 3,791 4,073 4,072 3,864 3,837 3,780 155 -4 45 4 11 67 45 79 15 21 88 -49 -34 -11 -10 1,094 1,100 1,047 1,027 1,012 ,090 ,091 ,043 ,032 ,007 4 9 4 -5 5 51 28 41 28 8 -47 -19 -37 -33 -3 Feb. 5. 12. 19. 26. 20,220 20,178 20,171 20,036 19,854 19,776 19,751 19,683 366 402 420 353 242 367 291 200 124 35 129 153 3,834 3,762 3,762 3,733 3,820 3,744 3,742 3,734 14 18 20 -1 24 89 4 35 -10 -71 16 -36 1,028 1,003 1,031 1,011 ,021 ,011 ,018 ,011 6 -8 13 46 117 13: 60 -40 -124 -119 -60 Mar. 4. 11. 18. 25. 20,183 19,978 20,213 20,510 19,693 19,664 19,838 20,002 490 314 375 508 362 253 358 279 128 61 1 229 3,836 3,718 3,801 3,866 3,766 3,707 3,804 3,837 70 11 2 28 65 33 32 8 5 -22 -34 20 1,030 999 1,020 1,037 ,020 999 ,019 ,033 30 70 113 177 -20 -69 -112 -172 Apr. 1. 8. 15. 22. 29. 20,309 20,350 20,368 20,323 19,966 20,037 19,928 20,069 19,882 19,698 272 422 299 441 268 155 208 190 319 135 11 214 109 12: 133 3,900 3,814 3,822 3,736 3,736 3,871 3,812 3,801 3,727 3,721 29 1 21 9 15 2 27 1 11 -4! 15 1,050 1,017 1,014 1,01" 1,013 ,037 ,015 ,013 ,016 ,014 3: 59 1 28 -19 -57 6. 13. 20. 27. 20,277 20,293 20,304 20,114 19,988 19,892 19,896 19,783 289 401 408 331 211 314 298 208 78 87 110 123 3,910 3,805 3,824 3,846 3,890 3,783 3,825 3,818 20 22 28 8 13 47 12 12 9 -48 1 1,056 1,036 1,056 1,038 ,051 ,036 ,04' ,035 20,194 19,899 20,186 19,857 "20,614 "20,161 "20,727 "20,373 295 329 "453 "354 264 289 327 232 31 40 "126 "122 3,881 3,847 3,966 4,038 3,877 3,824 3,954 4,002 4 23 12 35 80 16 58 26 1,027 1,006 1,033 1,053 ,028 ,006 ,033 ,048 May June 3. 10. 17. 24. For notes see opposite page. i 10 58 13 1 1 -1 -1 1 -27 -3 -9 -1 -10 -20 -20 2 855 BANK RESERVES AND RELATED ITEMS JULY 1964 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Reserves Period Total held Required Excess Country banks Borrowings at F.R. Banks 1929—June. 1933—June., 1939—Dec. 1941—Dec. 1945—Dec. 1947—Dec. 761 648 3,140 4,317 6,394 6,861 749 528 1,953 3,014 5,976 6,589 12 120 1,188 1,303 418 271 409 58 1950—Dec. 1951—Dec. 1952—Dec. 1953—Dec. 1954—Dec. 6,689 7,922 8,323 7,962 7,927 6,458 7,738 8,203 7,877 7,836 1955—Dec. 1956—Dec. 1957—Dec. 1958—Dec. 1959—Dec. 7,924 8,078 8,042 7,940 7,954 1960—Dec. 1961—Dec. 1962—Dec. Reserves Free reserves Total held Required Free reserves Excess Borrowings at F.R. Banks 1 96 123 -397 62 1,188 1,302 322 148 632 441 1,568 2,210 4,576 4,972 610 344 897 1,406 3,566 4,375 22 96 671 804 ,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 5,569 497 488 449 430 450 159 144 172 162 213 338 344 111 268 237 7,950 8,367 8,178 7,851 8,308 8,100 100 59 78 20 39 130 80 20 -52 6,689 6,931 6,956 6,066 6,429 6,515 623 502 442 40 31 48 583 471 394 1963—June. July.. Aug.. Sept.. Oct.., Nov.. Dec. 8,036 8,151 8,061 8,118 8,155 8,197 8,393 8,018 8,099 8,018 8,096 8,117 8,164 8,325 18 52 43 22 38 33 68 129 201 118 130 131 171 190 -111 -149 -75 -108 -93 -138 -122 6,942 7,037 7,019 7,050 7,118 7,199 7,347 6,563 6,672 6,611 6,686 6,758 6,842 6,939 379 365 408 364 360 357 408 65 57 93 69 62 76 74 314 308 315 295 298 281 334 1964—Jan.. Feb.. Mar.. Apr.. May. June. 8,346 8,122 8,208 8,234 8,184 8315 8,325 8,104 8,172 8,204 8,151 *>8,288 21 19 36 30 32 137 106 90 108 144 142 -116 -87 -54 -78 -112 7,376 7,215 7,176 7,230 7,159 6,986 6,876 6,864 6,906 6,861 6904 390 339 312 323 298 56 64 57 68 80 76 334 275 255 255 218 Week ending— 1963—June 5. 12., 19. 26., 7,937 7,893 8,014 8,194 7,913 7,869 7,986 8,163 24 24 28 31 128 150 159 81 -104 -126 -131 -50 6,801 6,891 7,018 6,952 6,497 6,511 6,548 6,631 304 380 470 321 74 78 59 75 230 302 411 246 1964—Jan. 1., 8. 15., 22., 29. 8,628 8,540 8,416 8,337 8,163 8,478 8,498 8,376 8,319 8,133 150 42 40 18 30 384 217 193 77 93 -234 -175 -153 -59 -63 7,500 7,461 7,533 7,257 7,234 7,023 7,046 7,022 6,986 6,907 477 415 511 271 327 56 74 48 44 55 421 341 463 227 272 Feb. 8,146 8,157 8,140 8,107 8,133 8,111 8,102 8,085 95 102 83 66 -81 -56 -46 -44 7,213 7,255 7,238 7,185 6,879 6,911 6,888 6,853 333 345 350 332 77 59 72 39 256 286 278 293 Mar. 4. 11. 18. 25. 8,139 8,142 8,179 8,256 8,084 8,113 8,155 8,224 13 46 38 22 55 29 25 32 184 96 145 65 -130 -67 -121 -33 7,178 7,118 7,212 7,352 6,823 6,844 6,860 6,909 355 274 352 443 83 54 68 29 271 220 284 414 Apr. 8. 15. 22. 29. 8,286 8,261 8,334 8,214 8,107 8,251 8,230 8,312 8,196 8,083 35 31 22 19 24 49 92 105 176 54 -14 -61 -83 -157 -30 7,073 7,258 7,198 7,356 7,109 6,878 6,870 6,943 6,943 6,879 195 388 255 412 230 72 57 74 57 79 123 331 181 355 151 20. 27. 8,215 8,198 8,173 8,137 8,186 8,164 8,144 8,105 29 34 29 32 118 197 188 104 -163 -159 -73 7,095 7,254 7,252 7,094 6,860 6,908 6,880 6,825 235 346 371 269 95 63 90 155 251 308 179 8,184 8,218 8,302 8,420 8,173 8,188 8,283 8,361 11 30 18 59 102 134 170 147 -91 -104 -152 -87 7,101 7,115 ^7,313 ^7,216 6,821 6,839 ^6,891 *>6,962 73 119 79 57 207 156 ^343 P197 June 3 . . . . 10.... 17.... 24.... * This total excludes, and that in the preceding table includes, $51 million in balances of unlicensed banks. NOTE.—Averages of daily figures. Beginning with Jan. 1964 reserves are estimated except for weekly averages. 276 M22 Total reserves held: Based on figures at close of business through Nov. 1959; thereafter on closing figures for balances with F.R. Banks and opening figures for allowable cash; see also note 3 to preceding table. Required reserves: Based on deposits as of opening of business each day Borrowings at F.R. Banks: Based on closing figures. 856 DISCOUNT RATES JULY 1964 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Federal Reserve Bank Rate on June 30 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 Previous rate Effective date Rate on June 30 17, 1963 17, 1963 19, 1963 17, 1963 17, 1963 24, 1963 19, 1963 17, 1963 17, 1963 26, 1963 17, 1963 19, 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 others under last par. Sec. 13 3 Advances under Sec. 10(b) 2 Advances and discounts under Sees. 13 and 13a i Previous rate Rate on June 30 17, 1963 17, 1963 19, 1963 17, 1963 17, 1963 24, 1963 19, 1963 17,1963 17, 1963 26, 1963 17, 1963 19, 1963 Effective date Previous rate July 17, 1963 June 10, 1960 Aug. 19, 1960 July 17, 1963 July 17, 1963 July 24, 1963 July 19, 1963 July 17, 1963 Aug. 15, 1960 July 26, 1963 Sept. 9, 1960 June 3, 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 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 Apr. 11 Oct. 15 30 Range or level)— all F.R. Banks 2*4-3*4 F.R. Bank of N.Y. 2V4 1933 Effective date Jan. 16 23 Feb. 5 15 Apr. 14 16 May 21 1934 ifci A p r 1 1 -2 -IV May Aug. 1 IB" 1 -&:::::::::: Aug. 21 25 1950 1954 -!!:::: 2 4 .... Nov. 18 23 -WA June 3 10 14 Aug. 12 Sept. 9 42* 2H-3 2%-3 -£:::: Nov. 15 Dec. 2 NOTE.—Discount rates under Sees. 13 and 13a (as described in table above). For data before 1933, see Banking and Monetary Statistics, 1943, pp. 439-42. The rate charged by the F.R. Bank of N.Y. on repurchase contracts F.R. Bank of N.Y. 1959 1960 1963 1957 Au8 i Preferential rate of l/i of 1 per cent for advances secured by U.S. Govt. securities maturing in 1 year or less. The rate of 1 per cent was continued for discounts of and advances secured by eligible paper. Mar. 6 16 May 29 June 12 Sept. 11 18 12.'!!! Apr. 13 20 Aug. 24 31 Range (or level)— all F.R. Banks Oct. 24 Nov. 7 1956 1948 Effective date 1958 Jan. 22 24 Mar. 7 13 21 Apr. 18 May 9 Aug. 15 Sept. 1 2 . . . . . **• i t : : : : : 1942 Apr. 25 May 10 A u g 1953 1955 1946 Jan. 12 19 F.R. Bank of N.Y. 14 * 1935 1937 Range [or level)— all F.R. Banks 3 sjf 4 f July 17 26 3 nl 1964 In effect June 30 against U.S. Govt. securities was the same as its discount rate except in the following periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960-Oct. 31-Nov. 17, Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3 2.75; 1962—Mar. 20-21, 2.75. 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 Effective date Type of deposit Jan. 1, 1936 Savings deposits held for: 1 year or more } Jan. 1, 1962 3 } 2* Other time deposits payable in: i 1 year or more 6 months-1 year 90 days-6 months Less than 90 days 1 Jan. 1, 1957 } 2* Postal savings deposits held for: 1 year or more Less than 1 year 4 3% { k 3 r July 17, 1963 4 3% { k { ¥ 3 2% ) ; For exceptions with respect to foreign time deposits, see Oct. 1962 BULL., p. 857 RESERVE REQUIREMENTS JULY 1964 1279. NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust cos. on like deposits under the laws of the State in which the member bank is located. Effective Feb. 1, 1936, maximum rates that may be paid by insured nonmember commercial banks, as established by the FDIC, have been the same as those in effect for member banks. Maximum rate payable on all types of time and savings deposits; Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2% per cent. Central Reserve reserve city city banks 3 banks Country banks Central reserve and reserve city banks Country banks 26 1949—May 1,5 June 30, July 1.. Aug. 1,11 Aug. 16,18 Aug. 25 Sept. 1 1951—Jan. 11, 16 Jan. 25, Feb. 1.. 1953—July 1, 9 1954—June 16, 24 July 29, Aug. 1. 22 16 7% 7% 24 IneflFectDec.31,1948... 1958—Feb. Mar. Apr. Apr. 1960—Sept. Nov. Dec. Time deposits 21 20 15 14 13 12 7 6 5 7 6 13 14 13 6 6 5 5 a* 23 24 22 21 20 s* 17% IS* 27, Mar. 1. 20, Apr. 1.. 17 24 1 24 1 19 20 19 18 5 16% 12 12 171/2 16% 1962—Oct. 25, Nov. 1. Effective date Regulation July 28, July 10, Nov. 6, 1960 1962 1963 70 70 50 50 70 70 70 50 70 NOTE.—Regulations T and U, prescribed in accordance with Securities Exchange Act of 1934, limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value. 4 4 In effect July 1, 1964.... 16% 12 4 4 Present legal requirement: Minimum Miaximum MARGIN REQUIREMENTS (Per cent of market value) Regulation T: For extensions of credit by brokers and dealers on listed securities For short sales Regulation U: For loans by banks on stocks Effective date * 2 10 22 7 14 3 6 3 6 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 2 central reserve or reserve city banks. Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances due from domestic banks. 3 Authority of the Board of Governors to classify or reclassify cities as central reserve cities was terminated effective July 28, 1962. NOTE.—All required reserves were held on deposit with F.R. Banks, June 21, 1917, until late 1959. Since then, member banks have also been allowed to count vault cash as reserves, as follows: County banks—in excess of 4 and 2% per cent of net demand deposits effective Dec. 1, 1959 and Aug. 25, 1960, respectively. Central reserve city and reserve city banks—in excess of 2 and 1 per cent effective Dec. 3, 1959 and Sept. 1, 1960, respectively. Effective Nov. 24, 1960, all vault cash. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Item All member banks New York City City of Chicago Reserve city banks Country banks Item Other Four weeks ending April 29, 1964 Gross demand—Total. . Interbank U.S. Govt Other Net demand i Time Demand balances due from dom. banks... Currency and coin B a l a n c e s with F . R . Banks Total reserves held Required Excess 132,449 14,146 3,591 114,712 109,085 96,223 25,108 4,293 20,088 19,780 12,543 6 ,163 1 ,236 179 4 ,748 5 ,184 3 ,977 50.472 6,845 1,386 42,241 40,699 37,244 7,082 3,165 136 250 102 49 1,972 969 17,087 20,252 19,894 358 3,527 3,777 3,765 967 1 ,016 7 ,015 1 7,260 8,229 8,205 24 727 12 New York City City of Chicago Country banks Other Four weeks ending May 27, 1964 Gross demand—Total.. Interbank U.S. Govt Other Net demand l Time Demand balances due 4,872 from dom. banks.. 1 ,897 Currency and c o i n . . . . Balances with F . R . 5,333 Banks 7,230 Total reserves h e l d . . . . 6,909 Required 321 Excess 50,706 1,772 1,298 47,635 43,422 42,460 i Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances due from domestic banks. All member banks 131,650 13,467 6,057 112,126 108,705 97,242 25,206 4,220 1,428 19,558 20,083 12,882 4,807 5,335 4,054 6,810 3,141 104 248 17,106 20,247 19,890 357 3,598 3,846 3,829 17 6,339 1,162 49,980 6,436 2,537 41,008 40,255 37,691 46,754 43,032 42,615 99 46 1,956 4,652 1,000 1,046 1,042 7,220 8,181 8,150 369 4 50,126 1,649 1,723 961 31 5.288 7;i74 6,868 306 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. 858 FEDERAL RESERVE BANKS JULY 1964 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month 1964 1964 Item 1963 June 24 June 17 June 10 June 3 May 27 June May June 13,757 1,432 13,766 1,431 13,754 1,422 13,759 1,417 13,764 1,412 13,752 1,433 13,764 1,412 14,166 1,291 15,189 15,197 15,176 15,176 15,176 15,185 15,176 15,457 141 143 140 150 156 140 169 366 93 214 334 365 204 79 226 96 48 48 48 48 48 47 47 38 53 22 31 18 7 36 4,908 4,815 4,916 4,887 4,479 5,171 Assets Redemption fund for F.R. notes Cash Discounts and advances: Member bank borrowings Other Acceptances: Held under repurchase agreements U.S. Govt. securities: Bought outright: Bills 7 Certificates Special Other Notes .. . 5 4,643 3,332 24 912 4,711 24 912 4,711 24,912 4,711 24,905 4,681 24,887 4,647 24,912 4,711 24 905 4,681 14,454 9,753 4,449 34,531 34,438 34,539 34,473 34,013 34,794 34,229 31,988 179 118 182 10 Held under repurchase agreements 39 Total U.S. Govt. securities 34,531 34,617 34,657 34,655 34,023 34,794 34,229 32,027 Total loans and securities Cash items in process of collection 34,725 6,241 103 34,901 7,216 103 35,070 5,231 103 35,086 5,326 103 34,282 5,219 103 34,956 5,350 103 34,502 5,027 103 32,166 5,229 102 109 231 159 210 159 203 213 181 213 159 124 246 213 168 113 274 56,739 57,929 56,082 56,235 55,308 56,104 55,358 53,707 32,272 32,343 32,308 32,120 31,933 32,409 31,925 30,342 17,017 967 139 17,491 790 154 16,920 845 142 17,250 804 119 16,490 884 145 16,973 939 156 16,890 997 161 16,965 806 175 213 190 212 185 182 184 242 18,320 18,648 18,097 18,385 17,704 18,250 18,232 18,188 4,420 5,236 3,901 3,981 3,945 113 119 115 111 3,717 3 463 3 591 116 97 112 71 55,128 56,340 54,425 54,601 53,693 54,473 53,732 52,192 512 990 109 512 990 87 512 990 155 512 990 132 512 990 113 513 990 128 512 990 124 481 934 100 56,739 57,929 56,082 56,235 55,308 56,104 55,358 53,707 Other assets: Denominated in foreign currencies All other Total assets Liabilities F.R. notes. Deposits: Member bank reserves Other 197 Other liabilities and accrued dividends i Total liabilities Capital Accounts Surplus Other capital accounts Total liabilities and capital accounts Contingent liability on acceptances purchased for foreign correspondents U.S. Govt. securities held in custody for foreign account 148 147 148 147 147 146 146 83 8,172 8,037 7,937 7,899 7,890 8,043 7,892 7,957 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 No accrued dividends at end-of-June dates. 34,302 34,302 34,194 34,004 33,939 34,411 33,957 32,014 6,542 13 28,832 6,542 14 28,802 6,542 41 28,537 6,542 52 28,437 6,527 27 28,407 6,542 16 28,847 6,542 21 28,407 7,243 23 25,674 35,387 35,358 35,120 35,031 34,961 35,405 34,970 32,940 859 FEDERAL RESERVE BANKS JULY 1964 STATEMENT OF CONDITION OF EACH BANK ON JUNE 30, 1964 (In millions of dollars) Boston Total Item Philadelphia New York Atlanta Richmond Cleveland Chicago Minneapolis St. Louis Kansas City Dallas San Francisco Assets Gold certificate account . Redemption fund for F.R. notes 13,752 1,433 701 82 3,639 341 758 80 1,017 124 927 114 770 86 2,379 257 517 59 235 27 577 55 467 45 1,765 163 Total gold certificate reserves 15,185 783 3,980 838 1,141 1,041 856 2,636 576 262 632 512 1,928 426 140 19 10 154 42 27 3 30 7 22 11 44 15 27 15 15 7 27 3 10 5 21 6 30 16 78 1 1 4 16 1 26 * 6 * 13 * 7 F R notes of other Banks Discounts and advances: Secured by U.S. Govt. securities... Other Acceptances: Bought outright Held under repurchase agreements. U.S. Govt. securities: Bought outright Held under repurchase agreements. 3 * 47 36 47 36 . Cash items in process of collection... Bank premises Other assets: Denominated in foreign currencies. All other Total assets 1,796 8,684 1,868 2,893 2,336 1,862 5 883 1 344 714 1 385 1 378 4 651 34,956 1,797 8,768 1,871 2,894 2,340 1,879 5,909 1,344 720 1,398 1,385 4,651 6,562 103 501 3 1,394 8 412 3 483 6 483 5 552 18 1,042 22 288 6 181 4 357 6 302 12 567 10 124 246 6 13 133 60 7 14 11 20 6 17 7 13 18 40 4 10 3 6 5 11 7 10 17 32 57,742 Total loans and securities 34,794 3,132 14,439 3,175 4,592 3,925 3,384 9,709 2,250 1,206 2,424 2,255 7,251 32,835 1,931 7,892 1,912 2,775 2,699 1,888 5,907 1,327 587 1,275 992 3 650 16,973 939 156 182 609 65 6 * 4,847 180 2 61 122 802 40 7 1 1,201 55 12 * 671 84 7 2 915 56 7 1 2,577 140 18 2 553 64 4 380 49 3 1 774 49 6 2 871 51 7 1 2,773 106 18 50 18,250 680 5,210 850 1,268 764 979 2,737 621 433 831 930 2,947 4,929 97 439 882 23 318 c 397 7 373 6 419 5 814 16 243 3 146 3 242 4 235 4 421 16 56,111 3,055 14,007 3,085 4,447 3,842 3,291 9,474 2,194 1,169 2,352 2,161 7,034 513 990 128 24 47 6 136 264 32 28 55 7 46 90 9 25 49 9 29 56 8 73 140 22 18 34 4 12 23 2 23 43 6 30 57 7 69 132 16 Liabilities F.R. notes Deposits: M^ember bank reserves .. U.S. Treasurer—General account.. Other Total deposits Deferred availability cash items Other liabilities Total liabilities Capital Accounts Surplus Other capital accounts 57,742 3,132 14,439 3,175 4,592 3,925 3,384 9,709 2,250 1,206 2,424 2,255 7,251 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent): June 30 1964 May 31, 1964 June 30 1963 29.7 30.0 31.6 29.8 32.3 30.0 30.4 29.0 31.5 30.3 29.7 31.2 28.2 30 7 30.6 30.1 30 7 30.4 29.9 30 5 33.2 30.5 29 1 31.9 29 6 30 9 30.3 25.7 30 1 33.1 30.0 32 4 32.7 26 6 31 6 32.1 29.2 30 5 31.7 Contingent liability on acceptances purchased for foreign correspondents . 146 7 3 37 8 14 7 8 21 5 3 7 9 20 6,118 1,392 608 1,315 1,052 3 ,848 Total liabilities and capital accounts.. Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) . Collateral held against notes outstanding : Gold certificate account 34, 411 2 ,005 U.S. Govt. securities 6, 542 16 28, 847 Total collateral 35, 405 2 ,033 8 ,375 1,967 2 ,969 423 1 ,650 565 340 1,100 260 112 735 2 ,550 2 ,245 1 ,700 5,177 1,210 505 272 13 1,100 180 6 ,850 405 3 1,600 500 1 ,610 900 3 ,400 8 ,500 2,008 3 ,050 2 ,810 2 ,040 6,277 1,470 617 1,385 1,080 4 ,135 1 After deducting $91 million participations of other F.R. Banks. 2 After deducting $95 million participations of other F.R. Banks. 3 2 ,780 1 ,982 After deducting $109 million participations of other F.R. Banks. 860 FEDERAL RESERVE BANKS; BANK DEBITS JULY 1964 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) End of month Wednesday 1964 1964 Item 1963 June 17 June 10 June 3 May 27 93 87 6 214 210 4 334 330 4 365 359 6 204 199 5 79 73 6 226 218 96 89 7 101 64 37 70 36 34 79 45 34 66 31 35 55 20 35 83 45 38 47 13 34 43 17 26 34,531 696 4,463 12,606 14,691 1,836 239 34,617 820 4,477 12,554 34,657 616 4,676 12,599 14,691 1,836 239 2,143 239 34,655 800 4,496 12,630 14,364 2,131 234 34,023 605 4,293 12,447 14,335 2,113 230 34,794 670 4,635 12,723 14,691 1,836 239 34,229 343 4,667 12,490 14,364 2,131 234 32,027 645 5,681 15,166 8,306 2,057 172 Swiss francs Discounts and advances—Total.. . Within 15 days 16 days to 90 days 91 days to 1 year Acceptances—Total Within 15 days 16 days to 90 days U.S. Government securities—Total Within 15 days i 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 14,384 June June June 24 May 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Pounds sterling Total Belgian francs Canadian dollars French francs German marks Italian lire Netherlands guilders 1963—Oct . . . Nov Dec 115 110 153 3 5 10 51 41 37 2 6 2 1 1 1 2 5 1 51 51 101 4 1 1 * * * 1964—Jan Feb Mar 254 271 330 10 11 11 37 52 52 2 2 4 1 1 1 1 1 6 201 201 234 2 * 21 * 3 2 BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts (billions of dollars) All reporting centers Period N.S.A. 1955 1956 1957 1958 1959 . . I960 1961 1962 1963 1963—June July Aug Sept Oct Nov Dec 1964—Jan Feb Mar Apr May June.... 1 Leading centers New York S.A. N.S.A. 6 others S.A. 2 N.S.A. l Annual rate of turnover of demand deposits * S.A. New York N.S.A. S.A. N.S.A. 6 others S.A. 2 N.S.A. 337 other reporting centers 3 S.A. N.S.A. 343 centers S.A. 4 N.S.A. 2,043.5 2,200.6 2,356.8 2,439.8 2,679.2 766.9 815.9 888.5 958.7 1,023.6 431.7 462.9 489.3 487.4 545.3 845.0 921.9 979.0 993.6 1,110.3 42.7 45.8 49.5 53.6 56.4 27.3 28.8 30.4 30.0 32.5 20.4 21.8 23.0 22.9 24.5 22.3 23.7 25.1 24.9 26.7 2,838.8 3,111.1 3,436.4 3,754.7 1,102.9 1,278.8 1,415.8 1,556.0 577.6 622.7 701.7 775.7 1,158.3 1,209.6 1,318.9 1,423.0 60.0 70.0 77.8 84.8 34.8 36.9 41.2 44.6 25.7 26.2 27.7 29.0 28.2 29.0 31.3 33.1 299.6 320.7 300.1 310.4 337.2 296.6 357.1 121.5 130.3 127.8 140.1 133.7 125.4 139.6 125.0 129.9 119.5 130.3 136.9 116.7 151.0 61.6 66.9 63.3 67.0 69.4 67.3 69.7 61.7 66.8 61.9 63.1 71.3 63.8 74.6 113.9 122.8 119.2 122.6 123.6 120.0 123.7 112.9 124.0 118.7 116.9 128.9 116.1 131.5 79.3 85.1 88.9 96.9 87.2 80.7 89.0 85.1 83.7 83.7 95.6 86.5 80.4 93.8 42.7 46.8 44.2 46.7 48.4 46.0 47.5 44.5 45.8 42.9 46.1 47.6 45.3 48.6 28.1 30.3 29.5 29.9 30.1 29.0 29.8 29.0 30.2 29.1 29.9 30.2 29.4 30.6 32.2 34.3 33.6 34.3 34.9 33.6 33.9 33.1 34.3 32.7 34.1 34.7 33.6 35.3 360.8 294.9 342.9 349.9 '329.6 353.8 143.7 129.4 138.1 146.0 135.1 140.2 153.9 121.1 145.8 148.2 135.3 151.2 69.6 65.5 68.4 72.4 67.7 67.5 73.5 60.5 71.1 72.8 68.6 70.9 126.6 121.1 125.1 131.8 M25.0 126.7 133.3 113.3 126.1 129.0 r 125.7 131.7 92.1 86.2 91.6 95.5 90.9 94.5 93.0 81.8 94.4 93.6 91.1 101.4 47.8 45.4 46.9 49.3 47.6 »47.1 47.4 42.9 49.6 50.4 48.4 ^48.9 30.6 29.5 30.1 31.6 30.4 *>30.5 30.4 28.2 30.2 30.6 30.9 »31.5 34.8 33.7 34.4 36.0 35.3 ^35.0 34.9 32.0 35.1 35.7 35.5 ^36.0 Excludes interbank and U.S. Govt. demand accounts or deposits. Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. 2 Leading centers 337 other reporting centers 3 3 Before Apr. 1955, 338 centers. 4 Before Apr. 1955, 344 centers. 861 U.S. CURRENCY JULY 1964 DENOMINATIONS IN CIRCULATION (In millions of dolars) End of period Coin and small denomination currency Total in circulation i Coin $5 $2 Large denomination currency $20 $10 Total $50 $100 $500 $1,000 1,576 2,048 2,545 3,044 9,201 7,834 9,119 8,850 8,529 8,438 9,940 9,136 460 724 2,327 2,548 2,422 2,736 919 1,433 4,220 5,070 5,043 5,641 191 261 454 428 368 307 425 556 801 782 588 438 20 24 7 5 4 3 32 46 24 17 12 12 $5,000 $10,000 1939 1941 1945 1947 1950 1955 7,598 11,160 28,515 28,868 27,741 31,158 5,553 8,120 20,683 20,020 19,305 22,021 590 751 1,274 1,404 1,554 1,927 559 695 1,039 ,048 ,113 ,312 36 44 73 65 64 75 1,019 1,355 2,313 2,110 2,049 2,151 1,772 2,731 6,782 6,275 5,998 6,617 1958 1959 1960 1961 1962 32,193 32,591 32,869 33,918 35,338 22,856 23,264 23,521 24,388 25,356 2,182 2,304 2,427 2,582 2,782 ,494 ,511 ,533 ,588 ,636 83 85 88 92 97 2,186 2,216 2,246 2,313 2,375 6,624 6,672 6,691 6,878 7,071 10,288 10,476 10,536 10,935 11,395 9,337 9,326 9,348 9,531 9,983 2,792 2,803 2,815 2,869 2,990 5,886 5,913 5,954 6,106 6,448 275 261 249 242 240 373 341 316 300 293 3 3 3 3 3 5 10 10 10 1963—May. . . June July.... Aug Sept... . Oct Nov... . Dec 35,067 35.470 35;663 35,850 35,891 36,177 37,227 37,692 24,953 25,266 25,368 25,487 25,468 25,642 26,536 26,807 2,850 2,878 2,904 2,926 2,947 2,960 2,986 3,030 ,562 ,566 ,559 ,558 ,576 ,592 ,644 ,722 96 97 97 98 98 98 100 103 2,266 2,279 2,265 2,271 2,282 2,302 2,396 2,469 6,932 7,004 6,993 7,026 7,001 7,046 7,359 7,373 11,246 10,114 11,442 10,204 11,549 10,295 11,609 10,363 11,564 10,423 11,644 10,535 12,050 10,691 12,109 10,885 3,001 3,030 3,060 3,075 3,077 3,103 3,155 3,221 6,572 6,631 6,691 6,743 6,794 6,885 6,988 7,110 243 244 244 244 245 245 247 249 292 293 293 293 294 294 295 298 3 3 3 3 3 3 3 3 4 4 4 4 9 5 4 4 1964—Jan Feb.. . . Mar... . Apr.. . . May. . . 36,247 36,312 36,799 36,885 37,208 25,500 25,561 26,000 26,063 26,353 3,021 3,044 3,105 3,139 3,169 ,599 ,590 ,621 ,630 ,655 101 101 102 103 105 2,287 2,278 2,321 2,320 2,350 6,958 6,983 7,096 7,095 7,170 11,533 10,747 11,566 10,751 11,754 10,799 11,775 10,822 11,904 10,855 3,157 3,147 158 172 185 7,043 7,057 7,094 7,104 247 246 246 247 246 294 293 294 292 291 3 3 3 3 3 4 4 4 4 4 2 1 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. 7,127 Paper currency only; $1 silver coins reported under coin. NOTE.—Condensed from Circulation Money, issued by the Treasury. Statement of United States KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Kind of currency Gold Gold certificates F.R. notes Treasury currency—Total. Standard silver dollars Silver bullion Silver certificates Subsidiary silver coin Minor coin United States notes In process of retirement Total—May 31, 1964 Apr. 30, 1964 May 31, 1963 Total outstanding As security May 31, against 1964 gold and silver certificates 15,463 (15,176) 33,956 5,583 4 . 485 1,872 (1,833) 1,984 733 347 163 5 55,001 5 54,803 5 52,964 (15,176) (1,833) 72 58 1,833 For F.R. Banks and Agents 3 39 May 31, 1964 Apr. 30, 1964 May 31, 1963 31,851 5,356 31,563 5,322 29,888 5,178 2 287 3 12,360 (17,009) (17,039) (17,649) 2,816 2,033 169 482 12,360 12,379 12,708 416 413 391 482 129 13 2 24 14 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. 853. 2 Includes $156 million reserve against United States notes. 3 Consists of credits payable in gold certificates: (1) the Gold Certificate Fund—Board of Governors, FRS, and (2) the Redemption Fund for F.R. notes. 4 Redeemable from the general fund of the Treasury. 5 Does not include all items shown, as some items represent the security Treasury cash Currency in circulation Held by F.R. Banks and Agents 1,704 1,958 730 321 162 1,699 1,933 724 322 163 5,018 5,126 4,798 37,208 405 ^846" 1,774 672 320 169 36,885 35,067 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. 936 862 MONEY SUPPLY JULY 1964 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted 1 Vloney supply Period Total Currency Demand deposit component component Money supply Time deposits adjusted 1 Currency Demand deposit component component Total Time ieposits adusted 1 U.S. Govt. demand deposits * 1956—Dec 1957_Dec 1958—Dec 1959 Dec 136.9 135.9 141.1 142.1 28.2 28.3 28.6 28.9 108.7 107.6 112 6 113.2 51.9 57.4 65.4 67.4 140.3 139.3 144.7 145.6 28.8 28.9 29.2 29.5 111.5 110.4 115 5 116.1 51.4 56.7 64.6 66.6 4.9 1960—Dec 1961 Dec 1962—Dec 141.1 145.5 147.6 28.9 29.6 30.6 112.1 116 0 117.1 72.9 82.8 97.9 144.7 149.4 151.6 29.6 30.2 31.2 115.2 119 2 c 120.3 72.1 81.8 96.7 4.9 5.6 1963—May June July 149.6 150.2 151.0 151.2 151.6 152.3 153.5 153.2 31.3 31.5 31.6 31.8 31.9 32.0 32.3 32.4 118.3 118 6 119.4 119.5 119.7 120.3 121.2 120.7 103.6 104 6 105.6 107.1 108.1 109.3 111.1 112.3 147.5 148.3 149.5 149.2 150.6 152.5 154.8 157.2 31.0 31.4 31.8 31.9 31.9 32.1 32.6 33.1 116.5 116 9 117.7 117.3 118.6 120.4 122.1 124.1 104.3 105 2 106.2 107.5 108.3 109.5 110.2 111.0 7.1 7.5 7.8 153.8 153.8 154.2 154.7 154.5 155.6 32.6 32.7 32.9 33.0 33.3 33.4 121.2 121.1 121.3 121.7 121.3 122.1 113.9 115.1 115.7 116.4 117.4 118.5 157.8 153.8 152.9 155.3 152.4 153.6 32.4 32.3 32.6 32.7 33.0 33.3 125.4 121 5 120.3 122 6 119.4 120.3 113.2 114.6 115.7 116 7 118.1 119.2 4.2 4.8 6.1 4.2 6.9 7.8 154.0 154.5 154.6 154.8 32.9 33.0 32.9 33.1 121.1 121.5 121.7 121.7 115.8 115.9 116 2 116.6 153.2 152.7 154.5 156.0 32.7 32.6 115.6 116.0 116 5 116.9 5.0 7.2 32 8 32.6 120.6 120.1 121 7 123.4 May (1) (2) 154.4 154.6 33.2 33.4 121.3 121.3 117.0 117.7 153.8 151.2 33.0 33.0 120.8 118.2 117.7 118.5 7.6 June (1) 155.2 155.9 33.5 33.4 121.7 122.5 118.4 118.6 153.8 153.4 33.4 33.2 120.4 120.2 119.1 119.2 6.3 9.3 Aug Sept Oct Nov Dec 1964 . Jan Feb Mar Apr May June 23 . . . . . 3.4 3.5 3.9 4.7 6.3 6.6 5.3 4.4 5.2 Half m o n t h 1964 M a r (1) (2) Apr (1) P * (2>:: : (2)P Not seasonally adjusted Time deposits adjusted i U.S. Govt. demand1 deposits Currency component Demand deposit component Mar 6 13 20 . 27 147.5 148.2 148.7 146.4 30.7 30.8 30.8 30.6 116.8 117.4 117.9 115.7 101.0 101.6 102.0 102.3 6.5 4.6 50 7.3 25 Apr 3 . 10 17 24 147.1 148.6 151.3 150.5 30.8 31.2 31.0 30.8 116.3 117.4 120.3 119.8 102.7 102.9 c 103.0 103.1 7.0 4.6 32 Apr. 1 8 3.6 1 8 15 22 29 149.8 148.3 148.5 146.1 146.4 30.6 31.2 31.1 31.1 30.9 119.2 117.1 117.4 115.0 115.5 103.4 103.7 104.1 104.4 104.7 147.5 148.9 149.4 147.1 31.3 31.5 31.4 31.2 116.2 117.3 118.0 115.9 148.1 148.6 150.0 31.6 32.1 31.8 116.6 116.5 118.2 Time deposits adjusted i U.S. Govt. demand deposits * 4.7 May June 5 12 19 26 July 3 . . . . 10 17 1 6.1 Money supply Week ending— Total 1963 2.8 Not seasonally adjusted Money supply Week ending— 5.7 C c 1964—Mar. 4 11 Demand deposit component 152.4 153.1 154 5 151.9 32.3 32.7 32 7 32.5 120.1 120 4 121 8 119 4 115.2 115 6 115 8 115.9 5.7 4 6 4 6 22 29 152.7 153.7 155 5 156.6 155.8 32.5 32 9 32 8 32.8 32.5 120.2 120 8 122 7 123 8 123.2 116.2 116 4 116 7 116.7 117.2 7.9 6 0 5 1 2 4 6.7 6.3 8.2 7.6 May 6 13 20 27 154.4 153.5 151.5 150.6 32.9 33.1 33.0 32.8 121.5 120.4 118.6 117.8 117.4 117.8 118.1 118.5 104.9 105.1 105.2 105.3 6.8 4.7 5.9 10.5 June 3 10 17 24 152.5 153.2 155.3 153.5 33.1 33.5 33.4 33.3 119.3 119.7 122.0 120.2 118.9 119.2 119.2 119.2 7.2 6.2 6.3 9.0 105.8 105.9 106.1 10.9 9.5 7.7 July 153.3 154.7 33.5 34.2 119.7 120.5 119.3 119.6 10.2 9.7 At all commercial banks. NOTE.—Averages of daily figures. For back data see June 1964 BULL., pp. 679-92. Money supply consists of (1) demand deposits at all commercial banks other than those due to domestic commercial banks and the U.S. Govt., less cash items in process of collection and F.R. float; (2) for- Total Currency component 18 15 1 v. . . . 8p. . . . 15 7.8 3.0 5.6 6.1 7.6 7.7 C eign 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. JULY 1964 863 BANKS AND THE MONETARY SYSTEM CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capita] Other securities Total assets, net— Total liabilities and capital, net 64,698 48,465 75,171 90,637 191,785 188,148 199,009 289,947 308,466 330,935 55,776 42,029 68,359 82,811 180,806 175,348 184,384 263,165 280,397 302,195 8,922 6,436 6,812 7,826 10,979 12,800 14,624 26,783 28,070 28,739 Bank credit Date Gold Treasury currency outstanding U. S. Government securities Loans, net Total Total Commercial and savings banks Federal Reserve Banks Other Total deposits and currency Capital and misc. accounts, net 1929—June 29.. 1933—June 30.. 1939—Dec. 30.. 1941—Dec. 31.. 1945—Dec. 31.. 1947_Dec. 31.. 1950—Dec. 30.. 1960—Dec. 31.. 1961—Dec. 30.. 1962—Dec. 28.. 4,037 4,031 17,644 22,737 20,065 22,754 22,706 17,767 16,889 15,978 2,019 2,286 2,963 3,247 4,339 4,562 4,636 5,398 5,585 5,568 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 60,366 266,782 144,704 285,992 154,017 309,389 170,693 5,741 10,328 23,105 29,049 128,417 107,086 96,560 95,461 102,308 103,684 5,499 8,199 19,417 25,511 101,288 81,199 72,894 67,242 72,715 72,563 216 1,998 2,484 2,254 24,262 22,559 20,778 27,384 28,881 30,478 26 131 1,204 1,284 2,867 3,328 2,888 835 643 11,819 9,863 9,302 8,999 8,577 10,723 14,741 26,617 29,667 35,012 1963—June 29.. July 31.. Aug. 28.. Sept. 25.. Oct. 30.. Nov. 27.. Dec. 20.. 15,733 15,600 15,600 15,600 15,600 15,600 15,582 5,587 5,600 5,600 5,600 5,600 5,600 5,586 318,697 318,200 317,500 322,600 323,600 327,000 333,203 178,290 177,900 178,300 182,100 182,200 185,200 189,433 102,418 101,800 99,900 100,700 101,300 102,200 103,273 69,708 68,700 67,000 68,000 67,900 68,200 69,068 32,027 32,500 32,200 32,100 32,800 33,300 33,552 683 700 700 700 700 600 653 37,989 38,500 39,300 39,800 40,100 39,700 40,497 340,017 339,400 338,700 343,700 344,700 348,200 354,371 310,284 308,700 307,200 312,000 312,800 316,200 323,251 29,732 30,700 31,400 31,700 32,000 32,000 31,118 1964—Jan. 29*. Feb. 26*. Mar. 25*. Apr. 29 '1 M a y 27 * June 24*. 15,500 15,500 15,500 15,500 15,500 15,500 5,600 5,600 5,600 5,600 5,600 5,600 328,700 330,400 334,200 335,000 336,900 340,600 187,200 188,700 191,300 193,500 195,900 198,800 101,400 101,100 101,700 100,100 99,700 100,000 68,100 67,500 67,600 66,200 65,200 64,900 32,700 32,900 33,400 33,100 34,000 34,500 600 700 700 800 500 600 40,100 40,600 41,200 41,400 41,300 41,800 349,800 351,400 355,300 356,100 358,000 361,700 319,000 319,400 323,900 323,600 325,100 329,700 30,800 32,000 31,400 32,400 32,900 31,900 712 DETAILS OF DEPOSITS AND CURRENCY Money supply Seasonally adjusted i Date Total Currency outside banks Demand deposits adjusted 2 Related deposits (not seasonally adjusted) Total Currency outside banks Demand deposits adjusted 2 26,100 84,400 24,600 90,000 28,200 111,000 28,700 116,100 29,600 118,000 3 ,639 22 ,540 28 ,611 4 ,761 14 ,411 21 ,656 6 ,401 29 ,793 27 ,059 9 ,615 38 ,992 27 ,729 26 ,490 75 ,851 48 ,452 26 ,476 87 ,121 56 ,411 25 ,398 92 ,272 59 ,247 29 ,356 115 ,102 108 ,468 30 ,053 120 ,525 121 ,216 30 ,904 122 ,258 139 ,448 148,300 148,900 148,200 149,100 150,700 151,800 153,100 30,700 30,900 30,900 31,000 31,100 31,600 31,700 117,600 118,000 117,300 118,100 119,600 120,200 121,400 147 ,144 148 ,800 146 ,900 148 ,100 152 ,100 154 ,100 158 ,104 31 ,832 31 ,000 31 ,100 31 ,100 31 ,300 32 ,500 33 ,468 115 ,312 117 ,800 115 ,800 117 ,000 120 ,800 121 ,600 124 ,636 152,200 151,200 153,100 152,900 151,900 153,200 31,900 32,000 32,400 32,300 32,500 32,700 120,300 119,200 120,700 120,600 119,400 120,500 154 ,300 150 ,400 150 ,800 153 ,100 150 ,000 151 ,200 31 ,500 31 ,600 32 ,100 32 ,000 32 ,400 32 ,700 122 ,800 118 ,800 118 ,800 121 ,000 117 ,600 118 ,500 29 30 30 31 31 31 30.... 31.... 30 28.... 110,500 114,600 139,200 144,800 147,600 1963—June July Aug. Sept. Oct. Nov. Dec. 29 31.... 28.... 25.... 30.... 27.... 20.... 1964—Jan. Feb. Mar. Apr. May June 29*... 26*... 2 5r* . . . 29 *.. 27*... 24*... 1 Series begin in 1946; data are available only for last Wed. of month. 2 Other than interbank and U.S. Govt, less cash items in process of collection. 3 Includes relatively small amounts of demand deposits. Beginning with June 1961, also includes certain accounts previously classified as other liabilities. 4 Reclassification of deposits of foreign central banks in May 1961 reduced this item by $1,900 million ($1,500 million to time deposits and $400 million to demand deposits). Total 26 ,179 19 ,172 36 ,194 48 ,607 102 ,341 113 ,597 117 ,670 144 ,458 150 ,578 153 ,162 1929 June 1933 June 1939 Dec 1941 Dec. 1945 Dec 1947_Dec. 1950—Dec. 1960—Dec. 1961—Dec. 1962—Dec. u. s Government Time Not seasonally adjusted Commercial banks Postal Mutual Savings savings banks 3 System 19 ,557 10 ,849 15 ,258 15 ,884 30 ,135 35 ,249 36 ,314 71 ,380 82 ,145 97 ,440 8,905 9,621 10,523 10,532 15,385 17,746 20,009 36,318 38,420 41,478 149 1,186 1,278 1,313 2,932 3,416 2,923 770 651 530 149 ,322 150 ,300 151 ,600 152 ,300 154 ,500 154 ,900 155 ,713 105 ,648 106 ,600 107 ,600 108 ,100 109 ,900 110 ,200 110 ,794 43,181 43,300 43,500 43,700 44,100 44,300 44,467 159 ,200 160 ,600 162 ,200 163 ,500 165 ,100 165 ,800 113 ,600 114 ,800 115 ,800 117 ,100 118 ,400 118 ,600 45,100 45,400 45,900 46,000 46,300 46,700 Foreign net 4 365 50 1 ,217 : ,498 Treasury cash holdings At commercial and savings banks At F.R. Banks ]682 1,518 l$,184 l ,497 l ,488 204 264 2,409 2,215 2,287 1,336 1,293 377 422 405 493 500 500 500 500 500 452 l ,337 1 ,300 ,200 1 ,200 ,200 ,200 ,206 369 400 400 400 400 400 392 11,306 806 7,400 600 6,100 1,000 9,100 900 3,800 800 4,600 900 6,986 850 400 400 400 400 400 400 1,200 1,100 1,200 1,300 1,300 1,300 400 500 400 400 400 400 3,100 800 6,000 800 8,100 1,100 4,400 1,000 7,400 900 10,100 1,000 : 381 852 846 1,895 24,608 1,452 2,989 6,193 6,219 7,090 36 35 634 867 977 870 668 485 465 602 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. 864 COMMERCIAL AND MUTUAL SAVINGS BANKS JULY 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Deposits Loans and investments Total assets— Total Securities liaCash bilities assets1 and capital Total i U.S. acGovt. Other counts 2 Class of bank and date Total All banks: 1941—Dec. 1945_Dec. 1947—Dec. 1961—Dec. 1962—Dec. Loans 31 31 31 3 30 28 61,126 140,227 134,924 256,700 280,397 26,615 30,362 43,002 154,318 172,822 1963—June Sept. Oct. Nov. Dec. 29 25 30 27 20 287,411 292,200 293,550 296,870 302,251 179,714 184,470 185,640 188,950 192,686 1964—Jan. Feb. Mar. Apr. May June 29? 26P 25" 29 rP 27 " 24" 25,511 101 01,288 81,199 72,715 72,563 8,999 8,577 10,723 29,667 35,012 27,344 35,415 38,388 57,368 54,939 Interbank i Other Bor- Total Numrow- capital ber of acings counts banks Demand Demand Time Time 3 U.S. Govt. Other 10,982 44,355 90,908 81,816 26,479 23 8,414 14,065 105,935 177,332 165,612 45,613 227 10,542 240 1,346 94,381 53,105 175,091 161,865 12,793 66 11,948 287.176 17,914 482 5,952 141,979 120,848 321,394 287 482 26,227 535 6,839 141,084 139,188 3,635 28,046 343,201 303,653 16,008 15,042 14,510 14,790 14,880 15,267 551 550 550 550 528 298,190 190,010 299,450 191,340' 303,200 194,440: 304,130 196 580 305,660 199',2lO 308,850 202,170 68,050 40,130 48,530 355 410 313,950 14,090 67,530 40,580 48,830 356 940 314,550 13,960 , 67,610 41,150 , . 48,280 360 ,310 318,070 14,070 66,180 41,370 U o —-- 361,760,318,450 13,700 ^*~ 1 on 41 n n 48,710 65,150 41,300 48,850 363,420 319,500 13,680 64,890 41,790 49,430 367,040 323,640 13,920 570 590 630 640 630 650 69,708 37,989 52,046 347,896 309,428 67,970 39,760 48,920 349,210 308,350 67,860 40,050 48,770 350,510 309,020 68,190139,730 51,270 356,420 313,630 69,068 40,497 51,536 362,394 319,636 11. 069 8,850 610 3,610 4,390 6,734 14,826 14, ' 14,714 13,946 13,940 133,681 132,380 135,840 139,100 141,576 149,083 152,060 154,230 154,710 155,531 1,563 28,612 2,930 28,830 3,690 29,020 4,430;29,130 3,702 29,882 2,820 137,480 5,730 133,850 7,8701133,500 4,180jl36,620 7,2001133,080 9,890 133,600 158 ,990 160,420 162,000 163,310 164,910 165,580 3,230 29,530 14,095 3,320 29,870 14,113 3,270 29,990 14,122 3,560 30 ;290'14,140 " ,620 14,154 3,560 30 ,660 14,175 3,540 30 13,993 14,034 14,050 14,068 14,079 Commercial banks: 1941_Dec. 1945_Dec. 1947_Dec. 1961—Dec. 1962—Dec. 31 31 313 30 28 50,746 124,019 116,284 215,441 235,839 21,714 26,083 38,057 124,925 140,106 10,982 44,349 21,808 7,225 26,551 79,104 71,283 15,952 23 7,173 14,278 14,065 105,921 90,606 7,331 34,806 160,312 150,227 30,241 219 8,950 14,011 240 1,343 94,367 35,360 69,221 9,006 37,502 155,377 144,103 12,792 65 10,059 14,181 481 5,946 141,920 82,429 66,578 23,937 56,432 278,561 248,689 17,914 471 22,459 13,432 535 6,829 141,041 97,709 3,627 24,094 13,429 66,434 29,298 54,049 297,116 262,122 16,008 1963—June Sept. Oct. Nov. Dec. 29 25 30 27 20 241,014 244,840 246,080 249,070 254,162 145,049 148,870 149,670 152,650 156,006 63,542 61,810 61,960 62,300 63,196 266,179 15,042 264,560 14.510 264^60 14 264,910 14,790 14,880 269^80 14 275 120 15,267 550 550 550 550 526 1964—Jan. Feb. Mar. Apr. May June 29? 26^ 25* 29? 27P 24" 249,790 250,590 253,880 254,590 255,720 258,650 153,050 154,000 156,810 158,660 160,860 160 163,600 62,140 34,600 47,670 305,330 268,800 14,090 ,960 61,540 35,050 47,930 306,340 269,090 13 61,500 35,570 47,390 309,270 272,110 14,070 14 60,120 35,810 47,890 310,580 272,400 13,700 13 59,110 35,750 48,000 311,810 2 7 3 1 0 13 3,170 13,680 58,820 36,230 48,540 315,120 276 6,890 13,920 570 590 630 640 630 650 2,820 5,730 7,870 4,180 7,200 9,890 Member banks: 1941—Dec. 1945—Dec. 1947—Dec. 1961—Dec. 1962—Dec. 31 31 31 30 28 43,521 107,183 97,846 179,599 195,698 18,021 22,775 32,628 106 06,232 118,637 19,539 5,961 78,338 6— 070 57,914 304 54,058 .. 308 52,968 24! 10,385 13,576 12,353 17,195 15,309 140 64 50 303 358 1,709 12,179 22! 1,176 5,381 6 , 086 '"' 1963—June Sept. Oct. Nov. Dec. 29 25 30 27 20 199,495 202,599 203,343 205,816 210,127 122,088 125,458 126,074 128 128,811 131,712 50,399 27,008 44,929 251,214 222,619 14,388 48,633 28,508 42 ,211 ___,_.._ 220,730 13,837 '" 251,312 ~~' — ,475 48,568 28,701 41,895 251,833 220 — 14,083 41, 48,647 28,358 44,276 256 778 224,315 14,171 376 49,342 29,073 44,395 261 ,469 2 2 9 , " ' 14,518 373 371 377 376 382 1964—Jan. Feb. Mar. Apr. May June 29 26 25 29 27 24" 206,179 206,916 209,979 210,375 211,293 214,131 129,103 129,888 132,381 133,873 135,665 138,128 48,344 28,732 41,480 254,644 223 ,404 47,873 29,155 41,969 255,804 223,940 ,541 47,985 29,613 41,171 258, 46,734 29,768 41,889 259,460 226 ,817 45,979 29,649 41,983 260,441 227,459 45,866 30,137 42,451 263,611 230,940 13,363 13,275 13,378 13,019 13,022 13,226 429 448 489 493 489 502 Mutual savings banks: 1941_Dec. 31 1945_Dec. 31 1947_Dec. 31 3 1961—Dec. 30 1962—Dec. 28 32,423 34,160 34,450 34,120 34,959 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 44,558 32,716 6,129 5,714 51,156 48,080 47,950 50,470 50,711 23,123 29,845 29 32 ,845 49,579 299,875 250 300,250 301, 460 307^60 307,L . 312,773 68,121 138,304 132,"" v060 235,H2 61,717 129,670 122,528 209,630 219,468 793 609 886 936 890 11,804 17,020 19,714 42,833 46,086 10,533 15,385 17,763 38,487 41,531 11,060 133,624 105,903 8,850 132; 320 108,330 108 3,610 135,780 110,180 4,390 139,040 110,420 6,729 141," 111,064 534 137,420 113 ,900 133,790 115 ,020 133,450 116,090 136,570 117,310 133,030 118,630 133,550 118,880 37,136 69,640 80,609 119,595 117,999 1,545 24,582 2,930 24,720 3,690 24,920 5;0 4,430 25,' ,664 25 5,677 3,6 ,230 25,380 13,586 3, ,320 25,670 13,604 3^270 25^750 131614 .. 