Full text of Federal Reserve Bulletin : November 1964
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FEDERAL RESERVE
B U LLETIN
November 1964
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
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
U.S. Government Securities in 1964
1375
Research into Banking Structure and Competition
1383
Major Issues In Monetary And Fiscal Policies
1400
Law Department
1414
Announcements
1420
National Summary of Business Conditions
1421
Guide to Tabular Presentation
1424
Financial and Business Statistics, U.S. (Contents on p. 1425)
1426
International Financial Statistics (Contents on p. 1487)
1488
Board of Governors and Staff
1506
Open Market Committee and Staff; Federal Advisory Council
1507
Federal Reserve Banks and Branches
1508
Federal Reserve Board Publications
1509
rndex to Statistical Tables
1511
Map of Federal Reserve System
Inside back cover
Volume £o * Number n
i
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US. Government Securities in 1964
INTEREST RATES in the U.S. Government
securities market have shown little net
change so far this year. The market has
continued to accommodate a sizable volume
of Treasury financing operations, as well as
widespread shifts in the ownership of securities among public holders.
Transactions in the market have continued to be large; during the first 9 months
they averaged $1.7 billion per day. The
volume was largest in periods of Treasury
financing operations, especially during two
advance refundings. These were carried out
in January, when the refunding was of moderate size, and in July, when the operation
was the most extensive on record.
In the process of supplying reserves to the
banking system to support the expansion of
bank credit and money, the Federal Reserve
System increased its holdings of U.S. Government securities by $1.8 billion net during
the first 9 months of the year. The System
was active in the market throughout the period, since it was also offsetting market factors making for short-term variations in bank
reserve positions. Its total outright transactions amounted to $10.7 billion. Most of
these were in Treasury bills, but purchases
of Treasury notes and bonds were sizable
in August and September.
INTEREST RATES
Following a gradual upward movement in
1963, yields on both government and private long-term securities fluctuated in a
comparatively narrow range through October of this year. Yields on high-grade cor-
INTEREST RATES generally stable in 1964
FINANCE
COMPANY
PAPER
F. R. D I S C O U N T
RATE
[k
TREASURY
•;
BILLS
,v O -
I
BONDS
!
CORPORATE A a a
STATE A N D LOCAL GOVT A a a
porate bonds edged up slightly. Yields on
both U.S. Government and State and local
government issues reached highs in the
spring, but declined a little thereafter.
The fluctuations that occurred in yields
on long-term U.S. Government issues were
in large part responsive to changes in the
expectations of investors and dealers in the
market. Announcement in late February
of an increase from 4 to 5 per cent in the
discount rate of the Bank of England and
final passage of the tax reduction bill in
this country at about the same time contributed to a rebound in long-term yields
here. By late March the average yield on
long-term U.S. Government securities had
1375
1376
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
risen to 4.21 per cent, the high for the January-October period. As it became apparent
that the domestic economy was continuing
in its pattern of orderly growth following the
tax cut, market expectations of rising rates
were not sustained. During April U.S. bond
yields backed away from their peak, and
they stayed below it throughout the remainder of the period.
Short-term rates, too, moved narrowly
over the first 10 months of 1964. Early in
the year the 3-month Treasury bill rate was
slightly above the Federal Reserve discount
rate of 3V£ per cent. Following a spurt up
to 3.60 per cent at the time of the increase
in the Bank of England's discount rate, the
bill rate fell back, for a time partly in response to a flow of funds into bills as a hedge
against an expected further rise in interest
rates. Then market attitudes stabilized, and
the 3-month bill rate remained below 3.50
per cent until late summer, when it moved
a little above that level.
This upward movement was accompanied
by a mild rise in market rates on most other
short-term instruments, including commercial and sales-finance-company paper and
negotiable time certificates of deposit. The
increases in these rates reflected to some degree the pressures associated with the expansion in business needs for funds during the
late summer and early autumn. In this period, banks came under slightly more reserve
pressure and had to obtain somewhat more
of their funds by borrowing from the Reserve
Banks. Such borrowings averaged $320 million in September and October, compared
with an average of about $270 million in
the preceding 8 months.
TREASURY FINANCE
The U.S. Government securities market has
readily absorbed all the issues offered to
meet Treasury financing requirements so far
this year. The Government's need for new
cash turned out to be somewhat less than
generally expected. Meanwhile, the continued substantial flow of savings into longterm investment outlets made it easier for the
Treasury to undertake two advance refundings with relatively little effect on long-term
interest rates.
Cash budget. Despite the large tax reduction effective in early March, the Federal
Government ran a seasonal cash surplus of
$5 billion in the first half of 1964. This surplus was little different from that of a year
earlier, but it exceeded market expectations.
For the entire fiscal year ended June 1964
the cash deficit amounted to $4.7 billion.
This was only $700 million more than in
the fiscal year 1963, and was about $1 billion less than in the fiscal year 1962.
The unexpectedly large surplus in January-June 1964, brought about in part by
reduced expenditures, enabled the Treasury
to make net debt repayments of $900 million, as shown in Table 1, and to build up
its cash operating balance by $3.6 billion.
As a result, the Treasury began the fiscal
year 1965 with an operating balance of
$10.2 billion, as compared with $11.3 billion at the opening of fiscal year 1964. The
earlier balance was larger because of $1.9
billion of anticipatory financing undertaken
in June 1963.
The emergence during 1964 of a cash
position that was more comfortable than had
been expected contributed to the abatement
of the early spring uncertainties regarding
the outlook for domestic interest rates—uncertainties that had been triggered by the tax
cut and by rate increases abroad. Following
the advance refunding operation in July,
long-term interest rates were also influenced
1377
U.S. GOVERNMENT SECURITIES IN 1964
Table 1
FEDERAL CASH BUDGET
in biktions of dollars )
i
ITEM
Cash surplus p 1
N e t cash
-9.1
cr
borrowing
F i n a n c i n g in b; i • s
Other
C h a n g e In c en h e r e
Cash o p e r a t i n g
oai
FISCAL YEAR 1963
July-Dec. 1962
Ja n.-June 1963
: ;• c e .
fe
-••
o
c '
•5.1
FISCAL YEAR. 1964
July-Dec. 1963
Jan .-Jur e 1964
-9.7
•5
0
-
9
•6.1
'6.2
- .6
-1.0
•4.8
•4.3
-
8
„
• .4
• .5
-
.1
-2.7
•4.4
-4.6
•3
6.8
11.3
6.6
f
6
10 2
•
NOTE.—"Net cash borrowing or repayment" and "change in
cash operating balance" do not add to "cash deficit or surplus"
because miscellaneous financial items (such as deposits outside
of tax and loan accounts and Federal Reserve Banks) are not
included.
by market expectations that the Treasury
would satisfy the remainder of its financing
needs for 1964 in the short-term area.
Such expectations, at least as they pertained to new cash borrowing, were consistent with experience in the second halves of
the preceding two calendar years. In those
periods the Treasury covered its seasonal
needs for cash mainly by selling Treasury
bills, thereby contributing to the maintenance of firmness in short-term rates for
balance of payments reasons.
