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

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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
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ALL-BANK STATISTICS,

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FLOW OF FUNDS IN THE UNITED STATES, 1939-53.

REGULATIONS OF THE BOARD OF GOVERNORS OF
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of the Board of
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PUBLISHED INTERPRETATIONS

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1896-1955. 1959. 1,229 pp.

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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




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