3,560 26,080 13,633 3,560 26 ,380 13,647 "" ,420 13,669 3,540 26 12,347 4 5,886 24,210 208 7,589 28,340 54 8,464 67,157 438 18,638 79,716 3,550 19,854 6,619 6,884 6,923 6,113 6,049 9,761 111,548 7,936 109,959 112,702 3,154 112 3,812 115,516 5,986 117,562 86,550 88,627 90,159 90,440 90,929 1,440 20 ,238 ,377 2,836 20 ,555 3,553 20 ,606 4,244 20 3,499 21 ,054 6,058 6,092 6,097 6,104 6,112 2,394 5,044 7,032 3,751 6,440 8,884 93,395 94,350 95,183 96,240 97,326 97,673 ,952 3,073 20 3,166 21 ,172 3,054 21,226 3,371 21,500 3,389 21 ,719 3,411 21,793 6,124 6,130 6,136 6,153 6,161 6,179 10,527 15,371 17,745 38,420 41,478 1,241 1,592 1,889 3,768 3,951 548 542 533 514 511 511 510 510 51© 509 **« 509 509 508 507 507 506 113,823 110,823 110 110,459 113,314 110,182 110 110 ,655 6 14 3 7 10 1963—June Sept. Oct. Nov. Dec. 29 25 30 27 20 46,397 47,360 47,470 47,800 48,089 34,665 35,600 35,970 36,300 36,679 6,166 6,160 5,900 5,890 5,872 5,566 5,600 5,600 5,610 5,539 890 840 820 800 826 48,020 48,960 49,050 49,360 49,621 43,248 43,790 44,110 44,350 44,516 43,180 43,730 44,050 44,290 44,467 19 4,031 4,110 4,100 4,130 38 4,205 1964—Jan Feb. Mar. Apr. May June 29 26 25 29 27 24" 48,400 48,860 49,320 49,540 49,940 50,200 36,960 37,340 37,630 37,920 38,350 38,570 5,910 5,990 6,110 6,060 6,040 6,070 5,530 5,530 5,580 5,560 5,550 5,560 860 900 890 820 850 890 50,080 50,600 51,040 51,180 51,610 51,920 45,150 45,460 45,960 46,050 46,330 46,750 45,090 45,400 45,910 46,000 46,280 46,700 4,150 4,200 4,240 4,210 4,240 4,240 For notes see end of table. 13,482 13,524 1 13,540 1 13558 3,558 13,570 865 COMMERCIAL AND MUTUAL SAVINGS BANKS JULY 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Deposits Loans and investments Class of bank and date Total Reserve city member banks: New York City.3,4 1941—Dec. 31 1945—Dec. 31 1947_Dec. 31 1961—Dec. 30 1962—Dec. 28 Loans Total assets— Total Securities liaCash bilities assets l and capital Total i U.S. acOther Govt. counts 2 12,896 4,072 7,265 1,559 6,637 26,143 7,334 17,574 1,235 6,439 20,393 7,179 11,972 1,242 7,261 30,297 19,535 7,862 2,900 11,164 32,989 21,954 7,017 4,017 11,050 Interbank i Other Borrowings Demand Demand Time Total Numcapital ber acof counits bainks Time U.S. Govt. Other 19,862 32,887 27,982 43,538 46,135 17,932 30,121 25,216 36,818 37,885 4,202 4,640 4,453 5,296 4,783 6 866 12,051 807 17 6,940 17,287 1,236 195 12 267 19,040 1,445 30 191 1,267 23,129 6,935 283 207 1,408 22,231 9,256 1,728 1,648 2,120 2,259 3,683 3,898 36 37 37 13 17 1963—June Sept. Oct. Nov. Dec. 29 25 30 27 20 32,847 32,957 32,860 33,615 34,827 21,446 22,036 21,765 23,103 23,577 6,506 5,642 5,926 5,634 6,154 4,895 5,279 5,169 4,878 5,095 9,802 8,995 8,776 9,259 9,372 44,981 44,185 43,847 45,200 46,434 37,454 36,361 35,655 36,807 38,327 4,734 3,991 4,020 4,272 4,289 187 2,052 20,351 10,131 202 2,078 19,353 10,737 209 668 19,571 11,187 212 665 20,201 11,457 214 1,419 20,960 11,446 794 ,031 ,438 ,480 ,438 3,931 3,945 3,966 3,966 3,984 13 13 13 13 13 1964—Jan. Feb. Mar. Apr. May June 29 26 25 29 27 24^ 33,651 33,611 34,885 34,624 35,467 36,072 22,965 22,799 23,653 23,967 24,544 25,038 5,691 5,561 5,879 5,390 5,619 5,618 4,995 5,251 5,353 5,267 5,304 5,416 8,864 9,317 8,530 8,864 9,393 8,955 44,912 45,377 45,875 46,040 47,346 47,420 36,674 37,010 37,661 37,648 38,590 38,928 4,040 4,060 4,096 4,044 4,071 3,993 256 351 20,061 11,966 268 901 19,694 12,087 306 1,563 19,453 12,243 304 833 20,140 12,327 295 1,349 19,670 13,205 299 1,957 19,448 13,231 ,294 ,320 ,187 ,270 ,494 ,507 4,161 4,184 4,184 4,203 4,351 4,362 13 13 13 13 14 14 2,760 5,931 5,088 7,606 8,957 954 1,333 1,801 4,626 5,418 1,430 376 4,213 385 2,890 397 2,041 940 2,129 1,409 1,566 4,363 1,489 7,459 1,739 6,866 2,603 10,383 2,280 11,432 4,057 7,046 6,402 9,283 9,993 1,035 1,312 1,217 1,624 1,277 127 1,552 72 369 410 2,419 476 3,462 719 4,201 913 5,268 2,008 5,264 3,025 35 262 288 377 426 870 948 13 12 14 9 13 9,08: 9,346 9,211 9,376 9,615 5,545 5,796 5,826 6,038 6,220 2,071 1,466 2,136 11,440 10,141 1,202 1,915 1,635 2,094 11,623 10,036 1,209 1,743 ',642 1,993 11,394 9,934 ,218 1,731 ,186 ,607 1,955 11,521 10,103 ,211 1,705 ,690 1,970 11,776 10,296 584 583 186 200 395 4,840 4,669 4,802 4,909 4,887 3,499 3,563 3,714 3,794 3,787 111 327 274 211 255 974 983 990 993 996 12 12 12 12 12 9,24: 9,423 9,695 9,316 9,394 9,464 5,837 5,956 6,064 6,088 6,173 6,199 1,823 1,867 2,063 1,706 1,706 1,678 100 279 472 212 384 581 4,839 4,715 4,627 4,893 4,810 4,598 3,948 3,923 3,889 4,028 4,046 4,044 257 370 327 166 185 262 ,002 ,002 ,011 ,012 ,008 ,012 12 12 12 12 12 12 1,967 2,566 2,844 6,997 7,263 351 359 353 206 191 City of Chicago:3 1941—Dec. 31 1945—Dec. 31 1947_Dec. 31 1961—Dec. 30 1962—Dec 28 1963—June Sept. Oct. Nov. Dec. 29 25 30 27 20 1964—Jan. Feb. Mar. Apr. May June , , , , 29 26 25 29 27 24 P , Other reserve city: 4 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1961—Dec. 30 1962—Dec. 28 1,994 2,023 1,776 2,118 2,185 2,155 11,437 11,641 11,713 11,676 11,806 11,852 9,977 10,056 10,128 10,263 10,414 10,379 ,075 ,124 ,124 ,114 ,151 ,132 15,34' 7,105 6,467 1,776 8,518 40,108 8,514 29,552 2,042 11,286 36,040 13,449 20,196 2,396 13,066 68,565 42,379 19,748 6,438 20 20,216 73,130 46,567 18,398 8,165 19,539 24,430 51,898 49,659 90,815 94,914 22,313 49,085 46,467 81,883 84,248 4,356 6,418 5,627 8,350 7,477 104 491 12,557 4,806 30 8,221 24,655 9.760 2 22 ,423 1 405 28,990 11 62 2,103 44,986 26,381 81 82 2,337 43,609 30,743 1,388 ,582 ,600 ,568 ,522 ,515 ,587 1963—June Sept. Oct. Nov. Dec. 29 25 30 27 20 74,614 75,875 76,106 76,776 78,370 48,164 49,757 50,132 50,699 51,891 17,326 16,539 16,324 16,472 16,686 9,124 9,579 9,650 9,605 9,792 18,526 17,478 17,185 18,887 18,778 95,433 95,675 95,705 98,069 99,643 85,555 84,554 84,266 85,891 87,994 6,811 6,959 7,062 6,949 7,225 110 97 94 90 95 3,793 2,941 1,141 1,462 2,212 41,291 40,341 41,359 42,698 43,459 33,549 34,216 34,610 34,692 35 ,004 407 1,250 1,500 2,102 1,417 7,440 7,557 7,635 7,653 7,697 194 196 194 195 190 1964—Jan. Feb. Mar. Apr. May June 29 26 25 29 27 24 P 76,859 77,289 78,288 78,650 79,226 80,288 51,034 51,529 52,395 52,811 53,749 54,588 16,152 9,673 15,994 9,766 15,866 10,027 15,692 10,147 15,294 10,183 15,321 10,379 16,826 17,193 16,863 17,445 16,999 17,556 96,184 96,845 97,572 98,569 98,750 100,345 84,938 85,456 86,404 86,601 86,814 88,448 6,512 6,449 6,495 6,232 6,231 6,455 98 105 107 117 115 123 813 2,062 2,796 1,586 2,708 3,691 41,439 36,076 40,234 36 ',606 40,167 36 ,839 41,321 37,345 40,009 37 ,751 40,351 37,828 1,146 1,095 1,000 1,500 1,301 1,333 7,773 7,814 7,815 7,984 8,032 8,059 189 189 186 186 183 183 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 80,623 44,698 25,425 10,501 6,402 10,632 10,778 15,595 14,559 19,466 46,059 47,553 90,376 97,008 17,415 43,418 44,443 81,646 87,34: 792 ,207 ,056 ,925 ,773 225 5,465 432 1,641 1,931 10,109 24,235 28,378 46,211 46,895 6,258 12,494 14,560 31.832 36,692 4 11 23 40 172 1,982 2,525 2,934 7,088 7,744 6,219 6,476 6,519 5,885 5,828 Country member banks: 3 , 4 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1961—Dec. 30 1962—Dec. 28 1963—June Sept, Oct. Nov. Dec. 29 25 30 27 20 82,95: 84,421 85,166 86,049 87,316 46,934 47,869 48,351 48,971 50,023 24,496 11,522 14 ,465 99,361 24,537 12,015 13,644 99,829 24,575 12,240 13,941 100,887 24,810 12,268 14,175 101,988 24,797 12,496 14,274 103,615 89,470 89,779 90,620 91,514 92,759 ,641 ,678 ,783 ,764 ,793 3,33: 2,334 1,159 1,485 1,960 45,066 39,371 45,596 40 ",111 46,970 40 ,648 47,708 40 ,497 48,256 40 ,693 127 228 341 451 390 7,894 7,892 7,964 7,994 8,377 5,839 5,871 5,878 5.884 5,897 1964—Jan. Feb. Mar. Apr. May June 29 26 25 29 27 24 P 86,427 86,593 87,111 87,785 87,206 88,307 49,267 49,604 50,269 51,007 51,199 52,303 24,678 12,482 13,796 102,111 24,451 12,538 13,436 101,941 24,177 12,665 14,002 103,069 23,946 12; 832 13,462 103,175 23,360 12,647 13,406 102,539 23,249 12,755 13,785 103,994 91,815 91,418 92,348 92,305 91,641 93,185 ,736 ,64: ,663 ,629 ,569 ,646 1,130 1,802 2,201 1,120 1,999 2,655 47,484 41,405 46,180 41,734 46,212 42,212 46,960 42,540 45,693 42,324 46i 258'42,570 376 381 540 435 409 309 8,016 8,172 8,216 8,301 8,328 8,360 5,910 5,916 5,925 5,942 5,952 5,970 For notes see end of table. 866 COMMERCIAL AND MUTUAL SAVINGS BANKS JULY 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 Insured commercial banks: 1941—Dec. 31. 1945—Dec. 31. 1947—Dec. 31. 1961—Dec. 30. 1962—Dec. 28. 1963—June 29. Dec. 20. National member banks: 1941—Dec. 31. 1945—Dec. 31. 1947—Dec. 31. 1961—Dec. 30. 1962—Dec. 28. 1963—June 29. Dec. 20. State member banks: 1941—Dec. 31., 1945—Dec. 31., 1947—Dec. 31. 1961—Dec. 30., 1962—Dec. 28., 1963—June 29., Dec. 20., Loans U.S. Govt. Other Total assets— Total liabilities and capital accounts 2 Interbank i Total Other Demand Demand Time Time U.S. Govt. Other 49,290 21,259 21,046 6,984 121,809 25,765 88,912 7,131 114,274 37,583 67,941 8,750 25,788 34,292 36,926 76,820 157,544 152,733 1,762 41,298 15,699 10,654 69,411 23,740 80,276 29 147,775 13,883 276 29,876 141,851 12,615 54 1,325 92,975 34,882 213,904 234,243 239,447 252,579 66, ;,026 23,531 65,891 28,903 63,037 32 32,047 62,723 34,594 56,086 53,702 50,770 50,337 276,600 295,093 297,836 310,730 247,176 260,609 264,654 273,657 27,571 11,725 12,039 3,806 69,312 13,925 51,250 4,137 65,280 21,428 38,674 5,178 14,977 20,114 22,024 43,433 90,220 88,182 36,088 13,006 35,663 16,042 34,011 17,751 ",218 33,384 19 31,078 29,684 28,641 28,635 150,809 160,657 162,748 170,233 15,950 6,295 7,500 2,155 37,871 8,850 27,089 1,933 32,566 11,200 19,240 2,125 8,145 9,731 10,822 24,688 48,084 43,879 621 13,874 4,025 22,259 3,739 4,411 8,166 24,168 7,986 44,730 381 27,068 9,062 15 40,505 3,978 6,302 8,050 9,257 9,855 18,501 17,744 16,288 15,760 84,303 88,831 88,466 91,235 74,119 76,643 77,106 78,553 6,835 6,154 5,920 5,655 3,241 1,509 1,025 2,992 10,584 1,063 4,958 10,039 1,448 2,668 4,448 4,083 8,708 19,256 20,691 7,702 18,119 19,340 262 116,402 127,254 130,146 137,447 63,196 68,444 69,350 72,680 124,348 139,449 144,363 155,261 67,309 75,548 78,383 84,845 38,924 43,089 43,705 46,866 17,971 17,305 16,388 15,958 17,737 15,844 14,871 15,077 333 402 430 443 5,934 141,050 6,815 140,169 11,005 132,788 6,712 140,70f 135,511 142,825 145,513 150,823 10,359 9,155 8,468 8,863 104 127 159 146 199 231 215 236 3,315 3,735 6,038 3,691 2,066 2,351 3,723 2,295 1 2,246 130 2,945 9 3,055 ,502 ,867 ,918 43,303 21 ,716 213 6,763 41, ,924 25,983 1,914 7,104 39,161 28,088 839 7,230 4 0 ,725 29 , " - ",642 1,795 7,506 ,600 ,544 ,521 ,497 1961—Dec. 1962—Dec. 1963—June Dec. 30.. 28.. 29.. 20.. 34,320 38,557 39,963 42,464 18,123 20,811 22,274 23,550 11,972 12,932 12,647 13,391 4,225 4,814 5,042 5,523 6,508 6,276 5,841 5,942 41,504 45,619 46,635 49,275 37,560 41,142 42,035 44,280 543 535 483 559 Noninsured nonmember commercial banks: 1941_Dec. 31.. 1945—Dec. 31.. 1947_Dec. 31 3 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 2,251 177 329 181 185 1,291 1,905 18 1,392 1961—Dec. 30.. 1962—Dec. 28.. 1963—June 29.. Dec. 20.. 1,536 1,584 1,555 1,571 577 657 686 745 553 534 496 463 406 392 373 362 346 346 386 374 1,961 2,009 2,026 2,029 1,513 1,513 1,525 1,463 177 164 171 190 148 133 120 83 869 872 835 832 Nonmember commercial banks: 1941—Dec. 31.. 1945—Dec. 31.. 1947_Dec. 31 3 7,233 16,849 18,454 3,696 2,270 1,266 3,310 12,277 1,262 5,432 11,318 1,703 3,431 4,962 4,659 10,992 22,024 23,334 9,573 20,571 21,591 439 457 425 190 1961—Dec. 30. 1962—Dec. 28. 1963—June 29. Dec. 20. 35,856 40,141 41,519 44,035 18,700 21,469 22,961 24,295 12,525 13,466 13,143 13,854 4,631 5,206 5,415 5,885 6,854 6,622 6,227 6,316 43,465 47,628 48,661 51,304 39,073 42,654 43,560 45,743 719 699 654 749 Insured mutual savings banks: 1941—Dec. 31. 1945—Dec. 31. 1947—Dec. 31. 1,693 10,846 12,683 642 3,081 3,560 629 7,160 8,165 421 606 958 151 429 675 1,958 11,424 13,499 1,789 10,363 12,207 1961—Dec. 1962—Dec. 1963—June Dec. 35,660 38,597 40,128 41,664 25,812 28,778 30,533 32,300 4,690 4,639 4,545 4,324 5,158 5,180 5,050 5,041 828 784 789 722 37,065 39,951 41,580 43,019 33,400 36,104 37,585 38,657 3,640 5,117 78 4,644 5,017 45 5,409 5,005 76, i,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 76,836 61 ,288 1,704 13,548 4,615 5,776 14,639 16,444 For notes see end of table. 10 6,844 13,426 215 8,671 13,297 61 9,734 13,398 82 ,122 46: 22,089 13,108 97 ,380 3, ,584 "",712 13,119 23 105,559 1,498 24 ,191 13,189 110,723 3,571 25,277 13,284 1,088 23,262 8,322 6,786 39,458 14,013 45,473 16,224 84,939 9,229 795 53,541 19,278 82,023 8,375 35 Insured nonmember commercial banks: 1941—Dec. 31., 1945—Dec. 31., 1947_Dec. 31., 30. 28. 29. 20. Bor- Total Numrow- capital ber of acings counts banks 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 6,478 553 729 1,245 726 129 244 3,452 3,870 3,964 4,234 6,997 7,072 7,133 7,173 253 365 478 329 279 325 852 714 783 307 330 343 341 370 371 379 389 21,456 14 ,979 22,170 17 ,664 21,241 19,010 23,140 19,793 5,504 3,613 14,101 6,045 167 13,758 7,036 178 565 22,325 15,286 176 743 23,042 17,994 177 1,300 22,076 ",353 19 144 743 23,972 20 ,134 12 m 323 308 291 285 18 1,288 7,662 11 1,362 7,130 12 1,596 7,261 3,822 4,240 4,343 4,623 7,320 7,380 7,424 7,458 1,789 10,351 12 12,192 164 1,034 1,252 52 192 194 256 33,137 3 5,827 267 35 303 37,273 292 38,359 3,191 3,343 3,414 3,572 330 331 331 330 33 77 105 165 867 COMMERCIAL AND MUTUAL SAVINGS BANKS JULY 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Total Interbank i Securities Other liaCash assets1 bilities and Demand capital Total i U.S. Deac- 2 Other Time mand Govt. counts U.S. Govt. Other Class of bank and date Total Loans Noninsured mutual sayings banks: 1941—Dec. 31 1945—Dec. 31 1947—Dec. 313 8,687 5,361 5,957 4,259 1,198 1,384 3,075 1,353 3,522 641 3,813 760 642 180 211 9,846 5,596 6,215 8,744 5,022 5,556 1961—Dec. 1962—Dec. 1963 June Dec. 5,600 5,961 6,269 6,425 3,581 3,938 4,132 4,380 1,446 1,490 1,621 1,548 108 106 101 104 5,768 6,134 6,440 6,602 5,087 5,427 5,663 5,859 1 2 30 28 29 20 572 533 516 498 Reciprocal balances excluded beginning with 1942. Includes other assets and liabilities not shown separately. 3 See notes; p. 643, May 1964 BULL. •" occ nuica, y . v n j , rviay i 7 u t II\JL.L,. 4 Beginning with May 18, 1964, one New York City country bank with loans and investments of $1,034 million and total deposits of $982 million was reclassified as a reserve city bank. NOTE.—Data are for all commercial and mutual savings banks in the United States (including Alaska and Hawaii, beginning with 1959). Corn- 6 2 1 Total Bor- capital Number rowacof ings counts banks Time 8,738 5,020 2 5,553 4 6 18 8 5,083 5,420 5,645 5,851 6 1,077 558 637 496 350 339 1 2 577 608 617 633 184 180 180 179 parability of figures for classes of banks is affected somewhat by changes in F.R. membership, deposit insurance status, and the i HI JT.JV. iiiciuuciMiip, ucpusn liisuimiwc siaius, cuiu me 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. See also NOTE, p. 643, May 1964 BULL. LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Not seasonally adjusted Seasonally adjusted Securities Securities Date Total i Loans 1 Total* U.S. Govt. Loans* Other U.S. Govt. Other 1957—Dec. 31 1958 Dec 31 1959—Dec 31 166.4 181.2 185.9 91.4 95.6 107.6 57.1 65.1 57.8 17.9 20.5 20.5 169.3 184.4 189.5 93.2 97.5 110.0 58.2 66.4 58.9 17.9 20.6 20.5 1960—Dec 1961—Dec. 1962—Dec 1963—Dec 194.5 209.8 228.3 246.5 113.8 120.5 133.9 149.4 59 9 65.4 65.2 62.1 20.8 23.9 29.2 35.0 116 7 123.9 137.9 153.9 61.0 66.6 66.4 63.4 20.9 23.9 29.3 35.1 235.5 238.4 238.0 239 2 241.5 241.2 244.2 246.5 139 4 141.7 142.6 143.6 145.4 146.1 148.4 149.4 64 2 64.4 62.6 62 0 62.2 60.8 61.4 62.1 31.9 32.3 32.8 33.6 33.9 34.3 34.4 35.0 138.9 143.1 142.4 142 5 146.0 146.0 148.6 153.9 63 0 63.5 62.5 c 60.9 61.8 62.0 62.3 63.4 31.7 32.4 32.9 33.7 34.2 34.5 34.1 35.1 246.7 248.4 251 4 251.8 253.5 255.1 151.0 151.8 153.9 155.4 157.3 158.9 60.8 61.2 62.1 60.8 60.3 59.9 34.9 35.4 35.4 35.6 35.9 36.3 198.5 214.4 233.6 252.4 233.6 239.1 237.8 237.1 241.9 242.4 245.0 252.4 246.2 247.2 249.9 250.6 251.5 256.1 149.5 150.6 152.8 154.7 156.7 160.5 62.1 61.5 61.5 60.1 59.1 59.1 34.6 35.1 35.6 35.8 35.8 36.4 31 30 312 312 1963 May 29 June 29 July 31 Aug 28 Sept 25 Oct. 30 Nov 27 Dec. 31 2 1964 Jan 2 9 P Feb. 2 6 P Mar 25» Apr 2 9 P May 27* June 30^2 . . . . . . . . . ; 1 Adjusted to exclude interbank loans. 2 Data are estimates. NOTE.—For back data, see June 1964 BULL. pp. 693-97. For description of seasonally adjusted series, see July 1962 BULL. pp. 797-802. Data are for last Wed. of month and are partly estimated (except for June 30 and Dec. 31 call dates). 868 COMMERCIAL BANKS JULY 1964 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Investments Loans For To purchasing financial or carrying institutions Total1 ComOther loans mer- Agri- securities to and Real cial in- Other invest- Total 2 and cultur- To diments inal brovidduskers To uals To To trial Total and others banks others dealers Class of bank and call date Total: 2 1947—Dec. 31. 1961—Dec. 30. 1962—Dec. 28. 1963—June 29. Dec. 20. 38,057 18,167 1,660 830 1,220 124,925 45,172 6^48 4,056 2 2,134 140,106 48,673 7, 097 5,144 2,131 145,049 49,862 7,541 4,645 2,233 156,006 52,947 7,470 5,353 2,509 115 1,033 2,578 1,934 3,605 AH insured: 1941—Dec. 31. 49,290 21,259 9,214 1,450 614 662 1,314 1945—Dec. 31. 121,809 25,765 9,461 1,314 3,164 3,606 1947—Dec. 31. 114,274 37,583 18,012 1,610 823 ,190 9,393 7,311 30,320 .. 8 , •""" 8|649 36J25 8, 9, 479 39,056 40 49 114 116,284 215,441 235,839 241,014 254,162 124,348 44 965 6,211 139,449 48 458 7,060 144,363 49;660 7 660 7,513 155,261 52,743 7,444 , 4,030 2,107 5,119 2 ,103 4,615 2 ,203 5,321 2,476 1,027 2,551 1,902 3,594 Member, total: 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 1945—Dec. 31. 107,183 22,775 8,949 855 3,133 3,378 1947—Dec. 31. 97,846 32,628 16,962 1,046 811 1,065 106,232 40,931 3,934 3,877 1,827 118,637 43,843 4^19 4;954 1 122,088 44,7014 ,664 4, 436 1[880 131,712 47,403 4 ,659 5, 124 2 ,136 1,014 2,445 1,844 3,439 1961—Dec. 1962—Dec. 1963—June Dec. 30. 28. 29. 20. 179,599 195,698 199,495 210,127 New York City: 1941—Dec. 31. 1945—Dec. 31. 1947—Dec. 31. 12,896 26,143 20,393 1961—Dec. 1962—Dec. 1963—June Dec. 30. 28. 29. 20. 30,297 32,989 32,847 34,827 City of Chicago: 1941—Dec. 31. 1945_Dec. 31. 1947—Dec. 31. 1961—Dec. 30. 1962—Dec. 28. 1963—June 29. Dec. 20. Other reserve city: 1941_Dec. 31. 1945—Dec. 31. 1947_Dec. 31. 1961—Dec. 1962—Dec. 1963—June Dec. 30. 28. 29. 20. 4,072 2,807 7,334 3,044 7,179 5,361 Nonmember: 1947—Dec. 31. 1961—Dec. 30. 1962—Dec. 28. 1963—June 29. Dec. 20. 23 1,956 7,296 30,211 , . 8,434 34,123 8.620 36,558 9J415 38,861 467 376 425 572 448 546 569 1,007 2,766 17 2 13 2,308 26 2,677 2,760 5,931 5,088 954 732 1,333 760 1,801 1,418 48 211 73 4,626 5,418 5,545 6,220 354 407 358 497 137 152 176 181 114 194 427 1,503 170 484 123 80 111 4 17 15 15,347 7,105 3,456 40,108 8,514 3,661 36,040 13,449 7,088 68,565 73,130 74,614 78,370 42,379 46,567 48,164 51,891 300 205 225 16,879 1,076 976 17,660 1,179 1,053 17,805 1,245 1,090 18,862 ,219 ,243 669 703 741 751 51 149 221 362 393 401 476 523 555 594 7,862 7,017 6,506 6,154 1,430 40 4,213 26 2,890 229 369 288 318 2,041 2,129 2,071 1,705 784 470 3,261 9,590 9,172 998 19,748 752 1,020 3,583 11,030 9,860 1,266 18,398 786 751 3,886 11,683 10,464 1,380 17 ,326 891 1,224 4,286 12 ",525 11,106 1,462 16 ,686 20 42 23 183 471 227 2,098 26,145 26,426 20 ,068 3,916 23,715 26,746 24 ,547 3,203 23,741 27,092 27,573 . , 1,649 22,316 27,806 29 ,559 3,462 4,356 4,475 5,035 9,229 8,862 6,863 8,032 1,842 21,390 21,598 16,691 2,617 3,249 19,443 " 414 20,773 3,319 2,608 19,423 ,533 3,475 1,307 18,— 21,932 25,210 3,864 072 729 606 638 830 629 604 2,806 2,023 2,118 1,955 2,635 3,585 4,451 4,653 265 432 444 442 256 133 1,467 132 235 153 1,022 749 1,864 248 2,274 182 181 213 193 204 185 478 377 426 347 728 849 782 599 743 816 788 1,242 791 1,226 717 1,361 124 168 240 329 2,117 1,998 1,639 1,711 442 508 240 147 92 115 71 42 2,496 2,488 2,508 2,341 1,527 6,467 295 751 5,421 508 956 820 1,459 855 387 29,552 1,034 6,982 5,653 15,883 1,126 916 3,147 1,969 351 20,196 373 2,358 1,901 15,563 1,342 1,053 2 4 5 1,528 1,823 4,377 707 359 26 1,881 ",999 3,827 1,979 224 22 ,857 73,131 80,623 82,952 87,316 39,693 44,698 46,934 50,023 10,165 2 ,811 11,299 ,187 12,215 ,378 12,831 3,374 591 728 680 708 438 447 469 496 116 764 412 966 1,251 1,563 1,463 1,591 13,242 14,441 15,206 16,114 11,132 12,273 13,186 13,951 18,454 35,856 40,141 41,519 44,035 5,432 18,700 21,469 22,961 24,295 1,205 614 4,241 2,314 4,830 2,678 830 2 5,161 2,877 5,544 2 ",811 20 179 190 209 229 156 306 354 354 373 2 19 132 90 166 418 523 515 604 2,266 6,341 7,097 7,598 8,047 1,061 4,995 5,754 6,295 6,643 1 Beginning with June 30, 1948, figures for various loan items are shown gross (i.e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. 1,220 1,196 1,034 1,068 95 22 36 46 659 648 818 7,789 6,034 53,205 276 3 ,729 2,114 26,336 26,641 , 345 3 ,592 3,932 2 3 , 8 4 1 2 6 , — 24,755 4,543 987 3,216 23,82127,378 27,817 4,606 , , 1,658 22,415 28,065 29,786 5,173 522 311 7,265 1,623 5,331 477 3,433 3,325 10 0,339 287 272 17,574 558 9,772 564 238 11,972 1,002 640 934 2,072 1,711 2,087 1,329 2,143 2,044 1,845 2,161 2,247 1,968 2,257 53 89 135 242 2,609 2,941 3,051 3,378 27,708 3,396 66,026 11,356 30,402 3,890 65,891 11,514 32,506 3,793 63,037 9,002 34,383 4,015 62,723 10,952 6,893 23,987 22,852 3,198 54,058 7,936 27,162 24,799 3,657 52,968 8,134 29,127 26,366 3,557 50,399 8,875 31,009 27,908 3,765 49,342 52 233 87 7,606 8,957 9,082 9,615 2,193 11,488 11,674 9,128 11,059 Certificates 3,494 3,653 19,539 971 3,007 15,561 3,090 2 ,871 3,455 1,900 1,057 78,338 2,275 16,985 14,271 44,807 3, ,815 7,130 4,662 839 57,914 1,987 5,816 4,815 45 '-,295 4,199 3 ,105 32 26 93 11,278 11,943 11,630 12,332 19,535 21,954 21,446 23,577 Country: 1941—Dec. 31. 12,518 5,890 1,676 1945—Dec. 31. 35,002 5,596 1,484 1947—Dec. 31. 36,324 10,199 3,096 1961—Dec. 30. 1962—Dec. 28. 1963—June 29. Dec. 20. 412 169 2,453 1,172 545 267 69,221 66,578 66,434 63,542 63,196 Bills State and local Other govt. secusecu- rities Notes Bonds rities 505 21,046 988 4,773 3,159 16,899 3,651 3,333 4,677 2,361 1,132 88,912 2,455 19,071 16,045 51 -',342 3,873 3,258 9,266 5,654 914 67,941 2,124 7,552 5,918 52 ,347 5,129 3,621 39 47 113 1961—Dec. 30. 213,904 1962—Dec. 28. 234,243 1963—June 29. 239,447 Dec. 20. 252,579 5,723 947 27,847 3,412 3,909 32;661 3,812 34,550 4,034 U. S. Government securities 741 8,605 7,382 3,020 2,343 1,403 7,257 7,395 1,685 1,191 7,281 7,168 2,152 545 6,600 7,390 5,710 7,252 8,163 8,810 727 913 961 981 110 481 3,787 1,222 1,028 630 5,102 4,544 16 6,722 1,342 1 ,067 480 2,583 2,108 17,687 2,,006 1 ,262 751 24,407 826 "5,425 25 856 24,496 917 24,797 3,614 566 9,560 10 ,667 7, 530 1 ,500 4,144 1,223 8,849 11,209 8,694 1 ,807 3,112 1,106 8,851 11,427 9,692 1,830 3,822 573 8,531 11,871 10,-- 2 ,111 385 109 214 252 254 269 206 1,973 1,219 7,920 1,078 625 2,259 272 4,947 5,046 3,655 976 2,812 683 4,398 5,573 3,982 1,224 2,265 608 4,398 5,873 4,284 1,131 3,027 351 4,343 6,133 4,576 1,309 11,318 12,525 13,466 13,143 13,854 2 Breakdowns of loan, investment, and deposit classifications are not available before 1947; summary figures for earlier dates appear in the preceding table. For other notes see opposite page. 869 COMMERCIAL BANKS JULY 1964 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Reserves with F. R. Banks BalDeCur- ances mand rency with deposits and docoin mestic adbanks3 justed 4 Total: 2 1947_Dec. 3 1 . . 1961—Dec. 30.. 1962—Dec. 2 8 . . 1963—June 2 9 . . Dec. 20.. 17,796 16,918 17,680 16,529 17,150 2,216 3,689 4,252 3,483 4,048 All insured: 1941—Dec. 3 1 . . 1945—Dec. 3 1 . . 1947_Dec. 3 1 . . Class of bank and call date 1961—Dec. 30.. 1962—Dec. 2 8 . . 1963—June 2 9 . . Dec. 20.. Member, total: 1941—Dec. 3 1 . . 1945_Dec. 3 1 . . 1947—Dec. 3 1 . . Interbank Time deposits Certified and officers' checks, etc. U.S. Govt. State Inter- and and bank Postal local Sav- govt. ings U.S. Govt. State and local govt. 1,343 5,946 6,829 1,060 11 6,729 6,799 12,242 12,071 12,396 12,256 2,581 5,056 4,511 4,502 4,494 84,987 124,622 124,459 116,726 124,784 240 481 535 550 526 111 283 269 254 269 12,396 1,358 8,570 37,845 9,823 673 1,762 15,810 1,829 11,075 74,722 12,566 1,248 23,740 17,796 2,145 9,736 85,751 11,236 1,379 1,325 3,677 5,098 6,692 1,077 2,585 2,559 36,544 72,593 83,723 158 70 54 59 103 111 1,298 5,934 1,265 6,815 1,005 1,264 11 1,177 6,712 12,149 11,991 12,300 12,175 5,023 4,434 4,421 4,429 123,878 123,744 116,067 124,098 333 402 430 443 283 269 254 269 6,246 33,754 9,714 671 1,709 7,117 64,184 12,333 1,243 22 2,179 6,270 73,528 10,978 1,375 1,176 3,066 4,240 5,504 1,009 2,450 2,401 33,061 62,950 72,704 140 64 50 50 99 105 5,381 6,086 9,761 5,986 9,487 9,270 9,535 9,376 4,654 105,454 4,083 104,646 4,060 97,953 4,055 104,130 303 358 373 382 260 243 228 240 16,918 17,680 16,529 17,150 3,670 4,232 3,468 4,033 12,396 1,087 15,811 1,438 17,797 1,672 10,216 87,123 14,169 122,654 13,099 124,342 12,579 117,419 12,312 126,579 13,871 121,671 12,795 123,361 12,237 116,471 11,984 125 ",615 11,362 16,574 14,713 13,749 14,048 16,440 14,579 13,607 13,900 1,430 1,340 1,295 1,294 1,218 16,918 17,680 16,529 17,150 2,813 3,263 2,644 3,131 New York City: 1941—Dec. 3 1 . . 1945—Dec. 3 1 . . 1947—Dec. 3 1 . . 5,105 4,015 4,639 93 111 151 141 10,761 78 15,065 70 16,653 607 866 3,595 3,535 1,105 6,940 3,236 1,217 267 319 237 290 450 1,338 1,105 11,282 15,712 17,646 6 17 12 1961—Dec. 30.. 1962—Dec. 28.. 1963—June 29.. Dec. 20.. 3,286 4,121 3,439 3,625 240 251 191 264 143 156 121 96 17,089 17,095 15,669 16,763 4,330 3,854 3,802 3,487 1,267 1,408 2,052 1,419 333 366 357 368 2,583 2,237 2,172 2,119 20,213 19,628 17,822 18,473 191 207 187 214 City of Chicago: 1941—Dec. 3 1 . . 1945—Dec. 3 1 . . 1947—Dec. 3 1 . . 1,021 94f 1,070 298 200 175 2,215 3,153 3,737 ,027 ,292 ,196 127 1,552 72 233 237 285 34 66 63 1961—Dec. 30.. 1962—Dec. 2 8 . . 1963—June 29.. Dec. 20.. 889 1,071 974 1,019 158 99 154 98 3,809 4,262 3,941 4,144 ,578 ,235 ,155 ,169 369 410 584 395 315 351 373 275 124 109 11 11 4,830 4,804 4,355 4,500 Other reserve city: 1941—Dec. 3 1 . . 1945—Dec. 3 1 . . 1947—Dec. 3 1 . . 4,060 6,326 7,095 2,590 11,117 2,174 22,372 2,125 25,714 4,30: 6,307 5,497 54 491 110 8,221 131 405 1,144 1,763 2,282 286 611 705 11,127 22,281 26,003 104 30 22 20 38 45 7,533 858 7,671 1,021 7,183 815 7,587 935 2,542 2,253 2,234 2,105 36,187 35,481 33,502 35,859 8,107 7,229 6,572 6,958 243 248 239 267 2,103 2,337 3,793 2,212 3,520 3,216 3,195 3,144 1,15: 980 1,021 1,034 40,315 39,413 37,075 39,281 62 82 110 95 110 83 70 72 Country: 1941—Dec. 3 1 . . 1945—Dec. 3 1 . . 1947_Dec. 3 1 . . 2,210 4,527 4,993 526 796 929 3,216 9,661 4,665 23,595 3,900 27,424 790 ,199 ,049 225 5,465 43f 1,370 2,004 2,64^ 239 435 528 8,500 21,797 25,203 31 52 45 1961—Dec. 30.. 1962—Dec. 2 8 . . 1963—June 2 9 . . Dec. 20.. 5,210 4,817 4,933 4,919 1,678 1,94"" 1,599 1,884 5,881 5,389 5,182 5,060 43,575 44,689 42,524 46,049 ,910 ,753 ,617 ,764 1,641 1,931 3,33f 1,960 5,320 5,337 5,610 5,590 796 756 755 790 40,095 40,801 38,700 41,877 108 100 94 86 544 876 989 840 917 3,947 5,446 5,202 4,889 4,953 13,595 21,994 22,814 21,782 23,763 385 649 64: 603 671 167 565 743 1,300 743 1,295 2,755 2,802 2,861 2,880 180 40: 428 442 438 12,284 19,168 19,813 18,773 20,654 1961—Dec. 30.. 1962—Dec. 2 8 . . 1963—June 2 9 . . Dec. 20.. Nonmember:2 1947—Dec. 3 1 . . 1961—Dec. 30.. 1962—Dec. 2 8 . . 1963—June 29.. Dec. 20.. 15,924 14,071 13,146 13,378 967 929 932 801 3 Beginning with 1942, excludes reciprocal bank balances. 4 Through 1960, demand deposits other than interbank and U.S. Govt., less cash items in process of collection; beginning with 1961 demand deposits other than domestic commercial interbank and U.S. Govt., less cash items in process of collection. 5 See note 6, May 1964 BULL., p. 589. IPC 866 34,383 65 10,059 5,465 76,680 471 22,459 6,450 90,991 627 24,094 24 7,466 98,183 , 24 ,582 545 7,908 102,886 3,664 25 ,677 492 15,146 496 29,277 826 33,946 5,412 6,397 7,412 7,853 4,371 5,158 5,999 6,364 29 20 14 10 6,844 215 8,671 61 9,734 76,426 462 22,089 ,584 23,712 90,714 3,584 23 97,893 1,498 24,191 102,600 3 ,600 25,277 418 11,878 399 23,712 693 27,542 2,152 3,160 3,85' 100,660 101,528 95,637 102,816 1,270 1,237 1,242 1,140 IPC 1961—Dec. 30.. 1962—Dec. 28.. 1963—June 29.. Dec. 20.. 425 494 562 8,724 7,897 7,690 7,359 ForDomestic 3 eign 5 Bor- Capital row- acings counts 4 5,886 208 7,589 54 8,464 62,526 438 18,638 , 74,316 3,550 19,854 19 80,322 1,440 20,238 • ,054 84,326 31499 21 778 1,206 1,418 1,648 195 2,120 30 2,259 162 6,735 283 266 8,937 1,728 326 9,746 794 449 10,920 1,438 476 719 902 16 130 185 190 178 176 17 144 1,996 3,001 3,363 3,595 243 4,542 160 9,563 332 11,045 2,310 2,633 2,913 2,950 288 377 426 35 262 111 255 1,891 2,242 2,631 2,778 29,834 34,350 36,647 37,829 172 1,094 1,292 1,467 1,545 6,858 14,169 16,675 17,861 18,560 870 948 974 996 1,967 2,566 1 2,844 81 23,962 28,027 1,388 30,567 407 31,982 1,416 146 6,082 219 12,224 337 14,177 3,683 3,898 3,931 3,984 6,997 7,263 7,440 7,697 1,982 11 2,525 2,934 23 40 7,088 7,744 7,894 127 8,377 390 n: 12 33 77 105 165 1,596 3,822 4,240 4,343 4,623 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. 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. Also see NOTE, May 1964 BULL., p. 589. For other notes see opposite page. 870 WEEKLY REPORTING MEMBER BANKS JULY 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities Wednesday Total loans and investments 1 Loans and Cominvestments Loans mercial ad- 2 and adjusted* justed industrial Agricultural To brokers and dealers To financial institutions To others U.S. U.S. Govt. Other Govt. Other sesesecuri- cun- curi- curities ties ties ties Bank Foreign Nonbank DoPers. mesand tic sales com- finan. Other mer- COS., cial etc. Real estate All other Valuation reserves Total— Leading Cities 1963 June 5 3,840 3,805 4,192 4,218 2,866 2,931 3,013 3,074 16,566 16,645 16,703 16,771 18,904 18,928 18,960 19,055 1,938 1,938 1,938 1,939 4,367 4,322 4,378 4,321 3,564 3,562 3,578 3,584 18,530 18,606 18,658 18,692 21,308 21,325 21,373 '21,384 2,062 2,064 2,056 2,056 1,853 2,060 2,134 2,196 4,409 4,333 5,051 4,509 3,604 3,641 3,732 3,811 18,706 18,764 18,836 18,875 21,488 21,538 21,611 21,707 2,059 2,058 2,057 2,056 332 336 349 331 705 847 238 304 1,264 1,235 1,441 1,470 524 530 534 544 1,668 1,685 1,693 1,712 3,111 3,103 3,082 3,129 566 566 566 565 580 583 586 586 572 567 558 579 745 765 559 676 1,444 1,401 1,435 1,438 784 787 777 774 1,954 1,968 1,973 1,977 3,462 3,442 3,457 3,450 566 566 566 567 2,265 2,225 2,367 2,352 591 591 592 593 580 590 606 647 440 586 509 689 1,465 1,408 1,852 1,451 785 788 792 803 1,981 1,983 1,994 2,003 3,473 3,457 3,455 3,444 566 566 566 565 179 186 247 365 1,394 1,400 1,470 1,532 ,066 ,066 ,069 ,086 375 378 412 397 ,291 ,074 ,046 ,133 2,576 2,570 2,751 2,748 2,342 2,401 2,479 2,530 14,898 14,960 15,010 15,059 15,793 15,825 15,878 15,926 1,372 1,372 1,372 1,374 1,496 1,498 1,490 1,489 1,489 1,494 1,498 1,522 707 714 761 728 1,996 1,921 1,284 1,437 3,637 3,574 3,723 3,783 ,808 ,831 ,837 ,838 ,110 ,105 ,101 ,117 2,234 2,378 1,935 2,396 832 989 853 719 3,821 3,780 3,996 3,935 ,850 ,851 ,852 ,859 ,121 ,131 ,159 ,198 11,327 11,345 11,530 11,589 144 190 347 280 1,686 1,711 1,839 1,891 423 428 429 436 22,883 22,772 22,897 22,967 12,148 12,191 12,202 12,195 325 312 317 298 2,134 2,041 2,112 2,190 23,082 23,248 23,990 23,415 12,097 12,101 12,394 12,300 363 623 456 337 100,296 99,005 62,442 100,187 99,113 62,661 101,238 100,192 63,461 102,098 100,965 63,826 23,595 23,649 23,919 23,970 ,535 ,536 ,538 ,520 131,641 131,882 133,219 134,553 129,645 129,961 131,935 133,116 82,388 82,686 84,167 84,693 34,922 34,994 35,449 35,559 ,548 ,549 ,550 ,533 323 376 594 645 3,080 3,111 3,309 3,423 141,284 141,266 141,120 '141,421 139,050 138,888 139,185 r l 39,025 92,796 92,886 93,275 r 93,158 38,307 38,394 38,416 '38,320 ,517 ,523 ,538 ,545 615 615 634 534 141,644 142,113 144,147 143,369 139,791 140,053 142,013 141,173 93,658 93,852 95,573 94,969 38,243 38,234 38,885 38,748 ,548 ,555 ,563 ,570 31,345 31,695 31,981 32,455 30,640 30,848 31,743 32,151 19,946 20,025 20,706 20,867 if:::::::::: 33,914 33,810 33,683 33,882 33,169 33,045 33,124 33,206 3 10 33,929 34,290 35,061 34,472 33,489 33,704 34,552 33,783 12 19 26 81 77 76 104 1964 May 6 13 20 27 June 3 10 17 24 r New York City 1963 June 5 12 19 26 1964 May 20 27 June 17 24 Outside New York City 1963 June 5 12 19 26 1964 May 6 13 20 27 June 3 10 17 24 For notes see p. 872. 107,370 107,456 107,437 107,539 105,881 105,843 106,061 105,819 69,913 70,114 70,378 •70,191 26,159 26,203 26,214 '26,125 ,497 ,503 ,518 ,524 290 303 317 236 1,503 1,533 1,611 1,593 ,228 ,248 ,251 ,252 538 538 543 538 ,489 ,613 ,376 ,720 2,923 2,921 2,943 '2,883 2,780 2,775 2,801 2,810 16,576 16,638 16,685 16,715 17,846 17,883 17,916 17,934 107,715 107,823 109,086 108,897 106,302 106,349 107,461 107,390 70,576 70,604 71,583 71,554 26,146 26,133 26,491 26,448 ,526 ,533 ,541 ,546 469 366 397 382 1,556 1,555 1,629 1,583 ,259 ,260 ,260 ,266 541 541 553 551 ,413 ,474 ,625 ,507 2,944 2,925 3,199 3,058 2,819 2,853 2,940 3,008 16,725 16,781 16,842 16,872 18,015 18,081 1,493 18,156 1,492 18,263 1,491 m 1,491 871 WEEKLY REPORTING MEMBER BANKS JULY 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 U. S. Government securities Wednesday Notes and bonds maturing— Total Bills Certificates Other securities Total With1 to After in 1 year 5 years 5 years Balances with domestic banks Balances with foreign banks Currency and coin Reserves with F. R. Banks All other assets Total assets— Total liabilities and' capital accounts Total— Leading Cities 1963 June 5 12 19 26 29,660 29,566 29,791 30,377 3,929 3,876 4,068 4,223 26,664 26,440 26,488 '26,318 3,820 3,640 3,772 '3,691 26,567 26,391 26,500 26,278 3,979 3,905 4,055 3,900 6,002 6,046 6,263 6,470 1,412 1,459 1,636 1,741 5,236 5,251 5,323 5,323 17,350 17,670 18,194 17,702 3,002 3,157 3,167 3,048 208 231 219 214 1,525 1,701 1,670 1,746 12,615 12,581 13,138 12,694 5,150 5,067 5,032 5,091 167,715 169,401 170,641 170,720 19,590 17,909 19,562 17,896 19,422 17,724 '19,549 '17,559 2,922 3,088 2,950 3,021 281 263 268 276 1,640 1,836 1,778 1,849 13,066 12,709 12,728 '12,413 5,687 5,729 5,616 '5,651 179,362 180,092 178,563 178,429 17,793 17,772 18,290 18,116 2,930 2,946 3,169 2,987 302 317 339 304 1,674 1,792 1,776 1,862 12,887 12,717 13,006 12,963 4,692 4,777 4,774 4,814 3,886 3,933 4,434 4,066 94 84 104 90 239 249 242 252 3,475 3,508 4,008 3,646 2,219 2,131 2,094 2,138 42,097 42,652 43,052 43,296 1,043 1,003 1,075 1,082 5,050 5,022 4,904 4,916 4,152 4,221 4,439 4,261 55 73 56 102 122 110 115 121 260 267 262 269 3,715 3,771 4,006 3,769 2,474 2,529 2,455 2,417 45,514 45,482 45,139 45,525 2,292 2,326 2,409 2,397 1,067 1,005 888 860 4,947 5,042 5,054 5,032 4,233 4,409 4,243 4,435 93 77 95 62 142 169 168 135 259 272 265 270 3,739 3,891 3,715 3,968 2,433 2,401 2,376 2,322 55,133 2,063 2,074 2,099 2,080 11,942 11,947 11,936 11,972 5,596 5,549 5,525 5,846 12,905 12,932 13,203 13,232 13,464 13,737 13,760 13,636 2,908 3,073 3,063 2,958 130 139 139 136 ,286 ,452 ,428 ,494 9,140 9,073 9,130 9,048 2,931 2,936 2,938 2,953 125,618 126,749 127,589 127,424 2,894 2,644 2,644 '2,550 122 2,543 125 2,567 2,926 r 3,OO8 11,401 11,395 10,815 10,689 4,468 4,458 4,780 r 4,748 14,540 14,540 14,518 '14,633 13,757 13,675 13,285 13,298 2,867 3,015 2,894 2,919 159 153 153 155 ,380 ,569 ,516 ,580 9,351 8,938 8,722 '8,644 2,700 2,644 2,683 2,665 3,073 3,088 3,085 3,101 10,575 10,521 10,738 10,727 4,759 4,724 4,486 4,449 14,619 14,768 14,886 14,894 13,560 13,363 14,047 13,681 2,837 2,869 3,074 2,925 160 148 171 169 ,415 ,520 ,511 ,592 9,148 8,826 9,291 8,995 14,491 14,512 14,494 14,524 7,054 6,972 6,996 7,411 194 3,092 14,047 206 3,118 14,015 3,744 13,117 r 3,814 r 12,983 5,511 5,461 5,855 r 5,83O 3,895 3,910 3,924 3,945 12,867 12,847 13,147 13,124 5,826 5,729 5,374 5,309 19,566 19,810 19,940 19,926 350 363 373 382 2,549 2,565 2,558 2,552 1,458 1,423 1,471 1,565 926 996 1,128 1,141 549 551 818 806 2,646 2,620 2,302 2,294 5,460 5,414 5,508 5,336 1,279 1,261 1,372 1,235 822 822 839 844 23,658 23,520 23,528 23,907 2,517 2,417 2,432 2,482 6 13 20 27 21,428 21,189 21,165 '20,995 3 21,107 20,977 20,992 20,942 1,773 1,769 1,761 1,757 2,413 2,437 2,472 2,462 17,597 17,709 17,977 18,046 1964 M a y .!::::::::: 20 27 June 3 10 17 24 5,687 178,911 5,664 179,459 5,593 183,807 5,524 180,392 New York City 1963 June 5 12 19 233 236 225 230 26 1964 May 6 20.'.'.'.'.'/.'.'. 27 June 3 10 17 24 45,870 46,654 45,571 Outside New York City 1963 June 5 12 19 26 1,540 1,533 1,536 1,527 1964 May June 10 17 24 For notes see the following page. 3,213 133,848 3,200 134,610 3,161 133,424 '3,234 132,904 3,254 3,263 3,217 3,202 133,778 133,589 137,153 134,821 872 WEEKLY REPORTING MEMBER BANKS JULY 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Borrowings Deposits Demand Wednesday Total unadjusted 4 Demand deposits ad- 5 Total 6 justed IPC Time DomesState and For- U.S. tic 8 local eign 7 Govt. com- Total merGovt. cial banks Other time 9 Savings IPC State and Forlocal eign7 Govt. CapOther ital From From liabili- acF.R. others ties counts Banks Total— Leading Cities 1963 144,910 146,706 148,061 148,336 61,452 62,785 62,191 62,010 90,353 92,014 93,460 93,480 64,401 67,442 66,389 65,147 5,280 4,834 4,684 4,905 155,135 155,564 153,924 153,955 62,261 61,797 60,692 '61,651 92,770 93,058 91,135 '90,960 65,246 66,429 64,709 '64,867 5,843 5,223 5,039 '5,108 154,574 155,068 159,401 156,152 61,472 63,140 63,274 62,025 91,474 91,847 96,377 93,070 64,312 66,389 68,578 65,207 5,300 4,980 4,790 4,849 34,120 34,735 34,902 35,415 15,327 15,983 15,920 15,792 24,192 24,735 24,980 25,424 16,181 17,165 16,845 16,614 13 20 27 37,290 37,011 36,517 37,018 15,415 15,257 15,030 15,316 25,063 24,782 24,134 24,564 3 10 17 24 36,695 37,396 38,260 37,330 15,367 16,119 16,247 15,748 110,790 111,971 113,159 112,921 May 6 13 20 27 June June 5 12 19 26 11,160 11,275 11,206 11,269 4,035 4,001 3,928 3,966 2,857 2,859 2,871 2,894 133 170 716 568 2,852 2,694 2,079 2,250 5,896 5,917 5,891 5,623 13,924 13,914 13,894 13,943 ,791 4,781 11,246 62.365 38,533 14,920 ,741 4,973 11,087 62;506 38,571 15,060 ,747 5,433 10,907 62,789 38,632 15,242 5 . 793 5,029 10,482 '62,995 '38,662 15,410 4,705 4,665 4,694 '4,725 3,736 3,740 3,748 3,729 189 103 477 108 2,866 3,055 2,842 3,043 6,193 6,400 6,363 6,319 14,979 14,970 14,957 '15,004 2,754 2,969 3,154 3,199 640 637 726 693 3,870 2,825 5,587 7,144 11,457 11,622 11,486 10,952 54,557 54,692 54,601 54,856 36,126 36,181 36,220 36,355 1964 May 6 13 20 27 June 3 10 17 24 r 63,100 63,221 63,024 63,082 38,726 38,774 38,797 38,848 15,468 15,546 15,387 15,481 4,706 4,681 4,626 4,597 3,735 3,750 3,740 3,670 284 241 157 35 6,250 6,124 6,062 5,972 15,049 15,057 15,033 15,034 289 286 278 287 ,221 1,113 3,105 9,928 ,210 785 3,074 10,000 ,266 1,528 2,989 9,922 ,259 1,998 2,997 9,991 4,220 4,234 4,239 4,252 3,220 3,288 3,191 3,181 278 273 274 327 2,028 2,024 2,039 2,052 1,192 2,905 25 1,169 2,845 330 1,121 2,825 212 1,075 2,700 3,880 3,878 3,874 3,894 16,150 16,419 16,139 16,402 529 271 268 274 339 1,525 3,149 12,227 ,288 ,521 3,082 12,229 ,295 ,432 3,110 12,383 ,326 ,330 2,953 12,454 4,424 4,425 4,430 4,433 4,484 4,484 4,616 4,714 403 402 401 400 2,640 2,643 2,661 2,635 20 1,107 2,902 1,352 2,924 213 ',316 2,905 6 ,463 2,855 195 195 188 183 24,220 24,847 25,794 24,862 15,921 16,915 17,326 16,304 286 273 278 313 ,327 ,297 ,339 ,359 2,846 2,743 2,649 2,562 4,192 4,192 4,184 4,176 46,125 46,802 46,271 46,218 66,161 67,279 68,480 68,056 48,220 50,277 49,544 48,533 117,845 118,553 117,407 116,937 46,846 46,540 45,662 r 46,335 67,707 68,276 67,001 '66,396 117,879 117,672 121,141 118,822 46,105 47,021 47,027 46,277 67,254 67,000 70,583 68,208 782 4,997 11,218 ._. 3,706 11,091 813 5,665 11,661 7;043jl0.619 New York City 1963 June 5 12 19 26 1964 May 6 June ,365 ,042 ,446 ,933 2,950 2,916 3,127 2,839 12,475 12,549 12,466 12,468 4,434 4,445 4,445 4,449 4,720 4,765 4,699 4,724 410 408 403 413 2,639 2,662 2,643 2,598 4,991 4,548 4,406 4,618 419 2,757 427 2,040 460 4,059 434 5,146 8,352 8,548 8,497 7,955 44,629 44,692 44,679 44,865 31,906 31,947 31,981 32,103 7,940 7,987 8,015 8,088 3,757 3,728 3,654 3,639 829 835 832 842 49,096 50,010 48,570 '48,465 5,314 4,952 4,771 r 4,834 452 3,256 453 3,452 452 4,001 467 3,699 8,097 8,005 7,797 7,529 50,138 50,277 50,406 '50,541 34,109 34,146 34,202 '34,229 10,436 10,576 10,626 10,696 4,302 4,263 4,293 '4,325 1,096 1,097 1,087 1,094 169 103 264 102 3,291 3,476 3,458 3,464 10,784 10,775 10,769 '10,821 48,391 49,474 51,252 48,903 5,014 4,707 4,512 4,536 455 3,632 464 2,664 474 4,219 472 5,110 8,268 8,175 8,534 7,780 50,625 50,672 50,558 50,614 34,292 34,329 34,352 34,399 10,748 10,781 10,688 10,757 4,296 4,273 4,223 4,184 1,096 1,088 1,097 1,072 225 1,413 3,404 198 1,473 3,381 133 1,617 3,413 35 1,696 3,410 10,857 10,865 10,849 10,858 59 43 24 ,341 ,496 ,537 ,503 Outside New York City 1963 June 5 12 19 26 133 1,660 2,991 10,044 145 1,525 3,072 10,036 958 3,066 10,020 386 356 1,175 2,923 10,049 1964 3 10 17 24 1 After deduction of valuation reserves. 2 Exclusive of loans to domestic commercial banks and after deduction of valuation reserves; individual loans items are shown gross. 3 Excludes cash items in process of collection. * Total demand and total time deposits. 5 Demand deposits other than domestic commercial interbank and U.S. Govt., less cash items in process of collection. 6 Includes certified and officers' checks and deposits of mutual savings banks, not shown separately. 7 Deposits of foreign governments and official institutions, central 1,759 1,703 1,526 1,580 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 an d mutual savings banks, not shown separately. 