Full text of Federal Reserve Bulletin : June 1965
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FEDERAL RESERVE
B U LLETIN
June 196 £
Volume £i
*
Number 6
**
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
D£ VELOPMENTS
IN CONSUMER CREDIT
787
D
emands for consumer credit have been strong in recent months.
Consumers have borrowed for such widely ranging purposes as
the purchase of automobiles and television sets, thefinancingof
educations and vacations, and the payment of taxes and medical
expenses. In general, the expansion in consumer credit has paralleled the growth in consumer expenditures and in the economy
as a whole.
The growth in instalment credit was particularly vigorous in
April, in part because borrowing to pay taxes was larger than
usual. The increase exceeded the record set in January, but in
percentage terms both January and April ranked below the peak
months in 1955 and 1959. The contrast with 1955 is especially
striking since that year included 4 months with percentage increases double the size of this April's.
By the end of April, instalment credit outstanding had passed
the $60 billion mark. This represented an increase of $6.4 billion
from the same month last year and more than $19 billion from
the cyclical low in the spring of 1961. Meanwhile noninstalment
credit too has continued to expand, and at the end of April total
consumer credit was at a new high of $77.5 billion.
CHART 1
G R O W T H in c o n s u m e r c r e d i t
continues
BIUIONS OF DOLLARS
-
NONINSTALMENT
1961
1K3
65
NOTE.—End-of-month figures, not seasonally adjusted. Latest figures shown, April.
50
FEDERAL RESERVE BULLETIN • JUNE 1965
Consumers have also been adding to their other debt during
this expansion period. Home mortgages now total more than
$190 billion, while policy loans on life insurance, loans to purchase securities, and other miscellaneous borrowing amount to
about $16 billion. Together, all the various forms of long- and
short-term consumer debt amount to nearly $285 billion.
The rise in the instalment segment of consumer credit in early
1965 was distinguished by an upsurge in demand for auto credit
to support a record volume of auto sales. Some of this demand
represented a catching-up from last fall when sales were slack
because of a shortage of cars. When auto sales picked up after
the strike, so did the use of credit.
Other types of consumer credit have also expanded this year,
though at a less rapid pace. Personal loans advanced at a seasonally adjusted annual rate of $2.3 billion in the first 4 months; for
consumer goods other than autos the rate was $1.9 billion. Both
rates were somewhat above the pace for 1964 as a whole.
The acceleration in personal loan activity, particularly in April,
reflected in part borrowing to pay income taxes not covered by
withholding. There were also scattered reports of consumers
refinancing their auto and other loans to ease the impact of income tax payments.
Repayments on instalment debt have risen more or less steadily
throughout this cyclical expansion. During April, they were running at a seasonally adjusted annual rate of about $65 billion and
were equal to a little more than 14 per cent of disposable income.
However, repayments have not risen so fast as new credit extensions, which characteristically are more dynamic and reflect more
directly the impact of changing market conditions. Thus, as compared with early 1961, extensions are up by more than three-fifths
and repayments only two-fifths.
INSTALMENT CREDIT
The net effect of this difference in rate of growth between extensions and repayments of instalment credit has been a build-up of
consumer debt, as may be seen in Chart 1, but it has also meant
more buying power in the consumer market. Early in the recovery
period, repayments equaled or exceeded extensions. By mid-1962,
however, the net growth in instalment credit—extensions minus
repayments—was adding on balance $400 million a month to
consumer buying power. This was an annual rate of $4.8 billion.
The rate of growth moved up toward $6 billion in 1963 and
1964, and during the first 4 months of 1965 it was $8 billion.
Growth factors. The amount of instalment credit used in a given
period depends mainly on how much demand there is for the goods
788
789
DEVELOPMENTS IN CONSUMER CREDIT
and services involved, but the willingness of individuals to commit
their future incomes and the availability of credit on acceptable
terms are also important factors. Most credit demands can be
related directly to demands for specific consumer items; for example, extensions of auto credit tend to move fairly closely with
auto purchases. However, the relationship is not so close for some
other types of credit, such as personal loans, which may be used
for such diverse purposes as the financing of vacations and the
consolidation of debts.
The economic climate throughout this upswing has been conducive to expansion of instalment credit. Prices that consumers
pay have advanced little, and credit has remained comparatively
abundant and terms easy. Meanwhile, with high and rising incomes and a relatively high level of employment, consumers have
been more willing and able to take on additional debt. After
rising 4.3 per cent during 1962 and 5.3 per cent during 1963,
growth in disposable income accelerated to 7.5 per cent last year,
CHART 2
I N S T A L M E N T CREDIT G R O W T H h a s s t e p p e d up in e a r l y ' 6 5 ,
s p u r r e d b y A U T O CREDIT
MILLIONS OF DOLLARS
i a i
- 600
I 1 s
- 400
NET CHANGES IN:
J
IOTAI- 200
AUTO-
I
1364
NOTE.—Seasonally adjusted data. Latest figures shown, April.
'69
n
FEDERAL RESERVE BULLETIN • JUNE 1965
under the stimulus of the tax cut. With this gain in after-tax income, consumers boosted their spending on goods and services
by almost $30 billion from early 1964 to early 1965, and in doing
so they used some $6 billion of net new instalment credit extended
by retail stores and financial institutions. In the preceding 12
months about the same amount of debt expansion had accompanied an increase of only a little more than $20 billion in spending.
Willingness to incur debt is related to consumer attitudes about
their financial positions and prospects. In this respect, consumers
continue to be optimistic. Surveys conducted in January and April
of this year found that a large majority of consumers thought they
were financially as well off as a year earlier or better off. Moreover, they expected incomes to hold up or improve in the future,
and their buying plans suggested continued strength in the consumer durable goods markets, particularly for new autos and
household appliances.
Automobile credit. Changes in automobile credit have accounted
for much of the recent fluctuation in total instalment credit outstanding. After growing at a steady rate of from $200 million to
$250 million in the first 9 months of last year, the expansion in
auto credit slackened in October and even more in November as
new auto sales tumbled because of the strike. Largely as a result
of this, the seasonally adjusted expansion in total instalment
credit in November was the smallest in more than 2 years.
As for 1965—nearly half of the first-quarter bulge in instalment credit was for autos, compared with the usual 40 per cent.
Auto credit became less important in April, but it still accounted
for 45 per cent of the change in total instalment credit outstanding and in terms of the dollar amount was at a record rate.
During April there was a greater-than-seasonal rise in the proportion of new cars bought on credit, and an increase in sales of
used cars tended partly to offset—insofar as credit volume is concerned—the decline in new-car sales.
Most of the $8.5 billion increase in auto credit over the past 4
years has been a direct result of the rise in unit sales of autos. But
the volume of auto credit also depends on the proportion of cars
sold on credit, the average size of instalment contracts, and the
length of contracts; and each has tended to drift upward during
this period.
The proportion of new cars sold on credit increased about 6
percentage points from early 1961 to mid-1963, after taking
account of seasonal variation, but since then the trend has been
mostly sidewise. The most recent period has been one of considerable unevenness, mainly because of dislocations arising from
790
791
DEVELOPMENTS IN CONSUMER CREDIT
the auto strike. For example, the spurt in the ratio in the final
quarter of last year was apparently due not so much to a sudden
influx of credit buyers into the market as to a holding back by
cash buyers unable to purchase the cars of their choice because
of supply shortages.
Instalment contracts on new cars in April were about $60
higher than a year earlier and a little more than $250, or 10 per
cent, above the average contract recorded in early 1961. Much of
the rise reflects the fact that consumers in general are buying
CHART 3
NEW CARS:
PROPORTION SOLD ON CREDIT tending sidewise since mid-1963
PER CENT
- 70
- 65
but AVERAGE CONTRACT continues to edge up
-
2800
- 2600
1961
1963
'69
NOTE.—Seasonally adjusted data. New-car sales adjusted to exclude fleet and leasing sales.
Average contract data, also used in estimating credit sales, are based on sales finance company reports. Latest figures shown, first quarter.
larger cars and more optional equipment. Basic list prices have
changed little over the expansion period.
The stretching out of maturities has also played a part in the
increase in average contract size, since finance charges increase as
maturities lengthen. The typical maximum maturity for new-car
contracts is 36 months, but the proportion of all new-car contracts involving this maximum has been creeping up for some
time. This past April it was 74 per cent at reporting banks; a year
earlier it was 72 per cent; 2 years ago it was 68. There is little
evidence, however, that the 36-month maximum is being breached
in any significant number of contracts. In April less than 1 per
cent of all new-car contracts exceeded this maximum, about the
same proportion as earlier in the upswing.
The average contract for used cars also has been increasing.
Indeed, the rise since early 1961 has been greater than that for
FEDERAL RESERVE BULLETIN • JUNE 1965
new cars. Higher prices have been a factor, along with a lengthening of average maturities. The proportion of contracts with maturities of more than 24 months has been rising for several years,
and recently many contracts on late-model used cars have carried
36-month maturities. One group of commercial banks has reported that 36-month contracts are about twice as prevalent in
loans currently being granted as in those loans being closed out.
This reflects in part the younger average age of used cars after
3 years in which sales of new cars were very large.
Minimum downpayment requirements appear to have changed
little over the past 4 years, though the proportion of contracts
calling for the minimum has continued to creep up. This has been
more noticeable for new cars than for used. New-car contracts
currently being written by banks typically call for a downpayment
of 20-25 per cent of list price. The downpayment has been running slightly less for purchased paper, that is, contracts originated by dealers and sold to banks. The most common used car
contract also specifies a downpayment of 20-25 per cent, and
again contracts originated by dealers are a little less restrictive.
Other types. Credit arising from the purchase of furniture, appliances, and other nonauto goods rose by $1.5 billion or 11 per cent
in 1964 and at a slightly faster rate in early 1965. This type of
credit has advanced steadily since mid-1961 and has accounted
for roughly one-fourth of the increase in total instalment credit
outstanding over the period.
One of the factors in its expansion has been the continued
growth in revolving credit, especially at department stores. In
recent years consumers have been able to buy many nondurable
items and small durable goods not previously sold on an instalment basis by using revolving credit. As a result, such credit—
which is regarded as instalment credit, regardless of where it originates—has been increasingly substituted for conventional forms
of both charge-account and instalment credit. It is estimated that
the amount of revolving credit outstanding has nearly doubled
since 1961 and that about $2.5 billion, or two-thirds, of the instalment credit held by department stores is now in this form.
Personal instalment loans have expanded throughout the postwar period with little slack even during recessions. The strong
upward trend in this type of instalment credit reflects its use for
travel, education, and similar expenditures, which themselves have
continued to rise throughout the period since 1947.
Since the spring of 1964 the amount owed on personal loans
has increased by more than 10 per cent. Compared with 4 years
ago, it has risen more than 50 per cent. During the upswing this
type of credit has assumed increased importance, accounting for
792
DEVELOPMENTS IN CONSUMER CREDIT
almost one-third of the advance in total instalment credit compared with a typical one-fourth. Though historically not such a
cycle-sensitive component, personal loans are being used increasingly for purchases of luxury services, and they may be growing
more responsive to economic developments as time goes by.
Home repair and modernization loans are a small—and declining—part of total instalment credit. In early 1965 such loans
amounted to about 6 per cent of the total, down from 7.5 per cent
in mid-1961 and 10 per cent right after World War II. Their
average contract maturity has continued to lengthen ever since
1958, when the maturity ceiling on Federal Housing Administration Title I loans was increased from 3 to 5 years. More than half
of the FHA-type contracts written in 1964 were for the full 5-year
term.
NONINSTALMENT
CREDIT
The expansion in instalment credit has dominated the consumer
credit picture in this upswing, but charge accounts, single-payment
loans, and other types of noninstalment credit have grown as vigorously in percentage terms. At the end of April total noninstalment credit was about $ 1 billion or 8 per cent higher than a year
earlier and about $4 billion or 35 per cent above what it had been
4 years earlier.
The impact of noninstalment credit on changes in total consumer credit outstanding is most noticeable in recessions, when such
credit continues to increase while instalment credit tends to decline.
Thus, during the first quarter of 1961 when instalment credit was
declining at a seasonally adjusted annual rate of close to $400
million, noninstalment credit was rising at a rate of more than
$750 million. Because noninstalment credit is often used for small
and routine purchases, it is much less responsive to cyclical forces
than instalment credit, which finances the larger, more cyclically
variable expenditures.
In the first quarter of 1965 noninstalment debt was increasing
at a seasonally adjusted annual rate of well over $1.5 billion, up
sharply from last year's over-all pace. Much of the increase was in
charge accounts. Then in April, when there was a decline in total
noninstalment credit, it was again charge accounts that were
largely the cause. However, lenders reported a flurry of demand
for single-payment loans to meet tax payments.
The credit-card business, which consists mainly of gasoline
credit cards and general-purpose cards used in hotels and restaurants, is an important and growing part of the charge-account
classification. Such credit totaled more than $640 million on April
30, 1965—12 per cent of the total. Ten years ago it was about
5 per cent.
793
FEDERAL RESERVE BULLETIN • JUNE 1965
PATTERN O F
REPAYJV1EN i S
794
Because consumers repay much of their noninstalment debt
• i •
ii*
•§
»
within a month s time, such payments are mainly of short-term
economic significance. Repayments on instalment debt, on the
other hand, are spread over a longer period and therefore are
subject to longer-term influences. While these repayments reduce
the amount of total debt outstanding, at the same time they represent a drag on consumer purchasing power during the life of the
instalment contract.
Repayments on instalment debt have continued to grow in 1965.
Through the first 4 months they were at a record annual rate of
$64 billion, up from $59 billion in early 1964. At the beginning
of the upswing in 1961, they were running at a rate of $47 billion.
Repayments on auto debt have accounted for more than a third
of the $17 billion rise in total repayments since 1961.
Factors affecting repayments. The pattern of repayments is governed largely by the amount of credit extended in previous periods
and by contract terms. Current economic events have little influence except as they cause the established pattern to be interrupted
either through delinquency or prepayment. Changes in repayments
typically lag changes in new credit extensions, with the length of
the lag depending upon the maturities of the contracts involved.
With more widespread use of contract terms that are generally
accepted as the maximum—for example, the 36-month maturity
for auto contracts—the lag has continued to grow this past year.
The relationship of repayments to credit outstanding differs for
each type of credit because of variations in contract terms. Personal loans and nonauto consumer goods paper normally have
the shortest average maturities, and repayments during any period
are relatively large compared with the outstanding balance. Maturities on automobile paper are longer, so that repayments are not
so large in relation to outstandings. For repair and modernization
loans, where contracts up to 5 years are common, repayments are
an even smaller proportion of the outstanding amount of credit.
Relation to income. The ratio of repayments to disposable personal income moved up in the first quarter of 1965 to 14.3 per
cent. In the final quarter of 1964 it had been 14.0 per cent. The
rise was due to the fact that repayments increased faster than disposable income. With final tax settlements on last year's income
higher than usual owing to underwithholding, disposable income
rose only 1.5 per cent from the fourth quarter to the first. Meanwhile, repayments on instalment debt increased 3 per cent.
The ratio of repayments to income was very low—about 3.5
per cent—at the end of World War II and has been trending upward since then. The sharpest advances came soon after the
795
DEVELOPMENTS IN CONSUMER CREDIT
war, with the removal of credit regulations and the increased
availability of cars and other durable goods. The increase in the
last decade has been more modest, averaging about 1 percentage
point for each 5-year interval in this period.
The persistency of the rise is the result of many factors, but it
reflects mainly the fact that more and more people are using instalment credit for more and more purposes. Faced with the choice
of buying services or buying durable goods to provide the services,
consumers have increasingly demonstrated their preference for
the latter. They have shifted, for example, from public transportation to the use of private automobiles and from moviegoing to
television sets. And in so doing, they have expanded their use of
instalment credit. As already noted, moreover, the use of revolving credit has spread to many small purchases that in the past
would have been paid for through 30-day charge accounts or in
cash.
Although repayments on instalment debt have been accounting
for a growing share of disposable income, there is little evidence
of significantly increased difficulty in collections. Delinquency
rates on consumer loans at commercial banks turned down in
CHART 4
PROPORTION OF INCOME committed to debt repayment continues to go up
PER CENT
— 13
but CONSUMERS are also adding to t h e i r LIQUID ASSETS
BILLIONS OF DOLLARS
— 400
— 350
-
300
L
1961
1963
'65
NOTE.—Seasonally adjusted data. Liquid assets from flow of funds accounts. Latest figures
shown, first quarter.
FEDERAL RESERVE BULLETIN • JUNE 1965
Proportion of
Heavily Burdened Borrowers*
Year
1960
1961
1962
1963
1964
Per cent
12
10
10
12
10
* Defined here as spending units
with instalment debt equal to 20
per cent or more of after-tax income. Based on data from Survey
Research Center, University of
Michigan.
LENDERS' SHARES
April after having risen somewhat from the lows of last summer.
The average rate for all types of loans in April was below the
year-earlier level and well below 1961. Moreover, the number of
loans delinquent is still but a small fraction of all loans.
Although most consumers rely on current income to repay their
instalment debt, those with liquid assets—currency, demand and
time deposits, savings bonds, and the like—would be able to turn
to that source should the need arise. Since 1960, as Chart 4 shows,
consumers have increased their liquid assets by $100 billion, more
than 5 times the rise in instalment debt. And a large proportion
of those with instalment debt—more than two-thirds according to
a 1963 survey conducted by the University of Michigan—also
have liquid asset holdings.
Furthermore, the rise in consumer debt has been accompanied
by a very large increase in consumer holdings of durable goods of
all sorts. In most cases, the useful life of these goods will exceed
the period of repayments.
Nonetheless, the continued upward drift in the repayments ratio
is a matter of concern. Many families with debt have few or no
liquid assets to fall back upon. Moreover, much depends on
whether the new debt is being taken on by consumers already
heavily burdened or mainly by those with few or no previous commitments. There is some evidence that the proportion of heavily
burdened borrowers has not changed significantly in recent years
(see table) and that the increase in instalment debt has been
widely distributed among income and age groups, but statistical
evidence in this area is fragmentary.
Holdings of short- and intermediate-term debt owed by consumers are distributed among many types of retailers and financial institutions. At the end of April commercial banks and sales
finance companies together accounted for 65 per cent of the
$60 billion of consumer instalment credit outstanding. Consumer
finance companies and credit unions held another 20 per cent, and
retailers and miscellaneous financial institutions accounted for the
remainder.
Automobile dealers and other retailers write a major proportion of all instalment contracts but sell the bulk of them to commercial banks and sales finance companies. During 1964, for example, retailers originated nearly three-fourths of all instalment
credit extended but retained only a third of what they originated.
Growth rates of the various lenders over this cyclical upswing
have reflected differing rates of expansion for various types of
loans as well as changes in the competitive positions of the lenders. In general, outstanding credit expanded most at those lending
796
797
DEVELOPMENTS IN CONSUMER CREDIT
institutions that customarily do a large part of their business in
auto and personal loans.
Personal loans outstanding have risen by 58 per cent over the
past 4 years. Commercial banks obtained the largest dollar portion of the increase, but their one-third share of the outstanding
volume on April 30, 1965, was little different from what it had
been in early 1961. Much of the new business went to sales finance
companies for the first time and undoubtedly reflected their efforts
to diversify in response to the intensified competition they faced
in the auto lending field.
CHART 5
GROWTH in instalment credit
has varied among lenders
But THEIR SHARES h a v e c h a n g e d
l i t t l e since e a r l y 1 9 6 1
PER CENT
PROPORTION
100
OTHER FINANCIAL
CONSUMER FIN. -
80 -i
60 -
80
CREDIT UNIONS
CREDIT UNIONS
RETAILERS
-
60
-
40
-
20
SALES FINANCE
COML BANKS
ALL HOLDERS
CONSUMER FIN.
40 -
SALES FINANCE
20 -
COMMERCIAL
BANKS
OTHER FINANCIAL
APRIL 30
1961
APRIL 30
1965
APRIL 30
1961
APRIL 30
1965
Both commercial banks and credit unions reported a greater
expansion in their holdings of auto credit than other lenders generally. For all holder groups, auto credit rose by 50 per cent from
early 1961 to early 1965, but at banks it rose by 70 per cent and
at credit unions by 76 per cent. Credit unions now hold 10 per
cent of the auto paper, as against 8.5 per cent 4 years ago, while
the commercial bank share has risen.
Despite the differences in growth rates by type of lender and
type of credit, the respective shares the lenders hold of total instalment credit has not changed materially over the expansion period,
as Chart 5 shows.
SOURCES OF FUNDS
Commercial banks have not only expanded all major types of
consumer instalment credit in recent years but also continued in
their role as suppliers of funds to other lenders, particularly
finance companies and retailers. At the present time such indirect
FEDERAL RESERVE BULLETIN • JUNE 1965
financing is estimated to underlie 10 per cent of all consumer
instalment credit. A decade ago it was almost twice that, but since
then finance company borrowing has shifted away from banks.
The cost to finance companies of obtaining funds for consumer
lending rose further early in 1965 before leveling off in March.
The average rate for directly placed finance company paper with
maturities of 3 to 6 months increased from 3.75 per cent to 4.25
between last fall and this spring. Bank rates on loans to finance
companies have also risen during this period.
798
Statement by William McChesney Martin,
Jr., Chairman, Board of Governors of the
Federal Reserve System, before the Subcommittee on Financial Institutions of the Senate
Committee on Banking and Currency, May
19, 1965, on S. 1698.
I testify here today in support of the bill
S. 1698. The bill would amend the Bank
Merger Act of 1960 to exempt bank mergers
from the Federal antitrust laws.
It might be helpful, Mr. Chairman, first
to summarize briefly the Bank Merger Act
of May 13, 1960. The Act prohibits the
merger, consolidation, acquisition of assets
or assumption of liabilities of one insured
bank with or by another such bank without
the prior approval of the Comptroller of the
Currency, the Board of Governors, or the
Federal Deposit Insurance Corporation, depending on whether the resulting, acquiring,
or assuming bank is to be a national bank,
a State member bank, or a nonmember insured bank.
In determining whether to approve or to
disapprove a merger application, the appropriate agency is required by the Act to consider, as to each of the banks involved, its
financial history and condition, the adequacy
of its capital structure, its future earnings
prospects, the general character of its management, whether its corporate powers are
consistent with the purposes of the Federal
Deposit Insurance Act, the convenience and
needs of the community to be served, and
the effect of the transaction on competition,
including any tendency toward monopoly.
The agency may approve the transaction
only if, after considering all of the factors
just mentioned, it finds the transaction to be
in the public interest.
Before acting on a merger application, the
action agency is required by the Act to request from the other two Federal bank supervisory agencies and from the Attorney
General advisory reports on the competitive
factors involved in the case. Under the
statute, the advisory reports are not recommendations as to what action should be
taken by the appropriate agency on the
merger application, but are limited to the
competitive factors only. The advisory reports on the competitive factors must be
supplied to the action agency normally
within 30 days of the request.
The Act also provides for public notice
of the filing of merger applications and for
special handling of any application involving a probable bank failure or other emergency requiring expeditious action.
Of course, if a merger application of a
State member bank or a nonmember insured
bank is rejected by the State banking authority, that closes the matter and dispenses
with any need for action on the case under
the Federal bank merger statute.
S. 1698 would make "exclusive and plenary" the authority of the Board of Governors, the Comptroller of the Currency, and
the Federal Deposit Insurance Corporation
to approve or to disapprove proposed mergers and other similar transactions covered
799
800
by the Bank Merger Act. Banks participating in transactions approved under the Act
would be relieved by the bill, as to such
transactions, from the Sherman Antitrust
Act and the Clayton Act. This would be true
whether the particular transaction "has been
or is hereafter consummated."
Any bank merger or similar transaction
consummated prior to the date of enactment
of the Bank Merger Act (May 13, 1960),
following approval of the transaction by the
appropriate State or Federal bank supervisory authority, also would be exempted from
the Federal antitrust laws by the bill.
In a very real sense, S. 1698 would merely
restore to the bank merger situation the rules
that were generally understood to apply at
the time of enactment of the Bank Merger
Act in 1960 and until the decision in June
1963 of the U.S. Supreme Court in the
Philadelphia National Bank case that section
7 of the Clayton Act applied to bank mergers, even though approved under the 1960
statute (374 U.S. 321). The best evidence
of this is in the legislative history of the
Bank Merger Act. I would like to review
that history briefly.
The report of your Committee in 1959
and that of the House Committee on Banking and Currency in 1960 leave no doubt
that the competitive effects or possible antitrust implications of bank mergers were the
major reasons prompting adoption of the
Bank Merger Act. A main emphasis of the
entire legislative history—and rightly so—is
that competition is an indispensable element
to a strong and progressive banking system.
This and the important gaps that existed
prior to 1960 in the Federal law governing
bank mergers were stressed as the reasons
why legislation was necessary.
The special needs and characteristics of
banking, however, is the central theme run-
FEDERAL RESERVE BULLETIN • JUNE 1965
ning throughout the legislative history. It
was emphasized that banking is a licensed,
strictly regulated, and closely supervised industry that offers problems acutely different
from other types of business, whether regulated or not. Because of this, the Congress
in enacting the Bank Merger Act deliberately chose to place the authority to pass on
bank mergers in the Federal bank supervisory agencies.
The most troublesome issue was the
standards by which the legality of bank
mergers was to be tested. As the Committee
reports explain, sections 1 and 2 of the
Sherman Antitrust Act prohibit unreasonable restraints of trade in interstate commerce and monopolies and attempts to
monopolize in any parts of such commerce,
while corporate acquisitions in the circumstances described in section 7 of the Clayton
Act are prohibited where the effect "may be
substantially to lessen competition, or to tend
to create a monopoly." However, it is abundantly clear from the legislative history that
Congress felt that it would not be in the
public interest for the legality of bank
mergers to be tested by competitive factors
alone, to the exclusion of banking factors,
including offsetting benefits to the public.
Indeed, the Congress understood specifically
that there would be situations in which
"approval of the merger would be in the
public interest, even though this would result in a substantial lessening of competition." (S. Rept. No. 186, April 17, 1959,
pp. 19-24; H. Rept. No. 1416, March 23,
1960, pp. 10-13.)
No exemption from the antitrust laws is
contained in the Bank Merger Act. When
the Act was passed in 1960, there seemed
to be little reason for such an exemption.
At that time, as the legislative history clearly
shows, it was generally agreed that section 7
STATEMENTS TO CONGRESS
of the Clayton Act, as amended by the
Celler-Kefauver Act in 1950, was inapplicable to bank mergers, normally
accomplished through asset acquisitions
rather than stock acquisitions. For example,
testimony for the Department of Justice
was that section 7 "is little help" in stopping
bank mergers because it "covers bank stock
—not bank asset—acquisitions." (Hearings
on S. 1062, House Committee on Banking
and Currency, 1960, p. 162.) In addition,
there was little or no experience by which
to judge the usefulness of the Sherman Act
in dealing with bank mergers.
As you have emphasized on various occasions, Mr. Chairman, the Congress specifically rejected proposals that antitrust standards be adopted as criteria for approvals
of bank mergers. Also rejected by the Congress was a proposal that the Attorney
General be permitted to intervene and
obtain court reviews in bank merger cases
pending before the Federal bank supervisory
agencies. Instead, the Congress decided that
the proper role for the Department of
Justice in bank merger cases would be fulfilled by submitting advisory reports on the
competitive factors to the banking agencies
for consideration by them in deciding
whether to approve or disapprove merger
applications.
In view of the attempts which certain
banks are having to make, or may have to
make, to unscramble their affairs as a result
of antitrust litigation subsequent to agency
approvals of mergers, a statement in your
Committee's 1959 report is especially significant. In the words of your Committee:
"The advance approval feature is important
in halting bank acquisitions before they are
consummated and in preserving the depositors' confidence in an institution which
might otherwise be destroyed by an attempt
801
to unscramble assets after an acquisition
has been completed." (S. Rept. No. 196 on
S. 1062, April 17, 1959, p. 22.)
My study of the situation makes it crystal
clear to me that the test for the validity of
bank mergers today is not what the Congress thought it was to be at the time it
enacted the Bank Merger Act. The Philadelphia National Bank case, cited above,
the decision in April 1964 of the Supreme
Court in the First National Bank and Trust
Company of Lexington case (376 U.S.
665), and the decision on March 10 of this
year of the Federal District Court in New
York in the Manufacturers Hanover Trust
Company case, leave no doubt that bank
mergers are now subject to both the Sherman Act and section 7 of the Clayton Act.
This litigation—as well as other pending
antitrust court cases to overturn bank
mergers—makes it unmistakably clear that
banks and their customers now face the
uncertainty that, even though merger proposals receive the advance approval of the
appropriate Federal banking agency, the
transactions are subject to veto in the courts
on the basis of competitive factors alone.
The problems that have followed in the
wake of these court cases are well known.
A high degree of public confidence is peculiarly essential to a sound and vigorous
banking structure. Indeed, the uncertainty
regarding agency approvals and protracted
antitrust litigation to unscramble mergers
risk detrimental effects on the banks involved and the public. As previously indicated by the quotation from your Committee report, this risk was not one that the
Congress thought would materialize when
it enacted the Bank Merger Act; S. 1698
would remedy this situation.
The merger of Manufacturers Trust Company and The Hanover Bank, which the
802
Board approved under the Bank Merger
Act in September 1961, was held to violate
the Federal antitrust laws last March by
the Federal District Court in New York.
That merger is the only one approved by
the Board under the Bank Merger Act that
has been the subject of antitrust litigation.
Since November 1961, the Board has had
a rule under which mergers approved by it
cannot be consummated, except in special
situations, until 7 days have elapsed after
public release of the Board's action approving the transaction (12 CFR 262.2(f) ( 5 ) ) .
Although not required by any statute,
this rule was adopted to reduce the prospects of having to unscramble a merger
that, subsequent to its approval by the
Board, was made the subject of litigation
under the Federal antitrust laws. The Department of Justice, of course, is assured
specifically of advance notice of pending
bank merger cases under the requirement
in the Bank Merger Act for advisory reports
from the Attorney General. The Board gives
careful consideration to the advisory reports
of the Attorney General, as well as to those
of the other two banking agencies, in determining whether to approve or disapprove
a particular transaction.
The Department's Antitrust Division
occasionally asks for more information concerning a particular proposal pending before the Board, and this information is
obtained and supplied by the Board. In
some cases where the Board has received
additional information regarding an application after transmittal of the statutory requests for competitive-factor advisory reports, the Board has requested a further
expression of views from the other banking
agencies and the Attorney General in the
light of the additional information. Furthermore, as experience has developed under
FEDERAL RESERVE BULLETIN • JUNE 1965
the Bank Merger Act over the years, there
has been informal discussion between the
staff of the Board and the staff of the
Justice Department where the Antitrust
Division has had serious question under
the antitrust laws regarding a particular proposal and the desirability of such discussion
has been indicated.
While the 7-day provision in the Board's
rules and other procedures of the kinds that
I have mentioned minimize the risk of
having to unscramble a merger that has been
previously approved by the Board, these
administrative measures cannot eliminate
that risk. The recent court decisions make
it clear that bank mergers approved by the
appropriate Federal bank supervisory
agency under the Bank Merger Act are not
immune from antitrust proceedings, and we
do not know of any Federal statute of limitations on actions to enforce the antitrust
laws.
The recent court decisions involving bank
mergers have underlined the fact that, in the
antitrust field, such matters as banking
factors and offsetting benefits to the public
are virtually ignored. This, of course, marks
the basic difference between the responsibility of the Federal banking agencies under
the Bank Merger Act and the antitrust functions of the Attorney General and the courts.
In deciding a case under the Bank Merger
Act, the appropriate Federal bank supervisory agency must arrive at a balanced
decision of approval or disapproval based
upon a consideration of all of the factors
specified in the Act. Sound banking and the
needs of the public, as well as effect on
competition, must be taken into account.
To process merger cases in a way which,
essentially, would give consideration only
to competitive or antitrust factors, to the
exclusion of other proper considerations,
STATEMENTS TO CONGRESS
would be contrary to the responsibility
vested in the action agency by the Bank
Merger Act. In the Board's judgment, therefore, no administrative steps can be taken
appropriately under existing law that would
effectively bar actions pursuant to the antitrust laws to upset bank mergers previously
approved by one of the Federal bank supervisory agencies under the Bank Merger Act.
For the reasons I have indicated, the
Board supports S. 1698 and hopes that it
will be favorably acted upon by the Congress. In its report to you on the bill, you
will recall, Mr. Chairman, that the Board
urged that the Congress examine the situation that has developed since 1963 with
a view to prompt correction along the lines
of your bill.
The Board's report also mentioned the
possibility of some other approach to the
problem should the Congress be unable to
agree on the approach proposed in your
bill. As the report pointed out, one such
possibility would be to amend the Bank
Merger Act to allow a specified time within
which an antitrust action might be brought
to prevent consummation of an approved
merger and, if such an action were not filed
during that time, the merger could be consummated and would be exempt from any
proceeding under the antitrust laws. Because
the Attorney General receives ample notice
of pending mergers under the procedures of
the Bank Merger Act for advisory reports,
the specified period in any such alternative
approach should be relatively short.
Such an alternative, however, would be a
less positive approach than S. 1698. Moreover, such an alternative unfortunately
would incorporate specifically into the Bank
Merger Act two different—and logically inconsistent—standards for bank mergers. Indeed, the Department of Justice would be
803
obliged by the antitrust laws to intervene to
block a bank merger in the very same circumstances in which a Federal banking
agency would be required by another Act
of Congress—the Bank Merger Act—to approve the transaction. Thus, two arms of the
Government, carrying out their statutory
duties, would work at cross purposes, with
banks and the communities they serve
caught in a legal cross fire.
Clearly, this sort of conflict should be
avoided, as it would be by enactment of S.
1698.
Statement of C. Canby Balderston, Vice
Chairman, Board of Governors of the Federal Reserve System, before the House Committee on Banking and Currency, May 27,
1965, on H.R. 7371.
The Board of Governors of the Federal
Reserve System favors enactment of H.R.
7371. The bill would amend the definition
of "company" in the Bank Holding Company Act of 1956 so as to include, in addition to the corporations, business trusts, and
similar organizations now covered, any
other trust "unless by its terms it must terminate within 25 years, or not later than the
death of a named beneficiary." The bill incorporates amendments suggested by the
Board in its report on H.R. 10668 that was
introduced by your chairman in the last
Congress. The Board's Annual Report
submitted to the Congress on March 22,
1965, also recommended such an amendment to the Bank Holding Company Act of
1956, in addition to a number of other
amendments.
That Act requires bank holding companies (that is, companies that control two
804
or more banks) to register with the Federal
Reserve Board; prohibits their formation or
expansion without Board approval; prohibits their banking subsidiaries from lending to or investing in the parent company
or other subsidiaries; and bars the use of the
holding company device to combine banks
with nonbanking businesses. The Act was
passed not only to prevent excessive concentration of banks under single control and
management, but also to reinforce prohibitions previously enacted against banks engaging in nonbanking businesses. Because
the reasons for requiring bank holding companies to divest themselves of nonbanking
businesses may not be as readily apparent
as those for controlling their acquisition of
additional banks, it may be helpful to quote
from the report of this Committee on H.R.
6227, 84th Congress, which became the
Bank Holding Company Act of 1956:
"The reasons underlying the divestment requirement
are simple. As a general rule, banks are prohibited
from engaging in any other type of enterprise than
banking itself. This is because of the danger to the depositors which might result where the bank finds itself
in effect both the borrower and the lender. It is for this
reason, among others, that statutes limiting the investments of banks have been passed by both the Congress and State legislatures.
"The bank holding company is under no such restriction. It may acquire and operate as many nonbanking businesses as it has funds and the disposition
to acquire. There are in the country today, as has been
pointed out previously, bank holding companies which,
in addition to their investments in the stocks of banks,
also control the operations of such nonbanking businesses as insurance, manufacture, real estate, mining,
and a number of others.
"Whenever a holding company thus controls both
banks and nonbanking businesses, it is apparent that
the holding company's nonbanking businesses may
thereby occupy a prefered position over that of their
competitors in obtaining bank credit. It is also apparent that in critical times the holding company
which operates nonbanking businesses may be subjected to strong temptation to cause the banks which
it controls to make loans to its nonbanking affiliates
even though such loans may not at that time be entirely justified in the light of current banking standards.
In either situation the public interest becomes directly
involved."
The Act does not apply where the banks
or other businesses are owned or controlled
FEDERAL RESERVE BULLETIN • JUNE 1965
by an individual, as opposed to a "company," perhaps because the Congress felt
that control by a company could continue
indefinitely, whereas control by an individual could not extend beyond his lifetime.
But the trust device can be used to achieve
control for an indefinite period, and the
potentiality for abuse through long-term
trusts is just as great as in the case of the
more normal forms of business organization
now covered by the Act's definition of
"company." The bill would close this loophole, while excluding trusts created for a
limited period—up to 25 years, or for the
lifetime of a named beneficiary. This would
avoid covering trusts such as those frequently created to take care of the spouse
or minor children of a decedent.
The bill now under consideration does
not incorporate one suggestion made by the
Board in its report on H.R. 10668 last year.
That suggestion was to delete from the definition of "company" the present exemption
for nonprofit religious, charitable, or educational organizations. The current bill would
repeal the exemption as to charitable or
educational organizations, but retain the exemption for religious organizations. The
Board renews its recommendation that this
exemption be repealed in its entirety. As
stated in the Board's first report, filed May
7, 1958, on operations under the Act of
1956, "the dangers aimed at by the Holding
Company Act (unregulated expansion of
ownership of banks; banking and nonbanking interests being held by the same organizations; and lending by a bank to the organization that controls it) are not absent
simply because a holding company is operated for religious, charitable, or educational purposes."
The bill before you omits a provision in
the earlier bill designed to prevent a trust
STATEMENTS TO CONGRESS
from escaping coverage by merging all of
its banks into one bank with a number of
branches. While the Board questioned the
effectiveness of that provision, and would
not recommend its reinstatement in H.R.
7371, I want to take this opportunity to renew another recommendation the Board has
been making for the past 7 years, and again
this year, that would effectively deal with
the problem. That is, the Board would
amend the Holding Company Act to cover
companies that own or control a single
bank. While the one-bank cases obviously
do not lead to banking concentration, the
reasons for separating banking from nonbanking businesses are just as valid whether
the number of banks involved is one or
more than one.
The Board welcomes the interest your
Committee is showing in amendments to the
Holding Company Act. I hope that your
hearings both on this bill and on H.R. 7372
will convince you of the merits of these two
bills, and lay the groundwork for subsequent action on the other recommendations
of the Board.
Statement by C. Canby Balderston, Vice
Chairman, Board of Governors of the Federal Reserve System, before the Subcommittee on Domestic Finance of the House
Committee on Banking and Currency, June
3, 1965, on H.R. 7372.
Until the end of the first World War, the
American commercial banking system consisted of many thousands of separate institutions, each operating in a single location.
Since that time, one of the most striking developments has been the growth of banking
institutions with multiple offices. The struc-
805
ture of these corporate types of banking may
take either of two forms: branch banking,
in which a single bank operates a number
of offices; or so-called "group banking," in
which a corporation controls a number of
banks, usually through ownership of their
stock.
Branch banking has long been subject to
Governmental supervision and regulation.
In many States no bank is permitted to have
a branch. In the States where branches are
permitted, approval of the supervisory authorities must first be obtained before a new
branch may be established; in many of these
States branching is permitted only within
limited geographical areas. No bank may establish a branch outside the State where it
has its head office.
Until 1956, a very different situation
existed with respect to group banking. Corporate holding companies could and did
gain control of many banks, regardless of
location, relatively free from Governmental
restraint under either the antitrust laws or
the holding company affiliate provisions of
the Banking Act of 1933. In 1956, after
almost two decades of consideration, Congress concluded that the public interest required more effective regulation of bank
holding companies. The Bank Holding
Company Act enacted in that year was
based on two major principles: first, that
holding companies should not acquire additional banks except with prior Governmental approval, and second, that bank holding
companies should not engage also in nonbanking businesses.
Accordingly, the law enacted in 1956 was
entitled "An act to define bank holding
companies, control their future expansion,
and require divestment of their nonbanking
interests." Holding companies then in existence were required to dispose of their
806
ownership of nonbanking businesses and to
secure from the Board of Governors of the
Federal Reserve System approval to establish additional banks or to acquire the stock
of existing ones. In addition, the law itself
prohibited a bank holding company from
establishing or acquiring banking facilities
beyond the boundaries of its own State unless specifically authorized by State statute.
It will be noted that the title of the statute
mentioned not only its major purposes, but
stated also that it was "An act to define
bank holding companies." The basic definition of a bank holding company is a corporation that "directly or indirectly owns 25
per cent or more of the voting shares of each
of two or more banks." However, this definition, like other provisions of the law, was
riddled by special exemptions—no less than
six—which made the statute totally inapplicable in a number of cases. In fact, when
President Eisenhower signed the Act, he
pointed out that "as a result of various exemptions and other special provisions the
legislation falls short of achieving [its] objectives," and he warned that "The exemptions and other special provisions will require the further attention of the Congress."
The bill now before this committee, H.R.
7372, is designed to eliminate the most objectionable and least defensible of the six
special exemptions contained in the Holding
Company Act. Briefly stated, this exemption makes that act inapplicable to any company that was registered prior to May 15,
1955, under an entirely separate statute, the
Investment Company Act of 1940, or to any
company that is affiliated with such a registered investment company, unless the investment company or its affiliate owns directly
25 per cent or more of the shares of each of
two or more banks.
The exemption was presumably based on
FEDERAL RESERVE BULLETIN • JUNE 1965
the erroneous assumption that a company
registered under the Investment Company
Act is subject to such supervision and regulation under that act as to make its regulation under the Holding Company Act unnecessary. Actually, of course, the purposes
of the two acts are entirely different. The
Investment Company Act is aimed primarily at protecting investors. It does not
achieve the principal objectives of the Holding Company Act, namely, to regulate the
control of banks by a holding company, and
to require that the control of banking and
nonbanking enterprises be kept separate.
There is simply no plausible reason why a
company should be exempted from the
Holding Company Act of 1956 merely because it is registered under the Investment
Company Act of 1940, or is affiliated with
a registered investment company.
The Board of Governors has consistently
recommended repeal of this exemption. The
first such recommendation was made by the
Board in its 1958 Special Report to the
Congress as required by the Holding Company Act; and the recommendation has
been reiterated in each subsequent Annual
Report,
As far as the Board knows, one corporation only, Financial General, enjoys this exemption. It has been operating as a bank
holding company without being subject to
the act. It holds a majority interest in 19
banks in Georgia, Maryland, New York,
Virginia, and Washington, D.C., 25 per cent
or more of the stock of two banks in Tennessee and Maryland, and 14 to 20 per cent
of the stock of five banks in Illinois, Virginia, and Tennessee. Of the 26 banks in the
group, 17 have been acquired since enactment of the Holding Company Act. These
26 banks have deposits aggregating over $1
billion, whereas at the end of 1955, the
STATEMENTS TO CONGRESS
deposits of the Financial General banks
totaled about $365 million.
If this company had been subject to the
Holding Company Act, it would have been
required to obtain the Board's prior approval for each bank stock acquisition since
1956. In addition, it would have been required to divest itself of its interests in a
number of organizations engaged in nonbanking businesses, including firms engaged
in life insurance, fire and casualty insurance, industrial and manufacturing activities, lease financing, and mortgage banking.
Because of this company's exemption, it
has been able to cross State lines and to acquire banks in a number of different States,
as well as in the District of Columbia. As
you know, the Bank Holding Company Act
absolutely prohibits a holding company
from acquiring banks in any State other
than that in which it conducts its principal
operations, unless the laws of such other
State specifically and expressly authorize
such acquisition.
807
Although Financial General alone has so
far taken advantage of the investment company exemption, other companies could
utilize this exemption in order to evade
regulation under the Holding Company Act.
Any corporation could become exempt by
acquiring a mere 5 per cent of the stock of
an investment company registered prior to
May 15, 1955. Such a corporation would
become "affiliated" with the registered investment company and therefore would fall
within the special exemption in the Holding
Company Act as long as it did not own directly 25 per cent or more of the stock of
two or more banks.
For the reasons stated, it is the Board's
opinion that companies registered under the
Investment Company Act or their affiliated
companies should be treated exactly like
other bank holding companies if they control two or more banks, whether directly or
indirectly. Accordingly, the Board strongly
favors the enactment of H.R. 7372.
Membership of the Board of Governors
of the Federal Reserve System, 1913-6^
APPOINTIVE MEMBERS 1
Name
Charles S. Hamlin...
Federal Reserve Date of initial
district
oath of office
.Boston
Aug. 10, 1914
Paul M. Warburg
Frederic A. Delano
W. P. G. Harding
Adolph C. Miller
New York
Chicago
Atlanta
San Francisco
do
do
do
do
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.
.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
Ernest G. Draper
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
For notes see following page.
808
Other dates and information relating
to membership2
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.
809
MEMBERSHIP OF BOARD OF GOVERNORS
APPOINTIVE MEMBERS i—Continued
Date of initial
oath of office
Other dates and information relating
to membership1
Atlanta
Minneapolis
New York
Sept. 1,1950
do
Apr. 2, 1951
A. L. Mills, Jr
San Francisco
Feb. 18, 1952
J. L. Robertson
Kansas City
do
Paul E. Miller
C. Canby Balderston
Chas. N. Shepardson
G. H. King, Jr
Minneapolis
Philadelphia
Dallas
Atlanta
Aug. 13,1954
Aug. 12,1954
Mar. 17,1955
Mar. 25,1959
Resigned Feb. 1, 1952.
Resigned June 30, 1952.
Reappointed for term beginning Feb. 1,
1956.
Reappointed in 1958. Resigned Mar. 1,
1965.
Reappointed for term beginning Feb. 1,
1964.
Died Oct. 21, 1954.
George W. Mitchell
Chicago
Aug. 31,1961
J. Dewey Daane
Sherman J. Maisel
Richmond
San Francisco
Nov. 29,1963
Apr. 30, 1965
Name
Edward L. Norton
Oliver S. Powell
Wm. McC. Martin, Jr
Federal Reserve
district
CHAIRMEN 3
Charles S. Hamlin
W. P. G. Harding
Daniel R. Crissinger
Roy A. Young
Eugene Meyer
Eugene R. Black
Marriner S. Eccles
Thomas B. McCabe
W m . McC. Martin, Jr
Reappointed in 1960. Resigned Sept. 18,
1963.
Reappointed for term beginning Feb. 1,
1962.
VICE CHAIRMEN 3
Aug. 10, 1914-Aug. 9, 1916.
Aug. 10, 1916-Aug. 9, 1922.
May 1, 1923-Sept. 15, 1927.
Oct. 4, 1927-Aug. 31, 1930.
Sept. 16, 1930-May 10, 1933.
May 19, 1933-Aug. 15, 1934.
Nov. 15, 1934-Jan. 31, 1948.
Apr. 15, 1948-Mar. 31, 1951.
Apr. 2,1951-
Frederic A. Delano
Paul M. Warburg
Albert Strauss
Edmund Platt
J. J. Thomas
Ronald Ransom
C. Canby Balderston
Aug. 10, 1914-Aug.
Aug. 10, 1916-Aug.
Oct. 26, 1918-Mar.
July 23, 1920-Sept.
Aug. 21, 1934-Feb.
Aug. 6, 1936-Dec.
Mar. 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
1
Dec. 23, 1913-Dec. 15, 1918.
Dec. 16, 1918-Feb. 1, 1920.
Feb. 2, 1920-Mar. 3, 1921.
Mar. 4, 1921-Feb. 12, 1932.
Feb. 12, 1932-Mar. 4, 1933.
Mar. 4, 1933-Dec. 31, 1933.
Jan. 1, 1934-Feb. 1, 1936.
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
"Officer" Defined for Regulation F Purposes
Section 206.2(o) of Federal Reserve Regulation F defines the term "officer" to mean any person who occupies one or more of certain enumerated positions in a member State bank "and any
other person who participates in major policymaking functions of the bank." Among the positions so enumerated is that of "Vice President",
but it is also provided that a person bearing the
title of "Vice President" who does not "participate
in major policy-making functions of the bank" is
not an officer for the purposes of Regulation F.
When Regulation F was adopted, an accompanying description in the Federal Register
(30 F.R. 362; January 12, 1965) stated that "an
'officer' of a bank is defined to exclude persons
who, regardless of title, do not participate in major
policy-making functions." This statement has resulted in some confusion as to the scope of the
definition of "officer". In order to clarify the
matter, the Board of Governors has made the following interpretation.
All persons holding any position enumerated in
section 206.2(o), except those holding a position
as "Vice President", are officers for purposes of
Regulation F regardless of whether they participate in major policy-making functions. The second sentence of section 206.2(o), which provides
that certain persons are not officers if they do not
participate in major policy-making functions, applies only to persons with the title of "Vice President".
Investment for Own Account Affects Applicability
of Section 32
The Board of Governors has been presented
with the question whether a certain firm is primarily engaged in the activities described in section
32 of the Banking Act of 1933. If the firm is so
engaged, then the prohibitions of section 32 forbid a limited partner to serve as employee of a
member bank.
The firm describes the bulk of its business, pro-
ducing roughly 60 per cent of its income, as "investing for its own account". However, it has a
seat on the local stock exchange, and acts as
specialist and odd-lot dealer on the floor of the
exchange, an activity responsible for some 30 per
cent of its volume and profits. The firm's "offpost trading", apart from the investment account,
gives rise to about 5 per cent of its total volume
and 10 per cent of its profits. Gross volume has
risen from $4 to $10 million over the past three
years, but underwriting has accounted for no more
than one-half of one per cent of that amount.
Section 32 provides that "No officer, director,
or employee of any corporation or unincorporated
association, no partner or employee of any partnership, and no individual, primarily engaged in
the issue, flotation, underwriting, public sale, or
distribution, at wholesale or retail, or through
syndicate participation, of stocks, bonds, or other
similar securities, shall serve the same time (sic)
as an officer, director, or employee of any member bank. . . ."
In interpreting this language, the Board has
consistently held that underwriting, acting as a
dealer, or generally speaking, selling or distributing securities as a principal, is covered by the
section, while acting as broker or agent is not.
In one type of situation, however, although a
firm was engaged in selling securities as principal,
on its own behalf, the Board held that section 32
did not apply. In these cases, the firm alleged that
it bought and sold securities purely for investment
purposes. Typically, those cases involved personal
holding companies or small family investment
companies. Securities had been purchased only for
members of a restricted family group, and had
been held for relatively long periods of time.
The question now before the Board is whether
a similar exception can apply in the case of the
investment account of a professional dealer. In
order to answer this question, it is necessary to
analyze, in the light of applicable principles under
the statute, the three main types of activity in
which the firm has been engaged, (1) acting as
specialist and odd-lot dealer, (2) off-post trading
810
811
LAW DEPARTMENT
as an ordinary dealer, and (3) investing for its
own account.
On several occasions, the Board has held that,
to the extent the trading of a specialist or oddlot dealer is limited to that required for him to
perform his function on the floor of the exchange,
he is acting essentially in an agency capacity. In
a letter of September 13, 1934, the Board held
that the business of a specialist was not of the kind
described in the (unamended) section on the understanding that ". . . in acting as specialists on
the New York Curb Exchange, it is necessary for
the firm to buy and sell odd lots and . . . in order
to protect its position after such transactions have
been made, the firm sells or buys shares in lots of
100 or multiples thereof in order to reduce its
position in the stock in question to the smallest
amount possible by this method. It appears therefore that, in connection with these transactions,
the firm is neither trading in the stock in question
nor taking a position in it except to the extent made
necessary by the fact that it deals in odd lots and
cannot complete the transactions by purchases
and sales on the floor of the exchange except to
the nearest 100 share amount."
While subsequent amendments to section 32 to
some extent changed the definition of the kinds of
securities business that would be covered by the
section, the amendments were designed, so far as
is relevant to the present question, to embody
existing interpretations of the Board. Accordingly,
to the extent that the firm's business is described
by the above letter of the Board, it should not be
considered to be of a kind described in section 32.
Turning to the firm's off-post trading, the Board
is inclined to agree with the view that this is sufficient to make the case a borderline one under the
statute. In the circumstances, the Board might prefer to postpone making a determination until
figures for 1965 could be reviewed, particularly
in the light of the recent increase in total volume,
if it were not for the third category, the firm's own
investment account.
While this question has not been squarely presented to it in the past, the Board is of the opinion
that when a firm is doing any significant amount
of business as a dealer or underwriter, then investments for the firm's own account should be
taken into consideration in determining whether
the firm is "primarily engaged" in the activities
described in section 32. The division into dealing
for one's own account, and dealing with customers, is a highly subjective one, and although a
particular firm or individual may be quite scrupulous in separating the two, the opportunity
necessarily exists for the kind of abuse at which
the statute is directed. The Act is designed to prevent situations from arising in which a bank director, officer, or employee could influence the bank
or its customers to invest in securities in which
his firm has an interest, regardless of whether he,
as an individual, is likely to do so. In the present
case, when these activities are added to the firm's
"off-post trading", the firm clearly falls within the
statutory definition.
For the reasons just discussed, the Board concludes that the firm must be considered to be primarily engaged in activities described in section
32, and that the prohibitions of the section forbid
a limited partner in that firm to serve as employee
of a member bank.
Order Under Section 3 of Bank Holding
Company Act
The following Order and Statement were issued
in connection with action by the Board of Governors on an application by a bank holding company for approval of the acquisition of voting
shares of a bank:
DENVER U. S. BANCORPORATION, INC.,
DENVER, COLORADO
In the matter of the application of Denver U. S.
Bancorporation, Inc., Denver, Colorado, for approval of the acquisition of voting shares of Weld
County Bank, Greeley, Colorado.
ORDER APPROVING APPLICATION UNDER
BANK HOLDING COMPANY ACT
There has come before the Board of Governors,
pursuant to section 3(a)(2) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(2))
and section 222.4(a) (2) of Federal Reserve Regulation Y (12 CFR 222.4(a)(2)), an application
by Denver U. S. Bancorporation, Inc., Denver,
Colorado, a registered bank holding company, for
the Board's prior approval of the acquisition of
at least 50 per cent of the voting shares of Weld
County Bank, Greeley, Colorado.
As required by section 3(b) of the Act, the
Board notified the State Bank Commissioner of
812
FEDERAL RESERVE BULLETIN • JUNE 1965
Colorado of receipt of the application and requested his views and recommendation. The Commissioner expressed the opinion on behalf of the
Colorado Banking Board and the Banking Department that the proposed acquisition "would be
beneficial to the bank", and that neither the Banking Board nor the Banking Department opposed
the proposed acquisition.
Notice of receipt of the application was published in the Federal Register of February 5, 1965
(30 F.R. 1271), providing an opportunity for interested persons to submit comments and views
with respect to the proposed acquisition. The time
for filing such comments and views has expired,
and all those received have been considered by
the Board.
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that the acquisition so approved shall not be consummated (a) within seven calendar days after
the date of this Order or (b) later than three
months after said date.
Dated at Washington, D. C , this 26th day of
May, 1965.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Robertson, Shepardson, Mitchell,
and Daane. Governor Maisel did not participate in
this action.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
STATEMENT
Denver U. S. Bancorporation, Inc. ("Applicant"), Denver, Colorado, a registered bank holding company, has filed with the Board, pursuant
to section 3 (a) (2) of the Bank Holding Company
Act of 1956 ("the Act"), an application for approval of the acquisition of at least 50 per cent
of the voting shares of Weld County Bank
("Bank"), Greeley, Colorado.
Views and recommendation of supervisory authority. As required by section 3(b) of the Act,
notice of receipt of the application was given to,
and views and recommendation requested of, the
State Bank Commissioner. The Commissioner advised that neither the Banking Board nor the
Banking Department opposed approval of the
application.
Statutory factors. Section 3(c) of the Act requires the Board to take into consideration the
following factors in acting on this application:
(1) the financial history and condition of the
holding company and the banks concerned; (2)
their prospects; (3) the character of their management; (4) the convenience, needs, and welfare
of the communities and the area concerned; and
(5) whether the effect of the proposed acquisition
would be to expand the size or extent of the bank
holding company system beyond limits consistent
with adequate and sound banking, the public interest, and the preservation of competition in the
field of banking.
Finnancial history, condition, prospects, and
management of Applicant and Bank. Applicant
became a bank holding company on February 5,
1964, and its financial history, albeit short, is
satisfactory. Applicant's holding company system
is composed of three banks, one located in Denver, and two in nearby suburban communities.
These banking subsidiaries held combined deposits
of $366 million at June 30, 1964.1 Based on the
satisfactory financial condition of its subsidiary
banks, Applicant's financial condition is satisfactory.
Applicant's prospects depend largely upon the
prospects of its subsidiary banks. Inasmuch as
Applicant's three subsidiary banks reflect sound
growth and earnings and favorable prospects, the
Board concludes that Applicant's prospects are
also favorable.
The managements of Applicant and its subsidiary banks are considered experienced and well
qualified.
Bank was organized some 75 years ago and has
present deposits of about $17 million. Its deposit
growth in recent years compares favorably with
its two larger local competitors. Despite Bank's
favorable deposit growth, the Colorado Bank
Commissioner considers Bank's financial condition
and prospects as somewhat unfavorable in view
of a need found by the Commissioner for additional capital and somewhat stronger management
direction in certain of the Bank's operations. The
Commissioner concluded that in these two respects, the acquisition of Bank by Applicant
"would be beneficial to the bank."
1
Unless otherwise indicated, all banking data noted
are as of this date.
LAW DEPARTMENT
While the Board, on the basis of the record
before it, finds that Bank's present financial condition, prospects, and management are fairly
satisfactory, the Board finds reasonable the concern expressed by Applicant regarding the management problem that could arise in Bank in the
event of the death or resignation of Bank's chief
executive officer, and agrees that this problem is
accentuated by the potential retirement of, and
less active management participation by, certain of
Bank's other executive officers, particularly in the
light of the anticipated continued growth of Bank.
While the Board is of the opinion that Applicant's
proposed acquisition of Bank is but one of the
solutions to Bank's capital need and management
succession problems, the Board finds that Applicant's ownership of Bank offers sufficiently reasonable assurance of more immediate and certain
solutions to these problems as to constitute a
consideration favorable to approval of the
application.
Convenience, needs, and welfare of the communities and the area concerned. Bank is located
in downtown Greeley, about 58 miles north of
the City of Denver in the west-central area of
Weld County. Greeley is the center for large
farming, ranching, and feeding enterprises, and
the location of many retail stores and distributors
of farm machinery, automobiles and trucks,
appliances, and other kinds of machinery and
equipment. Greeley has an estimated population
of 30,000. Bank's primary service area,2 with an estimated population of 32,000, encompasses Greeley
and four rural route zones extending a maximum of nine miles from downtown Greeley. In
addition to Bank, four other banks are located
in the primary service area. According to Applicant, three of these four banks are affiliated.
The Board's earlier finding regarding the beneficial effect of Applicant's ownership of Bank in
respect to providing capital funds and rendering
assistance as to management succession in Bank,
bears also upon the convenience and needs of the
area concerned.
Applicant states that it can assist Bank in such
areas as advertising, computer services, auditing,
advice regarding Bank's bond portfolio, trust
investments, employee benefits, and in respect to
such other banking services as to which a need
2
The area from which an estimated 75 per cent of
Bank's IPC deposits originate.
813
for assistance may arise. On the basis of the record
present, the Board is satisfied that Applicant's
rendition of the assistance it proposes in respect
to services to be available through Bank would
prove beneficial to the residents and businesses of
Bank's primary service area. This result lends
weight toward approval of the application; however, the affirmative weight is somewhat lessened
by the absence in the record of evidence indicating that any of the major banking needs of
the area concerned are presently going unserved.
On balance, it is the Board's conclusion that the
resulting benefit to the convenience and general
welfare of the area likely to result from consummation of Applicant's proposal weighs somewhat
in favor of approval.
Effect of proposed acquisition on adequate and
sound banking, public interest, and banking competition. The aggregate deposits of $366 million
held by Applicant's three banks would, by the
addition of Bank to Applicant's system, be increased to $383 million, an increase from 14.3 to
15 per cent in Applicant's control of the deposits
of all insured banks in Colorado. Applicant and
the other two registered bank holding companies
with subsidiary banks in Colorado presently control 21.4 per cent of the deposits of all insured
banks in the State. This concentration would be
increased to 22 per cent through Applicant's acquisition of Bank. The acquisition would give
Applicant control of 7 per cent of the 14 insured
banks in Weld County, 18 per cent ($17 million)
of the deposits of those banks, and would result
in Bank being the only holding company subsidiary in Weld County.
At the time of the Board's approval in
November 1963 of Applicant's formation, the
Board concluded that while a sizable portion of
the total deposits and loans of all banks in the
State of Colorado is concentrated in a relatively
few banks, the largest five of which are in Denver
and include Applicant's subsidiary, Denver U. S.
National Bank, it did not appear that any single
banking institution was dominant in the Denver
area or in the State as a whole. Then, as now,
Denver U. S. National Bank was the second largest
bank in the State. (With the acquisition of control
of Bank's $17 million of deposits, Applicant's
system would control deposits aggregating $4
million less than those of the State's largest bank.)
The Board concluded that there was no reasonable
814
basis to believe that formation of Applicant's
system, including Denver U. S. National Bank,
would be inimical to the proven vigor of banking
competition in the areas concerned.
The record before the Board in this case requires no different conclusion regarding the probable impact on banking competition of existing
and proposed concentrations of banking resources. Viewed on a State-wide basis or when
restricted to Weld County, the minimal increase
in concentrations of banking resources that would
result from consummation of the proposed acquisition does not represent a consideration adverse
to approval of the proposal.
Considering next the extent to which Applicant's
ownership of Bank would eliminate existing competition or foreclose future competition between
Bank and Applicant's subsidiaries, for the reasons
hereafter mentioned, the Board concludes that
these considerations present no bar to approval
of the application. Bank is located approximately
58 miles from Applicant's nearest and largest
subsidiary, Denver U. S. National Bank. The
remaining two subsidiaries of Applicant, First
Bank of Aurora and Arapahoe County Bank, are
65 and 72 miles, respectively, from Bank. None
of Applicant's subsidiaries draws a significant
amount of its deposits or loans from Bank's
primary service area and only to a minor extent
do Bank's loans and deposits originate in Applicant's subsidiaries' primary service areas. Accordingly, the amount of existing competition between
Bank and Applicant's subsidiaries that would be
eliminated following consummation of Applicant's
proposal is minimal. Nor is there reason to believe
that future competition between Bank and Applicant's subsidiaries would be measurably greater
than at present, particularly in respect to Applicant's two smaller subsidiaries because of their size
and the relatively great distance separating them
from Bank.
Bank now competes with the following banks
located in the City of Greeley: (1) Greeley
National Bank, with deposits of $28 million, (2)
the latter bank's two affiliates, with combined deposits of $3 million, and (3) First National Bank,
with deposits of $26 million. Bank also competes
with other banks located from 5 to 26 miles from
Greeley, within Weld County, having deposits
varying from $360,000 to $4 million. In view of
the fact that Bank's two principal Greeley competitors each has deposits of some $10 million
FEDERAL RESERVE BULLETIN • JUNE 1965
more than Bank, and the fact that its two smaller
Greeley competitors are affiliated with one of the
larger Greeley banks, and since no subsidiary of
Applicant competes to any significant extent in
the area concerned, the Board concludes that
consummation of the proposed acquisition would
not significantly alter the present competitive
picture in the area concerned.
The Board concludes that the foregoing considerations warrant a finding that the acquisition
proposed would not result in an expansion of the
size or extent of Applicant's system inconsistent
with adequate and sound banking, the public
interest, or the preservation of banking competition.
On the basis of all the relevant facts as contained in the record before the Board, and in the
light of the factors set forth in section 3(c) of
the Act, it is the Board's judgment that the proposed transaction would be consistent with the
public interest, and that the application should,
therefore, be approved.
CONCURRING STATEMENT OF GOVERNOR
ROBERTSON
In November 1963 I dissented from the Board's
majority action in approving Applicant's formation
for the reason, among others, that the Board's
action constituted an open invitation to Applicant
to seek further expansion of its system within
Colorado, a State wherein a major portion of the
total banking resources was controlled by a few
large institutions. Further acquisition of banks by
this holding company could be foreseen then. I
have voted for approval of Applicant's ownership
and operation of the Weld County Bank because
of the assertions of the Colorado Banking Board
and the Banking Department with respect to their
conclusion that consummation of this proposal
would be beneficial to the Weld County Bank and
eliminate some of its existing problems.
Orders Under Bank Merger Act
The following Orders and Statements were
issued in connection with actions by the Board of
Governors with respect to applications for
approval of the merger or consolidation of banks:
UNITED CALIFORNIA BANK,
LOS ANGELES, CALIFORNIA
In the matter of the application of United California Bank for approval of merger with Bank
of Ceres.
815
LAW DEPARTMENT
ORDER APPROVING MERGER OF BANKS
There has come before the Board of Governors,
pursuant to the Bank Merger Act of 1960 (12
U.S.C. 1828(c)), an application by United California Bank, Los Angeles, California, a State
member bank of the Federal Reserve System, for
the Board's prior approval of the merger of that
bank and Bank of Ceres, Ceres, California,
under the charter and title of United California
Bank. As an incident to the merger, the sole office
of Bank of Ceres would become a branch of the
resulting bank. Notice of the proposed merger,
in form approved by the Board, has been published pursuant to said Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act, including reports furnished by the Comptroller of
the Currency, the Federal Deposit Insurance
Corporation, and the Attorney General on the
competitive factors involved in the proposed
merger.
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that said merger shall not be consummated (a)
within seven calendar days after the date of this
Order or (b) later than three months after said
date.
Dated at Washington, D. C , this 12th day of
May, 1965.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Shepardson, and Mitchell.
Voting against this action: Governor Robertson.
Absent and not voting: Governor Daane.
Governor Maisel did not participate in this action.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
STATEMENT
United California Bank, Los Angeles, California ("United"), with total deposits of $2.7
billion, has applied, pursuant to the Bank Merger
Act of 1960 (12 U.S.C. 1828(c)), for the Board's
prior approval of the merger of that bank and the
Bank of Ceres, Ceres, California ("Ceres Bank"),
which has total deposits of $3.6 million.1 The
banks would merge under the charter and name
1
The depositfigurescited throughout are as of June
30, 1964.
of United, which is a State member bank of the
Federal Reserve System and the only banking
subsidiary in California of Western Bancorporation, a registered bank holding company. As an
incident to the merger, the sole office of Ceres
Bank would become a branch of United, increasing the number of its offices from 178 to 179.
Under the law, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are consistent with the purposes of 12 U.S.C, Ch. 16
(the Federal Deposit Insurance Act), (6) the convenience and needs of the 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 of these factors, it finds the
transaction to be in the public interest.
Banking factors. The financial histories of
United and Ceres Bank are satisfactory, and each
bank has a satisfactory asset condition and a
reasonably adequate capital structure. The earnings record and future earnings prospects of
United are satisfactory. While the earnings of
Ceres Bank have been adequate, they are well
short of the reasonable earnings potential of the
bank. The relatively low earnings of Ceres Bank
appear to be the result of the investment and
loan policies of its ultraconservative management.
For example, the bank invests exclusively in shortterm U. S. Government obligations. The management of United is competent and progressive, as
would be the management of the resulting bank,
which would also have a satisfactory financial
condition, a reasonably adequate capital structure,
and favorable future earnings prospects.
The corporate powers of the two banks are not,
and those of the resulting bank would not be,
inconsistent with the purpose of 12 U.S.C, Ch. 16.
Convenience and needs of the communities.
Ceres has a population of approximately 4,500
and is located in Stanislaus County, California,
about 120 miles east of San Francisco. The
economy of Ceres is based chiefly on agricultural
activities, but it is growing as a residential community.
Ceres Bank makes available only very limited
services relative to the banking needs of the Ceres
816
area. The loan volume of Ceres Bank as a percentage of its total deposits is very low as compared to other banks in the area, and about onethird of these loans are participations purchased
from banks outside the community. The bank
does not make FHA or VA loans, interim real
estate loans, or a number of other types of loans
—including the installment variety—ordinarily
available through commercial banks. These and
other services not provided by Ceres Bank are
available at other relatively nearby banking offices,
including the Ceres branch of the seventh largest
bank in California located one block from the
Ceres Bank. However, the proposed merger would
have the advantage of providing for the Ceres
community an alternative source of relatively
full banking services.
The proposed merger would have no appreciable effect on the banking needs and convenience
of the communities in which United presently has
banking offices.
Competition. The service area 2 of Ceres Bank
may be approximately defined as the area contained within a radius of about three to nine miles
of Ceres, and includes the town of Hughson where
the only banking office is a branch of a large
Oakland headquartered bank. Although they are
not within the service area of Ceres Bank, banking
offices located in the towns of Modesto (population about 43,000) and Turlock (population about
9,000) which are situated, respectively, about
five miles north and eight miles south of Ceres,
derive some business from the Ceres community.
Although seven banks operate 12 banking offices
in Modesto, only five downtown offices—one each
of United and the State's first, third, fourth, and
seventh largest commercial banks in terms of total
deposits—are situated where they can reasonably
be expected to attract business from the Ceres
area. The five banking offices in Turlock are
branches of four of these same banks, one of them
being United.
With the acquisition of Ceres Bank, United
would own three of 13 banking offices operated
by six banks in the relevant area as described in
the preceding paragraph, and its holdings of total
deposits in this area would increase from about
2
The area from which a bank obtains 75 per cent
or more of its deposits of individuals, partnerships,
and corporations.
FEDERAL RESERVE BULLETIN • JUNE 1965
8.8 per cent to 11.5 per cent. However, its ranking
of fifth in this respect would remain unchanged.
United is the fifth largest bank in California with
about 8.2 per cent of the total deposits of all the
State's commercial banks, and its share would be
increased by about .01 per cent with the acquisition of Ceres Bank. There is no indication that
any other bank in the relevant area would be
adversely affected by the proposed merger. The
merger would eliminate the limited amount of
competition that exists between the proponent
banks, and foreclose also such potential for competition as there may be. However, United would
be a much more effective competitor for the two
offices of the large banks that now operate in
the service area of Ceres Bank.
Summary and conclusion. Although the merger
would foreclose the limited existing and potential
competition between the proponent banks and
increase slightly the resources of the State's fifth
largest bank, it does not appear that the transaction would have a significantly adverse effect
on banking competition. Indeed, the replacement
of the nonaggressive Ceres Bank by an office of
United would enhance banking competition in the
local market area; at the same time, United would
serve as an alternative source of full banking
services, all of which would redound to the net
benefit of the community concerned.
Accordingly, the Board finds that the proposed
merger would be in the public interest.
DISSENTING STATEMENT OF GOVERNOR ROBERTSON
The Board, by its approval of this application,
gives sanction to a transaction with consequences
that, in my judgment, fall precisely within the
realm of that which the Bank Merger Act of 1960
was designed to prevent.
As a basis for approval, the majority accords
great weight to its finding that the merger would
result in an alternative source of full banking
services for the Ceres community. The record
shows, however, as the majority acknowledges,
that the seventh largest bank in California (a
billion dollar institution) operates an office one
block from Ceres Bank, and that there are eleven
more competing banking offices—ten of them
owned by five of the State's seven largest banks—
situated in nearby towns, some five to eight miles
distant. The facts here obviously would not support a finding that the banking needs and con-
817
LAW DEPARTMENT
venience of the community are not being adequately served, and the majority makes no such
finding. To attach any significance whatsoever
to the convenience and needs factor on a record
such as the one in this case is, I submit, merely
to offer a placebo for the violence that, through
this and like cases, is being done to banking
competition and to the public interest.
United, the fifth largest bank in California, and
the first, third, fourth, and seventh largest banks
together account for nearly 70 per cent of the
total deposits of all the State's commercial banks.
These same five banks, with 11 of the 13 banking
offices in the area treated by the majority as the
relevant geographical market, hold nearly 94 per
cent of the total deposits held by the seven commercial banks operating offices there. Under these
circumstances even a slight increase in the concentration of banking resources through the
acquisition of sound banks is clearly prohibitive.1
Yet the majority, while conceding that the merger
would foreclose competition between the proponent banks, concludes that the elimination of
the last remaining independent bank in the
relevant geographical market—with the five large
banks then owning all but one of the banking
offices and holding nearly 97 per cent of the total
deposits—would actually enhance banking competition. In this connection, the majority points
to the Ceres Bank's lack of aggressiveness. It
cannot be gainsaid, however, that the bank has
been aggressive enough to survive comfortably,
and it apparently has been a reasonably effective
competitor since United is willing to pay a pretty
premium for its purchase. More fundamentally,
the majority fails to comprehend that by its willingness to approve mergers under the circumstances of this case, it effectively removes the
need for banks such as Ceres Bank to adopt
progressive policies or, when a sale is contemplated, to seek out a buyer—other than a dominant
firm in the industry—who may be willing to adopt
such policies.
The Board's reasoning in this case would permit
the eight largest banks in California, which now
hold about 88 per cent of the total commercial
bank deposits in the State, to acquire the banks
holding the remaining 12 per cent, thus resulting
in a complete oligopoly. The general application
of the Board's reasoning in this case would seal
the doom of the Bank Merger Act.
I would deny the application.
THE BANK OF WOOD COUNTY COMPANY,
BOWLING GREEN, OHIO
In the matter of the application of The Bank
of Wood County Company for approval of merger
with The First National Bank of North Baltimore.
ORDER APPROVING MERGER OF BANKS
There has come before the Board of Governors,
pursuant to the Bank Merger Act of 1960 (12
U.S.C. 1828(c)), an application by The Bank
of Wood County Company, Bowling Green, Ohio,
a State member bank of the Federal Reserve
System, for the Board's prior approval of the
merger of that bank and The First National Bank
of North Baltimore, North Baltimore, Ohio,
under the charter and title of The Bank of Wood
County Company. As an incident to the merger,
the sole office of The First National Bank of North
Baltimore would become a branch of the resulting
bank. Notice of the proposed merger, in form
approved by the Board, has been published
pursuant to said Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act,
including reports furnished by the Comptroller
of the Currency, the Federal Deposit Insurance
Corporation, and the Attorney General on the
competitive factors involved in the proposed
merger.
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that said merger shall not be consummated (a)
within seven calendar days after the date of this
Order or (b) later than three months after said
date.
Dated at Washington, D. C , this 21st day of
May, 1965.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Robertson, and Maisel. Absent and
not voting: Governors Shepardson, Mitchell, and
Daane.
(Signed) MERRITT SHERMAN,
1
See the discussion on this point in my Dissenting
Statement at 51 Federal Reserve BULLETIN 98 (1965).
Secretary.
[SEAL]
818
FEDERAL RESERVE BULLETIN • JUNE 1965
STATEMENT
The Bank of Wood County Company, Bowling
Green, Ohio ("Bank of Wood County"), with
total deposits of $23.4 million, has applied, pursuant to the Bank Merger Act of 1960 (12 U.S.C.
1828(c)), for the Board's prior approval of the
merger of that bank and The First National Bank
of North Baltimore, North Baltimore, Ohio ("First
National"), which has total deposits of $4.5
million.1 The banks would merge under the
charter and title of Bank of Wood County, which
is a State member bank of the Federal Reserve
System. As an incident to the merger, the sole
office of First National would become a branch
of Bank of Wood County, increasing the number
of its offices from three to four.
Under the law, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are
consistent with the purposes of 12 U.S.C, Ch. 16
(the Federal Deposit Insurance Act), (6) the
convenience and needs of the 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 of these factors,
it finds the transaction to be in the public interest.
Banking factors. The financial histories of Bank
of Wood County and First National are satisfactory and each bank has a sound asset condition. Each bank also has a satisfactory earnings
record and favorable future earnings prospects.
Management of both banks is satisfactory. First
National's capital position is adequate. Consummation of the transaction would bring needed
improvement in the capital position of Bank of
Wood County, and the resulting bank would have
capable management, a sound asset condition, and
good 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.
Bowling Green, Ohio, with a 1960 population of
about 14,000, is the seat of Wood County and is
located in the northwestern section of the State,
x
The deposit figures are as of December 31, 1964.
approximately 20 miles south of downtown
Toledo, 27 miles northwest of Fostoria, and 26
miles north of Findlay, the closest sizable cities.
The economy of Bowling Green is supported by
both diversified industry and agriculture.
North Baltimore, with a 1960 population of
about 3,000, is located in the south-central portion
of Wood County, 14 miles south of Bowling
Green, 12 miles north of Findlay, and 13 miles
west of Fostoria. Its economy is supported
primarily by agriculture.
Grain farming and livestock feeding are the
basic agricultural activities in Wood County. The
expansion of these activities in recent years is evidenced by a marked increase in the size of farms
as well as the number of livestock of individual
feeders. These operations require more credit than
can be supplied by small rural banks. First National has not been able to accommodate several
of its customers in recent years (including 10 farm
customers) due to the bank's low lending limit.
The merger would result in a bank with greater
resources which could better serve the banking
needs and convenience of Wood County, particularly in the North Baltimore area.
Competition. The service area 2 of Bank of
Wood County does not overlap that of First National and there appears to be only slight competition between the two banks, due in part to the
fact that a bank with deposits of about $12 million
is located midway between North Baltimore and
Bowling Green.
The service area of the resulting bank would
be a largely rural area extending from Toledo,
with a population of over 318,000, south approximately to Findlay, with a population of 30,000.
The resulting bank through its office in North
Baltimore would compete more directly and effectively with two Findlay banks and two Fostoria
banks, all of which have deposits ranging from
$12 to $41 million. It is not expected that the
proposed merger would adversely affect the present competitiors of Bank of Wood County or a
small bank in North Baltimore that presently competes with First National. Numerous alternate
sources of banking services would remain available in Wood County.
Summary. No significant competition would be
2
The area from which a bank obtains 75 per cent
or more of its deposits of individuals, partnerships,
and corporations.
819
LAW DEPARTMENT
eliminated by the proposed merger, while banking competition in the North Baltimore area
should be stimulated without any adverse effect
on other banks. Bank customers in the North
Baltimore area would have ready access to a bank
with sufficient resources to supply much of the
credit required by an expanding agricultural
economy.
Accordingly, the Board finds that the proposed
merger would be in the public interest.
RIVERSIDE TRUST COMPANY, HARTFORD,
CONNECTICUT
In the matter of the application of Riverside
Trust Company for approval of merger with
Bristol Bank and Trust Company.
ORDER APPROVING MERGER OF BANKS
There has come before the Board of Governors,
pursuant to the Bank Merger Act of 1960 (12
U.S.C. 1828(c)), an application by Riverside
Trust Company, Hartford, Connecticut, a State
member bank of the Federal Reserve System, for
the Board's prior approval of the merger of that
bank and Bristol Bank and Trust Company, Bristol, Connecticut, under the charter of the former
and title of United Bank & Trust Company. As
an incident to the merger, the five authorized
offices of Bristol Bank and Trust Company would
become branches of the resulting bank. Notice of
the proposed merger, in form approved by the
Board, has been published pursuant to said Act.
Upon consideration of all relevant material
in the light of the factors set forth in said Act,
including reports furnished by the Comptroller of
the Currency, the Federal Deposit Insurance Corporation, and the Attorney General on the competitive factors involved in the proposed merger.
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that said merger shall not be consummated (a)
within seven calendar days after the date of this
Order or (b) later than three months after said
date.
Dated at Washington, D. C , this 4th day of
June, 1965.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Gov-
ernors Balderston, Robertson, Shepardson, Mitchell,
and Daane. Voting against this action: Governor
Maisel.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
STATEMENT
Riverside Trust Company, Hartford, Connecticut ("Riverside"), with total deposits of $44 million, has applied, pursuant to the Bank Merger
Act of 1960 (12 U.S.C. 1828(c)), for the Board's
prior approval of the merger of that bank and
Bristol Bank and Trust Company, Bristol, Connecticut ("Bristol Bank"), which has total deposits of $18 million.1 The banks would merge
under the charter of Riverside, which is a member of the Federal Reserve System, and the title
of United Bank & Trust Company, Hartford,
Connecticut ("the resulting bank"). The resulting
bank would also be a member of the Federal Reserve System. Incident to the merger, the head
office of Riverside would become head office of
the resulting bank, and Riverside's ten branches,
together with three existing and two approved but
not yet established offices of Bristol Bank, would
become branches of the resulting bank.
Under the law, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are consistent with the purposes of 12 U.S.C, Ch. 16 (the
Federal Deposit Insurance Act), (6) the convenience and needs of the community to be served,
and (7) the effect of the transaction on competition (including any tendency toward monopoly).
The Board may not approve the proposed merger
unless, after considering all of these factors, it
finds the transaction to be in the public interest.
Banking factors. The financial history and condition of Riverside and Bristol Bank are satisfactory. Riverside's capital structure is reasonably
adequate, and its earnings prospects and management are favorable. Bristol Bank's capital structure is adequate. Its earnings prospects also are
favorable, and its management is satisfactory. The
condition of the resulting bank would be sound,
1
Deposit figures are as of December 31, 1964.
820
its capital structure would be reasonably satisfactory, its earnings prospects would be favorable,
and its management would be competent.
