Full text of Federal Reserve Bulletin : June 1964
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FEDERAL RESERVE
June 1964
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
E D I T O R I A L
C O M M I T T E E
Charles Molony
Ralph A. Young
Daniel H. Brill
Guy E. Noyes
Elizabeth B. Sette
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements
and signed articles.
Contents
A Stronger Labor Market
Revision of the Money Supply Series
Revision of Bank Credit Series
Grants of Reduced Reserves to Banks in Reserve Cities
Statements to Congress
Membership of the Board of Governors of the Federal
Reserve System, 1913-64
Law Department
Announcements
National Summary of Business Conditions
Guide to Tabular Presentation
Financial and Business Statistics, U.S. (Contents on p. 723)
International Financial Statistics (Contents on p. 785)
Board of Governors and Saff
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
Volume go
671
679
693
698
704
708
710
719
720
722
724
786
804
805
806
807
811
cover
Number 6
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A Stronger Labor Market
EMPLOYMENT has moved up steadily this
year. Gains have outpaced an accelerated
growth in the labor force, and some progress
has been made in reducing unemployment.
Most of the recent improvement has come
from a reduction in the number of unemployed adult males. Unemployment is still
very high among younger workers and nonwhite workers and among those with the
least skill, experience, and education.
In the current business expansion the
rise in employment has been maintained
longer than in the two preceding cycles.
Moreover, with sizable further increases in
demands for goods and services, employment
has shown a substantial gain over the past
year instead of slowing down after an initial
sharp rise as it did in the 1954-57 expansion. Unemployment, however, has remained
above the rates experienced in that period.
Most new job opportunities have continued to be in the rapidly growing private
service and trade activities and in State and
local government. Output in manufacturing
has risen by substantial amounts and relatively long workweeks have been the rule,
but increases in employment have been
moderate, and they have been concentrated
in the metals industries.
Thus far in 1964, expansion of output in
manufacturing has exceeded the small rise
in total manhours worked, and growth in
productivity appears to have continued at
about the same relatively high rate as in
1963. Meanwhile, wage increases have been
moderate, and labor costs per unit of output
have remained stable.
The accelerated flow of workers into the
labor force has been due in part to the stimulus of increased demands for labor, which
have attracted many married women and
younger workers into gainful activities. In
addition, youths born during the postwar
baby boom have begun to enter the labor
force in increasing numbers.
This year 2.25 million youths—300,000
more than in 1963—are graduating from
high school, and a similar increase is expected next spring. Based on last year's experience, more than half of these graduates
will not go on to college and will become
relatively permanent members of the labor
EMPLOYMENT passes the 70 million mark
Millions of persons
i 72
[ns\Sl
„
..
_..
UNEMPLOYMENT rate declines
60
Per cunt
QUARTERS AFTER
NOTE.—Bureau of Labor Statistics household data, seasonally
adjusted. Dots represent averages for April-May.
671
672
force. Of those who do not continue their
schooling, about 90 per cent of the boys and
70 per cent of the girls will be working or
looking for work by early fall.
EMPLOYMENT
Nonfarm payroll employment has been
rising at a fairly steady pace since early
1963, following a period of hesitancy in the
last half of 1962. In May 1964 it reached
58.5 million persons and was 1.4 million
higher than in May last year. This was a
slightly larger increase than that in the preceding year.
Almost four-fifths of the gain in nonfarm
employment over the year was concentrated
in trade, services, and State and local governments. The rise in these activities was one
of the largest on record. Federal Government employment in May was a little below
the year-earlier level.
Additions to employment have been only
moderate in industrial activities. In manu-
NOTE.—Federal Reserve data for output, and Bureau of Labor
Statistics data for all employees; seasonally adjusted. Latest
figures shown, May.
FEDERAL RESERVE BULLETIN • JUNE 1964
facturing, employment in May totaled 17.3
million persons, 215,000 above a year earlier. Rising expenditures for automobiles,
other consumer durable goods, business capital equipment, and the products of related
metals industries have been the major factor
in the recent expansion of manufacturing
employment.
In nondurable goods industries employment has changed little, as has often been
the case in recent years—even in periods of
recession. This has been true also in such
industries as chemicals, textiles, and petroleum products where there have been sharp
advances in production. In these as well as
other manufacturing industries, output per
manhour has continued to grow rapidly.
Other industrial sectors also have exhibited a moderate upward tendency in employment. Construction employment, which
had been relatively stable from 1957 to
1962, increased 3 per cent over the past year,
and the number employed in transportation
and public utilities rose slightly. The current expansion, however, has proved inadequate to stem a long-term decline in mining
employment.
Longer-run changes. In the 4 years since
the preceding cyclical high in the spring of
1960, nonfarm establishments have added
almost 4 million workers to their payrolls.
The average annual increase of 1 million
compares with an average of only 600,000
over the two preceding cycles.
The trend towards increased importance
of public and private service activities and
of occupations requiring higher skills has
continued to be dramatic, as it has been
throughout the past decade. From early
1960 to the spring of 1964, 3.6 million persons obtained employment in nonindustrial
activities.
In manufacturing and other industrial
673
A STRONGER LABOR MARKET
MOST NEW JOBS are in nonindustrial sectors
1957.100
PRODUCTION-WORKER employment
still below earlier peaks
1958
1964
NOTE.—Bureau of Labor Statistics establishment data. Industrial represents manufacturing, mining, construction, transportation, and public utilities; nonindustrial represents trade, service,
finance, and government. "Metals industries" represents primary
and fabricated metals, machinery, and transportation equipment.
All data seasonally adjusted. Latest figures shown, May.
activities, the 4-year gain in employment
amounted to only 350,000, and there are
now substantially fewer workers in such activities than in the mid-1950's. Only 43 per
cent of all nonfarm workers are now engaged in industrial activities compared with
close to 50 per cent a decade ago.
Most of the new opportunities in manufacturing, as in other activities, have been
for professional and managerial personnel
and for other salaried workers. Needs for
production workers have generally been met
by recalling laid-off workers. As a result,
blue-collar jobs for new entrants into the
labor force have been limited. As of May,
production-worker employment had not yet
returned to the early 1960 level and was 1.5
million below its 1953 level.
Hours. Changes in the workweek in recent years reflect the complex way in which
the labor market adapts the demand for
labor to the available supply in a period of
rapid gains in employment. On the one
hand, new hiring has been at a low rate in
manufacturing industries, and a relatively
long workweek has been maintained. In
May the average workweek in manufacturing was 40.7 hours, about the same as it was
last year and in other years of high activity.
In some industries, particularly in metal
working, overtime has risen and the workweek is quite long.
On the other hand, a large proportion of
the sharp increase in service and trade employment this year, as well as in other recent
years, has consisted of voluntary part-time
workers, mainly married women and youths.
In May the number of such voluntary parttime workers totaled about 8 million, an
eighth of total employment and not far from
double the number a decade ago. Reflecting
mainly the rise in part-time employment,
the workweek in nonfarm activities has been
declining and in May it averaged 40.0 hours.
This was slightly less than a year earlier and
almost 1 hour shorter than in 1955.
LABOR FORCE
A stepped-up rate of growth in the civilian
labor force, especially this year, has been
indicative of strengthening demands for labor. In April and May an average of 74.6
million persons were in the labor force—
that is, they were either working or looking
for work. This represented an increase of
1.6 million from a year earlier and compares
with an average increase of only 800,000
over the preceding 3 years. It was also more
than the projected growth of 1.2 million for
the latest year.
Until recently, analysis of labor force
growth usually emphasized demographic and
674
FEDERAL RESERVE BULLETIN • JUNE 1964
social forces—the age distribution of the
population, the rise in school enrollment,
earlier age of retirement, and the emancipation of women from household duties. Current analysis tends to give increased weight
to the influence of employment opportunities
on the available labor supply.
When jobs are plentiful, many persons on
the margin of participating—for the most
part married women and younger workers—
enter the job market. When demand for
labor is weak, the reverse tends to happen.
Some older workers who lose their jobs leave
the labor force. Fewer married women and
teenagers enter the labor market and more
withdraw from it, although there are influences working in the other direction—particularly the need for additional family
workers to seek jobs in order to make up for
losses in family income. The decline in labor
force participation during the years 1956-63
reflected a combination of these diverse influences.
With women and younger workers now
entering the labor force more rapidly, the
over-all participation rate (proportion of the
working-age population in the labor force)
appears to have leveled off this year. Among
women, participation rates have been increasing faster than earlier. Among youths,
the very sharp declines typical of recent years
appear to have halted. The reduction in participation of older male workers, which has
been so pronounced in recent years, has
also slowed. For men in the prime working
ages, participation rates continue to be very
high.
A significant change is developing in the
age-sex composition of new additions to the
labor force. Over the past 10 years adult
women have accounted for about one-half of
the total increase. But in the years ahead
GAINS in labor force rapid for women and youths
1960=100
115
1960=100
MALES,
20 YEARS AND OVER
FEMALES,
20 YEARS AND OVER
BOTH SEXES,
16 TO 19 YEARS OF AGE
110
110
110
105
105
LABOR FORCE
100
« * < • -
,
-
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-£^5^
100
J
EMPLOYMENT
i
i
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•
.„„
UNEMPLOYMENT RATE remains high among youths
18
10
1962
1964
1960
1962
1964
1960
1962
NOTE.—Bureau of Labor Statistics household data, seasonally adjusted. Quarterly averages; latest based on May data.
A STRONGER LABOR MARKET
younger workers will account for the major
part of the increase. Persons 16-19 years
of age entered the labor force in increasing
numbers in 1963 and early 1964, and next
year the number will be even larger.
In the last half of this decade it is expected
that the labor force will increase by close to
7 million persons and that nearly one-half
of them will be 24 years of age or less. Only
5 per cent of the increase in the labor force
from 1950 to 1960 occurred in these younger
age groups.
About the same number of adult women
are expected to enter the labor force in the
last half of this decade as in the past 5 years,
but their proportion of total growth is expected to be considerably smaller. Additions
of adult men to the labor force will not show
a substantial increase until late in the decade,
and this will operate to hold down their unemployment rates in the next few years if
demands for labor remain reasonably high.
UNEMPLOYMENT
Unemployment declined to 5.1 per cent of
the civilian labor force in May from 5.4 per
cent in the previous 3 months. In May the
rate was below the narrow range in which
it has fluctuated for more than 2 years and
was about the same as in May 1960, but
was above rates prevailing from mid-1955 to
mid-1957.
Within the total, the most notable change
over the past year has been the reduction in
unemployment among adult males. As the
chart shows, the seasonally adjusted unemployment rate for men 20 years of age and
over declined to 3.6 per cent in May from
4.4 per cent a year earlier. For married men
the rate was down to 2.6 per cent. Men 20
years of age and older accounted for 3 out of
5 persons in the labor force and for only 2
out of 5 of the unemployed.
675
Growth in the adult male labor force has
been relatively small, so that gains in employment have brought about a sizable reduction in unemployment. In contrast, employment gains among adult women and
younger workers have been strong, but sizable increases in their labor-force numbers
—along with other influences—have been
associated with high unemployment rates.
Those hardest hit by unemployment are
youths whose lack of adequate training, education, and seniority complicates their efforts
to find and hold jobs; older men and women
whose skills have become obsolete; and nonwhite workers who are at a disadvantage in
terms of training and education and who
often suffer from discriminatory hiring practices. Many in these groups have been unable
to find steady work even in periods of economic expansion.
In May almost 1 million persons, onefourth of all the unemployed, had been
seeking work for at least 15 weeks. This
number was somewhat less than last year,
but more than in 1960 and almost twice as
large as in 1956.
Younger workers. Unemployment among
younger workers has traditionally been
higher than for other age groups. Even in
1956, when total unemployment averaged
close to 4 per cent of the civilian labor force,
the jobless rate for youths 16-19 years of
age averaged more than 10 per cent.
In 1963 unemployment in this age group
worsened appreciably as their number in
the labor force was swollen by those born
early in the postwar years. In May 1964,
after allowance for seasonal influences, the
number of youths unemployed totaled almost 1 million, and the unemployment
rate was 18 per cent. Although younger
workers represented little more than 7 per
cent of the labor force, they accounted for
678
mum wages in September to $1.25 an hour
in covered industries. Also, there was a
heavier concentration of previously negotiated wage increases in the second half of
the year.
When allowance is made for increases in
fringe benefits and in earnings of salaried
employees, total labor costs per unit of manufacturing output have changed little over
the past year.
Gross weekly earnings in manufacturing
before deductions for taxes and social security amounted to $103 in May. This was
$3.74 more than a year earlier. As a result
of the March reduction in Federal tax withholdings, however, the increase in take-home
pay over the year amounted to about $5 for
the average factory worker with 3 dependents.
Nonmanufacturing. Wage increases in nonmanufacturing activities for which data are
available varied significantly from the manufacturing pattern, due in part to differences
in demand for labor. Since 1960 the sharpest advances have occurred in retail trade
and in the building construction industries,
where employment increases have been relatively larger than in manufacturing. In mining and railroads, where demands for workers have been weak, wages have changed
little.
This September about 3.6 million workers
in service, trade, and other nonmanufacturing activities, who were first covered in
1961, will be affected by an increase in
minimum wages from $1.15 to $1.25 an
hour. Their minimum wages will then be on
a parity with those for workers who had
already been covered in the minimum wage
increase in September 1963.
FEDERAL RESERVE BULLETIN • JUNE 1964
COLLECTIVE BARGAINING
The moderate nature of the rise in consumer
prices, the cut in Federal income taxes, and
the annual gains in wages provided by longterm contracts in a number of major industries have tended to ease union demands for
larger increases in wage rates. Instead, many
unions, concerned with the limited nature of
job opportunities for their members and
with the impact on employment of technological advances, are emphasizing measures
to extend job security and increase employment. With corporate profits up considerably and the labor market stronger, some
unions are pushing for larger packages, in
terms of total employment costs, than those
negotiated in recent years.
The automobile workers' union has announced, prior to the forthcoming negotiations with the producers, that its major
demands will include proposals for earlier
retirement, higher pensions, and more relief
time on the assembly line. These proposals
would apparently be in addition to proposed
increases in wage rates. The current 3-year
automobile contracts, which expire August
31, 1964, included annual increases of 2.5
per cent in hourly wage rates and a quarterly
cost-of-living adjustment. Similar provisions
have been in effect in the automobile industry since 1950.
Labor contracts with longshoremen and
with workers in such important industries as
farm machinery, metal mining, meat packing, and can manufacturing will expire later
this year. Steel industry contracts may be
reopened to change wage rates, upon giving
120 days' notice, at any time after January
1, 1965.
676
FEDERAL RESERVE BULLETIN • JUNE 1964
one-fourth of the unemployed. This proportion was considerably higher than earlier.
This summer more young jobseekers than
ever before will enter the labor market, and
the largest number will be those 17 years
old. Many youths will be seeking work for
the summer only, but many of those who
graduate from high school this year will not
go on to college and will become permanently attached to the labor force.
Unemployment rates have been high for
JOB OPPORTUNITIES decline for youths in
manufacturing; rise in services
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MANUFAC-I
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1963
1957 I \
1950
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TRADE
NOTE.—Bureau of Labor Statistics household data. Proportion
of total nonfarm employment of persons 14 to 24 years of age
in selected industries; excludes miscellaneous activities. Service
represents private and domestic services, and government educational and health services.
those no longer enrolled in school and in the
labor force. A study in October 1963 found
that almost 15 per cent of those 18 or 19
years of age who had either dropped out of
school or had graduated were unemployed.
This was more than double the 1956 rate and
indeed as high as in any recession year.
Unemployment rates were found to be lower
for those 20-24 years of age who were no
longer in school, but unemployment in this
group has also risen significantly.
Employment opportunities of many types,
which in earlier years had been available for
new, inexperienced entrants into the labor
force, especially young men, have been
disappearing. Young workers have been
finding it more difficult to obtain jobs in
many highly automated activities, in which
gains in output per manhour are rapid and
there is little need for additional semiskilled
or unskilled labor.
In 1963, for example, only 25 per cent
of all young persons (24 years of age or
less) engaged in nonfarm activities were
employed in manufacturing. This figure
compared with 30 per cent in 1950. In contrast, over the same period services—both
private and government—have accounted
for a much higher and a growing proportion of younger workers.
Nonwhite workers. Unemployment among
nonwhite workers has shown a decline this
year, but it remains very high and is a serious
problem. In May such workers accounted
for only one-tenth of the labor force but
one-fifth of total unemployment. The nonwhite unemployment rate was 9.0 per cent
compared with 10.3 per cent a year earlier;
the reduction was concentrated among male
workers. Among nonwhite women there has
been no reduction in unemployment.
Notwithstanding the recent decline, the
unemployment rate for nonwhite male
workers has continued to be more than
double that of white male workers, as it
has since 1955. During recessions the differential has narrowed slightly, but in subsequent recoveries unemployment among nonwhite workers has continued at very high
rates and the differential has widened again.
In part this widening has reflected a greater
proportion of nonwhite workers with persistent long-term unemployment. In May
nonwhite workers accounted for about a
fourth of all the long-term unemployed.
Areas of unemployment. Expansion in economic activity has resulted in some further
geographic improvement in labor market
677
A STRONGER LABOR MARKET
conditions. In May, 39 of the 150 major
labor market areas in the country had unemployment rates of more than 6 per cent,
compared with 43 areas a year ago.
A number of industrial centers which for
extended periods had been classified as
having substantial labor surpluses—including Detroit, Youngstown, and Birmingham
—are no longer listed as problem areas.
However, unemployment rates are still high
in some other centers, such as Pittsburgh,
Buffalo, and San Diego. Unemployment also
remains a serious problem in the Appalachian region and in some other areas of
insufficient diversification of industry.
LABOR COSTS AND EARNINGS
An important aspect of the current economic expansion has been the stability of
labor costs per unit of output in manufacturing. Contributing to this stability have
been the moderate nature of wage increases,
attributable in part to ample supplies of
manpower, and the sustained high rate of
advance in output per manhour as producers
have installed more efficient equipment and
have improved methods of production to
meet competition and minimize costs. For
the total private economy too, gains in output per manhour have been relatively large
in recent years.
Preliminary data suggest that in the first
5 months of this year output per manhour
for all employees in manufacturing was
about 4 per cent more than a year earlier.
This was about the same as the increase for
the year 1963. Since the cyclical high in
early 1960 the rise in output per manhour
in manufacturing has been above the postwar average.
The maintenance of a high rate of productivity gain for more than 3 years after a
lower cyclical turning point is unusual. In
UNIT LABOR COSTS stable in manufacturing
_
OUTPUT
PER MANHOUR
.
AVERAGE HOURLY
EARNINGS
UNIT LABOR COST
Ml III, II.
-
6
-
4
NOTE.—Bureau of Labor Statistics data for hourly earnings of
production workers. Unit labor costs, Bureau of the Census;
includes wages, salaries, and supplements. Changes computed
from cyclical quarterly peaks. Seasonally adjusted; latest period
is first quarter 1964.
previous expansions output per manhour
increased sharply in the early period of recovery, as output rose rapidly. But as the
expansions progressed, productivity gains
tended to slacken for a variety of reasons,
including slowdown in growth of demands
and output and, at times, capacity limitations. As yet in this expansion there has been
no evidence of a slowing down in productivity growth in manufacturing.
Productivity also advanced at a fast rate
in the early postwar period, but wages rose
even more sharply and unit labor costs
moved up rapidly. In the mid-1950's wage
advances were not quite so large, but productivity gains were smaller, and upward
pressure was maintained on unit labor costs
and prices.
Earnings in manufacturing. Hourly earnings
of production workers in manufacturing
rose to an average of $2.53 per hour in May.
This was 8 cents, or a little more than 3
per cent, above a year earlier and was close
to the average annual increase since 1960.
Since December 1963 the increase in
hourly earnings has amounted to only 2
cents, about the same as during the corresponding months last year. The rise in wages
was somewhat more rapid in the latter part
of 1963, due in part to the increase in mini-
Revision of the Money Supply Series
series for the money
supply and related data for time deposits at
commercial banks have been revised.
As defined for the purposes of this series, the
money supply consists of (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 are time deposits at
all commercial banks other than those due
to domestic commercial banks and the U.S.
Government.
Changes in these series result from adjustments to new benchmark data now available for 1962 and 1963 and from revision
of seasonal factors for the period 1955 to
date. Revised data, both before and after
seasonal adjustment, together with the estimated seasonal factors for 1964 are shown
in the tables on pages 682-92.
Data on U.S. Government demand deposits at commercial banks, which are published
regularly with the money supply statistics,
also have been adjusted to new benchmarks.
The revised data for these deposits are
THE DAILY-AVERAGE
NOTE.—The revised series were prepared by Edward
R. Fry and Robert R. Wyand II of the Banking Section
of the Board's Division of Research and Statistics.
For further information on concepts, coverage, and
methods of measurement, see "A New Measure of the
Money Supply," Federal Reserve BULLETIN, October
1960, pp. 1102-21, and "Revision of Money Supply
Series," Federal Reserve BULLETIN, August 1962, pp.
941-51.
679
shown without seasonal adjustment in the
table on page 682.
The largest revisions in the seasonally
adjusted series for the money supply apply
to the period beginning with 1962. They
affect for the most part the pattern of
growth within the year. In both 1962 and
1963 the revised series is smoother than the
old series, and the rate of growth is steadier.
Over the full year the rate of expansion is
roughly the same for both series—about 3.7
per cent in 1963, as the table shows.
AVERAGE MONEY SUPPLY
(Seasonally adjusted annual rate of change,
in per cent)
Period
Dec. 1961-Dec. 1962
Dec. 1961-June 1962
June 1962-Dec. 1962
Dec. 1962-Dec. 1963
Dec. 1962-June 1963
June 1963-Dec. 1963
Dec. 1963-May 1964
Old
series
New
series
+ 1.5
+ 1.4
- .2
+3.2
+3.8
+ .9
+2.0
+2.6
+5.0
+3.4
+4.0
+2.2
+2.1
+3.7
Expansion in the first 5 months of 1964
has been about 2 per cent in both the old
and the revised series, and preliminary estimates indicate that there will be some further
increase in June.
Revisions based on the new benchmarks
raised the unadjusted figures for the money
supply for the months of February through
August for both 1962 and 1963. The re-
680
visions based on changes in seasonal factors
lowered the seasonally adjusted series for
the months of December through May and
raised it for the months of June through
November.
For time deposits the revision has raised
the level of the series since 1961, and the
new series shows about the same rapid rate
of expansion as the old. In the first 5 months
of this year such deposits rose at a seasonally
adjusted annual rate of about 11 per cent.
Benchmark adjustments. Series for the
money supply and related deposits are constructed mainly on the basis of daily figures
obtained from the records of member banks
and the Federal Reserve Banks. However, it
is necessary to estimate deposit and cash
figures for nonmember banks, as well as
some minor deposit items for member banks.
These estimated components, which represent about 15 per cent of the total money
supply, are adjusted periodically to agree
with corresponding totals derived from
condition reports made by nonmember
banks and by member banks. The current
revision incorporates new benchmark levels
as shown in four call reports for 1962 and
in three for 1963. 1
The largest estimated components of the
money supply are the deposits and vault cash
holdings of nonmember banks. Retrospective adjustments of these estimates to the new
benchmarks resulted in only minor changes
in the figures for vault cash and, consequently, in the currency component of the
money supply. Deposit estimates for nonmember banks, however, have been revised
upward for both 1962 and 1963. As a result,
the demand deposit component of the money
*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 • JUNE 1964
supply averages $200 million higher in 1962
and $100 million higher in 1963. This
change raised the average level of the
money supply about % 0 of 1 per cent. Revisions in each year were concentrated in
the months February through August; the
largest increase, $600 million, applied to
March and April of 1962.
While most of the adjustments in the
deposit component of the money supply
were upward, the latest available benchmark—that for the end of 1963—indicated
the need to reduce estimated demand deposits of nonmember banks by $200 million.
These deposits have therefore been carried
forward at a correspondingly lower level in
the revised estimates for 1964.
Upward revisions in time deposits at nonmember banks averaged $100 million in
1962 and $200 million in 1963. In most
months the increases ranged from $100
million to $200 million. Estimates for this
series have been carried forward into 1964
from the December 1963 benchmark, which
was $200 million above the old series.
Revisions in U.S. Government demand
deposits were minor in 1962. In 1963, however, benchmark adjustments raised the
level of this series by $100 million in most
months. The estimates for 1964 reflect this
higher level.
Seasonal adjustment. Seasonal factors were
reviewed for the period 1955 to date. These
factors were computed by a ratio-to-movingaverage method similar to those used in the
past. This review indicated that estimated
seasonal movements of the currency component of the money supply had changed
little but that there had been an appreciable
change in the deposit component in recent
years.
The principal revisions of seasonal factors
for demand deposits affected the period after
REVISION OF MONEY SUPPLY SERIES
1960. These revisions increased the factors
for December through May and lowered
those for other months. January remains the
peak month, but the seasonal low has shifted
from May to August. The largest increases
in seasonal factors applied to the months of
January and April, and the largest reductions were for August and September.
Some of these shifts in seasonal patterns
have been progressing for a number of years,
while others have developed only recently.
The most notable long-term shift has been
in deposit expansion in April, as the seasonal
importance of this month has grown progressively for more than a decade. The increase
in the seasonal factor for January and the
reductions in the factors for August and
September are more recent developments
that are reflected mainly in data since 1960.
These recent changes in seasonal patterns
of the money supply are due in part to
changes in patterns of Treasury financing
681
and of tax payments by individuals and businesses. Such influences are reflected in
changing patterns in the money supply as
demands for bank credit change and deposits
are shifted between private and U.S. Government accounts to accommodate new financing and payment patterns.
Seasonal influences are much less important for time deposits than for demand
deposits; hence the revisions in their seasonal factors have been smaller. The effects
of these revisions have been to reduce slightly
the seasonally adjusted level over the first 7
months of each of the last 3 years and to
raise it in the last 5 months.
Changes in seasonal patterns often are
apparent in retrospective data, but it is difficult to isolate them from other influences in
current estimates. Therefore the seasonal
factors for recent years are considered tentative, and they will be revised periodically as
additional data reveal changes in patterns.
682
FEDERAL RESERVE BULLETIN • JUNE 1964
MONEY SUPPLY AND RELATED DATA, 1947-64
(In billions of dollars)
Seasonally adjusted
Not seasonally adjusted
Money supply
Period
(Half month or month)
Total
Money supply
Demand
Currency
deposit
component
component
Time
deposits
adjusted i
Total
Demand
Currency
component deposit
component
Time
deposits
adjusted i
U.S.
Govt.
demand
deposits 1
1 9 47_jan.
(1)
(2)
Month
109.4
109.5
109.5
26.6
26.7
26.7
82.8
82.8
82.8
33.2
33.3
33.3
112.1
111.7
111.9
26.8
26.5
26.7
85.3
85.2
85.2
33.2
33.3
33.2
2.5
2.7
2.6
Feb.
(1)
(2).Month
109.6
109-8
109.7
26.7
26.7
26.7
83.0
83.1
83.0
33.4
33.5
33.5
110.3
109.2
109.8
26.6
26.5
26.5
83.8
82.8
83.3
33.4
33.5
33.4
3.2
3.4
3.3
Mar. (1)
(2)
Month
109.8
H0.9
110.3
26.6
26.7
26.7
83.1
84.2
83.7
33.6
33.6
33.6
109.6
109.3
109.4
26.6
26.4
26.5
82.9
82.9
82.9
33.7
33.7
33.7
3.8
3.4
3.6
-$:::::::::::::::::: 111:?
26.6
26.6
26.6
84.3
84.7
84.5
33.7
33.7
33.7
108.9
109.4
109.1
26.5
26.3
26.4
82.4
83.1
82.7
33.7
33.8
33.8
3.1
2.8
2.9
Apr
Month
111.1
May (1)
(2)
Month
111-6
1H.8
111.7
26.6
26.6
26.6
85.0
85.2
85.1
33.8
33.9
33.8
109.9
109.7
109.8
26.5
26.3
26.4
83.4
83.4
83.4
33.9
33.9
33.9
2.4
2.2
2.3
June (1)
(2)
Month
1119
H2.3
112.1
26.6
26.6
26.6
85.3
85.7
85.5
33.9
33.9
33.9
110.8
111.0
110.9
26.5
26.4
26.4
84.4
84.6
84.5
34.0
34.0
34.0
1.0
1.0
1.0
** $:::::::::::::::::: l!i:i
26.5
26.5
26.5
85.7
85.8
85.7
33.9
34.1
34.0
111.3
111.5
111.4
26.6
26.3
26.4
84.7
85.2
84.9
34.1
34.3
34.2
1.0
1.0
1.0
Month
112.2
Aug. (1)
(2)
Month
H2.4
H2.7
112.6
26.4
26.5
26.5
86.0
86.2
86.1
34.3
34.5
34.4
111.8
112.0
111.9
26.4
26.4
26.4
85.3
85.6
85.5
34.3
34.5
34.4
1.4
1.5
1.4
-$:::::::::::::::::: iii:I
26.7
26.6
26.7
86.2
86.5
86.3
34.6
34.8
34.7
113.4
113.2
113.3
26.9
26.7
26.8
86.5
86.5
86.5
34.6
34.8
34.7
1.5
1.7
1.6
Sept
Month
113.0
Oct. (1)
(2)
Month
H2.9
H3.0
112.9
26.5
26.5
26.5
86.3
86.5
86.4
34.9
35.1
35.0
113.2
113.9
113.6
26.8
26.6
26.7
86.4
87.3
86.9
34.9
35.1
35.0
2.5
2.0
2.2
Nov. (1)
(2)...
Month
H3.3
113.3
113.3
26.5
26.4
26.5
86.8
86.9
86.8
35.1
35.4
35.2
114.4
114.6
114.5
26.8
26.7
26.7
87.6
88.0
87.8
35.1
35.1
35.1
1.7
1.6
1.6
Dec.
(1)
(2)
Month
H3.1
H3.1
113.1
26.4
26.4
26.4
86.7
86.6
86.7
35.4
35.5
35.4
115.9
116.0
115.9
26.8
26.8
26.8
89.1
89.1
89.1
35.0
35.2
35.1
1.0
1.0
1.0
1948—Jan. (1)
(2)
Month
113.3
113.4
113.4
26.4
26.4
26.4
87.0
87.0
87.0
35.5
35.6
35.5
116.2
115.6
115.9
26.6
26.2
26.4
89.6
89.4
89.5
35.5
35.5
35.5
1.0
.9
(1)
(2)
Month
113.3
113.1
113.2
26.4
26.3
26.3
86.9
86.8
86.8
35.6
35.7
35.7
114.1
112.6
113.4
26.3
26.1
26.2
87.8
86.5
87.2
35.6
35.7
35.6
1.5
1.8
1.7
Mar. (1)
(2)
Month
112.8
112.5
112.6
26.2
26.2
26.2
86.6
86.3
86.4
35.8
35.7
35.7
112.7
110.9
111.8
26.2
26.0
26.1
86.5
85.0
85.7
35.8
35.8
35.8
1.9
2.3
2.1
Apr. (1)
(2)
Month
112.4
112.2
112.3
26.1
26.1
26.1
86.4
86.2
86.3
35.7
35.7
35.7
110.3
110.5
110.4
26.0
25.8
25.9
84.4
84.7
84.5
35.8
35.8
35.8
2.4
2.3
2.3
May (1)
(2)
Month
112.1
112.0
112.1
26.0
26.0
26.0
86.1
86.0
86.0
35.7
35.7
35.7
110.5
110.0
110.2
25.9
25.8
25.8
84.5
84.2
84.4
35.8
35.8
35.8
2.6
2.8
2.7
June (1)
(2)
Month
112.0
112.0
112.0
26.0
26.0
26.0
86.0
86.0
86.0
35.8
35.8
35.8
111.0
110.7
110.8
25.9
25.8
25.9
85.1
84.9
85.0
35.8
35.9
35.9
2.3
2.0
2.2
112.2
26.0
26.0
26.0
86.2
86.2
86.2
35.8
35.8
35.8
111.2
111.3
111.3
26.1
25.9
26.0
85.1
85.5
85.3
36.0
36.0
36.0
1.7
2.2
2.0
26.0
26.1
26.0
86.2
86.2
86.2
35.9
35.9
35.9
111.6
111.6
111.6
26.0
26.0
26.0
85.6
85.6
85.6
35.9
35.9
35.9
2.4
2.6
2.5
Feb.
July (1)
(2)
Month
Aug. (1)
(2)
Month
For notes, see end of table.
112.2
112.2
112.3
112.3
112.3
683
REVISION OF MONEY SUPPLY SERIES
MONEY SUPPLY AND RELATED DATA 1947-64—Continued
(In billions of dollars)
Not seasonally adjusted
Seasonally adjusted
Money supply
Period
(Half month or month)
Total
Currency Demand
deposit
component component
Money supply
Time
deposits
adjusted !
Total
Currency Demand
deposit
component component
Time
deposits
adjusted i
U.S.
Govt.
demand l
deposits
1948—Sept. (1)
(2)
Month
112.2
112.1
112.2
26.0
26.0
26.0
86.2
86.1
86.2
35.9
35.9
35.9
112.7
112.0
112.4
26.2
26.0
26.1
86.5
86.0
86.2
35.9
35.9
35.9
2.2
2 6
2 4
Oct (1)
(2)
Ivtonth
112.2
112.1
112.1
26.0
25.9
26.0
86.2
86.1
86.1
35.9
35.9
35.9
112.5
113.0
112.8
26.3
26.1
26.2
86.3
86.9
86.6
36.0
36.0
36.0
2 5
2 1
2.3
Nov (1)
(2)
Month
111.9
111.7
111.8
26.0
25.9
26.0
85.9
85.8
85.9
36.0
36.0
36.0
113.0
112.9
112.9
26.3
26.1
26.2
86.8
86.7
86.8
36.0
35.8
35.9
2.3
Dec (1)
(2)
M^onth
111.6
111.5
111.5
25.8
25.7
25.8
85.8
85.7
85.8
36.0
36.0
36.0
114.2
114.3
114.3
26.2
26.1
26.2
88.1
88.2
88.1
35.7
35.8
35.7
1.8
111.2
111.2
111.2
25.7
25.7
25.7
85.5
85.4
85.5
36.1
36.1
36.1
114.0
113.3
113.7
25.9
25.5
25.7
88.1
87.8
88.0
36.1
36.0
36.0
1 6
p c b (i)
' (2)
Month
111.2
111.2
111.2
25.7
25.7
25.7
85.5
85.5
85.5
36.1
36.1
36.1
112.1
110.7
111.5
25.6
25.5
25.5
86.5
85.3
85.9
36.1
36.1
36.1
2 5
3 1
2 7
Mar (i)
(2)
Month
111.2
111.3
111.2
25.7
25.7
25.7
85.5
85.6
85.6
36.1
36.1
36.1
111.2
109.8
110.5
25.7
25.4
25.5
85.5
84.3
84.9
36.2
36.2
36.2
2 8
Apr (1)
(2)
Month
111.2
111.5
111.3
25.7
25.7
25.7
85.5
85.8
85.6
36.2
36.2
36.2
109.2
109.8
109.5
25.6
25.4
25.5
83.6
84.5
84.0
36.2
36.3
36.3
3 0
2 2
2 6
May (1)
(2)
Month
111.5
111.5
111.5
25.7
25.7
25.7
85.8
85.8
85.8
36.3
36.4
36.3
109.9
109.5
109.7
25.6
25.4
25.5
84.4
84.1
84.2
36.4
36.4
36.4
1 8
2 0
June (1)
(2)
Month
111.4
111.2
111.3
25.6
25.6
25.6
85.8
85.7
85.7
36.4
36.4
36.4
110.5
109.8
110.2
25.5
25.3
25.4
85.0
84.5
84.8
36.4
36.5
36.5
1 2
1.7
1.5
July (1)
(2)
Month
111.1
111.3
111.2
25.5
25.5
25.5
85.6
85.8
85.7
36.4
36.4
36.4
109.9
110.4
110.2
25.6
25.3
25.5
84.3
85.1
84.7
36.5
36.5
36.5
1 6
1 2
Aug (1)
(2)
Mlonth
111.0
111.1
111.0
25.5
25.4
25.5
85.5
85.6
85.6
36.4
36.4
36.4
110.4
110.3
110.3
25.5
25.3
25.4
84.9
85.0
84.9
36.5
36.5
36.5
2 4
Sept (1)
(2)
Month
111.0
110.8
110.9
25.4
25.3
25.3
85.6
85.5
85.6
36.4
36.4
36.4
111.3
110.6
110.9
25.6
25.3
25.4
85.7
85.2
85.5
36.5
36.4
36.4
2.8
3 6
Oct (1)
(2)
Month
111 0
110.8
110.9
25 3
25.3
25.3
85.7
85.5
85.6
36.4
36.4
36.4
111.3
111.7
111.5
25.6
25.4
25.5
85.8
86.3
86.0
36.4
36.4
36.4
3 5
Nov. (1)
(2)
Mlonth
111.0
111.0
111.0
25.2
25.2
25.2
85.7
85.9
85.8
36.4
36.4
36.4
112.1
112.0
112.0
25.5
25.4
25.4
86.6
86.6
86.6
36.4
36.2
36.3
3.4
3.7
D e c (i)
(2)
Month
111.2
111.2
111.2
25.2
25.1
25.1
86.0
86.0
86.0
36.4
36.4
36.4
113.8
114.0
113.9
25.5
25.5
25.5
88.3
88.5
88.4
36.1
36.2
36.1
2.8
2.7
2.8
1950—Jan (1)
(2)
Month
111.3
111.7
111.5
25.1
25.1
25.1
86.2
86.5
86.4
36.4
36.5
36.4
114.1
113.9
114.0
25.3
24.9
25.1
88.8
88.9
88.9
36.4
36.4
36.4
2.8
Feb (1)
(2)
Month
111.8
112.3
112.1
25.1
25.2
25.1
86.7
87.1
86.9
36.5
36.6
36.6
112.8
112.0
112.4
25.0
25.0
25.0
87.7
87.0
87.4
36.5
36.6
36.5
Mar (1)
(2)
112.4
112.7
112.5
25.2
25.2
25.2
87.2
87.5
87.3
36.6
36.6
36.6
112.4
111.3
111.8
25.2
25.0
25.1
87.3
86.3
86.8
36.7
36.7
36.7
3.5
3.9
3.7
3.1
3.8
Apr (1)
(2)
Month
113.1
113.4
113.2
25.3
25.2
25.3
87.9
88.1
88.0
36.7
36.8
36.7
111.1
111.8
111.5
25.2
24.9
25.1
85.9
86.9
86.4
36.8
36.8
36.8
1949 Jan
(I)
(2)
Mlonth
For notes, see end of table.
'
2.6
2 4
I s
1.8
1.7
3.2
3.0
1.9
1.4
3.3
2.8
3.2
3.4
3.4
3.5
2.9
2.8
3.5
3.7
2.9
3.3
684
FEDERAL RESERVE BULLETIN • JUNE 1964
MONEY SUPPLY AND RELATED DATA, 1947-64—Continued
(In billions of dollars)
Not seasonally adjusted
Seasonally adjusted
Money supply
Money supply
Period
(Half month or month)
Total
Demand
Currency
component deposit
component
Time
deposits
adjusted i
Total
Demand
Currency
component deposit
component
Time
deposits
adjusted i
U.S.
Govt.
demand
deposits 1
1950—May (1)
(2)
Month
113.6
113.9
113.7
25.2
25.2
25.2
8.3
8.7
8.5
36.9
36.9
36.9
112.1
111.8
111.9
25.1
24.9
25.0
86.9
86.9
86.9
36.9
36.9
36.9
2.7
3.3
3.0
June (1)
(2)
Month
113.9
114.3
114.1
25.1
25.0
25.1
89.3
89.0
36.9
36.9
36.9
113.0
112.9
112.9
25.0
24.8
24.9
88.0
88.1
88.0
36.9
37.0
37.0
2.7
3.4
3.0
July (1)
(2)
Month
114.6
114.7
114.6
25.0
25.0
25.0
89.6
89.7
89.6
36.8
36.7
36.8
113.3
113.6
113.5
25.2
24.8
25.0
37.0
36.8
36.9
3.5
3.3
3.4
Aug. (1)
(2)
Month
115.1
114.9
115.0
25.0
24.9
24.9
90.1
90.0
90.1
36.7
36.6
36.7
114.4
114.1
114.2
25.0
24.8
24.9
89.4
89.3
89.3
36.7
36.7
36.7
2.9
3.8
3.4
Sept. (1)
(2)
Month
115.1
115.4
115.2
24.9
24.9
24.9
90.1
90.5
90.3
36.6
36.6
36.6
115.2
115.0
115.1
25.1
24.9
25.0
90.1
90.1
90.1
36.6
36.6
36.6
3.5
3.4
3.4
Oct. (1)
(2)
Month
115.6
115.7
115.7
24.9
24.9
24.9
90.7
90.8
90.8
36.5
36.6
36.5
115.9
116.6
116.3
25.2
25.0
25.1
90.8
91.6
91.2
36.6
36.6
36.6
2.9
2.8
2.8
Nov. (1)
(2)
Month
115.9
115.9
115.9
25.0
24.9
24.9
90.9
91.0
90.9
36.6
36.6
36.6
117.1
116.9
117.0
25.2
25.1
25.2
91.9
91.8
91.8
36.6
36.4
36.5
2.9
3.2
3.0
Dec.
(1)
(2)
Month
116.0
116.4
116.2
25.0
25.0
25.0
91.0
91.4
91.2
36.7
36.7
36.7
118.8
119.5
119.2
25.4
25.4
25.4
93.4
94.1
93.8
36.3
36.5
36.4
2.4
2.3
2.4
1951—Jan. (1)
(2)
Month
116.7
116.7
116.7
25.0
25.1
25.0
91.7
91.7
91.7
36.7
36.7
36.7
119.7
119.3
119.5
25.2
24.9
25.0
94.5
94.4
94.5
36.7
36.7
36.7
2.2
2.1
(1)
(2)
Month
117.0
117.3
117.1
25.1
25.1
25.1
91.8
92.1
92.0
36.7
36.6
36.6
118.0
117.0
117.5
25.0
24.9
25.0
93.0
92.1
92.5
36.6
36.6
36.6
2.8
3.8
3.3
Mar. (1)
(2)
Month
117.6
117.6
117.6
25.2
25.2
25.2
92.4
92.4
92.4
36.6
36.6
36.6
118.0
116.8
117.4
25.1
25.0
25.0
92.9
91.9
92.3
36.7
36.6
36.7
3.6
5.3
4.5
Apr. (1)
(2)
Month
117.7
117.9
117.8
25.2
25.3
25.2
92.5
92.6
92.6
36.6
36.7
36.7
115.6
116.4
116.0
25.1
25.0
25.0
90.5
91.4
91.0
36.7
36.7
36.7
6.4
5.7
6.1
May (1)
(2)
Month
118.2
118.2
118.2
92.8
92.9
92.8
36.8
36.8
36.8
116.7
116.1
116.4
25.2
25.1
25.1
91.5
91.0
91.2
36.7
36.7
36.7
5.1
5.1
5.1
June (1)
(2)
Month
118.5
118.6
118.6
25.4
25.5
25.4
93.1
93.2
93.2
36.8
36.9
36.9
117.8
117.5
117.6
25.3
25.2
25.3
92.5
92.3
92.4
36.8
37.1
36.9
4.1
5.0
4.6
July (1)
(2)
Month
118.9
119.2
119.1
25.6
25.6
25.6
93.3
93.5
93.4
37.1
37.2
37.2
117.1
117.8
117.5
25.7
25.5
25.6
91.4
92.3
91.9
37.3
37.3
37.3
5.3
4.3
4.8
Aug. (1)
(2)
Month
119.5
119.7
119.6
25.7
25.8
25.7
93.8
93.9
93.8
37.4
37.5
37.4
118.7
118.2
118.4
25.7
25.7
25.7
92.9
92.6
92.7
37.4
37.5
37.5
4.1
4.3
4.2
Sept. (1)
(2)
Month
120.2
120.5
120.4
25.8
25.9
25.8
94.4
94.7
94.5
37.6
37.8
37.7
120.2
119.9
120.0
26.0
25.8
25.9
94.2
94.0
94.1
37.6
37.7
37.7
3.0
4.3
3.6
120.7
25.9
26.0
26.0
94.7
95.3
95.1
37.8
37.9
37.8
120.6
122.1
121.4
26.2
26.0
26.1
94.4
96.0
95.2
37.9
37.9
37.9
4.4
3.5
3.9
Feb.
Oct. (1)
(2)
Month
122.0
26.0
26.1
26.0
95.8
96.2
96.0
38.0
38.1
38.0
123.2
123.3
123.2
26.3
26.3
26.3
96.9
97.0
97.0
38.1
37.8
38.0
2.9
3.2
3.1
m
(2)
Month
122.5
122.8
122.7
26.1
26.2
26.1
96.4
96.6
96.5
38.2
38.2
38.2
125.4
126.3
125.8
26.5
26.7
26.6
98.9
99.6
99.2
37.8
38.1
38.0
2.5
3.0
2.7
(2)
For notes, see end of table.
121.0
Month
Nov. (1)
Dec.
121.3
1.9
121.8
122.2
685
REVISION OF MONEY SUPPLY SERIES
MONEY SUPPLY AND RELATED DATA, 1947-64—Continued
(In billions of dollars)
Seasonally adjusted
Money supply
Money supply
Period
(Half month or month)
Total
Demand
Currency
deposit
:omponent component
Time
deposits
adjusted i
Total
Demand
Currency
deposit
component :omponent
Time
deposits
adjusted 1
U.S.
Govt.
demand
deposits i
96.7
97.0
96.9
38.4
38.5
38.4
126.2
126.3
126.2
26.4
26.0
26.2
99.8
100.2
100.0
38.4
38.5
38.4
2.5
2.0
2.2
Month
123.1
26.3
26.2
26.2
(1)
(2)
Month
123.6
123.5
123.6
26.3
26.3
26.3
97.3
97.2
97.3
38.6
38.7
38.7
125.0
123.3
124.2
26.2
26.1
26.1
98.8
97.2
98.0
38.6
38.7
38.6
3.0
3.8
3.3
123.6
1952—Jan. (1)
(2)
Feb.
Not seasonally adjusted
123.0
123.3
Month
123.8
26.3
26.4
26.4
97.3
97.6
97.5
38.9
39.0
38.9
124.1
123.2
123.6
26.3
26.1
26.2
97.8
97.1
97.4
38.9
39.0
38.9
2.9
4.8
3.9
Apr. (1)
(2)
Month
124.2
124.0
124.1
26.4
26.4
26.4
97.7
97.5
97.6
39.0
39.1
39.1
122 A
122.5
122.3
26.3
26.1
26.2
95.8
96.4
96.1
39.1
39.1
39.1
4.8
4.2
4.5
May (1)
(2)
Month
124.4
124.6
124.5
26.5
26.5
26.5
97.9
98.1
98.0
39.2
39.4
39.3
122.8
122.5
122.7
26.3
26.2
26.3
96.5
96.2
96.4
39.2
39.3
39.3
4.0
4.6
4.3
June (1)
(2)
Month
124.8
125.3
125.0
26.6
26.7
26.7
98.2
98.6
98.4
39.5
39.6
39.5
124.2
124.2
124.2
26.6
26.5
26.5
97.7
97.7
97.7
39.5
39.7
39.6
3.6
4.9
4.3
July (1)
(2)
Month
125.2
125.5
125.3
26.7
26.7
26.7
98.5
98.7
98.6
39.7
39.8
39.7
123.3
123.9
123.6
26.9
26.5
26.7
96.4
97.4
96.9
39.8
39.9
39.9
8.2
7.0
7.6
Aug. (1)
(2)
Month
125.5
125.9
125.7
26.8
26.8
26.8
98.8
99.0
98.9
40.0
40.1
40.0
124.3
124.0
124.2
26.8
26.7
26.8
97.5
97.3
97.4
40.0
40.1
40.1
6.4
6.2
6.3
Sept. (1)
(2)
Month
126.3
126.5
126.4
26.9
27.0
26.9
99.4
99.5
99.4
40.2
40.4
40.3
126.1
125.6
125.8
27.1
26.9
27.0
99.0
98.7
98.9
40.2
40.3
40.3
4.5
5.8
5.2
Oct. (1)
(2)
Month
126.7
126.7
126.7
27.0
27.1
27.0
99.7
99.6
99.7
40.5
40.6
40.5
126.4
127.3
126.9
27.3
27.1
27.2
99.1
100.2
99.7
40.6
40.7
40.6
5.5
5.3
5.4
Nov. (1)
(2)
Month
126.9
127.2
127.1
27.2
27.2
27.2
99.8
100.0
99.9
40.8
41.0
40.9
128.4
128.3
128.3
27.5
27.5
27.5
100.9
100.8
100.9
40.8
40.7
40.8
4.4
6.0
5.2
Dec.
(1)
(2)
Month
127.4
127.5
127.4
27.3
27.3
27.3
100.1
100.1
100.1
41.1
41.2
41.1
130.4
131.1
130.8
27.8
27.9
27.8
102.7
103.2
103.0
40.7
41.0
40.9
5.0
4.8
4.9
1953—Jan. (1)
(2)
Month
127.3
127.2
127.3
27.4
27.4
27.4
100.0
99.8
99.9
41.3
41.4
41.4
130.8
130.3
130.5
27.6
27.2
27.4
103.2
103.1
103.1
41.3
41.4
41.4
4.0
3.4
3.7
(1)
(2)
Month
127.3
127.5
127.4
27.5
27.5
27.5
99.8
100.0
99.9
41.5
41.7
41.6
128.9
127.2
128.1
27.4
27.3
27.3
101.5
100.0
100.8
41.5
41.6
41.6
4.2
5.1
4.6
Mar. (1)
(2)
Month
127.9
128.1
128.0
27.6
27.6
27.6
100.4
100.5
100.4
41.8
41.9
41.9
128.3
127.2
127.7
27.5
27.3
27.4
100.8
99.9
100.3
41.8
41.9
41.9
3.9
4.8
4.4
128.2
Mar. (1)
(2)
Feb.
Apr. (1)
124.0
Month
128.3
27.6
27.7
27.7
100.6
100.8
100.7
41.9
42.2
42.1
126.2
127.1
126.7
27.5
27.3
27.4
98.7
99.8
99.3
42.0
42.1
42.1
4.5
3.0
3.7
May (1)
(2)
Month
128.4
128.5
128.5
27.7
27.7
27.7
100.7
100.8
100.7
42.3
42.4
42.4
127.0
126.4
126.7
27.6
27.4
27.5
99.4
99.0
99.2
42.3
42.4
42.3
2.7
2.8
2.8
June (1)
(2)
Month
128.6
128.3
128.5
27.7
27.8
27.7
100.9
100.6
100.7
42.5
42.7
42.6
128.0
127.3
127.6
27.6
27.5
27.6
100.4
99.8
100.1
42.6
42.8
42.7
2.0
3.3
2.6
July (1)
(2)
Month
128.7
128.5
128.6
27.7
27.8
27.8
101.0
100.7
100.8
42.8
43.0
42.9
127.0
126.9
127.0
27.9
27.6
27.8
99.1
99.3
99.2
43.0
43.1
43.0
2.8
7.5
5.2
Aug. (1)
(2)
Month
128.6
128.7
128.7
27.8
27.8
27.8
100.9
100.9
100.9
43.1
43.3
43.2
127.4
126.6
127.0
27.8
27.7
27.8
99.6
98.9
99.2
43.2
43.3
43.2
6.7
6.8
6.8
(2)
For notes, see end of table.
128.5
686
FEDERAL RESERVE BULLETIN • JUNE 1964
MONEY SUPPLY AND RELATED DATA, 1947-64—Continued
(In billions of dollars)
Not seasonally adjusted
Seasonally adjusted
Money supply
Period
(Half month or month)
Total
Time
deposits
adjusted i
U.S.
Govt.
demandl
deposits
100.8
100.8
100.8
43.4
43.6
43.5
128.1
127.7
127.9
28.0
27.8
27.9
100.1
100.0
100.0
43.4
43.5
43.5
5.6
5.7
5.6
12s,
|28,
128.
128,
27.8
27.8
27.8
100.7
101.1
100.9
43.7
44.0
43.9
128.2
129.4
128.8
28.0
27.8
27.9
100.2
101.5
100.9
43.8
44.1
44.0
4.9
3.5
4.2
27.8
27.8
27.8
101.0
100.8
100.9
44.1
44.2
44.2
130.1
129.6
129.9
28.1
28.0
28.0
102.0
101.6
101.8
44.2
44.0
44.1
4.1
5.7
4.9
-$':-::::::::::::: iiS:
27.7
27.7
27.7
101.1
101.1
101.1
44.4
44.6
44.5
131.8
132.5
132.1
28.2
28.3
28.2
103.6
104.2
103.9
44.0
44.4
44.2
4.0
3.7
3.8
129,
27.7
27.7
27.7
101.3
101.3
101.3
44.7
44.9
44.8
132.6
132.1
132.3
27.9
27.5
27.7
104.7
104.6
104.6
44.7
44.8
44.8
3.1
2.9
3.0
-$•::::::::::::::::: 1§:
27.7
27.7
27.7
101.4
101.5
101.5
45.1
45.3
45.2
130.7
128.9
129.8
27.6
27.4
27.5
103.1
101.5
102.3
45.1
45.2
45.2
3.3
4.2
3.7
27.7
27.6
27.6
101.6
101.6
101.6
45.5
45.7
45.6
129.6
128.2
128.9
27.6
27.3
27.4
102.0
100.9
101.4
45.5
45.7
45.6
3.3
4.7
4.0
27.6
27.6
27.6
100.9
101.1
101.0
46.0
46.2
46.1
126.7
127.6
127.2
27.5
27.2
27.4
99.2
100.4
99.8
46.0
46.1
46.0
4.6
3.5
4.0
Month
°Ct'g>
Month.:::::::::::::
Nov.(l)
(2)
Month
Dec
Month
195^-Jan. £ > • ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ;
Month
Month
Mar
128
It
128.
}»;
129,
-$:::::::::::::::::: III
Month
Apr
Total
Currency Demand
deposit
component component
27.8
27.8
27.8
-Cl).................. J 2 8 ,
Feb
Currency Demand
deposit
component component
Money supply
Time
deposits
adjusted i
129
-$:::::::::::::::::: I t
Month
May (1)
(2)
Month
128,
129
129
129,
27.6
27.6
27.6
102.2
102.1
102.1
46.4
46.6
46.5
128.5
127.6
128.1
27.5
27.3
27.4
101.1
100.3
100.7
46.3
46.6
46.4
3.1
4.7
3.9
Month
129
27.6
27.5
27.5
102.2
102.4
102.3
46.7
46.9
46.8
129.2
128.9
129.0
27.5
27.3
27.4
101.7
101.6
101.6
46.8
47.0
46.9
3.6
4.1
3.9
27.5
27.5
27.5
102.4
103.1
102.8
47.1
47.5
47.3
128.4
129.3
128.8
27.6
27.3
27.5
100.7
101.9
101.3
47.3
47.6
47.5
5.0
3.5
4.2
27.5
27.4
27.5
103.1
103.3
103.2
47.7
47.8
47.8
129.4
128.6
129.0
27.5
27.3
27.4
101.8
101.3
101.5
47.8
47.9
47.9
4.6
5.1
July (1)
(2)
Month
Aug. (1)
(2)
129
130
130
130
130
Month
130,
Sept. (1)
(2)
Month
Oct. (1)
(2)
Month
130,
131
130
131
131
131
27.4
27.4
27.4
103.3
103.7
103.5
47.9
48.0
47.9
130.0
130.2
130.1
27.6
27.3
27.5
102.4
102.9
102.6
48.0
48.0
48.0
4.0
3.9
4.0
27.4
27.4
27.4
103.9
104.2
104.1
48.1
48.1
48.1
131.0
132.0
131.5
27.7
27.5
27.6
103.3
104.5
103.9
48.2
48.2
48.2
6.2
5.9
6.1
Nov. (1)
131
(2)
132,
27.4
27.4
27.4
104.5
104.9
104.7
48.2
48.2
48.2
132.9
133.3
133.1
27.7
27.7
27.7
105.3
105.6
105.4
48.3
47.9
48.1
5.7
6.7
6.2
Dec. (1)
132
27.4
27.4
27.4
104.7
105.2
104.9
48.2
48.4
48.3
134.8
136.4
135.6
27.9
27.9
27.9
106.9
108.5
107.7
47.8
48.2
48.0
5.6
4.6
5.0
27.4
27.4
27.4
105.3
105.8
105.6
48.4
48.6
48.5
136.4
136.4
136.4
27.6
27.2
27.4
108.9
109.2
109.0
48.5
48.5
48.5
3.2
2.8
3.0
27.4
27.5
27.5
106.2
106.6
106.4
48.7
48.7
48.7
135.1
133.8
134.5
27.3
27.2
27.2
107.8
106.6
107.3
48.6
48.7
48.6
3.6
3.7
3.7
Month
(2)
Month
132.
132
132
1955—Jan. (1)
132
(2)
133
Month
Feb.
(1)
(2)
133
133
134
Month
133,
Mar. (1)
(2)
Month
133
133
133
27.
27.
27.5
106.0
106.0
106.0
48.8
48.9
48.8
133.7
132.6
133.1
27.4
27.2
27.3
106.3
105.4
105.8
48.8
48.9
48.8
3.6
4.0
3.8
Apr. (1)
133
(2)
133
27.6
27.5
27.5
106.3
106.4
106.3
48.9
49.0
49.0
132.2
133.3
132.8
27.4
27.2
27.3
104.8
106.2
105.5
49.0
48.9
48.9
5.3
4.5
4.9
Month
For notes, see end of table.
133
687
REVISION OF MONEY SUPPLY SERIES
MONEY SUPPLY AND RELATED DATA, 1947-64—Continued
(In billions of dollars)
Seasonally adjusted
Money supply
Period
(Half month or month)
Total
Demand
Currency
deposit
component component
Not seasonally adjusted
Money supply
Time
deposits
adjusted i
Total
Demand
Currency
deposit
component component
Time
deposits
adjusted i
U.S.
Govt.
demand
deposits *
1955—May (1)
(2)
Month
134.2
134.9
134.6
27.5
27.6
27.6
106.7
107.3
107.0
49.0
49.1
49.0
133.0
132.5
132.7
27.4
27.3
27.4
105.6
105.2
105.4
48.9
49.0
49.0
4.8
5.0
4.9
June (1)
(2)
Month
134.2
134.6
134.4
27.6
27.6
27.6
106.6
107.0
106.8
49.1
49.2
49.2
133.4
133.7
133.5
27.5
27.4
27.5
105.8
106.3
106.1
49.2
49.3
49.2
3.9
4.1
4.0
July (1)
(2)
Month
134.8
134.9
134.8
27.6
27.7
107.2
107.2
107.2
49.3
49.3
49.3
133.2
133.6
133.4
27.8
27.7
27.7
105.4
106.0
105.7
49 A
49.4
49.4
4.1
5.1
4.6
Aug. (1)
(2)
Month
134.8
134.7
134.8
27.7
27.7
27.7
107.1
107.0
107.0
49.3
49.4
49.3
133.5
132.6
133.0
27.8
27.6
27.7
105.7
105.0
105.3
49.5
49.6
49.5
4.7
5.0
4.9
Sept. (1)
(2)
Month
134.8
135.3
135.0
27.7
27.8
27.7
107.1
107.6
107.3
49.5
49.7
49.6
134.1
134.4
134.2
27.9
27.7
27.8
106.1
106.7
106.4
49.7
49.7
49.7
4.1
3.6
3.9
Oct. (1)
(2)
Month
135.4
135.0
135.2
27 8
27 8
27 8
107.6
107.2
107.4
49.7
49.8
49.7
134.9
135.3
135.1
28.0
27.9
27.9
106.9
107.5
107.2
49.9
49.9
49.9
4.2
4.7
4.5
Nov. (1)
(2)
Month
134.9
135.0
134.9
27 8
27 8
27 8
107.1
107.2
107.1
49.9
49.9
49.9
135.9
135.9
135.9
28.1
28.1
28.1
107.7
107.7
107.7
50.0
49.6
49.8
4.0
4.6
4.3
Dec. (1)
(2)
Month
135.1
135.3
135.2
27 8
27 8
27 8
107.4
107.5
107.4
50.0
49.9
50.0
137.9
139.2
138.6
28.3
28 4
28 4
109.6
110.8
110.2
49.5
49.7
49.6
3.2
3.5
3.4
135.6
-5
135.5
135.6
135.5
135.5
27 9
27 9
27 9
107.7
107.6
107.7
49.9
49.9
49.9
139.5
138.7
139.1
28 1
27 6
27 9
111.4
111.1
111.2
49.8
49.8
49.8
2.6
1.7
2.2
27 9
27 9
27 9
107.7
107.6
107.7
49.9
50.0
49.9
136.9
135.1
136.0
27 7
27 5
27 6
109.2
107.6
108.4
49.8
49.9
49.8
2.3
3.2
2.7
Mar. (1)
(2)
Month
135.7
135.8
135.7
27 9
27 9
27 9
107.8
107.9
107.8
50.0
50.2
50.1
135.6
134.9
135.2
27 7
27 6
27 7
107.8
107.3
107.5
50.0
50.2
50.1
3.0
5.0
4.1
Apr. (1)
(2)
Month
May (1)
(2)
Month
136.2
135.8
136.0
135.9
135.7
135.8
27.9
27.9
108.3
107.9
108.1
50.2
50.3
50.3
134.8
135.4
135.1
27 8
27 5
27 7
107.0
107.9
107.5
50.3
50.3
50.3
4.3
3.8
4.1
108.0
107.8
107.9
50.3
50.4
50.4
134.6
133.3
134.0
27 8
27 6
27 7
106.9
105.7
106.3
50.3
50.4
50.4
4.6
5.6
5.1
June (1)
(2)
Month
135.7
136.3
136.0
28.0
27.9
107.8
108.4
108.1
50.6
50.8
50.7
134.9
135.4
135.1
27 9
27 8
27 8
107.0
107.7
107.3
50.6
51.0
50.8
4.2
4.2
4.2
July (1)
(2)
Month
136.0
135.9
136.0
28.0
28.0
28.0
108.1
107.9
108.0
50.9
51.0
50.9
134.5
134.6
134.5
28 2
27 9
28.1
106.2
106.7
106.5
51.2
51.2
51.2
4.5
3.3
3.9
Aug. (1)
(2)
Month
135.5
135.9
135.7
27.9
28.0
28.0
107.5
108.0
107.8
51.1
51.2
51.2
134.2
133.8
134.0
28.1
27.9
106.2
105.9
106.0
51.3
51.4
51.4
3.1
5.7
4.4
Sept. (1)
(2)
Month
136.1
136.3
136.2
28.0
28.0
28.0
108.1
108.2
108.2
51.4
51.5
51.5
135.4
135.4
135.4
28.2
28.0
28.1
107.2
107.4
107.3
51.6
51.6
51.6
4.4
4.4
4.4
Oct. (1)
(2)
Month
136.1
136.4
136.3
28.0
28.0
28.0
108.1
108.4
108.2
51.6
51.7
51.6
135.6
136.7
136.2
28.3
28.1
28.2
107.3
108.6
108.0
51.8
51.8
51.8
4.1
3.8
3.9
Nov. (1)
(2)
Month
136.4
136.8
136.6
28.1
28.2
28.1
108.3
108.6
108.4
51.8
51.8
51.8
137.4
137.6
137.5
28.4
28.5
28.4
109.0
109.2
109.1
51.8
51.2
51.5
3.2
5.1
4.2
Dec. (1)
(2)
Month
136.8
137.0
136.9
28.2
28.2
28.2
108.6
108.8
108.7
51.8
51.9
51.9
139.6
141.0
140.3
28.7
28.9
28.8
110.9
112.1
111.5
51.2
51.6
51.4
3.2
3.5
3.4
1956—Jan. (1)
(2)
Month
Feb. (1)
(2)
Month
For notes, see end of table.
135
27.9
27.9
27.9
27.9
27.9
27.6
28.0
688
FEDERAL RESERVE BULLETIN • JUNE 1964
MONEY SUPPLY AND RELATED DATA, 1947-64—Continued
(In billions of dollars)
Seasonally adjusted
Money supply
Period
(Half month or month)
Total
Currency Demand
deposit
component component
Not seasonally adjusted
Money supply
Time
deposits
adjusted i
Total
Currency Demand
deposit
component component
Time
deposits
adjusted !
U.S.
Govt.
demand1
deposits
136.9
136.8
136.9
28. 3
28. 2
28. 2
108.7
108.6
108.6
52.4
52.7
52.6
140.9
139.8
140.3
28.5
27.9
28.2
112.4
111.9
112.1
52.1
52.5
52.3
2.5
1.5
2.0
136.7
136.9
136.8
28. 2
28. 2
28. 2
108.5
108.7
108.6
52.9
53.2
53.1
138.0
136.4
137.3
28.0
27.8
27.9
110.0
108.6
109.3
52.8
53.1
52.9
1.6
2.3
1.9
Mar. (1)
(2)
Month
136.9
136.9
136.9
28-.2
28. 2
28. 2
108.7
108.7
108.7
53.5
53.8
53.7
136.4
135.8
136.1
28.0
27.9
27.9
108.4
108.0
108.2
53.5
53.9
53.7
2.1
3.9
3.0
Apr. (1)
(2)
Month
136.7
137.1
136.9
28. 2
28. 3
28. 2
108.5
108.8
108.7
54.0
54.1
54.0
135.4
136.8
136.1
28.1
27.9
28.0
107.4
108.9
108.1
54.2
54.2
54.2
5.0
3.9
4.4
May (1)
(2)
Month
137.0
137.0
137.0
28. 2
28. 2
28. 2
108.8
108.8
108.8
54.4
54.6
54.5
135.7
134.6
135.2
28.0
27.9
28.0
107.7
106.7
107.2
54.5
54.8
54.6
4.2
4.0
4.1
June (1)
(2)
Month
136.9
136.8
136.9
28. 3
28. 3
28, 3
108.6
108.5
108.6
54.7
55.0
54.8
135.9
135.8
135.9
28.2
28.1
28.2
107.7
107.7
107.7
55.0
55.3
55.2
3.6
4.4
4.0
July (I)
(2)
Month
Aug. (1)
(2)
Month
137.0
137.1
137.0
137.1
137.0
137.1
28. 3
28. 3
28. 3
108.7
108.8
108.7
55.2
55.4
55.3
135.4
135.9
135.6
28.6
28.2
28.4
106.8
107.7
107.2
55.5
55.7
55.6
5.7
4.1
4.9
28. 3
28. 3
28. 3
108.8
108.7
108.8
55.7
55.8
55.7
136.2
135.0
135.6
28.4
28.3
28.3
107.7
106.8
107.2
55.9
56.0
55.9
2.4
3.7
3.1
Sept. (1)
(2)
Month
Oct. (1)
(2)
Month
136.9
136.6
136.8
136.5
136.5
136.5
28. 3
28. 3
28. 3
108.6
108.2
108.4
56.0
56.3
56.1
136.4
135.8
136.1
28.6
28.3
28.4
107.9
107.5
107.7
56.2
56.4
56.3
2.9
4.1
3.5
28.3
28. 3
28.3
108.1
108.2
108.2
56.5
56.7
56.6
136.0
136.7
136.4
28.5
28.3
28.4
107.4
108.4
107.9
56.6
56.8
56.7
5.1
3.3
4.2
Nov. (1)
(2)
Month
Dec. (1)
(2)
Month
136.4
136.1
136.3
135.9
135.9
135.9
28 3
28. 3
28 3
108.1
107.8
108.0
56.9
57.1
57.0
137.4
137.0
137.2
28.6
28.6
28.6
108.8
108.4
108.6
56.7
56.3
56.5
2.7
3.3
3.0
28 4
28 3
28 3
107.5
107.6
107.6
57.3
57.5
57.4
138.7
139.9
139.3
28.9
29.0
28.9
109.8
110.9
110.4
56.5
56.9
56.7
3.2
3.7
3.5
1958—Jan. (I)
(2)
Month
135.7
135.4
135.5
28 3
28 2
28 3
107.4
107.1
107.2
57.8
57.4
57.6
139.6
138.0
138.8
28.5
27.9
28.2
111.1
110.1
110.6
57.5
57.0
57.2
(1)
(2)
Month
Mar. (1)
(2)
Month
136.1
136.2
136.2
136.7
136.3
136.5
28 2
28 2
28 2
107.9
108.0
107.9
58.9
59.6
59.2
137.2
135.4
136.4
28.0
27.8
27.9
109.2
107.6
108.5
58.7
59.4
59.1
2.7
1.8
2.3
2.1
3.0
2.5
28 2
28 2
28 2
108.5
108.1
108.3
60.3
60.8
60.5
135.9
134.8
135.4
28.0
27.9
27.9
107.9
107.0
107.4
60.2
60.9
60.5
3.4
5.3
4.3
Apr. (1)
(2)
Month
136.9
137.1
137.0
28 2
28.2
28.2
108.6
108.8
108.7
61.2
61.8
61.5
135.8
137.0
136.4
28.1
27.8
28.0
107.6
109.2
108.4
61.4
61.9
61.7
3.5
4.9
4.2
May (1)
(2)
Month
June (1)
(2)
Month
137.4
137.7
137.5
138.8
138.1
138.4
28.3
28.4
28.3
109.1
109.3
109.2
62.2
62.5
62.3
136.1
135.2
135.7
28.1
28.1
28.1
108.0
107.1
107.6
62.5
62.8
62.6
5.3
5.7
5.5
28.4
28.3
28.3
110.4
109.7
110.1
62.9
63.4
63.2
137.8
136.9
137.4
28.3
28.2
28.3
109.4
108.8
109.1
63.3
63.8
63.5
4.4
7.7
6.0
July (1)
(2)
Month
138.2
138.6
138.4
28.4
28.4
28.4
109.9
110.2
110.0
63.9
64.1
64.0
136.5
137.5
137.0
28.7
28.4
28.5
107.8
109.2
108.5
64.3
64.5
64.4
7.3
4.8
6.0
Aug. (1)
(2)
Month
139.0
139.3
139.1
28.4
28.5
28.4
110.6
110.8
110.7
64.5
64.6
64.6
138.3
137.3
137.8
28.6
28.5
28.5
109.7
108.8
109.2
64.8
64.9
64.8
4.6
5.9
5.3
1957—Jan. (1)
(2)...-.
Month
Feb.
(1)
(2)
Month.
Feb.
For notes, see end of table.
689
REVISION OF MONEY SUPPLY SERIES
MONEY SUPPLY AND RELATED DATA, 1947-64—Continued
(In billions of dollars)
Not seasonally adjusted
Seasonally adjusted
Money supply
Money supply
Period
(Half month or month)
Total
Demand
Currency
component deposit
component
Time
deposits
adjusted !
Total
Demand
Currency
component deposit
component
Time
deposits
adjusted 1
U.S.
Govt.
demand
deposits i
1958_Sept. (1)
(2)
Month
139.5
139.6
139.5
28.5
28.5
28.5
111.0
111.1
111.1
64.8
64.8
64.8
139.1
138.7
138.9
28.7
28.4
28.5
110.4
110.3
110.4
65.1
64.9
65.0
4.2
3.8
4.6
Oct. (1)
(2)
Month
139.9
140.2
140.1
28.5
28.5
28.5
111.4
111.7
111.6
64.8
64.9
64.9
139.5
140.6
140.0
28.7
28.5
28.6
110.8
112.1
111.5
65.0
65.0
65.0
4.3
4.1
4.2
Nov. (I)
Month
140.8
141.1
140.9
28.5
28.5
28.5
112.3
112.5
112.4
65.1
65.2
65.2
142.1
141.9
142.0
28.8
28.8
28.8
113.3
113.1
113.2
64.9
64.4
64.6
3.0
4.9
3.9
(1)
(2)
Month
141.1
141.2
141.1
28.6
28.6
28.6
112.5
112.6
112.6
65.3
65.5
65.4
144.0
145.3
144.7
29.1
29.2
29.2
114.9
116.1
115.5
64.5
64.8
64.6
3.7
4.0
3.9
1959—Jan. (1)
(2)
Month
141.4
141.8
141.6
28.6
28.7
28.6
112.8
113.1
112.9
65.9
66.2
66.0
145.4
144.4
144.9
28.8
28.4
28.6
116.7
116.0
116.3
65.6
65.7
65.6
3.0
3.4
3.2
(1)
(2)
Month
141.7
142.0
141.9
28.7
28.7
28.7
113.0
113.3
113.1
66.0
66.0
66.0
142.8
141.0
142.0
28.5
28.3
28.4
114.3
112.7
113.6
65.7
65.8
65.8
4.3
4.3
4.3
Mar. (1)
(2)
Month
142.3
142.6
142.5
28.8
28.8
28.8
113.6
113.8
113.7
66.2
66.2
66.2
141.6
141.0
141.3
28.6
28.5
28.5
113.0
112.5
112.8
66.1
66.3
66.2
3.2
4.2
3.7
Apr. (1)
(2)
Month
142.8
142.5
142.7
28.7
28.8
28.8
114.1
113.7
113.9
66.4
66.5
66.5
141.8
142.8
142.3
28.6
28.4
28.5
113.2
114.4
113.8
66.6
66.7
66.7
5.3
4.0
4.6
May (1)
(2)
Month
142.9
143.4
143.2
28.9
29.0
29.0
114.0
114.3
114.2
66.6
66.7
66.6
141.6
140.8
141.2
28.7
28.7
28.7
112.9
112.1
112.5
67.0
67.1
67.0
5.1
5.3
5.2
June (1)
(2)
Month
143.2
143.5
143.4
29.0
29.0
29.0
114.2
114.5
114.3
66.9
67.0
67.0
142.0
141.8
141.9
29.0
28.9
28.9
113.0
113.0
113.0
67.3
67.4
67.4
3.5
4.5
4.0
July (1)
(2)
Month
144.3
144.0
144.1
29.0
29.0
29.0
115.3
115.0
115.1
67.1
67.1
67.1
142.4
142.9
142.7
29.3
29.0
29.1
113.1
113.9
113.5
67.5
67.4
67.5
4.4
5.4
4.9
143.8
(2)
Dec.
Feb.
Month
143.6
29.0
29.1
29.1
114.7
114.4
114.5
67.1
67.2
67.2
143.1
141.4
142.2
29.3
29.0
29.1
113.8
112.3
113.0
67.4
67.5
67.4
4.3
5.8
5.1
Sept. (1)
(2)
Month
143.3
143.3
143.3
29.0
29.0
29.0
114.2
114.4
114.3
67.3
67.4
67.3
142.9
142.4
142.7
29.3
28.9
29.1
113.7
113.6
113.6
67.5
67.5
67.5
4.7
5.7
5.2
Oct. (1)
(2)
Month
143.4
142.4
142.9
29.0
29.0
29.0
114.5
113.4
113.9
67.3
67.2
67.3
143.0
143.0
143.0
29.2
28.9
29.0
113.8
114.0
113.9
67.4
67.3
67.4
4.5
5.2
4.9
Nov. (1)
(2)
Month
142.7
142.9
142.8
28.9
28.9
28.9
113.8
114.0
113.9
67.3
67.4
67.3
144.1
143.9
144.0
29.2
29.2
29.2
114.9
114.6
114.8
67.1
66.5
66.8
4.9
4.5
4.7
Dec.
(1)
(2)
Month
142.3
141.8
142.1
28.9
28.9
28.9
113.4
113.0
113.2
67.4
67.5
67.4
145.2
145.9
145.6
29.5
29.5
29.5
115.8
116.4
116.1
66.5
66.8
66.6
4.7
5.2
4.9
I960—Jan. (1)
(2)
Month
141.7
141.6
141.7
28.9
29.0
29.0
112.8
112.6
112.7
67.3
67.1
67.2
145.8
144.2
145.0
29.1
28.6
28.9
116.7
115.6
116.1
67.0
66.6
66.8
4.6
3.6
4.1
141.2
Aug. (1)
(2)
143.4
Month
141.2
29.0
29.0
29.0
112.3
112.3
112.3
66.9
66.9
66.9
142.3
140.1
141.2
28.7
28.6
28.6
113.6
111.5
112.6
66.6
66.7
66.6
3.8
4.5
4.1
Mar. (1)
(2)
Month
141.1
140.6
140.9
29.0
28.9
29.0
112.1
111.6
111.9
66.9
67.0
67.0
140.3
139.0
139.7
28.8
28.6
28.7
111.6
110.4
111.0
66.8
67.1
67.0
3.7
4.9
4.3
Apr. (1)
(2)
Month
140.6
141.0
140.8
29.0
29.0
29.0
111.5
112.0
111.8
67.2
67.3
67.3
139.7
141.6
140.7
28.9
28.6
28.8
110.8
113.0
111.9
67.4
67.5
67.5
3.1
4.2
3.6
Feb.
(1)
(2)
For notes, see end of table.
141.3
690
FEDERAL RESERVE BULLETIN • JUNE 1964
MONEY SUPPLY AND RELATED DATA, 1947-64—Continued
(In billions of dollars)
Not seasonally adjusted
Seasonally adjusted
Period
(Half month or month)
Total
1960—May (1)
(2)
Month
Money supply
Money supply
140.5
140.0
140.3
Demand
Currency
component! deposit
component
Time
deposits
adjusted i
Total
Demand
Currency
component deposit
component
Time
deposits
adjusted !
U.S.
Govt.
demand
deposits *
29.0
29.0
29.0
111.6
111.0
111.3
67.3
67.4
67.4
139.4
137.4
138.4
28.8
28.7
28.8
110.6
108.7
109.6
67.7
67.9
67.8
5.9
6.8
6.4
Month
140.1
29.0
28.9
29.0
110.9
111.4
111.1
67.7
68.1
67.9
138.6
138.5
138.6
29.0
28.8
28.9
109.7
109.7
109.7
68.1
68.5
68.3
5.8
6.8
6.3
July (1)
(2)
Month
140.3
140.6
140.4
28.9
29.0
29.0
111.3
111.6
111.5
68.5
68.9
68.7
138.
139.
139.
29.3
29.0
29.1
109.2
110.5
109.9
68.9
69.2
69.1
6.6
6.7
6.7
Aug. (1)
(2)
Month
140.9
140.9
140.9
29.0
29.0
29.0
112.0
111.9
112.0
69.4
70.0
69.7
140.3
138.9
139.6
29.2
28.9
29.1
111.1
109.9
110.5
69.7
70.2
70.0
6.2
6.0
6.1
Sept. (1)
(2)
Month
141.0
141.1
141 .1
29.0
29.0
29.0
112.0
112.1
112.1
70.3
70.7
70.5
140.7
140.3
140.5
29.2
28.9
29.1
111.5
111.4
111.4
70.6
70.8
70.7
4.3
6.4
5.4
Oct. (1)
(2)
Month
141.0
141.2
141.1
29.0
29.0
29.0
112.0
112,2
112.1
71.1
71.5
71.3
140.5
142.0
141.3
29.2
29.0
29.1
111.3
113.0
112.2
71.3
71.6
71.4
6.0
5.3
5.6
Nov. (1)
(2)
Month
141.0
140.9
140.9
29.0
29.0
29.0
112.0
111.9
111.9
71.9
72.4
72.1
142.4
141.9
142.1
29.3
29.3
29.3
113.1
112.6
112.8
71.7
71.4
71.5
5.8
5.8
5.8
Dec.
(1)
(2)
Month
141.2
141.0
141.1
29.0
29.0
28.9
112.2
112.1
112.1
72.7
73.1
72.9
144.2
145.3
144.7
29.5
29.6
29.6
114.7
115.7
115.2
71.8
72.3
72.1
4.0
5.3
4.7
1961—Jan. (1)
(2)
Month
140 8
141.6
141.2
29.0
28.9
29.0
111.8
112.7
112.3
73.4
73.8
73.6
144.8
144.2
144.5
29.2
28.5
28.8
115.7
115.6
115.6
73.0
73.3
73.2
4.7
3.5
4.1
141.6
141.7
141.6
29.0
28.9
28.9
112.7
112.8
112.7
74.8
75.1
74.9
142.7
140.4
141.6
28.7
28.5
28.6
114.1
111.9
113.0
74.5
74.8
74.6
4.0
5.6
4.8
Mar. (1)
141.7
(2)
142.3
June (1)
(2)
Feb.
(1)
(2)
Month
139.8
140.3
Month
142.0
28.9
28.9
28.9
112.8
113.4
113.1
75.4
75.5
75.5
141.0
140.7
140.8
28.7
28.6
28.6
112.3
112.1
112.2
75.3
75.7
75.5
4.6
4.9
4.7
Apr. (1)
(2)
Month
142.3
142.3
142.3
28.9
28.9
28.9
113.4
113.3
113.4
76.0
76.5
76.2
141.9
143.1
142.5
28.8
28.5
28.7
113.0
114.6
113.8
76.3
76.7
76.5
3.5
2.2
2.8
May (1)
(2)
Month
142.6
142.8
142.7
29.0
28.9
28.9
113.6
113.9
113.8
77.0
77.4
77.2
141.7
139.9
140.8
28.8
28.6
28.7
112.9
111.3
112.1
77.4
77.9
77.7
3.9
5.4
4.7
June (1)
(2)
Month
143.0
142.9
143.0
29.0
28.9
28.9
114.0
114.0
114.0
77.9
78.3
78.1
141.8
140.8
141.3
28.9
28.8
28.9
112.8
112.0
112.4
78.4
78.7
78.6
3.2
5.8
4.5
July (1)
(2)
Month
143.0
143.1
143.0
29.0
29.1
29.0
114.0
114.1
114.0
78.8
79.3
79.1
141.2
142.0
141.6
29.3
29.1
29.2
111.9
113.0
112.4
79.4
79.7
79.5
4.8
3.9
4.3
Aug. (1)
(2)
Month
143.2
143.5
143.3
29.1
29.1
29.1
114.1
114.4
114.3
79.8
80.0
79.9
142.4
140.8
141.6
29.3
29.1
29.2
113.1
111.8
112.4
80.1
80.3
80.2
5.1
5.8
5.5
Sept. (1)
(2)
Month
143.7
144.1
143.9
29.2
29.3
29.2
114.5
114.8
114.7
80.4
80.8
80.6
143.2
143.1
143.1
29.4
29.2
29.3
113.8
113.9
113.8
80.7
81.0
80.9
4.3
6.0
5.2
Oct. (1)
(2)
Month
144.2
144.5
144.3
29.4
29.4
29.3
114.8
115.2
115.0
81.3
81.5
81.4
143.7
145.3
144.5
29.6
29.3
29.4
114.2
116.0
115.1
81.5
81.6
81.5
6.9
6.0
6.4
Nov. (1)
(2)
Month
145.1
145.1
145.1
29.4
29.5
29.4
115.7
115.6
115.7
81.9
82.5
82.2
146.6
146.0
146.3
29.7
29.8
29.7
116.9
116.2
116.6
81.7
81.4
81.5
5.3
6.2
5.8
Dec.
145.4
145.7
145.5
29.5
29.6
29.6
115.9
116.1
116.0
82.7
82.8
82.8
148.5
150.3
149.4
30.1
30.3
30.2
118.4
120.0
119.2
81.7
81.9
81.8
4.2
5.5
4.9
(1)
(2)
Month
For notes, see end of table.
691
REVISION OF MONEY SUPPLY SERIES
MONEY SUPPLY AND RELATED DATA, 1947-64—Continued
(In billions of dollars)
Seasonally adjusted
Money supply
Period
(Half month or month)
Total
Currency Demand
deposit
component component
Not seasonally adjusted
Money supply
Time
deposits
adjusted 1
Total
Currency Demand
deposit
component component
Time
deposits
adjusted !
U.S.