9 Includes outstanding certificates of deposit which were (in millions of dollars): June 3 June 10 June 17 June 24 Total—Lea ding Cities 11,914 11,917 11,595 11,687 New York City 4,130 4,119 4.029 3,987 Outside New York City... 7,784 7,798 7,608 7,658 873 BUSINESS LOANS OF BANKS JULY 1964 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Net change during Outstanding 1964 Industry 1964 June 24 June 17 June 10 June 3 May 27 740 2,195 900 998 1,162 741 2,225 921 ,007 ,165 714 2,166 897 983 1,147 698 2,166 873 962 1,143 693 2,165 908 954 1,139 47 30 -8 44 23 1,296 1,565 1,053 1,155 955 ,323 ,568 ,052 ,159 944 1,243 1,536 1,049 1,123 922 1,291 1,535 1,048 1,114 922 1,283 1,536 1,055 1,141 918 2,694 884 2,561 2,690 885 2,119 2,597 879 2,094 2,536 2,678 894 2,083 2,551 4,027 2,120 4,042 2,123 3,911 2,087 860 871 893 Durable goods manufacturing: Primary metals Machinery Transportation equipment Other fabricated metal products... Other durable goods Nondurable goods manufacturing: Food, liquor, and tobacco Textiles, apparel, and leather Petroleum refining Chemicals and rubber Other nondurable goods Mining, including crude petroleum and natural gas Trade: Commodity dealers Other wholesale Retail Transportation, communication, and other public utilities Construction All other: i Bankers' acceptances All other types of business, mainly services Total classified loans Commercial and industrial loans— all weekly reporting banks June 38,748 38,885 38,234 38,243 38,320 May 1964 1963 1963 1st half Apr. 1964 2nd half -39 58 51 20 32 -49 -43 24 37 70 -58 7 119 80 53 83 12 72 40 29 -2 14 37 -45 21 -15 -12 21 -131 -27 -25 48 40 -163 23 -42 50 98 -459 211 -92 108 2,696 923 2,076 2,602 _2 -39 31 -41 17 -108 32 84 -137 -4 23 -284 59 66 3,944 2,062 4,009 2,051 18 69 -47 110 -44 47 -73 226 924 909 -49 38 -18 -29 -47 5,039 5,044 5,001 5,000 4,943 32,311 32,476 31,869 31,888 32,001 96 310 7 184 1 -226 104 268 170 -728 2,446 274 -460 2,873 428 263 -115 576 -621 2,849 -45 3,234 2,107 i Beginning December 31, 1963, bankers* acceptances for the creation of dollar exchange are excluded from commercial and industrial loans and those relating to commercial transactions are shown in a separate category. Current figures are therefore not strictly comparable with figures previously reported, but differences are relatively small. 13 15 -5 -51 -90 123 25 19 191 120 9 186 -95 -59 -67 496 -238 72 -20 -96 -622 234 -134 158 106 644 -167 99 -60 -36 -17 413 348 125 220 -198 -538 40 49 443 583 95 154 -423 39 546 -27 -496 265 529 40 4 177 -213 -254 -19 -76 570 573 NOTE.—About 200 of the weekly reporting member banks are included in this series; these banks classify, by industry, commercial and industrial loans amounting to about 85 per cent of such loans held by all weekly reporting member banks, and about 60 per cent of those held by all commercial banks. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) Area and period Size of loan (thousands of dollars) All loans 10 10100 100200 200 and over Year: 19 large cities: 1955 1956 1957 1958 1959 3.7 4.2 4.6 4.3 5.0 5.0 5.2 5.5 5.5 5.8 4.4 4.8 5.1 5.0 5.5 4.0 4.4 4.8 4.6 5.2 3.5 4.0 4.5 4.1 4.9 I960 1961 1962 1963 5.2 5.0 5.0 5.0 6.0 5.9 5.9 5.9 5.7 5.5 5.5 5.5 5.4 5.2 5.2 5.2 5.0 4.8 4.8 4.8 5.01 5.01 5.00 4.99 4.99 5.86 5.86 5.86 5.83 5.84 5.54 5.54 5.54 '5.54 5.53 5.24 5.21 5.23 5.22 5.24 4.84 4.85 4.82 4.82 4.81 Quarter: * 19 large cities: 1963—June Sept Dec 1964—Mar June 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. Changes Area and period All loans Size of loan (thousands of dollars) 110 10100 100200 200 and over 4.78 4.81 4.76 4.77 4.74 5.61 5.64 5.63 5.66 5.64 5.37 5.36 5.36 5.39 5.36 5.05 5.04 5.04 5.06 5.05 4.68 4.71 4.65 4.66 4.63 7 other northern and eastern cities: 1963—June Sept Dec 1964—Mar June 5.01 5.01 5.04 5.02 5.03 5.84 5.85 5.85 '5.81 5.83 5.54 5.56 5.55 5.54 5.55 5.27 5.19 5.27 5.24 5.27 4.87 4.88 4.90 4.88 4.89 11 southern and western cities: 1963—June Sept Dec 1964—Mar June 5.32 5.30 5.29 5.29 5.29 5.97 5.96 5.97 5.91 5.93 5.63 5.64 5.65 5.62 5.61 5.34 5.33 5.31 5.31 5.34 5.12 5.09 5.07 5.08 5.07 Quarter—cont.: * New York City: 1963—June Sept Dec 1964—Mar June thereafter occurred on the following dates (new levels shown, in per cent): 1955—Aug. 4, 3 % ; Oct. 14, 3&; 1956—Apr. 13, 3 % ; Aug. 21, 4; 1957_Aug. 6,4Vi; 1958—Jan. 22,4; Apr. 21, 3i/i; Sept. 11,4; 1959—May 18, 4Vi; Sept. 1, 5; and 1960—Aug. 23, 4%. 874 INTEREST RATES JULY 1964 MONEY MARKET RATES (Per cent per annum) Prime coml. paper, 4- to 6-1 months Period 1961 1962 1963 U. S. Government securities (taxable)3 Finance CO. paper placed directly, 3- to 6months 2 Prime bankers' acceptances, 90 days i 3-month bills 6-month bills 9- to 12-month issues Rate on new issue Market yield Rate on new issue Market yield Bills (market yield) Other 4 3- to 5year issues 5 2.97 3.26 3.55 2.68 3.07 3.40 2.81 3.01 3.36 2.378 2.778 3.157 2.36 2.77 3.16 2.605 2.908 3.253 2.59 2.90 3.25 2.81 3.01 3.30 2.91 3.02 3.28 3.60 3.57 3.72 3.38 3.49 3.72 3.88 3.88 3.88 3.96 3 21 3.35 3 57 3.63 3 72 3.75 3 84 3.24 3.41 3.59 3.63 3.63 3.71 3.63 2 995 3.143 3 320 3.379 3 453 3.522 3 523 2.99 3.18 3.32 3.38 3.45 3.52 3.52 3.078 3.272 3 437 3.494 3 573 3.648 3 667 3.08 3.31 3.44 3.50 3.58 3.65 3.66 3.11 3.40 3.50 3.57 3.61 3.67 3.69 3.17 3.33 3 41 3.54 3.59 3.70 3.77 3.67 3.78 3.81 3.88 3.91 3.97 4.04 1964 Jan . Feb Mar Apr M!ay June 3.97 3.88 4.00 3.91 3.89 4.00 3 82 3.76 3 83 3.80 3 76 3.88 3.70 3.75 3 75 3.80 3 75 3.75 3 529 3.532 3 553 3.484 3 482 3.478 3.52 3.53 3.54 3.47 3.48 3.48 3 652 3.664 3 740 3.676 3 612 3.572 3.64 3.67 3.72 3.66 3.60 3.56 3 68 3.71 3 78 3.75 3 71 3.70 3.66 3.63 3 67 3.63 3 67 3.83 4.06 4.02 4.15 4.18 4.07 4.03 Week ending— 1964—May 30 June 6 13 20 27 3.94 4.00 4.00 4.00 4.00 3.80 3.88 3.88 3.88 3.88 3.75 3.75 3.75 3.75 3.75 3.475 3.478 3 462 3.496 3.478 3.47 3.47 3.47 3.49 3.47 3.595 3.589 3 553 3.590 3.556 3.58 3.57 3.57 3.58 3.53 3.70 3.71 3.71 3.71 3.68 3.84 3.84 3.84 3.84 3.85 4.06 4.05 4.04 4.04 4.02 . 1963 June July Au2 Sept Oct . Nov Dec 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 State and loca United States (longterm) Total i 3.90 3 95 4.00 Period Corporate bonds By selected rating Baa Industrial Railroad Public utility Preferred Common Common 4.66 4.61 4.50 4.35 4.33 4.26 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 2.98 3 37 3.17 4.98 6 20 5.75 3.62 3.60 3.58 3.58 3.59 3.62 3.61 4.47 4.49 4.50 4.52 4.52 4.54 4.55 4.23 4.26 4.29 4.31 4.32 4.33 4.35 4.84 4.84 4.83 4.84 4.83 4.84 4.85 4 40 4.43 4.45 4.46 4.47 4.47 4.48 4 61 4.62 4.63 4.65 4.66 4.68 4.68 4 40 4.42 4.42 4.44 4.44 4.45 4.49 4.29 4.34 4.30 4.30 4.26 4.28 4.32 3 16 3.20 3.13 3.06 3.05 3.14 3.13 5 85 3.09 3.08 3.14 3.12 3.09 3.10 3.56 3.54 3.57 3.52 3.54 3.54 4.57 4.55 4.56 4.58 4.59 4.59 4.37 4.36 4.38 4 40 4.41 4.41 4.83 4.83 4.83 4 85 4.85 4.85 4.50 4 48 4.49 4 53 4 54 4.54 4.68 4 67 4.67 4 69 4 69 4.70 4.51 4 51 4.51 4 53 4 53 4.55 4.32 4 31 4.34 4 37 4.41 4.41 3.06 3 05 3.03 3 00 3 01 3.05 3.28 3.27 3 28 3.29 3.30 3.08 3.08 3 10 3.11 3.11 3.53 3.53 3 54 3.54 3.55 4.59 4.59 4 59 4.60 4.60 4.41 4.41 4 41 4 41 4.41 4.84 4.85 4 85 4 86 4.87 4.54 4 54 4 54 4 54 4.54 4.69 4 69 4 69 4 70 4.71 4.54 4 55 4 55 4 55 4.55 4.43 4.41 4 41 4 40 4.40 3.05 3 08 3 08 3 03 3.02 20 5 5 120 30 30 40 40 40 14 3.60 3.30 3.28 3.27 3.03 3.06 4.01 3.67 3.58 Dec 4 00 4.01 3.99 4.04 4.07 4.10 4.14 3.31 3.31 3.28 3.31 3.33 3.36 3.33 3.09 3.10 3.09 3.13 3.15 3.17 3.12 Jan Feb Mar Apr May June 4.15 4 14 4.18 4 20 4.16 4.13 3.29 3.27 3.33 3 30 3.29 3.29 4.14 4.15 4 14 4 13 4.12 6-12 . . . Nov 1964 . . . Week ending— 1964—May 30 June 6 13 20 27 Number of issues 1 Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of 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. Earnings/ price ratio Aaa Baa 1963 June July Aug Sept Oct Dividend/ price ratio By group Total i Aaa 1961 1962 1963 Stocks 500 5.72 5.49 5.42 500 figures, Corp. bonds: Averages of daily figures. Both of these series are from Moody's Investors Service series. Stocks: Standard and Poor's Corp. series. Dividend, price ratios are based on Wed. figures; earnings price ratios are as of end of period. Preferred stock ratio is based on 8 median yields for a sample of noncallable issues—12 industrial and 2 public utility; common stock ratios on the 500 stocks in the price index. Quarterly earnings are seasonally adjusted at annual rates. MORTGAGES: NEW HOMES FHA-insured Period 1961 1962 1963 1963 Yield (per cent) 15.69 5.60 SECURITY PRICES Conventional first mortgages Interest rate (per cent) Fees and charges (per cent) Maturity (years) Loan/ price ratio (per cent) Common stock prices (1941-43= 100) Bond prices Avg. loan (thous. dollars) Period CorU.S. Govt. State poand (long- local rate Total term) AAA Industrial Railroad Volume of Pub- trading lic (thou. util- shares) ity 1961 1962 1963 5.46 (5.98) (5.93) (5 81) 5.84 .64 24.0 73.3 16.5 1963—Apr.... May... June... July.. . Aug.. . Sept.. . Oct.... Nov.. . Dec... 5.46 5.45 5.45 5.45 5.45 4.45 5.45 5.45 5.45 5.84 5.82 5.82 5.82 5.82 5.81 5.82 5.82 5.80 .61 .60 .62 .61 .64 .61 .61 .65 .62 23.5 23.9 24.0 24.1 24.5 24.2 24.6 24.2 24.5 72.6 72.8 73.8 73.3 74.2 73.5 73.4 73.5 73.9 16.0 16.4 16.5 16.7 16.9 16.5 16.5 16.6 16.9 1964—Jan.... Feb.... Mar.. . Apr.... May... 5.45 5.45 5.45 5.45 5.45 5.83 5.81 5.79 5.79 5.77 .64 .58 .55 .55 .52 24.7 24.7 24.5 24.8 24.7 74.7 74.8 74.6 73.9 73.7 16.9 17.4 17.4 17.2 17.0 1 875 SECURITY MARKETS JULY 1964 Last 6 months only. NOTE.—Annual data are averages of monthly figures. Yields on FHA-insured mortgages are derived from weighted averages of FHA field-office opinions on private secondary market prices for Sec. 203, 30year mortgages, with the minimum down payment, a maximum permissible interest rate of 5lA per cent, and an assumed prepayment period of 15 years. Price data are reported as of the first of the succeeding month. Conventional first mortgages, Home Loan Bank Boards in cooperation with Federal Deposit Insurance Corporation beginning in late 1962; interest rate data for earlier years—in parentheses—are based on estimates from Federal Housing Administration. 87.55 107.8 95.2 86.94 112.0 96.2 86.31 111.3 96.8 1963—June.. July.. Aug.. Sept.. Oct... Nov.. Dec. 86.36 86.16 86.45 85.77 85.50 85.03 84.64 110.7 110.3 111.4 110.7 109.9 108.5 109.5 97.1 96.7 96.5 95.9 95.9 95.9 95.4 70.11 69.07 70.98 72.85 73.03 72.62 74.17 73.61 72.45 74.43 76.63 77.09 76.69 78.38 39.34 38.75 39.22 39.00 38.31 38.60 39.92 64.87 64.47 66.57 67.09 65.55 64.81 65.64 4,528 3,467 4,154 5,331 5,316 5,294 4,701 1964—Jan... Feb.. Mar.. Apr.. May.. June.. 84.42 84.60 84.10 83.84 84.38 84.70 111.2 112.3 109.9 110.3 111.6 111.8 95.3 95.7 95.2 94.7 94.8 95.0 76.45 77.39 78.80 79.94 80.72 80.24 80.85 81.96 83.64 84.92 85.79 85.13 41.00 41.54 42.88 43.27 44.86 46.29 67.26 67.20 66.78 67.30 67.29 67.46 5,302 4,639 5,428 5,616 4,959 4,372 Week ending— May 30 June 6 13 20 27 84.54 84.53 84.60 84.70 84.85 112.5 112.4 111.8 111.4 111.4 94.9 94.7 94.9 95.0 95.2 80.40 79.40 79.31 80.57 81.12 85.37 84.22 84.09 85.51 86.09 45.97 45.79 45.44 46.14 47.12 67.18 66.85 67.11 67.63 67.89 4,329 4,318 4,026 4,565 4,581 66.27 69.99 32.83 60.20 4,085 62.38 65.54 30.56 59.16 3.820 69.87 73.39 37.58 64.99 4,573 NOTE.—Annual data are averages of monthly figures. Monthly and weekly data are averages of daily figures unless otherwise noted and are computed as follows: U.S. Govt. bonds, derived from average market yields in preceding table on basis of an assumed 3 per cent, 20-year bond. Municipal and corporate bonds, derived from average yields, as computed by Standard and Poor's Corp., on basis of a 4 per cent, 20-year bond; Wed. closing prices. Common stocks, Standard and Poor's index. Volume of trading, average daily trading in stocks on the N.Y. Stock Exchange for a S^-hour trading day. STOCK MARKET CREDIT (In millions of dollars) Customer credit Months Total securities other than U.S. Govt. Net debit balances with N.Y. Stoci: Exchange firms served by— Broker and dealer credit Bank loans to other than brokers and dealers for purchasing and carrying— Money borrowed on— U.S. Govt. securities Other securities U.S. Govt. securities Other securities U.S. Govt. securities Other securities Total i oiai Customer collateral Other collateral Customers net rr__ iree credit balances 1960—Dec 1961—Dec 1962—Dec 4,415 5,602 5,494 95 35 24 3,222 4,259 4,125 138 125 97 1,193 1,343 1,369 142 48 35 2,133 2,954 2,785 1,806 2,572 2,434 327 382 351 1,135 1,219 1,216 1963—June.... July Aug Sept Oct Nov Dec 6,420 6,511 6,660 6,971 7,180 7,298 7,242 32 25 23 41 29 34 26 4,898 4,895 5,034 5,316 5,495 5,586 5,515 104 81 87 86 83 90 140 1,522 1,616 1,626 1,655 1,685 1,712 1,727 44 29 23 69 33 28 32 3,909 3,836 3,933 4,100 4,218 4,457 4,449 3,333 3,359 3,467 3,592 3,713 3,892 3,852 576 477 466 508 505 565 597 1,149 1,126 1,093 1,180 1,176 1,211 1,210 1964—Jan Feb Mar Apr May.... June.... 7,250 7,120 7,141 7,314 7,277 7,232 22 21 21 21 19 18 5,524 5,384 5,366 5,510 5,439 5,373 108 97 97 101 96 94 1,726 1,736 1,775 1,804 1,838 1,859 41 33 18 17 113 347 4,210 4,158 4,138 4,411 4,362 4,084 3,795 3,738 3,646 3,916 3,868 3,766 415 420 492 495 494 318 1,262 1,199 1,231 1.165 i;i38 1,146 NOTE.—Data in first 3 cols, and last col. are for end of month; in other cols, for last Wed. Net debit balances and broker and dealer credit: Ledger balances of member firms of N.Y. Stock Exchange carrying margin accounts, as reported to Exchange. Customers' debit and free credit balances exclude balances maintained with reporting firm by other member firms of national securities exchanges and balances of reporting firm and of general partners of reporting firm. Balances are net for each customer—i.e., all accounts of one customer are consolidated. Money borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges. Nov. data on customers' net debit balances exclude amounts carried by a large former member firm in liquidation; most of these accounts have been transferred to other member firms and are reported in their debit figures from the month received (some in Dec. 1963, more in Jan. 1964). Debit balance totals for the period Oct.-Jan., therefore, are not completely comparable. Bank loans to others than brokers and dealers: figures are for weekly reporting member banks. Before July 1959, loans for purchasing or carrying U.S. Govt. securities were reported separately only by N.Y. and Chicago banks. Accordingly, for that period the fifth col. includes any loans for purchasing or carrying such securities at other reporting banks. Composition of series also changed beginning with July 1959; revised data for the new reporting series (but not for the breakdown of loans by purpose) are available back through July 1958 and have been incorporated. 876 OPEN MARKET PAPER; SAVINGS INSTITUTIONS JULY 1964 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Accepting banks End of period Total Placed through dealers * Placed directly2 2,672 32,751 3,202 4,497 4,686 6,000 551 840 677 1,358 1,711 2,088 2,121 31,911 2,525 3,139 2,975 3,912 1,307 1,194 1,151 2,027 2,683 2,650 1,272 1,153 194 238 282 490 896 865 7,542 7,239 7,522 7,808 7,161 7,869 8,170 6,747 2,084 2,049 2,059 2,062 2,098 2,230 2,172 1,928 5,458 5,190 5,463 5,746 5,063 5,639 5,998 4,819 2,696 2,697 2,712 2,644 2,709 2,733 2,744 2,890 7,765 8,119 7,737 7,920 8,326 2,042 2,079 2,038 2,039 1,973 5,723 6,040 5,699 5,881 6,353 2,938 3,056 3,102 3,102 3,049 Total 1957 1958 1959 I960 1961 1962 1963—May June July AUK Sept Oct Nov Dec 1964—Jan Feb Mar Apr May . Based on— Held by— F.R. Banks Others Goods stored in or ImExshipped between ports ports Dollar points in— into from exUnited United change States States United Foreign States countries Own acct. Foreign corr. 94 64 36 173 376 288 66 49 75 74 51 110 76 68 82 230 126 86 878 775 675 ,060 1,234 1,301 278 254 357 403 485 541 456 349 309 669 969 778 46 83 74 122 117 186 296 244 162 308 293 171 232 263 249 524 819 1,148 923 1,227 953 1,202 990 1,174 938 1,107 946 1,093 911 1,190 976 1.291 1,031 225 274 213 236 181 181 214 260 42 43 39 38 34 58 42 162 83 83 85 89 104 105 102 92 1,422 1,344 1,386 1,343 ,463 ,477 1,410 1,345 525 536 555 556 564 563 571 567 808 807 791 772 775 807 842 908 149 130 128 105 97 89 54 56 72 66 64 53 47 46 46 41 1,142 1,158 1,174 1,159 1,226 1,229 1,230 1,317 1,393 1,466 1,395 1,355 1 418 368 371 353 295 313 68 64 125 C 93 47 91 95 110 1,386 1,431 ,473 c 1,536 438 557 596 590 587 576 962 983 990 963 941 70 94 87 105 73 39 31 35 36 34 1,310 1.351 1 *401 1,411 1,426 Own Bills bills bought Total 287 302 319 662 1,025 1,095 1,042 1,060 1,105 * 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. 146 974 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. 86 4 787 4,202 89 62 3 592 10,650 1956 1957 1958 1959 * 1960 19,559 20,971 23,038 24,769 26,702 248 253 320 358 416 7,982 7,583 7,270 6,871 6,243 675 685 729 721 672 1961 1962 28,902 32,056 475 602 6,160 6,107 1963—Apr May June . . . . July Sent Oct Nov . Dec 33,452 33,809 34,075 34,389 34,690 34,964 35,333 35,654 36,007 568 614 588 583 662 667 637 659 607 Jan Feb Mar Apr 36,352 36,635 36,933 37,267 667 703 704 646 1941 1945 1964 Corporate and other i Other assets Other liabilities Surplus accounts Mortgage loan commitments 3 Number Amount 829 606 689 185 11 772 16,962 10 503 15,332 38 48 1 231 1,582 3,549 4,344 4,971 4,845 5,076 920 889 921 829 874 448 490 535 552 589 33,381 35,215 37,784 38,945 40,571 30,026 31,683 34,031 34,977 36,343 369 427 526 606 678 2,986 3,105 3,227 3,362 3,550 89,912 65,248 58,350 1,664 1,170 1,200 677 527 5,040 5,177 937 956 640 695 42,829 46,121 38,277 41,336 781 828 3,771 61,855 3,957 114,985 1,654 2,548 6,191 6,166 6,189 6,170 6,137 6,076 5,899 5,885 5,863 470 462 458 455 455 453 451 448 440 5,085 5,080 5,090 5,107 5,132 5,171 5,149 5,073 5,074 930 852 890 828 809 848 819 811 912 728 734 737 750 741 775 765 781 799 47,325 47,717 48,028 48,282 48,626 48,955 49,052 49,312 49,702 42,318 42,549 42,972 43,109 43,282 43,712 43,910 44,028 44,606 1,034 1,148 1,023 1,138 1,248 1,124 1,049 1,141 943 3,973 4,019 4,033 4,035 4,096 4,118 4,093 4,143 4,153 107,672 107,429 110,518 108,914 107,108 109,205 106,337 109,881 104,326 2,409 2,390 2,447 2,419 2,366 2,403 2,379 2,378 2,549 5,951 6,033 6,117 6,064 440 427 424 423 5,097 5,135 5,151 5,138 849 880 887 819 823 800 825 820 50,179 50,614 51,042 51,178 45,006 45,266 45,761 45,851 1,023 ,143 036 1,118 4,150 4,206 4,244 4,209 102,694 113,062 120,396 123,979 2,228 2,391 2,504 2,586 1,257 1 Includes securities of foreign governments and international organizations and U.S. Govt. agencies not guaranteed, as well as corporate securities. 2 See note 3, p. 863. 3 Commitments outstanding of banks in N.Y. State as reported to the Savings Banks Assn. of the State of N.Y. * Data reflect consolidation of a large mutual savings bank with a commercial bank. Cash assets Total assets— Total liabili- Deposits 2 ties and surplus accts. NOTE.—National Assn. of Mutual Savings Banks data; figures are estimates for all savings banks in the United States and differ somewhat from those shown elsewhere in the BULLETIN; the latter are for call dates and are based on reports filed with U.S. Govt. and State bank supervisory agencies. Loans are shown net of valuation reserves. SAVINGS INSTITUTIONS JULY 1964 877 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities End of period Statement value: 1941 1945 Total assets Total Business securities United State and Foreign * States local Total Bonds Mortgages Stocks Policy loans Real estate Other assets 1963—Apr May June July Aus Sept Oct r Nov Dec 1964—Jan Feb Mar Apr ... 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 11,067 10,690 11,234 11,581 11,679 7,555 7 029 7,183 6,868 6,427 2,273 2 376 2,681 3,200 3,588 1,239 1,285 1,370 1,513 1,664 41,543 44,057 47,108 49,666 51,857 38,040 40,666 42,999 45,105 46,876 3,503 3,391 4,109 4,561 4,981 32,989 35,236 37,062 39,197 41,771 2,817 3,119 3,364 3,651 3,765 3,519 3 869 4,188 4,618 5,231 4,076 4 338 4,624 4,937 5,273 11,896 12,448 6,134 6,170 3 888 4,026 1,874 2,252 55,294 57,576 49,036 51,274 6,258 6,302 44,203 46,902 4,007 4,107 5,733 6,234 5,683 6,024 11,915 12,469 6,135 6,171 3,902 4,037 1,878 2,261 53,967 56,565 49,149 51,389 4,818 5,176 44,250 46,957 4,011 4,114 5,735 6,235 6,938 6,951 135,780 136,236 136,698 137,670 138,361 138,764 139,610 140,207 140,903 Book value: 1961 Dec 1962—Dec 1,995 722 126,816 133,291 1961 1962 6,796 20,583 96,011 101,309 107,580 113,650 119,576 . . 9,478 22,545 126,816 133,291 1956 1957 . 1958 1959 I960 32,731 44,797 12,728 12,497 12,389 12,456 12,452 12,429 12,425 12,371 12,330 6 003 5,851 5,757 5,843 5,810 5 824 5,829 5,787 5,755 4 014 4,000 3,981 3,954 3,935 3 892 3,893 3,889 3,876 2,711 2,646 2,651 2,659 2,707 2,713 2,703 2,695 2,699 57,554 58,054 58,294 58,578 58,764 58,919 59,214 59,574 59,452 52,202 52,673 52,841 53,129 53,268 53,357 53,654 53,989 53,769 5,352 5,381 5,453 5,449 5,496 5,562 5,560 5,585 5,683 47,866 48,165 48,421 48,665 48,964 49,233 49,536 49,813 50,543 4,193 4,211 4,239 4,260 4,313 4 339 4,357 4,369 4,348 6,396 6,399 6,438 6,511 6,548 6,585 6,620 6,651 6,690 7,043 6,910 6,917 7,200 7,320 7,259 7,458 7,429 7,540 141,866 142,531 143 067 143,676 12,365 12,506 12,421 12,389 5 782 5,805 5 731 5,689 3 859 3,857 3 849 3,853 2,724 2,844 2 841 2,847 60,006 60,050 60,189 60,426 54,269 54,281 54,335 54,525 5,737 5,769 5 854 5,901 50,828 51,126 51,441 51,806 4 368 4,377 4 391 4,402 6,729 6,772 6 819 6,872 7,570 7,702 7,806 7,781 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) Liabilities Assets End of period Total assets2— Total liabilities Reserves and undivided profits 4 Mortgages U.S. Govt. securities 1941 1945 4 578 5,376 107 2,420 450 775 356 6 049 8,747 4 682 7,365 475 256 644 336 1956 1957 1958 1959 1960 35,729 40,007 45 627 53,141 60,070 2,782 3,173 3 819 4,477 4,595 2,119 2,146 2,585 2,183 2,680 2,199 2,770 3,108 3,729 4,131 42,875 48,138 55 139 63,530 71,476 37,148 41,912 47 976 54,583 62,142 2,950 3,363 3 845 4,393 4,983 1,347 1,379 1 444 2,387 2,197 1 161 1,293 1,186 68,834 78 770 5,211 5 563 3,315 3,926 4,775 5,346 82,135 93,605 70,885 80 236 5,708 6 520 2,856 3,629 1963—Apr May June July Aug Sent Oct Nov Dec 82,103 83,281 84,525 85,628 86,836 87 933 89,051 89,857 90 849 6,135 6,111 6,201 6,271 6,233 6 345 6,419 6,548 6 440 3,650 3,613 3,850 3,401 3,353 3 383 3,450 3,482 3,964 5,493 5,887 5,858 5,708 5,859 5 897 5,979 6,154 6,178 97,381 98,892 100,434 101,008 102,281 103,558 104,899 106,041 107,431 83,738 84,707 86,349 86,313 86,956 87 872 88,667 89,471 91,205 6,584 6,600 6,800 6,810 6,826 6 830 6,838 6,855 7,208 1964 Jan Feb Mar Apr 91,453 92,163 93,069 93,944 6,598 6,662 6,733 6,716 3,568 3,601 3,613 3,459 5,989 6,098 6,233 6,390 107,608 108,524 109,648 110,509 91,669 92,423 93,525 93,841 7,235 7,250 7,219 7,226 1961 1962 . ... Cash 344 Other 1 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 morgtages 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. Savings capital Borrowed money 3 Loans in process Other Mortgage loan commitments 636 402 1, 430 1, 484 713 874 968 843 862 1,475 1,285 1,359 1,550 1,999 1,136 1,221 1,908 2,230 2,725 2,840 3,434 3,688 3,912 4 208 4,405 4,464 5 011 2,254 2,353 2,461 2,485 2,493 2 536 2,576 2,502 2 520 2,080 2,392 1,390 1,712 2,094 2,112 2,413 2,749 1,487 2,843 3,019 3,092 3,097 3,110 3,067 3,025 2,929 2,613 4,590 4,377 4,323 4,595 2,364 2,336 2,430 2,467 1,750 2,138 2,151 2,380 2,664 2,818 2,964 3,119 4 The decline in reserves and surplus from Feb. to Mar. 1964 is concentrated in state-chartered savings and loan assns. in Calif, where the accounting system is being revised. NOTE.—Federal Savings and Loan Insurance Corp. data; figures are estimates for all savings and loan assns. in the United States. Data beginning with 1954 are based on monthly reports of insured assns. and annual reports of noninsured assns. Data before 1954 are based entirely on annual reports. Data for current and preceding year are preliminary even when revised. 878 FEDERAL FINANCE JULY 1964 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U. S. Government cash transactions Receipts from the public, other than debt Net cash borrowing or repayment Payments to the public, other than debt Period Budget net Plus: Trust funds Less: Intragovt. i Equals: Total rects. 2 Budget Plus: Trust funds 3 Less: Adjustments 4 Equals: Total payts. Net rects. or payts. Change Less: in Invest. debt by (direct agen. & & agen.) trusts Less: Noncash debt Equals: Net Cal. year—1961... 1962... 1963... 78,157 84,709 87,516 24,099 25,471 29,255 4,418 97,774 3,928 106,206 4,144 112,575 84,463 91,907 94,188 25,144 25,386 28,348 5,017 104,590 5,419 111,874 5,382 117,153 -6,816 -5,668 -4,579 6,792 9,055 7,672 -440 1,109 2,535 470 1,386 883 6,762 6,560 4,255 Fiscal year—1960.. 1961.. 1962.. 1963.. 77,763 77,659 81,409 86,376 20,342 23,583 24,290 27,689 2,975 95,078 3,945 97,242 3,776 101,865 4,281 109,739 76,539 81,515 87,787 92,642 21,212 22,793 25,141 26,545 3,424 94,328 4,766 99,542 5,266 107,662 5,436 113,751 750 -2,300 -5,797 -4,012 3,371 2,102 11,010 8,681 925 856 492 2,068 597 536 923 1,033 1,848 712 9,594 5,579 Half year: 1962—Jan.-June. July-Dec.. 1963—Jan.-June. July-Dec.. 45,583 39,126 47,250 40,266 13,633 11,838 15,851 13,404 2,000 1,928 2,352 1,792 57,195 49,011 60,728 51,847 44,622 47,286 45,356 48,832 12,377 13,010 13,536 14,812 3,225 2,195 3,241 2,141 53,773 58,101 55,650 61,503 3,422 -9,090 5,078 -9,657 2,911 6,143 2,538 5,135 1,978 -870 2,939 -403 521 865 169 714 412 6,148 -569 4,824 Month: 1963—May June July Aug Sept Oct Nov Dec 6,953 12,061 3,547 7,290 10,095 3,400 7,131 8,803 4,656 2,969 1,419 3,887 1,830 1,289 2,749 2,230 283 1,046 271 213 269 259 259 521 11,323 13,980 4,693 10,960 11,652 4,423 9,617 10,503 7,470 7,715 7,863 8,305 7,815 8,776 7,784 8,289 2,302 2,981 2,651 2,438 2,515 2,592 1,955 2,661 -218 1,375 468 -544 781 629 -73 881 9,989 9,321 10,045 11,287 9,549 10,740 9,812 10,069 1,334 4,659 -5,353 -328 2,102 -6,318 -194 433 2,282 1,463 -854 2,028 366 103 1,593 1,899 2,820 1,458 -1,253 1,784 -575 -1,101 481 260 28 -36 128 116 101 78 163 128 -567 40 271 128 839 1,126 949 1,511 5,853 8,047 10,148 6,609 6,136 1,088 3,705 2,330 1,942 4,744 303 222 304 212 222 6,628 11,525 12,168 8,334 10,652 8,492 7,521 7,871 7,930 7,511 2,257 2,063 2,227 2,935 2,067 902 191 707 703 45 9,848 9,393 9,390 10,163 9,533 -3,219 2,132 2,778 -1,829 1,119 -1,059 1,550 -744 -1,880 4,049 -1,328 830 167 -1,491 3,230 86 133 35 22 61 183 586 -946 -411 758 1964—Jan Feb Mar May! '.".•.'. Effects of operations on Treasurer's account Net operating transactions Agencies & trusts Period Treasurer's account (end of period) Operating bal. Market issuance of sec. 3 Invest, in U. S. Govt. sec. 3 -149 285 566 122 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 1,256 -1,172 2,315 -1,408 704 -599 720 -365 879 874 148 1,648 -1,978 870 -2,939 403 2,032 5,269 2,390 3,487 -81 4 -78 -60 3,936 -2,922 4,607 -4,741 10,430 7,509 12,116 7,375 612 597 806 880 8,815 6,092 10,324 5,621 1,003 820 986 874 -516 4,346 -4,316 -1,015 2,279 -5,377 -652 514 2,354 -12 -1,232 1,449 -685 -1,304 795 -431 -528 231 70 -874 411 291 -495 232 244 1,462 171 328 265 296 -179 767 -2,820 -1,979 1,253 -1,784 575 1,101 -481 -260 2,038 656 -1,025 1,700 100 -193 1,773 1,132 -208 145 39 -43 9 87 -151 978 4,558 -5,118 -152 2,938 -5,273 760 2,105 7,558 12,116 6,998 6,846 9,783 4,510 5,270 7,375 651 806 629 705 948 881 890 880 5,992 10,324 5,564 5,389 7,958 2,839 3,521 5,621 915 986 805 752 877 790 859 874 -2,639 526 2,277 -1,322 -1,375 -1,169 1,642 512 -163 368 468 -237 -289 -230 24 109 117 1,328 -830 -167 1,491 -3,230 -770 1,780 -767 -1,989 3,931 84 194 -23 335 -333 -3,111 2,531 1,861 -2,571 2,215 4,264 6,795 8,656 6,085 8,300 791 1,024 831 925 890 2,451 4,783 6,940 3,974 6,557 1,022 988 885 1,186 853 Trust funds 3 Clearing ,224 - 3 856 6,378 6,266 -870 790 -851 1,413 Half year: 1962—Jan.-June. July-Dec.. 1963—Jan.-June. July-Dec.. 962 -8,160 1,894 -8,567 Month: 1963—May June July Aug Sept Oct Nov Dec 1964—Jan Feb Mar Apr May 103 -993 2,677 1 Primarily interest payments by Treasury to trust accounts and accumulations to U.S. employee trust funds. 2 Includes small adjustments not shown separately. 3 Includes net transactions of Govt. sponsored enterprises. Change in cash balances Change in gross direct public debt Budget surplus or deficit Fiscal year—1960.. 1961.. 1962.. 1963.. Net financing transactions Held outside Treasury Treasurer's account 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. JULY 1964 879 FEDERAL FINANCE FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Period Total Excise taxes Individual Social ins. taxes Liquor and to- Highway bacco Total OASI and R.R. Unempl. Estate and gift Customs Int. and repayments Refunds Other Corp. Total 22,179 21,765 21,296 22,336 11,865 12,064 12,752 13,410 5,126 5,204 5,367 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 Half year: 1962—Jan.-June. July-Dec.. 1963—Jan.-June. July-Dec.. 57,195 18,594 11,214 13,037 49,011 18,958 3,319 8,810 60,728 19,761 10,950 13,526 5 1 ,848 20,120 3,465 9,242 "- 6,358 6,808 6,602 7,043 2,578 2,845 2,676 2,940 1,468 9,991 1,756 7,937 1,649 11,798 1,898 9,209 7,737 6,111 9,016 7,373 1,997 1,579 2,535 1,588 1,162 914 1,273 992 592 639 602 661 596 1,179 724 947 5,379 805 5,766 1,044 1,030 1,252 1,264 1,213 Month: 1963—May June July Aug Sept Oct Nov Dec 11,323 13,980 4,693 10,960 11,652 4,423 9,617 10,503 5,642 3,272 1,295 5,607 3,210 1,404 5,429 3,176 651 2,033 381 179 2,140 247 113 406 443 5,511 574 386 3,603 557 396 3,726 ,192 ,171 ,179 ,207 ,165 ,156 ,065 ,271 499 507 453 495 466 561 466 499 311 267 297 345 300 285 371 300 3,998 1,422 775 3,199 1,197 652 2,145 1,240 3,026 1,337 540 2,424 1,097 490 1,699 1,147 933 48 189 730 66 140 413 52 229 188 221 175 148 158 139 150 106 95 117 108 104 123 106 103 109 128 186 103 140 104 142 272 1,204 292 245 229 202 207 59 103 157 458 210 225 147 203 141 262 1964—Jan Feb Mar Apr May 6,628 11,525 12,168 8,334 10,652 1,432 6,105 3,222 889 4,837 2,441 870 770 5,006 561 583 451 6,654 684 491 ,087 ,112 ,121 ,103 ,195 385 382 434 465 n.a. 283 320 264 254 305 542 3,382 1,678 1,394 4,163 294 2,393 1,527 1,116 3,242 195 954 109 239 884 180 184 196 422 234 101 87 108 109 100 148 102 177 123 126 126 944 1,960 1,575 1,196 246 170 202 179 141 Withheld Other Fiscal year—1960.. 95,078 31,675 1961.. 97,242 32,978 ,242 32 1962.. 101,865 36,246 ",719 1963.. 109,739 38 13,271 13,175 14,403 14,269 Cash payments to the public Period L otai J National defense Intl. affairs Space research Agriculture Natural resources Commerce and transp. Housing Health, & com- \aV\rtr Xr munity laoor ec devel. welfare 401 744 4,877 5,183 5,942 7,266 1,822 2,101 2,223 2,456 4,819 5,107 5,487 5,777 1,440 -103 1,691 -268 19,107 22,364 23,975 25,698 2,547 4,446 2,816 4,314 1,016 1,386 1,067 1,455 2,591 214 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 2,492 2,242 Halfvear: 1962—Jan.-June. July-Dec.. 1963—Jan.-June. July-Dec.. 53,773 58,101 55,650 61,502 27,331 26,123 27,306 26,359 855 875 1,367 1,032 1,024 1,528 1,857 Month: 1963—Mayr June July Aug Sept Oct Nov Dec 9,989 9,321 10,045 11,287 9,549 10,740 9,812 10,069 4,614 4,835 4,263 4,456 4,246 4,670 4,164 4,560 35 289 -7 152 186 239 242 220 281 299 270 285 287 342 301 372 590 367 818 915 621 882 446 632 176 213 215 295 265 253 209 216 449 641 502 643 650 682 561 619 -162 1964—Jan Feb Mar Apr May 9,848 9,393 9,390 10,163 9,533 4,385 4,311 4,425 4,594 4,678 251 204 131 355 317 359 452 326 701 610 541 587 274 192 179 171 174 175 394 424 446 472 460 -12 -152 275 1,257 2,552 775 1963 1962 Item II III II IV 3,099 1,028 2,681 - 1 , 2 9 4 3,657 1,857 1964 III 380 464 274 274 264 82 499 -383 -101 386 -245 IV III 26.5 27.2 Net For notes, see opposite page. General Govt. Veterans Inter- 1,052 1,214 5,907 6,187 6,092 5,971 7,233 7,257 6,940 7,427 1,558 1,724 1,882 1,983 12,515 12,349 13,348 13,150 601 562 651 561 3,019 2,956 3,010 2,954 3,595 3,580 3,846 3,845 939 983 1,000 1,084 2,121 2,185 2,217 2,099 2,129 2,274 2,201 2,230 94 98 109 126 88 83 68 87 476 419 513 481 476 503 489 492 1,314 201 167 204 171 183 169 171 186 2,448 2,357 2,402 2,404 2,000 127 120 140 125 106 703 468 499 457 486 867 945 1962 Seasonally adjusted r Cash budget: Receipts. . Payments. Education est 319 227 1,474 285 348 1,239 273 269 1,396 365 402 1,394 1963 IV 263 178 181 172 178 1964 III IV Not seasonally adjusted 27 .2 28 . 0 27 .1 29 .0 27.5 28.2 27. 8 28. 5 28 .5 30 .4 29 .0 30 . 0 - .9 - 1 .9 -.7 -. 7 - 1 .9 - 1 .0 29.7 30.5 31 . 0 27 .9 26 . 0 28 .5 23 0 29 6 28 2 26 5 32.6 29.1 27 .3 30 . 9 24 .5 30 . 6 30.3 28.6 "3 .1 - 2 .5 -6 6 1 7 3.4 ' - 3 .6 - 6 .1 1.7 880 JULY 1964 U.S. GOVERNMENT SECURITIES 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 Total Total Certifi- Bills Notes Bonds 4 Convertible bonds Nonmarketable Special issues 6 Total 5 Savings bonds 8.9 56.9 59.5 6.1 48.2 52.1 7.0 20.0 29.0 1941—Dec... 1945—Dec... 1947_Dec... 64.3 278.7 257.0 57.9 278.1 256.9 50.5 255.7 225.3 41.6 198.8 165.8 2.0 17.0 15.1 38.2 21.2 6.0 23.0 11.4 33.6 120.6 118.0 1956—Dec... 1957—Dec... 1958—Dec... 1959—Dec... 276.7 275.0 283.0 290.9 276.6 274.9 282.9 290.8 228.6 227.1 236.0 244.2 160.4 164.2 175.6 188.3 25.2 26.9 29.7 39.6 19.0 34.6 "56.4 19.7 35.3 20.7 26.1 44.2 80.9 82.1 83.4 84.8 10.8 9.5 8.3 7.1 57.4 53.4 52.1 48.9 56.3 52.5 51.2 48.2 45.6 45.8 44.8 43.5 1960—Dec... 1961—Dec... 1962—Dec... 290.4 296.5 304.0 290.2 296.2 303,5 242.5 249.2 255.8 189.0 196.0 203.0 39.4 43.4 48.3 18.4 5.5 22.7 51.3 71.5 53.7 79.8 75.5 78.4 5.7 4.6 4.0 47.8 48.6 48.8 47.2 47.5 47.5 44.3 43.5 43.4 1963—June. . July.. Aug... Sept... Oct.. . Nov... Dec... 306.5 305.5 307.2 307.3 307.1 308.9 310.1 305.9 304.8 306.5 306.6 306.4 308.2 309.3 257.2 257.2 257.0 258.0 259.2 260.5 261.6 203.5 203.5 203.2 204.3 205.3 206.6 207.6 47.2 47.2 47.2 48.2 49.7 50.5 51.5 22.2 22.2 17.0 15.5 15.5 10.9 10.9 52.1 52.2 58.6 54.1 53.7 58.7 58.7 82.0 81.9 80.5 86.5 86.5 86.4 86.4 3.5 3.5 3.4 3.4 3.3 3.3 3.2 50.2 50.3 50.3 50.4 50.6 50.7 50.7 48.3 48.4 48.5 48.6 48.7 48.8 48.8 44.8 43.7 45.5 44.7 43.3 43.6 43.7 1964—Jan.. . Feb... Mar... Apr... May.. June. . 309.3 311.1 310.4 308.4 312.3 312.5 308.6 310.4 309.6 307.6 311.5 311.7 262.6 263.2 262.2 261.4 262.2 260.7 208.6 209.2 208.2 207.4 208.0 206.5 52.5 53.6 52.5 51.0 52.2 50.7 10.9 4.2 4.2 4.2 56.4 64.5 64.5 65.1 67.3 67.3 88.7 87.0 87.0 87.0 88.5 88.5 3.2 3.2 3.2 3.1 3.1 3.1 50.8 50.8 50.8 50.9 51.0 51.1 48.9 49.0 49.1 49.1 49.2 49.3 41.9 42.9 43.2 42.0 45.0 46.6 1 Includes non-interest-bearing debt (of which $362 million, on June 30, 1964, was not subject to statutory debt limitation) and guaranteed securities, not shown separately. 2 Excludes guaranteed securities. 3 Includes amounts held by U.S. Govt. agencies and trust funds, which totaled $14,319 million on May 31, 1964. 4 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. 1 5 Includes Series A investment bonds, depositary bonds, armed forces leave bonds, adjusted service bonds, foreign currency series, foreign series, Rural Electrification Administration bonds, and before 1956, tax and savings notes, not shown separately. 6 Held only by U.S. Govt. agencies and trust funds. NOTE.—Based on Daily Statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— End of period Total gross debt Held by the public U.S. Govt. agencies and trust funds 1 F.R. banks Total Other corporations State and local govts. Individuals Other Savings bonds securities Foreign and international2 Other misc. investors 3 3.' 1 10/1 8.2 24.0 23.9 4.0 22.2 14.1 .7 6.5 7.3 5.4 42.9 46.2 8.2 21.2 19.4 .4 2.4 2.7 .5 6.6 5.7 202.3 210.6 207.9 213.1 217.6 197.8 195.5 8.( ) 7.( 7.: . 6.S) 6.: 1 6.1 6.1 13.2 12.5 12.7 12.5 11.9 11.4 11.5 19.1 18.6 18.8 22.8 20.1 19.7 20.1 16.3 16.6 16.5 18.0 18.7 18.7 19.5 50.1 48.2 47.7 45.9 45.7 46.4 46.9 15.4 15.8 15.3 22.1 19.1 18.5 18.3 7.8 7.6 7.7 12.0 13.0 13.4 15.3 8.4 9.0 8.9 10.1 11.2 11.6 12.7 31.3 32.0 32.5 32.4 32.6 32.8 33.7 33.6 217.4 216.1 215.9 215.9 216.4 217.2 217.5 218.5 63.9 64.4 63.3 61.7 63.0 63.1 62.7 64.1 6.1 6.1 6.1 6.1 6 () 5 J I 5 iI 5.1I 11.0 10.8 10.9 10.9 11,0 11.0 11.0 11.0 22.2 20.2 20.5 21.3 19.6 20.4 21.6 20.7 20.5 20.7 20.9 21.2 20.9 20.7 20.3 20.8 47.4 47.5 47.6 47.7 47.7 47.8 48.0 48.1 18 0 18 1 18 4 18.4 18.7 18 8 18.9 18.8 15.9 15.8 15.6 15.9 16.0 15.9 16.0 15.9 12.5 12.5 12.6 12.7 13 5 13.6 13.2 13.3 32.8 33.2 33.8 33.2 34.2 220.0 220.5 219.0 219.1 218.8 62.6 61.9 61.2 60.6 59.5 5.S) 6.( ) 6. 6.( ) 6.( ) 11.1 11.0 10.9 10.8 10.8 22.0 23.0 22.0 22.3 23.2 21.0 21.4 21.9 22.6 22.7 48.1 48.2 48.3 48.3 48.4 19.2 19,4 19.5 18.9 19.0 15.9 15.9 15.6 15.3 15.2 14.2 13.6 13.6 14.2 13.8 64.3 278.7 257.0 9.5 27.0 34.4 2.3 24.3 22.6 52.5 227.4 200.1 1956—Dec l957_Dec 1958—Dec 1959—Dec 1960-Dec 1961 -Dec 1962—Dec 276.7 275.0 283.0 290.9 290.4 296.5 304.0 54.0 55.2 54.4 53.7 55.1 54.5 55.6 24.9 24.2 26.3 26.6 27.4 28.9 30.8 1963—May June July.... Aug Sept Oct......... Nov........ Dec 305.8 306.5 305.5 307.2 307.3 307.1 308.9 310.1 57.1 58.4 57.1 58.9 58.3 57.2 57.7 58.0 1964—Jan Feb Mar Apr May 309.3 311.1 310.4 308.4 312.3 56.5 57.5 57.6 56.1 59.4 Includes the Postal Savings System. Includes investments of foreign balances and international accounts in the United States. Insurance companies 21.4 90.8 68.7 59.5 59.5 67.5 60.3 62.1 67.2 67.2 1941—Dec 1945—Dec 1947_Dec 1 2 Com- Mutual mercial savings banks banks 12.() 3 Includes savings and loan assns., dealers and brokers, nonprofit institutions, and corp. pension funds. NOTE.—Reported data for F.R. Banks and U.S. Govt. agencies and trust funds; Treasury estimates for other groups. JULY 1964 U.S. GOVERNMENT SECURITIES 881 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 66,360 61,640 58,487 64,057 62,825 19,782 33,983 35,682 36,041 37,561 11,976 4,565 8,357 8,355 8,355 13,419 15,539 15,642 16,350 16,339 669 726 478 278 364 ,860 ,425 ,910 ,930 ,734 1,594 2,731 3,021 3,181 3,215 1,756 1,309 2,178 2,196 2,197 2,022 2,583 2,936 3,146 3,148 3,349 2,723 4,146 3,626 4,642 14,301 15,018 18,434 15,032 12,858 8,737 10,834 8,658 12,176 14,364 2,227 2,094 2,136 2,105 2,131 204 68 88 91 91 63 83 131 139 143 65,526 67,952 64,979 62,638 63,780 39,512 44,662 46,027 46,443 46,318 26,014 23,290 18,952 16,195 17,462 55,763 49,381 47,919 49,951 46,727 15,961 29,158 30,525 30,755 32,215 10,016 3,188 6,091 6,068 6,067 11,334 12,873 12,575 13,065 13,048 59,073 58,004 54,881 51,882 50,947 21,149 19.885 16.703 13,700 14,102 9,962 9,838 9,290 7,501 7,130 11,187 10,047 7,413 6,199 6,972 30,751 26,348 26,107 26,512 24,690 5,043 11,163 11,075 10,707 11,194 1,724 191 533 488 490 407 417 463 474 471 Mutual savings banks: 1961—Dec. 31 1962—Dec. 31 1963—Dec. 31 1964—Apr. 30 May 31 5,867 5,793 5,502 5,707 5,684 868 635 690 691 839 181 252 268 369 370 505 383 422 322 469 1,514 1,337 1,211 1,444 1,219 1,708 2,210 2,009 1,975 2,051 662 306 377 370 359 1,298 1,305 1,215 1,227 1,216 Insurance companies: 1961—Dec. 31 1962—Dec. 31 1963—Dec. 31 1964—Apr. 30 May 31 9,020 9,265 9,254 9,052 9,052 1,228 1.259 1,181 939 1,003 442 552 549 416 442 786 707 632 523 561 2,222 2,175 2,044 1,927 1,810 1,625 2,223 2,303 2,420 2,491 1,274 718 939 928 917 2,671 2,890 2,787 2,837 2,831 10,547 10,750 10,427 11,041 11,789 8,697 9,063 7.671 8,519 9,256 5,466 6,551 6,178 6,878 7,429 3,231 2,512 1,493 1,641 1,827 1,747 1,524 2,397 2,061 2,049 72 149 290 341 363 22 5 9 9 10 8 9 60 111 112 2,760 2,862 3,253 3,302 3,309 446 437 378 348 442 155 254 236 257 257 291 183 142 91 185 895 817 919 1,027 916 617 1,030 1,202 1,200 1,244 371 105 253 249 245 431 473 501 479 462 State and local governments: 1961—Dec. 31 1962—Dec. 31 1963—Dec. 31 1964—Apr. 30 May 31 10,893 11,716 12,453 16,140 16,179 3,974 4,447 4,637 6,207 6,308 2,710 3,282 3,869 5,404 5,334 1,264 1,165 768 803 974 1,320 1,059 941 2,041 1,930 842 1,505 1,502 1,856 1,905 1,250 688 1,591 1,712 1,710 3,507 4,017 3,782 4,324 4,327 All others: 1961—Dec. 1962—Dec. 1963—Dec. 1964— Apr. May 60,440 64,162 66,320 65,353 64.873 29,346 32,227 33,719 32,234 31,830 20,596 23,935 25,637 25,617 25,357 8,750 8,292 8,082 6,617 6,473 17,314 16,121 14,301 14,940 14,112 6,054 10,877 12,144 12,254 12,967 4,713 1,175 2,389 2,311 2,333 3,012 3,761 3,767 3,613 3,631 Type of holder and date Total Total Bills Other 195,965 203,011 207,571 207,356 208,009 84,428 87,284 89,403 82,554 82,930 43,444 48,250 51,539 51,049 52,246 40,984 39,034 37,864 31,505 30,684 U.S. Govt. agencies and trust funds: 1961—Dec. 31 1962—Dec. 31 1963—Dec. 31 1964—Apr. 30 May 31 8,484 9,638 11,889 11,711 11,945 1,252 1,591 1.844 1,258 1,650 583 865 1,366 980 1,286 Federal Reserve Banks: 1961—Dec. 31 1962—Dec. 31 1963—Dec. 31 1964—Apr. 30 May 31 28,881 30,820 33,593 33,169 34,229 17,650 17,741 22,580 18,658 17,500 158,600 162,553 162,089 162,476 161,835 All holders: 1961—Dec. 1962—Dec. 1963—Dec. 1964—Apr. May Held by public: 1961—Dec. 1962—Dec. 1963—Dec. 1964—Apr. May 31 31 31 30 31.... 31 31 31 30 31 Commercial banks: 1961—Dec. 3 1 . . . . . . . . . . 1962—Dec. 31 1963—Dec. 31 1964—Apr. 30 May 31 Nonfinancial corporations: 1961—Dec. 31 1962—Dec. 31 1963—Dec. 31 1964—Apr. 30 May 31 Savings and loan 1961—Dec. 1962—Dec. 1963—Dec. 1964—Apr. May associations: 31 31 31 30 31 31 31 31 30 31 NOTE.—Direct public issues only. Based on Treasury Survey of Ownership. Data complete for U.S. Govt. agencies and trust funds and F.R. Banks but for other groups are based on Treasury Survey data. Of total marketable issues held by groups, the proportion held on latest date and the number of reporting owners surveyed were: (1) about 90 per cent by the 6,043 commercial banks, 503 mutual savings banks, and 786 insurance cos. combined; (2) about 50 per cent by the 469 nonfinancial corps, and 488 savings and loan assns.; and (3) about 70 per cent by 506 State and local govts. Holdings of "all others," a residual, include holdings of all those not reporting in the Treasury Survey, including investor groups not listed separately. 