From the end of June through October
this year, the Treasury raised $4.2 billion
in new cash through net additions to Treasury bills. A large part of these represented
tax anticipation bills maturing in March
1965. In November the Treasury auctioned
a $1.5 billion issue of June 1965 tax anticipation bills.
Refunding operations. Although its cash financing operations have involved short-term
issues, the Treasury has issued longer-term
securities in both regular refinancing and
advance refunding operations in 1964. In
the first 10 months it marketed nearly $14
billion of bonds due in more than 5 years.
This was roughly $2 billion less than in
either of the two preceding calendar years,
but was above the annual average of about
$7 billion for the decade ended in 1961.
Almost 90 per cent of these longer-term
securities were made available in the two advance refunding operations.
The advance refunding in July was the
largest of the 10 such operations conducted
since June 1960, when the Treasury first
made use of the technique. Almost $42 billion of issues maturing in from 1 to 31
months were eligible for the exchange; about
$27 billion of these were held by the public
—that is, by other than Government investment accounts and Federal Reserve Banks.
The public accounted for virtually all of the
$9.3 billion that was exchanged; 40 per cent
of the exchange went into the reopened 4
per cent bonds of October 1969, 47 per cent
into a new AVs. per cent issue of November
1973, and 13 per cent into the reopened AVA
per cent bonds of 1987-92.
Such a large exchange, with a major portion of the investors taking the two longerterm options, added 4.8 months to the average maturity of the total outstanding marketable U.S. Government debt. A smaller operation in January, in which $3 billion out
of a total of $25 billion of eligible issues
were exchanged ($15 billion of the total
1378
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
being publicly held), increased the average
maturity of the debt by only 1.6 months.
Regular refinancings in February and
May, and especially in August and November, were small insofar as public holdings
were concerned, and were routine in character. With one exception they involved offerings of only 18- to 30-month notes; the
offering in May, which was the exception,
also included a 4V4 per cent 10-year bond
as one option.
Both TREASURY BILLS and LONGER-TERM
marketable U.S. Govt. debt increase
CHANGF ):. MON
OUTSTANDING DEBT
BY MATURITY
Maturity structure of debt. The lengthening
of the public debt achieved by refunding operations was only enough to keep the average maturity of the debt from shortening on
balance over the 12 months ended September. Refunding operations just offset the
effect on the debt of the passage of time and
of the concentration of new cash offerings
in the bill area.
Thus, at the end of September, the average maturity of the total marketable debt
outstanding was 5 years and 3 months, unchanged from a year earlier. Since holdings
in official portfolios are more concentrated
in short-term issues than are public holdings,
the average maturity of the marketable debt
in public hands—at 5 years and 6 months—
was somewhat longer than for the total and
was likewise unchanged from its year-earlier
level.
There were changes within the debt structure, however, as Chart 2 shows. The volume of Treasury bills outstanding rose, but
the increase was more than offset by a decline in coupon issues maturing within a
year. Issues maturing in from 1 to 5 years
also declined, reflecting a reduction in such
debt held by the public as a result of its participation in advance refundings. There was
a sharp rise, however, in issues outstanding
in the 5-10 year range, and outstanding
bonds maturing in more than 10 years also
Note.—Public holdings exclude securities held by Federal
agencies and trust funds and the Federal Reserve.
increased. All of the latter increase was in
issues maturing in more than 20 years.
As often occurs, changes in the maturity
distribution of the U.S. Government debt
were not paralleled by changes in the structure of interest rates. As compared with a
year earlier, average yields on U.S. Government securities in October were higher in
all maturity classes, but the largest rises
were in the 1-5 year area, and that was a
maturity sector in which the supply declined.
During the summer there was a slight rise
in rates on long-term U.S. Government securities; this reflected to some extent the
weight of two longer-term securities that
were taken by the public in the July advance
refunding. But by early November such rates
had fallen back to a level just above their
low for the year.
1379
U.S. GOVERNMENT SECURITIES IN 1964
The summer advance refunding also resulted in a sharp reduction in the volume
of very short-term coupon issues, and this
led to some temporary downward pressure
on bill rates as demand from that part of
the market spilled over into the bill market.
In order to meet this additional demand for
bills, the Treasury increased the supply in
July, chiefly through a $1 billion strip of
bills with an average maturity of 110 days.
Dealer activity and positions. The activity
in the U.S. Government securities market,
and the policies of dealers with respect to
the amount and types of such securities that
they hold (that is, their positions), reflect
demand-supply forces present in the market, as well as expectations of likely changes
in such forces.
As Chart 3 shows, dealer transactions in
U.S. Government securities (counting purchases and sales as separate transactions)
rose during 1961 and 1962 and reached a
peak during the advance refunding of February 1963. Peaks in dealer transactions
normally are associated with Treasury financings—particularly advance refundings,
which present investors with a large number of alternatives and opportunities for
profitable trading.
Thus far in 1964 the reported volume of
dealer activity has generally been about the
same as in the two previous years, except for
the last few months of 1962 and early 1963
when transactions were very large. In those
months activity was stimulated first by rising bond prices and then by a large advance
refunding by the Treasury. During that period, dealer sales of coupon issues to commercial banks and to other investors were
at their highest levels of the past 3 years.
Transactions in coupon issues this year may
have been reduced to some extent by uncertainties concerning prospective interest rate
movements.
Dealer transactions in Treasury bills in
1963 and so far this year have been little
changed from 1962 levels, despite the rise
in bills outstanding. The further rapid
growth in negotiable time certificates of
deposit as an outlet for funds that might
otherwise have been invested in Treasury
bills has in some degree taken the place of
activity in Treasury bills. In addition, commercial banks have made increasing use
of the Federal funds market for short-term
adjustments of their reserve positions,
thereby reducing somewhat the needed frequency of adjustments in their Treasury bill
portfolios.
CONTINUED LARGE dealer activity, with peaks
during Treasury advance refundings
TRANSACTIONS
NOTE.—Transactions data combine market purchases and
sales of U.S. Goyt. securities dealers reporting to the F.R.
Bank of N.Y. Positions data are reported by the same dealers.
Data are monthly averages of daily figures based on the
number of trading days during the month.
As interest rates rose in 1963 and in the
early spring of 1964, dealers tended to reduce their positions in coupon issues. At the
time of the July 1964 advance refunding,
however, dealers increased their positions by
1380
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
buying an unusually large amount of the
issues offered.
SHIFTS IN OWNERSHIP
The relatively large volume of transactions
in U.S. Government securities has reflected
continued substantial shifts in ownership of
the marketable U.S. Government debt.
Commercial banks are the largest single
class of investor in U.S. Government securities, and as compared with the holdings
of other groups of the public, their holdings
are also among the most volatile. In the
current upswing banks have sold such securities, on balance, but their sales have been
moderate as compared with those in previous
expansions. One reason for this has been the
continued relatively large growth in their
deposits, reflecting in part a more stimulative monetary policy. In the first 9 months
of this year, net sales of U.S. Government
securities by banks were less than in the
same period last year, as Chart 4 shows.