Govt.
demand
deposits *
1962—Jan. (1)
(2)
Month
145.6
145.4
145.5
29.7
29.6
29.6
115.9
115.8
115.8
83.5
84.7
84.1
149.9
148.1
149.0
29.9
29.2
29.5
120.0
118.9
119.4
83.0
84.2
83.6
4.4
3.3
3.8
Feb. (1)
(2)
Month
145.6
145.8
145.7
29.7
29.7
29.7
115.9
116.0
116.0
85.6
86.4
86.0
146.9
144.2
145.6
29.4
29.3
29.3
117.5
114.9
116.3
85.2
86.1
85.6
4.2
5.2
4.7
Mar. (1)
(2)
Month
146.0
146.0
146.0
29.8
29.9
29.8
116.2
116.2
116.2
87.4
88.1
87.8
145.3
144.3
144.8
29.6
29.5
29.5
115.7
114.8
115.3
87.2
88.2
87.8
4.0
6.0
5.0
Apr. (1)
(2)
Month
146.3
146.4
146.4
30.0
30.0
30.0
116.4
116.3
116.4
89.0
88.9
146.2
147.5
146.8
29.9
29.6
29.7
116.3
117.9
117.1
89.1
89.3
89.2
4.0
3.5
3.8
May (1)
(2)
Month
146.2
145.9
146.1
30.0
30.0
30.0
116.2
115.9
116.1
89.2
89.8
89.5
145.6
142.7
144.1
29.8
29.6
29.7
115.8
113.0
114.4
89.7
90.3
90.1
6.2
7.7
7.0
June (1)
(2)
Month
146.2
146.2
146.2
30.1
30.1
30.1
116.1
116.1
116.1
90.4
90.9
90.6
144.8
143.9
144.4
30.1
29.9
30.0
114.8
113.9
114.4
90.9
91.4
91.2
6.0
8.3
7.2
July (1)
(2)
Month
146.1
146.0
146.1
30.1
30.1
30.1
116.0
115.9
115.9
91.4
91.9
91.6
144.3
144.9
144.6
30.5
30.1
30.3
113.8
114.8
114.3
92.1
92.3
92.2
8.1
6.0
7.0
Aug. (1)
(2)
Month
146.2
145.8
146.0
30.2
30.2
30.2
116.0
115.6
115.8
92.3
92.8
92.5
145.3
142.8
144.0
30.4
30.2
30.3
114.9
112.6
113.7
92.7
93.1
92.9
5.4
8.1
6.8
Sept. (1)
(2)
Month
145.8
145.8
145.8
30.2
30.3
30.2
115.6
115.5
115.6
93.3
93.9
93.6
145.2
144.7
145.0
30.5
30.1
30.3
114.7
114.6
114.6
93.6
94.0
93.8
6.6
7.8
7.2
Oct. (1)
(2)
Month
146.2
146.5
146.3
30.3
30.3
30.3
115.9
116.2
116.0
94.5
95.1
94.8
145.8
147.3
146.5
30.5
30.3
30.4
115.2
117.0
116.2
94.7
95.2
95.0
8.2
6.5
7.3
Nov. (1)
(2)
Month
147.0
147.1
147.0
30.4
30.5
30.5
116.5
116.6
116.5
95.8
96.6
96.2
148.5
148.0
148.2
30.7
30.8
30.8
117.8
117.2
117.5
95.5
95.4
95.5
5.4
6.7
6.0
Dec. (1)
(2)
Month
147.4
147.9
147.6
30.6
30.6
30.6
116.8
117.3
117.1
97.5
98.2
97.9
150.5
152.5
151.6
31.2
31.2
31.2
119.3
121.3
120.3
96.2
97.1
96.7
5.1
6.2
5.6
1963—Jan. (1)
(2)
Month
148.0
148.1
148.0
30.6
30.7
30.7
117.3
117.4
117.4
98.8
99.6
99.2
152.6
151.0
151.8
30.8
30.3
30.5
121.8
120.7
121.2
98.2
99.0
98.6
5.4
4.2
4.8
Feb. (1)
(2)
Month
148.5
148.3
148.4
30.8
30.9
30.9
117.7
117.4
117.6
100.2
100.9
100.5
149.9
146.7
148.4
30.5
30.4
30.5
119.4
116.3
117.9
99.8
100.5
100.1
Mar. (1)
(2)
Month
148.8
148.9
148.9
31.0
31.1
31.1
117.8
117.8
117.8
101.6
102.1
101.9
148.1
147.1
147.6
30.8
30.7
30.7
117.3
116.4
116.9
101.4
102.3
101.9
5.0
6.6
5.7
5.3
6.7
6.0
Apr. (1)
(2)
Month
149.2
149.2
149.2
31.2
31.1
31.2
118.0
118.1
118.1
102.6
102.9
102.8
149.1
150.5
149.8
31.1
30.7
30.9
117.9
119.8
118.9
102.9
103.2
103.1
4.5
3.9
4.2
May (1)
(2)
Month
149.5
149.6
149.6
31.2
31.3
31.3
118.3
118.3
118.3
103.3
103.9
103.6
148.9
146.3
147.5
31.1
31.0
31.0
117.8
115.3
116.5
103.9
104.6
104.3
6.5
7.7
7.1
June (1)
(2)
Month
150.1
150.2
150.2
118.5
118.7
118.6
104.4
104.8
104.6
148.7
147.8
148.3
31.5
31.4
31.4
117.2
116.5
116.9
105.1
105.3
105.2
5.4
9.6
7.5
July (1)
(2)
Month
150.8
151.1
151.0
31.6
31.6
31.6
119.2
119.5
119.4
105.2
106.0
105.6
149.0
150.0
149.5
32.0
31.6
31.8
117.0
118.4
117.7
105.9
106.5
106.2
9.2
6.5
7.8
Aug. (1)
(2)
Month
151.3
151.1
151.2
31.7
31.8
31.8
119.6
119.3
119.5
106.7
107.4
107.1
150.4
148.0
149.2
31.9
31.8
31.9
118.5
116.2
117.3
107.2
107.8
107.5
5.9
6.7
6.3
For notes, sec end of table.
692
FEDERAL RESERVE BULLETIN • JUNE 1964
MONEY SUPPLY AND RELATED DATA, 1947-64—Continued
(In billions of dollars)
Seasonally adjusted
Not seasonally adjusted
Money supply
Period
(Half month or month)
Total
1963—Sept. (1)
(2)
Month
Money supply
Demand
Currency
deposit
component
component
Time
deposits
adjusted *
Total
Demand
Currency
deposit
component
component
Time
deposits
adjusted *
U.S.
Govt.
demand
deposits 1
151.5
151.6
151.6
31.9
31.9
31.9
119.7
119.7
119.7
107.9
108.3
108.1
150.8
150.3
150.6
32.1
31.8
31.9
118.7
118.5
118.6
108.2
108.4
108.3
5.3
7.9
6.6
152.2
Month
152.3
32.0
32.0
32.0
120.3
120.3
120.3
108.9
109.6
109.3
151.8
153.1
152.5
32.2
32.0
32.1
119.6
121.1
120.4
109.2
109.8
109.5
7.0
3.8
5.3
Nov. (1)
(2)
Month
153.6
153.3
153.5
32.2
32.4
32.3
121.4
120.9
121.2
110.5
111.8
111.1
155.3
154.2
154.8
32.5
32.7
32.6
122.7
121.5
122.1
110.2
110.3
110.2
3.8
4.9
4.4
Dec. (1)
(2)
Month
153.3
153.1
153.2
32.6
32.4
32.4
120.8
120.7
120.7
112.3
112.4
112.3
156.6
157.9
157.2
33.2
33.1
33.1
123.4
124.8
124.1
110.8
111.1
111.0
4.0
6.2
5.2
1964—Jan. (1)
(2)
Month
153.6
154.0
153.8
32.5
32.6
32.6
121.1
121.3
121.2
113.3
114.3
113.9
158.7
157.0
157.8
32.7
32.2
32.4
126.0
124.8
125.4
112.6
113.7
113.2
5.4
3.0
4.2
Feb. (1)
(2)
Month
154.0
153.7
153.8
32.7
32.7
32.7
121.2
121.0
121.1
114.8
115.3
115.1
155.4
152.1
153.8
32.4
32.2
32.3
123.0
119.9
121.5
114.3
114.9
114.6
3.9
5.8
4.8
Mar. (1)
(2)
Month
154.0
154.5
154.2
32.9
33.0
32.9
121.1
121.5
121.3
115.8
115.9
115.7
153.2
152.7
152.9
32.7
32.6
32.6
120.6
120.1
120.3
115.6
116.0
115.7
5.0
7.2
6.1
Apr. (1)
(2)
Month
154.6
154.8
154.7
32.9
33.1
33.0
121
121
121
116.2
116.6
116.4
154.5
156.0
155.3
32.8
32.6
32.7
121.7
123.4
122.6
116.5
116.9
116.7
5.7
2.8
4.2
May (1)
(2)
Month
154.4
154.6
154.5
33.2
33.4
33.3
121.3
121.3
121.3
117.0
117.7
117.4
153.8
151.2
152.4
33.0
33.0
33.0
120.8
118.2
119.4
117.7
118.5
118.1
6.1
7.6
6.9
June(l)^
155.0
33.5
121.5
118.2
153.6
33.4
120.2
118.9
6.2
Oct. (1)
152.3
(2)
p
Preliminary.
1
At all commercial banks.
NOTE.—AH 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 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.
SEASONAL FACTORS FOR 1964
Money supply
Money supply
Period
(Half month
or month)
Time
deposits
adjusted
Money supply
Time
deposits
adjusted
Period
(Half month
or month)
Time
deposits
adjusted
Currency
component
Demand
deposit
component
May (1)
(2)
Month..
99.5
98.9
99.2
99.6
97.5
98.5
100.5
100.6
100.6
Sept. (1)
(2)
Month.
100.8
99.6
100.2
99.2
99.0
99.1
100.3
100.1
100.2
99.6
99.7
99.6
June (1)
(2)
Month..
99.9
99.5
99.7
98.9
98.1
98.5
100.7
100.6
100.6
Oct. (1)
(2)
Month.
100.7
99.9
100.3
99.4
100.7
100.1
100.3
100.2
100.2
99.6
98.9
99.2
99.8
100.1
100.0
July (1)
(2)
Month..
101.2
100.0
100.6
98.1
99.0
98.6
100.7
100.5
100.6
Nov. (1)
(2)
Month.
100.9
101.1
101.0
101.1
100.5
100.8
99.7
98.7
99.2
100.0
101.4
100.7
100.3
100.3
100.3
Aug. (1)
(2)
Month..
100.7
99.9
100.3
99.0
97.4
98.2
100.4
100.4
100.4
Dec. (1)
(2)
Month.
101.9
102.2
102.1
102.2
103.4
102.8
98.7
98.9
98.8
Currency
component
Demand
deposit
component
Jan. (1)
(2)
Month..
100.6
98.6
99.6
104.0
102.8
103.4
99.4
99.4
99.4
Feb. (1)
(2)
Month..
99.0
98.5
98.8
101.5
99.1
100.3
M a r
-$::::::
Month..
99.3
98.8
99.0
A p r
-$::::::
Month..
99.8
98.6
99.2
Period
(Half month
or month)
Currency
component
Demand
deposit
component
Revision of Bank Credit Series
adjusted series for bank
credit and its major components, first published in July 1962, have been revised back
to 1948 to incorporate new seasonal factors.
In terms of credit categories and months
affected, the revisions are most extensive
for the period beginning with 1957. Changes
for the 1948-56 period are limited to holdings of U.S. Government securities and
"other" securities.
No changes were required in the unadjusted data. These basic data are revised
semiannually to bring them in line with the
most recent Call Report benchmarks; when
this is done, the revisions are incorporated
promptly in the published series.
Seasonally adjusted and unadjusted data
for the period 1948 to date, together with
seasonal factors for 1964, are shown in the
accompanying table. The sources of the
basic data and the procedures used in deriving the seasonally adjusted data are the same
as those described in the BULLETIN for July
1962, pp. 797-802.
THE SEASONALLY
LOANS AND INVESTMENTS
The principal revisions in the seasonal factors for total loans and investments were to
raise the factors applicable to the February,
March, and June data and to make balancing downward adjustments in the factors
for surrounding months. As a result the
series show considerably less month to month
fluctuations than the earlier series.
NOTE.—The revised series were developed by Edward R. Fry and Mary F. Weaver under the supervision of James B. Eckert, chief of the Banking Section
of the Board's Division of Research and Statistics,
who also prepared this article.
693
The increase in the seasonal factor for
February appears to be related mainly to
the growth in loans for purchasing or carrying securities. Growth in such loans has been
associated with the large volume of Treasury
refunding operations occurring in that
month. For both March and June, increases
in seasonal factors are related to the large
volume of quarterly tax and dividend payments made by corporations. In recent years
corporations have been obtaining more funds
from banks—directly or indirectly—to meet
these payments.
Commercial banks facilitate such payments by helping to absorb the large volume
of liquid assets corporations are relinquishing. They do this in a variety of ways—
by acquiring Treasury bills direct from corporations; by increasing loans to U.S. Government security dealers to enable them, in
turn, to acquire securities from corporations
or to redeem maturing repurchase agreements held by corporations; by increasing
loans to finance companies to cover the
redemption of maturing commercial paper
held by corporations; and by redeeming
maturing negotiable time certificates of deposit held by corporations.
Banks also make substantial increases in
their direct loans to corporations in quarterly
tax and dividend months, but in March and
June of recent years such advances have not
risen.
The higher seasonal factor for June helps
to moderate the large disparity in growth
rates between the first and second half of the
year shown in the earlier series. For example,
according to old factors, bank credit showed
694
FEDERAL RESERVE BULLETIN • JUNE 1964
an annual rate of growth of 10.7 per cent in
the first half of 1963 and 5.2 per cent in the
second half. Under the new factors, the
annual rate of increase is 8.8 per cent in the
first half and 6.8 per cent in the second.
has not been sustained. The reductions for
August and September appear to reflect an
over-all decline in the volume of borrowing
in those months, with no single factor predominating.
LOANS
INVESTMENTS
The principal revisions in seasonal factors
for total loans were to increase the factors
applicable to the months of February,
March, June, and December, and to decrease
those for May, August, and September. The
higher seasonal factors for February, March,
and June parallel those applicable to total
bank credit and reflect much the same influences.
The stronger seasonal factor for December reflects a variety of influences. Loan
expansion has always been large in December, and total loans reach their seasonal
peak on the last day of the year. Much of the
December rise reflects the normal seasonal
build-up late in the year as well as the quarterly needs of corporations for funds to meet
tax and dividend payments—all of which
have been growing in importance. However,
an increasing amount of the December increase in recent years appears to be attributable to corporate window-dressing and special year-end adjustments. For example,
year-end borrowings by crude petroleum
producers and the mining industry, presumably associated with special adjustments for
tax purposes, recently have shown substantial increases.
The downward revision in the seasonal
factor for May is mainly to correct for a
change in the trend incorporated in earlier
seasonal factors but which in recent years
Revisions have been made in the seasonal
factors applicable to bank holdings of
"other" securities in all months except November. All of the changes for the December-May period represent substantial reductions, while those for the June-October period are increases. This alteration in the seasonal pattern for bank acquisitions of these
securities is an important contributor to the
changed rate of growth in over-all bank
credit between the first half and the second
half of recent years.
The seasonally adjusted data for U.S.
Government securities, as previously, are
residuals; they are derived by subtracting
seasonally adjusted figures for total loans
and for holdings of other securities from total
loans and investments. Hence, seasonal factors for these securities are not shown in the
table.
The pattern of change in bank holdings
of these securities is heavily influenced by
the pattern of Treasury financing, including
the timing of the financing within the month.
Thus, with the conversion from a quarterly
to a monthly cycle of 1-year bill offerings
by the Treasury, the implicit seasonal factors
for January, April, July, and October are
somewhat lower than previously. Other significant changes include larger holdings of
Government securities in March and June
and smaller holdings in September and
December.
695
REVISION OF BANK CREDIT SERIES
LOANS AND INVESTMENTS AT COMMERCIAL BANKS, 1948-64
(In billions of dollars)
Not seasonally adjusted
Seasonally adjusted
Securities
Total 2
Loans
Securities
2
Total 2
U.S.
Govt.
Other
Loans
2
U.S.
Govt.
Other
1948—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
115.2
115.4
114.1
115.4
115.4
114.7
115.2
114.5
113.2
113.0
113.0
113.0
37.7
38.2
38.5
39.0
39.8
40.1
40.6
40.7
41.1
41.3
41.4
41.5
68.4
68.1
66.4
67.2
66.4
65.4
65.4
64.6
62.9
62.5
62.4
62.3
9.1
9.1
9.2
9.2
9.2
9.2
9.2
9.2
9.2
9.2
9.2
9.2
116.4
115.2
113.4
114.1
114.4
113.7
114.5
114.8
113.3
113.9
114.0
114.2
38.0
38.4
38.7
38.7
39.3
39.7
39.8
40.3
41.4
41.4
42.1
42.4
69.4
67.9
65.5
66.3
65.9
64.8
65.3
65.1
62.5
63.3
62.8
62.6
9.0
9.0
9.3
9.2
9.2
9.2
9.3
9.4
9.4
9.2
9.1
9.2
1949—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
113.3
113.2
112.9
113.5
114.2
114.6
115.2
117.3
118.2
118.3
118.4
118.7
42.0
41.6
41.9
41.4
41.1
41.3
41.0
41.3
41.2
41.5
41.8
42.0
62.2
62.3
61.8
62.9
63.7
63.7
64.5
66.1
67.0
66.7
66.4
66.4
9.1
9.3
9.2
9.2
9.4
9.6
9.7
9.9
10.0
10.1
10.2
10.3
114.3
113.1
112.2
112.2
113.1
113.7
114.5
117.6
118.3
119.3
119.5
120.1
42.3
41.7
42.1
41.0
40.6
40.9
40.2
40.9
41.5
41.6
42.5
42.9
63.0
62.2
60.9
62.0
63.2
63.2
64.4
66.7
66.7
67.6
66.9
67.0
9.1
9.1
9.3
9.2
9.3
9.5
9.8
10.0
10.2
10.1
10.1
10.2
1950—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
120.0
120.4
120.8
121.4
122.1
122.4
122.8
122.9
123.1
123.6
124.7
42.4
42.8
43.3
43.8
44.4
45.1
46.4
47.4
48.5
49.5
50.3
51.1
67.2
67.1
66.7
66.6
66.6
66.1
65.1
63.9
62.7
61.8
61.1
61.2
10.4
10.5
10.8
11.0
11.1
11.2
11.3
11.6
11.9
12.1
12.2
12.4
120.9
120.3
120.1
120.0
121.0
121.7
122.0
122.9
123.3
124.3
125.0
126.6
42.6
42.8
43.5
43.5
43.9
44.7
45.7
46.9
48.6
49.7
51.1
52.2
68.0
67.1
65.8
65.5
66.1
65.8
65.0
64.2
62.5
62.5
61.7
62.0
10.3
10.4
10.8
11.0
11.0
11.2
11.4
11.8
12.1
12.1
12.1
12.4
1951—Jan
Feb....
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
123.8
124.8
126.0
126.3
126.0
126.5
126.2
126.7
128.1
128.9
129.3
130.2
52.1
53.0
53.7
54.1
54.6
55.0
54.9
55.2
55.5
55.9
55.8
56.5
59.2
59.3
59.8
59.6
58.8
58.8
58.6
58.9
59.9
60.1
60.4
60.3
12.5
12.5
12.5
12.6
12.6
12.7
12.7
12.6
12.7
12.9
13.1
13.4
124.7
124.5
125.2
124.9
124.7
125.9
125.6
126.4
128.1
129.8
131.2
132.5
52.3
53.0
53.9
53.9
54.1
54.7
54.1
54.6
55.5
56.1
56.6
57.6
60.0
59.1
58.8
58.5
58.1
58.5
58.7
59.1
59.7
60.9
61.6
61.5
12.4
12.4
12.6
12.6
12.5
12.7
12.8
12.7
12.9
12.9
13.0
13.3
1952—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
131.1
131.8
132.9
133.4
134.0
135.0
137.0
136.2
136.5
137.9
139.3
139.1
56.6
57.1
57.3
58.1
58.5
59.3
59.9
60.3
60.6
61.6
62.3
62.8
61.1
61.2
62.1
61.6
61.6
61.7
63.0
61.7
61.7
62.1
62.8
62.1
13.4
13.5
13.5
13.7
13.9
14.0
14.1
14.2
14.2
14.2
14.2
14.2
132.0
131.5
132.1
131.9
132.6
134.3
136.4
136.0
136.4
138.8
141.3
141.5
56.7
56.9
57.4
57.8
58.0
59.1
59.3
59.6
60.5
61.8
63.0
64.0
62.0
61.3
61.1
60.5
60.7
61.2
62.9
62.0
61.6
62.9
64.1
63.3
13.3
13.4
13.6
13.7
13.8
14.0
14.1
14.4
14.3
14.2
14.2
14.1
1953—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
139.3
139.7
140.3
139.5
138.7
138.5
143.5
142.8
142.7
63.3
63.7
64.3
64.9
65.0
64.9
65.6
66.0
66.0
61.7
61.8
61.7
60.3
59.3
59.3
63.6
62.4
62.3
14.3
14.2
14.3
14.3
14.4
14.3
14.3
14.4
14.4
140.3
139.4
139.2
137.9
137.2
137.8
142.8
142.5
142.6
63.4
63.4
64.4
64.7
64.5
64.9
65.2
65.4
65.9
62.8
61.9
60.5
58.9
58.3
58.6
63.2
62.6
62.2
14.2
14.1
14.3
14.4
14.4
14.3
14.3
14.5
14.5
Oct
Nov
Dec
123.4
l Data are for last Wed. of month and are partly estimated (except
for June 30 and Dec. 31 call dates).
2
Adjusted to exclude interbank loans.
696
FEDERAL RESERVE BULLETIN • JUNE 1964
LOANS AND INVESTMENTS AT COMMERCIAL BANKS, 1948-64—Continued
(In billions of dollars)
Seasonally adjusted
Securities
Date i
Total 2
1953—Oct..
Nov..
Dec.
1954—Jan...
Feb...
Mar..
Apr..,
May.,
June.,
July. .
Aug..
Sept..
Oct...
Nov..
Dec..,
1955—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
1956—Jan.. .
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
1957—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
1958—Jan.. .
Feb...
Mar..
Apr...
May..
June..
July..
Aug..,
Sept..
Oct...
Nov..
Dec...
1959_j a n ...
Feb...
Mar..
Apr...
May..
June..
142.2
142.9
143.1
143.8
144.4
143.8
145.1
146.1
146.9
147.3
149.2
150.2
152.2
153.1
153.1
154.5
154.6
153.8
155.5
155.6
155.5
156.6
155.9
156.4
157.0
156.6
157.6
158.0
158.2
160.0
159.2
159.2
159.8
159.1
160.2
160.7
160.2
161.4
161.6
161.6
162.2
162.8
163.8
164.6
164.6
164.7
164.9
165.1
165.7
164.9
166.4
166.3
168.3
171.5
174.0
174.7
178.6
176.7
178.6
177.9
179.2
181.7
181.2
184.0
183.2
183.0
183.8
184.8
184.6
Loans 2
66.3
65.9
66.1
66.0
66.4
66.7
66.5
66.6
67.0
66.8
66.4
66.9
67.1
68.2
69.0
70.0
70.8
71.2
72.1
73.2
74.3
75.5
76.7
77.4
78.5
79.6
80.5
81.4
82.1
83.4
84.2
85.1
85.4
85.9
86.6
87.0
87.7
87.8
88.0
88.5
88.9
89.5
90.1
90.3
91.1
91.0
91.5
91.8
91.7
91.4
91.4
91.4
91.6
92.0
92.1
91.8
92.7
92.2
92.1
92.3
93.5
94.6
95.6
96.9
97.1
98.2
99.6
100.9
101.7
i Data are for last Wed. of month and are partly estimated (except
for June 30 and Dec. 31 call dates).
Not seasonally adjusted
U.S.
Govt.
Other
61.4
62.4
62.3
63.0
63.0
62.1
03.4
64.2
64.4
64.8
67.1
67.4
69.0
68.7
67.7
67.7
66.9
65.7
66.5
65.7
64.4
64.3
62.4
62.3
61.7
60.3
60.3
59.9
59.4
60.0
58.5
57.7
57.9
56.9
57.2
57.2
56.2
57.3
57.3
56.8
56.9
56.9
57.2
57.5
56.7
56,9
56.5
56.4
56.4
55.9
57.1
56.8
58.4
60.7
62.8
63.5
66.0
64.6
66.3
65.2
65.2
66.6
65.1
66.5
65.5
64.3
63.5
63.2
62.4
14.5
14.6
14.7
14.8
15.0
15.0
15.2
15.3
15.5
15.7
15.7
15.9
16.1
16.2
16.4
16.8
16.9
16.9
16.9
16.7
16.8
16.8
16.8
16.7
16.8
16.7
16.8
16.7
16.7
16.6
16.5
16.4
16.5
16.3
16.4
16.5
16.3
16.3
16.3
16.3
16.4
16.4
16.5
16.8
16.8
16.8
16.9
16.9
17.6
17.6
17.9
18.1
18.3
18.8
19.1
19.4
19.9
19.9
20.2
20.4
20.5
20.5
20.5
20.6
20.6
20.5
20.7
20.7
20.5
2
Securities
Total 2
143.2
144.9
145.5
144.8
144.0
142.5
143.6
144.8
146.2
146.6
148.9
150.1
153.3
155.1
155.7
155.5
153.8
152.4
154.4
154.5
154.8
155.8
155.6
156.4
158.1
158.2
160.3
158.3
157.1
158.5
158.7
158.4
159.3
158.3
159.8
160.7
161.3
162.7
164.5
161.6
161.1
161.4
163.8
163.8
164.3
164.1
164.6
165.1
166.5
165.9
169.3
166.2
167.1
169.9
174.0
173.8
178.2
176.2
178.3
177.9
180.1
182.7
184.4
183.8
181.9
181.1
183.8
183.9
184.2
Loans 2
66.3
66.7
67.4
66.0
66.0
66.8
66.3
66.2
67.2
66.6
65.9
66.8
67.0
68.9
70.4
69.8
70.2
71.2
71.8
72.8
74.8
75.4
76.2
77.5
78.4
80.2
82.0
80.9
81.2
83.3
83.9
84.7
86.2
85.8
86.3
87.2
87.6
88.2
89.7
87.7
87.9
89.1
89.7
89.9
92.0
91.0
91.5
92.2
91.6
91.5
93.2
90.5
90.6
91.5
91.9
91.3
93.6
92.2
92.1
92.6
93.4
94.7
97.5
95.9
96.0
97.4
99.3
100.5
102.8
Adjusted to exclude interbank loans.
U.S.
Govt.
Other
62.3
63.7
63.4
64.2
63.0
60.7
62.1
63.3
63.5
64.3
67.3
67.3
70.2
70.1
69.0
69.0
66.8
64.2
65.6
65.0
63.3
63.7
62.5
62.0
62.9
61.4
61.6
60.9
59.2
58.6
58.2
57.3
56.6
56.2
57.2
57.0
57.5
58.2
58.6
57.7
56.8
55.7
57.5
57.1
55.5
56.3
56.2
55.9
57.3
56.9
58.2
57.7
58.3
59.6
62.8
63.1
64.6
64.1
66.1
64.7
66.2
67.7
66.4
67.5
65.5
63.2
63.6
62.6
60.9
14.5
14.6
14.7
14.7
15.0
15.1
15.2
15.3
15.5
15.7
15.7
16.0
16.1
16.2
16.3
16.7
16.8
17.0
17.0
16.7
16.8
16.7
16.9
16.9
16.8
16.6
16.7
16.5
16.6
16.6
16.6
16.4
16.5
16.3
16.4
16.6
16.3
16.3
16.3
16.2
16.3
16.5
16.7
16.8
16.8
16.8
16.9
17.1
17.6
17.4
17.9
17.9
18.2
18.9
19.3
19.4
20.0
19.9
20.2
20.6
20.5
20.3
20.6
20.4
20.4
20.6
20.9
20.8
20.6
697
REVISION OF BANK CREDIT SERIES
LOANS AND INVESTMENTS AT COMMERCIAL BANKS, 1948-64—Continued
(In billions of dollars)
Not seasonally adjusted
Seasonally adjusted
Date i
or
item
Securities
Securities
Jotal 2
1959—July. .
Aug...
Sept..
Oct...
Nov..
Dec...
I960—Jan...
Feb...
Mar..
May.'.
June..
July..
Aug...
Sept..
Oct...
Nov..
Dec...
1961—Jan...
Feb...
Mar..
Apr...
May..
June..
July..
Aug..,
Sept..
Oct...
Nov..
Dec...
1962—Jan.. .
Feb...
Mar..
Apr..,
May.,
June..
July. .
Aug..
Sept..
Oct...
Nov..
Dec.3
1963—Jan.. .
Feb...
Mar..
Apr...
May.,
June..
July..
Aug..
Sept..
Oct..,
Nov..
Dec.3
. ..
1964—Jan.. .
Feb...
Mar..
Apr...
May.,
Loans 2
186.0
186.5
185.9
185.8
185 3
185.9
185.8
185.6
185 2
186.6
187.0
187.1
189.0
189.6
191 0
192.6
193.1
194.5
195 8
198.0
197.6
197.8
200.3
201.3
203.7
203.9
207.1
207.0
208.4
209 8
211 4
212.6
214.3
215 7
217.0
218.8
218 0
220.6
222.6
224 3
226.1
228.3
229 6
231.6
233.5
233.5
235 5
238.4
238 0
239.2
241.5
241.2
244 2
246.5
246 7
248 4
251 4
251 8
253.5
U.S.
Govt.
Total 2
Other
103.9
105.3
105.9
106.6
107.2
107.6
108.4
109.3
110 0
110.7
111.4
111.5
111.9
112.7
113 1
113.1
113.3
113.8
113.9
115.5
115.2
115.1
116.2
115.8
116.4
116.8
117.7
118.6
119.4
120.5
120.8
122.1
123.4
124.6
125.3
126.5
126.4
128.4
130.1
131.6
132.2
133.9
61.4
60.6
59.4
58.6
57.6
57.8
57.0
56.1
55 1
56.0
55.8
55.8
57.1
56.9
57 9
59.1
59.3
59.9
60.8
61.1
60.8
61.1
62.2
63.5
65.1
64.6
66.3
65.3
65.4
65.4
66.3
65.9
65 6
65.2
65.5
65.3
64.2
64.4
64 5
64.1
64.8
65.2
20.7
20.6
20.6
20.6
20.5
20.5
20.4
20.2
20.1
19.9
19.8
19.8
20.0
20.0
20.0
20.4
20.5
20.8
21.1
21.4
21.6
21.6
21.9
22.0
22.2
22.5
23.1
23.1
23.6
23.9
24.3
24.6
25.3
25.9
26.2
27.0
27.4
27.8
28.0
28.6
29.1
29.2
134.8
136.3
137.3
137.6
139.4
141.7
142.6
143.6
145.4
146.1
148.4
149.4
65.0
65.1
65.7
64.7
64.2
64.4
62.6
62.0
62.2
60.8
61.4
62.1
60.8
61.2
62.1
60.8
60.3
29.8
30.2
30.5
31.2
31.9
32.3
32.8
33.6
33.9
34.3
34.4
35.0
34.9
35.4
35.4
35.6
35.9
151.0
151.8
153.9
155.4
157.3
185.7
186.1
186.3
186.7
186.1
189.5
185.6
184.3
183 4
186.2
185.9
186.7
188 6
189.0
191 4
193 8
193.9
198.5
195.6
197.0
195.6
197.2
199 1
200.9
203.3
202.9
207.5
208.3
209 1
214.4
210.9
211.6
212 4
214.8
215.3
219 2
217.8
219.0
223 1
225.7
226.8
233.6
229.1
230.4
231.9
232.3
233.6
239.1
237.8
237.1
241 9
242.4
245.0
252.4
246.2
247.2
249.9
250.6
251.5
Loans
2
103.9
105.3
106.3
106.5
107.3
110.0
107 4
108.1
109 1
110.4
110.9
112.6
111 9
112.5
113 5
113 0
113.4
116.7
112.8
114 4
114.2
114.7
115 8
117.0
116.3
116.3
118.1
118.5
119 5
123.9
119.6
121.1
122 6
124.0
124.8
127 7
126.1
127.3
130 6
131.5
132.3
137.9
133.4
135.2
136.4
136.9
138.9
143.1
142.4
142.5
146 0
146.0
148.6
153.9
149.5
150.6
152.8
154.7
156.7
U.S.
Govt.
61 1
60 3
59 2
59 6
58.5
58.9
58 0
56 2
54 2
55.8
55 1
54.2
56 7
56 6
57 7
60 4
60 2
61.0
61.9
61 3
59 7
60.7
61 5
61 8
64'.7
64
66 12
66.6
66 2
66.6
67.2
66.0
64 4
64.7
64.4
64 4
64.2
63.9
64 3
65.6
65.6
66.4
66.2
65.3
64.8
64.0
63.0
63.5
62.5
60.9
61 8
62.0
62.3
63.4
62.1
61.5
61.5
60.1
59.1
Other
20.6
20.5
20.7
20.6
20.3
20.5
20 3
20.1
20 1
20.0
19.8
19.9
20.0
20.0
20 2
20 4
20.3
20.9
20.9
21.3
21.7
21.8
21.9
22.1
22.3
22.5
23.3
23.2
23.4
23.9
24.1
24.5
25.4
26.1
26.1
27.0
27.5
27.9
28.2
28.6
28.8
29.3
29.5
29.9
30.7
31.4
31.7
32.4
32.9
33.7
34.2
34.5
34.1
35.1
34.6
35.1
35.6
35.8
35.8
Seasonal adjustment factors for 1964
Jan.
Loans and investments
Loans
Other securities
.
99 8
99 0
99.0
Feb.
99.5
99.2
99.1
Mar.
99.4
99.3
100.4
i Data are for last Wed. of the month and are partly estimated
(except for June 30 and Dec. 31 call dates).
Apr.
99.5
99.5
100.7
May
99.2
99.6
99.6
June
July
Aug. Sept.
Oct.
Nov. Dec.
100.4 99.9 99.0 100.2 100.5 100.3 102.5
101.0 99.8 99.2 100.4 99.9 100.1 103.0
100.3 100.3 100.2 100.7 100.3 99.1 100.2
2 Adjusted to exclude interbank loans.
3
Data are estimates for Dec. 31.
Grants of Reduced Reserves to Banks
in Reserve Cities
Reserve requirements that member banks
must maintain against net demand deposits
are now set at \6Vi per cent of such deposits
for banks classified as "reserve city banks"
and at 12 per cent for other banks, generally
referred to as "country banks." Not all banks
in reserve cities are required to carry the
higher reserves because the Board of Governors is authorized to grant permission for
the lower reserves in those cases where such
action is deemed reasonable and appropriate
in view of the character of business transacted by the member bank concerned.
Prior to the 1959 amendment to Section
19 of the Federal Reserve Act, the law
specified that member banks had to be
located in the "outlying districts" of central
reserve and reserve cities to be eligible to
apply for reduced reserves.
In considering requests for reduced reserves during that period, the Board of Governors was concerned mainly with two questions: (1) whether the applicant bank was
located in an "outlying district," and (2) if
it were, whether the character of business
being transacted by the applicant bank was
typical of reserve city banks or country
banks.
In early years the Board took the position
that, in order to be eligible for permission to
carry reduced reserves, a member bank had
to be located at a considerable distance from
the business center of the city. But as the
years passed, the term "outlying district"
came increasingly to be interpreted to include all of the area outside the financial
center of a city. That is, if an applicant were
located adjacent to, but outside of, the business and financial center of the city, the
Board in reaching a decision considered the
character of the bank's business to determine
whether it was similar to that of banks situated in the more remote areas of the city
that had been granted reduced reserves.
This extension of the interpretation of the
language of the law regarding "outlying district," however, could not benefit any banks
located within the central business and financial district of a city. Even though many
of these banks were transacting primarily a
local business and even though the character of their business was similar to that of
nonreserve city banks, they could not qualify
for reduced reserve requirements because
they were not located in an outlying district
of the city. There were many small banks in
this group.
In its recommendations to Congress in
1959 the Board pointed out that it would
be more equitable for the banks if the Board
had the power to grant an exception whereever the character of a bank's business justified reduced reserve requirements, regardless of the location of the bank. The Congress adopted this recommendation.
The Board has always recognized that the
level of reserve requirements is a factor in
the competitive relationship among banks.
Accordingly, in applying the character-ofbusiness criterion to applicants for reduced
reserves, it gives particular consideration to
698
699
GRANTS OF REDUCED RESERVES
the extent to which an applicant bank may
be competing with banks that are not eligible
for reduced reserves.
Among the measures that the Board considers in assessing the character of a bank's
business are the volume of its demand deposits, the activity in these deposits, and
the amount of its balances due to other
banks. It also takes into account whether
the bulk of the bank's deposits and loans
represent national or local accounts.
In the 5 years since the July 28, 1959,
amendment to the Federal Reserve Act, the
Board has granted permission to 153 banks
to maintain reduced reserves. This number
includes 81 of the 302 central reserve and
reserve city banks in existence on that date.
The remaining 72 are new banks or conversions to membership of existing banks during this period. In contrast, during the
preceding 5 years the Board had authorized
only 30 banks to carry reduced reserves. Of
these, 18 were new banks and all were in
outlying areas of reserve cities.
Of the 153 banks granted permission to
maintain country bank reserves since the law
was changed in 1959, only 2 banks had demand deposits of over $100 million. Both
of these are in New York City but outside
the downtown area of Manhattan, and over
10 years ago both had been granted permission to carry reserve city bank requirements
instead of central reserve city bank requirements applicable at the time to downtown
banks. Of the other 151 banks, only 4 had
demand deposits of over $50 million.
At the present time there are 48 reserve
cities, including the cities of New York and
Chicago. In 17 of these cities there are no
banks that carry country bank reserves. The
remaining 31 reserve cities have a total of
228 banks authorized to carry reduced reserves.
Actions on applications from reserve city
banks to carry reduced reserves have been
reported in the Board's weekly H.2 release
since October 4, 1963.
A complete list of banks to which such
permission was granted between September
30, 1963, and May 31, 1964, appears below
together with a complete list of reserve city
banks as of May 31, 1964. For similar information covering previous periods since
July 1959, see BULLETINS for May 1960,
October 1962, and October 1963.
BANKS GRANTED PERMISSION TO
MAINTAIN REDUCED RESERVES,
Sept. 30, 1963—May 31, 1964
DISTRICT
2
New York, New York
Century National Bank and Trust Company
DISTRICT 5
Washington, D. C.
Madison National Bank
Public National Bank
DISTRICT 6
Miami, Florida
Five Point National Bank of Miami
Inter National Bank of Miami
Lincoln National Bank of Miami
Pan American Bank of Miami
DISTRICT 7
Chicago, Illinois
Columbia National Bank of Chicago
DISTRICT 9
Helena, Montana
First National Bank & Trust Company of
Helena
Union Bank and Trust Company
DISTRICT 10
Denver, Colorado
South Colorado National Bank of Denver
Western National Bank of Denver
700
FEDERAL RESERVE BULLETIN • JUNE 1964
DISTRICT 10—Cont.
RESERVE CITY BANKS, May 31, 1964 x
DISTRICT 1
Kansas City, Missouri
The Livestock National Bank of Kansas City
Merchants-Produce Bank
Metropolitan National Bank
Oklahoma City, Oklahoma
Founders National Bank of Oklahoma City
Friendly National Bank in Southwest Oklahoma
City
The Guaranty National Bank of Oklahoma City
Southwestern National Bank of Oklahoma City
Omaha, Nebraska
Stock Yards National Bank of South Omaha
Tulsa, Oklahoma
The National Bank of Commerce of Tulsa
Mercantile National Bank
DISTRICT
11
Dallas, Texas
Commonwealth National Bank of Dallas
Inwood National Bank of Dallas
Liberty National Bank of Dallas
The National Bank of Commerce of Dallas
National Bank of Oak Cliff in Dallas
Boston
First National Bank
National Shawmut Bank
New England Merchants National Bank
Old Colony Trust Company
State Street Bank and Trust Company
DISTRICT 2
New York
Bank of New York
Bankers Trust Company
Chase Manhattan Bank
Chemical Bank New York Trust Company
First National City Bank
Franklin National Bank, Mineola, New York
(branch in Manhattan)
Grace National Bank
Irving Trust Company
Manufacturers Hanover Trust Company
Marine Midland Trust Company
Meadow Brook National Bank (Spring Gardens), New York (branch in Manhattan)
Morgan Guaranty Trust Company
Schroder Trust Company
United States Trust Company
Buffalo
Houston, Texas
Union National Bank in Houston
Westmont National Bank
Liberty National Bank and Trust Company
Manufacturers and Traders Trust Company
Marine Trust Company of Western New York
San Antonio, Texas
DISTRICT 3
Bexar County National Bank of San Antonio
The Groos National Bank of San Antonio
DISTRICT
12
Los Angeles, California
Beverly Hills National Bank (branch in Los
Angeles)
Pioneer National Bank
Philadelphia
Central-Penn National Bank
First Pennsylvania Banking and Trust Company
Fidelity Philadelphia Trust Company
Girard Trust Bank
Philadelphia National Bank
Provident Tradesmens Bank and Trust Company
DISTRICT 4
San Francisco, California
Golden Gate National Bank
San Francisco National Bank
Salt Lake City, Utah
Granite National Bank
Cincinnati
Central Trust Company
x
The names of the banks are not necessarily the
full legal titles.
701
GRANTS OF REDUCED RESERVES
DISTRICT
4—Cont.
Fifth Third Union Trust Company
First National Bank
Provident Bank
DISTRICT
National Bank of Washington
National Savings and Trust Company
Riggs National Bank
Cleveland
Central National Bank
Cleveland Trust Company
National City Bank
Society National Bank
Union Commerce Bank
Columbus
City National Bank and Trust Company
Huntington National Bank
Ohio National Bank
5—Cont.
DISTRICT 6
Atlanta
Bank of Georgia
Citizens Trust Company
Citizens and Southern National Bank, Savannah,
Georgia (branch in Atlanta)
First National Bank
Fulton National Bank
Trust Company of Georgia
Birmingham
Pittsburgh
Mellon National Bank and Trust Company
Pittsburgh National Bank
Union National Bank
Western Pennsylvania National Bank, McKeesport, Pennsylvania (branch in Pittsburgh)
Toledo
National Bank of Toledo
Ohio Citizens Trust Company
Toledo Trust Company
American National Bank
Birmingham Trust National Bank
First Nationtal Bank
Jacksonville
Atlantic National Bank
Barnett National Bank
Central National Bank
Florida National Bank
Jacksonville National Bank
Nashville
DISTRICT 5
Baltimore
First National Bank of Maryland
Maryland National Bank
National City Bank
Union Trust Company
Charlotte
Bank of Commerce
First Union National Bank of North Carolina
North Carolina National Bank
Wachovia Bank and Trust Company, WinstonSalem, North Carolina (branch in Charlotte)
Richmond
Bank of Virginia
Central National Bank
First and Merchants National Bank
Southern Bank and Trust Company
State-Planters Bank of Commerce and Trust
Washington, D . C.
American Security and Trust Company
First National Bank
Commerce Union Bank
First American National Bank
Third National Bank
New Orleans
Bank of New Orleans and Trust Company
Hibernia National Bank
National American Bank of New Orleans
National Bank of Commerce
Whitney National Bank
Miami
Florida National Bank and Trust Company at
Miami
The First National Bank of Miami
DISTRICT 7
Chicago
American National Bank and Trust Company
Central National Bank
Continental Illinois National Bank and Trust
Company
Drovers National Bank
Exchange National Bank
702
FEDERAL RESERVE BULLETIN • JUNE 1964
DISTRICT
7—Cont.
First National Bank
Harris Trust and Savings Bank
LaSalle National Bank
Live Stock National Bank
National Boulevard Bank
Northern Trust Company
Sears Bank and Trust Company
DISTRICT
8—Cont.
Memphis
First National Bank
National Bank of Commerce
Union Planters National Bank
National City, Illinois
National Stock Yards National Bank of National City
Des Moines
Bankers Trust Company
Central National Bank and Trust Company
Iowa-Des Moines National Bank
Detroit
Bank of the Commonwealth
City National Bank of Detroit
Detroit Bank and Trust Company
Manufacturers National Bank
Michigan Bank, National Association
National Bank of Detroit
DISTRICT 9
Minneapolis
First National Bank
Marquette National Bank
Midland National Bank
National City Bank
Northwestern National Bank
Helena
(No reserve city banks)
St. Paul
Indianapolis
American Fletcher National Bank and Trust
Company
Indiana National Bank
Merchants National Bank and Trust Company
American National Bank
First National Bank
Northwestern National Bank
DISTRICT
Milwaukee
First Wisconsin National Bank
Marine National Exchange Bank
Marshall and Ilsley Bank
DISTRICT 8
St. Louis
Boatmen's National Bank
First National Bank
Mercantile Trust Company
Little Rock
Bank of Arkansas
Commercial National Bank
First National Bank
Union National Bank
Worthen Bank and Trust Company
Louisville
Citizens Fidelity Bank and Trust Company
First National Lincoln Bank
Kentucky Trust Company
Liberty National Bank and Trust Company
Louisville Trust Company
10
Denver
American National Bank
Central Bank and Trust Company
Colorado National Bank
Denver United States National Bank
First National Bank
17th Street National Bank
Security National Bank
Kansas City, Missouri
City National Bank and Trust Company
Civic Plaza National Bank
Columbia National Bank
Commerce Trust Company
First National Bank
Mercantile Bank and Trust Company
Traders National Bank of Kansas City
Union National Bank
Oklahoma City
City National Bank and Trust Company
Fidelity National Bank and Trust Company
First National Bank and Trust Company
Liberty National Bank and Trust Company
703
GRANTS OF REDUCED RESERVES
DISTRICT 11—Cont.
D ISTR K x 10—-Cont.
Omaha
First National Bank
Omaha National Bank
Packers National Bank
United States National Bank
First National Bank
Tulsa
First National Bank and Trust Company
Fourth National Bank
National Bank of Tulsa
11
Dallas
Citizens National Bank
First National Bank
Mercantile National Bank
Republic National Bank
Texas Bank and Trust Company of Dallas
El Paso
El Paso National Bank
State National Bank
Fort Worth
Continental National Bank
First National Bank of Fort Worth
Fort Worth National Bank
Houston
Bank of the Southwest National Association
First City National Bank
Houston National Bank
Texas National Bank of Commerce
San Antonio
Alamo National Bank
DISTRICT
12
Los Angeles
Mission National Bank
Security-First National Bank
Union Bank
United California Bank
Pueblo
DISTRICT
Frost National Bank
National Bank of Commerce
Portland
First National Bank of Oregon
Oregon Bank
United States National Bank of Oregon
Salt Lake City
American National Bank
Continental Bank and Trust Company
First Security Bank of Utah, National Association, Ogden, Utah (branch in Salt Lake City)
Tracy-Collins Bank and Trust Company
Walker Bank and Trust Company
Zions First National Bank
San Francisco
Bank of America, N. T. and S. A.
Bank of California, N. A.
Crocker-Citizens National Bank
Pacific National Bank
The Sumitomo Bank of California
Wells Fargo Bank
Seattle
National Bank of Commerce
Pacific National Bank
Peoples National Bank of Washington
Seattle-First National Bank
Seattle Trust and Savings Bank
Statement on bill relating to Federal Reserve purchases of special securities direct
from the Treasury (H.R. 11499), by William
McChesney Martin, Jr., Chairman, Board of
Governors of the Federal Reserve System,
before the House Committee on Banking and
Currency, June 11, 1964.
The Board of Governors of the Federal
Reserve System recommends prompt enactment of H.R. 11499, which would extend
for another 2 years the authority of the Federal Reserve System to purchase up to $5
billion of special securities direct from the
Treasury.
This direct borrowing authority is an
operating convenience which, while seldom
used in recent years, has contributed to
flexibility in the Treasury's management of
the public debt. Its use in the past has
avoided needless strains in the banking system immediately preceding tax-payment
dates. Even when not used, it has enabled the
Treasury to operate with lower cash balances
than would otherwise have been feasible and
has provided added leeway in timing new
offerings. Furthermore, it is always possible
that we may find ourselves in an emergency
in which the availability of this sort of
"standby" financing would be very important.
Borrowing under this authority has been
temporary as well as infrequent. It has been
confined to its proper role as a useful tool of
debt management and has not been used as a
lever to induce financing of Government
deficits through unwarranted expansion of
Federal Reserve credit.
The statutory provisions which this bill
would continue require that the details of
all transactions directly with the Treasury
be reported in the Annual Report of the
Board of Governors. I should also like to
add that such borrowing, when it is outstanding, is reported separately in the weekly
statement of condition of Federal Reserve
Banks.
Statement on bills to provide for regulation
of collective investment funds maintained
by banks (H.R. 8499 and H.R. 9410), by
William McChesney Martin, Jr., Chairman,
Board of Governors of the Federal Reserve
System, before the Subcommittee on Commerce and Finance of the House Committee
on Interstate and Foreign Commerce, June
10, 1964.
For several decades, a number of larger
banking institutions throughout the country
have maintained collective investment funds
of the type known as "common trust funds."
Such funds have provided diversification and
economy that could not otherwise be
achieved for relatively small fiduciary accounts administered by the bank. This is
accomplished by placing the funds of such
small trusts in a "pool," and investing the
resources of the pool, which customarily
704
STATEMENTS TO CONGRESS
705
aggregate many millions of dollars, as a to outline the origin of the problem and to
single account.
place it in perspective. The principal interest of your committee, of course, is the relaThe typical account participating in a
tive merit of each of the several ways in
common trust fund has been a small trust—
which the problem may be dealt with through
perhaps for charitable purposes or for the
legislation.
benefit of a decedent's widow or children.
H.R. 8499 and H.R. 9410 do not purport
In recent years, however, some banks have
to
dispose of the question whether it is in the
felt that their successful experience justifies
public interest for banks to establish and
expansion of common trust funds to conoperate collective funds to serve as investstitute an investment vehicle—for example,
ment media, competing with mutual fund
to enable salaried individuals or professional
shares and similar securities. These identical
people to accumulate a competence for rebills would leave that question for resolution
tirement years and for disposition upon
under existing banking laws. In effect, the
death.
bills say: // banks are permitted to and do
If a bank established a "collective investenter this field and, in so doing, sell interests
ment fund" for this purpose, and the fund
in
an investment entity that would constitute
was opened to participation by any person
"securities"
subject to the Federal securities
who wished to invest funds in this way in a
laws,
such
securities are to be exempted
pool of corporate stocks and other securities,
from those laws and, instead, are to be govthe arrangement might be similar in general
erned
by the provisions of this Act and
effect to the operation of an open-end investregulations
of the Comptroller of the Curment company, generally referred to as a
rency.
mutual fund.
The proposals for legislation along the
This development raised the question
lines of these bills have been supported
whether participation in such a collective
mainly as a means of avoiding "duplicative
investment fund, established and operated
Federal regulation" and "overlapping claims
principally as an investment vehicle, would
of jurisdiction." The impression is thereby
involve the issuance of "securities" within
conveyed that, unless Congress takes action
the purview of the Federal securities laws,
along these lines, banks that engage in this
particularly the Securities Act of 1933 and
activity will be subject to overlapping and
the Investment Company Act of 1940. Recperhaps
conflicting requirements under the
ognizing the existence of this question, the
banking
laws
and the securities laws, adminbills now before the committee would answer
istered
respectively
by the bank supervisory
it by excluding all collective investment
agencies and the Securities and Exchange
funds of banks from the coverage of the
Commission.
Federal securities laws, and subjecting such
The Board of Governors of the Federal
funds to the provisions of this "Bank CollecReserve
System believes that this view of
tive Investment Fund Act" and "the rules
the
matter
is based upon a fundamental
and regulations . . . of the Comptroller of
misapprehension and that its implementation
the Currency pertaining to collective investthrough enactment of either of these bills
ments by national banks."
Up to this point T have attempted simply would not be in the public interest. The mis-
706
apprehension to which I refer results from
a failure to keep in mind the different objectives and methods of bank supervision, on
the one hand, and the regulation of sale of
securities, on the other.
The principal purpose of bank supervision
is to assure that this vital sector of the economy operates in a safe, sound, and serviceable manner and in accordance with laws and
regulations adopted with those objectives
in mind. Among other functions, bank examination attempts to safeguard bank deposits,
to evaluate the quality of bank management,
and to learn whether the bank is rendering
satisfactory service to its community and
whether its capital structure is adequate in
view of the nature of its business. In other
words, bank supervision enforces banking
laws and regulations and evaluates the
operations of banks, principally to protect
and benefit bank depositors and other customers.
The Federal securities laws with which we
are concerned have an entirely different aim
and focus. Their purpose is to protect and
benefit investors, and to accomplish this by
making available to them relevant information regarding securities that they hold or
contemplate acquiring. The keynote of these
laws is disclosure of information to the public, rather than regulation and control of
enterprises, banking or otherwise.
If this fundamental distinction is kept in
mind, it becomes apparent that (1) regulation of banking by supervisory agencies and
(2) disclosure to investors of information regarding securities issued by banks are entirely different, and that no significant danger
of duplication of effort or conflict of jurisdictions should result merely because banks
continued to be supervised by the Federal
Reserve System and other supervisory agen-
FEDERAL RESERVE BULLETIN • JUNE 1964
cies and securities issued by banks were
subject to the disclosure and other provisions
of the Federal securities laws.
A large proportion of our country's industry and commerce is presently regulated
by agencies such as the Interstate Commerce
Commission, the Federal Power Commission, the Civil Aeronautics Board, the Federal Communications Commission, and the
public utilities commissions of the States,
to mention only a few; but the securities
issued by railroads, pipeline companies, airlines, telephone and telegraph companies,
electric and gas companies, and the like, are
nevertheless governed by the securities laws
that we are considering here. As far as I
know, it never has been contended that,
because Triangle Airlines Company, for example, is subject to the jurisdiction of the
Civil Aeronautics Board, there is "duplication of supervision" or "conflict of jurisdiction" because an offering of securities by
that corporation is subject to the disclosure
requirements of the Securities Act of 1933,
in the interests of prospective investors.
In the opinion of the Board of Governors,
this should be equally true in the case of
banks and securities issued by banks.
Through the securities laws, Congress has
implemented its considered judgment that
American investors should be furnished with
information that is adequate to enable them
to make intelligent decisions regarding the
intrinsic and—even more important—the
relative merits of securities competing for
their investment dollars. The investing public
is entitled to these benefits with respect to
securities issued by banks as well as securities
issued by enterprises in other fields.
The Federal securities laws embody and
implement this salutary "disclosure philosophy," and the Securities and Exchange
STATEMENTS TO CONGRESS
Commission, which administers those laws,
has resources of personnel and experience,
devoted to the administration of those laws,
that would be difficult to duplicate. To exclude certain categories of securities from
those laws and that administration, merely
because such securities are issued by funds
maintained by banks, would deny investors
important protections and benefits without
any adequate reason. The proposed exclusion of certain securities from the coverage
of the securities laws, and the proposed transfer of jurisdiction in the securities field from
707
the Securities and Exchange Commission to
bank supervisors, would yield no benefits
of which we are aware, but on the contrary
would be injurious to investors and would
require the Federal Reserve System and
other bank supervisors to perform functions
that can be more efficiently performed by the
Securities and Exchange Commission, whose
facilities are devoted entirely to this complex
and important subject.
For these reasons, the Board of Governors
recommends against enactment of H.R.
8499 and H.R. 9410.
Membership of the Board of Governors
of the Federal Reserve System, 1913-64
APPOINTIVE MEMBERS3
Federal Reserve
district
Name
Date of initial
oath of office
Other dates and information relating
to membership 2
Aug. 10, 1914
Reappointed in 1916 and 1926. Served until
Feb. 3, 1936, on which date his successor
took office.
Term expired Aug. 9, 1918.
Resigned July 21, 1918.
Term expired Aug. 9, 1922.
Reappointed in 1924. Reappointed in 1934
from the Richmond District. Served until
Feb. 3, 1936, on which date his successor
took office.
Resigned Mar. 15, 1920.
Term expired Aug. 9, 1920.
Reappointed in 1928. Resigned Sept. 14,
1930.
Term expired Mar. 4, 1921.
Resigned May 12, 1923.
Died Mar. 22, 1923.
Resigned Sept. 15, 1927.
Reappointed in 1931. Served until Feb. 3,
1936, on which date his successor took
office.
Died Nov. 28, 1930.
Resigned Aug. 31, 1930.
Resigned May 10, 1933.
Term expired Jan. 24, 1933.
Resigned Aug. 15, 1934.
Reappointed in 1936 and 1948. Resigned
May 31, 1961.
Served until Feb, 10, 1936, on which date
his successor took office.
Reappointed in 1936, 1940, and 1944.
Resigned July 14, 1951.
Resigned Sept. 30, 1937.
Served until Apr. 4, 1946, on which date his
successor took office.
Reappointed in 1942. Died Dec. 2, 1947.
Resigned July 9, 1936.
Reappointed in 1940. Resigned Apr. 15,
1941.
Served until Sept. 1,1950, on which date his
successor took office.
Served until Aug. 13, 1954, on which date
his successor took office.
Resigned Nov. 30, 1958.
Died Dec. 4, 1949.
Resigned Mar. 31, 1951.
Charles S. Hamlin
Boston
Paul M. Warburg
Frederic A. Delano
W. P. G. Harding
Adolph C. Miller
New York
Chicago
Atlanta
San Francisco
Albert Strauss
Henry A. Moehlenpah
Edmund Platt
New York
Chicago
New York
Oct. 26, 1918
Nov. 10, 1919
June 8, 1920
David C. Wills
John R. Mitchell
Milo D. Campbell
Daniel R. Crissinger
George R. James
Cleveland
Minneapolis
Chicago
Cleveland
St. Louis
Sept. 29, 1920
May 12, 1921
Mar. 14, 1923
May 1, 1923
May 14, 1923
Edward H. Cunningham
Roy A. Young
Eugene Meyer
Wayland W. Magee
Eugene R. Black
M. S. Szymczak
Chicago
Minneapolis
New York
Kansas City
Atlanta
Chicago
do
Oct. 4, 1927
Sept. 16, 1930
May 18, 1931
May 19, 1933
June 14, 1933
J. J. Thomas
do
do
do
do
...Kansas City
do....
Marriner S. Eccles.
, . . .San Francisco
Nov. 15, 1934
Joseph A. Broderick
John K. McKee
New York
Cleveland
Feb. 3, 1936
do
Ronald Ransom
Ralph W. Morrison
Chester C. Davis
Atlanta
Dallas
Richmond
do
Feb. 10, 1936
June 25, 1936
. . . New York
Mar. 30, 1938
Rudolph M. Evans
Richmond
Mar. 14, 1942
James K. Vardaman, Jr
Lawrence Clayton
Thomas B. McCabe
St. Louis
Boston
Philadelphia
Apr. 4, 1946
Feb. 14, 1947
Apr. 15, 1948
Ernest G. Draper
For notes see following page.
708
709
MEMBERSHIP OF THE BOARD OF GOVERNORS
APPOINTIVE MEMBERS *—Continued
Federal Reserve
district
Name
Edward L. Norton
Oliver S. Powell
Wm. McC. Martin, Jr
A. L. Mills, Jr
Atlanta
Minneapolis
New York
, . . .San Francisco
J. L. Robertson. . .
Date of initial
oath of office
Other dates and information relating
to membership2
Sept. 1, 1950
do
Apr. 2, 1951
Resigned Feb. 1, 1952.
Resigned June 30, 1952.
Reappointed for term beginning Feb. 1,
1956.
Reappointed for term beginning Feb. 1,
1958.
Reappointed for term beginning Feb. 1,
1964.
Died Oct. 21, 1954.
Feb. 18, 1952
.. .Kansas City
Paul E. Miller
C. Canby Balderston
Chas. N. Shepardson
G. H. King, Jr
Minneapolis
Philadelphia
Dallas
Atlanta
George W. Mitchell....
do. .
Aug. 13, 1954
Aug. 12, 1954
Mar. 17, 1955
Mar. 25, 1959
, . . .Chicago
J. Dewey Daane
Aug. 31, 1961
.. .Richmond
Nov. 29, 1964
VICE CHAIRMEN3
CHAIRMEN s
Charles S. Hamlin
W. P. G. Harding
Daniel R. Crissinger
Roy A. Young
Eugene Meyer
Eugene R. Black
Marriner S. Eccles
Thomas B. McCabe
Wm. McC. Martin, J r . . .
Reappointed in 1960. Resigned Sept. 18,
1963.
Reappointed for term beginning Feb. 1,
1962.
Aug. 10, 1914-Aug.
Aug. 10, 1916-Aug.
May 1, 1923-Sept.
Oct. 4, 1927-Aug.
Sept. 16, 1930-May
May 19, 1933-Aug.
Nov. 15, 1934-Jan.
Apr. 15, 1948-Mar.
.Apr. 2, 1951-
9, 1916.
9, 1922.
15, 1927.
31, 1930.
10, 1933.
15, 1934.
31, 1948.
31, 1951.
Frederic A. Delano
Paul M. Warburg
Albert Strauss
Edmund Platt
J. J. Thomas
Ronald Ransom
C. Canby Balderston
Aug.
Aug.
Oct.
July
Aug.
Aug.
Mar.
10, 1914-Aug.
10, 1916-Aug.
26, 1918-Mar.
23, 1920-Sept.
21, 1934-Feb.
6, 1936-Dec.
11, 1955-
9, 1916.
9, 1918.
15, 1920.
14, 1930.
10, 1936.
2, 1947.
EX-OFFICIO MEMBERS 1
SECRETARIES OF THE TREASURY
W. G. McAdoo
Carter Glass
David F. Houston
Andrew W. Mellon
Ogden L. Mills
William H. Woodin
Henry Morgenthau, Jr...
Dec.
Dec.
Feb.
Mar.
Feb.
Mar.
.Jan.
23, 1913-Dec. 15,1918.
16, 1918-Feb. 1,1920.
2, 1920-Mar. 3, 1921.
4, 1921-Feb. 12, 1932.
12, 1932-Mar. 4, 1933.
4, 1933-Dec. 31, 1933.
1, 1934-Feb. 1,1936.
1
Under the provisions of the original Federal Reserve
Act the Federal Reserve Board was composed of seven
members, including five appointive members, the Secretary of the Treasury, who was ex-officio chairman of the
Board, and the Comptroller of the Currency. The original
term of office was 10 years, and the five original appointive members had terms of 2, 4, 6, 8, and 10 years,
respectively. In 1922 the number of appointive members was increased to six, and in 1933 the term of office
was increased to 12 years. The Banking Act of 1935,
approved Aug. 23,1935, changed the name of the Federal
Reserve Board to the Board of Governors of the Federal
Reserve System and provided that the Board should be
COMPTROLLERS OF THE CURRENCY
John Skelton Williams..
Daniel R. Crissinger
Henry M. Dawes
Joseph W. Mclntosh
J. W. Pole
J. F. T. O'Connor
.Feb.
Mar.
May
Dec.
Nov.
May
2, 1914-Mar.
17, 1921-Apr.
1, 1923-Dec.
20, 1924-Nov.
21, 1928-Sept.
11, 1933-Feb.
2, 1921.
30, 1923.
17, 1924.
20, 1928.
20, 1932.
1, 1936.
composed of seven appointive members; that the Secretary of the Treasury and the Comptroller of the Currency should continue to serve as members until Feb. 1,
1936; that the appointive members in office on the date
of that Act should continue to serve until Feb. 1, 1936,
or until their successors were appointed and had qualified; and that thereafter the terms of members should be
14 years and that the designation of Chairman and Vice
Chairman of the Board should be for a term of 4 years.
2
Date after word "Resigned" denotes final day of
service.
3
Chairman and Vice Chairman were designated Governor and Vice Governor before Aug. 23, 1935.
Law Department
Administrative interpretations, new regulations, and similar material
"Messenger Service" Provided by
State Member Banks
The Board of Governors has been asked
whether an arrangement under which a State
member bank provides "messenger service" for a
customer, subject to an agreement that the messenger acts as agent for the customer, would involve the operation of a branch by the bank.
Section 9 of the Federal Reserve Act (12 U.S.C.
321) provides, in effect, that a State member bank,
if permitted to do so by State law, may establish
branches on the same terms and conditions and
subject to the same limitations and restrictions as
are applicable to the establishment of branches by
national banks, except that the approval of the
Board of Governors, instead of the Comptroller
of the Currency, shall be obtained before a branch
may be established by a State member bank. It
is apparent that it was the intent of Congress that
national banks and State member banks should
have substantially equal opportunity to establish
branches.
Section 5155 of the Revised Statutes (12 U.S.C.
36), relating to branches of national banks, provides that the term "branch" shall be held to "include any branch bank, branch office, branch
agency, additional office, or any branch place of
business . . . at which deposits are received, or
checks paid, or money lent."
Whether any of the banking transactions described in the law, or other banking transactions,
are conducted at an "additional office" or other
"place of business" can be determined only on the
basis of particular factual situations. The question here presented refers only to "messenger
service" provided by the bank, without any indication of the purpose of the service or the exact
circumstances in which it would be provided.
It is assumed, however, that the service in question would involve picking up deposits at the respective addresses of particular customers and the
payment of checks drawn by such customers on
the bank; that the "messenger" normally would
be an armored car owned by the bank or by an
independent contractor; that the cost of the serv-
ice would be borne by the bank; that, in the case
of deposits, there would be a written agreement
between the bank and the customer under which
the messenger would act as agent of the customer
and the bank would assume no liability for the
funds collected until they were received by it from
the messenger at the bank's premises; and that,
in the case of payment of checks, the checks would
be presented at the bank's premises by the messenger acting as agent of the customer and the
proceeds received by the messenger for transmittal
to the customer, with no liability on the part of
the bank for such proceeds after their delivery
to the messenger.
Assuming the facts to be as stated above, the
Board does not regard such arrangements as involving the establishment and operation of
branches by State member banks. Whether the
use of messenger service in other circumstances
would constitute branch banking would, of course,
have to be determined on the basis of the facts
involved.
Whether Undivided Profits May Be Considered
Part of Capital Or Surplus of Member Banks
The Board has been presented with the question whether a bank's undivided profits may be
considered as part of its "capital stock," "capital," or "surplus" for purposes of provisions of
law imposing requirements or limitations upon
member banks of the Federal Reserve System.
It is obvious that undivided profits are not a
part of a bank's "capital stock"; and Congress
has explicitly indicated in the national banking
laws that the more general term "capital" is limited to common stock and preferred stock. (12
U.S.C. 51c).
In the banking field, the undivided profits account traditionally represents a fluctuating amount
as distinguished from the relatively fixed and
permanent amount of a bank's "surplus" or "surplus fund." This distinction has been explicitly
recognized by the Supreme Court of the United
States:
"By incorporated banks the term [undivided profits]
710
711
LAW DEPARTMENT
is commonly employed to designate the account in
which profits are carried more or less temporarily, in
contradistinction to the account called surplus in
which are carried amounts treated as permanent capital, and which may have been derived from payments
for stock in excess of par, or from profits which have
been definitely devoted to use as capital." Edwards
v. Douglas, 269 U.S. 204, 215 (1925)
The Federal banking laws use the terms "undivided profits" and "surplus" as having different
meanings. For example, with respect to the admission to membership in the Federal Reserve
System of mutual savings banks having no capital
stock, the Federal Reserve Act requires such a
bank to have "surplus and undivided profits" not
less than the amount of capital required for the
organization of a national bank in the place in
which the savings bank is located. (12 U.S.C.
333). Similarly, various provisions of the National Bank Act distinguish between "undivided
profits" and "surplus fund." Thus, a national bank
may not declare dividends if its losses have exceeded its "undivided profits" (12 U.S.C. 56);
and, until a national bank's "surplus fund" equals
its common capital, it may not declare dividends
unless a specified percentage of its net profits is
carried to its "surplus fund." (12 U.S.C. 60).
If undivided profits were regarded as a part
of a bank's surplus or "surplus fund," such provisions for transfer of profits to surplus would be
meaningless and the application of other provisions would be uncertain and impracticable. For
example, subscriptions by member banks to Federal Reserve Bank stock are based upon the
amount of the member bank's "capital stock and
surplus" (12 U.S.C. 287), so that, if undivided
profits were regarded as a part of "surplus," the
amount of a bank's subscription to Reserve Bank
stock would have to be increased and decreased
continuously, an inconvenient and costly procedure that could not have been contemplated by
Congress.
It is recognized that the question whether undivided profits may be added to capital stock and
surplus in calculating the lending limitations governing member banks is a matter for determination under applicable State law in the case of
State banks and under the National Bank Act in
the case of national banks, except as further limited by particular provisions of the Federal Reserve Act. For the reasons indicated above, it is
the Board's opinion that undivided profits do not
constitute "capital," "capital stock," or "surplus"
for the purposes of provisions of the Federal Reserve Act, including those that limit member banks
with respect to loans to affiliates (12 U.S.C.
371c), purchases of investment securities (12
U.S.C. 335), investments in bank premises (12
U.S.C. 371d), loans on stock or bond collateral
(12 U.S.C. 248(m)), deposits with nonmember
banks (12 U.S.C. 463), and bank acceptances
(12 U.S.C. 372, 373), as well as provisions that
limit the amount of paper of one borrower that
may be discounted by a Federal Reserve Bank
for any member bank or accepted as security for
an advance to a member bank (12 US.C. 330,
345, 347).
Order Under Bank Merger Act
The following Order and Statements were issued
in connection with action by the Board of Governors of the Federal Reserve System on an application for approval of the consolidation of
banks:
CITY BANK AND TRUST COMPANY,
JACKSON, MICHIGAN
In the matter of the application of City Bank
and Trust Company for approval of consolidation
with Calhoun State Bank.
ORDER DENYING APPLICATION FOR APPROVAL
OF 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 City Bank
and Trust Company, Jackson, Michigan, a State
member bank of the Federal Reserve System, for
the Board's prior approval of the consolidation
of that bank and Calhoun State Bank, Homer,
Michigan, under the charter and title of the former. As an incident to the consolidation, the office
of Calhoun State Bank would be operated as a
branch of City Bank and Trust Company. Notice
of the proposed consolidation, in form approved
by the Board, has been published pursuant to said
Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act, including reports furnished by the Comptroller of
the Currency, the Federal Deposit Insurance Corporation, and the Department of Justice on the
competitive factors involved in the proposed consolidation,
712
FEDERAL RESERVE BULLETIN • JUNE 1964
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is denied.
Dated at Washington, D. C.s this 14th day of
May, 1964.
By order of the Board of Governors.
Voting for this action: Vice Chairman Balderston, and
Governors Mills, Robertson, and Shepardson. Voting
against this action: Governor Mitchell. Absent and
not voting: Chairman Martin and Governor Daane.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
STATEMENT
City Bank and Trust Company, Jackson, Michigan ("City Bank"), with deposits of $84.3 million
as of December 20, 1963, 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 with the Calhoun State
Bank, Homer, Michigan ("Calhoun Bank"), with
deposits of $3.2 million as of the same date. As
an incident to the consolidation, the sole office of
Calhoun Bank would be operated as a branch of
City Bank, increasing the number of its operating
offices to nine. City Bank has received approval
to establish one branch that is not yet in operation.
Under the Act, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are consistent with the purposes of 12 U.S.C, Ch. 16
(the Federal Deposit Insurance Act), (6) the
convenience and needs of the community to be
served, and (7) the effect of the transaction on
competition (including any tendency toward
monopoly). The Board may not approve the
transaction unless, after considering all these factors, it finds the transaction to be in the public
interest.
Banking factors. The financial history and condition, capital structure, and earnings, as well as
future earnings prospects, of each of the subject
banks are satisfactory. While both banks are capably managed, Calhoun Bank in the near future
must take steps to assure competent management
succession, but this should not affect adversely
the bank's earnings prospects.
The resulting bank, which would be under the
management of City Bank, would have a sound
asset condition, an adequate capital structure, and
favorable future earnings prospects.
There is no indication that the corporate powers
of the banks are or would be inconsistent with
the purposes of 12 U.S.C, Ch. 16.
Convenience and needs of the communities. The
head office of City Bank is in Jackson, Michigan,
located 73 miles west of Detroit, with a population, according to the 1960 census, of somewhat
over 50,000. The local retail establishments serve
an area having a population estimated at 200,000.
The economy of Jackson consists primarily of
diversified industries. City Bank operates seven
branches and, as noted previously, has approval
for one more branch that is not yet operating.
There is no indication that the proposed consolidation would have a significant effect on the convenience and needs of the service area * of City
Bank.
Calhoun Bank, in Homer, Michigan, is located
21 miles southwest of Jackson and 9 miles south
of Albion, the site of City Bank's largest branch.
Homer has a population, according to the 1960
census, of somewhat over 1,600, although Calhoun Bank's service area has a population of about
5,000. The area has shown a steady population
increase and the prospect for continued economic
growth is good. The economy of the community
is primarily agricultural, although there are some
small industries in Homer. While consummation
of the proposed consolidation wTould enable the
resulting bank to offer a variety of banking services
in the Homer area not now provided by Calhoun
Bank, only little need for such expanded services
was indicated by the application. Moreover, broad
banking services are now available from reasonably convenient sources, including the Albion
branch of City Bank. There is no indication that
any significant demand for banking services in the
Homer area is not now being supplied.
Competition. Consummation of the proposed
consolidation would have no significant effect on
the competitive situation in the immediate Jack* The area from which a bank obtains 75 per cent
or more of its deposits of individuals, partnerships,
and corporations.
LAW DEPARTMENT
son area. Present competition between City Bank
and National Bank of Jackson, the only banks in
Jackson, is confined primarily to the city, since the
out-of-town branches of National Bank of Jackson are located east or southeast of the city, while
City Bank's out-of-town branches are located to
the west or southwest. The acquisition by City
Bank of a branch in Homer, also southwest of
Jackson, would not change materially, if at all,
the competitive situation in Jackson.
Since there is some overlapping of the service
areas of Calhoun Bank and City Bank's branch
in Albion, consummation of the consolidation
would eliminate the small amount of competition
that exists between the two banks.
There is already a substantial concentration of
banking resources in the area served by the institutions proposing to consolidate. City Bank holds 44
per cent of the total deposits in commercial banks
having offices in this area, and National Bank of
Jackson holds 34.7 per cent. A branch of Michigan National Bank at Marshall, 14 miles northwest of Calhoun Bank, holds 11.2 per cent. While
Calhoun Bank's 1.7 per cent of the area's total
deposits is relatively small, the consolidation would
raise the three-bank total from 89.9 per cent to
91.6 per cent, and would leave the remaining five
competing banks with a total of but 8.4 per cent.
Under Michigan law, branching by banks having home offices in Jackson can be permitted
within a radius of 25 miles. Within a radius of
slightly more than 25 miles, the concentration of
deposits in the three largest banks is significantly
large at 64.6 per cent—City Bank, 32.4 per cent;
National Bank of Jackson, 24 per cent; and Marshall branch of Michigan National, 8.2 per cent.
The inclusion of Calhoun Bank's 1.2 per cent
would increase this total to 65.8 per cent, leaving
the remaining 19 banks with only 34.2 per cent
of the deposits.
Summary and conclusion. Consummation of the
proposed consolidation would increase the already
substantial concentration of banking resources in
the area served by the two participating banks,
and there would be eliminated a sound, wellmanaged, independent bank located in a growing
area. In addition, such direct and potential competition as presently exists between City Bank's
Albion branch and Calhoun Bank would be eliminated. The fact that the resulting bank would provide expanded banking services in Homer, services
713
already available from other sources, is insufficient
to outweigh these considerations.
Accordingly, the Board is unable to find that
the proposed consolidation would be in the public
interest.
DISSENTING STATEMENT OF GOVERNOR MITCHELL
The artificial concept of a banking market that
is used by the majority to justify protection from
further "concentration" leaves me no choice but to
dissent from their denial of this application.
There is very little competition between City
Bank and the relatively small Calhoun Bank. The
substitution of a branch of the larger bank for the
sole office of the smaller institution, which is the
only banking office located in its service area,
would not eliminate significant competition in
Homer. City Bank's business would be increased
by an extension of its market area, but this is a
far different matter than the elimination of competition in its present market area.
Replacement of Calhoun Bank with a branch
of City Bank would not adversely affect any competing bank. Instead, it would bring into the
Homer community expanded banking service, including an increased lending limit, trust services,
and improved consumer and mortgage lending
facilities. This would enhance the banking convenience and better fulfill the credit needs of
Homer and vicinity, which is in an area having
favorable economic prospects. Indeed, it may be
reasonably anticipated that effectuation of the proposal also would bring to the community the benefits of more active competition, not only for the
banks located just beyond the service area of
Calhoun Bank, but for the Marshall branch of
the large Michigan National Bank, as well.
A further factor weighing in support of the
application is the management succession problem
facing the Calhoun Bank and the negative impact
that steps to correct this problem may well have
on the bank's earnings.
It does not seem to me that the public interest
is served by denying the application involving a
local situation like this merely because of the
existence of a high degree of banking concentration within a 25-mile radius of Jackson. The competitive situation outside of the Homer area, if it
is affected at all by this transaction, should not be
evaluated in terms of an artificial 25-mile radius
around Jackson, but rather in relation to banking
714
FEDERAL RESERVE BULLETIN
competition in an area embracing Ann Arbor,
Lansing, and Battle Creek. By relying so heavily
on a formalistic market definition, the majority in
this case prevent a bank consolidation which I believe would be in the public interest.
Accordingly, I would approve the application.
Orders Under Section 3 of
Bank Holding Company Act
The following Orders and Statements were issued in connection with actions by the Board of
Governors of the Federal Reserve System on applications by bank holding companies for approval
of the acquisition of voting shares of a bank:
FIRST NATIONAL BANK OF TAMPA AND
UNION SECURITY & INVESTMENT CO.,
TAMPA, FLORIDA
In the matter of the applications of the First
National Bank of Tampa and Union Security &
Investment Co. for approval of the acquisition of
voting stock of Second National Bank of Tampa,
Tampa, Florida.
ORDER APPROVING APPLICATIONS UNDER
BANK HOLDING COMPANY ACT
There have come before the Board of Governors, pursuant to Section 3(a)(l) of the Bank
Holding Company Act of 1956 (12 U.S.C.
1842(a)) and Section 222.4(a)(l) of Federal
Reserve Regulation Y (12 CFR 222.4(a)(l), applications on behalf of The First National Bank
of Tampa and Union Security & Investment Co.,
both of Tampa, Florida, for the Board's approval
of the acquisition by Union Security & Investment Co. of 20,000 shares (80%) of the voting
stock of the Second National Bank of Tampa,
Tampa, Florida, a proposed new bank.
As required by Section 3(b) of the Act, notice
of receipt of the applications was given to, and
views and recommendation requested of, the
Comptroller of the Currency. He recommended
approval of the applications. Notice of receipt of
the applications was published in the Federal
Register on January 8, 1964 (29 Federal Register
204), which provided an opportunity for submission of comments and views regarding the proposed acquisition. Time for filing such comments
and views has expired and all comments and views
filed with the Board have been considered by it.
IT IS ORDERED, for the reasons set forth in the
JUNE 1964
Board's Statement of this date, that said applications be and hereby are approved, provided that
the acquisition so approved shall not be consummated (a) within seven calendar days after the
date of this Order or (b) later than three months
after said date, and provided further that the
Second National Bank of Tampa shall be opened
for business not later than six months after said
date.
Dated at Washington, D. C , this 18th day of
May, 1964.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Mills, and Shepardson. Voting
against this action: Governors Robertson and Mitchell. Not participating: Governor Daane.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
STATEMENT
The First National Bank of Tampa ("First
National") and Union Security & Investment Co.
("Union Security"), both of Tampa, Florida,
herein jointly referred to as "Applicants", have
applied pursuant to Section 3 ( a ) ( l ) of the Bank
Holding Company Act of 1956 ("the Act") for
the Board's approval of the acquisition by Union
Security of 20,000 shares (80%) of the voting
stock to be issued of the Second National Bank
of Tampa ("Second National"), a proposed new
bank. Union Security now owns approximately 76
per cent of the 25,000 outstanding shares of The
Broadway National Bank of Tampa ("Broadway
National"), and the stock of Union Security is
held by trustees for the benefit of the shareholders
of First National. Accordingly, the proposed
acquisition would cause each Applicant to become
a bank holding company, as that term is defined
in Section 2(a) of the Act.1
Views and recommendation of the Comptroller
of the Currency. Since both First National and
Second National are national banks, notice of the
applications was given to the Comptroller of the
Currency pursuant to Section 3(b) of the Act, and
his views and recommendation requested. The
1
Hereinafter, the term "Group banks" will refer to
First National and Broadway National, or to First
National, Broadway National, and the proposed Second National.
LAW DEPARTMENT
Comptroller expressed the opinion that approval
of the applications is in the public interest and he
recommended such approval.
Statutory factors. In acting upon these applications the Board is required under Section 3(c)
of the Act to take into consideration the following
five factors: (1) the financial history and condition of the Applicants and the bank concerned;
(2) their prospects; (3) the character of their
management; (4) the convenience, needs, and welfare of the communities and the area concerned;
and (5) whether the effect of the proposed acquisition would be to expand the size or extent of the
bank holding company system involved beyond
limits consistent with adequate and sound banking,
the public interest, and the preservation of competition in the field of banking.
The City of Tampa is located in Hillsborough
County on the west coast of Florida, and constitutes one of the State's most active seaports. It
is a major manufacturing and distribution center
for such products as cigars, phosphate, cement,
fertilizer, aluminum, clothing, and machine tools;
and its location near the heart of the citrus belt
constitutes it a significant distribution center for
citrus products. Following extensions of the city
limits of Tampa in 1953 and 1960, Tampa's 1960
population was approximately 275,000, an increase
of 120 per cent over 1950. An economic study
submitted by Applicants estimates Tampa's annual
population growth at 8,000.
Each of the banks involved in Applicants' proposal is located in Tampa. First National, one of
the Applicants here, is the largest bank in Tampa,
holding at December 20, 1963,2 total deposits of
$139 million. First National has operated as a
national bank since 1886, having obtained the first
national bank charter issued to a bank in Florida.
Broadway National, organized in 1930 and converted to national bank status in 1937, is located
in the Ybor City section of Tampa, northeast of
Tampa's central business district. It holds total
deposits of $17 million. The proposed Second National, the establishment of which has received
the preliminary approval of the Comptroller of
the Currency, will open for business at a site west
of the Tampa business district, about four miles
from First National's location. Applicants estimate
2
Unless otherwise indicated, all banking data are
of this date.
715
that Second National will hold total deposits of $7
million after three years of operation.
Financial history and condition, prospects, and
character of management of Applicants and bank.
Applicants' financial history and condition are
considered satisfactory. Viewed primarily in relation to the generally satisfactory growth records
of the Group banks, their present sound condition
and favorable prospects, Applicants' operations
and those of the Group banks evidence sound and
capable management. Second National's proposed
financial structure appears sound and Applicants'
estimate of its growth and earnings potential is regarded as reasonably susceptible of attainment.
Operating as one of the Group banks, Second National's prospects are regarded as satisfactory.
Respecting Second National's management, since
it is to be drawn from the operating staff and
Board of Directors of First National, it may be
reasonably concluded that management of the proposed bank will be sound and capable.
Convenience, needs, and welfare of the communities and area concerned. Second National's
proposed site, west of the Tampa business district,
is in an area principally residential in character.
The area primarily to be served by Second
National (from which Applicants estimate that approximately 75 per cent of the bank's total of deposits of individuals, partnerships, and corporations ("IPC deposits") will be drawn) contains
some 20 or more residential subdivisions, most of
which are of recent origin. The estimated population of the primary service area near year-end
1963 was 24,000. While this area contains no major industries, there are in excess of 375 business
establishments therein reflecting construction enterprises, retail trade establishments, various service organizations, and a scattering of manufacturing, transportation, and wholesale trade concerns.
Second National's proposed site is in the immediate
vicinity of a 44-acre tract upon which Applicants
state a regional shopping center will be constructed. Second National, when opened for business,
will be the nearest banking office to the Tampa
International Airport, located approximately IV2
miles north of the bank's site.
Applicants concede that the banking needs of
the aforedescribed area are presently being served
in all major respects, a fact not contradicted in
the evidence before the Board, and that the banks
716
now serving Second National's proposed service
area, while not located therein, offer the same
general type of services which will be available at
Second National. However, Applicants make the
point that since there is no banking office now
located in Second National's designated primary
service area, the proposed bank's operation would
offer a source of banking service considerably
more convenient than any presently available to
the area. Conceding that such a result weighs
favorably toward approval of Applicants' proposal,
since the bank will open for business whether or
not Applicants' acquisition is approved, the matter
of convenience is, in the Board's opinion, a less
decisive factor than Applicants urge. It would appear, however, that Second National's affiliation
with First National under Applicants' ownership
would more promptly and more assuredly, and
perhaps more efficiently, provide banking services
at greater convenience to the area involved than
would be done if Second National opened for business as an independent bank. The likelihood of
such a result, while not a significant makeweight
toward approval of the applications, is consistent
with such approval.
Effect of proposed acquisition on adequate and
sound banking, public interest, and banking competition. Inasmuch as Second National will be
newly established, its acquisition by Applicants,
and subsequent affiliation with the Group subsidiaries, would not result in the elimination of existing competition. As to potential competition
among the Group banks, the designated primary
service areas of both Second National and Broadway National lie within the primary service area
of First National. First National and Broadway
National together derive about $746,000 of IPC
deposits from Second National's service area. This
total, although equal to nearly 11 per cent of
Second National's expected deposits after three
years of operation, represents but a small percentage of the combined total IPC deposits of Applicants' two existing banks. Assuming, arguendo,
that should these applications be denied Second
National would operate entirely independent of
the Group banks, it is considered unlikely that any
significant competition is likely to develop between
Second National and Broadway National in view
of their respective sizes, the distance separating
their locations, and the number of downtown
Tampa banks located between them. Similarly, in
FEDERAL RESERVE BULLETIN • JUNE 1964
view of the relatively small portion of its business
which First National now obtains from Second
National's primary service area, and the fact that
the area is and will be served by other large downtown Tampa banks, and by at least four banks
located from 1.6 to 4 miles from Second National's
proposed site, the prospect of significant competition between Second National and First National
is unlikely.
As earlier noted, Applicants anticipate that after
three years of operation Second National will have
total deposits of approximately $7 million. Among
the banks which are presently serving Second National's designated service area, those that would
be most directly affected by consummation of Applicants' proposal, and their sizes in terms of total
deposits, are the Peninsula State Bank ($16 million), Central Bank of Tampa ($10 million),
Tampa Bay Bank ($8.4 million), and National
Bank of Tampa ($5.6 million). These banks are
respectively located 1.6 miles southeast, 2.6 miles
east, 3 miles southeast, and 4 miles northeast of
Second National's proposed site. Considering the
facts that these banks have been and are healthfully competing with First National for business
within their respective service areas, that their
sizes, considered in respect to their distances from
Second National's site, will limit the extent to
which they and Second National will compete, and
that each of these banks will be serving residential
growth within its respective area, the Board concludes that Applicants' acquisition of Second National will not produce as to these banks significantly adverse competitive consequences.
There are 15 banks located in Tampa, holding
combined total deposits of $456 million. In Hillsborough County, a total of 21 banks hold combined total deposits of $492 million. The combined total deposits of First National and Broadway National ($156 million) represent 34 per cent
of the total deposits of the Tampa banks and nearly
32 per cent of the deposits held by all banks in
Hillsborough County. Viewed apart from the
actualities attending the conduct of banking business in the Tampa area, the percentage of the
area's total banking resources controlled by the
Group banks would appear to present a degree
of market occupancy or control inimical to continued effective competition. If this apparency
were a reality, the proposed addition to the Group
717
LAW DEPARTMENT
of Second National would clearly be inconsistent
with the public interest. As hereafter discussed,
however, the Board finds the Applicants' Group as
presently composed and operated does not constitute a competitive force having undue advantage
of its competitors; nor, in the Board's opinion,
would consummation of the present proposal so
position Applicants.
First National, the largest of the Group banks
with total deposits of $139 million, meets vigorous
competition from the Exchange National Bank,
Tampa, an institution with $133 million of deposits. In the 10-year period 1953-1963, Exchange
National Bank's deposit increase exceeded that of
First National by nearly 15 per cent. A second
large competitor in Tampa is the Marine Bank &
Trust Company, with total deposits of $61 million.
