Full text of Federal Reserve Bulletin : May 1964
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FEDERAL RESERVE May 1964 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM E D I T O R I A L C O M M I T T E E Charles Molony Ralph A. Young Daniel H. Brill Guy E. Noyes Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents Flows Through Financial Intermediaries 549 Member Bank Income, 1963 558 Law Department 563 Announcements 567 National Summary of Business Conditions 568 Guide to Tabular Presentation 570 Financial and Business Statistics, U.S. (Contents on p. 571) 572 International Financial Statistics (Contents on p. 645) 646 Board of Governors and Staff 664 Open Market Committee and Staff; Federal Advisory Council 665 Federal Reserve Banks and Branches 666 Federal Reserve Board Publications 667 Index to Statistical Tables 669 Map of Federal Reserve System Inside back cover Volume £o Number Subscription Price A copy of the Federal Reserve BULLETIN is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents a copy. (In quantities of 10 or more of same issue sent to one address, $5.00 per annum or 50 cents each.) Elsewhere, $7.00 per annum or 70 cents a copy. Flows Through Financial Intermediaries IN 1963, as in other recent years, those who borrowed in the capital markets obtained long-term funds primarily through major financial intermediaries. To meet this demand intermediaries had available a record net inflow of funds. The total for the full year amounted to $38 billion, despite some slowing in the flow from consumers after the first quarter. Even so, such savings still accounted for more than four-fifths of the total inflow to these institutional investors during the year. In the first quarter of 1964 total net inflows to intermediaries—as defined in the note to the accompanying chart—continued at high levels, but were below first-quarter rates for both 1962 and 1963. Preliminary data available for March and April show no clear-cut effect of the Federal tax cut on these flows. into commercial bank time deposits, and hence about the volume of bank investment in State and local government securities, did have some effect on yields of these obligations, particularly in the September-November period of 1963. In the mortgage market, although intermediaries have continued to finance a large volume of new mortgage debt at stable interest rates, they have ceased to make net purchases of mortgages in the secondary market and have relied heavily on funds borrowed from the Home Loan Bank System. During the expansion phases of earlier postwar cycles, consumers diverted considerable amounts of their savings from intermediaries to direct purchases of securities. This pattern has been less marked in the current expansion. In contrast with earlier experience, market rates of interest have advanced only moderately, and returns paid on the deposits and shares of financial intermediaries have risen enough to keep these outlets for saving competitive with market investments. Slackening in the flow of savings to intermediaries since the first quarter of 1963 has had only a moderate impact on capital markets. Uncertainties about flows of funds 549 SAVINGS FLOWS have been directed largely throigh iiterm*diari«s NOTE.—Flow of funds annual data. Net flows to financial intermediaries encompass (1) growth in reserves of contractual intermediaries (life insurance companies and noninsured, private pension funds) and (2) net acquisitions by domestic individuals, nonfinancial corporations and other institutions— excluding the U.S. Government—of income-producing claims on depositary institutions (time and savings deposits at commercial banks, savings deposits at mutual savings banks, and share accounts at savings and loan associations and credit unions.) Net purchases of shares of open-end investment companies and demand deposits at commercial banks are not included. 550 FEDERAL RESERVE BULLETIN • MAY 1964 FLOWS INTO DEPOSITARY INSTITUTIONS Net savings flows to financial intermediaries, although recently below the peak volume reached in early 1963, have been unusually large throughout the current economic expansion. In part, these record inflows reflect a continuation of the broad underlying forces that have fostered steady growth of financial saving at intermediaries since World War II. This has been particularly true for such intermediaries as life insurance companies and pension funds, through which individuals and their employers make contractual provision for specific financial needs. In the past several years, however, the strongest expansion has occurred at depositary institutions. Here, too, the operation of long-run trends has been evident. Rising incomes have continued to expand financial savings among people who favor claims in depositary form—a preference that reflects both the typically small size of their savings increments and a lack of familiarity with the mechanics of security markets. Also, as returns on savings deposits and shares have risen, consumers and business firms have been encouraged to hold their liquidity reserves in the form of depositary-type savings and to minimize the size of their noninterest-bearing demand deposits. But the sharpness of the upsurge in flows to financial intermediaries during recent years and the tendency for this rise to persist beyond the early recovery stage of the cycle have also clearly reflected forces that were not operative in earlier postwar periods of economic advance. During each of the two previous cycles, flows to intermediaries reached a peak in the recession, and then contracted during the subsequent recovery as the volume of savings flowing into direct purchases of securities increased. The principal component accounting for COMMERCIAL BANKS have increased their share of depositary savings NOTE.—Semiannual flow of funds data plotted at seasonally adjusted annual rates. the unusual rise in flows to financial intermediaries since 1960 has been the accelerated growth of time and savings deposits at commercial banks. But increases in claims on other types of intermediaries have also been large. Commercial banks. Expansion in time and savings deposits at banks reached record proportions in 1962 when the net inflow exceeded $15 billion. This total was more than seven times the low 1959 level, and it accounted for more than 40 per cent of total flows to all major intermediaries. In 1963, however, the inflow of time and savings deposits at banks diminished by $2 billion, while flows to other intermediaries showed a year-over-year gain of $2.5 billion. The share of commercial bank flows in total flows declined to 35 per cent, but remained larger than that for any other type of intermediary. Commercial banks have been making a sustained effort in recent years to expand their position as financial intermediaries. Their success has depended in large part on 551 FLOWS THROUGH FINANCIAL INTERMEDIARIES higher rates of return paid on time and savings deposits at banks relative to those available on money market instruments. In addition, successive increases in rates at commercial banks, although partly offset by upward adjustments at other depositary institutions, have narrowed spreads between returns paid on time and savings deposits at banks and those paid on claims at other savings institutions. Nevertheless, average spreads have remained substantial. And funds diverted from these other institutions appear to have been less important in accounting for the growth in flows to commercial banks than funds diverted from checking accounts and securities markets. Unlike earlier postwar cycles, growth in time and savings deposits did not contract as the current expansion developed; in fact, during 1962 and early 1963 the rate of growth increased. In part, this reflected the fact that market interest rates advanced only moderately as general money and credit conditions remained easy in comparison with the two previous upswings. At the same time it reflected a sharp rise in rates paid on bank time and savings deposits made possible by revisions in regulatory ceilings. The details of these changes in ceiling rates are shown in the table on page 577 of this BULLETIN. In late 1961, when market rates began to push toward the bank rate ceilings established at the beginning of 1957, maximum permissible rates were adjusted upward. And in the summer of 1963 ceiling rates on time deposits of shorter duration were raised again, in conjunction with the July increase in the Federal Reserve discount rate. These revisions facilitated continued commercial bank competition for savings flows as the economic expansion progressed. The relationship between rates on com- AS YIELDS on soviiis accounts havi men, ipriadi havi narrowad ' ir c r m * •• I •*• ,' MUTUAL S SAVINGS BANKS IM1 WS3 1«51 171/ 19*9 IV6I l«63 NOTE.—Ratio of total interest or dividends paid during year to average deposits or shares on which interest or dividends are paid. Commercial bank data include both savings and other time deposits. Data for mutual savings banks are from National Association of Mutual Savings Banks; for savings and loan associations (insured), from Federal Home Loan Bank Board; and for commercial banks (member), from Federal Reserve. mercial bank time deposits and those available on short-term money market instruments has been particularly important since 1961 because of the rapid growth in negotiable time certificates of deposits (CD's) at banks. The relatively high interest returns on CD's, their flexible maturities, and the availability of a secondary market make them suitable substitutes for other shortterm market instruments. Thus they represent a means by which at least the larger banks may compete for the liquid reserves of corporations and other large participants in the market. From late 1960 to late 1961 the outstanding volume of negotiable CD's issued at weekly reporting banks rose by $2 billion. Since these are the largest banks, they ac- 552 count for the bulk of the supply of such instruments. Growth in CD's at weekly reporting banks accelerated after the January 1962 increase in the Regulation Q ceilings, and by the end of March 1964 the total outstanding had increased by almost $8 billion more. From the end of 1960 through March 1964, growth in such deposits accounted for roughly one-fourth of the total expansion of commercial bank time and savings deposits. The largest share of the expansion in bank time and savings deposits, however, has continued to come from the consumer sector. In 1960, consumer savings flowing to banks amounted to only $3.3 billion, but in 1962 the flow expanded to $11.5 billion and represented 75 per cent of the total net savings flow to banks. In 1963, as market rates rose, the stimulus from increases in rate ceilings began to moderate, and net flows from the consumer sector dropped back to an estimated $7.3 billion. At this level, however, they still accounted for more than half of the increase in commercial bank time and savings balances. Savings and loan associations. Among other major intermediaries, the savings and loan associations have received the largest volume of funds in recent years, as the chart on page 550 shows. In 1961, for the first time, the flow of funds to these associations matched net flows to contractual institutions —that is, life insurance companies and uninsured corporate pension funds combined. Since then it has exceeded the net inflow to these institutions. In 1963 savings and loan associations received $11 billion, net, in new share-account balances, two-thirds more than in 1959. At the same time, however, because of the sharp rise in flows into time and savings deposits at commercial banks, these associations accounted for only 30 per cent of total flows to all financial intermediaries; FEDERAL RESERVE BULLETIN • MAY 1964 this compares with nearly 50 per cent in 1961. The ability of the savings and loan associations to maintain steady growth in the absolute volume of their share accounts reflects the fact that they have continued on the average to offer the highest rates available on liquid claims. At a few associations on the West Coast—where growth in share accounts has been sharpest—rates touched 5 per cent in 1963. In fact, during the last 2 years rates in that area have averaged well over 4.5 per cent and have attracted a sizable flow of funds from other parts of the country. Mutual savings banks. While mutual savings banks have continued to receive a minor share of total savings flows to all major intermediaries, they have enjoyed large percentage gains since 1959. As was true for commercial banks, some of this growth represented the recapturing of a position lost during the 1959 period when market securities were particularly attractive because of their higher returns. But in 1962 net inflows rose nearly 50 per cent to $3.1 billion. While the rate of increase during 1963 was much lower, growth in 1964 has picked up again, apparently due in large measure to a local rate increase in the New York metropolitan area. INVESTMENT PATTERNS Large flows of funds into financial intermediaries have permitted record advances to borrowers seeking long-term funds. Depositary institutions, whose inflows experienced the sharpest growth in 1962 and early 1963, accounted for most of the increase over earlier years. Net acquisitions of financial assets by savings and loan associations were $13.4 billion in 1963—up 30 per cent from 1961 FLOWS THROUGH FINANCIAL INTERMEDIARIES —while net acquisitions by mutual savings banks increased by more than 60 per cent over the same period to $3.4 billion. Commercial bank takings of mortgages and securities other than those of the U.S. Government amounted to $10.5 billion last year and accounted for more than half their total increase in loans and investments. Acquisitions of comparable assets had accounted for little more than 10 per cent of the total in 1960 and less than 30 per cent in 1961. In some instances net acquisitions of investments by savings institutions substantially exceeded inflows of savings to them. In addition to channeling individual savings to borrowers, these institutions have been able to draw on funds from other sources when they thought an active investment policy was justified. In 1963, borrowing—primarily from the Federal home loan banks— provided savings and loan associations with funds for a tenth of their net acquisitions, with most of the increase on a seasonally adjusted basis occurring in the second half of the year. Variations in liquidity reserves also permit investment flexibility. Mutual savings banks, for instance, continued to acquire funds for mortgages by reducing their holding of U.S. Government securities, and commercial banks helped finance their enlarged acquisitions of State and local obligations and mortgages by reducing their holdings of short-term Government securities. Changes in the flows of institutional funds into particular market instruments over the past 2 years have reflected the financing needs of long-term borrowers, the more rapid growth of depositary intermediaries, and the pressures that rate competition for savers' funds has exerted on intermediaries to acquire higher-yielding assets. These pressures induced a sharp shift in institutional preferences among asset types in 1962, and the 553 pattern of takings established then has generally persisted since. Mortgages. Borrowers obtain more funds through mortgages than through any other market instrument. During 1963 the net increase in mortgages outstanding exceeded $29 billion and represented two-thirds of total long-term funds raised by issuers other than the Federal Government. The rate of expanison in debt secured by 1- to 4-family residential property, while substantial, has been less than that in other mortgages—principally those on apartments and commercial properties. The increase in debt of the latter type, which had averaged little more than $4 billion per year during 1952-61, totaled $13.6 billion in 1963. Mortgages, like corporate bonds, find their major market among institutional investors. Although the mortgage instrument is not readily marketable, it provides largescale holders with a considerable element of liquidity through amortization. In recent years mortgage borrowers have benefited from the rapid growth of intermediaries such as savings and loan associations and mutual savings banks, which specialize in mortgage lending. At the same time, more diversified lending institutions such as commercial banks and life insurance companies have maintained or expanded their acquisitions of mortgages. Commercial banks in particular have turned more extensively to mortgages as they have sought to increase their holdings of higher-yielding assets in line with the growing importance of time and savings deposits among their liabilities. Savings and loan associations have continued to be the single most important supplier of mortgage funds for 1- to 4-family properties, as the following chart shows. In the decade 1952-61 they provided 47 per cent of the total. By 1963 the figure had risen to 59 per cent. Acquisitions in the 554 FEDERAL RESERVE BULLETIN • MAY 1964 first quarter of 1964 about matched last year's pace. Bank lending, which had accounted for only 10 per cent of the 1952-61 expansion in home mortgage debt, rose to 18 per cent in 1963, with most of the proportional increase occurring during 1962. Mutual savings banks also increased their share of total funds flowing into mortgages on 1- to 4-family properties. As these suppliers have grown in relative importance, the share of mortgage money supplied by life insurance companies and other lenders has declined. Life insurance companies accounted for only 5 per cent of the net increase in mortgages on 1- to 4family properties in 1962 as compared with 15 per cent in 1952-61, and the dollar volume of their net acquisitions declined by nearly $1 billion from the preceding decade's annual average of $1.5 billion. Some recovery occurred in 1963, with loan volume in an uptrend throughout the year. But in each of the last 2 years insurance investments in mortgages were directed in larger measure toward those on multifamily and commercial properties. In the rapidly growing market for such mortgages, life insurance companies have until recently been the most important institutional lender. Despite large increases in amounts lent in 1962, however, their proportional share in the total declined as did that of mutual savings banks. Although commercial banks recently have more than tripled their average takings in the 1952-61 decade, their role in providing long-term financing for income properties has increased only moderately. The most striking increase in relative importance has been at savings and loan associations. Their share rose from 12 per cent in 1952-61 to 22 per cent in 1962 as net acquisitions increased from an average of $0.5 billion to $2.6 billion. Despite a further small increase in their acquisitions last year, the relative importance of savings and loan associations apparently declined somewhat as the market expanded further. Corporate and foreign bonds. Financial in- termediaries, and especially those with contractual inflows and predictable obligations, make up the major market for corporate and DEPOSITARY INSTITUTIONS played a growing role in the market for mortgages and for state aid local securities Per tent 25 195261 1962 1963 1- TO 4-FAMILY 195261 1962 1963 195261 1962 1963 OTHER NOTE.—Flow of funds data; "other" mortgages include loans on farm as well as multifamily arid commercial properties. FLOWS THROUGH FINANCIAL INTERMEDIARIES foreign bonds. Life insurance companies provide more than 40 per cent of the net funds, and most of the rest comes from private pension funds and retirement systems operated by State and local government units. In 1963 corporate and foreign bonded debt showed a net increase of $6.7 billion, with more than half of the new corporate offerings taking the form of private placements. This total, while well short of the 1957 record volume, was high compared with most other years. Foreign borrowers drew heavily on U.S. capital markets in the first half of the year—prior to proposals for an interest-equalization tax—and long-term issues by finance companies were large. Corporate and foreign debt instruments provided investment outlets for $2.8 billion in life insurance funds, the largest amount since 1952. As compared with the two previous years, pension fund acquisitions also rose somewhat, varying inversely with the amount of funds directed toward the stock market. Corporate stocks. Purchases of corporate stocks constitute an important investment outlet for private pension funds and, to a lesser extent, insurance companies. Last year these two groups made net purchases amounting to $2.2 billion—somewhat less than in 1961 and 1962. Unlike other capital market instruments, most transactions in stocks take place in the secondary market and involve transfers of outstanding shares rather than new issues. In years of small new-issue volume, the net effect of stock acquisitions by institutional investors is to shift existing shares from individual to institutional ownership. Such a shift occurred during 1963 when new stock financing—excluding the increase in shares of open-end investment companies —was less than retirements. Net transfers of lesser magnitude have occurred before, 555 but the sums involved have been small relative to the estimated value of outstanding corporate stocks, and stock ownership remains predominantly in the hands of individuals. Since the sums realized through sales of investment company shares are used to acquire existing assets—principally common stocks—these transactions constitute mainly a shift in the form of individual stock ownership. Participation by individuals in openend investment company portfolios continued to expand in 1963, but at $1.3 billion, net sales of shares were the smallest in 6 years. State and local government securities. Interest received from State and local obligations is exempt from Federal income tax; since the value of the exemption is reflected in lower yields, the appeal of these instruments has been limited in large part to institutions that are fully subject to corporate income tax and to individuals in the higher income tax brackets. Institutional participation in financing State and local government debt has been important for many years, with commercial banks and fire, marine, and casualty insurance companies figuring as major purchasers. In the decade ending with 1961, individuals on the average acquired about onethird of the net increase in tax-exempt bonds, and insurance companies (other than life) took just under one-fifth. Commercial banks accounted for somewhat more than one-fourth of the increase, but their annual acquisitions fluctuated widely around an average level of $1.1 billion. On balance, the proportion of outstanding issues that they held declined slightly over the period. Concurrent with the steep rise in time and savings deposits in 1962, net acquisitions of tax-exempt securities by commercial 556 banks rose to about $4.5 billion. This equaled nearly 90 per cent of the year's increase in State and local government bonded debt. Banks' net purchases rose further to more than $5 billion in 1963, but their share in last year's record volume of financing fell to about 75 per cent. The bulk of the increase in 1963, moreover, occurred early in the year; fourthquarter takings were at a seasonally adjusted annual rate of only about $2 billion. Bank participation in the market for these instruments in early 1964 has been intermittent, but on balance takings appear to have been at about the fourth-quarter pace. MARKET ADJUSTMENTS In accommodating changing patterns of investment demand, yield differentials among the various market instruments have shifted moderately since 1961. Shifts in quoted interest rates might have been greater except for some easing of average terms—for instance, lengthening of mortgage maturities and increasing loan-to-value ratios. At the same time, other factors have helped to bring supplies of favored instruments into balance with demand. During a period when new mortgage financing has been in record volume, heavy institutional demand for mortgages has narrowed the traditional spread between mortgage yields and those on newly issued highgrade corporate bonds—the most directly competitive instrument. As the chart shows, yields on FHA-insured home mortgages continued to decline for some months after other yields began to rise late in 1962 and have remained steady since early 1963, despite the gradual increase in most longterm rates. The differential, which at present is about 1 percentage point, must include compensation to the lender for costs of serv- FEDERAL RESERVE BULLETIN • MAY 1964 CHAN6ING YIELD RELATIONSHIPS reflect supplies and investor preferences Per cent per annum FHA MORTGAGES STATE & LOCAL GOVT. Aaa 1956 1958 1960 1962 1964 NOTE.—Yields on FHA mortgages are Federal Reserve compilation from average secondary price reported by FHA; corporate Aaa bonds, weighted average of new publicly offered issues rated Aaa, Aa, and A by Moody's and adjusted to an Aaa basis; State and local government Aaa issues from Moody's Investors Service; U.S. Government, bonds due or callable in 10 years or more. Latest figures plotted: Apr. icing mortgage debt. Mortgage companies charge up to V2 percentage point for this service. Despite this reduction in the relative attractiveness of mortgages, savings and loan associations and mutual savings banks last year supplemented their funds for acquiring mortgages by borrowing or by reducing other investments. And lenders with wider investment options allotted more funds rather than less to the mortgage market. Thus it does not appear that rate differentials had narrowed to the point of reversing investment preferences. Once a pattern of mortgage investment has been established, it seems that yield comparisons less favorable than those that induced the shift may be adequate to sustain the new pattern. Continuing ability of lenders to find outlets for mortgage money at rates satisfactory to them has reflected in part both record levels of construction and larger loans relative to property values. Ready availability of financing has probably encouraged both FLOWS THROUGH FINANCIAL INTERMEDIARIES construction activity and additional financing on existing properties. The secondary market was also an important supply factor in the first half of 1963 when the Federal National Mortgage Association made substantial sales out of its portfolio. Bank acquisitions of State and local government bonds on a greatly expanded scale have forced down the returns on these instruments. Yields on such bonds fell more sharply in 1962 than other long-term rates. Although yields on State and local government securities participated fully in the gradual uptrend of interest rates during 1963, they remained below those on taxable instruments by about a full percentage point —a wider margin than had prevailed before 1962. Fluctuation in the differential increased in late 1963 and early 1964, however, as bank participation in the State and local market became less regular. The quest for higher-yielding assets has not been confined to shifts among instruments and maturities but has also been reflected in a greater willingness of institutional investors to accept medium-quality issues. There has reportedly been some liberalization of credit standards in mortgage lending, and the yield spread between highgrade and lower-grade bonds has narrowed perceptibly for both corporate and State and local government debt. The spread between long-term Government and high-grade corporate yields has also been sharply reduced. In part this is another illustration of reduced willingness 557 to accept lower yields in return for greater liquidity and risklessness. But it probably also reflects increased supply, stemming from Treasury decisions to lengthen debt maturities when the market was receptive to long-term instruments. Outstanding U.S. Government marketable debt maturing in more than 5 years increased by a total of $14.5 billion in 1962 and 1963. The impact on rates of these additions to supply was moderated, however, by the fact that most of the issues were offered in refunding rather than cash operations. Many borrowers in capital markets take advantage of differences in cost or availability of funds by modifying the form or timing of new financing. Last year, for example, some local governments took advantage of the favorable market for their debt by raising money to refund some issues in advance of redemption dates and then holding the proceeds in the form of shorter-term assets. Corporate borrowers also often have considerable latitude in meeting their needs for long-term financing. They may postpone long-term debt issues through short-term borrowing or accelerate them and invest the loan proceeds in short-term assets. This ability of issuers to choose between long- and short-term financing according to market conditions constitutes an important element of flexibility. Management of the U.S. Government debt probably presents the most clear-cut opportunity for tailoring offerings to maturity preferences so as to moderate movements in interest rates. Member Bank Income, 1963 developments reflected in member bank statements of income and dividends for 1963 are: Net income rose to a new high, after having declined in 1962. Revenue from current operations rose more than current operating expenses. Thus, net current operating earnings increased. Substantial increases in earnings from larger holdings of loans and of State and local government securities were primarily responsible for the increase in revenues. Average rates of return realized on these assets declined slightly. The rise in expenses was attributable mainly to a sharp increase in interest paid on savings and other time deposits. Such deposits expanded substantially, and the average rate of interest paid also went up. Interest payments on these deposits are now the largest single expense item of member banks. Smaller provisions for income taxes more than offset an increase in losses on nonoperating transactions. This contributed to the rise in net after-tax income. Dividend payments increased, but not in the same proportion as average total capital accounts, and the dividend rate fell slightly. Ratios of capital accounts to total assets, to risk assets (total assets less U.S. Government securities and cash), and to deposits all declined from 1962 levels. THE MAJOR NOTE.—This article was prepared by Robert Solodow of the Board's Division of Data Processing. EARNING ASSETS AND OPERATING REVENUES Average holdings of earning assets of member banks during 1963 were $200 billion, $18 billion higher than during 1962. Increases of $14 billion in loans and $5 billion in other securities were partially offset by a drop of more than $1 billion in average holdings of U.S. Government securities. Considering these three broad groups of assets, member banks generally added to their holdings of those that had greater current yields, in order to offset the increased costs of time and savings deposits. Holdings of all classifications of loans increased, but the largest dollar increases FACTORS IN HIGHER N E T INCOME (In millions of dollars) ¥•««, ltem Increase in net income, total Factors increasing net income, total Increase in operating revenue from earning assets... On loans On other securities On miscellaneous operating revenue On U.S. Government securities Nonoperating transactions Smaller net increase in valuation reserves on loans Change from net increase to net decrease in valuation reserves on securities Increase in miscellaneous recoveries Decrease in net losses on securities *• Decrease in provision for taxes on net income Factors decreasing net income, total Change from 1962 136 1,173 1,016 765 144 68 39 126 75 35 11 5 31 1,037 Increase in operating expense Of interest paid on time deposits Of miscellaneous expense Of salaries and wages 890 499 231 159 Nonoperating transactions Decrease in profits on sale of securities Increase in net losses on loans * Increase in miscellaneous losses 147 76 66 5 * Includes recoveries credited and losses charged to undivided profits or to valuation reserves. 558 559 MEMBER BANK INCOME, 1963 13.0 per cent, the result of increases in holdings of loans and of other securities. This continued the downward trend in this ratio. Total revenues from loans and from other securities increased substantially, even though slightly lower rates of return accompanied the strong expansion in average holdings of these assets. Income from loans was $765 million more than in 1962, despite a decline in the average rate of return from 5.93 to 5.87 per cent. The expansion in average holdings of other securities resulted in an increase of $144 million in revenue from this source. Despite smaller average holdings of U.S. Government securities, income from these issues rose by $39 million, as the rate of re- were in real estate loans, commercial and industrial loans, and other loans to individuals (largely consumer loans). Most of the increase in holdings of securities was in issues of State and local governments, which generally have a relatively high after-tax yield. Total average holdings of U.S. Government securities maturing in less than 5 years declined from 1962 levels. Within this group, holdings of notes maturing in 1 to 5 years increased. Among longer-term bond issues, larger average holdings of 5- to 10year maturities more than offset a reduction in holdings of issues maturing in more than 10 years. The ratio of average total capital accounts to risk assets declined from 14.0 to MEMBER BANK INCOME, 1952-63 (Dollar amounts in millions) Item 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 $4,120 $4,590 $4,826 $5,343 $6,078 $6,771 $7,127 $8,075 $8,928 $9,217 $10,154 $11 ,169 Revenue 929 1,011 1,066 1,118 1101 ,101 1,168 On U.S. Government securities 1,266 1,399 1,414 1,687 1,726 1,537 252 235 273 296 308 On other securities 773 339 411 445 467 629 513 2,632 2,306 2,711 3,083 3,725 On loans 4,208 4,326 5,021 5,730 5,870 6,435 7,200 198 219 252 274 310 568 422 Service charges on deposits accounts 354 389 464 495 532 452 523 634 903 477 572 788 Other revenue 702 734 853 802 870 Expenses ] Salaries and wages Officer and employee benefits... Interest on time deposits Net occupancy expense Other expenses 2,501 Net income before related taxes Taxes on net income Net income Cash dividends declared 3. Ratio of net income to average total capital accounts (per cent) Number of banks at end of year 1 2,999 1,463 3,265 1,571 3,680 1,735 4,222 1,877 4,617 1,981 5,140 2,118 5,655 2,289 6,074 2,363 331 494 543 650 927 1,123 1,280 1,434 1,720 424 365 425 ""893 "985' i * 042 1,236 1,809 1,828 2,077 2,398 2,549 2,510 2,935 3,273 3,143 3,112 3,239 181 251 +73 401 654 485 +96 904 344 181 308 329 65 26 22 129 43 40 + 315 30 47 189 39 34 326 81 18 211 59 39 + 535 47 49 792 37 31 +72 179 25 + 351 157 29 + 152 J32 27 + 8! + 13 + 11 51 63 102 + 37 176 + 32 261 + 10 81 187 189 153 + 140 184 64 148 123 224 26 275 200 1,437 608 1,558 692 1,900 804 1,676 691 1,744 718 2,063 895 2,606 1,148 2,032 775 2,929 1,241 2,962 1,250 2,805 1,110 2,910 1,079 829 390 865 419 1,096 456 985 501 1,027 1,169 604 1,457 646 1,257 690 1,689 735 1,712 793 1,695 832 1,831 878 Net current earnings before income taxes. 1,619 Net of profits and recoveries ( + ) , losses and charge-offs, and changes in valuation reserves Profits and recoveries ( + ) , losses and charge-offs: On securities 2. On loans 2 Other Net increase (or decrease,-)-) in valuation reserves: On securities On loans 2,782 1,371 7,041 2,501 364 2,358 459 1,360 1,244 +9 7.9 7.9 9.4 7.9 7.8 8.4 9.7 7.9 10.1 9.6 8.9 9.0 6,743 6,660 6,543 6,462 6,393 6,312 6,233 6,174 6,113 6,047 6,108 1962 BULLETIN. 2 Includes recoveries credited and losses charged either to un- 197 21 6,798 Expenses were reclassified in 1961 as described on pages 526-27 of the May 547 7,931 2,661 393 2,858 501 1,519 divided profits or to valuation reserves and excludes transfers to and from valuation reserves. 3 Includes interest on capital notes and debentures. 560 FEDERAL RESERVE BULLETIN • MAY 1964 CHANGES IN MEMBER BANK AVERAGE LOANS AND INVESTMENTS, 1963 posits and the effective average rate on them have been rising sharply since the end (Dollar amounts in millions) of 1956, when the maximum interest rates banks were permitted to pay were raised. Change from Average average, 1962 amount, Maximum permissible rates were raised Item 1963 Amount Percentage again in 1962, and in mid-1963 such rates were raised on time deposits, other than Total loans and investments 200,095 17,874 9.8 1 savings accounts, with maturities of from 90 13.1 122,732 14,181 Loans 44,945 Commercial and industrial 8.8 3,642 Agricultural 4,580 13.2 days to 1 year. In 1956 the average rate of 535 For purchasing and carrying securities 1,389 26.7 6,595 interest paid on time deposits was 1.58 per 2,391 28.4 To financial institutions 10,799 15.0 Real estate 28,745 750 cent. By 1962 this rate had more than 10.7 25,986 Other loans to individuals 505 5.9 All other 3,628 204 doubled, reaching 3.23 per cent. In 1963 U.S. Government securities -2.5 51,043 - 1 , 3 0 0 it advanced to 3.34 per cent. Treasury bills, notes, and certifi-3.8 29,452 -1,157 cates2 - .7 21,591 142 Bonds The average volume of time and savings 23.4 26,321 4,992 Other securities deposits held in member banks during 1963 23.4 4,340 State and local government. 22,873 23.3 652 Other 3,447 was 17 per cent above the 1962 figure. This 1 Totals are net (after deduction of valuation reserves); individual compares with a rise of 16 per cent from loan items are gross and do not add to totals. 2 Includes small amount of guaranteed obligations. 1961 to 1962 and 15 per cent from 1960 to 1961. The average volume of time and turn rose from 3.22 per cent in 1962 to 3.38 savings deposits also increased in relation to total deposits. Such deposits in 1963 repper cent in 1963. Revenue from other resented nearly 39 per cent of average total sources also rose, but did not change sigdeposits at member banks, as compared with nificantly as a proportion of the total. 26 per cent in 1956. All of these factors contributed to the 10 per cent increase in total operating revenues Salaries and wages of officers and emof member banks, which reached $11,169 ployees, the second most important expense million. item in terms of dollar volume, accounted for 18 per cent of the increase in operating EXPENSES expenses during 1963. Fringe benefits for officers and employees working on banking Total expenses of member banks, at $7,931 operations amounted to $393 million. Total million, were 13 per cent, or $890 million, payments for these benefits, which represent more than in 1962. More than half of this increase was due such expenses to the bank as hospitalization and life insurance premiums, unemployto the rise in interest payments on savings ment and social security taxes, and current and other time deposits. This expense item contributions to retirement funds, were $30 rose by $499 million and absorbed a total million, or 8 per cent, more than in 1962 of $2,858 million, or 26 per cent, of total and were equal to 14.8 per cent of the total current operating revenues in 1963. Interest amount of direct compensation paid in the on these deposits was the largest single exform of wages, salaries, and bonuses. pense item, for the first time exceeding direct compensation of officers and employees. Expenses relating to the occupancy of bank premises amounted to $501 million Both the volume of interest-bearing de- 561 MEMBER BANK INCOME, 1963 other transactions on loans and securities that tend to reduce net income. Transactions in loans, including transfers to and from valuation reserves, reduced reported net income by $398 million, down slightly from the 1962 total of $406 million, which was the largest net loss reported on these transactions in recent years. Net income was reduced further by $21 million as a result of losses and charge-offs on all other bank assets. Security transactions have increased net income in every year since 1959. The increase in 1963, however, was not so large as in 1962. Substantially lower profits on the after a deduction for rents received, and accounted for 6.3 per cent of total expenses. An additional $255 million was attributable to furniture and equipment expense. PROFITS, RECOVERIES, LOSSES, A N D TRANSFERS TO VALUATION RESERVES Nonoperating transactions reduced net income by $329 million in 1963, compared with a reduction of $308 million in 1962. Member banks have shown a net gain from these transactions in only three postwar years (1946, 1954, and 1958), when profits on the sale of securities more than offset the MEMBER BANK INCOME, BY CLASS OF BANK, 1963 AND 1962 (Dollar amounts in millions) Reserve city banks Total New York City City of Chicago 1963 Revenue On U.S. Government securities On other securities On loans All other 1962 1963 1962 1963 $11,169 $10,154 $1,757 $1,644 1,687 218 228 1,726 629 139 106 773 ,106 1,017 6,435 7,200 293 1,471 1,403 293 $457 68 42 288 59 Expenses Salaries and wages Officer and employee benefits. Interest on time deposits Net occupancy expense All other 7,931 2.661 393 2,858 501 1,519 7,041 2,501 364 2,358 459 1,360 ,134 394 84 367 95 194 1,010 385 83 277 90 175 300 89 20 127 14 51 Net current earnings before income taxes 3,239 3,112 623 634 156 Net of profits and recoveries ( + ) , losses and charge-offs, and changes in valuation reserves Profits and recoveries (-f-), losses and charge-offs: l On securities On loans l Other Net increase (or decrease.+) in valuation reserves: On securities On loans 329 308 16 59 + 81 197 21 + 152 132 27 + 16 +25 +9 200 26 275 +4 + 12 +1 Net income before related taxes Taxes on net income 2,910 1,079 2,805 1,110 607 205 575 242 Net income Cash dividends declared 2 Ratios (per cent): Net current earnings before income taxes to— Average total capital accounts Average total assets Net income to— Average total capital accounts Average total assets 1,831 1,695 832 402 196 333 191 16.3 1.34 15.8 1.37 16.7 i 1.50 878 16.0 1.29 9.0 .73 i Includes recoveries credited and losses charged either to undivided profits or to valuation reserves and excludes transfers to and from valuation reserves. 8.9 .73 40 15 6 64 1962 24 + ? 3 1 17 132 47 85 35 16.1 1.36 10.2 .79 2 .75 Includes interest on capital notes and debentures. Coun try banks 1963 ! 1962 798 279 3,074 1,075 132 1,038 192 636 562 sale of securities were partly offset in 1963 by smaller losses. Also, charge-offs rose slightly. Thus, the increase in net income resulting from nonoperating transactions in securities was only $90 million, compared with $126 million in 1962. Member banks continued to increase their valuation reserves against loans in 1963. The addition was smaller than in the previous 2 years, but slightly above the average for the 5 years 1958-62. These reserves have expanded in each year since they were first reported separately in 1948. Valuation reserves against securities were reduced by $9 million in 1963. INCOME TAXES Although net income before taxes increased, a larger proportion of the total represented income from tax-exempt investments. Provisions for income taxes were therefore $31 million less in 1963 than in 1962. The total, $1,079 million, represented 37 per cent of FEDERAL RESERVE BULLETIN • MAY 1964 net income before taxes, compared with 40 per cent in 1962. NET INCOME AND CASH DIVIDENDS Net income after taxes amounted to $1,831 million, up 8.0 per cent from 1962 and 7.0 per cent from the 1961 level. Cash dividends declared amounted to $878 million, $46 million more than in 1962. This represented 48 per cent of net income after taxes, compared with 49 per cent in the previous year. The ratio of cash dividends to average total capital accounts was 4.3 per cent. Retained income accounted for 79 per cent of the increase in total capital accounts during the year. The total retained was $953 million, $90 million more than in 1962. Revenues, expenses, and income by reserve classifications of member banks for 1962 and 1963 are shown in an accompanying table. Detailed figures for income, expenses, and related items appear on pages 630-38. Law Department Administrative interpretations, new regulations, and similar material Interlocking Relationship Involving Securities Affiliate of Brokerage Firm The Board was asked recently whether Section 32 of the Banking Act of 1933, as amended ("Section 32"), prohibited the interlocking service of X as a director of a member bank of the Federal Reserve System and as a partner in a New York City brokerage firm ("Partnership") having a corporate affiliate ("Corporation") engaged in business of the kinds described in Section 32 ("Section 32 business"). Section 32, subject to an exception not applicable here, 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 as an officer, director, or employee of any member bank. . . . " From the information submitted it appears that Partnership, a member firm of the New York Stock Exchange, is the successor of two prior partnerships, in one of which X had been a partner. This prior partnership had been found not to be "primarily engaged" in Section 32 business. The other prior partnership, however, had been so engaged. By arrangement between the two prior firms, Corporation was formed chiefly for the purpose of carrying on the Section 32 business of the prior firm that had been "primarily engaged" in that business, which business was transferred to Corporation. The two prior firms were then merged, and the stock of Corporation was acquired by all the partners of Partnership, other than X, in proportion to the respective partnership interests of the stockholding partners. The information submitted indicated also that two of the three directors and "some" of the principal officers of Corporation are partners in Partnership, although X is not a director or officer of Corporation. It is understood that the practice of forming corporate affiliates of brokerage firms, in order that the affiliate may carry on the securities business (such as Section 32 business) with limited liability and other advantages, has become rather widespread in recent years. Accordingly, other cases may arise where a partner in such a firm may desire to serve at the same time as director of a member bank. On the basis of the information presented, the Board concluded that X, in his capacity as an "individual," was not engaged in Section 32 business. However, as that information showed Corporation to be "primarily engaged" in Section 32 business, the Board stated that a finding that Partnership and Corporation were one entity for the purposes of the statute would mean that X would be forbidden to serve both the member bank and Partnership, if the one entity were so engaged. Paragraph .15 of Rule 321 of the New York Stock Exchange governing the formation and conduct of affiliated companies of member organizations states that: "Since Rule 314 provides that each member and allied member in a member organization must have a fixed interest in its entire business, it follows that the fixed interest of each member and allied member must extend to the member organization's corporate affiliate. When any of the corporate affiliate's participating stock is owned by the members and allied members in the member organization, such holdings must at all times be distributed among such members and allied members in approximately the same proportions as their respective interests in the profits of the member organization. When a member or allied member's interest in the member organization is changed, a corresponding change must be made in his participating interest in the affiliate." Although it was understood that X had received special permission from the Exchange not to own any of the stock of Corporation, it appeared to the Board that Rule 321.15 would apply to the remaining partners. Moreover, other paragraphs of the Rule forbid transfers of the stock, except under certain circumstances to limited classes of persons, such as employees of the organization or estates of decedent partners, without permission of the Exchange. The information supplied to the Board clearly 563 564 indicated that Corporation was formed in order to provide Partnership with an "underwriting arm." Under Rule 321 of the Exchange, the partners (other than X) are required to own stock in Corporation because of their partnership interest, would be required to surrender that stock on leaving the partnership, and incoming partners would be required to acquire such stock. Furthermore, Rule 321 speaks of a corporate affiliate, such as Corporation, as a part of the "entire business" of a member organization. On the basis of the foregoing, the Board concluded that Partnership and Corporation must be regarded as a single entity or enterprise for purposes of Section 32. The remaining question was whether the enterprise, as a whole, should be regarded as "primarily engaged" in Section 32 business. The information presented stated that the total dollar volume of Section 32 business of Corporation during the first eleven months of its operation was $89 million. The gross income from Section 32 business was less than half a million, and represented about 7.9 per cent of the income of Partnership. The Board was advised that the relatively low amount of income from Section 32 business of Corporation was due to special costs, and to the condition of the market for municipal and State bonds during the past year, a field in which Corporation specializes. Corporation is listed in a standard directory of securities dealers, and holds itself out as having separate departments to deal with the principal underwriting areas in which it functions. In view of the above information, the Board concluded that the enterprise consisting of Partnership and Corporation was "primarily engaged" in Section 32 business. Accordingly, the Board stated that the partners in Partnership, including X, were forbidden by that section and by the Board's Regulation R, issued pursuant to the statute, to serve as officers, directors, or employees of any member banks. Underwriting of Public Authority Bonds Payable From Rents Under Lease With Governmental Entity Having General Taxing Powers The Board of Governors has been asked whether securities of a public Authority that are to be paid from rents payable under a lease of the Authority's facilities to a governmental entity FEDERAL RESERVE BULLETIN • MAY 1964 that possesses general powers of taxation, including property taxation, constitute "general obligations" within the meaning of Section 5136 of the United States Revised Statutes (12 U.S.C. 24). In cases where this question can be answered in the affirmative, member State banks of the Federal Reserve System may lawfully underwrite and deal in such securities, and invest therein without limitation on amount, as far as Federal banking law in concerned. The Board understands that the issuing Authorities usually have no taxing powers and that their obligations are not, under pertinent State constitutional and statutory provisions as interpreted by the courts, "debts" of the lessee—that is, the governmental entity with general powers of taxation. However, whether a security constitutes a "debt" for purposes of State law is not determinative as to whether it is a "general obligation" within the meaning of Section 5136, a Federal statute. (See 1963 Federal Reserve BULLETIN 1237, 1238) During recent Hearings before the Committee on Banking and Currency of the House of Representatives, published under the title "Increased Flexibility for Financial Institutions—1963", the Board expressed its understanding of the meaning of the phrase "general obligations of any State or any political subdivision thereof" as used in Section 5136. As the House Committee was informed, the Board understands that phrase to include "only obligations that are supported by an unconditional promise to pay, directly or indirectly, an aggregate amount which (together with any other funds available for the purpose) will suffice to discharge, when due, all interest on and principal of such obligations, which promise (1) is made by a Governmental entity that possesses general powers of taxation, including property taxation, and (2) pledges or otherwise commits the full faith and credit of said promisor; said term does not include obligations not so supported that are to be repaid only from specified sources such as the income from designated facilities or the proceeds of designated taxes." (Hearings, p. 1018) A major requirement of the foregoing definition is that a "general obligation" must be supported by general powers of taxation, including property taxation. The Board recognizes, however, that such support by general powers of taxation may be indirect as well as direct. 565 LAW DEPARTMENT If a State (or other governmental entity having general powers of taxation) agrees unconditionally to pay to an Authority rentals that will be sufficient and will be used, in all events, to cover required payments of interest and principal on the relevant securities when due, the securities, in the opinion of the Board, are indirectly supported by general taxing powers, and, accordingly, constitute "general obligations" within the meaning of R. S. 5136. On the other hand, if the lease does not contain an unconditional promise of the State to provide sums sufficient, in all events, to cover required payments of interest and principal on the bonds of the lessor Authority as they become due, the securities cannot be considered "general obligations." The status of a particular issue of such leasesupported bonds thus depends upon the terms of the lease involved. Where the lease is for a term of years not less than the maximum maturity of the relevant bond issue, and the State unconditionally promises to pay rentals sufficient to cover all payments on the bonds as they become due, the bonds ordinarily will qualify as "general obligations." Where the promise of the State is to pay a fixed dollar rental, the securities will not qualify as "general obligations" unless the lease provides that rental payments in amounts sufficient to service the bonds cannot be expended by the Authority for any other purpose than the payment of principal and interest thereon. This interpretation is intended to indicate the circumstances in which securities issued by public Authorities without taxing powers constitute "general obligations" that are eligible for underwriting by member banks, under R. S. 5136. The status of any particular issue can only be determined through examination of all relevant laws and contracts, in order to ascertain the actual legal and financial arrangements. Company for approval of merger with The First National Bank of Park Ridge. Order Under Bank Merger Act County Trust Company, Tenafly, New Jersey ("County Trust"), with deposits of $57.8 million as of September 30, 1963, has applied, pursuant to the Bank Merger Act of 1960 (12 U.S.C. 1828(c)), for the Board's prior approval of the merger of that bank and The First National Bank of Park Ridge, Park Ridge, New Jersey ("First National"), with deposits of $11.8 million as of the same date, under the charter and title of County Trust. The proposal contemplates that The Board of Governors of the Federal Reserve System issued the following Order and Statement with respect to an application for approval of the merger of banks: COUNTY TRUST COMPANY, TENAFLY, NEW JERSEY In the matter of the application of County Trust 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 County Trust Company, Tenafly, New Jersey, 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 Park Ridge, Park Ridge, New Jersey, under the charter and title of the former. As an incident to the merger, the three offices of The First National Bank of Park Ridge would become branches of County Trust Company. Notice of the proposed merger, in form approved by the Board, has been published pursuant to said Act. Upon consideration of all relevant material in the light of the factors set forth in said Act, including reports furnished by the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Department of Justice on the competitive factors involved in the proposed merger, IT IS HEREBY ORDERED, for the reasons set forth in the Board's Statement of this date, that said application be and hereby is 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 6th day of May, 1964. By order of the Board of Governors. Voting for this action: Unanimous, with all members present. (Signed) MERRITT SHERMAN, Secretary. [SEAL] STATEMENT 566 the three offices of First National would be operated as branches of County Trust, increasing the number of its operating offices to seven. County Trust has received approval to establish two other branches which are not yet operative. Under the Act, the Board is required to consider, as to each of the banks involved, (1) its financial history and condition, (2) the adequacy of its capital structure, (3) its future earnings prospects, (4) the general character of its management, (5) whether its corporate powers are consistent with the purposes of 12 U.S.C., Ch. 16 (the Federal Deposit Insurance Act), (6) the convenience and needs of the community to be served, and (7) the effect of the transaction on competition (including any tendency toward monopoly). The Board may not approve the transaction unless, after considering all these factors, it finds the transaction to be in the public interest. Banking factors. Both banks have satisfactory financial histories. The asset condition of each is sound, and this would be true also of the resulting bank. The capital structure of County Trust is adequate. While the capital of First National is a little below a desirable level, it is regarded as reasonably satisfactory. The resulting bank would have an adequate capital structure. The management of each bank is satisfactory. However, consummation of the proposal would provide the resulting bank with depth and strength of management possessed by neither of the participating banks individually, and would also provide, partly through operating economies, a basis for meeting the need for improvement in the earnings of the two banks. There is no indication that the powers of the banks are or would be inconsistent with the purposes of 12 U.S.C., Ch. 16. Convenience and needs of the communities. The service area* of County Trust lies in the northeastern corner of Bergen County, which had a population growth of 45 per cent in the decade ending in 1960. Effectuation of the proposal would increase the lending limit of County Trust, the sixth largest bank in the County, from approximately $387,000 to around $500,000. Otherwise there would be no significant effect from the * The area from which a bank obtains 75 per cent or more of its deposits of individuals, partnerships, and corporations ("IPC deposits"). FEDERAL RESERVE BULLETIN • MAY 1964 transaction upon banking convenience and needs in County Trust's present service area, in which there also are situated three branches of Peoples Trust Company of Bergen County and seven offices of Citizens National Bank of Englewood, respectively, the largest and third largest banks in the County. The service area of First National includes principally Park Ridge, Montvale, and Woodcliff Lake, in each of which the bank has an office. The total population of the area, which exceeds 27,000, more than doubled over the ten years, 1950-1960. Although primarily residential, a considerable part of the area around Montvale has been zoned for light industry, and development for that purpose has begun. A substantial volume of home construction is occurring throughout the bank's service area. First National is restricted in its ability to assist in the economic development of its service area, particularly by its lending limit of only $62 thousand. The credit needs of real estate developers, and other business and institutional customers involve financing in excess of the capacity of the bank. The banking needs of the area would be better served, not only by the resulting bank's loan limit of about $500,000, but also by other services which it would offer and which are needed in an area of both residential and industrial expansion (but which are not offered at First National), such as complete fiduciary services, construction loans, personal and commercial letters of credit, and education loans. Although a number of these services are presently available from offices of two other banks in or near the service area of First National, effectuation of the transaction would provide in the area a convenient alternative source of such services. Competition. The main offices of the participating banks are about 11 miles apart and their nearest branches are separated by approximately 7 miles. In the intervening area are natural barriers and the offices of other banks, including branches of the largest and third largest banks in Bergen County. Because of this, and the few direct routes connecting the service areas of the participating banks, there is only minor competition between them. Consummation of the proposal would not change County Trust's position as the sixth largest bank in Bergen County. Competition might 567 LAW DEPARTMENT be intensified between County Trust and its principal competitors, the County's largest and third largest banks, noted above. It is not expected that the transaction would result in any adverse competitive effects in County Trust's present service area. First National's principal competitors are Citizens National Bank of Englewood, the third largest bank in the County, and Pascack Valley National Bank and Trust Company, with IPC deposits in December 1963 of about $20 million. Effectuation of the proposal would not change significantly the relationship between County Trust and Citizens National Bank of Englewood. Although there would probably result an intensification of competition in First National's service area, there is no indication that Pascack Valley National Bank and Trust Company or any other bank in or on the periphery of the area would be affected adversely. Because of the large number of Bergen County residents who commute to New York City, the banks in the County compete with New York City banks, particularly those with offices close by the transport station facilities used by the commuters. Savings and loan associations holding withdrawable balances in excess of $317 million compete vigorously with banks in the County for real estate loans and savings accounts. Summary and conclusion. The proposal would unite the sixth largest of Bergen County's 29 commercial banks with one of the County's relatively small banks. There is no more than minor competition between the two banks. County Trust's ranking would not be affected. Some intensification of competition may result, although there is no indication that any other bank in the service area of the resulting bank would be adversely affected. Pursuant to the proposal, the residents and businesses in First National's service area would have conveniently available stronger and broader banking facilities more adequate to their expanding needs. Accordingly, the Board finds the proposed transaction to be in the public interest. Announcements STATEMENTS TO CONGRESS The attention of interested readers is directed to the fact that Professors Milton Friedman and Karl Brunner have filed with the House Committee on Banking and Currency comments on statements made by Governors George W. Mitchell and J. Dewey Daane before that Committee and published in the BULLETIN for March 1964, pages 308-20. The comments by Professors Friedman and Brunner are printed in "The Federal Reserve System After Fifty Years," Hearings before the Subcommittee on Domestic Finance of the Committee on Banking and Currency, House of Rep- resentatives, Eighty-eighth Congress, Second Session, Volume 2, pages 1220 and 1223, respectively. The Hearings also include a supplementary statement by Governors Mitchell and Daane, page 1515, and a comment by Governor Mitchell, page 1517. 