Banks have continued this year to lengthen
somewhat the maturity of their portfolios.
Despite the increase in their bill holdings as
a result of purchases in August and September, banks reduced their holdings of Treasury bills and other issues maturing in 5 years
or less by about $6.5 billion on balance during the 9 months ended September, and increased their holdings of over-5-year maturities by some $3.0 billion.
Practically all of the increase in longerterm holdings was the result of participation
in the July advance refunding, in which commercial banks were allotted $5.5 billion of
the new issues. The banks made some subsequent sales of these issues, but continued to
hold most of them.
This emphasis by banks on longer-term
securities continues the pattern of the last
2 years, when they switched large amounts
of funds into higher-earning, longer-term
investments, including State and local government securities and mortgages, in an effort to raise earnings in the face of higher
rates of interest being paid on time and
savings deposits. In September 1961 only
15 per cent of all U.S. Government securities held by banks had maturities of over
5 years, but by September 1964 this proportion had risen to 27 per cent.
Nonfinancial corporations, like banks,
were net sellers of U.S. Government securities over the first 9 months of this year, as
in the previous 2 years. Their holdings of
such securities, which are concentrated in
Treasury bills, show sharp seasonal movements, resulting primarily from the quarterly
corporate tax and dividend payment dates.
Over the first three quarters of this year
holdings of Treasury securities by this group
declined by $1.2 billion, about the same
amount as in 1963 but less than in 1962.
In both of those years, however, the 9-month
declines were followed by a rise in holdings
in the last quarter, as corporations invested
in tax bills issued by the Treasury. In consequence, holdings of U.S. Government securities by nonfinancial corporations have
changed little on balance in recent years. In
part, this reflects their investment of liquid
funds in other outlets, such as negotiable
time certificates of deposit.
In contrast to banks and corporations,
State and local governments have continued
to enlarge their portfolios of U.S. Government securities in recent years. During the
first 9 months of this year they acquired
about $1.2 billion net of marketable securities, more than in the corresponding periods
of the previous 2 years. Pension and retirement funds accounted for part of the rise.
State and local governments have also invested in U.S. Government securities a part
1381
U.S. GOVERNMENT SECURITIES IN 1964
COMMERCIAL BANKS continue t o b e largest sellers of U.S. Govt. securities
CHANGE IN HOLDINGS
Jan.'Sept.
COMMERCIAL
— 2
NONFINANCIAL
CORPORATIONS
STATE & LOCAL
GOVERNMENTS
NONBANK FINANCIAL
INSTITUTIONS
OTHER PUBLIC
INVESTORS
NOTE.—Based on Treasury Survey of Ownership. Reported commercial bank holdings have been adjusted to include all banks.
of the proceeds from their own new issues,
when these have not been needed immediately to finance current outlays.
Nonbank financial institutions have made
only small net additions to their holdings of
marketable Government issues since 1961.
The largest net purchases by the public have
been made by "other investors," a group that
includes individuals, nonprofit organizations,
and foreign entities, as well as miscellaneous
investors.
This group has absorbed the bulk of the
securities sold by commercial banks. As the
flow of savings has continued large, demand
for Government securities by this group of
investors has been fairly well sustained, and
banks have been able to dispose of their
holdings with very little net upward impact
on interest rates. Continued sizable net purchases by the Federal Reserve System have
also contributed to this favorable demand
situation.
FEDERAL RESERVE TRANSACTIONS
In its operations the Federal Reserve System
continued in the first 9 months of 1964 to
buy and sell in all maturity areas of the U.S.
Government securities market, as it continued to supply reserves to the banking system in such a way as to minimize downward
pressure on bill rates.
The System made net purchases of $1.8
billion of U.S. Government securities during
January-September, about the same as in the
similar period of 1963 but about twice as
much as in 1962, when reserve absorption
from outflows of currency into circulation
and from a decrease in Federal Reserve float
had been less. As compared with the previous 2 years, the System in 1964 made somewhat smaller purchases of coupon issues;
purchases of Treasury bills, on the other
hand, were larger than in 1963, while in
1962 the System had sold bills on balance
over the January-September period.
The System's gross transactions in securities (excluding repurchase agreements)
were some six times as large as net purchases.
More than 90 per cent of these transactions
were in Treasury bills, as the System acted to
offset the impact on bank net reserve positions of short-term fluctuations in such fac-
1382
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
tors as float, currency in circulation, and
some of the downward pressure on bill rates
required reserves.
associated with the July advance refunding.
Then, as the economy entered the fall seaGross transactions in coupon issues mason, the System made further purchases of
turing in more than a year amounted to $843
coupon issues. This contributed slightly to
million in the first 9 months of 1964. All
the rise in bill rates during this period, when
were purchases. About $750 million represented purchases of issues due within 10 • upward rate pressures are normally generated by market forces. In addition, such
years, divided about equally between issues
purchases contributed to a further reduction
maturing in 1 to 5 years and in 5 to 10 years.
in dealer holdings of coupon issues. Dealers
The bulk of the purchases of coupon ishad built their holdings to record levels in
sues occurred in August and September,
the July advance refunding and increased
when their reserve effect was offset in part
them further in the relatively small August
by System net sales of Treasury bills. In
refinancing.
early August such Systerr) operations offset
Research into Banking Structure
and Competition
To develop more comprehensive background for the discharge of its statutory
responsibilities concerning bank branches,
mergers, and holding company acquisitions,
the Board of Governors 3 years ago
launched a formal research program in the
field of banking structure and bank competition. A Banking Markets Unit was established in the Board's Division of Research and Statistics, and directed to
undertake studies with its own staff and to
review and foster research in banking markets by others.
In the ensuing years, numerous research
projects have been undertaken throughout
the Federal Reserve System, in other Federal and State agencies, and in a wide range
of academic institutions. It has seemed
timely, therefore, to develop a broad survey
of the work that has been done and of the
further research that might be pursued. Such
a survey paper was developed by Robert C.
Holland, Associate Director in the Division
of Research and Statistics, and his colleagues of the Banking Markets Unit—
Tynan Smith, George Hall, and Wm. Paul
Smith—and delivered at the Conference of
University Professors sponsored by the
American Bankers Association at Princeton,
N.J., August 29-September 2, 1964. That
paper has been adapted for presentation in
the BULLETIN, to serve as a reference for
analysts interested in following developments in this field of research.
of this paper implies some
interrelationship between the terms "banking structure" and "banking competition." *
Economic theory says there ought to be
one. It is common sense to expect one. However, statistical research to date has failed
to support that connection, over a fairly
wide range of circumstances. Either present
theory is inadequate, or the hypotheses for
testing are misconceived, or the collection
and analyses of data are faulty. Analysts
probably have been at fault in all three
areas, partly because they have fallen for
the temptation to oversimplify. Penance, in
the form of more elaborate and sophisticated
approaches, will be a painful task, but both
intellectual curiosity and the pressing needs
of official policy-makers ought to spur researchers onward.