Neither the corporate powers of the two existing banks, nor those of the resulting bank, are, or
would be, inconsistent with the purposes of 12
U.S.C., Ch. 16.
Convenience and needs of the communities.
Both Hartford, the State capital, and Bristol, some
fifteen miles to the southwest, are located in Hartford County, in the north central part of Connecticut, in a prosperous, growing industrial area
with some peripheral agriculture, particularly tobacco. In 1960, Hartford had 162,000 and Bristol
46,000 inhabitants. New Britain, with a 1960
population of 82,000, is located almost between
them.
Hartford, one of the main insurance centers of
the United States, is served by five commercial
banks and four mutual savings banks, A recently
chartered national bank has not yet opened for
business in Hartford. The two largest Hartford
banks, which are also the largest in the State, hold
about 95 per cent of the deposits of commercial
banks and over 62 per cent of the deposits of all
banks (including mutual savings banks) in the
city.
Riverside has 3.7 per cent of deposits of commercial banks, and 2.4 per cent of deposits of all
banks in Hartford. While Riverside is the third
commercial bank in size in the city, it is smaller
than any of the four mutual savings banks with
which it competes for savings deposits, real estate
mortgages, and certain other types of loans.
In the past ten years, Riverside has been involved in three mergers, which have accounted
for 31 per cent and 28 per cent of its deposit and
loan growth, respectively. Of Riverside's ten
branches, six were acquired by merger with banks
in six outlying communities, Broad Brook, Portland, New Hartford, Essex, Old Lyme, and Windsor. It does not appear from the record that the
convenience and needs of any of these communities would be substantially affected by the merger.
Bristol, although developing as a residential
community, is primarily an industrial center, employing about 10,000 persons in 69 plants engaged
in the manufacture of machinery, metals, instruments, watches, clocks, and other products. The
New Departure Division of the General Motors
Corporation, employing over 3,000 workers, is the
FEDERAL RESERVE BULLETIN • JUNE 1965
city's largest employer. Commercial expansion in
recent years includes two new shopping centers,
with a third in progress, and the city is carrying
out a sizable urban renewal program. The city
is served by two commercial banks operating five
in-city branches, and two additional branches of
Bristol Bank have been approved, but not yet
opened. There is one mutual savings bank in
Bristol.
The lending limit of Riverside is $320,000 and
of Bristol Bank is $175,000; the lending limit of
the resulting bank would be $495,000. Evidence
in the record indicates that a number of customers
and potential customers of Bristol Bank require
credit in excess of its present lending limit. While
the two large Hartford banks actively solicit business in Bristol, there will be increased convenience
in having locally available in Bristol, offices of a
larger commercial bank with a lending limit of
about half a million dollars.
Competition. The nearest offices of Riverside
and Bristol Bank are about ten miles apart, and the
two do not appear to be in competition with one
another to any important extent. The competitive
situation in Hartford, and in the State of Connecticut, would not be significantly altered as a result of consummation of the proposed merger.
In Bristol, some imbalance may result, since the
remaining commercial bank in the city, a $9 million institution, instead of competing with a bank
twice its size, will be faced with a rival almost
seven times as large. However, the evidence in
the record suggests that this small bank would not
be adversely affected, and there is nothing in the
record to indicate that the other smaller banks
in the areas concerned would be adversely affected
as a result of consummation of the merger.
Throughout Connecticut, mutual savings banks,
in the range in which they function, offer vigorous
competition to commercial banks. The total deposits of the mutual savings banks exceed those
of the commercial banks. Indeed, the two commercial banks in Bristol now compete with a mutual savings bank which holds over two-thirds of
all deposits in the community. The resulting bank
would be almost exactly the size of the mutual
savings bank. While there has been a recent
increase in banking concentration in Connecticut,
the proposed merger would not involve banks controlling a large share of total State deposits. On
the contrary, it may lead to some increased com-
LAW DEPARTMENT
petition for the mutual savings bank in Bristol.
Summary and conclusion. Consummation of the
proposed merger between two banks that are not
in significant competition with one another would
enable the resulting bank better to serve the needs,
and would add to the convenience, of the growing, industrial community of Bristol.
Accordingly, the Board finds that the merger
would be in the public interest.
DISSENTING STATEMENT OF GOVERNOR MAISEL
As I read the legislative history of the Bank
Merger Act, where competitive factors are substantially adverse, a merger must promise to provide substantial offsetting benefits before the responsible agency is justified in approving it. The
record in the present case shows at most that there
may be some slight improvement in convenience
to a few borrowers who will be accommodated in
Bristol instead of having to travel fifteen miles to
Hartford, when the Riverside and Bristol banks
are merged.
This improvement cannot possibly outweigh the
very serious increasing concentration in commercial banking which has been taking place in Hartford County. In 1950, the County enjoyed competitive services of twenty-five commercial banks.
By 1964, eight of these had disappeared. Approval
of the present merger will leave only sixteen, a
decrease of more than a third in the past fourteen
years. In this respect, Hartford County is a microcosm of the State as a whole, which went from
112 commercial banks at the end of 1950 to 66
at the end of 1964.
While the banks involved in the present merger
are not the largest in the County, they are far
from being the smallest. I do not think Congress
intended the Bank Merger Act to lead to a situation in which three or four banking systems would
completely dominate commercial life in a busy,
industrial area like central Connecticut, with only
a few little local banks left to preserve a flavor of
individuality.
The majority gives weight to the competition
offered by mutual savings banks, which divide
County deposits almost equally with the commercial banks. This competition is limited to certain
areas. Mutual savings banks do not compete in
the critical functions, for example, of commercial
loans and demand deposits. But even when the
fourteen mutual savings banks which have been
821
in Hartford County since before 1950 are added
to the twenty-five commercial banks doing business there at that time, the disappearance of almost
a quarter of the individual banks in a county, over
a period of fourteen years, seems to me to signal
a significant increase in concentration.
I would disapprove the application.
THE COMMERCIAL AND SAVINGS BANK
OF ST. CLAIR COUNTY, ST. CLAIR,
MICHIGAN
In the matter of the application of The Commercial and Savings Bank of St. Clair County for
approval of consolidation with Yale State Bank.
ORDER APPROVING CONSOLIDATION OF BANKS
There has come before the Board of Governors,
pursuant to the Bank Merger Act of 1960 (12
U.S.C. 1828(c)), an application by The Commercial and Savings Bank of St. Clair County,
St. Clair, Michigan, a State member bank of the
Federal Reserve System, for the Board's prior
approval of the consolidation of that bank and
Yale State Bank, Yale, Michigan, under the
charter and title of the former. As an incident to
the consolidation, the sole office of Yale State
Bank would be operated as a branch of The Commercial and Savings Bank of St. Clair County.
Notice of the proposed consolidation, in form
approved by the Board, has been published
pursuant to said Act.
Upon consideration of all relevant material in
the light of the factors set forth in said Act,
including reports furnished by the Comptroller of
the Currency, the Federal Deposit Insurance
Corporation, and the Attorney General on the
competitive factors involved in the proposed consolidation,
IT IS HEREBY ORDERED, for the reasons set forth
in the Board's Statement of this date, that said
application be and hereby is approved, provided
that said consolidation shall not be consummated
(a) within seven calendar days after the date of
this Order or (b) later than three months after
said date.
Dated at Washington, D. C , this 14th day of
June, 1965.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and
Governors Balderston, Shepardson, Mitchell, Daane,
and Maisel.
822
FEDERAL RESERVE BULLETIN • JUNE 1965
Voting against this action: Governor Robertson.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
STATEMENT
The Commercial and Savings Bank of St. Clair
County, St. Clair, Michigan ("Commercial and
Savings Bank"), with total deposits of about $17
million, has applied, pursuant to the Bank Merger
Act of 1960 (12 U.S.C. § 1828(c)), for the
Board's prior approval of the consolidation of
that bank and Yale State Bank, Yale, Michigan
("Yale Bank"), which has total deposits of about
$5 million.1 The banks would consolidate under
the charter and name of the Applicant, a State
member bank of the Federal Reserve System. As
an incident to the consolidation, the sole office of
Yale Bank would become a branch of Commercial
and Savings Bank, increasing the number of its
offices to three.
Under the law, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are consistent with the purposes of 12 U.S.C, Chapter 16
(the Federal Deposit Insurance Act), (6) the
convenience and needs of the community to be
served, and (7) the effect of the transaction on
competition (including any tendency toward
monopoly). The Board may not approve the
transaction unless, after considering all of these
factors, it finds the transaction to be in the public
interest.
Banking factors. The financial histories of Commercial and Savings Bank and Yale Bank are
satisfactory, and each bank has a sound asset condition and an adequate capital structure. Each
bank has a good earnings record and satisfactory
future earnings prospects. The management of
each bank is satisfactory and, in addition to
capable management, the resulting bank would
have a sound asset condition, an adequate capital
structure, and good 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, Chapter 16.
1
Deposit figures are as of December 31, 1964.
Convenience and needs of the communities.
Yale has a population of about 1,600 and is
located in north-central St. Clair County, about
31 miles northwest of St. Clair and about 27 miles
northwest of Port Huron, the county seat. The
economy of Yale is based principally on agriculture, especially dairy farming. Yale is encircled
by a number of small independent banks situated
at distances ranging from about 12 to 20 miles,
and the branch office of Commercial and Savings
Bank is located at Emmet (population about 280),
some 10 miles to the southeast. Although it
appears that no pressing need exists for the services of a larger bank in the Yale community, the
bank resulting from the proposed consolidation
could more readily—and generally more economically—make available services not offered by Yale
Bank that would both facilitate the economic
growth of the area and afford improved convenience for banking customers.
Competition. Following the consolidation, Commercial and Savings Bank would hold about 12
per cent of total deposits held by the 20 offices
of the 9 banks competing to some degree in the
combined areas served by its 3 offices. There is
no evidence that the consolidation would foreclose any meaningful competition between the
proponent banks or that it would adversely affect
other banks.
Summary and conclusion. It does not appear
that the proposed consolidation would have any
adverse consequences for banking competition.
At the same time, Commercial and Savings Bank
would make available for the area now served by
Yale Bank improved and expanded banking services which would, in addition to benefiting the
convenience of banking customers, serve to
enhance the community's economic prospects.
Accordingly, the Board finds that the proposed
transaction would be in the public interest.
DISSENTING STATEMENT OF GOVERNOR ROBERTSON
I am unable to conclude from the record in this
case that consummation of the proposed consolidation would be in the public interest within the
meaning of the Bank Merger Act of 1960.
As I understand the statute and its legislative
history, Congress intended to make approval of a
bank consolidation or merger dependent on a
positive showing by its proponents that the public
interest would thereby be benefited and rejected
823
ANNOUNCEMENTS
the philosophy that doubts be resolved in favor of
such transactions.1 In this case, there is a showing
neither of an advantage for the public nor a
reasonable probability thereof. The majority,
while essentially conceding that the banking needs
and convenience of the community are being satis1
See the discussion on this point in my Dissenting
Statement at 49 Federal Reserve BULLETIN 16, 17
(1963).
factorily met, nevertheless bases its decision on
the hope that the improved and expanded (but
unneeded) banking services to be offered by the
resulting bank will somehow enhance the economic
prospects of the Yale area. A mere hope, however
fervently held, is not evidence; and it is not, in
my judgment, a sufficient basis under the applicable law upon which to rest a finding of public
benefit.
Accordingly, I would deny the application.
Announcements
DEATH OF DIRECTOR
Mr. W. S. Kennedy, President and Chairman of
the Board, The First National Bank of Junction
City, Junction City, Kansas, who had served as a
Class A director of the Federal Reserve Bank of
Kansas City since October 2, 1951, died on
June 5, 1965.
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 15, to June 15, 1965.
Alabama
West Blocton .
. Bank of West Blocton
National Summary of Business Conditions
Released for publication June 16
Industrial output continued to increase in May,
although as in April, expansion was less rapid
than in the first quarter of the year. Nonfarm
employment increased and the unemployment rate
declined. Retail sales rose appreciably to exceed
the February high. Expansion in bank credit, as
in April, was less than earlier in the year. The
money supply declined while time and savings
deposits continued to increase at a less rapid pace
than in the first quarter. Common stock prices
declined from the high reached in mid-May.
consumer durable goods changed little at advanced
rates, although output of appliances was down
somewhat from a high in March. Production of
business equipment rose 1.5 per cent further, with
increases in all categories, and the gain over the
year from May 1964 amounted to 11 per cent.
Iron and steel production remained close to the
record rate reached in April, despite the interim
settlement of the industry's labor contract which
postponed the threat of a strike. In early June,
steel ingot production continued to change little.
INDUSTRIAL PRODUCTION
CONSTRUCTION
The Board's index of industrial production rose
in May—to 141.3 per cent of the 1957-59 average
from 140.8 per cent in April—reflecting mainly
continued expansion in output of machinery and
other business equipment. Production of consumer
goods increased slightly but remained below the
March high when auto assemblies were at a record
seasonally adjusted annual rate of about 10 million
units. Among industrial materials, a small further
rise in nondurable goods was offset by a decrease
in durable goods.
Autos were assembled in May at a seasonally
adjusted annual rate of 9.5 million units, which
is about the same as production in April and
scheduled output for June. Production of other
The value of new construction activity in May,
at a seasonally adjusted annual rate of nearly $68
billion, was unchanged from April and 1 per cent
below the March peak. Business construction declined slightly but residential building and public
construction activity changed little.
INDUSTRIAL PRODUCTION
1957-59 = 100
TOTAL/ 7 ^
-
FINAL PRODUCTS_^/*^
>^^MATERIALS
_
1
1
1
1
1
NONDURABLE
^*' *'
MANUFACTURES/ 1 ^
v
/
x
1
1961
1
1
1963
1
\
1
A
-
V"
DISTRIBUTION
-
/3TCONSUMER
* ^ \ / S
GOODS
1
1
1965
i
1961
1
1
1963
_
1
1965
F.R. indexes, seasonally adjusted. Latest figures shown are
for May.
Employment in nonfarm establishments, which
had declined in April in part because of floods,
rose in May and was somewhat higher than in
March. Employment recovered only a small part
of its April decrease in construction, but it recovered fully in trade and continued to grow in
services and in State and local government. In
manufacturing, a decrease in employment in primary metals was nearly offset by continued expansion in the machinery industries. Average
weekly hours of production workers in manufacturing increased but remained somewhat below
the high figures of the first quarter.
The unemployment rate was 4.6 per cent in
May compared with 4.9 per cent in April and
5.2 per cent in May 1964. Long-term unemployment—the number of persons unemployed for
15 weeks or more—declined sharply.
~
DURABLE
MANUFACTURES
1
1
EQUIPMENT /
/
^^^y/y'
_
1
/'
-
w
EMPLOYMENT
Retail sales rose 2.5 per cent in May and
slightly exceeded the high reached in February
when auto sales were at a post-strike peak. Large
gains were recorded at general merchandise and
apparel stores, and the total for nondurable goods
824
825
NATIONAL SUMMARY OF BUSINESS CONDITIONS
stores was up 3 per cent from April and also from
February. Sales of new domestic autos, although
down substantially from February, were little
changed from April. For durable goods stores as
a whole, the value of sales rose 1 per cent in May.
COMMODITY PRICES
The wholesale commodity price index rose
nearly 1 per cent through May and early June.
Most of the increase reflected a sharp rise in
foodstuffs, to a level about 5 per cent higher than
at the beginning of the year, attributable to delays
in harvesting vegetables and to reduced production
and marketings of livestock. The industrial commodity price index also increased further, to a
point 0.5 per cent higher than at the start of the
year, chiefly because of additional increases for
semi-fabricated copper and aluminum products
and a rise in gasoline.
BANK CREDIT, MONEY SUPPLY, AND RESERVES
The seasonally adjusted increase in commercial
bank credit of $1.8 billion in May was the same
as in April but much less than the $2.8 billion
average monthly increase in the first quarter.
Total loans continued to show relatively large gains
but bank holdings of U.S. Government securities
declined further and holdings of other securities
showed only a small rise. The money supply declined $1.2 billion, nearly as much as it had increased over the preceding two months. Time and
savings deposits at commercial banks continued
to increase at a less rapid pace than in the first
quarter of the year.
Member bank borrowings rose further in May
while excess reserves declined somewhat. Borrowings were larger than excess reserves by about
$180 million compared with $110 million in April.
Seasonally adjusted total and required reserves
declined slightly following substantial increases
earlier in the year. Reserves were supplied by
Federal Reserve purchases of U.S. Government
securities and were absorbed by currency and gold
outflows and other factors.
SECURITY MARKETS
Yields on corporate and municipal bonds rose
moderately between mid-May and mid-June, while
those on Treasury bonds changed little. Treasury
bill rates declined; in mid-June the rate on 3-month
issues was 3.80 per cent compared with 3.90 per
cent a month earlier.
Common stock prices declined from an all-time
high reached in mid-May. On June 15, average
prices were 6 per cent below the high.
INTEREST RATES
PRICES
ALL ITEMS
^
^
-
ALL COMMODITIES
1
I
1
1
1
1
1
1
1
1
1
1
NONFOOD COMMODITIES
COMMODITIES
OTHER THAN FARM AND FOOD
1
1
1
1
1
1
1
1
SERVICES^_^—~^
PROCESSED FOODS
_^~
|
FARM PRODUCTS
Y
^"^
1
1
FOODS
1
_
1
1
Bureau of Labor Statistics indexes. Latest figures shown for
consumer prices, April; 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 11.
Guide to Tabular Presentation
SYiMBOLS AND ABBREVIATIONS
c
c
p
r
rp
I, II,
N.S.A.
Estimated
Corrected
Preliminary
Revised
Revised preliminary
IPC
SMSA
A
L
Quarters
ra, iv Not
available
n.a.
Not elsewhere classified
n.e.c.
Monthly (or quarterly) figures adjusted for
S.A.
seasonal variation
s
u
Monthly (or quarterly) figures not adjusted
for seasonal variation
Individuals, partnerships, and corporations
Standard metropolitan statistical area
Assets
Liabilities
Sources of funds
Uses of funds
Amounts insignificant in terms of the particular unit (e.g., less than 500,000 when
the unit is millions)
(1) Zero, (2) no figure to be expected, or
(3) figure delayed
GENERAL INFORMATION
Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow.
A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right
(left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2)
to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items.
"U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also
include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also
includes municipalities, special districts, and other political subdivisions.
In some of the tables details do not add to totals because of rounding.
The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not
originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the
data.
LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY,
WITH LATEST BULLETIN REFERENCE
Quarterly
Flow of funds.
Issue
Page
Apr. 1965 604-14
Semiannually
Banking offices:
Analysis of changes in number of
Feb. 1965
On, and not on, Federal Reserve Par List
number of
Feb. 1965
324
325
Annually
Bank holding companies:
List of, Dec. 31,1964
June 1965
Banking offices and deposits of group banks,
Dec.31,1963
June 1964
892
783
826
Annually—Continued
Banking and monetary statistics, 1964.
Issue
Page
Feb. 1965 326-33
Mar. 1965 490-91
June, 1965 888-91
Banks and branches, number of, by class and
State
Apr. 1965 615-16
Flow of funds (assets and liabilities)
Income and expenses:
Federal Reserve Banks
Member banks:
Calendar year
Operating ratios
Insured commercial banks
Apr. 1965
604
Feb. 1965 322-23
May 1965 750-58
Apr. 1965 617-19
May 1965
759
Stock exchange firms, detailed debit and credit
balances
Sept. 1964
1206
Financial and Business Statistics
* United States *
Member bank reserves, Reserve Bank credit, and related items; Federal funds
Reserve Bank discount rates; margin requirements; reserve requirements
Open market transactions; Federal Reserve Banks
Bank debits; currency in circulation
Money supply; banks and the monetary system
Commercial and mutual savings banks, by classes
Commercial banks, by classes. . .
Weekly reporting member banks.
Business loans
828
833
835
838
840
842
846
848
851
Interest rates
Security prices; stock market credit; open market paper
Savings institutions
Federal
finance
Federally sponsored agencies
Security issues
Business
finance
Real estate credit
Consumer credit
852
853
854
856
861
862
865
867
870
Industrial production
Business activity; construction
Employment and earnings
Wholesale and consumer prices
National product and income series
Flow of funds
874
878
880
882
884
886
Banking and monetary statistics
.
Bank holding companies, December 31, 1964
888
892
Guide to tabular presentation.
Index to statistical tables . .
826
919
The data for F.R. Banks and member banks and
for consumer credit are derived from regular
reports made to the Board; production indexes
are compiled by the Board on the basis of data
collected by other agencies; and flow of funds
figures are compiled on the basis of materials
from a combination of sources, including the
Board. Figures for gold stock, currency, Fed-
eral finance, and Federal credit agencies are obtained from Treasury statements. The remaining data are obtained largely from other
sources. For many of the banking and monetary
series back data and descriptive text are available in Banking and Monetary Statistics and
its Supplements (see list of publications at end
of the BULLETIN).
827
828
JUNE 1965
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS
(In millions of dollars)
Factors supplying reserve funds
Factors absorbing reserve funds
F.R. Bank credit outstanding
Period
or
date
U.S. Govt. securities
Total
Discounts
RepurFloat i
Bought chase and
adoutagreeright ments vances
Total 2
Gold
stock
Treasury
currency
outstanding
Deposits, other
Member bank
than member bank
reserves
Cur- Treasreserves,
Other
rency
with
F.R.
Banks
ury
F.R.
in
cash
ciracCurcula- holdcounts With
ings
rency
tion
Treas- ForF.R.
Total
ury
and
eign Other i
Banks
coin 3
Averages of
daily figures
1929—June....
1933—June....
1939—Dec
1941—Dec
1945—Dec
179
179
1,933
1,933
2,510 2,510
2,219 2,219
23,708 23,708
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
20,345
23,409
24,400
25,639
24,917
20,336
23,310
23,876
25,218
24,888
142 1,117 21,606
9
657 1,375 25,446
99
524 1,633 1,262 27,299
421
448 1,018 27,107
992 26,317
29
407
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
840
706
716
564
911
1960—Dec
1961—Dec
1962—Dec
1963—Dec
27,248
29,098
30,546
33,729
27,170
29,061
30,474
33,626
78
37
72
103
1964—May....
June
July....
Aug
Sept
Oct
Nov
Dec
33,907
34,631
34,898
35,118
35,273
35,334
36,036
37,126
33,836
34,530
34,765
34,996
35,143
35,257
35,867
36,895
1965—Jan
Feb
Mar
Apr
May....
36,684
37,052
37,315
37,637
38,111
36,457
36,957
37,267
37,482
37,749
1
8
15
22
29
33,575
33,979
33,843
33,050
33,086
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
17,391
20,310
21,180
19,920
19,279
17,391
20,310
21,180
19,920
19,279
459
372
345
262
361
394
983 19,240
247
998 19,535
186 1,063 19,420
337 1,174 18,899
348 1,195 18,628
19,240
19,535
19,420
18,899
304 18,932
522
514
587
879
250
229
222
160
495 1,029 16,688 2,595 19,283
,112 17,259 2,859 20,118
244
,048 16,932 3,108 20,040
290
,215 17,303 3,443 20,746
206
425
414
431
421
437
471
529
595
957
886
804
909
893
863
613
944
148
135
131
145
143
133
148
181
180
200
201
194
189
189
200
186
,111
,273
,194
,151
,129
,009
,119
,093
17,092
17,356
17,408
17,340
17,589
17,716
17,812
17,964
3,128
3,202
3,257
3,226
3,339
3,317
3,347
3,645
20,220
20,558
20,665
20,566
20,928
21,033
21,159
21,609
39,013
38,641
38,777
38,942
39,052
652
696
727
•744
756
875
943
890
865
908
180
145
144
170
142
223
211
194
207
187
949
,166
,049
783
985
18,006
17,820
17,836
18,047
18,070
3,613
3,407
3,412
3,458
3411
21,619
21,227
21,248
21,505
'21,481
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
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
990
417
427 1,010
430
927
156
160
143
131
188
954 17,247
179
939 17,218
178 1,195 17,107
174 1,250 16,852
3,030
3,087
3,197
3,262
20,277
20,305
20,304
20,114
1,521 36,222
1,471 36,597
1,823 36,811
2,136 36
"",875
15,463
15,462
15,461
15,461
5,584
5,590
5,582
5,582
37,263
37,487
37,614
37,574
425
436
415
395
914
905
880
905
145
135
131
138
197
199
196
203
,257
,308
,240
,273
17,066
17,179
17,378
17,430
3,128
3,007
3,238
3,297
20,194
20,186
20,616
20,727
221
263
460
159
179
1,818
1,882
1,787
2,195
1,626
36,960
37,588
37,636
36,789
36
"',381
15,462
15,463
15,463
15,463
15,463
5,582
5,574
5,562
5,566
5,567
37,618
37,916
38,099
37,969
37,814
404
416
425
444
440
873
842
885
770
711
140
134
123
131
133
195
222
204
191
190
,276
,256
,223
,158
,148
17,498
17,840
17,703
17,154
16,975
3,347
2,965
3,291
3,275
3,350
20,845
20,805
20,994
20,429
20,325
26!
376
279
329
1,460 36,892
1,554
,554 "",393
37
2,024 37 ,197
1,719 37,137
15,462
15,462
15,461
15,46f
5,570
5,554
5,558
5,563
37,893
38,114
38,113
37,998
433
417
412
429
769
964
932
918
137
141
144
145
199
193
199
188
,132
,113
,102
,214
17,363
17,467
17,314
17,270
3,197
3,130
3,269
3,341
20,560
20,597
20,583
20,611
315
478
225
410
280
1,451
1,563
1,846
2,465
1,943
15,46:
15,46:
15,46:
15,462
15,461
5,57!
5,566
5,564
5,569
5,556
38,007
38,243
38,425
38,192
38,075
423
426
435
448
440
858
857
906
962
914
164
131
142
131
161
,199
191
,220
188
,163
194
,054
193
186 1,066
17,159
17,679
17,285
17,870
17,662
3,372
3,000
3,454
3,386
3,478
20,531
20,679
20,739
21,256
21,140
1,317 4,024 2,018 4,400
210
2,208 4,030 2,295 5,455
272
2,612 17,518 2,956 7,609 2,402
2,404 22,759 3,239 10,985 2,189
24,744 20,047 4,322 28,452 2,269
30
81
616
592
625
22,879
22,483
23,276
22,028
21,711
4,629
4,701
4,806
4,885
4,982
27,806 1,290
29,139 1,280
30,494 1,271
30,968
767
30,749
805
615
271
569
602
443
920
571
745
466
439
353
264
290
390
365
1,389 26,853
1,633
633 27,156
27
1,443 26,186
1,496 28,412
1,426 29,435
21,689
21,942
22,769
20,563
19,482
5,008
5,064
5,144
5,230
5,311
31,265
31,775
31,932
32,371
32,775
777
772
768
691
396
434
463
385
470
524
94
152
305
360
1,,665 29,060
29
1,921 31,217
2,298 ",218
33
2,434 36,610
17,954
16,929
15,978
15,562
5,396
5,587
5,561
5,583
33,019
33,954
35,281
37,603
408
422
398
389
71
101
133
122
130
77
169
231
256
271
265
334
332
311
433
266
1,747 35,981
1,784 36,760
1,841 37,077
1,670 37,170
37
914 37,578
027 37,747
1,874 38,421
2,423 39,873
15,462
15,462
15,463
15,462
15,462
15,462
15,442
15,388
5,577
5,584
5,568
5,562
5,564
5,533
5,494
5,401
37,107
37,541
37,938
38,033
38,224
38,362
38,937
39,698
227
95
48
155
362
340
450
441
487
520
2,126 39 ,245
1,650 39,244
1,659 39,535
1,658 39,882
1,633 40 ,340
15,258
14,984
14,687
14,472
14,358
5,395
5,394
5,396
5,405
5,401
33,534
33,916
33,843
33,050
32,985
101
155
209
191
321
137
1,512 35,353
1,593 35,898
1,756 35
"",891
2,166 35 ,593
1,772 35,083
15,462
15,463
15,462
15,462
15,462
20!'.'.'.'..'.
27
33,763
33,987
33,749
33,839
33,580
33,904
33,715
33,819
183
83
34
20
213
314
298
209
1,653 35,724
1,640 36
"',020
2,064 36,179
1,739 35,844
June
3
10
17
24
34,381
34,757
34,591
34,427
34,327
34,530
34,438
34,427
54
227
153
265
289
328
232
July
1
8
15
22
29
34,841
35,335
35,304
34,392
34,518
34,823
35,215
35,030
34,392
34,357
18
120
274
35,112
35,397
34,855
35,051
34,980
35,097
34,855
34,929
132
300
19
26
Sept. 2
9
16
23
30
35,162
35,611
35,397
34,904
35,186
35,144
35,234
35,262
34,904
35,157
978
250
8
5
381
12
83
170
652
30
164
739
1,531
1,247
739
796
832
908
929
Week ending—
1964
Apr.
Aug
- ,1:::::::
For notes see opposite page.
'J22
18
377
135
29
36,968
37,716
37,524
37,820
37,487
JUNE 1965
829
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
(In millions of dollars)
Factors supplying reserve funds
Factors absorbing reserve funds
F.R. Bank credit outstanding
Period
or
date
U.S. Govt. securities
Discounts
and Float
advances
Total
right
Total 2
Gold
stock
Treasury
currency
outstanding
Currency
in
circulation
Treasury
cash
holdings
Deposits, other
than member bank
reserves,
with F.R. Banks
Treasury
For-
Member bank
reserves
Other
F.R.
accounts
Otheri
With
F.R.
Banks
Currency
and
coin 3
Total
Averages of
daily figures
Week ending—
1964
Oct.
7
14
21
28........
Nov. 4
11
18
25
Dec.
.
2.
9.
16.
23.
30.
35,759
35,663
34,909
34,911
35,549
35,532
34,909
34,911
210
131
372
241
382
233
15,463
15,462
15,463
15,462
5,554
5,541
5,538
5,513
38,209
38,465
38,432
38,333
457
838
470
865
489 1,012
467
810
131
133
130
137
204 1,103
177 1,028
189
966
185
925
35,711
35,986
35,913
35,992
35,642
35,671
35,698
35,867
69
315
215
125
479
634 37,910 15,462
429 1,711 38,201 15,463
593
. __ 38,532 15,462
162 2, 136 38,388 15,430
5,505
5,497
5,497
5,494
38,446
38,793
38,975
39,071
484
503
533
552
666
546
563
521
122
139
130
148
197
205
215
183
36,667
37,335
37,335
36,926
36,936
36,667
37,335
37,020
36,660
36,570
315
266
366
377
124
162
291
535
860 38,969
950 39,480
084 39,632
907 40,175
884 40,409
15,387
15,387
15,388
15,387
15,388
5,456
5,400
5,402
5,404
5,397
39,277
39,476
39,743
39,834
39,852
554
827
571
873
593 1,024
608
978
620
990
224
186
142
144
221
196
886
186 1,231
176 1,106
183 1,057
177
996
17,848
17,745
17,637
18,160
18,338
3,528
3,397
3,750
3,681
3,653
21,376
21,142
21,387
21,841
21,991
820 38,051
875 37,876
548 37,878
995 37,203
18,125
17,739
17,660
17,321
3,134
3,246
3,341
3,448
21,259
20,985
21,001
20,769
1,111 17,851 3,359 21,210
1,153 17,823 3,192 21,015
1,150 17,926 3,389 21,315
1,245 17,592 3,467 21,059
1965
Jan.
6.
13.
20.
27.
37,058
36,816
36,460
36,440
36,515
36,515
36,403
36,334
543
301
57
106
340
460
322
252
2, 622 40,111
2,149 39,522
2,249 39,112
1,841 38,631
15,388
15,330
15,187
15,187
5,407
5,394
5,393
5,387
39,552
39,282
38,927
38,644
630
674
649
780
662 1,015
657
997
228
186
178
151
283 1,026
205
970
212
902
877
213
18,513
18,174
17,797
17,668
3,686
3,671
3,643
3,591
22,199
21,845
21,440
21,259
Feb.
3
10
17
24
36,876
37,272
37,151
36,812
36,769
37,133
37,088
36,718
107
139
63
94
323
517
398
565
,611 38,923
,472 39,384
,540 39,189
,730 39,162
15,157
15,045
14,937
14,938
5,396
5,391
5,397
5,391
38,565
38,641
38,715
38,613
664
940
679
924
699 1,001
719
878
148
152
141
139
216
207
220
204
,032
,158
,158
,195
17,912
18,060
17,589
17,744
3,489
3,252
3,460
3,442
21,401
21,312
21,049
21,186
Mar.
3
10
17
24
31
36,911
37,319
37,371
37,305
37,419
36,835
37,211
37,308
37.305
37,401
76
108
63
is
315
426
388
482
502
,924 39,226
,624 39,475
597 39,484
,005 39,900
376 39,444
14,902
14,813
14,741
14,562
14,562
5,400
5,394
5,397
5,393
5,397
38,625
38,756
38,894
38,796
38,714
706
715
717
735
746
922
806
912
956
898
159
150
132
139
146
217
209
191
186
181
,224
,202
,061
980
875
17,675
17,844
17,714
18,064
17,843
3,461
3,218
3,454
3,448
3,523
21,136
21,062
21,168
21,512
21,366
Apr.
7
14
21
37,725 37,496i
37,881 37,623|
37,594 37,486
37,361 37,343
229
258
108
18
586
412
589
360
,409 39,863
,487 39,883
,956 40,230
,767 39,548
14,563
14,519
14,412
14,413
5,398
5,406
5,408
5,406
38,862
39,092
39,058
38,802
732
741
761
744
728
910
881
921
176
158
178
166
207
202
228
190
835
804
720
767
18,283
17,899
18,224
17,777
3,220 21,503
3,389 21,288
3,492 21,716
3,623 21,400
May
5
12
19
26
37,894
38,190
37,843
37,980
393
625
297
192
494
514
515
497
,641 40,137
557 40,332
;915 40,333
598 40,146
14,411
14,395
14,353
14,335
5,409
5,399
5,407
5.397
38,825
39,071
39,095
39,047
747
837
744 1,010
762 1,060
762
791
164
134
138
142
205
827
191
821
186
885
172 1,142
37,591 37,460
37,754 37,509
38,686 38,466
131
245
220
124 1,114 38 ,972 14,563 5,390 38,816
568 1,645 40 ,071 14,410 5,406 38,760
545 1,308 40 ,621 ^14,291 5 3 9 9 ^39,192
37,895
37,942
37,502
37,360
37,635
37,623
37,425
37,233
260
319
77
127
128
277
209
345
5,401
5,413
5,397
5,412
38,258
38,087
37,797
38,289
37,572
37,546
37,546
38,135
686
541
251
154
382 1,446 40,205 14,413 5,414
138 1,358 39,646 14,353 5,398
397 1,590 39,854 14,353 5,409
339 ,252 39,952 14,293 5,395
37,501
37,565
37,546
37.788!
18,353 3,390
18,154 3,311
17,966 *>3,474
17,821 3,546
21.743
21,465
21,440
21,367
End of month
1965
Mar
Apr
702
736
P761
867
944
745
162
146
142
196
904 17,277 3,899 21,176
208
835 18,259 3,729 21,988
184 1,281 18,006 3 J 6 8 P 2 1 , 1 7 4
39,041
39,163
38,983
38,803
736
760
757
750
505
796
883
959
152
147
152
148
199
202
186
192
822
723
712
731
17,956
17,739
17,511
17,416
38,979
39,171
39,103
39,122
764
747
776
771
633
,080
937
652
153
120
155
156
829
186
732
174
170 1,083
157 1,281
18,488
17,374
17,392
17,501
May
Wednesday
1965
Apr.
7
14
21
28........
""*&
;;
19
26
1,276
1,368
1,573
1,376
39,447
39,704
39,374
39,175
14,563
14,413
14,413
14,413
1 Beginning with 1960 reflects a minor change in concept, see Feb.
1961 BULLETIN, p. 164.
2 Includes industrial loans and acceptances, when held. (Industrial
loan program discontinued Aug. 21, 1959.) For holdings of acceptances
on Wed. and end-of-month dates, see subsequent tables on F.R. Banks.
See also note 1.
3,458
3,864
3,881
4,017
21,414
21,603
21,392
21,433
3,499 21,987
3,810 21,184
*>3,789 P21,181
*>3,952 P21
"',453
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.
830
BANK RESERVES AND RELATED ITEMS
JUNE 1965
RESERVES A N D BORROWINGS OF M E M B E R BANKS
(In millions of dollars)
Reserve city banks
All member banks
Newi York City
Period
Reserves
Total
held
Required
Excess
Borrowings
at
F. R.
Banks
Reserves
Free
reserves
Total
held
Required
Excess
City of Chicago
Borrowings
at
F. R.
Banks
Borrowings
at
F. R.
Banks
Reserves
Free
reserves
Total
held
Required
Excess
Free
reserves
762
861
755
792
174
-167
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
192
38
2,611
989
-144
67
161
211
1,141
1,143
939
1 024
161
133
601
848
924
1 011
1
78
540
?95
14
13
63
179
3
5
334
224
6
-62
78
540
295
14
7
1,027
826
723
693
703
142
657
1,593
441
246
885
169
-870
252
457
4,742
5,275
5,357
4,762
4,508
4,616
5,231
5,328
4,748
4,497
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
,191
,353
,409
,295
,210
8
3
-4
1
-I
5
64
232
37
15
3
-61
-236
-36
-16
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
4,397
4,392
4,303
4,010
3,930
35
57
34
23
-10
197
147
139
102
99
-162
-91
-i05
-81
-109
1,166
1,149
1.136
1,077
1,038
,164
,138
,127
,070
038
2
12
8
7
85
97
85
39
104
-83
-86
-77
-31
-104
19,283
20,118
20,040
20,746
18,527
19,550
19,468
20,210
756
568
572
536
87
149
304
327
669
419
268
209
3,687
3,834
3,863
3,951
3,658
3,826
3,817
3,895
29
7
46
56
19
57
108
37
10
-50
-62
19
958
987
1,042
1,056
953
987
,035
,051
4
5
8
22
18
26
4
— ^2
-11
-21
1964—May
June
July
Aug
Sent
Oct
Nov
Dec
20,220
20,558
20,665
20,566
20,928
21,033
21,159
21,609
19,883
20,168
20,265
20,149
20,508
20,618
20,763
21,198
337
390
400
417
420
415
396
411
255
270
265
334
331
309
430
243
82
120
135
83
89
106
-34
168
3,833
3,984
3,943
3,876
3,983
3,962
3,893
4,083
3,832
3,945
3,920
3,858
3,954
3,942
3,882
4,062
1
39
23
18
29
20
11
21
26
39
40
39
45
54
97
35
-25
— 14
1 ,044
1,033
1,039
1,039
1,061
i ,058
1,076
1 083
,041
3
,033
,036 " " " " 3
,033
6
,060
3
,055
,072
4
.086
_3
5
13
22
13
34
29
20
28
-2
-13
-19
-7
-33
-26
-16
-31
1965 Jan
Feb
21,619
21,227
21,248
21,505
P21 481
21,217
20,790
20,908
21,146
"21 149
402
437
340
359
332
299
405
416
471
505
103
32
-76
-112
-173
4,117
3,966
4,026
4,111
4 135
4,073
3,961
4,004
4,087
4 127
43
-70
-90
-97
-50
-13
1,094
1,096
1,082
1,085
1 1 !6
,099
,083
,077
1,086
c
23
25
8
113
95
120
75
21
12
50
50
39
10
-17
-37
-45
-40
-4
20,277
20,305
20,304
20 114
19,988
19,892
19,896
19 783
289
413
408
331
211
314
298
208
78
99
3,890
3,783
3.825
3 818
20
22
-1
28
8
13
47
12
12
9
-48
17
1,056
1 ,036
1,056
1 038
,051
1,036
1,047
1 035
c
21,376
21,142
21,387
21,841
21,991
20,987
20,852
20,999
21,444
21,429
389
290
388
397
562
375
122
134
257
504
123
14
168
254
140
58
3,910
3,805
3,824
3 846
3,972
3,925
4,031
4,157
4,195
3,969
3,907
4,017
4,145
4,147
24
4
12
38
101
-21
14
1
-27
-53
1,081
1,060
1,065
1,097
1,112
1,081
1,059
1,065
1,104
1,108
-1
\\
13
12
6...
13...
20...
27. . .
22,199
21,845
21,440
21,259
21,846
21,257
21,050
20,918
353
588
390
341
309
424
277
203
44
164
113
138
4,327
4,061
4,038
3,984
4,328
4,036
3,982
3,992
55
63
161
156
74
-65
-137
-100
-81
1,153
1,085
1,084
L084
1,152
1,087
1,079
1,082
3...
10...
17. . .
24...
21,401
21,312
21,049
21,186
21,019
20,815
20,735
20,650
382
497
314
536
278
472
353
520
104
25
-39
16
4,101
3,991
3,964
3,905
4,075
3,972
3,932
3,893
26
19
32
12
69
56
145
105
-43
-36
-113
-93
1,102
1,083
1,075
1,074
1,100
1,077
1,079
1,070
Mar. 3 . . .
10. . .
17...
24...
31...
21,136
21,062
21,168
21,512
21,366
20,924
20,695
20,843
21,058
21,000
212
367
325
454
366
270
385
370
463
487
-58
-18
-45
_c
-121
4,049
3,929
3,998
4,056
4,105
4,028
3,920
4,000
4,024
4,039
20
<
32
65
117
82
88
196
104
-96
-73
-90
-164
-38
1.106
1,064
1,078
1 ,086
1,101
1,104
1,065
1,066
1,085
1,081
Apr.
21,503
21,288
21,716
21,400
21,130
21,012
21,249
21,164
373
276
467
236
570
397
572
345
-197
-121
-105
-109
4,139
4,017
4,093
4,118
4,122
3,999
4,081
4,108
17
19
12
128
57
133
1
-111
-38
-121
6
1,087
1,064
1,078
1,105
1,089
1,061
1,081
1,101
21,743 21,411
21,465 21,118
*>21,104
P21,367 ^21,061
332
347
^336
"306
478 - 1 4 6
498 - 1 5 1
500 P - 1 6 4
483 P - 1 7 7
4,296
4,109
4,109
4,102
4,291
4,079
4,110
4,077
3(
7
30
48
8
-49
17
1,163
1,116
1,093
1,102
1,152
1,113
1,098
1,094
1929
1933
1939
1941
1945
1947
June
June
Dec
Dec
Dec
Dec
1950—Dec
1951—Dec
1952 Dec
1953—Dec
1954—Dec
1955 Dec
1956 D^c
1957 Dec
1958 Dec
1959—Dec
. .
1960—Dec
1961 Dec
196? Dec
1963—Dec
. .
Mar
Apr
May
2 314 2 275
12,160 1,797
11,473 6,462
12,812 9,422
16,027 14,536
17 261 16 27*5
5,011
3 390
1,491
986
17,391
20,310
21,180
19,920
19,279
16,364
19,484
20,457
19,227
18,576
19,240
19,535
19,420
18,899
18,932
42
363
974
184
-932
7
69
69
-21
-16
-34
-86
no
Week ending—
1964—May
6
20'.'.'.'.
27 .
Dec. 2 . . . .
9
16
23
30
1965—Jan.
Feb.
May
7...
14. . .
21 . . .
28. . .
5...
12. . .
19...
26. . .
P2\,440
For notes see opposite page.
no
48
-><
25
-2
- • • • • •
j
13
e
-1
6
c
i
C)
8
32
1
43
76
-33
-3
-1
-50
-73
1
14
30
-14
-32
5
1
3<:
6
55
30
87
-32
-49
-34
-83
10
9
20
180
1
-11
2
-19
-160
i:
21
-:
-I
79
14
65
-80
-11
-68
-3
6
-5
-22
6
JUNE 1965
831
BANK RESERVES AND RELATED ITEMS
RESERVES AND BORROWINGS OF MEMBER BANKS—Continued
(In millions of dollars)
Other reserve city banks
Reserves
Period
Total
held
Required
Excess
Country banks
Reserves
Borrowings at
F.R.
Banks
Free
reserves
Total
held
Required
Excess
Borrowings at
F.R.
Banks
Free
reserves
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
-305
-30
668
800
965
540
232
184
120
85
91
50
354
639
184
117
182
-170
-519
-99
-26
4,761
5,756
6,094
5,901
5,634
4,099
5,161
5,518
5,307
5,032
663
596
576
594
602
29
88
236
105
52
634
508
340
489
550
7,865
7,983
7,956
7,883
7,912
60
96
86
57
41
398
300
314
254
490
-338
-203
-228
-198
-449
5,716
5,859
5,906
5,849
6,020
5,220
5,371
5,457
5,419
5,569
497
488
449
430
450
159
144
172
162
213
338
344
277
268
237
7,950
8,367
8,178
8,393
7,851
8,308
8,100
8,325
100
59
78
68
20
39
130
190
80
20
-52
-122
6,689
6,931
6,956
7,347
6,066
6,429
6,515
6,939
623
502
442
408
40
31
48
74
583
471
394
334
1964—May
June
July
Aug
Sept
Oct
Nov
Dec
8,182
8,318
8,386
8,349
8,480
8,530
8,612
8,735
8,150
8,290
8,341
8,312
8,441
8,483
8,565
8,713
32
28
45
37
39
47
47
22
144
142
147
191
179
163
225
125
-112
-114
-102
-154
-140
-116
-178
-103
7,161
7,224
7,297
7,302
7,404
7,483
7,578
7,707
6,860
6,900
6,968
6,946
7,053
7,138
7,244
7,337
301
324
329
356
351
345
334
370
76
56
91
73
63
88
55
221
248
273
265
278
282
246
315
1965—Jan
Feb
Mar
Apr
May
8,713
8,548
8,563
8,680
8,605
8,676
8,485
8,547
8,648
8,554
37
63
15
32
51
320
207
163
271
383
-83
-144
-148
-239
-332
7,695
7,617
7,577
7,628
^7,626
7,369
7,262
7,279
7,326
^7,357
327
355
298
303
P268
54
53
83
86
91
273
302
215
217
Pi 77
6
13
20
27
8,215
8,198
8,173
8,137
8,186
8,164
8,144
8,105
29
34
29
32
118
197
188
104
-163
-159
-73
7,095
7,266
7,252
7,094
6,860
6,908
6,880
6,825
235
358
371
269
80
95
63
90
155
263
308
179
2
9
16
23
30
8,651
8.633
8; 657
8,853
8,838
8,643
8,591
8,621
8,815
8,799
42
36
37
39
240
60
81
118
258
-232
11
-45
-81
-219
7,671
7,525
7,634
7,734
7,846
7,293
295
295
380
7,375 i
378
229
339
354
471
79
55
40
58
69
299
174
298
296
403
1965—Jan.
6
13
20
27
8,983
8,763
8,691
8,566
8,942
8,710
8,610
8,540
41
54
81
26
183
152
71
87
-142
-98
10
-61
7,737
7,936
7,626
7,624
,424
,424
378
7,305
313
511
249
319
49
81
50
38
264
430
199
281
Feb.
3
10
17
24
8,594
8,530
8,511
8,480
8,568
8,487
8,468
8,440
26
42
43
39
122 |
307 |
130
280
-96
-265
-87
-241
7,604
7,708
7,500
7,727
7.275
7; 278
7.256
7,248
328
430
244
480
53
54
48
275
375
196
432
Mar.
3
10
17
24
31
8,527
8,491
8,527
8,659
8,665
8,527
8,455
8,502
8,632
8,599
37
26
27
66
209
180
182
104
-172
-154
-155
-38
7,455
7,577
7,565
7,711
7,495
7,265
7,255
7,275
7,317
7.281
190
322
290
394
214
62
84
93
65
99
128
238
197
328
115
Apr. 7
14
21
28
8,665
8,671
8,717
8,653
8,645
8,635
8,696
8,626
19
36
21
26
293
248
279
227
-274
-212
-257
-201
7,613
7,536
7,826
7,524
274
317
390
328
339
218
437
197
70
78
95
108
269
140
342
5
12
19
26
8,697
8,610
8,516
8,558
8,662
8,563
8,511
35
48
5
37
397
375
351
366
-362 I
7,587
7,629
7.306
7,363
^7.385
H, 368
280
267
69
85
84
106
211
182
1929—June
1933—June
1939—Dec
1941_Dec
1945_Dec
1947_Dec
761
648
3,140
4,317
6,394
6,861
749
528
1,953
3,014
5,976
6,589
12
120
1,188
1,303
418
271
409
58
1950—Dec
1951_Dec
1952—Dec
1953—Dec
1954_Dec
6,689
7,922
8,323
7,962
7,927
6,458
7,738
8,203
7,877
7,836
1955—Dec
1956—Dec
1957—Dec
1958_Dec
1959—Dec
7,924
8,078
8,042
7,940
7,954
1960—Dec
1961—Dec
1962—Dec
1963—Dec
Week ending—
1964—May
Dec.
May
8,522
1
This total excludes, and that in the preceding table includes, $51
million in balances of unlicensed banks.
NOTE.—Averages of daily figures. Monthly data are averages of daily
figures within the calendar month; they are not averages of the 4 or 5
weeks ending on Wed. that fall within the month. Beginning with Jan.
1964 reserves are estimated except for weekly averages.
-327 '
-346
-329
I
i
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.
832
MAJOR RESERVE CITY BANKS
JUNE 1965
BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS
(In millions of dollars unless otherwise noted)
Basic reserve position
Reporting banks
and
week ending—
Less:
Net:
Gross transactions
Net transactions
Purchases
Sales
Total
2-way
trans- 2
actions
10.9
12.6
14.3
4.8
1,799
2,230
2,244
1,978
1,037
1,160
1,179
1,556
850
982
,009
,094
-369
-687
-568
-276
3.7
7.2
5.9
2.9
1,900
2,124
1,968
1,877
1,638
1,539
1,574
1,658
,143
,130
,082
,106
455
705
726
173
-567
-744
-849
-169
14.7
20.0
22.3
4.4
895
1,168
1,255
924
440
463
530
751
425
463
530
592
470
706
726
332
4
29
38
-139
130
51
-96
146
-92
112
3.6
3.3
2.4
3.0
763
903
882
702
902
773
832
798
609
552
568
578
154
351
314
124
1
13
2
11
173
92
190
57
306
364
339
248
-478
-443
-528
-295
8.3
7.7
9.1
5.1
904
1,062
989
1,054
598
697
650
805
425
519
479
502
31
27
-1
22
144
132
131
95
401
455
344
315
-515
-560
-476
-388
9.7
8.3
6.8
1,137
1,221
1,086
1,175
736
766
742
860
1
64
3
52
103
123
-168
-125
-184
17.2
13.2
19.0
218
270
255
236
53
139
112
67
-42
-135
-117
-62
4.1
13.6
11.9
6.4
108
89
138
57
203
242
209
238
-310
-318
-344
-287
144
132
127
95
348
316
232
247
-473
-424
-358
-326
Excess
reserves l
Related transactions with
U.S. Govt. securities dealers
Interbank Federal funds transactions
Borrowings
at F.R.
Banks
Net
interbank
Federal
funds
trans.
Surplus
or
deficit
27
11
17
297
146
323
60
761
1,069
1,065
421
-1,045
-1,188
-1,377
-464
41
59
-5
38
148
161
168
95
262
585
394
219
13
14
9
7
125
54
133
3
11
31
-4
16
7.
14.
21.
28.
5.
Per cent
of
avg.
required
reserves
Purchases
of net
buying
banks
Sales
of net
selling
banks
949
1,248
1,235
884
187
178
170
462
757
994
886
771
495
409
491
552
15
Loans
to
dealers 3
Borrowings
from
dealers 4
Net
loans
Total—46 banks
14
1965—Apr. 7
14
21
28
May 5
19 ! ! !!!!
26
1,173
146
164
132
153
838
792
1,101
1,021
1,397
947
1,059
814
134
97
116
100
1,263
849
944
159
666
612
773
782
132
153
102
143
534
459
670
639
294
221
263
220
742
588
655
545
124
87
106
93
618
500
549
452
479
542
509
552
172
178
170
303
317
344
460
391
304
333
431
381
534
577
514
528
603
643
572
647
202
188
228
332
655
359
405
269
645
349
395
262
115
148
125
226
98
92
107
119
119
178
149
117
16
56
19
107
38
35
39
33
38
35
39
33
222
309
299
274
169
171
187
206
108
162
134
125
113
147
165
149
61
9
53
81
40
26
26
40
26
26
6.5
6.7
7.1
6.0
686
791
733
818
483
550
524
580
327
427
373
383
359
364
361
434
156
122
152
197
280
309
422
359
14
11
30
10
266
298
392
349
9.8
8.9
7.5
6.8
915
911
787
901
566
595
555
654
425
415
380
403
490
496
407
498
141
180
175
251
614
333
378
260
10
10
10
7
604
323
368
253
984
956
1,233
714
8 in New York City
1965—Apr.
7
14
21
28
May 5
19!!!!!!
26
-127
38 outside
New York City
1965—Apr.
May
19!
26.
5 in Chicago
1965—Apr.
7.
14.
21 .
28.
-1
3
19.
26.
10
3
-2
5
May
130
10
33 others
1965—Apr.
7..
!!
28.
May
5.
19.'
26.
20
24
1
17
1 Based upon reserve balances including all adjustments applicable to
the reporting period. Carryover reserve deficiencies, if any, are deducted.
2 Derived from averages for individual banks for entire week. Figure
for each bank indicates extent to which its weekly average purchases
and sales are offsetting.
3 Federal funds loaned, net funds supplied to each dealer by clearing
banks, repurchase agreements (purchases of securities from dealers
subject to resale), or other lending arrangements.
* Federal funds borrowed, net funds acquired from each dealer by
clearing banks, reverse repurchase agreements (sales of securities to
dealers subject to repurchase), resale agreements, and borrowings secured
by Govt. or other issues.
NOTE.—Weekly averages of daily figures. For description of series
and back data, see August 1964 BULLETIN, pp. 944-74.
JUNE 1965
DISCOUNT RATES
833
FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per annum)
Discounts for and advances to member banks
Advances and discounts under
Sees. 13 and 13a i
Federal Reserve Bank
Rate on
May 31
Boston
New Y o r k . . .
Philadelphia..
Cleveland
Richmond. . .
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Effective
date
Previous
rate
Rate on
May 31
Effective
date
Nov. 24, 1964
Nov. 24, 1964
Nov. 24, 1964
Nov. 27, 1964
Nov. 27, 1964
Nov. 25, 1964
Nov. 24, 1964
Nov. 24, 1964
Nov. 30, 1964
Nov. 30, 1964
Nov. 27, 1964
Nov. 27, 1964
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
1
Advances secured by U.S. Govt. securities and discounts of and
advances secured by eligible paper. Rates shown also apply to advances
secured by securities of Federal intermediate credit banks maturing
within 6 months. Maximum maturity: 90 days except that discounts
of certain bankers' acceptances and of agricultural paper may have
maturities not over 6 months and 9 months, respectively, and advances
Advances to all others under
last par. Sec. 13 3
Advances under
Sec. 10(b) 2
Rate on
May 31
Previous
rate
24, 1964
24, 1964
24, 1964
27, 1964
27, 1964
25, 1964
24, 1964
24, 1964
30, 1964
30, 1964
27, 1964
27, 1964
h
6
5
5
5
5
5
5
Effective
date
Nov. 24, 1964
Nov. 24, 1964
Nov. 24, 1964
Nov. 27, 1964
Nov. 27, 1964
Nov. 25, 1964
July 19, 1963
Nov. 24, 1964
Nov. 30, 1964
Nov. 30, 1964
Nov. 27, 1964
Nov. 27, 1964
Previous
rate
4Vi
4%
4*4
4*
4%
4*4
4%
secured by FICB securities are limited to 15 days.
2 Advances secured to the satisfaction of the F.R. Bank. Maximum
maturity: 4 months.
3 Advances to individuals, partnerships, or corporations other than
member banks secured by U.S. Govt. direct securities. Maximum maturity: 90 days.
FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per annum)
Effective
date
In effect Dec. 31,1932....
Mar. 3
4
Apr. 7
May 26
Oct. 20
Feb. 2
Mar. 16
Jan. 11
May 14
Aug. 27
Sept. 4
Apr. 11
Oct. 15
30
Apr. 25
May 10
Jan. 12
19
Range
(or level)—
all F.R.
Banks
2V4-3J4
1933
F.R.
Bank
of
N.Y.
Effective
date
Jan. 16
23
Range
(or level)—
all F.R.
Banks
F.R.
Bank
of
N.Y.
Effective
date
1953
Jan. 22
24
Mar. 7
1958
13
Feb.
5
15
Apr. 14
16
May 21
1934
ifcf*
1937
1 -2
l -lV
Apr
- &::::
May 2
Aug. 4
5
*«"•!!:::::
1942
1 ^_1
1
V>
Nov. 18
23
1946
1
Apr. 13
20
Aug. 24
Aug
1950
2%
2Y4
3
1957
- ?:::::
Nov. 2 15
Dec. 2
i 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
2
2
2%
3
10
14
Aug. 12
Sept. 9
31
tf
2VA
**•&:::::::
June
1956
3
,if
3 -3
July 17
26
Nov. 24
30
f
3
2%
2*4
2%
Mar. 6
16
May 29
June 12
Sept. 11
18
2 -2
2
%
F.R.
Bank
of
N.Y.
21
Apr. 18
May 9
Aug. 15
WA
1%
WA
Oct. 4
Nov. 7
1955
1935
1948
1954
Range
(or level)—
all F.R.
Banks
1959
3
3
4
4
1960
4
3%
f
1963
3*4
3%
1964
1965
In effect May 31
against U.S. Govt. securities was the same as its discount rate except
in the following periods (rates in percentages): 1955—May 4-6, 1.65;
Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug.
24-29, 2.75; 1957—Aug. 22, 3.50; 1960— Oct. 31-Nov. 17, Dec. 28-29,
2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July
20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3,
2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24,
28, 30, 31, 3.875; 1965—Jan. 4, 5, 6, 7, 8, 3.875.
834
RESERVE REQUIREMENTS
JUNE 1965
MAXIMUM INTEREST RATFS PAYABLE ON TIME AND
SAVINGS DEPOSITS
RESERVE REQUIREMENTS OF MEMBER BANKS
(Per cent of deposits)
(Per cent per annum)
Net demand deposits 2
Type and maturity
of deposit
Jan. 1,
1936
Savings deposits:
1 year or more
Less than 1 year
Jan. 1,
1962
Jan. 1,
1957
}m
Julv 17, Nov. 24,
1964
1963
f
4
\
3%
4
3%
4
4
3
f 4
\ 3%
4
3%
4
4
3
f 4
\ 3%
3
Postal savings deposits:
} *
Less than 1 year
Other time deposits: i
1 year or more
6 months-1 year
90 days-6 months....
Less than 90 days....
1
Time deposits
Effective date
l;
1
4%
4
For exceptions with respect to foreign time deposits, see Oct. 1962
BULLETIN, p. 1279.
NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q.
Under this Regulation the rate payable by a member bank may not in
any event exceed the maximum rate payable by State banks or trust
cos. on like deposits under the laws of the State in which the member
bank is located. Effective Feb. 1, 1936. maximum rates that may be
paid by insured nonmember commercial banks, as established by the
FDIC, have been the same as those in effect for member banks.
Maximum rate payable on all types of time and savings deposits:
Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2%
per cent.
MARGIN REQUIREMENTS
Effective date i
Central Reserve
reserve
city
city
banks 3 banks
Central
reserve
and
reserve
city
banks
Country
banks
In effect Dec. 31, 1948..
26
22
16
7%
7%
1949—May 1,5
June 30, July 1..
Aug. 1 , 1 1 . . . .
Aug. 16, 18
Aug. 25
Sept. 1
1951—Jan. 11,16
Jan. 25, Feb. 1..
1953—July 1,9
1954—June 16,24
July 29, Aug. 1.
1958—Feb. 27, Mar. 1.
Mar. 20, Apr. 1..
Apr. 17
Apr. 24
1960—Sept. 1
Nov 24
Dec. 1
24
21
20
15
14
13
12
7
6
5
7
6
19
20
19
13
14
13
6
6
5
12
5
18
i?»
ii*
'¥' is*
it*
23
24
22
21
20
\F
5
16%
17%
16%
12
4
4
16%
12
4
4
10
22
7
14
3
6
3
6
1962—Oct. 25. Nov. 1.
In effect June 1, 1965..
Present legal requirement:
(Per cent of market value)
Country
banks
Maximum
Effective date
Regulation
July 28,
1960
Regulation T:
For extensions of credit by brokers and
Regulation U:
For loans by banks on stocks
Nov. 6,
1963
70
50
50
70
70
70
50
70
70
1 When two dates are shown, a first-of-month or midmonth date
records changes at country banks, and any other date (usually a Thurs.)
records changes at central reserve and reserve city banks.
2 Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due from domestic banks.
3 Authority of the Board of Governors to classify or reclassify cities as
central reserve cities was terminated effective July 28, 1962.
NOTE.—All required reserves were held on deposit with F.R. Banks,
June 21, 1917 until late 1959. Since then, member banks have also been
allowed to count vault cash as reserves, as follows: Country banks—in
excess of 4 and 2% per cent of net demand deposits effective Dec. 1,1959
and Aug. 25, 1960, respectively. Central reserve city and reserve city
banks—in excess of 2 and 1 per cent effective Dec. 3, 1959, and Sept. 1,
1960, respectively. Effective Nov. 24, 1960, all member banks were
allowed to count all vault cash as reserves.
NOTE.—Regulations T and U, prescribed in accordance with Securities
Exchange Act of 1934, limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension; margin requirements are the difference between the market value (100 per cent) and the
maximum loan value.
DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
Item
All
member
banks
New
York
City
Reserve city banks
Country
banks
Chicago
Item
Other
136,662
14,589
5,907
116,167
112,422
109,409
26,344
4,533
1,257
20,555
20,321
16,074
6,409
1,252
363
4,793
5,372
4,699
51,408
6,981
2,336
42,091
41,690
41,702
7,202
3,410
144
294
106
55
1,946
1,036
17,867
21,277
20,899
378
3,728
4,022
3,996
26
1,027
1,082
1,074
8
7,550
8,586
8,547
39
52,501 Gross demand—Total. .
Interbank
1,823
U.S. Govt
1,951
Other
48,728
45,039 Net demand *
46,934 Time
Demand balances due
from dom. banks...
5,006
2,026 Currency and coin
Balances with F . R .
Banks
5,561
7,587 Total reserves held
Required
7,282
305
Excess
1 Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due from domestic banks.
New
York
City
City
of
Chicago
Country
banks
Other
Four weeks ending April 28, 1965
Four weeks ending March 31, 1965
Gross demand—Total...
Interbank
U.S. Govt
Other
Net demand *
Time
Demand balances due
from dom. banks....
Currency and coin
Balances with F . R .
Banks
Total reserves held
Required
Excess
All
member
banks
138,954
14.996
4,934
119,024
113,709
110,389
26,764
4,654
1,179
20,932
20,729
16,432
6,531
1,316
321
4,893
5,430
4,676
52,560
7,159
1,977
43,424
42,240
42,036
53,098
1,866
1,457
49,775
45,311
47,246
7,459
3,432
206
284
101
57
2,010
1,049
5,142
2,042
18,045
21,477
21,139
338
3,808
4,092
4,078
14
1,026
1,083
1,083
7,628
8,677
5,583
7,625
7,327
298
8,651
26
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.
JUNE 1965
835
OPEN MARKET ACCOUNT
TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT
(In millions of dollars)
Outright transactions in U.S. Govt. securities by maturity
Treasury bills
Others within 1 year
I
Month
Gross
purchases
1964—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1965—Jan...
Feb...
Mar..
Apr...
588
1.332
937
1,264
574
620
1,347
1.197
813
388
865
642
466
Gross
sales
714
136
*6i6'
413
534
888
131
866
261
198
290
Redemptions
367
85
371
447
215
12
464
7
126
Gross
purchases
538
1 ,259
900
1,264
145
388
1,275
1,197
706
388
784
551
466
Gross
sales
714
136
<si6'
413
534
888
131
866
261
198
*290'
Redemptions
Gross
purchases
Gross
sales
367
85
371
447
1965—Jan..
Feb.,
Mar..
Apr..
NOTE.—Sales, redemptions, and negative figures reduce System holdings; all other figures increase such holdings.
15
2,164
2,030
-28
215
12
464
7
111
Outright transactions in U.S. Govt. securities by maturity—continued
1-5 years
Exch.,
maturity
shifts,
or
redemptions
1,752
'-15
836
FEDERAL RESERVE BANKS
JUNE 1965
CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
(In millions of dollars)
Wednesday
Item
End of month
1965
1964
1965
May 26
May 19
May 12
May 5
Apr. 28
May
Apr.
May
Gold certificate account
Redemption fund for F.R. notes.
12,461
1,547
12,526
1,547
12,534
1,541
12,607
1,533
12,607
1,537
12,476
1,547
12,607
1,537
13,764
1,412
Total gold certificate reserves
14,008
14,073
14,075
14,140
14,144
14,023
14,144
15,176
120
121
120
123
132
124
139
169
325
14
382
15
118
20
367
15
330
15
531
14
553
15
226
48
24
50
20
52
11
54
65
54
40
51
31
54
50
7,466
6,927
6,927
6,953
6,614
7,739
6,890
25,702
4,967
25,691
4,928
25,691
4,928
25,691
4,928
25,691
4,928
25,711
5,016
25,691
4,928
24,905
4,681
38,135
154
37.546
251
37,546
541
37,572
686
37,233
127
38,466
220
37,509
245
34,229
Total U.S. Govt. securities
38,289
37,797
38,087
38,258
37,360
38,686
37,754
34,229
Total loans and securities
Cash items in process of collection
Bank premises
Other assets:
Denominated in foreign currencies..
All other
38,700
5,603
102
38,264
6,464
102
38,288
6,378
102
38,759
6,191
102
37,799
6,232
102
39,313
5,270
102
38,426
5,838
101
34,502
5,027
103
75
204
265
181
266
499
315
474
403
453
80
221
315
459
213
168
Total assets.
58,812
59,470
59,728
60,104
59,265
59,133
59,422
55,358
F.R. notes
Deposits:
Member bank reserves
U.S. Treasurer—General account.
Foreign
Other
34,333
34,311
34,361
34,179
34,005
34,410
33,962
31,925
17,501
652
156
157
17.392
937
155
170
17,374
1,080
120
174
18,488
633
153
186
17,416
959
148
192
18,006
745
142
316
18,259
944
146
208
16,890
997
161
184
Total deposits
18,466
18,654
18,748
19,460
18,715
19,209
19,557
18,232
4,351
496
4,874
487
5,020
482
4,745
526
4,856
519
3,830
497
4,193
533
3,463
112
57,646
58,326
58,611
58,910
58,095
57,946
58,245
53,732
539
524
103
539
524
81
539
524
54
539
524
131
538
524
108
540
524
123
539
524
114
512
990
124
58,812
59,470
59,728
60,104
59,265
59,133
59,422
55,358
Assets
Cash
Discounts and advances:
Member bank borrowings
Other
Acceptances:
Bought outright
Held under repurchase agreements
U.S. Govt. securities:
Bought outright:
Bills
Certificates—Special
Other
Notes
Bonds
Total bought outright
Held under repurchase agreements.
47
4,643
Liabilities
Deferred availability cash items
Other liabilities and accrued dividends
Total liabilities.
Capital Accounts
Capital paid in
Surplus
Other capital accounts
Total liabilities and capital accounts
Contingent liability on acceptances purchased for
foreign correspondents
U.S. Govt. securities held in custody for foreign
account
159
150
145
138
139
160
139
146
7,805
7,791
7,614
7,673
7,691
7,713
7,626
7,892
Federal Reserve Notes—Federal Reserve Agents' Accounts
F.R. notes outstanding (issued to B a n k ) . . .
Collateral held against notes outstanding:
Gold certificate account
Eligible paper
U.S. Govt. securities
Total collateral.
36,854
36,785
36,732
36,660
36,635
36,851
36,624
33,957
6,920
11
31,290
6,900
13
31,290
6,900
8
31,290
6,900
11
31,280
6,900
11
31,280
6,940
43
31,290
6,900
12
31,280
6,542
21
28,407
38,221
38,203
38,198
38,191
38,191
38,273
38,192
34,970
JUNE 1965
837
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 1965
(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
12,476
1,547
741
89
2 706
715
86
966
134
1 110
289
532
61
257
30
524
61
483
52
1 428
129
863
90
2,151
345
Total gold certificate reserves
14,023
830
3,051
801
1,100
1,239
953
2,440
593
287
585
535
1,609
564
124
48
10
163
26
35
4
46
9
43
7
70
10
46
24
22
~8
14
5
11
5
30
5
36
526
19
24
1
53
3
15
1
31
1
74
1
49
5
63
31
*
13
•y
79
1
5
1
89
3
2,029
3,148
2,507
2,023
6,486
1,414
824
1,481
1,602
5,318
2,045
3,180
2,582
2,077
6,551
1,445
837
1,561
1,608
5,410
372
3
508
6
593
718
20
1,144
21
352
6
205
3
418
6
464
11
594
10
4
10
7
17
4
14
4
12
34
3
8
2
6
3
10
4
10
10
34
3,306 14,624
3,274
4,873
4,487
3,864 10,271
2,437
1,359
2,599
2,667
7,714
34,974
F R. notes
Deposits:
Member bank reserves
18,006
745
U.S. Treasurer—General account..
142
Foreign
732
Other
2,073
2,064
2,967
3,027
1,985
6,363
1,371
660
1 353
1 088
3,966
712
44
7
*
4,901
111
2 28
110
752
53
9
1
1,311
18
14
*
810
124
8
78
954
75
9
225
2,727
18
22
2
635
78
5
63
446
48
3
1
827
44
7
2
1,050
44
9
197
2,881
88
21
53
19,625
763
5,150
815
1,343
1,020
1,263
2,769
781
498
880
1,300
3,043
5,192
497
389
24
971
133
305
26
416
43
353
26
227
17
162
11
479
67
3,210
4,769
4,426
2,396
1,331
293
22
2,548
185
26
3,249 14,311
893
519
74
28
3,795 10,099
2,599
7,555
142
137
29
29
48
47
27
26
32
31
77
75
18
18
13
12
72
70
6
9
8
6
20
5
3
24
23
32
31
34
4
5
17
3,306 14,624
3,274
4,873
4,487
3,864 10,271
2,437
1,359
2,599
2,667
7,714
38.8
41.4
42.7
37.1
39.0
45.9
40.9
41.3
40.3
48.0
39.0
47.1
38.3
41.4
42.6
43.3
41.3
47.3
43 5
40.9
54.3
43.2
40.0
55.1
49 2
42.9
66.2
40 6
35.1
54.8
9
14
8
9
23
6
4
7
9
21
6 ,719
1,455
690
1 ,406
1,190
4 ,204
F R notes of other Banks
Discounts and advances:
Secured by U.S. Govt. securities...
Other
Acceptances:
Boueht outrisht
Held under repurchase agreements .
U.S. Govt. securities:
Held under repurchase agreements .
Total loans and securities
Cash items in process of collection...
Bank premises
Other assets:
Denominated in foreign currencies .
Allother
1,958
9,676
220
220
39,313
1,983 10,034
7,048
102
80
221
61,475
Total assets
51
31
51
31
38,466
181
418
3
3
11
1,262
8
» 25
55
Liabilities
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities
60,288
8,057
Capital Accounts
Caoital oaid in
Surplus
Other capital accounts
540
524
123
Total liabilities and capital accounts.. 61,475
Ratio of gold certificate reserves to
F.R. note liability (per cent):
May 31 1965
Apr 30 1965
May 31* 1964
Contingent liability on acceptances
purchased for foreign correspond-
26
25
6
40.1
40.8
46.8
40.0
42.0
40.2
160
8
37.9
43.3
47.0
3 42
Federal Reserve Notes—Federal Reserve Agent's Accounts
F.R. notes outstanding (issued to
Bank)
Collateral held against notes outstanding:
Gold certificate account
Elicible oaoer
U.S. Govt. securities
Total collateral
8 ,435
2 ,144
3 ,167
420
1 ,710
793
400
1 ,100
225
180
735
2 ,775
2 ,410
1,850
5 ,700
290
31
1,260
122
7 ,200
465
12
1 ,800
500
1 ,765
580
1 ,200
1,050
3 ,700
8 ,910
2 ,277
3 ,275
3 ,203
2 ,250
6 ,800
1,581
702
1 ,425
1,230
4 ,435
36 ,851
2 ,151
6 ,940
43
31 ,290
38 ,273
2 ,185
1 After deducting $55 million participations of other F.R. Banks.
After deducting $114 million participations of other F.R. Banks.
2
3 ,159
2 ,131
3 After deducting $118 million participations of other F.R. Banks.
838
FEDERAL RESERVE BANKS; BANK DEBITS
JUNE 1965
MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
(In millions of dollars)
Wednesday
Item
End of month
1965
Discounts and advances—Total
Within 15 days
16 days to 90 days
91 days to 1 year
Acceptances—Total..
Within 15 d a y s . . . .
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
1965
1964
May 26
May 19
May 12
May 5
Apr. 28
339
319
20
397
378
19
138
120
18
382
364
345
328
17
545
525
20
568
550
18
226
218
18
72
38
34
70
33
37
63
21
42
119
73
46
94
48
46
82
48
34
104
58
46
47
13
34
38,289
1,189
7,404
18,150
9,938
1,292
316
37,797
1.282
7,226
17,793
9,888
1,292
316
38,087
5,626
3,402
15,042
12,409
1,292
316
38,258
5,803
3,382
15,056
12,409
1,292
316
37,360
38,686
816
7,898
18,368
9,952
1,324
328
37,754
5,075
3,509
15,153
12,409
1,292
316
34,229
343
4,667
12,490
14,364
2,131
234
Netherlands
guilders
Swiss
francs
1,255
7,154
14,934
12,409
1,292
316
May
Apr.
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)
End of period
Total
Pounds
sterling
Belgian
francs
Canadian
dollars
1964—Aug
Sept
Oct
Nov
Dec
195
164
74
727
295
61
90
32
717
234
45
15
2
51
2
2
2
2
2
1965 Jan
Feb
287
165
235
131
36
16
2
2
French
francs
German
marks
Italian
lire
1
1
1
1
1
2
2
2
2
2
80
51
31
1
1
3
3
3
3
3
1
4
2
2
1
1
3
2
Japanese
yen
t
6
5
BANK DEBITS AND DEPOSIT TURNOVER
(Seasonally adjusted annual rates)
Debits to demand deposit accounts 1
(In billions of dollars)
Period
Leading SMSA's
Total 224
centers
(excl.
N.Y.)
Turnover of demand deposits
218
other
SMSA's
Total
225
SMSA's
N.Y.
1964—Mar
4,419.5
1,822.2
999.5
2,597.3
1,597.8
Apr
May
June
4,603.0
4,542.0
4,535.4
1,909.2
1,853.6
1,928.0
1,038.4
1,030.0
992.5
2,693.8
2,688.4
2,607.4
1,655.4
1,658.4
1,614.9
July
Sept
4,833.7
4,579.9
• . . . 4,763.5
2,087.0
1,898.2
2,007.6
1,058.9
1,021.3
1,049.5
2,746.7
2,681.7
2,755.9
1,687.8
1,660.4
1,706.4
Oct
Nov
Dec
4,698.2
4,648.0
4,816.5
1,926.7
1,917.7
2,013.0
1,060.6
1,023.7
1,065.4
2,771.5
2,730.3
2,803.5
1965 Jan
Feb
Mar
Apr
May
4,870.9
4,842.5
4,995.6
5,113.3
4,825.6
2,067.6
1,997.4
2,071.8
2,151.3
1,954.1
1,065.5
1,077.2
1,115.4
1,131.7
1,082.7
2,803.3
2,845.1
2,923.8
2,962.0
2,871.5
6 others
2
1 Excludes interbank and U.S. Govt. demand deposits accounts.
2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and
Los Angeles-Long Beach.
Total
225
SMSA's
Leading SMSA's
2
J
Total 224
SMSA's
(excl.
N.Y.)
218
other
SMSA's
N.Y.
6 others
43.8
86.6
40.4
32.6
29.0
45.1
45.2
45.0
89.8
89.8
91.2
42.1
43.1
40.9
33.2
33 5
32.9
29.4
29 5
29.3
46.3
44.7
44.3
95.8
89.3
88.5
42.3
42.4
41.4
33.3
33.0
32.9
29 4
29.1
29.2
1,710.9
1,706.6
1,738.1
44.6
45.1
45.5
89.8
91.3
90.7
40.9
41.0
41.7
32.8
33.2
33.4
29 3
29.5
30.0
1,737.8
1.767.9
1.808.4
1,830.3
1,788.8
46.3
47.1
47.9
48.4
47.0
94.8
96.1
96.9
100 0
96.0
42.8
44 3
44 8
44 5
44.3
33.8
34 6
35 4
35 2
34.7
30.0
30 5
31 2
31 2
30.6
NOTE.—Total SMSA's include some cities and counties not designated
as SMSA's.
For a description of the revised series see Mar. 1965 BULLETIN, p. 390.
JUNE 1965
839
U.S. CURRENCY
DENOMINATIONS IN CIRCULATION
(In millions of dollars)
Coin and small denomination currency
Total
in circulation *
Total
Coin
1939
1941
1945
1947
1950
1955
7,598
11,160
28,515
28,868
27,741
31,158
5,553
8,120
20,683
20,020
19,305
22,021
590
751
1,274
1,404
1,554
1,927
559
695
,039
,048
,113
,312
1958
1959
1960
1961
1962
1963
32,193
32,591
32,869
33,918
35,338
37,692
22,856
23,264
23,521
24,388
25,356
26,807
2,182
2,304
2,427
2,582
2,782
3,030
1964—Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
36,885
37,208
37,734
37,835
38,014
38,166
38,373
39,248
39,619
26,063
26,353
26,797
26,859
26,972
27,068
27,201
27,925
28,100
1965—Jan..
Feb.
Mar.
Apr.
38,540
38,593
38,816
38,760
27,158
27,227
27,424
27,365
End of period
$2
Large denomination currency
$20
Total
$50
$100
$500
$1,000
1,576
2,545
9,201
9,119
8,529
9,940
2,048
3,044
7,834
8,850
8,438
9,136
460
724
2,327
2,548
2,422
2,736
919
1,433
4,220
5,070
5,043
5,641
191
261
454
428
368
307
425
556
801
782
588
438
20
24
7
5
4
3
32
46
24
17
12
12
6,624
6,672
6,691
6,878
7,071
7,373
10,288 9,337
10,476 9,326
10,536 9,348
10,935 9,531
11,395 9,983
12,109 10
",885
2,792
2,803
2,815
2,869
2,990
3,221
5,886
5,913
5,954
6,106
6,448
7,110
275
261
249
242
240
249
373
341
316
300
293
298
3
3
3
3
3
3
9
5
10
10
10
4
2,320
2,350
2,379
2,359
2,364
2,361
2,385
2,455
2,517
7,095
7,170
7,280
7,262
7,272
7,280
7,328
7,568
7,543
11,775 10,822
11,904 10,855
10
12,151 10,937
12,239 10,976
12,310 11,041
12,339 11,098
12,339 11,172
12,687 11,323
12,717 11,519
3,172
3,185
3,217
3,231
3,249
3,253
3,262
3,314
3,381
7,104
7,127
7,175
7,202
7,248
7,302
7,367
7,468
7,590
247
246
246
245
245
246
246
246
248
292
291
292
291
292
291
291
289
293
3
3
2
3
3
3
3
3
2
4
4
4
4
4
4
4
4
4
2,381
2,375
2,391
2,381
7,256
7,282
7,327
7,275
12,267 11,382
12,289 11,366
12,371 11,392
12,317 11,394
3,321
3,310
3,316
7,519
7,517
7,536
3,313
7,544
246
245
245
244
290
288
288
288
2
2
2
2
4
4
4
4
$5
$10
36
44
73
65
64
75
1,019
1,355
2,313
2,110
2,049
2,151
1,772
2,731
6,782
6,275
5,998
6,617
,494
,511
,533
,588
,636
,722
83
85
88
92
97
103
2,186
2,216
2,246
2,313
2,375
2,469
3,139
3,169
3,205
3,223
3,249
3,285
3,321
3,359
3,405
,630
,655
,676
,668
,668
,693
,716
,749
,806
103
105
107
108
109
111
111
108
111
3,435
3,468
3,520
3,566
,709
,702
,704
,714
110
110
111
112
$1 2
2
i Outside Treasury and F.R. Banks. Before 1955 details are slightly
overstated because they include small amounts of paper currency held
by the Treasury and the F.R. Banks for which a denominational breakdown is not available.
$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
gold and Treasury
1965
cash
silver
certificates
Kind of currency
14,410
(14,144)
36,625
5,406
Gold
. . . .
Gold certificates
F.R. notes
Treasury currency—Total
485
1 ,355
(1,005)
2,305
Standard silver dollars
Silver bullion
Silver certificates
Subsidiary silver coin
Minor coin
United States notes
In process of retirement
Total
A p r 10 1965
Mar. 31 (965
Apr 30 1964
....
....