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 April 16, 1964, through May 15, 1964: North Dakota Minot . First Western Bank of Minot National Summary of Business Conditions Released for publication May 15 Industrial production continued to increase in April while construction activity and retail sales remained at advanced levels. Nonfarm employment rose further, but the unemployment rate was unchanged. The private money supply expanded while Government deposits declined and bond yields changed little. and most other materials expanded further in April. In early May, steel ingot production continued to increase. CONSTRUCTION ACTIVITY New construction put in place continued at the record seasonally adjusted annual rate of just under $67 billion reached in March and was more than a tenth above a year earlier. Both private and public construction activity changed little from earlier highs. INDUSTRIAL PRODUCTION Industrial production in April, at 129.2 per cent of the 1957-59 average, was 1 point above March and 5Vi per cent above a year ago. Output of both final products and materials increased to new highs. Production of consumer goods rose in April and continued about 5 per cent above a year earlier. Auto assemblies, following a decline in March, rose to a record level. Output of furniture and some other home goods rose in April and production of consumer staples changed little. Output of industrial, commercial, and freight and passenger equipment increased. Total business equipment output was up 8 per cent from a year earlier and overtime operations in the machinery industry reached the highest levels since 1956. Output of iron and steel, construction materials, EMPLOYMENT Employment in nonagricultural establishments rose 200,000 in April. Although the gain was largely concentrated in retail trade, employment increased further in State and local government and durable goods manufacturing. In manufacturing, the average workweek at 40x/i hours was longer than last year and increased overtime in the machinery and motor vehicle industries raised the average workweek in those industries to 42V£ hours. The unemployment rate for the third successive month was 5.4 per cent. In April last year the rate was 5.7 per cent. INDUSTRIAL PRODUCTION DISTRIBUTION 1957-59=100 Retail sales in April were unchanged from a month earlier. Sales of new and used cars and of other consumer durable goods increased, while sales of most nondurable goods changed little. Total sales were up 5 per cent from a year earlier, with sales up 6 per cent at durable goods stores and 4 per cent at nondurable goods stores. COMMODITY PRICES F.R. indexes, seasonally adjusted. Latest figures shown are for Apr, Prices of copper scrap declined from peaks reached in early April but upward tendencies persisted in the markets for various other materials and some final industrial products. Prices of livestock and meats remained at reduced levels and 568 569 NATIONAL SUMMARY OF BUSINESS CONDITIONS were about 5 per cent below a year ago as the volume of marketings expanded further to a rate 10 per cent higher than last year. The total wholesale commodity price index continued to change little in late April and early May. BANK CREDIT, MONEY SUPPLY, AND RESERVES Seasonally adjusted commercial bank credit declined about $2 billion in April following rapid expansion earlier in the year. Reductions in holdings of U.S. Government securities and in security loans were offset in part by continued expansion in most other loan categories. The seasonally adjusted money supply increased $600 million following little net change in the previous two months. Time and savings deposits at commercial banks rose further but the increase was less than in March. U.S. Government deposits were reduced. Member bank excess reserves averaged $375 PRICES million in April, slightly higher than in March; bank borrowings from the Fedeal Reserve were $215 million, somewhat lower than in March. Monthly average required reserves, seasonally adjusted, showed little change. Reserves were absorbed through currency outflow and supplied principally through System purchases of U.S. Government securities and an increase in float. SECURITY MARKETS Yields on seasoned corporate bonds and State and local government bonds showed little net change between mid-April and mid-May, while those on Treasury bonds declined somewhat. The rate on 3-month Treasury bills remained slightly below the 3V£ per cent discount rate. After declining somewhat in late April, common stock prices rose to a new high around midMay. INTEREST RATES ALL ITEMS ^ ^ ^ ^ ALL COMMODITIES 1 1 1 1 1 1 1 1 1 1 ! NONFOOD COMMODITIES COMMODITIES , ... 1 1 1 - . 1 1 1 _ .. SERVICES^^^-- Jf**"*~ j * FARM PRODUCTS | .... 1 -'^m*S' 1 FOODS _ 1 1 ..... Bureau of Labor Statistics indexes. Latest figures shown for consumer prices, Mar.; for wholesale prices, Apr. 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 May 15. Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS N.S.A. Estimated Corrected Preliminary Revised Revised preliminary e c P r rp I, ii, III, IV n.a. n.e.c. S.A. IPC A L S U * Quarters Not available Not elsewhere classified Monthly (or quarterly) seasonal variation Monthly (or quarterly) figures not adjusted for seasonal variation Individuals, partnerships, and corporations Assets Liabilities Sources of funds Uses of funds Amounts insignificant in terms of the particular unit (e.g., less than 500,000 when the unit is millions) (1) Zero, (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. "U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Annually—continued Page Apr. 1964 508-17 Flow of funds. Semiannually Banking offices: Analysis of changes in number of Feb. 1964 On, and not on, Federal Reserve Par List number of Feb. 1964 Issue Page Feb. 1964 242-47 Mar. 1964 396-97 Banks and branches, number of, by class and State Apr. 1964 518-19 240 241 Annually Bank holding companies: List of, Dec. 31, 1962 June 1963 Banking offices and deposits of group banks, Dec. 31,1962 July 1963 Banking and monetary statistics, 1963 . 856 1012 570 Income and expenses: Federal Reserve Banks Member banks: Calendar year Operating ratios Insured commercial banks. Feb. 1964 238-39 May 1964 630-38 Apr. 1964 520-22 May 1964 639 Stock Exchange firms, detailed debit and credit balances Sept. 1963 1322 Financial and Business Statistics * United States * Member bank reserve, Reserve Bank credit, and related items Reserve Bank discount rates; margin requirements; reserve requirements. Federal Reserve Banks. Bank debits; currency in circulation. . Money supply; banks and the monetary system. Commercial and mutual savings banks, by classes. Commercial banks, by classes. Weekly reporting member banks. Business loans. 572 576 578 , 580 582 ,584 588 590 , 593 Interest rates Security prices; stock market credit; open market paper. . Savings institutions. Federal finance Federally sponsored credit agencies. Security i s s u e s . . . . Business finance... Real estate credit. . Consumer credit. . , 594 595 596 598 . 603 , 604 607 609 . 612 Industrial production. . Business activity. Construction Employment and e a r n i n g s . . . . Wholesale and consumer prices National product and income series. . Flow of funds. . . 616 620 620 622 624 , 626 628 Member bank income, 1963. . Banking and monetary statistics. . . .630 . . . 640 Guide to tabular presentation. . Index to statistical tables. 570 669 The data for F.R. Banks, member banks, and department stories, and consumer credit are derived from regular reports made to the Board; production indexes are compiled by the Board on the basis of data collected by other agencies; figures for gold stock, currency, Federal finance, and Federal business-type activi- ties are obtained from Treasury statements; the remaining data are obtained largely from other sources. For many of the banking and monetary series back data and descriptive text are available in Banking and Monetary Statistics and its Supplements (see list of publications at end of the BULLETIN. 571 572 BANK RESERVES AND RELATED ITEMS MAY 1964 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Factors supplying reserve funds F.R. Bank credit outstanding Period or date U.S. Govt. securities Discounts ToBought Repur- and Float i tal 2 Total out- chase adright agree- vances ments Factors absorbing reserve funds Deposits, other Treasthan member bank Member bank ury Cur- Treasreserves, reserves cur- rency Gold with F.R. Banks Other ury in stock rency F.R. cash outciracholdstand- culacounts With Curings ing tion Treas- For- Other F.R. rency Total ury eign Banks and coin 3 Averages of daily figures 179 1929—June.... 179 1933—June.... 1,933 1,933 1939—Dec 2,510 2,510 1941—Dec 2,219 2,219 1945—Dec 23,708 23,708 978 250 8 5 381 61 1,317 4,024 2,018 4,400 210 12 2,208 4,030 2,295 5,455 272 83 2,612 17,518 2,956 7,609 2,402 170 2,404 22,759 3,239 10,985 2,189 652 24,744 20,047 4,322 28,452 2,269 30 81 616 592 625 30 164 739 1,531 1,247 376 2,314 350 2,211 248 11,473 292 12,812 493 16,027 2,314 2,211 11,473 12,812 16,027 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 9 657 99 524 1,633 448 421 407 29 117 21,606 375 25,446 ,262 27,299 ,018 27,107 992 26,317 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 17,391 20,310 21,180 19,920 19,279 17,391 20,310 21,180 19,920 19,279 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 ,389 26,853 ,633 27,156 ,443 26,186 ,496 28,412 ,426 29,435 21,689 21,942 22,769 20,563 19,482 5,008 5,064 5,144 5,230 5,311 31,265 31,775 31,932 32,371 32,775 777 772 768 691 396 434 463 385 470 524 459 372 345 262 361 394 983 19,240 247 998 19,535 186 1,063 19,420 337 ',174 18,899 348 ,195 18,628 19,240 19,535 19,420 18,899 304 18,932 I960—Dec 1961—Dec 1962—Dec 27,248 27,170 29,098 29,061 30,546 30,474 78 37 72 94 152 305 665 29,060 17,954 5,396 33,019 ,921 31,217 16,929 5,587 33,954 298 33,218 15,978 5,561 35,281 408 422 398 522 514 587 250 229 222 495 244 290 ,029 16,688 2,595 19,283 ,112 17,259 2,859 20,118 ,048 16,932 3,108 20,040 1963—Apr.. May. June. July , Aug.. Sept.. Oct.., Nov.. Dec.. 30,897 31,138 31,540 32,158 32,233 32,341 32,648 33,126 33,729 30,833 31,041 31,446 32,014 32,171 32,243 32,464 32,936 33,626 64 97 94 144 62 98 184 190 103 151 229 236 322 355 352 343 407 360 ,596 32,692 ,560 32,972 ,635 33,454 ,740 34,262 ,453 34,080 710 34,440 34,628 35,353 434 36,610 15,878 15,834 15,785 15,664 15,602 15,582 15,582 15,582 15,562 5,578 5,576 5,583 5,585 5,584 5,589 5,587 5,594 5,583 34,719 34,879 35,293 35,752 35,794 35,945 36,120 36,693 37,603 436 423 400 393 394 401 395 395 389 917 890 794 923 846 866 918 938 879 183 171 193 176 164 149 161 150 160 199 183 216 201 200 196 194 198 206 ,022 ,075 ,125 ,076 ,144 ,163 ,089 ,138 ,215 1964—Jan.., Feb.. Mar.. Apr.. 33,200 33,009 33,389 33,498 33,127 32,981 33,348 33,453 73 28 41 45 289 311 259 214 164 35,770 1644 35,028 ,710 35,454 ,798 35,602 15,513 15,480 15,462 15,462 5,583 5,586 5,579 5,580 36,827 36,383 36,615 36,886 408 429 433 426 965 926 948 924 155 141 153 141 212 1,052 17,247 3,428 20,675 205 991 17,018 3,130 20,148 202 998 17,146 3,067 20,213 195 987 17,084 *>3,186 2*20,270 Mar. 6 13 20 27 30,552 30,651 30,430 30,635 30,402 30,528 30,430 30,519 150 123 172 168 87 271 ,665 32,444 ,527 32,402 ,872 32,441 ,598 32,555 15,878 15,877 15,878 15,878 5,573 5,576 5,577 5,576 34,282 34,454 34,511 34,415 448 856 450 783 448 845 451 1,014 188 191 180 186 213 181 191 174 16,772 16,682 16,648 16,690 2,745 2,740 2,854 2,908 19,517 19,422 19,502 19,598 Apr. 3 10 17 24 30,997 31,188 30,988 30,589 30,855 31,106 30,946 30,589 142 82 42 204 117 187 188 ,345 32,596 ,425 32,779 ,630 32,853 ,919 32,743 15,878 15,878 15,878 15,877 5,577 5,578 5,574 5,578 34,535 34,745 34,915 34,685 428 441 427 437 895 897 826 996 189 184 190 191 191 ,074 16,740 194 ,076 16,696 216 1,001 16,730 192 987 16,710 2,868 2,675 2,960 3,019 19,608 19,371 19,690 19,729 May 1 8 15 22 29 30,808 31,350 31,333 30,914 30,910 30,646 31,113 31,211 30,914 30,910 162 237 122 124 141 229 304 266 1,522 32,500 1,,545 -'-33,081 33 1,471 33,077 1,"" ,899 ",163 33 1,446 32 ,667 15,877 15,864 15,828 15,828 15,819 5,582 5,580 5,570 5,574 5,578 34,583 34,755 34,933 34,896 34,911 438 963 435 969 416 1,047 422 931 419 673 167 172 156 190 168 196 997 16,615 191 990 17,012 189 984 16,750 177 1,162 16,787 174 1,155 16,565 3,029 2,703 2,910 2,896 3,034 19,644 19,715 19,660 19,683 19,599 June 5 12 19 26 31,293 31,587 31,317 31,583 31,191 31,513 31,244 31,430 102 74 73 153 216 249 284 234 1,318 32,868 1,382 33,261 1,853 33,498 1,854"33,714 15,797 15,797 15,798 15,779 5,583 5,581 5,582 5,582 35,108 35,298 35,331 35,279 407 402 404 402 643 774 781 892 169 218 202 185 183 205 237 217 2,856 2,841 2,983 3,051 19,438 19,428 19,796 20,052 July 3 10 17 24 32,249 32,652 32,042 31,687 32,086 32,078 32,308 31,939 31,687 32,044 171 344 103 329 323 401 313 143 ,651 34,273 ,726 34,744 ,929 34,419 ,990 34,030 ,344 33,611 15,733 15,691 15,669 15,633 15,633 35,581 35,899 35,850 35,698 35,564 383 863 391 1,022 922 396 886 391 891 393 173 180 180 168 179 235 1,101 17,257 2,985 20,242 196 1,107 17,228 2,865 20,093 199 ,056 17,067 3,105 20,172 193 ,062 16,850 3,078 19,928 202 ,069 16,530 3,118 19,648 32,443 32,286 32,017 32,142 32,373 32,253 31,964 32,07'4 403 382 324 305 ,288 34,174 ,367 34,075 ,787 34,167 ,418 33,901 15,633 15,618 15,583 15,583 35,703 35,879 35,850 35,728 402 382 394 400 170 167 153 162 250 ,071 188 ,038 185 ,217 181 1,219 r 739 796 832 908 929 16,671 16,761 16,800 16,991 16,723 16,890 16,920 17,017 17,303 2,901 2,918 2,929 3,029 2,996 3,055 3,083 3,097 3,443 19,572 19,679 19,729 20,020 19,719 19,945 20,003 20,114 20,746 Week ending— 1963 , 31 Aug. 7 14 21 28 , , For notes see opposite page. 116 5,587 5,581 5,583 5,586 742 870 879 918 ,135 ,114 ,073 ,078 1,156 1,156 1,111 1,099 16,582 16,587 16,813 17,001 17,055 16,750 16,655 16,461 2,858 2,959 2,999 3,093 19,913 19,709 19,654 19,554 MAY 1964 573 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds F.R. Bank credit outstanding Period or date Factors absorbing reserve funds Deposits, other U.S. <3ovt. securities Discounts ToBought Repur- and Float i tal 2 Total out- chase adright agree- vances ments Treasthan member bank Member bank Cur- Treasury reserves reserves Gold cur- rency ury Other with F.R. Bainks in stock rency cash F.R. ciroutholdacstand- culaings counts With Curtion ing Treas- For- Other i F.R. rency Total ury eign Banks and coin 3 Averages of daily figures Week ending— 1963 15,582 15,583 15,582 15,582 15,582 15,583 15,583 15,581 15,582 5,587 5,591 5,590 5,587 35,889 36,066 36,016 35,850 391 409 417 385 806 824 942 856 170 153 142 139 192 206 209 181 1,214 1,219 1,139 1,140 16 689 16,850 16,770 17,052 2 995 2,964 3,130 3,148 19 684 19,814 19,900 20,200 5,589 5,591 5,582 5,583 5,590 35,858 36,061 36,235 36,165 36,066 393 397 392 394 398 901 910 930 915 906 153 153 150 171 167 192 193 194 188 197 1,114 1,141 [ 107 1,060 1,048 17,027 17,349 16,894 16,860 16,553 3,150 2,843 3,095 3,082 3,202 20,177 20,192 19 989 19,942 19,755 15,583 15,582 15,582 15,582 15,582 15,582 15,582 15,552 5,593 5,598 5,596 5,593 36,251 36,625 36,722 36,872 388 823 402 886 403 1,045 386 1,006 156 146 144 151 193 1,019 17,188 198 I 001 17 060 208 ,211 17,080 199 1,250 16,823 2,978 3,005 3,170 3,212 20,166 20 065 20,250 20,035 5,580 5,586 5,582 5,586 37,274 37,487 37,621 37,752 385 388 392 395 812 856 907 903 167 143 158 154 197 202 '268 196 ,194 210 1,208 17,074 16 770 17,204 17,556 3,246 3,224 3,476 3,445 20,320 19,994 20,680 21,001 15,513 5,580 37,730 15,513 5,582 37,306 15,513 5,584 36,983 15,513 5,586 36,690 15,512 5,582 36,364 381 927 402 966 406 1,033 416 1,044 410 869 185 168 167 148 141 227 205 213 216 208 17,653 17 685 17,463 17,149 16,840 3,790 3,485 3,442 3,314 3,360 21,443 21,170 20,905 20,463 20,200 15,512 15,498 15,462 15,462 5,587 5,586 5,583 5,588 36,292 36,462 36,469 36,308 425 424 420 439 759 978 979 903 131 151 124 147 200 209 960 17,089 961 17,116 960 16,972 197 1 ,051 16,852 3,131 3,062 3,199 3,184 20,220 20,178 20.171 20,036 362 1,529 35,204 15,462 253 1,609 35,385 15,463 358 1,758 35,480 15,463 279 1,973 35,750 15,462 5,586 5,580 5,576 5,579 36,352 36,538 36,692 36,657 443 452 444 431 989 941 897 1,044 150 149 144 159 207 ,040 17,072 3,111 20,183 207 1 ,062 17,079 2,899 19,978 200 1 ,005 17,137 3,076 20,213 950 17,354 3,156 20,510 196 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 17,067 203 ,039 17,376 197 1 ,005 17,183 187 946 17,123 193 959 16,667 433 376 2*422 1,024 155 167 166 207 [,044 17,146 2,887 20,033 200 926 17,060 3,458 20,518 951 16,629 ^3,583 ^20,212 193 Sept 4 11..:..::: 18... 25 32,438 32,644 32,209 32,040 32,264 32,350 32,209 32,040 174 294 355 385 225 418 1,348 1,487 1,995 1,937 34,180 34,553 34,465 34,434 Oct. 2 9 16 23 30 32,511 33,036 32,784 32,226 32,474 32,449 32,617 32,521 32,226 32,413 62 419 263 373 422 339 392 229 1,545 1,527 1,567 1,930 1,416 34,467 35,030 34,737 34,589 34,163 Nov. 6 13 20 27.. 33,031 33,179 32,949 33,111 32,822 32,880 32,773 33,018 209 299 176 93 434 330 462 233 1,315 1,581 2,180 2,126 34,842 35,138 35,635 35,512 Dec. 4 11 18 25 . 33,795 33,849 33,665 33,586 33,590 33,759 33,582 33,552 205 90 83 34 540 148 307 350 1,631 1,899 2,471 2,991 36,010 35,945 36,507 37,040 1 8.... 15 22 29 33,655 33,698 33,494 32,944 32,739 33,563 33,531 33,338 32,944 32,739 92 167 156 590 396 394 198 209 2,752 2,461 2,203 2,365 1,764 37,153 36,706 36,231 35,623 34,780 5 12 19... 26 33,009 33,275 32,887 32,750 32,979 33,214 32,862 32,750 277 1,417 372 1,496 291 1,846 200 1,835 34,771 35,208 35,088 34,846 Mar. 4 11 18 25 33,245 33,437 33,270 33,384 33,245 33,437 33,195 33,301 Apr. 33,575 33,979 33,843 33,050 33,086 33,534 33,916 33,843 33,050 32,985 1964 Jan. Feb 1 8 15 22 29 30 61 25 75 83 41 63 ioi 155 209 191 321 137 1,512 1,593 1,756 2,166 1,772 35,353 35,898 35,891 35,593 35,083 15,462 15,463 15,462 15,462 15,462 ,14? ,070 ,062 ,059 ,041 214 3,242 20,309 2,974 20,350 3,185 20,368 *>3,200 ^20,323 ^3,285 *19,952 End of month 1964 33,169 33,169 33 770 33,611 33,169 33,117 159 52 570 1,471 35,274 15,462 5,583 36,312 130 1,289 35,314 15,461 5,583 36,799 116 1,737 35,115 ^15,463 »5,581 ^36,873 . 33,452 33,434 33,335 33 383 33,452 33,434 33,195 33 355 140 28 77 436 953 55 1 8 15 22 .. 29 34,042 33,932 33,485 32,885 33,140 33,916 33,916 33,485 32,885 33,076 Feb . M!ar Apr 831 925 Wednesday 1964 Mar. 4 11 18 25 Apr 126 16 64 1.447 35,053 317 35,272 801 36,188 1,497 35,055 ,187 130 ,482 772 ,729 148 1.693 378 1,451 287 35,677 35,649 36,082 34,780 35,067 15,463 15,463 15,463 15,463 5,589 5,574 5,578 5,579 36,456 36,679 36,724 36,715 457 454 446 415 947 869 1,133 1,101 136 173 132 143 203 197 217 170 15,463 15,463 15,463 15,463 15,463 5,578 5,590 5,575 5,576 5,581 36,792 37,000 37,002 36,889 36,878 400 433 443 429 431 695 154 202 952 140 1 Beginning with 1960 reflects a minor change in concept, see Feb. 1961 BULL., p. 164. 2 Includes industrial loans and acceptances, when held. (Industrial loan program discontinued Aug. 21, 1959.) For holdings of acceptances on Wed. and end-of-month dates ,see subsequent tables on F.R. Banks. See also note 1. 912 957 970 144 145 125 • ,032 16,874 089 16,848 975 17,602 947 16,611 3,244 3,271 3,395 3,512 20,118 20,119 20,997 20,123 1 018 17,457 3,487 20,944 185 1,035 16,993 3,197 20,190 951 17,432 3,629 21,061 189 945 16,284 ^3,547 #19,831 177 999 16,525 *>3,667 ^20,192 187 3 Part allowed as reserves Dec. 1, 1959-Nov. 23, I960; all allowed thereafter. Beginning with Jan. 1963 figures are estimated except for weekly averages. 574 BANK RESERVES AND RELATED ITEMS MAY 1964 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City Period Borrowings at ReF. R. quired Excess Banks Reserves Reserves Total held Free reserves Total held Required City of Chicago Borrowings at Excess F. R. Banks 2,314 2,275 12,160 1,797 11 473 6 462 12,812 9,422 16,027 14,536 17,261 16,275 42 363 5 011 3 390 1,491 986 974 184 3 5 334 224 -932 179 5,008 3,385 1,157 762 762 861 5 623 5,142 4,118 4,404 755 792 3,012 4,153 4,070 4,299 7 69 2 611 989 48 105 174 1950—Dec 1951 Dec 1952 Dec 1953—Dec 1954 Dec 17,391 20,310 21,180 19,920 19,279 16,364 19,484 20,457 19,227 18,576 1,027 826 723 693 703 142 657 1,593 441 246 885 169 -870 252 457 4,742 5,275 5,357 4,762 4,508 4,616 5,231 5,328 4,748 4,497 1955—Dec 1956 Dec 1957—Dec 1958 Dec 1959 Dec 19,240 19,535 19,420 18,899 18,932 18,646 18,883 18,843 18,383 18,450 594 652 577 516 482 839 688 710 557 906 -245 -36 -133 -41 -424 4,432 4,448 4,336 4,033 3,920 19,283 18,514 20,118 19,550 20,040 19,468 769 568 572 87 149 304 682 419 268 Sept Oct Nov Dec 19,572 19,679 19,729 20,020 19,719 19,945 20,003 20,114 20,746 19,138 19,223 19,355 19,537 19,256 19,533 19,596 19,705 20,210 434 456 374 483 463 412 407 409 536 121 209 236 322 330 321 313 376 327 313 247 138 161 133 91 94 33 209 1964 Jan Feb Mar Apr 20,675 20,148 20,213 »20,270 20,248 19,753 19,856 219,910 427 395 357 2360 256 304 259 213 19,608 19,371 19,690 19,729 19,154 18,997 19,157 19,216 454 374 533 513 174 87 157 157 280 287 376 356 3,787 3,668 3,736 3,719 404 300 431 200 25 128 75 135 507 115 272 317 1929—June 1933 June 1939 Dec 1941 Dec 1945 Dec 1947—Dec . ... 1960—Dec 1961—Dec 1962 Dec .... 1963—Apr May July Week ending— 1963—Apr. 3 . . . . 10.... 17.... 24.... Borrowings at ReF.R. quired Excess Banks Reserves Free reserves Total held Free reserves 161 211 1 141 1,143 939 1,024 161 133 601 848 924 1,011 1 78 540 295 14 13 63 192 38 -167 69 2 611 989 -144 61 6 —62 78 540 295 14 7 125 44 30 14 12 58 151 486 115 62 67 -107 -456 -101 -50 1,199 1,356 1,406 1,295 1,210 1.191 353 1,409 1,295 1,210 8 3 -4 1 -1 5 64 232 37 15 3 -61 —236 —36 -16 4,397 4,392 4,303 4,010 3,930 35 57 34 23 — 10 197 147 139 102 99 -162 -91 -105 -81 -109 1,166 1,149 1,136 1,077 1,038 1,164 I 138 1,127 I 070 1,038 2 12 8 7 85 97 85 39 104 -83 -86 -77 -31 -104 3,687 3,834 3,863 3,658 3,826 3,817 29 7 46 19 57 108 10 -50 -62 958 987 1,042 953 987 1,035 4 8 22 18 -4 -22 -11 3,727 3,770 3,722 3,795 3,630 3,748 3,695 3,683 3,951 3,716 3,735 3,742 3,740 3,620 3,721 3,693 3,668 3,895 11 35 -20 55 10 27 2 15 56 12 34 39 40 90 82 101 89 37 -1 1 -59 15 -80 -55 -99 -74 19 1,003 1,025 1,028 1 038 1,009 1,029 1,036 1,035 1,056 998 I 025 1,032 I 026 I 007 1,030 I 028 1,031 1,051 14 8 3 24 29 40 19 40 26 -9 —8 —7 — 12 —27 -41 — 11 —36 —21 171 3,906 3,893 91 3,797 3,757 98 3,803 3,798 *147 23,787 23,773 13 40 5 - 2 3 1,048 -7 1,014 - 1 7 1,026 v-2 21,021 [,044 I 016 1,022 V I 015 5 —2 4 214 36 47 22 16 27 87 90 21 -22 —89 —86 p—14 3,767 3,669 3,701 3,715 20 -1 36 5 31 7 24 18 -11 -8 12 -14 1,003 982 995 1,006 994 981 994 1,003 8 1 1 4 29 6 36 15 -21 -5 -35 -12 3,760 3,669 3,652 3,671 3,752 3,616 3,650 3,650 9 54 1 20 182 100 76 5 -173 -46 -75 16 1,038 1,031 1,049 1,034 [,036 1,021 1,035 1,035 2 10 15 -1 46 22 73 4 -44 -11 -58 -4 79 75 220 167 3,741 3,747 3,913 4,046 3,707 3,745 3,906 4,004 34 3 8 42 59 13 11 53 -25 -10 -3 -11 1,032 1,009 1,053 1,080 [,027 1,012 1,044 I 080 6 -3 9 43 3 24 24 -37 7 5 -4 12 2 —1 8 4 5 P7 Nov. 6.... 13.... 20 27.... 20,166 20,065 20,250 20,035 19,737 19,637 19,744 19,700 Dec. 4.... 11.... 18 25.... 20,320 19,994 20,680 21,000 19,734 19,804 20,188 20,516 429 428 506 335 586 190 492 484 1964—Jan. 1.... 8.... 15.... 22.... 29.... 21,449 21,169 20,905 20,463 20,200 20,663 20,706 20,305 20,174 19,827 786 463 600 289 373 558 364 361 164 177 228 99 239 125 196 4,228 4,068 3,909 3,841 3,791 4,073 4,072 3,864 3,837 3,780 155 -4 45 4 11 67 45 79 15 21 88 -49 -34 -11 -10 1,094 1,100 1,047 1,027 1,012 1,090 1,091 1,043 [,032 1,007 4 9 4 -5 5 51 28 41 28 8 -~15 —24 -47 -19 -37 -33 -3 Feb. 5.... 12.... 19.... 26.... 20,220 20,178 20,171 20,036 19,854 19,776 19,751 19,683 366 402 420 353 242 367 291 200 124 35 129 153 3,834 3,762 3,762 3,733 3,820 3,744 3,742 3,734 14 18 20 -1 24 89 4 35 -10 -71 16 -36 1,028 1,003 1,031 1,011 1,021 1,011 1,018 1,011 6 -8 13 46 117 132 60 -40 -124 -119 —60 Mar. 4 . . . . 11 18.... 25 20,183 19,978 20,213 20,510 19,693 19,664 19,838 20,002 490 314 375 508 362 253 358 279 128 61 17 229 3,836 3,718 3,801 3,866 3,766 3,707 3,804 3,837 70 11 -2 28 65 33 32 8 5 -22 -34 20 1,030 999 1,020 1,037 1,020 999 1,019 1,033 9 1 5 30 70 113 177 -20 —69 -112 -172 1 . . . . 20,309 20,037 20,350 19,928 8.... 15 20,368 20,069 2 2 . . . . 220,323 ?19,880 2 9 . . . . 219,952 219,747 272 422 299 2443 2205 155 208 190 319 135 117 3,900 3,871 214 3,814 3,812 109 3,822 3,801 2124 3,736 3,727 270 23,736 23,721 29 2 27 21 9 215 10 58 1,050 1,017 11 1,014 - 4 9 1,017 215 21,014 1,037 I 015 1,013 1,016 V I 014 13 2 1 1 2-1 32 59 1 28 2 -19 57 -27 2-3 Apr. For notes see opposite page. 575 BANK RESERVES AND RELATED ITEMS MAY 1964 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Reserves Period Total held Required Excess Country banks Borrowings at F. R. Banks 1929—June 1933—June 1939—Dec 1941—Dec 1945_Dec 1947_Dec 761 648 3,140 4,317 6,394 6,861 749 528 1,953 3,014 5,976 6,589 12 120 1,188 1,303 418 271 409 58 1950—Dec 1951—Dec 1952—Dec 1953—Dec 1954—Dec 6,689 7,922 8,323 7,962 7,927 6,458 7,738 8,203 7,877 7,836 1955—Dec 1956—Dec 1957—Dec 1958—Dec 1959—Dec 7,924 8,078 8,042 7,940 7,954 1960—Dec 1961—Dec 1962—Dec Reserves Free reserves Total held Required Excess Borrowings at F. R. Banks Free reserves 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 7,851 8,308 8,100 100 59 78 20 39 130 80 20 -52 6,689 6,931 6,956 6,066 6,429 6,515 623 502 442 40 31 48 583 471 394 1963—Apr May June July Aug Sept Oct Nov Dec 7,992 8,016 8,036 8,151 8,061 8,118 8,155 8,197 8,393 7,965 7,963 8,018 8,099 8,018 8,096 8,117 8,164 8,325 27 53 18 52 43 22 38 33 68 54 117 129 201 118 130 131 171 190 -27 -64 -111 -149 -75 -108 -93 -138 -122 6,850 6,868 6,942 7,037 7,019 7,050 7,118 7,199 7,347 6,459 6,500 6,563 6,672 6,611 6,686 6,758 6,842 6,939 391 368 379 365 408 364 360 357 408 41 50 65 57 93 69 62 76 74 350 318 314 308 315 295 298 281 334 1964—Jan Feb Mar Apr 8,346 8,122 8,208 ^8,233 8,325 8,104 8,172 ^8,206 21 19 36 137 106 90 108 -116 -87 -54 7,376 7,215 7,176 P7,230 6,986 6,876 6,864 ^6,917 390 339 312 56 64 57 68 334 275 255 P244 3 10 17 24 8,007 7,947 8,045 8,012 7,969 7,921 7,993 7,992 38 26 51 20 49 47 37 101 -11 -21 14 -81 6,810 6,774 6,914 6,991 6,423 6,427 6,469 6,506 387 347 445 485 65 27 60 23 322 320 385 462 Nov. 6 13 20 27 8,184 8,194 8,180 8,199 8,168 8,156 8,177 8,162 17 39 4 37 111 111 222 101 -94 -72 -218 -64 7,184 7,170 7,369 7,131 6,782 6,845 6,882 6,853 402 325 487 278 65 67 60 90 337 258 427 188 Dec. 4 11 18 25 8,198 8,204 8,362 8,487 8,154 8,167 8,313 8,452 44 37 49 35 304 24 166 161 -260 13 -117 -126 7,349 7,033 7,351 7,388 6,846 6,880 6,925 6,979 502 153 426 409 101 75 71 79 401 78 355 330 1 8 15 22..... 29 8,628 8,540 8,416 8,337 8,163 8,478 8,498 8,376 8,319 8,133 150 42 40 18 30 384 217 193 77 93 -234 -175 -153 -59 -63 7,500 7,461 7,533 7,257 7,234 7,023 7,046 7,022 6,986 6,907 477 415 511 271 327 56 74 48 44 55 421 341 463 227 272 5 12 19 26 8,146 8,157 8,140 8,107 8,133 8,111 8,102 8,085 13 46 38 22 95 102 83 66 -81 -56 -46 -44 7,213 7,255 7,238 7,185 6,879 6,911 6,888 6,853 333 345 350 332 77 59 72 39 256 286 278 293 Mar. 4 11 25 8,139 8,142 8,179 8,256 8,084 8,113 8,155 8,224 55 29 25 32 184 96 145 65 -130 -67 -121 -33 7,178 7,118 7,212 7,352 6,823 6,844 6,860 6,909 355 274 352 443 83 54 68 29 271 220 284 414 1 8 15 22 29 8,286 8,261 8,334 8,214 *>8,099 8,251 8,230 8,312 8,196 *>8,092 35 31 22 19 49 92 105 176 54 -14 -61 -83 -157 7,073 7,258 7,198 ^7,355 »7,105 6,878 6,870 6,943 ?6,942 ^6,920 195 388 255 72 57 74 57 79 123 331 181 Week ending— 1963—Apr. 1964—Jan. Feb. 18 Apr. 1 This total excludes, and that in the preceding table includes, $51 million in balances of unlicensed banks. NOTE.—Averages of daily figures. Beginning with Jan. 1964 reserves are estimated except for weekly averages. P-48 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. 576 DISCOUNT RATES MAY 1964 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances and discounts under Sees. 13 and 13a ! Federal Reserve Bank Rate on Apr. 30 Effective date Boston New York. . . Philadelphia.. Cleveland Richmond. . . Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco July July July July July July July July July July July July Previous rate Rate on Apr. 30 Effective date 17, 1963 17, 1963 19, 1963 17, 1963 17, 1963 24, 1963 19, 1963 17, 1963 17, 1963 26, 1963 17, 1963 19, 1963 July July July July July July July July July July July July 1 Advances secured by U.S. Govt. securities and discounts of and advances secured by eligible paper. Rates shown also apply to advances secured by securities of Federal intermediate credit banks maturing within 6 months. Maximum maturity: 90 days except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not over 6 months and 9 months, respectively, and advances Advances to all others 3 under last par. Sec. 13 Advances under Sec. 10(b) 2 Previous rate Rate on Apr. 30 17, 1963 17, 1963 19, 1963 17, 1963 17, 1963 24, 1963 19, 1963 17, 1963 17, 1963 26, 1963 17, 1963 19,1963 Effective date Previous rate July 17, 1963 June 10, 1960 Aug. 19, 1960 July 17, 1963 July 17,1963 July 24, 1963 July 19, 1963 July 17, 1963 Aug. 15,1960 July 26, 1963 Sept. 9, 1960 June 3, 1960 ¥ secured by FICB securities are limited to 15 days. 2 Advances secured to the satisfaction of the F.R. Bank. Maximum maturity: 4 months. 3 Advances to individuals, partnerships, or corporations other than member banks secured by U.S. Govt. direct securities. Maximum maturity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Effective date Range (or level)— all F.R. Banks 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 1933 F.R. Bank of N.Y. 2*4 2*^3*4 1935 1 1 -2 -1*4 1942 :r l l F.R. Bank of N.Y. Jan. 22 24 Mar. 7 Jan. 12 19 Aug. 13 23 I 1*4-2 1948 1 ~W4 1*4-1*4 1*4 1950 Aug. 21 25 1*4-134 -£:::: Mar. 6 16 May 29 June 12 Sept. 11 18 »*4 June 3 10 14 Aug. 12 Sept. 9 1956 31 NOTE.—Discount rates under Sees. 13 and 13a (as described in table above). For data before 1933, see Banking and Monetary Statistics, 1943, pp. 439^2. The rate charged by the F.R. Bank of N.Y. on repurchase contracts 2 2*4 1959 3 -3*4 3 3 3*4 3% 4 1960 3*4-4 3 -3./ 1963 1957 1 Preferential rate of *4 of 1 per cent for advances secured by U.S. Govt. securities maturing in 1 year or less. The rate of 1 per cent was continued for discounts of and advances secured by eligible paper. t Oct. 24 Nov. 7 May 2 Aug. 4 5 12 Sept. 9 13 Nov. 18 23 Aug. 9 23 Nov. 15 Dec. 2 2*4 2% 214 Sep, . . . . . . . 1*4 F.R. Bank of N.Y. 1958 21 Apr. 18 May 9 Aug. 15 1955 Apr. 13 20 Aug. 24 Range (or level)— all F.R. Banks 13 1954 1946 Apr. 25 May 10 Effective date 1953 Apr 1*4-2*4 1*4-2 Range (or level)— all F.R. Banks Jan. 16 23 Feb. 5 15 Apr. 14 16 May 21 1934 1937 Effective date 3 -3*4 3 %A T July 17 26 1964 In effect Apr. 30 3 -31/2 3*4 3*4 against U.S. Govt. securities was the same as its discount rate except in the following periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, 2.75; 1962—Mar. 20-21, 2.75. MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS RESERVE REQUIREMENTS OF MEMBER BANKS (Per cent of deposits) (Per cent per annum) Net demand deposits Effective date Type of deposit Savings deposits held for: Jan. 1, 1936 Jan. 1, 1957 2 Postal savings deposits held for: 1 year or more Less than 1 year Other time deposits payable in: i 1 year or more 6 months-1 year 90 days-6 months Less than 90 days Jan. 1, 1962 } 2* 3 } 2* 3 July 17, 1963 4 3% 4 / \ 3% 4 3% 4 / \ 3% 4 / I: 1 i For exceptions with respect to foreign time deposits, see Oct. 1962 1279. NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust cos. on like deposits under the laws of the State in which the member bank is located. Effective Feb. 1, 1936, maximum rates that may be paid by insured nonmember commercial banks, as established by the FDIC, have been the same as those in effect for member banks. Maximum rate payable on all types of time and savings deposits; Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2% per cent. MARGIN REQUIREMENTS (Per cent of market value) Effective date Regulation July 28, July 10, Nov. 6, 1960 1962 1963 Regulation T: For extensions of credit by brokers and dealers on listed securities For short sales Regulation U: For loans by banks on stocks Effective date i Central reserve city banks 3 Reserve city banks 2 Time deposits Central reserve and reserve Country banks Country banks banks 3 } * Less than 1 year BULL., p. 577 RESERVE REQUIREMENTS MAY 1964 70 70 50 50 70 70 70 50 70 NOTE.—Regulations T and U, prescribed in accordance with Securities Exchange Act of 1934, limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value. IneffectDec.31,1948... 26 22 16 7% 7% 1949_May June Aug. Aug. Aug. Sept. 1951—Jan. Jan. 1953—July 1954_j U ne July 1,5 30, July 1.. 1, 11 16, 18 25 1 11, 16 25, Feb. 1.. 1,9. , 16, 24 29, Aug. 1. 24 21 20 15 14 13 12 7 6 5 7 6 6 6 5 5 1958—Feb. Mar. Apr. Apr. I960—Sept. Nov Dec. 27, Mar. 1. 20, Apr. 1.. 17 24 1 24 1 8* it* 19 23 24 22 21 20 20 19 13 14 13 18 12 \tA 17% IS* 5 16% 12 117% 6% 4 4 In effect May 1, 1964... 16% 12 4 4 Present legal require men Minimum Maximum 10 22 7 14 3 6 3 6 1962—Oct. 25, Nov. 1. 1 When two dates are shown, first-of-month or midmonth dates record changes at country banks, and other dates (usually Thurs.) record changes at 2central reserve or reserve city banks. Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances due3 from domestic banks. Authority of the Board of Governors to classify or reclassify cities as central reserve cities was terminated effective July 28, 1962. NOTE.—All required reserves were held on deposit with F.R. Banks, June 21, 1917, until late 1959. Since then, member banks have also been allowed to count vault cash as reserves, as follows: County banks—in excess of 4 and 2% per cent of net demand deposits effective Dec. 1, 1959 and Aug. 25, 1960, respectively. Central reserve city and reserve city banks—in excess of 2 and 1 per cent effective Dec. 3, 1959 and Sept. 1, 1960, respectively. Effective Nov. 24, 1960, all vault cash. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item All member banks New York City City of Chicago Other Country banks Item Four weeks ending Mar. 4, 1964 Gross demand: Total Interbank U.S. Govt Other Net demand 1 Time Demand balances due from domestic banks. Currency and coin B a l a n c e s w i t h F.R. Banks Total reserves held Required Excess 131,005 13,696 4,521 112,787 108,418 94,666 24,847 4,171 6,163 1,155 19,802 19,720 12,313 4,755 5,195 3,950 6,904 3,139 99 249 97 49 1,946 17,003 20,142 19,726 3,524 3,773 3,746 970 1,019 1,015 7,181 8,136 8,095 416 874 27 254 4 49,527 6,659 1,814 41,054 40,174 36,669 955 41 New York City City of Chicago Country banks Other Four weeks ending Apr. 1, 1964 50,468 1,712 1,579 47,177 43,330 41,734 4,761 1,886 5,328 7,214 6,869 345 i Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances due from domestic banks. All member banks Gross demand: Total Interbank U.S. Govt Other Net demand 1 Time Demand balances due from domestic banks. Currency and coin B a l a n c e s w i t h F.R. Banks Total reserves h e l d . . . . Required Excess 24,964 4,102 1,121 19,741 20,017 12,551 4,660 5,242 3,926 6,997 3,094 131 246 95 48 1,970 17,159 20.253 19,885 3,575 3,821 3,805 979 1,027 1,022 7,268 8,216 8,186 368 16 6,200 1,202 49,984 6,784 2,142 41,058 40,656 36,939 131.483 13,809 5,486 112,189 109,140 95,563 338 5 948 30 50,335 1,720 1,885 46,730 43,224 42,147 4,802 1,852 5,337 7,189 6,873 316 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. 578 MAY 1964 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) End of month Wednesday 1964 Item 1963 1964 Apr. 29 Apr. 22 Apr. 15 Apr. 8 Apr, 1 Apr. Mar. Apr. Gold certificate account Redemption fund for F.R. notes 13,790 1,405 13,790 1,409 13,765 1,413 13,770 1,416 13,785 1,405 13,790 1,405 13,785 1,405 14,326 1,269 Total gold certificate reserves 15,195 15,199 15,178 15,186 15,190 15,195 15,190 15,595 178 184 196 210 237 188 246 374 373 138 10 772 130 287 116 130 123 30 53 54 57 44 Assets Cash Discounts and advances: Member bank borrowings Other Acceptances: Bought outright Held under repurchase agreement U.S. Govt. securities: Bought outright: Bills.. Certificates—Special Other Notes Bonds 3,563 3,265 21,622 4,626 Total bought outright Held under repurchase agreement 62 54 61 39 45 99 39 64 3,372 3,972 4,453 4,453 3,604 4,148 2,302 3,265 21,622 4,626 3,265 21,622 4,626 3,265 21,622 4,576 3,265 21,622 4,576 3,265 21,622 4,626 3,265 21,622 4,576 13,571 10,524 4,294 33,076 64 32,885 33,485 33,916 16 33,916 126 33,611 159 30,691 491 Total U.S. Govt. securities 33,140 32,885 33,485 33,932 34,042 33,117 52 33,169 33,770 31,182 Total loans and securities Cash items in process of collection Bank premises Other assets: Denominated in foreign currencies All other 33,616 5,724 103 33,087 6,110 103 34,353 6,690 102 34,167 5,312 103 34,490 5,362 102 33,378 5,645 103 34,025 4,763 102 31,379 5,226 103 164 440 215 421 218 395 220 374 238 355 214 441 330 351 99 388 Total assets 55,420 55,319 57,132 55,572 55,974 55,164 55,007 53,164 F.R. notes Deposits: Member bank reserves U.S. Treasurer—General account Foreign Other 31,637 31,662 31,782 31,776 31,578 31,634 31,566 29,575 16,525 952 140 187 16,284 970 125 177 17,432 957 145 189 16 993 912 144 185 . 17 457 695 154 202 16,629 925 166 193 17,060 831 167 200 16,904 952 160 206 Total deposits 17,804 17,556 18,723 18,234 18,508 17,913 18,258 18,222 4,273 91 4,417 88 4,961 95 3,830 92 4,175 94 3,908 92 3,474 95 3,780 80 53,805 53,723 55,561 53,932 54,355 53,547 53,393 51,657 510 990 115 510 990 96 509 990 72 509 990 141 509 990 120 510 990 117 509 990 115 479 934 94 55,420 55,319 57,132 55,572 55,974 55,164 55,007 53,164 45 60 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 116 117 117 114 110 117 110 S3 7,840 7,947 7,967 8,096 8,147 7,860 8,105 7,478 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank)... Collateral held against notes outstanding: Gold certificate account Eligible paper U.S. Govt. securities Total collateral. 33,782 33,817 33,785 33,692 33,600 33,760 33,594 31,429 6,552 69 28,387 6,552 10 28,387 6,532 114 28,412 6,522 29 28,412 6,522 46 28,392 6,552 43 28,387 6,542 21 28,392 7,253 38 25,470 35,008 34,949 35,058 34,963 34,960 34,982 34,955 32,761 MAY 1964 579 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH BANK ON APRIL 30, 1964 (In millions of dollars) Item Total Boston Philadelphia New York Cleveland Richmond Atlanta Chicago s, Louis Minneapolis Kansas City Dallas San Francisco Assets Gold certificate account Redemption fund for F.R. notes 13,790 1,405 716 79 3,843 333 707 78 1,090 123 969 114 736 84 2,115 255 527 59 286 27 583 54 604 44 1,614 155 Total gold certificate reserves 15,195 795 4,176 785 1,213 1,083 820 2,370 586 313 637 648 1,769 543 188 32 20 168 51 43 5 42 14 24 16 69 15 32 19 14 7 29 6 15 4 35 5 40 26 6 2 1 8 28 20 15 2 * 26 * 3 677 1,366 1,280 4,391 F.R. notes of other Banks Other cash . . . Discounts and advances: Secured by U.S. Govt. securities.. . Other Acceptances: Bought outright Held under repurchase agreement.. U.S. Govt. securities: Bought outright Held under repurchase agreement.. 116 * 5 54 39 54 39 8,046 52 1,806 2,732 2,282 1,818 5,714 1,294 33,378 1,711 1,716 8,197 1,808 2,733 2,290 1,846 5,734 1,309 679 1,392 1,283 4,391 7,039 103 593 3 1,343 8 399 3 549 6 509 5 544 18 1,196 22 308 6 208 4 367 6 364 12 659 10 214 441 10 23 157 107 12 24 20 35 30 12 24 30 77 7 18 5 8 9 19 12 18 29 58 ... 57,101 3,192 14,107 3,079 4,612 3,968 3,348 9,480 2,255 1,252 2,449 2,377 6,982 F R notes Deposits: Member bank reserves . .. U.S. Treasurer—General account.. Foreign Other 32,177 1,884 7,810 1,875 2,733 2,626 1,843 5,793 1,306 581 1,239 963 3,524 16,629 925 166 193 680 51 6 1 4,589 193 263 134 741 42 8 1 1,204 54 13 * 721 120 7 4 914 59 8 1 2,469 101 20 2 582 62 5 * 415 50 3 * 780 65 6 2 978 66 8 1 2,556 62 19 47 Total deposits 17,913 738 4,979 792 1,271 852 982 2,592 649 468 853 1,053 2,684 5,302 92 489 866 22 317 5 455 9 402 6 426 5 847 16 241 4 164 2 282 4 265 3 548 11 55,484 3,116 13,677 2,989 4,468 3,886 9 ?4R 2,200 1,215 2,378 2,284 6,767 U6 264 in 28 55 7 46 90 8 25 49 8 29 56 7 72 140 20 17 34 4 12 23 2 23 43 5 30 57 6 68 132 15 Total loans and securities Cash items in process of collection.. . Bank premises Other assets: Denominated in foreign currencies . All other Total assets 33,117 52 Liabilities Deferred availability cash items Other liabilities and accrued dividends. Total liabilities 3 256! Capital Accounts Capital paid in Surplus Other capital accounts 510 990 117 24 471 5! 57,101 3,192 14,107 3,079 4,612 3,968 3,348 9,480 2,255 1,252 2,449 2,377 6,982 Ratio of gold certificate reserves to deposit and F.R. note liabilities combined (per cent): Apr 30 1964 Mar 31 1964 Apr. 30 1963 30.3 30.2 32.3 30.3 29.9 34.9 32.7 30.6 31 .1 29.4 30.6 30.9 30.3 29.0 31.6 31.1 29.0 32.0 29.0 30.1 31.8 28.3 30.8 33.7 30.0 30.4 32.5 29.8 31.3 31.5 30.4 29.9 30.6 32.1 30.3 33.2 28.5 29.6 33.7 Contingent liability on acceptances purchased for foreign correspondents . . 117 6 331 6 6 6 16 4 3 5 7 16 6,022 1,383 603 1,274 1,036 3,723 260 15 1.210 112 272 26 1,100 180 735 505 900 3,200 1,080 3,935 Total liabilities and capital accounts.. Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) Collateral held against notes outstanding: Gold certificate account Eligible paper U.S. Govt. securities Total collateral 33,760 1,967 6,552 43 28,387 34,982 2,003 8,256 1,935 2,924 423 1,650 1,100 'ejsb 405 2 1,600 340 "i,580 2,550 2,165| 1,650 '5J77 2,007 3,050 2,740| 1,990 8,400| 1 After deducting $157 million participations of other F.R. Banks. 2 After deducting $103 million participations of other F.R. Banks. 500 3 2,701 575 1,936 6,277| 1,485 1,398 After deducting $86 milion participations of other F.R. Banks. 580 FEDERAL RESERVE BANKS; BANK DEBITS MAY 1964 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month 1964 1964 Item Apr. 29 Apr. 22 Apr. 15 378 373 5 148 144 4 772 770 2 130 127 3 287 282 5 116 111 5 130 126 4 153 122 31 98 55 43 54 9 45 96 48 105 54 51 161 111 50 93 50 43 125 77 48 44 11 33 33.140 454 32,885 595 7,933 9,864 12,158 2,105 230 33.485 747 8,311 9,934 12,158 2,105 230 33.932 1.095 8,306 10,089 12,145 2,075 222 34,042 1,089 8,417 10,094 12,145 2,075 222 33,169 6,598 2,099 9,979 12,158 2,105 230 33,770 866 8,413 10,034 12,160 2,075 222 31,182 3,982 1,431 12,441 10,980 2,183 165 Swiss francs Discounts and advances—Total Within 15 days 16 days to 90 days 91 days to 1 year Acceptances—Total Within 15 days 16 days to 90 days U.S. Government securities—Total Within 15 days i 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10 years 8,356 9.837 12.158 2.105 230 Apr. 1 1963 Apr. i Apr. Apr. Mar. 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) Total End of period Pounds sterling Belgian francs Canadian dollars 1963—Aug Sept Oct . Nov Dec 66 96 115 110 153 3 3 3 5 10 51 51 51 41 37 2 2 2 6 2 1964—Jan 254 10 37 2 French francs German marks Italian lire Netherlands guilders 6 6 2 5 1 1 1 51 51 101 2 7 4 1 1 201 2 1 * 25 * * BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts (billions of dollars) Period All reporting centers N.S.A. Leading centers New York S.A. N.S.A. 6 others S.A. l Annual rate of turnover of demand deposits 1 Leading centers 337 other reporting3 centers 2 N.S.A. S.A. New York N.S.A. S.A. N.S.A. 1955 1956 1957 1958 1959 2,043.5 2,200.6 2,356.8 2,439.8 2,679.2 766.9 815.9 888.5 958.7 1,023.6 431.7 462.9 489.3 487.4 545.3 845.0 921.9 979.0 993.6 1,110.3 42.7 45.8 49 5 53.6 56.4 1960 1961 1962 1963 2.838.8 3,111.1 3.436.4 3,754.7 1,102.9 1,278.8 1,415.8 1,556.0 577.6 622.7 701.7 775.7 1,158.3 1,209.6 1,318.9 1,423.0 60.0 70.0 77.8 84.8 1963—Apr May.... June.... July Aug Sept Oct Nov Dec 307.8 318.0 299.6 320.7 300.1 310.4 337.2 296.6 357.1 125.0 129.8 121.5 130.3 127.8 140.1 133.7 125.4 139.6 126.9 133.1 125.0 129.9 119.5 130.3 136.9 116.7 151.0 63.8 62.1 61.6 66.9 63.3 67.0 69.4 67.3 69.7 64.1 64.4 61.7 66.8 61.9 63.1 71.3 63.8 74.6 1964—Jan Feb Mar Apr 360.8 294.9 342.9 350.0 143.7 129.4 138.1 146.0 153.9 121.1 145.8 148.2 69.6 65.5 68.4 72.4 73.5 60.5 71.1 72.8 S.A. N.S.A. 337 other reporting centers 3 S.A. 27.3 28.8 30 4 30.0 32.5 34.8 36 9 41.2 44.6 N.S.A. 343 centers S.A. 4 N.S.A. 20.4 21.8 23 0 22.9 24.5 22.3 23.7 25.1 24.9 26.7 25.7 26.2 27.7 29.0 : : : : : : : 28.2 29.0 31.3 33.1 119.4 117.1 113.9 122.8 119.2 122.6 123.6 120.0 123.7 116.8 120.6 112.9 124.0 118.7 116.9 128.9 116.1 131.5 82.2 85.0 79.3 85.1 88.9 96.9 87.2 80.7 89.0 80.6 85.2 85.1 83.7 83.7 95.6 86.5 80.4 93.8 44.1 43.1 42.7 46.8 44.2 46.7 48.4 46.0 47.5 45.1 43.9 44.5 45.8 42.9 46.1 47.6 45.3 48.6 29.6 29.1 28.1 30.3 29.5 29.9 30.1 29.0 29.8 28.8 29.5 29.0 30.2 29.1 29.9 30.2 29.4 30.6 33.3 33.2 32.2 34.3 33.6 34.3 34.9 33.6 33.9 33.0 33.3 33.1 34.3 32.7 34.1 34.7 33.6 35.3 126.6 121.1 125.1 131.9 133.3 113.3 126.1 129.0 92.1 86.2 91.6 95.5 93.0 81.8 94.4 93.6 47.8 45.4 46.9 P49.3 47.4 42.9 49.6 ^50.4 30.6 29.5 30.1 *31.6 30.4 28.2 30.2 ^30.6 34.8 33.7 34.4 P36.1 34.9 32.0 35.1 ^35.7 C 12 Excludes interbank and U.S. Govt. demand accounts or deposits. Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. 6 others 2 3 Before Apr. 1955, 338 centers. 4 Before Apr. 1955, 344 centers. MAY 1964 581 U.S. CURRENCY DENOMINATIONS IN CIRCULATION (In millions of dollars) Total in circulation i 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 1958 1959 1960 1961 1962 32,193 32,591 32,869 33,918 35,338 1963-Mar. Apr. May, June July. Aug. Sept. Oct.. Nov. Dec. 1964— Jan.. Feb.. Mar. End of period Coin and small denomination currency $1 2 $2 $5 $10 590 751 1,274 1,404 1,554 1,927 559 695 1,039 1,048 1,113 1,312 36 44 73 65 64 75 1,019 1,355 2,313 2,110 2,049 2,151 22,856 23,264 23,521 24,388 25,356 2,182 2,304 2,427 2,582 2,782 1,494 1,511 1,533 1,588 1,636 83 85 88 92 97 34,513 34,645 35,067 35,470 35,663 35,850 35,891 36,177 37,227 37,692 24,548 24,613 24,953 25,266 25,368 25,487 25,468 25,642 26,536 26,807 2,795 2,827 2,850 2,878 2,904 2,926 2,947 2,960 2,986 3,030 1,523 1,539 1,562 1,566 ',559 ,558 ,576 ,592 ,644 ,722 36,247 36,312 36,799 25,500 25,561 26,000 3,021 3,044 3,105 ,599 ,590 ,621 Large denomination currency $1,000 $5,000 $10,000 $20 Total $50 $100 $500 1,772 2,731 6,782 6,275 5,998 6,617 1,576 2,545 9,201 9,119 8,529 9,940 2,048 3,044 7,834 8,850 8,438 9,136 460 724 2,327 2,548 2,422 2,736 919 1,433 4,220 5,070 5,043 5,641 191 261 454 428 368 307 425 556 801 782 588 438 20 24 7 5 4 3 32 46 24 17 12 12 2,186 2,216 2,246 2,313 2,375 6,624 6,672 6,691 6,878 7,071 10,288 10,476 10,536 10,935 11,395 9,337 9,326 9,348 9,531 9,983 2,792 2,803 2,815 2,869 2,990 5,886 5,913 5,954 6,106 6,448 275 261 249 242 240 373 341 316 300 293 3 3 3 3 3 9 5 10 10 10 95 95 96 97 97 98 98 98 100 103 2,230 2,232 2,266 2,279 2,265 2,271 2,282 2,302 2,396 2,469 6,838 6,819 6,932 7,004 6,993 7,026 7,001 7,046 7,359 7,373 11,067 9,965 11,102 10 ",032 11,246 10,114 11,442 10,204 11,549 10,295 11,609 10,363 11,564 10,423 11,644 10 ",535 12,050 10 ,691 12,109 10,885 2,954 2,975 3,001 3,030 3,060 3,075 3,077 3,103 3,155 3,221 6,471 6,516 6,572 6,631 6,691 6,743 6,794 6,885 6,988 7,110 241 242 243 244 244 244 245 245 247 249 292 291 292 293 293 293 294 294 295 298 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 9 5 4 4 101 101 2,287 2,278 2,321 6,958 6,983 7,096 11,533 10,747 11,566 10,751 11,754 10.799 3,157 3.147 3,158 7,043 7,057 7.094 247 246 246 294 293 294 3 3 3 4 4 4 102 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 Reserve Banks for which a denominational breakdown is not available. 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 Kind of currency Gold Gold certificates F R notes Treasury currency . . Total Standard silver dollars Silver bullion Silver certificates Subsidiary silver coin Minor coin United States notes In process of retirement Total—Mar 31 1964 Feb 29 1964 Mar 31 1963 4 Total outstanding As security Mar. 31, against Treasury 1964 gold and cash silver certificates 15,461 (15,190) 33 595 5,583 485 1.924 (K913) 1 940 723 347 164 5 54,639 5 54,651 5 52,662 (15,190) 2 271 (1,913) 72 34 1,913 11 3 P 374 3 1 17 I * (17,103) (17,114) (17,749) 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. 573. 2 Includes $156 million reserve against United States notes. 3 Consists of credits payable in gold certificates: (1) the Gold Certificate Fund—Board of Governors, FRS, and (2) the Redemption Fund for F.R. notes. 4 Redeemable from the general fund of the Treasury. 5 Does not include all items shown, as some items represent the security For F.R. Banks and Agents 376 433 409 12,374 12.369 12 790 Currency in circulation * Held by F.R. Banks and Agents 2 816 2,028 245 Mar. 31, 1964 Feb. 29, 1964 Mar. 31, 1963 31,495 5,304 31,089 5,223 29,408 5,106 1 481 459 395 198 19 2 25 1,715 1,905 719 320 163 1,703 1,871 713 312 164 1,827 1,739 662 313 170 5,090 5,538 4 950 36,799 36 312 34,513 for other items; gold certificates are secured by gold, and silver certificates by standard silver dollars and monetized silver bullion. Duplications are shown in parentheses. NOTE.—Condensed from Circulation Statement of United States Money issued by the Treasury. For explanation of currency reserves and security features, see the Circulation Statement or the Aug. 1961 BULL., p. 936. 582 MONEY SUPPLY MAY 1964 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Period Total Currency Demand deposit component component Money supply Time deposits adjusted l Total Currency Demand deposit component component Time deposits adjusted 1 U.S. Govt. demand1 deposits 1956—Dec 1957—Dec 1958—Dec 1959—Dec 136.9 135.9 141.2 142.0 28.2 28.3 28.6 28.9 108.7 107.5 112.6 113.2 52.1 57.5 65.5 67.4 140.3 139.3 144.7 145.6 28.8 28.9 29.2 29.5 111.5 110.4 115.5 116.1 51.4 56.7 64.6 66.6 3.4 3.5 3.9 4.9 I960—Dec 1961—Dec 1962—Dec 1963—Dec 141.2 145.7 147.9 153.5 28.9 29.6 30.6 32.4 112.2 116.1 117.3 121.1 72.7 82.5 97.5 111.8 144.7 149.4 151.6 157.4 29.6 30.2 31.2 33.1 115.2 119.2 120.4 124.3 72.1 81.8 96.6 110.8 4.7 4.9 5.6 5.1 1963—Apr May June July Aug Sept Oct Nov Dec 149.4 149.4 149.8 150.7 150.5 150.9 152.1 153.4 153.5 31.2 31.3 31.6 31.6 31.8 31.8 32.0 32.3 32.4 118.2 118.1 118.2 119.1 118.8 119.1 120.1 121.1 121.1 102.6 103.7 104.5 105.5 106.7 107.6 108.9 110.7 111.8 149.5 147.3 148.2 149.4 149.1 150.5 152.5 154.8 157.4 30.9 31.1 31.4 31.8 31.9 32.0 32.1 32.6 33.1 118.6 116. 116. 117.6 117.2 120.4 122.2 124.3 102.9 104.0 105.0 106.0 107.3 108.1 109.3 110.0 110.8 4.2 7.0 7.4 7.7 6.2 6.5 5.2 4.3 5.1 1964—Jan Feb Mar Apr? 154.8 154.4 154.8 155.4 32.5 32.7 32.9 33.0 122.3 121.7 121.9 122.4 113.7 114.8 115.6 116.2 158.0 154.1 153.3 155.6 32.4 32.3 32.6 32.7 125.6 121.8 120.7 122.9 112.9 114.3 115.5 116.4 4.1 4.7 6.0 4.2 1964—Jan. (1). (2). 155.2 154.4 32.5 32.6 122.7 121.8 113.0 114.3 158.8 157.2 32.7 32.1 126.2 125.1 112.4 113.4 5.3 3.0 Feb. (1). (2). 154.6 154.1 32.7 32.7 121.9 121.4 114.4 115.2 155.7 152.4 32.4 32.2 123.3 120.2 114.1 114.6 3.8 5.7 Mar. (1). (2). 154.7 154.9 32.9 33.0 121.8 121.9 115.4 115.9 153.5 153.0 32.6 32.5 120.9 120.4 115.3 115.7 4.7 7.1 Apr. (1). (2)v 155.5 155.4 33.0 33.1 122.5 122.3 115.9 116.4 154.8 156.3 32.8 32.6 122.0 123.7 116.2 116.7 5.6 2.7 118.6 Half month Not seasonally adjusted Not seasonally adjusted Money supply Week ending— Total Money supply Currency Demand deposit compo- component nent Time deposits adjusted i U.S. Govt. demand deposits Week ending— Total Currency Demand deposit compo- component nent Time deposits adjusted l U.S. Govt. demand 1 deposits 1963—Jan. 2. 9. 16. 23. 30. 153.4 152.4 152.7 151.5 150.1 30.9 31.0 30.6 30.4 30.1 122.6 121.5 122.1 121.1 120.0 97.5 97.8 98.3 98.7 99.0 6.8 6.0 4.2 4.2 4.1 1964—Jan. 1. 8. 15. 22. 29. 159.0 158.9 158.6 158.3 156.4 32.8 32.8 32.5 32.4 32.0 126.2 126.1 126.1 125.9 124.4 111.3 112.1 112.7 113.4 113.4 6.5 6.3 4.1 3.1 2.8 Feb. 6. 13. 20. 27., 150.3 149.6 147.6 146.3 30.5 30.6 30.5 30.4 119.9 119.0 117.1 115.8 99.3 99.8 100.1 100.4 4.8 4.8 6.1 6.6 Feb. 5. 12. 19. 26. 156.3 155.7 153.5 151.8 32.2 32.4 32.3 32.2 124.1 123.3 121.2 119.7 113.7 114.2 114.4 114.6 3.5 3.6 5.2 5.9 Mar. 6. 13. 20. 27., 147.4 148.0 148.4 146.1 30.7 30.9 30.8 30.6 116.7 117.2 117.7 115.5 100.8 101.4 101.8 102.1 6.4 4.5 4.9 7.2 Mar. 4. 11. 18. 25. 152.7 153.5 154.8 152.3 32.3 32.7 32.7 32.5 120.4 120.7 122.2 119.8 114.9 115.3 115.6 115.6 5.6 4.5 4.5 7.7 Apr. 3. 10. 17. 24., 146.8 148.3 151.1 150.2 30.8 31.2 31.1 30.8 116.1 117.1 120.0 119.5 102.5 102.8 102.8 102.9 6.9 4.5 3.2 3.6 Apr. May 149.6 148.7 148.3 30.6 31.2 31.1 119.0 117.6 117.1 103.2 103.5 103.9 32.5 32.9 32.8 32.7 32.5 120.5 121.1 123.0 124.1 123.5 115.9 116.1 116.4 116.4 116.9 7.8 5.9 5.0 2.3 2.9 4.6 6.6 6.2 153.0 154.0 155.8 156.9 156.0 154.7 32.9 121.8 117.2 6.2 1 1., 8., 15., At all commercial banks. NOTE.—Averages of daily figures. For back data see Aug. 1962 BULL., pp. 941-51. Money supply consists of (1) demand deposits at all commercial banks, other than those due to domestic commercial banks and 1. 8. 15. 22.. 29.. May 13. 20. 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. MAY 1964 583 BANKS AND THE MONETARY SYSTEM CONSOLIDATED CONDITION STATEMENT (In 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 5,741 10,328 23,105 29,049 128,417 107,086 96,560 95,461 102,308 103,684 5,499 8,199 19,417 25,511 101,288 81,199 72,894 67,242 72,715 72,563 216 1,998 2,484 2,254 24,262 22,559 20,778 27,384 28,881 30,478 2,867 3,328 2,888 835 712 643 11,819 9,863 9,302 8,999 8,577 10,723 14,741 26,617 29,667 35,012 Loans, net Other Total deposits and currency Capital and misc. accounts, net 64,698 48,465 75,171 90,637 191,785 188,148 199,009 289,947 308,466 330,935 55,776 42,029 68,359 82,811 180,806 175,348 184,384 263,165 280,397 302,195 8,922 6,436 6,812 7,826 10,979 12,800 14,624 26,783 28,070 28,739 1929—June 29, 1933—June 30, 1939—Dec. 30, 1941_Dec. 31, 1945_Dec. 31 1947_Dec. 31 1950—Dec. 30 1960—Dec. 31 1961—Dec. 30 1962—Dec. 28 4,037 4,031 17,644 22,737 20,065 22,754 22,706 17,767 16,889 15,978 2,019 2,286 2,963 247 339 562 636 398 585 5,568 58,642 41,082 42,148 21,957 54,564 22,157 64,653 26,605 167,381 30,387 160,832 43,023 171,667 60,366 266,782 144,704 285,992 154,017 309,389 170,693 1963—Apr. 24 M a y 29 June 29 July 31 Aug. 28 Sept. 25 Oct. 30 Nov. 27 Dec. 20 15,900 15,800 15,733 15,600 15,600 15,600 15,600 15,600 15,582 5,600 5,600 5,587 5,600 5,600 5,600 5,600 5,600 5,586 309,600 311,600 318,697 318,200 317,500 322,600 323,600 327,000 333,203 171,200 173,300 178,290 177,900 178,300 182,100 182,200 185,200 189,433 101,500 101,000 102,418 101,800 99,900 100,700 101,300 102,200 103,273 70,300 69,200 69,708 68,700 67,000 68,000 67,900 68,200 69,068 30,500 31,100 32,027 32,500 32,200 32,100 32,800 33,300 33,552 700 700 683 700 700 700 700 600 653 36,900 37,300 37,989 38,500 39,300 39,800 40,100 39,700 40,497 331,100 332,900 340,017 339,400 338,700 343,700 344,700 348,200 354,371 301,100 301,900 310,284 308,700 307,200 312,000 312,800 316,200 323,251 29,900 31,000 29,732 30,700 31,400 31,700 32,000 32,000 31,118 1964—Jan. 29 Feb. 26 Mar. 25 Apr. 29^ 15,500 15,500 15,500 15,500 5,600 5,600 5,600 5,600 328,700 330,400 334,200 334,900 187,200 188,700 191,300 193,500 101,400 101,100 101,700 100,100 68,100 67,500 67,600 66,100 32,700 32,900 33,400 33,100 600 700 700 800 40,100 40,600 41,200 41,400 349,800 351,400 355,300 356,000 319,000 319,400 323,900 323,600 30,800 32,000 31,400 32,300 26 131 1,204 1,284 DETAILS OF DEPOSITS AND CURRENCY Money supply Seasonally adjusted Related deposits (not seasonally adjusted) Not seasonally adjusted te Total Currency outside banks Demand deposits adjusted i Total Currency outside banks Demand deposits adjusted l Total Commercial banks Foreign Postal Mutual Savings net 3 savings banks 2 System Treasury cash holdings At commercial and savings banks At F.R. Banks 26,100 84,400 24,600 90,000 28,200 111,000 28,700 116,100 29,600 118,000 26,179 19,172 36,194 48,607 102,341 113,597 117,670 144,458 150,578 153,162 3,639 22,540 28,611 4,761 14,411 21,656 6,401 29,793 27,059 9,615 38,992 27,729 26,490 75,851 48,452 26,476 87,121 56,411 25,398 92,272 59,247 29,356 115,102 108,468 30,053 120,525 121,216 30,904 122,258 139,448 19,557 10,849 15,258 15,884 30,135 35,249 36,314 71,380 82,145 97,440 8,905 9,621 10,523 10,532 15,385 17,746 20,009 36,318 38,420 41,478 149 1,186 1,278 1,313 2,932 3,416 2,923 770 651 530 365 50 1,217 1,498 2.141 1,682 ,488 204 264 2,409 2,215 2,287 1,336 1,293 377 422 405 148,300 146,400 148,300 148,900 148,200 149,100 150,700 151,800 153,100 30,500 30,500 30,700 30,900 30,900 31,000 31,100 31,600 31,700 117,800 115,900 117,600 118,000 117,300 118,100 119,600 120,200 121,400 148,400 144,900 147,144 148,800 146,900 148,100 152,100 154,100 158,104 30,200 30,700 31,832 31,000 31,100 31,100 31,300 32,500 33,468 118,200 114,200 115,312 117,800 115,800 117,000 120,800 121,600 124,636 146,000 147,700 149,322 150,300 151,600 152,300 154,500 154,900 155,713 103,000 104,500 105,648 106,600 107,600 108,100 109,900 110,200 110,794 42,500 42,800 43,181 43,300 43,500 43,700 44,100 44,300 44,467 500 500 493 500 500 500 500 500 452 1,200 1,200 ,337 ,300 1,200 1,200 1,200 1,200 1,206 400 400 369 400 400 400 400 400 392 4,000 1,100 7,100 600 11,306 806 7,400 600 6,100 1,000 9,100 900 3,800 800 4,600 900 6,986 850 152,200 151,200 153,100 152,900 31,900 32,000 32,400 32,300 120,300 119,200 120,700 120,600 154,300 150,400 150,800 153,100 31,500 31,600 32,100 32,000 122,800 118,800 118,800 121,000 159,200 160,600 162,200 163,500 113,600 114,800 115,800 117,100 45,100 45,400 45,900 46,000 400 400 400 400 1,200 1,100 1,200 1,300 400 500 400 400 3,100 800 6,000 800 8,100 1,100 4,400 1,000 1929 June 1933 June 1939 Dec 1941 Dec. 1945 Dec 1947_Dec. 1950—Dec. I960—Dec. 1961—Dec. 1962—Dec. 29 30 . . . 30 31 31 . . 110,500 31 3 0 . . . . 114,600 3 1 . . . . 139,200 3 0 . . . . 144,800 2 8 . . . . 147,600 1963—Apr. May June July Aug. Sept. Oct. Nov. Dec. 24.... 29.... 29.... 31.... 28.... 25.... 3 0 'r . . . 27 ... 20.... 1964—Jan. Feb. Mar. Apr. 29 T . . 26^.. 25'*.. 29»... 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 M84 * ,497 381 852 846 1,895 24,608 1,452 2,989 6,193 6,219 7,090 36 35 634 867 977 870 668 485 465 602 NOTE.—For back figures and descriptions of the consolidated condition statement and the seasonally adjusted series on currency outside banks and demand deposits adjusted, see "Banks and the Monetary System," Section 1 of Supplement to Banking and Monetary Statistics, 1962, and Jan. 1948 and Feb. 1960 BULLS. Except on call dates, figures are partly estimated and are rounded to the nearest $100 million. 584 COMMERCIAL AND MUTUAL SAVINGS BANKS MAY 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Deposits Loans and investments Class of bank and date Total Loans Total assets— Total Securities liaCash bilities assets 1 and capital Total i U.S. acGovt. Other counts 2 Interbank Other Total NumBor- capital ber rowof acings counts banks Demand Demand Time Time 3 U.S. Govt. Other All banks: 1941_Dec. 1945__Dec. 1947_Dec. 1961—Dec. 1962—Dec. 31.. 31.. 31 4. 30.. 28.. 61,126 140,227 134,924 256,700 280,397 1963—Apr. May June July Aug. Sept. Oct. Nov. Dec. 24.. 29. . 29.. 31.. 28. . 25.. 30'. 27r. 20. . 280,760 173,570 282,640 176,120 287,411 179,714 287,680 180,530 287,450 181,150 292,200 184,470 293,550 185,640 296,870 188,950 302,251 192,686 70,250 36,940 47,290 335 990 296,040 13,910 69,220 37,300 47,720 338 250 298,090 13,730 69,708 37,989 52,046 347 896 309,428 15,042 68,650 38,500 49,170 344 990 304,960 14,000 67,010 39,290 46, 190 341620 300,860 13,800 67,970 39 760 48,,920 349 210 308,350 14,510 67,860 40 050 48!770 350,510 309,020 14,790 68,190 39 730 51;270 356.420 313,630 14,880 69.068 40,497 51. 536J362; 394,319,636 15,267 1964—Jan. Feb. Mar. Apr. 29 rP 26^ 25 r*> 29P. 298,190 299,450 303,200 304,030 190,010 191,340 194,440 196,590 68,050 40,130 48,530 355,410 313,950 67,530 40.580 48,830 356,940 314,550 67,610,41,150 48,280 360,310 318,070 66,090 41,350 48,750 361,710 318,450 1941—Dec. 31.. 1945—Dec. 31.. 1947_Dec. 314. 1961—Dec. 30 .. 1962—Dec. 28.. 50,746 24,019 16,284 15,441 35,839 21,714 26,083 38,057 124,925 40,106 44,349 10,982 21,808 7,225 26,551 79,104 71,283 15,952 23 7,173 14,278 105,921 14,065 90,606 7,331 34,806 "• * " 160,312 150,227 30,241 950 14,011 219 8,950 240 1,343 94,367 35,360 69,221 9""' .006 37,502 155,377 144,103 2,792 0,059 14,181 65 10 66,578 23,937 56 432 278,561 248,689 7,914 481 5,946 141,920 82,429 471 22,459 13,432 66,434 29,298 54,049 297, 116 262,122 6,008 535 6,829 141,041 97,709 3,627 24,094 13,429 1963—Apr. 24.. M a y 29.. June 29.. July 31.. Aug. 28.. Sept. 25.. Oct. 30'. Nov. 27*-. Dec. 20.. 234,920 236,490 241,014 240,980 240,380 244,840 246,080 249,070 254,162 39,540 41,750 45,049 45,560 45,800 48,870 49,670 52,650 56,006 64,010 63,010 63,542 62,480 60,870 61,810 61,960 62,300 63,196 31,,370 46. 460 31,730 46; 880 32!,423 51, 156 32;,940 48, 340 33;,710 45, 390 34;160 48, 080 34;450 47, 950 34;120150, 470 34;959J50, 711 288.580 290;510 299,875 296,710 293.000 300 i250 301,460 307.060 312,773 253,490 255,280 266,179 261,650 257,340 264,560 264,910 269,280 275,120 3,910 13,730 '5,042 4,000 3,800 4.510 4,790 4,880 5,267 1964—Jan. 2 9 ^ , Feb. 26™, Mar. 2 5 ^ , Apr. 29 v. :49,790 150,590 153,880 154,590 53,050 54,000 56,810 58,660 62,140 34,600 47,670 61,540135,050 47,930 61,50035,57047,390 60,120 35,810 47,890 305,330 306,340 309,270 310,580 268,800 269,090 272,110 272,400 Member banks: 1941—Dec. 31.. 1945—Dec. 31... 1947_Dec. 31.. 1961—Dec. 30.. 1962—Dec. 28.. 43,521 07,183 97,846 79,599 95,698 18,021 22,775 32,628 06,232 18,637 1963—Apr. 24.. M a y 29. . June 29.. July 31... Aug. 28. . Sept. 25. . Oct. 30.. Nov. 27.. Dec. 20.. 94,589 95,892 99,495 99,412 198,780 202,599 203,343 205,816 210,127 1964—Jan. 29.. Feb. 26.. Mar. 25. . Apr. 29^. 206,179 206,916 209,979 210,375 26,615 30,362 43,002 154,318 172,822 44,355 10,982 25,511 8,999 27,344 90,908 81,816 26,479 23 8,414 14,826 105,935 14,065 101,288 8,577 35,415 177,332 165,612 45,613 227 10,542 14,553 240 1,346 94,381 53,105 81,199 10 "" 388175,091 161,865 12,793 66 11,948 14,714 72,715 29 667 57,368 321,394 287.176 17,914 482 5,952 141,979 120,848 482 26',227 13,946 72,563 35J012 54,939 343,201 303,653 16,008 535 6,839 141,084 139,188 3,635 28,046 13,940 14,090 13,960 14,070 13,700 560 ,060 145,750 3,270 28,170 13,96? 540 540 147,460 3,060 28;,380 13,983 551 11,069 133,681 149,083 1,563 28, 612 13,993 530 130 133 150,050 2,960 28,550 14,014 530 870 129; 151,330 3,240 28,690 14,025 550 8,850 132,380 152.060 2,930 28,830 14,034 550 135, 840 154,230 3,690 29.020 14,050 550 139, 100 154,710 4,430;29; 130 14,068 528 141. 