882 U.S. GOVERNMENT SECURITIES JULY 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 1.639 1,574 1,775 1,308 1,799 1,575 1,713 1,719 1.160 ,208 ,440 ,060 ,280 ,261 ,300 .348 5-10 years 282 Over 10 years U.S. Govt. securities Commercial banks Other 127 69 529 30 168 172 139 207 165 134 88 214 33 29 21 100 26 27 15 36 144 252 124 131 46 29 471 556 401 522 467 480 31 28 213 122 37 508 2,144 1,809 1,685 1,849 1,656 1,336 1,361 1,528 1,264 264 159 65 687 272 145 56 528 213 234 248 81 70 165 31 18 25 563 590 566 22 24 29 6 13 20 27 2 014 1,784 1,594 1,559 1 504 1,265 1,192 1,212 276 280 246 209 232 220 116 121 23 21 40 17 587 651 510 546 3 1,550 1,347 I 355 1,631 1,280 ,045 1,108 1,332 146 160 166 180 105 127 65 95 19 15 16 23 439 444 418 509 1963—May July Aue Seot Oct Nov Dec 1964—Jan Feb Mar Apr M!ay 702 All other 601 479 81 584 727 507 733 493 464 384 509 108 95 88 140 637 662 439 544 91 117 30 730 451 96 36 905 516 99 29 737 516 91 657 737 651 443 498 457 86 134 120 30 39 29 21 824 679 600 574 593 416 455 418 98 164 106 109 24 25 23 20 615 478 523 596 473 401 390 505 109 232 93 144 Week ending— 1964 May June 10 17 24 NOTE.—The transactions data combine market purchases and sales of U.S. Govt. securities dealers reporting to the F.R. Bank of N.Y. They do not include allotments of and exchanges for new U.S. Govt. securities, redemptions of called or matured securities, or purchases or sales of securi- ties under repurchase agreements, reverse repurchase (resale), or similar contracts. Averages of daily figures based on the number of trading days in the period. DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Period All maturities Within 1 year 1-5 years Over 5 years U.S. Govt. agency securities 1963—May June July Aug Sept Oct Nov Dec 3,494 3,093 2,881 3,096 3,689 3,538 3,546 3,090 2,810 2,666 2,505 2,871 3,099 2,899 3,008 2,800 640 347 357 307 290 196 430 295 44 80 21 -82 300 444 108 -4 305 357 267 275 195 176 159 254 1964—Jan Feb Mar Apr May 3,582 3,475 2,775 2,393 3,087 3,218 2,787 2,486 2,316 2,670 272 468 323 156 164 92 219 -34 -78 253 163 195 195 170 231 . . . . . 2,587 2,383 2,476 2,126 2,509 2,547 2,281 2,344 2,069 2,463 110 170 198 134 149 -70 -69 -65 -77 -104 190 173 163 153 180 6. . 13.. 20. . 27. . 2,983 2,965 3,143 3,064 2,848 2,416 2,605 2,680 148 190 196 126 -13 359 342 259 192 196 234 288 Commercial banks All sources Period May 1. 8. 15. 22. 29. NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of securities. Included in the repurchase contracts are some that more clearly represent investments by the holders of the securities rather than dealer trading positions. Average of daily figures based on number of trading days in the period. Elsewhere Corporations i AH other 1963—May June July Aug Sept Oct Nov Dec 3,764 3,361 3,020 3,293 3,974 3,415 3,551 3,139 936 866 659 553 1,201 825 660 823 888 650 533 501 898 775 671 587 1,536 1,543 1,478 1,924 1,527 1,387 1,748 1,466 403 303 350 316 348 429 472 263 1964—Jan Feb Mar Apr May 3,646 3,645 2,971 2,390 3,082 1,139 1,048 784 545 711 1,019 879 613 556 724 1,159 1,355 1,247 1,065 1,347 328 363 326 225 300 1... 8. . . 15... 22... 29. . . 2,698 2,390 2,638 2,127 2,335 645 635 701 324 452 645 565 686 489 485 1,091 964 1,034 1,130 1,120 318 227 216 183 278 6... 2,739 3,061 3,263 3,152 661 668 791 702 706 805 818 605 1,023 1,229 1,388 1,580 350 359 264 267 Week ending— 1964—Apr. New York City Week ending— 1964—Apr. May 20!!! 27... i 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. 883 OUTSTANDING SECURITIES JULY 1964 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, JUNE 30, 1964 (In millions of dollars) Issue and coupon rate Treasury bills July 2, 1964 July 9,1964 July 15, 1964 July 16, 1964 July 23, 1964 July 30, 1964 Aug. 6, 1964 Aug. 13, 1964 Aug. 20, 1964 Aug. 27, 1964 Aug. 31, 1964 Sept. 3, 1964 Sept. 10, 1964 Sept. 17, 1964 Sept. 24, 1964 Sept. 30, 1964 Oct. 1,1964 Oct. 8, 1964 Oct. 15, 1964 Oct. 22, 1964 Oct. 29, 1964 Oct. 31, 1964 Nov. 5,1964 Nov. 12, 1964 Nov. 19, 1964 Nov. 27, 1964 Nov. 30, 1964 T Amount -sue and coupon rate Treasury bills—Cont. 2,101 Dec. 3,1964 2,101 Dec. 10, 1964 [ 998 Dec. 17,1964 Dec. 24, 1964 2,001 Dec. 31, 1964 2,001 Jan. 31, 1965 2,002 2, 101 Feb. 28, 1965 Mar. 31, 1965 2, 101 Apr. 30, 1965 2,103 May 31, 1965 2,102 001 2 104 Treasury notes Aug. 15, 1964 2 101 2 099 Aug. 15, 1964 Oct. 1,1964 2 102 002 Nov. 15, 1964 Nov. 15, 1964 901 900 Apr. 1,1965 May 15, 1965 900 May 15, 1965 901 Aug. 13, 1965 900 Aug. 13, 1965 1 000 Oct. 1,1965 900 Nov. 15, 1965 900 900 Nov. 15, 1965 Feb. 15, 1966 900 Apr. 1,1966 1, 005 NOTE.—Direct public issues only. Treasury. Amount 905 901 901 900 1,000 1,000 1,001 1,001 1,001 Issue and coupon rate Issue and coupon rate Amount Treasury notes—Cont. Aug. 15, 1966 4 Oct. 1, 1966 V Feb. 15, 1967 3' Apr. 1, 1967. Aug. 15, 1967. Oct. 1, 1967 Apr. 1, 1968. Oct. 1, 1968. Apr. 1, 1969. Treasury bonds—Cont. Nov. 15, 1968 3V% Feb. 15, 1969 4 Oct. 1,1969 4 Aug. 15, 1970 4 Aug. 15, 1971 4 Nov. 15, 1971 3% Feb. 15, 1972 4 Aug. 15, 1972 4 Aug. 15, 1973 4 May 15, 1974 4V4 N o v . 15, 1974 3% May 15, 1 9 7 5 - 8 5 . . . 4V4 June 15, 1 9 7 8 - 8 3 . . . 3l/4 Feb. 15, 1980 4 Nov. 15, 1980 3V2 May 15, 1985 3Y4 Feb. 15, 1990 3Vi Aug 15, 1 9 8 7 - 9 2 . . . 4l/4 Feb. 15, 1988-93 4 May 15, 1989-94... 4 % Feb. 15, 1995 3 Nov. 15, 1998 3% 5,820 357 3,475 270 4,433 457 212 115 12 1,000 5 iy4 li/ 2 4% 3y4 11/2 4% 3% 3V% 7 3A IVi 31/2 4 3% 1% 2,045 4,086 490 3,867 5,961 466 1,816 7,977 6,202 1,066 315 2,954 8,560 5,653 675 Treasury bonds June 15, 1962-67. Dec. 15, 1963-68. June 15, 1964-69.. Dec. 15, 1964-69... Feb. 15, 1965 2 Mar. 15, 1965-70... 2V2 May 15, 1966 3V4 Aug. 15, 1966 3 Nov. 15, 1966 3Y$ Mar. 15, 1966-71... 2% June 15, 1967-72... 21/2 Sept. 15, 1967-72... 2V2 Nov. 15, 1967 35/8 Dec. 15, 1967-72... 21/2 May 15, 1968 3% Aug. 15, 1968 3% Amount 1,452 1,813 2,628 2,539 3,976 2,416 2,862 1,024 1,851 1,404 1,299 1,952 3,604 Convertible bonds 2,739 Investment Series B 2,460 Apr. 1, 1975-80... 234 3,747 1,591 1,844 2,537 4,129 2,806 2,760 2,344 2,579 3,894 1,532 2,244 1,218 1,587 2,610 1,914 1,129 4,908 365 250 1,560 2,460 4,439 3,115 Based on Daily Statement of U.S. FEDERALLY SPONSORED AGENCIES, MAY 31, 1964 Agency, type and date of issue, and coupon rate Federal home loan banks Notes: July 16, 1963 Sept. 16, 1963 Oct. 15, 1963 Dec. 9,1963 Feb. 17, 1964 Mar. 16, 1964 Apr. 15, 1964 May 15,1964 Bonds: June 17, 1963 Sept. 17, 1962 Dec. 9,1963 Maturity 3% 3.95 3.90 4.00 3% 4.05 4.15 4.10 3Vi 3% 4% Federal National Mortgage Association— secondary market operations Debentures: Sept. 11, 1961 4 Dec. 11, 1961 3% Dec. 10, 1957 4% Sept. 10, 1962 334 Dec. 12, 1960 4% Mar. 10, 1958 3% Apr. 10, 1959 4% Apr. 11, 1960 4Y8 Sept. 12, 1960 4i/8 Aug. 23, 1960 4% Sept. 11, 1961, 4Vi Feb. 10, 1960 5Vs Dec. 11, 1961 43/8 June 12, 1961 4V4 Feb. 13, 1962 4% Banks for cooperatives Debentures: Dec. 2,1963 Feb. 3,1964 Apr. 1,1964 June July Aug. Sept. Nov. Jan. Feb. Apr. 1964 1964 1964 1964 1964 1965 1965 1965 326 413 300 564 175 249 435 430 Oct. 15, 1964 Sept. 15, 1965 Aug. 15, 1966 460 175 200 Sept. Dec. June Mar. Dec. Mar. Apr. Apr. Sept. Aug. Sept. Feb. June June Feb. 15, 15, 17, 15, 16, 15, 15, 15, Amount (millions of dollars) 10, 11, 10, 10, 12, 11, 10, 10, 10, 10, 10, 10, 12, 12, 10, 1964 1964 1965 1966 1966 1968 1969 1970 1970 1971 1971 1972 1972 1973 1977 144 111 98 108 93 87 88 146 119 64 98 100 100 146 198 Federal intermediate credit banks Debentures: Sept. 3, 1963 Oct. 1,1963 Nov. 4, 1963 Dec. 2,1963 Jan. 2, 1964 Feb. 3,1964 Mar. 3, 1964 Apr. 1,1964 May 4 , 1 9 6 4 . Federal land banks Bonds: Aug. 8, 1963 1963. Dec. 10, 1960 1960. Apr. 20, 1964 1964. Oct. 20, 1960 1960. June 20, 1961. 1961 Apr. 2, 1961. 1961 May 1,1958. 1958 Sept. 20, 1961 Feb. 15, 1957 1957. M a y 1,1962. 1962 Oct. 1, 1957 1957. Oct. 22, 1963. 1963 Apr. 1,1959. 1959 M a y 1, 1963 1963. Feb. 2, 1959 1959. July 15, 1 1957. 9 Feb. 1,1960. 1960 Feb. 14, 1 1958. 9 Jan. 5,1960., 1960 May. 1, 1956 1956. Sept. 14, 1956 1956. Feb. 20, 1963 1963. Feb. 20, 1962 1962. Maturity 5 7 8 / 3 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 3% 4 414 4 4 35/8 314 414 41/g 4 4 41/8 414 4 5 3% 3% 3% 3.95 4.00 3.90 3.90 4.05 Aug. Oct. Apr. Oct. Dec. Feb. May July Feb. May Oct. Oct. Mar. June Mar. July Feb. Apr. July May Sept. Feb. Feb. 8 51/s %3% 51/s 31/2 37/s /8 4V2 3% 3.90 3.95 June Aug. Oct. 1, 1964 3, 1964 1, 1964 187 194 147 Bonds: Nov. 15, 1960 July 1,1961 Feb. 1,1962 Amount (millions of dollars) 1964 1964 1964 1964 1964 1964 1964 196 5 1965 197 188 183 216 261 322 280 309 290 20, 1964 20. 1964 20, 1965 20, 1965 20, 1965 21, 1966 2, 1966 20, 1966 15, 1967-72 22, 1967 1, 1967-70 23, 1967 20, 1968 20, 1968 20, 1969 15, 1969 20, 1970 1, 1970 20, 1970 1, 1971 15, 1972 20, 1973-78 20, 1974 215 142 209 160 1, 1, 3, 1, 1, 2, 1, 4, 1, Tennessee Valley Authority Short-term notes NOTE.—These securities are not guaranteed by the U.S. Govt.; see also NOTE to table at top of following page. Agency, type and date of issue, and coupon rate 140 150 108 193 72 180 75 174 86 186 100 60 82 83 85 60 109 148 155 35 4.40 45/s 4l/2 Nov. 15, 1985 July 1, 1986 Feb. 1, 1987 50 50 45 884 CREDIT AGENCIES; SECURITY ISSUES JULY 1964 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Assets End of period 1955 1956 1957 1958 1959 Advances to members . .. 1 417 1,228 1 265 1,298 2,134 Liabilities and capital Cash and deposits Bonds and notes J OQl 62 62 63 75 103 975 963 825 714 1,774 Investments 765 1,027 908 999 Federal National Mortgage Assn. (secondary market operations) Banks for cooperatives Federal intermediate credit banks Debentures and notes (L) Loans to cooperatives (A) Debentures 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 , 107 ,126 2,788 2,770 2,752 2,523 2,453 2*49.9. 649 697 735 2,126 2,072 2,038 2,030 2,028 2,027 2,020 2,000 ,984 ,960 ,950 ,916 ,899 ,884 ,792 ,788 1.988 1.985 1 .984 1,983 1,984 ,786 .786 .785 ,781 ,698 Member deposits Capital stock 698 683 653 819 589 516 607 685 769 866 938 180 989 1960 1961 1962 1,981 2.662 3,479 ,233 ,153 ,531 90 159 173 1,266 1,571 2^707 1963—May.. June.. July . Aug.. Sept. . Oct... Nov.. Dec... 2.740 3,270 3,548 3,758 4,024 4,226 4,290 4,784 ,720 ,937 ,525 ,511 ,484 ,537 ,515 ,906 75 159 94 70 96 131 96 159 2,035 2,770 2.816 3,036 3,299 3,599 3,599 4,363 1,151 4,414 4.216 4,168 4.444 4,395 .730 .622 ,709 .420 ,607 101 86 86 72 82 3.961 3,631 3,622 3,625 3,727 944 943 997 957 990 83 628 ,134 ,137 ,146 ,148 ,153 ,150 ,166 ,171 1964—Jan... Feb... Mar.. Apr... May.. Mortgage loans (A) 1,176 1,182 ,189 ,193 ,196 ,214 ,236 ,325 ,069 ,011 ,014 986 978 NOTE.—Data from Federal Home Loan Bank Board, Federal National Mortgage Assn., and Farm Credit Admin. Among the omitted balance sheet items are capital accounts of all agencies, except for stock of home loan banks. Bonds, debentures, and notes are valued at par. They include only publicly offered securities (excluding, for the home loan banks, Loans and discounts (A) Federal land banks Debentures Mortgage loans Bonds (L) (A) (L) 657 705 886 1,497 1^744 1,157 1,391 1,116 1,356 2,089 2,360 1,191 U437 1,599 1,986 407 435 505 1,501 1 650 1,840 1,454 1 585 1,727 2,564 2,828 3^052 2,210 2,431 2^628 702 701 711 706 735 848 858 840 489 459 459 473 473 526 526 589 2.210 2,293 2,352 2,360 2,318 2,169 2,083 2,099 2,037 2,133 2.023 2,233 2,233 2,139 2,027 1,952 3,176 3,198 3,218 3.240 3,259 3,280 3,291 3,310 2,725 2.725 2,725 2,796 2,796 2,834 2,834 2,834 866 849 815 786 747 589 589 586 533 527 2,102 2.163 2,238 2,329 2,412 1,964 2,018 2.069 2.157 2,246 3,333 3,364 3,406 3,445 3,481 2.836 2.886 2.886 2.973 2,973 (L) 919 bonds held within the FHLB System), and are not guaranteed by the U.S. Govt.; for a listing of these securities, see preceding page. Loans are gross of valuation reserves and represent cost for FNMA and unpaid principal for other agencies. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Type of issuer Type of issue Period Total General obligations Revenue PHAi Issues for new capital U.S. Govt. loans State Special district and Other 2 stat. auth. 1,993 1,686 1.371 4 162 2,121 3.890 125 1.110 120 1,928 1,419 1,620 1.984 2.165 4 473 2.600 4 825 3,636 5,281 7,526 7,697 5.447 4 782 1 .778 2.407 187 332 7,292 8 566 8.845 10 518 4,771 5 724 5.582 5 855 2.095 2,407 2,681 4,180 437 254 145 249 1963—Mar Apr May June July.... Aug Sept Oct Nov Dec 1.018 957 961 1.074 928 764 480 1.265 754 495 649 215 244 503 623 444 240 122 567 310 85 138 16 16 15 28 21 14 25 20 43 9 265 160 168 131 78 187 94 143 185 69 1964—Jan Feb Mar Apr 1,007 853 r 867 1,230 31 8 15 215 214 136 22 101 1958 1959 . . . I960 1961 1962 1963 6<>7 443 423 462 394 333 679 401 401 r 302 315 116 606 663 497 230 181 140 618 449 141 115 176 333 208 424 517 431 287 73 424 208 126 420 589 368 426 419 290 314 698 362 299 336 208 262 456 431 552 577 r 1 Only bonds sold pursuant to 1949 Housing Act; secured by contract requiring the Public Housing Administration to make annual contributions to the local authority. 2 Municipalities, counties, townships, school districts. 3 Excludes U.S. Govt. loans. Based on date of delivery to purchaser (and payment to issuer) which occurs after date of sale. 4 Water, sewer, and other utilities. Total amount delivered 3 Use of proceeds Total Edu- Roads and cation bridges 7.708 7.441 7.423 7.589 2,617 2,318 1,164 7.247 8,463 8,568 9,151 2,405 2,821 2,963 3,029 1,007 1,167 1,114 976 902 869 1.008 866 910 930 921 680 1 084 969 708 712 449 581 1,051 729 897 1,005 416 251 371 215 249 247 261 204 232 278 158 7.102 8.301 8.732 10,496 r 428 868 973 813 944 772 '812 1,180 r 273 242 251 364 Utilities 4 Housings Veterans' aid Other purposes 1,412 1,985 251 401 339 355 426 385 812 1,316 1,700 1,668 2,344 521 598 201 1,891 478 1,913 125 2,177 2 369 52 70 69 39 67 32 33 102 130 7 233 ?26 350 193 15? 144 77 338 221 136 142 1 56 114 26 123 31 9 2 1 298 202 176 335 183 148 103 371 98 115 114 238 136 141 3 220 145 844 r 42 33 262 59 r 60 30 1,657 1,685 r 313 226 153 392 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. 885 SECURITY ISSUES JULY 1964 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues Proposed use of net proceeds all corporate issues 5 1 Noncorporate Corporate Period Total U.S. Govt.2 U.S. Govt. agency 3 U.S. State and local 5,446 7 6,958 7,449 7,681 707 Bonds Other 4 Total I960 1961 1962 1963 . .. 2,321 27,541 7,906 35,494 12,253 29,975 8,590 31,616 7,213 1,672 1,448 1,188 1,168 7,230 8,345 8,558 10,107 579 302 869 891 186 915 902 62 131 1963—Apr M^ay June July Aug . . . . Sept Oct Nov Dec 2,927 2,783 5,054 2 089 1,980 1 673 2,977 2,117 2,312 1964—Jan Feb Mar Apr 2,482 2,022 2,121 4,866 716 409 2,252 413 169 572 459 1,072 789 25 78 Publicly offered Total 334 10,939 557 12,884 1,052 11,558 9,748 616 22,405 5,517 30,571 9,601 34,443 12,063 31,074 12,322 1956 1957 1958 1959 New capital Stock 8 00? 9 957 9 ,65? 7 190 4, 6, 6, 3, ??5 118 33? S57 3,777 3,839 3,320 3,632 636 411 571 531 2,301 10 749 If ),384 9 663 2,516 12,661 r ,447 11 784 1,334 1 1 372 If ),823 9 907 8 578 2,027 9,526 c 10,154 8 ,081 13,147 9 4? 5 10,770 9 ,016 12,237 10 ,87? 4, 4 4, 4, R06 706 487 714 3,275 4,720 4,529 6,158 409 449 436 342 1,664 9,924 c>,653 8 758 895 271 3,273 12,874 11 ,979 10, 1,150 895 1,318 10 572 c> 814 8 323 1 491 757 993 1,561 1,528 1,022 12,081 If )S53 380 S*>0 459 452 694 26 17 1,049 1,340 1,246 810 83? 1 ,?44 1 ,133 756 871 710 675 431 ?79 891 357 483 13 1,459 1 ,376 626 474 413 399 1,444 1,006 810 844 1,204 16 89 73 43 985 710 805 2,175 863 621 714 812 338 279 361 383 38 35 751 526 342 353 429 726 452 174 200 1,282 688 New Total money 6 Privately Pre- Complaced ferred mon 656 784 99? 73? 398 347 394 333 rotal Retirement Other of pur- secuposes rities 100 4 10 5 1,116 336 ^83 511 183 319 501 481 549 39 5 34 54 191 78 75 65 61 81 91 106 1,034 1 323 1,230 797 745 862 1 101 879 53 1,444 27 95 8 80 3 87 22 1,342 972 702 796 2,156 30 930 904 1 ,013 721 663 915 814 364 214 549 135 118 74 104 419 71 65 100 212 81? 830 107 67 88 61 783 588 230 89 ,415 098 316 930 685 754 845 523 677 2 008 85 162 77 103 676 566 730 9P 606 638 795 1 013 819 217 121 30 43 17 42 45 Proposed us<2 of net proceeds, major groups of corporate i5SUC rs S Manufacturing Period Commercial and miscellaneous Transportation Public utility Communication RetireRetireRetireRetireNew ment of New ment of New ment of Nevf New ment of secu- capital 8 secu- capital 8 secu- capita capital 8 secu- capital 8 rities rities rities rities 1956 1957 1958 1959 3,336 4,104 3,265 1,941 243 49 195 70 682 579 867 812 51 29 13 28 694 802 778 942 20 14 38 15 ? 3 ,821 3 ,605 3 ,189 ,474 14 51 138 15 1,38^ \ 1,44 1,294 I960 1961 1962 1963 1,997 3,708 3,020 3,312 79 306 204 190 794 832 774 30 46 29 55 672 680 551 873 39 26 30 83 ,754 ^ ,892 2 ,357 ,935 51 104 445 699 1,036 1,427 1,28 Apr May June July Aug Sent Oct Nov Dec 148 216 227 297 272 237 240 214 515 5 29 10 28 3 47 5 8 13 64 60 114 63 50 32 60 41 104 12 2 3 4 7 4 4 5 8 34 101 109 35 36 61 25 83 118 342 222 230 107 100 78 201 131 198 Jan Feb Mar Apr 149 123 146 157 14 3 17 11 84 60 48 86 1 2 1 1 98 154 31 91 109 155 174 150 1963 1964 1,095 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 notation. 60 12 8 2 1 6 8 Real estate and financial RetireRetirement of ment of New secu- capital 8 securities rities 21 4 118 1 815 1,701 1 014 1,801 17 67 47 6 2 401 2,176 1,773 2,933 71 36 726 1 378 10 356 86 58 179 82 22 * 73 41 2 7 92 58 86 25 39 41 13 64 262 8 5 71 1 4 3 * 271 212 276 89 155 348 446 337 416 26 4 18 19 157 83 34 707 1,369 * * * 332 110 322 258 39 144 9 5 2 4 7 4 6 1 1 4 6 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. 886 SECURITY ISSUES JULY 1964 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Common and preferred stocks Bonds and notes Period New issues New issues Retirements Net change New issues Retirements Net change Invest. COS. 1 Retirements Net change Other Invest. cos. 1 Other Invest. COS. 1 Other 14,761 12,855 5,296 4,858 9,465 7,998 9,673 7,125 3,817 3,049 5,856 4,076 2,018 2,353 3,070 3,377 515 785 964 1,024 1,503 1,568 2,106 2,354 13,084 16,935 13,656 14,995 5,033 7,145 6,491 8,818 8,051 9,790 7,165 6,177 8,072 9,214 8,613 10,491 3,078 4,155 3,749 4,979 4,994 5 059 4,864 5,512 2,288 3,280 2,788 2,541 2,724 4,441 2,255 1,963 869 1,181 1,123 1,521 1,086 1,809 1,619 2,318 1,419 2 099 1,665 1,020 1,638 2,632 636 -355 1963 I II Ill IV 3,074 4,176 3,267 '4,477 1,803 2,449 2,004 2,561 1,272 1,727 1,263 1,916 2,096 3 013 2,159 "3,222 1,087 1,540 1,230 1,121 1,009 1 473 929 '2,101 370 550 449 594 260 217 270 273 3 36 64 -458 4,146 2,015 2,130 2,149 914 348 396 389 388 532 367 513 385 1,052 1964—1 608 613 659 661 812 569 280 616 1958 1959 1960 1961 r 1962 r 1963 r .... 1,235 1,185 Type of issuer Manufacturing Public utility Transportation 3 Commercial and other 2 Communication Real estate and financial 4 Period Bonds & notes Bonds & notes Stocks r r Bonds & notes Stocks 2,133 1,738 1,027 1,028 494 475 635 704 479 246 1,172 1964—I 417 217 9 158 413 335 -93 399 1,892 1,355 1,804 451 415 -280 -675 261 505 294 274 —91 -447 -204 -441 173 71 -85 316 -42 -7 -34 -22 1,689 1,648 1,295 -102 —224 -60 -289 58 112 17 87 — 18 -14 -27 -383 100 131 -95 180 -3 —31 27 -15 190 250 148 288 25 167 8 81 1963—1 II HI IV -61 425 391 460 378 574 . . . Bonds & notes Stocks 2,191 316 1958 1959 I960 1961 1962 1963 Bonds & notes Stocks -266 61 131 -36 156 16 1 Open-end and closed-end cos. Extractive and commercial and misc. cos. Railroad and other transportation cos. Includes investment cos. 2 3 4 NOTE.—Securities and Exchange Commission estimates of cash transactions only. As contrasted with data shown on p. 885, new issues exclude 2 Stocks Bonds & notes 1,070 Stocks 443 206 994 1,656 1,866 356 1,372 \, 806 197 99 82 61 87 101 131 73 422 399 273 254 254 47 129 '912 ••327 70 876 1,749 2,607 1,984 1,109 234 811 572 301 901 149 1,459 357 448 438 r 795 833 new SIOCK issues aim casn proceeus euunecieu wiin conversions oi oonus 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. 885. OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption of own shares Assets (market value at end of period) Month Year Cash Total 2 position 3 Sales i Redemptions 1952 1953 1954 783 672 863 196 239 400 587 433 463 3,931 4,146 6,110 309 1955 1956 1957 1958 1959 1,207 1,347 1,391 1,620 2,280 443 433 406 511 786 765 914 984 1,109 1,494 7,838 9,046 8,714 13,242 15,818 438 492 523 634 860 1960 1961 1962 1963 2,097 2,951 2,699 2,460 842 1.160 1,123 1,504 1,255 1,791 1,576 952 17,026 22,789 21,271 25,214 973 980 1,315 1,341 Net sales Other Sales 1963—May.. June.. July... Aug... 7,400 Sept.. Oct... 8,554 Nov.. 8,191 Dec... 12,608 14,958 1964—Jan... 16,053 Feb... 21,809 Mar.. 19,956 Apr... 23,873 May. . 5,801 1 Excludes shares issued to shareholders as capital gains and dividend distributions. 2 Market value at end of period less current liabilities. 3 Cash and deposits, receivables, all U.S. Govt. securities, and other s hort-term debt securities, less current liabilities. Sales and redemption of own shares Assets (market value at end of period) Redemptions Net sales Cash Total i position 2 Other 194 195 219 193 206 214 210 225 132 115 124 123 142 132 123 132 61 79 95 69 64 82 87 92 24,038 23,692 23,550 24,925 24,496 24,914 24,774 25,214 1,286 1,166 1,310 1,287 1,300 1,374 1,419 1,341 22,752 22,526 22,240 23,638 23,196 23,540 23,355 23,873 294 219 263 r 276 241 183 165 184 165 153 110 55 79 r lll 88 25,854 26,334 26,863 27,051 27,497 1,383 1,380 1,403 1,339 1,444 24,471 24,954 25,460 25,712 26,053 NOTE.—Investment Co. Institute data based on reports of members, which comprise substantially all open-end investment cos. registered with the Securities and Exchange Commission. Data reflect newly formed cos. after their initial offering of securities. 887 BUSINESS FINANCE JULY 1964 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1962 Industry 1959 1960 1961 1962 1963 1964 1963 in iv III IV Manufacturing Total (180 corps.): Sales Profits before taxes Profits after taxes Dividends Nondurable goods industries (79 corps.): i Sales Profits before taxes Profits after taxes Dividends Durable goods industries (101 corps.): 2 Sales Profits before taxes Profits after taxes Dividends Selected industries: Foods and kindred products (25 corps.): Sales Profits before taxes Profits after taxes Dividends Chemicals and allied products (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 118,423 123,126 122,849 135,727 145,848 32,038 35,649 34.549 37,521 35,007 38,771 37,878 14,090 13,200 15,267 17,147 3,186 4,222 3.960 4,701 3,668 4,818 4,722 7,440 7,135 8,183 9,041 1,708 2,360 2,078 2,431 1,984 2,548 2,571 4,342 4,714 5,027 5,420 1,164 1,548 1,164 1,315 1,178 1,762 1,279 45,442 5,648 3,210 1,912 ,570 ,210 ,953 72,981 8,442 4,231 2,430 ,849 73,613 83,638 90,857 19,085 22,343 21,342 23,703 21,051 24,761 23,715 ,893 7,611 9,388 10,746 1,724 2,662 2,448 3,083 2,055 3,160 3,065 1,211 1,532 1,049 1,587 1,577 867 1,421 ,911 3,916 4,792 5,379 718 936 626 776 635 1,113 ,510 2,677 2,872 3,150 647 49,237 52,089 54,991 12,953 13,306 13,207 13,818 13,956 14,010 14,163 5,589 5,879 6,402 1,462 1,560 1,512 1,617 1,614 1,659 1,657 994 842 939 899 935 3,219 3,391 3,662 867 961 562 612 2,037 2,155 2,270 539 539 543 650 517 11,303 11,901 12,607 13,061 13,773 1,274 1,328 1,417 1,437 1,523 604 735 683 670 631 443 344 420 392 367 3,266 376 178 104 3,312 370 178 109 3,268 334 162 108 3,470 386 184 110 3,533 402 194 110 3,503 401 195 116 3,490 335 167 115 11,979 12,411 12,825 13,999 14,862 2,187 2,010 1,989 2,168 2,353 1,131 1,061 1,039 1,128 1,220 913 799 843 877 795 3,487 549 291 199 3,515 527 280 283 3,508 548 283 204 3,788 621 318 204 3,765 587 307 204 3,800 597 312 301 3,865 644 350 209 13,372 13,815 14,483 15,106 15,995 1,187 1,267 1,237 1,319 1,495 969 1,026 1,025 1,099 1,184 518 608 566 528 521 3,733 309 260 141 3,944 420 346 145 3,959 490 304 151 3,937 343 265 149 4,068 381 312 154 4,032 381 303 154 4,134 407 335 158 21,035 20,898 20,308 21,399 22,284 2,331 2,215 1,998 1,844 2,189 1,222 1,170 1,067 1,019 1,189 831 735 823 845 840 5,016 339 180 210 5,072 418 251 192 5,155 431 231 180 6.151 713 372 182 5,502 469 253 182 5,477 576 333 191 5,569 561 316 186 17,095 16,826 17,576 19,156 20,368 1,890 1,499 1,672 1,909 2,154 959 1,071 934 838 763 448 520 567 482 497 4,690 458 226 129 5,010 511 264 133 4,768 481 239 137 5,120 535 266 140 5,117 531 270 139 5,364 607 296 151 5,194 609 312 156 22,731 25,738 22,779 28,615 32,675 2,985 3,185 2,788 4,327 4,994 1,479 1,527 1,410 2,138 2,386 807 969 1,148 1,444 833 5,714 590 288 216 8,470 1,389 722 501 7,851 1,265 599 216 8,615 1,469 704 361 6,424 673 332 220 9,784 1,586 751 647 9,132 1,568 777 276 9,560 816 651 383 2,332 172 131 67 2,407 236 259 121 2,239 116 82 89 2,474 252 189 103 2,399 197 156 66 2,447 252 225 125 2,362 188 144 110 11,129 11,906 12,478 13,489 14,177 2,983 3,163 3,349 3,583 3,741 1,655 1,793 1,883 2,062 2,185 1,219 1,307 1,374 1,462 1,548 3,285 883 489 354 3,390 829 516 374 3,819 1 100 626 392 3,371 848 498 378 3,458 930 529 384 3,529 862 532 394 3,973 1,106 660 424 2,300 683 337 235 2,355 630 335 237 ,365 672 336 225 2,440 711 357 255 2,465 725 368 252 2,526 707 356 256 2,543 726 377 261 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 1 2 9,825 845 578 406 7,572 2,153 1,073 743 9,514 648 445 385 8,111 2,326 1,155 806 9,189 625 382 359 8,615 2,478 1,233 867 Includes 17 cos. in groups not shown separately. Includes 27 cos. in groups not shown separately. NOTE.—Manufacturing corps. Data are obtained primarily from published co. reports. Railroads. Interstate Commerce Commission data for Class I linehaul railroads. Electric power. Federal Power Commission data for Class A and B electric utilities, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. 9,440 729 572 367 9,196 2,639 1,327 935 9,796 2,815 1,417 988 Telephone. Data obtained from Federal Communications Commission on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operating subsidiaries and the 2 affiliates. All series. Profits before taxes are income after all charges and before Federal income taxes and dividends. For description of series see June 1949 BULL., pp. 662-66 (manufacturing); Mar. 1942 BULL., pp. 215-17 (public utilities); and Sept. 1944 BULL., p. 208 (electric power). Back data available from Division of Research and Statistics. 888 BUSINESS FINANCE JULY 1964 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) 1956 1957 1958 1959 1960 . 1961 1962 1963 . . Undistributed profits 23.5 22.3 18.8 24.5 12.1 12.6 12.4 13.7 11.3 9.7 6.4 10.8 20.0 21.8 22.7 24.3 44.3 43.8 46.8 51.5 22.3 22.0 22.2 24.4 22.0 21.8 24.6 27.1 14.5 15.3 16.6 17.8 7.5 6.5 8.1 9.3 25.6 26.8 30.8 32.4 Cash dividends Undistributed profits Corporate capital consumption allowances l 46.2 48.4 21.9 22.9 24.3 25.5 16.5 17.1 7.8 8.4 31.0 31.3 48.3 51.0 52.2 54.3 22.9 24.2 24.7 25.8 25.4 26.8 27.5 28.6 17.1 17.6 17.6 18.8 8.3 9.2 9.8 9.7 31.7 32.1 32.7 33.2 56.2 24.9 31.2 19.1 12.1 33.7 Corporate capital consumption allowances ! 21.2 20.9 18.6 23.2 Quarter Profits after taxes 1964 Cash dividends Income taxes 1963—1 II III.... IV.... Profits after taxes 44.7 43.2 37.4 47.7 Year Income taxes Profits before taxes 1962—III IV.... Profits before taxes 1 Includes depreciation, capital outlays charged to current accounts, and accidental damages. I NOTE.—Dept. of Commerce estimates. adjusted annual rates. Quarterly data are at seasonally CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets End of period 1956 1957 1958 1959 I960 1961 1962 Total Cash U.S. Govt. securities Notes and accts. receivable U.S. Govt. i Inventories Other Total Other Notes and accts. payable Accrued Federal 81.5 84.3 88.7 Other 13.5 14.1 15 0 Other 2.4 income taxes 17.6 15.4 12.9 15.0 U.S. Govt. i 29.0 31.1 33.3 37.0 40.1 42.5 45.7 107.4 111.6 118.7 124.2 128.6 135.6 142 8 mr IV 1964—1 34.8 34.9 37.4 36.3 37.2 41.1 42.9 19.1 18.6 18.8 22.8 20.1 20.0 20.2 2.6 2.8 2.8 2.9 3.1 3.4 3.7 95.1 99.4 106.9 117.7 126.1 135.8 146.7 80.4 82.2 81.9 88.4 91.8 95.2 100.9 10.6 11.4 12.4 130.5 133.1 136.6 153.1 160.4 171.2 184.0 328.6 335.8 342.9 349.9 39.1 40.3 40.8 44.5 20.8 20.3 19.7 20.6 3.5 3.6 148.9 153.3 158.1 159.7 102.6 104.0 105.8 107.3 13.6 14.6 15.2 14.3 184.9 189.8 194.1 198.8 2.5 25 2.5 121.7 125.3 128 1 131.8 14 2 14.3 15 3 16.3 46.7 47.7 48 3 48.2 154.7 I'l l 'r 237.9 244.7 255.3 277.3 289.0 306.8 326.7 143 7 146.0 148 8 151.2 r r 1963 Net working capital Current liabilities 350.6 40.6 21.4 3.3 161.3 108.6 15.5 195.9 2.6 128.9 15.6 48.8 3.3 3.4 1 Receivables from, and payables to, the U.S. Govt. exclude amounts offset against each other on corps.' books. 5.9 6.7 7.5 9.1 2.3 1.7 1.7 1.8 1.8 2.0 99.3 105.0 112.8 121.2 2.3 NOTE.—Securities and Exchange Commission estimates; excludes banks, savings and loan assns., and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Period Total Durable Nondurable 35.08 36 96 30.53 32.54 7.62 8.02 5.47 5.77 7.33 7.94 5.96 6.29 I960 1961 1962 1963 1964 2 35.68 34.37 37.31 39.22 43.92 7.18 6.27 7.03 7.85 9.05 7.30 7.40 7.65 7.84 9.20 1962—IV 10.18 2.03 2.10 1963—1 II 8.25 9.74 10.14 11.09 1.62 1.96 1.96 2.31 9.40 11.05 11.19 1.93 2.29 2.23 1956 1957 1958 1959 . Ill IV .. 1964—I II 2 Ill 2 1 2 Includes trade, service, finance, and construction. Anticipated by business. Transportation Mining Public utilities Communications Railroad 1.24 1 24 Other 1.23 1.40 1.71 1.77 1.50 2.02 4.90 6 20 6.09 5.67 Other i 2.68 3 03 2.62 2.67 8 7 7 8 Total (S. A. annual rate) 36 37 20 21 .94 .99 .75 .92 .99 .98 1.03 1.08 1.04 1.09 .85 1.10 1.44 1.94 1.85 2.07 1.92 2.21 5.68 5.52 5.48 5.65 6.03 3.13 3.22 3.63 3 79 .27 .20 .50 1.52 .95 2 60 37.95 1.65 1.95 1.99 2.25 .24 .26 .27 .21 .28 .29 .39 .54 .45 85 .95 93 .28 .33 .54 1.04 1.40 1 60 1.61 2 26 2.41 2 64 2.72 36 95 38.05 40 00 41.20 1.87 2.26 2.39 .26 .32 .51 2 37 .28 .28 .38 .34 .60 .53 42 55 43.35 44.30 .67 1.18 1.53 1.63 8 44 8 46 9.52 10 03 14 90 1.06 97 3 . 72 3 . 79 NOTE.—Dept. of Commerce and Securities and Exchange Commission estimates for corp. and noncorp. business, excluding agriculture. 889 REAL ESTATE CREDIT JULY 1964 MORTGAGE DEBT OUTSTANDING (In billions of dollars) Nonfann All properties End of period Financial institutions1 All holders Other holders 2 1- to 4-family houses Multifamily and commercial properties 3 Fin an. Other Total insti- 1 holders tutions All holders Finan. Other Total insti- 1 holdtutions ers U.S. agencies Individuals and others 12.2 12.1 31.2 30.8 18.4 18.6 11.2 12.2 29.3 32.5 35.4 38.0 146.1 160.7 178.7 194.0 89.9 98.5 109.2 117.9 128.2 140.4 156.0 130.0 133.7 137.1 140.4 143.3 147.9 152.2 156.0 158.9 1941 1945 37 6 35.5 20.7 21.0 4.7 2.4 1957 1958 1959 1960 156.5 171.8 190,8 206.8 119.7 131.5 145.5 157.6 7.4 7.8 10.0 11.2 1961 1962* 1963* 226.3 251 6 280.9 172.6 192.5 216.9 11.8 12.2 11.2 41.9 47 0 52.9 212.4 236.4 264.2 Ill* IV" 231.1 237.8 244.5 251.6 176.0 181.5 186.8 192.5 12.1 12.1 12.1 12.2 42.9 44.3 45.6 47.0 216.8 223.1 229.6 236.4 1963—1" IIP HI* IV" 257.1 265.1 273.1 280.9 197.2 204.1 210.6 216.9 11.8 11.2 11.1 11.2 48.1 49.9 51.4 52.9 241.6 249.0 256.5 264.2 107.6 117.7 130.9 141.3 153.1 166.5 182.2 155.3 159.1 162.9 166.5 169.2 173.7 178.2 182.2 1964 IP 287.0 221.9 11.2 53.9 269.8 185.2 1962—1" IIP r Farm 1 Commercial banks (including nondeposit trust cos. but not trust depts.), mutual savings banks, life insurance cos., and savings and loan assns. 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin., and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Other U.S. agencies (amounts small or current separate data not readily available) included with "individuals and others." 3 Derived figures; includes small amounts of farm loans held by savings and loan assns. 17.7 19.2 21.6 23.4 24.9 26 0 26.2 25.3 25.5 25.8 26.0 25.9 25.8 26.0 26.2 12.9 12.2 38.5 43.0 47.9 52.7 59.3 69.9 82.0 61.5 64.0 66.7 69.9 72.4 75.3 78.3 82.0 26.3 84.6 7.2 6.4 8.1 7.4 25.8 28.8 31 8 35.0 r 4.8 4.7 r 12.7 14 2 16.1 17.7 39.4 46.6 54.8 19.9 23 4 27.2 40.9 42.6 44.3 46.6 20.6 21.5 22.3 23.4 48.3 50.3 52.3 54.8 24.1 25.0 26.0 27.2 56.6 28.0 All holders 6.4 4.8 10.4 11 1 12 1 12.8 13.9 15 2 16.8 14.2 14.7 14.9 15.2 15.5 16.1 16.5 16.8 17.2 Financial Other insti- holders « tutions1 1.5 4 9 3 4 4.2 4.5 4.7 6.4 6.9 7 6 8.2 5.0 5.5 6.2 8.9 9.7 10.6 5.1 9.1 9.4 9 6 9.7 1.3 4.0 53 5.4 5.5 5.6 5.9 6.1 6.2 6.4 9 9 10 2 10.5 10.6 10.8 * Derived figures; includes debt held by Federal land banks and Farmers Home Admin. NOTE.—Based on data from Federal Deposit Insurance Corp., Federal Home Loan Bank Board, Institute of Life Insurance, Depts. of Agriculture and Commerce, Federal National Mortgage Assn., Federal Housing Admin., Public Housing Admin., Veterans Admin., and Comptroller of the Currency. Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings End of period 1 Mutual savings bank holdings Residential Total Total FHAinsured 1941 1945 4.906 4.772 23,337 25 523 28,145 28.806 17,147 18.^91 20,320 20,362 4,823 5,476 6,122 5,851 1961 1962 1963 30,442 34.476 39,414 21,225 23,482 26,476 1961—HI IV 29 920 30.442 1962—1 II Conventional 3,292 3 395 1957 1958 1959 I960 VAguaranteed Residential Other nonfarm Farm Total Total 856 566 521 4,812 4,208 FHAinsured VAguaranteed Conventional 3,884 3,387 1,048 Other nonfarm Farm 900 797 28 24 57 53 4,823 5,461 6,237 6,796 1,367 1,471 1,588 1,648 21,169 23,263 24,992 26,935 19.010 20,935 22,486 24,306 6,551 7 073 7,622 8,246 2,102 2 275 2,451 2,575 5,975 6,520 7,105 3,589 3,335 3,161 2,859 2,627 2,654 2,862 12,623 7,470 14,308 8,972 16,509 10,611 1,747 2,022 2,327 29,145 32,320 36,224 26.341 8,045 9,267 9,028 29,181 9,238 9,787 10,156 32,718 10,684 10,490 11,544 2,753 3,088 3,454 20 953 21.225 5 905 5,975 2 676 2,627 12,372 12,623 7,227 7,470 1,740 1,747 28,589 29,145 25,892 26,341 8 850 9,028 2 646 2,753 51 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 29.833 30,638 31.484 32,320 26.940 27,632 28,464 29,181 9,392 9.208 9.502 9,469 9,633 9,847 9,787 10 156 2 842 2.954 2,968 3 088 51 51 IV 30,844 32.194 33,430 34,476 1963 I II Ill IV 35 24^ 36.939 38,360 39,414 23 846 24.958 25,855 26,476 6 627 6,861 7,007 7,105 2,651 2,837 2,870 2.862 14,568 9,270 15,260 9,740 15,978 10,203 16,509 10.611 2,127 2,241 2,302 2.327 33,368 34,309 35,191 36,224 30.143 9,724 10 046 10 373 30,969 10,023 10,218 10.728 31,775 10,328 10,335 11,112 32.718 10.684 10.490 11 544 3 174 3.290 3,365 3 454 51 50 51 52 Ill 1964 IP 8,735 9,780 11,037 11,652 340,300 1 Includes loans held by nondeposit trust cos., but not bank trust depts. 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. 3 Breakdown not available because of lack of call report data. NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp. 4,669 5,501 6,276 7,074 7,811 8,045 8,340 8.662 8.984 9,238 7.790 8 360 8,589 8,986 9 231 9,267 55 54 51 51 52 51 52 51 337,173 series for all commercial and mutual savings banks in the United States and possessions; first and third quarters, estimates based on FDIC data for insured banks 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. 890 REAL ESTATE CREDIT JULY 1964 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total 1941 1945 .. . . FHAinsured VAguaranteed Farm * Total FHAinsured 6,442 6,636 976 . Total Other i 5 529 5,860 VAguaranteed Farm Other 4 714 4,466 815 1,394 913 776 1957 1958 1959 I960 5,230 5,277 5,970 6,086 4,823 4,839 5,472 5,622 653 1,301 1,549 1,401 831 195 201 291 3,339 3,343 3,722 3,930 407 438 498 464 35,236 37,062 39,197 41,771 32,652 34,395 36,370 38,789 6,751 7,443 8,273 9,032 7,721 7,433 7,086 6,901 18,180 19,519 21,011 22,856 2,584 2,667 2,827 2,982 1961 1962 1963 6,785 7,478 9,006 6,233 6,859 8,134 1,388 1,355 1,576 220 469 680 4,625 5,035 5,878 552 619 872 44,203 46,902 50,543 41,033 43,502 46,753 9,665 10,176 10,790 6,553 6,395 6,411 24,815 26,931 29,552 3,170 3,400 3,790 1963 Apr r May June July Sept Oct Nov Dec 689 713 725 821 766 716 774 680 1,236 608 635 657 737 704 653 718 622 1,148 118 129 117 140 140 134 147 126 172 67 73 54 57 50 48 52 54 69 423 433 486 540 514 471 519 442 907 81 78 68 84 62 63 56 58 88 47,866 48,165 48,421 48,665 48,964 49,233 49,536 49,813 50,543 44,361 44,616 44,831 45,028 45,294 45,522 45,799 46,057 46,753 10,393 10,483 10,501 10,510 10,564 10,604 10,658 10,711 10,790 6,426 6,428 6,432 6,428 6,419 6,402 6,393 6,395 6,411 27,542 27,705 27,898 28,090 28,311 28,516 28,748 28,951 29,552 3,505 3,549 3,590 3,637 3,670 C 3,711 3,737 3,756 3,790 1964—Jan Feb Mar Apr 745 705 800 808 638 615 673 706 141 140 143 133 61 54 53 58 436 421 477 515 107 90 127 102 50,828 51,126 51,441 51,806 47,010 47,271 47,523 47,824 10,857 10,923 10,982 11,032 6,418 6,423 6,420 6,425 29,735 29,925 30,121 30,367 3,818 3,855 3,918 3,982 AUR 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. 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. NOTE.—Institute of Life Insurance data. For loans acquired, the monthly MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS (In millions of dollars) Loans made Period Total i New construction (In millions of dollars) Loans outstanding (end of period) Home purchase Total 2 Total 1 By type of lender (N.S.A.) N.S.A. Savings & loan assns. Insurance companies Commercial banks Mutual savings banks 1941 1945 FHAinsured 4,732 5,650 1,490 2,017 404 9 SO 1,165 1,097 218 917 Period VAConguarvenanteed tional 2 S.A. 2 1,379 1 913 437 181 581 1,358 4,578 5,376 1957 1958 1959 I960 10,160 12,182 15,151 14,304 3,484 4,050 5,201 4,678 4,591 5,172 6,613 6,132 40,007 45,627 53,141 60,070 1,643 2,206 2,995 3,524 7,011 7,077 7,186 7,222 31,353 36,344 42,960 49,324 1957 1958 1959 I960 24,244 27,388 32,235 29,341 9,217 10,516 13,094 12,158 1,472 1,460 1,523 1,318 4,264 5,204 5,832 4,520 1,429 1,640 1,780 1,557 1961 1962 1963 17,364 20,754 24,734 5,081 5,979 7,038 7,207 68,834 8,524 78,770 9,920 90,849 4,167 4,476 4,685 7,152 57,515 7,010 67,284 6,960 79,204 1961 1962 1963 31,157 34,187 36,925 13,662 15,144 16.716 1,160 1,212 .319 4 997 5,851 6,354 2,061 2,199 2,242 2,341 2,428 2,196 2,387 1,856 2,118 651 638 619 623 642 685 502 620 854 936 1,003 1,071 928 977 757 776 4,581 4,587 4,621 4,635 4,662 4,679 4,683 4,685 7,089 7,047 7,084 7,085 7,058 7,028 6,980 6,960 Jan Feb Mar Apr May June July 2,658 2,424 2,751 3,065 3,233 3,177 3,515 3,525 3,177 3,534 2,880 2,987 1,143 1,086 1,261 1,412 1,497 1,468 1,606 1,611 1,442 1,594 1,271 I 322 100 88 99 112 116 119 127 123 116 125 103 110 457 408 467 539 563 551 595 612 546 616 495 504 141 123 126 145 168 181 218 212 190 206 184 166 2,758 1,170 103 483 145 1941 1945 ... Sept. Oct Nov Dec 83,281 84,525 85,628 86,836 87,933 89,051 89,857 90,849 71,611 72,891 73,923 75,116 76,213 77,344 78,194 79,204 1964 Jan Feb Mar Apr 23 May 1,716 1,712 2 071 2,081 2,142 434 474 621 579 584 696 674 784 831 887 91,453 92,163 93,069 93,978 94,937 4,705 4,705 4,710 4,714 4,726 6,931 6,902 6,879 6,855 6,821 79,817 80,556 81,480 82,409 83,390 * 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. QV7 1963 1963 May June. July I 741 2,876 2,869 2,907 2,986 3,066 3,121 3,183 3,213 3,189 3,134 3,149 3,059 Sept Oct Nov Dec 1964 Jan 1 Includes amounts for other lenders, not shown separately. 2 Three-month moving average, seasonally adjusted by Federal Reserve. NOTE.—Federa Home Loan Bank Board data. JULY 1964 891 REAL ESTATE CREDIT GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Mortgages Period Total Projects i New homes Existing homes 257 217 Governmentunderwritten Mortgages Property imTotal 3 ExproveNew isting ments 2 homes homes 20 End of period Total Total ConvenFHA- VA- tional guarinsured anteed 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 1960 1961 1962 1963 6,293 6,546 7,184 7,216 2,197 1,783 1,849 1,664 2,403 2,982 3,421 3,905 711 926 1,079 843 982 855 834 804 1,985 1,829 2,652 3,045 1,554 1,170 1,357 1,272 428 656 1,292 1,770 1963—May. June. July. Aug. Sept. Oct.. Nov. Dec.. 562 590 640 653 617 734 577 601 123 118 142 136 138 160 127 142 292 301 369 372 367 407 317 345 72 86 72 60 46 88 55 63 75 85 56 86 66 79 78 52 260 226 265 278 267 316 258 255 108 91 98 103 103 119 100 106 151 135 167 175 165 196 158 149 1964—Jan.. Feb.. Mar. Apr. May. 666 534 600 646 570 162 126 126 117 105 381 314 357 367 352 62 48 59 119 68 61 46 58 43 46 268 201 208 206 192 114 81 84 81 71 153 120 124 125 121 171 192 1 Monthly figures do not reflect mortgage amendments included in annual totals. Not ordinarily secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. 18.6 4.3 4.1 .2 14.3 1957 1958 1959 107.6 117.7 130.9 47.2 50.1 53.8 16.5 19.7 23.8 30.7 30.4 30.0 60.4 67.6 77.0 141.3 153.1 166.5 182.2 56.4 59.1 62.0 65.5 26.7 29.5 32.3 35.0 29.7 84.8 29.6 93.9 29.7 104.5 30.5 116.7 1962—1 II Ill IV 155.3 159.1 162.9 166.5 59.9 60.4 61.0 62.0 30.3 30.9 31.5 32.3 29.6 95.4 29.5 98.7 29.5 101.9 29.7 104.5 1963—IP IIP Ill* IV* 169.2 173.7 178.2 182.2 62.8 63.5 64.3 65.5 33.0 33.5 34.3 35.0 29.8 30.0 30.0 30.5 1964—IP 1945 185.2 66.3 35.7 30.6 119.0 . . 1960 1961 1962 1963* . . 106.4 110.2 113.9 116.7 NOTE.—For total debt outstanding, figures are FHLBB and F.R. estimates. For conventional, figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing Admin, and Veterans Admim. 