Apr. 30,
1964
31,563
5,322
(1,005)
372
139
33,864
4,895
33,900
4,915
3
350
6
7
*
482
482
482
77
22
922
2,275
988
2,239
1,699
1,933
23
*
299
109
299
109
322
163
5,617
5,480
5,126
38,760
98 '
1,005
311,328
4
1
(15,149)
(15,377)
(17,039)
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. 829.
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.
*5 Redeemable from the general fund of the Treasury.
Does not include all items shown, as some items represent the security
Mar. 31,
1965
2266
323
109
556,441
556,474
554,803
Apr. 30,
1965
(14,144)
829
4
For
F.R.
Banks
and
Agents
Currency in circulation *
Held by
F.R.
Banks
and
Agents
736
702
413
2,8i6
2.662
16
11,328
11,477
12,379
809
799
38,816
724
36,885
for other items; gold certificates are secured by gold, and silver certificates
by standard silver dollars and monetized silver bullion. Duplications
are shown in parentheses.
NOTE.—Condensed from Circulation Statement of United States
Money, issued by the Treasury. For explanation of currency reserves
and security features, see the Circulation Statement or the Aug. 1961
BULLETIN, p. 936.
840
MONEY SUPPLY
JUNE 1965
MONEY SUPPLY AND RELATED DATA
(In billions of dollars)
Seasonally adjusted
Not seasonally adjusted
Money supply
Period
Total
Demand
Currency
deposit
component component
Money supply
Time
deposits
adjusted !
Demand
Currency
deposit
component component
Total
Time
deposits
adjusted i
U.S.
Govt.
demand
deposits i
1957—Dec
1958—Dec
1959—Dec
I960—Dec
1961—Dec
1962—Dec
1963—Dec
1964—Dec
135.9
141.1
142.1
141.1
145.5
147.6
153.2
159.4
28.3
28.6
28.9
28.9
29.6
30.6
32.4
34.2
107.6
112.6
113.2
112.1
116.0
117.1
120.7
125.2
57.4
65.4
67.4
72.9
82.8
97.9
112.3
126.5
139.3
144.7
145.6
144.7
149.4
151.6
157.2
163.6
28.9
29.2
29.5
29.6
30.2
31.2
33.1
34.9
110.4
115.5
116.1
115.2
119.2
120.3
124.1
128.7
56.7
64.6
66.6
72.1
81.8
96.7
111.0
125.0
3.5
3.9
4.9
4.7
4.9
5.6
5.2
5.5
1964—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
154.5
154.5
155.6
156.7
157.2
158.0
158.6
159.1
159.4
33.0
33.3
33.4
33.5
33.7
33.8
33.9
34.2
34.2
121.5
121.3
122.1
123.3
123.5
124.2
124.7
124.9
125.2
116.4
117.4
118.5
119.4
120.6
121.7
123.1
125.1
126.5
155.0
152.4
153.6
155.2
155.1
156.9
158.8
160.4
163.6
32.7
33.0
33.3
33.7
33.8
33.8
34.0
34.5
34.9
122.3
119.4
120.3
121.5
121.3
123.1
124.8
125.9
128.7
116.7
118.1
119.2
120.1
121.1
122.0
123.3
124.1
125.0
4.2
6.9
7.8
7.0
6.4
6.6
5.6
5.8
5.5
1965—Jan
Feb
Mar
Apr
MayP
159.8
159.1
159.8
160.5
159.3
34.5
34.6
34.6
34.7
34.9
125.3
124.5
125.2
125.8
124.4
128.9
131.1
132.4
133.3
134.3
163.9
159.0
158.5
161.1
157.1
34.3
34.2
34.3
34.4
34.6
129.6
124.9
124.2
126.7
122.6
128.1
130.6
132.4
133.7
135.1
4.2
5.8
6.7
5.6
9.7
1965—Feb. (1)
(2)
159.3
158.8
34.6
34.5
124.7
124.3
130.8
131.6
160.7
157.1
34.3
34.0
126.4
123.1
130.2
131.1
4.8
6.9
Mar. (1)
(2)
160.0
159.6
34.7
34.6
125.4
125.0
132.3
132.6
159.2
157.7
34.4
34.2
124.8
123.5
132.0
132.7
5.2
8.1
Apr. (1)
(2)
160.7
160.2
34.7
34.7
133.1
133.5
160.6
161.5
34.6
34.2
159.2
159.3
34.8
34.9
134.0
134.5
158.5
155.8
34.6
34.5
126.0
127.3
323.9
121.2
133.5
133.9
May (1)
(2)
126.0
125.5
124.4
124.3
5.8
5.5
8.9
10.5
Half month
Not seasonally adjusted
Total
Currency
component
Money supply
Demand
deposit
component
Time
deposits
adjusted l
U.S.
Govt.
demand
deposits
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. 4.
11.
18.
25.
Apr. 1.
8.
15.
22.
29.
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
152.7
153.7
155.5
156.6
154.8
32.5
32.9
32.8
32.8
32.5
120.2
120.8
122.7
123.8
122.2
116.2
116.4
116.7
116.7
117.2
7.9
6.0
5.1
2.4
3.0
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
June
3.
10.
17.
152.5
153.2
155.3
33.1
33.5
33.4
119.3
119.7
122.0
118.9
119.2
119.2
1964—Feb.
Week
ending—
Total
Currency
component
Demand
deposit
component
Time
deposits
adjusted i
U.S.
Govt.
demand 1
deposits
17...
24...
162.0
160.9
159.2
156.2
34.0
34.4
34.2
34.1
128.0
126.5
125.0
122.1
129.5
130.1
130.7
131.0
4.6
4.7
5.3
7.2
Mar. 3 . . .
10...
17...
24...
31...
158.5
158.7
160.4
157.3
157.3
34.1
34.5
34.4
34.3
34.1
124.4
124.2
126.0
123.0
123.2
131.4
132.0
132.4
132.6
133.0
6.7
5.2
4.7
8.3
8.5
Apr.
7..,
14...
21...
28...
159.6
161
163.
160.4
34.6
34.6
34.5
34.1
124.9
126.7
129.0
126.3
133.3
133.6
133.6
134.1
7.2
4.6
4.4
5.8
5.6
6.1
7.6
7.7
May
5...
12...
19...
26...
159.8
158.3
156.0
155.1
34.4
34.7
34.5
34.4
125.4
123.6
121.5
120.7
134.5
134.8
135.1
135.3
8.5
8.4
10.3
10.8
7.2
6.2
6.3
June 2 P .
9*..
16...
157.0
158.2
34.7
35.1
122.3
123.2
135.7
136.0
9.7
8.1
i At all commercial banks.
NOTE.—Averages of daily figures. For back data see June 1964 BULL.,
pp. 679-92. Money supply consists of (1) demand deposits at all commercial banks other than those due to domestic commercial banks and
!
Not seasonally adjusted
Money supply
Week
ending—
134.7
135.4
1965—Feb.
3...
10...
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.
JUNE 1965
841
BANKS AND THE MONETARY SYSTEM
CONSOLIDATED CONDITION STATEMENT
(Tn millions of dollars)
Liabilities
and capital
Assets
Other
securities
Total
assets,
netTotal
liabilities
and
capital,
net
Bank credit
Date
Gold
Treasury
currency
outstanding
U. S. Government securities
Total
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Loans,
net
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947_Dec.
1950—Dec.
1962—Dec.
1963—June
Dec.
29. .
30..
30..
31..
31..
31..
30..
28..
29..
20..
4,037
4,031
17,644
22,737
20,065
22,754
22,706
15,978
15,733
15,582
2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,568
5,587
5,586
58,642 41,082
42,148 21,957
54,564 22,157
64,653 26,605
30,387
167,381
160,832 43,023
171,667 60,366
309,389 170,693
318,697 178,290
333,203 189,433
5,741
10,328
23,105
29,049
128,417
107,086
96,560
103,684
102,418
103,273
5,499
8,199
19,417
25,511
101,288
81,199
72,894
72,563
69,708
69,068
216
1,998
2,484
2,254
24,262
22,559
20,778
30,478
32,027
33,552
26
131
1,204
1,284
2,867
3,328
2,888
643
683
653
11,819
9,863
9,302
8,999
8,577
10,723
14,741
35,012
37,989
40,497
64,698
48,465
75,171
90,637
191,785
188,148
199,008
330,935
340,017
354,371
55,776
42,029
68,359
82,811
180,806
175,348
184,384
302,195
310,284
323,251
8,922
6,436
6,812
7,826
10,979
12,800
14,624
28,739
29,732
31,118
1964— May
June
Aug.
Sept.
Oct.
Nov.
Dec.
27..
30..
26..
30 ' .
28 r
25 r.
31..
15,500
15,461
15,500
15,500
15,500
15,400
15,388
5,600
5,578
5,600
5,600
5,500
5,500
5,405
336,900
343,988
344,000
351,300
351,000
356,100
365,366
195,900
201,161
200,600
205,000
204,100
206,700
214,254
99,700
100,879
100,700
102,900
103,300
105,700
106,825
65,200
65,337
64,900
66,800
67,200
68,500
68,779
34,000
34,794
35,100
35,400
35,200
36,300
37,044
500
748
800
700
900
1,000
1,002
41,300
41,948
42,700
43,400
43,600
43,700
44,287
358,000
365,027
365,100
372,300
372,000
377,000
386,159
325,100
333,114
331,100
338,500
338,100
342,100
352,964
32,900
31,915
34,000
33,700
33,900
34,900
33,193
1965—Jan.
Feb.
Mar.
Apr.
May
27 r.
24 ' .
31 '
28 r
26*\
15,200
14,900
14,600
14,400
14,300
5,400
5,400
5,400
5,400
5,400
360,600
362,600
367,200
368,900
371,300
210,900
213,100
217,600
219,300
222,100
105,100
104,300
103,800
102,600
102,500
67,400
66,500
65,100
64,200
63,100
36,700
36,700
37,600
37,400
38,300
1,000
1,100
1,100
1,100
1,100
44,600
45,200
45,800
47,000
46,700
381,100
382,900
387,200
388,700
391,000
347,200
347,600
351,900
354,000
354,700
34,000
35,300
35,300
34,700
36,300
DETAILS OF DEPOSITS AND CURRENCY
Releited deposits (not seasonally adjusted)
Money supply
Seasonally adjusted i
Time
Not seasonally adjusted
U. S Governn lent
te
Total
Currency
outside
banks
1929 June
1933 June
1939 Dec.
1941 Dec.
1945—Dec
1947_Dec.
1950—Dec.
1962—Dec.
1963—June
Dec.
31....
30....
28....
29....
20....
110,500
114,600
147,600
148,300
153,100
26 ,100
24 ,600
29 ,600
30 ,700
31 ,700
1964—May
June
Aug.
Sept.
Oct.
Nov.
Dec.
27....
30....
26....
30'...
28 ' . . .
25 ' . . .
31....
151,900
153,500
154,300
156,900
157,800
156,900
159,300
27 ' . . . 158,700
2 4 ' . . . 157,400
31'».. 161,300
2 8 ' * . . 159,000
M a y 26*... 157,400
29
30
30
31
31
1965—Jan.
Feb.
Mar.
Apr.
Demand
deposits
adjusted 2
Total
Currency
outside
banks
Demand
deposits
adjusted 2
Postal
Mutual Savings
savings
Sysbanks 3
tem
8,905
9,621
10,523
10,532
15,385
17,746
20,009
41,478
43,181
44,467
84,400
90,000
118,000
117,600
121,400
26,179
19,172
36,194
48,607
102,341
113,597
117,670
153,162
147,144
158,104
3,639 22,540 28,611 19,557
4,761 14 411 21 656 10 849
6,401 29,793 27,059 15,258
9,615 38 992 27,729 15,884
26,490 75,851 48,452 30,135
26,476 87,121 56,411 35,249
25,398 92,272 59,246 36,314
30,904 122,258 139,448 97,440
31,832 115,312 149,322 105,648
33,468 124,636 155,713 110,794
32 ,500
32 ,700
32 ,900
33 ,100
33 ,300
33 ,400
33 ,500
119,400
120,800
121,400
123,800
124,500
123,500
125,800
150,000
153,331
152,900
155,900
158,400
159,300
167,140
32,400
33,020
33,100
33,200
33,200
34,300
34,882
117,600
120,311
119,800
122,700
125,200
125,000
132,258
165,100
166,627
169,000
170,500
172,100
172,700
175,898
118,400
119,330
121,200
122,100
123,600
124,000
126,447
46,300
46,882
47,400
47,900
48,100
48,300
49,065
400
415
400
400
400
400
386
33 ,900
33 ,900
34 ,100
33 ,800
33 ,900
124,800
123,500
127,200
125,200
123,500
160,800
156,600
156,800
159,100
155,400
33,400
33,500
33,800
33,500
33,800
127,400
123,100
123,000
125,600
121,600
179,000
180,900
183,300
184,600
186,200
129,200
131,000
132,800
134,100
135,200
49,400
49,600
50,100
50,100
50,700
1 Series begin in 1946; data are available only for last Wed. of month.
2
Other than interbank and U.S. Govt., less cash items in process of
collection.
3 Includes relatively small amounts of demand deposits. Beginning
with June 1961, also includes certain accounts previously classified as
other liabilities.
4 Reclassification of deposits of foreign central banks in May 1961
reduced this item by $1,900 million ($1,500 million to time deposits and
$400 million to demand deposits).
Total
Commercial
banks
1
1
1
2
3
2
149
186
278
313
932
416
923
530
493
452
Foreign
net 4
365
50
Treasury
cash
holdings
204
264
At
commercial
and
savings
banks
At
F.R.
Banks
36
35
634
867
977
870
668
602
806
850
2, 141
1, 682
2, 518
2,409
2,215
2,287
1,336
1,293
405
369
392
381
852
846
1 895
24, 608
1, 452
2 , 989
7 , 090
1 1 , 306
6 , 986
1, 300
1, 324
1, 400
1, 400
1, 400
1, 500
1, 724
400
391
400
400
500
600
612
7 , 400
10, 502
6, 300
9, 400
5, 000
7, 300
6, 770
400
1, 500
400
400
400
400
1,
1,
1,
1,
700
700
700
800
800
900
4, 300
7, 000
900
600
900
8,
7, 100 1,000
10, 200
700
1, 217
1, 498
i 488
1, 337
1, 206
500
600
500
500
900
939
1,100
900
700
800
820
NOTE.—For back figures and descriptions of the consolidated condition
statement and the seasonally adjusted series on currency outside banks
and demand deposits adjusted, see "Banks and the Monetary System,"
Section 1 of Supplement to Banking and Monetary Statistics, 1962, and
Jan. 1948 and Feb. 1960 BULLETINS.
Except on call dates, figures are partly estimated and are rounded to
the nearest $100 million.
842
COMMERCIAL AND MUTUAL SAVINGS BANKS
JUNE 1965
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
(Amounts in millions of dollars)
Loans and investments
Class of bank
and date
Total
Loans
Deposits
Total
assets—
Total
Securities
Interbank l
Other
liaCash bilities
and
assetsi
Demand
capital Total i
acDeU.S.
Other
Time
counts 2
mand
Govt.
U.S.
Govt. Other
All banks
1941—Dec.
1945—Dec.
1947__Dec.
1962—Dec.
1963—June
Dec.
31
31
31*
28
29
20
61,126
140,227
134,924
280,397
287,411
302,251
1964—May
June
Sept.
Oct.
Nov.
Dec.
27
30
30 r
28'
25 r
31
305,660 99,210
310,404 203,119
207,560
317,750 207
318,300 207,490
323,150 210,990
329,739 216,674
65,150 41,300 48,850 363,420 319,500
65,337 41,948 54,073 373,909 331,843
66,790 43,400 53,750 381,230 337,150
67,210 43,600 52,000 379,720 334,260
68,460 43,700 53,100 385,810 338,970
68,779 44,287 61,493 401,161 356,308
13,680
15,272
15,820
15,360
15,460
17,938
1965—Jan.
Feb.
Mar.
Apr.
May
27 r
24'
31 ™
28 »P
26*
326,880 214,920
328,920 217,270
331,950 221,040
335,020 223,890
336,460 226,690
67,,380 44,580 51,960 388,570 342 ,250
180 52,580 391,080 343,770
5,180
66,470 45;
55,520
397,650 350 ,890
65,; 140 45,770
,
.
64,180 46,950 52,580 397,710 349,320
63,100 46 670 52;220 398;900 349,760
14,800
14,890
16,300
14,450
14,240
50,746
124,019
116,284
235,839
241,014
254,162
21,808 7,225 26,551 79,104 71,283
90,606 7,331 34,806 160,312 150,227
69,221 9,006 37,502 155,377 144,103
66,434 29,298 54,049 297,116 262,122
63,542 32,423 51,156 299,875 266,179
63,196 34,959 50,711 312,773 275,120
59,110 35,750 48,000
59,322 36,394 53,168
60,710 37,800 52,870
61,360 38,020 51,100
62,670 38,120 52,200
62,991 38,796 60,489
Commercial banks:
!941_Dec. 31
1945—Dec. 31
1947—Dec. 3H
1962—Dec. 28
1963—June 29
Dec. 20
10,982
26,615 25,511 8,',999 27,344 90,908 81,816
30,361 101,288 8,577 35 ,415 177,332 165,612
14,065
43,002 81,199
240
- 10,723
, . - 38,388
,.
175,091 161,865 12,793
.72,822 72,563
535
563 35,012 54,939 343,201 303,653 16,008
79,714 69,708 37,989
,
,
551
52,046
3 4 7,896
/ " ' 309,428 15,042
92,686 6 9 068
" " 40,497 51,536 362,394 319,636 15,267
528
21,714
26,083
38,057
140,106
145,049
156 ,006
Bor-
Total Numcapital 1 ber
ac- I of
I counts banks
Time 3
44,355
105,935
1,346 94,381
6,839 141,084
11,069 133,681
6,734 141,576
26,479
45,613
53,105
139,188
149,083
155,531
23 8,414!
227 10,542
66 11,948
635 28,046
28
563 28,612
702 29,882
14,826
14,553
14,714
13,940
13,993
14,079
630
678
700
710
710
821
7,200
10,263
9,200
4,770
7,090
6,517
133,080
139,160
141,140
141,440
143,180
155,248
164,910
166,469
170,290
171,980
172
"",530
175,785
3,560 30,620
2,120 31,037
31
2,760 ",490
31
3,940 31,600
4,500 31,800
2,,700 32,196
3
14,154
14,175
14,230
14,242
14,251
14,266
890
940
950
920
970
4,060
6,710
350
6,850
9,920
143,630
140,420
142,150
142,600
138,490
178.870
180,810
183,140
184,500
186,140
4,400
4,330
3,670
5,020
4 ,970
32,040
32,200
32;
;610
32,670
32,960
14,290
14,290
14,292
14,297
14,300
10,982
14,065
12,792
240
16,008
535
15,042
550
526
15,267
44,349
105,921
1,343 "
94,367
6,829 141,041
11
133^624
6,729 141,534
15,952
30,241
35,360
97,709
105,903
111,064
23 7,173
219 8,950
65 10,059
627 24,094
545 24,582
664 25,677
14,278
14,011
14,181
13,429
13,482
13,570
311,810 273,170
321,909 284,903
327,890 289,190
326,230 286,080
331,980 290,580
346,921 307,170
13,680
15,272
15,820
15,360
15,460
17,938
630
677
700
710
710
819
7,200
10,257
9,200
4,770
7,090
6,510
118,630
119,587
119
122,380
123,850
124,190
126,720
3,560 26,380
2,099 26,768
2,760 27,110
3,940 27,240
4,500 27,380
2,679127,795
13,647
13,669
13,724
13,736
13.746
13,761
143,580 129,440
140,370 131 ,220
142,100 133
3,070
142,550 134,370
138,430 135,490
4,400127,640
4,330 27,750
3,670 28,100
5,020 28,210
4,970 28,410
13,785
13,786
13,789
13,793
13,796
12,347
4 5,886
24,210
208 7,589
28,340
54 8,464
79,716 3,550119,854
86,550 1,440 20,238
90,929 3,499 21,054
6,619
6,884
6,923
6,049
6,058
6,112
133,030
139,110
141,090
141,390
143,130
155,184
1964—May
June
Sept.
Oct.
Nov.
Dec.
27
30
30 r
28 r
25 r
31
255.720 160,860
260;179 164,463
266,180 167,670
266,600 167,220
271,120 170,330
211,316 175,589
1965—Jan.
Feb.
Mar.
Apr.
May
27 r
24'
31r*>
28™
26 P
274,000
275,730
278,350
281,240
281,970
73,420
75,530
179,040
81,530
83,720
61,520 39,060
60,520 39,680
59,040 40,270
58,320 41,390
57,100 41,150
333,810 292,770
336,010 294,130
342,110 300,770
342,060 299,140
342,490 299,050
14,800
14,890
16,300
14,450
14,240
890
940
950
920
970
4,060
6,710
8,350
6,850
9,920
Member banks:
1941—Dec.
1945—Dec.
1947—Dec.
1962—Dec.
1963—June
Dec.
31
31
31
28
29
20
43,521
107,183
97,846
195,698
199,495
210,127
18,021
22,775
32,628
118,637
122,088
131,712
19,539 5,96123,123 68,121 61,717
78,338 6,070 29,845 138,304 129,670
57,914 7,304 32,845 132,060 122,528
52,968 24,092 47,427 249,488 219,468
50,399 27,008 44,929 251,214 222,619
49,342 29,073 44,395 261,469 229,376
10,385
13,576
12,353
15,309
14,388
14,518
64
50
358
373
382
1,709
22
2,179
1,176
6,086
9,761
5,986
1964—May
June
Sept.
Oct.
Nov.
Dec.
27
30
30
28
25
31
211,293
215,132
220,105
219,678
223,153
228,497
135,665
138,649
141,393
140,646
143,241
147,690
45,979 29,649 41,983 260,441 227,459 13,022
249 46,767 269,437 238,052 14,527
46,235 30,2
467 46,423 274,302 241,331 15,056
47,245 31,4
4 7 458
/ " 31 ;574 44,680 271,855 237,656 14,559
48,383 31,529 45,689 276,406 241,141 14,646
48,717 32,089 52,737 289,142 255,724 17,007
489
525
542
555
551
664
6,440 110,182
"",624
9,342 115
8,460 116,969
4,325 116,793
6,319 118,030
5,838 128,539
97,326
98,034
100,304
101,424
101,595
103,676
3.389 21,719
1,,936 22,060
2,,624 22,382
3,,733 22,474
4,,297 22,560
2,481 22,901
6,161
6,180
6,204
6,209
6,221
6,225
1965—Jan.
Feb.
Mar.
Apr.
May
27
24
31
28
26?
225,493
227,093
229,456
231,866
232,373
145,830
147,818
150,921
150
152,951
154,705
47,297
46,364
45,120
44,555
43,615
14,016
14,138
15,556
13,710
13,525
731
779
795
759
817
3,662 118 ,307
5,958 115,601
7,510 117 ,349
6,263 117,569
8,881 114,025
106,065
107,542
109,067
110,262
111,246
4,186 22 ,799
3,
,888
3,509 23,173
4,802 23,253
4,701 23,406
6,236
6,236
6,235
6,237
6,239
6
14
10,527
15,371
17,745
41,478
43,180
44,467
1,241
1,592
1,889
3,951
4,031
4,205
548
542
533
511
511
509
Mutual savings banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31*
1962—Dec. 28
1963—June 29
Dec. 20
51,010
51,580
54,510
51,640
51,230
32,366 44,461 277,606 242,781
441750 279,488 244,018
32,
300 250
250,277
33,415 47,749 285,300
34,360 45 106 285,023 248,563
804 285,331 248,494
34,05
3,704 1,774
10,379 4,901
16,208 4,279 10,682 1,246
18,641 4,944 11,978 1,718
44,558 32,716 6,129 5,714
46,397 34,665 6,166 5,566
48,089 36,679 5,872 5,539
793
609
886
890
890
826
11,804
17,020
19,714
46,086
48,020
49,621
10,533
15,385
17,763
41,531
43,248
44,516
51,610
52,000
53,340
53,490
53,830
54,239
37,136
69,640
80,609
117,999
111,548
117,562
1964—May
June
Sept.
Oct.
Nov.
Dec.
27
30
30
28
25
31
49,940
50,226
51,570
51,700
52,030
52,363
38,350
38,656
39,890
40,270
40,660
41,085
6,040
6,016
6,080
5,850
5,790
5,788
850
5,550
905
5,554
880
5,600
900
5,580
900
5,580
5,490 1,004
46,330
46,940
47,960
48,180
48,390
49,138
46,280
46,882
47,910
48,130
48,340
49,065
4,240
4,269
4,380
4,360
4,420
21 4,401
507
506
506
506
505
505
1965—Jan.
Feb.
Mar.
Apr.
May
27
24
31
28 r
26*
52,880
53,190
53,600
53,780
54,490
41,500
41,740
42,000
42,360
42,970
5,860
5,950
6,100
5,860
6,000
5,520
950 54,760 49,480
5,500 1,000 55,070 49,640
5,500 1,010 55,540 50,120
5,560
940 55,650 50,180
5,520
990 56,410 50,710
49,430
49,590
50,070
5O,13OJ
50,650|
4,400
4,450
1 4,510
i 4,460
i 4,550
505
504
503
504
504
For notes see end of table.
JUNE 1965
843
COMMERCIAL AND MUTUAL SAVINGS BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Loans and investments
Securities
Class of bank
and date
Total
Reserve city member banks
New York City: 5, «
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1962—Dec. 28
1963—June 29
Dec. 20
Loans
U.S.
Govt.
Other
Total
assets—
Total
liaCash bilities
and
capital
accounts 2
Interbank
Total*
12,896 4.072 7,265 1,559 6,637 19,862 17,932
26,143 7,334 17,574 1,235 6,439 32,887 30,121
20,393 7,179 11.972 1,242 7,261 27,982 25,216
32,989 21,954 7,017 4,017 11,050 46,135 37,885
32,847 21,446 6,506 4,895 9,802 44,981 37,454
34,827 23,577 6,154 5,095 9,372 46,434 38,327
Other
Borrowings
Demand
Demand
Time
Total Numcapital ber
acof
counts banks
Time
U.S.
Govt.
Other
4,202
4,640
4,453
4,783
4,734
4,289
17
12
207
187
214
866
6,940
267
1,408
2.052
1,419
12,051
807
1,648
17,287 1,236
195 2,120
19,040 1,445
30 2,259
22,231 9,256 1,728 3,898
20,351 10,131
794 3.931
20,960 11,446 1,438 3,984
36
37
37
17
13
13
35,467
36,693
37,904
36,611
37,594
39,507
24,544
25,490
26,040
25,048
26,051
27,301
5,619
5,779
5,973
5,712
5,954
6,178
5,304
5,424
5,891
5,851
5,589
6,028
9,393
10 ,550
10,183
9,639
0,103
10
11,820
47,346
49,716
50,696
48,758
50,171
53,867
38,590
41,545
42,287
40,001
40,753
45,191
4,071
4,711
4,727
4,299
4,394
5,088
295
317
340
350
333
436
1,349
2.112
2,350
1,059
1,261
1,486
19,670 13,205 1,494 4,351
21,224 13,181
924 4f402
21,199 13,671
938 4,447
20,324 13,969
,345 4,436
20,679 14,086
,784 4.434
23,896 14,285
,224 4,471
14
14
14
13
13
13
27
24
31
28
26*
38,271
38,950
39,905
40,325
40,201
26,573
27,570
28,894
29,173
29,558
5,630
5,122
4,788
4,764
4,674
6,068 9,427
6,258 9,218
6,223 11,597
6,388 9,844
5,969 10,230
50,166
50,803
54,198
52,852
53,184
40,890
41,574
44,997
43,502
43,820
4,274
4,359
4,852
4,226
4,308
457
499
518
492
549
795
1,083
1,778
1,666
1,989
20,670 14,694
20,447 15,186
22,123 15,726
20,842 16,276
20,289 16,685
City of Chicago: 5
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1962—Dec. 28
1963—June 29
Dec. 20
2,760
5,931
5,088
8,957
9,082
9,615
954
1,333
1,801
5,418
5,545
6,220
1,430
4,213
2,890
2,129
2,071
1,705
376
385
397
,409
,466
,690
1,566
1,489
1,739
2,280
2,136
1,970
4,363 4,057
7,459 7,046
6,866 6,402
11,432 9,993
11,440 10,141
11,776 10,296
,035
r312
,217
,277
,202
,211
127
1,552
72
410
584
395
9,394
9,636
9,914
9,788
10,021
10,562
6,173
6,266
6,421
6,404
6,600
7,102
,706
,750
,857
,791
,786
,873
,515
,620
,636
,593
.635
,587
2,185
2,121
2,251
2,234
2.232
2,366
11,806
12,046
12,458
12,305
12,537
13,289
10,414
10,630
10,964
10,802
11,009
11,807
,182
,327
,238
,251
,448
10.245
10,296
10,310
10,425
10,363
6,767
6,963
7,129
7.073
7,108
,850
,678
,546
,669
,643
,628
,655
,635
,683
,612
2,163
2,184
2,089
2.318
2,23:
12,703
12,842
12,801
13.095
12,961
11,177
11,153
11,088
11,395
11,282
,153
,238
,977
.182
,169
15,347
40,108
36,040
73,130
74.614
78,370
7,105
8,514
13,449
46,567
48,164
51,891
6,467
29,552
20,196
18,398
17,326
16,686
1,776
2,042
2,396
8,165
9,124
9,792
8,518
11,286
13,066
19,539
18,526
18,778
24,430
51,898
49,659
94,914
95,433
99,643
22,313
49,085
46,467
84,248
85,555
87,994
4,356
6,418
5,627
7,477
6,811
7,225
104
30
22
82
110
95
1964—May
June
Sept.
Oct.
Nov.
Dec.
27
30
30
28
25
31
1965—Jan.
Feb.
Mar.
Apr.
May
1964—May
June
Sept.
Oct.
Nov.
Dec.
,
27
30
30
28
25
31
1965—Jan. 27
Feb. 24
Mar. 31
Apr. 28
May 26*>
Other reserve city: 5, 6
1941—Dec. 3 1 . . . .
1945—Dec. 31
1947—Dec. 31
1962—Dec. 28
1963—June 29
Dec. 20
,781
,281
,506
,655
,498
4,465
4,487
4,526
4,517
4.548
13
13
13
13
13
2,419
476
3,462
719
4,201
913
5,264 3,025
4,840 3,499
4,887 3,787
262
111
255
288
377
426
948
974
996
13
12
14
13
12
12
384
587
616
288
380
396
4,810
4,744
4,840
4,939
4,906
5,362
4,046
4,090
4,158
4,314
4,450
4,578
185
210
258
255
256
204
,008
.017
,034
,034
,044
,056
12
12
12
12
12
12
259
349
501
463
576
5,0761 4,663
4,905| 4,633
3,985) 4,597
5,047 4.681
4,800 4,734
232
322
278
355
333
,046
,053
,060
.065
,071
12
12
11
11
11
491
8,221
405
2,337
3,793
2,212
12,557 4,806
1,967
24,655 9,760
2 2,566
28,990 11,423
1 2.844
43,609 30,743 1,388 7,263
41,291 33,549
407 7,440
43,459 35
-,004 1,417 7,697
351
359
353
191
194
190
1964—May
June
Sept.
Oct.
Nov.
Dec.
27
30
30
28
25
31
79,226
80,466
82,222
82,239
83,044
84,670
53,749
54,604
55,804
55,712
56,292
57,555
15,294 10,183
15,488 10,375
15,680 10,738
15,722 10,805
15,986 10,766
16,326 10,789
16,999
19,143
19,158
18,305
-,646
18
21,607
98,750
102,245
104,065
103,165
104,306
109,053
86,814
91,145
91,950
90,422
91,299
97,145
6,231
6,894
7,217
7,152
7,102
8,289
115
118
115
118
132
134
2,708
3,771
3,244
1,685
2,580
2,195
40,009 37,751
42,387137,974
42,689 38,685
42,618 38,849
42,851 38,634
46,883 39,645
1,301
572
1,150
1,725
1,845
841
8,032
8,110
8,324
8,357
8,360
8,488
183
183
185
184
182
182
1965—Jan.
Feb.
Mar.
Apr.
May
27
24
31
28
26?
83,987
84,567
85,374
86,265
86,034
57,428
57,966
58,771
59,701
60,015
15,541 11,018
15,410 11,191
15,032 11,571
14,629 11.935
14,123 11,896
18,353 104,997
18,114 105,275
19,011 107,146
18,522 107.609
17,984 106,851
92,273
92,428
94,519
94,001
93,130
6,758
6,789
6,976
6,573
6,366
184
188
185
181
174
1,580
2,546
3,035
2,538
3,548
42,848 40,903
41,590 41,315
42,615 41,708
42,651 42.058
40,969 42 073
1,756
1,663
1,413
2.310
2,329
8,504
8,529
8,646
8.675
8,676
184
184
186
184
179
12,518
35,002
36,324
80,623
82,952
87,316
5,890
5,596
10,199
44,698
46,934
50,023
4,377
26,999
22,857
25,425
24,496
24,797
2,250 6,402 19,466
2,408 10,632 46,059
3,268 10,778 47,553
10,501 14,559 97,008
99,361
11;522 14,465
14
12,496 14,274 103,615
17,415
43,418
44,443
87,342
89,470
92,759
792
,207
,056
,773
,641
,793
225
5,465
432
1,931
3,332
1,960
10,109 6,258
24,235 12,494
28,378 14,560
14
46,895 36,692
45,066 39
",371
48,256 40,693
4
11
23
172
127
390
1,982
2,525
2,934
7,744
7,894
8,377
6,219
6.476
6,519
5,828
5,839
5,897
Country member banks: 5 6
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1962—Dec. 28
1963—June 29
Dec. 20
1964—May
June
Sept.
Oct.
Nov.
Dec.
27
30
30
28
25
31
87,206
88,337
90,065
91,040
92,494
93,759
51,199
52,289
53,128
53,482
54,298
55,733
23,360
23,218
23,735
24,233
24,657
24,341
12,647 13,406 102,539 91,641
12,830
830 14,953 105,430 94,733
13,202 14,831 107,083 96,130
13,325 14,502 107,627 96,431
13,539 14,708 109.392 98,080
13,685 16,944 112,932 101,581
,569
,739
,785
,870
,899
,182
1,999
2,872
2,250
1,293
2,098
1,760
45,693 42,324
47,270 42,788
48,241 43,790
48,912 44,292
49,594 44
",425
52,398 45,169
409
230
278
408
412
213
8,328
8,531
8,577
8,647
8,722
8,886
5.952
5,971
5,993
6,000
6.014
6,018
1965—Jan.
Feb.
Mar.
Apr.
May
27....
24
31
28
26^
92,990
93,280
93,867
94,851
95,775
55,062
55,319
56,127
57,004
58,024
24,276
24,154
23,754
23,493
23,175
13,652 14,518 109,740 98,441
13,807 15,234 110,568 98,863
13,986 15,052
,
111,155 99,673
14,354 14,422 111,467 99,665
14,576 14,358 112,335,100,262
,831
,752
,751
,729
,682
1,028
1,980
2,196
1,596
2,768
49,713
48,659
48,626
49,029
47,967
417
712
312
482
541
8,784
8.819
«,941
8,996
9,111!
6,027
6,027
6.025
6,029
6,036
For notes see end of table.
45,805
46,408
47,036
47.247
47,774
844
COMMERCIAL AND MUTUAL SAVINGS BANKS
JUNE 1965
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Loans and investments
Securities
Class of bank
and date
Total
Loans
Cash
assets 1
U.S.
Govt.
Other
Total
assets—
Total
liabilities
and
capital
accounts 2
Deposits
Other
Interbank *
Total i
Bor- Total Number
row- capita]
acof
ings counts
banks
Demand
Demand Time
Time 3
U.S.
Govt.
Other
Insured commercial
Hanlre*
D&nKS.
49,290 21,259 21,046 6,984
121,809 25,765 88,912 7,131
114,274 37,583 67,941 8,750
25,788
34,292
36,926
76,820
157,544
152,733
69,411
10 ,654
1,762 41,298 15,699
147,775
13 ,883 23,740 80,276 29,876
141,851 12,615
54 1,325 92,975 34,882
234,243
252,579
258,597
275,053
65,891 28,903
62,723 34,594
58,880 36,002
62,499 38,320
53,702
50,337
52,845
59,911
295,093
310,730
319,913
343,876
260,609
273,657
283,463
305,113
27,571 11,725 12,039 3,806
69,312 13,925 51,250 4,137
65,280 21,428 38,674 5,178
14,977
20,114
22,024
43,433
90,220
88,182
35,663 16,042
33,384 19,218
31,560 20,168
33,405 21,312
29,684
28,635
29,511
34,064
160,657
170,233
175,250
190,289
15,950 6,295 7,500 2,155
37,871 8,850 27,089 1,933
32,566 11,200 19,240 2,125
8,145
9,731
10,822
24,688
48,084
43,879
22,259
3 ,739
621 13,874 4,025
44,730
4 ,411
8,166 24,168 7,986
40,505 3,978
381 27,068 9,062
15
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
Dec. 31..
68,444
72,680
73,934
77,091
8,050
9,855
10,080
10,777
17,744
15,760
17,256
18,673
88,831
91,235
95,186
98,852
76,643
78,553
82,074
86,108
6,154
5,655
6,038
6,486
Insured nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
5,776
14,639
16,444
3,241 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
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
Dec. 31..
38,557
42,464
43,476
46,567
20,811
23,550
25,066
26,544
12,932
13,391
12,654
13,790
4,814
5,523
5,755
6,233
6,276
5,942
6,078
7,174
45,619
49,275
50,488
54,747
41,142
44,280
45,411
49,389
535
559
546
658
Noninsured nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 3H.
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
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
Dec. 31..
1,584
1,571
1,571
2,312
657
745
748
1,355
534
463
432
483
392
362
390
474
346
374
323
578
2,009
2,029
1,984
3,033
1,513
1,463
1,439
2,057
164
190
200
273
3,696 2,270 1,266
3,310 12,277 1,262
5,432 11,318 1,703
3,431
4,962
4,659
10,992
22,024
23,334
9,573
20,571
21,591
439
699
749
745
931
1941—Dec 31..
1945—Dec. 31..
1947—Dec. 31..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
Dec. 31..
National member
Wanirm*
Dames:
1941—Dec. 31..
1945—Dec. 31..
1947_Dec. 31..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
Dec. 31..
State member banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
127,254
137,447
141,198
151,406
139,449
155,261
163,715
174,234
75,548
84,845
89,469
96,688
43,089
46,866
49,179
51,002
17,305
15,958
14,675
15,312
15,844
15,077
15,072
17,664
402
443
591
733
6,815
6,712
10,234
6,487
140,169 97,380
140,702 110,723
138,323 119,243
154,043 126,185
39,458
6 ,786
1,088 23,262 8,322
84,939
9 ,229
14,013 45,473 16,224
82,023 8,375
35
795 53,541 19,278
142,825
150,823
155,978
169,615
9,155
8,863
8,488
10,521
127
146
161
211
231
236
364
453
129
244
4
43
61
66
70
329
181
3,735
3,691
5,822
3,604
2,351
2,295
3,520
2,234
41,924 25,983
40,725 29,642
40,255 31,897
44,005 32,931
22,170 17,664
23,140 19,793
22,699 21,209
25,504 22,509
1 2,246 1,502
130 2,945 1,867
9 3,055 1,918
1,914
1,795
1,095
1,372
7,104
7,506
7,799
7,853
1,544
1,497
1,478
1,452
6
959 6,810
7 1,083 6,416
7 1,271 6,478
34
72
99
99
3,870
4,234
4,309
4,488
7,072
7,173
7,215
7,262
253
365
478
13
4
4
329
279
325
852
714
783
133
83
85
86
14
17
23
23
330
341
344
534
44
93
64
99
371
389
399
406
308
285
274
274
872
832
787
1,141
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
Dec. 31..
40,141
44,035
45,047
48,879
21,469
24,295
25,815
27,899
13,466
13,854
13,087
14,273
5,206
5,885
6,145
6,707
6,622
6,316
6,401
7,752
47,628
51,304
52,472
57,780
42,654
45,743
46,850
51,447
Insured mutual
savings banks:
1941—Dec. 31..
1945—Dec. 31..
1947 Dec. 31..
1,693
10,846
12,683
642
3,081
3,560
629
7,160
8,165
421
606
958
151
429
675
1,958
11,424
13,499
1,789
10,363
12,207
1
12
2
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
Dec. 31..
38,597
41,664
43,431
45,358
28,778
32,300
34,050
36,233
4,639
4,324
4,316
4,110
5,180
5,041
5,064
5,015
784
722
799
893
39,951
43,019
45,022
47,044
36,104
38,657
40,797
42,751
1
1
1
2
9
5
6
7
4 3,640 5,117
78 4,644 5,017
45 5,409 5,005
1,-291
1,<?05
18 1,392
7,233
16,849
18,454
For notes see end of table.
13,119
13,284
13,394
13,486
185
Nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
457
425
3,584 23,712
3,571 25,277
2,035 26,358
2,580 27,377
76,075 53,733 1,636 12,750 4,505
76,836 61,288 1,704 13,548 4,615
75,369 66,137
841 14,262 4,702
84,534 70,746 1,109 15,048 4,773
53 4,162 3,360
1,560 10,635 5,680
149 12,366 6,558
729
726
892
649
10 6,844 13,426
215 8,671 13,297
61 9,734 13,398
190
3,613
5, 504
6,045
14, 101
167 13,758 7,036
176
144
151
156
743
743
915
672
23,042 17,994
23,972 20,134
23,486 21,553
26,645 23,043
1 789
10,351
12 12,192
267 35,827
292 38,359
333 40,456
326 42,416
18 1,288 7,662
11 1,362 7,130
12 1,596 7,261
4,240
4,623
4,708
4,894
7,380
7,458
7,489
7,536
164
1 1,034
1,252
52
192
194
3,343
3,572
3,618
3,731
331
330
327
327
77
165
163
198
7
38
20
20
JUNE 1965
845
COMMERCIAL AND MUTUAL SAVINGS BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Loans and investments
Class of bank
and date
Total
Noninsured mutiial savings
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 314
1962—Dec.
1963—Dec.
1964—June
Dec.
28
20
30
31
8 ,687
,361
5 ,957
5 ,961
6 ,425
6 j79S
7 ,005
Loans
4 ,259
1 J98
1 ,384
3 ,938
4 ,380
4 ,60S
4 ,852
Deposits
Total
assets—
Securities
Other
Total
Interbank i
liaCash bilities
assetsi and
Demand
capital T o t aU
U.S. Other
DeTime
ac- 2
Govt.
counts
mand
U.S.
Govt. Other
3 ,075 1,353
641
5??
760
3 ,813
642
180
211
9,846
5,596
6,215
5, 556
1 ,490
1 ,548
1 ,700
1 ,678
533
498
490
106
104
105
475
111
6,134
6,602
6,977
7,195
5, 427
5 859
6 143
6, 387
1
Reciprocal balances excluded beginning with 1942.
23 Includes other assets and liabilities not shown separately.
Figures for mutual sayings banks include relatively small amounts
of demand deposits. Beginning with June 1961, also includes certain
accounts
previously classified as other liabilities.
4
Beginning with Dec. 31, 1947, the series was revised; for description,
see note 4, p. 587, May 1964 BULLETIN.
5
Regarding reclassification of New York City and Chicago as reserve
cities, see Aug. 1962 BULLETIN, p. 993. For various changes between
reserve city and country status in 1960-63, see note 6, p. 587, May 1964
BULLETIN.
6 Beginning with May 18, 1964, one New York City country bank with
loans and investments of $1,034 million and total deposits of $982 million
was reclassified as a reserve city bank. Beginning with May 13, 1965
(Toledo, Ohio) reserve city banks with total loans and investments of
$530 million and total deposits of $576 million were reclassified as country
banks.
8, 744
Bor- Total Numrow- capital ber
ings
acof
counts banks
Time 3
6
2
1
8 ,738
,0?0
2 5 ,553
1
6 5 ,420
8 5 ,851
15 6 J78
6 6 ,381
1
6
1,077
558
637
496
350
339
608
633
651
180
179
179
670
178
i
NOTE.—Data are for all commercial and mutual savings banks in the
United States (including Alaska and Hawaii, beginning with 1959). For
definition of "commercial banks" as used in this table, and for other
banks that are included under member banks, see NOTE, p. 643, May 1964
BULLETIN.
Comparability of figures for classes of banks is affected somewhat by
changes in F.R. membership, deposit insurance status, and the reserve
classifications of cities and individual banks, and by mergers, etc.
Data for June 30 and Dec. 31, 1964, for national banks have been
adjusted to make them comparable with State bank data. (Dec. 20, 1963,
data also adjusted to lesser extent.)
Figures are partly estimated except on call dates.
For revisions in series before June 30, 1947, see July 1947 BULLETIN
pp. 870-71.
LOANS AND INVESTMENTS AT COMMERCIAL BANKS
(In billions of dollars)
Seasonally adjusted
Not seasonally adjusted
Securities
Period
Total i
Loansl
Securities
Total i
U.S.
Govt.
Other
Loans1
U.S.
Govt.
Other
1957—Dec. 31..
1958—Dec. 31..
1959—Dec. 31..
166.4
181.2
185.9
91.4
95.6
107.6
57.1
65.1
57.8
17.9
20.5
20.5
169.3
184.4
189.5
93.2
97.5
110.0
58.2
66.4
58.9
17.9
20.6
20.5
1960—Dec. 31..
1961—Dec. 30..
1962—Dec. 31'..
1963—Dec. 31«.
1964—Dec. 31...
113.8
120.5
133.9
149.4
167.1
59.9
65.4
65.2
62.1
61.4
20.8
23.9
29.2
35.0
38.7
198.5
214.4
233.6
252.4
273.9
116.7
123.9
137.9
153.9
172.1
61.0
66.6
66.4
63.4
63.0
20.9
23.9
29.3
35.1
38.8
1964—Apr. 29..
M a y 27..
June 30..
July 29..
Aug. 26..
Sept. 30..
Oct. 28 '.
Nov. 25'.
Dec. 31 '.
194.5
209.8
228.3
246.5
267.2
251.8
253.5
256.3
254.5
258.7
261.7
261.1
265.5
267.2
155.4
157.3
160.0
159,
161
163.0
163
165.
167.
60.8
60.3
60.0
58.4
60.2
61.2
60.0
61.6
61.4
35.6
35.9
36.3
36.4
37.0
37.5
37.9
38.5
38.7
250.6
251.5
257.3
254.2
256.1
262.2
262.4
266.3
273.9
154.7
156.7
161.6
159.4
160.2
163.7
163.0
165.5
172.1
60.1
59.1
59.3
58.3
58.8
60.7
61.4
62.7
63.0
35.8
35.8
36.4
36.5
37.1
37.8
38.0
38.1
38.8
1965—Jan.
Feb.
Mar.
Apr.
May
269.6
272.1
275.5
277.3
279.1
170.2
171.9
175.8
177.1
179.3
59.9
60.2
59.6
59.1
58.5
39.5
40.0
40.1
41.1
41.3
269.1
270.7
273.9
275.9
276.9
168.5
170.5
174.5
176.2
178.6
61.5
60.5
59.0
58.3
57.1
39.1
39.7
40.3
41.4
41.2
27'.
24'.
31'P
28 r*
26P.
i Adjusted to exclude interbank loans.
NOTE.—Data are for last Wed. of month except for June 30 and Dec. 31;
data are partly or wholly estimated except when June 30 and Dec. 31 are
call dates.
For back data see June 1964 BULLETIN, pp. 693-97; for description of
seasonally adjusted scries, see July 1962 BULLETIN, pp. 797-802.
846
COMMERCIAL BANKS
JUNE 1965
LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions of dollars)
Loans
1
Investments
For
To
purchasing
financial
or carrying institutions
Total
Comloans *
mer- Agri- securities
and
cial culReal
invest- Total 2 and
estur- To
ments
intate
broduskers To
To
To
trial
and others banks others
dealers
Other
to
indi- Other
viduals
Total
830 1,220
116.284 38,057 18,167 1,660
7,097
,
,1442,131
235,839 40106
254,162 156,006 52,947 7,470 5,353 2,509
2,704
260,179 164,463 55;061 7,688 5,526
5,52 2,
589 60,217
60217 7,505 5,542 2,843
277,376 175,589
115
2,578
3,605
2.881
3,491
5.723 947 69,221
30,55? 3,909 66,434
3 4 ,550
" " 4,034 63,196
37, 594 4 ,421 59,322
39,809 5,152 62,991
All insured
1941—Dec. 31., 49,290 21,259 9,214 1 ,450 614 662
1945—Dec. 31., 121,809 25,765 9,461 '1,314 3,164 3,606
1947—Dec. 31., 114,274 37,583 18,012 1,610 823 1,190
40
49
114
Class of
bank and
call date
Total: 2
1947—Dec.
1962—Dec.
1963—Dec.
1964—June
Dec.
1962—Dec.
1963—Dec.
1964—June
Dec.
31.,
28.,
20..
30.,
31.
28..
20.,
30..
31..
234,243
252,579
258.597
275,053
139,449 48,458 7,060 5,119 2,103
155,261 52,743 7,444 5,321 2,476
163,715 54,855 7,663 5,492 2,671
174,234 59,746 7,482 5,355 2,794
Member, total
1941—Dec. 31. 43,521 18,021 8,671 972 594 598
1945_Dcc. 31. 107,183 22,775 8,949 855 3,133 3,378
1947—Dec. 31. 97,846 32,628 16,962 1 ,046 811 1,065
1962—Dec. 28. 195,698
1963—Dec. 20. 210,127
1964—June 30. 215,132
Dec. 31. 228,497
New York City:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1962—Dec. 28.
1963-^Dec. 20.
1964—June 30.
Dec. 31.
City of Chicago:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1962—Dec.
1963—Dec.
1964—June
Dec.
28.
20.
30.
31.
Other reserve city:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1962—Dec.
1963—Dec.
1964—June
Dec.
28.
20.
30.
31.
Country:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
4,773
4,677
9,266
32,989
34,827
36,693
39,507
21,954 11,943
23,577 12
",332
25,490 12 ,647
27,301 14,189
17 2,766
26 2,677
21 3,045
30 2,742
2,760
5,931
5,088
8,957
9,615
9,636
10,562
732
954
760
1,333
1,801 1,418
48
211
73
52
233
87
2,941
3,378
3,332
3,870
407
497
498
510
152
181
192
203
89
242
200
227
114 194
427 1,503
170 484
4
17
15
5,418
6,220
6,266
7,102
15,347 7,105 3,456
40,108 8,514 3,661
36,040 13,449 7,088
412 169
2,453 1,172
545 267
300
205
225
46,567 ,660 1 179
""
51,891 18^62 11219
54,604 19;624 1 ,173
57,,555 21 102 1,095
12,518 5,890 1,676
35,002 5,596 1,484
36,324 10,199 3,096
1,053
11,243
1,155
1,060
2,193 7,789 6,034 53,205 5,276 3,729
26 - ~ 24,755 4,543
11,674 3,932 23,841 26;987
,173
11,059 1,658 22,415 28
27,085 31,419 4,975
9,061
35 23.14127.
19,039 30,574 33,533 5,263
13,377
988
4 505 21.046
3,159 16,899 3,651 3,333
2,361 ,132 88,912 2,455 19,071 16,045 51 ,342 3,""' ",258
5,654 914 67,941 2,124 7,552 5,918 52 ,347 5,129 3,621
118,637 43 ,843 4,419 4,954 1,777 2,445 7,936 27,162 24,799 3,657 52,968
,403 4,659 5;i242,136 3,439 8,875 31,009 27,908 3,765 49,342
131,712 47.
2,733 9,887 32,794 30,275 4,137 46,235
138,649 49,217 4,755 5,3412,320
5,341 2
147,690!53,717 4,643 5,142 2,411 3,250 io; 179 34 587 32,024 4,824 48,717
4,072 2,807
7,334 3,044
7,179 5,361
32
26
93
123
80
111
703
751
893
948
95
22
36
46
51
149
362
401
409
465
523
594
600
669
7,017
6,154
5,779
6,178
1,430
40 4,213
26 2,890
369
318
318
430
2,129
1,705
1,750
1,873
183
471
227
2
4
5
8,862 3,249 19,443 21,414 20,773 3 ,319
8,032 1,307 18,072 21,932 25,210 3 ,864
6,707
16 18,572
.
20,940
.
26,579
, . 3,670
9,932
15,238 23,548 28,374 3,715
1,998
1,711
1,333
1,958
729
606
638
830
629
604
508 2,488 2,023 3,585
147 2,341 1,955 4,653
2,625 1,821 4,952
1,972 2,248 5,579
432
442
472
449
153 1,022
749 1,864
248 2,274
182
181
213
193
204
185
788
717
680
911
1,242
1,361
1,370
1,392
168
329
251
195
256
133 1,467
132
235
377
347
418
564
115
42
849
599
652
397
1,527
1,508
6,467
295
751 5,421
956 820
855 387 29,552 1,034 6,982 5,653 15,883 1,126 916
1,459
3,147 1,969 351 20,196
373 2,358 1,901 15,563 I,'
342 1,053
752 1,020 3,583 11,030 9,860 1,266 18,398
891 1,224 4,286 12
12,525 11,106 1,462 16,686
970
953 4,706 13,207 12
12,063 1,753 15
15,488
986 1,134 4,887 13,611 12,802 1,977 16,326
20
42
23
3,916 23,715 26 ,746 24 547 4,356
1,649 22,316 27,
,806 29 559 5,035
32 23.044 26,835 31,1844,818
18,939 30,285 33,294 5,026
522
311
7,265
__ 5,331
1,623
287 272 17,574
477 3,433 3,325
325 10,339
564 238 11,972 1,002
640
558 9,772
425
572 2,087 1,329 2,143 ,196
569 1,007 2,247 1,968 2,257 1,068
625 1,014 2,762 2,296 2,548 1,128
623 1,179 2,615 2,546 2,"'
654 1,371
659
648
818
State
and
local Other
govt. secusecu- rities
Certifi- Notes Bonds rities
cates
3,494
971
3 653 19,539
3,007 15,561 3,090 2,871
3,455 1,900 057 78,338 2,275 16,985 14,271 44 ,807 3,254 2,815
7,130 4,662 839 57,914 1,987 5,816 4,815 45 ,295 4,199 3,105
39
47
113
1 528
1,823
4,377
707 359 26,999
1,881
3,827 1,979 224 22,857
1962—Dec.
1963—Dec.
1964—June
Dec.
28.
20.
30.
31.
80,623
87,316
88,337
93,759
44,698
50,023
52,289
55,733
11 ,299 3,187
12,831 3,374
1 3 ,614
" " 3,535
14, 556 3,493
728
708
644
830
447
496
534
599
764
966
565
710
1,563
1,591
1,525
1,730
Nonmember
1947_Dcc.
1962—Dec.
1963—Dec
1964—June
Dec.
31.
28.
30.
30.
31.
18,454
40,141
44,035
45.047
48,879
5,432
21,469
24,295
25,815
27,899
1,205 614
830 21,678
4,'"
5, 544 2.,811
5, 844 21,933
6, 500 2!,862
20
190
229
185
400
156
354
373
384
43:
2
132
166
149
241
523
604
563
733
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.
9,393
34,259
39,056
41,388
43,675
Bills
2,551 8,434 34,123 30,402 3,890 65,891 11,514
3,594 9,415
9415 38,861
38861 34,383 4,015 62,723 10,952
— ' " 4,403
' — 58,880 8,970
2,839
1,190 37,432
62,499 13,275
3,419 10,812 43,436
- — 39,627
-~ —' 5 112
12,896
26,143
20,393
73,130
78,370
80,466
84,670
8,459
9,479
10.450
10,913
U. S. Government
securities
14,441 12,273 826 25,425
16^114 13,951 917 24,797
16 ,883 15,063 939 23,218
17 ,964 15,899 1,047 24,341
2,266
7,097
8,047
8,594
1,061
5,754
6,643
7,320
9,r~ 7,786
109 11,318
252 13,466
13
269 13,854
284 13.087
328 14,273
2,343 1,403
2,152
545
2,206
3,200
7,257
6,600
6,566
5,662
7,395
7,390
6,715
7,463
7,252
8,810
9,449
9,871
913
981
925
918
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
4,144 1,223 8,849 11 ,209
3,822
573 8,531 11,871
11,725
2,749
15 8,728 11
7,206 12,925
4,209
206 1,973 1,219
2,812
683 4,398
3,027
351 4,343
2,354
19 4,569
3,445
3,801
7,920
5,573
6,133
6.144
7,026
8,694 1,807
10,385 ,111
10,808 ,022
11,531 2,154
1,078
3,982
4,576
4,841
5,159
625
1,224
1,309
1,305
1,548
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 sec opposite page.
JUNE 1965
847
COMMERCIAL BANKS
RESERVES AND LIABILITIES BY CLASS OF BANK
(In millions of dollars)
Demand deposits
Class of
bank and
call date
Total: 2
1947_Dec.
1962—Dec.
1963—Dec.
1964—June
Dec.
31..
28..
20..
30..
31..
AH insured:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec, 3 1 . .
1962—Dec.
1963—Dec.
1964—June
Dec.
28..
20..
30..
31..
Member, total:
1941—Dec. 3 1 . .
1945_Dec. 3 1 . .
1947_Dec. 3 1 . .
1962—Dec.
1963—Dec.
1964—June
Dec.
28..
20..
30..
31..
New York City:
1941—Dec. 3 1 . .
1945__Dec. 3 1 . .
1947—Dec. 3 1 . .
Reserves
with
F.R.
Banks
DeBalCur- ances mand
rency with
deand
doposits
coin mestic
ad- 4
banks 3 justed
17,796
17,680
17,150
16,774
17,581
2,216
4,252
4,048
4,539
4,532
1,343
6,829
6,729
0,257
6,510
6,799
12,071
12,256
12,583
13,519
2,581
4,511
4,494
4,832
5,970
84,987
124,459
124,784
121,695
135,694
240
535
526
677
819
111
269
269
257
272
12,396 1,358 8,570 37,845 9,823
673 1,762
15,810 1,829 11,075 74,722 12,566 1,248 23,740
17,796 2,145 9,736 85,751 11,236 1,379 1,325
3,677
5,098
6,692
1,077
2,585
2,559
36,544
72,593
83,723
158
70
54
59
103
111
6,815
6,712
10,234
6,487
11,991
12,175
12,491
13,423
4,434
4,429
4,781
5,856
123,744
124,098
121,051
134,764
402
443
591
733
269
269
257
272
6,246 33,754 9,714
671 1,709
7,117 64,184 12,333 1,243 22,179
6,270 73,528 10,978 1,375 1,176
3,066
4,240
5,504
1,009
2,450
2,401
33,061
62,950
72,704
140
64
50
50
99
105
6,086 9,270
5,986 9,376
9,342 9,639
5,838 10,293
4,083
4,055
4,379
5,368
104,646
104,130
101,605
112,878
358
382
525
664
243
240
227
239
17,680
17,150
16,774
17,581
4,232
4,033
4,524
4,515
12,396 1,087
15,811 1,438
17,797 1,672
17,680
17,150
16,774
17,581
3,263
3,131
3,511
3,490
10,216 87,123
13,099 124,342
126,579
12,312 126
12,693 122,537
15,111 134,671
12,795 123,361
125,615
11,984 125
12,409 121,608
14,613 133,336
7,897
7,359
7,807
9,057
101,528
102,816
99,288
108,324
17,095
16,763
16,389
17,729
3,854
3,487
3,791
4,112
929
801
920
976
1,408
1,419
2,112
1,486
366
368
420
441
2,237
2,119
2,323
2,940
19,628
18,473
18,480
20,515
207
214
317
436
298
200
175
2,215
3,153
3,737
1,027
1,292
1,196
20
127
1,552
72
233
237
285
34
66
63
2,152
3,160
3,853
99
98
151
150
4,262
4,144
3,845
4,294
1,235
1,169
1,135
1,389
410
395
587
396
351
275
311
312
109
112
114
122
4,804
4,500
4,319
4,929
4,060 425
6,326 494
7,095! 56!
2,590 11,117
2,174 22,372
2,125 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
7,671 1,021
7.587
935
7 ;i06' 1,07:
7,680 1,065
2,253
2,105
2,296
2,433
35,481
35,859
34,281
37,047
7,229
6,958
6,616
7,962
248
267
278
326
2,337
2,212
3,771
2,195
3,216
3,144
3,234
3,508
980
1,034
1,086
1,238
39,413
39,281
38,067
42,137
82
95
118
134
2,210!
4,527!
4,993
3,216 9,661
4,665 23,595
3,900 27,424
790
1,199
1,049
225
5,465
432
1,370
2,004
2,647
239
435
528
8,500
21,797
25,203
1,947
1,884
2,113
2,09:
5,389
5,060
5,278
6,295
44,689
46,049
44,773
49,253
1,753
1,764
1,705
2,141
1,931
1,960
2,872
1,760
5,337
5,590
5,674
6,031
756
790
856
1,068
40,801
41,877
40,740
45,298
544
98'
917
1,028
1,042
3,94'
5,202
4,953
4,886
6,054
13,595
22,814
23,763
23,249
26,348
385
642
671
661
765
16'
743
743
915
67:
1,295
2,802
2,880
2,943
3,227
180
428
438
453
602
City of Chicago :
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 31..
1,021
942
1,070
1,071
1,019
923
1,006
1962—Dec.
1963—Dec.
1964— June
Dec.
28..
20..
30..
31..
Nonmember:2
1947_Dec.
1962—Dec.
1963—Dec.
1964—June
Dec.
31..
28..
20..
30..
31..
1,237
1,140
1,280
1,403
6
17
12
156
96
82
180
Country :
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947_Dec. 3 1 . .
14,071
13,378
13,247
15,604
1,265
1,177
1,316
1,454
11,282
15,712
17,646
251
264
273
278
28..
20..
30..
31..
14,579
13,900
13,756
16,210
1,430
1,295
1,218
1,363
1,569
450
1,338
1,105
4,121
3,625
3,919
3,730
1962—Dec.
1963—Dec.
1964—June
Dec.
11,362
14,713
14,048
13,909
16,369
4,817
4,919
4,826
5,165
526
796
929
55
57
78
84
166
3 Beginning with 1942, excludes reciprocal bank balances.
4 Through 1960, demand deposits other than interbank and U.S.
Govt., less cash items in process of collection; beginning with 1961,
demand deposits other than domestic commercial interbank and U.S.
Govt., less cash items in process of collection.
5 For reclassification of certain deposits in 1961, see note 6, p. 589,
May 1964 BULLETIN.
NOTE.—Data are for all commercial banks in the United States. (For
definition of "commercial banks" as used in this table and for other banks
IPC
319
237
290
28..
20..
30..
31..
Other reserve city:
1941—Dec. 3 1 . .
1945—Dec. 31..
1947—Dec. 3 1 . .
ForDomestic 3 eign 5
3,595
866
607
3,535 1,105 6,940
3,236 1,217
267
141 10,761
78 15,065
70 16,653
28..
20..
30..
31..
U.S.
Govt. State
Inter- and
and
bank Postal local
Sav- govt.
ings
U.S.
Govt.
93
Ill
151
1962—Dec.
1963—Dec.
1964—June
Dec.
Certified
and
officers'
checks,
etc.
State
and
local
govt.
5,105
4,015!
4,639
1962—Dec.
1963—Dec.
1964—June
Dec.
Interbank
Time deposits
12,284!
19,813
20,654
20,090
22,816
IPC
866 34,383
65 0,059
6,450 90,991 3,627 24,094
7,908 02,886 3;664 25,677
8,680 110,650 2,099
7 — 26,768
9,812 "16,635 2,679 27,795
492 15,146
496 29,277
826 33,946
10 6,844
215 8,671
61 9,734
6,397 90,714 3,584 23,712
7,853 02,600 3,571 25,277
8,634 110,352 2,035 26,358
9,766 116,147 2;580 27,377
418 11,878
399 23,712
693 27,542
5,158
6,364
7,045
8,012
29
20
14
5,886
208 7,589
54 8,464
74,316 3,550 19,854
84,326 3,499 21,054
90,762 i;936 22,060
95,425 2,481 22,901
778
1,206
1,418
1,648
195 2,120
30 2,259
266 8,937 1,728
449 10,920 1,438
528 12,582 924
677 13,534 1,224
288
377
426
3,001
3,595
3,887
4,361
262
948
255
996
210 1,017
204 1,056
243 4,542
160 9,563
332 11,045
1,967
2,566
1 2,844
2,633
2,950
3,362
3,840
31
52
45
3,898
3,984
4,402
4,471
476
719
902
16
185
199
213
28,027 1,388 7,263
31,982 1,416 7,697
34,544 572 8,110
35,728 841
146 6,082
219 12,224
337 14,177
100 2,242 34,350
86 2,778 37,829
83 2,956 39,749
3,28r 41,803
190
176
144
151
156
Bor- Capital
row- acings counts
172
1,292
1,545
1,635
1,800
6,858
16,675
18,560
19,888
21,210
4 1,982
11 2,525
23 2,934
17:
390
230
213
7,744
8,377
8,531
8,886
12
77
165
163
198
1,596
4,240
4,623
4,708
4,894
that are included under member banks, see NOTE, p. 589, May 1964
BULLETIN.) These figures exclude data for banks in U.S. possessions
except for member banks. Comparability of figures for classes of banks
is affected somewhat by changes in F.R. membership, deposit insurance
status, and the reserve classifications of cities and individual banks, and
by mergers, etc.
Data for June 30 and Dec. 31, 1964, for national banks have been
adjusted to make them comparable with State bank data. (Data for
Dec. 20, 1963, also adjusted to lesser extent.)
For other notes see opposite page.
848
WEEKLY REPORTING MEMBER BANKS
JUNE 1965
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
(In millions of dollars)
Loans
For purchasing
or carrying securities
Wednesday
Total
loans
and
investments 1
Loans
and
investments
Loans
2
2
justed
justed
Commercial
and
industrial
Agrit ural
To brokers
and dealers
To financial institutions
To others
U.S.
U.S.
Govt. Other
Govt. Other
sesesesecuri- curicuri- curities
ties
ties
ties
Nonbank
Bank
]For<sign
Domestic
commercial
Pers.
and
sales
finan. Other
Real
estate
All
Valuation
other
reserves
COS.,
etc.
TotalLeading cities
1964
141 ,784
141 766
141 ,1?0
141 4?1
139, 050
138 888
139; 185
139 075
7
14 " • ; : : : . . . .
940
154 ,194
155 ,749
155 ,550
151, ?93
151, 690
157, 866
152, 669
5
12
19
155 ,411
155 ,786
155 ,495
155 ,879
157, 804 105 977
152, 641 106 .11?
153 109 106 ,477
153, 117 106 ,563
13
20
27
9?
9?
93
93
796 38, 307
,517
886 38, 394
,523
775 38, 416 1 ,538
158 38, 370
,545
1.808
,110 ,734 4 ,367
,831 1 ,105 ? ,378 4 37,7
,837 1 ,101 1 .935 4 ,378
,838 ,117 ,396 4 371
3 ,637
3 574
3 ,773
3 ,783
95
93
95
96
1,536
678 3 590
733 3 ,710
L,553
,547 1,009 3 ,813
1,550
929 3 ,64?
68
69
108
793
458
??3
,551
1,547
,565
,576
3 ,646
3 ,66?
,617
3 ,705
66
70
73
75
,979
1,941
1,953
.956
,590
1,583
,587
1,609
615
615
634
534
3 564
3 ,562
3 578
3 ,584
18,530 ?1 J 308 2,062
18,606 71, 375 2,064
373 2,056
18,658
18,692 71, 384 2,056
1965
Anr
p
21
28
Mav
M y
103
104 ,704
105 ,383
105
44 363
4 4 , 448
44, 575
44; 597
45,
45,
45,
45,
953
924
916
790
647 4
567
895
,913 1,576 <>>,504 4 ,614
,883 4 ,738
71 1,923 1,585
67 1,935 1,586 ,881 4 670
?
,607
,645
,386
,71?
4 ,808
4 ,597
4 ,698
4 ,760
745
765
559
676
1 ,401
4 ,057 20 340 93 665
4 ,075 20,437
869
4 ,056 20,480 73^ 976
4 ,083 20,555 ?3 958
2 292
2,293
2,290
2 293
2,295
2,294
959
4 ,032 20,625
4 ,061 20,693 ?4 035
4 ,078 20,734 ?4', 10? 2,294
4 ,175 20,804 ?4 ?33 2 293
New York City
1964
13
20
27
33 ,914
33 810
33 ,683
33 88?
33, 169
33 045
3 3 , 1?4
33, 7,06
7? ,883
7? 777
?? ,897
7? 967
17, 148
17 191
17, 70?
1? 195
70
70
70
71
325 7 ,134
312 7 ,041
317
,11?
298 7 ,190
26
26
26
26
580
583
586
586
57?
567
558
579
733
778
730
47?
14 760
438
784
787
777
774
1,954
1,968
1,973
1,977
3, 46?
3, 44?
3, 457
3, 450
566
566
566
567
956 1 ,440
694
,495
1,09? 1 ,575
1 ,180 1 ,494
948
945
945
952
2,366
2,395
2,400
620
620
620
620
,444
,435
1965
APDr
7
14
21
28
38 189
37 ,97?
38 ,8??
38 60?
37
37,
37
37
76 768
76 ,915
77 ??5
76 955
14, 733
14, 747
14, 87,9
78
29
79
29
345 7 ,7,7?
328
,348
450 7 ,477
380 2
13
12
12
510
511
518
12
519
847
845
843
856
2,423
3, 864
3, 894
3, 899
3 856
Mavy
5
12
19
38 ,?88
38
38 113
38 436
37, 368 77 3?0
37,
77 ,350
37 379 77 401
37, 430 77 ,474
15, 176
?74
15 778
IS 133
71
20
18
18
421 7 , 771
411
,730
420 7 188
393 7
11
14
17
17
514
519
521
524
853
841
840
864
97,0 1 ,549
96? 1 ,431
784 1 ,473
1 ,006 1 ,539
907
907
915
978
2,452
2,466
2,480
2,499
3, 870
3 , 857
3, 871
3, 933
620
620
620
620
Outside
New York City
1964
107 370
107 ,456
107 437
107 539
105 881
105, 843
106 061
105 819
76 1S9 1 497
?6 703 1 503
76 7,14 1,518
76,
290
303
317
236
503
1 ,533
1 611
1 ,593
69
67
69
70
1,228
1,248
1,251
1,252
538
538
543
538
97.3
489
971
1 613
1 376 7 943
1 ,7?0 7 ,883
2 .780
7 775
2 ,801
7 810
16,576
16,638
16,685
16,715
17,
17,
17
17
846
883
916
934
1,496
1,498
1,490
1,489
28
115 751
116 ,???
116 9?7
116 948
,508
114 060 77 773 79 603
114, 41? 77 789 79 715 1,574
115 136 78 158 79 778 1 518
768 1,521
115 ?47 78
333
405
559
549
1 318
1 ,36?
1 386
1 ,417
55
57
59
55
1.385
1,402
1,405
1,416
775
731
74?
730
1 691
1 ,810
1 791
1 ,701
3 084
3 ,119
3 163
3
3 109
3 ,130
3 111
3 ,131
17,974
18,042
18,080
18,132
19
19
70
20,
801
975
0?7
10?
1,672
1,673
1,670
1 673
5
12
19
26
117 173
117 ,001
117 ,38?
117 ,393
115
115
115
115
1 530
1,527
1 547
1,558
532
513
496
397
1 475
1 ,43?
1 ,474
1 ,459
55
56
56
58
1 415
1,422
1,432
1,432
737
742
74?
745
1 687
1 ,683
1 ,60?
1 ,706
3 759
3 ,166
3 , 775
3 ,221
3 130
3 ,154
3 163
3 ,197
18,173
18,227
18,254
18,305
20,089
70, 178
70,
20 300
1,675
1,674
1,674
1,673
May
6
13
20
27
Apr
7
14
21
69 913
70
70 378
70
1965
May
For notes see p. 850.
436
318
780
687
78 65? 79 98?
78 ,76? 30, 019
79 076 30 180
79 ,089 30, 090
JUNE 1965
849
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
[In millions of dollars]
Investments
Cash assets
3
U.S. Government securities
Wednesday
Total
Certificates
Bills
Notes and bonds
maturing—
Other
securities
Total
With1 to After
in
1 year 5 years 5 years
Balances
with
domestic
banks
Balances
with
foreign
banks
Currency
and
Reserves
with
F. R.
Banks
All
other
assets
Total
assets—
Total
liabilities
and
capital
accounts
TotalLeading cities
1964
May
6
13
20
27
26.664
26,440
26,488
26,318
3,820
3,640
3,772
3.691
3,833 .
3,679
3,705!.
3,669).
3,204
194 3,092 14,047
206 3,118 14,015
3.744 13,117
3^814 12,983
5,511
5,461
5,855
5,830
19,590
19,562
19,422
19,549
17,909
17,896
17,724
17,559
2,922
3,088
2,950
3,021
281
263
268
276
1,640
1,836
1,778
1,849
13,066
12,709
12,728
12,413
5,687
5,729
5,616
5,651
179,362
180,092
178,563
178,429
3,384
3,398
3,431
3,464
10,946
10,972
10,943
10,889
6,537
6,464
6,504
6,490
22,602
22,473
22,900
22,928
18,236
18,600
18,159
18,511
3,012
3,205
3,125
3,129
228
235
225
225
1,818
2,004
2,000
2,025
13,178
13,156
12.809
13,132
6,180
6,220
6,244
6,324
193,863
196,512
196,230
195,543
3,433
3,493
3,450
3,517
10.866
10;846
10,193
10,060
6,472
6,484
7,235
7,253
22,766
22,437
22,393
22,520
18,904
18,237
18,076
18,323
3,235
3,234
3,066
2,978
225
232
227
251
1,769
1,982
1,949
2,019
13,675
12,789
12,834
13,075
6,503
6,475
6,344
6,445
197,172
197,230
195,705
195,703
549
551
818
806
2,646
2,620
2,302
2.294
,043
,003
,075
.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
1965
Apr.
7
14
21
28
24,700
24,513
24,583
24,51
May
5
12
19
24,066
24,092
24,239
24,034
26
I
New York City
May
1964
6.
13.
20.
27.
5,236
5,251
5,323
5,323
926
996
1,128
1.141
1965
Apr.
7.
14
21
28
4,532
4,526
4,555
4,501
827
841
870!
873
670
671
673
658
.721
,712
,699
,667
,314
,302!
,313!
,303
5,933
5,837
5,950
5,966
4,029
4,205
3,902
4,319
120
123
141
99
102
112
107
109
293
295
286
289
3,514
3,675
3,368
3,822
2,525
2,538
2,562
2,607
50,564
50,821
50,607
50.867
May
5
12
19
4,294
4,489
4,469
4,421
562
691
751.
727!
770
787
626
654
,646
,680
,528
1,483
,316
,331
,564
,557
5,754
5,484
5,459
5,535
4,521
4,249
4.325
4; 367
141
158
118
105
116
118
139
284
289
284
289
3,985
3,686
3,805
3,834
2,732
2,696
2,613
2,677
51,447
51,285
50.698
51;163
21,428
21,189
21,165
20.995
2,894
2,644
2,644
2,550
2,543
125 2,567
2,926
3,008
11,401
11,395
10,815
10,689
4,468
4,458
4,780
4,748
14,540
14,540
14,518
14,633
13,757
13,675
13,285
13,298
2,867
3,015
2,894
2,919
159
153
153
155
,380
,569
,516
,580
9,351
8,938
8,722
8.644
3,213
3,200
3,161
3.234
133.848
134,610
133,424
132,904
7
14
21....
28....
20,168
19,987
20,028
20,011
3,006
2,838
2,835
2,796
2,714
2,727
2,758
2,806
9,225
9,260
9,2441
9.222
5,223
5,162
5,191
5,187
16,669
16,636
16,950
16,962
14,207
14,395
14,257
14,192
2,892
3,082
2,984
3,030
126
123
118
116
,525
.709
,714
,736
9,664
9.481
9,441
9,310
3,655
3,682
3,682
3,717
143,299
145,691
145,623
144,676
5....
19,772
19,603
19,770
19,613
2,733
2,578
2.610
2,477
2,663
2,706
2,824
2,8631
9,220
9,166
8,665
8,577
5,156
5,153
5,671
5,696
17,012
16,953
16,934
16,985
14,383
13,988
13,751
13,956
3,094
3,076
2,948
2,873
114
116
109
112
,485
,693
,665
,730
9,690
9,103
9,029
9,241
3,771
3,779
3,731
3,768
145,725
145,945
145,007
144,540
26
Outside
New York City
i
1964
May
6
13
20
27
1965
Apr.
May
19*.'.!!
26....
For notes see the following page.
850
WEEKLY REPORTING MEMBER BANKS
JUNE 1965
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Deposits
Borrowings
Demand
Wednesday
Total
unadjusted 4
Demand
deposits
adjusted 5
Total 6
IPC
State
and
local
govt.
Time
Domestic
For- U.S.
eign 7 Govt. com- Totals
mercial
banks
Other Capital
liabiliFrom
acties counts
F.R. From
I
Banks others
Other time 9
Savings
IPC
State
and
local
govt.
Foreign7
TotalLeading cities
1964
May
155,135
155,564
153,924
153,955
62,261
61,797
60,692
61,651
92,770
93,058
91,135
90,960
65,246
66,429
64,709
64.867
5,843 1,791 4.781 11,246 62,365
5,223 1,741 4.973 11,087 62,506
-;433
5,039 1,"747" 5
;
10,907 62,789
5,108 1,793 5,029 10,482 62,995
38,533
38,571
38,632
38,662
14,920
15,060
15,242
15,410
4,705 3,736
4,665 3,740
4,694 3,748
4,725 3,729
189 2,866
103 3,055
477li 2,842
108 3,043
6,193
6,400
6,363
6.319
14,979
14,970
14,957
15,004
14
21
28
166,965
169^280
168,802
168,214
63,756
65,036
65,244
64,744
95.497
97,754
97,146
96,133
67,945
71,243
70,162
68,572
4,772
4,841
5,211
5,270
,946
,876
,928
,886
3,898
2,842
3,825
5>,266
12,336
12,378
11,999
10,965
71,468
71,526
71,656
72,081
42,350
42,216
42,170
42,149
18,656
18,756
18
18,828
19,051
5,562
5,616
5,735
5,898
4,209
4,252
4,243
4,317
65
222
161
257
4,245
4,371
4,510
4,307
6,612
6,677
6,805
6,769
15,976
15,962
15,952
15,996
169,944
170,031
168,506
168,179
62.842
62,153
60,570
62,276
97,722
97,677
95,812
95,311
66,898
67,755
65.36?
66,078
6,017
5,558
5,075
5,269
,851
854
864
855
6,458
6,701
8.218
7,055
12,068
11,591
11,234
10,874
72,222
72,354
72,694
72,868
42,237
42,313
42,387
42,448
19,131
19,225
19,538
19,623
J
5,822i
5,784
5,762
5,790
4,367
19.'.'.'..'.
26
310
55
339
230
4.053
4,184
3,881
4,179
6,790
6,890
6,892
7,012
16,075
16,070
16,087
16,103
6
13
20
27
1965
Arr- 7
4,348
4,312
4,290
!
New York City
1964
May
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
1,339
1,288
1,295
1,326
3,149 12,227
3,082 12,229
3,110 12,383
2,953 12,454
4.424
4.425
4,430
4,433
4,484
4,484
4,616
4,714
403
402
401
400
2,640
2,643
2.661
2.635
1,107
1,352
213 1,316
1,463
2,902
2,924
2,905
2,855
,195
4,195
4,188
4,183
41,238
41,261
41,216
41,799
15,591
15,688
15,995
16,133
26,008
25,977
25,842
26,182
16,688
17,329
17,218
17,108
319
347
305
318
1,413 ,163 3,433 15,230
1,353
812 3,371 15,284
1,421 1,141 3,385 15,374
1,383 ,651 3,059 15,617
4.902
4,884
4,880
4,882
6,321
6,378
6,468
6,655
526
525
528
545
3.0I9| 3,041
3,045
3,093
3,131
. ..! 1,853
3,107
. .. 2,112
...j 1.902 3,148
20] 1,594 3,114
4,342
4,341
4,341
4,340
42,417
42,337
41,891
42,126
15,215
15,169
14,612
15,212
26,652
26,532
25,875
26,029
16,338
16,585
15,991
16,468
609
528
266
311
1,340 2 ,081
1,
,106
1,
,372
1,340 1,969
117,845
118,553
117,407
116,937
46,846
46,540
45,662
46,335
67.707
68,276
67,001
66.396
49.096
50,010
48,570
48,465
5.314
4.952
4,771
4,834
21
28
125.727
128,019
127,586
126,415
48,165
49,348
49,249
48,611
69,489
71,777
71,304
69,951
51,257
53,914
52,944
51,464
5
12
19
26
127,527
127,694
126,615
126,053
47,627
46,984
45,958
47,064
71,070
71.145
69,937
69;282
50,560
51,170
49,376
49.6101
6
20!'.'.'.'.'.
27
1,525
1,521
1,432
1,330
1965
Apr.