Excluding Broadway National, six other Tampa
banks hold deposits ranging in total from $ 10 million to $16 million, and five additional Tampa
banks hold combined total deposits of $28 million.
The size, area of operation, and growth record of
First National Bank's competitors make clear the
fact that neither First National nor it and Broadway National hold a dominant position in the
Tampa area. Nor would the addition of the proposed new Second National to the Group effect
such dominance in the foreseeable future. Adding
to the Group's combined deposits the $7 million
of deposits anticipated for Second National, after
three years of operation, increases by only one the
Group's percentage of deposits of all banks in
Tampa and in Hillsborough County, respectively.
First National presently operates in Hillsborough
County, its service area encompassing the whole
of Second National's designated primary service
area. Thus, Second National's operation as a Group
constituent wrould not represent a de novo entry
of the Group banks into Hillsborough County.
Rather, there would be located in a rapidly expanding sector of the County in which no bank
is presently located, a more convenient source
of full-scale banking service under the direction
of a banking group already established in the area.
Considering the present and prospective population of the pertinent area and the number of
large- and small-sized banking institutions additionally accessible to the area's residents, and absent evidence of an unduly advantageous competitive position presently enjoyed by Applicants or
of potential toward such position through the
acquisition proposed, the Board concludes that
approval of these applications will not have an
adverse effect on the adequacy and soundness of
banking, nor on competition in the areas herein
considered but, rather, will be consistent with the
preservation of such competition.
On the basis of all the relevant facts as contained
in the record before the Board, and in the light
of the factors set forth in Section 3(c) of the Act,
it is the Board's judgment that the proposed
acquisition would be consistent with the public
interest and that the applications should therefore
be approved.
DISSENTING STATEMENT OF GOVERNOR
ROBERTSON
Although I have viewed in a light most favorable to Applicants' case those facts and arguments
that are said to warrant approval of these applications, I am unable to conclude, as did the Board,
that such approval would be in the public interest.
The sole benefit that the Board finds will result
from the acquisition here proposed is that Second
National's prospective customers will be more
conveniently served than at present. However, the
Board's Statement then points out that the same
result is likely to occur in any event since we are
assuming that—regardless of the Board's action
on these applications—Second National will be
opened and operated at its presently proposed site.
The record before the Board does not establish
that the banking needs of the residents and businesses in Second National's designated service area
would be significantly less served by Second National operating independently of Applicants' control.
At the present time the Group banks involved
control 34 per cent of the total deposits of all
Tampa banks and approximately 32 per cent of
the total deposits of all banks in Hillsborough
County. Consummation of Applicants proposal
would, admittedly, insignificantly increase these
figures. This fact, however, does not justify approval of a proposal where, as here, the degree of
concentration existing at the outset is such as to
be inherently anti-competitive. Statement of this
position has been made recently by the United
States Supreme Court in United States v. Philadelphia National Bank, et al, 314 U.S. 321
718
(1963), wherein, referring to the proposed merger
of the Philadelphia National Bank and Girard
Trust Corn Exchange Bank, the Court said:
"The merger of appellees will result in a single
bank's controlling at least 30% of the commercial
banking business in the four-county Philadelphia metropolitan area. Without attempting to specify the
smallest market share which would still be considered
to threaten undue concentration, we are clear that
30% presents that threat, (page 364)
" . . . It is no answer that, among the three presently largest [banks] . . ., there will be no increase in
concentration. If this argument were valid, then once
a market had become unduly concentrated, further
concentration would be legally privileged. On the contrary, if concentration is already great, the importance
of preventing even slight increases in concentration
and so preserving the possibility of eventual deconcentration is correspondingly great." (page 365, f.n, 42)
FEDERAL RESERVE BULLETIN • JUNE 1964
The share of the banking resources of the Tampa
area banks now held by Applicants' Group constitutes a present threat of undue concentration;
the acquisition of Second National not only increases this threat but, in addition, forecloses to
the area forever the benefits of potential competition between Second National and First National.
The amount of business which the record shows
First National now derives from Second National's
proposed service area makes clear, in my judgment, that in time the two banks would directly
compete one with the other for a substantial portion of the business arising in Second National's
area. The detriment to the public in foreclosing
this potential competition by approval of these applications is not justified by any countervailing
consideration contained in the record of this case.
CHANGES IN THE BOARD'S STAFF
Mr. John E. Reynolds was appointed an Associate
Adviser in the Division of International Finance,
effective June 1, 1964.
Formerly Chief of the Special Studies and Operations Section, Division of International Finance,
Mr. Reynolds had been serving on detail to the
Bureau of the Budget for the past year as the Staff
Director of the Review Committee for Balance of
Payments Statistics. Before joining the Board's
Staff in September 1953, Mr. Reynolds served for
three years as a Research Economist in the Monetary and Economics Department of the Bank for
International Settlements, Basel, Switzerland.
Mr. Reynolds received his A.B. and M.A. degrees in Economics from Harvard University in
1944 and 1950, respectively, and is currently
working toward a doctorate at the same University.
Mr. Reed J. Irvine was appointed an Associate
Adviser in the Division of International Finance,
effective June 8, 1964.
Appointed to the Board's Staff in October 1951
as an Economist, Mr. Irvine has most recently
served as the Chief of the Asia, Africa, and Latin
America Section, Division of International Finance. Mr. Irvine is a graduate of the University
of Utah and studied at Oxford University, Oxford,
England, as a Fulbright Scholar, receiving a B.Litt.
in 1951.
Mr. M. H. Schwartz resigned as Director of the
Board's Division of Data Processing on June 10,
1964, to accept a position as Associate Director
of the Office of Business Economics, U.S. Department of Commerce.
Mr. W. M. Davis, an Assistant Cashier of the
Federal Reserve Bank of Atlanta, will serve as the
719
Acting Director of the Division of Data Processing
until a new Director is appointed.
RESIGNATION OF DIRECTOR
Mr. Jack W. Warner, who had served as a Director
of the Birmingham Branch of the Federal Reserve
Bank of Atlanta since January 1, 1960, has resigned effective May 27, 1964. Mr. Warner is
Chairman of the Board and President of the Gulf
States Paper Corporation, Tuscaloosa, Alabama.
TRANSFER OF FEDERAL RESERVE BRANCH
TERRITORY
Effective May 28, 1964, the territory of the Little
Rock Branch of the Federal Reserve Bank of St.
Louis was extended to include 11 northwestern
counties of Arkansas (Baxter, Benton, Boone,
Carroll, Crawford, Fulton, Madison, Marion, Sebastian, Sharp, and Washington), which had been
included in the territory served by the Head Office
at St. Louis. The Little Rock Branch now serves
all the State of Arkansas except the counties of
Clay, Greene, and Randolph, which are served by
St. Louis, and the counties of Craighead, Crittenden, Cross, Lawrence, Lee, Mississippi, Phillips,
Poinsett, St. Francis, and Woodruff, which are
served by the Memphis Branch.
ADMISSION OF STATE BANK TO MEMBERSHIP
IN THE FEDERAL RESERVE SYSTEM
The following bank was admitted to membership in the Federal Reserve System during the
period May 16, 1964 to June 15, 1964:
Texas
Corpus Christi
Corpus Christi Bank and
Trust Company
National Summary of Business Conditions
Released for publication June 16
Industrial production and consumer buying increased further in May and construction activity
remained at an advanced level. The unemployment rate was reduced although nonfarm employment changed little. The money supply declined
somewhat while time and savings deposits at commercial banks increased. The broad indexes of
wholesale commodity prices remained stable.
tinued to expand while output of commercial
machinery changed little.
Production of iron and steel rose further and
was close to the high reached a year ago when
inventories were being accumulated because of
the strike possibility. Output of other metal materials and of nondurable materials continued to
expand.
INDUSTRIAL PRODUCTION
EMPLOYMENT
Industrial production rose further in May to
130.3 per cent of the 1957-59 average, from a
revised April figure of 129.6 per cent, as output
of both final products and materials continued to
expand. In the first 5 months of the year, total
industrial output increased 3 per cent, reflecting
mainly gains in production of business equipment
and materials.
Auto assemblies were maintained at a record
level in May and schedules for June indicate
another month of high output. Production of
consumer staples and of furniture and some other
home goods rose further in May but output of
television sets declined, mainly reflecting a work
stoppage. Production of industrial equipment con-
Employment in nonagricultural establishments
changed little in May. Employment continued to
expand in finance, services, and State and local
government but declined in construction, in part
because of strikes. In manufacturing, further
gains in apparel and machinery were partly offset
by a reduction in transportation equipment. The
average factory workweek remained at an advanced level and average weekly earnings rose to
a new high of $103. The unemployment rate
declined to 5.1 per cent from 5.4 per cent in the
preceding 3 months.
CONSTRUCTION
New construction put in place in May—at a
seasonally adjusted annual rate of $66.7 billion—
was virtually unchanged from March and April
and was a tenth above a year earlier. In recent
months, private building and public construction
both remained close to the levels reached near
the end of last year.
INDUSTRIAL PRODUCTION
1957-59 100
FINAL
PRODUCTS
DISTRIBUTION
Retail sales increased somewhat in April, according to revised figures, and rose more than 1
per cent further in May to a new high. Sales increased substantially at apparel and general merchandise stores and remained at a high rate at
durable goods stores. Compared with a year
earlier, total retail sales were up 7 per cent.
MANUFACTURES
k
N . / EQUIPMENT
_1
I
_J
.,
F.R. indexes, seasonally adjusted. Latest figures shown are
for May.
720
721
NATIONAL SUMMARY OF BUSINESS CONDITIONS
COMMODITY PRICES
In May and early June the wholesale commodity price index and the broad components for
industrial commodities and foodstuffs were stable
and were virtually unchanged from their levels
at the end of 1963.
In the recent period, increases in prices of
aluminum ingots and some mill products were
announced and prices for some stainless steel
products were reduced. Winter wheat fell in response to the lower Federal loan rate that takes
effect July 1 and sugar declined as supply prospects improved. Prices of most other basic commodities changed little.
posits at commercial banks increased much more
than in the preceding two months.
Member bank borrowings from the Federal
Reserve averaged $255 million and excess reserves $340 million in May; borrowings were
higher and excess reserves lower than in April.
Seasonally adjusted total and required reserves
declined somewhat. Reserves were supplied
through System purchases of U.S. Government
securities and were absorbed through currency
outflow and other factors.
SECURITY MARKETS
Seasonally adjusted commercial bank credit rose
about $2 billion in May, after a decrease in April,
with an increase in loans accounting for most of
the rise. The seasonally adjusted money supply
declined somewhat following substantial expansion in March and April. Time and savings de-
Between mid-May and mid-June yields on U.S.
Government and corporate bonds changed little
while those on high grade State and local government bonds declined somewhat. The rate on 3month Treasury bills fluctuated narrowly just
below the 3Vi per cent discount rate.
Common stock prices in mid-June were moderately below the record high reached in mid-May.
PRICES
INTEREST RATES
BANK CREDIT, MONEY SUPPLY, AND RESERVES
WHOLESALE
ALL COMMODITIES
COMMODITIES
NONFOOD COMMODITIES
' TREASURY
RILLS
FARM PRODUCTS
Bureau of Labor Statistics indexes. Latest figures shown for
consumer prices, Apr.; for wholesale prices, May.
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 June 15.
Guide to Tabular Presentation
SYMBOLS AND ABBREVIATIONS
N.S.A.
Estimated
Corrected
Preliminary
Revised
Revised preliminary
e
P
r
rp
i, II,
III, IV
n.a.
n.e.c.
S.A.
Monthly (or quarterly) figures not adjusted
for seasonal variation
Individuals, partnerships, and corporations
Assets
Liabilities
Sources of funds
Uses of funds
Amounts insignificant in terms of the particular unit (e.g., less than 500,000 when
the unit is millions)
(1) Zero, (2) no figure to be expected, or (3)
figure delayed
IPC
A
L
S
U
*
Quarters
Not available
Not elsewhere classified
Monthly (or quarterly)
seasonal variation
GENERAL INFORMATION
Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow.
A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left)
of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the
right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items.
"U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes
municipalities, special districts, and other political subdivisions.
In some of the tables details do not add to totals because of rounding.
The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data.
LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY,
WITH LATEST BULLETIN REFERENCE
Quarterly
Flow of funds
Issue
Page
Apr. 1964 508-17
Semiannually
Banking offices:
Analysis of changes in number of
Feb. 1964
On, and not on, Federal Reserve Par List
Feb. 1964
number of
Issue
Page
Feb. 1964 242-47
Mar. 1964 396-97
Banks and branches, number of, by class and
State
Apr. 1964 518-19
240
241
Annually
Bank holding companies:
List of, Dec. 31, 1963
June 1964
Banking offices and deposits of group banks,
Dec. 31, 1963
June 1964
Annually—continued
Banking and monetary statistics, 1963
782
783
Income and expenses:
Federal Reserve Banks
Member banks:
Calendar year
Operating ratios
Insured commercial banks.
M a y 1964
Apr. 1964
M a y 1964
630-38
520-22
639
Stock exchange firms, detailed debit and credit
balances
Sept. 1963
1322
722
Feb. 1964 238-39
Financial and Business Statistics
* United States *
Member bank reserve, Reserve Bank credit, and related items .
Reserve Bank discount rates; margin requirements; reserve requirements
Federal Reserve Banks
Bank debits; currency in circulation.
Money supply; banks and the monetary system.
Commercial and mutual savings banks, by classes
Commercial banks, by classes.
Weekly reporting member banks
Business loans
724
728
730
732
734
736
740
742
745
Interest rates
Security prices; stock market credit; open market paper
Savings institutions
Federal finance.
Federally sponsored credit agencies
Security issues.
Business finance.
Real estate credit.
Consumer credit.
746
747
748
750
755
756
759
761
764
Industrial production
Business activity.
Construction
Employment and earnings.
Wholesale and consumer prices.
National product and income series.
Flow of funds.
768
772
772
774
776
778
780
Bank holding companies, December 31, 1963
Guide to tabular presentation
Index to statistical tables
782
722
811
The data for F.R. Banks, member banks, and
department stores, and consumer credit are
derived from regular reports made to the
Board; production indexes are compiled by the
Board on the basis of data collected by other
agencies; figures for gold stock, currency, Federal finance, and Federal business-type activi-
ties are obtained from Treasury statements;
the remaining data are obtained largely from
other sources. For many of the banking and
monetary series back data and descriptive text
are available in Banking and Monetary Statistics and its Supplements (see list of publications at end of the BULLETIN.
723
724
BANK RESERVES AND RELATED ITEMS
JUNE 1964
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS
(In millions of dollars)
Factors absorbing reserve funds
Factors supplying reserve funds
F.R. Bank credit outstanding
Period
or
date
U.S. Govt. securities
Discounts
Bought Repur- and Float
out- chase adTotal
right agree-
Averages of
daily figures
179
179
1,933 1,933
2,510 2,510
2,219 2,219
23,708 23,708
Total 2
Deposits, other
than member bank
Treasreserves,
Cur- Treasury
with F.R. Banks
ury
Gold
cur- rency
in
cash
stock rency
ciroutholdstand- culaings
tion
ing
Treas- For- Other
eign
ury
i
210
61 1,317 4,024 2,018 4,400
272
12 2,208 4,030 2,295 5,455
83 2,612 17,518 2,956 7,609 2,402
170 2,404 22,759 3,239 10,985 2,189
652 24,744 20,047 4,322 28,452 2,269
1929—June....
1933—June....
1939—Dec
1941—Dec
1945—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954-Dec
20,345
23,409
24,400
25,639
24,917
20,336
23,310
23,876
25,218
24,888
142 1,117 21,606 22,879
9
657 1,375 25,446 22,483
99
524 1,633 1,262!27,299 23,276
448 l,018|27,107 22,028
421
407
29
992|26,317 21,711
1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec
24,602
24,765
23,982
26,312
27,036
24,318
24,498
23,615
26,216
26,993
284
267
367
96
43
I960—Dec
1961—Dec
1962—Dec
27,248 27,170
29,098 29,061
30,546 30,474
78
37
72
1963—May.
June.
July
Aug..
Sept..
Oct..
Nov..
Dec.
31,138
31,540
32,158
32,233
32,341
32,648
33,126
33,729
31,041
31,446
32,014
32,171
32,243
32,464
32,936
33,626
97
94
144
62
98
184
190
103
229
236
322
355
352
343
407
360
1,560,32.972
1,635133,454
1,74034,262
1,453134,080
1,71034,440
1,593 34,628
1,771135,353
2,434,36,610
15,834
15,785
15,664
15,602
15,582
15,582
15,582
15,562
1964—Jan
Feb
Mar
Apr
May
33,200
33,009
33,389
33,498
33,907
33,127
32,981
33,348
33,453
33,836
73
28
41
45
71
289
311
259
214
256
2,164! 35,770
l,644 35,028
1,710 35,454
1,798,35,602
1 ,747 35.981
15,513
15,480
15,462
15,462
15.462
,345 32 1,596
978
250
8
5
381
30
81
616
592
625
30
164
739
1,531
1,247
Member bank
reserves
Other
F.R.
accounts With
F.R.
Banks
Currency
and
coin 3
Total
376 2,314
350 2,211
248 11,473
292 12,812
493 16,027
2,314
2,211
11,473
12,812
16,027
4.629
4,701
4,806
4,885
4,982
27,806 1,290
29,139 1,280
30,494 1,271
767
30,968
30,749
805
615
271
569
602
443
920
571
745
466
439
353
264
290
390
365
739
796
832
908
929
17,391
20,310
21,180
19,920
19,279
17,391
20,310
21,180
19,920
19,279
5,008
5,064
5.144
5,230
5,311
31,265
31,775
31,932
32,371
32,775
111
772
768
691
396
434
463
385
470
524
459
372
345
262
361
394
983
247
998
186 1,063
337 1,174
348 1,195
19,240
19,535
19,420
18,899
18,628
19,240
19,535
19,420
18,899
304 18,932
94 l,665J29,060 17,954 5,396 33,019
152 1.921131.217 16,929 5,587 33,954
305 2.298.33.218 15,978 5,561 35,281
408
422
398
522
514
587
250
229
222
495
244
290
34,879
35,293
35,752
35,794
35,945
36,120
36,693
37,603
423
400
393
394
401
395
395
389
890
794
923
846
866
918
938
879
171
193
176
164
149
161
150
160
183
216
201
200
196
194
198
206
36,827
36,383
36,615
r
36,887
37,106
408
429
433
426
426
965
926
948
924
957
155
141
153
141
148
212 1,052 17,247 3,428 20,675
205
991 17,018 3,130 20,148
202
998 17,146 3,067 20,213
195
987 17,084 3,189 20,273
180 1,
17,092 ^3.133 ^20,225
15,878 5,577 34,535
,425 32:,779 15,878 5,578 34,745
^630 32.853 15,878 5,574 34,915
,919 32,743 15,877 5,578 34,685
428
441
427
437
895
897
826
996
189
184
190
191
191 1,074 16,740 2,868
194 1,076 16,696 2,675
216 1,001 16,730 2,960
192
987 16,710 3,019
19,608
19,371
19,690
19,729
3,029
2,703
2,910
2,896
3,034
19,644
19,715
19,660
19,683
19,599
840
706
716
564
911
1,389 26,853
1,633;27,156
1,443 26,186
1,49628,412
1,426:29,435
21,689
21,942
22,769
20.563
19,482
5,583
5,586
5,579
5,580
5.577
,029 16,688 2,595 19,283
,112 17,259 2.859 20,118
,048 16,932 3,108 20,040
,075
,125
,076
,144
1,163
1,089
1,138
1,215
16,761
16,800
16,991
16,723
16,890
16,920
17,017
17,303
2,918
2.929
3,029
2,996
3,055
3,083
3,097
3,443
19,679
19,729
20,020
19,719
19,945
20,003
20,114
20,746
Week ending—
1963
Apr.
3
10
17
24
30,997
31,1*8
30,988
30,589
30,855
31,106
30,946
30,589
142
82
42!
204
117
187
188
May
1
8
15
2">
29
30,808
31,350
31,333
30,914
'.'.'. 30,910
30,646
31,113
31,211
30,914
30,910
162
237
122
124 ,522 32,500
141 ,545;33,081
229 ,471 33,077
304 ,899|33,163
266 1,446 32,667
15,877
15,864
15,828
15,828
15,819
5,582
5,580
5,570
5,574
5,578
34,583
34,755
34,933
34.896
34,911
963
969
435
416 1,047
422
931
419
673
167
172
156
190
168
196
997
191
990
189
984
177 1,162
174 1,155
5
31,293
31,587
31,317
31,583
31,191
31,513
31,244
31,430
102
74
73
153
216
249
284
234
15,797
15,797
15,798
15,779
5.583
5,581
5,582
5,582
35,108
35,298
35,331
35,279
407
402
404
402
643
774
781
892
169
218
202
185
183
205
237
217
1,156 16,582 2,856 19,438
1,156 16,587 2,841 19,428
1,111 16.813 2,983 19,796
1,099 17,001 3,051 20,052
32,249
32,652
32,042
31,687
32,086
32,078
32,308
31,939
31,687
32,044
171
344
103
"42
329
323
401
313
143
1,318 32,868
1,382 33,261
1.853 33,498
1.854 33,714
1,651 34.273
1,726 34,744
1,929134,419
1,990 34,030
1,344 33,611
15,733
15,691
15,669
15,633
15,633
5,587
5,588
5,582
5.584
5,586
35,581
35,899
35,850
35,698
35,564
863
383
391 1,022
922
396
886
391
891
393
173
180
180
168
179
235
196
199
193
202
1,101
1,107
1.056
1^062
1,069
17,257
17,228
17,067
16,850
16,530
2,985
2,865
3,105
3,078
3,118
20.242
20;093
20,172
19,928
19,648
14
21
28
32,443
32,286
32,017
32,142
32,373
32,253
31,964
32,074
70
33
53
68
403
382
324
305
,288 34,174
,367 34,075
,787 34,167
,418 33,901
15,633
15,618
15,583
15,583
5,587
5,581
5,583
5,586
35,703
35,879
35,850
35,728
402
382
394
400
742
870
879
918
170
167
153
162
250
188
185
181
1,071
1,038
1.217
1,219
17,055
16,750
16,655
16,461
2,858
2,959
2,999
3,093
19,913
19,709
19,654
19,554
Sept. 4
11
18
25
32,438
32,644
32,209
32,040
32,264
32,350
32,209
32,040
174
294
355
385
225
418
,348 34,180
,487;34,553
,995 34,465
,937,34,434
15.582
15.583
15^582
15,582 5,587
35.889
36,066
36,016
35,850
391
409
417
385
806
824
942
856
170
153
142
139
192
206
209
181
1,214 16,689 2,995 19,684
1,219 16,850 2,964 19,814
1,139 16,770 3,130 19.900
1,140 17,052 3,148 20,200
June
12
19
26
July
3
10
17
24
31
Aim. 7
For notes see opposite page.
438J
16.615
17,012
16,750
16.787
16,565
725
BANK RESERVES AND RELATED ITEMS
JUNE 1964
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
(In millions of dollars)
Factors supplying reserve funds
F.R. Bank credit outstanding
Period
or
date
U.S. Govt. securities
Discounts
ToBought Repur- and Float i tal 2
Total out- chase adright agree- vances
ments
Factors absorbing reserve funds
Deposits, other
Treasthan member bank
Member bank
ury
Cur- Treasreserves,
reserves
Gold
cur- rency
ury
with F.R. Banks
Other
stock rency
in
cash
F.R.
outcirholdacstand- culaings
counts With Curing
tion
Treas- For- Otheri
F.R. rency Total
ury
Banks and
coin 3
Averages of
daily figures
Week ending—
1963
61
373
422
339
392
229
1,545 34,467
,030
1,:
1,567 34 ,737
,589
1,930 34
1,416 34 ,163
15,582
15,583
15,583
15,581
15,582
5,589
5,591
5,582
5,583
5,590
35,858
36,061
36,235
36,165
36,066
393
397
392
394
398
901
910
930
915
906
153
153
150
171
167
192
193
194
188
197
1,114
1,141
1,107
1,060
1,048
17,027
17,349
16,894
16,860
16,553
3,150
2,843
3,095
3,082
3,202
20,177
20,192
19,989
19,942
19,755
209
299
176
93
434
330
462
233
1,315 34,842
1,581 35,138
"",635
2,180 35
2,126 35 ,512
15,583
15,582
15,582
15,582
5,593
5,598
5,596
5,593
36,251
36,625
36,722
36,872
823
388
886
402
403 1,045
386 1,006
156
146
144
151
193
198
208
199
1,019
1,001
1,211
1,250
17,188
17,060
17,080
16,823
2,978
3,005
3,170
3,212
20,166
20,065
20,250
20,035
33,590
33,759
33,582
33,552
205
90
83
34
540
148
307
350
1,631 36,010
1,899
899 35,945
35
2,471 36,507
2,991 37,040
15,582
15,582
15,582
15,552
5,580
5,586
5,582
5,586
37,274
37,487
37,621
37,752
385
388
392
395
812
856
907
903
167
143
158
154
197
202
196
210
1,264
1,268
1,194
1,208
17,074
16,770
17,204
17,556
3,246
3,224
3,476
3,445
20,320
19,994
20,680
21,001
92
167
156
590
396
394
198
209
2,752 37,153
2,461 36,706
2,203 36,231
2,365 35,623
"-,780
1,764 34
15,513
15,513
15,513
15,513
15,512
5,580
5,582
5,584
5,586
5,582
37,730
37,306
36,983
36,690
36,364
927
381
402
966
406 1,033
416 1,044
410
869
185
168
167
148
141
227
205
213
216
208
1,142
1,070
1,062
1,059
1,041
17,653
17,685
17,463
17,149
16,840
3,796
3,484
3,442
3,314
3,360
21,449
21,169
20,905
20,463
20,200
17,089
17,116
16,972
16,852
3,131
3,062
3,199
3,184
20,220
20,178
20,171
20,036
2
9
16
23
30
32,511
33,036
32,784
, 32,226
32,474
32,449
32,617
32,521
32,226
32,413
62
419
263
Nov. 6
13
20
27
, 33,031
33,179
, 32,949
33,111
32,822
32,880
32,773
33,018
4
11
18
25
33,795
, 33,849
33,665
33,586
Oct.
Dec.
1964
Jan.
1
8
15
22
29
33,655
33,698
33,494
32,944
32,739
33,563
33,531
33,338
32,944
32,739
Feb.
5
12
19
26
33,009
33,275
32,887
32,750
32,979
33,214
32,862
32,750
277
372
291
200
,417 34,771
,496 35,208
846 35,088
,835 34,846
15,512
15,498
15,462
15,462
5,587
5,586
5,583
5,588
36,292
36,462
36,469
36,308
425
424
420
439
759
978
979
903
131
151
124
147
214
960
200
961
209
960
197 1,051
Mar. 4
11
18
25
33,245
33,437
33,270
33,384
33,245
33,437
33,195
33,301
362
253
358
279
,529 35,204
,609 35,385
,758 35,480
,973 35,750
15,462
15,463
15,463
15,462
5,586
5,580
5,576
5,579
36,352
36,538
36,692
36,657
989
443
452
941
444
897
431 1,044
150
149
144
159
207 1,040 17,072 3,111 20,183
207 1,062 17,079 2,899 19,978
200 1,005 17,137 3,076 20,213
196
950 17,354 3,156 20,510
Apr.
1
8
15
22
29
33,575
33,979
33,843
33,050
33,086
33,534
33,916
33,843
33,050
32,985
101
155
209
191
321
137
,512 35,353
,593 35,898
,756 35,891
,166 35,593
,772 35,083
15,462
15,463
15,462
15,462
15,462
5,578
5,583
5,585
5,576
5,578
36,735
36,839
36,998
36,912
36,813
391
415
439
432
423
881
922
980
898
929
164
148
135
133
140
202
952 17,067 3,242 20,309
203 1,039 17,376 2,974 20,350
197 1,005 17,183 3,185 20,368
187
946 17,123 3,200 20,323
193
959 16,667 3,299 19,966
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 ,653 35,724
314
640 36,020
298 2,064 36,179
209 1 ,739
" " " 35,844
15,463
15,463
15,462
15,462
5,582
5,571
5.573
5,581
36,910
37,150
37,154
37.123
426
417
990
427 1.010
430
927
156
160
143
131
188
954
179
939
178 1,195
1,250
33,770 33,611
33,169 33,117
34.229 34,229
159
52
130 1,289 35,314 15,461 5,583 36,799
116 -1,741 C35,119 15,462 5,579 36,885
226 1,564 36,066 "15,463 "5,581 "37,194
376
413
"431
831
925
997
167
166
161
200
926 17,060 3,458 20,518
193
951 16,629 3,555 20.184
184 1,254 16,890 "2,864 "19,754
34,042
33,932
33,485
32,88"
33,140
33,916
33,916
33,485
32,885
33,076
126
16
287 1,187 35,677 15,463 5,578 36,792
15,463 5,590 37,000
130 ' ,482"",649
35
772 ,729 36,082 15,463 5,575 37,002
148 ,693 34,780 15,463 5,576 36,889
378 ,451 35,067 15,463 5,581 36,878
400
433
443
42(
431
695
912
957
970
952
154
144
145
125
140
202 1,018 17,457 3,487 20,944
185 1,035 16,993 3,197 20,190
189
951 17,432 3,629 21,061
177
945 16,284 3,548 19,832
187
999 16,525 3,680 20,205
34.229
33,944
33,824
34,023
33,907
33,904
33,760
34,013
32:
40
64
10
436
785
424
829
435 1,072
43'
884
137
165
148
145
175
962 17,455 3.185 20,640
171
875 17,076 3,518 20,594
170 1,244 16,931 "3,486 "20,417
185 1,251 16,490 "3,646 "20.136
17,247 3,030 20,277
17,218 3,075 20,293
17,107 "3,196 "20.303
16,852 "3.264 "20,116
End of month
1964
Mar..
Apr..
May.
Wednesday
1964
Apr.
15
22
29
May 6
20'.'.'.'.'.
27
64
247
179
530
204
,403 35,967
,527 35,723
,700 36,125
,27435,556
15,463
15,463
15,463
15,463
5,584
5,573
5,575
5,582
1 Beginning with 1960 reflects a minor change in concept, see Feb.
1961 BULL., p. 164.
2 Includes industrial loans and acceptances, when held. (Industrial
loan program discontinued Aug. 21, 1959.) For holdings of acceptances
on Wed. and end-of-month dates, see subsequent tables on F.R. Banks.
See also note 1.
37,064
37,218
37.163
37;208
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.
726
BANK RESERVES AND RELATED ITEMS
JUNE 1964
RESERVES AND BORROWINGS OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
All member banks
City of Chicago
New York City
Period
Borrowings
at
F. R.
Banks
Reserves
Total
held
Required
Excess
Reserves
Free
Total
held
Required
Borrowings
at
Excess F. R.
Banks
1929—June.
1933—June.
1939—Dec.
1941 _ D e c .
1945_Dec..
1947—Dec..
2,31
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
-93:
179
5,008
3,385
1,157
762
5,623
5 142
4,118
4,404
3,012
4 153
4,070
4,299
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
169
-870
252
45
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.
19,283 18,514
20,118 19,550|
20,040 19,468
769
568
572
87
149
304
68!
419
268
1963—May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec..
19,679
19,729
20,020
19,719
19,945
20,003
20,114
20,746
19,223
19,355
19,537
19,256
19,533i
19,596
19,705!
20,210
456
374
483
463
412!
407
409
536
209
236
322
330
321
313
376
327
24'
138
161
133
91
94
33
209
20,675
20,148
20,213
20,273
2*20,225
20,248
19,753
19,856
19,898
'19,887
427
395
357
375
256
304!
259
213
255
171
91
98
162
1.
8.
15.
22.
29.
19,644
19,715
19,660
19,683
19,599
19,244!
19,354!
19,201|
19,230i
19,122!
400
361
459
453
477
94
110!
199!
281
266
306
251
260
172
211
3,848
3,839
3,702
3,753
3,737
3,799
3,822
3,711
3,729
3,683
49
17
-9
24
54
53
81
15
4.
11.
18.
25.
1964—Jan. 1 .
8.
15.
22.,
29.
20,320
19,994
20,680
21,001
19,7341
19,804
20,188
20,527
586
190
492
474 j
507
115
272
317
79
75
220
157
3,741
3,747
3,913
4,046
3,707
3,745
3,906
4,004
34
3
8
42
59
13
11
53
21,449
21,169
20,905
20,463
20,200
20,663
20,706
20,305
20,174
19,827
786
463
600
289 i
373
558
364
361
164
177
228
99
239
125
196
4,228
4,068
3,909
3,841
3,791
4,073
4,072
3,864
3,837
3,780
155
-4
45
4
11
5.
12.
19.,
26.
20,220
20,178
20,171
20,036
19,854
19,776
19,751
19,683
366
402
420
353
242
367
291
200
124
35
129
153
3,834
3,762
3,762
3,733
3,820
3,744
3,742
3,734
Mar. 4 . ,
11.,
18.,
25.,
20,183
19,978
20,213
20,510
19,693
19,664
19,838
20,002
490|
314!
375!
508;
362
2531
358
279
128
61
17
229
3,836
3,718
3,801
3,866
Apr.
1.,
8..
15..
22.,
29. ,
20,309
20,350
20,368
20,323
19,966
20,037
19,928
20,069
19,882
19,698
155
208
190
319
135
117
214
109
122
133
6. ,
13.,
20. ,
27. ,
20,277
20,293
?2O,3O3
?20,116
19,988
19,892
'19,896
'19,783
272|
422
2991
441j
268 j
!
2891
401!
"407 i
|
211
314
298
208
78
87
1964—Jan
Feb
Mar
Apr
May....
I
Reserves
Free
reserves
Total
held
Required
Excess
Borrowings
at
F. R.
Banks
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
78
540
295
14
13
125
44
30
14
12
58
151
486
115
62
67
-107
-456
-101
-50
1,199
1,356
1,406
1,295
1,210
1,191
1,353
1,409
1,295
1,210
3
-4
1
-1
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
3,658
3,826
3,817
29
7
46
19
57
108
10
958
-50i
987
- 6 2 1,042
953
987
1,035
3,770
3,722
3,795
3,630
3,748
3,695
3,683
3,951
3,735
3,742
3,740
3,620
3,721
3,693
3,668
3,895
35
-20
55
10
27
2
15
56
34
39
40
90
82
101
89
37
1
-59
15
-80
-55
-99
-74
19
1,025
1,028
1,038
1,009
1,029
1,036
1,035
1,056
,025
,032
,026
,007
,030
,028
,031
,051
-4
12
2
-1
8
4
5
-8
-7
-12
-27
-41
-11
-36
-21
13
40
5
14
36
47
22
16
26
-23 1,048
- 7 1,014
-17 1,026
- 2 1,021
^-26 ^1,044
,044
,016
,022
,015
,042
5
-2
4
7
-22
-89
-86
-14
49
17
-62
-57
39
1,020
1,032
1,021
1,035
1,027
,023
,027
,019
,031
,024
-3
5
3
-6
-21
-3
2
-25
-10
2
-11
1,032
1,009
1,053
1,080
,027
,012
1,044
6
-3
9
-37
-6
-15
-24
67
45
79
15
21
1,094
1,100
1,047
1,027
1,012
1,090
,091
,043
,032
,007
4
9
4
-5
5
-47
-19
-37
-33
14
18
20
-1
24
89
4
35
1,028
1,003
1,031
1,011
,021
,011
,018
,011
3,766
3,707
3,804
3,837
70
11
-2
28
65
33
32
8
1,030
999
1,020
1,037
,020
999
,019
,033
3,900
3 814
3,822
3,736
3.736
3,871
3 812
3,801
3,727
3,721
29
1
21
9
15
2
10
58
1,050
1,017
1,014
1,017
1,013
,037
,015
,013
,016
,014
3,910
3,805
3,824
3,846
3,890
3,783
3,825
3,818
20
22
-1
28
8
13
47
12
1,056
1,036
1,056
1,038
,051
,036
1,047
1,035
762
861
755
792
3,906 3,893
3,797 3,757
3,803 3,798
3,787 3,773
^3.833 ^3,832 v
7
69
174
2
12
-4
-22
-11
P2
Week ending—
1963—May
Dec.
Feb.
May
For notes see opposite page.
1,080
13
13
2
1
1
-1
46
117
132
60
-40
-124
-119
-60
30
70
113
177
-20
-69
-112
-172
32
59
1
28
2
-19
-57
5
9
-27
-3
-9
727
BANK RESERVES AND RELATED ITEMS
JUNE 1964
RESERVES AND BORROWINGS OF MEMBER BANKS—Continued
(In millions of dollars)
Other reserve city banks
Reserves
Period
Total
held
Country banks
Required
Excess
Borrowings at
F.R.
Banks
Reserves
Free
reserves
Total
held
Required
Excess
Borrowings at
F.R.
Banks
I Free
| reserves
- 305
-30
668
800
965
540
1929—June
1933—June
1939—Dec
1941—Dec
1945_Dec
1947_Dec
761
648
3,140
4,317
6,394
6,861
749
528
1,953
3,014
5,976
6,589
12
120
1,188
1,303
418
271
409
58
1
96
123
-397
62
1,188
1,302
322
148
632
441
1,568
2,210
4,576
4,972
610
344
897
1,406
3,566
4,375
22
96
671
804
1,011
597
327
126
3
4
46
57
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
i
!
!
i
I
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
j
!
i
I
338
344
277
268
237
1960—Dec
1961—Dec
1962—Dec
7,950
8,367
8,178
7,851
8,308
8,100
100
59
78
20
39
130
80
20
-52
6,689
6,931
6,956
6,066
6,429
6,515
623
502
442
40
31
48
583
471
394
1963—May
June
July
Aug
Sept
Oct
Nov
Dec
8,016
8,036
8,151
8,061
8,118
8,155
8,197
8,393
7,963
8,018
8,099
8,018
8,096
8,117
8,164
8,325
53
18
52
43
22
38
33
68
117
129
201
118
130
131
171
190
-64
-111
-149
-75
-108
-93
-138
-122
6,868
6,942
7,037
7,019
7,050
7,118
7,199
7,347
6,500
6,563
,672
6,611
6,686
6.758
6.842
6,939
368
379
365
408
364
360
357
408
50
65
57
93
69
62
76
74
318
314
308
315
295
298
281
334
1964—Jan
Feb
Mar
Apr
May
8,346
8,122
8,208
8,234
^8,184
8,325
8,104
8,172
8,204
21
19
36
30
137
106
90
108
144
-116
7,376
7,215
7,176
7,230
^7,164
6,986
6,876
6,864
6,906
"6.862
390
339
312
323
?>3O3
56
64
57
68
80
534
275
255
255
"223
"8,151
OH
-54
-78
''-111
213 I
Week ending—
1963—May
1
8
15
22
29
7,987
8,053
7,994
7,986
8,012
7,966
8,025
7,954
7,957
7,928
21
27
40
29
84
49
58
89
161
172
-28
-31
-49
-132
6,789
6,792
6,943
6.910
6,823
6.457
6,480
6,517
6,513
6.487
333
312
426
397
336
42
26
52
37
77
291
286
374
360
259
Dec.
4
11
18
25
8,198
8,204
8,362
8,488
8,154
8,167
8,313
8,463
44
37
49
24
304
24
166
161
-260
13
-117
-137
7,349
7,033
7,351
7,388
6,846
6,880
6,925
6,979
502
153
426
408
101
75
71
79
401
78
355
330
1964—Jan.
1
8
15
22
29
8,628
8,540
8,416
8,337
8,163
8,478
8,498
8,376
8,319
8,133
150
42
40
18
30
384
217
193
77
93
-234
-175
-153
-59
-63
7,500
7,461
7,533
7,257
7,234
7,023
7,046
7,022
6,986
6,907
477
415
511
271
327
56
74
48
44
55
421
341
463
227
272
5
19
26
8,146
8,157
8,140
8,107
8,133
8,111
8,102
8,085
13
46
38
22
95
102
83
66
-81
-56
-46
-44
7,213
7,255
7,238
7,185
6,879
6,911
6,888
6,853
333
345
350
332
77
59
72
39
256
286
278
293
Mar. 4
1!
18
25
8,139
8,142
8,179
8,256
8,084
8,113
8,155
8,224
55
29
25
32
184
96
145
65
-130
-67
-121
-33
7,178
7,118
7,212
7,352
6,823
6.844
6; 860
6,909
355
274
352
443
83
54
68
29
271
220
284
414
Apr.
1
8
15
22
29
8,286
8,261
8,334
8,214
8,107
8,251
8,230
8,312
8,196
8,083
35
31
22
19
24
49
92
105
176
54
-14
-61
-83
-157
-30
7,073
7,258
7,198
7.356
7; 109
6,878
6,870
6,943
6.943
6,879
195
388
255
412
230
72
57
74
57
79
123
331
181
355
151
May
6
8,215
8,198
8,173
8,137
8,186
8,164
8,144
8,105
34
29
32
118
197
188
104
-89
-163
-159
-73
7,095
7,254
^7,251
^7,096
6.860
6,908
235
346
2>37l
P271
80
95
63
90
155
251
"308
"181
Feb.
12
20!'.'.'.'.'.'.'.'.'.
27
1 This total excludes, and that in the preceding table includes, $51
million in balances of unlicensed banks.
NOTE.—Averages of daily figures. Beginning with Jan. 1964 reserves
are estimated except for weekly averages.
'•6,880
"6.825
Total reserves held: Based on figures at close of business through Nov.
1959; thereafter on closing figures for balances with F.R. Banks and opening figures for allowable cash; see also note 3 to preceding table.
Required reserves: Based on deposits as of opening of business each day.
Borrowings at F.R. Banks: Based on closing figures.
728
DISCOUNT RATES
JUNE 1964
FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per annum)
Discounts for and advances to member banks
Federal Reserve Bank
Rate on
May 31
Effective
date
Boston
New Y o r k . . .
Philadelphia..
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
July
July
July
July
July
Juiy
July
July
July
July
July
July
Previous
Rate on
May 31
Effective
date
17, 1963
17, 1963
19, 1963
17, 1963
17, 1963
24, 1963
19, 1963
17, 1963
17, 1963
26, 1963
17, 1963
19, 1963
July
July
July
July
July
July
July
July
July
July
July
July
1
Advances secured by U.S. Govt. securities and discounts of and
advances secured by eligible paper. Rates shown also apply to advances
secured by securities of Federal intermediate credit banks maturing
within 6 months. Maximum maturity: 90 days except that discounts
of certain bankers' acceptances and of agricultural paper may have
maturities not over 6 months and 9 months, respectively, and advances
Advances to all others under
last par. Sec. 13 3
Advances under
Sec. 10(b) 2
Advances and discounts under
Sees. 13 and 13a i
17,
17,
19,
17,
17,
24,
19,
17,
17,
26,
17,
19,
Previous
rate
Rate on
May 31
1963
1963
1963
1963
1963
1963
1963
1963
1963
1963
1963
1963
Effective
date
Previous
rate
July 17, 1963
June 10, 1960
Aug. 19, 1960
July 17, 1963
July 17, 1963
July 24, 1963
July 19, 1963
July 17, 1963
Aug. 15, 1960
July 26, 1963
Sept. 9, 1960
June 3,1960
4*4
4*4
5
5
secured
by FICB securities are limited to 15 days.
2
Advances secured to the satisfaction of the F.R. Bank. Maximum
maturity:
4 months.
3
Advances to individuals, partnerships, or corporations other than
member banks secured by U.S. Govt. direct securities. Maximum maturity: 90 days.
FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per annum)
Effective
date
In effect Dec. 31, 1932
Range
(or level)—
all F.R.
Banks
2*4-3*4
F.R.
Bank
of
N.Y.
2V4
1933
Mar. 3
4
Apr. 7
May 26
Oct. 20
Feb. 2
Mar. 16.
Jan. 11
May 14
Aug. 27
Sept. 4
Range
(or level)—
all F.R.
Banks
F.R.
Bank
of
N.Y.
1953
Jan. 16
23
Effective
date
WA-2
Jan. 22
24
Mar. 7
WA-2
Apr.
May
Aug.
Sept.
Range
(or level)—
all F.R.
Banks
F.R.
Bank
of
N.Y.
1958
13
Feb.
1934
1935
ifci*
1937
1
1
IB
IB
-2
-1*4
1942
1
Apr. 11
Oct. 15
30
5
15
Apr. 14
16
May 21
1954
21
18
9
15
12
23
Oct. 24
Nov. 7
1*4-1%
1*4-1%
1*4
1955
Apr
-!!::::
May 2
Aug. 4 — .
Sept
l
12'!'.'.'.
- .1:::::
Nov. 18
Mar. 6
16
May 29
June 12
Sept. 11
18
WA
l%2
%%
2
-2X
2
^
1959
23
1960
1946
l
l
Apr. 25
May 10
1948
Jan. 12
19
Aug. 13
1
-WA
IWAI
1*4
Aug. 21
Effective
date
1950
1*4-1%
WA
1%
1%
IB
June
Apr. 13
20
Aug. 24
31
Aug. 9
23
Nov. 15
Dec. 2
1956
3
July 17
26
2^-3
2M-3
1963
1957
1 Preferential rate of *4 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
23/4-3
3
10
14
Aug. 12
Sept. 9
-3
3
-3
3
V
1964
In effect May 31
3 -3*4
3*4
3*4
3*4
3*4
3*4
against U.S. Govt. securities was the same as its discount rate except
in the following periods (rates in percentages): 1955—May 4-6, 1.65;
Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug.
24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29,
2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July
20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3,
2.75; 1962—Mar. 20-21, 2.75.
MAXIMUM INTEREST RATES PAYABLE ON TIME AND
SAVINGS DEPOSITS
RESERVE REQUIREMENTS OF MEMBER BANKS
(Per cent of deposits)
(Per cent per annum)
Type of deposit
Savings deposits held for:
1 year or more
} 2*
Postal savings deposits
held for:
1 year or more
}
Other time deposits payable in: i
4
3%
m
3
4
3%
{ k
{
¥
3
l
Less than 90 days
July 17,
1963
3
J VA
6 months-1 year
Jan. 1,
1962
Jan. 1,
1957
Jan. 1,
1936
) ;
i For exceptions with respect to foreign time deposits, see Oct. 1962
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
(Per cent of market value)
Effective date
Regulation
July 28, July 10, Nov. 6,
1962
1960
1963
Regulation T:
For extensions of credit by brokers and
dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
2
Net demand deposits
Effective date
BULL., p.
729
RESERVE REQUIREMENTS
JUNE 1964
70
70
50
50
70
70
70
50
70
NOTE.—Regulations T and U, prescribed in accordance with Securities
Exchange Act of 1934, limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value.
Effective date *
Central Reserve
reserve
city
city
banks 3 banks
Country
banks
Time deposits
Central
reserve
and
reserve
city
banks
Country
banks
IneffectDec.31,1948...
26
22
16
71/2
7%
1949_May
June
Aug.
Aug.
Aug.
Sept.
1951—Jan.
Jan.
1953—July
1954_june
July
1,5
..
30, July 1..
1, 11 , ,
16, 1 8 . . . .
25
1
11, 16
25, Feb. 1..
1,9
16,24
29, Aug. 1.
24
21
20
15
14
13
12
7
6
5
7
6
13
14
13
6
6
5
5
1958—Feb.
Mar.
Apr.
Apr.
I960—Sept.
Nov
Dec.
27, Mar. 1.
20, Apr. 1..
17
24
1
24
1
S*
it*
8*
11*
25
24
22
21
20
19
20
19
18
12
5
\P
17%
12
I61/2
4
4
In effect June 1, 1964...
16i/ 2
12
4
4
Present legal requirement:
Minimum
Maximum
10
22
7
14
3
6
3
6
1962—Oct. 25, Nov. 1.
1
When two dates are shown, first-of-month or midmonth dates record
changes at country banks, and other dates (usually Thurs.) record changes
at central reserve or reserve city banks.
2 Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due from domestic banks.
3 Authority of the Board of Governors to classify or reclassify cities as
central reserve cities was terminated effective July 28, 1962.
NOTE.—All required reserves were held on deposit with F.R. Banks,
June 21, 1917, until late 1959. Since then, member banks have also been
allowed to count vault cash as reserves, as follows: County banks—in
excess of 4 and 2y2 per cent of net demand deposits effective Dec. 1, 1959
and Aug. 25, 1960, respectively. Central reserve city and reserve city
banks—in excess of 2 and 1 per cent effective Dec. 3, 1959 and Sept. 1,
1960, respectively. Effective Nov. 24, 1960, all vault cash.
DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
Item
All
member
banks
New
York
City
City
of
Chicago
Other
Reserve city banks
Country
banks
Item
Four weeks ending April 1, 1964
Gross demand—Total..
Interbank
U.S. Govt
Other
Net demand 1
Time
Demand balances due
from domestic banks.
Currency and coin
B a l a n c e s w i t h F.R.
Banks
Total reserves held
Required
Excess
131,483 24, 964
'13,807 4, 102
5,486 j 121
112,190
741
109,140 20, 017
95,563 12, 551
6 ,200
1 ,202
338
4 ,660
5 ,242
3 ,926
49,984
6,784
2,142
41,058
40,656
36,939
6,997
3,094
131
246
95
48
1,970
948
17,159
20,253
19,885
368
3, 575
3, 821
3, 805
16
979
1 ,027
1 ,022
5
7,268
8,216
8,186
30
New
York
City
City
of
Chicago
Country
banks
Other
Four weeks ending April 29, 1964
50,335
1,719
1,885
r
46,731
43,224
42,147
Gross demand—Total..
Interbank
U.S. Govt
Other
Net demand i
Time
Demand balances due
4,802
from domestic banks.
1,852 Currency and coin
B a l a n c e s w i t h F.R.
5,337
Banks
7,189
Total reserves h e l d . . . .
6,873
Required
316
Excess
i Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due from domestic banks.
All
member
banks
132,449
14,146
3,591
114,712
109,085
96,223
25 ,108
4 ,293
727
20 ,088
19 ,780
12 ,543
6 ,163
1 ,236
179
4 ,748
5 ,184
3 ,977
50,472
6,845
1,386
42,241
40,699
37,244
50,706
1,772
1,298
47,635
43,422
42,460
7,082
3,165
136
250
102
49
1,972
969
4,872
1,897
17,087
20,252
19,894
358
3 ,527
3 ,777
3 ,765
12
967
1 ,016
1 ,015
1
7,260
8,229
8,205
24
5,333
7,230
6,909
321
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.
730
FEDERAL RESERVE BANKS
JUNE 1964
CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
(In millions of dollars)
Wednesday
End of month
1964
Item
May 27
May 20
May 13
13,764
1,412
13,764
1,417
13,766
1,419
• • • 15,176
15,181
156
157
204
530
48
7
4,479
1964
May 6
.
1963
Apr. 29
May
13,785
1,405
13,790
1,405
13.764
1,412
15,185
15,190
15,195
15,176
164
180
178
169
179
247
373
5
226
49
50
52
53
47
22
23
36
45
4,226
4,391
4,394
3,563
4,643
3,604
2,604
24,887
4,647
24,887
4,647
3,265
21,622
4,626
3,265
21,622
4,626
3.265
21;622
4,626
24,905
4,681
3,265
21,622
4,626
! 14,438
9,680
4,379
34,013
10
33,760
64
33,904
40
33.076
64
34 229
33 117
52
31,101
' 153
Total U.S. Govt. securities
34,023
33,824
33,944
33,907
322
34,229
33,140
34,229
33,169
I 31,254
Cash items in orocess of collection
34,282
5,219
103
34,425
6,088
103
34,196
6,124
103
34,564
5,581
103
33,616
5,724
103
34,502
5 027
103
33,378
I f5 649
103
31.504
4,733
102
All other
213
159
214
139
214
481
214
458
164
440
213
168
214
441
128
205
Total assets
• • • 55,308
56,307
56,467
56,290
55,420
55,358
C
55,168
52,558
F R notes
Deposits:
Member bank reserves
U S Treasurer—General account
Foreign
Other
31,933
31,898
31,956
31,823
31,637
31,925
C
16.490
884
145
16,931
1,072
148
17.076
'829
165
17,455
785
137
16,525
952
140
16,890
997
161
185
170
171
175
187
Total deposits
17,704
18,321
18,241
18,552
17,804
3.945
111
4,388
108
4,597
102
4,178
103
4,273
91
3,463
112
53,693
54,715
54,896
54,656
53,805
53,732
512
990
512
990
511
990
511
990
510
990
512
990
113
90
70
133
115
124
55,308
56,307
56,467
56,290
55,420
55,358
Apr.
May
!
13.790
1,405
14.256
1,268
|
15.195
15,524
Assets
Redemption fund for F.R. notes
Total sold certificate reserves
Cash
Discounts and advances:
Miember bank borrowings
Other
Acceptances:
Held under repurchase agreement
U.S. Govt. securities:
Bought outright:
Certificates
Notes
Bonds
Soecial
Other
Total bousht outright
Held under repurchase agreement
Other assets:
'
188
362
116
208
54
39
42
Liabilities
Deferred availability cash items
Other liabilities and accrued dividends
Total liabilities
31,638
•>9 9 6 6
184
16,629
925
166
193
16,574
651
171
177
18,232
17,913
17,573
3,908
92
3,429
76
C
;
53,551
|
51,044
510
990
117
i
480
934
100
Capital Accounts
Capital paid in
Surplus
Other capital accounts
Total liabilities and capital accounts
Contingent liability on acceptances purchased for
U.S. Govt. securities held in custody for foreign
account
C
55,168
52,558
:
147
144
129
117
116
146
117
7,890
7,911
7,917
7,818
7,840
7,892
7,860
7,886
83
Federal Reserve Notes—Federal Reserve Agents' Accounts
F.R. notes outstanding (issued to Bank)..
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U.S. Govt. securities
Total collateral.
33,939
33,948
33,862
33,765
33,782
33,957
33,760
I 31,583
6.527
27
28,407
6,527
59
28,407
6,502
42
28,427
6,502
32
28,427
6,552
69
28,387
6,542
21
28,407
6,552
43
28,387
7,248
75
25,470
34,961
34,993
34,971
34,961
35.008
34,970
34,982
32,793
731
FEDERAL RESERVE BANKS
JUNE 1964
STATEMENT OF CONDITION OF EACH BANK ON MAY 31, 1964
(In millions of dollars)
Item
Boston
Total
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Minne- Kansas
apolis
City
St.
Louis
Dallas
San
Francisco
Assets
Gold certificate account
Redemption fund for F.R. notes
13,764
1,412
678
80
3,350
729
79
1,138
124
942
118
795
83
2,236
334
254
562
58
292
26
641
53
600
44
1,801
Total gold certificate reserves
15,176
758
3,684
808
1,262
1,060
878
2,490
620
318
694
644
1,960
486
26
161
39
35
27
55
25
13
26
10
30
39
169
15
45
6
13
18
21
6
4
5
5
20
12
81
4
16
5
18
16
36
4
4
*
13
1
14
*
F R notes of other Banks
Discounts and advances:
209
Secured by U.S. Govt. securities...
17
Other
Acceptances:
47
Bought outright
Held under repurchase agreement..
U.S. Govt. securities:
34,229
Bought outright
Held under repurchase agreement..
Total loans and securities
Cash items in process of collection.. .
Bank, premises
Other assets:
Denominated in foreign currencies.
All other
47
1,715
8,598
1,864
2,815
2.312
1,848
5,893
1,326
681
1,359
1,345
4,473
34,502
1,727
8,726
1,868
2,831
2.317
1,882
5,929
1,330
685
1,373
1,359
4,475
6,341
103
450
3
10
9
1.296
8
i 57
41
372
3
499
6
478
5
478
18
286
6
195
4
346
6
293
12
590
10
12
9
19
14
11
12
9
7
7
5
4
9
8
12
7
29
21
2,998 14,018
3,117
4,677
3.922
3,350
1,058
22
30
28
9,603
2,275
1,241
2,451
2,362
7,144
213
168
57,158
Total assets
159
Liabilities
32,411
F R notes
Deposits:
16 890
Member bank reserves
997
U.S. Treasurer—General account..
161
Foreign
184
Other
1,887
7,837
1,891
2 747
,™
1,866
5,843
1,312
586
1 259
973
3 579
609
4.525
111
2 58
771
1 290
57
13
733
939
601
417
48
3
76
6
1 001
57
8
1
1
2 662
118
19
3
87
5
799
63
8
2,543
141
20
18,232
4,777
112
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities
39
6
*
55,532
52
8
82
7
117
1
*
2
1
55
654
4,877
832
1,360
825
1,011
2,707
693
469
883
1,067
2,854
374
6
846
27
298
6
415
10
376
8
374
6
801
18
210
4
233
4
225
4
479
16
2,921 13,587
3,027
4,532
3,840
3,257
9,369
2,219
146
3
1,204
2,379
2,269
6,928
136
264
31
28
55
7
46
90
9
25
49
8
29
56
8
73
140
21
18
34
4
12
23
2
23
43
6
30
57
6
68
132
16
2,998 14,018
3,117
4,677
3,922
3,350
9,603
2,275
1,241
2,451
2,362
7,144
3
*
Capital Accounts
Capital paid in
Surplus
Other capital accounts
512
990
124
Total liabilities and capital accounts.. 57,158
24
47
6
Ratio of gold certificate reserves to
deposit and F.R. note liabilities
combined (per cent):
May 31 1964
Apr. 30, 1964
Mav 31 1963
30.0
30.3
32.4
29.8
30.3
32.6
29.0
32.7
32.9
29.7
29.4
32.1
30.7
30.3
33.2
30.7
31.1
32.0
30.5
29.0
29.9
29.1
28.3
33.2
30.9
30.0
30.8
30.1
29.8
31.7
32.4
30.4
30.0
31.6
32.1
35.0
30.5
28.5
32.0
Contingent liability on acceptances
purchased for foreign correspondents
146
7
3 38
8
13
7
8
21
5
4
7
8
20
6,055
1,378
612
1 ,301
1,041
3 ,773
112
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
1
2
33,957
1 ,972
6,542
21
28,407
34,970
2 ,003
8 ,276
1,941
2,935
423
1 ,650
565
340
1,100
2 ,185
1 ,650
5,177
505
272
13
1,100
735
2,550
260
4
1,210
180
6 ,750
405
4
1,600
500
1 ,580
900
3 ,200
8 ,400
2,009
3,050
2 ,750
1 ,990
6,277
1,474
617
1 ,385
1,080
3 ,935
After deducting $156 million participations of other F.R. Banks.
After deducting $103 million participations of other F.R. Banks.
2 ,717
1 ,956
3 After deducting $108 million participations of other F.R. Banks.
732
FEDERAL RESERVE BANKS; BANK DEBITS
JUNE 1964
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
(In millions of dollars)
Wednesday
End of month
1964
1963
May 27
May 20
May 13
May 6
Apr. 29
204
199
5
530
526
4
179
175
4
247
242
5
378
373
5
226
218
8
116
111
5
208
206
55
20
35
71
38
33
39
34
88
49
39
98
55
43
47
13
34
93
50
43
42
8
34
34,023
605
4,293
12,447
14,335
2,113
230
33,824
917
3,840
12,389
14,335
2,113
230
33.944
7,030
2,294
10,127
12,158
2,105
230
34.229
7.268
2,302
10,166
12.158
2,105
230
33,140
454
8,356
9.837
12,158
2,105
230
34,229
343
4,667
12,490
14,364
2,131
234
33,169
6,598
2,099
9,979
12,158
2,105
230
31,254
450
5,608
14,778
8,233
2,020
165
Swiss
francs
Discounts and advances—Total
Within 15 days
16 days to 90 days
91 days to 1 year
Acceptances—Total
Within 15 days
16 days to 90 days
U.S. Government securities—Total
Within 15 days i
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
1964
Apr.
May
May
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
Canadian
dollars
2
2
6
2
*>
1963—Sept
Oct
Nov
Dec
96
115
110
153
3
3
5
10
51
51
41
37
1964—j an
Feb
254
271
10
37
52
French
francs
German
marks
Italian
lire
Netherlands
guilders
6
2
5
1
1
51
51
101
7
4
1
1
1
1
201
201
-}
*
*
3
2
25
*
*
*
BANK DEBITS AND DEPOSIT TURNOVER
Debits to demand deposit accounts l
(billions of dollars)
Period
All
reporting
centers
N.S.A.
Leading centers
New York
S.A.
N.S.A.
1955
1956
1957
1958
1959
2,043.5
2,200.6
2,356.8
2,439.8
2,679.2
766.9
815.9
888.5
958.7
1,023.6
1960
1961
1962
1963
2,838.8
3,111.1
3,436.4
3,754.7
1,102.9
1,278.8
1,415.8
1,556.0
6 others
2
Annual rate of turnover
of demand deposits l
New York
6 others
2
337 other
reporting
centers 3
S.A.
N.S.A.
117.1
113.9
122.8
119.2
122.6
123.6
120.0
123.7
120.6
112.9
124.0
118.7
116.9
128.9
116.1
131.5
85.0
79.3
85.1
88.9
96.9
87.2
80.7
89.0
85.2
85.1
83.7
83.7
95.6
86.5
80.4
93.8
43.1
42.7
46.8
44.2
46.7
48.4
46.0
47.5
43.9
44.5
45.8
42.9
46.1
47.6
45.3
48.6
29.1
28.1
30.3
29.5
29.9
30.1
29.0
29.8
126.6
121.1
125.1
131.8
125.1
133.3
113.3
126.1
129.0
125.8
92.1
86.2
91.6
95.5
90.9
93.0
81.8
94.4
93.6
91.1
47.8
45.4
46.9
49.3
*>47.6
47.4
42.9
49.6
50.4
*>48.4
30.6
29.5
30.1
31.6
P3O.5
1963—May....
June....
July
Aug
Sept
Oct
Nov
Dec
318.0
299.6
320.7
300.1
310.4
337.2
296.6
357.1
129.8
121.5
130.3
127.8
140.1
133.7
125.4
139.6
133.1
125.0
129.9
119.5
130.3
136.9
116.7
151.0
62.1
61.6
66.9
63.3
67.0
69.4
67.3
69.7
431.7
462.9
489 3
487.4
545.3
577.6
622.7
701.7
775.7
64.4
61.7
66.8
61.9
63.1
71.3
63.8
74.6
1964—Jan
Feb
Mar
Apr
May....
360.8
294.9
342.9
'349.9
329.7
143.7
129.4
138.1
146.0
135.1
153.9
121.1
145.8
148.2
135.3
69.6
65.5
68.4
72.4
67.7
73.5
60.5
71.1
72.8
68.6
S.A.
1 Excludes interbank and U.S. Govt. demand accounts or deposits.
2
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.
Leading centers
337 other
reporting
centers 3
N.S.A.
S.A.
N.S.A.
S.A.
N.S.A.
S.A.
N.S.A.
343
centers
S.A.
4
N.S.A.
845.0
921.9
979.0
993.6
1,110.3
42.7
45.8
49.5
53.6
56.4
27.3
28.8
30.4
30.0
32.5
20.4
21.8
23.0
22.9
24.5
22.3
23.7
25.1
24.9
26.7
1,158.3
1,209.6
1,318.9
1,423.0
60.0
70.0
77.8
84.8
34.8
36.9
41.2
44.6
25.7
26.2
27.7
29.0
28.2
29.0
31.3
33.1
3 Before Apr. 1955, 338 centers.
4 Before Apr. 1955, 344 centers.
29.5
29.0
30.2
29.1
29.9
30.2
29.4
30.6
33.2
32.2
34.3
33.6
34.3
34.9
33.6
33.9
33.3
33.1
34.3
32.7
34.1
34.7
33.6
35.3
30.4
34.8
33.7
34.4
36.0
*>35.3
34.9
32.0
35.1
35.7
?35.5
28.2
30.2
30.6
^31.0
JUNE 1964
733
U.S. CURRENCY
DENOMINATIONS IN CIRCULATION
(In millions of dollars)
Total
in circulation i
Total
Coin
$12
$2
$5
$10
1939
1941
1945
1947
1950
1955
7,598
11,160
28,515
28,868
27,741
31,158
5,553
8,120
20,683
20,020
19,305
22,021
590
751
1,274
1,404
1,554
1,927
559
695
1,039
1,048
1,113
1,312
36
44
73
65
64
75
1,019
1,355
2,313
2,110
2,049
2,151
1958
1959
1960
1961
1962
32,193
32,591
32,869
33,918
35,338
22,856
23,264
23,521
24,388
25,356
2,182
2,304
2,427
2,582
2,782
,494
,511
,533
,588
,636
83
85
88
92
97
1963-Apr....
May...
June...
July....
Aug
Sept....
Oct
Nov....
Dec.. ..
34,645
35,067
35,470
35,663
35,850
35,891
36,177
37,227
37,692
24,613
24,953
25,266
25,368
25,487
25,468
25,642
26,536
26,807
2,827
2,850
2,878
2,904
2,926
2,947
2,960
2,986
3,030
,539
,562
,566
,559
,558
,576
,592
,644
,722
1964—Jan
Feb
Mar....
Apr.. . .
36,247
36,312
36,799
25,500
25,561
26,000
26,063
3,021
3,044
3,105
3,139
1,599
1,590
1,621
1,630
End of period
Coin and small denomination currency
36,885
Large denomination currency
$20
Total
$50
$100
$500
1,772
2,731
6,782
6,275
5,998
6,617
1,576
2,545
9,201
9,119
8,529
9,940
2,048
3,044
7,834
8,850
8,438
9,136
460
724
2,327
2,548
2,422
2,736
919
1,433
4,220
5,070
5,043
5,641
191
261
454
428
368
307
425
556
801
782
588
438
20
24
7
5
4
3
32
46
24
17
12
12
2,186
2,216
2,246
2,313
2,375
6,624
6,672
6,691
6,878
7,071
10,288
10,476
10,536
10,935
11,395
9,337
9,326
9,348
9,531
9,983
2,792
2,803
2,815
2,869
2,990
5,886
5,913
5,954
6,106
6,448
275
261
249
242
240
373
341
316
300
293
3
3
3
3
3
9
5
10
10
10
95
96
97
97
98
98
98
100
103
2,232
2,266
2,279
2,265
2,271
2,282
2,302
2,396
2,469
6,819
6,932
7,004
6,993
7,026
7,001
7,046
7,359
7,373
11,102 10,032
11,246 10,114
11,442 10,204
11,549 10,295
11,609 10,363
11,564 10,423
11,644 10,535
12,050 10,691
12,109 10,885
2,975
3,001
3,030
3,060
3,075
3,077
3,103
3,155
3,221
6,516
6,572
6,631
6,691
6,743
6,794
6,885
6,988
7,110
242
243
244
244
244
245
245
247
249
291
292
293
293
293
294
294
295
298
3
3
3
3
3
3
3
3
3
4
4
4
4
4
9
5
4
4
101
101
102
103
2,287
2,278
2,321
2,320
6,958
6,983
7,096
7,095
11,533 10,747
11,566 10,751
11,754 10,799
11,775 10,822
3,157
3,147
3,158
7,043
7,057
7,094
7,104
247
246
246
247
294
293
294
292
3
3
3
3
4
4
4
4
2
1 Outside Treasury and F.R. Banks. Before 1955 details are slightly
overstated because they include small amounts of paper currency held
by the Treasury and the Reserve Banks for which a denominational
breakdown is not available.
3,172
$1,000 $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)
Held in the Treasury
Total outstanding As security
Apr. 30,
against
Treasury
1964
gold and
cash
silver
certificates
Kind of currency
Gold
Gold certificates
F R notes
.
. . .
Treasury currency—Total
Standard silver dollars
Silver bullion
Silver certificates
Subsidiary silver coin
Minor coin
United States notes
In process of retirement
Total—Apr. 30, 1964
Mar 31 1964
Apr. 30 1963
. . .
. .
.
4
... .
15,462
(15,195)
33 762
5 579
485
1,894
(1,844)
1 962
727
347
164
5 54,803
5 54,639
5 52,887
(15,195)
(1,844)
2 267
78"
68
1,844
3
50
(17,039)
(17,103)
(17,719)
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. 725.
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
For
F.R.
Banks
and
Agents
3 12,379
Apr. 30.
1964
2,816
2,122
188
31,563
5,322
*
48?
13
\
*
24
1
1,699
1 931
724
322
163
7
12,379
12,374
12.778
5,126
5,090
5.044
36,885
Apr. 30,
1963
Mar. 31.
1964
I
145
16
413
376
420
l
Currency in circulation
Held by
F.R.
Banks
and
Agents
•
31,495
5,304
481
1,715
1 905
719
320
Ifil
"
"
.
"
:
"
.
:
"
29,505
5,139
400 4
1.829
1 .759
668
314
169
I
i
Ifi 7QQ
34,645
for other items; gold certificates are secured by gold, and silver certificates
by standard silver dollars and monetized silver bullion. Duplications
are shown in parentheses.
NOTE.—Condensed from Circulation Statement of United States
Money issued by the Treasury. For explanation of currency reserves and
security features, see the Circulation Statement or the Aug. 1961 BULL.,
p. 936.
734
MONEY SUPPLY
JUNE 1964
MONEY SUPPLY AND RELATED DATA
(In billions of dollars)
Not seasonally adjusted
Seasonally adjusted
Money supply
Money supply
Period
Total
Currency Demand
deposit
component component
Time
deposits
adjusted *
Currency Demand
deposit
component component
Total
Time
deposits
adjusted i
U.S.
Govt.
demand
deposits l
1956—Dec
1957—Dec
1958—Dec
1959—Dec
136.9
135.9
141.1
142.1
28.2
28.3
28.6
28.9
108.7
107.6
112.6
113.2
51.9
57.4
65.4
67.4
140.3
139.3
144.7
145.6
28.8
28.9
29.2
29.5
111.5
110.4
115.5
116.1
51.4
56.7
64.6
66.6
3.4
3.5
3.9
4.9
1960—Dec
1961—Dec
1962—Dec
141.1
145.5
147.6
28.9
29.6
30.6
112.1
116.0
117.1
72.9
82.8
97.9
144.7
149 A
151.6
29.6
30.2
31.2
115.2
119.2
120.3
72.1
81.8
96.7
4.7
4.9
5.6
1963—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
149.2
149.6
150.2
151.0
151.2
151.6
152.3
153.5
153.2
31.2
31.3
31.5
31.6
31.8
31.9
32.0
32.3
32.4
118.1
118.3
118.6
119.4
119.5
119.7
120.3
121.2
120.7
102.8
103.6
104.6
105.6
107.1
108.1
109.3
111.1
112.3
149.8
147.5
148.3
149.5
149.2
150.6
152.5
154.8
157.2
30.9
31.0
31.4
31.8
31.9
31.9
32.1
32.6
33.1
118.9
116.5
116.9
117.7
117.3
118.6
120.4
122.1
124.1
105.
106.
107.
108.
109.
110.2
111.0
4.2
7.1
7.5
7.8
6.3
6.6
5.3
4.4
5.2
1964—Jan
Feb
Mar
Apr
May P. .
153.8
153.8
154.2
154.7
154.5
32.6
32.7
32.9
33.0
33.3
121.2
121.1
121.3
121.7
121.3
113.9
115.1
115.7
116.4
117.4
157.8
153.8
152.9
155.3
152.4
32.4
32.3
32.6
32.7
33.0
125.4
121.5
120.3
122.6
119.4
113.2
114.6
115.7
116.7
118.1
4.2
4.8
6.1
4.2
6.9
1964— Feb. (1)
(2)
154.0
153.7
32.7
32.7
121.2
121.0
114.8
115.3
155.4
152.1
32.4
32.2
123.0
119.9
114.3
114.9
3.9
5.8
Mar. (1)
(2)
154.0
154.5
32.9
33.0
121.1
121.5
115.8
115.9
153.2
152.7
32.7
32.6
120.6
120.1
115.6
116.0
5.0
7.2
Apr. (1)
(2)
154.6
154.8
32.9
33.1
121.7
121.7
116.2
116.6
154.5
156.0
32.8
32.6
121.7
123.4
116.5
116.9
5.7
May (1)
(2)
154.4
154.6
33.2
33.4
121.3
121.3
117.0
117.7
153.8
151.2
33.0
33.0
120.8
118.2
117.7
118.5
6.1
7.6
June (1)
155.0
33.5
121.5
118.2
153.6
33.4
120.2
118.9
6.2
103.
104.
Half month
Not seasonally adjusted
Not seasonally adjusted
Money supply
Week
ending—
Total
Money supply
Currency Demand
deposit
compo- component
nent
Time
deposits
adjusted i
U.S.
Govt.
demand
deposits 1
Week
ending—
Total
Currency Demand
deposit
compo- component
nent
Time
deposits
adjusted *
U.S.
Govt.
demand
deposits *
1963—Feb. 6
13
20
27
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
4.9
4.9
6.2
6.7
1964—Feb. 5
12
19
26
156.1
155.5
153.2
151.5
32.2
32.5
32.3
32.2
123.9
123.0
120.9
119.4
113.9
114.4
114.7
114.9
3.6
3.6
5.3
6.0
Mar. 6
13
20
27
147.5
148.2
148.7
146.4
30.7
30.8
30.8
30.6
116.8
117.4
117.9
115.7
101.0
101.6
102.0
102.3
6.5
4.6
5.0
7.3
Mar. 4
11
18
25
152.4
153.1
154.5
151.9
32.3
32.7
32.7
32.5
120.1
120.4
121.8
119.4
115.2
115.6
115.8
115.9
5.7
4.6
4.6
7.8
Apr.
3
10
17
24
147.1
148.6
151.3
150.5
30.8
31.2
31.0
30.8
116.3
117.4
120.3
119.8
102.7
102.9
103.0
103.1
7.0
4.6
3.2
3.6
Apr.
152.7
153.7
155.5
156.6
155.8
32.5
32.9
32.8
32.8
32.5
120.2
120.8
122.7
123.8
123.2
116.2
116.4
116.7
116.7
117.2
7.9
6.0
5.1
2.4
3.0
May
1
8
15
22
29
149.8
148.3
148.5
146.1
146.4
30.6
31.2
31.1
31.1
30.9
119.2
117.1
117.4
115.0
115.5
103.4
103.7
104.1
104.4
104.7
4.7
6.7
6.3
8.2
7.6
1
8
15
22
29
May 6
13
20
27
154.4
153.5
151.5
150.6
32.9
33.1
33.0
32.8
121.5
120.4
118.6
117.8
117.4
117.8
118.1
118.5
5.6
6.1
7.6
7.7
June
5
12
19
147.5
148.9
149.5
31.3
31.5
31.4
116.2
117.3
118.1
104.9
105.1
105.2
6.8
4.7
5.9
June
152.5
33.1
119.3
118.9
7.2
1
At all commercial banks.
NOTE.—Averages of daily figures. For back data see pp. 679-92.
Money supply consists of (1) demand deposits at all commercial banks
other than those due to domestic commercial banks and the U.S. Govt.,
3 P...
10
17
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.
735
BANKS AND THE MONETARY SYSTEM
JUNE 1964
CONSOLIDATED CONDITION STATEMENT
(In millions of dollars)
Liabilities
and capital
Assets
Other
securities
Total
assets,
net—
Total
liabilities
and
capital,
net
Bank credit
Gold
Treasury
currency
outstanding
U. S. Government securities
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Loans,
net
Total
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
29.
30.
30.
31.
31.
31.
30.
31.
30.
28.
4,037
4,031
17,644
22,737
20,065
22,754
22,706
17,767
16,889
15,978
2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,398
5,585
5,568
58,642 41,082
42,148 21,957
54,564 22,157
64,653 26,605
167,381 30,387
160,832 43,023
171,667 60,366
266,782 144,704
285,992 154,017
309,389 170,693
5,741
10,328
23,105
29,049
128,417
107,086
96,560
95,461
102,308
103,684
5,499
8,199
19,417
25,511
101,288
81,199
72,894
67,242
72,715
72,563
216
1,998
2,484
2,254
24,262
22,559
20,778
27,384
28,881
30,478
26
131
1,204
1,284
2,867
3328
328
888
835
712
643
11,819
9,863
9,302
8,999
8,577
10,723
14,741
26,617
29,667
35,012
64,698
48,465
75,171
90,637
191,785
188,148
199,009
289,947
308,466
330,935
55,776
42,029
68,359
82,811
180,806
175,348
184,384
263,165
280,397
302,195
8,922
6,436
6,812
7,826
10,979
12,800
14,624
26,783
28,070
28,739
1963—May 29.
June 29.
July 31.
Aug. 28.
Sept. 25.
Oct. 30.
Nov. 21.
Dec. 20.
15,800
15,733
15,600
15,600
15,600
15,600
15,600
15,582
5,600
5,587
5,600
5,600
5,600
5,600
5,600
5,586
311,600
318,697
318,200
317,500
322,600
323,600
327,000
333,203
173,300
178,290
177,900
178,300
182,100
182,200
185,200
189,433
101,000
102,418
101,800
99,900
100,700
101,300
102,200
103,273
69,200
69,708
68,700
67,000
68,000
67,900
68,200
69,068
31,100
32,027
32,500
32,200
32,100
32,800
33,300
33,552
700
683
700
700
700
700
600
653
37,300
37,989
38,500
39,300
39,800
40,100
39,700
40,497
332,900
340,017
339,400
338,700
343,700
344,700
348,200
354,371
301,900
310,284
308,700
307,200
312,000
312,800
316,200
323,251
31,000
29,732
30,700
31,400
31,700
32,000
32,000
31,118
1964—Jan.
Feb.
Mar.
Apr.
May
15,500
15,500
15,500
15,500
15,500
5,600
5,600
5,600
5,600
5,600
328,700
330,400
334,200
335,000
336,900
187,200
188,700
191,300
193,500
195,900
101,400
101,100
101,700
100,100
99,700
68,100
67,500
67,600
66,200
65,200
32,700
32,900
33,400
33,100
34,000
600
700
700
800
500
40,100
40,600
41,200
41,400
41,300
349,800
351,400
355,300
356.100
358;000
319,000
319,400
323,900
323,600
325,100
30,800
32,000
31,400
32,400
32,900
1929—June
1933_j U ne
1939—Dec.
1941_Dec.
1945_Dec.
1947_Dec.
1950—Dec.
1960—Dec.
1961—Dec.
1962—Dec.
29*
26*
25?
29
27
DETAILS OF DEPOSITS AND CURRENCY
Money supply
Seasonally adjusted *
te
T o t al
1929 June
1933 June
1939 Dec
1941 Dec
1945 Dec
l947_Dec.
1950—Dec.
I960—Dec.
1961—Dec.
1962—Dec.
29
30
30
31
31
110, 500
31
3 0 . . . . 114, 600
3 1 . . . . 139, 200
3 0 . . . . 144, 800
2 8 . . . . 147, 600
1963—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
29....
29....
31....
28....
25....
30....
27....
20....
1964—Jan. 29?...
Feb.
26P...
Mar. 2 5 ^ . . .
Apr.
29rP..
M a y 21 P..
.
Currency
outside
banks
Related deposits (not seasonally adjusted)
Demand
deposits
adjusted 2
Total
Currency
outside
banks
Demand
deposits
adjusted 2
T o t al
Commercial
banks
Postal
Mutual Savings
savings
banks 3 System
26,100 84 400
24,600 90 000
28,200 111 000
28,700 116 100
29,600 118 000
26 ,179
19 172
36 ,194
48 ,607
102 341
113 ,597
117 ,670
144 ,458
150 ,578
153 ,162
3 , 639
4 761
6, 401
9 , 615
26 490
2 6 , 476
2 5 , 398
29, 356
30, 053
30, 904
22 ,540
14 ,411
29 ,793
38 ,992
75 851
87 ,121
92 ,272
115 ,102
120 ,525
122 ,258
611
656
059
729
452
411
247
468
108,
121, 216
139, 448
19,557
10,849
15,258
15,884
30 135
35,249
36,314
71,380
82,145
97,440
8,905
9 621
10,523
10,532
15,385
17,746
20,009
36,318
38,420
41,478
146, 400
148, 300
148, 900
148, 200
149, 100
150, 700
151, 800
153, 100
30,500
30,700
30,900
30,900
31,000
31,100
31,600
31,700
115
117
118
117
118
119
120
121
900
600
000
300
100
600
200
400
144 ,900
147 ,144
148 ,800
146 ,900
148 ,100
152 ,100
154 ,100
158 ,104
30, 700
3 1 , 832
3 1 , 000
3 1 , 100
3 1 , 100
3 1 , 300
32, 500
3 3 , 468
114 ,200
115 ,312
117 ,800
115 ,800
117 ,000
120 ,800
121 ,600
124 ,636
147, 700
149, 322
150, 300
151, 600
152, 300
154, 500
154, 900
155, 713
104,500
105,648
106,600
107,600
108,100
109,900
110,200
110,794
152, 200
151, 200
153, 100
152, 900
151, 900
31,900
32,000
32,400
32,300
32,500
120
119
120
120
119
300
200
700
600
400
154 ,300
150 ,400
150 ,800
153 ,100
150 ,000
31,
31,
32,
32,
32,
500
600
100
000
400
122 ,800
118 ,800
118 ,800
121 ,000
117 ,600
159 200
160, 600
162 200
163 500
165 100
113,600
114,800
115,800
117.100
118,400
1 Series begin in 1946; data are available only for last Wed. of month.
2
Other than interbank and U.S. Govt., less cash items in process of
collection.
3 Includes relatively small amounts of demand deposits. Beginning
with June 1961, also includes certain accounts previously classified as
other liabilities.
4 Reclassification of deposits of foreign central banks in May 1961
reduced this item by $1,900 million ($1,500 million to time deposits and
$400 million to demand deposits).
u. s
Time
Not seasonally adjusted
28,
21
27,
27,
48
56,
59,
149
Foreign
net 4
770
651
530
365
50
1 ,217
1 ,498
2 141
1 ,682
2 ,518
3 ,184
1 ,497
1 ,488
42,800
43,181
43,300
43,500
43,700
44,100
44,300
44,467
500
493
500
500
500
500
500
452
45,100
45,400
45,900
46,000
46,300
400
400
400
400
400
1,186
1,278
1,313
2 932
3,416
2,923
Treasury
cash
holdings
204
264
2,409
2,215
2,287
1,336
1,293
Government
At
commercial
and
savings
banks
381
852
846
At
F.R.
Banks
36
3*5
634
867
977
870
668
485
465
602
377
422
405
1.895
24 608
\,A52
2,989
6,193
6,219
7,090
1 ,200
1 ,337
1 ,300
1 ,200
1 ,200
1 ,200
1 ,200
1 ,206
400
369
400
400
400
400
400
392
7,100
600
806
11,306
600
7,400
6,100 1,000
900
9,100
800
3,800
900
4,600
850
6,986
1 ,200
1 ,100
1 ,200
1 .300
1 ,300
400
500
400
400
400
3,100
800
800
6,000
8,100 1,100
4.400 1,000
900
7,400
NOTE.—For back figures and descriptions of the consolidated condition
statement and the seasonally adjusted series on currency outside banks
and demand deposits adjusted, see "Banks and the Monetary System,"
Section 1 of Supplement to Banking and Monetary Statistics, 1962, and
Jan. 1948 and Feb. 1960 BULLS.
Except on call dates, figures are partly estimated and are rounded to
the nearest $100 million.
736
COMMERCIAL AND MUTUAL SAVINGS BANKS
JUNE 1964
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
(Amounts in millions of dollars)
Deposits
Total
assets—
Total
Securities
Interbank *
Other
Bor- Total NumliaCash 1 bilities
ber
row- capital
assets
acof
and
Demand
counts
Total
i
banks
capital
DeU.S.
acTime 3
mand Time U.S.
Govt. Other
counts 2
Govt. Other
Loans and investments
Class of bank
and date
Total
Loans
All banks:
1941—Dec.
1945_Dec.
1947_Dec.
1961—Dec.
1962—Dec.
31..
31..
31 3
30..
28..
61,126
140,227
134,924
256,700
280,397
26,615
30,362
43,002
154,318
172,822
1963—May
June
Sept.
Oct.
Nov.
Dec.
29..
29..
25..
30. .
27. .
20. .
282,640
287,411
292,200
293,550
296,870
302,251
176,120
179,714
184,470
185,640
188,950
192,686
69,220 37,300 47,720 338,250 298,090 13,730
69,708 37,989 52,046 347,896 309,428 15,042
67,970 39,760 48,920 349,210 308,350 14,510
67,860 40,050 48,770 350,510 309,020 14,790
68,190,39,730 51,270 356,4201313,630 14,880
69,068140,497 51,536 362,3941319,636 15,267
540
551
550
550
550
528
6,,820 129,540
11,069• 133,681
8,850 132,380
3,610 135,840
4,390 139,100
6,734 141,576
147,460
149,083
152,060
152
154,230
154,710
155,531
3,060 28,380 13,983
1,563 28,612 13,993
2,930 28,830 14,034
3,690 29,020 14,050
4,430 29,130 14,068
3,702 29,882 14,079
1964—Jan.
Feb.
Mar.
Apr.
May
29?.
26».
25*.
29 r:
27 P.
298,190
299,450
303,200
304,130
305,660
190,010
191,340
194,440
196,580
199,210
68,050 40,130 48,530 355,410 313,950
67,530 40,580 48,830 356,940 314,550
67,610 41,150 48,280 360,310 318,070
66,180 41,370,48,710 361,760 318,450
65,150 41,300 48,850 363,420 319,500
570
590
630
640
630
2,820 137,480
5,730 133,850
7,870 133,500
4,180 136,620
7,200 133,080
158,990
160,420
162
162,000
163,310
164,910
3,230 29,530 14,095
3,320 29 ,870 14,113
3,270 29 ,990 14,122
3.560 30,290 14,140
3,560 30,620 14,154
25,511
101,288
81,199
72,715
72,563
8,999 27,344
8,577 35,415
10,723 38,388
29,667 57,368
35,012 54,939
10,982
44,355
90,908 81,816
26,479
23 8,414
105,935
177,332 165,612
14,065
45,613
227 10.542
240 1,346 94,381 53,105
175,091 161,865 12,793
66 11,948
321,394 287176 17,914
482 5,952 141,979 120,848
482 26,227
343,201 303,653 16,008
535 6,839 141,084 139,188 3,635 28,046
14,090
13,960
14,070
13,700
13,680
14,826
14,553
14,714
13,946
13,940
Commercial banks:
1941—Dec.