2 FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANKS (In millions of dollars) Mortgage holdings (In millions of dollars) Mortgage transactions (during period) Advances outstanding (end of period) Total FHAinsured VAguaranteed Purchases Sales Commitments undisbursed 1945 278 213 195 176 19 46 1956 1957 1958 1959 3,047 3,974 3,901 5,531 978 1,237 1,483 2,546 2,069 2,737 2,418 2,985 609 1,096 623 1,907 5 3 482 5 360 764 1,541 568 1956 1957 1958 1959 745 1,116 1,364 2,067 934 1,079 1,331 1,231 1,228 1,265 1,298 2,134 798 731 685 1,192 430 534 613 942 683 653 819 589 I960 1961 1962 1963 6,159 6,093 5,923 4,650 3,356 3,490 3,571 3,017 2,803 2,603 2,353 1,634 1,248 815 740 290 357 541 498 1,114 576 631 355 191 I960 1961 1962 1963 1,943 2,882 4,111 5,601 2,097 2,200 3,294 4,296 1,981 2,662 3,479 4,784 1,089 1,447 2,005 2,863 892 1,216 1,474 1 M1\ 938 ,180 1,213 1,151 3,164 3,114 3,069 3,050 3,034 3,033 3,021 3,017 1.828 1,769 1,727 1,703 1,686 1,669 1,656 1,634 26 32 19 23 21 23 15 24 213 102 74 29 10 5 7 19 272 251 183 185 183 190 196 191 1963—June July Sept Oct Nov Dec 4,993 4,883 4,795 4,752 4,720 4,702 4,677 4,650 Sept Oct Nov Dec 696 710 466 517 610 363 754 166 432 256 251 408 299 259 3,270 3,548 3,758 4,024 4,226 4,290 4,784 1,876 2,139 2,296 2,493 2,588 2,611 2,863 1 ,393 1 1,409 ,462 1,531 1,638 1,679 1,921 1,325 1,069 1,011 1,014 986 978 1,151 1964—Jan Feb Mar Apr May 4,624 4,613 4,598 4,572 4,565 3,006 3,011 3,016 3,015 3,027 1,618 1,603 1,582 1,557 1,538 21 24 27 38 44 11 4 11 31 21 189 188 192 204 202 1964—Jan Feb Mar Apr May June 467 225 339 573 352 703 837 424 387 296 401 329 4,414 4,216 4,168 4,444 4,395 4,769 2,653 2,500 2,406 2,463 2,438 2,674 ,762 1,716 1,763 1,982 ,957 £,095 944 943 977 957 990 1,153 End of period 1963—May July 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 * 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. 892 CONSUMER CREDIT JULY 1964 TOTAL CREDIT (In millions of dollars) Noninstalment Instalment Total Automobile paper Other consumer goods paper 7,222 9,172 5,665 4,503 6,085 2,462 1,497 2,458 816 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 I960 . 1961 1962 1963 56 028 57,678 63 164 69,890 42,832 43,527 48,034 53,745 1963—May June . July Aug Sept 64,135 64 987 65,491 66 308 66,538 67 088 67,746 69,890 69 203 68,786 68 913 69 816 70,945 Repair and modernization loans 1 1,620 1,929 455 End of period Total 1939 1941 1945 . Oct Nov Dec 1964 Jan Feb Mar Apr May Singlepayment loans Personal loans Total 298 376 182 1,088 1,322 1,009 2,719 3,087 3,203 787 845 746 1,414 1,645 1,612 518 597 845 8,606 8,844 9,028 10,630 1,905 2,101 2,346 2,809 6,789 7,582 8,116 9,386 10,614 11,103 11,487 12,297 3,253 3,364 3,627 4,129 4,995 5,146 5,060 5,104 2,366 2,593 2,800 3,064 17,688 17,223 19,540 22,199 11,525 11,857 12,605 13,766 3,139 3,191 3,246 3,389 10,480 11,256 12,643 14,391 13,196 14,151 15,130 16,145 4,507 5,136 5,456 5,959 5,329 5,324 5,684 5,871 3,360 3,691 3,990 4,315 49,484 50,307 50,894 51 526 51,718 52 257 52,695 53,745 20,794 21,236 21,593 21,819 21,725 21,971 22,107 22,199 12,272 12,422 12,459 12,607 12,702 12,845 13,046 13,766 3,245 3,281 3,316 3,357 3,377 3,400 3,407 3,389 13,173 13,368 13,526 13,743 13,914 14,041 14,135 14,391 14,651 14,680 14,597 14,782 14,820 14,831 15,051 16,145 5,674 5,709 5,683 5,789 5,844 5,830 5,894 5,959 4,793 4,783 4,760 4,839 4,833 4,898 4,999 5,871 4,184 4,188 4,154 4,154 4,143 4,103 4,158 4,315 53,597 53,552 53,795 54,382 55,120 22,189 22,271 22,471 22,830 23,255 13,638 13,467 13,451 13,476 13,599 3,354 3,335 3,321 3,328 3,364 14,416 14,479 14,552 14,748 14,902 15,606 15,234 15,118 15,434 15,825 5,900 5,958 6,002 6,048 6,206 5,339 4,805 4,634 4,833 5,099 4,367 4,471 4,482 4,553 4,520 i Holdings of financial institutions; holdings of retail outlets are included in "other consumer goods paper." NOTE.—Consumer credit estimates coyer loans to individuals for household, family, and other personal expenditures, except real estate mortgage Charge accounts Service credit 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 i nstitutions End of period Total Total Commercial banks Sales finance cos. Retail outlets ConCredit sumer Other i unions finance * HfliAtiC 1939 1941 1945 4,503 6,085 2,462 3,065 4,480 1,776 1 079 1,726 1 197 1,797 745 300 132 198 102 1956 1957 1958 1959 31,720 33,867 33,642 39,245 26,977 29,200 28,659 33,570 11,777 12,843 12,780 15,227 9,117 9,609 8,844 10,319 2,014 2,429 2,668 3,280 1960 1961 42,832 43,527 48,034 53,745 37,218 37,935 41,782 46,992 16,672 17,008 19,005 21,610 11,472 11,273 12,194 13,523 June July. Aug. Sept. Oct.. Nov. Dec. 49,484 50,307 50,894 51,526 51,718 52,257 52,695 53,745 43,723 44,373 44,878 45,375 45,687 46,161 46,462 46,992 20,229 20,602 20,874 21,101 21,145 21,391 21,486 21,610 1964— Jan.. Feb. Mar. Anr. May 53,597 53,552 53,795 54,382 55,120 47,300 47,454 47,653 48,191 48,824 21,630 21,799 21,919 22,224 22,559 1962...... 1963 1963—May 1 438 1,605 Department stores 2 Furniture stores Appliance stores Automobile dealers 3 Other 629 686 354 320 131 439 496 240 183 206 17 123 188 28 339 395 270 2,940 3,124 3,085 3,337 ,129 ,195 ,282 ,407 4,743 4,668 4,983 5,676 1,408 1,393 1,882 2,292 1.187 ,210 ,128 ,225 377 361 292 310 502 478 506 481 1.269 ,226 ,175 ,368 3,923 4,330 4,902 5,622 3,670 3,799 4,131 4,590 ,481 ,525 ,550 1,647 5,615 5,595 6,252 6,753 2,414 2,421 3,013 3,427 ,107 ,058 1,073 1,086 333 293 294 287 359 342 345 328 ,402 ,481 ,527 ,625 12,583 12,693 12,807 12,906 13,073 13,187 13,302 13,523 5,139 5,251 5,330 5,412 5,458 5,529 5,569 5,622 4,191 4,241 4,276 4,329 4,381 4,425 4,461 4,590 ,581 ,586 ,591 ,627 ,630 ,629 ,644 1,647 5,761 5,934 6,016 6,151 6,031 6,096 6,233 6,753 2,797 2,925 2,999 3,107 3,025 3,077 3,172 3,427 994 997 994 ,004 ,009 ,015 ,032 ,086 274 274 274 276 279 280 282 287 319 331 343 341 321 325 326 328 ,377 ,407 ,406 ,423 ,397 ,399 ,421 ,625 13,840 13,788 13,802 13,893 14,027 5,584 5,607 5,668 5,776 5,889 4,592 4,595 4,597 4,628 4,657 ,654 ,665 ,667 .670 ,692 6,297 6,098 6,142 6, 191 6,296 3,063 2,949 3,044 3,106 3,182 ,065 ,047 ,022 ,013 t,020 281 278 273 272 271 328 330 334 340 348 ,560 ,494 ,469 ,460 ,475 if Consumer finance cos. included with "other" financial institutiors until Sept. 1950. 2 Includes mail-order houses. 657 759 Total 3 Automobile paper only; other instalment credit held by automobile dealers is included with "other" retail outlets. See also NOTE to table above. 893 CONSUMER CREDIT JULY 1964 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile paper Repair and modernization loans Personal loans Purchased Direct Other consumer goods paper 1,079 1,726 745 237 447 66 178 338 143 166 309 114 135 161 110 363 471 312 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 16,672 17,008 . 19,005 21,610 5,316 5,391 6,184 7,246 2,820 2,860 3,451 4,003 2,759 2,761 2,824 3,123 2,200 2,198 2,261 2,361 3,577 3,798 4,285 4,877 1963—May June July Aug Sept Oct. Nov. Dec. 20,229 20,602 20,874 21,101 21,145 21,391 21,486 21,610 6,695 6,849 6,976 7,073 7,072 7,177 7,218 7,246 3,794 3,869 3,922 3,936 3,903 3,951 3,984 4,003 2,930 2,973 2,986 3,012 3,033 3,073 3,084 3,123 2,258 2,286 2,312 2,336 2,352 2,370 2,373 2,361 4,552 4,625 4,678 4,744 4,785 4,820 4,827 4,877 1964—Jan. Feb Mar Apr May.......... 21,630 21,799 21,919 22,224 22,559 7,246 7,275 7,364 7,501 7,673 4,016 4,052 4,102 4,172 4,255 3,134 3,226 3,195 3,185 3,192 2,333 2,316 2,303 2,308 2,331 4,901 4,930 4,955 5,058 5,108 End of period Total 1939 1941 1945 1956 . 1957 1958 1959 I960 1961 1962 1963 . . . Automobile paper Other consumer goods paper 1,197 1,797 300 878 1,363 164 115 167 24 148 201 58 56 66 54 1956 1957 1958 1959 9,117 9,609 8,844 10,319 7,238 7,393 6,310 7,187 1,277 1,509 1,717 2,114 32 31 36 72 570 676 781 946 1960 1961 1962 1963 11,472 11,273 12,194 13,523 7,528 6,811 7,449 8,228 2,739 3,100 3,123 3,383 139 161 170 158 ,066 ,201 ,452 ,754 1963—May June July. Aug. Sept. Oct.. Nov. Dec. 12,583 12,693 12,807 12,906 13,073 13,187 13,302 13,523 7,778 7,934 8,069 8,153 8,099 8,163 8,210 8,228 3,136 3,069 3,011 2,986 3,157 3,186 3,233 3,383 162 162 162 161 161 161 160 158 ,507 ,528 ,565 ,606 ,656 ,677 ,699 ,754 1964—Jan.. Feb. Mar. Apr. May 13,840 13,788 13,802 13,893 14,027 8,220 8,227 8,265 8,371 8,489 3,701 3,635 3,603 3,580 156 154 152 151 149 ,763 ,772 ,782 ,791 End of period Total 1939 1941 1945...... INSTALMENT CREDIT HELD BY OTHER FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT (In millions of dollars) (In millions of dollars) End of period 1939 1941 . . 1945 Total Other consumer goods paper Repair and modernization loans Personal loans Singlepayment loans 15 14 54 20 14 954 1,114 1,152 1,400 624 588 565 681 404 490 595 698 4,101 4,555 4,723 5,244 9 074 9,654 10,583 11,859 1 665 1,819 2,111 2,394 771 800 5,837 6,257 6,906 7,760 10,911 1963—May J u n e . . . . . . . . . . . 11,078 July . . . . . . . 11,197 11 368 Aug 11,469 Sept Oct . . . . . . 11,583 Nov 11,674 11,859 Dec 2,208 2,253 2,283 2 316 2,330 2,355 2,369 2,394 764 111 789 825 833 842 799 860 7,114 7,215 7,283 7,393 7,473 7,544 7,609 7,760 1964—Jan Feb. 2,379 2,387 2 406 2,446 2,490 834 838 845 865 865 866 860 876 869 884 1960 1961 1962 1963 ... . ...... . Mar Apr . May ... 11,830 11,867 11 932 12,074 12,238 743 751 835 802 815 822 835 832 815 870 864 869 874 870 7,752 7,777 7,815 7,899 7,988 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 1939 1941 1945 2,719 3,087 3,203 625 693 674 162 152 72 236 275 290 1,178 1,370 1,322 1956 1957 1958 1959 10,614 11,103 11,487 12,297 2,843 2,937 3,156 3,582 410 427 471 547 893 876 907 958 3,842 3,953 3,808 3,753 260 317 345 393 2,366 2,593 2,800 3,064 1960 1961 1962.. 1963 13,196 14,151 15,130 16,145 3,884 4,413 4,690 5,047 623 723 766 912 941 948 927 895 3,952 3,907 4,252 4,456 436 469 505 520 3,360 3,691 3,990 4,315 1963—May.. June.. July... Aug... Sept.. Oct... Nov.. Dec... 14,651 14,680 14,597 14,782 14,820 14,831 15,051 16,145 4,836 4,893 4,874 4,879 4,927 4,952 4,987 5,047 838 816 809 910 917 878 907 912 610 599 555 579 620 639 667 895 3,699 3,689 3,682 3,713 3,667 3,743 3,817 4,456 484 495 523 547 546 516 515 520 4,184 4,188 4,154 4,154 4,143 4,103 4,158 4,315 1964—Jan... Feb... Mar.. Apr... May.. 15,606 15,234 15,118 15,434 15,825 4,991 5,036 5,076 5,152 5,230 909 922 926 896 976 782 655 614 610 626 4,014 3,590 3,485 3,667 3,910 543 560 535 556 563 4,367 4,471 4,482 4,553 4,520 Commercial banks 643 6,083 6 748 7,035 8 024 1956 1957 1958 1959 81 122 Charge accounts End of period 669 785 24 36 731 789 957 3,583 Personal loans See NOTE to first table on previous page. See NOTE to first table on previous page. Automobile paper Repair and modernization loans 1 2 518 597 845 Includes mail-order houses. Service station and misc. credit-card accounts and home-heating oil accounts. See NOTE to first table on previous page. 894 CONSUMER CREDIT JULY 1964 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE O F CREDIT (In millions of dollars) Automobile paper Total Other consumer goods paper Repair and modernization loans Personal loans Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1956 1957 1958 1959 39,868 42,016 40,119 48,052 15,515 16,465 14,226 17,779 11,721 11,807 11,747 13,982 1,582 1,674 1,871 2,222 11,051 12,069 12,275 14,070 1960 1961 1962 1963 49,560 48,396 55 126 60,822 17,654 16,007 19 796 22,013 14,470 14,578 15 685 17,007 2,213 2,068 2 051 2,178 15,223 15,744 17 594 19,624 July Aue Sept Oct Nov Dec 1963 1964 4,985 5,054 5,100 5,100 5,093 5,311 4,979 5,272 5,294 5,222 5,365 5,242 4,755 5,487 4,981 5,974 1.847 1,820 1,854 1,802 1,730 1,910 1,792 1,914 2,067 1,967 2,055 1,839 1,524 2,040 1,734 1,767 1 3S7 1,408 1,409 1,441 1,425 1,457 1,432 1,523 1,386 1.410 1,393 1,456 1,384 1,547 1,517 2,094 188 186 191 185 181 188 168 172 218 199 214 213 193 205 169 154 J . 593 1,640 1,646 1,672 1,757 1,756 1,587 1,663 1.623 1,646 1,703 1,734 1,654 1,695 1,561 1,959 Jan Feb Mar Apr May 5,276 5,421 5,480 5,371 5,552 4,784 4,552 5,322 5,578 5,584 1,888 1.953 1^942 1,961 2,023 1,689 1,686 1,983 2,127 2,137 1,493 1.578 1,665 1,544 1,589 1,380 1,212 1,488 1,495 .547 185 186 179 174 187 141 142 163 178 205 1,710 1,704 ,694 1,692 .753 1,574 1,512 1.688 1,778 1,695 May Repayments 1956 1957 1958 1959 37,054 39,868 40,344 42,603 14,555 15,545 15,415 15,579 10,756 11,569 11,563 12,402 1,370 1,477 1,626 1,765 10,373 11,276 11,741 12,857 1960 1961 1962 1963 45,972 47,700 50,620 55,111 16,384 16,472 17,478 19,354 13,574 14,246 14,939 15,846 1,883 2,015 1 996 2,035 14,130 14,967 16,206 17,876 1963 4,544 4,568 4,591 4,619 4,752 4,780 4,596 4,812 Sept Oct Nov Dec 1964—Jan Feb Mar. May 4,616 4,399 4,778 4,610 4,563 4,948 4,543 4,924 1.611 1,588 L,6O3 1,607 1,659 1,676 1,638 1,707 J.649 1,525 1,698 ,613 1,618 1,794 ,598 1,675 1.294 1,317 L,33O 1,326 1,347 1,362 1,324 1,384 1.311 1,260 1,356 ,308 1,289 1,404 ,316 ,374 170 167 171 170 174 170 167 177 173 163 179 172 173 182 162 172 J.469 ,496 ,487 ,516 ,572 ,572 ,467 ,544 J.481 1,451 1,545 1,517 1,483 1,568 1,467 1,703 4,848 4 842 4,956 4,959 5,059 May July 4,932 4,597 5,079 4,991 4,846 1,684 1,716 1,735 ,759 .776 ,699 ,604 ,783 ,768 .712 1,441 1,395 1.468 l|453 1,483 1,508 ,383 ,504 ,470 .424 176 171 174 172 175 176 161 177 171 169 ,547 560 ,579 ,575 .625 1,549 I 449 ,615 1,582 .541 Net change in credit outstand ing 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 I960 1961 . 1962 1963 3,588 696 4 506 5 711 1,270 — 465 2 318 2 659 896 332 746 1 161 330 53 55 143 1 093 777 1 388 1 748 1963 Mav June July Sept Oct Nov Dec 1964—Jan Feb Mar Apr May . 441 486 509 481 341 531 383 460 428 579 524 412 493 678 823 587 632 192 539 438 1,050 236 232 251 195 71 234 154 207 418 442 357 226 -94 246 136 92 63 91 79 115 78 95 108 139 75 150 37 148 95 143 201 720 18 19 20 15 7 18 1 -5 45 36 35 41 20 23 7 -18 124 144 159 156 185 184 120 119 140 195 158 217 171 127 94 256 -148 -45 243 587 738 204 237 207 202 247 -10 82 200 359 425 52 183 197 91 106 -128 — 171 -16 25 123 9 15 5 2 12 — 35 — 19 — 14 7 36 163 144 115 117 128 25 63 73 196 154 1 Includes adjustment for differences in trading days. 2 Net changes in credit outstanding equal extensions less repayments except in 1959, when the differences do not reflect the introduction of outstanding balances for Alaska and Hawaii. NOTE.—Estimates are based on accounting records and often include financing charges. Renewals and refinancing of loans, purchases and sales of instalment paper, and certain other transactions may increase the amount of extensions and repayments without affecting the amount outstanding. For a description of the series in this and the following table see Jan. 1954 BULL., pp. 9-17. Back data upon request. JULY 1964 CONSUMER CREDIT 895 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks Period S.A.1 N.S.A. S.A.1 N.S.A. Sales finance companies S.A.1 Other financial institutions N.S.A. S.A.1 N.S.A. Retail outlets S.A.1 N.S.A. Extensions 1956 1957.... 1958 1959 39,868 42,016 40,119 48,052 14,463 15,355 14,860 17,976 9,619 10,250 9,043 11,196 9,148 9,915 9,654 10,940 6,638 6,495 6,563 7,940 I960 1961 1962... 1963 49,560 48,396 55,126 60,822 18,269 17,711 20,474 22,871 11,456 10,667 11,999 12,664 12,073 12,282 13,525 14,894 7,762 7,736 9,128 10,393 Sent Oct Nov Dec 4,985 5,054 5,100 5,100 5,093 5,311 4,979 5,272 5,294 5,222 5,365 5,242 4,755 5,487 4,981 5,974 1.887 1,919 1,898 1,878 1,878 2,000 1,877 1.963 2,074 2,010 2,066 1,920 1,744 2,061 1,766 1,889 1,042 1.016 1,054 1,051 1,021 1,115 1,030 1,134 1.107 1,076 ,159 1,094 1964 Jan Feb Mar Apr May 5,276 5,421 5,480 5,371 5,552 4,784 4,552 5,322 5,578 5,584 1,928 2,043 2,006 1,981 2,075 1,825 1,786 2,011 2,158 2,144 1,125 1,187 1,209 1,160 1,196 1963—May June July ,194 1,013 ,192 1.224 1,245 1,254 1,274 1,322 1,351 1,198 1,252 1.276 1,268 1,307 1,328 1,218 1,311 1,213 1,476 923 837 868 833 900 838 921 989 1,417 1,020 980 1,166 ,201 1,194 1,312 1,283 1,292 1,309 1,350 1,157 1,122 1,290 1,347 1,338 911 908 973 921 931 782 664 855 872 908 955 832 874 894 897 872 845 874 Repayments 1956 1957 1958 1959. 37,054 39,868 40,344 42,603 13,362 14,360 14,647 15,560 8,949 9,759 9,842 9,742 8,415 9,250 9,365 10,020 6,328 6,499 6,490 7,281 1960 1961 1962 1963 45,972 47,700 50,620 55,111 16,832 18,294 18,468 20,266 10,442 10,943 11,434 12,211 11,022 11,715 12,593 13,618 7,676 6,749 8,125 9,016 1963—May July Sept.... Oct Nov Dec 1964—Jan Feb Mar Apr May 4,544 4,568 4,591 4,619 4,752 4,780 4,596 4,812 4,616 4,399 4,778 4,610 4,563 4,948 4,543 4,924 1.681 1,699 1,690 1,692 1,737 1,737 1,734 L802 1,727 1,637 1,794 1,693 1,700 1,815 1,671 1,765 1,017 1,012 1,007 1,000 1,034 1,054 983 1,039 1,030 966 1,045 995 997 1,129 959 1,066 1.114 1,129 1,144 1,158 1,190 1,209 1,116 ,167 1,126 1,101 1,188 1,157 1,117 1,197 1,122 1,291 4,848 4,842 4,956 4,959 5,059 4,932 4,597 5,079 4,991 4,846 1,768 1,793 1,843 1,833 1,876 1,805 1,703 1,891 1,853 1,809 1,076 1,094 1,084 1,097 1,114 1,050 1,032 1,152 1,110 1,060 1,184 1,173 1,201 1,197 1,234 1,186 1,085 1,225 1,205 1,174 732 733 728 750 695 751 765 749 807 769 791 780 763 804 820 782 828 832 835 791 802 891 777 811 823 803 Net change in credit outstanding 2 1956 1957 1558 1959 2,814 2,148 -225 5,601 I960 1961 1962 1963 3,588 1 176 1,066 July Sept Oct Nov. Dec 1964 Jan Feb Mar Apr May 441 486 509 481 341 531 383 460 678 823 587 632 192 539 438 1,050 428 -148 579 524 412 493 -45 243 587 738 733 665 289 986 235 -75 315 693 1,446 1,152 -199 1,051 -61 -20 656 501 335 696 4,506 5,711 1963 May 670 491 2,447 -765 1,475 -63 1,997 2,605 206 220 347 373 208 186 141 263 143 161 272 227 44 246 95 124 160 336 20 169 120 305 335 163 148 199 1 IncJudes 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 578 932 1,276 921 1,329 190 110 114 99 167 114 115 221 110 116 110 116 132 142 82 85 150 167 119 171 101 114 91 185 100 146 144 128 -128 16 50 24 396 93 125 63 82 317 128 -29 -256 -52 14 91 134 110 91 112 116 37 65 142 164 40 145 89 25 4 47 51 196 110 108 77 96 104 173 82 135 -120 65 137 520 -456 -199 44 49 105 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. 896 INDUSTRIAL PRODUCTION: S.A. JULY 1964 MARKET GROUPINGS ( 1 9 5 7 - 5 9 = 100) Grouping Total index i . Final products, total Consumer goods Equipment, including defense... Materials 1957-59 *>1963 proaverporage tion 1963 May June July Aug. Sept. 1964 Oct. Nov. Dec Jan. r Feb.r Mar.r Apr.' May 100.00 124.3 124.5 125.5 125.7 125.1 125.4 125.9 126.1 126.8 127.7 128.2 129.0 130.4 131.2 47.35 32.31 15.04 52.65 124.8 125.1 124.2 123.6 123.5 124.1 122.1 125.7 125.2 125.9 123.8 126.6 125.9 126.4 124.8 126.7 126.2 126.7 125.3 125.1 126.5 126.7 126.2 125.0 127.9 128.0 127.7 125.5 128.0 128.2 127.6 125.8 128.4 128.2 128.8 125.4 128.6 128.9 128.2 126.6 128.1 128.7 126.8 128.1 128.5 128.7 128.2 128.9 129.9 129.8 130.3 131.2 130.1 129.7 130.9 131.5 Consumer goods Automotive products Autos Auto parts and allied products 3.21 141.1 137.1 145.3 141.1 134.8 138.0 146.8 149.1 147.6 146.7 145.5 144.2 149.3 150.6 1.82 149.5 144.3 159.9 153. 139.6 144.2 156.8 160.6 157.0 155.3 156.5 152.5 160.0 160.3 1.39 130.1 127.7 126. 125.3 128.5 129.8 133.6 134.0 135.3 135.5 131.1 133.2 135.2 137.9 Home goods and apparel Home goods Appliances, TV, and radios Appliances TV and home radios Furniture and rugs Miscellaneous home goods Apparel, knit goods, and shoes.... 10.00 4.59 1.81 1.33 .47 1.26 1.52 5.41 123.0 129.4 124.7 130.1 109.4 131.3 133.6 117.5 122.3 130.3 128.0 131.9 117.1 130.7 132.6 115.5 123.6 131.0 129.1 133.7 116.0 132.8 131.7 117.4 123.9 130.1 126.0 130.6 112.9 133.8 131.9 118.7 125.1 132.0 130.2 136.8 111.4 133.6 133.0 119.2 125.5 132.3 130.4 136.9 112.0 131.6 135.2 119.7 126.2 131.3 126.6 131.8 112.0 133.2 135.4 121.8 126.9 132.8 129.4 135.2 113.1 134.1 135.9 121.9 126.5 133.6 128. 132.6 115.6 134.3 139.5 120.5 127.0 134.0 127.5 130.7 118.6 135.1 140.8 121.1 127.3 135.9 131.3 135.3 120.3 135.8 141.4 120.1 126.2 135.1 128.7 132.9 116.9 135.9 142.0 118.7 127.6 136.3 130.7 134.7 119.5 137.2 142.2 120.2 127.2 136.2 130.4 140.3 102.4 137.5 142.1 Consumer staples Processed foods Beverages and tobacco Drugs, soap, and toiletries Newspapers, magazines, and books. Consumer fuel and lighting Fuel oil and gasoline Residential utilities Electricity Gas 19.10 8.43 2.43 2.97 1.47 3.67 1.20 2.46 1.72 .74 123.6 116.5 115.0 140.0 117.8 134.4 116.9 143.0 146.7 122.9 115.9 116.2 138.7 119.3 132.0 115.6 140.0 143.5 123.8 116. 115.2 139.7 119.3 136. 119.2 144.3 149.2 125.2 116.3 117. 143.8 119.1 138.2 115.5 149.2 155.4 126.1 117.9 117.4 144.0 120.2 138.4 115.6 149.6 155.9 125.4 117.9 112.9 144.8 118.2 137.6 118.8 146.7 151.4 125.7 118.1 116.0 144.0 117.6 138.0 119.3 147.1 150.8 125.3 117.8 114.5 143.8 117.2 137.9 118.2 147.4 151.1 125.8 119.0 115.7 143.4 120.9 135.7 117.2 144.7 151.9 126.3 120.1 116.5 142.2 120.3 136.6 115.9 146.6 154.3 125.7 119.2 118.5 140.1 122.2 135.0 117.6 143.4 149.2 126.3 118.7 121.9 140.1 123.6 136.4 118.3 145.3 151.9 127.0 119.0 125.2 142.8 124.3 138.5 120.4 147.4 154.5 127.5 119.4 11.63 6.85 2.42 1.76 .61 128.3 122.9 142.4 132.1 121.6 125.9 120.9 143.4 124.8 112.2 127.8 122.8 142.2 128.1 122.0 129.0 123.6 142.4 135.3 116.6 130.1 124.9 141.5 134.6 118.8 131.0 125.6 141.6 140.7 122.0 132.0 132.1 133.2 126.6 127.4 128.6 141.2 139.0 140.2 140.6 139.7 137.2 130.7 131.9 129.1 132.8 128.9 141.6 135.6 133.5 131.6 127.9 140.4 137.5 127.9 134.1 131.9 141.0 133.7 128.8 136.2 133.9 143.1 139.4 125.9 137.6 135.6 141.6 141.1 130.5 26.73 3.43 7.84 9.17 6.29 121.1 137.2 125.4 116.3 114.2 124.5 139.4 125.1 116.7 126.8 125.8 145.9 128.0 118.0 123.6 125.2 142.7 126.4 119.4 116.7 121.9 136.6 126.3 119.2 108.8 122.1 137.8 128.4 119.0 107.5 122.5 138.0 128.3 119.3 110.6 122.5 138.4 125.9 119.0 111.5 122.2 140.2 127.9 117.8 113.4 122.6 140.2 128.2 118.3 117.6 124.8 141.5 128.4 120.5 123.4 126.4 142.6 129.5 120.7 125.2 128.2 144.6 132.3 121.4 126.8 129.6 145.0 133.5 122.6 127.4 25.92 9.11 3.03 6.07 7.40 126.2 120.1 120.3 120.1 145.1 126.9 121.6 120.3 122.2 145.0 127.3 121.6 121. 121.8 145.3 128.3 119.8 119.9 119.8 147.6 128.4 121.7 119.7 122.7 147.0 128.0 121.2 118.2 122.7 147.9 128.6 121.5 122.6 121.0 149.8 129.1 122.8 123.9 122.3 150.2 128.7 122.6 121.3 123.2 150.5 130.2 124.4 125.1 124.0 151.4 130.4 124.8 125.5 124.4 152.2 130.2 124.1 123.6 124.4 152.4 132.2 126.1 127.0 125.7 154.5 133.6 127.6 128.1 127.3 156.0 9.41 6.07 2.86 2.32 1.03 1.21 .54 117.2 109.3 138.8 139.4 131.1 149.7 117.9 110.5 138.3 139.0 132.6 147.6 118.8 111.5 138.7 139.2 132.2 148.3 121.2 114.0 141.9 143.0 136.5 151.8 120.4 113.8 140.4 141.0 132.5 151.4 119.1 112.1 139.4 139.7 133.1 148.4 118.7 110.5 141.2 141.9 134.2 151.7 118.6 109.9 141.9 142.5 133.5 153.5 117.5 108.0 142.0 143.3 134.5 154.1 119.1 110.2 142.7 143.8 134.8 154.9 118.7 109.3 143.5 144.6 135.6 155.6 118.7 108.9 144.5 145.6 136.9 156.4 120.4 121.8 110.2 112.3 147.3 149.0 140.5 159.9 144.6 124.5 119.6 Equipment Business equipment Industrial equipment Commercial equipment Freight and passenger equipment. Farm equipment Defense equipment 3.41 Materials Durable goods materials., Consumer durable Equipment Construction Metal materials n.e.c Nondurable materials Business supplies Containers General business supplies. Nondurable materials n.e.c.. Business fuel and power Mineral fuels Nonresidential utilities Electricity General industrial Commercial and other. Gas Supplementary groups of consumer goods Automotive and home goods. Apparel and staples i Data revised back to May 1963. See announcements, p. 847. 7.80 134.3 133.1 136.9 134.6 133.2 134.7 137.7 139.5 139.4 139.3 139.9 138.8 141.7 142.1 24.51 122.2 121.3 122.4 123.8 124.6 124.1 124.9 124.6 124.6 125.2 124.5 124.7 125.5 125.7 See NOTE on opposite page. 897 INDUSTRIAL PRODUCTION: S.A. JULY 1964 INDUSTRY GROUPINGS 1 (1957-59- 100) Grouping 957-59 P1963 proaverportion 1963 May June July Aug. Sept. 1964 Oct. Nov. Dec. Jan. r F e b . ' Mar.' Apr.' | May 100.00 124.3 124.5 125.5 125.7 125.1 125.4 125.9 126.1 126.8 127.7 128.2 129.0 130.4 131.2 Total index. 55.45 48.07 38.38 8.23 5.32 124.7 124.4 125. 107.8 140.7 125.1 125.2 124.9 108.9 138.9 126.1 127.0 125.0 109.3 141.0 126.1 126.3 125.8 110.2 144.0 125.3 124.5 126.4 111.2 144.0 125.9 125.1 126.9 109.9 142.3 126.7 126.2 127.4 108.6 140.5 127.0 126.4 127.7 107.4 140.0 727.7 127.1 128.5 107.0 142.3 725.5 128.1 128.9 108.8 144.5 729.7 128.9 129.4 108.9 143.4 729.9 130.0 129.8 108.8 144.8 131.4 732.0 131.6 132.5 131. 131.5 109.8 111.3 147.4 148.6 Primary and fabricated metals Primary metals Iron and steel Nonferrous metals and products. Fabricated metal products Structural metal parts 12.32 6.95 5.45 1.50 5.37 2.86 117.6 113.1 109.5 126.3 123.4 120.2 125.0 127.4 129.3 124.2 122.1 119.7 124.9 129.6 126. 125.5 123.9 120.6 123.4 122.8 117. 123.5 124.4 121.7 116.5 109.4 102.6 126.4 125.7 122.0 115.5 107.7 100.0 129.4 125.6 122.5 116.4 108.4 100.0 130.7 126.8 123.0 116.7 109.5 103.5 132.9 126.0 123.1 777.5 110.4 104.9 134.7 126.8 123.0 120.0 113.6 108.3 132.2 128.2 124.4 122.6 117.6 114.5 139.9 129.0 126.0 124.6 120.9 118.1 142.6 129.3 127.8 725.2 123.7 124.8 138.5 129.5 129.2 725.5 127.1 129.2 134.6 130.2 128.1 Machinery and related products.... Machinery Nonelectrical machinery Electrical machinery Transportation equipment Motor vehicles and parts Aircraft and other equipment... Instruments and related products. . Ordnance and accessories 27.98 14.80 8.43 6.37 10.19 4.68 5.26 1.71 1.28 128.6 129.1 126.7 132.2 127.0 146.1 109.5 130.2 126.8 128.0 124.5 132.8 123.3 139.4 108.6 129.5 129.9 129.0 126.0 132.9 130.3 153.4 109.4 130.3 129.2 129.4 126.8 132.9 127.8 147.3 110.1 131.0 128.9 130.4 128.0 133.6 126.1 143.0 110.5 131. 730.3 131.6 130.2 133.6 127.7 145.5 111.2 132.4 131.5 132.0 131.1 133.3 130.3 150.5 111.8 132.5 737.8 132.8 132.1 133.7 130.4 151.9 110.7 131.9 732.3 133.4 133.5 133.3 130.8 152.4 110.9 132.7 732.9 134.7 135.2 134.0 130.8 151.9 111.1 132.2 732.3 133.6 132.9 134.5 131.1 153.0 110.8 133.6 733.2 135.9 136.7 134.9 130.1 151.1 110.6 134.2 735.2 137.5 138.1 136.8 133.0 156.2 112.0 134.7 735.5 138.4 139.4 137.1 133.7 156.6 112.9 134.8 Manufacturing, total. Durable Nondurable Mining Utilities Durable Manufactures Clay, glass, and lumber Clay, glass, and stone products. Lumber and products 4.7. 114.4 773.9 114.0 114.4 114.8 775.5 777.3 777.7 777.3 777.9 727.5 727.9 727.5 727.0 2.99 117.5 117.5 118.6 119.7 118.6 119.1 120.4 120.3 121.2 121.2 124 1 125.3 125.2 124.7 1.73 109.0 107.8 106.3 105.3 108.5 109.6 112.2 111.8 110.6 112.2 117.3 116.1 115.4 114.5 Furniture and miscellaneous.. Furniture and fixtures Miscellaneous manufactures. 3.05 729.7 725.0 725.5 730.3 130.4 737.0 730.7 737.7 732.5 733.0 733.9 734.7 735.5 735.0 1.54 133.1 131.5 132.8 135.0 134.8 135.3 135.3 136.4 137.6 137.3 138.1 139.0 139.8 140.0 1.51 124.9 124.6 124. 127.6 128.6 129.7 130.4 131.4 132.0 125.7 126.1 126.8 126.2 127. Nondurable manufactures Textiles, apparel, and leather Textile mill products Apparel products Leather and products 7.60 775.5 777.0 777.5 779.0 720.0 720.7 720.5 2.90 117.1 115.8 116. 117.6 118.5 119.4 119.7 126.9 127.1 127.3 3.59 125.5 123.8 124.9 126. 1.11 99.8 98.3 99.6 99.9 102.1 103.6 102.9 727.2 120.4 128.5 100.0 Paper and printing Paper and products Printing and publishing Newspapers 5.77 720.0 727.3 727.3 3.43 125.2 125.4 125.8 4.7- 116 118.3 118 1.5: 108.0 111.4 112. 727.3 720.7 722.4 727.7 727.5 727.4 119.5 118.8 119.8 118.9 119.4 119.1 129.0 129.4 131.7 131.8 130.4 101.2 97.8 99.3' 96.3 98.3 727.2 126.3 117.6 111.6 727.5 126.7 118.3 112.8 727.5 125.9 118 113.7 727.5 127.0 117.8 111.9 722.2 723.9 723.4 724.5 725.4 727.5 725.0 127.3 127.6 128.7 129.1 130.4 132.9 133.8 118 121.3 119.5 121.2 121.8 123.6 123.9 113.: 119.2 113.9 114.5 115.2 117.2 117.1 Chemicals, petroleum, and rubber.. Chemicals and products Industrial chemicals Petroleum products Rubber and plastics products 11.54 7.58 3.84 1.97 1.99 747.5 148.5 162.5 117.1 138.9 740.7 147. 161. 116.9 140.0 140.7 147.5 160.6 118.2 137.0 142.2 149.7 163.0 119. 136.0 143.1 150.5 164 2 117.6 140.1 144.6 152.4 166.5 117.0 142.5 145.4 153.2 168.3 119.0 142.1 146.4 154.3 169.3 U8.5 144.3 745./ 154 3 171.6 116.6 144.2 745 4 154.7 173.1 116.0 145.0 745.9 154.5 173.3 119. 145.3 747.4 155.2 174.9 119.7 145.1 749.5 750.5 157.0 157.4 176.6 120.8 \2\'.9 149.4 Foods, beverages, and tobacco Foods and beverages Food manufactures Beverages Tobacco products 77.0: 10.25 8.64 1.61 775.3 116. 116.7 114.9 115.1 116.6 116.5 116.4 117.3 118. 116.2 116. 116.4 115.6 115. 775.5 116. 116.8 116. 117.9 775.5 116.8 116.9 116.6 116.8 775.5 116.7 117.5 112.5 115.7 777.3 117.5 117.8 116.5 114. 775.5 117.0 117.5 114.5 114.6 775.5 118.7 119.2 116.5 115.8 720.2 120.8 121.3 118.4 112.7 779.5 120.6 119.8 125.0 105.6 720. 120.3 119.7 123.8 118.2 727.7 121.0 120.6 120.5 119.9 120.0 124.1 127.5 Coal, oil, and gas Coal Crude oil and natural gas Oil and gas extraction Crude oil ... Gas and gas liquids Oil and gas drilling 6.50 1.16 5.64 4.91 4.2: .66 .73 106.9 102. 107.9 110.9 108.2 128.5 87.4 705. 104. 108.8 112.2 109 129.5 86.2 108.6 107.1 108.9 112.1 109.5 129.2 87. 709.5 107.1 110. 113.6 110.9 131.5 88.0 7/0. 108.0 111.3 114.4 111 131.8 90.7 709.3 106. 109. 112.7 109.8 131. 91.3 707.7 104.1 108.4 111.5 109 127.0 87.9 705.3 102.1 107.2 110.9 108.1 129.0 82.0 705. 103.4 106.2 109.8 106 6 130.8 81.6 707.5 104.0 108.3 111. 108.5 132. 84.9 707.4 99.2 109. 111.7 107.8 136. 91.5 707.7 94.5 109. 112.3 109.0 133.3 92.0 705.0 98. 109.9 112.9 109.6 Metal, stone, and earth materials. Metal mining Stone and earth minerals 1.43 772.7 772.5 7/3.0 772.7 7/3.7 112.9 772.5 772.7 773. 774.7 775.4 777.0 775.5 777.5 .61 112.3 113 2 112.8 110.3 112.8 112.4 111. 112. 112.9 116.4 118.8 119.8 124. 119.0 112. 112 3 113.2 113.5 113.4 113 3 113.5 113.1 113.4 113.5 114.7 115.0 114.3 116.5 Mining 770.0 106.1 110.8 113.7 110.5 "89."8 Utilities Electric. Gas i Data revised back to May 1963. See announcements p. 847. 4 04 142.5 » . 28 135.2 140.9 (43.4! 146.8' 1*6 9 '45.1! 143.3 143.6 146.0 148.3 146.5 148.3 151.3 132.5 133.3! 135.4 134.6 133.4 131.7 128.6 NOTE.—Published groupings include some series and subtotals not s^own 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. 898 INDUSTRIAL PRODUCTION: N.S.A. JULY 1964 MARKET GROUPINGS (1957-59= 100) Grouping 1957-59 *1963 pro- averporage tion May June July 100.00 124.3 125.1 127.9 120.5 Equipment including defense.... Materials 47.35 32.31 15.04 52.65 124.8 125.1 124.2 123.6 1964 1963 123.0 123.1 122.8 126.9 127.1 128.1 124.8 128.6 121.7 121.3 122.6 119.4 Aug. Sept. Oct. Nov. Dec. Jan.' Feb.'' Mar.' Apr.7" May 123.8 128.3 129.9 127.1 124.5 125.7 128.3 129.0 131.6 132.1 123.8 124.3 122.6 123.9 130.0 131.7 126.3 126.8 131.9 134.2 126.9 128.1 127.7 128.5 126.1 126.5 125.3 123.9 128.5 123.8 126.7 126.1 128.0 124.9 128.5 128.9 127.5 128.1 128.5 127.7 130.1 129.6 130.7 130.3 131.5 132.5 130.1 129.4 131.7 133.9 Consumer Goods Auto parts and allied products Appliances, TV, and radios Miscellaneous home goods Apparel, knit goods, and shoes Processed foods Beverages and tobacco Newspapers, magazines, and books.. Consumer fuel and lighting Electricity Gas 75.5 127.4 160.7 160.5 154.3 151.9 154.4 152.1 162.5 160.3 3.21 141.1 145.9 155.7 134.9 1.82 149.5 158.7 175.9 145.4 36.3 122.6 177.2 181.5 172.7 165.4 172.2 167.8 182.4 176.3 1.39 130.1 129.1 129.1 121.1 127.1 133.7 139.0 132.8 130.0 134.1 130.9 131.4 136.4 139.3 123.0 129.4 124.7 130.1 .47 109.4 1.26 131.3 1.52 133.6 5.41 117.5 121.2 128.0 127.3 135.1 105.4 124.8 131.3 115.5 126.2 112.0 132.4 116.8 133.5 104.0 141.7 111.7 110.2 82.4 130.3 125.8 132.9 124.6 120.9 108.0 126.3 126.8 113.6 114.4 111.4 134.9 135.9 125.8 130.1 141.0 140.2 144.2 128.8 137.8 144.7 120.9 131.9 140.2 135.8 135.9 135.5 139.3 146.1 124.8 127.3 138.7 135.8 137.4 131.2 138.1 142.7 117.6 117.5 132.9 123.5 135.0 91.3 139.7 138.4 104.5 121.6 129.5 124.7 126.0 121.0 133.1 132.1 115.0 132.9 137.4 138.7 144.6 122.2 135.8 137.2 129.1 129.8 138.6 137.8 147.5 110.2 137.3 140.6 122.3 130 A 138.2 135.9 144.9 110.5 137.2 141.9 123.8 126.9 135.6 130.4 142.1 97.4 135.3 142.1 19.10 8.43 2.43 2.97 1.47 3.67 1.20 2.46 1.72 .74 123.6 116.5 115.0 140.0 117.8 134.4 116.9 143.0 146.7 120.3 110.5 125.7 138.8 118.7 124.7 111.7 124.5 123.9 115.1 116.5 132.0 120.8 142.8 137.0 117.5 116.5 129.3 135.3 117.6 118.1 131.5 126.5 126.4 145.7 120.2 139.2 119.9 133.3 130.9 133.8 130.5 116.6 121.4 146.0 146.9 121.2 119.4 137.7 129.6 118.4 116.4 123.8 119.9 108.4 142.4 117.2 130.2 117.7 122.1 115.2 100.2 139.8 120.9 138.4 120.2 124.1 113.5 102.3 141.1 120.3 150.1 120.5 122.5 111.1 107.4 139.7 122.8 144.0 119.9 122.6 109.8 117.6 139.4 124.8 140.2 116.4 124.8 112.6 127.6 142.8 125.7 135.2 114.7 125.5 113.8 130.6 135.8 147.3 154.5 151.9 135.0 135.2 155.7 179.9 166.8 161.3 151.4 11.63 6.85 2.42 1.76 .61 128.3 122.9 142.4 132.1 121.6 126.8 121.0 141.7 130.3 122.1 129.3 123.9 142.6 133.2 125.6 126.5 122.4 139.6 131.5 106.1 127.0 124.5 141.8 126.4 98.1 131.0 126.7 143.7 135.6 116.3 131.2 125.8 143.6 139.2 120.3 130.1 125.6 140.7 136.9 118.6 132.7 129.4 142.6 134.2 125.8 132.5 129.2 141.7 132.9 131.8 132.4 127.3 139.4 139.2 142.0 135.9 132.0 139.7 141.9 147.3 137.8 133.9 140.4 146.4 147.3 138.6 135.7 139.9 147.3 140.4 26.73 3.43 7.84 9.17 6.29 121.1 137.2 125.4 116.3 114.2 126.5 139.5 125.4 120.2 130.0 129.2 144.9 127.0 125.4 128.8 118.7 128.4 122.2 121.2 105.3 118.7 112.4 123.0 126.4 105.6 124.0 138.6 126.3 125.9 110.7 125.3 143.0 127.4 125.1 113.3 123.2 145.6 127.3 118.8 112.4 121.0 150.0 130.5 110.6 108.4 121.1 146.9 130.4 108.0 114.5 125.3 146.5 130.8 113.3 124.5 131.1 148.4 133 0 122.6 131 9 133 8 149.7 133 8 127.5 134 4 25.92 9.11 3.03 6.07 7.40 126.2 120.1 120.3 120.1 145.1 127.3 122.8 121.5 123.4 147.2 128.0 122.8 127.2 120.7 146.0 120.1 112.2 115.1 110.8 136.2 129.2 123.5 131.7 119.4 145.5 129.6 125.0 125.9 124.5 147.2 131.0 127.2 128.7 126.4 150.5 129.8 123.8 117.1 127.2 151.7 126.8 118.1 105.5 124.4 148.2 128.8 119.6 117.6 120.5 151.4 131.0 123.1 123.0 123.2 155.2 127.4 146.2 131.8 116.0 128 2 131.8 124.9 123 6 125.6 156.2 133.9 129 5 130 8 128.8 157.6 134.0 128 8 129 4 128.6 158.3 9.41 6.07 2.86 2.32 1.03 1.21 .54 117.2 109.3 138.8 139.4 131.1 149.7 115.9 118.9 109.3 111.3 115.2 121.8 120.1 119.4 118.4 118.2 103.4 111.9 110.3 110.8 110.6 110.2 119.9 119.6 119.3 119.6 120.0 112.1 112.6 111 4 111 5 111 2 134.7 141.0 131.9 133.4 139.8 150.7 147.0 152.0 149.1 144.6 132.7 136.2 135.8 137.2 162.7 169.4 164.1 153.2 141.5 138.9 141.3 141.9 134.1 132.1 136.9 138.7 151.0 147.8 148.0 147.9 10.00 4.59 1.81 1.33 "\AAJ 123.9 " i i 5." 7 Equipment Freight and passenger equipment... 3.41 Materials Consumer durable Construction . . .... Containers General business supplies Nondurable materials n e e Business fuel and power Electricity General industrial Commercial and other Gas 139.7 139.9 133.9 133.2 147.7 148.7 Supplementary groups of consumer goods 7.80 134.3 135.4 142.0 24.51 122.2 119.2 123.7 See NOTE on opposite page. 124.3 105.7 135.4 148.6 147.7 141.7 138.7 144 4 144 1 148 2 145 8 120.4 130.2 130.5 129.6 122.4 118.2 122.1 124.0 122.5 124.6 124.2 899 INDUSTRIAL PRODUCTION: N.S.A. JULY 1964 INDUSTRY GROUPINGS (1957-59- 100) Grouping 1957-59 proaverporage tion 1964 1963 May June July Aug. Sept. Oct. Nov. Dec, Jan.r Feb. r Mar.r Apr.r May 100.00 124.3 125.1 127.9 120.5 123.8 128.3 129.9 127.1 124.5 125.7 128.3 129.0 131.6 132.1 Total index. Manufacturing, total., Durable Nondurable Mining Utilities 86.45 48.07 38.38 8.23 5.32 124.7 124.4 125.1 107.8 140.7 126.1 126.9 125.1 108.9 128.8 129.8 127.6 111.3 120.5 121.0 119.8 105.3 123.4 118.1 130.0 112.2 128.7 126.6 131.4 111.4 131.1 129.3 133.3 111.0 128.2 128.4 127.9 108.1 125.1 127.2 122.5 106.7 125.8 126.7 124.7 107.9 129.1 129.5 128.5 108.3 130.0 131.3 128.4 107.6 133.0 134.1 131.6 109.7 133.5 134.8 131.7 111.7 Primary and fabricated metals Primary metals Iron and steel Nonferrous metals and products. Fabricated metal products Structrual metal parts 12.32 6.95 5.45 1.50 5.37 2.86 117.6 113.1 109.5 126.3 123.4 120.2 127.0 130.7 130.6 130.8 122.3 119.1 128.2 129.6 128.6 133.3 126.4 123.0 112.1 104.1 102.5 109.9 122.5 121.7 113.5 102.6 96.4 125.1 127.5 125.1 117.5 106.5 100.0 130.3 131.6 127.4 118.7 109.5 103.0 133.2 130.6 126.7 117.7 110.6 104.5 132.9 126.8 124.9 115.4 107.1 102.3 124.5 126.2 124.2 119.3 114.7 110.5 130.0 125.1 121.9 124.4 124.3 119.4 142.0 124.7 121.0 127.4 128.4 124.0 144.2 126.2 122.8 130.6 132.0 128.5 144.6 128.9 125.3 131.9 132.9 130.5 141.7 130.5 127.5 Machinery and related products.... Machinery Nonelectrical machinery Electrical machinery Transportation equipment Motor vehicles and parts Aircraft and other equipment... Instruments and related products.. Ordnance and accessories 27.98 14.80 8.43 6.37 10.19 4.68 5.26 1.71 1.28 128.6 129.1 126.7 132.2 127.0 146.1 109.5 130.2 128.4 128.3 126.4 130.9 127.5 149.4 107.1 128.2 131.9 131.3 129.0 134.3 132.2 158.9 107.9 131.6 124.8 123.2 123.6 122.6 124.9 144.2 107.5 129.7 117.0 125.7 123.3 128.8 100.1 88.9 108.5 132.1 129.8 133.3 128.5 139.7 123.5 137.0 110.8 133.9 133.9 133.0 128.8 138.6 135.2 160.4 112.4 134.0 134.1 132.7 129.3 137.2 136.4 163.3 112.4 134.3 135.1 134.4 134.4 134.3 136.4 162.2 113.1 134.3 133.7 134.3 135.1 133.3 133.4 157.0 112.2 131.3 134.7 135.5 135.3 135.8 135.0 160.1 112.1 131.6 136.0 138.4 140.5 135.6 134.3 158. 112.3 132.2 138.1 139.5 142.2 135.8 138.5 166.7 112.6 132.7 137.9 139.8 142.9 135.6 137.6 164.8 112.4 133.5 Durable manufactures Clay, glass, and lumber Clay, glass, and stone products... Lumber and products 4.72 114.4 118.3 122.7 117.7 125.7 124.5 124.4 117.3 106.5 104.2 112.0 113.9 120.3 125.5 2.99 117.5 122.2 126.1 126.3 128.7 126.2 127.6 122.1 111.5 107.3 111.7 115.9 124.6 129.7 1.73 109.0 111.4 116.9 102.7 120.4 121.6 118.9 109.0 97.9 98.7 112.6 110.3 113.1 118.3 Furniture and miscellaneous.. Furniture and fixtures , Miscellaneous manufactures. 3.05 129.1 125.2 128.7 126.7 134.6 137.1 137.7 136.2 133.9 127.8 129.6 131.5 133.1 132.9 1.54 133.1 127.6 132.5 132.0 139.2 140.4 140.4 138.9 140.1 134.6 134.6 135.9 137.4 135.8 1.51 124.9 122.7 124.8 121.3 129.9 133.8 135.0 133.5 127.6 120.9 124.5 127.1 128.8 130.0 Nondurable manufactures Textiles, apparel, and leather Textile mill products Apparel products Leather and products 7.60 118.5 118.4 121.7 106.9 124.1 2.90 117.1 121.0 121.4 105.8 120.3 3.59 125.5 123.8 128.6 113.3 132.0 1.11 99.8 93.9 100.6 89.4 108.7 Paper and printing , Paper and products Printing and publishing. Newspapers , 8.17 3.43 4.74 1.53 120.0 125.2 116.4 108.0 122.3 126.0 119.6 118.8 121.1 112.6 121.8 123.5 127.8 128.3 113.7 131.0 127.8 135.3 117.6 111.8 115.2 120.3 122.3 113.1 97.1 102.1 114.5 121.8 124.6 127.9 122.2 124.5 119.4 115.2 122.5 118.6 120.4 126.8 115.8 104.9 124.5 132.3 118.9 110.7 126.4 131.7 122.6 117.5 130.9 138.2 125.6 125.5 Chemicals, petroleum, and rubber.. Chemicals and products Industrial chemicals Petroleum peoducts Rubber and plastics products 11.54 7.58 3.84 1.97 1.99 141.5 148.5 162.5 117.1 138.9 142.3 150.2 163.8 115.1 139.3 143.9 150.9 162.2 121.7 139.1 136.0 144.3 157.3 123.1 117.0 143.3 150.7 162.3 123.5 134.5 145.5 152.0 164.8 121.7 144.4 147.8 154.5 169.1 119.6 150.1 145.6 153.1 170.7 116.7 145.7 142.9 150.7 169.9 114.9 140.6 145.3 152.8 172.2 114.3 147.2 147.7 155.0 175.0 117.3 150.4 148.3 156.5 176.6 115.5 149.7 151.6 152.8 160.3 160.6 179.2 116.0 iio.'i 154.0 Foods, beverages, and tobacco. Foods and beverages , Food manufactures Beverages Tobacco products 11.07 10.25 8.64 1.61 .82 116.3 116.4 116.7 114.9 115.1 114.0 113.4 110.7 127.4 122.4 118.8 118.4 115.1 136.4 123.5 117.2 118.2 116.2 129.2 104.3 126.2 126.2 126.2 126.5 126.4 129.7 130.5 133.4 114.8 120.2 128.7 129.0 130.7 120.0 124.3 117.7 117.8 120.4 104.0 116.9 112.2 113.7 115.6 103.2 94.3 111.4 111.4 114.0 97.7 111.5 110.7 111.2 111.7 108.5 105.1 111.7 111.4 110.1 118.2 116.4 116.2 118.2 115.3 117.1 112.9 114.1 127.8 127.2 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 .73 106.9 102.4 107.9 110.9 108.2 128.5 87.4 106.4 105.5 106.6 110.1 108.4 124.3 82.4 108.5 116.6 106.8 110.0 108.4 120.4 85.3 101.8 72.5 107.9 110.7 108.7 123.6 88.6 109.8 113.6 109.0 111.4 109.5 123.8 92.8 108.5 112.4 107.7 109.8 107.6 124.0 93.2 108.6 113.5 107.6 110.2 108.0 124.3 90.1 107.8 106.3 108.1 111.6 108.1 133.8 84.1 107.6 101.5 108.8 112.3 107.7 141.7 85.5 109.8 101.9 111.4 114.5 110. 143.0 90.4 110.1 100.4 112. 115.4 111.0 144.0 89.3 108.6 95.3 111.4 115.2 111.2 140.5 85.3 705.7 99.4 110.6 114.4 111.4 Metal, stone, and earth minerals. Metal mining Stone and earth minerals 1.43 112.1 120.9 125.0 122.0 123.8 125.0 122.3 109.9 102.5 98.7 100.1 102.7 114.8 126.7 .61 112.3 123.4 127.5 118.0 121.8 127.0 119.7 103.2 101.6 102.4 106.9 106.6 115.5 130.9 .82 112.1 119.0 123.1 125.0 125.3 123.6 124.3 114.9 103.2 96.0 95.1 99.8 114.3 123.5 121.2 120.0 127.1 105.2 123.9 119.6 109.9 117.6 129.5 119.7 119.2 112.9 116.4 122.8 133.0 126.6 112.3 124.9 142.2 105.5 98.0 94.4 97.3 106.2 124.7 124.7 122.4 123.1 121.2 124.5 133.1 135.6 102.1 98.3 729.0 134.5 125.1 124.8 Mining 108.6 107.2 108.9 112.1 109.4 Utilities Electric. Gas 4.04 142.5 133.0 138.8 147.1 153.1 150.3 140.2 137.8 146.6 157.9 150.8 149.8 145.9 1.28 135.2 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. 900 BUSINESS ACTIVITY; CONSTRUCTION JULY 1964 SELECTED BUSINESS INDEXES (1957-59= 100) Manufacturing Industria production Major market groupings Period Final products Totals Construction contracts Major industry groupings 5 MateConrials Mfg. Total sumer Equipment goods Nonagricultural employEmment— ployTotal i ment Prices * 2 Payrolls Freight Total load- retail 3 sales ings Consumer Wholesale commodity Mining Utilities 75.8 81.9 85.2 92.7 86.3 83.2 91.3 90.5 92.9 90.2 49.5 56.4 61.2 66.8 71.8 61 63 67 70 76 86.0 91.0 92.9 95.5 93.2 99.4 106.1 106.1 111.6 101.8 68.9 80.2 84.5 93.6 85.4 117.1 121.5 115.0 116.6 104.6 72 76 79 83 82 83.8 90.5 92.5 93.2 93.6 86.8 96.7 94.0 92.7 92.9 1955 1956 1957 1958 1959 96.6 93.9 93.3 95.0 99.0 97.3 99.9 98.1 95.5 103.7 101.6 100.2 100.7 99.4 97.0 104.6 101.9 100.8 93.7 94.8 96.4 91.3 92.7 93.2 105.6 105.7 106.6 104.1 105.4 106.0 99.2 104.8 104 6 95.6 99.7 80.2 87.9 93.9 98.1 108.0 91 92 93 102 105 96.4 99.7 100 6 97.8 101.6 105.5 106.7 104.7 95.2 100.1 94 8 100.2 101.4 93.5 105.1 115.3 115.9 108.2 93.8 97.9 89 92 97 98 105 93.3 94 7 98.0 100.7 101.5 93.2 96.2 99.0 100.4 100.6 I960 1961 1962 1963 108.7 109.8 118.3 124 3 109.9 111.3 119.7 124.8 111.0 112.7 119.7 125.1 107.6 108.3 119.6 124.2 107.6 108.4 117.0 123.6 108.9 109.7 118.7 124.7 101.6 102.6 105.0 107.8 115 6 122.8 131.3 140.7 105 108 120 132 103.4 103.1 106.2 108.7 99.9 95.9 99.2 99.9 106.7 105.4 113 7 118.0 95.3 91.2 92.4 93.3 106 107 115 120 103.1 104.2 105.4 106.7 100.7 100.3 100.6 100.3 124.5 125.5 . . 