7
14
21
28
19.'.'.'..'.
26
3,450
3,202
3,244
3,165
15,765
15,805
16,016
16,097
4,888
4,904
4,920
4,931
6,740
6,769
6,977
7,026
542
556
560
559
3,154
3,115
3,083
3,085
452 3,256
453 3,452
452 4,001
467 3,699
8,097
8,005
7,797
7,529
50,138
50,277
50.406
50,541
34,109
34.146
34,202
34,229
10,436
10,576
10,626
10,696
4,302
4,263
4,293
4,325
1,096
1,097
1,087
1,094
4,453
4,494
4,906
4,952
533 2,735
523 2,030!
507 2.684
503 3,615
8,903j 56,238 37,448 12,335 5,036
9,007 56,242 37.332 12,378 5,091
8,614 56,282 37.290 12.360 5,207
7,906 56,464 37,267 12,396 5,353
5,408
5,O3Oi
4,809>
4.958
511 4,377
490 4,5951
510 5,846
515 5,086
8,618
8,389
7.990
7,709
1,515
1,454
1,273
1,412
3,108
3,114
3,131
3,254
4,377
4,380
4,373
4,371
169
103
264
102
1,759
1,703
1,526
1', 580
3,291
3,476
3,458
3,464
10,784
10,775
10,769
10,821
i,190
1,211
1,198
1,224
65
222
161
237
2,392 3,481 11,634
2,259 3,570 11,621
2,608 3,657 11.611
2,713 3,655 11,656
1.213
1,233
1,229
1,205
280
55
309
230
2,538
2.730|
2,608j
2.767!
Outside
New York City
1964
May
6
13
20
27
I
1965
Apr.
May
7
14
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.
6 Includes certified and officers' checks and deposits of mutual savings
banks, not shown separately.
7 Deposits of foreign governments and official institutions, central
2
I
56,457
56,549
56,678
56,771
37.349
37,409
37,467
37,517
12,391
12,456
12,561
12,597
5,280
5,228
5,202
5,231
i
3,682
3,776
3,761
3J58;
11,698
11,690
11,714
11J32
banks, international institutions, banks in foreign countries, and foreign
branches of U.S. banks other than reporting bank.
8 Includes U.S. Govt., postal savings, domestic commercial interbank
and mutual savings banks, not shown separately.
9 Includes certificates of deposit outstanding in following amounts
(in millions of dollars):
May 5
May 12
May 19
May 26
Total—Leading cities
14,747
14,902
15,063
15,110
New York City
6,080
6,174
6,338
6,383
Outside New York City...
8,667
8,728
8,725
8,727
JUNE 1965
851
BUSINESS LOANS OF BANKS
COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS
(In millions of dollars)
Outstanding
Net change during—
1965
Industry
May
26
May
19
1965
1964
1964
1965
2nd
Half
May
12
May
5
Apr.
28
787
2,774
,058 1,030
1,192 1,196
1 379 1 397
780
2,740
1,024
1,164
1 384
757
2,701
QR?
,153
346
20
20
46
34
33
24
37
-29
22
50
72
293
-4
114
96
92
457
64
169
143
-18
93
60
-36
-66
-81
-81
-13
1,618
t,607
1,196
1,697
,078
1,612
1,597
1,186
1,687
1,067
1,674
1,572
1,181
1,680
1,058
,674
,551
1,181
1,657
1,046
-113
14
21
-20
30
-147
33
-27
63
57
.7
148
38
121
68
-179
248
166
190
97
527
-359
33
232
-94
}.331
3 320
1,166 1,195
2 506 2 485
3 061 2,938
3 320
1,209
2 471
2 957
\ 3SR
1,230
2 444
2,842
-43
-115
71
209
11
-179
55
-65
63
-155
139
199
218
-20
126
414
4,726
2,434
4 703
2,405
4 722
2 378
4 643
2,341
87
92
-6
77
52
-14
-15
842
867
816
May
Apr.
Mar.
I
III
IV
1st
Half
Durable goods manufacturing:
777
? 7?1
Machinery
Transportation equipment
,028
Other fabricated metal products...
,187
379
Other durable goods
Nondurable goods manufacturing:
Food liquor and tobacco
,561
,565
Textiles, apparel, and leather
Petroleum refining
,202
,637
Chemicals and rubber
Other nondurable goods
,076
Mining, including crude petroleum
\. 315
and natural gas.
Trade* Commodity dealers
1,115
Other wholesale
2,515
Retail
3,051
Transportation, communication, and
4,730
other public utilities
Construction
2,433
All other: 1
Bankers' acceptances
..
861
All other types of business, mainly
services
5,814
Total classified loans
37,967
Commercial and industrial loans—
All weekly reporting banks
77Q
? 777
2
57
-99
12
47
-36
-9
123
25
19
191
120
177
64
-44
17
31
704
-295
-11
249
-63
-622
234
-134
158
106
295
391
81
-211
140
154
75
143
435
545
156
-68
-198
-538
40
49
237
38
400
104
637
142
-496
265
769
92
-19
-30
-307
174
61
235
-76
5,800 5,812 5,786 5,755
38,197 38,058 37,916 37,430
59
537
-67
-110
161
1,378
428
2,293
394
1,771
-39
1,165
355
2,936
274
-460
45,223 45,458 45,293 45,108 44,597
626
'-23
1,579
2,501
2,166
1,205
3,371
-45
i Beginning Dec. 31, 1963, bankers' acceptances for the creation
of dollar exchange are excluded from commercial and industrial loans
and those relating to commercial transactions are shown in a separate
category. Current figures are therefore not strictly comparable with
figures previously reported, but differences are relatively small.
NOTE.—About 200 of the weekly reporting member banks are included
in this series; these banks classify, by industry, commercial and industrial
loans amounting to about 85 per cent of such loans held by all weekly
reporting member banks, and about 60 per cent of those held by all
commercial banks.
BANK RATES ON SHORT-TERM BUSINESS LOANS
(Per cent per annum)
Area
and
period
All
loans
Size of loan
(thousands of dollars)
110
10100
100200
200
and over
Year:
19 large cities:
1956
1957
1958
1959.
1960
1961
1962
1963
1964
......
4.2
4.6
4.3
5.0
5.2
5.5
5.5
5.8
4.8
5.1
5.0
5.5
4.4
4.8
4.6
5.2
4.0
4.5
4.1
4.9
5.2
5.0
5.0
5.0
5.0
6.0
5.9
5.9
5.9
5.9
5.7
5.5
5.5
5.5
5.6
5.4
5.2
5.2
5.2
5.3
5.0
4.8
4.8
4.8
4.8
4.99
4.99
4.98
5.00
4.97
5.83
5.84
5.86
5.85
5.89
5.54
5.53
5.57
5.56
5.56
5.22
5.24
5.23
5.31
5.26
4.82
4.81
4.79
4.82
4.78
Quarter: i
19 large cities:
1964 - M a r
June
Sept
Dec
1965—Mar
1
Based on new loans and renewals for first 15 days of month.
NOTE.—Weighted averages. For description see Mar. 1949 BULL., pp.
228-37. Bank prime rate was 3 per cent Jan. 1, 1955—Aug. 3, 1955.
Area
and
period
Size of loan
(thousands of dollars)
All
loans
110
10100
100200
200
and over
4.77
4,74
4.72
4.77
4.74
5.66
5.64
5.64
5.59
5.62
5.39
5.36
5.40
5.35
5.36
5.06
5.05
5.01
5.08
5.10
4.66
4.63
4.61
4.66
4.62
7 other northern and
eastern cities:
1964— Mar
June
Sept
Dec
1965—Mar
5.02
5.03
5.01
5.03
5.00
5.81
5.83
5.88
5.84
5.85
5.54
5.55
5.56
5.58
5.55
5.24
5.27
5.25
5.31
5.26
4.88
4.89
4.86
4.88
4.85
11 southern and
western cities:
1964—Mar..
June
Sept
Dec
1965—Mar
5.29
5.29
5.31
5.31
5.27
5.91
5.93
5.95
5.96
6.02
5.62
5.61
5.67
5.67
5.68
5.31
5.34
5.36
5.46
5.36
5.08
5.07
5.09
5.06
4.99
Quarter—cont.: i
New York City:
1964— Mar
June
Sept
Dec
1965—Mar
Changes thereafter occurred on the following dates (new levels shown
in per cent): 1955—Aug. 4, 3V4', Oct. 14, 3 ^ ; 1956—Apr. 13, 3 % ; Aug.
21, 4 ; 1957—Aug. 6, 4i/ 2 ; 1958—Jan. 22, 4 ; Apr. 21, 3V2; Sept. 1 1 , 4 ;
1959—May 18, 4i/ 2 ; Sept. 1, 5; and I960—Aug. 23, 41/2.
852
INTEREST RATES
JUNE 1965
MONEY MARKET RATES
(Per cent per annum)
Period
Finance
Prime
coml.
months
CO.
1
paper
placed
directly,
3- to 6months 2
U.S. Government securities (taxable) *
Prime
bankers'
acceptances,
90 days *
3-month bills 5
Federal
funds
rate 3
6-month bills 5
9- to 12-month issues
Rate
on new
issue
Market
yield
Rate
on new
issue
Market
yield
Bills
(market
yield) 5
Other 6
3- to 5ycar
issues 7
1962
1963
1964
3.26
3.55
3.97
3.07
3.40
3.83
3.01
3.36
3.77
2.68
3.18
3.50
2.778
3.157
3.549
2.77
3.16
3.54
2.908
3.253
3.686
2.90
3.25
3.68
3.01
3.30
3.74
3.02
3.28
3.76
3.57
3.72
4.06
1964—May
June
July
Sept
Oct
Nov
Dec
3.89
4.00
3.96
3.88
3.89
4.00
4.02
4.17
3.76
3.88
3.81
3.76
3.75
3.91
3.89
3.98
3.75
3.75
3.75
3.75
3.75
3.75
3.79
4.00
3.50
3.50
3.42
3.50
3.45
3.36
3.52
3.85
3.482
3.478
3.479
3.506
3.527
3.575
3.624
3.856
3.48
3.48
3.46
3.50
3.53
3.57
3.64
3.84
3.612
3.572
3.566
3.618
3.666
3.729
3.794
3.971
3.60
3.56
3.56
3.61
3.68
3.72
3.81
3.94
3.71
3.70
3.64
3.67
3.73
3.79
3.86
3.96
3.67
3.83
3.68
3.73
3.82
3.83
3.88
3.96
4.07
4.03
3.99
3.99
4.03
4.04
4.04
4.07
1965—Jan
Feb
Mar
Apr
May
4.25
4.27
4.38
4.38
4.38
4.05
4.12
4.25
4.25
4.25
4.00
4.10
4.15
4.19
4.25
3.90
3.98
4.04
4.09
4.10
3.828
3.929
3.942
3.932
3.895
3.81
3.93
3.93
3.93
3.89
3.944
4.003
4.003
3.992
3.950
3.94
4.00
4.00
3.99
3.95
3.91
4.00
4.02
4.00
3.96
3.87
3.97
4.03
4.00
3.99
4.06
4.08
4.12
4.12
4.11
Week ending—
1965—May 1
8
15
22
29
4.38
4.38
4.38
4.38
4.38
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.02
4.12
4.07
4.07
4.07
3.916
3.901
3.893
3.897
3.889
3.91
3.89
3.89
3.90
3.88
3.977
3.950
3.950
3.955
3.945
3.98
3.95
3.96
3.95
3.94
3.98
3.96
3.96
3.96
3.95
3.97
3.97
3.98
4.01
4.00
4.12
4.10
4.11
4.11
4.10
1 Averages of daily offering rates of dealers.
2 Averages of daily rates, published by finance cos., for varying maturities in the 90-179 day range.
3
Seven-day average for week ending Wed.
4
Except for new bill issues, yields are averages computed from daily
closing bid prices.
5 Bills quoted on bank discount rate basis.
«7 Certificates of indebtedness and selected note and bond issues.
Selected note and bond issues.
BOND AND STOCK YIELDS
(Per cent per annum)
Government bonds
Period
State
and loca
United
States
(longterm)
Total 1
3.95
4.00
4.15
By selected
rating
Railroad
Public
utility
Preferred
Common
Common
5.02
4.86
4.83
4.47
4.42
4.52
4.86
4.65
4.67
4.51
4.41
4.53
4.50
4.30
4.32
3.37
3.17
3.01
6.06
5.68
5.54
4.41
4.41
4 40
4.41
4.42
4 42
4.43
4.44
4.85
4.85
4 83
4.82
4.82
4 81
4.81
4.81
4 54
4.54
4 52
4.52
4.52
4 53
4.53
4.54
4.69
4.70
4 68
4.65
4.65
4 66
4.67
4.68
4.53
4.55
4 54
4.54
4.53
4 52
4.53
4.54
4.41
4.41
4 27
4.29
4.25
4 25
4.25
4.23
3.01
3.05
2 96
3.03
3.00
2 95
2.96
3.05
4.57
4.55
4.56
4.56
4.57
4.43
4.41
4.42
4.43
4.44
4.80
4.78
4.78
4.80
4.81
4.53
4 52
4.52
4.54
4.55
4.66
4 62
4.63
4.64
4.64
4.52
4 51
4.51
4.51
4.53
4.18
4.22
4.26
4.28
4.30
2.99
2.99
2.99
2.95
2.92
3.51
3.51
3.51
3.51
3.51
4.56
4.56
4.57
4.57
4.58
4.43
4.43
4.45
4.43
4.44
4 80
4.80
4.80
4.81
4.82
4 54
4.55
4.55
4.55
4.57
4.63
4.63
4.64
4.63
4.64
4 51
4.51
4.52
4.53
4.55
4.29
4.29
4.28
4.30
4.33
2.92
2.90
2.90
2.91
2.96
5
120
30
30
40
40
40
14
Baa
4.61
4.50
4.57
4.33
4.26
4.40
3.54
3.54
3 54
3.54
3.57
3 58
3.52
3.51
4.59
4.59
4 58
4.57
4.57
4 57
4.58
4.58
2.97
2.97
3.09
3.09
3.09
3.44
3.42
3.51
3.51
3.51
3.09
3.09
3.09
3.09
3.09
3.30
3.28
3.28
3.03
3.06
3.09
3.67
3.58
3.54
Sent
Oct
Nov
Dec
4.16
4.13
4 13
4.14
4.16
4 16
4.12
4.14
3.29
3.29
3 26
3.27
3.30
3 31
3.27
3.23
3.09
3.10
3 08
3.08
3.09
3 11
3.08
3.01
1965 Jan
Feb
Mar
Apr
May
4.14
4.16
4.15
4.15
4.14
3.18
3.18
3.28
3.28
3.28
4.15
4.14
4.14
4.14
4.14
3.28
3.28
3.28
3.28
3.28
6-12
20
May
julv
Week ending—
1965—May 1
8
15
22
29
5
1
Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number
of corporate bonds in some groups has varied somewhat.
NOTE.—Annual yields are averages of monthly or quarterly data.
Monthly and weekly yields are computed as follows: U.S. Govt. bonds:
Averages of daily figures for bonds maturing or callable in 10 years or
more.
State and local govt. bonds: General obligations only, based on Thurs.
Earnings/
price ratio
Industrial
Aaa
Baa
1964
Dividend/
price ratio
By
group
Total i
Aaa
1962
1963
1964
Stock.
Corporate bonds
500
5.68
5.60
5.36
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 1965
MORTGAGES: NEW HOMES
FHAinsurcd
Period
Yield
(per
cent)
1 9 6 1 . . . . . . . . 15.69
5.60
1962
1963
1963 . . . . 5 46
1964
5.45
1964—Apr..
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec,
1965—Jan...
Feb...
Mar...
Apr...
May
853
SECURITY MARKETS
SECURITY PRICES
Bond prices
(price per $100 bond)
Conventional first mortgages
Interest
rate
(per
cent)
Fees,
etc.
(per
cent)
Maturity
(yrs.)
(5.98)
(5.93)
(5.81)
5 84
5.78
64
.57
24.0
24.8
5.79
5.77
5.76
5.76
5.77
5.77
5.75
5.75
5.76
.55
.52
.59
.52
.58
.57
.58
.55
.59
24.8
24.7
25.4
24.5
24.7
25.0
24.5
24.7
25.2
5.79
5.79
5.72
5,74
.59
.61
.49
.51
24.7
24.9
24.9
24.9
5.45
5.45
5.45
5.46
5.46
5.46
5.45
5.45
5.45
5.45
5.45
5.45
5.45
5.45
Loan/
price
ratio
(per
cent)
73.3
74.1
73.9
73.7
74.3
73.9
74.4
74.2
73.2
73.5
73.9
74.0
74.0
73.7
73.7
Common stock prices
(1941-43= 10)
Volume
of
Avg.
loan
(thou.
Period
dollars)
1962
1963
1964
1964—May..
June..
July..
Aug..
Sept..
Oct..
16.3
17.3
17.2
17.0
17.3
17.4
17.8
17.6
17.4
17.4
17.8
U.S.
Govt.
(longterm)
and
local
Corpor-
In-
ate
AAA
Total
dustrial
Railroad
Pub-
trad-
utility
(thou.
shares)
he
ing
86.94
86.31
84.46
84.38
84.70
84.70
84.59
84.31
84.37
84.81
84.65
112.0
111.3
111.5
111.6
111.8
112.1
111.8
111.0
110.9
112.0
112.6
96.2
96.8
95.1
94.7
94.9
95.2
95.3
95.1
95.1
95.2
95.3
62.38
69.87
81.37
80.72
80.24
83.22
82.00
83.41
84.85
85.44
83.96
65.54
73.39
86.19
85.79
85.13
88.19
86.70
88.27
89.75
90.36
88.71
30.56
37.58
45.46
44.86
46.29
48.93
47.17
47.14
48.69
48.01
45.75
59.16
64.99
69.91
67.29
67.46
70.35
71.17
72.07
73.37
74.39
74.24
3,820
4,573
4,888
4,959
4,372
4,663
3,919
5,228
4,843
4,928
4,729
Apr... 84.53
May.. 84.58
114.0
113.3
112.0
112.2
111.9
95.5
95.5
95.2
95.0
94.8
86.12
86.75
86.83
87.97
89.28
91.04
91.64
91.75
93.08
94.69
46.79
46.76
4^.98
46.63
45.53
75.87
77.04
76.92
77.24
77.50
5,457
5,910
5,427
5,673
5,510
112.2
112.2
112.2
111.4
111.8
94.9
94.9
94.8
94.7
94.6
88.99
89.64
89.90
89.32
88.25
94.32
95.05
95.36
94.75
93.60
46.59
46.51
45.88
45.13
44.58
77.33
77.72
77.97
77.61
76.72
5,623
5,912
5,877
5,278
4,974
Nov..
Dec.
1965—Jan... 84.56
Feb... 84.40
Mar.. 84.48
17.5
17.6
18.5
18.1
State
Week
ending—
May
i Last 6 months only.
NOTE.—Annual data are averages of monthly figures. Yields
on FHA-insured mortgages are derived from weighted averages
of FHA field-office opinions on private secondary market prices
for Sec. 203, 30-year mortgages, with the minimum down payment, a maximum permissible interest rate of 5^4 per cent, and
an assumed prepayment period of 15 years. Price data are
reported as of the first of the succeeding month.
Conventional first mortgages, Home Loan Bank Board in
cooperation with Federal Deposit Insurance Corporation beginning in late 1962; interest rate data for earlier years—in
parentheses—are based on estimates from Federal Housing
Administration.
1
8
15
22
29
84.53
84.58
84.58
84.60
84.55
NOTE.—Annual data are averages of monthly figures. Monthly and weekly
data are averages of daily figures unless otherwise noted and are computed as
follows: U.S. Govt. bonds, derived from average market yields in preceding table
on basis of an assumed 3 per cent, 20-year bond. Municipal and corporate bonds,
derived from average yields, as computed by Standard and Poor's Corp., on basis
of a 4 per cent, 20-year bond; Wed. closing prices.
Common stocks, Standard
and Poor's index. Volume of trading, average daily trading in stocks on the
N.Y. Stock Exchange for a 5%-hour trading day.
STOCK MARKET CREDIT
(In millions of dollars)
Customer credit
Month
Total
securities
other than
U.S. Govt.
Net debit balances with
N. Y. Stock Exchange
firms secured by—
U.S.
Govt.
securities
Broker and dealer credit
Bank loans to others than
brokers and dealers for purchasing and carrying—
Money borrowed on—
Other securities
Other
securities
U.S.
Govt.
securities
Other
securities
U.S.
Govt.
securities
Total
Customer
collateral
Other
collateral
Customers
net
free
credit
balances
1961—Dec
1962—Dec
1963—Dec
s 602
5,494
7,242
35
24
26
4,259
4,125
5,515
125
97
140
1,343
1,369
1,727
48
35
32
2,954
2,785
4,449
2,572
2,434
3,852
382
351
597
1.219
,216
,210
1964—May....
June....
July
A ug
Sept
Get
Nov
Dec
7.277
7,229
7,160
7,096
7,142
7,101
7,108
7,053
19
18
25
21
19
20
20
21
5,439
5,370
5,289
5,187
5,221
5,185
5,160
5,079
96
94
70
69
81
69
64
72
1,838
1,859
1,871
1,909
1,921
1,916
1,948
1,974
113
156
266
191
109
102
184
222
4,362
4,275
4,129
4,090
4,122
4,053
3,951
3,910
3,868
3,766
3,672
3,618
3,568
3,528
3,469
3,393
494
509
457
472
554
525
482
517
,138
,146
,114
,077
,145
,155
,131
,169
1965—Jan
Feb
Mar
Apr
May....
6,940
6,872
6,941
r
7.001
7,085
33
31
30
30
26
4,986
5,007
5,055
r
5,066
5,129
70
76
129
67
75
1,954
1,865
1,886
1,935
1,956
177
132
106
213
157
3,763
3,748
3,894
3,853
4,030
3,317
3,259
3,303
3,326
3,397
446
489
591
527
633
,207
,254
,264
,207
1,208
NOTE.—Data in first 3 cols, and last col. are for end of month; in other
cols, for last Wed.
Net debit balances and broker and dealer credit: Ledger balances of
member firms of N.Y. Stock Exchange carrying margin accounts, as
reported to Exchange. Customers' debit and free credit balances exclude
balances maintained with reporting firm by other member firms of national
securities exchanges and balances of reporting firm and of general part-
ners of reporting firm. Balances are net for each customer—i.e., all accounts of one customer are consolidated. Money borrowed includes
borrowings from banks and from other lenders except member firms of
national securities exchanges.
Bank loans to others than brokers and dealers: figures are for weekly
reporting member banks.
854
OPEN MARKET PAPER; SAVINGS INSTITUTIONS
JUNE 1965
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
(In millions of dollars)
Dollar acceptances
Commercial and finance
company paper
Based on—
Held b y End of period
Accepting banks
Total
Placed
through
dealers 1
Placed
directly 2
2,672
3 2,751
3,202
4,497
4,686
6,000
6,747
551
840
677
1,358
1,711
2,088
1,928
2,121
31,911
2,525
3,139
2,975
3,912
4,819
1,307
1,194
1,151
2,027
2,683
2,650
2,890
287
194
302
238
319
282
662
490
1,272
896
1,153
865
1 9Q1 1,031
1964—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
7,920
8,326
8,036
8,879
8,879
8,444
9,343
9,146
8,361
2,039
1,973
1,948
2,006
2,070
2,220
2,431
2,438
2,223
5,881
6,353
6,088
6,873
6,809
6,224
6,912
6,708
6,138
3,102
3,049
3,149
3,137
3,127
3,175
3,222
3,217
3,385
,355
1,418
1,370
,455
,486
,423
,400
1,458
,671
1965—Jan
Feb
Mar
Apr
8,928
9,033
9,077
9,533
2,143
2,239
2,070
2,047
6,785
6,794
7,007
7,486
3,276
3,232
3,325
3,384
,535
1,439
,297
1,394
Total
t957
1958.
1959
1960
1961
1962
1963..
Own
Bills
bills bought
Total
F.R.
Banks
Others
76
68
82
230
126
86
92
878
775
675
1,060
1,234
1,301
1,345
278
254
357
403
485
541
567
456
349
309
669
969
778
908
46
83
74
122
117
186
56
296
244
162
308
293
171
41
232
263
249
524
819
974
1 .317
93
47
83
56
36
99
81
63
94
117
146
146
137
132
127
126
125
122
1,536
1,438
1,550
1,489
1,473
1,525
1,614
1,570
1,498
587
576
567
576
586
609
647
657
667
963
941
929
949
922
918
935
955
999
105
73
82
74
82
113
106
102
111
36
34
27
24
22
36
34
40
43
,411
,426
,545
1,513
1,514
i,499
1,500
1,463
1,565
115
71
143
104
122
118
134
139
1,504
1,604
1,751
1,747
662
661
725
744
956
916
924
936
79
59
31
25
34
26
22
21
,545
1,571
1,622
1,659
Own
acct.
Foreign
corr.
94
64
36
173
376
288
260
66
49
75
74
51
110
162
1,060
1,105
1,113
1,121
1,145
1,127
1,164
1,195
1,301
295
313
257
334
341
297
236
263
370
1,308
1,247
1,138
1,171
227
193
159
223
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.
Goods stored in or
shipped between
Expoints in—
ports Dollar
exfrom
United change
United Foreign
States
States countries
Imports
into
United
States
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.
Other
assets
Deposits 2
Other
liabilities
Surplus
accounts
Mortgage loan
commitments 3
Number Amount
689
185
11,772
16,962
10,503
15,332
38
48
1,231
1,582
3,549
4,344
4,971
4,845
5,076
920
889
921
829
874
448
490
535
552
589
33,381
35,215
37,784
38,945
40,571
30,026
31,683
34,031
34,977
36,343
369
427
526
606
678
2,986
3,105
3,227
3,362
3,550
89,912
65,248
58,350
1,664
1,170
1,200
677
527
440
5,040
5,177
5,074
937
956
912
640
695
799
42,829
46,121
49,702
38,277
41,336
44,606
781
828
943
3,771 61,855
3,957 114,985
4,153 104,326
1.654
2,548
2,549
6,117
6,064
6,052
6,024
6,025
6,095
6,082
5,849
5,785
5,791
424
423
419
409
409
407
409
403
399
391
151
138
150
145
142
179
193
178
5,180
5,099
887
819
847
906
863
895
883
898
905
1,004
825
820
827
871
867
879
887
889
898
886
51,042
51,178
51,610
52,001
52,417
52,983
53,339
53,482
53,825
54,238
45,761
45,851
46,124
46,624
46,918
47,274
47,757
47,982
48,188
48,849
1,036
1,118
1,225
1,102
1,222
1,356
1,200
1,146
1,223
989
4,244
4,209
4,261
4,275
A,211
4,352
C
4,383
4,354
4,414
4,400
120,396
123,979
124,416
132,625
132,726
134,371
134,277
139,066
136,470
135,992
2,504
2,586
2,661
2,690
2,701
2,743
2,736
2,825
2,811
2,820
5,907
6,016
6,054
388
383
381
5,105
5,123
5,144
977
992
1,007
895
909
931
54,713
55,133
55,602
49,222
49,444
49,989
1,085
1,214
1,108
4,405
4,476
4,505
132,992
138,062
138,853
2,745
2,838
2,873
89
62
3,592
10,650
1956
1957
1958
1959 4
1960
19,559
20,971
23,038
24,769
26,702
248
253
320
358
416
7,982
7,583
7,270
6,871
6,243
675
685
729
721
672
1961
1962
1963
28,902
32,056
36,007
475
602
607
6,160
6,107
5,863
1964—Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
36,933
37,267
37,601
37,971
38,407
38,764
39,146
39,538
39,898
40,328
704
646
714
676
705
764
739
727
760
739
1965—Jan..
Feb..
Mar.
40,640
40,924
41,265
800
786
820
1,786
* Also includes securities of foreign governments and international
organizations and nonguaranteed issues of U.S. Govt. agencies.
2
See note 3, p. 841.
3 Commitments outstanding of banks in N.Y. State as reported to the
Savings Banks Assn. of the State of N.Y.
4
Data reflect consolidation of a large mutual savings bank with a
commercial bank.
Cash
assets
829
606
4,787
4,202
1941
1945
Corporate
and
other i
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.
JUNE 1965
SAVINGS INSTITUTIONS
855
LIFE INSURANCE COMPANIES
(In millions of dollars)
Government securities
End of period
Total
assets
Total
Statement value:
1941
1945
Business securities
United State and Foreign
States
local
Mortgages
Total
Bonds
Real
estate
Policy
Other
Stocks
32,731
44,797
9,478
22,545
6,796
20,583
1,995
722
687
1,240
10,174
11,059
9,573
10,060
601
999
6,442
6,636
1,878
857
2,919
1,962
1,784
1 4
1957
1958
1959
1960
101,309
107,580
113,650
119,576
10,690
11,234
11,581
11,679
7,029
7,183
6,868
6,427
2,376
2,681
3,200
3,588
1,285
1,370
1,513
1,664
44,057
47,108
49,666
51,857
40,666
42,999
45,105
46,876
3,391
4,109
4,561
4,981
35,236
37,062
39,197
41,771
3,119
3,364
3,651
3,765
3,869
4,188
4,618
5,231
4,338
4,624
4,937
5,273
1961
1962
1963
126,816
133,291
141,121
11,896
12,448
12,438
6,134
6,170
5,813
3,888
4,026
3,852
1,874
2,252
2,773
55,294
57,576
60,780
49,036
51,274
53,645
6,258
6,302
7,135
44,203
46,902
50,544
4,007
4,107
4,319
5,733
6,234
6,655
5,683
6,024
6,385
133,291
141,121
12,469
12,464
6,171
5,813
4,037
3,868
2,261
2,783
56,565
59,434
51,389
53,770
5,176
5,664
46,957
50,596
4,114
4,325
6,235
6,656
6,951
7,646
1964—Mar. ..
Apr....
May...
June...
July...
Aug
Sept....
Oct
Nov.. .
Dec...
143,066
143,676
144,312
144,964
145,823
146,475
147,172
147,977
148,746
149,318
12,488
12,389
12,436
12,346
12,476
12,507
12,557
12,555
12,509
12,274
5,788
5,689
5,731
5,633
5,758
5,763
5,787
5,769
5,699
5,511
3,858
3,854
3,827
3,822
3,809
3,822
3,846
3,866
3,841
3,808
2,842
2,847
2,878
2,891
2,909
2,922
2,924
2,920
2,969
2,955
60,269
60,426
60.613
60,793
61,275
61,355
61,458
61,722
61,968
62,087
54,430
54,525
54,674
54,772
55,213
55,228
55,262
55,487
55,658
55,697
5,839
5,901
5,939
6,021
6,062
6,127
6,196
6,235
6,310
6,390
51,506
51,806
52,117
52,466
52,832
53,173
53,560
53,984
54,404
55,179
4,356
4,402
4,416
4,437
4,446
4,462
4,487
4,499
4,514
4,521
6,778
6,872
6,909
6,955
6,947
6,986
7,024
7,060
7,094
7,133
7,669
7.781
7,821
7,967
7,847
7,992
8,086
8,157
8,257
8,124
1965—Jan
Feb....
Mar....
150,392
151,028
151,663
12,518
12,549
12,337
5,724
5,761
5,557
3,821
3,797
3,787
2,973
2,991
2,993
62,484
62,704
63,008
56,024
56,183
56,399
6,460
6,521
6,609
55,626
55,941
56,343
4,534
4,543
4,568
7,162
7,201
7,258
8,068
8,090
8,149
Book value:
1962—Dec...
1963—Dec...
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.
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
Mortgages
U.S.
Govt.
securities
Cash
Other i
Total
assets 2—
Total
liabilities
Savings
capital
Reserves
and
undivided
profits 3
Borrowed
money 4
Loans in
process
1941
1945
1957
1958
1959
1960
4,578
5,376
107
2,420
344
450
775
356
6,049
8,747
4,682
7,365
475
644
256
336
636
402
40,007
45,627
53,141
60,070
3,173
3,819
4,477
4,595
2,146
2,585
2,183
2,680
2,770
3,108
3,729
4,131
48,138
55,139
63,530
71,476
41,912
47,976
54,583
62,142
3,363
3,845
4,393
4,983
1,379
1,444
2,387
2,197
1,484
,161
,293
,186
1961
1962
1963
68,834
78,770
90,944
5,211
5,563
6,445
3,315
3,926
3,979
4,77'5
5,346
6,191
82,135
93,605
107,559
70,885
80,236
91,308
5,708
6,520
7,209
2,856
3,629
5,015
1964—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
93,167
94,076
95,071
96,168
97,211
98,159
98,995
99,832
100,519
101,314
6,736
6,721
6,715
6,688
6,690
6,739
6,781
6,823
6,965
6,973
3,628
3,481
3,518
3,813
3,364
3,378
3,411
3,434
3,520
4,025
6,247
6,367
6,750
6,736
6,537
6,651
6,757
6,828
7,054
6,983
109,778
110,645
112,054
113,405
113,802
114,927
115,944
116,917
118,058
119,295
93,628
93,949
94,931
96,695
96,712
97,485
98,558
99,309
100,168
101,847
7,220
7,231
7,244
7,509
7,528
7,548
7,552
7,564
7,580
7,903
1965—Jan
Feb.r
Mar
101,844
102,351
103,151
7,098
7,305
7,386
3,593
3,609
3,558
6,827
6,964
7,139
119,362
120,229
121,234
102,101
102,680
103,735
8,014
8,029
8,000
1 Includes other loans, stock in the Federal home loan banks, other
investments, real estate owned and sold on contract, and office buildings
and fixtures.
2 Before 1958 mortgages are net of mortgage-pledged shares. Asset
items will not add to total assets, which include gross mortgages with no
deductions for mortgage-pledged shares. Beginning with Jan. 1958, no
deduction is made for mortgage-pledged shares. These have declined
consistently in recent years and amounted to $42 million at the end of
1957.
3 The decline in reserves and surplus from Feb. to Mar. 1964 is con-
Other
Mortgage
loan
commitments
713
874
968
862
1,475
1,285
1,359
,550
,999
2,528
1,136
1,221
1,499
1,908
2,230
2,614
4,327
4,605
4,548
4,984
4,995
4,996
5,069
5,033
5,003
5,596
2,438
2,472
2,511
2,546
2,567
2,495
2,396
2,314
2,244
2,221
2,165
2,388
2,820
1,670
2,000
2,403
2,369
2,697
3,063
1,728
2,965
3,112
3,149
3,108
3,075
2,983
2,912
2,897
2,822
2,589
5,146
5,040
4,938
2,113
2,085
2,182
1,988
2,395
2,379
2,642
2,843
3,124
centrated in state-chartered savings and loan assns. in Calif, where the
accounting system is being revised.
* Consists of advances from FHLB and other borrowing.
NOTE.—Federal Savings and Loan Insurance Corp. data; figures are
estimates for all savings and loan assns, in the United States. Data
beginning with 1954 are based on monthly reports of insured assns. and
annual reports of noninsured assns. Data before 1954 are based entirely
on annual reports. Data for current and preceding year are preliminary
even when revised.
856
FEDERAL FINANCE
JUNE 1965
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
Derivation of U. S. Government cash transactions
Receipts from the public,
other than debt
Payments to the public,
other than debt
Net cash borrowing
or repayment
Period
Budget
net
Plus:
Trust
funds
Equals:
Total
rects. 2
Less:
Intragovt. l
Budget
Less:
Trust
funds 3
Less:
Adjust-4
ments
Equals:
Total
payts.
Net
rects.
or
payts.
Change
Less:
in
Invest.
debt
(direct agen. &
& agen.) trusts
Less :
Noncash
debt
Equals:
Net
Cal. year—1962...
1963...
1964...
84,709
87,516
88,696
25,471
29,255
30,742
3,928 106,206
4,144 112,575
4,324 115,035
91,907
94,188
96,944
25,386
28,348
28,925
5,419 111,874
5,313 117,222
5,069 120,800
-5,668
-4,647
-5,765
9,055
7,672
9,084
1,109
2,535
2,156
1,386
883
619
6,560
4,255
6,309
Fiscal year—1961
1962.....
1963
1964
77,659
81,409
86,376
89,459
23,583
24,290
27,689
30,331
3,945 97,242
3,776 101,865
4,281 109,739
4,190 115,530
81,515
87,787
92,642
97,684
22,793
25,141
26,545
28,885
4,766 99,542
5,266 107,662
5,436 113,751
6,237 120,332
-2,300
-5,797
-4,012
-4,802
2,102
11,010
8,681
7,733
856
492
2,069
2,775
536
923
1,033
1,099
712
9,594
5,579
3,859
Half year:
1963—Jan.-June
July-Dec
1964—Jan.-June
July-Dec
47,250
40,266
49,193
39,503
15,851
13,404
16,927
13,815
2,352
1,792
2,398
1,926
60,728
51,847
63,683
51,352
45,356
48,832
48,852
48,092
13,536
14,812
14,073
14,852
3,241
2,072
4,165
904
55,650
5,078
61,572 -9,725
58,760
4,923
62,040 -10,688
2,538
5,135
2,598
6,486
2,939
-403
3,178
-1,022
169
714
385
234
-569
4,824
-965
7,274
Month:
1964— Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
6,609
6,136
12,401
3,487
6,653
10,072
3,398
7,037
8,856
1,942
4,744
3,117
1,532
4,171
1,994
1,224
2,928
1,966
212
222
,136
270
267
320
271
240
557
8,334
10,652
14,376
4,745
10,552
11,739
4,344
9,716
10,256
7,930
7,511
9,527
7,410
8,083
8,450
8,329
7,051
8,770
2,935
2,067
2,523
2,713
2,524
2,266
2,481
2,073
2,794
703
45
1,548
-95
-611
1,016
298
-156
453
10,163 -1,829
1,119
9,533
3,874
10,502
10,217 -5,472
11,218
-666
9,700
2,039
10,512 -6,168
9,281
436
11,112
-857
-1,880
4,049
683
-594
3,284
1,412
93
2,976
-685
-1,491
3,230
1,770
-1,205
1,960
-251
-1,556
809
-780
22
61
48
38
67
82
16
153
-122
-411
758
-1,136
572
1,257
1,581
1,633
2,015
217
1965—Jan
Feb
Mar
Apr
5,642
7,518
11,188
8,549
1,016
3,746
2,175
2,201
262
27
285
244
6,387
11,227
13,065
10,492
7,676
7,146
8,139
8,268
2,456
2,146
1,323
2,949
774
-277
637
741
9,358 -2,971
1,656
9,570
8,825
4,240
10,476
16
-240
1,884
-1,859
-891
-1,787
1,391
1,033
-1,471
110
60
-43
57
1,437
433
-2,848
523
Effects of operations on Treasurer's account
Net operating transactions
Period
Net financing transactions
Agencies & trusts
Treasurer's account
(end of period)
Operating bal.
Invest.
in U. S.
Govt.
sec. 3
Change
in
gross
direct
public
debt
Held
outside
Treasury
Treasurer's
account
Balance
-538
1,780
1,022
1,880
-856
-492
-2,069
-2,775
2,640
9,230
7,659
5,853
-222
118
-74
206
-1,311
3,736
1,686
-1,080
6,694
10,430
12,116
11,036
720
-434
1,381
-1,256
148
1,648
232
258
-2,939
403
-3,178
1,022
2,390
3,487
2,366
6,228
-78
-129
334
367
4,607
-4,741
3,661
-3,741
12,116
7,375
11,036
-993
2,677
594
-1,181
1,648
-273
-1,257
855
-829
468
-237
364
-403
-946
613
11
-549
17
109
117
502
-64
378
-108
67
125
-139
1,491
-3,230
-1,770
1,205
-1,960
251
1,556
-809
780
1,989
3,931
335
-333
9
-10
-43
226
-30
46
178
-2,571
2,215
2,735
-4,886
640
3,400
-4,498
2,412
-809
-1,440
1,600
852
-748
402
-364
396
439
-282
-16
327
249
1,787
-1,391
-1,033
1,471
25
-95
116
447
-1,550
2,197
1,289
105
Budget
surplus
or
deficit
Trust
funds 3
Clearing
accounts
Market
issuance
of
sec. 3
Fiscal year—1961. .
1962,.
1063..
1964..
-3,856
-6,378
-6,266
-8,226
790
-851
1,143
1,446
285
566
122
948
Half year:
1963—Jan.-June.
July-Dec..
1964—Jan.-June.,
July-Dec..
1,894
-8,567
341
-8,589
2,315
-1,408
2,854
-1,036
Month:
1964—Apr
May.
June
July
Aug
Sept
Oct
Nov
Dec
-1,322
-1,375
2,874
-3,923
-1,430
1,622
-4,930
-15
86
1965—Jan
Feb
Mar
Apr
-2,033
372
3,049
280
1 Primarily interest payments by Treasury to trust accounts and accumulations to U.S. employee trust funds.
2
Includes small adjustments not shown separately.
3
Includes net transactions of Govt.-sponsored enterprises.
4
Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing
accounts.
5
Includes technical adjustments not allocated by functions.
Change in
cash balances
181
-530
2,906
1,520
26
2,851
-546
42
1,900
2,186
1,140
F. R.
banks
Tax
and
loan
accts.
Other
net
assets
408
612
806
939
5,453
8,815
10,324
9,180
833
1,003
986
917
806
939
820
10,324
5,621
9,180
5,377
986
874
917
1,098
11,036
6,150
6,789
10,189
5,691
8,104
7,295
925
890
939
785
939
933
687
974
820
3,974
6,557
9,180
4,505
5,085
8,339
4,155
6,182
5,377
1,186
853
917
860
765
917
849
948
1,098
5,745
7,942
9,231
9,336
914
988
867
944
3,612
5,800
7,271
6,934
1,219
1,154
1,093
1,458
7,295
6,085
8,300
6
Yearly totals for fiscal 1961-64 and all fiscal year 1965 figures reflect
a shift of the Food for Peace program from agriculture to international
affairs. Other half-yearly totals and the months before July 1964 have
not been adjusted for this reclassification.
NOTE.—Based on Treasury Dept. and Bureau of the Budget data.
857
FEDERAL FINANCE
JUNE 1965
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions of dollars)
Cash receipts from the public
Income taxes
Period
Excise taxes
Individual
Total
Social ins. taxes
Liquor
and to- Highway
bacco
Total
OASI
and
R.R.
Unempl.
12,981
13,197
15,128
17,405
Estate
and
gift
Customs
Int.
and
repayments
Refunds
Other
Corp.
Total
21,765
21,296
22,336
24,301
12,064
12,752
13,410
13,950
5,204
5,367
5,521
5,630
2,923
3,080
3,405
3,646
16,381
17,032
19,729
21,936
2,896
3,334
4,107
4,037
1,916
2,035
2,187
2,416
1,008
1,171
1,241
1,284
2,105
1,358
1,815
1,702
5,976
6,266
6,571
7,148
1,826
1,838
2,604
2,499
19,761 10,950 13,526
20,120 3,465 9,242
19,139 11,866 15,059
17,732 3,598 9,989
6,602
7,043
6,907
7,398
2,676
2,940
2,690
3,089
1,649
1,898
1,748
1,947
11,796 9,017 2,532
9,209 7,373 1,588
12,727 10,032 2,449
9,378 7,535 1,594
1,273
992
1,424
1,170
602
661
623
729
636
943
759
900
5,766
1,044
6,104
1,008
1,348
1,216
1,283
1,466
Withheld
Other
32,978
36,246
38,719
39,259
13,175
14,403
14,269
15,331
Fiscal year—1961...
1962...
1963...
1964...
97,242
101,865
109,739
115,530
Half year:
1963—Jan.-June..
July-Dec...
1964—Jan.-June..
July-Dec...
60,728
51,847
63,683
51,352
Month:
1964—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
8,334
10,652
14,376
4,745
10,552
11,739
4,344
9,716
10,256
889 5,006
561
4,837
2,654 2,219
1,172
377
4,809
159
2,669 2,255
1,158
264
4,956
112
2,969
430
684
491
6,196
646
419
3,950
572
449
3,953
1,103
,195
,290
,234
,284
,203
,176
,244
,257
465
466
560
456
496
502
n.a.
n.a.
555
254
308
320
328
380
324
298
336
280
1,394
4,163
1,563
904
3,455
1,256
639
2,238
885
1,116
3,242
1,457
623
2,732
1,158
478
1,766
778
239
884
66
233
684
56
121
435
65
422
234
208
219
219
166
205
168
192
109
100
117
120
112
122
126
124
125
119
125
145
143
123
132
130
220
152
1,575
1,196
304
219
207
216
176
100
90
183
142
288
149
179
202
250
305
383
1965—Jan
Feb
Mar
Apr
6,387
11,227
13,065
10,492
1,181 2,506
872
5,302
928
3,207
1,091 5,852
607
473
6,759
1,187
,045
,214
,303
,150
384
360
573
n.a.
296
340
286
271
508
3,369
1,580
1,570
305
2,537
1,453
1,309
161
797
81
221
183
213
308
370
76
106
155
139
155
173
249
214
107
653
,582
,286
233
158
158
205
Cash payments to the public
Total 5
National
defense
Intl.
affairs 6
Space
research
Agriculture 6
Natural
resources
Commerce
and
transp.
Fiscal year—1961..
1962..
1963..
1964..
99,542
07,662
13,751
20,332
47,685
51,462
53,429
54,514
3,608
3,976
3,805
3,492
744
1,257
2,552
4,171
3,728
4,458
5,703
5,846
2,101
2,223
2,456
2,595
5,107
5,487
5,777
6,545
Half year:
1963—Jan.-June.
July-Dec..
55,649
61,572
27,304
26,359
1,368
1,031
1,527
1,857
2,821
4,302
1,067
1,455
1964—Jan.-June.
July-Dec..
58,761
61,510
28,158
24,569
962
1,818
2,313
2,333
3,038
3,642
Month:
1964—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
10,163
9,533
10,434
10,217
11,296
'9,400
10,317
'9,398
10,882
4,594
4,678
5,765
3,592
3,869
4,243
4,301
4,052
4,512
-152
275
253
210
336
324
448
-53
562
452
326
504
334
385
386
387
406
435
1965—Jan
Feb
Mar
Apr
'9,109
'9,606
'9,566
10,476
4,018
3,885
4,583
4,384
439
311
86
609
407
423
461
529
Period
1963
Item
III
Hous- Health,
ing
&
& com. labor
devel. welfare
Education
-103
1,691
—268
1,674
22,364
23,975
25,698
27,285
945
1,052
1,214
1,299
6,187
6,092
5; 971
6,107
7,257
6,940
7,427
8,011
1,678
1,837
1,953
2,221
2,679
3,657
-1,296
1,850
13,347
13,162
650
563
3,010
2,956
3,846
972
1,052
1,139
1,543
2,890
4,288
-175
516
14,126
13,722
732
639
3,150
2,943
4,170
4,258
1,168
1,138
587
274
325
672
,049
491
694
220
516
174
175
248
235
287
293
244
229
255
472
460
694
702
740
759
779
657
651
386
-245
181
246
16
35
-48
-193
460
2,404
2,000
2,513
2,277
2,249
2,229
2,261
2,299
2,407
125
106
112
78
129
126
94
90
122
457
486
537
485
501
525
505
398
529
402
1,394
348
360
1,378
317
436
1,337
430
172
178
223
184
183
189
200
164
218
210
288
386
370
164
166
203
185
539
465
472
449
-176
-126
-99
562
2,422
2,423
2,319
2,448
118
122
146
142
658
497
501
488
315
1,353
446
450
202
172
197
195
1964
IV
1965
III
1963
III
IV
Net.
27.9
28.8
28.5
30.2
29.0
29.9
29.5
30.5
28.6
29.7
28.2
'30.2
28.7
'29.8
-.9
-1.7
-.9
-1.1
-1.1
2.0
'-1.1
For notes, see opposite page.
1964
IV
General
Govt.
1965
III
IV
Not seasonally adjusted
Seasonally adjusted
Cash budget:
Receipts
Payments....
VetIntererans j est
29.8
30.1
32.6
29.1
27.3
31.0
'-.3
3.4
-3.6
r
24.5
30.6
-6.
30.3
28.7
33.4
30,1
27.0
'30.9
1.6
3.3
'-3.9
24.3
30.6
30.7
'28.3
'-6.3
'2.4
r
858
JUNE 1965
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
direct2
debt
3
Marketable
Total
Total
Certificates
Bills
Notes
Bonds
4
Convertible
bonds
Nonmarketable
Special
issues 6
Total 5
Savings
bonds
8.9
56.9
59.5
6.1
48.2
52.1
7.0
20.0
29.0
1941_Dec
1945—Dec
1947_Dec
64.3
278.7
257.0
57.9
278.1
256.9
50.5
255.7
225.3
41.6
198.8
165.8
2.0
17.0
15.1
38.2
21.2
6.0
23.0
11 .4
33.6
120.6
118.0
1957—Dec...
1958—Dec
1959—Dec
1960—Dec
1961—Dec
1962—Dec
1963—Dec
275.0
283.0
290.9
290.4
296.5
304.0
310.1
274.9
282.9
290.8
290.2
296.2
303.5
309.3
227.1
236.0
244.2
242.5
249.2
255.8
261.6
164.2
175.6
188.3
189.0
196.0
203.0
207.6
26.9
29.7
39.6
39.4 ,
43.4
48.3 j
51.5
34.6
36.4
19.7
18.4
5.5
22.7
10.9
20.7
26.1
44.2
51.3
71.5
53.7
58.7
82.1
83.4
84.8
79.8
75.5
78.4
86.4
9.5
8.3
7.1
5.7
4.6
4.0
3.2
53.4
52.1
48.9
47.8
48.6
48.8
50.7
52.5
51.2
48.2
47.2
47.5
47.5
48.8
45.8
44.8
43.5
44.3
43.5
43.4
43.7
1964—May. . .
June...
July. . .
Aug....
Sept....
Oct.. . .
Nov....
Dec.. ..
312.3
312.5
312.0
314.9
316.5
316.5
319.3
318.7
311.5
311.7
311.2
314.1
315.6
315.6
318.5
317.9
262.2
260.7
261.1
262.2
263.8
265.0
267.4
267.5
208.0
206.5
206.8
207.7
209.0
210.1
212.4
212.5
52.2
50.7
51.0
52.0
53.3
55.0
56.5
56.5
67.3
67.3
58.6
58.6
58.6
58.1
58.9
59.0
88.5
88.5
97.1
97.1
97.1
97.0
97.0
97.0
3.
3.
3.
3.
3.
3.
3.
3.0
51.0
51.1
51.2
51.4
51.7
51.8
51.9
52.0
49.2
49.3
49.4
49.4
49.5
49.6
49.7
49.7
45.0
46.6
45.7
47.4
47.4
46.3
46.7
46.1
1965—Jan.. . .
Feb.. ..
Mar....
Apr....
May. . .
318.6
320.6
318.4
317.2
319.8
318.0
319.9
317.7
316.6
319.2
269.4
270.0
267.7
267.8
266.3
214.4
214.9
212.5
212.5
211.0
58.4
58.8
56.5
56.9
55.9
53.2
55.5
55.5
55.1
52.5
102.8
100.6
100.5
100.5
102.5
3.0
3.0
2.9
2.9
2.9
52.1
52.1
52.2
52.5
52.5
49.8
49.9
49.9
50.0
50.0
44.2
45.6
45.7
44.4
47.8
1
Includes noninterest-bearing debt (of which $284 million, on May 31,
1965, was not subject to statutory debt limitation) and guaranteed securities not shown separately.
x2
cxcmaes guaranteed securities.
Excludes
3
Includes amounts held by U.S. Govt. agencies and trust funds, which
totaled $14,764 million on Apr. 30, 1965.
4 Includes Treasury bonds and minor amounts of Panama Canal and
postal savings bonds.
5
Includes Series A investment bonds, depositary bonds, armed forces
leave bonds, adjusted service bonds, foreign currency series, foreign
series, Rural Electrification Administration bonds, and before 1956,
tax and savings notes, not shown separately.
6 Held only by U.S. Govt. agencies and trust funds.
NOTE.—Based on Daily Statement of U.S. Treasury.
OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES
(Par value in billions of dollars)
Held by—
End of
period
Total
gross
debt
Held by the public
U. S.
Govt.
agencies
and
trust
funds *
F.R.
banks
Total
Commercial
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
govts.
Individuals
Other
Savings
bonds securities
Foreign
and
international 2
Other
misc.
inves-3
tors
1941 —Dec
1945_Dec
1947_Dec
64.3
278.7
257.0
9.5
27.0
34.4
2.3
24.3
22.6
52.5
227.4
200.1
21.4
90.8
68.7
3.7
10.7
12.0
8.2
24.0
23.9
4.0
22.2
14.1
.7
6.5
7.3
5.4
42.9
46.2
8.2
21.2
19.4
.4
2.4
2.7
.5
6.6
5.7
1957—Dec
1958—Dec
1959—Dec
1960—Dec
1961—Dec
1962—Dec
1963—Dec
275.0
283.0
290.9
290.4
296.5
304.0
310.1
55.2
54.4
53.7
55.1
54.5
55.6
58.0
24.2
26.3
26.6
27.4
28.9
30.8
33.6
195.5
202.3
210.6
207.9
213.1
217.6
218.5
59.5
67.5
60.3
62.1
67.2
67.2
64.3
7.6
7.3
6.9
6.3
6.1
6.1
5.8
12.5
12.7
12.5
11.9
11.4
11.5
11.3
18.6
18.8
22.8
20.1
20.0
20.2
20.6
16.6
16.5
18.0
18.7
19.0
20.1
21.1
48.2
47.7
45.9
45.7
46.4
46.9
48.1
15.8
15.3
22.1
19.1
17.9
17.6
18.2
7.6
7.7
12.0
13.0
13.4
15.3
15.9
9.0
8.9
10.1
11.2
11.6
12.7
13.3
1964—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.
308.4
312.3
312.5
312.0
314.9
316.5
316.5
319.3
318.7
56.1
59.4
61.1
59.9
61.8
61.8
60.5
61.2
60.6
33.2
34.2
34.8
35.1
35.2
35.4
35.7
36.8
37.0
219.1
218.8
216.6
217.0
218.0
219.3
220.2
221.4
221.1
61.1
60.0
60.2
59.3
60.0
61.8
62.1
63.4
63.7
6.0
6.0
6.0
6.0
6.0
6.0
5.8
5.7
5.7
11.0
11.0
10.9
10.9
11.0
11.2
11.2
11.2
11.1
21.8
22.5
20.2
20.5
20.5
19.1
20.2
20.1
19.7
22.6
22.6
22.5
22.3
22.6
22.3
22.2
21.9
21.6
48.3
48.4
48.5
48.6
48.6
48.7
48.8
48.9
48.9
18.8
19.0
19.0
19.3
18.9
19.3
19.4
19.0
19.2
15.3
15.4
15.6
15.8
16.0
16.3
16.3
16.4
16.7
14.2
13.8
13.7
14.4
14.3
14.6
14.4
14.6
14.5
1965—Jan
Feb
Mar
Apr
318.6
320.6
318.4
317.2
59.1
60.4
60.7
59.2
36.7
36.9
37.6
37.8
222.8
223.3
220.2
220.3
62.5
61.3
60.0
59.2
5.8
5.9
6.0
5.8
11.3
11.2
11.1
11.0
20.7
21.4
'20.1
20.1
22.4
23.1
23.2
24.1
49.0
49.1
49.2
49.2
19.5
19.7
19.9
19.8
16.5
16.6
16.0
16.0
15.0
14.8
14.8
15.3
1
2
Includes the Postal Savings System.
Includes investments of foreign balances and international accounts
in the United States.
r
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.
JUNE 1965
U.S. GOVERNMENT SECURITIES
859
OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY
(Par value in millions of dollars)
Within 1 year
1-5
years
5-10
years
10-20
years
Over
20 years
39,034
37,864
31,974
30,992
31,201
61,640
58,487
64,007
62,135
61,487
33,983
35,682
36,421
37,120
37,116
4,565
8,357
6,108
6,106
6,106
15,539
15,642
17,467
19,630
19,616
865
1,366
1,308
1,362
1,191
726
478
424
420
385
1,425
1,910
2.422
2; 235
2.228
2,731
3,021
3,147
3,319
3,331
1,309
2,178
1,563
1,563
1,563
2,583
2,936
3,282
3,735
3,716
17,741
22,580
21,388
23,573
23,721
2,723
4,146
6,487
6,955
7,018
15,018
18,434
14,901
16,618
16,703
10,834
8,658
13,564
12,410
12,424
2,094
2,136
1,797
1,292
1,292
68
88
58
58
58
83
131
237
258
259
162,553
162,089
163,264
162,282
162,283
67,952
64,979
65,331
62,162
62,829
44,662
46,027
48,682
48,208
48,716
23,290
18,952
16,650
13,954
14,113
49,381
47,919
48,021
47,490
46.835
29,158
30,525
31,477
32,509
32,493
3,188
6,091
4,487
4,485
4,485
12,873
12,575
13,948
15,636
15,641
58,004
54,881
53,752
50,243
49,622
19,885
16,703
18,509
14,480
14,323
9,838
9,290
10,969
8,103
7,878
10,047
7,413
7,540
6,377
6,445
26,348
26;107
23,507
22,803
22,407
11,163
11,075
11,049
11,922
11,845
191
533
187
189
193
417
463
501
849
854
5,793
5,502
5,434
5.539
635
690
608
807
722
252
268
344
590
483
383
422
263
217
239
1,337
1,211
1,536
1,528
1,488
2,210
2,009
1,765
1,770
1,746
306
377
260
248
247
1,305
1,215
1,266
1,345
1,337
1962—Dec. 31
1963—Dec. 31
1964—Dec. 31
1965—Mar. 31
Apr. 30
9,265
9,254
9,160
9.212
9,159
1,259
1,181
1,002
724
784
552
549
480
433
466
707
632
522
291
318
2,175
2,044
2,045
2,222
2,140
2,223
2,303
2,406
2,387
2,371
718
939
818
874
892
2,890
2,787
2,890
3,005
2,973
Nonfinancial corporations:
1962—Dec. 31
1963—Dec. 31
1964—Dec. 31
1965—Mar. 31
Apr. 30
10,750
10,427
9,136
8,610
8,680
9,063
7,671
6,748
5,943
6,390
6.551
6^78
5,043
4,843
5,310
2,512
1,493
1,705
1,100
1,080
1,524
2,397
2,001
2,241
1,904
149
290
272
281
260
2,862
3.253
3,418
3,622
3,630
437
378
490
484
485
254
236
343
369
360
183
142
148
115
125
817
919
1,055
1,007
999
,030
,202
,297
,411
,421
105
253
129
127
128
473
501
447
593
596
State and local governments:
1962—Dec. 31
1963—Dec. 31
1964—Dec. 31
1965—Mar. 31
Apr. 30
11,716
12,453
15,022
16,416
17,303
4,447
4,637
4,863
5,992
6,797
3,282
3,869
3,961
5,107
5,885
1,165
768
902
885
912
1,059
941
2,014
2,035
2,094
,505
,502
2,010
1,942
1,930
688
1,591
1,454
1,410
1,393
4,017
3,782
4,680
5,037
5,089
All others:
1962—Dec.
1963—Dec.
1964—Dec.
1965—Mar.
Apr.
64,162
66,320
67,341
68,480
68,350
32,227
33,719
33,111
33,731
33,328
23,935
25,637
27,542
28,763
28,332
8,292
8,082
5,570
4,968
4,996
16,121
14,301
15,863
15,654
15,803
10,877
12,144
12,678
12,797
12,921
1,175
2,389
1,637
1,632
1,629
3,761
3,767
4,052
4,666
4,669
Type of holder and date
Total
Total
Bills
Other
203,011
207,571
212,454
212,507
212,451
87,284
89,403
88,451
87,517
88,126
48,250
51,539
56,476
56,525
56,925
9,638
11,889
12,146
12,634
12,414
1,591
1,844
1,731
1,782
1,576
30,820
33,593
37,044
37,591
37,754
31
31
31
31
30
Commercial banks:
1962—Dec. 31
1963—Dec. 31
1964—Dec. 31
1965—Mar. 31
Apr. 30
All holders:
1962—Dec.
1963—Dec.
1964—Dec.
1965—Mar.
Apr.
31..
31..
31..
31..
30..
U.S. Govt. agencies and trust funds:
1962—Dec. 31
1963—Dec. 31
1964—Dec. 31
1965—Mar. 31
Apr. 30
Federal Reserve Banks:
1962—Dec. 31
1963—Dec. 31
1964—Dec. 31
1965—Mar. 31
Apr. 30
Held by public:
1962—Dec.
1963—Dec.
1964—Dec.
1965—Mar.
Apr.
Mutual savings banks:
1962—Dec. 31
1963—Dec. 31
1964—Dec. 31
1965—Mar. 31
Apr. 30
Insurance companies:
Savings and lean
1962—Dec.
1963—Dec.
1964—Dec.
1965—Mar.
Apr.
associations:
31
31
31
31
30
31
31
31
31
30
NOTE.—Direct public issues only. Based on Treasury Survey of
Ownership.
Data complete for U.S. Govt. agencies and trust funds and F.R. Banks
but for other groups are based on Treasury Survey data. Of total marketable issues held by groups, the proportion held on latest date by those
reporting in the Survey and the number of owners surveyed were: (1)
about 90 per cent by the 5,991 commercial banks, 501 mutual savings
9
60
112
141
123
banks, and 779 insurance cos. combined; (2) about 50 per cent by the
469 nonfinancial corps, and 488 savings and loan assns.; and (3) about
70 per cent by 507 State and local govts.
Holdings of "all others," a residual, include holdings of all those not
reporting in the Treasury Survey, including investor groups not listed
separately.
860
U.S. GOVERNMENT SECURITIES
JUNE 1965
DEALER TRANSACTIONS
(Par value, in millions of dollars)
U.S. Government securities
By type of customer
By maturity
Period
Total
1964
U.S. Govt.
agency
securities
Dealers and brokers
Apr
May
June
July
Aus
SeDt
Oct
Nov
Dec
1965—Jan
Feb
Mar
Apr
Within
1 year
1-5
years
5-10
years
Over
10 years
U.S.
Govt.
securities
mercial
banks
Other
All
other
1,849
1,702
1,488
1,936
1,453
1,510
1 749
1,864
2,052
,528
,264
1,201
1,433
,099
,214
,476
,426
,596
234
248
170
216
197
155
141
271
261
70
165
97
208
123
102
92
127
146
18
25
19
79
34
39
41
40
49
590
566
458
581
406
443
529
533
615
24
29
24
38
26
20
25
28
38
737
651
566
784
604
616
719
805
835
498
457
439
532
417
432
475
499
564
134
120
142
131
113
117
114
131
85
2 405
1,814
1,690
1,769
,763
,434
,369
,467
307
219
184
172
177
91
83
91
158
69
53
38
689
516
523
562
44
29
24
38
1,036
750
672
708
637
518
471
460
93
101
108
155
1,763
1,560
1,665
1,817
1,539
,226
,382
1,535
124
214
154
171
72
86
81
69
27
35
49
43
601
470
519
607
27
31
62
32
696
636
679
731
439
422
405
447
148
211
170
99
2 412
1,421
1,490
1,630
864
236
257
54
701
56
945
710
110
1,191
,259
I 409
141
127
130
58
85
72
32
19
19
388
395
397
28
26
26
646
641
676
359
428
531
215
161
108
Week ending—
1965—Apr.
7
21
28
May
5
12
19
26
.
NOTE.—The transactions data combine market purchases and sales of
U.S. Govt. securities dealers reporting to the F.R. Bank of N.Y. They
do not include allotments of and exchanges for new U.S. Govt. securities,
redemptions of called or matured securities, or purchases or sales of securi-
ties under repurchase agreements, reverse repurchase (resale), or similar
contracts. Averages of daily figures based on the number of trading
days in the period.
DEALER POSITIONS
DEALER FINANCING
(Par value, in millions of dollars)
(In millions of dollars)
U.S. Government securities, by maturity
Period
All
1-5
maturities
Within
1 year
years
1964—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec . . . .
2,393
3,087
3,475
3,817
4,313
3,954
3,358
3,692
3,252
2,316
2,670
3,217
3,121
2,978
3,302
2,966
3,073
2,675
156
164
91
229
552
373
231
479
419
-78
253
167
468
782
280
160
140
159
170
231
318
225
275
250
262
313
282
1965—Jan
Feb
3 812
3,420
3,034
3,471
2 882
2,688
2,590
3,118
196
163
112
115
734
569
332
238
246
237
268
327
3..
10..
17..
24..
31..
3,367
2,863
2,785
2,908
3,423
2,800
2,412
2,342
2,455
3,052
158
83
100
137
111
409
368
343
317
261
301
268
251
248
282
7..
14..
21..
28..
3,358
3,418
3,366
3,641
3,008
3,022
2,989
3,302
127
122
122
99
223
275
256
239
312
334
306
337
Mar
Apr
Over
5 years
Week ending—
1965—Mar.
Apr.
All
sources
Period
New
York
City
Elsewhere
Corporations J
All
other
1964—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
2,390
3,082
3,541
4,156
4,186
4,011
3,299
3,706
3,399
545
711
981
1,250
1,144
1,255
845
1,020
1,029
556
724
761
871
924
1,069
835
963
781
1,065
1,347
1,493
1,671
1,703
1^53
1,258
1,192
1,056
225
300
307
364
416
434
361
531
533
1965—Jan
Feb
Mar
Apr
4,354
3,495
3,181
3,594
1,323
856
626
918
1,229
902
807
885
1,206
1,278
1,350
1,369
596
459
398
422
1965—Mar. 3 . . .
10...
17. . .
24...
31...
3,476
3,068
3,073
3,185
3,302
858
596
649
616
562
908
600
758
823
1,002
1,332
1,478
1,243
1,342
1,337
378
394
424
404
402
Apr.
3,542
3,556
3,712
3,489
828
872
1,070
881
870
795
974
823
1,367
1,341
1,312
1,487
477
549
357
298
Week ending—
NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the
contract is matched by a reverse repurchase (resale) agreement or delayed
delivery sale with the same maturity and involving the same amount of
securities. Included in the repurchase contracts are some that more
clearly represent investments by the holders of the securities rather than
dealer trading positions.
Average of daily figures based on number of trading days in the period.
Commercial banks
U.S.
Govt.
agency
securities
1
7...
14...
21 . . .
28...
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 1965
861
OUTSTANDING SECURITIES
U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, MAY, 31, 1965
(In millions of dollars)
Issue and coupon rate
Treasury bills
June 3,1965
June 10,1965
June 17, 1965
June 22, 19651
June 24, 1965
June 30, 1965
July 1,1965
July 8,1965
July 15,1965
July 22, 1965
July 29, 1965
July 31, 1965
Aug. 5,1965
Aug. 12, 1965
Aug. 19, 1965
Aug. 26, 1965
Aug. 31, 1965
Sept. 2, 1965
Sept. 9, 1965
Sept. 16, 1965
Sept. 23, 1965
Sept. 30, 1965
Oct. 7,1965
Oct. 14, 1965
Oct. 21, 1965
Oct. 28, 1965
Oct. 31, 1965
Nov. 4,1965
1
Issue and coupon rate
Amount
Treasuty bills—Cont.
2,200
Nov. 12, 1965
2,201
Nov. 18, 1965
2,202
Nov. 26, 1965
3,263
Nov. 30, 1965
2,208
Dec. 31, 1965
1,001
Jan. 31,1966
2,202
Feb. 28, 1966
2,205
Mar. 31, 1966
2,202
Apr. 30, 1966
2,203
May 31, 1966
2,204
1,000
2,204 Treasury notes
2,202
Aug. 13, 1965
2,201
Aug. 13, 1965
2,203
Oct. 1,1965
1,000
Nov. 15, 1965
1,000
Nov. 15, 1965
1,000
Feb. 15, 1966
1,003
Feb. 15, 1966
1,000
Apr.
1,1966
2,003
May 15, 1966
1,001
Aug. 15, 1966
1,001
Oct. 1, 1966
1,002
Nov. 15, 1966
1,003
Feb. 15, 1967
1,000
Apr. 1,1967
1,000
Aug. 15, 1967
Amount
3%
37/4
1%
3V4
4
3#
3%
\yi
4
4
\Vi
4
3%
IVi
3#
Issue and coupon rate
Treasury notes—Cont.
1,001
Oct. 1,1967
1,002
Apr. 1,1968
1,001
Oct. 1,1968
1,001
Apr. 1,1969
\
1,003
Oct.
1 , 1 9 6 9 \
1,000
Apr. 1,1970
1,001
1,000
1,001
3 Treasury bonds
June 15, 1962-67... 2 ^
Dec. 15, 1963-68... 2 Vi
June 15, 1964-69... 2 %
Dec. 15, 1964-69...2y 2
6,202
Mar. 15, 1965-70... 2 ^
1,066
315
May 15, 1966
3%
1,617
Aug. 15, 1966
3
8,099
Nov. 15, 1966
33/i
2,195
Mar. 15, 1966-71... 2lA
2,597
June 15, 1967-72... 2%
675
Sept. 15, 1967-72... 2 ^
9,519
Nov. 15, 1967
3%
11,060
Dec. 15, 1967-72... 21/2
357
May 15, 1968
3%
2,254
Aug. 15, 1968
3V4
2,358
Nov. 15, 1968
3%
270
Feb. 15, 1969
4
2,929
Oct. 1,1969
4
Tax anticipation issue.
Issue and coupon rate
Amount
Treasury bonds—Cont.
Feb. 15, 1970
4
Aug. 15,1970
4
Aug. 15, 1971
4
Nov. 15,1971
3%
Feb. 15, 1972
4
Aug. 15, 1972
4
Aug. 15,1973
4
Nov. 15, 1973
.,
Feb. 15, 1974
4V
May 15, 1974
4
Nov. 15, 1974
3
May 15, 1975-85..,4
June 15, 1978-83... 3
Feb. 15,1980
4
Nov. 15, 1980
3%
May 15, 1985
3*4
Feb. 15, 1990
3%
Aug. 15, 1987-92... 4VA
Feb. 15, 1988-93...4
May 15, 1989-94.. .4Vi
Feb. 15, 1995
3
Nov. 15, 1998
3Vi
457
212
115
61
159
6
1,431
1,792
2,591
2,535
2,411
1,688
1,024
1,851
1,400
1,283
1,952
2,019
2,702
2,460
3,747
1,591 Convertible bonds
1,844
Investment Series B
6,261
Apr. 1, 1975-80... 2V4
NOTE.—Direct public issues only.
Treasury.
4,381
4,129
2,806
2,760
2,344
2,579
3,894
4,357
3,130
3,593
2,244
1,218
1,584
2,609
1,913
1,127
4,902
3,818
250
1,560
2,300
4,423
2,901
Based on Daily Statement of U.S.
FEDERALLY SPONSORED AGENCIES, APRIL 30, 1965
Agency, type and date of issue,
and coupon rate)
Maturity
Amount
(millions
of dollars)
Federal home loan banks
Notes:
June
Oct.
Aug.
Sept.
Oct.
Nov.
Feb.
Apr.
Bonds:
Sept.
July
Dec.
June
Mar.
15, 1964
15,1964
17, 1964
15 ; 1964
15, 1964
16, 1964
15, 1965
15, 1965
17, 1962
15, 1964
9,1963
15, 1964
15, 1965
4Vi
4
3.95
4.05
4.05
4.10
4.20
4.30
3y4
4i/ 8
4V%
4VA
4V4
May
June
July
Aug.
Sept.
Oct.
Jan.
Feb.
17, 1965
15, 1965
15, 1965
16, 1965
15, 1965
15, 1965
17, 1966
15,1966
Sept. 15, 1965
Mar. 15, 1966
Aug. 15, 1966
Nov. 15, 1966
Sept. 15, 1967
525
250
446
552
172
400
220
524
175
260
200
275
185
Federal National Mortgage Association—
secondary market operations
Discount notes
Debentures:
Dec. 10, 1957
Sept. 10, 1962
Dec. 12, 1960
Mar. 10, 1958
Apr. 10, 1959
Apr. 11, 1960
Sept. 12, 1960
Aug. 23, 1960
Sept. 11, 1961
Feb. 10, 1960
Dec. 11, 1961
June 12,1961
Feb. 13, 1962
Banks for cooperatives
Debentures:
Nov. 2, 1964
Dec. 1, 1964
Feb. 1,1965
Apr. 1,1965
361
4:
4i
4i
41
5'
43
4*i
414
4
4
4H
414
June 10, 1965
Mar. 10, 1966
Dec. 12, 1966
Mar. 11, 1968
Apr. 10, 1969
Apr. 10, 1970
Sept. 10, 1970
Aug. 10, 1971
Sept. 10, 1971
Feb. 10, 1972
June 12, 1972
June 12, 1973
Feb. 10, 1977
M a y 3, 1965
June 1, 1965
Aug. 2, 1965
Oct. 4, 1965.
93
108
93
87
88
143
119
64
96
100
100
146
198
126
192
204
175
NOTE.—These securities are not guaranteed by the U.S. Govt.; see also
NOTB to table at top of following page.
Agency, type and date of issue,
and coupon rate)
Federal intermediate credit banks
Debentures:
Aug. 3,1964
Sept. 1,1964
Oct. 1,1964
Nov. 2, 1964
, 1964
Dec.
, 1965
Jan.
Feb.
, 1965
Mar. ., 1965
Apr.
, 1965
Federal land banks
Bonds:
Aug. 20, 1964
Oct. 20, 1960
June 20, 1961
Apr. 3,1961
May 1,1958
Sept. 20, 1961
Feb. 15, 1957
Apr. 20, 1965
May 1,1962
Oct. 1,1957
Oct. 22, 1963
Apr. 1,1959
May 1,1963
Aug. 20, 1964
Feb. 2,1959
Feb. 23, 1965
July 15, 1957
Oct. 20, 1964
Feb. 1,1960
Feb. 14, 1958
Jan. 5,1960
May 1,1956
Sept. 14, 1956
Feb. 20, 1963
Feb. 20, 1962
Apr. 20, 1965
Tennessee Valley Authority
Short-term notes
Bonds:
Nov. 15, 1960
July 1,1961
Feb. 1, 1962
Maturity
4
3.95
4
4.05
4.05
4.20
4.15
4.20
4V4
4
4
4
3%
3*4
414
4V8
4%
4
41A
4i/g
414
4
4VA
4%
4*4
4%
4V4
5V*
3%
5V&
3
3
4
4
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
3,
1,
1,
2,
1,
4,
1,
1,
1965
1965
1965
1965
1965
1965
1965
1965
3, 1966
Aug. 23, 1965
Oct. 20, 1965
Dec. 20, 1965
Feb. 21, 1966
May 2, 1966
July 20, 1966
Feb. 15, 1967-72
Feb. 20, 1967
May 22, 1967
Oct. 1, 1967-70
Oct. 23, 1967
Mar. 20, 1968
June 20, 1968
Aug. 20, 1968
Mar. 20, 1969
July 15, 1969
July 15, 1969
Oct. 20, 1969
Feb. 20, 1970
Apr. 1, 1970
July 20, 1970
May 1, 1971
Sept. 15, 1972
Feb. 20, 1973-78
Feb. 20, 1974
Apr. 21, 1975
Amount
(millions
of dollars)
219
204
202
208
229
279
323
319
298
159
160
140
150
108
193
72
126
180
75
174
111
186
160
100
130
60
209
82
83
85
60
109
148
155
200
45
4.40
4%
4i/2
Nov. 15, 1985
July 1, 1986
Feb. 1, 1987
50
50
45
862
CREDIT AGENCIES; SECURITY ISSUES
JUNE 1965
MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES
(In millions of dollars)
Federal home loan banks
Assets
period
Advances
to
members
Investments
1 228
1,265
1*298
2,134
1960
1961
1962
1963
Federal National
Mortgage Assn.
(secondary market
operations)
Liabilities and capital
Member
deposits
Debentures
and
notes
Banks
for
cooperatives
Loans
to
cooperatives
(A)
Federal
land
banks
Federal
intermediate
credit banks
Loans
and
discounts
(A)
Cash
and
deposits
Bonds
and
notes
1,027
908
999
1,093
62
63
75
103
963
825
714
1,774
683
653
819
589
607
685
769
866
628
1,562
1^323
1 *967
200
1,315
1 ^ 100
1,640
457
454
510
622
143
222
252
364
747
932
1,157
1,391
1,116
1,356
1,744
919
2,089
2,360
1,437
1,599
1,743
1,986
1,981
2,662
3,479
4,784
1 .2M
1,153
,531
1,906
90
159
173
159
1,266
1,571
2,707
4,363
938
1,180
1,214
1,151
989
1.107
I 126
1,171
2,788
2,770
2,752
2,000
2,523
2,453
2,422
1,788
649
697
735
840
407
435
505
589
1,501
1,650
1,840
2,099
1,454
1,585
,727
.952
2,564
2,828
3,052
3,310
2,210
2,431
2,628
2,834
1964—Apr...
May..
June..
July..
Aug..
Sept..
Oct..
Nov..
Dec...
4,444
4,395
4,769
4,763
4,781
4,837
4,797
4,784
5,325
1,420
[,607
1,804
1,476
1,622
,597
1,614
,889
,523
72
82
153
106
75
99
94
84
141
3,625
3,727
4,201
4,042
4,169
4,165
4,144
4,369
4,369
1.983
1,984
1,962
1,940
1,936
,926
,934
,930
1,940
1.781
1,698
1,698
1,698
1,696
1,549
1,707
1,701
1,601
786
747
757
782
787
809
924
975
958
533
527
1,199
1,193
[,196
1,201
1,208
1,210
1,212
1,214
1,216
1,227
498
498
538
538
576
638
686
2,329
2,412
2,504
2,561
2,561
2,516
2,377
2,241
2,247
2,157
2,246
2,315
2,396
2,433
2,424
2,352
2,174
2,112
3,445
3,481
3,516
3,551
3,586
3,620
3,652
3,680
3,718
2,973
2,973
2,973
2,973
3,102
3,102
3,169
3,169
3,169
1965—Jan...
Feb...
Mar..
Apr...
4,944
4,851
4,747
5,219
,491
,425
,761
,386
75
77
80
95
4,078
3,905
4,090
4,184
1,013
1,013
1,048
1,026
,232
1,237
,247
,254
,954
,958
,974
,990
1,723
1,739
,739
,795
1,020
1,037
1,007
686
670
723
696
2,252
2,308
2,380
2,480
2,102
2,143
2,206
2,278
3,765
3,818
3,889
3,950
3,169
3,298
3,298
3,415
1956
1957
1958
1959
.
Mortgage
loans
(A)
Capital
stock
957
990
1,153
936
926
989
978
989
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,
a)
978
Debentures
(L)
Mortgage
loans
(A)
Debentures
a)
705
RR£
Bonds
(L)
bonds held within the FHLB System), and are not guaranteed by the U.S.
Govt.; for a listing of these securities, see preceding page. Loans are
gross of valuation reserves and represent cost for FNMA and unpaid
principal for other agencies.
NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES
(In millions of dollars)
All issues (new capital and refunding)
Type of issue
Type of issuer
P>eriod
Total
General
Reveobligations nue
PHAi
U.S.
Govt.
loans
State
Special
district
and Other2
stat.
auth.
187
115
1 ,991
176 1 ,686
1,371 4, 16?
2,121 3, 890
302
125 1 ,110
120 1 ,928
145 1 ,419
249 1 ,670
1,984 4J 198
2,165 4 473
2,600 4, 8?5
3 636
?81
1958.
1959.
7,526
7,697
5,447
4,782
1,778
2,407
332
1960.
1961.
1962.
1963.
7,292
8,566
8,845
10,538
4,771
5,724
5,582
5,855
2,095
2,407
2,681
4,180
315
437
1963—Seot
Oct
Nov
Dec
480
1,265
754
495
333
679
401
401
122
567
310
85
1964—Jan
Feb.....
Mar
Apr
May....
June....
July
Aug....
Sept
1,007
853
867
1,266
706
938
940
775
606
663
497
630
472
537
563
244
509
230
181
355
473
214
258
367
519
260
920
Issues for new capital
254
140
1
141
iio
130
Use of proceeds
Total
7,708 7,441
7,423 7,589
7,102
8 301
8,732
10 496
7,247
8,463
8,568
9,151
Education
314
698
36?
?99
449
712
581 1,051
729
897
416
1 005
?M
31
8
15
215
214
336
208
262
558
167
338
338
511
374
456
431
469
944
428
772
868
812
973
810 1,215
665
1,214
902
696
904
947
756
834
892
896
273
242
?51
n<s
106
141
71
116
n
101
60?
339
«P9
486
?S1
445
1 116
426
385
521
598
201 1 891
911
478
125 ? 177
812
1 700
1 668
? 144
33
102
130
7
77
118
??,1
116
31
9
2
1
101
171
98
42
33
262
59
40
42
25
73
50
114
238
116
225
?08
181
167
419
248
141
3
11
145
45
134
*
1,007
1,167
1,114
73
424
208
126
?r?
?78
158
378
?58
161
401
161
206
Veter- Other
ans'
puraid
poses
339 1 657
355 1 685
? ,405
? .871
? ,%1
1 ,079
Housing^
251
401
1,164
844
2 ,318
94
141
185
69
22
20
23
11
12
20
Roads Utiland
ities 4
bridges
? ,617
25
20
43
9
1 Only bonds sold pursuant to 1949 Housing Act; secured by contract
requiring the Public Housing Administration to make annual contributions
to 2the local authority.