576 155,531 3,702,29, 882 14,079 570 590 630 640 2,820 5,730 7,870 4,180 137,480 133,850 133,500 136,620 158,990 160,420 162,000 163,310 3,230 29,530 3,320 29,870 3,27029,990 3,560 30,320 14,095 14,113 14,122 14,140 Commercial banks: Mutual savings banks: 1941—Dec. 3 1 . . 1945_Dec. 3 1 . . 1947—Dec. 31 4. 1961—Dec. 3 0 . . 1962—Dec. 2 8 . . 1963—Apr. May June July Aug. Sept. Oct. Nov. Dec. 24.. 29. . 29.. 31.. 28.. 25.. 30. . 27. . 20. . 1964—Jan 29.. Feb. 26.. Mar. 25 rp Apr. 29P. For notes see end of table. 560 3,760 132,000 103,260 540 6;,820 129,480 104,710 550 11,060 133,624 105,903 530 ,130 133,,190 106,800 530 870 129,270 107,870 550 850 132,320 108,330 550 610 135 780 110,180 550 390 139 040 110,420 526 ,729 141,534 111,064 3,270 24,180 13,456 3,060 24 360 13,472 1,545 24 582 13,482 2,960 24 520 13,503 3,240 24 600 13,515 2,930 24 720 13,524 3,690 24 920 13,540 4,430 25 000 13,558 3,664 25 677,13,570 4,090 3,960 4,070 3,700 570 590 630 640 3,230 3,320 3,270 3,560 25,380 25,670 25,750 26,080 13.586 13,604 13,614 13,633 19,539 5,961 23,123 68,121 61,717 78,338 6,070 ",845 29 138,304 129,670 57,914 7,304 32, ,845 132,060 '",528 122 235,112 54,058 19,308 _.,_.. 49,579 , ., _ 209 ,630 52,968 24,092 47,427 249,488 219 ,468 0,385 3,576 2,353 7,195 5,309 140 64 50 303 358 1,709 37,136 22 2,179 69,640 1,176 80,609 5,381 119,595 6 ~086 ~ 117,999 12,347 4 24,210 208 28,340 54 67,157 438 79,716 3,550 5,886 7,589 8,464 18,638 19,854 6,619 6,884 6,923 6,113 6,049 17,677 19,515 22,088 22,550 22,763 25,458 26,074 28,811 31,712 50,950 25 962 40 434 241,409 211 ,275 50,023 26 354 41 009 243,246 213 ,104 50,399 27;008 44 929 251,214 222 ,619 49,371 27,491 42 388 248,396 218 ,376 244,827 214; ,303 47,876 28,,141 39,627 , 48,633 28,508 42,211 251,312 220 ,730 48,568 28,701 41 895 251,833 220 ,475 48,647 28 358 44 276 256,778 224 ,315 49,342 29 073 44;395 261,469 229 ,376 3,290 3,146 4,388 3,370 3,172 3,837 4,083 4,171 4,518 380 361 373 349 355 371 377 376 382 109,920 107,939 111,548 110,997 107,350 936 109,959 154 112,702 812 115,516 986 117,562 84,384 85,640 86,550 87,311 88,278 88,627 90,159 90.440 90,929 3,235 19,925 2,910 20 ",082 1,440 20 ,238 2,849 20,213 3,076 20,273 ,377 3^553 20,555 4,244 20,606 3,499 21,054 6,041 6,052 6,058 6,072 6,080 6,092 6,097 6,104 6,112 129,103 '29,888 32,381 33,873 48,344 28,732 41,480 254,644 223, ,404 47,873 29; 155 41,969 ,969 255,804 255,804 223,' 223,940 47,985 29,613 613 41,171 258.229 226,541 46,734 29,768 41,889 259,460 226,817 3,363 3,275 3,378 3,019 429 448 489 493 2,394 113,823 5,044 110,823 110 7,032 110,459 3,751 113,314 93,395 94,350 95,183 96,240 3,073 20,952 3,166 21 ,172 3.054 21.226 3,371 21,500 6,124 6,130 6,136 6,153 10,527 15,371 14 17,745 60 38,420 43 41,478 1,241 1,592 1,889 3,768 3,951 548 542 533 514 511 2,820 5,730 7,870 4,180 137,420 133,790 133,450 136,570 6 14 3 7 10 113,900 115,020 116,090 117,310 10,379 4,901 3,704 1,774 16,208 4,279 10,682 1,246 18,641 4,944 11,978 1,718 41,259 29,393 6,136 5,730 44,558 32,716 6,129 5,714 793 609 886 936 890 11,804 17.020 19,714 42,833 46,086 10,533 15,385 17,763 38,487 41,531 45,840 46,150 46,397 46,700 47,070 47,360 47,470 47,800 48,089 34,030 34,370 34,665 34,970 35,350 35,600 35,970 36,300 36,679 6.240 6,210 6,166 6,170 6,140 6,160 5,900 5,890 5,872 5,570 5,570 5,566 5,560 5,580 5,600 5,600 5,610 5,539 830 840 890 830 800 840 820 800 826 47,410 47,740 48,020 48,280 48,620 48,960 49,050 49,360 49,621 42,550 42,810 43,248 43,310 43,520 43,790 44,110 44,350 44,516 60 60 58 60 60 60 60 60 42 42,490 42,750 43,180 43,250 43,460 43,730 44,050 44,290 44,467 3,990 4.020 19 4,031 4,030 4,090 4,110 4,100 4,130 38 4,205 511 511 511 511 510 510 510 510 509 48,400 48.860 49,320 49,440 36,960 37,340 37,630 37,930 5.910 5,990 6,110 5,970 5.530 5,530 5,580 5.540 860 900 890 860 50 080 50.600 51,040 51,130 45,150 45,460 45,960 46,050 60 60 50 50. 45.090 45,400 45,910 46,000 4,150 4,200 4,240 4,240 509 509 508 507 585 COMMERCIAL AND MUTUAL SAVINGS BANKS MAY 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Deposits Loans and investments Class of bank and date Total Reserve city member banks: New York City:5 1941—Dec. 31 1945—Dec. 31 1947_Dec. 31 1961—Dec. 30 1962—Dec. 28 Loans Total assets— Total Securities liaCash 1 bilities assets and capital Total i U.S. acOther Govt. counts 2 Interbank 1 Other Borrowings Demand Demand Time Time U.S. Govt. Other 12,896 4,072 7,265 1,559 6,637 19,862 26,143 7,334 17,574 1,235 6,439 32,887 20,393 7,179 11,972 1,242 7,261 27,982 30,297 19,535 7,862 2,'"900 11,164 43,538 32,989 21,954 7,017 4,017 11,050 46,135 17,932 30,121 25,216 36,818 37,885 4,202 4,640 4,453 5,296 4,783 866 12,051 807 17 6,940 17,287 1,236 195 12 267 19,040 1,445 30 191 1,267 23,129 6,935 283 207 1,408 22,231 9,256 1,728 1963—Apr. 2 4 . . May 2 9 . . June 2 9 . . July 3 1 . . Aug. 2 8 . . Sept. 2 5 . . Oct. 3 0 . . Nov. 2 7 . . Dec. 2 0 . . 31,829 32,115 32,847 32,451 31,947 32,957 32,860 33.615 34,827 20,258 20,886 21,446 21,416 21,191 22,036 21,765 23,103 23,577 6,805 6,478 6,506 5,941 5,418 5,642 5,926 5,634 6,154 4,766 4,751 4,895 5,094 5,338 5,279 5,169 4,878 5,095 8,296 9,323 9,802 8,786 7,591 8,995 8,776 9.259 9,372 42,343 43,624 44,981 43,557 41,789 44,185 43,847 45,200 46,434 34,091 35,459 37,454 35,779 33,809 36,361 35,655 36,807 38,327 3,919 4,278 4,734 4,092 3,804 3,991 4,020 4,272 4,289 227 207 187 189 194 202 209 212 214 19,303 9,973 19,612 10,164 20,351 10,131 19,686 10,359 10 18,140 10,734 19,353 10,737 19,571 11,187 20,201 11,457 20,960 ,446 1964—Jan. Feb. Mar. Apr. 29.. 26.. 25.. 29*\ 33,651 33,611 34,885 34,624 22,965 22,799 23,653 23,967 5,691 5,561 5,879 5,390 4,995 5,251 5,353 5,267 8,864 9,317 8,530 8,864 44,912 45,377 45,875 46,040 36,674 37,010 37,661 37,648 4,040 4,060 4,096 4,044 256 351 20,061 11,966 268 901 19,694 12,087 306 1,563 19,453 12,243 304 833 20,140 12,327 City of Chicago :5 1941—Dec. 3 1 . . 1945—Dec. 3 1 . . 1947—Dec. 3 1 . . 1961—Dec. 3 0 . . 1962—Dec 2 8 . . 2,760 5,931 5,088 7,606 8,957 954 1,333 1,801 4,626 5,418 1,430 4,213 2,890 2,041 2,129 376 385 397 940 1,409 1,566 1,489 1,739 2,603 2,280 4,363 7,459 6,866 10,383 11,432 4,057 7,046 6,402 9,283 9,993 ,035 ,312 ,217 ,624 ,277 127 1,552 72 369 410 1963—Apr. 2 4 . . May 2 9 . . June 2 9 . . July 3 1 . . Aug. 2 8 . . Sept. 2 5 . . Oct. 3 0 . . Nov. 27. . Dec. 20. . 8.813 8,832 9,082 9,171 8,965 9,346 9,211 9,376 9,615 5,291 5,428 5,545 5,574 5,566 5,796 5,826 6,038 6,220 2,168 2,050 2,071 2,096 1,825 1,915 ,743 .731 ,705 1,354 1,949 1,354 2,084 1,466 2,136 1,501 2,109 1,574 1,951 1,635 2,094 1,642 1,993 1,607 1 955 1,690 1,970 10,983 11,143 11,440 11,484 11,097 11,623 11,394 11,521 11,776 9,469 9,759 10,141 10,007 9,638 10,036 9,934 10,103 10,296 ,182 ,122 1964—Jan. Feb. Mar. Apr. 9,24: 9,423 9.695 9.316 5,837 5,956 6.064 6,088 ,823 1,582 ,867 1,600 2,063 1,568 1,706 1,52: 29. . 26. . 25. . 29^. Other reserve city: 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1961—Dec. 30 1962—Dec. 28 1,648 2,120 2,259 3,683 3,898 36 37 37 13 17 1,352 1,292 794 1,029 1,204 ,031 ,438 ,480 ,438 3,927 3,947 3,931 3,944 3,940 3,945 3,966 3,966 3,984 16 16 13 13 13 13 13 13 13 ,294 ,320 ,187 ,270 4,161 4,184 4,184 4,203 13 13 13 13 2,419 476 3,462 719 4,201 913 5,268 2,008 5,264 3,025 35 262 288 377 426 870 948 13 12 14 9 13 ,165 ,209 ,218 .186 ,211 161 346 584 406 289 583 186 200 395 4,757 4,791 4,840 4,926 4,616 4,669 4,802 4,909 4,887 3,357 3,488 3,499 3,509 3,556 3,563 3,714 3,794 3,787 313 165 111 240 252 327 274 211 255 963 971 974 980 979 983 990 993 996 12 12 12 12 12 12 12 12 12 1,994 11,437 9,977 2,023 11,641 10,056 1,776 11,713 10,128 2,118 11,676 10,263 ,075 ,124 ,124 ,114 100 279 472 212 4,839 3,948 4,715 3,923 4.627 3.889 4,893 4,028 257 370 327 166 1,002 1,00: 1,011 1,012 12 12 12 12 1,967 2,566 2,844 6,997 7,263 351 359 353 206 191 ]l53 669 1,198 2,052 1,453 937 2,078 668 665 1,419 6 15,347 7,105 6,467 1,776 40,108 8,514 29,552 2,042 36,040 13,449 20,196 2,396 68.565 42,379 19,748 6,438 73,130 46,567 18,398 8,165 8,518 11,286 13,066 20,216 19,539 24,430 51,898 49,659 90,815 94,914 22,313 49,085 46,467 81,883 84,248 4,356 6,418 5,627 8,350 7,477 104 491 12,557 4,806 30 8,221 24,655 9,760 22 405 28,990 11,423 26 62 2,103 44,986 26,381 81 82 2,337 43,609 30,743 1,388 8,801 9,010 9,124 9,293 9,379 9,579 9,650 9.605 9,79: 16,940 16,603 18,526 17,748 16,665 17,478 17,185 18.887 18,778 92,086 92,362 95,433 94,865 93,658 95,675 95,705 98,069 99,643 81,349 81,610 85,555 83,987 82,704 84,554 84,266 85.891 87,994 6,616 6,275 6,811 6,544 6,612 6,959 7,062 6.949 7,225 90 91 110 96 98 97 94 90 95 1,218 2,387 3,793 2,488 2,022 2,941 1,141 1 ,462 2,212 40,82 22 32,603 39,706 33,151 41,291 33,549 41,096 ",763 33 39,867 34,105 40,341 34,216 41,359 -,610 34 42,698 34.69' 43,459 35,004 1,429 1,131 407 1,294 1,213 1,250 1,500 2,102 1,417 7,330 7,413 7,440 7,462 7,490 7,557 7,635 7 653 7,697 192 192 194 194 195 196 194 195 190 9,673 16,826 9,766 17,193 10,02" 16,863 10,147|l7,445 96,184 96,845 97,572 98,569 84,938 85,456 86,404 86,601 6,512 6,449 6,495 6,232 98 813 105 2,062 2,796 1,586 41,439 36,076 4 0 ,234 " 36,606 40.167 36.839 41,321 37,345 1,146 1,095 1,000 1,500 7,773 7,814 7.815 7,984 189 189 186 186 19,466 46,059 47,553 90,376 97,008 17,415 43,418 44,443 81,646 87,342 792 1,207 1,056 1,925 1,773 225 5,465 432 1,641 1,931 1963—Apr. May June July Aug. Sept. Oct. Nov. Dec. 24. 29. 29. 31. 28. 25. 30. 27. 20. 72,921 73,49^ 74,614 74,735 74,716 75,875 76,106 76.776 78.370 46,791 47,300 48,164 48,512 48,897 49,757 50,132 50.699 51,891 17,329 17,187 17,326 16,930 16,440 16,539 16,324 16,472 16,686 1964—Jan. Feb. Mar. Apr. 29 26 25 29^ 76,859 77,289 78,288 78.650 51,034 51,529 52 395 52,811 16,152 15,994 15,866 15,692 Country member banks: 6 1941—Dec. 31 1945—Dec. 31 1947_Dec. 31 1961—Dec. 30 1962—Dec. 28 12,518 5,890 4,377 2,250 35,002 5,596 26,999 2,408 36,324 10,199 22,857 3,268 73,131 39,693 24,407 9,031 80,623 44,698 25,425 10,501 6,40: 10,63: 10,778 15,595 14,559 10,109 24,235 28,378 46,211 46,895 6,258 12,494 14,560 31,83 36,69: 1,98: 6,219 2,525 6,476 23 2,934 6,519 40 7,088 5,885 17: 7,744 5,828 1963—Apr. May June July Aug. Sept. Oct. Nov. Dec. 24 29 29 31 28 25 30 27 20 81.026 81,448 82,952 83,055 83,152 84,421 85,166 86 049 87,316 45,33' 45,901 46,934 47,048 47,109 47,869 48,351 48,971 50,023 24,648 11,041 13,249 95,997 24,308 11,239 12,999 96,117 24,496 11,522 14,465 99,361 24,404 11,603 13,745 98,490 24,193 11,850 13,420 98,283 24,537 12,015 13,644 99,829 24,575 12,240 13,941 100,887 24.810 12 268 14.175 101,988 24,797 12:496,14,274 103,615 86,366 86,276 89,470 88,603 88,152 89,779 90,620 91 514 92,759 1,573 1,471 1,641 1,581 1,591 1,678 1,783 1 .764 1,793 1,253 51 2,087 3,332 2,002 1,900 2,334 ,159 .485 ,960 45,038 38,451 43,830 38,837 45,066 39,371 45,289 39,680 44,727 39,883 45,596 40,111 46,970 40,648 47 708 40 497 48,256 40,693 141 32 12 286 407 1964—Jan. Feb. Mar. Apr. 29.. 26.. 25.. 29?. 86,427 86,593 87,111 87.785 49,267 49,604 50,269 51,007 24,678 12,482 13,796 102.111 24,451 12,538 13,436 101,941 24,177 12,665 14,002 103,069 23.946 12,832 13,462103,175 91,815 91,418 92,348 92,305 1,736 1,642 1,663 1,629 ,130 ,802 2.201 56 1,120 47,484 46,180 46.212 46,960 376 381 540 435 II For notes see end of table. Total Numcapital ber of accounts Danks 41,405 41,734 42,212 42,540 7,705 7,751 7,894 7,827 7,864 7,89" 341 7,964 451 7 9Q4 390 8,377 5,821 5,832 5,839 5,853 5,860 5,871 5,878 5.884 5,897 8,016 8,17" 8,216 8,301 5,910 5,916 5,925 5,942 586 COMMERCIAL AND MUTUAL SAVINGS BANKS MAY 1964 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 * I T U.o. Govt. Insured commercial banks: 1941—Dec. 31.. 1945—Dec. 31.. 1947—Dec. 31.. 1960—Dec. 31.. 1961—Dec. 30.. 1962—Dec. 28.. 1963—June 29.. Dec. 20.. National member DanKs: 31.. 1941—Dec. 1945—Dec. 31.. 1947—Dec. 31.. 15 950 37 871 32 566 Insured nonmember commercial banks: 1941—Dec. 31.. 1945—Dec. 31.. 1947—Dec. 31.. I960—Dec. 1961—Dec. 1962—Dec. 1963—June Dec. 31.. 30.. 28.. 29.. 20.. Noninsured nonmember commercial banks: 1941—Dec. 31.. 1945—Dec. 31.. 1947—Dec. 31 * 1960—Dec. 31.. 1961—Dec. 30.. 1962—Dec. 28.. 1963—June 29.. Dec. 20.. Nonmember commercial banks: 1941—Dec. 31.. 1945—Dec. 31.. 1947—Dec. 31 * 1960—Dec. 1961—Dec. 1962—Dec. 1963—June Dec. 31.. 30.. 28.. 29.. 20.. Insured mutual savings banks: 1941—Dec. 31.. 1945—Dec. 31.. 1947—Dec. 31.. 1960—Dec. 1961—Dec 1962—Dec. 1963—June Dec. 31.. 30.. 28.. 29 . 20.. 58 63 68 69 72 32 34 38 39 42 5 6 8 9 9 3 4 4 5 5 28 31 29 28 28 675 078 684 641 635 JL/c- mand Time Time U.S. Govt. Other 139 150 160 162 170 261 809 657 748 233 16 ,921 17 ,737 15 ,844 14 ,871 15 ,077 1,667 5 ,932 333 5 ,934 402 6 ,815 430 11 ,005 443 6 ,712 132 ,533 141 ,050 140 ,169 132 ,788 140 ,702 1 ,088 23 ,262 8,322 39,458 6 786 9 229 84,939 14 ,013 45 ,473 16,224 82,023 8 ,375 35 795 53 ,541 19,278 124,911 135,511 142,825 145,513 150,823 9 ,829 10 ,359 9 ,155 8 ,468 8 ,863 611 104 127 159 146 3 ,265 71 ,660 39,546 111 11,098 76 ,292 45,441 225 11,875 76 ,075 53,733 1 ,636 12,750 72 ,387 58,462 600 13,008 76 ,836 61,288 1 ,704 13,548 3 739 621 13 ,874 4,025 22,259 4 411 44,730 8 ,166 24 ,168 7,986 381 27 ,068 9,062 40,505 3 ,978 15 17 081 77 84 88 88 91 316 303 831 466 235 68,118 74,119 76,643 77,106 78,553 6 ,608 6 ,835 6 ,154 5 ,920 5 ,655 2 668 4 448 4 083 8 708 19 256 20 691 7,702 18,119 19,340 262 4 874 225 814 042 523 6 082 6 508 6 276 5 , 841 5 , 942 39 114 41 504 46 635 49 275 35,391 37,560 41,142 42,035 44,280 484 543 535 483 559 27 30 43 57 61 18 17 16 15 501 744 288 760 45,619 1,028 2 ,022 199 2 ,066 231 2 ,351 215 3 ,723 236 2 ,295 129 244 53 1 ,560 149 40 ,733 43 ,303 41 ,924 39 ,161 40 ,725 13,119 13,108 13,119 13,189 1 3,284 4 3,640 5,117 78 4,644 5,017 45 5,409 5,005 3 ,315 3 ,735 6 ,038 3 ,691 24 688 48 084 43 879 439 302 050 257 855 10 6,844 13,426 215 8,671 13,297 61 9,734 13,398 149 20,628 71,348 462 22,089 82,122 97,380 3 ,584 23,712 105,559 1 ,498 24,191 110,723 3 ,571 25,277 8 145 9 731 10 822 3,241 1 509 1 025 2,992 10 584 1 063 4,958 10 039 1 448 411 17,169 11 368 320 18,123 11 972 557 20,811 12 932 963 22,274 12 647 464 23,550 13, 391 • ,530 • ,513 • ,505 • ,537 •,615 4 1 2,246 130 2,945 9 3,055 1,502 1,867 1,918 17,727 20 6,299 213 6,763 21,716 25,983 1 ,914 7,104 839 7,230 28,088 29,642 1 ,795 7,506 1,644 1,600 1,544 1,521 ,497 959 t5,810 1,083 (5,416 1,271 (5,478 4 ,162 3,360 10 ,635 5,680 12 ,366 6,558 6 7 7 645 20 ,140 14,095 553 21 ,456 14,979 729 22 ,170 17,664 1 ,245 21 ,241 19,010 726 23 ,140 19,793 19 24 34 58 72 3,232 3,452 3,870 3,964 4,234 <5,948 5,997 7,072 *7,133 7,173 1 457 2 211 2 009 455 318 474 761 1 693 1 280 241 200 255 763 514 576 2 283 2 768 2 643 1,872 2,452 2,251 177 185 1, 291 1, 905 18 1 ,392 253 365 478 13 4 4 329 279 325 852 714 783 1 498 1 536 1 584 1 555 1, 571 550 577 657 686 745 535 553 534 496 463 413 406 392 373 362 314 346 346 386 374 1 883 1 961 2 009 2 026 2 , 029 1,443 1,513 1,513 1,525 1,463 159 177 164 171 190 132 148 133 120 83 13 12 14 55 17 846 869 872 835 832 293 307 330 343 341 14 8 44 47 93 358 370 371 379 389 352 323 308 291 285 3,696 2, 270 1, 266 3,310 12, 277 1 262 5,432 11, 318 l ) 703 3 , 431 4 , 962 4, 659 10, 992 2 2 , 024 2 3 , 334 9,573 20,571 21,591 439 190 5 , 504 3,613 14, 101 6,045 167 13 ,758 7,036 18 11 12 4 , 287 4 , 631 5 , 206 5 , 415 5 , 885 6 , 396 6, 854 6, 622 6, 227 6 , 316 4 0 , 997 4 3 . 465 4 7 , 628 4 8 , 661 5 1 , 304 36,834 39,073 42,654 43,560 45,743 643 719 699 654 749 160 178 176 177 144 421 606 958 151 429 675 1, 958 1 1 , 424 13 499 1,789 10,363 12,207 4, 787 5 155 766 828 784 789 722 3 5 , 092 37 065 39 951 41 580 4 3 , 019 31,502 33 400 36,104 37,585 38,657 7 , 233 16, 849 18, 454 3 3 , 910 17,719 1 1 , 904 3 5 , 856 18,700 12, 525 4 0 , 141 21,469 13, 466 4 1 , 519 22,961 13, 143 4 4 , 035 24,295 1 3 , 854 1 693 642 io' 846 3,081 3,560 12', 683 3 3 , 794 23,852 35 660 25 812 3 8 , 597 28,778 40 128 30 533 4 1 , 664 32,300 For notes see end of table. 6,295 7 500 2 155 8,850 27 089 1 933 11,200 19 240 2 125 073 36,240 16 394 196 38,924 17 971 444 43,089 17 305 350 43,705 16 388 680 46,866 15 958 5 776 14 639 16 444 11 ,140 13 006 16 042 17 751 19 218 Demand Total * 228,401 247,176 260,609 264,654 273,657 43 ,433 90 220 88 ,182 712 088 663 011 384 Total NumBor- capital ber rowacof ings counts banks 255 ,669 14 977 20 114 22 024 32 36 35 34 33 Other 1 ,762 41 ,298 15,699 69,411 10 654 23 ,740 80 ,276 29,876 147,775 13 883 141,851 12 ,615 54 1 ,325 92 ,975 34,882 152 ,733 27 ,571 11,725 12 ,039 3 ,806 69 ,312 13,925 51 ,250 4 ,137 65 ,280 21,428 38 ,674 5 ,178 63,694 67,309 75,548 78,383 84,845 Interbank 1 76 ,820 157 ,544 276 ,600 295 ,093 297 ,836 310 ,730 State member banks: 1941—Dec. 31.. 1945—Dec. 31.. 1947—Dec. 31.. 31.. 30.. 28.. 29.. 20.. 36 ,926 51 ,836 56 ,086 53 702 50 770 50 337 107 ,546 116 402 127 254 130 146 137 447 1960—Dec. 1961—Dec. 1962—Dec. 1963—June Dec. 60 ,468 66 ,026 65 ,891 63 ,037 62 ,723 25 ,788 34 292 20 ,451 23 ,531 28 ,903 32 ,047 34 ,594 31.. 30.. 28.. 29.. 20.. I960—Dec. 1961—Dec. 1962—Dec. 1963—June Dec. 117,092 124,348 139,449 144,363 155,261 Deposit 5 accounts 2 Other 49 ,290 21,259 21 ,046 6 ,984 121 ,809 25,765 88 ,912 7 ,131 114 ,274 37,583 67 ,941 8 ,750 198 ,011 213 ,904 234 ,243 239 ,447 252 ,579 Total assets— Total liabilities and 629 7 , 160 8, 165 4 , 690 4 , 639 4, 545 4, 324 5 158 5 , 180 5 050 5 , 041 329 181 457 425 1 657 565 743 1 300 743 12 2 4 6 9 g 5 20 ,986 22 ,325 23 ,042 22 ,076 23 ,972 14,388 15,286 17,994 19,353 20,134 1,789 10,351 12 12,192 29 256 267 303 292 31,468 33 137 35^827 37 273 38!359 1,288 7,662 1,362 •7,130 1,596 7,261 33 3,590 -7.300 33 3,822 •7,320 77 4,240 •7,380 105 4,343 •r,424 165 4,623 7,458 164 1 1 034 1,252 52 192 194 3 2,998 3 191 3 '343 3,414 3^572 325 330 331 331 330 11 7 17 38 587 COMMERCIAL AND MUTUAL SAVINGS BANKS MAY 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Class of bank and date Total Loans Deposits Total assets— Securities Total liaCash assetsi bilities and Total i capital U.S. Other acGovt. 2 counts Interbank 1 Other Borrowings Demand Demand Time Time U.S. Govt. Other Noninsured mutual savings banks: 1941—Dec. 31 1945—Dec. 31 1947—Dec. 3 H 8,687 5,361 5,957 4,259 1,198 1,384 3,075 3,522 3,813 1,353 641 760 642 180 211 9,846 5,596 6,215 8,744 5,022 5,556 6 2 1 2 8,738 5,020 5,553 I960—Dec 1961—Dec. 1962—Dec. 1963 June Dec 5,320 5,600 5,961 6,269 6,425 3,270 3,581 3,938 4,132 4,380 1,453 1,446 1,490 1,621 1,548 597 572 533 516 498 107 108 106 101 104 5,481 5,768 6,134 6,440 6,602 4,850 5,087 5,427 5,663 5,859 1 1 1 1 4 6 18 8 4,850 5,083 5,420 5,645 5,851 31 30 28 29 20 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 million time to other time and $400 million demand to other demand). 2 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. 6 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 Total Numcapital ber acof counts banks 6 1,077 558 637 496 350 339 555 577 608 617 633 189 184 180 180 179 1 2 Wichita, Kansas) and Sept. 6, 1962 (Kansas City, Kansas) reserve city banks with total loans and investments 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 t 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. LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Securities Period Total i Loans x Securities Total i U.S. Govt. Other Loans i U.S. Govt. Other 1957 1958 1959 166.4 181.0 185.7 91.4 95.6 107.8 57.0 64.9 57.6 17.9 20.5 20.4 169.3 184.4 189.5 93.2 97.5 110.0 58.2 66.4 58.9 17.9 20.6 20.5 1960 1961 1962 2 1963 2 194.5 209.6 228.1 246.5 114.2 121.1 134.7 150.3 59.6 64.7 64.3 61.3 20.7 23.8 29.1 34.9 198.5 214.4 233.6 252.4 116.7 123.9 137.9 153.9 61.0 66.6 66.4 63.4 20.9 23.9 29.3 35.1 1963—Mar.., Apr... May.. June.. July.. Aug... Sept.., Oct.. . Nov... Dec. 2 235.0 232.5 234.8 240.3 237.8 238.5 240.7 241.0 244.0 246.5 137.8 137.4 138.9 141.8 142.4 142.5 145.0 146.1 148.5 150.3 66.7 63.9 64.2 66.0 62.4 62.1 61.7 60.4 61.1 61.3 30.5 31.2 31.7 32.5 33.0 33.9 34.0 34.5 34.4 34.9 231.9 232.3 233.6 239.1 237.8 237.1 241.9 242.4 245.0 252.4 136.4 136.9 138.9 143.1 142.4 142.5 146.0 146.0 148.6 153.9 64.8 64.0 63.0 63.5 62.5 60.8 61.8 62.0 62.3 63.4 30.7 31.4 31.7 32.4 32.9 33.7 34.2 34.5 34.1 35.1 1964—Jan.P. Feb.p. Mar.p, Apr. p . 246.0 249.2 253.2 250.9 151.0 152.4 154.3 155.3 60.3 61.5 63.5 60.0 34.7 35.3 35.4 35.6 246.2 247.2 249.9 250.6 149.5 150.6 152.8 154.7 62.1 61.5 61.5 60.1 34.6 35.1 35.6 35.8 1 Adjusted to exclude interbank loans. 2 Data are estimates for Dec. 31. NOTE.—Data are for last Wed. of month (except for June 30 and Dec. 31 call dates). For description of seasonally adjusted series and back data, see July 1962 BULL., pp. 797-802. 588 COMMERCIAL BANKS MAY 1964 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans Investments For To purchasing financial or carrying institutions Total Comloans i mer- Agri- securities and Real cial culinvestestur- To ments Total 2 and tate inbroal duskers To To To trial and others banks others dealers Class of bank and call date Total: 2 1947—Dec. 31..116,284 1961—Dec. 30..215,441 1962—Dec. 28..235,839 1963—June 29.. 241,014 Dec. 20..254,162 830 ,220 38,057 18,167 925 45; 172 6i248 4,056 2; 134 124,925 140,106 48 673 7,097 5,144 2,131 4,645 2,233 145,049 49 156 "',006 52 947 7;470 5,353 2,509 All insured: 1941—Dec. 3 1 . . 49,290 21,259 9,214 1 ,450 614 662 1945—Dec. 3 1 . . 121,809 25,765 9,461 1,314 3.164 3,606 "" 823 ,190 1947—Dec. 3 1 . . 114,274 37,583 18,012 1,610 '"" 1961—Dec. 1962—Dec. 1963—June Dec. 1 30.. 28.. 29.. 20.. 115 1,033 2,578 1,934 3,605 7,311 8,"" 8^49 8, 9, 479 Other to indi- Other viduals U. S. Government securities Total 9,393 5,723 947 69,221 30,320 27,847 3,412 66,578 .. 3,909 66,434 36;725 32^61 3,812 63,542 39,056 34,550 4,034 63,196 Bills 2,193 11,488 11,674 9,128 11,059 Certifi- Notes Bonds cates 7,789 6,034 2,114 26,336 3,932 23 - " 3,21623 1,658 22,415 ! State ! and Other local govt. secusecu- rities rities 53,205 5,276 26,641 20,345 26,987 24 755 27,378 27 817 28,065 29,786 3,729 3,592 4,543 4,606 5,173 4,773 988 4.505 21,046 3,159 16,899 3,651 3,333 4,677 2,361 1,132 88,912 2,455 19,071 16,045 51,342 3,873 ",258 9,266 5,654 914 67,941 2,124 7,552 5,918 52 "',347 5,129 3 ,621 40 49 114 7,296 8,434 8,620 9,415 30,211 27,708 3,396 66,026 34,123 30^02 3 890 65,891 36,558 32,506 3 793 63,037 38,861 34,383 4 015 62,723 11,356 2,098 26,145 26,426 20,068 3,462 11,514 ,746 24,547 4,356 9,002 3,203 23,741 27,092 27,573 4,475 10,952 1,649 22,316 27,806 29,559 5,035 124,348 44,965 6,211 4,030 , 2,107 " 139,449 48,458 7,060 5,119 2 ,103 144,363 49,,660 7,513 4,615 2,203 155,261 52,743 7,444 5,321 2,476 1,027 2,551 1,902 3,594 Member, total: 1941—Dec. 3 1 . . 43,521 18,021 8,671 972 594 598 1945—Dec. 3 1 . . 107,183 22,775 8,949 855 3,133 3,378 1947—Dec. 3 1 . . 97,846 32,628 16,962 1,046 811 1,065 39 47 113 3,494 3,653 19,539 971 3,007 15,561 3,090 2 ,871 3,455 1,900 057 78,338 2,275 16,985 14,271 44,807 3 ,815 7,130 4,662 839 57,914 1,987 5,816 4,815 45 ,295 4,199 3 ,105 6,893 23,987 22,852 3,198 54,058 9,229 1,842 21,390 21,598 16,691 2,617 7,936 24,799 . , . . . 27,162 , , . 3,65752,968 8,862 3,249 19,443 21,414 20,773 3,319 8,134 29,127 26,366 3,557 50,399 6,863 2,608 19,423 21,505 23,533 3,475 " 8,875 31,009 27,908 3,765 49,342 8,032 1,307 18,072 21,932 25,210 3,864 213,904 234,243 239,447 252,579 179,599 195,698 199,495 210,127 106,232 40,931 118,637 43,843 122,088 44,701 131,712 47,403 3,934 3,877 1,827 4,419 4,954 1,777 4,664 4,436 1,880 4,659 5,124 2,136 1,014 2,445 1,844 3,439 New York City: 3 1941—Dec. 3 1 . . 12,896 1945_Dec. 3 1 . . 26,143 1947_Dec. 3 1 . . 20,393 4,072 2,807 7,334 3,044 7,179 5,361 412 169 2,453 1,172 545 267 32 26 93 1961—Dec. 1962—Dec. 1963—June Dec. 1961—Dec. 1962—Dec. 1963—June Dec. 30.. 28.. 29.. 20.. 30.. 28.. 29.. 20.. 30,297 32,989 32,847 34,827 City oj Chicago: 3 1941_Dec. 3 1 . . 1945_Dec. 3 1 . . 1947—Dec. 3 1 . . 1961—Dec. 1962—Dec. 1963—June Dec. 30.. 28.. 29.. 20.. 11,278 11,943 11,630 12,332 23 1,956 2,760 5,931 5,088 732 954 1,333 760 1,801 1,418 48 211 73 52 233 87 7,606 8,957 9,082 9,615 4,626 5,418 5,545 6,220 2,609 2,941 3,051 3,378 354 407 358 497 137 152 176 181 53 89 135 242 114 194 427 1,503 170 484 4 17 15 19,535 21,954 21,446 23,577 Other reserve city:1 1941—Dec. 3 1 . . 15,347 7,105 3,456 1945—Dec. 3 1 . . 40,108 8,514 3,661 1947—Dec. 3 1 . . 36,040 13,449 7,088 1961—Dec. 1962—Dec. 1963—June Dec. 30.. 28.. 29.. 20.. 68,565 73,130 74,614 78,370 42,379 16,879 46,567 17,660 164 17,805 48,164 51,891 18,862 Country: 1941—Dec. 3 1 . . 12,518 5,890 1,676 1945—Dec. 3 1 . . 35,002 5,596 1,484 1947—Dec. 3 1 . . 36,324 10,199 3,096 17 2,766 2 13 2,308 26 2,677 300 205 225 ,076 976 ,179 1,053 ,245 1,090 ,219 ',243 467 376 425 572 448 546 569 1,007 123 80 111 311 1,623 5,331 477 3,433 3,325 10,339 238 11,972 1,002 640 558 9,772 934 2,072 ,220 1,711 2,087 1,329 2,143 1,196 2,044 1,845 2,161 1,034 2,247 1,968 2,257 1,068 669 703 741 751 95 22 36 46 51 149 221 362 393 401 476 523 555 594 7,862 7,017 6,506 6,154 20 42 23 183 471 227 4 5 2,496 2,488 2,508 2,341 2,806 2,023 2,118 1,955 2,635 3,585 4,451 4,653 265 432 444 442 182 181 213 193 204 185 743 816 788 1,242 791 1,226 717 1,361 124 168 240 329 256 133 1,467 132 235 153 1,022 749 1,864 248 2,274 2,041 2,129 2,071 1,705 478 377 426 347 728 849 782 599 784 470 3,261 9,590 9,172 998 19,748 18,398 752 1,020 3,583 11,030 9,860 1,266 18 786 751 3,886 11,683 10,464 1,380 17,326 891 1,224 4,286 12,525 11,106 1,462 16,686 659 648 818 442 508 240 147 830 629 604 1,430 40 4,213 26 2,890 229 369 288 318 2,117 1,998 1,639 1,711 729 606 638 92 115 71 42 508 6,467 1,527 295 751 5,421 956 820 1,459 855 387 29,552 1,034 6,982 5,653 15,883 1,126 916 3,147 1,969 351 20,196 373 2,358 1,901 15,563 1,342 1,053 1,528 1,823 4,377 707 359 26,999 1,881 224 22,857 3,827 1,979 1961—Dec. 1962—Dec. 1963—June Dec. 30.. 28.. 29.. 20.. 73,131 80,623 82,952 87,316 39,693 44,698 46,934 50,023 10,165 2,811 11,299 3 ,187 12,215 3 ,378 12,831 3,374 591 728 680 708 438 447 469 496 116 764 412 966 1,251 1,563 1,463 1,591 Nonmember: 1947—Dec. 1961—Dec. 1962—Dec. 1963—June Dec. 31.. 30.. 28.. 29.. 20.. 18,454 35,856 40,141 41,519 44,035 5,432 18,700 21,469 22,961 24,295 1,205 614 4,241 2,314 4,830 2",678 5,161 2,877 5,544 2 ,811 20 179 190 209 229 156 306 354 354 373 2 19 132 90 166 418 523 515 604 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. 522 7,265 272 17,574 287 564 13,242 11,132 14,441 12,273 15,206 13,186 16,114 13 ,951 2,266 6,341 7,097 7,598 8,047 1,061 4,995 5,754 6,295 6,643 7,382 7,395 7,168 7,390 5,710 7,252 8,163 8,810 727 913 961 981 110 481 3,787 1,222 630 5,102 4,544 16,722 1,342 480 2,583 2,108 17,687 2,006 ,028 ,067 ,262 3,020 741 8,605 2,343 1,403 7,257 1,685 1,191 7,281 2,152 545 6,600 751 24,407 826'•5,425 25 856 24,496 917 24,797 3,614 566 9,560 10,667 7,530 ,500 4,144 1,223 8,849 11,209 8,694 ,807 3,112 1,106 8,851 11,427 9,692 ,830 573 8,531 11,871 10,385 2 ,111 3,822 109 214 252 254 269 206 1,973 1,219 7,920 1,078 625 2,259 272 4,947 5,046 3,655 976 2,812 683 4,398 5,573 3,982 1,224 2,265 608 4,398 5,873 4,284 1,131 1 3,027 351 4,343 6,133 4,576 1,309 11,318 12,525 13,466 13,143 13,854 2 Breakdowns of loan, investment, and deposit classifications are not available before 1947; summary figures for earlier dates appear in the preceding table. 3 New York City and city of Chicago were central reserve city banks before July 28, 1962; reserve city banks thereafter. For other notes see opposite page. 589 COMMERCIAL BANKS MAY 1964 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Class of bank and call date Total: 2 1947—Dec. 31... 1961—Dec. 30... 1962—Dec. 28... 1963—June 29... Dec. 20... Reserves with F. R. Banks DeBalCur- ances mand rency with deand doposits coin mestic ad- 5 banks4 justed 17,796 16,918 17,680 16,529 17,150 2,216 3,689 4,252 3,483 4,048 All insured: 1941—Dec. 31... 12,396 1,358 1945—Dec. 31... 15,810 1,829 1947—Dec. 31... 17,796 2,145 1961—Dec. 30... 1962—Dec. 28... 1963—June 29... Dec. 20... Member, total: 1941_Dec. 3 1 . . . 1945—Dec. 3 1 . . . 1947—Dec. 3 1 . . . 16,918 17,680 16,529 17,150 3,670 4,232 3,468 4,033 12,396 1,087 15,811 1,438 17,797 1,672 Interbank U.S. For- Govt. Domestic ^ eign ^ State and local govt. Time deposits Certified and officers' checks, etc. IPC U.S. Govt. State Inter- and and bank Postal local Sav- govt. ings 1,343 5,946 6,829 11,060 6,729 6,799 12,242 12,071 12,396 12,256 2,581 5,056 4,511 4,502 4,494 84,987 124,622 124,459 116,726 124,784 240 481 535 550 526 111 283 269 254 269 8,570 37,845 9,823 673 1,762 11,075 74,722 12,566 1,248 23 3,740 9,736 85,751 11,236 1,379 1,325 3,677 5,098 6,692 1,077 2,585 2,559 36,544 72,593 83,723 158 70 54 59 103 111 1,298 5,934 1,265 6,815 1,264 111,005 1,177 6,712 12,149 11,991 12,300 12,175 5,023 4,434 4,421 4,429 123,878 123,744 116,067 124,098 333 402 430 443 283 269 254 269 6,246 33,754 9,714 671 1,709 >2,179 7,117 64,184 12,333 1,243 22 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 8,724 7,897 7,690 7,359 5,381 6,086 9,761 5,986 9,487 9,270 9,535 9,376 4,654 105,454 4,083 104,646 4,060 97,953 4,055 104,130 303 358 373 382 260 243 228 240 10,216 87,123 14,169 122,654 13,099 124,342 12,579 117,419 12,312 126 -',579 13,871 121,671 12,795 123,361 12,237 116,471 11,984 125,615 11,362 16,574 14,713 13,749 14,048 16,440 14,579 13,607 13,900 1,430 1,340 1,295 1,294 1,218 16,918 17,680 16,529 17,150 2,813 3,263 2,644 3,131 1941—Dec. 31... 1945—Dec. 31... 1947—Dec. 31... 5,105 4,015 4,639 93 111 151 141 10,761 78 15,065 70 16,653 866 3,595 607 3,535 1,105 6,940 3,236 1,217 267 319 237 290 450 1,338 1,105 11,282 15,712 17,646 6 17 12 1961—Dec. 1962—Dec. 1963—June Dec. 3,286 4,121 3,439 3,625 240 251 191 264 143 156 121 96 17,089 17,095 15,669 16,763 4,330 3,854 3,802 3,487 1,267 1,408 2,052 1,419 333 366 357 368 2,583 2,237 2,172 2,119 20,213 19,628 17,822 18,473 191 207 187 214 1961—Dec. 1962—Dec. 1963—June Dec. 30... 28... 29... 20... 100 ,660 15,924 1,270 101,528 14,071 1,237 95,637 13,146 1,242 102,816 13,378 1,140 866 5,465 6.450 7,466 7,908 IPC Bor- Capital row- acings counts 65 10,059 34,383 76,680 471 22,459 90,991 627 24,094 98,183 545 24 ,582 102,886 3,664 25,677 492 15,146 496 29,277 826 33,946 10 6,844 215 8,671 61 9,734 5,412 76,426 462 22,089 6,397 90,714 3,584 ,584 23,712 23 7,412 97,893 1,498 24,191 7,853 102,600 31571 25,277 418 11,878 399 23,712 693 27,542 4,371 5,158 5,999 6,364 4 5,886 208 7,589 54 8,464 62,526 438 8 18,638 74,316 3,550 19,854 8 0 ,,322 " " "1 ; '" 20238 ,238 84,,326 3 ,499 21,054 New York City:* 30... 28... 29... 20... 967 929 932 801 29 20 14 778 1,206 1,418 1,648 195 2,120 30 2,259 162 6,735 283 266 8,937 1,728 326 9,746 ,76 794 "' r 449 1 0 ,,920 " 1 ,438 3,683 3,898 3,931 3,984 City of Chicago: 3 1941—Dec. 31... 1945—Dec. 31... 1947—Dec. 31... 1,021 942 1,070 298 200 175 2,215 3,153 3,737 1,027 ,292 ,196 127 1,552 72 233 237 285 34 66 63 2,152 3,160 3,853 1961—Dec. 1962—Dec. 1963—June Dec. 30... 28... 29... 20... 889 1,071 974 1,019 158 99 154 98 3,809 4,262 3,941 4,144 ,578 ,235 ,155 ,169 369 410 584 395 315 351 373 275 124 109 112 112 4,830 4,804 4,355 4,500 Other reserve city:* 1941—Dec. 31... 1945—Dec. 31... 1947_Dec. 31... 4,060 6,326 7,095 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 20 38 45 858 7,533 7,671 1,021 7,183 815 7,587 935 2,542 2,253 2,234 2,105 36,187 35,481 33,502 35,859 8,107 7,229 6,572 6,958 243 248 239 267 2,103 2,337 3,793 2,212 3,520 3,216 3,195 3,144 1,152 980 1,021 1,034 40,315 39,413 37,075 39,281 62 82 110 95 110 83 70 72 1941—Dec. 31... 1945—Dec. 31... 1947—Dec. 31... 2,210 4,527 4,993 526 796 929 3,216 9,661 4,665 23,595 3,900 27,424 790 1,199 1,049 225 5,465 432 1,370 2,004 2,647 239 435 528 8,500 21,797 25,203 30 17 17 31 52 45 1961—Dec. 1962—Dec. 1963—June Dec. 5,210 4,817 4,933 4,919 1,678 1,947 1,599 1,884 5,881 5,389 5,182 5,060 43,575 44,689 42,524 46,049 1,910 1,753 1,617 1,764 1,641 1,931 3,332 1,960 5,320 5,337 5,610 5,590 796 756 755 790 40,095 40,801 38,700 41,877 37 51 60 56 108 100 94 86 544 876 989 840 917 3,947 5,446 5,202 4,889 4,953 13,595 21,994 22,814 21,782 23,763 385 649 642 603 671 167 565 743 1,300 743 1,295 2,755 2,802 2,861 2,880 180 402 428 442 438 12,284 19,168 19,813 18,773 20,654 190 178 176 177 144 1961—Dec. 1962—Dec. 1963—June Dec. 30... 28... 29... 20... 425 494 562 476 719 902 16 130 185 1,996 3,001 3,363 3,595 243 4,542 160 9,563 332 11,045 2,310 2,633 2,913 2,950 288 377 426 35 262 111 255 870 948 974 996 1,967 2 2,566 1 2,844 23,962 81 28,027 1,388 30,567 407 31,982 1,416 6,997 7,263 7,440 7,697 Country: Nonmember:2 1947_Dec. 1961—Dec. 1962—Dec. 1963—June Dec. 30... 28... 29... 20... 31. 30. 28. 29. 20. 4 Beginning with 1942, excludes reciprocal bank balances. 5 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. 6 Beginning with June 1961, reclassification of deposits of foreign central banks reduced foreign interbank demand deposits by about $400 million and interbank time deposits by about $1,500 million. These amounts are now included in demand and time deposits of individuals, partnerships, and corporations. 146 6,082 219 12,224 337 14,177 1,982 2,525 23 2,934 1,891 2,242 2,631 2,778 29,834 34,350 36,647 37,829 40 172 127 390 7,088 7,744 7,894 8,377 172 1,094 1,292 1,467 1,545 6,858 14,169 16,675 17,861 18,560 12 33 77 105 165 1,596 3,822 4,240 4,343 4,623 NOTE.—Data are for all commercial banks in the United States. These figures exclude data for banks in U.S. possessions except for member banks. During 1941 3 mutual savings banks became members of the FRS; these banks (3 before Jan. 1960, 2 until June 1961, and 1 until July 1962) are included in member banks but are not included in all insured or t©tal 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. For other notes see opposite page. 590 WEEKLY REPORTING MEMBER BANKS MAY 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities iVednesday Total loans and investments 1 Loans and investments ad justed* Loans .4 usted 2 Commercial and industrial Agritural To brokers and dealers To financial institutions To others U.S. U.S. Other Govt. Other sese- Govt. sesecuri- curicuri- curities ties ties ties Nont>ank Bank Foreign Do- Pers. mes- and sales tic com- finan. Other mer- COS., cial etc. Real estate All other V aluat on reserves Total— Leading Cities 1963 Apr 3 10 17 24 815 81 130 130, 779 130, 709 198 555 8 1 , 930 787 81 597 131, 583 130, 61? 129 154 81 , 35 736 35, 35, 718 34 996 1 1, 1 1 517 577 538 548 521 535 622 564 7, 639 9 637 9 655 7 630 92 92 103 99 1 43? 1, 435 1, 443 1, 45? 599 507 137 17? 1 1 1 1 487 484 493 493 489 3 366 553 3 399 759 3 569 573 3 469 96 98 97 97 1 768 773 1 775 1 775 1 496 1 49? 494 1 501 510 343 3 796 561 3 706 593 3 739 432 3 679 434 3 613 674 694 680 681 1 914 1, 654 1 796 1 458 ,944 18, 367 1 ,937 1 964 7, 693 1 ,850 704 ,809 7, 734 q 711 7 760 ,026 \e \f ,093 \f ,185 18, 431 18, 559 18, 578 A[.,113 A^703 A^650 A|.,438 1f 5,163 1? ,217 If 5,280 1f 5,341 70, 500 9 ,050 70, 486 ,054 90, 518 057 ,060 9 0 , 541 1 935 1 ,939 1 935 1964 Mar Apr 4 11 18 25 139 139 141 141 454 740 160 158 137 748 137 589 139 ,308 138 908 89, 90 91, 91 1 141 141 141 140 140 144 065 14? 405 858 138 ,373 138 844 139 ,988 138 001 138 ,680 9? 00? 38 308 345 37 964 9? 191 38 91 59? 38 015 9 9 908 38 057 31 31 31 31 485 164 685 091 30 ,609 30 67? 31 ,065 30 688 8 15 22 99 977 168 777 351 37, 37, 38, 38, 109 1 785 103 1 806 102 1 810 100 1 796 101 1 804 ,004 1 706 058 1 651 1 ,051 1 859 1 ,063 ?50 1 ,071 ? 771 i [,640 1 088 9 9 9 1 A1- 159 1 ,119 1 854 [,369 1 ,193 9 404 l t,146 1 J 9 4 9 178 i [,310 3 3 3 3 447 444 455 449 3 539 506 3 549 3 575 3 571 059 1f 5,366 9 0 , 601 5 393 90 690 053 If 5,461 90 771 054 If 5,488 90, 841 ,054 917 1 053 5 520 New York City 1963 Apr 3 10 17 24 19 19 19 19 379 477 416 370 19 19 21 21 404 408 407 408 317 399 319 390 883 49? 6?0 403 1 ,309 1 ,250 579 ,219 ,171 5?3 516 1 ,354 1 ,401 1 ,441 1 ,488 3 047 3 053 3 059 3 562 56? 562 56? ,840 25 25 25 25 576 581 575 579 591 543 541 543 563 598 447 840 1,318 I 437 1,605 1,450 688 700 705 714 1,828 I 839 1,860 1,873 3 977 971 3 979 3 779 566 567 567 567 584 578 579 579 580 556 570 576 587 57? 001 699 455 989 998 1,582 1,330 1,483 1,323 1,480 716 719 730 734 758 1,889 1,907 1,925 1,931 .945 3 ?78 9 ,17? 9 150 24 25 24 24 25 566 567 567 567 567 282 1 ,?53 240 1 710 305 1 ,739 302 1 ,760 73 73 82 78 1 098 1 0?7 1 ,036 1 ,044 357 365 361 361 1 031 2.655 9 164 14 590 15 1 ,169 '2.600 9 ,183 14,625 15 1 ,176 2,590 9 911 14 652 15 1 ,055 r 2,540 ,744 14,697 15 1 ,5?6 1 ,490 1 ,541 1 ,574 71 73 72 72 1 ,19? 483 515 510 590 1 ,143 1 ,173 1 405 1 ,410 2 795 2,766 3 045 2 988 9 759 9 ,744 9 750 9 735 1 ,566 1 ,499 334 1 ,53 202 ,507 187 1 ,463 85 78 1 901 1 515 1 770 3 058 2,829 2,886 2 823 2,830 690 759 735 448 11 11 11 11 643 606 563 400 1? 1? 1? 1? 239 295 317 262 139 1?? 358 7? 7? 7 234 262 322 314 188 289 259 230 247 1 1 1 1 1964 Mar Apr 4 18 25 33 506 33 ,660 34 ,?59 34 40 39 ,943 91 909 33 ,13? 99 144 33 ,81? 746 33 563 22 565 1? 1? 1? 1? 1 8 15 22 29 34 31 34 ,05 33 96 33 ,88 34 33 33 33 39 33 310 499 507 90 70 99 22 22 22 22 931 606 838 519 781 1? 1? 1? 1? 1? 430 ?33 30? 146 70 70 70 70 70 99 99 04 99 ,89 99 57 98 ,913 97 88 98 ,77? 98 ,466 61 61 61 61 440 593 471 r 23 678 787 r 23 655 771 r 23 596 1 ,500 1 51 1 ,5? 1 ,536 68 68 68 68 075 074 981 786 11 38Q 1 909 ,098 1 945 9 9 ,930 ,907 901 995 3 306 333 3 446 Outside New York City 1963 Apr 3 10 17 24 . . . . Mar 4 11 18 25 105 , 9 4 105 ,580 106 ,90 106 104 ,805 104 457 105 ,496 105 ,34 1 8 15 22 29 106 83 107 Joo 105 ,06 105 41 390 378 500 486 375 373 370 373 17 9 9 ^ 17 9 1 5 17 17 9 6 9 I 490 I 493 9 8^3 16 477 17 3 9 ^ 9 787 16,486 17 3 9 5 2 ,819 16,536 17 ,465 9 791 16 557 17 508 2 ,813 16,575 17 ,771 I 486 I 486 1,487 I 487 1,486 1964 Apr For notes see p. 592. 107 ,18( 106 106 ,72 75 460 1 ,460 ?5 385 ,46 75 ,779 1 ,47 75 ,783 1 ,47 69 071 75 ,878 68 739 75 ,731 105 ,78 69 ,353 25 ,950 105 ,100 69 ,080 95 ,869 105 ,479 69 ,427 25 ,932 1 ,47 1 ,47 1 ,47 1 ,48 1 ,49 255 291 437 259 155 272 ,19? 1 900 1 ,196 78 1 ,231 76 1 911 76 1 ,224 518 1 ,597 536 1 ,399 536 1 491 552 1 ,250 16 335 16,378 16 420 16 468 484 487 MAY 1964 591 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continue d (In millions of dollars) 3 Cash assets Investments U.S. Government securities Notes and bonds maturing— Wednesday Total Bills Certificates Other securities Total With- 1 to After in 1 year 5 years 5 years Balances with domestic banks Balances with foreign banks Currency and coin Reserves with F. R. Banks All other assets Total assets— Total liabilities and capital accounts TotalLeading Cities 1963 30,857 30,348 30,946 30,597 4,724 4,200 4,773 4,409 1,750 1,794 1,808 1,807 2,507 2,495 2,489 2,456 14,222 14,230 14,226 14,216 7,654 7,629 7,650 7,709 16,828 16,977 17,319 17,338 17,207 16,895 17,281 17,473 3,103 2,952 3,209 2,906 190 171 193 184 1,533 1,618 1,691 1,679 12,381 12,154 12,188 12,704 4,919 4,886 5,028 5,058 165,988 164,902 168,269 165,423 Mar. 4.. 11., 18., 25., 28,197 27,865 27,910 27r" 4,938 4,729 4,861 4,837 111 111 112 111 2,868 2,855 2,872 2,856 14,403 14,306 14,279 14,229 5,877 5,864 5,786 5,769 19,574 19,556 19,671 19,755 17,384 17,634 18,225 17,219 3,098 3,016 2,996 2,830 271 246 264 267 1,607 1,726 1,744 1,779 12,408 12,646 13,221 12,343 5,509 5,564 5,481 5,560 176,407 176,512 179,498 177,072 Apr. 26,870 27,960 27,261 26,609 26,713 4,081 4,836 4,281 3,646 3,806 109 113 115 162 155 2,871 2,923 2,995 3,013 3,022 14,133 14,454 14,279 14,232 14,184 5,676 5,634 5,591 5,556 5,546 19,501 19,53 r 19,836 19,800 19,759 18,881 17,329 18,589 17,044 17,379 3,727 2,870 3,331 2,995 2,837 255 254 245 256 266 1,717 1,701 1,779 1,800 1,842 13,182 12,504 13,234 11,993 12,434 5,674 5,677 5,662 5,693 5,714 181,656 177,771 182,403 177,211 177,812 6,527 6,417 6,61 6,565 1,713 1,607 1,813 1,754 211 219 226 223 500 500 507 515 2,44: 2,43' 2,419 2,407 1,661 1,654 1,649 1,666 4,385 4,496 4,716 4,675 3,673 3,676 3,479 4,205 113 105 92 87 84 67 80 71 238 252 243 246 3,238 3,252 3,064 3,801 2,068 2,037 2,161 2,167 41,433 41,212 41,739 41,439 18 25 5,800 5,772 5,794 5,725 1,451 1,432 1,500 1,422 491 485 493 481 2,680 2,677 2,652 2,678 1,15: 1,15' 1,12' 1,12 5,241 5,216 5,272 5,273 3,831 3,933 4,185 3,794 122 82 72 61 121 104 121 125 253 269 258 268 3,335 3,478 3,734 3,340 2,448 2,445 2,375 2,422 44,524 44,983 45,879 45,298 1 8 15 22 29 5,382 5,842 5,399 5,180 5,235 1,161 1,503 1,133 904 972 490 480 474 487 490 2,654 2,779 2,732 2,69. 2,683 1,056 1,058 1,038 1,038 1,041 4,99' 4,98 5,270 5,209 5,185 4,604 3,904 4,480 3,635 4,003 562 90 239 58 56 113 117 110 121 120 255 267 262 263 263 3,674 3,430 3,869 3,193 3,564 2,486 2,500 2,539 2,547 2,512 47,440 45,182 46,523 44,400 45,449 124,555 123,690 126,530 123,984 Apr. 3 10 17 24 1964 1. 8. 15. 22. 29. New York City 1963 Apr. 3 10 17 24 1964 w "-n::::::::: V<*r. Outside New York City 1963 24,33i 23,93 24,33: 24,03: 2,593 2,960 2,655 1,539 1,575 1,582 1,584 2,007 1,995 1,982 1,941 11,780 11,793 11,807 11,809 5,99: 5,97: 6,00 6,04: 12,44: 12,48 12,60: 12,66: 13,534 13,219 13,802 13,268 2,990 2,847 3,117 2,819 106 104 113 113 1,295 1,366 1,448 1,433 9,143 8,902 9,124 8,903 2,85 2,849 2,867 2," Mar. 4 11 18 25 22,39' 22,09 22,Hi 22,07 3,48' 3,297 3,36' 3,41: 88 90 90 89 2,377 2,370 2,379 2,375 11,723 11,629 11,627 11,551 4,722 4,707 4,659 4,647 14,33 14,34C 14,39S 14,48: 13,55: 13,70 14,04( 13,42. 2,976 2,934 2,924 2,769 150 142 143 142 1,354 1,457 1,486 1,511 9,073 9,168 9,487 3,06 131,883 3,119 131,529 3,106 133,619 131,774 21,48 22,11 21,86: 21,42< 21,471 2,92< 3,33: 3,14: 2,74: 2,83- 88 91 93 105 106 2,381 2,443 2,521 2,526 2,532 11,479 11,675 11,547 11 ,538 11,501 4,62C 4,57i 4,55 4,51! 4,50: 14,504 14,558 14,56( 14,591 14,57- 14,27' 13,42 14,10S 13,40S 13,37f 3,165 2,780 3,092 2,937 2,781 142 137 135 135 146 1,462 1,434 1,517 1,537 1,579 9,00: 9,508 9,074 9,365 8,80C 8,87r 3,13r Apr. 3,18! 3,17' 3,12 3,14 3,202 134,216 132,589 135,880 132,811 132,363 Apr. 3 10 17 24 3,01 1964 1 8 15 22 29 For notes see the following page. 592 WEEKLY REPORTING MEMBER BANKS MAY 1964 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Wednesday Demand Total deunadjusted* posits ad- 5 Total 6 justed IPC Time State and local Govt. Domestic 8 For- U.S. comGovt, mer- Total cial banks 1,676 3,684 12,072 53,418 35,956 10,447 1,674 1,843 11,545 53,523 35,929 10,529 1,676 ,991 12,070 53,425 35,785 10,470 1,758 2 ,389 10,874 53,650 35.801 10,601! Other time Savings IPC State and Forlocal eign 7 Govt. Other Capital From From liabiliacF.R. others ties counts Banks TotalLeading Cities 1963 144,118 142,96: 146,256 142,722 61,811 63,139 64,393 63,529 90,700 89,439 92,831 89,072 65,005 65,970 68,586 65,806 4,77: 4,65 5,056 5,050 Mar. 4 . . . 11... 18... 25... 153,247 152,608 155,196 153,467 62,353 63,457 63,360 62,630 92,140 91,237 94,006 92,053 65,731 67,421 67,781 65,376 5,304 4,687 4,797 5,169 Apr. 157,257 154,008 157,911 152,622 153,455 62,53: 63,083 65,987 64,341 63,959 95,811 92,338 96,401 90,665 91,232 66,659 66,452 70,854 67,881 66,813 5,349 4,768 6,204 5,314 5,529 33,889 33,528 33,938 33,295 15,647 15,966 16,167 15,988 24,123 23,738 24,243 23,518 16,334 16,484 17,161 16,575 Mar. 4 11 18 25 36,692 36,797 37,593 37,147 15,706 15,967 16,046 15,713 24,646 24,566 25,467 24,955 Apr. 38,922 36,927 37,907 35,891 37,119 16,106 15,797 16,758 16,142 16,285 110,229 109,434 112,318 109,427 18 25 1 8 15 22 29 Apr. 3 10 17 24... 3,839 3,856 3,961 4,006 2,790 2,814 2,812 2,843 48 26! 33 798 2,563 2,409 2,559 2,359 5,46: 5,44: 5,636 5,759 13,797 13,820 13,785 13,785 1964 .... 15... 22... 29 763 754 754 854 3,689 2,148 4,498 5,493 12,038 11,558 11,516 10,795 61,107 61,371 61,190 61,414 38,360 14,475 38,428 14,687 38,509 14,319 38,566 14,513 4,407 4,383 4,437 4,390 3,411 3,414 3,439 3,460 12 39' 911 21 2,211 2,613 2,714 2,842 6,220 6,170 5,986 6,034 14,717 14,724 14,691 14,708 1,841 5,130 1,752 752 3",917 1,803 ,380 1,820 1,309 1,806 2,948 12,192 11,638 12,024 10,946 10,464 61,446 61,670 61,510 61,957 62,223 38,704 14,418 4,381 38,672 14,625 4,369 38,483 14,508 4,448 38,459 .14.,757 4,588 38,437 14,950 4,660 3,457 3,523 3,604 3,684 3,704 223 103 716 103 276 3,470 2,917 2,841 3,279 2,884 5,926 5,947 6,057 6,337 6,283 14,780 14,796 14,878 14,870 14,914 298 278 287 274 1,218 1,037 3,232 1,236 493 2,944 1,245 498 3,164 1,309 662 2,892 9,766 9,790 9,695 9,777 4,189 4,188 4,165 4,169 3,110 3,108 3,053 3,H3 269 268 266 265 2,004 2,027 2,015 2,034 49 894 ,037 ,096 ,232 2,792 2,740 2,849 2,935 3,858 3,858 3,856 3,857 16,578 17,046 17,402 16,613 330 270 241 343 1,314 947 3,254 1,290 515 3,139 1,299 1,226 3,135 1,380 1,559 3,004 12,046 12,231 12,126 12,192 4,439 4,450 4,466 4,471 4,527 4,698 4,529 4,598 402 379 386 372 2,417 2,440 2,451 2,457 760 ,219 ,274 ,200 2,924 2,819 2,695 2,811 148 148 140 140 26,805 24,721 25,822 23,676 24,857 17,457 16,665 17,708 16,919 17,123 364 284 881 274 377 1,363 1,516 3,144 12,117 1,282 ,192 3,012 12,206 1,349 289 3,233 12,085 1,363 248 2,951 12,215 1,338 824 2,943 12,262 4,484 4,468 4,430 4,427 4,418 4,500 4,557 4,430 4,507 4,563 389 395 391 383 384 2,452 2,497 2,559 2,619 2,618 ,582 ,285 ,572 ,385 ,285 2,774 2,806 2,811 2,932 2,887 4,162 4,164 4,163 4,161 4,158 46,164 47,173 48,226 47,541 66,577 65,701 68,588 65,554 48,671 49,486 51,425 49,231 4,474 4,374 4,769 4,776 458 2,647 438 1,350 431 1,493 449 1,727 8,840 8,601 8,906 7,982 43,652 43,733 43,730 43,873 31,767 31,741 31,620 31,632 7,337 7,421 7,417 7,488 3,570 3,588 3,695 3,741 786 787 797 809 48 220 33 678 1,669 1,372 1,463 1,127 2,670 2,702 2,787 2,824 9,939 9,962 9,929 9,928 116,555 115,811 117,603 116,320 46,647 47,490 47,314 46,917 67,494 66,671 68,539 67,098 49,153 50,375 50,379 48,763 4,974 4,417 4,556 4,826 449 2,742 464 1,633 455 3,272 474 ',934 3 8,784 8,419 8,381 7,791 49,061 49,140 49,064 49,222 33,921 33,978 34,043 34,095 9,948 9,989 9,790 9,915 4,005 994 4,004 974 4,051 988 4,018 1,003 12 397 734 21 1,451 1,394 1,440 1,642 3,296 3,351 3,291 3,223 10,569 10,576 10,551 10,568 118,335 117,081 120,004 116,731 116,336 46,426 47,286 49,229 48,199 47,674 69,006 67,617 70,579 66,989 66,375 49,202 49,787 53,146 50,962 49,690 4,985 4,484 5,323 5,040 5,152 478 3,614 470 2,725 454 ,091 457 ,061 468 2,124 9,048 8,626 8,791 7,995 7,521 49,329 49,464 49,425 49,742 49,961 34,220 9,918 34,204 10,068 34,053 10,078 34,032 10,250 34,019 10,387 1,005 1,026 1,045 1,065 1,086 223 103 646 72 276 1,888 1,632 1,269 1,894 1,599 3,152 3,141 3,246 3,405 3,396 10,618 10,632 10,715 10,709 10,756 New York City 1963 Apr. 3... 10 17... 24 120 1964 1 8 15 22 29 177 Outside New York City 1963 Apr. 3 10 17 24 1964 Mar. 4 11 Apr. iFAfter deduction of valuation reserves. 2 Exclusive of loans to domestic commercial banks and after deduction of valuation reserves; individual loans items are shown gross. 3 Excludes cash items in process of collection. 4 Total demand and total time deposits. 5 Demand deposits other than domestic commercial interbank and U.S. Govt., less cash items in process of collection. 3,992 3,974 4,057 4,205 4,276 6 Includes certified and officers' checks and deposits of mutual savings banks, not shown separately. 7 Deposits of foreign governments and official institutions, central banks, international institutions, banks in foreign countries, and foreign branches of U.S. banks other than reporting bank. 8 Includes U.S. Govt., postal savings, domestic commercial interbank and mutual savings banks, not shown separately. 593 BUSINESS LOANS OF BANKS MAY 1964 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Net change during— Outstanding 1964 Industry Apr. 29 - Durable goods manufacturing: Primary metals Machinery Transportation equipment Other fabricated metal products. . . Other durable goods Nondurable goods manufacturing: Food, liquor, and tobacco Textiles, apparel, and leather Petroleum refining Chemicals and rubber Other nondurable goods Mining, including crude petroleum and natural gas Trade: Commodity dealers Other wholesale Retail Transportation, communication, and other public utilities Construction All other: i Bankers' acceptances All other types of business, mainly services Total classified loans Commercial and industrial loans— all weekly reporting banks 38,057 1964 Apr. 15 Apr. Apr. Apr. Mar. 1964 1963 1963 Feb. III IV 2nd half 1st half 53 83 12 72 40 4 177 -5 -51 -90 5 9 -90 -7 23 9 186 -95 -59 -67 -38 151 -91 58 91 -126 191 -43 21 21 -459 211 -92 108 496 -238 72 -20 -96 148 71 27 -40 60 644 -167 99 -60 -36 -593 288 7 66 92 -10 -109 55 124 -33 -104 37 72 -213 -254 -19 -17 413 348 125 220 30 235 -30 -67 443 583 95 154 237 -263 23 52 -44 47 -65 44 -135 26 -423 39 546 -27 -16 67 529 40 -255 133 902 -18 -43 43 -47 573 180 4,936 4,923 4,925 4,926 4,945 31,817 31,827 32,063 31,812 32,158 1 -226 144 459 118 293 170 -728 2,446 427 2,873 137 -115 582 395 -621 2,849 385 3,234 393 702 2,204 850 903 1,119 705 2,201 858 893 1,118 714 2,234 871 907 1,113 711 2,204 872 898 1,105 705 2,232 876 906 1,101 32 -49 -43 24 37 27 32 36 57 71 25 34 20 1,328 1,515 1,070 1,153 897 1,331 1,527 1,077 1,149 893 1,385 1,556 1,102 1,146 889 1,394 1,537 1,090 1,136 860 1,485 1,547 1,086 1,148 874 -131 -27 -25 48 40 -41 95 -54 79 17 2,679 1,031 2,044 2,518 2,693 1,073 2,049 2,524 2,676 1,081 2,053 2,529 2,677 1,120 2,039 2,430 2,654 1,171 2,051 2,516 -137 -4 23 4.056 1,941 4,034 1,935 4,028 1,933 4,012 1,883 4,075 1,884 871 844 921 918 570 38,015 38,252 37,964 38,308 1 Beginning December 31, 1963, bankers' acceptances for the creation of dollar exchange are excluded from commercial and industrial loans and those relating to commercial transactions are shown in a separate category. Current figures are therefore not strictly comparable with figures previously reported, but differences are relatively small. NOTE.—About 200 of the weekly reporting member banks are included in this series; these banks classify, by industry, commercial and industrial loans amounting to about 85 per cent of such loans held by all weekly reporting member banks, and about 60 per cent of those held by all commercial banks. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) Size of loan (thousands of dollars) Area and period All loans j_ 10 10100 100200 200 and over Year: 19 large cities : 1955 1956 1957 1958 1959 I960 1961 1962 1963 . . 3.7 4.2 4.6 4.3 5.0 5.0 5.2 5.5 5.5 5.8 4.4 4.8 5.1 5.0 5.5 4.0 4.4 4.8 4.6 5.2 3.5 4.0 4.5 4.1 4.9 5.2 5.0 5.0 5.0 6.0 5.9 5.9 5.9 5.7 5.5 5.5 5.5 5.4 5.2 5.2 5.2 5.0 4.8 4.8 4.8 5.00 5.01 5.01 5.00 4.99 5.89 5.86 5.86 5.86 5.83 5.55 5.54 5.54 5.54 5.53 5.21 5.24 5.21 5.23 5.22 4.83 4.84 4.85 4.82 4.82 Quarter: l 19 large cities: 1963—Mar June Sept Dec 1964—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. Changes Area and period Size of loan (thousands of dollars) All loans 110 10100 100200 200 and over Quarter—cont.: i New York City: 1963—Mar June Sept Dec 1964—Mar 4.80 4.78 4.81 4.76 4.77 5.62 5.61 5.64 5.63 5.66 5.36 5.37 5.36 5.36 5.39 5.06 5.05 5.04 5.04 5.06 4.70 4.68 4.71 4.65 4.66 7 northern and eastern cities: 1963—Mar June Sept Dec 1964—Mar 4.98 5.01 5.01 5.04 5.02 5.85 5.84 5.85 5.85 5.82 5.53 5.54 5.56 5.55 5.54 5.18 5.27 5.19 5.27 5.24 4.84 4.87 4.88 4.90 4.88 11 southern and western cities: 1963—Mar June Sept Dec 1964—Mar 5.30 5.32 5.30 5.29 5 29 6.02 5.97 5.96 5.97 5.91 5.66 5.63 5.64 5.65 5.62 5.33 5.34 5.33 5.31 5.31 5.07 5.12 5.09 5.07 5.08 thereafter occurred on the following dates (new levels shown, in per cent): 1955—Aug. 4, 3V4; Oct. 14, 3V2; 1956—Apr. 13, 3 % ; Aug. 21, 4; 1957—Aug. 6,41/2; 1958—Jan. 22,4; Apr. 21, 31/2; Sept. 11,4; 1959—May 18, 41/2; Sept. 1, 5; and 1960—Aug. 23, 4i/2. 594 INTEREST RATES MAY 1964 MONEY MARKET RATES (Per cent per annum) Period Prime coml. paper, 4- to 6-1 months U. S. Government securities (taxable)3 Finance CO. paper placed directly, 3- to 6months 2 Prime bankers' acceptances, 90 days * 6-month bills 3-month bills 9- to 12-month issues Rate on new issue Market yield Rate on new issue Market yield Bills (market yield) Other 4 3- to 5year issues 5 2.68 3.07 3.40 2.81 3.01 3.36 2.378 2.778 3.157 2.36 2.77 3.16 2.605 2.908 3.253 2.59 2.90 3.25 2.81 3.01 3.30 2.91 3.02 3.28 3.60 3.57 3.72 3.32 3.25 3.38 3.49 3.72 3.88 3.88 3.88 3.96 3.57 3.63 3.72 3.75 3.84 3.13 3.13 3.24 3.41 3.59 3.63 3.63 3.71 3.63 2.909 2.920 2.995 3.143 3.320 3.379 3.453 3.522 3.523 2.90 2.92 2.99 .18 .32 .38 3.45 3.52 3.52 2.988 3.006 3.078 3.272 3.437 3.494 3.573 3.648 3.667 2.98 3.01 3.08 3.31 3.44 3.03 3.06 3.11 3.40 3.50 3.57 3.61 3.67 3.69 3.02 3.06 3.17 3.33 3.41 3.54 3.59 3.70 3.77 3.56 3.57 3.67 3.78 3.81 3.88 3.91 3.97 4.04 1964—Jan Feb Mar Apr 3.97 3.88 4.00 3.91 3.82 3.76 3.83 3.80 3.70 3.75 3.75 3.80 3.529 3.532 3.553 3.484 3.52 3.53 3.54 3.47 3.652 3.664 3.740 3.676 3.64 3.67 3.72 3.66 3.68 3.71 3.78 3.75 3.66 3.63 3.67 3.63 4.06 4.02 4.15 4.18 Week ending— 1964—Apr. 4. 11. 18. 25. May 2. 4.00 3.98 3.88 3.88 3.88 3.93 3.84 3.75 3.75 3.75 3.80 3.88 3.78 3.75 3.75 3.525 3.503 3.484 3.463 3.446 3.52 3.48 3.47 3.45 3.45 710 703 687 662 3.616 3.70 3.69 3.67 3.64 3.60 3.77 3.77 3.78 3.74 3.69 3.71 3.68 3.64 3.58 3.56 4.21 4.19 4.18 4.16 4.14 1961 1962 1963 2.97 3.26 3.55 1963—Apr May June July Aug Sept Oct Nov Dec 1 Averages of daily offering rates of dealers. 2 Averages of daily rates, published by finance cos., for varying maturities in the 90-179 day range. 3 Except for new bill issues, yields are averages computed from daily closing bid prices. 4 Certificates of indebtedness and selected note and bond issues. 5 Selected note and bond issues. BOND AND STOCK YIELDS (Per cent per annum) Corporate bonds Government bonds Period United States (longterm) State and loca By selected rating Stocks Dividend/ price ratio By group Total i Total i Aaa Baa Aaa Baa Industrial Railroad Public utility Preferred Common Common 4.98 6.20 5.73 3.27 3.03 3.06 4.01 3.67 3.58 4.66 4.61 4.50 4.35 4.33 4.26 5.08 5.02 4.86 4.54 4.47 4.42 4.82 4.86 4.65 4.57 4.51 4.41 4.66 4.50 4.30 2.97 3.37 3.17 3.97 3 97 4 00 4.01 3.99 4.04 4.07 4.10 4.14 3.60 3.30 3.28 3.21 3 21 3.31 3.31 3.28 3.31 3.33 3.36 3.33 2.97 2 99 3.09 3.10 3.09 3.13 3.15 3.17 3.12 3.55 3 54 3.62 3.60 3.58 3.58 3.59 3.62 3.61 4.47 4 48 4.47 4.49 4.50 4.52 4.52 4.54 4.55 4.21 4 22 4 23 4.26 4.29 4.31 4 32 4.33 4.35 4.87 4 86 4.84 4.84 4.83 4.84 4.83 4.84 4.85 4.40 4 40 4 40 4.43 4 45 4.46 4 47 4.47 4.48 A.63 A 63 4 61 4.62 4 63 4.65 4 66 4.68 4.68 4.39 4 39 4 40 4.42 4.42 AAA A AA 4.45 4.49 4.31 4 29 4 29 4.34 4.30 4.30 4 26 4.28 4.32 3.15 3 13 3 16 3.20 3 13 3.06 3 05 3.14 3.14 Apr 4.15 4 14 4 18 4.20 3.29 3.27 3 33 3.30 3.09 3.08 3 14 3.12 3.56 3.54 3 57 3.52 4.57 4.55 4 56 4.58 4.37 4 36 4 38 4.40 4.83 4 83 4 83 4.85 4.50 4 48 4 49 4.53 4.68 4 67 4 67 4.69 4.51 4 51 4 51 4.53 4.32 4 31 4 34 4.37 3.06 3 05 3 03 3.00 Week ending— 1964 Apr. 4 11 18 . 25 May 2 4.20 4 20 4.20 4.19 4.19 3.33 3 31 3.29 3.29 3.30 3.14 3 15 3.11 3.10 3.12 3.56 3 51 3.51 3.52 3.52 4.58 4 58 4.59 4.59 4.59 4.40 4 40 4.40 4.41 4.41 4.84 4 85 4.85 4.85 4.85 4.52 4 53 4.53 4.54 4.54 4.69 4 68 A.69 4.70 4.70 4.53 4 53 4.54 4.53 4.53 4.37 4 38 4.37 4.37 4.38 3.02 3 00 2.99 2.98 3.01 Number of issues 6-12 20 5 5 120 30 30 40 40 40 14 3.90 3.95 4.00 1961 1962 1963 1963 Apr June July Aug Sept Oct Nov Dec 1964 Jan Feb 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 500 5 88 5.69 5.41 500 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. MAY 1964 595 SECURITY MARKETS SECURITY PRICES Bonds Common stocks Standard and Poor's U.S. Govt. (longterm) Period State and local Corporate AAA Standard and Poor's index (1941-43= 10) Volume of trading Trade, (thoufisands nance Minof and shares) service Securities and Exchange Commission index (1957-59= 100) Manufacturing Industrial Total Railroad Public utility Total Total Trans- Public Non- portautiltion duity rable Durable 1961 1962 1963 87.55 86.94 86.31 107.8 112.0 111.3 95.2 96.2 96.8 66.27 69.99 32.83 61.87 134.2 126.7 129.2 124.4 105.7 168.4 160.2 92.5 4,085 62.38 65.54 30.56 59.16 127.1 118.0 116.5 119.4 97.8 167.2 155.0 98.0 3,820 69.87 73.39 37.58 64.99 142.3 133.3 129.3 137.1 122.5 180.5 169.3 123.5 4,573 1963—Apr May.... June.... July.... Aug.. . . Sept.. . . Oct Nov Dec 86.63 86.66 86.36 86.16 86.45 85.77 85.50 85.03 84.64 113.1 112.6 110.7 110.3 111.4 110.7 109.9 108.5 109.5 97.4 97.1 97.1 96.7 96.5 95.9 95.9 95.9 95.4 68.76 70.14 70.11 69.07 70.98 72.85 73.03 72.62 74.17 72.17 73.60 73.61 72.45 74.43 76.63 77.09 76.69 78.38 36.25 38.37 39.34 38.75 39.22 39.00 38.31 38.60 39.92 64.64 65.52 64.87 64.47 66.57 67.09 65.55 64.81 65.64 140.7 143.2 142.5 140.7 144.6 148.2 148.7 147.3 151.1 132.0 134.3 133.7 131.8 135.6 139.4 139.9 138.0 141.4 126.9 130.7 130.8 126.6 130.4 135.5 138.0 136.6 137.7 136.9 137.7 136.7 136.7 140.5 143.2 141.6 139.4 145.0 116.3 124.2 127.2 125.8 128.8 128.0 128.2 129.5 134.9 179.2 180.6 178.0 176.6 180.9 182.9 184.8 186.4 191.3 164.8 170.0 170.6 168.5 173.1 179.7 179.9 174.9 176.5 120.1 123.2 125.2 127.3 132.3 132.9 130.0 127.9 135.2 5,072 4,781 4,528 3,467 4,154 5,331 5,316 5,294 4,701 1964—Jan Feb Mar Apr 84.42 84.60 84.10 83.84 111.2 112.3 109.9 110.3 95.3 95.7 95.2 94.7 76.45 77.39 78.80 79.94 80.85 81.96 83.64 84.92 41.00 41.54 42.88 43.27 67.26 67.20 66.78 67.30 155.7 158.3 160.9 163.0 146.3 149.0 152.8 154.9 142.9 144.7 150.9 151.8 149.7 153.0 154. 158.0 140.4 145.2 150.4 153.2 196.0 197.3 194.5 195.7 178.3 182.1 185.3 189.2 140.2 143.4 143.0 149.3 5,302 4,639 5,428 5,616 Week ending— Apr. 4. 11. 18. 25. May 2. 83.82 83.85 83.87 83.94 83.94 109.4 109.9 111.0 110.7 110.7 94.6 94.6 94.8 94.6 94.7 79.40 79.81 80.12 80.33 79.72 84.34 84.78 85.12 85.35 84.69 42.99 43.35 43.30 43.45 43.11 66.95 67.20 67.44 67.60 67.08 162.9 162.6 164.1 162.5 163.4 155.1 154.9 155.6 154.0 155. 152.7 152.3 152.0 150.2 151.4 157.5 157.4 159.2 157.7 158.6 154.1 154.0 153.7 150.8 153.4 195.1 193.4 198.0 196.3 195.9 186.9 188.2 191.6 190.1 191.5 143.8 147.4 153.4 152.6 158.4 5,938 5,483 5,401 5,803 5,549 NOTE.—Annual data are averages of monthly data. Monthly and weekly data are computed as follows: U.S. Govt. bonds, derived from average market yields in preceding table on basis of an assumed 3 per cent, 20-year bond, averages of daily figures. Municipal and corporate bonds, derived from average yields, as computed by Standard and Poor's Corp., on basis of a 4 per cent, 20-year bond; Wed. closing prices. Common stocks, Standard and Poor's index based on averages of daily figures; Securities and Exchange Commission index on weekly closing prices. Volume of trading, average daily trading in stocks on the N.Y. Stock Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT (In millions of dollars) Customer credit Months Total securities other than U.S. Govt. Net debit b«ilances with N.Y. Stock. Exchange firms served by— Broker and dealer credit Bank loans to other than brokers and dealers for purchasing and carrying— Money borrowed on— Other securities U.S. Govt. securities Other securities U.S. Govt. securities Other securities U.S. Govt. securities Total Customer collateral Other collateral Customers net free credit balances I960—Dec 1961—Dec 1962—Dec 4,415 5,602 5,494 95 35 24 3,222 4,259 4,125 138 125 97 1,193 1,343 1,369 142 48 35 2,133 2,954 2,785 1,806 2,572 2,434 327 382 351 1,135 1,219 1,216 1963—Apr May.... June.... July Aug Sept Oct Nov Dec 5,978 6,229 6,420 6,511 6,660 6,971 7,180 7,298 7,242 27 24 32 25 23 41 29 26 4,526 4,737 4,898 4,895 5,034 5,316 5,495 5,586 5,515 99 75 104 81 87 86 83 90 140 1,452 1,492 1,522 1,616 1,626 1,655 1,685 1,712 1,727 33 33 44 29 23 69 33 28 32 3,239 3,655 3,909 3,836 3,933 4,100 4,218 4,457 4,449 2,889 3,150 3,333 3,359 3,467 3,592 3,713 3,892 3,852 350 505 576 477 466 508 505 565 597 1,201 1,166 1,149 1,126 1,093 1,180 1,176 1,211 1,210 1964—Jan Feb Mar Apr 7,250 7,120 7,141 7,314 22 21 21 21 5,524 5,384 5,366 5,510 108 97 97 101 1,726 1,736 1,775 1,804 41 33 18 4,210 4,158 4,138 4,411 3,795 3,738 '3,646 3,916 415 420 1,262 1,199 1,231 1,165 34 NOTE.—Data in first 3 cols, and last col. are for end of month; in other cols, for last Wed. Net debit balances and broker and dealer credit: Ledger balances of member firms of N.Y. Stock Exchange carrying margin accounts, as reported to Exchange. Customers' debit and free credit balances exclude balances maintained with reporting firm by other member firms of national securities exchanges and balances of reporting firm and of general partners of reporting firm. Balances are net for each customer—i.e., all accounts of one customer are consolidated. Money borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges. Nov. data on customers' net debit balances exclude amounts carried by a large former member firm in liquidation; most of these accounts 17 r 492 495 have been transferred to other member firms and are reported in their debit figures from the month received (some in Dec. 1963, more in Jan. 1964). Debit balance totals for the period Oct.-Jan., therefore, are not completely comparable. Bank loans to others than brokers and dealers: figures are for weekly reporting member banks. Before July 1959, loans for purchasing or carrying U.S. Govt. securities were reported separately only by N.Y. and Chicago banks. Accordingly, for that period the fifth col. includes any loans for purchasing or carrying such securities at other reporting banks. Composition of series also changed beginning with July 1959; revised data for the new reporting series (but not for the breakdown of loans by purpose) are available back through July 1958 and have been incorporated. 596 OPEN MARKET PAPER; SAVINGS INSTITUTIONS MAY 1964 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held b y - End of period Accepting banks Total Placed through dealers i Placed directly 2 2,672 32,751 3,202 4,497 4,686 6,000 551 840 677 1,358 1,711 2,088 2,121 31,911 2,525 3,139 2,975 3,912 1,307 1,194 1,151 2,027 2,683 2,650 662 1,272 1,153 194 238 282 490 896 865 1963—Mar Apr May.... June July Aus Sept Oct Nov Dec 7,076 7,382 7,542 7,239 7,522 7,808 7,161 7,869 8,170 6,747 2,260 2,204 2,084 2,049 2,059 2,062 2,098 2,230 2,172 1,928 4,816 5,178 5,458 5,190 5,463 5,746 5,063 5,639 5,998 4,819 2,589 2,658 2,696 2,697 2,712 2,644 2,709 2,733 2,744 2,890 1964—Jan Feb Mar 7,765 8 119 7,737 2,042 2 079 2,038 5,723 6 040 5,699 2,93s? 3 0** 3,102 Total 1957 1958 1959 1960. 1961 1962 Own Bills bills bought Jased on— F.R. Banks Others Own acct. Foreign corr. 94 64 36 173 376 288 66 49 75 74 51 110 76 68 82 230 126 86 675 1,060 1,234 1,301 1.167 886 ,251 977 ,148 923 953 ,227 ,202 990 ,174 938 946 ,107 ,093 911 ,190 976 .291 1,031 280 274 225 274 213 236 52 44 42 43 39 38 34 58 42 162 83 83 83 83 85 89 104 105 102 92 ,393 1,025 466 1 095 ,395 1,042 368 68 91 371 353 64 125 95 110 Total 287 302 319 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. 181 181 214 260 Goods stored in or ImExshipped between ports ports Dollar points in— into from exUnited United change United Foreign States States States countries 46 83 74 122 117 186 296 244 162 232 263 249 403 485 541 456 349 309 669 969 778 308 293 171 974 1,288 1,280 1,422 1,344 1,386 1,343 1,463 1,477 1,410 1,345 554 523 525 536 555 556 564 563 571 567 730 750 808 807 791 772 775 807 842 908 142 146 149 130 128 105 97 89 54 56 122 108 72 66 64 53 47 46 46 41 1.041 1,130 1,142 1,158 1,174 1,159 1,226 1,229 1,230 1,317 1,386 1,431 1,473 557 962 70 596 590 983 94 87 878 775 278 254 357 990 524 819 1,310 39 31 1 1 351 35 } 1,401 3 Beginning with Nov. 1958, series includes all paper with maturity of 270 days or more. Figures on old basis for Dec. were (in millions): total $2,739; placed directly $1,899. