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
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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
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INDUSTRIAL PRODUCTION MEASUREMENT IN THE
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inquiry from the Economic Commission for
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THE FEDERAL RESERVE ACT, as amended through
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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.
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FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
REGULATIONS OF THE BOARD OF GOVERNORS OF
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RULES OF ORGANIZATION AND PROCEDURE—BOARD
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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
@FedFRASER