Municipalities, counties, townships, school districts.
' 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
1 41?
1 ,985
133
? 169
1H
60
30
313
226
151
407
151
181
111
81
254
5 Includes urban redevelopment loans.
NOTE.—The figures in the first column differ from those shown on the
following page, which arc 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.
JUNE 1965
863
SECURITY ISSUES
TOTAL NEW ISSUES
(In millions of dollars)
Proposed use of net proceeds,
all corporate issues 6
Gross proceeds, all issues ]
Noncorporate
Corporate
Period
Total
U.S.
Govt.2
U.S.
Govt.
agency 3
6,958
7,449
7,681
7,230
30,571 9,601
34,443 12,063
31,074 12,322
27,541 7,906
572
2,321
707
1,672
1961
1962
1963
1964
35,527 12,253
29,956 8,590
31,616 7,213
36,628 10,656
1.448 8,360
1,188 8,558
1,168 10,107
1,205 10,544
1964—Mar..
Apr...
May..
June..
July. .
Aug..
Sept..
Oct.. .
Nov..
Dec...
2,121
4,930
2,267
3,056
2,467
4,128
2,527
2,909
4,607
3,111
399
1,444
367
383
387
2,449
358
367
3,242
373
1965—Jan.'-.
Feb.'.
Mar..
2,333
3,997
3,003
433
2,129
413
275
260
160
'510
129
185
Bonds
U.S.
State
and
Other 5 Total
local 4
1957
1958
1959
1960
Stock
Total
Publicly
offered
Total
Privately Pre- Cornplaced ferred
New Other
Total money 7 purposes
9,957
9,653
7,190
8,081
6,118
6,332
3,557
4,806
3,839
3,320
3,632
3,275
411
571
531
409
2,516 12,661 12,447 11,784
1,334 11,372 10,823 9,907
2,027 9,527 9,392 8,578
1,664 9,924 9,653 8,758
13,165 9,420
10,705 8,969
12,237 10,872
13,463 10,372
4,700
4,440
4,714
3,623
4,720
4,529
6,158
6,749
450
422
342
412
3,294
1,314
1,022
2,679
557 12,884
1,052 11,558
616 9,748
579 10,154
303
915
891
760
New capital
12,885 12,017 10,715
10,501 9,747 8,240
12,081 10,553 8,993
13,300 12,557 10,935
Retirement
of
securities
663
915
814
895
214
549
135
271
1,302
1,507
1,561
1,622
754
1,528
743
844
1,204
660
900
922
767
952
816
566
1,097
805
73
47 2,234
85 1,155
37 1,461
29
869
23'
728
13 1,204
186 1,032
97
702
64 1,577
714
863
1,008
1,091
644
616
1,048
819
650
1,434
361
383
470
468
234
183
376
181
30
320
353
480
537
623
411
433
672
638
620
1,114
87
1,349
98
289
166
58
133
188
43
94
796
2,215
1,141
1,441
854
718
1,191
1,015
695
1,560
754
2,178
1,069
1,378
780
661
1,109
949
646
1,419
677
2,094
953
1,292
653
570
788
750
533
1,256
77
83
116
86
127
91
321
199
112
163
42
37
72
63
74
57
82
66
49
141
811
933
1,003
232J
14j
451
727
637
1,215
161
187
557
565
450
658
84
130
82
850
779
1 ,343
795
746
1,197
700
687
1,039
95
59
157
54
33
146
858
791
1,358
Proposed uses of net proceeds, major groups of corporate issuers
Commercial and
miscellaneous
Manufacturing
Period
Transportation
Public utility
RetireRetireRetireNew
ment of
ment of
ment of
New
New
New
capital 8 secusecucapital 8 secucapital i
capital 8
rities
rities
rities
Communication
Real estate
and financial
RetireRetireRetireNew ij ment of
New
ment of
ment of
capital 8
secusecusecucapital 8
rities
rities
rities
67
47
6
1
1,701
1,014
1,801
2,401
382
11
356
35
2,248
1,825
2,933
3,348
22
23
144
74
1
322
265
226
439
266
277
345
189
204
373
4
3
1
13
12
3
4
28
182
213
236
4
3
9
1957
1958
1959
1960
4,104
3,265
1,941
1,997
49
195
70
79
579
867
812
794
29
13
28
30
802
778
942
672
14
38
15
39
3,821
3,605
3,189
2,754
51
138
15
51
1,441
1,294
707
1,036
4
118
1961
1962
1963
1964
3,691
2,958
3,312
2,733
287
228
190
241
1,109
803
774
998
36
32
55
81
651
543
873
910
35
16
83
31
2,883
2,341
1,935
2,445
106
444
699
280
1,435
1,276
726
2,122
1964__Mar
Apr
May
J une
July
Aug
Sept
Oct
Nov
Dec
146
186
206
332
149
164
234
249
188
607
17
6
10
39
40
12
36
17
22
26
48
107
50
50
45
45
166
88
134
121
5
17
49
31
91
119
35
90
20
49
44
62
115
174
151
441
264
207
138
296
297
40
172
18
19
53
4
16
27
38
37
6
31
34
1,377
27
258
23
16
19
81
17
30
1965—Jan.'r
Feb.
Mar..
385
192
494
23
15
56
70
35
104
5
2
4
40
47
108
97
215
229
21
13
57
21
44
26
5
4
15
2
6
71
!
1
Gross proceeds are derived by multiplying principal amounts or
number
of units by offering price.
2
Includes guaranteed issues.
3
Issues
not guaranteed.
4
See NOTE to table at bottom of opposite page.
5 Foreign governments, International Bank for Reconstruction and
Development, and domestic nonprofit organizations.
67 Estimated gross proceeds less cost of notation.
For plant and equipment and working capital.
8
All issues other than those for retirement of securities.
NOTE.—Securities and Exchange Commission estimates of new issues
maturing in more than 1 year sold for cash in the United States.
864
JUNE 1965
SECURITY ISSUES
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
(In millions of dollars)
Derivation of change, all issuers
All securities
Common and preferred stocks
Bonds and notes
Period
Net
change
New
issues
Retirements
Net
change
13,338
13,485
17,503
4,845
4,962
6,999
8,492
8,523
10,503
7,122
8 072
9,194
3,049
3 078
4,024
.
14,206
15,552
18,610
6,457
8,711
8,290
7,750
6,841
10,320
8,613
10,556
10,715
1963—IV
4,747
2,476
2,272
1964—1
II...
Ill
IV
4,302
5,139
4,011
5,158
1,960
1,795
1,946
2,590
2,343
3,344
2,065
2,568
1959
I960
1961
1962
1963
1964
. .
.
Net change
Retirements
New issues
Retirements
New
issues
Invest.
cos. 1
Other
Invest.
cos. 1
Other
Invest.
cos. 1
Other
4,073
4 994
5,170
2,838
2,688
3,855
3,378
2,725
4,454
794
855
1,171
1,002
1,029
1,804
2,044
1,833
2,684
2,376
1,696
2,650
3,749
4,979
4,077
4,864
5,577
6,637
3,338
3,049
4,147
2,255
1,948
3,748
1,140
1,536
1,895
1,567
2,197
2,317
2,198
1,513
2,252
688
-249
1,431
3 222
1,121
2,101
931
594
392
962
539
-368
2,197
2,987
2,297
3,233
914
940
1,033
1,191
1,283
2,046
1,265
2,043
920
917
1,010
1,300
1,185
1,235
704
625
536
469
475
415
510
385
438
984
384
448
535
885
c
675
850
265
-36O
Type of issuer
Manufacturing
Period
Bonds
& notes
Transportation 3
Commercial
and other 2
Bonds
& notes
Stocks
Bonds
& notes
Stocks
Stocks
Communication
Public
utility
Bonds
& notes
Stocks
Bonds
& notes
Real estate
and financial
4
Stocks
Bonds
& notes
Stocks
1959
I960
1961
316
399
2,012
442
462
415
217
261
516
162
-46
-447
332
173
71
2
-42
-7
1,738
1,689
1,648
1,028
635
704
475
901
149
445
356
1,457
994
1,572
775
2,342
2,164
3,212
1962
1963
1964
1.355
1,804
1,303
-242
-664
-516
294
339
507
-201
-352
-483
-85
316
317
-25
-19
-30
1,295
876
1,408
479
245
476
1,172
438
458
357
447
1,699
833
1,806
2,644
2,517
1,607
1963—IV
574
-275
87
-307
180
-15
288
47
61
129
912
1964—I
II
III
IV
92
291
232
689
-253
-65
28
-226
65
84
93
265
16
-21
-34
-444
131
59
38
88
-6
31
-47
-7
156
606
290
356
70
156
149
101
234
229
42
-47
811
681
92
115
606
775
569
693
1
Open-end and closed-end cos.
Extractive and commercial and misc. cos.
3 Railroad and other transportation cos.
* Includes investment cos.
NOTE.—Securities and Exchange Commission estimates of cash transactions only. As contrasted with data shown on p. 863, new issues exclude
2
2,537
592
422
516
613
986
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. 863.
OPEN-END INVESTMENT COMPANIES
(In millions of dollars)
Sales and redemption
of own shares
Assets (market value
at end of period)
Sales !
Redemptions
Cash
Total 2 position
3 Other
1953
1954
672
863
239
400
433
463
4,146
6,110
309
5,801
1955
1956
1957
1958
1959
1,207
1,347
1,391
1,620
2,280
443
433
406
511
786
765
914
984
1,109
1,494
7,838
9,046
8,714
13,242
15,818
438
492
523
634
860
7,400
8,554
8,191
12,608
14,958
1960
1961
1962
1963
1964
2,097
2,951
2,699
2,460
3,404
842
1,160
1,123
1,504
1,875
1,255
1,791
1,576
952
1,528
17,026
22,789
21,271
25,214
29,116
973
980
1,315
1,341
1,329
Year
Assets (market value
at end of period)
Month
Net
sales
Sales !
Redemptions
1964—Apr...
May..
June..
July...
Aug...
Sept..
Oct...
Nov..
Dec...
276
241
285
308
260
299
306
317
336
165
153
147
168
149
149
142
134
136
16,053
21,809 1965—Jan...
Feb...
19,956
Mar..
23,873
27,787
Apr...
407
313
356
351
1
Includes contractual and regular single purchase sales, voluntary
and contractual accumulation plan sales, and reinvestment of investment income dividends; excludes reinvestment of realized capital gains
dividends.
2 Market value at end of period less current liabilities.
3 Cash and deposits, receivables, all U.S. Govt. securities, and other
Sales and redemption
of own shares
152
159
168
155
C
Cash
Total 2 position
3
Other
111
88
138
140
110
149
164
184
200
27,051
27,497
27,682
28,319
28,164
29,130
29,087
29,062
29,116
1,339
1,444
1,499
1,471
1,457
1,436
1,312
1,300
1,329
25,712
26,053
26,183
26,848
26,707
27,694
27,775
27,762
27,787
254
154
188
196
30,349
30,749
30,464
31,521
1,545
,605
,597
,523
28,804
29,144
28,867
29,998
Net
sales
C
short-term debt securities, less current liabilities.
NOTE.—Investment C o . 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.
JUNE 1965
865
BUSINESS FINANCE
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
(In millions of dollars)
1963
Industry
1960
1961
1962
1963
1965
1964
1964
III
IV
n
I
IV
III
I
Manufacturing
Total (177 corps.):
Sales
123,911 123,669 136,545 147,380 157,633 35,371 38,990 38,326 40,784 37,697 r40,827 42,651
13,543 13,268 15,330 17,337 18,821 3,741 4,877 4,781 5,333 4,077 r'4,631 5,520
2,014 2,587 2,603 2 898 2,335 2,684 1,082
7,161 7,167 8,215 9,138 10,520
r
1,419
4,485 4,730 5,048 5,444 5,930 1,183 1,770 1,285 1,448 1,324 1,873
Profits after taxes
Nondurable goods industries (78 corps.):1
Sales
Profits before taxes
Profits after taxes
14,080 14,057 14,220 14,823 14,915 15,298 15,365
47,372 49,362 52,245 55,372 '59,256
r
1 ,807
5,579 5 602 5 896 6,333 6,896 1,612 1,646
1,643 1 752 1 740 1,761
922
972
1,111
3,215 3,225 3,403 3,646 '4,137
992 1,028 1,037 1,080
2,265
2,404
542
614
649
1,948 2,031 2,150
584
690
561
569
Durable goods industries (99 corps.): 2
Sales
Profits before taxes
Profits after taxes
Dividends
528 27 286
76 540 74 307 84 300 92,008 r98,377 21,291 24,933 24 106 25 961 22 782 '25
7,964 7,666 9,434 11,004 11,925 2,130 3,230 3,138 3 581 2,336 r 2,870 3^712
5,492
6,383
1,092
1,615
3,946 3,942 4,812
1,611 1,871 1,299 1,603 1.970
642 1,121
2,536 2,699 2,898 3,179 '3,526
740 1,183
879
804
724
Selected industries:
Foods and kindred products (25 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied products (20 corps.):
Sales
Profits before taxes
Dividends
Petroleum refining (16 corps.):
Sales
Dividends
Primary metals and products (34 corps.):
Sales
Profits before taxes
Dividends
Machinery (24 corps.):
Sales
. •
Dividends
Automobiles and equipment (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
12,202 12,951 13,457 14,301 15,209
1,342 1 440 1 460 1,546 1,589
807
747
639
682
698
479
448
397
425
372
12,205 12,606 13,759 14,623 16,07?
2,005 1,979 2,162 2,286 '2,596
1,058 1 034 1 126 1,182 1,404
904
924
786
833
868
3,732
409
196
111
3,632
407
199
118
3,598
345
173
117
3,721
401
202
119
3,863
420
214
119
3,706
583
3,751
572
301
201
301
299
3,791
636
4,114
682
4,067
654
347
366
349
207
209
212
13,815 14 483 15 106 16,043 16,583
1,267 1,237 1,319 1,487 1,558
1,026 1,025 1,099 1,204 1,309
'670
608
521
528
566
4,027
4,006
4 132
388
4 111
4 123
372
400
361
373
20,828 20 234 21 260 22,116 24,114
2,214 1,999 1,838 2,178 2,577
1,169 1 067 1 013 1,183 1,485
734
763
838
843
820
5,463
470
254
181
191
303
154
r
4,027
424
219
124
3,866
388
201
124
4,104
'623
'342
4,171
685
296
389
222
4,404
336
158
298
159
318
169
4 r217
424
358
184
5,405
5,540
6 046
6,042
572
330
6 486
560
674
384
605
349
738
437
187
204
195
5 99 S
'657
'331
5,772
747
385
321
154
315
186
187
r
440
363
182
6.614
'767
436
16,681 17 446 19 057 21,144 '22,653
1,924 2,394 '2,733
1,509 1,701
768
859
966 1,177 1,399
577
673
494
508
531
5,324
602
308
141
154
26,275 23 314 29 156 32,927 35,323
3,197 2,786 4,337 5,004 4,997
1,534 1 404 2 143 2,387 2,625
837
973 1,151 1,447 1,630
6,428
670
330
220
9,736
1,591
752
648
9,275 10 028
1,573 1,775
782
900
276
419
7,137
589
338
276
8,883 10,897
1,060 1,828
942
604
305
659
9,560
816
651
9,857
836
698
2,398
196
1^6
2,447
252
22*5
2,481
245
196
101
2,486
211
175
109
2,526
192
182
356
2,362
188
144
110
3,961
1,106
660
424
3,572
893
542
412
3,686
998
583
426
3,749
949
600
410
3,309
1,154
712
467
2,543
726
377
261
2,619
796
408
262
2,654
773
402
268
2,734
774
403
274
2,669
783
420
279
5,576
673
323
5,401
673
338
157
5 673
702
357
170
5,584
701
373
171
175
192
Public Utility
Railroad:
Operating revenue .
•.
Profits before taxes ••••
Profits after taxes
Dividends
..
Electric power:
Operating revenue •. •.
..
.
Profits after taxes
Telephone:
Operating revenue
Profits after taxes
1
2
.
..
.
9,514
648
445
385
9,189
625
382
359
9,440
729
572
367
451
66
125
11,906 12,478 13,489 14,294 14,968
3 163 3 349 3 583 3,735 3,947
1,793 1,883 2,062 2,187 2,385
1,307 1,374 1,462 1,567 1,672
3,475
929
529
384
9,796 10,550
2,815 3,069
1,417 1,590
988 1,065
2,465
725
368
252
3,567
862
531
415
2.526
707
356
256
8,111
2 326
1,155
806
8,615
2 478
1,233
867
9,196
2 639
1,327
935
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.
132
Telephone. Data obtained from Federal Communications Commission on revenues and profits for telephone operations of the Bell System
Consolidated (including the 20 operating subsidiaries and the Long
Lines and General Depts. of American Telephone and Telegraph Co.)
and for 2 affiliated" telephone cos. Dividends are for the 20 operating
subsidiaries and the 2 affiliates.
All series. Profits before taxes are income after all charges and before
Federal income taxes and dividends.
Back data available from the Division of Research and Statistics.
866
BUSINESS FINANCE
JUNE 1965
CORPORATE PROFITS, TAXES, AND DIVIDENDS
(In billions of dollars)
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
Undistributed
profits
Corporate
capital
consumption
allowances i
1956
1957
1958
1959
44.7
43.2
37.4
47.7
21.2
20.9
18.6
23.2
23 5
22.3
18.8
24 5
12.1
12.6
12.4
13.7
11.3
9.7
6.4
10.8
20 0
21.8
22.7
24.3
1961
1962
1963
1964
44.2
48.2
51.3
57.6
22.3
23.2
24.6
25.8
21.9
25.0
26 7
31.8
15.2
16.5
18.0
19.8
6.7
8.5
8.7
11.9
26.9
30.5
31 8
33.7
Year
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
Undistributed
profits
Corporate
capital
consumption
allowances i
51.3
54.3
24.5
26.0
26.7
28.3
17.9
19.1
8.9
9.2
32 1
32.4
Iin
V . ....
56.6
57.9
58.0
57.7
25.4
26.0
26.0
25.9
31.2
31.9
32.0
31.9
19.4
19.8
20.0
20.2
11.8
12.1
12.0
11.7
33.0
33.4
33.8
34.4
1965—IP...
64.0
27.5
36.5
20.5
15.9
34.7
Quarter
1963
m
rv...
1964
i Includes depreciation, capital outlays charged to current accounts, and
accidental damages.
I....
II...
NOTE.—Dept. of Commerce estimates.
adjusted annual rates.
Quarterly data are at seasonally
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS
(In billions of dollars)
Current liabilities
Current assets
End of period
Net
working
capital
Total
Cash
U.S.
Govt.
securities
Notes and accts.
receivable
U.S.
Govt.i
Other
Inventories
Other
Total
1957
1958
1959...
1960
1961
1962
1963
111.6
118.7
124.2
128 6
135.6
142.8
151.2
244.7
255.3
277.3
289.0
306.8
326.7
349.9
34.9
37.4
36.3
37.2
41.1
42.9
44.5
18.6
18.8
22.8
20.1
20.0
20.2
20.6
2.8
2.8
2.9
3.1
3.4
3.7
3.6
99.4
106.9
117.7
126 A
135.8
146.7
159.7
82.2
81.9
88.4
91.8
95.2
100.9
107.3
6.7
7.5
9.1
10.6
11.4
12.4
14.3
133.1
136.6
153.1
160.4
171.2
184.0
198.8
1964—I
II
Ill
IV.
154.7
157.1
159.4
161.1
350.6
356.7
364.3
371.0
40.6
42.5
43.1
45.0
21.4
20.2
19.1
19.1
3.3
3.0
3.2
3.4
161.3
165.6
171.6
173.8
108.6
109.6
111.2
114.3
15.5
15.9
16.1
15.5
163.4
376.4
18.5
3.3
177.5
117.3
17.2
....
1965—1
42.5
i Receivables from, and payables to, the U.S. Govt. exclude amounts
offset against each other on corps.* books.
Notes and accts.
payable
Accrued
Federal
income
U.S.
taxes
Other
Govt.i
Other
84.3
88.7
99.3
105.0
112.8
121.2
131.8
15.4
12.9
15.0
13.5
14.1
15.0
16.3
31.1
33.3
37.0
40.1
42.5
45.7
48.2
195.9
199.6
204.9
209.9
2.3
1.7
1.7
1.8
1.8
2.0
2.5
2.6
2.6
2.7
2.7
128.9
131.7
135.0
140.0
15.6
15.2
16.0
17.0
48.8
50.1
51.2
50.2
212.9
2.8
141.1
16.6
52.1
NOTE.—Securities and Exchange Commission estimates; excludes
banks, savings and loan assns., and insurance cos.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT
(In billions of dollars)
Manufacturing
Period
Total
Durable
Nondurable
Transportation
Mining
Railroad
Other
Public
utilities
Communications
Other i
Total
(S. A.
annual
rate)
1957
1958 . .
1959
1960
36 96
30.53
32.54
35 68
8.02
5.47
5.77
7.18
7.94
5.96
6.29
7.30
1.24
.94
.99
.99
1.40
.75
.92
1.03
1.77
1.50
2.02
1.94
6.20
6.09
5.67
5.68
3.03
2.62
2.67
3.13
7.37
7.20
8.21
8.44
1961
1962..
1963
1964..
6.27
7.03
7.85
9.43
10.89
7 40
7.65
7.84
9.16
10.89
.98
1.08
1.04
1.19
1.32
.67
.85
1.10
1.41
1.63
1.85
2.07
1.92
2.38
2.64
5.52
5.48
5.65
6.22
6.67
3.22
3.63
3.79
4.30
1965 2 r
34 37
37.31
39.22
44 90
50 40
8 46
9.52
10.03
10 83
1963—III
IV
10.14
11.09
1.96
2.31
1.99
2.25
.27
.28
.29
.33
.45
.54
1.60
1.61
.93
1.06
2.64
2.72
40.00
41.20
1964—I
II
Ill
IV
9.40
11.11
11.54
12.84
1.93
2.30
2.37
2.83
1.87
2.23
2.30
2.76
.26
.29
.30
.33
.32
.36
.37
.35
.51
.63
.59
.64
1.18
1.58
1.71
1.76
.97
1.10
1.06
1.17
2.37
2.61
2.84
3.01
42.55
43.50
45.65
47.75
1965—1'
TI2r
Ill 2
10,79
12.63
12.92
2.25
2.67
2.77
2.28
2.73
2.80
.29
.34
.34
.39
.41
.39
.58
.78
.60
1.32
1.66
1.82
1.08
2.59
49.00
49.60
50.80
1
2
Includes trade, service, finance, and construction.
Anticipated by business.
16. 36
4. 04
4. 19
NOTE.—Dept. of Commerce and Securities and Exchange Commission
estimates for corp. and noncorp. business, excluding agriculture.
JUNE 1965
867
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING
(In billions of dollars)
All properties
End of
period
Financial
institutions 1
All
holders
Farm
Other
holders 2
Nonfarm
1- to 4-family houses
U.S.
agencies
Individuals
and
others
FinanOther
cial
insti- holders3
tutions !
All
holders
All
holders
Mortgage
types
Multifamily and
commercial properties 4
Total
Fin an.
institutions
Other
holders
Total
Finan.
institutions
Other
holders
FHAVAunderwritten
Conventional
18.4
18.6
11.2
12.2
7.2
6.4
12.9
12.2
8.1
7.4
4.8
4.7
3.0
4.3
28.2
26.5
1941
1945
37.6
35.5
20.7
21.0
4.7
2.4
12.2
12.1
6.4
4.8
1.5
1.3
4.9
3.4
31.2
30.8
1957
1958
1959
1960
156.5
171.8
190.8
206.8
119.7
131.5
145.5
157.6
7.4
7.8
10.0
11.2
29.3
32.5
35.4
38.0
10.4
11.1
12.1
12.8
4.0
4.2
4.5
4.7
6.4
6.9
7.6
8.2
146.1
160.7
178.7
194.0
107.6
89.9
117.7
98.5
130.91 109.2
141.3 117.9
17.7
19.2
21.6
23.4
38.5
43.0
47.9
52.7
25.8
28.8
31.8
35.0
12.7
14.2
16.1
17.7
51.6
55.2
59.2
62.3
94.5
105.5
119.4
131.7
1961
1962
1963
1964^
226.3
251.6
280.8
311.3
172.6
192.5
217.1
241.0
11.8
12.2
11.2
11.4
41.9
47.0
52.5
59.0
13.9
15.2
16.8
18.8
5.0
5.5
6.2
7.0
8.9
9.7
10.6
11.8
212.4
236.4
264.0
292.5
153.1
166.5
182.2
197.7
128.2
140.4
156.3
170.5
24.9
26.0
25.9
27.2
59.3
69.9
81.8
94.9
39.4
46.6
54.6
63.5
19.9
23.4
27.1
31.4
65.5
69.2
73.0
76.6
146.9
167.2
190.9
215.9
1963—1....
II...
III...
IV...
257.0
265.0
273.0
280.8
197.2
204.1
210.8
217.1
11.8
11.2
11.1
11.2
48.0
49.8
51.1
52.5
15.5
16.1
16.5
16.8
5.6
5.9
6.1
6.2
9.9
10.2
10.5
10.6
241.5
248.9
256.5
264.0
169.2
173.7
178.2
182.2
143.4
148.1
152.5
156.3
25.8
25.6
25.8
25.9
72.2
75.2
78.3
81.8
48.1
50.2
52.3
54.6
24.1
25.0
26.0
27.1
70.1
70.9
71.7
73.0
171.1
178.0
184.8
190.9
1964—I e... 286.8
IIP.. 295.5
III*.. 303.6
311.4
IV?..
317.5
1965—1^...
221.9
228.4
234.8
241.0
11.2
11.2
11.3
11.4
53.7
55.8
57.4
59.1
17.3
18.0
18.5
18.9
6.4
6.7
6.9
7.0
10.9
11.3
11.6
11.9
269.5
277.4
285.1
292.5
185.2
189.6
193.8
197.7
159.2
163.0
167.0
170.5
26.0
26.6
26.9
27.2
84.3
87.8
91.2
94.9
56.4
58.7
61.0
63.5
28.0
29.1
30.2
31.4
73.8
74.5
75.6
76.6
195.7
202.9
209.5
215.9
245.6
1
Commercial banks (including nondeposit trust cos. but not trust
depts.), mutual savings banks, life insurance cos., and savings and loan
assns.
2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin.,
and Federal land banks, and in earlier years, RFC, HOLC, and FFMC,
Other U.S. agencies (amounts small or current separate data not readily
available) included with "individuals and others."
3 Derived figures; includes debt held by Federal land banks and farm
debt
held by Farmers Home Admin.
4
Derived figures; includes small amounts of farm loans held by
savings and loan assns.
5 Data by type of mortgage on nonfarm 1- to 4-family properties alone
are shown on second page following.
NOTE.—Based on data from Federal Deposit Insurance Corp., Federal
Home Loan Bank Board, Institute of Life Insurance, Depts. of Agriculture and Commerce, Federal National Mortage Assn., Federal Housing
Admin., Public Housing Admin., Veterans Admin., and Comptroller
of the Currency.
Figures for first 3 quarters of each year are F.R. estimates.
MORTGAGE LOANS HELD BY BANKS
(In millions of dollars)
Commerci al bank holdings
1
Mutual savings bank holdings2
Residential
Residential
End of period
Total
Total
FHAinsured
VAguaranteed
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
30,442
34,476
39,414
r
43,976
21 225
23,482
26,476
r
28,938
5 975
6,520
7,105
r
7,315
30,844
32,194
33,430
34,476
21,211
22,048
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
35,243
36,939
38,360
39,414
23,846
24,958
25,855
26,476
6,627
6,861
7,007
7,105
2,651
2,837
2,870
2,862
26,894
27,750
28,432
r
28,938
7,110
7,158
7,250
IV
40,200
41,648
42,948
'43,976
2,824 16,960
2,793 17,799
2,786 18,396
2,742 18,876
1965 1P
44,627
1961
1962
1963
1964
. ...
. ...
1962—[
If
III
IV
1963 I
II
III
IV
1964
I
TI
Ill
....
Other
nonfarm
1,048
n, 315
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 12,623 7,470
2,654 14,308 8,972
2,862 16,509 10,611
2,742 18,876 12,406
1,747
2,022
2,327
2,638
29,145
32,320
36,224
40,556
7,817
8,219
8,628
8,972
1,816
1,927
1,978
2,022
14,568 9,270
15,260 9,740
15,978 10,203
16,509 10,611
8 735
9,780
11,037
11,652
10,894
11,340
11,896
12,406
1 Includes loans held by nondeposit trust cos., but not bank trust depts.
2 Data for 1941 and 1945, except for totals, are special F.R. estimates.
NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp.
series for all commecial and mutual savings banks in the United States
Farm
FHAinsured
VAguaranteed
Conventional
nonfarm
Farm
900
797
28
24
1 109
1' T?s
2 451
2,575
57
53
55
54
26,341 8 045 9 267 9 028
29,181 9,238 9,787 10,156
32,718 10,684 10 490 11 544
36,487 12,287 11,121 13 079
2
3
3
4
753
088
454
016
51
51
52
53
29,833
30,638
31,484
32,320
26,940
27,632
28,464
29,181
9,392 9,208
9,502 9,469
9 633 9 847
9 787 10 156
2,842
2,954
2 968
3 088
51
51
52
51
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
50
51
52
2,412
2,558
2,620
2,638
37 155
38,199
39,381
40,556
33,506
34,407
35,449
36,487
3 597
3,739
3 879
4,016
4 669
5,501
6,276
7,074
8.340
8; 662
8 984
9,238
11 004
11,376
11,826
12,287
7 790
8,360
8 589
8,986
10 639
10,826
10,977
11,121
6 551
7 0731
7 622
8,246
11 863
12,205
12,646
13,079
51
52
53
53
53
41,513
and possessions. First and third quarters, estimates based on FDIC data
for insured banks for 1962 and part of 1963 and on special F.R. interpolations thereafter. For earlier years, the basis for first and third quarter
estimates included F.R. commercial bank call data and data from the
National Assn. of Mutual Savings Banks.
868
REAL ESTATE CREDIT
JUNE 1965
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
Loans outstanding (end of period)
Loans acquired
Nonfarm
Nonfarm
Period
Total
Total
FHAinsured
VAguaranteed
Farm i
976
1957
1958
1959
I960
5,230
5,277
5,970
6,086
4 823
4,839
5,472
5,622
1,301
1,549
1,401
831
195
201
291
3 339
3,343
3,722
3,930
1961
1962
1963
1964
6,785
7,478
9,172
10,327
6 233
6,859
8,306
9,277
I 388
1,355
1,598
787
220
469
678
683
Sept
Oct
Nov
Dec
811
808
737
863
861
805
875
904
857
1,367
685
706
652
778
785
739
810
836
791
1,254
143
133
127
152
151
155
161
165
158
161
1965—Jan
Feb
Mar
915
748
939
808
655
786
175
123
154
1964—Mar. r
Apr
May
July
FHAinsured
6 442
6,636
5 529
5,860
815
1,394
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
4 625
5,035
6,030
6,807
552
619
866
1,050
44,203
46,902
50,544
55,179
41,033
43,502
46,752
50,881
53
58
60
51
56
56
57
60
60
57
489
515
465
575
578
528
592
611
573
1,036
126
102
85
85
76
66
65
68
66
113
51,506
51,806
52,117
52,466
52,832
53,173
53,560
53,984
54,404
55,179
67
50
51
566
482
581
107
93
153
55,626
55,941
56,343
i 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.
NOTE.—Institute of Life Insurance data.
Total
Other i
1941
1945
653
Total
VAguaranteed
Farm
Other
4 714
4,466
913
776
7,721
7,433
7,086
6,901
18,180
19,519
21,011
22,856
2,584
2,667
2,827
2,982
9,665
10,176
10,756
11,523
6,553
6,395
6,401
6,415
24,815
26,931
29,595
32,943
3,170
3,400
3,792
4,298
47,585
47,824
48,085
48,384
48,709
49,014
49,367
49,756
50,151
50,881
10,980
11,032
11,076
11,116
11,165
11,227
11,296
11,376
11,453
11,523
6 423
6,425
6,433
6,422
6,413
6,410
6,404
6,403
6,412
6,415
30,182
30,367
30,576
30,846
31,131
31,377
31,667
31,977
32,286
32,943
3,921
3,982
4,032
4,082
4,123
4,159
4,193
4,228
4,253
4,298
51,307
51,593
51,923
11,625
11,676
11,742
6,433
6,439
6,432
33,249
33,478
33,749
4,319
4,348
4,420
monthly figures may not add to annual totals and for loans outstanding,
the end-of-Dcc. 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 yearend adjustments are more complete.
For loans acquired, the
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
(In millions of dollars)
(In millions of dollars)
Period
Total i
1,379
1,913
New Home
conpurstrue chase
tion
Total 2
FHAinsured
VAguaranteed
581
1,358
4,578
5,376
1957
1958
1959
1960
10,160 3,484
12,182 4,050
15,151
14,304 4J 678
4,591
5,172
6,613
6,132
40,007
45,627
53,141
60,070
1,643
2,206
2,995
3,524
7,011
7,077
7,186
7,222
31,353
36,344
42,960
49,324
1961
1962
1963
1964
17,364
20,754
24,735
24,505
5,081 7,207 68,834
5,979 8,524 78,770
7,039 9,920 90,944
6,515 10,397 101,314
4,167
4,476
4,696
4,896
7,152
7,010
6,960
6,686
57,515
67,284
79,288
89,732
1964
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
2,081
2,145
2,394
2,363
2,164
2,048
2,051
1,791
1,969
579
597
624
635
537
498
1,527
1,541
2,056
2,073
370
379
544
543
462
522
831 94,076
881 95,071
1,054 96,168
1,037 97,211
1,025 98,159
970 98,995
893 99,832
770 100,519
784 101,314
4,722
4,731
4,744
4,760
4,769
4,793
4,811
4,830
4,896
6,862
6,828
6,797
6,777
6,750
6,729
6,706
6,690
6,686
82,492
83,512
84,627
85,674
86,640
87,473
88,315
88,999
89,732
101.844
102,351
103,151
103,958
4,906
4,921
4,939
4,960
6,683
6,654
6,629
6,620
90,255
90.776
91,583
92,378
1965
Jan
Feb
Mar
ApT.P
638
638
824
851
1
Includes loans for repairs, additions and alterations, refinancing, etc.,
not2 shown separately.
Beginning with 1958 includes shares pledged against mortgage loans.
NOTE.—Federal Home Loan Bank Board data.
Period
Conventional 2
437
181
1941
1945
By type of lender (N.S.A.)
Loans outstanding (end of period)
Loans made
Total i
N.S.A.
Savings &
loan
assns.
Insurance
companies
Commercial
banks
Mutual
savings
banks
1941
1945
1957
1958
1959
1960
4,732
5,650
1,490
2,017
404
250
1,165
1,097
218
217
24,244
27,388
32,235
29,341
9,217
10,516
13,094
12,158
1,472
1,460
1,523
1,318
4,264
5,204
5,832
4,520
1,429
1,640
1,780
1,557
1961
1962
1963
31,157
34,187
36,925
13,662
15,144
16,716
1,160
1,212
1,339
4,997
5,851
6,354
1,741
1,957
2,061
3,534
2,880
2,987
1,594
1,271
1,322
125
103
110
616
495
504
206
184
166
2,758
2,575
2,935
3,089
3,090
3,388
3,519
3,277
3,281
3,225
1,170
1,128
1,290
1,350
1,349
1,485
1,508
1,398
1,386
1,332
103
90
102
109
116
126
137
130
131
129
483
465
540
567
560
607
618
581
597
590
145
129
140
154
176
197
233
213
215
201
1963
Oct
Nov
Dec
1964
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
i Includes amounts for other lenders, not shown separately.
NOTE.—Federal Home Loan Bank Board data.
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- to 4-FAMILY PROPERTIES
(In millions of dollars)
(In billions of dollars)
VA-guaranteed
FHA-insured
Mortgages
Period
Total
1945
665
1956
1957
1958
1959
3,461
3,715
6 349
7 694
I960
1961
1962
1963
1064
6 293
6 546
7,184
7 216
8 130
1964
Apr
May
June
July
869
REAL ESTATE CREDIT
JUNE 1965
..
Aug
Sept
Oct
New
homes
Existing
homes
257
217
Projects i
20
171
192
End of
period
Total
ConvenFHA- VA- tional
Total
inguarsured anteed
1945
18.6
4.3
4.1
2
14.3
1957
1958
1959
107.6
117.7
130.9
47.2
50.1
53.8
16.5
19.7
23.8
30.7
30.4
30.0
60.4
67.6
77.0
1960
1961 . .
1962
1963?
1964?
141.3
153.1
166.5
182.2
197.7
56.4
59.1
62.0
65.5
68.7
26.7
29.5
32.3
35.0
38.3
29.7 84.8
29.6 93.9
29.7 104.5
30.5 116.7
30.4 129.0
1963—1^
IIP
HIP
169.2
173.7
178.2
182.2
62.8
63.5
64.3
65.5
33.0
33.5
34.3
35.0
29.8
30.0
30.0
30.5
106.4
110.2
113.9
116.7
185.2
189.6
193.8
197.7
66.3
66.8
67.9
68.7
35.7
36.3
37.4
38.3
30.6
30.5
30.5
30.4
118.9
122.7
126.0
129.0
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
2 197
1,783
1,849
1 664
1,608
2 403
2,982
3,421
3 905
4,965
711
926
1,079
843
895
982
855
834
804
663
1,985
1,829
2,652
3,045
2,846
1,554
1,170
1,357
1,272
1,023
428
656
1,292
1,770
1,821
367
119
43
206
192
233
251
246
270
271
258
242
81
71
76
81
78
85
93
91
88
125
121
157
171
167
185
178
167
153
1964—1^
IIP
225
200
216
179
84
72
77
64
141
128
139
115
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.
1,133
880
646
117
570
711
782
740
105
128
141
137
352
442
476
468
68
67
108
68
46
73
57
67
138
159
135
467
491
422
66
81
81
49
58
50
Nov
720
790
688
Dec
683
135
428
67
54
1965—Jan
Feb
630
517
138
115
405
328
34
40
54
34
Mar
640
634
137
128
396
413
62
51
45
42
Apr
Governmentunderwritten
Mortgages
Property
Total 3
imExproveNew
isting
ments 2
homes homes
IVP
IUP
IVP
1 Monthly figures do not reflect mortgage amendments included in annual totals.
2 Not ordinarly secured by mortgages.
3 Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans
represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans
closed. Figures do not take into account principal repayments on previously insured or
guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on
number and average amount of loans closed.
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY
FEDERAL HOME LOAN BANKS
(In millions of dollars)
(In millions of dollars)
Mortgage holdings
End of
period
Total
FHAinsured
VAguaranteed
978
1956
1957
1958
1959
3 047
3,974
3,901
5,531
1,237
1,483
2,546
2.069
2,737
2,418
2,985
I960
1961
1962
1963
1964
6,159
6,093
5,923
4,650
4,412
3,356
3,490
3,571
3,017
2,996
2,803
2,603
2.353
,634
,416
1964 Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
4 572
4,565
4,539
4,516
4,477
4,453
4 440
4,439
4,412
3,015
3,027
3,025
3,033
3,008
2,998
2,997
3,011
2,996
,557
,538
1,514
,482
,469
,455
,443
1,428
1,416
4,417
4 394
4,364
4,341
3,009
3 005
2,986
2,989
,408
,388
1,378
1,352
1965 Jan
Feb
Mar
Apr
..
Mortgage
transactions
(during
period)
Purchases
Sales
Commitments
undisbursed
Repayments
Advances outstanding
(end of period)
Total
1945
Shortterm i
Longterm 2
Members
deposits
278
213
195
176
19
46
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
1,943
2,882
4,111
5,601
5,563
2,097
2,200
3,294
4,296
5,023
1,981
2,662
3,479
4,784
5,325
1,089
1,447
2,005
2,863
2,846
892
1,216
1,474
1,921
2,479
938
1,180
1,213
1.151
1,199
623
1,907
5
1,541
568
1,248
815
740
357
541
498
1,114
576
631
355
251
191
313
I960
1961 .
1962 .
1963
1964
1964—-Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
573
352
703
584
369
382
401
379
791
296
401
329
590
351
327
441
392
250
4,444
4,395
4,769
4,763
4,781
4,837
4,797
4,784
5,325
2,463
2,438
2,674
2,699
2,662
2,635
2,605
2,572
2,846
1,982
1,957
2,095
2,064
2,119
2,202
2,192
2,212
2,479
957
990
1,153
936
926
989
978
989
1,199
1965—Jan
Feb
Mar
Apr
412
309
348
735
793
402
452
264
4,944
4,851
4,747
5,219
2,590
2,420
2,277
2,565
2,354
2,431
2,470
2,653
1,013
1,013
1,048
1,026
609
1,096
290
424
360
764
Advances
5
3
482
38
31
204
44
36
41
21
21
30
202
199
222
44
43
230
34
36
24
14
245
260
40
40
11
31
292
313
40
48
4
41
43
43
316
316
45
51
320
321
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
1
Secured or unsecured loans maturing in 1 year or less.
2 Secured loans, amortized quarterly, having maturities of more than
1 year but not more than 10 years.
NOTE.—Federal Home Loan Bank Board data.
870
CONSUMER CREDIT
JUNE 1965
TOTAL CREDIT
(In millions of dollars)
Instalment
Total
Total
Automobile
paper
Other
consumer
goods
paper
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
1,620
1,929
455
816
1957
1958
1959
44,970
45,129
51,542
33,867
33,642
39,245
15,340
14,152
16,420
8,844
9,028
10,630
I960
1961
1962
1963
1964
56,028
57,678
63.164
69,890
76,810
42,832
43,527
48,034
53,745
59,397
17,688
17,223
19,540
22,199
24,521
1964—Apr
May
Sept.
Oct
Nov
Dec
69,816
70,945
71,907
72.456
73,069
73,495
73,928
74,371
76,810
54,382
55,120
55,914
56,496
57,055
57,446
57,826
58,085
59,397
1965 Jan
Feb
Mar
Apr
76,145
75,741
76,085
77,483
59,342
59.363
59,788
60,803
End of period
1939 .
1941
1945
July
Noninstalment
Repair
and modernization
loans 1
Singlepayment
loans
Charge
accounts
Personal
loans
Total
298
376
182
1,088
1,322
1,009
2,719
3,087
3,203
787
845
1,414
1,645
1,612
518
597
746
2,101
2,346
2,809
7,582
8,116
9,386
11,103
11,487
12,297
3,364
3,627
4,129
5,146
5,060
5,104
2,593
2,800
3,064
11,525
11,857
12,605
13,766
15,303
3,139
3,191
3,246
3,389
3,502
10,480
11,256
12,643
14,391
16,071
13,196
14,151
15,130
16,145
17,413
4,507
5,136
5,456
5,959
6,473
5,329
5,324
5,684
5,871
6.300
3,360
3,691
3,990
4,315
4,640
22,830
23,255
23,702
24,024
24,251
24,295
24,423
24,367
24,521
13,476
13,599
13,730
13,813
13,923
14,046
14,222
14,431
15,303
3,328
3,364
3,395
3,426
3,466
3,493
3,509
3,516
3,502
14,748
14,902
15,087
15,233
15,415
15,612
15,672
15 771
16,071
15,434
15,825
15,993
15,960
16,014
16,049
16,102
16,286
17,413
6,048
6,206
6,233
6,218
6,299
6,354
6,333
6,412
6,473
4,833
5,099
5,238
5,240
5,231
5,223
5,352
5 394
6,300
4,553
4,520
4 522
4,502
4,484
4,472
4,417
4 480
4,640
24,574
24,743
25,063
25,615
15,204
14,984
14,944
15,056
3,473
3,446
3,440
3,439
16,091
16,190
16 341
16,693
16,803
16,378
16 297
16,680
6,412
6,442
6,518
6,606
5,724
5,154
4,977
5,210
4,667
4,782
4 802
4,864
i Holdings of financial institutions; holdings of retail outlets are included in "other consumer goods paper."
NOTE.—Consumer credit estimates cover loans to individuals for household, family, and other personal expenditures, except real estate mortgage
Service
credit
845
loans. The estimates include data for Alaska beginning with Jan. 1959
(except for instalment credit held by sales finance cos.) and for Hawaii
beginning with Aug. 1959. For a description of the series see Apr. 1953
BULLETIN. Back data are available upon request.
INSTALMENT CREDIT
(In millions of dollars)
Financial institutions
End of period
Total
Total
Commercial
banks
Sales
finance
cos.
Credit
unions
1939
1941
1945
4,503
6,085
2,462
3,065
4,480
1,776
1,079
1,726
745
1,197
1,797
300
132
198
102
1957
1958
1959
33,867
33,642
39,245
29,200
28,659
33,570
12,843
12,780
15,227
9,609
8,844
10,319
2,429
2,668
3,280
1960
1961
1962
1963
1964
42,832
43,527
48,034
53,745
59,397
37,218
37,935
41,782
46,992
51,990
16,672
17,008
19,005
21,610
23,943
11,472
11,273
12,194
13,523
14,762
1964—Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
54,382
55,120
55,914
56,496
57,055
57,446
57,826
58,085
59,397
48,191
48,824
49,543
50,082
50,583
50,937
51,220
51,341
51,990
22,224
22,559
22,907
23,176
23,389
23,527
23,663
23,680
23,943
1965—Jan..
Feb..
Mar.
Apr..
59,342
59,363
59,788
60,803
52,159
52,352
52,837
53,828
24,091
24,246
24,537
25,117
Consumer
finance
Other 1
Total
Department
stores 2
Furniture
stores
Appliance
stores
Automobile
dealers 3
Other
657
759
629
1,438
1,605
686
354
320
131
439
496
240
183
206
17
123
188
28
339
395
270
3,124
3,085
3,337
1,195
1,282
1,407
4,668
4,983
5,676
1,393
1,882
2,292
1,210
',128
,225
361
292
310
478
506
481
1,226
1,175
1,368
3,923
4,330
4,902
5,622
6,458
3,670
3,799
4,131
4,590
5,078
1,481
1,525
1,550
1,647
1,749
5,615
5,595
6,252
6,753
7,407
2,414
2,421
3,013
3,427
3,922
,107
,058
,073
,086
1,152
333
293
294
287
286
359
342
345
328
370
1,402
1,481
1,527
1,625
1,677
13,893
14,027
14,228
14,359
14,475
14,553
14,625
14,622
14,762
5,776
5,889
6,014
6,109
6,204
6,283
6,334
6,378
6,458
4,628
4,657
4,701
4,748
4,797
4,845
4,870
4,919
5,078
1,670
1,692
,693
,690
,718
,729
,728
,742
,749
6,191
6,296
6,371
6,414
6,472
6,509
6,606
6,744
7,407
3,106
3,182
3,231
3,267
3,332
3,371
3,444
3,541
3,922
1,013
1,020
1,028
1,037
1,044
1,048
',062
,088
,152
272
271
271
273
273
275
276
279
286
340
348
355
360
363
365
367
367
370
1,460
1,475
1,486
1,477
1,460
1,450
1,457
1,469
1,677
14,797
14,782
14,831
14,991
6,429
6,465
6,569
6,739
5,078
5,101
5,132
5,202
,764
,758
,768
,779
7,183
7,011
6,951
6,975
3.791
3,713
3,673
3,701
,128
,101
,085
1,077
285
282
277
275
373
377
384
395
1,606
1,538
1,532
1,527
1 Consumer finance cos. included with "other" financial institutions
util Sept. 1950.
2 Includes mail-order house*.
Retail outlets
3 Automobile paper only; other instalment credit held by automobile
dealers is included with "other" retail outlets.
See also NOTE to table above.
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS
INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES
(In millions of dollars)
(In millions of dollars)
Automobile
paper
End of period
Total
Purchased
Direct
Other
comsumer
goods
paper
Repair
and
modernization
loans
Personal
loans
1939
1941
1945
1,079
1,726
745
447
66
178
338
143
166
309
114
135
161
110
363
471
312
1957
1958
1959
12,843
12,780
15,227
4,130
4,014
4,827
2,225
2,170
2,525
2,557
2,269
2,640
1,580
1,715
2,039
2,351
2,612
3,196
I960
1961
1962
1963
1964
16,672
17,008
19,005
21,610
. . . 23,943
5 316
5,391
6,184
7,246
8,300
2,820
2,860
3,451
4,003
4,451
2,759
2,761
2,824
3,123
3,380
2,200
2,198
2,261
2,361
2,427
3,577
3,798
4,285
4,877
5,385
22,224
22,559
22,907
23,176
23,389
23,527
23,663
23,680
23,943
7,501
7,673
7,854
7,979
8 090
8,143
8,233
8,242
8,300
4,172
4,255
4,323
4,371
4 389
4,390
4,396
4,393
4,451
3,185
3,192
3,205
3,234
3,244
3,255
3,273
3,281
3,380
2,308
2,331
2,355
2,380
2,405
2,422
2,437
2,438
2,427
5,058
5,108
5,170
5,212
5,261
5,317
5,324
5,326
5,385
24,091
24,246
24,537
25,117
8,325
8,405
8,539
8,769
4,503
4,568
4,673
4,814
3,455
3,457
3,461
3,506
2,400
2,378
2,368
2,364
5,408
5,438
5,496
5,664
.
1964
Apr .
May
June
July
Aug
Sept .
Oct
Nov
Dec . . . .
1965 Jan
Feb
Mar
Apr
237
End of period
Total
Repair
and
modernization
loans
Personal
loans
1,197
1,797
300
878
115
167
24
148
201
58
56
1,363
164
1957
1958
1959
9,609
8,844
10,319
7,393
6,310
7,187
1,509
1,717
2,114
31
36
72
676
781
946
I960
1961
1962..
1963
1964
11,472
11,273
12,194
13,523
14,762
7,528
6,811
7,449
8,228
8,701
2,739
3,100
3,123
3,383
3,889
139
161
170
158
142
1,066
1,201
1,452
1,754
2,030
1964 Apr
May
June
Julv
Aug
Sept
Oct
Nov
Dec
13,893
14,027
14,228
14,359
14,475
14,553
14,625
14,622
14,762
8,371
8,489
8,633
8,741
8,799
8,764
8,773
8,698
8,701
3,580
3,583
3,615
3,614
3,643
3,706
3,754
3,804
3,889
151
149
150
149
149
148
146
144
142
1,791
1,806
1,830
1,855
1,884
1,935
1,952
1,976
2,030
14,797
14,782
14,831
14,991
8,684
8,693
8,723
8,824
3,943
3,887
3,897
3,928
140
139
137
2,030
2,063
2,074
2,103
... .
.
..
1965 Jan
Feb
Mar
Apr
136
66
54
NONINSTALMENT CREDIT
(In millions of dollars)
(In millions of dollars)
Total
Other
consumer
goods
paper
1939
1941
1945
INSTALMENT CREDIT HELD BY OTHER
FINANCIAL INSTITUTIONS
Automobile
paper
Automobile
paper
See NOTE to first table on previous page.
See NOTE to first table on previous page.
End of period
871
CONSUMER CREDIT
JUNE 1965
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
Singlepayment
loans
End of perioc
Total
Commercial
banks
Charge accounts
Service
Other Decredit
Other Credit
finan- partretail
cial
2
insti- ment 1 outlets cards
tutions stores
1939
1941
1945
789
957
731
81
122
54
24
36
20
15
14
14
669
785
643
1957.
1958
1959
6,748
7,035
8,024
1,114
1,152
1,400
588
565
681
490
595
698
4,555
4,723
5,244
1939
1941
1945
2,719
3,087
3,203
625
693
674
162
152
72
236
275
290
1,178
1,370
1,322
9,074
9,654
10,583
11 859
13,285
1,665
1,819
2,111
2 394
2,699
771
743
751
835
997
800
832
815
870
933
5,837
6,257
6,906
7,760
8,656
1957
1958
1959
11,103
11,487
12,297
2,937
3,156
3,582
427
471
547
876
907
958
3 953
3,808
3,753
317
345
393
2,593
2,'800
3,064
12,074
12,238
12,408
12,547
12,719
12,857
12,932
. . . . 13 039
13,285
2,446
2,490
2,537
2,573
2,610
2,633
2,654
2 667
\699
860
876
869
884
13,196
14,151
15,130
16,145
17,413
3,884
4,413
4,690
5,047
5,469
941
948
927
895
909
3,952
3,907
4,252
4,456
4,756
436
469
505
520
635
3,360
3,691
3 990
890
897
912
1960
1961
1962
1963
1964
623
723
766
912
894
911
927
941
956
923
926
969
997
934
933
7,899
7,988
8,087
8,166
8,270
8,360
8,396
8,469
8,656
2,689
2,700
2 744
2,813
996
933
5,152
5,230
5,313
5,329
5,335
5,361
5,361
5,377
5,469
964
993
972
1,035
1,004
610
626
610
576
588
624
660
703
909
3,667
3,910
4,028
4,008
3,960
3,928
4,055
4,065
4,756
556
563
600
656
H 271
13,324
13 469
13,720
1964—Apr... 15,434
M a y . . 15,825
June.. 15,993
July... 15,960
Aug... 16,014
Sept... 16,049
Oct.... 16,102
Nov... 16,286
Dec... 17,413
637
626
635
4,553
4,520
4,522
4,502
4,484
4,472
4,417
4,480
4,640
1965—Jan.... 16,803
Feb.. . 16,378
Mar... 16,297
Apr.. . 16,680
5,409 1,003
006
5.436
5,495
.023
5,572 j 1,034
793
660
601
626
4,280
3.857
3,743
3,942
651
637
633
642
4,667
4,782
4,802
4,864
I960
1961....
1962
1963
1964
1964
Apr
May
June
July
Aue
Sept
Oct
Nov . . .
Dec
1965 Jan
Feb
Mar
Apr
1,006
1,019
1,042
929
935
939
8,653
8,689
8,771
8,926
NOTE.—Institutions represented are consumer finance cos., credit
unions, industrial loan cos., mutual savings banks, savings and loan
assns., and other lending institutions holding consumer instalment loans.
See also NOTE to first table on previous page.
1,004
896
976
920
889
518
597
845
683
671
4,640
1
Includes mail-order houses.
2 Service station and misc. credit-card accounts and home-heating
oil accounts.
See also NOTE to first table on previous page.
872
CONSUMER CREDIT
JUNE 1965
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
(In millions of dollars)
Total
Automobile paper
Period
S.A.I
N.S.A.
S.A.i
N.S.A.
Other consumer
goods paper
S.A.i
N.S.A.
Repair and
modernization loans
S.A.i
N.S.A.
Personal loans
S.A.1
N.S.A.
Extensions
1957
1958
1959
1960
42,016
40,119
48,052
49,560
16,465
14,226
17,779
17,654
11,807
11,747
13,982
14,470
1,674
1,871
2,222
2,213
12,069
12,275
14,070
15,223
1961
1962
1963
1964
48,396
55,126
60,822
66,070
16,007
19,796
22,013
23,565
14,578
15,685
17 007
19,162
2,068
2,051
2 178
2,182
15,744
17,594
19,624
21,161
Oct
Nov
Dec
5,371
5,552
5,399
5,541
5,529
5,617
5,507
5,456
5,816
5,578
5,584
5,949
5,747
5,519
5,393
5,552
5,323
6,767
1,961
2,023
1,962
1,996
2,017
2,024
1,924
1,858
2,043
2,127
2,137
2,245
2.166
,984
1,830
,999
1,727
1,992
1,544
1,589
1,537
1,546
1,570
1,588
1,582
1,631
1,719
1,495
1,547
1,632
1,543
1,540
1,592
1,657
1,672
2,404
Jan
Feb
Mar
Apr
5,883
6,022
6,030
6,189
5,023
5,007
6,173
6,480
2 120
2,228
2,229
2,272
1,836
.915
2',382
2,496
1 729
1,760
1,698
1,645
1 440
1,338
1,619
1,614
1964 Apr
May
July
A ng
1965
174
187
183
189
186
186
180
175
180
181
178
205
208
208
210
200
191
175
161
1,692
1,753
1,717
1,810
J 756
1,819
1,821
1,792
1,874
1 .778
,695
,864
,830
,785
,771
,705
,749
2,210
134
,853
,859
,613
.622
1,996
2,180
175
132
186
189
176
190
917
2,083
Repayments
1957
1958
1959
1960
39,868
40,344
42,603
45,972
15,545
15,415
15,579
16,384
11,569
11,563
12,402
13,574
1,477
1 626
1,765
1,883
11.276
11,741
12,857
14,130
1961
1962
1963
1964
47,700
50,620
55,111
60,418
16,472
17,478
19,354
21,243
14 246
14,939
15,846
17,625
2 015
1,996
2,035
2,069
14,967
16,206
17,876
19,481
1964
Oct
Nov
pec
4,959
5,059
5,029
5,058
5,094
5,104
5,097
5,155
5,256
4,991
4,846
5,155
5,165
4,960
5,002
5,172
5,064
5,455
1 .759
,776
,768
,781
,789
,802
,788
,818
,864
1,768
1.712
1,798
1,844
1,757
1,786
1,871
,783
1,838
1.453
,483
,486
,448
,496
,491
,456
,509
,505
1 .470
,424
,501
1,460
1,430
1,469
,481
,463
,532
172
175
170
171
172
172
167
174
177
171
169
111
177
170
173
175
168
175
1,575
1,625
1,605
1,658
1,637
1,639
1,686
1,654
1,710
1 .582
,541
,679
,684
,603
1,574
,645
,650
,910
Jan
Feb
Mar
Apr
5,213
5,381
5,393
5,445
5,078
4,986
5,748
5,465
,830
,897
,924
,936
1,783
1.746
2,062
1,944
,526
,632
,567
1,487
1,539
1,558
1,659
1,502
171
172
171
190
163
159
182
191
1,686
1,680
1,731
1,832
,593
,523
,845
,828
Apr
June
JUly
Aug
1965
Net change in credit outstanding 2
1957
1958
1959
1960
2,148
-225
5,601
3 588
920
-1,189
2,268
1,270
1961
1962
1963
1964
696
-465
2,318
2 659
2 322
1964
1965
4,506
5 711
5 652
• •
Sent
Oct
Nov
Dec
412
493
370
483
435
513
410
301
560
Jan
Feb
Mar
Apr
670
641
637
744
Apr
May
June
JUly
587
738
794
582
559
391
380
259
1,312
-55
21
425
1,015
896
332
746
1 161
1 537
202
247
194
215
228
222
136
40
179
359
425
447
322
227
44
128
-56
154
91
106
51
98
74
97
126
122
214
290
331
305
336
53
169
320
552
203
128
131
158
1 Includes adjustments for differences in trading days.
2
Net changes in credit outstanding equal extensions less repayments
except in 1959, when the differences do not reflect the introduction of
outstanding balances for Alaska and Hawaii.
NOTE.—Estimates are based on accounting records and often include
financing charges. Renewals and refinancing of loans, purchases and
238
184
1,602
197
245
463
330
1,269
1 093
53
55
143
113
1 388
1 748
1 680
793
534
111
25
123
131
83
110
123
176
209
872
2
12
13
18
14
14
13
1
3
7
36
31
31
40
27
16
7
-14
117
128
112
152
119
180
135
138
164
196
154
185
146
182
197
60
99
300
-99
10
3
15
-1
-29
-27
-6
-1
167
179
186
251
20
99
151
352
-220
-40
112
sales of instalment paper, and certain other transactions may increase
the amount of extensions and repayments without affecting the amount
outstanding.
For a description of the series in this and the following table see Jan.
1954 BULLETIN, pp. 9-17. Back data upon request.
CONSUMER CREDIT
JUNE 1965
873
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions of dollars)
Total
Commercial banks
Period
S.A.i
N.S.A.
S.A.1
N.S.A.
Sales finance
companies
S.A.1
N.S.A.
Other financial
institutions
S.A.1
N.S.A.
Retail outlets
S.A.I
N.S.A.
Extensions
1957
1958
1959
1960
.
. . .
1961
1962
1963
1964
1964—Apr
Mav
June
July
Aug
Sept
Oct
Nov
Dec
1965 Jan
Feb
Mar
Apr
.
..
••
42,016
40,119
48,052
49,560
15,355
14,860
17,976
18,269
10,250
9,043
11,196
11,456
9,915
9,654
10,940
12,073
6,495
6,563
7 940
7,762
48,396
55,126
60,822
66,070
17,711
20,474
22,871
24,515
10,667
11,999
12,664
14,020
12,282
13,525
14,894
16,251
7,736
9,128
10,393
11,284
5,371
5,552
5,399
5,541
5,529
5,617
5,507
5,456
5,816
5,578
5,584
5,949
5,747
5,519
5,393
5,552
5,323
6,767
1,981
2,075
2,004
2,065
2,084
2,104
2,030
2,036
2,186
2,158
2,144
2,247
2,199
2,063
1,989
2,044
1,873
2,176
1.160
1,196
1,174
1,158
1,157
1,191
1,156
1,114
1,191
1.201
,194
,324
,242
,172
,142
,192
,070
,317
1.309
,350
,321
1,397
1,355
1,405
1,402
1,370
1,443
1.347
,338
,453
1,426
1,382
1,348
1,319
1,365
1,704
921
931
900
921
933
917
919
936
996
5,883
6,022
6,030
6,189
5,023
5,007
6,173
6,480
2,224
2,262
2,286
2,362
2,020
1,974
2,414
2,591
1,175
1,281
1.276
1,243
,027
,060
[,459
1,427
,487
,607
[,219
,217
1,551
,653
1,025
1,052
292
,284
981
977
872
908
925
880
902
914
997
1.015
1,570
757
756
916
952
Repayments
1957
1958
1959
I960
39,868
40,344
42,603
45,972
14,360
14,647
15,560
16,832
9 759
9,842
9,742
10,442
9,250
9,365
10,020
11,022
6 499
6,490
7,281
7,676
1961
1962
1963
1964
47,700
50,620
55,111
60,418
18,294
18,468
20,266
22,268
10,943
11,434
12,211
13,161
11,715
12,593
13 618
14,825
6,749
8,125
9 016
10,164
4,991
4,846
5,155
5,165
4,960
5,002
5,172
5,064
5,455
1,833
1,876
1,845
1,857
1,889
1,860
1,868
1,916
1,944
1,853
1,809
1,899
1,930
1,850
1,851
1,908
1,856
1,913
1.097
1,114
[,102
1,097
1,087
,118
1,071
1.103
i;i29
1.110
1,060
,123
t,lll
1,056
,097
1,120
,073
.177
1,197
1,234
1,223
1,267
1,237
1,266
1,284
1,255
1,303
1,205
1,174
1,283
1,287
1,210
1,210
1,244
1,258
1,458
832
835
859
Nov
Dec
4,959
5,059
5,029
5,058
5,094
5,104
5,097
5,155
5,256
860
874
881
880
803
850
837
844
844
900
877
907
1965 Jan
Feb
Mar
Apr
5,213
5,381
5,393
5,445
5,078
4,986
5,748
5,465
1,921
1,956
1,972
2,002
1,872
1,819
2,123
2,011
1,059
1,157
1,136
1,108
992
1,075
1,243
1,!24
1,299
1,286
1,328
1,396
1,233
1,164
1,406
1,402
934
982
957
939
981
928
976
928
1964
Apr
May
June
July
Sept
Oct
837
881
823
Net change in credit outstanding 2
1,066
1957
1958
1959
1960
2,148
63
5,601
3,588
2,447
1,446
-765
1,475
1,152
1961
1962
1963
1964
696
335
-199
1964
225
4,506
5,711
5,652
Apr
Mav
June
July
Au2
Sept
Oct
Nov
Dec
412
493
370
483
435
513
410
301
560
1965—Jan
Feb
Mar
Apr
670
641
637
744
587
738
794
582
559
391
380
259
1,312
-55
21
425
1,015
1 Includes adjustment for differences in trading days.
1,997
2,605
2,333
— 75
315
693
— 61
1,051
578
932
921
1,329
1,239
-20
656
501
654
1,276
1,426
148
199
159
208
195
244
162
120
242
305
335
348
269
213
138
136
17
263
63
82
72
61
70
106
85
11
62
91
134
201
131
116
78
72
-3
140
112
116
98
130
118
139
118
115
140
142
164
170
139
172
138
75
107
246
52
24
45
55
116
49
105
75
43
58
37
97
138
663
303
306
314
360
148
155
291
580
116
124
140
135
35
-15
49
160
160
141
159
211
-14
53
145
251
91
70
24
38
-224
-172
-60
24
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
665
289
986
491
89
96
41
84
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.
874
INDUSTRIAL PRODUCTION: S.A.
JUNE 1965
MARKET GROUPING
(1957-59» 100)
Grouping
Total index.
Final productst total
Consumer goods
Equipment, including defense...
Materials
1957-59 Pi 964
pro- averporage Apr.
tion
1964
May June
July
1965
Aug. Sept.
Oct.
100.00 132.0 130.5 131.3 131.6 132.9 133.8 134.0 131.2
47.35
32.31
15.04
52.65
131.5
131.3
132.0
132.5
130.6
130.8
130.7
130.6
131.1
131.0
131.3
131.3
131.7
131.5
132.0
131.8
132.3
132.1
132.7
133.6
133.3
133.1
133.6
134.7
132.5
132.0
133.7
135.6
130.3
129.2
132.6
132.2
Nov. Dec.
Jan.
Feb. r Mar. r Apr.
135.0
137.7 138.4 139.1 140.5 140.8
134.6
133.6
136.8
135.7
137.4
137.0
138.3
137.7
138.0
137.9
138.2
139.1
138.2
137.7
139.4
139.7
139.5
139.3
140.0
141.3
759.7
138.3
140.9
142.3
Consumer goods
Automotive products
Autos
Auto parts and allied products.
3.21 145.1 149.3 151.4 151.7 152.6 155.8 144.7 105.9 143.0 166.2 755.7 163.8 775.7 166.8
1.82 150.6 160.0 160.3 161.7 162.6 165.0 146.0 83.0 145.1 183.0 182.8 178.9 194.2 183.5
1.39 138.0 135.2 139.6 138.4 139.3 143.8 143.0 136.1 140.2 144.0 143.1 143.9 145.2 144.9
Home goods and apparel
Home goods
Appliances, TV, and radios..
Appliances
TV and home radios
Furniture and rugs
Miscellaneous home goods...
Apparel, knit goods, and shoes.
10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41
131.2
139.9
134.2
139.7
118.8
142.4
144.7
123.8
128.9
137.7
130.7
134.7
119.5
139.7
144.2
121.5
129.5
136.9
129.7
139.4
102.4
141.0
142.1
123.2
130.0
137.8
131.0
136.9
114.3
141.9
142.4
123.4
131.2
139.7
131.1
136.6
115.5
144.7
145.9
124.0
131.9
140.1
133.3
140.0
114.5
144.2
144.8
124.9
131.9
139.8
136.8
143.9
116.7
141.0
142.3
125.3
133.8
142.4
139.0
146.1
119.1
145.5
143.7
126.6
136.3
146.7
143.2
149.6
125.1
148.3
149.7
127.5
137.6
148.0
143.1
145.9
135.5
149.7
152.3
128.8
139.9
150.8
144.9
149.2
132.9
150.6
157.9
130.6
140.3
151.9
146.6
150.8
134.8
152.6
157.5
130.6
747.7
152.9
148.5
152.3
137.9
152.7
158.3
131.1
140.5
151.0
146.3
149.1
138.3
152.0
155.8
Consumer staples
Processed foods
Beverages and tobacco
Drugs, soap, and toiletries
Newspapers, magazines, and books,
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas
19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74
725.9
119.9
122.4
146.9
123.7
141.2
119.6
151.7
159.3
128.8
120.8
125.2
142.8
126.7
138.5
120.9
147.1
154.5
128.3
120.2
122.6
144.5
124.7
138.7
120.4
47.6
155.2
128.9
119.4
119.4
150.5
125.5
140.6
121.8
149.8
157.6
129.1
118.4
126.4
146.7
123.5
142.8
121.4
153.2
162.2
130.0
118.7
125.5
149.1
123.2
145.7
118.8
158.8
169.8
129.9
118.7
123.3
152.6
121.3
144.4
120.4
156.1
165.6
130.7
120.0
123.3
151.9
121.8
145.8
122.2
157.4
166.8
130.5
122.0
123.1
149.7
122.8
142.4
119.9
153.4
161.
757.5
122.5
126.4
151.8
124.3
143.2
120.1
154.5
162.7
132.3
122.3
125.3
154.2
125.8
144.0
118.0
156.7
160.9
132.0
121.2
125.6
152.8
125.3
146.3
119.9
159.2
164.3
755.5
122.1
127.4
154.2
128.6
147.3
118.6
161.3
167.0
752.5
122.0
126.9
152.8
127.8
77.65
6.85
2.42
1.76
.61
139.0
136.9
145.3
141.0
132.4
756.5
133.9
143.1
140.8
126.6
755.0
135.7
141.9
143.9
130.7
759.0
137.6
143.7
141.3
129.1
140.0
138.5
145.7
141.9
127.9
747.6
139.6
145.5
144.9
139.9
141.8
140.4
147.6
141.0
136.0
740.7
140.4
149.3
128.6
145.1
146.2
144.5
151.0
149.1
138.0
148.4
145.9
152.4
155.2
140.5
147.8
144.8
152.5
154.0
144.3
149.1
147.1
156.2
150.7
139.6
149.7
148.3
159.1
148.2
137.
750.7
148.4
161.2
150.0
26.73
3.43
7.84
9.17
6.29
757.0
145.4
134.2
124.4
128.7
729.0
144.1
131.6
123.8
126.9
729.5
143.8
132.9
123.5
127.5
750.5
148.1
133.3
122.8
127.3
752.7
150.2
133.8
125.7
130.2
754.7
167.0
135.7
125.7
130.6
755.6
153.1
137.1
125.8
128.4
725.7
113.2
137.2
123.8
130.9
754.5
146.7
138.9
126.6
134.5
756.2
155.6
141.3
127.3
139.3
755.7
159.6
142.6
128.5
141.9
759.0
164.9
143.8
130.8
140.5
742.7
166.3
146.9
133.5
142.6
142.8
163.6
147.5
130.6
141.2
25.92
9.11
3.03
6.07
7.40
134.0
127.1
127.7
126.9
157.5
752.5
126.1
127.0
125.7
154.6
752.5
126.5
128.2
125.7
153.9
752.9
124.9
123.8
125.4
155.7
134.6
126.9
125.0
127.9
158.7
755.2
127.1
125.6
127.8
160.2
755.7
125.9
125.4
126.2
163.0
756.5
128.7
131.6
127.3
161.4
757.0
128.9
132.1
127.3
163.5
759.5
132.6
135.1
131.4
165.6
740.7
133.9
136.2
132.7
167.4
740.5
135.6
137.9
134.4
167.3
740.5
134.3
129.6
136.7
167.2
747.9
135.5
138.0
134.2
168.7
9.41
6.07
2.86
2.32
1.03
1.21
.54
122.3
111.7
149.4
149.4
142.7
159.4
120.7
110.3
147.9
149.0
140.5
159.9
122.2
112.1
148.9
150.1
142.0
160.7
122.7
112.2
149.7
150.6
143.5
160.4
123.0
112.4
149.8
150.5
143.9
160.9
123.4
112.7
150.9
151.5
145.1
161.9
123.7
113.0
150.6
151.0
147.1
159.2
123.9
113.3
150.6
150.4
144.1
160.6
123.9
112.8
151.4
150.5
147.4
158.
125.1
113.0
154.9
154.6
149.7
164.2
124.6
112.4
154.7
154.7
148.7
165.3
123.7
110.8
155.9
156.1
150.9
166.0
125.4 127.0
112.1 113.6
158.4
159.1
154.9
168.3
iiiii
Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment.
Farm equipment
Defense equipment
3.41
Materials
Durable goods materials
Consumer durable
Equipment
Construction
Metal materials n.e.c
Nondurable materials
Business supplies
Containers
General business supplies.
Nondurable materials n.e.c..
Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Commercial and other..
Gas
Supplementary groups of
consumer goods
Automotive and home goods...
Apparel and staples
See NOTE on opposite page.
7.80 142.1 142.4 142.9 143.5 145.0 146.6 141.8 127.3 145.2 155.5 156.9 156.8 161.2 157.5
24.51 127.8 127.2 127.2 127.7 128.0 128.9 128.9 129.8 129.9 131.2 131.9 131.7 132.8
875
INDUSTRIAL PRODUCTION: S.A.
JUNE 1965
INDUSTRY GROUPINGS
(1957-59= 100)
Grouping
957-591 *1964
propor- i average
tion
1964
Apr.
May
June
July
Aug.
1965
Sept.
Oct.
Nov.
Dec.
Jan.
Feb. r Mar. r
Apr,
100.00 132.0 130.5 131.3 131.6 132.9 133.8 134.0 131.2 135.0 137.7 138.4 139.1 140.5 140.8
Total index.
86.45
48.07
38.38
8.23
5.32
132.9
133.2
132.4
110.9
150.5
131.4
131.6
131.1
109.9
147.5
132.2
132.6
131.7
111.3
148.3
132.4
133.2
131.5
111.4
149.7
133.9
135.0
132.5
110.9
151.4
134.5
135.7
133.1
111.9
154.5
134.9
135.2
134.4
111.9
153.2
737.7
129.4
134.5
112.0
153.8
735.0
136.7
135.2
112.7
152.3
739.7
140.6
137.3
112.3
154.7
140.0
141.9
137.6
112.1
155.6
140.6
142.6
138.1
111.5
157.4
142.1
144.7
138.8
112.3
159.7
142.3
145.1
138.8
112.4
160.0
Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals and products.
Fabricated metal products
Structural metal parts
12.32
6.95
5.45
1.50
5.37
2.86
130.1
128.2
125.6
137.6
132.6
130.3
126.3
123.8
123.7
138.5
129.5
129.2
128.5
127.1
127.8
135.0
130.3
128.1
128.1
126.1
125.2
132.8
130.6
129.6
132.1
131.2
130.4
135.9
133.3
131.2
133.7
132.8
32.2
133.0
134.8
131.0
735.5
132.8
129.
138.5
134.3
131.7
737.3
131.8
130.3
133.9
130.7
128.6
735.5
134.6
133.4
140.3
136.9
135.8
735.7
137.9
135.7
150.9
139.7
137.2
140.0
139.6
137.1
148.0
140.6
137.0
140.4
136.9
137.0
149.0
144.9
140.9
142.5
140.5
139.7
156.8
145.0
144.1
143.8
141 .0
141.4
151.1
Machinery and related products...
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aircraft and other equipment..
Instruments and related products.
Ordnance and accessories
27.98
14.80
8.43
6.37
10.19
4.68
5.26
136.1
141.0
141.8
140.0
130.7
150.1
112.4
136.4
135.2
137.5
138.1
136.8
133.0
156.2
112.0
134.7
135.9
138.5
139.6
137.0
134.1
157.4
112.8
134.6
137.1
140.1
141.9
137.7
134.9
158.3
113.4
134.8
138.0
141.9
143.6
139.7
134.3
158.6
111.7
136.4
138.7
142.8
144.1
141.1
135.3
160.9
111.5
137.4
137.8
144.1
145.0
142.9
130.9
150.
112.7
138.6
725.7
144.7
145.4
143.8
105.3
96.2
110.8
137.6
739.0
147.4
148.2
146.3
129.2
143.9
114.5
140.2
144.2
149.3
149.9
148.5
140.3
167.4
115.0
142.0
145.3
150.4
151.4
149.2
141.4
169.1
115.5
142.7
145.8
152.3
152.7
151.7
139.7
167.7
114.1
145.3
148.4
153.6
153.8
153.4
144.4
176.4
115.3
146.9
148.8
155.1
155.2
155.0
143.8
172.3
117.9
145.5
Manufacturing, total
Durable
Nondurable
Mining
Utilities
Durable manufactures
1.71
1.28
147.5
144.3
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
4.72 121.1 121.6 120.9 120.1 122.6 121.4 120.7 121.0 120.9 727.7 725.0 125.9 126.0 124.0
2.99 126.0 125.2 124.3 126.6 126.4 125.6 127.0 126.9 127.7 130.2 132.6 131.8 129.2 129.8
1.73 112.7 115.4 114.9 109.0 116.1 114.1 109.7 110.8 109.2 105.5 111.9 115.6 120.5 114.0
Furniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures
3.05 138.4 135.6 136.2 138.0 735.5 139.0 138.4 747.7 143.4 145.4 745.2 147.6 148.4 149.1
1.54 143.4 139.8 140.5 142.8 143.2 144.4 144.1 147.4 149.3 151.5 150.6 154.3 154.3 155.4
1.51 133.3 131.4 131.9 133.2 133.8 133.4 132.6 135.9 137.4 139.1 139.6 140.8 142.4 142.7
Nondurable manufactures
Textiles, apparel, and leather.
Textile mill products
Apparel products
Leather and products
7.50
2.90
3.59
1.11
124.8 121.6
122.8 119.4
134.0 130.5
100.7 98.4
123.5 122.9
119.3 119.2
132.8 133.8
104.7 97.3
124.9
121.5
134.4
103.5
126.0
123.5
135.1
103.1
126.8
125.8
135.8
100.3
128.4
127.5
137.2
192.4
730.2
129.6
139.1
103.2
131.4
130.9
140.6
103.3
732.7
132.1
142.2
103.6
132.8 132.4 133.0
131.4 130.9 131.6
143.7 144.0
101.2 99.2
Paper and printing
Paper and products
Printing and publishing.
Newspapers
8.17
3.43
4.74
1.53
127.5
133.4
123.2
117.0
127.5
132.9
123.6
117.2
128.2
134.3
123.9
117.1
126.6
130.1
124.1
117.2
128.0
132.8
124.5
120.0
127.9
132.8
124.3
118.3
128.2
135.5
123.0
115.9
129.2
137.0
123.6
116.3
725.0
133.8
123.9
117.5
737.7
140.2
125.6
119.6
73/. 2
137.7
126.6
120.7
131.8
137.5
127.7
120.9
132.9
139.0
128.5
121.0
Chemicals, petroleum, and rubber.
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
11.54
7.58
3.84
1.97
1.99
152.2
159.4
178.0
121.0
155.7
149.5
157.0
176.7
120.8
149.4
150.0
156.7
173.7
122.0
152.2
152.1
159.6
176.3
122.1
153.4
152.3
158.7
177.1
124.6
155.2
153.6
160.8
178.7
121.2
158.2
156.9
165.0
184.9
120.4
162.4
155.4
162.5
179.9
122.9
161.0
755.5
163.0
182.6
121.6
160.5
755.3
166.5
188.2
120.6
164.0
158.
166.9
186.3
119.0
167.2
160.4
167.8
188.2
121.5
171.1
162.0 160.8
169.4 168.8
190.5
122.2
173.3
Foods, beverages, and tobacco.
Foods and beverages
Food manufactures
Beverages
Tobacco products
11.07
10.25
8.64
1.61
.82
120.6
120.6
120.2
123.2
120.8
121.2
120.6
120.0
124.1
127.5
120.7
120.0
120.2
119.2
129.2
119.5
119.6
119.5
120.1
118.1
120.5
120.0
118.9
125.8
127.5
120.5
120.4
119.1
127.6
121.4
720.0
120.0
119.1
124.6
120.6
720.9
120.7
120.2
123.3
123.3
722.7
122.8
122.6
124.1
121.0
723.7
123.5
122.9
126.9
125.4
72J.5
123.6
123.0
126.9
122.2
123.2
123.2
122.5
126.7
123.5
123.3 123.5
123.0 123.2
122.2 122.6
127.5
127.2
Coal, oil, and gas
Coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Gas and gas liquids
Oil and gas drilling
6.80
1.16
5.64
4.91
4.25
.66
.73
109.4
104.3
110.4
113.4
109.8
136.5
90.1
108.1
98.7
110.0
113.0
109.6
134.8
89.8
109.9
106.1
110.7
113.5
110.1
135.3
91.3
109.8
105.1
110.8
113.8
110.2
137.1
90.1
110.1
105.0
111.1
114.2
110.3
139.0
90.5
110.7
107.9
111.3
113.8
109.8
139.6
94.0
777.0
105.1
112.3
114.9
111.1
139.1
94.4
770.5
109.2
111.1
114.3
110.8
136.8
89.2
770.7
108.7
110.4
113.8
110.2
136.5
87.3
770.7
107.2
110.7
114.3
110.9
133.8
86.4
109.7
107.7
110.1
113.6
109.8
134.6
86.9
109.1
103.2
110.3
112.6
108.6
/09.5
103.1
111.1
114.2
110.5
Metal, stone, and earth minerals.
Metal mining
Stone and earth minerals
1.43 118.1 118.5 117.9 119..
.61 117.3 124.2 119.4 119.:
114.3 116.8 119.:
118.
733.5
140.7
128.5
120.7
Mining
110.7
107.9
111.3
115.0
110.8
*86."6
114.9 777.7 775.7 775.