THE TITLE
1
For purposes of discussion here, the word structure is used in its narrow sense, to refer to the
number, organization, and relative size of the firms
in the market. To encompass other organizational
and demand influences exogenous to the firm, the
broader term environment is employed. Performance, as used here, is indicated by market phenomena
such as the scope and quality of banking services,
prices of these services, and the extent of investment
in banking.
POTENTIALS OF RESEARCH
Economic theory provides policy-makers
relatively little help in choosing operational
goals as to market performance in a field
in which regulation significantly constrains
competition. In an industry so regulated, it
is possible to draw sure inferences as to
market performance only when intracom-
1383
1384
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
pany and intercompany relationships and
crucial environmental factors are known.
And they seldom are.
A socially optimum market performance
is assured by the operation of a purely competitive market in which firms are free to
enter or fail and none is large enough to
affect the market by itself. Under those circumstances the eventual industry structure
will generate a unique performance: one
that provides the most efficient allocation of
resources (that is, lowest cost) within the
industry, while all other welfare dimensions
of the market's operations are either optimized or presumed insignificant.
However, banking markets are not purely
competitive. The privileges of entry and
failure, and certain extremes of competitive
behavior, are constrained by an elaborate
framework of laws that limit entry into the
banking field and rivalry among banks. In
the public's judgment there is a net benefit
to society from avoiding these competitive
extremes in banking. But the laws designed
to safeguard against these competitive extremes also limit the interplay of market
forces and augment the inherent tendencies
toward imperfect competition in banking
markets. Furthermore, available evidence
suggests that the banking industry would
not function in a manner approaching pure
competition even if regulations on merger
and entry or on forms of rivalry were to be
removed. It is therefore not possible to rely
upon any automatic tendency for banking
to achieve an equilibrium that provides a
socially optimum performance. As a result,
public policy regarding bank regulation has
the continual problem of developing appropriate standards for regulation and for
the performance of the regulated industry.
There is no substitute for the guidance
provided by intimate supervisory knowledge
of many individual market situations. An
invaluable complement to such knowledge,
however, can be provided by objective research into the various facets of banking
market performance under regulated conditions.
A prerequisite for ideal bank regulation is
a reasonable understanding of the connections between (1) different market structure
and organizational characteristics and (2)
their various behavioral consequences. This
requires study of the connections between
various changes in structural characteristics
and the degree of competitiveness injected
into a market. At the same time, the effects
of different structural characteristics on
long-run average costs of banks need to be
considered. And finally, attention must be
given to the relationships of banking structure and organization to other aspects of
banking behavior deemed to make significant contributions to the nation's welfare.
These latter include such factors as the procyclical or counter-cyclical impact of bank
behavior, bank responsiveness to countercyclical public policies, and the continuing
availability of banking services in each market.2
This kind of knowledge is easier to discuss than to acquire. The ways in which
banking markets manage to adjust from
one balanced situation to a later and different equilibrium are not well understood; the
most relevant information for analyzing such
situations is seldom available; and the func2
Some analysts have regarded deposit insurance
as protecting all that needs to be preserved out of a
failing bank. But recent analyses have come to emphasize more and more the wide variety of services
that make up a bank's output. Since deposit insurance preserves only one such service, a community
in which an insured bank fails can still be significantly
worse off than before. A concrete example would be
the loss of an alternative source of personal or business credit.
RESEARCH INTO BANKING STRUCTURE AND COMPETITION
tional relationships being analyzed may
prove to be so variable, both cross-sectionally and over time, as to frustrate systematic
study.
Notwithstanding these difficulties, research in recent years has helped to increase our knowledge of banking markets,
as later parts of this paper will indicate.
Much more is possible, however, and there
is great need to foster further research that
may help to answer the many questions
that still remain about bank competition and
about the performance of banking markets.
Even apart from the usefulness of such findings to banks and bank supervisors, such
research should provide valuable insights to
scholars and those responsible for framing
and implementing social policy for a broad
range of regulated industries.
SURVEY OF RESEARCH AND LITERATURE
With this philosophy as to the potential contribution of research, the Board of Governors launched a formal research program
relating to banking markets about 3 years
ago. A major aim of that program has been
to stimulate research by a wide range of
professional analysts in academic institutions, public agencies, and private research
and trade organizations. To this end the
Board and the various Federal Reserve
Banks have actively provided data, have
sometimes provided financial aid, and have
often provided technical counsel to outside
researchers. More than 30 doctoral dissertations and similar research projects are now
in progress or have recently been finished
with such Federal Reserve assistance.
Besides the Federal Reserve activity, the
stimulative efforts of the Commission on
Money and Credit, the Comptroller of the
Currency, the Banking and Currency Committee of the House of Representatives of
1385
the U.S. Congress, the New York State
Banking Department, and numerous academicians have contributed a great deal to
the present breadth of research on banking
structure and competition. Even so, what
has been accomplished to date should be
thought of more as the beginning of needed
research rather than as its culmination.
This paper attempts to convey the flavor
of this recent burst of research and to suggest what seem to be the most important
implications for further work in the field.
At the outset, a major difference from
earlier studies should be noted. The more
traditional studies of banking structure and
competition tended to be either legalistic or
macro-oriented. The legalistic studies reflected the familiar concern for bank solvency and the protection of depositors and
stockholders. They were often investigations
of the legal form of banking organization
and of the jurisdiction and operations of
regulatory agencies. Other earlier studies
centered on the effectiveness of the commercial banks in implementing monetary
policy. Until recently micro-analytic studies
of pricing and output were rare.
These traditional interests have not been
superseded, but later studies have taken on
a new orientation. This new interest is concerned primarily with how well the banking
system serves its customers. Recent research
typically focuses on local market areas, uses
the techniques of price theory, and is concerned more with economic performance
than with formal institutional arrangements.
From the standpoint of the research objectives and techniques used, recent projects
can be classified into five major groups:
1. descriptive analyses of banking structure and organizational arrangements;
2. studies of legislation and of administrative and court decisions;
1386
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
3. statistical measures of structure-performance relationships;
4. studies of economies of scale; and
5. development and testing of models of
the supplies of and demands for banking services.
There is nothing sacrosanct about these
groupings. For other purposes different
classifications might be preferable. And in
some instances the projects to be discussed
fall in more than one category. Yet, this
classification seems to illustrate both the
unity and diversity of present activities.
