Full text of Federal Reserve Bulletin : July 1965
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FEDERAL RESERVE
B U LLETIN
July
Volume
Number 7
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASH1SGTOS
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or $5.00 for 12 months.
FEDERAL RESERVE
B U LLETIN
Contents
Recent Credit and Monetary Developments
Revision of the Money Supply Series
Balance of Payments Program:
Revised Guidelines for Nonbank Financial Institutions
Statements to Congress
Law Department
Announcements
National Summary of Business Conditions
Guide to Tabular Presentation
Financial and Business Statistics, U.S. (Contents on p. 965)
International Financial Statistics (Contents on p. 1027)
Board of Governors and Staff
Open Market Committee and Staff; Federal Advisory Council
Federal Reserve Banks and Branches
Federal Reserve Board Publications
Index to Statistical Tables
Map of Federal Reserve System
Inside back
E D I T O R I A L
921
933
944
947
953
957
962
964
966
1028
1046
1047
1048
1049
1051
cover
C O M M I T T E E
Charles Molony
Ralph A. Young
Guy E. Noyes
Daniel H . Brill
Elizabeth B. Sette
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements
and signed articles.
RECENT CREDIT AND MONETARY
DE VELOPMENTS
921
D
uring the first half of 1965, banks increased their loans at the fastest rate of the current expansion even though Federal Reserve
policy was less stimulative than it had been since the present upswing began.
Loan increases during the first quarter were heavily influenced
—as were gross national product and industrial production—by
temporary and unusual circumstances, mainly the large build-up
in inventories of steel and automobiles and increased purchases of
automobiles by consumers. Lending in that period also reflected
effects of the dock strike and a surge in foreign loan demand.
Continued expansion of the economy helped to maintain credit
demands in the second quarter, but the growth rate was less than
in the unusualfirstquarter.
CHART I
LOANS account (or increase in bank credit in '65
RATIO SCALE
BILLIONS OF DOLLARS
TOTAL
INVESTMENTS
SECURITIES
U S GOVT
NOTE.—Seasonally adjusted last-Wednesday-of-month data, except for June 30 and Dec. 31 (Dec. 31 data estimated for 1962
and 1963), {or all commercial banks. Interbank loans excluded.
Latest figures, June (preliminary).
A large inflow of time and savings deposits in tjhe first quarter,
in response to higher rates permitted under Regulation Q since
last November, helped banks to meet the increased demands for
credit. At the same time, however, with Federal Reserve policy
somewhat firmer, banks reduced their investment in Government securities, and member banks increased their borrowings
from the Federal Reserve. Average holdings of excess reserves
declined.
The money supply, while fluctuating, rose moderately on bal-
FEDERAL RESERVE BULLETIN • JULY 1965
922
ance over the first half of 1965; most of the increase occurred in
June. Earlier, movements in the money stock had been influenced
by large transfers of funds into time and savings deposits and then
by large but uneven build-up in Treasury cash balances.
Most short-term interest rates were higher at midyear than in
late 1964. Yields on Treasury bills in recent months, however,
have on the average been moderately below the peaks reached in
late February; most recently they have tended upward again.
Long-term yields showed little net change until May and June,
when yields on corporate and State and local government issues
rose somewhat in response to an increase in new offerings.
The sharp increase in bank loans to foreigners in late 1964
and early 1965 contributed to a large deficit in the U.S. balance
of payments. In February the Federal Reserve—at the request of
the President and in cooperation with the Treasury—introduced
a program under which financial institutions were asked to limit
voluntarily their expansion of foreign loans and investments. The
initial impact of this program has been to reduce and then to reverse net dollar outflows from commercial banks.
The loss of monetary gold by the United States during the first
half of 1965 exceeded that during all of 1964. About $260 million of the $1.4 billion decline since the year-end represented a
transfer of gold in late June to the International Monetary Fund
in accordance with this country's agreement last March to a 25
per cent increase in its quota at the Fund; this transfer of gold
to the Fund did not affect the international reserve position of the
United States since the amount the United States can draw freely
from the Fund increased correspondingly. The large gold sales to
foreign countries in the first half of 1965 were offset by a similar
large decline in U.S. liabilities to foreign monetary authorities.
Early in March the Congress removed the requirement that
the Federal Reserve Banks hold gold certificates equal to 25 per
cent of their deposit liabilities, but it retained the gold certificate
requirement against Federal Reserve notes. Gold certificates thus
freed could then be used to meet the requirement for Federal
Reserve note liabilities, and the ratio of certificate holdings to
Federal Reserve liabilities subject to the requirement rose from
less than 28 per cent to 42 per cent. On June 30 the ratio was
38.6 per cent, but without this change in the law it would have
been slightly under the statutory limit.
BANK CREDIT
^T
,
.
.
.
,
Notwithstanding a reduction in marginal reserve availability,
bank credit, seasonally adjusted, increased by $15.0 billion during
the first half of 1965, or at an annual rate of 11.2 per cent. This
contrasted with growth of 8.4 per cent for 1964 as a whole.
RECENT CREDIT AND MONETARY DEVELOPMENTS
923
The expansion was particularly sharp in the first quarter when
loans rose at a seasonally adjusted annual rate of 20.8 per cent,
compared with 11.8 per cent for the whole year 1964. Even in the
second quarter, however, loans continued to rise at a considerably
faster rate than during the previous year. As a result, the loans-todeposits ratio, which had stabilized in the last few months of 1964,
rose to a postwar high of 63.5 per cent at midyear.
Banks reduced their Government security holdings—especially
of short-term issues—during the first half, but holdings of other
types of securities continued to rise. On a seasonally adjusted
basis, total bank investment in securities declined.
CHART 2
BANK LIQUIDITY declined in first half of '65
PER CENT OF DEPOSITS
SHORT-TERM GOVTS.
NOTE.—Based on data for all commercial banks. Loans exclude interbank loans. Short-term U.S.
Govt. securities are those maturing within a year as estimated by the Federal Reserve. Deposits
are net of cash items in process of collection. Latest figures (preliminary): loans, June; U.S.
Govts., May.
The liquidation of short-term Government securities reduced
the ratio of such assets to deposits to the lowest level of the current
cycle except at the time of the July 1964 advance refunding, but
the ratio still remained somewhat above thej lows of 1956 and
1960. However, some banks have increased their holdings of
other money market assets—such as bankers' acceptances and
dealer loans—during this expansion, and others have acquired
liquid funds through the sale of certificates of deposit (CD's).
Moreover, an increasing number of smaller banks recently have
used the Federal funds market as a vehicle for reserve adjustment.
Foreign bank credit. In addition to strong loan demands from
domestic businesses and others in the first quarter, there were unusually large net extensions of U.S. bank credit to foreigners in
early 1965—as there had been in the fourth quarter of 1964.
Such credit outstanding had increased by alj)out $300 million a
month in the period December through February.
FEDERAL RESERVE BULLETIN • JULY 1965
Loan demands from abroad during 1964 reflected increasing
tightness in European financial markets as well as effects of the
interest equalization tax (IET) on issuance of securities here by
developed countries other than Canada. This tax raised the cost to
borrowers in these countries of security issues sold in the U.S.
market, causing some foreign borrowers to seek long-term credit
from commercial banks. Bank lending abroad during late 1964
and early 1965 was also stimulated by the anticipation that the
President would use his authority under existing legislation to
extend this tax to term loans to foreigners by U.S. banks. On February 10, 1965, the President took this action.
Bank credit extensions to foreigners fell sharply after February,
partly as a result of the application of the IET to term loans, but
more importantly as a result of the voluntary program to limit
foreign lending and investing. In March growth in bank loans to
foreigners also fell off very sharply, and in April and May there
was a decline in foreign loans outstanding at banks of more than
$ 100 million a month.
Business loans. Bank loans to business rose faster in the first 6
months of this year than in any other comparable period since
1956. The expansion accounted for almost one-half of the increase
in total bank credit—the largest proportion in the current business upswing.
Strikes, and the threat of strikes, played an important part in the
special demands affecting bank loans during the period. A dock
strike in January and February led to increased credit demands by
commodity dealers and food processors, whose financing needs increased as flows of goods into and out of the country were sharply
curtailed. The rebound in automobile production to record levels
following work stoppages in that industry late in 1964 added to the
demands for bank loans, particularly to finance growth in dealer
inventories. In addition, the steel-using industries were stockpiling
inventories in anticipation of a possible steel strike in May; with
the strike deadline extended to September, inventory accumulation
has continued into the summer, although at a slower rate.
While these temporary demands for credit moderated somewhat
in the second quarter, bank loans to business still rose substantially. The pervasive strength of this demand reflected increasing needs for external financing for working capital and in connection with the continued expansion in expenditures for plant and
equipment.
One indication of the higher level of demand was the large increase in business loans at the June tax and dividend dates. The
increase was substantially greater than in other recent years, even
though corporate income tax payments were only slightly larger
924
925
RECENT CREDIT AND MONETARY DEVELOPMENTS
than last year and outstanding tax anticipation bills and CD's
maturing around the tax date were much larger.
Other loans. Bank portfolios of real estate loans expanded by
about $2 billion in the first half of 1965, a rate of net accumulation that was the smallest since 1961. Demands from businesses
and consumers for other types of bank loans, the somewhat slower
increase in total mortgage debt, competition for mortgages from
other lenders, and increased pressure on bank reserves, all played
a part in the slowing down of real estate lending by banks.
Bank loans to consumers other than on real estate are estimated
to have risen somewhat more rapidly than in the first half of 1964.
This year marks the fourth successive year that consumers have
added large amounts to their debt for automobiles and for other
nonresidential purposes. The faster rate of expansion in consumer
credit this year reflected in part automobile sales diverted to 1965
by strikes in late 1964 and probably also extra borrowing in connection with personal income tax payments in April.
All other loans increased slightly less rapidly than in the January-June period last year, although loans to security dealers and
finance companies rose more than usual in June as nonfinancial
corporations liquidated Government securities and finance company notes in order to pay income taxes.
CHART 3
BUSINESS LOANS increase rapidly in late '64 and early ' J5, accounting for more of the growth
in total bank credit
PER CENT
PER CENT. RATIO SCALE
—
150
-
-
50
•
//
INDEX
FEB. 1961 OOO
J
—
130
_
CONTRIBUTION TO INCREASE IN
TOTAL BANK CREDIT
30
^^^^^^
-
—
/
110
y
-
0
100
1961
1963
•65
NOTE.—Seasonally adjusted data for all commercial banks partly
estimated. Index based on last-Wednesday-of-month data. For
the other series, the percentage is computed from annual changes
10
1961
1963
'65
in business loans and bank credit based on Dec. 31 data (estimated for 1962 and 1963), except for quarterly data in 1965 (preliminary), which are based on last-Wednesday-of-month data.
FEDERAL RESERVE BULLETIN • JULY 1965
926
Bank investments. Commercial bank holdings of U.S. Government securities, seasonally adjusted, declined by $3.8 billion, or at
an annual rate of 12.4 per cent, during the first half of the year.
This was a larger percentage decline than for any comparable
earlier period in the current business upswing.
During the last few months of 1964 banks had built up their
holdings of short-term Governments—that is, those maturing
within 1 year—possibly in anticipation of increased loan demand.
In the first half of 1965 they reduced these holdings in order to
finance a rapidly expanding loan demand within a framework of
a less expansive monetary policy. Moreover, with the bill yield
over most of the period considerably below the discount rate and
the Federal funds rate, banks had an incentive to reduce bill holdings in preference to other methods of reserve adjustment. Nevertheless, in the late spring, bank holdings of all short-term Governments (including bills) accounted for about the same proportion
of the now smaller Government security portfolios of banks as in
1963-64 on the average.
While reducing their holdings of short-term Treasury issues,
banks were showing considerable interest in Government securities maturing in more than 5 years. They acquired $5.6 billion
of longer-term issues in the January advance refunding and $1.1
billion in the May refunding. Concurrently, they reduced holdings
of intermediate-term securities. As a result, the proportion of 1- to
5-year issues declined while holdings of longer-term issues increased to about a fourth—the highest proportion of recent years.
Bank acquisitions of other securities—mainly State and local
government and Federal agency issues—accelerated early in 1965
as time and savings deposits grew more rapidly. Acquisitions fluctuated after February but continued at a somewhat higher rate
during the second quarter even though loan demand was large and
monetary policy less expansive. For the first 6 months of the year
holdings of other securities increased by $3.3 billion, or at a
seasonally adjusted annual rate of 17.1 per cent, as opposed to a
10.6 per cent rate for all of 1964.
BANK DEPOSITS AND
MONEY STOCK
.
.
, ,.
.
In response to higher offering rates, the public increased its
holdings of commercial bank time and savings deposits sharply in
the early months of 1965. However, during the second quarter the
growth in these deposits moderated.
The money stock showed no change over January and February,
mainly because of the transfer of demand deposits to time deposits.
After February, money holdings—while fluctuating—increased
somewhat, although less than in 1964.
Time and savings deposits. During the first half of 1965 season-
927
RECENT CREDIT AND MONETARY DEVELOPMENTS
ally adjusted time and savings deposits expanded at an annual rate
of 14.7 per cent, somewhat more than the 12.8 per cent growth in
all of 1964.
The initial reaction of the public to the higher rates offered by
banks on interest-bearing deposits after rate ceilings were raised
in November 1964 was similar to their reactions to other rate
changes since the mid-1950's. In January and February such
deposits rose at near-record rates. But in subsequent months the
slackening was greater than usually follows the initial surge,
and these deposits grew at about the lowest rates since 1961.
This slower growth after February reflected increased purchases of
TIME AND SAVINGS DEPOSITS continue to grow faster than the money stock
CHART 4
BILLIONS OF DOLLARS
IM»^^
•
MONEY STOCK
—
,
•
. —'
•
m
'
DEMAND DEPOSITS
.
ADJUSTED
•
'
~ 120
—
-
TIME AND SAV INGS
DEPOSITS
160
80
^
- * "
1361
1963
'65
NOTE.—Seasonally adjusted monthly averages of daily figures. Money supply consists of demand
deposits and currency outside the Treasury, the F.R. System, and the vaults of commercial banks.
Figures for demand deposits and for time and savings deposits are for all commercial banks.
Demand deposits exclude deposits due to domestic commercial banks and the U.S. Govt., cash
items in process of collection, and F.R. float, but include foreign demand balances at F.R.
Banks. Tune deposits exclude those due to domestic commercial banks and the U.S. Govt.
Latest figures, June (preliminary).
market securities by the public, the higher-than-expected tax payments by individuals in April, and the lack of growth in CD's at
banks outside New York City.
Passbook savings deposits at weekly reporting banks increased
about twice as rapidly in the first half as in the comparable period
last year. Some of the increased inflow was apparently at the expense of competing institutions. Growth in shares at savings and
loan associations and the increase in deposits at mutual savings
banks were considerably less than in the same months of 1964.
Time deposits, which are generally held by investors who are
more rate-conscious than holders of passbook savings accounts,
928
FEDERAL RESERVE BULLETIN • JULY 1965
also expanded more at weekly reporting banks in the first half
of 1965 than in the similar 1964 period. A large part of this
growth was in relatively new forms of nonnegotiable savings and
investment certificates, which banks began to promote more actively earlier this year. By issuing these certificates at attractive
rates, banks are able to retain the deposits of their more interestsensitive customers and to compete for funds that otherwise might
not be channeled through commercial banks, without making comparable changes in rates on the much larger total of passbook
savings. Negotiable CD's have accounted for a somewhat smaller
proportion of the growth in time deposits so far in 1965 than in
the first half of 1964, although they rose more rapidly this year
than in 1964.
Rates paid on negotiable CD's were raised promptly at banks
in major cities after the November change in Regulation Q. Banks
outside of New York City expanded their CD's sharply in January as the new rate ceilings provided more leeway for the less well
known banks to offer rates high enough to attract additional funds.
Thereafter, outstanding CD's at these banks showed little net
change until around midyear, when there was a small further rise.
The higher rates that banks have needed to pay on CD's may
have deterred some banks from expanding their outstandings.
Other banks may have found Regulation Q ceilings a restriction
as the year progressed. Adverse publicity connected with the failure of a few small banks that had obtained a large proportion of
their deposits from the sale of CD's may also have limited the
demand for CD's of other banks.
New York City banks, however, have been aggressive in their
use of CD's to gain funds this year. As a group they accounted for
CHART S
TIME AND U.S. GOVT. DEPOSITS account for most of the growth in required reserves this year
REQUIRED RESERVES, BILLIONS OF DOLLARS
PRIVATE
DEMAND
16
15
1964
65
-
i-
4.5
3.5 !
1964
NOTE.—Monthly averages of daily figures for member banks. All
series except excess reserves and borrowings are seasonally ad-
r
'65
1964
65
justed. Private demand deposits are demand deposits adjusted
plus net interbank deposits. Total reserves are adjusted to ex-
929
RECENT CREDIT AND MONETARY DEVELOPMENTS
almost three-fourths of the $2.5 billion increase in all CD's outstanding during the first half. Growth at these banks was particularly heavy in April and May as they sought to restore liquidity, which had been depleted in meeting strong loan demands
earlier in the year, and possibly also to anticipate further growth
in loans and sizable maturities of CD's in June. CD's issued by
New York City banks this year have generally been of longer
maturities than in 1964 because major banks have had the yield
leeway—as well as the desire—to seek longer-term funds, perhaps
in anticipation of a further rise in market yields.
Two major New York City banks also raised about $250 million each in the long-term market in June—one by the sale of
debentures and the other by the sale of convertible notes. These
issues provide another indication of the recent aggressiveness
of banks in raising funds.
Money stock. Changes in the money stock during the first half
of 1965 reflected a variety of conflicting influences. The public's
holdings tended to be reduced by larger-than-expected tax payments; its demand for money was reduced by higher rates on time
deposits. On the other hand, a sharp rise in income and expenditures tended to add to the transactions need for money. The net
result of these factors was some expansion in the money stock. The
seasonally adjusted money stock grew at an annual rate of 2.9
per cent in the 7 months after November 1964, when the discount rate and Regulation Q ceilings were raised. This compares with a rate of 4.3 per cent for 1964 as a whole.
The money stock was under downward pressure over the first
2 months of the year. While it advanced from February through
June, it fluctuated considerably, mainly in response to the large
N O N B O R R O W E D R E S E R V E S g r o w l e s s r a p i d l y b u t B O R R O W E D R E S E R V E S g r o w f a s t e r t i a n in 6 4
BILLIONS OF DOLLARS
1961
1963
65
cluae tne enects ot changes in legal reserve ratios. Nonborrowed
reserves are total reserves adjusted minus member bank borrow-
BILLIONS OF DOLLARS
1961
1963
•65
ings from the Federal Reserve. Excess reserves are total reserves
less required reserves. Latest figures, June (preliminary).
FEDERAL RESERVE BULLETIN • JULY 1965
but uneven build-up in Treasury cash balances. During this period
the seasonally adjusted money stock rose at an annual rate of 3.9
per cent, with most of the expansion occurring in June.
A revised series for the money supply and time deposits, calculated on a weekly as well as a monthly basis, is described on pages
933-43 of this BULLETIN.
FEDERAL RESERVE
OPERATIONS
INTEREST RATES
During the first half of 1965, seasonally adjusted required reserves increased more rapidly than last year, owing mainly to the
growth in time and U.S. Government deposits. A firmer Federal
Reserve policy resulted in a less rapid increase in nonborrowed
reserves, however, and member banks found it necessary to reduce
their excess reserves and increase their borrowings from the Federal Reserve in order to support the growth in deposits. As a
result, beginning in March, member banks as a whole showed a
continuous net borrowed reserve position for the first time in the
current expansion (see Chart 5 on previous page).
Most of the growth in borrowings occurred at reserve city banks
outside New York City. During the second quarter, major New
York City banks, mainly as a result of issuing a large volume of
CD's, not only borrowed relatively little but also purchased a
relatively small volume of Federal funds from other banks.
The Federal Reserve acquired $2.1 billion, net, of Treasury
securities through outright purchases and through repurchase
agreements during the first half of 1965, compared with $1.2
billion in the first half of 1964. These larger operations were
necessary to offset reserve drains due to gold losses and other
technical factors and to provide for part of the growth in required
reserves.
Outright purchases in the first half were mainly in bills; purchases of bills accounted for 72 per cent of total net acquisitions
compared with 65 per cent for all of 1964. In May and June, when
the Treasury bill yield was under downward pressure, however,
reserve needs were met to a considerable extent through acquisitions of coupon issues and repurchase agreements with Government security dealers.
Interest rates during the first half of 1965 were a little higher
than in the last few weeks of 1964. Most of the increase occurred
at the short end of the maturity spectrum, but corporate and municipal bond yields also rose toward the end of the period.
The market yield on 3-month Treasury bills reached almost 4
per cent at the end of February, nearly 40 basis points above the
level before the discount rate was raised in November. From the
end of February to mid-June, however, bill yields drifted down-
930
RECENT CREDIT AND MONETARY DEVELOPMENTS
931
ward to a low of 3.78 per cent—17 basis points above the level
before the discount rate change. In early July bill yields firmed,
in part because of lower-than-expected seasonal purchases by
the Federal Reserve.
The decline in bill yields after February occurred despite gradually increasing pressure on reserve positions of commercial banks.
But demand for bills by nonfinancial corporations and State and
local governments was strong, particularly in the second quarter,
and the market supply was reduced, both by declines in the volume of Treasury issues outstanding and by Federal Reserve purchases. Some of the demand for bills by nonfinancial corporations
may have been the result of the repatriation of liquid assets held
abroad under the President's balance of payments program.
Yields on other types of short-term paper did not decline along
with Treasury bill yields in the spring. For example, yields on
CD's, bankers' acceptances, and finance company paper—under
the pressures of a greater supply—were maintained or rose above
the advanced levels reached in the first quarter. Towards the end
of June, however, CD yields declined slightly.
Yields on long-term Government bonds fluctuated in a very
narrow range around 4.15 per cent during the first half of the
year. Stability persisted despite the substantial debt lengthening
achieved by the January advance refunding and the regular May
refunding by the Treasury and in the face of upward pressure on
other security yields in May and June. The outlook for lowerCHART 6
Some LONG-TERM YIELDS slightly higher in first half of '65; TREASURY BILL YIELDS decline in second quarter,
but remain above '64
PER CENT PER ANNUM
NOTE.—Monthly averages of daily figures except for FHA-insured
mortgages, which are based on quotations 1 day each month.
Corporate and State and local bonds: Moody's Investors Service.
PER CENT PER ANNUM
U.S. Govt. bonds, issues maturing or callable in 10 years or
more. Treasury bills, market yields on 3-month bills. Latest figures, June.
FEDERAL RESERVE BULLETIN • JULY 1965
than-expected new financing by the Treasury in view of its large
cash balance and, toward the end of the period, Federal Reserve
and other official purchases of coupon issues, helped to moderate
any tendency for these upward pressures to be transmitted to the
Treasury bond market.
Late in the second quarter, yields on new public offerings of
corporate bonds rose to levels higher than in any other period
since late 1961. Adjusted to an Aaa basis, such yields in June
were nearly 20 basis points higher than the level prevailing in
early 1965. Upward pressure came from an upsurge in new issues
of corporate bonds and from market anticipation of a continuing
large volume of security financing. The larger financing volume
in June—including the two large issues of securities by banks,
mentioned earlier—led to some short-run congestion in the market, to an increase in underwriters' unsold inventories, and to the
breaking up of some syndicates prior to complete distribution of
their underwriting.
Yields on State and local government bonds had dropped
sharply after the November change in Regulation Q, largely because of the anticipation of a greater demand for such securities
by banks. In March these yields rose as bank purchases declined
when time deposit growth slowed, and as other investors were less
interested at the lower prevailing yields. The level of dealer inventories increased in the second quarter to a record high, and
in mid-June yields on such issues rose appreciably further.
Higher yields on corporate and State and local government
bonds and some congestion in the capital markets had no apparent
effect on the mortgage market, where competition among lenders
for a slightly reduced volume of mortgages remained relatively
strong. Thus, home mortgage yields remained stable for the third
year, although the earlier gradual liberalization of nonrate terms
appears to have come to a halt.
932
The daily-average series on the money
supply and on time deposits at commercial
banks have been revised. Revisions in the
monthly figures reflect adjustments to new
benchmarks now available for 1964, as well
as changes in seasonal factors for the most
recent years. In addition, a new weekly seasonally adjusted series has been developed.
These seasonally adjusted weekly data replace the semimonthly series, formerly published, as early indicators of current changes
in money and time deposits.1 Revised data,
both before and after seasonal adjustment,
together with estimated seasonal factors for
1965, are shown in the tables on pages 93643.
Data on U.S. Government demand deposits at commercial banks, which are published regularly with the money supply statistics, also have been adjusted to 1964
benchmarks. The revised monthly and
weekly data for these deposits are included
in the tables without seasonal adjustment.
EFFECTS OF REVISIONS
The largest revisions in the seasonally adjusted money supply series apply to the
second half of 1964 and to the first half of
1965. Data for most months since August
1964 have been revised upward. The seasonally adjusted annual rates of expansion
are about one-half of 1 per cent higher for
both the second half of 1964 and the first
half of 1965. As the accompanying table
AVERAGE MONEY SUPPLY
(Seasonally adjusted annual rate of change, in per cent)
Period
Old
series
New
series
1963
+3.8
+3.1
+4.9
+ 3.8
+ 3.7
+ 3.9
+4.3
+3.1
+5.4
+ 2.0
+ 2.6
x
The press release on money supply and related
data, which has been available on a semimonthly
basis in the past, will be issued weekly hereafter.
NOTE.—The daily-average money supply series is
defined to include (1) demand deposits at all commercial banks, other than those due to domestic commercial banks and the U.S. Government, less cash
items in process of collection and Federal Reserve
float; (2) foreign demand balances at Federal Reserve Banks; and (3) currency outside the Treasury,
the Federal Reserve System, and the vaults of all
commercial banks. Time deposits adjusted consist of
time and savings deposits at all commercial banks
other than those due to domestic commercial banks
and the U.S. Government. For further information
on concepts, coverage, and methods of measurement,
see "A New Measure of the Money Supply" and
"Revision of Money Supply Series" in the Federal
Reserve BULLETINS for October 1960, pp. 1102-21,
and August 1962, pp. 941-51, respectively.
The revised series were prepared by Edward R.
Fry of the Banking Section of the Board's Division of
Research and Statistics.
933
+3.5
+4.0
1st half
2d half
+4.0
1964
1st half
2d half
1965
1st half
....
shows, the money supply increased by 4.3
per cent in 1964, and for the second half of
the year it is now estimated that the annual
rate of expansion was 5.4 per cent. Expan-
934
sion in the first half of 1965, on the revised
basis, is estimated at an annual rate of 2.6
per cent.
Revisions based on the new benchmarks
lowered the unadjusted money supply series
slightly in the first half of 1964, as reductions
in estimates of nonmember bank demand
deposits more than offset a small upward
revision in the currency component.2 In the
second half of 1964 and in early 1965, however, benchmark adjustments increased both
the deposit and currency components.
Changes in seasonal factors, principally for
demand deposits, tended to raise the seasonally adjusted figures slightly in the second quarter of recent years and to lower
them in November, December, and January.
On balance, revisions of seasonal factors
and the benchmark adjustments had partially
offsetting effects on the seasonally adjusted
money supply in 1964: they reduced the
average level slightly in the first half of the
year and raised it somewhat in the second
half. In the first half of 1965 the monthly
average level was raised by nearly $600
million, or by about 0.4 of 1 per cent, as
the higher year-end benchmark level was
projected forward and as reductions in seasonal factors in the second quarter also
tended to raise the average seasonally adjusted level.
The benchmark revisions for time deposits were smaller than those for demand
deposits, but changes in seasonal factors
were greater. However, the pattern of re2
Benchmark adjustments are made on the basis of
semiannual condition reports of all commercial banks
to correct estimated levels of deposits and cash, principally of nonmember banks, for which current reporting is not available. The current revision incorporates new call report benchmarks for June 30 and
December 31, 1964. A description of procedures for
estimating components for which current data are
not reported may be obtained from the Division of
Administrative Services, Board of Governors of the
Federal Reserve System, Washington, D.C., 20551.
FEDERAL RESERVE BULLETIN • JULY 1965
vision was similar, that is, average levels
were reduced for the first half of 1964 and
raised for the latter part of 1964 and the
first half of 1965. A slight increase in the
portion of total time deposits held by nonmember banks, as compared with previous
estimates, raised the average level of the
unadjusted data at the end of 1964. This
increased proportion for nonmember banks
was projected forward in estimates for the
current year, as with demand deposits. Time
deposits on the revised basis increased 12.8
per cent for the year 1964, about the same as
before revision. The revised series continues
to show a sharp acceleration of the rate of
growth in the first 2 months of 1965, followed by more moderate expansion through
midyear.
The revised seasonally adjusted annual
rate of growth in time deposits was 14.7
per cent for the first half of 1965, about
one-half of 1 per cent more than that shown
by the old series.
Seasonal adjustments and patterns. Seasonal
factors for the monthly series were reviewed
for the period 1959 to date, the period for
which new seasonal adjustments were computed for the weekly data. Monthly seasonal
factors were computed by a ratio-to-movingaverage method similar to the methods used
in past revisions. Weekly seasonal factors
also were computed by ratio-to-movingaverage procedures and reconciled with the
monthly seasonal factors to insure comparability of the average seasonally adjusted levels for the weekly and monthly series. The
currency and demand deposit components
of the money supply were adjusted separately for both the monthly and weekly
series.
As in earlier revisions, little change was
indicated in seasonal patterns of the currency
component of the money supply. The new
REVISION OF THE MONEY SUPPLY SERIES
weekly factors show regular and substantial
intramonthly fluctuations, which reflect customary variations in the public's needs for
making payments in currency. Currency
outside banks normally increases markedly
in the first half of each month and around
holidays and then declines as currency flows
back to the banks.
Changes in seasonal factors for the demand deposit component also were minor
relative to changes made in earlier revisions
of these data. The principal changes in estimated seasonal patterns reflected reductions
in the seasonal importance of months in the
second quarter of the year and increases in
factors for the months of November, December, and January. These changes appear
to be related in part to patterns of tax payments by individuals and businesses and of
Treasury financings, which have been
changing in recent years. Such influences
are important determinants of seasonal
patterns in the money supply, especially for
periods as short as a week, reflecting temporary shifts of deposits between private and
U.S. Government accounts. For example,
935
sharp temporary increases in weekly seasonal factors for the demand deposit component may be noted around the midmonth
quarterly corporation tax-payment dates in
March, June, September, and December.
Seasonal influences are much smaller for
time deposits than for demand deposits, as
may be seen by comparing the seasonal factors in the table. However, in this revision
changes in seasonal patterns for time deposits
were greater than those for the money supply, with factors increased for the months
of December through April and reduced for
June through October. Expansion in the use
of time certificates of deposit and recent
changes in interest payment dates on savings
deposits are among the influences causing
changes in seasonal patterns of time deposits.
Although changes in seasonal factors are
often apparent in retrospective data, it is
difficult to isolate them from other influences
in current estimates. Consequently, seasonal
factors for recent years are considered tentative, and they will be revised periodically
as additional data reveal changes in patterns.
FEDERAL RESERVE BULLETIN • JULY 1965
936
MONEY SUPPLY AND RELATED DATA, 1959-65
(In billions of dollars)
Seasonally adjusted
Money supply
Month
Total
1959 Jan
Feb
Mar
Apr
May
June.
July
Aug
Sept
Oct
Nov
Dec
1960 Jan
Feb
Mar
Apr
May
June
July
Sept
Oct
Nov
Dec
1961
Jan
Feb
Mar
Apr
M^ay
June
July
Aug
Sept
Oct
Dec
1962 Jan
peb
Mar
Apr
May
July
Oct
Nov
Dec
1963 Jan
Feb
Mar
May
July
Sept
Oct
Nov
Dec
1964 Jan
Feb
Mar
Apr
May
June
July
Sept
Oct
Nov
Dec
1965 Jan
Feb
Mar
Aor
May
junep
For notes, see end of table.
. ...
Currency Demand
deposit
component component
Not seasonally adjusted
Money supply
Time
deposits
adjusted !
Total
66.0
66.0
66.2
66.5
66.6
67.0
67.1
67.2
67.3
67.3
67.3
67.4
144.9
142.0
141.3
142.3
141.2
141.9
142.7
142.2
142.7
143.0
144.0
145.6
28.6
28.4
28.5
28.5
28.7
28.9
29.1
29.1
29.1
29.0
29.2
29.5
116.3
113.6
112.8
113.8
112.5
113.0
113.5
113 0
113.6
113.9
114.8
116.1
65.6
65.8
66.2
66.7
67.0
67.4
67.5
67 4
67.5
67.4
66.8
66.6
28.9
28.6
28.7
28.8
28.8
28.9
29.1
29.1
29.1
29.1
29.3
29.6
116.1
112.6
111.0
111.9
109.6
109.7
109.9
110.5
111.4
112.2
112.8
115.2
66.8
66.6
67.0
67.5
67.8
68.3
69.1
70.0
70.7
71.4
71.5
72.1
4.1
4.1
4.3
3.6
4.1
Currency Demand
deposit
component component
Time
deposits
adjusted *
U.S.
Govt.
demand1
deposits
141.6
142.0
142.5
142.7
143.2
143.4
144.1
143.6
143.3
142.9
142.7
141.9
28.6
28.7
28.8
28.8
29.0
29.0
29.0
29.1
29.0
29.0
28.9
28.9
141.7
141.3
140.9
140.8
140.3
140.1
140.4
140.9
141.1
141.1
140.8
141.1
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
28.9
112.7
112.4
111.9
111.8
111.3
111.1
111.5
112.0
112.1
112.1
111.8
112.1
67.2
66.9
67.0
67.3
67.4
67.9
68.7
69.7
70.5
71.3
72.1
72.9
145.0
141.2
139.7
140.7
138.4
138.6
139.1
139.6
140.5
141.3
142.1
144.7
141.2
141.8
142.0
142.3
142.7
143.0
143.0
143.3
143.9
144.3
145.0
145.5
29.0
29.0
28.9
28.9
28.9
28.9
29.0
29.1
29.2
29.3
29.4
29.6
112.3
112.8
113.1
113.4
113.8
114.0
114.0
114.3
114.7
115.0
115.5
116.0
73.6
74.9
75.5
76.2
77.2
78.1
79.1
79.9
80.7
81.5
82.2
82.7
144.5
141.6
140.8
142.5
140.8
141.3
141.6
141.6
143.1
144.5
146.3
149.4
28.8
28.6
28.6
28.7
28.7
28.9
29.2
29.2
29.3
29.4
29.7
30.2
115.6
113.0
112.2
113.8
112.1
112.4
112.4
112.4
113.8
115.1
116.6
119.2
73.2
74.6
75.5
76.5
77 7
78.6
79.5
80.2
80.9
81.5
81.5
81.8
145.5
145.8
146.0
146.5
146.1
146.2
146.1
146.0
145.8
146.4
146.9
147.5
29.6
29.7
29.8
30.0
30.0
30.1
30.1
30.2
30.3
30.3
30.5
30.6
115.8
116.1
116.2
116.5
116.1
116.1
115.9
115.8
115.6
116.0
116.4
116.9
84.1
86.0
87.6
88.8
89.5
90.6
91.7
92.6
93.7
95.0
96.2
97.8
149.0
145.6
144.8
146.8
144.1
144.4
144.6
144.0
145.0
146.5
148.2
151.6
29.5
29.3
29.5
29.7
29.7
30.0
30.3
30.3
30.3
30.4
30.8
31.2
119.4
116.3
115.3
117.1
114.4
114.4
114.3
113.7
114.6
116.2
117.5
120.3
83.6
85.6
87.7
89.2
90.0
91.1
92.2
92.9
93.8
95.0
95.5
96.7
3.8
4.7
5.0
3.8
7.0
7.2
7.0
6.8
7.2
7.3
6.0
5.6
148.0
148.6
148.8
149.3
149.7
150.2
151.0
151.3
151.6
152.3
153.2
153.1
30.7
30.9
31.0
31.2
31.3
31.5
31.6
31.8
31.9
32.0
32.3
32.5
117.4
117.7
117.8
99.1
100.3
101.6
102.7
103.6
151.8
148.4
147.6
149.8
147.5
148.3
149.5
121.2
117.9
116.9
118.9
116.5
116.9
117.7
117.3
118.6
120.4
122.1
124.1
98.6
100.1
101.9
103.1
104.3
105.2
106.2
107.5
108.3
109.5
110.2
111.0
4.8
5.7
6.0
4.2
152.5
154.8
157.3
30.5
30.5
30.7
30.9
31.0
31.4
31.8
31.9
32.0
32.1
32.6
33.1
153.6
153.8
154.1
154.5
154.5
155.5
156.6
157.1
158.2
158.8
159.1
159.7
32.6
32.8
32.9
33.0
33.3
33.4
33.6
33.8
33.9
34.0
34.2
34.2
121.2
121.4
121.2
122.1
123.0
123.3
124.3
124.8
124.8
125.4
113.5
114.6
115.3
116.2
117.3
118.5
119.4
121.0
122.1
123.5
125.1
126.6
157.7
153.7
152.9
154.9
152.2
153.4
155.0
155.0
157.1
159.0
160.7
164.0
32.4
32.3
32.6
32.8
33.1
33.4
33.7
33.9
33.9
34.1
34.6
35.0
125.3
121.3
120.2
122.2
119.2
120.0
121.3
121.1
123.2
124.9
126.1
129.1
113.0
114.5
115.7
116.7
118.0
119.1
120.0
121.1
122.0
123.4
124.1
125.2
4.1
4.8
6.0
4.2
6.8
7.6
6.9
6.3
6.5
160.0
159.7
160.3
161.1
160.0
161.8
34.5
34.7
34.7
34.7
34.9
35.0
125.5
125.1
125.6
126.4
125.1
126.8
128.8
131.0
132.1
133.5
134.6
135.9
164.4
159.5
159.0
161.6
157.6
159.6
34.4
34.2
34.3
34.5
34.6
34.9
130.1
125 3
124.6
127.1
123 0
124.7
128.3
130.8
132.7
134.0
135.4
136.6
4.2
112.9
113.2
113.7
113.9
114.2
114.3
115.1
114.5
114.3
113.9
113.8
113.1
118.2
118.4
118.8
119.4
119.5
119.7
120.3
120.9
120.6
121.0
121.1
104.6
105.7
107.3
108.4
109.6
111.1
112.2
149.2
150.6
3.2
4.3
37
4.6
5.2
4.0
4.9
51
5.2
4.9
47
4.9
6 4
6.3
6.7
61
5.4
56
5.8
4.7
4.8
4.7
2.8
47
4.5
4.3
5.5
5.2
6.4
5.8
4.9
71
7.5
7.8
6 3
6 6
5.3
4.4
51
55
5.8
5.5
57
6.7
5.6
97
9.3
937
REVISION OF THE MONEY SUPPLY SERIES
MONEY SUPPLY AND RELATED DATA, 1959-65—Continued
(In billions of dollars)
I
Seasonally adjusted
Money supply
week ending—
Total
1959 Jan
Not S(jasonally adjusted
Money supply
Currency Demand
deposit
component component
Time
deposits
adjusted i
Total
Currency Demand
deposit
component component
U.S.
Time
Govt.
deposits
demand
adjusted * depo sitsl
7
14
21
28
141.5
141.5
141.6
141.7
28.7
28.6
28.7
28.7
112.8
112.8
112.9
113.0
65.9
66.0
66 1
66.0
145.4
145.8
145.3
144.0
29.0
28.7
28.5
28.3
116 4
116.8
116 8
115 7
65 5
65.6
65 6
65.7
4.3
Feb. 4
11
18
25
141.6
141.8
142.1
142.2
28.7
28.7
28.7
28.8
112.9
113.1
113.3
113.5
66.0
66.0
66.0
66.0
143.3
142.7
142.2
140.7
28.3
28.5
28 4
28.3
115.0
114.2
113 8
112 4
65.7
65.7
65 7
65.8
4.7
4.0
43
43
Mar
4
11
18
25
142.2
142.2
142.4
142.6
28.7
28.8
28.8
28.8
113.5
113.5
113.7
113.8
66.0
66.1
66.2
66.2
141.1
141.3
142 6
140.5
28.4
28.6
28 6
28.4
112 7
112.7
114 1
112 0
65 9
66.1
66 2
66 2
41
3.0
30
5 1
Apr
1
8
15. .
22
29
142.7
142.6
142.6
142.7
142.7
28.8
28.7
28.7
28.8
28.9
113.9
113.9
113.9
113.9
113.9
66.3
66.4
66.5
66.5
66.5
140.6
141.1
142.7
143.2
142.5
28.4
28.7
28.6
28.5
28.4
112 2
112.4
114.1
114 7
114.1
66 4
66.5
66.7
66.7
66.8
3 6
6.2
4.6
40
3.9
May
6
13. .
20
27
142.8
142.9
143.3
143.5
28.9
28.9
28.9
29.0
113.9
114.0
114.3
114.5
66.6
66.6
66.6
66.7
141.9
141.6
141.0
140.5
28.7
28.8
28.7
28.6
113.2
112.8
112 3
111 9
66.9
67.0
67 0
67.1
4.9
4.9
59
June 3
10
17. .
24..
143.4
143.3
143.4
143.4
29.0
29.0
29.0
29.0
114.4
114.3
114.4
114.4
66.8
66.9
67 0
67.0
141.1
141.5
143.3
141.8
28.8
29.1
28 9
28.9
112 3
112.4
114 3
112 9
67.2
67.3
67 4
67.4
4.7
29..
143.6
143.8
143.9
144.1
144.3
29.0
29.0
29.0
29.0
29.0
114.6
114.7
114.9
115.1
115.2
67.1
67 1
67.0
67.1
67.1
141.4
142 1
142.9
142.7
143.0
28.9
29 4
29.2
29.2
28.9
112.6
112 6
113.6
113.6
114.0
67.6
67 5
67.5
67.5
67.4
5. .
12
19. .
26..
143.8
143.9
143.7
143.6
29.0
29.1
29.0
29.0
114.8
114.8
114.7
114.5
67.0
67.1
67.1
67.2
143.1
143.2
142.0
141.0
29.1
29.3
29.2
29.0
114 0
113 9
112.8
112 0
67 4
67.4
67.4
67 5
4.8
2. .
9
16. .
23
30. .
143.2
143.0
143.2
143.3
143.5
29.0
29.0
29.0
29.0
29.0
114.3
114.1
114.2
114.3
114.5
67.3
67.3
67 3
67.3
67.3
141.9
142.2
144.1
142.8
141.8
29.0
29.4
29.2
29.0
28.8
113 0
112.8
114 9
113 8
113 0
67.5
67.5
67 5
67 5
67 5
4 0
14. .
21..
28
143.3
143.2
142.9
142.4
29.0
29.0
29.0
29.0
114.3
114.3
114.0
113.4
67.3
67.3
67.2
67.3
142.3
143.5
143.2
142.8
29.2
29.2
29.1
28.9
113.2
114.3
114.1
113.9
67.5
67 4
67.4
67.3
5.5
3 7
4.4
5.6
Nov. 4
11..
18.
25
142.2
142.5
142.8
143.0
28.9
28.9
28.9
28.9
113.3
113.7
113.9
114.1
67.4
67.4
67.3
67.3
143.6
144.1
144.4
143.6
29.0
29.3
29.2
29.2
114.6
114.8
115.2
114.5
67.3
67.2
66.7
66.5
5.6
4.6
4.7
46
Dec. 2
9. .
142.6
142.3
142.2
141.6
141.7
28.9
28.9
28.9
28.9
28.9
113.7
113.4
113.3
112.7
112.8
67.3
67.3
67.3
67.4
67.5
144.2
144.6
146.6
145.8
146.0
29.3
29.6
29.4
29 5
29.6
114.9
115 0
117.2
116 2
116.4
66.4
66 5
66.5
66 7
66 8
4.3
52
4.2
54
141.3
141.7
141.8
141.7
28.9
28.9
28.9
29.0
112.4
112.8
112.8
112.7
67.5
67.4
67.1
66.9
145.8
145.7
145.4
143.9
29.3
29.0
28.8
28.5
116.5
116.7
116 6
115 4
67.1
66.9
66 7
4.8
66.6
141.7
141.4
141.4
29.0
28.9
28.9
28.9
112.6
112.4
112.5
112.3
66.9
66.9
67.0
66.9
143.2
142.3
141.8
139.7
28.5
28.7
28.6
28.6
114 7
113.6
113.2
111.1
66 7
66.6
66.6
66.7
41
July
....
. .
....
1
8. .
15
22
Aug
Sept
Oct.
7
16
23..
30
I960 Jan
6
13
20 .
27
Feb
3
10
17
24
. . .
For notes, see end of table.
141.2
3 9
2.3
1 7
5.4
3.5
33
4.7
4.5
3 8
4.9
6.0
5.0
5.0
3.8
6.1
5.9
5.0
5.5
60
5.0
4.4
3 8
34
3.7
3.8
4.6
938
FEDERAL RESERVE BULLETIN • JULY 1965
MONEY SUPPLY AND RELATED DATA, 1959-65—Continued
(In billions of dollars)
Seasonally adjusted
Total
Apr
-if::::::::::::::::::
20
27
Money supply
Money supply
Week ending—
1960—Mar. 2
7
16
23
30
Not seasonally adjusted
141.2
141.0
140.9
140.8
140.7
140.7
140.7
140.9
140.8
Currency" Demand
deposit
component component
Time
deposits
adjusted 1
Total
28.9
28.9
29.0
29.0
29.0
112.3
112.1
111.9
111.8
111.7
66.8
66.9
67.0
67.1
67.1
140.0
140.1
140.9
139.3
138.5
28.5
28.8
28.8
28.7
28.5
111.5
111.2
112.2
110.6
110.0
66.6
66.8
67.0
67.1
67.2
29.0
29.0
29.1
29.0
111.7
111.7
111.8
111.8
67.1
67.3
67.3
67.3
138.6
140.2
142.3
141.3
28.9
29.0
28.8
28.5
109.7
111.3
113.4
112.8
67.3
67.5
67.4
67.5
4.5
4.0
3.3
5.2
4.7
4.1
2.3
3.6
4.1
111.6
111.5
111.3
111.1
67.4
67.4
67.4
67.4
28.6
28.9
28.8
28.7
111.6
110.5
109.7
108.4
67.6
67.7
67.8
67.9
5.4
5.8
6.4
6.9
111.1
110.9
110.9
111.0
111.7
67.5
67.6
67.8
68.0
68.2
140.2
139.4
138.5
137.1
137.5
137.9
139.6
138.9
138.1
29.0
28.9
28.9
28.7
108.7
108.9
110.6
110.0
109.4
8.3
8.6
29.3
29.3
29.1
28.9
108.6
109.6
110.6
110.8
68.9
69.0
69.1
69.2
7.2
5.6
7.6
6.6
29.0
29.3
29.1
29.0
28.8
29.3
29.2
29.1
28.8
29.0
29.3
29.2
29.0
28.9
29.3
29.3
29.3
29.3
111.3
111.2
110.7
109.5
110.3
69.4
69.6
69.9
70.2
70.4
110.5
112.2
112.8
110.4
70.4
70.7
70.8
70.9
6.5
6.0
6.1
6.5
5.5
5.1
3.6
4.9
7.3
110.7
111.3
112.5
112.8
113.5
112.7
113.5
112.1
112.8
71.1
71.3
71.4
71.6
71.7
71.7
71.6
71.4
71.4
29.5
29.5
29.6
29.7
113.5
115.5
116.5
114.9
71.6
71.8
72.1
72.4
7.5
5.5
4.3
5.4
6.2
6.0
5.4
6.0
5.6
4.9
3.2
4.2
5.9
29.3
29.2
28.8
28.6
28.4
28.7
28.7
28.6
28.4
28.8
28.7
28.7
28.5
28.8
28.8
28.7
28.5
115.9
115.5
116.0
115.7
115.3
114.3
113.7
111.9
111.9
111.7
112.8
112.7
111.7
72.9
72.9
73.1
73.3
5.9
4.7
3.5
3.3
73.6
74.4
74.6
74.8
3.8
4.3
3.7
5.8
74.9
75.2
75.5
75.5
75.7
76.0
76.3
76.5
76.6
5.7
5.3
3.6
5.3
4.6
4.5
3.2
2.1
1.9
18.'.'.'.'.'.'.'.'.'.'..'..'..'.'.
25
140.6
140.5
140.3
140.1
1
8
15
22
29
140.0
139.8
139.9
140.1
140.7
29.0
29.0
29.0
29.0
29.0
28.9
29.0
29.0
29.0
6
140.0
140.4
140.8
141.0
29.0
29.0
28.9
28.9
110.9
111.4
111.8
112.1
68.4
68.6
68.7
68.8
Aug. 3
10
17
24
31
140.9
141.0
141.0
140.8
140.8
28.9
28.9
29.0
29.0
29.0
112.0
112.0
112.0
111.9
111.8
69.1
69.3
69.6
69.9
70.1
137.9
138.9
139.6
139.7
140.3
140.4
139.8
138.6
139.1
Sep
140.9
140.8
141.4
141.2
141.2
141.1
141.1
141.2
140.9
140.5
140.8
140.8
141.0
29.0
29.0
29.0
29.0
111.9
111.9
112.4
112.1
70.3
70.4
70.5
70.6
139.8
141.4
141.8
139.2
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
29.0
28.9
112.2
112.1
112.1
112.2
111.9
111.6
111.8
111.8
112.0
112.0
112.2
112.3
112.1
70.9
71.1
71.3
71.5
71.7
71.9
72.1
72.1
72.2
72.4
72.6
72.9
73.3
139.8
140.6
141.6
141.8
142.4
142.0
142.8
141.5
142.0
143.0
145.1
146.1
144.6
28.9
28.9
28.9
28.9
111.8
111.8
112.1
112.9
73.4
73.6
73.5
73.6
28.9
29.0
29.0
29.0
28.9
28.9
28.9
28.9
29.0
112.9
112.7
112.7
112.8
112.9
112.6
112.9
113.3
113.5
73.9
74.7
74.8
75.1
75.1
75.3
75.5
75.6
75.5
145.1
144.6
144.8
144.3
143.7
143.0
142.4
140.5
140.3
140.5
141.5
141.4
140.2
29.0
28.9
28.9
28.9
113.5
113.4
112.9
113.3
75.7
76.0
76.3
76.5
140.6
142.1
143.4
143.1
May 4
June
July
20 '.'. '.'.'.'.'. '.'.'.'.'.'. '.'.'.'.'.
27
M::::::::::::::::::
21
28
Oct.
5
12
19
26
Nov. 2
9
16
23
30
Dec.
1961—Jan.
7
14
21
28
141.0
141.2
141.2
141.1
4
140.8
140.8
141.0
141.8
141.8
141.7
141.7
141.8
141.8
141.6
141.8
142.3
142.5
142.5
142.3
141.8
11
18
25
Feb. 1
8
15
22
Mar. 1
8
15
22
29
Apr. 5
12
19
26
For notes, see end of table.
142.2
U.S.
Time
Govt.
deposits
demand
Currency Demand adjusted 1 deposits i
deposit
component component
111.8
113.3
114.7
114.6
6.9
6.4
5.1
7.0
939
REVISION OF THE MONEY SUPPLY SERIES
MONEY SUPPLY AND RELATED DATA, 1959-65—Continued
(In billions of dollars)
Seasonally adjusted
Not seasonally adjusted
Money supplj!
Week ending—
Total
Money suppljf
Currency Demand
deposit
component component
Time
deposits
adjusted 1
Total
U.S.
Time
Govt.
deposits
demanc
Currency Demand adjusted * deposits
deposit
component component
142.5
142.6
142.7
142.8
142.9
29.0
28.9
28.9
28.9
28.9
113.6
113.7
113.8
113.9
114.0
76.7
77.1
77.1
77.2
77.5
142.5
141.8
141.1
139.7
140.0
28.6
28.9
28.8
28.7
28.6
113.9
112.9
112.4
111.0
111.4
77.0
77.4
77.6
77.9
78.1
3.2
3.9
4.5
5.8
5.0
143.0
143.0
143.0
142.9
28.9
29.0
29.0
29.0
114.0
114.1
114.0
113.9
77.7
78.0
78.3
78.5
140.9
142.6
141.9
140,1
29.0
29.0
28.9
28.7
111.9
113.6
113.0
111.4
78.3
78.4
78.6
78.8
4.0
2.2
5.7
5.7
142.9
143.0
143.0
143.1
29.0
29.0
29.0
29.0
113.9
114.0
114.0
114.1
78.7
78.9
79.0
79.2
140.5
141.3
141.9
141.8
29.2
29.4
29.2
29.0
111.3
111.9
112.7
112.8
79.3
79.3
79.5
79.7
6.1
4.5
3.1
2.8
Aug. 2
9. .
16. . .
23 . .
143.1
143.0
143.6
143.6
143.5
29.0
29.0
29.1
29.2
29.2
114.1
114.0
114.5
114.4
114.4
79.5
79.6
79.8
80.1
80.2
142.4
142.4
142.4
140.5
140.9
29.0
29.4
29.3
29.2
29.0
113.5
113.0
113.1
111.3
112.0
79.9
80.0
80.2
80.3
80.4
6.0
5.1
4.8
6.1
5.6
Sept. 6. ..
13. ..
20. . .
27.
143.6
143.7
144.0
144.0
29.2
29.2
29.2
29.2
114.4
114.5
114.7
114.8
80.3
80.5
80.7
80.9
142.0
143.7
144.6
142.4
29.4
29.4
29.3
29.1
112.6
114.2
115.3
113.3
80.6
80.8
80.9
81.0
5.4
3.6
4.4
5.9
4. . .
11 . . .
18..
25. . .
144.1
144.3
144.4
144.4
29.2
29.3
29.3
29.3
114.8
115.0
115.1
115.1
81.1
81.3
81.5
81.6
142.6
143.6
145.0
145.1
29.2
29.6
29.5
29.3
113.4
114.0
115.5
115.7
81.3
81.5
81.5
81.6
8.1
6.2
6.9
6.2
Nov. 1 . . .
8...
15...
22....
29...
144.5
144.6
145.2
145.1
145.1
29.4
29.4
29.4
29.5
29.5
115.2
115.2
115.8
115.5
115.6
81.8
82.0
82.2
82.3
82.4
145.8
146.1
147.2
145.9
146.0
29.2
29.7
29.7
29.8
29.8
116.6
116.3
117.5
116.1
116.2
81.7
81.7
81.7
81.3
81.4
5.6
5.8
4.8
6.5
6.1
6. ..
13...
20...
27. ..
145.2
145.2
145.6
145.7
29.5
29.5
29.5
29.6
115.7
115.7
116.1
116.1
82.5
82.6
82.8
82.9
147.3
148.9
150.7
149.6
30.0
30.2
30.2
30.4
117.3
118.7
120.6
119.1
81.6
81.7
81.7
81.9
5.4
3.5
4.1
6.1
3...
i6!'.'...
17
24. . . .
31 . . .
145.8
145.6
145.5
145.4
145.3
29.7
29.7
29.6
29.7
29.6
116.1
116.0
115.8
115.7
115.7
83.0
83.4
84.0
84.4
84.9
150.7
149.8
149.7
148.3
147.2
30.0
29.9
29.6
29.3
29.0
120.8
119.8
120.1
119.0
118.2
82.3
82.8
83.6
84.0
84.4
6.0
4.6
3.1
2.9
3.8
7. ..
14...
21. ..
28...
145.7
145.8
145.9
145.9
29.7
29.7
29.8
29.8
116.0
116.1
116.1
116.1
85.3
85.7
86.3
86.5
147.3
146.7
144.5
144.1
29.4
29.4
29.4
29.2
117.9
117.2
115.2
114.9
84.9
85.5
85.8
86.2
4.7
3.7
5.1
5.1
Mar. 7 . . .
14. . .
21 . .
28. .
145.9
146.0
146.1
146.2
29.8
29.8
29.8
29.9
116.1
116.2
116.3
116.3
86.9
87.2
87.8
88.0
144.9
145.6
145.6
143.5
29.6
29.6
29.6
29.4
115.3
115.9
116.0
114.0
86.9
87.5
87.8
88.3
5.0
3.2
4.8
6.7
Apr. 4. ..
11. ..
18. ..
25. .
May 2
9'. '.'.
16...
23. .
30. .
146.2
146.4
146.5
146.6
29.9
29.9
30.0
30.0
116.3
116.5
116.5
116.6
88.2
88.6
89.0
89.1
144.3
146.2
148.0
147.8
29.6
30.0
29.8
29.6
114.7
116.2
118.2
118.2
88.7
89.2
89.2
89.3
6.1
3.7
2.5
3.4
146.3
146.2
146.3
145.7
145.9
30.0
30.0
30.0
30.0
30.0
116.3
116.3
116.3
115.7
115.8
89.0
89.2
89.4
89.6
89.8
146.4
145.7
145.1
142.5
142.6
29.5
30.0
29.8
29.8
29.6
117.0
115.7
115.3
112.7
113.0
89.4
89.6
89.9
90.2
90.5
4.8
6.2
6.4
8.0
7.5
June 6. ..
13. ..
20...
27....
146.0
146.0
146.1
146.2
30.0
30.1
30.1
30.1
116.0
116.0
116.0
116.1
90.0
90.4
90.7
90.8
144.0
145.2
145.4
143.2
30.0
30.1
30.0
29.8
114.0
115.1
115.4
113.3
90.7
91.0
91.1
91.4
7.1
5.3
6.7
8.6
[961—May
10
\l\ ' .
24.
31 . .
June 7. .
14.. .
21 . . .
28.
July
5
12
19. .
26.
30.
Oct.
Dec.
1962—Jan.
Feb.
For notes, see end of table.
940
FEDERAL RESERVE BULLETIN • JULY 1965
MONEY SUPPLY AND RELATED DATA, 1959-65—Continued
(In billions of dollars)
Seasonally adjusted
Not seasonally adjusted
Money supply
Money supply
Week ending—
Total
Currency Demand
deposit
component component
Time
deposits
adjusted *
Total
Time
deposits
Currency Demand adjusted i
deposit
component component
U.S.
Govt.
demand
deposits 1
4
11
18
25
146.2
146.2
146.1
145.9
30.1
30.0
30.1
30.1
116.1
116.1
116.0
115.8
91.1
91.6
91.7
91.8
143.6
144.3
145.0
144.6
30.2
30.6
30.4
30.2
113.4
113.7
114.7
114.5
91.9
92.0
92.2
92.3
9.4
8.1
6.6
6.0
Aug. 1
8
15
22
29
146.1
146.0
146.2
146.0
145.9
30.2
30.2
30.2
30.2
30.2
115.9
115.8
116.0
115.8
115.6
92.1
92.2
92.5
92.8
92.9
145.2
145.5
145.1
142.7
142.7
30.0
30.5
30.4
30.4
30.1
115.2
115.0
114.7
112.3
112.7
92.4
92.6
92.8
93.0
93.2
5.8
5.6
5.0
8.4
7.9
Sept. 5
12
19
26
145.7
145.8
145.6
145.8
30.2
30.3
30.2
30.3
115.5
115.6
115.3
115.5
93.2
93.4
93.7
94.0
143.9
145.5
146.0
144.1
30.4
30.5
30.3
30.1
113.5
115.0
115.8
114.0
93.5
93.6
93.8
94.0
7.8
6.1
Oct. 3
10
17
24
31
146.1
. . 146.1
146.2
146.3
. . 146.7
30.3
30.3
30.3
30.3
30.4
115.9
115.8
115.9
116.0
116.3
94.2
94.6
94.9
95.2
95.4
144.8
145.5
146.9
146.8
147.7
30.2
30.6
30.5
30.4
30.2
114.7
114.8
116.3
116.4
117.6
94.3
94.7
94.9
95.2
95.4
8.2
8.9
7.4
6.9
5.9
Nov. 7
14
21
28
146.7
146.8
147.0
. . 146.9
30.4
30.5
30.5
30.4
116.3
116.3
116.4
116.5
95.8
96.1
96.3
96.5
148.2
148.7
148.0
147.8
30.7
30.8
30.9
30.7
117.5
117.9
117.1
117.1
95.5
95.6
95.2
95.4
6.1
4.8
6.7
6.6
Dec. 5
12
19
26
146.9
147.1
147.2
147.9
30.4
30.5
30.5
30.5
116.5
116.7
116.7
117.3
96.7
97.3
97.9
98.3
149.0
150.6
152.5
152.1
31.0
31.3
31.2
31.4
118.1
119.4
121.3
120.7
95.8
96.3
96.7
97.1
6.3
4.5
4.6
148.3
147.9
148.0
148.0
148.0
30.6
30.7
30.7
30.7
30.7
117.7
117.2
117.4
117.3
117.3
98.5
98.8
98.9
99.4
99.7
153.3
152.4
152.7
151.5
150.2
30.9
31.0
30.6
30.4
30.2
122.4
121.4
122.1
121.1
120.0
97.6
98.1
98.5
98.9
99.2
6.9
6.1
4.3
4.2
4.1
6
13
20
27
148.5
148.6
. . 148.7
148.7
30.8
30.9
30.9
31.0
117.7
117.7
117.8
117.7
99.8
100.0
100.3
100.7
150.4
149.7
147.7
146.4
30.5
30.6
30.5
30.4
119.9
119.1
117.2
116.0
99.5
99.9
100.2
100.5
Mar. 6
13
20
27
148.6
. . 148.8
148.9
148.9
31.0
31.0
31.0
31.0
117.6
117.8
117.9
117.9
100.9
101.1
101.7
102.0
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
Apr. 3
10
17
24
149.1
. . 149.0
149.7
149.2
31.1
31.1
31.1
31.1
118.0
117.9
118.6
118.0
102.2
102.4
102.8
102.8
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
103.0
103.0
103.1
1
8
15
22
29
149.7
148.9
149.6
149.7
149.9
31.2
31.3
31.3
31.4
31.3
118.5
117.6
118.3
118.2
118.6
103.0
103.2
103.5
103.8
104.1
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
104.5
104.7
June 5
12
19
26
149.9
150.1
150.1
150.2
31.3
31.4
31.5
31.5
118.6
118.7
118.7
118.7
104.2
104.5
104.7
104.8
147.5
148.9
149.4
147.1
31.3
31.5
31.4
31.2
116.2
117.3
118.0
115.9
104.9
105.1
105.2
105.3
4.7
6.7
6.3
8.2
7.6
6.8
4.7
5.9
10.5
3
10
17
24
31
150.7
150.6
151.1
151.1
151.0
31.5
31.5
31.5
31.5
31.6
119.2
119.1
119.6
119.5
119.5
104.9
105.4
105.6
105.9
106.2
148.1
148.6
150.0
149.7
150.0
31.6
32.1
31.8
31.7
31.5
116.6
116.5
118.2
118.1
118.5
105.8
105.9
106.1
106.4
106.7
10.9
9.5
7.7
6.7
6.0
Aug. 7
14
21
28
151.2
151.3
151.3
151.3
31.6
31.7
31.8
31.9
119.5
119.6
119.4
119.4
106.6
107.1
107.4
107.7
150.7
150.3
148.0
147.8
31.9
32.0
31.9
31.7
118.8
118.3
116.1
116.1
107.0
107.3
107.6
107.8
6.4
5.4
6.9
6.6
1962—July
1963—Jan.
Feb
May
July
2
9 ,.
16
23
30
...
For notes, see end of table.
8.i
4.9
6.2
6.7
6.5
4.6
5.0
7.3
7.0
4.6
3.2
3.6
941
REVISION OF THE MONEY SUPPLY SERIES
MONEY SUPPLY AND RELATED DATA, 1959-65—Continued
(In billions of dollars)
Seasonally adjusted
Not seasonally adjusted
Money supply
Money supply
Week ending—
Total
Currency Demand
deposit
component component
Time
deposits
adjusted*
Total
Time
deposits
Currency Demand adjusted x
deposit
component component
U.S.
Govt.
demand 1
deposits
31.9
32.2
32.0
31.8
117.5
118.6
120.2
118.1
108.1
108.2
108.4
108.3
6.1
5.1
5.1
8.1
150.1
151.3
152.8
152.6
153.3
31.9
118.4
119.0
120.6
120.5
121.4
108.7
109.1
109.3
109.6
110.1
7.7
5.4
4.1
3.1
110.4
110.8
111.3
111.5
155.0
155.2
154.5
153.8
32.3
32.7
32.6
32.6
122.7
122.6
121.8
121.2
110.2
110.2
110.1
110.4
4.2
3.6
4.7
4.9
120.8
120.6
120.5
120.6
111.6
111.8
112.3
112.5
155.5
156.4
158.3
157.5
33.0
33.3
33.1
33.3
122.5
123.1
125.1
124.3
110.5
110.8
111.0
111.0
4.5
3.8
4.2
6.6
32.4
32.5
32.6
32.7
32.7
121.6
121.3
121.1
120.8
120.9
112.6
112.8
113.4
113.8
114.2
158.9
158.7
158.4
158.0
156.1
32.8
32.9
32.6
32.5
32.1
126.0
125.8
125.8
125.5
124.0
111.5
112.3
112.9
113.2
113.6
6.5
6.4
4.2
3.1
2.8
153.6
153.7
153.8
153.8
32.6
32.7
32.8
32.8
121.0
121.0
121.0
121.0
114.2
114.5
114.7
114.8
156.0
155.4
153.1
151.4
32.2
32.5
32.3
32.2
123.7
122.9
120.7
119.2
113.9
114.4
114.6
114.8
3.5
3.6
5.2
5.9
Mar. 4
11
18
25
153.9
154.0
154.0
154.2
32.8
32.9
32.9
32.9
121.0
121.1
121.1
121.3
114.9
115.0
115.3
115.5
152.3
153.0
154.3
151.8
32.3
32.8
32.7
32.6
120.0
120.3
121.6
119.2
115.2
115.5
115.8
115.9
Apr. 1
8
15
22
29
154.5
154.6
154.4
154.5
154.3
33.0
33.9
33.0
33.1
33.2
121.6
121.6
121.4
121.5
121.2
115.6
115.8
116.0
116.4
116.5
152.5
153.6
155.4
156.4
154.6
32.5
33.0
32.9
32.8
32.5
120.0
120.7
122.5
123.7
122.1
116.2
116.4
116.6
116.6
117.1
5.6
4.5
4.6
7.7
7.8
5.9
5.0
2.3
2.9
May 6
154.6
154.6
154.5
154.5
155.2
155.4
155.5
155.6
33.2
121.4
121.3
121.2
121.1
116.8
117.1
117.5
117.6
154.3
153.3
151.3
150.4
33.0
33.1
33.0
32.9
121.3
120.2
118.3
117.5
117.3
117.8
118.1
118.4
121.8
122.0
122.1
122.2
118.0
118.3
118.6
118.6
152.2
153.0
155.1
153.2
33.2
33.6
33.4
33.3
119.0
119.4
121.7
119.9
118.8
119.1
119.2
119.1
155.6
156.3
156.6
156.7
156.8
33.4
33.5
33.6
33.6
33.7
122.1
122.8
123.0
123.1
123.1
118.6
119.0
119.3
119.7
119.8
152.7
154.3
155.3
155.4
155.1
33.3
34.0
33.9
33.8
33.5
119.5
120.2
121.5
121.6
121.6
119.3
119.6
119.9
120.2
120.4
10.0
9.5
8.1
5.4
4.6
26
157.1
157.1
157.1
157.2
33.7
33.7
33.7
33.7
123.4
123.4
123.4
123.5
120.2
120.6
121.0
121.3
156.3
156.0
154.5
153.6
33.7
34.0
33.9
33.7
122.5
122.0
120.6
119.9
120.6
120.9
121.1
121.4
5.8
5.4
6.8
7.2
Sept. 2
9
16
23
30
157.5
157.7
158.0
158.3
158.4
33.8
33.8
33.8
33.9
34.0
123.8
123.9
124.3
124.4
124.4
121.7
121.8
122.1
122.3
122.3
155.2
156.4
158.8
157.3
155.9
33.6
34.3
34.0
33.8
33.6
121.6
122.1
124.8
123.5
122.3
121.7
121.9
122.1
121.8
122.2
5.9
5.6
4.0
7.5
9.1
Oct.
158.9
158.8
158.8
158.9
33.9
34.0
34.0
34.1
124.9
124.9
124.8
124.8
122.9
123.4
123.7
123.8
157.8
159.1
159.1
159.3
34.1
34.2
34.1
33.9
123.7
124.9
125.0
125.4
122.8
123.3
123.4
123.8
8.2
5.5
4.5
4.1
151.4
151.7
151.6
151.7
31.9
31.9
31.9
31.9
119.5
119.9
119.7
119.8
108.2
108.3
108.6
108.4
149.4
150.8
152.1
149.9
152.0
152.2
152.3
152.2
152.5
153.1
153.1
153.1
153.2
153.4
153.1
153.0
153.0
31.9
32.0
32.0
32.1
32.2
120.0
120.2
120.3
120.1
120.3
108.4
109.1
109.6
109.9
110.2
32.2
32.2
32.3
32.4
121.0
120.9
120.8
120.7
32.5
32.4
32.5
32.4
1
8
15
22
29
154.0
153.9
153.7
153.5
153.5
Feb. 5
12
19
26
1963—Sept. 4
is!!!!!.'.'.'!!!!!.'!!!
25
Oct.
2
9
16
23
30
Nov. 6 . . .
13
20
27
I>ec. 4
11
18
25
1964—Jan.
20!!!!!!!!!!!!!!!!!
27
June 3
10
17
24
July
1
8
15
22
29
AU8
-,L::..:::::::::::
19
7
14
21
28
For notes, see end of table.
33.4
33.4
33.4
33.4
33.4
5.5
6.0
7.4
7.5
7.1
6.1
6.2
942
FEDERAL RESERVE BULLETIN • JULY 1965
MONEY SUPPLY AND RELATED DATA, 1959-65—Continued
(In billions of dollars)
Seasonally adjusted
Money supply
Week ending—
Total
1964—Nov. 4
11
18
25
Not seasonally adjusted
!
Money supply
Currency Demand
deposit
component component
Time
deposits
adjusted 1
Total
Currency Demand
deposit
component component
Time
deposits
adjusted *
U.S.
Govt.
demand
deposits i
158.9
159.1
159.0
159.1
34.1
34.2
34.2
34.3
124.8
124.9
124.8
124.8
124.2
124.6
125.1
125.6
160.8
161.1
161.1
159.6
34.1
34.6
34.6
34.6
126.7
126.5
126.5
125.0
124.0
124.1
124.1
124.2
5.1
4.5
5.3
6.9
Dec.
2
9
16
23
30
159.3
159.2
159.7
159.9
159.7
34.2
34.2
34.3
34.3
34.3
125.0
125.0
125.4
125.6
125.4
125.9
126.1
126.5
126.9
127.1
161.1
162.1
165.0
165.0
164.2
34.7
35.0
34.9
35.0
35.1
126.4
127.1
130.1
130.0
129.1
124.4
124.7
125.1
125.3
125.7
7.1
5.5
3.6
5.7
6.6
1965—Jan.
6
13
20
27
161.0
160.1
159.8
159.3
34.4
34.4
34.5
34.6
126.6
125.7
125.4
124.8
127.7
128.5
129.0
129.5
166.9
165.2
164.5
162.5
34.8
34.6
34.2
34.0
126.7
127.7
128.5
129.3
Feb.
3
10
17
24
160.2
159.9
159.5
158.9
34.6
34.6
34.7
34.7
125.5
125.3
124.8
124.3
130.0
130.7
131.0
131.3
162.5
161.4
159.7
156.7
34.0
34.4
34.2
34.1
132.1
130.6
130.3
128.5
128.5
127.0
125.4
122.5
6.4
4.0
2.9
3.8
4.6
4.7
5.3
7.1
Mar. 3
10
17
24
31
160.6
160.4
160.3
159.9
160.0
34.7
34.7
34.6
34.6
34.7
125.9
125.7
125.7
125.3
125.4
131.5
131.9
132.2
132.3
132.6
159.0
159.2
160.6
157.9
157.8
34.1
34.6
34.4
34.3
34.1
124.8
124.6
126.2
123.5
123.6
131.7
132.3
132.7
132.8
133.3
Apr
28
161.6
161.4
161.7
160.3
34.8
34.8
34.8
34.7
132.9
133.2
133.5
133.8
160.1
161.9
164.1
160.9
34.6
34.7
34.6
34.1
125.4
127.2
129.5
126.8
133.6
133.9
133.9
134.4
May 5
12
19
26
160.4
159.9
159.6
159.7
34.8
34.9
34.9
34.9
126.8
126.6
126.9
125.5
125.6
125.1
124.7
124.9
134.1
134.3
134.6
134.8
34.4
34.7
34.6
34.4
125.9
124.1
122.0
121.2
134.S
135.1
135.4
135.6
June 2
9
16
23
161.0
161.5
162.0
162.1
161.7
34.9
34.9
35.0
35.0
35.0
126.1
126.6
127.0
127.2
126.8
135.2
135.6
135.8
136.1
136.3
160.3
158.9
156.6
155.7
157.5
158.8
161.2
160.2
158.5
6.7
5.2
4.7
8.3
8.4
7.1
4.6
4.4
5.8
8.5
8.4
10.3
10.8
34.8
35.1
35.0
34.9
34.7
122.8
123.7
126.2
125.3
123.8
136.1
136.4
136.7
136.6
137.0
9.7
8.1
7.2
10.2
11.5
-J::::::::::::::::::
21
v Preliminary.
At all commercial banks.
NOTE.—All figures are averages and are based on daily figures.
Money supply consists of (1) demand deposits at all commercial
banks, other than those due to domestic commercial banks and
a
129.7
130.4
130.9
131.3
the U.S. Govt., less cash items in process of collection and F.R.
float; (2) foreign demand balances at F.R. Banks; and (3) currency outside the Treasury, the FRS, and the vaults of all commercial banks. Time deposits adjusted are time deposits at all
commercial banks other than those due to domestic commercial
banks and the U.S. Govt.
943
REVISION OF THE MONEY SUPPLY SERIES
SEASONAL FACTORS FOR 1965
(Per cent)
Money supply
Period
Currency
component
Demand
deposit
component
Money supply
Time
deposits
adjusted
Time
deposits
adjusted
Currency
component
Demand
deposit
component
100.5
100.3
100.1
100.2
101.0
102.1
Period
98.6
98.2
99.1
100.1
101.0
102.9
100.5
100.1
99.9
99.9
99.2
98.9
101.4
100.9
100.4
99.7
100.1
101.0
100.5
100.0
99.7
101.4
100.5
99.7
98.9
100.2
100.9
100.4
99.6
99.6
101.2
101.1
101.1
101.2
102.1
101.9
102.3
102.5
97.8
98.5
98.9
98.9
99.3
98.9
98.1
97.2
98.0
98.3
99.9
99.8
98.5
98.9
99.7
100.3
100.6
101.5
101.1
101.5
100.4
100.9
101.6
103.6
103.9
102.4
100.6
100.5
100.5
100.5
100.3
100.2
100.1
100.1
100.0
100.2
100.0
99.6
99.9
100.0
99.9
99.8
99.9
99.8
99.6
99.2
98.8
98.8
99.0
99.0
98.8
98.8
Monthly factors
Jan
Feb
Mar
Apr
May. . . .
June...
99.6
98.7
99.1
99.2
99.2
99.9
103.6
100.2
99.2
100.6
98.3
98.3
99.6
99.9
100.4
100.4
100.6
100.5
July
Aug
Sept
Oct
Nov
Dec
Weekly factors
Week endingJan. 6 . . .
13.. .
20. . .
27. . .
Feb. 3 . . .
10. . .
17. . .
24. . .
Mar. 3 . . .
10.. .
17.. .
24. . .
31 . . .
Apr. 7 . . .
14.. .
21 . . .
28. ..
May 5 . . .
June
19.' .' '.
26.. .
2...
9.. .
16.. .
23.. .
30.. .
I
101.3
100.4
99.3
98.4
98.3
99.3
98.8
98.4
98.4
99.7
99.4
99.1
98.4
99.6
99.7
99.3
98.3
99.0
99.7
99.2
98.8
99.5
100.5
100.0
99.8
99.3
104.3
103.9
103.9
103.0
102.3
101.4
100.5
98.6
99.1
99.1
100.4
98.6
98.6
99.0
100.5
102.1
101.0
100.2
99.2
97.8
97.1
97.4
97.7
99.4
98.5
97.6
99.2
99.4
99.6
99.8
99.8
99.8
99.9
100.0
100.1
100.3
100.4
100.4
100.5
100.5
100.5
100.3
100.4
100.5
100.6
100.6
100.6
100.6
100.6
100.6
100.4
100.5
Week endingJuly 7 . . .
14...
21...
28...
Aug. 4 . . .
18.'!!
25...
Sept. 1 . . .
8...
15...
22...
29...
Oct. 6 . . .
13...
20...
27...
Nov. 3 . . .
10...
17...
24...
Dec. 1 . . .
8...
15...
22...
29...
BALANCF OF PAY ME: NTS PROGRAM
Revised Guidelines
For Nonbank Financial Institutions
As an important part of the President's
program to improve the balance of payments
position of the United States, announced in
February 1965, American businesses and
financial institutions have been asked to
reduce voluntarily their foreign lending and
investment activities. In furtherance of this
program, the guidelines on foreign lending
and investment for financial institutions
other than commercial banks are hereby
revised.1
Included among the types of financial
institutions to which the guidelines are
applicable are life, fire, and casualty insurance companies; corporate noninsured pension funds and State-local retirement systems; mutual savings banks, mutual funds,
and investment companies; consumer, sales,
and commercial finance companies; college
endowment funds and charitable foundations. Trust companies and trust departments of commercial banks are expected to
observe the guidelines wherever possible in
the investment of funds entrusted to them
or for which they serve as investment
advisor. Investment underwriting firms,
security brokers and dealers, and investment
counseling firms, although they may not
directly hold assets subject to the guidelines,
are requested to inform customers of the
program and enlist their support in following the guidelines recommended.
Any nonbank financial institution holding
$500,000 or more in foreign loans, invest-
ments, or other foreign financial assets is
requested to file a statistical report at the
close of each calendar quarter with the
Federal Reserve Bank in its district. Such
reports are to be filed covering assets held
as of June 30, and for any subsequent
quarter in which holdings exceed $500,000.
Lending institutions not receiving copies of
the reporting form by June 30 may obtain
them from the Federal Reserve Banks.
SPECIFIC GUIDELINES
1
Issued by the Federal Reserve System, June 21,
1965, pursuant to the President's balance of payments program.
944
(1) Investment of liquid funds abroad
should not be increased; if holdings as of the
end of 1963 or 1964 are currently exceeded, such investment should be reduced
in a gradual and orderly manner to the
lesser of these totals. This category includes
all deposits held with foreign banks or
foreign branches of U.S. banks, whether denominated in U.S. dollars or a foreign currency and regardless of maturity. It also
includes all liquid money market claims on
foreign obligors written with an original
maturity of 1 year or less, whether such
claims are denominated in U.S. dollars or a
foreign currency. The term "liquid money
market claims" is interpreted broadly to
include the securities of Governments and
their instrumentalities, commercial paper,
finance company paper, bankers' acceptances, and other readily marketable paper.
This guideline is not intended to restrict the
holdings of working balances needed in the
ordinary conduct of business abroad.
Neither is it applicable to short-term busi-
REVISED GUIDELINES
945
ness credits that are not readily marketable
(covered under guideline ( 2 ) ) .
to observe the following listed priorities or
guides:
(2) Investments and credits maturing in
10 years or less at date of acquisition, including short-term credits that are not
"liquid money market claims" classified
under guideline (1) above, should not be
increased by more than 5 per cent during
1965 from end-of-1964 levels. This category
includes all bonds, notes, mortgages, loans,
and other credits carrying maturities at date
of acquisition of 10 years or less. The date
of final maturity is to be taken in classifying
individual credit transactions, except that a
credit transaction should not be classified as
"long-term" (and hence subject to guideline
(3) below) unless 10 per cent or more of
the amount to be repaid is scheduled to be
repaid after 10 years. Loans guaranteed or
arranged by the Export-Import Bank or insured by the Foreign Credit Insurance Association are not to be considered foreign
credits for purposes of this program.