125 7 125.1 125.4 125.9 126.1 126.8 123.5 125.2 125 9 126.2 126.5 127.9 128.0 128.4 124.1 125.9 126 4 126.7 126.7 128.0 128.2 128.2 122.1 123.8 124.8 125.3 126.2 127.7 127.6 128.8 125.7 126.6 126.7 125.1 125.0 125.5 125.8 125.4 125.1 126.1 126.1 125.3 125.9 126.7 127.0 127.7 108.9 109.3 110.2 111.2 109.9 108.6 107.4 107.0 138.9 141.0 144.0 144.0 142.3 140.5 140.0 142.3 144 135 126 132 128 146 144 148 108.5 108.8 109.1 109.1 109.3 109.6 109.5 109.8 100.4 100.3 100.4 99.8 100.1 100.4 100.0 100.5 117.9 118.2 118.0 117.0 120.3 120.0 119.4 121.7 96.9 94.6 93.9 90.9 91.2 92.7 92.3 93.9 118 120 121 121 119 121 120 123 106.2 106.6 107.1 107.1 107.1 107.2 107.4 107.6 100.0 100.3 100.6 100.4 100.3 100.5 100.7 100.3 128.6 128.1 128 5 129.9 130.1 130.8 128.9 128.7 128 7 129.8 129.7 130.4 128.2 126.8 128 2 130.3 130.9 131.6 126.6 128.1 128 9 131.2 131.5 132.1 128.5 129.1 129 9 131.4 132.0 132.6 108.8 108.9 108.8 109.8 111.3 110.8 144.5 143.4 144.8 147.4 148.6 151.0 147 110.0 143 110.7 140 110.9 138 111.3 138 111.4 111.6 100.3 120.2 100.8 122.8 101.3 123.1 101.7 124.4 101.8 124.1 102.1 124.3 97.2 96.9 94.0 94.8 96.4 93.8 123 126 124 125 127 127 107.7 107.6 107.7 107.8 107.8 101.0 100.5 100.4 100.3 100.1 1U0.1 1950 1951 1952 1953 1954 72.8 78.6 84.3 89.9 85.7 74.9 81.3 84.3 91.3 85.8 1963—May June July Aug Sent Oct Nov Dec 1964—Jan Feb Mar Apr May June33 127.7 128.2 129 0 130.4 131.2 131.8 r 78.6 56.4 77.8 78.4 79.5 94.1 85.0 100.5 84.3 88.9 76.9 83.8 84.3 92.6 85.9 * Employees only, excludes personnel in the armed forces. Production workers only. 3 Federal Reserve index based on Census Bureau figures. 4 Prices are not seasonally adjusted. 5 Data revised back to May 1963. See announcements, p. 847. 2 NOTE.—Data are seasonally adjusted unless otherwise noted. Construction contracts: F. W. Dodge Corp. monthly index of dollar value of total construction contracts, including residential, nonresidential, and heavy engineering; does not include data for Alaska and Hawaii. Employment and payrolls: Based on Bureau of Labor Statistics data; includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. Freight carloadings: Based on data from Association of American Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) Type of ownership and type of construction 1963 1962 1964 1963 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total construction 41,303 45,546 4,851 4,402 4,125 4,061 3,707 4,313 3,749 3,413 3,346 3,201 4,215 4,359 4,639 By type of ownership: Public Private 13,599 14,653 1,567 1,384 1.319 1,318 1,154 1,321 1,157 1,155 1,197 1,041 1,339 27,705 30,893 3,283 3,019 2,805 2,744 2,552 2,992 2,592 2,257 2,149 2,160 2,876 By type of construction: Residential building Nonresidential building Nonbuilding 18,039 20,502 2,061 13,010 14,377 1,452 10,255 10,667 1,337 1,966 1,934 1,883 1,789 2 028 1,519 1,458 1,271 1,322 1,154 1,331 1,082 857 978 920 764 954 1,148 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 1,318 . . . . . 3,042; 1,325 1,372 1,427 1,991 2,006' 2,050 1,102 1,158 1,082 1,252 1,420 1,362 985 692 972 816 933 1,227 accumulated monthly data after original figures have been published. Nonbuilding construction formerly labeled public works and utilities. 901 CONSTRUCTION JULY 1964 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Business Public utility Other nonresidential Total Military Highway Sewer and water Other 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 1,085 1,275 1 344 1,387 5,491 5,682 6 494 7,123 2,106 2,851 2,780 2,857 3,118 3,930 4,180 4,674 5,023 5,110 4,521 4,621 4,335 4,371 4,657 4,427 4,720 4,830 5,053 5,200 16,070 15,863 17,156 17,558 18,979 ,465 ,366 ,378 3,861 4,431 4,954 5,545 5,761 5,437 5,855 6,156 6,702 1,467 1,487 1,581 1,754 1,966 7,377 7,573 8,342 8,379 12,251 12,807 13,397 13 536 13 722 13,460 13 841 2,976 3,136 3,310 3 395 3 461 3,538 3 577 4,589 4,953 5,346 5 561 5 412 5,367 5 412 4,686 4,718 4,741 4 580 4 849 4 555 4 852 5,132 5,236 5,342 5 372 5 354 5,363 5 411 19,151 18,802 19,623 19 401 20 280 20,356 19 655 1,682 1,909 6,813 6,331 6,965 6 550 7 442 7,706 1 927 1,990 2,061 2 109 2 128 2 159 2 176 8 729 8,572 13 516 13 568 13,630 13,297 13,290 13,371 3 469 3 472 3,492 3,076 3,149 3,204 5 400 5 448 5,569 5,561 5,542 5,562 4 647 4 648 4,569 4,660 4,599 4,605 5 384 5 474 20 031 19 739 20,204 20,166 19,188 19,467 7 150 6 262 7,049 7,068 6,410 2 185 2 273 2,341 2,371 2,404 2 368 Total Nonfarm residential Total Industrial Commercial 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 1959 i I960 1961 1962 1963 55,305 53,941 55,455 59,036 62,775 39,235 38,078 38,299 41,478 43,796 24,251 21,706 21,680 24,174 25,711 10,557 11,652 11,789 12,251 12,885 62,335 62,733 64,194 64 228 65 888 66,106 . . . . 65 522 43,184 43,931 44,571 44 827 45 608 45,750 45 867 25,801 25,888 25,832 25 919 26,532 26,927 26 615 65 641 65 765 66,756 66,615 64,784 65,076 45 610 46 026 46,552 46,449 45,596 45,609 26,710 26 984 27,450 27,538 26,641 26,442 Total Period 1955. 1956... 1957.. . ..... 1963—June.......... July Aug Sept Oct Nov Dec Jan . . . . . Feb Mar Apr. r. . . . . . . 1964 MayP. 1 Beginning with 1959, includes data for Alaska and Hawaii. 5,472 5,614 5,665 5,796 1 7fiQ 6 761 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. Except for the most recent months, data do not reflect revisions now planned for release by the Census Bureau by early this August. NEW HOUSING STARTS (In thousands of units) By type of ownership By area * Annual rate, Governmentunderwritten C A (private only) Period Total Total Nonfarm Metropolitan Nonmetropolitan Private Total 1family 1955 1956 1957 1958 1959.......... 1,329 1,118 1,042 1,209 1,379 976 780 700 827 946 353 338 342 382 432 1,310 1,094 1,190 981 993 840 1959 I960 1961 1962 1963 1,554 1,296 1,365 1,492 1,618 1,077 889 948 1,054 1,139 477 407 417 439 479 1,517 1,252 .313 1,142 1,343 2family Multifamily Public Total 933 1,079 87 82 120 170 215 19 24 49 68 36 670 465 322 439 458 277 195 193 337 349 393 271 128 102 109 56 44 44 49 53 227 214 295 422 529 37 44 52 30 31 458 336 328 339 292 109 75 83 78 71 30 27 29 25 25 27 22 21 349 261 244 261 221 22 20 21 19 19 21 17 16 16 17 21 23 29 11 12 16 18 23 4 4 5 5 5 1*587 1.618 1,571 1,588 1,455 1,732 1,847 1,564 .564 1,590 1,554 1,573 1,434 1,697 1,807 1,533 1,518 170 157 152 148 147 166 121 97 116 109 105 100 104 117 84 76 53 48 47 48 44 49 37 21 166 153 150 144 145 163 119 95 107 100 98 96 93 103 72 51 6 5 5 5 5 5 4 3 54 49 47 44 48 55 44 41 3 4 2 4 Sept Oct Nov Dec 1964 Jan Feb Mar Apr. May 1,718 1,657 1,663 ^1,515 , . ^1,501 1,688 1,613 1,638 ^1,485 2>1,479 101 101 133 75 74 97 101 111 26 27 37 49 46 100 100 130 P147 »155 55 64 82 89 4 5 5 6 41 32 43 52 1 I 3 1 . 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 Statistics, VA 33 31 33 39 49 1,234 995 975 992 1,005 1963—May June July FHA 3 2 2 7 7 8 7 6 6 5 5 for which annual totals are given including overlap for 1959. Complete revisions pre-1959 are pending. Data from Federal Housing Admin, and Veterans Admin, represent units started, based on field office reports of first compliance inspections. 902 EMPLOYMENT JULY 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 1 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 1960 3 1961 1962 1963 125,368 127,852 130,081 132,125 73,126 74,175 74,681 75,712 70,612 71,603 71,854 72,975 66,681 66,796 67,846 68,809 60,958 61,333 62,657 63,863 5,723 5,463 5,190 4,946 3,931 4,806 4,007 4,166 52,242 53,677 55,400 56.412 5.6 6.7 5.6 5.7 1963—June July Sept Oct Nov Dec 132,036 132,196 132,345 132,497 132,682 132 853 133,025 77,901 77,917 77,167 75,811 76,086 76,000 75,201 75,165 75,173 74,418 73,062 73,344 73,261 72,461 70,319 70,851 70,561 69,546 69,891 69,325 68,615 64,365 64,882 65,065 64,220 64,541 64,548 64,576 5,954 5,969 5,496 5,326 5,350 A,111 4,039 4,846 4,322 3,857 3,516 3,453 3,936 3,846 54,135 54,279 55,178 56,686 56,596 56,852 57,824 5.7 5.6 5.5 5.5 5.6 5 9 5.5 1964—Jan Feb Mar. Apr May June 133,200 133,358 133,519 133,678 133 866 134,041 74,514 75,259 75,553 76,544 77,490 79,389 71,793 72,527 72,810 73,799 74,742 76,645 67,228 68,002 68,517 69,877 71,101 71,953 63,234 64,071 64,500 65,448 66,094 66,100 3,993 3,931 4,017 4,429 5,007 5,853 4,565 4,524 4,293 3,921 3,640 4,692 58,685 58,099 57,965 57,135 56,376 54,652 5.6 5.4 5.4 5.4 5.1 5.3 * Includes self-employed, unpaid family, and domestic service workers. 2 Per cent of civilian labor force. 3 Inclusion of figures for Alaska and Hawaii beginning with 1960 increased population by about 500,000 and total labor force by about 300,000. Most of the increase was in nonagricultural industries. NOTE.—Information relating to persons 14 years of age and over is obtained on a sample basis. Monthly data relate to the calendar week that contains the 12th day; annual data are averages of monthly figures. Bureau of Labor Statistics estimate. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Contract construction Total Manufacturing 1957 1958 1959 52,904 51,423 53,404 17,174 15,945 16,675 828 751 732 2,923 2,778 2,960 I960 1961 1962 1963 54,370 54,224 55,841 57,174 16,796 16,327 16,859 17,035 712 672 652 634 57,194 57,340 57,344 57,453 57,646 57,580 57,748 17,075 17,103 17,033 17,076 17,119 17,061 17,127 57,850 58,183 58,327 58,502 58,551 58,665 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 3,029 4,004 3,903 3,903 3,913 11,391 11,337 11,582 11,865 2,669 2,731 2,798 2,866 7,392 7,610 7,949 8,297 8,520 8,828 9,188 9,535 639 640 635 632 629 630 630 3,046 3,069 3,083 3,071 3,066 3,057 3,069 3,919 3,936 3,941 3,950 3,937 3,928 3,915 11,864 11,884 11,907 11,922 11,935 11,941 11,963 2,865 2,870 2,873 2,873 2,887 2,887 2,892 8,282 8,349 8,373 8,377 8,430 8,423 8,447 9,504 9,489 9,499 9,552 9,643 9,653 9,705 17,119 17,175 17,242 17,301 17,323 17,344 623 624 625 631 628 631 3,017 3,169 3,162 3,144 3,122 3,135 3,923 3,934 3,930 3,954 3,957 3,950 12,072 12,143 12,143 12,211 12,198 12,202 2,904 2,911 2,918 2,925 2,931 2,932 8,474 8,515 8,552 8,543 8,575 8,617 9,718 9,712 9 755 9,793 9,817 9,854 56,967 57,609 57,422 57,651 58,211 58,426 58,220 58,585 Period 16,960 17 111 17,050 17,199 17,398 17,367 17,229 17,139 643 650 641 646 641 637 634 631 3,049 3,232 3,364 3,437 3,378 3,333 3,176 2,925 3,897 3,954 3,975 3,976 3,982 3,968 3,944 3,931 11,720 11,848 11,832 11,878 11,942 12,014 12,166 12,774 2,858 2,885 2,916 2,919 2,887 2,884 2,878 2,880 8,294 8,423 8,474 8,457 8,436 8,472 8,406 8,379 9,546 9,506 9,170 9,139 9,547 9,751 9,787 9,926 56,909 57 045 57,388 57 945 58,462 59,093 16,935 16 982 17,051 17,106 17,188 17,382 614 611 611 624 631 642 2,628 2 681 2,760 2,977 3,153 3,326 3,876 3,879 3,883 3,922 3,945 3,986 11,917 11 837 11,926 11,987 12,089 12,186 2,875 2 885 2,895 2 913 2,925 2,953 8,313 8 362 8,415 8 543 8 644 8,763 9,751 9 808 9,847 9 873 9 887 9,855 Mining SEASONALLY ADJUSTED 1963—June July Sept Oct Nov Dec 1964-Jan . . . Feb Mar Apr v May June v NOT SEASONALLY ADJUSTED 1963—May July Sept Oct Nov Dec 1964 - Jan . . Feb Mar Apr p M a y p .. June . . l Data include Alaska and Hawaii beginning with 1959. NOTE.—Bureau of Labor Statistics; data include all full- and parttime employees who worked during, or received pay for the pay period ending nearest the 15th of the month. Proprietors, self-employed personi, domestic servants, unpaid family workers, and members of the armed forces are excluded. 903 EMPLOYMENT AND EARNINGS JULY 1964 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Not seasonally adjusted Seasonally adjusted Industry group 1963 1964 1963 1964 June Apr. May 3 June? June Apr. p May June p 12,628 12,813 12,829 12,855 12,652 12,634 12,713 12,881 Durable goods Ordnance and accessories Lumber and wood products Furniture and fixtures Stone, clay, and glass products Primary metal industries Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment Instruments and related products Miscellaneous manufacturing industries 7,086 7,260 112 535 334 501 978 920 1,097 1,055 1,165 239 324 7,241 110 531 332 500 982 914 1,103 1,057 1,149 239 324 7,266 108 533 334 501 991 918 1,107 1,065 1,144 240 325 7,138 118 523 323 508 984 894 1,055 1,057 1,121 239 316 7,198 112 518 330 494 979 906 1,112 1,036 1,160 237 315 7,245 109 534 327 505 990 911 1,116 1,038 1,158 237 321 7,320 107 560 332 516 998 924 1,120 1,053 1,143 239 329 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 5,542 1,151 5,553 1,133 78 804 1,174 491 602 525 115 323 308 5,588 1,136 78 804 1,191 493 605 529 5,589 1,126 79 802 1,197 495 605 533 115 326 311 5,514 1,146 64 803 1,140 492 592 527 122 319 310 5,436 1,063 67 799 1,156 488 599 533 114 316 302 5,468 1,077 66 802 1,161 490 600 534 115 319 304 5,561 1,121 67 808 1,177 498 603 533 118 324 312 Total 120 498 325 493 977 888 1,042 1,069 1,122 240 312 75 797 1,160 489 594 527 119 321 309 NOTE.—Bureau of Labor Statistics; data cover production and related workers only (full- and part-time) who worked during, or received pay 114 326 312 for, the pay period ending nearest the 15th of the month. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked (per week; S.A.) ndustry group 1963 June 1964 Apr. May J Average hourly earnings (dollars per hour; N.SJL) Average weekly earnings (dollars per week; N.S.A.) 1963 June 2 June 1964 Apr. May p 1963 June 1964 p June Apr. May p June p Total 40.5 40.7 40.7 40.6 100.37 102.06 102.97 103.48 2.46 2.52 2.53 2.53 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.. 41.3 41.4 40.1 40.9 41.5 41.7 41.2 41.7 40.4 42.2 40.7 39.5 41.4 40.4 40.2 41.4 41.8 41.4 41.8 42.3 40.7 42.2 40.7 39.8 41.3 40.1 39.9 41.2 41.7 41.8 41.7 42.3 40.5 41.7 40.7 39.5 41.4 40.5 39.9 41.0 41.5 41.5 41.5 42.3 40.5 42.1 40.7 39.4 109.82 118.24 82.62 81.39 104.41 129.55 108.84 117.04 99.88 126.90 101.84 80.19 111.51 119.99 84.19 82.62 104.83 128.54 111.22 121.98 101.56 129.36 102.06 82.76 112.19 120.20 85.84 81.81 106.68 129.58 112.02 122.26 101.81 129.78 102.31 81.95 113.01 120.50 87.91 83.23 106.93 130.20 112.98 122.98 102.56 130.82 103.07 82.37 2.64 2.87 2.02 1.99 2.48 3.07 2.61 2.78 2.46 3.00 2.49 2.02 2.70 2.97 2.11 2.03 2.52 3.09 2.68 2.87 2.52 3.08 2.52 2.09 2.71 2.99 2.13 2.02 2.54 3.10 2.68 2.87 2.52 3.09 2.52 2.08 2.71 2.99 2.16 2.03 2.54 3.10 2.69 2.88 2.52 3.10 2.52 ' 2.08 ( Nondurable goods Food and kindred products Tobacco manufactures Textile-mill products Apparel and other finished textiles Paper and allied products Printing, publishing and allied industries. Chemicals and allied products. Products of petroleum and coal Rubber products Leather and leather products 39.6 41.0 39.7 40.5 36.0 42.7 38.3 41.4 41.9 40.1 37.3 39.8 41.0 40.5 41.1 36.4 42.8 38.7 41.4 41.4 41.5 37.8 39.8 40.9 39.7 41.1 36.0 42.8 38.5 41.6 42.0 41.2 38.3 39.7 40.6 39.3 41.0 35.8 42.7 38.4 41.5 42.2 41.1 37.9 88.36 95.17 81.81 69.70 61.35 106.21 110.69 113.42 133.25 100.53 66.70 89.83 96.32 80.19 71.63 63.90 107.53 113.58 114.40 130.92 102.25 66.43 90.52 97.75 80.38 72.75 63.36 108.46 113.96 115.51 133.14 104.90 68.43 91.37 97.92 82.19 73.46 63.90 109.65 113.28 116.62 135.04 106.34 70.46 2.22 2.31 2.03 1.70 1.69 2.47 2.89 2.72 3.15 2.47 1.76 2.28 2.39 2.03 1.76 1.77 2.53 2.95 2.75 3.17 2.50 1.82 2.28 2.39 2.04 1.77 1.76 2.54 2.96 2.77 3.17 2.54 1.82 2.29 2.40 2.06 1.77 NOTE. —Bureau of Labor Statistics; data are for production and related workers only. 1.77 ' 2.55 2.95 2.79 3.17 2.55 1.83 904 PRICES JULY 1964 CONSUMER PRICES (1957-59= 100) Housing All items 59 7 45.1 51.3 62.7 1955 1956 1957 1958 1959 . I960 1961 1962 1963 Fuel oil and coal Gas and electricity Fur- Apparel Transportanishand ings upkeep tion and operation 45.2 53.6 88.3 86.4 51.2 55.4 92.6 94.1 98.2 100.4 101.4 91.9 95.9 100.8 99.0 100.2 94.9 95.9 96.9 100.3 102.8 97.3 97.3 99.4 99.9 100.7 95.9 97.8 99.5 99.8 100.6 89.7 91.3 96.5 99.7 103.8 103.1 104.4 105.7 106 8 10^.7 104.4 105.6 107.0 99.5 101.6 102.1 104.0 107 0 107.V 107.9 107.9 101.5 101.4 101.5 102.4 102.2 103.0 103.6 104.8 105.7 105.9 106 0 106.0 106.2 106.3 106.6 106.9 106.6 106.7 106 7 106.8 107.0 107.1 107.2 107.3 106.7 106.8 107.1 107.1 107.2 107.4 108.0 108.4 102.4 102.1 102.3 102.6 103.7 104.5 105.4 105.8 107.4 108.1 108.1 107.2 108.0 108.1 108.0 108.1 102.3 102.4 102.4 102.5 102.7 102.6 102.7 102.9 106.9 106.9 107.1 107 0 106.9 107.3 107.5 107.5 107 7 107.7 108.5 108.8 108.9 108.6 108.4 106.6 106.6 106.1 103.3 102.1 108.1 106.2 107.1 108.0 108.0 102.7 102.7 102.8 102.9 102.9 Food Period Total 55 6 35 3 44.2 58.4 61.4 67.5 85 4 60.8 64.3 66.1 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 98.3 100.1 101.6 103.1 104.2 105.4 106.7 101 4 102.6 103.6 105.1 103.1 103.9 104.8 106.0 July . . Aug Sept Oct Nov . Dec 106.2 106.6 107 1 107.1 107.1 107.2 107.4 107.6 104.2 105.0 106 2 106.0 105.4 104.9 105.1 105.4 Jan Feb Mar Apr May 107.7 107.6 107.7 107.8 107.8 105 8 106.0 105.7 105 7 105.5 1963—May 1964 Homeownership Rent 1929 1933 1941 1945 Health and recreation Medical care Personal care Reading and recreation Other goods and services 50.6 57.5 47.6 63.6 57.3 75.0 58.2 67.3 91.4 93.6 97.0 100.3 102.8 88.6 91.8 95.5 100.1 104.4 90.0 93.7 97.1 100.4 102.4 92.1 93.4 96.9 100.8 102.4 94.3 95.8 98.5 99.8 101.8 103.8 105.0 107.2 107.8 105.4 107.3 109.4 111.4 108.1 111.3 114.2 116.7 104.1 104.6 106.5 107.9 104.9 107.2 109.6 111.5 103.8 104.6 105.3 107.1 104.3 104.5 104.5 104.7 105.4 105.9 106.1 106.1 107.4 107.4 107.8 108.3 107.9 109.0 109.1 108.9 110.7 111.4 111.7 111.9 112.1 112.3 112.4 112.7 116.4 116.8 116.9 117.1 117.2 117.4 117.5 117.9 107.8 107.8 108.0 108.0 108.2 108.4 108.4 108.8 110.7 110.9 111.5 112.1 112.3 112.7 112.8 113.1 106.0 107.6 108.0 108.0 108.0 108.2 108.3 108.3 105.0 105.1 105.3 105.6 105.7 109.4 108.6 108.9 109.0 109.1 112.7 112.9 113.1 113.4 113.5 118.2 118.5 118.7 119.0 119.1 108.5 108.4 108.7 108.7 108.9 113.1 113.3 113.6 114.0 114.1 108.3 108.4 108.5 108.6 108.7 Total NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. The new series index begins with January 1964. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities Period All com- Farm Processed modi- prod- foods ucts ties Total Textiles, etc. Hides, Fuel, Chem- Rubetc. icals, ber, etc. etc. etc. NonMisLumMa- Furni- meTober, Paper, Metals chin- ture, tallic bacco cellaetc. minetc. ery etc. neous erals 1955 1956 1957 1958 1959 93.2 97.9 94.3 92.4 96.2 96.6 94.3 96.5 99.0 99.2 97.9 99.2 100.4 103.6 102.9 99.5 100.6 97.2 99.2 101.3 1960 1961 1962 1963 100.7 100.3 100.6 100.3 96.9 96.0 97.7 95.7 100.0 100.7 101.2 101.1 101.3 101.5 105.2 99.6 100.2 100.8 99.7 106.2 100.7 99.1 100.8 100.6 107.4 100.2 97.5 100.7 100.5 104.2 99.8 96.3 99.9 100.4 101.8 101.3 96.1 95.9 98.8 100.7 93.3 96.5 100.0 100.0 93.8 98.6 99.2 100.1 102.4 100.1 101.4 102.5 99.3 102.3 99.5 101.8 103.2 103.9 102.3 98.8 101.8 104.1 107.3 102.2 98.1 101.3 106.1 110.4 1963—May June.... July Aug Sept Oct Nov Dec 100.0 100.3 100.6 100.4 100.3 100.5 100.7 100.3 94.4 94.9 96.8 96.3 95.5 95.1 96.2 93.3 101.7 102.4 102.2 100.9 100.9 102.2 102.5 100.4 100.5 100.7 100.8 100.8 100.7 100.9 100.9 101.2 100.2 100.3 100.4 100.4 100.5 100.7 1 101 101 104.8 100.4 104.5 100.9 104.3 100.4 103.6 98.9 103.1 99.0 103.4 98.8 103.5 97.9 103.0 99.3 96.4 96.3 96.0 96.0 96.0 96.2 96.3 96.2 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 99.2 93.8 99.1 99.1 99.4 99.0 99.1 99.1 99.5 99.4 99.4 99.9 100.0 100.0 100.1 100.3 100.9 101.0 101.3 102.0 102.0 102.1 102.1 102.2 102.3 102.5 102.6 98.0 98.1 98.0 98.1 98.1 98.1 98.1 98.0 101.3 101.2 100.9 101.0 101 101 101 101 105.2 105.8 107.5 107.5 107.5 107.5 107.5 107.5 107.6 108.1 110.4 111.1 111.8 111.2 110.9 112.2 1964—Jan Feb Mar Apr May..., 101.0 96.3 100.5 94.5 100.4 95.2 100.3 '94.4 100. 93.7 102.5 100.9 100.5 100.4 99.4 101.3 101.2 101.1 101.1 101.0 101.2 101.2 101.2 101.1 101.0 102.7 99.5 102.5 99.0 102.5 '97.0 104.5 96.1 104.7 96.3 96.3 96.4 96.5 96.6 96.7 93.7 99.0 93.6 99.9 93.9 101.0 101.8 92!6 101.8 99.8 99.9 99.3 99. 98.6 101.7 101.8 102.0 '•102.2 102. 102.5 102.5 102.7 102.9 103.3 98.4 98.5 98.5 98.6 98.7 101.1 101.2 101.1 101.3 101.3 107.6 107.1 107.1 107.1 107.3 112.6 110.9 109.8 109.5 107.2 100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91.3 94.6 99.1 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6 98.9 96.0 98.7 100.4 100.1 97.4 100. 99.1 100.1 100.2 99.9 99.7 101.5 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 See next page for composition of other commodities. JULY 1964 905 PRICES WHOLESALE PRICES: DETAIL (1957-59=. 100) 1963 Group 1964 1963 May Mar. Apr. May 99.8 102.9 86.8 104.7 97.3 77.1 112.5 89.5 104.9 99.1 83.8 102.1 101.2 90.5 110.7 100.7 105.9 103.3 82.4 102.1 r 99.6 79.5 107.4 99.5 107.6 91.9 106.8 106.8 88.7 107.3 '107.8 88.3 107.1 107.4 86.9 106.6 103.4 133.6 80.9 77.2 84.2 85.8 87.0 101.8 107.5 117.3 98.1 89.3 75.1 75.9 87.6 107.7 107.3 115.5 98.1 r 90.0 75.1 77.1 87.5 110.0 99.7 100.6 93.8 144.4 101.6 118.2 101.1 103.3 95.5 116.6 102.3 116.5 106.2 111.9 98.3 89.0 79.1 Machinery and Motive Products: 77.0 87.3 Agricultural machinery and equip... 108.9 Construction machinery and equip... Metal working machinery and equip.. General purpose machinery and equipment 99.6 Miscellaneous machinery 102.9 Special industry machinery and equipment (Jan. 1961 = 100) 95.9 116.4 Electrical machinery and equip 102.4 Motor vehicles 116.9 Transportation equip., R.R. rolling stock (Jan. 1961 = 100) May Mar. Apr. May Woodpulp 107.4 Wastepaper 103.2 Paper 81.2 Paperboard 101.3 Converted paper and paperboard... 98.4 Building paper and board 76.9 104.9 99.5 Metals and Metal Products: 91.3 89.8 102.2 94.1 99.9 96.2 96.1 91.9 103.5 96.5 98.9 93.7 96.2 90.2 103.6 96.5 98.6 93.5 95.5 90.8 103.7 96.5 97.6 94.5 Iron and steel Nonferrous metals Metal containers Hardware Plumbing equipment Heating equipment Fabricated structural metal products. Fabricated nonstructural metal products 99.3 98.7 104.6 103.9 100.8 93.0 r 98.0 100.2 102.8 105.6 104.8 100.3 92.1 98.7 100.2 104.0 105.6 104.8 100.3 '92.1 98.9 100.3 103.9 105.6 104.8 100.3 92.1 98.7 104.0 109.0 108.9 108.2 110.9 109.2 109.4 112.6 112.0 111.2 112.7 112.2 111.4 112.7 112.3 111.9 103.4 103.3 104.8 104.4 iO4.7 104.4 104.9 104.4 103.9 97.5 99.8 105.8 97.0 99.9 105.8 '97.7 99.9 105.8 97.7 101.1 100.5 100.5 r 100.1 100.1 104.4 102.3 95.7 92.0 88.9 102.9 105.0 103.1 100.1 91.7 87.2 103.7 r 105.2 103.1 100.1 '91.6 87.3 104.1 105.3 103.1 100.1 91.6 87.3 104.3 96.6 103.0 101.9 104.0 105.0 92.7 101.4 101.7 102.7 100.7 103.9 108.6 86.4 101.3 102.8 102.8 100.6 104.5 108.6 86.4 101.3 102.8 102.7 100.8 104.5 108.6 86.4 101.3 104.5 101.0 117.4 106.0 100.7 125.3 106.0 100.7 125.3 106.0 100.7 126.6 100.7 111.2 98.7 103.9 101.4 101.1 115.3 99.1 103.2 102.4 100.5 114.8 99.1 103.2 102.4 100.5 110.5 99.1 103.2 102.4 Pulp, Paper, and Allied Products: Farm Products: Fresh and dried produce Grains Livestock and poultry Plant and animal fibers Fluid milk ,...„.. , Hay and seeds Other farm products. Processed Foods: Cereal and bakery products Meat, poultry, and fish Dairy products and ice cream Canned and frozen fruits, and veg etables Sugar and confectionery Packaged beverage m a t e r i a l s . . . . . . . Animal fats and oils Crude vegetable oils Refined vegetable oils Vegetable oil end products Miscellaneous processed foods Textile Products and Apparel: Cotton products. Wool products Man-made fiber textile products Silk products Apparel Other textile products r l00.5 103.2 95.5 116.4 102.3 116.5 Hides, Skins, Leather, and Products: Hides and skins Leather Footwear Other leather products 87.4 103.2 108.2 104.4 75.7 99.6 108.2 101.4 88.1 '102.0 108.3 r l03.8 94.2 103.6 120.1 102.2 99.1 97.1 103.6 123.2 r 99.4 92.9 '95.0 106.1 120.4 101.3 91.1 85.7 Furniture and Other Household Dura104.5 bles: 108.3 103.7 Household furniture Commercial furniture Floor coverings Household appliances 94.9 Television, radios, and phonographs. 107.3 Other household durable goods 116.1 101.3 92.2 Nonmetallic Mineral Products: 95.0 103.0 91.7 95.2 78.6 103.6 102.3 98.6 94.4 104.8 91.8 95.2 85.8 103.8 100.2 99.1 94.4 104.8 91.6 95.4 87.3 103.9 100.2 r 99.3 Flat glass Concrete ingredients 94.5 Concrete products 104.8 Structural clay products 91.8 Gypsum products 95.5 Prepared asphalt roofing 88.1 Other nonmetallic minerals 103.6 100.2 Tobacco Products and Bottled Bever99.3 ages : 92.6 89.1 97.5 91.2 91.3 97.7 91.3 r 89.2 97.8 98.4 102.4 90.9 101.4 107.4 94.6 102.0 108.8 94.9 Fuels and Related Products, and Power Coal Coke Gas fuels (Jan. 1958= 100) Electric power (Jan. 1958= 100) Petroleum products, refined Chemicals and Allied Products: Industrial chemicals Prepared paint Paint materials., , Drugs and Pharmaceuticals Fats and oils, inedible Mixed fertilizers Fertilizer materials Other chemicals and products . . . . . . Rubber and Products: Crude rubber , Tires and tubes Miscellaneous rubber p r o d u c t s . . . . Tobacco products Alcoholic beverages Nonalcoholic beverages 90.7 88.0 97.9 Miscellaneous Products: Lumber and Wood Products: Lumber Millwork Plywood NOTE.—Bureau of Labor Statistics 1964 Group 102.2 108.7 94.2 Toys, sporting goods, small arms. . . Manufactured animal feeds Notions and accessories Jewelry, watches, photo equipment.. Other miscellaneous products 906 NATIONAL PRODUCT AND INCOME JULY 1964 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1964 1963 Item 1929 1933 1941 1950 1959 1960 1961 1962 1963 n I 104.4 79.0 9.2 37.7 32.1 Other Producers' durable equipment Nonfarm only Net exports of goods and services Exports • 46.4 3.5 22.3 20.7 1.4 16.2 1,4 8.7 3.6 .5 1.0 5.1 1.6 5.9 1.7 1.8 - 1 . 4 81.9 195.0 313.5 328.2 336.8 355.4 373.1 367.4 370.4 374.9 379.9 387.9 9.7 30.4 43.6 44.9 43.6 48.2 51.5 50.6 51.0 50.8 53.6 55.5 43.2 99.8 147.1 151.8 155.1 161.4 167.1 165.3 165.9 168.6 168.7 172.4 29.0 64.9 122.8 131.5 138.0 145.7 154.5 151.4 153.5 155.5 157.7 160.0 18.1 6.6 3.5 3.1 6.9 50.0 24.2 14.1 10.1 18.9 72.7 40.2 22.3 17.9 25.9 71.8 40.7 21.1 19.7 27.6 69.0 41.6 21.0 20.5 25.5 78.8 44.4 23.2 21.2 28.8 82.3 46.6 25.0 21.6 30.9 77.8 43,7 11.1 21.0 29.0 80.7 45.8 24.8 21.0 30.7 83.7 47,9 25.9 22.0 31.6 87.1 49.2 26.8 22.4 32.5 4.0 6.0 6.5 3.2 1.5 4.9 4.2 4.3 3.6 3.7 5.1 84.8 49.7 27.1 22.6 32.9 2.1 1.9 6.0 4.8 13.1 12.5 22.9 23.6 26.3 23.3 27.5 23.1 28.9 25.1 30.7 26.2 28.6 24.9 30.7 25.9 31.4 27.1 32.3 26.9 33.6 27.0 39.0 19.3 14.3 5.2 .1 19.7 97.2 53.6 46.2 7.9 .5 43.6 99.6 107.9 117.0 125.1 123.0 123.8 125.7 127.7 128.8 53.1 57,4 62.4 66,3 65,5 66,5 66.4 66.6 66.9 45.7 49.0 53.3 56.7 56.4 56.7 56.7 57.2 57.1 8.0 8.9 10.0 10.5 10.1 10.6 10.8 10.4 10.9 .6 .6 .8 1.0 1.0 1.1 1.0 1.2 .8 46.5 50.6 54.6 58.8 57.5 57.3 59.4 61.2 61.9 7.0 6.3 2.4 2.3 8.5 1.3 8.0 2.0 24.8 16,9 \ 13.8 2.0 / 3.2 6.0 Other State and local Gross national product in constant (1954) dollars I 56.0 125.8 284.6 482.7 502.6 518.2 554.9 585.1 571.8 579.6 588.7 600.1 608.0 7.2 Government purchases of goods and service!.. rv III 7.8 181.8 126.6 238.1 318.1 428.6 439.9 447.7 474.8 492.9 485.3 489.4 495.1 501.7 506.4 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. For back data and explanation of series see National Income 1954 Edition, A Supplement to the Survey of Current Business; U.S. Income and Output', A Supplement to the Survey of Current Business (1958); and the July 1963 Survey of Curren Business. ent ~ ' NATIONAL INCOME (In billions of dollars) 1963 Item 1929 1933 1941 1950 1959 I960 1961 1962 1964 1963 in iv I National income 87.8 40.2 104.7 241.9 400.5 414.5 426.1 453.7 478.1 446.7 474.6 482.0 489.1 497.1 Compensation of employees 51.1 29.5 64.8 154.2 278.5 293.6 302.1 322.9 340.4 332.0 338.7 342.8 347.9 352.5 Wages and salaries Private Military Government civilian 50.4 45.5 .3 4.6 29.0 23.9 .7 .5 62.1 146.4 258.5 271.3 278.8 297.1 312.3 304.5 319.8 314.6 319.4 323.6 51.9 124.1 213.1 222.9 227.0 241.6 253.0 246.7 252.2 255.1 258.1 261.1 9.9 10.2 10.8 11.0 10.7 10.8 10.8 11.8 11.8 9.9 1.9 5.0 8.3 17.3 35.4 38.5 41.6 44.7 48.3 47.1 47.8 48.7 49.5 50.7 2.7 7.8 20.1 22.3 23.3 25.7 28.0 27.5 27.9 28.2 28.5 28.8 .1 .6 .1 .4 2.0 .7 14.8 5.6 8.8 6.0 3.2 2.4 5.4 2.0 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 10.1 - 2 . 0 4.0 3.8 9.7 10.4 11.3 11.0 11.9 11.4 13.7 12.1 15.4 12.6 15.0 12.4 15.3 12.6 15.5 12.7 15.7 12.8 16.0 12.9 17.4 37.5 46.5 46.2 48.1 49.8 50.5 50.7 50.0 50.5 50.8 50.8 10.9 6.5 23.5 14.0 35.1 11.4 34.2 12.0 35.3 12.8 36.5 13.3 37.7 12.8 37.2 13.5 37.4 12.6 37.8 12.7 38.2 12.6 38.6 12.2 3.5 9.0 11.9 12.1 12.1 12.0 12.1 12.0 12.0 12.1 12.2 12.3 14.5 35.7 47.2 44.5 43.S 47.0 51.1 48.8 50.1 52.2 53.2 56.0 9.6 .2 1.4 .5 8.3 -.4 5.8 2.1 2.4 - 2 . 4 17.0 7.6 9.4 4.5 4.9 40.6 17.9 22.8 9.2 13.6 47.7 23.2 24.5 13.7 10.8 44.3 22.3 22.0 14.5 7.5 43.8 22.0 21.8 15.3 6.5 46.8 22.2 24.6 16.6 8.1 57.5 24.4 27.1 17.8 9.3 48.3 22.9 25.4 17.1 8.3 51.0 24.2 26.8 17.6 9.2 52.2 24.7 27.5 17.6 9.8 54.3 25.8 28.6 18.8 9.7 56.2 24.9 31.2 19.1 12.1 .5 - 2 . 1 -2.5 -5.0 -.5 .2 .2 -.4 .4 -.9 4.5 5.5 16.4 18.1 20. 22.8 24.1 23.3 23.7 6.4 5.0 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to previous table. .0 - 1 . 1 24.3 25.0 2 25.6 907 NATIONAL PRODUCT AND INCOME JULY 1964 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING (In billions of dollars) 1964 1963 Item 1929 1933 1941 1950 1959 1961 1960 1962 1963 III Gross national product 104.4 Less: Capital consumption allowances Indirect business tax and nontax liability Business transfer payments Statistical discrepancy 1 56.0 125.8* 284.6 482.7 502.6 518.2 554.9 585.1 571.8 579.6 588.7 600.1 608.0 8.6 7.2 9.0 7.0 .6 .3 7.1 .7 .9 11.3 .5 .4 Plus: Subsidies less current surplus of government enterprises Equals: National income Less: Corporate profits and inventory valuation adjustment Contributions for social insurance Plus: Government transfer payments Net interest paid by government.... Dividends Business transfer payments Equals: Personal income Less: Personal tax and nontax payments. . . Federal State and local 83.1 Equals: Disposable personal income Less: Personal consumption expenditures.. 79.0 4.2 Equals: Personal saving Disposable personal income in constant (1954) dollars 51.3 43.0 44.3 49.4 51.6 46.4 2.2 -3.0 49.1 2.3 -1.9 53.0 2.3 -1.8 56.6 2.3 -3.0 55.2 2.3 -2.3 56.0 2.3 -4.1 .5 1.7 1.7 .7 .7 .4 19.1 .2 .4 52.7 53.4 57.2 58.1 2.3 2.3 -4.4 -1.0 58.9 2.3 -2.4 1.1 1.1 52.1 .5 40.2 104.7 241.9 400.5 414.5 426.1 453.7 478.1 466.7 474.6 482.0 489.1 '497.1 10.1 - 2 . 0 .3 .2 .9 1.5 1.0 1.2 5.8 2.1 .6 .7 85.8 47.2 2.6 1.3 1.4 50.6* 41.0 23.7 42.6 2.1 .8 -.7 -3.0 .1 87.8 IV 1 1.5 .5 1.0 45.7 46.4 14.5 2.8 35.7 6.9 47.2 17.6 44.5 20.6 43.8 21.4 47.0 23.9 2.6 14.3 25.4 27.3 31.3 32.5 1.3 7.8 4.8 7.1 7.7 8.0 4.5 9.2 13.7 14.5 15.3 16.6 .5 2.2 2.3 2.3 .8 2.1 96.3 228.5 383.9 401.3 417.4 442.1 3.3 2.0 1.3 20.8 18.2 2.6 46. 40.4 6.4 51.4 44.0 52.9 45.1 7.3 7.8 93.0 207.7 337.1 81.9 195.0 313.5 11.1 12.6 23.6 349.9 364.4 328.2 336.8 -.6 21.7 57.7 49.0 8.7 384.4 355.4 29.1 27.6 51.1 48.8 50.1 52.2 53.2 '56.0 27.2 26.5 27.0 27.4 27.8 28.3 34.6 34.7 34.2 34.4 35.2 36.2 8.7 8.5 8.4 8.4 8.5 8.3 17.6 17.6 18.8 19.1 17.8 17.1 2.3 2.3 2.3 2.3 2.3 2.3 463.0 453.9 459.9 465.2 473.0 479.1 60.5 50.9 59.4 50.0 9.6 9.4 402.4 394.5 373.1 367.4 29.3 59.9 50.4 9.6 60.8 51.1 9.7 62.1 52.2 9.9 60.4 49.9 10.6 400.0 404.4 410.9 418.7 370.4 374.9 379.9 387.9 29.6 29.5 31.0 30.8 27.1 134.9 102.1 175.1 231.0 310.7 317.8 328.4 343.6 354.9 349.5 353.2 356.0 360.7 366.0 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 Item 1963 1963 May Total personal income. 442.1 Wage and salary disbursements Commodity-producing industries. Manufacturing only Distributive industries Service industries Government June July Aug. 1964 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Mayv 463.0 460.1 462.6 464.2 465.1 467.3 471.2 472.6 476.0 1478.1 478.8 480.9' 483.6 484.8 297.1 312.3 311.2 312.9 314.1 314.4 316.2 318.7 319.2 320.8 321.7 324.2 325.3 I 118.5 123.8 123.8 124.7 125.1 124.7 125.5 126.3 126.2 121.2 126.9 128.4 128.8 94.2 98.3 98.4 99.0 99.2 98.7 99.6 100.2 100.2 101.1 101.1 101.9 102.3 76.6 79.8 79.7 79.8 80.1 80.2 80.7 80.9 81.0 81.3 81.7 82.1 82.2 46.4 49.5 49.1 49.4 49.8 50.0 50.2 50.4 50.6 50.8 50.9 51.2 51.4 55.6 59.3 58.6 58.9 59.2 59.5 59.8 61.0 61.3 61.6 62.2 62.5 62.8, 327.3 328.0 129.9 130.0 103.2 103.3 82.5 82.7 51.7 51.9 63.4 63. Other labor income 12.1 12.6 12.6 12.6 12.7 12.7 12.7 12.8 12.8 12.8 12.8 12.9 12.9 12.9 13.0 Proprietors* income Business and professional. Farm 49.8 36.5 13.3 50.5 31.1 12.8 50.0 37.4 12.6 50.0 37.6 12.4 50.4 31.1 12.7 50.6 37.9 12.7 50.5 37.9 12.7 50.9 38.2 12.7 50.8 38.2 12.6 50.9 38.4 12.5 50.6 38.4 12.2 50.7 38.6 12.1 51.0 38.7 12.3 50.9 38.7 12.2 51.0 38.9 12.1 12.4 Rental income 12.0 12. 12.0 12.0 12.1 12.1 12.1 12.2 12.2 12.2 12.2 12.3 12.3 12.3 Dividends 16.6 17.8 17.3 18.2 17.5 17.6 17.8 18.2 18.5 19.8 19.0 19.1 19.3 19.5 19.5 Personal interest income. 30.0 32.5 32.1 32.3 32.6 32.8 33.0 33.2 33.5 33.8 34.1 34.3 34.8 35.1 34.8 36.9 36.6 36.4 36.5 36.7 36.8 37.3 37.6 37.7 139.9 37.7 38.0 38.3 38.3 10.2 11.8 11.7 11.8 11.8 11.9 11.9 12.0 12.0 12.1 12.4 12.4 12.4 12.5 Transfer payments Less: Personal contributions social insurance Nonagricultural income Agricultural income for 17.6 17.3 17.1 16.9 17.2 i Includes stepped-up rate of Govt. life insurance dividend payments o veterans in the amount of $2.1 billion. 12.3 424.5 445.7 443.1 445.8 447.0 448.0 450.3 454.1 455.7 459.2 1461.6 462.4 464.3 467.0 468.3 17.1 17.0 17.0 16.9 16.8 16.5 16.4 16.7 16.6 16.5 NOTE.—Dept. of Commerce estimates. Monthly data are seasonally adjusted totals at annual rates. See also NOTE to table at top of previous page. 908 FLOW OF FUNDS JULY 1964 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1962 1961 Transaction category, or sector 1959 1960 1961 1963 1962 1963 130.2 86.6 13.1 36.6 — 4.7 -3.8 2.3 139.7 125.7 124.2 131.7 131.9 132.8 132.6 138.6 142.5 145.3 91.1 85.3 85.2 87.1 86.5 87.7 86.7 91.0 90.8 95.8 13.3 12.4 12.9 13.1 13.2 13.3 13.2 13.3 13.5 13.6 40.3 37.3 36.2 36.7 35.1 38.6 37.4 39.7 41.9 42.3 —4 5 —5.7 —7.0 - 4 . 4 - 2 . 0 -5.7 —4.5 - 6 0 - 3 8 — 3 7 - 3 . 5 - 5 . 2 - 4 . 5 - 3 . 3 - 3 . 4 - 4 . 0 - 3 . 5 -2.6 -3.4 -4.4 1.4 2.6 2.8 1.6 2.5 3.2 3.3 3.5 1.6 2.9 IV I II III IV I II III IV I. Saving and investment /^ B C D Gross national saving 115.6 119.5 116.1 74.5 73.4 80.0 Consumer and nonprofit 13.4 12.9 12.5 Farm and noncorp, business Corporate nonfin business . . . . . . 35.2 29.7 32.1 -4.5 4.3 - 5 . 5 -3.5 -3.0 -4.7 State and local govt Financial sectors 1.5 1.7 2.2 114.6 117.4 114.5 Gross national investment 43.6 44.9 43.6 6.6 3.5 1.8 F G fj 127.2 136.0 125.2 126.6 128.9 126.0 127.3 129.9 135.5 134.2 144.7 H 48.2 51 5 46.4 47.3 47.5 47.7 50.5 50.3 51.2 51.0 53 7 I 5.9 2.8 3.3 4.4 7.0 7.7 4.3 4.3 4.9 4.6 5 5 J 66.2 22.1 43.4 .7 P 68.3 21.6 46.0 .6 67.1 20.1 46.4 7 73.2 21.3 51.3 .7 77 6 21.8 55 1 .7 -1.7 2.0 Discrepancy (A—H) A B C D E F G .7 2.2 2.0 1.5 .8 3.0 2.3 3.6 53.2 19.7 33.4 36.2 8.0 28.3 47.2 19.5 27.7 58.1 17.6 40.5 62.4 19.5 42.9 8.7 - 2 . 1 7.5 5.5 - 5 . 1 11.3 3.8 2.5 - 4 . 1 .8 2.0 2.8 .2 1.4 1.9 .7 .8 .7 43.6 36.3 36.9 14.7 11.2 5.9 6.4 4.5 1.7 5.6 2.8 1.9 3.9 2.7 2.4 25.2 31.0 29.0 4.7 3.7 5.0 70.4 21.5 48.2 8 69.3 21.7 46.8 .8 1.4 2.4 .6 - 2 . 4 73.2 19.9 52.6 .7 2.3 75.4 75.0 21.2 22.3 53.5 52.1 .7 .6 * -1.5 72.1 20.7 50.6 .8 5.9 5.5 3.0 2.8 61.8 29.7 32.1 63.0 40.1 19.9 -1.9 43.1 42.0 67.7 22.7 45.0 58.7 1.1 57.6 7.6 2.4 4.9 2.3 1.3 1.0 48.2 13.7 5.5 4.5 3.5 34.5 5.1 48 5.7 16.1 1.5 11.3 17.8 3 7 -6.6 -2.4 4.3 3.7 3.3 3.2 2.2 3.1 .6 1.1 1.1 54.4 43.8 41.9 8.1 16.2 10.4 4.3 4.9 6.7 2.2 4.0 6.8 1.6 1.5 2.7 38.2 33.4 33.8 6.4 6.3 6.7 8.4 - 5 . 6 2.0 -12.4 6.6 8.3 2.8 76.6 20.5 55.5 .6 3.4 79.7 22.5 56.5 .6 -.8 81 9 23.2 58 0 .6 8.3 36 O .6 P 68.3 27.9 40.5 50.0 .2 49.7 72.6 A 48.5 B 24.1 C 3.1 K L M N II. Financial flows—Summary A Net funds raised—Nonfin. sectors... B Loans and short-term securities.... C Long-term securities and mtgs By sector E F Short-term securities Other securities •• . . 53.8 25.9 28.0 H I J Loans Securities Pvt. domestic nonfin. sectors NL Bonk loons n e c .. P State and local obligations R 1- to 4-family mortgages 13.2 5.8 10.4 5.8 11.7 6.9 15.4 9.4 17.6 10.5 13.5 8.0 13.2 8.3 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.. 53.2 .7 3.8 3.6 8.8 5.7 36.2 .9 2.4 3.3 8.1 6.3 47.2 .3 2.8 2.2 8.7 5.1 58.1 1.0 3.5 2.5 9.0 5.6 62.4 -.6 2.6 2.6 9.5 7.5 53.8 61.8 4.9 4.0 2.7 8.6 3.3 Z Pvt domestic nonfin sectors • • • • AA Deposits and U.S. Govt. secur.... A.B Deposits AC Demand dep. and currency.. AD Time and svgs. accounts AE A t commercial banks . AF At savings instit AG U S. Govt securities 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 32.2 29.8 1.6 28.3 15.1 13.2 2.4 40.8 39.0 33.4 5.3 28.1 13.1 15.0 5.5 31.3 38.4 28.3 31.6 25.5 27.7 8.3 - 7 . 7 17.1 35.4 4.9 22.7 12.2 12.7 2.9 3.9 4.1 -.2 3.5 1.7 4.8 1.8 6.7 -.1 AH Other securities and mtgs m. A B D ... By sector [ Finance n e e . L Deposit claims • M Demand deposits and currency... O Other savings accounts Q R Pension fund reserves Credit market instruments T U V Corporate bonds Loans Security credit 3.3 1.5 1.8 53.0 17.1 7.6 5.8 3.7 35.9 4.3 A 1 16.5 10.9 63.0 3.9 4.5 2.8 9.3 4.3 38.2 33.4 27.7 2.9 24.8 13.4 11.5 5.7 .2 -4.5 40.1 67.7 -6.5 1.5 3.6 1.9 1.9 2.7 9.0 9.4 8.4 6.3 25.4 44.1 24.9 39.1 26.1 37.9 2.3 8.9 23.9 29.0 70.5 13.7 13.3 15.3 1.3 -1.3 3.3 6.2 1.2 2.8 48.3 43.0 39.3 8.0 32.1 14.8 6.8 .2 6.8 -.3 6.0 1.3 30.6 -7.2 23.2 14.6 34.6 2.9 20.7 11.1 44.4 8.4 27.4 8.5 51.4 57.8 3.9 - 1 . 0 34.0 39.9 13.5 18.9 48.5 1.3 31.4 15.8 52.5 10.6 30.9 11.0 5.0 10.6 10.1 4.9 9.9 9.3 10.2 5.3 17.5 12.0 10.7 4.2 20.4 14.5 11.5 5.0 22.7 17.5 12.1 5.6 17.3 13.5 11.8 5.9 30.6 1.5 10.9 1.4 1.1 8.4 3.6 5.2 6.2 1.8 1.1 3.1 * 3.1 34.6 2.2 15.6 .3 5.8 9.5 3.4 4.7 3.4 1.5 1.5 .2 .5 4.9 44.4 1.7 26.8 5.9 9.4 11.5 3.7 4.9 3.3 2.0 .5 .6 .9 3.0 51.4 2.3 32.1 3.5 15.3 13.3 4.1 5.0 5.6 1.9 .8 2.8 .9 1.3 57.8 2.9 34.7 5.4 14.1 15.2 4.0 5.5 7.2 1.3 1.9 3.8 .8 2.8 48.5 1.6 28.9 10.7 5.5 12.7 3.5 5.9 5.5 2.7 .2 2.0 2.2 1.0 25.1 19.5 9.3 13.6 13.3 15.7 10.7 11.7 11.3 3.8 3.2 6.7 52.5 48.3 43.0 1.4 2.5 2.6 35.0 31.3 18.8 -.4 6.3 - 4 . 7 22.7 13.3 10.2 12.7 11.7 13.3 3.6 4.1 4.4 4.6 5.7 4.5 7.2 6.1 4.9 2.2 3.2 1.3 1.1 .3 .5 3.9 1.2 4.2 1.6 1.5 - 2 . 0 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Apr. 1964 BULL., p. 512. .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 49 d n 15.5 16.3 9.1 9.2 9.3 -6.4 44 D 10.3 -12.4 18.4 E .1 7.6 — 14 4 F 5.0 3.3 2.0 28 G 1.2 3.5 1.2 2.9 H 1.6 2.0 .8 - 2 1 43.6 54.0 54.4 65 5 J 9.7 15.1 13.1 26 8 K 7.0 5.9 6.5 7 5 L 4.2 3.3 3.5 16.0 M 3.9 3.1 33 N .5 33.8 38.9 41.4 38 7 O 9.3 4.0 6.4 7.0 P 1 6 ? R •JO c o 2.3 f\ 75.5 17.2 19.7 18.3 Q R 8.6 10.7 11.5 77.2 S 58.7 68.3 50.0 72 6 T 2.5 -9.5 - 3 . 0 U 7.4 2.4 3.9 4 3 V * 6.4 2.2 2.2 - . 5 W 9.5 11.0 8.6 8.9 X 6.3 7.1 9.4 8 6 Y 33.4 41.3 33.1 54.4 Z 33.0 41.5 32.3 48.1 AA 30.8 30.4 29.0 43 0 AB 7.0 -3.7 4.2 13.2 AC 34.5 23.4 24.8 29.8 AD 9.4 77.7 14.3 AE 77.7 17.4 14.0 13.2 75 4 AF 2.3 11.1 3.2 5.1 AG 3.3 2.0 2.7 6.1 AH 1.6 3.6 1.9 .2 AI Financial institutions Net funds advanced—Total U S Govt. securities Loans 4!5 4.0 9.4 4.4 2.0 11.4 11.9 2.4 - 1 0 . 4 7.3 21.7 1.2 1.0 -3.9 5.0 61.9 7.8 33.8 20.4 55.1 57.4 36.4 10.4 41.8 20.1 27.7 15.4 12.5 6.2 26.8 17.0 11.6 -.2 55.1 3.3 38.2 2.3 18.4 17.4 3.9 4.7 .6 .8 .3 -.6 -1.4 61.9 2.8 43.4 12.8 15.0 15.7 4.2 5.2 4.4 .8 1.4 2.1 2.7 -.7 8.3 -4.5 54.3 -7.0 43.0 18.3 64.9 A — 3 B 38 5 C 26.7 D 20.8 12.9 30 5 F 16.9 18.6 17 4 G 12.0 13.1 11.6 H 7.7 9.7 5.3 I 57.4 54.3 64.9 J 3.2 1 6 K 3.5 35.3 22.2 42.0 L 10.6 -3.5 11.1 M 10.5 12.4 15.2 N 14.2 13.4 15 8 O 4.4 3.5 42 P 6.6 5.9 4.7 Q 9,4 9.3 9 5 R 1.0 1.5 1.7 S 2.0 1.6 3.5 T 6.3 6.0 34 U 1.8 3.9 - 1 . 0 V 5.8 -1.8 4.4 3.8 W 909 FLOW OF FUNDS JULY 1964 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) Transaction category, or sector 1962 1961 1959 1960 1961 1962 1963 1963 III IV IV III IV I. Demand deposits and currency A B C D E F G H I J K L M Net incr. in banking system liability. U.S. Govt. deposits Other Net increase in assets by sector. . . U.S. Govt Other domestic sectors Consumer and nonprofit Nonfinancial business State and local govt Financial sectors Rest of the world Discrepancy—U.S. Govt. cash Other 1.4 .7 .7 .4 .7 -.3 1.2 2.2 .5 .1 .3 .9 -.6 .5 .9 -.3 —. 6 -.5 .2 .6 -.1 -.1 5.4 5.9 3.5 -.6 .3 1.0 5.9 5.7 2.5 4.9 5.5 5.0 .3 1.1 — .3 4.8 3.8 5.5 1.6 5.1 5.3 1.3 - 2 . 1 - 1 . 0 .9 .6 -.1 .3 .8 1.3 .3 .1 -.1 • -.3 -.1 -1.4 1.0 10.7 .2 5.3 10.5 2.1 6.4 5.3 1.3 4.6 7.0 3.0 2.9 5.7 - 5 . 7 2.8 - 2 . 1.1 1.4 1.4 .7 A 1.5 2.8 -2. 6.3 3.9 2.3 5.2 3.6 2.0 5.5 -4.7 1.4 18.2 5.5 2.4 .8 .5 35.4 22.7 4.8 2.0 25.0 13.3 2.6 .6 .1 6.6 15.9 10.1 12.7 12.7 11.7 i - A .3 .7 4.7 12.8 6.5 1.5 1.7 11.3 5.1 17.6 6.3 1.7 2.1 15.7 1.0 13.1 * 2.1 2.7 - 1 . 6 .4 2.1 .3 -.9 -.2 -.1 .5 - 4 . 7 2.3 7.4 -5. 1.7 7.3 -5.2 -1.0 -4.3 1.1 -1.0 -.4 .2 .5 10.6 2.5 8. 9.9 3.3 5.8 6.5 -1.3 .3 .2 .9 -.8 1.5 30.6 15.0 2.3 1.0 1.3 35.9 18.4 4.6 2.9 1.4 9.6 24.7 10.5 2.4 .3 1.0 11.1 -3.5 -9.5 -3.0 6.0 14.1 -2.7 12.7 -11.5 -.6 7.8 13.7 6.5 9.0 1.8 -.2 -1.3 3.6 .8 1.2 1.0 -.4 2.0 - 2 . 4 -2.8 II. Time and savings accounts Net increase-^-Total At commercial banks—Total Corporate business State and local govt Foreign depositors Consumer and nonprofit orgs.. . G H 9.5 1.1 -.4 -.4 -.9 3.0 15.3 5.8 .8 1.4 .3 3.3 At savings institutions , Memo—Consumer and nonprofit orgs.—Total A B C D E F 8.4 9.5 11.3 12.8 9.3 5.5 3.8 -2.6 -5.1 2.5 20.9 9.4 1.3 .9 .6 28.6 15.3 2.6 1.0 .3 6.5 11.5 11.5 13.3 17.8 24.7 7.3 11.3 -4.1 7.4 2.4 4.9 29.3 14.1 4.2 1.7 1.0 7.3 15.2 22.3 18.8 28.6 21.6 23.5 10.2 .6 .4 -.3 9.6 13.3 22.9 10.5 15.7 25.7 17.4 27.0 25.7 12.4 3.2 1.0 .7 6.7 7.5 14.2 13.4 20.7 20.7 30.9 15.2 6.4 2.5 .8 5.4 15.8 G 20.8 H 4.0 18.4 -14.4 A B C III. U.S. Govt. securities A B C Total net issues Short-term direct. Other D E F G H I J K L M N O P Net acquisitions, by sector Pvt. domestic nonfin. sectors Consumers and nonprofit Svgs. bonds and postal svgs. dep. Securities Corp. nonfin. business State and local govt Financial sectors Banking system Monetary authorities Commercial banks Savings institutions Insurance and pension funds Finance n.e.c Rest of the world o R 8.7 - 2 . 