Descriptive analysis of banking structure and
organization. The first group of studies, descriptions of banking structure and organization and of the legal and supervisory constraints upon them, is exemplified by Bank
Holding Companies by Gerald C. Fischer
[1] 3 and Group Banking by W. Ralph
Lamb [2] and "Branch Banking and the
Structure of Competition" by Bernard Shull
and Paul M. Horvitz [3]. Such studies as
these provide the background necessary for
market analysis, a very important consideration in view of the lack of elementary factual knowledge about the organization and
activities of the units whose behavior is to
be explained.4
Another type of descriptive study relates
to the historical changes in such basic variables as the number of banks and branches,
the number of mergers, and the size of
banks. Among those engaged in the laborious and prosaic but fundamental job of
collecting and tabulating such numbers are
3
Numbers in brackets refer to references cited on
pp. 1398 and 1399.
* Lawrence L. Werboff and Marvin E. Rozen's
paper [4] outlining the relative position of banks
among financial institutions provides a valuable complement to these studies devoted to banking structure
and organization. Further research of this nature is
needed, especially in reference to banking in local
markets.
the staffs of the Board and the Comptroller
of the Currency. One such tabulation was
published in the Federal Reserve BULLETIN
for September 1963 [5].
Two other descriptive projects should be
cited. The first is the unpublished study of
bank mergers in California during the period 1947-60, which Professor Eugene
Rotwein did under contract with the Federal
Reserve Bank of San Francisco [6]. This
study indicates that merger activity there
often resulted in significant increases in concentration at the county level, and that in
many cases the earnings performance of the
acquired bank was better than that of the
acquiring bank.
The second study is one by the New York
State Banking Department, which surveyed
mergers in that State during the postwar
years and their impact on banking concentration and the services provided the public
[7]. According to this survey, branch banks
provide most of the advantages usually
claimed for unit banks. The yardsticks used
were conventional statistics of bank operations such as loan-to-deposit ratios, lending
terms, and the like. New ground was broken,
however, with the effort to obtain information on the availability of banking services
of various types and on how such services
were priced. One of the survey's most important conclusions was that the expansion
of major branch banking systems, either by
de novo branching or by merger, would improve the banking system's performance as
measured by most of these indicators.5
Although the criteria used in this survey
were those that have figured prominently
in the debate on unit banking versus branch
5
The survey concluded that of the bank mergers
studied (205 of 257 in New York State from 1951 to
1961) the great majority were, on balance, beneficial
to the public's interest in terms of both immediate and
long-range effects.
RESEARCH INTO BANKING STRUCTURE AND COMPETITION
banking and merger policy, they have defects as a measure of social welfare, as the
study itself recognizes. For example, the
loan-to-deposit ratio figured prominently as
a test; while this ratio may have some claim
as a measure of managerial efficiency or of
the degree to which local funds remain at
home, there is no theoretical justification for
using it to measure the bank's contribution
to the social welfare of the area. It should
also be noted that, regardless of the effort
expended in examining operating characteristics of merging banks, the results will lack
predictive significance unless there is a theoretical framework to explain why the banks
expanded by merger rather than internally.
And lacking a theoretically sound and empirically buttressed framework to explain
mergers, the results cannot support a conclusive choice among alternative public
policies.
In short, the pitfall that descriptive studies must strive to avoid is measurement
without a working relationship to theory.
To be sure, some studies have been relatively successful in integrating descriptions
of institutions with theoretical analysis of
bank behavior and/or market performance.6
But valuable though these descriptive studies may be, they have not always recognized
—and in no case yet have met—the need
for defining a set of operating social standards for testing performance by the entire
banking system as opposed to that by an
individual bank. Nor have they proceeded to
6
An example here is the Deane Carson and Paul
H. Cootner study, "The Structure of Competition in
Commercial Banking in the United States," done for
the Commission on Money and Credit [8]. Similarly, a
detailed review of developments in Nassau County,
N.Y., was the basis for an analysis of banking performance in that area by David C. Motter and Deane
Carson in their article, "Bank Entry and the Public
Interest" [9].
1387
the point of providing useful models of general banking behavior.
Studies of legislation and of administrative
and court decisions. A major interest of economists in the various aspects of the relationship of banking structure to performance is,
of course, the implications for public policy.
Consequently, a sizable group of studies
have been directly concerned with the impact of legislation, administrative decisions,
and court decisions upon trends in banking
structure and in the provision of banking
services.
A number of studies have attempted to determine the criteria used by policy-makers.
In effect, they have asked the question: What
model or models of imperfectly competitive
market behavior are the agencies and courts
implicitly assuming? Three studies may be
cited as characteristic of this group. One is
Jules Backman's study of the Bank Holding
Company Act [10], which reviews the holding company decisions of the Board of Governors from 1956 through 1962. Backman
concluded that in its consideration of applications to form holding companies and to
acquire additional banks the Board has given
most weight to the competitive factors involved. Another is Charles Thiemann's recent dissertation at Indiana University
[11], which traces bank merger regulation before and since the Bank Merger Act
of 1960 and reviews the decisions made
under the Act. Still a third is a monograph
by George R. Hall and Charles F. Phillips,
Jr. [12], which was recently published by the
Board. This monograph analyzes the merger
decisions made by the three Federal bank
regulatory agencies since the Bank Merger
Act. Hall and Phillips attempted, by studying all published information in such cases,
to determine the standards applied by the
banking agencies in judging the market im-
1388
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
pact of the proposed mergers and to contrast
these criteria with those used by the courts
under the Clayton Act for other industries.
These three studies, and others like them,
identify the criteria used in decisions and
provide a historical and legal perspective
against which to appraise the economic criteria used to determine permissible changes
in banking structure. It should be pointed
out here that in this striving to create models
of past decisions by policy-makers and not
models of market behavior, the analysts can
help policy-makers to be more consistent but
not necessarily to be more correct. Nonetheless, the educational value of such studies
can be considerable—in part because they
allow economists to gain an understanding
of the day-to-day policy problems and to
benefit from the subjective sense of the market's functioning that policy-makers tend
to develop in the course of their experience.
A related family of studies has gone a
step further, endeavoring to hypothesize the
consequences of public policies and implementing decisions. The Supreme Court decision in The Philadelphia National BankGirard Trust Corn Exchange Bank merger
case [13] triggered a number of such articles,
many of which appeared in The National
Banking Review [14, 15, 16, 17, 18, 19, 20,
21]. The Court applied the narrowly competitive criterion of Section 7 of the Clayton
Act rather than the broader criteria of the
Bank Merger Act. A number of economists,
including most of the Comptroller's research staff, rose to attack the validity of
the Court's definition of the market and
the standards used to judge the merger.
Congressman Emanuel Celler and others responded with defenses of the decision [18,
19, 20].
The articles by Congressman Celler and
by Victor Abramson [18, 14, 15, 16] illus-
trate clearly the fundamental problem of
bridging the gap between scholarly inferences of supply and demand relationships
and public-policy judgments. Congressman
Celler considers banking in the same way
that he would any other industry for antitrust policy and he would take any feasible
action to maximize rivalry. Abramson, on
the other hand, argues that banking requires
special antitrust treatment because it is an
industry regulated to achieve purposes that
he considers are not necessarily advanced by
the structural policies advocated by Congressman Celler. Neither author provided
substantive evidence to support his point.