1945—Dec.
1947_Dec.
1961—Dec.
1962—Dec.
31..
31..
313.
30 . .
28..
50,746
124,019
116,284
215,441
235,839
21,714
26,083
38,057
124,925
140,106
44,349
10,982
21,808 7,225 26,551 79,104 71,283
15,952
23 7,173 14,278
105,921
14,065
90,606 7,331 34;806
34,806 160^12 150,227
30,241
219 8,950 14,011
1
144,103
12,792
240
94,367
69,221 9,006
,
37,502
.
1,343
35,360
155,377
1
65 10,059 14,181
481 5,946 141,920 82,429
,432 278
66,578 23,937 56,432
13,432
278,561 248,689 17,914
471 22,459 13,
116 262,122 16,008
535 6,829 141,041 97,709 3,627 24J094 13,429
66,434 29,298 54,049 297,""
1963—May
June
Sept.
Oct.
Nov.
Dec.
29..
29..
25..
30. .
27. .
20..
236,490
241,014
244,840
246,080
249,070
254,162
141,750
145,049
148.870
149,670
152,650
156,006
63,010 31,730 46,880 290,.510
_.255,280
875 266
266,179
63,542 32,423 51,156 299,875
61,810 34,160 48,080 300[250 264,560
460 264
264,910
61,960 34,450 47,950 301,460
62,300 34,120 50,470 307,060 269,280
63,196 34,959 50,711 312,773 275,120
13,730
15,042
14.510
14,790
14,880
15,267
540 6,820 129,480
550 ll,'060 133,624
.,.. 132,320
550 8,850
550 3,610 135,780
550 4,390 139,040
526 6,729,141,"'
534
1964—Jan. 29*>.
Feb. 26P.
Mar. 25P.
Apr. 29*>.
May 27^.
249,790
250,590
253,880
254,590
255,720
153,050
154,000
156,810
158,660
160,860
62,140 34,600 47,670 305,330 268,800
61,540 35,050 47,930 306,340 269,090
61,500 35,570 47,390 309,270 272,110
60,120,35,810 47,890 310,580 272,400
59,110 35,750 48,000 311,810 273,170
14,090
13,960
14,070
13,700
13,680
570
590
630
640
630
Member banks:
1941—Dec. 31..
1945—Dec. 31..
1947_Dec. 31..
1961—Dec. 30..
1962—Dec. 28..
43,521
107,183
97,846
179,599
195,698
18,021
22,775
32,628
106,232
118,637
19,539
78,338
57,914
54,058
52,968
5,961 23,123 68,121
070 29,845 138,304
6,—
7,304 32,845 132,060
. 308 49;579 235,112
19,
24
" ,092 47 427 249,488
61,717
129,670
122,528
209,630
219,468
10,385
13,576
12,353
17,195
15,309
140 1,709
64 22
12,179
50 1,176
303 5,381
358 6,086
1963—May 29..
June 29..
Sept. 25. .
Oct. 30..
Nov. 27..
Dec. 20..
195,892
199,495
202,599
203,343
205,816
210,127
119,515
122,088
125,458
126,074
128,811
131,712
50,023 26,354 41,009 243, 246 213,104
214 222
222,619
50,399 27,008 44,929 251,214
48,633 28,508 42,211 251, 312 220,730
.
251, 833 220,475
48,568 28,701 41,895
48,647 28,358 44,276 256,778 224 ,315
",073 44,395 261 469 229,376
49,342 29
13,146
14,388
13,837
14,083
14,171
14,518
361
373
371
377
376
382
6,018 107,939
9,761 111,548
",959
7,936 109
3,154 112 ,702
115,516
3,812
5,986 117,562
1964—Jan. 29..
Feb. 26..
Mar. 25. .
Apr. 29. .
M a y 27*>.
206,179
206,916
209,979
210,375
211,293
129,103
129,888
132.381
133,873
135,665
48,344 28,732 41 ,480 254.644 223 ,404 13,363
47,873 29,155 41 ,969 255,804 223 ,940 13,275
47,985 29.613 41,171 258,229 226,541 13,378
46,734 29,768 41 889 259,460 226,817 13,019
45,979 29,649 41 983 260,441 227,459 13,022
429
448
489
493
489
2,394 113,823
5,044 110 ,823
7,032 110,459
3,751 113,314
6,440 110,182
Mutual savings banks:
1941—Dec. 31..
1945_Dec. 31..
1947_Dec. 31 3.
1961—Dec. 30..
1962—Dec. 28..
10,379 4,901 3,704 1,774
16,208 4,279 10,682 1,246
18,641 4,944 11,978 1,718
41,259 29,393 6,136 5,730
44,558 32,716 6,129 5,714
793
609
886
936
890
11,804
17,020
19,714
42,833
46,086
10,533
15,385
17,763
38,487
41,531
1963—May 29..
June 29..
Sept. 25..
Oct. 30. .
Nov. 27. .
Dec. 20..
46,150
46,397
47,360
47,470
47,800
48,089
34,370
34,665
35,600
35,970
36,300
36,679
6,210
6,166
6,160
5,900
5,890
5,872
5,570
5,566
5,600
5,600
5,610
5,539
840
890
840
820
800
826
47,740
48,020
48,960
49,050
49,360
49,621
42,810
43,248
43,790
44,110
44,350
44,516
1964—Jan 29..
Feb. 26..
Mar. 25».
Apr. 29 n
M a y 27 P.
48.400
48,860
49,320
49,540
49,940
36,960
37,340
37,630
37,920
38,350
5,910
5,990
6,110
6,060
6,040 5,550
860
900
890
820
850
50.080
50,600
51,040
51,180
51,610
45,150
45,460
45,960
46,050
46,330
For notes see end of table.
104,710
105,903
108,330
110,180
110,420
111,064
3,060 24,360 13,472
1,545 24,582 13,482
",524
2,930 24.720 13
3,690 24,920 13,540
4,430 25,000 13,558
3,664125,677 13,570
2,820 137,420 113 ,900
5,730 133,790 115,020
7,870 133,450 116,090
4,180,136,570 117,310
117
7,200 133,030 118,630
3,230!25,380 13,586
3,320;25,670 13,604
3,270125,750 13,614
3,560 26,080 13,633
3,560 26,380 13,647
37,136
69,640
80,609
119,595
'",999
117
6
14
3
7
10
60
60
50
50
50,
5,886
7,589
8,464
18,638
19,854
6,619
6,884
6,923
6,113
6,049
85,640
86,550
88,627
90,159
90,440
90,929
2,910 20 ,082
1,440 20 ,238
2,836 20 ,377
3,553 20,555
4,244 20,606
3,499 21 ,054
6,052
6.058
6,092
6,097
6,104
6,112
93,395
94,350
95,183
96,240
97,326
3.073 20.952
3,166 21,172
3,054 21,226
3,371 '21,500
3,389(21,719
6,124
6,130
6,136
6,153
6,161
10,527
15,371
17,745
38,420
41,478
1,241
1,592
1,889
3,768
3,951
548
542
533
514
511
42,750
43,180
43,730
44,050
44.290
44,467
4,020
19 4,031
4,110
4,100
4,130
38 4,205
511
511
510
510
510
509
45.090
45.400
45,910
46,000
46,280!
4.150
4 200
4,240
4,210
4,240
509
509
508
507
507
12,347
4
24,210
208
28,340
54
67,157
438
79,716 3,550
737
COMMERCIAL AND MUTUAL SAVINGS BANKS
JUNE 1964
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Loans and investments
Class of bank
and date
Total
Reserve city member banks:
New York City: 3 , 4
1941 Dec 31
1945 Dec 31
1947—Dec. 31
1961—Dec. 30
1962 Dec 28
1963
T 964
May
June
Sept
Oct
Nov
Dec
Jan
Feb.
Mar.
Apr
May
29
29
25
30
27
20
1964
1?
26
?0
30
32
4 07? 7 265 1 559 6 637 19
7 334 17,574 1,235 6,439 32
393 7 179 11,972 1,242 7,261
?97 19 535 7,862 2,900 11,164 43
989 21 954 7,017 4,017 11,050 46
3?
32
3?
33
34
115
847
957
860
615
827
896
143
23 103
23 577
6,478
6,506
5,642
5,926
5,634
6,154
965
651
611 22 799
885 23 653
967
6?4
35 467 ?4 544
29
26
25
29
27 P
5,691
5,561
5,879
5,390
5,619
760
5 ,931
088
7s 606
8 ,957
29.
26.
25
29
27 P
Country member banks: 3 , 4
1941—Dec. 31
1945—Dec. 31
1947 Dec 31
1961—Dec. 30
1962—Dec. 28
,4?8
5 545
1 566
1,489
1 739
2,603
2,280
4 363
459
6 866
10 383
11 432
A
4 057 L 035
7 046 ,312
6 40?
217
9 ?83
6?4
9 993 1,277
9 759
10 141
10 036
9 934
10 103
10 ?96
1,122
73 ,497 47 300 17,187
74 ,614 48 ,164 17,326
75 ,875 49 757 16,539
76 106 50 ,13? 16,324
76 ,776 50 ,699 16,472
78 ,370 si 891 16,686
9,010
9,124
9,579
9,650
9.605
9,792
16,603
18,526
17,478
17,185
18,887
18,778
9? 36? 81 610 5 ?75
95 ,433
95 675
9 S 705
98 069
99 643
85 ,555
84 554
84 ? 6 6
85 891
87 994
16,152
15,994
15,866
15,692
15,294
9,673
9,766
10,027
10,147
10,183
16.826
17,193
16,863
17,445
16,999
96 184
96 845
97 ,572
98 S69
98 750
1? 518 S 890 4,377
5 596 26,999
35 ,00?
36 ,324 10 ,199 22,857
73 ,131 39 ,693 24,407
80 ,6?3 44 ,698 25,425
2,250
2,408
3,268
9,031
10,501
6,402
10,632
10,778
15,595
14,559
19 466
46 059
47 ,553
90 ,376
97 ,008
76 8 5 9
77 ,?89
78 ,288
78 650
79 ,226
51 034
51 5?9
52 ,395
5? 811
53 ,749
24,308
24,496
24,537
24,575
24,810
SO,0?3 24,797
81 ,448
82 ,952
84
85 166
86 049
87 ,316
45 ,901
46 ,934
47 ,869
48 351
48 971
1964—Jan.
Feb.
Mar.
Apr
May
29
26
25
29
27 P
86 4?7
86 ,593
87 ,111
87 ,785
87 ,206
49 ?67
49 ,604
50 ,269
S1 ,007
51 ,199
24,678
24,451
24,177
23,946
23,360
430
898
659
815
94 ,914
11,239 12,999 96 ,117
11,522 14,465 99 ,361
12,015 13,644 99 ,8?9
12,240 13,941 100 887
12 268 14 175 101 988
12,496 14,274 103 615
12,482
12,538
12,665
12,832
12,647
13,796
13,436
14,002
13,462
13,406
1 552
*,356
5 418
5,627
3,350
84 248 7,477
313
49 085
46 467
81 883
l
7?
369
14
18
15
15
16
16
23
977
056
410
346
584
583
186
?00
395
100
?79
47?
384
476
719
913
791
840
669
802
4
4
4
4
4
4
98
105
107
117
115
17 415
43 ,418
44 ,443
81 646
87 ,34?
792
1,207
1,056
1,925
1,773
16
13
13
13
13
13
288
377
426
n
n
13
13
14
n
12
14
35
870
9
262
948
13
488
165
971
111
563
714
794
974
327
274
211
1?
P
12
12
787
255
983
990
993
996
3 948
3 9?3
889
4 0?8
257
370
327
166
185
1 002
1,002
1 011
1,012
1,008
P
P
1 967
351
359
353
?06
499
4 046
4 806
9 760
4? 3
?6 381
2 2,566
1 2 844
81 6,997
30 743 1,388 7,263
1?
P
1?
1?
12
191
33 151 1,131 7,413
33 549
407 7,440
34
1,250 7,557
34 6 1 0 1 500 7 635
34.692 2,102 7,653
35.004 1,417 7,697
194
196
194
195
190
1,146
1,095
36 839 1,000
US
1,500
37
M 751 1,301
189
189
186
186
183
36 076
36 606
10 109
?4 ?35
28 ,378
46
46 895
6 ?58
1? 494
30
17 5 465
17
432
37 1 ,641
51 1 931
1 292 3 947
794 3,931
1,031 3,945
1,438 3,966
1,480 3,966
1,438 3,984
025
813 41 439
06? 40 ?34
2 796 40 167
1 586 41
2 708 40 009
9
36
37
37
13
17
008
3
3
3
3
909 3
887 3
4 839
4 715
4 6?7
4.893
4 810
1 648
2,120
2,259
3,683
3,898
966 1 294 4 161
087 1,320 4,184
?43 1,187 4,184
3 ? 7 1,270 4,203
? 0 5 1,494 4,351
419
706
291
341
359
698
459
5,512
5,449
5,495
5,232
5,231
1 736
1,642
1,663
1,629
1,569
10, 164
10 131
10 737
11, 187
11 457
11, 446
3 462
4
5 ?68 9
5 264 3
39
41
40
41
42
43
91
84 938
85 456
86 ,404
86 601
86 ,814
10? 111 91 815
101 941 91 ,418
103 ,069 92 ,348
103 175 92 305
102 ,539 91 ,641
61?
351
353
571
201
960
557
655
990
986
609
5,811
5,959
7,062
5.949
7,225
86 ,276 1,471
89 ,470 1,641
89 ,779 1,678
90 6?0 1,783
91 S14 1,764
9? ,759 1,793
19,
?0
19,
19
20,
20,
491 1?
104
?4
30 8
405 ?8
22
103 44
62
82 2 337 43
387
110 3 793
97
941
141
94
90 1 462
95
op
(
Time
Other
351 ?0 061 11
256
901 19 694 1?
268
306 1 563 19 453 1 ?
833 ?0 140 1?
304
349 19 670
295
1,075
1,124
1,124
?63 1,114
414 1,151
?4
51
49
90
9
10
10
10
10
207 1 198
05?
187
202 2, 078
668
209
212
665
214 1, 419
12
16
12
14
14
17
8,518
11,286
13,066
20,216
19,539
437
641
713
676
806
U.S.
Govt.
6
866 P , 051
807
17 6, 940 17, 287 1, 236
195
040
445
12
30
?67
6 935
191 1 ?67 ?3
283
207 1, 408 22, 231 9, 256 1,728
1,209
1,218
1,186
1,211
1,776
2,042
2,396
6,438
8,165
'473
69S
29
29
25
30
27
20
1 430 376
4,213
385
2 890
397
2,041
940
2,129 1,409
46
47
,991
A1,020
A,272
11
11
11
11
11
1963—May
June
Sept
Oct.
Nov
Dec
For notes see end of table.
674 1,040
010 i 1,060
661 z1,096
648 L
590 I 1,071
4 995
5,251
5,353
5,267
5,304
Time
A
AK734
,58? 1,994
,600 2,023
568 1,776
2,118
51 5 2,185
9 ,394
. . . .
44
45
36
37
37
37
38
6,467
29,552
20,196
19,748
18,398
9
9
9
9
1963_May 29
8 864
9,317
8,530
8,864
9,393
91?
377
875
040
346
15 ,347 7 105
40 ,108
8 514
36 040 13 ,449
68 565 4? 379
73 ,130 46 ,567
29
26
25
29
27
Other reserve city: 4
1941—Dec 31
1945—Dec. 31
1947—Dec 31
1961—Dec. 30
1962 Dec 28
459
454
361
655
807
327
1,823
1,867
2,063
1,706
1,706
Jan
Feb.
Mar
Apr.
May
v
954
1 ,333
1 801
4 6?6
5 ,418
Demand
35
37
36
35
36
38
5 ,837
5 956
6 ,064
6 088
6 ,173
8 ,83?
9 ,08?
9 ,346
9 ,211
9 376
9 ,61S
1964—Jan.
Feb.
Mar.
Apr.
May
765
Bor- Total Nibimer
row- capital
ac(Df
ings counts
aa aks
Demanc
6?4
981
185
847
200
434
9,323
9,802
8,995
8,776
9.259
9,372
Other
Interbank i
43
44
44
43
45
46
4 751
4,895
5,279
5 169
4,878
5,095
2,050 J .354 2,084 11 143
466 2,136 11 440
2,071
1,915 1,635 2,094 11 623
1,743 1,642 1,993 11 394
1,731 I 607 1 955 11
,690 1,970 11 776
1,705
29
29
25
30
27
20
29
25
30
?7
20
446
22 036
Deposits
86? 17J 93? A\ 202
887 30 121 At,640
A\ 453
98? ?5
538 36 818 « ?96
135 37 885 A
5 ,796
5 ,826
6 ,038
6
May
June
Sept
Oct.
Nov
Dec
June
Sept.
Oct
Nov
Dec
?0 886
33
33
34
34
City of Chicago: 3
1941 Dec 31 .
1945 Dec 31
1947 Dec 31
1961—Dec. 30
1962 Dec 28
1963
Loans
To tal
assets—
Total
Securities
liaCash 1 bilities
assets
and
capital Tot a l l
U.S.
acGovt. Other
counts 2
14 ,56C
31
36 69?
51
60
60
60
60
56
2 ,087 43 ,830 38 ,837
3 ,332 45 ,066 39 ,371
,334 45 ,596 40 111
60
60
60
56
56
1 no 47 484 41 405
1 ,80? 46 180 41 734
2 ,201 46 ,212 42 ,212
46 960 4? 540
1 ,999 45 ,693 42 ,324
,159 46 970 40 648
1 485 47 708 40 497
1,960 48 ? S 6 40 693
7,773
7,814
7,815
7,984
8,032
4 1,982
11 2 525
23 2,934
40 7 088
172 7,744
19?
6
6 ,476
6 ,519
S 885
5 ,8?8
322 7,751 5 ,832
127 7,894 5 ,839
228 7 892 5 871
341 7,964 5 ,878
451 7 994 S 884
390 8,377 S ,897
376 8,016
381 8,172
5 910
5 ,916
540 8,216 5 ,925
435 8,301 S 940
409 8,328 5 ,952
738
COMMERCIAL AND MUTUAL SAVINGS BANKS
JUNE 1964
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Loans and investments
Securities
Cash
assets i
Class of bank
and date
Total
Loans
U.S.
Govt.
Other
Insured commercial
banks:
1941—Dec. 31.. 49,290 21,259 21,046 6,984
1945—Dec. 31.. 121,809 25,765 88,912 7,131
1947—Dec. 31.. 114,274 37,583 67,941 8,750
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..
Dec. 20..
National member
banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..
Dec. 20..
State member banks:
1941—Dec. 31..
1945—Dec. 31..
1947_Dec. 31..
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..
Dec. 20..
Deposits
Total
assets—
Total
bilities
and
capital
accounts 2
Interbank
Total
Bor- Total Number
row- capital
acof
ings counts
banks
Demand
Time
U.S.
Govt.
Other
25,788
34,292
36,926
76,820
157,544
152,733
69,411
1,762 41,298 15,699
10,654
29,876
147,775
23,740 80,276 29
13,883
141,851 12,615
54 1,325 92,:,975 34 ,882
66,026 23,531
65,891 28,903
63,037 32,047
62,723 -,594
34
56,086
53,702
50,770
50,337
276,600
295,093
297,836
310,730
247,176
260,609
264,654
273,657
27,571 11,725 12,039 3,806
69,312 13,925 51,250 4,137
65,280 21,428 38,674 5,178
14,977
20,114
22,024
43,433
90,220
88,182
39,458
84,939
82,023
36,088 13,006
35,663 16,042
34,011 17,751
33,384 19,218
31,078
29,684
28,641
28,635
150,809
160,657
162,748
170,233
135,511
142,825
145,513
150,823
15,950 6,295 7,500 2,155
37,871 8,850 27,089 1,933
32,566 11,200 19,240 2,125
8,145
9,731
10,822
24,688
48,084
43,879
621 13,874 4,025
22,259
3,739
8,166 24,168 7,986
44,730
4,411
381 27,068 9,062
40,505 3,978
15
6,302
8,050
9,257
9,855
18,501
17,744
16,288
15,760
84,303
88,831
88,466
91,235
74,119
76,643
77,106
78,553
6,835
6,154
5,920
5,655
3,241 1,509 1,025
2,992 10,584 1,063
4,958 10,039 1,448
2,668
4,448
4,083
8,708
19,256
20,691
7,702
18,119
19,340
262
213,904
234,243
239,447
252,579
116,402
127,254
130,146
137,447
63,196
68,444
69,350
72,680
124,348
139,449
144,363
155,261
67,309
75,548
78,383
84,845
38,924
43,089
43,705
46,866
17,971
17,305
16,388
15,958
17,737
15,844|
14,871
15,077
10,359
9,155
8,468
8,863
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..
Dec. 20..
34,320
38,557
39,963
42,464
18,123
20,811
22,274
23,550
11,972
12,932
12,647
13,391
4,225
4,814
5,042
5,523
6,508
6,276
5,841
5,942
41,504
45,619
46,635
49,275
37,560
41,142
42,035
44,280
543
535
483
559
Noninsured nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31 3
1,457
2,211
2,009
455
318
474
761
1,693
1,280
241
200
255
763
514
576
2,283
2,768
2,643
1,872
2,452
2,251
177
1961—Dec.
1962—Dec.
1963—June
Dec.
30..
28..
29..
20..
1,536
1,584
1,555
1,571
577
657
686
745
553
534
496
463
406
392
373
362
346
346
386
374
1,961
2,009
2,026
2,029
1,513
1,513
1,525
1,463
Nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947_Dec. 31 3
7,233
16,849
18,454
3,696 2,270 1,266
3,310 12,277 1,262
5,432 11,318 1,703
3,431
4,962
4,659
10,992
22,024
23,334
1961—Dec. 30.
1962—Dec. 28.
1963—June 29.
Dec. 20.
35,856
40,141
41,519
44,035
18,700
21,469
22,961
24,295
12,525
13,466
13,143
13,854
4,631
5,206
5,415
5,885
6,854
6,622
6,227
6,316
Insured mutual
savings banks:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1,693
10,846
12,683
642
3,081
3,560
629
7,160
8,165
421
606
958
1961—Dec.
1962—Dec.
1963—June
Dec.
35,660
38,597
40,128
41,664
25,812
28,778
30,533
32,300
4,690
4,639
4,545
4,324
5,158
5,180
5,050
5,041
For notes see end of table.
333
402
430
443
10 6,844 13,426
215 8,671 13,297
-,398
61 9,734 13
5,934 141,050 82,122
462 22
6,815 140,169
•I \J^7 97
^ / ^380
JOv
3,,584 23 ,712
11,005 132,788 105,559 1,498 24 ,191
6,712 140,702 110,723 3,571 25,277
104
127
159
146
199
231
215
236
129
244
4
3,315
3,735
6,038
3,691
2,066
2,351
3,723
2,295
13,108
13,119
13,189
13,284
3,640 5,117
4,644 5,017
5,409 5,005
,088 23,262 8,322
6,786
14,013 45,473 16,224
9,229
795 53,541 19,278
,375
35
5,776
14,639
16,444
Other
Demand Time
Insured nonmember
commercial banks:
1941_Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
30.
28.
29.
20.
1
76,,292 45 ,441
225 11,875 4,513
76,075 53,733 1,636 12,750 4,505
72,387 58
",462
600 13,008 4,537
76,836 61,288 ,704 13,548 4,615
1 2,246 1,502
130 2,945 1,867
9 3,055 1,918
43,303 21,716
213 6,763 1,600
41,,924 25 ,983 1,914 7,104 1,544
39,161 28,088
839 7,230 1,521
40,72."
1,795 7,506 1,497
:5 '",642
29
53 4,162 3,360
1,560 10,635 5,680
149 12,366 6,558
959 6,810
1,083 6,416
1,271 6,478
553
729
1,245
726
21,456
22,170
21,241
23,140
14,979
17,664
19,010
19,793
3,452
3,870
3,964
4,234
6,997
7,072
7,133
7,173
329
181
185
1,291
1,905
18 1,392
253
365
478
329
279
325
852
714
783
177
164
171
190
148
133
120
83
869
872
835
832
307
330
343
341
370
371
379
389
323
308
291
285
9,573
20,571
21,591
439
457
425
190
43,465
47,628
48,661
51,304
39,073
42,654
43,560
45,743
719
699
654
749
151
429
675
1,958
11,424
13,499
1,789
10,363
12,207
828
784
789
722
37,065
39,951
41,580
43,019
33,400
36,104
37,585
38,657
5,504
3,613
14,101
6,045
167 13,758 7,036
3,822
4,240
4,343
4,623
7,320
7,380
7,424
7,458
1,789
10.351
12 12,192
164
1,034
1,252
52
192
194
256 33
3,137
5,827
267 35
303 37,273
292 38,359
3,191
3,343
3,414
3,572
330
331
331
330
178
565 22,325
176
743 23,042
177 1,300 22,076
144
743 23,972
12
18 1,288! 7,662
11 1,362 7,130
12 l,596j 7,261
15,286
17
",994
19,353
20,134
33
77
105
165
739
COMMERCIAL AND MUTUAL SAVINGS BANKS
JUNE 1964
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Total
assets—
Other
Interbank^
Securities
Total
liaCash bilities
assets * and
Demand
capital Total 1 DeU.S.
Time
Other
acmand
Govt.
U.S.
counts 2
Other
Govt.
Loans and investments
Class of bank
and date
Total
Loans
Noninsured mutual savings
banks:
1941—Dec. 31
1945—D ec , 31
1947—Dec. 313
8,687
5,361
5,957
4,259
1,198
1,384
3,075 1,353
3,522
641
3,813
760
642
180
211
9,846
5,596
6,215
8,744
5,022
5,556
6
2
1
1961—Dec
1962—Dec.
1963—June
Dec
5,600
5,961
6,269
6,425
3,581
3,938
4,132
4,380
1,446
1,490
1,621
1,548
108
106
101
104
5,768
6,134
6,440
6,602
5,087
5,427
5,663
5,859
1
1
1
1
1
2
30
28
29
20
572
533
516
498
Reciprocal balances excluded beginning with 1942.
Includes other assets and liabilities not shown separately.
Total NumBor- capital
ber
rowof
acings counts
banks
Time
8,738
5,020
2 5,553
6
1,077
558
637
496
350
339
5,083
5,420
5,645
5,851
1
2
577
608
617
633
184
180
180
179
4
6
18
8
parability of figures for classes of banks is affected somewhat by changes
in F.R. membership, deposit insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc.
Figures are partly estimated except on call dates.
For revisions in series before June 30, 1947, see July 1947 BULL., pp.
870-71.
3 See notes; p. 643, May 1964 BULL.
4
Beginning with May 18, 1964, one New York City country bank
with loans and investments of $1,034 million and total deposits of $982
million was reclassified as a reserve city bank.
NOTE.—Data are for all commercial and mutual savings banks in the
United States (including Alaska and Hawaii, beginning with 1959). Com-
See also NOTE, p. 643, May 1964 BULL.
LOANS AND INVESTMENTS AT COMMERCIAL BANKS
(In billions of dollars)
Not seasonally adjusted
Seasonally adjusted
Securities
Date
Total 1
Loans
Securities
1
Total 1
U.S.
Govt.
Other
Loans *
U.S.
Govt.
Other
1957—Dec 31
1958—Dec. 31
1959 Dec 31
166 4
181.2
18*> 9
91 4
95.6
107.6
57 1
65.1
57.8
17.9
20.5
20.5
169.3
184.4
189.5
93.2
97.5
110.0
58.2
66.4
58.9
17.9
20.6
20.5
I960 Dec
1961—Dec
1962 Dec
1963 Dec
31
30 2
31 2
31
194.5
209.8
228.3
246.5
113.8
120 5
133.9
149.4
59.9
65 4
65.2
62.1
20.8
23.9
29.2
35.0
116.7
123.9
137.9
153.9
61.0
66.6
66.4
63.4
20.9
23.9
29.3
35.1
1963 Apr
May
June
July
Aug.
Sept
Oct.
Nov
Dec
24
29
29
31
28
25
30
27
31 2
233 5
235.5
238 4
238.0
239 2
241.5
241.2
244 2
246.5
137.6
139.4
141 7
142.6
143 6
145.4
146.1
148 4
149.4
64.7
64 2
64 4
62.6
62 0
62.2
60.8
61 4
62.1
31.2
31.9
32.3
32.8
33.6
33.9
34.3
34.4
35.0
198.5
214 4
233.6
252.4
232.3
233.6
239 1
237.8
237.1
241.9
242.4
245 0
252.4
136.9
138.9
143 1
142.4
142.5
146.0
146.0
148.6
153.9
64.0
63.0
63 5
62.5
60.8
61.8
62.0
62.3
63.4
31.4
31.7
1964
29^ .
26*>
25*>
29*>
27^
246.7
248 4
251.4
251 8
253.5
151.0
151.8
153.9
155.4
157.3
60.8
61.2
62.1
60 8
60.3
34.9
35.4
35.4
35.6
35.9
246.2
247.2
249.9
250.6
251.5
149.5
150.6
152.8
154.7
156.7
62.1
61.5
61.5
60.1
59.1
34.6
35.1
35.6
35.8
35.8
Jan
Feb.
Mar
Apr.
May
1 Adjusted to exclude interbank loans.
2 Data are estimates.
NOTE.—All data in this table are revised,
revisions, see pp. 693-97.
For back data, including
32.4
32.9
33.7
34.2
34.5
34.1
35.1
For description of seasonally adjusted series, see July 1962 BULL. pp.
797-802.
Data are for last Wed. of month and are partly estimated (except for
June 30 and Dec. 31 call dates).
740
COMMERCIAL BANKS
JUNE 1964
LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions of dollars)
Loans 1
Investments
For
To
purchasing
financial
Total
or
carrying
institutions
Comloans 1
securities
merand
cial AgriReal
investculand
esTotal
2
ments
turTo
intate
broduskers To
To
To
trial
and others banks others
dealers
Class of
bank and
call date
Total: 2
1947—Dec. 31.
1961—Dec. 30.
1962—Dec. 28.
1963—June 29.
Dec. 20.
116,284
215,441
235,839
241,014
254,162
38,057 18,167 ,660 830 1,220
124,925 45
",172 248 4,056 2,134
140,106 48,673 097 5,144 2,131
145,049 49;862 7^541 4,645 2,233
7;470 5,353 2,509
156,006 52,947 "
115
1,033
2,578
1,934
3,605
AH insured:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
49,290 21,259 9,214 ,450 614 662
121,809 25,765 9,461 ,314
314 3,164 3,606
114,274 37,583 18,012 1,610 823 1,190
40
49
114
124,348 44,965 6,211 4,030 2,107
139,
' " 449
• " 4-8 ^'
" 7,060 5,119 2,103
58
" " 22
,203
144,363 49,660 7 ,513 4,615
155,261 52,743 7,444 5,321 2,476
1,027
2,551
1,902
3,594
Member, total:
972 594 598
1941—Dec. 31. 43,521 18,021 8,671
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
39
47
113
1961—Dec.
1962—Dec.
1963—June
Dec.
30.
28.
29.
20.
1961—Dec. 30.
1962—Dec. 28.
1963—June 29.
Dec. 20.
New York City:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1961—Dec. 30.
1962—Dec. 28.
1963—June 29.
Dec. 20.
City of Chicago :
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1961—Dec. 30.
1962—Dec. 28.
1963—June 29.
Dec. 20.
Other reserve city:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1961—Dec.
1962—Dec.
1963—June
Dec.
30.
28.
29.
20.
Country:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1961—Dec. 30.
1962—Dec. 28.
1963—June 29.
Dec. 20.
Nonmember:
1947—Dec.
1961—Dec.
1962—Dec.
1963—June
Dec.
31.
30.
28.
29.
20.
213,904
234,243
239,447
252,579
179,599
195,698
199,495
210,127
12,896
26,143
20,393
30,297
32,989
32,847
34,827
106,232 40,931 3,934 3,877 1,827
118,637 43,843 4,419 4,954 i;777
122,088 44,701 4,664 4,436 1,880
131,712 47,403 4,659 5,124 2,136
4,072 2,807
7,334 3,044
7,179 5,361
412 169
2,453 1,172
545 267
1,014
2,445
1,844
3,439
23 1,956
17 2,766
2
13 2,308
26 2,677
2,760
5,931
5,088
732
954
1,333
760
1,801 1,418
48
211
73
52
233
87
7,606
8,957
9,082
9,615
4,626
5,418
5,545
6,220
2,609
2,941
3,051
3,378
354
407
358
497
137
152
176
181
53
89
135
242
114 194
427 1,503
170 484
4
17
15
15,347 7,105 3,456
40,108 8,514 3,661
36,040 13,449 7,088
68,565
73,130
74,614
78,370
42,379
46,567
48,164
51,891
16,879
17,660
17
17,805
18,862
12,518 5,890 1,676
35,002 5,596 1,484
36,324 10,199 3,096
300
205
225
1,076 976
1,179 1,053
1,245 1,090
1,219 1,243
467
376
425
572
448
546
569 1,007
Total
7,296
8,434
8,620
9,415
30,211
34,123
36,558
38,861
27,708 3,396 66.026
30
30,402 3,890 65 891
037
32 ,506 3,
34,383 4,015 62! 723
6,893 23,987 22,852 3,198 54,058
7,936 27,162 24,799 3,657 52,968
8,134 29,127 26,366 3,557 50,399
8,875 31,009 27,908 3,765 49,342
123
80
111
934
1,329
1,845
1,968
1,711
2,087
2,044
2,247
669
703
741
751
2,072
2,143
2,161
2,257
1,220
1,196
1,034
1,068
7,862
7,017
6,506
6,154
95
1,430
40 4,213
51
26 2,890
149
221
362
393
401
476
523
555
594
1,527
1,459
3,147
855
1,969
229
369
288
318
2,041
2,129
2,071
1,705
1,823
1,881
3,827
1,528
4,377
707 359 26,999
224 22,857
1,979
2
4
5
7,789
2,114
3,
3,216
1,,658
6,034
26,336
$,841
233,821
222,415
53,205
26
26,641
26,987
27,378
28,065
276 3,729
_ , 345 3,592
24,755 4 ,543
27,817 4 ,606
29;786 5,173
11,356
11,514
9,002
10,952
2,098 26,145 26,426 20,068 3,462
3,916 23,715 26,746 24,547 4,356
3,203 23,741 27,092 27,573 4,475
1,649 22,316 27,806 29,559 5,035
9,229
8,862
6,863
8,032
1,842
3,249
2,608
1,307
73,131
80,623
82,952
87,316
39,693
44,698
46,934
50,023
10,,165 2 ,811
11,299 3,187
12,215 3
3,378
12,831 3,374
591
728
680
708
438
447
469
496
116
764
412
966
1,251
1,563
1,463
1,591
13,242
14,441
15,206
16,114
11,132
12,273
13
13,186
13,951
18,454
35,856
40,141
41,519
44,035
5,432
18,700
21,469
22,961
24,295
614
1,205
4,241 2,314
4,830
830 2 ,678
5,161 2,877
",811
544 2
5,""
20
179
190
209
229
156
306
354
354
373
2
19
132
90
166
418
523
515
604
2,266
6,341
7,097
7,598
8,047
1,061
4,995
5,754
6,295
6,643
2,117
1,998
1,639
1,711
442
508
240
147
21,390 21,598 16,691 2,617
19,443
"
414 20,773 3,319
19,423
,533 3,475
18,—
072 21,932 25,210 3,864
729
606
638
830
629
604
2,496 2,806 2,635
2,488 2,023 3,585
2,508 2,118 4,451
2,341 1,955 4,653
265
432
444
442
256
133 1,467
132
235
153 1,022
749 1,864
248 2,274
478
377
426
347
728
849
782
599
92
115
71
42
090 2,871
,815
199 3,105
182
181
213
193
204
185
743
816
788 1,242
791 1,226
717 1,361
124
168
240
329
508
295
6,467
751 5,421
956 820
387 29,552 1,034 6,982 5,653 15,883 1,126 916
373 2,358 1,901 15,563 1,342 1,053
351 20,196
9,172 998 19,748
9,860 1,266 18
",398
10,464 1,380 17 ,326
11,106 1,462 16 ,686
183
471
227
2,193
11,488
11,674
9,128
11,059
Notes Bonds
1,623 5,331
522
311
7,265
0,339
477 3,433 3,325 10
287 272 17,574
1,002
238
640
564
11,972
558 9,772
784
470 3,261 9,590
752 1,020 3,583 11,030
786
751 3,886 11,683
891 1,224 4,286 12,525
20
42
23
Certificates
3,494
971
3,653
19,539
3,007 15,561
3,455 1,900 1,057 78,338 2,275 16,985 14,271 44,807
7,130 4,662 839 57,914 1,987 5,816 4,815 45,295
22
36
46
659
648
818
Bills
State
and
local Other
govt. secusecu- rities
rities
4,773
3,159 16,899 3,651 3,333
4 505 21,046
4,677 2,361 1,132 88,912 2,455 19,071 16,045 51,342 3,873 3,258
9,266 5,654 914 67,941 2,124 7,552 5,918 52,347 5,129 3,621
1
Beginning with June 30, 1948, figures for various loan items are
shown gross (i.e., before deduction of valuation reserves); they do not
add to the total and are not entirely comparable with prior figures. Total
loans continue to be shown net.
Other
to
inOther
dividuals
9,393 5,723 947 69
30,320 27,847 3,412 66
34,259 30,553 3,909 66,434
36,725 32,661
,
3,812 63
39,056 34,550 4,034 63
7,311
8,459
8,649
9,479
32
26
93
11,278
11,943
11,630
11
12,332
19,535
21,954
21,446
23,577
U. S. Government
securities
3,020
741 8,605
2,343 1,403 7,257
1,685 1,191 7,281
2,152
545 6,600
7,382
7,395
7,168
7,390
5,710
7,252
8,163
8,810
727
913
961
981
110
481 3,787 1,222 1,028
630 5,102 4,544 16,722 1,342 1,067
480 2,583 2,108 17,687 2,006 1,262
751 24,407
,425
856 24,496
917 24,797
3,614
566 9,560 10,667 7, 530 1,500
4,144 1,223 8,849 11,209 8,694 1,807
3,112 1,106 8,851 11,427 9,692 1,830
3,822
",111
573 8,531 11,871 1 0 ,385
"- 2
109
214
252
254
269
206 1,973 1,219 7,920 1,078
625
2,259
272 4,947 5,046 3,655 976
683 4,398 5,573 3,982 ,224
2,812
608 4,398 5,873 4,284 1,131
2,265
351 4,343 6,133 4,576 ,309
3,027
11,318
12,525
13,466
13,143
13
13,854
2
Breakdowns of loan, investment, and deposit classifications are not
available before 1947; summary figures for earlier dates appear in the
preceding table.
For other notes see opposite page.
741
COMMERCIAL BANKS
JUNE 1964
RESERVES AND LIABILITIES BY CLASS OF BANK
(In millions of dollars)
Demand deposits
Class of
bank and
call date
Total: 2
1947—Dec.
1961—Dec.
1962—Dec.
1963—June
Dec.
31..
30..
28..
29..
20..
All insured:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1961—Dec.
1962—Dec.
1963—June
Dec.
30..
28..
29..
20..
Member, total:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
Reserves
with
F.R.
Banks
Currency
and
coin
17,796
16,918
17,680
16,529
17,150
2,216
3,689
4,252
3,483
4,048
DeBalances
mand
with
dedoposits
mestic
adbanks 3 justed 4
84,987
124,622
124,459
116,726
124,784
240
481
535
550
526
111
283
269
254
269
12,396 1,358 8,570 37,845 9,823
673 1,762
15,810 1,829 11,075 74,722 12,566 1,248 23,740
17,796 2,145 9,736 85,751 11,236 1,379 ,325
3,677
5,098
6,692
1,077
2,585
2,559
36,544
72,593
83,723
158
70
54
59
103
111
1.298 5,934
1,265 6,815
1,264 111,005
1,177 6,712
12,149
11,991
12,300
12,175
5,023
4,434
4,421
4,429
123,878
123,744
116,067
124,098
333
402
430
443
283
269
254
269
671 1,709
33,754 9,714
12,179
64,184 12,333 1,243 22
73,528 10,978 1,375 1,176
3,066
4,240
5,504
1,009
2,450
2,401
33,061
62,950
72,704
140
64
50
50
99
105
5,381
6,086
9,761
5,986
9,487
9,270
9,535
9,376
4,654
4,083
4,060
4,055
105,454
104,646
97,953
104,130
303
358
373
382
260
243
228
240
866
607
1,105 6,940
1,217
267
319
237
290
450
1,338
1,105
11,282
15,712
17,646
6
17
12
1,267
1,408
2,052
1,419
333
366
357
368
2,583
2,237
2,172
2,119
20,213
19,628
17,822
18,473
191
207
187
214
3,670
4,232
3,468
4,033
13,871 121,671
12,795 123,361
12,237 116,471
11,984 125,615
30..
28..
29..
20..
16,918
17,680
16,529
17,150
2,813
3,263
2,644
3,131
8,724
7,897
7,690
7,359
New York City:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
5,105
4,015
4,639
30..
28..
29..
20..
3,286
4,121
3,439
3,625
City of Chicago:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..
Dec. 20..
Other reserve city:
1941— Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1961—Dec.
1962—Dec.
1963—June
Dec.
30..
28..
29..
20..
Country:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1961—Dec.
1962—Dec.
1963—June
Dec.
30..
28..
29..
20..
Nonmember:2
1947—Dec.
1961—Dec.
1962—Dec.
1963—June
Dec.
31..
30..
28..
29..
20..
16,440
14,579
13,607
13,900
100,660
101,528
95,637
102,816
15,924
14,071
13,146
13,378
93
111
151
141 10,761
78 15,065
70 16,653
3,595
3,535
3,236
240
251
191
264
143
156
121
96
17,089
17,095
15,669
16,763
4,330
3,854
3,802
3,487
1,021
94:
1,070
298
200
175
2,215
3,153
3,737
,027
,292
,196
127
1,552
72
233
237
285
34
66
63
2,152
3,160
3,853
889
1,071
974
1,019
158
99
154
98
3,809
4,262
3,941
4,144
,578
,235
,155
,169
369
410
584
395
315
351
373
275
124
109
112
112
4,830
4,804
4,355
4,500
425
494
562
2,590
2,174
2,125
11,117
22,372
25,714
4,302
6,307
5,497
54
491
110 8,221
131
405
1,144
1,763
2,282
286
611
705
11,127
22,281
26,003
104
30
22
20
38
45
858
7,533
7,671 1,021
815
7,183
7,587
935
2,542
2,253
2,234
2,105
36,187
35,481
33,502
35,859
8,107
7,229
6,572
6,958
243
248
239
267
2,103
2,337
3,793
2,212
3,520
3,216
3,195
3,144
1,152
980
1,021
1,034
40,315
39,413
37,075
39,281
62
82
110
95
110
83
70
72
2,210
4,527
4,993
526
796
929
3,216
4,665
3,900
9,661
23,595
27,424
790
,199
,049
225
5,465
432
1,370
2,004
2,647
239
435
528
8,500
21,797
25,203
31
52
45
5,210
4,817
4,933
4,919
1,678
1,947
1,599
1,884
5,881
5,389
5,182
5,060
43,575
44,689
42,524
46,049
,910
,753
,617
,764
1,641
1,931
3,332
1,960
5,320
5,337
5,610
5,590
796
756
755
790
40,095
40,801
38,700
41,877
108
100
94
86
544
876
989
840
917
3,947
5,446
5,202
4,889
4,953
13,595
21,994
22,814
21,782
23,763
385
649
642
603
671
167
565
743
1,300
743
1,295
2,755
2,802
2,861
2,880
180
402
428
44:
438
12,284
19,168
19,813
18,773
20,654
4,060
6,326
7,095
1,270
1,237
1,242
1,140
967
929
932
801
3 Beginning with 1942, excludes reciprocal bank balances.
4 Through 1960, demand deposits other than interbank and U.S.
Govt., less cash items in process of collection; beginning with 1961,
demand deposits other than domestic commercial interbank and U.S.
Govt., less cash items in process of collection.
^ See note 6, May 1964 BULL., p. 589.
IPC
U.S.
Govt.
Interand
bank Postal
Savings
2,581
5,056
4,511
4,502
4,494
16,918
17,680
16,529
17,150
11,362
16,574
14,713
13,749
14,048
U.S.
Govt.
Certified
and
officers'
checks,
etc.
6,799
12,242
12,071
12,396
12,256
6,246
7,117
6,270
1961—Dec.
1962—Dec.
1963—June
Dec.
ForDomestic 3 eign 5
State
and
local
govt.
1,430 1,343
1,340 5,946
1,295 6,829
1,294 11,060
1,218 6,729
10,216 87,123
14,169 122,654
13,099 124,342
12,579 117,419
12,312 126,579
12,396 1,087
15,811 1,438
17,797 1,672
1961—Dec.
1962—Dec.
1963—June
Dec.
Interbank
Time deposits
State
and
local
govt.
IPC
Borrowings
866 34,383
65 10,059
5,465 76,680 471 22,459
6.450 90,991 3,627 24,094
7,466 98,183 " 545 24,582
7,908 102,""'
886 3 664 25,677
492 15,146
496 29,277
826 33,946
10 6,844
215 8,671
61 9,734
5,412 76,426 462 22,089
6,397 90,714
714 3,584 23,712
7,412 97,893 1,498 24,191
7,853 102,600 3; 571 25,27i
418 11,878
399 23,712
693 27,542
4,371
5,158
5,999
6,364
29
20
14
4 5,886
208 7,589
54 8,464
62,526 438 18,638
74,316 3,550
... 19,854
',322 1,440
80,
"" 20,238
84,,326 3,499 21,054
778
1,206
1,418
1,648
195 2,120
30 2,259
162 6,735 283
266 8,937 ,728
326 9,746 794
449 10,920 1,438
476
719
902
16
130
185
190
178
176
177
144
Capital
accounts
1,996
3,001
3,363
3,595
243 4,542
160 9,563
332 11,045
2,310
2,633
2,913
2,950
288
377
426
35
262
111
255
870
948
974
996
1,967
2,566
1 2,844
23,962
81
28,027 1,388
30,567 407
31,982 1,416
146 6,082
219 12,224
337 14,177
3,683
3,898
3,931
3,984
6,997
7,263
7,440
7,697
4 1,982
11 2,525
23 2,934
1,891
2,242
2,631
2,778
29,834
34,350
36,647
37,829
40
172
127
390
7,088
7,744
7,894
8,377
172
1,094
1,292
1,467
1,545
6,858
14,169
16,675
17,861
18,560
12
33
77
105
165
1,596
3,822
4,240
4,343
4,623
NOTE.—Data are for all commercial banks in the United States. These
figures exclude data for banks in U.S. possessions except for member
banks. Comparability of figures for classes of banks is affected somewhat by changes in F.R. membership, deposit insurance status, and the
reserve classifications of cities and individual banks, and by mergers, etc.
Also see NOTE, May 1964 BULL., p. 589.
For other notes see opposite page.
742
WEEKLY REPORTING MEMBER BANKS
JUNE 1964
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
(In millions of dollars)
Loans
For purchasing
or carrying securities
Wednesday
Total
loans
and
invest-1
ments
Loans
and
Cominvestments Loans mercial
adadand
justed2 justed2 industrial
Agricultural
To brokers
and dealers
To financial institutions
To others
U.S. Other U.S. Other
Govt. se- Govt. sesecuri- curicun- curities
ties
ties
ties
Bank
Foreign
Nonbank
Do- Pers.
mes- and
sales
tic
com- finan. Other
mer- COS.,
etc.
cial
Real
estate
All
other
Valuation
reserves
TotalLeading Cities
1963
3,983
3,819
3,918
3,770
1,722 3,754
2,762
2,769
2,796
2,800
2,869
16,237
16,310
16,421
16,502
16,537
18,751
18,694
18,765
18,769
18,833
1,937
1,938
1,934
1,932
1.934
2,771
2,221
1,854
2,404
2,178
4,640
4,159
4,369
4,146
4,310
3,539
3,506
3,549
3,525
3,571
18,366
18,393
18,461
18,488
18,520
20,601
20,620
20,771
20,841
21,217
2,052
2,053
2,054
2,054
2,053
1,110
1,105
1,101
1,117
2,234
2,378
1,935
2,396
4,367
4,322
4,378
4,322
3,564
3,562
3,578
3,584
18,530
18,606
18,658
18,700
21,308
21,325
21,373
21,388
2,062
2,064
2,056
2,056
410
415
419
424
429
323
319
326
334
330
660
499
349
252
545
1,379
1,259
1,342
1,221
1,230
538
535
522
520
525
1,519
1,561
1,608
1,626
1,646
3,097
3,077
3,099
3,089
3,108
563
563
563
563
563
584
578
579
579
580
556 1,001 1,582
570
629 1,330
576
455 1,483
587
982 1,323
572
928 1,480
716
719
730
734
758
1,889
1,907
1,925
1,931
1,945
3,278
3,295
3,306
3,333
3,446
566
567
567
567
567
580
583
586
586
572
567
558
579
745
765
559
676
1,444
1,401
1,435
1,438
784
787
777
774
1,954
1,968
1,973
1,977
3,462
3,442
3,457
3,450
566
566
566
567
,366
,312
,373
,472
,406
1,049
1,054
1,056
1,064
1,063
361
360
368
373
372
,465
1,215
1,264
1,177
1,177
2,604
2,560
2,576
2,549
'2,524
2,224
2,234
2,274
2,280
2,344
14,718
14,749
14,813
14,876
14,891
15,654
15,617
15,666
15,680
15,725
,374
,375
371
,369
,371
1,459
1,469
1,475
1,488
1,492
684
679
694
707
702
2,125
1,714
1,613
1,429
1,785
1,806
1,810
1,796
1,804
1,071
1,088
1,112
1,123
1,124
95 1,808
93 1,831
95 1,837
1,838
1,698
1,524
1,690
1,688
1,664
2,230
2,207
2,201
2,172
2,150
133,015
131,491
132,329
131,969
131,565
130,890
129,777
130,716
130,540
129,843
82,961
82,285
82,963
82,755
82,280
35,297
35,192
35,393
35,227
35,028
1,540 1,036 3,064
1,538
840 2,836
1,548
747 3,063
1,555
634 3,160
1,560
294 3,070
1
8
15
22
29
141,144
141,065
141,142
140,405
140,858
138,373
138,844
139,288
138,001
138,680
92,002
91,345
92,191
91,592
92,208
38,308
37,964
38,252
38,015
38,057
1,496
1,492
1,494
1,501
1,510
343
561
593
432
434
6
141,284
141,266
141,120
141,426
139,050
138,888
139,185
139,030
92,796
92,886
93,275
93,172
38,307
38,394
38,416
38,321
1,517
1,523
1,538
1,545
615
615
634
534 3,783
32,453
31,491
31,810
31,530
31,374
31,793
30,992
31,461
31,278
30,829
20,582
20,134
20,449
20,194
19,935
11,564
11,474
11,553
11,492
11,420
588
508
429
339
121
1
8
15
22
29
34,311
34,058
33,962
33,883
34,129
33,310
33,429
33,507
32,901
33,201
22,931
22,606
22,838
22,512
22,781
12,430
12,233
12,302
12,146
12,125
188
289
259
230
247
6
33,914
33,810
33,683
33,882
33,169
33,045
33,124
33,206
22,883
22,772
22,897
22,967
12,148
12,191
12,202
12,195
325 2,134
312 2,041
317 2,112
2,190
100,562
100,000
100,519
100,439
100,191
99,097
98,785
99,255
99,262
99,014
62,379
62,151
62,514
62,561
62,345
•23,733
'23,718
'23,840
'23,735
'23,608
1,528
1,525
1,536
1,543
1,547
448
332
318
295
173
May
1
8
15
22
29
Apr.
1964
May
2O'.'.'.['.'.'.'.'.'.'.'.
27
3,796
3,706
3,732
3,679
3,613
109
103
102
100
101
New York City
1963
May
1
8
15
22
29
1964
Apr.
May
13
20
27
26
26
26
26
Outside
New York City
1963
May
1
8
15
22
29
r
r
r
r
1964
Apr.
1
8
15
22
29
106,833
107,007
107,180
106,522
106,729
105,063
105,415
105,781
105,100
105,479
69,071
68,739
69,353
69,080
69,427
25,878
25,731
25,950
25,869
25,932
1,476
1,472
1,474
1,481
1,490
155
272
334
202
187
,566
,499
,531
,507
,463
1,201
1,228
1,231
1,217
1,224
515
518
536
536
552
1,770
1,592
1,399
1,422
1,250
3,058
2,829
2,886
2,823
2,830
2,8231
2,787
2,819
2,791
2,813
16,477
16,486
16,536
16,557
16,575
17,323
17,325
17,465
17,508
17,771
,486
,486
,487
,487
,486
May
6
107,370
107,456
20'.'.'.'. '.'.'.'.'.'.'.'. 107,437
107,544
27
105,881
105,843
106,061
105,824
69,913
70,114
70,378
70,205
26,159
26,203
26,214
26,126
1,497
1,503
1,518
1,524
290
303
317
236
,503
,533
,611
,593
1,228
1,248
1,251
538
538
543
538
1,489
1,613
1,376
1,720
2,923
2,921
2,943
2,884
2,780
2,775
2,801
2,810
16,576
16,638
16,685
16,723
17,846
17,883
17,916
17,938
,496
,498
,490
,489
For notes see p. 744.
1,252
743
WEEKLY REPORTING MEMBER BANKS
JUNE 1964
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Investments
Cash assets
3
U.S. Government securities
Wcdnc*day
Total
Bills
Certificates
Notes and bonds
maturing—
Other
securities
Total
With- 1 to After
in
1 year 5 years 5 years
Balances
with
domestic
banks
Balances
with
foreign
banks
Reserves
with
F. R.
Banks
Currency
and
coin
All
other
assets
Total
assets—
Total
liabilities
and
capital
accounts
TotalLeading Cities
1963
2,441
2,444
2,381
2,378
2^90!
14 ,168
14 .203
14 ,618
14 ,602
7,702
7,617
7,386
7.246
7.127
17,240
17,215
17,272
17,560
17,597
18,028
17,341
17,716
17,606
16.910
3,361
2,943
3,256
2,977
2,931
194
200
199
207
210
,554
,567
,628
,648
,618
12,919
12.631
12,633
12,774
12,151
5,126
5,076
5,020
4,952
5,074
171,271
166,664
171,255
167,600
167,292
14,133
14,454
14,279
14,232
14,184
18,881
17,329
18,589
17,044
17,379
3,727
2,870
3,331
2,995
2,837
255
254
245
256
266
,717
,701
,779
,800
,842
13,182
12,504
13,234
11,993
12,434
5,674
5,677
5,662
5,693
5,714
181,656
177,771
182,403
177,211
177,812
14,047
14,015
13,117
12.980
5,676
5,634
5,591
5,556
5,546
5,511
5,461
5,855
5.829
19,501
19,539
19,836
19,800
19,759
3,820
3,640
3,772
3,689
2,871
2,923
2,995
3,013
3,022
194 3,092
206 3,118
3,744
3,813
19,590
19,562
19,422
19,547
17,909
17.896
17,724
17,558
2,922
3,088
2,950
3,021
281
263
268
276
,640
,836
,778
,849
13,066
12,709
12,728
12.412
5,687
5,729
5,616
5,652
179,362
180,092
178,563
178,443
6,639
6,406
6,564
6,452
6.238
1,850
1,6251
1,875
1,794
1,6301
245
266
232
230
235
501
490
347
347
357
2,390
2,399
2,582
2,591
2,544
1,653
1,626
1,528
1,490
1,472
4,572
4,452
4,448
4,632
4,656
4,240
3,934
4,087
4,193
3,903
112
71
100
117
79
77
82
76
79
85
227
242
231
239
227
3,824
3,539
3,680
3,758
3,512
2,165
2,139
2,100
2,097
2,136
44,455
42,054
43,660
42,337
42,708
5,382
5,842
5,399
5,180
5,235
1,161
1,503
1,133
904
972J
490
480
474
487
490
2,654
2,779
2,732
2,694
2,683
1,056
1,058
1,038
1,038
1,041
4,997
4,981
5,270
5,209
5,185
4,604
3,904
4,480
3,635
4,003
562
90
239
58
56
113
117
110
121
120
255
267
262
263
263
3,674
3,430
3,869
3,193
3,564
2,486
2,500
2,539
2,547
2,512
47,440
45,182
46,523
44,400
45,449
5,236
5.251
5.323
5.323
926
996
1,128
1,141
549
551
818
806
2,646 1,043
2,620 ,003
2,302 ,075
2.294 ,082
5,050
5,022
4,904
4,916
4,152
4,221
4,439
4,261
55
73
56
102
122
110
115
121
260
267
262
269
3,715
3,771
4,006
3,769
2,474
2,529
2,455
2,417
45,514
45,482
45,139
45,525
24,050
23,871
23,917
23,773
23.728
2,687
2,531
2,467
2,426
2,515
,596
,591
,522
,549
,539
1,940
1,954
2,034
2,031
2,033
11 ,778!
[ 1 804J
12 '036j
12 ,011
11 .986!
6.049
5,991
5,858
5,756
5,655
12 ,668
12 ,763
12 ,824
12 ,928
12 ,941
13,788
13,407
13,629
13,413
13,007
3,249
2,872
3,156
2,860
2,852
117
118
123
128
125
,327
,325
,397
,409
,391
9,095
9,092
8,953
9,016
8,639
2,961
2,937
2,920
2,855
2,938
126,816
124,610
127,595
125,263
124,584
Apr. 1.
8.
15.
22.
29.
21,488
22,118
21,862
21,429
21,478
2,920
3,333
3,148
2,742
2,834
91
93
105
106
2,381
2,443
2,521
2,526
2,532
11,479
11,675
11,547
11,538
11,501
4,620
4,576
4,553
4,518
4,505
14,504
14,558
14,566
14,591
14,574
14,277
13,425
14,109
13,409
13,376
3,165
2,780
3,092
2,937
2,781
142
137
135
135
146
,462
1,434
1,517
1,537
1,579
9,508
9,074
9,365
8,800
8,870
3,188
3,177
3,123
3,146
3,202
134,216
132,589
135,880
132,811
132,363
May
21.428
21,189
21,165
20,988
2,894
2,644
2,644
2,548
122 2,543 11,401
125 2,567 11.395
2,926 10,815
3,007 10.686
4,468
4.458
4,780
4,747
14,540
14,540
14,518
14,631
13,757
13,675
13,285
13,297
2,867
3,015
2,894
2,919
159
153
153
155
1,380
,569
1,516
1,580
9,351
8,938
8,722
8; 643
3,213
3,200
3,161
3,235
133,848
134,610
133,424
132,918
May
1..
8.. .
15
29
30,689
30,277
30,481
30,225
29.966
4,537
4,156
4,342
4,220
4,145
26,870
27,960
27,261
26,609
26,713
4,081
4,836
4,281
3,646
3,806.
26,664
26,440
26,488
26.311
,841
,857
,754
.779
,774
1964
Apr.
15.........
22...
29.....
May 6..
13
20
27..
109
113
115
162
155
New York City
1
1963
May
1. .
8.. .
15...
22..
29..
1964
Apr.
1.........
8
15.
22.
29
May 6.,
13..
20..
27..
Outside
New York City
1963
May
1..
8.. .
15...
1964
6.......
13
20
27
For note* see the following page.
744
WEEKLY REPORTING MEMBER BANKS
JUNE 1964
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Deposits
Borrowings
Demand
Wednesday
Demand
Total
deunadjusted 4 posits
ad- 5 Total 6
justed
IPC
Time
Other time
DomesState
tic
and
For-7 U.S. com8
local eign Govt. mer- Total
Govt.
cial
banks
Savings
35,822 10,679
35,909 10,854
35,952 11,036
36,014 11,133
36,048 11,175
IPC
State
Forand
local eign 7
Govt.
Other ! Capital
acFrom From liabili-l
F.R. others ties i counts
Banks
4,019
4,052
4,027
4.039
4; 076
2,834
2,818
2,834
2,847
2,857
75
332
565
732
79
2,671
2,551
2,481
2,293
2,662
5,737
5,738
5,833
5,817
5,926
13,865
13,880
13,869
13,866
13,911
4,381
4,369
4,448
4,588
4,660
3,457
3,523
3,604
3,684
3,704
223
103
716
103
276
3,470
2,917
2,841
3,279
2,884
5,926
5,947
6,057
6,337
6,283
14,780
14,796
14,878
14,870
14,914
4,781 11,246 62,365 38,533 14,920 4,705
4.973 11,087 62,506 38,571 15,060 4,665
5; 433 10,907 62.789 38,632 15,242 4,694
5,029 10,482
38,664 15.411 4,724
3,736
3,740
3,748
3,729
189
103
477
108
2,866
3,055
2,842
3,043
6,193
6,400
6,363
6,319
14,979
14,970
14,957
15,002
,579 ,2331
1,279
,146
1,466 ,396
,962
1,462
1,185 3,206
265
265
270
274
279
2,026
2.011
2,020
2,030
2,035
257
282
,073
,185
,248
,226
,293
2,883
2,860
2,854
2,838
2,887
3,884
3,887
3,885
3,875
3,875
4,500
4,557
4,430
4,507
4,563
389
395
391
383
384
2,452
2,497
2,559
2,619
2,618
,582
,285
,572
,385
1,285
2,774
2,806
2,8111
2,932
2,887'
4,162
4,164
4,163
4,161
4,158
4,484
4,484
4,616
4.714
403
402
401
400
2,640
2,643
2,661
2,635
20 1,107
1,352
213 1,316
1,463
2,902
2,924
2,905
2,855
4,195
4,195
4,188
4,183
148,923
144,163
148,507
144,892
144,714
63,699
61,888
61,006
61,245
61,143
95,172
90,137
94,266
90,477
90,176
67,004
63,914
66,197
63,760
64,260
5,993
5,376
5,364
5,367
5,399
157,257
154,008
157,911
152,622
153,455
62,532
63,083
65,987
64,341
63,959
95,811
92,338
96,401
90,665
91,232
66,659
66,452
70,854
67,881
66,813
5,349
4,768
6,204
5,314
5,529
1,841 5,130 12,192 61,446 38,704 14,418
672 14,625
1,752 3,917 11,638 61,670 38,672
1,803
'
,380 12,024 61,510 38,483 14,508
1,820 ,309 10,946 61,957 38,459 14,757
1,806 2,948 10,464 62,223 38,437 14,950
155,135
155,564
153,924
153,971
62,261
61,797
60,692
61,656
92,770
93,058
91,135
90,974
65,246
66,429
64,709
64,882
5,843
5,223
5,039
5,107
1,791
1,741
1,747
1,793
36,615
34,122
35,416
34,116
34,653
16,422
15,372
15,004
15,262
15,025
26,831
24,287
25,529
24,203
24.711
17,405
15,974
16,620
15,976
16,414
755
312
311
331
394
,259
,341
304
,251
,225
9,784
9,835
9,887
9,913
9,942
4,175
4,194
4,204
4,216
4,215
3,126
3,172
3,212
3.211
3,231
38,922
36,927
37,907
35,891
37,119
16,106
15,797
16,758
16,142
16,285
26,805
24,721
25,822
23,676
24,857
17,457
16,665
17,708
16,919
17,123
364
284
881
274
377
,363 ,516 3,144 12,117
,282 ,192 3,012 12,206
,349 289 3,233 12,085
,363 248 2,951 12,215
,338 824 2,943 12,262
4,484
4,468
4,430
4,427
4,418
37,290
37,011
36,517
37,018
15,415
15,257
15,030
15,316
25.063
24,782
24,134
24,564
16,150
16,419
16,139
16,402
529
271
268
274
,339
,288
,295
,326
4,424
4,425
4,430
4,433
,691 4,957
,773 4,191
,748 5,204
,672 5,481
,635 4,537
11,414
11,302
11,866
10,678
10,753
,525
,521
,432
,330
3,149
3,082
3,110
2,953
53,751
54,026
54,241
54,415
54,538
12,227
12,229
12,383
12,454
!
112,308
110,041
113,091
110,776
110,061
47,277
46,516
46,002
45.983
46,118
68,341
65,850
68.737
66,274
65.465
49,599
47,940
49,577
47,784
47,846
5,238
5,064
5,053
5,036
5,005
432 3,378 8,181 43,967
432 2,912 8,156 44,191
444 3,738 8,470 44,354
421 4,019 7,716 44,502
410 3,352 7,547 44,596
118,335
117,081
120,004
116,731
116,336
46,426
47,286
49,229
48,199
47,674
69,006
67,617
70,579
66,989
66,375
49,202
49,787
53,146
50,962
49,690
4,985
4,484
5,323
5,040
5,152
478 3,614
470 2,725
454 ,091
457 ,061
468 2,124
9,048
8,626
8,791
7,995
7,521
117,845
118,553
117,407
116,953
46,846
46,540
45,662
46.340
67,707
68,276
67,001
66,410
49,096
50,010
48,570
48,480
5,314
4,952
4,771
4,833
452 3,256
453 3,452
452 4,001
467 3,699
8,097
8,005
7,797
7,529
1 After deduction of valuation reserves.
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.
2
7,553
7,682
7,824
7,922
7,944
3.754
3,787
3,757
3.765
3,797
808
807
814
817
822
75
332
308
450
79
1,598
1,366
1,233
1,067
1,369
2,854 9,981
2,878 9,993
2,979 9,984
2,979 9,991
3,039 10,036
49,329
49,464
49,425
49,742
49,961
34,220 9,918
34,204 [0,068
34,053 10,078
34,032 10,250
34,019 10,387
3,992
3,974
4,057
4,205
4,276
,005
,026
,045
,065
,086
223
103
646
72
276
M
3,152
3,141
3,246
3,405
3,396
10,618
10,632
10,715
10,709
10,756
50,138
50,277
50,406
50,543
34,109 10,436
34,146 10,576
34,202 10,626
34,231 10,697
4.302
4,263
4,293
4.324
,096
,097
,087
,094
169
103
264
102
3,291
3,476
3,458
3,464
10,784
10,775
10,769
10,819
31,647
31,715
31,748
31,798
31,833
1,632
1,269
1,894
1,599
1,759
1,703
1,526
1,580
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.
745
BUSINESS LOANS OF BANKS
JUNE 1964
COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS
(In millions of dollars)
Outstanding
Net change during—
1964
Industry
May
27
Durable goods manufacturing:
Primary metals
Transportation equipment .
...
Other fabricated metal products...
Nondurable goods manufacturing:
Food, liquor, and tobacco
Textiles, apparel, and leather
Petroleum refining
May
20
1964
May
13
May
6
Apr.
29
693
691
688
2,165
908
954
1,139
2,168
915
939
1,141
703
2,187
889
936
1,145
2,218
905
931
1,127
2,204
850
903
1,119
-39
58
51
20
1,283
1,536
1,055
1,141
918
1.295
1,552
1,067
1,142
917
1,303
1,555
1,070
1,143
912
1,310
1,533
1,066
1 ,146
901
1,328
1.515
1,070
1,153
897
— 15
-12
21
Other nondurable goods
Mining, including crude petroleum
2,696 2,693 2,710 2.678 2,679
and natural cas
923
952
962
997 1,031
Trade * Commodity dealers
2,076 2,089 2,075 2,057 2 044
Other wholesale
2,602 2,653 2,618 2,633 2,518
Retail
Transportation, communication, and
4,009 3,992 4,003 3,994 4.056
other public utilities
Construction
2,051 2,046 2,019 1,971
1,941
All other: 1
909
Bankers' acceptances
943
955
887
871
All other types of business, mainly
services •
. . 4,943 4,932 4,919 4,952 4,936
Total classified loans
32,001 32,127 32,089 32,009 31,817
Commercial and industrial loans—
all weekly reporting banks
Apr.
May
702
-9
-45
21
Mar.
1963
1963
I
2nd
half
III
IV
1st
half
32
-49
-43
24
37
27
32
36
57
71
53
83
12
72
40
4
177
-5
-51
-90
5
9
-90
-7
23
9
186
-95
-59
-67
-38
151
-91
58
91
-131
-27
-25
48
40
-41
95
-54
79
17
-459
211
-92
108
8
496
-238
72
-20
-96
148
71
27
-40
60
644
-167
99
-60
-36
-593
288
7
66
92
-213
-254
-19
-17
413
348
125
220
30
235
-30
-67
443
583
95
154
237
-263
23
52
546
-27
-16
67
529
40
-255
133
23
-10
-109
55
124
-47
110
-44
47
-65
44
-423
39
38
-18
-43
-47
1 570
3
573
180
7
184
1
-226
144
459
170
-728
2,446
427
2,873
137
263
-115
582
-621
2,849
385
3,234
393
17
-108
32
84
38,320 38,416 38,394 38,307 38,057
i Beginning December 31, 1963, bankers' acceptances for the creation
of dollar exchange are excluded from commercial and industrial loans
and those relating to commercial transactions are shown in a separate
category. Current figures are therefore not strictly comparable with
figures previously reported, but differences are relatively small.
1964
-137
A
NOTE.—About 200 of the weekly reporting member banks are included
in this series; these banks classify, by industry, commercial and industrial
loans amounting to about 85 per cent of such loans held by all weekly
reporting member banks, and about 60 per cent of those held by all
commercial banks.
BANK RATES ON SHORT-TERM BUSINESS LOANS
(Per cent per annum)
Area
period
Size of loan
(thousands of dollars)
Area
All
loans
110
10100
100200
200
and over
Year:
19 large cities:
1955
1956
1957
1958
1959
3.7
4.2
4 6
4.3
5.0
5.0
5.2
5 5
5.5
5.8
4 4
4.8
5 1
5.0
5.5
4 0
4.4
4 8
4^6
5.2
3 5
4.0
4 5
4.1
4.9
I960
1961
1962
1963
5.2
5.0
5.0
5.0
6 0
5.9
5.9
5.9
5 7
5.5
5 5
5.5
5 4
5.2
5 2
5.2
5 0
4.8
4 8
4.8
5 00
5 01
5.01
5.00
4.99
5 89
5 86
5.86
5 86
5.83
5 55
5 54
5.54
5 54
5.53
5 21
5 24
5.21
5 23
5.22
4 83
4 84
4.85
4 82
4.82
Quarter: *
19 large cities:
1963—Mar
June
Sept
Dec
1964 Mar
i Based on new loans and renewals for first 15 days of month.
NOTE.—Weighted averages. For description see Mar. 1949 BULL., pp.
228-37. Bank prime rate was 3 per cent Jan. 1,1955-Aug. 3,1955. Changes
period
Size of loan
(thousands of dollars)
All
loans
10
10100
100200
200
and over
Quarter—cont.: l
New York City:
1963 Mar
June
Sept
Dec
1964 Mar
4.80
4.78
4.81
4 76
4.77
5.62
5.61
5.64
5 63
5.66
5.36
5.37
5.36
5.36
5.39
5.06
5.05
5.04
5 04
5.06
4.70
4.68
4.71
4 65
4.66
7 northern and
eastern cities *
1963 Mar
June
Sept
Dec
1964 Mar .
4.98
5.01
5.01
5.04
5.02
5.85
5.84
5.85
5.85
5.82
5.53
5.54
5.56
5.55
5.54
5.18
5.27
5.19
5.27
5.24
4.84
4.87
4.88
4.90
4.88
11 southern and
western cities:
1963 Mar
June
Sept .
Dec
1964 Mar
5.30
5 32
5.30
5.29
5.29
6.02
5.97
5.96
5.97
5.91
5.66
5.63
5.64
5.65
5.62
5.33
5 34
5.33
5.31
5.31
5.07
5.12
5.09
5.07
5.08
thereafter occurred on the following dates (new levels shown, in per
cent): 1955—Aug. 4, 3 % ; Oct. 14, 3 ^ ; 1956—Apr. 13, 3 % ; Aug. 21, 4 ;
1957_Aug. 6, AV2; 1958—Jan. 22,4; Apr. 2 1 , 3 % ; Sept. 11,4; 1959—May
18, 4Vi; Sept. 1, 5; and 1960—Aug. 23, 4%.
746
INTEREST RATES
JUNE 1964
MONEY MARKET RATES
(Per cent per annum)
Period
Prime
coml.
paper,
4- to 6months *
U. S. Government securities (taxable'
Finance
CO.
paper
placed
directly,
3- to 6months 2
Prime
bankers'
acceptances,
90 days i
6-month bills
3-month bills
3
9- to 12-month issues
Rate
on new
issue
Market
yield
Rate
on new
issue
Market
yield
Bills
(market
yield)
Other 4
3- to 5year
issues 5
1961
1962
1963
2 97
3.26
3 55
2.68
3.07
3 40
2.81
3.01
3 36
2.378
2.778
3 157
2.36
2.77
3.16
2.605
2.908
3.253
2.59
2.90
3.25
2.81
3.01
3.30
2.91
3.02
3.28
3.60
3.57
3.72
1963—May .
June
July
3.25
3.38
3.49
3.72
3.88
3.88
3 88
3.96
3.15
3.21
3.35
3.57
3.63
3.72
3.75
3.84
3.13
3.24
3.41
3.59
3.63
3.63
3.71
3.63
2.920
2.995
3.143
3.320
3.379
3.453
3.522
3.523
2.92
2.99
3.18
3.32
3.38
3.45
3.52
3.52
3.006
3.078
3.272
3.437
3.494
3.573
3.648
3.667
3.01
3.08
3.31
3.44
3.50
3.58
3.65
3.66
3.06
3.11
3.40
3.50
3.57
3.61
3.67
3.69
3.06
3.17
3.33
3.41
3.54
3.59
3.70
3.77
3.57
3.67
3.78
3.81
3.88
3.91
3.97
4.04
3 97
3.88
4 00
3.91
3.89
3.82
3.76
3.83
3.80
3.76
3.70
3.75
3.75
3.80
3.75
3.529
3.532
3.553
3.484
3.482
3.52
3.53
3.54
3.47
3.48
3.652
3.664
3.740
3.676
3.612
3.64
3.67
3.72
3.66
3.60
3.68
3.71
3.78
3.75
3.71
3.66
3.63
3.67
3.63
3.67
4.06
4.02
4.15
4.18
4.07
3.88
3.88
3.88
3.88
3.94
3.75
3.75
3.75
3.75
3.80
3.75
3.75
3.75
3.75
3.75
3.446
3.482
3.491
3.482
3.475
3.45
3.49
3.47
3.47
3.47
3.616
3.629
3.625
3.598
3.595
3.60
3.63
3.59
3.60
3.58
3.69
3.72
3.71
3.71
3.70
3.56
3.55
3.52
3.84
3.84
4.14
4.10
4.04
4.07
4.06
Aug
Sept
Oct
Nov
Dec
1964—Jan
Feb .
Mar
Apr
May..
Week ending—
1964—May 2
9
16
23
30
1 Averages of daily offering rates of dealers.
2
Averages of daily rates, published by finance cos., for varying maturities3 in the 90-179 day range.
Except for new bill issues, yields are averages computed from daily
closing bid prices.
4 Certificates of indebtedness and selected note and bond issues.
Selected note and bond issues.
5
BOND AND STOCK YIELDS
(Per cent per annum)
Period
State
and loca
United
States
(longterm)
Total i
1961
1962 .
1963
3 90
3.95
4.00
1963—May
June. . .
Julv
Aug
Sept
Oct
By selected
rating
Baa
Industrial
Railroad
Public
utility
Preferred
4.66
4.61
4.50
4.35
4.33
4.26
5 08
5.02
4.86
4 54
4.47
4.42
4 82
4.86
4.65
4 57
4.51
4.41
4 66
4.50
4.30
r
3.54
3.62
3.60
3.58
3.58
3.59
3.62
3.61
4.48
4.47
4.49
4.50
4.52
4.52
4.54
4.55
4.22
4.23
4.26
4.29
4.31
4.32
4.33
4.35
4.86
4 84
4.84
4 83
4.84
4.83
4.84
4.85
4.40
4 40
4.43
4 45
4.46
4.47
4.47
4.48
4.63
4 61
4.62
4 63
4.65
4.66
4.68
4.68
4.39
4 40
4.42
4 42
4.44
4.44
4.45
4.49
4.29
4 29
4.34
4 30
4.30
4.26
4.28
4.32
3.13
3 16
3.20
3 13
3.06
3.05
3.14
'3.13
3.09
3.08
3.14
3.12
3.09
3.56
3.54
3.57
3.52
3.54
4.57
4.55
4.56
4.58
4.59
4.37
4.36
4.38
4.40
4.41
4 83
4.83
4.83
4.85
4.85
4 50
4.48
4.49
4.53
4.54
4 68
4.67
4.67
4.69
4.69
4 51
4.51
4.51
4.53
4.53
4 32
4.31
4.34
4.37
4.41
3 06
3.05
3.03
3.00
3.01
3.30
3.31
3.30
3 27
3.28
3.12
3.12
3.10
3 07
3.08
3.52
3.54
3.55
3 52
3.53
4.59
4.59
4.59
4 59
4.59
4.41
4.41
4.41
4 41
4.41
4.85
4.86
4.86
4 84
4.84
4.54
4.54
4.54
4 54
4.54
4.70
4.70
4.70
4 69
4.69
4.53
4.53
4.54
4 54
4.54
4.38
4.39
4.41
4 41
4.43
3.01
2.96
3.00
3 03
3.05
20
5
5
120
30
30
40
40
40
14
3.60
3.30
3.28
3.27
3.03
3.06
4.01
3.67
3.58
3.97
4 00
4.01
3 99
4.04
4.07
4.10
4.14
3.21
3.31
3.31
3.28
3.31
3.33
3.36
3.33
2.99
3.09
3.10
3.09
3.13
3.15
3.17
3.12
4.15
4.14
4.18
4.20
4.16
3.29
3.27
3.33
3.30
3.29
Week ending—
1964—Mav 2
9 .
16
23
30
4.19
4.18
4.16
4 14
4.14
Number of issues
6-12
Dec
Feb
Mar
Apr
May...
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 heal govt. bonds: General obligations only, based on Thurs.
Common
Aaa
Baa
1964—Jan
Dividend/
price ratio
By
group
Earnings/
price ratio
Total i
Aaa
Nov
Stocks
Corporate bonds
Government bonds
2 98
3.37
3.17
500
Common
r
4 98
6.20
5.75
r
5 85
'5.72
'5.49
r
5.42
500
figures, Corp. bonds: Averages of daily figures. Both of these series are
from Moody's Investors Service series.
Stocks: Standard and Poor's Corp. series. Dividend, price ratios are
based on Wed. figures; earnings price ratios are as of end of period.
Preferred stock ratio is based on 8 median yields for a sample of noncallable issues—12 industrial and 2 public utility; common stock ratios
on the 500 stocks in the price index. Quarterly earnings are seasonally
adjusted at annual rates.
JUNE 1964
747
SECURITY MARKETS
SECURITY PRICES
Bonds
Common stocks
Standard
and Poor's
U.S.
Govt.
(longterm)
Period
State
and
local
Corporate
AAA
Standard and Poor's index
(1941-43= 10)
Industrial
Total
Railroad
Public
utility
Volume
of
trading
(thouTrade,
sands
finance, Minof
and
ing shares)
service
Securities and Exchange Commission index
(1957-59= 100)
Manufacturing
Total
Total
Trans- Public
Non- portautiltion
duity
rable
Durable
1961
1962
1963
87.55
86.94
86.31
107.8
112.0
111.3
95.2
96.2
96.8
66.27 69.99 32.83 '60.20 134.2 126.7 129.2 124.4 105.7 168.4 160.2 92.5 4,085
62.38 65.54 30.56 59.16 127.1 118.0 116.5 119.4 97.8 167.2 155.0 98.0 3,820
69.87 73.39 37.58 64.99 142.3 133.3 129.3 137.1 122.5 180.5 169.3 123.5 4,573
1963—May....
June
July....
Aug.. . .
Sept
Oct
Nov.. . .
Dec
86.66
86.36
86.16
86.45
85.77
85.50
85.03
84.64
112.6
110.7
110.3
111.4
110.7
109.9
108.5
109.5
97.1
97.1
96.7
96.5
95.9
95.9
95.9
95.4
70.14
70.11
69.07
70.98
72.85
73.03
72.62
74.17
73.60
73.61
72.45
74.43
76.63
77.09
76.69
78.38
38.37
39.34
38.75
39.22
39.00
38.31
38.60
39.92
65.52
64.87
64.47
66.57
67.09
65.55
64.81
65.64
143.2
142.5
140.7
144.6
148.2
148.7
147.3
151.1
134.3
133.7
131.8
135.6
139.4
139.9
138.0
141.4
130.7
130.8
126.6
130.4
135.5
138.0
136.6
137.7
137.7
136.7
136.7
140.5
143.2
141.6
139.4
145.0
124.2
127.2
125.8
128.8
128.0
128.2
129.5
134.9
180.6
178.0
176.6
180.9
182.9
184.8
186.4
191.3
170.0
170.6
168.5
173.1
179.7
179.9
174.9
176.5
123.2
125.2
127.3
132.3
132.9
130.0
127.9
135.2
4,781
4,528
3,467
4,154
5,331
5,316
5,294
4,701
1964—Jan
Feb
Mar
Apr
May... .
84.42
84.60
84.10
83.84
84.38
111.2
112.3
109.9
110.3
111.6
95.3
95.7
95.2
94.7
94.8
76.45
77.39
78.80
79.94
80.72
80.85
81.96
83.64
84.92
85.79
41.00
41.54
42.88
43.27
44.86
67.26
67.20
66.78
67.30
67.29
155.7
158.3
160.9
163.0
164.4
146.3
149.0
152.8
154.9
156.0
142.9
144.7
150.9
151.8
152.2
149.7
153.0
154.8
158.0
159.7
140.4
145.2
150.4
153.2
158.0
196.0
197.3
194.5
195.7
195.7
178.3
182.1
185.3
189.2
194.6
140.2
143.4
143.0
149.3
160.7
5,302
4,639
5,428
5,616
4,959
Week ending—
May 2.
9.
16.
23.
30.
83.94
84.14
84.36
84.58
84.54
110.7
110.7
111.1
112.1
112.5
94.7
94.7
94.6
94.8
94.9
79.72
80.91
80.98
80.62
80.40
84.69
86.08
86.10
85.64
85.37
43.11
43.88
44.53
45.57
45.97
67.08
67.19
67.48
67.34
67.18
163.
165.3
165.0
164.5
163.8
155.1
157.1
156.7
155.8
151.4
153.3
152.8
152.1
155.2 151.5
158.6
160.8
160.5
159.5
158.9
153.4
156.5
157.3
162.1
160.8
195.9
196.3
195.9
196.0
194.2
191.5
194.1
195.9
195.8
195.9
158.4
162.5
161.0
160.9
160.
5,549
5,352
5,075
4,747
4,329
NOTE.—Annual data are averages of monthly data. Monthly and weekly
data are computed as follows:
U.S. Govt. bonds, derived from average market yields in preceding
table on basis of an assumed 3 per cent, 20-year bond, averages of daily
figures.
Municipal and corporate bonds, derived from average yields, as computed by Standard and Poor's Corp., on basis of a 4 per cent, 20-year
bond; Wed. closing prices.
Common stocks, Standard and Poor's index based on averages of daily
figures; Securities and Exchange Commission index on weekly closing
prices.
Volume of trading, average daily trading in stocks on the N.Y. Stock
Exchange for a 5Vi-hour trading day.
STOCK MARKET CREDIT
(In millions of dollars)
Customer credit
Months
Total
securities
other than
U.S. Govt.
Net debit balances with
N.Y. Stock Exchange
firms served by—
U.S.
Govt.
securities
Other
securities
Broker and dealer credit
Bank loans to other than
brokers and dealers for purchasing and carrying—
U.S.
Govt.
securities
Other
securities
Money borrowed on—
Other securities
U.S.
Govt.
securities
Total
Customer
collateral
Other
collateral
tomers
net
free
credit
balances
1960—Dec
1961—Dec
1962—Dec
4,415
5,602
5,494
95
35
24
3,222
4,259
4,125
138
125
97
1,193
1,343
1,369
142
48
35
2,133
2,954
2,785
1,806
2,572
2,434
327
382
351
1,135
1,219
1,216
1963—May....
June....
July
Aug
Sept
Oct
Nov
Dec
6,229
6,420
6,511
6,660
6,971
7,180
7,298
7,242
24
32
25
23
41
29
34
26
4,737
4,898
4,895
5,034
5,316
5,495
5,586
5,515
75
104
81
87
86
83
90
140
1,492
1,522
1,616
1,626
1,655
,685
1,712
1,727
33
44
29
23
69
33
28
32
3,655
3,909
3,836
3,933
4,100
4,218
4,457
4,449
3,150
3,333
3,359
3,467
3,592
3,713
3,892
3,852
505
576
477
466
508
505
565
597
1,166
1,149
,126
1,093
,180
,176
1,211
1,210
1964—Jan
Feb
Mar
7,250
7,120
7,141
7,314
7,277
22
21
21
21
19
5,524
5,384
5,366
5,510
5,439
108
97
97
101
96
1,726
,736
1,775
1,804
1,838
41
33
18
17
113
4,210
4,158
4,138
4,411
4,362
3,795
3,738
3,646
3,916
3,868
415
420
492
495
494
1,262
1,199
1,231
,165
,138
May.'.'.'.
NOTE.—Data in first 3 cols, and last col. are for end of month; in other
cols, for last Wed.
Net debit balances and broker and dealer credit: Ledger balances of
member firms of N.Y. Stock Exchange carrying margin accounts, as
reported to Exchange. Customers' debit and free credit balances exclude
balances maintained with reporting firm by other member firms of national
securities exchanges and balances of reporting firm and of general partners of reporting firm. Balances are net for each customer—i.e., all accounts
of one customer are consolidated. Money borrowed includes borrowings
from banks and from other lenders except member firms of national
securities exchanges.
Nov. data on customers* net debit balances exclude amounts carried
by a large former member firm in liquidation; most of these accounts
have been transferred to other member firms and are reported in their
debit figures from the month received (some in Dec. 1963, more in Jan.
1964). Debit balance totals for the period Oct.-Jan., therefore, are not
completely comparable.