3 7.8 12.9 - 5 . 7 - 1 . 1 7.3 - 3 . 3 -.9 -2.0 -.4 .7 9.2 -2.8 -1.6 3.8 - 2 . 7 - A 1. .2 .3 -7.2 2.9 8.4 -7.9 2.7 7.4 .3 .7 1.5 -8.2 2.0 5.9 .5 - A .5 .2 - A -.1 1.0 .6 3.0 .6 .4 5.2 1.5 3.7 4.7 15.4 11.3 17.8 -6.6 -2.4 5.1 7.6 5.0 15.2 5.5 3.9 2.4 2.9 3.7 .7 3.2 - 1 . 9 .1 .3 1.1 .9 2.6 .4 2.4 -2.0 .3 .6 - . 5 1.9 1.4 1.3 3.9 .2 3.9 - 1 . 0 10.6 1.3 2.2 -.2 9.6 2.8 5.4 2.0 2.8 4.2 .3 -3.0 -2.7 .8 A .7 1.0 A .3 .6 -.1 .8 e .7 .6 1.3 8.6 - 4 . 1 2.0 -12.4 6.6 8.3 9.3 -3.9 5.7 j 3.9 .4 .5 3.5 - . 5 A -2.0 1.4 .7 1.0 - 3 . 9 .7 - 6 . 4 .3 -.2 .4 -6.2 -.5 .8 .3 .5 .5 1.2 2.6 1.2 9.7 11.3 2.4 - 1 0 . 4 7.3 21.7 10.4 - 4 . 9 10.3 - 1 2 . 4 7.6 9.8 11.6 9.6 - 4 . 7 4.1 1.3 2.3 11.1 3.2 5.1 .9 6.4 .1 3.4 4.6 .2 1.2 .9 1.0 1.2 .7 -.8 5.2 2.3 3.4 .7 2.1 - 1 . 7 1.3 .5 -.3 2.6 .8 1.6 7.8 8.3 - 4 . 5 - 7 . 0 5.1 11.0 - 4 . 8 - 8 . 8 2.2 2.5 2.0 1.3 2.8 5.1 2.6 -.6 5.9 -6.8 -10.1 A .5 1.2 .6 A .6 - 1 . 2 .2 .7 .7 A 1.6 - 2 . 7 .5 - 3 . 7 .7 1.0 -1.0 IV. Other securities A B C D E Total net issues, by sector.. State and local govt Nonfinancial corporations. Finance companies Rest of the world 11.8 4.7 5.3 1.1 .7 11.1 3.7 5.3 1.5 .7 13.6 5.0 7.3 .5 .8 11.7 5.1 4.8 .8 1.0 13.0 6.7 3.4 1.9 1.1 13.2 6.3 5.5 .2 1.1 F G H I J K L M N O P Q Net purchases, by sector Consumers and nonprofit orgs., State and local govt Corp. business , Commercial banks , Insurance and pension funds... Finance n.e.c , Security brokers and dealers. Investment cos.—Net Purchases , Net issues , Rest of the world , 11.8 2.7 1.3 .7 .4 7.0 -.4 .2 11.1 2.1 2.2 -.2 .4 7.0 -.6 « 13.6 2.0 1.9 11.7 13.0 - . 8 -1.2 1.4 1.8 2.7 7.7 -.8 -.2 -.6 1.4 2.0 4.4 7.4 -.4 .3 13.2 1.3 1.5 .2 3.3 8.1 -.9 .1 n \.2 1.8 .4 1.0 1.5 .3 Total net borrowing. 1- to 4-family.... Other 19.0 13.2 5.8 16.2 10.4 5.8 18.7 11.7 6.9 24.7 15.4 Net acquisitions Consumer and nonprofit orgs., U.S. Govt Commercial banks Savings institutions Insurance sector Mortgage companies 19.0 2.0 2.2 2.5 9.5 2.4 .2 16.2 2.4 1.2 .7 8.8 2.8 18.7 1.6 .6 1.6 11.0 2.7 .6 7.5 5.3 3.7 1.0 .7 .2 1.7 2.7 2.7 2.6 1.9 5.2 7.6 * A - A .8 1.3 .2 n 2.7 A 13.3 6.4 6.0 .3 .6 13.0 5.9 4.9 8.8 3.6 4.0 .5 .7 11.6 4.3 4.1 1.4 1.8 12.1 4.0 5.8 .3 2.0 14.5 9.3 1.6 2.0 1.6 12.7 6.4 3 1.6 12.6 7.0 2.3 3.5 2 8.8 11.6 12.1 14.5 12.7 13.3 13.0 - . 2 -2.7 -1.5 -2.7 2.4 - 3 . 4 - 2 . 0 1.7 1.3 .9 1.5 2.0 1.9 1.4 .2 - . 2 .2 -.2 .1 3.5 5.0 3.3 5.8 5.7 7.9 8.5 6.5 6.8 8.4 8.5 7.4 -.3 1.5 - 1 . 5 - 1 . 3 .6 1 - . 52 -.8 .9 1.3 .9 - A - A .2 - 1 . 5 -1.3 -'.2 -.3 -.3 A 2.4 - . 2 1.9 .8 1.2 .6 2.2 3.2 1.3 1.0 1.5 -.1 -.6 .3 .4 .3 12.6 2.1 1.7 3!o 6.2 .5 1.4 -.9 .7 1.7 .2 V. Mortgages 28.1 17.6 10.5 21.6 13.5 8.0 21.4 13.2 8.3 24.6 15.5 9.1 25.5 16.3 9.2 27.4 16.5 10.9 24.7 28.1 3.3 .3 4.0 16.2 .8 21.4 3.1 1.2 2.4 12.3 2.2 -.3 24.6 2.0 .3 4.7 13.4 2.4 1.3 27.4 4.4 13.3 21.6 1.2 1.4 2.2 12.1 3.0 1.1 25.5 3.5 -1.0 8.9 6.6 4.2 1.6 .7 .6 1.5 5.7 3.3 3. -.2 .3 1.3 .5 3.9 1.9 1.3 .3 .4 2.1 -.2 8.2 6.1 1.7 3.9 .6 4.3 2.9 3.0 -.9 9.4 3.0 .4 2.9 5.3 3.9 4^6 13.4 3.0 .7 24.1 15.5 8.6 27.9 17.2 10.7 31.1 19.7 11.5 29.5 18.3 11.2 24.1 29.7 2.9 2.8 -1.3 -2.0 3.8 6.1 14.2 15.4 15.8 4.5 3.2 3.5 1.5 31.1 3.7 -.5 6. 16.5 4.0 1.1 29.5 2.0 -.2 5.0 16.9 4.9 .7 2.7 2.9 2.4 6.6 3.3 .9 1.5 .9 .7 2.6 18.6 15.6 11.3 3.1 1.2 1.3 1.4 VI. Bank loans n.e.c. Total net borrowing Nonfinancial business Corporate Nonfarm noncorporate. Farm Rest of the world Financial sectors '.2 -'.3 2.7 1.6 1.6 -.3 .3 .7 .1 6.0 4.0 2.6 .7 .7 .4 1.1 NOTE.—Quarterly data are seasonally adusted totals at annual rates. For other notes see Apr. 1964 BULL., p. 512. 1.7 7.6 5.0 4.5 -.3 .9 -.4 2.1 .1 .4 -.1 -.4 7.7 4.1 2.7 .9 .6 .7 2.7 Financial Statistics * International * Reported gold reserves of central banks and governments 912 Gold production 913 Net gold purchases and gold stock of the United States 914 Estimated foreign gold reserves and dollar holdings 915 International capital transactions of the United States 916 U.S. balance of payments 925 Foreign trade 926 Money rates in foreign countries 927 Foreign exchange rates 928 Guide to tabular presentation 850 Index to statistical tables 935 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). 911 912 GOLD RESERVES JULY 1964 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) End of period 1957. 1958. 1959. 1960. 1961. 1962. Estimated total world i Intl. Monetary Fund United States Estimated rest of world Argentina 1,180 1,332 2,407 2,439 2,077 2,194 22,857 20,582 19,507 17,804 16,947 16,057 14,730 17,530 18,280 20,260 22,080 23,190 126 60 56 104 190 61 126 162 154 147 162 190 103 194 292 293 303 454 915 1,270 1,134 1,170 1,248 1,365 324 325 327 287 285 225 2,235 2,244 2,268 2,276 2,304 2,305 2,312 2,312 15,854 15,830 23,650 15,677 15,633 15,634 23,930 15,640 15,609 15,596 ' 24)380" 51 51 51 49 49 49 78 78 199 200 201 202 202 205 206 208 504 504 504 504 504 515 525 536 1,372 1,373 1,354 1,365 1,367 1,367 1,367 1,371 179 179 179 179 *>42,390 2,314 2,322 2,328 2,334 2,353 15,540 15,518 15,550 ^24,510 15,727 15,693 78 78 76 210 211 211 215 216 547 558 569 579 579 1,373 1,374 1,376 1,390 1,392 Cuba Dominican Republic France Germany, Fed. Rep. of Greece 38,765 39,445 40,195 40,505 41,105 41,440 1963—May. June. July.. Aug.. Sept.. Oct... Nov.. Dec. 1964—Jan... Feb.. Mar.. Apr.. May. End of period 41,725 41,870 *42*,296' 136 80 50 1957.. 1958. . 1959. . 1960. , 1961. . 1962. . 11 i 11 j 10 I io j 3 I 3 ! I 3 3 ! 1963—May. June. July.. Aug.. Sept.. Oct... Nov.. Dec. \\ 3 3 3 3 3 3 3 1964—Jan... Feb.. Mar.. Apr.. May. End of period Ireland, Rep. of Italy Ecuador El Salvador Finland Belgium Brazil Guatemala Canada 42 1,100 1,078 960 885 946 708 40 40 43 45 48 43 62 72 71 78 88 57 42 42 42 42 42 42 42 42 746 755 762 768 775 784 800 817 43 43 43 43 43 44 43 43 60 60 61 61 61 61 61 62 42 42 42 42 42 150 150 837 850 871 892 910 44 43 43 43 42 62 63 63 64 India Indonesia Chile Colombia Burma Iran Iraq 35 35 38 41 47 61 581 750 1,290 1,641 2,121 2,587 2,542 2,639 2,637 2,971 3,664 3,679 13 17 26 76 87 77 247 247 247 247 247 247 138 141 140 130 130 129 20 34 84 98 84 98 19 19 19 19 19 19 19 19 61 61 61 61 61 61 61 61 2,777 2,814 2,963 2,997 3,031 3,089 3,749 3,753 3,761 3,761 3,761 3,817 3,823 3,843 77 77 77 77 77 77 77 77 247 247 247 247 247 247 247 247 129 129 142 142 142 142 142 142 98 98 98 98 98 98 98 98 19 18 18 17 17 66 66 66 65 65 3,210 3,248 3,298 3,366 3,404 3,844 3,849 3,953 4,060 4,070 77 77 77 77 247 247 247 247 247 142 142 141 141 Lebanon Mexico NetherNew lands Zealand Norway Pakistan Philippines Portugal Saudi Arabia South Africa 49 49 50 52 53 53 461 493 548 552 443 471 18 18 65 78 217 211 238 178 298 499 ,581 ,581 ,581 ,581 ,581 ,581 ,581 ,601 53 53 53 53 53 53 53 53 478 478 482 496 497 497 497 497 78 78 78 78 78 78 78 78 591 598 611 639 643 630 629 630 ,601 ,601 ,601 ,601 ,601 53 53 53 53 53 497 497 497 78 78 78 78 632 631 627 627 626 452 1,086 1,749 2,203 2,225 2,243 91 91 102 119 140 172 180 143 142 137 112 95 744 1,050 1,132 1,451 ',581 ,581 1963—May. June. July.. Aug.. Sept.. Oct.. Nov.. Dec. 2,287 2,289 2,292 2,291 2,291 2,331 2,331 2,343 172 172 172 172 172 172 172 172 93 92 95 95 94 115 134 139 1964—Jan... Feb.. Mar.. Apr.. May. 2,343 2,343 2,143 2,143 2,146 172 172 172 172 151 157 156 Austria 22 22 20 20 19 19 1957. 1958. 1959. 1960. 1961. 1962. For notes see end of table. Australia 33 33 34 35 JULY 1964 913 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 1,554 2,808 2,514 2,800 2,268 2,582 1957 1958 1959 1960 1961 1962 101 57 68 178 316 446 219 204 191 170 180 181 1,706 1,925 1,934 2,185 2,560 2,667 24 24 19 19 19 19 112 112 104 104 104 104 144 144 133 134 139 140 188 174 174 174 174 174 1963—May, June, July. Aug. Sept. Oct.. Nov. Dec. 552 574 574 574 574 573 573 573 182 182 182 182 182 182 182 182 2,453 2,530 2,444 2,451 2,501 2,520 2,522 2,820 19 19 19 19 19 19 19 19 104 104 104 104 104 104 104 104 140 130 110 108 107 103 102 115 174 174 174 174 174 174 174 174 1964—Jan.. 573 573 573 573 573 182 182 182 182 182 2,549 2,551 2,542 2,524 2,526 19 19 19 19 104 104 104 104 115 115 115 115 174 174 174 174 174 Feb.. Mar. Apr., May, 1 Includes reported or estimated gold holdings of international and regional organizations, central banks and govts. of countries listed in this table and also of a number not shown separately here, and gold to be distributed by the Tripartite Commission for the Restitution of Monetary Gold; excludes holdings of the U.S.S.R., other Eastern European countries, and China Mainland. The figures included for the Bank for International Settlements are the Bank's gold assets net of gold deposit liabilities. This procedure avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual countries. Bank for Intl. Settle-2 ments Yugoslavia Venezuela Uruguay EPUEF 3 180 180 180 180 180 180 719 719 652 401 401 401 24 -42 -134 -19 115 -50 254 126 40 55 56 56 401 401 401 401 401 401 401 401 137 78 155 150 43 '2^484' 172 171 171 171 171 171 171 174 -22 -77 -279 2,458 174 171 171 401 401 401 401 -7 22 -82 2,447 2,506 42 47* 47 47 2 Net gold assets of BIS, i.e., gold in bars and coins and other gold assets minus gold deposit liabilities. 3 European Payments Union through Dec. 1958 and European Fund thereafter. NOTE.—For back figures and description of the data in this and the following tables on gold (except production), see "Gold," Section 14 of Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa Period 1956 1957 1958 1959 I960 1961 1962 1963 World production i South Africa Rhodesia 556.2 596.2 618.0 702.2 748.4 803.1 892.7 960.1 18.8 18.8 19.4 19.8 19.6 20.1 19.4 19.7 22.3 27.7 29.8 32.0 30.8 29.2 31.1 79.1 80.6 80.1 81.6 81 7 80.9 82.0 81.6 78 6 K6 6 2.7 1.6 6 2.6 2.7 2 7 975.0 1,015.0 1,050.0 1,125.0 1,175.0 1,215.0 1,290.0 1963—Apr May June July Aug. Sept Oct Nov Dec 1964 Jan . Feb Mar Apr 3 7 6 7 13.1 13.1 12.3 12 2 11.1 8.1 7.1 2.6 2.7 .7 8 7 6 243.0 United States Canada Mexico Nicaragua 2 Brazil 65.3 63.0 61.6 57.2 58.8 54.8 54.5 153.4 155.2 158.8 156.9 161.1 156.6 145.5 138.9 12.3 12.1 11.6 11.0 10.5 9.4 8.3 8.2 7.6 6.9 7.2 7.3 7.0 7.7 7.8 4.3 4.2 3.9 3.8 4.1 4.4 4.5 4.9 15.3 11.4 13.0 13.9 15.2 14.0 13.7 11.4 11.8 12.4 11.6 10.9 11 7 11.5 12.2 11.7 10 8 .8 .4 .3 4 .4 .5 10 7 9.8 37.8 2 6 1 Estimated; excludes U.S.S.R., other Eastern European countries, China Mainland, and North Korea. 2 Gold exports. 3 Quarterly data. Other North and South America Congo, (LeoGhana poldville) 10.3 11 6 .7 .5 .7 6 .4 .8 .8 8 8 All other i Colom- Australia bia India 36.1 37.9 38.6 38.1 38.0 37.5 37.4 35.8 7.3 6.3 6.0 5.8 5.7 5.7 5.7 1.1 2.8 1.1 2.8 .5 .5 9 .7 .6 3.3 3.4 .4 .4 3.0 3.0 2.6 .4 5 .8 9 3.1 2 8 4 4 .4 1 2 t 2 31 .4 .4 .9 1.0 63.0 62.2 69.8 64.8 64.7 64.4 62.3 4 .4 4 .4 NOTE.—Estimated world production based on reports of the U.S. Bureau of Mines. Country data, except for Brazil, based on reports from individual countries and Bureau of Mines; data for Brazil from American Bureau of Metal Statistics. Data for the United States are from the Bureau of the Mint. 914 U.S. GOLD JULY 1964 NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY (In millions of dollars at $35 per fine troy ounce) 1963 1956 Area and country 1957 1958 1959 1960 1961 1962 I Western Europe: Austria Belgium 3 -34 -83 -39 -266 -84 -329 3 -1 -141 -173 — 349 -261 -20 32 —215 —900 -178 -21 25 -30 -10 -249 31 Switzerland United Kingdom Bank for Intl Settlements Other —8 100 20 — 350 -32 -38 — 324 —550 -36 -96 18 Total 8 80 68 - 2 , 3 2 6 15 Colombia 75 -827 -1,718 IV -32 -32 -214 -101 -101 -200 200 109 I -82 -30 -20 -101 -101 -146 102 -387 -130 -70 —60 329 107 18 74 131 -12 1 -9 14 * -4 7 -754 -1,105 -399 -104 -149 -139 -7 — 31 17 28 -1 -30 28 -1 -143 -63 -456 -23 100 -25 -156 — 125 -306 -23 -53 5 115 -1 28 Latin American republics: Argentina -114 ni II -518 -i44 -34 Italy 1964 1963 190 67 -11 — 50 -2 —6 -20 —90 -2 85 57 38 — 30 72 -4 -200 29 2 -22 -17 -5 * 6 -11 -1 -3 81 69 19 -100 -109 175 32 16 34 — 16 -3 —4 * 18 -30 -4 -157 -28 -15 -97 1-101 2-93 3 12 -8 25 • -4 5 * 18 -34 -186 -113 -101 -93 12 * -4 5 -3 -5 -38 -6 -1 -36 -8 * 25 14 Total 6 -28 Other -30 65 -5 -10 -25 -1 80 172 - 2 , 2 9 4 -998 -1,969 -970 -833 -392 -96 -100 -180 -15 -28 -833 -392 -96 -100 -180 -15 -28 -4 -7 Asia: Other Total All other Total foreign countries . . Intl. M o n e t a r y F u n d . 5-44 600 4 200 Grand total 280 772 - 2 , 2 9 4 4 300 -1,041 - 1 , 6 6 9 1 Includes sales o f $21 million t o L e b a n o n and $48 million t o Saudi Arabia. 2 Includes sales o f $21 million t o Burma, $32 million t o L e b a n o n , and $13 million t o Saudi Arabia. 3 Includes purchases o f $25 million from the Philippines. 2 150 -820 4 Proceeds from this sale invested b y the I M F i n U . S . G o y t . securities; u p o n termination o f the investment the I M F c a n reacquire the s a m e a m o u n t o f gold from the U n i t e d States. 5 P a y m e n t t o the I M F o f $344 million as increase i n U . S . g o l d s u b scription less sale b y the I M F o f $300 million (see also n o t e 4). U.S. G O L D STOCK A N D H O L D I N G S O F CONVERTIBLE FOREIGN CURRENCIES BY U.S. M O N E T A R Y AUTHORITIES (In millions o f dollars) End of period Gold stock Year Total Total 2 Changes in— 1 Foreign currency Treasury holdings Total Total gold End of period Month Changes in— Gold stock 1 Total Total 2 Foreign currency holdings3 Treasury Total Total gold 1952 1953 1954 1955 1956 1957 1951 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 53 1963—June... 15,956 379 July... .15,764 -1,161 Aug.... 15,725 -298 Sept.... 15,788 15,910 Oct -40 Nov.... 15,780 305 D e c . . . 15,808 799 15,830 15,677 15,633 15,634 15,640 15,609 15,596 15,733 15,633 15,582 15,582 15,583 15,582 15,513 126 87 92 154 270 171 212 -53 -192 -39 63 122 -130 28 -24 -153 -44 1 6 -31 -13 1958 1959 1960 1961 1962 1963 20,582 19,507 17,804 17,063 16,156 15,808 20,582 19,507 17,804 16,947 16,057 15,596 20,534 19,456 17,767 16,889 15,978 15,513 -2,275 -2,275 1964—Jan.... 15,847 -1,075 4-1,075 Feb.... 15,865 -1,703 -1,703 Mar.... 15,990 -741 -857 Apr.... 15,991 -907 -890 May... 15,946 -348 -461 June^.. 15,805 15,540 15,518 15,550 15,727 15,693 15,623 15,512 15,462 15,461 15,462 15,463 15,461 307 347 440 264 253 182 39 18 125 -56 -22 32 111 -34 -70 116 99 212 1 Includes gold sold to the United States by the International Monetary Fund with th e right of repurchase, which amounted to $800 million on June 30, 1964. 2 Includes gold in Exchange Stabilization Fund. 3 For holdings of F.R. Banks only see pp. 858 and 860. -45 -141 4 Includes payment of $344 million increase in U.S. gold subscription to the IMF. NOTE.—See Table 10 on p. 923 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. 915 GOLD RESERVES AND DOLLAR HOLDINGS JULY 1964 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1962 Area and country Western Europe: Austria Belguim Denmark Finland France , Germany, Fed. Rep. of., Greece Italy Netherlands Norway Portugal Spain Sweden Switzerland Turkey United Kingdom Other 2 783 1,542 98 134 3,744 6,409 196 3,627 1,829 155 632 623 671! 3,5751 165 4,191 542 4,057 Latin American republics: Argentina Brazil Chile Colombia Cuba Mexico Panama, Republic o f . . . . Peru Uruguay Venezuela Other June 30, 1963 1 87 1 1 93 83 370 48 789 1,558 96 140 4,128 6,224 243 3,385 1,809 160 635 705 673 3,273 162 4,630 572 2 1 16 2 3 3 * 1 2 111 1 1 73 85 2 137 1 1 73 83 * 298 48 297 46 644 29,888 668 30,093 389 528 644 3,871 3,929 271 429 178 205 16 626 98 152 281 806 336 318 400 167 226 16 690 97 155 276 837 421 393 348 172 243 15 688 111 168 262 905 398 3,603 3,703 288 72 2,499 215 437 1,447 40 296 74 2,558 225 471 1,519 40 295 76 2,613 223 480 1,549 4,958 Total. 903 1.678 147 134 4,510 6,634 258 3,540 1,910 158 646 751 616 3,325 128 4,253 502 708 29,182 3,398 Total Asia: India Indonesia.. Japan Philippines. Thailand... Other Sept. 30, 1963 Dec. 31, 1963 Mar. 31, 1964 U.S. Govt. old& U.S. Gold& U.S. Gold& U.S. Gold& bonds & notes 1 Gold& U.S. Gold& U.S. shortGovt. shortGovt. shortshortGovt. shortGovt. shortGovt. term bonds term bonds term term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars New Old dollars & notes series series 28,916 Total. Canada Mar. 31, 1963 50 5,143 49 5,236 3,882 2 1 13 * 3 3 * 1 2 126 1 133 83 * 361 49 2 129 75 * 328 46 911 1,782 198 176 4,709 6,811 239 2,927 1,898 135 689 807 610 3,528 135 4,245 634 14 1 7 1 * 1 4 131 * 2 130 77 * 380 49 729 30,439 779 741 30,434 800 700 686 687 686 133 1 1 123 82 312 50 901 1,791 192 160 4,653 6,884 265 3,146 1,961 164 688 778 591 3,726 136 3,973 430 3,805 453 360 176 216 14 759 117 198 263 933 376 3,865 4,062 40 302 67 2,689 222 486 1,542 298 92 2,758 ••237 486 '1,643 42 5,308 3,555 452 329 181 244 11 837 91 230 277 1,017 461 453 329 186 231 12 808 129 215 287 992 420 12 14 1 6 1 • 1 4 131 12 14 302 90 2,750 232 513 1,847 42 47 5,514 4,130 38 5,734 44 10 Africa: South Africa... U.A.R. (Egypt). Other 540 188 373 597 193 377 636 191 355 10 683 186 331 671 188 291 670 198 284 Total. ,101 1,167 1,182 10 1,200 1,150 1,152 388 318 Other countries: Australia All other 337 287 Total foreign countries 3 International and regional 4 Grand total 3 340 281 360 355 30 348 326 624 Total 29 29 621 71 30 674 43,054 1,199 1,272 44,653 1,413 45,022 1,530 45,676 1,568 7,349 911 7,214 966 7,089 1,065 7,094 1,163 6,956 1,213 50,403 2,110 50,801 2,238 51,742 2,478 52,116 2,693 52,632 2,781 2,742 52,750 43,58 1 The first column continues the series based on a 1960 survey and subsequently reported securities transactions; the second is based on a survey as of July 31, 1963, and reported securities transactions for Aug.Dec. Data are not available to reconcile the 2 series. 2 Includes, in addition to other Western European countries, unpublished gold reserves of certain Western European countries; gold to be distributed by the Tripartite Commission for the Restitution of Monetary Gold; European Fund; and the Bank for International Settlements (the figures for the gold reserves of the BIS represent the Bank's net gold assets). 3 Excludes gold reserves of the U.S.S.R., other Eastern European countries, and China Mainland. 4 Includes international organizations and Latin American and Euro- 30 373 310 25 683 25 1,524 45,688 1,570 1,218 7,06: 26 30 1,170 2,740 pean regional organizations, except the Bank for International Settlements and European Fund, which are included in "Other Western Europe.' NOTE.—Gold and short-term dollars include reported and estimated official gold reserves, and official and private short-term dollar holdings (principally deposits and U.S. Treasury bills and certificates); excludes nonnegotiable, non-interest-bearing special U.S. notes held by the InterAmerican Development Bank and the International Development Assn. U.S. Govt. bonds and notes are official and private holdings of U.S. Govt. securities with an original maturity of more than 1 year; excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign countries as shown in Table 7 on p. 922. See also NOTE to table on gold reserves. 916 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 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 l Foreign European regional 2 L.A. regional Europe Africa Other countries 2,780 3,115 52,974 3,444 253 227 283 319 119 125 104 152 Latin Canada America Total Officials Other 16,231 17 260 1 8 781 19,874 9 154 10 212 10 940 11,963 7,076 7 048 57,841 7,911 8,473 9 046 10 322 10,162 2,198 2 439 2,758 3,349 2,408 2,308 2,340 2,448 Asia Total Intl. 419,389 21 272 522,533 25,019 43,158 4 012 3,752 5,145 43,158 3 897 3,695 4,938 34 115 57 173 1963—May.... June July.... Aug Sept Oct Nov.... Dec 25,438 25,847 25,501 25,782 25,883 26,298 26,436 25,942 4,860 4,836 4,948 4,821 4,781 4,757 4,669 4,635 4,691 4,671 4,783 4,662 4,622 4,617 4,527 4,499 20 26 18 18 18 17 17 18 143 139 148 142 140 123 125 118 20,578 21,011 20,553 20,961 21,102 21.541 21,767 21,307 12,095 12,377 11,958 12,215 12,392 12,342 12,394 12,467 8,483 8,634 8,594 8,746 8,710 9,198 9,374 8,840 10,282 10,762 10,354 10,666 10,789 10,868 10,826 10,776 3,244 3,174 3,073 3,128 3,107 3,373 3,493 2,988 2,880 2,876 2,940 2,969 3,003 3,019 3,034 3,137 3,704 3,733 3,737 3,741 3,779 3,852 3,955 3,971 303 291 286 293 264 265 274 241 165 175 162 164 160 164 185 194 1964—Jan Feb Mar.... Apr.P... May *.. 26,129 26,128 25,913 26,348 26,354 4,666 4,774 4,725 4,772 4,828 4,534 4,648 4,601 4,588 4,651 17 17 19 16 16 115 109 105 168 161 21,463 21,355 21,188 21,576 21,526 12,217 12,059 12,022 11,753 11,905 9,246 9,295 9,166 9,823 9,621 10,761 10,629 10,693 10,665 10,640 3,100 3,034 2,684 2,903 2,932 3,171 3,191 3,192 3,366 3,330 4,012 4,077 4,194 4,223 4,208 246 238 248 236 231 172 184 111 184 185 Germany, Fed. Rep. of Greece Italy Nether- Norway lands Portugal Spain 186 63 67 119 1,370 1,157 1,987 3 476 2,842 2,730 1,234 1,384 485 328 216 248 95 82 105 125 138 84 99 161 86 149 153 177 213 227 406 490 1959 I960 1961 1962 la. Europe End of period Total Austria Belgium Denmark Finland France Sweden 1959 1960 1961 1962 8,473 9,046 10,322 10,162 331 243 255 329 138 142 326 177 137 54 52 67 71 46 91 73 1963—May.... June.... July.... Aug.... Sept Oct Nov Dec 10,282 10,762 10,354 10,666 10,789 10,868 10,826 10,776 288 310 354 392 399 372 347 74 80 99 101 116 128 144 161 68 365 234 244 218 281 311 410 401 420 70 76 75 73 78 86 99 1,578 1,727 1,444 1,486 1,479 1,434 1,499 1,478 2,670 2,709 2,771 2,844 2,873 2,965 3,041 3,041 174 174 181 176 181 174 183 188 1,054 1,133 1,195 1,287 1,249 1,029 877 803 324 316 238 226 329 367 361 360 130 135 136 133 127 119 119 133 153 147 151 146 149 152 162 191 163 162 184 201 177 164 172 205 483 517 470 432 434 419 431 409 1964—Jan Feb Mar.... Apr.*3... May P . . 10,761 10,629 10,693 10,665 10,640 360 322 342 297 341 440 431 406 436 439 176 157 167 191 195 93 108 110 111 112 1,487 1,467 1,411 1,406 1.518 2,999 3,157 2,858 2,386 2,303 177 167 162 156 148 685 536 784 843 866 319 289 297 260 264 107 96 104 117 159 199 200 192 189 191 206 217 234 421 431 428 Colombia Cuba 164 77 43 715 442 397 495 531 655 519 989 877 la. Europe—Continued End of period Switzer- Turkey land United Kingdom Yugoslavia 218 241 415 420 lb. Latin America Other Other Western6 U.S.S.R. Eastern Europe Europe Total Argentina Brazil Chile Mexico 1959 I960 1961 1962 969 678 875 908 31 18 26 25 1,667 2,227 1,609 990 6 10 12 11 569 357 325 351 3 12 5 3 13 14 16 19 2,408 2,308 2,340 2,448 337 315 235 210 151 194 228 185 135 105 204 135 217 158 147 148 1963—May.... June.... July Aug.... Sept Oct Nov.... Dec 718 890 809 790 824 857 831 906 20 16 16 27 21 26 25 21 1,948 1,907 1,800 1,854 1,747 1,810 1,713 1,489 11 12 12 15 15 15 16 16 172 192 177 179 265 325 395 465 2 3 3 2 2 2 2 19 20 19 19 17 21 20 24 2,880 2,876 2,940 2,969 3,003 3,019 3,034 3,137 335 342 383 399 404 381 360 375 167 169 151 160 181 185 189 179 124 129 114 117 133 122 135 143 165 183 157 168 155 163 162 169 15 14 13 12 13 12 11 11 627 596 658 670 665 632 654 669 1964—Jan Feb Mar.... Apr.P... May P . . 915 919 986 1,043 1,063 18 28 20 16 15 1,786 1,746 1,787 2,016 1,931 14 13 13 13 14 334 320 371 528 396 3 2 3 3 4 23 22 19 21 20 3,171 3,191 3,192 3,366 3,330 381 392 376 377 402 169 172 179 178 189 131 136 138 142 135 174 173 181 190 178 11 11 11 12 11 684 708 681 707 659 For notes see following page. 2 917 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 1964 SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) lb. Latin America—Continued End of period Peru Panama Uruguay Venezuela Other L.A. Rep. lc. .4sia Neth. Other Bahamas Antilles & Latin & Bermuda 8 Surinam America 8 Total China Mainland Hong Kong India Indonesia Israel 36 1959 I960 1961 1962 129 123 87 98 82 72 84 105 62 51 57 101 277 398 418 405 227 235 226 267 9 14 69 111 123 oo 72 89 97 33 12 15 10 2 780 3,115 52 974 3 444 35 35 36 60 57 56 65 114 54 78 41 139 178 76 28 87 75 63 81 1963—May.... June.... July.... Aug Sept Oct Nov.... Dec 110 113 111 109 113 117 111 125 129 121 126 129 141 153 155 158 94 91 93 91 92 93 110 113 498 504 559 541 532 616 581 591 357 331 326 322 310 307 306 350 133 138 129 126 132 128 134 136 95 98 93 89 94 87 82 93 49 49 30 32 36 30 30 20 3,704 3,733 3,737 3,741 3,779 3,852 3,955 3,971 35 35 39 35 35 35 35 35 61 64 61 62 65 67 69 66 47 48 49 48 55 51 49 51 34 32 34 33 23 32 27 48 97 106 91 96 93 105 113 112 1964 Jan . . . Feb Mar.... Apr.?... May P . . 111 113 91 93 90 168 173 173 191 197 105 104 106 98 104 646 592 616 717 687 354 387 395 406 420 128 125 141 154 155 88 87 88 86 85 21 18 16 15 17 4 012 4,077 4,194 4,223 4.208 35 36 36 35 36 78 72 74 73 71 51 52 55 56 67 44 54 46 45 40 121 129 126 131 140 lc. Asia—Continue< Other Asia Total Congo (Leopoldville) 94 84 92 75 141 186 264 333 504 204 254 280 253 227 283 319 31 32 34 35 58 64 93 68 49 29 32 41 20 22 15 14 209 100 108 114 122 126 134 141 149 371 376 379 384 382 382 379 382 375 361 365 356 332 344 381 353 303 291 286 293 264 265 274 241 29 30 30 30 24 24 25 26 103 101 88 85 77 71 59 49 49 38 45 48 40 43 55 41 201 203 209 205 203 166 177 200 215 219 385 400 409 416 416 384 441 472 512 510 246 238 248 236 231 25 25 26 25 24 48 41 33 24 19 42 43 43 46 49 Korea Philippines 1,285 1,887 51,672 2,195 148 152 199 136 172 203 185 174 Sept.... Oct Nov Dec 2,305 2 309 2,315 2 309 2,385 2,403 2,456 2,454 99 92 87 86 86 91 108 113 179 202 204 210 197 209 196 1964—Jan Feb Mar . . Apr.P. . May P. . 2,424 2 388 2 446 2,415 2,392 122 126 124 120 115 1959 I960 1961 1962 1963—May... June... July AUE Taiwan 1 International Bank for Reconstruction and Development, International Monetary Fund, International Finance Corp., International Development Assn., and other international organizations; Inter-American Development Bank, European Coal and Steel Community, European Investment Bank and other Latin American and European regional organizations, except Bank for International Settlements and European Fund which are included in "Europe." 2 Not reported separately until 1962. 3 Foreign central banks and foreign central govts. and their agencies, 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 from end of 1961 reflects principally reclassification of deposits for changes in domicile over the past few years from Cuba to other countries. 8 Data based on reports by banks in the Second F.R. District only for year-end 1959-1962. le. Other countries Thailand Japan End of period Id. Africa South Morocco 8 Africa U.A.R. Other (Egypt) Africa Total Australia All others 95 80 109 161 119 125 104 152 110 88 98 147 9 37 6 5 15 17 15 13 12 18 14 14 107 105 109 117 111 109 121 112 165 175 162 164 160 164 185 194 149 160 147 149 146 148 171 180 16 15 15 15 14 16 14 13 17 19 24 26 21 114 110 123 114 118 172 184 177 184 185 157 170 162 162 164 15 14 15 22 21 9 Bermuda only; Bahamas included in "Other Latin America." 10 Represent a partial breakdown of the amounts shown in the "other" categories (except "Other Eastern Europe") in Tables la-le. Except as indicated by note 11, data for 1962 based on reports by banks in the Second F.R. District only; thereafter data based on reports by banks in all F.R. Districts. 11 Based on reports by banks in all F.R. Districts. NOTE.—Short-term liabilities are principally deposits (demand and time) and U.S. Govt. securities maturing in not more than 1 year from their date of issue; the latter, however, exclude nonnegotiable, noninterest-bearing special U.S. notes held by the International Development Assn. and the Inter-American Development Bank. For data on long-term liabilities, see Table 5. For back figures and further description of the data in this and the following tables on international capital transactions of the United States, see "International Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1962. 918 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 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 1 o (end of period) 1963 1964 Area or country Apr. Other Western Europe: 4.7 8.9 2.0 10 7 7.4 2 7 6 0 8.6 2 4 H23.2 16.5 U42.0 36.3 H22.5 H40.9 10.5 13.8 3 3 14.8 21.2 32.8 47.4 37.8 48.6 74.8 11.9 23.7 5 8 42.5 32.6 29.1 58.0 53.4 41.7 47.9 12.9 20.0 5 6 35 0 35.1 35.9 40.6 62.1 57.8 63.2 17.3 26.3 4 t 52 3 5.7 3.1 6.8 4.1 8.9 2.3 8.4 2.6 9.0 22.6 M1.7 9.9 1.0 1 3 1 3 5.3 2.5 12.6 13.3 8.9 10.2 5.0 9.9 4.9 9.6 2 9 10.8 1 7 Treland Ret) of Other Latin American Republics: Bolivia Dominican Ret?ublic Ecuador El Salvador Guatemala Haiti Honduras Paraguay . Trinidad & Tobago Other Latin America: British West Indies French West Indies & French Guiana ... Other Asia: Afghanistan Burma Cambodia 1962 Apr. 7.0 5.2 4.7 5.6 Dec. 6.9 3.1 4.2 n.a. 2.1 3.7 1964 1963 1962 Area or country Apr. Dec. Apr. 49.4 11.1 1.7 38 2 12.8 77.9 18.9 15.9 32.7 37.1 3.4 11.6 23.5 19 8 2.8 46 5 8.8 76.3 24 1 17.3 21.7 61.7 2.1 12.1 33.4 na 2.7 49 9 6.5 108.1 24 3 16.1 31.6 151 0 1 6 17.0 4.1 17.6 5.5 2.5 26.8 .6 na 2.4 10.9 5 20.8 10.8 13.4 10.5 1.1 24.5 .6 na 2.4 11.6 9 22 3 6.4 22.0 14.1 1.4 17.8 .8 3 6 2.5 1.0 1 0 32 1 4.7 8.8 10.5 18.8 Other Asia (Cont.): Iran Iraq Jordan Kuwait . Laos . Lebanon Malaysia H18.7 8 5 1.2 33 0 14.0 • 65.9 18.4 15.9 Ryukyu Islands (incl. Okinawa). 17.0 Saudi Arabia 28.4 4.9 Syria Viet-Nam 10.1 Other Africa: Algeria Ethiopia incl Eritrea Ghana Liberia Libya Mozambique Nigeria Somali Republic Southern Rhodesia. Sudan Tunisia .. . All other: New Zealand .... 5.7 17 9 6.3 17.8 14.9 1.4 n.a. 8 3 5 2 0 .8 For notes see preceding page. 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars To banks and official institutions End of period Total 419,389 416,913 21,272 18,929 22,450 19,944 22,533 20,025 . . . . 25,019 22,311 1959 I960 1961 1961 5 1962 Deposits U.S. Treasury bills and Demand Time i certificates Special U.S. notes 2 Other 3 7,180 7,491 7,363 7,363 9,214 42,065 2,469 2,388 2,388 3,012 1.328 1,401 1,549 1,567 1,557 2,398 2,230 2,356 2,358 2,565 8,955 9,012 8,811 8,916 8,859 8,735 8,555 8,571 2,976 2,922 2,961 3,028 3,028 3,036 3,036 3,036 1,663 1,690 1,624 1,702 1,752 ,854 1,894 1,853 2,762 2,822 2,797 2,864 2,921 2,943 3,022 3,047 1,405 1,442 1,401 1,399 1,441 1,391 1,454 1,493 8,531 8,371 7,972 7.687 7,800 3,036 3,166 3,171 3.166 3.164 1,774 1,757 1,930 2,215 2,335 3,002 3,070 3.111 3,153 3.107 1,425 1,443 1,424 1,457 1,467 6,341 7,568 8,644 8,707 8,528 25,438 25,847 25,501 25,782 25,883 26,298 26,436 25,942 22,545 22,899 22,595 22,807 22,853 23,209 23,285 22,762 5,471 5,714 5,638 5,487 5,567 5,760 5,994 5,629 26,129 1964—Jan Feb . 26 128 Mar . . . . 25,913 26,348 Apr.^ 26,354 May P 22,997 22,932 22.690 23.078 23,129 5,900 5,796 5,818 6.063 5,899 1963—May June July Aus Sept Oct Nov Dec 3.480 3,561 3,561 3,674 3,647 3,824 3,806 3,673 3,756 3,842 3,799 3,947 3.931 1 Excludes negotiable time certificates of deposit which are included in 2"Other." Nonnegotiable, non-interest-bearing special U.S. notes held by the International Monetary Fund; excludes such notes held by the International Development Assn. and the Inter-American Development Bank, which amounted to $314 million on May 31, 1964. To all other foreigners Total Deposits Total Demand Time i U.S. Treasury Other 3 bills and certificates Payable in foreign currencies 295 148 149 149 116 1,S 33 1,849 1,976 1,977 2,096 806 270 233 231 232 352 77 113 150 150 143 128 109 117 111 109 122 130 127 108 112 108 145 131 125 112 117 118 966 134 119 423 439 421 468 469 499 485 469 980 994 1,023 1,039 1.057 120 127 136 116 87 477 506 528 541 496 832 858 886 902 931 949 130 134 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. 919 INTL. CAPITAL TRANSACTIONS OF THE UJS. JULY 1964 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) Intl. and regional Other countries Europe Canada Latin America 2,624 3,614 3 4,820 5,163 534 717 767 877 272 421 556 526 ,176 ,356 ,522 ,606 586 1,052 3 1,891 2,017 1963—May... June... July. . . Aug Sept.... Oct Nov.... Dec... 5,345 5,529 5,469 5,434 5,435 5,568 5,735 5,915 863 985 877 954 919 964 989 932 580 654 667 597 554 627 632 607 ,593 ,613 ,669 ,698 ,699 ,694 ,688 ,742 2,178 2,141 2,128 2,051 2,125 2,144 2,276 2,470 83 88 78 83 88 82 97 104 48 47 47 50 51 56 52 58 1964—Jan Feb.. Mar.. p May P. 6,084 6,201 6,323 6,456 6,512 948 996 937 1,000 1,027 637 601 688 716 739 ,761 ,753 ,782 ,820 ,793 2,577 2,693 2,771 2,768 2,802 104 100 98 102 98 55 56 46 48 52 Grand total End of period 1959. 1960. 1961. 1962. Asia Africa ; 56 69 85 137 3a. Europe End of period Total Austria Belgium Denmark France Finland Germany, Fed. Rep. of Greece Italy Netherlands Norway Portugal Spain Sweden 1959 1960 1961 1962 534 717 767 877 56 65 20 32 9 23 30 57 32 42 68 54 82 165 186 5 6 6 6 30 34 35 54 38 33 54 27 7 17 27 35 2 4 5 9 8 8 11 19 19 28 35 18 1963—May.. June.. July.. Aug... Sept.. Oct... Nov.. Dec... 863 985 877 954 919 964 989 932 34 29 28 26 28 26 27 26 44 51 51 49 51 49 49 52 72 67 63 65 69 66 65 70 143 256 132 159 146 151 170 121 7 8 10 9 10 9 9 9 58 57 69 85 70 81 82 97 37 34 37 37 37 41 36 33 34 31 34 35 35 34 41 40 12 11 11 12 13 14 16 14 40 44 44 52 45 38 29 30 26 24 25 33 32 33 36 30 1964—Jan.. . Feb... Mar.. Apr. P. May v 948 996 937 1,000 1.027 25 30 28 29 30 53 69 69 75 63 74 80 85 86 92 160 165 123 135 158 9 9 9 9 9 96 95 83 85 90 40 42 43 47 38 39 34 33 34 35 12 12 17 17 15 31 29 32 30 30 25 25 23 29 29 3a. Europe—Continued End of period Switzerland Turkey United Kingdom Yugoslavia 3b. Latin America Other Other Western U.S.S.R. Eastern Europe 4 Europe 5 Total Argentina Brazil Chile Colombia Cuba Mexico 38 60 105 75 47 49 16 42 121 245 181 221 13 11 9 19 1,176 1,356 1,522 1,606 60 121 192 181 117 225 186 171 59 73 127 186 68 80 125 131 115 26 19 17 291 343 425 408 1963—May June July Aug Sept Oct Nov Dec 66 65 69 71 75 91 78 70 44 49 47 44 47 42 23 48 175 188 187 204 196 229 262 225 20 21 21 21 19 20 22 23 1,593 1,613 1,669 1,698 1,699 1,694 1,688 1,742 180 180 200 198 187 183 184 188 196 197 192 199 210 183 172 163 161 166 171 170 179 186 192 187 136 153 146 176 169 180 185 208 18 18 18 18 18 18 18 18 406 409 448 448 454 445 443 465 1964—Jan Feb Mar Apr.?' May P 79 74 77 81 76 36 50 46 25 23 200 208 191 240 250 23 23 23 25 24 1,761 1,753 1,782 1,820 1,793 179 175 176 180 175 170 166 155 147 141 184 184 182 192 186 218 219 223 228 230 17 17 16 17 17 468 477 496 519 509 1959 1960 1961 1962 For notes see following page. 920 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 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 1 Jrui?uay Other L.A. Repub- Venezuela 1959 I960 1961 1962 18 23 32 30 36 44 74 85 47 57 55 122 247 234 144 102 34 29 29 30 30 33 33 35 95 103 106 104 103 103 98 99 97 95 96 93 86 92 82 65 101 99 96 99 102 103 106 114 115 105 113 112 109 116 121 135 1964—Jan... Feb... Mar.. Apr.p. May P 47 45 50 46 41 106 107 110 113 113 54 50 50 48 51 109 112 116 124 125 148 145 147 146 144 Bahamas & Bermuda 1 57 55 56 66 1963—May..., June.. July.. Aug.. Sept.. Oct... Nov.. Dec... 3c. Asia Neth Antill< & Surinam Other Latin Amer- 1963—May July Aug Sect Oct Nov Dec 1964—Jan Feb Mar Apr P May p Korea Philippines 324 806 31 528 1,740 1959 I960 1961 1962 Japan 1 4 1 24 19 114 70 1,898 1,872 1,877 1 798 1,868 1,881 1 995 2 149 14 16 17 16 16 13 26 25 2,223 2,316 2,375 2 368 2,398 28 30 31 29 28 Cong India 2 2 2 2 10 9 9 13 6 9 8 20 14 24 36 37 27 27 29 31 33 31 33 42 10 14 14 1 C 9 i 8 9 19 18 11 10 11 15 14 16 2,178 2,141 2,128 2,051 2,125 2,144 2,276 2,470 2 2 2 2 2 2 2 2 13 12 12 11 11 11 12 11 22 19 16 19 20 18 16 17 31 27 29 28 28 30 25 22 37 33 34 37 35 9 10 12 11 13 15 12 14 12 12 2,577 2,693 2,771 2,768 2,802 2 2 2 2 2 11 11 12 13 13 18 17 26 22 23 25 29 31 34 38 Thailand Other Asia 9 7 10 9 15 24 34 41 180 150 145 80 69 66 52 51 56 63 74 113 16 14 16 13 11 8 8 8 38 40 38 40 43 44 45 52 75 73 69 73 69 72 73 71 83 88 78 83 88 82 97 104 129 142 150 161 155 9 10 9 52 58 58 80 76 77 8 7 57 54 Israel 586 1,052 31 891 2 017 3e. Other countries *d. Africa Taiwan Indc nesi 57 66 74 98 74 84 1 Not reported separately until 1963. 2 Includes Africa until 1963. 3 Includes $58 million reported by banks initially included as of Dec. 1961, of which $52 million reported for Japan. 4 Until 1963 includes Eastern European countries other than U.S.S.R., Czechosolvakia, Poland, and Rumania. 5 Czechoslovakia, Poland, and Rumania only until 1963. 6 Bolivia, Dominican Republic, El Salvador, and Guatemala only until 1963. 7 Until 1963 includes also the following Latin American Republics: Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, and Trinidad and Tobago. C hina N ainand 4 8 13 9 3c. Asia—Continued End of period Total Total i Congo (Leo- Moroc- South poldAfrica co l ville) 3 3 6 2 U.A.R. Other Total 2 (Egypt) Africa i 1? 11 10 10 2 3 13 26 n n 14 3 1 15 16 15 18 25 20 26 29 27 27 28 104 100 98 1 1 25 28 24 102 1 15 15 17 98 2 70 18 29 2 1 2 1 2 2 1 2 1 14 14 24 Australia All others 56 69 85 137 18 28 29 41 21 24 27 57 48 44 42 41 42 36 51 59 48 47 47 50 6 6 6 6 51 56 52 58 42 41 41 43 44 49 44 48 61 55 55 55 56 46 47 49 39 8 8 8 56 49 48 52 40 43 7 8 8 9 8 9 8 Until 1963 includes also African countries other than Congo (Leopoldville), South Africa, and U.A.R.(Egypt). NOTE.—Short-term claims are principally the following items payable on demand or with a contractual maturity of not more than 1 year: loans made to and acceptances made for foreigners; drafts drawn against foreigners where collection is being made by banks and bankers for their own account or for account of their customers in the United States; and foreign currency balances held abroad by banks and bankers and their customers in the United States. Excludes convertible currencies held by U.S. monetary authorities. See also NOTE to Table 1. 921 INTL. CAPITAL TRANSACTIONS OF THF U.S. JULY 1964 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Loans to— End of period Total Total Total Official institutions ! Banks Others Payable in foreign currencies Collec- Acceptances tions made outfor acct. Other 3 standof foring eigners 2 1959 1960 1961 1961 5 1962 2,624 3,614 4,762 4,820 5,163 2,406 3,135 4,177 4,234 4,606 1,309 1,296 1,646 ,660 ,954 351 290 329 329 359 498 524 699 709 953 460 482 618 622 642 516 605 694 700 686 1963—May June July Aug Sept Oct Nov Dec 5,345 5,529 5,469 5,434 5,435 5,568 5,735 5,915 4,751 4,838 4,833 4,803 4,834 4,877 5,100 5,291 ,641 ,706 ,671 ,759 ,736 ,729 ,916 ,917 171 142 136 166 177 153 201 186 790 869 827 876 840 852 961 955 680 695 708 717 719 724 754 776 742 734 741 734 758 773 801 832 1964—Jan Feb Mar Apr.** May » 6,084 6,201 6,323 6,456 6,512 5,442 5,562 5,666 5,761 5,794 2,026 2,059 2,056 2,113 2,161 191 164 150 140 140 1,037 1,090 1,083 1,113 1,153 798 805 823 860 868 863 891 932 942 934 1 Includes central banks. 2 Not reported separately until 1963. 3 Until 1963 includes acceptances made for account of foreigners. 4 Until 1963 includes foreign government securities, commercial and finance paper. Total Foreign govt. seDeposits curities, with for- comml. Other eigners and finance paper 2 4 582 1,233 1,837 1,874 1,967 217 480 586 586 557 203 242 385 386 371 2,051 2,031 2,040 1,961 2,030 2,034 2,040 2,203 316 367 381 349 310 341 344 340 595 692 636 631 602 691 636 624 389 461 401 407 404 462 429 428 152 176 176 170 148 174 156 153 54 54 58 55 49 55 51 42 2,236 2,313 2,380 2,368 2,359 317 300 298 339 340 642 638 658 694 718 394 407 394 430 435 204 194 209 209 220 43 36 55 56 62 15 238 200 200 186 5 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 1959 I960 1961 1962 Loans All other 1,545 1,698 2,034 2,160 1963 May . June . July Aus Sept Oct Nov .... Dec 1964 Total Payable in foreign currencies Jan Feb Mar p Apr May P.. .. 1 7 2 4 * * • 12,379 2,396 2,431 2,472 2,510 2,510 2,579 2 3,005 12,379 2,396 2,431 2,472 2,510 2,508 2,576 2 3,003 12,345 2,361 2,395 2,433 2,469 2,468 2,541 2,786 36 217 2 2 60 66 3,048 3,109 3,224 3,251 3,277 3,046 3,107 3,223 3,251 3,276 2,829 2,891 3,008 3,039 3,064 217 217 215 212 212 2 2 70 71 104 140 154 1 Includes $86 million of long-term loans previously held but reported for the first time as of May 1963. 2 Includes $193 million reported by banks for the first time as of Total liabilities 33 35 36 39 41 39 • * 2 34 40 50 53 52 63 December 1963, representing in part claims previously held but not reported by banks. 922 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 1964 6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. corporate securities 2 U.S. Govt . bonds and notes l Foreign bonds Foreign stocks Net purchases or sales Period regional Total 1963—May July Sept Oct Nov Dec 1964—Jan Feb Mar Apr.** Net pur- PurSales chases or chases sales 2,419 3,384 2,568 2,980 Official 2 167 3,161 2,508 2,773 252 223 60 207 883 802 1,093 991 310 354 208 225 239 261 258 277 239 342 192 207 236 272 227 254 71 12 16 18 4 -11 31 23 144 57 75 45 228 50 29 40 409 157 117 110 232 43 61 62 309 230 299 340 288 296 264 334 360 273 13 -34 -35 -20 15 40 51 43 70 53 37 126 40 175 157 Sales Net purchases or sales Other 127 512 -728 671 I960 1961 1962 1963 Net pur- PurSales chases or chases sales Purchases Foreign Intl. T/vfoi 225 532 -521 302 —98 -20 -207 369 206 22 -10 142 83 8 105 -25 101 -8 -3 105 -4 3 61 -14 105 30 -7 37 87 5 44 -11 127 31 5 43 82 14 43 -6 -21 —1 -12 —6 5 —9 1 -5 30 -27 -4 -83 -48 1 * 1 -103 43 29 —27 -5 20 27 26 17 3 -27 -8 19 4 1 Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign countries; see Table 7. 2 Includes small amounts of State and local govt. securities. 1,445 —562 1,262 —460 2,037 -944 2,086 - 1 , 0 9 5 509 596 702 696 592 966 806 644 —83 —370 -104 51 -265 — 100 -41 -65 -4 7 -32 -22 67 59 55 42 44 60 70 63 87 61 79 43 23 31 28 28 -20 -2 —24 3 -75 3 -105 -103 77 62 66 69 62 45 36 36 49 50 32 26 31 20 12 21 29 42 34 NOTE.