Although the controversy clarified the issues and delineated the areas of agreement
and disagreement, no consensus among
scholars, agency staffs, and the courts has
resulted from the recent judicial decision
and commentaries on it. Any consensus will
probably depend upon the results reached
in the research areas discussed below.
In a study now under way Donald Jacobs
approaches bank mergers from a different
angle. He is testing the hypothesis that mergers are stimulated by the imperfections in
the markets for bank capital. Jacobs believes
that these markets undervalue the stock of
many small banks, and this makes it more
advantageous for large banks to acquire
small banks than to establish de novo branch
offices. A group of merged banks is being
paired with a control group of similar banks
so that the market value of the bank stock
of the two groups may be compared. More
such analysis of the motivation of bankers'
merger decisions could be valuable in laying
a basis for evaluating administrative and
judicial attitudes.7
7
A pioneer effort to view bank merger motivations
in this context was made in a series of articles, "The
Branch and Merger Movement in the Third Federal
RESEARCH INTO BANKING STRUCTURE AND COMPETITION
Public policy regarding bank mergers and
holding company activity is only one means
of influencing banking markets. Other regulatory aspects, including limitations on
entry and examination procedures and
policies, should be more thoroughly analyzed. Few economists have examined the
impact of present restrictions on entry and
branching, but there is a growing interest in
this subject. David A. Alhadeff in his Quarterly Journal of Economics article, "A Reconsideration of Restrictions on Bank Entry" [22], reviewed the background that led
to present restrictions. As a result of this review he concluded that the "need" criterion
now generally employed is undesirably restrictive.
Unfortunately, studies attempting to identify and quantify the consequences of policy decisions are rare. However, two are especially worthy of consideration.
Motter and Carson [9] examined the impact of the liberalization of entry regulations
on banking performance in Nassau County,
New York. They concluded that bank customers benefited primarily through more
convenient access to banks by virtue of more
offices and longer banking hours, but that
they also benefited from reduced rates on
some types of loans and increased availability of loans. The study also showed that
the pattern of change was consistent with
changes in the economic base as measured
by income and population.
In a dissertation recently completed at
the University of Chicago [23], Sam Peltzman used econometric techniques to test the
extent to which restrictions on bank entry
have reduced the number of new banks below what might have been expected if only
Reserve District," by David Eastburn in the Business
Review of the Federal Reserve Bank of Philadelphia,
August, September, November 1954 and January and
March 1955.
1389
economic factors had operated. He developed a model of investment in banking derived from economic determinants and then
compared these results with actual entry
since 1935. Peltzman's results suggest that
as a result of supervisory regulations the
total number of entries has been only onehalf to two-thirds the number that might
have been expected had there been no restrictions.
An estimate of the quantitative impact of
regulation such as that study provides is, of
course, experimental and quite different
from evaluating the social desirability of
regulation. Nonetheless, the Peltzman study
is an innovative approach, and we hope it
will be followed by numerous other quantitative studies of the impact of regulation.
Statistical measures of structure-perform-
ance relationships. The third class of studies,
involving measurement of structural and
performance variables in banking markets
and statistical testing of relationships, differs
from the previous groupings chiefly in two
respects: (1) heavy reliance is placed on the
logic behind such associative techniques as
regression analysis; and (2) emphasis is
placed on estimates of the quantitative functional relationships between structure and
performance.
There has been considerable controversy
about the measurement of structural variables. Much of the debate has centered
around the usefulness of concentration
ratios. This controversy has not only methodological but normative significance, for
many observers are willing to base policy
conclusions on simple comparisons of relative amounts of deposits held by the largest
banks. Such economists regard high ratios
or increases in these ratios as "bad" and low
ratios or decreases as "good."
Some observers also tend to use concen-
1390
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
tration ratios as an index of the degree of
monopoly or market power. The Supreme
Court and the Antitrust Division of the Department of Justice have apparently adopted
such a position in recent bank merger cases
[13, 24]. On this point academic opinion is
divided. Robert F. Lanzillotti and Eugene
Rotwein, for example, in their assessment
of the competitiveness of banking markets,
place much weight upon the level of concentration ratios and the changes in these ratios.
Carson and Cootner, on the other hand,
think that such ratios are not appropriate to
use in analyzing competition. The position
of those who stress the limitations of concentration ratios is summarized in Carson
and Horvitz's comment on the PhiladelphiaGirard decision [17].
Concentration ratios have also figured
prominently in testing the functional connection between market structure and performance. Carson and Cootner's study [8] prepared for the Commission on Money and
Credit, for instance, found a positive relationship between the average profitability of
banks and the degree of banking concentration. But after carrying the analysis further
they concluded that this relationship was due
to variations in regional economic structure.
The interrelationships among geographical regions, regulations on branching, bank
size, interest rates charged, interest rates
paid, rates of growth, and similar variables
are continual sources of confusion in all
works of this type. These problems are inherent in such typical works as that of
Franklin Edwards, Concentration and Competition in Commercial Banking [25], sponsored by the Board of Governors and the
Federal Reserve Bank of Boston and submitted as a doctoral dissertation at Harvard
University. Using data from Federal Reserve
business loan surveys for 1955 and 1957,
Edwards analyzed interest rates charged on
business loans. He found a significant positive relationship between bank concentration
ratios for large Standard Metropolitan Statistical Areas (SMSA's) and interest rates
prevailing in 1955, and also between such
ratios and the inflexibility of rate changes
between 1955 and 1957 (but not with respect to 1957 interest rate levels viewed
separately). Theodore Flechsig has been
subjecting these data to further study for
the Board's Banking Markets Unit, however, and he believes that the relationships
Edwards found do not reflect causal factors.
It now appears that concentration was serving as a proxy for regional variations in
the data and that these, in turn, reflected
supply and demand variables other than the
number and size of banks.
In several recent studies banking concentration has been included as only one of
several structural characteristics, each of
which is tested for its relationship to banking performance. This is the approach used
in several experiments undertaken by the
Banking Markets Unit at the Board.
One such study applied multiple regression techniques to a restricted geographical
sample of banks located in towns with one,
two, or three banks. It sought to specify the
functional relationships between the various
structural and organizational characteristics
of these local markets and three measures
of performance: average rate of interest paid
on time and savings deposits, average rate
of interest received on loans, and average
rate of return on net earning assets. About
its only significant finding was that in the
presence of savings and loan associations in
the community, commercial banks paid
higher rates on time deposits.8
8
One surprising result of this study was the discovery that smaller banks had lower operating costs,
RESEARCH INTO BANKING STRUCTURE AND COMPETITION
This type of analysis is also being applied
to the rate of interest charged on business
loans by the banks in 19 SMSA's reporting
in the Federal Reserve quarterly survey of
bank rates on short-term business loans.
These data permit performance to be measured by actual interest rates reported on a
homogeneous type of loan, rather than by
the average return on total loans, which is
influenced by loan "mix" and other nonstructural features.