Bank loans to others than brokers and dealers: figures are for weekly
reporting member banks. Before July 1959, loans for purchasing or
carrying U.S. Govt. securities were reported separately only by N.Y.
and Chicago banks. Accordingly, for that period the fifth col. includes
any loans for purchasing or carrying such securities at other reporting
banks. Composition of series also changed beginning with July 1959;
revised data for the new reporting series (but not for the breakdown of
loans by purpose) are available back through July 1958 and have been
incorporated.
748
OPEN MARKET PAPER; SAVINGS INSTITUTIONS
JUNE 1964
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
(In millions of dollars)
Dollai* acceptances
Commercial and finance
company paper
Accepting banks
End of period
Total
Placed
directly 2
2,672
32,751
3,202
4,497
4,686
6,000
551
840
677
1,358
1,711
2,088
2,121
31,911
2,525
3,139
2,975
3,912
1 307
1,194
1,151
2,027
2,683
2,650
194
94
302
319
662
1,272
1,153
238
282
490
896
865
1963—Apr
May..
June
Julv
Aug.......
Sent
Oct
Nov
Dec
7,382
7,542
7,239
7,522
7,808
7,161
7,869
8,170
6,747
2,204
2,084
2,049
2,059
2,062
2,098
2,230
2,172
1,928
5,178
5,458
5,190
5,463
5,746
5,063
5,639
5,998
4,819
2,658
2,696
2 697
2,712
2 644
2,709
2,733
2 744
2,890
1,251
1,148
1,227
1,202
1,174
1,107
1,093
1,190
1,291
1964—Jan .
Feb
Mar
Apr
7,765
8,119
7,737
7,920
2,042
2,079
2,038
2,039
5,723
6,040
5,699
5,881
2,938
3 056
3,102
3,102
1,393
1,466
1,395
1,355
1957
1958..
1959
1960 .
1961
1962
F.R.
Banks
Others
Placed
through
dealers *
Total
3ased on—
Held b y -
Total
287
Own Bills
bills bought
Goods stored in or
ImExshipped between
ports
ports Dollar
points in—
into
from
exUnited United change
United Foreign
States States
States countries
Own
acct.
Foreign
corr.
64
36
173
376
288
66
49
75
74
51
110
76
68
82
230
126
86
878
775
675
1,060
1,234
1,301
278
254
357
403
485
541
456
349
309
669
969
778
46
83
74
122
117
186
296
244
162
308
293
171
232
263
249
524
819
974
977
923
953
990
938
946
911
976
1,031
274
225
274
213
236
181
181
214
260
44
42
43
39
38
34
58
42
162
83
83
83
85
89
104
105
102
92
,280
,422
1,344
1,386
,343
,463
1,477
,410
1,345
523
525
536
555
556
564
563
571
567
750
808
807
791
772
775
807
842
908
146
149
130
128
105
97
89
54
56
108
72
66
64
53
47
46
46
41
1.130
1,142
1,158
1,174
1,159
1,226
1,229
1,230
1,317
1,025
1,095
1,042
1.060
368
371
353
295
68
64
125
44
91
95
110
83
1,386
.431
M73
1,619
557
596
590
587
962
983
990
963
70
94
87
105
39
31
35
36
1,310
1,351
,401
,411
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.
3 Beginning with Nov. 1958, series includes all paper with maturity
of 270 days or more. Figures on old basis for Dec. were (in millions):
total $2,739; placed directly $1,899.
MUTUAL SAVINGS BANKS
(Amounts in millions of dollars)
Securities
Loans
End of period
Mortgage
Other
U.S.
Govt.
State
and
local
govt.
1941
1945
1956
1957
1958
1959 4
1960
1961
1962
4,787
4,202
89
62
3,592
10,650
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
28,902
32,056
475
602
6,160
6,107
1963—Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
33,125
33,452
33,809
34,075
34,389
34,690
34,964
35,333
35,654
36,007
611
568
614
588
583
662
667
637
659
607
1964—Jan..
Feb.
Mar.
36,352
36,635
36,933
'667
'703
704
Corporate
and
other i
Other
assets
Deposits 2
Other
liabilities
Surplus
accounts
Mortgage loan
commitments 3
Number
Amount
829
606
689
185
11,772
16,962
10,503
15,332
38
48
1,231
1,582
3,549
4,344
4,971
4,845
5,076
920
889
921
829
874
448
490
535
552
589
33,381
35,215
37,784
38,945
40,571
30,026
31,683
34,031
34,977
36,343
369
427
526
606
678
2,986
3,105
3,227
3,362
3,550
89,912
65,248
58,350
1,664
1,170
1,200
677
527
5,040
5,177
937
956
640
695
42,829
46,121
38,277
41,336
781
828
61,855
3,771
3,957 114,985
1,654
2,548
6,432
6,191
6,166
6,189
6,170
6,137
6,076
5,899
5,885
5,863
475
470
462
458
455
455
453
451
448
440
5,157
5,085
5,080
5,090
5,107
5,132
5,171
5,149
5,073
5,074
891
830
852
890
828
809
848
819
811
912
743
728
734
737
750
741
775
765
781
799
47,436
47,325
47,717
48,028
48,282
48,626
48,955
49,052
49,312
49,702
42,306
42,318
42,549
42,972
43,109
43,282
43,712
43,910
44,028
44,606
,106
,034
,148
,023
,138
,248
,124
,049
,141
943
4,023
3,973
4,019
4,033
4,035
4,096
4,118
4,093
4,143
4,153
103,534
107,672
107,429
110,518
108,914
107,108
109,205
106,337
109,881
104,326
2,379
2,409
2,390
2,447
2,419
2,366
2,403
2,379
2,378
2,549
5,951
6,033
6,117
440
427
424
''5,097
5,135
5.151
849
'880
887
'823
'800
825
50,179
50,614
51,042
45,006
45,266
45,761
,023
,143
,036
4,150 102,694
'4,206 113,062
4,244 120,396
2,228
2,391
2,504
1^257
1
Includes securities of foreign governments and international organizations and U.S. Govt. agencies not guaranteed, as well as corporate
securities.
2 See note 3, p. 583.
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.
NOTE.—National Assn. of Mutual Savings Banks data; figures are
estimates for all savings banks in the United States and differ somewhat
from those shown elsewhere in the BULLETIN; the latter are for call dates
and are based on reports filed with U.S. Govt. and State bank supervisory
agencies. Loans are shown net of valuation reserves.
SAVINGS INSTITUTIONS
JUNE 1964
749
LIFE INSURANCE COMPANIES
(In millions of dollars)
Government securities
End of period
Statement value:
1941
1945
Total
assets
Total
Business securities
United State and Foreign
States
local
l
Total
Bonds
Stocks
Mortgages
Real
estate
Policy
loans
Other
assets
32,731
44,797
9,478
22,545
6,796
20,583
1,995
722
687
1,240
10,174
11,059
9,573
10,060
999
6,442
6,636
1,878
857
2,919
1,962
1,840
1,738
1956
1957
1958
1959
I960
96,011
101,309
107,580
113,650
119,576
11,067
10,690
11,234
11,581
11,679
7,555
7,029
7,183
6,868
6,427
2,273
2,376
2,681
3,200
3,588
1,239
1,285
1^370
1,513
1,664
41,543
44,057
47,108
49,666
51,857
38,040
40,666
42,999
45,105
46,876
3,503
3,391
4,109
4,561
4,981
32,989
35,236
37,062
39,197
41,771
2,817
3,119
3,364
3,651
3,765
3,519
3,869
4,188
4,618
5,231
4,076
4,338
4,624
4,937
5,273
1961
1962
126,816
133,291
11,896
12,448
6,134
6,170
3,888
4,026
1,874
2,252
55,294
57,576
49,036
51,274
6,258
6,302
44,203
46,902
4,007
4,107
5,733
6,234
5,683
6,024
126,816
133,291
11,915
12,469
6,135
6,171
3,902
4,037
1,878
2,261
53,967
56,565
49,149
51,389
4,818
5,176
44,250
46,957
4,011
4,114
5,735
6,235
6,938
6,951
July
Aus
Sept
Oct
Nov
Dec
135,151
135,610
136,236
136,698
137,670
138,361
138,764
139,610
140,207
140,903
12,757
12,660
12,497
12,389
12,456
12,452
12,429
12,425
12,371
12,330
6,022
6,013
5,851
5,757
5,843
5,810
5,824
5,829
5,787
5,755
4,041
4,036
4,000
3,981
3,954
3,935
3,892
3,893
3,889
3,876
2,694
2,611
2,646
2,651
2,659
2,707
2,713
2,703
2,695
2,699
57,275
57,664
58,054
58,294
58,578
58,764
58,919
59,214
59,574
59,452
51,953
52,289
52,673
52,841
53,129
53,268
53,357
53,654
53,989
53,769
5,322
5,375
5,381
5,453
5,449
5,496
5,562
5,560
5,585
5,683
47,581
47,910
48,165
48,421
48,665
48,964
49,233
49,536
49,813
50,543
4,171
4,200
4,211
4,239
4,260
4,313
4,339
4,357
4,369
4,348
6,349
6,364
6,399
6,438
6,511
6,548
6,585
6,620
6,651
6,690
7,018
6,812
6,910
6,917
7,200
7,320
7,259
7,458
7,429
7,540
1964—Jan
Feb
Mar
141,866
142,531
143,067
12,365
12,506
12,421
5,782
5,805
5,731
3,859
3,857
3,849
2,724
2,844
2,841
60,006
60,050
60,189
54,269
54,281
54,335
5,737
5,769
5,854
50,828
51,126
51,441
4,368
4,377
4,391
6,729
"6,772
6,819
7.570
7,702
7,806
Book value:
1961 Dec
1962—Dec
1963
Mar
Apr
May
r
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.
601
Year-end figures: Annual statement asset values, with bonds carried
on an amortized basis and stocks at year-end market value. Month-end
figures: Book value of ledger assets. Adjustments for interest due and
accrued and for differences between market and book values are not made
on each item, separately, but are included in total, in "other assets."
SAVINGS AND LOAN ASSOCIATIONS
(In millions of dollars)
Liabilities
Assets
End of
period
Total
assets2—
Total
liabilities
Reserves
and
undivided
profits 4
Mortgage
loan
commitments
Mortgages
U.S.
Govt.
securities
1941
1945
4,578
5,376
107
2,420
344
450
775
356
6,049
8,747
4,682
7,365
475
644
256
336
1956
1957
1958
1959
I960
35,729
40,007
45,627
53,141
60,070
2,782
3,173
3,819
4,477
4,595
2,119
2,146
2,585
2,183
2,680
2,199
2,770
3,108
3,729
4,131
42,875
48,138
55,139
63,530
71,476
37,148
41,912
47,976
54,583
62,142
2,950
3,363
3,845
4,393
4,983
1,347
1,379
1,444
2,387
2,197
1,161
1,293
1,186
713
874
968
843
862
1,475
1,285
1,359
1961
1962
68,834
78,770
5,211
5,563
3,315
3,926
4,775
5,346
82,135
93,605
70,885
80,236
5,708
6,520
2,856
3,629
1,550
1,999
1,136
1,221
1,908
2,230
1963—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
81,042
82,103
83,281
84,525
85,628
86,836
87,933
89,051
89,857
90,849
6,100
6,135
6,111
6,201
6,271
6,233
6,345
6,419
6,548
6,440
3,789
3,650
3,613
3,850
3,401
3,353
3,383
3,450
3,482
3,964
5,401
5,493
5,887
5,858
5,708
5,859
5,897
5,979
6,154
6,178
96,332
97,381
98,892
100,434
101,008
102,281
103,558
104,899
106,041
107,431
83,260
83,738
84,707
86,349
86,313
86,956
87,872
88,667
89,471
91,205
6,573
6,584
6,600
6,800
6,810
6,826
6,830
6,838
6,855
7,208
2,601
2,725
2,840
3,434
3,688
3,912
4,208
4,405
4,464
5,011
2,097
2,254
2,353
2,461
2,485
2,493
2,536
2,576
2,502
2,520
1,801
2,080
2,392
1,390
1,712
2,094
2,112
2,413
2,749
1,487
2,662
2,843
3,019
3,092
3,097
3,110
3,067
3,025
2,929
2,613
1964—Jan
Feb
Mar
91,453
92,163
93,069
6,598
6,662
6,733
3,568
3,601
3,613
5,989
6,098
6,233
107,608
108,524
109,648
91,669
92,423
93,525
7,235
7,250
7,219
4,590
4,377
4,323
2,364
2,336
2,430
1,750
2,138
2,151
2,664
2,818
2,964
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
and2 fixtures.
Before 1958 mortgages are net of mortgage-pledged shares. Asset
items will not add to total assets, which include gross mortgages with no
deductions for mortgage-pledged shares. Beginning with Jan. 1958, no
deduction is made for mortgage-pledged shares. These have declined
consistently in recent years and amounted to $42 million at the end of
1957.
3 Consists of advances from FHLB and other borrowing.
Savings
capital
Borrowed
money 3
Loans in
process
Other
636
402
1,430
1,484
C
4
The decline in reserves and surplus from Feb. to Mar. 1964 is concentrated in state-chartered savings and loan assns. in Calif, where the
accounting system is being revised.
NOTE.—Federal Savings and Loan Insurance Corp. data; figures are
estimates for all savings and loan assns. in the United States. Data
beginning with 1954 are based on monthly reports of insured assns. and
annual reports of noninsured assns. Data before 1954 are based entirely
on annual reports. Data for current and preceding year are preliminary
even when revised.
750
FEDERAL FINANCE
JUNE 1964
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
Derivation of U.S. Government cash transactions
Payments to the public,
other than debt
Receipts from the public,
other than debt
Period
Budget
net
Plus:
Trust
funds
Less:
Intragovt.1
Equals:
Total
rects.2
Budget
Net cash borrowing
or repayment
Net
recpts. Change
Less:
or
in
Equals:
Invest,
Less:
debt
by
Adjust-4 Total paymts.
(direct agen. &
payts.
ments
& agen.) trusts
Plus:
Trust
funds 3
Less:
Noncash
debt
Equals:
Net
Cal. year—1961
1962
1963
78,157
84,709
87,516
24,099
25,471
29,255
4,418 97,774
3,928 106,206
4,144 112,575
84,463
91,907
94,188
25,144
25,386
28,348
5,017 104,590 - 6 , 8 1 6
5,419 111,874 - 5 , 6 6 8
5,382 117,153 - 4 , 5 7 9
6,792
9,055
7,672
-440
1,109
2,535
470
1,386
883
6,762
6,560
4,255
Fiscal year—1960
1961
1962
1963
77,763
77,659
81,409
86,376
20,342
23,583
24,290
27,689
2,975 95,078
3,945 97,242
3,776 101,865
4,281 109,739
76,539
81,515
87,787
92,642
21,212
22,793
25,141
26,545
3,424 94,328
750
4,766 99,542 - 2 , 3 0 0
5,266 107,662 - 5 , 7 9 7
5,436 113,751 - 4 , 0 1 2
3,371
2,102
11,010
8,681
925
856
492
2,068
597
536
923
1,033
1,848
712
9,594
5,579
Half year:
1962—Jan.-June....
July-Dec
1963—Jan.-June....
July-Dec
45,583
39,126
47,250
40,266
13,633
11,838
15,851
13,404
2,000
1,928
2,352
1,792
57,195
49,011
60,728
51,847
44,622
47,286
45,356
48,832
12,377
13,010
13,536
14,812
3,225
2,195
3,241
2,141
53,773
3,422
58,101 - 9 , 0 9 0
55,650
5,078
61,503 - 9 , 6 5 7
2,911
6,143
2,538
5,135
1,978
-870
2,939
-403
521
865
169
714
412
6,148
-569
4,824
July
Aug
Sept
Oct
Nov
Dec
5,735
6.953
12,061
3,547
7,290
10,095
3,400
7,131
8,803
1,752
4,656
2,969
1,419
3,887
1,830
1,289
2,749
2,230
236
283
1,046
271
213
269
259
259
521
7,248
11,323
13,980
4,693
10,960
11,652
4,423
9,617
10,503
7,590
7,470
7,715
7,863
8,305
7,815
8,776
7,784
8,289
2,242
2,302
2,981
2,651
2,438
2,515
2,592
1,955
2,661
163
-218
1,375
468
-544
781
629
-73
881
9,669 - 2 , 4 2 1
9,989
1,334
9,321
4,659
10,045 - 5 , 3 5 3
11,287
-328
9,549
2,102
10,740 - 6 , 3 1 8
9,812
-194
10,069
433
104
-829
2,282
2,820
1,463
1,458
-854 -1,253
2,028
1,784
366
-575
103 - 1 , 1 0 1
1,593
481
1,899
260
87
28
-36
128
116
101
78
163
128
846
-567
40
271
128
839
1,126
949
1,511
1964—Jan
Feb
Mar
Apr
5,853
8,047
10,148
6,609
1,088
3,705
2,330
1,942
303
222
304
212
6,628
11,525
12,168
8,334
8,492
7,521
7,871
7,930
2,257
2,063
2,227
2,935
902
191
707
703
86
133
35
22
183
586
-946
-411
Month:
1963—Apr
May
9,848 - 3 , 2 1 9 - 1 , 0 5 9
1,550
9,393
2,132
-744
9,390
2,778
1
,880
10,163 - 1 , 8 2 9
-1,328
830
167
-1,491
Effects of operations on Treasurer's account
Net operating transactions
Period
Net financing transactions
Agencies & trusts
Operating bal.
Invest.
inU.S.
Govt.
sec. 3
Held
outside
Treasury
Treasurer's
account
Balance
1,746
-538
1,780
1,022
-925
-856
-492
-2,069
1,625
2,640
9,230
7,659
-4
-222
118
-74
2,654
-1,311
3,736
1,686
8,005
6,694
10,430
12,116
504
408
612
806
6,458
5,453
8,815
10,324
1,043
833
1,003
986
704
-599
720
-365
879
874
148
1,648
-1,978
870
-2,939
403
2,032
5,269
2,390
3,487
-81
4
-78
-60
3,936
-2,922
4,607
-4,741
10,430
7,509
12,116
7,375
612
597
806
880
8,815
6,092
10,324
5,621
1,003
820
986
874
-490
2,354
-12
-1,232
1,449
-685
-1,304
795
-431
-159
-528
231
70
-874
411
291
-495
232
-69
244
1,462
171
328
265
296
-179
767
829
-2,820
-1,979
1,253
-1,784
575
1,101
-481
-260
173
2,038
656
-1,025
1,700
100
-193
1,773
1,132
100
-208
145
39
-43
9
87
-151
-1,672
978
4,558
-5,118
-152
2,938
-5,273
760
2,105
6,579
7,558
12,116
6,998
6,846
9,783
4,510
5,270
7,375
952
651
806
629
705
948
881
890
880
4,340
5,992
10,324
5,564
5,389
7,958
2,839
3,521
5,621
1,287
915
986
805
752
877
790
859
874
-1,169
1,642
103
-993
512
-163
368
468
-289
-230
24
109
1,328
-830
-167
1,491
-770
1,780
-767
-1,989
84
194
-23
335
-3,111
2,531
1,861
-2,571
4,264
6,795
8,656
6,085
791
1,024
831
925
2,451
4,783
6,940
3,974
1,022
988
885
1,186
Trust 3
funds
Clearing
accounts
Market
issuance
of
sec. 3
Fiscal year—1960
1961
1962
1963
1,224
-3,856
-6,378
-6,266
-870
790
-851
1,143
-149
285
566
122
Half year:
1962—Jan.-June
July-Dec
1963—Jan.-June
July-Dec
962
-8,160
1,894
-8,567
1,256
-1,172
2,315
-1,408
July
Aug
Sept
Oct
Nov
Dec
-1,854
-516
4,346
-4,316
-1,015
2,279
-5,377
-652
514
1964—Jan
Feb
Mar
Apr
-2,639
526
2,277
-1,322
1 Primarily interest payments by Treasury to trust accounts and accumulations to U.S. employee trust funds.
2 Includes small adjustments not shown separately.
3 Includes net expenditures of Govt. sponsored enterprises.
Treasurer's account
(end of period)
Change
in
gross
direct
public
debt
Budget
surplus
or
deficit
Month:
1963—Apr
May
Change in
cash balances
F.R.
banks
Tax
and
loan
accts.
Other
net
assets
4
Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing
accounts.
5
Includes technical adjustments not allocated by functions.
NOTE.—Based on Treasury Dept. and Bureau of the Budget data.
JUNE 1964
751
FEDERAL FINANCE
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions of dollars)
Cash receipts from the public
Income taxes
Period
Excise taxes
Individual
1964—Jan
Feb
Mar
Apr
Customs
Int.
and
repayments
1,626
1,916
2,035
2,187
1,123
1,008
1,171
1,241
1,162
592
639
602
661
1,179
11,865
12,064
12,752
13,410
5,126
5,204
5,367
5,521
2,642
2,923
3,080
3,405
14,678
16,390
17,040
19,735
11,526
12,981
13,197
15,127
2,670
2,905
3,342
4,114
18,594 11,214 13,037
18,958 3,319 8,810
19,761 10,950 13,526
20,120 3,465 9,242
6,358
6,808
6,602
7,043
2,578
2,845
2,676
2,940
1,468 9,991
1,756 7,937
1,649 11,798
1,898 9,209
7,737
6,111
9,016
7,373
1,997
1,579
2,535
1,588
4,371
1,022
1,192
1,171
1,179
1,207
1,165
1,156
1,065
1,271
446
499
507
453
495
466
561
466
499
258
311
267
297
345
300
285
371
300
1,177
3,998
1,422
936
3,026
1,337
2,424
1,097
2,145
1,240
1,699
1,147
303
229
188
221
175
148
158
139
150
110
106
3,199
1,197
200
933
48
189
730
66
140
413
52
1,087
1,112
1,121
1,103
385
382
434
283
320
264
254
542
294
3,382
1,678
1,394
2,393
1,527
1,116
195
954
109
239
180
184
196
422
13,271
13,175
14,403
14,269
7,248
11,323
13,980
4,693
10,960
11,652
4,423
9,617
10,503
Unempl.
Estate
and
gift
22,179
21,765
21,296
22,336
Fiscal year—1960.. 95,078 31,675
1961.. 97,242 32,978
1962.. 101,865 36,246
1963.. 109,739 38,719
Month:
1963—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Total
OASI
and
R.R.
Total
Other
57,195
49,011
60,728
51,848
Liquor
and to- Highway
bacco
Corp.
Withheld
Half year:
1962—Jan.-June.
July-Dec.
1963—Jan.-June.
July-Dec..
Social ins. taxes
973
5,642
3,272
1,295
5,607
3,210
1,404
5,429
3,176
6,628 1,432
11,525 6,105
12,168 3,222
889
8,334
651
551
443
2,033
5,511
2,140
3,603
381
179
574
386
247
113
406
557
396
3,726
2,441
583
451
870
770
6,654
684
5,006
n.a.
775
652
540
490
914
1,273
992
Re-
funds
Other
1,820
2,105
1,358
1,903
5,238
5,976
6,266
6,571
2,079
1,817
1,830
2,516
596
5,379
1,030
1,252
1,264
1,213
805
724
947
5,766
1,044
1,603
1,204
117
108
104
123
106
103
129
109
128
186
103
140
104
142
272
103
101
87
108
109
148
102
177
123
95
292
245
229
202
207
59
126
944
1,960
1,575
215
157
458
210
225
147
203
141
262
246
170
202
179
Cash payments to the public
search
Agriculture
Natural
resources
Commerce
and
transp.
1,574
2,153
2,492
2,242
401
744
1,257
2,552
4,877
5,183
5,942
7,266
1,822
2,101
2,223
2,456
4,819
5,107
5,487
5,777
1,440
-103
1,691
-268
19,107
22,364
23,975
25,698
855
875
775
1,024
1,528
1,857
2,547
4,446
2,816
4,314
1,016
1,386
1,067
1,455
2,591
214
3,099
1,028
2,681 - 1 , 2 9 4
3,657
1,857
12,515
12,349
13,348
13,150
324
74
289
-7
152
186
239
242
220
271
281
299
270
285
287
342
301
372
501
590
367
818
915
621
882
446
632
166
176
213
215
295
265
253
209
216
386
449
641
502
643
650
682
561
619
251
204
131
-152
355
317
359
452
701
610
541
587
192
179
171
174
394
424
446
472
National
defense
Intl.
affairs
94,328
99,542
107,662
113,751
45,915
47,685
51,462
53,429
Half year:
1962—Jan.-June....
July-Dec
1963—Jan.-June
July-Dec
53,773
58,101
55,650
61,502
27,331
26,123
27,306
26,359
Month:
1963—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
9,669
9,989
9,321
10,045
11,287
9,549
10,740
9,812
10,069
C
1964—Jan
Feb
Mar
Apr
9,848
9,393
9,390
10,163
Period
Total 5
Fiscal year- -1960
1961
1962
1963
1,367
1,032
C
4,531
4,575
4,835
4,263
4,456
4,246
4,670
4,164
4,560
4,385
4,311
4,425
4.594
Space
1963
1962
Item
II
III
IV
II
1964
III
Housing Health,
& community welfare
devel.
-74
-161
380
464
274
274
264
82
499
-12
-383
-101
386
IV
III
Net....
26 .5
27 .0
27. 3
28. 1
27. 1
29. 2
27 . 4
28 . 2
27 .8
28 . 2
- .5
-. 7
-2. 1
- .8
- .4
For notes, see opposite page.
-
General
Govt.
Veterans
Inter-
5,907
6,187
6,092
5,971
7,233
7,257
6,940
7,427
1,558
1,724
1,882
1,983
651
561
3,019
2,956
3,010
2,954
3,595
3,580
3,846
3,845
939
983
1,000
1,084
2,278
2,117
2,185
2,217
2,099
2,129
2,274
2,201
2,230
93
93
98
109
126
88
83
68
87
411
476
419
513
481
476
503
489
492
305
155
201
167
204
171
183
169
171
186
2,448
2,357
c
2,402
2,404
127
120
140
125
703
468
499
457
867
945
1,052
1,214
601
562
1962
Seasonally adjusted
Cash budget:
Receipts. .
Payments.
Education
est
1,314
319
227
1,474
285
348
1,239
273
269
1,396
365
402
1964
1963
IV
263
178
181
172
III
IV
Not seasonally adjusted
28 .7
30 . 4
28. 9
30. 2
29.5
30.4
31 .0
27 . 8
26 .0
28 .5
23 . 0
29 . 6
28 .2
26 .5
32 .6
29 .1
27. 3
30. 9
24 .5
30 . 6
30.3
28.6
.7
-1. 3
-1.0
3 .2
- 2 .5
- 6 .6
1.7
3 .4
-3. 5
- 6 .1
1.7
1
752
JUNE 1964
U.S. GOVERNMENT SECURITIES
TOTAL DEBT, BY TYPE OF SECURITY
(In billions of dollars)
Public issues
Total
gross
debt i
End of period
Total
gross
direct
debt 2
3
Nonmarketable
Marketable
Total
Total
Bills
Certificates
Notes
Bonds
4
Convertible
bonds
8.9
6.1
7.0
48.2
52.1
20.0
29.0
9.5
8.3
7.1
57.4
53.4
52.1
48.9
56.3
52.5
51.2
48.2
45.6
45.8
44.8
43.5
79.8
75.5
78.4
5.7
4.6
4.0
47.8
48.6
48.8
47.2
47.5
47.5
44.3
43.5
43.4
52.1
52.1
52.2
58.6
54.1
53.7
58.7
58.7
80.1
82.0
81.9
80.5
86.5
86.5
86.4
86.4
3.5
3.5
3.5
3.4
3.4
3.3
3.3
3.2
50.0
50.2
50.3
50.3
50.4
50.6
50.7
50.7
48.2
48.3
48.4
48.5
48.6
48.7
48.8
48.8
43.6
44.8
43.7
45.5
44.7
43.3
43.6
43.7
56.4
64.5
64.5
65.1
67.3
88.7
87.0
87.0
87.0
88.5
3.2
3.2
3.2
3.1
3.1
50.8
50.8
50.8
50.9
51.0
48.9
49.0
49.1
49.1
49.2
41.9
42.9
43.2
42.0
45.0
57.9
278.1
256.9
50.5
255.7
225.3
41 6
198 8
165.8
17.0
15.1
38.2
21.2
23.0
11.4
33 6
120.6
118.0
1956—Dec
1957 Dec
1958—Dec
1959—Dec
276 7
275 0
283 0
290.9
276 6
274 9
282.9
290.8
228 6
227.1
236 0
244.2
160
164
175
188
4
2
6
3
25 2
26 9
29.7
39 6
19.0
34.6
36.4
19.7
35.3
20.7
26.1
44.2
80 9
82.1
83.4
84.8
10.8
1960—Dec
1961—Dec
1962 Dec
290.4
296 5
304.0
290.2
296 2
303.5
242.5
249 2
255.8
189.0
196 0
203.0
39.4
43 4
48.3
18.4
5.5
22.7
51.3
71.5
53.7
1963—May
June
July
Aug
Sept
305.8
306.5
305.5
307.2
307.3
307.1
308.9
310.1
305.2
305.9
304.8
306.5
306.6
306.4
308.2
309.3
257.6
257.2
257.2
257.0
258.0
259.2
260.5
261.6
204.1
203.5
203.5
203.2
204.3
205.3
206.6
207.6
49.7
47.2
47.2
47.2
48.2
49.7
50.5
51.5
22.2
22.2
22.2
17.0
15.5
15.5
10.9
10.9
309.3
311.1
310.4
308.4
312.3
308.6
310.4
309.6
307.6
311.5
262.6
263.2
262.2
261.4
262.2
208.6
209.2
208.2
207.4
208.0
52.5
53.6
52.5
51.0
52.2
10.9
4.2
4.2
4.2
. .
. .
Oct
Nov
Dec
1964—Jan
Feb
Mar
Apr
May
1 Includes non-interest-bearing debt (of which $362 million, on May 31,
1964, was not subject to statutory debt limitation) and guaranteed securities,
not shown separately.
2
Excludes guaranteed securities.
3 Includes amounts held by U.S. Govt. agencies and trust funds which
totaled
$14,101 million on Apr. 30, 1964.
4
Includes Treasury bonds and minor amounts of Panama Canal and
postal savings bonds.
6.0
2.0
Total 5
56.9
59.5
64 3
278 7
257 0
1941—Dec
1945—Dec
1947—Dec
Special
issues 6
Savings
bonds
5 Includes Series A investment bonds, depository bonds, armed forces
leave bonds, adjusted service bonds, foreign currency series, foreign
series, Rural Electrification Administration bonds, and before 1956,
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 1
9.5
27.0
1941—Dec
1945—Dec
1947—Dec
64.3
278.7
257.0
1956—Dec
1957—Dec
1958—Dec
1959—Dec
1960—Dec
1961—Dec
1962—Dec
276.7
275.0
283.0
290.9
290.4
296.5
304.0
34.4
54.0
55.2
54.4
53.7
55.1
54.5
55.6
1963—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1964—Jan
Feb
Mar
Apr
303.7
305.8
306.5
305.5
307.2
307.3
307.1
308.9
310.1
309.3
311.1
310.4
308.4
54.3
57.1
58.4
57.1
58.9
58.3
57.2
57.7
58.0
56.5
57.5
57.6
56.1
Other
corporations
State
and
local
govts.
8.2
24.0
23.9
13.2
12.5
12.7
12.5
11.9
11.4
11.5
4.0
22.2
14.1
8.2
21.2
19.4
19.1
18.6
18.8
22.8
20.1
19.7
20.1
.7
6.5
7.3
16.3
16.6
16.5
18.0
18.7
18.7
19.5
5.4
42.9
46.2
59.5
59.5
67.5
60.3
62.1
67.2
67.2
3.7
10.7
12.0
8.0
7.6
7.3
6.9
6.3
6.1
6.1
50.1
48.2
47.7
45.9
45.7
46.4
46.9
65.1
63.9
64.4
63.3
61.7
63.0
63.1
62.7
64.1
62.6
61.9
61.2
60.6
6.1
6.1
6.1
6.1
6.1
6.0
5.8
5.8
5.8
5.9
6.0
6.1
6.0
11.1
11.0
10.8
10.9
10.9
11.0
11.0
11.0
11.0
11.1
11.0
10.9
10.8
21.0
22.2
20.2
20.5
21.3
19.6
20.4
21.6
20.7
22.0
23.0
22.0
22.3
20.5
20.5
20.7
20.9
21.2
20.9
20.7
20.3
20.8
21.0
21.4
21.9
22.6
47.3
47.4
47.5
47.6
47.7
47.7
47.8
48.0
48.1
48.1
48.2
48.3
48.3
Total
2.3
24.3
22.6
24.9
24.2
26.3
26.6
27.4
28.9
30.8
52.5
227.4
200.1
197.8
195.5
202.3
210.6
207.9
213.1
217.6
21.4
90.8
68.7
31.2
31.3
32.0
32.5
32.4
32.6
32.8
33.7
33.6
32.8
33.2
33.8
33.2
218.2
217.4
216.1
215.9
215.9
216.4
217.2
217.5
218.5
220.0
220.5
219.0
219.1
1 Includes the Postal Savings System.
2 Includes investments of foreign balances and international accounts
in the United States.
Individuals
Insurance
companies
Com- Mutual
mercial savings
banks banks
F.R.
banks
Savings Other
bonds securities
Foreign Other
misc.
and
invesinternational2 tors 3
15.4
15.8
15.3
22.1
19.1
18.5
18.3
.4
2.4
2.7
7.8
7.6
7.7
12.0
13.0
13.4
15.3
8.4
9.0
8.9
10.1
11.2
11.6
12.7
18.4
18.0
18.1
18.4
18.4
18.7
18.8
18.9
18.8
19.2
19.4
'19.5
18.9
15.6
15.9
15.8
15.6
15.9
16.0
15.9
16.0
15.9
15.9
15.9
15.6
15.3
13.0
12.5
12.5
12.6
12.7
13.5
13.6
13.2
13.3
14.2
13.6
13.6
14.2
.5
6.6
5.7
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
JUNE 1964
753
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
40,984
39,034
37,864
31,496
31,505
66,360
61,640
58,487
63,413
64,057
19,782
33,983
35,682
36,047
36,041
11,976
4,565
8,357
8,356
8,355
13,419
15,539
15,642
16,363
16,350
583
865
1,366
1,279
980
669
726
478
278
278
1,860
1,425
1.910
1,926
1,930
1,594
2,731
3,021
3,180
3,181
1,756
1,309
2,178
2,195
2,196
2,022
2,583
2,936
3,146
3,146
17,650
17,741
22,580
19,312
18,658
3,349
2,723
4,146
4,295
3,626
14,301
15,018
18,434
15,017
15,032
8,737
10,834
8,658
12,161
12,176
2,227
2,094
2,136
2,075
2,105
204
68
63
83
131
134
139
158,600
162,553
162,089
162,449
162,476
65,526
67,952
64,979
63.175
62.638
39,512
44.662
46,027
46,974
46,443
26,014
23,290
18,952
16,201
16,195
55,763
49,381
47,919
49.326
49,951
15,961
29,158
30,525
30,792
30,755
10,016
3,188
6,091
6,073
6,068
11,334
12,873
12,575
13,083
13,065
59,073
58,004
54,881
52,355
51,882
21,149
19,885
16,703
14,017
13,700
9,962
9,838
9,290
7,984
7,501
11,187
10,047
7,413
6,033
6,199
30,751
26,348
26,107
26,465
26,512
5,043
11,163
11,075
10,849
10,707
1,724
191
533
532
488
407
417
463
492
474
Mutual savings banks:
1961—Dec. 3 1 . . .
1962—Dec. 3 1 . . .
1963—Dec. 3 1 . . .
1964—Mar. 3 1 . . .
Apr. 30
5,867
5,793
5,502
5,750
5,707
868
635
690
752
691
181
252
268
427
369
505
383
422
325
322
1,514
1,337
1,211
1,415
1,444
1,708
2,210
2,009
1,984
1,975
662
306
377
372
370
1,298
1,305
1,215
1,227
1,227
Insurance companies:
1961—Dec. 3 1 . .
1962—Dec. 3 1 . .
1963—Dec. 3 1 . .
1964—Mar. 3 1 . .
Apr. 30
9,020
9,265
9,254
9,146
9,052
1,228
1,259
1,181
1,042
939
442
552
549
481
416
786
707
632
561
523
2,222
2,175
2,044
1,924
1,927
1,625
2,223
2,303
2,416
2,420
1,274
718
939
927
928
2,671
2,890
2,787
2,837
2,837
10,547
10,750
10,427
10.589
11,041
8,697
9,063
7,671
7,922
8,519
5,466
6,551
6,178
6,290
6,878
3,231
2,512
1,493
1,632
1,641
1,747
1,524
2.397
2,198
2,061
72
149
290
351
341
22
5
9
9
9
8
9
60
109
111
2,760
2,862
3,253
3.349
3,302
446
437
378
388
348
155
254
236
300
257
291
183
142
88
91
895
817
919
1,010
1,027
617
1,030
1,202
1,221
1,200
371
105
253
251
249
431
473
501
479
479
10,893
11,716
12,453
15,197
16,140
3,974
4,447
4,637
5,462
6,207
2.710
3,282
3,869
4,694
5,404
1,264
1,165
768
768
803
1.320
1,059
941
1,893
2,041
842
1,505
1,502
1,830
1,856
1,250
688
1,591
1,697
1,712
3,507
4,017
3,782
4,314
4,324
60,440
64,162
66,320
66.063
65,353
29,346
32,227
33,719
33,593
32,234
20,596
23,935
25,637
26,796
25,617
8,750
8,292
8,082
6,796
6,617
17.314
16,121
14,301
14,419
14,940
6,054
10,877
12,144
12,140
12,254
4,713
1,175
2,389
2,284
2,311
3.012
3,761
3,767
3,626
3,613
Type of holder and date
Total
Total
Bills
Other
195,965
203,011
207,571
208.223
207,356
84,428
87,284
89,403
84,044
82,554
43,444
48,250
51,539
52,548
51,049
U.S. Govt. agencies and trust funds:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—Mar. 31
Apr. 30
8.484
9.638
11,889
12,004
11,711
1,252
1,591
1,844
1,557
1,258
Federal Reserve Banks:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—Mar. 31
Apr. 30
28,881
30,820
33,593
33,770
33,169
All holders:
1961—Dec.
1962—Dec.
1963—Dec.
1964—Mar.
Apr.
Held by public:
1961—Dec.
1962—Dec.
1963—Dec.
1964—Mar.
Apr.
31.
31.
31.
31.
30.
31.
31.
31.
31.
30.
Commercial banks:
1961—Dec. 31.
1962—Dec. 31.
1963—Dec. 31.
1964—Mar. 31.
Apr. 30
Nonfinancial corporations:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—Mar. 31
Apr. 30
Savings and loan
1961—Dec.
1962—Dec.
1963—Dec.
1964—Mar.
Apr. 30
associations:
31
31
31
31
State and local governments:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—Mar. 31
Apr. 30
AH others:
1961—Dec. 31.
1962—Dec. 31.
1963—Dec. 31.
1964—Mar. 31.
Apr. 30
NOTE.—Direct public issues only. Based on Treasury Survey of
Ownership.
Data complete for U.S. Govt. agencies and trust funds and F.R. Banks
but for other groups are based on Treasury Survey data. Of total marketable issues held by groups, the proportion held on latest date and the
number of reporting owners surveyed were: (1) about 90 per cent by the
6,046 commercial banks, 503 mutual savings banks, and 786 insurance
cos. combined; (2) about 50 per cent by the 469 nonfinancial corps, and
488 savings and loan assns.; and (3) about 70 per cent by 506 State and
local govts.
Holdings of "all others," a residual, include holdings of all those not
reporting in the Treasury Survey, including investor groups not listed
separately.
754
U.S. GOVERNMENT SECURITIES
JUNE 1964
DEALER TRANSACTIONS
(Par value, in millions of dollars)
U.S. Government securities
By type of customer
By maturity
Period
U.S. Govt.
agency
securities
Dealers and brokers
Total
Within
1 year
5-10
years
1-5
years
Over
10 years
U.S.
Govt.
securities
Commercial
banks
Other
All
other
1963—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1,788
1,639
1,574
1,775
1,308
1,799
1.575
1,713
1,719
1,438
1,160
1,208
1,440
1,060
1,280
1,261
1,300
,348
195
282
168
172
139
207
144
252
213
105
127
165
134
88
214
124
131
122
50
69
33
29
21
100
46
29
37
509
529
471
556
401
522
467
480
508
33
30
26
27
15
36
31
28
30
757
601
584
727
507
733
637
662
730
488
479
493
464
384
509
439
544
451
91
81
108
95
88
140
91
117
96
1964—Jan
Feb
Mar
Apr
2,144
1,809
1,685
1,849
,656
,336
,361
,528
264
272
213
234
159
145
81
70
65
56
31
18
687
528
563
590
36
29
22
24
905
737
657
737
516
516
443
498
99
91
86
134
Week ending—
1964—Apr.
1
8
15
22
29
2,078
2,091
1,834
1,826
1,483
,715
,673
,542
,560
,245
264
316
214
197
176
76
72
61
57
52
24
30
17
12
10
611
754
537
616
465
16
25
24
22
25
851
807
789
666
588
600
505
485
522
405
92
177
112
171
97
May
6
13
20
27
2,034
1,784
1,594
1,559
,504
,265
,192
,212
276
280
246
209
232
220
116
121
23
21
40
17
587
651
510
546
30
39
29
21
824
679
600
574
593
416
455
418
98
164
106
109
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)
Commercial banks
U.S. Government securities, by maturity
Period
All
1-5
U.S.
Govt.
agency
securities
maturities
Within
1 year
years
1963— \ p r
May
June
July
Aug
Sept
Oct
Nov
Dec
3,467
3,494
3,093
2,881
3,096
3,689
3 538
3,546
3,090
2,934
2,810
2,666
2,505
2,871
3,099
2 899
3,008
2,800
355
640
347
357
307
290
196
430
295
178
44
80
21
-82
300
444
108
—4
228
305
357
267
275
195
176
159
254
1964 —Jan
Feb
Mar
Apr
3 582
3 475
2,775
2,393
3,218
2 1%1
2,486
2,316
272
468
323
156
92
219
-34
— 78
163
195
195
170
2,999
2,813
3,023
2,515
2,565
2,400
2,691
2,343
415
416
355
252
20
-3
-24
-80
202
195
181
194
2,587
2,383
2,476
2,126
2,509
2,547
2,281
2,344
2,069
2,463
110
170
198
134
149
-70
-69
-65
-77
-104
190
173
163
153
180
Over
5 years
Week ending—
1964—Mar.
4..
11..
18..
25..
Apr.
1. .
8..
15. .
22. .
29. .
Period
New
York
City
Elsewhere
Corporations 1
All
other
1963—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3,361
3,020
3,293
3,974
3,415
3,551
3,139
886
936
866
659
553
1,201
825
660
823
854
888
650
533
501
898
775
671
587
1,366
1,536
1,543
1,478
1,924
1,527
1,387
1,748
1,466
442
403
303
350
316
348
429
472
263
1964—Jan
Feb
Mar
Apr
3,646
3,645
2,971
2,390
1,139
1,048
784
545
1,019
879
613
556
1,159
1,355
1,247
1,065
328
363
326
225
3,548
3,764
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 m o r e
clearly represent investments by the holders of the securities rather t h a n
dealer trading positions.
Average of daily figures based on number of trading days in the period.
All
sources
1964—Mar.
4...
11...
18...
25...
3,085
2,979
3,292
2,819
756
771
988
720
603
482
725
589
1,459
1,456
1,210
1,138
267
270
369
372
Apr.
1 ...
8. . .
15. . .
22. ..
29. ..
2,698
2,390
2,638
2,127
2,335
645
635
701
324
452
645
565
686
489
485
1,091
964
1,034
1,130
1,120
318
227
216
183
278
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.
JUNE 1964
755
OUTSTANDING SECURITIES
U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, MAY 31, 1964
(In millions of dollars)
Issue and coupon rate
Treasury bills
June 4,1964..
June 11, 1964..
June 18, 1964..
June 22, 1964 1
June 25, 1964..
July 2,1964..
July 9, 1964..
July 15, 1964..
July 16, 1964..
July 23, 1964..
July 30, 1964..
Aug. 6,1964..
Aug. 13, 1964..
Aug. 20, 1964..
Aug. 27, 1964..
Aug. 31, 1964..
Sept. 3, 1964..
Sept. 10, 1964..
Sept. 17, 1964..
Sept. 24, 1964..
Sept. 30, 1964..
Oct. 1,1964..
Oct. 8, 1964..
Oct. 15, 1964..
Oct. 22, 1964..
Oct. 29, 1964..
Oct. 31, 1964..
1
Amount
Issue and coupon rate
Treasury bills—Cont.
2,102
Nov. 5, 1964
2,101
Nov. 12, 1964
2,102
Nov. 19, 1964
2,501
Nov. 27, 1964
2,112
Nov. 30, 1964
2,101
Dec. 31, 1964
2,101
Jan. 31, 1965
1,998
Feb. 28, 1965
2,001
Mar. 31, 1965
2,001
Apr. 30, 1965
2,002
2,101 Treasury notes
2,101
Aug. 15, 1964
2,103
Aug. 15, 1964
2,102
Oct. 1,1964
1,001
Nov. 15, 1964
902
Nov. 15, 1964
900
Apr. 1,1965
899
May 15, 1965
900
May 15, 1965
1,002
Aug. 13, 1965
901
Aug. 13, 1965
900
Oct. 1,1965
900
Nov. 15, 1965
901
Nov. 15, 1965
900
Feb. 15, 1966
1,000
Apr. 1,1966
Amount
900
900
900
900
1,005
1,000
1,000
1,001
1,001
1,001
5
3VA
li/ 2
4%
3V4
IVi
4%
3%
3%
3%
IVi
3V2
4
3Ys
11/2
2,045
4,086
490
3,867
5,961
466
1,816
7,977
6,202
1,066
315
2,954
8,561
5,653
675
Tax anticipation issue.
Issue and coupon rate
Treasury notes—Cont.
Aug. 15, 1966
4
Oct. 1,1966
\y2
Feb. 15, 1967
3%
Apr. 1, 1967
1%
Aug. 15, 1967
3%
Oct. 1,1967
1%
Apr. 1,1968
11/2
Oct. 1,1968
n/2
Apr. 1, 1969
IV2
Treasury bonds
June 15, 1962-67...214
Dec. 15, 1963-68... 21/2
June 15, 1964-69... 21/2
Dec. 15, 1964-69... 21/2
Feb. 15, 1965
2%
Mar. 15, 1965-70.. .2Vi
M a y 15, 1966
3%
Aug. 15, 1966
3
Nov. 15, 1966
33/8
Mar. 15, 1966-71.. .21/2
June 15, 1967-72... 21/2
Sept. 15, 1967-72... 21/2
Nov. 15, 1967
35/s
Dec. 15, 1967-72... 21/2
May 15, 1968
3%
Aug. 15, 1968
3*A
Nov. 15, 1968... . . . 3 %
Amount
Issue and coupon rate
5,820
357
3,475
270
4,433
457
212
115
6
1,456
1,814
2,628
2,540
3,976
2,416
2,862
1,024
1,851
1,404
1,299
1,952
3,604
2,743
2,460
3,747
1,591
Amount
Treasury bonds—Cont.
Feb. 15, 1969
4
Oct. 1,1969
4
Aug. 15, 1970
4
Aug. 15, 1971
4
Nov. 15, 1971
3%
Feb. 15, 1972
4
Aug. 15, 1972
4
Aug. 15, 1973
4
May 15, 1974
4y4
Nov. 15, 1974
37/s
May 15, 1975-85...414
June 15, 1978-83... 3 yA
Feb. 15, 1980
4
Nov. 15, 1980
3%
May 15, 1985
iyA
Feb. 15, 1990
31/2
Aug 15, 1987-92... 4lA
Feb. 15, 1988-93
4
May 15, 1989-94...4^8
Feb. 15, 1995
3
Nov. 15, 1998
31/2
1,844
2,537
4,129
2,806
2,760
2,344
2,579
3,894
1,531
2,244
1,218
1,587
2,610
1,914
1,129
4,908
365
250
1,560
2,468
4,441
Convertible bonds
Investment Series B
Apr. 1, 1975-80... 2 %
3,121
NOTE.—Direct public issues only. Based on Daily Statement of U.S.
Treasury.
FEDERALLY SPONSORED AGENCIES, APRIL 30, 1964
Agency, type and date of issue,
and coupon rate
Federal home loan banks
Notes:
Aug. 15, 1963
July 16,1963
Sept. 16, 1963
Oct. 15, 1963
Dec. 9,1963
Feb. 17, 1964
Mar. 16, 1964
Apr. 15, 1964
Bonds:
June 17, 1963
Sept. 17, 1962
Dec. 9,1963
Maturity
3.70
3i/2
3.95
3.90
4.00
3%
4.05
4.15
3^
3%
4i/8
Federal National Mortgage Association—
secondary market operations
Debentures:
May 10, 1961
3%
Sept. 11, 1961
4
Dec. 11, 1961
3%
Dec. 10, 1957
43/8
Sept. 10, 1962
3%
Dec. 12, 1960
4Vs
Mar. 10, 1958
3%
Apr. 10, 1959
4%
Apr. 11, 1960
45/g
Sept. 12, 1960
41/s
Aug. 23, 1960
4%
Sept. 11, 1961
41/2
Feb. 10, 1960
51/s
Dec. 11, 1961
4y 8
June 12, 1961
4*4
Feb. 13, 1962
41/2
Banks for cooperatives
Debentures:
Dec. 2,1963
Feb. 3,1964
Apr. 1,1964
May
June
July
Aug.
Sept.
Nov.
Jan.
Feb.
15,
15,
15,
17,
15,
16,
15,
15,
1964
1964
1964
1964
1964
1964
1965
1965
Oct. 15, 1964
Sept. 15, 1965
Aug. 15, 1966
May
Sept.
Dec.
June
Mar.
Dec.
Mar.
Apr.
Apr.
Sept.
Aug.
Sept.
Feb.
June
June
Feb.
11,
10,
11,
10,
10,
12,
11,
10,
10,
10,
10,
10,
10,
12,
12,
10,
1964
1964
1964
1965
1966
1966
1968
1969
1970
1970
1971
1971
1972
1972
1973
1977
Amount
(millions
of dollars)
328
326
413
300
564
175
249
435
460
175
200
87
144
111
98
108
93
87
88
146
119
64
98
100
100
146
198
Federal intermediate credit banks
Debentures:
Aug. 1,1963
Sept. 3, 1963
Oct. 1,1963
Nov. 4, 1963
Dec. 2,1963
Jan. 2,1964
Feb. 3,1964
Mar. 3, 1964
Apr. 1,1964
Federal land banks
Bonds:
Aug. 8,1963
Dec. 10, 1960
Apr. 20, 1964
Oct. 20, 1960
June 20, 1961
Apr. 2,1961
May 1, 1958
Sept. 20, 1961
Feb. 15, 1957
May 1, 1962
Oct. 1,1957
Oct. 22, 1963
Apr. 1,1959
May 1,1963
Feb. 2,1959
July 15, 1957
Feb. 1,1960
Feb. 14, 1958
Jan. 5, 1960
May. 1, 1956
Sept. 14, 1956
Feb. 20, 1963
Feb. 20, 1962
3.65
3%
3%
V/%
3.95
4.00
3.90
3.90
4.05
3%
4
4*A
4
4
35/s
3*4
4V4
4%
4
4Vi
41/s
4V4
4
4%
45/8
5Vs
3V2
5Vs
3%
3%
4%
4l/2
Maturity
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
4, 1964
1, 1964
1, 1964
3, 1964
1, 1964
1, 1964
2, 1964
1, 1964
4, 19 65
Aug. 20, 1964
Oct. 20, 1964
Apr. 20, 1965
Oct. 20, 1965
Dec. 20, 1965
Feb. 21, 1966
May 2, 1966
July 20, 1966
Feb. 15, 1967-72
May 22, 1967
Oct. 1, 1967-70
Oct. 23, 1967
Mar. 20, 1968
June 20, 1968
Mar. 20, 1969
July 15, 1969
Feb. 20, 1970
Apr. 1, 1970
July 20, 1970
May 1, 1971
Sept. 15, 1972
Feb. 20, 1973-78
Feb. 20, 1974
Tennessee Valley Authority
Short-term notes
3%
3.90
3.95
June 1, 1964
Aug. 3, 1964
Oct. 1,1964
188
199
147
NOTE.—These securities are not guaranteed by the U.S. Govt.; see also
NOTE to table at top of following page.
Agency, type and date of issue,
and coupon rate
Bonds:
Nov. 15, 1960
July 1,1961
Feb. 1,1962
Amount
(millions
of dollars)
223
197
188
178
208
256
318
280
309
215
142
209
160
140
150
108
193
72
180
75
174
86
186
100
60
82
83
85
60
109
148
155
35
4.40
45/s
4V2
Nov. 15, 1985
July 1, 1986
Feb. 1, 1987
50
50
45
756
CREDIT AGENCIES; SECURITY ISSUES
JUNE 1964
MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES
(In millions of dollars)
Federal National
Mortgage Assn.
(secondary market
operations)
Federal home loan banks
Liabilities and capital
Assets
End of
period
1955..
1956
1957
1958
1959
....
Advances
to
members
1,417
1,228
1,265
1 298
2,134
Investments
765
1,027
908
999
1,093
Member
deposits
Capital
stock
1,774
698
683
653
819
589
516
607
685
769
866
938
989
,180
1,214
1,250
1,236
1,325
1,069
1,011
1,014
'986
Cash
and
deposits
Bonds
and
notes
62
62
63
75
103
975
963
825
714
(L)
Loans
and
discounts
(A)
Debentures
Mortgage
loans
Bonds
(L)
(A)
(L)
200
371
457
454
510
622
110
143
222
252
364
693
747
932
657
705
886
1,497
1,744
1,315
1,100
1,640
1,157
1,391
1,116
1,356
2,089
2,360
1,191
1,437
1,599
1,743
1,986
1,107
1,126
2,788
2,770
2,752
2,523
2 453
2,422
649
697
735
407
435
505
1,501
1,650
1,840
1,454
1,585
1,727
2,564
2,828
3,052
2,210
2.431
2,628
2,285
2,126
2,072
2,038
2,030
2,028
2,027
2,020
2,000
2,043
1,984
1,960
1,950
1,916
1,899
1,884
1,792
1,788
745
702
701
711
706
735
848
858
840
491
489
459
459
473
473
526
526
589
2,108
2,210
2,293
2,352
2,360
2,318
2,169
2,083
2,099
1,935
2,037
2,133
2,023
2,233
2,233
2,139
2,027
1,952
3,147
3,176
3,198
3,218
3,240
3,259
3,280
3,291
3,310
2,661
2,725
2,725
2,725
2,796
2,796
2,834
2,834
2,834
1,988
1,985
1,984
1,983
1,786
1,786
1,785
1,781
866
849
815
786
589
589
586
533
2,102
2,163
2,238
2,329
1,964
2,018
2,069
2,157
3,333
3,364
3,406
3,445
2,836
2,886
2,886
2,973
1 .m
,153
,531
90
159
173
1,266
1,571
2,707
1963—Apr...
May..
June..
July .
Aug..
Sept..
Oct...
Nov..
Dec...
2,635
2,740
3,270
3,548
3,758
4,024
4,226
4,290
4,784
1,702
1,720
1,937
1,525
1,511
1,484
1,537
1,515
1,906
87
75
159
94
70
96
131
96
159
1,908
2,035
2,770
2,816
3,036
3,299
3,599
3,599
4,363
1,151
1,133
1,134
1,137
1,146
1,148
1,153
1,150
1,166
1,171
1964—Jan...
Feb...
4,414
4,216
4,168
4,444
[,730
1,622
,709
,420
101
86
86
72
3,961
3,631
3,622
3,625
944
943
997
957
1,176
1,182
1,189
1,193
Apr...
Debentures
Fed<;ral
lar A
ban a
ks
83
628
1,981
2,662
3^479
Mar..
Loans
to
cooperatives
(A)
Federal
intermediate
credit banks
1,562
1,323
1,967
I960
1961
1962
978
Debentures
and
notes
(L)
Mortgage
loans
(A)
Banks
for
cooperatives
NOTE.—Data from Federal Home Loan Bank Board, Federal National
Mortgage Assn., and Farm Credit Admin. Among the omitted balance
sheet items are capital accounts of all agencies, except for stock of home
loan banks. Bonds, debentures, and notes are valued at par. They include only publicly offered securities (excluding, for the home loan banks,
919
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)
Issues for new capital
All issues (new capital and refunding)
Type of issuer
Type of issue
Period
Total
General
obligations
Revenue
PHAi
U.S.
Govt.
loans
State
Special
district
and Other 2
stat.
auth.
1958
1959
7,526
7,697
5,447
4,782
1,778
2,407
187
332
115 1,993
176 1,686
1,371 4,162
2,121 3,890
I960
1961
1962
1963
7,292
8,566
8,845
10,538
4,771
5,724
5,582
5,855
2,095
2,407
2,681
4,180
302
315
437
254
125
120
145
249
1,110
1,928
1,419
I 620
1,984
2,165
2,600
3,636
4,198
4,473
4,825
5,281
1,018
957
961
1,074
928
764
480
1,265
754
495
649
697
443
423
462
394
333
679
401
401
215
244
503
623
444
240
122
567
310
85
16
16
15
28
21
14
25
20
43
9
265
160
168
131
78
187
94
143
185
69
333
208
424
517
431
287
73
424
208
126
420
589
368
426
419
290
314
698
362
299
'1,007
'853
843
'606
'663
477
'230
'181
351
31
8
15
215
'214
136
'336
'208
249
'456
'431
458
1963—Mar....
Apr
May....
June
July....
Aug
Sept
Oct
Nov
Dec
1964—Jan
Feb
Mar
138
116
140
1
1 Only bonds sold pursuant to 1949 Housing Act; secured by contract
requiring the Public Housing Administration to make annual contributions
to the local authority.
2 Municipalities, counties, townships, school districts.
3 Excludes U.S. Govt. loans. Based on date of delivery to purchaser
(and payment to issuer) which occurs after date of sale.
4 Water, sewer, and other utilities.
Total
amount
delivered 3
Use of proceeds
Total
Edu- Roads
and
cation bridges
Utilities'*
Housings
7,708 7,441
7,423 7,589
2,617
2,318
1,164
844
1,412
1,985
251
401
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
976
902
869
1,008
866
910
930
921
680
1,084
708
969
449
712
581 1,051
729
897
416
1,005
251
371
215
249
247
261
204
232
278
158
52
70
69
39
67
32
33
102
130
7
233
226
350
193
157
144
77
338
221
136
142
1
56
114
26
123
31
9
2
1
'944
'772
789
'273
'242
243
'42
'33
261
'114
'238
133
141
3
1
7,102
8,301
8,732
10,496
'428
'868
976
Veterans'
aid
339
355
201
478
125
Other
purposes
1,657
1,685
1,891
1,913
2,177
2,369
298
202
176
335
183
148
103
371
98
115
60
30
'313
'226
151
5 Includes urban redevelopment loans.
NOTE.—The figures in the first column differ from those shown on the
following page, which are based on Bond Buyer data. The principal
difference is in the treatment of U.S. Govt. loans.
Investment Bankers Assn. data; par amounts of long-term issues.
Based on date of sale unless otherwise indicated.
757
SECURITY ISSUES
JUNE 1964
TOTAL NEW ISSUES
(In millions of dollars)
Gross proceeds, all issues
5
Proposed use of net proceed
all corporate issues 5
l
Noncorporate
Corporate
New capital
Retirement
of
Other
pur- securities
poses
Period
Total
U.S.
Govt.2
U.S.
Govt.
agency 3
U.S.
State
and
local
1956
1957
1958
1959
22,405 5,517
30,571 9,601
34,443 12,063
31,074 12,322
2,321
707
7,449
7,681
I960
1961
1962
1963
27,541 7,906
35,494 12,253
29,975 8,590
31,616 7,213
1,672
1,448
1,188
1,168
7,230
8,345
8,558
10,107
1963
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
2,830
2,927
2,783
5,054
2,089
1,980
1,673
2,977
2,117
2,312
396
716
409
2,252
413
398
347
394
333
357
1964—Jan
Feb
Mar
'2,482
'2,022
2,121
474
413
399
169
5,446
572 7 6,958
186
459
174
200
Bonds
Other 4 Total
Publicly
offered
Total
8 ,00?
Stock
rotal
New 6
Total money
Privately Pre- Complaced ferred mon
7 ,190
4 225
6,118
6,332
3,557
3 777
3,839
3,320
3,632
636 2 301 10 749 If ) 384 9 663
411 2,516
2,661 11> 447 11,784
571 1,334 11,372 10.823
9,907
579 10,154 8 ,081
9
302 13,147
9 ,016
869 10,770
891 12,237 10 ,872
4,806
4 706
4,487
4,714
3,275
4,720
4,529
6,158
895
271
409 1,664 9,924 c),653 8,758
449 3 273 12,874 1 ,979 10 829 1,150
895
757
1,491
436 1,318
0,572 (J.814
342 1,022 12,081 10,553 8,993 1,561 1,528
774
452
694
675
431
319
501
481
549
751
17
26
17
38
35
39
5
34
54
30
74
191
78
75
65
61
81
91
106
53
1,349
1 034
1,323
1,230
797
745
862
1 101
879
1,444
1,144
910
904
1,013
676
638
795
I 013
819
1,415
1,056
812
830
783
588
566
730
'526
'342
353
27
'8
3
'95
80
87
'972
'702
796
'930
'685
754
334 10,939
557 12,884
1,052 11,558
616 9,748
9 ,957
9
989
915
902
1,072
789
726
452
1,282
688
483
82
62
131
25
78
100
4
10
5
13
1,363
1,049
1,340
1,246
810
756
871
1,116
891
1,459
1 ,273
732
,376
499
380
550
459
279
336
283
511
183
626
1,006
810
844
'16
'89
73
'985
'710
805
'863
'621
714
338
279
361
1 ,244
1 ,133
710
656
784
1
531 2,027
9,526
<>,392
8,578
721
663
915
814
364
214
549
135
606
1,098
88
118
74
230
89
71
65
100
212
316
205
104
419
217
121
107
67
88
61
30
'845
'523
677
'85
'162
77
'43
'17
42
Proposed uses of net proceeds, major groups of corporate i ssuers
Manufacturing
Period
Commercial and
miscellaneous
Retirement of
New
New
capital 8 secucapital 8
rities
Transportation
Retirement of
New
secucapital 8
rities
Retirement of
securities
Public utility
New
Ccipitais
1956
1957
1958
1959
3,336
4,104
3,265
1,941
243
49
195
70
682
579
867
812
51
29
13
28
694
802
778
942
20
14
38
15
?
I960
1961
1962
1963
1,997
3,708
3,020
3,312
79
306
204
190
794
672
680
551
873
39
76
30
83
?
1,095
30
46
29
55
592
148
216
227
297
272
31
5
29
10
28
3
5
12
237
240
47
5
85
64
60
114
63
50
143
34
101
109
35
36
214
515
8
13
41
104
'123
'14
3
'84
'60
1963
Mar
Apr
. ..
June
July
Sept
Oct
Nov
Dec
1964
Jan
Feb
Mar
. ..
146
17
832
774
32
60
48
2
3
4
7
4
4
5
8
'1
2
1
1 Gross proceeds are derived by multiplying principal amounts or
number
of units by offering price.
2
Includes guaranteed issues.
3 Issues not guaranteed.
4 Foreign governments, International Bank for Reconstruction and
Development, and domestic nonprofit organizations.
5 Estimated gross proceeds less cost of flotation.
61
25
83
118
'98
'154
31
,474
RetireRetirement of
New
ment of
New
secucapital 8 secucapital 8
rities
rities
,189
14
51
138
15
1,384 [
1,441
1,29^ I
70" f
118
*
,754
,892
,357
1 ,935
51
104
445
699
1,03*
1,42' I
1,281
378
10
72<
356
8
2
78
201
61
86
58
179
82
22
4: \
71
60
12
97
342
222
230
107
100
41
2
rt
64
'15'J
'8:
3'^
3 ,821
3 ,605
Real estate
and financial
Communication
*
73
1
131
198
'6
'109
'155
'26
4
174
18
9:y
5$?
8<
2!>
3<)
4
21
4
3
262
8
5
71
1
4
3
*
r*
1
1
1
1
1
Retirement of
securities
815
701
014
801
17
67
47
2 401
2 176
1 773
2,933
71
36
39
144
183
271
212
276
89
155
105
1
9
5
2
4
348
446
6
7
1
337
416
4
6
'332
'110
'1
'1
322
4
6 For plant and equipment and working capital.
7
Beginning with 1957 this figure differs from that shown on the previous page because this one is based on Bond Buyer data.
8 All issues other than those for retirement of securities.
NOTE.—Securities and Exchange Commission estimates of new issues
maturing in more than 1 year sold for cash in the United States.
758
SECURITY ISSUES
JUNE 1964
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
Retirements
New issues
New
issues
1958
1959
,
1960
1961
1962
1963
Retirements
Net
change
Retirements
New
issues
Net
change
Invest.
cos. 1
Other
Invest.
cos. 1
Net change
Other
Invest.
cos. 1
Other
964
1,024
1,503
1,568
2,106
2,354
14,761
12,855
5,296
4,858
9,465
7,998
9,673
7,125
3,817
3,049
5,856
4,076
2,018
2,353
3,070
3,377
515
785
13,084
16,745
13,490
15,050
5,033
6,967
6,249
8,818
8,051
9,778
7,241
6,232
8,072
9,225
8,593
10,546
3,078
4,090
3,566
4,979
4,994
5,134
5,028
5,567
2,288
3,259
2,788
2,541
2,724
4,261
2,109
1,963
1,811
1,123
1,521
1,086
1,696
1,561
2,318
1,419
2,078
1,665
1,020
1,638
2,566
2,503
960
1,543
511
409
286
330
225
79
2,096
3,013
2,159
3,277
1,087
1,540
1,230
1,121
608
613
659
661
370
550
449
594
348
396
389
388
367
513
385
260
217
270
273
3
36
64
1962—IV
3,423
1,576
1,848
1963—1
II
Ill
IV
3,074
4,176
3,267
4,532
1,803
2,449
2,004
2,561
1,272
1,727
1,263
1,971
1,009
1,473
929
2,156
869
1,052
548
-355
-458
Type of issuer
Manufacturing
Commercial
and other 2
Transportation 3
Communication
Public
utility
Real estate
and financial
4
Period
Bonds
& notes
Bonds
& notes
Stocks
Bonds
& notes
Stocks
Stocks
Bonds
& notes
Stocks
Bonds
& notes
1958
1959
2,191
316
-61
425
417
217
9
158
413
335
-93
2
2,133
1,738
1,027
1,028
494
475
I960
1961
1962
1963
399
1,938
1,479
1,804
451
318
-403
-675
261
505
313
274
-91
—431
— 173
-441
173
63
-61
316
-42
1
-34
-22
1,689
1,655
1,301
876
635
700
487
246
1,178
1962—IV
390
- 83
78
-35
40
-11
316
69
1963—1
II
HI
IV
391
460
378
574
-102
-224
-60
-289
58
112
17
87
-18
-14
-27
-383
100
131
-95
180
-3
—31
27
-15
190
250
148
288
25
167
8
47
1
2
Open-end and closed-end cos.
Extractive and commercial and misc. cos.
3
Railroad
and other transportation cos.
4
Includes investment cos.
r
NOTE.—Securities and Exchange Commission estimates of cash transactions only. As contrasted with data shown on p. 757, new issues exclude
Stocks
1,070
Bonds
& notes
Stocks
443
206
994
1,656
1,866
356
1,372
1,749
2,584
1,972
1,108
901
148
1,472
438
363
448
1,861
308
97
410
268
197
99
82
61
87
101
131
129
73
422
399
967
273
254
254
326
825
819
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. 757.
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
Cash
Total 2 position
3
Sales i
Redemptions
1952
1953
1954
783
672
863
196
239
400
587
433
463
3,931
4,146
6,110
309
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
2,097
2,951
2,699
2,460
842
1.160
1,123
1,504
1,255
1,791
1,576
952
17,026
22,789
21,271
25,214
973
980
1,315
1,341
Net
sales
Other
Sales
Redemptions
Net
sales
Cash
Total i position
2
Other
1963—Apr...
May..
June..
July...
Aug...
Sept..
Oct...
Nov. .
Dec...
203
194
195
219
193
206
214
210
225
133
132
115
124
123
142
132
123
132
70
61
79
95
69
64
82
87
92
23,487
24,038
23,692
23,550
24,925
24,496
24,914
24,774
25,214
1,256
1,286
1,166
1.310
i;287
1,300
1,374
1,419
1,341
22,231
22,752
22,526
22,240
23,638
23,196
23,540
23,355
23,873
16,053 1964—Jan...
Feb...
21,809
Mar. .
19,956
Apr...
23,873
294
219
263
291
183
165
184
165
110
55
79
126
25,854
26,334
26,863
27,051
1,383
1,380
1,403
1,339
24,471
24,954
25,460
25,712
1 Excludes shares issued to shareholders as capital gains and dividend
distributions.
2
Market value at end of period less current liabilities.
3 Cash and deposits, receivables, all U.S. Govt. securities, and other
short-term debt securities, less current liabilities.
Sales and redemption
of own shares
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.
759
BUSINESS FINANCE
JUNE 1964
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
(In millions of dollars)
1962'
Industry
1959
1960
1962
1962 '
1963
1964
1963
III
Manufacturing
Total (180 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (79 corps.): 1
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (101 corps.)2
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Foods and k indred products (25 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied products (21 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (16 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Primary metals and products (35 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (25 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
118,423 123,126 122,849 135,727 '145,848 32,038 35,649 34,549 37,521 35,007 '38,771 37,878
r
14,090 13,463
3,668 '4,818
3,186 4,222 3,960 4,701
1 o /izn 13,200
1 1 onn 15,267 17,147
4,722
7,440 7,121 7,135 8,183 9,041 1,708 2,360 2.078 2.431 1,984 2,548 2,571
4,342 4,464 4,714 5,027 5,420 1,164 1,548 1,164 ,1315 1,178 1,762 1,279
45,442 47.277
5,648 5,570
3,210 3.210
1,912 1,953
49,237 52,089 '54,991 12,953 13,306 13,207 13,818 13,956 "14,010 14,163
5,589 5,879 '6,402 1,462 1,560 1,512 1,617 1,614 '1,659 1,657
939
935
961
842
867
899
3,219 3,391 3,662
994
612
543
650
517
539
539
2,037 2,155 2,270
562
72,981 75,849
8,442 7,893
4,231
3,911
2,430 2,510
73,613 83,638 '90.857 19,085 22,343 21,342 23,703 21,051 r24.761 23,715
7,611 9,388 '10,746 1,724 2,662 2,448 3,083 2,055 '3,160 3,065
1,421
1,587
867
1,532 1,049
3,916 4,792 5.379
1,211
1,577
936
635
1,113
2,677 2,872 3,150
647
776
626
718
11,303 11,901 12,607 13,061 13,773
1,274 1,328
1,417 1,437 '1,523
604
735
683
670
631
344
443
420
392
367
3,266
376
178
104
3,312
370
178
109
3,268
334
162
108
3.470
386
184
110
3,533
402
194
110
3,503
'401
195
116
3,490
335
167
115
11,979 12,411 12,825 13,999 14,862
2,187 2,010
1,989 2,168 '2,353
1,131
1,039
1,128 1,220
1,061
799
913
843
877
795
3,487
549
291
199
3,515
527
280
283
3,508
548
283
204
3,788
621
318
204
3,765
587
307
204
3,800
'597
312
301
3,865
644
350
209
13,372 13,815 14,483 15,106 r15,995
1,187
1,237 1,319 '1,495
1,267
969
1,184
1,025
1,099
1,026
518
608
528
566
521
3,733
309
260
141
3,944
420
346
145
3,959
490
304
151
3,937
343
265
149
4,068 '4,032
381
'381
312
303
154
154
4,134
407
335
158
21,035 20,898 20,308 21,399 22,284
2,331
1,998
1,844 2,189
2,215
1,222
1,189
1,170 1,067 1,019
831
735
845
823
840
5,016
339
180
210
5,07:
418
251
19:
5,155
431
231
180
6,151
713
372
182
5,502
469
253
182
5,477
576
333
191
5,569
561
316
186
17,095 16,826 17,576 19,156 r20,368
1,890 1,499
1,672 1,909 2,154
934
1,071
838
959
763
448
49'
520
567
48!
4,690
458
226
129
5,010
511
264
133
4,768
481
239
137
5,120
535
266
140
5,117
531
270
139
'5,364
607
296
151
5,194
609
312
156
22,731 25,738 22,779 28,615 '32,675
2,985
3,185 2,788 4,327 '4,994
1,479
1,527 1,410 2,138 '2,386
807
1,444
1,148
969
833
5,714
590
288
216
8,470
1,389
72"
501
7,851
1,265
599
216
8,615
1,469
704
361
6,424 '9,784
673 '1,586
332
'751
647
220
9,132
1,568
777
276
9,440 '9,560
816
729
651
57:
383
367
2,332
172
131
67
2,407 '2,239
236
116
259
82
121
89
11,906 12,478 13,489 r14,177
3,163 3,349 3,583 3,741
2,06:
2,185
1,793
1,548
1,307 l'374 1,46:
3,285
883
489
354
3,390 '3,819 '3,371
829
1,100
848
516
626
498
374
378
392
2,300
683
337
235
2,355
630
335
237
Public Utility
Railroad:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Electric power:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
Telephone:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
1
,825
845
578
406
9.514
648
445
385
8,111
2,326
1,155
806
9,189
625
38:
359
8,615
2,478
1,233
Includes 17 cos. in groups not shown separately.
Includes 27 cos. in groups not shown separately.
NOTE.—Manufacturing corps. Data are obtained primarily from
published co. reports.
Railroads. Interstate Commerce Commission data for Class I linehaul railroads.
Electric power. Federal Power Commission data for Class A and B
electric utilities, except that quarterly figures on operating revenue and
profits before taxes are partly estimated by the Federal Reserve to include
affiliated nonelectric operations.
2
9,196
2,639
1,32935
9,796
2,815
1,417
988
2,365
67'
336
225
2,474 '2,399
252
197
189
156
103
66
2,440
711
357
255
2,447
25f
225
125
2,362
'3,458
930
529
384
'3,529
86'
53:
394
3,973
1,106
660
424
2.465
725
368
252
2,526
707
356
256
2,543
726
377
261
Telephone. Data obtained from Federal Communications Commission on revenues and profits for telephone operations of the Bell System
Consolidated (including the 20 operating subsidiaries and the Long
Lines and General departments of American Telephone and Telegraph
Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operating subsidiaries and the 2 affiliates.
AH series. Profits before taxes are income after all charges and before
Federal income taxes and dividends. For description of series see
June 1949 BULL., pp. 662-66 (manufacturing); Mar. 1942 BULL., pp.
215-17 (public utilities); and Sept. 1944 BULL., p. 208 (electric power).
Back data available from Division of Research and Statistics.
760
BUSINESS FINANCE
JUNE 1964
CORPORATE PROFITS, TAXES, AND DIVIDENDS
(In billions of dollars)
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
Undistributed
profits
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
1960
1961
1962
1963
44 3
43.8
46.8
51.5
22 3
22.0
22.2
24.4
22 0
21.8
24.6
27.1
14 5
15.3
16.6
17.8
7 5
Year
6.4
10.8
6.5
8.1
9.3
Corporate
capital
consumption
allowances !
Quarter
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
20.0
21.8
22.7
24.3
1962—1
II
III
IV....
45.9
46.7
46.2
48.4
21.7
22.1
21.9
22.9
24.2
24.6
24.3
25.5
16.2
16.4
16.5
17.1
25 6
26.8
30.8
32.4
1963—I... .
II
III
IV....
48 3
51.0
52.2
54.3
22 9
24.2
24.7
25.8
25 4
26.8
27.5
28.6
17 1
17 6
17.6
18.8
1
Includes depreciation, capital outlays charged to current accounts, and
accidental damages.
NOTE.—Dept. of Commerce estimates,
adjusted annual rates.
Undistributed
profits
Corporate
capital
consumption
allowances J
8.0
8 2
7.8
8.4
8 3
9 2
9 8
9.7
30.3
30 7
31 0
31.3
31 7
32 1
32 7
33.2
Quarterly data are at seasonally
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS
(In billions of dollars)
Current assets
End of period
Net
working
capital
Total
Cash
U.S.
Govt.
securities
Current liabilities
Notes and accts.
receivable
U.S.
Govt.i
Other
Notes and accts.
payable
Accrued
Federal
income
U.S.
taxes
Govt. 1 Other
Inventories
Other
Total
5.9
6.7
7.5
9.1
2.4
2.3
1.7
1.7
1.8
1.8
81.5
84.3
88.7
99.3
105.0
111.6
17.6
15.4
12.9
15.0
13.5
14.0
29.0
31.1
33.3
37.0
40.1
41.9
Other
1956
1957..
1958
1959
I960
1961
107.4
111.6
118.7
124.2
128.6
136.8
237.9
244.7
255.3
277.3
289.0
306.0
34.8
34.9
37.4
36.3
37.2
40.3
19.1
18.6
18.8
22.8
20.1
19.7
2.6
2.8
2.8
2.9
3.1
3.4
95.1
99.4
106.9
117.7
126.1
135.5
80.4
82.2
81.9
88.4
91.8
95.2
10.6
12.0
130.5
133.1
136.6
153.1
160.4
169.3
1962—III
IV
141.3
144 0
320.5
325.9
37.5
41.0
19.0
20.1
3.4
3.6
146.4
146.5
100.5
100.9
13.7
13.7
179.2
181.9
1.9
2.0
117.7
119.8
14.6
14.9
45.0
45.1
1963—1
II
144.9
147.1
149 7
152.4
327.7
334.7
341 6
348.9
36.9
38.0
38.5
41.4
20.7
20.2
19.6
20.7
3.5
3.3
3.4
3.5
148.7
153.1
157.8
159.6
102.7
104.0
105.8
107.3
15.2
16.0
16.6
16.4
182.8
187.6
192.0
196.6
2.3
2.5
2.5
2.5
120.2
123.8
126.6
130.3
14.1
14.2
15.1
16.2
46.2
47.1
47 7
47.6
Ill
IV
* Receivables from, and payables to, the U.S. Govt. exclude amounts
offset against each other on corps.' books.
NOTE.—Securities and Exchange Commission estimates; excludes
banks, savings and loan assns., and insurance cos.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT
(In billions of dollars)
Manufacturing
Total
Period
Transportation
Mining
Durable
Nondurable
35.08
36.96
30.53
32.54
7.62
8.02
5.47
5.77
7.33
7.94
5.96
6.29
35.68
34.37
37 31
39.22
43.92
7.18
6.27
7.03
7.85
9.05
7.30
7.40
7.65
7.84
9.20
1.08
1.04
1.09
10.18
2.03
2.10
1963—1
II
Ill
IV
8.25
9.74
10.14
11.09
1.62
1.96
1.96
2.31
1964
9.40
11.05
11.19
1.93
2.29
2.23
1956
1957
1958
1959
I960
1961
1962
1963
1964 2 r
1962
IV
l»II 2 r
Ill 2
.
...
i Includes trade, service, finance, and construction.
Anticipated by business.
Public
utilities
Communications
Other i
8.36
7.37
7.20
8.21
8.44
8.46
9.52
10.03
Railroad
Other
1.24
1.24
1.23
1.40
.94
.99
.75
.92
1.71
1.77
1.50
2.02
4.90
6.20
6.09
5.67
2.68
3.03
2.62
2.67
.99
.98
1.03
1.10
1.44
1.94
1.85
2.07
1.92
2.21
5.68
5.52
5.48
5.65
6.03
3.13
3.22
3.63
.27
.20
.50
1.52
1.65
1.95
1.99
2.25
.24
.21
.39
.26
.27
.28
.28
.29
.33
.54
.45
.54
1.04
1.40
1.60
1.61
.95
.85
1.87
2.26
2.39
.26
.28
.28
.32
.38
.34
.51
.60
.53
1.18
1.53
1.63
.67
.85
3.79
Total
(S. A.
annual
rate)
14 90
2.60
2.26
2.41
2.64
.95
.93
2.72
1.06
2.37
.97
3 . 72
3 . 79
37.95
36.95
38.05
40.00
41.20
42 55
43.35
44.30
NOTE.—Dept. of Commerce and Securities and Exchange Commission
estimates for corp. and noncorp. business, excluding agriculture.
761
REAL ESTATE CREDIT
JUNE 1964
MORTGAGE DEBT OUTSTANDING
(In billions of dollars)
All properties
End of period
Finanholdcial
instiers
tutions 1
Farm
Nonfarm
Other
holders 2
All
1- to 4-family houses
Multifamily and
commercial properties 3
Finan. Other
Total insti- holdtutions i ers
Finan. Other
Total insti- 1 holdtutions
ers
All
U.S.
agencies
Individuals
and
others
18.4
18.6
107.6
117.7
130.9
141.3
153.1
166.5
11.2
12.2
7.2
6.4
12.9
12.2
89.9
98.5
109.2
17.7
19.2
38.5
43.0
182.2
140.4
156.0
216.8
223.1
229.6
236.4
155.3
159.1
162.9
166.5
241.6
249.0
256.5
264.2
169.2
173.7
178.2
182.2
12.2
12.1
31.2
30.8
7,4
7.8
10.0
11.2
29.3
32.5
35.3
38.0
146.1
160.7
178.7
194.0
172.6
192.5
216.9
11.8
12.2
11.2
41.9
47.0
52.9
212.4
236.4
264.2
231.1
237.8
244.5
251.6
176.0
181.5
186.8
192.5
12.1
12.1
12.1
12.2
42.9
44.3
45.6
47.0
257.1
265.1
273.1
280.9
197.2
204.1
210.6
216.9
11.8
11.2
11.1
11.2
48.1
49.9
51.4
52.9
1941
1945
37.6
35.5
20.7
21.0
2.4
1957
1958
1959
I960
156.5
171.8
190.8
206.8
119.7
131.5
145.5
157.6
1961
1962*
1963*
226.3
251.6
280.9
1962—I*
II*
Ill*
IV*
1963—IJ>
II*
Ill*
IV*
4.7
All
holders
1
Commercial banks (including nondeposit trust cos. but not trust
depts.), mutual savings banks, life insurance cos., and savings and loan
assns.
2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin.,
and Federal land banks, and in earlier years, RFC, HOLC, and FFMC.
Other U.S. agencies (amounts small or current separate data not readily
available) included with "individuals and others."
3 Derived figures; includes small amounts of farm loans held by
savings and loan assns.
8.1
4.8
47.9
52.7
25.8
28.8
31.9
35.0
4.7
12.7
14.2
16.0
17.7
24.9
26.0
26.2
59.3
69.9
82.0
39.4
46.6
54.8
19.9
23.4
27.2
130.0
133.7
137.1
140.4
25.3
25.5
25.8
61.5
64.0
40.9
42.6
26.0
66.7
69.9
44.3
46.6
20.6
21.5
22.3
23.4
143.3
147.9
152.2
156.0
25.9
25.8
26 0
26.2
72.4
75.3
78.3
82.0
48.3
50.3
52.3
54.8
24.1
25.0
26 0
117.9
128.2
21.6
23.4
7.4
27.2
holders
FinanOther
cial
insti- holders «
tutions 1
6.4
1.5
1.3
4.9
4.8
10.4
11.1
12.1
12.8
13.9
15.2
4.0
4.2
4.5
4.7
7.6
8.2
5.0
5.5
6.2
10.6
14.2
14.7
14.9
5.1
5.3
5.4
5.5
9.7
5.6
5.9
6 1
6.2
9.9
10.2
10 5
10.6
16.8
15.2
15.5
16.1
16 5
16.8
3.4
6.4
6.9
8.9
9.7
9.1
9.4
9.6
* Derived figures; includes debt held by Federal land banks and
Farmers Home Admin.
NOTE.—Based on data from Federal Deposit Insurance Corp., Federal
Home Loan Bank Board, Institute of Life Insurance, Depts. of Agriculture and Commerce, Federal National Mortgage Assn., Federal Housing
Admin., Public Housing Admin., Veterans Admin., and Comptroller
of the Currency.
Figures for first 3 quarters of each year are F.R. estimates.
MORTGAGE LOANS HELD BY BANKS
(In millions of dollars)
Commercial bank holdings
1
Mutual savings bank holdings 2
Residential
End of period
Total
Total
FHAinsured
VAguaranteed
Residential
Conventional
1941
1945
4 906
4,772
3 292
3,395
1957
1958
1959
I960
23,337
25,523
28,145
28,806
17,147
18,591
20,320
20,362
4,823
5,476
6,122
5,851
3,589
3,335
3,161
2,859
8,735
9,780
11,037
11,652
.
30,442
34,476
39,414
21,225
23,482
26,476
5,975
6,520
7,105
II
III
IV
29,383
29,920
30,442
20,595
20,953
21,225
30 844
32,194
33,430
34,476
35 243
36,939
38,360
39,414
1961
1962
1963
1961
1962 I
II
Ill
IV
1963 I
II
Ill
IV
. . .