725.3 722.7 123.3 123.1 124.2 120.3
107.7 112.2 111.3 115.7 127.1 121.8 126.7 123.4 124.3 122.8
120.2 121.7 119.6 119.7 123.9 123.4 120.8 122.9 124.1 118.5
Utilities
Electric
Gas
4.04 153.6 151.3 152.3 153.6 155.5 159,3 157.2 157.4 155.0 158.1 157.3 159.6 162.4
143.2 145.0 146.0 147.1 148.3 148.9 149.6
1.28 140.7 138.9 141.
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.
876
INDUSTRIAL PRODUCTION: N.S.A.
JUNE 1965
MARKET GROUPINGS
(1957-59- 100)
Grouping
Total index.
Final products, total
Consumer goods
Equipment, including defense.
Materials
1957-59 *1964
propor- average Apr.
tion
1964
May
June
July
Aug.
1965
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
100.00 132.0 131.7 132.3 133.9 137.6 132.9 136.5 135.0 135.9 135.2 136.8 139.0 141.5
47,35 131.5 130.7 130.5 133.3 127.5 131.4 136.1 134.9 135.1 134.6 136.5 138.1 140.6
32.31 131.3 130.3 130.0 133.2 126.3 131.5 137.1 136.0 134.8 132.6 135.7 137.4 140.1
15.04 132.0 131.5 131.8 133.5 130. 131.1 134.0 132.4 135.7 139.0 138.3 139.8 141.6
52.65 132.5 132.6 133.9 134.5 127.8 134.2 136.8 135.0 136.6 135.8 137.0 139.7 142.4
Apr.
141.4
138.5
137.0
141.7
144.0
Consumer goods
Automotive products
Autos
Auto parts and allied products.
3.21 145.1 162.5 160.6 162.7 131.1 89.5 139.1 114.
1.82 150.6 182.4 176.3 180.3 130.1 46.2 132.9 95.4
1.39 138.0 136.4 139.8 139.4 132.4 146.7 147.2 140.2
153.4
165.4
137.6
169.5 175.5 173.9 182.9 176.6
192.2 201.1 196.8 213.6 200.0
139.7 141.7 143.8 142.4 145.9
Home goods and apparel
Home goods
Appliances, TV, and radios..
Appliances
TV and home radios
Furniture and rugs
Miscellaneous home goods...
Apparel, knit goods, and shoes.
10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41
131.2
139.9
134.2
139.7
118.8
142.4
144.7
123.8
130.5
138.3
135.9
144.9
110.5
137.2
142.0
123.9
129.5
135.6
130.0
141.6
97.4
135.6
142.1
124.4
131.2
140.5
136.8
145.3
112.9
140.2
145.2
123.4
120.0
126.8
110.4
118.8
86.6
137.0
137.9
114.1
134.2
136.4
120.2
122.0
115.1
146.1
147.7
132.4
135.1
147.4
144.1
147.3
134.8
147.1
151.6
124.7
141.6
150.2
145.8
143.2
153.1
152.3
153.8
134.2
138.3
151.8
148.9
150.8
143.5
152.3
154.9
126.9
129.2
145.7
135.2
141.1
118.4
154.5
150.8
115.3
134.1
142.9
136.8
142.5
120.9
147.3
146.5
126.7
143.5
151.6
153.8
159.8
137.0
150.0
150.4
136.5
145.7
156.1
160.5
170.8
131.4
150.9
155.
137.0
141.3
151.7
151.9
161.6
124.5
149.3
153.5
Consumer staples
Processed foods
Beverages and tobacco
Drugs, soap, and toiletries
Newspapers, magazines, and books.
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas
19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74
128.9
119.9
122.4
146.9
123.7
141.2
119.6
151.7
159.3
124.8
112.7
127.6
142.8
125.7
135.0
114.7
125.0
114.1
131.0
144.6
123.7
130.5
116.3
129.2
116.9
136.5
153.8
124.5
134.2
120.3
128.8
117.8
132.0
140.8
121.6
145.0
123.5
137.2
129.4
136.1
152.4
124.8
148.4
122.3
137.9
135.2
124.9
154.
124.7
144.7
120.4
136.7
134.3
129.5
154.9
123.5
137.0
U&.O
129.8
125.1
116.3
150.1
122.8
135.4
119.2
128.1
118.7
108.9
148.8
124.8
146.8
122.9
129.8
115.6
110.2
153.0
124.5
158.2
123.0
128.0
112.0
114.4
152.3
124.4
154.9
123.0
130.0
113.8
123.9
155.0
128.3
151.0
117.4
128.1
112.6
11.63
6.85
2.42
1.76
.61
139.0
136.9
145.3
141.0
132.4
137.8
133.9
140.4
146.4
147.3
138.8
135.8
140.2
148.2
140.5
141.2
138.8
144.1
147.0
139.9
137.1
137.1
142.8
136.2
115.8
138.7
139.2
145.8
136.2
111.9
142.2
141.7
149.8
139.0
125.9
140.1
139.6
151.8
128.6
133.5
144.1
142.5
152.8
146.1
122.1
148.3
146.8
155.0
149.8
134.4
147.3
145.1
152.7
149.4
145.0
149.7
146.4
155.1
152.2
157.8
151.9
148.4
157.7
154.9
158.9
152.1
148.4
158.1
156.0
26.73
3.43
7.84
9.17
6.29
131.0
145.4
134.2
124.4
128.7
131.2
148.4
133.0
122.6
132.0
133.9
149.5
133.8
127.8
134.5
134.9
149.6
134.6
132.0
131.4
127.7
135.2
129.7
129.5
118.5
132.6
140.3
131.6
134.5
126.8
136.3
153.1
135.7
133.3
132.3
131.3
116.0
136.8
130.6
134.0
135.4
151.1
139.0
126.3
135.6
135.0
163.4
143.4
118.4
133.2
135.7
165.2
143.9
116.0
138.2
138.7
167.4
145.
120.3
141.8
142.9
171.3
148.5
125.5
146.0
144.3
168.5
149.1
129.3
146.8
25.92
9.11
3.03
6.07
7.40
134.0
127.1
127.7
126.9
157.5
134.0
129.5
130.8
128.8
157.7
133.9
128.6
129.5
128.2
157.7
134.1
126.9
130.0
125.4
158.0
127.8
120.2
125.0
117.7
147.3
135.9
129.2
138.2
124.6
157.8
137.3
130.3
133.6
128.7
161.4
138.9
134.3
138.2
132.4
162.2
138.0
130.1
124.8
132.8
165.1
136.6
127.2
117.5
132.
162.3
138.3
128.7
128.0
129.0
166.6
140.8
133.3
135.1
132.4
170.6
141.8
134.3
129.6
136.7
171.4
143.8
139.1
142.1
137.6
172.1
9.41
6.07
2.86
2.32
1.03
1.21
.54
122.3
111.7
149.4
149.4
142.7
159.4
119.8 120.4 122.2 119.8 125.2 125.0 124.9 124.2 125.5 125.4 124.7 125.9 126.0
111.6 111.0 111.0 104.6 111.3 111.8 114.1 114.2 114.7 114.4 114.2 114.6 114.9
151.3
126.8
115.9
151.4 140.5 145.0 165.4 173.2 166.4 150.1 146.6 168.4 187.6 180.4 175.7
Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment.
Farm equipment
Defense equipment
3.41
Materials
Durable goods materials.
Consumer durable
Equipment
Construction
Metal materials n.e.c... .
Nondurable materials
Business supplies
Containers
General business supplies.
Nondurable materials n.e.c..
Business fuel and power
Mineral fuels
Nonresidential utilities
,
Electricity
General industrial
Commercial and other.
Gas
141.9 146.0 152.5
138.7 142.7 144.8
147.9 152.2 163.0
158.9
143.9
177.0
162.9 159.9 152.6 147.7 151.4 152.3 150.0 153.6
148.0 149.3 147.3 147.4 148.2 148.0 147.0 153.4
181.2 174.3 162.2 152.7 159.3 161.2 157.7 159.2
Supplementary groups of
consumer goods
Automotive and home goods
Apparel and staples
See NOTE on opposite page.
7.80 142. 148.3 145.9 149.6 128.6 117.1 144.0 135.6 152.5 155.5 156.3 160.8 167.1 162.0
24.51 127.8 124.6 124.9 127.9 125.6 136.1 135.0 136.2 129.1 125.3 129.1 129.9 131.5
877
INDUSTRIAL PRODUCTION: N.S.A.
JUNE 1965
INDUSTRY GROUPINGS
(1957-59=- 100)
1957-59 *1964
proaverporage
tion
Grouping
Apr.
May
June
July
Aug.
100.00 132.0 131.7 132.3 133.9 127.6 132.9
Total index
Durable
Nondurable
Mining
Utilities
1965
1964
Sept.
Oct.
Dec.
Nov.
Jan.
Feb.'
Mar.' Apr.
136.5 135.0 135 9 135.2 136.8 139.0 141.5 141.4
86,45
48.07
38.38
8.23
5.32
132.9
133.2
132.4
110.9
150.5
133,0
134.1
131.7
109.8
133,7
134.8
132.3
111.7
135,2
136.4
133.6
112.6
127.9
128.8
126.7
107.0
133,1
129.6
137.4
113.0
137.4
136.8
138.2
113.3
136.0
132.2
140.8
114.5
137
138
135
113
4
6
8
3
136.2
140.4
131.0
111.9
137.6
140.6
133.8
111.0
140.4
143.4
136.5
110.8
143.3
147.0
138.6
110.9
143.3
147.3
138 3
112.3
12,32
6.95
5.45
1.50
5.37
2.86
130.1
128.2
125.6
137.6
132.6
130.3
130,7
132.1
128.6
144.6
128.9
125.3
131,9
132.9
130.4
142.2
130.6
127.5
131,2
128.6
125.2
141.0
134.5
132.2
123.5
117.4
116.1
122.3
131.3
131.2
131,5
125.9
124.3
131.7
138.8
135.6
135.4
131.3
129.1
139.5
140.7
137.0
133.8
133.1
132.3
136.4
134.6
132.5
136.7
135 9
134*7
140.3
137 7
137.8
136.1
133.8
132.3
139.4
139.0
138.6
139.3
141.0
139.8
145.5
137.2
134.3
142.7
144.7
142.9
151.2
140.1
135.3
145.8
149.2
146.7
158.5
141.5
138.5
148.3
150.5
148.5
157.8
145.3
140.0
27,98
14.80
8.43
6.37
10.19
4.68
5.26
1.71
1.28
136.1
141.0
141.8
140.0
130.7
150.1
112.4
136.4
138.1
139.5
142.2
135.8
138.5
166.7
112.6
132.7
137,9
139.8
143.1
135.4
137.7
165.0
112.3
133.3
139,8
142.6
145.3
139.0
138.4
167.4
111.8
136.1
130.9
135.3
140.0
129.1
125.1
142.0
109.0
135.0
126.8
138.5
138.8
138.0
109.1
106.7
109.5
138.5
137.7
145.3
143.1
148.1
128.5
145.8
112.2
140.1
130.2
145.3
142.8
148.7
108.3
102.3
111.4
139.1
141.4
147 5
145.1
150 8
135 0
155 0
116.2
142.7
146.7
150.6
150.9
150.3
144.7
174.9
117.3
143.7
146.8
150.1
152.2
147.3
146.1
178.9
116.7
141.7
148.7
154.4
155.4
153.1
144.8
177.3
115.5
143.1
152.7
157.9
159.6
155.5
150.6
187.7
H7.0
144.7
151.3
157.2
159.9
153.6
148.0
179.9
118.5
143.3
Durable manufactures
Primary and fabricated metals
Iron and steel
Nonferrous metals and products..
Structural metal parts
Machinery and related products
Machinery
Nonelectrical machinery
Electrical machinery
Motor vehicles and parts
Aircraft and other equipment....
Instruments and related products...
4,72 121,1 120.4 125,4 129.2 126.0 132.4 129.9 128.2 121.1 110.5 108.3 114.4 117.3 122.7
2.99 126.0 124.6 129.3 134.6 133.4 136.3 134.6 134.5 129.6 120.4 114.0 116.4 H8.9 129.2
1.73 112.7 113.1 118.7 119.9 113.2 125.5 121.8 117.4 106.5
93.4 98.5 111.0 114.5 111.7
Clay, glass, and lumber
Clay, glass, and stone products
3.05 138.4 133.1 133,1 138.3 135.5 143.4 144.8 149.2 148 2 146.7 139.5 142.9 145.6 144 8
1.54 143.4 137.4 136.3 142.5 141.8 149.2 149.6 153.0 152 0 154.2 147.6 150.4 152.4 151.2
1.51 133.3 128.8 129.9 133.9 129.1 137.4 139.9 145.4 144 3 139.1 131.2 135 2 138.8 138.4
Miscellaneous manufactures
Nondurable manufactures
Textile mill products
Apparel products
Leather and products
7.60
2.90
3.59
1.11
124.8 124.7
122.8 121.2
134.0 135.7
100.7 98.4
Paper and products
Printing and publishing
8.17
3.43
4.74
1.53
127.5
133.4
123.2
117.0
130.9
138.2
125.6
125.5
129,3
135.0
125.1
124.8
11.54
7.58
3.84
1.97
1.99
152.2
159.4
178.0
121.0
155.7
151.7
160.3
179.3
116.0
154.0
11.07
10.25
8.64
1.61
.82
120.6
120.6
120.2
123.2
120.8
6.80
1.16
5.64
4.91
4.25
.66
.73
1.43
.61
.82
109.4
104.3
110.4
113.4
109.8
136.5
90.1
Chemicals, petroleum, and rubber,...
Chemicals and products
Petroleum products
Foods, beverages, and tobacco
Foods and beverages
Beverages
Tobacco products
126.2 125,1 113.0 131.4 126.0
124.7 124,6 110.3 126.6 126.4
135.5 133.8 121.6 141.9 133.1
100.0 98.3 92.6 109.8 101.8
132,3
127.5
144.7
105.0
129 4 119.3 130.6 138.2
130 2 121.7 131.4 134.0
137.7 124.4 138.6 150.9
96.4 103.1 108.2
101.1
127.3
132.7
123.4
117.8
120.9
124.8
118.2
104.4
127.8
137.3
121.0
107.1
129.4
135 5
124.9
116.7
134,9
145.9
126.9
122.6
130
134
128
128
9
5
4
7
127.5
126.6
128.2
123.2
128.6
137.0
122.6
111.2
131.8
140.9
125.3
116.9
134.6
141 8
129.5
123.4
152,2
159.9
176.5
120.2
154.5
155,4
163.0
178.1
125.8
155.7
145,3
152.9
170.9
128.3
133.5
154.7
160.9
176.6
127.3
158.2
157.8
164.5
183.1
125.2
164.5
757.8
163.6
180.8
123.5
170.0
155.2
162 6
184 1
119 8
162.1
154.6
162.6
186.3
118.8
159.9
157.6
164.9
185.4
117.2
169.7
161.3
168.2
190.1
119.7
176.2
163.2 162.8
171.3 171.9
192.4
117 9 117 0
177.1
116.2
115.4
113.0
127,8
127.2
118,0
116.7
114.3
129.5
133.8
121.3
120.9
117.0
141.7
126.4
120.8
121.5
117.7
141.8
112.8
130.5
130.5
129.0
138.4
131.4
132.7
133.2
134.9
124.6
125.3
133.4
133.4
134.6
127.0
134.3
123.6
123 6
125 7
112.7
123.4
117.0
118.2
119.2
112.4
102.1
114.9
114.4
116.2
104.7
120.9
113.1
112.3
112.7
110.1
122.9
116.5 116.6
115.7 115 8
114 3 113 0
123.2
125.3
108,7
99.4
110.7
114.5
111.4
134.1
85.1
108.4
107.2
108.7
111.9
109.0
130.0
87.3
108.6
108.4
108.6
111.6
109.1
127.6
88.2
103.2
77.2
108.5
111.1
108.1
130.7
91.1
109.7
113.5
108.9
110.8
107.6
131.1
96.2
110.2
111.2
109.9
111.9
108.9
131.3
96.4
111,7 111 6
119.0 113 2
110.2 111 3
113.0 114 5
109.7 110 2
133.9 141.6
91.4 89.5
112.1
105.3
113.5
116.9
112 0
144.9
90.5
112.0
105.5
113.4
116.5
111 4
145.6
92.6
111.9
104 4
113.4
116 5
111 9
111
103
112
117
IP
138.0 134.8
133 5 133 6
151.9
105.!
136.5
144 9
130 5
129 3
Mining
Coal
Gas and gas liquids
Metal, stone, and earth minerals
Stone and earth minerals
•
" 9 2 .'4
3
9
8
2
7
111
108
111
116
112
4
7
9
4
6
83.6 "81 .'5
118.1 114,8 127.0 131.8 125.0 128.8 128,4 128.0 121.6 111.1 106.2 105.8 109.0 116.7
117.3 115.5 131.3 134.7 115.2 121.2 125.8 123.8 116 9 109 6 111 5
110 6 114 2
118.7 114.3 123.8 129.6 132.3 134.5 130.4 131.1 125 1 112.3 102.2 ui
101 19 107*7 118 5
Utilities
Electric
Gas
4.04 153.6 145.9 143.7 149.3 161.6 167.3 162.6 151.5 147.3 158.6 167.3 163.0 163.0
1.28 140.7
NOTE.—Published groupings include some series and subtotals not
shown separately. A description and historical data are available in
Industrial Production—1957-59 Base. Figures for individual series and
subtotals (N.S.A.) are published in the monthly Business Indexes release.
878
BUSINESS ACTIVITY; CONSTRUCTION
JUNE 1965
SELECTED BUSINESS INDEXES
(1957-59= 100)
Manufacturing
Industrial production
Major market groupings
Period
Total
Construction
contracts
Major industry
1groupings
Final products
MateConrials
Mfg.
Total sumer Equipment
goods
Nonagricultural
employEmment— ployTotal i ment
Prices 4
2
Freight Total
retail
load- sales
3
ings
Payrolls
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
86.1
91.1
93.0
95.6
93.3
99.4
106.1
106 1
111.6
101.8
68.9
80.2
84 5
93.6
85.4
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
96.5
99.8
100.7
97.8
101.5
105.5
106.7
104.7
95.2
100.1
94.8
100.2
101.4
93.5
105.1
1960
1961
1962
1963
1964*
108.7
109.7
118.3
124.3
132.0
1950....
1951
1952
1953
1954
1964
72.8
78.6
84.3
89.9
85.7
78.6 56.4
77.8 78.4
79.5 94.1
85.0 100 5
84.3 88.9
76.9
83.8
84.3
92.6
85.9
Wholesale
commodity
104.6
115.3
115.9
108.2
93.8
97.9
95.3
91.2
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
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
92.4
93.3
95.5
106
107
115
120
127
103.1
104.2
105.4
106.7
108.1
100.7
100.3
100.6
100.3
100.5
117.1
121.5
115.0
116.6
109.9
111.2
119.7
124.9
131.5
111.0
112,6
119.7
125.2
131.3
107,6
108.3
119.6
124.2
132.0
107.6
108.4
117.0
123.7
132.5
108.9
109.6
118.7
124.9
132.9
101.6
102.6
105.0
107.9
110.9
115.6
122.3
131.4
140.0
150.5
105
108
120
132
137
103.2
102.8
105,7
107.9
110.8
99.9
95.9
99.1
99.7
101 7
106.7
105.4
113.8
117.9
124.7
Apr
130.5 130.6
131.3 131.1
May
131.6 131.7
June
132.9 132.3
July
133.8 133.3
Aug
134.0
132.5
Sept
Oct . . . . 131.2 130.3
135.0 134.6
137.7 137.4
Dec
130.8
131.0
131.5
132.1
133.1
132.0
129.2
133.6
137.0
130.7
131.3
132.0
132.7
133.6
133.7
132.6
136.8
138.3
130.6
131.3
131.8
133.6
134.7
135.6
132.2
135.7
137.7
131.4
132,2
132.4
133.9
134.5
134.9
131.7
136.0
139.1
109.9
111.3
111.4
110.9
111.9
111.9
112.0
112.7
112.3
147.5
148.3
149.7
151.4
154.5
153.2
153.8
152.3
154.7
138
138
138
140
121
131
136
143
154
110.1
110.3
110.6
110.9
111.0
111.3
111.2
112.1
112.7
101.1
101.1
101.6
101.9
102.0
102.9
100.5
103.2
104.0
123.4
123.3
123.8
124.3
126.0
127.6
122.9
127.9
130.9
94.8
96.4
93.6
94.5
93.2
96.4
94.6
98.5
99.1
125
127
127
128
130
130
125
127
133
107.8
107.8
108.0
108.3
108.2
108.4
108.5
108.7
108.8
100.3
100.1
100.0
100.4
100,3
100.7
100.8
100.7
100.7
137.9
'137.7
'139.3
138.3
138.8
138.2
139.4
r
140.0
140.9
143.1
139.1
139.7
141.3
142.3
142.4
140.0 112.1 155.6
140.6 111.5 157.4
142.1 112.3 159.7
142.3 112.4 160.0
142.8 114.4 160.0
137
140
141
152
113.0
113.6
114.2
114.1
114.4
104 5 132 8
105.0 133.5
105.6 135.1
105.7 133.7
105.6 134.4
100 4
96.4
98.1
98.6
100.5
134
136
133
134
137
108 9
108.9
109.0
109.3
101 0
101.2
101.3
101.7
102.1
1965 Jan
Feb
Mar . . .
Apr
May?
1
2
3
4
74.9
81.3
84.3
91.3
85.8
Consumer
138.4
'139.1
140.5
140.8
141.3
138.0
138.2
139.5
139.1
140.2
Employees only, excludes personnel in the armed forces.
Production workers only.
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 Co. monthly index of dollar
value of total construction contracts, including residential, nonresickntial,
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)
1964
Type of ownership and
type of construction
1963
1965
1964
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar
Apr.
Total construction
45,546 47,299 '4,365 4,639 4,504 4,601 3,760 3,762 4,029 3,757 3,598 3,127 3,223 4.209 4,770
By type of ownership:
Public
Private
14,653 15,371 1,318 1,535 1,491 1,619 1,101 1,124 1,310 1,174 1,230 1,104 1,112 1 ,348 1 ,539
30,893 31,928 r 3,047 3,104 3,013 2,983 2,658 2,638 2,719 2,583 2,368 2 023 2 110 2,861 3 231
By type of construction:
Residential building.
20,502 20,561 2,006 2,050 1,996 2,000 1,679 1,717 1,702 1,482 1,306 1,273 1,299 1.877
14,377 15,495 "1,426 1,362 1,400 1,548 1,275 1,228 1,425 1,263 1,298 1,155 1,060 1,379
10,667 11,244
933 1,227 1,107 1,054
700
863
807
817
902 1,012
994
953
NOTE.—Dollar value of total contracts as reported by the F. W. Dodge
Co. does not include data for Alaska or Hawaii. Totals of monthly
data exceed annual totals because adjustments—negative—are made to
accumulated monthly data after original figures have been published.
879
CONSTRUCTION
JUNE 1965
VALUE OF NEW CONSTRUCTION ACTIVITY
a n millions of dollars)
Private
Total
Period
Total
Nonfarm
residential
Public
Total
Industrial
Commercial
Public
utility
Other
nonresidential
Business
Total
Military
Highway
Sewer
and
water
Other
5,682
6,494
7,123
1956
1957
1958.
47,601
49,139
50,153
34,869
35,080
34,696
20,178
19,006
19,789
11,076
12,029
10,659
3,084
3,557
2,382
3,631
3,564
3,589
4,361
4,908
4,688
3,615
4,045
4,248
12,732
14,059
15,457
1.360
1,287
1,402
4,415
4,934
5,545
1,344
1,387
19591
I960
1961
1962
1963
1964
55,305
53,941
55,447
59,453
62 451
. . . . 66 008
39,235
38,078
38,299
41,695
43 772
45 954
24,251
21,706
21,680
24,292
25,843
26,560
10,557
11,652
11,789
12,222
12,656
13,757
2,106
2,851
2,780
2,949
2,962
3,333
3,930
4,180
4,674
4,955
5,200
5,635
4,521
4,621
4,335
4,318
4,494
4,789
4,427
4,720
4,830
5,181
5,273
5,637
16,070
15,863
17,148
17,758
18 679
20,054
1,465
1,366
1,371
L222
5,761
5,437
5,854
6,378
6 670
6,971
1,467
1,487
L581
1J54
1 966
2,298
June
July
A.u& . . . . . . . . . .
Sept
Oct
. ...
Nov
Dec
64,983
66,576
66 641
65,991
66,454
65,335
65,588
67,311
45 780
46,006
46 261
45,906
45,861
45 521
45,497
46,184
26,678
26,612
26,708
26,342
25,972
25,679
25,642
26,016
13,437
13,598
13,736
13,784
14,183
14,231
14,297
14,621
3,149
3,204
3,334
3,505
3,514
3,540
3,655
3,791
5,542
5,562
5,574
5,609
5,746
5,776
5,767
5,639
4,746
4,832
4,828
4,670
4,923
4,915
4,875
5,191
5,665
5,796
5,817
5,780
5,706
5,611
5,558
5,547
19,203
20,570
20,380
20,085
20,593
19,814
20,091
21,127
6,410
6,888
7,549
7,021
7,273
6,667
7,151
7,500
2 404
2,402
2 368
2,325
2,264
2 199
2,193
2,172
Jan
Feb
Mar
Apr.*
May?
66,505
67,009
68,384
67,723
67,712
46,306
46,931
47,463
47,531
47,459
26,617
26,907
26,991
26,875
26,994
14,174
14,438
14,903
14,990
14,842
3,788
3,841
3,888
3,940
3,888
5,579
5,577
5,859
5,960
5,864
4,807
5,020
5,156
5,090
5,090
5,515
5,586
5,569
5,666
5,623
20,199
20,078
20,92!
20,192
20,253
7,098
6.688
7,715
7,271
2,133
2 12*
2,086
2,050
2,018
1964
1965
May
. .
7,377
7,573
8,342
8,404
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.
i Beginning with 1959, includes data for Alaska and Hawaii.
NEW HOUSING STARTS
(In thousands of units)
By type of ownership
By area
Annual rate,
Governmentunderwritten
Q A
(private only)
Period
Total
Total
Nonfarm
Private
Metropolitan
Nonmetropolitan
Total
1family
1955
1956
1957
1958
1.646
,349
,224
,382
1959
I960
1961
1962
1963
1964
1,554
1,296
1,365
1,492
1,641
1.585
1,077
889
948
1,054
1,151
1,120
477
407
417
439
490
465
1,517
[,252
1,313
1,463
1,609
1.552
1,234
1964
Multifamily
1.627
,325
,175
,314
Public
349
261
244
261
221
205
109
75
83
78
71
59
52
52
51
47
47
40
46
38
23
29
25
26
23
23
24
21
17
18
23
19
20
18
18
19
16
13
5
5
6
6
5
5
5
5
4
4
2
17
16
20
22
13
12
16
17
4
4
4
5
976
149
158
159
143
142
123
141
111
99
91
101
102
92
90
80
90
70
6
5
5
4
4
4
5
4
Dec
50
45
46
42
48
36
44
37
28
60
3
36
4
3
6
2
3
3
2
2
2
Jan
Feb
Mar
Apr
.462
1,418
^1,546
*>1,548
,430
,405
V 1,519
p 1,524
86
88
*123
59
63
90
103
27
25
34
52
82
85
52
51
76
3
3
4
27
31
39
P4
103
5
45
ns5
NOTE.—Beginning with 1959, Census Bureau series includes both farm
and nonfarm series developed initially by the Bureau of Labor Statistics.
Series before 1959 reflect recent Census Bureau revisions which are not
available by area or type of structure. Complete revisions pre-1959
2>H9
»153
393
271
128
102
458
336
328
339
292
264
103
115
118
103
97
90
99
77
72
..
277
195
193
337
37
44
52
30
32
33
152
161
164
145
145
126
143
114
100
Sept
Oct
VA
68
1.501
1,507
1,585
1,483
1,408
1,433
1,559
1,429
1,609
1,021
FHA
227
214
295
422
535
524
1.531
1,529
,611
1,505
1,430
1,457
,591
1,455
,646
Apr
May
995
975
992
Total
670
465
322
439
19
24
49
56
44
44
49
53
53
July
1965
2family
are pending. Data from Federal Housing Admin, and Veterans Admin,
represent units started, based on field office reports of first compliance
inspections.
880
EMPLOYMENT
JUNE 1965
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons unless otherwise indicated)
Civilian labor force, S.A.
Total noninstitutional
population
N.S.A.
Period
Not in the
labor force
N.S.A.
Total
labor
force
S.A.
Unemployed
Unemployment
rate 2
(per cent)
S.A.
Employed *
Total
Total
In nonagricultural
industries
In
agriculture
1959
1960 3
1961
1962
1963
1964
123,366
125,368
127,852
130,081
132,125
134,143
51,420
52,242
53,677
55,400
56,412
57,172
71,946
73,126
74,175
74,681
75,712
76,971
69,394
70,612
71,603
71,854
72,975
74,233
65,581
66,681
66,796
67,846
68,809
70,357
59,745
60,958
61,333
62,657
63,863
65,596
5,836
5,723
5,463
5,190
4,946
4,761
3,813
3,931
4,806
4,007
4,166
3,876
5.5
5.6
6.7
5.6
5.7
5.2
1964—May
June
July
Aug
Sept
Oct
Nov
Dec
133,866
134,041
134,216
134,400
134,586
134,772
134,952
135,135
56,376
54,652
55,258
55,891
57,721
57,661
58,055
58,568
77,225
77,049
76,928
77,006
77,023
76,996
77,140
77,432
74,477
74,305
74,188
74,255
74,280
74,259
74,409
74,706
70,639
70,345
70,496
70,458
70,465
70,379
70,755
71,004
65,790
65,519
65,632
65,641
65,650
65,658
66,084
66,463
4,849
4,826
4,864
4,817
4,815
4,721
4,671
4,541
3,838
3,960
3,692
3,797
3,815
3,880
3,654
3,702
5.2
5.3
5.0
5.1
5.1
5.2
4.9
5.0
1965 Jan
Feb
Mar
Apr
May
135,302
135,469
135,651
135,812
135,982
59,603
59,051
59,039
58,504
57,556
77,621
77,755
77,647
78,063
78,127
74,914
75,051
74,944
75,377
75,443
71,284
71,304
71,440
71,717
71,937
66,771
66,709
66,890
66,874
66,979
4,513
4,595
4,550
4,843
4,958
3,630
3,747
3,504
3,660
3,506
4.8
5.0
4.7
4.9
4.6
1 Includes self-employed, unpaid family, and doi>mestic service workers.
2 Per cent of civilian labor force.
3 Inclusion of figures for Alaska and Hawaii beginning with 1960 increased population by about 500,000 and total labor force by about
300,000. Most of the increase was in nonagricultural industries.
NOTE.—Information relating to persons 14 years of age and over is obtained on a sample basis. Monthly data relate to the calendar week that
contains the 12th day; annual data are averages of monthly figures.
Bureau of Labor Statistics.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
(In thousands of persons)
Period
1959i
I960.
1961
1962
1963
1964
Contract
construction
Total
Manufacturing
53,297
54,203
53,989
55,515
56,643
58,188
16,675
16,796
16,326
16,853
17,005
17,303
732
712
672
650
635
635
2,960
2,885
2,816
2,902
2,983
3,106
57,931
58,104
58,256
58,301
58,458
58,382
58,878
59,206
17,225
17,285
17,344
17,339
17,449
17,171
17,505
17,622
631
639
639
634
634
638
639
637
59,334
59,676
59,992
59,916
60,064
17,705
17,772
17,849
17,894
17,888
57,874
58,596
58,418
58,680
59,258
59,164
59,441
59,938
58,271
58,398
58,847
59,547
60,014
Transportation & public utilities
Trade
Finance
Service
Government
4,011
4,004
3,903
3,906
3,914
3,976
11,127
11,391
11,337
11,566
11,803
12,188
2,594
2,669
2,731
2,800
2,873
2,944
7,115
7,392
7,610
7,947
8,230
8,533
8,083
8,353
8,594
8,890
9,199
9,502
3,093
3,106
3,107
3,103
3,080
3,106
3,162
3,244
3,968
3,965
3,983
3,999
4,005
3,996
3,997
4,020
12,135
12,187
12,223
12,231
12,229
12,278
12,311
12,362
2,934
2,943
2,948
2,951
2,960
2,964
2,970
2,975
8,489
8,509
8,561
8,573
8,592
8,633
8,634
8,654
9,456
9 470
9,451
9,471
9,509
9,596
9 660
9,692
633
635
633
629
627
3,235
3,281
3,304
3,188
3,217
3,939
3,997
4,042
4,045
4,059
12,447
12,532
12,622
12,568
12,621
2,979
2,987
2,997
2,998
3,004
8 689
8,730
8,754
8,764
8,794
9 707
9,742
9.791
9,830
9.854
17,135
17,350
17,299
17,498
17,792
17,428
17,638
17,601
634
651
646
647
645
644
643
635
3,130
3,308
3,424
3,482
3,391
3,376
3,273
3,053
3,952
4,005
4,031
4,043
4,045
4,028
4,013
4,024
12,031
12,180
12,173
12,201
12,243
12,341
12,518
13,166
2,931
2,964
2,998
2,998
2,972
2,961
2,958
2,957
8,548
8,654
8,698
8,676
8,661
8,676
8,608
8,585
9,513
9,484
9 149
9,135
9,509
9,710
9.790
9,917
17,456
17,538
17,643
17,729
17,800
619
616
615
623
630
2,837
2,756
2,865
3,022
3,256
3,880
3,933
3,985
4,005
4,043
12,275
12,209
12,262
12,522
12,513
2,949
2,960
2,973
2,986
3,001
8,515
8,564
8,623
8,755
8,856
9,740
9,822
9,881
9,905
9,915
Mining
SEASONALLY ADJUSTED
1964—May
July
Sept
Oct
Nov
Dec
1965—Jan
Feb
Mar
Mavp
NOT SEASONALLY ADJUSTED
1964 May
July
Aue
Sept
Oct
Nov
Dec
1965—Jan
Feb
Mar
Mavp
i Data include Alaska and Hawaii beginning with 1959.
NOTE.—Bureau of Labor Statistics; data include all full- and parttime employees who worked during, or received pay for, the pay period
that includes the 12th of the month. Proprietors, self-employed persons,
domestic servants, unpaid family workers, and members of the armed
forces are excluded.
JUNE 1965
881
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands of persons)
Seasonally adjusted
Industry group
Total
Not seasonally adjusted
1964
1965
May
Mar.
3
Apr.*
May?
1964
3
1965
May
Mar.
Apr.p
MayP
12,736
13,298
13,314
13,306
12,666
13,108
13,175
13,241
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries. .
7,174
109
532
331
493
972
910
1,109
1,024
1,146
232
316
7,615
100
544
352
508
1,047
957
1,179
1,113
1,237
241
337
7,645
99
536
353
504
1,042
982
1,179
1,126
1,245
242
337
7,635
100
533
354
502
1,030
977
1,183
1,134
1,249
240
333
7,201
108
534
325
499
994
911
1,121
1,011
1,155
230
313
7.523
100
511
347
484
1,053
941
1,191
1,100
1,237
240
322
7,616
99
519
349
498
1,060
972
1,196
1,109
1,246
240
328
7,665
99
535
348
509
1,054
978
1,196
1,119
1,259
239
330
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing, and allied industries
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products
5,562
1,144
77
800
1,160
493
604
527
116
330
311
5,683
1,147
72
824
1,199
500
616
539
114
354
318
5,669
1,124
72
824
1,207
501
618
538
113
356
316
5,671
1.122
72
823
1,210
500
619
540
112
355
318
5,465
1,085
65
800
1,141
490
601
534
117
328
304
5,585
1,059
65
818
1,215
494
614
540
112
350
318
5,559
1,052
62
822
1,191
497
616
547
112
351
308
5,576
1,064
61
823
1,191
497
616
546
113
353
311
the pay period that includes the 12th of the month.
NOTE.—Bureau of Labor Statistics; data cover production and related
workers only (full- and part-time) who worked during, or received pay for,
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
Average hours worked
(per week; S.A.)
1964
Industry group
May
Total
.
.
.
.
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
Xransporation equipment
Instruments and related products
.
Miscellaneous manufacturing industries...
Nondurable goods
Food and kindred products.
Tobacco manufactures
Textile-mill products
Paper and allied products
Printing, publishing, and allied industries.
Chemicals and allied products
Rubber products
Leather and leather products
•
1964
1965
Mar.
Apr.*
May
p
May
1965
Mar.
Apr..
Average hourly earnings
(dollars per hour; N.S.A.)
1964
May?
May
1965
Mar.
Apr. p
May79
40.6
41.4
40.9
41.1 102.97 107.12 105.82 107.53
2.53
2 60
2 60
2 61
41.3
40.2
40.2
41.2
41.6
41.5
41.7
42.3
40.4
41.9
40.8
39.5
42.3
41.4
40.7
42.0
41.7
42.5
42.7
43.4
41.3
43.6
41.6
40.0
41.8
40.9
40.4
41.1
41.2
43.7
41.8
42.2
40.5
42.4
40.5
39.4
41.8
41.6
40.9
41.6
41.9
41.7
42.4
43.1
40.8
42.5
41.1
39.8
112.47
119.90
86.67
81.81
106.93
129.58
112.02
122.69
101.56
129.67
102.56
81.95
117.04
127.20
86.40
86.53
106.19
134.73
115.48
127.60
105.63
138.24
107.38
85.20
115.93
125.15
87.02
84.45
107.27
140.68
113.71
124.10
103.57
134.51
104.78
83.10
117.18
128.24
91.05
85.89
111.09
133.14
117.73
128.46
105.01
136.21
107.01
84.56
2.71
2.99
2.14
2.02
2.54
3.10
2.68
2.88
2.52
3.08
2.52
2.08
2.78
3.08
2.16
2.09
2.59
3.17
2.73
2.94
2.57
3.20
2.60
2.13
2.78
3 06
2.17
2 08
2.61
3.19
2 74
2.92
2.57
3.18
2.60
2.12
2.79
3 09
2.21
2 10
2.62
3.17
2 77
2.96
2 58
3.19
2.61
2.13
39.7
41.0
39.7
41.0
36.0
42.9
38.5
41.6
41.9
41.4
38.1
40.2
41.0
38.8
42.0
36.8
43.2
38.5
41.8
42.2
42.4
38.3
39.8
40.8
36.1
41.3
35.9
42.5
38.5
42.4
42.8
41.2
38.4
40.0
40.9
37.3
41.6
36.7
43.2
38.5
41.9
42.0
41.7
38.5
90.91
98.40
80.17
72.75
63.54
108.46
114.35
116.20
133.14
104.74
68.43
93.60
98.98
79.61
76.91
67.52
111.97
116.96
118.29
134.46
108.78
71.43
92.20
99.05
78.76
75.03
63.90
109.72
115.67
120.42
139.40
104.70
69.75
94.00
101.02
80.81
76.73
65.88
112.66
117.04
119.99
135.98
107.59
71.06
2.29
2.40
2.04
1 .77
1.77
2.54
2.97
2.78
3.17
2.53
1.82
2.34
2.45
2.14
1.84
1.82
2.61
3.03
2.83
3.24
2.59
1.87
2 34
2.47
2 20
1.83
1.79
"> 60
3.02
2.84
3.28
2.56
1.88
2 35
2.47
2 19
1.84
1.80
2 62
3.04
2.85
3 23
2.58
1.87
NOTE.—Bureau of Labor Statistics; data are for production and related
workers only.
Average weekly earnings
(dollars per week; N.S.A.)
882
PRICES
JUNE 1965
CONSUMER PRICES
(1957-59= 100)
Housing
All
items
Period
Food
Total
Homeownership
Rent
Health and recreation
Fuel
oil
and
coal
Gas
and
electricity
Fur- Apparel Transnishportaand
ings
tion
upkeep
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
57.3
75.0
58.2
67.3
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
1956
1957
1958
1959
94.7
98.0
100.7
101.5
94.7
97.8
101.9
100.3
95.5
98.5
100.2
101.3
96.5
98.3
100.1
101.6
94.1
98.2
100.4
101.4
95.9
100.8
99.0
100.2
95.9
96.9
100.3
102.8
97.3
99.4
99.9
100.7
97.8
99.5
99.8
100.6
91.3
96.5
99.7
103.8
93.6
97.0
100.3
102.8
91.8
95.5
100.1
104.4
93.7
97 1
100.4
102.4
93.4
96 9
100.8
102.4
95.8
98 5
99.8
101.8
I960
1961
1962
1963
1964
103.1
104.2
105.4
106.7
108.1
101.4
102.6
103.6
105.1
106.4
103.1
103.9
104.8
106.0
107.2
103.1
104.4
105.7
106.8
107.8
103.7
104.4
105.6
107.0
109.1
99.5
101.6
102.1
104 0
103.5
107.0
107.9
107.9
107.8
107.9
101.5
101.4
101.5
102.4
102.8
102.2
103.0
103.6
104.8
105.7
103.8
105 0
107.2
107 8
109.3
105.4
107.3
109.4
111.4
113.6
108.1
111.3
114.2
117.0
119.4
104.1
104.6
106.5
107.9
109.2
104.9
107 2
109.6
111 5
114 1
103.8
104.6
105.3
107 1
108.8
1929
1933 .
1941
1945
. . . .
- .
1964
Apr
May
June.. .
July
Aug
Sept
Oct
Nov
Dec
107.8
107.8
108.0
108.3
108.2
108.4
108.5
108.7
108.8
105.7
105.5
106.2
107.2
106.9
107.2
106.9
106.8
106.9
107.0
106.9
107.1
107.1
107.2
107.4
107.6
107.7
107.8
107.7
107.7
107.8
107.8
107.9
107.9
108.2
108.3
108.4
108.6
108.4
108.7
108.9
109.2
109.5
109.6
109.8
110.0
103.3
102.1
101.4
100.9
100.9
101.5
102.9
103.7
105.8
108.0
108.0
108.1
107.9
108.2
108.2
108.2
108.1
108.3
102.9
102.9
102.9
102.8
102.6
102.8
102.8
102.9
102.9
105.6
105.7
105.7
105.5
105.3
105.9
106.2
106.4
106.6
109.0
109.1
109.2
109.4
109.3
108.9
109.4
110.0
110.5
113.4
113.5
113.5
113.7
113.8
113.9
114.0
114.2
114.3
119.0
119.1
119.3
119.5
119.8
119.7
119.9
120.2
120.3
108.7
108.9
109.1
109.3
109.4
109.5
109.7
109.7
110.0
114 0
114.1
114 0
114.1
114.2
114 3
114.5
114 9
114.9
108.6
108.7
108.7
108.9
108.9
109.0
109.1
109.1
109.2
1965
Jan
Feb
Mar
Apr
108.9
108.9
109.0
109.3
106.6
106.6
106.9
107.3
108.1
108.2
108.2
108.2
108.4
108.5
108.7
108.8
110.6
110.9
110.8
110.8
106.5
106.7
106.5
105.4
108.0
107.8
107.7
107.7
102.8
102.8
103.1
103.1
105.6
105.8
106.0
106.3
111.1
110.6
110.6
111.0
114.5
114.7
114.9
115.4
120.6
121.0
121.4
121.6
110.0
110.1
110.4
110.7
115.0
115.2
115 4
115.9
109.3
109.4
109.5
110.3
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
All
Farm
com- prodmodi- ucts
ties
Period
Processed
foods
Total
Textiles,
etc.
Hides, Fuel,
etc.
etc.
Chem- Rubicals,
ber,
etc.
etc.
Lumber,
etc.
Paper, Metals Machinetc.
etc.
ery
NonFurni- meture, tallic
etc.
minerals
ToMisbacco cellaetc.
neous
1956
1957
1958
1959
96.2
99.0
100.4
100.6
96.6
99.2
103.6
97.2
94.3
97.9
102.9
99.2
96.5
99.2
99.5
101.3
100.7
100.8
98.9
100.4
94.8
94.9
96.0
109.1
97.4
102.7
98.7
98.7
97.5
99.6
100.4
100.0
100.6
100.2
100.1
99.7
103.8
98.5
97.4
104.1
97.2
99.0
100.1
101.0
97.8
92.1
99.7
97.7
99.1 100.1
101.2 102.2
96.9
99.4
100.2
100.4
95 2
95 1
98.9
98.0
99 9
99 7
101.2 102.2
98 1
96.6
101 5
101.9
1960
1961
1962
1963
1964
100.7
100.3
100.6
100.3
100.5
96.9
96.0
97.7
95.7
94.3
100.0
100.7
101.2
101.1
101.0
101.3 101.5
99.7
100.8
100.8 100 6
100.7 100.5
101.2 101.2
105.2
106.2
107.4
104.2
104.6
99.6
100.7
100.2
99.8
97.1
100.2
99.1
97.5
96.3
96.7
99.9
96.1
93.3
93.8
92.5
100.4
95.9
96.5
98.6
100.6
101.8
98.8
100.0
99.2
99.0
101.3
100.7
100.0
100.1
102.8
102.4
102.3
102.3
102.2
102.9
100.1
99.5
98 8
98.1
98.5
101 4
101.8
101 8
101.3
101.5
102 5
103.2
104 1
106.1
107.4
99 3
103.9
107 3
110.4
109.2
100.3
100.1
100.0
100.4
100.3
100.7
100.8
100.7
100.7
94.4
93.7
93.2
94.1
93.6
95.7
93.8
94.0
92.7
100.4
99.4
100.2
101.2
101.0
102.2
101.7
100.9
100.8
101.1
101.1
100.9
101.1
101.1
101.1
101.5
101.6
101.8
101.1
101.2
101.0
101.1
101.2
101.2
101.4
101.4
101.5
104.5
104.7
104.8
105.4
105.6
105.4
106.0
105.5
105.4
96.1
96.4
96.3
96.7
96.4
95.2
96.7
97.6
98.1
96.6
96.7
96.5
96.6
96.5
96.6
96.9
97.1
97.2
93.1 101.8
92.6 101 8
91.6 101.4
91.8 101.2
91.8 100.9
91.9 100.6
92.1 100.3
92.2
99.6
92.2
99.4
99.1
98.7
98.7
98.7
98.7
98.7
99.1
98.9
98.9
102.2 102.9
102.1 103 3
102.3 103.0
102.5 103.1
103.0 102 9
103.0 102.9
103.8 103.0
104.3 103 2
104.7 103.1
98.6
98 6
98.5
98.6
98 6
98.6
98.5
98.5
98.4
101.3
101 3
101 4
101.5
101 7
101 8
101.8
101 8
101.6
107.1 109.5
107 3 107 2
107.4 106 7
107.3 107.5
107 5 107 3
107.5 109 2
107.6 110.1
107 5 108 5
107.5 110.7
93.0
94.5
95.4
97.6
102.2
102.1
101.8
102.3
101.9
101.9
102.0
102.1
101.5
101.5
101.5
101.5
104.9
105.1
105.7
106.3
98.5
97.9
97.9
97.7
97.3
97.5
97.5
97.6
92.3 100.8
92.2 100.8
92.2 r100.7
92.3 100.5
99.0
99.0
99.5
99.8
104.5
104.6
104.8
105.1
98.3 101.7
98.2 101.8
98 3 r101 9
98.2 101.9
1964
Apr
M.ay
June
July
Aug
Sent
Oct
Nov
Dec
1965—Jan
Feb
Mar
Apr
. . . .
101.0
101.2
101.3
101.7
r
See next page for composition of other commodities.
r
103.3
103.5
103 5
103.6
107.5
107.6
107 5
107.6
110 0
109.6
109 5
110.3
JUNE 1965
883
PRICES
WHOLESALE PRICES: DETAIL
(1957-59- 100)
1964
1965
Group
Apr.
Feb.
105.9
103.3
82.4
102.1
99.6
79.5
107.4
99.5
102.5
90.5
88.4
91.8
103.5
76.7
120.6
97.2
107.8
88.3
107.1
107.9
92.1
107.8
107.3
115.5
98.1
90.0
75.1
77.1
87.7
110.0
100.3
110.0
96.7
107.6
109.1
99.9
101.9
114.4
100.5
103.2
95.5
116.4
102.3
115.8
99.6
103.3
96.3
135.5
103.1
118.6
99.6
103.1
96.4
131.4
103.1
119.2
88.1
102.0
108.3
103.8
90.2
103.2
109.1
102.8
92.1
105.7
109.1
r
102.9
95.0
106.1
120.4
101.3
91.1
98.3
107.3
124.1
100.8
93.9
94.4
104.8
91.6
95.4
87.3
103.9
100.2
99.3
Mar.
Apr.
r
107.8
90.6
89.8
91.6
'100.1
86.9
119.2
95.2
Woodpulp
117.6
Wastepaper
91.2
Paper
91.4
Paperboard
91.6
Converted paper and paperboard.
101.6
Building paper and board
91.2
119.4
95.6 Metals and Metal Products
108.1
92.4
107.5
108.3
93.6
107.5
100.7
108.1
94.0
110.0
109.7
102.6
102.3
112.4
101.0
108.2
94.0
116.6
110.3 Machinery and Motive Products:
103.7
Agricultural machinery and equip
102.3
Construction machinery and equip...,
111.7
Metalworking machinery and equip..,
General purpose machinery and
equipment
Miscellaneous machinery
,
99.7
Special industry machinery and
103.1
equipment (Jan. 1961= 100)
96.1
Electrical machinery and equip
134.5
Motor vehicles
103.1
Transportation equip., R.R. rolling
118.5
stock (Jan. 1961= 100)
Processed Foods:
Cereal and bakery products
Meat, poultry, and fish
Dairy products and ice cream
Canned and frozen fruits and vegetables
Sugar and confectionery
Packaged beverage materials
Animal fats and oils
Crude vegetable oils
Refined vegetable oils
Vegetable oil end products
Miscellaneous processed foods
r
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
97.3
107.3
124.1
100.8
94.0
94.7
105.2
90.4
94.6
118.3
105.0
103.8
99.7
94.5
104.4
90.3
94.6
118.7
105.2
104.3
99.8
Flat glass
Concrete ingredients
Concrete products
94.8
104.4
Structural clay products
90.4
Gypsum products
Asphalt roofing
94.7
121.3
Other nonmetallic minerals
105.3
104.3 Tobacco Products and Bottled Bever99.9
ages :
91.3
89.2
97.8
90.7
88.5
96.5
90.6
88.5
96.5
102.0
108.8
94.9
101.4
107.5
93.0
101.3
107.6
r
92.2
r
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
Nonalcoholic beverages
91.6
88.5
96.5 Miscellaneous Products :
Lumber and Wood Products:
Lumber
Millwork
Plywood
NOTE.—Bureau of Labor Statistics.
Iron and steel
,
Nonferrous metals
Metal containers
,
Hardware
Plumbing equipment
,
Heating equipment
Fabricated structural metal products.
Fabricated nonstructural metal products
96.3 Furniture and Other Household Durables:
103.6
109.6
Household furniture
104.7
Commercial furniture
Floor coverings
Household appliances
Television, radios, and phonographs.
95.5
107.3
Other household durable goods
121.9
100.8
94.1 Nonmetallic Mineral Products :
Fuels and Related Products, and Power.
Coa!
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100)
Petroleum products, refined
Apr.
Feb.
Mar.
Apr.
96.2
90.2
103.6
96.5
98.6
93.5
98.1
96.0
103.8
96.4
98.0
92.2
98.1
96.2
103.8
96.3
r
98.8
92.2
98.1
97.3
104.0
96.3
99.3
92.3
100.2
104.0
105.6
104.8
100.3
92.1
98.9
101.2
112.2
105.7
104.8
104.2
91.4
100.2
101.3
112.7
105.7
105.4
104.2
91.6
100.3
101.4
113.8
105.7
105.4
104.2
92.0
100.5
108.9
109.0
109.1
109.2
112.7
112.2
111.4
114.4
114.3
115.6
114.6
114.5
115.6
114.8
115.0
115.7
104.7
104.4
104.4
105.1
r
104.4
r
105.1
104.5
105.2
105.8
97.7
99.9
107.3
96.6
100.9
107.8
96.6
100.8
107.8
96.9
100.8
100.1
100.6
100.6
100.6
105.2
103.1
100.1
91.6
87.3
104.1
106.2
103.6
98.0
90.0
85.9
104.8
106.2
103.6
r
97.9
90.0
85.9
104.8
106.1
103.6
97.7
90.0
85.9
104.8
102.8
102.8
100.6
104.5
108.6
86.4
101.3
101.6
103.2
101.2
105.1
107.7
91.2
101.3
101.6
103.2
101.2
105.1
108.4
r
91.7
101.6
101.6
103.2
101.3
105.1
108.1
92.1
101.6
106.0
100.7
125.3
106.1
100.9
128.1
106.1
100.6
128.1
106.1
100.7
128.1
100.8
114.8
99.1
103.2
102.4
101.6
114.3
99.1
103.6
103.3
-101.7
114.2
99.1
r
103.5
103.3
101.9
115.4
99.!
103.8
103.4
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
1965
1964
Group
101.0
107.6
91.9
Toys, sporting goods, small arms
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment...
Other miscellaneous products
884
NATIONAL PRODUCT AND INCOME
JUNE 1965
GROSS NATIONAL PRODUCT OR EXPENDITURE
(In billions of dollars)
1965
1964
Item
1929
1933
1941
1950
1960
1961
1962
1963
1964
II
Gross national product
104.4
III
IV
56.0 125.8 284.6 502.6 518.7 556.2 583.9 622.6 608.8 618.6 628.4 634.6 648.8
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
71.8
40.7
21.1
19.7
27.6
3.5
3.2
68.8
41.0
21.1
19.8
25.9
1.9
1.5
79.1
44.2
23.6
20.6
29.0
5.9
5.3
82.0
46.6
25.2
21.3
31.0
4.4
3.9
87.7
48.9
26.0
22.9
35.
3.7
3.6
85.9
49.2
26.9
22.3
34.2
2.5
2.2
87.2
48.9
26.2
22.7
34.6
3.7
3.4
87.3
48.9
25.7
.2
2.4
2.3
1.1
6.0
4.8
.6
13.1
12.5
3.0
26.3
23.3
4.6
27.6
23.0
4.0
29.2
25.2
4.4
30.7
26.3
7.0
35.2
28.2
7.7
34.5
26.8
5.7
33.7
27.9
8.0 24.8
16.9
2.0
. 13.8
2.0 ' 3.2
39.0
19.3
14.3
5.2
99.6 108.0 116.3 122.6 128.6 125.2 129.6 129.5 130.0 131.0
65.1
53.1 57.4 62.9 64.7 65.5 64.3 67.1 65.5 65.3
45.7 49.0 53.6 55.2 55.4 54.0 57.0 55.2 55.3 54.4
8.0
8.9 10.2 10.3 11.2 11.5 11.0 11.2 11.3 11.9
1.2
.6
.9
.9
1.2
.6
.8
1.1
1.2
.9
46.5 50.6 53.5 57.9 63.0 60.9 62.5 64.1 64.6 65.9
Net exports of goods and services.
Exports
Imports
.8
7.0
6.3
Government purchases of goods and services..
8.5
Federal
1.3
National defense
>
1.3
Other
Less: Government sales
7.2
State and local
Gross national product in constant (1954)
dollars
46.4
3.5
22.3
20.7
81.9 195.0 328.2 337.3 356.8 375.0 399.3 390.0 396.1 404.6 406.5 418.1
9.7 30.4 44.9 43.7 48.4 52.1 57.0 55.9 57.0 58.7 56.3 62.0
43.2 99.8 151.8 155.4 162.0 167.5 177.3 172.9 175.3 179.5 181.3 184.3
29.0 64.9 131.5 138.3 146.4 155.3 165.1 161.1 163.8 166.4 169.0 171.7
Personal consumption expenditures.
Durable goods
Nondurable goods
Services
6.0
7.8
35.6
2.8
2.7
90.4
48.7
25.1
23.6
36.0
5.7
6.1
94.7
49.9
26.2
23.7
37.9
6.8
7.0
7.0
35.7
28.7
7.7
37.1
29.4
5.0
33.7
28.7
23.1
181.8 126.6 238.1 318.1 439.9 447.9 476.4 492.6 516.0 508.0 513.5 519.6 522.7- 532.2
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. For back data and explanation of series
see National Income 1954 Edition, A Supplement to the Survey of Current
Business; U.S. Income and Output, A Supplement to the Survey 0/Current
Business (1958); and the July 1964 Survey of Current Business.
NATIONAL INCOME
(In billions of dollars)
1964
Item
1929
1933
1941
1950
1960
1961
1962
1963
1965
1964
III
IV
National income
87.8
40.2 104.7 241.9 414.5 426.9 455.6 478.5 510.1 498.4 507.1 514.5 520.6 534.3
Compensation of employees
51.1
29.5
64.8 154.2 293.6 302.2 323.1 340.3 361.7 352.5 358.6 364.8 370.6! 378.3
Wages and salaries
Private
Military
Government civilian
50.4
45.5
.3
4.6
.7
29.0
23.9
.3
4.9
.5
62.1 146.4 271.3 278.8 297.1 312.1 331.6 323.2 328.7 334.4 339.9 347.2
51.9 124.1 222.9 227.0 241.6 252.9 267.4 260.8 265.3 269.4 274.0 280.5
1.9
5.0
9.9 10.2 10.8 10.9 11.8 11.7 11.7 11.8 11.9 11.9
8.3 17.3 38.5 41.6 44.7 48.3 52.4 50.7 51.7 53.2 54.0 54.9
7.8 22.3 23.4 25.9 28.2 30.1
2.7
29.4 29.9 30.4 30.7 31.1
.1
.6
.4
2.0
.7
4.0
3.8
11.3
11.0
11.8
11.6
13.6
12.3
15.1
13.1
16.0
14.1
15.7
13.7
15.9
14.0
16.2
14.2
16,2
14,5
16.4
14.7
14.8
5.6
17.4
37.5
46.2
48.2
49.8
50.6
52.0
51.2
51.7
52.1
52.8
52.7
8.8
6.0
3.2
2.4
10.9
6.5
23.5
14.0
34.2
12.0
35.3
12.9
36.6
13.2
37.6
13.0
39.3
12.7
38.6
12.6
39.1
12.6
39.6
12.6
39.91
12.9
40.4
12.2
5.4
2.0
3.5
9.0
12.1
12.2
12.2
12.3
12.4
12.4
12.4
12.4
12.5
12.5
10.1 - 2 . 0
14.5
35.7
44.5
44.1
48.4
50.8
57.4
56.4
57.9
58.1
57.01
62.6
9.6
1.4
8.3
5.8
2.4
.2
.5
-.4
2.1
-2.4
17.0
7.6
9.4
4.5
4.9
40.6
17.9
22.8
9.2
13.6
44.3
22.3
22.0
14.5
7.5
44.2
22.3
21.9
15.2
6.7
48.2
23.2
25.0
16.5
8.5
51.3
24.6
26.7
18.0
8.7
57.6
25.8
31.8
19.8
11.9
56.6
25.4
31.2
19.4
11.8
57.9
26.0
31.9
19.8
12.1
58.0
26.0
32.0
20.0
12.0
57.7
25.9
31.9
20.2
11.7
64.0
27.5
36.5
20.5
15.9
.5
-2.1
-2.5
-5.0
.2
.3
-.4
-.2
-.2
-.1
-.7
-1.4
6.4
5.0
4.5
5.5
18.1
20.1
22.1
24.4
26.8
25.9
26.5
27.1
27.6
28.2
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
NOTE.—Dcpt. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to previous table.
JUNE 1965
885
NATIONAL PRODUCT AND INCOME
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
(In billions of dollars)
i
Item
1929
Gross national product
104.4
Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
7.2
9.0
7.1
.7
.9
11.3
.5
.4
-.1
87.8
Equals: Personal income
Less: Personal tax and nontax payments
Federal
State and local
Equals: Disposable personal income
.2
Disposable personal income in constant (1954)
dollars
1961
1962
1963
1964
1964
II
1965
III
IV
19.1
48.7
50.8
23.7 46.4 49.0 52.8
.8
2.2
2.4
2.4
-.7 -3.0 -2.6 -1.8
55.9
2.4
-2.7
.2
43.0
44.5
1.6
.5
1.6
1.01
53.4
52.5
59.4 57.9
2.5
2.5
-2.0 -1.6
.9
1.0
53.1
53.7
54.4
54.9
59.0 60.1 60.7 61.7
2.5
2.5
2.5 - 12.5
.4
-2.6 -4.0
-2.4
.7
1.0
.9
.6
40.2 104.7 241.9 414.5 426.9 455.6 478.5 510.1 498.4 507.1 514.5 520.6 534.3
-2.0
.9
1.0
5.8
.6
1.5
1.2
2.1
.7
85.8
47.2
2.6
1.3
1.4
1.5
.5
79.0
4.2
Equals: Personal saving
1960
14.5
2.8
35.7
6.9
44.5
20.6
44.1
21.4
48.4
23.9
50.8
26.9
57.4
28.7
56.4
28.0
57.9
28.4
58.1
29.0
57.0
29.3
62.6
29.6
i
83.1
Less: Personal consumption expenditures ..
1950
56.0 125.8 284.6 502.6 518.7 556.2 583.9 622.6 608.8 618.6 628.4 634.6 648.8
7.0
.6
.3
Equals: National income
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
1941
8.6
Plus: Subsidies less current surplus of government enterprises
Less: Corporate profits and inventory valuation adjustment
Contributions for social insurance. . .
Excess of wage accruals over disbursements
1933
1.0
45.7
46.4
2.6
1.3
4.5
.5
14.3
4.8
9.2
27.3
7.8
14.5
2.2
31.3
7.4
15.2
2.4
32.3
8.0
16.5
2.4
34.3
8.6
18.0
2.4
35.7
9.2
19.8
2.5
35.9
9.
19.4
2.5
35.5
9.3
19.8
2.5
35.9
9.3
20.2
2.5
35.5
9.2
20.0
2.5
37.1
9.4
20.5
2.5
96.3 228.5 401.3 417.6 442.4 464.1 491.4 480.9 487.9 494.5 502.2 511.6
3.3
2.0
1.3
20.8
18.2
2.6
93.0 207.7
81.9 195.0
11.1
12.6
-.6
51.4
44.0
52.9
45.1
7.3
7.8
349.9 364.7
328.2 337.3
21.7
27.3
57.9
49.1
384.6
356.8
27.8
61.6
51.9
9.6
402.5
375.0
59.5
49.0
10.6
61.4
51.2
10.2
57.7
47.3
10.5
60.2
49.3
10.9
58.8
48.2
10.6
63.3
52.0
11.3
431.8 419.5 430.2 435.6 442.1 448.3
399.3 390.0 396.1 404.6 406.5 418.1
32.5
29.5
34.0
35.5
31.0
30.2
27.5
134.9 102.1 175.1 231.0 317.8 328.2 343.4 354.9 375.8 366.7 374.7 378.8 383.1 386.7
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.
PERSONAL INCOME
(In billions of dollars)
1964
1963
Item
1964
Apr.
May
June
July
Aug.
1965
Sept.
Oct.
Total personal income.
464.1 491.4 486.6 487.8 489.3 491.4 494.9 497.9 498.7
312.1 331.6 327.7 328.7 330.1 331.8 334.6 337.2 337.3
Wage and salary disbursements
Commodity-producing industries... 123.3 129.8 128.8 128.7 129.4 129.9 130.8 132.1 130.7
98.0 103.0 102.3 102.3 102.7 103.0 103.8 105.1 103.4
Manufacturing only
80.3 84.9 83.7 84.2 84.6 85.2 85.7 86.3 86.8
Distributive industries
49.3 52.6 52.1 52.3 52.4 52.6 52.9 53.4 53.7
Service industries
59.2 64.2 63.0 63.4 63.8 64.1 65.1 65.4 66.0
Government
_i
13.1 14.1
13.9 14.0 14.1
14.2 14.2 14.3 14.4
Other labor income
Proprietors^ income
Business and professional.
Farm
50.6
37.6
13.0
52.0
39.3
12.7
Rental income
.2.3|
Nov.
Dec.
Feb.
Mar.
502.3 505.9 1510.2 511.0 513.8 514.5
340.4 342.6 344.7 347.3 349.6 349.5
133.2 134.6 135.6 136.7 137.8 137.3
105.6 106.8 108.0 108.8 109.9 109.4
87.3 87.7 88.2 89.0 89.6 89.7
53.9 54.1 54.4 54.8 55.0 55.1
65.9 66.2 66.5 66.8 67.1 67.4
14.5
14.5
14.6
14.7
14.7
14.8
52.4\
39.7!
12.7J
52.5
39.8
12.7
52.8
39.9
12.9
53.2
40.1
13.1
53.0
40.3
12.7
52.6
40.4
12.2
52.4
40.5
11.9
52.7
40.6
12.1
12.4
12.4J
12.5
12.5
12.5
12.5
12.5
12.5
12.5
20.0
20.0
19.91
19.9
19.9
20.6!
20.4
20.6
20.7
20.9
51.5
39.0
12.5
51.7
39.1
12.6
51.9
39.3
12.6
51.9
39.5
12.4
,,4
12.4
12.4
12.4
12.4
19.8
19.9
52.2
39.6
12.6
Dividends
18.0
19.8
19.8
Personal interest income.
32.9
36.0
35.5
35.7
35.9
36.0
36.2
36.5
36.7
36.9
37.2
37.4
37.6
37.8
38.0
Transfer payments
36.7
38.2
38.2
38.0
37.6
37.8
38.0
38.0
38.3
38.4
38.5
140.8
38.9
39.2
39.3
11.8
12.7
12.5
12.5
12.6
12.7
12.8
12.9
12.9
13.0
13.1
13.2
13.2
13.2
13.2
Less: Personal contributions
social insurance
Nonagricultural income.
Agricultural income
for
446.6 474.2 469.7 470.7 472.1 474.4 477.8 480.6 481.4 484.9 488.611493.2 494.5 497.6 498.1
17.5
17.1
17.0
17.1
17.2
1
Includes stepped-up rate of Govt. life insurance dividend payments
to veterans in the amount of $2.0 billion.
16.9
17.1
17.2
17.3
17.5
17.4
17.0
16.5
16.2
16.4
NOTE.—Dept. of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.
886
JUNE 1965
FLOW OF FUNDS
SAVING, INVESTMENT, AND FINANCIAL FLOWS
(In billions of dollars)
1962
Transaction category,
or sector
1961
1962
1963
1963
1964
II
IV
1964
III
IV
II
III
IV
I. Saving and investment
1
2
3
4
5
6
7
8
9
10
119.4 115.9 129.8 138.7 148.7 131.5 130.6 138.0 140.1 146.1 144.6 148.2 150.4 151.8
Gross national saving
73.5 78.0 83.9 88.2 98.3 84.3 84.9 87.4 87.8 92.4 94.4 100.1 98.7 100.1
Households
12.4 12.5
12.6 12.9
11.6 12.1
11.9 11.5
11.8 12.3 12.3 12.2 12.2 12.3
Farm and noncorp. business
Corporate nonfinan. business . . . . 32.6 33.1 38.4 39.4 44.9 40.3 38.7 38.7 40.4i 39.9 44.2 45.1 45.5 44.9
- . 8 -4.0 -9.6 -7.0 -6.5
2.4 - 5 . 2 - 5 . 2 - 2 . 9 - 6 . 7 - 5 . 6 - 5 . 9 - 2 . 8 - 2 . 0
U.S. Government
-3.3 -3.8 -2.2 -2.4 -2.6 -2.5 -2.8 -2.2 -2.3 —2 1 -2.5 -2.6 -2.8 -2.5
State and local govt
3.9
3.2
3.4
3.4
4.1
2.6
4^2
2.9
3.1
4.7
.9
2.8
2.2
2.3
Financial sectors
Gross national investment
Consumer durable goods
Business inventories
11
12
13
14
Gross pvt. fixed investment
Households
Nonfinan. business
Financial sectors
15
Net financial investment
16 Discrepancy (1-8)
117.4 114.5 128.8 136.7 148.9 131.0 130.2 134.6 136.5 145.5 147.3 148.2 149.9
51.5 52.2 53.6 55.9 56.9 58.5
44.9 43.7 48.4 52.1 56.9 50.2 51.1
4.2
6.4
5.4
2.4
4.4
3.6
2.5
1.9
5.9
3.5
3.6
3.6
3.5
1.0
84.0
22.7
60.7
.6
74.7
22.4
51.9
.4
2.5
2.0
4.6
-.2
.7
.5
58.3
15.4
42.9
62.3
18.5
43.8
70.9
26.9
44.0
58.5
20.8
37.7
7.5
.5
6.8
.2
2.3
4.8
6.8
1.4
4.1
2.2
6.6
4.4
.9
68.3
21.6
46.2
.5
66.9
20.0
46.2
.7
73.3
21.4
51.3
.6
77.7
21.9
54.8
.7
2.0
2.0
1.4
1.3
.9
35.0
15.0
20.0
46.9
16.3
30.7
-2.0
3.1
-5.6
.5
2.0
1.4
.6
35.0
7.6
8.8
-1.4
.2
2.8
2.0
.8
36.6
5.3
1.7
2.2
1.4
31.3
4.9
7.3
11.4
7.7
46.9
150.2
56.1
5.5
76.7j
21.5
54.4j
.91
78.7
22.2
55.3
1.2
80.8
22.4
57.1
1.3
83.5
22.9
59.4
1.2
83.5
22.8
60.2
.4
84.3
22.6
61.4
.4
84.6
22.4
61.8
.4
2.7|
3.41
1.4
3.6
4.8
5.5
-2.7
4.2
4.5
.4
4.0
1.6
59.3
17.5
41.8
72.5
28.4
44.1
53.7
4.5
49.2
63.7
23.5
40.2
68.2
26.1
42.1
78.5
28.6
49.9
65.7
14.6
51.1
71.3
38.3
33.0
10.9
6.6
4.0
.3
3.7
1.6
11.6 - 5 . 0
9.0 - 1 0 . 4
6.4
3.3
- . 7 -1.0
1.4
5.0
3.1
1.0
1.8
.5
55.9 57.3
16.9
15.0
6.9
7.1
5.2
2.6
39.0 42.4
7.0
7.5
2.
4.2
15.8
16.3
13.4
14.3
72.5 53.7
2.9 - 7 . 7
3.6
2.6
-.4
7.1
1.7
.3
11.6
9.1
3.5
-1.0
4.1
4.1
7.9
.8
5.5
1.7
4.0
3.2
.9
66.5
22.9
7.3
8.4
7.2
43.6
5.9
7.0
16.5
14.3
78.5
-1.1
5.1
2.6
8.4
-6.7
.9
7.5
5.3
2.2
61.2
23.7
6.0
13.1
4.6
37.5
5.6
2.8
15.3
13.9
71.3
-2.4
3.4
4.0
11.8
3.2
74.4
21.6
52.2
.6
II. Financial flows—Summary
17 Net funds raised—Nonfinan. sectors.
18 Loans and short-term securities....
19 Long-term securities and mtgs
By sector
20 U.S. Government
21
Short-term mkt. securities
22
Other securities
23
Loan participation certs
24 Foreign borrowers
25
Loans
26
Securities
27 Pvt. domestic nonfin. sectors
28
Loans
29
Consumer credit
30
Bank loans n.e.c
31
Other loans
32
Securities and mortgages
33
State and local obligations
34
Corporate securities
35
/- to 4-family mortgages
36
Other mortgages
37 Net sources of credit (=17)
38
Chg. in U.S. Govt. cash balance..
39
U.S. Govt. lending
40
Foreign funds
41
Pvt. insur. & pension reserves
42
Sources n.e.c
43
Pvt. domestic nonfin. sectors
44
Liquid assets
45
Deposits
46
Demand dep. and currency
47
Time and svgs. accounts...
48
At commercial banks....
49
At savings instit
50
Short-term U.S. Govt. s e c . . .
1.2
1.0
48.6
13.5
5.5
5.1
2.9
35.
5.0
5.3
13.0
11.9
58.3
3.8
-.4
3.4
2.3
1.0
54.2
15.2
6.7
5.9
2.6
38.9
6.7
3.4
15.2
13.6
62.3
-.4
2.7
2.5
.5
4.7
3.9
.8
59.4
1.2
3.4
1.7
1.7
2.1
1.6
-.2
3.2
3.5
2
58^8
19.9
6.5
11.4
2.0
38.9
6.6
1.7
15.1
15.4
63.7
-1.5
4.5
*
10.5
1.0
4.0
3.'6
2.5
10.4
5.0
2.1
44.6
9.1
6.3
.2
2.5
35.6
5.6
5.0
13.6
11.4
59.3
4.5
.2
3.3
8.7
7.2
9.0
11.1
.5
39.0
31.2
29.8
1.8
28.0
15.0
12.9
1.4
43.3
36.2
33.0
5.0
28.1
13.1
14.9
3.2
49.3
32.8
34.7
6.5
28.1
12.6
15.5
-1.
38.4
34.2
33.8
5.0
28.9
14.0
14.8
.4
35.4
33.3
29.4
-2.7
32.1
15.3
16.8
3.9
47.31
41.5
35.9
10.6
25.3
10.6
14.7
5.6
41.2.
29.0i
28.1
2.1
26.Oj]
13.0
13.0,
.9
49.3
40.7
38.7
9.8
28.9
13.6
15.3
-.5
7.5
-.3
-1.3
7.6
1.3
.6
7.0
-.2
1.9
7.2
2.0
3.4
12.9
-.2
-1.6
7.2
1.4
-1.6
5.4
1.8
2.1
6.6
2.91
5.8
8.2
1.8
54 Total funds raised
55 Less change in U.S. Govt. cash
56 Total net of U.S. Govt. cash
35 .0
.9
34 .2
46.9
58.3
1.3
57.0
62.3
-.4
62.7
70.9
.1
70.8
58.5
3.8
54.71
59.3
4.5
54.8
57 Funds supplied directly to cr. mkts...
58
Monetary authorities
59
Total
60
Less change in U.S. Govt. cash.
34 .2
.8
.7
*
46.9
57.0
1.9
2.0
.1
62.7
2.6
2.9
.3
70.8
3.2
3.4
.2
54.7
1.6
2.3
.6
54.8
4.1
5.3
I.I
69.6l
2.6l
2.2
-.4
15.2
18.6
3.4
22.3
25.7
28.3
28.9
.6
25.7
36.3 !
10.6
51
52
53
Other U.S. Govt. securities
Pvt. credit mkt. instruments. . .
Less security debt
10.0
4.5
2.9
2.6
25.0
3.6
5.3
10.5
5.6
35.0
.9
2.3
3.2
8.2
4.0
2.8
2.0
8.7
3.7
16.5
9.2
13.8
-1.3
15.0
5.4
9.6
-4.6
29.7
24.7
24.2
4.1
20.1
1.3
3.5
2.9
9.0
2.6
18.4
6.8
7.2
4.3
41.1
5.9
5.4
16.0
13.8
70.9
10.2
48.5
13.5
6.4
5.3
1.8
35.0
3.3
4.1
13.5
14.1
58.5
3.8
3.2
2.3
8.8
10.51
11.3
52.4
13.8
6.5
4.3
3.0
38.6
4.2
6.6
15.3
12.5
68.2
8.0
2.8
2.8
9.9
6.5
5.1
2.7
-2.0
6.5
.6
3.0
3.0
*
57.5
13.0
7.5
3.1
2.4
44.6
7.8
5.2
16.9
14.7
65.7
-4.1
3.0
.5
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
4.9
9.4
5.7
2.1
38.2
27.5
24.6
-3.0
27.6
12.5
15.1
3.0
56.3
35.9
36.3
9.5
26.8
11.4
15.4
-.4
51.1
28.7
33.9
5.9
28.1
12.0
16.1
-5.2
1.3
8.6
1.4
1.2
9.3
-.1
6.9
14.1
.6
7.4
14.0
-2.1
14.0
-.4
51
52
53
72.5j 53.7
2.9| - 7 . 7
69.6{ 61.4
63.7
-1.5
65.2
68.2
8.0
60.2
78.5 65.7
— 1.1 - 4 . 1
79.6 69.7
71.3
-2.4
73.7
54
55
56
61.4,
1.0
1.9
65.2
2.6
2.1
60.2
5.5
5.1
69.7
73.7
5.0
5.1
.1
57
58
59
60
19.4
15.5
-4.5
.6
28.9
26.8
-2.5
.4
61
62
63
64
31.4
32.7
27.2
28.9
1.7
65
66
67
5.7
10.7
51.3 43
39.0 44
43.8 45
33.7 46
30.1 47
14.5 48
15.6 49
-4.8 50
III. Direct lending in credit markets
*
46.9
1.5
1.5
61
62
63
64
Commercial banks, net
Total
Less chg. in U.S. Govt. cash...
Security issues
19.7
19.3
-.7
.3
20.6
21.1
-.1
.6
20.1
23.3
3.2
65
66
67
Nonbank finance, net.
Total
Less credit raised.
26.8
33.6
6.9
28.5
32.7
24.8
30.5
68
U.S. Government.
4.2
5.7
3.6
3.2
69
Foreign
70
71
72
73
74
Pvt. domestic nonfin.
Households
Business
State and local govts..
Less net security credit.
2.7
10.3
7.2
2.1
2.9
2.0
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
For other notes, see Apr. 1965 BULLETIN, p. 607.
.4
14.6
10.4
1.3
2.7
-.2
c
23.0
22.9
-1.0
.9
.1
.5
4.5
5.2
1.6
-.9
1.4
2.6
1.1
5.1
6.0
3.0
.8
3.9
11.4
6.0
4.4
3.9
2.9
27.8
38.7
10.9
3.6
25.4
30.7
5.3
19.6
8.4
.9
2.1
.7
23.8
22.6
-1.8
.5
28.4
31.1
2.7
4.5
2.8
4
-.7
10.6
10.4
2.1
-.4
1.4
13.6
5.7
2.9
4.9
-.1
-2.2
13.1
9.5
1.1
4.3
1.8
A
10.4
79.6
1.4
1.3
5.1
3.0
2.1
3.4
68
1.7
69
-2.0
20.0
14.3
1.5
4.8
.6
17.2
10.9
1.9
3.4
-.9
7.5
10.6
-1.0
-2.5
-.4
FLOW OF FUNDS
JUNE 1965
887
PRINCIPAL FINANCIAL TRANSACTIONS
(In billions of dollars)
Transaction category,
or sector
I. Demand deposits and currency
1
2
3
4
5
6
7
8
8
10
Net incr. in banking system liability
U.S. Govt. deposits
Other
Domestic sectors
Households
Nonfinancial business
State and local govts
Financial sectors
Mail float
Rest of the world
11
12
13
14
15
16
17
18
Net increase-^Total
At commercial banks—Total....
Corporate business
State and local govts
Foreign depositors
Households
At savings institutions
Memo: Households total
II. Time and savings accounts
III. U.S. Govt. securities
19 Total net issues
20
Short-term marketable
21
Other
22 Net acquisitions, by sector
23
Monetary authorities
24
Short-term
25
Commercial banks
26
Short-term direct
27
Other direct
28
Nonguaranteed
29
Nonbank finance
30
Short-term direct
31
Other direct
32
Nonguaranteed
33
Foreign
34
Short-term
35
Pvt. domestic nonfinan. sectors.
36
Short-term direct
37
Other direct
38
Nonguaranteed
39
Savings bonds—Households .
IV. Other securities
40 Total net issues, by sector
41
State and local govts
42
Nonfinancial corporations
43
Commercial banks
44
Finance companies
45
Rest of the world
46 Net purchases.
47
Households
48
State and local govts
49
Corporate business
50
Commercial banks
51
Insurance and pension funds...
52
Finance n.e.c
53
Security brokers and dealers.
54
Investment cos.—Net
55
Portfolio purchases
56
Net issues of own shares. .
57
Rest of the world
V. Mortgages
58 Total net lending
59
1- to 4-family
60
In process
61
Disbursed
62
Other
63 Net acquisitions
64
Households
65
U.S. Government
66
Commercial banks
67
Savings institutions
68
Insurance
69
Mortgage companies....
VI. Bank loans n.e.c.
70
71
72
73
Total net borrowing
Nonfinancial business.
Nonbank finance
Rest of the world
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
For other notes see Apr. 1965 BULLETIN, p. 607.
17.9
12.7
2.0
2.9
70
71
72
73
888
JUNE 1965
BANKS AND THE MONETARY SYSTEM
CONSOLIDATED CONDITION STATEMENT
(In millions of dollars)
Liabilities
and capital
Assets
] Hank
e
Gold
Treasury
currency
outstand-
credit
U.S. Government securities
Loans,
net
Total
Commercial
ing
Total
and
savings
banks
Federal
Reserve
Banks
1929—June
1933—June
1939—Dec.
1941_Dec.
1945—Dec.
1947_Dec.
1950—Dec.
1955—Dec.
1959—Dec.
1960—Dec.
1961—Dec.
1962—Dec.
1963—June
Dec.
29....
30....
30....
31....
31....
31....
30....
31....
31....
31
30....
28....
29
20....