When this study tested the same variables
as those that Edwards used, the two studies
yielded similar results. However, the introduction of other variables, considered to be
better measures of the variations among
SMSA's in the supply of, and demand for,
bank credit than were available for the
earlier data, seems to eliminate the effect of
concentration without relying on region as
an explanatory variable. This suggests that
regional differences may be the result of
differences in basic demand and supply
factors.9
an apparent denial of economies of scale. But a
closer examination of the data revealed that in most
of those instances where this was true, the small bank
was the only one in the community; thus it enjoyed
a monopsonistic as well as a monopolistic position.
In this circumstance, these smaller banks may have
been able to secure labor at relatively low wage rates
and deposits with relatively low promotional expenses. Consequently, their lower costs may well have
reflected the private advantages of a monopsonistic factor buyer rather than social advantages of small size.
e
George Kaufman at the Federal Reserve Bank
of Chicago also has experimented extensively with
the application of multiple regression technique to
measure the effect of structure upon performance.
His most recent effort is a detailed analysis of all
insured commercial banks in Iowa in 1960. This
study concludes that there is a statistically significant
but quantitatively small relationship between the
number and size of banks and their performance.
Kaufman finds that higher concentration is associated
with poorer performance in terms of prices paid,
prices charged, profits earned, and services rendered.
The number of presumptive causal variables introduced, however, saps a good deal of the meaning
attached to the statistical measures of significance
employed.
1391
The similarities and contrasts of banking
structure in these 19 SMSA's, as measured
by the total deposits of commercial banks,
is indicated by the figures in Table 1.
In all these multiple regression studies,
much of the variance in the performance
variables remains unexplained. Using this
approach, we have made little progress in
our search for an answer to the question of
the impact of structure upon performance.
But there are many more data to be analyzed, and the availability of computers not
only permits but also encourages further
experiments in this direction.
The issues raised by these studies are
fairly clear. First, the lack of precision in
the definitions of products and of geographical markets destroys much, if not all, of the
normative significance of bank concentration figures, at least within the observed
ranges.
Second, the introduction of concentration
per se as a variable in statistical analyses has
added little or nothing to the conclusions
derivable from more pedestrian economic
analysis. To put the matter more explicitly,
it has not been possible to calculate the impact of concentration on banking performance because there are too few nonconcentrated markets for adequate comparison.'0
To complicate the problem further, the relationship between concentration and per10
This should not be so surprising. Among cities
of less than 50,000 population that have any banking
offices at all, only about 1 in 100 has more than
three banking institutions [5]. At the other extreme,
SMSA's extend, roughly speaking, from those in which
the three largest banks control about 50 per cent of
the deposits to those where the three largest banks
control about 95 per cent of the deposits. Most are in
the 75 to 85 per cent area. It is doubtful that markets where three firms had 95 per cent of deposits
would demonstrate, other influences being equal,
markedly different results from those observed in
markets where the concentration ratio was 50 per
cent.
1392
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
formance may be discrete rather than a
monotonic function.
The third observation is more optimistic:
banking markets do display different patterns of performance. There appears to be
great promise in statistical analysis that examines on a disaggregated micro-level the
relationship between performance on the
one hand and a number of different structural, organizational, and environmental
variables on the other. The moral is that
little is to be gained from trying to answer
the question: other influences being equal,
what effect does bank concentration have on
performance? Instead, research should be
devoted to examining the whole family of
factors affecting performance.
Economies of scale. Analyses of economies
of scale in banking might have been included with the studies just discussed. But
separate treatment seems justified because
of the special importance of the results for
public policy.
Economies of scale can be analyzed from
several viewpoints, ranging from a narrow
focus upon the profitability of an individual
bank's operations to the broadest possible
questions about the achievement of socially
optimal allocation of resources. Thus far
the studies of economies of scale have
focused on the operations of individual
banks as reflected in their costs and earnings.
In this area Alhadeff has been a pioneer.
TABLE 1
COMMERCIAL BANK CONCENTRATION IN MAJOR CITIES, JUNE 1960
Percentage of deposits held b y Region and city *
North East:
New York City
Boston
Philadelphia
Baltimore
North Central:
Buffalo
Cleveland
Pittsbureh
Chicago
Detroit
Minneapolis.
....
South & South Central:
Richmond
Atlanta
New Orleans
St. Louis
Kansas City
Dallas...
Far West:
Los Angeles
San Francisco
Seattle
1
2
Number
of
banks
Largest
bank
Two
largest
Three
largest
Four
largest
Five
largest
21.3
51.5
26.1
25.1
40.1
66.2
47.7
48.0
51.3
78.3
63.7
65.4
61.2
86.2
74.6
78.9
70.8
90.5
83.6
88.3
51
14
19
13
X
X
X
49.2
38.1
51.7
22.2
42.6
23.1
79.6
61.3
77.3
42.0
60.6
44.1
91.3
78.1
82.2
48.1
78.1
60.4
93.9
90.0
85.9
54.0
85.5
65.4
95.0
97.9
89.4
57.5
89.2
69.0
15
8
32
154
23
66
X
X
X
34.7
32.5
41.8
22.6
29.4
35.0
64.1
56.7
66.3
44.0
48.7
66.3
79.5
73.4
84.8
51.5
63.0
79.8
89.5
86.9
94.2
55.6
66.5
83.3
95.3
89.7
99.3
58.8
69.4
84.8
10
27
6
64
57
38
38.4
39.2
39.5
65.0
64.1
60.4
77.9
78.9
73.5
84.2
86.6
85.2
90.3
91.9
90.3
40
17
13
City includes principal county or counties where city is located.
States are classified according to the type of banking that seems
Type of banking in State
Unit
Limited
branch
2
Statewide
branch
X
X
X
X
X
X
X
X
X
X
X
X
to be prevalent in each and not necessarily on the basis of the current
State banking laws.
RESEARCH INTO BANKING STRUCTURE AND COMPETITION
In one part of his 1954 study, Monopoly
and Competition in Banking [26], he found
that costs for unit banks with deposits of $2
million or less declined as the size of bank
increased, that costs were fairly constant for
banks with deposits of from $2 million to
$50 million, and that for banks above that
size, costs again showed a decline. From his
analysis of branch banks, Alhadeff concluded that their costs were higher than
those of the largest unit banks but were
lower than the costs of smaller unit banks.
AlhadefFs results for unit banks were confirmed by Lyle Gramley's study [27] of earnings and expenses of a sample of banks in
the Kansas City Federal Reserve District.
Gramley found that costs were constant for
banks in the $2 million to $50 million deposit range. Irving Schweiger and John S.
McGee, in their "Chicago Banking" study
[28], found that the cost curve declined
throughout for unit banks ranked from
smallest to largest (in terms of deposits).
Their tables, however, show that the decline
becomes more rapid for banks with deposits
of more than $50 million. This study also
showed that branch banks had higher costs
and lower net current earnings on capital
than unit banks of the same size. This is
consistent with AlhadefFs findings.