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities End of period Mortgage 1941 1945 Other 4,787 4,202 62 1956 1957 1958 1959 4 I960 19,559 20,971 23,038 24,769 26,702 248 253 320 358 416 1961 1962 28,902 32,056 475 602 583 611 568 Dec 32,812 33,125 33,452 33,809 34,075 34,389 34,690 34,964 35,333 35,654 36,007 1964 Jan Feb 36,352 36,635 661 700 1963 Feb Mar Apr May June July Aug Sept Oct Nov . 89 614 588 583 662 667 637 659 607 U.S. Govt. 3,592 10,650 7,982 7,583 7,270 6,871 6,243 6,160 6,107 6,172 6,432 6,191 6,166 6,189 6,170 6,137 6,076 5,899 5,885 5,863 5,951 6,033 State and local govt. Corporate and other i 1,7 86 1 257 Other assets Deposits 2 Other liabilities Surplus accounts 829 689 606 185 11,772 16,962 10,503 15,332 48 1,231 1,582 38 Mortgage loan commitments 3 Number Amount 685 729 721 672 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 65,248 58,350 89,9ii 1,664 1,170 1,200 677 527 5,040 5,177 937 956 640 695 42,829 46,121 38,277 41,336 781 828 3,771 61,855 3,957 114,985 1,654 2,548 501 475 470 870 891 830 722 743 728 852 734 458 455 455 453 451 448 440 5,166 5,157 5,085 5,080 5,090 5,107 5,132 5,171 5,149 5,073 5,074 890 828 809 848 819 811 912 737 750 741 775 765 781 799 46,826 47,436 47,325 47,717 48,028 48,282 48,626 48,955 49,052 49,312 49,702 41,780 42,306 42,318 42,549 42,972 43,109 43,282 43,712 43,910 44,028 44,606 J 057 1,106 1,034 1,148 1,023 [,138 [,248 ,124 1,049 1,141 943 3,993 4,023 3,973 4,019 4,033 4,035 4,096 4,118 4 093 4,143 4,153 108,060 103,534 107,672 107,429 110,518 108,914 107,108 109,205 106,337 109,881 104,326 2,398 2,379 2 409 2,390 2,447 2,419 2,366 2,403 2 379 2,378 2,549 440 427 5,088 5,135 849 800 837 803 50,179 50,614 45,006 45,266 ,023 1,143 4,150 102,694 4,260 113,062 2,228 2,391 675 462 1 Includes securities of foreign governments and international organizations and U.S. Govt. agencies not guaranteed, as well as corporate securities. 2 See note 3, p. 583. 3 Commitments outstanding of banks in N.Y. State as reported to the Savings Banks Assn. of the State of N.Y. 4 Data reflect consolidation of a large mutual savings bank with a commercial bank. Cash assets Total assets— Total liabilities and surplus accts. NOTE.—National Assn. of Mutual Savings Banks data; figures are estimates for all savings banks in the United States and differ somewhat from those shown elsewhere in the BULLETIN; the latter are for call dates and are based on reports filed with U.S. Govt. and State bank supervisory agencies. Loans are shown net of valuation reserves. SAVINGS INSTITUTIONS MAY 1964 597 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Total assets End of period Statement value: 1941 1945 Total Business securities United State and Foreign i States local Total Bonds Stocks Mortgages Real estate Policy loans Other assets 32,731 44,797 9,478 22,545 6,796 20,583 1,995 722 1,240 10,174 11,059 9,573 10,060 999 6,442 6,636 1,878 &57 2,919 1,962 1,840 1,738 1956 1957.... 1958 1959 I960 96,011 101,309 107,580 113,650 119,576 11,067 10,690 11,234 11,581 11,679 7,555 7,029 7,183 6,868 6,427 2,273 2,376 2,681 3,200 3,588 1,239 1,285 1,370 1,513 1,664 41,543 44,057 47,108 49,666 51,857 38,040 40,666 42,999 45,105 46,876 3,503 3,391 4,109 4,561 4,981 32,989 35,236 37,062 39,197 41,771 2,817 3,119 3,364 3,651 3,765 3,519 3,869 4,188 4 618 5,231 4 076 4,338 4,624 4 937 5 273 1961 1962. 126,816 133,291 11,896 12,448 6,134 6,170 3,888 4,026 1,874 2,252 55,294 57,576 49,036 51,274 6,258 6,302 44,203 46,902 4,007 4,107 5,733 6,234 5 683 6 024 126,816 133,291 11,915 12,469 6,135 6,171 3,902 4,037 1,878 2,261 53,967 56,565 49,149 51,389 4,818 5,176 44,250 46,957 4,011 4,114 5,735 6,235 6,938 6,951 134 683 134,977 135,610 136,236 136,698 137,670 138,361 138,764 139,610 140,207 140,903 12,940 12,687 12,660 12,497 12,389 12,456 12,452 12,429 12,425 12,371 12,330 6 2"H 6 032 6,013 5,851 5,757 5,843 5,810 5,824 5,829 5,787 5,755 4 059 4,063 4,036 4,000 3,981 3,954 3,935 3,892 3,893 3,889 3,876 2.648 2,592 2,611 2,646 2,651 2,659 2,707 2,713 2,703 2,695 2,699 56,966 57,381 57,664 58,054 58,294 58,578 58,764 58,919 59,214 59,574 59,452 51,711 52,038 52,289 52,673 52,841 53,129 53,268 53,357 53,654 53,989 53,769 5 255 5,343 5,375 5,381 5,453 5,449 5,496 5,562 5,560 5,585 5,683 47,311 47,618 47,910 48,165 48,421 48,665 48,964 49,233 49,536 49,813 50,543 4 164 4,179 4,200 4,211 4,239 4,260 4,313 4,339 4,357 4,369 4,348 6 306 6,320 6,364 6,399 6,438 6,511 6,548 6,585 6 620 6,651 6,690 6 996 6 792 6,812 6,910 6 917 7,200 7 320 7,259 7 458 7,429 7,540 141,866 142,531 12,365 12,506 5,782 5,805 3,859 3,857 2,724 2,844 60,006 60,050 54,269 54,281 5,737 5,769 50,828 51,126 4,368 4,377 6,729 6,770 7,570 7,702 Book value: 1961—Dec 1962—Dec 1963 Feb ' Mar Apr May June July A.us Sept Oct Nov Dec 1964—Jan Feb . ... 687 1 Issues of foreign governments and their subdivisions and bonds of the International Bank for Reconstruction and Development. NOTE.—Institute of Life Insurance data; figures are estimates for all life insurance cos. in the United States. 601 Year-end figures: Annual statement asset values, with bonds carried on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and accrued and for differences between market and book values are not made on each item, separately, but are included in total, in "other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets End of period Liabilities Total assets2— Total liabilities Reserves and undivided profits Mortgages U.S. Govt. securities 4 578 5 376 2 420 107 344 450 775 356 6,049 8,747 4,682 7,365 475 644 256 336 1956 1957 1958 1959 I960 35 729 40,007 45,627 53,141 60,070 2,782 3,173 3,819 4,477 4,595 2,119 2,146 2,585 2,183 2,680 2,199 2,770 3,108 3,729 4,131 42,875 48,138 55,139 63,530 71,476 37,148 41,912 47,976 54,583 62,142 2,950 3,363 3,845 4,393 4,983 1,347 1,379 1,444 2,387 2,197 1961 1962 . 68,834 78,770 5,211 5,563 3,315 3,926 4,775 5,346 82,135 93,605 70,885 80,236 5,708 6,520 2,856 3,629 1963—Feb Mar Apr May June July Aug Sept Oct Nov Dec 80,137 81 042 82,103 83,281 84,525 85 628 86,836 87,933 89,051 89,857 90,849 5,923 6,100 6,135 6,111 6,201 6,271 6,233 6,345 6,419 6,548 6,440 3,699 3,789 3,650 3,613 3,850 3,401 3,353 3,383 3,450 3,482 3,964 5,284 5,401 5,493 5,887 5,858 5,708 5,859 5,897 5,979 6,154 6,178 95,043 96,332 97,381 98,892 100,434 101,008 102,281 103,558 104,899 106,041 107,431 82,065 83,260 83,738 84,707 86,349 86,313 86,956 87,872 88,667 89,471 91,205 6,573 6,573 6,584 6,600 6,800 6,810 6,826 6,830 6,838 6,855 7,208 1964—Jan.'" Feb 91,453 92,163 6,598 6,662 3,568 3,601 5,989 6,098 107,608 108,524 91,669 92,423 7,235 7,250 1941 1945 . ... Cash Other i 1 Includes other loans, stock in the Federal home loan banks, other investments, real estate owned and sold on contract, and office buildings and fixtures. 2 Before 1958 mortgages are net of mortgage-pledged shares. Asset items will not add to total assets, which include gross mortgages with no deductions for mortgage-pledged shares. Beginning with Jan. 1958, no deduction is made for mortgage-pledged shares. These have declined consistently in recent years and amounted to $42 million at the end of 1957. Savings capital 3 Borrowed money 3 Loans in process Other Mortgage loan commitments 636 402 430 1, 484 843 862 1,161 1,293 1,186 713 874 968 1,475 1,285 1,359 1,550 l,999 1,136 1,221 1,908 2,230 2,697 2,601 2,725 2,840 3,434 3,688 3,912 4,208 4,405 4,464 5,011 1,954 2,097 2,254 2,353 2,461 2,485 2,493 2,536 2,576 2,502 2,520 1,754 1,801 2,080 2,392 1,390 1,712 2,094 2,112 2,413 2,749 1,487 2,446 2,662 2,843 3,019 3,092 3,097 3,110 3,067 3,025 2,929 2,613 4,590 4,377 2,364 2,336 1,750 2,137 2,664 2,818 c 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. 598 FEDERAL FINANCE MAY 1964 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 Less: Intragovt. * Equals: Total rects.2 Budget Equals: Less: Adjust-A Total payts. ments Plus: Trust funds 3 Net recpts. or pay mts. Change Less: in Invest, debt by (direct agen. & & agen.) trusts Less: Noncash debt Equals: Net Cal. year—1961 1962 1963 78,157 84,709 87,516 24,099 25,471 29,255 4,418 97,774 3,928 106,206 4,144 112,575 84,463 91,907 94,188 25,144 25,386 28,348 5,017 104,590 - 6 , 8 1 6 5,419 111,874 - 5 , 6 6 8 5,382 117,153 - 4 , 5 7 9 6,792 9,055 7,672 -440 1,109 2,535 470 1,386 883 6,762 6,560 4,255 Fiscal year—1960 1961 1962 1963 77,763 77,659 81,409 86,376 20,342 23,583 24,290 27,689 2,975 95,078 3,945 97,242 3,776 101,865 4,281 109,739 76,539 81,515 87,787 92,642 21,212 22,793 25,141 26,545 3,424 94,328 750 4,766 99,542 - 2 , 3 0 0 5,266 107,662 - 5 , 7 9 7 5,436 113,751 - 4 , 0 1 2 3,371 2,102 11,010 8,681 925 856 492 2,068 597 536 923 1,033 1,848 712 9,594 5,579 Half year: 1962—Jan.-June.... July-Dec 1963—Jan.-June.... July-Dec 45,583 39,126 47,250 40,266 13,633 11,838 15,851 13,404 2,000 1,928 2,352 1,792 57,195 49,011 60,728 51,847 44,622 47,286 45,356 48,832 12,377 13,010 13,536 14,812 3,225 2,195 3,241 2,141 53,773 3,422 58,101 - 9 , 0 9 0 55,650 5,078 61,503 - 9 , 6 5 7 2,911 6,143 2,538 5,135 1,978 -870 2,939 -403 521 865 169 714 412 6,148 -569 4,824 July Aug Sept Oct Nov Dec 9,663 5,735 6.953 12,061 3,547 7,290 10,095 3,400 7,131 8,803 2,123 1,752 4,656 2,969 1,419 3,887 1,830 1,289 2,749 2,230 237 236 283 1,046 271 213 269 259 259 521 11,545 7,248 11,323 13,980 4,693 10,960 11,652 4,423 9,617 10,503 7,806 7,590 7,470 7,715 7,863 8,305 7,815 8,776 7,784 8,289 1,968 2,242 2,302 2,981 2,651 2,438 2,515 2,592 1,955 2,661 852 163 -218 1,375 468 -544 781 629 -73 881 8,922 2,622 - 1 , 9 4 9 120 9,669 - 2 , 4 2 1 104 -829 9,989 1,334 2,282 2,820 9,321 4,659 1,463 1,458 10,045 - 5 , 3 5 3 -854 -1,253 11,287 -328 2,028 1,784 9,549 2,102 366 -575 10,740 - 6 , 3 1 8 103 - 1 , 1 0 1 9,812 -194 1,593 481 10,069 433 1,899 260 1964—Jan Feb Mar 5,853 8,047 10,148 1,088 3,705 2,330 303 222 304 6,628 11,525 12,168 8,492 7,521 7,871 2,257 2,063 2,227 902 191 707 Month: 1963—Mar Apr May 9,848 - 3 , 2 1 9 - 1 , 0 5 9 1,550 9,393 2,132 -744 9,390 2,778 - 4 -2,066 846 87 -567 28 40 -36 271 128 128 116 839 101 1,126 78 949 163 1,511 128 -1,328 830 167 86 183 586 -946 Effects of operations on Treasurer's account Net operating transactions Period Net financing transactions Agencies & trusts Operating bal. Invest, in U.S. Govt. sec. 3 Change in gross direct public debt Held outside Treasury Treasurer's account Balance 1,746 -538 1,780 1,022 -925 -856 -492 -2,069 1,625 2,640 9,230 7,659 -4 -222 118 -74 2,654 -1,311 3,736 1,686 8,005 6,694 10,430 12,116 504 408 612 806 6,458 5,453 8,815 10,324 1,043 833 1,003 986 704 -599 720 -365 879 874 148 1,648 -1,978 870 -2,939 403 2,032 5,269 2,390 3,487 -81 4 -78 -60 3,936 -2,922 4,607 -4,741 10,430 7,509 12,116 7,375 612 597 806 880 8,815 6,092 10,324 5,621 1,003 820 986 874 154 -490 2,354 -12 -1,232 1,449 -685 -1,304 795 -431 618 -159 -528 231 70 -874 411 291 -495 232 -304 -69 244 1,462 171 328 265 296 -179 767 r 121 829 -2,820 -1,979 1,253 -1,784 575 1,101 -481 -260 -1,645 173 2,038 656 -1,025 1,700 100 -193 1,773 1,132 -245 100 -208 145 39 -43 9 87 -151 806 -1,672 978 4,558 -5,118 -152 2,938 -5,273 760 2,105 8,252 6,579 7,558 12,116 6,998 6,846 9,783 4,510 5,270 7,375 909 952 651 806 629 705 948 881 890 880 6,466 4,340 5,992 10,324 5,564 5,389 7,958 2,839 3,521 5,621 877 1,287 915 986 805 752 877 790 859 874 -1,169 1,642 103 512 -163 368 -289 -230 24 1,328 -830 -167 -770 1,780 -767 84 194 -23 -3,111 2,531 1,861 4,264 6,795 8,656 791 1,024 831 2,451 4,783 6,940 1,022 988 885 Budget surplus or deficit Trust 3 funds Clearing accounts Market issuance of sec. 3 Fiscal year—1960 1961 1962 1963 1,224 -3,856 -6,378 -6,266 -870 790 -851 1,143 -149 285 566 122 Half year: 1962—Jan.-June July-Dec 1963—Jan.-June July-Dec 962 -8,160 1,894 -8,567 1,256 -1,172 2,315 -1,408 Month: 1963—Mar. Apr May June July Aug Sept Oct Nov. Dec 1,857 -1,854 -516 4,346 -4,316 -1,015 2,279 -5,377 -652 514 1964—Jan Feb Mar -2,639 526 2,277 1 Primarily interest payments by Treasury to trust accounts and accumulations to U.S. employee trust funds. 2 Includes small adjustments not shown separately. 3 Includes net expenditures of Govt. sponsored enterprises. Treasurer's account (end of period) Change in cash balances F.R. banks Tax and loan accts. Other net assets 4 Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing accounts. 5 Includes technical adjustments not allocated by functions. NOTE.—Based on Treasury Dept. and Bureau of the Budget data. 599 FEDERAL FINANCE MAY 1964 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Period Total Excise taxes Individual Social ins. taxes Liquor and to- Highway bacco Total OASI and Unempl. Estate and gift Customs Int. and repayments Refunds Other Corp. Total 22,179 21,765 21,296 22,336 11,865 12,064 12,752 13,410 5,126 5,204 5,367 5,521 2,642 2,923 3,080 3,405 14,678 16,390 17,040 19,735 11,526 12,981 13,197 15,127 2,670 2,905 3,342 4,114 1,626 1,916 2,035 2,187 1,123 1,008 1,171 1,241 1,820 2,105 1,358 1,903 5,238 5,976 6,266 6,571 2,079 1,817 1,830 2,516 Half year: 1962—Jan.-June. July-Dec.. 1963—Jan.-June. July-Dec.. 57,195 18,594 11,214 13,037 49,011 18,958 3,319 8,810 60,728 19,761 10,950 13,526 ",120 51,848 20 3,465 9,242 6,358 6,808 6,602 7,043 2,578 2,845 2,676 2,940 1,468 1,756 1,649 1,898 9,991 7,937 11,798 9,209 7,737 6,111 9,016 7,373 1,997 1,579 2,535 1,588 1,162 914 1,273 992 592 639 602 661 596 1,179 724 947 5,379 805 5,766 1,044 1,030 1,252 1,264 1,213 Month: 1963—Mar Apr May June July. Aug Sept Oct....... Nov Dec 11,545 7,248 11,323 13,980 4,693 10,960 11,652 4,423 9,617 10,503 123 200 933 48 189 730 66 140 413 52 216 303 229 188 221 175 148 158 139 150 107 110 106 95 117 108 104 123 106 103 147 129 109 128 186 103 140 104 142 272 1,720 1,603 1,204 292 245 229 202 207 59 103 180 215 157 458 210 225 147 203 141 262 195 954 109 180 184 196 101 87 108 148 102 177 126 944 1,960 246 170 202 Withheld Other Fiscal vear—1960.. 95,078 31,675 1961.. 97,242 242 32,978 32 1962.. 101,865 36,246 1963.. 109,739 38,719 13,271 13,175 14,403 14,269 1964—Jan Feb Mar R.R. 3,182 973 5,642 3,272 1,295 5,607 3,210 1,404 5,429 3,176 745 4,371 651 2,033 381 179 2,140 247 113 406 6,081 551 443 5,511 574 386 3,603 557 396 3,726 1,081 1,022 ,192 ,171 ,179 ,207 ,165 ,156 ,065 ,271 438 446 499 507 453 495 466 561 466 499 279 258 311 267 297 345 300 285 371 300 1,526 1,177 3,998 1,422 775 3,199 1,197 652 2,145 1,240 1,361 936 3,026 1,337 540 2,424 1,097 490 1,699 1,147 6,628 1,432 11,525 6,105 12,168 3,222 2,441 870 770 583 451 6,654 ,087 ,112 ,121 385 382 283 320 264 542 3,382 1,678 294 2,393 1,527 Cash payments to the public Total 5 National defense Intl. affairs Space research Agriculture Natural resources Commerce and transp. Fiscal year—1960. . 1961.. 1962.. 1963.. 94,328 99,542 107.662 U3J751 45,915 47,685 51,462 53,429 1,574 2,153 2,492 2,242 401 744 1,257 2,552 4,877 5,183 5,942 7,266 1,822 2,101 2,223 2,456 4,819 5,107 5,487 5,777 1,440 -103 1,691 -268 19,107 22,364 23,975 25,698 Half year: 1962—Jan.-June. July-Dec.. 1963—Jan.-June. July-Dec.. 53,773 58,101 55,650 61,502 27,331 26,123 27,306 26,359 1,367 1,032 1,024 1,528 1,857 2,547 4,446 2,816 4,314 1,016 1,386 1,067 1,455 2,591 214 3,099 1,028 2,681 - 1 , 2 9 4 3,657 1,857 Month : 1963—Mar Apr May June July Aug Sept Oct Nov Dec 8,922 9,669 9,989 9,321 10,045 11,287 9,549 10,740 9,812 10,069 4,609 4,572 4,575 4,835 4,263 4,456 4,246 4,670 4,164 4,560 225 284 74 289 -7 152 186 239 242 220 250 271 281 299 270 285 287 342 301 372 529 501 590 367 818 915 621 882 446 632 153 166 176 213 215 295 265 253 209 216 406 386 449 641 502 643 650 682 561 619 -310 9,848 9,393 9,390 4,385 4,311 4,425 251 204 131 355 317 359 701 610 541 192 179 171 394 424 446 -12 Period 1964—Jan.... . . . Feb Mar 855 875 775 1963 1962 Item II III IV II 1964 III Housing Health, & com- labor & munity welfare devel. -74 -161 380 464 274 274 264 82 499 -383 -101 26 .5 27 . 0 27 .3 28 .1 Net - .5 - .7 For notes, see opposite page. 27. 1 29. 2 -2. Interest General Govt. 1,052 1,214 5,907 6,187 6,092 5,971 7,233 7,257 6,940 7,427 1,558 1,724 1,882 1,983 12,515 12,349 13,348 13,150 601 562 651 561 3,019 2,956 3,010 2,954 3,595 3,580 3,846 3,845 939 983 1,000 1,084 2,227 2,278 2,117 2,185 2,217 2,099 2,129 2,274 2,201 2,230 110 452 93 93 98 109 126 88 83 68 87 411 476 419 513 481 476 503 489 492 325 305 158 155 201 167 204 171 183 169 171 186 2,448 2,357 2,377 127 120 140 703 468 499 867 945 1962 IV III Seasonally adjusted Cash budget: Receipts. . Payments. Veterans Education 1,314 319 227 1,474 285 348 1,239 273 269 1,396 365 1964 1963 III IV 263 178 181 IV Not seasonally adjusted 27 .4 28 27 . 8 28 . 2 28 .7 30 . 4 28 9 30. 2 29.5 30.4 31.0 27.8 - .8 - .4 - 1 .7 j 3 -1.0 3.2 26.0 28.5 -2.5 23.0 29.6 28.2 26.5 32.6 29.1 27.3 30.9 24.5 30.6 30.3 28.6 -6.6 1.7 3.4 -3.5 -6.1 1.7 600 U.S. GOVERNMENT SECURITIES MAY 1964 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issue 5 Total gross debt i End of period Total gross direct debt 2 3 Marketable Convertible bonds Total Bills Total Certificates Notes Bonds 4 Nonmarketable Special issues 6 Total 5 Savings bonds 8.9 56.9 59.5 6.1 48.2 52.1 7.0 20.0 29.0 1941 Dec 1945—Dec 1947 Dec 64.3 278.7 257.0 57.9 278.1 256.9 50.5 255.7 225.3 41 6 198.8 165.8 2.0 17.0 15.1 38.2 21.2 6.0 23.0 11.4 33.6 120.6 118.0 1956 Dec 1957—Dec 1958—Dec 1959 Dec 276.7 275.0 283.0 290.9 276.6 274.9 282.9 290.8 228.6 227.1 236.0 244.2 160.4 164.2 175.6 188.3 25.2 26.9 29.7 39.6 19.0 34.6 36.4 19.7 35.3 20.7 26.1 44.2 80.9 82.1 83.4 84.8 10.8 9.5 8.3 7.1 57.4 53.4 52.1 48.9 56.3 52.5 51.2 48.2 45.6 45.8 44.8 43.5 I960 Dec 1961—Dec 1962 Dec 290 A 296.5 304.0 290.2 296.2 303.5 242.5 249.2 255.8 189.0 196.0 203.0 39.4 43.4 48.3 18.4 5.5 22.7 51.3 71.5 53.7 79.8 75.5 78.4 5.7 4.6 4.0 47.8 48.6 48.8 47.2 47.5 47.5 44.3 43.5 43.4 1963 Apr May 303.7 305.8 306.5 305.5 307.2 307.3 307.1 308.9 310.1 309.3 C311.1 310.4 308.4 303.2 305.2 305.9 304.8 306.5 306.6 306.4 308.2 309.3 308.6 310.4 309.6 307.6 257.6 257.6 257.2 257.2 257.0 258.0 259.2 260.5 261.6 262.6 263.2 262.2 261.4 204.3 204.1 203.5 203.5 203.2 204.3 205.3 206.6 207.6 208.6 209.2 208.2 207.4 49.4 49.7 47.2 47.2 47.2 48.2 49.7 50.5 51.5 52.5 53.6 52.5 51.0 21.8 22.2 22.2 22.2 17.0 15.5 15.5 10.9 10.9 10.9 4.2 4.2 4.2 53.0 52.1 52.1 52.2 58.6 54.1 53.7 58.7 58.7 56.4 64.5 64.5 65.1 80.1 80.1 82.0 81.9 80.5 86.5 86.5 86.4 86.4 88.7 87.0 87.0 87.0 3.5 3.5 3.5 3.5 3.4 3.4 3.3 3.3 3.2 3.2 3.2 3.2 3.1 49.7 50.0 50.2 50.3 50.3 50.4 50.6 50.7 50.7 50.8 50.8 50.8 50.9 48.1 48.2 48.3 48.4 48.5 48.6 48.7 48.8 48.8 48.9 49.0 49.1 49.1 41.6 43.6 44.8 43.7 45.5 44.7 43.3 43.6 43.7 41.9 42.9 43.2 42.0 July Aug Sept Oct . . . . . Dec 1964—Jan Feb Mar Apr * Includes non-interest-bearing debt (of which $363 million, on Apr. 30, 1964, was not subject to statutory debt limitation) and guaranteed securities, not shown separately. 23 Excludes guaranteed securities. Includes amounts held by U.S. Govt. agencies and trust funds, which totaled $14,421 million on Mar. 31, 1964. 4 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. 5 Includes Series A investment bonds, depository bonds, armed forces leave bonds, adjusted service bonds, foreign currency series, foreign series, Rural Electrification Administration bonds, and before 1956, tax6 and savings notes, not shown separately. Held only by U.S. Govt. agencies and trust funds. NOTE.—Based on Daily Statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by the public Held by— End of period Total gross debt U.S. Govt. agencies and trust funds i F.R. banks Total Commercial banks Mutual savings banks Insurance companies Other corporations State and local govts. Individuals Other Savings bonds securities Foreign and international2 Other misc. investor 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 1956—Dec 1957—Dec 1958—Dec 1959—Dec I960—Dec 1961—Dec 1962—Dec 276.7 275.0 283.0 290.9 290.4 296.5 304.0 54.0 55.2 54.4 53.7 55.1 54.5 55.6 24.9 24.2 26.3 26.6 27.4 28.9 30.8 197.8 195.5 202.3 210.6 207.9 213.1 217.6 59.5 59.5 67.5 60.3 62.1 67.2 67.2 8.0 7.6 7.3 6.9 6.3 6.1 6.1 13.2 12.5 12.7 12.5 11.9 11.4 11.5 19.1 18.6 18.8 C 22.8 20.1 19.7 20.1 16.3 16.6 16.5 18.0 18.7 18.7 19.5 50.1 48.2 47.7 45.9 45.7 46.4 46.9 15.4 15.8 15.3 C 22.1 19.1 18.5 18.3 7.8 7.6 7.7 12.0 13.0 13.4 15.3 8.4 9.0 8.9 10.1 11.2 11.6 12.7 1963—Mar Apr May June July Aug Sept Oct Nov Dec 1964—Jan Feb Mar 303.5 303.7 305.8 306.5 305.5 307.2 307.3 307.1 308.9 310.1 309.3 C 311.1 310.4 55.1 54.3 57.1 58.4 57.1 58.9 58.3 57.2 57.7 58.0 C 56.5 57.5 57.6 31.0 31.2 31.3 32.0 32.5 32.4 32.6 32.8 33.7 33.6 32.8 33.2 33.8 217.4 218.2 217.4 216.1 215.9 215.9 216.4 217.2 217.5 218.5 220.0 220.5 219.0 64.7 65.1 63.9 64.4 63.3 61.7 63.0 63.1 62.7 64.1 r 62.6 61.9 61.2 6.3 6.1 6.1 6.1 6.1 6.1 6.0 5.8 5.8 5.8 5.9 6.0 6.1 11.2 11.1 11.0 10.8 10.9 10.9 11.0 11.0 11.0 11.0 11.1 11.0 10.9 20.7 21.0 22.2 20.2 20.5 21.3 19.6 20.4 21.6 20.7 22.0 23.0 22.0 20.1 20.5 20.5 20.7 20.9 21.2 20.9 20.7 20.3 20.8 21.0 21.4 21.9 47.3 47.3 47.4 47.5 47.6 47.7 47.7 47.8 48.0 48.1 48.1 48.2 48.3 19.1 18.4 18.0 18.1 18.4 18.4 18.7 18.8 18.9 18.8 19.2 r 19.4 19.7 15.4 15.6 15.9 15.8 15.6 15.9 16.0 15.9 16.0 15.9 15.9 H5.9 15.4 12.7 13.0 12.5 12.5 12.6 12.7 13.5 13.6 13.2 13.3 14.2 13.6 13.6 1 Includes the Postal Savings System. 2 Includes investments of foreign balances and international accounts in the United States. 3 Includes savings and loan assns., dealers and brokers, nonprofit institutions, and corp. pension funds. NOTE.—Reported data for F.R. Banks and U.S. Govt. agencies and trust funds; Treasury estimates for other groups. MAY 1964 U.S. GOVERNMENT SECURITIES 601 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year 1-5 years 5-10 years 10-20 years Over 20 years 40,984 39,034 37,864 31,496 31,496 66,360 61,640 58,487 63,392 63,413 19,782 33,983 35,682 36,053 36.047 11,976 4,565 8,357 8,356 8,356 13,419 15,539 15,642 16,372 16,363 583 865 1,366 1,470 1,279 669 726 478 277 278 1,860 1,425 1,910 1,929 1,926 1,594 2,731 3,021 3,165 3,180 1,756 2,022 2,583 2,936 17,650 17,741 22,580 18,734 19,312 3,349 2,723 4,146 3,728 4,295 14.301 15,018 18.434 15.006 15.017 8,737 10,834 8,658 12,149 12,161 2,227 2,094 2,136 2,067 2,075 204 68 88 88 88 63 83 131 131 134 158,600 162,553 162,089 163.893 162;449 65,526 67,952 64,979 64,565 63,175 39,512 44,662 46,027 48,352 46,974 26,014 23,290 18,952 16,213 16,201 55,763 49,381 47,919 49,314 49,326 15,961 29,158 30,525 30,821 30,792 10,016 3,188 6,091 6,074 6,073 11,334 12,873 12,575 13,119 13.083 Commercial banks: 1961—Dec. 31.. 1962—Dec. 31 1963—Dec. 31 1964— Feb. 29.. Mar. 31 59,073 58,004 54,881 52,977 52,355 21,149 19,885 16,703 14,403 14,017 9,962 9,838 9,290 8,299 7,984 11,187 10,047 7,413 6,104 6,033 30,751 26,348 26,107 26,574 26,465 5,043 11,163 11,075 10,938 10,849 1,724 191 533 531 532 407 417 463 531 492 Mutual savings banks: 1961—Dec. 31 1962—Dec. 31 1963—Dec. 31 1964—Feb. 29 Mar. 31 5,867 5,793 5,502 5,671 5,750 868 635 690 723 752 181 252 268 404 427 505 383 422 319 325 1,514 1,337 1,211 1,367 1,415 1,708 2,210 2,009 1,986 1,984 662 306 377 372 372 1,298 1,305 1,215 1,223 1.227 Insurance companies: 1961—Dec. 31 1962—Dec. 31 1963—Dec. 31 1964—Feb. 29 Mar. 31 9,020 9,265 9,254 9,242 9,146 1,228 1,259 1,181 1,143 1,042 442 552 549 565 481 786 707 632 578 561 2,222 2,175 2,044 1,976 1,924 1,625 2,223 2,303 2,364 2,416 1,274 718 939 929 927 2,671 2,890 2,787 2,829 2,837 10.547 10,750 10,427 11,780 10,589 8,697 9,063 7,671 9,085 7,922 5,466 6,551 6,178 7,488 6,290 3,231 2,512 1,493 1,597 1,632 1,747 1,524 2,397 2,203 2,198 72 149 290 369 351 22 5 9 10 9 9 60 113 109 Savings and loan associations: 1961—Dec. 31 1962—Dec. 31 1963—Dec. 3 1 . . . . 1964—Feb. 29 Mar. 31. 2.760 2,862 3.253 3,336 3,349 446 437 378 368 388 155 254 236 279 300 291 183 142 89 895 817 919 1,015 1,010 617 1,030 1,202 1,215 1,221 371 105 253 253 251 431 473 501 486 479 State and local governments: 1961—Dec. 31 1962—Dec. 31 1963—Dec. 3 1 . . 1964—Feb. 29 Mar. 31 10,893 11,716 12,453 14,929 15,197 3,974 4,447 4,637 5,397 5,462 2,710 3,282 3,869 4,569 4,694 1,264 1,165 768 828 768 1,320 1,059 941 1,736 1,893 842 ,505 ,502 ,800 ,830 1,250 688 1,591 1,693 1,697 3,507 4.017 3,782 4.303 4,314 All others: 1961—Dec. 1962—Dec. 1963—Dec. 1964—Feb. Mar. 60,440 64,162 66,320 65,958 66,063 29,346 32,227 33,719 33,446 33,593 20,596 23,935 25,637 26,746 26,796 8.750 8,292 8,082 6,700 6,796 17,314 16,121 14,301 14,443 14,419 6,054 10,877 12,144 12,149 12,140 4,713 1,175 2,389 2,286 2,284 3,012 3,761 3,767 3,634 3,626 Type of holder and date All holders: 1961—Dec. 1962—Dec. 1963—Dec. 1964—Feb. Mar. 31 31.... 31 . 29.. 31 U.S Govt. agencies and trust funds: 1961—Dec. 31 1962—Dec. 3 1 . . . . 1963—Dec. 31 1964—Feb. 29.. .. . Mar. 31. Federal Reserve Banks; 1961—Dec. 3 1 . . . . 1962—Dec. 3 1 . . . . 1963—Dec. 3 1 . . . . 1964—Feb. 29 Mar. 31 Held by public: 1961—Dec. 31 1962—Dec. 31 1963—Dec. 31 1964—Feb. 29 Mar. 31 Nonfinancial corporations: 1961—Dec. 31 1962—Dec. 3 1 . . 1963—Dec. 31 1964—Feb. 29 Mar. 31 31 31 31 29 31... Total Total Bills Other 195,965 203,011 207,571 209,218 208,223 84,428 87,284 89,403 85,046 84,044 43,444 48,250 51,539 53,550 52,548 8,484 9,638 11,889 12,157 12,004 1,252 1,591 1,844 1,747 1,557 28,881 30,820 33,593 33,169 33.770 NOTE.—Direct public issues only. Based on Treasury Survey of Ownership. Data complete for U.S. Govt. agencies and trust funds and F.R. Banks but for other groups are based on Treasury Survey data. Of total marketable issues held by groups, the proportion held on latest date and the number of reporting owners surveyed were: (1) about 90 per cent by the 6,048 commercial banks, 504 mutual savings banks, and 786 insurance 309 178 194 195 3,122 3.146 cos. combined; (2) about 50 per cent by the 469 nonfinancial corps, and 488 savings and loan assns.; and (3) about 70 per cent by 506 State and local govts. Holdings of "all others," a residual, include holdings of all those not reporting in the Treasury Survey, including investor groups not listed separately. 602 U.S. GOVERNMENT SECUMTIES MAY 1964 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By type of customer By maturity Period U.S. Govt agency securities Dealers and brokers Total Within 1 year 1-5 years 5-10 years Over 10 years U.S. Govt. securities mercial banks Other All other 1963—Mar Apr May June July Aug Sent Oct Nov Dec ,694 1,788 1,639 1,574 1,775 1,308 1,799 1,575 1,713 719 1,241 1,438 1,160 1,208 1,440 1,060 1,280 t ,261 1,300 1,348 224 195 282 168 172 139 207 144 252 213 149 105 127 165 134 88 214 124 131 122 79 50 69 33 29 21 100 46 29 37 544 509 529 471 556 401 522 467 480 508 39 33 30 26 27 15 36 31 28 30 657 757 601 584 727 507 733 637 662 730 454 488 479 493 464 384 509 439 544 451 91 91 81 108 95 88 140 91 117 96 1964—Jan Feb Mar 2,144 1,809 1,685 1,656 1,336 361 264 272 213 159 145 81 65 56 31 687 528 563 36 29 22 905 737 657 516 516 443 99 91 86 1,890 1,617 1,428 1,627 J.5O9 1,294 1,145 1,264 215 222 185 232 115 74 79 90 51 28 19 41 641 528 494 542 23 24 24 21 713 658 568 619 513 407 342 445 97 69 59 109 2,078 2,091 1,834 1,826 1,483 1,715 ,673 .542 1,560 1,245 264 316 214 197 176 76 72 61 57 52 24 30 17 12 10 611 754 537 616 465 16 25 24 22 25 851 807 789 666 588 600 505 485 522 405 92 177 112 171 97 Week ending— 1964—Mar. 4 11 18 25 Apr 1 8 15 22 29 NOTE.—The transactions data combine market purchases and sales of U.S. Govt. securities dealers reporting to the F.R. Bank of N.Y. They do not include allotments of and exchanges for new U.S. Govt. securities, redemptions of called or matured securities, or purchases or sales of securi- ties under repurchase agreements, reverse repurchase (resale), or similar contracts. Averages of daily figures based on the number of trading days in the period. DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Period All maturities Within 1 year 1-5 years Over 5 years Commercial banks U.S. Govt. agency securities All sources Period Corporations 1 All other New York City Elsewhere 4,027 3,548 3,764 3,361 3,020 3,293 3,974 3,415 3,551 3,139 1,436 886 936 866 659 553 1,201 825 660 823 1,009 854 888 650 533 501 898 775 671 587 1,129 1,366 1,536 1,543 1,478 1,924 1,527 1,387 1,748 1,466 453 442 403 303 350 316 348 429 472 263 3,646 3,645 2,971 1,139 1,048 784 1,019 879 613 1,159 1,355 1,247 328 363 326 1963—Mar Apr May June July Aug Sept Oct Nov Dec 3,547 3,467 3,494 3,093 2,881 3,096 3,689 3,538 3,546 3,090 2,439 2,934 2,810 2,666 2,505 2,871 3,099 2,899 3,008 2,800 563 355 640 347 357 307 290 196 430 295 543 178 44 80 21 -82 300 444 108 -4 212 228 305 357 267 275 195 176 159 254 1964—Jan Feb Mar 3,582 3,475 2,775 3,218 2,787 2,486 272 468 323 92 219 -34 163 195 195 5.. 12.. 19.. 26.. 3,708 3,628 3,476 3,293 3,127 2,674 2,716 2,761 163 649 542 434 418 305 218 98 185 203 194 198 1964—Feb. 4.. 11. . 18.. 25.. 2,999 2,813 3,023 2,515 2,565 2,400 2,691 2,343 415 416 355 252 20 -3 -24 -80 202 195 181 194 5... 12. . . 19... 26... 3,506 3,980 3,815 3,463 1,153 1,314 1,063 817 915 1,019 951 758 1,091 1,199 1,416 1,595 347 448 385 292 Mar. 4... 11... 18... 25... 3,085 2,979 3,292 2,819 756 771 988 720 603 482 725 589 1,459 1,456 1,210 1,138 267 270 369 372 1963—Mar May!!!.'.'! June July Aug Sept Oct Nov Dec 1964—Jan Feb Mar Week ending— 1964—Feb. Mar. 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. 1 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. 603 OUTSTANDING SECURITIES MAY 1964 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, APRIL 30, 1964 (In millions of dollars) Issue and coupon rate Treasury bills May 7,1964 May 14, 1964 May 21, 1964 May 28, 1964 June 4,1964 June 11, 1964 June 18, 1964 June 22, 1964 i June 25, 1964 July 2, 1964 July 9, 1964 July 15, 1964 July 16,1964 July 23, 1964 July 30, 1964 Aug. 6,1964 Aug. 13, 1964 Aug. 20, 1964 Aug. 27, 1964 Aug. 31, 1964 Sept. 3, 1964 Sept. 10, 1964 Sept. 17, 1964 Sept. 24, 1964 Sept. 30, 1964 Oct. 1,1964 Oct. 8, 1964 Amount Issue and coupon rate Amount Treasury bills—Cont. Oct. 15, 1964 Oct. 22, 1964 Oct. 29, 1964 Oct. 31, 1964 Nov. 30, 1964 Dec. 31, 1964 Jan. 31, 1965 Feb. 28, 1965 Mar. 31, 1965 2,100 2,103 2,001 2,003 2,102 2,101 2,102 2,501 2,112 2,101 2,101 Certificates 1,998 May 15, 1964 2,001 2,001 Treasury notes 2,002 May 15, 1964 900 May 15, 1964 Aug. 15, 1964 901 Aug. 15, 1964 901 Oct. 1,1964 902 Nov. 15,1964 1,001 Nov. 15, 1964 902 900 Apr. 1,1965 899 May 15, 1965 900 May 15, 1965 1,002 Aug. 13,1965 901 Aug. 13, 1965 900 Oct. 1,1965 900 901 900 1,000 1,005 1,000 1,000 1,001 1,001 3*4 4,198 4% 3% 5 334 li/i 4% 334 \y2 4% 3% 378 3% IV2 4,400 2,016 2,045 4,086 490 3,867 5,961 466 1,816 7,977 6,202 1,066 315 1 Tax anticipation issue. Issue and coupon rate Treasury notes—Cont. Nov. 15, 1965 3i/i Feb. 15, 1966 35/8 Apr. 1,1966 iy2 Aug. 15, 1966 4 Oct. 1,1966 U/2 Feb. 15, 1967 3% Apr. 1,1967 IVi Aug. 15, 1967 334 Oct. 1,1967 iy2 Apr. 1,1968 11/2 Oct. 1,1968 IV2 Apr. 1,1969 iy 2 Treasury bonds June 15, 1962-67... 2 V2 Dec. 15, 1963-68... 21/2 June 15, 1964-69...2V2 Dec. 15, 1964-69... 21/2 Feb. 15, 1965 25/8 Mar. 15, 1965-70.. .2y 2 May 15,1966 3% Aug. 15, 1966 3 Nov. 15, 1966 33/8 Mar. 15, 1966-71... iy2 June 15, 1967-72...2Vi Sept. 15, 1967-72...21/2 Nov. 15, 1967 35/s Dec. 15, 1967-72... 2 Vi Amount Issue and coupon rate Amount Treasury bonds—Cont. May 15. 1968 3% Aug. 15, 1968 334 Nov. 15, 1968 3% Feb. 15, 1969 4 Oct. 1,1969 4 Aug. 15, 1970 4 Aug. 15, 1971 4 Nov. 15, 1971 3% Feb. 15, 1972 4 Aug. 15, 1972 4 Aug. 15, 1973 4 Nov. 15, 1974 3% May 15, 1975-85.. AVA June 15, 1978-83...3V4 Feb. 15, 1980 4 Nov. 15, 1980 31/2 May 15, 1985 3*4 Feb. 15, 1990 3% Aug 15, 1987-92... 4*4 Feb. 15, 1988-93 4 May 15, 1989-94... 4 H Feb. 15, 1995 3 Nov. 15, 1998 31/2 2,954 5,653 675 5,820 357 3,475 270 4,433 457 212 115 2 1,460 1,814 2,628 2,540 3,976 2,417 2,8612 1,024 1,851 1,405 1,305 1,952 Convertible bonds 3,604 Investment Series B 2,745 Apr. 1, 1975-80... 2 % NOTE.—Direct public issues only. Treasury. 2,460 3,747 1,591 1,844 2,537 4,129 2,806 2,760 2,344 2,579 3,894 2,244 1,218 1,587 2,610 1,914 1,129 4,909 365 250 1,560 2,477 4,442 3,126 Based on Daily Statement of U.S. FEDERALLY SPONSORED AGENCIES, MARCH 31, 1964 Agency, type and date of issue, and coupon rate Federal home loan banks Notes: June 17, 1963 Apr. 15, 1963 Aug. 15,1963 July 16, 1963 Sept. 16, 1963 Oct. 15, 1963 Dec. 9,1963 Feb. 17, 1964 Bonds: June 17, 1963 Sept. 17, 1962 Dec. 9,1963 Maturity 3.40 3.30 3.70 3y2 3.95 3.90 4.00 3% Mar. Apr. May June July Aug. Sept. Nov. 16, 15, 15, 15, 15, 17, 15, 16, 1964 1964 1964 1964 1964 1964 1964 1964 Amount (millions of dollars) 253 435 330 326 413 300 564 175 3y2 334 4Vs Oct. 15, 1964 Sept. 15, 1965 Aug. 15, 1966 460 175 200 Federal National Mortgage Association— secondary market operations Debentures: May 10, 1961 3% Sept. 11, 1961 4 Dec. 11, 1961 3% Dec. 10, 1957 43/8 Sept. 10, 1962 334 Dec. 12, 1960 4y8 Mar. 10, 1958 35/8 Apr. 10, 1959 4% Apr. 11, 1960 4% Sept. 12, 1960 4Vs Aug. 23, 1960 4Vs Sept. 11, 1961 41/2 Feb. 10, 1960 5V6 Dec. 11, 1961 43/8 June 12, 1961 4l/4 Feb. 13, 1962 4% May 11, 1964 Sept. 10, 1964 Dec. 11, 1964 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 87 144 111 98 108 93 87 88 146 119 64 98 100 100 146 198 Banks for cooperatives Debentures: Oct. 1,1963 Dec. 2,1963 Feb. 3,1964 Maturity 3.80 3% 3.90 Apr. 1, 1964 June 1, 1964 Aug. 3, 1964 193 196 197 Amount (millions of dollars) Federal intermediate credit banks Debentures: July 1,1963 Aug. 1,1963 Sept. 3, 1963 Oct. 1,1963 Nov. 4, 1963 Dec. 2,1963 Jan. 2,1964 Feb. 3,1964 Mar. 3, 1964 3.45 3.65 334 3V& 3% 3.95 4.00 3.90 3.90 Apr. 1, 1964 May 4, 1964 June 1, 1964 July 1, 1964 Aug. 3, 1964 Sept. 1, 1964 Oct. 1, 1964 Nov. 2, 1964 Dec. 1, 1964 232 223 197 188 178 203 256 315 278 Federal land banks Bonds: Apr. 20, 1963 Aug. 8,1963 Dec. 10, 1960 Oct. 20, 1960 June 20, 1961 Apr. 2,1961 May 1,1958 Sept. 20, 1961 Feb. 15, 1957 May 1, 1962 Oct. 1,1957 Oct. 22, 1963 Apr. 1,1959 May 1,1963 Feb. 2,1959 July 15, 1957 Feb. 1,1960 Feb. 14, 1958 Jan. 5,1960 May. 1, 1956 Sept. 14, 1956 Feb. 20, 1963 Feb. 20, 1962 4»/2 3% 4 4 4 3y 8 3*4 414 4% 4 4V2 4i/ 8 414 4 45/8 4% 5V% 3V2 5V& 3% 3% 4Vs 4l/2 Apr. 20, 1964 Aug. 20, 1964 Oct. 20, 1964 Oct. 20, 1965 Dec. 20, 1965 Feb. 21, 1966 May 2, 1966 July 20, 1966 Feb. 15, 1967-72 May 22, 1967 Oct. 1, 1967-70 Oct. 23, 1967 Mar. 20, 1968 June 20, 1968 Mar. 20, 1969 July 15, 1969 Feb. 20, 1970 Apr. 1, 1970 July 20, 1970 May 1, 1971 Sept. 15, 1972 Feb. 20, 1973-78 Feb. 20, 1974 147 215 142 160 115 150 108 193 72 180 75 174 86 186 100 60 82 83 85 60 109 148 155 Tennessee Valley Authority Short-term notes NOTE.—These securities are not guaranteed by the U.S. Govt.; see also NOTE to table at top of following page. Agency, type and date of issue, and coupon rate Bonds: Nov. 15, 1960 July 1,1961 Feb. 1,1962 35 4.40 4% 4l/2 Nov. 15, 1985 July 1, 1986 Feb. 1, 1987 50 50 45 604 CREDIT AGENCIES; SECURITY ISSUES MAY 1964 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal National Mortgage Assn. (secondary market operations) Federal home loan banks Liabilities and capital Assets End of period Advances to members Investments 1955 1956 1957 1958 1959 1,417 1,228 1 265 1,298 2,134 1960 1961 1962 Debentures 83 628 1,562 1,323 1,967 200 1,315 1,100 1,640 371 457 454 510 622 110 143 222 252 364 693 747 932 1,157 1,391 657 705 886 1,116 1,356 1,497 1 744 919 2,089 2,360 1,191 1 437 1,599 1,743 1,986 989 1,107 1,126 2 788 2,770 2,752 2,523 2,453 2,422 649 697 735 407 435 505 1,501 1,650 1,840 1,454 1,585 1,727 2 564 2,828 3,052 2 210 2,431 2,628 1.283 1.250 1,236 1,325 1,069 1,011 1,014 986 978 1.151 1,130 1,133 1,134 1,137 1,146 1,148 1,153 1,150 1.166 1,171 2,446 2,285 2,126 2,072 2,038 2,030 2,028 2,027 2,020 2,000 2,126 2,043 1,984 1,960 1,950 1,916 1,899 1,884 1,792 1,788 761 745 702 701 711 706 735 848 858 840 480 491 489 459 459 473 473 526 526 589 1,892 2,108 2,210 2,293 2,352 2,360 2,318 2,169 2,083 2,099 ,842 '.1,935 2,037 2,133 2,023 2,233 2,233 2,139 2,027 1,952 3,118 3,147 3,176 3,198 3,218 3,240 3,259 3,280 3,291 3,310 2,661 2.661 2,725 2,725 2,725 2,796 2,796 2,834 2,834 2,834 944 943 997 1,176 1,182 1,189 1,988 1,985 1,984 1,786 1,786 1,785 866 849 815 589 589 586 2,102 2,163 2,238 1,964 2,018 2,069 3,333 3,364 3,406 2,836 2,886 2,886 975 963 825 714 1,774 698 683 653 819 589 516 607 685 769 866 90 159 173 1,266 1,571 2,707 938 1,180 1,214 .974 :1,702 ,720 .937 ,525 ,511 .484 .537 1515 .906 62 87 75 159 94 70 96 131 96 159 2,003 1,908 2,035 2,770 2,816 3,036 3,299 3.599 3,599 4,363 1,730 1.622 1,709 101 86 86 3,961 3,631 3,622 765 1 027 908 999 1.093 62 62 63 75 103 1.981 2 662 3,479 1 m .153 1.531 1963—Mar.. Apr... May.. June.. July . Aug.. Sept. . Oct... Nov.. Dec... 2,514 2,635 2,740 3,270 3,548 3,758 4,024 4,226 4,290 4,784 1964—Jan... Feb... Mar.. 4,414 4,216 4,168 • Federal land banks Loans to cooperatives (A) Capital stock Bonds and notes Federal intermediate credit banks Debentures and notes (L) Member deposits Cash and deposits Banks for cooperatives Mortgage loans (A) 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, (L) Loans and discounts (A) Debentures Mortgage loans Bonds (L) (A) (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) Issues for new capital Type of issuer Type of issue Period Total General obligations Revenue PHAi U.S. Govt. loans State Special district Other 2 and stat. auth. Total amount delivered 3 7,526 7,697 5.447 4,782 1,778 2,407 187 332 115 1,993 176 1,686 1,371 4,162 2,121 3,890 1960 1961 1962 1963 7,292 8,566 8,845 10,538 4,771 5,724 5,582 5,855 2,095 2,407 2,681 4,180 302 315 437 254 125 120 145 249 1,110 1,928 1,419 1,620 1,984 2,165 2,600 3,636 4,198 4,473 4,825 5,281 7,102 8,301 8,732 10,496 855 1,018 957 961 1,074 928 764 480 1,265 754 495 446 649 697 443 423 462 394 333 679 401 401 389 215 ""1*38 244 503 623 444 240 122 567 310 85 20 16 16 15 28 21 14 25 20 43 9 100 265 160 168 131 78 187 94 143 185 69 347 333 208 424 517 431 287 73 424 208 126 407 420 589 368 426 419 290 314 698 362 299 975 817 597 646 208 162 31 8 215 213 323 189 438 415 1964—Jan Feb 140 1 1 Only bonds sold pursuant to 1949 Housing Act; secured by contract requiring the Public Housing Administration to make annual contributions to the local authority. 2 Municipalities, counties, townships, school districts. 3 Excludes U.S. Govt. loans. Based on date of delivery to purchaser (and payment to issuer) which occurs after date of sale. 4 Water, sewer, and other utilities. 5 Total Education 1958 1959 1963—Feb Mar Apr May.... June July.... Aug.. . . Sept Oct Nov Dec Use of proceeds 7,708 7,441 7,423 7,589 Roads and bridges Utilities 4 Housings Veterans' aid Other purposes 2,617 2,318 1,164 844 1,412 1,985 251 401 339 355 7,247 8,463 8,568 9,151 2,405 2,821 2,963 3,029 1,007 1,167 1,114 812 1,316 1,700 1,668 2,344 426 385 521 598 201 1,891 478 1,913 125 2,177 2,369 850 902 1,008 910 921 1,084 969 712 581 897 1,005 746 976 869 866 930 680 708 449 1,051 729 416 252 251 371 215 249 247 261 204 232 278 158 114 52 70 69 39 67 32 33 102 130 91 233 226 350 193 157 144 77 338 221 136 91 142 198 298 202 176 335 183 148 103 371 98 115 422 914 919 749 265 237 100 227 141 3 56 114 26 123 31 9 2 60 30 1,657 1,685 310 220 Includes urban redevelopment loans. NOTE.—The figures in the first column differ from those shown on the following page, which are based on Bond Buyer data. The principal difference is in the treatment of U.S. Govt. loans. Investment Bankers Assn. data; par amounts of long-term issues. Based on date of sale unless otherwise indicated. MAY 1964 605 SECURITY ISSUES TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues Proposed use of net proceeds all corporate issues 5 1 Noncorporate Corporate Period Total U.S. Govt. U.S. Govt.2 agency 3 U.S. State and local Bonds Total 4,225 6,118 6,332 3,557 3,777 3,839 3,320 3,632 636 411 571 531 2,301 10,749 10,384 9,663 2,516 12,661 12,447 11,784 1,334 11,372 10,823 9,907 2,027 9,526 9,392 8,578 721 663 915 814 364 214 549 135 10,154 8,081 13,147 9,425 10,770 9,016 12,237 10,872 4,806 4,706 4,487 4,714 3,275 4.720 4;529 6,158 409 449 436 342 1,664 9,924 9,653 8,758 895 3,273 12,874 11,979 10,829 1,150 1,318 10,572 9,814 8,323 1,491 1,022 12,081 10,553 8,993 1,561 271 895 757 ,528 548 1,273 832 1,244 1,133 710 656 784 992 732 1,376 259 499 380 550 459 279 336 283 511 183 626 289 774 452 694 675 431 319 501 481 549 751 17 17 26 17 38 35 39 5 34 54 30 871 692 338 279 533 413 i 169 5,446 572 7 6,958 2,321 7.449 707 7,681 1960 1961 1962 1963 27,541 7,906 35,494 12,253 29,975 8,590 31,616 7,213 1,672 1,448 1,188 1,168 7,230 8,345 8,558 10,107 579 302 869 891 148 810 989 915 902 1,072 789 726 452 1,282 688 141 82 62 131 25 78 100 4 10 5 13 642 1,363 1,049 1,340 1,246 810 756 871 1,116 891 1,459 1,006 810 14 991 779 425 396 716 409 2,252 413 398 347 394 333 357 1964—Jan.. Feb.. 2.486 2; 090 474 413 "186 459 200 483J Privately Pre- Complaced ferred Retirement of New Other Total money 6 pur- secuposes rities 8,002 9,957 9,652 7,190 22,405 5,517 30,571 9,601 34,443 12,063 31,074 12,322 2,166 2,830 2,927 2,783 5,054 2,089 1,980 1,673 2,977 2,117 2,312 Stock Total Publicly offered Other 4 Total 1956 1957 1958 1959 1963—Feb.. Mar. Apr.. May. June. July. Aug., Sept. Oct.. Nov. Dec. New capital 334 10,939 557 12,884 1,052 11,558 616 9,748 77 74 191 78 75 65 61 81 91 106 53 631 1,349 1,034 1,323 1,230 797 745 862 1,101 879 594 1,144 930 904 1,013 676 638 795 1,013 819 1,444 94 979 770 146 88 118 74 230 89 37 205 1,415 448 1,056 812 830 783 588 566 730 912 606 1,098 212 316 67 88 61 30 925 750 872 584 53 166 53 20 71 104 419 217 121 107 65 100 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing Period Commercial and miscellaneous Retirement of New New capital 8 secucapitals rities Transportation Retirement of New secucapital^ rities Public utility RetireNew ment of secucapitals rities Communication Retirement of New secucapitali rities Real estate and financial RetireRetireNew ment of ment of secusecu- capital 8 rities rities 1956 1957 1958 1959 3,336 4,104 3,265 1,941 243 49 195 70 682 579 867 812 51 29 13 28 694 802 778 942 20 14 38 15 2,474 3,821 3,605 3,189 14 51 138 15 1,384 1,441 1,294 707 21 4 118 1,815 1,701 1,014 1,801 17 67 47 6 1960 1961 1962 1963 1,997 3,708 3,020 3,312 79 306 204 190 794 1,095 832 774 30 46 29 55 672 680 551 873 39 26 30 83 2,754 2,892 2,357 1,935 51 104 445 699 1,036 1,427 1,281 726 378 10 356 2,401 2,176 1,773 2,933 71 36 39 144 1963—Feb.. Mar.. Apr.. May. June. July. Aug.. Sept.. Oct.. Nov.. Dec. 220 592 148 216 227 297 272 237 240 214 515 6 31 5 29 10 28 3 47 5 52 85 64 60 114 63 50 32 60 41 104 1 5 12 2 3 4 7 4 4 5 30 143 34 101 109 35 36 61 25 83 118 115 97 342 222 230 107 100 78 201 131 198 30 61 86 58 179 82 22 73 41 2 68 43 71 92 58 86 25 39 41 13 64 110 183 271 212 276 89 155 348 446 337 416 105 1 9 5 2 4 7 1 4 6 1964—Jan.. Feb.. 153 137 21 3 108 156 27 4 152 82 68 1 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 2 Includes guaranteed issues. 34 Issues not guaranteed. Foreign governments, International Bank for Reconstruction and Development, and domestic nonprofit organizations. 5 Estimated gross proceeds less cost of notation. 60 12 103 165 262 5 71 329 142 6 7 For plant and equipment and working capital. Beginning with 1957 this figure differs from that shown on the previous page because this one is based on Bond Buyer data. 8 All issues other than those for retirement of securities. NOTE.—Securities and Exchange Commission estimates of new issues maturing in more than 1 year sold for cash in the United States. 606 SECURITY ISSUES MAY 1964 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Common and preferred stocks Bonds and notes Period New issues Retirements New issues Net change Retirements New issues Net change Net change Retirements Invest. cos. 1 Other Invest. COS.* Other Invest. cos. 1 Other 1958 1959 14,761 12,855 5,296 4,858 9,465 7,998 9,673 7,125 3,817 3,049 5,856 4,076 2,018 2,353 3,070 3,377 515 785 964 1,024 1,503 1,568 2,106 2,354 I960 1961 1962 1963 13,084 16,745 13,490 15,050 5,033 6,967 6,249 8,818 8,051 9,778 7,241 6,232 8,072 9,225 8,593 10,546 3,078 4,090 3,566 4,979 4,994 5 134 5,028 5,567 2,288 3,259 2,788 2,541 2,724 4,261 2,109 1,963 869 1,811 1,123 1,521 1,086 1,696 1,561 2,318 1,419 2,078 1,665 1,020 1,638 2,566 1562 IV 3,423 1,576 1,848 2,503 960 1,543 511 409 286 330 225 79 1963 I II Ill IV 3,074 4,176 3,267 4,532 1,803 2,449 2,004 2,561 1,272 1,727 1,263 1,971 2,096 3,013 2,159 3,277 1,087 1,540 1,230 1,121 1,009 1,473 929 2,156 608 613 659 661 370 550 449 594 348 396 389 388 367 513 385 1,052 260 217 270 273 3 36 64 -458 548 -355 Type of issuer Manufacturing Commercial and other 2 Public utility Transportation 3 Period 1958 1959 1960 1961 1962 1963 Bonds & notes Stocks 2,191 316 -61 399 1,938 1,479 1,804 . . Bonds & notes Bonds & notes Stocks Real estate and financial 4 Communication Stocks Bonds & notes Stocks -93 Bonds & notes Stocks Bonds & notes Stocks 417 9 413 158 335 2 2,133 1,738 1,027 1,028 494 217 475 1,070 443 994 1,656 1,866 451 318 -403 -675 261 505 313 274 -91 -431 -173 -441 173 63 -61 316 -42 1 -34 -22 1,689 1,655 1,301 876 635 700 487 246 901 148 1,178 438 356 1,472 363 448 1,572 825 819 1,861 1,749 2,584 1,972 1,108 425 206 1962 IV 390 -83 78 -35 40 -11 316 69 308 97 410 268 1963 391 460 378 574 -102 -224 -60 -289 58 112 17 87 -18 -14 -27 -383 100 131 -95 180 -3 -31 27 -15 190 250 148 288 25 167 8 47 197 99 82 61 87 101 131 129 73 422 399 967 273 254 254 326 I II . Ill IV 1 Open-end and closed-end cos. 2 Extractive and commercial and misc. cos. 3 Railroad and other transportation cos. * Includes investment cos. NOTE.—Securities and Exchange Commission estimates of cash transactions only. As contrasted with data shown on p. 605, new issues exclude foreign and include offerings of open-end investment cos., sales of securities held by affiliated cos. or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 605. OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption of own shares Year Assets (market value at end of period) Month Sales 1 Redemptions 1952 1953 1954 783 672 863 196 239 400 587 433 463 3,931 4,146 6,110 309 5,801 1955 1956 1957 1958 1959 1,207 1,347 1,391 1,620 2,280 443 433 406 511 786 765 914 984 1,109 1,494 7,838 9,046 8,714 13,242 15,818 438 492 523 634 860 7,400 8,554 8,191 12,608 14,958 1960 1961 1962 1963 2,097 2,951 2,699 2,460 842 1,160 1,123 1,504 1,255 1,791 1,576 952 17,026 22,789 21,271 25,214 973 980 1,315 1,341 Net sales Cash Total 2 position 3 Sales Other Redemptions Net sales Total i Cash position 2 Other 1963—Mar... Apr... May.. June.. July... Aug... Sept... Oct.... Nov... Dec... 200 203 194 195 219 193 206 214 210 225 117 133 132 115 124 123 142 132 123 132 84 70 61 79 95 69 64 82 87 92 22,639 23,487 24,038 23,692 23,550 24,925 24,496 24,914 24,774 25,214 1,350 1,256 1,286 1,166 1,310 1,287 1,300 1,374 1,419 1,341 21,289 22,231 22,752 22,526 22,240 23,638 23,196 23,540 23,355 23,873 16,053 21,809 1964—Jan... Feb... 19,956 Mar... 23,873 294 219 263 183 165 184 110 55 79 25,854 26,334 26,863 1,383 1,380 1,403 24,471 24,954 25,460 1 Excludes shares issued to shareholders as capital gains and dividend distributions. 2 Market value at end of period less current liabilities. 3 Cash and deposits, receivables, all U.S. Govt. securities, and other short-term debt securities, less current liabilities. Sales and redemption of own shares Assets (market value at end of period) NOTE.—Investment Co. Institute data based on reports of members, which comprise substantially all open-end investment cos. registered with the Securities and Exchange Commission. Data reflect newly formed cos. after their initial offering of securities. MAY 1964 607 BUSINESS FINANCE SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1962 Industry 1959 1960 1961 1962 1963 1963 III III i IV IV Manufacturing Total (180 corps.): Sales Profits before taxes Profits after taxes Dividends Nondurable goods industries (79 corps.): 2 Sales Profits before taxes Profits after taxes Dividends Durable goods industries (101 corps.): 3 Sales Profits before taxes Profits after taxes Dividends Selected industries: Foods and kindred products (25 corps.): Sales Profits before taxes Profits after taxes Dividends Chemicals and allied products (21 corps.): Sales Profits before taxes Profits after taxes Dividends Petroleum refining (16 corps.): Sales Profits before taxes Profits after taxes Dividends Primary metals and products (35 corps.): Sales Profits before taxes Profits after taxes Dividends Machinery (25 corps.): Sales Profits before taxes Profits after taxes Dividends Automobiles and equipment (14 corps.): Sales Profits before taxes Profits after taxes Dividends 118,423 123,126 122,849 135,579 145,825 34,602 31,995 35,690 34,549 37,521 35,007 38,748 14,090 13,463 13,200 15,401 17,144 4,096 3,187 4,210 3,960 4,701 3,668 4,815 7,440 7,121 7,135 8,184 9,041 2,096 1,700 2,355 2,078 2,431 1,984 2,548 4,342 4,464 4,714 5,022 5,420 1,158 1,163 1,762 1,548 1,164 1,315 1,178 45,442 47,277 49,237 52,077 54,985 12,984 12,981 13,320 13,207 13,818 13,956 14,004 5,648 5,570 5,589 6,001 6,399 1,501 1,453 1,586 1,512 1,617 1,614 1,656 3,210 3,210 3,219 3,416 3,662 935 961 815 827 899 959 867 1,912 1,953 2,037 2,153 2,270 543 650 513 517 539 539 611 72,981 75,849 73,612 83,502 90,840 21,619 19,014 22,371 21,342 23,703 21,051 24,744 8,442 7,893 7,611 9,400 10,744 2,595 1,734 2,624 2,448 3,083 2,055 3,158 4,231 3,911 3,916 4,768 5,379 1,282 873 1,397 1,211 1,532 1,049 1,587 2,430 2,510 2,677 2,870 3,150 647 1,113 776 635 644 936 626 11,303 11,901 12,607 13,124 13,773 1,274 1,328 1,417 1,440 1,524 604 670 685 631 735 344 392 419 367 443 3,267 355 167 103 3,328 380 180 104 3,298 368 178 109 3,268 334 162 108 3,470 386 184 110 3,533 402 194 110 3,503 402 195 116 11,979 12,411 12,825 13,978 14,862 2,187 2,010 1,989 2,229 2,352 1,131 1,061 1,039 1,160 1,220 799 795 843 913 876 3,567 586 297 196 3,467 546 283 199 3,572 553 301 283 3,508 548 283 204 3,788 621 318 204 3,765 587 307 204 3,800 595 312 301 13,372 13,815 14,483 15,013 15,990 1,187 1,267 1,237 1,362 1,494 969 1,026 1,025 1,084 1,184 518 521 528 566 608 3,612 300 227 142 3,714 299 255 141 3,916 420 341 145 3,959 390 304 151 3,937 343 265 149 4,068 381 312 154 4,026 380 303 154 21,035 20,898 20,308 21,361 22,284 2,331 2,215 1,998 1,860 2,189 1,222 1,170 1,067 1,003 1,189 831 840 845 821 735 5,535 505 269 210 4,992 353 186 210 5,102 383 228 192 5,155 431 231 180 6,151 713 372 182 5,502 469 253 182 5,477 576 333 191 17,095 16 ,826 17,576 19,127 20,366 1,890 1,499 1,672 1,913 2,154 934 838 957 1,071 763 448 497 520 567 482 4,916 490 240 129 4,665 457 228 129 5,008 512 265 133 4,768 481 239 137 5,120 535 266 140 5,117 531 270 139 5,361 607 296 151 22,731 25 ,738 22,779 28,603 32,661 2,985 3 ,185 2,788 4,326 4,991 1,479 ,527 1,410 2,136 2,385 1,148 1,444 807 969 833 7,515 1,253 596 216 5,708 589 287 216 8,476 1,389 721 501 7,851 1,265 599 216 8,615 1,469 704 361 6,424 673 332 220 9,771 1,583 750 647 9,189 625 382 359 9,556 816 651 383 2,408 186 105 92 2,332 172 125 67 2,405 237 275 123 2,238 116 82 89 2,474 252 189 103 2,398 197 156 66 2,447 252 225 125 11,129 11,906 12,478 13,252 14,206 2,983 3,163 3,349 3,591 3,741 1,655 1,793 1,883 2,053 2,185 1,219 1,307 1,374 1,459 1,548 3,206 835 472 371 3,255 887 488 356 3,392 818 508 366 3,830 1,100 626 392 3,377 848 498 378 3,463 930 529 384 3,536 862 532 394 9,796 2,815 1,417 2,296 678 335 232 2,300 683 337 235 2,355 630 335 237 2,365 672 336 225 2,440 711 357 255 2,465 725 368 252 2,526 707 356 256 Public Utility Railroad: Operating revenue Profits before taxes Profits after taxes Dividends Electric power: Operating revenue Profits before taxes Profits after taxes Dividends Telephone: Operating revenue Profits before taxes Profits after taxes Dividends 9,825 845 578 406 7,572 2,153 1,073 743 9,514 648 445 385 8,111 2,326 1,155 806 8,615 2,478 1,233 867 1 Figures have not been adjusted for the varying treatment by individual cos. of additional depreciation under the new guidelines and of the2 investment tax credit. Includes 17 cos. in groups not shown separately. 3 Includes 27 cos. in groups not shown separately. NOTE.—Manufacturing corps. Data are obtained primarily from published co. reports. Railroads. Interstate Commerce Commission data for Class I linehaul railroads. Electric power. Federal Power Commission data for Class A and B electric utilities, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. 9,440 728 571 367 9,196 2,639 1,327 935 Telephone. Data obtained from Federal Communications Commission on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operating subsidiaries and the 2 affiliates. All series. Profits before taxes are income after all charges and before Federal income taxes and dividends. For description of series see June 1949 BULL., pp. 662-66 (manufacturing); Mar. 1942 BULL., p p . 215-17 (public utilities); and Sept. 1944 BULL., p. 908 (electric power). Back data available from Division of Research and Statistics. 608 BUSINESS FINANCE MAY 1964 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 ! Quarter 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 1962—1 II III.... IV.... 45.9 46.7 46.2 48.4 21.7 22.1 21.9 22.9 24.2 24.6 24.3 25.5 16.2 16.4 16.5 17.1 8.0 8.2 7.8 8.4 30.3 30.7 31.0 31.3 1960 1961 1962 1963 44.3 43.8 46.8 51.5 22.3 22.0 22.2 24.4 22.0 21.8 24.6 27.1 14.5 15.3 16.6 17.8 7.5 6.5 8.1 9.3 25.6 26.8 30.8 32.4 1963—1 , , II III.... IV'... 48.3 51.0 52.2 54.3 22.9 24.2 24.7 25.8 25.4 26.8 27.5 28.6 17.1 17.6 17.6 18.8 8.3 9.2 9.8 9.7 31.7 32.1 32.7 33.2 Year i Includes depreciation, capital outlays charged to current accounts, and accidental damages. Quarterly data are at seasonally NOTE.—Dept. of Commerce estimates, adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current liabilities Current assets End of period Net working capital Total Cash U.S. Govt. securities Notes and accts. receivable U.S. Govt. i Other Inventories Other Total Notes and accts. Accrued payable Federal income taxes U.S. Other Govt. i Other 1956 1957 1958 1959... 1960 1961.. 107.4 111.6 118.7 124 2 128.6 136.8 237.9 244.7 255.3 277.3 289.0 306.0 34.8 34.9 37.4 36.3 37.2 40.3 19.1 18.6 18.8 22 8 20.1 19.7 2.6 2.8 2.8 2 9 3.1 3.4 95.1 99.4 106.9 117.7 126.1 135.5 80.4 82.2 81.9 88 4 91.8 95.2 5.9 6.7 7.5 9 1 10.6 12.0 130.5 133.1 136.6 153 1 160.4 169.3 2.4 2.3 1.7 1 7 1.8 1.8 81.5 84.3 88.7 99.3 105.0 111.6 17.6 15.4 12.9 15.0 13.5 14.0 29.0 31.1 33.3 37.0 40.1 41.9 1962 141.3 144.0 320.5 325.9 37.5 41.0 19.0 20.1 3.4 3 6 146.4 146 5 100.5 100 9 13.7 13 7 179.2 181 9 117.7 119.8 14.6 14.9 45.0 45.1 144 9 147.1 149.7 152.4 327.7 334.7 341.6 348.9 36 9 38.0 38.5 41.4 20 7 20.2 19.6 20.7 3 5 3.3 3.4 3.5 148 7 153.1 157.8 159.6 102 7 104.0 105.8 107.3 15 2 16.0 16.6 16.4 182.8 187.6 192.0 196.6 1.9 2 0 2 3 2.5 2.5 2.5 120.2 123.8 126.6 130.3 14.1 14.2 15.1 16.2 46.2 47.1 47.7 47.6 III IV 1963—1 II Ill IV 1 Receivables from, and payables to, the U.S. Govt. exclude amounts offset against each other on corps.' books. NOTE.—Securities and Exchange Commission estimates; excludes banks, savings and loan assns., and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Period 1956 1957 1958. 1959 . . I960 1961 1962 1963 1964 2 1962—III IV 1963—1 II III IV 1964—I 2 II 2 Total Durable Nondurable 35.08 36.96 30 53 32.54 7.62 8.02 5.47 5.77 7.33 7.94 5 96 6.29 35.68 34.37 37.31 39.22 43.19 7.18 6.27 7.03 7.85 8.97 9.62 10.18 Transportation Mining Public utilities Communications Other i Total (S. A. annual rate) Railroad Other 1.24 1.24 .94 .99 1.23 1.40 .75 .92 1.71 1.77 1.50 2.02 4.90 6.20 6 09 5.67 2.68 3.03 2.62 2.67 8.36 7.37 7 20 8.21 7.30 7.40 7.65 7.84 8.75 .99 .98 1.08 1.04 1.04 1.03 .67 .85 1.10 1.38 1.94 1.85 2.07 1.92 2.06 5.68 5.52 5.48 5 65 6.01 3.13 3.22 3.63 3.79 8.44 8.46 9.52 10 03 1' .98 1.79 2.03 1.93 2.10 .28 .27 .24 .20 .50 .50 1.54 1.52 .87 .95 2.48 2.60 38.35 37.95 8.25 9.74 10.14 11.09 1.62 1.96 1.96 2.31 1.65 1.95 1.99 2.25 .24 .26 .27 .28 .21 .28 .29 .33 .39 .54 .45 .54 1.04 1.40 1.60 1.61 .85 .95 .93 1.06 2.26 2.41 2.64 2.72 36.95 38.05 40.00 41.20 9.15 10.99 1.81 2.32 1.84 2.13 .24 .29 .48 .28 .41 .68 1.12 1.51 3 37 3 66 41.25 42.70 1 1 Includes trade, service, finance, and construction. Anticipated by business. 2 NOTE.—Dept. of Commerce and Securities and Exchange Commission estimates for corp. and noncorp. business, excluding agriculture. MAY 1964 609 REAL ESTATE CREDIT MORTGAGE DEBT OUTSTANDING (In billions of dollars) Nonfanr i All properties End of period All holders Financial institutions 1 Other holders 2 U.S. agencies Individuals and others All holders Farm 1- to 4-family houses Multifamily and commercial properties 3 Finan. Other Total instiholdtutions 1 ers Finan. Other Total instiholdtutions 1 ers All holders FinanOther cial insti- holders 4 tutions 1 1941 1945 37.6 35.5 20.7 21.0 4.7 2.4 12.2 12.1 31.2 30.8 18.4 18.6 11.2 12.2 7.2 6.4 12.9 12.2 8.1 7.4 4.8 4.7 6.4 4.8 1.5 1.3 4.9 3.4 1957 1958 1959 1960 156.5 171 8 190.8 206.8 119.7 131 5 145.5 157.6 7.4 7 8 10.0 11.2 29.3 32.5 35.3 38.0 146.1 160 7 178.7 194.0 107.6 117 7 130.9 141.3 89.9 98.5 109.2 117.9 17.7 19 2 21.6 23.4 38.5 43 0 47.9 52.7 25.8 28 8 31.9 35.0 12.7 14 2 16.0 17.7 10.4 11 1 12.1 12.8 4.0 4.2 4.5 4.7 6.4 6.9 7.6 8.2 1961 1962* 1963* 226.3 251.6 280.9 172.6 192.5 216.9 11.8 12.2 11.2 41.9 47.0 52.9 212.4 236.4 264.2 153.1 166.5 182.2 128.2 140.4 156.0 24.9 26.0 26.2 59.3 69.9 82.0 39.4 46.6 54.8 19.9 23.4 27.2 13.9 15.2 16.8 5.0 5.5 6.2 8.9 9.7 10.6 1962—I* II* Ill* IV* 231.1 237.8 244.5 251.6 176.0 181.5 186.8 192.5 12.1 12.1 12.1 12.2 42.9 44.3 45.6 47.0 216.8 223.1 229.6 236.4 155.3 159.1 162.9 166.5 130.0 133.7 137.1 140.4 25.3 25 5 25.8 26.0 61.5 64 0 66.7 69.9 40.9 42.6 44.3 46.6 20.6 21.5 22.3 23.4 14.2 14.7 14.9 15.2 5.1 5.3 5.4 5.5 9.1 9.4 9.6 9.7 1963—I* 257.1 265.1 273.1 280.9 197.2 204.1 210.6 216.9 11 8 11.2 11.1 11.2 48.1 49.9 51.4 52.9 241 6 249.0 256.5 264.2 169.2 173.7 178.2 182.2 143.3 147.9 152.2 156.0 25 9 25.8 26.0 26.2 72 4 75.3 78.3 82.0 48 3 50.3 52.3 54.8 24 1 25.0 26.0 27.2 15 5 16.1 16.5 16.8 5.6 5.9 6.1 6.2 9 9 10.2 10.5 10.6 n* Ill* IV* 1 Commercial banks (including nondeposit trust cos. but not trust depts.), mutual savings banks, life insurance cos., and savings and loan assns. 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin., and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Other U.S. agencies (amounts small or current separate data not readily available) included with "individuals and others." 3 Derived figures; includes small amounts of farm loans held by savings and loan assns. * Derived figures; includes debt held by Federal land banks and Farmers Home Admin. NOTE.—Based on data from Federal Deposit Insurance Corp., Federal Home Loan Bank Board, Institute of Life Insurance, Depts. of Agriculture and Commerce, Federal National Mortgage Assn., Federal Housing Admin., Public Housing Admin., Veterans Admin., and Comptroller of the Currency. Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings End of period Mutual savings bank holdings Residential Total Total 1941 1945 ! FHAinsured VAguaranteed Residential Conventional 3,292 3,395 1957 1958 1959 I960 4,906 4,772 23,337 25,523 28,145 28,806 17,147 18,591 20,320 20,362 4,823 5,476 6,122 5,851 3,589 3,335 3,161 2,859 8,735 9 780 11,037 11,652 1961 1962 1963 30,442 34,476 39,414 21,225 23,482 26,476 5,975 6,520 7,105 1961—11 Ill IV. 29,383 29,920 30,442 20,595 20,953 21,225 1962 I . II Ill IV 30,844 32,194 33,430 34,476 1963—1 II Ill IV 35,243 36,939 38,360 39,414 Other nonfarm Farm Total Total FHAinsured VAguaranteed Conventional 1,048 856 566 521 4,812 4,208 3,884 3,387 4,823 5,461 6,237 6,796 1,367 1,471 1,588 1,648 21,169 23 263 24,992 26,935 19,010 20 935 22,486 24,306 2,627 2,654 2,862 12,623 7,470 14 308 8,972 16,509 10,611 1,747 2,022 2,327 29,145 32 320 36,224 26,341 8,045 9,267 9,028 29 181 9,238 9,787 10,156 32,718 10,684 10,490 11,544 5,820 5,905 5,975 2,726 2,676 2,627 12,049 12,372 12,623 7,072 7,227 7,470 1,716 1,740 1,747 28,015 28,589 29,145 25,318 25,892 26,341 7,634 7,811 8,045 9,192 9,231 9,267 21,211 22,049 22,824 23,482 6,003 6,195 6,376 6,520 2,547 2,593 2,617 2,654 12,661 13,260 13,831 14,308 7,817 8,219 8,628 8,972 1,816 1,927 1,978 2,022 29,833 30,638 31,484 32,320 26,940 27,632 28,464 29,181 8,340 8,662 8,984 9,238 23,846 24,958 25,855 26,476 6,627 6,861 7,007 7,105 2,651 2,837 2,870 2,862 14,568 9,270 15,260 9,740 15,978 10,203 16,509 10,611 2,127 2,241 2,302 2,327 33,368 34,309 35,191 36,224 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 commercial and mutual savings banks in the United States 2 Other nonfarm Farm 900 797 2,102 2,275 2,451 2,575 2,753 3,088 3,454 57 53 55 54 8,492 8,850 9,028 2,645 2,646 2,753 51 51 51 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 30,143 9,724 10,046 10,373 30,969 10,023 10,218 10,728 31,775 10,328 10,335 11,112 32,718 10,684 10,490 11,544 3,174 3,290 3,365 3,454 51 50 51 52 4,669 5,501 6,276 7,074 7,790 8,360 8,589 8,986 6,551 7,073 7,622 8,246 28 24 51 51 52 and possessions; first and third quarters, estimates based on FDIC data for insured banks beginning in 1962. For earlier years the basis for first and third quarter estimates included F.R. commercial bank call data and data from National Assn. of Mutual Savings Banks. 610 REAL ESTATE CREDIT MAY 1964 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 1 Total Other i Total 6,442 6 636 6,751 7,443 8,273 9,032 7,721 7,433 7,086 6,901 44,203 46,902 50,543 41,033 43,502 46,753 9,665 10,176 10,790 6,553 6,395 6,411 24,815 26,931 29,552 3,170 3,400 3,790 71 97 81 78 68 84 62 63 56 58 88 47,311 47,618 47,910 48,165 48,421 48,665 48,964 49,233 49,536 49,813 50,543 43,889 44,156 44,407 44,616 44,831 45,028 45 294 45,522 45,799 46,057 46,753 10,301 10,388 10,444 10,483 10,501 10,510 10,564 10,604 10,658 10,711 10,790 6,398 6,399 6,418 6,428 6,432 6,428 6,419 6,402 6,393 6,395 6,411 27,190 27,369 27,545 27,705 27,898 28,090 28,311 28,516 28,748 28,951 29,552 3,422 3,462 3,503 3,549 3,590 3,637 3,670 2,711 3,737 3,756 3,790 107 90 50,828 51,126 47,010 47,271 10,857 10,923 6,418 6,423 29,735 29,925 3,818 3,855 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 3 930 407 438 498 464 35,236 37,062 39,197 41,771 1961 1962 1963 6,785 7,478 9,006 6,233 6,859 8,134 1,388 1,355 t.576 220 469 680 4 625 5,035 5,878 552 619 872 1963 Feb r . Mar Apr May 523 705 705 713 725 821 766 716 774 680 1,236 452 608 624 635 657 737 704 653 718 622 1,148 100 125 126 129 117 140 140 134 147 126 172 44 63 68 73 54 57 50 48 52 54 69 308 420 430 433 486 540 514 471 519 442 907 745 705 638 615 141 140 61 54 436 421 .. 1 Certain mortgage loans secured by land on which oil drilling or extracting operations in process were classified with farm through June 1959 and with "other" nonfarm thereafter. These loans totaled $38 million on July 31, 1959. 913 776 32,652 34,395 36,370 38,789 1957 1958 1959 I960 1964 Jan Feb Other 815 1 394 976 July . . . . Aue Sept Oct Nov Dec Farm VAguaranteed 5,529 5 860 1941 1945 653 FHAinsured c 4,714 4 466 c 18,180 19,519 21,011 22,856 2,584 2,667 2,827 2,982 C figures may not add to annual totals and for loans outstanding, the end-of-Dec. figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and because data for year-end adjustments are more complete. NOTE.