4,037
4,031
17,644
22,737
20,065
22,754
22,706
21,690
19,456
17,767
16,889
15,978
15,733
15,582
2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,008
5,311
5,398
5,585
5,568
5,587
5,586
58,642
42,148
54,564
64,653
167,381
160,832
171,667
217,437
255,435
266,782
285,992
309,389
318,697
333,203
41,082
21,957
22,157
26,605
30,387
43,023
60,366
100,031
135,867
144,704
154,017
170,693
178,290
189,433
5 ,741
10 ,328
23 ,105
29 ,049
128 ,417
107 ,086
96 ,560
96 ,736
93 ,497
95 ,461
102 ,308
103 ,684
102 ,418
103 ,273
25,511
101,288
81,199
72,894
70,052
65,801
67,242
72,715
72,563
69,708
69,068
1,998
2,484
2,254
24,262
22,559
20,778
24,785
26,648
27,384
28,881
30,478
32,027
33,552
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
29....
26....
25....
29
27....
30
29....
26
30....
28....
25....
31....
15,500
15,500
15,500
15,500
15,500
15,461
15,500
15,500
15,500
15,500
15,400
15,388
5,600
5,600
5,600
5,600
5,600
5,578
5,600
5,600
5,600
5,500
5,500
5,405
328,700
330,400
334,200
335,000
336,900
343,988
341,300
344,000
351,300
351,000
356,100
365,366
187,200
188,700
191,300
193,500
195,900
201,161
199,300
200,600
205,000
204,100
206,700
214,254
101 ,400
101 ,100
101 ,700
100 ,100
99 ,700
100 ,879
99 ,900
100 ,700
102 ,900
103 ,300
105 ,700
106 ,825
68,100
67,500
67,600
66,200
65,200
65,337
64,300
64,900
66,800
67,200
68,500
68,779
32,700
32,900
33,400
33,100
34,000
34,794
34,800
35,100
35,400
35,200
36,300
37,044
1
5,499
8,199
Other
2,6
26
131
1,204
1,284
2,867
3,328
2,888
1,899
1,048
835
712
643
683
653
600
700
700
800
500
748
700
800
700
900
1,000
1.002
Other
securities
Total
assets,
net—
Total
liabilities
and
capital,
Total
deposits
and
currency
Capital,
and
misc.
accounts,
net
net
11,819
9,863
9,302
8,999
8,577
10,723
14,741
20,670
26,071
26,617
29,667
35,012
37,989
40,497
64,698
48,465
75,171
90,637
191,785
188,148
199,009
244,135
280,202
289,947
308,466
330,935
340,017
354,371
55 ,776
42 ,029
68 ,359
82 ,811
180 ,806
175 ,348
184 ,384
224 ,943
256 ,020
263 ,165
280 ,397
302 ,195
310 ,284
323 ,251
8,922
6,436
6,812
7,826
10,979
12,800
14,624
19,193
24,186
26,783
28,070
28,739
29,732
31,118
40,100
40,600
41,200
41,400
41,300
41,948
42,100
42,700
43,400
43,600
43,700
44,287
349,800
351,400
355,300
356,100
358,000
365,027
362,300
365,100
372,300
372,000
377,000
386,159
319
319
323
323
325
333
329
331
338
338
342
352
,000
,400
,900
,600
,100
,114
,500
,100
,500
,100
,100
,964
30,800
32,000
31,400
32,400
32,900
31,915
32,800
34,000
33,700
33,900
34,900
33,193
DETAILS OF DEPOSITS AND CURRENCY
Related deposits (not seasonally adjusted)
Money supply
Seasonally adjusted
1
e
Total
Currency
outside
banks
1929—June
1933—j un e
1939—Dec.
1941—Dec.
1945 Dec
1947_Dec.
1950—Dec.
1955—Dec.
1959—Dec.
1960—Dec.
1961—Dec.
1962—Dec.
1963—June
Dec.
29
30
30
31
31
31....
30
31....
31....
31....
30....
28....
29....
20....
110,500
114,600
133,500
140,200
139,200
144,800
147,600
148,300
153,100
26,100
24,600
27,400
28,200
28,200
28,700
29,600
30,700
31,700
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
29....
26....
25....
29....
27....
30
29....
26
30....
28....
25....
31....
152,200
151,200
153,100
152,900
151,900
153,500
154,000
154,300
156,900
157,800
156,900
159.300
31,900
32,000
32,400
32,300
32,500
32,700
32,800
32,900
33,100
33,300
33,400
33,500
Demand
deposits
adjusted 1
Total
Currency
outside
banks
Demand
deposits
adjusted 1
Total
Commercial
banks
ForPostal eign
Mutual Savings
net 3
savings2
Sysbanks
tem
84,400
90,000
106,100
112,000
111,000
116,100
118,000
117,600
121,400
26,179
19 172
36,194
48,607
102 341
113,597
117,670
138,199
144,824
144,458
150,578
153,162
147,144
158,104
3 ,639
4 ,761
6 ,401
9 ,615
26 490
26 ,476
25 ,398
28 ,285
29 ,422
29 ,356
30 ,053
30 ,904
31 ,832
33 ,468
540
411
793
992
851
121
272
109, 914
115, 402
115, 102
120, 525
122, 258
115, 312
124, 636
28,611 19,557
21 656 10 849
27,059 15.258
27,729 15,884
48 452 30 135
56,411 35,249
59,247 36,314
78,378 48,359
101,779 65,884
108,468 71,380
121,216 82,145
139,448 97,440
149,322 105,648
155,713 110,794
8,905
9 621
10,523
10,532
15 385
17,746
20,009
28,129
34,947
36,318
38,420
41,478
43,181
44,467
120,300
119,200
120,700
120,600
119,400
120,800
121,200
121,400
123,800
124,500
123,500
125,800
154,300
150,400
150,800
153,100
150,000
153,331
154,000
152,900
155,900
158,400
159,300
167,140
31 ,500
31 ,600
32 ,100
32 ,000
32 ,400
33 ,020
32 ,900
33 ,100
33 ,200
33 ,200
34 ,300
34 ,882
122, 800
118, 800
118, 800
121, 000
117, 600
120, 311
121, 000
119, 800
122, 700
125, 200
125, 000
132, 258
159,200
160,600
162,200
163,500
165,100
166,627
167,700
169,000
170,500
172,100
172,700
175,898
45,100
45,400
45,900
46,000
46,300
46,882
47,100
47,400
47,900
48,100
48,300
49,065
22,
14
29,
38,
75
87,
92,
1
Other than interbank and U.S. Govt., less cash items in process of
collection.
2 Includes relatively small amounts of demand deposits. Beginning
with. June 1961, also includes certain accounts previously classified as
other liabilities.
3 Reclassification of deposits of foreign central banks in May 1961
reduced this item by $1,900 million ($1,500 million to time deposits and
$400 million to demand deposits).
U . S . Government
Time
Not seasonally adjusted
113.600
114^800
115,800
117,100
118,400
119,330
120,300
121,200
122,100
123,600
124,000
126,447
149
1,186
1,278
1,313
2 932
3,416
2,923
1,890
Treasury
cash
holdings
365
50
948
770
651
530
493
452
1,217
1,498
2,141
1,682
2,518
3,167
3,203
3,184
,497
,488
,337
,206
400
400
400
400
400
415
400
400
400
400
400
386
,200
,100
,200
,300
,300
,324
,300
,400
1,400
,400
1,500
1,724
2
2
2
1
1
At
commercial
and
savings
banks
204
264
409
215
287
336
293
767
391
377
422
405
369
392
381
352
$46
1, 395
24, 508
452
2 i 289
5,
6,
6,
7,
11,
6,
319
193
219
390
306
586
400
500
400
400
400
391
400
400
400
500
600
612
3,
6,
8,
4,
7,
10,
5,
6,
9,
5,
7,
6,
100
300
100
400
400
502
300
300
400
4^038
ooo
300
770
At
F.R.
Banks
36
35
634
867
977
870
668
394
504
485
465
602
806
850
800
800
1,100
1,000
900
939
700
1,100
900
700
800
820
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 I of Supplement to Banking and Monetary Statistics, 1962, and
Jan. 1948 and Feb. 1960 BULLETINS.
Except on call dates, figures are partly estimated and are rounded to
the nearest $100 million.
JUNE 1965
COMMERCIAL AND MUTUAL SAVINGS BANKS
889
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
(Amounts in millions of dollars)
Loans and investments
Class of bank
and date
Total
Loans
Total
assets—
Securities
Total
liaCash
bilities
assets
and
capital
U.S.
Other
acGovt.
counts 2
Deposits
Interbank l
Other
NumBor- Total
ber
row- capital
of
ings
banks
Demand
Total
Demand
Time 3
Time
U.S.
Govt.
Other
All banks:
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1955—Dec.
1959—Dec.
1960—Dec.
1961—Dec.
1962—Dec.
1963—June
Dec.
30..
31 . .
31..
31 4
30. ,
31..
31..
31. .
30.,
28.,
29.,
20. ,
50,884 22,165 19,417 ,302 23
,242
61,126 26,615 25,511 ,999 27i
,816
140,227 30,362 101,288 8,577 35,415 177,332
,612
134,924 43,002 81,199 10,723 38,388 175,091 161,865
148,021 60,386 72,894 14,741 41,,086 191 317 175,296
190,780 100,057 70,052 20;670 47,803 242!008 220 441
227,831 135,958 65,801 26,071 50',296 283; 629 254 885
238,623 144,764 67,242 26 617 53 ,022 298; 126 266 196
256,700 154,318 72. 715 29 667 57; 368 321 394 287 176
280,397 172,822 72; 563 35 012 54 ,939 343,201 303,653
287,411 179,714 69; 708 37 989 52 046 347 896 309,428
302,251 192,686 69; 068 40;497 51 536 362; 394 319,636
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
29..
26. .
25..
29. .
27. .
30.,
29..
26. ,
30.,
28. .
25. ,
31 . .
298,190 190,010
299,450 191,340
303,200 194,440
304,130 196,580
305,660 199,210
""",119
310,404
" 203
309,330 202 ,950
311,540 203 ,920
317,750 207 ,560
318,300 207,490
323,150
150 210,990
210
329,739 216,674
68,050 40,130 48.530 355, 410 313,950 14,090
67,530 40.580 48; 830 356; 940 314 ,550 13,960
67,610 41!150 28;280 360 310 318 ,070 14,070
66,180 41;370 48; 710 361 760 318,450 13,700
65,150 41.300 48; 850 363:420 319,500 13,680
65,337 41 948 54;073 373,909 331,843 15,272
13,770
64,310 42 070 48; 580 366 950 322
14,390
64,900 42 720 48; 810 369 ,080 324
15,820
66,790 43 400 53; 750 381,,230 337
15,360
67,210 43 600 52; 000 379; 720 334
68,460 43 700 53. 100 385; 810 338,970 15,460
68,779 44 287 61;493 401; 161 356,308 17,938
Commercial banks:
1939—Dec. 3 0 . ,
1941_Dec. 3 1 . ,
1945—Dec. 3 1 . .
1947—Dec. 31 4
1950—Dec. 3 0 . ,
1955—Dec. 3 1 . ,
1959—Dec. 3 1 . ,
1960—Dec. 3 1 . ,
1961—Dec. 3 0 . ,
1962—Dec. 2 8 . ,
1963—June 29. ,
Dec. 20. ,
40,668 17,238
50,746 21,714
124,019 26,083
116,284 38,057
126,675 52,249
160,881 82.601
190,270 110,832
199,509 117,642
215,441 124,925
235,839 140,106
145,049
241,014 145
254,162 156,006
16,316
114 22 ,474
21,808
26 ,551
90,606
34,806 160,312
69,221 ,006 37
155,377 144,103
62,027
,399 40:
168,932 155,265
61,592 ,688 46:838 210;734 192,254
58,937 20,:501 49;467 244 686 219 903
61,003 20,;864 52; 150 257 552 229,843
66,578 23,'
,937 56; 432 278 561 248,689
66^34 29,298 54;049 297 116 262. 122
63,542 32,.,423 51 156 299 875 266;179
63,196 34,959 50,711 312J73 275^120
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
249,790 153 ,050
250,590 154,000
253,880 156,810
254,590 158,660
255,720 160,860
260,179 164,463
258,640 163,840
260,330 164,400
266,180 167,670
266,600 167,220
271,120 170,330
277,376 175,589
14,090
62,140 34 600 47 670 305, 330 268,
13,960
61,540 35 050 47 930 306; 340 269;
14,070
61,500 35 ; 570 47390 309; 270 272;
13,700
60,120 35 810 47 890 310. 580 272
13,680
59,110 35,750 48 000 311;810 273;
15,272
59,322 36,394 53 168 32i;909 284;
13,770
58,280 36;520 47 720 314.530 275:
14,390
58,800 37, 130 47 910 316;090 277;
15,820
60,710 37,
,800 52 870 327; 890 289.
15,360
61,360 38,
,020 51 100 326: 230 286;
62,670 38 120 52 200 331; 980 290,580 15,460
62,991 ,796 60 489 346.921 307,170 17,938
1939—Dec. 30. .
1941—Dec. 31 ..
1945—Dec. 31..
1947__I>ec. 31..
1950—Dec. 30. .
1955—Dec. 31 ..
1959—Dec. 31 ..
I960—Dec. 31 ..
1961—Dec. 30..
1962—Dec. 28. .
1963—June 29. .
Dec. 20. .
33,941 13,962
43,521 18,021
107,183 22,775
97,846 32,628
107,424 44,705
135,360 70,982
157,879 94,779
165,619 99,933
179,599 106,232
195,698 118,637
199,495 122,088
210,127 131,712
154
9,257
14,328 5,651 19,782
3 5,522 6,362
743 27,489 11,699
361 49,
10,385
19,539 ,961 23,123
4; :5,886 6,619
140 1,709 37,136 12,347
121 6i;
78,338 6.,070 29 845 138;304 129;670 13,576
•8 7,589 6,884
64 22,179 69,640 24,210
208J
57,914 7 ,304 32 845
54i 8,464 6,923
50 1,176 80,609 28,340
060 122 528 12,353
52,365 10,355 35,524
79 9,695 6,873
341 2,523 87,783 29,336
660 133 089 13,106
50,697
13712,783 6,543
414 163.757 14,512 1,353 3,327 105,400 39,165
680 41 416
46,813
58l|l6,264 6,233
287 43 509 205 726 184 706 15,048 1,338 4,504 110,989 52,827
49,106
13017,398 6,174
579 45; 756 216 577 193,029 16,436 1,639 5 287 112,393 57,272
17,195
54,058
438|l8,638 6,113
308 49 579 235 112 209
303 5 381 119,595 67,157
79,716
117,999
15,309
3,55019,854 6,049
52,968 24 092 47 427 249 488 219;
358 6 086
14,388
373 9 761 111,548 86,550 1,44020,238 6,058
50,399 27 008 44; 929 251 214 222;
90,929
117,562
14,518
3,499
21,054 6,112
382 5 ,986
49,342 29,073 44;395 261 469 229;
1964—Jan. 29. .
Feb. 26. .
Mar. 25. .
Apr. 29. .
M a y 27. .
June 30..
July 29. .
Aug. 26. .
Sept. 30..
Oct. 28. .
Nov. 25. .
Dec. 31..
206.179 129,103
206,916 129,888
209,979 132,381,
210,375 133,873
211,293 135,665
215,132 138,649
213,635 138,042
215,030 138,478
220.105 141,393
219^78 140,646
223,153 143,241
228,497 147.690
48,344
732 41 480 254 644 223,404 13,363
47,873 29 155 41 969 255 804 223,940 13,275
47,985 29 61341 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
46,235 30 249 46 767 269 437 238,052 14,527
45,223 30,370 41 732 262 606 229,429 13,078
45,651 30,901 41 830 263 825 230,642 13,661
47,245 31 467 46 423 274 302 241,331 15,056
47,458 31,57
574 44 680 271 855 237,656 14,559
48,383 31,529 45 689 276 ,406 241,141 14,646
48,717 32,089 52',737 289,142 255,724 17,007
29. .
26. .
25. .
29. .
27. .
30. .
29. .
26. .
30..
28..
25. .
31 . .
Member banks:
For notes see end of table.
,19415,035
25,852
26
32,516
9,874
,41414,826
23
26,479
44,355
10,982
22710 ,54214,553
45,613
105,935
14,065
6611 ,94814,714
240
346 94,381 53,105
793
9013 ,837 14,650
462
809 101,936 56,513
577
16318 ,11214,243
712 123,238 76,844
059 1,587
62422 ,91513,991
650 1,443 ,054 131,622 101,116
167 24 ,53913,986
949 133,408 107,959
080 1,800
482
48226 ,227 13,946
914
>52 14i;979 120,848
535 6 ,839 141,084
008
" ' 139,188 3,635 28 ,04613,940
551 ,069 133,681 149,083 1,563 28 ,61213,993
042
528 6 ^ 3 4 14^576 155,531 3,70229 ,88214,079
267
570
590
630
640
630
678
690
680
700
710
710
821
480 158,990 3,23029 ,53014,095
,850 160,420 3,32029 ,87014,113
870 133 ,500 162,000 3,27029 ,99014,122
180 136 620 163,310 3,56030 ,29014,140
,080 164,910 3,560 30 ,62014,154
200
,160 166,469 2,12031 ,037 14,175
10,263
690 167,570 3,95030 ,87014,195
5 ,110
6 ,040 134 ,760 168,840 3,54031 ,11014,203
9 ,200 141 ,140 170,290 2,76031 ,49014,230
4 ,770 141 440 171,980 3,94031 60014,242
7; 090 143 180 172,530 4,50031 80014,251
6 ,517 155 248 175,785 2,70032 19614,266
9,874
10,982
14,065
240
462
1,585
1,441
1,799
481
535
550
526
885 14,484
26
15,331
32,513
17314,278
23
15,952
44,349
950 14,011
219
30,241
105,921
05914,181
65
10
35,360
,343 94,367
9011 59014,121
2; 806 101,917 36,503
15915 30013,716
3; 709 123,187 48,715
61519 55613,474
050 131,593 66,169
163 20 98613,472
5, 945 133,379 71,641
47122 45913,432
. , , , ^ 1 82,429
5 946 141,920
6 829 141,041 97,709 3,627 24 ,09413,429
11 060 133,6241105,903 1,545 24 58213,482
6; 729 141,534 111,064 3,66425 \ 677 13,570
570
590
630
640
630
677
690
680
700
710
710
819
,420 113,900 3,23025 38013,586
2 ,820
,790 115,020 3,32025 67013,604
5 730
450 116,090 3,27025 ,75013,614
7 870
4 180 136,570 117,310 3,56026 ,08013,633
7 200 133,030 118,630 3,56026 38013,647
>;257 139,110 119,587 2,099 26 768 13,669
135640 120,500 3,95026 59013,689
110 135,640
6; 040 134,710 121,410 3,54026 76013,697
9; 200 141,090 122.380 2,76027 11013,724
4; 770 141,390 123;850 3,94027 240113,736
.
7, 090 143,130 124,190 4,500 27, 380113,746
6; 510 155,184 126,720 2|679 27^795 13,761
429
448
489
493
489
525
536
531
542
555
551
664
820
730
823
2, 394
823!
5;044
459!
7; 032
314;
3;751
1821
6 440
624
9; 342
4,636 112,319
,411 111,458
8^460
4,325
6,319
5.838
116^969
116,793
118,030
128.539
93,395
94,350
95,183
96,240
97.326
98,034
98,860
99,581
100,304
101,424
101,595
103,676
3,073 20,952
3,16621, 172
3,05421, 226
3,37121, 500
3,38921, 719
1,93622. 060
3,7402i; 947
3,35422: 088
2,62422; 382
3,733 22;474
4,29722; 560
2.48122; 901
6,124
6,130
6,136
6,153
6,161
6,180
6,186
6,188
6,204
6,209
6,221
6,225
890
JUNE 1965
COMMERCIAL AND MUTUAL SAVINGS BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Total
assets—
Total
Securities
Interbank i
Other
liaCash 1 bilities
assets
and
Demand
capital Total i DeU.S.
acTime
Govt. Other
mand
counts 2
U.S.
Govt. Other
Loans andi nvestments
Class of bank
and date
Total
Loans
Mutual savings banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31 4
1950_I>ec. 30
1955—Dec. 31
1959—Dec. 31
1960—Dec. 31
1961—Dec. 30
1962—Dec. 28
1963—June 29
Dec. 20
10,216
10,379
16,208
18,641
21,346
29,898
37,561
39,114
41,259
44,558
46,397
48,089
4,927 3,101 2,188
3,704 1,774
4,901
4,279 10,682 1,246
4,944 11,978 1,718
8,137 10,868 2,342
17,456 8,460 3,982
25,126 6,864 5,570
27,122 6,239 5,752
29,393 6,136 5,730
32,716 6,129 5,714
34,665 6,166 5,566
36,679 5,872 5,539
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
48,400
48,860
49,320
49,540
49,940
50,226
50,690
51,210
51,570
51,700
52,030
52,363
36,960
37,340
37,630
37,920
38,350
38,656
39,110
39,520
39,890
40,270
40,660
41,085
9,339
12,896
26,143
20,393
20,612
23,583
25,291
27,726
30,297
32,989
32,847
34,827
3,296 4,712 1,272 6,703 16,413 14,507 4,231
4,072 7,265 1,559 6,637 19,862 17,932 4,202
7,334 17,574 1,235 6,439 32,887 30,121 4,640
7,179 11,972 1,242 7,261 27,982 25,216 4,453
9,729 8,993 1,890 7,922 28,954 25,646 4,370
14,640 6,796 2,148 8,948 33,228 29,378 4,515
18,121 5,002 2,168 9,174 35,750 30,647 4,765
18,465 6,980 2.282 10,301 39,767 33,761 5,289
19,535 7.862 2,900 11,164 43,538 36,818 5,296
21,954 7,017 4,017 11,050 46,135 37,885 4,783
21,446 6,506 4,895 9,802 44,981 37,454 4,734
23,577 6,154 5,095 9,372 46,434 38,327 4,289
7
6
17
12
268
1,085
988
1,216
191
207
187
214
1964—Jan. 29
Feb. 26
Mar. 25
Apr. 29
May 27
June 30
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 31
33,651
33,611
34,885
34,624
35,467
36,693
35,963
35,936
37,904
36,611
37,594
39,507
22,965
22,799
23,653
23,967
24,544
25,490
25,179
24,648
26,040
25,048
26,051
27,301
5,691
5,561
5,879
5,390
5,619
5,779
5,322
5,691
5,973
5,712
5,954
6,178
4,995
5,251
5,353
5,267
5,304
5,424
5,462
5,597
5,891
5,851
5,589
6,028
10,550
8,669
8,621
10,183
9,639
10,103
11,820
36,674
37,010
37,661
37,648
38,590
41,545
38,475
38,338
42,287
40,001
40,753
45,191
4,040
4,060
4,096
4,044
4,071
4,711
3,993
4.000
4,727
4,299
4,394
5,088
256
268
306
304
295
317
341
336
340
350
333
436
City of Chicago: 5
1939—Dec. 30
1941_Dec. 31
1945—Dec. 31
1947_Dec. 31
1950—Dec. 30
1955—Dec. 31
1959—Dec. 31
I960—Dec. 31
1961—Dec. 30
1962—Dec. 28
1963—June 29
Dec. 20
2,105
2,760
5,931
5,088
5,569
6,542
6,885
7,050
7,606
8,957
9,082
9,615
569
954
1.333
1,801
2,083
3,342
4,206
4,485
4,626
5,418
5,545
6,220
1,203
1,430
4,213
2,890
2,911
2,506
1,985
1,882
2,041
2,129
2,071
1,705
333
376
385
397
576
695
694
683
940
,409
,466
,690
1,446
1,566
1,489
1,739
2,034
2,132
2,003
2,046
2,603
2,280
2,136
1,970
3,595 3,330
4,363 4,057
7,459 7,046
6,866 6,402
7,649 7,109
8,720 8,010
8,967 8,062
9,219 8,197
10,383 9,283
11,432 9,993
11,440 10,141
11,776 10,296
,035
,312
,217
,225
,286
,231
,380
,624
,277
,202
,211
127
1,552
72
174
222
272
327
369
410
584
395
1,867
2,419
3,462
4,201
4,604
5,165
5,070
4,899
5,268
5,264
4,840
4,887
1964—Jan. 29
Feb. 26
Mar. 25
Apr. 29
May 27
June 30
July 29
Aug. 26
Sept. 30
Oct. 28
Nov. 25
Dec. 31
9,242
9,423
9,695
9,316
9,394
9,636
9,394
9,638
9.914
9,788
10,021
10,562
5,837
5,956
6,064
6,088
6,173
6,266
6,092
6,311
6,421
6,404
6,600
7,102
1,823
1,867
2,063
1,706
1,706
1,750
1,737
1,717
1,857
1,791
1,786
1,873
,582
,600
,568
,522
,515
,620
,565
,610
,636
,593
,635
,587
1,994
2,023
1,776
2,118
2,185
2,121
2,091
1,930
2,251
2,234
2,232
2,366
11,437
11,641
11,713
11,676
11,806
12,046
11,733
11,817
12,458
12,305
12,537
13,289
9,977
10,056
10,128
10,263
10,414
10,630
10,289
10,351
10,964
10,802
11,009
11,807
,075
,124
.124
,114
,151
,182
,148
,229
,327
,238
,251
,448
100
279
472
212
384
587
282
298
616
288
380
396
4,839
4,715
4,627
4,893
4,810
4,744
4,690
4,652
4,840
4,939
4,906
5,362
29
26
25
29
27
30
29
26
30
28
25
31
Reserve city member banks: 5
New York City:
1939—Dec. 30
1941_Dec. 31
1945—Dec. 31
1947__Dec. 31
1950—Dec. 30
1955—Dec. 31
1959—Dec. 31
I960—Dec. 31
1961—Dec. 30
1962—Dec. 28
1963—June 29
Dec. 20
For notes see end of table.
5,910
5,990
6,110
6,060
6,040
6,016
6,030
6,100
6,080
5,850
5,790
5,788
5,530
5,530
5,580
5,560
5,550
5,554
5,550
5,590
5,600
5,580
5,580
5,490
818
793
609
886
797
965
829
872
936
890
890
826
11,852
11,804
17,020
19,714
22,385
31,274
38,943
40,574
42,833
46,086
48,020
49,621
10,524
10,533
15,385
17,763
20,031
28,187
34,983
36,353
38,487
41,531
43,248
44,516
860
900
890
820
850
905
860
900
880
900
900
,004
50,080
50,600
51,040
51,180
51,610
52,000
52,420
52,990
53,340
53,490
53,830
54,239
45,150
45,460
45,960
46,050
46,330
46,940
47,120
47,480
47,960
48,180
48,390
49,138
8,864
9,317
8,530
8,864
9,393
44,912
45,377
45,875
46,040
47,346
49,716
47,137
46,929
50,696
48,758
50,171
53,867
Bor- Total Number
row- capital
of
acings counts
banks
Time 3
10,521
10,527
15,371
14 17,745
19 20,009
28,129
34,948
36,318
60 38,420
43 41,478
58 43,180
42 44,467
1,309
1,241
1,592
1,889
2,247
2,812
3,359
3,553
3,768
3,951
4,031
4,205
551
548
542
533
529
527
517
514
514
511
511
509
60 45,090
60 45,400
50 45,910
50 46,000
50 46,280
50 46,882
50 47,070
50 47,430
50 47.910
50 48;130
50 48,340
64 49,065
4,150
4,200
4,240
4,210
4,240
21 4,269
4,280
4,350
4,380
4,360
4,420
21 4,401
509
509
508
507
507
506
506
506
506
506
505
505
74
866
6,940
267
451
756
1,027
1,217
1,267
1,408
2,052
1,419
1,592
736
9,459
1,648
12,051
807
17,287 1,236
195 2,120
19,040 1,445
30 2,259
18,836 1,722
70 2,351
20,719 2,303
1 2,745
20,419 3,448
232 3,361
3,554
21,833 4,206
23,129 6,935
283 3,683
22,231 9,256 1,728 3,898
20,351 10,131
794 3,931
20,960 11,446 1,438 3,984
36
36
37
37
23
18
16
15
13
17
13
13
351
901
1,563
833
1,349
2,112
987
992
2,350
1,059
1,261
1,486
20,061 11.966
19,694 12 ,087
19,453 12,243
20,140 12,327
13,205
19,670 13
21,224 13,181
19,606 13,548
19,383 13,627
21,199 13,671
20,324 13,969
20,679 14,086
23,896 14•,285
924
1,476
1,365
938
1,345
1,784
1,224
4,161
4,184
4,184
4,203
4,351
4,402
4,388
4,421
4,447
4,436
4,434
4,471
13
13
13
13
14
14
14
14
14
13
13
13
495
476
719
913
1,103
1,327
1,468
1,530
2,008
3,025
3,499
3,787
3
40
35
35
262
111
255
250
288
377
426
490
628
762
822
870
948
974
996
14
13
12
14
13
13
14
10
9
13
12
12
3,948
3,923
3,889
4,028
4,046
4,090
4,145
4,149
4,158
4,314
4,450
4,578
257
370
327
166
185
210
201
197
258
255
256
204
1,002
1,002
1,011
1,012
1,008
1,017
1,018
1,024
1,034
1,034
1,044
1,056
12
12
12
12
12
12
12
12
12
12
12
12
3
6
14
3
3
4
4
4
7
10
9
1,294
1,320
1,187
1,270
1.494
JUNE 1965
891
COMMERCIAL AND MUTUAL SAVINGS BANKS
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Total
assets—
Total
Securities
Interbank
Other
liaCash
assets * bilities
and
Demand
capital Total i DeU.S.
acOther
Time
Govt.
mand
counts 2
U.S.
Other
Govt.
Loans and investments
Class of bank
and date
Total
Other Reserve
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1955_Dec.
1959—Dec.
I960—Dec.
1961_Dec.
1962—Dec.
1963—June
Dec.
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Loans
Total Numcapital ber
of
counts banks
Time
City:6
30
31
31
31
30
31
31
31
30
28
29
20
12,272
15.347
40,108
36,040
40,685
52,459
61,621
62,953
68,565
73,130
74,614
78,370
5,329
7,105
8,514
13,449
17,906
28,622
38,686
40,002
42,379
46,567
48,164
51,891
5,194
6,467
29,552
20,196
19,084
18,826
17,292
17,396
19,748
18,398
17,326
16,686
1,749 6,785
1,776 8,518
2,042 11,286
2,396 13,066
3,695 13,998
5,011 16,994
5,643 18,211
5,554 18,668
20,216
6,438 20
8,165 19,539
9,124 18,526
9,792 18,778
19,687
24,430
51,898
49,659
55,369
70,478
81,443
83,464
90,815
94,914
95,433
99,643
17,741
22,313
49,085
46,467
51,437
64,733
73,675
75,067
81,883
84,248
85,555
87,994
3,565
4,356
6,418
5,627
6,391
7,207
7,450
7,989
8,350
7,477
6,811
7,225
120
104
30
22
57
239
303
326
62
82
110
95
435
491
8,221
405
976
1,288
1,698
1,960
2,103
2,337
3,793
2,212
9,004 4,616
1 828
12,557 4,806
1,967
24,655 9,760
2 2,566
28,990 11,423
1 2,844
32,366 11,647
3 322
39,835 16,164
82 4,641
42,668 21
" ,555
238 6,106
,525
42;
73 6,423
44,986 26 ,381
81 6,997
•43,609 30,743 1,388 7,263
41,291 33,549
407 7,440
43,459 35,004 1,417 7,697
346
351
359
353
336
292
265
217
206
191
194
190
29
26
25
29
27
30
29
26
30
28
25
31
76,859
77,289
78,288
78,650
79,226
80,466
80.080
80,662
82,222
82,239
83,044
84,670
51,034
51,529
52,395
52,811
53,749
54,604
54,557
55,049
55,804
55,712
56,292
57,555
16,152
15,994
15,866
15,692
15,294
15,488
15,018
14,922
96,184
96,845
97,572
98,569
98,750
102,245
99,824
100,348
104,065
103,165
104,306
109,053
84,938
85,456
86,404
86,601
86,814
91,145
87,609
88,169
91,950
90,422
91,299
97,145
6,512
6,449
6,495
6,232
6,231
6,894
6,320
6,732
7,217
7,152
7,102
8,289
98
105
107
117
115
118
115
116
115
118
132
134
813
2,062
2,796
1,586
2,708
3,771
1,875
2,151
3,244
1,685
2,580
2,195
41,439 36,076
40.234 36
',606
40,167 36,839
41,321 37,345
40,009 37,751
42,387 37,974
41,155 38,144
",430
40,740 38
42,689 38 ,685
42,618 38,849
42,851 38,634
46,883 39,645
1,146
,095
,000
,500
,301
15,680
15.722
15;986
16,326
9,673 16,826
9,766 17,193
10,027 16,863
10,147 17,445
10,183 16,999
10,375 19,143
10,505 17,209
10,691 17,185
10,738 19,158
10,805 18,305
10,766 18,646
10,789 21,607
841
7,773
7,814
7,815
7,984
8,032
8,110
8,125
8,173
8,324
8,357
8,360
8,488
189
189
186
186
183
183
184
185
185
184
182
182
banks: 6
30
31
31
31
30
31
31
31
30
28
29
20
10,224
12,518
35,002
36,324
40,558
52,775
64,082
67,890
73,131
80,623
82,952
87,316
4,768
5,890
5,596
10,199
14,988
24,379
33,766
36,981
39,693
44,698
46.934
50,023
3,159
4,377
26,999
22,857
21,377
22.570
22,535
22,848
24,407
25,425
24,496
24,797
2,297
2,250
2,408
3,268
4,193
5,826
7,781
8,060
9,031
10,501
11,522
12,496
4,848 15,666
6,402 19,466
10,632 46,059
10,778 47,553
11,571 52,689
13,342 66,988
14,122 79,567
14,740 84,126
15,595 90,376
14,559 97,008
14,465 99,361
14,274 103,615
13,762
17,415
43,418
44,443
48,897
61,636
72,323
76,004
81,646
87,342
89,470
92,759
572
792
1,207
1,056
1,121
1,505
1.602
1,778
1,925
1,773
1,641
1,793
154
225
5,465
432
922
,061
,508
,783
,641
,931
,332
,960
7,158 5,852
10,109 6,258
24,235 12,494
28,378 14,560
31,977 14,865
39,681 19,372
42,832
26,356
,832 26
43,395 29,011
46,211 31,832
46,895 36,692
45,066 39
',371
48,256 40 ,693
3
4
11
23
9
52
71
23
40
172
127
390
1,851
1,982
2,525
2,934
3,532
4,769
6,035
6,599
7,088
7,744
7,894
8,377
5,966
6,219
6,476
6,519
6,501
6,220
5,938
5,932
5,885
5,828
5,839
5,897
29
26
25
29
27
30
29
26
30
28
25
31
86,427
86,593
87,111
87,785
87,206
88,337
88,198
88,794
90,065
91,040
92,494
93,759
49,267
49,604
50,269
51.007
51,199
52.289
52;214
52,470
53,128
53,482
54,298
55,733
24,678
24,451
24,177
23,946
23,360
23,218
23,146
23,321
23,735
24,233
24.657
24,341
12,482
12,538
12,665
12,832
12,647
12,830
12,838
13,003
13,202
13.325
13,539
13,685
13,796
13,436
14,002
13,462
13,406
14,953
13,763
14,094
14.831
14,502
14,708
16,944
102 111 91,815 1,736
101 941 91,418 1,642
103 069 92,348 1,663
103 175 92,305 1,629
102 ,539 91,641 1,569
105 430 94,733 1,739
103 912 93,056 1,617
104 731 93,784 1,700
107 083 96,130 1,785
107 627 96,431 1,870
109, 392 98,080 1,899
112 932 101,581 2,182
,130
,802
2,201
,120
,999
2,872
,492
,970
2,250
1,293
2,098
1,760
47, 484
46, 180
46, 212
46, 960
45, 693
47, 270
46, 868
46, 683
48,241
48,~912
49, 594
52, 398
376
381
540
435
409
230
416
377
278
408
412
213
8,016
8,172
8,216
8,301
8,328
8,531
8,416
8,470
8,577
8,647
8,722
8,886
5,910
5,916
5,925
5,942
5,952
5,971
5,976
5,977
5,993
6,000
6,014
6,018
Country member
1939—Dec.
1941—Dec.
1945_Dec.
1947—Dec.
1950—Dec.
1955—Dec.
1959—Dec.
I960—Dec.
1961—Dec.
1962—Dec,
1963—June
Dec.
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1
Reciprocal balances excluded beginning with 1942. Reclassification
of deposits of foreign central banks in May 1961 reduced interbank
deposits by a total of $1,900 million ($1,500 milHon time to other time
and2 $400 million demand to other demand).
Includes other assets and liabilities not shown separately.
3
Figures for mutual savings banks include relatively small amounts of
demand deposits. Beginning with June 1961, also includes certain accounts
previously classified as other liabilities.
4
Beginning with Dec. 31, 1947, the series was revised. A net of 115
noninsured nonmember commercial banks with total loans and investments of about $110 million were added, and 8 banks with total loans
and investments of $34 million were transferred from noninsured mutual
savings to nonmember commercial banks.
5 These data reflect the reclassification of New York City and city of
Chicago as reserve cities effective July 28, 1962; for details see Aug. 1962
BULL., p. 993. See also second paragraph of note 6 to this table.
^ Beginning with Feb. 1960 reserve city banks with total loans and investments of $950 million and total deposits of $1,070 million were reclassified as country banks. Beginning with Aug. 23, 1962 (Topeka and
Wichita, Kansas) and Sept. 6, 1962 (Kansas City, Kansas) reserve city
]BorIowings
41 ,405
41 ,734
42 ,212
42 ,540
42 ,324
42 ,788
43 ,023
43 ,375
43,790
44 ,292
44 ,425
45 ,169
572
1,647
,415
1,150
1,725
,845
banks with total loans and investment of $500 million and total deposits
of $600 million were reclassified as country banks.
Beginning with June 1963, 3 New York City banks with loans and investments of $392 million and total deposits of $441 million were reclassified as country banks. Also see note 6, Oct. 1962 BULL., p. 1315.
NOTE.—Data are for all commercial and mutual savings banks in the
United States (including Alaska and Hawaii, beginning with 1959).
Commercial banks represent all commercial banks, both member and
nonmember; stock savings banks; and nondeposit trust companies. Commercial banks exclude, and member banks include, a national bank in the
Virgin Islands that became a member in May 1957, and in the period 1941
to July 1962, from 1 to 3 mutual savings banks.
Comparability of figures for classes of banks is affected somewhat
by changes in F.R. membership, deposit insurance status, and the reserve
classifications of cities and individual banks, and by mergers, etc.
Figures are partly estimated except on call dates.
For revisions in series before June 30, 1947, see July 1947 BULL.,
pp. 870-71.
892
JUNE 1965
BANK HOLDING COMPANIES
BANK HOLDING COMPANIES, DECEMBER 31, 1964
(Registered pursuant to Section 5, Bank Holding Company Act of 1956)
Location of
principal office
California
Los Angeles
Holding company
Western Bancorporation
Location of
principal office
Holding company
New Hampshire
Nashua
New Hampshire Bankshares, Inc.
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.
Colorado
Denver
Englewood
Denver U.S. Bancorporation, Inc.
First Colorado Bankshares, Inc.
Florida
Jacksonville
Jacksonville
Jacksonville
Pensacola
Tampa
Tampa
The Atlantic National Bank of Jacksonville
Atlantic Trust Company
Barnett National Securities Corporation
Commercial Associates, Inc.
The First National Bank of Tampa
Union Security & Investment Co.
Ohio
Columbus
Springfield
BancOhio Corporation
The Springfield Savings Society of Clark County
Georgia
Atlanta
Atlanta
Savannah
Savannah
Oklahoma
Oklahoma City
First Oklahoma Bancorporation, Inc.
Trust Company of Georgia
Trust Company of Georgia Associates
Citizens and Southern Holding Company
The Citizens and Southern National Bank
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
Houston
C. B. Investment Corporation
fowa
Des Moines
Utah
Salt Lake City
First Security Corporation
Brenton Companies, Inc.
Kentucky
Louisville
Trustees, First National Bank of Louisville
Virginia
Arlington
Richmond
Richmond
The First Virginia Corporation
United Virginia Bankshares Incorporated
Virginia Commonwealth Corporation
Washington
Port Angeles
Spokane
Union Bond & Mortgage Company
Old National Corporation
Wisconsin
Appleton
Milwaukee
Milwaukee
Milwaukee
Wausau
Valley Bancorporation
First Wisconsin Bankshares Corporation
The Marine Corporation
Marshall & Ilsley Bank Stock Corporation
Central Wisconsin Bankshares, Inc.
Canada
Montreal
Toronto
Bank of Montreal
Canadian Imperial Bank of Commerce
Japan
Tokyo
The Bank of Tokyo, Ltd.
Bangor
Eastern Trust and Banking Company
Massachusetts
Boston
Boston
Boston
Baystate Corporation
The National Shawmut Bank of Boston
Shawmut Association
Minnesota
Minneapolis
Minneapolis
Minneapolis
St. Paul
Bank Shares Incorporated
First Bank Stock Corporation
Northwest Bancorporation
Otto Bremer Company
Missouri
St. Joseph
St. Louis
The First National Bank of St. Joseph
General Bancshares Corporation
Great Falls
Bancorporation of Montana
Financial Statistics
* International *
Reported gold reserves of central banks and governments.
894
Gold production
895
Net gold purchases and gold stock of the United States
896
Estimated foreign gold reserves and dollar holdings
897
International capital transactions of the United States
898
Money rates in foreign countries
907
Arbitrage in Treasury bills.
908
Foreign exchange rates
909
U.S. balance of payments
910
Foreign trade
911
Guide to tabular presentation
826
Index to statistical tables
919
Thefigureson international capital transactions
are collected by the F.R. Banks from reports
made on Treasury foreign exchange forms collected by the F.R. Banks in accordance with
Executive Orders No. 6560, dated Jan. 15, 1934,
and No. 10033, dated Feb. 8, 1949, and Treasury regulations thereunder. Other data are com-
piled largely from regularly published sources
such as central bank statements and official
statistical bulletins. For some of the series, back
data are available in Banking and Monetary
Statistics and its Supplements (see list of publications at the end of the BULLETIN).
893
894
GOLD RESERVES
JUNE 1965
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(In millions of dollars)
Estimated
total
world i
End of
period
Intl.
Monetary
Fund
United
States
Estimated
rest of
world
Afghanistan
Argentina
1,332
2,407
2,439
2,077
2,194
2,312
20,582
19,507
17,804
16,947
16,057
15,596
17,530
18,280
20,295
22,115
23,220
24,400
n.a.
n.a.
n.a.
36
36
36
60
56
104
190
61
78
162
154
147
162
190
208
194
292
293
303
454
536
1 270
1,134
1,170
1,248
1,365
1,371
2,334
2 353
2,359
2,359
2 424
2,425
2,425
2,430
2,179
15,727
15 693
15,623 '24,970
15,629
15 657
15,643 '25,000
15,606
15,566
15,471 25,410
36
36
37
37
37
37
37
37
37
76
74
74
74
73
73
73
73
71
215
216
218
219
221
223
224
224
226
579
579
592
592
592
592
592
592
600
2 181
2,188
2 189
2,217
15 208
14,993
14 639
14,480
25 980
37
36
71
M2 810
228
228
229
230
600
613
625
638
Colombia
Denmark
Finland
France
Germany,
Fed.
Rep. of
Greece
39,445
40,195
40,540
41,140
41,470
42,310
1958
1959
I960
1961
1962
1963
1964 Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
'42,950
'43,070
43,060
1965 Jan
Feb
Mar
Apr
End of
period
1958
1959
I960
1961
1962
1963
1964 Apr .
May
June
July
Aug
Sept
Oct
Nov
Dec
1965
...
Jan
Feb
Mar
Apr
End of
period
1958
1959
I960
1961
1962
1963
35
38
41
47
61
61
750
1,290
1,641
2,121
2,587
3,175
2,639
2,637
2,971
3,664
3,679
3,843
17
26
76
87
77
77
247
247
247
247
247
247
64
64
65
66
67
57
58
58
58
92
92
92
92
92
92
92
92
92
65
65
65
65
65
65
64
64
85
3,366
3,404
3,451
3,489
3,527
3,564
3,598
3,632
3,729
4,060
4,070
4,081
4,117
4 139
4,149
4 149
4,149
4,248
77
77
77
77
77
93
98
98
77
59
60
60
92
92
92
92
85
85
85
85
3 913
3 974
4,197
4,255
4 250
4 251
4,243
4,243
77
78
82
Moroc- Netherco
lands
Nigeria
Lebanon
Mexico
91
102
119
140
172
172
143
142
137
112
95
139
16
23
29
29
29
29
1,050
1 132
1,451
1,581
1,581
1,601
50
50
50
48
46
46
45
45
48
172
172
172
172
172
172
172
162
168
168
172
170
170
169
167
169
29
29
34
34
34
34
34
34
34
174
171
34
34
Sect
Oct
Nov
Dec
1965 Jan
Feb
Mar
Apr
For notes see end of table.
48
57
107
107
92
92
n.a.
n a.
n.a.
43
49
48
1964 Apr
May
June
July
India
72
71
78
88
57
62
Kuwait
. ...
Australia
48
183
Austria
Indonesia
Belgium
Chile
Burma
Canada
325
327
287
285
225
150
42
42
1,078
960
885
946
708
817
40
43
45
48
43
43
1,390
1 392
1,392
1,393
1 395
1,395
1,404
1,434
1,451
120
120
120
120
120
120
92
92
92
42
42
42
42
42
42
42
42
84
892
910
931
949
969
990
1,001
1,007
1,026
43
42
43
43
43
43
43
43
43
1 461
1 473
1 484
1,490
92
92
92
84
84
1 036
1,041
1 044
1,045
43
42
43
43
Iran
Brazil
Iraq
Israel
Italy
Japan
124
244
247
287
289
289
141
140
130
130
129
142
34
84
98
84
98
98
2
2
*
10
41
60
1,086
1,749
2,203
2,225
2,243
2,343
247
247
247
247
247
247
247
247
247
141
141
141
141
141
141
141
141
141
112
112
112
112
112
112
112
112
112
56
56
56
56
56
56
56
56
56
2,143
2,146
2,148
2,153
2,100
2,104
2 104
2,104
2,107
270
281
281
281
141
141
141
141
112
112
56
56
56
56
2 107
2 101
2,093
Philippines
Portugal
Saudi
Arabia
18
18
65
78
78
211
238
178
298
499
630
78
78
78
78
78
78
78
78
78
627
626
607
615
597
589
601
592
574
78
78
545
519
498
453
Norway
37
33
58
43
44
35
Pakistan
Peru
20
20
20
43
30
30
30
30
31
49
50
52
53
53
53
19
28
42
47
47
57
10
9
15
27
41
28
493
548
552
443
471
497
1.601
1,601
1,601
1,601
1,601
1,601
1,611
1,621
1.688
20
20
20
20
20
20
20
20
20
31
31
31
31
31
31
31
31
31
53
53
53
53
53
53
53
53
53
57
67
67
67
67
67
67
67
67
24
25
26
28
29
30
31
32
23
r
505
r
506
r
1,688
1,723
1,723
1,723
20
20
20
20
31
31
31
31
53
53
53
53
67
67
67
67
24
26
5O8
'510
r
523
r
523
'523
'523
'523
523
532
537
540
290
290
304
South
Africa
JUNE 1965
895
GOLD RESERVES AND PRODUCTION
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
(In millions of dollars)
End of
period
Spain
Sweden
Switzerland
Taiwan
Thailand
Turkey
U.A.R.
(Egypt)
United
Kingdom
2,808
2,514
2,800
2,268
2,582
2,484
1958
1959
1960
1961
1962
1963
57
68
178
316
446
573
204
191
170
180
181
182
1,925
1,934
2,185
2,560
2,667
2,820
43
41
41
43
43
50
112
104
104
104
104
104
144
133
134
139
140
115
174
174
174
174
174
174
1964—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
573
573
575
577
576
576
575
576
616
182
182
182
182
182
182
182
182
189
2,524
2,526
2,599
2,560
2,530
2,532
2,532
2,532
2,725
51
54
54
55
55
55
55
55
55
104
104
104
104
104
104
104
104
104
115
115
115
115
105
105
105
105
104
174
174
174
174
174
174
174
174
139
1965—Jan
Feb
Mar
Apr
646
677
706
735
189
189
189
189
2,702
2,702
2,702
2,713
55
55
55
104
104
104
111
115
115
116
139
139
139
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 of 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
2,439
2,302
2,111
Venezuela
Yugoslavia
Bank
for
Intl.
Settle-2
ments
180
180
180
180
180
171
719
652
401
401
401
401
-42
-134
-19
115
-50
-279
171
171
171
171
171
171
171
171
171
401
401
401
401
401
401
401
401
401
-82
47
40
64
95
66
71
79
-50
171
171
171
401
401
401
401
17
16
EPUEF 3
126
40
55
56
56
47
28
43
-111
-159
-104
-98
53
2 Net gold assets of BIS, i.e., gold in bars and coins and other gold
assets minus gold deposit liabilities.
3 European Payments Union for 1958 and European Fund thereafter.
NOTE.—For back figures and description of the data in this and the
following tables on gold (except production), see "Gold," Section 14 of
Supplement to Banking and Monetary Statistics, 1962.
GOLD PRODUCTION
In millions of dollars at $35 per fine troy ounce)
Africa
Period
1958
1959
I960
1961
1962
1963
1964
World
production !
1,050.0
1,125.0
1,175.0
1,215.0
1,295.0
1,350.0
1964—Mar
Apr
May
June . . . .•
July
Aug
Sept
Oct
Nov
Dec
1965—Jan
Feb
Mar
Congo
(Leo- United
pold- States
ville)
South
Africa
Rhodesia
Ghana
618.0
702.2
748.4
803.1
892.2
960.1
1,019.8
19.4
19.8
19.6
20.1
19.4
19.8
20.1
29.8
32.0
30.8
29.2
31.1
32.2
12.3
12.2
11.1
8.1
7.1
84.9
82.3
83.4
85.4
86.9
87.2
88.2
89.9
88.0
84 2
1.6
1.6
1.7
1.6
1.7
1.7
1.6
1.6
1.8
1 9
2.6
2.6
2.6
2.4
2.4
2.5
21.9
7.5
22.5
1.6
1 Estimated; excludes U.S.S.R., other Eastern European countries,
China
Mainland, and North Korea.
2
Quarterly data.
61.6
57.2
58.8
54.8
54.5
51.4
Canada
Mexico
Nicaragua
158.8
156.9
162.0
156.6
145.5
139.0
133.0
11.6
11.0
10.5
9.4
8.3
8.3
7.4
7.2
7.3
7.0
7.9
7.8
10.3
11.6
10.7
10.8
11.3
11.3
10.9
11 5
11.5
10 8
.5
.7
.4
.3
.4
.7
.5
.8
.6
5
10.8
9 8
10 8
7.2
Other
Asia
North and South Americ£i
Philippines
Australia
All
other 1
14.8
14.1
14.4
14.8
14.8
13.2
14.9
38.6
38.1
38.0
37.7
37.4
35.8
33.7
58.9
54.5
53.6
53.8
57.3
59.3
1.3
.5
1.2
.4
1.2
.4
1.2
.4
.4
.4
.4 ' 24.6
.5
2.6
2.6
2.7
3.0
3.0
3.1
2.5
2.8
3 0
2 8
Colom- India
bia
13.0
13.9
15.2
14.0
13.9
11.4
12.8
.0
.2
.1
.1
.0
.0
.9
0
1
8
6.0
5.8
5.6
5.5
5.7
4.8
4
2
35
.9
NOTE.—Estimated world production based on report of the U.S.
Bureau of Mines. Country data based on reports from individual
countries and Bureau of Mines. Data for the United States are from
the Bureau of the Mint.
896
JUNE 1965
U.S. GOLD
NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY
(In millions of dollars at $35 per fine troy ounce)
1964
Area and country
1956
1958
1957
1960
1959
1961
1962
1963
n
I
Western Europe:
Austria
Belgium
Germany, Fed. Rep. o f . . . .
Italy
Netherlands
Spain
Switzerland
United Kingdom
Bank for Intl. Settlements.
Other
Total
3
-34
3
25
-84
-329
-349
-261
-20
Q
31
100
18
80
8
32
-215
—900
-178
-21
-83
-39
-266
-1
-141
-173
-34
-30
-10
-249
20
-350
-32
-38
-827 -1,718
68 - 2 , 3 2 6
15
5
Brazil
Colombia
115
-1
28
75
Venezuela
Other
—200
29
6
2
-30
65
-5
Total
-28
81
69
*
*
18
18
Canada
Latin American republics:
Asia:
Japan
Other
Total
-114
-324
—550
-36
-96
- iii
-143
-63
-456
-82
-518
-23
100
-25
-156
-125
-306
-23
-53
-146
-130
102
-387
329
-12
- 7 5 4 - 1,105
-399
1965
1964
-55
— 40
-405
-225
200
-60
-32
— 81
618
HI
-32
-23
-101
-200
-101
200
IV
-101
-25
-2
109
— 30
221
163
—7
-7
14
-1
88
-31
79
35
54
10
-1
28
-1
10
Q
-3
-3
-4
25
I
—40
-101
-25
-40
-482
—60
-35
-30
—51
125
-90
-37
— 76
-14
-17
-171
-802
190
-50
-2
-6
-20
-90
-2
-22
-17
-5
-7
19
-100
-109
175
32
56
-30
-4
-157
-28
-15
-97
2—93
312
3
5
-1
_
-34
-186
-113
-93
12
3
5
-1
-1
-5
67
-11
1-101
85
57
38
-101
-30
72
-4
28
-1
-2
2
-7
7
27
8
i
•
*
All other
14
-3
-38
-6
-1
-36
7
2
-9
Total foreign countries
80
172 - 2 , 2 9 4
-998 - 1 , 9 6 9
-970
-833
-392
-36
-28
95
41
-145
-811
600
5-44
-833
-392
-36
-28
95
41
-145
-811
4200
Intl. Monetary Fund
Grand total
280
4300
150
772 - 2 , 2 9 4 - 1 , 0 4 1 - 1 , 6 6 9
-820
1 Includes sales of $21 million to Lebanon and $48 million to Saudi
Arabia.
2 Includes sales of $21 million to Burma, $32 million to Lebanon, and
$13 million to Saudi Arabia.
3 Includes purchases of $25 million from the Philippines.
-1
-1
4
Proceeds from this sale invested by the IMF in U.S. Goyt. securities;
upon termination of the investment the IMF can reacquire the same
amount of gold from the United States.
s Payment to the IMF of $344 million as increase in U.S. gold subscription less sale by the IMF of $300 million (see also note 4).
U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES
BY U.S. MONETARY AUTHORITIES
(In millions of dollars)
Changes in—
End of period
Year
Gold stock i
Total
Total 2
Treasury
1952
1953
1954
1955
1956
1957
23,252
22,091
21,793
21,753
22,058
22,857
23,252
22,091
21,793
21,753
22,058
22,857
23,187
22,030
21,713
21,690
21,949
22,781
1958
1959
1960
1961
1962
1963
1964
20,582
19,507
17,804
17,063
16,156
15,808
15,903
20,582
19,507
17,804
16,947
16,057
15,596
15,471
20,534
19,456
17,767
16,889
15,978
15,513
15,388
Foreign
currency
holdings
Total
Total
gold
379
-1,161
-298
-40
305
799
116
99
212
432
Month
Gold stock i
Total
379 1964—May...
-1,161
June...
-298
July....
-40
Aug....
305
Sept....
799
Oct
Nov....
Dec...
-2,275
-2,275
- 1 , 0 7 5 4-1,075
-1,703
- 1 , 7 0 3 1965—Jan
-741
-857
Feb....
-907
-890
Mar....
-348
-461
Apr
95
-125
May**..
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, 1965.
2 Includes gold in Exchange Stabilization Fund.
3 For holdings of F.R. Banks only, see pp. 836 and 838.
End of period
Changes in—
Foreign
currency
holdings 3
Total
Total
gold
Total 2
Treasury
15,946
15,805
15,840
15,890
15,870
15,702
16,324
15,903
15,693
15,623
15,629
15,657
15,643
15,606
15,566
15,471
15,463
15,461
15,462
15,460
15,463
15,461
15,386
15,388
253
182
211
233
227
96
758
432
-45
-141
35
50
-20
-168
622
-421
-34
-70
6
28
-14
-37
-40
-95
15,572
15,220
15,129
14,884
14,512
15,208
14,993
14,639
14,480
14,363
15,185
14,937
14,563
14,410
14,291
364
227
490
404
149
-331
-352
-91
-245
-372
-263
-215
-354
-159
-117
4
Includes payment of $344 million increase in U.S. gold subscription
to the IMF.
NOTE.—See Table 11 on p. 905 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.
JUNE 1965
897
GOLD RESERVES AND DOLLAR HOLDINGS
HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS
(In millions of dollars)
Dec. 31, 1963
Area and country
911
1,782
259
176
4,709
6,811
239
2,927
1,898
135
'691
807
610
3,528
135
4,245
559
1
4
131
*
2
130
77
*
380
49
741 r 30,422
800
14
1
6
1
*
1
4
131
2
129
75
328
46
Total
Canada
Total
Other countries:
Australia
All other
4,063
298
83
,773
237
486
,687
902
1,832
289
167
5,003
6,616
227
3,039
1,824
188
'698
839
615
3,737
129
4,153
514
14
1
7
1
r
30,772
14
947
1,821
352
174
5,093
5
131
*
2
130
77
*
402
48
6,437
225
3,225
1,964
205
''747
972
733
3,653
123
4,222
1
402
49
14
1
7
1
*
1
5
98
*
2
40
79
*
414
49
872
1,895
430
201
5,530
6,131
232
3,539
2,036
234
801
983
928
3,927
142
4,308
387
14
1
7
1
*
1
5
68
*
2
40
78
*
407
49
753 32,734
714 32,576
676
686
695
690
735
424
294
227
238
11
817
105
271
276
1,057
487
386
330
224
226
10
808
89
271
280
.076
465
361
349
219
265
10
903
99
272
281
1,130
473
371
420
206
223
9
914
109
333
294
1,096
528
14
4,132
4,207
4,165
4,362
4,503
41
302
81
2.758
232
513
1,893
311
77
2,757
230
529
1,944
42
307
63
2.882
260
546
1,995
306
73
3,023
256
562
2,059
43
342
62
3,107
278
592
2,223
5,779
5,848
48
6,053
6,279
49
6,604
53
3,863
45
4,009
3,564
f*
43
671
188
296
670
198
293
10
645
196
287
10
635
196
288
620
163
284
16
547
163
317
16
1,155
1,161
10
1,128
10
1 ,119
1,067
16
1,027
16
388
313
373
308
384
350
26
392
358
402
25
681
25
734
26
750
1,524 '45,730
1,570 '46,363
1,596 '47,334
International and regional 3 . . .
1,218!
1,170
1,068
7,067
2,742J r52,797;
Includes, in addition to other Western European countries, unpublished gold reserves of certain Western European countries; gold to be
distributed by the Tripartite Commission for the Restitution of Monetary Gold; European Fund; and the Bank for International Settlements
(the figures for the gold reserves of the BIS represent the Bank's net
gold assets.)
2
Excludes gold reserves of the U.S.S.R., other Eastern European
countries, and China Mainland.
3
Includes international organizations and Latin American and European regional organizations, except the Bank for International Settlements
and European Fund, which are included in ''Other Western Europe."
I
4
101
*
2
90
78
923
1,887
428
212
5,392
6,258
251
3,729
2,055
214
780
1,010
833
4,095
140
4,020
507
822 r 31,384
Total foreign countries 2
1
Mar. 31, 1965 P
452
329
181
244
11
837
91
230
277
1,017
463
Total
Grand total 2
Dec. 31, 1964
3,674
Total
Africa:
South Africa
U.A.R. (Egypt)
Other
Sept. 30, 1964
3,555
687
Latin American republics:
Argentina
Brazil
Chile
Colombia
Cuba
Mexico
Panama, Republic of
Peru
Uruguay
Venezuela
Other
Total. . .
June 30, 1964
Gold& U.S.
Gold& U.S.
Gold& U.S.
Gold& U.S.
Gold& U.S.
Gold& U.S.
shortshortGovt.
Govt.
shortGovt.
shortGovt.
shortGovt.
shortGovt.
term
term
bonds
bonds
term
bonds
term
bonds
term
bonds
term
bonds
dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes
Western Europe:
Austria
Belgium
Denmark
Finland
France
Germany, Fed. Rep. of
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other*
Asia:
India
Indonesia
Japan
Philippines
Thailand
Other
Mar. 31, 1964
7,294
2,740 -53,657
411
415
31
826
31
1,501
49,100
1,516
904
7 ? 279
798
2,405
56,379
2,314
371
713
1 ,546
7,499
923
2,664 -54,833
2,469
49,224
7,162
56,386
NOTE.—Gold and short-term dollars include reported and estimated
official gold reserves, and official and private short-term dollar holdings
(principally deposits and U.S. Treasury bills and certificates); excludes
nonnegotiable, non-interest-bearing special U.S. notes held by the InterAmerican Development Bank and the International Development Assn.
U.S. Govt. bonds and notes are official and private holdings of U.S.
Govt. securities with an original maturity of more than 1 year; excludes
nonmarketable U.S. Treasury bonds and notes held by official institutions
of foreign countries as shown in Table 8 on p. 904.
See also NOTE to table on gold reserves.
898
INTL. CAPITAL TRANSACTIONS OF THE U.S.
JUNE 1965
1. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS AND INTERNATIONAL ORGANIZATIONS
(Amounts outstanding; in millions of dollars)
Grand
total
End of period
Intl.
and
regional *
Foreign
countries
Western
Europe 2
Canada
Latin
American
republics
Asia
Africa
Other
countries
1963—Dec
19,505
5,855
13,650
7,867
1,664
1,058
2,731
154
176
1964—Apr.
May
5,951
5,901
5,994
5,979
5,925
5,989
5,964
5,954
5,876
12,997
13,145
13,343
13,339
13,490
13,529
13,465
13,848
14,349
7,155
7,249
7,491
7,426
7,636
7,714
7,517
7,824
8,270
1,471
1,485
1 488
1,472
J 499
I 495
1,533
I 577
1,483
J 249
1,240
1,153
1,239
1,152
1,074
1,175
1,191
1,238
2,808
2,864
2 911
2,889
2,906
2,928
2,904
2 930
3,020
150
164
July
Aug
Sept
Oct
Nov
Dec .
18,948
19,046
19,337
19,318
19,415
19,518
19,429
19,802
20,225
145
136
146
162
164
167
139
146
158
152
160
165
172
178
174
178
1965—Jan
Feb p
Mar p
Apr
'19,519
19,606
19,316
18,989
5,822
5 780
5,878
5,883
13,697
13 826
13,438
13,106
7,551
7,644
7,255
6,949
,449
419
1,316
308
,265
I 278
1,296
I 305
3,096
3 124
3,213
3,171
159
180
178
184
177
181
180
189
1
Includes international organizations, and Latin American and European regional organizations, except the Bank for International Settlements
and2 the European Fund which are included in Western Europe.
Includes Bank for International Settlements and European Fund.
NOTE.—Data represent short-term liabilities to the official institutions
of foreign countries and to official international and regional organizations,
as reported by banks in the United States, and estimated foreign official
holdings of marketable U.S. Govt. securities with an original maturity
of more than one year. Data exclude nonnegotiable, non-interest-bearing
special notes held by the Inter-American Development Bank and the
International Development Association, and also nonmarketable U.S.
Treasury notes and bonds, payable in dollars and in foreign currencies.
2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
International and regional 1
End of
period
Grand
total
Total
Intl.
European
regional 2
Foreign
L.A.
regional
Europe
Total
Official
Other
7,048
47,841
7,911
8,863
I960
1961
1962
1963
21,272
422,533
25,019
25,967
4,012
3,752
5,145
4,637
3,897
3,695
4,938
4,501
34
18
115
57
173
118
17,260
418,781
19,874
21,330
10,212
10,940
11,963
12,467
1964—Apr
May....
June....
July
Aug....
Sept.. . .
Oct
Nov
Dec
26,355
26,362
26,328
26,894
27,277
27,406
28,039
28,975
r
28,795
4,780
4,833
4,926
4,911
4,918
5,065
5,061
5,051
'4,974
4,591
4,654
4,755
4,748
4,757
4,910
4,900
4,889
4,802
16
16
25
18
18
17
18
18
22
172
163
146
144
143
138
143
144
150
21,575
21,529
21,402
21,983
22,359
22,341
22,978
23,924
'23,821
11,757
11,905
12,102
12,121
12,312
12,351
12,300
12,723
13,224
1965—Jan
'28,728
Feb
28,838
Mar.P... 28,211
Apr.P... 27,758
4,986
4,983
5,081
5,086
4,811
4,815
4,916
4,914
19
17
19
15
156
150
146
157
'23,742
23,855
23,130
22,672
12,588
12,685
12,297
11,965
Latin
Canada America
Asia
Africa
Other
countries
9 046
10,322
10,162
10,770
2,439
2,758
3,349
2,988
2,308
2,340
2,448
3,137
3,115
42,974
3,444
4,001
227
283
319
241
125
104
152
194
9,818 10,643
9,624 10,618
9,300 10,662
9,862 10,791
10,047 11,148
9,990 11,285
10,678 11,233
11,201 12,012
10,597 12,237
2,903
2,932
2,743
3,030
3,064
2,873
3,405
3,461
'2,983
3,365
3,332
3,313
3,400
3,358
3,290
3,411
3,480
'3,534
4,246
4,232
4,271
4,339
4,383
4,474
4,497
4,553
4,638
235
230
227
233
224
231
244
238
184
185
186
190
183
189
188
181
192
11,154
11,170
10,833
10,707
11,986
11,989
11,515
11,003
'2,960
2,941
2,520
2,548
'3,589
3,645
3,705
3,723
4,743
4,807
4,924
4,916
Germany,
Fed.
Rep. of
Greece
Italy
'238
'246
273
263
273
218
199
204
210
2a. Europe
End of period
I960
1961
1962
1963
Total
Austria Belgium
Denmark
Finland
France
9,046
10,322
10,162
10,770
243
255
329
365
142
326
177
420
54
52
67
161
46
91
73
99
,157
,478
3,476
2,842
2,730
3,041
63
67
119
188
1964—Apr
May..
June..
July..
Aug...
Sept...
Oct...
Nov...
Dec...
10,643
10,618
10,662
10,791
11,148
11,285
11,233
12,012
12,237
297
341
310
327
355
355
293
349
323
437
439
440
396
424
426
444
473
436
191
195
197
213
229
260
269
280
336
111
112
102
105
105
109
112
110
127
1,406
1,518
1,552
1,558
1,525
1,529
1,524
1,600
1,663
2,386
2,303
2,535
2,360
2,361
2,288
2,184
2,152
2,010
156
148
150
146
133
132
159
172
174
1.057
,121
1,263
1,434
1,622
1965—Jan...
Feb...
Mar.p
Apr.?.
11,986
11,989
11,515
11,003
296
269
247
215
470
458
411
459
344
129
126
116
122
1,529
1.565
i;333
1,268
1,927
1,910
1,888
1,873
165
152
150
148
1,591
1,570
1,446
1,344
For notes see following two pages.
334
338
318
519
989
Nether- Norway
lands
877
328
216
803
248
360
1,234
1,384
849
866
891
928
82
105
125
133
254
117
264
223
310
317
363
356
447
367
159
157
167
171
174
186
182
183
355
339
313
153
174
203
197
328
Portugal
Spain
84
99
149
153
177
205
227
406
490
409
218
241
264
296
376
396
409
410
394
415
420
433
451
509
551
563
653
644
407
337
681
717
277
243
739
724
161
191
189
193
190
216
230
224
228
228
257
257
267
264
264
Sweden
899
INTL. CAPITAL TRANSACTIONS OF THE U.S.
JUNE 1965
2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
2b. Latin America
2a. Europe—Continued
End of period
Switzer- Turkey
land
United
Kingdom
Yugoslavia
Other
Other
Western U.S.S.R. Eastern
Europe
Europe 5
Total
Argentina
Brazil
<^hile
Colombia
Cuba Mexico
678
875
908
906
18
26
25
21
1,667
2,227
1,609
1,483
10
12
11
16
357
325
351
465
12
5
3
2
14
16
19
24
2,308
2,340
2,448
3,137
315
235
210
375
194
228
204
179
135
105
135
143
158
147
148
169
11
397
495
531
669
1964—Apr
May....
June....
July
Aug
Sept
Oct
Nov....
Dec
1,043
1,063
1,138
1,121
1,102
1,121
1,083
1,199
1,370
16
15
14
13
12
18
22
27
36
2,008
1,931
1,714
1,864
1,951
1,920
1,848
2,004
'1,884
13
14
14
14
13
16
12
15
32
514
372
309
278
254
260
254
251
358
3
4
3
4
3
3
2
3
3
21
20
25
23
21
20
23
21
19
3,365
3,332
3,313
3,400
3,358
3,290
3,411
3,480
'3,534
377
402
350
336
307
313
305
279
290
178
189
174
176
221
210
233
253
257
142
135
184
168
172
181
163
151
176
190
178
173
164
149
169
162
177
207
12
11
11
10
10
10
10
10
10
707
659
649
666
674
638
663
773
734
1965—Jan
Feb
1,321
1,308
1,225
1,209
26
21
27
20
'2,034
2,074
2,197
1,892
21
17
21
17
253
324
296
339
3
2
2
3
24
24
24
21
'3,589
3,645
3,705
3,723
297
301
300
306
280
304
328
295
189
161
163
154
175
194
163
167
9
10
9
10
698
709
743
699
India
Indonesia
Israel
I960
1961
1962
1963
Apr. *>..'.
2c. Asia
2b. Latin America—Continued
End of
period
Panama
Peru
Uruguay
Venezuela
Other
L.A.
rep.
77
43
« 15
Neth.
Other
Bal lamas
Antilles & Latin
&
Bermuda ? Surinam America
7
Total
China
Mainland
Hong
Kong
I960
1961
1962
1963
123
87
98
129
72
84
105
158
51
57
101
113
398
418
405
591
235
226
267
355
69
111
123
136
72
89
97
93
12
15
10
15
3,115
42,974
3,444
4,001
35
35
36
35
57
56
65
66
54
78
41
51
178
76
28
48
75
63
81
112
1964—Apr
May....
June
July
Aug
Sept
Oct
Nov
Dec
90
90
105
85
92
89
96
103
99
191
197
204
218
214
204
199
196
205
98
104
105
106
112
109
113
111
110
717
687
656
769
707
675
763
714
729
412
425
426
427
419
404
405
410
411
154
155
166
171
166
175
178
174
180
86
85
93
93
96
98
105
113
114
11
14
16
14
19
16
16
15
'12
4,246
4,232
4,271
4,339
4,383
4,474
4,497
4,553
'4,638
36
36
36
35
35
36
36
35
72
71
71
75
80
77
74
85
95
56
67
64
62
56
60
55
63
59
45
40
42
40
27
28
36
37
38
132
140
135
133
129
134
132
140
133
1965—Jan
Feb
101
110
109
103
241
244
266
246
115
119
123
127
759
714
695
793
'414
182
207
211
221
115
114
111
107
'14
15
18
19
4,743
4,807
4,924
4,916
35
35
35
35
96
100
94
97
65
70
61
67
26
30
27
28
131
134
127
116
Apr.'?'.'.'.
441
466
476
2d. Africa
2c. Asia—Continued
End of
period
I960
1961
1962
1963
1964
Apr
May....
June....
July
Aug
Sept
Oct
Nov
Dec
1965—Jan
Feb
Apr.'?5."..
2e. Other countries
Congo
Mo- 7 South U.A.R. Other
(Leopold- rocco
Africa (Egypt) Africa
ville)
Thailand
Other
Asia
Total
84
92
75
149
186
264
333
382
204
254
280
353
227
283
319
241
32
34
35
26
64
93
68
49
29
32
41
41
22
15
14
14
205
203
204
218
216
230
227
228
233
215
219
232
249
248
238
240
221
221
416
416
425
426
439
442
437
444
458
512
510
490
523
507
533
571
585
543
235
230
227
233
224
231
244
238
25
24
25
24
23
24
26
25
26
24
19
17
20
18
17
8
7
7
46
49
38
44
38
46
48
51
'46
26
21
22
24
20
22
23
19
24
242
259
252
248
225
230
232
232
471
484
488
438
618
615
703
774
23
33
37
35
8
8
9
10
57
61
49
52
28
28
24
25
Philippines
Japan
Korea
1,887
41 672
2,195
2,484
152
199
136
113
203
185
174
209
2 437
2,416
2,467
2,478
2,545
2,592
2,587
2,608
r
2 719
120
115
106
100
101
103
103
106
104
2,716
2,739
2,803
2,737
116
111
100
93
Taiwan
'238
'246
273
263
273
1 International Bank for Reconstruction and Development, International Monetary Fund, International Finance Corp., International
Development Assn., and other international organizations; Inter-American Development Bank, European Coal and Steel Community, European
Investment Bank and other Latin American and European regional
organizations, except Bank for International Settlements and European
Fund which are included in "Europe."
2 Not reported separately until 1962.
3 Foreign central banks and foreign central govts. and their agencies,
and Bank for International Settlements and European Fund.
35
Total
Australia
All
other 7
80
109
161
112
125
104
152
194
88
98
147
180
37
6
5
13
113
117
125
119
124
123
139
135
184
185
186
190
183
189
188
181
192
162
164
166
168
162
169
165
163
176
22
21
19
22
20
20
23
18
15
218
199
204
210
201
178
182
184
18
21
22
25
'135
'131
143
144
150
4 Includes $82 million reported by banks initially included as of Dec.
31, 1961, of which $81 million reported for Japan.
5 Includes Bank for International Settlements and European Fund.
<> Decline from end of 1961 reflects principally reclassification of deposits for changes in domicile over the past few years from Cuba to other
countries.
7
Data based on reports by banks in the Second F.R. District only for
year-end 1960-1962.
For NOTE see end of Table 2.
900
INTL. CAPITAL TRANSACTIONS OF THE U.S.
JUNE 1965
2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
2f. Supplementary Data 8 (end of period)
1963
1964
1963
1964
Area or country
Area or country
Apr.
Other Western Europe:
Iceland
•
Ireland Rep of
Luxembourg
. . .
Monaco
5.2
4.7
..
Dec.
Apr.
Dec.
7.0
4.7
6.0
5.2
8.7
17.4
4.1
10.7
7.4
2.7
8.9
2.0
8.6
2.4
Jordan
Laos
Other Latin American republics:
Bolivia
Costa Rica
Dominican Republic
Ecuador
El Salvador
. .
Guatemala
Haiti
Honduras
Jamaica
Nicaragua
Paraguay
Trinidad & Tobago
21.2
32.8
47.4
37.8
48 6
74.8
11.9
23.7
5 8
42.5
6 8
4.1
32.6
29.1
58.0
53.4
41.7
47.9
12.9
20.0
35.0
8 9
5.7
52.3
8 4
5.5
43.2
31.5
55.7
67.1
56.0
48.7
14.3
26.0
7.0
42.4
11 4
7.4
Other Latin America:
British West Indies
French West Indies & French
Guiana
22.6
7.3
6.3
n.a.
1.3
1.3
.6
1.1
13.3
4.2
22.1
2.1
3.7
5.5
n.a.
n a.
2.4
Other Asia*
Afghanistan
Burma
Cambodia
Ceylon
Other Asia (Cont.):
Iran
6.5
8.9
5.0
9.9
10 2
6 9
9.6
3.1
35.1
35.9
40.6
62.1
57.8
65.1
17.3
26.3
4.7
Malaysia
Pakistan
Ryukyu Islands (incl. Okinawa).
Syria
Viet-Nam
Other Africa:
Algeria
Ghana
Libya .
Somali Republic
Southern Rhodesia
Sudan
Tunisia
Apr.
Dec.
Apr.
Dec.
49.4
11.1
1.7
38.2
12.8
77.9
18.9
15.9
32.7
37.1
3 4
11.6
23.5
19.8
2.8
46.5
8.8
76.3
24.1
17.3
21.7
61.7
2.1
12.1
33.4
22.9
2.7
49.9
6.5
108.1
24.3
16.1
31.6
151.0
5.7
17.9
23.4
n.a.
2.7
56.4
5.0
84.2
22.2
23.1
n.a.
197.2
7.6
19.0
.5
20.8
10 8
13.4
10,5
1.1
24.5
.6
n.a.
2.4
11.6
.9
22.3
6.4
22.0
14.1
1.4
17.8
.8
3.6
2.5
1.0
1.0
32.1
6.3
17.8
14.9
1.4
17.3
.8
3.5
2.0
.8
1.5
33.7
5.6
20.0
28.9
2.5
n.a.
.5
n.a.
2.2
.9
8 8
10 5
18 8
12 0
All other:
New Zealand
« Represent a partial breakdown of the amounts shown in the "other"
categories (except "Other Eastern Europe") in Tables 2a-2e.
interest-bearing special U.S. notes held by the International Development Assn. and the Inter-American Development Bank. For data
on long-term liabilities, see Table 6. For back figures and further
description of the data in this and the following tables on international
capital transactions of the United States, sec "International Finance,"
Section 15 of Supplement to Banking and Monetary Statistics, 1962.
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, non-
3. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
P i lyable
in dollars
To banks and official institutions
End of period
Deposits
Total
I960
1961
19614
1962
1963
1964—Apr
M^ay
June
Julv
Aus
Sept
Oct
Nov
Dec
1965—Jan
Feb
Mar.P
U.S.
Treasury
bills and
Demand Time 1 certificates
Deposits
Special
U.S.
notes 2
Other 3
Total
Demand
21,272
22,450
22,533
. . 25,019
25,967
18,929
19,944
20,025
22,311
22,787
7,568
8,644
8,707
8,528
5,629 3,673
7,491
7,363
7,363
9,214
8,571
2,469
2,388
2,388
3,012
3,036
1,401
1,549
1,567
1,557
1,878
2,230
2,356
2,358
2,565
3,047
26,355
26,362
26,328
26,894
27,277
27,406
28,039
28,975
r
28,795
23,091
23,138
23,070
23,638
23,993
24,038
24,683
25,563
25,351
6,063
5,901
5,772
6,210
6 ^59
6.243
6,764
7,310
6,710
3,937
3,922
3,722
3,787
3,769
3,752
3,856
3,880
3,994
7,687
7.800
7^866
7,914
8,163
8,180
8,133
8,470
8,727
3,166
3,164
3,289
3,289
3,275
3,425
3,394
3,385
3,308
2,238
2,351
2,421
2,438
2 427
2,439
2,536
2,518
2,612
3,148
3,107
3 135
3,132
3 161
3,237
3,250
3,302
r
3 355
25,269
25,356
24,698
24,238
6,844
6,734
6,621
6,221
4,047
4,029
3,970
3,978
3,303
3,303
3,373
3,367
2,515
2,689
2,762
2,910
3 361
3,408
3,449
3,435
..
'28,728
28,838
28,211
27,758
r
r
8,560
8,601
7,972
7,762
1 Excludes negotiable time certificates of deposit which are included
in "Other."
2 Nonnegotiable, non-interest-bearing special U.S. notes held by the
International Monetary Fund; excludes such notes held by the International Development Assn. and the Inter-American Development
To all other foreigners
Payable
in
foreign
currencies
Total
T lme i
1,849
1 976
1,977
2 096
,493
966
1,457
,038
,057
080
,095
135
,178
,196
,206
258
1 dfil
496
,464
4^0
,478
,449
,500
523
502
,510
,530
,541
r
U.S.
Treasury
bills and
certificates
148
149
Other 3
233
231
113
150
149
116
232
352
119
469
134
116
87
75
86
91
537
495
484
487
485
117
118
123
123
124
150
143
101
480
132
105
84
72
500
512
502
106
111
r
90
282
81
496
r
,308
1,343
,359
79
79
77
511
497
458
97
73
64
86
Bank,
which amounted to $309 million on Apr. 30, 1965.
3
Principally bankers' acceptances, commercial paper, and negotiable
time
certificates
of deposit.
4
These figures reflect the inclusion of data for banks initially included
as of Dec. 31, 1961.
JUNE 1965
901
INTL. CAPITAL TRANSACTIONS OF THE U.S.
4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
Grand
total
End of period
I960
1961
1962. .