1. Credits and investments that represent
bona fide U.S. export financing should receive absolute priority.
2. Nonexport credits and investments in
the less developed countries are to be given
priority consideration second only to bona
fide export financing.
3. The flow of investment funds to
Canada and Japan, which are heavily dependent on U.S. capital markets, need be
restricted only to the extent necessary to
remain under the guideline target.
4. Unduly restrictive policies should be
avoided with regard to credits and investments in the United Kingdom, which has
balance of payments problems.
5. Nonexport credits and investments in
other developed countries (see list under
Notes) should ordinarily not be made until
acceptable investments under the first four
priorities have been accommodated, and
then only within the 5 per cent ceiling for
over-all expansion under this guideline.
Net financial investment in foreign branches,
financial subsidiaries and affiliates, if any,
should be included among the assets subject to the 5 per cent expansion ceiling
under guideline (2). Such financial investment includes payments into equity and
other permanent capital accounts of, and
net loans and advances to, foreign corporations engaged principally in financial or real
estate activities, in which the institution has
an ownership interest of 10 per cent or
more. Earnings of a foreign affiliate that are
reinvested in the business are not to be included under the guideline target, although
institutions are requested to repatriate such
earnings to the fullest extent feasible.
In administering restraint in foreign lending and investing, institutions are requested
It is recognized that some individual institutions may temporarily exceed the guideline target, because of investments made
under the first two priorities above, or the
taking down of firm prior commitments to
lend or invest, or normal seasonal fluctuations. In any case, an institution that exceeds its target should consult with the
Federal Reserve Bank in its district regarding a program for moving back within the
ceiling in a reasonable period of time.
(3) Long-term credits (exceeding 10 years
in maturity) and stock investments in
foreign companies are not subject to an
aggregate target. This category includes
bonds, notes, mortgages, loans, and other
946
FEDERAL RESERVE BULLETIN • JULY 1965
credits maturing more than 10 years after
date of acquisition, as well as preferred and
common stocks. (Loans and investment in
financial subsidiaries and affiliates, however,
are covered by guideline (2).) Term loans
and serial-payment notes and bonds are to be
included in this category // 10 per cent or
more of the total amount of the credit is
scheduled for repayment to the lender after
10 years beyond date of acquisition.
No percentage ceiling is suggested on
long-term credits and investments in the
priority categories relating to export
financing, to less developed countries, and
to Canada, Japan, and the United Kingdom
described under guideline (2) above. On
credits and investments in the fifth priority
category, however, lending institutions are
requested to exercise substantial restraint,
and normally would be expected to avoid
any increase in the total of such holdings.
The attention of lending institutions is
directed to the need to refrain from making
loans and investments inconsistent with the
President's balance of payments program.
Among these are the following:
1. Long-term credits covered by guideline (3) which substitute for loans that commercial banks would have made in the
absence of the voluntary foreign credit restraint effort administered by the Federal
Reserve System;
2. Credits to U.S. borrowers that would
aid in making new foreign loans or investments inconsistent with the voluntary restraint program administered by the Department of Commerce;
3. Credits to U.S. subsidiaries and
branches of foreign companies that otherwise might have been made to the foreign
parent, or that would substitute for funds
normally obtained from foreign sources; and
4. Credits to U.S. companies with foreign
activities that would take the place of funds
normally obtained abroad.
Reasonable efforts should be made to
avoid accommodating credit requests of
these types, regardless of specific guideline
targets detailed in this circular.
NOTES
1. None of the guidelines in this circular are intended to apply to the reinvestment of reserves on
insurance policies sold abroad in assets within the
country involved, in amounts up to 110 per cent of
such reserves.
2. Developed countries other than Canada, Japan,
and the United Kingdom are: Australia, Austria, the
Bahamas, Belgium, Bermuda, Denmark, France, Germany (Federal Republic), Hong Kong, Ireland, Italy,
Kuwait, Liechtenstein, Luxembourg, Monaco, Netherlands, New Zealand, Norway, Portugal, Republic of
South Africa, San Marino, Spain, Sweden, and
Switzerland.
Also to be considered "developed" are the following
countries within the Sino-Soviet bloc: Albania, Bulgaria, any part of China that is dominated or controlled by International Communism, Cuba, Czechoslovakia, Estonia, Hungary, any part of Korea that is
dominated or controlled by International Communism, Latvia, Lithuania, Outer Mongolia, Poland
(including any area under its provisional administration), Rumania, Soviet Zone of Germany and the
Soviet sector of Berlin, Tibet, Union of Soviet Socialist
Republics and the Kurile Islands, Southern Sakhalin,
and areas in East Prussia that are under the provisional administration of the Union of Soviet Socialist
Republics, and any part of Viet-Nam that is dominated or controlled by International Communism.
Statements to Congress
Statement by William McChesney Martin,
Jr., Chairman, Board of Governors of the
Federal Reserve System, before the House
Committee on Banking and Currency, July
6, 1965.
H.R. 7601 provides that "the twelve
Federal Reserve Banks shall transfer to the
Secretary of the Treasury interest-bearing
obligations (including discounted obligations) of the United States in the aggregate
principal amount of $30,000,000,000."
After providing that the Secretary of the
Treasury is to determine how much of each
issue is to be transferred (and, for discounted issues, at what value) and that the
Board of Governors of the Federal Reserve
System is to decide how much of the total
is to come from each Reserve Bank, the bill
provides that the obligations transferred
"shall be cancelled and retired." Section 2
of the bill would relieve each Reserve Bank
"of its liability upon an amount of (its)
Federal Reserve notes . . . equal to the valuation at which the obligations transferred
by it . . . are carried on its books." Rounding out the picture, the Secretary of the
Treasury would be directed to "transfer an
equal amount, on the books of the Treasury,
from contingent liability on Federal Reserve
notes to direct currency liability."
Section 16 of the Federal Reserve Act,
which authorizes the issuance of Federal
Reserve notes, contains provisions for collateral and gold reserves which are not
specifically amended by H.R. 7601. Before
a Reserve Bank may obtain Federal Reserve
notes for issuance, it must tender "collateral
in an amount equal to the sum of the
Federal Reserve notes thus applied for."
While this collateral may take several forms
under the statute, in practice it consists
almost wholly of gold certificates and Government securities. As of May 31, about
$38 billion was pledged in the collateral
account—about $7 billion from the Reserve
Banks' holdings of $14 billion of gold certificates, and $31 billion of their $38.5 billion
of Government securities. To simplify
operations, the Reserve Banks maintain
collateral at levels somewhat higher than the
Federal Reserve notes they have received
for issuance; this accounts for the fact that
$38 billion in collateral is pledged whereas
only $37 billion of Federal Reserve notes
have been issued to the Reserve Banks.
In addition to the collateral requirements,
section 16, as recently amended by the gold
reserve legislation (Public Law 89-3) considered by your committee, requires each
Reserve Bank to maintain reserves in gold
certificates of not less than 25 per cent
against its Federal Reserve notes in actual
circulation, which amount to about $35 billion. The Reserve Banks are thus required
to maintain, at present, about $9 billion in
gold certificates as reserves against currency
in circulation. In accordance with the
statute, gold certificates pledged as collateral
"are counted as part of the (gold certificate)
reserve."
While H.R. 7601 makes no specific
change in these provisions, it does provide
that the Reserve Banks' liability on $30
947
948
billion of Federal Reserve notes shall be
cancelled. Presumably, therefore, the intent
would be to relieve the Reserve Banks of
their present duty to maintain 100 per cent
collateral and 25 per cent gold certificate
reserves with respect to $30 billion of the
Federal Reserve notes now circulating, but
to continue these requirements with respect
to the remaining $5 billion of notes in circulation. Thus, it would appear that of the
$35 billion of identical Federal Reserve
notes that would continue in the hands of
the public, one-seventh would be secured
and six-sevenths would not.
A second effect of H.R. 7601 would be to
add $30 billion to the amount of new
borrowing that could be carried out under
the debt limit. The obligations that would
be cancelled under the bill were issued under
the Second Liberty Bond Act. The provision
commonly referred to as the public debt
limit (section 21 of that Act) limits the
amount of obligations that may be outstanding under the Act. Thus, cancelling $30
billion of securities previously issued would,
of course, be equivalent to enacting a
permanent increase of the same amount in
the debt ceiling.
If this analysis is correct, the bill would
thus alter decisions recently made by the
Congress and the President with respect to
both the debt limit and the backing for
currency. Public Law 89-3 expressly retained the gold certificate reserve requirements as to circulating Federal Reserve
notes; H.R. 7601 would repeal them for
about six-sevenths of the notes now in circulation. Public Law 89-49 increased the temporary debt limit by $4 billion to $328
billion, while maintaining the permanent
debt limit at $285 billion; H.R. 7601 in
effect would raise both the permanent debt
FEDERAL RESERVE BULLETIN • JULY 1965
limit and the temporary ceiling by $30
billion.
The Congress is, of course, entitled to
change its mind about these matters. It is
conceivable that—with self restraint on the
part of everyone—sound monetary and
fiscal policies could be maintained without
any constraints in law. But traditionally, at
least, the American people and their elected
representatives have felt that the chances of
success in their endeavor to keep the dollar
sound are enhanced by some limitations on
the discretion of those who are entrusted
with monetary and fiscal operations.
In my judgment, the provisions of existing
law with respect to the issuance and collateralization of our currency are well designed to avoid misunderstanding and
mistrust.
In essence, these provisions ensure that
the Federal Reserve Banks will hold highly
marketable assets equal in value to the
liabilities they propose to incur by issuing
currency. Interest-bearing U.S. Government
bonds, which were sold in the first instance
to willing buyers in the open market, make
up over three-fourths of this collateral, as
I have mentioned.
Among its advantages, this requirement
serves to keep the function of maintaining
the supply of currency needed to meet the
needs of commerce, industry, and agriculture (and such profit or loss as may accrue
to the Government in the performance of
this function) entirely separate from the
function of financing such deficits as may
arise as a result of Government expenditures in excess of current receipts (and the
cost of this borrowing).
In other words, this arrangement is one
element in a framework of safeguards designed to assure people who use and hold
dollars that their value will not be de-
STATEMENTS TO CONGRESS
predated by the creation of additional
money to finance the Federal Government's
deficits. Put another way, it means that
deficits must be financed by market borrowing, in which the credit of the U.S. Government in the eyes of our own citizens is
continuously put to the test, so that any
deterioration in that credit is immediately
evident for all to see. It means that neither
the Congress, the administration, the Federal Reserve or the people can be deceived
nor can they wishfully deceive themselves
as to the financial status of their Government. I think this is a very good thing.
It should be clear, at the same time, that
the proposed changes would not save the
taxpayer a penny. All of the interest that
the Treasury pays to the Federal Reserve
on the $30 billion of securities that would
be cancelled is repaid by the Federal Reserve to the Treasury as interest on Federal
Reserve notes. In 1964 the System received
about $1.3 billion in interest on its portfolio
of Government obligations. Out of these
earnings, it paid about $200 million in
operating expenses and about $30 million
in dividends on Reserve Bank stock (at 6
per cent, as required by statute); the balance, roughly $1.1 billion, was turned back
to the Treasury.
If the System's portfolio were reduced by
$30 billion, the System's payments to the
Treasury would be reduced by precisely the
amount the Treasury "saved" in interest
payments on the securities involved. This is
because the System's remaining income
would be enough to meet expenses and
dividends, with a little left over for payments
to the Treasury. But, of course, what was
left over would be $1.1 billion less than it
would be today. So the Treasury—and the
taxpayers—would come out even.
In my opinion, the bill before you would
949
serve no useful purpose and it could lead
to serious damage to our financial position.
On behalf of the Board of Governors, I
recommend against enactment of H.R.
7601.
Statement by William McChesney Martin,
Jr., Chairman, Board of Governors of the
Federal Reserve System, before the Antitrust Subcommittee of the Senate Committee on the Judiciary, July 15, 1965.
One of the President's requests in his
message to Congress on February 10, 1965,
on the balance of payments problem of the
United States, was enactment of an exemption from the antitrust laws along the lines
proposed in H.R. 5280.
I appear before you today in support of
that bill, which was passed by the House
on June 7, 1965.
As introduced, H.R. 5280 was identical
with S. 1240. In that form, the bills—subject to safeguards to competition—would
exempt from the antitrust laws discussions
by bankers and certain other financial institutions, and the formulation, of "voluntary
agreements or programs" to restrain private
outflows of dollar funds detrimental to our
balance of payments position, if requested
by the President or his delegate. The bills
also would exempt from the antitrust laws
any acts or omissions to act which occur
pursuant to any such "voluntary agreement
or program" approved by the President himself, or by the delegate of the President and
the Attorney General. The bills provide for
necessary reports to the President or his
delegate affecting our balance of payments
position, and for the obtaining by the Attorney General of information to facilitate
the performance of his functions under the
proposals.
950
If enacted, the legislation would terminate December 31, 1967, unless terminated
sooner by the President as no longer necessary.
As passed by the House, H.R. 5280 was
amended as recommended by the House
Committee on the Judiciary. The Board favors the amendment to the bill expanding
its coverage to include "and other financial
interests," in addition to "banks, investment
bankers and companies, insurance companies, finance companies, and pension funds."
This would prevent some of the organizations now included in the voluntary foreign
credit restraint effort instituted by the Board
pursuant to the President's program from
being ineligible for the benefits of the exemption provided in the bill, and would
supply desirable flexibility.
The Board has no objection to the other
amendments made by the House to H.R.
5280. Under one of these amendments, the
President could delegate his authority under
the bill only to Federal officials appointed
by him with the advice and consent of the
Senate. Under a related amendment, any
meeting of representatives of institutions
covered under the bill pursuant to the request of the President or his delegate or pursuant to any "voluntary agreement or program" approved under the bill, would have
to comply with the provisions of Executive
Order 11007 (dated February 26, 1962)
applicable to the conduct of meetings of the
"industry advisory committees." This means
that any such meeting could be called only
with the advance approval of a "full-time
salaried officer or employee" of the Government department or agency concerned,
that such a person would have to approve
the agenda and chair or be present at any
such meeting, that he could adjourn the
meeting, and that a verbatim transcript or
minutes would have to be kept.
FEDERAL RESERVE BULLETIN • JULY 1965
Another House amendment to H.R. 5280
would require the Attorney General, in approving, or in recommending the suspension
of, any "voluntary agreement or program,"
to consult with the delegate of the President
on the question whether the potential detriment to competition flowing from such
agreement or program was outweighed by
its benefit to the safeguarding of the U.S.
balance of payments position. Finally, the
amended bill would require the Attorney
General to submit to the Congress and the
President every 6 months reports on the
performance of his responsibilities under
the bill and summaries of each "voluntary
agreement or program" approved thereunder.
The antitrust exemption which the President has requested is patterned after the
provision of the Defense Production Act of
1950 that gave exemption from the antitrust laws for the voluntary credit restraint
program in force during the Korean conflict and administered by the Board. While
the situation facing the country then was
quite different from that which prompted
this hearing, the bill before you does not
involve any new or untested concept, nor
one that would continue in effect after the
need for it ceased to exist.
The Board wholeheartedly supports the
President's balance of payments program
and his determination to improve our international payments position and to maintain
confidence in the dollar.
Under the program set out in the President's message of February 10, the Federal
Reserve System and the banking and financial community, in cooperation with the
Secretary of the Treasury, were assigned a
major role. That role is to help improve the
nation's international payments position by
voluntary restraint on loans and other crediits to foreigners.
STATEMENTS TO CONGRESS
The Board acted promptly in pursuit of
this objective. Immediately following the
President's message on February 10, the
Board urged all banks to make a determined
effort to help reduce the outflow of private
funds. In so doing, the Board announced
that the over-all objective was to hold outstanding credits to foreigners during 1965
to a level not over 5 per cent above the December 31, 1964, outstandings.
The importance of the task at hand and
the implementing steps being taken were
stressed and outlined on February 18 when
we met with representatives of banks and
other financial institutions prominent in the
field of foreign lending, after their visit earlier that day with the President.
By early in March, the Board had released guidelines for commercial banks and
other financial institutions to follow—individually and in the discretion of each institution—in complying with the President's
program. The subcommittee has been furnished copies of the guidelines.
The guidelines for banks—designed to
implement the 5 per cent objective that I
have already mentioned—provide priority
for bona fide export credits and credits to
less developed countries and certain others.
In brief, the cutback sought to be achieved
under the guidelines is expected almost entirely in nonexport credit to those fully developed countries that are not customarily
dependent on U.S. financing and that do not
suffer from payments difficulties.
The guidelines for other financial institutions, in essence, are intended to parallel
the guidelines for commercial banks as
nearly as possible, taking into account the
differences in investment practices that prevail among the various types of institutions
represented.
In his message of February 10, the Pres-
951
ident requested that the Federal Reserve
System work closely with the Secretary of
the Treasury and the financial community
to develop a program that would sharply
limit the flow of credit abroad. The President noted, however, that cooperation among
competing financial interests could raise
problems under the antitrust laws. Therefore, he requested enactment of an exemption from the antitrust laws. But the President stated that, pending enactment of such
legislation, the Secretary of the Treasury
and the Federal Reserve System will guide
that part of the program assigned to them
along lines which raise no antitrust problems.
I believe it is clearly evident from our
activities in this area so far that there has
been full adherence to the President's admonition. Each bank or institution to which
the guidelines are addressed is to act alone,
in a manner consistent with the guidelines,
and not in collaboration with or pursuant
to any understanding or agreement with
other financial institutions.
In testifying in support of H.R. 5280
before the Antitrust Subcommittee of the
House Commitee on the Judiciary on March
11, I said that—
Of course, it remains to be seen what future needs
may be. It may become necessary to call upon banks
and other financial institutions, acting together or in
groups, to enter upon the formulation of, and to adhere to, temporary credit restraint agreements or programs that, without a shield such as H.R. 5280, would
raise antitrust problems.
I am glad to say that, to date, nothing
has occurred to require such a shift in our
efforts. Nevertheless, as I also said on March
11, we must be prepared to alter course if
necessary without delay. Enactment of the
present bill would make this possible. In
addition, the President or his delegate would
be assured access to information needed for
952
the program and to assess its progress should
present reporting procedures prove inadequate.
The progress of the present balance of
payments program thus far is satisfactory,
as just indicated. The large deficits incurred
in the last quarter of 1964 and the first 2
months of this year have been converted
into a surplus which has been maintained
throughout the second quarter. The outflow
of bank loans, which was a primary factor
in our deficit last year, was reduced sharply
in March and was reversed in April and
May.
But this does not mean that the balance
of payments problem has been solved. We
must work diligently and hope for approximate equilibrium for several successive quarters, while continuing our efforts looking toward a permanent solution. As Secretary
Fowler has indicated, certainly it is not
enough to have obtained a surplus for a
single quarter.
The rapid and satisfactory results achieved
thus far have reflected in part some "oneshot" transactions suggested by the program
—such as the repatriation of liquid funds
held abroad. The easier steps were taken
first. More difficult ones lie ahead of us still.
From its inception, the voluntary approach to the problem has been regarded
as a temporary measure. It buys time pending more basic adjustments.
No one can say at this time just how long
it will take to achieve the needed adjustments. In the meantime, as prudent men,
we must be prepared to continue our present programs, modified as circumstances
may require, as long as they may be necessary.
Our present guidelines, in effect, set a
FEDERAL RESERVE BULLETIN • JULY 1965
"global" dollar target and, in a very general way, specify priorities by purpose among
foreign loans. Within these guidelines each
institution, acting individually, has been
free to adjust its position to meet the suggested target figure.
Much more specific guidelines may become essential. For example, different targets for different types of loans, or for loans
to certain areas, might be required. This
might well necessitate conferences with
groups of banks and other financial institutions in an effort to ensure that they act in
concert. This might even have to be done
to maintain the effectiveness of the guidelines in essentially their present form. So
long as this program remains voluntary—
and we strongly believe that it should—such
conferences and discussions or ensuing activities might violate the antitrust laws.
We believe that the country's financial institutions, while assisting the Federal Government with a problem of such great national
importance, should be protected against
the possibility of legal action—particularly
against suits for triple damages which might
be brought, for example, by a customer who,
in accordance with the program, was refused
a loan. In any event, with this legislation on
the books, the private institutions covered in
the bill may well feel more able to help in
the effort assigned to them under the President's program.
We have no plans at this time for more
specific guidelines or for other important
changes in the program. The present voluntary effort, as I have related, is now working
satisfactorily. We must be prepared, nevertheless, for contingencies.
The Board urges prompt enactment of
H.R. 5280.
Law Department
Administrative interpretations, new regulations, and similar material
Order Under Bank Merger Act
The following Order and Statement were issued
in connection with action by the Board of Governors with respect to an application for approval of
the consolidation of banks:
Dated at Washington, D. C , this 17th day of
June, 1965.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Robertson, Shepardson, Mitchell, Daane, and
Maisel. Absent and not voting: Governor Balderston.
CITIZENS BANK, VERMILLION,
SOUTH DAKOTA
In the matter of the application of Citizens
Bank for approval of consolidation with Security
State Bank, Gayville, So. Dak., Farmers State
Bank, and the Security State Bank
ORDER APPROVING CONSOLIDATION OF BANKS
There has come before the Board of Governors,
pursuant to the Bank Merger Act of 1960 (12
U.S.C. 1828(c)), an application by Citizens Bank,
Vermillion, South Dakota, a State member bank
of the Federal Reserve System, for the Board's
prior approval of the consolidation of that bank
and Security State Bank, Gayville, So. Dak., Gayville, South Dakota, Farmers State Bank, Tabor,
South Dakota, and The Security State Bank, Wakonda, South Dakota, under the charter and title
of the applicant. As an incident to the consolidation, the four offices of the Gayville, Tabor, and
Wakonda banks would be operated as branches of
the applicant bank. Notice of the proposed consolidation, in form approved by the Board, has
been published pursuant to said Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act, including reports furnished by the Comptroller of
the Currency, the Federal Deposit Insurance
Corporation, and the Attorney General on the
competitive factors involved in the proposed consolidation,
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that said consolidation shall not be consummated
(a) within seven calendar days after the date of
this Order or (b) later than three months after
said date.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
STATEMENT
Citizens Bank, Vermillion, South Dakota ("Citizens"), with total deposits of about $4 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 consolidation of that bank and
Security State Bank, Gayville, So. Dak., Gayville,
South Dakota ("Gayville Bank"), Farmers State
Bank, Tabor, South Dakota ("Tabor Bank"), and
The Security State Bank, Wakonda, South Dakota
("Wakonda Bank"), with deposits of about $1.7
million, $1.2 million, and $2.7 million, respectively.1 The banks would consolidate under the
charter and title of Citizens Bank, a State member
bank of the Federal Reserve System. As an incident to the consolidation, the sole offices of Gayville Bank and Tabor Bank and the two offices of
Wakonda Bank would become branches of Citizens Bank, increasing the number of its offices
from one to five.
Under the law, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are
consistent with the purposes of 12 U.S.C, Chapter
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 consolidation unless, after considering all of these
1
953
Deposit figures are as of December 31, 1964.
954
factors, it finds the transaction to be in the public
interest.
Banking factors. The financial histories and
conditions of Citizens, Tabor Bank, and Wakonda
Bank are satisfactory. This is true also of the capital structure, earnings prospects, and management
of each of these three banks. Gayville Bank—
which only recently acquired new management
regarded as satisfactory—has had a less than
satisfactory asset condition. Effectuation of the
proposal would permit improvement in the asset
condition and capital position of what has been
Gayville Bank and provide a basis for improved
earnings relative to that bank. The asset condition
and capital structure of the resulting bank would
be satisfactory, its management would be competent, and its earnings prospects would be favorable.
The four participating banks are controlled by the
same individual through direct or indirect ownership of a majority of the stock of each of the banks.
There is no indication that the corporate powers
of the banks are, or would be, inconsistent with
the purposes of 12 U.S.C., Chapter 16.
Convenience and needs of the communities.
The offices of the four participating banks are
located in the contiguous South Dakota counties
of Clay, Yankton, and Bon Homme, situated in the
southeastern part of the State. Vermillion (with a
population of about 6,200) and Wakonda are in
Clay County. Gayville and Volin (the location of
Wakonda Bank's second office) are in Yankton
County, and Tabor is in Bon Homme County.
Wakonda, Volin, Gayville, and Tabor are small
rural communities with populations ranging from
about 200 to 400. The population of the trade area
served by Vermillion is over 16,000, while the
population of the trade areas served by the four
smaller towns exceeds 6,000. The Missouri River
forms a natural barrier between the three counties and the State of Nebraska on the south.
The economy of the total area involved is based
on agriculture, chiefly feed crops and livestock
feeding. The trend in the area is toward fewer
farms, larger farms, and larger capital investment
per farm unit.
The only banking offices in Wakonda, Tabor,
Gayville, and Volin are those of the participating
banks. The only other commercial banking office
in Vermillion is a branch of the National Bank of
South Dakota, Sioux Falls, 65 miles to the north.
Should the consolidation be consummated, the
FEDERAL RESERVE BULLETIN • JULY 1965
branches of the resulting bank would range from
nine miles to twenty-two miles from the nearest
office of another commercial bank.
Each of the four participating banks has had
to sell or participate portions of several loans in
order to avoid overlines. If the proposal were effectuated, the lending limit of the resulting bank
would be $150,000, compared to lending limits
ranging from $15,000 to $50,000 for the individual participating banks. It appears that the increased lending limit would have been sufficient
to cover most of the loans sold or participated.
The resulting bank expects to provide trust services at each of its offices. The evidence indicates
that this would fulfill a need in the service area 2
of the resulting bank.
While it is not claimed that credit needs of the
communities concerned are not being met, consummation of the proposal would make available
in the areas involved improved banking services
to customers of the four banks, and banking offices with capabilities more consonant with the
economic development in the area. This would
include the cessation of exchange charges at offices of the three banks that would become
branches of Citizens, a member bank.
Competition. As the four banks are, directly or
indirectly, under the common control of one individual, they are not to be regarded as effective
competitors of one another. Although there is a
slight overlapping of the service areas of the four
banks, in view of their size, location, and the essentially local nature of their business, the potential for competition among them would be limited
even if common ownership were terminated.
The resulting bank would rank second in size
among the sixteen commercial banks with offices
in the area that would be served by it. Upon consummation of the transaction, Citizens' share of
the deposits in banking offices in that area would
increase from just under six per cent to almost
fourteen per cent. On this basis, the largest bank
in the area is American State Bank, Yankton,
which has almost twenty-five per cent of the area's
deposits. The First Dakota National Bank, Yankton, would rank third with over thirteen per cent
of the area's deposits, while the Vermillion branch
of National Bank of South Dakota, Sioux Falls,
2
The area from which a bank derives 75 per cent or
more of its deposits of individuals, partnerships, and
corporations.
955
LAW DEPARTMENT
would be in fourth place with 10.5 per cent.
Consummation of the transaction would place
Citizens in a position to compete more effectively
with the Vermillion branch of the National Bank
of South Dakota (a subsidiary of The First Bank
Stock Corporation, Minneapolis, Minnesota, a registered bank holding company), and might stimulate competition for American State Bank. There
is no evidence that consummation of the transaction would have an adverse competitive effect
on any of the smaller banks in the service area
of the resulting bank. Most of these banks serve
primarily the small communities in which they are
located.
Summary and conclusion. The proposed consolidation of four relatively small banks in three
contiguous counties in southeastern South Dakota
would not adversely affect any bank in the service
area of the resulting bank, although it would tend
to provide stronger competition for the larger
banks located and doing business in the area. Furthermore, the resulting bank would be in a position
to provide expanded banking services in keeping
with the trend in the agricultural area involved
towards larger and fewer agricultural units.
Accordingly, the Board finds that the proposed
consolidation would be in the public interest.
Orders Under Section 3 of Bank
Holding Company Act
The following Orders were issued by the Board
of Governors extending the period of time within
which a corporation may become a bank holding
company, and within which an existing bank holding company may acquire the stock of an additional bank:
FIRST NATIONAL CORPORATION,
APPLETON, WISCONSIN
In the matter of the application of First National Corporation, Appleton, Wisconsin, for prior
approval of acquisition of voting shares of First
National Bank of Appleton, and Valley National
Bank, a proposed new bank, both of Appleton,
Wisconsin.
ORDER EXTENDING PERIOD OF TIME PRESCRIBED
BY PROVISO IN ORDER OF APPROVAL
by Order dated February 25, 1965,
the Board of Governors, pursuant to section
3(a)(l) of the Bank Holding Company Act of
WHEREAS,
1956 (12 U.S.C. 1842(a)(l)) and section
222.4(a)(l) of Federal Reserve Regulation Y
(12 CFR 222.4(a)(l)), approved an application
on behalf of First National Corporation, a proposed Wisconsin corporation, pursuant to which
it would become a bank holding company through
the acquisition of 80 per cent or more of the voting shares of First National Bank of Appleton and
Valley National Bank, a proposed new bank, both
of Appleton, Wisconsin; and said Order was made
subject to the proviso "that the acquisition so approved shall not be consummated . . . (b) later
than three months after said date [of Order]", and
"that Valley National Bank be opened for business
within six months [of the date of the Board's Order]"; and
WHEREAS, First National Corporation has applied to the Board for an extension of the time
within which the approved acquisition may be
consummated and within which Valley National
Bank is to be opened for business; and it appearing to the Board that reasonable cause has been
shown for the extensions of time requested, and
that such extensions would not be inconsistent
with the public interest;
IT IS HEREBY ORDERED, that the Board's Order
of February 25, 1965, as published in the Federal
Register on March 4, 1965 (30 F.R. 2833), be,
and it hereby is, amended so that the proviso
relating to the dates by which the acquisition approved shall be consummated, and Valley National Bank opened for business, shall read: "(b)
later than October 1, 1965, and provided, further,
that Valley National Bank shall be opened for
business no later than December 31, 1965."
Dated at Washington, D. C , this 10th day of
June, 1965.
By Order of the Board of Governors.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
THE FIRST VIRGINIA CORPORATION,
ARLINGTON, VIRGINIA
In the matter of the application of The First
Virginia Corporation, Arlington, Virginia, for
prior approval of the acquisition of voting shares
of Bank of Chesapeake, Chesapeake, Virginia.
956
ORDER EXTENDING PERIOD OF TIME PRESCRIBED
BY PROVISO IN ORDER OF APPROVAL
WHEREAS, by Order dated April 12, 1965, the
Board of Governors, pursuant to section 3(a) (2)
of the Bank Holding Company Act of 1956 (12
U.S.C. 1842(a)(2)) and section 222.4(a)(2)
of Federal Reserve Regulation Y (12 CFR
222.4(a) (2)), approved an application on behalf
of The First Virginia Corporation for the Board's
prior approval of the acquisition of 80 per cent
or more of the voting shares of Bank of Chesapeake, Chesapeake, Virginia; and said Order was
made subject to the proviso "that the acquisition
so approved shall not be consummated . . . (b)
later than three months after said date [of Order]",
and
WHEREAS, The First Virginia Corporation has
FEDERAL RESERVE BULLETIN • JULY 1965
applied to the Board for an extension of time
within which the approved acquisition may be
consummated; and it appearing to the Board that
good cause has been shown for the extension of
time requested and that such extension would not
be inconsistent with the public interest;
IT IS HEREBY ORDERED, that the Board's Order
of April 12, 1965, be, and it hereby is, amended
so that the proviso relating to the date by which
the acquisition approved shall be consummated
shall read: "(b) later than October 12, 1965."
Dated at Washington, D. C , this 6th day of
July, 1965.
By Order of the Board of Governors.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
Annoimc em en t s
TRANSFER OF FEDERAL RESERVE BRANCH
TERRITORY
Effective June 24, 1965, the territory of the
Birmingham Branch of the Federal Reserve Bank
of Atlanta was extended to include nine counties in southeast Alabama (Barbour, Coffee, Covington, Dale, Geneva, Henry, Houston, Pike, and
STATE BANK STOCKS REGISTERED UNDER
SECURITIES EXCHANGE ACT (as of June 30, 1965)
California
Listed below are the 163 State-chartered banks
that have registered securities pursuant to the
Securities Exchange Act of 1934. Banks that are
members of the Federal Reserve System and are
therefore governed by Federal Reserve Regulation F ("Securities of Member State Banks") are
designated "FRB". Nonmember insured banks,
which are subject to Part 335 of the regulations
of the Federal Deposit Insurance Corporation,
are designated "FDIC". Five banks that have
asked to be exempted from the requirement of
filing a registration statement are identified by the
words "exemption requested".
The registration statements may be examined
at the FDIC Building, 550 Seventeenth Street,
N. W., Washington, D.C., or at any of the Federal
Reserve Banks (Boston, New York, Philadelphia,
Cleveland, Richmond, Atlanta, Chicago, St. Louis,
Minneapolis, Kansas City, Dallas, and San Francisco). Copies will be furnished upon request, in
reasonable quantities.
Alabama
Exchange Security Bank
Birmingham (FDIC)
Arizona
Arizona Bank, The
Phoenix (FDIC)
Bank of Tucson
Tucson (FDIC)
Guaranty Bank
Phoenix (FDIC)
Russell) and portions of two other counties
(Chambers and Lee) in that area that had been included in the territory served by the Head Office
at Atlanta. The Birmingham Branch now serves
all the State of Alabama except the counties of
Baldwin and Mobile, which are served by the
New Orleans Branch.
957
Bank of Finance
Los Angeles (FDIC)
Bank of Marin
San Rafael (FDIC)
Bank of Sacramento
Sacramento (FDIC)
Bank of Trade of San Francisco
San Francisco (FDIC)
Centinela Valley Bank
Ingle wood (FDIC)
City Bank of San Diego
San Diego (FDIC)
Continental Bank
Los Angeles (FDIC)
Fidelity Bank
Beverly Hills (FRB)
First San Francisco Bank
San Francisco (FDIC)
Hibernia Bank, The
San Francisco (FDIC)
Manufacturers Bank
Los Angeles (FDIC)
Mother Lode Bank
Placerville (FDIC)
Santa Monica Bank
Santa Monica (FDIC)
Sumitomo Bank of California, The
San Francisco (FRB)
Union Bank
Los Angeles (FRB)
United California Bank
Los Angeles (FRB)
Wells Fargo Bank
San Francisco (FRB)
958
Colorado
Central Bank and Trust Company, The
Denver (FRB)
Connecticut
City Trust Company
Bridgeport (FRB)
Colonial Bank and Trust Company, The
Waterbury (FRB)
Connecticut Bank and Trust Company, The
Hartford (FRB)
Fairfield County Trust Company, The
Stamford (FDIC)
Union and New Haven Trust Company, The
New Haven (FRB)
United Bank & Trust Company
Hartford (FRB)
Delaware
Bank of Delaware
Wilmington (FRB)
Farmers Bank of the State of Delaware
Dover (FDIC)
Wilmington Trust Company
Wilmington (FRB)
Georgia
Trust Company of Georgia
Atlanta (FRB)
Hawaii
American Security Bank
Honolulu (FDIC)
Bank of Hawaii
Honolulu (FDIC)
Central Pacific Bank
Honolulu (FDIC)
City Bank of Honolulu
Honolulu (FDIC)
Illinois
Harris Trust and Savings Bank
Chicago (FRB)
Northern Trust Company, The
Chicago (FRB)
Sears Bank and Trust Company
Chicago (FRB)
Indiana
Citizens Bank of Michigan City
Michigan City (FDIC)
Hoosier State Bank of Hammond
Hammond (FDIC)
FEDERAL RESERVE BULLETIN • JULY 1965
Iowa
Davenport Bank and Trust Company
Davenport (FRB)
Kentucky
Citizens Fidelity Bank & Trust Company
Louisville (FRB)
Louisville Trust Company, The
Louisville (FRB)
Louisiana
American Bank and Trust Company
Baton Rouge (FDIC)
Bank of Louisiana in New Orleans
New Orleans (FDIC)
Bank of New Orleans and Trust Company, The
New Orleans (FRB)
Central Savings Bank and Trust Company
Monroe (FRB)
Maine
Casco Bank & Trust Company
Portland (FDIC)
Depositors Trust Company
Augusta (FRB)
Federal Trust Company
Waterville (FDIC)
Merrill Trust Company, The
Bangor (FRB)
Maryland
Annapolis Banking and Trust Company, The
Annapolis—"exemption requested" (FRB)
Citizens Bank of Maryland
Riverdale (FDIC)
Equitable Trust Company
Baltimore (FDIC)
Suburban Trust Company
Hyattsville (FDIC)
Union Trust Company of Maryland
Baltimore (FRB)
Western Maryland Trust Company
Frederick—"exemption requested" (FDIC)
Massachusetts
City Bank & Trust Company
Boston (FDIC)
Safe Deposit Bank and Trust Company
Springfield (FRB)
State Street Bank and Trust Company
Boston (FRB)
United States Trust Company
Boston (FRB)
959
ANNOUNCEMENTS
Michigan
American Bank and Trust Company
Lansing (FRB)
Bank of the Commonwealth
Detroit (FRB)
Citizens Commercial & Savings Bank
Flint (FRB)
Detroit Bank and Trust Company, The
Detroit (FRB)
Genesee Merchants Bank & Trust Company
Flint (FRB)
Old Kent Bank and Trust Company
Grand Rapids (FRB)
Public Bank of Detroit
Detroit (FDIC)
Security Bank and Trust Company
Lincoln Park (FRB)
Union Bank and Trust Company
Grand Rapids (FRB)
Mississippi
Deposit Guaranty Bank & Trust Company
Jackson (FRB)
Missouri
Commerce Trust Company
Kansas City (FRB)
Manchester Bank of St. Louis
St. Louis (FRB)
Manufacturers Bank and Trust Company of St.
Louis
St. Louis (FRB)
Mound City Trust Company
St. Louis (FDIC)
Security Trust Company
St. Louis (FDIC)
Southwest Bank of St. Louis
St. Louis (FRB)
Tower Grove Bank and Trust Company
St. Louis (FRB)
New Jersey
Bank of Commerce
Newark (FRB)
Burlington County Trust Company
Moorestown (FDIC)
Camden Trust Company
Camden (FRB)
Central Jersey Bank and Trust Company, The
Freehold (FDIC)
Clark State Bank
Clark (FRB)
Commercial Trust Company of New Jersey
Jersey City (FRB)
County Trust Company
Tenafly (FRB)
Fidelity Union Trust Company
Newark (FRB)
Guarantee Bank and Trust Company
Atlantic City (FDIC)
Hudson Trust Company
Union City (FDIC)
New Brunswick Trust Company
New Brunswick—"exemption requested"
(FDIC)
New Jersey Bank and Trust Company
Clifton (FRB)
Peoples Trust Company of Bergen County
Hackensack (FRB)
Summit and Elizabeth Trust Company, The
Summit (FRB)
Trust Company of New Jersey, The
Jersey City (FRB)
Trust Company of Morris County
Morristown (FRB)
Union County Trust Company
Elizabeth (FRB)
New York
Bankers Trust Company
New York (FRB)
Bank of New York, The
New York (FRB)
Bank of North America
New York (FDIC)
Central State Bank
Brooklyn (FDIC)
Central Trust Company, Rochester, N.Y.
Rochester (FRB)
Chase Manhattan Bank, The
New York (FRB)
Chemical Bank New York Trust Company
New York (FRB)
Community Bank, The
Lynbrook (FDIC)
County Trust Company, The
White Plains (FRB)
Empire Trust Company
New York (FDIC)
Federation Bank and Trust Company
New York (FRB)
First Trust and Deposit Company
Syracuse (FRB)
960
New York (continued)
Hempstead Bank
Hempstead (FRB)
Irving Trust Company
New York (FRB)
Kings County Trust Company
Brooklyn (FDIC)
Lincoln Rochester Trust Company
Rochester (FRB)
Long Island Trust Company
Garden City (FRB)
Manufacturers and Traders Trust Company
Buffalo (FRB)
Manufacturers Hanover Trust Company
New York (FRB)
Morgan Guaranty Trust Company of New York
New York (FRB)
Schenectady Trust Company, The
Schenectady (FRB)
Security Trust Company of Rochester
Rochester (FRB)
State Bank of Albany
Albany (FRB)
Trade Bank and Trust Company
New York (FRB)
United States Trust Company of New York
New York (FRB)
North Carolina
Branch Banking & Trust Company
Wilson (FDIC)
Northwestern Bank
North Wilkesboro (FDIC)
Peoples Bank & Trust Company
Rocky Mount (FDIC)
Waccamaw Bank and Trust Company
Whiteville (FDIC)
Wachovia Bank and Trust Company
Winston-Salem (FRB)
Ohio
Akron-Dime Bank
Akron (FDIC)
Central Trust Company, The
Cincinnati (FRB)
Cleveland Trust Company, The
Cleveland (FRB)
Dollar Savings and Trust Company, The
Youngstown (FRB)
Elyria Savings & Trust Company, The
Elyria (FRB)
FEDERAL RESERVE BULLETIN • JULY 1965
Fifth Third Union Trust Company, The
Cincinnati (FRB)
Lorain County Savings and Trust Company, The
Elyria (FRB)
Provident Bank, The
Cincinnati (FRB)
Toledo Trust Company, The
Toledo (FRB)
Union Commerce Bank, The
Cleveland (FRB)
Pennsylvania
Altoona Central Bank & Trust Company
Altoona (FDIC)
American Bank & Trust Co. of Pa.
Reading (FDIC)
Brookline Savings & Trust Company
Pittsburgh (FDIC)
Bryn Mawr Trust Company
BrynMawr (FDIC)
Dauphin Deposit Trust Company
Harrisburg (FDIC)
Fidelity-Philadelphia Trust Company
Philadelphia (FRB)
First Pennsylvania Banking and Trust Company, The
Philadelphia (FRB)
First Seneca Bank and Trust Company
Oil City (FDIC)
Girard Trust Bank
Philadelphia (FRB)
Industrial Valley Bank & Trust Company
Jenkintown (FDIC)
Johnstown Bank & Trust Company
Johnstown (FDIC)
Northern Central Bank and Trust Company
Williamsport (FRB)
Northwest Pennsylvania Bank & Trust
Oil City (FDIC)
Peoples Trust City Bank
Reading (FDIC)
Peoples Union Bank and Trust Company
McKeesport (FRB)
St. Clair Deposit Bank of Pittsburgh
Pittsburgh (FRB)
Union Bank & Trust Company of Eastern
Pennsylvania
Bethlehem (FDIC)
York Bank and Trust Company, The
York (FDIC)
961
ANNOUNCEMENTS
Puerto Rico
Banco Credito y Ahorro Ponceno
Ponce (FDIC)
Banco de Ponce
Ponce (FDIC)
Banco Popular de Puerto Rico
San Juan (FDIC)
Rhode Island
Plantations Bank of Rhode Island
Providence (FDIC)
Rhode Island Hospital Trust Company
Providence (FRB)
Texas
Texas Bank and Trust Company of Dallas
Dallas (FRB)
Vermont
Montpelier Savings Bank and Trust Co.
Montpelier (FDIC)
Vermont Bank and Trust Company, The
Brattleboro (FDIC)
Virginia
Mountain Trust Bank
Roanoke—"exemption requested" (FRB)
South Carolina
Carolina Bank & Trust Co. of Charleston, The
Charleston (FDIC)
Tennessee
Commerce Union Bank
Nashville (FRB)
Volunteer-State Bank
Knoxville—"exemption requested" (FDIC)
STUDIES ON BANKING STRUCTURE
Banking Market Structure & Performance in Metropolitan Areas: A Statistical Study of Factors
Affecting Rates on Bank Loans, by Theodore G.
Flechsig, is available for distribution.
This monograph, the second in a series of studies on banking structure, presents the results of
a statistical analysis of the relationship between
various structural characteristics of commercial
banking markets in major metropolitan areas and
bank performance as measured by rates charged
on short-term business loans.
The first monograph, entitled Bank Mergers &
the Regulatory Agencies: Application of the Bank
Merger Act of 1960, by George R. Hall and
Washington
Seattle Trust & Savings Bank
Seattle (FRB)
West Virginia
Wheeling Dollar Savings & Trust Company
Wheeling (FRB)
Charles F. Phillips, Jr., was an analysis of bank
merger decisions for the period May 13, 1960—
Dec. 31, 1962. It compared the policies of the
three Federal banking agencies regarding bank
mergers and examined the similarities and differences between the standards applied under the
Bank Merger Act of 1960 and those applied under
the Clayton Act.
Requests for copies of these monographs should
be sent to the Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Remittance should
accompany order and be made payable to the
order of the Board of Governors of the Federal
Reserve System (prices shown on page 1049).
National Summary of Business Conditions
Released for publication July 15
Industrial output and employment increased
somewhat further in June, while construction activity and retail sales changed little. Bank credit
rose more than in April-May, and the money
supply increased sharply. Since mid-June, bond
yields generally have shown little net change, and
common stock prices have recovered part of their
earlier decline.
INDUSTRIAL PRODUCTION
In June the industrial production index rose 0.5
further to 141.9 per cent of the 1957-59 average
and was 8 per cent above a year earlier. The June
increase reflected mainly a further rise in materials
as output of most consumer goods and business
equipment showed little change.
Auto assemblies were at a seasonally adjusted
annual rate of about 9.5 million units and July
schedules are set at close to that level. Production
of television sets and some other home goods was
down from the advanced March rate. Output of
commercial equipment rose somewhat further, but
activity in most other equipment industries leveled off. The June rise in materials production apparently reflected further increases in inventories
of steel and some other industrial materials.
INDUSTRIAL PRODUCTION
1957-59 = 100
TOTAL^/^
FINAL P R O D U C U ^ * ^ ^
-^MATERIALS
1
1
1
1
I
1
1
1
1
I
,-/
EQUIPMENT/
-
NONDURABLE
* * r *
MANUFACTURES^" 2 ^
*<P-v /*s
i ^ - ^ y y v ' DURABLE
V
/ MANUFACTURES
N
-
_
i^~
\.J
1
Expenditures on construction continued in June
at the advanced level first reached in March, at an
annual rate of about $68 billion. There was an
increase of 2 per cent in public construction, but
compared with a year earlier total public and
residential activity were little changed, while expenditures for business construction were up more
than a tenth.
EMPLOYMENT
Nonfarm employment rose by 200,000 in June,
with all major industry groups showing increases,
and the total was 2.2 million above a year ago.
In manufacturing, employment advanced further
in the metal producing and fabricating industries
but changed little in nondurable goods. Average
hours of work declined in most manufacturing industries; at 41.0 hours for manufacturing as a
whole, the work week was somewhat below the
postwar record first-quarter level. Unemployment
was 4.7 per cent of the civilian labor force, little
changed from May but down from 5.3 per cent
in June last year.
AGRICULTURE
According to official July 1 reports, crop acreage is slightly larger than last year and, except
in the Northeast, prospects for yields are substantially more favorable. The corn crop is expected to be 10 per cent larger, the wheat crop
5 per cent larger, and soybean acreage is 12 per
cent above last year. Cotton and tobacco acreages
are smaller, reflecting adjustments to Government
programs. Output of livestock products has been
smaller this year, reflecting a 10 per cent decrease
in meat production from the advanced fourthquarter level.
/^CONSUMER
GOODS
COMMODITY PRICES
I
1
1
1
1
1
1
1
1
F.R. indexes, seasonally adjusted. Latest figures shown are
for June.
CONSTRUCTION
The wholesale commodity price index edged up
further from mid-June to mid-July after rising 1
per cent from April. Prices of livestock and meats,
962
963
NATIONAL SUMMARY OF BUSINESS CONDITIONS
which accounted for much of the earlier rise, leveled off and average prices of foodstuffs declined
slightly. Prices of electrical equipment and paper
have advanced, but prices of some sensitive materials such as rubber, tin, and some scrap metals
declined, and world prices of cocoa and sugar are
back down to pre-World War II levels.
DISTRIBUTION
The value of retail sales changed little in June
following a 2 per cent increase in May. Dollar
sales were 7 per cent above a year earlier partly reflecting higher retail prices for foods and other
nondurable goods. Deliveries of new autos were
above the April-May level but remained below
the record rate reached in the first quarter. Dealers' stocks of new autos continued to increase
considerably.
BANK CREDIT, MONEY SUPPLY, AND RESERVES
Seasonally adjusted commercial bank credit rose
more than $3 billion in June, compared with increases of $1.8 billion in April and May. Demands
for loans remained strong and bank holdings of
municipal and Federal agency securities rose.
Holdings of Treasury issues declined further. The
money supply increased $1.8 billion, following a
decrease of $1.3 billion in May. Expansion in time
and savings deposits continued at the more moderate rate characteristic of recent months.
Seasonally adjusted total and required reserves
increased in June following small decreases in
May. Both member bank borrowings and excess
reserves rose slightly and net borrowed reserves
remained at about $180 million. Reserves were
supplied principally through System purchases of
U.S. Government securities and were absorbed
mainly through outflows of currency.
SECURITY MARKETS
Yields on Treasury and other bonds generally
showed little net change between mid-June and
mid-July while Treasury bill rates increased. The
3-month bill was just under 3.90 per cent in midJuly compared with a little below 3.80 per cent
in mid-June.
Common stock prices declined further in late
June to a point 10 per cent below their all-time
high of mid-May. In the first half of July, average prices recovered about half of the loss.
INTEREST RATES
PRICES
—
ALL ITEMS
..
-
ALL COMMODITIES
1
1
1
1
1
I
1
1
1
1
NONFOOD COMMODITIES
COMMODITIES
1
1
1
1
1
1
1
SERVICES
PROCESSED FOODS
/
js~^
|
FARM PRODUCTS
1961
1963
Y
^^^FOODS
!
1
1
1963
1965
Bureau of Labor Statistics indexes. Latest figures shown for
consumer prices, May; for wholesale prices, June.
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 9.
Guide to Tabular Presentation
SYMBOLS AND ABBREVIATIONS
e
c
p
r
rp
Estimated
Corrected
Preliminary
Revised
Revised preliminary
N.S.A.
I, II,
III, IV Quarters
n.a.
Not available
n.e.c.
Not elsewhere classified
S.A.
Monthly (or quarterly) figures adjusted for
seasonal variation
IPC
SMSA
A
L
S
U
*
Monthly (or quarterly) figures not adjusted
for seasonal variation
[ndividuals, partnerships, and corporations
Standard metropolitan statistical area
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. 1965 604-14
Annually—Continued
Banking and monetary statistics, 1964.
Semiannually
Banking offices:
Analysis of changes in number of
Feb. 1965
On, and not on, Federal Reserve Par List
number of
Feb. 1965
324
325
Annually
Bank holding companies:
List of, Dec. 31,1964
June 1965
Banking offices and deposits of group banks,
Dec. 31, 1964
July 1965
892
1026
964
Issue
Page
Feb. 1965 326-33
Mar. 1965 490-91
June, 1965 888-91
Banks and branches, number of, by class and
State
Apr. 1965 615-16
Flow of funds (assets and liabilities)
Income and expenses:
Federal Reserve Banks
Member banks:
Calendar year
Operating ratios
Insured commercial banks.
Apr. 1965
604
Feb. 1965 322-23
May 1965 750-58
Apr. 1965 617-19
May 1965
759
Stock exchange firms, detailed debit and credit
balances
Sept. 1964
1206
* United States *
Member bank reserves, Reserve Bank credit, and related items; Federal funds
Reserve Bank discount rates; margin requirements; reserve requirements
Open market transactions; Federal Reserve Banks
Bank debits; currency in circulation
Money supply; banks and the monetary system
Commercial and mutual savings banks, by classes
Commercial banks, by classes. .
Weekly reporting member banks.
Business loans
966
971
973
976
978
980
984
986
989
Interest rates.
..
Security prices; stock market credit; open market paper.
Savings institutions
Federal finance. . . . .
Federally sponsored agencies.
Security issues. .
Business
finance.
Real estate credit.
Consumer credit
990
991
992
994
999
1000
1003
1005
1008
Industrial production
Business activity; construction
Employment and earnings
Wholesale and consumer prices. . . .
National product and income series
Flow of funds
1012
1016
1018
1020
1022
1024
Bank holding companies, December 31, 1964.
1026
Guide to tabular presentation
Index to statistical tables.
964
1051
The data for F.R. Banks and member banks and
for consumer credit are derived from regular
reports made to the Board; production indexes
are compiled by the Board on the basis of data
collected by other agencies; and flow of funds
figures are compiled on the basis of materials
from a combination of sources, including the
Board. Figures for gold stock, currency, Fed-
eral finance, and Federal credit agencies are obtained from Treasury statements. The remaining data are obtained largely from other
sources. For many of the banking and monetary
series back data and descriptive text are available in Banking and Monetary Statistics and
its Supplements (see list of publications at end
of the BULLETIN).
965
966
BANK RESERVES AND RELATED ITEMS
JULY 1965
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS
(In millions of dollars)
Factors supplying reserve funds
Factors absorbing reserve funds
F.R. Bank credit outstanding
Period
or
date
U.S. Govt. securities
Total
Discounts
Repur- and Float
Bought chase
adoutagree- vances
right ments
Total*
Gold
stock
Treasury
currency
outstanding
Deposits, other
than member bank
Curreserves,
Treasrency
with F.R. Banks
Other
ury
in
F.R.
cash
ciraccula- holdcounts
ings
tion
Treas- Forury
eign Other i
Member bank
reserves
CurWith
rency
F.R.
and
Banks coin 3
Total
Arerages of
daily figures
978
250
8
5
381
4,024 2,018
61 1,317
210
4,400
12 2,208
4,030 2,295
5,455
272
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
20,336
23,310
23,876
25,218
24,888
142
9
657
99
524 1,633
421
448
29
407
1,117 21 ,606 22,879 4,629 27,806 1,290
1,
,446 22,483 4,701 29,139 1,280
,299 23,276 4,806 30,494 1,271
1,
1,018 27,107 22,028 4,885 30,968
767
992 26,317 21,711 4,982 30,749
805
615
271
569
602
443
920
571
745
466
439
353
264
290
390
365
24,602
24,765
23,982
26,312
27,036
24,318
24,498
23,615
26,216
26,993
284
267
367
96
43
840
706
716
564
911
1,389 26,853
,156
1,
1,443 26,186
x
,496 28,412
1,426 29,435
21,689
21,942
22,769
20,563
19,482
5,008
5,064
5,144
5,230
5,311
31,265
31,775
31,932
32,371
32,775
777
772
768
691
396
434
463
385
470
524
459
372
345
262
361
1960—Dec
1961—Dec
1962—Dec
1963—Dec
27,248
29,098
30,546
33,729
27,170
29,061
30,474
33,626
78
37
72
103
94
152
305
360
1,
,665 29,060
1,921 31,217
2,298 "",218
33
,610
2,434 36
17,954
16,929
15,978
15,562
5,396
5,587
5,561
5,583
33,019
33,954
35,281
37,603
408
422
398
389
522
514
587
879
1964—June....
July
Aug
Sept
Oct
Nov
Dec
34,631
34,898
35,118
35,273
35,334
36,036
37,126
34,530
34,765
34,996
35,143
35,257
35,867
36,895
101
133
122
130
77
169
231
271
265
334
332
311
433
266
1,784 36 ,760
1,841 37,077
1,670 37
"",170
1,914 37,578
2,027 37
,747
1,874 38 ,421
2,
1,423 39 ,873
15,462
15,463
15,462
15,462
15,462
15,442
15,388
5,584
5,568
5,562
5,564
5,533
5,494
5,401
37,541
37,938
38,033
38,224
38,362
38,937
39,698
414
431
421
437
471
529
595
1965—Jan
Feb
Mar
Apr
May....
June....
36,684
37,052
37,315
37,637
38,111
38,840
36,457
36,957
37,267
37,482
37,749
38,610
227
95
48
155
362
230
340
450
441
487
520
543
2,126 39,245
1,650 39 2 4 4
",
1,659 39 ,535
658 39,882
633 40,340
1,71441,153
15,258
14,984
14,687
14,472
14,358
14,277
5,395
5,394
5,396
5,405
'5,402
5,402
39,013
38,641
38,777
38,942
39,052
39.507
652
696
727
744
H55
773
1929—June....
1933—June....
1939—Dec
1941—Dec
1945—Dec
179
179
1,933
1,933
2,510
2,510
2,219
2,219
23,708 23,708
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954_Dec
20,345
23,409
24,400
25,639
24,917
1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec
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
739
796
832
908
929
17,391
20,310
21,180
19,920
19,279
17,391
20,310
21,180
19,920
19,279
394
247
186
337
348
983
998
,063
,174
,195
19,240
19,535
19,420
18,899
18,628
19,240
19,535
19,420
18,899
304 18,932
250
229
222
160
495
244
290
206
,029
,112
,048
,215
16,688
17,259
16,932
17,303
2,595 19,283
2,859 20,118
3,108 20,040
3,443 20,746
886
804
909
893
863
613
944
135
131
145
143
133
148
181
200
201
194
189
189
200
186
,273
,194
,151
,129
,009
,119
,093
17,356
17,408
17,340
17,589
17,716
17,812
17,964
3,202
3,257
3,226
3,339
3,317
3,347
3,645
20,558
20,665
20,566
20,928
21,033
21,159
21,609
875
943
890
865
908
844
180
145
144
170
142
142
223
949
211
,166
194 ,049
207
783
1R7
985
182 1,196
18,006
17,820
17,836
18,047
18,070
18,187
3,613
3,407
3,412
3,458
3,406
'3,514
21,619
21,227
21,248
21,505
21,476
'21,701
Week ending—
1964
May
6
13
""•
"~"
20
27
33,763
33,987
33,749
33,839
33,580
33,904
33,715
33,819
183
83
34
20
213
314
298
209
653
640
064
739
35,724
36,020
36,179
35,844
15,463
15,463
15,462
15,462
5,582
5,571
5,573
5,581
36,910
37,150
37,154
37,123
426
888
417
990
427 1,010
430
927
156
160
143
131
188
179
178
174
954
939
,195
,250
17,247
17,218
17,107
16,852
3,030
3,087
3,197
3,262
20,277
20,305
20,304
20,114
June
3
10
17
24
34,381
34,757
34,591
34,427
34,327
34,530
34,438
34,427
54
227
153
265
289
328
232
1,521
1,471
1,823
2,136
36,222
36,597
36,811
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
,257
,308
,240
,273
17,066
17,179
17,378
17,430
3,128
3,007
3,238
3,297
20,194
20,186
20,616
20,727
July
1
8
15
22
29
34,841
35,335
35,304
34,392
34,518
34,823
35,215
35,030
34,392
34,357
18
120
274
221
263
460
159
179
1,818 36,960
1,882 37,588
1,787 37,636
2,195 36,789
626 36
1,'"' "',381
15,462
15,463
15,463
15,463
15,463
5,582
5,574
5,562
5,566
5,567
37,618
37,916
38,099
37,969
37,814
404
416
425
444
440
873
842
885
770
711
140
134
123
131
133
195
222
204
191
190
,276
,256
,223
,158
,148
17,498
17,840
17,703
17,154
16,975
3,347
2,965
3,291
3,275
3,350
20,845
20,805
20,994
20,429
20,325
Aug.
5
12
19
26
35,112
35,397
34,855
35,051
34,980
35,097
34,855
34,929
132
300
262
376
279
329
1,460 36 ,892
1,'
,393
2,024 37
,197
1,719 37 ,137
15,462
15,462
15,461
15,462
5,570
5,554
5,558
5,563
37,893
38,114
38,113
37,998
433
417
412
429
769
964
932
918
137
141
144
145
199
193
199
188
,132
,113
,102
,214
17,363
17,467
17,314
17,270
3,197
3,130
3,269
3,341
20,560
20,597
20,583
20,611
Sept. 2
9
16
23
30
35,162
35,611
35,397
34,904
35,186
35,144
35,234
35,262
34,904
35,157
18
377
135
315
478
225
410
280
1,451 36,968
1,563 37,716
1,846 37
37,524
2,465 37,820
1,943 37,487
15,462
15,462
15,462
15,462
15,461
5,572
5,566
5,564
5,569
5,556
38,007
38,243
38,425
38,192
38,075
423
426
435
448
440
858
857
906
962
914
164
131
142
131
161
191
188
194
193
186
,199
,220
,163
,054
,066
17,159
17,679
17,285
17,870
17,662
3,372
3,000
3,454
3,386
3,478
20,531
20,679
20,739
21,256
21,140
Oct.
35,759
35,663
34,909
34,911
35,549
35,532
34,909
34,911
372
241
382
233
1,820
1,875
2,548
1.995
15,463
15,462
15,463
15.462
5,554
5,541
5,538
5.513
38,209
38,465
38.432
38.333
457
838
470
865
489 1.012
810
131
133
130
137
204
177
189
185
,103
,028
966
925
18,125
17,739
17,660
17,321
3,134
3,246
3,341
3.448
21,259
20,985
21,001
20,769
7
14
21
28
For notes see opposite page.
161
122
"*29
210
131
38 ,051
37.876
37,878
37,203
967
BANK RESERVES AND RELATED ITEMS
JULY 1965
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
(In millions of dollars)
Factors supplying reserve funds
Factors absorbing reserve funds
F.R. Bank credit outstanding
Period
or
date
U.S. Govt. securities
Total
Discounts
Repur- and Float i
Bought chase
adoutagree- vances
right ments
Total 2
Gold
stock
Treasury
currency
outstanding
Currency
in
circulation
Treasury
cash
holdings
Deposits, other
than member bank
reserves,
with F.R. Banks
Treasury
Foreign
Member bank
reserves
Other
F.R.
accounts
Other i
With
F.R.
Banks
Currency
and
coin 3
Total
Arerages of
daily figures
Week ending—
1964
Nov. 4
11
18
25
35,711
35,986
35,913
35,992
35,642
35,671
35,698
35,867
69
315
215
125
479
429
593
162
1,634
1,711
1,962
2,136
37,910
38,201
",532
38
38 ,388
15,462
15,463
15,462
15,430
5,505
5,497
5,497
5,494
38,446
38,793
38,975
39,071
484
503
533
552
666
546
563
521
122
139
130
148
197 1,111 17,851
205 1,153 17,823
215
,150 17,926
183
,245 17,592
3,359
3,192
3,389
3,467
21,210
21,015
21,315
21,059
Dec.
36,667
37,335
37,335
36,926
36,936
36,667
37,335
37,020
36,660
36,570
315
266
366
377
124
162
291
535
1,860 38 ,969
1,950 39 ,480
2,084 39,632
,175
2,907 40
,409
2,884 40
15,387
15,387
15,388
15,387
15,388
5,456
5,400
5,402
5,404
5,397
39,277
39,476
39,743
39,834
39,852
554
827
571
873
593 1,024
608
978
620
990
224
186
142
144
221
196
186
176
183
177
17,848
17,745
17,637
18,160
18,338
3,528
3,397
3,750
3,681
3,653
21,376
21,142
21,387
21,841
21,991
22,199
21,845
21,440
21,259
2
9
16
23
30
886
,231
,106
,057
996
1965
Jan.
6
13
20
27
37,058
36,816
36,460
36,440
36,515
36,515
36,403
36,334
543
301
57
106
340
460
322
252
2,622 40,111
2, 149 39,522
2,249 39,112
1,841 38,631
15,388
15,330
15,187
15,187
5,407
5,394
5,393
5,387
39,552
39,282
38,927
38,644
630
674
649
780
662 1,015
657
997
228
186
178
151
283 1,026 18,513
205
970 18,174
212
902 17,797
213
877 17,668
Feb.
3
10
17
24
36,876
37,272
37,151
36,8P
36,769
37,133
37,088
36,718
107
139
63
94
323
517
398
565
1,611
1,472
1,540
1,730
38,923
39
",384
39 ,189
39 ,162
15,157
15,045
14,937
14,938
5,396
5,391
5,397
5,391
38,565
38,641
38,715
38,613
664
940
679
924
699 1,001
719
878
148
152
141
139
216
207
220
204
17,912
18,060
17,589
17,744
3,686
3,671
3,643
3,591
3,489
3,252
3,460
3,442
Mar.
3
10
17
24
36,911
37,319
37,371
37,305
37,419
36,835
37,211
37,308
37,305
37,401
76
108
63
"is
315
426
388
482
502
1,924 39,226
1,624 39,475
1,597 39,484
2,005 39,900
1,376 39,444
14,902
14,813
14,741
14,562
14,562
5,400
5,394
5,397
5,393
5,397
38,625
38,756
38,894
38,796
38,714
706
715
717
735
746
922
806
912
956
898
159
150
132
139
146
217 1,224 17,675
209 1,202 17,844
191 1,061 17,714
186
980 18,064
181
875 17,843
3,461
3,218
3,454
3,448
3,523
21,136
21,062
21,168
21,512
21,366
37,725
37,881
37,594
37,361
37,496
37,623
37,486
37,343
229
258
108
18
586
412
589
360
1,409 39,863
1,487 39,883
1,956 40
",230
1,767 39 ,548
14,563
14,519
14,412
14,413
5,398
5,406
5,408
5,406
38,862
39,092
39,058
38,802
732
741
761
744
728
910
881
921
176
158
178
166
207
202
228
190
835
804
720
767
18,283
17,899
18,224
17,777
3,220
3,389
3,492
3,623
21,503
21,288
21,716
21,400
19.'.'.'.'.'.'.
26
37,894
38,190
37,843
37,980
37,501
37,565
37,546
37,788
393
625
297
192
494
514
515
497
1,641 40,137
-,332
1,557 40
1,915 40 ,333
1,598 40 ,146
14,411
14,395
14,353
14,335
5,409
5,399
5,407
5,397
38,825
39,071
39,095
39,047
747
837
744 1,010
762 1,060
762
791
164
134
138
142
205
827
191
821
186
885
172 1,142
18,353
18,154
17,966
17,821
21,743
21.465
21,442
21,364
2
9
16
23
30
38,717
38,889
38,81
38,775
38,870
38,462
38,515
38,527
38,696
38.740
255
374
290
79
130
532
494
626
596
500
1,446 40 ,772
1.556 41 .006
1,632 41 ,131
2,037 41,455
1,678 41 ,102
14,291
14,293
14,292
14,292
14,227
5,399
5,394
5,394
5.409
D
5,413
39,239
39,472
39,555
39,528
^39,509
759
765
771
778
^781
856
840
816
892
803
142
127
151
129
162
190
178
177
185
184
3,390
3,311
3.476
3.543
3,422
3.352
3.534
37,754 37,509
38,686 38,466
39.100 38,882
245
220
218
568 1,645 40,071 14,410 5,406 38,760
545 1,""" 40.621 14,290 5,398 39,20^
308
657
349 41,159 ^13,934 >5413 ?>39,688
736
744
944
745
672
146
142
179
208
835 18,259 3.729 21,988
184 1,281 18,006 3.130 21,136
198
762 18,229 P3.996 '22,225
May
38,258 37,572
5
38,087 37,546
19.'.'.'.'."" 37,797 37,546
38,289 38,135
26
686
541
251
154
382
446 40,205 14,413
138 1,358 39,646 14,353
397 1,590 39,854 14,353
339 1,25" 39,952 14,293
June
2
9
16
23
30
343
11
0
467
173
218
228
,459 40,603
,326 40,447
518
,817 41,792
705
93 1,679 40,666
,349 41,159
657
31
A p r
-.!:::::::
21
28
May
June
5
1,032
1,158
1,158
1,195
1,285
1,293
1,231
1,153
1,082
21,401
21,312
21,049
21,186
17,992
21,414
18,017
21,369
18,115
21,649
18,491 3,569 22,060
18,2211^3.671 '21,892
End of month
1965
Apr
May
June
Wednesday
1965
38,847
38,541
39,217
38,837
39,100
38,504
38,440
38,750
38,664
38,882
5,414
5,398
5,409
5,395
38,979
39,171
39,103
39,12"
764
747
776
771
633
,080
937
652
153
120
155
156
829 18,488
186
174
732 17,374
170 1,083 17,392
157 1,281 17,501
3,499
3,810
3,791
3,950
14,293 5,399
14,293 5,385
14,293 5,396
14,293 5,413
*>13,934 ^5,413
39,436
39,565
39,604
39,515
*>39,688
770
773
784
788
949
981
637
775
672
156
142
149
138
179
203
171
186
167
198
3,675
3,735
3.848
3,983
1 Beginning with 1960 reflects a minor change in concept, see Feb.
1961 BULLETIN, 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 al*o note 1.
1,281
1,282
1,152
1,156
762
17,500
17,211
18,970
17,833
18,229
21,987
21,184
21,183
21,451
21,175
20,946
22,818
21,816
P 3 , 9 9 6 "22,225
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.
968
BANK RESERVES AND RELATED ITEMS
JULY 1965
RESERVES AND BORROWINGS OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
All member banks
New York City
Period
Reserves
Total
held
Required
Excess
Borrowings
at
F. R.
Banks
Reserves
Free
Total
held
Required
Excess
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
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
17,391
20,310
21,180
19,920
19,279
16,364
19,484
20,457
19,227
18,576
1,027
826
723
693
703
142
657
1,593
441
246
885
169
-870
252
457
4,742
5,275
5,357
4,762
4,508
4,616
5,231
5,328
4,748
4,497
1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec
19,240
19,535
19,420
18,899
18,932
18,646
18,883
18,843
18,383
18,450
594
652
577
516
482
839
688
710
557
906
-245
-36
-133
-41
-424
4,432
4,448
4,336
4,033
3,920
I960—Dec
1961—Dec
1962—Dec
1963—Dec
19,283
20,118
20,040
20,746
18,527
19,550
19,468
20,210
756
568
572
536
87
149
304
327
669
419
268
209
1964—June
July
Aug
Sept
Oct
Nov
Dec
20,558
20,665
20,566
20,928
21,033
21,159
21,609
20,168
20,265
20,149
20,508
20,618
20,763
21,198
390
400
417
420
415
396
411
270
265
334
331
309
430
243
1965—Jan
Feb
Mar
Apr
May
June
21,619
21,227
21,248
21,505
21,476
*21,701
21,217
20,790
20,908
21,146
21,149
'21,355
402
437
340
359
327
^346
City of Chicago
Borrowings
at
F. R.
Banks
Reserves
Free
reserves
Total
held
Required
Borrowings
at
F. R.
Banks
Excess
1
78
540
295
14
13
Free
reserves
63
-62
78
540
295
14
7
5
64
232
37
15
3
-61
-236
-36
-16
85
97
85
39
104
-83
-86
-77
-31
-104
192
38
-167
69
2,611
989
-144
67
161
211
1,141
1,143
939
1,024
161
133
601
848
924
1,011
125
44
30
14
12
58
151
486
115
62
67
-107
-456
-101
-50
1,199
1,356
1,406
1,295
1,210
1,191
1,353
1,409
1,295
1,210
4,397
4,392
4,303
4,010
3,930
35
57
34
23
-10
197
147
139
102
99
-162
-91
-105
-81
-109
1,166
1,149
1,136
1,077
1,038
1,164
1,138
1,127
1,070
1,038
3,687
3,834
3,863
3,951
3,658
3,826
3,817
3,895
29
7
46
56
19
57
108
37
10
-50
-62
19
958
987
1,042
1,056
953
987
,035
,051
120
135
83
89
106
-34
168
3,984
3,943
3,876
3,983
3,962
3,893
4,083
3,945
3,920
3,858
3,954
3,942
3,882
4,062
39
23
18
29
20
11
21
39
40
39
45
54
97
35
-17
-21
-16
-34
-86
-14
1,033
1,039
1,039
1,061
1,058
1,076
1,083
,033
,036
,033
,060
,055
,072
1,086
3
4
-3
-13
-19
-7
-33
-26
-16
-31
299
405
416
471
505
528
103
32
-76
-112
-178
4,117
3,966
4,026
4,111
4,135
4,206
4,073
3,961
4,004
4,087
4,127
4,185
43
5
23
25
113
95
120
75
21
13
-70
-90
-97
-50
-13
-114
1,094
1,096
1,082
1,085
1,116
1,100
1,099
1,083
',077
,086
,110
,096
-5
13
5
-1
6
4
-17
-37
-45
-40
-4
-15
174
1
-1
-4
-22
-11
-21
3
6
Week ending—
-10
-20
-20
2
1964—June
3.
10.
17.
24.
20,194
20,186
20,616
20,727
19,899
19,857
20,161
20,376
295
329
455
351
264
289
327
232
31
40
128
119
3,881
3,847
3,966
4,038
3,877
3,824
3,954
4,002
4
23
1
35
80
16
58
26
-76
7
-46
10
1,027
1,006
1,033
1,053
,028
,006
,033
,048
1965—Jan.
6.
13.
20.
27.
22,199
21,845
21,440
21,259
21,846
21,257
21,050
20,918
353
588
390
341
309
424
277
203
44
164
113
138
4,327
4,061
4,038
3,984
4,328
4,036
3,982
3,992
-2
25
55
-7
63
161
156
74
-65
-137
-100
-81
1,153
1,085
1,084
1,084
,152
,087
,079
,082
Feb.
3.
10.
17.
24.
21,401
21,312
21,049
21,186
21,019
20,815
20,735
20,650
382
497
314
536
278
472
353
520
104
25
-39
16
4,101
3,991
3,964
3,905
4,075
3,972
3,932
3,893
26
19
3
69
56
14;
105
-43
-36
-113
-93
1,102
1,083
1,075
1,074
,100
,077
,079
,070
Mar.
3.
10.
17.
24.
31.
21,136
21,062
21,168
21,512
21,366
20,924
20,695
20,843
21,058
21,000
212
367
325
454
366
270
385
370
463
487
-58
-18
-45
-9
-121
4,049
3,929
3,998
4,056
4,105
4,028
3,920
4,000
4,024
4,039
88
196
104
-96
-73
-90
-164
-38
1,106
1,064
1,078
1,086
1,101
1,104
1,065
1,066
1,085
1,081
21,503
21,288
21,716
21,400
21,130
21,01*
21,249
21,164
373
276
467
236
570
397
572
345
-197
-121
-105
-109
4,139
4,017
4,093
4,118
4,12!
3,99'
4,081
4,108
-111
-38
-121
6
1,
1,064
1,078
1,105
1,089
1,061
1,081
1,101
21,743
21,465
21,44:
21,364
21,411
21,118
21,104
21,059
33:
347
338
305
478
498
500
483
-146
-151
-162
-178
4,296
4,109
4,10 r
4,102
4,291
4,079
4,110
4,077
-49
1
1,163
1,116
1,093
1,102
1,15:
1,113
1,098
1,094
6
-5
-22
6
21,414
21,369
21,64'
22,060
*21,892
21,087
21,067
21,24f
21,644
32'
3o:
400
416
518
474
611
583
486
-191
-172
-211
-167
4,124,069
4.164
4;358
4,256
4,10(
4,064
4,163
4,271
4,253
-46
-173
-138
-108
1,099
1,070
1,
1,128
1,112
1,096
1,065
1,079
1,119
1,120
-12
_2
-9
-29
-27
21.
28.
May
June
A
.
19.
26.
2.
9.
16.
23.
30.
P21,561
For notes see opposite page.
128
5'
133
30
15
20
52
175
225
11
1
-2
-14
-32
5
34
55
30
87
i
21
-8
2
10
9
20
180
1
-11
2
-19
-160
79
14
65
3
1
-32
-49
-34
-83
-80
-11
-68
-3
JULY 1965
BANK RESERVES AND RELATED ITEMS
969
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
Reserves
Free
reserves
Total
held
Required
Excess
Borrowings at
F.R.
Banks
632
441
1,568
2,210
4,576
4,972
610
344
897
1,406
3,566
4,375
22
96
671
804
1,011
597
327
126
3
4
46
57
-305
-30
668
800
965
540
Free
reserves
1929—June.
1933_j u n e .
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
1303
,303
418
271
409
58
1
96
123
-397
62
1,188
1,302
322
148
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
1954—Dec.
6,689
7,922
8,323
7,962
7,927
6,458
7,738
8,203
7,877
7,836
232
184
120
85
91
50
354
639
184
117
182
-170
-519
-99
-26
4,761
5,756
6,094
5,901
5,634
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
1955—Dec.
1956—Dec.
1957—Dec.
1958—Dec.
1959—Dec.
7,924
8,078
8,042
7,940
7,954
7,865
7,983
7,956
7,883
7,912
60
96
86
57
41
398
300
314
254
490
-338
-203
-228
-198
-449
5,716
5,859
5,906
5,849
6,020
5,220
5,371
5,457
5,419
5,569
497
488
449
430
450
159
144
172
162
213
338
344
277
268
237
I960—Dec.
1961—Dec.
1962—Dec.
1963—Dec.
7,950
8,367
8,178
8,393
7,851
8,308
8,100
8,325
100
59
78
68
20
39
130
190
20
-52
-122
6,689
6,931
6,956
7,347
6,066
6,429
6,515
6,939
623
502
442
408
40
31
48
74
583
471
394
334
1964—June.
July..
Aug..
Sept..
Oct..
Nov..
Dec.
8,318
8,386
8,349
8,480
8,530
8,612
8,735
8,290
8,341
8,312
8,441
8,483
8,565
8,713
28
45
37
39
47
47
22
142
147
191
179
163
225
125
-114
-102
-154
-140
-116
-178
-103
7,224
7,297
7,302
7,404
7,483
7,578
7,707
6,900
6,968
6,946
7,053
7,138
7,244
7,337
324
329
356
351
345
334
370
76
56
91
73
63
88
55
248
273
265
278
282
246
315
1965—Jan..
Feb..
Mar..
Apr..
May.
June.
8,713
8,548
8,563
8,680
c
8,604
8,649
8,676
8,485
8,547
8,648
8,554
8,636
37
63
15
32
^50
13
120
207
163
271
383
287
-83
-144
-148
-239
-333
-274
7,695
7,617
7,577
7,628
7,621
^7,746
7,369
7,262
7,279
7,326
7,358
^7,439
327
355
298
303
263
^307
54
53
83
86
91
87
273
302
215
217
172
^220
Week ending—
1964—June
3..
10.,
17.,
24..
8,184
8,218
8,303
8,420
8,173
8,188
8,283
8,361
11
30
19
59
102
134
170
147
-91
-104
-151
-87
101
115
314
216
6,821
6,839
6,891
6,965
280
276
423
252
73
119
79
57
207
156
344
195
1965—Jan.
6.
13.
20.
27.
8,983
8,763
8,691
8,566
8,942
8,710
8,610
8,540
41
54
81
26
183
152
71
87
-142
-98
10
-61
7,737
7,936
7,626
7,624
7,424
7,424
7,378
7,305
313
511
249
319
49
81
50
38
264
430
199
281
Feb.
3
10
17
24
8,594
8,530
8,511
8,480
8,568
8,487
8,468
8,440
26
42
43
39
122
307
130
280
-96
-265
-87
-241
7,604
7,708
7,500
7,727
7,275
7,278
7,256
7,248
328
430
244
480
53
54
48
48
275
375
196
432
Mar. 3 . . .
10...
17...
24...
31...
8,527
8,491
8,527
8,659
8,665
8,527
8,455
8,502
8,632
8,599
37
26
27
66
209
180
182
104
-89
-172
-154
-155
-38
7,455
7,577
7,565
7,711
7,495
7,265
7,255
7,275
7,317
7,281
190
322
290
394
214
62
84
93
65
99
128
238
197
328
115
Apr. 7
21
28
8,665
8,671
8,717
8,653
8,645
8,635
8,696
8,626
19
36
21
26
293
248
279
227
-274
-212
-257
-201
7,613
7,536
7,826
7,524
7,274
7,317
7,390
7,328
339
218
437
197
70
78
95
108
269
140
342
May
5.
12.
19.
26.