—Statistics include transactions of international and regional organizations. See also NOTE to Table 1. 7. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars) Payable in foreign currencies Payable in dollars End of period Total Austria Belgium 30 1962 Dec 251 1963 June JUly Aug Sept Oct Nov Dec 605 25 655 705 705 705 705 25 25 25 25 25 730 50 1964—Jan Feb Mar 730 50 Germany Apr May June 1 730 680 732 802 802 Switzerland 200 50 50 50 50 50 30 30 30 30 30 200 225 150 175 30 30 275 200 30 275 200 150 30 30 30 30 275 477 477 477 Total Canada Italy Sweden 51 200 200 200 200 200 200 275 275 275 275 275 Includes the equivalent of $70 million payable in Swiss francs to the Bank for International Settlements. Italy 200 175 175 175 175 175 175 175 175 175 1245 1245 183 208 163 163 163 163 125 125 125 125 125 125 58 58 13 25 25 25 25 25 125 13 13 13 13 160 125 10 160 25 125 10 125 125 125 125 8 g 8 2 25 163 158 158 158 152 25 25 25 25 25 923 INTL. CAPITAL TRANSACTIONS OF THE UJS. JULY 1964 8. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Period Country or area Total Stocks I960 1961 1962 1963 Bonds 202 323 111 198 50 -99 —51 9 252 223 60 207 Canada Latin America Asia 72 61 24 16 234 232 124 199 —45 -112 —43 —47 36 44 —20 14 13 44 — 18 17 45 19 21 13 11 -2 36 18 12 -12 -4 1 -6 -11 -14 2 6 3 * 8 4 -3 1 4 1 -5 6 7 6 1 -4 2 1 1 1 1 -16 -22 -19 -24 8 8 4 5 3 6 -12 -25 -25 -27 3 11 -10 United Kingdom 171 166 129 — 14 —48 — 17 —33 206 39 32 38 21 4 —8 * - 4i 1963—May.. June.. July. . Aug... Sept... Oct... Nov... Dec... 71 12 16 18 4 -11 31 23 60 21 8 16 11 -8 38 21 10 -9 8 1 -7 -3 -7 2 3 * 2 -7 * 8 2 -10 6 3 1964—Jan... Feb... Mar... Apr. p . May*. 13 -34 -35 -20 15 4 -26 -51 -17 2 9 -9 16 -2 14 -2 * 2 * 1 -2 -6 -13 -6 -12 1 Total Europe Switzerland France -2 - 1i 20 2 9 15 22 Not reported separately until May 1963. Yearly figures include Africa. 2 Other Europe i 4 * 5 1 10 1 -10 -2 2 c 10 9 Total foreign ~ i coungional tries Intl. and r e I960 1961 1962 1963 -284 -102 -65 -66 16 36 10 12 1964—Jan Feb Mar Apr.*\. . May*.. . 35 -49 33 -85 -91 1 2 3 -287 2 -104 8 -73 1 -67 2 15 4 32 2 8 2 10 3 1 2 -48 1 14 12 17 22 < X * i 2 2 2 2 2 2 2 i f i 1 2 2 1 1 2 3 1 1 |c 1 (In millions of dollars) Canada Latin Amer- Asia ica Other Africa* countries 2 — 196 — 107 — 41 -318 -58 -121 — 360 — 41 — 175 -614 — 26 - 2 5 2 — 36 — 73 — 50 —8 -24 -24 2 -7 -11 10 2 16 -207 -42 -6 -29 -16 28 8 -2 * 1 -36 2 16 2 2 1 -57 -41 -36 -34 20 -10 -5 -11 1 1 * 4 * * 6 * 1 2 1 2 1 * 1 24 22 23 24 8 16 -76 10 -44 -93 1 -4 1 -14 3 -10 8 -4 -5 -12 * * * * * 1 1 1 2 1 32 -49 31 -37 -92 Not reported separately until May 1963. Yearly figures include Africa. 1 3 Assets in custody Europe — 645 — 147 — 498 — 117 1 -832 -262 -830 — 1,048 — 235 — 813 — 188 — 1,044 - 9 6 —949 -49 1963—May.... June.... July.. .. Aug Sept Oct Nov Dec Intl. and regional 10. DEPOSITS, U.S. GOVT. SECURITIES, AND GOLD HELD AT F. R. BANKS FOR FOREIGNERS (In millions of dollars) Total Other countries 2 NOTE.—Statistics include small amounts of State and local govt. securities. 9. N E T P U R C H A S E S O R SALES BY F O R E I G N E R S O F L O N G - T E R M F O R E I G N S E C U R I T I E S , BY AREA Period Africa^ End of period Deposits U.S. Govt. securities* Earmarked gold ... 345 217 279 247 4 477 5,726 6,006 6,990 9,861 11,843 11 905 12,700 1963—June.. July... Aug... Sept... Oct.... Nov... Dec... 175 182 177 174 175 165 171 7,957 7,733 7,856 7,945 8,241 8,343 8,675 12,917 13,086 13,129 13,132 13,025 13,048 12,954 1964—Jan.... Feb.. . Mar... Apr... May.. June.. 136 155 167 166 161 156 8,740 8,731 8,105 7,860 7,892 8,043 12,899 12,884 12,775 12,726 12,747 12,795 1959 I960 1961 . 1962 i U.S. Treasury bills, certificates of indebtedness, notes, and bonds; includes securities payable in foreign currencies. NOTE.—Excludes deposits and U.S. Govt. securities held for international organizations. Earmarked gold is gold held for foreign and international accounts (for back figures, see "Gold," Section 14 of Supplement to Banking and Monetary Statistics, 1962). 924 INTL. CAPITAL TRANSACTIONS OF THE U.S. JULY 1964 11. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS (End of period; in millions of dollars) Claims on foreigners Liabilities to foreigners 1962 Area and country IV Europe: II Ii 2 23 2 1 31 35 2 26 56 13 1 6 7 40 5 127 3 3 * 1 IV I Ii 7 9 27 2 100 4 3 * * 6 24 8 3 51 117 5 78 31 15 6 20 15 28 4 238 3 5 1 2 5 24 6 4 59 114 6 82 24 15 8 25 17 28 6 192 3 4 5 24 6 4 59 114 6 82 24 15 8 25 17 28 6 196 3 4 1 2 IV* II III Spain Turkey United Kingdom Other V^estern Europe ^ . . . . . . USSR Other Eastern Europe 3 Total Latin America: 26 4 109 4 1 * 110 4 1 1 339 341 356 384 339 660 625 629 639 660 678 63 64 59 62 72 752 789 830 918 887 668 6 6 17 3 18 3 6 21 4 5 * 6 17 3 4 25 11 6 9 2 7 13 3 7 * 8 20 5 34 106 25 15 6 57 13 20 6 22 13 3 6 4 33 20 31 108 25 17 6 58 13 14 7 33 22 31 108 25 18 6 58 13 14 7 33 22 6 45 7 41 7 41 30 103 26 20 6 56 14 19 5 37 38 11 9 11 28 112 23 22 6 53 13 19 4 38 40 12 10 8 40 113 25 19 5 59 13 27 9 36 39 12 5 10 no 386 382 382 383 389 413 * 4 39 * 4 50 3 7 127 4 10 5 5 39 * 3 49 4 7 142 4 11 6 5 44 • 2 14 * 4 42 7 130 4 11 3 4 42 157 6 9 4 11 255 275 254 291 2 1 8 15 15 2 1 9 12 18 3 2 9 11 18 41 42 43 9 17 4 4 * 6 25 8 1 24 6 * .. . Asia: 3 1 3 1 6 6 5 9 1 5 9 1 23 3 23 3 8 15 8 15 6 18 4 5 * 10 11 4 3 27 11 3 9 2 101 101 113 119 2 2 11 .... Venezuela 2 2 8 2 2 8 2 2 15 2 1 29 1 7 1 1 21 3 3 10 24 123 4 11 3 5 2 2 2 Total Africa: Congo (Leopoldville) 46 3 4 * 4 16 18 33 * 4 50 3 7 124 4 10 5 5 39 90 90 99 82 72 236 251 1 * 11 9 14 * * 12 10 10 * 10 5 8 3 3 3 10 10 9 12 9 12 35 Korea Taiwan Thailand Other Asia 2 1 46 3 4 * 4 16 2 2 16 2 2 43 3 5 * 4 19 97 Israel 2 1 52 3 3 * 4 16 Hong Kong 33 25 * 1 1 12 South Africa U.A.R. (Egypt) Other Africa 5 6 6 1 Total 5 Other countries: Australia Allother 7 2 26 3 1 33 34 2 25 46 14 129 . Bahamas and Bermuda 5 Neth. Antilles & Surinam Other Latin America 6 Total 26 4 2 20 3 1 32 33 2 30 50 13 1 7 8 27 4 118 3 2 * * 5 20 Brazil . Chile Colombia Cuba Mexico Peru 29 46 12 1 7 8 2 18 2 1 31 36 1 29 46 12 1 7 8 81 Greece Italy Netherlands Norway . . 2 18 2 1 31 36 III 309 Denmark. Finland France 2 21 3 1 32 33 1 28 33 10 1 9 7 24 4 94 4 1 * 1 I 1963 1962 1963 5 1 2 5 27 7 3 50 106 6 83 34 15 7 23 20 36 5 201 3 3 * 3 6 26 5 3 48 106 7 102 24 16 7 26 19 30 6 218 3 4 * 3 4 42 7 8 21 8 4 47 103 9 106 32 18 8 29 17 27 5 225 3 4 1 3 10 7 41 11 13 10 13 10 13 13 4 18 6 17 5 24 26 26 27 26 27 28 8 28 7 32 9 30 30 17 24 22 74 77 77 35 35 42 International and regional 37 * * * * 1 1 1 3 2 2 Grand total 653 624 679 703 639 2,109 2,125 2,175 2,295 2,269 2,137 • Total » ... * 626 1 Includes data for a number of firms reporting for the first time 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. 7 Until June 1963 includes also African countries other than Congo (Leopoldville), South Africa, and U.A.R. (Egypt). 8 Includes Africa until June 1963. NOTE.—Reported by exporters, importers, and industrial and commercial concerns in the United States. Data exclude claims held through U.S. banks, and intercompany accounts between U.S. companies and their foreign affiliates. See also NOTE to Table 1. 925 U.S. BALANCE OF PAYMENTS JULY 1964 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1963 Item 1960 ' 1961 1962 ' 1964 1963 III ] IV A. Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and other than special U.S. Govt. transactions— Seasonally adjusted Exports of goods and services—Total * Merchandise Military sales Investment income receipts, private. Investment income receipts, Govt... Other services 27,044 19,459 335 2,911 349 3,990 28,438 19,913 402 3,464 380 4,279 30,084 20,576 656 3,850 471 4,531 31,673 21,938 634 3,982 498 4,621 7,416 4,984 181 1,026 123 1,102 7,880 5,459 206 972 124 1,119 7,972 5,597 Imports of goods and $—;ces—Total. Merchandise Military expenditures Investment income payments Other services , -23,193 -14,723 -3,048 -939 -4,483 -22,852 -14,497 -2,954 -882 -4,519 -25,021 -16,134 -3,044 -995 -4,848 -26,160 -16,931 -2,897 -1,207 -5,125 -6,293 -4.017 -747 Balance on goods and services 1. 3,851 5,586 5,063 Remittances and pensions -672 -705 -738 1. Balance on goods, services, remittances and pensions 3,179 4,881 -2,780 -1,664 -1,213 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 -527 8,858 6,087 993 125 1,165 8,405 5,898 P 155 991 126 1,235 -1,258 -6,506 -4,197 -731 -286 -1,292 -6,659 -4,353 -711 -309 -1,286 -6,702 -4.364 -708 -341 -1,289 -6,680 -4,347 -720 -298 -1,315 5,513 1,123 1,374 1,313 1,703 2,178 -826 -213 -219 -203 -191 -202 4,325 4,687 910 1,155 aio 1,512 1,976 -3,396 -1,854 -1,939 -3,551 -1,919 -2,129 -3,784 -1.896 -2,181 -880 -445 -558 -1,166 -500 -620 -789 -455 -441 -949 -496 -562 -740 -435 -516 -261 -249 -50 -260 -31 -103 46 48 10 156 35 183 20 29 163 12 -9 162 -444 -271 ^213 1,231 127 1,200 U.S. short-term capital Foreign short-term capital 5 . 80 578 147 599 94 643 -3,545 -1,674 -863 430 -3,558 -1,599 -1,025 447 -3,268 -1,654 -1,227 272 -3,903 -1,862 -1,644 318 -1,086 -581 -521 -1,350 -451 -598 204 -427 -236 -302 68 -1,040 -594 -223 47 -1,309 -463 -226 12 -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 41 583 12 20 141 -1,556 175 -553 -106 -696 -19 46 -29 -572 67 26 17 -196 -74 -645 13 73 -108 -772 -998 -1,111 -286 -124 42 -3,918 -3,071 -3,605 -3,286 -3^918 4. Errors and unrecorded transactions. Balance of A ( = 1 + 2 + 3 + 4 ) Less: Net seasonal adjustments Balance of A before seasonal adjustment. -3^07i -3^605 -3^286 -1,180 -367 -813 -1,319 -107 -1.212 -277 -383 462 -845 -404 12 -416 -181 -249 68 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 8 Foreign currency securities 3,918 53 -16 3,071 696 5 3,605 681 470 3,286 326 359 813 25 20 1,212 34 845 241 105 416 26 239 -68 c 251 -43 31 -74 63 58 5 -10 19 -29 -95 -45 -50 i -1 -55 -5 -50 702 150 552 350 125 225 152 175 25 150 securities,1 "isi" Sales of convertible nonmarketable securities,1 net Dollar securities Foreign currency securities Change in U.S.9 short-term liabilities reported by U.S. banks and foreign holdings of marketable U.S. Govt. bonds and notes International and regional organizations 1 ° Foreign private holders excluding banks 11 Foreign commercial banks Foreign official holders Change in U.S. monetary reserve assets (increase, — ) IMF position Convertible currencies Gold 1,738 637 -152 104 1,149 1,764 407 81 595 681 670 211 131 -129 457 1,564 -238 394 438 970 323 -65 76 386 -74 917 -46 115 75 773 192 -15 93 -31 145 132 -112 110 8 126 -156 -86 34 322 -426 2,143 441 606 -135 -116 857 1,533 626 17 890 378 30 -113 461 32 -46 -33 111 124 2 6 116 227 59 -28 196 -5 15 -58 38 -57 131 -228 46 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. 54 140 8 Includes certificates sold abroad by Export-Import Bank. Includes official liabilities. 10 includes, for International Monetary Fund, only changes in its holdings of income-earning U.S. Govt. securities. 1 * Including undetermined holders. 9 NOTE.—Dept. of Commerce data. Minus sign indicates net payments (debits); absence of sign indicates net receipts (credits). 926 FOREIGN TRADE; MONEY RATES JULY 1964 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Imports 2 Exports i Export surplus Period 1961 1962 1963 1964 1961 1962 1963 1964 1961 1962 1,623 1,712 1,751 1,662 1,585 3 1,582 3 1,689 1,689 1,678 1,780 1,733 1,725 1.668 1,809 1,672 1,795 1,762 1,836 1,748 1.703 31^908 31,523 1,725 31,839 3985 32,118 31,960 31,913 1,893 1,785 1,823 1,895 1,980 1,946 1 945 2,049 2,037 2,029 2,078 2,046 2,052 1.161 ,150 1,163 1,152 ,153 3 1,174 3 ,379 1,254 1,262 ,300 .309 1,315 1.327 1,320 1,342 1,365 1,404 1,351 ,347 1.346 31,471 31,312 1,425 31,377 31,092 31,497 31,487 3J.417 1,420 1,421 1,458 1,508 1,450 1,459 1,472 .480 1,430 1,445 1,523 1,542 1,548 462 562 588 341 489 330 430 358 485 401 II Ill IV 5,086 3 4,829 3 5,056 5 238 5,149 5,393 35,359 35,087 35,063 35 591 5,698 5 940 6,144 3,474 3 3,479 3 3,895 3,924 3,989 4,120 34,164 34,114 34,076 34,258 4,416 4,411 4,398 Year * 20,152 20,945 22,288 14,713 16,389 17,151 Month: Jan Feb Mar Apr May June July SeDt Oct Nov Dec Quarter: 1 Exports of domestic and foreign merchandise; excludes Dept. of Defense shipments of grant-aid military equipment and supplies under Mutual Security Program. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. 510 432 1963 3-107 3621 3473 3496 473 3 408 3 310 435 416 480 424 410 3437 3211 300 3462 364 365 387 530 487 473 569 1,612 3 1,350 3 1,161 1 314 1,160 1,273 31,195 3973 3987 31 333 1,282 1 529 5,439 4,556 1964 607 584 555 504 504 5,137 357 1,746 3 Significantly affected by strikes. * Sum of unadjusted figures. NOTE.—Bureau of the Census data. OPEN MARKET RATES (Per cent per annum) United Kingdom Canada Month Treasury Day-today bills, 3 months i money 2 Bankers' Treasury acceptbills, ances, 3 months 3 months Day-today money France Banker's allowance Day-today on money 3 deposits Germany, Fed. Rep. of Netherlands Treasury bills, 60-90 days 4 Day-today moneys Treasury bills, 3 months 1961—Dec 1962—Dec 2.82 3.88 2.37 3.75 5.61 3.86 5.35 3.64 4.83 3.30 4.00 2.50 3.58 3.51 2.00 2.63 3.06 3.50 1.32 1.98 1963—May June July Aug Sept Oct Nov Dec 3.33 3.23 3.39 3.64 3.69 3.57 3.64 3.71 3.33 2.89 2.91 3.12 3.14 2.99 3.22 3.55 3.88 3.84 3.87 3.85 3.88 3.86 3.91 3.91 3.67 3.69 3.77 3.71 3.69 3.67 3.75 3.74 2.92 2.88 2.98 2.97 3.00 2.98 3.02 3.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 3.91 4.76 5.26 4.10 3.13 3.64 4.14 4.66 2.63 2.63 2.63 2.63 2.63 2.63 2.63 2.63 2.94 3.88 3.44 2.69 2.94 2.88 2.75 2.56 1964—Jan Feb Mar 3.76 3.81 3.88 3.75 3.66 3.51 3.57 3.70 3.52 3.33 3.91 4.00 4.53 4.53 4.56 3.72 3.91 4.30 4.30 4.35 3.03 3.10 3.79 3.81 3.77 2.00 2.08 3.00 3.00 3.00 4.13 4.33 4.98 5.03 6.18 2.63 2.63 2.63 2.63 2.63 2.69 2.69 3.38 3.44 May 1 Based on average yield of weekly tenders during month. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. * Rate in effect at end of month. Day-today money Switzerland Private discount rate 2.00 2.00 1.96 1.87 2.07 1.78 1.89 1.95 2.10 2.25 Lll 1.24 1.58 1.14 L.92 1.06 1.24 1.11 1.14 L.56 2.31 2.33 2.88 3.00 3.10 1.67 1.88 2.51 1A2 1.98 2.00 2.00 2.00 2.38 2.50 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 5 Based on average of lowest and highest quotation during month. NOTE.—For description of rates and back data, see "International Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1962. 927 MONEY RATES JULY 1964 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of June 30, 1963 Countrv 1963 Per cent Month effective July Austria Belgium Brazil Burma 6.0 4.5 3.5 10.0 4.0 Dec. June Dec. Apr. Feb. Canada ] Ceylon Chile 2 China (Taiwan) 3 Colombia 3.5 4.0 14.2 15.84 8.0 May 1963 Aug. 1960 Jan. 1963 14.21 Aug. 1962 14.04 May 1963 Costa Rica Denmark Ecuador El Salvador Finland .... 3.0 6.5 5.0 6.0 7.0 1957 1963 1962 1958 1962 Apr. 1939 May 1961 Nov. 1956 June 1961 Apr. 1962 France Germany, Fed. Rep. of Ghana Greece Honduras 4 3.5 3.0 4.5 5.5 3.0 Oct. May Oct. Jan. Jan. Iceland India 5 Indonesia I ran Ireland 9.0 4.5 3.0 6.0 3.95 Dec. 1960 Jan. 1963 Apr. 1946 Nov. 1960 June 1963 Israel Italy Jamaica Japan Korea 6.0 3.5 5.0 5.84 10.22 Feb. 1955 June 1958 Mar. 1963 Apr. 1963 June 1960 4.5 3.5 7.0 6.0 3.5 4.0 4.0 2.0 7.0 4.0 June June Feb. Feb. Oct. 7.5 5.0 4.0 4.5 May May Jan. Dec. Dec. Jan. Mar. Feb. Apr. Pakistan Peru Philippine Republic Portugal South Africa •.. •• n ...... 6.0 4.5 4.25 10.0 4.0 4.0 4.0 14.39 14.04 8.0 14.39 I 55 6 0 6.5 i 1960 1961 1961 1963 1962 I 4.0 9.0 4.6 3.94 3.98 4.5 3.94 4.62 4.5 4.69 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 6.57 10.5 4.0 4.5 .... I . i ! . i 50 9.0 4.5 9.0 4.0 4.69 6.0 3.5 4.0 6.57 10.5 4.0 4 5 3.0 6.5 5.0 6.0 7.0 4.0 3.0 4.5 5.5 3.0 i l j i 1 On June 24, 1962, the bank rate on advances to chartered banks was fixed at 6 per cent. Rates on loans to money market dealers will continue to be .25 of 1 per cent above latest weekly Treasury bill tender average rate but will not be more than the bank rate. 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at the average rate charged by banks in the previous half year. Old rediscounts remain subject to old rates provided their amount is reduced by one-eighth each month beginning with May 1, 1959, but the rates are raised by 1.5 per cent for each month in which the reduction does not occur. 3 Rate shown is for call loans. 4 Rate shown is for advances only. 5 Rate applies to advances against commercial paper as well as against govt. securities and other eligible paper. 6 Beginning with June 1, 1962, the rediscount rate for commercial bank loans financing the purchase of surplus agricultural commodities tinder 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. June 4 0 1961 1962 1963 1960 Netherlands New Zealand Nicaragua Norwav May 4 25 4.0 1961 1963 1959 1945 1962 Turkey United Arab Rep. (Egypt). . United Kingdom Venezuela Nov. Jan. 1959 Nov. 1959 Jan. 1962 Jan. 1944 Nov. 1962 Spain Sweden Switzerland Thailand Tunisia Oct. Sept. June 1942 Jan. 1963 Mar. 1961 Apr. 1954 Feb. 1955 4.0 9.5 6.0 2.0 3.5 Aug. Rate as of June 30, 1964 1964 4.5 4.5 7.0 6.0 3.5 4.0 9.5 6.0 2.0 3.5 4.0 4.5 2.0 7.0 4.0 7.5 5.0 5.0 4.5 shown is the one at which it is understood the central bank transacts the largest proportion of its credit operations. Other rates for some of these countries follow: Argentina—3 and 5 per cent for certain rural and industrial paper, depending on type of transaction; Brazil—8 per cent for secured paper and 4 per cent for certain agricultural paper; Colombia—5 per cent for warehouse receipts covering approved lists of products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent for rediscounts in excess of an individual bank's quota; Costa Rica—5 per cent for paper related to commercial transactions (rate shown is for agricultural and industrial paper); Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by national public securities; Ecuador—6 per cent for bank acceptances for commercial purposes; Indonesia—various rates depending on type of paper, collateral, commodity involved, etc.; Japan—penalty rates (exceeding the basic rate shown) for borrowings from the central bank in excess of an individual bank's quota; Peru—8 per cent for agricultural, industrial and mining paper; and Venezuela—4 per cent for rediscounts of certain agricultural paper and for advances against govt. bonds or gold and 5 per cent on advances against securities of Venezuelan companies. 928 FOREIGN EXCHANGE RATES JULY 1964 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina (peso) Australia (pound) Austria (schilling) Belgium (franc) Canada (dollar) Ceylon (rupee) Denmark (krone) Finland (markka) France (franc) 2.207 5.556 1.2730 1.2026 1.2076 .9080 .7245 223.88 223.81 223.71 223.28 223.73 223.10 3.8536 3.8619 3.8461 3.8481 3.8685 3.8690 2.0044 2.0012 2.0053 2.0052 2.0093 2.0052 103.025 104.267 103.122 98.760 93.561 92.699 21.049 21.055 21.048 21.023 21.034 21.015 14.482 14.508 14.505 14.481 14.490 14.484 3118 .3115 .3112 .3110 .3107 131.057 .2374 .2038 20.389 20.384 20.405 220.404 .7265 .7309 .7439 .7034 .6767 .6942 .7391 223.12 223.17 223.07 222.92 222.93 222.93 222.83 3.8702 3.8719 3.8712 3.8706 3.8686 3.8659 3.8690 2.0036 2.0038 2.0039 2.0037 2.0026 2.0059 2.0067 92.722 92.598 92.325 92.590 92.757 92.778 92.629 21.015 21.015 21.010 21.019 21.015 21.021 21.019 14.490 14.488 14.470 14.485 14.479 14.484 14.489 31.057 31.057 31.056 31.057 31.057 31.057 31.059 20.405 20.405 20.405 20.404 20.400 20 405 20.404 .7514 .7582 .7438 .7287 .7312 .7272 222.97 222.86 222.95 223.03 223.06 222.64 3.8702 3.8681 3.8675 3.8687 3.8686 3.8694 2.0071 2.0068 2.0070 2.0082 2 0089 2.0060 92.551 92.575 92.534 92.498 92.499 92.499 21.025 21.021 21.019 21.020 21 021 21.009 14.471 14.457 14.484 14.494 14.482 14.470 31.063 31.068 31.077 31.077 31 066 31.063 20.402 20.403 20.404 20.405 20 405 20.401 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 Sept Oct Nov Dec 25.121 25.109 25.101 25.121 25.137 25.154 25.165 20.965 20.968 20.962 20.951 20.961 20.961 20.954 280.02 280.08 279.96 279.77 279.78 279.78 279.65 .16081 .16086 .16102 .16078 .16062 .16065 .16065 .27563 .27550 .27554 .27589 .27603 .27586 .27564 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 27.780 27.755 27.712 27.721 27.749 27.765 27.765 277.25 277.31 277.19 277.00 277.01 277.01 276.88 1964 Jan Feb Mar Apr May J une 25.148 25.169 25.163 25.160 25.159 25.165 20.963 20.959 20.968 20.970 20.977 20.945 279.83 279.69 279.81 279.90 279.94 279.42 .16065 .16063 .16029 .16000 .16001 .16002 .27589 .27567 .27603 .27583 .27579 .27580 32.706 32.694 32.645 32.595 32.606 32.571 8.0056 8.0056 8.0056 8.0056 8.0056 8.0056 27.753 27.733 27.731 27.711 27.681 27.627 277.06 276.92 277.04 277.13 277.17 276.65 Norway (krone) Philippine Republic (peso) Portugal (escudo) Spain (peseta) Sweden (krona) Switzerland (franc) United Kingdom (pound) 139.57 139.87 139.48 2.3810 ? OS79 .6635 .6643 .6654 1.6664 19.328 19.324 19.349 19.353 19.397 19.272 23.328 23.142 23.152 23.151 23.124 23.139 280.98 280.88 280.76 280.22 280.78 280.00 Period Official 1958 1959 1960 1961 1962 1963 1963 . . June . July Aug Sent Oct Nov Dec 1964—Jan Feb Mar . .. Apr May June Period 1958 1959 I960 1961 1962 1963 1963 June July .. Period 1958 1959 I960 1961.. . . 1962 1963 . ... . . . . Free 14.008 14.028 14.018 14.000 14.010 13.987 49.695 49.721 49.770 3.4900 3.4967 3.4937 3.4909 3.4986 3.4891 South Africa (pound) 279.93 279.83 279.71 279.48 (rand) 1963—June July Aug Sept Oct Nov Dec 13.997 13.993 13.985 13.971 13.971 13.970 13.972 3.4900 3.4900 3.4893 3.4881 3,4863 3.4875 3.4874 139.49 139.52 139.46 139.36 139.37 139.37 139.30 L6663 .6663 .6664 6664 .6664 .6665 1.6666 19.286 19.302 19.266 19.268 19.250 19.262 19.250 23.125 23.129 23.164 23.171 23.171 23.166 23.170 280.02 280.08 279.96 279.77 279.78 279.78 279.65 1964—Jan 13.969 13 962 13.976 13.989 13.992 13 984 3.4861 3 4848 3.4867 3.4879 3.4874 3.4847 139.39 139 32 139.38 139.43 139 45 139.19 [.6665 1 6664 1.6663 1.6664 6664 1.6663 19.272 19 290 19.430 19.451 19.464 19.467 23.168 23 122 23.110 23.143 23 171 23.172 279.83 279 69 279.81 279.90 279 94 279.42 Feb Mar Apr May June 1 A new markka, equal to 100 old markkaa, was introduced on Jan.l, 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, 1962. BOARD OF GOVERNORS of the Federal Reserve System WM. M C C . MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman A. L. MILLS, JR. J. L. ROBERTSON CHAS. N. SHEPARDSON GEORGE W. MITCHELL J. DEWEY DAANE RALPH A. YOUNG, Adviser to the Board GUY E. NOYES, Adviser to the Board CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel CLARKE L. FAUVER, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS MERRITT SHERMAN, Secretary FREDERIC SOLOMON, Director KENNETH A. KENYON, Assistant Secretary ELIZABETH L. CARMICHAEL, Assistant Secretary ARTHUR L. BROIDA, Assistant Secretary KARL E. BAKKE, Assistant Secretary GLENN M. GOODMAN, Assistant Director BRENTON C. LEAVITT, Assistant Director JAMES C. SMITH, Assistant Director ANDREW N. THOMPSON, Assistant Director LEGAL DIVISION LLOYD M. SCHAEFFER, Chief Federal Examiner HOWARD H. HACKLEY, General Counsel DAVID B. HEXTER, Assistant General Counsel THOMAS J. O'CONNELL, Assistant General Counsel JEROME W. SHAY, Assistant General Counsel WILSON L. HOOFF, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION EDWIN J. JOHNSON, DIVISION OF RESEARCH AND STATISTICS DANIEL H. BRILL, Reserve Director H. FRANKLIN SPRECHER, JR., Assistant Director Director ROBERT C. HOLLAND, Associate Director ALBERT R. KOCH, Associate Director DIVISION OF ADMINISTRATIVE SERVICES FRANK R. GARFIELD, Adviser J. CHARLES PARTEE, Adviser KENNETH B. WILLIAMS, Adviser JOSEPH E. KELLEHER, Director HARRY E. KERN, Assistant Director LEWIS N . DEMBITZ, Associate Adviser ROBERT SOLOMON, Associate Adviser OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE JOHN KAKALEC, RALPH A. YOUNG, Director J. HERBERT FURTH, Adviser Controller SAMPSON H. BASS, Assistant Controller A. B. HERSEY, Adviser ROBERT L. SAMMONS, Adviser REED J. IRVINE, Associate Adviser SAMUEL I. KATZ, Associate Adviser JOHN E. REYNOLDS, Associate Adviser RALPH C. WOOD, Associate Adviser OFFICE OF DEFENSE PLANNING INNIS D. HARRIS, Coordinator DIVISION OF BANK OPERATIONS JOHN R. FARRELL, DIVISION OF DATA PROCESSING Director GERALD M. CONKLING, Assistant M. B. DANIELS, Assistant W. M. DAVIS, Acting Director LEE W. LANGHAM, Assistant Director Director JOHN N. KILEY, JR., Assistant Director Director 930 OPEN MARKET COMMITTEE A N D ADVISORY COUNCIL 93_L Federal Open Market Committee WM. M C C . MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON A. L. MILLS, JR. HARRY A. SHUFORD J. DEWEY DAANE GEORGE W. MITCHELL ELIOT J. SWAN W. BRADDOCK HICKMAN J. L. ROBERTSON EDWARD A. WAYNE CHAS. N. SHEPARDSON RALPH A. YOUNG, Secretary J. HERBERT FURTH, Associate Economist MERRITT SHERMAN, Assistant Secretary GEORGE GARVY, Associate Economist KENNETH A. KENYON, Assistant Secretary DAVID L. GROVE, Associate Economist ARTHUR L. BROIDA, Assistant Secretary ROBERT C. HOLLAND, Associate Economist HOWARD H. HACKLEY, General Counsel HOMER JONES, Associate Economist DAVID B. HEXTER, Assistant General Counsel ALBERT R. KOCH, Associate Economist GUY E. NOYES, Economist MAURICE MANN, Associate Economist DANIEL H. BRILL, Associate Economist BENJAMIN U. RATCHFORD, Associate Economist ROBERT W. STONE, Manager, System Open Market Account CHARLES A. COOMBS, Special Manager, System Open Market Account Federal Advisory Council LAWRENCE H. MARTIN, BOSTON EDWARD B. SMITH, CHICAGO WILLIAM H. MOORE, NEW YORK JAMES P. HICKOK, ST. LOUIS WILLIAM L. DAY, PHILADELPHIA L. A . STONER, CLEVELAND JOHN F. WATLINGTON, JR., RICHMOND J. FlNLEY MCRAE, ATLANTA HERBERT V. PROCHNOW, Secretary JOHN A. MOORHEAD, MINNEAPOLIS, President M . L . BREIDENTHAL, KANSAS CITY JAMES W. ASTON, DALLAS, Vice President RANSOM M . COOK, SAN FRANCISCO WILLIAM J. KORSVIK, Assistant Secretary 932 FEDERAL RESERVE BULLETIN • JULY 1964 Federal Reserve Banks and Branches Federal Reserve Bank or branch Zip Code Boston Philip D. Reed James DeCamp Wise Whitworth Ferguson 19101 Walter E. Hoadley David C. Bevan Karl R. Bopp Robert N. Hilkert 44101 Joseph B. Hall Logan T. Johnston Howard E. Whitaker William A. Steele W. Braddock Hickman Edward A. Fink Edwin Hyde William H. Grier Harry B. Cummings Clarence P. Street Edward A. Wayne Aubrey N. Heflin Jack Tarver J. M. Cheatham C. Caldwell Marks Harry T. Vaughn Andrew D . Holt J. O. Emmerich Malcolm Bryan Harold T. Patterson Robert P. Briggs James H. Hilton James William Miller Charles J. Scanlon Hugh J. Helmer Raymond Rebsamen J. H. Longwell Carey V. Stabler C. Hunter Green Frank Lee Wesson Harry A. Shuford Darryl R. Francis Atherton Bean Judson Bemis C. G. McClave Frederick L. Deming M. H. Strothman, Jr. Homer A. Scott Dolph Simons Robert T. Person James E. Allison Clifford Morris Hardin George H. Clay Henry O. Koppang Robert O. Anderson Carl J. Thomsen Dysart E. Holcomb Edgar H. Hudgins Harold D . Herndon Watrous H. Irons Philip E. Coldwell F. B. Whitman John D. Fredericks S. Alfred Halgren Graham J. Barbey Howard W. Price Robert D. O'Brien Eliot J. Swan H. Edward Hemmings ...14240 Philadelphia Baltimore Charlotte Atlanta , 45201 ...15230 ,• 23213 21203 ...28201 ...30303 Birmingham 35202 Jacksonville , 32201 Nashville .,,37203 New Orleans , . , ...70160 Chicago ...60690 Detroit ...48231 St. Louis ...63166 Little Rock Louisville Memphis Minneapolis ...72203 40201 ...38101 . 55440 Helena ...59601 Kansas City .. 64106 Denver ,..80217 Oklahoma City.. ...73101 Omaha ...68102 Dallas El Paso Houston San Antonio San Francisco Los Angeles Portland Salt Lake City Seattle Vice President in charge of branch Alfred Hayes William F. Treiber Buffalo Richmond President First Vice President George H. Ellis Earle O. Latham 10045 Cincinnati Pittsburgh Deputy Chairman Erwin D. Canham William Webster ...02106 New York Cleveland Chairman ..75222 , 79999 ,..77001 ...78206 94120 90054 97208 84110 ...98124 Insley B. Smith Fred O. Kiel Clyde E. Harrell Donald F. Hagner Edmund F. MacDonald Edward C. Rainey Thomas A. Lanford Robert E. Moody, Jr. Morgan L. Shaw Russel A. Swaney Fred Burton Donald L. Henry E. Francis DeVos Clement A. Van Nice John W. Snider Howard W. Pritz George C. Rankin Roy E. Bohne J. Lee Cook Carl H. Moore Clifford H. Watkins William M. Brown Arthur L. Price Erwin R. Barglebaugh Federal Reserve Board Publications The material listed may be obtained from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System. For a more complete list, including periodic releases, see pp. 807-10 of the June 1964 BULLETIN. (Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS. 1963. 297 pp. ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Monthly. $6.00 per annum or $.60 a copy in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela. (In quantities of 10 or more of same issue sent to one address, $5.00 per annum or $.50 each.) Elsewhere, $7.00 per annum or $.70 a copy. DEBITS AND CLEARINGS STATISTICS AND THEIR USE. 1959. 144 pp. $1.00 a copy; in quantities of 10 or more sent to one address, $.85 each. Study by a Federal Reserve System Committee. 1959. I l l pp. $1.00 a copy; in quantities of 10 or more sent to one address, $.85 each. THE FEDERAL FUNDS MARKET—A FEDERAL RESERVE BULLETIN. FEDERAL RESERVE CHART BOOK ON FINANCIAL AND BUSINESS STATISTICS. Monthly. Annual subscription includes one issue of Historical Chart Book. $6.00 per annum or $.60 a copy in the United States and the countries listed above. (In quantities of 10 or more of same issue sent to one address, $.50 each.) Elsewhere, $7.00 per annum or $.70 a copy. ALL-BANK STATISTICS, Base. 1962. 172 pp. $1.00 a copy; in quantities of 10 or more sent to one address, $.85 each. (The 1959 revision available at $.50 a copy.) INDUSTRIAL PRODUCTION—1957-59 INDUSTRIAL PRODUCTION MEASUREMENT IN THE UNITED STATES: CONCEPTS, USES, AND COMPILATION PRACTICES. Prepared in reply to an inquiry from the Economic Commission for Europe. 50 pp. of text, plus tables and charts. THE FEDERAL RESERVE ACT, as amended through Oct. 1, 1961, with an appendix containing provisions of certain other statutes affecting the Federal Reserve System. 386 pp. $1.25. SUPPLEMENT TO BANKING AND MONETARY STATIS- TICS. Sec. 1. Banks and the Monetary System. 1962. 35 pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50. Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 14. Gold. 1963. 24 pp. $.35. Sec. 15. International Finance. 1962. 92 pp. $.65. Issued annually in Sept. Subscription to monthly chart book includes one issue. $.60 a copy in the United States and the countries listed above. (In quantities of 10 or more sent to one address, $.50 each.) Elsewhere, $.70 a copy. HISTORICAL CHART BOOK. TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Pt. I. 1959. 108 pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. Individual books $1.00 each; set of 3, $2.50. FLOW OF FUNDS IN THE UNITED STATES, 1939-53. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. RULES OF ORGANIZATION AND PROCEDURE—BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. 1962. 40 pp. of the Board of Governors, as of Dec. 31, 1962. $2.50. PUBLISHED INTERPRETATIONS 1955. 390 pp. $2.75. 1896-1955. 1959. 1,229 pp. $4.00. 933 934 FEDERAL RESERVE BULLETIN • JULY 1964 REPRINTS (From Federal Reserve BULLETIN unless preceded by an asterisk) A THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS IN THE UNITED STATES. NOV. 1938. MEASURING AND ANALYZING ECONOMIC GROWTH. 20 pp. BANK LOANS SECURED BY STOCKS AND BONDS. July 1963. 19 pp. BANK EXAMINER LOOKS AT AGRICULTURAL LENDING. July 1963. 8 pp. Aug. 1963. 14 pp. THE MONETARY SYSTEM OF THE UNITED STATES. Feb. 1953. 16 pp. CHANGES IN BANKING STRUCTURE, 1953-62. Sept. 1963. 8 pp. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY. May 1953. 7 pp. I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U.S. Summary containing a description of revised statistics for all banks in the United States, by class of bank, together with revised statistics. Apr. 1959. 94 pp. •PART ECONOMIC CHANGE AND ECONOMIC ANALYSIS. Sept. 1963. 17 pp. BANK AND PCA LENDING TO FARMERS. Sept. 1963. 11pp. U.S. BALANCE 1963. 8 pp. THE OF PAYMENTS, 1961-63. Oct. SECURITIES THE OPEN MARKET POLICY PROCESS. Oct. REVISION OF CONSUMER CREDIT STATISTICS. Dec. RECENT INTEREST RATE TRENDS. NOV. STATISTICS ON THE GOVERNMENT MARKET. Apr. 1961. 8 pp. 1961. 15 pp. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. 1961. 3 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. 1962. 10 pp. 1963. 11pp. 1963. 10 pp. BANK CREDIT AND MONEY IN 1963. Feb. 1964. 7 pp. SURVEY OF FINANCIAL CHARACTERISTICS OF CONSUMERS. Mar. 1964. 9 pp. TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS AND THE GOLD POOL. Mar. 1964. 14 pp. FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. U.S. TRADE AND PAYMENTS IN 1963. Apr. 1962. 15 pp. 1964. 7 pp. A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962. FLOWS 14 pp. THROUGH FINANCIAL INTERMEDIARIES. May 1964. 9 pp. FARM DEBT AS RELATED TO VALUE OF SALES. BANKING AND MONETARY STATISTICS, 1963. Feb. 1963. 9 pp. CHANGES IN STRUCTURE OF THE FEDERAL DEBT. Mar. 1963. 10 pp. FINANCING THE U.S. PAYMENTS DEFICIT. Apr. 1963. 8 pp. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. June MEASURES OF MEMBER REVISION OF BANK CREDIT SERIES. June 1964. 5 pp. NEW FOREIGN BOND ISSUES MARKET. May 1963. 13 pp. REVISION OF THE MONEY SUPPLY SERIES. 1964. 14 pp. Apr. 1963. 11 pp. 1963. 14 pp. Se- lected series of banking and monetary statistics for 1963 only. Feb., Mar., and May 1964. 15 pp. IN THE BANK RESERVES. U.S. RECENT MONETARY AND CREDIT DEVELOPMENTS. July 1964.9 pp. July FEDERAL RESERVE SECURITY 1954-63. July 1964. 16 pp. TRANSACTIONS, Index to Statistical Tables Acceptances, bankers', 874, 876 Agricultural loans of commercial banks, 868, 870 Assets and liabililties {See also Foreign liabilities and claims): Banks and the monetary system, consolidated, 863 Corporate, current, 888 Domestic banks, by classes, 864, 868, 870 Federal Reserve Banks, 858 Automobiles: Consumer instalment credit, 892, 893, 894 Production index, 896, 897 Bankers' balances, 869, 871 {See also Foreign liabilities and claims) Banks and the monetary system, consolidated statement, 863 Banks for cooperatives, 883, 884 Bonds {See also U.S. Govt. securities): New issues, 884, 885, 886 Prices and yields, 874, 875 Brokers and dealers in securities, bank loans to, 868, 870 Business expenditures on new plant and equipment, 888 Business indexes, 900 Business loans {See Commercial and industrial loans) Capital accounts: Banks, by classes, 864, 869, 872 Federal Reserve Banks, 858 Carloadings, 900 Central banks, foreign, 912, 927 Coins, circulation of, 861 Commercial banks: Assets and liabilities, 864, 867, 868 Consumer loans held, by type, 893 Number, by classes, 864 Real estate mortgages held, by type, 889 Commercial and industrial loans: Commercial banks, 868 Weekly reporting member banks, 870, 873 Commercial paper, 874, 876 Condition statements {See Assets and liabilities) Construction, 900, 901 Consumer credit: Instalment credit, 892, 893, 894, 895 Noninstalment credit, by holder, 893 Consumer price indexes, 900, 904 Consumption expenditures, 906, 907 Corporations: Sales, profits, taxes, and dividends, 887, 888 Security issues, 885, 886 Security prices and yields, 874, 875 Cost of living {See Consumer price indexes) Currency in circulation, 852, 861, 862 Customer credit, stock market, 875 Deposits—continued Federal Reserve Banks, 858, 923 Postal savings, 857, 863 Discount rates, 856, 927 Discounts and advances by Federal Reserve Banks, 852, 858, 860 Dividends, corporate, 887, 888 Dollar assets, foreign, 915, 923 Earnings and hours manufacturing industries, 903 Employment, 900, 902, 903 Farm mortgage loans, 889, 890 Federal finance: Cash transactions, 878 Receipts and expenditures, 879 Treasurer's balance, 878 Federal home loan banks, 883, 884, 891 Federal Housing Administration, 875, 889, 890, 891 Federal intermediate credit banks, 883, 884 Federal land banks, 883, 884 Federal National Mortgage Assn., 883, 884, 891 Federal Reserve Banks: Condition statement, 858 U.S. Govt. securities held by, 852, 858, 860, 880, 881 Federal Reserve credit, 852, 858, 860 Federal Reserve notes, 858, 861 Federally sponsored credit agencies, 883, 884 Finance company paper, 874, 876 Financial institutions, loans to, 868, 870 Float, 852 Flow of funds, 908 Foreign central banks, 912, 927 Foreign currency operations, 858, 860, 914, 922 Foreign deposits in U.S. banks, 852, 858, 863, 869, 872, 923 Foreign exchange rates, 928 Foreign liabilities and claims: Banks, 916, 918, 919, 921, 923 Nonfinancial concerns, 924 Foreign trade, 926 Gold: Certificates, 858, 861 Earmarked, 923 Net purchases by U.S., 914 Production, 913 Reserves of central banks and govts., 912 Reserves of foreign countries and international organizations, 915 Stock, 852, 863, 914 Govt. debt {See U.S. Govt. securities) Gross national product, 906, 907 Hours and earnings, manufacturing industries, 903 Housing starts, 901 Industrial production index, 896, 900 Instalment loans, 892, 893, 894, 895 Insurance companies, 877, 880, 881, 890 Insured commercial banks, 866, 868 Interbank deposits, 857, 864, 869 Interest rates: Bond yields, 874 Business loans by banks, 873 Federal Reserve Bank discount rates, 856 Foreign countries, 926, 927 Mortgage yields, 875 Open market, 874, 926 Debits to deposit accounts, 860 Demand deposits: Adjusted, banks and the monetary system, 863 Adjusted, commercial banks, 860, 862, 869 Banks, by classes, 857, 864, 872 Turnover of, 860 Type of holder, at commercial banks, 869 Deposits {See also specific types of deposits): Adjusted, and currency, 863 Banks, by classes, 857, 864, 869, 872, 876 935 936 Interest rates—continued Stock yields, 874 Time deposits, maximum rates, 857 International capital transactions of the U.S., 916 International institutions, 912, 914, 915 Inventories, 906 Investment companies, new issues, 886 Investments (See also specific types of investments): Banks, by classes, 864, 868, 871, 876 Commercial banks, 867 Federal Reserve Banks, 858, 860 Life insurance companies, 877 Savings and loan assns., 877 Labor force, 902 Loans (See also specific types of loans): Banks, by classes, 864, 868, 870, 876 Commercial banks, 867 Federal Reserve Banks, 852, 858, 860 Insurance companies, 877, 890 Insured or guaranteed by U.S., 889, 890, 891 Savings and loan assns., 877, 890 Manufactures, production index, 897, 900 Margin requirements, 857 Member banks: Assets and liabilities, by classes, 864, 868 Borrowings at Federal Reserve Banks, 854, 858, 872 Deposits, by classes, 857 Number, by classes, 865 Reserve requirements, 857 Reserves and related items, 852 Weekly reporting series, 870 Mining, production index, 897, 900 Money rates (See Interest rates) Money supply and related data, 862 Mortgages (See Real estate loans) Mutual savings banks, 863, 864, 866, 876, 880, 881, 889 National banks, 866 National income, 906, 907 National security expenditures, 879, 906 Nonmember banks, 866, 868, 869 Payrolls, manufacturing, index, 900 Personal income, 907 Postal Savings System, 857, 863 Prices: Consumer, 900, 904 Security, 875 Wholesale commodity, 900, 904 Production, 896, 900 Profits, corporate, 887, 888 Real estate loans: Banks, by classes, 868, 876, 889 Mortgage yields, 875 Type of holder, 889, 890, 891 Type of property mortgaged, 889, 890, 891 Reserve requirements, member banks, 857 Reserves: Central banks and govts., 912 Commercial banks, 869 Federal Reserve Banks, 858 FEDERAL RESERVE BULLETIN • JULY 1964 Reserves—continued Foreign countries and international organizations, 915 Member banks, 852, 854, 857, 869, 871 Residential mortgage loans, 889, 890, 891 Retail sales, 900 Sales finance companies, consumer loans of, 892, 893, 895 Saving: Flow of funds series, 908 National income series, 907 Savings deposits (See Time deposits) Savings institutions, principal assets, 876, 877 Savings and loan assns., 877, 881, 890 Securities (See also U.S. Govt. securities): Federally sponsored agencies, 883 International transactions, 922, 923 New issues, 884, 885, 886 Silver coin and silver certificates, 861 State member banks, 866 State and local govts.: Deposits of, 869, 872 Holdings of U.S. Govt. securities, 880, 881 New security issues, 884, 885 Ownership of obligations of, 868, 876, 877 Prices and yields of securities, 874, 875 Stock market credit, 875 Stocks: New issues, 885, 886 Prices and yields, 874, 875 Tax receipts, Federal, 879 Time deposits, 857, 862, 863, 864, 869, 872 Treasurer's account balance, 878 Treasury cash, 852, 861, 863 Treasury currency, 852, 861, 863 Treasury deposits, 852, 858, 878 Unemployment, 902 U.S. balance of payments, 925 U.S. Govt. balances: Commercial bank holdings, by classes, 869, 872 Consolidated monetary statement, 863 Treasury deposits at Federal Reserve Banks, 852, 858, 878 U.S. Govt. securities: Bank holdings, 863, 864, 868, 871, 876, 880, 881 Dealer transactions, positions, and financing, 882 Federal Reserve Bank holdings, 852, 858, 860, 880, 881 Foreign and international holdings, 858, 915, 923 International transactions, 922 New issues, gross proceeds, 885 Outstanding, by type of security, 880, 881, 883 Ownership of, 880, 881 Prices and yields, 874, 875 United States notes, outstanding and in circulation, 861 Utilities, production index, 897, 900 Vault cash, 852, 857, 869 Veterans Administration, 889, 890, 891 Weekly reporting member banks, 870 Yields (See Interest rates) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES o THE FEDERAL RESERVE SYSTEM g) Legend 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