—Institute of Life Insurance data. For loans acquired, the monthly MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS (In millions of dollars) Loans outstanding (end of period) Loans made Period Total i New construction (In millions of dollars) Home FHApur- Total 2 inchase sured Total i By type of lender (N.S.A.) N.S.A. Savings & loan assns. Insurance companies Commercial banks Mutual savings banks 1941 1945 4,732 5,650 1,490 2,017 404 250 1,165 1,097 218 217 Period VAConguarvenanteed tional 2 S.A. 2 1941 1945 1,379 1,913 437 181 581 1,358 4,578 5,376 1957 1958 1959 1960 10,160 12,182 15,151 14,304 3,484 4,050 5,201 4,678 4,591 5,172 6,613 6,132 40,007 45,627 53,141 60,070 1,643 2,206 2,995 3,524 7,011 7,077 7,186 7,222 31,353 36,344 42,960 49,324 1957 1958 1959 I960 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 J 429 1,640 1,780 1,557 1961 1962 1963 17,364 20,754 24,734 5,081 5,979 7,038 7,207 68,834 8,524 78,770 9,920 90,849 4,167 4,476 4,685 7,152 57,515 7,010 67,284 6,960 79,204 1961 1962 1963 31,157 34,187 36,925 13,662 15,144 16.716 1,160 1,212 1,339 4 997 5,851 6,354 2,061 1,834 2,058 2,199 2,242 2,341 2,428 2,196 2,387 1,856 2,118 573 622 651 638 619 623 642 685 502 620 81,042 82,103 83,281 84,525 85,628 86,836 87,933 89,051 89,857 90,849 4,535 4,547 4,581 4,587 4,621 4,635 4,662 4,679 4,683 4,685 7,045 7,068 7,089 7,047 7,084 7,085 7,058 7,028 6,980 6,960 Jan Feb Mar Apr May 2,658 2,424 2,751 3,065 3,233 3,177 3,515 3,525 3,177 3,534 2,880 2,987 1,143 1,086 1,261 1,412 L,497 1,468 .606 1.611 1,442 1,594 1,271 1,322 100 88 99 112 116 119 127 123 116 125 103 110 457 408 467 539 563 551 595 612 546 616 495 504 141 123 126 145 168 181 218 212 190 206 184 166 1,716 1,712 2,078 434 474 625 696 91,453 674 92,163 786 93,070 4,705 4,705 4,706 6,931 79,817 6,902 80,556 6,876 81,488 2,758 1,170 103 483 145 666 760 854 936 1,003 1,071 928 977 757 776 69,462 70,488 71,611 72,891 73,923 75,116 76,213 77,344 78,194 79,204 1964 Jan Feb Mar.p * Includes loans for repairs, additions and alterations, refinancing, etc. not shown separately. 2 Beginning with 1958 includes shares pledged against mortgage loans. NOTE.—Federal Home Loan Bank Board data. QS7 1963 1963 Mar Apr May June July Aug Sept Oct Nov Dec 1,741 . ... July Sept Oct Nov Dec 2,876 2,869 2,907 2,986 3,066 3,121 3,183 3,213 3,189 3,134 3,149 3,059 1964 Jan 1 Includes amounts for other lenders, not shown separately. 2 Three-month moving average, seasonally adjusted by Federal Reserve. NOTE.—Federal Home Loan Bank Board data. MAY 1964 611 REAL ESTATE CREDIT MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMILY PROPERTIES GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE (In millions of dollars) (In billions of dollars) VA-guaranteed FHA-insured Mortgages Period Total 1945 665 New homes Existing homes 257 217 Projects i 20 Property imTotal 3 prove-2 New ments homes 171 End of period Total Existing homes 192 1956 1957....... 1958 1959 3,461 3,715 6,349 7,694 1,133 880 1,666 2,563 1,505 1,371 2,885 3,507 130 595 929 628 692 869 868 997 5,868 3,761 1,865 2,787 3,910 2,890 1,311 2,051 1,948 863 549 730 1960 1961 1962. 1963 6,293 6,546 7,184 7,216 2,197 1,783 1,849 1,664 2,403 2,982 3,421 3,905 711 926 1,079 843 982 855 834 804 1,985 1,829 2,652 3,045 1,554 1,170 1,357 1,272 428 656 1,292 1,770 ,. Governmentunderwritten Mortgages 1963—Mar. Apr., May, June, July. Aug. Sept. Oct.. Nov. Dec, 546 540 562 590 640 653 617 734 577 601 137 120 123 118 142 136 138 160 127 142 279 273 292 301 369 372 367 407 317 345 73 86 72 86 72 60 46 88 55 63 57 62 75 85 56 86 66 79 78 52 219 245 260 226 265 278 267 316 258 255 106 114 108 91 98 103 103 119 100 106 113 130 151 135 167 175 165 196 158 149 1964—Jan.. Feb.. Mar. 666 534 600 162 126 126 381 314 357 62 48 59 61 46 58 268 201 208 114 81 84 153 120 124 ConvenFHA- VA- tional inTotal guarsured anteed 1945 18.6 4.3 4.1 .2 14.3 1956 1957 1958 1959 99.0 107.6 117.7 130.9 43.9 47.2 50.1 53.8 15.5 16.5 19.7 23.8 28.4 30.7 30.4 30.0 55.1 60.4 67.6 77.0 1960 1961 1962 1963^ 141.3 153.1 166.5 182.2 56.4 59.1 62.0 65.2 26.7 29.5 32.3 35.0 29.7 84.8 29.6 93.9 29.7 104.5 30.2 117.0 1962—1 II Ill IV 155.3 159.1 162.9 166.5 59.9 60.4 61.0 62.0 30.3 30.9 31.5 32.3 29.6 95.4 29.5 98.7 29.5 101.9 29.7 104.5 1963—IP IIP III? IV* 169.2 173.7 178.2 182.2 62.8 63.5 64.3 65.2 33.0 33.5 34.3 35.0 29.8 30.0 30.0 30.2 .. 106.4 110.2 113.9 117.0 NOTE.—For total debt outstanding, figures are FHLBB and F.R. estimates. For conventional, figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing Admin, and Veterans Admin. 1 Monthly figures do not reflect mortgage amendments included in annual totals. Not ordinarily secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. 2 FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Mortgage holdings Endof period Total FHAinsured VAguaranteed 978 Mortgage transactions (during period) Purchases Sales 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 1960. 1961. 1962 1963. 6,159 6,093 5,923 4,650 3,356 3,490 3,571 3,017 2,803 2,603 2,353 1,634 1,248 357 576 815 541 631 740 290 498 1 ,114 355 191 5,501 5,227 4,993 4,883 4,795 4,752 4,720 4,702 4,677 4,650 3,375 3,269 3,164 3,114 3,069 3,050 3,034 3,033 3,021 3,017 2,126 1,958 1,828 1,769 1,727 1,703 1,686 1,669 1,656 1,634 28 28 26 32 19 23 21 23 15 24 191 268 213 102 74 29 10 5 7 19 289 281 272 251 183 185 183 190 196 191 1963- —Mar ... May . ••• June July Aug . Sept . . . . . . . . Oct Nov Dec 1964- ~jan Feb Mar 4,624 4,613 4,598 3,006 3,011 3,016 1,618 1,603 1,582 623 5 3 48? 1,907 5 609 1,096 21 24 27 11 4 11 360 764 1,541 568 Period Ad- Repayments Total Short- Longterm ! term 2 Members deposits 1945 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 2,134 798 685 1,192 430 534 613 942 683 653 819 589 1960 1961 1962 1963 1,943 2,882 4,111 5,601 2,097 200 294 296 1,981 2,662 3,479 4,784 1,089 1,447 2,005 2,863 892 1,216 1.474 1,921 938 1,180 1,213 1,151 1963—Apr.. May. June. July. Aug., Sept. Oct.. Nov. 425 382 696 710 466 517 610 363 754 304 277 166 432 256 251 408 299 259 2,635 2,740 3,270 3,548 3,758 4,024 4,226 4,290 4,784 1,516 1,585 1,876 2,139 2,296 2,493 2,588 2,611 2,863 1,119 1,155 1,393 1,409 1,462 1,531 1,638 1,679 1,921 1,250 1,236 1,325 1,069 1,011 1,014 986 978 1,151 1964—Jan.. 467 225 339 573 837 424 387 296 4,414 4,216 4,168 4,444 2,653 2,500 2,406 2,463 1,762 1,716 1,763 1,982 944 943 977 957 Dec. 189 188 192 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. Advances outstanding (end of period) Commitments undisbursed Feb.. Mar. Apr.. 731 1 2 Secured or unsecured loans maturing in 1 year or less. Secured loans, amortized quarterly, having maturities of more than 1 year but not more than 10 years. NOTE.—Federal Home Loan Bank Board data. 612 CONSUMER CREDIT MAY 1964 TOTAL CREDIT (In millions of dollars) Noninstalment Instalment End of period Total Total Automobile paper Other consumer goods paper Repair and modernization loans * Personal loans Total Singlepayment loans Charge accounts Service credit 1939 1941 1945 7,222 9 172 5,665 4,503 6 085 2,462 1,497 2,458 455 1,620 1 929 816 298 376 182 1,088 1 322 1,009 2,719 3,087 3,203 787 845 746 1,414 1,645 1,612 518 597 845 1956 1957 1958 1959 42,334 44,970 45,129 51,542 31 720 33,867 33,642 39,245 14,420 15,340 14,152 16,420 8 606 8,844 9,028 10 630 1 905 2,101 2,346 2 809 6,789 7,582 8,116 9,386 10,614 11,103 11,487 12,297 3,253 3,364 3,627 4,129 4,995 5,146 5,060 5,104 2,366 2,593 2,800 3,064 I960 1961 1962 1963 56,028 57,678 63 164 69,890 42,832 43,527 48 034 53,745 17,688 17,223 19,540 22,199 11 525 11,857 12 605 13,766 3,139 3,191 3 246 3,389 10,480 11,256 12 643 14,391 13,196 14,151 15,130 16,145 4,507 5,136 5,456 5,959 5,329 5,324 5,684 5,871 3,360 3,691 3,990 4,315 62,149 63,167 64 135 64,987 65,491 66,308 66,538 67,088 67,746 69,890 48,075 48,806 49 484 50,307 50,894 51,526 51,718 52,257 52,695 53,745 19,930 20,376 20,794 21,236 21,593 21,819 21,725 21,971 22,107 22,199 12,149 12,197 12 272 12,422 12,459 12 607 12,702 12,845 13,046 13,766 3,177 3,200 3,245 3,281 3,316 3,357 3,377 3,400 3,407 3,389 12,819 13,033 13 173 13,368 13,526 13,743 13,914 14,041 14,135 14,391 14,074 14,361 14,651 14,680 14,597 14,782 14,820 14,831 15,051 16,145 5,539 5,562 5,674 5.709 5,683 5,789 5,844 5,830 5,894 5,959 4,374 4,581 4,793 4,783 4,760 4,839 4,833 4,898 4,999 5,871 4,161 4,218 4,184 4,188 4,154 4,154 4,143 4,103 4,158 4,315 69,203 68,786 68,913 53,597 53,552 53,795 22,189 22,271 22,471 13,638 13,467 13,451 3,354 3,335 3,321 14,416 14,479 14,552 15,606 15,234 15,118 5,900 5,958 6,002 5,339 4,805 4,634 4,367 4,471 4,482 1963—Mar Apr May June July. . Aug SeDt Oct Nov Dec 1964—Jan Feb Mar 1 Holdings of financial institutions; holdings of retail outlets are included in "other consumer goods paper." NOTE.—Consumer credit estimates coyer loans to individuals for household, family, and other personal expenditures, except real estate mortgage loans. The estimates include data for Alaska beginning with Jan. 1959 (except for instalment credit held by sales finance cos.) and for Hawaii beginning with Aug. 1959. For a description of the series see Apr. 1953 BULL. Back data are availabe upon request. INSTALMENT CREDIT (In millions of dollars) Financial institutions End of period Total Total Commercial banks Sales finance cos. ConCredit sumer Other i unions finance * 1939 1941 1945 4,503 6,085 2,462 3,065 4,480 1,776 1,079 1,726 1,197 1,797 745 300 132 198 102 1956 1957 1958 1959 31,720 33,867 33,642 39,245 26,977 29,200 28,659 33,570 11,777 12,843 12,780 15,227 9,117 9,609 8,844 10,319 2,014 2,429 2,668 3,280 1960 1961 1962 1963 42,832 43,527 48,034 53,745 37,218 37,935 41,782 46,992 16,672 17,008 19,005 21,610 11,472 11,273 12,194 13,523 1963—Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 48,075 48,806 49,484 50,307 50,894 51,526 51,718 52,257 52,695 53,745 42,531 43,149 43,723 44,373 44,878 45,375 45,687 46,161 46,462 46,992 19,450 19,882 20,229 20,602 20,874 21,101 21,145 21,391 21,486 21,610 1964—Jan.. 53,597 53,552 53,795 47,300 47,454 47,653 21,630 21,799 21,919 Feb. Mar. 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 2,940 3,124 3,085 3,337 1,129 1,195 ,282 1,407 4,743 4,668 4,983 5,676 1,408 1,393 1,882 2,292 1,187 1,210 1,128 1,225 377 361 292 310 502 478 506 481 1.269 1,226 1,175 1,368 3,923 4,330 4,902 5,622 3,670 3,799 4,131 4,590 ,481 ,525 ,550 1,647 5,615 5,595 6,252 6,753 2,414 2,421 3,013 3,427 1,107 1,058 1,073 [,086 333 293 294 287 359 342 345 328 [,402 [,481 ,527 1,625 12,460 12,506 12,583 12,693 12,807 12,906 13,073 13,187 13,302 13,523 4,928 5,034 5,139 5,251 5,330 5,412 5,458 5,529 5,569 5,622 4,139 4,174 4,191 4,241 4,276 4,329 4,381 4,425 4,461 4,590 ,554 ,553 ,581 1,586 1,591 1,627 1,630 1,629 1,644 1,647 5,544 5,657 5,761 5,934 6,016 6,151 6,031 6,096 6,233 6,753 2,566 2,686 2,797 2,925 2,999 3,107 3,025 3,077 3,172 3,427 1,002 1,004 1,009 1,015 1,032 1,086 278 273 274 274 274 276 279 280 282 287 315 324 319 331 343 341 321 325 326 328 1,383 1,382 1,377 1,407 1,406 1,423 1,397 1,399 1,421 1,625 13,840 13,788 13,802 5,584 5,607 5,668 4,592 4,595 4,597 1,654 1,665 1,667 6,297 6,098 6,142 3,063 2,949 3,044 1,065 1,047 1,022 281 278 273 328 330 334 1,560 1,494 1,469 1 Consumer finance cos. included with "other" financial institutions until Sept. 1950. 2 Includes mail-order houses. Retail outlets 992 994 997 994 3 Automobile paper only; other instalment credit held by automobile dealers is included with "other" retail outlets. See also NOTE to table above. 613 CONSUMER CREDIT MAY 1964 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 Purchased Direct Other consumer goods paper Total Repair and modernization loans 1939 1941 1945 1 ,079 1 ,726 745 237 447 66 178 338 143 166 309 114 135 161 110 363 471 312 1956 1957 1958 1959 11 ,777 12 ,843 12 ,780 15 ,227 3 ,651 4 ,130 4 ,014 4 ,827 2,075 2,225 2,170 2,525 2,464 2,557 2,269 2,640 1 ,469 1 ,580 1 ,715 2 ,039 2,118 2,351 2,612 3,196 1960 1961 1962 1963 16 ,672 17 ,008 19 ,005 21 ,610 5 ,316 5 ,391 6 ,184 7 ,246 2,820 2,860 3,451 4,003 2,759 2,761 2,824 3,123 2 ,200 2 ,198 2 ,261 2 ,361 3,577 3,798 4,285 4,877 1963—Mar.. . Apr May... June... July... Aug.. . Sept.. . Oct Nov Dec... 19 ,450 19 ,882 20 ,229 20 ,602 20 ,874 21 ,101 21 ,145 21 ,391 21 ,486 21 ,610 6 ,386 6 ,549 6 ,695 6 ,849 6 ,976 7 ,073 7 ,072 7 ,177 7 ,218 7 ,246 3,592 3,699 3,794 3,869 3,922 3,936 3,903 3,951 3,984 4,003 2,866 2,895 2,930 2,973 2,986 3,012 3,033 3,073 3,084 3,123 2 ,209 2 ,229 2 ,258 2 ,286 2 ,312 2 ,336 2 ,352 2 ,370 2 ,373 2 ,361 4,397 4,510 4,552 4,625 4,678 4,744 4,785 4,820 4,827 4,877 1964—Jan... Feb... Mar.. . 21 ,630 21 ,799 21 ,919 7 ,246 7 ,275 7 ,364 4,016 4,052 4,102 3,134 3,226 3,195 2 ,333 2 ,316 2 ,303 4,901 4,930 4,955 1,363 164 115 167 24 148 201 58 56 66 54 1956 1957 1958 1959 9,117 9,609 8,844 10,319 7,238 7,393 6,310 7,187 1,277 1,509 1,717 2,114 32 31 36 72 570 676 781 946 1960 1961 1962 1963 11,472 11,273 12,194 13,523 7,528 6,811 7,449 8,228 2,739 3,100 3,123 3,383 139 161 170 158 ,066 ,201 ,452 ,754 1963—Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 12,460 12,506 12,583 12,693 12,807 12,906 13,073 13,187 13,302 13,523 7,514 7,639 7,778 7,934 8,069 8,153 8,099 8,163 8,210 8,228 3,307 3,214 3,136 3,069 3,011 2,986 3,157 3,186 3,233 3,383 164 162 162 162 162 161 161 161 160 158 ,475 ,491 ,507 ,528 ,565 ,606 ,656 ,677 ,699 ,754 1964—Jan.. Feb. Mar. 13,840 13,788 13,802 8,220 8,227 8,265 3,701 3,635 3,603 156 154 152 ,763 ,772 ,782 (In millions of dollars) Other consumer goods paper Repair and modernization loans Personal loans 789 957 731 81 122 54 24 36 20 15 14 14 669 785 643 1956 1957 1958 1959 6,083 6,748 7,035 8,024 954 1,114 1,152 1,400 624 588 565 681 404 490 595 698 4,101 4,555 4,723 5,244 1960 1961 1962 1963 9,074 9,654 10,583 11,859 1,665 1,819 2,111 2,394 771 743 751 835 800 832 815 870 5,837 6,257 6,906 7,760 1963—Mar Apr May June July Aug Sept Oct Nov Dec 10,621 10,761 10,911 11,078 11,197 11,368 11,469 11,583 11,674 11,859 2,123 2,165 2,208 2,253 2,283 2,316 2,330 2,355 2,369 2,394 747 755 764 111 789 799 802 815 822 835 804 809 825 833 842 860 864 869 874 870 6,947 7,032 7,114 7,215 7,283 7,393 7,473 7,544 7,609 7,760 1964—Jan Feb Mar 11,830 11,867 11,932 2,379 2,387 2,406 834 838 845 865 865 866 7,752 7,777 7,815 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. 878 300 modernization loans NONINSTALMENT CREDIT 1939 1941 1945 See NOTE to first table on previous page. Personal loans 1,197 1,797 (In millions of dollars) Total and 1939 1941 1945 INSTALMENT CREDIT HELD BY OTHER FINANCIAL INSTITUTIONS End of period Repair Automobile paper End of period See NOTE to first table on previous page. See NOTE to first table on previous page. Automobile paper Other consumer goods paper Total Personal loans Singlepayment Charge accounts los ins Service credit Other DeOther Credit finan- partretail cial 2 insti- ment outlets cards tutions stores i End of period Total 1939 1941 1945 2,719 3,087 3,203 625 693 674 162 152 72 236 275 290 1,178 1,370 1,322 1956 1957 1958 1959 10,614 11,103 11,487 12,297 2,843 2,937 3,156 3,582 410 427 471 547 893 876 907 958 3,842 3,953 3,808 3,753 260 317 345 393 2,366 2,593 2,800 3,064 1960 1961 1962 1963 13,196 14,151 15,130 16,145 3,884 4,413 4,690 5,047 623 723 766 912 941 948 927 895 3,952 3,907 4 252 4,456 436 469 505 520 3,360 3,691 3 990 4,315 1963—Mar. . Apr... May.. June.. July... Aug... Sept.. Oct... Nov. . Dec... 14,074 14,361 14,651 14,680 14,597 14,782 14,820 14,831 15,051 16,145 4,727 4,793 4,836 4,893 4,874 4,879 4,927 4,952 4,987 5,047 812 769 838 816 809 910 917 878 907 912 587 603 610 599 555 579 620 639 667 895 3,308 3,505 3,699 3,689 3,682 3,713 3,667 3,743 3,817 4,456 479 473 484 495 523 547 546 516 515 520 4,161 4,218 4,184 4,188 4,154 4,154 4,143 4,103 4,158 4,315 1964—Jan... Feb... Mar.. 15,606 15,234 15,118 4,991 5,036 5,076 909 922 926 782 655 614 4,014 3,590 3,485 543 560 535 4,367 4,471 4,482 Commercial banks 518 597 845 1 Includes mail-order houses. 2 Service station and misc. credit-card accounts and home-heating oil accounts. See NOTE to first table on previous page. 614 CONSUMER CREDIT MAY 1964 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Other consumer goods paper S.A.1 S.A.1 Repair and modernization loans Personal loans Period S.A.1 N.S.A. N.S.A. N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 1956 1957 1958 1959 39,868 42,016 40 119 48,052 15,515 16,465 14 226 17,779 11,721 11,807 11 747 13,982 1,582 1,674 1 871 2,222 11,051 12,069 12 275 14,070 1960 1961 1962 1963 49,560 48,396 55,126 60,822 17,654 16,007 19,796 22,013 14,470 14,578 15,685 17,007 2,213 2,068 2,051 2,178 15,223 15,744 17,594 19,624 Sept Oct Nov Dec 4,973 5,008 4,985 5,054 5,100 5,100 5,093 5,311 4,979 5,272 4,702 5,332 5,294 5,222 5,365 5,242 4,755 5,487 4,981 5,974 1 Rll ,870 ,847 ,820 ,854 ,802 ,730 ,910 .792 1,914 1,787 2,072 2,067 1,967 2,055 1,839 1,524 2,040 1,734 1,767 1 406 ,359 ,357 ,408 ,409 ,441 ,425 .457 1^432 1,523 1,238 1,355 1,386 1,410 1,393 1,456 1,384 1,547 1,517 2,094 180 187 188 186 191 185 181 188 168 172 160 195 218 199 214 213 193 205 169 154 1 576 ,592 ,593 ,640 ,646 ,672 ,757 ,756 ,587 ,663 1,517 1,710 1,623 1,646 1,703 1,734 1,654 1,695 1,561 1,959 1964 Jan Feb Mar 5,276 5,421 5,480 4,784 4,552 5,322 1,888 1,953 1,942 1,689 1,686 1,983 1,493 1,578 1,665 1,380 1,212 1,488 185 186 179 141 142 163 ,710 ,704 ,694 1,574 1,512 1,688 1963 Mar Apr May June July . Repayments 1956 1957 1958 1959 37,054 39,868 40,344 42,603 14,555 15,545 15,415 15,579 10,756 11,569 11,563 12,402 1 370 1,477 1,626 1,765 10,373 11,276 11,741 12,857 1960 1961 1962 1963 45,972 47,700 50 620 55,111 16,384 16,472 17,478 19,354 13,574 14,246 14,939 15,846 1,883 2,015 1 996 2,035 14,130 14,967 16,206 17,876 Sept Oct Nov Dec 4,496 4,487 4,544 4,568 4,591 4,619 4,752 4,780 4,596 4,812 4,479 4,601 4,616 4,399 4,778 4,610 4,563 4,948 4,543 4,924 1.546 1,585 1,611 1,588 1,603 1,607 1,659 1,676 1,638 1,707 1,535 1,626 1,649 1,525 1,698 1,613 1,618 1,794 1,598 1,675 1.324 1,276 1,294 1,317 1,330 1,326 1,347 1,362 1,324 1,384 1,339 1,307 1,311 1,260 1,356 1,308 1,289 1,404 1,316 1,374 170 170 170 167 171 170 174 170 167 177 168 172 173 163 179 172 173 182 162 172 1.456 1,456 1 469 1,496 1,487 1,516 1,572 1,572 i Afn 1,544 1,437 1,496 1,483 1,451 1,545 1,517 1,483 1,568 1,467 1,703 Jan Feb Mar 4,848 4,842 4,956 4,932 4,597 5,079 1,684 1,716 1,735 1,699 1,604 1,783 1,441 1,395 1,468 1,508 1,383 1,504 176 171 174 176 161 177 1,547 1 560 1,579 1,549 1,449 1,615 1963—Mar Apr May June July 1964 Net change in credit outstanding 2 1956 . 1957 1958 1959 2,814 2,148 -225 5,601 960 920 — 1 189 2,268 965 238 184 1,602 212 197 245 463 678 793 534 1,269 I960 1961 . 1962 1963 3 588 4 506 5 711 1 270 — 465 2 318 2 659 896 332 746 1 161 330 53 55 143 1 093 777 1,388 1 748 696 1963—Mar Apr May June JUly Aue Sept Oct Nov Dec 477 521 441 486 509 481 341 531 383 460 223 731 678 823 587 632 192 539 438 1,050 265 285 236 232 251 195 71 234 154 207 252 446 418 442 357 226 -94 246 136 92 82 83 63 91 79 115 78 95 108 139 -101 48 75 150 37 148 95 143 201 720 1964 428 579 524 -148 -45 243 204 237 207 -10 82 200 52 183 197 -128 -171 -16 Jan Feb Mar 1 Includes adjustment for differences in trading days. 2 Net changes in credit outstanding equal extensions less repayments except in 1959, when the differences do not reflect the introduction of outstanding balances for Alaska and Hawaii. NOTE.—Estimates are based on accounting records and often include financing charges. Renewals and refinancing of loans, purchases and 10 17 18 19 20 15 7 18 -5 9 15 5 -8 23 45 36 35 41 20 23 7 -18 120 136 124 144 159 156 185 184 120 119 80 214 140 195 158 217 171 127 94 256 -35 -19 -14 163 144 115 25 63 73 sales of instalment paper, and certain other transactions may increase the amount of extensions and repayments without affecting the amount outstanding. For a description of the series in this and the following table see Jan. 1954 BULL., pp. 9-17. Back data upon request. 615 CONSUMER CREDIT MAY 1964 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 Other financial institutions N.S.A. S.A.1 N.S.A. Retail outlets S.A.1 N.S.A. Extensions 1956 1957 1958 1959 39,868 42,016 40,119 48,052 14,463 15,355 14,860 17,976 9,619 10,250 9,043 11,196 9,148 9,915 9,654 10,940 6,638 6,495 6,563 7,940 1960...... 1961... 1962 1963 49,560 48,396 55,126 60,822 18,269 17,711 20,474 22,871 11,456 10,667 11,999 12,664 12,073 12,282 13,525 14,894 7,762 7,736 9,128 10,393 1963 Mar Apr May July Sept Oct Nov Dec 4,973 5,008 4,985 5,054 5,100 5,100 5,093 5,311 4,979 4,702 5,332 5,294 5,222 5,365 5.242 4,755 5,487 4,981 5,974 1.902 ,916 ,887 ,919 ,898 ,878 ,878 *£,000 1,877 ,963 1,840 2,133 2,074 2,010 2,066 1,920 1,744 2,061 1,766 1,889 1.022 ,032 1,042 1,016 1,054 1,051 1,021 1,115 1,030 1,134 957 1,094 1,107 1,076 1,159 1,094 5,276 4,784 4,552 5,322 1.928 2,043 2,006 1,825 1,786 2,011 1.125 l|l87 1,209 1,020 5,272 1964 Jan Feb Mar , 5,421 5,480 955 1,194 1,013 1,192 980 1,166 1,191 1,223 1.224 1,245 1,254 1,274 1,322 1,351 1,198 1,252 1,151 1,283 1.276 ,268 ,307 ,328 ,218 ,311 ,213 ,476 858 837 832 874 894 897 872 845 874 754 923 1,417 1.312 1 283 1,292 .157 1' 122 1,290 911 782 908 973 664 855 822 837 868 833 900 838 921 989 Repayments 1956 1957 1958 1959 1960 1961 1962 1963 , 1963_Mar Apr May June ., July Aug Sept Oct Nov Dec ,, 1964—Jan Feb Mar. 37,054 39,868 40,344 42,603 13,362 14,360 14,647 15,560 8,949 9,759 9,842 9,742 8,415 9,250 9,365 10,020 6,328 6,499 6,490 7,281 45,972 47,700 50,620 55,111 16,832 18,294 18,468 20,266 10,442 10,943 11,434 12,211 11,022 11,715 12,593 13,618 7,676 6,749 8,125 9,016 4,496 4,487 4,544 4,568 4,591 4,619 4,752 4,780 4,596 4,812 4,479 4,601 4,616 4,399 4,778 4,610 4,563 4,948 4,543 1.646 ,701 ,727 ,637 ,794 ,693 ,700 ,815 ,671 ,765 1,026 1,014 1,017 1,012 1,007 1,000 1,034 1,054 1,053 1,048 1,030 983 959 4,924 1.664 1,646 1,681 1,699 1,690 1,692 1,737 1.737 1,734 1,802 1,039 4,848 4,842 4,956 4,932 4,597 5,079 1,768 1,793 1,843 ,805 1,703 ,891 1,076 1,094 1,084 1.089 1,143 1,126 1,101 1,188 1,157 1,117 1,197 1,122 1,291 702 715 732 728 750 769 791 1,066 1,104 1,112 1,114 1,129 1,144 1,158 1,190 1,209 1,116 1,167 1,050 1.032 1,152 1,184 1,173 1,201 1,186 1,085 1,225 966 1,045 995 997 1,129 691 709 733 695 751 765 780 763 749 807 791 804 802 820 782 828 891 777 811 Net change in credit outstanding 2 1956 1957 1958 1959 . .. I960 1961 1962 1963 2,814 2,148 -225 5,601 3,588 1,176 1,066 696 July Sept Oct Nov....... Dec 1964 Jan Feb Mar 477 521 441 486 509 481 341 531 383 460 428 579 524 733 665 289 986 235 -75 315 693 1,446 1,152 1,051 335 — 199 921 1,329 578 932 -61 —20 656 501 1,997 2,605 4,506 5,711 1963—Mar Apr May 670 491 2,447 -765 1,475 -63 -96 46 77 110 114 99 167 114 115 116 62 140 150 167 110 116 132 142 82 171 101 114 91 223 731 678 823 587 632 192 539 438 186 141 263 143 194 432 347 373 272 227 44 246 95 1,050 161 124 190 221 85 185 -148 160 336 163 20 169 396 93 125 317 -52 128 120 14 91 -29 37 65 -45 243 208 1 Includes adjustment for differences in trading days. 2 Net changes in credit outstanding are equal to extensions less repayments except: (1) in 1959, when the differences do not reflect the introduction of outstanding balances for Alaska and Hawaii, and (2) in certain months when data for extensions and repayments have been adjusted to eliminate duplication resulting from large transfers of paper. In those 1,276 -4 18 25 4 47 51 196 110 108 238 270 206 220 87 111 110 110 119 156 122 100 146 144 128 63 113 104 173 82 135 -128 16 50 24 -120 -256 -456 -199 40 145 65 137 520 44 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. 616 INDUSTRIAL PRODUCTION: S.A. MAY 1964 MARKET GROUPINGS (1957-59= 100) Grouping Total index. Final products, total Consumer goods Equipment, including defense. . . Materials 1957-59 ^1963 proaverporage tion Mar. 1963 Apr. May June July Aug. 1964 Sept. Oct. Nov. Dec. Jan. r Feb. Mar. 100.00 124.3 121.3 122.5 124.5 125.8 126.5 125.7 125.7 126.5 126.7 126.9 127.4 127.8 128.2 124.8 125.1 124.2 123.6 122.4 123.1 120.7 120.2 122.1 122.5 120.4 122.9 47.35 32.31 15.04 52.65 123.5 124.1 122.1 125.7 125.2 125.9 123.8 126.6 125.9 126.2 126.5 127.9 128.0 126.4 126.7 128.0 128.2 124.8 125.3 126.2 127.7 127.6 126.7 125.1 125.0 125.5 125.8 128.4 128.2 128.8 125.4 128.3 128.5 128.0 126.2 127.9 128.5 126.7 127.7 128.2 128.3 127.8 128.2 Consumer goods Automotive products Autos Auto parts and allied products 3.21 141.1 136.3 137.6 137.1 145.3 141.1 134.8 138.0 146. 149.1 147.6 146.4 146.5 143.7 1.82 149.5 141.8 141.9 144.3 159.9 153.1 139.6 144.2 156.8 160.6 157.0 154.6 158.0 152.5 1.39 130.1 129.1 132.0 127.7 126.1 125.3 128.5 129.8 133.6 134.0 135.3 135.5 131.5 132.1 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 s h o e s . . . . 10.00 4.59 1.81 1.33 .47 1.26 1.52 5.41 123.0 129.4 124.7 130.1 109.4 131.3 133.6 117.5 121.3 127.3 123.2 126.7 113.4 127.4 131.9 116.2 120.6 126.9 123.6 125.6 118. 127.0 130.7 115.3 122.3 130.3 128.0 131.9 117. 130.7 132.6 115.5 123.6 131.0 129.1 133.7 116.0 132.8 131.7 117.4 123.9 130.1 126.0 130.6 112.9 133.8 131.9 118.7 125.1 132.0 130.2 136.8 111.4 133.6 133.0 119.2 125.5 132.3 130.4 136.9 112.0 131.6 135.2 119.7 126.2 131.3 126.6 131.8 112.0 133.2 135.4 121.8 126.9 132.8 129.4 135.2 113.1 134.1 135.9 121.9 126.5 133.6 128.1 132.6 115.6 134.3 139.5 120.5 127.1 134.0 127.5 130.7 118.6 135.1 140.8 121.2 128.0 136.7 130.9 135.3 118.6 135.8 144.4 120.7 128.4 136.5 128.9 132.6 118.5 137.7 144.5 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 .74 123.6 116.5 115.0 140.0 117.8 134.4 116.9 143.0 146.7 121.8 115.2 114.0 137.7 115.3 131.4 117.3 138.2 141.9 121.0 114.9 112.7 137.1 118.3 128.7 115.0 135.4 137.3 122.9 115.9 116.2 138.7 119.3 132.0 115.6 140.0 143.5 123.8 116.1 115.2 139.7 119.3 136.1 119.2 144.3 149.2 125.2 116.3 117.1 143.8 119.1 138.2 115.5 149.2 155.4 126.1 117.9 117.4 144.0 120.2 138.4 115.6 149.6 155.9 125.4 117.9 112.9 144.8 118.2 137.6 118.8 146.7 151.4 125.7 118.1 116.0 144.0 117.6 138.0 119.3 125.3 117.8 114.5 143.8 117.2 137.9 118.2 147.4 147. 150.8 151.1 125.8 119.0 115.7 143.4 120.9 135.7 117.2 144.7 151.9 126.2 120.1 114.8 142.2 120.3 136.9 115.9 147.2 155.1 125.7 119.1 118.0 140.1 123.4 135.0 117.6 143.4 149.2 125.2 118.8 11.63 6.85 2.42 1.76 .61 128.3 122.9 142.4 132.1 121.6 124.9 119.2 143.8 126.3 119.7 124.3 119.2 143.3 126.0 115.2 125.9 120.9 143.4 124.8 112.2 727.5 122.8 142.2 128. 122.0 129.0 123.6 142.4 135.3 116.6 130.1 124.9 141.5 134.6 118.8 131.0 125.6 141.6 140.7 122.0 132.0 126.6 141.2 140.6 130.7 132.1 127.4 139.0 139.7 131.9 133.2 128.6 140.2 137.2 129. 132.4 128.9 141.6 135.6 133.5 131.3 128.2 140.4 137.5 127.9 133.2 131.7 140.8 134.1 140.8 123.7 119.1 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.. . . 26.73 3.43 7.84 9.17 6.29 121.1 137.2 125.4 116.3 114.2 118.0 134.0 122.2 112.4 115.0 121.2 135.4 123.1 115.1 120.6 124.5 139.4 125.1 116.7 126.8 125.8 145.9 128.0 118.0 123.6 125.2 142.7 126.4 119.4 116.7 121.9 136.6 126.3 119.2 108.8 122.1 137.8 128.4 119.0 107.5 722.5 138.0 128.3 119.3 110.6 722.5 138.4 125.9 119.0 111.5 722.2 140.2 127.9 117.8 113.4 722.5 140.2 128.2 118.2 117.6 725.7 141.5 128.4 121.4 123.3 126.4 142.5 129.5 121.5 124.3 Nondurable materials Business supplies Containers General business supplies. Nondurable materials n.e.c.. 25.9. 9.11 3.03 6.07 7.40 126.2 120.1 120.3 120.1 145.1 122.6 117.8 121.5 115.9 140.2 124.7 119.0 116.1 120.4 143.2 126.9 121.6 120.3 122.2 145.0 127.3 121.6 121.1 121.8 145.3 128.3 119.8 119.9 119.8 147.6 128.4 121.7 119.7 122.7 147.0 128.0 121.2 118.2 122.7 147.9 725.5 121.5 122.6 121.0 149.8 72P.7 122.8 123.9 122.3 150.2 725.7 122.6 121.3 123.2 150.5 130.0 124.4 125.1 124.0 151.4 130.3 124.5 125.2 124. 153.2 729.5 123.6 123.7 123.6 153.7 9.41 6.07 2.86 2.32 1.03 1.21 .54 117.2 109.3 138.8 139.4 131.1 149.7 113.3 105. 134.7 135.3 124.2 147.5 115.6 108.0 135.9 136.5 130.3 144.6 117.9 110.5 138.3 139.0 132.6 147.6 118.8 111.5 138.7 139.2 132.2 148.3 121.2 114.0 141.9 143.0 136.5 151.8 120.4 113.8 140.4 141.0 132.5 151.4 119.1 112.1 139.4 139.7 133.1 148.4 118.7 110.5 141.2 141.9 134.2 151.7 118.6 109.9 141.9 142.5 133.5 153.5 117.5 108.0 142.0 143.3 134.5 154.1 118.5 109.1 143.0 144.1 134.8 155.5 118.1 117.0 108.2 106.3 143.8 145.0 135.6 156.4 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. 7.80 134.3 131.0 131.3 133.1 136.9 134.6 133.2 134.7 137.7 139.5 139.4 139.1 140.8 139.5 24.51 122.2 120.5 119.8 121.3 122.4 123.8 124.6 124.1 124.9 124.6 124.6 125.1 124.6 124.4 MAY 1964 617 INDUSTRIAL PRODUCTION: S.A. INDUSTRY GROUPINGS (1957-59= 100) Grouping 1957-59 *1963 proaverporage Mar. tion 1963 Apr. May June July Aug. 1964 Sept. Oct. Nov. Dec. Jan. r Feb.' Mar. 100.00 124.3 121.3 122.5 124.5 125.8 126.5 125.7 127.1 127.3 126.7 126.9 127.4 127.8 128.2 Total index Kfanufacturins total Durable Mining Utilities 86.45 48.07 38.38 8.23 5.32 124.7 124.4 125.1 107.8 140.7 121.9 121.5 122.5 105.4 136.4 123.1 122.8 123.4 107.4 135.7 125.2 125.6 124.8 108.5 139.1 126.4 127.4 125.2 109.4 141.3 126.8 127.0 126.4 111.3 145.3 125.9 125.0 127.2 111.3 144.6 126.1 125.3 127.1 110.3 142.8 127.1 126.3 128.1 109.1 143.9 127.5 126 6 128.6 107.5 144.5 127.9 127 0 128.9 106.6 143 3 128.2 127 9 128.6 108.3 144 9 128.8 128 7 128 9 108.1 143 6 129.2 129 4 128 9 107.2 144 0 12.32 6.95 5.45 1.50 5.37 2.86 117.6 113.1 109.5 126.3 123.4 120.2 115.1 111.9 111.5 123.7 119.3 115.4 120.1 120.1 121.8 121.0 120.2 116.8 125.6 127.4 129.3 124.2 123.3 120.9 125.5 125.8 126.1 125.5 125.1 123.0 124.0 122.8 117.1 123.5 125.6 124.2 116.8 109.4 102.6 126.4 126.4 124.5 115.5 107.7 100.0 129.4 125.6 123.7 116.4 108.4 100.0 103.5 126.8 122.8 116.7 109 5 103.5 132.9 126.0 121.5 117.0 110 4 104.9 134.7 125.6 121.8 119.8 113.6 108.3 132.2 127.7 123.1 122.5 118 6 114 5 139.5 127 6 123.6 124.0 120 2 118 1 139.0 129 0 126.1 27.98 14.80 8.43 6.37 10.19 4.68 5.26 1.71 1.28 128.6 129.1 126.7 132.2 127.0 146.1 109.5 130.2 125.0 126.2 122.7 130.8 122.1 140.2 105.6 127.2 125.3 125.9 121.7 131.4 123.7 141.8 107.2 126.6 127.3 128.4 124.5 133.5 124.5 143.1 107.5 130.2 130.3 129.4 126.0 133.9 130.4 153.8 109.4 131.6 130.0 129 6 127.0 133.0 129.3 150.9 109.6 132.6 129.4 130.5 128.0 133.9 126.8 143.7 111.1 132.1 130.6 131.3 129.4 133.7 128.7 146.5 112.1 133.0 131.9 132.2 131.4 133.3 130.8 150.3 113.0 132.5 131.9 132 6 131.9 133.6 130.8 151.8 111.7 131.9 132.3 133 3 133.3 133.3 130.6 151.2 111.4 132.6 132.5 134 7 135.2 134.0 129.6 149 2 111.1 131.8 132.2 133 7 133 2 134.4 130.7 152 0 110.8 132.4 132.6 135 4 135 8 134.8 129.6 150 3 110.4 132.5 Durable Manufactures Primary and fabricated metals. . . Primary metals Nonferrous metals and products.. Fabricated metal products Structural metal Darts Machinery and related products Machinery Nonelectrical machinery Electrical machinery Transportation equipment Motor vehicles and parts Aircraft and other equipment.... Instruments and related products. . . Clay, glass, and stone products Lumber and products 4.72 114.4 115.0 112.7 113.3 113.9 114.0 115.3 115.5 115.9 117.3 118.8 118.8 121 7 122 2 2.99 117.5 114.6 115.5 115.9 117.9 119.7 118.1 118.5 120.4 120.9 122.5 122.6 125.0 126.0 1.73 109.0 115.7 108.0 108.9 106.9 104.1 110.4 110.3 108.1 111.1 112.5 112.1 116.1 115.6 Furniture and miscellaneous Furniture and fixtures Miscellaneous manufactures 3.05 129.1 124.8 125.8 129.3 129.3 132.0 132.1 131.9 130.6 131.9 131.9 132 1 132 6 133 2 1.54 133.1 128.3 129.3 132.8 133.2 135.8 135.8 136.3 135.0 136.7 137.4 137.1 137.1 137.8 1.51 124.9 121.3 122.3 125.7 125.4 128.1 128.4 127.4 126.2 127.0 126.3 127.1 128.1 128 6 Nondurable manufactures Textiles apparel and leather Textile mill products Aooarel t)ro ducts Leather and products 7.60 118.5 115.9 116.2 116.5 118.0 118.9 120.2 2.90 117.1 114.3 115.9 116.3 116.7 117.6 119.1 3.59 125.5 122.5 122.9 122.6 124.9 126.2 126.9 1 11 99.8 98.8 95.4 97.5 99.2 98.9 101.3 Paper and products Printing and publishing Newspapers 8.17 3.43 4.74 1.53 Chemicals, petroleum, and rubber Chemicals and products Industrial chemicals Petroleum products Rubber and plastics products Foods, beverages, and tobacco Foods and beverages Food manufactures Beverages Tobacco products 120.0 115.7 119.2 120.5 121.6 125.2 123.9 122.8 123.4 125.8 116.4 109.7 116.5 118.4 118.6 108.0 90.8 109.7 111.4 112.5 121.1 120.0 126.5 106.6 121.7 120.9 127.9 103.9 123.0 122.0 129.8 103 7 123.7 121.8 131.3 104 3 122.5 118 8 131.7 102 4 122.5 122.5 119 1 119 0 132.2 100 0 122.3 127.8 118.4 111.6 122.4 127.8 118.5 112.8 122.0 126.7 118.6 113.7 122.3 128.4 117.9 111.9 122.7 128.5 118.5 113.2 123.8 126.9 121.5 119.2 123.0 128 6 119.0 113.9 123.9 124.5 127 9 121.1 121.3 115.1 115.2 143.3 151.3 165.2 119.5 136.5 11.07 116.3 115.6 114.7 116.4 116.1 116.9 10.25 116.4 115.7 114.8 116.2 116.3 116.8 8.64 116.7 116.0 115.2 116.4 116.4 116.8 144.4 151.7 165.3 117.6 143.1 144.8 152.6 166.8 117.0 142.5 145.9 153.9 169.1 119.0 142.1 147.3 154.6 169.7 118.5 147.9 146.1 153.9 169.9 116.6 145.7 145.5 153 2 170.5 116.0 145.7 145.7 146.9 153 8 155 3 171 8 119.1 120 0 141.1 117.5 117.5 117.5 1.61 114.9 113.9 112.7 115.2 115.6 116.7 117.7 .82 115.1 114.2 112.7 118.1 114.4 117.9 116.8 116.5 116.5 117.5 110.9 116.8 118.2 118.5 118.8 117.0 114.1 117.2 117.4 118.0 114.5 114.6 118.4 118.6 119.2 115.7 115.8 119.3 119.9 120.6 115.9 112 7 119.3 117.9 120.4 118.8 119 7 119 0 124 3 105.6 109.9 106.2 110.6 113.5 110.6 131.9 91.1 108.3 104.1 109.1 112.0 109.6 127.4 89.7 107.0 102.1 108.0 111.7 108.9 129.8 82.5 105.3 103.4 105.7 109.1 105.7 130.8 83.0 106 7 104.0 107.2 110.3 106.8 132.9 86.1 106 4 99 2 107.9 110.3 107.0 104 9 94 5 107.1 109.1 105.5 91.4 93.7 11.54 7.58 3.84 1.97 1.99 141.5 148.5 162.5 117.1 138.9 138.2 143.6 155.2 115.5 140.3 759.7 146.1 160.7 115.8 138.8 141.3 147.8 161.9 116.9 140.7 141.3 148.5 162.2 118.2 137.0 Mining 106.9 102.4 107.9 110.9 108.2 128.5 87.4 103.9 93.9 105.9 107.8 104.9 126.0 93.5 106.1 100.8 107.2 109.7 107.3 124.5 90.3 107.7 104.5 108.3 111.9 109.5 130.4 84.0 108.6 107.1 108.9 112.6 110.1 128.2 84.5 111.1 107.1 111.9 115.7 113.0 132.8 86.4 111.2 108.0 111.8 115.1 112.7 130.7 89.5 Coal oil and gas Coal Crude oil and natural gas Oil and gas extraction Crude oil Gas and gas liquids Oil and gas drilling 6.80 1.16 5.64 4.91 4.25 .66 .73 Metal, stone, and earth materials.. .. Metal mining Stone and earth minerals 1.43 112.1 112.6 113.9 112.8 113.0 112.1 111.6 112.5 113.1 110.3 112.7 116.3 116.0 118.1 .61 112.3 115.7 114.5 116.4 112.8 110.3 112.8 113.4 109.8 106.4 111.6 116.4 118 8 121 8 .82 112.1 110.2 113.4 110.1 113.2 113.5 110.7 111.9 115.5 113.2 113.5 116.2 114.0 115.3 Utilities Electric Gas 4.04 142.5 138.1 136.8 140.9 143.5 148.3 147.3 144.7 145.7 146.2 147.0 148.8 146 8 1.28 135.2 130.6 132.9 133.7 135.2 NOTE.—Published groupings include some series and subtotals not shown separately. A description and historical data are available in Industrial Production 1957-59 Base. Figures for individual series and subtotals (N.S.A.) are published in the monthly Business Indexes release. 618 INDUSTRIAL PRODUCTION: N.S.A. MAY 1964 MARKET G R O U P I N G S (1957-59= 100) Grouping Total index. Final products, total Consumer goods Equipment, including defense. .. Materials Consumer Goods Automotive products Autos Auto parts and allied p r o d u c t s . . . . 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.... 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 Equipment Business equipment Industrial equipment Commercial equipment Freight and passenger equipment. Farm equipment Defense equipment 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 957-59 *>1963 proaverporage tion Mar. Apr. May June July Aug. Sept. 100.00 47.35 32.31 15.04 52.65 123.1 122.1 122.1 122.1 124.0 125.1 123.0 123.1 122.8 126.9 127.9 727.7 128.1 124.8 128.6 120.5 727.7 121.3 122.6 119.4 123.8 123.8 124.3 122.6 123.9 130.0 131.7 126.3 126.8 124.3 124.8 125.1 124.2 123.6 122.5 123.7 123.9 123.1 121.5 1963 1964 Oct. Nov. Dec, Jan. r Feb.r Mar. 128.3 129.9 127.1 124.5 125.8 128.3 128.9 757.9 134.2 126.9 128.1 727.7 128.5 126.1 126.5 725.5 123.9 128.5 123.8 725.5 126.1 128.1 124.9 725.5 128.9 127.9 128.1 725.5 127.9 130.2 129.2 750.5 754.5 757.9 154.4 181.5 172.7 165.4 172.2 132.8 130.0 134.2 130.8 727.5 777.5 727.7 755.2 138.7 132.9 129.5 137.4 135.8 123.5 124.7 138.7 137.4 135.0 126.0 144.6 131.2 91.3 121.0 122.2 138.1 139.7 133.1 135.8 142.7 138.4 132.1 137. 117.6 104.5 115.1 129.7 151.9 167.8 131.1 752.5 137.8 135.6 144.5 110.2 137.4 140.7 3.21 141.1 144.7 148.2 1.82 149.5 157.4 160.4 1.39 130.1 128.1 132.2 10.00 123.0 126.3 122.1 4.59 129.4 128.6 126.0 1.81 124.7 129.6 123.6 1.33 130.1 138.2 129.7 .47 109.4 105.5 106.3 1.26 131.3 127.1 125.7 1.52 133.6 128.5 129. 5.41 117.5 124.3 118. 145.9 755.7 134.9 158.7 175.9 145.4 129.1 129.1 121. 727.2 725.2 772.0 128.0 132.4 116.8 127.3 133.5 104.0 135.1 141.7 111.7 105.4 110.2 82.4 124.8 130.3 125.8 131.3 132.9 124.6 115.5 120.9 108.0 75.5 127.4 750.7 36.3 122.6 177.2 133.7 139.0 126.3 130.1 757.9 126.8 141.0 140.2 113.6 140.2 135.8 114.4 144.2 135.9 111.4 128.8 135.5 134.9 137.8 139.3 135.9 144.7 146.1 125.8 120.9 124.8 19.10 8.43 2.43 2.97 1.47 3.67 1.20 2.46 1.72 .74 123.6 116.5 115.0 140.0 117.8 134.4 116.9 143.0 146.7 119.2 108.9 110.3 136.3 116.5 135.5 115.4 120.3 110.5 125.7 138.8 118.7 124.7 111.7 757.5 126.5 126.4 145.7 120.2 139.2 119.9 77.55 6.85 2.42 1.76 .61 3.41 128.3 122.9 142.4 132. 121.6 727.5 119.3 142.5 134.0 136.9 126.4 119.2 140.6 132.3 134.7 725.5 121.0 141.7 130.3 122.1 729.5 123.9 142.6 133.2 125.6 725.5 122.4 139.6 131.5 106.1 727.0 124.5 141.8 126.4 98.1 757.0 126.7 143.7 135.6 116.3 757.2 125.8 143.6 139.2 120.3 750.7 125.6 140.7 136.9 118.6 752.7 129.4 142.6 134.2 125.8 752.5 129.2 141.7 132.9 131.8 752.5 127.6 139.4 139.2 142.0 755.7 131.8 139,5 142.3 26.73 3.43 7.84 9.17 6.29 25.92 9.11 3.03 6.07 7.40 727.7 137.2 125.4 116.3 114.2 725.2 120.1 120.3 120.1 145.1 118.5 137.4 124.4 106.9 117.8 124.5 118.6 121.5 117.1 144.4 722.0 135.8 123.7 113. 124.2 725.0 122.1 119.6 123.4 144.6 725.5 139.5 125.4 120.2 130.0 727.5 122.8 121.5 123.4 147.2 729.2 144.9 127.0 125.4 128.8 725.0 122.8 127.2 120.7 146.0 775.7 112.4 123.0 126.4 105.6 729.2 123.5 131.7 119.4 145.5 724.0 138.6 126.3 125.9 110.7 729.5 125.0 125.9 124.5 147.2 727.0 150.0 130.5 110.6 108.4 725.5 118.1 105.5 124.4 148.2 727.7 146.9 130.4 107.9 114.5 725.5 119.6 117.6 120.5 151.4 725.4 146.5 130.8 113.4 124.4 750.9 122.8 122.7 122.9 155.5 727.0 146.1 131.8 115.5 127.3 757.4 124.4 123.7 124.8 156.8 114.6 108.4 131.4 124.9 139.5 115.2 109.4 131.1 128.2 136. 115.9 109.3 134.7 131.9 139.8 118.9 111.3 141.0 133.4 150.7 121.8 111.9 152.0 136.2 169.4 120.1 110.3 149. 135.8 164.1 725.5 143.0 127.4 125.1 113.3 757.0 127.2 128.7 126.4 150.5 119.4 110.8 144.0 137.2 153.2 725.2 145.6 127.3 118.8 112.4 729.5 123.8 117.1 127.2 151.7 9.41 117.2 6.07 109.3 138.8 2.86 2.32 139.4 1.03 131.1 1.21 149. .54 775.7 128.4 122.2 121.2 105.3 120.1 112.2 115. 110.8 136.2 115.2 103.4 147.0 132.7 162.7 118.4 110.6 139.7 133.9 147.7 118.2 110.2 139.9 133.2 148.7 119.9 119.4 118.2 112.1 112.2 109.6 141.5 138.9 134.1 132.1 151.0 147.8 777.5 107.5 115.6 137.8 117.8 126.2 109.4 724.5 115.1 132.0 142.8 117.5 129.3 117.6 123.9 116.5 120.8 137.0 116.5 135.3 118.1 127.1 133.3 133.8 116.6 146.0 121.2 137.7 118.4 750.9 130.5 121.4 146.9 119.4 129.6 116.4 725.5 119.9 108.4 142.4 117.2 130.2 117.7 722.7 115.2 100.2 139.8 120.9 138.4 120.2 124.1 113.5 102.4 141.1 120.3 150.1 120.5 122.4 111.0 107.0 139.7 122.8 144.0 119.9 727.5 109.9 139.4 124.9 117.1 152.1 135.9 130.6 135.8 147.3 154.5 151.9 135.0 135.2 155.7 179.9 166.8 I Supplementary groups of consumer goods Automotive and home goods Apparel and staples See NOTE on opposite page. 7.80 134.3 135.2 135.1 135.4 142.0 124.3 105.7 135.4 148.6 147.7 141.7 138.7 144.4 143.6 24.51 122.2 120.3 118.0 119.2 123.7 120.4 130.2 130.5 129.6 122.4 118.2 122.1 124.0 122.9 619 INDUSTRIAL PRODUCTION: N.S.A. MAY 1964 INDUSTRY GROUPINGS (1957-59= 100) : 957-59 1963* proaverportion Mar. Grouping 1963 Apr. May June July Aug. 1964 Sept. Oct. Nov. Dec. Jan.' Feb. r Mar, 100.00 124.3 122.5 123.1 125.1 127.9 120.5 123.8 128.3 129.9 127.1 124.5 125.8 128.3 128.9 Total index. 86.45 48.07 38.38 8.23 5.32 724.7 124.4 125.1 107.8 140.7 123.3 123.2 123.4 104.5 124.0 124.4 123.7 106.9 126.1 126.9 125. 108.9 128.8 129.8 127.6 111.3 120.5 121.0 119.8 105.3 123.4 118.1 130.0 112.2 128.7 126.6 131.4 111.4 131.1 129.3 133.3 111.0 128.2 128.4 127.9 108.1 125.1 127.2 122.5 106.7 125.9 126.7 124.8 107.9 129.1 129.6 128.5 108.1 130.1 131.2 128.7 106.2 Primary and fabricated metals Primary metals Iron and steel Nonferrous metals and products. Fabricated metal products Structrual metal parts 12.32 6.95 5.45 1.50 5.37 2.86 117.6 113.1 109.5 126.3 123.4 120.2 118.1 118.8 117.1 125.1 117.2 112.2 122.5 125.7 125.5 126.3 118.4 113.8 127.0 130.7 130.6 130.8 122.3 119.1 128.2 129.6 128.6 133.3 126.4 123.0 112.1 104.1 102.5 109.9 122.5 121.7 113.5 102.6 96.4 125.1 127.5 125.1 777.5 106.5 100.0 130.3 131.6 127.4 775.7 109.5 103.0 133.2 130.6 126.7 777.7 110.6 104.5 132.9 126.8 124.9 115.4 107.1 102.3 124.5 126.2 124.2 779.3 114.7 110.5 130.0 125.1 121.9 124.4 124.2 119.4 141.6 124.7 121.0 727.2 127.6 124.0 140.5 126.7 122.6 Machinery and related products Machinery Nonelectrical machinery Electrical machinery Transportation equipment Motor vehicles and parts Aircraft and other equipment. . . Instruments and related products. . Ordnance and accessories 27.98 14.80 8.43 6.37 10.19 4.68 5.26 1.71 1.28 128.6 129.1 126.7 132.2 127.0 146.1 109.5 130.2 128.2 128.5 126.1 131.6 127.4 148.5 108.2 126.9 127.3 126.9 125.3 129.0 127.7 149.3 107.7 126.5 128.4 128.3 126.4 130.9 127.5 149.4 107.1 128.2 131.9 131.3 129.0 134.3 132.2 158.9 107.9 131.6 124.8 123.2 123.6 122.6 124.9 144.2 107.5 129.7 777.0 125.7 123.3 128.8 100.1 88.9 108.5 132.1 729.5 133.3 128.5 139.7 123.5 137.0 110.8 133.9 133.9 133.0 128.8 138.6 135.2 160.4 112.4 134.0 134.1 132.7 129.3 137.2 136.4 163.3 112.4 134.3 755.7 134.4 134.4 134.3 136.4 162.2 113.1 134.3 133.7 134.3 135.1 133.3 133.4 157.1 112.2 131.3 134.9 135.7 135.6 135.8 135.0 160.0 112. 131.6 755.9 137.9 139.6 135.7 134.6 157.8 113.2 132.2 Manufacturing, total. Durable Nondurable Mining Utilities Durable manufactures Clay, glass, and lumber Clay, glass, and stone products. Lumber and products 4.72 114.4 705.7 772.5 775.5 722.7 777.7 725.7 724.5 724.4 117.3 705.5 704.2 772.7 775.5 2.99 117.5 105.4 115.5 122.2 126.1 126.3 128.7 126.2 127.6 122.1 111.5 107.3 111.9 115.9 1.73 109.0 107.3 107.4 111.4 116.9 102.7 120.4 121.6 118.9 109.0 97.9 98.7 112.6 108.7 Furniture and miscellaneous.., Furniture and fixtures Miscellaneous manufactures. 3.05 729.7 725.5 722.5 725. 725.7 725.7 754.5 757.7 757.7 755.2 755.9 727.5 729.5 757.5 1.54 133.1 126. 126.2 127.6 132.5 132.0 139.2 140.4 140.4 138.9 140.1 134.6 134.6 136.1 1.51 124.9 119.7 119.4 122.7 124.8 121.3 129.9 133.8 135.0 133.5 127.6 120.9 124.5 126.9 Nondurable manufactures Textiles, apparel, and leather Textile mill products Apparel products Leather and products 7.50 775. 124.7 779.5 118.4 727.7 705.9 724.7 727. 725.9 779.5 709.9 777.7 729.5 725.4 2.90 117.1 120.0 115.3 121.0 121.4 105.8 120.3 120.0 119.7 119.2 112.9 116.4 122.7 122.6 3.59 125.5 134.8 129.9 123.8 128.6 113.3 132.0 127.1 133.0 126.6 112.3 125.1 142.8 105.5 98.0 94.4 97.3 106.9 1.11 99.8 104.2 95.4 93.9 100.6 89.4 108.7 105. Paper and printing Paper and products Printing and publishing Newspapers 5.77 3.43 4.74 1.53 720.0 777.7 720.9 722.5 727.7 772.5 727.5 725.5 727.5 125. 127.0 125.0 126.0 128.3 113.7 131.0 127.8 135.3 116.4 111.0 117.9 119.6 117.6 111.8 115.2 120.3 122.3 108.0 92.6 116.4 118.8 113.1 97.1 102.1 114.5 121.8 724.5 127.9 122.2 124.5 779.4 115. 122.5 118.6 720.4 126.8 115.8 104.9 724.4 725.5 132.1 118.9 122.7 110.7 117.5 747.5 154.5 169.1 119.6 150.1 145.6 153.1 170.7 116.7 145.7 742.9 150. 169.9 114.9 140.6 745.5 152.8 172.2 114. 147.2 747.5 745.5 155.3 157.3 175.6 117.3 115.8 149.3 Chemicals, petroleum, and rubber.. Chemicals and products Industrial chemicals Petroleum peoducts Rubber and plastics products 11.54 7.58 3.84 1.97 1.99 747.5 148.5 162.5 117.1 138.9 759.5 145.8 159.4 111.5 144.8 142.1 149.7 162.9 112.3 143.1 142.3 150. 163.8 115.1 139.3 745.5 745.9 755.0 745. 150.9 144.3 150.7 152.0 157.3 162.3 164.8 162. 123.1 123.5 121.7 121. 139.1 117.0 134.5 144.4 Foods, beverages, and tobacco Foods and beverages Food manufactures Beverages Tobacco products 77.07 10.25 8.64 1.61 775.5 116.4 116. 114. 115. 709.5 109.4 109.4 109. 112.5 109.4 109.2 107.7 117. 112.5 774.0 113.4 110.7 127.4 122.4 775.5 118.4 115.1 136.4 123.5 777.2 118.2 116.2 129.2 104.3 725. 126. 126. 126.5 126.4 729.7 130.5 133.4 114.8 120. 128.7 129.0 130.7 120.0 124.3 777.7 117.8 120.4 104.0 116.9 772. 113. 115.6 103. 94.3 777.5 111. 114.0 97.9 111.5 770.5 770.2 111.0 110.7 111.6 110.2 108.0 105. 6.80 1.16 5.64 4.91 4.25 .66 .73 705.9 102. 107.9 110.9 108.2 128.5 87.4 705.9 94. 108. 111.6 108.3 132.6 85.1 705.7 101.5 107.8 111.3 109.1 125.4 84.1 705.4 105.5 106.6 110.1 108.4 124.3 82.4 705.5 116.6 106.8 110.0 108.4 120.4 85.3 707.5 72.5 107.9 110. 108. 123.6 88.6 709.5 113.6 109.0 111.4 109.5 123.8 92.8 705.5 112.4 107.7 109.8 107.6 124.0 93. 705.5 113.5 107.6 110. 108.0 124.3 90.1 707.5 106.3 108.1 111.6 108.1 133.8 84.1 707.5 101.5 108.8 112.3 107.7 141.7 85.5 709.5 101.9 111.4 114.5 110.1 143.0 90.4 709.7 100.4 111.6 114.9 111.0 Mining Coal, oil, and gas Coal Crude oil and natural gas Oil and gas extraction Crude oil Gas and gas liquids Oil and gas drilling , Metal, stone, and earth minerals... Metal mining Stone and earth minerals 707.0 95.3 109.4 112.9 108.9 *89.'3 *85.'3 1.43 772.7 98.0 707.9 720.9 725.0 722.0 725.5 725.0 722.5 709.9 702.5 98.7 700.7 702.5 .61 112.3 101.8 104. 123.4 127.5 118.0 121.8 127.0 119.7 103. 101.6 102.4 106.9 107.2 112. 95.1 110.6 119.0 123.1 125.0 125.3 123.6 124.3 114. 103.2 96.0 95.1 99.5 Utilities Electric. Gas 4.04 142.5 140.: 1.28 135 133.1 133.0 138.8 147.1 153. NOTE.—Published groupings include some series and subtotals not shown separately. A description and historical data are available in 150.3 140.: 137.8 146.6 157.9 150.8 Industrial Production—1957-59 Base. Figures for individual series and subtotals (N.S.A.) are published in the monthly Business Indexes release. 620 BUSINESS ACTIVITY; CONSTRUCTION MAY 1964 SELECTED BUSINESS INDEXES (1957-59= 100) Manufacturing 2 Industrial production Major market groupings Period Total Final products MateCon- Equip- rials Total sumer ment goods Nonagricultural employEmment— ployTotal i ment Construction contracts Major industry grouping 3 Prices * Freight Total 3 load- retail sales ings Payrolls Consumer Wholesale commodity Mfg. Mining Utilities 75.8 81.9 85.2 92.7 86.3 83.2 91.3 90.5 92.9 90.2 49.5 56.4 61.2 66.8 71.8 61 63 67 70 76 86.0 91.0 92.9 95.5 93.2 99.4 106.1 106.1 111.6 101.8 68.9 80.2 84.5 93.6 85.4 117.1 121.5 115.0 116.6 104.6 72 76 79 83 82 83.8 90.5 92.5 93.2 93.6 86.8 96.7 94.0 92.7 92.9 1955 1956 1957 1958 1959 96.6 93.9 93.3 95.0 99.0 97.3 99.9 98.1 95.5 103.7 101.6 100.2 100.7 99.4 97.0 104.6 101.9 100.8 93.7 94.8 96.4 91.3 92.7 93.2 105.6 105.7 106.6 104.1 105.4 106.0 99.2 104.8 104.6 95.6 99.7 80.2 87.9 93.9 98.1 108.0 91 92 93 102 105 96.4 99.7 100.6 97.8 101.6 105.5 106.7 104.7 95.2 100.1 94.8 100.2 101.4 93.5 105.1 115.3 115.9 108.2 93.8 97.9 89 92 97 98 105 93.3 94.7 98.0 100.7 101.5 93.2 96.2 99.0 100.4 100.6 I960 1961 1962 1963 108.7 109.8 118.3 124.3 109.9 111.3 119.7 124.8 111.0 112.7 119.7 125.1 107.6 108.3 119.6 124.2 107.6 108.4 117.0 123.6 108.9 109.7 118.7 124.7 101.6 102.6 105.0 107.8 115.6 122.8 131.3 140.7 105 108 120 132 103.4 103.1 106.2 108.7 99.9 95.9 99.2 99.9 106.7 105.4 113.7 118.0 95.3 91.2 92.4 93.3 106 107 115 120 103.1 104.2 105.4 106.7 100.7 100.3 100.6 100.3 1963—Mar Apr May June July 121.3 122.5 124.5 125.8 126.5 125.7 125.7 126.5 126.7 126.9 122.4 122.1 123.5 125.2 125.9 126.2 126.5 127.9 128.0 128.4 123.1 122.5 124.1 125.9 126.4 126.7 126.7 128.0 128.2 128.2 120.7 120.4 122.1 123.8 124.8 125.3 126.2 127.7 127.6 128.8 120.2 122.9 125.7 126.6 126.7 125.1 125.0 125.5 125.8 125.4 121.9 123.1 125.2 126.4 126.8 125.9 126.1 127.1 127.5 127.9 105.4 107.4 108.5 109.4 111.3 111.3 110.3 109.1 107.5 106.6 136.4 135.7 139.1 141.3 145.3 144.6 142.8 143.9 144.5 143.3 118 125 144 135 126 132 128 146 144 148 107.9 108.2 108.5 108.8 109.1 109.1 109.3 109.6 109.5 109.8 99.4 100.1 100.4 100.3 100.4 99.8 100.1 100.4 100.0 100.5 116.7 116.6 117.9 118.2 118.0 117.0 120.3 120.0 119.4 121.7 94.3 95.7 96.9 94.6 93.9 90.9 91.2 92.7 92.3 93.9 119 119 118 120 121 121 119 121 120 123 106.2 106.2 106.2 106.6 107.1 107.1 107.1 107.2 107.4 107.6 99.9 99.7 100.0 100.3 100.6 100.4 100.3 100.5 100.7 100.3 '127.4 '127.8 128.2 129.2 128.3 '127.9 128.2 129.1 128.5 '128.5 128.3 129.0 128.0 126.7 127.8 129.3 '126.2 '127.7 128.2 129.3 147 110.0 100.3 143 '110.7 '100.8 140 110.8 101.3 111.2 101.5 120.2 122.8 123.1 123.8 97.2 96.9 94.0 94.8 123 126 '125 124 107.7 107.6 107.7 101.0 100.5 100.4 100.3 1950 1951 1952 1953 1954 74.9 81.3 84.3 91.3 85.8 Sept Oct Nov Dec 1964—Jan Feb Mar 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 '128.2 '108.3 144.9 '128.8 '108.1 '143.6 129.2 107.2 144.0 130.2 108.5 145.0 1 Employees only, excludes personnel in the armed forces. Production workers only. 3 Federal Reserve index based on Census Bureau figures. 4 Prices are not seasonally adjusted. 2 NOTE.—Data are seasonally adjusted unless otherwise noted. Construction contracts: F. W. Dodge Corp. monthly index of dollar r value of total construction contracts, including residential, nonresidential, and heavy engineering; does not include data for Alaska and Hawaii. Employment and payrolls: Based on Bureau of Labor Statistics data; includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. Freight carloadings: Based on data from Association of American Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1963 Type of ownership and type of construction Total construction . By type of ownership: Public Private By type of construction: Residential building Nonresidential building Nonbuilding 1962 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 41,303 45,546 3 ,583 3,983 4,851 4,402 4,125 4 ,061 3 707 4,313 3 ,749 3 ,413 3,346 3 ,201 4,215 13,599 14,653 1 ,18? 1,168 1,567 1,384 1,319 1 318 1 1S4 1,321 27 705 30 893 -> 744 o 5«P 2 992 2 814 3 283 3 019 2 805 18,039 20,502 1 ,642 1,986 2,061 1,966 1,934 . . 13,010 14,377 1 146 1,210 1,452 1,458 1,271 10,255 10,667 796 978 920 787 1,337 NOTE.—Dollar value of total contracts as reported by the F. W. Dodge Corp. does not include data for Alaska or Hawaii. Totals of monthly data exceed annual totals because adjustments—negative—are made to 1964 1963 ? 1S7 1 155 1,197 1 041 057 2 149 160 ,883 1 789 2,028 ,519 1 ,325 1,372 1 ,427 1,991 ^?? 1 154 1,331 1 1 JO? 1 158 1 ,08? 1 252 954 1 ,148 764 857 985 692 816 972 accumulated monthly data after original figures have been published. Nonbuilding construction formerly labeled public works and utilities. 621 CONSTRUCTION MAY 1964 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Business Public utility Other nonresidential Total Military Highway 3,218 3,631 3,564 3,589 4,363 4,893 5,414 5,087 3,755 3,782 4,212 4,388 11,724 12,748 14,079 15,457 1,287 1,360 1,287 1,402 3,861 4,431 4,954 5,545 1 08*5 1,275 I 344 1,387 5,491 5,682 6 494 7,123 2,106 2,851 2,780 2,857 3,118 3,930 4,180 4,674 5,023 5,110 4,521 4,621 4,335 4,371 4,657 4,427 4,720 4,830 5,053 5,200 16,070 15,863 17,156 17,558 18,979 1,465 1,366 1,378 1,269 5,761 5,437 5,855 6,156 6,702 1,467 ,487 ,581 ,754 ,966 7,377 7,573 8,342 8,379 12,437 12,432 12,251 12,807 13,397 13,536 13 722 13,460 13,841 2,810 2,852 2,976 3,136 3,310 3,395 3 461 3,538 3,577 4,890 4,775 4,589 4,953 5,346 5,561 5 412 5,367 5,412 4,737 4,805 4,686 4,718 4,741 4,580 4 849 4,555 4,852 5,015 5,065 5,132 5,236 5 342 5,372 5 354 5,363 5,411 17,119 17,315 19,151 18,802 19 623 19,401 20 280 20,356 19,655 1,176 1,369 1,682 1,909 5,602 5,611 6,813 6,331 6 965 6,550 7 442 7,706 6,761 ,802 ,868 ,927 .990 2 061 2,109 2 128 2,159 2,176 8,539 8,467 8,729 8,572 13,516 13 568 13,705 13,614 3,469 3 472 3,492 3,505 5,400 5 448 5,569 5,465 4,647 4 648 4,644 4,644 5,384 5 474 5,472 5,541 20,031 19 739 20,203 20,131 7,150 6 262 7,049 2,185 2 273 2,341 2,459 Total Nonfarm residential Total Industrial Commercial 44,164 45,815 47,845 48,950 32,440 33,067 33,766 33,493 18,705 17,677 17,019 18,047 9,980 11,608 12,535 11,058 2,399 3,084 3,557 2,382 1959 1 I960 1961 1962 1963 55,305 53,941 55,455 59,036 62,775 39,235 38,078 38,299 41,478 43,796 24,251 21,706 21,680 24,174 25,711 10,557 11,652 11,789 12,251 12,885 1963—Apr May . June July AuE Sept Oct . Nov Dec 59,555 60,458 62,335 62,733 64,194 64,228 65 888 66,106 65,522 42,436 43,143 43,184 43,931 44 571 44,827 45 608 45,750 45,867 24,984 25,646 25,801 25,888 25,832 25,919 26 532 26,927 26,615 1964—Jan Feb Mar.P Apr p 65,641 65 765 66,765 66,768 45,610 46 026 46,562 46,637 26,710 26 984 27,385 27,482 Total Period 1955 1956 1957 1958 1 . ... Beginning with 1959, includes data for Alaska and Hawaii. Sewer and water Other 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. W HOUSING STARTS (In thousands of units) By area Annual rate, (private only) Period Total Total Nonfarm Metropolitan l By type of ownership Nonmetropolitan Governmentunderwritten Private Total 1family 2family Multifamily Public Total FHA VA 1955 1956 1957 1958 1959 1.329 1,118 1,042 1,209 1,379 976 780 700 827 946 353 338 342 382 432 1,310 1,094 993 1,142 1,343 1,190 981 840 933 1,079 33 31 33 39 49 87 82 120 170 215 19 24 49 68 36 670 465 322 439 458 277 195 193 337 349 393 271 128 102 109 1959 I960 1961 1962 1963 1,554 1,296 1,365 1,492 1.618 1,077 889 948 1,054 1,139 477 407 417 439 479 1,517 1,252 1,313 1,463 1,587 1,234 995 975 992 1,005 227 214 295 422 529 37 44 52 30 31 458 336 328 339 292 349 261 244 261 221 109 75 83 78 71 1,549 1,590 1,590 1,554 1,573 1,434 1,697 1,807 1,533 1,518 128 160 170 157 152 148 147 166 121 97 89 112 116 109 105 100 104 117 84 76 39 49 53 48 47 48 44 49 37 21 124 158 166 153 150 144 145 163 119 95 81 106 107 100 98 96 93 103 72 51 56 44 44 49 53 4 6 6 5 5 5 5 5 4 3 40 47 54 49 47 44 48 55 44 41 4 2 3 4 2 4 2 3 2 2 22 29 30 27 29 25 25 27 22 21 17 22 22 20 21 19 19 21 17 16 1,688 101 P101 *132 75 73 94 26 28 38 100 *>100 *>129 55 64 4 5 41 31 1 16 17 21 11 12 16 5 7 7 7 8 7 6 6 5 5 4 4 5 1963 Mar Apr May June July AUK Sept Oct Nov Dec 1964 Jan Feb . Mar . . .. ,575 ,618 1,618 1,571 ,588 1,455 1,732 1,847 1,564 1,564 1,718 p ,653 V 1,648 V 1,609 p 1,622 1 Beginning with 1959, based on revised definition of metropolitan areas. NOTE.—Beginning with 1959, Census Bureau series includes both farm a n d nonfarm series developed initially by the Bureau of Labor v\ Statistics, for which annual totals are given including overlap for 1959. D a t a from Federal Housing Admin, and Veterans Admin, represent units started, based on field office reports of first compliance inspections. 622 EMPLOYMENT MAY 1964 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force Total noninstitutional population Period Total labor force Employed! Total Total In nonagricultural industries In agriculture Not in the Unemployment rate 2 (per cent) S.A. Unemployed 1957 1958 1959 120,445 121,950 123,366 70,746 71,284 71,946 67,946 68,647 69,394 65,011 63,966 65,581 58,789 58,122 59,745 6,222 5,844 5,836 2,936 4,681 3,813 49,699 50,666 51,420 4.3 6.8 5.5 I960 3 1961 1962 1%3 125,368 127,852 130,081 132,125 73,126 74,175 74,681 75,712 70,612 71,603 71,854 72,975 66,681 66,796 67,846 68,809 60,958 61,333 62,657 63,863 5,723 5,463 5,190 4,946 3,931 4,806 4,007 4,166 52,242 53,677 55,400 56,412 5.6 6.7 5.6 5.7 1963—Apr May 131,740 131,865 132,036 132,196 132 345 132,497 132,682 132,853 133,025 74,897 75,864 77,901 77,917 77,167 75,811 76,086 76,000 75,201 72,161 73,127 75,165 75,173 74,418 73,062 73,344 73,261 72,461 68,097 69,061 70,319 70,851 70,561 69,546 69,891 69,325 68,615 63,434 63,883 64,365 64,882 65,065 64,220 64,541 64,548 64,576 4,673 5,178 5,954 5,969 5,496 5,326 5,350 4,777 4,039 4,063 4,066 4,846 4,322 3,857 3,516 3,453 3,936 3,846 56,843 56,001 54,135 54,279 55,178 56,686 56,596 56,852 57,824 5.7 5.9 5.7 5.6 5.5 5.5 5.6 5.9 5.5 133,200 133,358 133 519 133,678 74,514 75,259 75,553 76,544 71,793 72,527 72,810 73,799 67,228 68,002 68,517 69,877 63,234 64,071 64,500 65,448 3,993 3,931 4,017 4,429 4,565 4,524 4,293 3,921 58,685 58,099 57,965 57,135 5.6 5.4 5 4 5.4 July Aue Sept Oct Nov Dec 1964—Jan Feb Mar Apr . ... . .. 1 Includes self-employed, unpaid family, and domestic service workers. 2 Per cent of civilian labor force. 3 Inclusion of figures for Alaska and Hawaii beginning with 1960 increased population by about 500,000 and total labor force by about 300,000. Most of the increase was in nonagricultural industries. NOTE.—Information relating to persons 14 years of age and over is obtained on a sample basis. Monthly data relate to the calendar week that contains the 12th day; annual data are averages of monthly figures. Bureau of Labor Statistics estimate. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Contract construction Total Manufacturing 1957 1958 1959 52,904 51,423 53,404 17,174 15,945 16,675 751 732 2,923 2,778 2,960 I960 1961 1962 1963 54,370 54,224 55,841 57,174 16,796 16,327 16,859 17,035 712 672 652 634 56,873 57,060 57,194 57,340 57,344 57,453 57,646 57,580 57,748 17,037 17,095 17,075 17,103 17,033 17,076 17,119 17,061 17,127 639 57,850 58,183 58,268 58,471 Transportation & public utilities Trade Finance Service Government 4,241 3,976 4,011 10,886 10,750 11,127 2,477 2,519 2,594 6,749 6,811 7,115 7,626 7,893 8,190 2,885 2,816 2,909 3,029 4,004 3,903 3,903 3,913 11,391 11,337 11,582 11,865 2,669 2,731 2,798 2,866 7,392 7,610 7,949 8,297 8 520 8,828 9,188 9,535 635 632 629 630 630 3,005 3,019 3,046 3,069 3,083 3,071 3,066 3,057 3,069 3,890 3,909 3,919 3,936 3,941 3,950 3,937 3,928 3,915 11,784 11,825 11,864 11,884 11,907 11,922 11,935 11,941 11,963 2,853 2,864 2,865 2,870 2,873 2,873 2,887 2,887 2,892 8,199 8,228 8,282 8,349 8,373 8,377 8,430 8,423 8,447 9,466 9,480 9,504 9,489 9,499 9,552 9,643 9,653 9,705 17,119 17,175 17,244 17,285 623 624 624 627 3,017 3,169 3,157 3,124 3,923 3,934 3,932 3,943 12,072 12,143 12,093 12,244 2,904 2,911 2,918 2,925 8,474 8,515 8 551 8,543 9,718 9,712 9 749 9,780 SeDt Oct Nov Dec 56,505 56,967 57,609 57,422 57,651 58,211 58,426 58,220 58,585 16,845 16,960 17,111 17,050 17,199 17,398 17,367 17,229 17,139 632 643 650 641 646 641 637 634 631 2,846 3,049 3,232 3,364 3,437 3,378 3,333 3,176 2,925 3,859 3,897 3,954 3,975 3,976 3,982 3,968 3,944 3,931 11,740 11,720 11,848 11,832 11,878 11,942 12,014 12,166 12,774 2,842 2,858 2,885 2,916 2,919 2,887 2,884 2,878 2,880 8,199 8,294 8 423 8,474 8,457 8 436 8,472 8 406 8,379 9,542 9,546 9 506 9,170 9,139 9 547 9,751 9 787 9,926 Jan Feb Mar.p Apr.p 56,909 57,045 57,375 57,872 16,935 16,982 17,054 17,093 614 611 610 620 2,628 2,681 2,756 2,958 3,876 3,879 3,885 3,911 11,917 11,837 11,921 11,974 2,875 2,885 2,895 2,913 8,313 8,362 8,414 8,543 9,751 9 808 9,840 9,860 Period Mining 828 SEASONALLY ADJUSTED 1963—Apr May July AUE Sept Oct Nov Dec •• 1964 Jan Feb p Mar. Apr.? 640 639 640 NOT SEASONALLY ADJUSTED 1963—Apr May July 1964 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 ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. MAY 1964 623 EMPLOYMENT AND EARNINGS PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Industry group 1963 Not seasonally adjusted 1964 Apr. Feb. 1963 1964 Apr.** Apr. Feb. 12,604 12,697 12,764 12,790 12,426 12,518 12,588 12,612 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. 7,070 118 528 322 489 952 881 1,041 1,067 1,123 236 313 7,148 114 539 329 499 954 903 7,207 112 540 332 7,010 118 511 318 482 953 868 1,056 1,048 1,118 235 305 7,075 114 504 325 1,041 1,137 238 322 503 958 912 1,093 1,045 1,151 239 322 7,245 110 528 332 497 976 918 1,096 1,055 1,172 240 321 1,148 237 305 7,131 112 503 328 480 966 898 1,106 1,035 1,157 238 309 7,184 110 511 328 490 977 904 1,111 1,036 1,167 238 312 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 5,534 1,152 78 800 1,153 486 591 524 120 323 307 5,549 1,154 77 804 1,162 489 598 526 116 317 306 5,557 1,149 78 805 1,162 491 601 527 116 321 307 5,545 1,136 77 802 1,162 489 602 527 116 327 307 5,416 1,081 67 795 1,135 483 588 532 119 315 301 5,443 1,064 74 795 1,174 483 594 521 114 315 308 5,457 1,059 70 799 1,178 485 599 528 114 317 307 5,428 1,066 Total 1,072 NOTE.—Bureau of Labor Statistics; data cover production and related workers only (full- and part-time) who worked during, or received pay 471 958 892 1,081 1,040 66 797 1,145 486 599 535 115 319 301 for, the pay period ending nearest the 15th of the month. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked (per week; S.A.) Industry group 1963 Apr. Average weekly earnings (dollars per week; N.S.A.) 1964 Feb. 1963 Mar.? Apr.? Apr. 1964 Average hourly earnings (dollars per hour; N.S.A.) 1963 Feb. Apr. 1964 Feb. 40.1 40.7 40.4 39.9 40.5 41.3 41.3 40.9 41.2 40.1 41.4 40.5 39.2 40.6 41.3 40.3 40.3 41.4 41.7 41.1 41.8 42.4 40.4 41.8 40.8 39.8 40.7 97.36 106.37 115.14 78.41 78.01 101.11 127.82 104.75 113.85 96.87 121.54 99.14 79.17 2.44 41.2 40.0 40.4 41.1 41.6 41.2 41.7 42.4 40.4 41.4 40.6 39.6 40.6 41.3 40.2 40.2 41.6 41.5 41.6 41.7 42.2 40.6 42.1 40.6 39.6 101.15 101.40 101.81 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.. 109.88 119.29 81.97 82.21 101.75 126.18 109.18 120.56 100.90 126.99 101.66 82.16 110.29 119.39 81.99 82.01 102.00 127.51 109.86 121.55 100.90 126.38 101.40 82.37 111.24 118.99 82.59 83.03 103.66 129.58 110.12 121.26 100.90 128.63 101.81 81.95 2.62 2.85 1.98 1.96 2.46 3.08 2.58 2.75 2.44 2.95 2.46 2.03 2.51 2.68 2.96 2.07 2.02 2.50 3.07 2.65 2.85 2.51 3.06 2.51 2.08 2.51 2.69 2.97 2.06 2.02 2.50 3.08 2.66 2.86 2.51 3.06 2.51 2.08 2.70 2.96 2.07 2.03 2.51 3.10 2.66 2.86 2.51 3.07 2.52 2.08 Nondurable goods Food and kindred products Tobacco manufactures Textile-mill products Apparel and other finished textiles Paper and allied products Printing, publishing and allied industries. Chemicals and allied products Products of petroleum and coal Rubber products Leather and leather products 39.3 40.7 35.6 40.2 35.9 42.2 38.3 41.8 42.3 40.7 36.8 39.9 41.0 36.5 41.2 36.4 43.0 38.5 41.5 42.2 41.1 37.9 39.9 40.7 39.7 41.1 36.4 42.6 38.5 41.8 42.1 41.0 37.7 39.7 41.0 40.0 41.0 36.4 42.5 38.7 41.3 41.7 41.3 37.5 85.97 92.40 68.71 67.26 60.16 102.24 108.97 113.40 133.77 98.25 62.13 89.04 95.68 68.84 71.98 64.61 107.10 111.93 113.99 132.07 101.09 68.76 89.67 95.60 75.60 71.63 64.97 106.60 113.58 114.40 131.56 101.50 68.24 89.60 96.32 79.17 71.46 63.54 106.77 113.58 114.13 132.70 101.75 65.88 2.21 2.31 1.98 1.69 1.69 2.44 2.86 2.70 3.17 2.45 1.75 2.26 2.38 1.95 1.76 1.78 2.52 2.93 2.76 3.19 2.49 1.80 2.27 2.39 2.00 1.76 1.78 2.52 2.95 2.75 3.17 2.50 1.81 2.28 2.39 2.03 1.76 1.76 2.53 2.95 2.75 3.19 2.50 1.82 Total NOTE.—Bureau of Labor Statistics; data are for production and related workers only. 2.52 624 PRICES MAY 1964 CONSUMER PRICES (1957-59= 100) Housing All items Food 1929 1933 1941 1945 59.7 45.1 51.3 62.7 1955 1956 1957 1958 1959 1960. 