Other
nonfarm
1 048
Total
Total
856
566
521
4 812
4,208
3 884
3,387
4,823
5,461
6,237
6,796
1,367
1,471
1,588
1,648
21,169
23,263
24,992
26,935
19,010
20,935
22,486
24,306
2,627
2,654
2,862
12,623 7,470
14,308 8,972
16,509 10,611
1,747
2,022
2,327
5,820
5,905
5,975
2,726
2,676
2,627
12,049
12,372
12,623
7,072
7,227
7,470
21,211
22,049
22,824
23,482
6,003
6,195
6,376
6,520
2,547
2,593
2,617
2,654
12,661
13,260
13,831
14,308
23,846
24,958
25,855
26,476
6,627
6,861
7,007
7,105
2,651
2,837
2,870
2,862
FHAinsured
VAguaranteed
Conventional
Other
nonfarm
Farm
900
797
28
24
6,551
7,073
7,622
8,246
2,102
2 275
2,451
2 575
57
53
55
54
29,145
32,320
36,224
26,341 8,045 9,267 9,028
29,181 9,238 9,787 10,156
32,718 10,684 10,490 11,544
2,753
3 088
3,454
51
51
52
1,716
1,740
1,747
28,015
28,589
29,145
25 318
25,892
26,341
7,634
7,811
8,045
9 192
9,231
9,267
7,817
8,219
8,628
8,972
1,816
,977
2.022
29,833
30,638
31,484
32,320
26,940
27,632
28,464
29,181
8,340
8,662
8,984
9,238
9,192 9,208
9,502 9,469
9,633 9,847
9,787 10,156
2 645
2,646
2 753
2 842
2,954
2,968
3 088
51
51
52
51
14,568 9,270
15,260 9,740
15,978 10,203
16,509 10,611
2,127
2,241
2,302
2,327
33,368
34,309
35,191
36,224
30,143 9,724 10,046 10,373
30,969 10,023 10,218 10,728
31,775 10,328 10,335 11,112
32,718 10,684 10,490 11,544
3 174
3,290
3,365
3,454
51
50
51
52
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.
scries for all commercial and mutual savings banks in the United States
Farm
978
4,669
5,501
6,276
7,074
7,790
8,360
8,589
8,986
8 492
8,850
9,028
51
51
51
and possessions; first and third quarters, estimates based on FDIC data
for insured banks beginning in 1962. For earlier years the basis for
first and third quarter estimates included F.R. commercial bank call
data and data from National Assn. of Mutual Savings Banks.
762
REAL ESTATE CREDIT
JUNE 1964
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
Loans acquired
Loans outstanding (end of period)
Nonfarm
Nonfarm
Period
Total
Total
1941
1945
....
FHAinsured
VAguaranteed
Farm 1
Total
Other i
Total
976
FHAinsured
6,442
6,636
5 529
5,860
815
1,394
VAguaranteed
Farm
Other
4 714
4,466
913
776
1957
1958
1959
I960
5,230
5,277
5,970
6,086
4,823
4,839
5,472
5,622
653
1,301
1,549
1,401
831
195
201
291
3,339
3,343
3,722
3,930
407
438
498
464
35,236
37,062
39,197
41,771
32,652
34,395
36,370
38,789
6,751
7,443
8,273
9,032
7,721
7,433
7,086
6,901
18,180
19,519
21,011
22,856
2,584
2,667
2,827
2,982
1961
1962
1963
6,785
7,478
9,006
6,233
6,859
8,134
1,388
1,355
L576
220
469
680
4,625
5,035
5,878
552
619
872
44,203
46,902
50,543
41,033
43,502
46,753
9,665
10,176
10,790
6,553
6,395
6,411
24,815
26,931
29,552
3,170
3,400
3,790
Sept
Oct
Nov
Dec
697
705
713
725
821
766
716
774
680
1,236
600
624
635
657
737
704
653
718
622
1,148
118
126
129
117
140
140
134
147
126
172
63
68
73
54
57
50
48
52
54
69
419
430
433
486
540
514
471
519
442
907
97
81
78
68
84
62
63
56
58
88
47,581
47,910
48,165
48,421
48,665
48364
49,233
49,536
49,813
50,543
44,117
44,407
44,616
44,831
45,028
45,294
45,522
45,799
46,057
46,753
10,346
10 444
10,483
10,501
10,510
10,564
10,604
10,658
10,711
10,790
6,407
6,418
6,428
6,432
6,428
6,419
6,402
6,393
6,395
6,411
27,364
27,545
27,705
27,898
28,090
28,311
28,516
28,748
28,951
29,552
3,464
3,503
3,549
3,590
3,637
3,670
2,711
3,737
3,756
3,790
Jan
Feb
Mar
745
705
800
638
615
673
141
140
143
61
54
53
436
421
All
107
90
127
50,828
51,126
51,441
47,010
47,271
47,523
10,857
10,923
10,982
6,418
6,423
6,420
29,735
29,925
30,121
3,818
3,855
3,918
1963—Mar
Apr
May
June
July
1964
r
1
Certain mortgage loans secured by land on which oil drilling or
extracting operations in process were classified with farm through June
1959 and with "other" nonfarm thereafter. These loans totaled $38 million
on July 31, 1959.
figures may not add to annual totals and for loans outstanding, the
end-of-Dec. figures may differ from end-of-year figures, because monthly
figures represent book value of ledger assets whereas year-end figures
represent annual statement asset values, and because data for year-end
adjustments are more complete.
NOTE.—Institute of Life Insurance data. For loans acquired, the monthly
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
(In millions of dollars)
Loans outstanding (end of period)
Loans made
Period
New
conTotal i struction
(In millions of dollars)
FHAHome
inpur- Total 2
sured
chase
Total i
S.A. 2
1941
1945
1,379
1,913
437
181
581
1,358
4,578
5,376
1957
1958
1959
1960
10,160
12,182
15,151
14,304
3,484
4,050
5,201
4,678
4,591
5,172
6,613
6,132
40,007
45,627
53,141
60,070
1,643
2,206
2,995
3-, 524
7,011
7,077
7,186
7,222
31,353
36,344
42,960
49,324
1957
1958
1959
I960
1961
1962
1963
17,364
20,754
24,734
5,081
5,979
7,038
7,207 68,834
8,524 78,770
9,920 90,849
4,167
4,476
4,685
7,152 57,515
7,010 67,284
6,960 79,204
1961
1962
1963
2,058
2,199
2,242
2,341
2,428
2,196
2,387
1,856
2,118
622
651
638
619
623
642
685
502
620
760
854
936
1,003
1,071
928
977
757
776
82,103
83,281
84,525
85,628
86,836
87,933
89,051
89,857
90,849
4,547
4,581
4,587
4,621
4,635
4,662
4,679
4,683
4,685
7,068
7,089
7,047
7,084
7,085
7,058
7,028
6,980
6,960
70,488
71,611
72,891
73,923
75,116
76,213
77,344
78,194
79,204
Jan
Feb
Mar
1,716
1,712
2,071
2,066
434
474
696
674
784
823
91,453
92,163
93,069
93,944
4,705
4,705
4,710
4,717
6,931
6,902
6,879
6,860
79,817
80,556
81,480
82,367
1941
1945
1964
Jan
Feb
Mar
581
1 Includes loans for repairs, additions and alterations, refinancing, etc.
not shown separately.
2 Beginning with 1958 includes shares pledged against mortgage loans.
NOTE.—Federal Home Loan Bank Board data.
Savings &
loan
assns.
Insurance
companies
4,732
5,650
24,244
27,388
32,235
29,341
31,157
34,187
36,925
1,490
2,017
9,217
10,516
13,094
12,158
13,662
15,144
16,716
404
2,658
2,424
2,751
3,065
3,233
3,177
3,515
3,525
3,177
3,534
2,880
2,987
] 143
,086
,261
,412
,497
,468
,606
1,611
,442
1,594
1,271
2,758
Commercial
banks
Mutual
savings
banks
1 165
1,097
218
950
,472
1,460
1,523
1,318
4,264
5,204
5,832
4,520
1,429
1,640
1,780
1,557
1,160
1,212
339
4 997
5,851
6,354
2,061
All
100
88
99
112
116
119
127
123
116
125
103
110
457
408
467
539
563
551
595
612
546
616
495
504
141
123
126
145
168
181
218
212
190
206
184
166
1,170
103
483
145
917
I 741
QS7
1963
1963
Apr
May
June
July
Aug
Sept
Oct
Nov.
Dec
N.S.A.
Period
ConVAvenguaranteed tional 2
By type of lender (N.S.A.)
2,876
2,869
2,907
2,986
3,066
3,121
3,183
3,213
3,189
3,134
3,149
3,059
May
June
July
Sept
Oct
Nov
Dec
1964
Jan
1 Includes amounts for other lenders, not shown separately.
2 Three-month moving average, seasonally adjusted by Federal Reserve.
NOTE.—Federal Home Loan Bank Board data.
763
REAL ESTATE CREDIT
JUNE 1964
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- to 4-FAM1LY PROPERTIES
(In millions of dollars)
(In billions of dollars)
VA-guaranteed
FHA-insured
Mortgages
Period
Total
New
homes
Existing
homes
257
217
Governmentunderwritten
Mortgages
Projects i
Property
imTotal 3
prove-2
New
ments
homes
20
Total
Existing
homes
1945
665
1956
1957
1958
1959
3,461
3,715
6,349
7,694
1,133
880
1,666
2,563
1,505
1,371
2,885
3,507
130
595
929
628
692
869
868
997
5,868
3,761
1,865
2,787
3,910
2,890
1,311
2,051
1,948
863
549
730
1960
1961
1962
1963
6,293
6,546
7,184
7,216
2,197
1,783
1,849
1,664
2,403
2,982
3,421
3,905
711
926
1,079
843
982
855
834
804
1,985
1,829
2,652
3,045
1,554
1,170
1,357
1,272
428
656
1,292
1,770
1963—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
540
562
590
640
653
617
734
577
601
120
123
118
142
136
138
160
127
142
273
292
301
369
372
367
407
317
345
86
72
86
72
60
46
88
55
63
62
75
85
56
86
66
79
78
52
245
260
226
265
278
267
316
258
255
114
108
91
98
103
103
119
100
106
130
151
135
167
175
165
196
158
149
1964—Jan
Feb
Mar
Apr
666
534
600
646
162
126
126
117
381
314
357
367
62
48
59
119
61
46
58
43
268
201
208
206
114
81
84
81
153
120
124
125
171
End of
period
192
Total
ConvenFHA- VA- tional
inguarsured anteed
1945
18.6
4.3
4.1
.2
14.3
1956
1957
1958
1959
99.0
107.6
117.7
130.9
43.9
47.2
50.1
53.8
15.5
16.5
19.7
23.8
28.4
30.7
30.4
30.0
55.1
60.4
67.6
77.0
1960
1961
1962
1963?
141.3
153.1
166.5
182.2
56.4
59.1
62.0
65.2
26.7
29.5
32.3
35.0
29.7 84.8
29.6 93.9
29.7 104.5
30.2 117.0
1962—1
II
Ill
IV
155.3
159.1
162.9
166.5
59.9
60.4
61.0
62.0
30.3
30.9
31.5
32.3
29.6 95.4
29.5 98.7
29.5 101.9
29.7 104.5
1963—IP
IIP
169.2
173.7
178.2
182.2
62.8
63.5
64.3
65.2
33.0
33.5
34.3
35.0
29.8
30.0
30.0
30.2
106.4
110.2
113.9
117.0
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.
1 Monthly figures do not reflect mortgage amendments included in annual totals.
Not ordinarily secured by mortgages.
3 Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans
represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans
closed. Figures do not take into account principal repayments on previously insured or
guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on
number and average amount of loans closed.
2
FEDERAL NATIONAL MORTGAGE ASSOCIATION
FEDERAL HOME LOAN BANKS
ACTIVITY
(In millions of dollars)
(In millions of dollars)
Mortgage
transactions
(during
period)
Advances outstanding
(end of period)
Total
FHAinsured
VAguaranteed
Purchases
Sales
Commitments
undisbursed
1945
278
213
195
176
19
46
1956
1957
1958
1959
3,047
3,974
3,901
5,531
978
1,237
1,483
2,546
2,069
2,737
2,418
2,985
609
1,096
623
1,907
5
3
482
5
360
764
1,541
568
1956
1957
1958
1959
745
1,116
1,364
2,067
934
1,079
1,331
1,231
1,228
1,265
1,298
2,134
798
731
685
1,192
430
534
613
942
683
653
819
589
I960
1961
1962
1963
6,159
6,093
5,923
4,650
3,356
3,490
3,571
3,017
2,803
2,603
2,353
1,634
1,248
815
740
290
357
541
498
1,114
576
631
355
191
I960
1961
1962
1963
1,943
2,882
4,111
5,601
2,097
2,200
3,294
4,296
1,981
2,662
3,479
4,784
1,089
1,447
2,005
2,863
RQ9
1,216
1,474
1,921
938
1,180
1,213
1,151
1963—Apr
Mav
July
Aue
Sent
Oct
Nov
Dec
5,227
4,993
4,883
4,795
4,752
4,720
4,702
4,677
4,650
3,269
3,164
3,114
3,069
3,050
3,034
3,033
3,021
3,017
1.958
1,828
1,769
1,727
1,703
1,686
1,669
1,656
1,634
28
26
32
19
23
21
23
15
24
268
213
102
74
29
10
5
7
19
281
272
251
183
185
183
190
196
191
1963—Apr
May
June
July
Sept
Oct
Nov
Dec
425
382
696
710
466
517
610
363
754
304
277
166
432
256
251
408
299
259
2,635
2,740
3,270
3,548
3,758
4,024
4,226
4,290
4,784
1,516
1,585
1,876
2,139
2,296
2,493
2,588
2,611
2,863
1,119
1,155
1,393
1,409
1,462
1,531
1,638
1,679
1,921
1,250
1,236
1,325
1,069
1,011
1,014
986
978
1,151
1964—Jan
Feb
Mar
Apr
4,624
4,613
4,598
4,572
3,006
3,011
3,016
3,015
1,618
1,603
,582
1,557
21
24
27
38
11
4
11
31
189
188
192
204
1964—Jan
Feb
Mar
Apr
May
467
225
339
573
352
837
424
387
296
401
4,414
4,216
4,168
4,444
4,395
2,653
2,500
2,406
2,463
2,438
1,762
1,716
1,763
1,982
1,957
944
943
977
957
990
Mortgage holdings
End of
period
NOTE.—Federal National Mortgage Assn. data excluding conventional
mortgage loans acquired by FNMA from the RFC Mortgage Co., the
Defense Homes Corp., the Public Housing Admin., and Community
Facilities Admin.
Period
Advances
Repayments
Total
Shortterm l
1
2
Longterm 2
Members
deposits
Secured or unsecured loans maturing in 1 year or less.
Secured loans, amortized quarterly, having maturities of more tkan
1 year but not more than 10 years.
NOTE.—Federal Home Loan Bank Board data.
764
CONSUMER CREDIT
JUNE 1964
TOTAL CREDIT
(In millions of dollars)
Noninstalment
Instalment
End of period
Total
Total
Automobile
paper
Other
consumer
goods
paper
Repair
and modernization
loans l
Personal
loans
Total
Singlepayment
loans
Charge
accounts
Service
credit
1939
1941
1945
7,222
9,172
5,665
4,503
6 085
2,462
1,497
2 458
455
1,620
1 929
816
298
376
182
1,088
1,322
1,009
2,719
3,087
3,203
787
845
746
1,414
1,645
1,612
518
597
845
1956
1957
1958
1959
42,334
44,970
45,129
51,542
31,720
33,867
33,642
39,245
14,420
15,340
14,152
16,420
8,606
8,844
9 028
10,630
1,905
2,101
2,346
2,809
6,789
7,582
8,116
9,386
10,614
11,103
11,487
12,297
3,253
3,364
3,627
4,129
4,995
5,146
5,060
5,104
2,366
2,593
2,800
3,064
I960
1961
1962
1963
56,028
57 678
63,164
69,890
42,832
43 527
48,034
53,745
17,688
17,223
19,540
22,199
11,525
11 857
12,605
13,766
3,139
3,191
3,246
3,389
10,480
11,256
12,643
14,391
13,196
14,151
15,130
16,145
4,507
5,136
5,456
5,959
5,329
5,324
5,684
5,871
3,360
3,691
3,990
4,315
1963—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
63,167
64,135
64,987
65 491
66,308
66,538
67 088
67,746
69,890
48,806
49,484
50,307
50 894
51,526
51,718
52,257
52,695
53,745
20,376
20,794
21,236
21,593
21,819
21,725
21,971
22,107
22,199
12,197
12 272
12,422
12 459
12,607
12,702
12,845
13,046
13,766
3,200
3,245
3,281
3,316
3,357
3,377
3,400
3,407
3,389
13,033
13,173
13,368
13,526
13,743
13,914
14,041
14,135
14,391
14,361
14,651
14,680
14,597
14,782
14,820
14,831
15,051
16,145
5,562
5,674
5,709
5,683
5,789
5,844
5,830
5,894
5,959
4,581
4,793
4,783
4,760
4,839
4,833
4,898
4,999
5,871
4,218
4,184
4,188
4,154
4,154
4,143
4,103
4,158
4,315
1964— Jan
Feb
Mar
Apr
69,203
68 786
68,913
69,816
53,597
53,552
53,795
54,382
22,189
22,271
22,471
22,830
13,638
13,467
13,451
13,476
3,354
3,335
3,321
3,328
14,416
14,479
14,552
14,748
15,606
15,234
15,118
15,434
5,900
5,958
6,002
6,048
5,339
4,805
4,634
4,833
4,367
4,471
4,482
4,553
...
1
Holdings of financial institutions; holdings of retail outlets are included in "other consumer goods paper."
NOTE.—Consumer credit estimates cover loans to individuals for household, family, and other personal expenditures, except real estate mortgage
loans. The estimates include data for Alaska beginning with Jan. 1959
(except for instalment credit held by sales finance cos.) and for Hawaii
beginning with Aug. 1959. For a description of the series see Apr. 1953
BULL. Back data are availabe upon request.
INSTALMENT CREDIT
(In millions of dollars)
Retail outlets
Financial institutions
End of period
Total
Total
Commercial
banks
Sales
finance
cos.
1,197
1 797
ConCredit
sumer Other i
unions finance *
1939
1941
1945
4,503
6,085
2,462
3,065
4,480
1,776
1,079
1 726
745
300
132
19$
102
1956
1957
1958
1959
31,720
33,867
33,642
39,245
26,977
29,200
28,659
33,570
11,777
12,843
12,780
15,227
9,117
9,609
8,844
10,319
2,014
2,429
2,668
3,280
1960
1961
1962
1963
42,832
43,527
48,034
53,745
37,218
37,935
41,782
46,992
16,672
17,008
19,005
21,610
11,472
11,273
12,194
13,523
1963—Apr.
May,
June
July.
Aug.
Sept.
Oct..
Nov.
Dec,
48,806
49,484
50,307
50,894
51,526
51,718
52,257
52,695
53,745
43,149
43,723
44,373
44,878
45,375
45,687
46,161
46,462
46,992
19,882
20,229
20,602
20,874
21,101
21,145
21,391
21,486
21,610
1964—Jan..
Feb..
Mar.
Apr..
53,597
53,552
53,795
54,382
47,300
47,454
47,653
48,191
21,630
21,799
21,919
22,224
1 Consumer finance cos. included with
until Sept. 1950.
2 Includes mail-order houses.
Total
Department
stores 2
Furniture
stores
Appliance
stores
Automobile
dealers 3
Other
339
395
657
759
629
1,438
1 605
686
354
320
131
439
496
240
183
206
17
123
188
28
270
2,940
3,124
3,085
3,337
,129
,195
,282
,407
4,743
4,668
4,983
5,676
1,408
1,393
1,882
2,292
,187
,210
,128
,225
377
361
292
310
502
478
506
481
,269
[,226
1,175
1,368
3,923
4,330
4,902
5,622
3,670
3,799
4,131
4,590
,481
,525
,550
,647
5,615
5,595
6,252
6,753
2,414
2,421
3,013
3,427
,107
,058
,073
1,086
333
293
359
342
294
287
345
328
1,402
1,481
1,527
1,625
12,506
12,583
12,693
12,807
12,906
13,073
13,187
13,302
13,523
5,034
5,139
5,251
5,330
5,412
5,458
5,529
5,569
5,622
4,174
4,191
4,241
4,276
4,329
4,381
4,425
4,461
4,590
,553
,581
,586
,591
,627
,630
,629
,644
,647
5,657
5,761
5,934
6,016
6,151
6,031
6,096
6,233
6,753
2,686
2,797
2,925
2,999
3,107
3,025
3,077
3,172
3,427
992
994
997
994
1,004
1,009
,015
,032
1,086
273
274
274
274
276
279
280
282
287
324
319
331
343
341
321
325
326
328
1,382
1,377
1,407
1,406
,423
1,397
1,399
1,421
1,625
13,840
13,788
13,802
13,893
5,584
5,607
5,668
5,776
4,592
4,595
4,597
4,628
,654
,665
,667
,670
6,297
6,098
6,142
6,191
3,063
2,949
3,044
3,106
,065
,047
,022
,013
281
278
273
272
328
330
334
340
1,560
1,494
1,469
,460
other" financial institutions
3
Automobile paper only; other instalment credit held by automobile
dealers is included with "other" retail outlets.
See also NOTE to table above.
CONSUMER CREDIT
765
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES
JUNE 1964
INSTALMENT CREDIT HELD BY COMMERCIAL
BANKS
(In millions of dollars)
(In millions of dollars)
Automobile
paper
En d of period
Purchased
Direct
Other
consumer
goods
paper
Total
Repair
and
modernization
loans
Personal
loans
1939
1941.
1945
1,079
1,726
745
237
447
66
178
338
143
166
309
114
135
161
110
363
471
312
1956
1957
1958
1959
11 777
12,843
12 780
15,227
,651
4 ,130
4 014
4 ,827
2,075
2,225
2,170
2,525
2,464
2,557
2,269
2,640
1,469
1,580
1,715
2,039
2,118
2,351
1960
1961
1962.
1963
16 672
17,008
19,005
21,610
5 316
5 ,391
6 ,184
7 ,246
2,820
2,860
3,451
4,003
2,759
2,761
2,824
3,123
2,200
2,198
2,261
2,361
3,577
3,798
4,285
4,877
1963—Anr
May
June
July
Aug . . .
Sept
Oct
Nov
Dec
19,882
20,229
20,602
20,874
21,101
21,145
21 391
21,486
21,610
6 549
6 ,695
6 ,849
6 ,976
7 ,073
7 ,072
7 ,177
7 ,218
7 ,246
3,699
3,794
3,869
3,922
3,936
3,903
3,951
3,984
4,003
2,895
2,930
2,973
2,986
3,012
3,033
3,073
3,084
3,123
2,229
2,258
2,286
2,312
2,336
2,352
2,370
2,373
2,361
4,510
4,552
4,625
4,678
4,744
4,785
4,820
4,827
4,877
1964—Tan
Feb
Mar
Apr
21,630
21 799
21,919
22,224
7 ,246
7 275
7 ,364
7 ,501
4,016
4,052
4,102
4,172
3,134
3,226
3,195
3,185
2,333
2,316
2,303
2,308
4,901
4,930
4,955
5,058
End of period
Total
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
1939
1941
1945
1,197
1,797
300
878
1,363
164
115
167
24
148
201
58
56
66
54
1956
1957
1958
1959
9,117
9,609
8,844
10,319
7,238
7,393
6,310
7,187
1,277
1,509
1,717
2,114
32
31
36
72
570
676
781
946
1960
1961
1962
1963
11,472
11,273
12,194
13,523
7,528
6,811
7,449
8,228
2,739
3,100
3,123
3,383
139
161
170
158
1,066
1,201
1,452
1,754
1963—Apr.. .
May. .
June..
July...
Aug...
Sept...
Oct....
Nov...
Dec.. .
12,506
12,583
12,693
12,807
12,906
13,073
13,187
13,302
13,523
7,639
7,778
7,934
8,069
8,153
8,099
8,163
8,210
8,228
3,214
3,136
3,069
3,011
2,986
3,157
3,186
3,233
3,383
162
162
162
162
161
161
161
160
158
1,491
1,507
1,528
1,565
1,606
1,656
1,677
1,699
1,754
1964—Jan....
Feb.. .
Mar...
Apr.. .
13,840
13,788
13,802
13,893
8,220
8,227
8,265
8,371
3,701
3,635
3,603
3,580
156
154
152
151
1,763
1,772
1,782
1,791
3^196
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
Personal
loans
1939
1941
1945
789
957
731
81
122
54
24
36
20
15
14
14
669
785
643
1956
1957
1958
1959
6,083
6 748
7,035
8,024
954
1,114
1,152
1,400
624
588
565
681
404
490
595
698
4,101
4,555
4,723
5,244
I960
1961
1962
1963..
9,074
9 654
10,583
11,859
1,665
1,819
2,111
2,394
111
743
751
835
800
832
815
870
5,837
6,257
6,906
7,760
1963—Apr
June
July
Aug
Sept
Oct
Nov
Dec
10,761
10 911
11,078
11 197
11,368
11,469
11,583
11,674
11,859
2,165
2,208
2,253
2,283
2,316
2,330
2,355
2,369
2,394
755
764
111
789
799
802
815
822
835
809
825
833
842
860
864
869
874
870
7,032
7,114
7,215
7,283
7,393
7,473
7,544
7,609
7,760
1964—Jan
Feb
Mar
Apr
11,830
11 867
11,932
12,074
2,379
2,387
2,406
2,446
834
838
845
860
865
865
866
869
7,752
7,777
7,815
7,899
NOTE.—Institutions represented are consumer finance cos., credit
unions, industrial loan cos., mutual savings banks, savings and loan
assns., and other lending institutions holding consumer instalment loans.
See NOTE to first table on previous page.
Singlepayment
loans
End of period
Total
Commercial
banks
Charge accounts
Service
Other
credit
DefinanOther
partCredit
cial
retail
cards 2
ment
instiJ outlets
tutions stores
1939
1941
1945
2,719
3,087
3,203
625
693
674
162
152
72
236
275
290
1,178
1,370
1,322
1956
1957
1958
1959
10,614
11,103
11,487
12,297
2,843
2,937
3,156
3,582
410
427
471
547
893
876
907
958
3,842
3,953
3,808
3,753
260
317
345
393
2,366
2,593
2,800
3,064
1960
1961
1962
1963
13,196
14,151
15,130
16,145
3,884
4,413
4,690
5,047
623
723
766
912
941
948
927
895
3,952
3,907
4,252
4,456
436
469
505
520
3,360
3,691
3,990
4,315
1963—Apr.. .
May. .
June..
July...
Aug...
Sept..
Oct. . .
Nov. .
Dec...
14,361
14,651
14,680
14,597
14,782
14,820
14,831
15,051
16,145
4,793
4,836
4,893
4,874
4,879
4,927
4,952
4,987
5,047
769
838
816
809
910
917
878
907
912
603
610
599
555
579
620
639
667
895
3,505
3,699
3,689
3,682
3,713
3,667
3,743
3,817
4,456
473
484
495
523
547
546
516
515
520
4,218
4,184
4,188
4,154
4,154
4,143
4,103
4,158
4,315
1964—Jan...
Feb...
Mar. .
Apr.. .
15,606
15,234
15,118
15,434
4,991
5,036
5,076
5,152
909
922
926
896
782
655
614
610
4,014
3,590
3,485
3,667
543
560
535
556
4,367
4,471
4,482
4,553
518
597
845
1 Includes mail-order houses.
2 Service station and misc. credit-card accounts and home-heating
oil accounts.
See NOTE to first table on previous page.
766
CONSUMER CREDIT
JUNE 1964
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
(In millions of dollars)
Total
Automobile paper
Other consumer
goods paper
Repair and
modernization loans
Personsil loans
Period
S.A.1
N.S.A.
S.A.I
N.S.A.
S.A.1
N.S.A.
S.A.1
N.S.A.
S.A.1
N.S.A.
Extensions
1956
1957
1958
1959
39,868
42,016
40,119
48,052
15,515
16,465
14,226
17,779
11,721
11,807
11,747
13,982
1 582
1,674
1,871
2,222
11,051
12,069
12,275
14 070
I960
1961
1962
1963
49,560
48,396
55,126
60,822
17,654
16,007
19,796
22,013
14 470
14,578
15,685
17,007
2 213
2,068
2,051
2,178
15 223
15,744
17,594
19,624
Sept
Oct
Nov
Dec
5,008
4,985
5,054
5,100
5,100
5,093
5,311
4,979
5,272
5,332
5,294
5,222
5,365
5,242
4,755
5,487
4,981
5,974
J.870
1,847
1,820
1,854
1,802
1,730
1,910
1,792
1,914
2,072
2.067
1,967
2,055
1,839
1,524
2,040
1,734
1,767
1,359
1,357
1,408
1,409
1,441
1,425
1,457
1,432
1,523
1,386
1,410
1,393
1,456
1,384
1,547
1,517
£,094
1964—Jan
Feb
Mar
Apr
5,276
5,421
5,480
5,371
4,784
4,552
5,322
5,578
1,888
1,953
,942
1,961
1,689
1,686
1,983
2,127
1,493
1,578
1,665
1,544
1,380
,212
1,488
,495
1963
Apr
May
June
July
•
•• •
187
188
186
191
185
195
218
199
214
213
181
188
168
193
205
169
172
154
185
186
179
174
141
142
163
178
1,592
1,593
1,640
1,646
1,672
1,757
1 756
1,587
1,663
1 7in
1,623
1,646
1,703
1,734
1,654
1,695
1,561
1,959
1,710
1,704
1,694
1,692
1,574
1,512
1,688
1,778
Repayments
1956
1957
1958
1959
37,054
39,868
40,344
42,603
14,555
15,545
15,415
15,579
10,756
11,569
11,563
12,402
1,370
1,477
1,626
1,765
10,373
11,276
11,741
12,857
1960
1961
1962
1963
45 972
47,700
50,620
55,111
16,384
16,472
17,478
19,354
13,574
14,246
14,939
15,846
1,883
2 015
1,996
2,035
14,130
14,967
16,206
17,876
1963—Apr
May
June
July
Sept
Oct
Nov
... .
1964—Jan
Feb
Mar
Apr
.
167
162
177
172
4,848
4,842
4,956
4,959
4,932
4,597
5,079
4,991
1,684
1,716
1,735
1,759
1,699
1,604
1,783
1,768
1,441
1,395
468
1,453
1,508
1.383
1,504
,470
176
171
174
172
176
161
177
171
1,579
1,575
2
960
920
965
238
-1,189
2,268
212
197
184
1,602
678
793
245
463
534
1,269
896
332
746
330
1 093
777
1 388
1 748
1,270
— 465
2,318
2,659
53
55
143
1,161
521
731
285
446
83
441
486
509
481
341
531
383
460
678
823
587
632
192
539
438
1,050
236
232
251
195
71
234
154
207
48
418
442
357
226
-94
246
136
92
17
63
91
79
115
78
95
108
139
75
150
37
148
95
143
201
720
18
19
20
15
7
18
1
-5
23
45
36
35
41
20
23
7
-18
136
124
144
159
156
185
184
120
119
214
140
195
158
217
171
127
94
256
428
579
524
412
-148
-45
243
587
204
237
207
202
-10
82
200
359
52
183
197
91
-128
-171
-16
25
9
15
5
2
-35
-19
-14
7
163
144
115
117
25
63
73
196
1 Includes adjustment for differences in trading days.
2
Net changes in credit outstanding equal extensions less repayments
except in 1959, when the differences do not reflect the introduction of
outstanding balances for Alaska and Hawaii.
NOTE.—Estimates are based on accounting records and often include
financing charges. Renewals and refinancing of loans, purchases and
1,549
1,449
1,615
1,582
172
173
163
179
172
173
182
696
1964—Jan
Feb
Mar
Apr
1,547
170
170
167
171
170
174
170
3,588
...
701
J.W7
1,311
1,260
1,356
1,308
1,289
1,404
1,316
1,374
4,506
5,711
••
1,467
1,276
1.294
1,317
1,330
1,326
,347
1,362
1,324
1,384
2 814
2,148
-225
5,601
May
I 568
,467
,544
1,626
1,649
1,525
1,698
1,613
1,618
1,794
1,598
1,675
I960
1961
1962
1963
June
July
Aug t
Sent
Oct
Nov
Dec
I 572
1,611
1,588
1,603
1,607
1,659
1,676
[,638
1,707
...
1963—Apr
J 4Q6
1,483
1,451
1,545
1,517
1,483
4,601
4,616
4,399
4,778
4,610
4,563
4,948
4,543
4,924
Net change in credit outstanding
1956
1957
1958
1959
1,456
1,469
1,496
J 487
,516
,572
4,487
4,544
4,568
4,591
4,619
4,752
4,780
4,596
4,812
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 sec Jan.
1954 BULL., pp. 9-17. Back data upon request.
CONSUMER CREDIT
JUNE 1964
767
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions of dollars)
Commercial banks
Total
Period
S.A.1
N.S.A.
S.A.1
N.S.A.
Sales finance
companies
S.A.1
Other financial
institutions
N.S.A.
S.A.1
N.S.A.
Retail outlets
S.A.1
N.S.A.
Extensions
1956
1957
1958
1959
39,868
42,016
40,119
48,052
14,463
15,355
14,860
17,976
9,619
10,250
9,043
11,196
9,148
9,915
9,654
10,940
6,638
6,495
6,563
7,940
1960
1961
1962
1963
49,560
48,396
55,126
60,822
18,269
17,711
20,474
22,871
11,456
10,667
11,999
12,664
12,073
12,282
13,525
14,894
7,762
7,736
9,128
10,393
Sept
Oct
Nov
Dec
5,008
4,985
5,054
5,100
5,100
5,093
5,311
4,979
5,272
5,332
5,294
5,222
5,365
5,242
4755
5,487
4,981
5,974
1964 Jan
Feb
Mar
Apr
5,276
5,421
5,480
5,371
4,784
4,552
5,322
5,578
1963 Apr
May
July
1,032
1,042
1 016
1,054
1,051
1,021
1,877
1,963
2,133
2,074
2 010
2,066
1,920
1,744
2,061
1,766
1,889
1,928
2,043
2,006
1,981
1,825
1,786
2,011
2,158
1.916
,887
,919
,898
,878
] ,878
> 000
1.254
,274
,322
,351
,198
,252
J. 283
1,276
,268
1,307
1,328
1,218
1,311
1,213
1,476
837
832
874
894
897
872
845
874
923
822
837
868
833
900
838
921
989
1,417
,312
,283
.292
1,309
[,157
1,122
,290
1,347
911
908
973
921
782
664
855
872
1 223
1,224
1,245
1,115
1 030
1,134
1 094
1,107
1 076
1,159
1,094
955
1,194
1 013
1,192
1 125
1,187
1,209
1,160
1 020
980
1,166
1,201
Repayments
1956
1957
1958
1959
37,054
39,868
40,344
42,603
13,362
14,360
14,647
15,560
8,949
9,759
9,842
9,742
8,415
9,250
9,365
10,020
6,328
6,499
6,490
7,281
1960
1961
1962
1963
45,972
47,700
50,620
55,111
16,832
18,294
18,468
20,266
10,442
10,943
11,434
12,211
11,022
11,715
12,593
13,618
7,676
6,749
8,125
9,016
1963—Apr
May
1964
July
,
Sept
Oct
Nov
Dec
,
,
Jan
Feb
Mar
Apr
4,487
4,544
4,568
4,591
4,619
4,752
4,780
4,596
4,812
4,601
4,616
4,399
4,778
4,610
4,563
4,948
4,543
4,924
1.646
1,681
1,699
1,690
1,692
1,737
1,737
1,734
1,802
1.701
1,727
[,637
1,794
[,693
1,700
1,815
1,671
1,765
1.014
4,848
4,842
4,956
4,959
4,932
4,597
5,079
4,991
1,768
1,793
1,843
1,833
1,805
1,703
1,891
1,853
1,076
1,094
,084
1,097
1,017
1,012
1,007
1,000
1,034
1,054
983
1,039
1,066
[,158
1,190
1,209
1,116
1,167
1.143
1,126
1,101
1,188
1,157
1,117
1,197
1,122
1,291
715
732
728
750
769
791
780
763
804
709
733
695
751
765
749
807
791
802
1,050
1,032
1,152
1,110
1,184
1,173
1,201
1,197
1,186
1,085
1,225
1,205
820
782
828
832
891
777
811
823
1,048
1,030
966
1,045
995
997
1,129
959
Net change in credit outstanding
1956
1957
1958
1959
2,814
2,148
-225
5,601
1,176
1,066
-63
2,447
I960
1961
1962
1963
3,588
696
4,506
5,711
1 446
335
1,997
2,605
2
670
491
733
665
289
986
235
—75
315
693
1,152
1,051
578
932
1,276
-61
-20
656
501
-765
1,475
— 199
921
1,329
SeDt
Oct
Nov
Dec
521
441
486
509
481
341
531
383
460
731
678
823
587
632
192
539
438
1,050
270
206
220
208
186
141
263
143
161
432
347
373
272
227
44
246
95
124
18
25
4
47
51
196
110
108
190
77
110
114
99
167
114
115
221
111
110
116
110
116
132
142
82
85
140
150
167
119
171
101
114
91
185
122
100
146
144
128
-128
16
50
24
113
104
173
82
135
-120
65
137
520
Jan
Feb
Mar
Apr
428
579
524
412
-148
-45
243
587
160
336
163
148
20
169
120
305
396
93
125
63
317
-52
14
91
128
110
91
112
-29
37
65
142
-256
40
145
89
-456
-199
44
49
1963—Apr
May
July
1964
1.112
1,114
1,129
1,144
,
1 Includes adjustment for differences in trading days.
2 Net changes in credit outstanding are equal to extensions less repayments except: (1) in 1959, when the differences do not reflect the introduction of outstanding balances for Alaska and Hawaii, and (2) in certain
months when data for extensions and repayments have been adjusted to
eliminate duplication resulting from large transfers of paper. In those
46
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.
768
INDUSTRIAL PRODUCTION: S.A.
JUNE 1964
MARKET GROUPINGS
(1957-59= 100)
Grouping
1957-59
proaverporage
tion
1963
Apr.
May
June
July
Aug.
1964
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.'
Mar. r Apr.
100.00 124.3 122.5 124.5 125.8 126.5 125.7 125.7 126.5 126.7 126.9 127.4 127.9 128.3 129.6
Total index
Final products, total
Consumer goods
. .
Equipment, including defense....
47.35
32.31
15.04
52.65
124.8
125.1
124.2
123.6
122 1
122.5
120.4
122 9
723.5
124.1
122.1
125.7
125.2
125.9
123.8
126.6
725.9
126.4
124.8
126.7
126.2
126.7
125.3
125.1
126.5
126.7
126.2
125.0
127.9
128.0
127.7
125.5
128.0
128.2
127.6
125.8
128.4
128.2
128.8
125.4
128.3
128.5
128.0
126.2
128.1
128.7
126.7
127.8
128.1
128.2
127.9
128.5
729 4
129.3
129.7
129.5
Consumer goods
Automotive products
Auto parts and allied products
3.21 141.1 137 6 137.1 145.3 141.1 134.8 138.0 146.8 149.1 147.6 146.4 146.4 143 6 148 2
1.82 149.5 141.9 144.3 159.9 153.1 139.6 144.2 156.8 160.6 157.0 154.6 158.0 152.5 160.0
1.39 130.1 132.0 127.7 126.1 125.3 128.5 129.8 133.6 134.0 135.3 135.5 131.0 132.0 135.3
123.0
129.4
124.7
130.1
.47 109.4
1.26 131.3
1.52 133.6
5.41 117.5
720.5
126 9
123.6
125 6
118 1
127.0
130 7
115.3
722.3
130.3
128.0
131.9
117.1
130.7
132.6
115.5
723.5
131.0
129.1
133.7
116.0
132.8
131.7
117.4
723.9
130.1
126.0
130.6
112.9
133.8
131.9
118.7
725.7
132.0
130.2
136.8
111.4
133.6
133.0
119.2
725.5
132.3
130.4
136.9
112.0
131.6
135.2
119.7
725.2
131.3
126.6
131.8
112.0
133.2
135.4
121.8
126.9
132.8
129.4
135.2
113.1
134.1
135.9
121.9
725.5
133.6
128.1
132.6
115.6
134.3
139.5
120.5
727.7
134.0
127.5
130.7
118.6
135.1
140.8
121.2
727.3
135.7
130.9
135 3
118.6
135.8
141.4
120.1
126.1
134 9
128.2
132 9
114.8
135.9
142 0
118.7
727.5
135 8
129.4
133 1
118 8
136.8
142 5
120.5
19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
74
123.6
116.5
115.0
140.0
117.8
134.4
116.9
143.0
146.7
727 0
114 9
112 7
137.1
118.3
128.7
115.0
135.4
137.3
122.9
115.9
116.2
138.7
119.3
132.0
115.6
140.0
143.5
123.8
116.1
115.2
139.7
119.3
136.1
119.2
144.3
149.2
125.2
116.3
117.1
143.8
119.1
138.2
115.5
149.2
155.4
126.1
117 9
117.4
144.0
120.2
138.4
115.6
149.6
155.9
725.4
117.9
112.9
144.8
118.2
137.6
118.8
146.7
151.4
125.7
118.1
116.0
144.0
117.6
138.0
119.3
147.1
150.8
725.3
117.8
114.5
143.8
117.2
137.9
118.2
147.4
151.1
125.8
119.0
115.7
143.4
120.9
135.7
117.2
144.7
151.9
725.2
120.1
114.8
142.2
120.3
136.9
115.9
147.2
155.1
125.8
119.2
118.5
140.1
123.4
135.0
117.6
143.4
149.2
126.2
118 7
121.6
140.1
123.6
135.8
118.3
144.3
150.5
727 0
119 2
11.63
6.85
2.42
1.76
.61
128.3
122.9
142.4
132.1
121.6
124 3
119.2
143 3
126.0
115.2
725.9
120.9
143.4
124.8
112.2
127.8
122.8
142.2
128.1
122.0
129.0
123.6
142.4
135.3
116.6
130.1
124.9
141.5
134.6
118.8
131.0
125.6
141.6
140.7
122.0
132.0
126.6
141.2
140.6
130.7
132.1
127.4
139.0
139.7
131.9
133.2
128.6
140.2
137.2
129.1
132.4
128.9
141.6
135.6
133.5
131.4
127.9
140 4
137.5
127.9
733 7
131.9
141 0
133.7
128.8
135 6
133.4
143 0
139.8
126.1
Construction
Metal materials n.e.c
26.73
3.43
7.84
9.17
6.29
121.1
137.2
125.4
116.3
114.2
727.2
135.4
123.1
115.1
120.6
124.5
139.4
125.1
116.7
126.8
125.8
145.9
128.0
118.0
123.6
125.2
142.7
126.4
119.4
116.7
121.9
136.6
126.3
119.2
108.8
122.1
137.8
128.4
119.0
107.5
122.5
138.0
128.3
119.3
110.6
122.5
138.4
125.9
119.0
111.5
122.2
140.2
127.9
117.8
113.4
722.5
140.2
128.2
118.2
117.6
124 8
141.5
128 4
120.5
122.4
725 4
142.6
129 5
120.7
124.5
727 8
144.5
130 5
121.2
126.0
Nondurable materials • • . .
Business supplies
Containers
General business supplies
Nondurable materials n e e
25.92
9.11
3.03
6.07
7.40
126.2
120.1
120.3
120.1
145.1
724.7
119.0
116.1
120.4
143.2
126.9
121.6
120.3
122.2
145.0
727.3
121.6
121.1
121.8
145.3
128.3
119.8
119.9
119.8
147.6
128.4
121.7
119.7
122.7
147.0
128.0
121.2
118.2
122.7
147.9
128.6
121.5
122.6
121.0
149.8
129.1
122.8
123.9
122.3
150.2
72S.7
122.6
121.3
123.2
150.5
730.0
124.4
125.1
124.0
151.4
730.3
124.8
125.5
124.4
152.2
130.1
124.5
124.7
124.4
152.3
131.3
126.1
128.0
125.2
153.4
9.41
6.07
2.86
2.32
1.03
1.21
.54
117.2
109.3
138.8
139.4
131.1
149.7
115.6
108.0
135.9
136.5
130.3
144.6
117.9
110.5
138.3
139.0
132.6
147.6
118.8
111.5
138.7
139.2
132.2
148.3
121.2
114.0
141.9
143.0
136.5
151.8
120.4
113.8
140.4
141.0
132.5
151.4
119.1
112.1
139.4
139.7
133.1
148.4
118.7
110.5
141.2
141.9
134.2
151.7
118.6
109.9
141.9
142.5
133.5
153.5
117.5
108.0
142.0
143.3
134.5
154.1
118.5
109.1
143 0
144.1
134.8
155.5
118.4
108.7
143 8
145.0
135.6
156.4
118.0 118.8
108.0 108.9
144 2
145.3
136.1
156.4
Home goods and apparel
Home goods
Appliances, TV, and radios
Appliances
Furniture and rugs
..
Miscellaneous home goods
Apparel, knit goods, and shoes
Processed foods
Drugs soap and toiletries
Newspapers, magazines, and books..
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas
10.00
4.59
1.81
1.33
142.8
124.5
"\2Q.2
Equipment
Business equipment
Industrial equipment
.
Commercial equipment
Freight and passenger equipment...
Farm equipment
3.41
Materials
Consumer durable
Business fuel and power
Mineral fuels .
Electricity
General industrial
Commercial and other
Gas
Supplementary groups of
consumer goods
Automotive and home goods
Apparel and staples
See NOTE on opposite page.
7.80 134.3 131.3 133.1 136.9 134.6 133.2 134.7 137.7 139.5 139.4 139.1 140.1 138.5 140.9
24.51 122.2 119.8 121.3 122.4 123.8 124.6 124.1 124.9 124.6 124.6 125.1 124.5 124.5 125.6
JUNE 1964
769
INDUSTRIAL PRODUCTION: S.A.
INDUSTRY GROUPINGS
(1957-59= 100)
Grouping
957-59 P1963
proaverporage
tion
Apr.
May
June
July
1963
1964
Aug.
r
Sept.
Oct.
Nov.
Dec
Jan.
Feb.
Mar.
Apr.
100.00 124.3 122.5 124.5 125.8 126.5 125.7 127.1 127.3 126.7 126.9 127.4 127.9 128.3 129.6
Total index.
86.45
48.07
38.38
8.23
5.32
724.7
124.4
125.1
107.8
140.7
123.1
122.8
123.4
107.4
135.7
125.2
125.6
124.8
108.5
139.1
126.4
127.4
125.2
109.4
141.3
126.8
127.0
126.4
111.3
145.3
125.9
125.0
127.2
111.3
144.6
126.1
125.3
127.1
110.3
142.8
127.1
126.3
128.1
109.1
143.9
127.5
126.6
128.6
107.5
144.5
127.9
127.0
128.9
106.6
143.3
128.2
127.9
128.6
108.3
144.9
725.7
128.6
128.9
108.5
143.6
729.3
129.6
128.8
108.3
144.2
730.7
131.2
130.1
109.3
145.
Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals and products.
Fabricated metal products
Structural metal parts
12.32
6.95
5.45
1.50
5.37
2.86
117.6
113.1
109.5
126.3
123.4
120.2
120.1
120.1
121.8
121.0
120.2
116.8
125.6
127.4
129.3
124.2
123.3
120.9
125.5
125.8
126.1
125.5
125.1
123.0
124.0
122.8
117.1
123.5
125.6
124.2
116.8
109.4
102.6
126.4
126.4
124.5
115.5
107.7
100.0
129.4
125.6
123.7
116.4
108.4
100.0
103.5
126.8
122.8
116.7
109.5
103.5
132.9
126.0
121.5
117.0
110.4
104.9
134.7
125.6
121.8
119.8
113.6
108.3
132.2
127.7
123.1
722.5
118.7
114.5
139.9
127.6
123.6
124.5
120.9
118.1
142.6
129.
126.3
727.0
123.5
123.0
137.6
131.6
128.6
Machinery and related products. ...
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment. . .
Instruments and related products. .
Ordnance and accessories
27.98
14.80
8.43
6.37
10.19
4.68
5.26
1.71
1.28
128.6
129.1
126.7
132.2
127.0
146.1
109.5
130.2
125.3
125.9
121.7
131.4
123.7
141.8
107.2
126.6
127.3
128.4
124.5
133.5
124.5
143.1
107.5
130.2
130.3
129.4
126.0
133.9
130.4
153.8
109.4
131.6
130.0
129.6
127.0
133.0
129.3
150.9
109.6
132.6
129.4
130.5
128.0
133.9
126.8
143.7
111.1
132.
130.6
131.3
129.4
133.7
128.7
146.5
112.1
133.0
131.9
132.2
131.4
133.3
130.8
150.3
113.0
132.5
131.9
132.6
131.9
133.6
130.8
151.8
111.7
131.9
132.3
133.3
133.3
133.3
130.6
151.2
111.4
132.6
132.5
134.7
135.2
134.0
129.6
149.2
111.1
131.8
132.0
133.5
132.9
134.4
130.3
151.4
110.8
132.4
132.7
135.8
136.7
134.6
129.0
149.9
109.6
132.5
134.7
138.1
138.9
137.1
131.4
153.2
111.7
132.6
Manufacturing, total.
Durable
Nondurable
Mining
Utilities
Durable Manufactures
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
4.7. 114.4 772.7 775.3 775.9 774.0 775.5 775.5 775.9 777.5 775.5 775.5 727.5 722.5 720.4
2.99 117.5 115.5 115.9 117.9 119.7 118.1 118.5 120.4 120.9 122.5 122.6 124.8 126.0 124.2
1.73 109.0 108.0 108.9 106.9 104.1 110.4 110.3 108.1 111.1 112.5 112.1 116.1 117.3 113.8
Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures....
3.05 729.7 725.5 729.5 729.5 752.0 752.7 757.9 750.5 757.9 757.9 752.7 752.5 755.2 734.4
1.54 133.1 129.3 132.8 133.2 135.8 135.8 136.3 135.0 136.7 137.4 137.1 137.1 137.6 138.7
1.51 124.9 122.3 125.7 125.4 128.1 128.4 127.4 126.2 127.0 126.3 127.1 128.1 128.8 130.1
Nondurable manufactures
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products
727.7 727.7
775.5 775.0 775.9 720.
7.60 775.5 775.
2.90 117.1 115.9 116.3 116.7 117.6 119.1 120.0 120.9
125.5
124.9
122.9
122.6
126.2 126.9 126.5 127.9
3.59
1.11 99.8 95.4 97.5 99.2 98.9 101.3 106.6 103.9
Paper and printing
Paper and products
Printing and publishing
Newspapers
8.17
3.43
4.7
1.53
720.0
125.
116.4
108.0
779.2
122.8
116.
109.7
720.5
123.4
118.4
111.4
727.5
125.8
118.6
112.5
722.5
127.8
118.4
111.6
722.4
127.8
118.5
112.8
722.0
126.
118.6
113.7
Chemicals, petroleum, and rubber..
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
77.57.58
3.8.
1.97
1.99
747.5
148
162.5
117
138.9
759.7
146
160.
115.8
138.8
747.5
147.8
161.9
116.9
140.7
747.5
148
162.:
118.
137.0
745.5
151.3
165.
119
136.5
744.4
151.7
165.3
117.6
143.1
Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products
77.07
10.25
8.64
1.61
116.3
116.4
116.
114.9
115.1
774.
114.8
115.2
112.7
112.7
775.4
116.
116.4
115.
118.1
775.7
116.3
116.4
115.6
114.4
775.9
116.8
116.8
116.
117.9
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
106.9
102.
107.9
110.9
108.2
128.5
87.
705.
100.8
107.2
109.7
107.3
124.5
90.3
707.7
104.5
108.3
111.9
109.5
130.4
84.0
705.5
107.1
108.9
112.6
110.1
128.2
84.5
777.7
107.1
111.9
115.
113.0
132.8
86.4
Metal, stone, and earth materials..
Metal mining
Stone and earth minerals
1.43 772.7 775.
112.
114.
112.1 113.
725.0
122.0
129.8
103.7
725.7
121.8
131.3
104.3
722.5 722.2 720.7 121.0
118.8 119.2 119.3 120.5
131.7 131.7 128.1 128.5
102.4 99.3 96.4
722.5
128.4
117.9
111.9
722,
128.
118,
113,
725.5
126.9
121.5
119.2
725.0
128.6
119.0
113.9
724.4
129.1
121.1
115.1
724.0
127.9
121.2
115.2
744.5
152.6
166.8
117.0
142.5
745.9
153.9
169.1
119.0
142.1
747.5
154.6
169.7
118.5
147.9
745.7
153.9
169.9
116.6
145.7
745.5
153.2
170.5
116.0
145.7
745.7
153.5
171.2
119.1
142.2
745.5 148.3
154.2 155.6
173.1
119.7 \2Q>'.2
145.1
777.5
117.5
117.5
117.
116.8
775.5
116.5
117.5
110.9
116.8
775.
118.5
118.8
117.0
114.
777.
117.4
118.0
114.5
114.6
775.4
118.6
119.2
115.7
115.8
779.5
119.9
120.6
115.9
112.7
779.5
120.6
119.8
125.0
105.6
779.5 119.7
119.6 119.8
118.9 119.8
123.3
118.2
777.2
108.0
111.8
115.
112.7
130.7
89.5
709.9
106.2
110.6
113.5
110.6
131.9
91.1
705.5
104.1
109.1
112.0
109.6
127.
89.7
707.0
102.1
108.0
111.
108.9
129.8
82.5
705.5
103.4
105.7
109.1
105.7
130.8
83.0
705.7
104.0
107.
110.3
106.8
132.9
86.1
705.9
99.
108.4
111.0
107.0
136.2
91.4
705.5
94.5
108.7
111.
107.8
727.2
133.0
123.0
117.3
Mining
772.5 775.0 772.
116.4 112.8 110.
110.1 113.2 113.
106.8
98.7
108.5
111.3
107.6
777.5 772.5 775.7 770.5 772.
775.5 775.0 777.9 727.2
109.8 106.4 111.6 116.4 118.8 121.1 126.2
112.8 113.
110.7 111.9 115.5 113.2 113.5 116.
114.0 115.6 117.5
Utilities
Electric
Gas
4.04 142.5 136.8 140.9 143.5 148.3 147.3 144.7 145.7 146.2 147.0 148.8 146.8 147.5
132.9 133
1.28 135
135
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.
770
INDUSTRIAL PRODUCTION: N.S.A.
JUNE 1964
MARKET GROUPINGS
(1957-59= 100)
Grouping
1957-59 *>1963
propor- average
Apr.
tion
1964
1963
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb. r Mar.*"
100.00 124.3 123.1 125.1 127.9 120.5 123.8 128.3 129.9 127.1 124.5 125.8 128.3 129.1
Total index
Consumer goods
Equipment, including d e f e n s e . . . .
Materials
47.35
32.31
15.04
52.65
124.8
125.1
124.2
123.6
122.1
122.1
122.1
124.0
123.0
123.1
122.8
126.9
127.1
128.1
124.8
128.6
121.7
121.3
122.6
119.4
123.8
124.3
122.6
123.9
130.0
131.7
126.3
126.8
131.9
134.2
126.9
128.1
127.7
128.5
126.1
126.5
125.3
123.9
128.5
123.8
126.8
126.1
128.1
124.9
128.5
128.9
127.5
128.1
128.5
127.7
130.1
129.6
Apr.
131.1
130.3
129.8
131.3
131.9
Consumer Goods
Auto parts and allied products
Home goods and oppoTel
Appliances, TV, and radios
Appliances
Furniture and rugs.
Miscellaneous home goods
Apparel, knit goods, and shoes
Processed foods
Newspapers, magazines, and books..
Consumer fuel and lighting
Residential utilities
Electricity
Gas
3.21 141.1 148.2 145.9 155.7 134.9 75.5 127.4 160.7 160.5 154.3 151.9 154.4 151.9 162.1
1.82 149.5 160.4 158.7 175.9 145.4 36.3 122.6 177.2 181.5 172.7 165.4 172.2 167.8 182.4
1.39 130.1 132.2 129.1 129.1 121.1 127.1 133.7 139.0 132.8 130.0 134.2 130.8 131.1 135.3
10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41
123.0
129.4
124.7
130.1
109.4
131.3
133.6
117.5
122.1
126.0
123.6
129.7
106.3
125.7
129.1
118.8
121.2
128.0
127.3
135.1
105.4
124.8
131.3
115.5
126.2 112.0 126.3 130.1
132.4 116.8 126.8 141.0
133.5 104.0 113.6 140.2
141.7 111.7 114.4 144.2
110.2 82.4 111 4 128.8
130.3 125.8 134.9 137.8
132.9 124.6 135.9 144.7
120.9 108.0 125.8 120.9
19.10
8.43
2.43
2.97
1.47
3.67
1.20
2 46
1.72
.74
123.6
116.5
115.0
140.0
117.8
134.4
116.9
143 0
146.7
117.8
107.5
115.6
137.8
117.8
126.2
109.4
120.3
110.5
125.7
138.8
118.7
124.7
111.7
124.5
115.1
132.0
142.8
117.5
129.3
117.6
11.63
6.85
2.42
1.76
.61
128.3
122.9
142.4
132.1
121.6
126.4 126.8
119.2 121.0
140.6 141.7
132.3 130.3
134.7 122.1
129.3
123.9
142.6
133.2
125.6
126.5
122.4
139.6
131.5
106.1
127.0
124 5
141.8
126.4
98.1
131.0
126.7
143.7
135.6
116.3
131.2
125.8
143.6
139.2
120.3
130.1 132.7 132.5
125.6 129.4 129.2
140.7 142.6 141.7
136.9 134.2 132.9
118.6 125.8 131.8
132.4
127.3
139.4
139.2
142.0
135.9
132.0
139.7
141.9
147.3
137.6
26.73 121.1 122.0 126.5
3.43 137.2 135.8 139.5
7.84 125.4 123.7 125.4
9.17 116.3 113.9 120.2
6.29 114.2 124.2 130.0
129.2
144.9
127.0
125.4
128.8
118.7
128.4
122.2
121.2
105.3
118.7
112.4
123.0
126 4
105.6
124.0
138.6
126.3
125 9
110.7
125.3
143.0
127.4
125.1
113.3
123.2 121.0 121.1 125.3
145.6 150.0 146.9 146.5
127.3 130.5 130.4 130.8
118.8 110.6 107.9 113.3
112.4 108.4 114.5 124.5
127.4
146.2
131.8
116.0
128.2
130.7
146.2
132.9
122 4
131.6
25.92
9.11
3.03
6.07
7.40
126.2
120.1
120.3
120.1
145.1
126.0
122.1
119.6
123.4
144.6
128.0
122.8
127.2
120.7
146.0
120.1
112.2
115.1
110.8
136.2
129.2
123.5
131.7
119.4
145.5
129.6
125.0
125.9
124.5
147.2
131.0
127.2
128.7
126.4
150.5
129.8
123.8
117.1
127.2
151.7
131.9
125.3
124.7
125.6
156.2
133.1
129.4
131.8
128.3
156.5
9.41
6.07
2.86
2.32
1.03
1.21
.54
117.2
109.3
138.8
139.4
131.1
149.7
115.2 115.9 118.9 115.2 121.8 120.1 119.4 118.4 118.2 119.9 119.6 119.3 118.3
109.4 109.3 111.3 103.4 111.9 110.3 110.8 110.6 110.2 112.1 112.6 111 4 110 2
123.9
116.5
120.8
137.0
116.5
135.3
118.1
131.9
140.2
135.8
135.9
135.5
139.3
146.1
124.8
127.3
138.7
135.8
137.4
131.2
138.1
142.7
117.6
133.3 130.9 123.8
133.8 130.5 119.9
116.6 121.4 108.4
146.0 146.9 142.4
121.2 119.4 117.2
139.2 137.7 129.6 130.2
119.9 118.4 116.4 117.7
131 5
126.5
126.4
145.7
120.2
132.9
137.4
138.7
144.6
122.2
135.8
137.2
129.1
129.8
138.6
137.8
147.5
110.2
137.3
140.6
122.3
130.3
137.7
134.5
143.1
110.5
136.8
142.2
124.1
122.5
111.1
107.4
139.7
122.8
144.0
120.2 120.5 119.9
122.6
109.8
117.6
139.4
124.8
140.2
116.4
124.1
112.8
117.5
132.9
123.5
135.0
91.3
139.7
138.4
104.5
121.7
129.5
124.7
126.0
121 0
133.1
132.1
115.1
122.1 124.1
115.2 113.5
100.2 102.4
139.8 141.1
120.9 120.3
138.4 150.1
142.8
125.9
\\4.5
135.9 130.6 135.8 147.3 154.5 151.9 135.0 135.2 155.7 179.9 166.8 161.3
Equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment...
133.4
140.3
146.8
147.4
3.41
Materials
Consumer durable
Equipment
Metal materials n e e
Business supplies
Nondurable materials n e e
Business fuel and power
Nonresidential utilities
Electricity
General industrial
Commercial and other
Gas
127.3
122.8
121.5
123.4
147.2
126.8
118.1
105.5
124.4
148.2
128.8
119.6
117.6
120.5
151.4
131.0
123.1
123.0
123.2
155.2
131.1 134.7 141.0 147.0 152.0 149.1 144.0 139.7 139.9 141.5 138.9 141.3
128.2 131.9 133.4 132.7 136.2 135.8 137.2 133.9 133.2 134.1 132.1 136.9
136.1 139.8 150.7 162.7 169.4 164.1 153.2 147.7 148.7 151.0 147.8 148.0
Supplementary groups of
consumer goods
Automotive and home goods
Apparel and staples
See NOTE on opposite page.
7.80 134.3 135.1 135.4 142.0 124.3 105.7 135.4 148.6 147.7 141.7 138.7 144.4 144.1 147.7
24.51 122.2 118.0 119.2 123.7 120.4 130.2 130.5 129.6 122.4 118.2 122.1 124.0 122.5 124.1
771
INDUSTRIAL PRODUCTION: N.S.A.
JUNE 1964
INDUSTRY GROUPINGS
(1957-59- 100)
Grouping
957-59 1963*
proaverporage
tion
Apr.
1963
May
June
July
Aug.
1964
Sept.
Oct.
Nov.
100.00 124.3 123.1 125.1 127.9 120.5 123.8 128.3 129.9 127.]
Total index.
Dec.
Jan.
1
Feb. " Mar. r
Apr.
124.5 125.8 128.3 129.1 131.1
86.45
48.07
38.38
8.23
5.32
124.7
124 A
125.1
107.8
140.7
124.0
124.4
123.7
106.9
126.1
126.9
125.1
108.9
128.8
129.8
127.6
111.3
120.5
121.0
119.8
105.3
123.4
118.1
130.0
112.2
128.7
126.6
131.4
111.4
131.1
129.3
133.3
111.0
128.2
128.4
127.9
108.1
125.1 125.9 129.1 130.1
129.5 131.4
127.2
122.5 ne.i 128.5 128.4
106.7 124.8 108.3 107.6
107.9
Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals and products.
Fabricated metal products
Structrual metal parts
12.32
6.95
5.45
1.50
5.37
2.86
117.6
113.1
109.5
126.3
123.4
120.2
122.5
125.7
125.5
126.3
118.4
113.8
127.0
130.7
130.6
130.8
122.3
119.1
128.2
129.6
128.6
133.3
126.4
123.0
112.1
104.1
102.5
109.9
122.5
121.7
113.5
102.6
96.4
125.1
127.5
125.1
117.5
106.5
100.0
130.3
131.6
127.4
118.7
109.5
103.0
133.2
130.6
126.7
117.7
110.6
104.5
132.9
126.8
124.9
115.4
107.1
102.3
124.5
126.2
124.2
119.3
114.7
110.5
130.0
125.1
121.9
124.4
124.3
119.4
142.0
124.7
121.0
127.7
128.4
124.0
144.2
126.8
122.8
130.9
131.8
128.5
143.7
129.6
125.3
Machinery and related products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment...
Instruments and related products..
Ordnance and accessories
27.98
14.80
8.43
6.37
10.19
4.68
5.26
1.71
1.28
128.6
129.1
126.7
132.2
127.0
146.1
109.5
130.2
127.3
126.9
125.3
129.0
127.7
149.3
107.7
126.5
128.4
128.3
126.4
130.9
127.5
149.4
107.1
128.2
131.9
131.3
129.0
134.3
132.2
158.9
107.9
131.6
124.8
123.2
123.6
122.6
124.9
144.2
107.5
129.7
117.0
125.7
123.3
128.8
100.1
88.9
108.5
132.1
129.8
133.3
128.5
139.7
123.5
137.0
110.8
133.9
133.9
133.0
128.8
138.6
135.2
160.4
112.4
134.0
134.1
132.7
129.3
137.2
136.4
163.3
112.4
134.3
135.1
134.4
134.4
134.3
136.4
162.2
113.1
134.3
133.7
134.3
135.
133.3
133.4
157.1
112.2
131.3
134.7
135.5
135.3
135.8
135.0
160.0
112.1
131.6
136.0
138.4
140.5
135.6
134.3
158.1
112.3
132.2
137.6
139.1
141.7
135.5
137.8
165.0
113.0
132.5
Manufacturing, total.,
Durable
Nondurable
Mining
Utilities
132.6
133.8
131.1
108.8
Durable manufactures
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
4.7. 114.4 112.5 118.3 122.7 117.7 125.7 124.5 124.4 117.3 106.5 104.2 112.0 113.9 119.6
2.99 117.5 115.5 122.2 126.1 126.3 128.7 126.2 127.6 122.1 111.5 107.3 111.7 115.9 124.2
1.73 109.0 107.4 111.4 116.9 102.7 120.4 121.6 118.9 109.0 97.9 98.7 112.6 110.3 111.5
Furniture and miscellaneous..
Furniture and fixtures
Miscellaneous manufactures.
3.05 129.1 122.8 125.2 725.7 126.7 134.6 137.1 137.7 755.2 133.9 727.5 729.5 131.5 132.7
1.54 133.1 126.2 127.6 132.5 132.0 139.2 140.4 140.4 138.9 140.1 134.6 134.6 135.9 136.6
1.51 124.9 119.4 122.7 124.8 121.3 129.9 133.8 135.0 133.5 127.6 120.9 124.5 127.1 128.8
Nondurable manufactures
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products
7.60 118.5 119.3 118.4 121.7 106.9
2.90 117.1 115.3 121.0 121.4 105.8
3.59 125.5 129.9 123.8 128.6 113.3
1.11 99.8 95.4 93.9 100.6 89.4
Paper and printing
Paper and products
Printing and publishing
Newspapers
8.1
3.43
4.74
1.53
120.0
125.2
116.4
108.0
120.9
125.0
117.9
116.4
122.3
126.0
119.6
118.8
Chemicals, petroleum, and rubber..
Chemicals and products
Industrial chemicals
Petroleum peoducts
Rubber and plastics products
11.54
7.58
3.84
1.9'
1.99
141.5
148.5
162.5
117.1
138.9
142.1
149.7
162.9
112.3
143.1
142.3 143.9
150.
150.9
163.8 162.2
115.1 121.7
139.3 139.1
Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products
11.07
10.25
8.64
1.61
116.3
116.4
116.7
114.9
115.1
109.
109.
107.
117.
112.
114.0
113.4
110.
127.4
122.4
Coal, oil, and gas
Coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Gas and gas liquids
Oil and gas drilling
6.80
1.16
5.64
4.91
4.25
.66
.73
106.9
102.
107.9
110.9
108.2
128.5
87.
106.
101.5
107.8
111.3
109.1
125.
84.1
106.
105.5
106.6
110.1
108.
124.3
82.
Metal, stone, and earth minerals...
Metal mining
Stone and earth minerals
1.43 112.1 107.9 120.9 125.0 122.0 123.8 125.0 722.3 109.9 702.5 P5.7 700.7 702.7 114.7
.61 112.3 104.2 123.4 127.5 118.0 121.8 127.0 119.7 103.2 101.6 102.4 106.9 106.6 114.8
.82 112.1 110.6 119.0 123.1 125.0 125.3 123.6 124.3 114.9 103.2 96.0 95.1 99.8 114.6
124.1
120.3
132.0
108.7
121.
123.9 119.6 109.9 777.7 729.5 124.7 124.7
121.8
131.0
115.2
102.1
123.5
127.8
120.3
114.5
127.8
135.3
122.3
121.8
724.5
127.9
122.
124.5
119.4
115.2
122.5
118.6
120.4
126.8
115.8
104.9
124.5
132.3
118.9
110.7
126.4
131.7
122.6
117.5
136.0
144.3
157.3
123.1
117.0
143.3
150.7
162.3
123.5
134.5
145.5
152.0
164.8
121.7
144.4
147.8
154.5
169.1
119.6
150.1
145.6
153.1
170.
116.
145.7
142.9
150.7
169.9
114.9
140.6
145.3
152.8
172.2
114.3
147.2
147.7
155.0
175.0
117.3
150.4
148.4 151.1
156.5 159.5
176.6
115.5 116.6
149.7
118.8
118.4
115.1
136.4
123.5
117.
118.2
116.
129.
104.3
126.
126.
126.
126.5
126.4
129.7
130.5
133.4
114.8
120.
725.
129.0
130.7
120.0
124.3
777.7
117.8
120.4
104.0
116.9
772.
113.7
115.6
103.
94.3
777.5
111.5
114.0
97.9
111.5
770.7
111.
111.7
108.5
105.1
111.8 775.2
111.4 115.0
110.
113.2
118.2
116.4
108.5
116.6
106.8
110.0
108.4
120.4
85.3
101.8
72.5
107.9
110.7
108.
123.6
88.6
109.8
113.6
109.0
111.
109.5
123.8
92.8
108.5
112.4
107.7
109.8
107.6
124.0
93.2
108.6
113.5
107.6
110.2
108.0
124.3
90.1
707.5
106.3
108.1
111.6
108.1
133.8
84.1
707.5
101.5
108.8
112.3
107.7
141.7
85.5
709.5
101.9
111.4
114.5
110.1
143.0
90.4
110.
100.4
112.1
115.4
111.0
144.0
89.3
705.5
95.3
111.3
115.2
111.2
121.1 112.6
128.3 113.7
117.6 111.8
113.1 97.1
120.0 119.7 119. 112.9 116.4 122.8 122.9 121.1
127.1 133.0 126.6 112.3 125.1 142.2 133.2 135.8
105.2 105.5 98.0 94.4 97.3 106.2 102.2
730.5
137.3
125.6
125.5
Mining
707.
99.4
109.2
112.8
109.4
Utilities
Electric.,
Gas
4.04 142.5 133.1 133.0 138.8 147.1 153.1 150.3 140.2 137.8 146.6 157.9 150.8 149.8
1.28 135
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.
772
BUSINESS ACTIVITY; CONSTRUCTION
JUNE 1964
SELECTED BUSINESS INDEXES
(1957-59= 100)
Manufacturing 2
Industrial production
Major market groupings
Period
Total
Construction
contracts
Major industry
ip-oupingi»
Final products
MateConrials
Total sumer Equipgoods ment
Nonagricultural
employEmment— ployTotal i ment
Payrolls
Prices •
Freight Total
3
load- retail
sales
ings
Consumer
Wholesale
commodity
Mfg.
Mining
Utilities
75.8
81.9
85.2
92.7
86.3
83.2
91.3
90.5
92.9
90.2
49.5
56.4
61.2
66.8
71.8
61
63
67
70
76
86.0
91.0
92.9
95.5
93.2
99.4
106.1
106.1
111.6
101.8
68.9
80.2
84.5
93.6
85.4
117.1
121.5
115.0
116.6
104.6
72
76
79
83
82
83.8
90.5
92.5
93.2
93.6
86.8
96.7
94.0
92.7
92.9
1955
1956
1957
1958
1959
96.6 93.9 93.3 95.0 99.0 97.3
99.9 98.1 95.5 103.7 101.6 100.2
100.7 99.4 97.0 104.6 101.9 100.8
93.7 94.8 96.4 91.3 92.7 93.2
105.6 105.7 106.6 104.1 105.4 106.0
99.2
104.8
104.6
95.6
99.7
80.2
87.9
93.9
98.1
108.0
91
92
93
102
105
96.4
99.7
100.6
97.8
101.6
105.5
106.7
104.7
95.2
100.1
94.8
100.2
101.4
93.5
105.1
115.3
115.9
108.2
93.8
97.9
89
92
97
98
105
93.3
94.7
98.0
100.7
101.5
93.2
96.2
99.0
100.4
100.6
I960
1961
1962
1963
108.7
109.8
118.3
124.3
109.9
111.3
119.7
124.8
111.0
112.7
119.7
125.1
107.6
108.3
119.6
124.2
107.6
108.4
117.0
123.6
108.9
109.7
118.7
124.7
101.6
102.6
105.0
107.8
115.6
122.8
131.3
140.7
105
108
120
132
103.4
103.1
106.2
108.7
99.9
95.9
99.2
99.9
106.7
105.4
113.7
118.0
95.3
91.2
92.4
93.3
106
107
115
120
103.1
104.2
105.4
106.7
100.7
100.3
100.6
100.3
1963—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
122.5
124.5
125.8
126.5
125.7
125.7
126.5
126.7
126.9
122.1
123.5
125.2
125.9
126.2
126.5
127.9
128.0
128.4
122.5
124.1
125.9
126.4
126.7
126.7
128.0
128.2
128.2
120.4
122.1
123.8
124.8
125.3
126.2
127.7
127.6
128.8
122.9
125.7
126.6
126.7
125.1
125.0
125.5
125.8
125.4
123.1
125.2
126.4
126.8
125.9
126.1
127.1
127.5
127.9
107.4
108.5
109.4
111.3
111.3
110.3
109.1
107.5
106.6
135.7
139.1
141.3
145.3
144.6
142.8
143.9
144.5
143.3
125
144
135
126
132
128
146
144
148
108.2
108.5
108.8
109.1
109.1
109.3
109.6
109.5
109.8
100.1
100.4
100.3
100.4
99.8
100.1
100.4
100.0
100.5
116.6
117.9
118.2
118.0
117.0
120.3
120.0
119.4
121.7
95.7
96.9
94.6
93.9
90.9
91.2
92.7
92.3
93.9
119
118
120
121
121
119
121
120
123
106.2
106.2
106.6
107.1
107.1
107.1
107.2
107.4
107.6
99.7
100.0
100.3
100.6
100.4
100.3
100.5
100.7
100.3
1964—Jan
Feb
Mar
Apr
May^
127.4
'127
9
r
128.3
129.6
130.3
128.3
1
128.1
129.4
130.0
128.5
128 7
128.2
129.3
129.6
128.0
126.7
127.9
129.7
130.6
126.2
'127
8
r
128.5
129.5
130.4
144.9
143.6
144.2
145.0
146.5
147
143
140
138
110.0
110 7
110.9
111.2
111.3
100.3
100 8
101.3
101.7
101.8
120.2
122 8
123.1
124.2
123.9
97.2
96 9
94 0
94.8
96.4
123
126
'124
125
127
107.7
107.6
107.7
107.8
101.0
100.5
100.4
100.3
100.1
74.9
81.3
84.3
91.3
85.8
1950
1951
1952
1953.
1954
72.8
78.6
84.3
89.9
85.7
r
128
r
78.6 56.4
77.8 78.4
79.5 94.1
85.0 100.5
84.3 88.9
r
76.9
83.8
84.3
92.6
85.9
128.2 108.3
-128 7 '108.5
''129.3 r 108.3
130.7 109.3
131.2 110.7
r
1
Employees only, excludes personnel in the armed forces.
2 Production workers only.
3 Federal Reserve index based on Census Bureau figures.
• Prices are not seasonally adjusted.
NOTE.—Data are seasonally adjusted unless otherwise noted.
Construction contracts: F. W. Dodge Corp. monthly index of dollar
r
value of total construction contracts, including residential, nonresidential,
and heavy engineering; does not include data for Alaska and Hawaii.
Employment and payrolls: Based on Bureau of Labor Statistics data;
includes data for Alaska and Hawaii beginning with 1959.
Prices: Bureau of Labor Statistics data.
Freight carloadings: Based on data from Association of American
Railroads.
CONSTRUCTION CONTRACTS
(In millions of dollars)
Type of ownership and
type of construction
1963
1962
1964
1963
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
Total construction
41,303 45,546 3,983 4,851 4,402 4,125 4,061 3,707 4,313 3,749 3,413 3,346 3,201 4,215 4,359
By type of ownership:
Public
Private
13,599 14,653 1,168 1,567 1,384 1,319 1,318 1,154 1,321 1,157 1,155 1,197 1,041 1,339 1,318
27,705 30,893 2,814 3,283 3,019 2,805 2,744 2,552 2,992 2,592 2,257 2,149 2,160 2,876 3,042
By type of construction:
Residential building....
Nonresidential building
Nonbuilding
18,039 20,502 1,986 2,061
13,010 14,377 1,210 1,452
10,255 10,667
787 1,337
1,966 1,934 1,883 1,789 2,028 1,519
1,458 1,271 1,322 1,154 1,331 1,082
978
920
764
954 1,148
857
NOTE.—Dollar value of total contracts as reported by the F. W. Dodge
Corp. does not include data for Alaska or Hawaii. Totals of monthly
data exceed annual totals because adjustments—negative—are made to
1,325 1,372 1,427 1,991
1,102 1,158 1,082 1,252
692
985
816
972
accumulated monthly data after original figures have been published.
Nonbuilding construction formerly labeled public works and utilities.
773
CONSTRUCTION
JUNE 1964
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)
Private
Period
Public
Business
Total
Nonfarm
residential
Total
Industrial
Commercial
Total
Public
utility
Other
nonresidential
Total
Military
Highway
Sewer
and
water
Other
1955
1956
1957
1958
44,164
45,815
47,845
48,950
32,440
33,067
33,766
33,493
18,705
17,677
17,019
18,047
9,980
11,608
12,535
11,058
2,399
3,084
3,557
2,382
3,218
3,631
3,564
3,589
4,363
4,893
5,414
5,087
3,755
3,782
4,212
4,388
11,724
12,748
14,079
15,457
J.287
1,360
1,287
1,402
3,861
4,431
4,954
5,545
1.085
1,275
1,344
1,387
5,491
5,682
6,494
7,123
1959 l
I960
1961
1962
1963
55,305
53,941
55,455
59,036
62,775
39,235
38,078
38,299
41,478
43,796
24,251
21,706
21,680
24,174
25,711
10,557
11,652
11,789
12,251
12,885
2,106
2,851
2,780
2,857
3,118
3,930
4,180
4,674
5,023
5,110
4,521
4,621
4,335
4,371
4,657
4,427
4,720
4,830
5,053
5,200
16,070
15,863
17,156
17,558
18,979
1,465
1,366
1,378
1,269
5,761
5,437
5,855
6,156
6,702
1,467
1,487
1,581
1,754
1,966
7,377
7,573
8,342
8,379
60,458
62,335
62,733
64,194
64,228
65,888
66 106
65,522
43,143
43,184
43,931
44,571
44,827
45,608
45 750
45,867
25,646
25,801
25,888
25,832
25,919
26,532
26 927
26,615
12,432
12,251
12,807
13,397
13,536
13,722
13 460
13,841
2,852
2,976
3,136
3,310
3,395
3,461
3 538
3,577
4,775
4,589
4,953
5,346
5,561
5,412
5 367
5,412
4,805
4,686
4,718
4,741
4,580
4 849
4 555
4,852
5,065
5,132
5,236
5,342
5,372
5,354
5 363
5,411
17,315
19,151
18,802
19,623
19,401
20,280
20 356
19,655
6,813
6,331
6,965
6,550
7,442
7 706
6,761
5,611
1,868
1,927
990
2,061
2,109
2 128
2 159
2,176
8,467
8,729
8,572
65,641
65,765
66,756
66,691
66,708
45,610
46,026
46,552
46,492
46,562
26,710
26,984
27,450
27,376
27,342
13,516
13,568
13,630
13,575
13,641
3,469
3,472
3,492
3,505
3,593
5,400
5,448
5,569
5,465
5,445
4,647
4 648
4,569
4,605
4,603
5,384
5,474
5,472
5,541
5,579
20,031
19,739
20,204
20,199
20,146
7,150
6,262
7,049
6,735
2,185
2,273
2,341
2,371
2,389
.
1963—May
June
July
Aug
Sept .
Oct
Nov
Dec
...
...
...
.
1964 Jan
Feb
Mar
Apr
May p
1
Beginning with 1959, includes data for Alaska and Hawaii.
,369
682
1,909
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)
(private only)
Period
Total
Nonfarm
Total
By type of ownership
By area *
Annual rate,
Metropolitan
Nonmetropolitan
Public
Total
1family
1,142
1,343
1,190
981
840
933
1,079
417
439
479
1,517
1,252
1,313
1,463
1,587
49
53
48
47
48
44
49
37
158
166
153
150
144
145
163
119
21
1955
1956
1957
1958
1959
,329
1,118
1,042
1,209
1,379
976
780
353
338
1,310
1,094
700
827
342
382
993
946
432
1959
I960
1961
1962
1963
1,554
1,296
1,365
1,492
.618
1,077
477
889
407
1963—Apr
May
June
July
Aus
Sept
Oct
Nov
Dec
1964
. ..
Jan
Feb
Mar
Apr
1
V
V
1,618
J.618
1,571
,588
1,455
,732
1,847
1,564
,564
1.590
1,590
1,554
1,573
1,434
1,697
1,807
,533
1,518
160
,718
,657
,665
,558
,688
,613
,640
,526
V
V
948
1,054
1,139
Multifamily
Total
FHA
277
195
193
VA
393
271
128
87
82
33
120
49
19
24
670
465
322
39
49
170
215
68
36
458
1,234
995
975
992
1,005
56
44
44
49
53
227
214
295
422
529
37
44
52
30
31
328
339
292
244
261
221
83
78
71
6
6
5
5
5
5
5
4
3
47
54
49
47
44
48
55
44
41
2
3
4
2
4
2
3
22
22
20
21
19
19
21
17
7
2
29
30
27
29
25
25
27
22
95
106
107
100
98
96
93
103
72
51
2
21
16
55
64
83
4
5
5
41
32
42
1
1
^3
16
17
21
11
12
16
4
4
5
23
18
5
112
116
109
105
100
104
117
84
97
76
101
101
P133
?i54
75
74
97
26
27
37
100
100
?130
103
51
*>151
Beginning with 1959, based on revised definition of metropolitan areas.
2family
33
31
170
157
152
148
147
166
121
NOTE.—Beginning with 1959, Census Bureau series includes both
farm and nonfarm series developed initially by the Bureau of Labor
Governmentunderwritten
Private
439
337
102
349
109
458
349
109
336
261
75
7
7
8
7
6
6
5
5
Statistics, for which annual totals are given including overlap for 1959.
Data from Federal Housing Admin, and Veterans Admin, represent
units started, based on field office reports of first compliance inspection*.
774
EMPLOYMENT
JUNE 1964
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons unless otherwise indicated)
Civilian labor force
Total noninstitutional
population
Period
Total
labor
force
Employed*
Total
Total
In nonagricultural
industries
In
agriculture
Not in the
Unemployment
rate 2
(per cent)
S.A.
Unemployed
1957
1958
1959
120,445
121,950
123,366
70,746
71,284
71,946
67,946
68,647
69,394
65,011
63,966
65,581
58,789
58,122
59,745
6,222
5,844
5,836
2,936
4,681
3,813
49,699
50,666
51,420
4.3
6.8
5.5
I960 3
1961
1962
1963
125,368
127,852
130,081
132,125
73,126
74,175
74,681
75,712
70,612
71,603
71,854
72,975
66 681
66,796
67,846
68,809
60,958
61,333
62,657
63,863
5,723
5,463
5,190
4,946
3,931
4,806
4,007
4,166
52,242
53,677
55,400
56,412
5.6
6.7
5.6
5.7
July
Aug
Sept
Oct
Nov
Dec
131,865
132,036
132,196
132,345
132,497
132,682
132,853
133,025
75,864
77,901
77,917
77,167
75,811
76,086
76,000
75,201
73,127
75,165
75,173
74,418
73,062
73,344
73,261
72,461
69,061
70,319
70,851
70,561
69 546
69,891
69,325
68,615
63,883
64,365
64,882
65,065
64,220
64,541
64,548
64,576
5,178
5,954
5,969
5,496
5,326
5,350
4,777
4,039
4,066
4,846
4,322
3,857
3,516
3,453
3,936
3,846
56,001
54,135
54,279
55,178
56,686
56,596
56,852
57,824
5.9
5.7
5.6
5.5
5.5
5.6
5.9
5.5
1964—Jan
Feb
Mar
Apr
May
133,200
133,358
133,519
133,678
133,866
74,514
75,259
75,553
76,544
77,490
71,793
72,527
72,810
73,799
74,742
67 228
68,002
68,517
69 877
71,101
63,234
64,071
64,500
65,448
66,094
3,993
3,931
4,017
4,429
5,007
4,565
4,524
4,293
3,921
3,640
58,685
58,099
57,965
57,135
56,376
5.6
5.4
5.4
5.4
5.1
1963 May
1 Includes self-employed, unpaid family, and domestic service workers.
Per cent of civilian labor force.
3 Inclusion of figures for Alaska and Hawaii beginning with 1960
increased population by about 500,000 and total labor force by about
300,000. Most of the increase was in nonagricultural industries.
2
NOTE.—Information relating to persons 14 years of age and over is
obtained on a sample basis. Monthly data relate to the calendar week
that contains the 12th day; annual data are averages of monthly figures.