1963
3,614
34,820
5,163
5,975
1964
6,493
6,557
6,897
6,727
6,775
6,806
6,912
6,964
7,469
r
7,838
Apr
May
July
AUK
Sept
Oct
Nov
Dec 4
Dec
r
1965 Jan
Feb
Mar P
Apr.**
Intl. and
regional
Europe
Canada
1
717
767
877
939
*
->
7,616
7,728
7 810
7,676
1
*
*
Latin
America
Asia
421
556
526
638
1,356
1,522
1,606
1,742
1,052
31,891
2,017
2,493
104
1.002
1,028
1,164
1,075
1,048
1,064
1,164
[,129
1,217
r ,230
735
764
855
746
746
675
629
627
725
r
912
1,814
1,791
1,852
1,912
1,932
1,984
2,020
2,098
2,212
r
2,231
2,794
2,825
2,874
2,837
2,891
2,923
2,925
2,934
3,137
r
3,268
102
98
100
98
98
101
108
109
120
r
132
r
r
r
r
r
1,169
,178
1,181
,167
885
939
880
800
2,197
2,235
2,191
2,171
Other 2
Africa 1 countries
3,t96
3,207
3,374
3,350
69
85
137
58
45
50
52
58
60
58
66
67
58
63
112
117
131
130
56
51
53
57
4a. Europe
AUE
Sept
Oct
Nov
Dec
Dec.4
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
9
23
30
52
32
42
68
70
82
165
186
121
6
6
6
9
34
35
54
97
33
54
27
33
17
27
35
40
4
5
9
14
8
11
19
26
28
35
18
30
35
34
42
48
12
15
16
17
18
17
15
16
28
26
75
63
63
65
62
65
69
71
86
92
86
79
72
74
76
9
9
10
11
10
10
10
10
47
38
45
46
40
40
40
42
39
36
34
35
41
34
33
33
36
41
43
43
17
15
16
19
20
17
21
20
29
29
32
31
31
36
9
10
85
90
114
100
94
92
113
122
109
114
25
25
28
31
32
31
28
76
79
'81
135
158
135
114
133
127
173
175
159
r
152
19
23
32
40
40
43
41
47
49
57
72
49
49
18
20
21
27
77
76
77
77
r
r
9
10
10
106
125
138
123
33
42
46
47
46
44
49
49
28
26
34
36
32
26
32
43
51
45
44
47
Belgium
Denmark
717
767
877
939
2
5
7
8
65
20
32
26
13
11
14
13
1.002
1,028
1,164
1,075
1,048
1,064
1,164
1,129
1,217
r 1.230
8
9
7
7
8
9
9
7
29
30
31
29
31
31
r
1965 Jan
Feb
Mar. P
Germany,
Fed. Rep.
of
Austria
I960
1961
1962
1963
1964 Apr
May
June
July
France
Total
End of period
l,169
1,178
1,181
1,167
10
11
r
9
9
10
9
Finland
85
84
89
81
72
82
189
203
186
173
r
4a. Europe—Continued
End of period
Switzerland
Turkey
United
Kingdom
60
105
75
70
49
245
16
42
48
181
221
237
81
76
85
25
23
42
255
347
82
90
92
49
31
15
97
lll
36
37
290
312
278
112
118
116
98
36
32
30
7
I960
1961
1962
1963
1964 Apr
May
July
91
88
Sept
Oct
Nov
Dec
Dec
1965
4
Jan
Feb
Mar.p
Apr v
.
..
. . . .
r
For notes see following page.
246
52
35
Other
Other
Yugo- Western
Eastern 6 Total
slavia Europe 5 U.S.S.R. Europe
Argentina
Brazil
Chile
Colombia
Cuba
Mexico
11
9
6
7
11
9
19
23
8
8
8
16
1.356
,522
,606
,742
121
192
181
188
225
186
171
163
73
127
186
187
80
125
131
208
26
19
17
18
343
425
408
465
17
24
29
26
23
21
25
24
22
22
21
22
180
175
171
515
507
539
210
203
207
206
200
203
122
117
119
108
192
186
191
187
187
196
183
188
188
r
176
r
164
155
140
140
17
17
17
26
21
147
141
147
147
153
158
155
146
145
r
126
226
230
246
17
15
,814
,791
,852
,912
,932
.984
2,020
2,098
2,212
r
2,233
r
2.197
2,235
2,191
2,171
319
310
15
16
20
20
17
17
15
16
20
18
20
20
20
20
192
199
213
16
15
20
24
20
21
23
24
21
23
24
28
285
211
r
4b. Latin America
174
175
187
196
205
r
251
250
16
16
273
291
300
319
16
16
17
311
16
16
16
17
311
292
290
17
17
571
568
^65
580
604
630
'645
r
660
688
686
684
902
INTL. CAPITAL TRANSACTIONS OF THE U.S.
JUNE 1965
4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
4b. Latin America—Continued
End of
period
Panama
Peru
Uruguay
Venezuela
Other
L.A.
republics?
4c. Asia
Bahamas
&
Bermuda *
Neth.
Antilles
&
Surinam
Other
Latin
America »
?
Total
China
Mainland
Hong
Kong
India
66
74
98
16
1,052
31,891
2 017
2,493
2
2
2
2
9
9
13
11
9
8
20
17
2,794
2,825
2,874
2,837
2,891
2,923
2,925
2,934
3,137
'3,268
2
2
2
2
2
2
2
2
2
2
13
13
15
16
16
20
21
20
26
28
22
23
21
20
19
24
20
19
22
21
3
7
7
34
38
39
44
39
39
40
45
44
'45
r
2
1
1
1
21
21
25
24
22
16
28
28
7
7
7
7
'33
44
53
55
1960
1961
1962
1963
23
32
30
35
44
74
85
99
57
55
122
65
234
144
102
114
55
56
66
135
42
1964—Apr
May....
June....
July....
Aug
Sept
Oct
Nov
Dec
Dec.4...
46
41
44
40
38
37
35
113
113
114
112
104
102
96
99
102
108
48
51
54
55
62
63
62
67
76
77
123
125
128
140
137
140
140
153
165
168
147
144
140
160
169
173
188
199
222
223
37
35
37
38
41
42
44
50
58
'65
\i
18
18
11
11
10
10
13
13
16
16
20
20
109
112
116
112
77
83
83
80
158
161
164
173
221
228
228
221
'68
63
62
58
19
19
19
19
17
19
18
19
1965—Jan
Feb
Mar.P...
Apr.*\..
38
41
r
48
r
48
56
48
48
i:
S)
S)
11
13
isy
l
is)
l?
is
4c. Asia—Continued
End of period
Japan
Korea
Philippines
4d. Africa
Taiwan
Thailand
Other
Asia
Total i
1960
1961
1962
1963
31,528
1,740
2,171
806
2
4
3
25
19
114
70
113
7
10
9
8
24
34
41
52
150
145
80
71
1964—Apr
May
June
July
Aug
....
Sept
Oct
Nov
Dec
Dec 4
2,394
2,421
2,469
2,416
2 472
2,493
2,488
2,496
2,653
r
2,787
29
28
27
27
23
25
25
25
21
21
161
155
158
174
179
179
185
183
202
r
203
8
7
7
7
7
8
9
8
9
9
57
54
57
53
56
53
54
55
64
65
74
84
78
78
77
80
81
79
88
82
ri32
1965 Jan
Feb
Mar v
Apr.P
r
20
20
20
21
205
207
212
211
10
12
12
13
70
73
71
73
80
80
97
99
rH2
117
131
130
2,726
2,726
2,848
2,819
1 Not reported separately until 1963.
2 Includes Africa until 1963.
3 Includes $58 million reported by banks initially included as of Dec.
1961,
of which $52 million reported for Japan.
4
Differs from December data in line above because of the exclusion
as of Dec. 31, 1964, of $58 million of short-term U.S. Govt. claims
previously included; and because of the addition of $427 million of shortterm claims arising from the inclusion of claims previously held but first
reported as of Dec. 31, 1964, and revision of preliminary data.
5 Until 1963 includes Eastern European countries other than U.S.S.R.,
Czechoslovakia, Poland, and Rumania.
6 Czechoslovakia, Poland, and Rumania only until 1963.
7 Bolivia, Dominican Republic, El Salvador, and Guatemala only until
1963.
8
Until 1963 includes also the following Latin American republics:
3,196
3,207
3,374
3,350
104
102
98
100
98
98
101
108
109
120
1
1
?
?
?
?
?
?
7
?
2
U.A.R. Other Total 2
(Egypt) Africa i
11
]0
10
15
3
13
26
28
20
18
24
29
19
1Q
18
18
19
19
26
26
26
29
29
28
42
42
]9
20
1
?
Israel
24
36
37
22
«
i
a
t
t
4e. Other couritries
Congo
(Leo- Moroc- South
poldco i
Africa
ville)
3
6
2
1
Indonesia
1
14
1Q
21
31
29
35
35
69
85
137
Australia
All
other 9
59
58
28
29
41
48
56
49
52
50
50
52
58
60
56
r
67
45
50
52
58
60
58
66
67
58
63
37
40
43
49
50
49
56
58
48
48
8
9
9
9
9
10
10
9
10
16
r
56
51
53
57
43
39
41
45
13
12
12
13
63
71
73
72
24
27
57
9
Costa Rica, Ecuador, Haiti, Honduras, Jamaica Nicaragua, Paraguay,
and9 Trinidad and Tobago.
Until 1963 includes also African countries other than Congo (Leopoldville), South Africa, and U.A.R. (Egypt).
NOTE.—Short-term claims are principally the following items payable
on demand or with a contractual maturity of not more than 1 year; loans
made to and acceptances made for foreigners; drafts drawn against
foreigners where collection is being made by banks and bankers for
their own account or for account of their customers in the United States;
and foreign currency balances held abroad by banks and bankers and
their customers in the United States. Excludes foreign currencies held
by U.S. monetary authorities.
See also NOTE to Table 2.
JUNE 1965
903
INTL. CAPITAL TRANSACTIONS OF THE U.S.
5. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Payable in dollars
Loans to—
End of period
Total
Total
Total
1960
1961....
1961 5
1962
1963
1964—Apr
May
July
Aug
SeDt .
Oct
Nov
Dec
Dec 6
1965—jan
Mar 3p
Apr. '
Banks
Others
290
329
329
359
186
524
699
709
953
955
482
618
622
642
834
3,614
4 762
4,820
5,163
5,975
3,135
4 177
4,234
4,606
5,344
6,493
6,557
6,897
6,727
6,775
6,806
6,912
6,964
7,469
'7,838
5,784
5,822
6,089
6,039
6,083
6,132
6,242
6,303
6,810
r
7,217
2,094
2,139
2,192
2,233
2,265
2,310
2,379
2,461
2,652
'2,765
152
140
168
168
151
159
164
165
223
'221
1.108
1,138
1,143
1,152
1,176
1,207
1,251
1,316
1,374
r .403
r
'7,003
7,092
7,227
7,136
'2,776
2,937
2,954
2,903
222
250
243
207
1 .4^7
,491
,505
,495
7 616
7,728
7,810
7,676
Feb
Official
institutions !
1,296
1 646
1,660
1,954
1,915
Payable in foreign currencies
Collec- Acceptances
tions
made
outacct.
stand- for
of foring
eigners2
605
694
700
686
832
861
881
913
938
944
964
980
1,055
1,141
911
932
933
956
956
980
986
990
1,007
1,133
1,127
,196
,206
.201
1,048
1,007
1,076
1,082
774
Others
Total
2,214
1,233
1 837
1,874
1,967
384
480
586
586
557
631
2,413
2,373
2,438
2,401
2,403
2,414
2,431
2,420
2,600
'2,618
367
378
526
448
460
428
446
432
552
'702
709
735
808
688
692
674
670
662
659
'621
'2 512
2,497
2,587
2,582
r
'613
637
583
541
666
650
608
569
Foreign
govt. seDeposits curities,
Other*
with for- coml.
eigners and finance
paper 2
242
385
386
371
432
157
238
200
200
186
42
444
'338
210
221
254
207
202
176
177
183
182
'181
56
62
60
62
74
83
83
84
77
'102
'338
337
319
311
'169
176
147
129
'107
123
117
100
452
494
419
416
416
410
394
400
5 These figures reflect the inclusion of data for banks initially included
as 6of Dec. 31, 1961.
Differs from December data in line above because of the exclusion
as of Dec. 31, 1964, of $58 million of short-term U.S. Govt. claims
previously included; and because of the addition of $427 million of shortterm claims arising from the inclusion of claims previously held but first
reported as of Dec. 31, 1964, and revision of preliminary data.
1 Includes central banks.
2 Not reported separately until 1963.
34 Until 1963 includes acceptances made for account of foreigners.
Until 1963 includes foreign government securities, commercial and
finance paper.
6. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES
(Amounts outstanding; in millions of dollars)
Claims
End of period
Total
liabilities
I960
1961
1962
1963
7
2
7
69
1964—Apr
May
June
July
146
155
157
175
174
Sept
171
164
298
Oct
Nov
Dec
Dec. 4
1965—Jan
Feb
Mar v
Apr.33
>
305
309
493
458
441
Country or area
Type
Total
claims
Payable in dollars Payable
in
foreign
curAll
Loans
rencies
other
United
Kingdom
Other
Europe
Canada
15
11
351
482
25
552
76
274
304
290
1,698
2 034
2 160
33,030
2,811
217
2
38
31,063
3,311
3,337
3,350
3,414
3,480
3,589
3,693
3,853
f 3,971
1'4,227
3,097
3,124
3,147
3,219
3,282
3,392
3,490
3,652
3,777
'3,977
213
212
202
194
198
197
203
201
195
'249
1
1
1
1
1
*
*
*
*
'1
50
1.238
1,242
1,273
1,302
,307
1,358
,408
,493
,611
,622
'4,440
4,679
4 693
4,634
'4,192
4,407
4 431
4,355
'246
267
257
273
r
2
5
5
6
1
Not reported separately until 1963.
2 Includes Africa until 1963.
3 Includes claims previously held, but reported for the first time as of
May 1963; on that date such claims were $86 million. Also includes
$193 million reported for the first time as of Dec. 1963, representing
in part claims previously held but not reported by banks. Included in
50
57
61
72
73
76
77
77
82
'77
85
90
90
r
,676
,781
761
,762
286
287
279
283
294
292
292
291
273
'304
'328
375
342
356
Latin
America
914
931
886
31,015
1,040
1,054
1,029
1.030
1,058
1,073
1,099
1,153
1,162
' 1,267
,356
1,394
398
1,331
Japan
19
24
74
3249
319
323
325
329
332
351
352
369
385
'427
'452
452
469
476
Other
Asia
Africa i
All
other 2
3194
113
208
166
171
68
188
196
197
210
216
229
229
238
238
'255
111
107
110
115
115
120
131
125
123
'149
79
77
80
85
86
92
105
107
103
••122
259
276
297
297
'173
182
198
187
'119
133
136
135
115
146
148
this amount are claims on: Europe $5 million, Latin America $134
million, and Asia $54 million.
4 Differs from Dec. data in line above because of the addition of
$256 million of long-term claims arising from the inclusion of claims
previously held but first reported as of Dec. 31, 1964, and revision of
preliminary data.
904
INTL. CAPITAL TRANSACTIONS OF THE U.S.
JUNE 1965
7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE
(In millions of dollars)
U.S. corporate
securities 2
U.S. Govt . bonds and notes *
Foreign bonds
Foreign stocks
Net purchases or sales
Period
Foreign
Intl.
Total
and
regional Total
512
-728
671
-338
1961
1962
1963
1964
1964—Apr
May
June..
July
AUK
Sept
Oct
Nov
Dec
1965
.
...
Jan
Feb
Mar.*>
Aprp
.
532
-521
302
-315
-4
-83
12
-16
-98
—81
-30
-37
2
1
-103
-66
7
-17
65
-68
- 3 8*
*
1
-61
—84
-21
•
•
Official
—20
-207
369
-23
Purchases
Net pur- PurSales chases or chases
sales
3 161
2,508
2,773
3,710
223
60
207
— 173
802
1,093
991
915
70
53
67
70
-59
36
4
*
-8
20
10
6
3
3
4
3
2
340
313
313
284
260
267
335
297
289
360
296
297
353
262
301
353
292
302
-20
16
17
-68
-2
—34
-17
5
—13
17
-1
-17
65
240
283
420
338
249
292
389
342
-9
31
-4
-23
-40
2
30
-17
65
-15
32
*
Sales
Net purchases or
sales
Other
3,384
2,568
2,980
3,537
-5
20
12
-17
-37
3
-9
-37
2
Net pur- PurSales chases or chases
sales
-13
-40
•
1 Excludes nonmarketable U.S. Treasury bonds and notes held by
official institutions of foreign countries; see Table 8.
2 Includes small amounts of State and local govt. securities.
1 262
—460
2,037
-944
2,086 - 1 , 0 9 5
1,838
-923
596
702
696
748
966
806
644
548
22
38
34
24
24
-121
-103
-44
-5
6
—46
-148
-256
-127
71
62
64
37
51
252
86
94
192
157
112
76
32
97
399
342
221
49
49
60
55
72
50
50
47
42
32
42
59
50
59
49
52
46
87
107
269
148
183
-58
-217
-102
-96
86
77
77
93
48
44
53
69
61
370
-104
51
200
12
17
19
16
7
5
13
NOTE.—Statistics include transactions of international and regional
organizations.
See also NOTE to Table 2.
8. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES
(In millions of dollars)
Payable in foreign currencies
Payable in dollars
End of period
1962 D e c
1963—Dec
1964
1965
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
M!a.y
...
Germany
51
175
163
125
13
25
477
477
628
628
628
679
679
679
1245
1245
1245
1297
1297
1327
1327
i 327
158
152
152
152
354
354
354
354
125
125
125
125
8
2
25
25
25
25
25
25
25
25
679
679
679
i 327
i 327
i 327
i 327
1327
354
354
354
50
30
275
50
50
50
50
50
50
50
50
30
30
30
30
30
30
30
30
50
75
101
30
30
30
1 086
1 112
1 137
1,137
1,137
30
30
679
679
i Includes the equivalent of $70 million payable in Swiss francs to the
Bank for International Settlements.
Italy
200
101
101
Sweden
Canada
251
730
1,005
1 005
1,086
1 086
1 086
Switzerland
Total
Austria
802
802
953
.
Belgium
Total
200
354
354
2329
2 329
2 329
2 329
2 329
2 329
329
2 329
2 329
2
Italy
2
2
25
25
25
25
25
2 Includes $204 million of nonmarketable bonds issued to the Government of Canada in connection with transactions under the Columbia
River treaty.
JUNE 1965
905
INTL. CAPITAL TRANSACTIONS OF THE U.S.
9. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES,
BY TYPE OF SECURITY AND BY COUNTRY
(In millions of dollars)
Country or area
Type of security
Period
Total
1961
1962
1963
1964
Stocks
Bonds
—99
-51
9
176
223
60
207
-173
323
111
198
— 349
1964—Apr...
May..
June..
July..
Aug...
Sept..
Oct..
Nov..
Dec...
-20
16
17
-68
-2
-34
-17
5
-13
-17
3
-6
-74
-50
-43
-25
-27
-37
-2
14
23
6
48
9
8
32
24
1965—Jan...
Feb...
Mar.P.
-9
-9
31
*
8
8
-49
-9
-16
23
45
Apr.-P.
A
Switzerland
United
Kingdom
21
4
166
129
61
24
-8
— 37
— 14
—200
— 17
— 33
206
—4
*
9
4
4
3
5
6
2
3
-6
-21
-24
-32
-22
-15
-19
-26
-14
*
2
9
-2
-2
2
-2
-13
France
-
Total
Europe
Canada
Latin
America
Asia
16
14
232
124
199
-228
— 112
-43
-47
3
44
—20
14
25
44
— 18
17
10
-24
7
28
-32
19
4
14
41
-5
3
6
-3
8
2
*
-1
-15
-1
-27
-17
-3
-61
-4
-16
-13
-2
-22
10
9
10
-8
3
-18
-7
5
3
-2
23
4
-4
-3
*
-1
1
3
3
*
-2
2
2
*
-3
7
-8
_!
-6
4
23
-19
-3
-11
7
10
Other
Europe
o
23
-4
1 N o t reported separately until M a y 1963.
2 Yearly figures through 1963 include Africa.
*
4
Africa i
Other
countries 2
3
*
i
o
12
17
22
18
1
1
_1
1
1
2
I
2
1
1
1
1
\
i
*
*
3
-1
-4
1
Intl.
and
regional
1
1
*
1
3
1
NOTE.—Statistics include small a m o u n t s of State and local govt. securities.
10. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES, BY AREA
11. DEPOSITS, U.S. GOVT. SECURITIES, AND
GOLD HELD AT F.R. BANKS FOR FOREIGNERS
(In millions of dollars)
(In millions of dollars)
Period
1961
1962
1963
1964
. . .
Total
Total
Intl.
forand
eign
recoungional tries
1
-830
-1,048 -235
— 1 044 —96
-723 -140
-832
-813
—949
-583
-262
-188
—49
163
-318
-360
—614
-665
- 5 8 -121
- 4 1 -175
— 26 — 252
-36
-77
7
— 73
-50
—8
25
24
8
13
19
4
-5
2
15
16
-58
-93
-49
6
16
-35
-171
-129
-98
-14
3
2
-13
1
1
12
-30
5
-5
-12
-8
-5
-2
1
-5
-15
-18
*
1
1
1
*
2
*
1
2
1
4
2
1
1
6
2
2
14
3
-6
22
-23
2
-71
-28
1
-4
-6
-27
-20
-3
—1
-47
1
*
*
*
3
1
1
5
-100
-91
-28
14
22
-39
-147
-251
-114
7
-95
-22
-52
-92
-36
9
20
-39
-153
-156
-92
1965—Jan
.
Feb
Mar.P. .
Apr.*\..
-20
-183
-79
-73
5
-178
3
4
-25
5
-82
-76
1 N o t reported separately until M a y 1963.
2 Yearly figures t h r o u g h 1963 include Africa.
Other
countries 2
Africa i
Canada
.
1964— Apr
May
June....
July....
Aug....
Sept
Oct
.
Nov
.
Dec
-48
1
9
4
1
Assets in custody
Latin
America
Europe
Asia
End of
period
Deposits
U.S. Govt.
securities 1
Earmarked
gold
1961
1962
1963
279
247
171
6,006
6,990
8,675
11,905
12,700
12,954
1964—May..
June..
July...
Aug...
Sept...
Oct....
Nov...
Dec...
161
156
135
163
148
120
256
229
7,892
8,043
8,201
8,247
8,373
8,210
8,278
8,389
12,747
12,795
12,752
12,741
12,738
12,707
12,672
12,698
1965—Jan...
Feb...
Mar...
Apr...
May..
143
154
162
146
142
7,952
8,100
7,741
7,626
7,713
12,871
12,940
13,187
13,174
13,050
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).
906
INTL. CAPITAL TRANSACTIONS OF THE U.S.
12.
JUNE 1965
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS
(End of period; in millions of dollars)
Liabilities to foreigners
1963
Area and country
Europe:
Austria
Denmark
Finland
France
Germany Fed Rep of
Italy
Norway
.
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
Other Western Europe
USSR
Other Eastern Europe
Total
Canada
Latin America:
Arsentina
Brazil
Chile
Colombia
Cuba
Panama
Peru
Other L A republics
Bahamas and Bermuda
Neth. Antilles & S u r i n a m . . . .
Other Latin America
Total
Asia:
China Mainland
Hong Kong
India
Indonesia
.
•
Korea
Taiwan
Thailand
Other Asia
Total
Africa:
Congo (Leopoldville)
South Africa
U A R TEevPt)
Other Africa
Total
Other countries:
Australia
All other
Total
International and regional
Grand total
.
..
1963
1964
1
1964
Sept.
Dec?
Dec.
Mar.
June
3
20
1
3
22
1
27
34
5
22
46
2
1
8
7
18
4
97
1
2
31
44
4
27
31
2
2
12
7
36
5
108
1
4
*
1
2
20
2
1
31
63
4
26
33
1
2
10
8
33
6
102
1
5
*
1
8
22
8
4
47
103
9
106
32
7
8
29
17
27
5
241
3
4
1
3
7
18
6
7
52
114
13
101
34
6
8
32
20
23
5
248
4
5
*
4
6
21
7
5
69
82
9
101
30
7
10
47
17
19
5
274
3
6
*
2
5
20
7
5
67
79
9
99
30
6
10
46
17
17
5
270
3
6
*
2
316
301
341
350
685
706
721
705
821
780
68
62
57
59
72
732
910
919
909
1,005
1,011
6
13
3
6
11
29
5
1
20
10
2
6
5
6
11
3
8
*
8
21
6
1
22
9
2
7
6
5
10
3
7
*
7
21
5
1
21
8
2
7
6
4
11
4
7
*
8
26
5
1
20
11
2
9
4
3
11
5
10
*
7
28
7
1
21
13
2
6
6
25
113
25
21
5
60
13
22
5
36
39
10
5
11
23
118
24
21
5
59
10
23
5
37
42
20
5
10
20
126
23
23
5
62
10
23
6
40
44
21
5
11
20
125
21
22
5
58
10
22
6
38
42
20
5
9
26
128
25
25
4
64
23
8
45
47
19
4
10
30
145
25
25
4
69
12
26
10
49
51
17
4
10
110
118
112
104
111
119
390
403
421
403
438
477
1
2
14
3
1
24
1
5
1
2
18
2
2
14
3
2
23
1
5
1
1
22
72
76
*
10
6
8
25
Dec.
Mar.
June
2
26
3
1
33
34
2
25
46
3
1
7
9
25
2
100
4
3
*
*
2
19
1
1
31
32
2
26
43
2
1
7
7
20
4
110
6
1
3
21
1
1
325
319
72
7
13
3
7
*
8
20
5
1
22
13
1
6
4
1
28
36
5
24
46
3
1
9
7
19
5
102
1
3
June
June i
Sept.
Dec*
5
17
6
8
50
95
10
90
32
7
9
48
19
16
4
394
3
6
7
19
6
7
52
140
10
95
37
8
4
42
19
3
9
22
9
288
3
9
*
2
1
2
16
3
1
31
*
6
*
1
21
1
2
22
4
1
29
1
5
3
1
21
*
4
42
10
7
161
6
9
4
11
41
*
6
39
5
7
170
5
12
3
7
46
*
5
39
5
8
170
4
11
4
7
53
*
5
38
5
7
169
4
11
4
7
51
*
7
36
4
7
187
5
14
5
7
55
*
9
42
4
10
201
4
11
5
1
21
2
2
13
5
1
25
1
4
1
1
19
80
73
82
89
295
300
308
303
327
352
1
1
9
4
6
10
2
6
1
*
10
2
5
3
1
11
1
5
4
*
14
3
10
3
2
9
11
18
2
1
8
14
23
2
1
13
13
26
2
1
12
13
25
5
2
11
12
27
12
13
26
21
19
18
22
31
43
50
55
53
57
57
17
5
25
4
27
6
27
5
26
8
25
9
32
9
33
5
37
6
36
6
38
38
7
22
30
33
32
34
34
42
38
43
41
45
45
*
*
1
1
*
*
1
1
1
626
631
622
585
649
697
2,188
2,407
2,468
2
14
5
1
27
1
5
i Ninth revised series; includes reports from firms having $500,000
or more of liabilities or of claims; for previous series the exemption level
was $100,000.
Claims on foreigners
60
6
*
2,416
2,694
2,723
NOTE.—Reported by exporters, importers, and industrial and commercial concerns in the United States. Data exclude claims held through
U.S. banks, and intercompany accounts between U.S. companies and
their foreign affiliates.
See also NOTE to Table 2.
907
MONEY RATES
JUNE 1965
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, 1964
1964
Country
Per
cent
Month
effective
June
July
6.0
4.5
4.25
10.0
4.0
Dec.
June
Oct.
Apr.
Feb.
1957
1963
1963
1958
1962
4.75
4.0
4.0
14.39
...
8.0
. . . . . . 3.0
Aug.
Aug.
Jan.
May
Apr.
1963
1960
1964
1963
1939
14.63
El Salvador
Finland
France
5.5
5.0
6.0
7.0
4.0
Nov.
Nov.
June
Apr.
Nov.
1963
1956
1961
1962
1963
Germany, Fed. Rep. of
Ghana
.
Greece.
Honduras 3
Iceland
........
3.0
4.5
5.5
3.0
9.0
May
Oct.
Jan.
Jan.
Dec.
1961
1961
1963
1962
1960
India
4.5
9.0
4,0
4.62
6.0
Jan. 1963
Aug. 1963
Oct. 1963
May. 1964
Feb. 1955
Argentina
Austria
.
Belgium
Brazil
.
••
Ceylon2
Chile
Colombia
Costa Rica
. . .
Denmark
..
•
• * •• •
Iran
Ireland
Italy
Jamaica
Japan
... •
.
.
Netherlands
New Zealand
.
..
...
Pakistan
Peru
Portugal
South Africa
Spain
Sweden
Switzerland
Taiwan 5
Thailand
Tunisia
..
.
4....
..
•
.....
Turkey
.
. ....
United Arab Rep. (Egypt)..
United Kingdom
Venezuela
3.5
4.0
6.57
10.5
4 5
June
Nov.
Mar.
Mar.
June
1958
1963
1964
1964
1942
4.0
7.0
6.0
3 5
4.0
Jan.
Mar.
Apr.
Feb
Jan.
1964
1961
1954
1955
1959
9 5
6.0
2.0
3.5
4.0
Nov
Jan.
Jan.
Nov.
June
1959
1962
1944
1962
1961
4.5
2.0
14.04
7.0
4.0
Jan.
Feb.
July
Feb.
Oct.
1964
1959
1963
1945
1962
7.5
5.0
5.0
May
May
Feb.
Dec.
1961
1962
1964
1960
4.5
Aug.
Sept. I Oct.
Nov.
Dec.
Jan.
Feb.
Mar. j Apr.
May
6.0
4.5
4.75
12.0
4.0
12.0
4.25
5.0
15.09
6.5
3.5
3.5
4.5
5.5
3.0
8.0
3.5
8.0
6 0
5.0
4.69
4.87
4.89
4.94
6.87
6.81
4.25
5.0
15.09
8.0
3.0
6.5
5.0
4.0
7.0
3.5
4.6
6.75
6.81
6.69
5.0
6.21
5 84
6.0
9.0
4.0
6.69
6.0
3.5
5.0
5.84
10.5
4.5
4.5
7.0
6.0
3.5
4.0
4.5
4.0
4.5
5.0
2.5
1 On June 24, 1962, the bank rate on advances to chartered banks
was fixed at 6 per cent. Rates on loans to money market dealers will
continue to be .25 of 1 per cent above latest weekly Treasury bill tender
average
rate but will not be more than the bank rate.
2
Beginning with Apr. 1, 1959, new rediscounts have been granted at
the average rate charged by banks in the previous half year. Old rediscounts remain subject to old rates provided their amount is reduced by
one-eighth each month beginning with May 1, 1959, but the rates are
raised by 1.5 per cent for each month in which the reduction does not
occur.
3 Rate shown is for advances only.
4
Beginning with June 1, 1962, the rediscount rate for commercial
bank loans financing the purchase of surplus agricultural commodities
under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22,
1962, the rediscount rate for commercial bank financing of 9 categories
of 5development loans was reduced from 6 to 3 per cent.
Rate shown is for call loans.
NOTE.—Rates shown are mainly those at which the central bank either
discounts or makes advances against eligible commercial paper and/or
govt. securities for commercial banks or brokers. For countries with
more than one rate applicable to such discounts or advances, the rate
Rate
as of
May 31,
1965
1965
7.0
9.5
6.0
2.0
5.0
4.0
5.0
5 5
5.5
2.5
14.04
7.0
4.0
7.5
5.0
7.0
4.5
shown is the one at which it is understood the central bank transacts
the largest proportion of its credit operations. Other rates for some
of these countries follow;
Argentina—3 and 5 per cent for certain rural and industrial paper, depending on type of transaction:
Brazil—8 per cent for secured paper and 4 per cent for certain agricultural
paper;
Colombia—5 per cent for warehouse receipts covering approved lists of
products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent
for rediscounts in excess of an individual bank's quota;
Costa Rica—5 per cent for paper related to commercial transactions
(rate shown is for agricultural and industrial paper);
Ecuador—6 per cent for bank acceptances for commercial purposes;
Indonesia—various rates depending on type of paper, collateral, commodity involved, etc.;
Japan—penalty rates (exceeding the basic rate shown) for borrowings
from the central bank in excess of an individual bank's quota;
Peru—8 per cent for agricultural, industrial and mining paper; and
Venezuela—4 per cent for rediscounts of certain agricultural paper and
for advances against govt. bonds or gold and 5 per cent on advances
against securities of Venezuelan companies.
908
MONEY RATES; ARBITRAGE
JUNE 1965
OPEN MARKET RATES
(Per cent per annum)
Canada
Month
United Kingdom
Treasury Day-tobills,
day
3 months * money 2
Bankers' Treasury
acceptbills,
ances,
3 months 3 months
Day-today
money
Germany,
Fed. Rep. of
France
Bankers'
allowance Day-today 3
on
deposits money
Netherlands
Switzerland
Treasury
bills,
60-90
days *
Day-today
moneys
Treasury
bills,
3 months
Day-today
money
Private
discount
rate
1962—Dec
1963—Dec
3.88
3.71
3.75
3.55
3.86
3.91
3.64
3.74
3.30
3.00
2.50
2.00
3.51
4.66
2.63
2.63
3.50
2.56
1.98
2.25
1.24
1.56
2.00
2.00
1964—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
3.75
3.66
3.56
3.60
3.80
3.79
3.69
3.73
3.85
3.52
3.33
3.28
3.49
3.79
3.77
3.60
3.68
3.84
4.53
4.56
4.64
4.73
4.84
4.84
4.88
5.42
6.84
4.30
4.35
4.44
4.57
4.65
4.65
4.69
5.18
6.62
3.81
3.77
3.80
3.67
3.92
3.94
3.99
4.54
5.87
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.56
5.00
5.03
6.18
4.91
4.83
4.70
4.74
4.30
4.13
4.16
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
3.44
3.38
3.31
3.38
3.38
3.69
3.25
3.13
2.88
3.00
3.10
3.81
4.26
3.74
3.70
3.80
3.84
3.68
2.42
2.78
2.05
3.53
2.06
2.09
3.14
2.79
2.09
2.27
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.68
1965—Jan
Feb
Mar
Apr
3.78
3.72
3.69
3.67
3.83
3.57
3.45
3.51
6.84
6.74
6.74
6.78
6.60
6.48
6.45
6.45
5.92
5.92
5.92
5.90
5.00
5.00
5.00
5.00
3.77
4.11
4.45
4.00
3.13
3.13
3.13
3.13
2.44
3.56
4.06
4.19
3.29
3.34
3.05
3.39
2.35
3.55
3.39
3.54
3.00
3.00
3.00
3.00
1
2
Based on average yield of weekly tenders during month.
Based on weekly averages of daily closing rates.
3 Rate shown is on private securities.
* Rate in effect at end of month.
5 Based on average of lowest and highest quotation during month.
NOTE.—For description of rates and back data, see "International
Finance," Section 15 of Supplement to Banking and Monetary Statistics,
1962.
ARBITRAGE ON TREASURY BILLS
(Per cent per annum)
United States and United Kingdom
United States and Canadei
Treasury bill rates
Treasury bill rates
Premium
Date
(+)or
United
Kingdom
(adj. to
U.S.
quotation
basis)
United
States
Spread
(favor
of
London)
6.44
6.44
6.41
6.38
3.77
3.74
3.81
3.83
2.67
2.70
2.60
2.55
-2.61
—2.71
-2.61
-2.65
6.32
6.32
6.32
6.29
3.89
3.89
3.94
3.97
2.43
2.43
2.38
2.32
discount
(-)on
forward
pound
Net
incentive
(favor
of
London)
Premium
Canada
As
quoted
in
Canada
Adj. to
U.S.
quotation
basis
United
States
Spread
(favor
of
Canada)
.06
-.01
— .01
-.10
3.80
3.81
3.72
3.70
3.71
3.73
3.63
3.62
3.77
3.74
3.81
3.83
-.06
-.01
-.18
-.21
-2.55
-2.52
-2.85
-2.82
-.12
-.09
-.47
-.50
3.71
3.69
3.70
3.76
3.63
3.61
3.62
3.67
3.89
3.89
3.94
3.97
-.26
-.28
-.32
-.30
(+)or
Net
incentive
(favor
of
Canada)
-.20
— .21
— .45
— .48
+ .41
discount
(-)on
forward
Canadian
dollar
1965
Feb
5
11
19
26
Mar
5
12
19
26
6.26
6.20
6.35
6.35
3.93
3.91
3.90
3.86
2.33
2.29
2.45
2.49
-2.78
-2.54
-2.74
-3.25
-.45
-.25
-.29
-.76
3.78
3.71
3.64
3.62
3.69
3.63
3.56
3.54
3.93
3.91
3.90
3.86
-.24
-.28
-.34
-.32
2
9
15
23
30
6.35
6.32
6.29
6.26
6.20
3.91
3.90
3.91
3.92
3.90
2.44
2.42
2.38
2.34
2.30
-3.02
-2.97
-2.55
-2.29
-2.33
-.58
-.55
-.17
-.03
3.60
3.58
3.62
3.67
3.80
3.52
3.50
3.54
3.59
3.71
3.91
3.90
3.91
3.92
3.90
-.39
-.40
-.37
-.33
-.19
May
7
14
21
28
6.13
6.13
6.10
6.20
3.87
3.88
3.88
3.85
2.26
2.25
2.22
2.35
-2.01
-1.96
-1.82
-2.44
4-. 25
+ .29
+ .40
-.09
3.82
3.81
3.85
3.93
3.73
3.72
3.76
3.84
3.87
3.88
3.88
3.85
-.14
-.16
-.12
-.01
-.14
-.20
-.27
-.27
-.23
-.07
+ .14
+ .00
+ .10
+ .17
+ .41
+ .61
+ .54
+ .47
+ .47
+ .40
+ .34
+ .20
+ .20
+ .27
+ .27
June
4
5.49
3.82
1.67
-1.82
-.15
3.98
3.89
3.82
.07
+ .34
Jan
Apr.
8
15
22
29
.
. •
+ .05
NOTE.—Treasury bills: All rates are on the latest issue of 91-day bills.
U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K.
rates are Friday opening market offer rates in London.
Premium or discount on forward pound and on forward Canadian dollar:
Rates per annum computed on basis of midpoint quotations (between
bid and offer) at 11 a.m. Friday in New York for both spot and forward
pound sterling and for both spot and forward Canadian dollars.
— .49
-.35
— .18
-.30
-.14
-.11
+ .07
+ .29
+ .15
+ .07
+ .10
+ .07
+ .15
+ 06
+ .04
+ .15
+ .26
All series: Based on quotations reported to Federal Reserve Bank of
New York by market sources.
For description of series and for back figures see Oct. 1964 BULL.,
pp. 1241-60. For description of adjustments to U.K. and Canadian
Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260
Oct. 1964 BULL.
JUNE 1965
FOREIGN EXCHANGE RATES
909
FOREIGN EXCHANGE RATES
(In cents per unit of foreign currency)
Argentina
(peso)
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Denmark
(krone)
Finland
(markka)
France
(franc)
1.2730
1.2026
1.2076
.9080
.7245
.7179
223.81
223.71
223.28
223.73
223.10
222.48
3.8619
3.8461
3.8481
3.8685
3.8690
3.8698
2.0012
2.0053
2.0052
2.0093
2.0052
2.0099
104.267
103.122
98.760
93.561
92.699
92.689
21.055
21.048
21.023
21.034
21.015
20.988
14.508
14.505
14.481
14.490
14.484
14.460
.3115
.3112
.3110
.3107
331.057
31.067
.2038
20.389
20.384
20.405
420.404
20.404
.7312
.7272
.7279
.7075
.6980
.6979
.6725
.6652
223,06
222 64
222.29
222.04
221.79
221.79
221.90
222.36
3.8686
3.8694
3.8710
3.8725
3.8712
3.8699
3.8693
3.8707
2.0089
2.0060
2.0085
2.0103
2.0126
2.0146
2.0149
2.0144
92.499
92.499
92.473
92.690
92.913
92.984
93.100
93.039
21.021
21.009
20.977
20.953
20.955
20.954
20.953
20.944
14.482
14.470
14.459
14.438
14.435
14.430
14.430
14.459
31.066
31.063
31.063
31.059
31.056
31.054
31.076
31.084
20.405
20.401
20.405
20.405
20.402
20.403
20.405
20.405
.6628
.6615
.6629
1.6627
2.5814
222.42
222.72
222.50
222.80
222.87
3.8697
3.8681
3.8694
3 8700
3.8701
2.0148
2.0147
2.0144
2.0147
2.0147
93.109
92.943
92.480
92.654
92.627
20.943
20.967
20.950
20.948
20.951
14.458
14.460
14.453
14.462
14.456
31.079
31.081
31.080
31.081
31.098
20.404
20.404
20.400
20.401
20.397
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Italy
(lira)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
Netherlands
(guilder)
New
Zealand
(pound)
1959
1960
1961
1962
1963
1964
23.926
23.976
24.903
25.013
25.084
25.157
21,031
20.968
20.980
21.026
20.966
20.923
280.88
280.76
280.22
280.78
280.00
279.21
.16099
.16104
.16099
.16107
.16087
.16014
.27781
.27785
.27690
.27712
.27663
.27625
32.857
32.817
32.659
32.757
32 664
32.566
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
26.492
26.513
27 555
27.755
27 770
27.724
278 10
277.98
277 45
278.00
277 22
276 45
1964—May
June
July
Aug
Sept
Oct
Nov
Dec
25.159
25.165
25.159
25.152
25.154
25.158
25.148
25.149
20.977
20.945
20.912
20.886
20.862
20.859
20.867
20.898
279.94
279.42
278.97
278.66
278.34
278.35
278.48
279.06
.16001
.16002
.16001
.16002
.16002
.16003
.16003
.16003
.27579
.27580
.27576
.27580
.27665
.27658
.27686
.27837
32.606
32.571
32 524
32.474
32.431
32.467
32.507
32.569
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
27.681
27.627
27 657
27.674
27.712
27.772
27.824
27.831
277 17
276.65
276 21
275 91
275.59
275 59
275.73
276.30
25.135
25.137
25 144
25.140
25.097
20.894
20.915
20 912
20 91S
20.939
279.13
279.51
279 24
279.62
279.71
.16003
.16003
.16003
.16004
.16004
.27856
.27830
27710
.27609
.27586
32.575
32.602
32 553
32.582
32.617
8.0056
8.0056
8.0056
8.0056
8.0056
27.827
27.825
27 780
27 780
27.768
276.37
276.75
276 47
276 85
276.94
Norway
(krone)
Philip,
pine
Republic
(peso)
Portugal
(escudo)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
139.57
139.87
139.48
139.09
9 n^70
6635
.6643
6654
.6664
1.6663
19.324
19 34Q
19.353
19 397
19.272
19.414
23.142
23 152
23.151
23.124
23.139
23.152
280.88
280 76
280.22
280 78
280.00
279.21
Period
1959
I960
1961
1962
1963
1964
1964
May
June
July
Sept
Oct
Nov
Dec
1965
.
.
..
.
Jan
Feb
Mar
Apr
May
Period
1965
.
Jan
Feb
Mar
A pr
May
Period
1959
I960
1961
1962....
1963
1964
. . . .
1964—May
Tune
July
Aug
Sept
Oct
Nov
Dec
1965
Jan
Feb
Mar
Apr
May
.•
. ...
14.028
14.018
14 000
14.010
13.987
13 972
49,721
49 770
3.4967
3.4937
3.4909
3.4986
3.4891
3.4800
(pound)
279.83
279.71
279.48
(rand)
13.992
13 984
13.972
13 962
13.956
13.956
13.956
13 980
3.4874
3 4S47
3 4796
3 4746
3.4714
3.4680
3.4686
3.4777
139.45
139.19
138.96
138.81
138.65
138.65
138 72
139.01
.6664
.6663
.6663
.6662
.6661
.6662
6665
.6666
19.464
19.467
19.441
19.466
19.461
19.376
19 396
19.439
23.171
23.172
23.139
23.145
23.148
23.164
23 172
23.172
279.94
279.42
278.97
278.66
278.34
278.35
278 48
279.06
H 977
H.982
13.976
13 983
13.982
3 4783
3.4826
3.4817
3 4R22
3.4819
139.05
139.23
139.10
139 2^
139.33
1.6665
1.6665
1.6663
6<W
6661
19.465
19.469
19.468
19 4^4
19.411
23.149
23.102
23.020
23 019
23.004
279.13
279.51
279.24
279 62
279.71
1
Based on quotations through At>ril 16, 1965.
2 Based on quotations beginning May 5, 1965.
3 A new markka, equal to 100 old markkaa, was introduced on Jan. 1,
1963.
4 Effective Jan. 1, 1963, the franc again became the French monetary
unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960.
South Africa
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.
910
UJS. BALANCE OF PAYMENTS
JUNE 1965
U.S. BALANCE OF PAYMENTS
(In millions of dollars)
1964
1963
1962
Item
1964*
1963
III
n
I
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
Exports of goods and services—Total *
Merchandise
Military sales
.
Investment income receipts, private.
Investment income receipts, Govt...
Other services
30,084
20,576
656
3,850
471
4,531
32,020
21,989
659
3,969
498
4,905
36,523
25,219
758
4,706
456
5,384
8,037
5,610
117
963
125
1,222
8,471
5,917
155
1,001
126
-25,021
-16,134
-3,044
-995
-4,848
-26,335
-16,996
-2,897
-1,194
-5,248
-28,314
-18,638
-2,807
-1,304
-5,565
-6,733
-4,368
-6,744
-4,379
-708
-332
-1,325
Imports of goods and services—Total.
Merchandise
Military expenditures
Investment income payments
Other services
,
Balance on goods and services 1.
5,063
5,685
8,209
Remittances and pensions
-738
-826
-830
4,325
4,859
7,379
1,098
-3,547
-1,919
-2,129
-3,785
-1,896
-2,181
-3,657
-1,906
-2,360
-245
-445
1. Balance on goods, services, remittances
pensions
and
2. U.S. Govt. grants and capital flow, net, excluding
advance debt repayments
Grants 2 , 3
Long-term loans and subscriptions 3
Change in foreign currency holdings
and
short-term claims, net (increase, —) 3
Seasonal adjustment on three preceding items
combined
Change in associated liabilities
Scheduled loan repayments
3. U.S. private capital, net
Direct investments abroad.
Other long-term capital...
Short-term capital
4. Foreign capital, net, excluding liquid assets in
U.S
Foreign long-term investments in U.S
Foreign short-term capital
,
Miscellaneous U.S. Govt. nonliquid liabilities,
5. Errors and unrecorded transactions
Balance of A (= 1 + 2 + 3 4 - 4 + 5 )
Less: Net seasonal adjustments
Balance of A before seasonal adjustment
-11
8,984
6,108
210
1,214
131
1,321
8,838
6,053
151
1,193
131
1,310
9,247
6,372
182
1,211
131
1,351
9,454
6,686
215
1,088
63
1,402
-6,805
-4,416
-317
-7,039
-4,605
-728
-323
-7,138
-4,716
-694
-324
-7,332
-4,901
-668
-340
-1,355
-1,383
-1,404
-1,423
2,179
1,799
2,109
2,122
-197
-206
-212
-215
1,525
1,982
1,593
1,897
1,907
-791
-455
-441
-925
-496
-562
-778
-467
-514
-908
-549
-693
-934
-438
-601
-1,037
-33
-711
-308
-1,346
1,304
-206
1,272
1,727
-202
-717
-452
-552
-101
75
66
26
-178
42
29
163
-22
-9
159
73
36
159
-85
4
160
34
17
94
147
599
94
643
48
572
-80
35
183
-3,434
-1,654
-1,227
-553
-4,307
-1,888
-1,685
-734
-6,360
-2,297
-1,956
-2,107
-534
-235
-303
4
-1,008
-558
-238
-212
-1,359
-513
-236
-610
-1,406
-568
-283
-555
-1,578
-577
-597
-404
-2,017
-639
-840
-538
162
272
-106
311
329
-19
478
153
118
207
115
96
17
2
-47
29
-74
-2
26
13
9
4
130
114
17
-1
203
-64
63
204
119
90
29
-893
-267
57
-138
-31
»3,053
-379
441
-820
-398
18
-267
-336
69
-622
-35
-587
-4
1
-1,111
-339
-3,605
-3,261
-31605*
-3*26i'
-3^053'
-416
-247
-477
-659
353
-1,012
-1,505
18
-1,523
B. Changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and special U.S. Govt. transactions—Not seasonally adjusted
Total
Advance repayments on U.S. Govt. loans 4
Advances on U.S. military exports, net
Sales of 5 nonconvertible nonmarketable securities,
net.
Dollar securities6
Foreign currency securities
3,605
681
470
3,261
326
334
3,053
122
206
820
241
80
416
26
239
-69
52
151
587
33
-64
251
-43
31
-74
-36
-16
-20
-95
-45
-50
-1
-1
-55
-5
-50
-8
-8
-2
-2
29
-1
30
702
150
552
375
175
25
150
25
122
203
50
375
*25'
122
'263'
'56'
670
211
131
-129
457
1,564
-238
394
438
970
2,215
-246
348
1,415
698
192
-15
93
-31
145
132
-112
110
8
126
-166
-85
34
284
-399
201
-25
54
80
92
739
-139
122
570
186
1,441
1,533
626
378
30
-113
461
171
266
-220
125
227
59
-28
196
-5
15
-58
38
-51
131
-228
46
303
118
258
-73
70
135
-45
-20
-151
-118
-205
"25\
Sales of convertible nonmarketable securities, net 5 .
Dollar securities
..
Foreign currency securities
Change in U.S.7 short-term liabilities reported by
U.S. banks and foreign holdings of marketable
U.S. Govt. bonds and notes
,
International and regional organizations 98
Foreign private holders excluding banks
Foreign commercial banks
Foreign official holders
Change in U.S. monetary reserve assets (increase, —).
IMF position
Convertible currencies
Gold
17
890
1
Excludes military transfers under grants.
2 Excludes military grants.
3 Not seasonally adjusted separately.
4
Includes sell-offs.
5 With maturities over 12 months.
6 Includes certificates sold abroad by Export-Import Bank.
1,012
30
-28
1,523
147
138
481
819
172
78 Includes official liabilities.
Includes, for International Monetary Fund, only changes in its
holdings
of income-earning U.S. Govt. securities.
9
Includes undetermined holders.
NOTE.—Dept. of Commerce data. Minus sign indicates net p ayments
(debits); absence of sign indicates net receipts (credits).
JUNE 1965
FOREIGN TRADE
911
MERCHANDISE EXPORTS AND IMPORTS
(In millions of dollars, seasonally adjusted)
Exports i
Period
Imports
2
Export surplus
1962
1963
1964
1965
1962
1963
1964
1965
1,668
1,809
1,672
1,795
1,762
K836
1,748
1,703
3!,908
-M,523
1 ,725
31,839
3986
32.124
3 ,958
3 ,914
,895
,803
,841
,922
,958
,967
966
2,091
2,043
2,046
2,074
2,061
2,062
2,034
2,123
2,109
2 235
2,155
2 197
32,430
31,217
31,593
32,753
32,380
1,327
1 .320
,342
,365
,404
,351
,347
,346
3 471
31,312
1 425
31,377
31,100
31,510
31,485
31,415
1,416
1,431
1,450
1,497
1 443
1,455
1 466
1,480
,434
,460
,520
,541
,539
,518
57S
1,575
1 546
1,548
31 698
31,642
31,206
31,601
31,869
31,835
3
5 068
35 612
5,721
6,024
6 163
6 157
6,467
36,782
35 563
3 989
4 120
34,164
34 114
34 095
34 262
4,390
4 401
4 414
4 598
4,699
34 888
34 676
IV
5 149
5 393
35,359
35,087
Year*
20,945
22,424
25,620
16,389
17,142
18,685
Month:
Jan
Feb
Mar
Apr
May
June
July
Aus
Sept
Oct
Nov
Dec
Quarter:
I
II
III
^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.
1962
1963
1964
341
489
330
430
358
485
401
357
3437
3211
300
3462
3-114
3614
3473
3499
479
372
391
425
515
512
500
611
609
586
554
520
523
516
545
534
689
607
3499
3788
1,160
1 273
31,195
3973
3973
31 350
1,331
1,623
1,749
1 559
1,768
31,894
4,556
5,282
6,935
3 Significantly affected by strikes.
4 Sum of unadjusted figures.
NOTE.—Bureau of the Census data.
1965
311
3-8
3884
3545
3887
BOARD OF GOVERNORS
of the Federal Reserve System
WM.
M C C . MARTIN, JR.,
Chairman
J. L. ROBERTSON
CHAS. N. SHEPARDSON
C. CANBY BALDERSTON, Vice Chairman
GEORGE W. MITCHELL
J. DEWEY DAANE
SHERMAN J. MAISEL
RALPH A. YOUNG, Adviser to the Board
GUY E. NOYES, Adviser to the Board
CHARLES MOLONY, Assistant to the Board
ROBERT L. CARDON, Legislative
Counsel
CLARKE L. FAUVER, Assistant to the Board
OFFICE OF THE SECRETARY
MERRITT SHERMAN,
DIVISION OF EXAMINATIONS
Secretary
FREDERIC SOLOMON,
KENNETH A. KENYON, Assistant Secretary
ELIZABETH L. CARMICHAEL, Assistant Secretary
ARTHUR L. BROBDA, Assistant Secretary
KARL E. BAKKE, Assistant Secretary
LEGAL DIVISION
HOWARD H. HACKLEY, General Counsel
DAVID B. HEXTER, Assistant General Counsel
THOMAS J. O'CONNELL, Assistant
Director
GLENN M. GOODMAN, Assistant Director
BRENTON C. LEAVITT, Assistant Director
JAMES C. SMITH, Assistant Director
ANDREW N . THOMPSON, Assistant Director
LLOYD M. SCHAEFFER, Chief Federal
Examiner
Reserve
General
Counsel
JEROME W. SHAY, Assistant General Counsel
WILSON L. HOOFF, Assistant General Counsel
DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON,
Director
H. FRANKLIN SPRECHER, JR., Assistant
Director
DIVISION OF RESEARCH AND STATISTICS
DANIEL H. BRILL,
Director
DIVISION OF ADMINISTRATIVE SERVICES
ROBERT C. HOLLAND, Associate Director
ALBERT R. KOCH, Associate Director
JOSEPH E. KELLEHER,
FRANK R. GARFIELD, Adviser
J. CHARLES PARTEE, Adviser
ROBERT SOLOMON, Adviser
KENNETH B. WILLIAMS, Adviser
LEWIS N. DEMBITZ, Associate
A. B. HERSEY,
JOHN KAKALEC,
Controller
SAMPSON H. BASS, Assistant
Director
Controller
Adviser
SAMUEL I. KATZ, Adviser
ROBERT L. SAMMONS, Adviser
OFFICE OF DEFENSE PLANNING
REED J. IRVINE, Associate Adviser
JOHN E. REYNOLDS, Associate Adviser
RALPH C. WOOD, Associate Adviser
INNIS D. HARRIS,
DIVISION OF BANK OPERATIONS
JOHN R. FARRELL,
Coordinator
DIVISION OF DATA PROCESSING
Director
M. B. DANIELS, Assistant
M. H. SCHWARTZ,
Director
JOHN N. KILEY, JR., Assistant
Director
OFFICE OF THE CONTROLLER
Adviser
DIVISION OF INTERNATIONAL FINANCE
RALPH A. YOUNG,
Director
HARRY E. KERN, Assistant
Director
LEE W. LANGHAM, Assistant
Director
912
Director
OPEN MARKET COMMITTEE AND ADVISORY COUNCIL
913
Federal Open Market Committee
WM. M C C . MARTIN, JR.,
Chairman
ALFRED HAYES,
Vice Chairman
C. CANBY BALDERSTON
GEORGE H. ELLIS
J. L. ROBERTSON
MALCOLM BRYAN
HUGH D. GALUSHA, JR.
CHARLES J. SCANLON
J. DEWEY DAANE
SHERMAN J. MAISEL
CHAS. N. SHEPARDSON
GEORGE W.
MITCHELL
RALPH A. YOUNG, Secretary
ERNEST T. BAUGHMAN, Associate Economist
MERRITT SHERMAN, Assistant Secretary
DANIEL H. BRILL, Associate Economist
KENNETH A. KENYON, Assistant Secretary
GEORGE GARVY, Associate Economist
ARTHUR L. BROIDA, Assistant Secretary
ROBERT C. HOLLAND, Associate Economist
HOWARD H. HACKLEY, General Counsel
ALBERT R. KOCH, Associate Economist
DAVID B. HEXTER, Assistant General Counsel
CHARLES T. TAYLOR, Associate Economist
GUY E. NOYES, Economist
PARKER B. WILLIS, Associate Economist
ALAN R. HOLMES, Manager, System Open Market Account
CHARLES A. COOMBS, Special Manager, System Open Market Account
Federal Advisory Council
LAWRENCE H. MARTIN, BOSTON, Vice President
WILLIAM H. MOORE, NEW YORK
EDWARD BYRON SMITH, CHICAGO
JAMES P. HICKOK, ST. LOUIS
WILLIAM L. DAY, PHILADELPHIA
JOHN A. MOORHEAD, MINNEAPOLIS, President
L . A . STONER, CLEVELAND
ROGER D . KNIGHT, J R . , KANSAS CITY
JOHN F . WATLINGTON, JR., RICHMOND
JAMES W. ASTON, DALLAS
SAM M. FLEMING, ATLANTA
RANSOM M. COOK, SAN FRANCISCO
HERBERT V. PROCHNOW, Secretary
WILLIAM J. KORSVIK, Assistant Secretary
914
FEDERAL RESERVE BULLETIN • JUNE 1965
Federal Reserve Banks and Branches
Federal Reserve Bank
or branch
Zip Code
Chairman
Deputy Chairman
President
First Vice President
Boston
02106
Erwin D. Canham
William Webster
George H. Ellis
Earle O. Latham
New York
10045
Philip D. Reed
Everett N. Case
Maurice R. Forman
Alfred Hayes
William F. Treiber
Buffalo
14240
Philadelphia
19101
Walter E. Hoadley
Willis J. Winn
Karl R. Bopp
Robert N. Hilkert
Cleveland
44101
Joseph B. Hall
Logan T. Johnston
Walter C. Langsam
G. L. Bach
W. Braddock Hickman
Edward A. Fink
Edwin Hyde
William H. Grier
Leonard C. Crewe, Jr.
J. C. Cowan, Jr.
Edward A. Wayne
Aubrey N. Heflin
Jack Tarver
J. M. Cheatham
C. Caldwell Marks
Claude J. Yates
Andrew D. Holt
George Benjamin Blair
Malcolm Bryan
Harold T. Patterson
Franklin J. Lunding
James H. Hilton
James William Miller
Charles J. Scanlon
Hugh J. Helmer
Raymond Rebsamen
Smith D. Broadbent, Jr.
Carey V. Stabler
C. Hunter Green
Sam Cooper
Harry A. Shuford
Darryl R. Francis
Atherton Bean
Judson Bemis
Edwin G. Koch
Hugh D. Galusha, Jr.
M. H. Strothman, Jr.
Homer A. Scott
Dolph Simons
Robert T. Person
James E. Allison
Clifford Morris Hardin
George H. Clay
Henry O. Koppang
Robert O. Anderson
Carl J. Thomsen
Roger B. Corbett
D. B. Campbell
John R. Stockton
Watrous H. Irons
Philip E. Coldwell
F. B. Whitman
John D. Fredericks
Arthur G. Coons
Graham J. Barbey
Howard W. Price
William McGregor
Eliot J. Swan
H. Edward Hemmings
Cincinnati
45201
Pittsburgh
15230
Richmond
23213
Baltimore
21203
Charlotte
28201
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
Chicago
Detroit..
St. Louis
30303
35202
32201
37203
70160
60690
48231
63166
Little Rock
Louisville
72203
40201
Memphis
38101
Minneapolis
55440
Helena
59601
Kansas City
...64106
Denver
Oklahoma City
80217
73101
Omaha,
68102
Dallas
....75222
El Paso
Houston
79999
77001
San Antonio
78206
San Francisco
Los Angeles
Portland
Salt Lake City
Seattle
94120
90054
97208
84110
98124
Vice President
in charge of branch
Insley B. Smith
Fred O. Kiel
Clyde E. Harrell
Donald F. Hagner
Edmund F. MacDonald
Edward C. Rainey
Thomas A. Lanford
Robert E. Moody, Jr.
Morgan L. Shaw
Russel A. Swaney
Fred Burton
Donald L. Henry
E. Francis DeVos
Clement A. Van Nice
John W. Snider
Howard W. Pritz
George C. Rankin
Fredric W. Reed
J. Lee Cook
Carl H. Moore
Clifford H. Watkins
William M. Brown
Arthur L. Price
Erwin R. Barglebaugh
Federal Reserve Board Publications
The material listed may be obtained from Publications Services, Division of Administrative Services,
Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accompany request and be made payable to the order of the Board of Governors
of the Federal Reserve System. (Stamps and coupons not accepted.)
THE FEDERAL RESERVE SYSTEM- -PURPOSES AND
FUNCTIONS. 1963. 297 pp.
DEBITS AND CLEARINGS STATISTICS AND THEIR
USE. 1959. 144 pp. $1.00 a copy; in quantities
of 10 or more sent to one address, $.85 each.
ANNUAL REPORT OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
Monthly. $6.00
per annum or $.60 a copy in the United States
and its possessions, Bolivia, Canada, Chile,
Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic
of Honduras, Mexico, Nicaragua, Panama,
Paraguay, Peru, El Salvador, Uruguay, and
Venezuela. (In quantities of 10 or more of
same issue sent to one address, $5.00 per annum
or $.50 each.) Elsewhere, $7.00 per annum
or $.70 a copy.
FEDERAL FUNDS MARKET—A Study by a
Federal Reserve System Committee. 1959. I l l
pp. $1.00 a copy; in quantities of 10 or more
sent to one address, $.85 each.
THE
FEDERAL RESERVE BULLETIN.
ALL-BANK STATISTICS,
Base. 1962.
172 pp. $1.00 a copy; in quantities of 10 or
more sent to one address, $.85 each. (The 1959
revision available at $.50 a copy.)
INDUSTRIAL PRODUCTION—1957-59
THE FEDERAL RESERVE ACT, as amended through
FEDERAL RESERVE CHART BOOK ON FINANCIAL
AND BUSINESS STATISTICS. Monthly. Annual
Oct. 1, 1961, with an appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 386 pp. $1.25.
subscription includes one issue of Historical
Chart Book. $6.00 per annum or $.60 a copy
in the United States and the countries listed
above. (In quantities of 10 or more of same
issue sent to one address, $.50 each.) Elsewhere, $7.00 per annum or $.70 a copy.
SUPPLEMENT TO BANKING AND MONETARY STATIS-
TICS. Sec. 1. Banks and the Monetary System.
1962. 35 pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50.
Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 14.
Gold. 1963. 24 pp. $.35. Sec. 15. International
Finance. 1962. 92 pp. $.65.
Issued annually in Sept.
Subscription to monthly chart book includes
one issue. $.60 a copy in the United States and
the countries listed above. (In quantities of 10
or more sent to one address, $.50 each.) Elsewhere, $.70 a copy.
HISTORICAL CHART BOOK.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Pt. I. 1959.
108 pp. P t II. 1960. 159 pp. Pt. III. 1960. 112
pp. Individual books $1.00 each; set of 3, $2.50.
RULES OF ORGANIZATION AND PROCEDURE—BOARD
OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. 1962. 40 pp.
of the Board of
Governors, as of Mar. 31, 1965. $2.50.
PUBLISHED INTERPRETATIONS
FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
1955. 390 pp. $2.75.
1896-1955. 1959. 1,229 pp.
$4.00.
915
916
FEDERAL RESERVE BULLETIN • JUNE 1965
PERIODIC RELEASES
INDEX NUMBERS OF WHOLESALE PRICES (G.8)
MONTHLY DEPARTMENT STORE SALES—Selected
WEEKLY
Cities and Areas (G.7.2)
APPLICATIONS RECEIVED, OR ACTED ON, BY THE
BOARD (H.2)
MONTHLY DEPARTMENT STORE SALES, BY D E PARTMENTS (G.7.3)
COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING BY INDUSTRY (H.I2)
MONTHLY FOREIGN EXCHANGE RATES (G.5)
NATIONAL SUMMARY OF BUSINESS CONDITIONS
CONDITION OF WEEKLY REPORTING MEMBER
BANKS IN N E W YORK AND CHICAGO (H.4.3)
OPEN MARKET MONEY RATES AND BOND PRICES
CONDITION OF WEEKLY REPORTING
BANKS IN LEADING CITIES (H.4.2)
RETAIL FURNITURE REPORT
MEMBER
FACTORS AFFECTING BANK RESERVES AND CONDITION STATEMENT OF F. R. BANKS (H.4.1)
RESERVE POSITIONS OF MAJOR RESERVE CITY
BANKS (H.5)
WEEKLY DEPARTMENT STORE SALES—SELECTED
CITIES AND AREAS (H.8b)
WEEKLY FOREIGN EXCHANGE RATES
WEEKLY U.S. GOVERNMENT
AND PRICES (H.I5)
(H.10)
SECURITY
YIELDS
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
(G.12.2)
(G.13)
SALES FINANCE COMPANIES
(G.I6)
(G.20)
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
(E.2)
MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSIT (E.8)
SUMMARY REPORT—ASSETS AND LIABILITIES OF
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS (J.I)
MEMBER BANKS (E.3.1)
MEMBER BANK LOANS (E.3.4)
RESEARCH LIBRARY—RECENT ACQUISITIONS (J.2)
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (E.6)
MONTHLY
MATURITY DISTRIBUTION OF OUTSTANDING NEGOTIABLE TIME CERTIFICATES OF DEPOSITS (E.8)
ASSETS AND LIABILITIES OF ALL MEMBER BANKS,
BY DISTRICTS (G.7.1)
ANNUALLY
BANKS DEBITS AND DEPOSIT TURNOVER (G.6)
BUSINESS INDEXES (G.12.3)
CONSUMER CREDIT
(G.19)
CONSUMER CREDIT AT CONSUMER FINANCE COMPANIES (G.22)
CONSUMER INSTALMENT
CREDIT AT COMMER-
DEPARTMENT STORE CREDIT (G.17)
(Also annual list.)
(G.3)
INTERDISTRICT SETTLEMENT FUND ( G : 1 5 )
DEPARTMENT
STORE
TRADE,
UNITED
STATES
(C.7.3)
MEMBER BANK INCOME (C.4)
CIAL BANKS (G.I8)
FEDERAL RESERVE PAR LIST
BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS
EXCEPT INTERBANK AND U.S. GOVERNMENT
ACCOUNTS (C.5)
BIENNIALLY
DISTRIBUTION OF BANK DEPOSITS BY COUNTIES
AND STANDARD METROPOLITAN AREAS (C.8)
917
FEDERAL RESERVE BOARD PUBLICATIONS
REPRINTS
A SECTORAL ANALYSIS OF VELOCITY. Dec.
(From Federal Reserve BULLETIN unless preceded
by an asterisk)
THE HISTORY OF RESERVE REQUIREMENTS FOR
BANKS IN THE UNITED STATES. NOV. 1938. 20
1962.
14 pp.
A NEW LOOK AT THE FARM DEBT PICTURE. Dec.
1962. 18 pp.
FARM DEBT AS RELATED TO VALUE OF SALES.
Feb. 1963. 9 pp.
pp.
ADJUSTMENT FOR SEASONAL VARIATION. Descrip-
tion of method used by Board in adjusting economic data for seasonal variation. June 1941.
11 pp.
THE PRIVATE DEMAND FOR GOLD,
1931-53. Sept.
1954. 10 pp.
CHANGES IN STUCTURE OF THE FEDERAL DEBT.
Mar. 1963. 10 pp.
NEGOTIABLE
TIME
CERTIFICATES
OF DEPOSIT.
Apr. 1963. 11 pp.
NEW FOREIGN BOND ISSUES IN THE U.S. MARKET.
May 1963. 13 pp.
BANKERS' ACCEPTANCE FINANCING IN THE UNITED
STATES. May 1955. 13 pp.
RECENT CHANGES IN LIQUIDITY.
REVISION OF CONSUMER CREDIT STATISTICS. Oct.
INTEREST RATES ON SAVINGS AND OTHER TIME
DEPOSITS, MID-FEBRUARY 1963. June 1963.
1956. 24 pp. (Also, similar reprint from Apr.
7 pp.
1953 BULL.)
SEASONAL FACTORS AFFECTING BANK RESERVES.
MEASURES OF MEMBER BANK RESERVES.
I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U.S. Summary containing a description of revised statistics for all banks in the
United States, by class of bank, together with
revised statistics. Apr. 1959. 94 pp.
*PART
STATISTICS ON THE GOVERNMENT
MARKET. Apr. 1961. 8 pp.
SECURITIES
1961. 21 pp.
REVISED INDEXES OF FREIGHT CARLOADINGS. Dec.
1961. 3 pp.
July 1962. 6 pp.
Sept.
1962. 28 pp.
MEASURING AND ANALYZING ECONOMIC GROWTH.
Aug. 1963. 14 pp.
CHANGES IN BANKING STRUCTURE,
1953-62. Sept.
1963. 8 pp.
ANALYSIS.
Sept. 1963. 17 pp.
Sept. 1963.
i i pp.
THE OPEN MARKET POLICY PROCESS. Oct.
1963.
RECENT INTEREST RATE TRENDS. NOV.
1963.
BANK CREDIT AND MONEY IN 1963. Feb.
1964.
7 pp.
BASE.
Oct.
1962. 10 pp.
FLOW OF FUNDS SEASONALLY ADJUSTED. NOV.
BANK EXAMINER LOOKS AT AGRICULTURAL
LENDING. July 1963. 8 pp.
10 pp.
INTEREST RATES AND MONETARY POLICY.
1962. 15 pp.
A
11 PP.
SEASONALLY ADJUSTED SERIES FOR BANK CREDIT.
PRODUCTION—1957-59
July
1963. 19 pp.
BANK AND PCA LENDING TO FARMERS.
LIQUIDITY AND PUBLIC POLICY. Oct. 1961. 17 pp.
INDUSTRIAL
BANK LOANS SECURED BY STOCKS AND BONDS.
ECONOMIC CHANGE AND ECONOMIC
SURVEY OF FINANCE COMPANIES, MID-1960. Oct.
July
1963. 14 pp.
Feb. 1958. 12 pp.
OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES. Nov. 1958. 15 pp.
June 1963. 10 pp.
SURVEY OF FINANCIAL CHARACTERISTICS OF CONSUMERS. Mar. 1964. 9 pp.
U.S. TRADE AND PAYMENTS IN 1963. Apr.
7 pp.
1964.
918
FEDERAL RESERVE BULLETIN • JUNE 1965
REPRINTS—(Continued)
FLOWS
THROUGH
FINANCIAL
U.S.
INTERMEDIARIES.
May 1964. 9 pp.
REVISION OF THE MONEY SUPPLY SERIES.
June
GOVERNMENT SECURITIES IN 1964.
Nov.
1964. 8 pp.
RESEARCH INTO BANKING STRUCTURE AND COMPETITION. Nov. 1964. 17 pp.
1964. 14 pp.
REVISION OF BANK CREDIT SERIES.
June 1964.
5 pp.
RECENT MONETARY AND CREDIT DEVELOPMENTS.
July 1964. 9 pp.
FEDERAL RESERVE SECURITY TRANSACTIONS, 1954-
63. July 1964. 16 pp.
NEW SERIES ON FEDERAL FUNDS. Aug.
1964.
31pp.
MINISTERIAL STATEMENT OF THE GROUP OF TEN
AND ANNEX PREPARED BY DEPUTIES. Aug. 1964.
25 pp.
U.S. BALANCE
8 pp.
OF PAYMENTS,
1963-64. Oct. 1964.
YIELD DIFFERENTIALS IN TREASURY BILLS,
64. Oct. 1964. 20 pp.
1959-
BANK CREDIT AND MONETARY DEVELOPMENTS IN
1964. Feb. 1965. 13 pp.
BANK CREDITS TO FOREIGNERS. Mar.
1965.
10 pp.
BALANCE OF PAYMENTS PROGRAM: GUIDELINES
FOR BANKS AND NONBANK FINANCIAL INSTITUTIONS. Mar. 1965. 6 pp.
TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS. Mar. 1965. 13 pp.
REVISION OF BANK DEBITS AND DEPOSIT TURNOVER SERIES. Mar. 1965. 4 pp.
BANKING AND MONETARY STATISTICS, 1964.
Se-
lected series of banking and monetary statistics
for 1964 only. Feb., Mar., and June 1965. 15
pp.
Index to Statistical Tables
(For list of tables published quarterly, semiannually, or
annually, with latest BULLETIN reference, see page 826.)
Acceptances, bankers', 835, 852, 854
Agricultural loans of commercial banks, 846, 848
Arbitrage, 908
Assets and liabilities (See also Foreign liabilities and
claims):
Banks and the monetary system, consolidated,
841, 888
Corporate, current, 866
Domestic banks, by classes, 842, 846, 848, 889
Federal Reserve Banks, 836
Automobiles:
Consumer instalment credit, 870, 871, 872
Production index, 874, 875
Balance of payments (See U.S. balance of payments)
Bank holding companies, list of, Dec. 31, 1964, 892
Bankers' balances, 847, 849
(See also Foreign liabilities and claims)
Banking and monetary statistics for 1964, 888
Banks and the monetary system, consolidated statement, 841, 888
Banks for cooperatives, 861, 862
Bonds (See also U.S. Govt. securities):
New issues, 862, 863, 864
Prices and yields, 852, 853
Brokers and dealers in securities, bank loans to,
846, 848
Business expenditures on new plant and
equipment, 866
Business indexes, 878
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 842, 847, 850, 889
Federal Reserve Banks, 836
Carloadings, 878
Central banks, foreign, 894, 907
Certificates of deposit, 850
Coins, circulation of, 839
Commercial and industrial loans:
Commercial banks, 846
Weekly reporting member banks, 848, 851
Commercial banks:
Assets and liabilities, 842, 845, 846, 889
Consumer loans held, by type, 871
Number, by classes, 842, 889
Real estate mortgages held, by type, 867
Commercial paper, 852, 854
Condition statements (See Assets and liabilities)
Construction, 878, 879
Consumer credit:
Instalment credit, 870, 871, 872, 873
Non instalment credit, by holder, 871
Consumer price indexes, 878, 882
Consumption expenditures, 884, 885
Corporations:
Sales, profits, taxes, and dividends, 865, 866
Security issues, 863, 864
Security prices and yields, 852, 853
Cost of living (See Consumer price indexes)
Currency in circulation, 828, 839, 840
Customer credit, stock market, 853
Debits to deposit accounts, 838
Debt (See specific types of debt or securities)
Demand deposits:
Adjusted, banks and the monetary system,
841, 888
Adjusted, commercial banks, 838, 840, 847
Demand deposits—Continued
Banks, by classes, 834, 842, 850, 889
Turnover of, 838
Type of holder, at commercial banks, 847
Deposits (See also specific types of deposits):
Adjusted, and currency, 841, 888
Banks, by classes, 834, 842, 847, 850, 854, 889
Federal Reserve Banks, 836, 905
Postal savings, 834, 841, 888
Discount rates, 833, 907
Discounts and advances by Federal Reserve Banks,
828, 836, 838
Dividends, corporate, 865, 866
Dollar assets, foreign, 897, 905
Earnings and hours, manufacturing industries, 881
Employment, 878, 880, 881
Farm mortgage loans, 867, 868
Federal finance:
Cash transactions, 856
Receipts and expenditures, 857
Treasurer's balance, 856
Federal funds, 832
Federal home loan banks, 861, 862, 869
Federal Housing Administration, 853, 867, 868, 869
Federal intermediate credit banks, 861, 862
Federal land banks, 861, 862
Federal National Mortgage Assn., 861, 862, 869
Federal Reserve Banks:
Condition statement, 836
U.S. Govt. securities held by, 828, 836, 838,
858, 859
Federal Reserve credit, 828, 836, 838
Federal Reserve notes, 836, 839
Federally sponsored credit agencies, 861, 862
Finance company paper, 852, 854
Financial institutions, loans to, 846, 848
Float, 828
Flow of funds, 886
Foreign central banks, 894, 907
Foreign currency operations, 836, 838, 896, 904
Foreign deposits in U.S. banks, 828, 836, 837, 847.
850, 905, 888
Foreign exchange rates, 909
Foreign liabilities and claims:
Banks, 898, 900, 901, 903, 905
Nonfinancial concerns, 906
Foreign trade, 911
Gold:
Certificates, 836, 839
Earmarked, 905
Net purchases by U.S. 896
Production, 895
Reserves of central banks and govts., 894
Reserves of foreign countries and international
organizations, 897
Stock, 828, 841, 888, 896
Gross national product, 884, 885
Hours and earnings, manufacturing industries, 881
Housing starts, 879
Income, national and personal, 884
Industrial production index, 874, 878
Instalment loans, 870, 871, 872, 873
Insurance companies, 855, 858, 859, 868
Insured commercial banks, 844, 846
Interbank deposits, 834, 842, 847, 889
919
920
Interest rates:
Bond yields, 852
Business loans by banks, 851
Federal Reserve Bank discount rates, 833
Foreign countries, 907, 908
Money market rates, 852, 908
Mortgage yields, 853
Stock yields, 852
Time deposits, maximum rates, 834
International capital transactions of the U.S., 898
International institutions, 894, 896, 897
Inventories, 884
Investment companies, new issues, 864
Investments {See also specific types of investments):
Banks, by classes, 842, 846, 849, 854, 889
Commercial banks, 845
Federal Reserve Banks, 836, 838
Life insurance companies, 855
Savings and loan assns., 855
Labor force, 880
Loans {See also specific types of loans):
Banks, by classes, 842, 846, 848, 854, 889
Commercial banks, 845
Federal Reserve Banks, 828, 836, 838
Insurance companies, 855, 868
Insured or guaranteed by U.S., 867, 868, 869
Savings and loan assns., 855, 868
Manufactures, production index, 875, 878
Margin requirements, 834
Member banks:
Assets and liabilities, by classes, 842, 846, 889
Borrowings at Federal Reserve Banks, 830,
836, 850
Deposits, by classes, 834
Number, by classes, 843, 889
Reserve position, basic, 832
Reserve requirements, 834
Reserves and related items, 828
Weekly reporting series, 848
Mining, production index, 875, 878
Money rates {See Interest rates)
Money supply and related data, 840
Mortgages {See Real estate loans)
Mutual funds {See Investment companies)
Mutual savings banks, 841, 842, 844, 854, 858, 859.
867, 888, 890
National banks, 844
National income, 884, 885
National security expenditures, 857, 884
Nonmember banks, 844, 846, 847
Open market transactions, 835
Payrolls, manufacturing, index, 878
Personal income, 885
Postal Savings System, 834, 841, 888
Prices:
Consumer, 878, 882
Security, 853
Wholesale commodity, 878, 882
Production, 874, 878
Profits, corporate, 865, 866
Real estate loans:
Banks, by classes, 846, 854, 867
Mortgage yields, 853
Type of holder, 867, 868, 869
Type of property mortgaged, 867, 868, 869
Reserve position, basic, member banks, 832
Reserve requirements, member banks, 834
FEDERAL RESERVE BULLETIN • JUNE 1965
Reserves:
Central banks and govts., 894
Commercial banks, 847
Federal Reserve Banks, 836
Foreign countries and international
organizations, 897
Member banks, 828, 830, 834, 847, 849
Residential mortgage loans, 867, 868, 869
Retail credit, 870
Retail sales, 878
Sales finance companies, consumer loans of, 870,
871, 873
Saving:
Flow of funds series, 886
National income series, 885
Savings and loan assns., 855, 859, 868
Savings deposits {See Time deposits)
Savings institutions, principal assets, 854, 855
Securities {See also U.S. Govt. securities):
Federally sponsored agencies, 861
International transactions, 904, 905
New issues, 862, 863, 864
Silver coin and silver certificates, 839
State and local govts.:
Deposits of, 847, 850
Holdings of U.S. Govt. securities, 858, 859
New security issues, 862, 863
Ownership of obligations of, 846, 854, 855
Prices and yields of securities, 852, 853
State member banks, 844
Stock market credit, 853
Stocks:
New issues, 863, 864
Prices and yields, 852, 853
Tax receipts, Federal, 857
Time deposits, 834, 840, 841, 842, 847, 850. 888, 889
Treasurer's account balance, 856
Treasury cash, 828, 839, 841, 888
Treasury currency, 828, 839, 841, 888
Treasury deposits, 828, 836, 856
Turnover, deposit, 838
Unemployment, 880
U.S. balance of payments, 910
U.S. Govt. balances:
Commercial bank holdings, by classes, 847, 850
Consolidated monetary statement, 841, 888
Treasury deposits at Federal Reserve Banks. 828.
836, 856
U.S. Govt. securities:
Bank holdings, 841, 842, 846, 849, 854, 858. 859,
888, 889
Dealer transactions, positions, and financing, 860
Federal Reserve Bank holdings, 828, 836. 838.
858, 859
Foreign and international holdings, 836. 897. 905
International transactions, 904
New issues, gross proceeds, 863
Open market transactions, 835
Outstanding, by tvpe of security. 858. 859. 861
Ownership of, 858, 859
Prices and vields, 852, 853, 908
United States notes, outstanding and in circulation. 839
Utilities, production index, 875, 878
Vault cash, 828, 834, 847
Veterans Administration, 867, 868, 869
Weekly reporting member banks, 848
Yields {See Interest rates)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
28, ig6f
Drawn by H. W. Qafvin, Cut
<o THE FEDERAL RESERVE SYSTEM o)
Legend
1
Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
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® Federal Reserve Bank Cities
• Federal Reserve Branch Cities
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