1961 1962 1963 Period Homeownership Health and recreation Fuel oil and coal Gas and electricity Fur- Apparel Transnishand portaings upkeep tion and operation 45.2 53.6 88.3 86.4 51.2 55.4 Personal care 50.6 57.5 47.6 63.6 57.3 75.0 58.2 67.3 91.4 93.6 97.0 100.3 102.8 88.6 91.8 95.5 100.1 104.4 90.0 93.7 97.1 100.4 102.4 92.1 93.4 96.9 100.8 102.4 94.3 95.8 98.5 99.8 101.8 103.8 105.0 107.2 107.8 105.4 107.3 109.4 111.4 108.1 111.3 114.2 116.7 104.1 104.6 106.5 107.9 104.9 107.2 109.6 111.5 103.8 104.6 105.3 107.1 104.2 104.4 104.3 104.5 104.5 104.7 105.4 105.9 106.1 106.1 107.0 107.0 107.4 107.4 107.8 108.3 107.9 109.0 109.1 108.9 110.2 110.7 110.7 111.4 111.7 111.9 112.1 112.3 112.4 112.7 115.8 116.1 116.4 116.8 116.9 117.1 117.2 117.4 117.5 117.9 107.3 107.6 107.8 107.8 108.0 108.0 108.2 108.4 108.4 108.8 110.1 111.0 110.7 110.9 111.5 112.1 112.3 112.7 112.8 113.1 105.7 105.8 106.0 107.6 108.0 108.0 108.0 108.2 108.3 108.3 105.0 105.1 105.3 109.4 108.6 108.9 112.7 112.9 113.1 118.2 118.5 118.7 108.5 108.4 108.7 113.1 113.3 113.6 108.3 108.4 108.5 Rent 55.6 35.3 44.2 58.4 61.4 67.5 85.4 60.8 64.3 66.1 93.3 94.7 98.0 100.7 101.5 94.0 94.7 97.8 101.9 100.3 94.1 95.5 98.5 100.2 101.3 94.8 96.5 98.3 100.1 101.6 92.6 94.1 98.2 100.4 101.4 91.9 95.9 100.8 99.0 100.2 94.9 95.9 96.9 100.3 102.8 97.3 97.3 99.4 99.9 100.7 95.9 97.8 99.5 99.8 100.6 89.7 91.3 96.5 99.7 103.8 103.1 104.2 105.4 106.7 101.4 102.6 103.6 105.1 103.1 103.9 104.8 106.0 103.1 104.4 105.7 106.8 103.7 104.4 105.6 107.0 99.5 101.6 102.1 104.0 107.0 107.9 107.9 107.9 101.5 101.4 101.5 102.4 102.2 103.0 103.6 104.8 Sect Oct Nov. Dec 106.2 106.2 106.2 106.6 107.1 107.1 107.1 107.2 107.4 107.6 104.6 104.3 104.2 105.0 106.2 106.0 105.4 104.9 105.1 105.4 105.7 105.8 105.7 105.9 106.0 106.0 106.2 106.3 106.6 106.9 106.4 106.5 106.6 106.7 106.7 106.8 107.0 107.1 107.2 107.3 106.5 106.9 106.7 106.8 107.1 107.1 107.2 107.4 108.0 108.4 104.8 104.2 102.4 102.1 102.3 102.6 103.7 104.5 105.4 105.8 108.0 107.5 107.4 108.1 108.1 107.2 108.0 108.1 108.0 108.1 102.3 102.3 102.3 102.4 102.4 102.5 102.7 102.6 102.7 102.9 1964—Jan Feb Mar 107.7 107.6 107.7 105.8 106.0 105.7 106.9 106.9 107.1 107.3 107.5 107.5 108.5 108.8 108.9 106.6 106.6 106.1 108.1 106.2 107.1 102.7 102.7 102.8 . . 1963—Mar Apr May June July Read- Other ing goods and and recrea- servtion ices Medical care Total Total NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. The new series index begins with January 1964. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities Period All com- Farm Processed modi- products foods ties Total Textiles, etc. NonRub- Lum- Paper, Ma- Furni- meMisHides, Fuel, ChemTo- cellatallic bacco chinicals, ber, ber, ture, Metals etc. ery minetc. etc. neous etc. etc. erals 1955 1956 1957 1958 1959 93.2 97.9 94.3 92.4 96.2 96.6 94.3 96.5 99.0 99.2 97.9 99.2 100.4 103.6 102.9 99.5 100.6 97.2 99.2 101.3 100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91.3 94.6 99.1 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6 98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101.5 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 1960 1961 1962 1963 100.7 100.3 100.6 100.3 96.9 96.0 97.7 95.7 100.0 100.7 101.2 101.1 101.3 101.5 105.2 99.6 100.2 100.8 99.7 106.2 100.7 99.1 100.8 100.6 107.4 100.2 97.5 100.7 100.5 104.2 99.8 96.3 1963—Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec., 99.9 99.7 100.0 100.3 100.6 100.4 100.3 100.5 100.7 100.3 95.4 95.4 94.4 94.9 96.8 96.3 95.5 95.1 96.2 93.3 99.0 99.3 101.7 102.4 102.2 100.9 100.9 102.2 102.5 100.4 100.6 100.4 100.5 100.7 100.8 100.8 100.7 100.9 100.9 101.2 105.1 104.5 104.8 104.5 104.3 103.6 103.1 103.4 103.5 103.0 100.8 100.3 100.4 100.9 100.4 98.9 99.0 98.8 97.9 99.3 96.8 96.3 96.4 96.3 96.0 96.0 96.0 96.2 96.3 96.2 94.1 96.5 94.1 97.0 93.2 97.5 98.3 93. 93.0 101.6 93.7 102.6 93.4 99.9 94.2 99.2 94.2 99.2 93.8 99.1 99.0 99.0 99.1 99.4 99.0 99.1 99.1 99.5 99.4 99.4 1964—Jan.. Feb., Mar. 101.0 100.5 100.4 96.3 102.5 101.3 101.2 102.7 94.5 100.9 101.2 101.2 102.5 95.3 100.4 101.1 101.2 102.6 99.5 99.0 97.4 96.3 96.4 96.5 93.7 99.0 93.6 r 99 9 93.9 101.0 99 8 101.7 102.5 98.4 101.1 107.6 112.6 99.9 101.8 102.7 '98.5 101.2 107.1 110.9 99.3 101.9 102.7 98.5 101.3 107.1 109.9 100.2 100.1 100.2 100.3 100.4 100.4 100.5 100.7 101.1 101.2 See next page for composition of other commodities. 99.9 100.4 101.8 101.3 96.1 95.9 98.8 100.7 93.3 96.5 100.0 100.0 93.8 98.6 99.2 100.1 99.4 99.4 99.9 100.0 100.0 100. 100.3 100.9 101.0 101.3 102.4 100.1 101.4 102.5 99.3 102.3 99.5 101.8 103.2 103.9 102.3 98.8 101.8 104.1 107.3 102.2 98.1 101.3 106.1 110.4 102.0 101.9 102.0 102.0 102.1 102.1 102.2 102.3 102.5 102.6 98.2 98.1 98.0 98.1 98.0 98.1 98.1 98.1 98.1 98.0 101.5 101.5 101.3 101.2 100.9 101.0 101.1 101.3 101.2 101.3 104.3 104.4 105.2 105.8 107.5 107.5 107.5 107.5 107.5 107.5 110.8 108.0 107.6 108.1 110.4 111.1 111.8 111.2 110.9 112.2 MAY 1964 625 PRICES WHOLESALE PRICES: DETAIL (1957-59= 100) 1963 1964 1963 Group Mar. Jan. Feb. Mar, Mar. Jan. Feb. Mar. 99.0 103.7 85.6 101.8 99.6 99.8 113.8 89.0 95.9 103.9 84.7 101.5 102.8 106.3 115.5 99.0 97.9 102.0 82.8 101.7 102.3 89.7 113.9 96.4 104.9 Woodpulp 99.1 Wastepaper 83.8 Paper 102.1 Paperboard 101.5 Converted paper and paperboard... 90.5 Building paper and board 112.0 100.7 Metals and Metal Products: 89.4 96.6 102.2 94.1 99.7 94.1 96.1 91.1 103.1 96.5 100.0 95.2 96.1 91.1 103.1 96.5 100.1 95.0 96.1 91.9 103.5 96.5 98.9 93.0 108.0 91.8 107.1 107.0 107.4 91.8 r 88.9 108.0 107.5 106.8 88.7 107.2 Iron and steel Nonferrous metals Metal containers Hardware Plumbing equipment Heating equipment Fabricated structural metal products Fabricated nonstructural metal products 98.4 98.1 104.5 103.9 101.3 92.6 97.8 100.2 101.4 104.6 104.6 100.5 92.0 99.0 100.2 101.7 "105.6 104.6 '100.4 r 91.8 99.1 100.2 102.8 105.6 104.7 100.4 92.0 98.9 101.3 106.1 79.1 80.0 83.8 90.0 90.5 101.5 107.2 107.4 130.3 122.9 r 90.6 94.6 88.2 '91.0 r 74.4 73.7 74.8 74.8 87.9 88.1 107.4 106.6 100.2 100.8 93.8 150.9 101.4 114.9 101. 103. 94, 121. 102. 118.3 107.5 117.3 98.1 89.1 75.1 Machinery and Motive Products: 75.9 87.6 Agricultural machinery and equip.... 107.7 Construction machinery and equip... Metalworking machinery and equip.. General purpose machinery and equipment 101.0 Miscellaneous machinery 103.4 Special industry machinery and 95.5 equipment (Jan. 1961= 100) 116.6 Electrical machinery and equip 102.3 Motor vehicles 116.5 Transportation equip., R.R. rolling stock (Jan. 1961= 100) 103.7 109.3 109.4 109.0 111.0 108.8 109.1 112.1 111.8 110.8 112.5 111.8 111.0 112.6 112.0 111.3 103.4 103.7 104.8 104.1 104.8 104.3 104.9 104.4 103.1 96.9 100.7 105.2 96.9 99.8 105.2 r 97.4 99.8 105.2 97.5 99.8 100.5 100.5 100.5 100.5 104.6 102.3 96.0 92.3 89.4 102.8 105.0 103.1 100.1 r 91.5 87.2 103.6 105.0 103.1 100.1 r 91.8 87.2 103.7 105.0 103.1 100.1 91.7 87.2 103.7 96.6 103.0 102.2 103.6 105.0 94.1 101.5 101.0 102.7 101.2 103.5 106.1 87.4 101.3 101.0 101.7 102.7 102.7 101.0 100.7 103.8 I 103.9 108.6 108.6 87.4 88.7 101.3 101.3 Tobacco products Alcoholic beverages Nonalcoholic beverages 102.2 101.1 117.4 105.9 101.0 127.7 105.9 101.0 125.3 106.0 100.7 125.3 Toys, sporting goods, small arms... Manufactured animal feeds Notions and accessories Jewelry watches, photo equipment.. Other miscellaneous products 100.5 117.1 98.7 103.9 101.7 100.9 120.4 99.1 103.6 101.7 100.9 117.4 99.1 103.3 101.7 101.1 115.3 99.1 103.3 102.4 Pulp, Paper, and Allied Products: Farm Products: Fresh and dried produce Grains Livestock and poultry Plant and animal fibers Fluid milk Eggs Hay and seeds Other farm products Processed Foods: Cereal and bakery products Meat, poultry, and fish Dairy products and ice cream Canned and frozen fruits, and vegetables Sugar and confectionery Packaged beverage materials Animal fats and oils Crude vegetable oils Refined vegetable oils Vegetable oil and products Miscellaneous processed foods Textile Products and Apparel: Cotton products Wool products Man-made fiber textile products Silk products Apparel Other textile products 101.2 103.3 95.1 116.8 102.3 117.3 Hides, Skins, Leather, and Products: Hides and skins Leather Footwear. Other leather products 88.4 103.7 108.3 104.7 r 76.1 74.0 99.5 99.7 108.3 108.2 101.9 101.9 98.1 103.6 127.8 102.4 98.2 98.3 98.1 103.6 103.6 124.8 126.8 101.3 101.3 95.3 96.6 75.9 Furniture and Other Household Dura99.6 bles: 108.2 Household furniture 101.7 Commercial furniture , Floor coverings , Household appliances , Television, radios, and phonographs., 97.1 Other household durable goods 103.6 123.6 101.3 92.9 Nonmetallic Mineral Products: 95.4 103.7 93.0 95.2 74.5 103.6 102.3 99.5 94.3 105.3 91.2 95.4 83.1 103.6 99.4 99.2 Flat glass Concrete ingredients Concrete products 94.4 Structural clay products 104.9 91.8 Gypsum products 95.3 Prepared asphalt roofing 85.8 Other nonmetallic minerals 103.8 100.2 Tobacco Products and Bottled Bever99.1 ages: Fuels and Related Products, and Power Coal Coke Gas fuels (Jan. 1958= 100) Electric power (Jan. 1958= 1 0 0 ) . . . . Petroleum products, refined Chemicals and Allied Products: Industrial chemicals Prepared paint Paint materials Drugs and Pharmaceuticals Fats and oils, inedible Mixed fertilizers Fertilizer materials Other chemicals and products '94.2 104.8 91.5 95.3 r 83.2 103.8 100.2 Rubber and Products: Crude rubber Tires and tubes Miscellaneous rubber products 92.7 89.0 89.4 91.3 97.9 96.6 102.5 91.2 99.2 106.7 91.1 89.5 91.3 97.6 91.2 91.3 97.8 Miscellaneous Products: Lumber and Wood Products: Lumber Millwork Plywood NOTE.—Bureau of Labor Statistics index. 1964 Group 100.3 106.9 '92.2 101.4 107.3 94.3 626 NATIONAL PRODUCT AND INCOME MAY 1964 GROSS NATIONAL PRODUCT OR EXPENDITURE (In billions of dollars) 1962 Item 1929 1933 1941 1950 1959 1960 1961 1962 1963 19 3 IV Gross national product 104.4 II III IV 56.0 125.8 284.6 482.7 502.6 518.2 554.9 585.1 565.2 571.8 579.6 588.7 600.1 Personal consumption expenditures. Durable goods Nondurable goods Services 79.0 9.2 37.7 32.1 Gross private domestic investment. New construction Residential, nonfarm Other Producers' durable equipment.. Change in business inventories. Nonfarm only 1.4 16.2 1.4 8.7 .5 3.6 1.0 5.1 1.6 5.9 1.7 - 1 . 6 -1.4 1. 18.1 6.6 3.5 3.1 6.9 4.5 4.0 50.0 24.2 14.1 10.1 18.9 6.8 6.0 72.7 40.2 22.3 17.9 25.9 6.6 6.5 71.8 40.7 21.1 19.7 27.6 3.5 3.2 69.0 41.6 21.0 20.5 25.5 1.9 1.5 78.8 44.4 23.2 21.2 28.8 5.5 4.9 82.3 46.6 25.0 21.6 30.9 4.7 4.2 78.8 45.0 23.7 21.2 29.9 4.0 3.2 77.8 43.7 22.7 21.0 29.0 5.1 4.3 80.7 45.8 24.8 21.0 30.7 4.3 3.6 83.7 47.9 25.9 22.0 31.6 4.2 3.7 87.1 49.2 26.8 22.4 32.5 5.4 5.1 .2 2.4 2.3 1.1 6.0 4.8 .6 13.1 12.5 22^9 23.6 3.0 26.3 23.3 4.4 27.5 23.1 3.8 28.9 25.1 4.5 30.7 26.2 3.3 28.8 25.5 3.6 28.6 24.9 4.8 30.7 25.9 4.3 31.4 27.1 5.4 32.3 26.9 8.0 24.8 16.9 2.0 I 13.8 2.0 f 3.2 39.0 19.3 14.3 5.2 .1 19.7 97.2 53.6 46.2 7.9 .5 43.6 99.6 107.9 117.0 125.1 120.2 123.0 123.8 125.7 127.7 53.1 57.4 62.4 66.3 63.6 65.5 66.5 66.4 66.6 45.7 49.0 53.3 56.7 54.3 56.4 56.7 56.7 57.2 8.9 10.0 10.5 10.4 10.1 10.6 10.8 10.4 8.0 .6 .8 .6 1.0 1.1 1.0 .8 1.2 1.0 46.5 50.6 54.6 58.8 56.6 57.5 57.3 59.4 61.2 Net exports of goods and services. Exports Imports Government purchases of goods and services. Federal National defense Other Less: Government sales State and local Gross national product in constant (1954) dollars .8 7.0 6.3 8.5 1.3 > 1.3 7.2 46.4 3.5 22.3 20.7 6.0 81.9 195.0 313.5 328.2 336.8 355.4 373.1 362.9 367.4 370.4 374.9 379.9 9.7 30.4 43.6 44.9 43.6 48.2 51.5 50.5 50.6 51.0 50.8 53.6 43.2 99.8 147.1 151.8 155.1 161.4 167.1 163.6 165.3 165.9 168.6 168.7 29.0 64.9 122.8 131.5 138.0 145.7 154.5 148.9 151.4 153.5 155.5 157.7 7.8 181.8 126.6 238.1 318.1 428.6 439.9 447.7 474.8 492.9 481.4 485.3 489.4 495.1 501.7 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. For back data and explanation of series see National Income 1954 Edition, A Supplement to the Survey of Current Business; U.S. Income and Output, A Supplement to the Survey of Current Business (1958); and the July 1963 Survey of Current Business. NATIONAL INCOME (In billions of dollars) 1962 Item 1929 1933 1941 1950 1959 1960 1961 1962 1963 1963 IV II III IV National income 87.8 40.2 104.7 241.9 400.5 414.5 426.1 453.7 '478.1 462.2 466.7 474.6 482.0 '489.1 Compensation of employees 51.1 29.5 64.8 154.2 278.5 293.6 302.1 322.9 340.4 327.7 332.0 338.7 342.8 347.9 50.4 45.5 .3 4.6 29.0 23.9 .3 4.9 .7 .5 62.1 146.4 258.5 271.3 278.8 297.1 312.3 301.5 304.5 316.8 314.6 319.4 51.9 124.1 213.1 222.9 221.0 241.6 253.0 244.7 246.7 252.2 255.1 258.1 10. 1.9 9.9 10.7 9.9 10.2 11.0 10.5 10.8 10.8 11.8 35.4 38.5 41.6 44. 8.3 48.3 46.3 47.1 47.8 48.7 49.5 2.7 28.0 26.2 27.5 27.9 28.2 28.5 7.8 20.1 22.3 23.3 25 .1 .6 .1 .4 2.0 .7 14.8 5.6 17.4 8.8 6.0 3.2 2.4 10.9 6.5 5.4 2.0 3.5 Wages and salaries Private Military Government civilian Supplements to wages and salaries Employer contributions for social insurance Other labor income Proprietors' income Business and professional Farm Rental income of persons Corporate profits and inventory valuation adjustment Profits before tax. Profits tax liability Profits after tax Dividends Undistributed profits Inventory valuation adjustment Net interest 10.1 - 2 . 0 9.7 10.4 11.3 11.0 11.9 11.4 46.5 46.2 48.1 35.1 11.4 34.2 12.0 35.3 12.8 9.0 11.9 12.1 12.1 37.5 12.0 13.8 12.3 15.0 12.4 15.3 12.6 15.5 12.7 15.7 12.8 50.5 50.3 56.7 50.0 50.5 SO.8 37.7 12.8 36.9 13.4 37.2 13.5 37.4 12.6 37.8 12.7 38.2 12.6 12.1 12.0 12.© 12.0 12.1 12.2 '53.2 14.5 35.7 47.2 44.5 43.8 47.0 51.1 49.3 48.8 50.1 52.2 .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 47.7 23.2 24.5 13.7 10.8 44.3 22.3 22.0 14.5 7.5 43.8 22.0 21.8 15.3 6.5 46.8 22.2 24.6 16.6 8.1 51.5 24.4 27.1 17.8 9.3 48.4 22.9 25.5 17.1 8.4 48.3 22.9 25.4 17.1 8.3 51.0 24.2 26.8 17.6 9.2 52.2 '54.3 24.7 r 25.8 27.5 28.6 17.6 18.8 '9.7 9.8 .5 - 2 . 1 -2.5 -5.0 -.5 .2 .2 -.4 .9 .4 -.9 .0 -1.1 4.5 5.5 16.4 18.1 20.0 22.0 24.1 23.0 23.3 23.7 24.3 25.0 9.6 1.4 8.3 5.8 2.4 6.4 5.0 NOTE.—Dept. of C ommerce estimates. Quarterly data are seasonally adjusted totals at ann ual rates. See also NOTE to previous table. 49.8 15.4 12.6 MAY 1964 627 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING (ID billions of dollars) 1962 Item 1929 1933 1941 1950 1960 1959 1961 1962 1963 1963 IV 104.4 Gross national product. Less: Capital consumption allowances Indirect business tax and nontax liability . Business traasfer payments. Statistical discrepancy II III IV 56.0 125.8 284.6 482.7 502.6 518.2 554.9 585.1 565.2 571.8 579.6 588.7 600.1 8.6 7.2 9.0 7.0 .6 .3 7.1 .7 .9 11.3 .5 .4 19.1 43.0 41.0 44.3 23.7 42.6 46.4 49.1 2.2 2.1 .8 2.3 -.7 -3.0 -3.0 -1.9 49.4 51.6 50.1 50.6 51.3 52.1 52.7 53.0 56.6 54.1 55.2 56.0 57.2 58.1 2.3 2.3 2.3 2.3 2.3 2.3 2.3 - 1 . 8 r-3.0 -1.9 -2.3 -4.1 -4.4 '-1.0 Plus: Subsidies less current surplus of government enterprises -.1 Equals: Nationa ]income 87.8 Less: Corporate profits and inventory valuation adjustment Contributions for social insurance. 10.1 - 2 . 0 .3 .2 14.5 2.8 Plus: Government transfer payments... Net interest paid by government. Dividends Business transfer p a y m e n t s . . . . . . Equals: Personal income .9 1.0 5.8 .6 85.8 1.5 1.2 2.1 .7 47.2 14.3 25.4 27.3 31.3 32.5 34.6 33.6 34.7 34.2 34.4 35.2 7.1 4.8 8.4 8.4 8.0 7.8 8.5 8.3 8.2 7.7 8.5 9.2 13.7 14.5 15.3 16.6 17.8 17.1 17.1 17.6 17.6 18.8 2.2 2.1 2.3 2.3 2.3 .8 2.3 2.3 2.3 2.3 2.3 96^3 228.5 383.9 401.3 417.4 442.1 463.0 449.9 453.9 459.9 465.2 473.0 Less: Personal tax and nontax payments. Federal State and local 2.6 1.3 1.4 1.5 .5 83.1 Equals: Disposable personal income Less: Personal consumption expenditures..., 79.0 4.2 Equals: Personal saving Disposable personal income in constant (1954) - dollars .1 .2 .4 .5 1.7 1.7 .7 1.6 .7 .4 .5 1.1 40.2 104.7 241.9 400.5 414.5 426.1 453.7 r 478.1 462.2 466.7 474.6 482.0 '489.1 1.0 45.7 46.4 35.7 6.9 47.2 17.6 44.5 20.6 43.8 21.4 47.0 23.9 51.1 27.2 49.3 24.2 48.8 26.5 50. 27.0 52.2 27.4 '53.2 27.8 2.6 1.3 4.5 3.3 2.0 1.3 20.8 18.2 2.6 46.8 40.4 6.4 51.4 44.0 52.9 45.1 7.3 7.8 93.0 207.7 337.1 81.9 195.0 313.5 11.1 12.6 23.6 349.9 364.4 328.2 336.8 -.6 21.7 57.7 49.0 8.7 384.4 355.4 29.1 60.5 50.9 58.5 49.7 59.4 50.0 9.6 8.8 9.4 402.4 391.4 394.5 373.1 362.9 367.4 29.3 27.6 28.5 59.9 50.4 9.6 400.0 370.4 29.6 60.8 51.1 9.7 404.4 374.9 62.1 52.2 9.9 410.9 379.9 31.0 29.5 27,1 134.9 102.1 175.1 231.0 310.7 317.8 328.4 343.6 354.9 348.2 349.5 353.2 356.0 360.7 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) 1962 Item 1963 1963 Mar. Apr. May June July 1964 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.* 442.1 463.0 454.8 457.4 460.1 462.6 464.2 465.1 467.3 471.2 472.6 476.0 1478.1 478.8 480.4 297.1 312.3 306.1 308.7 311.2 312.9 314.1 314.4 316.2 318.7 319.2 320.8 321.7 324.2 325.0 Commodity-producing industries.. 118.5 123.8 120.9 122.5 123.8 124.7 125.1 124.7 125.5 126.3 126.2 127.2 126.9 128.4 128.6 frfanufactiiTing only 94.2 98.3 96.3 97.2 98.4 99.0 99.2 98.7 99.6 100.2 100.2 101.1 101.1 101.9 102.1 76.6 79.8 78.7 79.2 79.7 79.8 80.1 80.2 80.7 80.9 81.0 81.3 81.7 82.1 82.1 46.4 49.5 48.5 48.7 49.1 49.4 49.8 50.0 50.2 50.4 50.6 50.8 50.9 51.2 51.4 55.6 59.3 58.0 58.3 58.6 58.9 59.2 59.5 59.8 61.0 61.3 61.6 62.2 62.5 62.8 Government Business and professional Less: Personal contributions Nonaffricultural income for 12.1 12.6 12.5 12.5 12.6 12.6 12.7 12.7 12.7 12.8 12.8 12.8 12.8 12.9 12.9 49.8 36.5 13.3 50.5 37.7 12.8 50.5 37.2 13.3 50.1 37.3 50.0 37.6 12.4 50.4 37.7 12.7 50.6 37.9 12.7 50.6 37.9 12.7 50.9 38.2 12.7 50.8 38.2 12.6 50.9 38.4 12.5 50 6 38.4 12.2 50 7 38.6 12.1 51.0 38.7 12.3 12.0 12.1 12.0 12.0 12.0 12.1 12.1 12.1 12.2 12.2 12.2 12.2 12.3 12.3 16.6 17.8 17.2 12.8 12.0 17.3 50.0 37.4 12.6 17.3 18.2 17.5 17.6 17.8 18.2 18.5 19.8 19.0 19.1 19.2 30.0 32.5 31.8 31.9 32.1 32.3 32.6 32.8 33.0 33.2 33.5 33.8 34.1 34.3 34.5 34.8 36.9 36.2 36.4 36.6 36.4 36.5 36.7 36.8 37.3 37.6 37.7 139.9 37.7 37.8 10.2 11.8 11.5 11.6 11.7 11.8 11.8 11.9 11.9 12.0 12.0 12.1 12.3 12.4 12.4 424.5 445.7 437.0 440.5 443.1 445.8 447.0 448.0 450.3 454.1 455.7 459.2 M61.6 462.4 463.7 17.6 17.3 17.8 17.3 17.1 16.9 17.2 17.1 17.0 17.0 16.9 16.8 16.5 16.4 16.7 i Includes stepped-up rate of Govt. life insurance dividend payments to veterans in the amount of $2.1 billion. NOTE.—Dept. of Commerce estimates. Monthly data are seasonally adjusted totals at annual rates. See also NOTE to table at top of previous page. 628 FLOW OF FUNDS MAY 1964 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1962 1961 Transaction category, or sector I. 1959 1960 1961 1962 1963 IV I II 1963 III IV I II III IV Saving and investment C Farm and noncorp, business E F U S Government State and local govt I J Consumer durable goods Business inventories K Gross pvt. fixed investment 115.6 119.5 116.1 130.2 139.7 125.7 124.2 131.7 131.9 132.8 132.6 138.6 142 5 145.3 A 74.5 73.4 80.0 86.6 91.1 85.3 85.2 87.1 86.5 87.7 86.7 91.0 90.8 95.8 B 13.4 12.9 12.5 13.1 13.3 12.4 12.9 13.2 13.1 13.3 13.2 13.3 13.5 13.6 C 35.2 29.7 32.1 36.6 40.3 37.3 36.2 36.7 35.1 38.6 37.4 39.7 41 9 42 3 D 4 . 3 - 5 . 5 - 4 . 7 —4 5 - 5 . 7 - 7 . 0 - 4 . 4 - 2 . 0 — 5.7 - 4 . 5 —6 0 — 3 8 — 3 7 E -4.5 -3.5 - 3 . 0 - 4 . 7 -3.8 -3.5 -5.2 -4.5 -3.3 -3.4 - 4 . 0 - 3 . 5 - 2 6 - 3 4 — 4 4 F 2.2 1.4 1.7 2.3 1.6 2.5 2.6 2.8 1.5 3.3 3.2 2.9 3.5 1 6 G 114.6 43.6 6.6 117.4 114.5 127.2 136.0 125.2 126.6 128.9 126.0 127.3 129.9 135.5 134.2 144 7 44.9 3.5 43.6 1.8 48.2 4.9 51.5 4.6 46.4 7.0 47.3 7.7 47.5 5.9 47.7 2.8 50.5 3.3 50.3 4.4 51.2 4.3 51.0 4.3 53 7 5.5 73.2 21.3 51.3 .7 77 6 21.8 55 1 .7 70.4 21.5 48.2 8 69.3 21.7 46.8 .8 73.2 19.9 52.6 .7 75.4 21.2 53.5 .7 75.0 22.3 52.1 .6 72.1 20.7 50.6 .8 76 6 20.5 55 5 .6 79 7 22.5 56 5 .6 81 9 K 23 2 L 58 0 M .6 N I J M N Nonfin business Financial sectors 66.2 22.1 43.4 .7 68.3 21.6 46.0 .6 67.1 20.1 46.4 7 O P Net financial investment Discrepancy (A—H) -1.7 2.0 .7 2.2 2.0 .8 2 3 1.4 3.0 3.4 —8 3.6 .6 2.3 2.8 -1.5 3.0 2.4 -2.4 * 1.5 5.9 5.5 2.8 3.1 8.3 3 6 .6 O P A B C Net funds raised—Nonfin. sectors... Loans and short-term securities.... Long-term securities and mtgs 53.2 19.7 33.4 36.2 8.0 28.3 47.2 19.5 27.7 58.1 17.6 40.5 62.4 19.5 42.9 53.8 25.9 28.0 61.8 29.7 32.1 63.0 19.9 43.1 40.1 -1.9 42.0 67.7 22.7 45.0 58.7 1.1 57.6 68.3 27.9 40.5 50.0 .2 49.7 72.6 48.5 24.1 A B C 8.7 5.5 3.8 -2.1 -5.1 2.5 7.5 11.3 -4.1 7.6 2.4 4.9 16.1 17.8 -2.4 .8 2.0 2.8 2.3 5.7 4.8 1.5 11.3 6 .6 3 7 3.3 4.3 3.7 2.0 .2 1.4 .7 36.3 11.2 1.9 .8 36.9 2.2 1.1 54.4 16.2 .8 1.1 52.6 17.2 -.5 .7 45.5 12.5 1.5 1.8 53.0 17.1 1.2 2.0 43.6 6.4 5.6 2.7 4.5 2.8 3.9 5.8 4.5 3.5 6.7 6.8 2.7 3.2 1.1 43.8 10.4 4.9 3.1 .6 41.9 5.9 1.7 1.9 2.4 1.3 1.0 48.2 13.7 3.3 3.3 .2 .7 43.6 14.7 7.0 6.3 4.0 4.3 3.5 4.7 7.6 5.8 3.7 9.7 5.9 3.3 .5 Securities and mortgages State and local obligations Corporate securities 7- to 4-family mortgages Other mortgages 29.0 4.7 5.3 13.2 5.8 25.2 3.7 5.3 10.4 5.8 31.0 5.0 7.3 11.7 6.9 34.5 5.1 4.8 15.4 9.4 T Net sources of credit (—A) U Chg. in U.S. Govt. cash balance.. V U.S. Govt. lending W Foreign funds X Pvt. insur. and pension reserves.. Y Sources n.e.c 53.2 .7 3.8 36.2 .9 2.4 3.3 8.1 6.3 47.2 .3 2.8 2.2 8.7 5.1 Z Pvt domestic nonfin sectors . . A A Deposits and U.S. Govt. secur.... AB Deposits AC Demand dep. and currency. . AD Time and svgs. accounts AE At commercial banks AF A t savings instit AG U.S Govt securities 30.5 15.3 23.8 8.3 11.0 14.0 .5 - 1 . 0 10.5 15.0 5.4 2.1 -5.7 28.2 23.5 24.6 4.5 20.0 8.7 11.4 -1.1 36.5 32.2 29.8 1.6 28.3 15.1 13.2 2.4 40.8 39.0 33.4 5.3 28.1 13.1 15.0 5.5 6.8 6.0 4.1 3.5 1.7 II. Financial flows—Summary By sector D U S . Government E Short-term securities F Other securities G Foreign borrowers H Loans .• . • I Securities J Pvt. domestic nonfin. sectors K. Loans . L Consumer credit M Bank loans n.e c O P Q R S AH AI . •.. Other securities and mtgs Less security debt III. 3.6 8.8 5.7 8.4 12.9 6.8 9.6 8.4 - 5 . 6 2.0 -12.4 6.6 8.3 11.4 11.9 2.4 - 1 0 . 4 7.3 21.7 4.0 1.5 8.1 4.3 2.2 1.6 38.2 6.7 3.4 17.6 10.5 33.4 6.3 5.5 13.5 8.0 33.8 6.4 6.0 13.2 8.3 35.4 5.9 4.9 15.5 9.1 33.1 3.6 4.0 16.3 9.2 35.9 4.3 4.1 16.5 10.9 33.8 4.0 5.8 15.5 8.6 58.1 1.0 3.5 62.4 -.6 2.6 53.8 .2 4.5 61.8 4.9 4.0 40.1 -6.5 1.9 2.5 2.6 4.0 2.7 61.1 1.5 3.6 2.7 9.4 6.3 58.7 7.4 * 8.6 3.3 63.0 3.9 4.5 2.8 9.3 4.3 31.3 38.4 28.3 31.6 25.5 27.7 8.3 - 7 . 7 17.1 35.4 4.9 22.7 12.2 12.7 2.9 3.9 38.2 33.4 27.7 2.9 24.8 13.4 11.5 5.7 25.4 24.9 26.1 2.3 23.9 10.6 13.3 -1.3 4.8 6.7 6.2 -.1 .2 -4.5 3.3 1.8 2.8 1.2 61.9 55.1 33.8 20.4 36.4 10.4 9.0 5.6 9.5 7.5 9.4 4.4 1.9 9.0 8.4 .2 __ o 30.6 -7.2 23.2 14.6 34.6 3.9 34.0 13.5 31.4 15.8 52.5 10.6 30.9 11.0 48.3 8.4 27.4 8.5 57.8 -1.0 39.9 18.9 48.5 2.9 20.7 11.1 39.3 8.0 43.0 -3.9 32.1 14.8 1.3 2.2 8.6 7.1 44.1 33.4 39.1 33.0 37.9 30.8 8.9 - 3 . 7 29.0 34.5 17.1 13.7 17.4 15.3 1.3 2.3 9.3 - 6 4 4 4 10.3 - 1 2 . 4 18.4 .1 7 6 — 14 4 5.0 2 0 2 8 3.5 1.2 2.9 8 1.6 2 54.0 54 4 65 5 15 1 13 1 26 8 7.0 6 5 7 5 4.2 3 5 16 0 3.9 3.1 3 3 38.9 41 4 38 7 9.3 6.4 7.0 1.6 3.8 2.3 17.2 19.7 18 3 10.7 11.5 77.2 68.3 50.0 72.6 T 2.5 - 9 . 5 - 3 . 0 U 2.4 3.9 4 3 V 6.4 2 2 — 5 W 9.5 11.0 6.3 9.4 8 6 Y 41.3 41.5 30.4 7.0 23.4 9.4 14.0 11.1 33 1 32.3 29 0 4.2 24.8 77 7 13.2 3.2 2.0 3.3 1.6 3.6 2.7 1.9 54 4 48.1 43 0 13.2 29.8 14 3 15 4 5.1 Z AA AB AC AD AE AF AG 6 1 AH - . 2 AI Financial institutions 44.4 51.4 57.4 54.3 -4.5 —7 0 41.8 43 0 20.1 18.3 A B C D Net funds advanced—Total U.S Govt. securities Other securities and mtgs Loans .. F G H I By sector Banking system . . Savings institutions Insurance and pension funds Finance n e e 5.0 10.6 10.1 4.9 9.9 9.3 10.2 5.3 17.5 12.0 10.7 4.2 20.4 14.5 11.5 5.0 22.7 17.5 12.1 5.6 17.3 13.5 11.8 5.9 25.1 13.6 10.7 3.2 19.5 13.3 11.7 3.8 9.3 15.7 11.3 6.7 27.7 15.4 12.5 6.2 26.8 17.0 11.6 -.2 20.8 16.9 12.0 7.7 T Net sources of funds—Total K. Gross savins L Deposit claims M Demand deposits and currency... N Time dep at coml banks 30.6 1.5 10.9 1.4 1.1 34.6 2.2 15.6 .3 5.8 9.5 3.4 4.7 3.4 1.5 51.4 2.3 32.1 3.5 15.3 13.3 4.1 5.0 5.6 1.9 57.8 2.9 34.7 5.4 14.1 15.2 4.0 5.5 7.2 1.3 48.5 1.6 28.9 10.7 5.5 12.7 3.5 5.9 5.5 2.7 52.5 1.4 35.0 8.4 44.4 1.7 26.8 5.9 9.4 11.5 3.7 4.9 3.3 2.0 48.3 2.5 31.3 6.3 13.3 11.7 3.6 5.7 7.2 2.2 61.9 2.8 43.4 12.8 15.0 15 7 4.2 5 2 4.4 .8 1.5 .2 .5 4.9 .5 .6 .9 3.0 .8 2.8 1.9 3.8 .8 2.8 43.0 2.6 18.8 -4.7 10.2 13.3 4.4 4 6 6.1 1.3 .2 2.0 2.2 1.0 .3 1.2 1.1 3.9 1.5 1.2 -2.0 .5 4.2 1.6 1.4 2.1 2.7 -.7 55.1 3.3 38.2 2.3 18.4 17 4 3.9 4 7 .6 .8 57.4 54.3 3 2 3 5 35 3 22 2 10.6 - 3 . 5 10 5 12 4 14 2 13 4 4.4 3.5 5 9 6 6 9.4 9.3 1 0 1 5 2 0 16 6.3 6 0 P Life insurance reserves R S Credit market instruments Investment co shares 3.6 5.2 6.2 1.8 1.1 3.1 * W Other sources net 3.1 .9 1.3 NOTE.—Quarterly data are seasonally adiusted totals at annual rates. For other notes see Apr. 1964 BULL., p. 512. D E F G H 1 J K L M N O P 0 R S 1.3 A 22.1 12.7 4.1 4.5 4.9 3.2 1.0 * 5.0 7.8 8.3 .3 -.6 -1.4 5.8 1.8 -1.8 12.9 18 6 13.1 9.7 3.9 4.4 64 9 — ^ 38*5 26.7 A B C D 30.5 17 4 11.6 F G H 64.9 J 1 6 K 42 0 I 11.1 M 15 2 N 15 8 O 4.2 P 4.7 Q 9.5 R 17 S 3 5 T 3 4 U -1.0 V 3.8 W MAY 1964 629 FLOW OF FUNDS PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) Transaction category, or sector 1961 1959 1960 1961 1962 1962 1963 1963 III IV IV III IV I. Demand deposits and currency A B C D E F G H I J K L M .3 .9 -.6 .5 .9 Net incr. in banking system liability. U.S. Govt. deposits Other Net increase in assets by sector. . . U.S. Govt Other domestic sectors Consumer and nonprofit Nonfinancial business State and local govt Financial sectors Rest of the world Discrepancy—U.S. Govt. cash Other o -'.6 -.5 .2 .6 5.4 3.5 5.9 -.6 1.0 .3 5.9 2.5 5.7 5.5 4.9 5.0 -.3 .3 1.1 5.5 4.8 3.8 5.3 1.6 5.1 1.3 - 2 . 1 - 1 . 0 .9 .6 - . 1 .3 .8 1.3 .3 .1 -.3 -.1 .1 1.0 - 1 . 4 -.4 10.7 4.9 .2 5.3 10.5 2.1 6.4 5.3 1.3 4.6 7.0 3.0 2.9 5.7 - 5 . 7 2.8 - 2 . 8 1.4 1.1 .7 1.4 1.5 -.4 2.8 - 2 . 1 4.7 6.5 1.7 5.1 6.3 2.1 1.0 * 2.7 .4 Q 12.8 2.3 10.6 2.5 1.5 7.4 8.1 11.3 - 5 . 1 9.9 17.6 1.7 3.3 1.7 7.3 5 15.7 - 5 . 2 13.1 - 1 . 0 6.5 2.1 - 4 . 3 -1.3 -1.6 .3 1.1 2.1 — 1.0 .2 .3 .9 -.4 -.2 -.8 .2 -4.7 1.5 .5 -3.5 -9.5 6.0 -2.7 -11.5 7. 6.5 I. -1.3 .8 1.0 2.0 -2.8 11.1 -3.0 14.1 12.7 -.6 13.7 9.0 -.2 3.6 1.2 .4 - 2 .4 .7 II. Time and savings accounts Net increase-^—Total At commercial banks—Total Corporate business State and local govt Foreign depositors Consumer and nonprofit orgs.. . 9.5 1.1 -.4 3^0 15.3 5.8 .8 1.4 .3 3.3 At savings institutions Memo—Consumer and nonprofit orgs.—Total 8.4 9.5 A n 11.3 12.8 20.9 9.4 1.3 .9 .6 28.6 15.3 2.6 1.0 .3 6.5 11.5 11.5 13.3 17.8 24.7 29.3 14.1 4.2 1.7 1.0 7.3 15.2 22.3 18.2 5.5 2.4 .8 .5 6.6 12.7 18.8 35.4 22.7 4.8 2.0 23.5 10.2 .6 .4 -.3 9.6 15.9 12.7 28.6 21.6 30.6 15.0 2.3 1.0 1.3 10.5 35.9 18.4 4.6 2.9 1.4 9.6 24.7 10.5 2.4 .3 1.0 6.7 25.7 12.4 3.2 1.0 .7 7.5 30.9 15.2 6.4 2.5 .8 5.4 13.3 15.7 17.4 14.2 13.4 15.8 G 22.9 25.7 27.0 20.7 20.7 20.8 H 10.4 - 4 . 9 4.0 18.4 10.3 - 1 2 . 4 7.6 -14.4 A B C III. U.S. Govt. securities A B C Total net issues Short-term direct. Other Net acquisitions, by sector Pvt. domestic nonfin. sectors Consumers and nonprofit Svgs. bonds and postal svgs. dep. Securities Corp. nonfin. business State and local govt Financial sectors Banking system Monetary authorities Commercial banks Savings institutions Insurance and pension funds.... Finance n.e.c Rest of the world 9.3 5.5 3.8 -2.6 -5.1 2.5 7.3 11.3 -4.1 8.7 - 2 . 3 7.8 12.9 - 5 . 7 - 1 . 1 7.3 - 3 . 3 -.9 -2.0 - .4 .7 9.2 -2. -1.6 4 3. -2.7 1. .2 '.3 -7.2 2.9 8.4 -7.9 2.7 7.4 .3 .7 7.5 -8.2 2.0 5.9 .5 -.4 .5 .2 -.4 -.1 1.0 .6 3.0 .6 .4 4.7 15.4 11.3 17.8 -6.6 -2.4 8.6 - 4 . 1 2.0 - 1 2 . 4 6.6 8.3 7.6 5.1 5.0 15.2 3.9 2.4 5.5 2.9 j 9 3.7 .7 3.2 \l .3 1.1 .9 -2.0 2.6 .4 2.4 .6 .3 1.9 c 1.4 3.9 1.3 '.2 3.9 - 1 . 0 10.6 1.3 2.2 9.6 -.2 .1 5.4 2.0 2. 2.8 4.2 .3 -3.0 -2.7 .8 A .7 1.0 .3 .4 .1 .6 -.1 .8 - 1 . 6 -.5 .7 .6 1.3 .8 9.3 - 3 . 9 5.7 - 1 . 3 3.9 .1 .4 .6 3.5 -.5 A -2.0 1.4 .7 1.0 - 3 . 9 .7 - 6 . 4 .3 2 .4 -6.2 -.5 .8 .3 .5 .5 1.2 2.6 1.2 9.8 1.3 .9 .2 .7 .7 -.3 7.8 5.1 2.5 2.6 A .6 1.6 .7 13.0 5.9 4.9 1.1 1.1 11.6 4.3 4. 7.4 2.4 4.9 5.2 1.5 3.7 9.7 11.3 2.4 - 1 0 . 4 7.3 21.7 9.6 11.1 6.4 1.2 5.2 2.1 1.3 2.6 .8 8.3 - 4 . 5 -4. 11.0 2.0 5.1 5.9 -6.8 .5 1.2 .2 -1.2 -.4 -2.7 3.1 1.0 11.6 2.3 .1 .9 -.8 -4.7 4.1 3.2 5.1 3.4 4.6 1.0 1.2 3.4 2.3 -1.7 .5 1.6 -7.0 -.*3 2.2 -8.8 2.8 1.3 -.6 -10.1 A .6 .7 .7 .5 - 3 . 7 -.7 -1.0 IV. Other securities A B C D E Total net issues, by sector.. State and local govt Nonfinancial corporations. Finance companies Rest of the world 11.8 4.7 5.3 1.1 .7 11.1 3.7 5.3 1.5 .7 13.6 5.0 7.3 .5 F G H I J K L M N O P Q Net purchases, by sector Consumers and nonprofit orgs. State and local govt Corp. business Commercial banks Insurance and pension funds... Finance n.e.c Security brokers and dealers. Investment cos.—Net Purchases Net issues Rest of the world 11.8 2.7 1.3 .7 13.6 2.0 1.9 11.7 1.8 .4 11.1 2.1 2.2 -.2 .4 7.0 -.6 -.1 -.5 1.0 1.5 .3 2.7 7.7 -.8 -.2 -.6 1.4 2.0 .4 4.4 7.4 -.4 .3 -.8 1.1 1.9 Total net borrowing. 1- to 4-family... . Other 19.0 13.2 5.8 16.2 10.4 5.8 Net acquisitions Consumer and nonprofit orgs., U.S. Govt Commercial banks Savings institutions Insurance sector Mortgage companies 19.0 2.0 2.2 2.5 9.5 2.4 .2 16.2 2.4 1.2 .7 8.8 2.8 7.5 5.3 3.7 1.0 .7 .2 1.7 2.7 2.7 2.6 -.1 .4 7.0 -.4 .2 -.7 1.2 11.7 5.1 4.8 .8 13.0 6.7 3.4 1.9 1.0 -.8 1.4 13.2 6.3 5.5 ! 13.0 -1.2 1 5.2 7.6 13.2 1.3 1.5 .2 3.3 8.1 -.9 -.9 13.3 6.4 6.0 .3 .6 13.3 13.0 2.4 - 3 .9 -.2 5.0 6.5 -.3 .9 -1.3 1.9 3.2 -.6 8.8 3.6 4.0 .5 .7 12.1 4.0 5.8 .3 2.0 14.5 9.3 1.6 2.0 1.6 12.7 6.4 3.8 1.6 12.6 7.0 2.3 3.5 -.2 8.8 11.6 12.1 14.5 12.7 - . 2 -2.7 -1.5 -2.7 -2.0 1.7 1.5 2.0 1.9 1.4 .2 .2 -.2 .1 3.5 3.3 5.8 5.7 7.9 6.8 8.4 8.5 7.4 -1.5 - 1 . 3 -.7 -.5 .6 -.4 -.3 .9 * -.3 -.2 -.3 -1.5 .6 .8 1.2 -.2 .8 1.0 1.5 1.3 -.1 .4 .3 12.6 2.1 1.7 .2 3.0 6.2 .5 1.4 -.9 .7 1.7 .2 -.1 1.3 .2 1.7 2.7 .4 18.7 11.7 6.9 24.7 15.4 9.4 28.1 17.6 10.5 21.6 13.5 8.0 21.4 13.2 8.3 24.6 15.5 9.1 9.2 18.7 1.6 .6 1.6 11.0 2.7 .6 24.7 28.1 2.9 -1.0 5.3 16.2 3.9 21.6 1.2 1.4 2.2 21.4 3.1 1.2 2.4 12.3 2.2 -.3 24.6 2.0 .3 4.7 25.5 3.5 -.1 4.6 13.4 13.4 3.9 1.9 1.3 .3 .4 2.1 -.2 8.2 6. 1.4 V. Mortgages A B C 3.3 .3 4.0 13.3 3.0 .4 12.1 3.0 1.1 2.4 1.3 3.0 .7 27.4 16.5 10.9 24.1 27.9 15.5 8.6 17.2 10.7 24.1 29.7 2.8 2.9 -1.3 -2.0 3.8 6.1 14.2 15.4 15.8 4.5 3.2 3.5 1.5 27.4 4.4 -.1 4.3 31.1 19.7 11.5 29.5 18.3 11.2 31.1 3.7 -.5 6.1 16.5 4.0 29.5 2.0 -.2 5.0 16.9 4.9 .7 1.1 VI. Bank loans n.e.c. Total net borrowing Nonfinancial business Corporate Nonfarm noncorporate. Farm Rest of the world I inancial sectors .2 .1 -.3 2.7 1.6 1.6 -.3 .3 .7 .1 6.0 4.0 2.6 .7 .7 .4 1.1 NOTE.—Quarterly data are seasonally adusted totals at annual rates. For other notes see Apr. 1964 BULL., p. 512. 8.9 6.6 4.2| 1.6 .7 .6 1.5 5.7 3.3 3.1 -.2 .3 1.3 .5 1.7 3.9 .6 * 1.7 4.3 2.9 3.0 -.9 7.6 5.0 4.5| .9 -.4 2.1 2.7 2.9 2.4 .1 .4 -.1 -.4 7.7 4. 2.7 .9 .6 .7 2.7 6.6 3.3 .9 1.5 .9 .7 2.6 18.6 15.6 11.3 3.1 1.2 1.3 1.4 630 MEMBER BANKS, 1963 MAY 1964 INCOME, EXPENSES, AND DIVIDENDS BY CLASS OF BANK (Income in thousands, assets and liability items in millions of dollars) Reserve city Country All member banks* 1959 1960 1961 New York City 1962 1963 City of Chicago Other 1963 Revenue Interest and dividends on securities: U.S. Govt Other Interest and discount on loans Other charges of loans Service charges on deposits Other charges, fees, etc Trust department Other current revenue 8,074,868 8,927,868 9,216,795 10,153,594 11,169,491 1,756,635 456,693 4,291,444 4,664,719 217,730 1,398,835 1,414,361 1,537,142 1,686,765 1,725,561 444,652 467,351 513,410 139,458 773,150 629,130 4,925,848 5,640,438 5,773,423 6,319,741 7,072,778 1,093,065 95,397 89,469 96,221 127,034 13,052 115,200 421,689 463,666 494,535 567,682 37,650 532,409 149,399 162,140 164,256 180,270 28,541 175,259 408,503 442,083 483,580 556,684 167,039 529,701 230,545 248,360 154,228 166,332 165,389 60,100 589.606 67,824 850,401 41,760 261;606 330,326 285,697 2,792,655 2,901,361 66,232 2,595 45,155 226,800 3,775 299,457 70,055 6,535 75,139 225,742 44,179 119,724 4,328 58,748 43,156 Expenses Salaries—Officers Salaries and wages—Others. . Officer and employee benefits. Directors' fees, etc Interest on time deposits Interest on borrowed money.. Net occupancy expense Furniture and equipment Other current expenses 5,139,614 5,654,675 6,073,550 778,428 680,090 731,508 1,438,261 1,557,204 1,585,010 330,584 38,844 34,586 36,884 1,279,719 1,434,259 1,720,414 36,402 75,898 84,220 423,592 179,876 980,400 1,631,060 1,810,600 300,474 3,029,321 3,467,074 25,147 306,879 467,489 63,450 712,401 691,144 20,053 141,237 148,278 400 6,449 34,617 127,137 1,121,362 1,242,127 46,962 8,615 9,688 13,823 180,260 211,455 101,730 7,207 118,922 34,642 412,041 543,354 Net current earnings before income taxes. 2,935,254 3,273,193 3,143,245 3,112,219 3,238,506 Recoveries, transfers from reserves, and profits On securities: Profits Recoveries Transfers from reserves On loans: Recoveries Transfers from reserves All other Losses, charge-offs, and transfers to reserves On securities: Sold Charge-ofFs prior to sale Transfers to reserves On loans: Losses and charge-offs Transfers to reserves All other Net income before related taxes. Taxes on net income. Federal State Net income Cash dividends declared. On preferred stock 2.. On common s t o c k . . . Memoranda items: Recoveries credited to reserves • On securities On loans Losses charged to reserves 4— On securities On loans 7,041,375 830,300 1,671,111 363,561 40,692 2,358,132 62,542 458,634 217,703 1,038,700 7,930,985 1,134,116 93,065 892,580 301,202 1,768,197 83,582 393,150 1,764 43,230 366,974 2,857,600 104,074 38,809 95,012 500,550 27,006 254,865 126,702 1,116,739 622,519 156,219 1,262,123 1,197,645 296,179 503,710 627,393 396,291 409,072 139,341 18,907 118,682 132,142 41,693 25,448 106,235 283,991 10,336 51,287 402,424 7,133 79,598 216,336 4,377 50,147 140,361 2,902 56,705 26,364 1 19,610 9,042 7,469 46,339 243 13,376 58,616 2,658 16,250 13,892 53,173 55,738 19,883 66,545 71,668 10,230 47,237 80,771 10,035 51,859 63,537 10,551 124,361 74,192 315 86,965 6,086 7 492 1,897 1,778 22,044 34,902 8,451 14,860 31,307 1,199,926 847,465 808,173 703,795 737,728 154,916 42,858 254,054 285,900 32,174 ' 18,200 210,042 142,435 51,169 9,230 84,632 42,929 9,917 56,646 7,867 2,886 7,124 3,500 9,393 16,237 1,694 21,677 15,325 5,337 18,452 16,825 451,526 90,413 16,165 516,448 95,623 134,986 2,053 25,093 4,871 778 166,845 46,823 15,386 189,524 41,876 2,929,438 2,962,465 2,804,715 2,909,850 606,944 1,240,662 1,250,492 1,109,798 1,078,789 991,081 774,622 1,165,534 1,170,215 1,021,782 75,128 87,708 80,277 88,016 728,418 1,688,776 1,711,973 1,694,917 1,831,061 46,204 877,770 734,830 792,635 831,955 1,256,885 2,578 1,113 1,173 1,064 791,522 875,192 733,657 830,891 689,721 1,461 688,260 5,724 2,848 16,476 10,510 3,541 67,224 58,052 81,604 66,050 71,942 205,296 178,907 26,389 666,514 157,997 15,382 273,068 86,965 195,526 22,813 389,856 96,835 21,051 417,095 109,611 2,031,507 132,268 1,126,751 1,043,887 46,861 46,861 464,192 422,48" 41,710 362,440 342,831 19,609 401,648 85,407 662,559 681,447 196,297 40 196,257 34,703 34,703 354,23' 873 353,364 292,533 1,665 290,868 697 10,200 1,425 5,183 2,609 27,418 993 38,803 195,044 101,989 43,652 233,782 18,350 212,941 11,950 196,822 14,860 273,439 208 50,662 2,098 12,525 8,774 91,731 3,780 118,521 87,260 51,070 16,626 39,468 4,055 96,823 44,978 16,068 41,891 4,645 100,446 50,415 17,660 41,068 5,508 108,551 52,343 21,328 43,548 5,977 122,73: 51,043 26,321 44,968 6,59. 22,120 6,665 4,616 9,881 2,179 5,664 2,045 1,474 2,056 206 48,333 17,448 8,896 18,671 2,305 46,615 24,884 11,335 14,359 1,904 Total assets. 198,479 204,406 215,097 231,746 251,657 45,461 11,445 95,653 99,098 Time deposits Total deposits Total capital accounts. 54,124 177,160 15,821 55,012 180,804 16,710 63,099 189,983 17,917 73,097 205,029 19,066 85,505 221,479 20,266 10,39: 37,478 3,933 3,398 10,006 968 32,958 84,974 7,424 38,756 89,021 7,941 68,702 399,285 71,698 418,339 74,734 410,080 78,406 420,886 82,045 433,299 5,802 59,076 1,426 13,279 26,695 167,887 48,122 193,057 6,233 6,174 6,113 6,047 6,108 12 1901 5,893 Assets, deposits, and capital accounts: Loans U.S. Govt. securities Other securities Cash assets Other assets Number of officers Number of employees. Number of banks NOTE.—The schedule for reporting current operating expenses was revised beginning with 1961 and certain items are not directly comparable with data for previous years. For detailed summary of these changes see May 1962 BULL., pp. 526-27. Revenue and expenses incident to Federal funds transactions have been classified as interest and discount on loans and interest on borrowed money in these tables. For other notes see following two pages. MAY 1964 631 MEMBER BANKS, 1963 I N C O M E , EXPENSES, AND DIVIDENDS, BY FEDERAL RESERVE DISTRICT (Income in thousands, asset and liability items in millions of dollars) Federal Reserve district Item Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 507,948 2,728,687 569,977 844,230 537,326 630,884 ,611,129 349,755 297,053 483,431 573,061 2,036,010 Revenue Interest and dividends on securities: 60,466 362,483 86,858 154,757 87,702 110,169 318,164 67,882 54,100 86,405 97,409 239,166 U.S. Govt 25,477 222,881 36,119 79,059 29,357 40,742 126,976 23,883 18,434 28,224 36,700 105,298 Other 118,499 1,718,576 365,512 503 (3,588 343,315 388,505 974,900 221,636 182,775 308,577 379,995 ,366,900 Interest and discount on loans 4,462 11,500 2,864 47,825 23,801 7,925 1,963 3,426 4,847 Other charges on loans 4,292 6,770 7,359 31,332 63,964 14,403 17,924 29,816 25,708 150,453 97,348 22,648 37,300 33,160 43,626 Service charges on deposits.. 13,024 9,722 32,781 40,107 23,237 5,119 7,408 7,655 Other charges, fees, etc 8,165 9,022 11,497 12,533 46,977 8,878 15,378 14,514 62,717 77,777 11,134 194,057 38,870 44,752 20,569 21,061 Trust department 2,356 30,870 14,611 7,711 69,434 6,323 4,197 6,233 Other current revenue 3,735 7,513 8,982 4,367 Expenses Salaries—Officers Salaries and wages—Others.. Officer and employee benefits. Directors' fees, etc Interest on time d e p o s i t s . . . . Interest on borrowed money. Net occupancy expense Furniture and equipment.... Other current expenses 137,391 ,886,542 399,799 603 ,353 370,172 454,721 ,178,002 241,070 214,434 331,797 396,221 ,517,483 45,176 169,039 45,084 60,506 50,646 59,645 123,475 33,780 31,287 56,014 58, " 115 159,813 95,963 455,081 91,086 123 23,136 88,990 103,750 237,422 49,004 40,926 69,214 73,726 339,899 20,839 117,621 20,363 24,943 16,630 19,880 56,298 11,286 10,468 14,258 15,560 65,004 6,615 2,439 3,340 6,122 1,848 3,358 3,472 3,356 2,590i 2,113 4,502 3,475 73,339 674,283 132,191 242,573 108,260 135,883 485,409 77,126 75,318 99,720 128,446 625,052 2,584 42,030 12,371 3,313 1,838 2,926 5,824 2,823 943 21,995 3,099 4,328 25,390 143,163 26,816 30,037 23,873 27,813 63,147 15,366 12,529 19,530 22,i684 90,202 13,959 31,706 11,501 13,067 49,925 16,102 17,042 13,227 18,528 8,468 7,153 54,187 57,702 228,785 60,556 97,313 62,367 82,569 162,052 41,612 33,962 55,276 75, 327 159,218 Net current earnings before in170,557 come taxes Recoveries, transfers from reserves, and profits On securities: Profits Recoveries Transfers from reserves. . . On loans: Recoveries Transfers from reserves. . . All other Losses, charge-offs, and transfers to reserves On securities: Sold Charge-offs prior to sale... Transfers to reserves On loans: Losses and charge-offs Transfers to reserves All other 16,774 842,145 170,178 240,877 167,154 176,163 178,507 6,783 638 1,200 38,008 311 24,328 323 4,592 3,238 912 95,331 19,897 38,985 227,819 1,42: 67: 4,369 11,556 3,169 15,356 All 21,591 10,510 1,015 188,512 8,211 54,271 14,424 6,335 8,086 139 1,987 26,804 360 11,502 6,007 154 1,603 2,119 263 1,188 6,632 318 1,916 5,433 274 2,630 17,110 171 2,096 490 1,068 1,768 563 4,304 7,214 254 893 2,353 616 1,481 3,521 664 5,222 9,719 1,293 4,174 1,193 1,112 407 1,246 1,609 375 7,561 1,858 3,066 2,453 857 3,448 14,029 33,228 43,435 26,711 39,873 115,536 1,040 866 1,834 7,351 696 5,250 3,028 2,767 17,317 28,748 3,450 4,618 1,146 79,013 22,080 27,565 38,368 110,250 22,678 13,280 2,943 779 5,565 857 236 1,058 1,387 239 1,537 11,970 707 14,734 1,101 866 1,053 266 409 623 751 1,109 21,418 27,474 4,394 5,565 607 19,094 5,713 1,536 27,579 (,090 1,216 64,841 16,782 1,008 11,997 6,653 1,561 8,864 1,557 2,084 683 3,898 377,148 100,431 75,674 143,334 152,681 440,702 56,812 55,682 1,130 124,851 123,153 1,698 41,583 40,819 764 31,641 27,323 4,318 54,827 62,136 51,686 62,078 58 3,141 192,518 159,581 32,937 95,032151 ,334 87,410 96,813 252,297 58,848 44,033 88,507 90,545 248,184 51,213 65,348 40,693 51,213 65,348 40,693 39,646 10 39,636 101,236 270 100,966 26,282 9 26,273 19,610 16 19,594 33,423 46,668 17 33,406 46,668 145,216 623 144,593 2,079 6,446 130 3,01 41 4,810 1,4911 15,453 41 2,064 33 1,905 292 3,163 10,090 14,170 560 7,656 319 18,146 7,114 34,130 264 6,728 9 5,589 9,043 4,536 2,641 3,017 315 5,66: 2,588 1,003 2,093 23 r 6,256 3,269 1,321 2,886 323 17,365 9,297 4,364: 6,095! 6261 3,905 2,042 825 1,696 125 3,003 1,538 619 1,073 13^ 65,312 12,289 19,552 11,585 14,055 37,748 8,593 19,450 55,281 5,388 4,395 7,683 10,829 17,266 1,752 1,113 3,482 10,277 955 4,036 12,626 1,129 14,508 33,847 2,887 2,439 7,719 732 4,161 24,847 12,579 98,758 4,587 5,376 23,690 30,274 5,138 24,957 5,716 29,197 10,170 58,823 252 426 413 467 1,010 59,465 70,727 59,120 70,727 345 Net income 82,920 535,138 Cash dividends declared On preferred stock 2 On common stock 47,566 48 47,518 260,869 1,585 259,284 3,202 1,103 17,012 740 15,13. 1,953 80,631 5,427 1,852 940 1,841 246 32,250 10,798 7,431 12,277 2,557 10,306 2,364 8,875 961 Number of banks 50 3,204 106 4,077 7,513 553 12,906 184 118 12,796 17,554 144 50,815 6,37: 2,855 1,280 3,151 376 22,115 7,161 3,711 6,483 1,217 6,371 11,126 14,033 40,687 2,364 5,743 498 2,890 3,875 9,960 12,537 972 1,156 18,017 36,520 2,724 3,600 14,052 3,251 11,299 5,705 5,724 19,180 19,986 16,038 78,236 475 485 656 172 capital 6,231 2,569 1,218 2,035 236 443 513 i Includes figures for all banks that were members of the FRS at the end of the year (including those becoming members during the year whose returns may cover operations for only part of the year); and in addition includes appropriate adjustments for member banks in operation during part of the year but not at the end of the year. Asset and liability data may not add to totals because of rounding. 952 595 1,369 61,108 59,868 1,240 257,695 225,300 32,395 Number of officers Number of employees 37,711 15,830 4,971 83 375 792,833 154,497 222,061 148,518 153,625 Time deposits Total deposits Total capital accounts 18,411 15,714 8,929 7,637 84 4,817 65,426 55,744 9,68: Total assets 518,527 10,771 387 3,063 Taxes on net income. Federal State Assets, deposits, and accounts: Loans U.S. Govt. securities Other securities Cash assets Other assets 82,619 151,634176,840 17,547 24,619 Net income before related taxes. 148,346 Memoranda items: Recoveries credited to reserves 3 — On securities On loans Losses charged to reserves4—• On securities On loans 433,127 108,685 5,102 2,539 967 2,322 196 796 2 Includes interest on capital notes and debentures. 3 Not included in recoveries shown above. 4 Not included in losses shown above. For other notes see following page. 632 MEMBER BANKS, 1963 MAY 1964 INCOME, EXPENSES, AND DIVIDENDS OF RESERVE CITY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Income in thousands, asset and liability items in millions of dollars) Federal Reserve district Item Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 170,602 Revenue Interest and dividends on securities: 17,911 U.S. Govt 5,162 Other Interest and discount on loans, 103,683 2,503 Other charges on loans 4,483 Service charges on deposits.. 8,030 Other charges, fees, etc 24,542 Trust department 4,288 Other current revenue 97,736 230,130 512,611 274,478 245,271 358,720 160,644 88,922 188,728 261,308 1,702,294 10,725 26,303 83,479 42,274 36,740 69,519 23,850 9,585 7,133 10,095 56,472 13,704 13,487 29,372 69,169 149,960 298,972 172,787 158,696 217,524 107,446 3,775 1,005 4,734 1,956 1,552 4,379 1,997 5,355 4,817 9,146 19,739 17,804 13,449 15,450 2,064 5,458 1,228 5,066 6,340 4,800 4,625 9,270 2,175 23,931 37,815 14,799 11,332 16,639 2,069 937 2,334 6,334 3,460 2,391 4,073 11,544 27,612 43,187 196,462 9,598 13,498 4,451 89,049 58,649 128,787 180,582 1,146,400 753 1,385 3,155 39,038 6,634 4,318 122,669 2,936 2,961 3,134 1,813 24,536 56,272 6,908 11,436 10,623 27,868 2,984 1,463 547 Expenses 100,147 Salaries—Officers 12,811 Salaries and wages—Others.. 34,427 Officer and employee benefits. 6,506 Directors' fees, etc 227 Interest on time d e p o s i t s . . . . 15,951 Interest on borrowed money. 1,306 Net occupancy expense 7,604 4,199 Furniture and equipment.... Other current expenses... 17,116 75,868 151,100 360,660 184,719 171,358 265,206 102,713 6,576 15,793 30,313 23,516 20,047 20,072 11,513 15,455 43,875 78,396 50,352 42,876 63,083 24,113 7,911 6,041 3,544 10,276 15,566 8,692 12,191 604 682 261 1,038 475 375 465 34,680 35,403 148,678 47,494 46,963 106,413 29,308 2,386 4,025 2,380 1,639 283 2,525 2,608 4,442 12,020 17,289 13,598 10,977 16,166 6,828 6,314 9,816 6,884 1,880 3,913 6,735 7,267 8,747 23,393 55,895 30,914 33,280 37,397 18,983 59,587 123,800 167,088 1L,267,075 15,013 17,524 127,516 6,185 15,438 30,073 29,500 284,813 6,064 7,333 3,526 53,587 424 431 1,234 233 17,531 39,055 63,442 536,444 5,381 21,380 705 2,344 6,015 74,424 4,057 6,840 4,802 43,511 2,326 4,083 124,166 9,586 19,904 32,660 Net current earnings before income taxes 70,455 21,868 57,931 29,335 64,928 94,220 435,219 8,012 7,544 2,059 834 Recoveries, transfers from reserves, and profits On securities: Profits Recoveries Transfers from reserves On loans: Recoveries Transfers from reserves... All other Losses, charge-offs, and transfers to reserves On securities: Sold Charge-offs prior to sale... Transfers to reserves On loans: Losses and charge-offs Transfers to reserves All other 64 79,030 151,951 89,759 73,913 93,514 9,234 16,564 3,957 7,208 12,049 8,793 762 10,366 4,764 29,429 6,300 1 2,043 3,535 22 3,790 1,966 3,033 76 708 6,699 179 1,493 2,773 40 1,008 49 3,197 1 561 2,624 5 989 13,140 98 1,383 28 3,875 1,986 4,966 458 86 646 158 22 3,054 6,141 15 622 1,352 111 833 2,447 33 960 2,864 829 3,654 489 246 56 232 59 1 6,547 55 37 1,054 294 3,340 11,174 15,523 12,860 17,179 26,444 12,575 13,653 24,378 11,446 3,145 9,223 11,897 95,731 1,169 85 All 4,001 " " 3 8 8 814 75 470 5,469 60 4,145 705 330 498 41 195 36 "*865 147 147 676 6,434 655 3,560 9,942 985 115 64,952 20,015 285 893 1,966 1,669 "3^403 8,697 4,575 2 10,676 513 10,627 2,256 232 17,864 2,751 8,951 3,151 85 9,211 2,998 14 10,078 4,612 2 5,809 4,102 151 2,667 250 177 7,371 615 Net income before related taxes. 62,944 16,552 71,085 142,071 81,141 67,468 81,185 55,278 26,952 66,071 87,087 368,917 Taxes on net income. Federal State 30,894 26,392 4,502 5,335 4,390 945 30,855 30,855 42,913 42,913 34,919 34,018 901 26,850 26,395 455 24,256 23,260 996 25,453 24,944 12,721 10,782 1,939 26,303 24,517 1,786 41,300 41,300 162,393 132,716 29,677 Net income 32,050 11,217 40,230 99,158 46,222 40,618 56,929 14,231 39,768 45,787 206,524 7,264 14,703 27,358 125,872 569 125,303 509 29,825 Cash dividends declared. On preferred stock 2 . . On common stock.... Memoranda items: Recoveries 3 credited to reserves — On securities On loans Losses charged to reserves 4— On securities 20,431 20,431 8,296 24,304 136 8,160 '24^304 43,496 23,047 43^496 "ll\ 047 17,622 17,622 26,816 168 26,648 15,028 "7^264 14,703 '27^358 783 1 1,023 862 1,995 3,201 36 1,597 1,365 3,137 34 812 600 997 716 4,861 495 2,278 4,309 2,171 6,104 374 3,453 6,991 4,745 5,037 152 2,724 2,324 579 180 739 101 1,061 303 225 270 42 2,640 727 324 1,096 100 5,591 2,404 1,884 2,006 189 2,998 1,237 471 1,227 134 2,693 1,134 3,930 1,979 957 1,781 144 2,048 727 Total assets. 3,489 1,901 4,886 12,074 6,066 5,831 8,791 Time deposits Total deposits Total capital accounts. 523 2,959 371 948 1,700 129 1,058 4,276 440 4,448 10,577 1,105 1,528 5,382 466 1,375 5,222 467 3,194 7,898 637 1,007 7,916 550 3,993 1,193 10,156 2,096 17,500 2,015 13,414 1,636 11,370 20 18 24 O n loans.... Assets, deposits, and capital accounts: Loans U.S. Govt. securities Other securities Cash assets Other assets Number of officers Number of employees. Number of banks NOTE.—Does not include reserve city banks in the cities of New York and Chicago. The figures of assets, deposits, and capital accounts are averages of the amounts reported for 4 consecutive official call dates beginning with the end of the previous year and ending with the fall call of the current year (except that in 1963 the Dec. 20 call was included in place of the fall call). The number of officers, employees, and banks are 428 1,442 134 514 10,788 2 6,216 29 2,253 11 5,663 108 41,771 980 54 1,086 347 150 521 50 2,305 824 317 1,205 101 3,342 1,289 453 1,748 216 18,751 5,898 3,184 5,657 1,040 4,131 2,155 4,752 7,048 34,530 3,680 360 565 1,917 172 1,064 4,211 422 1,906 6,203 581 15,461 30,949 2,273 1,335 14,926 959 6,552 473 3,549 1,262 7,534 1,305 7,163 12,864 63,814 15 17 31 19 25 321 as of the end of the year. Cash assets are comprised of cash, balances with other banks (including reserve balances), and cash items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. For other notes see preceding page. 633 MEMBER BANKS, 1963 MAY 1964 INCOME, EXPENSES, AND DIVIDENDS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS (Income in thousands, asset and liability items in millions of dollars) Federal Reserve district Item Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City I San Dallas I Francisco Revenue Interest and dividends on securities : U.S. Govt Other Interest and discount on loans Other charges on loans Service charges on deposits. Other charges, fees, etc Trust department Other current revenue 337,346 874,316 339,847 331,619 262,848 385,613 795,716 189,111 208,131 294,703 311,753 42,555 134,028 20,315 76,290 60,555 26,024 71,278 22,587 45,428 15,653 73,429 180,821 27,255 55,844 44,032 14,298 42,556 13,983 58,793 18,626 333,716 54,222 23,202 42,704 16,249 214,816 556,342 215,552 204,616 170,528 229,809 471,679 114,190 124,126 179,790 199,413 1,959 9,197 958 2,036 4,150 2,980 6,949 2,111 2,295 2,041 1,692 26,849 54,881 9,048 14,988 23,182 21,390 15,356 30,177 44,739 13,502 17,561 3,055 4,994 10,338 3,956 7,075 11,902 5,157 6,588 3,540 5,595 4,694 1,864 6,937 9,729 16,959 5,770 1,970 22,435 24,843 3,942 3,891 14,939 1,666 2,648 3,989 1,976 1,809 3,423 2,734 3,249 3,440 6,823 8,397 220,500 8,787 27,784 8,245 6,445 3,002 Expenses Salaries—Officers Salaries and wages—Others. Officer and employee benefits Directors' fees, etc Interest on time deposits. . . Interest on borrowed money Net occupancy expense Furniture and equipment Other current expenses 237,244 676,558 248,699 242,693 185,453 283,363 612,322 138,357 154,847 207,997 229,133 32,365 69,398 29,291 30,193 27,130 39,598 78,256 22,267 25,102 41,001 40,591 61,536 138,424 47,211 44,740 38,638 60,874 110,889 24,891 25,488 39,141 44,226 14,333 30,495 10,087 9,377 7,938 11,969 24,054 5,245 6,942 8,194 8,227 2,212 4,590 2,793 2,318 1,615 4,037 2,736 5,247 2,215 2,934 3,041 57,388 272,629 96,788 93,895 60,766 88,920 251,859 47,818 57,787 60,665 65,004 2,938 1,278 491 303 443 1,231 199 927 238 582 443 17,786 43,709 14,796 12,748 10,275 16,836 33,158 8,538 8,472 12,690 16,669 9,760 21,039 8,835 7,226 6,492 12,214 17,615 4,555 7,418 4,827 8,265 40,586 93,336 37,163 41,418 31,453 49,289 90,013 22,629 24,376 35,372 42,667 250,408 32,297 55,086 11,417 879 88,608 615 15,778 10,676 35,052 Net current earnings before income taxes 100,102 197,758 Recoveries, transfers from reserves, and profits On securities: Profits Recoveries Transfers from reserves... On loans: Recoveries Transfers from reserves... All other Losses, charge-offs, and transfers to reserves On securities: Sold Charge-offs prior to sale.. Transfers to reserves On loans: Losses and charge-offs. . . Transfers to reserves All other 91,148 88,926 77,395 102,250 183,394 50,754 53,284 86,706 82,620 83,308 8,762 31,622 8,313 8,055 4,972 8,622 23,315 5,631 5,573 8,045 10,950 8,282 4,724 638 1,136 10,810 30 3,432 4,471 386 1,020 4,102 62 1,027 3,005 83 373 5,053 63 1,279 11,063 360 2,540 3,234 114 595 1,940 263 1,139 3,435 317 1,355 2,809 269 1,641 3,970 73 713 295 111 1,252 597 3,400 13,353 404 422 1,610 541 1,250 1,073 239 271 1,001 505 648 1,074 624 3,770 4,958 464 520 704 866 351 1,014 1,550 374 1,014 1,803 3,029 1,399 563 108 2,855 23,462 60,043 16,049 16,991 14,990 24,715 43,014 11,232 10,135 17,488 27,976 19,805 1,137 672 2,403 3,689 283 6,563 1,191 683 495 1,774 352 1,564 772 236 670 573 164 1,067 3,001 647 1,196 396 536 555 225 409 587 757 595 504 893 719 1,158 917 41 1,690 421 12,894 5,935 1,013 42,850 5,645 751 10,791 2,138 877 9,610 2,814 607 10,143 2,562 1,451 18,368 3,092 1,201 29,670 7,299 1,006 6,188 2,551 1,410 6,197 1,307 2,851 9,946 2,835 2,767 18,806 3,633 1,031 14,061 2,065 Net income before related taxes 85,402 169,337 83,412 79,990 67,377 86,157 163,695 45,153 48,722 77,263 65,594 71,785 Taxes on net income Federal State 34,532 29,352 5,180 47,064 42,003 5,061 28,610 28,265 345 27,814 27,814 26,189 25,850 339 29,962 29,287 675 53,734 53,032 702 16,130 15,875 255 18,920 16,541 2,379 28,524 27,169 1,355 20,836 20,778 58 30,125 26,865 3,260 Net income 50,870 122,273 54,802 52,176 41,188 56,195 109,961 29,023 29,802 48,739 44,758 41,660 Cash dividends declared On preferred stock 2 On common stock 27,135 48 27,087 56,276 1,409 54,867 26,909 21,852 17,646 '17^646 39,717 102 39,615 11,254 9 11,245 12,346 16 12,330 18,720 17 18,703 19,310 26 ,'909 22,024 10 22,014 19*310 19,344 54 19,290 Memoranda items: Recoveries credited to reserves 3— On securities On loans Losses charged to reserves 4— On securities On loans 9 2,419 405 5,789 50 2,342 84 3,245 94 1,415 41 3,445 66 7,133 7 1,252 33 1,305 106 3,080 59 5,260 39 2,118 24 10,273 1,250 27,691 292 5,781 992 8,066 186 4,203 319 11,155 271 16,568 112 4,004 9 3,265 182 6,580 107 11,891 36 9,044 Assets, deposits, and capital accounts: Loans U.S. Govt. securities Other securities Cash assets Other assets 3,538 1,273 760 1,101 145 9,069 3,829 2,590 2,125 336 3,592 1,842 893 939 136 3,453 2,132 757 1,011 126 2,663 1,351 532 867 105 3,563 2,135 894 1,444 189 7,771 5,273 1,933 2,258 277 1,857 1,315 504 716 72 1,917 1,191 468 552 87 2,798 1,714 650 1,117 95 3,030 1,566 827 1,402 160 3,365 1,263 527 826 177 Total assets 6,817 17,950 7,402 7,478 5,519 8,225 17,512 4,462 4,216 6,374 6,985 6,158 Time deposits Total deposits Total capital accounts 1,841 5,916 590 8,110 16,103 1,326 3,337 6,553 673 3,235 6,688 646 1,954 4,895 489 2,661 7,404 662 7,917 15,943 1,281 1,551 4,039 372 1,799 3,826 326 1,826 5,749 549 1,969 6,334 575 2,557 5,572 450 3,154 16,931 6,227 35,689 3,394 13,534 3,280 12,774 3,123 11,543 4,080 17,827 7,409 30,618 2,641 7,500 2,778 7,750 4,443 11,646 4,419 12,823 3,174 14,422 247 410 437 493 395 443 983 458 478 765 637 147 Number of officers Number of employees Number of banks For notes, see preceding two pages. 634 MEMBER BANKS, 1963 MAY 1964 INCOME RATIOS, BY CLASS OF BANK (Computed from aggregate dollar amounts; ratios expressed as percentage) Reserve city All member banks Item 1959 1960 1961 1962 1963 New York City City of Chicago Country Other 1963 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes Net income before related taxes Net income Cash dividends declared Percentage of total assets: Total operating revenue Net current earnings before income taxes Net income Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Govt. securities Other securities Revenue on loans Service charges on deposit accounts. All other revenue 18.6 12.8 7.9 4.4 4.07 1.48 .63 19.6 17.5 10.1 4.4 4.37 1.60 .83 17.5 16.5 9.6 4.4 4.28 1.46 .80 16.3 14.7 8.9 4.4 4.38 1.34 .73 16.0 14.4 9.0 4.3 4.44 1.29 .73 15.8 15.4 10.2 5.0 3.86 1.37 .88 17.3 5.5 62.2 5.2 9.8 15.8 5.2 64.2 5.2 9.6 16.7 5.6 63.7 5.3 8.7 16.6 6.2 63.4 5.2 8.6 15.4 6.9 64.5 5.1 8.1 100.0 26.2 100.0 25.6 15.8 16.1 100.0 25.6 3.6 18.7 4.6 13.4 100.0 24.6 3.6 23.2 4.5 13.4 100.0 23.8 3.5 25.6 4.5 13.6 Total expenses 63.6 63.3 65.9 69.3 Net current earnings before income taxes.. 36.4 36.7 34.1 30.7 71.0 29.0 11.2 9.6 15.6 3.9 13.9 18.9 2.0 13.5 18.6 3.0 11.0 16.7 2.9 9.7 16.4 + .12 3.14 2.91 3.05 2.91 + .52 + .21 + .11 + .14 5.92 .18 5.84 .16 5.93 .12 5.87 .16 5.00 .18 Total revenue. Salaries and wages Officer and employee benefits. Interest on time deposits Net occupancy expense Other current expenses Net losses including transfers (or recoverie: and profits + ) Taxes on net income Net income after taxes Rates of return on securities and loans: Return on securities: Interest on U.S. Govt. securities Interest and dividends on other securities.l Net losses (or recoveries and profits -f) . Return on loans: Revenue on loans Net losses (or recoveries + ) * Distribution of assets: Percentage of total assets: U.S. Govt. securities.. . Other securities Loans Cash assets Other assets 5.75 .04 25.7 8.4 44.0 19.9 2.0 22.0 7.9 47.4 20.5 2.2 23.4 8.2 46.7 19.1 2.6 3.22 2.95 22.6 9.2 46.8 18.8 2.6 3.38 2.94 20.3 10.4 48.8 17.9 2.6 12.4 7.9 63.0 2.1 14.6 100.0 22.4 4.8 20.9 5.4 11.1 64.6 16.1 13.7 3.6 3.99 1.36 .75 14.9 9.1 63.1 .8 12.1 100.0 19.4 4.4 27.8 3.0 11.2 17.0 15.2 8.9 4.8 4.49 1.32 .69 15.1 13.1 8.6 3.7 4.71 1.21 .69 13.7 6.1 66.6 5.3 8.3 18.2 7.1 63.2 6.4 5.1 100.0 100.0 23.8 3.3 26.1 4.2 13.2 24.8 3.2 26.6 4.6 15.1 70.6 74.3 35.4 65.8 34.2 29.4 25.7 .9 11.6 22.9 5.2 10.3 18.7 3.2 10.8 15.4 3.3 7.8 14.6 + .14 3.32 2.83 3.38 2.94 + .09 3.42 2.91 + .10 5.09 .13 5.91 .13 6.32 .19 3.27 3.02 14.7 10.1 48.7 21.7 4.8 17.9 12.9 49.5 17.9 1.8 18.3 9.3 50.5 19.5 2.4 25.1 11.4 47.1 14.5 1.9 Other ratios: Total capital accounts to: Total assets Total assets less U.S. Govt. securities and cash assets Total deposits Time to total deposits Interest on time deposits to time deposits . Number of banks. 8.0 8.2 8.3 8.2 8.1 8.7 8.5 7.8 8.0 14.7 8.9 30.6 2.36 14.2 9.2 14.5 9.4 13.6 10.5 27.7 3.53 12.5 8.7 13.3 8.9 33.2 2.73 13.0 9.2 38.6 3.34 13.2 9.7 30.4 2.61 14.0 9.3 35.7 3.23 34.0 3.74 38.8 3.40 43.5 3.20 13 12 190 6,233 6,174 1 Net losses is the excess of (1) actual losses charged against net profits plus losses charged against valuation reserves over (2) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; net recoveries and profits is the reverse. Transfers to and from valuation reserves are excluded. NOTE.—The ratios in this and the following 3 tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios vary substantially from the average of individual bank ratios, which were shown in the April BULL., in which each bank's figures 6,113 6,047 6,108 5,893 —regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based on aggregates presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. Ratios based on aggregates show combined results for the banking system as a whole, and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks. MAY 1964 635 MEMBER BANKS, 1963 INCOME RATIOS OF MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item Summary ratios Percentage of total capital accounts: Net current earnings before income taxes. Net income before related taxes Net income Cash dividends declared Percentage of total assets: Total operating revenue Net current earnings before income taxes. Net income Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Govt. securities Other securities Revenue on loans Service charges on deposit accounts AH other revenue Total revenue Salaries and wages Officer and employee benefits Interest on time deposits Net occupancy expense Other current expenses Total expenses Net current earnings before income taxes Net losses including transfers (or recoveries and profits + ) Taxes on net income Net income after taxes Rates of return on securities and loans: Return on securities: Interest on U.S. Govt. securities Interest and dividends on other securities. Net losses (or recoveries and profits + ) *.. Return on loans: Revenue on loans Net losses (or recoveries + ) 1 Distribution of assets: Percentage of total assets: U.S. Govt. securities Other securities Loans Cash assets Other assets Other ratios: Total capital accounts to: Total assets Total assets less U.S. Govt. securities and cash assets Total deposits Time to total deposits Interest on time deposits to time deposits.. Number of banks Boston New York Philadelphia Cleveland Richmond Atlanta 17.7 15.4 8.6 4.9 15.6 14.7 9.9 4.8 15.3 13.9 8.5 4.6 13.7 12.7 8.6 3.7 17.5 15.6 9.2 4.3 15.6 13.6 8.6 3.5 4.93 1.65 .80 11.9 5.0 63.6 6.2 13.3 4.18 1.29 .82 4.64 1.38 .77 4.64 1.44 .75 4.49 1.25 .69 15.0 13.1 8.7 3.5 4.27 1.15 .67 13.3 8.2 15.2 6.3 64.9 4.0 9.6 18.3 9.4 60.5 4.4 7.4 16.3 5.4 65.3 6.2 6.8 17.5 6.5 62.8 6.9 6.3 19.7 7.9 61.2 4.0 7.2 100.0 27.8 4.1 14.4 5.0 15.1 66.4 100.0 22.9 4.3 24.7 5.2 100.0 21.7 3.0 28.7 3.6 14.5 100.0 26.0 3.1 20.2 4.4 15.2 71.5 68.9 100.0 25.9 3.2 21.5 4.4 17.1 72.1 100.0 22.4 3.5 30.1 3.9 13.2 69.1 100.0 23.9 3.6 23.2 4.7 14.7 70.1 33.6 30.9 29.9 28.5 31.1 4.4 12.9 16.3 1.8 9.5 19.6 2.8 10.4 16.7 2.2 8.4 17.9 3.5 11.3 16.3 3.26 2.71 + .16 3.36 3.00 + .12 3.38 2.97 + .22 3.41 2.99 + .04 3.39 2.93 + .10 5.95 .22 5.40 .20 5.93 .11 5.64 .09 6.19 .09 18.0 9.1 52.6 17.9 2.4 63.9 3.5 11.1 12.0 16.5 11.4 49.4 18.8 3.9 20.9 9.9 50.7 16.6 1.9 23.2 13.5 46.3 15.4 1.6 22.3 8.6 48.9 18.1 2.1 St. Louis Minneapolis Kansas City Dallas San Francisco 14.8 13.7 8.0 3.6 16.6 15.2 8.8 3.9 15.6 14.7 9.1 3.4 15.3 13.2 7.8 4.0 19.0 16.2 9.1 5.3 4.07 1.26 .68 19.4 6.8 64.0 4.1 5.7 100.0 4.66 1.30 .69 4.35 1.36 .80 4.08 1.26 .65 5.00 1.27 .61 17.9 5.8 64.5 6.2 5.6 17.0 6.4 67.2 4.5 4.9 11.7 5.2 69.5 7.4 6.2 100.0 100.0 23.0 2.7 22.4 4.0 17.0 24.5 3.2 30.7 4.4 11.7 69.1 74.5 23.7 3.2 22.0 4.4 15.6 18.2 6.2 62.5 6.0 7.1 100.0 24.3 3.5 25.4 4.2 14.8 73.1 68.9 72.2 100.0 25.9 3.0 20.6 4.0 15.1 68.6 27.9 26.9 31.1 27.8 31.4 30.9 25.5 3.6 9.0 15.3 3.5 7.7 15.7 2.4 11.9 16.8 2.3 10.7 14.8 1.7 11.4 18.3 4.2 10.9 15.8 3.8 9.5 12.2 3.37 3.08 + .14 3.42 2.91 + .06 3.32 2.89 + .14 3.52 2.98 + .08 3.40 2.92 + .15 3.41 2.87 + .09 3.34 2.84 + .09 6.34 .23 5.68 .11 5.73 .11 6.18 .14 6.12 .20 6.04 .17 6.40 .17 23.3 9.4 44.5 20.5 2.3 24.6 11.6 46.0 16.1 1.7 23.8 9.6 45.4 19.7 1.5 24.1 9.7 47.1 16.9 2.2 22.8 8.7 45.8 20.9 1.8 20.3 9.1 45.4 22.5 2.7 17.6 9.1 54.4 15.9 3.0 9.3 8.2 9.1 9.0 8.2 8.0 7.6 8.5 7.8 8.7 8.2 6.7 14.5 10.8 26.6 3.10 12.8 9.7 35.2 3.4' 14.5 10.3 40.6 3.01 14.6 10.1 44.5 3.16 13.8 9.3 33.9 3.11 14.3 8.9 15.1 9.5 31.6 3.16 13.2 8.7 15.5 9.8 14.4 9.2 10.1 7.5 32.0 3.37 12.9 8.5 42.9 3.35 41.2 3.19 29.0 3.45 30.9 3.31 49.3 3.47 252 426 443 513 413 467 475 485 796 656 172 i Net losses is the excess of (1) actual losses charged against net profits plus losses charged against valuation reserves over (2) actual recoveries and profits credited to net profits plus recoveries credited to valuation 4.32 1.23 .77 Chicago 1,010 reserves; net recoveries and profits is the reverse. Transfers to and from valuation reserves are excluded. 636 MEMBER BANKS, 1963 MAY 1964 INCOME RATIOS OF RESERVE CITY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. Net income Cash dividends declared Percentage of total assets: Total operating revenue . Net current earnings before income taxes. Net income Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Govt. securities Other securities Revenue on loans Service charges on deposit accounts All other revenue Total revenue. . . . . Salaries and wages Officer and employee benefits Interest on time deposits Net occupancy expense Other current expenses Total expenses Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 19.0 17.0 8.6 5.5 17.0 12.8 8.7 6.4 18.0 16.2 9.1 5.5 13.8 12.9 9.0 3.9 19.3 17.4 9.9 4.9 15.8 14.4 8.7 3.8 14.7 12.7 8.9 4.2 16.1 15.4 8.3 4.2 17.1 15.7 8.3 4.2 15.4 15.7 9.4 3.5 16.2 15.0 7.9 4.7 19.1 16.2 9.1 5.5 4.89 2.02 .92 Net losses including transfers (or recoveries and profits-|-) Taxes on net income Net income after taxes . . . 