Bureau of Labor Statistics estimate.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
(In thousands of persons)
Contract
construction
Transportation & public utilities
Trade
Finance
Service
Government
4,241
3,976
4,011
10,886
10,750
11,127
2,477
2,519
2,594
6,749
6,811
7,115
7,626
7,893
8,190
2,885
2,816
2,909
3,029
4,004
3,903
3,903
3,913
11,391
11,337
11,582
11,865
2,669
2,731
2,798
2,866
7,392
7,610
7,949
8,297
8,520
8,828
9,188
9,535
640
639
640
635
632
629
630
630
3,019
3,046
3,069
3,083
3,071
3,066
3,057
3,069
3,909
3,919
3,936
3,941
3,950
3,937
3,928
3,915
11,825
11,864
11,884
11,907
11,922
11,935
11,941
11,963
2,864
2,865
2,870
2,873
2,873
2,887
2,887
2,892
8,228
8,282
8,349
8,373
8,377
8,430
8,423
8,447
9,480
9,504
9,489
9,499
9,552
9,643
9,653
9,705
17,119
17,175
17,242
17,287
17,311
623
624
625
631
628
3,017
3,169
3,162
3,140
3,100
3,923
3,934
3,930
3,955
3,958
12,072
12,143
12,143
12,201
12,184
2,904
2,911
2,918
2,924
2,930
8,474
8,515
8,552
8,540
8,577
9,718
9.712
9,755
9,785
9,815
56,967
57,609
57,422
57,651
58,211
58,426
58,220
58,585
16,960
17,111
17,050
17,199
17,398
17,367
17,229
17,139
643
650
641
646
641
637
634
631
3,049
3,232
3,364
3,437
3,378
3,333
3,176
2,925
3,897
3,954
3,975
3,976
3,982
3,968
3,944
3,931
11,720
11,848
11,832
11,878
11,942
12,014
12,166
12,774
2,858
2,885
2,916
2,919
2,887
2,884
2,878
2,880
8,294
8,423
8,474
8,457
8,436
8,472
8,406
8,379
9,546
9,506
9,170
9,139
9,547
9,751
9,787
9,926
56,909
57,045
57,388
57,908
58,413
16,935
16,982
17,051
17,093
17,174
614
611
611
624
631
2,628
2,681
2,760
2,974
3,131
3,876
3,879
3,883
3,923
3,946
11,917
11,837
11,926
11,977
12,076
2,875
2,885
2,895
2,912
2,924
8,313
8,362
8,415
8,540
8,646
9.751
9,808
9,847
9,865
9,885
Total
Manufacturing
1957
1958
1959
52,904
51,423
53,404
17,174
15,945
16,675
828
751
732
2,923
2,778
2,960
1960
1961
1962
1963
54,370
54,224
55,841
57,174
16,796
16,327
16,859
17,035
712
672
652
634
1963—May
June
July
Aug
Sept
Oct
Nov
Dec
57,060
57,194
57,340
57,344
57,453
57,646
57,580
57,748
17,095
17,075
17,103
17,033
17,076
17,119
17,061
17,127
1964—Jan
Feb
Mar
Apr.*3
Mayp
57,850
58,183
58,327
58,463
58,503
1963—May
June
July
Aug
Sept
Oct
Nov
Dec
1964—Jan
Feb
Mar
Apr.*273
May
Period
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
ending nearest the 15th of the month. Proprietors, self-employed persons,
domestic servants, unpaid family workers, and members of the armed
forces are excluded.
775
EMPLOYMENT AND EARNINGS
JUNE 1964
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands of persons)
Not seasonally adjusted
Seasonally adjusted
Industry group
Total
Durable goods
•
Ordnance and accessories
Furniture and fixtures
Electrical machinery
Transportation equipment
Nondurable goods
•...
.
Textile-mill products
Printing, publishing and allied industries
Products of petroleum and coal
Leather and leather products
1963
1964
1963
1964
May
Mar.
Apr.*5
May*3
May
Mar.
Apr.p
May?
12,647
12,759
12,806
12,820
12,526
12,584
12,628
12,705
7,081
119
7,207
113
7,255
111
7,242
111
7,083
118
7,132
113
7,193
111
7,247
110
530
544
535
533
533
506
518
536
323
492
962
883
1,040
1,068
1,112
237
315
331
503
958
912
1,091
1,047
1,147
239
322
332
501
978
920
1,096
1,058
1,161
240
323
333
496
980
916
1,099
1,063
1,150
239
322
317
497
970
880
1,052
1,049
1,121
235
312
327
480
966
898
1,104
1,037
1,153
238
309
328
494
979
906
1,111
1,039
1,156
238
314
328
500
988
913
1,112
1,044
1,159
237
319
5,566
1,158
77
798
1 171
5,552
1,146
78
805
1 161
5,551
1,133
78
804
1 171
5,578
1,130
78
804
1 190
5,443
1,098
65
796
1 142
5,452
1,057
70
799
1,177
5,435
1,063
67
799
1,153
5,458
1,071
66
802
1,160
488
595
525
120
324
310
491
600
527
116
321
307
491
602
525
116
323
308
494
607
523
115
327
310
484
590
530
121
317
301
485
598
528
114
317
307
488
599
533
115
316
302
491
602
528
116
320
302
NOTE.—Bureau of Labor Statistics; data cover production and related
workers only (full- and part-time) who worked during, or received pay
for, the pay period ending nearest the 15th of the month.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
Average hours worked
(per week; S.A.)
ndustry group
1963
May
Average weekly earnings
(dollars per week; N.S.A.)
1964
Mar.
Apr.?
1963
May
May
1964
Mar.
Apr.*
Average hourly earnings
(dollars per hour; N.S.A.)
1963
May*
1964
May
Mar.
Total
40.5
40.7
40.7
40.7
2.45
2.51
2.52
2.53
Durable goods
Ordnance and accessories.
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries..
41.1
40.9
39.5
40.9
41.6
41.6
41.4
41.5
40.4
41.9
40.8
39.6
41.2
40.0
40.3
41.2
41.6
41.2
41.6
42.3
40.4
41.5
40.6
39.8
41.4
40.1
40.1
41.3
41.8
41.5
41.8
42.4
40.7
42.0
40.6
39.9
41.3
40.2
40.1
41.0
41.8
41.7
41.6
42.4
40.4
41.5
40.5
39.7
108.36
117.67
80.60
79.60
103.07
127.30
108.32
115.79
98.74
125.76
100.94
79.40
110.29
119.39
82.18
82.62
102.00
127.51
109.59
121.26
100.90
126.68
101.40
82.78
111.51
119.90
83.58
82.42
104.83
128.85
111.22
122.26
101.15
128.33
101.81
82.97
112.19
120.50
86.27
81.81
106.93
129.27
111.76
122.55
101.56
128.74
102.21
82.37
2.63
2.87
2.02
1.98
2.46
3.06
2.61
2.77
2.45
2.98
2.48
2.01
2.69
2.97
2.07
2.03
2.50
3.08
2.66
2.86
2.51
3.06
2.51
2.08
2.70
2.99
2.10
2.03
2.52
3.09
2.68
2.87
2.51
3.07
2.52
2.09
2.71
2.99
2.13
2.03
2.54
3.10
2.68
2.87
2.52
3.08
2.53
2.08
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied industries.
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
39.7
40.8
39.0
40.6
36.4
42.6
38.4
41.6
41.9
40.4
37.3
39.9
40.8
39.7
41.1
36.3
42.7
38.5
41.8
42.0
41.2
37.7
39.8
40.9
40.6
41.1
36.4
42.8
38.7
41.4
41.4
41.6
37.8
39.8
40.8
40.2
41.1
36.1
42.8
38.5
41.7
41.9
41.1
38.5
87.52
94.66
78.17
69.02
61.52
104.55
110.21
112.59
131.57
99.23
64.42
89.67 89.83
95.84 96.08
75.60 80.39
71.63 71.63
64.79 63.90
1106.85 107.53
jl 13.58 1113.58
1114.40 1114.40
131.24 :i30.92
101.59 102.50
I 68.24 66.43
90.52
97.92
81.40
72.34
63.90
108.03
113.96
115.79
132.82
103.41
68.42
2.21
2.32
2.02
1.70
1.69
2.46
2.87
2.70
3.14
2.45
1.76
2.27
2.39
2.00
1.76
1.78
2.52
2.95
2.75
3.17
2.49
1.81
2.28
2.39
2.03
1.76
1.77
2.53
2.95
2.75
3.17
2.50
1.82
2.28
2.40
2.04
1.76
1.77
2.53
2.96
2.77
3.17
2.51
1.81
NOTE.—Bureau of Labor Statistics; data are for production and related
workers only.
99.23 101.40 102.06 102.97
776
PRICES
JUNE 1964
CONSUMER PRICES
(1957-59= 100)
Housing
All
items
Period
Food
Total
Rent
Homeownership
Health and recreatiorl
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
Total
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
services
50 6
57 .5
47 6
63 .6
57
75. 0
58.2
67.3
1929.
1933.
1941.
1945.
59.7
45.1
51 3
62.7
55.6
35.3
44 2
58.4
61 4
67.5
85.4
60.8
64 3
66.1
1955.
1956.
1957.
1958.
1959.
93.3
94.7
98.0
100.7
101.5
94.0
94.7
97.8
101.9
100.3
94.1
95.5
98.5
100.2
101.3
94.8
96.5
98.3
100.1
101.6
92.6
94.1
98.2
100.4
101.4
91.9
95.9
100.8
99.0
100.2
94.9
95.9
96.9
100.3
102.8
97.3
97.3
99.4
99.9
100.7
95 .9
97 8
99 .5
99 .8
100 6
89.7
91.3
96.5
99.7
103.8
91.4
93.6
97.0
100.3
102.8
88 .6
91 8
95 .5
100 .1
104 4
90 .0
93 7
97 .1
100 .4
10? 4
92. 1
93. 4
96. 9
100. 8
102. 4
94.3
95.8
98.5
99.8
101.8
1960.
1961.
1962.
1963.
103.1
104.2
105.4
106.7
101.4
102.6
103.6
105.1
103.1
103.9
104.8
106.0
103.1
104.4
105.7
106.8
103.7
104.4
105.6
107.0
99.5
101.6
102.1
104.0
107 0
107.9
107.9
107.9
101.5
101.4
101.5
102.4
10? ?
103 .0
103 6
104 8
103.8
105.0
107.2
107.8
105.4
107.3
109.4
111.4
108 1
111 .3
114 ?
116 7
104 1
104 .6
106 5
107 9
104. 9
107. 2
109. 6
Ill 5
103.8
104.6
105.3
107.1
1963—Apr
Mav
106.2
106.2
106.6
107.1
107.1
107.1
107.2
107.4
107.6
104.3
104.2
105.0
106.2
106.0
105.4
104.9
105.1
105.4
105.8
105.7
105.9
106.0
106.0
106.2
106.3
106.6
106.9
106.5
106.6
106.7
106.7
106.8
107.0
107.1
107.2
107.3
106.9
106.7
106.8
107.1
107.1
107.2
107.4
108.0
108.4
104.2
102.4
102.1
102.3
102.6
103.7
104.5
105.4
105.8
107.5
107.4
108.1
108.1
107.2
108.0
108.1
108.0
108.1
102.3
102.3
102.4
102.4
102.5
102.7
102.6
102.7
102.9
104 .4
104 .3
104 5
104 .5
104 7
105 .4
105 Q
106 1
106 .1
107.0
107.4
107.4
107.8
108.3
107.9
109.0
109.1
108.9
110.7
110.7
111.4
111.7
111.9
112.1
112.3
112.4
112.7
116 .1
116 .4
116 8
116 .9
117 1
117 .2
117 4
117 5
117.9
107.6
107.8
107-8
108 .0
108 0
108 .2
108 4
108 4
108 .8
111. 0
110. 7
110 9
111. 5
11? 1
112. 3
112. 7
11? 8
113. 1
105.8
106.0
107.6
108.0
108.0
108.0
108.2
108.3
108.3
107.7
107.6
107.7
107.8
105.8
106.0
105.7
105.7
106.9
106.9
107.1
107.0
107.3
107.5
107.5
107.7
108.5
108.8
108.9
108.6
106.6
106.6
106.1
103.3
108.1
106.2
107.1
108.0
102.7
102.7
102.8
102.9
105 .0
105 1
105 .3
105 .6
109.4
108.6
108.9
109.0
112.7
112.9
113.1
113.4
118.2
118-5
118 .7
119 .0
108 .5
108 4
108 .7
108 .7
113. 1
113 3
113 6
114 0
108.3
108.4
108.5
108.6
Julv . .
Aug
Sent
Oct
Nov
Dec
1964- —Jan
Feb
Mar . .
Apr
.
.
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- products foods Total
ties
Textiles,
etc.
RubHides, Fuel, Chemicals, ber,
etc.
etc.
etc.
etc.
NonMa- Furni- meMisLum- Paper,
Tochinture,
tallic bacco
cellaber,
Metals
etc.
ery
etc.
minneous
etc.
erals
1955
1956
1957
1958
1959
93.2 97.9 94.3 92.4 100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91.3 94.6
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
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
97.4 100.1 99. 100.1 100.2 99.9 99.7
100.4 103.6 102.9 99.5 98.9 96.0 98.7 100.4 100.
100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2
1960
1961
1962
1963
100.7
100.3
100.6
100.3
96.9
96.0
97.7
95.7
95.4
94.4
94.9
96.8
96.3
95.5
95.1
96.2
93.3
1963—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
99.7
100.0
100.3
100.6
100.4
100.3
100.5
100.7
100.3
100.0
100.7
101.2
101.1
99.3
101.7
102.4
102.2
100.9
100.9
102.2
102.5
100.4
101.3
100.8
100.8
100.7
100.4
100.5
100.7
100.8
100.8
100.7
100.9
100.9
101.2
1964—Jan
Feb
Mar
Apr
101.0 96.3 102.5
100.5 94.5 r100.9
100.4 '95.2 100.5
100.3 94.5 100.4
101.3
101.2
101.1
101.1
100.1
100.2
100.3
100.4
100.4
100.5
100.7
101.1
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
104.5 100.3 96.3
104.8 100.4 96.4
104.5 100.9 96.3
104.3 100.4 96.0
103.6 98.9 96.0
103.1 99.0 96.0
103.4 98.8 96.2
103.5 97.9 96.3
103.0 99.3 96.2
99.9 100.4 101.8 101.3
96.1 95.9 98.8 100.7
93.3 96.5 100.0 100.0
93.8 98.6 99.2 100.
94.1 97.0 99.0 99.4
93.2 97.5 99.1 99.9
93.1 98.3 99.4 100.0
93.0 101.6 99.0 100.0
93.7 102.6 99.1 100.1
93.4 99.9 99.1 100.3
94.2 99.2 99.5 100.9
94.2 99.2 99.4 101.0
93.8 99.1 99.4 101.3
101.2
101.2
101.2
101.1
102.7
102.5
102.5
104.5
93.7 99.0
93.6 99.9
93.9 101.0
93.5 101.8
101.5
99.7
100.6
100.5
See next page for composition of other commodities.
99.5
99.0
97.4
96.1
96.3
96.4
96.5
96.6
99.8
99.9
99.3
99.1
101.7
101.8
102.0
102.3
102.4 100.
102.3 99.5
102.3 98.8
102.2 98.1
101.9
102.0
102.0
102.1
102.1
102.2
102.3
102.5
102.6
98.1
98.0
98.
98.0
98.1
98.1
98.1
98.1
98.0
101.4
101.8
101.8
101.3
101.5
101.3
101.2
100.9
101.0
101.1
101.3
101.2
101.3
102.5
102.5
102.7
102.9
98.4
98.5
98.5
98.6
101.1
101.2
101.1
101.3
102.5
103.2
104.1
106.1
104.4
105.2
105.8
107.5
107.5
107.5
107.5
107.5
107.5
99.1
98.1
96.6
101.5
101.9
99.3
103.9
107.3
110.4
108.0
107.6
108.1
110.4
111.1
111.8
111.2
110.9
112.2
107.6
107.1
107.1
107.1
112.6
110.9
109.8
109.5
777
PRICES
JUNE 1964
WHOLESALE PRICES: DETAIL
(1957-59= 100)
Group
1963
1964
1963
Apr.
Feb.
Mar.
Apr.
99.6
105.1
88.2
102.0
98.3
81.3
110.7
89.4
97.9
102.0
82.8
101.7
102.3
89.7
113.9
96.4
104.9
99.1
83.8
108.1
90.3
106.9
107.4 107.1
88.9
88.7
107.5 r107.3
108.0
88.3
107.1
102.9
113.9
80.9
79.1
83.3
84.1
87.2
101.4
107.4
122.9
94.6
91.0
73.7
74.8
88.1
106.6
100.1
100.8
93.8
150.9
101.3
116.3
101.2 101.1
103.3 103.3
95.1
95.5
116.8 116.6
102.3 102.3
117.3 116.5
107.1
115.5
98.1
90.1
75.1 Machinery and Motive Products:
77.1
87.5
Agricultural machinery and equip...
110.0
Construction machinery and equip...
Metal working machinery and equip..
General purpose machinery and
equipment
100.6
Miscellaneous machinery
103.2
Special industry machinery and
95.5
equipment (Jan. 1961= 100)
116.4
Electrical machinery and equip
102.3
Motor vehicles
116.5
Transportation equip., R.R. rolling
stock (Jan. 1961= 100)
Apr.
Feb.
Mar.
Apr.
106.2
Woodpulp
103.3
Wastepaper
Paper
82.4
Paperboard
102.1
Converted paper and paperboard...
99.8
Building paper and board
79.5
107.4
99.5 Metals and Metal Products:
91.3
92.5
102.2
94.1
99.7
95.5
96.1
91.1
103.1
96.5
100.1
95.0
96.1
91.9
103.5
96.5
98.9
r
93.7
96.2
90.2
103.5
96.5
98.6
93.5
Iron and steel
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products.
Fabricated nonstructural metal products
98.5
98.2
104.5
103.9
100.8
92.9
97.6
100.2
101.7
105.6
104.6
100.4
91.8
99.1
100.2
103.0
105.6
104.8
100.3
'92.1
'98.7
100.4
104.2
105.6
104.8
100.4
92.2
98.9
103.8
109.4
109.0
109.0
110.9
108.8
109.4
112.5
111.8
111.0
112.6
112.0
111.2
112.7
112.2
111.3
103.4
103.4
104.8
104.3
104.8
104.4
104.8
104.4
103.9
97.0
100.2
105.2
'96.9
99.8
105.8
r
97.0
r
99.9
105.8
97.6
99.9
100.5
100.5
100.5
100.5
104.4
102.3
95.9
92.1
89.4
103.0
105.0
103.1
100.1
91.8
87.2
103.7
105.0
103.1
100.1
91.7
87.2
103.7
105.0
103.1
100.1
91.7
87.3
104.1
96.6
103.0
102.2
103.8
105.0
94.1
101.4
101.0
102.7
101.0
103.8
108.6
87.4
101.3
101.7
102.7
100.7
103.9
108.6
r
86.4
101.3
102.8
102.8
100.6
104.5
108.6
86.4
101.3
102.3
101.1
117.4
105.9
101.0
125.3
106.0
100.7
125.3
106.0
100.7
125.3
100.7
111.9
98.7
103.8
101.4
100.9
117.4
99.1
103.3
101.7
101.1
115.3
99.1
103.2
102.4
100.5
114.8
99.1
103.2
102.4
Pulp, Paper, and Allied Products:
Farm Products:
Fresh and dried produce
Grains
Livestock and poultry
Plant and animal fibers
Fluid milk
Eggs
Hay and seeds
Other farm products
r
102.1
101.2
90.5
110.7
100.7
Processed Foods:
Cereal and bakery products
Meat, poultry, and fish
Dairy products and ice cream
Canned and frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials
Animal fats and oils
Crude vegetable oils
Refined vegetable oils
Vegetable oil and products
Miscellaneous processed foods
107.5
117.3
98.1
r
89.3
75.1
75.9
87.6
107.7
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
r
85.0
102.8
108.2
104.5
74.0
99.7
108.2
101.9
75.7
99.6
108.2
101.4
95.0
103.6
124.1
102.4
98.2
98.1
103.6
126.8
101.3
95.3
97.1
103.6
123.2
101.3
92.9
88.1 Furniture and Other Household Dura101.5
bles:
108.3
103.9
Household furniture
Commercial furniture
Floor coverings
Household appliances
94.7
Television, radios, and phonographs.
106.1
Other household durable goods
120.4
101.3
91.1 Nonmetallic Mineral Products:
95.0
103.7
91.5
95.1
77.7
103.7
102.3
98.6
94.2
104.8
91.5
95.3
83.2
103.8
100.2
99.1
94.4
104.8
91.8
'95.2
85.8
103.8
100.2
99.1
Flat glass
Concrete ingredients
94.4
Concrete products
104.8
Structural clay products
91.6
Gypsum products
95.4
Prepared asphalt roofing
87.3
Other nonmetallic materials
103.9
100.2 Tobacco Products and Bottled Bever99.2
ages:
92.8
89.0
99.8
89.5
91.3
97.6
91.2
91.3
r
97.7
97.6
102.4
91.0
100.3
106.9
92.2
101.4
107.4
'94.6
Fuels and Related Products, and Power.
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100)
Petroleum products, refined
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs and Pharmaceuticals
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and products:
Crude rubber
Tires and tubes
Miscellaneous rubber products
Tobacco products
Alcoholic beverages
91.3
Nonalcoholic beverages
90.3
97.8 Miscellaneous Products:
Lumber and Wood Products:
Lumber
Millwork
Plywood
NOTE.—Bureau of Labor Statistics
1964
Group
102.0
108.8
94.9
Toys, sporting goods, small arms. ..
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment.,
Other miscellaneous products
778
NATIONAL PRODUCT AND INCOME
JUNE 1964
GROSS NATIONAL PRODUCT OR EXPENDITURE
(In billions of dollars)
1963
Item
1929
1933
1941
1950
1959
1960
1961
1962
II
Gross national product
104.4
1964
19:3
m
IV
56.0 125.8 284.6 482.7 502.6 518.2 554.9 585.1 571.8 579.6 588.7 600.3
608.0
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
3.6
.5
5.1
1.0
5.9
1.6
1.7 - 1 . 6
1.8 - 1 . 4
18.1
6.6
3.5
3.1
6.9
4.5
4.0
50.0
24.2
14.1
10.1
18.9
6.8
6.0
72.7
40.2
22.3
17.9
25.9
6.6
6.5
71.8
40.7
21.1
19.7
27.6
3.5
3.2
69.0
41.6
21.0
20.5
25.5
1.9
1.5
78.8
44.4
23.2
21.2
28.8
5.5
4.9
82.3
46.6
25.0
21.6
30.9
4.7
4.2
77.8
43.7
22.7
21.0
29.0
5.1
4.3
80.7
45.8
24.8
21.0
30.7
4.3
3.6
83.7
47.9
25.9
22.0
31.6
4.2
3.7
87.1
49.2
26.8
22.4
32.5
5.4
5.1
84.8
49.7
21A
22.6
32.9
2.1
1.9
.8
7.0
6.3
.2
2.4
2.3
1.1
6.0
4.8
.6
13.1
12.5
22.9
23.6
3.0
26.3
23.3
4.4
27.5
23.1
3.8
28.9
25.1
4.5
30.7
26.2
3.6
28.6
24.9
4.8
30.7
25.9
4.3
31.4
27.1
5.4
32.3
26.S
6.6
33.6
27.0
Government purchases of goods and services..
8.5
Federal
1.3
National defense
) 1.3
Other
Less: Government sales
7.2
State and local
8.0
2.0
2.0
24.8
16.9
39.0
19.3
14.3
5.2
.1
19.7
97.2
53.6
46.2
7.9
.5
43.6
99.6 107.9 117.0 125.1 123.0 123.8 125.7 127.1 128.8
66.9
66.6
53.1
57.4 62.4
66.3
65.5 66.5
66.4
45.7 49.0 53.3 56.7 56.4 56.7 56.7 57.2 57.1
10.9
8.0
8.9 10.0 10.5 10.1 10.6 10.8 10.4
1.1
.8
1.0
.6
1.0
.8
.6
1.2
1.0
46.5 50.6 54.6 58.8 57.5 57.3 59.4 61.2 61.9
Net exports of goods and services.
Exports
Imports
Gross national product in constant (1954)
dollars
46.4
3.5
22.3
20.7
81.9 195.0 313.5 328.2 336.8 355.4 373.1 367.4 370.4 374.9 379.9 387.9
9.7 30.4 43.6 44.9 43.6 48.2 51.5 50.6 51.0 50.8 53.6 55.5
43.2 99.8 147. 151.8 155.1 161.4 167.1 165.3 165.9 168.6 168.7 172.4
29.0 64.9 122.8 131.5 138.0 145.7 154.5 151.4 153.5 155.5 157.7 160.0
Personal consumption expenditures.
Durable goods
Nondurable goods
Services
6.0
VI
2
7.8
181.8 126.6 238.1 318.1 428.6 439.9 447.7 474.8 492.9 485.3 489.4 495.1 501.-/ 506.4
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. For back data and explanation of series
see National Income 1954 Edition, A Supplement to the Survey of Current
Business; U.S. Income and Output, A Supplement to the Survey of Current
Business (1958); and the July 1963 Survey of Current Business.
NATIONAL INCOME
(In billions of dollars)
1963
Item
1929
1933
1941
1950
1939
I960
1961
1962
1964
1963
II
III
IV
National income
87.8
40.2 104.7 241.9 400.5 414.5 426.1 453.7 478.1 466.7 474.6 482.0 489.1
Compensation of employees
51.1
29.5
64.8 154.2 278.5 293.6 302.1 322.9 340.4 332.0 338.7 342.8 347.9
Wages and salaries
Private
Military
Government civilian
50.4
45.5
29.0
23.9
4.6
4*.9
.7
.5
62.1 146.4 258.5 271.3 278.8 297.1 312.3 304.5 318.8 314.6 319.4
51.9 124.1 213.1 222.9 227.0 241.6 253.0 246.7 252.2 255.1 258.1
5.0
9.9
10.2 10.8 11.0 10.7 10.8 10.8 11.8
1.9
9.9
8.3 17.3 35.4 38.5 41.6 44.7 48.3 47.1 47.8 48.7 49.5
22.3 23.3
7.8 20.1
25.7 28.0 27.5
2.7
28.2
28.5
27.9
.1
.6
.1
.4
2.0
.7
14.8
5.6
8.8
6.0
3.2
2.4
5.4
Supplements to wages and salaries
Employer contributions for social insurance
Other labor income
Proprietors' income
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation
adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest
9.7
10.4
11.3
11.0
11.9
11.4
13.7
12.1
15.4
12.6
15.0
12.4
15.3
12.6
15.5
12.7
15.7
12.?
16.0
12.9
17.4
37.5
46.5
46.2
48.1
49.8
50.5
50.7
50.0
50.5
50.8
50.8
10.9
6.5
23.5
14.0
35.1
11.4
34.2
12.0
35.3
12.8
36.5
13.3
37.7
12.8
37.2
13.5
37.4
12.6
37.8
12.7
38.2
12. e
38.6
12.2
2.0
3.5
9.0
11.9
12.1
12.1
12.0
12.1
12.0
12.0
12.1
12.2
12.3
10.1
-2.0
14.5
35.7
47.2
44.5
43.8
47.0
51.1
48.8
53.2
55.8
.2
.5
— .4
2.1
-2.4
77.0
7.6
9.4
4.5
4.9
40.6
17.9
22.8
9.2
13.6
47.7
I'i.l
24.5
13.7
10.8
44.3
22.3
22.0
14.5
7.5
43.8
22.0
21.8
15.3
6.5
46.8
22.2
24.6
16.6
8.1
51.5
24.4
27.1
17.8
9.3
48.3
22.9
25.4
17.1
8.3
50.1
51.0
24.2
26.8
17.6
9.2
52.2
9.6
1.4
8.3
5.8
2.4
52.2
24.7
27.5
17.6
9.S
54.3
25.8
28.6
18.8
9.7
56.0
24.9
31.1
19.1
12.0
.5 - 2 . 1
-2.5
-5.0
-.5
.2
.2
-.4
.4
-.9
5.0
4.5
5.5
16.4
18.1
20.0
22.0
24.1
23.3
23.7
6.4
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to previous table.
28.8
4.0
3.8
.0 - 1 . 1
24.3
25.€
-.2
25.6
JUNE 1964
779
NATIONAL PRODUCT AND INCOME
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
(In billions of dollars)
1963
Item
1929
1933
1941
1950
1959
1960
1961
1962
II
Gross national product
, 104.4
Less: Capital consumption allowances
,
Indirect business tax and nontax liability
,
Business transfer payments
Statistical discrepancy
8.6
7.0
.6
.3
m
IV
56.0 125.8 284.6 482.7 502.6 518.2 554.9 585.1 571.8 579.6 588.7 600.1
7.2
9.0 19.1 41.0 43.0 44.3 49.4 51.6 50.6 51.3 52.1 52.7
7.1 11.3 23.7 42.6 46.4 49.1 53.0 56.6 55.2 56.0 57.2 58.1
.7
.5
2.3
.8
2.1
2.2
2.3 - 1 .
2.3
2.3
2.3
2.3
2.3
.9
.4
- . 7 -3.0 -3.0 -1.9
-3.0 -2.3 -4.1 -4.4 -1.0
.1
.2
1.7
.4
.5
.7
.5
1
1.7
.7
.4
40.2 104.7 241.9 400.5 414.5 426.1 453.7 478.1 466.7 474.6 482.0 489.1
Plus: Subsidies less current surplus of government enterprises
-.1
Equals: National income
87.8
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance....
10.1
.2
Plus: Government transfer payments...
Net interest paid by government.
Dividends
Business transfer payments
Equals: Personal income
.9
1.0
5.8
.6
85.8
1.5
1.2
2.1
.7
47.2
2.6
1
1.4
1.5
Equals: Disposable personal income
83.1
45.7
Less: Personal consumption expenditures...
79.0
46.4
Less: Personal tax and nontax payments....
Federal
State and local
1964
1963
14.5
2.8
-2.0
.3
35.7
6.9
47.2
17.6
44.5
20.6
43.8
21.4
47.0
23.9
2.6 14.3 25.4 27.3 31.3 32.5
1.3
4.8
7.1
8.0
7.8
7.7
4.5
9.2 13.7 14.5 15.3 16.6
.5
.8
2.1
2.2
2.3
2.3
96.3 228.5 383.9 401.3 417.4 442.1
3.3 20.8 46.8 51.4 52.
57.7
2.0 18.2 40.4 44.0 45.1 49.0
2.6
1.3
6.4
7.8
8.7
93. 207.7 337.1 7.3 364.4 384.4
81.9 195.0 313.5 349.9 336.8 355.4
11.1 12.6 23.6 328.2 27.6 29.1
21.7
175.1 231.0 310.7 317.8 328.4 343.6
l.'o
Equals: Personal saving
-.6
4.
Disposable personal income in constant (1954)
dollars
134.9 102.1
51.1
27.2
48.8
26.5
50.1
27.0
52.2
27.4
53.2
27. h
55.8
28.3
34.6 34.7 34.2 34.4 35.2 36.2
8.4
8.4
8.7
8.3
8.5
85
17.8 17.1 17.6 17.6 18.8 19.1
2.3
2.3
2.3
2.3
2.3
23
463.0 453.9 459.9 465.2 473 0 479.1
60.5 59.4 59.9 60.8 62 1 60.4
50.9 50.0 50.4 51.1 52.2 49.9
9.6
9.4
9.6
10.6
9.7
99
402.4 394.5 400.0 404.4
418.7
410 9
373.1 367.4 370.4 374.9
387.9
379.9
29.3 27.1 29.6 29.5
30.8
31 0
354.9 349.5 353.2 356.0 360.'/ 366.0
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.
PERSONAL INCOME
(In billions of dollars)
Item
1962
1963
1963
Apr.
May June
July
1964
Aug. Sept.
Oct.
Nov. Dec.
Total personal income.
442.1 463.0 457.4 460.1 462.6 464.2 465.1 467.3 471.2 472.6
Wage and salary disbursements....... 297.1 312.3 308.7 311.2 312.9 314.1 314.4 316.2 318.7 319.2
Commodity-producing industries.. 118.5 123.8 122.5 123.8 124.7 125.1 124.7 125.5 126.3 126.2
94.2 98.3 97.2 98.4 99.0 99.2 98.7 99.6 100.2 100.2
Manufacturing only
76.6 79.8 79.2 79.7 79.8 80.1 80.2 80.7 80.9 81.0
Distributive industries
46.4 49.5 48.7 49.1 49.4 49.8 50.0 50.2 50.4 50.6
Service industries
55.6 59.3 58.3 58.6 58.9 59.2 59.5 59.8 61.0 61.3
Government
12.1 12.6 12.5 12.6 12.6 12.7 12.7 12.7 12.8 12.8
Other labor income
49.8
50.5 50.1 50.0 50.0 50.4 50.6 50.6 50.9 50.8
Proprietors* income
36.5 37.7 37.3 31A 37.6 37.7 37.9 37.9 38.2 38.2
Business and professional.
13.3 12.8 12.8 12.6 12.4 12.7 12.7 12.7 12.7 12.6
Farm
12.0 12.1 12.0 12.0 12.0 12.1 12.1 12.1 12.2 12.2
Rental income
Jan.
Feb. Mar. Apr.*7
1478.1
321.7
126.9
101.1
81.7
50.9
62.2
480.9
325.3
128.8
102.3
82.2
51.4
62.8
12.8
478.8
324.2
128.4
101.9
82.1
51.2
62.5
12.8 12.9
12.9
12.9
50.9
38.4
12.5
50.6
38.4
12.2
50.7
38.6
12.1
51.0
38.7
12.3
50.9
38.7
12.2
12.3
476.0
320.8
127.2
101.1
81.3
50.8
61.6
483.1
326.9
129.7
103.1
82.4
51.6
63.1
12.2
12.2
12.3
12.3
Dividends
16.6
17.8
17.3
17.3
18.2
17.5
17.6
17.8
18.2
18.5
19.8
19.0
19.1
19.3
19.4
Personal interest income
30,0
32.5
31.9
32.1
32.3
32.6
32.8
33.0
33.2
33.5
33.8
34.1
34.3
34.5
34.8
Transfer payments
Less: Personal contributions for
social insurance
34.8
36.9
36.4
36.6
36.4
36.5
36.7
36.8
37.3
37.6
37.7 139.9
37.7
38.0
38.2
10.2 11.8 11.6
424.5 445.7 440.5
17.6 17.3 17.3
443.1
Nonagricultural income
Agricultural income
11.8 11.8 11.9 11.9 12.0 12.0 12.1 12.3 12.4 12.4 12.4
445.8 447.0 448.0 450.3 454.1 455.7 459.2 1461.6 462.4 464.3 466.5
17.1 16.9 17.2 17.1 17.0 17.0 16.9 16.8 16.5 16.4 16.7 16.6
11.7
i Includes stepped-up rate of Govt. life insurance dividend payments
to veterans in the amount of $2.1 billion.
NOTE.—Dept. of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.
780
FLOW OF FUNDS
JUNE 1964
SAVING, INVESTMENT, AND FINANCIAL FLOWS
(In billions of dollars)
1962
1961
Transaction category,
or sector
I.
A
1959
C
Farm and noncorp, business
E
F
G
U.S. Government
State and local govt
Financial sectors
Business inventories
L
N
Consumer and nonprofit
Financial sectors
P
Discrepancy (A—H)
A
B
C
Net funds raised—Nonfin. sectors...
Loans and short-term securities....
Long-term securities and mtgs
D
E
By sector
U.S. Government
Short-term securities
(j
H
I
j
Foreign borrowers
Loans
Securities
Pvt domestic nonfin sectors
II.
Bank loans n.e.c
P
State and local obligations
R
/ - fo 4-family mortgages
T
U
V
Net sources of credit (—A)
Chg. in U.S. Govt. cash balance..
U.S. Govt. lending
X
Pvt. insur. and pension reserves..
7
Pvt domestic nonfin sectors
AA Deposits and U.S. Govt. secur....
AB
Deposits
AC
Demand dep. and currency..
AD
Time and svgs. accounts
AE
A t commercial banks
AF
At savings instit
AG
U S Govt securities
Other securities and mtgs • •
Less security debt
m.
A
B
C
....
Net sources of funds—Total
L Deposit claims
M
Demand deposits and currency...
O
IV
I
II
1963
III
IV
I
II
III
IV
115.6 119.5 116.1 130.2 139 7 125.7 124.2 131.7 131.9 132.8 132.6 138.6 142.5 145.3
74.5 73.4 80.0 86.6 91.1 85.3 85.2 87.1 86.5 87.7 86.7 91.0 90.8 95.8
13.4 12.9 12.5 13.1 13.3 12.4 12.9 13.1 13.2 13.3 13.2 13.3 13.5 13.6
35.2 29.7 32.1 36.6 40 3 37.3 36.2 36.7 35.1 38.6 37.4 39.7 41.9 42.3
-4.5
4.3 - 5 . 5 - 4 . 7 - 4 . 5 - 5 . 7 - 7 . 0 - 4 . 4 - 2 . 0 - 5 . 7 - 4 . 5 - 6 . 0 - 3 . 8 - 3 . 7
-3.5 -3.0 -4.7 -3.8 —3 5 -5.2 -4.5 -3.3 -3.4 -4.0 -3.5 -2.6 -3.4 - 4 4
1.4
2.2
2.5
2.6
2.8
3.3
3.2
1.5
1.7
2.3
1.6
3.5
1.6
2.9
A
B
C
D
E
F
G
114.6 117.4 114.5 127.2 136.0 125.2 126.6 128.9 126.0 127.3 129.9 135.5 134.2 144.7
43.6 44.9 43.6 48.2 51.5 46.4 47.3 47.5 47.7 50.5 50.3 51.2 51.0 53.7
1 8
4.6
66.2 68.3 67.1 73.2 77.6 70.4 69.3 73.2 75.4 75.0 72.1 76.6 79.7 81.9
22.1 21.6 20.1 21.3 21.8 21.5 21.7 19.9 21.2 22.3 20.7 20.5 22.5 23.2
43.4 46.0 46.4 51.3 55.1 48.2 46.8 52.6 53.5 52.1 50.6 55.5 56.5 58.0
.7
.6
7
.7
8
.8
.7
.7
.6
.8
.6
.6
.7
.6
H
I
-1.7
2.0
.7
2.2
2.0
1.5
.8
3.0
2.3
3.6
53.2
19.7
33.4
36.2
8.0
28.3
47.2
19.5
27.7
58.1
17.6
40.5
62.4
19.5
42.9
7.5
8.7 - 2 . 1
5.5 —5.1 11.3
3.8
2.5 - 4 . 1
2.0
2.8
.8
1.4
1.9
.2
.7
.8
.7
43.6 36.3 36.9
5.9
14.7 11.2
6.4
4.5
1.7
5.6
2.8
1.9
29.0
4.7
5.3
13.2
5.8
25.2
3.7
5.3
10.4
5.8
53.2
.7
3.8
3.6
8.8
5.7
36.2
.9
2.4
3.3
8.1
6.3
1.4
2.4
.6 - 2 . 4
•
K
L
M
N
5.9
-1.5
5.5
3.0
2.8
3.4
3.1
-.8
8.3
3.6
.6
O
P
61.8
29.7
32.1
63.0 40.1
19.9 - 1 . 9
43.1 42.0
67.7
22.7
45.0
58.7
1.1
57.6
68.3
27.9
40.5
50.0
.2
49.7
72.6
48.5
24.1
A
B
C
7.6
2.4
4.9
2.3
1.3
1.0
48.2
13.7
5.8
4.5
4.8
5.7 16.1
1.5 11.3 17.8
3.7 - 6 . 6 - 2 . 4
3.7
3.3
4.3
3.2
3.1
2.2
.6
1.1
1.1
54.4 43.8 41.9
8.1
16.2 10.4
4.3
4.9
6.7
6.8
4.0
2.2
8.4 - 5 . 6
2.0 - 1 2 . 4
6.6
8.3
.2
2.0
.5
.8
1.1
.7
52.6 45.5
17.2 12.5
7.0
4.3
6.3
3.5
11.4 11.9
2.4 - 1 0 . 4
7.3 21.7
3.3
3.3
1.2
1.5
1.8
2.0
53.0 43.6
17.1
9.7
7.6
5.9
5.8
3.3
9.3 - 6 . 4
4.4
10.3 - 1 2 . 4
18 4
.1
7.6 - 1 4 . 4
2.0
5.0
2.8
1.2
2.9
3.5
1.6
.8 - . 2
54.0 54.4 65 5
15.1 13.1 26.8
7.0
6.5
7.5
4.2
3.5
16.0
D
E
F
G
H
1
J
K
L
M
31.0
5.0
7.3
11.7
6.9
34.5
5.7
4.8
15.4
9.4
38.2
6.7
3.4
17.6
10.5
33.4
6.3
5.5
13.5
8.0
33.8
6.4
6.0
13.2
8.3
35.4
5.9
4.9
15.5
9.1
33.1
3.6
4.0
16.3
9.2
35.9
4.3
4.1
16.5
10.9
33.8
4.0
5.8
15.5
8.6
38.9
9.3
1.6
17.2
10.7
38.7
7.0
2.3
18.3
77.2
O
P
O
R
S
47.2
53.8
.2
4.5
4.0
9.4
4.4
61.8
4.9
4.0
2.7
8.6
3.3
63.0 40.1
3.9 - 6 . 5
4.5
1.9
2.8
1.9
9.0
9.3
8.4
4.3
67.7
1.5
3.6
2.7
9.4
6.3
68.3 50.0 72.6
2.5 - 9 . 5 - 3 . 0
2.4
3.9
4.3
6.4
2.2 - . 5
9.5 11.0
8.9
6.3
9.4
8.6
T
U
V
W
X
Y
30.5 15.3 28.2
23.8
8.3 23.5
11.0 14.0 24.6
4.5
.5 - 1 . 0
15.0 20.0
5.4
8.7
2.1
8.4
9.6
11.4
12.9 - 5 . 7 - 1 . 1
36.5
32.2
29.8
1.6
28.3
15.1
13.2
2.4
62.4
-.6
2.6
2.6
9.5
7.5
40.8
39.0
33.4
5.3
28.1
13.1
15.0
5.5
58.7
7.4
2.2
8.7
5.1
58.1
1.0
3.5
2.5
9.0
5.6
31.3 38.4
28.3 31.6
25.5 27.7
8.3 - 7 . 7
17.1 35.4
4.9 22.7
12.2 12.7
3.9
2.9
38.2 25.4
33.4 24.9
27.7 26.1
2.9
2.3
24.8 23.9
13.4 10.6
11.5 13.3
5.7 - 1 . 3
44.1 33.4
39.1 33.0
37.9 30.8
8.9 - 3 . 7
29.0 34.5
13.7 77.7
15.3 17.4
1.3
2.3
4.1
-.2
3.5
1.7
4.8
1.8
6.7
-.1
2.3
2.8
Other savings accounts
Q
Pension fund reserves
T
Corporate bonds
V Security credit
W Other sources net
6.8
.2
6.8
-.3
6.0
1.3
30.6
-7.2
23.2
14.6
34.6
2.9
20.7
11.1
44.4
8.4
27.4
8.5
51.4 57.8
3.9 - 1 . 0
34.0 39.9
13.5 18.9
48.5
1.3
31.4
15.8
5.0
10.6
10.1
4.9
9.9
9.3
10.2
5.3
17.5
12.0
10.7
4.2
20.4
14.5
11.5
5.0
22.7
17.5
12.1
5.6
30.6
1.5
10.9
1.4
1.1
8.4
3.6
5.2
6.2
1.8
1.1
3.1
*
3.1
34.6
2.2
15.6
.3
5.8
9.5
3.4
4.7
3.4
1.5
1.5
.2
.5
4.9
44.4
1.7
26.8
5.9
9.4
11.5
3.7
4.9
3.3
2.0
.5
.6
.9
3.0
51.4
2.3
32.1
3.5
15.3
13.3
4.1
5.0
5.6
1.9
.8
2.8
.9
1.3
57.8
2.9
34.7
5.4
14.1
15.2
4.0
5.5
7.2
1.3
1.9
3.8
.8
2.8
••
...
NOTE.—Quarterly data are seasonally adiusted totals at annual rates.
For other notes see Apr. 1964 BULL., p. 512.
53.8
25.9
28.0
.2
-4.5
2.2
8.6
7.1
2.0
1.6
o 1
41.4
6.4
3.8
19.7
11.5
41.3
41.5
30.4
7.0
23.4
9.4
14.0
11.1
33.1
32.3
29.0
4.2
24.8
11.7
13.2
3.2
3.3
3.6
2.7
1.9
54 4
48.1
43.0
13.2
29.8
Z
AA
AB
AC
AD
14.3 AE
15.4 AF
5.1 AG
6.1 AH
- . 2 AI
3.3
2.8
6.2
1.2
52.5
10.6
30.9
11.0
48.3 43.0
1.0 - 3 . 9
39.3 32.1
8.0 14.8
61.9
7.8
33.8
20.4
55.1 57.4 54.3
8.3 - 4 . 5 - 7 . 0
36.4 41.8 43.0
10.4 20.1 18.3
64.9
- 3
38.5
26.7
A
B
C
D
17.3
13.5
11.8
5.9
25.1
13.6
10.7
3.2
19.5
13.3
11.7
3.8
27.7
15.4
12.5
6.2
26.8
17.0
11.6
-.2
20.8
16.9
12.0
7.7
48.5
1.6
28.9
10.7
5.5
12.7
3.5
5.9
5.5
2.7
.2
2.0
2.2
1.0
52.5 48.3 43.0
1.4
2.5
2.6
35.0 31.3 18.8
-.4
6.3 - 4 . 7
22.7 13.3 10.2
12.7 11.7 13.3
4.1
3.6
4.4
4.5
5.7
4.6
7.2
6.1
4.9
3.2
2.2
1.3
.3
1.1
.5
1.2
4.2
3.9
1.5 - 2 . 0
1.6
1.2
*
5.0
30.5
17.4
11.6
5.3
64.9
1.6
42.0
11.1
15.2
15.8
4.2
4.7
9.5
1.7
3.5
3.4
-1.0
3.8
F
G
H
I
J
K
L
M
N
O
P
0
R
S
T
U
V
W
Financial institutions
Net funds advanced—Total
U S Govt securities
Other securities and mtgs
By sector
J
1963
Financial flows—Summary
M
AH
AI
1962
Saving and investment
Gross national saving
J
1960
1961
9.3
15.7
11.3
6.7
12.9
18.6
13.1
9.7
61.9 55.1 57.4 54.3
2.8
3.3
3.2
3.5
43.4 38.2 35.3 22.2
2.3 10.6 - 3 . 5
12.8
15.0 18.4 10.5 12.4
15.7 17.4 14.2 13.4
4.2
3.9
3.5
AA
5.2
4.7
5.9
6.6
4.4
.6
9.4
9.3
.8
.8
1.0
1.5
1.4
.3
2.0
1.6
-.6
6.3
2.1
6.0
2.7 - 1 . 4
1.8
3.9
-.7
5.8 - 1 . 8
4.4
JUNE 1964
781
FLOW OF FUNDS
PRINCIPAL FINANCIAL TRANSACTIONS
(In billions of dollars)
Transaction category,
or sector
1961
1959
1960
1961
1962
1963
1962
1963
II
IV
III
III
IV
IV
I. Demand deposits and currency
Net incr. in banking system liability.
U.S. Govt. deposits
Other
Net increase in assets by sector. . .
U.S. Govt
Other domestic sectors
Consumer and nonprofit
Nonfinancial business
State and local govt
Financial sectors
Rest of the world
Discrepancy—U.S. Govt. cash
Other
1.4
.7
.7
.4
.7
2
\'.2
2.2
.5
.1
.3
.9
-.6
.5
.9
-.3
-.6
-.1
5.4
5.9
3.5
.3
1.0 - . 6
5.7
5.9
2.5
4.9
5.0
5.5
-3
1.1
.3
4.8
3.8
5^5
1.6
5.
5.3
1.3 - 2 .
-1.0
.6
.9
1.3
.3
-.1
.3
-.3
.1
1.0 - 1 . 4
c
'.2
.6
-i
*
6.3
10.7 - .4
3.9
4.9
.2
2.3
5.3
10.5
5.2
2.1
6.4
3.6
5.3
1.3
2.0
4.6
7.0
5.5
3.0
2.9
5.7 - 5 . 7 - 4 . 7
1.4
2.8 - 2 . 8
-.1
1.1
1.4
-.4
1.4
.7
.3
-.4
1.5
.7
-2.1
2.
4.7
6.5
1.7
5.1
6.3
2.1
1.0
25.0
13.3
2.6
.6
.1
23.5
10.2
.6
.4
2
30.6
15.0
2.3
1.0
1.3
10.5
35.9
18.4
4.6
2.9
1.4
9.6
13.3
15.7
17.4
22.9
25.7
27.0
2.7
12.8
1.5
11.3
17.6
1.71
15.7
13.1
2.1
-1.6
2.1
.3
-.2
-4.7
2.3 10.6 - 3 . 5 11.1
2.5 - 9 . 5 - 3 . 0
7.4
8.1
6.0 14.1
-5.
9.9 - 2 . 7 12.7
1.7
3.3 -11.5
-.6
7.3
5
7.8 13.7
-5.2
6.5
9.0
6.5
-1.0
1
-.2
-4.3 - 1 . 3
.3 - 1 . 3
3.6
1.1
.2
.8
1.2
-1.0
.9
1.0 - . 4
-.4
2.0 - 2 - 4
.2
.7
.5
2
II. Time and savings accounts
A
B
C
D
E
F
Net increase—Total
At commercial banks—Total
Corporate business
State and local govt
Foreign depositors
Consumer and nonprofit orgs.. .
9.5
1.1
-.4
-.4
-.9
3.0
15.3
5
20.9
9.4
1.4
.3
3.3
.9
.6
G
H
At savings institutions
Memo—Consumer and nonprofit
orgs.—Total
8.4
9.5
11.3
12.8
1.3
6.5
11.5
17.8
28.6
15.3
2.6
1.0
.3
11.5
29.3
14.1
4.2
1.7
1.0
7.3
13.3
15.2
24.7
22.3
7.4
2.4
4.9
5.2
1.5
3.7
18.2
5.5
2.4
.8
.5
6.6
12.7
18.8
35.4
22.7
4.8
2.0
15.9
12.7
28.6
10.1
11.7
21.6
24.7
10.5
2.4
.3
1.0
25.7
12.4
3.2
1.0
.7
6.7
7.5
14.2
13.4
30.9
15.2
6.4
2.5
.8
5.4
15.8
G
20.8
H
10.4 - 4 . 9
4.0
10.3 -12.4 18.4
.1
7.6 -14.4
A
B
C
20.7
20.7
III. U.S. Govt. securities
A
B
C
Total net issues
Short-term direct.
Other
Net acquisitions, by sector
Pvt. domestic nonfin. sectors
Consumers and nonprofit
Svgs. bonds and postal svgs. dep.
Securities
Corp. nonfin. business
State and local govt
Financial sectors
Banking system
Monetary authorities
Commercial banks
Savings institutions
Insurance and pension funds
Finance n.e.c
Rest of the world
9.3 - 2 . 6
5.5 - 5 . 1
2.5
3.8
8.7
12.9
7.3
-2.0
9.2
3.8
1.8
-7.2
-7.9
.3
-8.2
.5
.2
*
3.0
7.3
11.3
-4.1
-2.3
7.8
-5.7 - 1 .
-3.3
-.9
- .4
.7
-2.8
-1.6
-2.7
-.4
.2
.3
2.9
8.4
2.7
7.4
.7
1.5
2.0
5.9
-.4
.5
-.4
-.1
1.0
.6
.6
.4
4.7 15.4
11.3 17.8
-6.6 -2.4
8.6 - 4 . 1
2.0 -12.4
6.6
8.3
7.6
5.1
5.0 15.2
3.9
2.4
5.5
2.9
.7
3.7
3.2 - 1 . 9
.1
.3
1.1
.9
.4
2.6
2.4 -2.0
1.9
.3
.6 - . 5
1.4
3.9
1.3
.2
3.9 - 1 . 0
1.3 10.6
2.2
9.6
-.2
.1
2.0
5.4
2.
2.8
4.2
.3 -3.0 -2.7
.8
.4
.7
1.0
.4
.3
.1
.6
.8 - 1 . 6
-.1
-.5
.7
1.3
.6
9.3
5.7
3.9
.4
3.5
.4
1.4
1.0
.7
.3
.4
-.5
.3
.5
2.6
-3.9
-1.3
.1
.6
-.5
-2.0
.7
-3.9
-6.4
-.2
-6.2
.8
.5
1.2
1.2
13.3
6.4
6.0
.3
.6
13.0
5.9
4.9
1.1
1.1
8.8
3.6
4.0
.5
.7
9.7 11.3
2.4 -10.4
7.3 21.7
9.8 11.6
9.6 - 4 . 7
41
1.3
3.2
2.3 11.1
5.1
.9
6.4
3.4
.1
4.6
.2
1.2
1.0
.9
1.2
.7 -.8
5.2
2.3
3.4
.1
2.1 - 1 . 7
1.3
.5
-.3
2.6
1.6
.8
.1
7.8
8.3 - 4 . 5 - 7 . 0
-.3
5.1 11.0 - 4 . 8 - 8 . 8
2.2
2.5
2.0
1.3
5./
2.8
2.6
-10.1
5.9 -6.
-.6
A
.5
.6
1.2
A
.6 - 1 . 2
.2
.7
.7
1.6 - 2 . 7
-.4
.5 - 3 . 7
.7
3.1 - 1 . 0
-.7
1.0
IV. Other securities
E
Total net issues, by sector..
State and local govt
Nonfinancial corporations.
Finance companies
Rest of the world
11.8
4.7
5.3
1.1
.7
11.1
3.7
5.3
1.5
.7
13.6
5.0
7.3
.5
11.7
5.1
4.8
.8
1.0
F
G
H
I
J
K
L
M
N
O
P
Q
Net purchases, by sector
Consumers and nonprofit orgs .
State and local govt
Corp. business
Commercial banks
Insurance and pension funds...
Finance n.e.c
Security brokers and dealers.
Investment cos.—Net
Purchases
Net issues
Rest of the world
11.8
2.7
1.3
.7
.4
7.0
-.4
.2
13.6
2.0
1.9
11.7 13.0
- . 8 -1.2
1.4
1.8
2.7
7.7
-.8
2
-'.6
1.4
2.0
.4
4.4
7.4
-.4
.3
o
l!2
1.8
.4
11.1
2.1
2.2
2
A
7.0
-.6
-.1
-.5
1.0
1.5
.3
.4
-.4
l'.l
1.9
-.1
1.3
.2
A
B
C
D
n
13.0
6.7
3.4
1.9
1.1
5.2
7.6
11.6
4.3
4.1
1.4
1.8
14.5
9.3
1.6
2.0
1.6
12.7
6.4
3.8
1.6
12.6
7.0
2.3
3.5
8.8 11.6 12.1 14.5 12.7
13.2 13.3 13.0
- . 2 -2.7 -1.5 -2.7
2.4 - 3 . 4 - 2 . 0
1.3
1.3
.9
1.5
1.7
2.0
1.4
1.9
1.5
-.1
.2 — 2 - . 1
-.2
.2
.1
.2
5.7
3.5
6.3
5.0
3.3
5^8
5.7
3.3
8.5
7.9
8.5
6.5
6.8
8.4
7.4
8.1
1.5 - 1 . 5 - 1 . 3
c
-.7
.6
-.9
2
1.3
-.4
-.'3
.9
.1
'.9
* -.8
T
.2
.
4
-.2
-.3
-1.5
o -1.3
2.4
.4
.8
1.2
.6
1.9
-.2
\.l
2.2
.8
1
1.0
3.2
1.3
2.7
.
1
.1
.3
.4
.
6
.3
.4
12.6
2.1
1.7
.2
3.0
6.2
.5
1.4
-.9
.7
1.7
.2
13.2
6.3
5.5
.2
1.1
12.1
4.0
5.8
.3
2.0
V. Mortgages
A
B
C
Total net borrowing..
1- to 4-family
Other
19.0
13.2
5.8
16.2
10.4
5.8
18.7
11.7
6.9
24.7
15.4
9.4
28.1
17.6
10.5
21.6
13.5
8.0
21.4
13.2
8.3
24.6
15.5
9.1
25.5
16.3
9.2
27.4
16.5
10.9
27.9
17.2
10.7
31.1
19.7
11.5
29.5
18.3
11.2
D
E
F
G
H
I
J
Net acquisitions
Consumer and nonprofit orgs.,
U.S. Govt
Commercial banks
Savings institutions
Insurance sector
Mortgage companies
19.0
2.0
2.2
2.5
9.5
2.4
16.2
2.4
1.2
.7
8.8
2.8
18.7
1.6
.6
1.6
11.0
2.7
.6
24.7 28.1
3.3
2.9
.3 - 1 . 0
4.0
5.3
13.3 16.2
3.9
3.0
.4
21.6
1.2
1.4
2.2
12.1
3.0
1.1
21.4
3.1
1.2
2.4
12.3
2.2
-.3
24.6
2.0
.3
4.7
13.4
2.4
1.3
25.5
3.5
27.4 24.1 29.7
4.4
2.8
2.9
- . 1 -1.3 -2.0
4.3
6.1
3.8
14.2 15.4 15.8
3.5
3.2
4.5
1.5
31.1
3.7
-.5
6.1
16.5
4.0
1.1
29.5
2.0
2
7.5
5.3
3.7
1.0
.7
.2
1.7
2.7
2.7
2.6
-.1
.2
.1
-.3
2.7
1.6
1.6
-.3
.3
.7
.1
5.7
3.3
3.1
-.2
.3
1.3
.5
3.9
1.9
1.3
.3
.4
2.1
-.2
8.2
6.1
1.7
3.9
.6
4.3
2.9
3.0
6.6
3.3
.9
1.5
.9
.7
2.6
18.6
15.6
11.3
3.1
1.2
1.3
1.4
13.4
3.0
.7
24.1
15.5
8.6
VI. Bank loans n.e.c.
Total net borrowing
Nonfinancial business
Corporate
Nonfarm noncorporate.
Farm
Rest of the world
Financial sectors
6.0
4.0
2.6
.7
.7
.4
1.1
NOTE.—Quarterly data are seasonally adusted totals at annual rates.
For other notes see Apr. 1964 BULL., p. 512.
8.9
6.6
4.2
1.6
.7
.6
1.5
1.7
7.6
5.0
4.5
-.3
.9
-.4
2.1
2.7
2.9
2.4
.1
.4
-.1
-.4
7.7
4.1
2.7
.9
.6
.7
2.7
s!o
16.9
4.9
.7
782
JUNE 1964
BANK HOLDING COMPANIES
BANK HOLDING COMPANIES, DECEMBER 31, 1963
(Registered pursuant to Section 5, Bank Holding Company Act of 1956)
Location of
principal office
Holding company
Location of
principal office
Holding company
New York
Buffalo
New York
New York
New York
Warsaw
Marine Midland Corporation
Amalgamated Clothing Workers of America
Empire Shares Corporation
Southeastern Shares Corporation
Financial Institutions, Inc.
The Atlantic National Bank of Jacksonville
Atlantic Trust Company
Barnett National Securities Corporation
Commercial Associates, Inc.
Ohio
Columbus
Springfield
BancOhio Corporation
The Springfield Savings Society of Clark County
Georgia
Atlanta
Atlanta
Savannah
Savannah
Trust Company of Georgia
Trust Company of Georgia Associates
Citizens and Southern Holding Company
The Citizens and Southern National Bank
Oklahoma
Oklahoma City
First Oklahoma Bancorporation, Inc.
Tennessee
Chattanooga
Knoxville
Hamilton National Associates, Inc.
Tennessee Shares Corporation
Indiana
South Bend
South Bend
St. Joseph Agency, Inc.
St. Joseph Bank and Trust Company
Texas
Fort Worth
Houston
The Fort Worth National Bank
C. B. Investment Corporation
Iowa
Des Moines
Brenton Companies, Inc.
Utah
Salt Lake City
First Security Corporation
Kentucky
Louisville
Trustees, First National Bank of Louisville
Maine
Bangor
Virginia
Arlington
Richmond
Richmond
The First Virginia Corporation
United Virginia Bankshares Incorporated
Virginia Commonwealth Corporation
Eastern Trust and Banking Company
Massachusetts
Boston
Boston
Boston
Baystate Corporation
The National Shawmut Bank of Boston
Shawmut Association
Washington
Port Angeles
Spokane
Union Bond & Mortgage Company
Old National Corporation
Minnesota
Minneapolis
Minneapolis
Minneapolis
St. Paul
Bank Shares Incorporated
First Bank Stock Corporation
Northwest Bancorporation
Otto Bremer Company
Wisconsin
Appleton
Milwaukee
Milwaukee
Milwaukee
Wausau
Valley Bancorporation
First Wisconsin Bankshares Corporation
The Marine Corporation
Marshall & Ilsley Bank Stock Corporation
Central Wisconsin Bankshares, Inc.
Missouri
St. Joseph
St. Louis
The First National Bank of St. Joseph
General Bancshares Corporation
Canada
Montreal
Toronto
Bank of Montreal
Canadian Imperial Bank of Commerce
Montana
Great Falls
Bancorporation of Montana
New Hampshire
Nashua
New Hampshire Bankshares, Inc.
California
Los Angeles
Western Bancorporation
Colorado
Englewood
First Colorado Bankshares, Inc.
Florida
Jadksonville
Jacksonville
Jacksonville
Pensacola
Japan
Tokyo...
. . . . The Bank of Tokyo, Ltd.
783
BANK HOLDING COMPANIES
JUNE 1964
BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1963
A. Details for 32 States
Number of offices
Deposits -
Banks and branches
Number of
companies '
Banks
Branches
Total
Totals—32 States.
• 52
454
1,278
Arizona
California
Colorado
Florida
Georgia
1
4
2
4
6
2
4
7
16
19
87
171
Idaho
Illinois
Indiana
Iowa
Kentucky. .
2
2
2
2
I
2
4
3
18
2
53
Maine
Massachusetts
Minnesota. . .
Missouri
Montana... .
1
3
4
2
4
4
22
118
9
33
8
154
6
2
Nebraska
Nevada
New Hampshire.
New Mexico
New Y o r k . . . .
1
1
1
1
9
5
2
7
5
22
3
31
1
14
203
North Dakota . . .
Ohio
Oklahoma.
Oregon
South Dakota . . .
3
2
1
1
33
24
2
1
11
8
48
""96""
30
Tennessee...
Texas
Utah
Virginia
Washington . . .
9
7
3
19
7
" " 5 7 " "
98
59
Wisconsin.. .
Wyoming...
30
4
In
millions
of dollars
As a percentage of
all coml.
banking
offices
1,732
617
2,679
173
455
1,243
35.4
8.6
6.8
7.5
34.4
40.1
.4
.7
3.5
5.1
311
100
45
317
314
41.2
.5
.8
8.7
11.1
12
176
124
11
33
5.9
27.7
17.3
1.6
26.2
37
1,269
3,042
283
501
5.0
20.9
60.2
3.9
51.1
33
8
19
225
1.8
57.9
10.1
14.0
11.0
189
433
74
112
3,211
9.4
70.2
14.8
12.6
6.2
41
72
2
97
41
21.0
5.3
.5
34.0
16.8
374
775
299
1.037
310
40.6
6.0
9.5
41.9
33.5
20
7
60
117
66
3.6
.6
41.7
17.0
15.3
139
407
600
821
423
3.3
2.7
51.0
20.2
13.1
56
4
7.6
6.3
1,851
87
34.0
17.2
55
4
6
3 " "
13
26
31
11
26
22,528
37.4
7.8
3.1
4.2
15.5
175
7
16
89
70
As a percentage of
all coml.
bank
deposits
B. Summary totals and comparisons
32 States
Item
Holding
co. groups
Number of banking offices, total
Banks
Branches
Deposits (millions of dollars) 2
1,732
454
1.278
22,528
j
AH
coml. banks
18,477
10 100
8.377
208,796
man one aiaie are inciuuea in me loiai oniy once.
The 52 bank holding cos. included in the total represent only 47 separa
bank groups because in 5 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., 1; Ga., 2; Ind., 1; and
Mass., 1.
2 Deposits as of Dec. 20, 1963.
United States—
all
commercial
banks
26,786
13 568
13.218
275,098
Holding company groups as a
percentage of all commercial banks in—
32 States
United States
9.4
6.5
10.8
8.2
NOTE.—Holding cos. registered pursuant to Bank Holding Company
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 86 branches and deposits aggregating
$2,047,468,000. Exclusion of these 94 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 9.4 to 8.9; deposits from 10.8
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 8.2 to 7.4.
Financial Statistics
* International *
Reported gold reserves of central banks and governments
786
Gold production
787
Net gold purchases and gold stock of the United States
788
Estimated foreign gold reserves and dollar holdings .
789
International capital transactions of the United States.
790
U.S. balance of payments.
799
Foreign trade
800
Money rates in foreign countries
801
Foreign exchange rates.
802
Guide to tabular presentation
722
Index to statistical tables
811
The figures on international capital transactions
are collected by the F.R. Banks from reports
made on Treasury foreign exchange forms collected by the F.R. Banks in accordance with
Executive Orders No. 6560, dated Jan. 15, 1934,
and No. 10033, dated Feb. 8, 1949, and Treasury regulations thereunder. Other data are com-
piled largely from regularly published sources
such as central bank statements and official
statistical bulletins. For some of the series, back
data are available in Banking and Monetary
Statistics and its Supplements (see list of publications at end of the BULLETIN).
785
786
GOLD RESERVES
JUNE 1964
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(In millions of dollars)
End of
period
Estimated
total
world i
1957.
1958.
1959.
1960.
1961.
1962.
38,765
39,445
40,195
40,505
41,105
41,440
1963- -Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
1964—Jan...
Feb..
Mar..
Apr..
End of
period
41,725
r
41,870
" 42^290*
*>42,390
Cuba
Intl.
Monetary
Fund
United
States
Estimated
rest of
world
Argentina
1,180
1,332
2,407
2,439
2,077
2,194
22,857
20,582
19,507
17,804
16,947
16,057
14,730
17,530
18,280
20,260
22,080
23,190
126
60
56
104
190
61
126
162
154
147
162
190
103
194
292
293
303
454
915
1,270
1,134
1,170
1,248
1,365
324
325
327
287
285
225
2,228
2,235
2,244
2,268
2,276
2,304
2,305
2,312
2,312
15,914
15,854
15,830
15,677
15,633
15,634
15,640
15,609
15,596
52
51
51
51
49
49
49
78
78
198
199
200
201
202
202
205
206
208
494
504
504
504
504
504
515
525
536
1,372
1,372
1,373
1,354
1,365
1,367
1,367
1,367
1,371
179
179
179
179
179
2,314
2,322
2,328
2,334
15,540
15,518
15,550 ^24,510
15,727
78
78
210
211
211
215
547
558
569
579
1,373
1,374
1,376
1,390
France
Germany,
Fed.
Rep. of
Greece
Guatemala
Dominican
Republic
136
80
50
1
1957.
1958.
1959.
1960.
1961.
1962.
1963—Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
1964—Jan..,
Feb...
Mar...
Apr.. .
End of
period
Ireland,
Rep. of
Italy
Ecuador
23,650
r
23,930
24^380'
El Salvador
Finland
Belgium
Brazil
150
150
Canada
42
1,100
1,078
960
885
946
708
40
40
43
45
48
43
62
72
71
78
88
57
42
42
42
42
42
42
42
42
42
739
746
755
762
768
775
784
800
817
42
43
43
43
43
43
44
43
43
59
60
60
61
61
61
61
61
62
42
42
42
42
837
850
871
892
44
43
43
43
62
India
Indonesia
Chile
Colombia
Burma
Iran
Iraq
31
31
30
30
18
18
35
35
38
41
47
61
581
750
1,290
1,641
2,121
2,587
2,542
2,639
2,637
2,971
3,664
3,679
13
17
26
76
87
77
27
27
24
24
24
24
247
247
247
247
247
247
39
37
33
58
43
44
138
141
140
130
130
129
20
34
84
98
84
98
19
19
19
19
19
19
19
19
19
18
18
18
18
18
18
18
18
18
61
61
61
61
61
61
61
61
61
2,743
2,777
2,814
2,963
2,997
3,031
3,089
3,128
3,175
3,749
3,749
3,753
3,761
3,761
3,761
3,817
3,823
3,843
77
77
77
77
77
77
77
77
77
23
23
23
23
23
23
23
23
23
247
247
247
247
247
247
247
247
247
44
44
129
129
129
142
142
142
142
142
142
98
98
98
98
98
98
98
98
98
19
18
18
17
18
18
18
66
66
66
65
3,210
3,248
3,298
3,366
3,844
3,849
3,953
4,060
77
77
77
23
247
247
247
Lebanon
Mexico
NetherNew
lands Zealand
Norway
Pakistan
Peru
142
142
141
141
Philippines
Portugal
Saudi
Arabia
South
Africa
45
43
30
30
30
30
49
49
50
52
53
53
28
19
28
42
47
47
6
10
9
15
27
41
461
493
548
552
443
471
18
18
65
78
217
211
238
178
298
499
,581
,581
,581
,581
1,581
1,581
1,581
1,581
1,601
30
30
30
31
31
31
31
31
31
53
53
53
53
53
53
53
53
53
47
47
47
52
57
57
57
57
57
45
46
21
22
24
25
478
478
478
482
496
497
497
497
497
78
78
78
78
78
78
78
78
78
571
591
598
611
639
643
630
629
630
1,601
1,601
1,601
1,601
31
31
31
31
53
53
53
53
57
57
57
57
497
78
78
78
632
631
627
627
452
1,086
1,749
2,203
2,225
2,243
91
91
102
119
140
172
180
143
142
137
112
95
744
,050
,132
,451
,581
,581
1963—Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec
2,286
2,287
2,289
2,292
2,291
2,291
2,343
172
172
172
172
172
172
172
172
172
95
93
92
95
95
94
115
134
139
1964—Jan..
Feb.,
Mar.
Apr.
2,343
2,343
2,143
2,143
172
172
172
151
157
Austria
22
22
20
20
19
19
1957
1958
1959
1960
1961
1962
For notes see end of table.
Australia
33
33
34
35
787
GOLD RESERVES AND PRODUCTION
JUNE 1964
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
(In millions of dollars)
End of
period
Spain
Sweden
Switzerland
Thailand
Syria
Turkey
U.A.R.
(Egypt)
United
Kingdom
1,554
2,808
2,514
2,800
2,268
1957
1958
1959
1960
1961
1962
101
57
68
178
316
446
219
204
191
170
180
181
1,706
1,925
1,934
2,185
2,560
2,667
24
24
19
19
19
19
112
112
104
104
104
104
144
144
133
134
139
140
188
174
174
174
174
174
1963—Apr..
May.
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
533
552
574
574
574
574
573
573
573
181
182
182
182
182
182
182
182
182
2,453
2,453
2,530
2,444
2,451
2,501
2,520
2,522
2,820
19
19
19
19
19
19
19
19
19
104
104
104
104
104
104
104
104
104
140
140
130
110
108
107
103
102
115
174
174
174
174
174
174
174
174
174
1964—Jan...
Feb..
Mar..
Apr..
573
573
573
573
182
182
182
182
2,549
2,551
2,542
2,524
19
19
19
104
104
104
115
115
115
115
174
174
174
174
1
Includes reported or estimated gold holdings of international and
regional organizations, central banks and govts. of countries listed in
this table and also of a number not shown separately here, and gold to be
distributed by the Tripartite Commission for the Restitution of Monetary
Gold; excludes holdings of the U.S.S.R., other Eastern European countries, and China Mainland.
The figures included for the Bank for International Settlements are
the Bank's gold assets net of gold deposit liabilities. This procedure
avoids the overstatement of total world gold reserves since most of the
gold deposited with the BIS is included in the gold reserves of individual
countries.
Uruguay
2 ,447
2 ,506
2 ,484
Bank
for
Intl.
Settle-2
ments
Yugoslavia
Venezuela
180
180
180
180
180
180
719
719
652
401
401
401
24
-42
-134
-19
115
-50
180
172
171
171
171
171
171
171
174
401
401
401
401
401
401
401
401
401
132
137
78
155
150
-1
-22
-77
-279
174
171
401
401
m I
2,458
EPUEF 3
254
126
40
55
56
56
43
*42*
'47'
47'
2 Net gold assets of BIS, i.e., gold in bars and coins and other gold
assets
minus gold deposit liabilities.
3
European Payments Union through Dec. 1958 and European Fund
thereafter.
NOTE.—For back figures and description of the data in this and the
following tables on gold (except production), see "Gold," Section 14 of
Supplement to Banking and Monetary Statistics, 1962.
GOLD PRODUCTION
(In millions of dollars at $35 per fine troy ounce)
Africa
World
production 1
Period
1956
1957
1958
1959
1960
1961
1962
1963
975.0
1,015.0
1,050.0
1,125.0
1,175.0
1,215.0
1,290.0
1963—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1964—Jan
Feb
Mar
. ...
South
Africa
Rhodesia
556.2
596.2
618.0
702.2
748.4
803.1
892.7
960.1
18.8
18.8
79.4
79.1
80.6
80.1
81.6
81.7
80.9
82.0
81 6
78.6
19.4
19.8
19.6
20.1
19.4
19.7
3243 0
Canada
Mexico
Nicaragua 2
Brazil
65.3
63.0
61.6
57 2
58.8
54.8
54 5
153.4
155.2
158.8
156 9
161.1
156.6
145 5
138.9
12.3
12.1
11.6
11 0
10.5
9.4
8.3
8.2
7.6
6.9
7.2
7.3
7.0
7.7
7 8
4.3
4 2
3.9
3 8
4.1
4.4
4 5
4.9
15.3
11.4
13.0
13 9
15.2
14.0
13.7
11 .4
36.1
37.9
38.6
38.1
38.0
37.5
37.4
15 8
7.3
63
6.0
55.78
11 6
11.8
12 4
11.6
10.9
11.7
11.5
12 2
11.7
10 8
7
.8
.7
.5
\l
.6
.4
8
.8
8
4
.4
.3
.4
.4
1 1
1.1
1.1
.9
1.0
5
.5
.4
5
.4
5
.7
.6
.8
9
3 1
2.8
2.8
3.3
3.4
3 0
3.0
2.6
3.1
2 8
22.3
27.7
29.8
32 0
30.8
29.2
31 1
13.1
13 1
12.3
12 2
11.1
8.1
7 1
2 7
2.7
2 6
2.6
2.7
2 7
32 0
1 .6
1.6
6
1.6
6
7
1.6
7
7
2.7
8
7
6
3
7 8
1
Estimated; excludes U.S.S.R., other Eastern European countries,
China
Mainland, and North Korea.
2
Gold exports.
3
Quarterly data.
Other
North and South America
Congo,
(LeoGhana pold- United
States
ville)
10.7
9 8
10.3
4
Colom- Australia
bia
9
India
5.7
5 7
All
other 1
63.0
62 2
69.8
64 8
64.7
64.4
62.3
•4
4
.4
4
.4
4
NOTE.—Estimated world production based on reports of the U.S.
Bureau of Mines. Country data, except for Brazil, based on reports from
individual countries and Bureau of Mines; data for Brazil from American
Bureau of Metal Statistics. Data for the United States are from the
Bureau of the Mint.
788
U.S. GOLD
JUNE 1964
NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY
(In millions of dollars at $35 per fine troy ounce)
1963
Area and country
1956
1957
1959
1958
1960
1961
1962
I
Western Europe:
Austria
Belgium
France
...
Germany Fed. Rep. of
Italy
Netherlands
Portugal
Spain
3
-34
— 84
— 329
3
— 349
-261
-20
32
-215
—900
-178
-21
25
31
-8
100
United Kingdom
Bank for Intl Settlements
Other
. . .
18
8
80
Total
Canada
Latin American republics:
Argentina
Brazil
Colombia .
....
68 - 2 , 3 2 6
15
5
115
75
— 83
— 39
-266
_1
— 141
-173
-34
-30
-10
-249
-23
100
-25
-114
-324
— 550
-36
-96
-156
-125
— 306
-23
-53
20
— 350
— 32
-38
-827 -1,718
— 144
— 143
— 63
-456
1964
1963
— 82
II
IV
-214
-101
-101
-200
200
109
—20
— 30
I
III
— 32
— 32
-518
-101
-101
-146
102
-387
-130
-70
-60
329
107
18
74
131
-12
1
Q
14
*
-4
-7
-754 -1,105
-399
-104
-149
-139
-7
-31
-30
72
17
28
190
67
— 11
28
-50
—2
-6
-20
-90
—2
85
57
38
-30
—1
Venezuela
Other
—200
29
6
2
-22
-17
-5
Total
-28
81
69
19
-100
-109
175
32
18
30
-4
157
-28
15
-97
1-101
2-93
3 12
18
-34
-186
-113
-101
-93
12
-5
-7
28
—1
-4
-4
-30
65
-5
*
6
-ii
-1
-3
16
34
-16
-3
-4
-8
25
*
-4
5
-8
25
*
-4
5
Asia:
Other
*
Total
All other
14
T
-38
-6
-1
-36
-10
-25
-1
2
Total foreign countries
80
172 - 2 , 2 9 4
-998 -1,969
-970
-833
-392
-96
-100
-180
-15
-28
Intl. Monetary Fund
4 200
600
5-44
Grand total
280
-833
-392
-96
-100
-180
-15
— 28
4 300
150
772 - 2 , 2 9 4 -1,041 - 1 , 6 6 9
-820
^Includes sales of $21 million to L e b a n o n a n d $48 million to Saudi
Arabia.
2
Includes sales of $21 million to Burma, $32 million t o L e b a n o n , and
$13 million to Saudi Arabia.
L 3 Includes purchases of $25 million from the Philippines.
4 Proceeds from this sale invested by the I M F in U . S . Goyt. securities;
u p o n termination of the investment the I M F can reacquire the same
a m o u n t of gold from the United States.
5
Payment t o the I M F of $344 million as increase in U . S . gold subscription less sale by the I M F of $300 million (see also note 3).
U.S. G O L D STOCK AND H O L D I N G S O F CONVERTIBLE FOREIGN CURRENCIES
BY U . S . M O N E T A R Y A U T H O R I T I E S
(In millions of dollars)
Changes in—
E n d of period
Gold stock i
Year
Total
Total 2
Treasury
Foreign
currency
holdings
Total
1951
1952
1953
1954
1955
1956
1957
22,873
23,252
22,091
21,793
21,753
22,058
22,857
22,873
23,252
22,091
21,793
21,753
22,058
22,857
22,695
23,187
22,030
21,713
21,690
21,949
22,781
53
379
-1,161
-298
-40
305
799
1958
1959
1960
1961
1962
1963
20,582
19,507
17,804
20,582
19,507
17,804
16,947
16,057
15,596
20,534
19,456
17,767
16,889
15,978
15,513
-2,275
-1,075
-1,703
-741
-907
-348
17,063
16,156
15,808
116
99
212
Total
gold
Month
Gold stock
Changes in—
1
Total
53 1963—May... 16,009
379
J u n e . . . 15,956
-1,161
J u l y . . . .15,764
-298
Aug.... 15,725
Sept.... 15,788
-40
Oct
15,910
305
Nov.... 15,780
799
D e c . . . 15,808
-2,275
4-1,075 1964—Jan.... 15,847
-1,703
F e b . . . . 15,865
-857
Mar.... 15,990
-890
A p r . . . . 15,991
-461
May P. . 15,947
1 Includes gold sold to the United States by the International Monetary Fund with the right of repurchase, which amounted to $800 million
on May 31, 1964.
2
Includes gold in Exchange Stabilization Fund.
3 For holdings of F.R. Banks only see pp. 730 and 732.
End of period
Foreign
currency
holdings 3
Total
Total
gold
Total 2
Treasury
15,854
15,830
15,677
15,633
15,634
15,640
15,609
15,596
15,797
15,733
15,633
15,582
15,582
15,583
15,582
15,513
155
126
87
92
154
270
171
212
-37
-53
-192
-39
63
122
-130
28
-60
-24
-153
-44
1
6
-31
-13
15,540
15,518
15,550
15,727
15,694
15,512
15,462
15,461
15,462
15,463
307
347
440
264
253
39
18
125
1
-44
-56
-22
32
177
-33
4
Includes payment of $344 million increase in U.S. gold subscription
to the IMF.
NOTE.—See Table 10 on p. 797 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.
789
GOLD RESERVES AND DOLLAR HOLDINGS
JUNE 1964
HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS
(In millions of dollars)
Area and country
Western Europe:
Austria
Belgium
Denmark
Finland
France
Germany, Fed. Rep. of.
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other2
Total
Canada
Latin American republics:
Argentina
Brazil
Chile
Colombia
Cuba
Mexico
Panama, Republic of
Peru
Uruguay
Venezuela
Other
Total
Asia:
India
Indonesia
Japan
Philippines
Thailand
Other
Total
Africa:
South Africa
U.A.R. (Egypt)
Other
Total
Other countries:
Australia
All other
Total
Total foreign countries 3
International and regional 4
Grand total 3
,
,
,
,
Dec. 31, 1962
Mar. 31, 1963
June 30, 1963
Sept. 30, 1963
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
783
1,542
98
134
3,744
6,409
196
3,627
1,829
155
632
623
671
3,575
165
4,191
542
1
87
1
1
93
83
*
370
789
1,558
96
140
4,128
6,224
243
3,385
1,809
160
635
705
673
3,273
162
4,630
572
28,916
708
29,182
4,057
389
3,871
2
1
16
2
3
3
*
1
2
111
1
1
73
85
•
297
46
2
137
1
73
83
298
48
903
1,678
147
134
4,510
6,634
258
3,540
1,910
158
646
751
616
3,325
128
4,253
502
2
1
15
*
3
3
1
2
133
1
123
82
312
50
U.S. Govt.
Gold& bonds & notes i Gold& U.S.
shortshort Govt.
term
term bonds
dollars
Old
New dollars & notes
series series
901
1,791
192
160
4,653
6,884
265
3,146
1,961
164
688
778
591
3,726
136
3,973
430
2
1
13
*
3
3
•
1
2
126
1
1
133
83
*
361
49
131
2
129
75
*
328
46
911
1,782
198
176
4,709
6,811
239
2,927
1,898
135
689
807
610
3.52:
135
4.254
'628
2
130
77
*
380
49
14
6
1
*
1
4
14
1
7
1
*
1
4
131
644 29,888
668 30,093
729 30,439
779
7411 30,437
800
528
3,929
644 '3,882
700
686
687!
686
98
152
281
806
336
318
400
167
226
16
690
97
155
276
837
421
393
348
172
243
15
688
111
168
262
905
398
453
360
176
216
14
759
117
198
263
933
376
3,398
3,603
3,703
3,865
288
7.
2,499
215
437
1,447
40
296
74
2,558
225
471
1,519
40
295
76
2,613
223
480
1,549
40
302
67
2,689
222
486
'1,542
4,958
50
5,143
49
5,236
49
10
271
429
178
205
16
626
540
188
373
1,16'
1,101
337
287
29
340
281
28
624
29
621
28
43,054
1,19!
43,587
3,805
453
329
186
231
12
808
129
215
287
992
420
12
3,555
454
329
181
243
11
838
91
230
277
1,017
460
4,062
14
4,131
41
302
90
2,750
234
513
1,845
38
'•5,308
298
9:
2,758
234
486
1,646
5,514
51
5,734
44
636
191
355
683
186
331
671
188
291
10
670
198
284
10
1,182
1,200
1,150
10
1,152
10
25
360
'•355
'715
1,272 '44,653
H, 349
911 '7,214
966 '7,089
'50,403
2,110 r5O,8Ol
2,238 '51,742
1
The first column continues the series based on a 1960 survey and
subsequently reported securities transactions; the second is based on a
survey as of July 31, 1963, and reported securities transactions for Aug.Dec. Data are not available to reconcile the 2 series.
2 Includes, in addition to other Western European countries, unpublished gold reserves of certain Western European countries; gold to be
distributed by the Tripartite Commission for the Restitution of Monetary Gold; European Fund; and the Bank for International Settlements
(the figures for the gold reserves of the BIS represent the Bank's net
gold assets).
3 Excludes gold reserves of the U.S.S.R., other Eastern European
countries, and China Mainland.
4 Includes international organizations and Latin American and Euro-
814
1,617
111
131
4,541
6,462
251
3,422
1,897
165
625
736
699
3,420
146
4,354
497
Mar. 31, 1964 »
Dec. 31, 1963
42
30
348
'326
28
388
318
30
26
373
310
30
'674
28
706
30
26
683
25
1,530 45,676
1,568
1,524 45,692
1,570
6,956
1,213
1,218
2,693 52,632
2,781
1,413 '45,02:
1,065
'7,094
2,478 '52,116
1,163
7,065
1,170
52,757
2,740
pean regional organizations, except the Bank for International Settlements
and European Fund, which are included in "Other Western Europe."
nonnegotiable, non-interest-bearing special U.S. notes held by the InterAmerican Development Bank and the International Development
Assn. U.S. Govt. bonds and notes are official and private holdings of
U.S. Govt. securities with an original maturity of more than 1 year;
excludes nonmarketable U.S. Treasury bonds and notes held by official
institutions of foreign countries as shown in Table 7 on p. 796.
See also NOTE to table on gold reserves.
790
INTL. CAPITAL TRANSACTIONS OF THE U.S.
JUNE 1964
1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
International and regional 1
End of
period
Grand
total
Total
Intl.
European
regional 2
Foreign
L.A.
regional
Europe
Total
Official
Other
9,154
10,212
10,940
11,963
7,076
7,048
57,841
7,911
1959
I960
1961
1962
419,389
21,272
522,533
'25,019
43,158
4,012
3,752
'5,145
43,158
3,897
3 695
4,938
34
16,231
17,260
518,781
'173 19,874
1963—Apr
May....
June....
July
Aug
Sept
Oct
Nov....
Dec
'25,352
'25,438
'25,847
'25,501
'25,782
'25,883
'26,298
'26,436
'25,942
'5,024
'4,860
'4,836
'4,948
'4,821
'4,781
'4,757
'4,669
'4,635
4,847
4,697
4,671
4,783
4,662
4,622
4,617
'4,527
4,499
19
20
26
18
18
18
17
17
18
'157 20,328
'143 '20,578
'139 '21,011
'148 '20,553
'142 '"20,961
'140 '21,102
'123 21,541
'125 '21.767
'118 '21^307
11,916
'12,095
'12,377
'11,958
'12,215
'12,392
'12,342
'12,394
'12,467
1964—Jan
Feb
Mar.P.. .
Apr.P. ..