8,697
8,610
8.516
8,558
8,662
8,563
8,511
8,522
35
48
5
37
397
375
351
366
-362
-327
-346
-329
7,587
7,629
7.724
7,602
306
363
385
367
280
267
338
235
69
85
84
106
211
182
254
128
June
2.
9.
16.
23.
30.
8,555
8,571
8,603
8,804
8,772
8,530
8,539
8,571
8,734
8,719
26
32
32
70
53
381
313
338
238
282
-355
-280
-306
-167
-229
7,635
7,659
7,799
7,770
P7J52
7,352
7,399
7,436
7,520
^7,469
260
363
250
^284
102
103
85
82
74
181
157
278
168
14
1
This total excludes, and that in the preceding table includes, $51
million in balances of unlicensed banks.
NOTE.—Averages of daily figures. Monthly data are averages of daily
figures within the calendar month; they are not averages of the 4 or 5
weeks ending on Wed. that fall within the month. Beginning with Jan.
1964 reserves are estimated except for weekly averages.
Total reserves held: Based on figures at close of business through Nov.
1959; thereafter on closingfiguresfor 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.
970
MAJOR RESERVE CITY BANKS
JULY 1965
BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS
(In millions of dollars unless otherwise noted)
Basic reserve position
Reporting banks
and
week ending—
Less:
Excess
reserves 1
Related transactions with
U.S. Govt. securities dealers
Interbank Federal funds transactions
Net:
Gross transactions
Net transactions
Loans
to
dealers 3
Borrowings
from
dealers4
495
409
491
552
1,397
947
'1,079
-829
134
97
116
100
1,263
849
'963
'728
987
807
1,131
1,126
1,191
906
642
711
595
342
565
832
716
1,219
1,453
1,454
90
90
106
110
91
742
626
1,113
1,343
1,364
902
773
832
798
609
552
568
578
154
351
314
124
294
221
263
220
742
588
655
545
124
87
106
93
618
500
549
452
779
891
937
934
782
903
974
899
777
688
613
608
599
509
92
278
329
335
273
216
361
292
177
299
575
513
932
1,047
1,088
90
89
101
105
91
486
424
831
942
998
9.7
8.3
6.8
,137
,221
,086
,175
736
766
742
860
534
577
514
528
603
643
572
647
202
188
228
332
655
359
'424
'283
-401
-595
-602
-757
-488
7.0
10.5
10.5
12.9
8.3
,206
,391
,281
,303
,110
917
888
788
612
743
491
538
484
448
478
715
853
796
856
633
427
350
303
164
266
256
203
287
405
366
256
202
282
401
366
53
139
112
67
-42
-135
-117
-62
4.1
13.6
11.9
6.4
222
309
299
274
169
171
187
206
108
162
134
125
113
147
165
149
61
9
53
81
40
26
26
40
26
26
56
113
49
139
150
-56
-109
-50
-165
-174
5.7
11.5
5.1
16.5
17.4
291
377
310
340
301
235
264
261
201
151
111
127
121
169
127
180
250
189
172
174
124
137
140
33
24
10
16
25
63
55
10
16
25
63
55
144
132
127
95
348
316
232
247
-473
-424
-358
-326
9.8
8.9
7.5
6.8
915
911
787
901
566
595
555
654
425
415
380
403
490
496
407
498
141
180
175
251
614
333
'398
'275
126
118
127
84
125
233
390
444
552
217
-345
-487
-553
-592
-314
7.2
10.3
11.6
12.1
6.4
915
1,014
971
963
809
683
624
527
411
592
380
411
364
279
351
536
602
607
684
459
303
213
163
132
241
246
187
262
342
311
Borrowings
at F.R.
Banks
Net
interbank
Federal
funds
trans.
41
59
-5
38
148
161
168
95
262
585
394
219
-369
-687
-568
-276
3.7
7.2
5.9
2.9
1,900
2,124
1,968
1,877
,638
,539
,574
,658
29
29
21
116
23
147
165
295
331
237
165
419
531
849
341
-283
-555
-805
-1,064
-555
3.0
5.9
8.4
10.8
5.6
1,985
2,281
2,218
2,238
1,892
11
31
4
16
4
29
38
-139
130
51
-96
146
-127
-92
112
3.6
3.3
2.4
3.0
13
4
1
64
3
18
47
166
213
96
-124
-83
38
158
-26
119
40
-203
-306
-67
31
27
-1
22
144
132
131
95
401
455
344
315
16
26
21
52
20
129
118
129
118
141
Total
2-way
trans- 2
actions
Purchases
of net
buying
banks
Sales
of net
selling
banks
1,143
1,130
1,082
1,106
757
994
886
771
,821
,862
,687
,389
,551
1,178
1,151
1,092
1,047
763
903
882
702
3.1
1.1
5.2
7.7
1.7
-515
-560
-476
-388
289
503
493
691
367
Per cent
Surplus
of
avg.
or
deficit required
reserves
Purchases
Sales
Net
loans
Total—46 banks
1965—May 5
19! '. ....
26
June 2
9
16
23
30
8 in New York City
1965—May
5
19'.'.'.'.'.'.
26
June 2
9
16
23
30
38 outside
New York City
1965—May
5
19! '. '.'.'.'.
26
June
2
9
16
23
30
645
349
414
r
276
r
5 in Chicago
1965—May
June
5
19'.'.'.'.'"
26
2
9
16
23
30
33 others
1965—May 5
\9'.'.'.'.
26
June
2
9
16
23....
30
1
Based upon reserve balances including all adjustments applicable to
the reporting period. Carryover reserve deficiencies, if any, are deducted.
2 Derived from averages for individual banks for entire week. Figure
for each bank indicates extent to which its weekly average purchases
and sales are offsetting.
3 Federal funds loaned, net funds supplied to each dealer by clearing
banks, repurchase agreements (purchases of securities from dealers
ubject to resale), or other lending arrangements.
604
323
388
r
268
r
246
186
257
338
311
4
Federal funds borrowed, net funds acquired from each dealer by
clearing banks, reverse repurchase agreements (sales of securities to
dealers subject to repurchase), resale agreements, and borrowings secured
by Govt. or other issues.
NOTE.—Weekly averages of daily figures. For description of series
and back data, see August 1964 BULLETIN, pp. 944-74.
JULY 1965
DISCOUNT RATES
971
FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per annum)
Discounts for and advances to member banks
Advances and discounts under
Sees. 13 and 13a i
Federal Reserve Bank
Rate on
June 30
Effective
date
Boston
New Y o r k . . .
Philadelphia..
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Previous
rate
Effective
date
Rate on
June 30
Nov. 24,1
1964
1964
Nov. 24,1
1964
. 24,1
' 27,1
. 1964
' 27, 1964
.
1
Nov. 25; 1964
"
24,1 1964
"'
24,11964
30,11964
30,11964
27,11964
' 27,1
. 1964
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
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
Previous
rate
Rate on
June 30
P
24, 1964
24, 1964
24, 1964
27, 1964
27, 1964
25, 1964
24, 1964
24, 1964
30, 1964
30, 1964
27, 1964
27, 1964
h
6
5
5
5
5
5
5
Effective
date
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
July
Nov.
Nov.
Nov.
Nov.
Nov.
Previous
rate
24,1964
24,1964
24,1964
27,1964
27,1964
25,1964
19.1963
24.1964
30,1964
30,1964
27,1964
27,1964
secured by FICB securities are limited to 15 days.
2 Advances secured to the satisfaction of the F.R. Bank. Maximum
maturity: 4 months.
3
Advances to individuals, partnerships, or corporations other than
member banks secured by U.S. Govt. direct securities. Maximum maturity: 90 days.
FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per annum)
Effective
date
Range
(or level>—
all F.R.
Banks
F.R.
Bank
of
N.Y.
In effect Dec. 31, 1932....
Mar. 3
4
Apr. 7
May 26
Oct. 20
Feb.
2
Mar. 16
Jan. 11
May 14
Aug. 27
Sept. 4
Jan. 16
23
1933
I"
ig
Aug
Apr. 14
15
May 2
Aug. 4
1935
1*37
1
Feb.
-2
-£:::::::::::::::
1953
1
S
1954
1955
Mar. 6
16
May 29
June 12
Sept. 11
18
VA
-2%
WA
June
3
10
14
Aug. 12
Sept. 9
1956
July 17
26
31
Aug. 9
23
Nov. 15
Dec.
2
Effective
date
Jan. 22
24
Mar. 7
13
21
Apr. 18
May 9
Aug. 15
Sept. 12
23
Oct. 24
Nov. 7
-1?:::::
Apr. 13
20
Aug. 24
1950
1957
1 Preferential rate of V^ of 1 per cent for advances secured by U.S.
Govt. securities maturing in 1 year or less. The rate of 1 per cent was
continued for discounts of and advances secured by eligible paper.
NOTE.—Discount rates under Sees. 13 and 13a (as described in table
above). For data before 1933, see Banking and Monetary Statistics,
1943, pp. 439-42.
The rate charged by the F.R. Bank of N.Y. on repurchase contracts
F.R.
Bank
of
N.Y.
Nov. 18
23
1946
1948
Range
(or level)—
all F.R.
Banks
ll.'.'.Y.
Sept
1942
Jan. 12
19
5
15
Apr. 14
16
May 21
1934
Apr. 11
Oct. 15
30
Apr. 25
May 10
Effective
date
3
ail*
r
Nov. 24
30
Range
(or level)—
all F.R.
Banks
F.R.
Bank
of
N.Y.
1958
1959
1960
1963
1964
1965
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; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24,
28, 30, 31, 3.875; 1965—Jan. 4—8, 3.875
972
RESERVE REQUIREMENTS
JULY 1965
MAXIMUM INTEREST RATES PAYABLE ON TIME AND
SAVINGS DEPOSITS
RESERVE REQUIREMENTS OF MEMBER BANKS
(Per cent of deposits)
(Per cent per annum)
Net demand deposits
2
Time deposits
Effective date
} 2*
Savings deposits:
1 year or more
Less than 1 year
Jan. 1,
1962
Jan. 1,
1957
3
Postal savings deposits:
1 year or more
Less than 1 year
2i/ 2
4
3i/ 2
4
31/2
4
4
4
3V2
21/2
i;
41/2
4
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, 2i/2
per cent.
MARGIN REQUIREMENTS
Central
reserve
city
banks 3
26
1949—May
June
Aug.
Aug.
Aug.
Sept.
1951—Jan.
Jan.
1953—July
1954—June
July
1958—Feb.
Mar.
Apr.
Apr.
1960—Sept.
Nov
Dec.
24
1,5
30, July 1..
1, 11
16, 18
25
1
11, 16
25, Feb. 1..
1,9
16, 24
29, Aug. 1 .
27, Mar. 1.
20, Apr. 1..
17
24
1
24
1
Reserve
city
banks
Country
banks
Central
reserve
and
reserve
city
banks
Country
banks
Effective date
Regulation
July 28,
1960
July 10,
1962
Nov. 6,
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 per cent) and the
maximum loan value.
16
22
21
20
191/2
19
I8I/2
18
19
20
19
.......
23
24
22
21
20
191/2
19
I81/2
18
171/2
J7V4
71/2
71/2
15
14
13
12
7
6
5
7
6
ii
"5"
14
13
6
5
5
H1/2
11
161/2
12
16i/ 2
4
4
161/2
12
4
4
10
22
7
14
3
6
3
6
1962—Oct. 25, Nov. 1.
In effect July 1, 1965. . .
Present legal requirement:
Minimum
Maximum
(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
1
In effect Dec. 31, 1948..
For exceptions with respect to foreign time deposits, see Oct. 1962
BULLETIN, p.
Effective date
4
4
/
\
3
4
3i/2
/
\
}a»
1
Nov. 24,
1964
1 3i/ 2
} 2*
Other time deposits: l
1 year or more
6 months-1 vear
90 days-6 m o n t h s . . . .
Less than 90 days
July 17,
1963
ON-
Jan. 1,
1936
•
Type and maturity
of deposit
1
When two dates are shown, a first-of-month or midmonth date
records changes at country banks, and any other date (usually a Thurs.)
records changes at central reserve and reserve city banks.
2
Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due from domestic banks.
3
Authority of the Board of Governors to classify or reclassify cities as
central reserve cities was terminated effective July 28, 1962.
NOTE.—All required reserves were held on deposit with F.R. Banks,
June 21, 1917 until late 1959. Since then, member banks have also been
allowed to count vault cash as reserves, as follows: Country banks—in
excess of 4 and 2l/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 member banks were
allowed to count all vault cash as reserves.
DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
Item
All
member
banks
New
York
City
City
of
Chicago
Other
Reserve city banks
Country
banks
Item
Four weeks ending April 28, 1965
Gross demand—Total. . . 138,954
14,996
Interbank
4,934
U.S. Govt
Other
119,024
113,709
Net demand *
110,389
Time
Demand balances due
7,459
from dom. banks
3,432
Currency and coin
Balances with F . R.
18,045
Banks
21,477
Total reserves held
Required
Excess
1
21,139
338
26,764
4,654
1,179
20,932
20.729
16,432
6.531
1,316
321
4,893
5,430
4,676
52,560
7,159
1,977
43,424
42,240
42,036
53,098
1,866
1,457
49,775
45,311
47,246
206
284
101
57
2,010
1,049
5,142
2,042
3,808
4,092
4,078
14
1,026
1,083
1,083
7,628
8,677
8,651
26
5,583
7,625
7,327
298
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
New
York
City
City
of
Chicago
Country
banks
Other
Four weeks ending May 26, 1965
Gross demand—Total. .
Interbank
U.S. Govt
Other
Net demand 1
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
8,583
116,078
113,671
111,527
27,154
4,527
2,202
20,424
20.969
16,988
6,721
1,201
600
4.920
5,606
4,729
51,977
6,700
3,422
41,855
41,679
42,179
53,010
1,772
2,359
48,879
45,417
47,632
7,108
3,432
146
280
101
58
1,952
1,040
4,909
2,055
18.072
21,504
3,874
4.154
4,139
15
1,061
1,119
1,114
5
7,555
8,595
8,564
31
5,581
7.636
7,355
281
138.862
14,200
21,173
331
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.
JULY 1965
973
OPEN MARKET ACCOUNT
TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT
(In millions of dollars)
Outright transactions in U.S. Govt securities by maturity
Total
Treasury bills
Others within 1 year
Month
Gross
purchases
1964
May
June
July
Aus
Sept
Oct
...
Dec
1965
Gross
sales
1 332
937
1 264
574
620
1,347
1 197
813
136
610
413
534
888
131
866
388
865
642
466
984
Jan
Feb
Mar
May
261
198
290
26
Redemptions
85
371
447
215
12
464
7
126
Gross
purchases
Gross
sales
1 259
'900
1 264
145
388
1 275
1 197
706
136
610
413
534
888
131
866
388
784
551
466
876
261
198
Redemptions
Gross
purchases
Exch.,
maturity
shifts,
or
redemptions
Gross
sales
85
371
447
2 164
2 030
28
215
5"
12
464
7
1,752
290
26
— 15
2,521
Outright transactions in U.S. Govt. securities by maturity—Continued
1-5 years
Gross
purchases
Gross
sales
5-10 years
Exch.
or
maturity
shifts
Gross
purchases
1965
May
June
43
20
2 164
307
27
11
Aug
Sept
Oct
Nov
Dec
1964
187
108
33
— 2 030
?Q
52
46
36
65
Jan
Feb
Mar
Apr
May
.
Gross
purchases
May
June
July
Aug
Sept
Oct
Dec
1965
Jan
Feb
Mar
Apr
Gross
sales
Exch.
or
maturity
shifts
4
5
41
34
45
5
-1,752
574
23
45
-574
12
10
-2,521
32
Gross
sales
-35
12
Bankers' acceptances
Net change
in U.S.
Govt.
securities
Outright,
net
682
625
1,070
684
812
682
1,313
2,194
734
625
1,021
733
712
782
1,313
1,657
1,060
566
257
113
186
359
1,065
269
-7
1,753
983
482
1,831
1,207
2,171
1,019
434
1,717
1,233
— 303
166
684
163
932
NOTE.—Sales, redemptions, and negative figures reduce System holdings; all other figures increase such holdings.
-307
Gross
purchases
102
35
-335
Repurchase agreements
(U.S. Govt. securities)
1964
Exch.
or
maturity
shifts
202
89
102
28
335
Gross
sales
Over 10 years
Under
repurchase
agreements,
net
Net change
in U.S. Govt.
securities and
acceptances
6
15
-39
36
— 21
-16
61
-18
-23
15
1,014
602
229
93
249
341
1,048
300
—1
4
1
-1
-3
22
-40
71
-38
-20
-281
122
756
124
909
_7
-4
2
974
FEDERAL RESERVE BANKS
JULY 1965
CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
(In millions of dollars)
End of month
Wednesday
1965
Item
1964
1965
June 30
June 23
June 16
June 9
June 2
June
May
June
12 053
1,617
12 402
1,618
12,452
1,561
12,468
1,551
12,476
1,546
12,053
1,617
12,476
1,547
13,752
1,433
13,670
14,020
14,013
14,019
14,022
13,670
14,023
15,185
118
120
118
116
114
118
124
140
646
11
80
13
692
13
505
13
215
13
646
11
531
14
79
41
12
41
16
41
12
43
19
45
24
41
12
51
31
47
36
7,761
7 735
7 875
7,625
7,739
7,761
7,739
5,171
25,737
5,384
25 737
5,192
25,737
5,138
25,730
5,085
25,717
5,048
25,737
5,384
25,711
5,016
24,912
4,711
38 882
38 664
38.750
38,440
38,504
38,882
38,466
34,794
218
173
467
101
343
218
220
Total U.S. Govt. securities
39,100
38,837
39,217
38,541
38,847
39,100
38,686
34,794
Total loans and securities
Cash items in process of collection
Bank premises
Other assets:
Denominated in foreign currencies
All other
39.810
6,041
102
38,987
6,869
102
39,975
7,483
102
39,121
5,686
102
39,144
5,709
102
39,810
6,041
102
39,313
5,270
102
34,956
5,350
103
457
310
78
285
77
263
85
248
90
229
457
310
124
246
60,508
60,461
62,031
59,377
59,410
60,508
80
221
59,133
56,104
34,907
34,737
34,829
34,795
34,650
34,907
34,410
32,409
18,229
672
179
17,833
775
138
18,970
637
149
17.211
981
142
17,500
949
156
18,229
672
179
18,006
745
142
16,973
939
156
Assets
Gold certificate account . . .
Redemption fund for F.R. notes
.
....
Total gold certificate reserves
Cash
Discounts and advances:
Member bank borrowings
Other
Acceptances:
Bought outright
Held under repurchase agreements
U.S. Govt. securities:
Bought outright:
Bills
Certificates—Special
Other
Notes
Bonds
....
....
Total bought outright
Held under repurchase agreements
Total assets. . .
...
...
Liabilities
F.R. notes
Deposits:
Member bank reserves
U S. Treasurer—General account
Foreign
Other
..
198
171
203
198
316
182
19,942
18,505
18,808
19,278
19,209
18,250
5,190
456
5,666
459
4,360
499
4,250
508
4,692
443
3,830
497
3,717
97
59,320
59,296
60,896
58,159
58,216
59,320
57,946
54,473
541
524
541
524
540
524
540
524
540
524
541
524
540
524
513
990
123
128
60.508
Total liabilities
186
18,913
4,692
443
Deferred availability cash items . .
Other liabilities and accrued dividends1
167
19,278
Total deposits
60,461
62,031
59,377
59,410
60,508
59,133
56,104
Capital Accounts
Capital paid in
Surplus
Other capital accounts
123
Total liabilities and capital accounts
Contingent liability on acceptances purchased for
foreign correspondents .
U.S. Govt. securities held in custody for foreign
account
100
71
154
130
123
157
158
159
159
159
157
160
146
7,599
7,286
7,568
7,653
7,711
7,599
7,713
8,043
Federal Reserve Notes—Federal Reserve Agents' Accounts
F.R. notes outstanding (issued to Bank). .
Collateral held against notes outst anding:
Gold certificate account. .
Eligible paper
U.S. Govt. securities
Total collateral
i No accrued dividends at end-of-June dates.
37,342
37 ,257
37.179
37 .039
36,894
37 ,342
36 ,851
34,411
6,295
28
32,095
6 ,255
32 ,070
6,965
17
33,070
6 ,940
25
31 .550
6,940
11
31,290
6 ,295
28
32 ,095
6 .940
43
31 ,290
6,542
16
28,847
38,418
38 ,328
40.052
38 ,515
38,241
38 ,418
38 ,273
35,405
975
FEDERAL RESERVE BANKS
JULY 1965
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 1965
(In millions of dollars)
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Minne- Kansas
apolis
City
St.
Louis
Chicago
Dallas
San
Francisco
Assets
12,053
1,617
750
90
2,883
1,088
125
298
411
61
183
31
434
64
332
52
1,371
138
601
94
2,214
392
714
87
1,072
Redemption fund for F.R. notes
Total gold certificate reserves
13,670
840
3,275
801
1,210
1,213
695
2,512
472
214
498
384
1,556
F.R. notes of other Banks
Other cash
.
537
118
38
7
162
22
25
4
38
9
47
7
56
11
50
25
22
7
19
5
13
5
25
5
42
11
Discounts and advances:
Secured by U.S. Govt. securities...
Other
Acceptances:
511
146
11
170
117
27
1
21
1
12
1
23
148
2
1
*
21
20
41
1
21
I
15
1
2,032
3,166
2,574
2,076
6,499
1,476
828
1,522
1,626
s,38l
Held under repurchase agreements.
U.S. Govt. securities:
Held under repurchase agreements.
41
12
41
12
38,882
185
2,049
9,653
218
218
39,810
2,060 10,211
2,060
3,188
2,587
2,100
6,649
1,477
869
1,564
1,648
5,397
7,628
102
529
3
1,407
8
477
3
581
6
573
5
238
3
481
6
357
11
703
10
21
17
26
14
41
24
23
20
16
12
10
7
21
14
26
14
61
46
62,632
3,515
U20
77
15,282
1.312
21
65
48
368
6
457
310
602
20
27
17
3,410
5,097
4,475
3,528 10,682
2,380
1,365
2,602
2,470
7,826
35,444
F R notes
Deposits:
18,229
Member bank reserves
...
672
U.S. Treasurer—General account..
179
Foreign
198
Other
2,120
8,095
2,092
3,009
3,102
2,029
6,433
1,380
667
1,367
1,108
4,042
765
47
8
5,390
108
261
783
24
9
1,378
41
14
730
83
8
895
32
10
569
82
5
414
40
4
758
46
7
909
57
9
2,843
36
21
123
1
2,795
76
23
2
3
1
1
3
1
2
2
59
19,278
820
5,682
817
1,435
824
938
2,895
659
459
813
977
2,959
496 1,074
118
22
3,458 14,969
413
24
3,346
510
38
4,992
464
24
285
16
202
10
351
19
294
23
4,414
467 1,115
66
25
3,459 10,509
2,340
1,338
2,550
2,402
608
58
7,667
142
137
34
29
29
6
48
47
10
27
26
8
78
75
20
18
18
4
13
12
2
24
23
5
32
31
5
72
70
17
3,515 15,282
3,410
5,097
4,475
3,528 10,682
2,380
1,365
2,602
2,470
7,826
36.4
43.2
49.6
34.7
49.2
51.6
38.5
40.6
52.8
9
21
1,200
4,290
Total loans and securities
Cash items in process of collection...
Bank premises
Other assets:
Denominated in foreign currencies .
All other
Total assets
Liabilities
Total deposits
Deferred availability cash items
Other liabilities
Total liabilities
6,279
443
61,444
*
Capital Accounts
Capital paid in
Surplus
Other capital accounts
541
524
123
Total liabilities and capital accounts.. 62,632
26
25
6
32
31
6
Ratio of gold certificate reserves to
F.R. note liability (per cent):
June 30 1965
May 31 1965
June 30 1964
38.6
40.1
46.2
39.6
40.0
40.5
40.5
37.9
50.4
38.3
38.8
43.8
40.2
37.1
41.1
39.1
40.9
38.6
34.3
48.0
45.3
39.0
38.3
44.6
34.2
43.3
43.4
32.1
43.5
44.6
Contingent liability on acceptances
purchased for foreign correspondents
.
157
8
•Ml
9
14
8
9
22
5
4
6,818
1,470
706
Federal Reserve Notes—Federal Reserve Agent's Accounts
F.R. notes outstanding (issued to
Bank)
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U.S. Govt. securities
Total collateral.
2,200
8,465
2,169
3,209
6,295
420
28
32,095 ' i ^ 805
1,000
465
27
1,800
500
853
400
1,100
225
180
735
2,775
2,410
1,850
5,900
295
1
1,260
122
'i'jbb\
595
1,250
1,050
3,700
8,700
2,292
3,275
3,263
2,250
7,000
1,556
717
1,475
1,230
4,435
37,342
38,418
2,225
1
After deducting $337 million participations of other F.R. Banks.
2 After deducting $118 million participations of other F.R. Banks.
3
3,222
2,165
1,428
After deducting $116 million participations of other F.R. Banks.
976
FEDERAL RESERVE BANKS; BANK DEBITS
JULY 1965
MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
(In millions of dollars)
Wednesday
Item
End of month
1965
1965
1964
June 30
June 2
93
71
705
687
18
518
501
17
228
209
19
657
650
7
545
525
20
79
73
57
27
30
53
22
31
62
33
29
69
37
32
53
24
29
82
48
34
83
45
38
39,100
1,183
7,749
18,170
10,138
1,489
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
June 9
53
24
29
Acceptances—Total
Within 15 days
16 days to 90 days
June 16
657
650
7
Discounts and advances—Total.
Within 15 days
16 days to 90 days
91 days to 1 year
June 23
38,837
1,213
7,641
18,177
10,055
1,403
348
39,217
1,656
7,601
18,207
10,017
1,395
341
38,541
1.017
7,687
18,144
9,990
1,371
332
38,847
1.218
7,764
18,223
9,968
1,342
332
39,100
1,183
7,749
18,170
10,138
1,489
371
38,686
816
7,898
18,368
9,952
1,324
328
34,794
670
4,635
12,723
14,691
1,836
239
Japanese
yen
Netherlands
guilders
Swiss
francs
371
May
June
June
i Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS
(In millions of U.S. dollar equivalent)
Total
End of period
Pounds
sterling
Belgian
francs
15
2
1
Canadian
dollars
French
francs
German
marks
Italian
lire
1
1
1
1
2
2
2
2
51
31
1
1
3
3
3
3
•
•
•
4
2
2
2
2
1
1
1
3
2
2
6
5
7
2
1964—Sept
Oct
Nov
Dec
164
74
727
295
90
32
717
234
51
2
2
2
1965 Jan
Feb
Mar
287
165
375
235
131
347
36
16
11
2
2
2
BANK DEBITS AND DEPOSIT TURNOVER
(Seasonally adjusted annual rates)
Debits to demand deposit accounts
(In billions of dollars)
Period
Turnover of demand deposits 1
Total 224
centers
(excl.
N.Y.)
218
other
SMSA's
1,038.4
1,030.0
992.5
2,693.8
2,688.4
2,607.4
1,655.4
1,658.4
1,614.9
2,087.0
1,898.2
2,007.6
1,058.9
1,021.3
1,049.5
2,746.7
2,681.7
2,755.9
1,687.8
1,660.4
1,706.4
4,698.2
4,648.0
4,816.5
1,926.7
1,917.7
2,013.0
1,060.6
1,023.7
1,065.4
2,771.5
2,730.3
2,803.5
1,710.9
1,706.6
1,738.1
44.6
45.1
45.5
Jan
Feb
Mar
4,870.9
4,842.5
4,995.6
2,067.6
1,997.4
2,071.8
1,065.5
1,077.2
1,115.4
2,803.3
2,845.1
2,923.8
1.737.8
1 767.9
1.808.4
46.3
47.1
47.9
Apr
5,113.3
4 825 6
. . . 5 336 1
2,151.3
1 954 1
2,308.4
1,131.7
1 082 7
1,146.8
2,962.0
2 871 5
3,027.7
1,830.3
1 788 8
1,880.9
48.4
47 0
51.0
. •.
July
A.U2
Sept
1965
May
June
1
2
Total
225
SMSA's
.
N.Y.
6 others
4,603.0
4,542.0
4,535.4
1,909.2
1,853.6
1,928.0
4,833.7
4,579.9
4,763.5
1964—Apr
May
June
Oct
Nov
Dec
Leading SMSA's
l
2
Excludes interbank and U.S. Govt. demand deposit accounts.
Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and
Los Angeles-Long Beach.
Total
225
SMSA's
45.1
45.2
45.0
46.3
4^.7
44.3
Leading SMSA's
N.Y.
6 others
89.8
89.8
91.2
95.8
89.3
88.5
89.8
91.3
90.7
94.8
96.1
96.9
100.0
42.1
43.1
96 0
107.0
40.9
42.3
42 4
41.4
40 9
41.0
41.7
42.8
44 3
44 8
44.5
44 3
45.5
2
Total 224
SMSA's
(excl.
N.Y.)
218
other
SMSA's
33.2
33.5
32.9
33.3
33 0
32.9
32 8
33.2
29.4
29 5
29.3
33.4
29 3
29.5
30.0
33.8
34 6
35 4
30.0
30 5
31 2
35 2
^4 7
36.3
31 2
30 6
32.3
29.4
29 1
29.2
NOTE.—Total SMSA's include some cities and counties not designated
as SMSA's.
For a description of the revised series see Mar. 1965 BULLETIN, p. 390.
977
U.S. CURRENCY
JULY 1965
DENOMINATIONS IN CIRCULATION
(In millions of dollars)
Total
in circulation *
Total
Coin
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
1958
1959
1960
1961
1962
1963
32,193
32,591
32,869
33,918
35,338
37,692
22,856
23,264
23,521
24,388
25,356
26,807
1964— May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
37,208
37,734
37,835
38,014
38,166
38,373
39,248
39,619
1965—Jan..
Feb.
Mar.
Apr.
May
38,540
38,593
38,816
End of period
Large denomination currency
Coin and small denomination currency
$20
Total
$50
$100
$500
$1,000
1,576
2,545
9,201
9,119
8,529
9,940
2,048
3,044
7,834
8,850
8,438
9,136
460
724
2,327
2,548
2,422
2,736
919
1,433
4,220
5,070
5,043
5,641
191
261
454
428
368
307
425
556
801
782
588
438
20
24
7
5
4
3
32
46
24
17
12
12
6,624
6,672
6,691
6,878
7,071
7,373
10,288 9,337
10,476 9,326
10,536 9,348
10,935 9,531
11,395 9,983
12,109 10
",885
2,792
2,803
2,815
2,869
2,990
3,221
5,886
5,913
5,954
6,106
6,448
7,110
275
261
249
242
240
249
373
341
316
300
293
298
3
3
3
3
3
3
9
5
10
10
10
4
2,350
2,379
2,359
2,364
2,361
2,385
2,455
2,517
7,170
7,280
7,262
7,272
7,280
7,328
7,568
7,543
11,904 10 ,855
12,151 10,937
12,239 10,976
12,310 11,041
12,339 11,098
12,339 11,172
12,687 11,323
12,717 11,519
3,185
3,217
3,231
3,249
3,253
3,262
3,314
3,381
7,127
7,175
7,202
7,248
7,302
7,367
7,468
7,590
246
246
245
245
246
246
246
248
291
292
291
292
291
291
289
293
3
2
3
3
3
3
3
2
4
4
4
4
4
4
4
4
2,381
2,375
2,391
2,381
2,427
7,256
7,282
7,327
7,275
7,375
12,267 11,382
12,289 11,3(6
12,371 11,392
12,317 11,394
12,494 " ,449
3,321
3,310
3,316
7,519
7,517
7,53*
7,544
7,579
246
245
245
244
244
290
288
288
288
289
2
2
2
2
2
4
4
4
4
4
$2
$5
$10
559
695
,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
2,182
2,304
2,427
2,582
2,782
3,030
,494
,511
,533
,588
,636
,722
83
85
88
92
97
103
2,186
2,216
2,246
2,313
2,375
2,469
26,353
26,797
26,859
26,972
27,068
27,201
27,925
28,100
3,169
3,205
3,223
3,249
3,285
3,321
3,359
3,405
,655
,676
,668
,668
,693
,716
,749
,806
105
107
108
109
111
111
108
111
27,158
27,227
27,424
27,365
27,758
3,435
3,468
3,520
3,566
3,608
,709
,702
,704
,714
,740
110
110
38,760
39,207
$1 2
112
114
i Outside Treasury and F.R. Banks. Before 1955 details are slightly
overstated because they include small amounts of paper currency held
by the Treasury and the F.R. Banks for which a denominational breakdown is not available.
2
3,313
3,332
$5,000 $10,000
Paper currency only; $1 silver coins reported under coin.
NOTE.—Condensed from Circulation Statement of United States
Money, issued by the Treasury.
KINDS OUTSTANDING AND IN CIRCULATION
(In millions of dollars)
Currency in circulation *
Held in the Treasury
Kind of currency
14,290
(14,023)
36,852
5,398
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 1965
Apr 30 i965
May 31 1964
Total outstanding As security
May 31,
against
1965
gold and Treasury
cash
silver
certificates
485
1,293
(944)
2 347
4
..
Apr. 30,
1965
May 31,
1964
31,851
5,356
2267
(944)
379
2,816
2,443
123
34,311
4,896
33,864
4,895
3
350
4
15
6
1
*
*
482
482
482
63
22
20
18
1
877
2,310
816
303
108
922
2,275
809
299
109
1,704
1,958
730
321
162
5,382
5,617
5 018
39,207
311,207
944
(14,967)
(15,149)
(17,009)
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. 967.
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
May 31,
1965
(14,023)
842
323
109
556,540
556,441
555,001
For
F.R.
Banks
and
Agents
Held by
F.R.
Banks
and
Agents
98
744
736
416
11,207
11,328
12,360
38,760
37,208
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
BULLETIN, p. 936.
978
JULY 1965
MONEY SUPPLY
MONEY SUPPLY AND RELATED DATA
(In billions of dollars)
Seasonally adjusted
Not seasonally adjusted
Money supply
Period
Total
Currency Demand
deposit
component component
Time
deposits
adjusted 1
Money supply
Total
Currency Demand
deposit
component component
Time
deposits
adjusted i
U.S.
Govt.
demand1
deposits
1957_Dec
1958—Dec
1959—Dec
1960—Dec
1961—Dec
1962—Dec
1963—Dec
1964—Dec
135.9
141.1
141.9
141.1
145.5
147.5
153.1
159.7
28.3
28.6
28.9
28.9
29.6
30.6
32.5
34.2
107.6
112.6
113.1
112.1
116.0
116.9
120.6
124.4
57.4
65.4
67.4
72.9
82.7
97.8
112.2
126.6
139.3
144.7
145.6
144.7
149.4
151.6
157.3
164.0
28.9
29.2
29.5
29.6
30.2
31.2
33.1
35.0
110.4
115.5
116.1
115.2
119.2
120.3
124.1
129.1
56.7
64.6
66.6
72.1
81.8
96.7
111.0
125.2
3.5
3.9
4.9
4.7
4.9
5.6
5.1
5.5
1964—May
June....
July
Aug
Sept
Oct
Nov
Dec
154.5
155.5
156.6
157.1
158.2
158.8
159.1
159.7
33.3
33.4
33.6
33.8
33.9
34.0
34.2
34.2
121.2
122.1
123.0
123.3
124.3
124.8
124.8
125.4
117.3
118.5
119.4
121.0
122.1
123.5
125.1
126.6
152.2
153.4
155.0
155.0
157.1
159.0
160.7
164.0
33.1
33.4
33.7
33.9
33.9
34.1
34.6
35.0
119.2
120.0
121.3
121.1
123.2
124.9
126.1
129.1
118.0
119.1
120.0
121.1
122.0
123.4
124.1
124.2
7.6
6.9
6.3
6.5
5.5
5.8
5.5
1965—Jan
Feb
Mar
Apr
May
June*5
160.0
159.7
160.3
161.1
160.0
161.8
34.5
34.7
34.7
34.7
34.9
35.0
125.5
125.1
125.6
126.4
125.1
126.8
128.8
131.0
132.1
133.5
134.6
135.9
164.4
159.5
159.0
161.6
157.6
159.6
34.4
34.2
34.3
34.5
34.6
34.9
130.1
125.3
124.6
127.1
123.0
124.7
128.3
130.8
132.7
134.0
135.4
136.6
4.2
5.7
6.7
5.6
9.7
9.3
Week ending—
1965—Jan.
6..
13..
20..
27..
161.0
160.1
159.8
159.3
34.4
34.4
34.5
34.6
126.6
125.7
125.4
124.8
127.7
128.5
129.0
129.5
166.9
165.2
164.5
162.5
34.8
34.6
34.2
34.0
132.1
130.6
130.3
128.5
126.7
127.7
128.5
129.3
6.4
4.0
2.9
3.8
Feb.
3..
10..
17..
24..
160.2
159.9
159.5
158.9
34.6
34.6
34.7
34.7
125.5
125.3
124.8
124.3
130.0
130.7
131.0
131.3
162.5
161.4
159.7
156.7
34.0
34.4
34.2
34.1
128.5
127.0
125.4
122.5
129.7
130.4
130.9
131.3
4.6
4.7
5.3
7.1
Mar. 3 . .
10..
17..
24..
31. .
160.6
160.4
160.3
159.9
160.0
34.7
34.7
34.6
34.6
34.7
125.9
125.7
125.7
125.3
125.4
131.5
131.9
132.2
132.3
132.6
159.0
159.2
160.6
157.9
157.8
34.1
34.6
34.4
34.3
34.1
124.8
124.6
126.2
123.5
123.6
131.7
132.3
132.7
132.8
133.3
6.7
5.2
4.7
8.3
8.4
Apr.
7..
14..
21..
28..
161.6
161.4
161.7
160.3
34.8
34.8
34.8
34.7
126.8
126.6
126.9
125.5
132.9
133.2
133.5
133.8
160.1
161.9
164.1
160.9
34.6
34.7
34.6
34.1
125.4
127.2
129.5
126.8
133.6
133.9
133.9
134.4
7.1
4.6
4.4
5.8
May
5..
12..
19..
26..
160.4
159.9
159.6
159.7
34.8
34.9
34.9
34.9
125.6
125.1
124.7
124.9
134.1
134.3
134.6
134.8
160.3
158.9
156.6
155.7
34.4
34.7
34.6
34.4
125.9
124.1
122.0
121.2
134.8
135.1
135.4
135.6
8.5
8.4
10.3
10.8
June 2 . .
9..
16..
23..
30P.
161.0
161.5
162.0
162.1
161.7
34.9
34.9
35.0
35.0
35.0
126.1
126.6
127.0
127.2
126.8
135.2
135.6
135.8
136.1
136.3
157.5
158.8
161.2
160.2
158.5
34.8
35.1
35.0
34.9
34.7
122.8
123.7
126.2
125.3
123.8
136.1
136.4
136.7
136.6
137.0
9.7
8.1
7.2
10.2
11.5
1P.
162.6
35.1
127.5
136.7
160.3
35.6
124.7
137.5
12.0
July
1
At all commercial banks.
NOTE.—Revised data. For description of revision of series and back
data beginning Jan. 1959, see pp. 933-43; for monthly data 1947-58, see
June 1964 BULLETIN, pp. 679-89.
Averages of daily figures. Money supply consists of (1) demand
deposits at all commercial banks other thin those due to domestic commercial banks and the U.S. Govt., less cash items in process of collection
and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside the Treasury, the FRS, and the vaults of all commercial
banks. Time deposits adjusted are time deposits at all commercial banks
other than those due to domestic commercial banks and the U.S. Govt.
979
BANKS AND THE MONETARY SYSTEM
JULY 1965
CONSOLIDATED CONDITION STATEMENT
(In millions of dollars)
Liabilities
and capital
Assets
Other
securities
Total
assets,
net—
Total
liabilities
and
capital,
net
Bank credit
Date
Gold
Treasury
currency
outstanding
U. S. Government securities
Total
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Loans,
net
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
22,754
22,706
15,978
15,733
15,582
2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,568
5,587
5,586
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
309,389 170,693
318,697 178,290
333,203 189,433
5,741
10,328
23,105
29,049
128,417
107,086
96,560
103,684
102,418
103,273
5,499
8,199
19,417
25,511
101,288
81,199
72,894
72,563
69,708
69,068
216
1,998
2,484
2,254
24,262
22,559
20,778
30,478
32,027
33,552
26
131
1,204
1,284
2,867
3,328
2,888
643
683
653
11,819
9,863
9,302
8,999
8,577
10,723
14,741
35,012
37,989
40,497
64,698
48,465
75,171
90,637
191,785
188,148
199,008
330,935
340,017
354,371
55,776
42,029
68,359
82,811
180,806
175,348
184,384
302,195
310,284
323,251
8,922
6,436
6,812
7,826
10,979
12,800
14,624
28,739
29,732
31,118
30
26
30
28
25
31
15,461
15,500
15,500
15,500
15,400
15,388
5,578
5,600
5,600
5,500
5,500
5,405
343,988
344,000
351,300
351,000
356,100
365,366
201,161
200,600
205,000
204,100
206,700
214,254
100,879
100,700
102,900
103,300
105,700
106,825
65,337
64,900
66,800
67,200
68,500
68,779
34,794
35,100
35,400
35,200
36,300
37,044
748
800
700
900
,000
,002
41,948
42,700
43,400
43,600
43,700
44,287
365,027
365,100
372,300
372,000
377,000
386,159
333,114
331,100
338,500
338,100
342,100
352,964
31,915
34,000
33,700
33,900
34,900
33,193
27
24
31 P
28*
26 r?
30P
15,200
14,900
14,600
14,400
14,300
13,900
5,400
5,400
5,400
5,400
5,400
5,400
360,600
362,600
367,200
368,900
371,000
378,700
210,900
213,100
217,600
219,300
221,900
228,100
105,100
104,300
103,800
102,600
102,400
102,900
67,400
66,500
65,100
64,200
62,900
62,600
36,700
36,700
37,600
37,400
38,300
39,100
,000
,100
,100
,100
,100
,200
44,600
45,200
45,800
47,000
46,700
47,700
381,100
382,900
387,200
388,700
390,600
398,100
347,200
347,600
351,900
354,000
354,400
361,900
34,000
35,300
35,300
34,700
36,200
36,200
1929—June
1933—June
1939_Dec.
1941—Dec.
1945_Dec.
1947_Dec.
1950—Dec.
1962—Dec.
1963—June
Dec.
29
30
30
31
31
31
30
28
29
20
4,037
4,031
17,644
22,mi
20,065
1964—June
Aug.
Sept.
Oct.
Nov.
Dec.
1965—Jan.
Feb.
Mar.
Apr.
May
June
DETAILS OF DEPOSITS AND CURRENCY
Money supply
Seasonally adjusted *
Date
Total
1929 June
1933 June
1939 Dec
1941 nee
1945 Dec
1947—Dec.
1950—Dec.
1962—Dec.
1963—June
Dec.
29
30
30
31
31
3 1 . . . . 110,500
3 0 . . . . 114,600
2 8 . . . . 147,600
148,300
29
2 0 . . . . 153,100
1964—June
Aug.
Sept.
Oct.
Nov.
Dec.
1965—Jan.
Feb.
Mar.
Apr.
May
June
27....
24....
31*...
28*...
26*>...
30*...
1
2
Currency
outside
banks
Demand
deposits
adjusted 2
Relaited deposits (not seasonally adjusted)
Total
Currency
outside
banks
Demand
deposits
adjusted 2
Total
Commercial
banks
ForPostal
eign
Mutual Savings net 4
savings
Sys3
banks
tem
26,100 84,400
24,600 90,000
29,600 118,000
30,700 117,600
31,700 121,400
26,179
19,172
36,194
48,607
102,341
113,597
117,670
153,162
147,144
158,104
3,639 22,540 28,611 19,557
4,761 14 411 21 656 10 849
6,401 29,793 27,059 15,258
9,615 38 992 27 729 15 884
26,490 75,851 48,452 30,135
26,476 87,121 56,411 35,249
25,398 92,272 59,246 36,314
30,904 122,258 139,448 97,440
31,832 115,312 149,322 105,648
33,468 124,636 155,713 110,794
8,905
9 621
10,523
10,532
15,385
17,746
20,009
41,478
43,181
44,467
3 0 . . . . 153,500
2 6 . . . . 154,300
3 0 . . . . 156,900
2 8 . . . . 157,800
2 5 . . . . 156,900
3 1 . . . . 159,300
32,700
32,900
33,100
33,300
33,400
33,500
120,800
121,400
123,800
124,500
123,500
125,800
153,331
152,900
155,900
158,400
159,300
167,140
33,020
33,100
33,200
33,200
34,300
34,882
120,311
119,800
122,700
125,200
125,000
132,258
166,627
169,000
170,500
172,100
172,700
175,898
119,330
121,200
122,100
123,600
124,000
126,447
46,882
47,400
47,900
48,100
48,300
49,065
158,700
157,400
161,300
159,000
157,400
160,700
33,900
33,900
34,100
33,800
33,900
34,000
124,800
123,500
127,200
125,200
123,500
126,700
160,800
156,600
156,800
159,100
155,400
158,600
33,400
33,500
33,800
33,500
33,800
34,400
127,400
123,100
123,000
125,600
121,600
124,200
179,000
180,900
183,300
184,600
185.900
188,000
129,200
131,000
132,800
134,100
135,200
136,900
49,400
49,600
50,100
50,100
50,300
50,700
Series begin in 1946; data are available only for last Wed. of month.
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.
* Reclassiflcation of deposits of foreign central banks in May 1961
reduced this item by $1,900 million (51,500 million to time deposits and
$400 million to demand deposits).
u. s Government
Time
Not seasonally adjusted
149
1 186
1,278
1,313
2,932
3,416
2,923
Treasury
cash
holdings
365
*>0
204
264
1,217
,498
2,141
1,682
2,518
2,409
2,215
2,287
1,336
1,293
At
commercial
and
savings
banks
381
852
846
At
F.R.
Banks
36
35
634
867
977
870
668
602
806
850
1,337
1,206
405
369
392
1 895
24,608
1,452
2,989
7,090
11,306
6,986
415
400
400
400
400
386
1,324
1,400
1,400
1,400
1,500
1,724
391
400
400
500
600
612
10,502
939
6,300 1,100
900
9,400
700
5,000
800
7,300
820
6,770
400
400
400
400
400
400
1,500
1,500
1,600
1,500
1,500
1,700
700
700
700
800
800
800
4,300
900
900
7,000
900
8,600
7,100 1,000
700
10,200
700
12,100
530
493
452
L,488
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 BULLETINS.
Except on call dates, figures are partly estimated and are rounded to
the nearest $100 million.
980
COMMERCIAL AND MUTUAL SAVINGS BANKS
JULY 1965
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
(Amounts in millions of dollars)
Deposits
Total
assets—
Total
Securities
Interbank *
Other
liaBor- Total NumCash bilities
row- capital ber
assets i and
of
ings
acDemand
capital Total i
counts banks
U.S. Other
ac- 2
De- Time
Time 3
Govt.
mand
counts
U.S.
Govt. Other
Loans and investments
Class of bank
and date
Total
Loans
31
31
31*
28
29
20
61,126
140,227
134,924
280,397
287,411
302,251
26,615
30,361
43,002
172,822
179,714
192,686
1964—June
Sept.
Oct.
Nov.
Dec.
30
30
28
25
31
310,404
317,750
318,300
323,150
329,739
203 ,119
207,560
207,490
210,990
216,674
65,337 41,948
66,790 43,400
67,210 43,600
3,700
68,460 43
68,779 44
4,287
1965—Jan.
Feb.
Mar.
Apr.
May
June
27
24
31*
28^
26 rP
30 p
326,880
328,920
331,950
335,020
336,100
341,260
214,920
217,270
221,040
223,890
226,450
230,930
Commercial banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31 *
1962—Dec. 28
1963—June 29
Dec. 20
50,746
124,019
116,284
235,839
241,014
254,162
1964_june
Sept.
Oct.
Nov.
Dec.
30
30
28
25
31
1965—Jan.
Feb.
Mar.
Apr.
May
June
27
24
31*
28^
All banks
1941—Dec.
1945—Dec.
1947 _ D e c .
1962—Dec.
1963—June
Dec.
25,511
101,288
81,199
72,563
69,708
69,068
8,999 27,344
8,577 35,415
10,723 38,388
35;012 54,939
37,989 52,046
40,497 51,536
90,908 81,816
177,332 165,612
1
175,091 '
161,865
343,201 303,653
347,896 309j.
- .,
309,428
362,394 319,636
10,982
14,065
12,793
240
16,008
535
15,042
551
15,267
528
44,355
105,935
1,346 94,381
6,839 141,084
11,069 133,681
6,734 141,576
373,909 331,843
381 i230 337,150
337
379 720 334,260
385 810 338,970
356,308
6 1 / " •""
15,272
15,820
15,360
15,460
17,938
678
700
710
710
821
10,263
9,200
4,770
7,090
6,517
67,380 44,580
66,470 45,180
65,140 45,770
64,180 46,950
62,940 46,710
62,610 47,720
51,960
52,580
55,520
52,580
52,200
58,060
14,800
14,890
16,300
14,450
14,240
16,080
890
940
950
920
970
990
4,060 143,630
6,710 140,420
8,350 142.150
6,850 142,600
9,920 138.490
11,890 145,000
21,714
26,083
38,057
140,106
145,049
156,006
21,808 7,225
90,606 7,331
69,221 9,006
66,434 29;298
63,542 32,423
63,196 34,959
10,982
44,349
26,551 79,104 71,283
15,952
34;806 160,312 150,227
34,806
105,921
14,065
30,241
37,502 155,377 144,103 12,792
240 1,343 94,367 35,360
54 ,049 297,116 262
' ,122 16,008
535 6,829 141,041 97,709
51; 156 299,875 266 ,179 15,042
550 li;060 133,624 105,903
275,120 15,267
526 6,729 141,534 111,064
50,711 312,773
"'
260,179
266,180
266,600
271,120
277,376
64,463
167,670
167,220
170,330
175,589
59,322 36,394 53,168 321,909 284,903 15,272
60,710 37,800 52 ;870 327,890 289,190 15,820
61,360 38,020 51 ,100 326,230 286,080 15,360
62,670 38, 120 52,200 331,980 290,580 15,460
"
62,991 38,796 60,489 346,921 307,170 17,938
677
700
710
710
819
10,257
9,200
4,770
7,090
6,510
173,420
175,530
179,040
181,530
183,720
187,910
61,520 39,060 51,010 333,810 292,770 14,800
60,520 39,680 51
""" 14,890
16,300
59,040 40,270
58,320 41,390 51,640 342;060 299; 140 14,450
57,10041,150 51 .230 342.490 299,050 14,240
l,15i
56,800 42
2,160 57,040 353,500 311,030 16,080
890
940
950
920
970
990
54,073
53;750
52 ,000
53,100
388,570
391,080
397,650
397,710
398,500
409,840
342,250
343,770
350,890
349,320
349,420
361,820
30^
274,000
275,730
278,350
281,240
281,970
286,870
Member banks:
1941_Dec.
1945—Dec.
1947—Dec.
1962—Dec.
1963—June
Dec.
31
31
31
28
29
20
43,521
107,183
97,846
195,698
199,495
210,127
18,021
22,775
32,628
118,637
122,088
131,712
19,539 5,961 23,123 68,121 61,717 10,385
78,338 6,070 29
-",845 138,304 129,670 13,576
57,914 7,304 32 ,845 132,060 122,528 12,353
" ",468 15,309
52,968 24;092 47 ,427 249,488 219
50,399 27,008 44 ,929 251,
,214 222,619 14,388
49,342 29,073 44 ,395 261,
,469 229,376 14,518
140
64
50
358
373
382
1964—June
Sept.
Oct.
Nov.
Dec.
30
30
28
25
31
215,132
220,105
219,678
223,153
228,497
138,649
141,393
140,646
143,241
147,690
46,235 30,249 46,767 269,437 238,052 14,527
47,245 31,467 46,423 274,302 241,331 15,056
47,458 31,574 44,680 271 ;855 237,656 14,559
271,855
48,383 31,529 45,689 276,406 241,141 14,646
" " '""
17,007
48,717 32,089 52,737 289,142 255,724
~~~ ' '"
525
542
555
551
664
1965—Jan.
Feb.
Mar.
Apr.
May
June
27
24
31
28
26
30^
225,493
227,093
229,456
231,866
232,373
236,858
145,830
147,818
150 ,921
152,951
154,705
158,402
47,297 32,366 44,461 277,606 242 ,781 14,016
46,364 32,911 44,750 279,488 244 ,018 14,138
'
279,
45,120 33,415 47,749 285,300 250 ,277 15,556
44,555 34,360 45,106 285i023 248 ,563 13,710
43,615 34,053 44,804 285,331 248,494 13,525
43,502 34,954 50,029 295,309 259,263 15,314
731
779
795
759
817
831
26P
Mutual savings banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 3H
1962—Dec. 28
1963—June 29
Dec. 20
10,379 4,901 3,704 1,774
16,208 4,279 10,682 1,246
18,641 4,944 11,978 1,718
44,558 32,716 6,129 5,714
46,397 34,665 6,166 5,566
48,089 36,679 5,872 5,539
793
609
886
890
890
826
11,804
17,020
19,714
46,086
48,020
49,621
10,533
15,385
17,763
41,531
43,248
44,516
52,000
53,340
53,490
53,830
54,239
26,479
45,613
53,105
139,188
149,083
155,531
139,160 166,469
141,140 170
"",290
141,440 171 ,980
143,180 172,530
155,248 175,785
178,870
180,810
183,140
'"
184 ,500
185,800
187,860
23 8,414 14,826
227 10,542 14,553
66 11,948 14,714
635 ~\046
28
13,940
563 28,612 13,993
702 29,882 14,079
2,120 31
2,760 31
3,940 31
4,500 31
2,700 32
037
490
600
800
196
4,400 32,040
4,330 32,200
3,670 32,610
5,020 32.670
32.670|
4,970.32,920|
3,500 33,680
14,175
14,230
14,242
14,251
14,266
14,290
14,290
14,292
14,297
14^300
14,295
23 7,173
219 8,950
65 10,059
627 24,094
545 24,582
664 25,677
14,278
14,011
14,181
13,429
13,482
13,570
139,110 119,587
141,090 122,380
141,390 123,850
143,130 124,190
155,184 126
"-",720
2,099 26 ,768
2,760 27 ,110
3,940 27 ,240
4,500 27 ,380
2,679 27 ,795
13,669
13,724
13,736
13,746
13,761
4,060
6,710
8,350
6,850
9,920
11,"""
143,580 129 ,440
140,370 131,220
142,100 133
133,070
142,550 134,370
138,430 135,490
144,940 137,130
4,400 27 ,640
4,330 27 ,750
3,670 28 ,100
5,020 28 ,210
4,970 28 ,410
3,500 29 ,150
13,785
13,786
13,789
13,793
13,796
13,791
1,709
22 7 9
V
1,176
6,086
9,761
5,986
37,136
69,640
80,609
117,999
111,548
117,562
12,347
5,886
208 7,589
24,210
28,340
54 8,464
79,716 3,550 19,854
86,550 1,440 20,238
"
90,929 3,499 21,054
6,619
6,884
6,923
6,049
6,058
6,112
9,342 115,624 98,034
8,460 116
116,969 100,304
4,325 116,793 101,424
6,319 118,030 101,595
5,838 128,539 103,676
,936 22,060
2,624 22,382
3,733 22,474
4,297 22,560
2,481 22,901
6,180
6,204
6,209
6,221
6,225
3,662 118,307
5,958 115,601
7,510 117
117,349
6,263 117,569
8,881 114,025
10,715 119,788
106,065
107,542
109,067
110,262
111,246
112,615
4,186 22 ,799
3,978 22,888
-",173
3,509 23
4,802 23 ,253
4,701 23,406
3,380 24 ,104
6,236
6,236
6,235
6,237
6,239
6,235
6
14
10,527
15,371
17,745
41,478
43,180
44,467
1,241
1,592
1,889
3,951
4,031
4,205
548
542
533
511
511
509
1964—June
Sept.
Oct.
Nov.
Dec.
30
30
28
25
31
50,226
51,570
51,700
52,030
52,363
38,656
39,890
40,270
40,660
41,085
6,016
6,080
5,850
5,790
5,788
5,554
905
5,600
880
5,580
900
5,580
900
5,490 1,004
46,940
47,960
48,180
48,390
49,138
46,882
47,910
48,130
48,340
49,065
4,269
4,380
4,360
4,420
4,401
506
506
506
505
505
1965—Jan.
Feb.
Mar.
Apr.
May
June
27
24
31
28 r
26
30P
52,880
53,190
53,600
53,780
54,130
54,390
41,500
41,740
42,000
42,360
42,730
43,020
5,860
5,950
6,100
5,860
5,840
5,810
5,520
950 54,760 49,480
5,500 1,000 55,070 49,640
5,500 1,010 55,540 50,120
5,560
940 55,650 50,180
5,560
970 56,010 50,370
5,560 1,020 56,340 50,790
49,430
49,590
50,070
50,130
50,310
50,730
4,400
4,450
4,510
4,460
4,510
4,530
505
504
503
504
504
504
For notes see end of table.
981
COMMERCIAL AND MUTUAL SAVINGS BANKS
JULY 1965
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
assets—
Total
Securities
liaCash
assets * bilities
and
capital Total i
U.S.
Other
acGovt.
counts 2
Total
Reserve city member banks
New York City: 5 , 6
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1962—Dec. 28
1963—June 29
Dec. 20
12,896 4.072 7,265 1,559 6,637 19,862 17,932
26,143 7,334 17,574 1,235 6,439 32,887 30,121
20,393 7,179 11,972 1,242 7,261 27,982 25,216
32,989 21,954 7,017 4,017 11,050 46,135 37,885
32,847 21,446 6,506 4,895 9,802 44,981 37,454
34,827 23,577 6,154 5,095 9,372 46,434 38,327
Interbank
1
Other
Borrowings
Demand
mand
Time
Time
U.S.
Govt.
4,202
4,640
4,453
4.783
4,734
4,289
6
17
12
207
187
214
Other
866
6,940
267
1,408
2,052
1,419
12,051
17,287
19,040
22,231
20,351
20,960
1,648
2,120
2,259
3,898
3,931
3,984
36
37
37
17
13
13
924
938
,345
,784
,224
4,402
4,447
4,436
4,434
4,471
14
14
13
13
13
,781
,281
,506
,655
,498
,388
4,465
4,487
4,526
4,517
4,548
5,087
13
13
13
13
13
13
2,419
476
3,462
719
4,201
913
5,264 3,025
4,840 3,499
4,887 3,787
262
111
255
288
377
426
948
974
996
13
12
14
13
12
12
807
1,236
195
1,445
30
9,256 1,728
10,131
794
11,446 1,438
30. .
30. .
28. .
25 . .
31 . .
36,693
37,904
36,611
37,594
39,507
25,490
26,040
25,048
26,051
27,301
5,779
5,973
5,712
5,954
6,178
5,424
5,891
5,851
5,589
6,028
10,550
10,183
9,639
10,103
11,820
49,716
50,696
48,758
50,171
53,867
41,545
42,287
40,001
40,753
45,191
4.711
4,127
A,299
4,394
5,C~~
317 2,112 21,224 13,181
340 2,350 21,199 13,671
350
,059 20,324 13,969
333
,261 20,679 14,086
436
,486 23,896 14,285
1965—Jan. 27. .
Feb. 24. .
Mar. 31 . .
Apr. 28. .
May 26. .
June 3 0 P .
38,271
38,950
39,905
40,325
40,201
42,202
26,573
27,570
28,894
29,173
29,558
30,947
5,630
5,122
4,788
4,764
4,674
4.906
6,068
6,258
6,223
6,388
5,969
6,349
9,427
9,218
11,597
9,844
10,230
12,229
50,166
50,803
54,198
52,852
53,184
57,263
40,890
41,574
44,997
43,502
43,820
47,366
4,274
4,359
4,852
4,226
4,308
5,061
457
795
499
,083
518
,778
492
,666
549
,989
563 2,560
City of Chicago: 5
1941—Dec. 31 . .
1945—Dec. 31 . .
1947—Dec. 31 . .
1962—Dec. 28 . .
1963—June 29. .
Dec. 20. .
2,760
5,931
5,088
8,957
9,082
9,615
954
1,333
1,801
5,418
5,545
6,220
1,430
4,213
2,890
2,129
2,071
1,705
376
385
397
,409
,466
,690
1,566
1,489
1,739
2,280
2,136
1,970
4,363
7,459
6,866
11,432
11,440
11,776
4,057
7,046
6,402
9.993
10,141
10,296
,035
,312
,217
,277
,202
,211
127
1,552
72
410
584
395
1964_june
Sept.
Oct.
Nov.
Dec.
Total Numcapital ber
of
banks
20,670
20,447
22,123
20,842
20,289
22,426
14,694
15,186
15,726
16,276
16,685
16,756
1964—June
Sept.
Oct.
Nov.
Dec.
30
30
28
25
31
9,636
9,914
9,788
10,021
10,562
6,266
6,421
6,404
6,600
7,102
,750
,857
,791
.786
,873
,620
,636
,593
,635
,587
2,121
2,251
2,234
2,232
2,366
12,046
12,458
12,305
12.537
13,289
10,630
10,964
10,802
11,009
11,807
,182
,327
,238
,251
,448
587
616
288
380
396
4,744
4,840
4,939
4,906
5,362
4,090
4,158
4,314
4,450
4,578
210
258
255
256
204
,017
,034
,034
,044
,056
12
12
12
12
12
1965—Jan.
Feb.
Mar.
Apr.
May
June
27
24
31
28
26
30P
10,245
10,296
10,310
10,425
10,363
10.80:
6,767
6,96:
7,129
7,073
7,108
7,381
,850
,678
,546
,669
,643
,743
,628
,655
,635
,683
,612
,678
2,163
2,184
2,089
2,318
2,232
2,310
12,703
12,842
12,801
13,095
12,961
13,501
11,177
11,153
11,088
11,395
11,282
11,687
,153
,238
,977
,182
,169
,292
259
349
501
463
576
697
5,076
4.905
3,985
5,047
4,800
4,921
4,663
4,633
4,597
4,681
4,714
4,752
232
322
278
355
333
415
,046
,053
,060
,065
,071
,097
12
12
11
11
11
11
15,34'
40,108
36,040
73,130
74,614
78,370
7,105
8,514
13,449
46,567
48,164
51,891
6,467
29,552
20,196
18,398
17,326
16,686
1,776
2,042
2,396
8,165
9,124
9,792
8,518
11,286
13,066
19,539
18,526
18,778
24,430
51,898
49,659
94,914
95,433
99,643
22,313
49,085
46,46'
84.248
85,555
87,994
4,356
6,418
5,627
7,477
6,811
7,225
104
30
22
82
110
95
491
8,221
405
2,337
3,793
22r
12,557
24,655
28,990
43.609
41,291
4 3 , 459
•"
4.806
1,967
9,760
2
11.423
1
30.743 1,388
33^549
407
35,004 1,417
351
359
353
191
194
190
102,245
104,065
103,165
104,306
109,053
91,145
91,950
90,422
91,299
97,145
6,894
7,217
7,15:
7,10:
8,289
118
115
118
132
134
3,771
3,244
1,685
2,580
2,195
42,387
42,689
42,618
42,851
46,883
37
,974
572 8,110
38
,685 1,150 8,324
38
,849 1,725 8,357
38,634 1,845 8,360
39
",645
841
183
185
184
182
182
184
188
185
181
174
1,580
2,546
3,035
2,538
3,548
4,32:
42,848 40
,903
41,590 41,315
42,615 41,708
42,651 42,058
2,073
40,969 42
2,791
42,963 4:
1,756
1,663
1,413
2,310
2,329
1,343
8,504
8,529
8,646
8,675
8,676
8,733
184
184
186
184
179
180
Other reserve city: 5 ,
1941—Dec. 31
1945—Dec. 31
1947_Dec. 31
1962—Dec. 28
1963—June 29
Dec. 20
6
1964—June
Sept.
Oct.
Nov.
Dec.
30
30
28
25
31
80,466
82,22:
82,239
83,044
84,670
54,604
55,804
55,71."
56,29:
57,555
15,488
15,680
15,72:
15,986
16,326
10,375 19,143
10,738 19,158
10,805 18,305
10,766 18,646
10,789 21,607
1965—Jan.
Feb.
Mar.
Apr.
May
June
27
24
31
28
26
3O*3
83,987
84,56'
85,374
86,265
86,034
87,204
57,428
57,966
58,771
59,701
60,015
61,06r
15,541
15,410
15,032
14,629
14,123
14,003
11,018
11,191
11,571
11,935
11,896
12,13"
18,353 104,997
18,114 105,275
19,011 107,146
18,52: 107,609
17,984 106,851
19,908 110,03
92,273
92,428
94,519
94,001
93,130
97,405
6,758
6,78r
6,976
6,573
6,366
7,157
12,518
35,002
36,32-'
80,623
82,952
87,316
5,890
5,596
10,199
44,698
46,934
50,023
4,37'
26,999
22,857
25,425
24,496
24,79^
2,250
2,408
3,268
10,501
11,522
12,496
6,402 19,466
10,63: 46,059
10,778 47,553
14,559 97,008
14,465 99,361
14,274 103,615
17,415
43,418
44,44:
87,342
89,470
92,759
79:
,207
,056
,773
,641
,793
225
5,465
432
1,931
3,33:
1,960
10,109
24,235
28,378
46,895
45,066
48,256
,258
12,494
14,560
36,692
39
"",371
40
,693
4
11
23
172
127
390
1,982
2,525
2,934
7,744
7,894
8,377
6,219
6,476
6,519
5,828
5,839
5,897
Country member banks: 5 , 6
1941_Dec. 31
1945—Dec. 31
1947_Dec. 31
1962—Dec. 28
1963—June 29
Dec. 20
n:
1964—June
Sept.
Oct.
Nov.
Dec.
30
30
28
25
31
88,337
90,065
91,040
92,494
93,759
52,289
53,128
53,48"
54,298
55,733
23,218
23,735
24,233
24,657
24,341
12,840
13,202
13,325
13,539
13,685
14,953
14,831
14,502
14,708
16,944
105,430
107,083
107,627
109,39."
112,932
94,733
96,130
96,431
98,080
101,581
,739
,785
,870
,899
,18:
2,87:
2,250
1,293
2,098
1,760
47,270 42
,788
48,241 43,790
,292
48,912 44
,425
49,594 44
52,398 45,169
230
278
408
412
213
8,531
8,577
8,647
8,722
5,971
5,993
6,000
6,014
6,018
1965—Jan.
Feb.
Mar.
Apr.
May
June
27
24
31
28
26
30 p
92,990
93,280
93,86^
94,851
95,775
96,650
55,06:
55,319
56,127
57,004
58,024
59,005
24,276
24,154
23,754
23,493
23,175
22,850
13,652 14,518
13,807 15,234
13,986 15,052
14,354 14,422
14,576 14,358
14,795 15,582
109,740
110,568
111,155
111,467
112,335
114,508
98,441
,831
98,863
,752
99,673
,751
,72r
99,665
,68:
100,262
1,804
102,
1,028
1,980
2,196
1,596
2,768
3,136
49,713 45,80:
48,659 46
,408
48,62( 47 ,036
:6
49,02'
,247
47,967 47
,774
49,478 48
,316
417
712
312
48
541
234
8,784
8,819
8,941
8,996
9,111
9,187
6,027
6,027
6,025
6,029
6,036
6,031
For notes see end of table.
982
COMMERCIAL AND MUTUAL SAVINGS BANKS
JULY 1965
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Loans and investments
Securities
Cash
assets 1
Class of bank
and date
Total
Loans
U.S.
Govt.
Other
Total
assets—
Total
liabilities
and
capital
accounts 2
1
Interbank
Other
Total NumBor- capital ber
rowof
acings counts banks
Demand
Total
Demand
Time
Time 3
U.S.
Govt.
Other
Insured commercial
banks:
1941—Dec. 31.. 49,290 21,259 21,046 6,984
1945—Dec. 31.. 121,809 25,765 88,912 7,131
1947—Dec. 31.. 114,274 37,583 67,941 8,750
25,788
34,292
36,926
76,820
157,544
152,733
69,411
10,654
,762 41,298 15,699
147,775
13,883
23,740 80,276 29,8 7 6
1,276 " ,
141,851 12,615
54 1,325 92,975 34 ,882
65,891 28,903
62,723 34
1,723 -',594
,002
58,880 36
,320
62,499 38
53,702
50,337
52,845
59,911
295,093
310,730
319,913
343,876
260,609
273,657
283,463
305,113
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
16,042
19,218
'"218
20
,168
21,312
29,684
28,635
29,511
34,064
160,657
170,233
175,250
190,289
15,950 6,295 7,500 2,155
37,871 8,850 27,089 1,933
32,566 11,200 19,240 2,125
8,145
9,731
10,822
24,688
48,084
43,879
22,259
3,739
621 13,874 4,025
44,730
4,411
8,166 24,168 7,986
40,505 3,978
15
381 27,068 9,062
68,444
72,680
73,934
77,091
43,089
46,866
49,179
51,002
8,050
9,855
10,080
10,777
17,744
15,760
17,256
18,673
88,831
91,235
95,186
98,852
76,643
78,553
82,074
86,108
6,154
5,655
6,038
6,486
Insured nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947_Dec. 31..
5,776
14,639
16,444
3,241
2,992
4,958
1,509 1,025
10,584 1,063
10,039 1,448
2,668
4,448
4,083
8,708
19,256
20,691
7,702
18,119
19,340
262
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
Dec. 31..
38,557
42,464
43,476
46,567
20,811
23,550
25,066
26,544
12,932
13,391
12,654
13,790
4,814
5,523
5,755
6,233
6,276
5,942
6,078
7,174
45,619
49,275
50,488
54,747
41,142
44,280
45,411
49,389
535
559
546
658
Noninsured nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31*.
1,457
2,211
2,009
455
318
474
761
1,693
1,280
241
200
255
763
514
576
2,283
2,768
2,643
1,872
2,452
2,251
177
185
1,291
1,905
18 1,392
1962—Dec.
1963—Dec.
1964—June
Dec.
1,584
1,571
1,571
2,312
657
745
748
1,355
534
463
432
483
392
362
390
474
346
374
323
578
2,009
2,029
1,984
3,033
1,513
1,463
1,439
2,057
164
190
200
273
133
83
85
86
872
832
787
1,141
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
699
749
745
931
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
Dec. 31..
National member
banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
Dec. 31..
State member banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
Dec. 31..
28..
20..
30..
31..
234,243
252,579
258,597
275,053
127,254
137,447
141,198
151,406
139,449
155,261
163,715
'74,234
75,548
84,845
89,469
96,688
35,663
33,384
31,560
33,405
17,305
15,958
14,675
15,312
^,,380
97
110,723
119,243
126,185
39,458
6,786
1,088 23,262 8,322
84,939
9,229
14,013 45,473 16,224
82,023 8,375
35
795 53,541 19,278
3,640 5,117
4,644 5,017
5,409 5,005
142,825
150,823
155,978
169,615
Nonmember
commercial banks:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
7,233
16,849
18,454
1962—Dec.
1963—Dec.
1964—June
Dec.
40,141
44,035
45,047
48,879
21,469
24,295
25,815
27,899
13,466
13,854
13,087
14,273
5,206
5,885
6,145
6,707
6,622
6,316
6,401
7,75f
47,628
51,304
52,472
57,780
42,654
45,743
46,850
51,447
1,693
10,846
12,683
64!
3,081
3,560
629
7,160
8,165
421
606
958
151
429
675
1,958
11,424
13,499
1,789
10,363
12,207
38,597
41,664
43,431
45,358
28,778
32,300
34,050
36,233
4,639 5,180
4,324 5,041
4,316 5,064
4,110 5,015
784
722
799
893
39,951
43,019
45,022
47,044
36,104
38,657
40,797
42,751
28.
20.
30.
31.
Insured mutual
sayings banks:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1962—Dec. 28.
1963—Dec. 20.
1964—June 30.,
Dec. 31.,
For notes see end of table.
H
10 6,844
215 8,671 13,426
61 9T~' 13,297
734 13,398
3,584 23 ,712 13,119
25,277 13,284
3,571 :
2,035 26,358 13,394
26
27,377 13,486
2,580T
15,844
15,077
15,072
7,664
9,155
8,863
8,488
0,521
402
443
591
733
127
146
161
211
231
236
364
453
6,815
6,712
10,234
6,487
140,169
140,702
138,323
"",043
154
3,735
3,691
5,822
3,604
76,075 53,733 1, 636 12,750 4,505
76,836 61,288 1, 704 13,548 4,615
75,369 66,137
841 14,262 4,702
84,534 70,746 1,109 15,048 4,773
2,351
,924 25 ,983
2,295 40,725 29 ,642
3,520 40,255 31 ,897
1
2,234 44,005 32,931
53 4,162 3,360
1,560 10,635 5,680
149 12,366 6,558
129
244
729
726
892
649
329
181
2,246 1,502
130 2,945 1,867
3,055 1,918
1,914
1/795
1,095
1,372
7,104
7,506
7,799
7,853
1,544
1,497
1,478
1,452
959 6,810
1,083 6,416
1,271 6,478
3,870
4,234
4,309
4,488
7,072
7,173
7,215
7,262
253
365
478
329
279
325
852
714
783
330
341
344
534
371
389
399
406
308
285
274
274
22,170 17,664
23,140 19,793
22,699 21,209
25,504 22,509
190
5,504
3,613
14,101
6,045
167 13,758 7,036
1,288 7,662
1,362 7,130
1,596 7,261
176
144
151
156
743
743
915
672
23,042 17,994
_.,.
23,972 20,134
23,486 21,553
26,645 23,043
4,240 7,380
165 4,623 7,458
163 4,708 7,489
198 4,894 7,536
457
425
1,789
10,351
12,192
12
267
292
333
326
164
1,034
1,252
52
192
194
35,827
38
8,359
40
40,456
42
'2,416
3,343
3,572
3,618
3,731
331
330
327
327
JULY 1965
983
COMMERCIAL AND MUTUAL SAVINGS BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Cootiaued
(Amounts in millions of dollars)
Deposits
Total
assets—
Total
Other
Securities
Interbank^
liaCash1 bilities
and
assets
Demand
capital Total i
De- Time
U.S. Other
ac- 2
Govt.
counts
mand
U.S.
Govt. Other
Loans and investments
Class of bank
and date
Total
Noninsured Mutual savings
banks:
1941—Dec. 31
1945—-Dec. 31
1947—Dec. 31*
1962—Dec.
1963—Dec.
1964 June
Dec.
Loans
4,259
1,198
1,384
3,075 1,353
3,522
641
760
3,813
642
180
211
9,846
5,596
6,215
8,744
5,022
5,556
6
2
5,961
6,425
6 795
7,005
28
20
30
31
8,687
5,361
5,957
3,938
4,380
4 605
4,852
1,490
1,548
1 700
1,678
533
498
490
475
106
104
105
111
6,134
6,602
6 977
7,195
5,427
5,859
6 143
6,387
1
1
1
1
Reciprocal balances excluded beginning with 1942.
2 Includes other assets and liabilities not shown separately.
3
Figures for mutual sayings banks include relatively small amounts
of demand deposits. Beginning with June 1961, also includes certain
accounts previously classified as other liabilities.
4 Beginning with Dec. 31, 1947, the series was revised; for description,
see note 4, p. 587, May 1964 BULLETIN.
5 Regarding ^classification of New York City and Chicago as reserve
cities, see Aug. 1962 BULLETIN, p. 993. For various changes between
reserve city and country status in 1960-63, see note 6, p. 587, May 1964
BULLETIN.
* 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. Beginning with May 13, 1965
(Toledo, Ohio) reserve city banks with total loans and investments of
$530 million and total deposits of $576 million were reclassified as country
banks.
Bor- Total Numrow- capital ber
of
ings
accounts banks
Time 3
8,738
5,020
2 5,553
6
8
15
6
5,420
5,851
6 128
6,381
6
1,077
558
637
496
350
339
608
633
651
670
180
179
179
178
1
1
NOTE.—Data are for all commercial and mutual savings banks in the
United States (including Alaska and Hawaii, beginning with 1959). For
definition of "commercial banks" as used in this table, and for other
banks that are included under member banks, see NOTE, p. 643, May 1964
BULLETIN.
Comparability of figures for classes of banks is affected somewhat by
changes in F.R. membership, deposit insurance status, and the reserve
classifications of cities and individual banks, and by mergers, etc.
Data for June 30 and Dec. 31, 1964, for national banks have been
adjusted to make them comparable with State bank data. (Dec. 20,1963,
data also adjusted to lesser extent.)
Figures are partly estimated except on call dates.
For revisions in series before June 30, 1947, see July 1947 BULLETIN
pp. 870-71.
LOANS AND INVESTMENTS AT COMMERCIAL BANKS
(In billions of dollars)
Seasonally adjusted
Not seasonally adjusted
Securities
Period
Total*
Loans i
Securities
Total i
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
5t.9
17.9
20.6
20.5
1960—Dec. 31.
1961—Dec. 30.
1962—Dec. 31 •
1963—Dec. 31 •
1964—Dec. 31..
194.5
209.8
228.3
246.5
267.2
113.8
120.5
133.9
149.4
167.1
59.9
65.4
65.2
62.1
61.4
20.8
23.9
29.2
35.0
38.7
198.5
214.4
233.6
252.4
273.9
116.7
123.9
137.9
153.9
172.1
61.0
66.6
66.4
63.4
63.0
20.9
23.9
29.3
35.1
38.8
1964—May 27.
June 30.
July 29.
Aug. 26.
Sept. 30.
Oct. 28.
Nov. 25.
Dec. 31.
253.5
256.3
254.5
258.7
261.7
261.1
265.5
267.2
157.3
160.0
159.7
161.5
163.0
163.2
165.4
167.1
60.3
60.0
58.4
60.2
61.2
60.0
61.6
61.4
35.9
36.3
36.4
37.0
37.5
37.9
38.5
38.7
251.5
257.3
254.2
256.1
262.2
262.4
266.3
273.9
156.7
161.6
159.4
160.2
163.7
163.0
165.5
172.1
59.1
59.3
58.3
58.8
60.7
61.4
62.7
63.0
35.8
36.4
36.5
37.1
37.8
38.0
38.1
38.8
1965—Jan. 27.
Feb. 24.
Mar. 31",
Apr. 28»,
May 26"
June 30»
269.6
272.1
275.5
277.3
279.1
282.2
170.2
171.9
175.8
177.1
179.3
182.6
59.9
60.2
59.6
59.1
58.5
57.6
39.5
40.0
40.1
41.1
41.3
42.0
269.1
270.7
273.9
275.9
276.9
283.4
168.5
170.5
174.5
176.2
178.6
184.4
61.5
60.5
59.0
58.3
57.1
56.8
39.1
39.7
40.3
41.4
41.2
42.2
i Adjusted to exclude interbank loans.
NOTE,—Data are for last Wed. of month except for June 30 and Dec. 31;
data arc partly or wholly estimated except when June 30 and Dec. 31 are
call dates.
For back data sec June 1964 BULLETIN, pp. 693-97; for description of
seasonally adjusted series, see July 1962 BULUTIN, pp. 797-802.
984
COMMERCIAL BANKS
JULY 1965
LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions of dollars)
Loans *
Class of
bank and
call date
For
To
purchasing
financial
Total
or carrying institutions
Comloans i
securities
mer- Agriand
cial culinvestTotal 2 and tur- To
ments
inal broduskers To
To
To
trial
and
deal- others banks
ers
Total: 2
1947_Dec. 31. 116,284
1962—Dec. 28. 235,839
1963—Dec. 20. 254,162
1964—June 30. 260,179
Dec. 31. 277,376
38,057 18,167 ,660
830 1,220
140,106 48
'",673 7,097 5,144 2,131
156,006 52^47 7^470 5^53 2,509
5,061
164,463 55 ~ ~ 7,
5,526 2,704
175,589 60
0,217 7,505 5,542 2,843
All insured
1941—Dec. 31. 49,290 21,259 9,214 1,450 614 662
1945—Dec. 31. 121,809 25,765 9,461 1,3143,164 3,606
1947—Dec. 31. 114,274 37,583 18,012 1,610 823 1,190
1962—Dec. 28.