4.52 1.48 .76 4.21 1.27 .70 4.08 1.06 .65 3.89 1.40 .72 4.13 1.36 .66 3.97 1.37 .84 3.71 1.34 .65 4.93 1.26 .60 11.4 4.4 66.0 4.0 14.2 16.3 11.0 59.2 3.9 9.6 15.4 5.0 64.5 6.5 8.6 15.0 5.5 66.2 5.5 7.8 19.4 8.2 61.2 4.3 6.9 14.8 6.0 67.5 3.3 8.4 13.0 5.0 66.8 3.3 11.9 14.6 5.1 69.0 3.5 7.8 16.5 5.2 70.3 1.7 6.3 11.6 5.2 69.6 7.2 6.4 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 27.7 3.8 9.3 4.5 13.4 22.5 3.6 35.5 11.4 25.9 4.5 15.4 5.2 14.7 21.2 3.0 29.0 26.9 3.2 17.3 25.7 3.2 19.1 23.2 3.4 29.6 22.2 3.8 18.2 24.3 4.0 19.7 4.6 14.4 23.9 3.2 20.7 3.6 14.2 18.0 2.8 24.3 2.3 16.5 24.2 3.1 31.5 4.4 11.2 67.0 65.6 63.9 74.4 33.0 34.4 36.1 25.6 2.7 14.3 16.0 + .6 13.9 21.1 2.8 15.8 17.5 3.9 9.6 12.1 41.3 4.4 18.1 18.8 3.09 2.87 Interest and dividends on other securities. Net losses (or recoveries and profits+) * • • + .14 Revenue o n loans .. . N e t losses (or r e c o v e r i e s + ) 1 4.25 1.26 .82 11.0 7.3 72.4 4.9 4.4 Rates of return on securities and loans: Return on securities: Return on loans: 4.71 1.62 .82 10.5 3.0 62.3 2.6 21.6 58.7 Net current earnings before income taxes 5.14 1.15 .59 5.62 .21 77.6 22.4 65.7 34.3 13.8 15.0 17.4 13.2 15.5 70.4 67.3 69.9 73.9 63.9 29.6 32.7 30.1 26.1 36.1 3.4 6.8 15.9 1.7 15.8 18.6 5.4 5.5 11.5 3.4 13.4 17.5 1.9 8.4 19.3 3.2 12.7 16.8 2.6 10.9 16.6 3.54 3.17 -f .06 3.62 3.12 + .51 3.47 3.00 + .04 3.42 2.91 + .09 3.24 3.15 + .14 3.51 3.07 .12 + .16 3.28 2.99 3.33 2.97 + .03 3.35 3.03 + .26 + .14 3.35 2.98 3.33 2.80 + .07 6.67 .12 5.76 .13 5.43 .06 5.91 .06 6.03 .21 5.58 .05 5.30 .05 5.47 .15 5.65 .23 5.50 .10 6.32 .16 Distribution of assets: Percentage of total assets : U S G o v t securities . . . . Other securities C a s h assets Other assets 16.6 5.2 54.1 21.2 2.9 16.0 11.8 55.8 14.2 2.2 14.9 6.6 54.0 22.4 2.1 19.9 15.6 46.3 16.6 1.6 20.4 7.8 49.4 20.2 2.2 19.5 7.3 46.2 24.7 2.3 22.5 10.9 44.7 20.3 1.6 17.6 7.8 49.6 23.7 1.3 16.1 7.0 50.4 24.2 2.3 17.3 6.7 48.5 25.4 2.1 18.3 6.4 47.4 24.8 3.1 17.1 9.2 54.3 16.4 3.0 Other ratios: Total capital accounts to : Total assets . . . . Total assets less U.S. Govt. securities and cash assets .. . 10.6 6.8 9.0 9.2 7.7 8.0 7.2 8.7 8.0 8.9 8.2 6.6 17.1 12.5 9.7 7.6 14.4 10.3 14.4 10.4 12.9 8.7 14.4 8.9 12.7 8.1 14.9 9.8 13.4 9.0 15.5 10.0 14.5 9.4 9.9 7.3 Time to total deposits Interest on time deposits to time deposits... 17.7 3.05 55.8 3.66 24.7 3.35 42.1 3.34 28.4 3.11 26.3 3.42 40.4 3.33 24.1 3.30 29.5 3.10 25.3 3.67 30.7 3.33 50.0 3.47 24 15 17 31 19 25 5 1 3 6 Net losses is the excess of (1) actual losses charged against net profits plus losses charged against valuation reserves over (2) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; net recoveries and profits is the reverse. Transfers to and from valuation reserves are excluded. 20 18 7 NOTE.—Figures do not include reserve city banks in the cities of New York and Chicago. 637 MEMBER BANKS, 1963 MAY 1964 INCOME RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. Net income before related taxes Net income ... . . . CasM dividends declared Percentage of total assets : Total operating revenue Net current earnings before income taxes. Net income Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U S Govt securities Other securities . . . Revenue on loans Service charges on deposit accounts All other revenue Total revenue Salaries and wages Officer and employee benefits Interest on time deposits Net occupancy expense Other current expenses Total expenses . . . 1 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 17.0 14.5 8.6 4.6 14.9 12.8 9.2 4.2 13.5 12.4 8.1 4.0 13.8 12.4 8.1 3.4 15.8 13.8 8.4 3.6 15.4 13.0 8.5 3.3 14.3 12.8 8.6 3.1 13.6 12.1 7.8 3.0 16.3 14.9 9.1 3.8 15.8 14.1 8.9 3.4 14.4 11.4 7.8 3.4 18.5 16.0 9.3 4.3 4.95 1.47 .75 4.87 1.10 .68 4.59 1.23 .74 4.43 1.19 .70 4.76 1.40 .75 4.69 1.24 .68 4.54 1.05 .63 4.24 1.14 .65 4.94 1.26 .71 4.62 1.36 .76 4.46 1.18 .64 5.42 1.35 .68 12.6 6.0 64.3 8.0 9.1 15.3 8.7 64.7 6.3 5.0 17.8 7.6 64.1 4.0 6.5 21.5 6.8 62.3 5.3 17.3 6.0 66.0 19.0 7.1 60.7 22.7 7.0 60.2 23.3 7.5 60.9 4.8 20.5 6.7 60.6 19.9 6.3 61.7 17.4 7.4 64.5 6.9 3.8 12.8 4.9 68.7 8.3 5.3 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 27.8 4.2 17.0 23.8 3.5 31.2 22.5 3.0 28.5 22.6 2.8 28.3 25.0 3.0 23.1 26.0 3.1 23.1 23.8 3.0 31.7 24.9 2.8 25.3 24.3 3.3 27.8 27.2 2.8 20.6 27.2 2.6 20.9 26.2 3.4 26.6 16.0 13.9 14.9 15.6 15.5 16.9 14.3 15.7 14.9 15.7 17.5 14.1 70.3 77.4 73.2 73.2 70.5 73.5 77.0 73.2 74.4 70.6 73.5 75.0 Net current earnings before income taxes 29.7 22.6 26.8 26.8 29.5 26.5 23.0 26.8 25.6 29.4 26.5 25.0 Net losses including transfers (or recoveries and profits-(-) Taxes on net income . . . Net income after taxes 4.4 10.2 15.1 3.2 5.4 14.0 2.3 8.4 16.1 2.7 8.4 15.7 3.8 10.0 15.7 4.2 7.7 14.6 2.5 6.7 13.8 3.0 8.5 15.3 2.2 9.1 14.3 3.2 9.7 16.5 5.4 6.7 14.4 3.5 9.0 12.5 Rates of return on securities and loans: Return on securities: Interest on U S Govt securities Interest and dividends on other securities. Net losses (or recoveries and profits+)1 • • Return on loans: Revenue on loans .. . Net losses (or recoveries-)-)1 Distribution of assets: Percentage of total assets: U S. Govt. securities Other securities Loans Cash assets Other assets Other ratios: Total capital accounts to: Total assets Total assets less U.S. Govt. securities and cash assets. . Total deposits Time to total deposits .. . Interest on time deposits to time deposits... Number of banks . . . 3.34 2.67 3.50 2.95 3.29 2.91 3.36 2.94 3.44 3.05 3.43 2.89 3.35 2.84 3.57 2.99 3.43 2.87 3.46 2.81 3.38 3.08 + .17 + .09 + .10 + .04 + .11 + .14 + .11 + .13 + •10 + .10 + .06 + .17 6.13 6.24 6.06 5.98 6.52 6.57 6.16 6.20 6.59 6.50 6.64 .25 .11 .15 .12 .24 .13 .18 .13 6 81 .23 .17 .25 .22 18.7 11.1 51.9 16.2 2.1 21.3 14.4 50.5 11.9 1.9 24.9 12.1 48.5 12.7 1.8 28.5 10.1 46.2 13.5 1.7 8.7 7.4 9.1 8.6 8.9 24.5 9.6 48.3 15.7 1.9 28.2 11.1 45.5 13.1 2.1 30.1 11.0 44.4 12.9 1.6 29.5 11.3 41.6 16.0 1.6 8.0 7.3 8.3 7.7 8.6 8.2 7.3 14.2 8.9 12.8 8.0 15.3 9.2 15.5 9.5 14.3 9.1 11.1 8.1 31.8 3.32 31.1 3.30 45.9 3.47 765 637 147 26.0 10.9 43.3 17.5 2.3 14.6 10.3 14.9 9.7 31.1 3.12 11.1 8.2 50.4 3.36 14.8 10.0 50.9 2.90 48.4 2.90 39.9 3.11 35.9 3.34 49.7 3.18 38.4 3.08 13.2 8.5 47.0 3.21 247 410 437 493 395 443 983 458 478 13.3 10.0 1 Net losses is the excess of (1) actual losses charged against net profits plus losses charged against valuation reserves over (2) actual recoveries and profits credited to net profits plus recoveries, credited to valuation 3.34 2.98 26.9 10.2 43.9 17.5 1.5 22.4 11.8 43.4 20.1 2.3 20.5 8.6 54.6 13.4 2.9 reserves; net recoveries and profits is the reverse. Transfers to and from valuation reserves are excluded. 638 MEMBER BANKS, 1963 MAY 1964 INCOME, EXPENSES, AND DIVIDENDS, BY SIZE OF BANK (Amounts in thousands of dollars) Size group—total deposits (in thousands of dollars) Item Total i Less than 2,000 2,0005,000 5,00010,000 10,00025,000 25,00050,000 50,000100,000 100,000500,000 500,000 11,079,160 38,662 291,111 506,005 928,624 744,987 824,090 2,404,101 5,341,580 1,711,409 767,728 7,023,413 125,784 561,071 178,686 545,462 165,607 9,164 1,935 23,998 182 2,008 905 74 396 66,325 18,311 180,094 1,374 16,223 5,696 545 2,543 106,702 35,896 313,157 2,957 32,142 9,026 1,877 4,248 183,446 66,650 567,325 7,466 66,833 15,662 12,509 8,733 142,536 51,152 453,088 8,171 50,295 12,649 19,120 7,976 151,019 369,150 58,644 154,613 506,794 1,532,365 8,434 27,561 51,927 127,071 11,882 35,053 28,611 133,713 6,779 24,575 683,067 380,527 3,446,592 * 69,639 * 214,572 87,813 349,013 110,357 Expenses Salaies—Officers Salaries and wages—Others Officer and employee benefits Directors' fees, etc Interest on time deposits Interest on borrowed money Net occupancy expense Furniture and equipment Other current expenses 7,855,946 884,247 1,750,196 389,904 42,805 2,833,874 103,906 495,313 252,409 1,103,292 29,184 8,557 3,668 810 804 7,502 31 1,738 847 5,227 217,642 47,548 32,566 6,873 5,206 71,277 196 11,812 6,918 35,246 376,927 65,198 62,957 12,929 6,829 134,436 378 21,435 12,188 60,577 698,680 98,879 132,042 27,224 8,871 252,286 1,049 42,361 23,280 112,688 560,654 72,345 115,020 23,216 4,719 201,397 1,365 34,683 17,618 90,291 610,303 1,694,001 72,680 188,784 127,420 404,414 28,333 84,174 3,761 7,325 219,815 555,918 2,349 14,724 37,832 104,351 20,893 60,943 97,220 273,368 3,668,555 330,256 872,109 206,345 5,290 1,391,243 83,814 241,101 109,722 428,675 Net current earnings before income taxes 3,223,214 9,478 73,469 129,078 229,944 184,333 213,787 710,100 1,673,025 407,914 1,157 6,931 12,152 23,046 20,001 24,719 74,798 245,110 139,679 2,891 56,511 230 50 9 2,533 153 531 5,677 220 851 11,679 1,185 2,743 9,989 364 2,928 9,702 584 3,736 33,559 233 9,143 66,310 102 36,570 10,506 124,286 74,041 743 47 78 2,418 388 908 2,047 1,293 2,064 1,628 2,023 3,788 639 2,862 3,219 422 4,168 6,107 708 7,762 23,393 1,901 105,743 34,484 733,595 2,116 16,210 27,758 55,186 44,532 53,051 139,393 395,349 42,065 9,874 56,319 94 64 16 901 696 200 1,567 1,206 541 2,883 2,037 2,887 3,705 593 1,812 2,804 549 2,517 6,021 850 16,963 24,090 3,879 31,383 16,048 514,662 94,627 1,175 514 4,547 7,350 2,516 3,901 15,739 4,804 3,169 36,061 8,149 1,284 30,586 6,552 619 39,494 7,068 961 92,539 22,059 392 292,379 43,226 64,190 113,472 197,804 159,802 185,455 645,505 1,522,786 2,207 2,113 18,184 17,216 968 35,431 33,772 1,659 66,962 64,036 2,926 57,282 54,748 2,534 67,541 64,675 2,866 253,398 240,570 12,828 571,351 508,509 62,842 Revenue Interest and dividends on securities: U.S. Govt Other Interest and discount on loans Other charges on loans Service charges on deposits Other charges, fees, etc Trust department Other current revenue Recoveries, transfers from reserves, and profits On securities: Profits Recoveries Transfers from reserves On loans: Recoveries Transfers from reserves All other Losses, charge-offs, and transfers to reserves On securities: Sold Charge-ofFs priot to sale Transfers to reserves On loans: Losses and charge-offs Transfers to reserves All other 253 Net income before related taxes 2,897,533 Taxes on net income Federal State 1,072,356 985,639 86,717 Net income 1,825,177 94 46,006 78,041 130,842 102,520 117,914 392,107 951,435 871,333 2,576 868,757 6,312 17,105 8 17,097 28,787 8 28,779 51,909 49 51,860 42,777 208 42,569 50,771 10 50,761 185,318 629 184,689 492,242 1,664 490,578 Cash dividends declared On preferred stocks On common stock Memoranda items Recoveries credited to reserves3 On securities On loans Losses charged to reserves4 On securities On loans. 8,519 2,424 '^424 5,725 80,957 204 9 2,848 43 5,093 214 8,574 125 6,022 191 6,736 499 16,586 4,644 34,894 14,847 271,451 351 5 5,625 155 10,920 All 23,616 1,170 18,785 673 23,030 2,336 54,190 10,031 134,934 9,090,999 28,527,592 4,392,376 10,462,869 2,195,072 5,731,617 2,669,461 9,997,678 368,275 1,214,213 67,928,761 19,188,463 14,478,522 23,578,136 4,305,934 Assets, deposits, and capital accounts: 131,290,692 Loans 49,149,324 U.S. Govt. securities 28,993,273 Other securities 44,263,501 Cash assets 6,915,822 Other assets 380,328 2,900,440 5,074,447 9,464,886 7,923,239 287,259 2,024,910 3,214,624 5,404,184 4,174,639 63,497 655,770 1,347,364 2,545,254 1,976,177 158,876 1,043,169 1,675,834 2,847,194 2,293,153 186,773 340,649 10,595 99,688 389,695 Total assets 260,612,612 900,555 6,723,977 11,499,042 20,651,213 16,707,857 18,716,183 55,933,969 129,479,816 Time deposits Total deposits Total capital accounts 90,994,820 228,683,073 20,911,795 272,280 2,487,755 4,602,214 8,529,910 6,638,414 7,121,010 18,049,232 43,294,005 787,675 6,003,719 10 0,364,899 18.608,856 15 5,009,013 16,788,440 49,719,997 111,400,474 107,445 668,738 1,009,095 1,680,068 1,312,097 ,423,307 4,379,785 10,331,260 Number of officers Number of employees Number of banks 81,360 430,554 1,555 1,443 6,507 10,517 7,772 19,113 10,224 38,440 6,749 32,532 6,314 35,037 15,660 103,248 26,579 190,224 5,933 558 1,747 1,459 1,210 431 235 227 66 1 Total is for banks operating during the entire year, except that 1 trust company having no deposits is excluded. 2 Includes interest on capital notes and debentures. 3 Not included in recoveries above. 4 Not included in losses above. NOTE.—The figures for assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of the year. 639 INSURED COMMERCIAL BANKS MAY 1964 INCOME, EXPENSES, AND DIVIDENDS (Amounts in thousands of dollars) All insured Banks not members of FRS Item 1960 Revenue. Interest and dividends on securities: U.S. Govt Other Interest and discount on loans Other charges on loans Service charges on deposits Other charges, fees, etc. Trust department Other current revenue... 1961 1962 1963 1960 1961 1962 1963 10,723,545 11,069,604 12,218,959 13,509,713 1,796,553 1,850,932 2,074,638 2,349,875 1,790,341 578,783 6,698,655 108,655 589,954 218,566 460,251 278,340 1,901,732 629,134 6,891,442 117,259 630,458 223,283 502,871 173,425 2.093,207 759,030 7.578,200 139.645 681,243 237,446 543,916 186,272 451,250 2,176,454 363,426 406,759 376,205 147,981 921,060 129,996 111,501 115.287 8,516,837 1,058,716 1,118,074 1,258,459 1,444,059 28,444 24,445 155,478 19,194 20,830 161,175 148,834 728,857 135,632 126,288 68,092 62,194 248,362 58,881 56,438 25,772 23,041 573,252 18,223 19,385 23,102 20,9101 189,413 29,988 19,417 Expenses Salaries—Officers Salaries and wages—Others. . . Officer and employee benefits . Directors' fees, etc Interest on time d e p o s i t s . . . . . . Interest on borrowed money . . Net occupancy expense Furniture and equipment Other current expenses 6,932,820 966,643 1,831,323 7,440,492 1,028,869 1,869,961 377,494 59,794 2,106,645 37,997 510,691 224,852 8,589,177 1,098,146 1,975,406 419,098 63,236 2,845,283 64,325 555,670 267,885 Net current earnings before income taxes 3,790,725 9,714,980 1,278,924 1,363,507 1,553,750 1,790,227 291,885 1,183,264 235,234 268,992 249,831 334,927 2.101.111 274,188 306,1951 284,042 64,488 457,033 56.162 47,010 24,254 67,469 19,412 20,875 22;559 606,708 3.464,308 385,372 351,346 487,151 2,443 106,517 1,589 1,765 3,165 108,192 608,462 86,691 97,316 56,733 311,518 50,244 43,991 1,415,298 244,106 395,579 300,597 263,366 3,794,733 487,425 517,629 559,648 520,888 468,450 81,066 71,119 59,433 70,947 27,130 167,445 40,818 49,922 45,334 1,144 4,046 1,864 2,590 2,794 60,516 6,614 3,811 4,281 6,980 56,292 1,785,086 87,385 2,206,091 Recoveries, transfers from reserves, and profits. On securities: Profits Recoveries Transfers from reserves On loans: Recoveries Transfers from reserves All other 574,826 Losses, charge-off's, and transfers to reserves On securities: Sold Charge-ofTs prior to sale Transfers to reserves On loans: Losses and charge-offs Transfers to reserves All other 978,422 1,224,189 1,300,128 3,629,112 3,629,782 708,171 467,061 329,322 12,927 55,568 453,730 25,684 86^574 16,825 51,817 89,291 256,987 6,241 56,761 16,902 56,610 73,560 935,461 219,767 f 156,232 44,290 21,354 224,678 35,760 451,667 114,996 Net income before related taxes.. Taxes on net income Federal State Net ncome. 17,913 131,235 87,295 5,802 3,666 9,446 6,504 5,641 9,225 6,867 4,751 10,033 7,362 6,874 13,112 836,665 883,637 130,971 124,400 132,939 146,122 58,939 12,603 95,039 49,887 12,827 63,530 24,254 13,797 11,746 3,062 13,414 7,820 3,3731 10,407 6,961 2,910 7,084 31,194 481,200 132,745 30,107 528,710 111,267 29,588 609,059 118,746 12,947 61,811 18,162 11,664 64,0761 20,438 13,2821 77,184 20,873 13,423 92,611 23,133 3,387,129 3,401,822 3,260,178 3,379,546 457,777 444,091 458,896 472,959 1,384,397 1,300,940 83,457 1,406,102 1,317,292 88,810 1,256,382 1,159,725 96,657 1,226,783 1,130.629 96;i54 143,737 135,408 8,329 153,445 144,928 8,517j 148,397 139,505 8,892 149,865 141,162 8,703 2,002,732 1,995,720 2,003,796 2,152,763 314,040 290,646 310,499 323,094 831,546 2,024 829,522 895,053 1,823 893,230 941,189 1,763 939,426 993,374 3,335 990,039 96,736 851 95.885 101,903 704 101,199 110,701 699 110,002 117,051 757 116,294 18,294 68,232 9,911 73,844 6.216 96,897 1,818 10,180 699 11,623 1,173 12,921 492 15,293 47,716 264,405 22,463 249,500 16,305 238,825 17,314 323,475 4,064 30,623 4,124 36,284 4,355 42,003 2,454 50,036 117, ,969,985 127,789,110 "' 64,519,914 61,792,135 21,660,321 25,761,084 46,613,211 49,438,670 6,162,547 6,712,000 145,028,233 64,058,431 31,421,875 50,997,566 7,434,673 16,601,341 11,300,088 3,877,146 5,605,810 593,275 17,532,857 11,382,348 4,002,947 5,546,688 654,205 19,244,426 12,183,097 4,434,993 5,891,680 735,619 22,296,505 13,025,134 5,103,896 6,030,031 841,842 811114 L Cash-dividends declared On preferred stock* On common stock Memoranda items Recoveries credited to reservesOn securities. On loans Losses charged to reserves3 On securities. On loans Assets, deposits, and capital accounts: Loans U.S. Govt. securities Other securities Cash assets Other assets 114,275,450 57,773,429 20,092,632 49,317,003 5,318,208 4,714! 84,863 Total assets... 246,776,722 254,198,199 274,220,778 298,940,778 37,977,660 39,119,045 42,489,815 47,297,408 Time deposits Total deposits Total capita] accounts. 69,647,547 77,658,528 89,470,056 104.507,516 13,696,612 14,575,635 16,383,648 19,002,579 2,590,786 220,099,028 225 143,319,550 550 264,069,489 34 "8,300,790 42 " ,214,703 243 ^4,369,352 38 352 "5,247,356 35 19,965,172 21,288,987 22,703,808 24,283,900 3,137,209 3,374,058 3,642,459 4,029,246 Number of officers Number of employees... Number of banks 1 2 3 103,211 506,596 107,060 496,040 112,200 512,739 117,147 531,820 31,527 88,276 32,355 86,339 33,895 92,419 35,206 99,088 13,126 13,115 13,124 13,291 6,955 7,004 7,079 7,184 Includes interest on capital notes and debentures. Not included in recoveries above. Not included in losses above. NOTE.—Includes all insured commercial banks in the United States and possessions. Excludes 1 to 3 mutual savings banks prior to 1962, and 1 or 2 noninsured nondeposit trust companies prior to 1962; these were State member banks of the FRS and were included in member bank figures. The figures of assets, deposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and end of each year (except that in 1963 the March 18 call was also included). The number of officers, employees, and banks are as of the end of each year. 640 BANKS AND THE MONETARY SYSTEM MAY 1964 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and csipital Bank credit Date Gold Treasury currency outstand- U. S. Government securities Commercial Loans, net Total and Total ing savings banks Federal Reserve Banks 1929—June 1933—June 1939—Dec. 1941—Dec. 1945—Dec. 1947—Dec. 1950—Dec. 1955—Dec. 1958—Dec. 1959—Dec. I960—Dec. 1961—Dec. 1962—June Dec. 29.... 30.... 30.... 31.... 31.... 31.... 30.... 31.... 31.... 31.... 31.... 30.... 30.... 28.... 4,037 4,031 17,644 22,737 20,065 22,754 22,706 21,690 20,534 19,456 17,767 16,889 16,435 15,978 2,019 2,286 2,963 3,247 4,339 4,562 4,636 5,008 5,234 5,311 5,398 5,585 5,598 5,568 58 ,642 42 ,148 54 ,564 64 ,653 167 ,381 160 ,832 171 ,667 217 ,437 249 ,082 255 ,435 266 ,782 285 ,992 293 ,212 309 ,389 41,082 21,957 22,157 26,605 30,387 43,023 60,366 100,031 121,602 135,867 144,704 154,017 159,463 170,693 741 328 105 049 128, 417 107, 086 96, 560 9 6 , 736 101, 207 9 3 , 497 9 5 , 461 102, 308 101, 052 103, 684 5,499 8,199 19,417 25,511 101,288 81,199 72,894 70,052 73,641 65,801 67,242 72,715 70,722 72,563 216 1, 998 2 , 484 2 , 254 2 4 , 262 22, 559 2 0 , 778 2 4 , 785 2 6 , 347 2 6 , 648 2 7 , 384 2 8 , 881 2 9 , 663 30, 478 1963—Jan. Feb. Mar. Apr. 30.... 27.... 27.... 24.... 29.... 29.... 31.... 28.... 25.... 30.... 27 20.... 15,900 15,900 15,900 15,900 15,800 15,733 15,600 15,600 15,600 15,600 15,600 15,582 5,600 5,600 5,600 5,600 5,600 5,587 5,600 5,600 5,600 5,600 5,600 5,586 305 ,500 307 ,100 309 ,100 309 ,600 311 ,600 318 ,697 318 ,200 317 ,500 322 ,600 323 ,600 327 ,000 333 ,203 167,000 168,900 170,300 171,200 173,300 178,290 177,900 178,300 182,100 182,200 185,200 189,433 103, 300 102, 600 102, 500 101, 500 101, 000 102, 418 101, 800 72,400 71,500 71,300 70,300 69,200 69,708 68,700 67,000 68,000 67,900 68,200 69,068 30, 300 30, 500 30, 600 30, 500 3 1 , 100 32, 027 32, 500 32, 200 32, 100 32, 800 3 3 , 300 3 3 , 552 May June July Aug. Sept. Oct. Nov. Dec. 5 10, 23 29, 9 9 , 900 100, 700 101, 300 102, 200 103, 273 Other Other securities Total assets. net— Total liabilities and capital, Total deposits and currency Capital and misc. accounts net net 835 712 667 643 11 ,819 9 ,863 9 ,302 8 ,999 8 ,577 10 ,723 14 ,741 20 ,670 26 ,273 26 ,071 26 ,617 29 ,667 32 ,697 35 ,012 64,698 48,465 75,171 90,637 191,785 188,148 199,009 244,135 274,850 280,202 289,947 308,466 315,245 330,935 55,776 42,029 68,359 82,811 180,806 175,348 184,384 224,943 252,022 256,020 263,165 280,397 286,968 302,195 8,922 6,436 6,812 7,826 10,979 12,800 14,624 19,193 22,829 24,186 26,783 28,070 28,275 28,739 600 600 600 700 700 683 700 700 700 700 600 653 35 ,200 35 ,600 36 ,300 36 ,900 37 ,300 37 ,989 38 ,500 39 ,300 39 ,800 40 ,100 39 ,700 40 ,497 327,000 328,500 330,500 331,100 332,900 340,017 339,400 338,700 343,700 344,700 348,200 354,371 297,100 298,500 300,600 301,100 301,900 310,284 308,700 307,200 312,000 312,800 316,200 323,251 29,800 30,100 29,900 29,900 31,000 29,732 30,700 31,400 31,700 32,000 32,000 31,118 26 131 1,204 1,284 2,867 3,328 2,888 1,899 1,219 1,048 DETAILS OF DEPOSITS AND CURRENCY Related deposits (not seasonally adjusted) Money supply Seasonally adjusted Date Total DeCurmand rency outside deposits adbanks justed i 1929—June 1933—June 1939—Dec 1941_Dec. 1945_Dec. 1947—Dec. 1950—Dec. 1955—Dec. 1958—Dec. 1959—Dec. I960—Dec. 1961—Dec. 1962—June Dec. 29 30 30 31 31 31.... 30.... 31.... 31.... 31.... 31.... 30.... 30.... 28.... 110,500 114,600 133,500 138,800 140,200 139,200 144,800 143,300 147,600 26,100 24,600 27,400 28,100 28,200 28,200 28,700 29,300 29,600 1963—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 30.... 27.... 27.... 24 29.... 29.... 31.... 28.... 25 30.... 27.... 20.... 146,800 147,100 147,700 148,300 146,400 148,300 148,900 148,200 149,100 150,600 151,800 153,100 30,100 30,200 30,400 30,500 30,500 30,700 30,900 30,900 31,000 31,100 31,600 31,700 Total Currency outside banks Demand deposits adjusted i Total Commercial banks Foreign Postal Mutual Savings net 3 savings Sysbanks 2 tem Treasury cash holdings 84,400 90,000 106,100 110,700 112,000 111,000 116,100 114,000 118,000 26,179 19,172 36,194 48,607 102,341 113,597 117,670 138,199 144,247 144,824 144,458 150,578 142,522 153,162 3,639 4,761 6,401 9,615 26.490 26.476 25,398 28,285 28,740 29,422 29,356 30,053 30,433 30,904 22,540 14,411 29,793 38,992 75,851 87,121 92,272 109,914 115,507 115,402 115,102 120,525 112,089 122,258 28,611 21,656 27,059 27,729 48,452 56,411 59,247 78,378 98,306 101,779 108,468 121,216 132,106 139,448 19,557 10,849 15,258 15,884 30,135 35,249 36,314 48,359 63,166 65,884 71,380 82,145 91,734 97,440 8,905 9,621 10,523 10,532 15,385 17,746 20,009 28,129 34,006 34,947 36,318 38,420 39,791 41,478 149 1,186 1,278 1,313 2,932 3,416 2,923 1,890 1,134 948 770 651 581 530 365 50 1,217 1,498 2.141 ,682 >,518 5,167 5,870 5,203 5,184 ,497 ,508 ,488 204 264 2 409 2,215! 2,287! 1,336 1,293 767 683 391 377 422 379 405 116,700 116,900 117,300 117,800 115,900 117,600 118,000 117,300 118,100 119,600 120,200 121,400 148.900 146,400 145,500 148,400 144,900 147,144 148,800 146,900 148,100 152,100 154,100 158,104 29,700 29,800 30,100 30,200 30,700 31,832 31,000 31,100 31,100 31,300 32,500 33,468 119,200 116,500 115,400 118,200 114,200 115,312 117,800 115,800 117,000 120,800 121,600 124,636 141,200 142,900 145,100 146,000 147,700 149,322 150,300 151,600 152,300 154,500 154,900 155,713 99,000 100,500 102,200 103,000 104,500 105,648 106,600 107,600 108,100 109,900 110,200 110,794 41,700 41,900 42,400 42,500 42,800 43,181 43,300 43,500 43,700 44,100 44,300 44,467 500 500 500 500 500 493 500 500 500 500 500 452 ,300 ,200 ,200 ,200 ,200 ,337 ,300 ,200 1,200 ,200 1,200 ,206 400 500 400 400 400 369 400 400 400 400 400 392 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 At commercial and savings banks 381 852 846 1,895 24.608 1,452 2,989 4,038 4,558 5,319 6,193 6,219 9,841 7,090 At F.R. Banks 36 35 634 867 977 870 668 394 358 504 485 465 612 602 800 4,600 800 6,700 900 7,600 4,000 1,100 600 7,100 806 11,306 600 7,400 6,100 1,000 900 9,100 800 3,800 900 4,600 850 6,986 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 BULLS. Except on call dates, figures are partly estimated and are rounded to the nearest $100 million. 641 COMMERCIAL AND MUTUAL SAVINGS BANKS MAY 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Class of bank and date Total All banks: 1939—Dec. 30.. 1941—Dec. 31.. 1945—Dec. 31.. 1947—Dec. 31 4, 1950—Dec. 30.. 1955—Dec. 31.. 1958—Dec. 31.. 1959—Dec. 31.. 1960—Dec. 31.. 1961—Dec. 30.. 1962—June 30., Dec. 28.. Loans Deposits Total assets— Interbank 1 Other Securities Total liaCash bilities assets and Demand capital Total 1 U.S. DeOther acTime Govt. mand counts 2 U.S. Other Govt. 50,884 22,165 19,417 ,302 23 61,126 26,615 25,511 ,999 27 140,227 30,362 101,288 ,577 35 177,332 134,924 43,002 81,199 10 ,723 38 175,091 161,865 148,021 60,386 72,894 14,741 41,086 191,317 175,296 190,780 100,057 70,052 20,670 47,803 242 008 220 221,485 121,571 73,641 ,911 276 430 250 ""' 26, " " 273 49 227,831 135,958 ~' 65,801 26,071 50; 296 283 629 254 238,623 144,764 67,242 26 617 53 022 298 126 266 256,700 154,318 72,715 29,667 57 368 321 394 287; 263,542 160,123 70,722 32!697 49 612 320 638 285; 280,397 172,822 72,563 35;012 54,939 343;201 303,653 9,874 10,982 14,065 793 240 577 462 059 1,587 799 2,374 650 1,443 080 1,800 914 482 400 526 008 535 1963—Jan. 30.. Feb. 27.. Mar. 27.. Apr. 24.. M a y 29.. June 29., July 31., Aug. 28., Sept. 25., Oct. 30., Nov. 27., Dec. 20., 276,950 169,410 278,850 171,8C0 280,650 173,090 280,760 173,570 282.640 176,120 287,411 179,714 287,680 180,530 287,450 181,150 292,200 184,470 293,550 185,640 296,870 188,950 302,251 192,686 14,1C0 72,350 35,190 46,780 331 500 293 14,140 71,450 35!600 48;410 335 030 295 13,800 71,280 36;280 46; 530 335 010 295 13,910 70,250 36;940 47;290 335 990 296; ,220 37;300 47 338,250 298,090 13,730 69,708 37 989 52 347,896 309,428 15,042 14,000 990 304 68,650 38 500 49 13,800 620 300; 67,010 39 290i46 14,510 67,970 39 760 48.920 349 210 308; 14,790 67,860 40 05048; 770 350 510 309. 14,880 68,190 39 730 51 270 356 420 313; 15,267 69,068 40 497 51;536 362 394 319; Commercial banks: 1939—Dec. 30.. 1941—Dec. 31.. 1945—Dec. 31.. 1947—Dec. 31 4 1950—Dec. 30.. 1955—Dec. 31.. 1958—Dec. 31.. 1959—Dec. 31. . 1960—Dec. 31., 1961—Dec. 30.. 1962—June 30.. Dec. 28. . 40,668 17,238 50,746 21,714 124,019 26,083 116,284 38,057 126,675 52,249 160,881 82,601 185,165 98,214 190,270 110,83f 199,509 117,64: 215,441 124,925 220,670 129,193 235,839 140,106 16,316 21,808 90,606 69,221 62,027 61,592 1963—Jan. 30. . Feb. 27. . Mar. 27. . Apr. 24. . M a y 29. . June 29.. July 31.. Aug. 28. . Sept. 25. . Oct. 30.. Nov. 27. . Dec. 20. . 232,040 136,340 233,620 138,410 234,860 139,360 234,920 139,540 236,490 141,750 241,014 145,049 240,980 145,560 240,380 145,800 244,840 148,870 246,080 149,670 249,070 152,650 254,162 156,006 5,050 251 270 14,100 66,200 29 ,500 45 970 285 8,210 253 ,470 14,140 65,270|29 ,940 47 540 288 64,84030 ,660 45 640 287 7,590 252,960 13,800 64,010j31 ,370 46 460 288 8,580 253,490 13,910 63,010 31 ,730 46 880 290,510 255,280 13,730 63,542 32 423 51 156 299,875 266,179 — 15,042 62,480 32 ; 940 48340 296,710 261 ,650 14,000 60,870 33 71045, 390 293 000 257 340 13,800 61,810 34 160 48,080 300 250 264 560 14,510 61,960 34 450 47;950 301 460 264,910 14,790 62,300 34 120 50;470 307,060 269 ,280 14,880 63,196 34 959 50;711 312,' ,773 275,120 15,267 Member banks: 1939—Dec. 30.. 1941—Dec. 31.. 1945—Dec. 31 .. 1947—Dec. 31.. 1950—Dec. 30. . 1955—Dec. 31.. 1958—Dec. 31 .. 1959—Dec. 31 .. 1960—Dec. 31.. 1961—Dec. 30.. 1962—June 30. . Dec. 28. . 33,941 13,962 43,521 18,021 107,183 22,775 97,846 32,628 107,424 44,705 135,360 70,982 154,865 84,061 157,879 94,779 165,619 99,933 179,599 106,232 183,497 109,212 195,698 118,637 14,328 19,539 78,338 ,070 29 304 129,670 57,914 ,304 32 060 122 ,528 — 52,365 ,355 35 524 144,660 133,089 50,697 ,680 41 416 179 54,299 ,504 43 188 202 46,813 ,287 43 509 205,726 184^06 49,106 ,579 45 756 216 ,577 193,029 54,058 ,308 49 579 235 ,112 209 52,065 22;219 42 853 232 ,359 206 52,968 24i 092 47 427 249^488 219; 468 12,353 13,106 14,512 15,227 15,048 16,436 17,195 13,796 15,309 1963—Jan. 30.. Feb. 27.. Mar. 27.. Apr. 24. . M a y 29. . June 29.. July 31.. Aug. 28.. Sept. 25. . Oct. 30.. Nov. 27.. Dec. 20.. 192,301 115,289 193,694 117,075 194,884 117,883 194,589 117,677 195,892 119,515 99,495 122,088 99,412 122,550 98,780 122,763 202,599 25,458 203,343 26,074 205,816 28,811 210,127 31,712 52,749 24 263 40,024 238 ,565 209 51,984 24 635 41 ,471 241 ,407 211 51,719 25 ,282 39,685 240 835 211, 50,950 25 962 40,434 241 409 211; 50,023 26 354 41,009 243 246 213 50,399 27,008 44,929 251 214 222; 49,371 27,491 42,388 248 396 218; 827 214; 47,876 28 141 39,627 312 220 730 48,633 28 508 42,211 833 220; 48,568 28 701 41,895 48,647 28 358 44 276 256 778 224; 49,342 29 073 44;395 261 ; 469 229; 13,449 13,501 13,186 13,290 13,146 14,388 13,370 13,172 13,837 14,083 14,171 14,518 For notes see end of table. 66,376 58,937 61,003 66,578 64,443 66,434 ,114 22 65. 79; ,225 26; 331 34,806 160,312 155,377 144,103 006 37 168,932 155,265 399 40; 688 46; 838 210,734 192,254 20 575 48; 990 238 651 216,017 20 501 49; 467 244 686 219 20 864 52; 150 257 552 229 23 937 56; 432 278 561 248,689 27 034 48 728 276 220 245 29;298 54,049 297 116 262 520 520 520 560 540 551 530 530 550 550 550 528 9,874 10,982 14,065 792 240 577 462 058 1,585 799 2,372 649 1,441 079 1,799 914 481 400 525 008 535 9,257 10,385 13,576 520 520 520 560 540 550 530 530 550 550 550 526 32,516 44,355 105,935 1,346 2,809 3,712 4,253 5,054 5,949 5,952 9,559 6,839 94,381 101,936 123,238 130,132 131,622 133,408 141,979 128.845 141,084 32,513 44,349 105,921 1,343 94,367 2,806 101,917 3,709 123,187 4,250 130,104 5,050 131,593 5,945 133,379 5,946 141,920 9,554 128,785 6,829 141,041 194 25,852 26 414 26,479 23 45,613 227 10 542 53,105 66 11 56,513 90 13 76,844 163 18,112 97,498 81 21,705 ( 101,116 624 22, 1,915 107,959 167 24,: ,539 120,848 482 26,: i,227 131,855 796 27,036 139,188 3,635 28,046 15,035 14,826 14,553 14,714 14,650 14,243 14,020 13,991 13,986 13,946 13^34 13,940 2,670 27 ,790] , 3,070 28,000 13,954 13,962 3,100 28 13,967 3,270 28; 3,060 28;380 13,983 1,563 28; 13,993 2,960 28, 14,014 3,240 28; 14,025 2,930 28;830 14,034 3,690 29;020 14,050 4,430 29;130 14,068 3,702 29;882 14,079 15,331 26 6,885 14,484 15,952 23 7,173 14,278 30,241 219 8,950 14,011 35,360 65 10,059 14,181 36,503 90 11,590 14,121 48,715 159 15,300 13,716 63,493 73 18,486 13,501 66,169 615 19,556 13,474 71,641 163 20,986 13,472 82,429 13,432 471 22,459 , 92,034 786 23,,183 13,422 97,709 3,627 24,094 13;429 4,320 133,050 99,280 100,760 7^330 128^890 102,420 103,260 6,820 129,480 104,710 11,060 133,624 105,903 190 106,800 7 130 270 107,870 5 870 320 108,330 8,850 ,780 110,180 3,610 ,040 110,420 4,390 ,5341111,064 6,729 3 ,785 110,954 ,667 109,730 6; 523 107,402 109,920 6,018 107,939 9,761 111,548 6,349 110,997 148 107,350 936 109,959 ,154 112,702 ,812 115,516 ,986 117,562 Total Numcapital ber of accoumits ba nks Time 3 320 133, 110 140,980 440JI31 67O'142,68O ,330 128 950 144,860 060 145,750 760 540 147,460 6,820 11,069 133,681 149,083 7 ,130 133; 250 150,050 5; 870 129 330 151,330 380 152,060 8,850 840 154,230 3.610 4,390 139 100 154,710 6,734 141 576 155,531 154 743 27,489 140 1,709 37,136 64 22 179 69,640 176 80,609 50 341 2^523 87,783 1,353 ;327 105,400 2,187 ,822 110,448 1,338 110,989 1,639 112,393 303 119,595 351 3,734 108,014 358 5,086 117,999 341 347 345 380 361 373 349 355 371 377 376 382 Borrowings 2,670 23, 840 13,440 3,070 24; 010 13,443 3,100 24; 070 13,451 3,270 24; 180 13,456 3,060 24; 360 13,472 1,545 24; 582 13,482 2,960 24; 520 13,503 3,240 24. 13,515 2,930 24; 13,524 3,690 24. 13,540 13,558 4,430 25; 13,570 3,664 25, 5,522 11,699 5,886 12,347 7,589 24,210 208 28,340 54 8,464 29,336 79 9,695 39,165 137 12,783 51,132 54 15,460 52,827 581 16,264 57,272 130 17,398 67,157 438 18,638 75,162 735 19,179 79,716 3,550 19,854 6,362 6,619 6,884 6,923 6,873 6,543 6,312 6,233 6,174 6,113 6,070 6,049 81,060 82,280 83,690 84,384 85,640 86,550 87,311 88,278 88,627 90,159 90,440 90,929 6,046 6,042 6,039 6,041 6,052 6,058 6,072 6,080 6,092 6,097 6,104 6,112 2,614 19 ,697 3,033 19,819 3,042 19,851 3,235 19,925 2,910 20 ,082 1,440 20 ,238 2,849 20,213 3,076 20 ,273 2,836 20 ,377 3, ,555 4,244 20 ,606 3,499 21 ,054 642 COMMERCIAL AND MUTUAL SAVINGS BANKS MAY 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Deposits Loans and investments Class of bank and date Total Loans Total assets— Total Securities liaCash blities assetsi and capital TotaP U.S. acGovt. Other counts 2 Interbank Other umBor- Total Nber row- capital acof ings banks Demand Demand Time U.S. Govt. TimeOther Mutual savings banks: 1939—Dec. 30 1941—Dec. 31 1945_Dec. 31 1947—Dec. 31 4 1950—Dec. 30 1955—Dec. 31 1958—Dec. 31 1959—Dec. 31 I960—Dec. 31 1961—Dec. 30 1962—June 30 Dec. 28 10,216 10,379 16,208 18,641 21,346 29,898 36.320 37,561 39,114 41,259 42,872 44,558 1963—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 44.910 45,230 45,790 45,840 46,150 46,397 46,700 47,070 47,360 47,470 47,800 48.089 33,070 33,390 33,730 34,030 34,370 34,665 34,970 35,350 35,600 35,970 36,300 36.679 9,339 12,896 26,143 20,393 20,612 23,583 25,966 25,291 27,726 30,297 30,396 32,989 74 9,459; 3,296 4,772 1,272 6,703 16,413 14,507 4,231 7 736 866 12,051 807 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 195 7,334 17,574 1,235 6.439 32,887 30,121 4,640 17 6,940 17,287! 1,236 30 12 267 19,040 1,445 7,179 11,972 1,242 7,261 27,982 25,216 4,453 70 451 18,836' 1.722 9,729 8,993 1,890 7,922 28,954 25,646 4,370 268 756 20,719! 2,303 14,640 6,796 2,148 8,948 33,228 29,378 4,515 1,085 968 20,704 3,482 16,165 7,486 2,315 9,298 36,398 31,679 4,786 1,739 232 988 1.027 20,419! 3,448 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 1,216 1,217 21,833 4,206 191 1,267 23,129j 6,935 "283 19,535 7,862 2,900 11,164 43,538 36,818 5,296 381 19,224 7,659 3,513 9,552 41,910 35,039 4,517 210 1,918 20,296 8,098 21,954 7,017 4,017 11,050 46,135 37,885 4,783 207 1,408 22,231 9,256 1,728 30 27 27 24 29 29 31 28 25 30 27 20 31,808 32,302 32,533 31,829 32,115 32,847 32,451 31,947 32,957 32,860 33,615 34.827 20,649 20,874 20,950 20,258 20,886 21,446 21,416 21.191 22,036 21,765 23,103 23,577 City of Chicago:s 1939—Dec. 30 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1950—Dec. 30 1955—Dec. 31 1958—Dec. 31 1959—Dec. 31 I960—Dec. 31 1961—Dec. 30 1962—June 30 Dec. 28 2,105 2,760 5,931 5,088 5,569 6,542 6,830 6,885 7,050 7,606 7,937 8,957 8,682 8,901 9,138 8,813 8,832 9,082 9,171 8,965 9,346 9,211 9,376 9,615 30 27 27 24 29 29 31 28 25 30 27 20 Reserve city member banks New York City: 1939—Dec. 30 1941_Dec. 31 1945—Dec. 31 1947—Dec. 31 1950—Dec. 30 1955—Dec. 31 1958—Dec. 31 1959—Dec. 31 1960—Dec. 31 1961—Dec. 30 1962—June 30 Dec. 28 1963—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1963—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 30 27 27 24 29 29 31 28 25 30 27 20 For notes see end of table. 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 23,357 7,265 5,698 25,126 6,864 5,570 27,122 6,239 5,752 29,393 6,136 5,730 30,930 6,278 5,663 32,716 6,129 5,714 6,150 6,180 6,440 6,240 6,210 6,166 6,170 6,140 6,160 5,900 5,890 5,872 5,690 5,660 5,620 5,570 5,570 5,566 5,560 5,580 5,600 5,600 5,610 5,539 818 793 609 886 797 965 921 829 872 936 884 890 810 870 890 830 840 890 830 800 840 820 800 826 11,852 11,804 17,020 19,714 22,385 31,274 37,779 38,943 40,574 42,833 44,418 46,086 10,524 10,533 15,385 17,763 20,031 28,187 34,040 34,983 36,353 38,487 39,888 41,531 46,450 46,820 47,420 47,410 47,740 48,020 48,280 48,620 48,960 49,050 49,360 49.621 41,760 41,980 42,500 42,550 42,810 43,248 43,310 43,520 43,790 44,110 44,350 44,516 3 6 14 3 3 4 1 6 10 10,521] 10,527! 15,371 14 17,745 19 20,009 51 28,129 29 34.006 29 34,948 29 36,318 60 38,4201 60 39.8211 43 41,478 1,309 1,241 1.592 1,889 2,247 2,812 3.219 10 3,359 3,553 3,768 10 3.853 3,951 551 548 542 533 529 527 519 517 514 514 512 511 60 41.700! 60 41,920 60 42,440 60 42,490 60 42,750 58 43,180 60 43,250 60 43.460 60 43,730 60 44,050! 60 44,2901 42144,467! 3,950 3,990 4,020 3,990! 4.020! 19 4.03l! 4,030i 4,090| 4,110 4,100 4,130 38 4.205 511 511 511 511 511 511 511 510 510 510 510 509 1,592 1,648 2,120 2,259 2,351 2,745 3,282 3,361 3,554 3.683 3,761 3,898 36 36 37 37 23 18 18 16 15 13 13 17 3,897 3,904 3,904 3,927 3,947 3,931! 3,944! 3,940i 3,945| 3.9661 3,966! 3.984! 17 16 16 16 16 13 13 13 13 13 13 13 42,626 43.563 42,652 42,343 43,624 44,981 43,557 41,789 44,185 43,847 45,200 46,434 34,799 35.044 34,794 34,091 35,459 37,454 35,779 33,809 36,361 35,655 36,807 38,327 4,119 4,047 3,913 3,919 4,278 4,734 4,092 3,804 3,991 4,020 4,272 4,289 569 954 1,333 1,801 2,083 3,342 3,637 4,206 4,485 4,626 4,672 5,418 1,203 333 1,446 3,595 1,430 376 1,566 4,363 4,213 385 1,489 7,459 2,890 6,866 397 1,739 2,911 7,649 576 2,034 2,506 8,720 695 2,132 2,562 9.071 631 2.158 1,985 8,967 694 2,003 1,882 9,219 683 2,046 2,041 940 2,603 10,383 1,936 1,329 1,893 10,009 2,129 1,409 2,280 11,432 3,330 4,057 7,046 6,402 7,109 8,010 8,214 8,062 8,197 9,283 8,810 9,993 1,035 1,312 1,217 1,225 1,286 1.357 1,231 1,380 1,624 1,128 1,277 801 127 1,552 72 174 222 249 272 327 369 546 410 1.867 2,419 3,462 4,201| 4,604 5,165 5,136 5,070 4,899 5,268 4,520 5,264 495 476 719 913 1,103 1,327 1,438 1,468 1,530 2,008 2,598 3,025 3 3 40 35 35 34 262 426 j 490! 628 733 762 822! 8701 894} 948' 14 13 12 14 13 13 14 14 10 9 9 13 5,101 5,348 5,376 5,291 5,428 5,545 5,574 5,566 5,796 5,826 6,038 6,220 2,217 2,232 2,440 2,168 2,050 2,071 2,096 1,825 1,915 1,743 1,731 1,705 9,481 9,594 9,410 9,469 9,759 10,141 10,007 9,638 10,036 9,934 10,103 10,296 1,140 1,194 1,155 1,182 1,122 1,202 1,153 1,165 1,209 1,218 1,186 1,211 218 309 427 161 346 584 406 289 583 186 200 395 4,956 4.872 4,619 4,757 4,791 4,840 4,926 4,616 4,669 4,802 4,909 4,887 3.152 3.204 3,198 3,357 3,488 3,499 3,509 3,556 3,563 3,714 3,794 3,787 132 235 596 313 165 111 240 252 327 274 211 255 956 955 957 963 971 974 980 979 983 990 993 996 13 13 13 12 12 12 12 12 12 12 12 12 7,009 7,125 7,096 6,805 6,478 6,506 5,941 5,418 5.642 5,926 5,634 6,154 4,150 4,303 4,487 4,766 4,751 4,895 5,094 5.338 5,279 5,169 4,878 5,095 1,364 1,321 1,322 1,354 1,354 1,466 1,501 1,574 1,635 1,642 1,607 1,690 8,731 9,125 7,987 8,296 9,323 9,802 8,786 7.591 8^995 8,776 9,259 9,372 1,969 1,982 1,899 1,949 2,084 2,136 2,109 1,951 2,094 1,993 1,955 1,970 10,860 11,092 11,260 10,983 11,143 11,440 11,484 11,097 11,623 11,394 11,521 11,776 213 209 214 227 207 187 189 194 202 209 212 214 769 1,068 1,385 669 1,198 2,052 1,453 937 2,078 668 665 1,419 20.231j 9,467 20,000 9,720 19.320 9,962 19,303 9,973 19,612 10,164 20,351 10,131 19,686 10,359 18.140 10,734 19.353 10,737 19,571 11,187 20,201 11,457 20,960 11,446 1,082 1,645 1,117 1,352 1,292 794 1,029 1,204 1,031 1,438 1,480 1,438 250 288 377 643 COMMERCIAL AND MUTUAL SAVINGS BANKS MAY 1964 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Class of bank and date Total Other Reserve 1939—Dec. 1941—Dec. 1945—Dec. 1947—Dec. 1950—Dec. 1955—Dec. 1958—Dec. 1959—Dec. I960—Dec. 1961—Dec. 1962—June Dec. 1963—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Country member 1939—Dec. 1941—Dec. 1945—Dec. 1947—Dec. 1950—Dec. 1955—Dec. 1958—Dec. 1959—Dec. 1960—Dec. 1961—Dec. 1962—June Dec. 1963—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Loans Deposits Total assets— Total Securities Interbank * Other liaCash bilities assets * and Demand capital Total* DeU.S. acOther Time Govt. mand counts 2 U.S. Govt. Other Time City:6 30 31 31 31 30 31 31 31 31 30 30 28 12,272 15,347 40,108 36,040 40,685 52,459 60,558 61,621 62,953 68,565 70,145 73,130 5,329 7,105 8,514 13,449 17,906 28,622 34,003 38,686 40,002 42,379 43,824 46,567 5,194 6,467 29,552 20,196 19,084 18,826 20,645 17,292 17,396 19,748 18,627 18,398 1,749 6,785 1,776 8,518 2,042 11,286 2,396 13,066 3,695 13,998 5,011 16,994 5,910 17,701 5,643 18,211 5,554 18,668 6,438 20,216 7,694 17,602 8,165 19,539 19,687 24,430 51,898 49,659 55,369 70,478 79,781 81,443 83,464 90,815 89,885 94,914 17,741 22,313 49,085 46,467 51,437 64,733 12,641 73,675 75,067 81,883 80,631 84,248 3.565 4,356 6,418 5,627 6,391 7,207 7,506 7,450 7,989 8,350 6,622 7,477 120 104 30 22 57 239 377 303 326 62 75 82 435 491 8,221 405 976 1,288 1,429 1,698 1,960 2,103 3,670 2,337 9,004 4,616 12,557 4,806 24,655 9,760 28,990 11,423 32,366 11,647 39,835 16,164 82 42,259 -',074 21 14 42,668 21,555 238 42, ,525 73 44,986 26 ,381 81 40,601 29,663 240 43,609 ",743 30 1,388 1.828 1,967 2.566 2:844 3,322 4,641 5,760 6,106 6,423 6,997 7,201 7,263 346 351 359 353 336 292 274 265 217 206 206 191 30 27 27 24 29 29 31 28 25 30 27 20 72,053 72,315 72,850 72,921 73,497 74,614 74,735 74,716 75,875 76,106 76,776 78,370 45,692 46,412 46,821 46,791 47,300 48,164 48,512 48,897 49,757 50,132 50,699 51,891 18.143 17,564 17,420 17,329 17,187 17,326 16,930 16,440 16,539 16,324 16,472 16,686 16,172 16,884 16,603 8,801 16,940 010 16,603 9,010 9,124 18,526 9,293 17,748 9,379 16,665 9,579 17,478 9, 650 17,185 9,605 18,887 9.792 18,778 90,467 91,380 91,622 92,086 92,362 95,433 94,865 93,658 95,675 95,705 98,069 99,643 80,101 81,023 81,320 81,349 81,610 85,555 83,987 82,704 84,554 84,266 85,891 87,994 6,555 6,660 6,561 6,616 6,275 6,811 6,544 6,612 6,959 7,062 6,949 7.225 65 75 72 90 91 110 96 98 97 94 90 95 1,400 2,276 2,605 1,218 2.387 3,793 2,488 2,022 2,941 1,141 1,462 2,212 40,765 31 ,316 40,298 31,714 39,698 32,384 ,603 40, 39,706 33,151 41,291 33,549 41,096 33 ,763 39,867 34,105 40,341 34,216 41,359 34,610 42,698 ",692 34 43,459 35,004 7.263 7,298 7,315 7.330 7,413 7,440 7,462 7,490 7,557 7,635 7,653 7.697 190 190 190 192 192 194 194 195 196 194 195 190 banks: 6 30 31 31 31 30 31 31 31 31 30 30 28 10,224 12,518 35,002 36,324 40.558 52.115 6i;5ii 64.082 67,890 73,131 75,019 80,623 4,768 5,890 5,596 10,199 14,988 24.379 30.257 33,766 36,981 39,693 41,492 44,698 3,159 4,377 26,999 22,857 21,377 22.570 23,606 22,535 22,848 24,407 23,843 25,425 2,297 4,848 ,250 6,402 ,408 10,632 ,268 10,778 ,193 11.571 ,826 13,342 ,648 14,031 ,781 14,122 8^060 14,740 9,031 15,595 9,685 13,806 10,501 14,559 15,666 19,466 46,059 47.553 52,689 66,988 76,767 79,567 84.126 90,376 90,555 97,008 13,762 17,415 43,418 44.443 48,897 61,636 70,277 72,323 76,004 81,646 81,577 87,342 572! 7921 ,207i ,056 ,121 ,505 ,578 .602 J78 ,925 ,529 ,773 26i 30| 17 17 12 18 36 24 37 37 48 154 225 5.465 432 922 1,061 1,175 1,508 1,783 1,641 2,601 1,931 7,158 5,852 10.109 6,258 24,235 12,494 28,378 14,560 31,977 14,865 39,681 19,372 42,349 25",137 ,356 42, 43,395 29,011 46,211 31,832 42,596 * 34 ,803 46,895 36,692 30 27 27 24 29 29 31 28 25 30 27 20 79,758 80,176 80,363 81.026 8i;448 82,952 83,055 83.152 84:421 85,166 86,049 87.316 43.847 44,441 44,736 45,337 45,901 46,934 47.048 47.109 47.869 48,351 48,971 50.023 25,380 10,531 ,152 94,612 25,063 10,672 ,480 95,372 24.763 10,864 ,196 95,301 24,648 11,041 ,249 95,997 24,308 11,239 ,999 96,117 24,496 11,522 ,465 99,361 24,404 11,603 ,745 98,490 24,193 11,850 13,420 98,283 24,537 12,015 ,644 99,829 24.575 12.240 ,941 100,887 24,810 12;268 14,175 101,988 24:797 2,496 ,274 103,615 85,208 85,864 85,622 86,366 86,276 89.470 88;603 88,152 89,779 90,620 91,514 92,759 ,635 .600 .557 :573 All .641 :581 ,591 ,678 .783 .764 ,793 1.398 45,002 37,125 2,014 44,560 37,642 2.106 43,765 38,146 1,253 45,038 38,451 2.087 43,830 38,837 3.332 45,066 39,371 39 2:002 45,289 39,680 51 i K900 44,727 ",883 39 6O1 2.334 45,596 40,111 60' 1,159 46,970 40,648 60l 1.485 47,708 40,497 56j 1.960 48.256 40 ,693 8,218 8,339 8,609 1 Reciprocal balances excluded beginning with 1942. Reciassification of deposits of foreign central banks in May 1961 reduced interbank deposits by a total of $1,900 million ($1,500 million time to other time and $400 million demand to other demand). 2 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 ^classification 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. 6 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 Bor- I Total Numrow- j capital ber of ings banks 1,178 994 1,082 1,429 1,131 407 1,294 1,213 1,250 1,500 2,102 1.417 52 37 71 23 40 80 172 1.851; 1.9821 2,525| 2,9341 3,532 4,769 5,685! 6,035 6,599 7,088 7.323 7.744 5.966 6,219 6,476 6,519 6.501 6,220 6,006 5,938 5,932 5.885 5.842 5.828 .826 222 7.581 >3 159 7,662 ,820 247 7.675 521 14l! 7.705! 322 7.751 127 7.894 ,839 286 7.827 ,853 407 7,864, ,860 228 7.892J ,871 341 7.9641 ,878 451 7.994! ,884 390 8,377! 5.897 banks with total loans and investments 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. C o m mercial 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. Financial Statistics * International * I I Reported gold reserves of central banks and governments. 646 Gold production 647 Net gold purchases and gold stock of the United States 648 Estimated foreign gold reserves and dollar holdings 649 International capital transactions of the United States 650 U.S. balance of payments 659 Foreign trade 660 Money rates in foreign countries 661 Foreign exchange rates 662 Guide to tabular presentation 570 Index to statistical tables 669 The figures on international capital transactions are collected by the F.R. Banks from reports made on Treasury foreign exchange forms collected by the F.R. Banks in accordance with Executive Orders No. 6560, dated Jan. 15, 1934, and No. 10033, dated Feb. 8, 1949, and Treasury regulations thereunder. Other data are com- piled largely from regularly published sources such as central bank statements and official statistical bulletins. For some of the series, back data are available in Banking and Monetary Statistics and its Supplements (see list of publications at end of the BULLETIN). 645 646 GOLD RESERVES MAY 1964 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Intl. Monetary Fund United States Estimated rest of world Argentina 38,765 39,445 40,195 40,505 41,105 41,440 1,180 1,332 2,407 2,439 2,077 2,194 22,857 20,582 19,507 17,804 16,947 16,057 14,730 17,530 18,280 20,260 22,080 23,190 126 60 56 104 190 61 126 162 154 147 162 190 103 194 292 293 303 454 915 1,270 1,134 1,170 1,248 1,365 324 325 327 287 285 225 .41,575 2,226 2,228 2,235 2,244 ,268 2,276 2,304 2,305 2,312 2,312 15,946 15,914 15,854 15,830 15,677 15,633 15,634 15,640 15,609 15,596 23,405 52 52 51 51 51 49 49 49 78 78 198 198 199 200 201 202 202 205 206 208 484 494 504 504 504 504 504 515 525 536 1,372 1,372 1,372 1,373 1,354 1,365 1,367 1,367 1,367 1,371 208 179 179 179 179 179 2,314 2,322 2.328 15,540 15,518 15,550 78 210 211 211 547 558 569 1,373 1,374 1,376 France Germany, Fed. Rep. of Greece 581 750 1,290 1,641 2,121 2,587 2,542 2,639 2,637 2,971 3,664 3,679 27 27 24 24 24 24 247 247 247 247 247 247 39 37 33 58 43 44 138 141 140 130 130 129 20 34 84 98 84 98 1963—Mar.. Apr.. May. June. July.. Aug.. Sept.. Oct... Nov.. Dec. 2,709 2,743 2,777 2,814 2,963 2,997 3,031 3,089 3,128 3,175 3,749 3,749 3,749 3,753 3,761 3,761 24 23 23 23 23 23 23 23 23 23 247 247 247 247 247 247 247 247 247 247 44 44 44 129 129 129 129 142 142 142 142 142 142 98 98 98 98 98 98 98 98 98 98 1964—Jan. . Feb.. Mar.. 3,210 3,248 3,298 3,844 3,849 3,953 End of period 1957.. 1958.. 1959. . 1960. . 1961 . . 1962. . 1963—Mar.. Apr.. May. June. July.. Aug.. Sept.. Oct... Nov.. Dec. Estimated total world 1 '41,725 '41',865 1964—Jan... Feb.. Mar.. End of period Cuba Dominican Republic Ecuador p 23,650 '23,925 '24^375 El Salvador Finland 136 80 50 1 1957. 1958. 1959. 1960. 1961. 1962. End of period Ireland, Rep. of Italy Lebanon Mexico Australia New Netherlands Zealand Austria Belgium 761 817 823 843 Norway Brazil 150 150 Guatemala Canada 42 1,100 1,078 960 885 946 708 62 72 71 78 88 57 42 42 42 42 42 42 42 42 42 42 732 739 746 755 762 768 775 784 800 817 59 59 60 60 61 61 61 61 61 62 42 42 42 837 850 871 62 India Indonesia Peru Iran Iraq 142 142 141 247 247 247 Pakistan Chile Colombia Burma Philippines Portugal Saudi Arabia South Africa 1957.. 1958.. 1959.. 1960.. 1961.. 1962. . 452 1,086 1,749 2,203 2,225 2,243 91 91 102 119 140 172 180 143 142 137 112 95 744 1,050 1,132 1,451 ,581 ,581 45 43 30 30 30 30 49 49 50 52 53 53 28 19 28 42 47 47 6 10 9 15 27 41 461 493 548 552 443 471 18 18 65 78 217 211 238 178 298 499 1963—Mar.. Apr.. May. June. July.. Aug.. Sept.. Oct... Nov.. 172 172 172 172 172 172 172 172 172 172 94 95 93 92 95 95 94 r 115 '134 139 ,581 ,581 ,581 ,581 ,581 ,581 ,581 ,581 ,581 ,601 30 30 30 30 31 31 31 31 31 31 53 53 53 53 53 53 53 53 53 53 47 47 47 47 52 57 57 57 57 57 45 45 46 21 22 24 25 Dec. 2,286 2,286 2,287 2,289 2,292 2,291 2,291 2,331 2,331 2,343 478 478 478 478 482 496 497 497 497 497 78 78 78 78 78 78 78 78 78 78 551 571 591 598 611 639 643 630 629 630 1964—Jan... Feb.. Mar.. 2,343 2,343 2,143 172 172 172 ,601 ,601 ,601 31 31 31 53 53 53 57 57 57 497 78 78 632 631 627 For notes see end of table. 647 GOLD RESERVES AND PRODUCTION MAY 1964 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) End of period Spain 1957 1958 1959 I960 1961 1962 1963 Mar Apr May June July Aug Sept Oct Nov Dec 1964 Jan Sweden Switzerland Turkey U.A.R. (Egypt) United Kingdom Uruguay Venezuela 219 204 191 170 180 181 1,706 1,925 1,934 2,185 2,560 2,667 24 24 19 19 19 19 112 112 104 104 104 104 144 144 133 134 139 140 188 174 174 174 174 174 1,554 2,808 2,514 2,800 2,268 2,582 180 180 180 180 180 180 719 719 652 401 514 533 552 574 181 181 182 182 2,461 2,453 2 453 2,530 2.444 2,451 2,501 2,520 2,522 2,820 19 19 19 19 104 104 104 104 140 140 140 r 2,447 19 19 19 19 19 180 180 172 171 104 104 104 104 104 130 110 r 108 107 103 102 174 174 174 174 19 104 115 174 401 401 401 401 401 401 401 401 401 401 2,549 2,551 2,542 19 104 115 174 115 115 174 174 574 574 574 573 573 182 182 182 182 182 573 182 573 182 182 182 * Includes reported or estimated gold holdings of international and regional organizations, central banks and govts. of countries listed in this table and also of a number not shown separately here, and gold to be distributed by the Tripartite Commission for the Restitution of Monetary Gold; excludes holdings of the U.S.S.R., other Eastern European countries, and China Mainland. The figures included for the Bank for International Settlements are the Bank's gold assets net of gold deposit liabilities. This procedure avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual countries. 174 174 174 174 174 2,447 2,506 2,484 401 401 171 171 171 171 171 174 Bank for Intl. Settle-2 ments Yugoslavia 101 57 68 178 316 446 573 573 Feb Mar Thailand Syria 14 17 10 4 6 4 24 -42 -134 -19 115 -50 254 126 40 55 56 56 4 4 5 5 7 8 11 14 14 107 132 137 78 155 150 41 43 42 -22 — 77 -279 401 401 174 EPUEF 3 47 7 23 2 Net gold assets of BIS, i.e., gold in bars and coins and other gold assets minus gold deposit liabilities. 3 European Payments Union through Dec. 1958 and European Fund thereafter. NOTE.—For back figures and description of the data in this and the following tables on gold (except production), see "Gold," Section 14 of Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa World production i Period 975.0 1,015.0 1,050.0 1,125.0 1,175.0 1,215.0 1,290.0 1956 1957 1958 1959 I960 1961 1962 1963 1963 Feb Mar Apr May June July Sept Oct Nov Dec . . . . North and South America Congo, (LeoGhana pold- United States ville) South Africa Rhodesia 556.2 596.2 618.0 702.2 748.4 803.1 892.7 960.1 18.8 18.8 19.4 19.8 19.6 20.1 19.4 19.7 22.3 27.7 29.8 32.0 30.8 29.2 31.1 76.5 79.4 79.1 80.6 80.1 81.6 81 7 80.9 82.0 81.6 78.6 1 .6 2 7 6 2.7 .6 6 2.7 2 6 6 6 7 2.6 1.6 7 2.7 13.1 13.1 12.3 12.2 11.1 8.1 7.1 32.0 2 7 2 7 7 8 1964 Jan Feb 1 Estimated; excludes U.S.S.R., other Eastern European countries, China Mainland, and North Korea. 2 Gold exports. 3 Quarterly data. 65.3 63.0 61.6 57.2 58.8 54.8 54.5 Canada Mexico Nicaragua 2 153.4 155.2 158.8 156.9 161.1 156.6 145.5 138.9 12.3 12.1 11.6 11.0 10.5 7.6 6.9 7.2 7.3 7.0 7.7 7.8 11 0 11.6 11.8 12 4 11.6 10.9 11 7 11.5 12.2 11.7 10.8 6 .7 10.7 9.4 8.3 8.2 .8 7 .5 7 6 .4 Other Brazil 4.3 4.2 3.9 3.8 4 1 4.4 4 5 Colom- Ausbia tralia All other i India 15.3 11.4 13.0 13.9 15.2 14.0 13 7 36.1 37.9 38.6 38.1 38 0 37 5 37 4 7 3 1 0 2 9 3 1 2.8 2 8 3 3 3 4 3 0 3.0 2.6 3 1 4 5 .5 6.3 6 5 5 5 5 0 8 7 7 7 63 0 62.2 69 8 64 8 64 7 64 4 62 3 4.9 4 .4 .4 3 4 1.1 1.1 .9 4 4 1 0 .4 .5 4 .7 .6 .8 9 A 4 4 .4 .5 .4 9.8 NOTE.—Estimated world production based on reports of the U.S. Bureau of Mines. Country data, except for Brazil, based on reports from individual countries and Bureau of Mines; data for Brazil from American Bureau of Metal Statistics. Data for the United States are from the Bureau of the Mint. 648 U.S. GOLD MAY 1964 NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY (In millions of dollars at $35 per fine troy ounce) 1962 1956 Area and country 1957 1958 1959 1960 1961 1962 1963 1963 I IV Western Europe: 3 -34 Beleium 3 Germany Fed. Rep. of Italy Netherlands Portucal 25 31 Switzerland United Kingdom Bank for Intl Settlements Other —8 100 18 Total 8 80 — 84 -329 -349 -261 -20 32 —215 -900 — 178 -21 68 - 2 , 3 2 6 15 5 115 -1 28 75 — 83 -39 -266 —1 -141 -173 -30 -10 -249 20 -350 -32 -38 -114 — 324 -550 — 36 -96 -827 -1,718 -144 — 143 -63 -456 — 82 — 30 II — 30 III IV -214 -101 131 —20 — 32 -518 -101 -101 -101 -146 102 -387 -130 -20 50 8 -70 -60 329 107 18 74 -12 1 15 -9 14 * -754 -1,105 -399 -79 -104 -149 59 27 17 28 -23 100 -25 -156 -125 -306 —23 -53 -4 -7 -139 190 Latin American republics: Brazil 67 -11 Mexico Other 85 57 38 — 30 72 — 30 28 A 2 -30 65 -5 -22 -17 -5 -4 * 6 -11 -1 69 19 -100 -109 175 32 83 16 34 -16 —3 18 — 30 -4 — 157 -28 — 15 - 9 7 1-101 2-93 3 12 -11 -8 25 * -4 18 -34 -186 -113 -101 -93 12 -11 -8 25 * -4 -5 -38 -6 -1 -36 -1 -10 -25 -1 -998 -1,969 -970 -833 -392 -6 -96 -100 -180 -15 -833 -392 -6 -96 -100 -180 -15 -200 29 6 -28 81 * * Total -90 -2 — 50 -2 —6 -20 —4 -7 Asia: Other Total All other 14 -3 Total foreign countries 80 172 - 2 , 2 9 4 Intl. Monetary Fund 4 200 Grand total 280 5—44 600 772 - 2 , 2 9 4 4 300 -1,041 -1,669 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. 1 150 -820 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. 5 Payment to the IMF of $344 million as increase in U.S. gold subscription less sale by the IMF of $300 million (see also note 3). U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U.S. MONETARY AUTHORITIES (In millions of dollars) Changes in— End of period Gold stock i Year Total Total 2 Treasury 1951 1952 1953 1954 1955 1956 1957 22,873 23,252 22,091 21,793 21,753 22,058 22,857 22,873 23,252 22,091 21,793 21,753 22,058 22,857 22,695 23,187 22,030 21,713 21,690 21,949 22,781 1958 1959 1960 1961 1962 1963 20,582 19,507 17,804 17,063 16,156 15,808 20,582 19,507 17,804 16,947 16,057 15,596 20,534 19,456 17,767 16,889 15,978 15,513 Foreign currency holdings Total Total gold 53 379 -1,161 -298 -40 305 799 116 99 212 Changes in— Gold stock 1 Month Total Total 2 53 1963—Apr.... 16,046 379 M a y . . . 16,009 -1,161 June... 15,956 -298 J u l y . . . .15,764 -40 15,725 Aug 305 Sept.... 15,788 799 15,910 Oct Nov.... 15,780 D e c . . . 15,808 -2,275 -2,275 - 1 , 0 7 5 4-1,075 -1,703 - 1 , 7 0 3 1964—Jan.... 15,847 -741 -857 F e b . . . . 15,865 -907 -890 Mar.... 15,990 -348 -461 Apr. » . . 15,992 1 Includes gold sold to the United States by the International Monetary Fund with the right of repurchase, which amounted to $800 million on2Apr. 30, 1964. Includes gold in Exchange Stabilization Fund. 3 For holdings of F.R. Banks only see pp. 578 and 580. End of period Foreign currency3 Treasury holdings Total Total gold 15,914 15,854 15,830 15,677 15,633 15,634 15,640 15,609 15,596 15,877 15,797 15,733 15,633 15,582 15,582 15,583 15,582 15,513 132 155 126 87 92 154 270 171 212 -32 -37 -53 -192 -39 63 122 -130 28 -32 -60 -24 -153 -44 15,540 15,518 15,550 15,728 15,512 15,462 15,461 15,463 307 347 440 264 39 18 125 2 -56 -22 32 178 6 -31 -13 4 Includes payment of $344 million increase in U.S. gold subscription to the IMF. NOTE.—See Table 10 on p. 657 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. MAY 1964 649 GOLD RESERVES AND DOLLAR HOLDINGS HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 3 , 1961 June 30, 1963 Mar. 3 I, 1963 Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Govt. short- Govt. short- Govt. short- Govt. short term term bonds term bonds term bonds bonds dollars & notes dollars & notes dollars & notes dollars & notes Area and country Western Europe: Austria Belgium Denmark Finland France Germany, Fed Rep of Greece Italy Netherlands 558 . . . 1,574 83 138 3,110 6,506 154 3,459 1,797 135 Portugal Spain Sweden Switzerland Turkey United Kingdom Other2 Dec. 3 , 1962 . . . Total Total Asia: India Indonesia Japan Philippines Thailand Other . 783 1,542 98 134 3,744 6,409 196 3,627 1,829 * 3 126 1 1 93 83 435 48 16 2 3 3 * * 87 155 632 623 671 3,575 165 4,191 542 1 93 83 370 48 789 1,558 96 140 4,128 6,224 243 3,385 1,809 160 635 705 673 3,273 162 4,630 572 2 814 1 16 2 3 3 * 1 2 1,617 111 131 4,541 6,462 251 3,422 1,897 1 1 73 85 * 297 46 625 736 699 3,420 r 146 4,354 497 111 165 840 28,916 708 29,182 644 r 29,888 3,704 459 4,057 389 3,871 528 425 513 153 235 44 607 87 131 237 1 1 * 1 * 5 1 1 1 271 429 178 205 16 626 98 152 281 1 1 « 1 * 4 * 318 400 167 226 16 690 97 155 276 819 293 1 806 336 1 3 837 421 3,544 12 3,398 13 325 119 31,976 212 368 1,329 288 72 2,499 215 437 1,447 6 27,887 Canada Latin American republics: Argentina . • Brazil Chile Colombia Cuba Mexico . Panama Republic of Peru Uruguay Venezuela Other 542 469 586 3,435 165 4,495 681 3 8 30 2 4 3 1 * 1 * 4 1 * 11 3,929 393 348 172 243 15 688 111 168 262 Sept. 30, 1963 Dec. 31, 1963* Gold& U.S. short- Govt. term bonds dollars & notes U.S. Govt. Gold & bonds & notes i shortterm dollars Old New series series 2 903 15 * 3 3 * 1,678 147 134 4,510 6,634 258 3,540 1,910 2 137 158 2 1 15 3* 3 * 1 2 133 1 1 123 82 * 312 50 901 1,791 192 160 4,653 6,884 265 3,146 1,961 164 2 1 13 *3 3 * 1 2 126 3 * 14 1 6 * 1 4 131 * 2 688 778 591 3,726 136 3,973 430 1 1 133 83 * 361 49 129 75 328* 46 668 '30,093 729 30,439 779 741 644 3,877 700 3,805 686 687 1 1 453 360 176 216 14 759 117 198 263 1 * 5 * 1 453 329 186 231 12 808 129 215 287 1 1 m 1 * 5 1 * 2 ** 1 73 83 298 48 * * 4 1 * 1 1 646 751 616 3,325 M28 4,253 502 * * * * 1 * 3 905 398 2 933 376 1 992 420 1 1 * * 2 3,603 13 3,703 12 3,865 12 4,062 12 5 295 76 2,613 223 480 1,549 40 302 67 2,689 222 486 1,540 5 1 3 * 42 298 92 2,758 234 486 1,641 5 1 3 * * 42 * 1 5 * 40 296 74 2,558 225 471 1,519 * 41 5,236 49 5,306 51 5,509 51 47 • * 34,329 6 1 3 1 * 45 56 4,958 50 5,143 5 1 3 * * 40 49 Africa: South Africa U A R CEevDt) Other 330 189 343 * * 12 540 188 373 * * 10 597 193 377 636 191 355 * * 10 671 188 291 * 10 683 186 331 * 10 10 * 9 Total 862 12 1,101 10 1,167 10 1,182 10 1,200 10 1,150 10 9 260 275 * 27 337 287 * 29 340 281 28 360 358 * 30 348 329 28 388 321 * 30 25 27 624 29 621 28 718 30 677 28 709 30 25 1,530 45,674 1,568 1,514 Total Other countries: Australia All other Total Total foreign countries 4 International and regional 5 Grand total 4 535 340,861 5,829 346,690 3 * 1,199 43,587 1,406 43,054 1,432 7,352 911 7,218 2,110 50,805 2,838 50,406 1,272 r 44,656 966 7,091 2,238 r51,747 1 3 * 4c 1,413 '45,018 1,065 7,096 2,478 '52,114 * 6,960 1,213 1,219 2,693 52,634 2,781 2,733 1,163 i 1 The first column continues the series based on a 1960 survey and subsequently reported securities transactions; the second is based on a survey as of July 31, 1963, and reported securities transactions for Aug.Dec. Data are not available to reconcile the 2 series. 2 Includes, in addition to other Western European countries, unpublished gold reserves of certain Western European countries; gold to be distributed by the Tripartite Commission for the Restitution of Monetary Gold; European Fund; and the Bank for International Settlements (the figures for the gold reserves of the BIS represent the Bank's net gold assets). 3 Total short-term dollars include $82 million reported by banks initially included as of Dec. 31, 1961, of which $81 million reported for Japan. 4 Excludes gold reserves of the U.S.S.R., other Eastern European countries, and China Mainland. 5 International Bank for Reconstruction and Development, Inter- national 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 the BIS and E.F. (see note 2). NOTE.—Gold and short-term dollars include reported and estimated official gold reserves, and official and private short-term dollar holdings (principally deposits and U.S. Treasury bills and certificates); excludes nonnegotiable, non-interest-bearing special U.S. notes held by the InterAmerican Development Bank and the International Development Assn. U.S. Govt. bonds and notes are official and private holdings of U.S. Govt. securities with an original maturity of more than 1 year; excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign countries as shown in Table 7 on p. 656. See also NOTE to table on gold reserves. 650 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 1964 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) Foreign International and regional * End of period Grand total European regional 2 L.A. regional Official 3 Other 16 231 115 17,260 57 518,781 176 19,874 9 154 10,212 10,940 11,963 7,076 7,048 57,841 7,911 158 162 145 11,785 11,916 12,098 12,380 11,961 12,218 12,395 12,341 12,396 12,470 8,404 8,413 8,483 8,634 12,219 12,054 11,989 Total Total Intl. 419,389 21,272 522,533 25,022 43 158 4,012 3,752 5,148 43,158 3,897 3,695 4,938 34 1963—Mar.... 25,172 Apr 25,357 M a y . . . . 25,443 June 25,852 J u l y . . . . 25,506 A u g . . . . 25,789 Sept 25,883 Oct '26,297 N o v . . . . ^26,448 Dec '25,949 4,983 5,029 4,862 4,838 4,950 4,824 4,783 '4,760 '4,671 '4,639 4,797 4,847 4,697 4,671 4,783 4,662 4,622 4,617 4,526 4,499 28 19 20 26 18 18 18 17 17 18 '126 '128 '121 20,189 20,328 20,581 21,014 20,556 20,965 21,100 21,537 21,777 21,310 1964—Jan 26,136 Feb.?'... 26,136 Mar.* 3 ... 25,928 4,671 4,781 4,735 4,535 4,647 4,600 17 17 19 120 116 115 21,465 21,355 21,193 1959 I960 1961 1962 141 150 144 142 Latin Europe Canada America 8 473 9,046 10,322 10,162 10,277 10,114 10,282 10,762 Asia Africa Other countries 2 198 2,439 2,758 3,349 2 408 2,308 2,340 2,448 2 780 3,115 52,974 3,444 253 227 283 319 119 125 104 152 2,678 2,862 2,883 2,879 2,943 2,972 3,006 3,021 3,038 3,141 3,621 3,644 3,704 3,733 3,737 3,741 3,779 3,852 3,955 3,971 326 321 303 291 286 293 264 265 274 241 147 160 165 175 162 164 160 164 185 194 3,173 3,191 3,192 4,012 4,073 4,194 246 238 248 172 184 177 Nether- Norway lands Portugal Spain 485 328 216 248 95 82 105 125 138 84 99 161 86 149 153 177 213 227 406 490 130 131 130 135 136 133 127 119 119 133 157 159 153 147 151 146 149 149 162 191 191 169 163 162 184 201 177 164 172 205 492 480 483 517 470 432 434 419 431 409 319 107 96 200 192 206 217 234 431 428 Colombia Cuba 8,594 8,747 8,705 9,196 9,381 8,840 9,246 9,301 9,204 10,354 10,666 10,789 10,865 10,826 10,776 3,139 3,227 3,244 3,174 3,073 3,129 3,102 3,370 3,498 2,988 10,761 10,634 10,698 3,100 3,034 2,684 Greece Italy la. Europe End of period 1959 I960 1961 1962 1963—Mar.... Apr May.... June July.... Aug.... Sept Oct Nov.... Dec Total 8,473 9,046 10,322 10,162 10,277 10,114 10,282 10,762 10,354 10,666 10,789 10,865 10,826 10,776 10.761 10,634 1964—Jan Feb.2\ .. Mar.-".. . 10,698 Austria Belgium Denmark Finland 331 243 255 329 138 142 326 177 137 54 52 67 71 46 91 73 305 276 288 310 354 392 399 372 347 365 186 211 234 244 218 281 311 410 401 420 65 69 74 80 99 101 116 128 144 161 79 70 68 70 76 75 73 78 86 99 360 322 440 431 406 176 157 168 93 108 110 342 France Germany, Fed. Rep. of 186 63 1,370 1,157 1,987 3,476 2,842 2,730 67 119 1,234 1,384 1,419 1,438 1,578 1,727 1,444 1,486 1,479 1,434 1,499 1,478 2,475 2,456 2,670 2,709 2,771 2,844 2,873 2,965 3,041 3,041 166 171 174 174 181 176 181 174 183 188 1,099 1,121 1,054 1,133 1,195 1,287 1,249 1,029 877 803 228 286 324 316 238 226 329 367 361 360 1,487 1,467 1,411 2,999 3,157 2,858 177 167 685 536 784 294 297 655 519 989 162 877 la. Europe—Continued Turkey End of period Switzerland United Kingdom Yugoslavia 199 104 Sweden 421 lb. Latin America Other Other Western6 U.S.S.R. Eastern Europe Europe Total Argentina Brazil Chile Mexico 1959 1960 1961 1962 . 