'26,129
26,128
25,920
26,348
'4,666
4,774
4,728
4,772
'4,534
4,648
4,601
4,588
17
17
19
16
'115
'12,217
12,059
11,988
11,728
iis
57
109
108
168
'21,463
21,355
21,192
21,576
Latin
Canada America
Asia
Africa
Other
countries
8,473
9,046
10 322
10,162
2,198
2,439
2,758
3,349
2,408
2,308
2,340
2,448
2,780
3,115
52,974
3,444
253
227
283
319
119
125
104
152
'8,412 10,114
8,483 10,282
8,634 10,762
8,594 10,354
'8,746 10,666
'8,710
10,789
'9,198 '10,868
'9,374
10,826
8,840 10,776
3,227
3,244
3,174
3,073
'3,128
'3,107
'3,373
'3,493
2,988
2,862
'2,880
'2,876
'2,940
'2,969
'3,003
'3,019
'3,034
'3,137
3,644
3,704
3,733
3,737
3,741
3,779
3,852
3,955
3,971
321
303
291
286
293
264
265
274
241
160
165
175
162
164
160
164
185
194
3,100
3,034
2,684
2.903
'3.171
3,191
3,192
3,366
4,012
4,077
4,194
4.223
246
238
248
236
172
184
177
184
Nether- Norway
lands
Portugal
Spain
485
328
216
248
95
82
105
125
138
84
99
161
86
149
153
177
213
227
406
490
131
130
135
136
133
127
119
119
133
169
147
151
146
149
152
162
191
163
162
184
201
177
164
172
205
480
483
517
470
432
434
419
431
409
206
217
421
431
234
218
428
415
9,246
9,295
9,204
9,848
10,761
10,629
10,697
10,665
la. Europe
Austria
Belgium
Denmark
8,473
9,046
10,322
10,162
331
243
255
329
138
142
326
177
137
54
52
67
71
46
91
73
10,114
1963—Apr
M a y . . . . 10,282
J u n e . . . . 10,762
J u l y . . . . 10,354
A u g . . . . 10,666
Sept
10,789
Oct
'10,868
Nov
10,826
Dec
10,776
276
288
310
354
392
399
372
347
365
211
234
244
218
281
311
410
401
420
69
74
80
99
101
116
128
144
161
70
68
70
76
75
73
78
86
99
1964
360
322
342
297
440
431
406
436
176
157
168
191
93
108
110
111
End of period
1959
I960
1961
1962
. .
Jan
Feb
Apr."*.'.'.'
Total
10,761
10,629
10,697
10,665
Finland
France
Germany,
Fed.
Rep. of
Greece
655
519
989
186
63
67
119
1,370
1,157
1,987
3,476
2 842
2,730
1,438
1,578
1,727
1,444
1,486
1,479
1,434
1,499
1,478
2,456
2,670
2,709
2,771
2,844
2,873
2,965
3,041
3,041
171
174
174
181
176
181
174
183
188
1,121
1,054
,133
:
,195
1,287
1,249
1,029
877
803
286
324
316
238
226
329
367
361
360
1 487
1,467
1,411
1,406
2 999
3,157
2,858
2,386
177
167
162
156
685
536
784
843
319
289
107
96
297
260
104
117
Italy
877
1,234
1,384
la. Europe—Continued
End of period
Switzer- Turkey
land
United
Kingdom
Yugoslavia
990
159
153
199
200
192
189
Sweden
lb. Latin America
Other
Other
Western U.S.S.R. Eastern
Europe6
Europe
Total
Argentina
Brazil
Chile
Colombia
Cuba
Mexico
1959
I960
1961
1962
969
678
875
908
31
18
26
25
1,667
2,227
1,609
6
10
12
11
569
357
325
351
3
12
5
3
13
14
16
19
2,408
2,308
2,340
2,448
337
315
235
210
151
194
228
204
185
135
105
135
217
158
147
148
164
77
43
715
442
397
495
531
1963—Apr
May....
June
July....
Aug....
Sept
Oct
Nov....
Dec
751
718
890
809
790
824
857
831
906
21
20
16
16
27
21
26
25
21
2,056
1,948
1,907
1,800
1,854
1,747
1,810
1,713
1,489
11
11
12
12
15
15
15
16
16
217
172
192
177
179
265
325
395
465
3
2
3
18
19
20
19
19
17
21
2,862
'2,880
'2,876
'2,940
'2,969
'3,003
r
3,019
'3,034
r
3,137
309
335
342
383
399
404
381
360
375
198
167
169
151
160
181
185
120
124
129
114
117
133
15
15
14
'189
179
122
135
143
163
165
183
157
168
155
163
162
169
13
12
13
12
11
11
639
627
596
658
670
665
632
654
669
1964—Jan
Feb
Mar.**...
Apr.2>...
915
919
986
18
28
20
16
1,786
1,746
1,796
2,016
14
13
13
13
334
320
366
528
3
2
3
3
'3,171
3,191
3,192
3,366
381
392
376
377
169
172
179
178
131
136
138
142
174
173
181
190
11
11
11
12
684
708
681
707
1,043
For notes see following page.
2
3
2
2
2
2
20
24
23
22
19
21
791
INTL. CAPITAL TRANSACTIONS OF THE U.S.
JUNE 1964
1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
lb. Latin America—Continued
End of
period
Panama
Peru
Uruguay
Venezuela
Other
L.A.
Rep.
l c . Asia
Other
Neth.
Bahamas
Antilles &
Latin
&
Bermuda 8 Surinam America
1959
I960
1961
1962
129
123
87
98
82
72
84
105
62
51
57
101
277
398
418
405
227
235
226
267
9 14
69
111
123
88
72
89
97
1963—Apr
May....
June....
July....
Aug
Sept
Oct
Nov
Dec
103
110
111
109
113
117
111
125
129
110
113
121
126
129
141
153
155
158
91
94
91
93
91
92
93
110
113
505
498
504
559
541
532
616
581
591
361
357
331
326
322
310
307
306
350
129
133
138
129
126
132
128
134
136
94
95
98
93
89
94
87
82
'93
1964
111
113
91
93
168
173
173
191
105
104
106
98
646
592
616
717
354
387
395
406
128
125
141
154
r
Jan
Feb
Mar.33...
Apr.*...
India
indonesia
Israel
33
12
15
10
2 780
3,115
52,974
3,444
36
35
35
36
60
57
56
65
114
54
78
41
139
178
76
28
87
75
63
81
25
3,644
3,704
3,733
3,737
3,741
3,779
3,852
3,955
3,971
35
35
35
39
35
35
35
35
35
66
61
64
61
62
65
67
69
66
40
47
48
49
48
55
51
49
51
33
34
32
34
33
23
32
27
48
95
97
106
91
96
93
105
113
112
4,012
4,077
4,194
4,223
35
36
36
35
78
72
74
73
51
52
44
54
46
45
121
129
126
131
'49
'30
'32
r
36
'30
'30
^20
r
88
87
79
86
21
18
25
15
Total
Congo
(Leopoldville)
Morocco 8
South
Africa
141
186
264
333 '
504
204
254
280
253
227
283
319
31
32
34
35
58
64
93
68
49
29
32
41
20
22
15
14
92
100
108
114
122
126
134
141
149
368
371
376
379
384
382
382
379
382
363
375
361
365
356
332
344
381
353
321
303
291
286
293
264
265
274
241
32
29
30
30
30
24
24
25
26
105
103
101
88
85
77
71
59
49
46
49
38
45
48
40
43
55
41
166
177
200
215
385
400
409
416
384
441
472
512
246
238
248
236
25
25
26
25
48
41
33
24
42
43
43
46
Philippines
1,285
1,887
51,672
2,195
148
152
199
136
172
203
185
174
94
84
92
75
1963—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.. .
2,268
2,305
2,309
2,315
2,309
2,385
2,403
2,456
2,454
108
99
92
87
91
108
113
176
179
202
204
210
197
209
196
209
1964—Jan....
Feb.. .
2,424
2,388
2,446
2,415
122
126
124
120
201
203
209
205
Thailand
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,
and4 Bank for International Settlements and European Fund.
Includes $1,031 million representing increase in U.S. dollar subscription to the IMF paid in June 1959.
5 Includes $82 million reported by banks initially included as of Dec.
31, 1961, of which $81 million reported for Japan.
6 Includes Bank for International Settlements and European Fund.
7 Decline from end of 1961 reflects principally reclassification of deposits for changes in domicile over the past few years from Cuba to other
countries.
8 Data based on reports by banks in the Second F.R. District only for
year-end 1959-1962.
55
56
le. Other countries
Other
Asia
Taiwan
Korea
Hong
Kong
Id. Africa
Japan
1959
1960
1961
1962
China
Mainland
r49
lc. Asia—Continued
End of
period
Total
8
U.A.R. Other
(Egypt) Africa
Total
Australia
All
other s
95
80
109
161
119
125
104
152
110
88
98
147
9
37
6
5
19
15
17
15
13
12
18
14
14
119
107
105
109
117
111
109
121
112
160
165
175
162
164
160
164
185
194
149
149
160
147
149
146
148
171
180
11
16
15
15
15
14
16
14
13
17
19
24
26
114
110
123
114
172
184
177
184
157
170
162
162
15
14
15
22
9 Bermuda only; Bahamas included in "Other Latin America."
10 Represent a partial breakdown of the amounts shown in the "other"
categories (except "Other Eastern Europe") in Tables la-le.
Except as indicated by note 11, data for 1961-62 based on reports
by banks in the Second F.R. District only; data for Apr. and Dec. 1963
based
on reports by banks in all F.R. Districts.
1
1 Based on reports by banks in all F.R. districts.
12
Jamaica, Trinidad and Tobago included in British West Indies.
NOTE.—Short-term liabilities are principally deposits (demand and
time) and U.S. Govt. securities maturing in not more than 1 year from
their date of issue; the latter, however, exclude nonnegotiable, noninterest-bearing special U.S. notes held by the International Development Assn. and the Inter-American Development Bank. For data
on long-term liabilities, see Table 5. For back figures and further
description of the data in this and the following tables on international
capital transactions of the United States, see "International Finance,"
Section 15 of Supplement to Banking and Monetary Statistics, 1962.
792
INTL. CAPITAL TRANSACTIONS OF THE U.S.
JUNE 1964
1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
If. Supplementary Datai° (end of period)
1963
Other Western Europe:
Iceland
Ireland, Rep. of
Luxembourg
Monaco
1963
Area or country
1962
1961
Area or country
Apr.
Dec.
7.0
n.a.
7.4
2.7
3.1
3.2
16.
3.4
5.6
2.9
10.8
1.7
5.2
4.7
1126.2
13. 3
H22. 8
4.9
H23.2
16.5
H42.0
36.3
H22.5
1140.9
10.5
13.8
3.3
14.8
5.7
(12)
3.1
21.2
32.8
47.4
37.8
48.6
74.8
11.9
23.7
5.8
42.5
6.8
4.1
Other Latin America:
1214.0
British West Indies
French West Indies & French
5
Guiana
9.0
1.0
22.6
1.3
19.9
5.3
2.5
12.6
4.9
13.3
8.9
10.2
9.6
5.0
n.a.
6.9
3.1
Other Latin American Republics:
Bolivia
Costa Rica
Dominican Republic
Ecuador
El Salvador
Guatemala
Haiti
Honduras
Jamaica
Nicaragua
Paraguay
Trinidad & Tobago
23.6
1121.9
1145.8
Other Asia:
Afghanistan
Burma
Cambodia
Ceylon
9.9
14.8
17.3
3.6
4.5
15.3
6.5
2.0
32.6
29.1
58.0
53.4
41.7
47.9
12.9
20.0
5.6
35.0
8.9
2.3
1.3
1961
Apr.
Dec.
10.1
49.4
11.1
1.7
38.2
12.8
77.9
18.9
15.9
32.7
37.1
3.4
11.6
23.5
n.a.
2.8
46.5
8.8
76.3
24.1
17.3
n.a.
61.7
2.1
12.1
.5
11.1
1.1
21.9
5.4
1.6
21.8
1.7
n.a.
2.0
1.2
1.6
17.0
4.1
17.6
5.5
2.5
26.8
.6
n.a.
2.4
10.9
.5
20.8
10.8
13.4
10.5
1.1
24.5
.6
n.a.
2.4
11.6
.9
22.3
n.a.
22.0
14.1
1.4
n.a.
.8
3.6
2.5
1.0
4.0
4.7
Other Asia (Cont.):
H31.3
Iran
20.2
Iraq
1.6
Jordan
27.1
Kuwait
4.6
Laos
52.3
Lebanon
7.6
Malaysia
10.1
Pakistan
14.6
Ryukyu Islands (incl. Okinawa)
24.9
Saudi Arabia
2.6
Syria
7.9
Viet-Nam
Other Africa:
Algeria
Ethiopia, incl. Eritrea
Ghana
Liberia
Libya
Mozambique
Nigeria
Somali Republic
Southern Rhodesia
Sudan
Tunisia
1962
All other:
New Zealand
H18.7
8.5
1.2
33.0
14.0
65.9
18.4
15.9
17.0
28.4
4.9
10.5
For notes see preceding page.
2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Payable in dollars
To all other foreigners
To banks and official institutions
End of period
Total
Total
Deposits
U.S.
Treasury
bills and
certificates
Special
U.S.
notes2
Other 3
6,341
7,568
8,644
8,707
8,528
7,180
7,491
7,363
7,363
9,214
42,065
2,469
2,388
2,388
3,012
1,328
1,401
1,549
1,567
1,557
2,398
2,230
2,356
2,358
2,565
1,833
1,849
1,976
1,977
2,096
Deposits
Demand Time
Total
Demand
Time
1959
1960
1961
1961 5
1962
419,389 416,913
21,272 18,929
22,450 19,944
22,533 20,025
r
25,019 '•22,311
1963—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
r
25,352
'25,438
'25,847
'25.501
'25; 782
25,883
'26,298
'26,436
'25,942
'22,478
>"22,545
^22,899
-"22,595
'•22.807
22^53
23,209
r
23,285
r
22,762
8,929
5,471 3,480
5,714 3,561
5,638 3,561
5,487 3,674
5,567 r 3,647
5,760 3,824
5,994 3,806
5,629 3,673
8,875
8,955
9,012
8,811
8,916
8,859
8,735
8,555
8,571
2,981
2,976
2,922
2,961
3,028
3,028
3,036
3,036
3,036
'1,693
1,663
1,690
1,624
1,702
1,752
1,854
1,894
1,853
2,759
2,762
2,822
2,797
2,864
2,921
2,943
'3,022
3,047
2,197
1,405
1,442
1,401
1,399
1,441
1,391
1,454
1,493
1964—Jan
Feb
Mar.P
Apr.?5
26,129
26,128
25,920
26,348
'•22,997
22,932
22,697
23,078
5,900
5,796
5,818
6,063
8,531
8,371
7,972
7,687
3,036
3,166
3,171
3.166
1,774
1,757
1,935
2,215
3,002
3,070
3,111
3,153
1,425
1,443
1,424
3,756
3,842
3,801
3,947
Excludes negotiable time certificates of deposit which are included
Exclude
in1 "Other."
^mer.
2
Nonnegotiable, non-interest-bearing special U.S. notes held by the
International Monetary Fund; excludes such notes held by the International Development
Assn.
and the
Inter-American
Development
ii.ciiiwij.cii
j-/Lvviupuiuiii
r
woii,
cuiu
LIIV
JLiitwi-jrvinvii^cii
Bank, which amounted to $314 million on Apr. 30, 1964.
1,457
U.S.
Treasury
bills and Other 3
certificates
Payable
in
foreign
currencies
295
148
149
149
116
270
233
231
232
352
77
113
150
150
143
966
146
128
109
117
111
109
122
134
119
416
423
439
421
468
469
499
485
469
116
130
127
108
112
108
145
130
134
980
994
1,023
1,039
120
127
136
116
477
506
528
541
131
125
112
117
806
832
858
886
902
931
r949
3 Principally
Principally bankers
bankers'ac
acceptances, commercial paper, and negotiable
time
time certificates
t,ci uu^aica of
*JL deposit.
ucyuan,
44
I l d
$1031 million
illi of nonnegotiable, non-interest-bearing special
Includes
$1,031
U.S. notes representing increase in U.S. dollar subscription to the IMF
id
paid
in June 1959.
5
These figures reflect the inclusion of data for banks initially included
as of Dec. 31, 1961.
793
INTL. CAPITAL TRANSACTIONS OF THE U.S.
JUNE 1964
3. 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
1959
1960..
1961
1962..
1963—Apr
May. . .
June
July
Aug
Sept
Oct.. .
Nov
Dec ..
Intl. and
regional
Europe
Canada
Latin
America
534
717
272
421
556
526
1,176
1 356
1,522
1,606
586
1 052
3 1,891
2,017
r989
932
580
580
654
667
597
554
627
632
607
1,587
1 593
1,613
1,669
1 698
1,699
1,694
1,688
1 740
2,158
'2,178
'2,141
'•2.128
'2051
'•2,125
'2,144
2,276
2,470
'948
996
937
1,000
637
601
688
716
1,761
1 753
1,782
1,820
2,577
2 693
2,772
2,768
2 624
3 614
3 4,820
5 163
. .
767
877
5 306
'5 345
'5,529
'5,469
'5 434
'5,435
'5.568
'5J35
5,915
....
..
1964—Jan
Feb
Mar.?
Apr v .
850
863
985
877
954
'919
'964
1
1
1
1
1
1
1
1
'6,084
6 201
6; 324
6,456
1
1
1
1
Asia
Other
countries
Africa i
2
56
69
85
137
131
48
47
47
50
51
56
52
58
83
88
78
83
88
82
97
104
104
100
55
56
98
102
46
48
3a. Europe
End of period
1959
1960
1961
1962
1963—Apr
May
June
July
Aug
Sept.
Oct
Nov
Dec
1964—Jan
Feb 5
Mar.*
Total
Austria
Belgium
Denmark
Finland
i
France
Germany,
Fed. Rep.
of
Greece
Italy
1959
1960
1961
1962
Norway
Portugal
Spain
Sweden
534
717
767
877
56
65
20
32
23
30
57
32
42
68
54
82
165
186
5
6
6
6
30
34
35
54
38
33
54
27
7
17
27
35
2
4
5
9
8
8
11
19
19
28
35
18
850
863
985
877
954
'919
'964
'989
932
29
34
29
28
26
28
26
27
26
41
44
51
51
49
51
49
49
52
67
72
67
63
65
69
66
65
70
144
143
256
132
159
146
151
'170
121
9
7
8
10
9
10
9
9
9
67
58
57
69
85
70
81
82
97
32
37
34
37
37
37
41
36
33
33
34
31
34
35
35
34
41
40
13
12
11
11
12
13
14
16
14
33
40
44
44
52
45
38
30
23
26
24
25
33
32
33
36
30
'948
996
937
1,000
25
30
28
29
53
69
69
75
74
80
85
160
165
123
135
9
9
9
9
'96
95
83
85
40
42
43
47
39
34
33
34
12
12
17
17
31
29
32
30
25
25
23
29
Cuba
Mexico
3a. Europe—Continued
End of period
Netherlands
Switzerland
Turkey
United
Kingdom
T29
3b. Latin America
Other
Other
Yugo- Western
Eastern5 Total
slavia Europe 4 U.S.S.R. Europe
Argentina
Brazil
Chile
Colombia
38
60
105
75
47
49
16
42
121
245
181
221
13
11
9
19
,176
,356
,522
,606
60
121
192
181
117
225
186
171
59
73
127
186
68
80
125
131
115
26
19
17
291
343
425
408
1963—Apr...
May..
June..
July. .
Aug...
Sept..
Oct...
Nov..
Dec...
65
66
65
69
71
75
91
78
70
40
44
49
47
44
47
42
23
48
190
175
188
187
204
'196
'229
262
225
21
20
21
21
21
19
20
22
23
,587
,593
,613
,669
,698
,699
,694
1,688
1,742
170
180
180
200
198
187
183
184
188
196
196
197
192
199
210
183
172
163
151
161
166
171
170
179
186
192
187
137
136
153
146
176
169
180
185
208
17
'18
18
'18
18
'18
'18
'18
18
405
406
409
448
448
454
445
443
465
1964—Jan.. .
Feb...
Mar.p
Apr.*3.
79
74
77
81
36
50
46
25
200
208
191
240
23
23
23
25
1,761
179
175
176
180
170
166
155
147
184
184
182
192
218
219
223
228
17
17
16
17
468
477
496
519
For notes see following page.
1,753
1,782
1,820
794
INTL. CAPITAL TRANSACTIONS OF THE U.S.
JUNE 1964
3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
3b. Latin America—Continued
End of
period
Panama
Peru
Uruguay
Venezuela
Other
L.A.
Republics 6
3c. As ia
Bahamas
&
Bermuda
Neth.
Antilles
&
Surinam
Other
Latin
America 7
China
Mainland
Total
Hong
Kong
India
1959
I960
1961
1962
18
23
32
30
36
44
74
85
47
57
55
122
247
234
144
102
57
55
56
66
4
8
13
9
57
66
74
98
586
1 052
31,891
2,017
2
2
2
2
10
9
9
13
6
9
8
20
1963—Apr
May....
June....
July....
Aug.. . .
Sept.. . .
Oct
Nov.. . .
Dec
34
34
29
29
30
30
33
33
35
91
95
103
106
104
103
103
98
99
121
97
95
96
93
86
'92
82
65
100
101
99
96
99
102
103
106
114
60
115
105
113
112
109
116
121
135
27
27
29
31
33
31
33
42
10
10
U
14
10
9
8
8
9
96
19
18
11
10
'11
15
14
16
2,158
'2,178
'2,141
'2,128
'2,051
'2,125
'2,144
2,276
2,470
2
2
2
2
2
2
2
2
2
14
13
12
12
11
11
11
12
11
22
22
19
16
19
20
18
16
17
1964
47
45
50
46
106
107
110
113
54
50
50
48
109
112
116
124
148
145
147
146
37
33
34
37
9
1C
12
15
12
14
12
2 577
2,693
2,772
2,768
2
2
2
2
11
11
12
13
18
17
26
22
Jan . . . .
Feb
Mar.p...
Apr.*...
3c. Asia—Continued
End of period
1959
I960
1961
1962
1963
Apr
May
June
July
Aug
Sept . .
Oct
Nov
Dec
1964—Jan
Feb
Mar."
Philippines
Congo
(Leopoldville)
Moroc- South
Africa
co i
3
3
6
2
P
11
10
10
Other
Asia
9
7
10
9
15
24
34
41
180
150
145
80
73
69
66
52
51
56
63
74
113
15
16
14
16
13
11
8
8
8
40
38
40
38
40
43
44
45
52
70
75
73
69
73
69
72
73
71
83
88
78
83
88
82
97
104
2
2
1
2
1
2
1
1
1
129
142
150
161
9
10
9
8
52
58
58
57
80
76
77
74
104
100
98
102
1
1
1
1
Korea
324
806
31,528
1,740
1
2
4
3
24
19
114
70
1,876
'1,898
'1,872
'1,877
'1 798
'1 868
'1,881
1 995
2 149
15
14
16
17
16
16
13
26
25
2 223
2,316
2,376
2,368
28
30
31
29
Taiwan
Total i
n
n
14
0
1
2
1
M
13
M
15
6
15
•
•
•
1
s
1
1
1
t
t
it
Israel
14
24
36
37
33
31
27
29
28
28
30
25
22
25
29
31
34
3e. Other countries
3d. Africa
Thailand
Japan
Indonesia
•
•
15
7
20
U.A.R. Other
] Total 2
(Egypt) Africa
2
3
13
26
Australia
All
other 8
56
69
85
H7
18
28
29
41
21
24
27
57
17
18
25
20
26
29
27
27
28
48
44
42
41
42
36
51
59
131
48
47
47
50
51
56
52
58
44
42
41
41
43
44
49
44
48
55
6
6
6
6
7
8
8
9
25
28
24
24
61
55
55
56
55
56
46
48
47
49
39
40
8
8
8
8
:
1 Not reported separately until May 1963.
Includes Africa until May 1963.
3 Includes $58 million reported by banks initially included as of Dec.
1961, of which $52 million reported for Japan.
4 Until May 1963 includes Eastern European countries other than
U.S.S.R., Czechoslovakia, Poland, and Rumania.
5
Czechoslovakia, Poland, and Rumania only until May 1963.
6 Bolivia, Dominican Republic, El Salvador, and Guatemala only until
May 1963.
7 Until May 1963 includes also the following Latin American Republics: Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, and Trinidad and Tobago.
2
8
Until May 1963 includes also African countries other than Congo
(Leopoldville), South Africa, and U.A.R. (Egypt).
NOTE.—Short-term claims are principally the following items payable
on demand or with a contractual maturity of not more than 1 year: loans
made to and acceptances made for foreigners; drafts drawn against
foreigners where collection is being made by banks and bankers for
their own account or for account of their customers in the United States;
and foreign currency balances held abroad by banks and bankers and
their customers in the United States. Excludes convertible currencies
held by U.S. monetary authorities.
See also NOTE to Table 1.
JUNE 1964
795
INTL. CAPITAL TRANSACTIONS OF THE U.S.
4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Payable in dollars
Loans to—
End of period
Total
1959
I960
1961
1961 4
1962
Official
institutions i
Banks
Others
Collections
outstanding
Total
2,624
3,614
4,762
4,820
5,163
2,406
3,135
4,177
4,234
4,606
351
290
329
329
359
498
524
699
709
953
460
482
618
622
642
516
605
694
700
686
1963—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
5,306
'5,345
'5,529
'5,469
'5,434
'5,435
'5.568
'5,735
5,915
4.713
'4,751
'4,838
'4,833
'4,803
'4,834
'4,877
'5,100
5,291
236
171
142
136
166
177
153
201
186
824
'790
'869
'827
'876
'840
'852
'961
'955
686
'680
'695
'708
'717
'719
"724
'754
'776
731
'742
'734
'741
r
734
'758
'773
'801
832
1964—Jan
Feb
Mar.p
Apr.p
'6,084
6,201
6,324
6,456
'5,442
5,562
5,667
5,761
191
164
150
140
'1,037
1,090
1,083
1,113
798
805
824
860
863
891
932
942
1
Includes central banks.
Until May 1963 includes acceptances made for account of foreigners.
Until May 1963 includes foreign government securities, commercial
and finance paper.
2
3
Payable in foreign currencies
Acceptances
made for
acct. of
foreigners
Other 2
Deposits
with
foreigners
Total
Foreign govt.
securities,
comml. and
finance
paper
Other 3
582
1,233
1,837
1,874
1,967
217
480
586
586
557
203
242
385
386
371
'2,051
'2,031
'2,040
'1,961
'2,030
'2,034
2,040
2,203
2,235
316
367
381
349
310
341
'344
340
594
595
692
636
631
602
691
636
624
383
389
461
401
407
404
462
429
428
152
176
176
170
148
174
156
153
211
54
54
58
55
49
55
51
42
2,236
2,313
2,380
2,368
317
300
298
339
642
638
658
694
394
407
394
430
204
194
209
209
43
36
55
56
15
238
200
200
186
4
These figures reflect the inclusion of data for banks initially included
as of Dec. 31, 1961.
5. LONG-TERM CLAIMS ON AND LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Claims
Pay<ible in dollars
End of period
Total
Total
1964
All other
Total
liabilities
1
7
2
4
1 545
1,698
2 034
2 160
1959
I960
1961
1962
1963
Loans
Payable in
foreign
currencies
Apr
May
June....
July
Aug
Sept
Oct
Nov
.. .
Dec
Jan
Feb
Mar p..
Apr.?
2,185
12,379
2,396
2,431
2,472
'2,510
'2,510
'2,579
2 3,005
12,379
2,396
2,431
2,472
'2,510
'2,508
'2,576
2 3,003
12,345
2,361
2,395
2,433
'2,469
'2,468
'2,541
2,786
33
35
36
39
41
39
36
217
*
*
*
*
*
2
2
2
'3 048
3,109
3 223
3,251
'3,046
3,107
3 222
3,251
'2,829
2,891
3 007
3,039
217
217
215
212
2
2
1
1 Includes $86 million of long-term loans previously held but reported
for the first time as of May 1963.
2 Includes $193 million reported by banks for the first time as of
11
'34
'40
50
'53
'52
'63
'60
'66
r
r
70
71
100
140
December 1963, representing in part claims previously held but
reported by banks.
not
796
INTL. CAPITAL TRANSACTIONS OF THE U.S.
JUNE 1964
6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE
(In millions of dollars)
U.S. Govi . bonds and notes
U.S. corporate
securities 2
l
Foreign bonds
Foreign stocks
Net piarchases or sales
Period
Foreign
Intl.
regional
I960
1961
1962
1963
. .
1963—Apr
May
June
July
AUK
Sept
Oct
Nov
Dec
1964—Jan
Feb
Mar
v
Apr.?3
Official
Total
Net pur- Purchases or chases
sales
Purchases
Sales
2 167
3 161
2,508
2,773
252
223
60
207
Sales
127
512
225
532
-521
— 98
— 20
-207
671
302
369
2 419
3 384
2,568
2,980
12
7
5
273
235
38
121
181
206
22
-10
142
101
-8
105
30
-7
37
127
31
5
43
239
342
192
207
409
157
117
110
82
14
43
239
261
258
71
12
16
18
144
57
75
45
87
5
44
310
354
208
225
236
272
227
4
-11
31
228
50
29
232
43
61
-5
277
254
23
40
17
3
-27
-8
309
230
299
340
296
264
334
360
13
-34
-35
-20
40
51
44
70
105
-4
3
61
-25
-14
-11
-6
-5
30
-27
-4
-48
1
*
1
43
29
-27
-5
27
26
Purchases
Sales
Net purchases or
sales
Other
-728
83
8
105
Net purchases or
sales
-ii
- -1 12
-6
5
Q
1
4
1 Excludes nonmarketable U.S. Treasury bonds and notes held by
official institutions of foreign countries; see Table 7.
2 Includes small amounts of State and local govt. securities.
883
802
1,093
991
509
596
702
696
592
966
806
644
-60
66
74
-265
-100
-41
-65
67
59
55
42
-20
-2
-24
-1
-4
7
-32
87
61
79
43
44
60
70
23
31
28
21
29
42
62
-22
63
28
34
37
126
41
175
3
-75
3
-105
77
62
66
69
45
36
36
49
32
26
30
20
1 445
—562
1 262
—460
—944
2,037
2,086 - 1 , 0 9 5
— 83
— 370
-104
51
-7
NOTE.—Statistics include transactions of international and regional
organizations.
See also NOTE to Table 1.
7. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES
(In millions of dollars)
Payable in dollars
Payable in foreign currencies
End of period
Total
Austria
Belgium
Germany
Italy
Switzerland
Total
Canada
Italy
Sweden
1962—Dec
251
200
51
1963
605
605
655
705
705
705
705
730
25
25
25
25
25
25
25
50
30
30
30
30
30
30
30
30
200
200
225
275
275
275
275
275
200
200
200
200
200
200
200
200
150
150
175
175
175
175
175
175
183
183
208
163
163
163
163
163
125
125
125
125
125
125
125
125
58
58
58
13
13
13
13
13
25
25
25
25
25
25
730
730
680
732
802
50
50
50
50
50
30
30
30
30
30
275
275
275
477
477
200
200
150
175
175
175
175
1245
160
160
158
158
158
125
125
125
125
125
10
10
8
8
8
25
25
25
25
25
Mav
June
July
Sect
Oct
Nov
Dec
1964—Jan
Feb
Mar
Apr
May
. .
i Includes the equivalent of $70 million payable in Swiss francs to the
Bank for International Settlements.
JUNE 1964
797
INTL. CAPITAL TRANSACTIONS OF THE U.S.
8. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES,
BY TYPE OF SECURITY AND BY COUNTRY
(In millions of dollars)
Type of security
Period
Switzerland
United
Kingdom
38
21
4
171
166
129
-14
-48
-17
-33
206
*
-7
-3
-7
2
-4
-1
-2
-1
-1
3
*
-4
2
-7
*
8
2
-10
6
3
9
-9
16
-2
-2
*
2
*
-2
-6
-13
-6
Stocks
Bonds
252
223
60
207
202
323
111
198
50
-99
-51
9
1963—Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec...
38
71
12
16
18
4
-11
31
23
37
60
21
8
16
11
-8
38
21
1
10
-9
8
1964—Jan...
Feb...
Mar.?
Apr. P.
13
24
-35
-20
4
-26
-51
-17
1960
1961
1962
1963
1
2
Country or area
Total
France
Total
Europe
Canada
Latin
America
Asia
72
61
24
16
234
232
124
199
-45
-112
-43
-47
36
44
-20
14
13
44
-18
17
43
39
32
20
2
9
15
22
8
-5
4
-3
1
4
1
-5
6
7
33
45
19
21
13
11
-2
36
18
-5
12
-12
-4
1
-6
-11
-14
2
4
6
1
-4
2
1
1
1
1
-16
-22
-19
-24
8
4
5
3
-12
-25
-25
-27
11
-10
-5
10
3
6
3
*
-1
-4
*
5
1
10
1
-10
-2
Other
Europe
Not reported separately until May 1963.
3.
Yearly figures and monthly figures throuugh April 1963 include Africa.
1
-2
2
Africa
1
Other
countries 2
Intl.
and
regional
14
12
17
22
$
*
3
1
2
2
2
2
2
2
2
i
j
i
i
t
2
3
NOTE.—Statistics include small amounts of State and local govt. securities.
9. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES, BY AREA
10. D E P O S I T S , U . S . G O V T . S E C U R I T I E S , A N D
G O L D H E L D AT F.R. BANKS F O R F O R E I G N E R S
(In millions of dollars)
(In millions of dollars)
Period
1960
1961
1962
1963
1963 Apr..
May.
June.
July.
Aug..
Sept..
Oct..
Nov..
Dec
1964—Jan
Feb 5
Mar.* . . .
Apr.25
Total
Intl.
and
regional
-645 -147
1
— 830
-1,048 -235
— 1,044 —96
— 67
-284
-102
-65
-66
16
36
10
12
—62
3
2
8
1
2
4
2
2
35
-49
33
-85
3
1
2
-48
Total
foreign
countries
Europe
Canada
Latin
Other
Amer- Asia Africa 1 coun-2
ica
tries
-41
-498 -117 -196 -107
— 832 - 2 6 2 - 3 1 8
— 58 - 1 2 1
-41 -175
-813 -188 -360
—49 — 614 — 26 - 2 5 2
—949
*
1 -13
37
—5
* -57
-24 -207
-287
-104
-24
-42
1 -41
2
-6
-36
-36
-73
-67
-7
-29
2
-34
-16
16
20
15 - 1 1
32
10
28
2
-10
8
2
2
-5
8
10
16
-2
1 -11
32
-49
31
-37
24
22
23
24
16
-76
10
-44
1
-4
1
-14
-10
8
-4
-5
1 Not reported separately until May 1963.
2
Yearly figures and monthly figures through April 1963 include Africa.
1
1
•
4
Assets in custody
End of
period
Deposits
U.S. Govt.
securities 1
Earmarked
gold
-36
— 73
-50
—8
1959
I960
1961
1962
345
217
279
247
A,All
5,726
6,006
6,990
9,861
11,843
11,905
12,700
— 31
#
1
2
1
2
1
*
1
1963—May..
June
July.
Aug.
Sept.
Oct.
Nov.
Dec.
171
175
182
177
174
175
165
171
7,886
7,957
7,733
7,856
7,945
8,241
8,343
8,675
12,878
12,917
13,086
13,129
13,132
13,025
13,048
12,954
1964—Jan.
Feb..
Mar.
Apr..
May..
136
155
167
166
161
8,740
8,731
8,105
7,860
7,892
12,899
12,884
12,775
12,726
12,747
1
1
\
2
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).
798
INTL. CAPITAL TRANSACTIONS OF THE U.S.
JUNE 1964
11. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS
(End of period; in millions of dollars)
iClaims on foreigners
Liabilities to foreigners
1962
IV
Europe:
Austria
Belgium
Finland
France
Germany Fed Rep of
Greece
Italy
Netherlands
..
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other Western Europe
2
TT Q C T?
Other Eastern Europe 3
Canada
Latin America:
Argentina
Brazil
Chile
Colombia
Cuba
Mexico
Panama
Peru
.
Venezuela
.
Other L A Republics 4
Bahamas and Bermuda 5 . . . .
Neth. Antilles & Surinam
Total
Asia:
China Mainland
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Taiwan
Thailand
Other Asia
•.
Total
2
2
2
18
2
18
2
20
3
31
32
36
1
29
46
12
1
7
8
26
4
110
4
1
*
33
2
30
50
13
1
32
1
31
33
1
28
33
10
1
9
7
24
4
94
4
1
*
36
1
29
46
12
1
7
8
26
4
109
4
1
*
1
1
...
8
International and regional
Grand total
7
8
27
4
118
3
2
*
IV
I
11
5
24
6
106
6
83
34
15
7
23
20
36
5
201
3
II
IV*
III
2
6
26
3
24
8
1
33
3
51
34
2
25
46
14
1
7
9
27
2
100
4
3
*
117
5
78
31
15
6
20
15
28
4
238
3
5
I
114
6
82
24
15
8
25
17
28
6
192
3
5
24
6
4
59
114
6
82
24
15
8
25
17
28
6
196
3
4
3
2
2
2
3
3
3
639
660
678
*
4
59
4
5
6
27
7
26
5
3
50
3
48
106
7
102
24
16
7
26
19
30
6
218
3
4
*
8
21
8
4
47
103
9
106
32
18
8
29
17
27
5
225
3
4
309
339
341
356
384
339
660
625
81
63
64
59
62
72
752
789
830
918
887
668
9
17
4
6
17
3
6
18
4
34
106
25
31
108
25
31
108
25
30
103
26
28
111
23
17
6
58
18
6
58
20
6
56
22
6
53
25
8
1
24
6
5
9
1
23
3
5
9
1
23
3
13
14
7
33
22
13
14
7
33
22
8
15
8
15
20
5
1
22
13
3
6
4
13
20
6
33
20
5
20
11
4
3
27
11
3
9
2
15
6
57
40
113
25
19
5
6
3
1
6
6
21
4
5
*
6
17
3
4
25
11
6
9
2
7
13
3
4
6
18
3
6
45
7
41
7
41
14
19
5
37
38
11
9
11
13
19
4
38
40
12
10
8
13
27
9
36
39
12
5
10
129
101
101
113
119
110
386
382
382
383
389
413
2
2
8
2
1
46
3
4
2
2
16
2
2
43
3
5
1
2
14
3
4
5
1
2
*
4
39
3
10
123
4
11
3
5
*
4
50
3
7
124
4
10
5
5
7
127
4
10
5
5
*
3
49
4
7
142
4
11
6
5
*
4
42
7
7
130
4
11
3
4
4
42
10
7
157
6
9
4
4
2
2
15
2
1
29
1
7
1
1
16
19
21
18
33
39
39
44
42
11
41
99
82
72
236
251
255
275
254
291
1
*
10
5
8
3
3
3
11
9
14
*
*
12
10
10
10
10
9
12
9
12
2
1
8
15
15
2
1
9
12
18
3
2
9
11
18
35
33
25
41
42
43
2
2
11
2
2
52
3
3
3
6
16
46
3
4
*
164
97
90
90
*
1
1
12
1
6
1
6
1
5
*
10
7
g
24
4
50
59
*
11
13
10
13
10
13
13
4
18
6
17
5
24
26
26
27
26
27
28
8
28
7
32
9
37
30
30
17
24
22
74
77
77
35
35
42
1
1
3
2
2
2,125
2,175
2,295
2,269
2,137
*
*
653
624
626
679
1
Includes data for a number of firms reporting for the first time on
Mar.
31, 1963 (7th revised series).
2
Until June 1963 includes Eastern European countries other than
U.S.S.R., Czechoslovakia, Poland, and Rumania.
3 Czechoslovakia, Poland, and Rumania only until June 1963.
4
Bolivia, Dominican Republic, El Salvador, and Guatemala only
until
June 1963.
5
Not reported separately until June 1963.
6 Until June 1963 includes also the following Latin American Republics:
Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay,
and Trinidad and Tobago.
2
23
2
1
31
35
2
26
56
13
1
6
7
40
5
127
3
3
*
IV*
629
5
Other countries:
Australia
Allother 7
Total
2
4
Africa:
Congo (Leopoldville)
Morocco 5
South Africa
U.A.R. (Egypt)
Other Africa 5
Total
.. •
III
II
21
3
1
Total....
Ii
I
1963
1962
1963
— tooo to to
Area and country
703
639
2,109
7 Until June 1963 includes also African countries other than Congo
(Leopoldville), South Africa, and U.A.R. (Egypt).
8 Includes Africa until June 1963.
NOTE.—Reported by exporters, importers, and industrial and commercial concerns in the United States. Data exclude claims held through
U.S. banks, and intercompany accounts between U.S. companies and
their foreign affiliates.
See also NOTE to Table 1.
799
U.S. BALANCE OF PAYMENTS
JUNE 1964
U.S. BALANCE OF PAYMENTS
(In millions of dollars)
1962
Item
1961
1962
1963
1963 P
III
IV
III
IV
A. Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and other than special U.S. Govt. transactions
Seasonally adjusted
1
28,311
19,913
402
3,464
380
4,152
29,790
20,479
660
3,850
472
4,329
31,603
21,902
632
4,067
498
4,504
7,550
5,270
141
946
105
1,088
7,424
4,925
216
1,060
114
1,109
7,452
5,010
181
1,059
123
1,079
7,903
5,494
203
969
124
1,113
7,921
5,559
92
993
125
1,152
8,327
5,839
156
1,046
126
1,160
-22,867
-14,497
-2,934
-882
-4,554
-24,964
-16,145
-3,028
-995
-4,796
-26,118
-16,962
-2,880
-1,196
-5,080
-6,282
-4,127
-732
-245
-6,270
-4,014
-748
-278
-1,230
-6,453
-4.182
-725
-287
-1,259
-6,694
-4,392
-708
-309
-1,285
-6,701
-1,178
-6,341
-4,046
-794
-265
-1,236
Balance on goods and services 1.
5,444
4,826
5,485
1,268
1,083
1,182
1,450
1,227
1,626
Remittances and pensions
-705
-736
-812
-176
-187
-211
-211
-195
-195
1. Balance on goods, services, remittances and
pensions
4,739
4,090
4,673
1,092
896
971
1,239
1,032
1,431
-3,370
-1,854
-1,941
-3,520
-1,903
-2,133
-3,789
-1,907
-2,184
-849
-434
-486
-911
-466
-660
-871
-440
-563
-1,199
-515
-620
-784
-462
-438
-935
-490
-563
-74
28
-50
-260
-30
-101
14
25
148
31
151
41
-1
156
-78
46
178
37
18
164
Exports of goods and services—Total
Merchandise
Military sales
Investment income receipts, private
Investment income receipts, Govt
Other services
....
Imports of goods and servic
Total
Merchandise
Military expenditures
Investment income payments
Other services
2. U.S. Govt. grants and capital flow,
net, excluding
advance debt repayments 2
Grants 3,4
Long-term loans and subscriptions 4
Change in foreign currency holdings
and
short-term claims, net (increase,—) 2 , 4
Seasonal adjustment on three preceding items
combined
,
Change in associated liabilities
,
Scheduled loan repayments
,
3. Private capital flows, net, excluding foreign
liquid assets in U.S
U.S. direct investments abroad
U.S. long-term capital, other
Foreign long-term investments in U.S
U.S. short-term capital
Foreign short-term capital
5
4. Errors and unrecorded transactions
Balance of A ( = 1 + 2 + 3 + 4 )
Less: Net seasonal adjustments
Balance of A before seasonal adjustment.
-261
-248
-441
-4,374
-699
-322
-1,306
80
606
147
617
94
649
-50
65
130
-3,507
-1,598
-1,011
466
-3,118
-1,557
-1,209
271
-3,690
-1,799
-1,641
387
-708
-359
-188
-10
-902
-493
-335
20
-956
-501
-512
-9
-1,468
-488
-620
203
-338
-209
-294
112
-928
-601
-215
81
-1,541
111
-507
-116
-642
5
-164
13
-39
84
-18
-626
63
29
24
-129
-64
-905
-1,025
-495
-469
-135
121
-386
-95
-3,043
-3,573
-3,301
-934
337
-1,271
-991
-181
-810
-1,307
-94
-1,213
-476
364
-840
-527
-89
-438
810
25
20
1,213
34
-5
840
241
105
438
25
239
63
58
5
-10
-95
-45
-50
'' - 1
-55
-492
-1,409
-95
-1,314
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 <
Advances on U.S. military exports, net. . .
-3,301
3,043
668
5
Sales of nonconvertible nonmarketable securities,1
net
Dollar securities
Foreign currency securities
3,573
666
470
3,301
325
359
251
-43
31
-74
251
Sales of convertible nonmarketable securities,1 net
Dollar securities
Foreign currency securities
1,271
1,314
471
107
142
223
251
702
150
552
8 19
-29
350
125
225
' 152'
175
25
150
152
-1
25
'25'
Change in U.S.9 short-term liabilities reported by
U.S. banks and foreign holdings of marketable
U.S. Govt. bonds and notes
International and regional organizations 1 o
Foreign private holders excluding banks * *
Foreign commercial banks
Foreign official holders
1,764
407
81
595
681
653
213
134
-147
453
1,580
-225
394
434
977
-188
-107
-137
-214
270
309
109
-42
-132
374
320
-64
74
384
-74
918
-48
115
75
776
187
-19
93
-36
149
755
Change in U.S. monetary reserve assets (increase, — )
IMF position
Convertible currencies
Gold
606
-135
-116
857
1,533
626
17
890
378
30
-113
461
881
331
104
446
389
32
-46
-33
111
124
2
6
116
227
59
-28
196
-5
15
-58
38
1
Excludes military transfers under grants.
2 Includes also very small amounts of changes in "misc. Govt. nonliquid liabilities."
3 Includes military grants.
4 Not seasonally adjusted separately.
5 Other than foreign liquid assets in U.S.
6
Includes sell-offs.
1
With maturities over 12 months.
14
351
24
QA
111
11
126
8
Certificates sold abroad by Export-Import Bank.
9 Includes official liabilities.
i° Includes, for International Monetary Fund, only changes in its
holdings of income-earning U.S. Govt. securities.
11 Including undetermined holders.
NOTE.—Dept. of Commerce data. Minus sign indicates net payments
debits); absence of sign indicates net receipts (credits).
800
FOREIGN TRADE; MONEY RATES
JUNE 1964
MERCHANDISE EXPORTS AND IMPORTS
(In millions of dollars, seasonally adjusted)
Imports 2
Exports i
Export surplus
Period
1961
1962
1963
1964
1961
1,623
1,712
1,751
1,662
1,585
3 1 582
3 1 689
1,689
1 678
1 780
1 733
1 725
1,668
1,809
1,672
1,795
1,762
1 836
1,748
1,703
31 908
31,523
1 725
31 839
3985
32,118
31,960
31,913
1,893
1,785
1,823
1,895
1,980
1,946
1,945
2,049
2,037
2,029
2,078
2,046
5,149
5,393
35 359
35,087
35,063
35,591
5,698
5,940
6,144
IV
5 086
3 4,829
3 5 056
5,238
Year 4
20,152
20,945
22,288
Month:
Jan
Feb
Mar
May
June
July
Aus
Sept
Oct
Nov
Dec
Quarter:
I. .
II
Ill
1962
1963
1964
1961
1962
1,161
1,150
1,163
1,152
1,153
3 1,174
31,379
1,254
1,262
1,300
1,309
1,315
1.327
1,320
1,342
1,365
1,404
,351
,347
L346
31,'471
31,312
1 425
31,377
31,092
31,497
31,487
31,417
1,420
1,421
1,458
1,508
1,450
1,459
1 472
1,480
1,430
1,445
1,523
1,542
462
562
588
510
432
341
489
330
430
358
485
401
357
3,474
3 3,479
3 3,895
3,924
3,989
4,120
34,164
34,114
34,076
34,258
4,416
4,411
4,398
14,713
16,389
17,151
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.
1963
3-107
3621
3473
3496
3462
473
364
365
387
530
487
473
569
1,612
3 1,350
3 1 161
1,314
1,160
1,273
31,195
3973
3987
31,333
1 282
1,529
5,439
4,556
5,137
3 408
3 310
435
416
480
424
410
3437
3211
300
1964
607
584
555
504
1 746
3
Significantly affected by strikes.
4 Sum of unadjusted figures.
NOTE.—Bureau of the Census data.
OPEN MARKET RATES
(Per cent per annum)
United Kingdom
Canada
Month
Treasury Day-tobills,
day
3 months i money 2
Bankers' Treasury
acceptbills,
ances,
3 months 3 months
Day-today
money
France
Banker's
allowance Day-today
on
money 3
deposits
Germany,
Fed. Rep. of
Netherlands
Treasury
bills,
60-90
days 4
Day-today
money 5
Treasury
bills,
3 months
Day-to-
day
money
Switzerland
Private
discount
rate
1961—Dec
1962—Dec
2.82
3.88
2.37
3.75
5.61
3.86
5.35
3.64
4.83
3.30
4.00
2.50
3.58
3.51
2.00
2.63
3.06
3.50
] .32
1 .98
1.11
1.24
2.00
2.00
1963—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3.58
3.33
3.23
3.39
3.64
3.69
3.57
3.64
3.71
3.60
3.33
2.89
2.91
3.12
3.14
2.99
3.22
3.55
3.88
3.88
3.84
3.87
3.85
3.88
3.86
3.91
3.91
3.71
3.67
3.69
3.77
3.71
3.69
3.67
3.75
3.74
2.84
2.92
2.88
2.98
2.97
3.00
2.98
3.02
3.00
2.00
2.00
2,00
2.00
2.00
2.00
2.00
2.00
2.00
3.92
3.91
4.76
5.26
4.10
3.13
3.64
4.14
4.66
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
3.06
2.94
3.88
3.44
2.69
2.94
2.88
2.75
2.56
.91
.96
.87
>.O7
.78
.89
.95
>.10
>.25
1.62
L.58
1.14
1.92
1.06
1.24
Ml
1.14
1.56
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
1964—Jan
Feb
Mar
Apr
3.76
3.81
3.88
3.75
3.51
3.57
3.70
3.52
3.91
4.00
4.53
4.53
3.72
3.91
4.30
4.30
3.03
3.10
3.79
3.81
2.00
2.08
3.00
3.00
4.13
4.33
4.98
5.03
2.63
2.63
2.63
2.63
2.69
2.69
3.38
3.44
>.31
>.33
t.88
.00
.67
1 .88
1.55
2.00
2.00
2.00
2.38
1
Based on average yield of weekly tenders during month.
2 Based on weekly averages of daily closing rates.
3
Rate
shown is on private securities.
4
Rate in effect at end of month.
C
>.48
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.
801
MONEY RATES
JUNE 1964
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS
(Per cent per annum)
Changes during the last 12 months
Rate as of
May 31, 1963
Per
cent
Month
effective
June
July
Aug.
Sept.
Rate
as of
May 31,
1964
1964
1963
Country
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
6.0
5.0
3.5
10.0
4.0
Dec.
Mar.
Dec.
Apr.
Feb.
1957
1960
1962
1958
1962
3.5
4.0
14.20
8.0
3.0
May
Aug.
Jan.
May
Apr.
1963
1960
1963
1963
1939
6.0
6.5
5.0
5.0
6.0
Jan.
May
Nov.
May
June
1960
1961
1956
1962
1961
Finland
France
Germany, Fed. Rep. of.....
Greece
Honduras 3
7.0
3.5
3.0
5.5
3.0
Apr.
Oct.
May
Jan.
Jan.
1962
1960
1961
1963
1962
Iceland
India*
Indonesia
Iran
Ireland
9.0
4.5
3.0
6.0
3.88
Dec.
Jan.
Apr.
Nov
May
1960
1963
1946
1960
1963
Israel
Italy
Japan
Mexico
Netherlands
6.0
3.5
5.84
4.5
3.5
Feb.
June
Apr.
June
Jan.
1955
1958
1963
1942
1963
7.0
6.0
3.5
4.0
9.5
Mar.
Apr.
Feb.
Jan.
Nov.
1961
1954
1955
1959
1959
7.0
6.0
3.5
4.0
9.5
6.0
2.0
3 5
4.0
3.5
2.0
7.0
7.5
4.0
4.5
Jan.
Jan.
Nov
June
Jan.
1962
1944
1962
1961
1963
6.0
2.0
3.5
4.0
4.5
Feb.
Feb
May
Jan.
Dec.
1959
1945
1961
1963
1960
Argentina
Austria
Belgium...
Brazil
Burma. . .
...
Canada *
Ceylon....
Chile 2
Colombia.
Costa Rica
Cuba . . . .
Denmark
Ecuador
Egypt
El Salvador
.
...
...
New Zealand
Nicaragua
.
Norway
Pakistan
Peru
Philippine Republic 5
Portugal
South Africa
.
Spain
Sweden
Switzerland
Thailand. .
Turkey
United Kingdom
Venezuela
..
4.5
4.0
4 0
4.0
4.0
14.39
8.0
3.0
14.39
14 21
6 0
6.0
5.5
5.0
5.0
6.0
5 5
7.0
4.0
3.0
5.5
3.0
4 0
9.0
3.95
3.94
46
3.98
3.94
4.5
6 57
4 0
4.0
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 percent above latest weekly Treasury bill tender
average rate but will not be more than the bank rate.
2
Beginning with Apr. 1, 1959, new rediscounts have been granted at
the average rate charged by banks in the previous half year. Old rediscounts remain subject to old rates provided their amount is reduced by
one-eighth each month beginning with May 1, 1959, but the rates are
raised by 1.5 per cent for each month in which the reduction does not
occur.
3
Rate shown is for advances only.
4 Rate applies to advances against commercial paper as well as against
govt. securities and other eligible paper.
5 Beginning with June 1, 1962, the rediscount rate for commercial
bank loans financing the purchase of surplus agricultural commodities
under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22,
1962, the rediscount rate for commercial bank financing of 9 categories
of development loans was reduced from 6 to 3 per cent.
NOTE.—Rates shown are mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and/or
govt. securities for commercial banks or brokers. For countries with
more than one rate applicable to such discounts or advances, the rate
shown is the one at which it is understood the central bank transacts
6.0
4.5
4.25
10.0
4.0
4.25
4.5
5.0
4.69
9.0
4.5
9.0
4.0
4.69
6.0
3.5
6.57
4.5
4.0
2.0
7.0
7.5
5.0
4.5
the largest proportion of its credit operations. Other rates for some
of these countries follow:
Argentina—3 and 5 per cent for certain rural and industrial paper, depending on type of transaction;
Brazil—8 per cent for secured paper and 4 per cent for certain agricultural
paper;
Colombia—5 per cent for warehouse receipts covering approved lists of
products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent
for rediscounts in excess of an individual bank's quota;
Costa Rica—5 per cent for paper related to commercial transactions
(rate shown is for agricultural and industrial paper);
Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by
national public securities;
Ecuador—6 per cent for bank acceptances for commercial purposes;
Indonesia—various rates depending on type of paper, collateral, commodity involved, etc.;
Japan—penalty rates (exceeding the basic rate shown) for borrowings
from the central bank in excess of an individual bank's quota;
Peru—8 per cent for agricultural, industrial ard 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.
802
FOREIGN EXCHANGE RATES
JUNE 1964
FOREIGN EXCHANGE RATES
(In cents per unit of foreign currency)
Argentina
(peso)
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Denmark
(krone)
Finland
(markka)
France
(franc)
2.207
5.556
1.2730
1.2026
1.2076
.9080
.7245
223.88
223.81
223.71
223.28
223.73
223.10
3.8536
3.8619
3.8461
3.8481
3.8685
3.8690
2.0044
2.0012
2.0053
2.0052
2.0093
2.0052
103.025
104.267
103.122
98.760
93.561
92.699
21.049
21.055
21.048
21.023
21.034
21.015
14.482
14.508
14.505
14.481
14.490
14.484
.3118
.3115
3112
.3110
.3107
131.057
.2374
.2038
20.389
20.384
20.405
220.404
AUK
Sept
Oct
Nov
Dec
.7266
.7265
.7309
.7439
.7034
.6767
.6942
.7391
223.08
223.12
223.17
223.07
222.92
222.93
222.93
222.83
3.8677
3.8702
3.8719
3.8712
3.8706
3.8686
3.8659
3.8690
2.0055
2.0036
2.0038
2.0039
2.0037
2.0026
2.0059
2.0067
92.810
92.722
92.598
92.325
92.590
92.757
92.778
92.629
21.014
21.015
21.015
21.010
21.019
21.015
21.021
21.019
14.477
14.490
14.488
14.470
14.485
14.479
14.484
14.489
31.057
31.057
31.057
31.056
31.057
31.057
31.057
31.059
20.405
20.405
20.405
20.405
20.404
20.400
20.405
20.404
1964 Jan
Feb
Mar
Apr
May
.7514
.7582
.7438
.7287
.7312
222.97
222.86
222.95
223.03
223.06
3.8702
3.8681
3.8675
3.8687
3.8686
2.0071
2.0068
2.0070
2.0082
2.0089
92.551
92.575
92.534
92.498
92.499
21.025
21.021
21.019
21.020
21.021
14.471
14.457
14.484
14.494
14.482
31.063
31.068
31.077
31.077
31.066
20.402
20.403
20.404
20.405
20.405
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Italy
(lira)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
Netherlands
(guilder)
New
Zealand
(pound)
23.848
23.926
23.976
24.903
25.013
25.084
21.048
21.031
20.968
20.980
21.026
20.966
280.98
280.88
280.76
280.22
280.78
280.00
.16006
.16099
.16104
.16099
16107
.16087
.27791
.27781
.27785
.27690
27712
.27663
32.767
32.857
32.817
32.659
32.757
32.664
8.0056
8.0056
8 0056
8.0056
8 0056
8.0056
26.418
26.492
26.513
27.555
27 755
27.770
278.19
278.10
277.98
277.45
278.00
277.22
25.090
25.121
25.109
25.101
25.121
25.137
25.154
25.165
20.962
20.965
20.968
20.962
20.951
20.961
20.961
20.954
279.96
280.02
280.08
279.96
279.77
279.78
279.78
279.65
.16097
.16081
16086
.16102
.16078
.16062
.16065
.16065
.27582
.27563
27550
.27554
.27589
.27603
.27586
.27564
32.586
32.595
32.648
32.647
32.645
32.698
32.705
32.697
8.0056
8.0056
8 0056
8.0056
8.0056
8.0056
8.0056
8.0056
27.815
27.780
27.755
27.712
27.721
27.749
27.765
27.765
277.19
277.25
277.31
277.19
277.00
277.01
277.01
276.88
25.148
25.169
25.163
25.160
?5 159
20.963
20.959
20.968
20.970
20.977
279.83
279.69
279.81
279.90
279.94
16065
.16063
16029
.16000
.16001
27589
.27567
27603
.27583
.27579
32.706
32.694
32.645
32.595
32.606
8.0056
8.0056
8 0056
8.0056
8.0056
27.753
27.733
27.731
27.711
27.681
277.06
276.92
277.04
277.13
277.17
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
139.57
139.87
139.48
2.3810
2-0S79
1.6635
.6643
1.6654
1.6664
19.328
19.324
19.349
19.353
19.397
C
19.272
23.328
23.142
23.152
23.151
23.124
23.139
280.98
280.88
280.76
280.22
280.78
280.00
Period
Free
Official
1958
1959
I960
1961
1962
1963
. . .
1963 May
June
July
... .
.. .
Period
1958
1959
I960
1961
1962
1963
1963 May
June
July
.•
Aug
Sept
Oct
Nov
Dec
1964
Jan
Feb
Mar
Apr
May
Period
1958
1959
I960
1961
1962
1963
1963
14.008
14.028
14.018
14.000
14.010
13.987
May
June
July
Aug
Sept
Oct
Nov
Dec
1964—Jan
Feb
Mar
Apr
May
49.695
49.721
49.770
South Africa
3.4900
3.4967
3.4937
3.4909
3.4986
3.4891
279.93
279.83
279.71
279.48
(rand)
13.995
13.997
13.993
13.985
13.971
13.971
13.970
13.972
3 4900
3.4900
3 4900
3 4893
3.4881
3 4863
3.4875
3.4874
139.46
139.49
139 52
139.46
139.36
139 37
139.37
139.30
1.6663
1.6663
I 6663
1.6664
1.6664
I 6664
1.6665
[.6666
19.267
19.286
19 302
19.266
19.268
19 250
19.262
19.250
23.127
23.125
23 129
23.164
23.171
23 171
23'.166
23.170
279.96
280.02
280 08
279.96
279.77
279 78
'279.78
279.65
13.969
13.962
13.976
13.989
13.992
3.4861
3.4848
3.4867
3.4879
3.4874
139.39
139.32
139.38
139.43
139.45
666 «5
1.6664
1.6663
1.6664
1.6664
19.272
19 290
19.430
19.451
19.464
23.168
23 122
23.110
23.143
23.171
279.83
279 69
279.81
279.90
279.94
1 A new markka, equal to 100 old markkaa, was introduced on Jan.l,
1963.
2 Effective Jan. 1, 1963, the franc again became the French monetary
unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960.
(pound)
NOTE.—Averages of certified noon buying rates in New York for
cable transfers. For description of rates and back data, see "International
Finance," Section 15 of Supplement to Banking and Monetary Statistics,
1962.
BOARD OF GOVERNORS
of the ]Federal Reserve System
WM. McC. MARTIN, JR. ,
Chairman
C. CANBY BALDERSTON, Vice Chairman
A. L. MILLS, JR.
J. L. ROBERTSON
CHAS. N. SHEPARDSON
GEORGE W. MITCHELL
J. DEWEY DAANE
RALPH A. YOUNG, Adviser to the Board
GUY E. NOYES, Adviser to the Board
CHARLES MOLONY, Assistant to the Board
ROBERT L. CARDON, Legislative
Counsel
CLARKE L. FAUVER, Assistant to the Board
OFFICE OF THE SECRETARY
DIVISION OF EXAMINATIONS
MERRITT SHERMAN, Secretary
FREDERIC SOLOMON, Director
KENNETH A. KENYON, Assistant Secretary
ELIZABETH L. CARMICHAEL, Assistant Secretary
ARTHUR L. BROIDA, Assistant Secretary
KARL E. BAKKE, Assistant Secretary
GLENN M. GOODMAN, Assistant Director
BRENTON C. LEAVITT, Assistant Director
JAMES C. SMITH, Assistant Director
ANDREW N . THOMPSON, Assistant Director
LEGAL DIVISION
LLOYD M. SCHAEFFER, Chief Federal Reserve
Examiner
HOWARD H. HACKLEY, General Counsel
DAVID B. HEXTER, Assistant General Counsel
THOMAS J. O'CONNELL, Assistant
General
Counsel
JEROME W. SHAY, Assistant General Counsel
WILSON L. HOOFF, Assistant General Counsel
DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON,
DIVISION OF RESEARCH AND STATISTICS
DANIEL H. BRILL,
Director
H. FRANKLIN SPRECHER, JR., Assistant
ROBERT C. HOLLAND, Associate Director
ALBERT R. KOCH, Associate Director
DIVISION OF ADMINISTRATIVE SERVICES
FRANK R. GARFIELD, Adviser
J. CHARLES PARTEE, Adviser
KENNETH B. WILLIAMS, Adviser
JOSEPH E. KELLEHER,
Director
HARRY E. KERN, Assistant
Director
LEWIS N. DEMBITZ, Associate Adviser
ROBERT SOLOMON, Associate Adviser
OFFICE OF THE CONTROLLER
DIVISION OF INTERNATIONAL FINANCE
J. J. CONNELL, Controller
SAMPSON H. BASS, Assistant
RALPH A. YOUNG, Director
J. HERBERT FURTH, Adviser
Controller
A. B. HERSEY, Adviser
ROBERT L. SAMMONS,
Adviser
REED J. IRVINE, Associate Adviser
SAMUEL I. KATZ, Associate Adviser
JOHN E. REYNOLDS, Associate Adviser
RALPH C. WOOD, Associate Adviser
OFFICE OF DEFENSE PLANNING
INNIS D . HARRIS,
Coordinator
DIVISION OF BANK OPERATIONS
JOHN R. FARRELL,
DIVISION OF DATA PROCESSING
Director
GERALD M. CONKLING, Assistant
M. B. DANIELS, Assistant
Director
W. M. DAVIS, Acting Director
LEE W. LANGHAM, Assistant Director
Director
JOHN N. KILEY, JR., Assistant
Director
Director
Director
804
OPEN MARKET COMMITTEE AND ADVISORY COUNCIL
805
Federal Open Market Committee
W M . M C C . MARTIN, JR.,
Chairman
ALFRED HAYES,
Vice Chairman
C. CANBY BALDERSTON
A. L. MILLS, JR.
HARRY A.
SHUFORD
J. DEWEY DAANE
GEORGE W. MITCHELL
ELIOT J. SWAN
W. BRADDOCK HICKMAN
J. L. ROBERTSON
EDWARD A. WAYNE
CHAS. N. SHEPARDSON
RALPH A. YOUNG, Secretary
J. HERBERT FURTH, Associate Economist
MERRITT SHERMAN, Assistant Secretary
GEORGE GARVY, Associate Economist
KENNETH A. KENYON, Assistant Secretary
DAVID L. GROVE, Associate Economist
ARTHUR L. BROIDA, Assistant Secretary
ROBERT C. HOLLAND, Associate Economist
HOWARD H. HACKLEY, General Counsel
HOMER JONES, Associate Economist
DAVID B. HEXTER, Assistant General Counsel
ALBERT R. KOCH, Associate Economist
GUY E. NOYES, Economist
MAURICE MANN, Associate Economist
DANIEL H. BRILL, Associate Economist
BENJAMIN U. RATCHFORD, Associate Economist
ROBERT W. STONE, Manager, System Open Market Account
CHARLES A. COOMBS, Special Manager, System Open Market Account
Federal Advisory Council
LAWRENCE H. MARTIN, BOSTON
EDWARD B. SMITH, CHICAGO
WILLIAM H. MOORE, NEW YORK
JAMES P. HICKOK, ST. LOUIS
WILLIAM L. DAY, PHILADELPHIA
JOHN A. MOORHEAD, MINNEAPOLIS, President
L . A . STONER, CLEVELAND
M . L . BREIDENTHAL, KANSAS CITY
JOHN F. WATLINGTON, J R . , RICHMOND
JAMES W. ASTON, DALLAS, Vice President
J. FlNLEY M c R A E , ATLANTA
RANSOM M . COOK, SAN FRANCISCO
HERBERT V. PROCHNOW, Secretary
WILLIAM J. KORSVIK, Assistant
Secretary
806
FEDERAL RESERVE BULLETIN • JUNE 1964
Federal Reserve Banks and Branches
Federal Reserve Bank
or branch
Zip Code
Boston
New York
...02106
10045
Buffalo
...14240
Philadelphia
. .19101
Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore
Charlotte
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
Chicago
44101
45201
...15230
, ,23213
21203
...28201
...30303
35202
32201
37203
...70160
...60690
Detroit
...48231
St. Louis
• 63166
Little Rock
Louisville
Memphis
Minneapolis
..,72203
40201
...38101
55440
Helena
...59601
Kansas City
...64106
Denver
80217
Oklahoma City. ,
73101
...68102
Omaha
Dallas..
El Paso
Houston
San Antonio
San Francisco
Los Angeles
Portland
Salt Lake City...
Seattle
...75222
79999
77001
...78206
94120
90054
97208
84110
98124
Chairman
Deputy Chairman
President
First Vice President
Erwin D. Canham
William Webster
George H. Ellis
Earle O. Latham
Philip D. Reed
James DeCamp Wise
Whitworth Ferguson
Alfred Hayes
William F. Treiber
Walter E. Hoadley
David C. Bevan
Karl R. Bopp
Robert N. Hilkert
Joseph B. Hall
Logan T. Johnston
Howard E. Whitaker
William A. Steele
W. Braddock Hickman
Edward A. Fink
Edwin Hyde
William H. Grier
Harry B. Cummings
Clarence P. Street
Edward A. Wayne
Aubrey N. Heflin
Jack Tarver
J. M. Cheatham
C. Caldwell Marks
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J. O. Emmerich
Malcolm Bryan
Harold T. Patterson
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James H. Hilton
James William Miller
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Raymond Rebsamen
J. H. Longwell
Carey V. Stabler
C. Hunter Green
Frank Lee Wesson
Harry A. Shuford
Darryl R. Francis
Atherton Bean
Judson Bemis
C. G. McClave
Frederick L. Deming
M. H. Strothman, Jr.
Homer A. Scott
Dolph Simons
Robert T. Person
James E. Allison
Clifford Morris Hardin
George H. Clay
Henry O. Koppang
Robert O. Anderson
Carl J. Thomsen
Dysart E. Holcomb
Edgar H. Hudgins
Harold D. Herndon
Watrous H. Irons
Philip E. Coldwell
F. B. Whitman
John D. Fredericks
S. Alfred Halgren
Graham J. Barbey
Howard W. Price
Robert D. O'Brien
Eliot J. Swan
H. Edward Hemmings
Vice President
in charge of branch
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Fred O. Kiel
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Howard W. Pritz
George C. Rankin
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J. Lee Cook
Carl H. Moore
Clifford H. Watkins
William M. Brown
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Erwin R. Barglebaugh
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807
808
FEDERAL RESERVE BULLETIN • JUNE 1964
INTERDISTRICT SETTLEMENT FUND (G.15)
PERIODIC RELEASES
INDEX NUMBERS OF WHOLESALE PRICES (G.8)
WEEKLY
APPLICATIONS RECEIVED, OR ACTED ON, BY THE
BOARD (H.2)
COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING BY INDUSTRY (H.I2)
MONTHLY DEPARTMENT STORE SALES—Selected
Cities and Areas (G.7.2)
MONTHLY DEPARTMENT STORE SALES, BY D E PARTMENTS (G.7.3)
MONTHLY FOREIGN EXCHANGE RATES (G.5)
CONDITION OF WEEKLY REPORTING MEMBER
BANKS IN N E W YORK AND CHICAGO (H.4.3)
NATIONAL SUMMARY OF BUSINESS CONDITIONS
CONDITION OF WEEKLY REPORTING
BANKS IN LEADING CITIES (H.4.2)
OPEN MARKET MONEY RATES AND BOND PRICES
(G.12.2)
MEMBER
FACTORS AFFECTING BANK RESERVES AND CONDITION STATEMENT OF F. R. BANKS (H.4.1)
(G.13)
RETAIL FURNITURE REPORT
(G.I6)
SALES FINANCE COMPANIES
(G.20)
WEEKLY DEPARTMENT STORE SALES—SELECTED
CITIES AND AREAS (H.8b)
WEEKLY FOREIGN EXCHANGE RATES
(H.10)
WEEKLY U. S. GOVERNMENT SECURITY YIELDS
AND PRICES (H.I5)
SEMIMONTHLY-IRREGULAR
CHANGES IN STATE BANK MEMBERSHIP (K.3)
ASSETS AND LIABILITIES OF ALL BANKS IN THE
UNITED STATES (J.4)
DEMAND DEPOSITS,
ITEMS (J.3)
CURRENCY,
AND RELATED
STATE MEMBER BANKS OF THE FEDERAL RESERVE
SYSTEM AND NONMEMBER BANKS THAT MAINTAIN CLEARING ACCOUNTS WITH FEDERAL R E -
SERVE BANKS (Also annual list) (G.4)
MONTHLY U. S. GOVERNMENT SECURITY YIELDS
AND PRICES (G.14)
QUARTERLY-SEMIANNUALLY
ALL BANKS IN THE UNITED STATES AND OTHER
AREAS—PRINCIPAL ASSETS AND LIABILITIES,
BY STATES (E.4)
BANK RATES ON SHORT-TERM BUSINESS LOANS
DEPOSITS, RESERVES, AND BORROWINGS OF M E M BER BANKS (J.I)
RESEARCH LIBRARY—RECENT ACQUISITIONS (J.2)
(E.2)
SUMMARY REPORT—ASSETS AND LIABILITIES OF
MEMBER BANKS (E.3.1)
MEMBER BANK LOANS (E.3.4)
MONTHLY
ASSETS AND LIABILITIES OF ALL MEMBER BANKS,
BY DISTRICTS (G.7.1)
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (E.6)
ANNUALLY
BANK DEBITS AND DEPOSIT TURNOVER (G.6)
BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS
EXCEPT INTERBANK AND U.S. GOVERNMENT
ACCOUNTS (C.5)
BUSINESS INDEXES (G.12.3)
CONSUMER CREDIT
(G.19)
CONSUMER CREDIT AT CONSUMER FINANCE COMPANIES (G.22)
DEPARTMENT
CONSUMER INSTALMENT CREDIT AT COMMERCIAL
MEMBER BANK INCOME (C.4)
STORE
TRADE,
UNITED
STATES
(C.7.3)
BANKS (G.I8)
DEPARTMENT STORE CREDIT (G.17)
FEDERAL RESERVE PAR LIST
(G.3)
(Also annual list.)
BIENNIALLY
DISTRIBUTION OF BANK DEPOSITS BY COUNTIES
and STANDARD METROPOLITAN AREAS (C.8)
809
FEDERAL RESERVE BOARD PUBLICATIONS
REPRINTS
{From Federal Reserve BULLETIN unless preceded
by an asterisk)
THE HISTORY OF RESERVE REQUIREMENTS FOR
BANKS IN THE UNITED STATES. NOV. 1938.
20 pp.
SEASONALLY ADJUSTED SERIES FOR BANK CREDIT.
July 1962. 6 pp.
REVISION OF MONEY SUPPLY SERIES. Aug.
INTEREST RATES IN THE CURRENT CYCLE.
Sept.
1962. 9 pp.
ADJUSTMENT FOR SEASONAL VARIATION. Descrip-
tion of method used by Board in adjusting
economic data for seasonal variation. June
1941. 11 pp.
INTEREST RATES AND MONETARY POLICY.
Feb. 1953. 16 pp.
Sept.
1962. 28 pp.
INDUSTRIAL
PRODUCTION—1957-59
BASE.
Oct.
1962. 10 pp.
THE MONETARY SYSTEM OF THE UNITED STATES.
FLOW OF FUNDS SEASONALLY ADJUSTED. NOV.
INFLUENCE OF CREDIT AND MONETARY MEASURES
ON ECONOMIC STABILITY. Mar. 1953. 16 pp.
FEDERAL FINANCIAL MEASURES FOR ECONOMIC
STABILITY. May 1953. 7 pp.
THE PRIVATE DEMAND FOR GOLD,
1962.
11 pp.
1962. 15 pp.
AUTOMATION AT COMMERCIAL BANKS. NOV. 1962.
13 pp.
A SECTORAL ANALYSIS OF VELOCITY. Dec.
1954. 10 pp.
1962.
14 pp.
1931-53. Sept.
A NEW LOOK AT THE FARM DEBT PICTURE. Dec.
BANKERS' ACCEPTANCE FINANCING IN THE UNITED
STATES. May 1955. 13 pp.
1962. 18 pp.
FARM DEBT AS RELATED TO VALUE OF SALES.
Feb. 1963. 9 pp.
REVISION OF CONSUMER CREDIT STATISTICS. Oct.
1956. 24 pp. (Also, similar reprint from Apr.
1953 BULL.)
CHANGES IN STRUCTURE OF THE FEDERAL DEBT.
Mar. 1963. 10 pp.
SEASONAL FACTORS AFFECTING BANK RESERVES.
Feb. 1958. 12 pp.
FINANCING THE U.S.
OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES. Nov. 1958. 15 pp.
I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U.S. Summary containing a description of revised statistics for all banks in
the United States, by class of bank, together
with revised statistics. Apr. 1959. 94 pp.
SECURITIES
SURVEY OF FINANCE COMPANIES, MID-1960.
1962. Apr. 1963. 29 pp.
NEGOTIABLE
1961. 21 pp.
REVISION OF CONSUMER CREDIT STATISTICS. Dec.
THE
U.S.
June 1963. 10 pp.
7 pp.
MEASURES OF MEMBER BANK RESERVES.
July
1963. 14 pp.
REVISED INDEXES OF FREIGHT CARLOADINGS. Dec.
BANK LOANS SECURED BY STOCKS AND BONDS.
July 1963. 19 pp.
1961. 3 pp.
IN
INTEREST RATES ON SAVINGS AND OTHER TIME
DEPOSITS, MID-FEBRUARY 1963. June 1963.
1961. 15 pp.
9 pp.
CERTIFICATES OF DEPOSIT.
NEW FOREIGN BOND ISSUES
MARKET. May 1963. 13 pp.
LIQUIDITY AND PUBLIC POLICY. Oct. 1961. 17 pp.
GROWTH IN INSTITUTIONAL SAVINGS. May
TIME
Apr. 1963. 11 pp.
RECENT CHANGES IN LIQUIDITY.
Oct.
Apr.
FEDERAL RESERVE OPEN MARKET OPERATIONS IN
*PART
STATISTICS ON THE GOVERNMENT
MARKET. Apr. 1961. 8 pp.
PAYMENTS DEFICIT.
1963. 8 pp.
1962.
A
BANK EXAMINER LOOKS AT AGRICULTURAL
LENDING. July 1963. 8 pp.
810
FEDERAL RESERVE BULLETIN • JUNE 1964
MEASURING AND ANALYZING ECONOMIC GROWTH.
Aug. 1963. 14 pp.
CHANGES IN BANKING STRUCTURE,
1953-62. Sept.
1963. 8 pp.
ECONOMIC CHANGE AND ECONOMIC
ANALYSIS.
Sept. 1963. 17 pp.
BANK AND
PCA
LENDING TO FARMERS.
U.S. BALANCE
1963. 8 pp.
Sept. 1963.
Apr.
1964.
7 pp.
THROUGH
FINANCIAL
INTERMEDIARIES.
May 1964. 9 pp.
OF PAYMENTS,
1961-63. Oct.
1963.
11 pp.
RECENT INTEREST RATE TRENDS. NOV.
1963.
10 pp.
BANK CREDIT AND MONEY IN 1963.
1964. 14 pp.
FLOWS
THE OPEN MARKET POLICY PROCESS. Oct.
7 pp.
TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS AND THE GOLD POOL. Mar.
U.S. TRADE AND PAYMENTS IN 1963.
11 pp.
THE
SURVEY OF FINANCIAL CHARACTERISTICS OF CONSUMERS. Mar. 1964. 9 pp.
BANKING AND MONETARY STATISTICS, 1963.
Se-
lected series of banking and monetary statistics for 1963 only. Feb., Mar., and May 1964.
15 pp.
REVISION OF THE MONEY SUPPLY SERIES.
June
1964. 14 pp.
Feb.
1964.
REVISION OF BANK CREDIT SERIES.
5 pp.
June 1964.
Index to Statistical Tables
Acceptances, bankers', 746, 748
Agricultural loans of commercial banks, 740, 742
Assets and liabilities {See also Foreign liabilities and
claims):
Banks and the monetary system, consolidated, 735
Corporate, current, 760
Domestic banks, by classes, 736, 740, 742
Federal Reserve Banks, 730
Automobiles:
Consumer instalment credit, 764, 765, 766
Production index, 768, 769
Bank holding companies:
Banking offices and deposits of group banks,
Dec. 31, 1963, 783
List of, Dec. 31, 1963, 782
Bankers' balances, 741, 743
{See also Foreign liabilities and claims)
Banks and the monetary system, consolidated statement, 735
Banks for cooperative, 755, 756
Bonds {See also U.S. Govt. securities):
New issues, 756, 757, 758
Prices and yields, 746, 747
Brokers and dealers in securities, bank
loans to, 740, 742
Business expenditures on new plant and equipment, 760
Business indexes, 772
Business loans {See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 736, 741, 744
Federal Reserve Banks, 730
Carloadings, 772
Central banks, foreign, 786, 801
Coins, circulation of, 733
Commercial banks:
Assets and liabilities, 736, 739, 740
Consumer loans held, by type, 765
Number, by classes, 736
Real estate mortgages held, by type, 761
Commercial and industrial loans:
Commercial banks, 740
Weekly reporting member banks, 742, 745
Commercial paper, 746, 748
Condition statements {See Assets and liabilities)
Construction, 772, 773
Consumer credit:
Instalment credit, 764, 765, 766, 767
Noninstalment credit, by holder, 765
Consumer price indexes, 772, 776
Consumption expenditures, 778, 779
Corporations:
Sales, profits, taxes, and dividends, 759, 760
Security issues, 757, 758
Security prices and yields, 746, 747
Cost of living {See Consumer price indexes)
Currency in circulation, 724, 733, 734
Customer credit, stock market, 747
Demand deposits—Continued
Turnover of, 732
Type of holder, at commercial banks, 741
Deposits {See also specific types of deposits):
Adjusted, and currency, 735
Banks, by classes, 729, 736, 741, 744, 748
Federal Reserve Banks, 730, 797
Postal savings, 729, 735
Discount rates, 728, 801
Discounts and advances by Federal Reserve
Banks, 724, 730, 732
Dividends, corporate, 759, 760
Dollar assets, foreign, 789, 797
Earnings and hours, manufacturing industries, 775
Employment, 772, 774, 775
Farm mortgage loans, 761, 762
Federal finance:
Cash transactions, 750
Receipts and expenditures, 751
Treasurer's balance, 750
Federal home loan banks, 755, 756, 763
Federal Housing Administration, 761, 762, 763
Federal intermediate credit banks, 755, 756
Federal land banks, 755, 756
Federal National Mortgage Assn., 755, 756, 763
Federal Reserve Banks:
Condition statement, 730
U.S. Govt. securities held by, 724, 730, 732,
752, 753
Federal Reserve credit, 724, 730, 732
Federal Reserve notes, 730, 733
Federally sponsored credit agencies, 755, 756
Finance company paper, 746, 748
Financial institutions, loans to, 740, 742
Float, 724
Flow of funds, 780
Foreign central banks, 786, 801
Foreign currency operations, 730, 732, 788, 796
Foreign deposits in U.S. banks, 724, 730, 735, 741,
744, 797
Foreign exchange rates, 802
Foreign liabilities and claims:
Banks, 790, 792, 793, 795, 797
Nonfinancial concerns, 798
Foreign trade, 800
Gold:
Certificates, 730, 733
Earmarked, 797
Net purchases by U.S., 788
Production, 787
Reserves of central banks and govts., 786
Reserves of foreign countries and international
organizations, 789
Stock, 724, 735, 788
Govt. debt {See U.S. Govt. securities)
Gross national product, 778, 779
Hours and earnings, manufacturing industries, 775
Housing starts, 773
Debits to deposit accounts, 732
Demand deposits:
Adjusted, banks and the monetary system, 735
Adjusted, commercial banks, 732, 734, 741
Banks, by classes, 729, 736, 744
Industrial production index, 768, 772
Instalment loans, 764, 765, 766, 767
Insurance companies, 749, 752, 753, 762
Insured commercial banks, 738, 740
Interbank deposits, 729, 736, 741
811
812
Interest rates:
Bond yields, 746
Business loans by banks, 745
Federal Reserve Bank discount rates, 728
Foreign countries, 800, 801
Open market, 746, 800
Stock yields, 746
Time deposits, maximum rates, 729
International capital transactions of the U.S., 790
International institutions, 786, 788, 789
Inventories, 778
Investment companies, new issues, 758
Investments (See also specific types of investments):
Banks, by classes, 736, 740, 743, 748
Commercial banks, 739
Federal Reserve Banks, 730, 732
Life insurance companies, 749
Savings and loan assns., 749
Labor force, 774
Loans (See also specific types of loans):
Banks, by classes, 736, 740, 742, 748
Commercial banks, 739
Federal Reserve Banks, 724, 730, 732
Insurance companies, 749, 762
Insured or guaranteed by U.S., 761, 762, 763
Savings and loan assns., 749, 762
Manufactures, production index, 769, 772
Margin requirements, 729
Member banks:
Assets and liabilities, by classes, 736, 740
Borrowings at Federal Reserve Banks, 726,
730, 744
Deposits, by classes, 729
Number, by classes, 737
Reserve requirements, 729
Reserves and related items, 724
Weekly reporting series, 742
Mining, production index, 769, 772
Money rates (See Interest rates)
Money supply and related data, 734
Mortgages (See Real estate loans)
Mutual savings banks, 735, 736, 738, 748, 752,
753, 761
National banks, 738
National income, 778, 779
National security expenditures, 751, 778
Nonmember banks, 738, 740, 741
Payrolls, manufacturing, index, 772
Personal income, 779
Postal Savings System, 729, 735
Prices:
Consumer, 772, 776
Security, 747
Wholesale commodity, 772, 776
Production, 768, 772
Profits, corporate, 759, 760
Real estate loans:
Banks, by classes, 740, 748, 761
Type of holder, 761, 762, 763
Type of property mortgaged, 761, 762, 763
Reserve requirements, member banks, 729
FEDERAL RESERVE BULLETIN • JUNE 1964
Reserves:
Central banks and govts., 786
Commercial banks, 741
Federal Reserve Banks, 730
Foreign countries and international organizations, 789
Member banks, 724, 726, 729, 741, 743
Residential mortgage loans, 761, 762, 763
Retail sales, 772
Sales finance companies, consumer loans of, 764,
765, 767
Saving:
Flow of funds series, 780
National income series, 779
Savings deposits (See Time deposits)
Savings institutions, principal assets, 748, 749
Savings and loan assns., 749, 753, 762
Securities (See also U.S. Govt. securities):
Federally sponsored agencies, 755
International transactions, 796, 797
New issues, 756, 757, 758
Silver coin and silver certificates, 733
State member banks, 738
State and local govts.:
Deposits of, 741, 744
Holdings of U.S. Govt. securities, 752, 753
New security issues, 756, 757
Ownership of obligations of, 740, 748, 749
Prices and yields of securities, 746, 747
Stock market credit, 747
Stocks:
New issues, 757, 758
Prices and yields, 746, 747
Tax receipts, Federal, 751
Time deposits, 729, 734, 735, 736, 741, 744
Treasurer's account balance, 750
Treasury cash, 724, 733, 735
Treasury currency, 724, 733, 735
Treasury deposits, 724, 730, 750
Unemployment, 774
U.S. balance of payments, 799
U.S. Govt. balances:
Commercial bank holdings, by classes, 741, 744
Consolidated monetary statement, 735
Treasury deposits at Federal Reserve
Banks, 724, 730, 750
U.S. Govt. securities:
Bank holdings, 735, 736, 740, 743, 748, 752, 753
Dealer transactions, positions, and financing, 754
Federal Reserve Bank holdings, 724, 730, 732,
752, 753
Foreign and international holdings, 730, 789, 797
International transactions, 796
New issues, gross proceeds, 757
Outstanding, by type of security, 752, 753, 755
Ownership of, 752, 753
Prices and yields, 746, 747
United States notes, outstanding and in circulation, 733
Utilities, production index, 769, 772
Vault cash, 724, 729, 741
Veterans Administration, 761, 762, 763
Weekly reporting member banks, 742
Yields (See Interest rates)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
C° THE FEDERAL RESERVE SYSTEM 5)
HAWAII
Legend
Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
© Board of Governors of the Federal Reserve System
© Federal Reserve Bank Cities
• Federal Reserve Branch Cities
@FedFRASER