1963—Dec. 20.
1964—June 30.
Dec. 31.
234,243
252,579
258,597
275,053
139,449 48,458
155,261 52,743
163,715 54,855
174,234 59,746
7,060 5,119 2,103
7,444 5,321 2,476
7,663 5,492 2,671
7,482 5,355 2,794
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
' """
1962—Dec. 28. 195,698
1963—Dec. 20. 210,127
1964—June 30. 215,132
Dec. 31. 228,497
New York City:
1941 _ D e c . 31.
1945—Dec. 31.
1947—Dec. 31.
1962—Dec. 28.
1963—Dec. 20.
1964—June 30.
Dec. 31.
118,637 43,843 4,419 4,954 1,777
131,712 47, ' " 4,659 5,124 2,136
,403 '
'"
138,649 49;217 4 ,755 5,341 2,320
147,690 53 717 4,643 5,1422,411
39
47
113
3,494
653
3,455 1,900 1,057
7,130 4,662 839
32,989
34,827
36,693
39,507
21,954
23,577
25,490
27,301
11,943
12,332
12,647
14,189
2,766
2,677
3,045
30 2,742
425
569
625
623
954
732
1,333
760
1,801 1,418
211
73
5,418
6,220
6,266
7,102
407
497
498
510
152
181
192
203
89
242
200
227
194
427 1,503
170 484
4
17
15
2,941
3,378
3,332
3,870
Other reserve city.
1941_Dec. 31. 15,347 7,105 3,456
1945_Dec. 31. 40,108 8,514 3,661
1947_Dec. 31. 36,040 13,449 7,088
73,130
78,370
80,466
84,670
412
169
2,453 1,172
267
545
300
205
225
46,567 17,660 1,179
51,891 18,862 ,219
19,624 1,173
54,604 19
57,555 21,102 1,095
12,518 5,890 1,676
35,002 5,596 1,484
36,324 10,199 3,096
1,053
1,243
1,155
1,060
20
42
23
183
471
227
2,087
2,247
2,762
2,615
703
751
893
948
Bills
Certifi- Notes Bonds
cates
State
and
local Other
govt. secusecu- rities
rities
7,789 6,034 53,205 5,276 3,729
3,93f 23,841 26,987 24,755 4,543
1,658 22,415 28,065 29,786 5,173
9,061
35 23,141 27,085 31,419 4,975
19,03r 30,574 33,533 5,263
13,377
2,193
11,674
11,059
1,329
1,968
2,296
2,546
2,143
2,257
2,548
2,654
51
149
362
401
409
465
523
594
600
669
11,514 3,916
10,952 1,649
8,970
32
13,275
23,715 26,746 24,547 4,356
22,316 27,806 2 9 ,559 5
" " ",035
2 3 ,044 26,835 31, 184 4,818
/
18,939 30,285 33,294 5,026
9,539
971
3,007 15,561 3,090 2,871
,338 2,275 6,985 14,271 44,807 3,254 2,815
815
17,914 1,987 5,816 4~" 45,295 4,199 3,105
8,862
8,032
6,707
9,932
3,249 19,443 21 ,414 20,773 3,319
210
1,307 18,072 21,932 25,210 3,864
16 18,572 20 ,940 26,579 3,670
15,238 23,548 2 8 ,374 3
" - ',715
1,623 5,331
7,265
311
272 7,574
477 3,433 3,325 10,339
238 1,972 1,002
640
558 9,772
729
606
638
830
629
604
7,017
6,154
5,779
6,178
1,998
1,711
1,333
1,958
508 2,488 2,023
147 2,341 1,955
2,625 1,821
1,972 2,248
3,585
4,653
4,952
5,579
432
442
472
449
40
26
1,430
4,213
2,890
256
133
132
153 1,022
749 1,864
248 2,274
182
181
213
193
204
185
369
318
318
430
2,129
1,705
1,750
1,873
418
564
849
599
652
397
788
717
680
911
1,242
1,361
1,370
1,392
168
329
251
195
956
751 5,421
5,653 15,883 1,126
1,901 15,563 1,342
820
916
,053
1,196
1,068
1,128
1,371
95
1,467
235
377
115
347
42
2
4
5
295
1,527
6,467
508
1,459
855
387 19,552 1,034 6,982
3,147 1,969 351 10,196
373 2,358
1,030 9,860 1,266 8,398 2,343 1,403
2,525 1,106 1,462 6,686 2,152
545
3,207 2,063 1,753 5,488 2,206
3,611 2,802 1 977 6,326 3,200
'
7,257
6,600
6,566
5,662
7,395
7,390
6,715
7,463
7,252
8,810
9,449
9,871
913
981
925
918
1,823
1,528 4,377
1,881
707 359 16,999
3,827 1,979 224 12,857
3,583
4,286
4,706
4,887
481
4,544
2,108
3,787 1,222
6,722 1,342
7,687 2,006
,028
,067
,262
8,849
8,531
8,728
7,206
1,209
1,871
1,725
2,925
8,694
0,385
0,808
1,531
,807
,111
,022
,154
1,219
4,398
4,343
4,569
3,801
7,920
5,573
6,133
6,144
7,026
1,078
3,982
4,576
4,841
5,159
625
,224
,309
,305
,548
80,623
87,316
88,337
93,759
44,698
50,023
52,289
55,733
11,299 3,187
12,831 3,374
13,614 3
",535
14,556 3 ,493
728
708
644
830
447
496
534
599
764 1,563 4,441
966 i 1,591 6,114
565 1,525 6,883
710 1,730 7,964
2,273
3,951
5,063
5,899
18,454
40,141
44,035
45,047
48,879
5,432 1,205
614
21,469 4,830 2,678
24,295 5,544 2,811
25,815 5,844 2,933
27,899 6,500 2,862
20
190
229
185
400
156
354
373
384
432
2
132
166
149
241
2,266
7,097
8,047
8,594
9,C
1,061
5,754
6,643
7,320
7,786
1 -uGguwuig wun JUIIC JU, I^HO, ngures ior various loan items are
- Beginning with June 30, 1948, figures for various loan items are
hown gross (i.e., before deduction of valuation reserves); they
add to the total and are not entirely comparable with prior figures.do not
Ldd to
Total
loans continue to be shown net.
oans <
287
564
22
36
46
752 1,020
891 1,224
970
953
986 1,134
659
648
818
522
123
80
111
32
26
93
572
1,007
1,014
1,179
.5,891
.2,723
8,880
.2,499
7,936 27,162 24,799 3,657 12,968
8,875 31,009 27,908 3,765 49,342
9,887 32,794 30,275 4,137 46,235
",024 4 824 48,717
10,179 34,587 32
52
233
87
8,957
9,615
9,636
10,562
Nonmember
1947—Dec. 31.
1962—Dec. 28.
1963—Dec. 30.
1964—June 30.
Dec. 31.
8,434 34,123 30,402 3 ,890
9,415 "",861 34,383 4 ,015
38
10,414 41,190 37,432 4 ,403
10,812 43,436 39,627 5,112
2,807
3,044
5,361
1962—Dec. 28.
1963—Dec. 20.
1964—June 30.
Dec. 31.
1962—Dec. 28.
1963—Dec. 20.
1964—June 30.
Dec. 31.
2,551
3,594
2,839
3,419
2,445
3,439
2,733
3,250
69,221
66,434
63,196
i9,322
•2,991
U. S. Government
securities
11,046
4,773
4,505
3,159 16,899 3,651 3,333
4,677 2,361 1,132 18,912 2,455 19,071 16,045 51,342 3,873 3,258
9,266 5,654 914 .7,941 2,124 7,552 5,918 52,347 5,129 3,621
40
49
114
4,072
7,334
7,179
2,760
5,931
5,088
Country :
1941—Dec. 31.
1945_Dec. 31.
1947—Dec. 31.
Real
estate
Other
to
in- Other
dividuals
Total
115
,393 5,723 947
2,578
459 34,259 30,553 3,909
3,605 9,479 39,056 34;550 4,034
2,881 10,450 41,388 37,594 4,421
3,491 10,913 43,675 39,809 5,152
12,896
26,143
20,393
City of Chicago:
1941 —Dec. 31.
1945—Dec. 31.
1947_Dec. 31.
1962—Dec. 28.
1963—Dec. 20.
1964—June 30.
Dec. 31.
Investments
523
604
563
733
110
630
480
5,102
2,583
826 15,425 4,144 1,223
917 14,797 3,822
573
939 13,218 2,749
15
1,047 14,341 4,209
109
252
269
284
328
,318
3,466
3,854
3,087
4,273
206
2,812
3,027
2,354
3,445
1,973
683
351
19
2
^ Breakdowns of loan, investment, and deposit classifications are not
creaKuowns
available before
available before 1947; summary figures for earlier dates appear in the
preceding table,
For other nottes see opposite page.
985
COMMERCIAL BANKS
JULY 1965
RESERVES AND LIABILITIES BY CLASS OF BANK
(In millions of dollars)
Demand deposits
Class of
bank and
call date
Reserves
with
F.R.
Banks
DeBalCur- ances mand
rency with
deand
posits
docoin mestic3
adbanks justed 4
17,796
17,680
17,150
16,774
17,581
2,216
4,252
4,048
4,539
4,532
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
6,829
6,729
10,257
6,510
6,799
12,071
12,256
12,583
13,519
2,581
4,511
4,494
4,832
5,970
84,987
124,459
124,784
121,695
135,694
240
535
526
677
819
111
269
269
257
272
AH insured:
12,396 1,358 8,570 37,845 9,823
1941_Dec. 31
673 1,762
1945_Dec. 3 1 . . . . 15,810 1,829 11,075 74,722 12,566 1,248 23,740
1947—Dec, 3 1 . . . . 17,796 2,145 9,736 85,751 11,236 1,379 1,325
3,677
5,098
6,692
1,077
2,585
2,559
36,544
72,593
83,723
158
70
54
59
103
111
6,815
6,712
10,234
6,487
11,991
12,175
12,491
13,423
4,434
4,429
4,781
5,856
123,744
124,098
121,051
134,764
402
443
591
733
269
269
257
272
6,246 33,754 9,714
671 1,709
7,117 64,184 12,333 1,243 22,179
6,270 73,528 10,978 1,375 1,176
3,066
4,240
5,504
1,009
2,450
2,401
33,061
62,950
72,704
140
64
50
50
99
105
6,086 9,270
5,986 9,376
9,342 9,639
5,838 10,293
4,083
4,055
4,379
5,368
104,646
104,130
101,605
112,878
358
382
525
664
243
240
227
239
5,158
6,364
7,045
8,012
29
20
14
Total-.2
1947_Dec.
1962—Dec.
1963—Dec.
1964—June
Dec.
1962—Dec.
1963—Dec.
1964—June
Dec.
31....
28....
20....
30....
31....
28....
20....
30....
31....
17,680
17,150
16,774
17,581
4,232
4,033
4,524
4,515
Member, total:
1941_Dec. 31
12,396 1,087
1945_Dec. 3 1 . . . . 15,811 1,438
1947_Dec. 3 1 . . . . 17,797 1,672
1962—Dec.
1963—Dec.
1964—June
Dec.
10,216
13,099
12,312
12,693
15,111
12,795
11,984
12,409
14,613
87,123
124,342
126,579
122,537
134,671
123,361
125,615
121,608
133,336
ForDomestic 3 eign 5
11,362
14,713
14,048
13,909
16,369
14,579
13,900
13,756
16,210
1,430
1,295
1,218
1,363
1,569
1,265
1,177
1,316
1,454
IPC
28....
20....
30
31....
17,680
17,150
16,774
17,581
3,263
3,131
3,511
3,490
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
3,595
607
866
3,535 1,105 6,940
3,236 1,217
267
319
237
290
450
1,338
1,105
11,282
15,712
17,646
6
17
12
10
12
28....
20....
30....
31....
4,121
3,625
3,919
3,730
251
264
273
278
156
96
82
180
17,095
16,763
16,389
17,729
3,854
3,487
3,791
4,112
1,408
1,419
2,112
1,486
366
368
420
441
2,237
2,119
2,323
2,940
19,628
18,473
18,480
20,515
207
214
317
436
53
76
71
74
City of Chicago :
1941_Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947—Dec. 31
1,021
942
1,070
43
36
30
298
200
175
2,215
3,153
3,737
1,027
1,292
1,196
8
127
20 1,552
72
21
233
237
285
34
66
63
2,152
3,160
3,853
28....
20....
30....
31....
1,071
1,019
923
1,006
44
49
53
55
99
98
151
150
4,262
4,144
3,845
4,294
1,235
1,169
1,135
1,389
41
43
47
59
410
395
587
396
351
275
311
312
109
112
114
122
4,804
4,500
4,319
4,929
Other reserve city:
1941—Dec. 3 1 . . . .
1945—Dec. 31
1947_Dec. 3 1 . . . .
4,060
6,326
7,095
425
494
562
2,590 11,117
2,174 22,372
2,125 25,714
4,302
6,307
5,497
54
491
110 8,221
405
131
1,144
1,763
2,282
286
611
705
7,671 1,021
7,587
935
7,106 1,072
7,680 1,065
2,253
2,105
2,296
2,433
35,481
35,859
34,281
37,047
7,229
6,958
6,616
7,962
248
267
278
326
2,337
2,212
3,771
2,195
3,216
3,144
3,234
3,508
2,210
4,527
4,993
526
796
929
3,216 9,661
4,665 23,595
3,900 27,424
790
1,199
1,049
2
225
8 5,465
7
432
4,817
4,919
4,826
5,165
1,947
1,884
2,113
2,092
5,389
5,060
5,278
6,295
44,689
46,049
44,773
49,253
1,753
1,764
1,705
2,141
19
29
34
41
544
989
917
1,028
1,042
3,947
5 202
4,953
4,886
6,054
13,595
22 814
23,763
23,249
26,348
385
642
671
661
765
55
57
78
84
166
1962—Dec.
1963—Dec.
1964—June
Dec.
1962—Dec.
1963—Dec.
1964—June
Dec.
1962—Dec.
1963—Dec.
1964—June
Dec.
28....
20
30....
31....
Country :
1941—Dec. 31
1945_Dec. 3 1 . . . .
1947—Dec, 31
1962—Dec.
1963—Dec.
1964—June
Dec.
Nonmember:2
1947_Dec.
1962—Dec.
1963 Dec.
1964—June
Dec.
28....
20....
30....
31....
31
28
20
30
31
7,897
7,359
7,807
9,057
101,528
102,816
99,288
108,324
14,071
13,378
13,247
15,604
1,237
1,140
1,280
1,403
929
801
920
976
34,383
90,991
102,886
110,650
116,635
492 15,146
496 29,277
826 33,946
6,397
7,853
8,634
9,766
90,714
102,600
110,352
116,147
418 11,878
399 23,712
693 27,542
74,316
84,326
90,762
95,425
65
3,627
3,664
2,099
2,679
10,059
24,094
25,677
26,768
27,795
10 6,844
215 8,671
61 9,734
3,584
3,571
2,035
2,580
23,712
25,277
26,358
27,377
4 5,886
208 7,589
54 8,464
3,550
3,499
1,936
2,481
19,854
21,054
22,060
22,901
778
1,648
1,206 * 195 2,120
1,418
30 2,259
266 8,937 1,728
449 10,920 1,438
528 12,582 924
677 13,534 1,224
3,898
3,984
4,402
4,471
2
9
476
719
902
288
377
426
18
17
25
22
7
6
5
5
16
185
199
213
3,001
3,595
3,887
4,361
262
948
255
996
210 1,017
204 1,056
11,127
22,281
26,003
104
30
22
20
38
45
243 4,542
160 9,563
332 11,045
1,967
2 2,566
1 2,844
980
1,034
1,086
1,238
39,413
39,281
38,067
42,137
82
95
118
134
83
72
69
77
1,370
2,004
2,647
239
435
528
8,500
21,797
25,203
30
17
17
31
52
45
1,931
1,960
2,872
1,760
5,337
5,590
5,674
6,031
756
790
856
1,068
40,801
41,877
40,740
45,298
51
56
64
71
100
86
83
83
2,242
2,778
2,956
3,282
34,350
37,829
39,749
41,803
172
390
230
213
7,744
8,377
8,531
8,886
167
743
743
915
672
1,295
2 802
2,880
2,943
3,227
180
428
438
453
602
12,284
19,813
20,654
20,090
22,816
190
176
144
151
156
6
26
29
30
33
172
1,292
1,545
1,635
1,800
6,858
16,675
18,560
19,888
21,210
12
77
165
163
198
1,596
4,240
4,623
4,708
4,894
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 For reclassification of certain deposits in 1961, see note 6, p. 589,
May 1964 BULLETIN.
NOTE.—Data are for all commercial banks in the United States. (For
definition of "commercial banks" as used in this table and for other banks
866
6,450
7,908
8,680
9,812
IPC
Bor- Capital
row- acings counts
2,633
2,950
3,362
3,840
28,027 1,388 7,263
31,982 1,416 7,697
34,544 572 8,110
35,728 841 8,488
146 6,082
219 12,224
337 14,177
4 1,982
11 2,525
23 2,934
that are included under member banks, see NOTE, p. 589, May 1964
BULLETIN.) 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.
Data for June 30 and Dec. 31, 1964, for national banks have been
adjusted to make them comparable with State bank data. (Data for
Dec. 20, 1963, also adjusted to lesser extent.)
For other notes see opposite page.
986
WEEKLY REPORTING MEMBER BANKS
JULY 1965
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
investments
adjusted 2
ComLoans mercial
ad- 2 and
justed industrial
Agricultural
To brokers
and dealers
To financial institutions
To others
U.S.
U.S.
Govt. Other Govt. Other
sesecuri- curi- cun- cunties
ties
ties
ties
Bank
Foreign
Nonbank
Domestic
commercial
Pers.
and
sales
fin an. Other
Real
estate
All
other
Valuation
reserv es
COS.,
etc.
TotalLeading cities
1964
141,644
142,113
144,147
143,369
June 3
10
17
24
139,791
140,053
142,013
141,173
93,658
93,852
95,573
94,969
38,243
38,234
38,885
38,748
1,548
1,555
1,563
1,570
832
989
853
719
3,821
3,780
3,996
3,935
,850
,851
,852
,859
,121
,131
,159
,198
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
1,551
1,547
1,565
1,576
953
924
928
802
3,646
3,662
3,600
3,693
,929
,941
,953
,956
,590
,583
,582
,609
2,607
2,645
2,386
2,712
4,808
4,597
4,698
4,760
4,032
4,061
4,078
4,125
20,625
20,693
20,734
20,804
23,959
24,035
24,102
24,233
2,295
2,294
2,294
2,293
1965
May
5
12
19
26
155,411
155,286
155,495
155,829
152,804
152,641
153,109
153,117
105,972
106,112
106,477
106,563
45,108
45,293
45,458
45,223
June
2
9
157,097
156,345
158,628
158,259
159,779
154,161
153,642
156,322
155,980
158,438
107,454
106,741
109,458
109,110
110,926
45,270
45,257
46,473
46,320
46,839
962
,571
783
,575
,594 1,031
,601 1,023
,621 1,060
3,812
3,601
3,750
3,699
4,265
,957
,974
,966
,954
,970
,609
,605
,581
,596
,577
2,936
2,703
2,306
2,279
1,341
5,151
4,769
5,468
5,215
5,466
4,138
4,145
4,224
4,215
4,383
20,848
20,899
21,006
21,070
21,149
24,359
24,350
24,588
24,637
24,829
2,295
2,290
2,295
2,292
2.306
33,929
34,290
35,061
34,472
33,489
33,704
34,552
33,783
23,082
23,248
23,990
23,415
12,097
12,101
12,394
12,300
363
623
456
337
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
5
12
19
26
38,288
38,285
38,113
38,436
37,368
37,323
37,329
37,430
27,320
27,350
27,401
27,474
15,126
15,274
15,278
15,133
421
411
420
393
2,221
2,230
2,188
2,246
514
519
521
524
853
920 1,549
841
962 1,431
840
784
,473
864 1,006
,539
902
907
915
928
2,452
2,466
2,480
2,499
June 2
9
16
23
30
39,228
38,853
39,484
39,607
40,465
37,997
37,724
38,812
38,580
40,153
27,950
27,457
28,543
28,228
29,544
15,091
15,061
15,599
15,500
15,759
480
453
552
478
796
2,408
2,235
2,362
2,326
2,838
526
528
516
514
534
843 1,231
840 1,129
805
672
825 1,027
821
312
,758
,536
,791
,664
,775
935
927
929
944
993
2,517
2,534
2,554
2,568
2,600
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
1,259
1,260
,260
,266
541
541
553
551
1,413
1,474
1,625
1,507
2,944
2,925
3,199
3,058
2,819
2,853
2,940
3,008
26
117,123
117,001
117,382
117,393
115,436
115,318
115,780
115,687
78,652
78,762
79,076
79,089
29,982
30,019
30,180
30,090
,530
,527
,547
,558
532
513
508
409
1,425
1,432
1,412
1,447
,415
,422
,432
,432
737
742
742
745
1,687
1,683
1,602
1,706
3,259
3,166
3,225
3,221
June 2
9
16
23
30
117,869
117,492
119,144
118,652
119,314
116,164
115,918
117,510
117,400
118,285
79,504
79,284
80,915
80,882
81,382
30,179
30,196
30,874
30,820
31,080
,553
,558
,577
,585
,606
482
330
479
545
264
1,404
1,366
1,388
1,373
1,427
,431
,446
,450
,440
,436
766
765
776
771
756
1,705
1,574
1,634
1,252
1,029
3,393
3,233
3,677
3,551
3,691
16
23
30
New York City
1964
June
3
10
17
24
1965
May
620
620
620
620
3,977
3,925
4,015
3,988
4,006
620
616
614
612
610
16,725
16,781
16,842
16,872
18,015
18,081
18,156
18,263
,493
,492
,491
,491
3,130
3,154
3,163
3,197
18,173
18,227
18,254
18,305
20,089
20,178
20,231
20,300
,675
,674
,674
,673
3,203
3,218
3,295
3,271
3,390
18,331
18,365
18,452
18,502
18.549
20,382
20,425
20,573
20,649
20,823
,675
,674
,681
,680
,696
Outside
New York City
1964
June
3
10
17
24
I
1965
May
,i::::::::::::
19
For notes see p. 988.
987
WEEKLY REPORTING MEMBER BANKS
JULY 1965
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
tin millions of dollars]
Investments
Cash assets
U.S. Government securities
Wednesday
Total
Bills
Certificates
Notes and bonds
maturing—
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
TotalLeading cities
1964
26,567
26,391
26,500
26,278
3,979
3,905
4,055
3,900
3,895
3,910
3,924
3,945
12,867
12,847
13,147
13,124
5,826
5,729
5,374
5,309
19,566
19,810
19,940
19,926
17,793
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
5,687
5,664
5,593
5,534
178,911
179,459
183,807
180,392
5
12
19
26
24,066
24,092
24,239
24,034
3,295
3,269
3,361
3,204
3,433
3,493
3,450
3,517
10,866
10,846
10,193
10,060
6,472
6,484
7,235
7,253
22,766
22,437
22,393
22,520
18,904
18,237
18,076
18,323
3,235
3,234
3,066
2,978
225
232
227
251
1,769
1,982
1,949
2,019
13,675
12,789
12,834
13,075
6,503
6,475
6,344
6,445
197,172
197,230
195,705
195,703
2
9
16
23
24,026
23,702
23,709
23,533
24,254
3,203
2,902
2,934
2,795
3,635
3,549 10,027 7,247
3,611 10,012 7,177
3,624 9,982 7,169
3,636 9,920 7,182
3,644 9,859 7,116
22,681
23,199
23,155
23,337
23,258
18,097
17,826
19,687
18,608
19,247
3,154
2,968
3,361
3,079
3,288
234
216
219
215
213
1,913
1,952
1,928
2,031
1,955
12,796
12,690
14,179
13,283
13,791
6,408
6,287
6,289
6,390
6,662
198,406
194,841
202,642
198,682
204,365
5,460
5,414
5,508
5,336
1,279
1,261
1,372
1,235
822
822
839
844
2,292 1,067
2,326 1,005
2,409
888
860
2,397
4,947
5,042
5,054
5,032
4,233
4,409
4,243
4,435
142
169
168
135
259
272
265
270
3,739
3,891
3,715
3,968
2,433
2,401
2,376
2,322
45,133
45,870
46,654
45,571
4,294
4,489
4,469
4,421
562
691
751
727
770
787
626
654
,646
,680
,528
,483
1,316
1,331
1,564
1,557
5,754
5,484
5,459
5,535
4,521
4,249
4,325
4,367
141
158
118
105
111
116
118
139
284
289
284
289
3,985
3,686
3,805
3,834
2,732
2,696
2,613
2,677
51,447
51,285
50,698
51,163
4,440
4,415
4,424
4,369
4,657
769
749
748
702
1,038
642
635
636
621
604
,480
,491
,493
,484
,455
1,549
1,540
1,547
1,562
1,560
5,607
5,852
5,845
5,983
5,952
3,970
4,074
4,829
4,273
4,782
142
106
155
130
192
128
109
112
106
102
289
290
281
290
289
3,411
3,569
4,281
3,747
4,199
2,636
2,540
2,542
2,629
2,752
51,524
50,502
53,002
52,005
55.272
21,107
20,977
20,992
20,942
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
1,415
1,520
1,511
1,592
9,148
8,826
9,291
8,995
3,254
3,263
3,217
3,212
133,778
133,589
137,153
134,821
19,772
19,603
19,770
19,613
2,733
2,578
2,610
2,477
2,663
2,706
2,824
2,863
9,220
9,166
8,665
8,577
5,156
5,153
5,671
5,696
17,012
16,953
16,934
16,985
14,383
13,988
13,751
13,956
3,094
3,076
2,948
2,873
114
116
109
112
1,485
1,693
1,665
1,730
9,690
9,103
9,029
9,241
3,771
3,779
3,731
3,768
145,725
145,945
145,007
144,540
19,586
19,287
19,285
19,164
19,597
2,434
2,153
2,186
2,093
2,597
2,907
2,976
2,988
3,015
3,040
8,547
8,521
8,489
8,436
8,404
5,698
5,637
5,622
5,620
5,556
17,074
17,347
17,310
17,354
17,306
14,127
13,752
14,858
14,335
14,465
3,012
2,862
3,206
2,949
3,096
106
107
107
109
111
1,624
1,662
1,647
1,741
1,666
9,385
9,121
9,898
9,536
9,592
3,772
3,747
3,747
3,761
3,910
146,882
144,339
149,640
146,677
149,093
June
3
10
17
24
May
June
1965
30
New York City
June
1964
3.
10
17
24
1965
May
5
19...'.'..'.'.'.
26
June 2
9
16
23
30
Outside
New York City
1964
June
3
10
17
24
1965
May
.!:::::::::
19
26
June 2
9
16
23
30
For notes see the following page.
988
JULY 1965
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Borrowings
Deposits
Time
Demand
Wednesday
Demand
Total
deunad- posits
justed 4
adTotal 6
justed 5
IPC
State
and
local
govt.
Domestic
For- U.S.
eign 7 Govt. com- Totals
mercial
banks
1,782
1,761
1,813
1,831
Other Capital
From From liabili- acF.R. others ties counts
Banks
Other time 9
Savings
IPC
State
and
local
govt.
Foreign 7
Total—
Leading Cities
1964
June
3
10
17
24
4,997
3,706
5,665
7,043
11,218
11,091
11,661
10,619
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 2,754 6,250
241 2,969 6,124
157 3,154 6,062
35 3,199 5,972
15,049
15,057
15,033
15,034
,851 6,458
i701
,854 6
,218
,855 7,055
12,068
11,591
11,234
10,874
72,222
72,354
72,694
72,868
42,237
42,313
42,387
42,448
19,131
19.225
19;538
19,623
5,822
5,784
5,762
5,790
4,367
4,348
4,312
4,290
310 4,053 6,772
55 4,184 6,872
339 3,881 6,874
230 4,179 6,994
16,093
16,088
16,105
16,121
6,384
4,633
6,694
8,019
8,664
12,046
11,531
12,161
11,426
12,403
72,996
73,388
73,032
73,430
73,816
42.538 19,679
42,622 19,988
42,694 19,671
42,778 20,016
43,127 20,131
5,817
5,747
5,696
5,695
5,595
4,263
4,307
4,242
4,198
4,231
158
423
636
26
604
4,351
4,544
4,095
3,774
2,672
6,874
6,775
6,846
7,196
6,958
16,182
16,188
16,074
16,425
16,764
,327
,297
,339
,359
1,365
1,042
1.446
1,933
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
59
43
24
,341
,496
.537
,503
2,846
2,743
2,649
2,562
4,192
4,192
4,184
4,176
609
528
266
311
,340
364
,354
,340
2,081
2,106
2,372
1,969
3,450
3,202
3,244
3,165
15,765
15,805
16,016
16,097
4.1
4; 904
4,920
4,931
6,740
6,769
6,977
7,026
542
556
560
559
30
3,154
,515
3,115
,454
3,083 " " 3 0
,273
3,085
1,412
3,108
3,114
3,131
3,254
4,377
4,380
4.373
4,371
16,545
16,389
18,027
16,722
17,538
343
287
306
334
459
,464
,420
,518
483
,547
1,852
1,309
1,788
2,248
3,378
3,132
3,304
3,246
2,538 3,739
16,177
16,424
16,205
16,289
16,247
4,937
4,955
4,969
4,988
5,018
7,134
7,333
7,156
7,253
7,194
566
547
565
558
532
3,058
75
,443 3,121
3,083
30
,720 3,060
3,006
241 1,531 2,959
2,967 ..
074 3,291
2,991
250
,068 3,352
4,378
4.377
4;373
4.613
4.908
67,254
67,000
70,583
68,208
48,391
49,474
51,252
48,903
5,014
4,707
4,512
4,536
455 3,632 8,268
464 2,664 8,175
474 4,219 8,534
472 5,110 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 1,096
4,273 1,088
4,223 1,097
4,184 1,072
225
198
133
35
1,413
1,473
1,617
1,696
3,404
3,381
3,413
3,410
10,857
10.865
10,849
10.858
2,538
2,730
2,608
2,767
3,664
3,758
3,743
3,740
11,716
11,708
11.732
11,750
154,574
155,068
159,401
156,152
61,472
63,140
63,274
62,035
91,474
91,847
96,377
93,070
64,312
66,389
68,578
65,207
5,300
4,980
4,790
4,849
169,944
170,031
168,506
168,179
62,842
62,153
60,570
62,276
97,722
97,677
95,812
95,311
66,898
67,755
65,367
66,078
6,017
5,558
5,075
5,269
170,841
166,911
174,991
171,261
177,367
62,611
62,976
65,066
62,961
63,807
97,845
93,523
101,959
97,831
103,551
67,525
66,490
71,634
67,206
69,650
5,545
993
5,081
958
4,971 2, 049
4,965 2,021
5,410 2086
086
36,695
37,396
38,260
37,330
15,367
16,119
16,247
15,748
24,220
24,847
25,794
24,862
15,921
16,915
17,326
16,304
286
273
278
313
42,417
42,337
41,891
42,126
15,215
15,169
14,612
15,212
26,652
26,532
25,875
26,029
16,338
16,585
15,991
16,468
42,507
41,315
43,898
43,027
45,694
15,410
15,415
16,454
15,748
15,897
26,330
24,891
27,693
26,738
29,447
117,879
117,672
121,141
118,822
46,105
47,021
47,027
46,287
1965
May
5
19"'.!!
26
June 2
9
16
23
30
New York City
1964
June
3
10
17
24
1965
May 5
12
19
26
June
2
9
16
23
30
Outside
New York City
1964
June
3
10
17
24
1965
May
5
12
19
26
127,527
127,694
126;615
126,053
47,627
46,984
45,958
47,064
71,070
71,145
69,937
69,282
50,560
51,170
49,376
49,610
5,408
5,030
4,809
4,958
511 4,377
490 4,595
510 5,846
515 5,086
8,618
8,389
7,990
7,709
56,457
56,549
56,678
56,771
37,349
37.409
37;467
37,517
12,391
12,456
12,561
12,597
5,280
5,228
5,202
5,231
,213
,233
,229
,205
280
55
309
230
June
2
9
16
23
30
128,334
125,596
131,093
128,234
131,673
47,201
47,561
48,612
47,213
47,910
71,515
68,632
74,266
71,093
74,104
50.980
50,101
53,607
50,484
52,112
5,202
4,794
4,665
4,631
4,951
529 4,532
538 3,324
"\
531 4,906
538 5,771
\
539 6; 126
8,668
8,399
8,857
8,180
8,664
56,819
56,964
56,827
57,141
57,569
37,601
37,667
37,725
37,790
38,109
12,545
12,655
12,515
12,763
12,937
5,251
5,200
5,131
5,137
5,063
,205
,224
,236
,231
,240
83 2,908 3.753 11,804
393 2,824 3,715 11,811
395 2,564 3,887 11,701
26 2,700 3,905 11,812
354 1,604 3,606 11,856
1 After deduction of valuation reserves.
2 Exclusive of loans to domestic commercial banks and after deduction
of valuation reserves; individual loans items are shown gross.
3 Excludes cash items in process of collection.
4
Total demand and total time deposits.
5 Demand deposits other than domestic commercial interbank and
U.S. Govt., less cash items in process of collection.
6
Includes certified and officers' checks and deposits of mutual savings
banks, not shown separately.
7
Deposits of foreign governments and official institutions, central
banks, international institutions, banks in foreign countries, and foreign
branches of U.S. banks other than reporting bank.
8 Includes U.S. Govt., postal savings, domestic commercial interbank
and mutual savings banks, not shown separately.
9 Includes certificates of deposit outstanding in following amounts
(in millions of dollars):
~ '
"
June 2 June , June 16 June 23 June 30
Total—Leading cities
15,068 15,324 14,998 15,248 15,342
6,447
6,519
6,438
New York City
6,421 6,615
8,551
8,729
8,904
Outside New York City... 8,647 8,709
JULY 1965
989
BUSINESS LOANS OF BANKS
COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS
(In millions of dollars)
Outstanding
Net change during—
1965
1965
1964
1965
IV
1965
1st
half
Industry
June
30
June
23
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
46,839
June
16
June
June
June
May
Apr.
2nd
half
782
2,655
,035
,206
,411
779
2,655
,059
,207
,390
24
20
38
98
59
20
20
46
34
33
24
37
-29
22
50
68
77
55
154
142
92
457
64
169
143
-18
93
60
-36
-66
160
534
119
323
285
-99
12
47
-36
-9
1,647
1,655
1,229
1,705
1,091
,585
,599
,213
,622
,090
,544
,575
,210
,628
,076
69
129
29
66
19
-113
14
21
-20
30
-147
33
-27
63
57
-191
176
23
109
106
-179
248
166
190
97
527
-359
33
232
-94
-370
424
189
299
203
704
-295
-11
249
-63
2,522
3,123
3,348
1,054
3,300
1,053
2,507
2,948
3,294
1,074
2,514
3,026
35
-76
18
123
-43
-115
71
209
11
-179
55
-65
3
-370
144
267
218
-20
126
414
295
391
81
-211
221
-390
270
681
435
545
156
5,040
2,498
4,806
2,439
4,818
2,428
439
87
92
-6
77
520
257
-15
2
237
38
505
259
637
142
21
92
-19
94
-307
174
-213
235
5,958 5,910 5,930
39,310 38,893 39,030
5,822
37,936
5,806
37,972
144
1,343
59
537
-67
-110
136
1,770
428
2,293
394
1,771
564
4,063
355
2,936
46,473 45,257
45,270
1,616
626
-23
2,219
2,501
2,166
4,720
3,371
801
2,741
,066
,285
,438
802
2,719
1,087
1,258
1,426
,630
,694
,231
,703
,095
,630
,660
,225
,717
,084
3,350
1,039
2,533
3,174
3,350
1,032
2,536
3,066
5,169
2,521
5,017
2,500
882
874
46,320
804
2,733
1,090
1,271
1,422
863
1
Beginning Dec. 31, 1963, bankers' acceptances for the creation of
dollar exchange are excluded from commercial and industrial loans and
those relating to commercial transactions are shown in a separate category. Current figures are therefore not strictly comparable with figures
previously reported, but differences are relatively small.
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)
Size of loan
(thousands of dollars)
Size of loan
(thousands of dollars)
Area
and
period
All
loans
1_
10
10100
100200
200
and over
Year:
19 large cities:
1956
1957
1958
1959
4.2
4.6
4.3
5.0
5.2
5.5
5.5
5.8
4.8
5.1
5.0
5.5
4.4
4.8
4.6
5.2
4.0
4.5
4.1
4.9
1960
1961
1962
1963
1964
5.2
5.0
5.0
5.0
5.0
6.0
5.9
5.9
5.9
5.9
5.7
5.5
5.5
5.5
5.6
5.4
5.2
5.2
5.2
5.3
5.0
4.8
4.8
4.8
4.8
4.99
4.98
5.00
4.97
4.99
5.84
5.86
5.85
5.89
5.88
5.53
5.57
5.56
5.56
5.59
5.24
5.23
5.31
5.26
5.29
4.81
4.79
4.82
4.78
4.79
Quarter: i
19 large cities:
1964—June
Sept
Dec
1965—Mar
June
1
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
Area
and
period
Quarter—cont.: *
New York City:
1964—June
Sept
Dec
1965—Mar
June
All
loans
110
4.74
4.72
4.77
4.74
4.74
10100
100200
200
and over
5.62
5.36
5.40
5.35
5.36
5.39
5.05
5.01
5.08
5.10
5.07
4.63
4.61
4.66
4.62
4.62
7 other northern and
eastern cities:
1964—June
Sept
Dec
1965—Mar
June
5.03
5.01
5.03
5.00
5.01
83
5.55
5.56
5.58
5.55
5.58
5.27
5.25
5.31
5.26
5.32
4.89
4.86
4.88
4.85
4.85
11 southern and
western cities:
1964—June
Sept
Dec
1965—Mar
June
5.29
5.31
5.31
5.27
5.31
5.93
5.95
5.96
6.02
6.00
5.61
5.67
5.67
5.68
5.71
5.34
5.36
5.46
5.36
5.42
5.07
5.09
5.06
4.99
5.06
Changes thereafter occurred on the following dates (new levels shown
in per cent): 1955—Aug. 4, 3V4; Oct. 14, 3i/ 2 ; 1956—Apr. 13, 3V4; Aug.
21, 4; 1957—Aug. 6, 4i/ 2 ; 1958—Jan. 22, 4; Apr. 21, 3y 2 ; Sept. 11, 4;
1959—May 18, 4Y2; Sept. 1,5; and 1960—Aug. 23, 4V2.
990
INTEREST RATES
JULY 1965
MONEY MARKET RATES
(Per cent per annum)
Prime
coml.
paper,
4-toemonths 1
Period
Finance
CO.
paper
placed
directly,
3- to 6months 2
3 07
3.40
3.83
3.88
3.81
3.76
3.75
3.91
U.S. Government securities (taxable)
Prime
bankers'
acceptances,
90 days i
6-month bills 5
3-month bills 5
Federal
funds
rate 3
4
9- to 12-month issues
Rate
on new
issue
Market
yield
Rate
on new
issue
Market
yield
Bills
(market
yield) 5
Other 6
3 01
3.36
3.77
2.68
3.18
3.50
2 778
3 157
3.549
2.77
3.16
3.54
2 908
3.253
3.686
2.90
3.25
3.68
3.01
3.30
3.74
3.28
3.76
3.57
3.72
4.06
3.89
3 98
3.75
3.75
3.75
3.75
3 75
3.79
4 00
3.50
3.42
3.50
3.45
3.36
3.52
3.85
3.478
3.479
3.506
3.527
3 575
3.624
3 856
3.48
3.46
3.50
3.53
3.57
3.64
3.84
3.572
3.566
3.618
3.666
3 729
3.794
3 971
3.56
3.56
3.61
3.68
3.72
3.81
3.94
3.70
3.64
3.67
3.73
3.79
3.86
3 96
3.83
3.68
3.73
3.82
3.83
3.88
3.96
4.03
3.99
3.99
4.03
4.04
4.04
4.07
4.25
4.27
4.38
4.38
4.38
4.38
4.05
4.12
4.25
4.25
4.25
4.25
4.00
4 10
4.15
4.19
4 25
4.25
3.90
3.98
4.04
4.09
4.10
4.04
3.828
3.929
3.942
3.932
3.895
3.810
3.81
3.93
3.93
3.93
3.89
3.80
3.944
4.003
4.003
3.992
3.950
3.872
3.94
4.00
4.00
3.99
3.95
3.86
3.91
4.00
4.02
4.00
3.96
3.89
3.87
3.97
4.03
4.00
3.99
3.98
4.06
4.08
4.12
4.12
4.11
4.09
4.38
4.38
4.38
4.38
4.38
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.07
4.11
4.11
4.13
3.80
3.889
3.870
3.781
3.799
3.789
3.88
3.85
3.80
3.80
3.78
3.945
3.924
3.862
3.873
3.831
3.94
3.92
3.88
3.86
3.82
3.95
3.94
3.93
3.91
3.82
4.00
4.02
4.01
4.00
3.94
4.10
4.10
4.10
4.10
4.07
1962
1963
1964
3.26
3.55
3.97
1964—June
July
Sept
Oct
Nov
Dec
4.00
3.96
3.88
3.89
4.00
4.02
4 17
1965—Jan
Feb
Mar
Apr
May
June
3.02
3- to 5year
issues 7
Week ending—
1965—May 29
June 5
12
19
26
1 Averages of daily offering rates of dealers.
2 Averages of daily rates, published by finance cos., for varying maturities in the 90-179 day range.
3 Seven-day average for week ending Wed.
• Except for new bill issues, yields are averages computed from daily
closing bid prices.
5 Bills quoted on bank discount rate basis.
Certificates of indebtedness and selected note and bond issues.
Selected note and bond issues.
6
7
BOND AND STOCK YIELDS
(Per cent per annum)
Government bonds
Period
State
and loca
United
States
(longterm)
Total i
1962
1963
1964
3.95
4.00
4.15
1964 June
July
By selected
rating
1965 Jan
Feb
Mar
Apr
June
.
. . . .
Earnings/
price ratio
Aaa
Baa
Industrial
Railroad
Public
utility
Preferred
Common
Common
4.61
4.50
4.57
4.33
4.26
4.40
5.02
4.86
4.83
4.47
4 42
4.52
4.86
4.65
4.67
4.51
4 41
4.53
4.50
4 30
4.32
3.37
3 17
3.01
6.06
5 68
5.54
3.54
3.54
3.54
3.57
3.58
3.52
3.51
4.59
4.58
4.57
4.57
4.57
4.58
4.58
4.41
4.40
4.41
4.42
4.42
4.43
4.44
4.85
4.83
4.82
4.82
4.81
4.81
4.81
4.54
4.52
4.52
4.52
4 53
4.53
4.54
4.70
4.68
4.65
4.65
4.66
4.67
4.68
4.55
4.54
4.54
4.53
4 52
4.53
4.54
4.41
4.27
4 29
4.25
4 25
4.25
4.23
3.05
2.96
3 03
3.00
2 95
2 96
3.05
5.68
2.97
2.97
3.09
3.09
3.09
3.15
3.44
3.42
3.51
3.51
3.51
3 54
4.57
4.55
4.56
4.56
4.57
4 60
4.43
4.41
4.42
4.43
4.44
4 46
4.80
4.78
4.78
4.80
4.81
4 85
4.53
4.52
4.52
4.54
4.55
4 59
4.66
4.62
4.63
4.64
4.64
4 66
4.52
4.51
4.51
4.51
4.53
4 56
4.18
4.22
4.26
4.28
4.30
4 38
2.99
2.99
2 99
2.95
2.92
3 07
3 28
3.28
3.33
3 33
3.35
3 09
3.09
3.16
3.16
3.17
3 51
3.51
3.54
3 54
3.57
4 58
4.59
4.60
4 61
4.61
4 44
4.45
4.46
4 47
4.47
4 82
4.83
4.85
4 85
4.86
4 57
4.58
4.58
4 59
4.60
4 64
4.65
4.66
4 67
4.67
4 55
4.56
4.56
4 57
4.57
4 33
4 36
4.38
4 38
4.39
2 96
3 00
3.08
3 07
3.09
20
5
5
120
30
30
40
40
40
14
Aaa
Baa
3.30
3.28
3.28
3.03
3.06
3.09
3.67
3.58
3.54
4.13
4.13
4 14
4.16
4.16
4.12
4.14
..
Dividend/
price ratio
By
group
Total *
3.29
3.26
3.27
3.30
3.31
3.27
3.23
3.10
3.08
3.08
3.09
3.11
3.08
3.01
4.14
4.16
4.15
4.15
4.14
4 14
3.18
3.18
3.28
3.28
3.28
3 32
4 14
4.15
4.15
4 14
4.13
6-12
Sept
Oct
Nov
Dec
Stocks
Corporate bonds
5.60
5.36
*5 69
Week ending—
1965
M a y 29
June 5
12
19
26
.
. . .
i Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number
of corporate bonds in some groups has varied somewhat.
NOTE.—Annual yields are averages of monthly or quarterly data.
Monthly and weekly yields are computed as follows: U.S. Govt. bonds:
Averages of daily figures for bonds maturing or callable in 10 years or
more.
State and local govt. bonds: General obligations only, based on Thurs.
500
500
figures. Corp. bonds: Averages of daily figures. Both of these series are
from Moody's Investors Service series.
Stocks: Standard and Poor's Corp. series. Dividend/price ratios are
based on Wed. figures; earnings/price ratios are as of end of period.
Preferred stock ratio is based on 8 median yields for a sample of noncallable issues—12 industrial and 2 public utility; common stock ratios
on the 500 stocks in the price index. Quarterly earnings are seasonally
adjusted at annual rates.
JULY 1965
MORTGAGES: NEW HOMES
FHAinsured
SECURITY PRICES
Bond prices
(price per $100 bond)
Conventional first mortgages
Inter-
Period
est
Loan/
price
ratio
(per
cent)
Ma-
15.69
5.60
5.46
5.45
(5.98)
(5.93)
(5.81)
5 84
5.78
.64
.57
24.0
24.8
73 3
74.1
1964—May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
5.45
5.45
5.46
5.46
5.46
5.45
5.45
5.45
5.77
5.76
5.76
5.77
5.77
5.75
5.75
5.76
.52
.59
.52
.58
.57
.58
.55
.59
24.7
25.4
24.5
24.7
25.0
24.5
24.7
25.2
73.7
74.3
73.9
74.4
74.2
73.2
73.5
73.9
1 965—Jan...
Feb...
M ar...
Apr...
May..
June
5.45
5 45
5 45
5.45
5.45
5.44
5.79
5,79
5.72
5.74
5.77
.59
.61
.49
.51
.53
24.7
24.9
24.9
24.9
24.9
74.0
74.0
73.7
73 7
74.4
Corpor-
Pub-
Volume
of
trad-
17.5
17.6
18.5
18.1
18.2
Railroad
ing
Total
Industrial
lic
local
ate
AAA
utility
(thou.
shares)
86.94
86 31
84.46
112.0
111.3
111.5
96.2
96 8
95.1
62.38
69.87
81.37
65.54
73.39
86.19
30.56
37 58
45.46
59.16
64 99
69.91
3,820
4 573
4,888
84.70
84.70
84.59
84.31
84.37
84.81
84.65
111.8
Ii2 1
Illl8
111.0
110.9
112.0
112.6
94.9
95.2
95.3
95.1
95.1
95.2
95.3
80.24
83.22
82.00
83.41
84.85
85.44
83.96
85.13
88.19
86.70
88.27
89.75
90.36
88.71
46.29
48.93
47.17
47.14
48.69
48.01
45.75
67.46
70.35
71.17
72.07
73.37
74.39
74.24
4,372
4,663
3,919
5,228
4,843
4,928
4,729
1965—Jan...
Feb...
Mar..
Apr...
May..
June..
17.0
17.3
17.4
17.8
17.6
17.4
17.4
17.8
(yr*.)
State
Common stock prices
(1941-43=-10)
1964—June..
July..
Aug..
Sept..
Oct...
Nov..
Dec.
16.3
17.3
ity
Period
Avg.
loan
(thou.
dollars)
rate
(per
cent)
1
tur-
U.S.
Govt.
(longterm)
1962
1963
1964
Fees,
etc.
(per
cent)
Yield
(per
cent)
1961
1962
1963
1963
1964
991
SECURITY MARKETS
84.56
84.40
84.48
84 53
84.58
84.57
114.0
113.3
112.0
112.2
111.9
110.8
95.5
95.5
95.2
95.0
r
94.7
94.3
86.12
86.75
86.83
87.97
89.28
85. C4
91.04
91.64
91.75
93.08
94.69
90.19
46.79
46.76
46.98
46.63
45.53
42.52
75.87
77.04
76.92
77.24
77.50
74.19
5,457
5,910
5,427
5,673
5,510
5,828
84.55
84.48
84.48
84.58
84.67
111.8
111.4
111.0
111.0
110.7
94.6
94.3
94.4
94.2
94.3
88.25
87.21
85.54
84.96
84.31
93.60
92.50
90.76
90.11
89.40
44.58
43.46
42.33
42.61
42.26
76.72
75.99
74.51
73.94
73.62
and
Week
ending—
Last 6 months only.
NOTE.—Annual data are averages of monthly figures. Yields
on FHA-insured mortgages are derived from weighted averages
of FHA field-office opinions on private secondary market prices
for Sec. 203, 30-year mortgages, with the minimum down payment, a maximum permissible interest rate of 5 X/A per cent, and
an assumed prepayment period of 15 years. Price data are
reported as of the first of the succeeding month.
Conventional first mortgages, Home Loan Bank Board in
cooperation with Federal Deposit Insurance Corporation beginning in late 1962; interest rate data for earlier years—in
parentheses—are based on estimates from Federal Housing
Administration.
May 29
June 5
12
19
26
4,974
5,467
5,847
6,046
4,370
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 5 x/i-hour trading day.
STOCK MARKET CREDIT
(In millions of dollars)
Customer credit
Month
Total
securities
other than
U.S. Govt.
Net debit balances with
N. Y. Stock Exchange
firms secured by—
U.S.
Govt.
securities
Other
securities
Broker and dealer credit
Bank loans to others than
brokers and dealers for purchasing or carrying—
U.S.
Govt.
securities
Other
securities
Money borrowed on—
U.S.
Govt.
securities
Other securities
Total
Customer
collateral
Other
collateral
Customers
net
free
credit
balances
1961—Dec
1962—Dec
1963—Dec
5,602
5,494
7,242
35
24
26
4,259
4,125
5,515
125
97
140
1,343
1,369
1,727
48
35
32
2,954
2,785
4,449
2,572
2,434
3,852
382
351
597
1,219
,216
,210
1964—June
July
Aug
Sept
Oct
Nov
Dec
7,229
7,160
7,096
7,142
7,101
7,108
7,053
18
25
21
19
20
20
21
5,370
5,289
5,187
5,221
5,185
5,160
5,079
94
70
69
81
69
1,859
1,871
1,909
1,921
1,916
1,948
1,974
156
266
191
109
102
184
222
4,275
4,129
4,090
4,122
4,053
3,951
3,910
3,766
3,672
3,618
3,568
3,528
3,469
3,393
509
457
472
554
525
482
517
1,146
1,114
1,077
1,145
1,155
1,131
1,169
1965—Jan
Feb
Mar
Apr
May....
June. . ..
6,940
6,872
6,941
7,001
7,085
7,084
33
31
30
30
26
26
4,986
5,007
5,055
5,066
70
76
129
67
1,954
1,865
1,886
1,935
1.956
1,970
177
132
106
213
157
225
3,763
3,748
3,894
3,853
4.030
4,211
3,317
3,259
3,303
3,326
3,397
3,396
446
489
591
527
633
815
1,207
1,254
1,264
1,207
5", 114
64
72
75
73
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 part-
208
1,297
ners of reporting firm. Balances are net for each customer—i.e., all accounts of one customer are consolidated. Money borrowed includes
borrowings from banks and from other lenders except member firms of
national securities exchanges.
Bank loans to others than brokers and dealers: Figures are for weekly
reporting member banks.
992
OPEN MARKET PAPER; SAVINGS INSTITUTIONS
JULY 1965
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
(In millions of dollars)
Dollar acceptances
Commercial and finance
company paper
End of period
Accepting banks
Placed
through
dealers *
Placed
directly 2
Total
2,672
3 2,751
3,202
4,497
4,686
6,000
6,747
551
840
677
1,358
1,711
2,088
1,928
2,121
31,911
2,525
3,139
2,975
3,912
4,819
1,307
1,194
1,151
2,027
2,683
2,650
2,890
287
194
302
238
319
282
*6?
490
896
1,272
865
1,153
1,291 1,031
1964—May
June
July
Aug
Sept
Oct
Nov
Dec
8,326
8,036
8,879
8,879
8,444
9,343
9,146
8,361
1,973
1,948
2,006
2,070
2,220
2,431
2,438
2,223
6,353
6,088
6,873
6,809
6,224
6,912
6,708
6,138
3,049
3,149
3,137
3,127
3,175
3,222
3,217
3,385
1,418
1,370
1,455
1,486
1,423
1,400
1,458
1,671
1965—Jan
Feb
Mar
Apr
May
8,928
9,033
9,077
9,533
9,942
2,143
2,239
2,070
2,047
1,984
6,785
6,794
7,007
7,486
7,958
3,276
3,232
3,325
3,384
3,467
Total
1957
1958
1959
1960
1961
1962
1963
Based on—
Held b y F.R.
Banks
Goods stored in or
shipped between
ExImpoints in—
ports Dollar
ports
from
exOthers
into
United United change
States States
United Foreign
States countries
Own
acct.
Foreign
corr.
94
64
36
173
376
288
260
66
49
75
74
51
110
162
76
68
82
230
126
86
92
675
,060
,234
,301
,345
278
254
357
403
485
541
567
456
349
309
669
969
778
908
46
83
74
122
117
186
56
296
244
162
308
293
171
41
232
263
249
524
819
974
1.317
1,105
1,113
1,121
1,145
1,127
1,164
1,195
1,301
313
257
334
341
297
236
263
370
47
83
56
36
99
81
63
94
146
146
137
132
127
126
125
122
,438
,550
,489
,473
,525
1 ,614
,570
1 ,498
576
567
576
586
609
647
657
667
941
929
949
922
918
935
955
999
73
82
74
82
113
106
102
111
34
27
24
22
36
34
40
43
1,426
1,545
1,513
1,514
i,499
1,500
1,463
1,565
1,535 1,308
1,439 1,247
1,297 1,138
1,394 1,171
1,452 1,187
227
193
159
223
264
115
71
143
104
82
122
118
134
139
160
,504
,604
1,751
1,747
1,774
662
660
725
744
761
956
916
924
936
965
79
59
31
25
23
34
26
22
21
21
,545
1,571
1,622
1,659
1,698
Own Bills
bills bought
Total
1
As reported by dealers; includes finance co. paper as well as other
commercial paper sold in the open market.
2
As reported by finance cos. that place their paper directly with
investors.
878
77<s
c
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
Mort-
1941
1945
Other
U. S.
Govt.
State
and
local
govt.
Corporate
and
other !
Other
assets
Deposits 2
Other
liabilities
Surplus
accounts
Mortgage loan
commitments 3
Number Amount
829
606
689
185
11,772
16,962
10,503
15,332
38
48
1,231
1,582
3,549
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
440
5,040
5,177
5,074
937
956
912
640
695
799
42,829
46,121
49,702
38,277
41,336
44,606
781
828
943
3,771 61,855
3,957 114,985
4,153 104,326
1,654
2,548
2,549
6,064
6,052
6,024
6,025
6,095
6,082
5,849
5,785
5,791
423
419
409
409
407
409
403
399
391
5,138
5,150
5,145
142
179
5,193
5,178
5,180
5,099
819
847
906
863
895
883
898
905
1,004
820
827
871
867
879
887
889
898
886
51,178
51,610
52,001
52,417
52,983
53,339
53,482
53,825
54,238
45,851
46,124
46,624
46,918
47,274
47,757
47,982
48,188
48,849
1,118
1,225
1,102
1,222
1,356
1,200
1,146
1,223
989
4,209
4,261
4,275
4,277
4,352
C
4,383
4,354
4,414
4,400
123,979
124,416
132,625
132,726
134,371
134,277
139,066
136,470
135,992
2,586
2,661
2,690
2,701
2,743
2,736
2,825
2,811
2,820
5,907
6,016
6,054
5,857
388
383
381
379
5,105
5,123
5,144
5,183
977
992
1,007
944
895
909
931
928
54,713
55,133
55,602
55,652
49,222
49,444
49,989
49,978
1,085
1,214
1,108
1,216
4,405 132,992
4,476 138,062
4,505 138,853
2,745
2,838
2,873
2,930
4,787
4,202
89
62
3,592
10,650
1956
1957
1958
1959 4
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
1963
28,902
32,056
36,007
475
602
607
6,160
6,107
5,863
1964—Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
37,267
37,601
37,971
38,407
38,764
39,146
39,538
39,898
40,328
646
714
676
705
764
739
727
760
739
1965—Jan..
Feb.
Mar.
Apr.
40,640
40,924
41,265
41,563
800
786
820
798
1,786
1,257
1
Also includes securities of foreign governments and international
organizations and nonguaranteed issues of U.S. Govt. agencies.
2 See note 3, p. 841.
3 Commitments outstanding of banks in N.Y. State as reported to the
Savings Banks Assn. of the State of N.Y.
4 Data reflect consolidation of a large mutual savings bank with a
commercial bank.
Cash
assets
Total
assets—
Total
liabilities
and
surplus
accts.
4,459 141,959"
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.
JULY 1965
SAVINGS INSTITUTIONS
993
LIFE INSURANCE COMPANIES
(In millions of dollars)
Business securities
Government securities
End of period
Total
assets
Total
Statement value:
1941
1945
United State and Foreign *
local
States
Total
Bonds
Mortgages
Stocks
Real
estate
Policy
loans
Other
assets
32,731
44,797
9,478
22,545
6 796
20,583
1,995
9,573
10,060
601
999
6,442
6,636
857
2,919
1,962
1,784
1,240
10,174
11,059
1,878
722
1957
1958
1959
I960
101,309
107,580
113,650
119,576
10,690
11,234
11,581
11,679
7 029
7,183
6,868
6 427
2,376
2,681
3,200
3,588
1,285
1,370
1,513
1,664
44,057
47,108
49,666
51,857
40,666
42,999
45,105
46,876
3,391
4,109
4,561
4,981
35,236
37,062
39,197
41,771
3,119
3,364
3,651
3,765
3,869
4,188
4,618
5,231
4,338
4,624
4,937
5,273
1961
1962
1963
126,816
133,291
141,121
11,896
12,448
12,438
6 134
6,170
5,813
3,888
4,026
3,852
1,874
2,252
2,773
55,294
57,576
60,780
49,036
51,274
53,645
6,258
6,302
7,135
44,203
46,902
50,544
4,007
4,107
4,319
5,733
6,234
6,655
5,683
6,024
6,385
133,291
141,121
12,469
12,464
6 171
5,813
4 037
3,868
2,261
2,783
56,565
59,434
51,389
53,770
5 176
5,664
46,957
50,596
4 114
4,325
6,235
6,656
6 951
7,646
Sept
Oct
Nov
Dec
143 659
144,312
144,964
145,823
146,475
147,172
147,977
148,746
149,318
12 445
12,436
12,346
12,476
12,507
12,557
12,555
12,509
12,274
5 744
5,731
5,633
5 758
5,763
5,787
5 769
5,699
5,511
3 853
3,827
3,822
3 809
3,822
3,846
3,866
3,841
3,808
2,848
2,878
2,891
2,909
2,922
2,924
2,920
2,969
2,955
60,518
60,613
60,793
61,275
61,355
61,458
61,722
61,968
62,087
54,630
54,674
54,772
55,213
55,228
55,262
55,487
55,658
55,697
5,888
5,939
6,021
6,062
6,127
6,196
6,235
6,310
6,390
51,871
52,117
52,466
52,832
53,173
53,560
53,984
54,404
55,179
4,365
4,416
4,437
4,446
4,462
4,487
4,499
4,514
4,521
6,829
6,909
6,955
6,947
6,986
7,024
7,060
7,094
7,133
7 631
7,821
7,967
7 847
7,992
8,086
8,157
8,257
8,124
1965—Jan
Feb
M^ar
Apr
150,392
151,028
151,663
152,266
12,518
12,549
12,337
12,312
5,724
5 761
5,557
5,521
3,821
3,797
3,787
3,767
2,973
2,991
2,993
3,024
62,484
62,704
63,008
63,156
56,024
56,183
56,399
56,535
6,460
6,521
6,609
6,621
55,626
55,941
56,343
56,687
4,534
4,543
4,568
4,570
7,162
7 201
7,258
7,314
8,068
8 090
8,149
8,227
Book value:
1962 Dec
1963—Dec
1964
Apr r
May
June
July
687
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.
i ,es;4
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
assets 2—
Total
liabilities
Savings
capital
Reserves
and
undivided
profits 3
Mortgages
U.S.
Govt.
securities
4,578
5,376
107
2,420
344
450
775
356
6,049
8,747
4,682
7,365
475
644
256
336
1957
1958
1959
I960
40,007
45,627
53,141
60,070
3,173
3,819
4,477
4,595
2,146
2,585
2,183
2,680
2,770
3,108
3,729
4,131
48,138
55,139
63,530
71,476
41,912
47,976
54,583
62,142
3,363
3,845
4,393
4,983
1,379
1,444
2,387
2,197
1961
1962 .
1963
68,834
78,770
90,944
5,211
5,563
6,445
3,315
3,926
3,979
4,775
5,346
6,191
82,135
93,605
107,559
70,885
80,236
91,308
5,708
6,520
7,209
2,856
3,629
5,015
1964—Apr...
May..
June..
July...
Aug.. .
Sept...
Oct....
Nov
Dec
94,076
95,071
96,168
97,211
98,159
98,995
99,832
100,519
101,314
6,721
6,715
6,688
6,690
6,739
6,781
6,823
6,965
6,973
3,481
3,518
3,813
3,364
3,378
3,411
3,434
3,520
4,025
6,367
6,750
6,736
6,537
6,651
6,757
6,828
7,054
6,983
110,645
112,054
113,405
113,802
114,927
115,944
116,917
118,058
119,295
93,949
94,931
96,695
96,712
97,485
98,558
99,309
100,168
101,847
7,231
7,244
7,509
7,528
7,548
7,552
7,564
7,580
7,903
1965—Jan....
Feb....
Mar
Apr.. . .
101,844
102,351
103,151
103,975
7,098
7,305
7,386
7,356
3,593
3,609
3,558
3,398
6,827
6,964
7,139
7,293
119,362
120,229
121.234
122,022
102,101
102,680
103,735
103,642
8,014
8,029
8,000
8,017
1941
1945 .
....
Cash
Other i
1 Includes other loans, stock in the Federal home loan banks, other
investments, real estate owned and sold on contract, and office buildings
and fixtures.
2
Before 1958 mortgages are net of mortgage-pledged shares. Asset
items will not add to total assets, which include gross mortgages with no
deductions for mortgage-pledged shares. Beginning with Jan. 1958, no
deduction is made for mortgage-pledged shares. These have declined
consistently in recent years and amounted to $42 million at the end of
1957.
3 The decline in reserves and surplus from Feb. to Mar. 1964 is con-
Borrowed
money 4
Loans in
process
Other
Mortgage
loan
commitments
61
40^
i.J 4
713
874
968
862
1,475
1,285
1,359
2^528
1,136
1,221
1,499
1,908
2,230
2,614
4,605
4,548
4,984
4,995
4,996
5,069
5,033
5,003
5,596
2,472
2,511
2,546
2,567
2,495
2,396
2,314
2,244
2,221
2,388
2,820
1,670
2,000
2,403
2,369
2,697
3,063
1,728
3,112
3,149
3,108
3,075
2,983
2,912
2,897
2,822
2,589
5,146
5,040
4,938
5,456
2,113
2,085
2,182
2,281
1,988
2,395
2,379
2,626
2,642
2,843
3,124
3,281
1,161
1,293
1,186
,550
Q9Q
centrated in state-chartered savings and loan assns. in Calif, where the
accounting system is being revised.
4
Consists of advances from FHLB and other borrowing.
NOTE.—Federal Savings and Loan Insurance Corp. data; figures are
estimates for all savings and loan assns, in the United States. Data
beginning with 1954 are based on monthly reports of insured assns. and
annual reports of noninsured assns. Data before 1954 are based entirely
on annual reports. Data for current and preceding year are preliminary
even when revised.
994
FEDERAL FINANCE
JULY 1965
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
Derivation of U. S. Government cash transactions
Receipts from the public,
other than debt
Net cash borrowing
or repayment
Payments to the public,
other than debt
Net
rects.
Period
Budget
net
Plus:
Trust
funds
Less:
Intra-
Equals:
Total
rects. 2
gOVt. !
Plus:
Trust
Budget
funds 3
Less: Equals:
AdjustTotal
ments 4 payts. r
payts.'
Change
Less:
in
Invest.
debt
(direct agen. &
& agen.) trusts r
Less:
Noncash
debt
Equals:
Net'
Cal. year—1962
1963
1964
84,709
87,516
88,696
25,471
29,255
30,742
3,928 106,206
4,144 112,575
4,324 115,035
91,907
94,188
96,944
25,386
28,348
28,396
5,419 111,874 -5,668
5,313 117,222 -4,647
5,069 120,270 -5,235
9,055
7,672
9,084
1,109
2,535
2,685
1,386
883
619
6,560
4,255
5,779
Fiscal year—1961
1962
1963
1964
77,659
81,409
86,376
89,459
23,583
24,290
27,689
30,331
3,945 97,242
3,776 101,865
4,281 109,739
4,190 115,530
81,515
87,787
92,642
97,684
22,793
25,141
26,545
28,885
4,766 99,542 -2,300
5,266 107,662 -5,797
5,436 113,751 -4,012
6,237 120,332 -4,802
2,102
11,010
8,681
7,733
856
492
2,069
2,775
536
923
1,033
1,099
712
9,594
5,579
3,859
Half year:
1963—Jan.-June....
July-Dec
1964—Jan.-June
July-Dec
47,250
40,266
49,193
39,503
15,851
13,404
16,927
13,815
2,352
1,792
2,398
1,926
60,728
51,847
63,683
51,352
45,356
48,832
48,852
48,092
13,536
14,812
14,073
14,323
3,241
2,072
4,165
904
55,650
5,078
61,572 -9,725
58,760
4,923
61,510 -10,158
2,538
5,135
2,598
6,486
2,939
-403
3,178
-493
169
714
385
234
-569
4,824
-965
6,744
Month:
1964—May
June
July
Aug
Sept
Oct
Nov
Dec
6,136
12,401
3,487
6,653
10,072
3,398
7,037
8,856
4,744
3,117
1,532
4,171
1,994
1,224
2,928
1,966
222
1,136
270
267
320
271
240
557
10,652
14,376
4,745
10,552
11,739
4,344
9,716
10,256
7,511
9,527
7,410
8,083
8,450
8,329
7,051
8,770
2,067
2,523
2,713
2,602
1,966
2,286
2,191
2,565
45
1,548
-95
-611
1,016
298
-156
453
9,533
10,502
10,217
11,296
9,400
10,317
9,398
10,882
1,119
3,874
-5,472
-744
2,339
-5,973
318
-626
4,049
683
-594
3,284
1,412
93
2,976
-685
3,230
1,770
-1,205
1,882
49
-1,360
691
-550
61
48
38
67
82
16
153
-122
758
-1,136
572
1965—Jan
Feb
Mar
Apr
May
5,642
7,518
11,188
8,549
7,268
1,016
3,746
2,175
2,201
4,885
262
27
285
244
284
6,387
11,227
13,065
10,492
11,857
7,676
7,146
8,139
8,268
8,116
2,207
2,183
2,064
2,949
774
-277
637
741
-128
9,109
9,606
9,566
10,476
10,567
-2,722
1,621
3,499
16
1,290
-240
1,884
-1,859
-891
3,119
-1,537
1,353
292
-1,471
3,597
110
60
-43
57
-151
1,187
471
-2,108
523
-327
2,323
1,335
1,281
1,437
2,132
-13
Effects of operations on Treasurer's account
Net operating transactions
Period
Net financing transactions
Agencies & trusts
Budget
surplus
or
deficit
Trust
funds3
:
Clearing
accounts
Market
issuance
of
sec. 3
Invest.
in U. S.
Govt.
Change
in
gross
direct
public
debt
SeC.3 r
Treasurer's account
(end of period)
Change in
cash balances
Operating bal.
Held
outside
Treasury
Treasurer's
account
Balance
F. R.
banks
Tax
and
loan
accts.
Other
net
assets
Fiscal year—1961 .
1962.
1063.
1964.
-3,856
-6,378
-6,266
-8,226
790
-851
1,143
1,446
285
566
122
948
-538
1,780
1,022
1,880
-856
-492
-2,069
-2,775
2,640
9,230
7,659
5,853
-222
118
-74
206
-1,311
3,736
1,686
-1,080
6,694
10,430
12,116
11,036
408
612
806
939
5,453
8,815
10,324
9,180
Half year:
1963—Jan.-June
July-Dec.
1964—Jan.-June
July-Dec.
1,894
-8,567
341
-8,589
2.315
-1,408
2,854
-507
720
-434
1,381
-1,256
148
1,648
232
258
-2,939
403
-3,178
493
2,390
3,487
2,366
6,228
-78
-129
334
367
4,607
-4,741
3,661
-3,741
12,116
7,375
11,036
7,295
806
939
820
10,324
5,621
9,180
5,377
Month:
1964—May
June
July
Aug
Sept
Oct
Nov
Dec
-1,375
2,874
-3,923
-1,430
1,622
-4,930
86
2.677
594
-1,181
1,570
28
-1,062
737
-599
-237
364
-403
-946
613
11
-549
17
117
502
-64
378
-108
67
125
-139
-3,230
-1,770
1,205
-1,882
-49
1,360
-691
550
3,931
181
-530
2,906
1,520
26
2,851
-546
-333
9
-10
-43
226
-30
46
178
2,215
2,735
-4,886
640
3,400
-4,498
2,412
-809
8,300
11,036
6,150
6,789
10,189
5,691
8,104
7,295
890
939
785
939
933
687
974
820
6,557
9,180
4,505
5,085
8,339
4,155
6,182
5,377
1,098
-2,033
372
3,049
280
-848
-1,191
1.563
110
-748
2,562
402
-364
396
439
-261
-282
-16
327
249
458
1,537
-1,353
-292
1,471
-3,597
42
1,900
-2,186
-1,140
2,661
25
-95
116
447
-504
-1,550
2,197
1,289
105
1,480
5,745
7,942
9,231
9,336
10,816
914
988
867
944
875
3,612
5,800
7,271
6.<m
8,822
1,219
1,154
1,093
1,458
1,119
1965—Jan
Feb
Mar
Anr
May.
-15
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.
« Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing
accounts.
5 Includes technical adjustments not allocated by functions.
833
1,003
986
917
986
874
917
1,098
853
917
860
765
917
849
948
6 Yearly totals for fiscal 1961-64 and all fiscal year 1965 figures reflect
a shift of the Food for Peace program from agriculture to international
affairs. Other half-yearly totals and the months before July 1964 have
not been adjusted for this reclassification.
NOTE.—Based on Treasury Dept. and Bureau of the Budget data.
995
FEDERAL FINANCE
JULY 1965
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions of dollars)
Cash receipts from the public
Income taxes
Period
Individual
Total
Corp.
Withheld
Social ins. taxes
Excise taxes
Liquor
and to- Highway
bacco
Total
Other
Total
OASI
and
R.R.
Unempl.
12,981
13,197
15,128
17,405
Estate
and
gift
Customs
Int.
and
repayments
Refunds
Other
1 ,826
Fiscal year—1961...
1962...
1963...
1964...
97,242
101,865
109,739
115,530
32,978
36,246
38,719
39,259
13,175
14,403
14,269
15,331
21,765
21,296
22,336
24,301
12,064
12,752
13,410
13,950
5,204
5,367
5,521
5,630
2,923
3,080
3,405
3,646
16,381
17,032
19,729
21,936
2,896
3,334
4,107
4,037
1,916
2,035
2,187
2,416
1 ,008
1 ,171
1 ,241
1 ,284
2,105
1,358
1,815
1,702
5,976
6,266
6,571
7,148
2 ,604
2 ,499
Half year:
1963—Jan.-June..
July-Dec...
1964—Jan.-June..
July-Dec...
60,728
51,847
63,683
51,352
19,761
20,120
19,139
17,732
10,950 13,526
3,465 9,242
11,866 15,059
3,598 9,989
6,602
7,043
6,907
7,398
2,676
2,940
2,690
3,089
1,649
1,898
1,748
1,947
11,796 9,017 2,532
9,209 7,373 1,588
12,727 10,032 2,449
9,378 7,535 1,594
1,273
1,424
1,170
602
661
623
729
636
943
759
900
5,766
1,044
6,104
1,008
1 ,348
1 ,216
1 ,283
1 ,466
Month:
1964—May
June
July.
Aug
Sept
Oct
Nov
Dec
10,652
14,376
4,745
10,552
11,739
4,344
9,716
10,256
4,837
561
2,654 2,219
1,172
377
4,809
159
2,669 2,255
1,158
264
4,956
112
2,969
430
491
6,196
646
419
3,950
572
449
3,953
1,195
1,290
1,234
1,284
1,203
1,176
1,244
1,257
466
560
456
496
502
n.a.
n.a.
555
308
320
328
380
324
298
336
280
4,163
1,563
904
3,455
1,256
639
2,238
885
3,242
1,457
623
2,732
1,158
478
1,766
778
884
66
233
684
56
121
435
65
234
208
219
219
166
205
168
192
100
117
120
112
122
126
124
125
125
145
143
123
132
130
220
152
1,196
142
288
149
179
202
250
305
383
6,387
11,227
13,065
10,492
1,181 2,506
5,302
872
3,207
928
1,091 5,852
607
473
6,759
1,187
520
1,045
1,214
1,303
1,150
1,325
384
360
573
n.a.
n.a.
296
340
286
271
296
508
3,369
1,580
1,570
4,211
305
2,537
1,453
1,309
3,285
161
797
81
221
183
213
308
370
283
76
106
155
139
128
155
173
249
214
205
107
653
1965—Jan
Feb
Mar
Apr
May
11,857
5,371
696
992
304
219
207
216
176
100
90
1,582
1,286
1,071
,838
233
158
158
205
189
Cash payments to the public
Total 5
National
defense
Intl.
affairs 6
Space
research
Agriculture 6
Natural
resources
Commerce
and
transp.
Fiscal year—1961
1962
1963
1964
99,542
107,662
113,751
120,332
47,685
51,462
53,429
54,514
3,608
3,976
3,805
3,492
744
1,257
2,552
4,171
3,728
4,458
5,703
5,846
2,101
2,223
2,456
2,595
5,107
5,487
5,777
6,545
-103
1,691
—268
1,674
Half year:
1963—Jan.-June
July-Dec
55,649
61,572
27,304
26,359
1,368
1,031
1,527
1,857
2,821
4,302
1,067
1,455
2,679
3,657
58,761
61,510
28,158
24,569
962
1,818
2,313
2,333
3,038
3,642
1,139
1,543
9,533
10,434
10,217
11,296
9,400
10,317
9,398
10,882
4,678
5,765
3,592
3,869
4,243
4,301
4,052
4,512
275
253
210
336
324
448
-53
562
326
504
334
385
386
387
406
435
274
325
672
1,049
491
694
220
516
9,109
9,606
9,566
10,476
10,567
4,018
3,885
4,583
4,384
4,282
439
311
86
609
734
407
423
461
529
433
210
288
386
370
163
Period
1964—Jan.-June
July-Dec
Month:
1964—May
June
July
Aug
Sept
Oct
Nov
Dec
1965—Jan
Feb
Mar
Anr
May
1963
Item
III
1964
IV
III
Hous- Health,
ing
& com. labor &
devel. welfare
Education
Veterans
Interest
General
Govt.
22,364
23,975
25,698
27,285
945
1,052
1,214
1,299
6,187
6,092
5,971
6,107
7,257
6,940
7,427
8,011
1,678
1,837
1,953
2,221
-1,296
1,850
13,347
13,162
650
563
3,010
2,956
3,846
3,481
972
1,052
2,890
4,288
-175
516
14,126
13,722
732
639
3,150
2,943
4,170
4,258
1,168
1,138
175
248
235
287
293
244
229
255
460
694
702
740
759
779
657
651
-245
181
246
16
35
-48
-193
460
2,000
2,513
2,277
2,249
2,229
2,261
2,299
2,407
106
112
78
129
126
94
90
122
486
537
485
501
525
505
398
529
1,394
348
360
1,378
317
436
1,337
430
178
223
184
183
189
200
164
218
164
166
203
185
179
539
465
472
449
489
-176
-126
-99
562
65
2,422
2,423
2,319
2,448
2,439
118
122
146
142
141
658
497
501
488
486
315
1,353
446
450
1,326
202
172
197
195
219
1965
1963
III
IV
Seasonally adjusted
Cash budget:
Receipts
Payments....
Net.
IV
1965
III
Not seasonally adjusted
27.9
28.8
28.5
30.2
29.0
29.9
29.5
30.5
28.6
29.7
28.2
30.2
28.7
29.8
29.8
30.1
32.6
29.1
27.3
31.0
24.5
30.6
30.3
28.7
33.4
30.1
27.0
30.9
24.3
30.6
30.7
28.3
-.9
-1.7
-.9
-1.1
-1.1
-2.0
-1.1
-.3
3.4
-3.6
-6.1
1.6
3.3
-3.9
-6.3
2.4
For notes, see opposite page.
1964
996
U.S. GOVERNMENT SECURITIES
JULY 1965
TOTAL DEBT, BY TYPE OF SECURITY
(In billions of dollars)
Public issues 3
Total
gross
debt i
End of period
Total
gross
direct
debt 2
Marketable
Total
Total
Certificates
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
1957—Dec. .
1958—Dec. .
1959—Dec. .
I960—Dec.. .
1961—Dec...
1962—Dec...
1963—Dec. .
275.0
283.0
290.9
290.4
296.5
304.0
310.1
274.9
282.9
290.8
290.2
296.2
303.5
309.3
227.1
236.0
244.2
242.5
249.2
255.8
261.6
164.2
175.6
188.3
189.0
196.0
203.0
207.6
26.9
29.7
39.6
39.4
43.4
48.3
51.5
34.6
36.4
19.7
18.4
5.5
22.7
10.9
20.7
26.1
44.2
51.3
71.5
53.7
58.7
82.1
83.4
84.8
79.8
75.5
78.4
86.4
9.5
8.3
7.1
5.7
4.6
4.0
3.2
53.4
52.1
48.9
47.8
48.6
48.8
50.7
52.5
51.2
48.2
47.2
47.5
47.5
48.8
45.8
44.8
43.5
44.3
43.5
43.4
43.7
1964—June
July
Aug
Sept
Oct
Nov
Dec
312.5
312.0
314.9
316.5
316.5
319.3
318.7
311.7
311.2
314.1
315.6
315.6
318.5
317.9
260.7
261.1
262.2
263.8
265.0
267.4
267.5
206.5
206.8
207.7
209.0
210.1
212.4
212.5
50.7
51.0
52.0
53.3
55.0
56.5
56.5
67.3
58.6
58.6
58.6
58.1
58.9
59.0
88.5
97.1
97.1
97.1
97.0
97.0
97.0
3.