969 678 875 908 31 18 26 25 1,667 2,227 1,609 990 6 10 12 11 569 357 325 351 3 12 5 3 13 14 16 19 2,408 2,308 2,340 2,448 337 315 235 210 151 194 228 204 185 135 105 135 217 158 147 148 164 77 43 715 442 397 495 531 1963—Mar.... Apr May June July Aug.... Sept Oct Nov. . . . Dec 812 751 718 890 809 790 824 857 831 906 22 21 20 16 16 27 21 26 25 21 2,183 2,056 1,948 1,907 1,800 1,854 1,747 1,810 1,713 1,489 10 11 11 12 12 15 15 15 16 16 240 217 172 192 177 179 265 325 395 465 2 3 2 3 2 3 2 2 2 2 16 18 19 20 19 19 17 21 20 24 2,678 2,862 2,883 2,879 2,943 2,972 3,006 3,021 3,038 3,141 266 309 335 342 383 399 404 381 360 375 192 198 167 169 151 160 181 185 187 179 125 120 124 129 167 163 596 639 627 155 163 162 169 15 15 15 14 13 12 13 12 11 11 1964—Jan Feb.?... Mar.P... 915 919 986 18 28 20 1,786 1,746 1,796 14 13 13 334 320 366 3 2 3 23 22 19 3,173 3,191 3,192 381 392 376 169 172 179 131 136 138 174 173 181 11 11 11 684 708 681 For notes sec following page. 114 117 133 122 135 143 165 183 157 168 596 658 670 665 632 654 669 MAY 1964 651 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1 . SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) lb. Latin America—Continued End of period 1959 1960 1961 1962 .. 1963—Mar.... Apr May June.... July.... Aug Sept Oct Nov.... Dec 1964—j an Feb.* 3 ... Mar.p... Peru Panama Uruguay Venezuela Other L.A. Rep. l c . Asia Other Neth. Bahamas Antilles & Latin & Bermuda 8 Surinam America 1959 I960 1961 1962 1963—Mar Apr May . . . June July..... Aug . . . . Sept Oct Nov Dec 1964 Jan Feb.''. . . Mar.*'.. . China Mainland Hong Kong India Indonesia Israel 82 72 84 105 62 51 57 101 277 398 418 405 227 235 226 267 9 14 69 111 123 88 72 89 97 33 12 15 10 2,780 3 115 52,974 3,444 36 35 35 36 60 57 56 65 114 54 78 41 139 178 76 28 87 75 63 81 97 103 110 111 109 113 117 111 125 129 108 110 113 121 126 129 141 153 155 158 96 91 94 91 93 91 92 93 110 113 436 505 498 504 559 541 532 616 581 591 352 361 357 331 326 322 310 307 306 350 123 129 133 138 129 126 132 128 134 136 95 94 95 98 93 89 94 87 82 85 10 25 52 52 33 35 39 32 36 31 3,621 3,644 3,704 3,733 3,737 3,741 3,779 3,852 3,955 3,971 36 35 35 35 39 35 35 35 35 35 61 66 61 64 61 62 65 67 69 66 49 40 47 48 49 48 55 51 49 51 30 33 34 32 34 33 23 32 27 48 96 95 97 106 91 96 93 105 113 112 111 113 91 168 173 173 105 104 106 646 592 616 354 387 395 128 125 141 80 79 79 31 26 25 4 012 4,073 4,194 35 36 36 78 72 74 51 52 55 44 49 46 121 129 126 Id. Africa Philippines Japan Korea 1 285 1,887 51 672 2,195 148 152 199 136 172 203 185 2,254 2 268 2 305 2 309 2,315 2,309 2 385 2,403 2,456 2 454 116 108 99 92 87 1 86 86 | ! 1 91 108 113 2 4^4 2,389 i 2,446 ! 126 124 122 Taiwan le. Other countries Thailand Other Asia Total Congo (Leopoldville) Morocco 8 South Africa 141 U.A.R. Other (Egypt) Africa Total Australia All other 8 84 1 186 11A 264 333 504 204 254 280 253 227 283 319 31 32 34 35 58 64 93 68 49 29 32 41 20 22 15 14 95 80 109 161 119 125 104 152 110 92 75 98 147 9 37 6 5 180 176 179 202 204 210 197 209 196 209 88 92 100 108 114 122 126 134 141 149 367 368 371 376 379 384 382 382 379 382 344 363 375 361 365 356 332 344 381 353 326 321 303 291 286 293 264 265 274 241 32 32 29 30 30 30 24 24 25 26 68 105 103 101 88 85 77 71 59 49 46 46 49 38 45 48 40 43 55 41 19 19 15 17 15 13 12 18 14 14 161 119 107 105 109 117 111 109 121 112 147 160 165 175 162 164 160 164 185 194 142 149 149 160 147 149 146 148 171 180 5 11 16 15 15 15 14 16 14 13 201 203 209 166 177 200 385 400 409 384 441 472 246 238 248 25 25 26 48 41 33 42 43 43 17 19 24 114 110 123 172 184 177 157 170 162 15 14 15 94 1 International Bank for Reconstruction and Development, International Monetary Fund, International Finance Corp., International Development Assn., and other international organizations; Inter-American Development Bank, European Coal and Steel Community, European Investment Bank and other Latin American and European regional organizations, except Bank for International Settlements and European Fund which are included in "Europe." 2 Not reported separately until 1962. 3 Foreign central banks and foreign central govts. and their agencies, and4 Bank for International Settlements and European Fund. Includes SI,031 million representing increase in U.S. dollar subscription to the IMF paid in June 1959. 5 Includes $82 million reported by banks initially included as of Dec. 31,6 1961, of which $81 million reported for Japan. Includes Bank for International Settlements and European Fund. 7 Decline from end of 1961 reflects principally reclassification of deposits for changes in domicile over the past few years from Cuba to other countries. 8 Data based on reports by banks in the Second F.R. District only for year-end 1959-1962; Dec. 1962 fieure carried forward through Mar. 1963. Total 129 123 87 98 lc. Asia—Continued End of period 8 oo 9I Bermuda only; Bahamas included in "Other Latin America." o Represent a partial breakdown of the amounts shown in the "other" categories (except "Other Eastern Europe") in Tables la-le. Except as indicated by note 11, data for 1961-62 based on reports by banks in the Second F.R. District only; data for Apr. and Dec. 1963 based on reports by banks in all F.R. Districts. I 1 Based on reports by banks in all F.R. districts. i 2 Jamaica, Trinidad and Tobago included in British West Indies. NOTE.—Short-term liabilities are principally deposits (demand and time) and U.S. Govt. securities maturing in not more than 1 year from their date of issue; the latter, however, exclude nonnegotiable, noninterest-bearing special U.S. notes held by the International Development Assn. and the Inter-American Development Bank. For data on long-term liabilities, see Table 5. For back figures and further description of the data in this and the following tables on international capital transactions of the United States, see "International Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1962. 652 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 1964 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) If. Supplementary Data 1 0 (end of period) 1963 Area or country 1961 Other Western Europe: Iceland Ireland, Rep. of Luxembourg Monaco Other Latin American Republics: Bolivia Costa Rica Dominican Republic Ecuador El Salvador Guatemala Haiti Honduras Jamaica Nicaragua Paraguay Trinidad & Tobago 3.1 3.2 16.1 3.4 5.6 2.9 10.8 H26.2 13.3 H22.8 23.6 H21.9 H45.8 9.9 14.8 1.8 17.3 H23.2 16.5 H42.0 36.3 H22.5 H40.9 1.7 Apr. Dec. 5 2 4 .7 8 .9 2 .0 7.0 21 ? 32 .8 47 .4 37 .8 32.6 29.1 58.0 53.4 41.7 47.9 12.9 20.0 48.6 n.a. 7.4 2.7 4.9 (12) 3.1 14 .8 11 .9 23 .7 5 .8 42 .5 6 .8 4 .1 9.0 22 .6 19.9 1.0 1 .3 1.3 5.3 2.5 12.6 4.9 13 .3 8 .9 10 i 9 .6 5.0 3.6 4.5 15.3 6.5 1961 Area or country 13.8 3.3 14.8 5.7 10.5 Other Latin America : British West Indies 1214.0 French West Indies & French .5 Guiana Other Asia: Afghanistan Burma Cambodia Ceylon 1963 1962 5.6 35.0 8.9 2.3 n.a. 6.9 3.1 Apr. Dec. H18.7 8.5 1.2 33.0 14.0 65.9 18.4 15.9 17.0 28.4 4.9 10.1 49.4 11.1 1.7 38.2 12.8 77.9 18.9 15.9 32.7 37.1 3.4 11.6 23.5 n.a. 2.8 46.5 8.8 76.3 24.1 17.3 n.a. 61.7 2.1 12.1 1.2 1.6 17.0 4.1 17.6 5.5 2.5 26.8 .6 n.a. 2.4 10.9 .5 20.8 10.8 13.4 10.5 1.1 24.5 .6 n.a. 2.4 11.6 .9 22.3 n.a. 22.0 14.1 1.4 n.a. .8 3.6 2.5 1.0 4.0 4.7 Other Asia (Cont.): H31.3 Iran 20.2 Iraq 1.6 Jordan 27.1 Kuwait 4.6 Laos 52.3 Lebanon 7.6 Malaysia 10.1 Pakistan 14.6 Ryukyu Islands (incl. Okinawa) 24.9 Saudi Arabia 2.6 Syria 7.9 Viet-Nam Other Africa: Algeria Ethiopia, incl. Eritrea Ghana Liberia Libya Mozambique Nigeria Somali Republic Southern Rhodesia Sudan Tunisia 1962 .5 II.1 1.1 21.9 5.4 1.6 21.8 1.7 n.a. 2.0 All other: New Zealand 10.5 For notes see preceding page. 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars To all other foreigners To banks and official institutions End of period Total 419,389 416,913 21,272 18,929 22,450 19,944 22,533 20,025 25,022 22,314 1959 I960 1961 1961 5 1962 1963 Mar Apr May June July Aue Sept Oct Nov Dec 1964—Jan Feb.? Mar.p Deposits Deposits U.S. Treasury bills and Demand Time i certificates Special U.S. notes 2 Other 3 7,568 8,644 8,707 8,528 7,180 7,491 7,363 7,363 9,214 42,065 2,469 2,388 2,388 3,012 1,328 1,401 1,549 1,567 1,560 2,398 2,230 2,356 2,358 2,565 1,849 1,976 1,977 2,096 6 • 41 Total Demand Time i 1,8 33 25,172 25,357 25,443 25,852 25,506 25,789 25,883 r 26 297 r 26,448 '25,949 22,357 22,483 22,550 22,904 22,600 22,813 22,853 r 23 209 r 23,294 r 22,769 8,936 8,929 5 471 ^ 4.80 5,714 3,561 5,638 3,561 5,487 3,674 5,567 3,647 5,760 3 821 5,994 3,806 5,629 3,673 8,766 8,875 8,955 9,012 8,811 8,916 8,859 8 735 8,555 8,571 2,965 2,981 2,976 2,922 2,961 3,028 3,028 3,036 3,036 3,036 1,690 1,698 1,668 1,695 1,629 1,708 1,752 1,857 r l,903 1,860 2,671 2,759 2,762 2,822 2,797 2,864 2,921 2,943 3,025 3,047 2,116 2,197 1 405 1,442 1,401 1,399 1,441 1,391 1,454 1,493 26,136 26,136 25,928 23,004 22,942 22,705 5,900 5,800 5,818 8,531 8,371 7,972 3,036 3,166 3,171 1,781 1,764 1,943 3,002 3,069 3,111 1,425 1,443 1,424 3,756 3,841 3,801 1 Excludes negotiable time certificates of deposit which are included in 2"Other." Nonnegotiable, non-interest-bearing special U.S. notes held by the International Monetary Fund; excludes such notes held by the International Development Assn. and the Inter-American Development Bank, which amounted to $289 million on Mar. 31, 1964. Payable in foreign currencies Total 806 832 858 886 902 931 952 966 980 993 1,023 U.S. Treasury bills and certificates Other 3 295 148 149 149 116 270 233 231 232 352 77 113 150 150 143 143 146 128 109 117 lit 109 122 134 119 412 416 423 439 421 468 469 499 485 469 143 116 130 127 108 112 108 145 130 134 120 127 136 477 506 528 131 125 112 3 Principally bankers' acceptances, commercial paper, and negotiable time certificates of deposit. 4 Includes $1,031 million of nonnegotiable, non-interest-bearing special U.S. notes representing increase in U.S. dollar subscription to the IMF paid in June 1959. 5 These figures reflect the inclusion of data for banks initiallv included as of Dec. 31, 1961. 653 INTL. CAPITAL TRANSACTIONS OF THE U-S. MAY 1964 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) Grand total Europe Canada Latin America 2,624 3,614 M820 5,163 534 717 767 877 272 421 556 526 ,176 ,356 ,522 ,606 586 1,052 3 1,891 2,017 1963—Mar Apr May June July Aug Sept Oct Nov Dec 5,115 5,306 5,343 5,526 5,463 5,429 5,430 5,563 5,746 5,915 825 850 863 985 877 954 920 967 1,000 932 547 580 580 654 667 597 554 627 632 607 ,563 ,587 ,592 ,612 ,668 ,697 ,698 ,690 ,687 ,742 2,048 2,158 2,176 2,138 2,124 2,046 2,119 2,139 2,276 2,470 83 88 78 83 88 82 97 104 133 131 48 47 47 50 51 56 52 58 1964—Jan.. . Feb.p. Mar.?'. 6,094 6,210 6,334 958 1,006 947 637 601 688 ,761 ,751 ,782 2,577 2,694 2,772 104 100 98 55 56 46 End of period 1959. 1960. 1961. 1962. Intl. and regional Asia Africa * Other countries 2 56 69 85 137 3a. Europe End of period 1959 1960 1961 1962 Total Austria Belgium Denmark Finland France Germany, Fed. Rep. of 57 32 42 54 82 165 186 30 34 35 54 38 33 54 27 7 17 27 35 11 19 19 28 35 18 Greece Italy Netherlands Norway Portugal Spain Sweden 534 717 767 877 56 65 20 32 9 23 30 1963—Mar.. Apr... May.. June.. July. . Aug... Sept.. Oct... Nov.. Dec... 825 850 863 985 877 954 920 967 1,000 932 25 29 34 29 28 26 28 26 27 26 39 41 44 51 51 49 51 49 49 52 58 67 72 67 63 65 69 66 65 70 160 144 143 256 132 159 146 151 176 121 58 67 58 57 69 85 70 81 82 97 29 32 37 34 37 37 37 41 36 33 32 33 34 31 34 35 35 34 41 40 25 33 40 44 44 52 45 38 34 30 22 23 26 24 25 33 32 33 36 30 1964—Jan.. . Feb. P. 958 1,006 947 25 30 28 53 69 69 74 80 85 160 165 123 106 105 93 40 42 43 39 34 33 31 29 32 25 25 23 Cuba Mexico 3a. Europe—Continued End of period Switzerland Turkey United Kingdom 3b. Latin America Other Other Yugo- Western Eastern Total slavia Europe 4 U.S.S.R. Europe 5 Argentina Brazil Chile Colombia 38 60 105 75 47 49 16 42 121 245 181 221 13 11 9 19 1,176 1,356 1,522 1,606 60 121 192 181 117 225 186 171 59 73 127 186 68 80 125 131 115 26 19 17 291 343 425 408 1963—Mar Apr May June July Aug Sept Oct Nov Dec 71 65 66 65 69 71 75 91 78 70 32 40 44 49 47 44 47 42 23 48 197 190 175 188 187 204 197 232 262 225 21 21 20 21 21 21 19 20 22 23 1,563 ,587 ,592 ,612 ,668 ,697 ,698 ,690 ,687 ,742 161 170 180 180 200 198 187 183 184 188 178 196 196 197 192 199 210 183 172 163 151 151 161 166 171 170 179 186 192 187 145 137 136 153 146 176 169 180 185 208 17 17 17 17 17 17 17 17 16 18 409 405 406 409 448 448 454 445 443 465 1964—Jan 79 74 77 36 50 46 200 208 191 23 23 23 ,761 .751 ,782 179 175 176 170 166 155 184 184 182 218 219 223 17 17 16 468 475 496 1959 1960 1961 1962 For notes see following page. 654 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 1964 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 3b. Latin America—Continued Other L.A. Republics 6 Peru Uruguay Venezuela .. . 18 23 32 30 36 44 74 85 47 57 55 122 247 234 144 102 57 55 56 66 Mar Apr May.... June July.... Aug.. . . Sept Oct Nov.. .. Dec 40 34 34 29 29 30 30 33 33 35 86 91 95 [03 106 104 103 103 98 99 113 121 97 95 96 93 86 89 82 65 97 100 101 99 96 99 102 103 106 114 68 60 115 105 113 112 109 116 121 135 1964—Jan Feb.p... Mar. ^... 47 45 50 106 107 110 54 50 50 109 112 116 148 145 147 End of period 1959 I960 1961 1962 1963 Panama • 3c. As a Bahamas & Bermuda i Neth. Antilles & Surinam Other Latin America 7 4 Japan Korea Philippines 1959 I960 1961 1962 1963 Mar . . Apr May June July Aug Sept Oct . Nov Dec 1964—Jan Feb.* Mar.? 1 . . 14 24 36 37 27 27 29 31 33 31 33 42 9 10 10 U U 10 9 8 8 9 89 96 19 18 11 10 10 15 14 16 2 048 2 158 2,176 2,138 2,124 2,046 2,119 2,139 2,276 2,470 2 2 2 2 2 2 2 2 2 2 14 14 13 12 12 11 11 11 12 11 24 22 22 19 16 19 20 18 16 17 39 33 31 27 29 28 28 30 25 22 37 33 34 9 10 12 15 12 14 2,577 2,694 2 ,772 2 2 11 11 12 18 17 26 Other Asia 24 19 114 70 9 7 10 9 15 24 34 41 180 150 145 80 1 751 1,876 1 896 1,869 1 872 1,793 1,862 1 876 1,995 2 149 13 15 14 16 17 16 16 13 26 25 81 73 69 66 52 51 56 63 74 113 14 15 16 14 16 13 11 8 g 8 40 40 38 40 38 40 43 44 45 52 69 70 75 73 69 73 69 72 73 71 129 142 150 9 10 9 Israel 6 9 8 20 Thailand 52 58 58 ! 10 9 9 13 2 80 76 77 Total i 83 78 83 88 82 97 104 104 100 98 Congo (Leo- Moroc- South poldco i Africa ville) U.A.R. Other Total (Egypt) Africa * 3 3 6 2 P 11 10 10 2 3 13 26 2 n n n 14 19 17 18 25 20 26 29 27 27 28 25 28 24 2 2 1 2 1 2 1 1 1 3 1 1 1 1 1 H 13 14 15 16 15 15 1 1 * i 25 29 31 3e. Other countries 3d. Africa Taiwan Indonesia 2 2 2 2 Not reported separately until May 1963. 2 Includes Africa until May 1963. 3 Includes $58 million reported by banks initially included as of Dec. 1961, of which $52 million reported for Japan. 4 Until May 1963 includes Eastern European countries other than U.S.S.R., Czechoslovakia, Poland, and Rumania. 5 Czechoslovakia, Poland, and Rumania only until May 1963. 6 Bolivia, Dominican Republic, El Salvador, and Guatemala only until May 1963. 7 Until May 1963 includes also the following Latin American Republics: Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, and Trinidad and Tobago. India 586 1 052 31,891 2 017 1 2 4 3 28 30 31 ]long ]Kong 57 66 74 98 324 806 31,528 1 740 2 223 2,317 2,376 China Mainland 8 13 9 3c. Asia—Continue d End of period Total 15 17 2 A us- i All 8 traother lia 56 69 85 137 18 28 29 41 21 24 27 57 48 44 42 41 42 36 51 59 133 131 48 47 47 50 51 56 52 58 44 44 42 41 41 43 44 49 44 48 55 55 6 6 6 6 7 8 8 9 61 55 55 55 56 46 47 49 39 8 8 8 8 Until May 1963 includes also African countries other than Congo (Leopoldville), South Africa, and U.A.R. (Egypt). NOTE.—Short-term claims are principally the following items payable on demand or with a contractual maturity of not more than 1 year: loans made to and acceptances made for foreigners; drafts drawn against foreigners where collection is being made by banks and bankers for their own account or for account of their customers in the United States; and foreign currency balances held abroad by banks and bankers and their customers in the United States. Excludes convertible currencies held by U.S. monetary authorities. See also NOTE to Table 1. MAY 1964 655 INTL. CAPITAL TRANSACTIONS OF THE U.S. 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars End of period Loans to— Official institu-l tions Banks Others Collections outstanding Total Total 1959 I960 1961 . 1961 4 1962 2,624 3,614 4,762 4,820 5,163 2,406 3,135 4,177 4,234 4,606 351 290 329 329 359 498 524 699 709 953 460 482 618 622 642 516 605 694 700 686 1963—Mar Apr May June July Aug Sept Oct Nov Dec 5,115 5,306 5,343 5,526 5,463 5,429 5,430 5,563 5,746 5,915 4,541 4,713 4,748 4,834 4,827 4,797 4,828 4,871 5,110 5,291 255 236 171 142 136 166 177 153 201 186 850 824 790 884 842 891 848 869 966 970 671 686 680 680 693 702 713 710 760 761 708 731 741 733 740 733 757 772 800 832 1964—Jan Feb.p Mar.p 6,094 6,210 6,334 5,452 5,573 5,677 191 164 150 1,047 1,100 1,093 798 806 824 863 891 932 1 Includes central banks. Until May 1963 includes acceptances made for account of foreigners. Until May 1963 includes foreign government securities, commercial and finance paper. 2 3 Payable in foreign currencies Acceptances made for acct. of foreigners Other 2 Deposits with foreigners Total Foreign govt. securities, comml. and finance paper Other 3 582 1,233 1,837 1,874 1,967 217 480 586 586 557 203 242 385 386 371 15 238 200 200 186 2,049 2,028 2,035 1,956 2,024 2,027 2,040 2,203 2,057 2,235 316 367 381 349 310 341 345 340 575 594 595 692 636 631 602 691 636 624 375 383 389 461 401 407 404 462 429 428 152 176 176 170 148 174 156 153 200 211 54 54 58 55 49 55 51 42 2,236 2,313 2,380 317 300 298 642 636 658 394 405 394 204 194 209 43 36 55 4 These figures reflect the inclusion of data for banks initially included as of Dec. 31, 1961. 5. LONG-TERM CLAIMS ON AND LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Claims End of period Payable in dollars Total 1959 I960 1961 1962 Total Loans All other Payable in foreign currencies 1 7 2 4 1,545 1,698 2,034 2,160 1963—Mar . . . . Apr M^ay. June July .. . Aug Sept Oct Nov Dec . . 1964—Jan Feb » 2,133 2,185 12,379 2,396 2,431 2,472 2,509 2,507 2,567 »• 23,005 12,379 2,396 2,431 2,472 2,509 2,504 2,565 r 23,003 12,345 2,361 2,395 2,433 2,468 2,465 2,529 2,786 33 35 36 39 41 39 36 3,038 3,098 3,213 3 036 3,096 3,212 2,819 2,880 2,997 217 215 1 Includes $86 million of long-term loans previously held but reported for2 the first time as of May 1963. Includes $193 million reported by banks for the first time as of Total liabilities 217 2 2 2 2 1 6 11 29 35 45 48 47 '58 r 61 '59 63 63 93 December 1963, representing in part claims previously held but not reported by banks. 656 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 1964 6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Gov t. bonds and notes U.S. corporate securities 2 l Foreign bonds Foreign stocks Net purchases or sales Period Total 1960 1961 1962 1963 1963 Mar Apr May June July Aug SeDt Oct Nov Dec 1964—Jan Feb ' Mar p Foreign Official 127 512 225 532 -98 -20 -521 302 -207 369 45 12 206 22 40 7 101 -8 5 5 105 30 5 -12 142 83 105 -4 37 87 43 82 8 105 -25 3 61 -14 5 44 -11 14 43 -6 -6 5 -5 -48 43 27 * 28 -27 26 -3 29 -27 -7 Purchases Net pur- PurSales chases or chases sales 2 419 3,384 2,568 2 980 177 273 310 354 2 167 3,161 2,508 2 773 176 235 239 342 208 192 225 239 207 236 261 258 277 272 227 254 Net pur- PurSales chases or chases sales Sales N e t purchases or sales Other -728 671 -10 . ... Intl. and regional Total 127 31 -21 —1 -9 -5 17 2 -27 309 296 230 299 264 334 1 Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign countries; see Table 7. 2 Includes small amounts of State and local govt. securities. 252 223 60 207 * 38 71 12 16 18 4 -11 31 23 883 802 1,093 991 84 121 144 57 75 45 228 50 29 40 186 181 409 157 117 110 232 43 61 62 -102 -60 -265 -100 -41 -65 —4 7 -32 -22 13 -34 -35 40 51 44 37 126 41 3 -75 3 1 445 — 562 1,262 -460 2,037 -944 2,086 - 1 095 509 596 702 696 592 966 806 644 — 83 — 370 -104 51 60 66 67 59 55 42 44 60 70 63 73 74 87 61 79 43 23 31 28 28 -13 —7 -20 —2 -24 -1 21 29 42 34 77 62 66 45 36 36 32 26 30 NOTE.—Statistics include transactions of international and regional organizations. See also NOTE to Table 1. 7. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars) Payable in foreign currencies Payable in dollars End of period Total Austria 1962 Dec 251 1963 551 605 605 655 705 705 25 25 25 25 25 25 705 705 25 25 Apr May June July . ... AUK . ... Sent Oct Nov Dec 1964—Jan Feb Mar Apr 730 50 Belgium Germany Italy Switzerland Total Canada Sweden Italy 200 51 30 30 30 30 30 200 200 200 225 275 275 200 200 200 200 200 200 126 150 150 175 175 175 183 183 183 208 163 163 125 125 125 125 125 125 58 58 58 58 13 13 25 25 25 30 30 275 275 200 200 163 163 175 163 125 125 13 13 25 25 275 200 175 175 30 125 13 25 200 200 150 175 175 175 160 160 158 125 125 125 10 10 8 175 158 25 25 25 125 8 25 730 730 680 50 50 50 30 30 30 275 275 275 732 50 30 411 MAY 1964 657 INTL. CAPITAL TRANSACTIONS OF THE U.S. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Period C o u n t r y or a Total Bonds Stocks I960 1961 1962 1963 1963—Mar... Apr... May.. June.. July.. Aug.. Sept.. Oct... Nov.. Dec... 1964—Jan... Feb.p. Mar.p 252 223 60 207 * 38 71 12 16 18 4 -11 31 23 13 -34 -35 France Switzerland United Kingdom -33 206 202 323 111 198 50 -99 -51 9 38 21 4 171 166 129 -14 * 37 60 21 8 16 11 -8 38 21 * 1 10 -9 8 1 *T -1 * -2 o 1 —1 3 * 2 9 -9 16 4 -26 -51 * 2 36 44 -20 14 13 44 — 18 17 8 2 -10 6 3 6 7 3 33 45 19 21 13 11 -2 36 18 -3 -5 12 -12 -4 1 -6 -11 -14 2 * 3 6 3 * -1 -4 * 5 1 -2 -6 -13 -16 -22 -19 8 4 5 -12 -25 -25 4 -3 1 4 1 -5 4 6 1 -4 2 1 1 1 1 11 -10 -5 10 1 -10 1 -2 2 Africa i Other countries 2 Intl. and regional 1 3 14 12 17 22 1 1 3 1 2 2 2 2 2 2 2 t t < k t It f. ! 2 3 t NOTE.—Statistics include small amounts of State and local eovt. securities. 9. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES, BY AREA 10. DEPOSITS, U.S. GOVT. SECURITIES, AND GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Period 1963 Total Intl. Total forand eign recoungional tries Europe -645 -147 -498 -117 1 -832 -262 — 830 — 1 048 — 235 — 813 — 188 -49 — 1 044 - 9 6 — 949 I960 1961 1962 1963 Mar May!!!!! June July Aug Sept Oct.. Nov Dec 1964—Jan F e b . 5" . . . . Mar.* . . . 2 -45 -112 —43 -47 234 232 124 199 -5 1 Not reported separately until May 1963. 2 Yearly figures and monthly figures through April 1963 include Africa. 1 Asia Canada 11 43 39 32 20 2 9 15 22 8 • Latin America Total Europe 72 61 24 16 in A -4 -1 -2 -3 -7 2 -48 2 -7 • Other Europe rea — 115 -67 -284 -102 -65 -66 16 36 10 12 — 29 -62 3 2 8 1 2 4 2 2 35 -49 33 3 2 — 86 c -287 -104 -73 -67 15 32 8 10 32 -49 31 Canada -196 -318 — 360 -614 — 43 —27 * 37 - 2 4 -207 -24 -42 -6 2 *j -29 -11 -16 10 28 2 8 16 -2 24 22 23 16 -76 10 Latin America -107 -58 -41 -26 5 Asia Africa -41 -121 — 175 -252 — 19 -13 -57 -41 -36 -34 20 -10 -11 4 * * 6 1 -4 1 -10 8 -4 * * Not reported separately until May 1963. Yearly figures and monthly figures through April 1963 include Africa. * 1 1 Assets in custody End of period Deposits U.S. Govt. securities * Earmarked gold -36 -73 -50 1959 I960 1961 1962 345 217 279 247 4,477 5,726 6'006 6.990 9,861 11,843 11^905 12,700 1 -31 1963—Apr... May.. June.. July... Aug... Sept... Oct... Nov... Dec... 160 171 175 182 177 174 175 165 171 7,478 7,886 7,957 7,733 7,856 7,945 8,241 8,343 8,675 12,815 12,878 12,917 13,086 13,129 13,132 13,025 13,048 12,954 1964—Jan . . . Feb... Mar... Apr... 136 155 167 166 8,740 8,731 8,105 7,860 12,899 12,884 12,775 12,726 c 1 1 * 1 -36 2 16 2 2 1 e Other countries 2 1 2 1 2 1 * 1 1 1 i U.S. Treasury bills, certificates of indebtedness, notes, and bonds; includes securities payable in foreign currencies. NOTE.—Excludes deposits and U. S. Govt. securities held for international organizations. Earmarked gold is gold held for foreign and international accounts (for back figures, see "Gold," Section 14 of Supplement to Banking and Monetary Statistics, 1962). 658 INTL. CAPITAL TRANSACTIONS OF THE U.S. MAY 1964 11. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Area and country Europe: Austria Belgium Denmark Finland France Germany, Fed. Rep. of Greece Italy Netherlands Norway Portugal Spain Sweden Switzerland Turkey United Kingdom Yugoslavia Other Western Europe 2 U.S.S.R Other Eastern Europe 3 1962 1963 IV1 II 2 21 3 1 32 33 1 28 33 10 1 9 7 24 4 94 4 1 2 18 2 1 31 36 1 29 46 12 1 7 8 26 4 109 4 1 Total. . . Canada Latin America: Argentina Brazil Chile Colombia Cuba Mexico Panama Peru Uruguay Venezuela • Other L.A. Republics 4 Bahamas and Bermuda ? Neth. Antilles & Surinam Other Latin America 6 Total.... 9 17 4 4 6 17 3 3 6 25 8 1 24 6 6 5 9 1 23 3 5 20 129 101 III 2 23 2 IV* IV i 6 24 8 3 51 117 5 78 31 15 6 20 15 28 4 238 3 5 1 2 31 35 2 26 56 13 1 6 7 40 5 127 3 3 26 3 1 33 34 2 25 46 14 1 7 9 27 2 100 4 3 341 356 384 339 64 59 62 72 6 18 3 3 1 6 5 9 1 23 3 6 21 4 5 7 13 3 7 15 6 18 4 5 * 10 11 4 3 27 11 3 9 2 6 17 3 4 25 11 6 9 2 20 5 1 22 13 3 6 4 101 113 2 1 46 3 4 1 46 3 4 4 16 Total 97 90 I 1 1 9 110 4 16 2 2 16 2 2 43 3 5 * 4 19 2 2 15 2 1 29 1 7 1 1 21 90 99 82 11 9 14 12 10 10 10 5 35 33 25 17 5 12 Total 5. Total § I 2 20 3 1 32 33 2 30 50 13 1 7 8 27 4 118 3 2 2 2 11 2 2 52 3 3 * 4 16 Other countries: Australia All other ? 1962 2 18 2 1 31 36 1 29 46 12 1 7 8 26 4 110 4 1 Asia: China Mainland Hong Kong India Indonesia Israel Japan Korea Philippines Taiwan Thailand Other Asia Africa: Congo (Leopoldville). Morocco 5 South Africa U.A.R. (Egypt) Other Africa 5 Claims on foreigners 11 13 10 13 10 13 13 4 18 6 37 30 30 17 24 14 3 1 24 5 1 2 18 International and regional. Grand total 653 624 626 679 1 Includes data for a number of firms reporting for the first time on Dec. 31, 1962 (6th revised series) and on Mar. 31, 1963 (7th revised series). 2 Until June 1963 includes Eastern European countries other than U.S.S.R., Czechoslovakia, Poland, and Rumania. 3 Czechoslovakia, Poland, and Rumania only until June 1963. * Bolivia, Dominican Republic, El Salvador, and Guatemala only until June 1963. 5 Not reported separately until June 1963. 6 Until June 1963 includes also the following Latin American Republics: Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, and Trinidad and Tobago. 703 639 1963 III 5 24 6 4 59 114 6 82 24 15 8 25 17 28 6 192 3 4 1 2 5 24 6 4 59 114 6 82 24 15 8 25 17 28 6 196 3 4 660 625 752 789 34 106 25 15 6 57 13 20 6 33 20 1\P 5 27 7 3 50 106 6 83 34 15 7 23 20 36 5 201 3 3 6 26 5 3 48 106 7 102 24 16 7 26 19 30 6 218 3 4 629 639 660 678 830 918 887 668 31 108 25 17 6 58 13 14 7 33 22 31 108 25 18 6 58 13 14 7 33 22 6 45 7 41 7 41 30 103 26 20 6 56 14 19 5 37 38 11 9 11 28 112 23 22 6 53 13 19 4 38 40 12 10 40 113 25 19 5 59 13 27 9 36 39 12 5 10 386 382 382 383 389 413 4 39 3 10 123 4 11 3 5 33 4 50 3 7 124 4 10 5 5 39 4 50 3 7 127 4 10 5 5 39 3 49 4 7 142 4 11 6 5 44 4 42 7 7 130 4 11 3 4 42 4 42 10 7 157 6 9 4 11 41 236 251 255 275 254 10 10 9 12 9 12 15 15 2 1 9 12 18 3 2 9 11 18 42 43 28 7 32 9 42 I 21 8 4 47 103 9 106 32 18 8 29 17 27 5 225 3 4 1 3 24 26 27 26 27 74 77 77 35 35 1 1 1 3 2 2 2,109 2,125 2,175 2,295 2,269 2,137 7 Until June 1963 includes also African countries other than Congo (Leopoldville), South Africa, and U.A.R. (Egypt). 8 Includes Africa until June 1963. NOTE.—Reported by exporters, importers, and industrial and commercial concerns in the United States. Data exclude claims held through U.S. banks, and intercompany accounts between U.S. companies and their foreign affiliates. See also NOTE to Table 1. MAY 1964 659 U.S. BALANCE OF PAYMENTS U.S. BALANCE OF PAYMENTS (In millions of dollars) 1962 Item 1961 1962 1963 1963 III IV 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 28,311 19,913 402 3,464 380 4,152 29,790 20,479 660 3,850 472 4,329 31,603 21,902 632 4,067 498 4,504 7,550 5,270 141 946 105 1,088 7,424 4,925 216 1,060 114 1,109 7,452 5,010 181 1,059 123 1,079 7,903 5,494 203 969 124 1,113 7,921 5,559 92 993 125 1,152 8,327 5,839 156 1,046 126 1,160 -22,867 -14,497 -2,934 -882 -4,554 -24,964 -16,145 -3,028 -995 -4,796 -26,118 -16,962 -2,880 -1,196 -5,080 -6,282 -1,178 -6,341 -4,046 -794 -265 -1,236 -6,270 -4,014 -748 -278 -1,230 -6,453 -4,182 -725 -287 -1,259 -6,694 -4,392 -708 -309 -1,285 -6,701 -4.374 -699 -322 -1,306 5,444 4,826 5,485 1,268 1,083 1,182 1,450 1,227 1,626 Remittances and pensions -705 -736 -812 -176 -187 -211 -211 -195 -195 1. Balance on goods, services, remittances and pensions '. 4,739 4,090 4,673 1,092 896 971 1,239 1,032 1,431 -3,370 -1,854 -1,941 -3,520 -1,903 -2,133 -3,789 -1,907 -2,184 -849 -434 -486 -911 -466 -660 -871 -440 -563 -1,199 -515 -620 -784 -462 -438 935 490 563 -74 28 -50 -260 -30 14 25 148 41 -1 156 -78 46 178 37 18 164 Exports of goods and services—Total ' Merchandise Military sales Investment income receipts, private. Investment income receipts. Govt... Other services Imports of goods and services—Total. Merchandise Military expenditures Investment income payments Other services Balance on goods and services ] 2. U.S. Govt. grants and capital flow, net, excluding advance debt repayments 2 Grants 3.4 Long-term loans and subscriptions 4 Change in foreign currency holdings and short-term claims, net (increase,—) 2,4 Seasonal adjustment on three preceding items combined Change in associated liabilities Scheduled loan repayments 3. Private capita] flows, net. excluding foreign liquid assets in U.S. U.S. direct investments abroad U.S. long-term capital, other Foreign long-term investments in U.S U.S. short-term capital Foreign short-term capital -. -261 -248 -732 -245 80 606 147 617 94 649 -50 65 130 -3,507 -1,598 -1,011 466 -3,118 -1,209 271 -3,690 -1,799 -1,641 387 -708 -359 -188 -10 -902 -493 -335 20 -956 -501 -512 -9 1,468 -488 -620 203 -338 -209 -294 112 -928 -601 -215 81 -1,541 ill -507 -116 -642 5 -164 13 -39 84 -18 -626 63 29 24 -129 -64 -495 -469 -3,301 -3,301 -934 337 -1,271 3,573 666 470 3,301 325 359 1,271 471 107 251 — 43 31 -74 -1,557 -905 ! -1,025 4. Errors and unrecorded transactions -3,043 Balance of A ( = l + 2 + 3-f-4) Less: Net seasonal adjustments Balance of A before seasonal adjustment -4,127 -3,573 -55 31 151 I -135 121 -386 -95 -991 -181 -810 1,307 -94 1,213 -476 364 -840 -527 -89 -438 1,314 142 223 810 25 20 1,213 34 c 840 438 241 105 251 63 58 -10 8 19 -29 -95 -45 -50 350 125 225 152 175 25 150 25 152 -492 -1,409 -95 -1,314 B. Changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and special U.S. Govt. transactions—Not seasonally adjusted Total Advance repayments on U S Govt. loans Advances on U.S. military exports, net 6 3,043 668 5 Sales of nonconvertible nonmarketable securities,7 net . . . . . . . . .... Dollar securities Foreign currency securities 251 Sales of convertible nonmarketable securities,7 net Dollar securities Foreign currency securities Change in U.S.9 short-term liabilities reported by U.S. banks and foreign holdings of marketable U S Govt bonds and notes International and regional organizations 111° Foreign private holders excluding banks Foreign commercial banks Foreign official holders Change in U.S. monetary reserve assets (increase, — ) . IMF position Convertible currencies Gold 1 702 150 552 8 | 25 i,764 407 81 595 681 653 213 134 -147 453 1,580 -225 394 434 977 -188 -107 -137 -214 270 309 109 -42 -132 374 320 -64 74 384 -74 918 -48 115 75 776 187 -19 93 -36 149 155 -94 112 11 126 606 -135 -116 1,533 626 17 389 14 351 24 124 227 59 -28 -5 15 -58 890 881 331 104 446 32 857 378 30 -113 461 111 116 196 38 Excludes military transfers under grants. 2 Includes also very small amounts of changes in "misc. Govt. nonliquid liabilities." 3 Includes military grants. 45 Not seasonally adjusted separately. Other than foreign liquid assets in U.S. 6 Includes sell-offs. 7 With maturities over 12 months. 251 25 239 I 8 Certificates sold abroad by Export-Import Bank. 9 Includes official liabilities. i° Includes, for International Monetary Fund, only changes in its holdings of income-earning U.S. Govt. securities. 1 1 Including undetermined holders. NOTE.—Dept. of Commerce data. Minus sign indicates net payments (debits); absence of sign indicates net receipts (credits). 660 FOREIGN TRADE; MONEY RATES MAY 1964 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports 1 2 Imports Export surplus Period Month: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Quarter: I II III IV Year 4 1961 1962 1963 1964 1961 1962 1963 1964 1961 1962 1,623 1,712 1,751 1,662 1,585 3 1 582 3 1,689 1,689 1,678 1,780 1 733 1,725 1.668 1,809 1,672 1,795 1,762 1,836 1,748 1,703 3 1,908 3 1,523 I 725 3 .839 3985 32,118 31,960 31,913 1,893 1,785 1,823 1,895 1,980 1,946 1,945 2,049 2,037 2,029 2,078 1,161 1,150 1,163 1,152 1,153 31,174 31,379 1,254 1,262 1,300 1,309 1,315 1,327 1,320 1,342 1,365 1,404 1,351 1,347 1,346 31,471 31,312 1,425 31,377 31,092 31,497 31,487 3J.417 [,420 1,421 1,458 1,508 [,450 1,459 ,472 1.480 1,430 1,445 1,523 462 562 588 510 432 435 341 489 330 430 358 485 401 357 416 480 3437 3211 424 410 3462 3-107 3621 3473 3496 473 364 365 387 530 487 473 569 5,086 3 4,829 3 5,056 5 238 5,149 5,393 35,359 35 087 35,063 35,591 5,698 5,940 6,144 3,474 3 3,479 3 3,895 3,924 3,989 4,120 34,164 34,114 34,076 34,258 4,416 4,411 4,398 1,612 3 1 350 31,161 1 314 1,160 1 273 31 195 3973 3987 31 333 1,282 1 529 20,152 20,945 22,288 14,713 16,389 17,151 5,439 4,556 5,137 1 Exports of domestic and foreign merchandise; excludes Dept. of Defense shipments of grant-aid military equipment and supplies under Mutual Security Program. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. 3 408 3 310 300 1963 1964 607 584 555 1 746 3 Significantly affected by strikes. * Sum of unadjusted figures. NOTE.—Bureau of the Census data. OPEN MARKET RATES (Per cent per annum) United Kingdom Canada Month Treasury Day-tobills, day 3 months i money 2 Bankers' Treasury acceptbills, ances, 3 months 3 months Day-today money France Banker's allowance Day-today on money 3 deposits Germany, Fed. Rep. of Treasury bills, 60-90 days 4 Day-today money 5 Netherlands Treasury bills, 3 months 1961—Dec 1962—Dec 2.82 3.88 2.37 3.75 5.61 3.86 5.35 3.64 4.83 3.30 4.00 2.50 3.58 3.51 2.00 2.63 3.06 3.50 .32 .98 1963—Mar Apr........ May June July Aug Sept Oct Nov Dec 3.63 3.58 3.33 3.23 3.39 3.64 3.69 3.57 3.64 3.71 3.55 3.60 3.33 2.89 2.91 3.12 3.14 2.99 3.22 3.55 3.70 3.88 3.88 3.84 3.87 3.85 3.88 3.86 3.91 3.91 3.55 3.71 3.67 3.69 3.77 3.71 3.69 3.67 3.75 3.74 2.82 2.84 2.92 2.88 2.98 2.97 3.00 2.98 3.02 3.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 3.43 3.92 3.91 4.76 5.26 4.10 3.13 3.64 4.14 4.66 2.63 2.63 2.63 2.63 2.63 2.63 2.63 2.63 2.63 2.63 3.50 3.06 2.94 3.88 3.44 2.69 2.94 2.88 2.75 2.56 1.88 .91 1.96 1.87 2.07 1.78 1.89 .95 2.10 2.25 1964—Jan Feb Mar 3.76 1 8t 3.88 3.51 3.57 3.70 3.91 4.00 4.53 3.72 3.91 4.30 3.03 3.10 3.79 2.00 2.08 3.00 4.13 4.33 4.98 2.63 2.63 2.63 2.69 2.69 2.69 2.31 2.33 2.88 1 Based on average yield of weekly tenders during month. Based on weekly averages of daily closing rates. Rate shown is on private securities. 4 Rate in effect at end of month. 2 3 Day-today money r Switzerland Private discount rate .11 .24 .27 .62 .58 .14 11.92 1 .06 .24 .11 .14 .56 2.00 2.00 1.67 .88 2.55 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 5 Based on average of lowest and highest quotation during month. NOTE.—For description of rates and back data, see "International Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1962. 661 MONEY RATES MAY 1964 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Apr. 30, 1963 1963 Country Rate as of Apr. 30, 1964 1964 Per cent Month effective Argentina Austria Belgium Brazil Burma 6.0 5.0 3.5 10.0 4.0 Dec. 1957 Mar. 1960 Dec. 1962 Apr. 1958 Feb. 1962 Canada * Ceylon2 Chile Colombia Costa Rica 4.0 4.0 14.20 5.0 3.0 Nov. 1962 Aug. 1960 Jan. 1963 Aug. 1959 Apr. 1939 Cuba Denmark Ecuador Egypt El Salvador 6.0 6.5 5.0 5.0 6.0 Jan. 1960 May 1961 Nov. 1956 May 1962 June 1961 Finland France Germany, Fed. Rep. of •Greece 3 Honduras 7.0 3.5 3.0 5.5 3.0 Apr. Oct. May Jan. Jan. India 4 Indonesia Iran Ireland 9.0 4.5 3.0 6.0 4.03 Dec. 1960 Jan. 1963 Apr. 1946 Nov. 1960 Mar. 1963 6.0 3.5 5.84 4.5 3.5 Feb. June Apr. June Jan. 7.0 6.0 3.5 4.0 9.5 Mar. 1961 Apr. 1954 Feb. 1955 Jan. 1959 Nov. 1959 7.0 6.0 3.5 4.0 9.5 6.0 2.0 3.5 4.0 3.5 Jan. 1962 Jan. 1944 Nov. 1962 June 1961 Jan. 1963 6.0 2.0 3.5 4.0 4.5 2.0 Feb. Feb May Jan. Dec. Israel Japan Netherlands New Zealand Nicarasua Pakistan Peru Philippine Republic5 Portugal . South Africa Sweden Switzerland Thailand Turkey United Kingdom Venezuela . . 7.0 7.5 4.0 4.5 May June July Sept. Oct. Nov. Dec. Jan. Feb. Mar. 4.25 4.0 4 0 3.5 14 21 4.0 4.0 14.39 8.0 3.0 14 39 8.0 6.0 6.0 5.5 5.0 5.0 6.0 5.5 1962 1960 1961 1963 1962 7.0 4.0 3.0 5.5 3.0 4.0 9.0 4.0 3.88 3.95 1955 1958 1963 1942 1963 3.94 3.98 3 94 4 5 6.57 4.0 4.6 1959 1945 1961 1963 1960 NOTE.—Rates shown are mainly those at which the central bank either discounts or makes advances against eligible commercial paper and/or •govt. securities for commercial banks or brokers. For countries with more than one rate applicable to such discounts or advances, the rate shown is the one at which it is understood the central bank transacts Apr. 6.0 4.5 4.25 10.0 4.0 4.5 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 percent above latest weekly Treasury bill tender average rate but will not be more than the bank rate. 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at the average rate charged by banks in the previous half year. Old rediscounts remain subject to old rates provided their amount is reduced by one-eighth each month beginning with May 1, 1959, but the rates are raised by 1.5 per cent for each month in which the reduction does not occur. 3 Rate shown is for advances only. 4 Rate applies to advances against commercial paper as well as against govt. securities and other eligible paper. 5 Beginning with June 1, 1962, the rediscount rate for commercial bank loans financing the purchase of surplus agricultural commodities under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, 1962, the rediscount rate for commercial bank financing of 9 categories of development loans was reduced from 6 to 3 per cent. Aug. 4.5 5 0 9.0 4.5 9.0 4.0 4.5 6.0 3.5 6.57 4.5 4.0 2.0 7.0 7.5 5.0 4.5 the largest proportion of its credit operations. Other rates for some of these countries follow: Argentina—3 and 5 per cent for certain rural and industrial paper, depending on type of transaction; Brazil—8 per cent for secured paper and 4 per cent for certain agricultural paper; Colombia—5 per cent for warehouse receipts covering approved lists of products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent for rediscounts in excess of an individual bank's quota; Costa Rica—5 per cent for paper related to commercial transactions (rate shown is for agricultural and industrial paper); Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by national public securities ; Ecuador—6 per cent for bank acceptances for commercial purposes; Indonesia—various rates depending on type of paper, collateral, commodity involved, etc.; Japan—penalty rates (exceeding the basic rate shown) for borrowings from the central bank in excess of an individual bank's quota; Peru—8 per cent for agricultural, industrial 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. 662 FOREIGN EXCHANGE RATES MAY 1964 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Argentina (peso) Australia (pound) Austria (schilling) Belgium (franc) Canada (dollar) Ceylon (rupee) Denmark (krone) Finland (markka) France (franc) 5.556 2.207 1.2730 1.2026 1.2076 .9080 .7245 223.88 223.81 223.71 223.28 223.73 223.10 3.8536 3.8619 3.8461 3.8481 3.8685 3.8690 2.0044 2.0012 2.0053 2.0052 2.0093 2.0052 103.025 104.267 103.122 98.760 93.561 92.699 21.049 21.055 21.048 21.023 21.034 21.015 14.482 14.508 14.505 14.481 14.490 14.484 .3118 .3115 .3112 .3110 .3107 531.057 .2374 .2038 20.389 20.384 20.405 220.404 1963—Apr. May June July. Aug. Sept. Oct.. Nov. Dec. .7252 .7266 .7265 .7309 .7439 .7034 .6767 .6942 .7391 223.16 223.08 223.12 223.17 223.07 222.92 222.93 222.93 222.83 3.8676 8677 8702 8719 8712 8706 8686 8659 8690 2.0058 2.0055 2.0036 2.0038 2.0039 2.0037 2.0026 2.0059 2.0067 92.851 92.810 92.722 92.598 92.325 92.590 92.757 92.778 92.629 21.014 21.014 21.015 21.015 21.010 21.019 21.015 21.021 21.019 14.491 14.477 14.490 14.488 14.470 14.485 14.479 14.484 14.489 31.055 31.057 31.057 31.057 31.056 31.057 31.057 31.057 31.059 20.405 20.405 20.405 20.405 20.405 20.404 20.400 20.405 20.404 1964—Jan.. Feb., Mar. Apr. .7514 .7582 .7438 .7287 222.97 222.86 222.95 223.03 8702 8681 8675 3.8687 2.0071 2.0068 2.0070 2.0082 92.551 92.575 92.534 92.498 21.025 21.021 21.019 21.020 14.471 14.457 14.484 14.494 31.063 31.068 31.077 31.077 20.402 20.403 20.404 20.405 Germany (deutsche mark) India (rupee) Ireland (pound) Italy (lira) Japan (yen) Malaysia (dollar) Mexico (peso) Netherlands (guilder) New Zealand (pound) 1958 1959 1960 1961 1962 1963 23.848 23.926 23.976 24.903 25.013 25.084 21.048 21.031 20.968 20.980 21.026 20.966 280.98 280.88 280.76 280.22 280.78 280.00 .16006 .16099 .16104 .16099 .16107 .16087 .27791 .27781 .27785 .27690 .27712 .27663 32.767 32.857 32.817 32.659 32.757 32.664 8.0056 8.0056 8.0056 8.0056 8.0056 8.0056 26.418 26.492 26.513 27.555 27.755 27.770 278.19 278.10 277.98 277.45 278.00 277.22 1963—Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 25.045 25.090 25.121 25.109 25.101 25.121 25.137 25.154 25.165 20.964 20.962 20.965 20.968 20.962 20.951 20.961 20.961 20.954 280.07 279.96 280.02 280.08 279.96 279.77 279.78 279.78 279.65 .16100 .16097 .16081 .16086 .16102 .16078 .16062 .16065 .16065 .27716 .27582 .27563 .27550 .27554 .27589 .27603 .27586 .27564 32.594 32.586 32.595 32.648 32.647 32.645 32.698 32.705 32.697 8.0056 8.0056 8.0056 8.0056 8.0056 8.0056 8.0056 8.0056 8.0056 27.828 27.815 27.780 27.755 27.712 27.721 27.749 27.765 27.765 277.30 277.19 277.25 277.31 277.19 277.00 277.01 277.01 276.88 1964—Jan.. Feb.. Mar. Apr. 25.148 25.169 25.163 25.160 20.963 20.959 20.968 20.970 279.83 279.69 279.81 279.90 .16065 .16063 .16029 .16000 .27589 .27567 .27603 .27583 32.706 32.694 32.645 32.595 8.0056 8.0056 8.0056 8.0056 27.753 27.733 27.731 27.711 277.06 276.92 277.04 277.13 Norway (krone) Philippine Republic (peso) Portugal (escudo) Spain (peseta) Sweden (krona) Switzerland (franc) United Kingdom (pound) 139.57 139.87 139.48 2.3810 2.0579 1.6635 1.6643 1.6654 1.6664 19.328 19.324 19.349 19.353 19.397 19.416 23.328 23.142 23.152 23.151 23.124 23.139 280.98 280.88 280.76 280.22 280.78 280.00 Period Official 1958 1959 1960 1961 1962 1963 Period Period Free South Africa (pound) (rand) 1958. 1959. 1960. 1961. 1962. 1963. 14.008 14.028 14.018 14.000 14.010 13.987 1963—Apr May June July Aug Sept Oct Nov Dec 13.999 13.995 13.997 13.993 13.985 13.971 13.971 13.970 13.972 3.4901 3.4900 3.4900 3.4900 3.4893 3.4881 3,4863 3.4875 3.4874 139.51 139.46 139.49 139.52 139.46 139.36 139.37 139.37 139.30 1.6663 1.6663 1.6663 .6663 .6664 .6664 .6664 .6665 .6666 19.251 19.267 19.286 19.302 19.266 19.268 19.250 19.262 19.250 23.099 23.127 23.125 23.129 23.164 23.171 23.171 23.166 23.170 280.07 279.96 280.02 280.08 279.96 279.77 279.78 270.78 279.65 1964—Jan Feb Mar Apr 13.969 13.962 13.976 13.989 3.4861 3.4848 3.4867 3.4879 139.39 139.32 139.38 139.43 !6664 .6663 .6664 19.272 19.290 19.430 19.451 23.168 23.122 23.110 23.143 279.83 279.69 279.81 279.90 49.695 49.721 49.770 3.4900 3.4967 3.4937 3.4909 3.4986 3.4891 1 A new markka, equal to 100 old markkaa, was introduced on Jan.l, 1963. 2 Effective Jan. 1, 1963, the franc again became the French monetary unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960. 279.93 279.83 279.71 279.48 NOTE.—Averages of certified noon buying rates in New York for cable transfers. For description of rates and back data, see "International Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1962. BOARD OF GOVERNORS of the Federal Reserve System W M . M C C . MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman A. L. MILLS, JR. J. L. ROBERTSON CHAS. N. SHEPARDSON GEORGE W. MITCHELL J. DEWEY DAANE RALPH A. YOUNG, Adviser to the Board G U Y E. NOYES, Adviser to the Board CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel CLARKE L. FAUVER, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS MERRITT SHERMAN, Secretary K E N N E T H A. KENYON, Assistant Secretary ELIZABETH L. CARMICHAEL, Assistant Secretary ARTHUR L. BROIDA, Assistant Secretary KARL E. BAKKE, Assistant Secretary LEGAL DIVISION DAVID B. HEXTER, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION EDWIN J. JOHNSON, Director H. FRANKLIN SPRECHER, JR., Assistant DIVISION OF RESEARCH AND STATISTICS DIVISION OF ADMINISTRATIVE SERVICES FRANK R. GARFIELD, Adviser J. CHARLES PARTEE, Adviser KENNETH B. WILLIAMS, Adviser LEWIS N . DEMBITZ, Associate ROBERT SOLOMON, Associate JOSEPH E. KELLEHER, Director HARRY E. KERN, Assistant Adviser Adviser Director OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE J. J. CONNELL, Controller SAMPSON H. BASS, Assistant RALPH A. YOUNG, Director J. HERBERT FURTH, Adviser Controller A. B. HERSEY, Adviser ROBERT L. SAMMONS, Adviser SAMUEL I. KATZ, Associate RALPH C. WOOD, Associate OFFICE OF DEFENSE PLANNING Adviser Adviser INNIS D. HARRIS, Coordinator DIVISION OF BANK OPERATIONS Director DIVISION OF DATA PROCESSING GERALD M. CONKLING, Assistant M. B. DANIELS, Assistant Director M. H. SCHWARTZ, Director JOHN N . KILEY, JR., Assistant Director Director ROBERT C. HOLLAND, Associate Director ALBERT R. KOCH, Associate Director JOHN R. FARRELL, Reserve General Counsel JEROME W. SHAY, Assistant General Counsel WILSON L. HOOFF, Assistant General Counsel DANIEL H. BRILL, G L E N N M. GOODMAN, Assistant Director BRENTON C. LEAVITT, Assistant Director JAMES C. SMITH, Assistant Director ANDREW N. THOMPSON, Assistant Director LLOYD 3VL SCHAEFFER, Chief Federal Examiner HOWARD H. HACKLEY, General Counsel THOMAS J. O'CONNELL, Assistant FREDERIC SOLOMON, Director Director LEE W. LANGHAM, Assistant Director 664 Director OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 665 Federal Open Market Committee W M . M C C . MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON A. L. MILLS, JR. HARRY A. SHUFORD J. DEWEY DAANE GEORGE W. MITCHELL ELIOT J. SWAN W. BRADDOCK HICKMAN J. L. ROBERTSON EDWARD A. WAYNE CHAS. N. SHEPARDSON RALPH A. YOUNG, Secretary J. HERBERT FURTH, Associate Economist MERRITT SHERMAN, Assistant Secretary GEORGE GARVY, Associate Economist KENNETH A. KENYON, Assistant Secretary DAVID L. GROVE, Associate Economist ARTHUR L. BROIDA, Assistant Secretary ROBERT C. HOLLAND, Associate Economist HOWARD H. HACKLEY, General Counsel HOMER JONES, Associate Economist DAVID B. HEXTER, Assistant General Counsel ALBERT R. KOCH, Associate Economist GUY E. NOYES, Economist MAURICE MANN, Associate Economist DANIEL H. BRILL, Associate Economist BENJAMIN U. RATCHFORD, Associate Economist ROBERT W. STONE, Manager, System Open Market Account CHARLES A. COOMBS, Special Manager, System Open Market Account Federal Advisory Council LAWRENCE H. MARTIN, BOSTON EDWARD B. SMITH, CHICAGO WILLIAM H. MOORE, NEW YORK JAMES P. HICKOK, ST. LOUIS WILLIAM L. DAY, PHILADELPHIA JOHN A. MOORHEAD, MINNEAPOLIS, President L . A . STONER, CLEVELAND M . L . BREIDENTHAL, KANSAS CITY JOHN F. WATLINGTON, J R . , RICHMOND JAMES W. ASTON, DALLAS, Vice President J. FlNLEY M c R A E , ATLANTA RANSOM M . COOK, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary 666 FEDERAL RESERVE BULLETIN • MAY 1964 Federal Reserve Banks and Branches Federal Reserve Bank or branch Zip Code Boston ...02106 New York 10045 Buffalo ...14240 Chairman Deputy Chairman President First Vice President Erwin D. Canham William Webster George H. Ellis Earle O. Latham Philip D. Reed James DeCamp Wise Whitworth Ferguson Alfred Hayes William F. Treiber Insley B. Smith Philadelphia 19101 Walter E. Hoadley David C. Bevan Karl R. Bopp Robert N. Hilkert Cleveland 44101 Joseph B. Hall Logan T. Johnston Howard E. Whitaker William A. Steele W. Braddock Hickman Edward A. Fink Edwin Hyde William H. Grier Harry B. Cummings Clarence P. Street Edward A. Wayne Aubrey N. Heflin Jack Tarver J. M. Cheatham C. Caldwell Marks Harry T. Vaughn Andrew D. Holt J. O. Emmerich Malcolm Bryan Harold T. Patterson Robert P. Briggs James H. Hilton James William Miller Charles J. Scanlon Hugh J. Helmer Raymond Rebsamen J. H. Longwell Carey V. Stabler C. Hunter Green Frank Lee Wesson Harry A. Shuford Darryl R. Francis Atherton Bean Judson Bemis C. G. McClave Frederick L. Deming M. H. Strothman, Jr. Homer A. Scott Dolph Simons Robert T. Person James E. Allison Clifford Morris Hardin George H. Clay Henry O. Koppang Robert O. Anderson Carl J. Thomsen Dysart E. Holcomb Edgar H. Hudgins Harold D. Herndon Watrous H. Irons Philip E. Coldwell F. B. Whitman John D. Fredericks S. Alfred Halgren Graham J. Barbey Howard W. Price Robert D. O'Brien Eliot J. Swan H. Edward Hemmings Cincinnati Pittsburgh Richmond Baltimore Charlotte Atlanta Birmingham Jacksonville Nashville New Orleans Chicago ,.45201 ...15230 23213 21203 ...28201 ...30303 35202 ,32201 , 37203 ...70160 ...60690 Detroit ...48231 St. Louis ...63166 Little Rock Louisville Memphis Minneapolis Helena Kansas City 72203 ,..40201 ...38101 55440 ...59601 64106 Denver 80217 Oklahoma City.. ...73101 Omaha ...68102 Dallas.. El Paso Houston San Antonio San Francisco ...75222 ,..79999 ..77001 ...78206 94120 Los Angeles 90054 Portland 97208 Salt Lake City... ...84110 Seattle ...98124 Vice President in charge of branch Fred O. Kiel Clyde E. Harrell Donald F. Hagner Edmund F. MacDonald Edward C. Rainey Thomas A. Lanford Robert E. Moody, Jr. Morgan L. Shaw Russel A. Swaney Fred Burton Donald L. Henry E. Francis DeVos Clement A. Van Nice John W. Snider Howard W. Pritz George C. Rankin Roy E. Bonne 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 indicatedt remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System. For a more complete list, including periodic releases, see pp. 1745-48 of the Dec. 1963 BULLETIN. (Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS. 1963. 297 pp. ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Monthly. $6.00 per annum or $.60 a copy in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela. (In quantities of 10 or more of same issue sent to one address, $5.00 per annum or $.50 each.) Elsewhere, $7.00 per annum or $.70 a copy. DEBITS AND CLEARING STATISTICS AND THEIR USE. 1959. 144 pp. $1.00 a copy; in quantities of 10 or more sent to one address, $.85 each. 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. FEDERAL RESERVE CHART BOOK ON FINANCIAL AND BUSINESS STATISTICS. Monthly. Annual subscription includes one issue of Historical Chart Book. $6.00 per annum or $.60 a copy in the United States and the countries listed above. (In quantities of 10 or more of same issue sent to one address, $.50 each.) Elsewhere, $7.00 per annum or $.70 a copy. ALL-BANK STATISTICS, Base. 1962. 172 pp. $1.00 a copy; in quantities of 10 or more sent to one address, $.85 each. (The 1959 revision available at $.50 a copy.) INDUSTRIAL PRODUCTION—1957-59 INDUSTRIAL PRODUCTION MEASUREMENT IN THE UNITED STATES: CONCEPTS, USES, AND COMPILATION PRACTICES. Prepared in reply to an inquiry from the Economic Commission for Europe. 50 pp. of text, plus tables and charts. THE FEDERAL RESERVE ACT, as amended through Oct. 1, 1961, with an appendix containing provisions of certain other statutes affecting the Federal Reserve System. 386 pp. $1.25. SUPPLEMENT TO BANKING AND MONETARY STATIS- TICS. Sec. 1. Banks and the Monetary System. 1962. 35 pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50. Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 14. Gold. 1963. 24 pp. $.35. Sec. 15. International Finance. 1962. 92 pp. $.65. Issued annually in Sept. Subscription to monthly chart book includes one issue. $.60 a copy in the United States and the countries listed above. (In quantities of 10 or more sent to one address, $.50 each.) Elsewhere, $.70 a copy. HISTORICAL CHART BOOK. TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Pt. 1. 1959. 108 pp. Pt. II. 1960 159 pp. Pt. III. 1960. 112 pp. Individual books $1.00 each; set of 3, $2.50. FLOW OF FUNDS IN THE UNITED STATES, 1939-53. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. RULES OF ORGANIZATION AND PROCEDURE—BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. 1962. 40 pp. of the Board of Governors, as of Dec. 31, 1962. $2.50. PUBLISHED INTERPRETATIONS 1955. 390 pp. $2.75. 1896-1955. 1959. 1,229 pp. $4.00. 667 668 {From the FEDERAL RESERVE BULLETIN • MAY 1964 REPRINTS unless preceded by an asterisk) NEGOTIABLE TIME THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS IN THE UNITED STATES. NOV. 1938. 20 pp. THE MONETARY SYSTEM OF THE UNITED STATES, Feb. 1953. 16 pp. CERTIFICATES OF DEPOSIT. Apr. 1963. 11 pp. BULLETIN NEW FOREIGN BOND ISSUES IN THE U.S. MARKET. May 1963. 13 pp. BANKING AND MONETARY STATISTICS. 1962. Se- lected series of banking and monetary statistics for 1962 only. Feb., Mar., May 1963. 16 pp. RECENT CHANGES IN LIQUIDITY. June 1963. 10 pp. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY. May 1953. 7 pp. INTEREST RATES ON TIME DEPOSITS, MID-FEBRU- OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES. Nov. 1958. 15 pp. SURVEY OF COMMON TRUST FUNDS, I, ALL-BANK STATISTICS, 1896-1955. U.S. Summary. Contains 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. 1961. 15 pp. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. 1962. June 1963. 6 pp. MONETARY DEVELOPMENTS, FIRST HALF '63. July 1963. 7 pp. MEASURES OF MEMBER BANK RESERVES. July 1963. 14 pp. BANK LOANS SECURED BY STOCKS AND BONDS. SECURITIES REVISION OF CONSUMER CREDIT STATISTICS. Dec. July 1963. 19 pp. A BANK EXAMINER LOOKS AT AGRICULTURAL LENDING. July 1963. 8 pp. MEASURING AND ANALYZING ECONOMIC GROWTH. Aug. 1963. 14 pp. 1961. 3 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. REVISION OF MONTHLY DEPARTMENT STORE INDEXES. July 1962. 6 pp. REVISION OF MONEY SUPPLY SERIES. Aug. 1962. 11 pp. INDUSTRIAL ARY 1963. June 1963. 7 pp. PRODUCTION—1957-59 BASE. Oct. 1962. 10 pp. CHANGES IN BANKING STRUCTURE, 1953-62. Sept. 1963. 8 pp. ECONOMIC CHANGE AND ECONOMIC ANALYSIS. Sept. 1963. 17 pp. PCA LENDING TO FARMERS. Sept. 1963. 11 pp. THE U.S. BALANCE OF PAYMENTS, 1961-63. Oct. 1963. 8 pp. BANK AND THE OPEN MARKET POLICY PROCESS. Oct. FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. 1962. 15 pp. RECENT INTEREST RATE TRENDS. NOV. A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962. 14 pp. 1962. 18 pp. 1963. 10 pp. BANK CREDIT AND MONEY IN 1963. Feb. A N E W LOOK AT THE FARM DEBT PICTURE. Dec. 1963. 11 pp. 1964. 7 pp. 1963. SURVEY OF FINANCIAL CHARACTERISTICS OF CONSUMERS. Mar. 1964. 9 pp. FARM DEBT AS RELATED TO VALUE OF SALES. TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS AND THE GOLD POOL. Mar. MONEY AND BANK CREDIT IN 1962. Feb. 8 pp. 1964. 14 pp. Feb. 1963. 9 pp. CHANGES IN STRUCTURE OF THE FEDERAL DEBT. FINANCING THE U.S. 1963. 8 pp. U.S. TRADE AND PAYMENTS IN 1963. Apr. 1964. 7 pp. May 1963. 10 pp. PAYMENTS DEFICIT. Apr. FLOWS THROUGH May 1964. 9 pp. FINANCIAL INTERMEDIARIES. Index to Statistical Tables Acceptances, bankers', 594, 596 Agricultural loans of commercial banks, 588, 590 Assets and liabilities (See also Foreign liabilities and claims): Banks and the monetary system, consolidated, 583, 640 Corporate, current, 608 Domestic banks, by classes, 584, 588, 590, 641 Federal Reserve Banks, 578 Automobiles: Consumer instalment credit, 612, 613, 614 Production index, 616, 617 Bankers' balances, 589, 591 (See also Foreign liabilities and claims) Banking and monetary statistics for 1963, 640 Banks and the monetary system, consolidated statement, 583, 640 Banks for cooperatives, 603, 604 Bonds (See also U.S. Govt. securities): New issues, 604, 605, 606 Prices and yields, 594, 595 Brokers and dealers in securities, bank loans to, 588, 590 Business expenditures on new plant and equipment, 608 Business indexes, 620 Business loans (See Commercial and industrial loans) Capital accounts: Banks, by classes, 584, 589, 592, 641 Federal Reserve Banks, 578 Carloadings, 620 Central banks, foreign, 646, 661 Coins, circulation of, 581 Commercial banks: Assets and liabilities, 584, 587, 588, 641 Consumer loans held, by type, 613 Number, by classes, 584, 641 Real estate mortgages held, by type, 609 Commercial and industrial loans: Commercial banks, 588 Weekly reporting member banks, 590, 593 Commercial paper, 594, 596 Condition statements (See Assets and liabilities) Construction, 620, 621 Consumer credit: Instalment credit, 612, 613, 614, 615 Noninstalment credit, by holder, 613 Consumer price indexes, 620, 624 Consumption expenditures, 626, 627 Corporations: Sales, profits, taxes, and dividends, 607, 608 Security issues, 605, 606 Security prices and yields, 594, 595 Cost of living (See Consumer price indexes) Currency in circulation, 572, 581, 582 Customer credit, stock market, 595 Debits to deposit accounts, 580 Demand deposits: Adjusted, banks and the monetary system, 583, 640 Adjusted, commercial banks, 580, 582, 589 Banks, by classes, 577, 584, 592, 641 Turnover of, 580 Type of holder, at commercial banks, 589 Deposits (See also specific types of deposits): Adjusted, and currency, 583, 640 Banks, by classes, 577, 584, 589, 592, 596, 641 Deposits—continued Federal Reserve Banks, 578, 657 Postal savings, 577, 583, 640 Discount rates, 576, 661 Discounts and advances by Federal Reserve Banks, 572, 578, 580 Dividends, corporate, 607, 608 Dollar assets, foreign, 649, 657 Earnings and hours, manufacturing industries, 623 Employment, 620, 622, 623 Farm mortgage loans, 609, 610 Federal finance: Cash transactions, 598 Receipts and expenditures, 599 Treasurer's balance, 598 Federal home loan banks, 603, 604, 611 Federal Housing Administration, 609, 610, 611 Federal intermediate credit banks, 603, 604 Federal land banks, 603, 604 Federal National Mortgage Assn., 603, 604, 611 Federal Reserve Banks: Condition statement, 578 U.S. Govt. securities held by, 572, 578, 580, 600, 601 Federal Reserve credit, 572, 578, 580 Federal Reserve notes, 578, 581 Federally sponsored credit agencies, 603, 604 Finance company paper, 594, 596 Financial institutions, loans to, 588, 590 Float, 572 Flow of funds, 628 Foreign central banks, 646, 661 Foreign currency operations, 578, 580, 648, 656 Foreign deposits in U.S. banks, 572, 578, 583, 589, 592, 640, 657 Foreign exchange rates, 662 Foreign liabilities and claims: Banks, 650, 652, 653, 655, 657 Nonfinancial concerns, 658 Foreign trade, 660 Gold: Certificates, 578, 581 Earmarked, 657 Net purchases by U.S., 648 Production, 647 Reserves of central banks and govts., 646 Reserves of foreign countries and international organizations, 649 Stock, 572, 583, 640, 648 Govt. debt (See U.S. Govt. securities) Gross national product, 626, 627 Hours and earnings, manufacturing industries, 623 Housing starts, 621 Income and expenses: Insured commercial banks, 639 Member banks, 630 Industrial production index, 616, 620 Instalment loans, 612, 613, 614, 615 Insurance companies, 597, 600, 601, 610 Insured commercial banks, 586, 588, 639 Interbank deposits, 577, 584, 589, 641 Interest rates: Bond yields, 594 Business loans by banks, 593 Federal Reserve Bank discount rates, 576 669 670 Interest rates—continued Foreign countries, 660, 661 Open market, 594, 660 Stock yields, 594 Time deposits, maximum rates, 577 International capital transactions of the U.S., 650 International institutions, 646, 648, 649 Inventories, 626 Investment companies, new issues, 606 Investments (See also specific types of investments): Banks, by classes, 584, 588, 591, 596, 641 Commercial banks, 587 Federal Reserve Banks, 578, 580 Life insurance companies, 597 Savings and loan assns., 597 Labor force, 622 Loans (See also specific types of loans): Banks, by classes, 584, 588, 590, 596, 641 Commercial banks, 587 Federal Reserve Banks, 572, 578, 580 Insurance companies, 597, 610 Insured or guaranteed by U.S., 609, 610, 611 Savings and loan assns., 597, 610 Manufactures, production index, 617, 620 Margin requirements, 577 Member banks: Assets and liabilities, by classes, 584, 588, 641 Borrowings at Federal Reserve Banks, 574, 578, 592 Deposits, by classes, 577 Income and expenses, 630 Number, by classes, 585, 641 Reserve requirements, 577 Reserves and related items, 572 Weekly reporting series, 590 Mining, production index, 617, 620 Money rates (See Interest rates) Money supply and related data, 582 Mortgages (See Real estate loans) Mutual savings banks, 583, 584, 586, 596, 600, 601, 609, 640, 642 National banks, 586 National income, 626, 627 National security expenditures, 599, 626 Nonmember banks, 586, 588, 589, 639 Payrolls, manufacturing, index, 620 Personal income, 627 Postal Savings System, 577, 583, 640 Prices: Consumer, 620, 624 Security, 595 Wholesale commodity, 620, 624 Production, 616, 620 Profits, corporate, 607, 608 Real estate loans: Banks, by classes, 588, 596, 609 Type of holder, 609, 610, 611 Type of property mortgaged, 609, 610, 611 Reserve requirements, member banks, 577 Reserves: Central banks and govts., 646 Commercial banks, 589 FEDERAL RESERVE BULLETIN • MAY 1964 Reserves—continued Federal Reserve Banks, 578 Foreign countries and international organizations, 649 Member banks, 572, 574, 577, 589, 591 Residential mortgage loans, 609, 610, 611 Retail sales, 620 Sales finance companies, consumer loans of, 612, 613, 615 Saving: Flow of funds series, 628 National income series, 627 Savings deposits (See Time deposits) Savings institutions, principal assets, 596, 597 Savings and loan assns., 597, 601, 610 Securities (See also U.S. Govt. securities): Federally sponsored agencies, 603 International transactions, 656, 657 New issues, 604, 605, 606 Silver coin and silver certificates, 581 State member banks, 586 State and local govts.: Deposits of, 589, 592 Holdings of U.S. Govt. securities, 600, 601 New security issues, 604, 605 Ownership of obligations of, 588, 596, 597 Prices and yields of securities, 594, 595 Stock market credit, 595 Stocks: New issues, 605, 606 Prices and yields, 594, 595 Tax receipts, Federal, 599 Time deposits, 577, 582, 583, 584, 589, 592, 640, 641 Treasurer's account balance, 598 Treasury cash, 572, 581, 583, 640 Treasury currency, 572, 581, 583, 640 Treasury deposits, 572, 578, 598 Unemployment, 622 U.S. balance of payments, 659 U.S. Govt. balances: Commercial bank holdings, by classes, 589, 592 Consolidated monetary statement, 583, 640 Treasury deposits at Federal Reserve Banks, 572, 578, 598 U.S. Govt. securities: Bank holdings, 583, 584, 588, 591, 596, 600, 601, 640, 641 Dealer transactions, positions, and financing, 602 Federal Reserve Bank holdings, 572, 578, 580, 600, 601 Foreign and international holdings, 578, 649, 657 International transactions, 656 New issues, gross proceeds, 605 Outstanding, by type of security, 600, 601, 603 Ownership of, 600, 601 Prices and yields, 594, 595 United States notes, outstanding and in circulation, 581 Utilities, production index, 617, 620 Vault cash, 572, 577, 589 Veterans Administration, 609, 610, 611 Weekly reporting member banks, 590 Yields (See Interest rates) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES (p THE FEDERAL RESERVE SYSTEM o) Legend 1 Boundaries of Federal Reserve Districts ——Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System © Federal Reserve Bank Cities • Federal Reserve Branch Cities