3.
3.
3.
3.
3.1
3.0
51.1
51.2
51.4
51.7
51.8
51.9
52.0
49.3
49.4
49.4
49.5
49.6
49.7
49.7
46.6
45.7
47.4
47.4
46.3
46.7
46.1
1965—Jan
Feb
Mar
Apr
May
June
318.6
320.6
318.4
317.2
319.8
317.9
318.0
319.9
317.7
316.6
319.2
317.3
269.4
270.0
267.7
267.8
266.3
264.5
214.4
214.9
212.5
212.5
211.0
208.7
58.4
58.8
56.5
56.9
55.9
53.7
53.2
55.5
55.5
55.1
52.5
52.5
102.8
100.6
100.5
100.5
102.5
102.5
3.0
3.0
2.9
2.9
2.9
2.9
52.1
52.1
52.2
52.5
52.5
52.9
49.8
49.9
49.9
50.0
50.0
50.0
44.2
45.6
45.7
44.4
47.8
48.6
1
Includes noninterest-bearing debt (of which $283 million, on June 30,
1965, was not subject to statutory debt limitation) and guaranteed securities not shown separately.
2
Excludes guaranteed securities.
3
Includes amounts held by U.S. Govt. agencies and trust funds, which
totaled $14,841 million on May 31, 1965.
4
Includes Treasury bonds and minor amounts of Panama Canal and
postal savings bonds.
5
Includes Series A investment bonds, depositary bonds, armed forces
leave bonds, adjusted service bonds, foreign currency series, foreign
series, Rural Electrification Administration bonds, and before 1956,
tax and savings notes, not shown separately.
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 the public
Held by—
End of
period
Total
gross
debt
U. S.
Govt.
agencies
and
trust
funds !
F.R.
banks
Total
Commercial
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
govts.
Individuals
Other
Savings
bonds securities
Foreign
and
international2
Other
misc.
investors 3
1941_Dec
1945_Dec
1947—Dec
64.3
278.7
257.0
9.5
27.0
34.4
2.3
24.3
22.6
52.5
227.4
200.1
21.4
90.8
68.7
3.7
10.7
12.0
8.2
24.0
23.9
4.0
22.2
14.1
.7
6.5
7.3
5.4
42.9
46.2
8.2
21.2
19.4
.4
2.4
2.7
.5
6.6
5.7
1957_Dec
1958—Dec
1959—Dec
1960—Dec
1961—Dec
962—Dec
963—Dec
275.0
283.0
290.9
290.4
296.5
304.0
310.1
55.2
54.4
53.7
55.1
54.5
55.6
58.0
24.2
26.3
26.6
27.4
28.9
30.8
33.6
195.5
202.3
210.6
207.9
213.1
217.6
218.5
59.5
67.5
60.3
62.1
67.2
67.2
64.3
7.6
7.3
6.9
6.3
6.1
6.1
5.8
12.5
12.7
12.5
11.9
11.4
11.5
11.3
18.6
18.8
22.8
20.1
20.0
20.2
20.6
16.6
16.5
18.0
18.7
19.0
20.1
21.1
48.2
47.7
45.9
45.7
46.4
46.9
48.1
15.8
15.3
22.1
19.1
17.9
17.6
18.2
7.6
7.7
12.0
13.0
13.4
15.3
15.9
9.0
8.9
10.1
11.2
11.6
12.7
13.3
964—May
June
July
Aug
Sept
Oct
Nov
Dec
312.3
312.5
312.0
314.9
316.5
316.5
319.3
318.7
59.4
61.1
59.9
61.8
61.8
60.5
61.2
60.6
34.2
34.8
35.1
35.2
35.4
35.7
36.8
37.0
218.8
216.6
217.0
218.0
219.3
220.2
221.4
221.1
60.0
60.2
59.3
60.0
61.8
62.1
63.4
63.7
6.0
6.0
6.0
6.0
6.0
5.8
5.7
5.7
11.0
10.9
10.9
11.0
11.2
11.2
11.2
11.1
22.5
20.2
20.5
20.5
19.1
20.2
20.1
19.7
22.6
22.5
22.3
22.6
22.3
22.2
21.9
21.6
48.4
48.5
48.6
48.6
48.7
48.8
48.9
48.9
19.0
19.0
19.3
18.9
19.3
19.4
19.0
19.2
15.4
15.6
15.8
16.0
16.3
16.3
16.4
16.7
13.8
13.7
14.4
14.3
14.6
14.4
14.6
14.5
1965—Jan
Feb
Mar
Apr
May
318.6
320.6
318.4
317.2
319.8
59.1
60.4
60.7
59.2
62.7
36.7
36.9
37.6
37.8
38.7
222.8
223.3
220.2
220.3
218.5
62.5
61.3
60.0
59.2
57.9
5.8
5.9
6.0
5.8
5.8
11.3
11.2
11.1
11.0
10.9
20.7
21.4
20.1
20.1
20.8
22.4
23.1
20.2
24.1
24.1
49.0
49.1
49.2
49.2
49.2
19.5
19.7
19.9
19.8
19.6
16.5
16.6
16.0
16.0
15.9
15.0
14.8
14.8
15.3
14.3
1
Includes the Postal Savings System.
2
Includes investments of foreign balances and international accounts
in the United States.
3
Includes savings and loan assns., dealers and brokers, nonprofit
institutions, and corp. pension funds.
NOTE.—Reported data for F.R. Banks and U.S. Govt. agencies and
trust funds; Treasury estimates for other groups.
U.S. GOVERNMENT SECURITIES
JULY 1965
997
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
39,034
37,864
31,974
31,201
33,973
61,640
58,487
64,007
61,487
56,178
33,983
35,682
36,421
37,116
39,172
4,565
8,357
6,108
6,106
8,450
15,539
15,642
17.467
19,616
17,253
865
,366
,308
,191
,117
726
478
424
385
262
1,425
1,910
2,422
2,228
2,293
2,731
3,021
3,147
3,331
3,501
1,309
2,178
1,563
1,563
2,051
2,583
2,936
3,282
3,716
3,264
17,741
22,580
21,388
23,721
26,854
2,723
4,146
6,487
7,018
7,721
15,018
18,434
14,901
16,703
19,133
10,834
8,658
13,564
12,424
9,963
2,094
2,136
1,797
1,292
1,424
68
88
58
58
137
83
131
237
259
208
162,553
162,089
163,264
162,283
159,880
67,952
64,979
65,331
62,829
61,668
44,662
46,027
48,682
48,716
47,090
23,290
18,952
16,650
14,113
14,578
49,381
47,919
48,021
46,835
43,922
29,158
30,525
31,477
32,493
34,247
3,188
6,091
4,487
4,484
6,262
12,873
12,575
13,948
15,641
13,781
58,004
54,881
53,752
49,622
48,471
19,885
16,703
18,509
14,323
13,886
9,838
9,290
10,969
7,878
6,900
10,047
7,413
7,540
6,445
6,986
26,348
26,107
23,507
22,407
20,697
11,163
11,075
11,049
11,845
12,873
191
533
187
193
316
417
463
501
854
699
Mutual savings banks:
1962—Dec. 31
1963—Dec. 31
1964—Dec. 31
1965—Apr. 30
May 31
5,793
5,502
5,434
5,539
5,540
635
690
608
722
756
252
268
344
483
543
383
422
263
239
213
1,337
1,211
1,536
1,488
1,401
2,210
2,009
1,765
1,746
1,819
306
377
260
247
329
1,305
1,215
1,266
1,337
Insurance companies:
1962—Dec. 31
1963—Dec. 31
1964—Dec. 31
1965—Apr. 30
May 31
9,265
9,254
9,160
9,159
9,092
1,259
1,181
1,002
784
779
552
549
480
466
448
707
632
522
318
331
2,175
2,044
2,045
2,140
2,046
2,223
2,303
2,406
2,371
2,410
718
939
818
892
1,119
2,890
2,787
2,890
2,973
10,750
10,427
9,136
8,680
9,438
9,063
7,671
6,748
6,390
7,072
6,551
6,178
5,043
5,310
2,512
1,493
1,705
1,080
1,524
2,397
2,001
1,904
5,813
1,259
1,923
149
290
272
260
296
5
9
3
3
53
9
60
112
123
94
2,862
3,253
3,418
3,630
3,665
437
378
490
485
494
254
236
343
360
372
183
142
148
125
122
817
919
1,055
999
947
1,030
1,202
1,297
1,421
1,510
105
253
129
128
245
473
501
447
596
468
State and local governments:
1962—Dec. 31
1963—Dec. 31
1964—Dec. 31
1965—Apr. 30
May 31
11,716
12,453
15,022
17,303
17,337
4,447
4,637
4,863
6,797
7,042
3,282
3,869
3,961
5,885
6,068
1,165
768
902
912
974
1,059
941
2,014
2,094
1,873
1,505
1,502
2,010
1,930
1,954
688
1,591
1,454
1,393
2,039
4,017
3,782
4,680
5,089
4,427
All others:
1962—Dec.
1963—Dec.
1964—Dec.
Apr.
May
64,162
66,320
67,341
68,350
66,337
32,227
33,719
33,111
33,328
31,639
23,935
25,637
27,542
28.332
26,946
8,292
8,082
5,570
4,996
4,693
16,121
14,301
15,863
15,803
15,033
10,877
12,144
12,678
12,921
1,175
2,389
1,637
1,629
2,160
3,761
3,767
4.052
4,669
4,119
Type of holder and date
Total
Total
Bills
Other
203,011
207,571
212,454
212,451
210,954
87,284
89,403
88,451
88,126
89,901
48,250
51,539
56,476
56,925
55,928
U.S. Govt. agencies and trust funds:
1962—Dec. 31
1963—Dec. 31
1964—Dec. 3 1 . . . . .
1965—Apr. 30
May 31
9,638
11,889
12,146
12,414
12,488
1,591
1,844
1,731
1,576
1,379
Federal Reserve Banks:
1962—Dec. 31
1963—Dec. 31
1964—Dec. 31
1965—Apr. 30
May 31
30,820
33,593
37,044
37,754
38,586
All holders:
1962—Dec.
1963—Dec.
1964—Dec.
1965—Apr.
May
31.
31.
31.
30.
31 .
Held by public:
1962—Dec.
1963—Dec.
1964—Dec.
1965—Apr.
May
31
31
31
30
31
Commercial banks:
1962—Dec. 31
1963—Dec. 31
1964—Dec. 31
1965—Apr. 30
May 31
Nonfinancial corporations:
1962—Dec. 31
1963—Dec. 31
1964—Dec. 31
1965—Apr. 30
May 31
Savings and loan associations:
1962—Dec. 31
1963—Dec. 31
1964—Dec. 31
1965—Apr. 30
May 31
31
31
31
30
31
NOTE.—Direct public issues only. Based on Treasury Survey of
Ownership.
Data complete for U.S. Govt. agencies and trust funds and F.R. Banks
but for other groups are based on Treasury Survey data. Of total marketable issues held by groups, the proportion held on latest date by those
reporting in the Survey and the number of owners surveyed were: (1)
about 90 per cent by the 5,983 commercial banks, 501 mutual savings
13,385
1,235
2,738
banks, and 778 insurance cos. combined; (2) about 50 per cent by the
469 nonfinancial corps, and 488 savings and loan assns.; and (3) about
70 per cent by 507 State and local govts.
Holdings of "all others," a residual, include holdings of all those not
reporting in the Treasury Survey, including investor groups not listed
separately.
998
U.S. GOVERNMENT SECURITIES
JULY 1965
DEALER TRANSACTIONS
(Par value, in millions of dollars)
U.S. Government securities
By maturity
By type of customer
Period
U.S. Govt.
agency
securities
Dealers and brokers
Total
Within
1 year
1-5
years
5-10
years
Over
10 years
U.S.
Govt.
securities
Commercial
banks
Other
All
other
1964—May
June
July
Aug
Sept
Oct
Nov
Dec
1,702
1,488
1,936
1,453
1,510
1,749
1,864
2,052
,264
,201
,433
,099
,214
,476
,426
,596
248
170
216
197
155
141
271
261
165
97
208
123
102
92
127
146
25
19
79
34
39
41
40
49
566
458
581
406
443
529
533
615
29
24
38
26
20
25
28
38
651
566
784
604
616
719
805
835
457
439
532
417
432
475
499
564
120
142
131
113
117
114
131
85
1965—Jan
Feb
Mar
Apr
May
2,405
1,814
1,690
1,769
1,670
,763
,434
,369
,467
,379
307
219
184
172
151
177
91
83
91
108
158
69
53
38
32
689
516
523
562
448
29
24
38
33
1,036
750
672
708
698
637
518
471
460
491
93
101
108
155
143
19.'.'.'.'.'.'.'.'.'.'.'.'.
26
2,412
1,421
1,490
1,630
,864
,191
,259
,409
236
141
127
130
257
58
85
72
54
32
19
19
701
388
395
397
56
28
26
26
945
646
641
676
710
359
428
531
110
215
161
108
2
9
16
23
30
1,880
1,706
1,619
1,944
1,766
,576
,481
,288
,523
,382
142
132
213
254
228
117
77
82
138
115
45
16
35
29
41
532
627
507
682
504
37
39
50
52
42
727
607
592
756
778
584
433
469
453
442
115
211
204
237
163
Week ending—
1965—May
June
5
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
Commercial banks
All
sources
Period
Corporations 1
All
other
New
York
City
Elsewhere
Sept
Oct
Nov
Dec
3,082
3,541
4,156
4,186
4,011
3,299
3,706
3,399
711
981
1,250
1,144
1,255
845
1,020
1,029
724
761
871
924
1,069
835
963
781
1,347
1,493
1,671
1,703
1,253
1,258
1,192
1,056
300
307
364
416
434
361
531
533
1965—Jan
Feb
Mar
Apr
May
4,354
3,495
3,181
3,594
3,635
1,323
856
626
918
765
1,229
902
807
885
828
1,206
,278
1,350
,369
1,327
596
459
398
422
716
1964—May
June
July
Aug
Sept
Oct
Nov
Dec .
3,087
3,475
3,817
4,313
3,954
3,358
3,692
3 252
2,670
3,217
3,121
2,978
3,302
2,966
3,073
2 675
164
91
229
552
373
231
479
419
253
167
468
782
280
160
140
159
231
318
225
275
250
262
313
282
1965—Jan
Feb .
Mar
Apr
May
3,812
3 420
3,034
3,471
3,398
2,882
2 688
2,590
3,118
2,508
196
163
112
115
734
569
332
238
149
741
246
237
268
327
7..
14..
21 . .
28. .
3,358
3,418
3,366
3,641
3,008
3,022
2,989
3,302
127
122
122
99
223
275
256
239
312
334
306
337
1965—Apr.
5. .
12. .
19..
26. .
3,499
3,303
3,464
3.406
3,147
2.219
2,448
2,523
88
220
188
109
264
865
829
775
349
376
366
398
7...
14...
21 . . .
28...
3,542
3,556
3,712
3,489
828
872
1,070
881
870
795
974
823
1,367
1,341
1,312
1,487
477
549
357
298
May
5...
12. . .
19. . .
26. . .
3,839
3,776
3,907
3,679
864
604
907
808
1,087
844
949
762
1,227
1,316
1,369
1,509
662
1,013
682
600
378
Week ending—
1965—Apr.
May
July
Week ending—
NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the
contract is matched by a reverse repurchase (resale) agreement or delayed
delivery sale with the same maturity and involving the same amount of
securities. Included in the repurchase contracts are some that more
clearly represent investments by the holders of the securities rather than
dealer trading positions.
Average of daily figures based on number of trading days in the period.
1964—May
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.
JULY 1965
OUTSTANDING SECURITIES
999
U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, JUNE 30, 1965
(In millions of dollars)
Issue and coupon rate
Treasury bills
July 1,1965
July 8,1965
July 15, 1965
July 22, 1965
July 29, 1965
July 31, 1965
Aug. 5,1965
Aug. 12, 1965
Aug. 19, 1965
Aug. 26, 1965
Aug. 31, 1965
Sept. 2, 1965
Sept. 9, 1965
Sept. 16, 1965
Sept. 23, 1965
Sept. 30, 1965
Oct. 7,1965
Oct. 14, 1965
Oct. 21. 1965
Oct. 28,' 1965
Oct. 31, 1965
Nov. 4, 1965
Nov. 12, 1965
Nov. 18, 1965
Nov. 26, 1965
Nov. 30, 1965
Dec. 2,1965
Issue and coupon rate
Amount
Treasury bills—Cont.
2,202
Dec. 9,1965
2,205
Dec. 16, 1965
2,202
Dec. 23, 1965
2,203
Dec. 31, 1965
2,204
Jan. 31, 1966
1,000
Feb. 28, 1966
2,204
Mar. 31, 1966
2,202
Apr. 30, 1966
2,201
May 31, 1966
2,203
June 30, 1966
1,000
2,203
2,201 Treasury notes
2,203
Aug. 13, 1965
2,206
Aug. 13, 1965
2,003
Oct. 1,1965
1,001
Nov. 15, 1965
1,001
Nov. 15, 1965
1,002
Feb. 15, 1966
1,003
Feb. 15, 1966
1,000
Apr. 1, 1966
1,000
May 15, 1966
1,001
Aug. 15, 1966
1,002
Oct. 1,1966
1,001
Nov. 15, 1966
1,001
Feb. 15, 1967
1,001
Apr. 1, 1967
NOTE.—Direct public issues only.
Treasury.
Amount
•3%
•3%
1A
l
/8
•3%
•Wi
.4
.4
/s
Issue and coupon rate
te
Treasury notes—Cont.
1,000
Aug. 15, 1967
1,001
Oct.
t 1967...
1,002
Apr. 1, 1968...
1, 1968...
1,003
Oct.
1,000
Apr. 1, 1969...
1,001
Oct. 1, 1969...
1,000
Apr. 1, 1970...
1,001
1,001
1,001 Treasury bonds
June 15, 1962-67..
Dec. 15, 1963-68..
June 15, 1964-69..
Dec. 15, 1964-69..
6,202
Mar. 15, 1965-70..
1,066
May 15, 1966
315
Aug. 15, 1966
1,617
Nov. 15, 1966
8,099
Mar. 15, 1966-71..
2,195
June 15, 1967-72..
2,597
Sept. 15, 1967-72..
675
Nov. 15, 1967
9,519
11,060
Dec. 15, 1967-72..
357
May 15, 1968
2,254
Aug. 15, 1968
2,358
Nov. 15, 1968
270
Feb. 15, 1969
Issue and coupon rate
Amount
334
IV2
I 1 /?.
IV2
IV2
2V?
2V?
2V,
21/7,
2V7
334
3
33/8
%
3 5/8
3%
334
3%
4
2,929
457
212
115
61
159
31
Treasury bonds—Cont.
Oct. 1, 1969
4
Feb. 15, 1970
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
Nov. 15, 1973
4y8
Feb. 15, 1974
4y8
May 15, 1974
4V4
Nov. 15, 1974
3%
May 15, 1975-85.. AyA
June 15, 1978-83... 3 y4
Feb. 15, 1980
4
Nov. 15, 1980
31/2
May 15, 1985
3V4
Feb. 15, 1990
3y2
Aug. 15, 1987-92...414
Feb. 15, 1988-93...4
May 15, 1989-94.. .4y 8
Feb. 15, 1995
3
Nov. 15, 1998
31/2
1,431
1,792
2,586
2,535
2.411
1.688
1,024
1,851
1.400
1,282
1,952
2,019
2,700
2,460
3,747 Convertible bonds
Investment Series B
1.591
1 .844 Apr. 1, 1975-80... 2 34
Based on Daily Statement of U.S.
FEDERALLY SPONSORED AGENCIES, MAY 31, 1965
Agency, type and date of issue,
and coupon rate
Maturity
Amount
(millions
of dollars)
Federal home loan banks
Notes:
Oct.
Aug.
Sept.
Oct.
Nov.
May
Feb.
Apr.
May
15, 1964
17, 1964
15, 1964
15, 1964
16, 1964
17, 1965
15, 1965
15, 1965
17, 1965
3.95
4.05
4.05
4.10
4.25
4.20
4.30
4.30
June
July
Aug.
Sept.
Oct.
Nov.
Jan.
Feb.
Apr.
15,
15,
16,
15,
15,
24,
17,
15,
25,
1965
1965
1965
1965
1965
1965
1966
1966
1966
250
446
552
172
400
300
220
524
525
Bonds:
Sept.
July
Dec.
June
Mar.
17, 1962
15, 1964
9,1963
15, 1964
15, 1965
3%
4y8
4y8
4*4
4*4
Sept.
May
Aug.
Nov.
Sept.
15, 1965
15, 1966
15, 1966
15, 1966
15, 1967
175
260
200
275
185
Federal National Mortgage Association—
secondary market operations
465
Discount notes.
Debentures:
Dec. 10, 1957
Sept. 10, 1962
Dec. 12, 1960
Mar. 10, 1958
Apr. 10, 1959
Apr. 11, 1960
Sept. 12, 1960
Aug. 23, 1960
Sept. 11, 1961
Feb. 10, 1960
Dec. 11, 1961
June 12, 1961
Feb. 13, 1962
4%
3}4
4Vs
3y8
4y8
45/8
4i/8
4V8
41/2
5Vs
4y 8
4V4
4y2
June 10,
Mar. 10,
Dec. 12,
Mar. 11,
Apr. 10,
Apr. 10,
Sept. 10,
Aug. 10,
Sept. 10,
Feb. 10,
June 12,
June 12,
Feb. 10,
4
4Vs
414
4V4
June 1, 1965
Aug. 2, 1965
Oct. 4, 1965
Nov. 1, 1965
1965
1966
1966
1968
1969
1970
1970
1971
1971
1972
1972
1973
1977
93
108
93
87
88
143
119
64
96
100
100
146
198
Banks for cooperatives
Debentures:
Dec. 1,1964
Feb. 1, 1965
Apr. 1, 1965
May 3,1965
192
204
175
108
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
Federal intermediate credit banks
Debentures:
Sept. 1, 1964
3.95
Oct. 1, 1964
4
Nov. 2, 1964
4.05
1964
4.05
Dec.
Jan.
1965
4.20
Feb.
, 1965
4.15
Mar. , 1965
4.20
Apr.
, 1965
May 3,1965
4.30
Federal land banks
Bonds:
Aug. 20, 1964
4
Oct. 20, 1960
4
June 20, 1961
45
Apr. 3, 1961
3 /8
May 1,1958
3V4
Sept. 20, 1961
41/4
Feb. 15, 1957
4y8
Apr. 20, 1965
4*4
May 1, 1962
4
Oct. 1,1957
41/2
Oct. 22, 1963
4Vs
Apr. 1,1959
41,4
May 1, 1963
4
Aug. 20, 1964
414
Feb. 2,1959
43/8
Feb. 23, 1965
4V4
July 15, 1957
45/8
Oct. 20, 1964
4V4
Feb. 1, 1960
5y8
Feb. 14, 1958
3y2
Jan. 5,1960
5y8
May 1, 1956
3i/2
Sept. 14, 1956
3%
Feb. 20, 1963
4V
Feb. 20, 1962
4
Apr. 20, 1965
4
Tennessee Valley Authority
Short-term notes
Bonds:
Nov. 15, 1960
4.40
July 1,1961
45/8
Feb. 1, 1962
4V2
June
July
Aug.
Sept. 1, 1965
Oct. 4, 1965
1, 1965
1, 1965
Aug. 23,
Oct. 20,
Dec. 20,
Feb. 21,
May 2,
July 20,
Feb. 15,
Feb. 20,
May 22,
Oct. 1,
Oct. 23,
Mar. 20,
June 20,
Aug. 20,
Mar. 20,
July 15,
July 15,
Oct. 20,
Feb. 20,
Apr. 1,
July 20,
May
Sept. 15,
Feb. 20,
Feb. 20,
Apr. 21,
Amount
6.261
4.381
4.129
2.806
2.760
2,344
2.579
.894
4.357
3.130
3.593
2,244
1.218
1.584
2.609
1,913
1.127
4.902
3.818
250
1.560
2.290
4.421
1000
CREDIT AGENCIES; SECURITY ISSUES
JULY 1965
MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES
(In millions of dollars)
Federal home loan banks
Assets
End of
period
Federal National
Mortgage Assn.
(secondary market
operations)
Liabilities and capital
628
1,562
1 323
1,967
200
1,315
1 100
1,640
457
454
510
622
143
222
252
364
747
932
1,157
1,391
705
886
1,116
1,356
1,744
919
2,089
2,360
1,437
1,599
1,743
1,986
989
,107
,126
,171
2,788
2,770
2.752
2,000
2,523
2,453
2,422
] 788
649
697
735
840
407
435
505
589
1,501
1,650
1,840
2,099
1,454
1,585
1,727
1,952
2,564
2,828
3,052
3,310
2,210
2,431
2,628
2,834
990
1,153
936
926
989
978
989
1,199
1,196
1,201
,208
1,210
1,212
,214
1,216
1,227
1,984
1,962
1,940
1,936
1,926
1,934
1,930
1,940
,698
,698
,698
1,696
1,549
1,707
,701
,601
747
757
782
787
809
924
975
958
527
498
498
538
538
576
638
686
2,412
2,504
2,561
2,561
2,516
2,377
2,241
2,247
2,246
2,315
2,396
2,433
2,424
2,352
2,174
2,112
3,481
3,516
3,551
3,586
3,620
3,652
3,680
3,718
2,973
2,973
2,973
3,102
3,102
3,169
3,169
3,169
1,013
1,013
1,048
1,026
1,024
1,232
1,237
1,247
1,254
1,257
1,954
1,958
1,974
1,990
2,004
1,723
1,739
1,739
1,795
1,898
1,020
1,037
1,007
978
940
686
670
723
696
678
2,252
2,308
2,380
2,480
2,577
2,102
2,143
2,206
2,278
2,367
3,765
3,818
3,889
3,950
4,011
3,169
3,298
3,298
3,415
3,415
1956
1957
1958
1959
1,228
1,265
1,298
2,134
1,027
908
999
1,093
62
63
75
103
963
825
714
1,774
683
653
819
589
607
685
769
866
1960
1961
1962...
1963
1,981
2,662
3,479
4,7^84
,233
,153
,531
,906
90
159
173
159
1,266
1,571
2,707
4,363
938
1,180
1,214
1,151
1964—May..
June..
July. .
Aug...
Sept...
Oct...
Nov...
Dec...
4,395
4,769
4,763
4,781
4,837
4,797
4,784
5,325
,607
,804
,476
,622
,597
,614
,889
,523
82
153
106
75
99
94
84
141
3,727
4,201
4,042
4,169
4,165
4,144
4,369
4,369
1965—Jan...
Feb...
Mar...
Apr...
May..
4,944
4,851
4,747
5,219
5,227
,491
,425
,761
,386
,687
75
77
80
95
73
4,078
3,905
4,090
4,184
4,484
posits
Fed eral
laiid
bar iks
Loans
to
cooperatives
(A)
Investments
Bonds
and
notes
Federal
intermediate
credit banks
Debentures
and
notes
(L)
Advances
to
members
Cash
and
de-
Banks
for
cooperatives
Member
de-
Mortgage
loans
(A)
Capital
stock
posits
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,
Debentures
(L)
Loans
and
discounts
(A)
Debentures
Mortgage
loans
(A)
(L)
Bonds
(L)
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 capil al and refunding)
Issues for new capital
Type of issuer
Type of issue
Period
Total
General
obligations
Revenue
PHAi
U.S.
Govt.
loans
State
Special
district
Other 2
and
stat.
auth.
1958
1959
7,526
7,697
5,447
4,782
1,778
2,407
187
332
115
176
1.993
,686
1,371
2,121
4,162
3,890
1960
1961
1962
1963
7 292
8,566
8 845
10,538
4,771
5,724
5,582
5,855
2,095
2,407
2,681
4,180
302
315
437
254
125
120
145
249
1,110
1,928
1,419
1 .620
1,984
2,165
2 600
3,636
4,198
4,473
4,825
5,281
480
1,265
754
495
333
679
401
401
122
567
310
85
1,007
853
867
1 266
706
938
940
775
920
606
663
497
630
472
537
563
244
509
230
181
355
473
214
258
367
519
260
1963
Sept .
Oct
Nov
Dec
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Use of proceeds
Total
Education
7,708 7,441
7,423 7,589
7,102
8,301
8,732
10,496
Roads
and
bridges
Utilities 4
Housings
140
1
141
* " i 26
130
Veterans'
aid
1,164
844
1,412
1,985
251
401
339
355
7,247
8,463
8,568
9,151
2,405
2,821
2,963
3,029
1,007
1,167
1,114
812
1,316
1,700
1 668
2,344
426
385
521
598
201 1 891
478 1,913
125 2 177
2 369
103
371
98
115
94
143
185
69
73
424
208
126
314
698
362
299
712
449
581 1,051
897
729
416
1,005
204
232
278
158
33
102
130
7
77
338
221
136
31
9
2
1
31
8
15
22
20
23
11
12
20
215
214
136
106
141
71
116
13
101
336
208
262
558
167
338
338
511
374
456
431
469
602
339
529
486
251
445
944
428
772
868
812
973
810 1 215
1,214
665
902
696
904
947
834
756
896
892
273
242
251
378
258
361
401
161
206
42
33
262
59
40
42
25
73
50
114
238
136
225
208
183
167
439
248
141
3
11
145
45
134
*
5
Other
purposes
2,617
2,318
25
20
43
9
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
133
60
30
1,657
1,685
313
226
153
407
151
181
311
83
254
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.
JULY 1965
1001
SECURITY ISSUES
TOTAL NEW ISSUES
(In millions of dollars)
Proposed use of net proceeds,
all corporate issues 6
Gross proceeds, all issues
Noncorporate
Corporate
New capital
Period
Bonds
U.S.
Govt.
agency 3
Total
U.S.
Govt. 2
U.S.
State
and
local 4
6,958
7,449
7,681
7,230
Total
Other 5 Total
411
571
531
409
13,165 9,420
10,705 8,969
12,237 10,872
13,463 10,372
4,700
4,440
4,714
3,623
4,720
4,529
6,158
6,749
450
422
342
412
3,294
1,314
1,022
2,679
863
1,008
1,091
644
616
1,048
819
650
1,434
383
470
468
234
183
376
181
30
320
480
537
623
411
433
672
638
620
1,114
727
637
1,215
1,196
161
187
557
422
565
450
658
774
1,448 8,360
1,188 8,558
1,168 10,107
1,205 10,544
303
915
891
760
1,204
660
900
922
767
952
816
566
1,097
47
85
37
29
23
13
186
97
64
2,234
1,155
1,461
869
728
1,204
1,032
702
1,577
811
933
1,003
971
232
14
45
130
858
791
1,358
1,360
1965—Jan..
Feb..
Mar.
Apr.,
2,333
3,997
3,003
3,176
433
2,129
413
390
i29
185
325
Other
purposes
2,516 12,661 12,447 11,784
1,334 11,372 10,823 9,907
2,027 9,527 9,392 8,578
1,664 9,924 9,653
8,758
35,527 12,253
29,956 8,590
31,616 7,213
36,628 10,656
510
Com-
3,839
3,320
3,632
3,275
1961
1962
1963
1964
275
260
160
New
money 7
Total
Preferred
6,118
6,332
3,557
4,806
572
2,321
707
1,672
1,444
367
383
387
2,449
358
367
3,242
373
Privately
placed
9,957
9,653
7,190
8,081
30,571 9,601
34,443 12,063
31,074 12,322
27,541 7,906
4,930
2,267
3,056
2,467
4,128
2,527
2,909
4,607
3,111
Publicly
offered
Total
1957
1958
1959
1960
1964—Apr.,
May.
June.
July.
Aug.
Sept.
Oct..
Nov.
Dec,
Stock
557 12,884
1,052 11,558
616 9,748
579 10,154
12,885 12,017 10,715
10,501 9,747 8,240
12,081 10,553 8,993
13,300 12,557 10,935
Retirement
of
securities
663
915
814
895
214
549
135
271
1,302
1,507
1,561
1,622
868
754
1,528
743
23 1,349
50
98
82
289
59
166
54
58
23
133
25
188
9
43
49
94
2,215
1,141
1,441
854
718
1,191
1,015
695
1,560
2,178
1,069
1,378
780
661
1,109
949
646
1,419
2,094
953
1,292
653
570
788
750
533
1,256
83
116
86
127
91
321
199
112
163
37
72
63
74
57
82
66
49
141
47
24
60
35
850
779
1,343
1,340
795
746
1,197
1.250
700
687
1,039
1,011
95
59
157
239
54
33
146
90
84
130
82
129
Proposed us<is of net proceeds, major groups of corporate issuers
Manufacturing
Commercial and
miscellaneous
Transportation
Public utility
Communication
Real estate
and financial
Retirement of
New
secucapital 8
rities
Retirement of
New
secucapital 8
rities
RetireNew
ment of
secucapital 8
rities
Retirement of
New
secucapital 8
rities
Period
Retirement of
New
secucapital 8
rities
49
195
70
79
579
867
812
794
29
13
28
30
802
778
942
672
14
38
15
39
3,821
3,605
3,189
2,754
51
138
15
51
1,441
1,294
707
1,036
4
118
1,701
1,014
1 801
2,401
67
47
6
71
3,691
2,958
3,312
2,733
287
228
190
241
1,109
803
774
998
36
32
55
81
651
543
873
910
35
16
83
31
2,883
2 341
1,935
2,445
106
444
699
280
1,435
1 276
726
2,122
382
11
356
35
2,248
1 825
2,933
3,348
22
23
144
74
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
186
206
332
149
164
234
249
188
607
6
10
39
40
12
36
17
22
26
107
50
50
45
45
166
88
134
121
*
1
1
1
1
1
5
17
49
91
119
35
90
20
49
44
62
115
8
6
1
*
*
1
1
8
151
441
264
207
138
296
297
40
172
19
53
4
16
27
38
37
6
31
1,377
27
258
23
16
19
81
17
30
5
4
15
2
6
265
226
439
266
277
345
189
204
373
3
1
13
12
3
4
*
2
28
Jan
Feb
Mar
Apr
385
192
494
570
23
15
70
35
104
124
5
2
4
6
40
47
108
75
17
2
97
215
229
164
21
13
57
41
21
44
26
12
182
213
236
306
4
3
9
7
. . .
1961
1962
1963
1964
1965
Retirement of
securities
4,104
3,265
1,941
1,997
1957
1958
1959 .
1960
1964
New
capital 8
32
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
See NOTE to table at bottom of opposite page.
5 Foreign governments, International Bank for Reconstruction and
Development, and domestic nonprofit organizations.
*
1
4
1
« Estimated gross proceeds less cost of flotation.
7
For plant and equipment and working capital.
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.
1002
SECURITY ISSUES
JULY 1965
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
(In millions of dollars)
Derivation of change, all issuers
All securities
Bonds and notes
Common and preferred stocks
Period
New issues
Retirements
New
issues
Net
change
Retirements
New
issues
Net
change
Net change
Retirements
Invest.
cos. 1
Other
Invest.
cos. 1
Other
Invest.
COS. 1
Other
1959
I960
1961
13,338
13,485
17,503
4,845
4,962
6,999
8,492
8,523
10,503
7,122
8,072
9,194
3,049
3,078
4,024
4,073
4,994
5,170
2,838
2,688
3,855
3,378
2,725
4,454
794
855
1,171
1,002
1,029
1,804
2,044
1,833
2,684
2,376
1,696
2,650
1962
1963
1964
14,206
15,552
18,610
6,457
8,711
8,290
7,750
6,841
10,320
8,613
10,556
10,715
3,749
4,979
4,077
4,864
5,577
6,637
3,338
3,049
4,147
2,255
1,948
3,748
1,140
1,536
1,895
1,567
2,197
2,317
2,198
1,513
2,252
688
-249
1,431
4,302
5,139
4,011
5,158
1,960
1,795
1,946
2,590
2,343
3,344
2,065
2,568
2,197
2,987
2,297
3,233
914
940
1,033
1,191
1,283
2,046
1,265
2,043
920
917
1,010
1,300
1,185
1,235
704
625
536
469
475
415
510
385
438
984
384
448
535
885
675
850
265
-360
4,162
2,058
2,103
2,272
967
1,305
1,275
615
485
606
790
8
1964
I
II
HI
IV
1965—1
Type of issuer
Manufacturing
Period
Bonds
& notes
Transportation 3
Commercial
and other 2
Bonds
& notes
Stocks
Bonds
& notes
Stocks
Communication
Public
utility
Stocks
Bonds
& notes
Stocks
Bonds
& notes
Real estate
and financial
4
Stocks
Bonds
& notes
Stocks
1959
1960
1961
316
399
2,012
442
462
415
217
261
516
162
-46
-447
332
173
71
2
-42
-7
1,738
1,689
1,648
1,028
635
704
475
901
149
445
356
1,457
994
1,572
775
2,342
2,164
3,212
1962
1963
1964
1,355
1,804
1,303
-242
-664
-516
294
339
507
-201
-352
-483
-85
316
317
-25
-19
-30
1,295
876
1,408
479
245
476
1,172
438
458
357
447
1,699
833
1,806
2,644
2,517
1,607
2,537
1964—I
II
HI
IV
92
291
232
689
-253
-65
28
-226
65
84
93
265
16
-21
-34
-444
131
59
38
88
-6
31
-47
-7
156
606
290
356
70
156
149
101
234
229
42
-47
811
681
92
115
606
775
569
693
422
516
613
986
1965—T
574
-256
-5
39
9
281
97
64
100
351
850
-1
1 Open-end and closed-end cos.
2 Extractive and commercial and misc. cos.
3 Railroad and other transportation cos.
* Includes investment cos.
NOTE.—Securities and Exchange Commission estimates of cash transactions only. As contrasted with data shown on p. 1001, new issues exclude
foreign and include offerings of open-end investment cos., sales of securities held by affiliated cos. or RFC, special offerings to employees, and also
new stock issues and cash proceeds connected with conversions of bonds
into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose
shown on p. 1001.
OPEN-END INVESTMENT COMPANIES
(In millions of dollars)
Sales and redemption
of own shares
Assets (market value
at end of period)
Assets (market value
at end of period)
Month
Year
Net
sales
Cash
Total 2 position 3 Other
Sales i
Redemptions
1953
1954
672
863
239
400
433
463
4,146
6,110
309
5,801
1955
1956
1957
1958
1959
1,207
1,347
1,391
1,620
2,280
443
433
406
511
786
765
914
984
1,109
1,494
7,838
9,046
8,714
13,242
15,818
438
492
523
634
860
7,400
8,554
8,191
12,608
14,958
1960
1961
1962
1963
1964
2,097
2,951
2,699
2,460
3,404
842
1,160
1,123
1,504
1,875
1,255
1,791
1,576
952
1,528
17,026
22,789
21,271
25,214
29,116
973
980
1,315
1,341
1,329
Sales i
Redemptions
1964—May..
June..
July...
Aug...
Sept..
Oct...
Nov..
Dec...
241
285
308
260
299
306
317
336
153
147
168
149
149
142
134
136
16,053 1965—Jan...
21,809
Feb...
19,956
Mar..
23,873
Apr...
27,787
May..
407
313
356
351
301
152
159
168
155
158
1 Includes contractual and regular single purchase sales, voluntary
and contractual accumulation plan sales, and reinvestment of investment income dividends; excludes reinvestment of realized capital gains
dividends.
2 Market value at end of period less current liabilities.
3 Cash and deposits, receivables, all U.S. Govt. securities, and other
Sales and redemption
of own shares
Net
sales
Cash
Total 2 position 3
Other
88
138
140
110
149
164
184
200
27,497
27,682
28,319
28,164
29,130
29,087
29,062
29,116
1,444
,499
1,471
1,457
1,436
1,312
1,300
1,329
26,053
26,183
26,848
26,707
27,694
27,775
27,762
27,787
254
154
188
196
143
30,349
30,749
30,464
31,521
31,431
1,545
1,605
,597
1,523
,551
28,804
29,144
28,867
29,998
29,880
short-term debt securities, less current liabilities.
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.
1003
BUSINESS FINANCE
JULY 1965
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
(Tn millions of dollars)
1963
1960
Industry
1961
1962
1963
1964
1965
1964
IV
III
I
II
III
IV
I
Manufacturing
Total (177 corps.):
Sales
Profits after taxes
Dividends
•
Nondurable goods industries (78 corps.): l
Sales
123,911 123,669 136,545 147,380 157,633 35,371 38,990 38,326 40 784 37 697 40 827 42 651
13,543 13,268 15,330 17,337 18,821 3,741 4,877 4,781 5,333 4,077 4,631 5,520
7,161 7,167 8,215 9,138 10,520 2,014 2,587 2 603 2 898 2 335 2 684 3 082
•• 4,485 4,730 5,048 5,444 5,930 1,183 1,770
1,285 1,448 1,324 1,873 1,419
47,372 49,362 52,245 55,372 59,256 14,080 14,057 14 220 14 823 14 915 15 298 15 365
5,579 5 602 5 896 6,333 6,896 1 612 1 646 1 643 1 752 1 740 1 761 1807
3,215 3,225 3,403 3,646 4,137
922
972
992 1,028
1,037 1,080 1,111
1,948 2,031 2,150 2,265 2,404
542
649
561
584
690
614
569
D urable goods industries (99 corps.): 2
76,540 74,307 84,300 92,008 98,377 21,291 24,933 24 106 25 961 22 782 25 528 27 286
7,964 7,666 9,434 11,004 11,925 2,130 3,230 3,138 3 581 2 336 2 870 3 712
3,946 3,942 4,812 5,492 6,383 1,092 1,615
1,611 1,871 1,299
1,603 1,970
2,536 2,699 2,898 3,179 3,526
642 1,121
724
740 1,183
879
804
Selected industries:
Foods and kindred products (25 corps.):
Sales
Profits before taxes
Profits after taxes
.
12,202 12 951 13 457 14,301 15,209
1,589
1,342
1,440 1,460 1,546
747
807
639
682
698
448
479
397
372
425
12,205 12 606 13,759 14,623 16,07?
2,005 1,979 2,162 2,286 2,596
1,058
1,034 1,126 1,182 1,404
904
924
786
868
833
Chemicals and allied products (20 corps.):
Profits before taxes
Petroleum refining (16 corps.):
Sales
Profits before taxes
Profits after taxes
••
••
Primary metals and products (34 corps.):
Sales
Profits before taxes
Machinery (24 corps.):
Sales
..
.
Profits after taxes
Dividends
Automobiles and equipment (14 corps.):
Sales
Profits after taxes
3,732
3,632
3 598
409
407
3 721
345
401
13,815 14 483 15 106 16,043 16,583
1,267 1,237 1,319 1,487 1,558
1,026 1,025 1,099 1,204 1,309
670
608
521
566
528
20,828 20 234 21,260 22,116 24,114
2,214 1,999
1,838 2,178 2,577
1,169
1,067 1,013 1,183 1,485
734
763
838
820
843
16,681 17 446 19 057 21,144 22,653
1,509
1 701 1 924 2,394 2,733
1,177 1,399
768
966
859
196
111
199
118
173
117
3,706
3,751
583
3 791
572
3 863
'420
214
119
4 027
202
119
3 866
424
388
219
124
201
124
4 114
4 067
4 104
4 171
301
299
636
682
654
623
347
207
366
209
349
212
342
296
685
4,027
4,006
372
4 132
4 111
4 123
388
400
361
373
301
201
303
154
321
154
389
222
298
159
318
169
4 217
'424
358
184
4 404
336
158
440
363
182
5,463
5,405
470
254
5 540
572
330
6 046
6 042
6 486
6 614
181
191
560
315
674
384
605
349
186
738
437
767
436
187
187
204
195
5,324
5,576
602
308
141
5 401
5 673
5 584
5 772
673
323
154
5 995
673
338
157
702
357
170
701
373
171
657
331
175
747
385
192
6,428
670
330
9,736
1,591
752
9,275 10,028
1,573 1,775
782
900
7,137
589
338
276
419
276
659
2,398
196
2,447
252
2,362
188
2,481
245
2,486
211
2,526
192
66
225
125
144
110
196
101
175
109
182
132
11,906 12,478 13,489 14,294 14,968
3,163 3,349 3,583 3,735 3,947
1,793 1,883 2,062 2,187 2,385
1,307
1,374 1,462 1,567 1,672
3,475
929
529
3,567
862
531
3,572
893
542
3,686
998
583
384
3,961
1,106
660
415
3,749
949
600
424
412
426
410
467
9,796 10,550
2,815 3,069
1,417
1,590
988
1,065
2,465
725
2,526
707
368
252
2,543
726
2,619
796
2,654
773
356
256
377
261
2,734
774
2,669
783
408
262
402
268
403
274
420
279
494
508
531
577
673
26,275 23,314 29,156 32,927 35,323
3,197 2,786 4,337 5,004 4,997
1,534
1,404 2,143 2,387 2,625
837
1 151 1,447 1,630
973
220
648
8 883 10,897
1,828
1,060
942
604
305
Public utility
Railroad:
9,514
648
Profits before taxes
Telephone:
. .
9,189
625
9,440
729
9,560
816
9,857
836
445
385
Profits before taxes
Profits after taxes
Dividends
...
Electric power:
382
359
572
367
651
356
698
451
8,111
2,326
1,155
8,615
2,478
1,233
9,196
2,639
1,327
806
867
935
1 Includes 17 cos. in groups not shown separately.
2 Includes 27 cos. in groups not shown separately.
NOTE.—Manufacturing corps. Data are obtained primarily ftom
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.
3,309
1,154
712
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 Depts. 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.
Back data available from the Division of Research and Statistics.
1004
BUSINESS FINANCE
JULY 1965
CORPORATE PROFITS, TAXES, AND DIVIDENDS
(In billions of dollars)
Quarter
Income
taxes
Profits
after
taxes
Cash
dividends
1956
1957
1958
1959
44.7
43.2
37.4
47.7
21.2
20.9
18.6
23.2
23.5
22.3
18.8
24.5
12.1
12.6
12 4
13.7
11.3
9.7
6 4
10.8
1961
1962
1963
1964
44.2
48.2
51.3
57.6
22.3
23.2
24.6
25.8
21.9
25.0
26 7
31.8
15.2
16.5
18 0
19.8
6.7
26 9
30.5
31 8
33.7
8.5
8 7
11.9
Income
taxes
Profits
after
taxes
Cash
dividends
Undistributed
profits
Corporate
capital
consumption
allowances l
51.3
54.3
24.5
26.0
26.7
28.3
17.9
19.1
8.9
9.2
32.1
32.4
1964—1
20.0
21.8
22 7
24.3
Year
Profits
before
taxes
1963—III . . .
IV....
Corporate
capital
Undis- consumptributed
tion
profits
allowances 1
Profits
before
taxes
56.6
57.9
58.0
57.7
25.4
26.0
26.0
25.9
31.2
31.9
32.0
31.9
19.4
19.8
20.0
20.2
11.8
12.1
12.0
11.7
33.0
33.4
33.8
34.4
64.3
27.7
36.6
20.5
16.1
34.8
II
in ..
IV....
1965 I
i Includes depreciation, capital outlays charged to current accounts, and
accidental damages.
Quarterly data are at seasonally
NOTE.—Dept. of Commerce estimates,
adjusted annual rates.
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS
(In billions of dollars)
Current liabilities
Current assets
Net
End of period
1957
1958
1959
I960
1965
Total
Cash
U.S.
Govt.
securities
Notes and accts.
receivable
U.S.
Govt.i
99.4
106.9
124.2
128.6
135.6
142.8
151.2
34.9
37.4
36.3
37.2
41.1
42.9
44.5
18.6
18.8
22.8
20.1
20.0
20.2
20.6
2.8
2.8
I
II
HI
IV
154.7
157.1
159.4
161.1
350.6
356.7
364.3
371.0
40.6
42.5
43.1
45.0
21.4
20.2
19.1
19.1
3.3
3.0
3.2
3.4
I
163.4
376.4
18.5
3.3
42.5
Inventories
Notes and accts.
payable
Other
Total
U.S.
Other
244.7
255.3
277.3
289.0
306.8
326.7
349.9
111.6
118.7
1-961
1962
1963
1964
working
capital
Govt.1
82.2
81.9
88.4
91.8
95.2
100 9
10.6
9.1
133.1
136.6
153.1
107.3
11.4
12.4
14.3
198.8
161.3
165.6
171.6
173.8
108.6
109.6
111.2
114.3
15.5
15.9
16.1
15.5
195.9
199.6
204.9
209.9
177.5
117.3
17.2
212.9
117.7
126.1
2.9
3.1
3.4
3 7
3.6
135.8
146.7
159.7
i Receivables from, and payables to, the U.S. Govt. exclude amounts
offset against each other on corps.' books.
6.7
7.5
160.4
171.2
184.0
Other
2.3
1.7
84.3
88.7
99.3
105.0
Accrued
Federal
income
taxes
Othei
112.8
121.2
131.8
128.9
2.6
2.7
2.7
15.0
13.5
14.1
15.0
16.3
15.6
31.1
33.3
37.0
40.1
42.5
45.7
48.2
48.8
141 .1
1.7
1.8
1.8
2.0
2.5
2.6
16.6
52.1
15.4
12.9
15.2
16.0
17.0
131.7
135.0
140.0
2.8
50.1
51.2
50.2
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)
Transportation
Manufacturing
Total
Period
Durable
Nondurable
36.96
30.53
32.54
35.68
8.02
5.47
5.77
7.18
7.94
5.96
6.29
7.30
34.37
37.31
39.22
44.90
50.40
6.27
7.03
7.85
9.43
10.89
7.40
7.65
1963—III
IV
10.14
11.09
1964 I
Ill
IV
II
I
112
1112
1957
1958
1959
I960
.. .
1961
1962.
1963
1964
19652
1965
.
Public
utilities
Communications
Other i
Railroad
Other
1.24
1.40
.94
.99
.99
.75
.92
1.03
1.77
1.50
2.02
1.94
6.20
6.09
5.67
5.68
3.03
2.62
2.67
3.13
7.84
9.16
10.89
1.08
1.04
1.19
1.32
.67
.85
1.10
1.41
1.63
1.85
2.07
1.92
2.38
2.64
5.52
5.48
5.65
6.22
6.67
3.22
3.63
3.79
4.30
8.46
9.52
10.03
10 83
1.96
2.31
1.99
2.25
.27
.28
.29
.33
.45
.54
1.60
.93
.61
1.06
9.40
11.11
11.54
12.84
1.93
2.30
2.37
2.83
1.87
2.23
2.30
2.76
.26
.29
.30
.33
.32
.36
.37
.18
.58
.71
.35
.51
.63
.59
.64
10,79
12.63
12.92
2.25
2.67
2.77
2.28
2.73
2.80
.29
.34
.34
.39
.41
.39
.58
.78
.60
.32
.66
.82
Total
(S. A.
annual
rate)
7.37
7 20
8 21
8.44
iIncludes trade, service, finance, and construction.
2 Anticipated by business.
Mining
.98
.76
16. 36
2.64
2.72
2.37
2.61
2.84
3.01
1.08
4 . 04
4 . 19
42.55
43.50
45.65
47.75
2 59
.97
1.10
1.06
1.17
40.00
41.20
49 00
49 60
50.80
NOTE.—Dept. of Commerce and Securities and Exchange Commission
estimates for corp. and noncorp. business, excluding agriculture.
1005
REAL ESTATE CREDIT
JULY 1965
MORTGAGE DEBT OUTSTANDING
(In billions of dollars)
All properties
End of
period
All
holders
Financial
institutions l
Nonfarm
Farm
Other
holders 2
1- to 4-family houses
U.S.
agencies
Individuals
and
others
FinanOther
cial
insti- holders^
tutions i
All
holders
All
holders
Multifamily and
commercial properties4
Total
Fin an.
institutions
Other
holders
Total
Fin an.
institutions
Mortgage
type 5
Other
holders
FHAVAunderwritten
Conventional
1941
1945
37.6
35.5
20.7
21.0
4.7
2.4
12.2
12.1
6.4
4.8
1.5
1.3
4.9
3.4
31.2
30.8
18.4
18.6
11.2
12.2
7.2
6.4
12.9
12.2
8.1
7.4
4.8
4.7
3.0
4.3
28.2
26.5
1957
1958
1959
1960
156.5
171.8
190.8
206.8
119.7
131.5
145.5
157.6
7.4
7.8
10.0
11.2
29.3
32.5
35.4
38.0
10.4
11.1
12.1
12.8
4.0
4.2
4.5
4.7
6.4
6.9
7.6
8.2
146.1
160.7
178.7
194.0
107.6
117.7
130.9
141.3
89.9
98.5
109.2
117.9
17.7
19.2
21.6
23.4
38.5
43.0
47.9
52.7
25.8
28.8
31.8
35.0
12.7
14.2
16.1
17.7
51.6
55.2
59.2
62.3
94.5
105.5
119.4
131.7
1961
1962
1963
1964P
226.3
251.6
280.8
311.4
172.6
192.5
217.1
241.0
11.8
12.2
11.2
11.4
41.9
47.0
52.5
59.1
13.9
15.2
16.8
18.9
5.0
5.5
6.2
7.0
8.9
9.7
10.6
11.9
212.4
236.4
264.0
292.5
153.1
166.5
182.2
197.7
128.2
140.4
156.3
170.5
24.9
26.0
25.9
27.2
59.3
69.9
81.8
94.9
39.4
46.6
54.6
63.5
19.9
23.4
27.1
31.4
65.5
69.2
73.0
76.6
146.9
167.2
190.9
215.9
1963—1.... 257.0
I I . . . 265.0
III... 273.0
IV... 280.8
197.2
204.1
210.8
217.1
11.8
11.2
11.1
11.2
48.0
49.8
51.1
52.5
15.5
16.1
16.5
16.8
5.6
5.9
6.1
6.2
9.9
10.2
10.5
10.6
241.5
248.9
256.5
264.0
169.2
173.7
178.2
182.2
143.4
148.1
152.5
156.3
25.8
25.6
25.8
25.9
72.2
75.2
78.3
81.8
48.1
50.2
52.3
54.6
24.1
25.0
26.0
27.1
70.1
70.9
71.7
73.0
171.1
178.0
184.8
190.9
1964—IP... 286.8
IIP.. 295.5
Ill P.. 303.6
IVP.. 311.4
221.9
228.4
234.8
241.0
11.2
11.2
11.3
11.4
53.7
55.8
57.4
59.1
17.3
18.0
18.5
18.9
6.4
6.7
6.9
7.0
10.9
11.3
11.6
11.9
269.5
277.4
285.1
292.5
185.2
189.6
193.9
197.7
159.2
163.0
167.0
170.5
26.0
26.6
26.9
27.2
84.3
87.8
91.2
94.9
56.4
58.7
61.0
63.5
28.0
29.1
30.2
31.4
73.8
74.5
75.6
76.6
195.7
202.9
209.5
215.9
1965—IP...
245.6
11.5
60.3
19.4
7.2
12.3
298.0
200.3
173.0
27.3
97.7
65.5
32.3
77.3
220.7
317.5
1
Commercial banks (including nondeposit trust cos. but not trust
depts.), mutual savings banks, life insurance cos., and savings and loan
assns.
2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin.,
and Federal land banks, and in earlier years, RFC, HOLC, and FFMC,
Other U.S. agencies (amounts small or current separate data not readily
available) included with "individuals and others."
3
Derived figures; includes debt held by Federal land banks and farm
debt held by Farmers Home Admin.
4
Derived figures; includes small amounts of farm loans held by
savings and loan assns.
5
Data by type of mortgage on nonfarm 1 - to 4-family properties alone
are shown on second page following.
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 Mortage 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)
Mutual savings bank holdings 2
Commerci al bank holdings *
Residential
Residential
End of period
Total
Total
FHAinsured
1941
t945
4,906
4 772
23,337
25 523
28,145
28 806
17,147
18 591
20,320
20 362
4,823
5 476
6,122
5 851
1961
1962
1963
1964
30,442
34,476
39,414
43,976
21,225
23,482
26,476
28,938
35,243
36 939
38,360
39,414
40,200
41,648
42 948
43,976
Conventional
3,292
3 395
1957
1958
1959
1960
VAguaranteed
Other
nonfarm
1963—1
II
HI
IV
1964 I
II
Ill
IV
1965 IP
. . .
Total
Total
856
566
521
4,812
4,208
FHAinsured
VAguaranteed
Conventional
3,884
3,387
1,048
Other
nonfarm
Farm
900
797
57
53
55
54
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
5,975
6,520
7,105
7,315
12,623 7,470
14,308 8,972
16,509 10,611
18,876 12,406
1,747
2,022
2,327
2,638
29,145
32,320
36,224
40,556
26,341 8,045 9,267 9,028
29,181 9,238 9,787 10,156
32,718 10,684 10,490 11,544
36,487 12,287 11,121 13,079
2,102
2 275
2,451
2 575
2,753
3,088
3,454
4,016
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
26,894
27,750
28,432
28,938
7,110
7,158
7,250
7,315
2,824
2,793
2,786
2,742
16,960
17,799
18 396
18,876
10,894
11,340
11,896
12,406
2,412
2,558
2,620
2,638
37,155
38,199
39,381
40,556
33,506
34,407
35,449
36,487
3,597
3,739
3,879
4,016
52
53
53
53
8,735
9 780
11,037
11 652
44 627
4,669
5,501
6,276
7,074
28
24
3,589
3 335
3,161
2 859
2,627
2,654
2,862
2,742
1
Includes loans held by nondeposit trust cos., but not bank trust depts.
2 Data for 1941 and 1945, except for totals, are special F.R. estimates.
NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp.
series for all commecial and mutual savings banks in the United States
Farm
11,004
11,376
11,826
12,287
7,790
8 360
8,589
8,986
10,639
10,826
10 977
11,121
6,551
7 073
7,622
8 246
11,863
12,205
12,646
13,079
51
51
52
53
51
52
41,513
and possessions. First and third quarters, estimates based on FDIC data
for insured banks for 1962 and part of 1963 and on special F.R. interpolations thereafter. For earlier years, the basis for first and third quarter
estimates included F.R. commercial bank call data and data from the
National Assn. of Mutual Savings Banks.
1006
REAL ESTATE CREDIT
JULY 1965
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
Loans acquired
Loans outstanding (end of period)
Nonfann
Period
Total
Total
FHAinsured
Nonfarm
VAguaranteed
Farm
1
1941
1945
1957
1958
1959
I960
5,230
5,277
5,970
6,086
4 823
4,839
5,472
5,622
1,301
1,549
1,401
201
291
3 339
3,343
3,722
3,930
1961
1962
1963
1964
6,785
7,478
9,172
10,327
6,233
6,859
8,306
9,277
1,388
1,355
1,598
1,787
220
469
678
683
816
737
714
652
135
127
55
60
778
152
Total
976
1964—Apr r
M ay
June
July
Sent
Oct
. . . .
653
831
195
5 529
5 860
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
4,625
5,035
6,030
6,807
552
619
866
1,050
44,203
46,902
50,544
55,179
41,033
43,502
46,752
50,881
524
465
102
85
85
51,871
52,117
52,466
52,832
53,173
53,560
53,984
54,404
55,179
55,626
55,941
56,343
56,687
407
438
Nov
Dec
51
575
861
805
875
904
857
1,367
785
739
810
836
791
1,254
151
155
161
165
158
161
56
56
57
60
60
57
578
528
592
611
573
1,036
76
66
65
68
66
113
808
655
786
175
123
154
67
50
51
566
482
581
107
93
153
880
. .
772
134
40
598
108
1965—Jan
Feb
Mar
Apr
NOTE.—Institute of Life Insurance data.
VAguaranteed
1,394
915
748
939
.
FHAinsured
6 442
6,636
863
...
Total
Other i
Farm
Other
4 714
4 466
913
776
7,721
7,433
7,086
6,901
18 180
19,519
21,011
22,856
2,584
2,667
2,827
2,982
9,665
10,176
10,756
11,523
6,553
6,395
6,401
6,415
24,815
26,931
29,595
32,943
3,170
3,400
3,792
4,298
47,887
48,085
48,384
48,709
49,014
49,367
49,756
50,151
50,881
11,030
11,076
11,116
11,165
11,227
11,296
11,376
11,453
11,523
6,428
6,433
6,422
6,413
6,410
6,404
6,403
6,412
6,415
30,429
30,576
30,846
31,131
31,377
31,667
31,977
32,286
32,943
3,984
4,032
4,082
4,123
4,159
4,193
4,228
4,253
4,298
51,307
51,593
51,923
52,213
11,625
11,676
11,742
11,786
6,433
6,439
6,432
6,419
33,249
33,478
33,749
34,008
4,319
4,348
4,420
4,474
815
For loans acquired> the
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
(In millions of dollars)
(In millions of dollars)
Loans made
Period
Total i
New Home
conpurstrue chase
tion
Total 2
FHAinsured
1,379
1,913
437
181
581
1,358
4,578
5,376
1957
1958
1959
1960
10,160
12,182
15,151
14,304
3,484
4,050
5,201
4,678
4,591
5,172
6,613
6,132
40,007
45,627
53,141
60,070
1,643
2,206
2,995
3,524
7,011
7,077
7,186
7,222
31,353
36,344
42,960
49,324
1961
1962
1963
1964
17,364
20,754
24,735
24,505
5,081 7,207 68,834
5,979 8,524 78,770
7,039 9,920 90,944
6,515 10,397 101,314
4,167
4,476
4,696
4,896
7,152
7,010
6,960
6,686
57,515
67,284
79,288
89,732
1964
2,145
2,394
2,363
2,164
2,048
2,051
1,791
1,969
597
624
635
537
498
531
462
522
1,527
1,541
2,056
2,068
2,021
370
379
544
558
522
881 95,071
1,054 96,168
1,037 97,211
1,025 98,159
970 98,995
893 99,832
770 100,519
784 101,314
4,731
4,744
4,760
4,769
4,793
4,811
4,830
4,896
6,828
6,797
6,777
6,750
6,729
6,706
6,690
6,686
83,512
84,627
85,674
86,640
87,473
88,315
88,999
89,732
4,906
4,921
4.939
4,952
4,972
6,683
6,654
6,629
6,590
6,566
90.255
90.776
91,583
92,433
93,267
1965
Jan
Feb
Mar
Apr
May"
638
638
824
850
861
101.844
102,351
103,151
103,975
104,805
Period
VAConguarvenanteed tional 2
1941
1945
May
June
July
Aug
Sept
Oct
Nov
Dec
By type of lender (N.S.A.)
Loans outstanding (end of period)
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.
Savings &
loan
assns.
Insurance
companies
Commercial
banks
Mutual
savings
banks
1941
1945
1957
1958
1959
1960
4,732
5,650
1,490
2,017
404
250
1,165
1,097
218
217
24,244
27,388
32,235
29,341
9,217
10,516
13,094
12,158
1,472
1,460
1,523
1,318
4,264
5,204
5,832
4,520
,429
,640
,780
,557
1961
1962
1963
31,157
34,187
36,925
13,662
15,144
16,716
1,160
1,212
1,339
4,997
5,851
6,354
,741
,957
2,061
2,880
2,987
,271
,322
103
110
495
504
184
166
2,758
2,575
2,935
3,089
3,090
3,388
3,519
3,277
3,281
3,225
2,847
,170
,128
,290
,350
,349
,485
,508
,398
,386
,332
1,174
103
90
102
109
116
126
137
130
131
129
114
483
465
540
567
560
607
618
581
597
590
514
145
129
140
154
176
197
233
213
215
201
192
1963
Nov
Dec
1964
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
1
1
Total i
N.S.A.
Includes amounts for other lenders, not shown separately.
NOTE.—Federal Home Loan Bank Board data.
1007
REAL ESTATE CREDIT
JULY 1965
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
(In millions of dollars)
(In billions of dollars)
VA-guaranteed
FHA-insured
Mortgages
Period
Total
1945
665
1956
1957
1958
1959
3,461
3,715
6,349
7,694
I960
1961
1962
1963
1964
New
homes
Existing
homes
257
217
Projects i
171
20
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
6,293
6,546
7,184
7,216
8,130
2,197
1,783
1,849
1,664
1,608
2,403
2,982
3,421
3,905
4,965
711
926
1,079
843
895
982
855
834
804
663
1,985
1,829
2,652
3,045
2,846
1,554
1,170
1,357
1,272
1,023
428
656
1,292
1,770
1,821
570
711
782
740
720
790
688
105
128
141
137
138
159
135
352
442
476
468
467
491
422
Dec
1964
1,666
2,563
130
595
929
628
683
135
428
68
67
108
68
66
81
81
67
46
73
57
67
49
58
50
54
192
233
251
246
270
271
258
242
71
76
81
78
85
93
91
88
121
157
171
167
185
178
167
153
Jan
Feb
Mar
Apr
May
630
138
115
137
128
116
405
34
40
62
51
57
54
34
45
42
53
225
200
216
179
182
84
72
77
64
57
141
128
139
115
125
May
June
July
Sept
Oct
1965
517
640
634
625
880
328
396
413
399
1 Monthly figures do not reflect mortgage amendments included in annual totals.
2 Not ordinarly 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.
N OTE .—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans
represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans
closed. Figures do not take into account principal repayments on previously insured or
guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on
number and average amount of loans closed.
FEDERAL NATIONAL MORTGAGE ASSOCIATION
ACTIVITY
End of
period
Total
FHAinsured
VAguaranteed
978
Mortgage
transactions
(during
period)
Purchases
Sales
609
5
3
482
5
3,047
3,974
3,901
5,531
1,237
1,483
2,546
2,069
2,737
2,418
2,985
I960
1961
1962
1963
1964
6,159
6,093
5,923
4,650
4,412
3,356
3,490
3,571
3,017
2,996
2,803
2,603
2.353
,634
,416
1,248
4,565
4,539
4,516
4,477
4,453
• . . . 4,440
4,439
4,412
3,027
3,025
3,033
3,008
2,998
2,997
3,011
2,996
,538
,514
,482
,469
,455
,443
,428
,416
44
36
41
44
34
36
40
40
4 417
4,394
4,364
4,341
4,326
3 009
3 005
2,986
2,989
2,997
408
,388
,378
,352
1,329
40
48
45
1965
Jan
Feb
Mar
May
1,096
623
1,907
815
740
290
424
51
47
Commitments
undisbursed
18.6
4.3
4.1
.2
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
I960
1961
1962
1963?
1964P
141.3
153.1
166.5
182.2
197.7
56.4
59.1
62.0
65.5
68.7
26.7
29.5
32.3
35.0
38.3
29.7 84.8
29.6 93.9
29.7 104.5
30.5 116.7
30.4 129.0
169.2
173.7
178.2
182.2
62.8
63.5
64.3
65.5
29.8
30.0
30.0
30.5
185.2
189.6
193.8
197.7
66.3
66.8
67.9
68.7
33.0
33.5
34.3
35.0
35.7
36.3
37.4
38.3
200.3
69.4
39.0
30.4 1.309
1963—IP
IIP
IIIP
1964—IP
IIP
IIIP
1965—IP
30.6
30.5
30.5
30.4
14.3
60.4
67.6
77.0
106.4
110.2
113.9
116.7
118.9
122.7
126.0
129.0
NOTE.—For total debt outstanding, figures are
FHLBB and F.R. estimates. For conventional,
figures are derived.
Based on data from Federal Home Loan Bank
Board, Federal Housing Admin., and Veterans Admin.
Period
Advances
Repayments
Advances outstanding
(end of period)
Total
1945 . . . .
Shortterm i
Longterm 2
Members
deposits
278
213
195
176
19
46
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
251
576
631
355
191
313
1960 . . .
1961
1962
1963
1964 ..
1,943
2,882
4,111
5,601
5,563
2,097
2,220
3,294
4,296
5,023
1,981
2,662
3,479
4,784
5,325
1,089
1,447
2,005
2,863
2,846
892
1,216
1,474
1,921
2,479
938
1,180
1,213
1,151
1,199
21
21
202
199
30
43
24
14
11
31
222
230
245
260
292
313
1964—May
June
July
Aug
Sept
Oct
Nov
Dec
352
703
584
369
382
401
379
791
401
329
590
351
327
441
392
250
4,395
4,769
4,763
4,781
4,837
4,797
4,784
5,325
2,438
2,674
2,699
2,662
2,635
2,605
2,572
2,846
1,957
2,095
2,064
2,119
2,202
2,192
2,212
2,479
990
1,153
936
926
989
978
989
1,199
4
41
43
43
32
316
316
320
321
327
1965—Jan
Feb
Mar
Anr
May
412
309
348
735
350
793
402
452
264
342
4,944
4,851
4,747
5,219
5,227
2,590
2,420
2,277
2,565
2,480
2,354
2,431
2,470
2,653
2,748
1,013
1,013
1,048
1,026
1,017
357
541
498
1,114
360
764
1,541
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.
Total
Conven-
FHA- VA- tional
inguarsured anteed
(In millions of dollars)
1956
1957
1958
1959
1964—May
June
July
Aug
Sept
Oct
Nov
Dec
Total
FEDERAL HOME LOAN BANKS
(In millions of dollars)
Mortgage holdings
End of
period
1945
192
1,505
1,371
2,885
3,507
1,133
Governmentunderwritten
Mortgages
Property
Total 3
imExproveNew
isting
ments 2
homes homes
c
1
2
Secured or unsecured loans maturing in 1 year or less.
Secured loans, amortized quarterly, having maturities of more than
1 year but not more than 10 years.
NOTE.—Federal Home Loan Bank Board data.
1008
CONSUMER CREDIT
JULY 1965
TOTAL CREDIT
(In millions of dollars)
Noninstalment
Instalment
End of period
Total
Other
consumer
goods
paper
Total
Automobile
paper
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
455
1,620
1,929
816
1957
1958
1959
44,970
45,129
51,542
33,867
33,642
39,245
15,340
14,152
16,420
I960
1961
1962
1963
1964
56,028
57,678
63.164
69,890
76,810
42,832
43,527
48,034
53,745
59,397
Sept
Oct
Nov
Dec
70,945
71,907
72.456
73,069
73,495
73,928
74,371
76,810
1965 Jan
Feb
Mar
Apr
May
76,145
75,741
76,085
77,483
78,687
Repair
and modernization
loans 1
1939
1941
1945...,
1964
May
June
July
Singlepayment
loans
Charge
accounts
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
8,844
9,028
10,630
2,101
2,346
2,809
7,582
8,116
9,386
11,103
11,487
12,297
3,364
3,627
4,129
5,146
5,060
5,104
2,593
2,800
3,064
17,688
17,223
19,540
22,199
24,521
11,525
11,857
12,605
13 766
15,303
3,139
3,191
3,246
3 389
3,502
10,480
11,256
12,643
14,391
16,071
13,196
14,151
15,130
16,145
17,413
4,507
5,136
5,456
5,959
6,473
5,329
5,324
5,684
5,871
6.300
3,360
3,691
3,990
4,315
4,640
55,120
55,914
56,496
57,055
57,446
57,826
58,085
59,397
23,255
23,702
24,024
24,251
24,295
24,423
24,367
24,521
13,599
13,730
13,813
13,923
14,046
14,222
14,431
15,303
3,364
3,395
3,426
3,466
3,493
3 509
3,516
3,502
14,902
15,087
15,233
15,415
15,612
15,672
15,771
16,071
15,825
15,993
15,960
16,014
16,049
16,102
16,286
17,413
6,206
6,233
6,218
6,299
6,354
6,333
6,412
6,473
5,099
5,238
5,240
5,231
5,223
5,352
5,394
6,300
4,520
4,522
4,502
4,484
4,472
4,417
4,480
4,640
59,342
59,363
59,788
60,803
61,739
24,574
24,743
25,063
25,615
26,109
15,204
14,984
14,944
15 056
15,229
3,473
3,446
3,440
3 439
3,484
16,091
16,190
16,341
16,693
16,917
16,803
16,378
16,297
16,680
16,948
6,412
6,442
6,518
6,606
6,686
5,724
5,154
4,977
5.210
5,453
4,667
4,782
4,802
4,864
4,809
i Holdings of financial institutions; holdings of retail outlets are included in "other consumer goods paper."
NOTE.—Consumer credit estimates cover loans to individuals for house*
hold, family, and other personal expenditures, except real estate mortgage
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
BULLETIN. Back data are available upon request.
INSTALMENT CREDIT
(In millions of dollars)
]
End of period
Total
Total
7
inancial institutions
Retail outlets
Commercial
banks
Sales
finance
cos.
Credit
unions
ConOther i
sumer
finance *
657
759
4 503
6,085
2 462
3 065
4,480
1 776
1 079
1,726
745
1 197
1,797
300
132
198
102
1957
1958
1959
33,867
33,642
39,245
29,200
28,659
33,570
12,843
12,780
15,227
9,609
8,844
10,319
2,429
2,668
3,280
I960
1961
1962
1963
1964
42,832
43,527
48,034
53,745
59,397
37,218
37,935
41,782
46,992
51,990
16,672
17,008
19,005
21,610
23,943
11,472
11,273
12,194
13,523
14,762
July
Aug
Sept
Oct
Nov
Dec
55,120
55,914
56,496
57,055
57,446
57,826
58,085
59,397
48,824
49,543
50,082
50,583
50,937
51,220
51,341
51,990
22,559
22,907
23,176
23,389
23,527
23,663
23,680
23,943
1965—Jan
Feb
Mar
Apr
May
59,342
59,363
59,788
60,803
61,739
52,159
52,352
52,837
53,828
54,694
24,091
24,246
24,537
25,117
25,602
1939
1941
1945
.
1964—May
.
Department
stores 2
Furniture
stores
Appliance
stores
Automobile
dealers 3
183
206
17
123
188
28
339
395
270
Other
1 438
1,605
686
354
320
131
439
496
rT?Q
3,124
3,085
3,337
1,195
1,282
,407
4,668
4,983
5,676
1,393
1,882
2,292
1,210
,128
,225
361
292
310
478
506
481
1,226
1 175
1,368
3,923
4,330
4,902
5,622
6,458
3,670
3,799
4,131
4,590
5,078
1,481
1,525
1,550
,647
1,749
5,615
5,595
6,252
6,753
7,407
2,414
2,421
3,013
3,427
3,922
,107
,058
,073
,086
,152
333
293
294
287
286
359
342
345
328
370
1 402
1,481
1 527
1,625
1,677
14,027
14,228
14,359
14,475
14,553
14,625
14,622
14,762
5,889
6,014
6,109
6,204
6,283
6,334
6,378
6,458
4,657
4,701
4,748
4,797
4,845
4,870
4,919
5,078
1,692
,693
1,690
1,718
,729
1,728
1,742
1,749
6,296
6,371
6,414
6,472
6,509
6,606
6,744
7,407
3,182
3,231
3,267
3,332
3,371
3,444
3,541
3,922
,020
028
1,037
,044
048
1,062
,088
,152
271
271
273
273
275
276
279
286
348
355
360
363
365
367
367
370
1,475
1 486
1 477
1,460
1 450
1,457
1,469
1,677
14,797
14,782
14,831
14,991
15,158
6,429
6,465
6,569
6,739
6,871
5,078
5,101
5,132
5,202
5,243
I 764
1,758
,768
1,779
820
7,183
7,011
6,951
6,975
7,045
3,791
3,713
3,673
3,701
3,745
I 128
1,101
1,085
1,077
I 076
285
282
277
275
111
373
377
384
395
405
1 606
1,538
1,532
1,527
1,542
1 Consumer finance cos. included with 'other" financial institutions
until Sept. 1950.
2 Includes mail-order houses.
Total
940
3 Automobile paper only; other instalment credit held by automobile
dealers is included with "other" retail outlets.
See also NOTE to table above.
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS
INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES
(In millions of dollars)
(In millions of dollars)
Automobile
paper
End of period
Other
comsumer
goods
paper
Total
Purchased
Direct
1,079
1,726
745
1957
1958
1959
237
447
66
338
143
309
114
12,843
12,780
15,227
1939
1941
1945
4,130
4,014
4,827
2,225
2,170
2,525
2,557
2,269
2,640
166
178
Repair
and
modernization
loans
Personal
loans
135
161
110
363
471
312
1,580
1,715
2,039
2,351
2,612
3,196
16,672
17,008
19,005
21,610
23,943
May
July
Au2
Sept
Oct
Nov
Dec
.
.
1965—Jan
Feb
Mar
Apr
May
5,316
5,391
6,184
7,246
8,300
2,820
2,860
3,451
4,003
4,451
2,759
2,761
2,824
3,123
3,380
2,200
2,198
2,261
2,361
2,427
3,577
3,798
4,285
4,877
5,385
22,559
22,907
23,176
23,389
23,527
23,663
23,680
23,943
7,673
7,854
7,979
8,090
8,143
8,233
8,242
8,300
4,255
4,323
4,371
4,389
4,390
4,396
4,393
4,451
3,192
3,205
3,234
3,244
3,255
3,273
3,281
3,380
2,331
2,355
2,380
2,405
2,422
2,437
2,438
2,427
5,108
5,170
5,212
5,261
5,317
5,324
5,326
5,385
24,091
24,246
24 537
25,117
25,602
I960
1961
1962
1963
1964
1964
1009
CONSUMER CREDIT
JULY 1965
8,325
8,405
8,539
8,769
8,982
4,503
4,568
4,673
4,814
4,935
3,455
3,457
3,461
3,506
3,554
2,400
2,378
2,368
2,364
2,391
End of period
Total
Automobile
paper
Other
consumer
good's
paper
115
167
1939
1941
1945
1,197
1,797
300
878
1,363
164
1957
1958
1959
9,609
8,844
10,319
1960
1961
1962
1963
1964
1964—May
June
July
Aug
Sept
5,408
5,438
5,496
5,664
5,740
Repair
and
modernization
loans
148
201
Personal
loans
56
66
Feb
Mar
Apr
May
1,509
1,717
2,114
31
36
7,528
6,811
7,449
8,228
8,701
2,739
3,100
3,123
3,383
3,889
139
161
170
158
142
1,066
1,201
1,452
1,754
2,030
8,489
8,633
8,741
8,799
8,764
8,773
8,698
8,701
3,583
3,615
3,614
3,643
3,706
3,754
3,804
3,889
149
150
149
149
148
146
144
142
1,806
1,830
1,855
1,884
1,935
1,952
1,976
2,030
14,797
14,782
14 831
14,991
15,158
1965—Jan
7,393
6,310
7,187
14,027
14,228
14,359
14,475
14,553
14,625
14,622
14,762
Nov
Dec
58
11,472
11,273
12,194
13,523
14,762
Oct
24
8,684
8,693
8,723
8,824
8,919
3,943
3,887
3 897
3,928
3,977
140
139
137
136
134
2,030
2,063
2 074
2,103
2,128
72
54
676
781
946
See NOTE to first table on previous page.
See NOTE to first table on previous page.
INSTALMENT CREDIT HELD BY OTHER
FINANCIAL INSTITUTIONS
NONINSTALMENT CREDIT
(In millions of dollars)
(In millions of dollars)
End of period
Total
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
1939
1941
1945
789
957
731
81
122
54
24
36
20
15
14
14
1957
1958
1959
6,748
7,035
8,024
1,114
1,152
1,400
588
490
565
595
681
698
I960
1961
1962
1963
1964
9,074
9,654
10,583
11,859
13,285
1,665
1,819
2,111
2,394
2,699
771
800
743
751
835
997
832
815
870
933
1964—May
12,238
12,408
12,547
12,719
12,857
12,932
13,039
13,285
2,490
2,537
2,573
2,610
2,633
2,654
2,667
2,699
876
894
911
927
941
884
890
897
912
923
13,271
13 324
13,469
13 720
13,934
2,689
2,700
2,744
2 813
2,868
July
Sept
Oct
Nov
Dec
1965—Jan
Feb
Mar
Apr
May
End of period
Total
4,555
4,723
5,244
1939
1941
1945
2,719
3 087
3,203
625
693
674
5,837
6,257
6,906
7,760
8,656
1957
1958
1959
11,103
11,487
12,297
I960
1961
1962
1963
1964
669
785
643
956
969
926
934
997
933
7,988
8,087
8,166
8,270
8,360
8,396
8,469
8,656
996
933
929
935
939
959
8,653
8,689
8,771
8 926
9,049
1,006
1,019
1 042
1,058
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 also NOTE to first table on previous page.
Singlepayment
loans
Personal
loans
Commercial
banks
Charge accounts
Service
Other Decredit
finan- part- Other Credit
cial
retail cards 2
insti- ment 1 outlets
tutions stores
162
152
72
236
275
290
1 178
1 370
l',322
2,937
3,156
3,582
427
471
547
876
907
958
3 953
3,808
3,753
317
345
393
2 593
2*800
3*, 064
13,196
14,151
15,130
16,145
17,413
3,884
4,413
4,690
5,047
5,469
623
723
766
912
941
948
927
895
909
3,952
3 907
4,252
4,456
4,756
436
469
505
520
635
3,360
3691
3*990
4*315
4 640
1964—May..
June..
July...
Aug...
Sept..
Oct....
Nov...
Dec...
15,825
15,993
15,960
16,014
16,049
16,102
16,286
17,413
5,230
5,313
5,329
976
920
889
5,335
5,361
5,361
5,377
5,469
964
993
972
1,035
1,004
626
610
576
588
624
660
703
909
3,910
4,028
4,008
3,960
3,928
4,055
4,065
4,756
563
600
656
683
671
637
626
635
4,520
4,522
4,502
4,484
4,472
4,417
4,480
4,640
1965—Jan....
Feb...
Mar...
Apr...
May..
16,803
16,378
16,297
16,680
16,948
5,409
5,436
5,495
5,572
5,628
1,003
1,006
1,023
[,034
,058
793
660
601
626
647
4,280
3,857
3,743
3,942
4,142
651
637
633
642
664
4,667
4,782
4,802
4,864
4,809
1,004
518
597
845
1
Includes mail-order houses.
2
Service station and misc. credit-card accounts and home-heating
oil accounts.
See also NOTE to first table on previous page.
1010
CONSUMER CREDIT
JULY 1965
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE O F CREDIT
(In millions of dollars)
Automobile paper
Total
Other consumer
goods paper
S.A.i
S.A.i
Period
S.A.i
N.S.A.
N.S.A.
N.S.A.
Repair and
modernization loans
S.A.i
N.S.A.
Personal loans
N.S.A.
S.A.i
Extensions
42,016
40,119
48,052
49 560
. .
1961
1962
1963
1964
1964 Mav
June
July
Aug
Sept
Oct
Nov
Dec
16,465
14,226
17,779
17,654
11,807
11,747
13,982
14,470
1,674
1,871
2,222
2,213
48,396
55,126
60,822
66,070
1957
1958
1959
1960
16,007
19,796
22,013
23,565
14,578
15,685
17,007
19,162
2,068
2,051
2,178
2,182
1965—Jan
Feb
Mar
Apr
May
5,584
5,949
5,747
5,519
5,393
5,552
5,323
6 767
2,023
1,962
1,996
2,017
2,024
1,924
1,858
2 043
2,137
2,245
2,166
1,984
1,830
1,999
1,727
1,992
1,589
J 537
1,546
,570
,588
,582
1,631
1,719
1 547
1,632
1,543
1,540
1,592
1,657
1,672
2,404
5,883
6,022
6,030
6,189
6,105
. ..
5,552
5,399
5,541
5,529
5,617
5,507
5,456
5,816
5,023
5,007
6,173
6,480
6,189
2,120
2,228
2,229
2,272
2,215
1,836
1,915
2,382
2,496
2,384
,729
1,760
1,698
1,645
,728
1,440
1,338
1,619
1,614
,682
187
183
189
205
208
208
186
210
186
180
175
180
200
191
175
161
181
134
175
186
189
190
132
176
190
214
12,069
12,275
14,070
15,223
15,744
17,594
19,624
21,161
1,753
1,717
1.810
1,756
1,819
1,821
1,792
1 874
1,695
1,864
1,830
1,785
1,771
1,705
1,749
2,210
1 853
1,859
1 917
2,083
1,972
1,613
1,622
1,996
2,180
1.909
Repayments
1957
1958
1959
I960
39,868
40,344
42,603
45,972
15,545
15,415
15,579
16,384
11,569
11,563
12,402
13,574
1 ,477
1,626
1,765
1,883
1961
1962
1963 .
1964
47,700
50,620
55,111
60,418
16,472
17,478
19,354
21,243
14,246
14,939
15,846
17,625
2,015
1,996
2,035
2,069
1964
Mav
June
J U ly
Aijo
Sept
Oct
Dec
1965
Jan
Feb
Mar
Apr
May
5,059
5 029
5,058
5,094
5,104
5,097
5,155
5,256
4,846
5,155
5,165
4,960
5,002
5,172
5,064
5,455
I 776
1,768
1,781
1,789
1,802
1,788
1,818
1,864
1 712
1,798
,844
1,757
,786
,871
1,783
1,838
1,483
1,486
1,448
1,496
1,491
1,456
1,509
1,505
1 424
,501
,460
,430
1,469
,481
1,463
,532
5,213
5,381
5,393
5,445
5.435
...
5,078
4,986
5,748
5,465
5,253
1,830
1,897
1,924
1,936
,940
1,783
.746
2,062
1,944
1,890
1,526
1,632
1,567
1,487
1,564
1,539
,558
,659
,502
,509
175
170
171
172
172
167
174
177
169
177
177
170
173
175
168
175
171
172
163
159
171
190
182
191
172
169
.
11,276
1 11.741
12,857
14,130
14,967
16,206
17,876
19,481
1 541
1 62<S
605
679
1,658
1,637
1,639
1,686
,654
1,710
,684
,603
,574
,645
,650
,910
,686
,680
,731
1,832
.759
,593
,523
,845
.828
1.685
!
Net change in credit outstanding 2
1957
1958
1959
1960
2,148
— 225
5,601
3,588
. . .
920
896
4 506
5,711
5,652
332
746
1,161
1,537
1 269
1 093
53
55
143
113
1,602
-465
2 318
2,659
2,322
696
1961
1962
1963
1964
197
245
463
330
238
184
— 1,189
2,268
1,270
1 388
1 748
1 680
793
534
111
493
370
738
794
247
194
425
447
123
131
12
13
36
31
128
112
582
559
391
380
259
322
227
44
128
-56
154
98
74
97
126
122
214
83
110
123
176
209
872
18
14
14
13
Dec
215
228
222
136
40
179
154
185
483
435
513
410
301
560
3
31
40
27
16
7
-14
152
119
180
135
138
164
146
182
197
60
99
300
Jan
Feb
Mar
Apr
May
670
641
637
744
670
290
331
305
336
275
53
169
320
552
494
203
128
131
158
164
-99
10
3
15
-1
18
-29
-27
-6
-1
45
167
179
186
251
213
20
99
151
3S2
224
1964 May
June
July
Aus
Sept
Oct
Nov
1965
1,312
-55
21
425
1,015
936
1 Includes adjustments for differences in trading days.
2 Net changes in credit outstanding equal extensions less repayments
except in 1959, when the differences do not reflect the introduction of
outstanding balances for Alaska and Hawaii.
NOTE.—Estimates are based on accounting records and often include
financing charges. Renewals and refinancing of loans, purchases and
106
51
-220
-40
112
173
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 BULLETIN, pp. 9-17. Back data upon request.
JULY 1965
CONSUMER CREDIT
1011
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions of dollars)
Total
Commercial banks
Sales finance
companies
Other financial
institutions
Retail outlets
Period
S.A.1
N.S.A.
S.A.1
N.S.A.
S.A.1
N.S.A.
S.A.I
N.S.A.
S.A.1
N.S.A.
Extensions
1957
1958
1959
1960
42,016
40,119
48,052
49,560
15,355
14,860
17,976
18,269
10,250
9,043
11 196
11,456
9,915
9,654
10 940
12,073
6.495
6.563
7 940
7,762
1961
1962
1963
1964
48,396
55,126
60,822
66,070
17,711
20,474
22,871
24,515
10 667
11,999
12 664
14,020
12,282
13,525
14 894
16,251
7,736
9,128
10 393
11,284
Sent
Oct
Nov
Dec
5,552
5,399
5,541
5,529
5,617
5,507
5,456
5,816
5,584
5,949
5,747
5,519
5,393
5,552
5,323
6,767
2,075
2,004
2,065
2,084
2,104
2,030
2,036
2,186
2,144
2,247
2,199
2,063
1,989
2,044
1,873
2,176
1,196
1,174
1,158
1,157
1,191
1,156
1,114
1,191
J .194
1,324
1,242
1,172
1,142
1,192
1,070
1,317
1,350
1,321
1,397
1,355
1,405
1,402
1,370
1,443
1,338
1,453
1,426
1,382
1,348
1,319
1,365
1,704
931
900
921
933
917
919
936
996
908
925
880
902
914
997
1,015
1,570
1965—Jan
Feb
Mar
Apr
Mav
5,883
6,022
6,030
6,189
6,105
5,023
5,007
6,173
6,480
6,189
2,224
2,262
2,286
2,362
2,343
2,020
1,974
2,414
2,591
2,459
1,175
1,281
1,276
1,243
1,242
I 027
1,060
I 292
,2R4
.239
1 459
1,427
1 487
1,607
,494
1,219
1,217
1,551
1,653
1,487
1 025
1,052
981
977
1,026
757
756
916
952
1,004
1964—May
June
July
.
Repayments
39,868
40,344
42,603
45,972
1961
1962
1963
1964
. .
14,360
14,647
15,560
16,832
9,759
9,842
9,742
10,442
9,250
9,365
10,020
11,022
6,499
6,490
7,281
7,676
47,700
50,620
55,111
60,418
1957
1958
1959
1960
18,294
18,468
20,266
22,268
10,943
11,434
12,211
13,161
11,715
12,593
13,618
14,825
6,749
8,125
9,016
10,164
Sept
Oct
Nov
Dec
5,059
5,029
5,058
5,094
5,104
5,097
5,155
5,256
4,846
5,155
5,165
4,960
5,002
5,172
5,064
5,455
1.876
1,845
1,857
1,889
1,860
1,868
1,916
1,944
1,809
1,899
1,930
1.850
,851
,908
,856
,913
1,114
1,102
1,097
1,087
1,118
1,071
1,103
1,129
1,060
1,123
1,111
1,056
1,097
1,120
1,073
1,177
1,234
1 223
1,267
1,237
1,266
1,284
1 255
1,303
1,174
1,283
1,287
1,210
1,210
1,244
1,258
1,458
835
859
837
881
860
874
881
880
803
850
837
844
844
900
877
907
Jan .
Feb
Mar
Apr
Mav
5,213
5,'81
5,393
5 445
5,435
5,078
4.986
5,748
5 465
5,253
1,921
1,956
.972
2,002
2,020
,872
.819
2,123
2,011
1,974
1,059
1,157
1,136
1,108
1,113
992
1,075
1,243
1 ,124
,072
1,299
1,286
,328
,396
,329
1,233
1,164
1,406
1,402
1,273
934
982
957
939
973
981
928
976
928
934
1964—May
June
July
1965
Net change in credit outstanding 2
1957
1958
1959
1960
2,148
-225
5,601
3,588
1,066
-63
2,447
1,446
491
-765
1,475
1,152
665
289
986
1,051
-75
315
693
-61
1961
1962
1963
1964
696
4,506
5,711
5,652
335
1,997
2,605
2,333
-199
921
1,329
1,239
578
932
1,276
1,426
-20
656
501
654
1964—May
June
July
Aue
Sept
Oct
Nov
Dec
493
370
483
435
513
410
301
560
738
794
582
559
391
380
259
1,312
199
159
208
195
244
162
120
242
335
348
269
213
138
136
17
263
82
72
61
70
106
85
11
62
134
201
131
116
78
72
-3
140
116
98
130
118
139
118
115
140
164
170
139
172
138
75
107
246
96
41
84
52
24
45
55
116
105
75
43
58
37
97
138
663
1965—Jan
Feb
Mar
Apr
May
670
641
637
744
670
-55
21
425
1,015
936
303
306
314
360
323
148
155
291
520
485
116
124
140
135
129
35
-15
49
160
167
160
141
159
211
165
-14
53
145
251
214
91
70
24
38
53
-224
-172
-60
24
70
. ..
1 Includes adjustment for differences in trading days.
2
Net changes in credit outstanding are equal to extensions less repayments except: (1) in 1959, when the differences do not reflect the introduction ©f outstanding balances for Alaska and Hawaii, and (2) in certain
months when data for extensions and repayments have been adjusted to
eliminate duplication resulting from large transfers of paper. In those
months the differences between extensions and repayments for some
particular holders do not equal the changes in their outstanding credit.
Such transfers do not affect total instalment credit extended, repaid, or
outstanding.
See also NOTE to previous table.
1012
INDUSTRIAL PRODUCTION: S.A.
JULY 1965
MARKET GROUPING
(1957-59- 100)
1957-59 ^1964
proaverporage
tion
Grouping
1965
1964
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.*" Apr. r
May
100.00 132.0 131.3 131.6 132.9 133.8 134.0 131.2 135.0 137.7 138.4 139.1 140.5 140.8 141.4
Consumer goods
Equipment, including defense....
47.35
32.31
15.04
52.65
131.5
131.3
132.0
132.5
131.1
131.0
131.3
131.3
131.7
131.5
132.0
131.8
132.3
132.1
132.7
133.6
133.3
133.1
133.6
134.7
132.5
132.0
133.7
135.6
130.3
129.2
132.6
132.2
134.6
133.6
136.8
135.7
137.4
137.0
138.3
137.7
138.0
137.9
138.2
139.1
138.2
137.7
139.4
139.7
139.5
139.3
140.0
141.3
139.1
138.2
141.1
142.4
139.7
137.7
143.8
142.8
Consumer goods
3.21 145.1 151.4 151.7 152.6 155.8 144.7 105.9 143.0 166.2 165.7 163.8 173.1 166.9 168.1
1.82 150.6 160.3 161.7 162.6 165.0 146.0 83.0 145.1 183.0 182.8 178.9 194.2 183.5 184.9
1.39 138.0 139.6 138.4 139.3 143.8 143.0 136.1 140.2 144.0 143.1 143.9 145.2 145.1 145.9
Autos
Auto parts and allied products
131.2
139.9
134.2
139.7
.47 118.8
1.26 142.4
1.52 144.7
5.41 123.8
130.0
137.8
131.0
136.9
114.3
141.9
142.4
123.4
131.2
139.7
131.1
136.6
115.5
144.7
145.9
124.0
131.9
140.1
133.3
140.0
114.5
144.2
144.8
124.9
131.9
139.8
136.8
143.9
116.7
141.0
142.3
125.3
133.8
142.4
139.0
146.1
119.1
145.5
143.7
126.6
136.3
146.7
143.2
149.6
125.1
148.3
149.7
127.5
137.6
148.0
143.1
145.9
135.5
149.7
152.3
128.8
139.9
150.8
144.9
149.2
132.9
150.6
157.9
130.6
140.3
151.9
146.6
150.8
134.8
152.6
157.5
130.6
141.4
153.1
148.5
152.3
137.9
152.7
158.9
131.5
139.8
151.4
147.3
151.7
134.7
152.0
155.8
130.0
140.1
151.5
146.1
151.6
130.5
154.4
155.4
19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74
128.9
119.9
122.4
146.9
123.7
141.2
119.6
151.7
159.3
128.3
120.2
122.6
144.5
124.7
138.7
120.4
47.6
155.2
128.9
119.4
119.4
150.5
125.5
140.6
121.8
149.8
157.6
129.1
118.4
126.4
146.7
123.5
142.8
121.4
153.2
162.2
130.0
118.7
125.5
149.1
123.2
145.7
118.8
158.8
169.8
129.9
118.7
123.3
152.6
121.3
144.4
120.4
156.1
165.6
130.7
120.0
123.3
151.9
121.8
145.8
122.2
157.4
166.8
130.5
122.0
123.1
149.7
122.8
142.4
119.9
153.4
161.1
131.8
122.5
126.4
151.8
124.3
143.2
120.1
154.5
162.7
132.3
122.3
125.3
154.2
125.8
144.0
118.0
156.7
160.9
132.0
121.2
125.6
152.8
125.3
146.3
119.9
159.2
164.3
133.1
122.1
127.4
154.2
128.6
146.5
118.6
160.0
167.0
132.5
122.1
122.0
152.6
126.9
148.8
122.4
161.7
169.1
131.4
120.6
11.63
6.85
2.42
1.76
.61
139.0
136.9
145.3
141.0
132.4
138.0
135.7
141.9
143.9
130.7
139.0
137.6
143.7
141.3
129.1
140.0
138.5
145.7
141.9
127.9
141.6
139.6
145.5
144.9
139.9
141.8
140.4
147.6
141.0
136.0
140.7
140.4
149.3
128.6
145.1
146.2
144.5
151.0
149.1
138.0
148.4
145.9
152.4
155.2
140.5
147.8
144.8
152.5
154.0
144.3
149.1
147.1
156.2
150.7
139.6
149.7
148.3
159.1
148.2
137.8
150.8
148.4
161.3
150.8
135.8
153.4
150.6
163.0
156.8
26.73
3.43
7.84
9.17
6.29
131.0
145.4
134.2
124.4
128.7
129.8
143.8
132.9
123.5
127.5
130.8
148.1
133.3
122.8
127.3
132.7
150.2
133.8
125.7
130.2
134.1
167.0
135.7
125.7
130.6
135.6
153.1
137.1
125.8
128.4
128.1
113.2
137.2
123.8
130.9
134.5
146.7
138.9
126.6
134.5
136.2
155.6
141.3
127.3
139.3
138.1
159.6
142.6
128.5
141.9
139.0
164.9
143.8
130.8
140.5
142.6
166.3
146.9
133.5
142.5
142 9
163.4
147.5
130.6
141.9
143 5
162 5
148.6
131 7
139.9
25.92
9.11
3.03
6.07
7.40
Miscellaneous home soods
Apparel, knit goods, and shoes
Beverages and tobacco
129.5
136.9
129.7
139.4
102.4
141.0
142.1
123.2
134.0
127.1
127.7
126.9
157.5
132.8
126.5
128.2
125.7
153.9
132.9
124.9
123.8
125.4
155.7
134.6
126.9
125.0
127.9
158.7
135.2
127.1
125.6
127.8
160.2
135.7
125.9
125.4
126.2
163.0
136.3
128.7
131.6
127.3
161.4
137.0
128.9
132.1
127.3
163.5
139.3
132.6
135.1
131.4
165.6
140.1
133.9
136.2
132.7
167.4
140.3
135.6
137.9
134.4
167.3
140.5
134.2
129 6
136.5
167.3
142.0
135.2
137 5
134.0
169.2
142.0
135 1
135 6
134.9
168.4
9.41
6.07
2.86
2.32
1.03
1.21
.54
122.3
111.7
149.4
149.4
142.7
159.4
122.2
112.1
148.9
150.1
142.0
160.7
122.7
112.2
149.7
150.6
143.5
160.4
123.0
112.4
149.8
150.5
143.9
160.9
123.4
112.7
150.9
151.5
145.1
161.9
123.7
113.0
150.6
151.0
147.1
159.2
123.9
113.3
150.6
150.4
144.1
160.6
123.9
112.8
151.4
150.5
147.4
158.1
125.1
113.0
154.9
154.6
149.7
164.2
124.6
112.4
154.7
154.7
148.7
165.3
123.7
110.8
155.9
156.1
150.9
166.0
125.7
112.3
158.5
159.1
154 9
168.3
127.2 127 9
114 3 115 8
159.6
160 2
155 8
169.8
10.00
4.59
1.81
1.33
Home soods and awavel .
Home goods
Appliances, TV, and radios
Appliances
TV and home radios
....
Newspapers' magazines, and books.
Consumer fuel and lighting
....
Fuel oil and gasoline
Residential utilities
Electricity
Gas
152 0
126.6
119.8
Equipment
Industrial equipment
Commercial eouioment
.. •.
Freight and passenger equipment. . .
Farm equipment
Defense equipment. .
••
•••
3.41
Materials
Consumer durable
Equipment
Construction
Metal materials n e e
....
Containers
General business sucolies
Nondurable materials n e e
Business fuel and power
Mineral fuels
. .•
Nonresidential utilities
General industrial
Commercial and other
Gas
....
Supplementary groups of
consumer goods
Automotive and home goods
Apparel and staples
See NOTE on opposite page.
7.80 142.1 142.9 143.5 145.0 146.6 141.8 127.3 145.2 155.5 156.9 156.8 161.3 157.8 158.3
24.51 127.8 127.2 127.7 128.0 128.9 128.9 129.8 129.9 131.2 131.9 131.7 132.7 131.9
1013
INDUSTRIAL PRODUCTION: S.A.
JULY 1965
INDUSTRY GROUPINGS
(1957-59= 100)
Grouping
957-59
proaverporage
tion
1964
May
June
July
Aug.
Sept.
1965
Oct.
Nov.
Dec,
Jan.
Feb.
Mar. : Apr.'
May
100.00 132.0 131.3 131.6 132.9 133.8 134.0 131.2 135.0 137.7 138.4 139.1 140.5 140.8 141.4
Total index.
86.45
48.07
38.38
8.23
5.32
132.9
133.2
132.4
110.9
150.5
132.2
132.6
131.7
111.3
148.3
132.4
133.2
131.5
111.4
149.7
133.9
135.0
132.5
110.9
151.4
134.5
135.7
133.1
111.9
154.5
134.9
135.2
134.4
111.9
153.2
131.7
129 A
134.5
112.0
153.8
136.0
136.7
135.2
112.7
152.3
139.1
140.6
137.3
112.3
154.7
140.0
141.9
137.6
112.1
155.6
140.6
142.6
138.1
111.5
157.4
142.1
144.7
138.8
112.5
159.2
142.3
145.4
138.3
113.0
160.6
142.8
146.8
137.8
114.5
160.5
Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals and products.
Fabricated metal products
Structural metal parts
12.32
6.95
5.45
1.50
5.37
2.86
130.1
128.2
125.6
137.6
132.6
130.3
128.5
127.1
127.8
135.0
130.3
128.1
128.1
126.1
125.2
132.8
130.6
129.6
132.1
131.2
130.4
135.9
133.3
131.2
133.7
132.8
32.2
133.0
134.8
131.0
133.5
132.8
129.1
138.5
134.3
131.7
131.3
131.8
130.3
133.9
130.7
128.6
135.6
134.6
133.4
140.3
136.9
135.8
138.7
137.9
135.7
150.9
139.7
137.2
140.0
139.6
137.
148.0
140.6
137.0
140.4
136.9
137.0
149.0
144.9
140.9
142.5
140.4
139.5
151.0
145.1
144.1
144.1
141.5
141.3
153.7
147.5
144.3
143.9
141.4
141.1
154.3
147.2
142.9
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
136.1
141.0
141.8
140.0
130.7
150.1
112.4
136.4
135.9
138.5
139.6
137.0
134.1
157.4
112.8
134.6
137.1
140.1
141.9
137.7
134.9
158.3
113.4
134.8
138.0
141.9
143.6
139.7
134.3
158.6
111.7
136.4
138.7
142.8
144.1
141.1
135.3
160.9
111.5
137.4
137.8
144.1
145.0
142.9
130.9
150.1
112.7
138.6
128.7
144.7
145.4
143.8
105.3
96.2
110.8
137.6
139.0
147.4
148.2
146.3
129.2
143.9
114.5
140.2
144.2
149.3
149.9
148.5
140.3
167.4
115.0
142.0
145.3
150.4
151.4
149.2
141.4
169.1
115.5
142.7
145.8
152.3
152.7
151.7
139.7
167.7
114.1
145.3
148.4
153.6
153.8
153.4
144.4
176.4
115.3
146.9
149.1
155.2
155.2
155.3
144.6
173.2
118.6
145.5
151.1
156.6
156.8
156.2
147.6
175.4
122.3
146.9
Manufacturing, total.
Durable
Nondurable
Mining
Utilities
Durable manufactures
Clay, glass, and lumber
Clay, glass, and stone products...
Lumber and products
4.72 121.1 120.9 120.1 122.6 121.4 120.7 121.0 120.9 121.1 125.0 125.9 126.0 124.1 126.2
2.99 126.0 124.3 126.6 126.4 125.6 127.0 126.9 mj
130.2 132.6 131.8 129.2 129.9 131.1
1.73 112.7 114.9 109.0 116.
114.1 109.7 110.8 109.2 105.5 111.9 115.6 120.5 114.2 117.7
Furniture and miscellaneous..
Furniture and fixtures
Miscellaneous manufactures.
3.05 138.4 136.2 138.0 138.5 139.0 138.4 141.7 143.4 145.4 145.2 147.6 148.4 149.5 150.3
1.54 143.4 140.5 142.8 143.2 144.4 144.1 147.4 149.3 151.5 150.6 154.3 154.3 155.6 156.6
1.51 133.3 131.9 133.2 133.8 133.4 132.6 135.9 137.4 139.1 139.6 140.8 142.4 143.2 143.9
Nondurable manufactures
Textiles, apparel, and leather.
Textile mill products
Apparel products
Leather and products
7.60
2.90
3.59
1.11
124.8
122.8
134.0
100.7
123.5 122.9
119.3 119.2
132.8 133.8
104.7 97.3
124.9
121.5
134.4
103.5
126.0
123.5
135.1
103.1
126.8
125.8
135.8
100.3
128.4
127.5
137.2
192.4
130.2
129.6
139.1
103.2
131.4
130.9
140.6
103.3
132.7
132.1
142.2
103.6
132.8
131.4
143.7
101.2
132.7 132.6 133.5
130.9 131.9 131.6
144.0 143.7
100.8 98.3
Paper and printing
Paper and products....
Printing and publishing.
Newspapers
8.17
3.43
4.74
1.53
127.5
133.4
123.2
117.0
128.2
134.3
123.9
117.
126.6
130.1
124.1
117.2
128.0
132.8
124.5
120.0
127.9
132.8
124.3
118.3
128.2
135.5
123.0
115.9
129.2
137.0
123.6
116.3
128.0
133.8
123.9
117.5
131.7
140.2
125.6
119.6
131.2
137.7
126.6
120.7
131.8
137.5
127.7
120.9
132.9
139.0
128.5
121.0
733.5
140.7
128.3
120.7
Chemicals, petroleum, and rubber.
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
11.54
7.58
3.84
1.97
1.99
152.
159.4
178.0
121.0
155.7
150.0
156.7
173.7
122.0
152.2
152.1
159.6
176.3
122.1
153.4
152.3
158.7
177.1
124.6
155.2
153.6
160.8
178.7
121.2
158.2
156.9
165.0
184.9
120.4
162.4
155.4
162.5
179.9
122.9
161.0
155.5
163.0
182.6
121.6
160.5
158.3
166.5
188.2
120.6
164.0
158.8
166.9
186.3
119.0
167.2
160.4
167.8
188.2
121.5
171.1
162.0
169.5
190.8
122.2
172.6
160.6 160.5
169.0 169.1
191.2
121.5
167.7
Foods, beverages, and tobacco.
Foods and beverages
Food manufactures
Beverages
Tobacco products
11.07
10.25
8.64
1 .61
.82
120.6
120.6
120.
123.
120.8
120.7
120.0
120.2
119.2
129.2
119.5
119.6
119.5
120.1
118.1
120.5
120.0
118.9
125.8
127.5
120.5
120.4
119.1
127.6
121.4
120.0
120.0
119.1
124.6
120.6
120.9
120.7
120.2
123.3
123.3
122.7
122.8
122.6
124.1
121.0
123.7
123.5
122.9
126.9
125.4
123.5
123.6
123.0
126.9
122.2
123.2
123.2
122.5
126.7
123.5
123.3
123.0
122.2
127.5
127.2
122.5 720.4
122.6 120.3
122.6 120.2
122.6
120.9
Coal, oil, and gas
Coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Gas and gas liquids
Oil and gas drilling
6.80
1.16
5.64
4.91
4.25
.66
.73
109.4
104.3
110.4
113.4
109.8
136.5
90.1
109.9
106.1
110.7
113.5
110.1
135.3
91.3
109.8
105.1
110.8
113.8
110.2
137.1
90.1
110.1
105.0
111.1
114.2
110.3
139.0
90.5
110.7
107.9
111.3
113.8
109.8
139.6
94.0
111.0
105.
112.
114.
111.
139,
94.
110.8
109.2
111.1
114.3
110.8
136.8
89.2
110.1
108.7
110.4
113.8
110.2
136.5
87.3
110.1
107.2
110.7
114.3
110.9
133.8
86.4
109.7
107.7
110.1
113.6
109.8
134.6
86.9
109.1
103.2
110.3
112.6
108.6
110.0
103.1
111.4
114.5
110.5
111.3
94.7
90.2
86.0
Metal, stone, and earth minerals...
Metal mining
Stone and earth minerals
1.43 118.1 117.9 119.2 114.9 117.7 116.1 118.0 125.3 722.7 123.3 123.1 124.3 121.4 122.9
.61 117.3 119.4 119.2 107.7 112.2 111.3 115.7 127.1 121.8 126.7 123.4 124.6 125.
121.2
118.
116.8 119.2 120.2 121.7 119.6 119.7 123.9 123.4 120.8 122.9 124.
118.2 124.2
133.4
139.2
129.3
121.5
Mining
772.7
107.
114.2
112.0 112.4
115.8 116.1
111.4 111.9
87.4
Utilities
Electric
Gas
4.04 153.6 152.3 153.6 155.5 159.3 157. 157.4 155.0 158.1 157.3 159.6 162.4 164.0
1.28 140.7 141.5 143.2 145.0 146.0( 147.1 148.3 148.9 149.6
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 seriet and
subtotals (N.S.A.) are published in the monthly Business Indexes release.
1014
INDUSTRIAL PRODUCTION: N.S.A.
JULY 1965
MARKET GROUPINGS
(1957-59= 100)
1957-59 *>1964
proaverporage
May
tion
Grouping
1965
1964
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.r Apr. r
May
100.00 132.0 132.3 133.9 137.6 132.9 136.5 135.0 135.9 135.2 136.8 139.0 141.5 141.4 142.4
Total index
Equipment, including defense....
47.35
32.31
15.04
52.65
131.5
131.3
132.0
132.5
130.5
130.0
131.8
133.9
133.3
133.2
133.5
134.5
127.5
126.3
130.1
127.8
131.4
131.5
131.1
134.2
136.1
137.1
134.0
136.8
134.9
136.0
132.4
135.0
135.1
134.8
135.7
136.6
134.6
132.6
139.0
135.8
136 5
135.7
138.3
137.0
138.1
137.4
139.8
139.7
140.6
140.1
141.6
142.4
138.2
136.5
142.0
144.2
139.3
137.0
144.3
145.2
Consumer goods
3.21 145.1 160.6 162.7 131.1 89.5 139.1 114.7 153.4 169.5 175.5 173.9 182.9 176.7 178.8
1.82 150.6 176.3 180.3 130.1 46.2 132.9 95.4 165.4 192.2 201.1 196.8 213.6 200.0 203.4
1.39 138.0 139.8 139.4 132.4 146.7 147.2 140.2 137.6 139.7 141.7 143.8 142.4 146.0 146.4
Auto parts and allied products
10.00
4.59
1.81
1.33
131.2
139.9
134.2
139.7
.47 118.8
1.26 142.4
1.52 144.7
5.41 123.8
Appliances, TV, and radios
Miscellaneous home goods
Apparel, knit goods, and shoes
129.5
135.6
130.0
141.6
97.4
135.6
142.1
124.4
131.2
140.5
136.8
145.3
112.9
140.2
145.2
123.4
120.0
126.8
110.4
118.8
86.6
137.0
137.9
114.1
134.2
136.4
120.2
122.0
115.1
146.1
147.7
132.4
135.1
147.4
144.1
147.3
134.8
147.1
151.6
124.7
141.6
150.2
145.8
143.2
153.1
152.3
153.8
134.2
138.3
151.8
148.9
150.8
143.5
152.3
154.9
126.9
129.2
145.7
135.2
141.1
118.4
154.5
150.8
115.3
134.1
142.9
136.8
142 5
120.9
147.3
146.5
126.7
143.5
151.6
153.8
159.8
137.0
150.0
150.4
136.5
146.0
156.3
160.5
170.8
131.4
150.9
155.7
137.4
140.3
151.7
151.9
161.5
124.6
149.3
153.5
130.7
141.3
152.7
153.3
163.7
124.1
148.5
155.4
129.2
116.9
136.5
153.8
124.5
134.2
120.3
128.8
117.8
132.0
140.8
121.6
145.0
123.5
137.2
129.4
136.1
152.4
124.8
148.4
122.3
137.9
135.2
124.9
154.1
124.7
144.7
120.4
136.7
134.3
129.5
154.9
123.5
137.0
119.0
129.8
125.1
116.3
150.1
122.8
135.4
119.2
128.1
118.7
108.9
148.8
124.8
146.8
122.9
129.8
115.6
110.2
153.0
124.5
158.2
123.0
128.0
112.0
114.4
152.3
124.4
154.9
123.0
129.8
113.8
123.9
155.0
128.3
150.2
117.4
127.7
112.7
124.4
151.1
125.9
145.1
116.0
127.6
114.0
Newsp'apers, magazines, and books..
Consumer fuel and lighting
Electricity
Gas
....
19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74
128.9
119.9
122.4
146.9
123.7
141.2
119.6
151.7
159.3
125.0
114.1
131.0
144.6
123.7
130.5
116.3
11.63
6.85
2.42
1.76
.61
139.0
136.9
145.3
141.0
132.4
138.8
135.8
140.2
148.2
140.5
141.2
138.8
144.1
147.0
139.9
137.1
137.1
142.8
136.2
115.8
138.7
139.2
145.8
136.2
111.9
142.2
141.7
149.8
139.0
125.9
140.1
139.6
151.8
128.6
133.5
144.1
142.5
152.8
146.1
122.1
148.3
146.8
155.0
149.8
134.4
147.3
145.1
152.7
149.4
145.0
149.7
146.4
155.1
152.2
157.8
151.9
148.4
157.7
154.9
158.9
152.2
148.4
158.2
156.8
157.6
154.4
150.8
161.0
161.5
26.73
3.43
7.84
9.17
6.29
Beverages and tobacco
131.0
145.4
134.2
124.4
128.7
133.9
149.5
133.8
127.8
134.5
134.9
149.6
134.6
132.0
131.4
727.7
135.2
129.7
129.5
118.5
132.6
140.3
131.6
134.5
126.8
136.3
153.1
135.7
133.3
132.3
131.3
116.0
136.8
130.6
134.0
135.4
151.1
139.0
126.3
135.6
135.0
163.4
143.4
118.4
133.2
135.7
165.2
143.9
116.0
138.2
138.7
167.4
145.1
120.3
141.8
142.9
171.3
148.5
125.5
145.9
144.4
168.3
149.1
129.3
147.6
147.1
169.0
149.6
136.3
147.6
25.92
9.11
3.03
6.07
7.40
134.0
127.1
127.7
126.9
157.5
133.9
128.6
129.5
128.2
157.7
134.1
126.9
130.0
125.4
158.0
127.8
120.2
125.0
117.7
147.3
135.9
129.2
138.2
124.6
157.8
137.3
130.3
133.6
128.7
161.4
138.9
134.3
138.2
132.4
162.2
138.0
130.1
124.8
132.8
165.1
136.6
127.2
117.5
132.1
162.3
138.3
128.7
128.0
129.0
166.6
140.8
133.3
135.1
132.4
170.6
141.9
134 2
129.6
136.5
171.5
143.9
138 8
141.6
137 4
172.6
143.3
137.4
137.0
137.6
172.6
9.41
6.07
2.86
2.32
1.03
1.21
.54
122.3
111.7
149.4
149.4
142.7
159.4
120.4 122.2 119.8 125.2 125.0 124.9 124.2 125.5 125.4 124.7 126.1 126 2 126.0
111.0 111.0 104.6 111.3 111.8 114.1 114.2 114.7 114.4 114.2 114.9 115.6 114.6
'i52]2
125.6
*ii5*8
HO,5 145.0 165.4 173.2 166.4 150.1 146.6 168.4 187.6 180.4 175.7 165.7
Equipment
Freight and passenger equipment...
3.41
Materials
Nondurable materials n e.c
Gas
146.0 152.5 158.9 162.9 159.9 152.6 147.7 151 4 152.3 150.0 153 6 152 7
142.7 144.8 143.9 148.0 149.3 147.3 147.4 148.2 148.0 147.0 153.4 153.8
152.2 163.0 177.0 181.2 174.3 162.2 152.7 159.3 161.2 157.7 159.2 157.1
Supplementary groups of
consumer goods
Apparel and staples
See NOTE on opposite page.
7.80 142.1 145.9 149.6 128.6 117.1 144.0 135.6 152.5 155.5 156.3 160.8 167.2 162.0 163.4
24.51 127.8 124.9 127.9 125.6 136.1 135.0 136.2 129.1 125.3 129.1 129.9 131.5 128.4
1015
INDUSTRIAL PRODUCTION: N.S.A.
JULY 1965
INDUSTRY GROUPINGS
(1957-59= 100)
1957-59 Pi 964
proaverporage
tion
Grouping
1965
1964
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.r Apr.'
May
100.00 132.0 132.3 133.9 127.6 132.9 136.5 135.0 135.9 135.2 136.8 139.0 141.5 141.4 142.4
Total index
86.45
48,07
38.38
8.23
5.32
132.9
133.2
132.4
110.9
150.5
133.7
134.8
132.3
111.7
135.2
136.4
133.6
112.6
127.9
128.8
126,7
107.0
133.1
129.6
137.4
113.0
137.4
136.8
138 2
113.3
136.0
132.2
140.8
114.5
137.4
138 6
135 8
113.3
136.2
140.4
131 0
111.9
137.6
140.6
133.8
111.0
140.4
143.4
136.5
110.8
143.3
147.0
138.7
111.1
143.1
147.5
137.7
113.0
144.4
149.4
138.2
114.9
Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals and products
Fabricated metal products
,
12.32
6.95
5.45
1.50
5.37
2.86
130.1
128.2
125.6
137.6
132.6
130.3
131.9
132.9
130.4
142.2
130.6
127.5
131.2
128.6
125.2
141.0
134.5
132.2
123.5
117.4
116.1
122.3
131.3
131.2
131.5
125.9
124.3
131.7
138.8
135.6
135.4
131.3
129.1
139.5
140.7
137.0
133.8
133.1
132.3
136.4
134.6
132.5
136.7
135.9
134 7
140.3
137.7
137.8
136.1
133.8
132.3
139.4
139.0
138.6
139.3
141.0
139.8
145.5
137.2
134.3
142.7
144.7
142.9
151.2
140.1
135.3
145.8
149.1
146.5
158.5
141.6
138.5
148.5
151.0
148.4
160.5
145.3
140.0
147.3
147.9
143.9
162.5
146.5
142.2
Machinery and related
27.98
14.80
8.43
6.37
10.19
4.68
5.26
1.71
1.28
136.1
141.0
141.8
140.0
130.7
150.1
112.4
136.4
137.9
139.8
143.1
135.4
137.7
165.0
112.3
133.3
139.8
142.6
145.3
139.0
138.4
167.4
111.8
136.1
130.9
135.3
140.0
129.1
125.1
142.0
109.0
135.0
126.8
138.5
138.8
138.0
109.1
106.7
109.5
138.5
137.7
145.3
143.1
148.1
128.5
145.8
112.2
140.1
130.2
145.3
142.8
148.7
108.3
102.3
111.4
139.1
141.4
147.5
145,1
150 8
135.0
155 0
116.2
142.7
146.7
150.6
150.9
150.3
144.7
174.9
117.3
143.7
146.8
150.1
152.2
147.3
146.1
178.9
116.7
141.7
148.7
154.4
155.4
153.1
144.8
177.3
115.5
143.1
152.7
157.9
159.6
155.5
150.6
187.7
117.0
144.7
151.4
157.2
159.9
153.6
148.3
179.8
119.2
143.3
153.6
158.3
160.7
155.2
152.1
184.8
121.8
145.4
Durable
Nondurable. . .
.
...
Durable manufactures
products...,
Nonelectrical machinery
«
,
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment....
Instruments and related products...
Clay, glass and lumber
Clay, glass, and stone products
Lumber and products
4.72 121.1 125.4 129.2 126.0 132.4 129.9 128.2 121 1 110.5 108.3 114.4 117.3 122.9 131.3
2.99 126.0 129.3 134.6 133.4 136.3 134.6 134.5 129.6 120.4 114.0 116.4 118.9 129.3 137.0
1.73 112.7 118.7 119.9 113.2 125.5 121.8 117.4 106.5 93.4 98.5 111.0 114.5 111.9 121.6
Furniture and fixtures
3.05 138.4 133.1 138.3 135.5 143.4 144.8 149.2 148 2 146.7 139.5 142.9 145.6 145.2 146.9
1.54 143.4 136.3 142.5 141.8 149.2 149.6 153.0 152 0 154.2 147.6 150.4 152.4 151.4 151.9
1.51 133.3 129.9 133.9 129.1 137.4 139.9 145.4 144 3 139.1 131.2 135.2 138.8 138.9 141.7
Nondurable manufactures
Textile mill p r o d u c t s . . . .
Apparel products
Leather and products
,
7.60
2.90
3.59
1.11
124.8
122.8
134.0
100.7
126.2 125.1 113.0
124.7 124.6 110,3
135.5 133.8 121.6
100.0 98.3 92.6
131.4
126.6
141.9
109.8
126.0
126 4
133.1
101.8
132.3
127.5
144.7
105.0
129 4 119.3
130 2 121.7
137> 124.4
101.1 96.4
130.6
131.4
138.6
103.1
138.2
134.0
150.9
108.2
138.3 133.6 134.6
133.5 133.9 136.2
151.9 144.4
106.8 98.3
Paper and products
Printing and publishing
Newspapers
...
8.17
3.43
4.74
1.53
127.5
133.4
123.2
117.0
129.3
135.0
125.1
124.8
127.3
132.7
123.4
117.8
120.9
124.8
118.2
104.4
127.8
137.3
121.0
107.1
129.4
135 5
124.9
116.7
134.9
145.9
126.9
122.6
130 9
134 5
128 4
128.7
127.5
126.6
128.2
123.2
128.6
137.0
122.6
111.2
131.8
140.9
125.3
116.9
134.6
141.8
129.5
123.4
136.4
144.9
130.2
129.3
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
152.2
159.4
178.0
121.0
155.7
152.2 155.4
159.9 163,0
176.5 178.1
120.2 125.8
154.5 155.7
145.3
152.9
170.9
128.3
133.5
154 J
160.9
176.6
127.3
158.2
157.8
164.5
183.1
125.2
164.5
157.S
163.6
180.8
123.5
170.0
155.2
162.6
184.1
119 8
162.1
154.6
162.6
186.3
118.8
159.9
157.6
164.9
185.4
117.2
169.7
161.3
168.2
190.1
119.7
176.2
163.2
171.4
192.7
117.9
176.4
162.7 162.9
172.0 172.5
194.1
116.6 iis!9
172.9
Foods, beverages, and tobacco
Foods and beverages.
Food manufactures
Beverages
11.07 120.6
10.25 120.6
8.64 120.2
1.61 123.2
. 8 2 120.8
118.0 121.3 120.8 130.5
116.7 120.9 121.5 130.5
114.3 117.0 117.7 129.0
129.5 141.7 141 8 138.4
133.8 126.4 112.8 131.4
132.7
133 2
134.9
124.6
125.3
133.4
133.4
134.6
127.0
134.3
123.6
123 6
125 7
112 7
123 4
117.0
118.2
119.2
112.4
102.1
114.9
114.4
116.2
104.7
120.9
113.1
112.3
112.7
110.1
122.9
116.5
115.7
114.3
123.2
125.3
115.5 117.6
115.1 116.9
113.0 114.2
126.3
120.7
110.2
111.2
109.9
111.9
108.9
131.3
96.4
111.7
119.0
110.2
113.0
109.7
133.9
91.4
111 6
113.2
111 3
114 5
110 2
141.6
89.5
112.1
105.3
113.5
116.9
112.0
144.9
90.5
112.0
105.5
113.4
116.5
111.4
145.6
92.6
111.9
104.4
113.4
116.5
111.9
111.5
103.9
113.1
117.5
112.7
112.0
108.7
112.6
117.2
113.2
.
„
. *
,
..
134.5
139.9
130.6
129.5
Mining
Coal
Oil and gas extraction
Crude oil
Gas and gas liquids
Oil and gas drilling
Metal, stone, and earth minerals....
Metal mining
6.80
1.16
5.64
4.91
4.25
.66
.73
1.43
.61
109.4
104.3
110.4
113.4
109.8
136.5
90.1
108.4
107.2
108,7
111.9
109.0
130.0
87.3
108.6
108.4
108.6
111.6
109.1
127.6
88.2
103.2
77.2
108.5
111.1
108,1
130.7
91.1
109.7
113.5
108.9
110,8
107,6
131.1
96.2
111.3
115.3
110.4
114.4
110.8
"*92!4 "83]6 '"8U5 "83.'6
118.1 127.0 131.8 125.0 128.8 128.4 128.0 121.6 111.1 106.2 105.8 109.1 117.7 132.3
117.3 131.3 134.7 115.2 121.2 125.8 123.8 116 9 109.6 111.5 111.1 110.9 117.0 133.3
. 8 2 118.7 123.8 129.6 132.3 134.5 130.4 131.1 125 1 112.3 102.2 101.9 107.7 118.2 131.6
Utilities
Electric
Gas
4.04 153.6 143.7 149.3 161.6 167.3 162.6 151.5 147.3 158.6 167.3 163.0 163.0 158.2
1.28 140.7
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.
1016
BUSINESS ACTIVITY; CONSTRUCTION
JULY 1965
SELECTED BUSINESS INDEXES
(1957-59= 100)
Manufacturing 2
Industrial production
Major market groupings
Period
Final products
Total
Construction
contracts
Major industry
groupings
1
MateConrials
sumer Equipment
goods
Mfg.
Mining
81.9
85.2
49.5
92.7
86.3
83.2
91.3
90.5
92.9
90.2
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
I960
1961
1962
1963
1964...
108.7
109.7
118.3
124.3
132.0
109.9
111.2
119.7
124.9
131.5
111.0
112.6
119.7
125.2
131.3
107.6
108.3
119.6
124.2
132.0
107.6
108.4
117.0
123.7
132.5
108.9
109.6
118.7
124.9
132.9
101.6
102.6
105.0
107.9
110.9
115.6
122.3
131.4
140.0
150.5
105
1964
131.3
131.6
132.9
133.8
134.0
131.2
135.0
137.7
138.4
139.1
140.5
140.8
141.4
141.9
131.1
131.7
132.3
133.3
132.5
130.3
134.6
137.4
131.0
131.5
132.1
133.1
132.0
129.2
133.6
137.0
131.3
132.0
132.7
133.6
133.7
132.6
136.8
138.3
131.3
131.8
133.6
134.7
135.6
132.2
135.7
137.7
132.2
132.4
133.9
134.5
134.9
131.7
136.0
139.1
111.3
111.4
110.9
111.9
111.9
112.0
112.7
112.3
138.0
138.2
139.5
139.1
139.7
139.9
137.9
137.7
139.3
138.2
137.7
138.0
138.2
139.4
140.0
'141.1
143.8
144.0
139.1
139.7
141.3
142.4
142.8
143.7
140.0
140.6
142.1
142.3
142.8
143.4
Payrolls
Freight Total
retail
load- sales 3
ings
Consumer
4
Wholesale
commodity
Utilities
75.8
Nonagricultural
employEmment— ployTotal 1 ment
Prices
Total
1950
1951
1952
1953
1954
74.9
81,3
84.3
91.3
85.8
May
July
Aug
Sept
Oct
Nov
Dec
1965—Jan
Feb
Mar
Apr
May
June^
72.8
78.6
84.3
89.9
85.7
78.6
56.4
78.4
79.5 94.1
85.0 100.5
84.3 88.9
77.8
76.9
83.8
84.3
92.6
85.9
83.8
90.5
86.1
91.1
93.0
95.6
93.3
99.4
106 1
106.1
111.6
101.8
68.9
80.2
84.5
93.6
85.4
117.1
72
76
115.0
116.6
104.6
79
92.5
93.2
93.6
86.8
96.7
94.0
92.7
92.9
96.5
99.8
100.7
97.8
101.5
105.5
106.7
104.7
95.2
100.1
94.8
100.2
101.4
93.5
105.1
115.3
115.9
108.2
93.8
97.9
89
92
93.3
94.7
98.0
100.7
101.5
93.2
96.2
99.0
100.4
100.6
99.9
95.9
99.1
99.7
101.7
106.7
105.4
113.8
117.9
124.7
95.3
91.2
92.4
93.3
95.5
107
115
137
103.2
102.8
105.7
107.9
110.8
127
103.1
104.2
105.4
106.7
108.1
100.7
100.3
100.6
100.3
100.5
148.3
149.7
151.4
154.5
153.2
153.8
152.3
154.7
138
138
140
121
131
136
143
154
110.3
110.6
110.9
111.0
111.3
111.2
112.1
112.7
101.1
101.6
101.9
102.0
102.9
100 5
103.2
104.0
123.3
123.8
124.3
126.0
127.6
122.9
127.9
130.9
96.4
93.6
94.5
93.2
96.4
94.6
98.5
99.1
127
127
128
130
130
125
127
133
107.8
108.0
108.3
108.2
108.4
108.5
108.7
108.8
100.1
100.0
100.4
100.3
100.7
100.8
100.7
100.7
112.1 155.6
111.5 157.4
112.5 159.2
113.0 160.6
114.5 160.5
114.6 161.0
137
140
141
152
145
113.0
113.6
114.2
114.1
114.4
114.8
104.5
105.0
105.6
105.7
105.8
106.4
132.8
133.5
135.1
133.6
134.7
135.0
100.4
96.4
98.1
98.6
100.5
93.3
134
136
133
134
137
136
108.9
108.9
109.0
109.3
109.6
101.0
101.2
101.3
101.7
102.1
102.8
1 Employees only, excludes personnel in the armed forces.
2 Production workers only.
3 Federal Reserve index based on Census Bureau figures.
4
Prices are not seasonally adjusted.
61
63
56.4
61.2
66.8
71.8
67
70
76
91
92
93
102
105
108
120
132
121.5
83
82
97
98
105
106
120
NOTE.—Data are seasonally adjusted unless otherwise noted.
Construction contracts: F. W. Dodge Co. monthly index of dollar
value of total construction contracts, including residential, nonresidential,
and heavy engineering; does not include data for Alaska and Hawaii.
Employment and payrolls: Based on Bureau of Labor Statistics data;
includes data for Alaska and Hawaii beginning with 1959.
Prices: Bureau of Labor Statistics data.
Freight carloadings: Based on data from Association of American
Railroads.
CONSTRUCTION CONTRACTS
(In millions of dollars)
1965
1964
Type of ownership and
type of construction
1963
1964 '
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
Total construction
45,546 47,330 '4,642 4,507 r4,604 '3,761 •3,763 •"4,033 '3,758 3,598 3,131 '3,226 '4,224 4,770 4,864
By type of ownership:
Public
Private
14,653 15,374 "1,536 1,491 1,619 '1,102 1,124 1,311 1,174 1,230 'I,105 ''1,113 '1,356 1,539
30,893 31,956 3,107 3,016 "2,985 '2,660 r2,639 '2,722 '2,584 2,368 '2,026 '2,113 '2,867 3,231
By type of construction:
Residential building....
Nonresidential building
Nonbuilding
20,502 20,565 2,051 '1,997 -2,001 1,679 1,717 1,703 1,482 1,306 1,275 1,300 1,877 2,139 2,074
14,377 15,522 1,364 '1,403 1,549 1,276 1,229 1,429 1,264 1,299 1,156 1,062 1,384 1,546 1,775
10,667 11,244 1,227 '1,108 1,054
807
902 1,012
817
994
700 '864 '962 1,086 1,015
NOTE.—Dollar value of total contracts as reported by the F. W. Dodge
Co. does not include data for Alaska or Hawaii. Totals of monthly
data exceed annual totals because adjustments—negative—are made to
accumulated monthly data after original figures have been published.
1017
CONSTRUCTION
JULY 1965
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)
Private
Period
Total
Total
Nonfarm
residential
Total
Industrial
Commercial
Public
utility
Other
nonresidential
3,084
3,557
2,382
2,106
2,851
2,780
2,949
2,962
3,333
3,204
3,631
3,564
3,589
4,361
4,908
4,688
3,615
4,045
4,248
12,732
14,059
15,457
1,360
1,287
1,402
4,415
4,934
5,545
1,275
1,344
1,387
5,682
6,494
7,123
3,930
4,180
4,674
4,955
5,200
5,635
4,521
4,621
4,335
16,070
15,863
17,148
17,758
18,679
20,054
1,465
1,366
1,371
4,318
4,494
4,789
4,427
4,720
4,830
5,181
5,273
5,637
5,761
5,437
5,854
6,378
6,670
6,971
1,467
1,487
1,581
1,754
.966
2,298
7,377
7,573
8,342
8,404
3,334
3,505
3,514
3,540
3 655
3,791
5,562
5,574
5 609
5,746
5,776
5 767
5,639
4,832
4,828
4,670
4,923
4,915
4 875
5,191
5,796
5,817
5,780
5,706
5,611
5 558
5,547
20,570
20,380
20,085
20,593
19,814
20 091
21,127
6,888
7,549
7,021
7,273
6,667
7,151
7,500
2,402
2,368
2,325
2,264
2,199
2,193
2,172
3,788
3,841
3,888
3,997
4 012
3,989
5,579
5,577
5,859
6,089
6 254
6,409
4,807
5,020
5,156
5,181
5 135
5,170
5,515
5,586
5,569
5,602
5 612
5,546
20,199
20,078
20,921
20,046
19,462
19,809
7,098
6.688
7,715
7,396
6 862
2,133
2,125
2,086
2,074
2,042
1 996
Business
1956
1957
1958
47,601
49,139
50,153
34,869
35,080
34,696
20,178
19,006
19,789
11,076
12,029
10,659
19591
I960
1961
1962
1963
1964
55,305
53,941
55,447
59,453
62,451
66,008
39,235
38,078
38,299
41,695
43,772
45,954
24,251
21,706
21,680
24,292
25,843
26,560
10,557
11,652
11,789
12,222
12,656
13,757
1964—June
July
66,576
66,641
65,991
66,454
65,335
65,588
67,311
46,006
46,261
45,906
45,861
45,521
45,497
46,184
26,612
26,708
26,342
25,972
25,679
25,642
26,016
13,598
13,736
13,784
14,183
14,231
14,297
14,621
66,505
67,009
68,384
67,590
67,347
67,722
46,306
46,931
47,463
47,544
47.885
47,913
26,617
26,907
26,991
26,675
26,872
26,799
14,174
14,438
14,903
15,267
15,401
15,568
Sept
Oct
Nov
Dec
1965
Jan
Feb
Mar
Apr 5
May*
June23.
1
Public
Beginning with 1959, includes data for Alaska and Hawaii.
Total
Military
Highway
Sewer
and
water
Other
in
888
9,688
NOTE.—Monthly data are at seasonally adjusted annual rates. Beginning with 1959, figures are Census Bureau estimates. Data before
1959 are joint estimates of the Depts. of Commerce and Labor.
NEW HOUSING STARTS
(In thousands of units)
Annual rate,
S.A.
(private only)
Period
Total
By type of ownership
By area
Total
Nonfarm
Metropolitan
Nonmetropolitan
Public
Total
1-
2-
family
family
1.646
,349
,224
,382
1959
I960
1961
1962
1963
1964
1,554
1,296
1,365
1,492
1,641
591
1,077
889
948
1,054
1.151
'1,119
477
407
417
439
490
'472
r
,517
1,252
1,313
1,463
,609
557
1,234
995
975
992
1.021
'972
1,518
1,621
1,500
1,513
1,445
1,522
1,505
1,610
1,496
1,593
1,475
1,489
1,422
1,495
1,480
1,575
158
M65
'146
'146
'127
'146
'115
'98
'112
118
103
r
98
'91
'101
'78
'70
'46
46
'43
48
'37
'45
37
28
'155
159
'144
142
'124
'144
'112
'97
'99
102
92
90
'79
'92
'69
'59
1965—Jan
1,442
1,482
1,489
V 1,546
V 1,484
1,417
1,468
1,465
V 1,526
V 1,469
86
88
125
2*154
^158
59
63
91
102
105
27
25
34
53
53
82
85
121
2*152
'154
52
51
77
100
104
NOTE.—Beginning with 1959, Census Bureau series includes both farm
and nonfarm series developed initially by the Bureau of Labor Statistics.
Series before 1959 reflect recent Census Bureau revisions which are not
Total
FHA
VA
19
24
49
68
1964—May
June
July
Aus
Sept
Oct
Nov
Dec
Mar
Apr
May
Multifamily
1.627
,325
,175
,314
1955
1956
1957
1958
Feb
Governmentunderwritten
Private
670
465
322
439
277
195
193
337
393
271
128
102
45S
336
32S
339
292
264
29
25
26
23
23
24
21
17
349
261
244
261
221
205
109
75
83
78
71
59
23
19
20
18
18
19
16
13
5
6
6
5
5
5
5
4
17
16
20
22
24
13
12
16
17
19
4
4
4
5
5
56
44
44
49
53
'54
227
214
295
422
535
'532
37
44
52
30
32
33
5
5
5
4
4
5
4
3
'52
52
47
'48
r
41
'47
'39
'35
3
6
3
3
3
2
r
3
2
3
3
4
5
5
27
31
40
47
45
4
2
4
r
r
P3
available by area or type of structure. Data from Federal Housing
Admin, and Veterans Admin, represent units started, based on field office
reports of first compliance inspections.
1018
EMPLOYMENT
JULY 1965
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons unless otherwise indicated)
Civilian labor force, S.A.
Total noninstitutional
population
N.S.A.
Period
Not in the
labor force
N.S.A.
Total
labor
force
S.A.
Unemployed
Unemployment
rate 2
(per cent)
S.A.
Employed i
Total
In nonagricultural
industries
Total
In
agriculture
1959
1960 3
1961
1962
1963
1964
123,366
125,368
127,852
130,081
132,125
134,143
51,420
52,242
53,677
55,400
56,412
57,172
71,946
73,126
74,175
74,681
75,712
76,971
69,394
70,612
71,603
71,854
72,975
74,233
65,581
66,681
66,796
67,846
68,809
70,357
59,745
60,958
61,333
62,657
63,863
65,596
5,836
5,723
5,463
5,190
4,946
4,761
3,813
3,931
4,806
4,007
4,166
3,876
5.5
5.6
6.7
5.6
5.7
5.2
1964—June
July
Aug
Sept
Oct
Nov
Dec
134,041
134,216
134,400
134,586
134,772
134,952
135,135
54,652
55,258
55,891
57,721
57,661
58,055
58,568
77,049
76,928
77,006
77,023
76,996
77,140
77,432
74,305
74,188
74,255
74,280
74,259
74,409
74,706
70,345
70,496
70,458
70,465
70,379
70,755
71,004
65,519
65,632
65,641
65,650
65,658
66,084
66,463
4,826
4,864
4,817
4,815
4,721
4,671
4,541
3,960
3,692
3,797
3,815
3,880
3,654
3,702
5.3
5.0
5.1
5.1
5.2
4.9
5.0
1965—Jan
Feb
Mar
Apr
Mav
June
135,302
135,469
135,651
135,812
135,982
136,160
59,603
59,051
59,039
58,504
57,556
55,477
77,621
77,755
77,647
78,063
78,127
78,356
74,914
75,051
74,944
75,377
75,443
75,676
71,284
71,304
71,440
71,717
71,937
72,118
66,771
66,709
66,890
66,874
66,979
67,459
4,513
4,595
4,550
4,843
4,958
4,659
3,630
3,747
3,504
3,660
3,506
3,558
4.8
5.0
4.7
4.9
4.6
4.7
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
(In thousands of persons)
Contract
construction
Total
Manufacturing
53,297
54,203
53,989
55,515
56,643
58,188
16,675
16,796
16,326
16,853
17,005
17,303
732
712
672
650
635
635
2,960
2,885
2,816
2,902
2,983
3,106
1964—June...
July...
Aug.. .
Sept.. .
Oct.. . .
Nov.. .
Dec.. ..
58,104
58,256
58,301
58,458
58,382
58,878
59,206
17,285
17,344
17,339
17,449
17,171
17,505
17,622
639
639
634
634
638
639
637
1965—Jan
Feb
Mar
Apr
y
June?
59,334
59,676
59,992
59,913
60,098
60,306
17,705
17,772
17,849
17,896
17,912
18,005
1964—June...
July...
Aug.. .
Sept.. .
Oct....
Nov.. .
Dec....
58,596
58,418
58,680
59,258
59,164
59,441
59,938
1965—Jan....
Feb....
Mar.. .
Apr
May P.
June^.
58,271
58,398
58,847
59,545
60,048
60,807
Period
1959 i
1960
1961
1962
1963
1964
Transportation & public utilities
Trade
Finance
Service
Government
4,011
4,004
3,903
3,906
3,914
3,976
11,127
11,391
11,337
11,566
11,803
12,188
2,594
2,669
2,731
2,800
2,873
2,944
7,115
7,392
7,610
7,947
8,230
8,533
8,083
8,353
8,594
8,890
9,199
9,502
3,106
3,107
3,103
3,080
3,106
3,162
3,244
3,965
3,983
3,999
4,005
3,996
3,997
4,020
12,187
12,223
12,231
12,229
12,278
12,311
12,362
2,943
2,948
2,951
2,960
2,964
2,970
2,975
8,509
8,561
8,573
8,592
8,633
8.634
8,654
9,470
9,451
9,471
9,509
9,596
9,660
9,692
633
635
633
629
629
632
3,235
3,281
3,304
3,186
3,210
3,215
3,939
3,997
4,042
4,044
4,058
4,072
12,447
12,532
12,622
12,563
12,632
12,647
2,979
2,987
2,997
2,997
3,004
3,006
8,689
8,730
8,754
8,763
8,794
8,817
9,707
9,742
9,791
9,835
9,859
9,912
17,350
17,299
17,498
17,792
17,428
17,638
17,601
651
646
647
645
644
643
635
3,308
3,424
3,482
3,391
3,376
3,273
3,053
4,005
4,031
4,043
4,045
4,028
4,013
4,024
12,180
12,173
12,201
12,243
12,341
12,518
13,166
2,964
2,998
2,998
2,972
2,961
2,958
2,957
8,654
8,698
8,676
8,661
8,676
8,608
8,585
9,484
9,149
9,135
9,509
9,710
9,790
9,917
17,456
17,538
17,643
17,732
17,824
18,068
619
616
615
623
632
644
2,837
2,756
2,865
3,020
3,249
3,424
3,880
3,933
3,985
4,004
4,042
4,113
12,275
12,209
12,262
12,517
12,524
12,639
2,949
2,960
2,973
2,985
3,001
3,027
8,515
8,564
8,623
8,754
8,856
8,967
9,740
9,822
9,881
9,910
9,920
9,925
Mining
SEASONALLY ADJUSTED
NOT SEASONALLY ADJUSTED
1
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
that includes the 12th of the month. Proprietors, self-employed persons,
domestic servants, unpaid family workers, and members of the armed
forces are excluded.
1019
EMPLOYMENT AND EARNINGS
JULY 1965
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands of persons)
Not seasonally adjusted
Seasonally adjusted
Industry group
1964
1965
June
Apr.
May p
June*7
13,326
13,396
12,847
13,176
13,259
13,453
7,715
103
530
354
502
1,061
988
1,194
1,136
1,265
245
337
7,292
106
556
334
513
7,619
99
518
349
498
1,061
972
1,197
1.108
1.248
241
329
7,683
100
534
347
508
1,062
982
1,200
1,116
1,262
241
332
7,791
102
558
353
519
1,073
5,681
1,111
73
822
1,231
499
617
542
114
356
316
5,555
1,126
65
807
1,161
498
603
533
119
5,557
1,052
63
822
1,191
497
615
547
112
351
308
5,576
1,070
62
822
1,192
497
614
544
113
352
310
5,662
1,103
62
829
1,215
503
616
544
116
356
317
Apr.
12,794
13,318
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..
7,219
107
528
336
496
995
916
1,118
1.029
1,141
233
320
7,649
99
535
353
504
1,125
1,247
243
338
7,653
101
532
353
501
1,038
981
1,187
1,131
1,252
242
335
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
5,575
1,134
78
800
1,176
494
604
531
117
5,669
1,124
73
824
1,207
501
617
538
113
356
316
5,673
1,129
73
822
1,211
500
617
538
112
354
317
329
312
1965
June?
June
Total
1964
3
1,043
982
1,180
NOTE.—Bureau of Labor Statistics; data cover production and related
workers only (full- and part-time) who worked during, or received pay for,
1,005
927
1,130
1,022
1,143
233
323
329
313
1,000
1,207
1,128
1,268
245
340
the pay period that includes the 12th of the month.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
Average hours worked
(per week; S.A.)
Industry group
1964
June
1965
Apr.
May?3
Average weekly earnings
(dollars per week; N.S.A.)
1964
June23
June
1965
Apr.
Mayp
Average hourly earnings
(dollars per hour; N.S.A.)
1964
1965
June*3
June
Apr.
May.
June23
Total
40.6
40.9
41.1
41.0 103.48 105.82 107.53 108.21
2.53
2.60
2.61
2.62
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
Transporation equipment
Instruments and related products
Miscellaneous manufacturing industries...
41.4
40.6
39.9
41.1
41.4
41.5
41.4
42.4
40.3
42.6
40.9
39.5
41.7
41.0
40.5
41.2
41.2
43.6
41.6
42.1
40.4
42.3
40.5
39.4
41.9
41.7
40.9
41.6
41.8
41.9
42.2
43.0
41.1
43.0
41.3
39.9
41.9
41.4
40.4
41.4
41.4
42.1
41.9
42.9
40.8
43.0
41.1
39.7
113.01
121.91
87.72
83.43
107.36
130.20
112.29
123.26
102.06
132.06
103.98
82.58
115.65
125.46
87.23
84.66
107.27
140.80
113.44
123.81
103.31
134.20
104.38
83.10
117.88
128.13
91.05
85.48
110.83
133.77
117.17
127.74
106.19
138.24
107.53
84.77
118.16
127.20
92.51
86.94
110.72
135.47
117.02
127.74
106.60
137.60
108.21
85.39
2.71
3.01
2.15
2.03
2.55
3.10
2.68
2.88
2.52
3.10
2.53
2.08
2.78
3.06
2.17
2.08
2.61
3.20
2.74
2.92
2.57
3.18
2.59
2.12
2.80
3.08
2.21
2.09
2.62
3.17
2.77
2.95
2.59
3.20
2.61
2.13
2.80
3.08
2.24
2.10
2.63
3.18
2.76
2.95
2.60
3.20
2.62
2.14
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
39.6
40.9
39.0
40.9
36.0
42.7
38.4
41.4
41.6
41.2
37.9
39.8
40.8
35.9
41.3
35.8
42.4
38.5
42.4
42.7
41.1
38.3
40.0
40.9
37.5
41.5
36.5
43.1
38.5
42.0
42 A
41.5
38.4
39.8
40.8
37.1
41.4
36.4
42.9
38.6
41.8
42.1
41.1
37.8
91.37
98.23
81.78
73.10
64.07
109.65
113.66
116.34
133.46
105.25
70.46
92.20
99.05
78.32
74.62
63.72
109.46
115.67
120.42
139.07
104.45
69.56
93.60
101.02
81.25
76.54
65.52
112.40
117.04
119.85
136.73
107.07
70.87
94.24
101.27
82.94
77.10
66.25
113.62
117.73
120.83
138.45
107.07
71.81
2.29
2.39
2.06
1.77
1.77
2.55
2.96
2.79
3.17
2.53
1.83
2.34
2.47
2.20
1.82
1.79
2.60
3.02
2.84
3.28
2.56
1.88
2.34
2.47
2.19
1.84
1.80
2.62
3.04
2.84
3.24
2.58
1.87
2.35
2.47
2.20
1.84
1.81
2.63
3.05
2.87
3.25
2.58
1.87
NOTE.—Bureau of Labor Statistics; data are for production and related
workers only.
1020
PRICES
JULY 1965
CONSUMER PRICES
(1957-59= 100)
Housing
All
items
59.7
45.1
51.3
62.7
1956
1957
1958
1959
Fuel
oil
and
coal
Gas
and
electricity
Fur- Apparel Transnishand
portaings upkeep tion
and
operation
45.2
53.6
88.3
86.4
51.2
55 4
94.1
98.2
100.4
101.4
95.9
100 8
99.0
100.2
95.9
96.9
100.3
102.8
97.3
99.4
99.9
100.7
97.8
99.5
99.8
100.6
91.3
96.5
99.7
103.8
103.1
104.4
105.7
106.8
107.8
103.7
104.4
105.6
107.0
109.1
99.5
101.6
102.1
104.0
103.5
107.0
107.9
107.9
107.8
107.9
101.5
101.4
101.5
102.4
102.8
102.2
103.0
103.6
104.8
105.7
106.9
107.1
107.1
107.2
107.4
107.6
107.7
107.8
107.7
107.8
107.8
107.9
107.9
108.2
108.3
108.4
108.4
108.7
108.9
109.2
109.5
109.6
109.8
110.0
102.1
101.4
100.9
100.9
101.5
102.9
103.7
105.8
108.0
108.1
107.9
108.2
108.2
108.2
108.1
108.3
102.9
102.9
102.8
102.6
102.8
102.8
102.9
102.9
108.1
108.2
108.2
108.2
108.2
108.4
108.5
108.7
108.8
108.8
110.6
110.9
110.8
110.8
110.8
106.5
106.7
106.5
105.4
104.6
108.0
107.8
107.7
107.7
107.7
102.8
102.8
103.1
103.1
103.1
Food
Period
Total
55 6
35.3
44 2
58.4
61.4
67.5
85.4
60 8
64.3
66.1
94.7
98.0
100.7
101.5
94.7
97 8
101.9
100.3
95.5
98.5
100.2
101.3
96.5
98.3
100.1
101.6
1960
1961 .
1962
1963
1964
103.1
104.2
105.4
106.7
108.1
101.4
102 6
103.6
105 1
106.4
103.1
103.9
104.8
106.0
107.2
1964—May
June . .
July
107.8
108.0
108.3
108.2
108.4
108.5
108.7
108.8
105.5
106 2
107.2
106.9
107 2
106.9
106 8
106.9
108.9
108.9
109.0
109.3
109.6
106.6
106.6
106.9
107.3
107.9
Homeownership
Rent
1929..
1933
1941 .
1945
. . .
Aug
Sent
Oct
Nov
Dec
1965—Jan
Feb
Mar
Apr
May
. .
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
93.6
97.0
100.3
102.8
91.8
95.5
100.1
104.4
93.7
97.1
100.4
102.4
93.4
96.9
100.8
102.4
95.8
98.5
99.8
101.8
103.8
105.0
107.2
107.8
109.3
105.4
107.3
109.4
111.4
113.6
108.1
111.3
114.2
117.0
119.4
104.1
104.6
106.5
107.9
109.2
104.9
107.2
109.6
111.5
114.1
103.8
104.6
105.3
107.1
108.8
105.7
105.7
105.5
105.3
105.9
106.2
106.4
106.6
109.1
109.2
109.4
109.3
108.9
109.4
110.0
110.5
113.5
113.5
113.7
113.8
113.9
114.0
114.2
114.3
119.1
119.3
119.5
119.8
119.7
119.9
120.2
120.3
108.9
109.1
109.3
109.4
109.5
109.7
109.7
110.0
114.1
114.0
114.1
114.2
114.3
114.5
114.9
114.9
108.7
108.7
108.9
108.9
109.0
109.1
109.1
109.2
105.6
105.8
106.0
106.3
106.8
111.1
110.6
110.6
111.0
111.4
114.5
114.7
114.9
115.4
115.6
120.6
121.0
121.4
121.6
121.8
110.0
110.1
110.4
110.7
111.0
115.0
115.2
115.4
115.9
115.9
109.3
109.4
109.5
110.3
110.6
Total
NOTE.—Bureau of Labor Statistics index for city wage-earners and
clerical workers.
The new series index begins with January 1964.
WHOLESALE PRICES: SUMMARY
(1957-59= 100)
Other commodities
Period
All
com- Farm Processed
modi- prod- foods
ucts
ties
Total
TexChem- Rubtiles, Hides, Fuel, icals, ber,
etc.
etc.
etc.
etc.
etc.
NonLum- Paper, Metals Ma- Furni- meToMisber,
chin- ture, tallic bacco cellaetc.
etc.
minetc.
ery
etc. neous
etc.
erals
1956
1957
1958
1959
96.2 96.6 94.3 96.5 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1
99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6
100.1 100.2 99.9 99.7 101.5
100.4 103.6 102.9 99.5 98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.
98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9
100.6 97.2 99.2 101.3 100.4 109.
1960.
1961.
1962.
1963.
1964.
100.7
100.3
100.6
100.3
100.5
96.9
96.0
97.7
95.7
94.3
100.0
100.7
101.2
101.1
101.0
101.3
100.8
100.8
100.7
101.2
101.5
99.7
100.6
100.5
101.2
105.2 99.6 100.2
106.2 100.7 99.1
107.4 100.2 97.5
104.2 99.8 96.3
104.6 97.1 96.7
99.9 100.4 101.8 101.3 102.4 100.1 101.4 102.5 99.3
96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9
93.3 96.5 100.0 100.0 102.3 98.8 101.8 104.1 107.3
93.8 98.6 99.2 100.1 102.2 98.1 101.3 106.1 110.4
92.5 100.6 99.0 102.8 102.9 98.5 101.5 107.4 109.2
1964—May.
June.
July..
Aug..
Sept..
Oct..,
Nov..
Dec.
100.1
100.0
100.4
100.3
100.7
100.8
100.7
100.7
93.7
93.2
94.1
93.6
95.7
93.8
94.0
92.7
99.4
100.2
101.2
101.0
102.2
101.7
100.9
100.8
101.1
100.9
101.1
101.1
101.1
101.5
101.6
101.8
101.2
101.0
101.1
101.2
101.2
101.4
101.4
101.5
104.7
104.8
105.4
105.6
105.4
106.0
105.5
105.4
96.4
96.3
96.7
96.4
95.2
96.7
97.6
98.1
96.7
96.5
96.6
96.5
96.6
96.9
97.1
97.2
92.6
91.6
91.8
91.8
91.9
92.1
92.2
92.2
101.8
101.4
101.2
100.9
100.6
100.3
99.6
99.4
98.7
98.7
98.7
98.7
98.7
99.1
98.9
98.9
102.1
102.3
102.5
103.0
103.0
103.8
104.3
104.7
103.3
103.0
103.1
102.9
102.9
103.0
103.2
103.1
101.3
101.4
101.5
101.7
101.8
101.8
101.8
101.6
107.3
107.4
107.3
107.5
107.5
107.6
107.5
107.5
107.2
106.7
107.5
107.3
109.2
110.1
108.5
110.7
1965—Jan...
Feb..
Mar..
Apr..
May.
101.0
101.2
101.3
101.7
102.1
93.0
94.5
95.4
97.6
98.4
102.2
102.
101.8
102.3
103.3
101.9
101.9
102.0
102.1
102.3
101.5
101.5
101.5
101.5
101.6
104.9 98.5
105.1 97.9
105.7 97.9
106.3 '97.6
107.3 98.4
97.3
97.5
97.5
97.6
97.5
92.3
92.2
92.2
92.3
92.9
100.8
100.8
100.7
100.5
100.5
99.0
99.0
99.5
99.8
99.9
104.5
104.6
104.8
r
105.2
105.8
103.3 98.3 101.7
103.5 98.2 101.8
103.5 98.3 101.9
'103.7 '98.0 101.9
103.8 98.0 101.9
107.5
107.6
107.5
r
107.8
108.1
110.0
109.6
109.5
110.3
109.0
See next page for composition of other commodities.
98.6
98.5
98.6
98.6
98.6
98.5
98.5
98.4
1021
PRICES
JULY 1965
WHOLESALE PRICES: DETAIL
(1957-59= 100)
1964
1965
Group
May
Mar.
Apr.
107.4
103.2
81.2
101.3
98.4
76.9
104.9
99.4
107.8
90.6
89.8
91.6
100.1
86.9
119.2
95.2
117.7
91
91.4
91.6
101.2
91.2
119.4
95.6
107.5
86.9
106.6
108.1
92.4
107.5
108.3
93.6
107.5
106.3
111.9
98.3
89.2
79.0
77.0
87.6
108.9
100.7
108.1
94.0
110.0
109.7
102.6
102.3
112.4
100.9
108.2
94.0
116.7
109.3
103.7
102.3
111.7
99.6
102.8
96.0
116.4
102.7
116.2
99.6
103.1
96.4
131.4
103.1
119.2
99.7
103.1
96.1
134.5
103.1
118.5
85.7
104.5
108.3
103.4
92.1
96.3
105.7 103.6
109.1 109.7
102.9 104.3
95.1
107.3
116.6
101.3
92.2
97.3
107.3
124.1
100.8
94.0
r
94.6
107.3
122.5
100.8
94.1
94.5
104.8
91.8
95.5
88.6
103.6
100.2
99.4
94.5
104.4
90.3
94.6
118.7
105.2
104.3
99.8
'94.6
104.4
90.4
'94.8
121.2
105.2
104.3
r
99.8
90.7
88.0
97.9
90.6
88.5
96.5
91.6
88.5
96.5
102.2
108.9
94.2
101.3
107.6
92.2
101.0
107.6
91.9
Mar.
Apr.
May
95.5
Woodpulp
118.6
90.8
91.0
Wastepaper
103.7
96.2
Paper
96.5
91.8
Paperboard
100.4
Converted paper and paperboard.... 97.6
94.4
79.0
Building paper and board
115.4
94.8 Metals and Metal Products:
98.1
96.2
103.8
96.3
98.8
92.2
98.1
97.3
103.9
96.3
99.3
92.3
98.1
100.3
104.0
96.3
99.4
92.8
100.3
103.9
105.6
104.8
100.5
92.0
98.7
101.3
112.7
105.7
105.4
104.2
91.6
100.3
101.4
113.7
105.7
105.4
104.2
r
91.9
100.8
101.5
115.7
108.4
105.8
104.2
91.8
100.9
108.2
109.1
109.2
109.2
112.7
112.3
111.8
114.6
114.5
115.6
114.8
115.0
115.7
114.9
115.1
116.2
104.8
104.4
104.4
105.1
104.5
105.3
104.8
105.4
105.8
97.7
101.2
107.8
r
96.8
100.8
107.8
r
97.0
100.8
107.9
97.0
100.8
100.1
100.6
100.6
100.6
105.3
103.1
99.8
91.6
87.3
104.3
106.0
103.6
97.9
90.0
85.9
104.8
106.0
103.6
97.7
r
89.4
85.9
104.8
106.0
103.6
97.7
89.4
85.9
104.9
102.4
102.7
100.6
104.5
108.6
86.4
101.3
101.6
103.2
101.2
105.1
108.4
91.7
101.6
101.6
103.2
101.3
105.1
108.1
92.1
101.6
101.6
103.2
101.3
105.1
108.1
92.1
101.7
106.0
100.5
126.6
106.1
100.6
128.1
106.7
100.7
128.1
107.4
100.8
128.1
100.8
110.5
99.1
103.2
102.4
102.0
114.2
99.1
103.5
103.3
102.2
115.5
99.1
103.8
103.4
102.2
112.9
99.1
103.8
103.4
Pulp, Paper, and Allied Products:
Processed Foods:
Cereal and bakery products
Meat, poultry, and fish
Dairy products and ice cream
Canned and frozen fruits and vegetables
Sugar and confectionery
Packaged beverage materials
Animal fats and oils
Crude vegetable oils
Refined vegetable oils
Vegetable oil end products
Miscellaneous processed foods
Textile Products and Apparel:
Cotton products
Wool products
Man-made fiber textile products
Silk products
Apparel
Other textile products
Hides, Skins, Leather, and Products :
Hides and skins
Leather
Footwear
Other leather products
Fuels and Related Products, and Power:
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 1 0 0 ) . . . .
Petroleum products, refined
108.3
97.7
106.8
Rubber and Products:
Crude rubber
Tires and tubes
Miscellaneous rubber products
105.9 Furniture and Other Household Dura104.2
bles:
109.7
104.6
Household furniture
Commercial furniture
Floor coverings
Household appliances
Television, radios, and phonographs..
94.5
Other household durable goods
107.3
122.5
100.8
95.4
94.6
105.7
90.1
NOTE.—Bureau of Labor Statistics.
Nonmetallic Mineral Products:
Flat glass
Concrete ingredients
Concrete products
Structural clay products
Gypsum products
Asphalt roofing
Other nonmetallic minerals.
94.9
116.4
105.1
104.3 Tobacco Products and Bottled Bever99.8
ages:
Tobacco products
Alcoholic beverages
91.8
Nonalcoholic beverages.
89.7
96.7 Miscellaneous Products:
Lumber and Wood Products:
Lumber
Millwork
Plywood
Iron and steel
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products.,
Fabricated nonstructural metal products
100.4
108.9
94.2
107.3
96.5 Machinery and Motive Products:
93.7
102.3
Agricultural machinery and equip....
112.2
Construction machinery and equip....
Metalworking machinery and equip...
General purpose machinery and
equipment
Miscellaneous machinery
99.9
Special industry machinery and
103.1
equipment (Jan. 1961= 100)
96.0
Electrical machinery and equip
135.1
103.2
Motor vehicles
121.7
Transportation equip., R.R. rolling
stock (Jan. 1961= 100)
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
May
May
Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products
1965
1964
Group
101.0
107.9
91.4
Toys, sporting goods, small a r m s . . .
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment..
Other miscellaneous products
1022
NATIONAL PRODUCT AND INCOME
JULY 1965
GROSS NATIONAL PRODUCT OR EXPENDITURE
(In billions of dollars)
1964
Item
1929
1933
1941
1950
1960
1961
1962
1963
ii
Gross national product
,
104.4
1965
1964
iv
m
56.0 125.8 284.6 502.6 518.7 556.2 583.9 622.6 608.8 618.6 628.4 634.6 648.8
81.9 195.0 328.2 337.3 356.8 375.0 399.3 390.0 396.1 404.6 406.5 418.1
9.7 30.4 44.9 43.7 48.4 52.1 57.0 55.9 57.0 58.7 56.3 62.0
43.2 99.8 151.8 155.4 162.0 167.5 177.3 172.9 175.3 179.5 181.3 184.3
29.0 64.9 131.5 138.3 146.4 155.3 165.1 161.1 163.8 166.4 169.0 171.7
Personal consumption expenditures.
Durable goods
Nondurable goods
Services
79.0
9.2
37.7
32.1
Gross private domestic investment.
New construction
Residential, nonfarm
Other
Producers' durable equipment..
Change in business inventories.
Nonfarm only
16.2
1.4
1.4
8.7
.5
3.6
1.0
5.1
1.6
5.9
1.7 - 1 . 6
1.8 - 1 . 4
18.1
6.6
3.5
3.1
6.9
4.5
4.0
50.0
24.2
14.1
10.1
18.9
6.8
6.0
71.8
¥0.7
21.1
19.7
27.6
3.5
3.2
68.8
41.0
21.1
19.8
25.9
1.9
1.5
79.1
44.2
23.6
20.6
29.0
5.9
5.3
82.0
46.6
25.2
21.3
31.0
4.4
3.9
87.7
48.9
26.0
22.9
35.1
3.7
3.6
85.9
49.2
26.9
22.3
34.2
2.5
2.2
87.2
48.9
26.2
22.7
34.6
3.7
3.4
87.3
48.9
25.7
23.1
35.6
2.8
2.7
90.4
48.7
25.1
23.6
36.0
5.7
6.1
94.7
49.9
26.2
23.7
37.9
6.8
7.0
.2
2.4
2.3
1.1
6.0
4.8
.6
13.1
12.5
3.0
26.3
23.3
4.6
27.6
23.0
4.0
29.2
25.2
4.4
30.7
26.3
7.0
35.2
28.2
7.7
34.5
26.8
5.7
33.7
27.9
7.0
35.7
28.7
7.7
37.1
29.4
5.0
33.7
28.7
8.0 24.8
2.0 16.9
I 13.8
2.0
3.2
39.0
19.3
14.3
5.2
.1
19.7
99.6 108.0 116.3 122.6 128.6 125.2 129.6 129.5 130.0 131.0
53.1 57.4 62.9 64.7 65.5 64.3 67.1 65.5 65.3 65.1
45.7 49.0 53.6 55.2 55.4 54.0 57.0 55.2 55.3 54.4
8.9 10.2 10.3 11.2 11.5 11.0 11.2 11.3 11.9
8.0
1.2
1.2
1.2
1.1
.9
.6
.6
.9
.8
.9
46.5 50.6 53.5 57.9 63.0 60.9 62.5 64.1 64.6 65.9
Net exports of goods and services.
Exports
Imports
Government purchases of goods and services.
Federal
National defense
Other
Less: Government sales
State and local
Gross national product in constant (1954)
dollars
.8
7.0
6.3
8.5
1.3
> 1.3
7.2
46.4
3.5
22.3
20.7
6.0
7.8
181.8 126.6 238.1 318.1 439.9 447.9 476.4 492.6 516.0 508.0 513.5 519.6 522.7 532.2
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, 4 Supplement to the Survey of Current
Business (1958); and the July 1964 Survey of Current Business. Revised
data will appear in a forthcoming BULLETIN.
NATIONAL INCOME
(In billions of dollars)
1964
Item
1929
1933
1941
1950
1960
1961
1962
1963
1965
1964
ii
IV
in
National income
87.8
40.2 104.7 241.9 414.5 426.9 455.6 478.5 510.1 498.4 507.1 514.5 520.6 534.5
Compensation of employees
51.1
29.5
64.8 154.2 293.6 302.2 323.1 340.3 361.7 352.5 358.6 364.8 370.6 378.3
Wages and salaries
Private
Military
Government civilian
50.4
45.5
.3
29.0
23.9
.3
4.9
.7
.5
62.1 146.4 271.3 278.8 297.1 312.1 331.6 323.2 328.7 334.4 339.9 347.2
51.9 124.1 222.9 227.0 241.6 252.9 267.4 260.8 265.3 269 A 274.0 280.5
10.9 11.8 11.7 11.7 11.8 11.9 11.9
9.9 10.2 10.8
1.9
5.0
8.3 17.3 38.5 41.6 44.7 48.3 52.4 50.7 51.7 53.2 54.0 54.9
7.8 22.3 23.4 25.9 28.2 30.1 29.4 29.9 30.4 30.7 31.1
2.7
.1
.6
A
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
11.3
11.0
11.8
11.6
13.6
12.3
15.1
13.1
16.0
14.1
15.7
13.7
15.9
14.0
16.2
14.2
16.2
14.5
17.4
46.2
48.2
49.8
50.6
52.0
51.2
51.7
52.1
52.8
52.7
10.9
6.5
23.5
14.0
34.2
12.0
35.3
12.9
36.6
13.2
37.6
13.0
39.3
12.7
38.6
12.6
39.1
12.6
39.6
12.6
39.9
12.9
40.4
12.2
3.5
9.0
12.1
12.2
12.2
12.3
12.4
12.4
12.4
12.4
12.5
12.5
10.1 - 2 . 0
14.5
35.7
44.5
44.1
48.4
50.8
57.4
56.4
57.9
58.1
57.0
62.9
.2
.5
-.4
2.1
-2.4
17.0
7.6
9.4
4.5
4.9
40.6
17.9
22.8
9.2
13.6
44.3
22.3
22.0
14.5
7.5
44.2
22.3
21.9
15.2
6.7
48.2
23.2
25.0
16.5
8.5
51.3
24.6
26.7
18.0
8.7
57.6
25.8
31.8
19.8
11.9
56.6
25.4
31.2
19.4
11.8
57.9
26.0
31.9
19.8
12.1
58.0
26.0
32.0
20.0
12.0
57.7
25.9
31.9
20.2
11.7
64.3
27.7
36.6
20.5
16.1
.5 - 2 . 1
-2.5
-5.0
.2
-.1
.3
-.4
-.2
-.2
-.1
.1
-.7
-1.4
4.5
5.5
18.1
20.1
22.1
24.4
26.8
25.9
26.5
27.1
27.6
28.2
9.6
1.4
8.3
5.8
2.4
6.4
5.0
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to previous table.
16.4
14.7
4.0
3.8
37.5
1023
NATIONAL PRODUCT AND INCOME
JULY 1965
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
(In billions of dollars)
1964
Item
1929
1933
1941
1950
1960
1961
1962
1963
II
Gross national product.
104.4
Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
,
Statistical discrepancy
,
7.2
9.0
7.0
.6
.3
7.1
.7
.9
11.3
.5
.4
Less: Corporate profits and inventory valuation adjustment
,
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
10.1 - 2 . 0
.3
.2
47.2
2.6
1.3
1.4
1.5
.5
83.1
Equals: Disposable personal income
Less: Personal consumption expenditures..
79.0
4.2
Equals: Personal saving
Disposable personal income in constant (1954)
dollars
44.5
43.0
48.7
50.8
53.4
52.5
53.1
53.7
54.4
54.9
.2
1.6
.5
1.6
1.0
.9
1.0
.7
.9
1.0
.6
14.5
2.8
35.7
6.9
44.5
20.6
44.1
21.4
48.4
23.9
50.8
26.9
57.4
28.7
56.4
28.0
57.9
28.4
58.1
29.0
57.0
29.3
2.6
1.3
4.5
.5
14.3
4.8
9.2
27.3
7.8
14.5
2.2
31.3
7.4
15.2
2.4
32.3
8.0
16.5
2.4
34.3
8.6
18.0
2.4
35.7
9.2
19.8
2.5
35.9
9.
19.4
2.5
35.5
9.3
19.8
2.5
35.5
9.2
20.0
2.5
35.9
9.3
20.2
2.5
62.9
29.6
-.1
1.5
1.2
2.1
.7
85.8
Less: Personal tax and nontax payments.
Federal
State and local
19.
40.2 104.7 241.9 414.5 426.9 455.6 478.5 510.1 498.4 507.1 514.5 520.6 534.5
.9
1.0
5.8
.6
Equals: Personal income
IV
23.7 46.4 49.0 52.8 55.9 59.4 57.9 59.0 60.1 60.7 61.7
2.4
2.5
2.5
2.4 - 12.4
2.5
2.2
.8
2.5
2.5
2.5
.
-2.7
- 2 . 0 - 1 . 6 - 2 . 4 -1.4 - 2 . 6 -4.2
- . 7 -3.0 -2.6
.1
87.8
III
56.0 125.8 284.6 502.6 518.7 556.2 583.9 622.6 608.8 618.6 628.4 634.6 6488
8.6
Plus: Subsidies less current surplus of government enterprises
Equals: National income
1965
1964
1.0
45.7
46.4
37.1
9.4
20.5
2.5
96.3 228.5 401.3 417.6 442.4 464.1 491.4 480.9 487.9 494.5 502.2 511.6
3.3
2.0
1.3
20.8
18.2
2.6
93.0 207.7
81.9 195.0
11.1
12.6
-.6
51.4
44.0
52.9
45.1
57.9
49.1
61.6
51.9
7.3
7.8
8.8
9.6
349.9 364.7 384.6 402.5
328.2 337.3 356.8 375.0
21.7
27.3
27.8
59.5
49.0
10.6
61.4
51.2
10.2
57.7
47.3
10.5
58.8
48.2
10.6
60.2
49.3
10.9
63.3
52.0
11.3
431.8 419.5 430.2 435.6 442.1 448.3
399.3 390.0 396.1 404.6 406.5 418.1
32.5
29.5
34.0
31.0
35.5
30.2
27.5
134.9 102.1 175.1 231.0 317.8 328.2 343.4 354.9 375.8 366.7 374.7 378.8 383.1 386.7
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.
PERSONAL INCOME
(In billions of dollars)
1964
1963
Item
Total personal income.
1964
May
June
July
Aug.
1965
Sept.
Oct.
Nov.
Dec
Jan.
Feb.
Mar.
Apr. May
464.1 491.4 487.8 489.3 491.4 494.9 497.9 498.7 502.3 505.9 1510.2 511.0 513.8 515.0 517.0
312.1 331.6 525.7 550.7 557.5 334.6 337.2 337.3 340.4 342.6 344.7 347.3 349.6 349.9 351.6
Wage and salary disbursements
Commodity-producing industries... 123.3 129.8 128.7 129.4 129.9 130.8 132.1 130.7 133.2 134.6 135.6 136.7 137.8 137.4 138.0
98.0 103.0 102.3 102.7 705.0 103.8 105.1 103.4 105.6 106.8 705.0 108.8 109.9 109.6 110.1
Manufacturing only..
80.3 84.9 84.2 84.6 85.2 85.7 86.3 86.8 87.3 87.7 88.2 89.0 89.6 89.9 90.4
Distributive industries
49.3 52.6 52.3 52.4 52.6 52.9 53.4 53.7 53.9 54.1 54.4 54.8 55.0 55.2 55.4
Service industries
59.2 64.2 63.4 63.8 64.1 65.1 65.4 66.0 65.9 66.2 66.5 66.8 67.1 67.4 67.7
Government
Other labor income.
13.1
14.1
14.0
14.1
14.2
14.2
14.3
14.4
14.5
14.5
14.6
14.7
14.7
14.8
14.8
Proprietors* income
Business and professional.
Farm
50.6
37.6
13.0
52.0
39.3
12.7
51.7
39.1
12.6
51.9
39.3
12.6
51.9
39.5
12.4
52.2
39.6
12.6
52.4
39.7
12.7
52.5
39.8
12.7
52.8
39.9
12.9
53.2
40.1
13.1
53.0
40.3
12.7
52.6
40.4
12.2
52.4
40.5
11.9
52.7
40.6
12.1
53.0
40.7
12.3
Rental income
12.3
12.4
12.4
12.4
12.4
12.4
12.4
12.5
12.5
12.5
12.5
12.5
12.5
12.5
12.5
Dividends
18.0
19.8
19.8
19.9
20.0
20.0
19.9
19.9
19.9
20.6
20.4
20.6
20.7
20.8
20.8
Personal interest income.
32.9
36.0
35.7
35.9
36.0
36.2
36.5
36.7
36.9
37.2
37.4
37.6
37.8
38.0
38.2
Transfer payments
36.7
38.2
38.0
37.6
37.8
38.0
38.0
38.3
38.4
38.5 140.8
38.9
39.2
39.5
39.3
11.8
12.7
12.5
12.6
12.7
12.8
12.9
12.9
13.0
13.1
13.2
13.2
13.2
13.3
13.3
Less: Personal contributions
social insurance
Nonagricultural income.
Agricultural income
for
446.6 474.2 470.7 472.1 474.4 477.8 480.6 481.4 484.9 488.6 1493.2 494.5 497.6 498.6 500.4
17.5
17.1
17.1
17.2
16.9
i Includes stepped-up rate of Govt. life insurance dividend payments
to veterans in the amount of $2.0 billion.
17.1
17.2
17.3
17.5
17.4
17.0
16.5
16.2
16.4
16.7
NOTE.—Dept. of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.
1024
JULY 1965
FLOW OF FUNDS
SAVING, INVESTMENT, AND FINANCIAL FLOWS
(In billions of dollars)
1962
Transaction category,
or sector
1960
1961
1962
1963
1964
1963
I
IV
II
1964
III
IV
I
11
III
IV
I. Saving and investment
2
3
4
5
Households
Farm and noncorp. business
Corporate nonfinan. business....
U S Government . . .
9
10
Consumer durable goods
Business inventories
11
12
Gross pvt. fixed investment
Households
14
Financial sectors
119.4 115.9 129.8 138.7 148.7 131.5 130.6 138.0 140.1 146.1 144.6 148.2 150.4
73.5 78.0 83.9 88.2 98.3 84.3 84.9 87.4 87.8 92.4 94.4 100.1 98.7
11.9 11.5 11.8 12.3 12.3 12.2 12.2 12.3 12.4 12.5 11.6 12.1 12.6
32.6 33.1 38.4 39.4 44.9 40.3 38.7 38.7 40.4 39.9 44.2 45.1 45.5
- . 8 -4.0 -9.6 -7.0
2.4 - 5 . 2 - 5 . 2 - 2 . 9 - 6 . 7 - 5 . 6 - 5 . 9 - 2 . 8 - 2 . 0
-3.3 -3.8 -2.2 -2.4 -2.6 -2.5 -2.8 -2.2 -2.3 -2.1 -2.5 -2.6 -2.8
3.4
4.7
4.2
3.9
.9
3.2
3.4
2.6
2.8
2.2
3.1
4.1
2.3
151.8
100.1
12.9
44.9
-6.5
-2.5
2.9
1
2
3
4
5
6
7
117.4 114.5 128.8 136.7 148.9 131.0 130.2 134.6 136.5 145.5 147.3 148.2 149.9 150.2
44.9 43.7 48.4 52.1 56.9 50.2 51.1 51.5 52.2 53.6 55.9 56.9 58.5 56.1
6.4
3.6
3.6
4.2
2.4
5.4
3.6
4.4
2.5
1.9
5.9
5.5
3.5
3.5
68.3 66.9 73.3 77.7 84.0 74.7 74.4 76.7 78.7 80.8 83.5 83.5 84.3 84.6
21.6 20.0 21.4 21.9 22.7 22.4 21.6 21.5 22.2 22.4 22.9 22.8 22.6 22.4
46.2 46.2 51.3 54.8 60.7 51.9 52.2 54.4 55.3 57.1 59.4 60.2 61.4 61.8
.7
.4
.6
.9
1.2
1.3
1.2
.4
.4
.6
1.0
.6
.5
.4
8
9
10
11
12
13
14
.7
2.0
2.0
1.4
1.3
.9
2.5
2.0
4.6
-.2
.7
.5
1.2
.4
2.7
3.4
1.4
3.6
4.8
.6
5.5
-2.7
4.2
*
4.5
.4
4.0
1.6
15
16
35.0
15.0
20.0
46.9
16.3
30.7
58.3
15.4
42.9
62.3
18.5
43.8
70.9
26.9
44.0
58.5
20.8
37.7
59.3
17.5
41.8
72.5
28.4
44.1
53.7
4.5
49.2
63.7
23.5
40.2
68.2
26.1
42.1
78.5
28.6
49.9
65.7
14.6
51.1
71.3
38.3
33.0
17
18
19
-2.0
7.6
3.1
8.8
-5.6 -1.4
.5
.2
2.0
2.8
Foreign borrowers
1.4
Loans
..
2.0
.6
.8
Securities
35.0 36.6
10.0
5.3
Loans
4.5
1.7
Consumer credit
2.9
2.2
Bank loans n.e.c
1
2.6
1.4
25.0 31.3
Securities and mortsa&es
..
3.6
4.9
State and local obligations
7.5
.5
6.8
.2
2.3
1.2
1.0
48.6
13.5
5.5
5.1
2.9
35.1
5.0
4.8
1.4
3.8
-.4
3.4
2.3
1.0
54.2
15.2
6.7
5.9
2.6
38.9
6.7
6.8
4.1
2.2
.5
4.7
3.9
.8
59.4
18.4
6.8
7.2
4.3
41.1
5.9
6.6
AA
.9
1.2
3.4
1.7
1.7
48.5
13.5
6.4
5.3
1.8
35.0
3.3
10.9
6.6
4.0
.3
3.7
1.6
2.1
44.6
9.1
6.3
11.6 - 5 . 0
9.0 - 1 0 . 4
3.3
6.4
- . 7 -1.0
5.0
1.4
3.1
1.0
1.8
.5
55.9 57.3
16.9 15.0
7.1
6.9
1.7
.3
1.6
-.2
3.2
3.5
-.2
58.8
19.9
6.5
11.6
9.1
3.5
-1.0
4.1
4.1
*
52.4
13.8
6.5
16.0
13.8
70.9
.1
3.6
2.5
10.4
5.0
13.5
14.1
58.5
3.8
3.2
2.3
8.8
2.1
2.5
35.6
5.6
5 0
13.6
11.4
59.3
4.5
.2
3.3
8.7
7.2
2.6
2.0
3.5
39.0 42.4 38.9
7.0
7.5
6.6
2 8
4 2
1 7
15.8 16.3 15.1
13.4 14.3 15.4
72.5 53.7 63.7
2.9 - 7 . 7 - 1 . 5
2.6
4.5
3.6
*
7.1
-.4
10.5 11.3 10.5
2.2
5.7
1.0
7.9
5.1
2.6
.8 - 2 . 0
8.4
5.5
6.5 - 6 . 7
1.7
.6
.9
4.0
3.0
7.5
3.2
3.0
5.3
.9
2.2
66.5 57.5 61.2
22.9 13.0 23.7
7.5
7.3
6.0
13.1
7.2
2.4
3.0
4.6
38.6 43.6 44.6 37.5
7.8
4.2
5.9
5.6
5 2
6 6
7 0
2 8
15.3 16.5 16.9 15.3
12.5 14.3 14.7 13.9
68.2 78.5 65.7 71.3
8.0 - 1 . 1 - 4 . 1 - 2 . 4
3.0
5.1
2.8
3.4
2.8
2.7
.5
4.0
9.9
10.7
9.4
11.8
5.7
3.2
6.5
4.9
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
16 Discrepancy (1-8)
II. Financial flows—Summary
17 Net funds raised—Nonfinan. sectors.
18 Loans and short-term securities....
19 Long-term securities and mtgs
20
24
25
26
28
29
30
32
33
By sector
U S Government
35.0
.9
2.3
3.2
8.2
4.0
10.5
5.6
11.4
7.7
46.9
*
2.8
2.0
8.7
3.7
13.0
11.9
58.3
1.3
3.5
2.9
9.0
2.6
15.2
13.6
62.3
-.4
2.7
2.5
10.2
4.0
Pvt. domestic nonfin. sectors
16.5
9.2
Liquid assets
13.8
Deposits
Demand dep. and currency - 1 . 3
Time and svgs. accounts... 15.0
5.4
At commercial banks
9.6
At savings instit
Short-term U.S. Govt. sec... - 4 . 6
29.7
24.7
24.2
4.1
20.1
9.0
11.1
.5
39.0
31.2
29.8
1.8
28.0
15.0
12.9
1.4
43.3 49.3
36.2 32.8
33.0 34.7
5.0
6.5
28.1 28.1
13.1 12.6
14.9 15.5
3.2 - 1 . 8
-.5
7.5
-.3
-1.3
7.6
1.3
.6
7.0
-.2
1.9
7.2
2.0
54 Total funds raised
55 Less change in U.S. Govt. c a s h . . . .
56 Total net of U.S. Govt. cash
35.0
.9
34.2
58.3
1.3
57.0
62.3
-.4
62.7
70.9
.1
70.8
58.5
3.8
54.7
57 Funds supplied directly to cr. mkts...
58
Monetary authorities .
59
Total
60
Less change in U.S. Govt. cash.
34.2
.8
.7
46.9
*
46.9
46.9
1.5
1.5
*
57.0
1.9
2.0
.1
62.7
2.6
2.9
.3
70.8
3.2
3.4
.2
35
1- to 4-family mortgages
....
36
Other mortgages
37 Net sources of credit f — 17)
38
Chg. in U.S. Govt. cash balance..
39
U.S. Govt. lending
40
Foreign funds
.
41
Pvt. insur. & pension reserves
42
Sources n e e
....
43
44
45
46
47
48
49
50
51
52
53
Other U.S. Govt. securities
Pvt. credit mkt. instruments...
Less security debt
47.3
41.5
35.9
10.6
25.3
10.6
14.7
5.6
41.2
29.0
28.1
2.1
26.0
13.0
13.0
.9
49.3
40.7
38.7
9.8
28.9
13.6
15.3
2.1
38.2
27.5
24.6
-3.0
27.6
12.5
15.1
3.0
56.3
35.9
36.3
9.5
26.8
11.4
15.4
2.1
6.6
2.9
5.8
8.2
1.8
1.3
8.6
1.4
1.2
9.3
-.1
6.9
14.1
.6
59.3
4.5
54.8
72.5 53.7 63.7
2.9 - 7 . 7 - 1 . 5
69.6 61.4 65.2
68.2
8.0
60.2
78.5
-1.1
79.6
65.7
54.7
1.6
2.3
.6
54.8
4.1
5.3
1.1
69.6
2.6
2.2
-.4
65.2
2.6
2.1
-.5
60.2
5.5
5.1
-.4
79.6
1.4
2.1
.7
69.7
.8
1.2
.4
15.2
18.6
3 4
*
22.3 18.1 23.0
25.7
9.7 22.9
3 3 — 8 5 — 1.0
.1
.9
28.3
28.9
.6
25.7
36.3
10.6
38.4 35.4
34.2 33.3
33.8 29.4
5.0 - 2 . 7
28.9 32.1
14.0 15.3
14.8 16.8
3.9
A
3.4 - 1 . 6
12.9
7.2
1.4
-.2
-1.6
5.4
1.8
A
51.1
28.7
33.9
5.9
28.1
12.0
16.1
-5.2
51.3
39.0
43.8
13.7
30.1
14.5
15.6
-4.8
43
44
45
46
47
48
49
50
7.4 - 2 . 1 51
14.0 14.0 52
-.9
- . 4 53
III. Direct lending in credit markets
62
63
64
Total
Less chg. in U.S. Govt. cash...
Security issues
65
66
67
Nonbank finance net
Total
Less credit raised
8.0
9.0
.9
.1
18.1
19.5
1.3
.1
19.7
19.3
— .7
.3
20.6
21.1
.6
20.1
23.3
3 2
.1
19.2
21.5
2.4
15.5
15.7
*
.2
21.0
23.4
2.4
23.1
27.8
4.7
26.8
33.6
6.9
28.5
32.7
4.2
24.8
30.5
5.7
61.4
1.0
1.9
.9
27.8
38.7
10.9
25.4
30.7
5.3
10.4 23.8
19.6 22.6
8.4 - 1 . 8
.9
.5
28.4
31.1
2.7
27.3
38.5
11.1
A
1
71.3
-2.4
73.7
54
55
56
73.7
5.0
5.1
.1
57
58
59
60
19.4 28.9 61
15.5 26.8 62
- 4 . 5 — 2.5 63
.6
.4 64
31.4
32.7
1.3
27.2
28.9
1.7
65
66
67
68
U S. Government
2.3
2.8
3.5
2.7
3.6
3.2
.2
2.6
3.6
4.5
2.8
5.1
3.0
3.4
68
69
Foreign
1.2
.7
1.3
.8
.4
.5
1.1
5.1
-2.2
-.7
-.4
2.1
-2.0
1.7
69
70
71
Pvt. domestic nonfin
Households
2.7
1.0
-1.9
3.3
-.3
5.5
4.1
.2
2.5
1.3
9.2
4.2
2.3
2.6
-.2
10.3
7.2
2.1
2.9
2.0
14.6
10.4
1.3
2.7
-.2
4.5
5.2
1.6
-.9
1.4
6.0
3.0
.8
3.9
1.8
11.4
6.0
4.4
3.9
2.9
13.1
9.5
1.1
4.3
1.8
10.6
10.4
2.1
-.4
1.4
13.6
5.7
2.9
4.9
-.1
20.0
14.3
1.5
4.8
.6
17.2
7.5
10.9 10.6
1.9 - 1 . 0
3.4 - 2 . 5
-.9
-.4
70
71
72
73
74
73
State and local govts
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
For other notes, see Apr. 1965 BULLETIN, p. 607.
JULY 1965
P R I N C I P A L
F I N A N C I A L
(In billions of
T R A N S A C T I O N S
dollars)
1962
Transaction category,
or sector
1960
1961
1962
1963
deposits and
5.4
4.4
1.3
3.1
3.0
.4
.8
.9
1.1
-.2
.1
5'.5
5.2
2.1
- 2 . 5
3.2
.3
2.1
.3
6.6
2.1
.5
2.4
.1
1.6
.7
10.8
3.8
7.0
6.9
- . 6
2.0
4.2
1.9
- . 7
.1
.9
.3
6.8
11.3
17.9
28.7
15.6
2.6
1.0
.6
11.5
13.1
24.4
29.2
14.1
3.9
1.6
1.0
7.6
15.1
22.6
29.7
14.0
3.3
1.7
1.4
7.6
15.7
23.2
30.7
15.6
2.5
.5
1.6
11.0
15.1
25.8
34.1
16.6
4.6
2.9
1.4
7.8
17.5
24.6
7.3
3.1
8.8
-5.3 -2.9
7.3
.5
4.8
5.2
1.4
1.1
6.3
4.1
.9
5.4
4.4
-.3
10.6
6.6
6.1
.9
8
7
9
0
1
.5
1.7
- . 1
- 1
- 1
.
.
.
.
.
•
5.3
5.1
1.1
1.7
.3
1.1
1.0
.2
15.3
5.8
.8
1.4
.3
3.3
9.5
12.8
20.7
9.4
1.3
Total net issues
Short-term marketable.
Other
-2.5
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
Net acquisitions, by sector
M o n e t a r y authorities
Short-term
C o m m e r c i a l banks
Short-term direct
Other direct
N o n g u a r a n t e e d
N o n b a n k finance
Short-term direct
Other direct
N o n g u a r a n t e e d
Foreign
Short-term
Pvt. domestic nonfinan. sectors..
Short-term direct
Other direct
N o n g u a r a n t e e d
Savings b o n d s — H o u s e h o l d s .
-2.5
7.3
.7
1.5
-1.0 -1.1
1.7
5.4
7.0
9.3
-5.2 -4.1
.3
-.*3
.8
1.6
1.2
-.8
i f
.1
'.2
.4
.5
n
.2
-5.1
-'.s
-4.3
-.3
- . 4 -1.6
-.1
.3
-.3
4
4
4
4
4
4
Total net issues, by sector
State a n d local govts
Nonfinancial corporations.
C o m m e r c i a l banks
Finance companies
Rest of the world
11
3.6
5.3
.1
1.5
.6
13.7
4.9
7.3
.2
.5
.8
5.0
4
11.7
5.0
5.3
Net purchases
Households
State a n d local govts
Corporate business
C o m m e r c i a l b a n k s
Insurance a n d pension funds...
Finance n.e.c
Security brokers a n d dealers.
Investment c o s . — N e t
Portfolio purchases
N e t issues of o w n shares. .
Rest of the world
11.1
IV.
46
47
48
49
50
51
52
53
54
55
56
57
Other
V.
5.2
7.3
6.3
5.4
1.9
2.8
3.4
2.0
2.0
4.9
2.1
2.9
.8 - 2 . 5
-.8
2.0
-5.2 - 3 . 6
3.7
2 l
5.2
.5 - 4 . 3
.8
.5 - . 2
K 3
1.3
1.6
-.7
1.8
.7 - 1 . 3
.8
2.1
.5
.5
.5
.1
.2
.3
-.3
1.2
.6
.5
.8
2.0
.2
-.7
1.4
2.0
5.1
1.5
-1.3
1.0
2.0 - 2 . 7
.2
1.0
3.0
- 1 . 6
*
*
.9
.4
.6
1.2
.9
.2
.4
14.7
5.9
5.4
.6
2.1
1.0
13.7
2.4
1.8
11.7
- . 6
1.2
13.0
- . 5
1.3
14.7
3.4
1.4
9.8
-1.4
1.5
2.6
8.0
-1.3
-.7
-.6
1.0
1.4
1.5
2.0
.3
.2
4.4
7.5
-.7
5.2
7.7
-.7
-.2
-.5
.8
1.3
.2
3.5
8.3
-1.7
1.8
4.5
14.1 - 4 . 5
8.7
2.9 - 7 . 7 - 1 . 5
11.2
3.1
10.2
10.6
2.9
10.5
2.4
.8 - . 2
5.5
1 n
-4.2 -2.6
-1.3
-.2
2!3
7.2
3.6
-.4
.8
.7
*
-.7
.7
4.1
4.1
.3
.4
-.3
-2.7
-3.2
26.1
11.6
2.4
.3
.9
8.0
14.4
22.6
26.7
13.8
3.2
1.5
.8
8.3
12.9
29.9
14.4
5.2
1.9
.8
6.4
15.5
21.3
12.4 - 4 . 0
9.0 -10.4
-1.2
2.5
10.6 12.4 - 4 . 0
5.4
2.4
1.8
13.5
7.8
.4
4.1
-13.3
-5.1 -3.2
10.1
T
10.3
2.0
9
-1.1
1.3
7
-2.4 -1.2
3.2
-4.1 - 1 . 3
2.1
1.8
.6
2
.6
.1
2.5
.7
-2.2
1.4
-1.2
- . 5
1.1
1.6
2
19.5
11.8
.4
11.4
7.7
25.3
13.4
.4
13.0
11.9
29.3
15.7
.5
15.2
13.6
29.5
15.7
- . 3
16.0
13.8
28.2
14.1
.6
13.5
14.1
19.5
2.4
.6
1.6
11.0
2.7
.6
25.3
4 . 0
29.3
4.3
29.5
4.9
.2
4.4
14.4
4.8
.4
28.2
5.6
- . 3
4.4
13.9
4.2
.2
10.1
7.0
1.0
1.9
7.0
4.5
2.0
-.3
13.2
5.6
5.0
3.8
7.4
- 1 . 4
- . 9
2.2
2.1
-.2
.4
7.1
- . 9
- . 4
- . 5
IV
6.4
8.0
- 1 . 6
- 3 . 2
2.
- 5 . 0
2.0
-.2
8.4
-1.1
9.6
10.2
-.4
7.9
1
-2.1
1.6
2.8 11.7
-4.1 -2.4
6.9
14.1
5.3
14.0
2.4
4.2
* - . 9
3.4
2.6
.3
'.9
7.0
1.5
.2 10
2 9 . 4
28.9
12.9
1.9
2.5|
1.0
7.6
16.0
23.7
32.0
16.0
3.2
3.1
1.4
8.2
15.9
23.8
14.0
6.5
.5
1.5
5.5
15.4
21.8
20.6
28.5
12.9
1.5
.8
1.5
9.
15.6
2 4 . 4
1.9
.3
- 3 . 0
12.6
9.
5.0
6.2
.8
1.6
1.9
1.6
- 1 . 9
12.7
5.4
5.1
2.5
2.7
1.5
- 1 . 7
2.2
.5
1.6
.1
- 1 . 6
- 1 . 3
4.2
2.1
1.9
6.3
2.1
-2.9
-5.3
2.3
-8.7
1.1
2.2
2.3
-.4
.3
.8
.4
6.5
-1.3
5.3
1.6
.9
3.4
1.2
7.7
4.6
*
2.1
1.1
- 2 . 4
- 2 . 6
6.7
2
4*. 2
1.5
1.1
13.4
4.2
6.6
.9
1.8
17.0
5.9
7.0
.5
2.8
.9
15.5
7.8
5.2
.6!
12.8
5.6
2.8
.4
1.9
2.2
13.4
2.4
1.0
17.0
15.5
3.7
1.5
12.8
3.1
1.6
3.3
2.5
7.1
8.8
- . 7 -1.3
.2 - 1 . 0
3.0
8.7
- . 5
.6
5.6
7.4
- 2 . 2
- 2 . 0
- . 2
1.6
1.9
- . 4
8.2
- 2 . 8
- 2 . 2
- . 6
2.1
2.7
- . 1
-1.0
4.2
- 6 . 3
1.1
- 2 . 2
- 1 . 8
- . 6
.2
.2
-1.1
3.4
.9
- . 7
2.1
1.2
4.5
- 2 . 0
5.1
4.5
1.3
5.9
- 1 . 8
-1.0
-.2
-.6
3.0
.3
2.4
.3
-.2
-1.0
2.2
-6.0
6.6
1.7
8.4
-8.3
19
20
21
1.8
5.0
.4
1. 4
0
-9 8
.3
1.0
.2
1.7
.4
3.1
2.7
6.9
5.9
1.9
-.2
1.0
.1
.3
9.8
3.3
4.1
.1
.7
1.7
2.1
13.2
- . 5
1.8
5.6
7.5
-1.3
-1.1
e
-.2
.4
is
.6
1.0
13.6
7.0
2.8
.1
1.9
1.8
14.0
7.5
4.2
1.7
.5
11.4
6.6
1.7
.9
2.4
- . 2
13.6
- 3 . 4
1.5
14.0
1.0
1.0
11.4
.9
1.0
.1
5.8
6.1
8.4
7.7
1.1 - 2 . 0
1.0 - 1 . 1
.1 - . 9
.9
.9
1.8
.1
- 1 . 0
.9
1.8
.2
- . 3
.1
.4
-.2
4.3
1.5
-1.1
.6
1.6
.1
3.1
Mortgages
16.0
6
6
6
6
6
6
6
N e t acquisitions
Households
U.S. G o v e r n m e n t
C o m m e r c i a l b a n k s . ..
Savings institutions..,
Insurance
M o r t g a g e companies.
16.0
2.1
1.2
.7
8.9
2.9
VI. B a n k loans
10.4
10.5
5.6
.31 - 1 . 0
4.9
4.0
13.2
3.0
.5
16.0
3.9
25.4
14.0
.5
13.6
11.4
29.7
16.4
.6
15.8
13.4
31.2
16.9
.5
16.3
14.3
31.0
15.6
.5
15.1
15.4
27.6
15.0
- . 3
15.3
12.5
30.3
16.0
- . 4
16.5
14.3
31.2
16.6
- . 4
16.9
14.7
29.0
15.1
- . 2
15.3
13.9
58
59
60
61
62
25.4
31.2
4.3
- . 4
5.2
16.5
1.1
31.0
4.9
- . 3
4.5
16.0
4.4
1.0
27.6
3.8
.3
4.5
14.6
4.2
- . 2
30.3
4.0
.8
4.6
14.8
4.5
1.2
31.2
5.3
15.3
3.2
.2
29.7
4.5
- 1 . 9
5.6
16.4
3.7
1.11
29.0
6.4
- . 3
3.9
13.0
5.3
.3
6
6
6
6
6
6
6
1.3
-.4
1.3
-.1
8.5
6.1
1.3
•5
8.0
5.1
2.1
.7
14.6
11.5
1.9
1.3
6.3
4.3
12.6
8.3
3.6
.7
3.5
-1.3
4.2
4.1
4*.7
15.4
5.1
3
4
5
6
7
8
9
n.e.c.
Total net borrowing
Nonfinancial business.
N o n b a n k finance
Rest of the world
2.8
2.7
- . 3
.1
3.0
1.7
.1
.7
6.5
4.6
1.0
.4
N O T E . — Q u a r t e r l y data are seasonally adjusted totals at annual
F o r other notes see Apr. 1965 BULLETIN, p. 607.
7.3
13.0
6.7
3.4
.3
1.6
1.0
Total net lending
1- t o 4 - f a m i l y
In process
Disbursed
Other
70
71
72
73
III
securities
58
59
60
61
62
3
4
5
6
7
8
9
IV
securities
19
20
21
0
1
2
3
4
5
I I I
accounts
Net increases-Total
A t commercial b a n k s — T o t a l .
Corporate business
State a n d local govts
Foreign depositors
Households
A t savings institutions
M e m o : H o u s e h o l d s total
III. U . S . Govt.
II
currency
N e t incr. in b a n k i n g s y s t e m liability.
U.S. Govt. deposits
Other
Domestic sectors
Households
Nonfinancial business
State a n d local govts
Financial sectors
M a i l float
Rest of the world
II. T i m e a n d savings
1964
1963
1964
IV
I. D e m a n d
1025
FLOW OF FUNDS
8.1
5.6
1.7
.6
rates.
3.4
2.9
-1.4
1.6
17.
12.
2.
2.
9
7
0
9
7
7
7
7
0
1
2
3
1026
BANK HOLDING COMPANIES
JULY 1965
BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1964
A. Details for 32 States
Number of offices
Deposits
Banks and branches
Number of
companies l
Branches
Banks
Total
...
..
. . .
..
Maine
M^assachusetts
Minnesota
Missouri
]VJontana
••
1,379
1,839
2
4
10
20
19
91
181
1
93
185
11
20
92
36.2
7.6
4.5
4.7
15.6
650
2,960
566
680
1,407
32.8
8.8
20.8
10.0
34.8
2
2
2
2
1
2
4
3
18
2
58
60
4
6
32
28
42.0
.4
.7
3.6
5.0
344
107
55
356
350
41.5
.4
.9
8.7
10.9
1
3
4
2
4
4
23
118
9
33
8
171
7
3
12
194
125
12
33
5.8
28.4
17.1
1.7
25.4
40
1,378
3,372
321
527
4.9
20.8
60.0
4.0
50.8
1
.
460
1
4
3
6
6
..
3
34
3
15
214
8
36
9
20
236
1.8
56.3
9.8
14.0
11.0
203
439
75
118
3,569
9.3
66.9
14.1
12.9
6.0
9
51
41
75
2
101
41
20.0
5.3
.4
33.7
16.7
377
823
322
1,133
333
38.4
5.8
9.3
42.1
33.8
22
4
63
139
74
3.8
.3
40.6
18.7
15.7
164
33
642
975
481
3.5
.2
50.1
21.3
13.7
57
4
7.6
5.9
2,067
92
34.6
17.1
73
3
14
26
Nebraska
Nevada
New Hampshire
New Mexico
New York
1
9
5
2
6
5
22
North Dakota
Ohio
. .
Oklahoma
Oregon
South Dakota
3
2
1
1
2
32
24
2
1
11
100
30
3
1
2
3
3
9
4
3
21
7
60
118
67
7
2
31
4
Tennessee
Texas
Utah
.
Virginia
Washington
Wisconsin
Wyoming
As a percentage of
all coml.
bank
deposits
i 54
Totals—32 States. .
Arizona
California
Colorado
Florida. .
Georgia
Idaho
Illinois
Indiana
Iowa
.
Kentucky
In
millions
of dollars
As a percentage of
all coml.
banking
offices
...
..
...
13
26
24,959
B. Summary totals and comparisons
32 States
Item
Number of banking offices, total
Banks
Branches
Deposits (millions of dollars)
Holding
co. groups
All
coml. banks
1,839
460
1,379
24,959
19,334
10 302
9,032
233,378
1
Data for individual States represent bank holding cos. having subsidiary banks in the respective States rather than registered bank holding
cos. whose principal offices are located in such States. Total does not
equal sum of State figures because it has been corrected for duplications;
that is, holding cos. that have subsidiary banks in more than one State
are included in the total only once.
The 54 bank holding cos. included in the total represent only 48 separate
bank groups because in 6 cases the bank group is controlled by a bank
holding co. that is in turn controlled by another bank holding co. These
groups are located in the following States: Fla., 2; Ga., 2; Ind., 1; and
Mass., 1.
NOTE.—Holding cos. registered pursuant to Bank Holding Company
United States—
all
commercial
banks
28,079
13 760
14,319
307,146
Holding company groups as a
percentage of all commercial banks in—
32 States
United States
9.5
6.5
10.7
8.1
Act of 1956. The data include: (1) banks of which the bank holding
cos. owned or controlled 25 per cent or more of the outstanding stock,
and (2) 8 domestic commercial banks that are themselves bank holding
cos. (A list showing the names and total deposits of the banks is available upon request.) The 8 banks have 89 branches and deposits aggregating $2,065,508,000. Exclusion of these 97 banking offices and their
deposits from the data in the table would reduce the percentage ratios
shown in the table as follows: holding co. groups to all commercial
banks in 32 States—number of banking offices from 9.5 to 9.0; deposits
from 10.7 to 9.8; holding co. groups to all commercial banks in the
United States—number of banking offices from 6.5 to 6.2; deposits
from 8.1 to 7.5.
Financial Statistics
* International *
Reported gold reserves of central banks and governments. .
1028
Gold production.
1029
Net gold purchases and gold stock of the United States
1030
Estimated foreign gold reserves and dollar holdings
1031
International capital transactions of the United States
1032
Money rates in foreign countries
1041
Arbitrage in Treasury bills.
1042
Foreign exchange rates
1043
U.S. balance of payments
1044
Foreign trade
1045
Guide to tabular presentation.
964
Index to statistical tables
1051
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 the end of the BULLETIN).
1027
1028
GOLD RESERVES
JULY 1965
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(In millions of dollars)
Estimated
total
world 1
1958
1959
I960
1961
1962
1963
1964
May
June
July
Aug
Sept
Oct
Nov
Dec
Intl.
Monetary
Fund
United
States
Estimated
rest of
world
39,445
40,195
40,540
41,140
41,470
42,310
End of
period
1,332
2,407
2,439
2,077
2,194
2,312
20,582
19,507
17,804
16,947
16,057
15,596
17,530
18,280
20,295
22,115
23,220
24,400
2,353
2,359
2,359
2,424
2,425
2,425
2,430
2,179
15,693
15,623
15,629
15,657
15,643
15,606
15,566
15,471
25,000
2,181
2,188
2,189
2,217
1,822
15,208
14,993
14,639
14,480
14,362
25,980
Denmark
Finland
France
Germany,
Fed.
Rep. of
Greece
42,950
43,070
43,060
1965—Jan
Feb
Mar
P42,810
Apr
May
End of
period
Colombia
Australia
Nov
Dec
1965—Jan
Feb
Mar
Apr
End of
period
1958
1959...
I960
1961
1962
1963
25,410
1,392
1,392
1,393
1,395
1,395
1,404
1,434
1,451
120
120
120
120
120
92
92
92
42
42
42
42
42
42
42
84
71
70
70
228
600
613
625
638
650
1,461
1,473
1 484
1,490
1,532
92
84
36
36
36
226
228
229
230
230
India
247
247
247
247
92
92
92
92
92
92
92
92
65
65
65
65
65
64
64
85
3,404
3,451
3,489
3,527
3,564
3,598
3,632
3,729
4,070
4,081
4,117
4,139
4 149
4,149
4,149
4,248
77
77
77
77
93
92
92
92
92
97
85
85
85
85
85
3,913
3 974
4,197
4,255
4,400
4,250
4 251
4 243
4,243
4,378
Indonesia
98
247
247
Iran
37
33
58
43
44
35
247
247
2
2
*
10
41
60
112
112
112
112
112
112
112
112
56
56
56
56
56
56
56
56
112
112
112
270
281
141
141
82
281
80
80
281
281
141
16
23
29
29
29
29
[,050
I 132
1,451
1,581
1,581
1,601
20
20
20
1964—May
June
July
Aug.........
Sept
Oct
Nov
Dec
50
50
48
46
46
45
45
48
172
172
172
172
172
172
183
168
168
172
170
170
169
167
169
29
34
34
34
34
34
34
34
1,601
1,601
1,601
1,601
1,601
1,611
1,621
1,688
20
20
20
20
20
20
20
20
1965—Jan
Feb
Mar
Apr
May
48
48
49
48
48
182
174
171
170
34
34
34
34
34
1,688
1 723
1,723
1,723
I 756
20
20
20
20
20
43
30
30
30
Israel
34
84
98
84
98
98
247
247
Norway
Iraq
84
84
84
84
141
140
130
130
129
142
98
77
77
78
Moroc- Nether- Nigeria
co
lands
92
92
62
62
141
141
141
141
141
141
141
141
247
247
247
247
143
142
137
112
95
139
43
579
592
592
592
592
592
592
600
91
102
119
140
172
172
For notes see end of table.
1,036
1,041
1,044
,045
1,081
216
218
219
221
223
224
224
n.a.
na
n.a.
43
49
48
.
42
43
43
43
43
43
43
43
74
74
74
73
73
73
73
71
17
26
76
87
77
77
Mexico
910
931
949
969
990
1,001
1,007
1,026
36
37
37
37
37
37
37
37
2,639
2,637
2,971
3,664
3,679
3,843
Lebanon
40
43
45
48
43
43
325
327
287
285
225
150
750
1,290
1,641
2,121
2,587
3,175
Kuwait
42
42
1,078
960
885
946
708
817
1,270
1,134
1,170
1,248
1,365
1,371
35
38
41
47
61
61
May
Canada
37
24,970
Peru
Italy
1,086
1,749
2,203
2,225
2,243
2,343
2,146
2,148
2,153
2,100
2,104
2,104
42
43
43
42
Japan
124
244
247
287
289
289
290
290
2,104
2,107
304
56
56
56
56
56
2,107
2 101
2,093
2,351
2,384
304
Philippines
Portugal
Saudi
Arabia
South
Africa
141
141
Pakistan
Chile
Burma
194
292
293
303
454
536
48
57
107
107
92
92
60
. .
Brazil
162
154
147
162
190
208
59
60
. . . .
Belgium
60
56
104
190
61
78
64
65
66
67
57
58
58
58
May
June
July
Aug
Seot
Oct
Austria
n.a.
n.a.
n.a.
36
36
36
72
71
78
88
57
62
1958
1959
I960
1961
1962
1963
1964
Afghan- Argenistan
tina
31
49
50
52
53
53
53
19
28
42
47
47
57
10
9
15
27
41
28
493
548
552
443
471
497
18
18
65
78
78
211
238
178
298
499
630
31
31
31
31
31
31
31
31
53
53
53
53
53
53
53
53
67
67
67
67
67
67
67
67
25
26
28
29
30
31
32
23
506
508
510
523
523
523
523
523
78
78
78
78
78
78
78
78
626
607
615
597
589
601
592
574
31
31
31
31
31
53
53
53
53
53
67
67
67
67
67
24
26
523
532
537
540
544
78
78
545
519
498
453
408
30
27
30
1029
GOLD RESERVES AND PRODUCTION
JULY 1965
GOLD RESERVES OF CENTRAL BANKS AND
GOVERNMENTS—Continued
(In millions of dollars)
End of
period
Spain
Sweden Switzerland
57
68
178
316
446
573
204
191
573
575
577
576
576
575
576
616
182
182
182
182
182
182
182
189
Feb
646
677
706
Apr
735
780
189
202
1958
1959
I960
1961
1962
1963
1964
..
... .
May
June
July
Aug
Sent
Oct
Nov
Dec
1965
Jan
Mar
May
170
180
181
182
189
189
189
Taiwan
Thailand
Turkey
(Egypt)
United
Kingdom
2,808
2,514
2,800
2,268
2,582
2,484
U.A.R.
112
104
144
133
41
104
134
43
43
104
104
50
104
139
140
115
174
174
174
174
174
174
2,526
2,599
2 560
2,530
2,532
2,532
2,532
2,725
54
54
55
55
55
55
55
55
104
104
104
104
104
104
104
115
115
115
105
105
105
105
104
174
174
174
174
174
174
174
139
2 702
2,702
2,702
2 713
2,688
55
55
55
104
111
115
115
116
126
139
139
139
1,925
1,934
2,185
2,560
2,667
2,820
43
41
55
104
104
104
104
104
i Includes reported or estimated gold holdings of international and
regional organizations, central banks and govts. of countries listed in
this table and also of a number n o t shown separately here, and gold to be
distributed by the Tripartite Commission for the Restitution of Monetary
G o l d ; 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.
Yugoslavia
Venezuela
Uruguay
Bank
for
Intl.
Settlements 2
EPUEF 3
180
180
180
180
180
171
719
652
401
401
401
401
17
10
4
6
4
14
-42
— 134
— 19
115
— 50
-279
126
40
55
56
56
47
401
401
401
401
401
401
401
401
15
15
16
16
16
17
17
17
47
40
64
28
2,136
171
171
171
171
171
171
171
171
95
66
71
79
— 50
2,111
171
171
171
401
401
401
401
401
17
16
17
18
17
— Ill
-159
— 104
—98
-164
2,439
2,302
28
43
53
2
Net gold assets of BIS, i.e., gold in bars and coins and other gold
assets minus gold deposit liabilities.
3 European Payments U n i o n for 1958 and European F u n d thereafter.
N O T E . — F o r back figures and description of the data in this and the
following tables on gold (except production), see " G o l d , " Section 14 of
Supplement to Banking and Monetary Statistics, 1962.
GOLD PRODUCTION
(In millions of dollars at $35 per fine troy ounce)
North and South America
Africa
Period
Congo
Rhodesia
Ghana (Leo- United
pold- States
29.8
32.0
30.8
19.4
19.8
19.6
20.1
19.4
19.8
20 1
Apr
82.3
83.4
85.4
86.9
87.2
88.2
89.9
88.0
84.2
1.6
7
2.6
2.6
May
Nov
Dec
Jan
Feb
Mar
Apr
.
L.7
1.7
1.6
6
1.8
.9
2.4
2.5
87 4
85.3
86.8
88 0
12.3
12.2
11.1
6
6
29.2
31.1
32.2
2.4
8.1
7.1
7.5
22.5
6
1 Estimated; excludes U.S.S.R., other Eastern European countries,
China Mainland, and North Korea.
2 Quarterly data.
Asia
Other
61.6
57.2
58.8
54.8
54.5
51.4
Canada
Mexico
Nicaragua
158.8
156.9
162.0
156.6
145.5
139.0
133 0
11.6
11.0
10.5
7.2
7.3
7.0
11.6
10 7
10.8
11.3
11.3
10.9
11.5
11.5
10.8
ville)
618.0
702.2
748.4
1,215.0
803.1
1,295.0
892.2
1,350.0
960.1
1 019.8
1,175.0
June
July
Aug
Sept
Oct
1965
South
Africa
1,050.0
1,125.0
1958
1959
I960
1961
1962
1963
1964
1964
World
production 1
.7
4
.2
.4
4
.3
1
.4
1.0
0
.9
0
24.0
1
.4
.4
.4
.5
.4
23.5
9.4
8.3
8.3
7 4
.4
.7
.5
.8
.6
.5
7.9
7.8
7.2
Colom- India
bia
13.0
13.9
15.2
14.0
13.9
11.4
1? R
6.0
5.8
5.6
5.5
5.7
4.8
5 0
.8
.4
10.8
9
4
9.8
Philippines
Australia
All
other i
14.8
14.1
HA
14.8
14 8
13.2
14 9
38.6
38.1
38.0
37.7
37.4
35.8
33 7
58.9
54.5
53.6
53.8
57.3
59.3
1.2
1 2
1 2
2.6
2 7
3 0
3.0
3 1
2.5
2.8
3 0
2.8
1.1
10.8
11 3
1 S
NOTE.—Estimated world production based on report of the U.S.
Bureau of Mines. Country data based on reports from individual
countries and Bureau of Mines. Data for the United States are from
the Bureau of the Mint.
1030
U.S. GOLD
JULY 1965
NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY
(In millions of dollars at $33 per fine troy ounce)
1964
Area and country
1956
1959
1958
1957
1960
1961
1962
1963
n
I
Western Europe:
Austria
3
-34
Italy
3
25
Switzerland
Bank for Intl. Settlements.
Other
Total
—8
100
18
80
31
8
75
-83
-39
-266
-1
-141
-173
-34
-30
-10
-249
20
-350
-32
-38
" - iii
— 114
-324
-550
-36
-96
-827 - 1 , 7 1 8
67
—50
-11
-6
-20
Venezuela
Other
-200
29
6
Total
-28
81
2
69
*
*
18
-30
-4
-157
-28
-97
18
—34
— 186
-113
Asia:
Total
80
Total foreign countries
4200
Intl. Monetary Fund
280
Grand total
-518
-55
40
-405
-225
200
60
— 156
-125
-306
—23
-146
-53
1,105
329
-32
-81
618
i
-12
-754 -
-i30
102
-387
-399
-32
— 101
— 101
— 101
I
-23
-101
-200
rv
200
—25
-25
-40
-482
—60
— 35
—90
163
—30
—51
125
14
-1
-14
-17
79
35
— 171
— 802
28
—1
28
—1
109
—2
—30
221
-7
-7
-88
-31
— 37
-76
-22
-100
-90
-2
85
57
38
-30
72
-109
-5
175
1-101
54
10
—1
-7
32
-9
56
-3
-3
-2
-2
-7
-4
25
7
27
-8
2—93
312
3
5
-1
-1
—93
12
3
5
_1
—1
1
17
—4
10
-15
— 101
*
*
-38
-6
-1
-36
-7
2
-9
-1
172 - 2 , 2 9 4
-998 -1,969
-970
-833
-392
-36
-28
95
41
-145
811
600
5-44
-833
-392
-36
-28
95
41
-145
-811
14
All other
-82
in
190
—30
65
-5
19
Other
-23
100
—25
-143
—63
-456
5
115
-1
28
Latin American republics:
Argentina
Brazil
Colombia
—349
-261
-20
32
-215
-900
-178
-21
68 - 2 , 3 2 6
15
Canada
-84
—329
1965
1964
-3
-5
4300
150
772 - 2 , 2 9 4 -1,041 - 1 , 6 6 9
-820
-1
1
Includes sales of $21 million to Lebanon and $48 million to Saudi
Arabia.
2 Includes sales of $21 million to Burma, $32 million to Lebanon, and
$13 million to Saudi Arabia.
3 Includes purchases of $25 million from the Philippines.
4
Proceeds from this sale invested by the IMF in U.S. Govt. securities;
upon termination of the investment the IMF can reacquire the same
amount of gold from the United States.
5 Payment to the IMF of $344 million as increase in U.S. gold subscription less sale by the IMF of $300 million (see also note 4).
U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES
BY U.S. MONETARY AUTHORITIES
(In millions of dollars)
Changes in—
End of period
Gold stock i
Year
Total
Total 2
Treasury
1952..
1953..
1954..
1955..
1956..
1957. .
23,252
22,091
21,793
21,753
22,058
22,857
23,252
22,091
21,793
21,753
22,058
22,857
20,582
19,507
17,804
17,063
16,156
15,808
15,903
20,582
19,507
17,804
16,947
16,057
15,596
15,471
20,534
19,456
17,767
16,889
15,978
15,513
15,388
Total
Total
gold
379
-1,161
-298
-40
305
799
23,187
22,030
21,713
21,690
21,949
22,781
1958. .
1959..
I960..
1961..
1962..
1963. .
1964..
Foreign
currency
holdings
116
99
212
432
Month
Gold stock i
Total
Changes in—
Foreign
currency
holdings 3
Total
Total
gold
Total 2
379 1964—June... 15,805
-1,161
July.... 15,840
-298
15,890
Aug
-40
Sept.... 15,870
305
15,702
Oct
799
Nov.... 16,324
D e c . . . 15,903
-2,275
-2,275
- 1 , 0 7 5 4-1,075 1965—Jan
15,572
-1,703
-1,703
F e b . . . . 15,220
-741
-857
Mar.... 15,129
-907
-890
Apr.... 14,884
-348
-461
M a y . . . 14,511
95
-125
June?.. 14,595
1 Includes gold sold to the United States by the International Monetary Fund with the right of repurchase, which amounted to $800 million
on2 June 30, 1965.
Includes gold in Exchange Stabilization Fund.
3 For holdings of F.R. Banks only, see pp. 974 and 976.
End of period
Treasury
15,623
15,629
15,657
15,643
15,606
15,566
15,471
15,461
15,462
15,460
15,463
15,461
15,386
15,388
182
211
233
227
96
758
432
-141
35
50
-20
-168
622
-421
-70
6
28
-14
-37
-40
-95
15,208
14,993
14,639
14,480
14,362
14,049
15,185
14,937
14,563
14,410
14,290
13,934
364
227
490
404
149
546
-331
-352
-91
-245
-373
84
-263
-215
-354
-159
-118
-313
4 Includes payment of $344 million increase in U.S. gold subscription
to the IMF.
NOTE.—See Table 11 on p. 1039 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.
1031
GOLD RESERVES AND DOLLAR HOLDINGS
JULY 1965
HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS
(In millions of dollars)
Dec. 3 1, 1963
Area and country
Western Europe:
Austria
Belgium
Denmark
Finland
Germany Fed Reo of
Italy
Netherlands
Norway
Portugal
Sweden
Switzerland
Turkey
United JCincdom
Other 1
Total
Canada
Latin American republics:
Argentina
Brazil
Chile
.
Colombia
Cuba
Mexico
Panama Republic of
Peru .
Uruguay
Venezuela
Other
Total...
Asia :
India
Indonesia
Philiooines
Thailand
Other
Total
Africa:
South Africa
U A R flEevot)
Other
Total
Other countries:
Australia
All other
Total
Total foreign countries 2
International and regional 3 . . .
Grand total 2
Mar. 3 1, 1964
June 30, 1964
Sept. 30, 1964
Dec. 3 1, 1964
Mar. 3 1, 1965
Gold& U.S.
short- Govt.
term
bonds
dollars & notes
Gold& U.S.
short- Govt.
term
bonds
dollars & notes
Gold& U.S.
short- Govt.
term
bonds
dollars & notes
Gold& U.S.
short- Govt.
term
bonds
dollars & notes
Gold& U.S.
short- Govt.
bonds
term
dollars & notes
Gold& U.S.
short- Govt.
term
bonds
dollars & notes
901
1,791
253
160
4,653
6,884
265
3,146
1,961
164
688
778
591
3,726
3
*
14
1
6
1
*
1
4
131
2
129
136
75
*
3,967
369
328
46
30,433
911
259
176
4,709
6,811
239
2,927
1,898
135
691
807
610
3,528
741 30,422
947
3
4c
1 821
923
4c
14
352
1
7
1
14
77
167
5,003
6,616
227
3,039
1,824
188
698
839
615
3 737
129
4c
174
5,093
6,437
225
3,225
1,964
205
747
972
733
3 653
1 887
'428
212
5 392
6,258
r
252
3 729
2,055
'215
780
1,010
833
4 095
380
49
4,153
514
402
48
1
7
1
*
1
4
131
*
2
130
800 30,772
3,805
687
3,555
686
3,674
453
329
186
231
12
808
129
215
284
992
424
*
*
*
2
10
452
329
181
244
11
837
91
230
*
*
*
1
*
1
424
294
227
238
11
817
105
271
4,063
298
83
2,773
237
486
1,687
*
•
*
1
4c
1
5
131
4c
2
130
77
123
4,222
491
1
7
1
*
1
4
101
4c
2
90
78
4c
676
3,565
735
*
386
330
224
226
10
808
89
271
4c
*
*
*
1
4c
'362
'350
219
r
267
12
r
904
99
r
r 273
282
'1,135
'478
4c
371
421
207
229
11
913
111
334
294
4c
2
1,103
538
1
1
1
*
*
1
6
4,532
5
4c
342
62
3,137
278
592
2,222
9
*
4c
4c
4c
1
4c
4c
4c
4c
*
1
4c
1
1
4c
1
2
14
4,132
5
4,207
4
4,165
5 '4,381
*
4c
311
77
2,757
230
529
1,944
4c
5
*
41
302
81
2,758
232
513
1,893
307
63
2,882
260
546
1,995
306
1
73
5 '3,044
4c
256
4c
562
45 r 2,060
5,564
47
5,779
671
188
296
*
670
198
4i
645
196
4c
9
293
10
287
10
1,155
9
1,161
10
1,128
10
388
313
*
26
373
308
25
384
350
26
681
25
734
1,218
7,067
2,742 52,797
1,170
7,294
2,740 53,657
4c
690
280
6,958
78
407
49
714 32,582
1,076
465
52,679
142
4,308
390
'4,010
4c
1,570 46,363
79
4>
2
40
695
4c
1,524 45,730
3|C
2
40
1
5
68
3,863
2
701
5
98
4c
686
276
. . . 45,721
1
1
7
753 r 32,737
1,057
487
4c
4c
3
*
14
822 31,384
*
5,848
201
5 530
6,131
232
3 539
2,036
234
801
984
928
3 927
4c
4c
4c
430
1
7
I
414
49
2
38
44
872
1 897
14
140
277
1
5
*
3
4c
4,020
'508
402
49
1,017
463
*
1
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.)
2
Excludes gold reserves of the U.S.S.R., other Eastern European
countries, and China Mainland.
3
Includes international organizations and Latin American and European regional organizations, except the Bank for International Settlements
and European Fund, which are included in "Other Western Europe."
3
289
14
135
4,245
559
902
1,832
3
1,782
1
5
4c
4c
42
48
6,053
4c
4c
51
r
4c
1
1
1
1
5
4c
4c
6,301
43
49
6,633
4c
4>
4c
1
*
•
43
53
635
196
*
288
14
'621
163
'283
16
317
16
1,119
14
1,067
16
1,027
16
392
358
4c
28
'402
'374
4c
26
26
411
421
31
26
750
28
'776
26
832
31
1,501 49,171
1,516
4c
1,596 47,334
1,068
7,499
2,664 54,833
1,546 '49,272
923
7,162
2,469 '56,434
4c
904
547
163
*
4c
7,279
798
2,405 56,450
2,314
NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and official and private short-term dollar holdings
(principally deposits and U.S. Treasury bills and certificates); excludes
nonnegotiable, non-interest-bearing special U.S. notes held by the InterAmerican Development Bank and the International Development Assn.
U.S. Govt. bonds and notes are official and private holdings of U.S.
Govt. securities with an original maturity of more than 1 year; excludes
nonmarketable U.S. Treasury bonds and notes held by official institutions
of foreign countries as shown in Table 8 on p. 1038.
See also NOTE to table on gold reserves.
1032
INTL. CAPITAL TRANSACTIONS OF THE U.S.
JULY 1965
1. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS AND INTERNATIONAL ORGANIZATIONS
(Amounts outstanding; in millions of dollars)
Grand
total
End of period
Intl.
and
regional
l
Foreign
countries
Western
Europe 2
Latin
American
republics
Canada
Asia
Other
countries
Africa
1963—Dec.
19,505
5,855
13,650
7,867
1,664
1,058
2,731
154
176
1964—May.
June.
July.
Aug.,
Sept.
Oct..
Nov.
Dec.
19,046
19,337
19,318
19,415
19,518
19,429
19,802
20,225
5,901
5,994
5,979
5,925
5,989
5,964
5,954
5,876
13,145
13,343
13,339
13,490
13,529
13,465
13,848
14,349
7,249
7,491
7,426
7,636
7,714
7,517
7,824
8,270
1,485
1,488
1,472
1,492
1,495
1,533
1,577
1,483
,240
,153
,239
,152
,074
,175
,191
,238
2,864
2,911
2,889
2,906
2,928
2,904
2,930
3,020
145
136
146
139
146
158
152
160
162
164
167
165
172
178
174
178
1965—Jan..
Feb..
Mar.
Apr*3
May*
19,519
19,606
19,317
18,993
18,732
5,822
5,780
5,879
5,883
5,660
13,697
13,826
13,438
13,110
13,072
7,551
1,449
1,419
1,316
1,308
1,304
,265
,278
,296
,305
,389
3,096
3,124
3,213
3,175
3,166
159
180
178
180
191
177
181
180
188
200
7,644
7,255
6,954
6,822
1
Includes international organizations, and Latin American and European regional organizations, except the Bank for International Settlements
and the European Fund which are included in Western Europe.
2
Includes Bank for International Settlements and European Fund.
NOTE.—Data represent short-term liabilities to the official institutions
of foreign countries and to official international and regional organizations,
as reported by banks in the United States, and estimated foreign official
holdings of marketable U.S. Govt. securities with an original maturity
of more than 1 year. Data exclude nonnegotiable, non-interest-bearing
special notes held by the Inter-American Development Bank and the
International Development Association, and also nonmarketable U.S.
Treasury notes and bonds, payable in dollars and in foreign currencies.
2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
International and regional1
Grand
total
End of
period
European
regional2
L.A.
regional
3,897
3,695
4,938
4,501
34
115
57
173
118
4,833
4,926
4,911
4,918
5,065
5,061
5,051
4,974
4,654
4,755
4,748
4,757
4,910
4,900
4,889
4,802
16
25
18
18
17
18
18
22
163
146
144
143
4,986
'4,982
5,081
5,086
4,863
4,811
4,815
4,916
4,914
4,696
19
17
19
15
13
Total
Intl.
21,272
. . . . 422,533
25,019
25,967
4,012
3,752
5,145
4,637
1964—May.... 26,362
26,328
June.
26,894
July.
Aug.. # 27,277
27,406
Sept..
28,039
Oct..
28,975
Nov..
'28,843
Dec. 5
'28,777
'28,909
28,282
27,834
M a y . . . 27,406
1960
1961
1962
1963
1965—Jan..
Feb..
Mar.
Apr?233
.
Foreign
18
Total
Official*
Other
17,260
418,781
19,874
21,330
10,212
10,940
11,963
12,467
7,048
47,841
Latin
Europe Canada America
Asia
Africa
Other
countries
7,911
8,863
9,046
10,322
10,162
10,770
2,439
2*758
3,349
2,988
2,308
2,340
2,448
3,137
3,115
42^974
3,444
4,001
227
283
319
241
125
104
152
194
21,529
21,402
21,983
22,359
138 22,341
143
22,978
144 23,924
150 '23,869
11,905
9,624
12,102
9,300
12,121
9,862
12,312 10,047
12,351
9,990
12,300 10,678
12,723 11,201
13,224 '10,645
10,618
10,662
10,791
11,148
11,285
11,233
12,012
'12,240
2,932
2,743
3,030
3,064
2,873
3,405
3,461
'2,984
3,332
3,313
3,400
3,358
3,290
3,411
3,480
'3,556
4,232
4,271
4,339
4,383
4,474
4,497
4,553
'4,660
230
227
233
224
185
186
190
231
244
238
238
183
189
188
181
192
156 '23,791
150 '23,927
146 23,201
157 22,748
153 22,543
12,588 '11,203 '11,990
12,685 '11,242 '12,011
12,297 10,904 11,521
11,969 10,779 11,007
11,946 10,597 10,747
'2,961
2,941
2,521
2,549
2,509
'3,611
'3,668
3,739
3,767
3,849
'4,765
'4,834
4,953
4,947
4,935
246
273
263
268
283
218
199
204
210
221
2a. Europe
End of period
Total
Austria Belgium
Denmark
Finland
France
Germany,
Fed.
Rep. of
Greece
Italy
Nether- Norway
lands
Portugal
Spain
Sweden
9,046
10,322
10,162
10,770
243
255
329
365
142
326
177
420
54
52
67
161
46
91
73
99
1,157
1,478
3,476
2,842
2,730
3,041
63
67
119
188
877
1,234
1,384
803
328
216
248
360
82
105
125
133
84
99
161
191
149
153
177
205
227
406
490
409
1964—May.... 10,618
June.
10,662
July.
10,791
Aug..
11,148
Sept..
11,285
Oct..
11,233
Nov..
12,012
Dec.
'12,240
341
310
327
355
355
293
349
323
439
440
396
424
426
444
473
436
195
197
213
229
260
269
280
336
112
102
105
105
109
112
110
127
1,518
1,552
1,558
,525
,529
,524
,600
,663
2,303
2,535
2,360
2,361
2,288
2,184
2,152
2,010
148
150
146
133
132
159
172
'175
866
891
928
1,057
1,121
1,263
1,434
,622
264
223
310
317
363
356
447
367
159
157
167
171
174
186
182
'184
193
190
216
230
224
228
228
257
241
264
296
376
396
409
410
394
420
433
451
509
551
563
653
644
'11,990
'12,011
11,521
11,007
10,747
296
269
247
215
206
470
'459
413
460
460
344
334
338
318
258
129
126
116
122
113
r ,530
r ,584
'1,928
1,910
1,888
1,874
1,706
165
152
150
148
148
,592
[,571
1,446
1,345
1,357
355
339
313
328
286
153
174
203
197
205
257
267
264
264
247
'408
'338
278
244
197
'682
I960
1961
1962
1963
1965—Jan..
Feb..
Mar.
Apr.?
3
May*
For notes see following two pages.
519
989
,333
,273
1,174
717
739
724
748
JULY 1965
1033
INTL. CAPITAL TRANSACTIONS OF THE U.S.
2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
2a. Europe—Continued
End of period Switzer- Turkey
land
United
Kingdom
2b. Latin America
Other
Other
Yugo- Western U.S.S.R. Eastern
slavia Europe 6
Europe
Total
Argentina
Brazil
Chile
Colombia
Cuba Mexico
678
875
908
906
18
26
25
21
1,667
2.227
1,609
1,483
10
12
11
16
357
325
351
465
12
5
3
2
14
16
19
24
2,308
2,340
2,448
3,137
315
235
210
375
194
228
204
179
135
105
135
143
158
147
148
169
77
43
7 15
11
397
495
531
669
1964—May...
June...
July...
Aug
Sept
Oct
Nov....
Dec
1,063
1,138
1,121
1,102
1,121
1,083
1,199
1,370
15
14
13
12
18
22
27
36
1,931
1,714
,864
1,951
1,920
,848
2I004
1,884
14
14
14
13
16
12
15
32
372
309
278
254
260
254
251
358
4
3
4
3
3
2
3
3
20
25
23
21
20
23
21
19
3,332
3,313
3,400
3,358
3,290
3,411
3,480
'3,556
402
350
336
307
313
305
279
'291
189
174
176
221
210
233
253
'258
135
184
168
172
181
163
151
176
178
173
164
149
169
162
177
'209
11
11
10
10
10
10
10
'12
659
649
666
674
638
663
773
'735
1965—Jan
Feb
Mar....
Apr.*. . .
May^...
1,321
1,308
1,225
1,209
1,199
26
21
27
19
22
'2,035
2,074
2,197
1,890
2,055
21
17
21
17
16
253
324
296
339
328
3
2
2
3
2
24
24
24
21
19
'3,611
'3,668
3,739
3,767
3,849
'298
301
301
314
337
280
'305
329
298
370
189
161
164
159
161
'177
'197
169
171
180
'12
'11
11
11
11
'699
'710
743
700
726
I960
1961
1962
1963
2 b. Latin America-—Continued
End of
period
Panama
Peru
Uruguay
Venezuela
Other
L.A.
rep.
2c. Asia
Neth.
Other
Bahamas
Antilles & Latin
&
Bermuda 8 Surinam America 8
Total
China
Mainland
Hong
Kong
India
Indonesia
Israel
I960
1961
1962
1963
123
87
98
129
72
84
105
158
51
57
101
113
398
418
405
591
235
226
267
355
69
111
123
136
72
89
97
93
12 3,115
15 •2,974
10 3,444
15 4,001
35
35
36
35
57
56
65
66
54
78
41
51
178
76
28
48
75
63
81
112
1964—May....
June....
July....
Aug
Sept
Oct
Nov....
Dec
1965 Jan
Feb
Mar
Apr*....
5
90
105
197
204
218
214
104
105
106
112
109
113
111
'HI
687
656
769
707
675
763
714
425
426
427
419
404
405
410
'734
'416
155
166
171
166
175
178
174
'181
85
93
93
96
98
105
113
114
14 4,232
16 4,271
14 4,339
19 4,383
16 4,474
16 4,497
15 4,553
'14 '4,660
36
36
35
35
36
36
35
35
71
71
75
80
77
74
85
95
67
64
62
56
60
55
63
59
40
42
40
27
28
36
37
38
140
135
133
129
134
132
140
133
1 \">
119
'764
'720
'419
'446
115
123
128
118
702
800
761
474
482
463
'16 '4 765
'16 '4,834
19 4,953
21 4,947
23 4,935
35
35
35
35
35
96
100
95
97
100
65
70
61
65
67
26
30
27
28
29
131
134
128
116
107
May* ...
85
92
89
96
103
99
204
199
196
'206
'102 !
'111 1
111 !
105
113
'242
244
267 1
248
262
r
183
'209
212
222
211
'118
114
110
112
2c. Asia—Continued
End of
period
Japan
I960
1961
1962
1963
1,887
41,672 !
2,195 I
2,484
1964—May
June....
July
Aug
Sept
Oct
Nov
Dec
2,416
2,467
2,478
2,545
2,592
2,587
2,608
'2,740
1965—Jan
Feb
Mar
Apr.P. ..
MayP. . .
2,738
'2,765
2,833
2,766
2,761
Korea Philippines
2d. Africa
Taiwan
Thailand
Other
Asia
Total
South U.A.R Other
Africa (Egypt) Africa
Total
Australia
All
other 8
113
203
185
174
209
84
92
75
149
186
264
333
382
204
254
280
353
227
283
319
241
32
34
35
26
64
93
68
49
29
32
41
41
22
15
14
14
80
109
161
112
125
104
152
194
88
98
147
180
37
6
5
13
115
106
100
101
103
103
106
104
203
204
218
216
230
227
228
233
219
232
249
248
238
240
221
221
416
425
426
439
442
437
444
458
510
490
523
507
533
571
585
543
230
227
233
224
231
244
238
238
24
25
24
23
24
26
25
26
19
17
20
18
17
8
7
7
49
38
44
38
46
48
51
'47
21
22
24
20
22
23
19
24
117
125
119
124
123
139
135
135
185
186
190
183
189
188
181
192
164
166
168
162
169
165
163
176
21
19
22
20
20
23
18
15
116
111
100
93
91
'243
259
252
252
248
225
230
232
232
227
471
484
488
488
494
618
615
703
774
776
246
273
263
268
283
23
33
37
35
31
8
8
9
10
16
57
'62
49
53
54
28
28
24
25
27
131
'142
143
146
154
218
199
204
210
221
201
178
182
184
198
18
21
22
25
23
152
199
136
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 $82 million reported by banks initially included as of Dec.
31, 1961, of which $81 million reported for Japan.
Congo
Mo(Leopold- rocco8
ville)
2e. Other countries
5
Includes revisions arising from changes in reporting coverage as
follows (in millions of dollars): Total + 2 0 ; Europe —13; Canada -f-1;
Latin America + 1 9 ; Asia + 2 2 ; Africa - 9 .
6
Includes Bank for International Settlements and European Fund.
7 Decline from end of 1961 reflects principally ^classification 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 1960-1962.
For NOTE see end of Table 2.
1034
INTL. CAPITAL TRANSACTIONS OF THE U.S.
JULY 1965
2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
2f. Supplementary Data 9 ; (end of period)
1964
1963
1965
1963
Area or country
Dec.
Apr.
Dec.
Apr.
7.0
4.7
6.0
8.6
2.4
5.2
8.7
7.1
6.3
7.4
2.7
Other Western Europe:
Iceland
Ireland, Rep. of
Luxembourg
Monaco
17.4
20.1
32.6
29.1
58.0
53.4
41.7
47.9
12.9
20.0
35.1
35.9
40.6
62.1
57.8
65.1
17.3
26.3
43.2
31.5
'55.8
67.1
56.0
48.7
14.3
26.0
53.1
28.6
47.3
65.2
71.7
71.6
15.4
33.0
35.0
52.3
42.4
11.4
67.4
12.1
10.7
Other Latin American republics:
Bolivia
Costa Rica
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Jamaica
Nicaragua
Paraguay
Trinidad & Tobago
Other Latin America:
British West Indies
French West Indies & French
Guiana
6.5
4.1
7.0
4.7
8.9
5.7
8.4
5.5
7.4
3.6
7.8
8.6
7.3
6.3
8.0
16.0
1.3
.6
1.1
1.4
5.0
9.9
6.9
3.1
Other Asia:
Afghanistan
Burma
Cambodia
Ceylon
4.2
5.5
1965
32.5
n.a.
Dec.
Apr.
Dec.
Apr.
Other Asia (Cont.):
Iran
Iraq
Jordan
Kuwait
Laos
Lebanon
Malaysia
Pakistan
Ryukyu Islands (inch Okinawa) .
Saudi Arabia
Syria
Viet Nam
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
22.9
2.7
49.9
6.5
108.1
24.3
16.1
31.6
151.0
5.7
17.9
23.4
21.6
2.7
56.4
5.0
84.2
22.2
23.1
25.6
197.2
7.6
19.0
62.0
n.a.
n.a.
52.0
5.0
113.2
36.3
24.8
32.7
288.0
3.2
19.7
Other Africa:
Algeria
Ethopia, incl. Eritrea
Ghana
Liberia
Libya
Mozambique
Nigeria
Somali Republic
Southern Rhodesia
Sudan
Tunisia
.9
22.3
6.4
22.0
14.1
1.4
17.8
.8
3.6
2.5
1.0
1.0
32.1
6.3
17.8
14.9
1.4
17.3
.8
3.5
2.0
1.5
33.7
5.6
20.0
28.9
2.5
15.7
.5
3.0
2.2
.9
2.1
45.2
5.1
17.6
26.8
1.6
n.a.
.8
2.6
2.2
1.0
All other:
New Zealand
10.5
18.8
12.0
19.7
6.3
22.1
2.1
3.7
1.5
2.4
1.7
2.7
9 Represent a partial breakdown of the amounts shown in the "other"
caitegories (except "Other Eastern Europe") in Tables 2a-2e.
l
1964
Area or country
NOTE.—Short-term liabilities are principally deposits (demand and
ime) and U.S. Govt. securities maturing in not more than 1 year from
heir date of issue; the latter, however, exclude nonnegotiable, non-
i
interest-bearing special U.S. notes held by the International Development Assn. and the Inter-American Development Bank. For data on
long-term liabilities, see Table 6. For back figures and further description of the data in this and the following tables on international capital
transactions of the United States, see "International Finance," Section
15 of Supplement to Banking and Monetary Statistics, 1962.
3. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Payable in dollars
End of period
To banks and official institutions
Total
Total
Deposits
U.S.
Treasury
bills and
certificates
Special
U.S.
notes 2
Other 3
8,644
8,707
8,528
5,629 3,673
7,491
7,363
7,363
9,214
8,571
2,469
2,388
2,388
3,012
3,036
1,401
1,549
1,567
1,557
1,878
2,230
2,356
2,358
2,565
3,047
Demand Time
1960
1961
1961 4
1962
1963
.
. . 21,272
22,450
22,533
25,019
25,967
18,929
19,944
20,025
22,311
22,787
To all other foreigners
1
7 , 5 68
Total
Deposits
Demand
Time i
1 84 9
1,976
1,977
2,096
1,493
966
1964—May
June
July
Aug
Sept
Oct .
Nov
Dec. 5
26,362 23,138
26 328 23 070
26,894 23,638
27,277 23,993
27,406 24,038
28,039 24,683
28,975 25,563
'28,843 '25,376
5,901
5,772
6,210
6,359
6,243
6,764
7,310
'6,713
3,922
3,722
3,787
3,769
3,752
3,856
3,880
3,994
7,800
7,866
7,914
8,163
8,180
8,133
8,470
8,727
3,164
3,289
3,289
3,275
3,425
3,394
3,385
3,308
2,351
2,421
2,438
2,427
2,439
2,536
2,518
'2,634
3,107
3,135
3,132
3,161
3,237
3,250
3,302
'3,377
1,467
1 496
1,464
1,450
1,478
1,449
1,500
'1,531
1,057
1 080
1,095
1,135
1,178
1 196
1,206
'1,271
1965 Jan
'28,777 '25,297
'28 909 '25,405
28,282 24,736
27,834 24,272
27,406 23,874
'6,849
'6,753
6,628
6,226
6,081
4,047
'4,032
3,970
3,982
3,932
8,560
8,601
7,972
7,762
7,685
3,303
3,303
3,373
3,367
3,167
'2,538 '3,383
'2,716 '3,431
2,793 3,482
2,936 3,478
3,008 3,442
'1,509
'1,516
1,541
1,546
1,517
'1,295
'1,320
1,362
1,393
1,401
Feb
Mar
Apr.23
May p
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 $309 million on May 31, 1965.
3 Principally bankers' acceptances, commercial paper, and negotiable
U.S.
Treasury
bills and
certificates
Other 3
Payable
in
foreign
currencies
148
149
149
116
119
233
231
232
352
469
113
150
150
143
134
87
75
495
484
118
123
86
91
487
485
123
124
101
105
480
500
132
106
84
512
72
111
'503
90
81
79
'497
'515
79
501
97
73
77
79
461
445
64
84
90
time certificates of deposit.
4
These figures reflect the inclusion of data for banks initially included
as 5of Dec. 31, 1961.
Includes revisions arising from changes in reporting coverage as
follows (in millions of dollars): Total + 2 0 ; foreign banks, etc. + 2 6 ;
other foreigners + 2 2 ; payable in foreign currencies —28.
1035
INTL. CAPITAL TRANSACTIONS OF THE U.S.
JULY 1965
4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
Grand
total
End of period
Europe
Intl. and
regional
Canada
Latin
America
Asia
Africa i
Other
countries
1960
1961
1962
1963
3,614
3 4,820
5,163
5,975
717
767
877
939
421
556
526
638
,356
,522
,606
,742
1,052
3 1,891
2,017
2,493
104
69
85
137
58
1964—May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec.
Dec. 4
6,557
6,897
6,727
6,775
6,806
6,912
6,964
7,469
'7,852
,028
,164
,075
,048
,064
,164
,129
,217
,230
764
855
746
746
675
629
627
725
912
,791
,852
,912
,932
,984
2,020
2,098
2,212
2,237
2,825
2,874
2,837
2,891
2,923
2,925
2,934
3,137
'3,278
98
100
98
98
101
108
109
120
'131
50
52
58
60
58
66
67
58
63
1965—Jan.. ,
Feb..
Mar..
Apr.P
May*9
'7,628
'7,740
7,818
7.684
7,665
,172
,180
,181
,167
,173
'937
877
800
753
'2,201
'2,239
2,196
2,175
2,193
'3,201
'3,217
3,380
3,356
3,353
112
117
130
129
135
56
51
53
57
58
4a. Europe
France
Germany,
Fed. Rep.
of
9
23
30
52
32
42
68
70
82
165
186
121
15
16
17
18
17
15
16
28
26
63
63
65
62
65
69
71
85
84
92
86
79
72
74
76
76
79
81
158
135
114
133
127
173
175
159
152
11
10
10
10
10
9
10
18
20
21
27
23
77
76
77
77
75
89
81
72
82
83
189
11
203
186
173
184
Total
Austria
Belgium
Denmark
717
767
877
939
2
5
7
8
65
20
32
26
13
11
14
13
Mav
June
July
Aug
Sept
Oct
Nov
Dec
Dec.4
) 028
1,164
1,075
1,048
1,064
1,164
[,129
1,217
,230
9
7
30
31
1965—Jan
Feb
Mar
Apr P
MayP
r 1,172
End of period
I960
1961
1962
1963
1964
1,180
,181
167
,173
7
8
9
9
7
10
11
29
31
31
35
34
42
9
9
10
57
72
49
9
9
49
43
48
Finland
Italy
Netherlands
Norway
Portugal
Spain
Sweden
6
6
6
9
34
35
54
97
33
54
27
33
17
27
35
40
4
5
9
14
8
11
19
26
28
35
18
30
9
10
90
114
38
45
35
41
46
40
40
40
42
39
36
34
33
33
36
41
43
43
15
16
19
20
17
21
20
19
25
28
100
94
92
113
122
109
114
29
32
33
46
9
10
106
125
138
42
46
44
49
10
14
123
117
47
44
49
51
Greece
4a. Europe—Continued
Switzerland
End of period
1960
1961
1962
1963
1964
Oct
Nov .
Dec
Dec.4
1965—Jan
Feb
Mar
Apr P
May*>
Other
Other
Yugo- Western U.S.S.R. Eastern 6 Total Argen- Brazil
Europe
slavia Europe 5
tina
. . .
. . .
60
105
75
70
49
16
42
48
245
181
221
237
11
9
6
7
11
9
19
23
23
42
255
347
91
88
82
52
35
49
285
111
290
24
29
26
23
21
17
15
15
16
24
22
22
21
22
26
21
20
20
16
15
20
24
28
20
21
23
24
25
90
92
97
111
. ...
'114
118
116
98
95
For notes see following page.
United
Kingdom
31
15
36
37
36
32
30
7
17
312
278
319
310
221
'194
199
213
216
28
26
34
36
36
32
31
31
36
43
41
47
49
51
26
32
45
44
43
46
47
38
4b. 1-,atin America
76
85
. ...
May
June
July
Aug
Sept
Turkey
23
31
32
31
28
32
40
40
Chile
Colombia
Cuba
Mexico
225
186
171
163
73
127
186
187
80
125
131
208
26
19
17
18
343
425
408
465
507
539
t
1.356
,522
,606
,742
121
192
181
188
17
15
*
8
8
8
16
,791
,852
,912
,932
.984
2^020
2,098
175
171
141
147
186
191
230
246
174
175
187
17
17
147
153
158
187
187
196
251
250
273
16
16
16
145
188
126
319
176
17
630
338
17
'647
207
206
122
117
16
16
'661
689
119
108
112
'165
'156
141
141
136
311
311
200
203
207
292
290
294
16
17
16
687
686
695
16
20
18
20
20
2,212
20 '2,237
20
t
1
*
21 '2,201
23 '2,239
24
2,196
28
2,175
30
2,193
196
205
210
203
155
146
183
188
291
300
16
17
571
568
565
580
604
2
1036
INTL. CAPITAL TRANSACTIONS OF THE U.S.
JULY 1965
4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
4b. Latin America—Continued
End of
period
Panama
Peru
Uruguay
Venezuela
Other
L.A.
republics 7
4c. Asia
Bahamas
&
Bermuda l
I960
1961
1962
1963
23
32
30
35
44
74
85
99
57
55
122
65
234
144
102
114
55
56
66
135
41
44
40
38
37
35
38
41
48
113
114
112
104
102
96
99
102
108
51
54
55
62
63
62
67
76
ns
125
128
140
137
140
140
153
165
168
144
140
160
169
173
188
199
222
'224
48
56
48
48
50
109
112
116
112
119
'78
'84
84
81
78
158
161
164
173
173
221
23O
229
221
216
May
P..
Japan
Korea
Philippines
806
31 528
1,740
2,171
2
4
3
25
19
114
70
113
2,421
2,469
July
2,416
Aija
2 472
S e p t . . . . . . . . . 2 493
2,488
Oct
2,496
2,653
Dec
Dec 4 .
'2 796
28
27
27
23
25
25
25
21
21
'2,731
2 735
2 854
2 824
2,821
20
20
20
21
21
I960
1961
1962
1963
1964—May
1965 Jan
Feb
Mar p
Apr 25
May
r
Israel
2
2
2
2
9
9
13
11
9
g
20
17
24
36
37
22
11
10
10
13
13
16
16
20
'21
2,825
2,874
2,837
2,891
2,923
2,925
2,934
3,137
'3,278
2
2
2
2
2
2
2
2
2
13
15
16
16
20
21
20
26
28
23
21
20
19
24
20
19
22
21
3
7
7
38
39
44
39
39
40
45
44
45
is
is
IS
IS
IS)
'18
19
18
19
19
'3,201
'3,217
3,380
3,356
3,353
2
I
1
21
21
25
24
27
22
16
28
28
28
7
7
7
7
4
33
44
53
55
53
i:
I:I
l
Thailand
Other
Asia
7
10
9
8
24
34
41
52
150
145
80
71
104
155
158
174
179
179
185
183
202
203
7
7
7
7
8
9
8
9
9
54
57
53
56
53
54
55
64
65
84
78
78
77
80
81
79
88
82
98
100
98
98
101
108
109
120
r
131
205
'208
212
212
209
10
12
12
13
13
70
73
71
73
76
80
80
97
99
100
Taiwan
Indonesia
1,052
31 891
2,017
2,493
1
4d. Africa
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.
* Differs from December data in line above because of the exclusion
as of Dec. 31, 1964, of $58 million of short-term U.S. Govt. claims
previously included; and because of the addition of $441 million of shortterm claims arising from the inclusion of claims previously held but first
reported as of Dec. 31,1964, and revision of preliminary data.
5 Until 1963 includes Eastern European countries other than U.S.S.R.,
Czechoslovakia, Poland, and Rumania.
« Czechoslovakia, Poland, and Rumania only until 1963.
7 Bolivia, Dominican Republic, El Salvador, and Guatemala only until
1963.
* Until 1963 includes also the following Latin American republics:
India
66
74
98
16
4c. Asia—Continued
End of period
Hong
Kong
rr
u
it
68
63
62
58
58
r
China
Mainland
Total
is)
li ,
is)
35
37
38
41
42
44
50
58
65
1965—Jan....
Feb....
Mar....
Apr. P. .
Other
Latin
America*
I?
i:
s>
c)
42
1964—May...
June...
July...
Aug....
Sept...
Oct....
Nov....
Dec
Dec. 4..
Neth.
Antilles
&
Surinam
Total 1
r
112
117
131
129
135
4e. Other countries
Congo
(Leo- Moroc- South
poldco 1 Africa
ville)
U.A.R. Other Total 2
(Egypt) Africa i
1
0
0
1
]
3
13
26
28
?
?
?
?
?
?
?
?
3
6
2
1
8
19
19
19
1
18
19
1Q
?o
29
26
26
26
29
29
28
42
42
15
14
1Q
2t
>0
31
29
35
35
38
1
?
1
1
1
1
1
1
?
?
2
Australia
All
other «
59
69
85
137
58
28
29
41
48
24
27
57
9
49
52
50
50
52
58
60
56
67
50
52
58
60
58
66
67
58
63
40
43
49
50
49
56
58
48
48
9
9
9
9
10
10
9
10
16
63
71
72
70
74
56
51
53
57
58
43
39
41
45
45
13
12
12
13
13
Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay,
and Trinidad and Tobago.
9 Until 1963 includes also African countries other than Congo (Leopoldville), South Africa, and U.A.R. (Egypt).
NOTE.—Short-term claims are principally the following items payable
on demand or with a contractual maturity of not more than 1 year; loans
made to and acceptances made for foreigners; drafts drawn against
foreigners where collection is being made by banks and bankers for
their own account or for account of their customers in the United States;
and foreign currency balances held abroad by banks and bankers and
their customers in the United States. Excludes foreign currencies held
by U.S. monetary authorities.
See also NOTE to Table 2.
JULY 1965
1037
INTL. CAPITAL TRANSACTIONS OF THE U.S.
5. 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
LOvftl
Total
Total
Official
institutions 1
Banks
Others
Payable in foreign currencies
Collec- Acceptances
tions
made
outfor acct
standof foring
eigners2
1960
1961
1961 5
1962
1963
3,614
4,762
4,820
5 163
5,975
3,135
4,177
4,234
4 606
5,344
1,296
1,646
1,660
1,954
1,915
290
329
329
359
186
524
699
709
953
955
482
618
622
642
774
605
694
700
686
832
2,214
1964—May..
June..
July...
Aug...
Sept..,
Oct....
Nov...
Dec...
Dec. 6.
6,557
6,897
6,727
6,775
6,806
6,912
6,964
7,469
7,852
5,822
6,089
6,039
6,083
6,132
6,242
6,303
6,810
'7,231
2,139
2,192
2,233
2,265
2,310
2,379
2,461
2,652
'2,779
140
168
168
151
159
164
165
223
221
1,138
1,143
1,152
1,176
1,207
1,251
1,316
1,374
1,403
861
881
913
938
944
964
980
1,055
'1,155
932
933
956
956
980
986
990
1,007
'1,129
2,373
2,438
2,401
2,403
2,414
2,431
2,420
2,600
'2,621
1965—Jan....
Feb.. .
Mar.. .
Apr.p.
May**.
7,628
7,740
7,818
7,684
7,665
'7,014
'7,102
7,235
7,143
7,101
'2,785
'2,945
2,961
2,910
2,824
222
250
243
207
213
1,427
1,491
1,506
1,495
1,463
'1,136
1,204
1,212
1,208
1,148
'1,051
1,007
1,076
1,082
1,091
'2,511
2,499
2,590
2,583
2,606
1 Includes central banks.
Not reported separately until 1963.
Until 1963 includes acceptances made for account of foreigners.
•Until 1963 includes foreign government securities, commercial and
finance paper.
2
3
Other 3
1,233
1 837
1,874
1 967
384
378
526
448
460
428
446
432
552
'703
'667
651
608
567
579
Total
Foreign
govt. seDeposits curities,
Other *
with for- coml.
eigners and finance2
paper
480
586
586
557
631
242
385
386
371
432
157
238
200
200
186
42
735
808
688
692
674
670
662
659
621
452
494
419
416
416
410
394
400
338
221
254
207
202
176
177
183
182
181
62
60
62
74
83
83
84
77
102
338
169
176
147
129
137
107
123
117
100
98
613
'638
583
541
565
'339
319
311
330
5 These figures reflect the inclusion of data for banks initially included
as 6of Dec. 31, 1961.
Differs from December data in line above because of the exclusion
as of Dec. 31, 1964, of $58 million of short-term U.S. Govt. claims
previously included; and because of the addition of $441 million of shortterm claims arising from the inclusion of claims previously held but first
reported as of Dec. 31, 1964, and revision of preliminary data.
6. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES
(Amounts outstanding; in millions of dollars)
Claims
Total
liabilities
End of period
7
2
I960
1961
1962
1963
1965 Jan
Feb
Mar p
Apr 23
May
\
Payable in dollars Payable
in
foreign
curAll
Loans
rencies
other
United
Kingdom
Other
Europe
15
11
351
482
552
31,063
76
274
304
290
886
31,015
74
3249
148
3194
J 242
1,273
,302
1,307
1,358
1,408
1,493
1,611
' ,625
287
279
283
294
292
292
291
273
'306
1 054
1,029
1,030
[,058
1,073
[,099
1,153
1,162
' ,272
323
325
329
332
196
197
210
216
,679
,783
1,763
1,764
[,691
'330
'378
345
359
340
1,361
' 1,399
403
1,336
1,357
2,811
217
2
25
38
3,337
3,350
3,414
3,480
3,589
171
3,693
164
3,853
298
3,971
305 \/ '4,251
3,124
3,147
3,219
3,282
3,392
3,490
3,652
3,777
'3,981
212
202
194
198
197
203
201
195
'268
i
50
57
61
72
'4,467
'4,701
4,715
4,654
4,587
'4,202
'4,412
4,445
4 367
4,304
'263
'284
265
281
278
2
5
5
6
5
155
157
175
174
July
Sept
Oct
Nov
Dec
Dec 4
Tota
claims
1 698
2 034
2,160
33,030
7
69
1964 May
Country or area
Type
309
493
458
441
441
'87
1 Not reported separately until 1963.
Includes Africa until 1963.
3 Includes claims previously held, but reported for the first time as of
May 1963; on that date such claims were $86 million. Also includes
$193 million reported for the first time as of Dec. 1963, representing
in part claims previously held but not reported by banks. Included in
2
73
76
77
77
'86
'90
96
95
91
Canada
Latin
America Japan
914
931
19
24
Other
Asia
229
229
238
238
'455
'454
472
479
259
276
297
'295
486
295
255
All
other 2
113
208
166
171
68
107
110
115
115
120
131
125
123
'153
77
80
85
86
92
105
107
103
122
'177
'186
202
191
194
119
133
136
135
133
115
146
351
352
369
385
'430
Africa i
this amount are claims on: Europe $5 million, Latin America $134
million, and Asia $54 million.
-»Differs from Dec. data in line above because of the addition of
$280 million of long-term claims arising from the inclusion of claims
previously held but first reported as of Dec. 31, 1964, and revision of
preliminary data.
1038
INTL. CAPITAL TRANSACTIONS OF THE U.S.
JULY 1965
7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE
(In millions of dollars)
U.S. corporate
securities 2
U.S. Govt. bonds and notes i
Intl.
Total
and
regional Total
512
-728
671
—338
1964—May
July
AUK
Sept.
Oct
Nov
Dec
1965—Jan
Feb
Mar
Apr p
May**
Foreign stocks
Net purchases or sales
Period
1961
1962
1963
1964
Foreign bonds
532
-521
302
—315
—20
-207
369
—23
-83
12
-16
—98
—81
-30
—37
2
-103
•
1
—61
—84
-21
•
*
20
12
— 17
—37
3
—9
—37
2
-66
j
-17
65
-1
-68
-38
*
*
2
30
-17
65
-1
Official
Net pur- PurSales chases or chases
sales
Purchases
Net pur- PurSales chases or chases
sales
36
3,384
2,568
2,980
3,537
3,161
2,508
2,773
3 710
223
60
207
— 173
802
1,093
991
915
20
10
6
3
3
4
3
2
313
313
284
260
267
335
297
289
296
297
353
262
301
353
292
302
16
17
—68
—2
—34
— 17
5
—13
53
67
70
37
51
252
86
94
157
112
76
32
97
399
342
221
17
-1
-17
65
14
240
283
427
338
348
249
292
395
342
342
-9
-9
32
4
6
49
52
46
87
116
107
269
152
183
141
Foreign
Sales
Net purchases or
sales
Other
59
•
1
-23
—40
-13
—40
•
-15
32
*
-15
1 Excludes nonmarketable U.S. Treasury bonds and notes held by
official institutions of foreign countries; see Table 8.
2 Includes small amounts of State and local govt. securities.
1,262
—460
2,037
-944
2,086 — 1,095
1,838
—923
596
702
696
748
966
806
644
548
—370
-104
51
200
-103
44
—5
6
—46
-148
—256
-127
62
64
61
49
49
60
55
72
50
47
42
32
42
59
50
59
12
17
19
16
7
1
5
13
-58
-217
-105
-96
-25
86
77
78
93
70
48
44
53
69
52
38
34
25
24
18
NoTE.-yStatistics include transactions of international and regional
organizations.
See also NOTE to Table 2.
8. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES
(In millions of dollars)
Payable in dollars
Payable in foreign currencies
End of period
Total
Belgium
50
30
275
30
30
30
30
30
30
30
30
30
30
30
30
30
1962—Dec
1963—Dec
251
730
1964—June
July
Aue
Sent.
Oct.
Nov
I>ec
802
I 005
L 005
1,086
1 086
U086
50
50
50
50
50
50
50
1965 Jan
Feb
Mar
Apr
May
June
1,086
1,112
I 137
I 137
137
,137
50
75
101
101
101
101
953
Germany
Austria
Switzerland
Total
Canada
Italy
Sweden
51
175
163
125
13
25
All
628
628
628
679
679
679
1245
1245
1297
1297
1327
1327
1327
152
152
152
354
354
354
354
125
125
2 329
2 329
2329
2 329
2
2
2
25
25
25
25
25
25
25
679
679
679
679
679
679
1327
1327
i 327
1 327
1327
1327
354
354
354
354
354
354
2 329
2 329
2 329
2 329
2 329
2 329
1 Includes the equivalent of $70 million payable in Swiss francs to the
Bank for International Settlements.
Italy
200
200
125
25
25
25
25
25
25
2 Includes $204 million of nonmarketable bonds issued to the Government of Canada in connection with transactions under the Columbia
River treaty.
JULY 1965
1039
INTL. CAPITAL TRANSACTIONS OF THE U.S.
9. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES,
BY TYPE OF SECURITY AND BY COUNTRY
(In millions of dollars)
Type of security
Period
Country or area
Total
Stocks
Bonds
France
Switzerland
United
Kingdom
223
60
207
-173
323
111
198
-349
-99
-51
9
176
21
4
-8
-37
166
129
-14
-200
-17
-33
206
-4
1964—May..
June..
July..
Aug...
Sept..
Oct...
Nov..
Dec...
16
17
-68
-2
-34
-17
5
-13
3
-6
-74
-50
-43
-25
-27
-37
14
23
6
48
9
8
32
24
-9
-4
-4
-3
-21
-24
-32
-22
-15
-19
-26
-14
7
28
-32
19
4
14
41
-5
1965—Jan...
Feb...
Mar...
Apr. ».
May P.
-9
-9
32
-4
6
*
8
9
-49
-42
-9
-16
23
45
47
-2
-2
-2
-13
-5
-3
7
-7
*
-9
1961
1962
1963
1964
-6
-2
-3
*
2
8
-2
3
Total
Europe
Canada
Latin
America
Asia
61
24
16
14
232
124
199
-228
-112
-43
-47
3
44
-20
14
25
44
-18
17
10
6
-3
8
2
-17
-3
-61
-4
-16
-13
-2
-22
9
10
-8
3
-18
-7
5
3
23
4
-4
-3
*
*
*
4
-6
4
22
-19
-12
-3
-11
7
10
11
-1
-3
-2
1
5
1
3
3
*
-2
2
2
*
«
*
3
1
1
Other
Europe
•
-1
-15
-1
-1
-3
23
-4
1 Not reported separately until May 1963.
2 Yearly figures through 1963 include Africa.
Africa*
Other
countries 2
:
it
Intl.
and
regional
12
17
22
18
\
1
-1
i
1
2
1
2
1
1
1
i
i
t
4
i
i
i
1
•
1
3
2
NOTE.—Statistics include small amounts of State and local govt. securities.
10. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES, BY AREA
11. DEPOSITS, U.S. GOVT. SECURITIES, AND
GOLD HELD AT F.R. BANKS FOR FOREIGNERS
(In millions of dollars)
(In millions of dollars)
Period
1961
1962
1963
1964
Total
-830
-1,048
-1,044
-723
1964—May
June
July
Aug
Sept
Oct
Nov
Dec
-91
-28
14
22
-39
-147
-251
-114
1965—Jan
Feb
Mar
Apr.p
MayP
-20
-183
-81
-73
-7
Intl.
and
regional
Total
foreign
countries
1
-235
-96
-140
-832
-813
-949
-583
1 -92
9 -36
9
4
20
1
-39
*
7 -153
- 9 5 -156
-92
-22
5
-178
3
4
3
-25
c
-84
-76
-10
Europe
Latin
Can- Amer- Asia
ada
ica
-262
-188
-49
163
-318
-360
-614
-665
-58
-41
-26
-36
-121
-175
-252
-77
8 -93
13 - 4 9
19
6
4
16
-5
-35
2 -171
15 - 1 2 9
16 - 9 8
3
2
-13
1
1
12
-30
5
-12
-8
-5
-2
-1
-5
-15
-18
14
3
-6
22
14
1
-4
-6
-27
10
-20
-3
-1
-47
*
1 Not reported separately until May 1963.
2 Yearly figures through 1963 include Africa.
-23
-2
-74
-28
-13
Other
countries2
Africai
7
1
1
1
*
2
*
1
1
*
*
*
-73
-50
-8
25
1
4
2
1
1
6
2
2
3
1
2
5
-21
Assets in custody
End of
period
Deposits
U.S. Govt.
securities1
Earmarked
gold
1961
1962
1963
279
247
171
6,006
6,990
8,675
11,905
12,700
12,954
1964—June..
July...
Aug...
Sept...
Oct...
Nov...
Dec...
156
135
163
148
120
256
229
8,043
8,201
8,247
8,373
<S,201
8,278
8,389
12,795
12,752
12,741
12,738
12,707
12,672
12,698
1965—Jan...
Feb...
Mar...
Apr...
May..
June..
143
154
162
146
142
179
7,952
8,100
7,741
7,626
7,713
7,599
12,871
12,940
13,187
13,174
13,050
12,951
1
U.S. Treasury bills, certificates of indebtedness,
notes, and bonds; includes securities payable in foreign
currencies.
NOTE.—Excludes deposits and U.S. Govt. securities
held for international organizations. Earmarked gold
is gold held for foreign and international accounts (for
back figures, see "Gold," Section 14 of Supplement to
Banking and Monetary Statistics, 1962).
1040
INTL. CAPITAL TRANSACTIONS OF THE U.S.
12.
JULY 1965
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS
(End of period; in millions of dollars)
Liabilities to foreigners
Area and country
1963
Denmark
Mar.
June
2
26
2
19
1
3
21
1
1
1
31
28
3
1
33
1963
1964
Dec.
Europe:
Austria
Claims on foreigners
June i
1964
Sept.
Dec.
Dec.
Mar.
June
3
20
3
22
2
20
8
22
1
1
1
1
7
18
2
1
6
21
8
4
7
5
27
31
31
47
6
7
52
69
67
50
52
June 1
Sept.
Dec.
5
20
5
17
7
19
7
5
6
8
6
7
Germany Fed Rep. of.
34
2
32
2
34
5
44
4
63
4
103
9
114
13
82
9
79
9
95
10
140
10
Italy
25
46
26
43
24
46
22
46
27
31
26
33
106
32
101
34
101
30
99
30
90
32
3
1
2
1
3
1
2
1
2
2
7
8
6
10
7
9
95
31
7
7
20
4
9
7
19
5
8
7
18
4
12
7
36
5
10
8
33
6
32
20
23
5
47
17
19
5
46
17
17
5
100
4
3
*
*
108
1
4
102
241
3
4
42
19
22
9
248
4
5
1
3
4
'280
3
6
*
310
3
9
1
'284
3
6
*
'407
3
6
1
97
1
2
*
*
'45
19
16
4
110
6
1
*
102
1
3
*
29
17
27
5
6
8
7
10
7
9
1
2
2
3
2
325
319
316
301
341
350
685
706
'731
'714
'832
794
72
68
62
57
'60
76
732
910
'932
'923
'1,035
1,060
Norway
Sweden
25
2
United Kingdom
Other Western Europe
Other Eastern Europe
Total
Latin America:
Argentina
Chile
Cuba
Mexico
1
36
5
5
2
7
6
5
4
3
11
5
20
20
26
10
3
11
4
23
30
13
3
11
3
25
13
3
113
25
118
24
126
23
125
21
6
*
8
*
7
*
7
*
10
*
21
5
22
5
145
25
21
5
23
5
128
25
25
4
25
4
59
10
23
5
37
62
10
23
6
40
58
10
22
6
38
64
9
23
8
45
69
12
26
10
46
47
19
4
10
51
11
4
10
438
468
7
*
6
Peru
8
20
5
1
22
11
29
5
1
20
8
21
6
1
22
Other L A republics
Bahamas and Bermuda
Neth. Antilles & Surinam. . . .
Other Latin America
13
1
6
4
10
2
6
5
9
2
7
6
8
2
7
6
11
2
9
4
15
2
6
6
39
10
5
11
42
20
5
10
45
21
5
11
42
20
5
9
110
118
112
104
111
116
390
403
'422
'404
2
14
3
1
24
1
5
2
2
2
2
2
2
14
3
2
23
1
14
5
1
27
1
13
5
1
25
5
1
5
1
2
18
1
22
1
21
4
1
72
76
80
Total
Asia:
China Mainland
India
Indonesia
Taiwan
Thailand
Other Asia
Total
Africa:
Congo (Leopoldville)
8
4
1
*
1
7
21
5
1
21
8
26
5
1
20
1
2
7
28
7
1
16
1
2
60
13
22
5
36
•
6
16
3
1
31
*
21
4
1
28
1
4
42
10
7
161
6
39
5
7
170
5
6
*
5
3
9
4
12
3
19
1
21
73
82
*
5
*
7
38
5
7
'37
4
7
'161
'160
4
4
11
4
11
4
5
14
5
r
9
41
4
7
180
4
11
5
174
21
11
41
7
46
7
53
7
51
7
55
5
60
88
295
300
'298
'294
'315
327
5
2
6
1
It
4
*
3
2
2
1
2
1
2
1
South Africa
U. A R (Egypt)
Other Africa
10
6
8
9
4
6
10
2
6
10
2
5
11
1
5
14
3
10
9
11
18
8
14
23
13
13
26
12
13
25
11
12
27
13
26
Total
25
21
19
18
22
31
43
50
55
53
57
57
17
5
25
4
27
6
27
5
26
8
25
9
32
9
33
5
37
6
36
6
38
7
38
7
22
*
30
33
32
42
38
43
41
45
1
1
34
*
34
*
1
1
1
45
*
626
631
622
585
'650
695
2,407
'2,482
'2,430
'2,722
2,751
Other countries:
Australia
All other
Total
International and regional
Grand total
*
*
1
Ninth revised series; includes reports from firms having $500,000
or more of liabilities or of claims; for previous series the exemption level
was $100,000.
3
1
*
5
39
5
8
2,188
NOTE.—Reported by exporters, importers, and industrial and commercial concerns in the United States. Data exclude claims held through
U.S. banks, and intercompany accounts between U.S. companies and
their foreign affiliates.
See also NOTE to Table 2.
JULY 1965
1041
MONEY RATES
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS
(Per cent per annum)
Changes during the last 12 months
Rate as of
June 30, 1964
Country
1964
Per
cent
Argentina
Austria
Belgium
Month
effective
July
6.0
4.5
4.25
10.0
4.0
Dec.
June
Oct.
Apr.
Feb.
1957
1963
1963
1958
1962
4.0
4.0
14.39
8.0
3.0
Aug.
Aug.
Jan.
May
Apr.
June
Nov.
June
Apr.
Nov.
1964
1956
1961
1962
1963
Germany, Fed. Rep. of.....
Ghana
Greece
Honduras 3
3.0
4.5
5.5
3.0
9.0
May
Oct.
Jan.
Jan.
Dec.
4.5
9.0
4.0
4.69
6.0
Jan.
Aug.
Oct.
June
Feb.
1963
1963
1963
1964
1955
3.5
4 0
6.57
10.5
4.5
June
Nov
Mar.
Mar.
June
1958
1963
1964
1964
1942
4.5
7.0
6.0
3 5
4.0
June
Mar.
Apr.
Feb
Jan.
Nov.
Jan.
Jan.
Nov.
June
1959
1962
1944
1962
1961
4.5
2.0
14.04
7.0
4.0
Jan.
Feb.
July
Feb.
Oct.
1964
1959
1963
1945
1962
7.5
5.0
5.0
4.5
May
May
Feb.
Dec.
1961
1962
1964
1960
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
1964
1961
1954
1955
1959
9.5
6.0
2.0
3.5
4.0
Oct.
1961
1961
1963
1962
1960
India
Sept.
1963
1960
1964 14.63
1963
1939
6.5
5.0
6.0
7.0
4.0
Aug.
• .. ..
Canada *
Ceylon
Chile 2
Costa Rica
Denmark
El Salvador
Finland
France
Iran
Israel
Italy
Jamaica
• •
Korea
Philippine Republic *
South Africa
Spain
.
Sweden
Thailand
Tunisia
Turkey
United Arab Rep. (Egypt)..
United Kingdom
Venezuela
. ••
4.75
May
June
6.0
4.5
4.75
12.0
4.0
12.0
4.25
4.25
5.0
15.09
8.0
3.0
5.0
15.09
6.5
5.0
4.0
7.0
3.5
4.0
3.5
3.5
3.5
4.5
5.5
3.0
8.0
8.0
6.0
5.0
4.87
4.89
4.94
6.87
6.81
5.0
6.75
6.81
6.21
6.69
5 84
6.0
9.0
4.0
6.50
6.0
6.50
5.48
5.0
4.0
2.5
1 On June 24, 1962, the bank rate on advances to chartered banks
was fixed at 6 per cent. Rates on loans to money market dealers will
continue to be .25 of 1 per cent above latest weekly Treasury bill tender
average rate but will not be more than the bank rate.
2 Beginning with Apr. 1, 1959, new rediscounts have been granted at
the average rate charged by banks in the previous half year. Old rediscounts remain subject to old rates provided their amount is reduced by
one-eighth each month beginning with May 1, 1959, but the rates are
raised by 1.5 per cent for each month in which the reduction does not
occur.
3 Rate shown is for advances only.
4 Beginning with June 1, 1962, the rediscount rate for commercial
bank loans financing the purchase of surplus agricultural commodities
under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22,
1962, the rediscount rate for commercial bank financing of 9 categories
of development loans was reduced from 6 to 3 per cent.
5 Rate shown is for call loans.
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
Rate
as of
June 30,
1965
1965
4.5
5.0
7.0
3.5
5.0
5.48
10.5
4.5
4.5
7.0
6.0
3.5
5.0
9.5
6.0
2.0
5.0
4.0
5.0
5 5
5.5
2.5
14.04
7.0
4.0
6.0
7.5
5.0
6.0
4.5
shown is the one at which it is understood the central bank transacts
the largest proportion of its credit operations. Other rates for some
of these countries follow;
Argentina—3 and 5 per cent for certain rural and industrial paper, depending on type of transaction:
Brazil—8 per cent for secured paper and 4 per cent for certain agricultural
paper;
Colombia—5 per cent for warehouse receipts covering approved lists of
products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent
for rediscounts in excess of an individual bank's quota;
Costa Rica—5 per cent for paper related to commercial transactions
(rate shown is for agricultural and industrial paper);
Ecuador—6 per cent for bank acceptances for commercial purposes;
Indonesia—various rates depending on type of paper, collateral, commodity involved, etc.;
Japan—penalty rates (exceeding the basic rate shown) for borrowings
from the central bank in excess of an individual bank's quota;
Peru—8 per cent for agricultural, industrial and mining paper; and
Venezuela—4 per cent for rediscounts of certain agricultural paper and
for advances against govt. bonds or gold and 5 per cent on advances
against securities of Venezuelan companies.
1042
MONEY RATES; ARBITRAGE
JULY 1965
OPEN MARKET RATES
(Per cent per annum)
Canada
Month
United Kingdom
Treasury Day-tobills,
day
3 months * money 2
Bankers' Treasury
acceptbills,
ances,
3 months 3 months
Day-today
money
Germany,
Fed. Rep. of
France
Bankers'
allowance Day-today
on
money 3
deposits
Netherlands
Switzerland
Treasury
bills,
60-90
days*
Day-today
moneys
Treasury
bills,
3 months
Day-today
money
Private
discount
rate
1962—Dec
1963—Dec
3.88
3.71
3.75
3.55
3.86
3.91
3.64
3.74
3.30
3.00
2.50
2.00
3.51
4.66
2.63
2.63
3.50
2.56
1.98
2.25
1.24
1.56
2.00
2.00
1964—May
June
July
3.66
3.56
3.60
3.80
3.79
3.69
3.73
3.85
3.33
3.28
3.49
3.79
3.77
3.60
3.68
3.84
4.56
4.64
4.73
4.84
4.84
4.88
5.42
6.84
4.35
4.44
4.57
4.65
4.65
4.69
5.18
6.62
3.77
3.80
3.67
3.92
3.94
3.99
4.54
5.87
3.00
3.00
3.00
3.00
3.00
3.00
3.56
5.00
6.18
4.91
4.83
4.70
4.74
4.30
4.13
4.16
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
3.38
3.31
3.38
3.38
3.69
3.25
3.13
2.88
3.10
3.81
4.26
3.74
3.70
3.80
3.84
3.68
'2.98
'2.06
'3.72
2.06
2.09
'3.24
r
2.88
2.09
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.68
3.78
3.72
3.69
3.67
3.84
3.83
3.57
3.45
3.51
2.79
6.84
6.74
6.74
6.78
6.73
6.60
6.48
6.45
6.45
6.31
5.92
5.92
5.92
5.90
5.90
5.00
5.00
5.00
5.00
5.00
3.77
4.11
4.45
4.00
4.22
3.13
3.13
3.13
3.13
3.13
2.44
3.56
4.06
4.19
3.44
3.29
3.34
3.05
3.39
4.05
'2.43
'3.69
3.39
3.54
3.67
3.00
3.00
3.00
3.00
3.00
Sept....
Oct
Nov
Dec
1965—Jan
Feb
Mar
Apr
May
1
2
Based on average yield of weekly tenders during month.
Based on weekly averages of daily closing rates.
3 Rate shown is on private securities.
4
Rate in effect at end of month.
5 Based on average of lowest and highest quotation during month.
NOTE.—For description of rates and back data, see "International
Finance," Section 15 of Supplement to Banking and Monetary Statistics.
1962.
ARBITRAGE ON TREASURY BILLS
(Per cent per annum)
United States and United Kingdom
United States and Canadai
Treasury bill rates
Treasury bill rates
Premium
Date
(+)or
United
Kingdom
(adj. to
U.S.
quotation
basis)
United
States
Spread
(favor
of
London)
5
11
19
26
6.32
6.32
6.32
6.29
3.89
3.89
3.94
3.97
2.43
2.43
2.38
2.32
-2.55
-2.52
-2.85
-2.82
Mar. 5
12
19
26
6.26
6.20
6.35
6.35
3.93
3.91
3.90
3.86
2.33
2.29
2.45
2.49
Apr.
2
9
15
23
30
6.35
6.32
6.29
6.26
6.20
3.91
3.90
3.91
3.92
3.90
7
14
21
28
6.13
6.13
6.10
6.20
June 4
11
18
25
July
discount
( - ) on
forward
pound
Net
incentive
(favor
of
London)
Premium
(+)or
Canada
Spread
(favor
of
Canada)
As
quoted
in
Canada
Adj. to
U.S.
quotation
basis
United
States
-.12
-.09
-.47
-.50
3.71
3.69
3.70
3.76
3.63
3.61
3.62
3.67
3.89
3.89
3.94
3.97
-.26
-.28
-.32
-.30
-2.78
—2.54
-2.74
—3.25
-.45
-.25
-.29
— .76
3.78
3.71
3.64
3.62
3.69
3.63
3.56
3.54
3.93
3.91
3.90
3.86
-.24
-.28
-.34
-.32
2.44
2.42
2.38
2.34
2.30
-3.02
-2.97
-2.55
-2.29
-2.33
-.58
-.55
-.17
-.03
3.60
3.58
3.62
3.67
3.80
3.52
3.50
3.54
3.59
3.71
3.91
3.90
3.91
3.92
3.90
-.39
-.40
-.37
-.33
-.19
3.87
3.88
3.88
3 85
2.26
2.25
2.22
2.35
-2.01
-1.96
-1.82
— 2.44
+ .25
+ .29
+ .40
-.09
3.82
3.81
3.85
3.93
3.73
3.72
3.76
3 84
3.87
3.88
3.88
3.85
-.14
-.16
-.12
-.01
5.49
5.42
5.42
5.39
3.82
3.79
3.77
3.74
1.67
1.63
1.65
1.65
-1.82
-1.68
-1.96
-1.60
-.15
-.05
-.31
+ .05
3.98
3.97
3.96
3.94
3.89
3.88
3.87
3.85
3.82
3.79
3.77
3.74
+
+
+
+
5.36
3.80
1.56
-1.93
-.37
3.92
3.83
3.80
+ .03
Net
incentive
(favor
of
Canada)
-.23
— .07
-.49
— .35
-.18
-.30
discount
(-)on
forward
Canadian
dollar
1965
Feb.
May
2
+ .05
NOTE.—Treasury bills: All rates are on the latest issue of 91-day bills.
U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K.
rates are Friday opening market offer rates in London.
Premium or discount on forward pound and on forward Canadian dollar:
Rates per annum computed on basis of midpoint quotations (between
bid and offer) at 11 a.m. Friday in New York for both spot and forward
pound sterling and for both spot and forward Canadian dollars.
.07
.09
.10
.11
+ .14
+ .00
+ .10
+ .17
+ .41
+ .61
+ .54
+ .47
+ .47
+ .40
+ .34
+ .20
+ .20
+ .27
-.14
-.11
.34
.41
.47
.41
+ .07
+ .29
+ .15
+ .07
+ .10
+ .07
+ .15
+ .06
+ .04
+ .15
+ .26
+ .41
+ .50
+ .57
+ .52
+ .27
+ .30
+ .27
+
+
+
+
All series: Based on quotations reported to Federal Reserve Bank of
New York by market sources.
For description of series and for back figures see Oct. 1964 BULLETIN,
pp. 1241-60. For description of adjustments to U.K. and Canadian
Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260,
Oct. 1964 BULLETIN.
JULY 1965
FOREIGN EXCHANGE RATES
1043
FOREIGN EXCHANGE RATES
(In cents per unit of foreign currency)
Argentina
(peso)
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Denmark
(krone)
Finland
(markka)
France
(franc)
1.2730
1.2026
1.2076
.9080
.7245
.7179
223.81
223.71
223.28
223.73
223.10
222.48
3.8619
3.8461
3.8481
3.8685
3.8690
3.8698
2.0012
2.0053
2.0052
2.0093
2.0052
2.0099
104.267
103.122
98.760
93.561
92.699
92.689
21.055
21.048
21.023
21.034
21.015
20.988
14.508
14.505
14.481
14.490
14.484
14.460
.3115
.3112
.3110
.3107
331.057
31.067
.2038
20.389
20.384
20.405
420.404
20.404
1964—June.
July.
Aug.
Sept.
Oct..
Nov.
Dec,
.7272
.7279
.7075
.6980
.6979
.6725
.6652
222.64
222.29
222.04
221.79
221.79
221.90
222.36
3.8694
3.8710
3.8725
3.8712
3.8699
3.8693
3.8707
2.0060
2.0085
2.0103
2.0126
2.0146
2.0149
2.0144
92.499
92.473
92.690
92.913
92.984
93.100
93.039
21.009
20.977
20.953
20.955
20.954
20.953
20.944
14.470
14.459
14.438
14.435
14.430
14.430
14.459
31.063
31.063
31.059
31.056
31.054
31.076
31.084
20.401
20.405
20.405
20.402
20.403
20.405
20.405
1965—Jan..
Feb..
Mar.
Apr..
May
June.
.6628
.6615
.6629
1.6627
2.5814
.5805
222.42
222.72
222.50
222.80
222.87
222.49
3.8697
3.8681
3.8694
3.8700
3.8701
3.8713
2.0148
2.0147
2.0144
2.0147
2.0147
2.0147
93.109
92.943
92.480
92.654
92.627
92.381
20.943
20.967
20.950
20.948
20.951
20.939
14.458
14.460
14.453
14.462
14.456
14.429
31.079
31.081
31.080
31.081
31.098
31.062
20.404
20.404
20.400
20.401
20.397
20.405
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Italy
(lira)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
Netherlands
(guilder)
New
Zealand
(pound)
1959
1960
1961
1962
1963
1964
23.926
23.976
24.903
25.013
25.084
25.157
21.031
20.968
20.980
21.026
20.966
20.923
280.88
280.76
280.22
280.78
280.00
279.21
.16099
.16104
.16099
.16107
.16087
.16014
.27781
.27785
.27690
.27712
.27663
.27625
32.857
32.817
32.659
32.757
32.664
32.566
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
26.492
26.513
27.555
27.755
27.770
27.724
278.10
277.98
277.45
278.00
277.22
276.45
1964—June.
July.
Aug.
Sept.
Oct..
Nov.
Dec.
25.165
25.159
25.152
25.154
25.158
25.148
25.149
20.945
20.912
20.886
20.862
20.859
20.867
20.898
279.42
278.97
278.66
278.34
278.35
278.48
279.06
.16002
.16001
.16002
.16002
.16003
.16003
.16003
.27580
.27576
.27580
.27665
.27658
.27686
.27837
32.571
32.524
32.474
32.431
32.467
32.507
32.569
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
27.627
27.657
21.61A
27.712
27.772
27.824
27.831
276.65
276.21
275.91
275.59
275.59
275.73
276.30
1965—Jan..
Feb..
Mar.
Apr..
May.
June.
25.135
25.137
25.144
25.149
25.097
25.003
20.894
20.915
20.912
20.935
20.939
20.924
279.13
279.51
279.24
279.62
279.71
279.23
.16003
.16003
.16003
.16004
.16004
.16003
.27856
.27830
.27710
.27609
.27585
.27638
32.575
32.602
32.553
32.582
32.617
32.583
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
27.827
27.825
27.780
27.780
27.768
27.735
216.11
276.75
276.47
276.85
276.94
276.46
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
(pound)
49.721
49.770
3.4967
3.4937
3.4909
3.4986
3.4891
3.4800
Period
1959
1960
1961
1962
1963
1964
Period
Period
1959
1960
1961
1962
1963
1964
14.028
14.018
14.000
14.010
13.987
13.972
1964—June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
13.984
13.972
13.962
13.956
13.956
13.956
13.980
3.4847
3.4796
3.4746
3.4714
3.4680
3.4686
3.4777
1965—Jan...
Feb...
Mar..
Apr...
May..
June..
13.977
13.982
13.976
13.983
13.982
13.976
3.4783
3.4826
3.4817
3.4822
3.4819
3.4804
1 Based on quotations through April 16, 1965.
2 Based on quotations beginning May 5, 1965.
3 A new markka, equal to 100 old markkaa, was introduced on Jan. 1,
1963.
* Effective Jan. 1, 1963, the franc again became the French monetary
unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1,1960.
South Africa
(pound)
(rand)
United
Kingdom
2.0579
.6635
.6643
.6654
.6664
.6663
19.324
19.349
19.353
19.397
19.272
19.414
23.142
23.152
23.151
23.124
23.139
23.152
280.88
280.76
280.22
280.78
280.00
279.21
139.19
138.96
138.81
138.65
138.65
138.72
139.01
.6663
.6663
.6662
.6661
.6662
.6665
. 6666
19.467
19.441
19.466
19.461
19.376
19.396
19.439
23.172
23.139
23.145
23.148
23.164
23.172
23.172
279.42
278.97
278.66
278.34
278.35
278.48
279.06
139.05
139.23
139.10
139.29
139.33
139.09
279.83
279.71
279.48
.6665
.6665
.6663
.6663
.6662
.6662
19.465
19.469
19.468
19.434
19.411
19.369
23.149
23.102
23.020
23.019
23.004
23.075
279.13
279.51
279.24
279.62
279.71
279.23
139.57
139.87
139.48
139.09
NOTE.—Averages of certified noon buying rates in New York for
cable transfers. For description of rates and back data, see "International
Finance," Section 15 of Supplement to Banking and Monetary Statistics,
1962.
1044
U.S. BALANCE OF PAYMENTS
JULY 1965
U.S. BALANCE OF PAYMENTS
(In millions of dollars)
1963
1962''
Item
1963 r
1964
1965
1964
IV r
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. transactionsSeasonally adjusted
30,278
20,604
656
3,954
471
4,593
Balance on goods and services
Remittances and pensions
1. Balance on goods, services, remittances
pensions
9,084
6,149
194
1,266
130
1,345
8,991
6,067
191
1,263
132
-26,436
-16,992
-2.929
-1.271
-5,244
-28,457
-18,619
-2,824
-1,404
-5,610
-6,779
-4,372
-715
-351
-1,341
5,917
8,560
-738
1
8,603
5,960
148
1,061
126
1,308
5,149
Imports of goods and services—Total.
Merchandise
Military expenditures
Investment income payments
Other services
4,971
37,017
25,288
762
5,003
454
5,510
-25,129
-16,173
-3,078
-1,056
-4,822
Exports of goods and services—Total i
Merchandise
Military sales
Investment income receipts, private.
Investment income receipts, Govt...
Other services
32,353
22,069
659
4.156
-837
4,411
3. U.S. private capital, net
Direct investments abroad.
Other long-term capital...
Short-term capital
4. Foreign capital, net, excluding liquid assets in
U.S
Foreign long-term investments in U.S
Foreign short-term capital
Miscellaneous U.S. Govt. nonliquid liabilities.
5. Errors and unrecorded transactions
Balance of A (= 1+2+3+4+5)
Less: Net seasonal adjustments
Balance of A before seasonal adjustment •
8,700
5,589
179
1.417
139
1,376
9,607
6,690
209
1,338
9,335
6.382
168
1.260
132
1,393
-6,878
-4,410
-732
-341
-1,395
-7,061
-4,599
-720
-345
-1,397
-7,136
-4,709
-691
-347
-1,389
-7,382
-4,901
-681
-371
-1,429
-7,151
-4,663
-664
-376
1,824
2,206
1,930
2,199
2,225
1,549
-839
-208
-209
-203
-207
-220
-221
5,080
7,721
1,616
1,997
1,727
1,992
2,005
1,328
-3,547
-1,919
-2,129
-3,813
-1,917
-2,187
-3,636
-1,884
-2,349
-942
-504
-568
-813
-470
-521
-888
-538
-697
-921
-425
-601
-1,014 |
-451 |
-530 |
-814
-438
-632
-245
-447
-27
-100
72
21
-189 |
38
29
163
-47
83
35
160
-80
4
160
44
18
94
-1,344
-540
-256
-548
1,569
-551
-612
-406
-2,222
-821
-833
-568
-1,399
110
82
28
246
245
498
and
2. U.S. Govt. grants and capital flow, net, excluding
advance debt repayments
Grants 2 , 3
Long-term loans and subscriptions 3
Change in foreign currency holdings and
short-term claims, net (increase, —) 3
Seasonal adjustment on three preceding items
combined
Change in associated liabilities
Scheduled loan repayments
I
147
599
94
644
-3,425
-1,654
-544
-4,456
-1,976
-1.695
-785
153
272
-115
303
326
-24
-1,227
-4
1
-1,197
-401
-3,605
-3,605
-3,287
:
3,287
49
575
-6,462
-2,376
-1,975
-2,111
-1,142
-618
-228
-296
161
-1,327
-464
-274
-589
432
110
115
207
-52
26
-76
-2
14
6
4
4
112
94
19
-1
196
-72
64
204
o
1,214
60
1,434
-1,448
159
-48
-18
163
-1.003
-684
288
-1,161
103
-288
-152
-291
-430
-94
-3,106
-3,iO6
-417
25
-442
-417
-481
64
-545
50
-595
-593
428
1,021
1,551
3
1,554
-733
-517
-216
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 4 .
Advances on U.S. military exports, net. . . .
Sales of 5 nonconvertible nonmarketable securities,
net
Dollar securities6
Foreign currency securities
3,605
681
470
3,287
326
334
3,106
442
26
239
-64
52
163
251
-43
31
-74
-36
-16
-20
-1
-55
703
150
553
375
25
122
203
"375'
25
122
203
•56'
"sY
670
211
131
-129
457
1,589
-236
393
462
970
2,252
-245
359
1,440
698
158
-109
109
32
126
-173
-86
35
278
-400
207
-25
57
82
93
748
-140
122
580
186
1A70
6
145
500
819
-742
-66
68
168
-912
1,533
626
378
30
-113
461
171
266
-220
125
-5
15
-58
38
-51
131
-228
46
303
118
258
-73
70
135
-45
-20
-151
-118
-205
842
68
-58
832
*25i"
Sales of convertible nonmarketable securities, net 5 .,
Dollar securities
Foreign currency securities
Change in U.S. short-term liabilities reported by
U.S. banks7 and foreign holdings of marketable
U.S. Govt. bonds and notes
8
International and regional organizations9
Foreign private holders excluding banks
Foreign commercial banks
Foreign official holders
Change in U.S. monetary reserve assets (increase, — )..
IMF position
Convertible currencies
Gold
17
890
1 Excludes military transfers under grants.
Excludes military grants.
3 Not seasonally adjusted separately.
* Includes sell-offs.
N|
5 With maturities over 12 months.
« Includes certificates sold abroad by Export-Import Bank.
2
122
222
1
595
33
-62
1,021
30
-28
-2
*
c
-50
1,554 I
7 )
149 I
216
10
55
29
-1
30
50 i
172
51
7 Includes official liabilities.
8
Includes, for International Monetary Fund, only changes in its
holdings of income-earning U.S. Govt. securities.
9
Includes undetermined holders.
NOTE.—Dept. of Commerce data. Minus sign indicates net payments
(debits); absence of sign indicates net receipts (credits).
JULY 1965
FOREIGN TRADE
1045
MERCHANDISE EXPORTS AND IMPORTS
(In millions of dollars, seasonally adjusted)
Exports
Period
Imports
1962
1963
1,668
1,809
1,672
1,795
1,762
1,836
1,748
1,703
31,908
31,523
1,725
31,839
3986
32,124
31,958
31,914
1,895
1,803
1,841
1,922
1,958
1,967
1,966
2,091
2,043
2,046
2,074
2,061
2,062
2,034
2,123
2,109
2,235
2,155
2,197
32,430
31,217
31,593
32,753
32,380
5,149
5,393
35,359
35,087
35,068
35,612
5,721
6,024
6,163
6,157
6,467
36,782
35,563
II.'.'!!
III....
IV... .
Year 4...
20,945
22,424
25,620
Month:
Jan...
Feb...
Mar...
Apr...
May..
June..
July..
Aug...
Sept...
Oct.. .
Nov..
Dec...
1964
1965
2,278
2
Export surplus
1962
1963
1964
1965
1,327
1,320
1,342
1,365
1,404
1,351
1,347
1,346
31,471
31,312
1,425
31,377
31,100
31,510
31,485
31,415
1,416
1,431
1,450
1,497
1,443
1,455
1,466
1,480
1,434
1,460
1,520
1,541
1,539
1,518
1,578
1,575
1,546
1,548
31,698
31,642
31,206
31,601
31,869
31,835
1,799
3,989
4,120
34,164
34,114
34,095
34,262
4,390
4,401
4,414
4,598
4,699
34,888
34,676
16,389
17,142
18,685
1963
1964
341
489
330
430
358
485
401
357
3437
3211
300
3462
3-114
3614
3473
3499
479
372
391
425
515
512
500
611
609
586
554
520
523
516
545
534
689
607
3499
3788
311
3-8
3884
3545
479
1,160
1,273
31,195
3973
3973
31,350
1,331
1,623
1,749
1,559
1,768
31,894
3887
4,556
5,282
6,935
1962
1965
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.
3 Significantly affected by strikes.
Sum of unadjusted figures.
NOTE.—Bureau of the Census data.
4
BOARD OF GOVERNORS
of the Federal Reserve System
WM.
M C C . MARTIN, JR.,
Chairman
J. L. ROBERTSON
CHAS. N. SHEPARDSON
C. CANBY BALDERSTON, Vice Chairman
GEORGE W. MITCHELL
J. DEWEY DAANE
SHERMAN J. MAISEL
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
MERRITT SHERMAN,
DIVISION OF EXAMINATIONS
Secretary
FREDERIC SOLOMON,
KENNETH A. KENYON, Assistant Secretary
ELIZABETH L. CARMICHAEL, Assistant Secretary
ARTHUR L. BRODDA, Assistant Secretary
KARL E. BAKKE, Assistant Secretary
LEGAL DIVISION
LLOYD M. SCHAEFFER, Chief Federal
Examiner
HOWARD H. HACKLEY, General Counsel
DAVID B. HEXTER, Assistant General Counsel
THOMAS J. O'CONNELL, Assistant
Director
GLENN M. GOODMAN, Assistant Director
BRENTON C. LEAVITT, Assistant Director
JAMES C. SMITH, Assistant Director
ANDREW N . THOMPSON, Assistant Director
Reserve
General
Counsel
JEROME W. SHAY, Assistant General Counsel
WILSON L. HOOFF, Assistant General Counsel
DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON,
Director
H. FRANKLIN SPRECHER, JR., Assistant
Director
DIVISION OF RESEARCH AND STATISTICS
DANIEL H. BRILL,
Director
ROBERT C. HOLLAND, Associate Director
ALBERT R. KOCH, Associate Director
DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH E. KELLEHER,
FRANK R. GARFIELD, Adviser
J. CHARLES PARTEE, Adviser
ROBERT SOLOMON, Adviser
KENNETH B. WILLIAMS, Adviser
LEWIS N. DEMBITZ, Associate
Adviser
RALPH A. YOUNG,
JOHN KAKALEC,
Controller
SAMPSON H. BASS, Assistant
Director
Controller
Adviser
SAMUEL I. KATZ, Adviser
ROBERT L. SAMMONS, Adviser
OFFICE OF DEFENSE PLANNING
REED J. IRVINE, Associate Adviser
JOHN E. REYNOLDS, Associate Adviser
RALPH C. WOOD, Associate Adviser
DIVISION OF BANK OPERATIONS
JOHN R. FARRELL,
INNIS D. HARRIS,
Coordinator
DIVISION OF DATA PROCESSING
Director
M. B. DANIELS, Assistant
M. H. SCHWARTZ,
Director
JOHN N . KILEY, JR., Assistant
Director
OFFICE OF THE CONTROLLER
DIVISION OF INTERNATIONAL FINANCE
A. B. HERSEY,
Director
HARRY E. KERN, Assistant
Director
LEE W. LANGHAM, Assistant
Director
1046
Director
OPEN MARKET COMMITTEE AND ADVISORY COUNCIL
1047
Federal Open Market Committee
WM. M C C . MARTIN, JR.,
Chairman
ALFRED HAYES,
Vice Chairman
C. CANBY BALDERSTON
GEORGE H. ELLIS
J. L. ROBERTSON
MALCOLM BRYAN
HUGH D. GALUSHA, JR.
CHARLES J. SCANLON
J. DEWEY DAANE
SHERMAN J. MAISEL
CHAS. N. SHEPARDSON
GEORGE W.
MITCHELL
RALPH A. YOUNG, Secretary
ERNEST T. BAUGHMAN, Associate Economist
MERRITT SHERMAN, Assistant Secretary
DANIEL H. BRILL, Associate Economist
KENNETH A. KENYON, Assistant Secretary
GEORGE GARVY, Associate Economist
ARTHUR L. BROIDA, Assistant Secretary
ROBERT C. HOLLAND, Associate Economist
HOWARD H. HACKLEY, General Counsel
ALBERT R. KOCH, Associate Economist
DAVID B. HEXTER, Assistant General Counsel
CHARLES T. TAYLOR, Associate Economist
GUY E. NOYES, Economist
PARKER B. WILLIS, Associate Economist
ALAN R. HOLMES, Manager, System Open Market Account
CHARLES A. COOMBS, Special Manager, System Open Market Account
Federal Advisory Council
LAWRENCE H. MARTIN, BOSTON, Vice President
WILLIAM H. MOORE, NEW YORK
EDWARD BYRON SMITH, CHICAGO
JAMES P. HICKOK, ST. LOUIS
WILLIAM L. DAY, PHILADELPHIA
JOHN A. MOORHEAD, MINNEAPOLIS, President
L . A . STONER, CLEVELAND
ROGER D . KNIGHT, JR., KANSAS CITY
JOHN F . WATLINGTON, JR., RICHMOND
JAMES W. ASTON, DALLAS
SAM M. FLEMING, ATLANTA
RANSOM M. COOK, SAN FRANCISCO
HERBERT V. PROCHNOW, Secretary
WILLIAM J. KORSVIK, Assistant Secretary
1048
FEDERAL RESERVE BULLETIN • JULY 1965
Federal Reserve Banks and Branches
Federal Reserve Bank
or branch
Zip Code
Boston
New York
Buffalo
Philadelphia
Cleveland
Pittsburgh
Richmond
Baltimore
Charlotte
Atlanta
Birmingham
Nashville
New Orleans
Chicago
..02106
10045
..14240
19101
, 44101
45201
..15230
23213
, 21203
..28201
..30303
..35202
32201
, 37203
..70160
..60690
Detroit
..48231
St. Louis
63166
Little Rock
Louisville
Memphis
Minneapolis
Helena
Kansas City
72203
40201
...38101
55440
...59601
64106
80217
Denver
Oklahoma City.. ...73101
...68102
Omaha
Dallas
...75222
El Paso
.. 79999
77001
Houston
San Antonio.... ...78206
San Francisco
94120
...90054
Los Angeles
...97208
Portland
Salt Lake City... ...84110
98124
Seattle
Chairman
Deputy Chairman
President
First Vice President
Erwin D. Canham
William Webster
George H. Ellis
Earle O. Latham
Philip D. Reed
Everett N. Case
Maurice R. Forman
Alfred Hayes
William F. Treiber
Walter E. Hoadley
Willis J. Winn
Karl R. Bopp
Robert N. Hilkert
Joseph B. Hall
Logan T. Johnston
Walter C. Langsam
G. L. Bach
W. Braddock Hickman
Edward A. Fink
Edwin Hyde
William H. Grier
Leonard C. Crewe, Jr.
J. C. Cowan, Jr.
Edward A. Wayne
Aubrey N. Heflin
Jack Tarver
J. M. Cheatham
C. Caldwell Marks
Claude J. Yates
Andrew D. Holt
George Benjamin Blair
Malcolm Bryan
Harold T. Patterson
Franklin J. Lunding
James H. Hilton
James William Miller
Charles J. Scanlon
Hugh J. Helmer
Raymond Rebsamen
Smith D. Broadbent, Jr.
Carey V. Stabler
C. Hunter Green
Sam Cooper
Harry A. Shuford
Darryl R. Francis
Atherton Bean
Judson Bemis
Edwin G. Koch
Hugh D. Galusha, Jr.
M. H. Strothman, Jr.
Homer A. Scott
Dolph Simons
Robert T. Person
James E. Allison
Clifford Morris Hardin
George H. Clay
Henry O. Koppang
Robert O. Anderson
Carl J. Thomsen
Roger B. Corbett
D. B. Campbell
John R. Stockton
Watrous H. Irons
Philip E. Coldwell
F. B. Whitman
John D. Fredericks
Arthur G. Coons
Graham J. Barbey
Howard W. Price
William McGregor
Eliot J. Swan
H. Edward Hemmings
Vice President
in charge of branch
Insley B. Smith
Fred O. Kiel
Clyde E. Harrell
Donald F. Hagner
Edmund F. MacDonald
Edward C. Rainey
Thomas A. Lanford
Robert E. Moody, Jr.
Morgan L. Shaw
Russel A. Swaney
John F. Breen
Donald L. Henry
E. Francis DeVos
Clement A. Van Nice
John W. Snider
Howard W. Pritz
George C. Rankin
Fredric W. Reed
J. Lee Cook
Carl H. Moore
Clifford H. Watkins
William M. Brown
Arthur L. Price
Erwin R. Barglebaugh
Federal Reserve Board Publications
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1896-1955. 1959. 1,229 pp.
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in the United States and the countries listed
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address, $.50 each.) Elsewhere, $7.00 per annum or $.70 a copy.
Issued annually in Sept.
Subscription to monthly chart book includes
one issue. $.60 a copy in the United States and
countries listed above. (10 or more sent to one
address, $.50 each.) Elsewhere, $.70 a copy.
BANK MERGERS & THE REGULATORY AGENCIES:
APPLICATION OF THE BANK MERGER ACT OF
1960. 1964. 260 pp. $1.00 a copy; 10 or more
sent to one address, $.85 each.
HISTORICAL CHART BOOK.
TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Pt. I. 1959.
BANKING MARKET STRUCTURE & PERFORMANCE
IN METROPOLITAN AREAS: A STATISTICAL
STUDY OF FACTORS AFFECTING RATES ON BANK
LOANS. 1965. 73 pp. $.50 a copy; 10 or more
108 pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112
pp. Individual books $1.00 each; set of 3, $2.50.
FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
1955. 390 pp. $2.75.
sent to one address, $.40 each.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
RULES OF ORGANIZATION AND PROCEDURE—BOARD
OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. 1962. 40 pp.
DEBITS AND CLEARINGS STATISTICS AND THEIR
USE. 1959. 144 pp. $1.00 a copy; 10 or more
sent to one address, $.85 each.
1049
of the Board of
Governors, as of Mar. 31, 1965. $2.50.
PUBLISHED INTERPRETATIONS
1050
FEDERAL RESERVE BULLETIN • JULY 1965
REPRINTS
REVISION OF THE MONEY SUPPLY SERIES.
{From Federal Reserve BULLETIN unless preceded
by an asterisk)
THE HISTORY OF RESERVE REQUIREMENTS FOR
BANKS IN THE UNITED STATES. NOV. 1938.
*Part 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.
STATISTICS ON THE GOVERNMENT
MARKET. Apr. 1961. 8 pp.
SECURITIES
June 1964.
5 pp.
RECENT MONETARY AND CREDIT DEVELOPMENTS.
1961. 3 pp.
INDUSTRIAL
PRODUCTION—1957-59
FEDERAL
RESERVE
SECURITY
TRANSACTIONS,
1954-63. July 1964. 16 pp.
NEW SERIES ON FEDERAL FUNDS. Aug.
1964.
31 pp.
MINISTERIAL STATEMENT OF THE GROUP OF TEN
AND ANNEX PREPARED BY DEPUTIES. Aug.
1964. 25 pp.
REVISED INDEXES OF FREIGHT CARLOADINGS. Dec.
BASE.
Oct.
1962. 10 pp.
U.S. BALANCE
8 pp.
OF PAYMENTS,
1963-64. Oct. 1964.
YIELD DIFFERENTIALS IN TREASURY BILLS. 1959-
64. Oct. 1964. 20 pp.
CHANGES IN STRUCTURE OF THE FEDERAL DEBT.
Mar. 1963. 10 pp.
NEGOTIABLE TIME
CERTIFICATES
NEW FOREIGN BOND ISSUES
MARKET. May 1963. 13 pp.
OF DEPOSIT.
IN
THE
U.S.
GOVERNMENT SECURITIES IN 1964.
Nov.
RESEARCH INTO BANKING STRUCTURE AND COMPETITION. Nov. 1964. 17 pp.
BANK CREDIT AND MONETARY DEVELOPMENTS IN
1964. Feb. 1965. 13 pp.
BANK LOANS SECURED BY STOCKS AND BONDS.
July 1963. 19 pp.
BANK EXAMINER LOOKS AT AGRICULTURAL
LENDING. July 1963. 8 pp.
MEASURING AND ANALYZING ECONOMIC GROWTH.
Aug. 1963. 14 pp.
PC A LENDING
U.S.
1964. 8 pp.
Apr. 1963. 11 pp.
BANK AND
REVISION OF BANK CREDIT SERIES.
July 1964. 9 pp.
20 pp.
A
June
1964. 14 pp.
TO FARMERS.
Sept. 1963.
11 PP.
THE OPEN MARKET POLICY PROCESS. Oct.
1963.
11 pp.
RECENT INTEREST RATE TRENDS. NOV.
1963.
10 pp.
BANK CREDITS TO FOREIGNERS. Mar. 1965. 10 pp.
BALANCE OF PAYMENTS PROGRAM: GUIDELINES
FOR BANKS AND NONBANK FINANCIAL INSTITUTIONS. Mar. 1965. 6 pp.
TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS. Mar. 1965. 13 pp.
REVISION OF BANK DEBITS AND DEPOSIT TURNOVER SERIES. Mar. 1965. 4 pp.
BANKING AND MONETARY STATISTICS, 1964.
Se-
lected series of banking and monetary statistics
for 1964 only. Feb., Mar., and June 1965. 15
pp.
RECENT CREDIT AND MONETARY DEVELOPMENTS.
SURVEY OF FINANCIAL CHARACTERISTICS OF CONSUMERS. Mar. 1964. 9 pp.
July 1965. 12 pp.
REVISION OF THE MONEY SUPPLY.
U.S. TRADE AND PAYMENTS IN 1963. Apr.
1964.
7 pp.
FLOWS
THROUGH
May 1964. 9 pp.
FINANCIAL
INTERMEDIARIES.
July 1965.
11 PP.
BALANCE OF PAYMENTS PROGRAM: REVISED
GUIDELINES FOR NONBANK FINANCIAL INSTITUTIONS. July 1965. 3 pp.
Index to Statistical Tables
(For list of tables published quarterly, semiannually, or
annually, with latest BULLETIN reference, see page 964.)
Acceptances, bankers', 973, 990, 992
Agricultural loans of commercial banks, 984, 986
Arbitrage, 1042
Assets and liabilities (See also Foreign liabilities and
claims):
Banks and the monetary system, consolidated, 979
Corporate, current, 1004
Domestic banks, by classes, 980, 984, 986
Federal Reserve Banks, 974
Automobiles:
Consumer instalment credit, 1008, 1009, 1010
Production index, 1012, 1013
Balance of payments (See U.S. balance of payments)
Bank holding companies:
Banking offices and deposits of group banks,
Dec. 31, 1964, 1026
Bankers' balances, 985, 987
(See also Foreign liabilities and claims)
Banks and the monetary system, consolidated
statement, 979
Banks for cooperatives, 999, 1000
Bonds (See also U.S. Govt. securities):
New issues, 1000, 1001, 1002
Prices and yields, 990, 991
Brokers and dealers in securities, bank loans to,
984, 986
Business expenditures on new plant and
equipment, 1004
Business indexes, 1016
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 980, 985, 988
Federal Reserve Banks, 974
Carloadings, 1016
Central banks, foreign, 1028, 1041
Certificates of deposit, 988
Coins, circulation of, 977
Commercial and industrial loans:
Commercial banks, 984
Weekly reporting member banks, 986, 989
Commercial banks:
Assets and liabilities, 980, 983, 984
Consumer loans held, by type, 1009
Number, by classes, 980
Real estate mortgages held, by type, 1005
Commercial paper, 990, 992
Condition statements (See Assets and liabilities)
Construction, 1016, 1017
Consumer credit:
Instalment credit, 1008, 1009, 1010, 1011
Noninstalment credit, by holder, 1009
Consumer price indexes, 1016, 1020
Consumption expenditures, 1022, 1023
Corporations:
Sales, profits, taxes, and dividends, 1003, 1004
Security issues, 1001, 1002
Security prices and yields, 990, 991
Cost of living (See Consumer price indexes)
Currency in circulation, 966, 977, 978
Customer credit, stock market, 991
Debits to deposit accounts, 976
Debt (See specific types of debt or securities)
Demand deposits:
Adjusted, banks and the monetary system, 979
Adjusted, commercial banks, 976, 978, 985
Banks, by classes, 972, 980, 988
Demand deposits—Continued
Turnover of, 976
Type of holder, at commercial banks, 985
Deposits (See also specific types of deposits):
Adjusted, and currency, 979
Banks, by classes, 972, 980, 985, 988, 992
Federal Reserve Banks, 974, 1039
Postal savings, 972, 979
Discount rates, 971, 1041
Discounts and advances by Federal Reserve
Banks, 966, 974, 976
Dividends, corporate, 1003, 1004
Dollar assets, foreign, 1025, 1039
Earnings and hours, manufacturing industries, 1019
Employment, 1016, 1018, 1019
Farm mortgage loans, 1005, 1006
Federal finance:
Cash transactions, 994
Receipts and expenditures, 995
Treasurer's balance, 994
Federal funds, 970
Federal home loan banks, 999, 1000, 1007
Federal Housing Administration, 991, 1005,
1006, 1007
Federal intermediate credit banks, 999, 1000
Federal land banks, 999, 1000
Federal National Mortgage Assn., 999, 1000, 1007
Federal Reserve Banks:
Condition statement, 974
U.S. Govt. securities held by, 966, 974, 976,
996, 997
Federal Reserve credit, 966, 974, 976
Federal Reserve notes, 974, 977
Federally sponsored credit agencies, 999, 1000
Finance company paper, 990, 992
Financial institutions, loans to, 984, 986
Float, 966
Flow of funds, 1024
Foreign central banks, 1028, 1041
Foreign currency operations, 974, 976, 1030, 1038
Foreign deposits in U.S. banks, 966, 974, 975, 985,
988, 1039
Foreign exchange rates, 1043
Foreign liabilities and claims:
Banks, 1032, 1034, 1035, 1037, 1039
Nonfinancial concerns, 1040
Foreign trade, 1045
Gold:
Certificates, 974, 977
Earmarked, 1039
Net purchases by U.S., 1030
Production, 1029
Reserves of central banks and govts., 1028
Reserves of foreign countries and international
organizations, 1031
Stock, 966, 979, 1030
Gross national product, 1022, 1023
Hours and earnings, manufacturing industries, 1019
Housing starts, 1017
Income, national and personal, 1022
Industrial production index, 1012, 1016
Instalment loans, 1008, 1009, 1010, 1011
Insurance companies, 993, 996, 997, 1006
Insured commercial banks, 982, 984
Interbank deposits, 972, 980, 985
1051
1052
Interest rates:
Bond yields, 990
Business loans by banks, 989
Federal Reserve Bank discount rates, 971
Foreign countries, 1041, 1042
Money market rates, 990, 1042
Mortgage yields, 991
Stock yields, 990
Time deposits, maximum rates, 972
International capital transactions of the U.S., 1032
International institutions, 1028, 1030, 1031
Inventories, 1022
Investment companies, new issues, 1002
Investments {See also specific types of investments):
Banks, by classes, 980, 984, 987, 992
Commercial banks, 983
Federal Reserve Banks, 974, 976
Life insurance companies, 993
Savings and loan assns., 993
Labor force 1018
Loans {See also specific types of loans):
Banks, by classes, 980, 984, 986, 992
Commercial banks, 983
Federal Reserve Banks, 966, 974, 976
Insurance companies, 993, 1006
Insured or guaranteed by U.S., 1005, 1006, 1007
Savings and loan assns., 993, 1006
Manufactures, production index, 1013, 1016
Margin requirements, 972
Member banks:
Assets and liabilities, by classes, 980, 984
Borrowings at Federal Reserve Banks, 968,
974, 988
Deposits, by classes, 972
Number, by classes, 981
Reserve position, basic, 970
Reserve requirements, 972
Reserves and related items, 966
Weekly reporting series, 986
Mining, production index, 1013, 1016
Money rates {See Interest rates)
Money supply and related data, 978
Mortgages {See Real estate loans)
Mutual funds {See Investment companies)
Mutual savings banks. 979, 980, 982, 992, 996,
997, 1005
National banks 982
National income, 1022, 1023
National security expenditures, 995, 1022
Nonmember banks, 982, 984, 985
Open market transactions, 973
Payrolls, manufacturing, index, 1016
Personal income, 1023
Postal Savings System, 972, 979
Prices:
Consumer, 1016, 1020
Security, 991
Wholesale commodity, 1016, 1020
Production, 1012, 1016
Profits, corporate, 1003, 1004
Real estate loans:
Banks, by classes, 984, 992, 1005
Mortgage yields, 991
Type of holder, 1005, 1006, 1007
Type of property mortgaged, 1005, 1006, 1007
Reserve position, basic, member banks, 970
Reserve requirements, member banks, 972
FEDERAL RESERVE BULLETIN • JULY 1965
Reserves:
Central banks and govts., 1028
Commercial banks, 985
Federal Reserve Banks, 974
Foreign countries and international
organizations, 1031
Member banks, 966, 968, 972, 985, 987
Residential mortgage loans, 1005, 1006, 1007
Retail credit, 1008
Retail sales, 1016
Sales finance companies, consumer loans of, 1008,
1009, 1011
Saving:
Flow of funds series, 1024
National income series, 1023
Savings and loan assns., 993, 997, 1006
Savings deposits {See Time deposits)
Savings institutions, principal assets, 992, 993
Securities {See also U.S. Govt. securities):
Federally sponsored agencies, 999
International transactions, 1038, 1039
New issues, 1000, 1001, 1002
Silver coin and silver certificates, 977
State and local govts.:
Deposits of, 985, 988
Holdings of U.S. Govt. securities, 996, 997
New security issues, 1000, 1001
Ownership of obligations of, 984, 992, 993
Prices and yields of securities, 990, 991
State member banks, 982
Stock market credit, 991
Stocks:
New issues, 1001, 1002
Prices and yields, 990, 991
Tax receipts, Federal, 995
Time deposits, 972, 978, 979, 980, 985, 988
Treasurer's account balance, 994
Treasury cash, 966, 977, 979
Treasury currency, 966, 974, 979
Treasury deposits, 966, 974, 994
Turnover, deposit, 976
Unemployment 1018
U.S. balance of payments, 1044
U.S. Govt. balances:
Commercial bank holdings, by classes, 985, 988
Consolidated monetary statement, 979
Treasury deposits at Federal Reserve Banks, 966,
974, 994
U.S. Govt. securities:
Bank holdings, 979, 980, 984, 987, 992, 996, 997
Dealer transactions, positions, and financing, 998
Federal Reserve Bank holdings, 966, 974, 976,
996, 997
Foreign and international holdings, 974,
1031, 1039
International transactions, 1038
New issues, gross proceeds, 1001
Open market transactions, 973
Outstanding, by type of security, 996, 997, 999
Ownership of, 996, 997
Prices and yields, 990, 991, 1042
United States notes, outstanding and in circulation, 977
Utilities, production index, 1013, 1016
Vault cash, 966, 972, 985
Veterans Administration, 1005, 1006, 1007
Weekly reporting member banks 986
Yields {See Interest rates)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
(p
1
THE FEDERAL RESERVE SYSTEM
Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
© Board of Governors of the Federal Reserve System
® Federal Reserve Bank Cities
o)
• Federal Reserve Branch Cities
@FedFRASER