The recent cost studies by Paul Horvitz [29, 30], Stuart Greenbaum [31], and
George Benston [32] have applied more
sophisticated techniques to the available
data and have provided a few additional
insights. There is now general agreement
that present evidence indicates that there
are some economies of increasing size in
banking. Horvitz found that branch banks
are more costly to operate than unit
banks, but that this higher cost tends to be
offset by the larger gross earnings of branch
banks, reflecting their typically higher loan-
1393
to-deposit ratios and the larger proportions
of their loan portfolios held in instalment
and mortgage loans, on which interest rates
are generally higher than on other types of
loans. Horvitz concluded that costs tend to
fall as banks increase in size, but that the
decline is not substantial except for large
banks, those with deposits of more than
$500 million. Greenbaum's analysis of a
sample of banks in the Richmond and
Kansas City Federal Reserve Districts concludes that there are modest economies of
increasing size over a very large range of
output (using a synthesized measure of output that, roughly speaking, weights assets
by their relative return). Benston intensively
analyzed the data collected in the cost analysis program of the Federal Reserve Bank
of Boston from a sample of about 80 banks
with deposits in the $2 million to $50 million range. From these data he found evidence of economies of scale for each of the
major types of banking services analyzed.
He also found that branch banks are more
costly to operate than unit banks of comparable size.
One of Benston's most provocative findings resulted from his effort to divide economies of scale into those attributable to the
increasing number of transactions handled
by the unit and those attributable to the
increasing size of individual transactions
handled. The evidence he accumulated suggested that the great bulk of economies of
scale were of the latter form. Since size of
transaction is importantly constrained by
the market environment, irrespective of the
bank's size, this fact, if generally true, would
have fundamental implications for optimal
bank size—and also for the design of future
studies of economies of scale. Intensive efforts to corroborate this finding in other
bank markets ought to be undertaken.
1394
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
Aside from corroboration of the Benston
thesis on the source of economies of scale
in banking, it seems probable that analysis
of existing cost data has been carried about
as far as the results warrant. New data and
new approaches—or both—are needed before significant further progress can be
achieved in this area. Available statistics
do not permit a sufficiently detailed allocation of costs to be really useful. It is possible,
however, that in the near future the increasing integration of automatic data processing
capabilities and management control procedures will encourage the introduction of
more refined methods of cost accounting,
which in the end will provide a dividend for
analysts interested in marginal costs and
returns to scale.
More sophisticated theoretical and econometric approaches must be devised to solve
the problems arising from the multiproduct
mixture of services being provided by banks
and the locational limitations imposed by
the geographical spread of banking markets.
In the last analysis, banking efficiency can
be measured only in relation to the demand
for banking services. For example, the optimal size of banks to serve the Chicago
market is not the optimal size to meet the
needs of customers in Wahoo, Nebraska.
Also, a bank with three branches is not
equivalent to a unit bank of the same size.
Nor is a branch office equivalent to a unit
bank office with the same amount of
deposits.
Analyses of supplies of and demands for
banking services. At various points, this paper has emphasized the necessity for an improved conceptual framework on which to
base analyses of the supplies of and demands
for banking services. Studies to this end represent the final grouping to be discussed.
The first steps in this direction are to determine the services to be studied and the
appropriate delineation of market boundaries for these banking services.
One of the early efforts to define banking
markets was by Alhadeff [26]. He hypothesized three classes of business borrowers: those that were limited to banks in their
immediate vicinity, those that could do business with banks at some distance, and those
that had access to banks across the nation.
Alhadeff assumed that business loans constituted one type of banking service and that
the market for loans was separate from that
for other types of banking service. This general view is accepted by most students of
banking, for they regard it as a multiproduct
industry. In his article, "Commercial Banks
as Multiple-Product Price-Discriminating
Firms" [33], Bernard Shull adapted to banking the model of a multiple-product firm developed by Eli Clemens. Shull used this
model to explain certain examples of bank
behavior and concluded that the model is
a useful addition to our theoretical arsenal.
He thinks it is particularly helpful in explaining certain merger situations.
The composite-service view of banking
developed by Donald Hodgman [34, 35] is
in sharp contrast to the multiproduct industry view in which the borrowing and depositor functions are regarded as separable. Although he started with the more or less traditional view of a bank as an institutional investor, Hodgman's extended studies of
banking behavior have led to the concept of
"the customer relationship." Hodgman
argues that the basic product of commercial
banks is the safekeeping and transfer of the
means of payment. Therefore, a bank customer needs banking services in the local
area where he lives or conducts his business.
This in turn localizes his power to bargain
in the bank loan market. A national company conducts business in many locations
RESEARCH INTO BANKING STRUCTURE AND COMPETITION
and therefore deals with many banks. According to this view banking markets are
geographically localized and highly segmented. In considering the various products
provided, Hodgman supports the Supreme
Court's view of banking as institutions that
provide a "cluster" of services instead of
following the more generally accepted view
of each service as a separate output.
The Hodgman package-of-services concept seems most applicable to a bank's largest customers, but generally speaking there
is little concern as to the ability of this group
to purchase banking services in a competitive market. The package concept probably
becomes progressively less applicable as one
moves down to the less prestigious customers
who are the "bread and butter" of the banking business. Empirical surveys as to the extent of single-product as against multiproduct purchases of banking services by customers ought to help clarify this issue.
Jules Backman and Arnold W. Sametz
also tried to adapt the traditional theory of
competition to banking. In their article,
"Workable Competition in Banking" [36],
they noted several respects in which banking differs from other imperfectly competitive industries. Among the more significant
are: (1) the greater importance of nonprice
competition, (2) the fact that banking
services are personalized to a greater extent,
and (3) the fact that total output is restricted by monetary controls. Almarin
Phillips in his provocative Journal of Finance article, "Competition, Confusion and
Commercial Banking" [37], also called
attention to the important ways in which
banking differs. Phillips emphasized the organizational aspects of banking, such as the
correspondent banking relationships, clearing house arrangements, and trade association activities. He also stressed the variety
1395
of ways, other than by merger policy, in
which regulation affects bank behavior.
Some aspects of nonprice competition in
particular have received more attention in
the literature, with some attempts at empirical corroboration. Chief among these is
the requirement for compensating balances
in connection with business loans. Richard
G. Davis and Jack M. Guttentag have written several articles on this subject, the latest
being "Balance Requirements and Deposit
Competition" in the December 1963 Journal of Political Economy [38]. Another
recent analysis is "Compensating-Balance
Requirements: The Theory and Its Implications" by Harold T. Shapiro and Nevin D.
Baxter in the January 1964 Southern Economic Journal [39]. There is room for much
additional effort in determining the extent
of, and in evaluating, this and other types
of nonprice competition.
At this time, further development of the
theory of banking behavior and markets
depends heavily upon the results of testing
of currently developed hypotheses. An obvious first step in deciding upon the extent
and composition of banking markets is
to obtain measurements of different uses
of banking services by customers. The
Board of Governors has contracted for a
pilot project of this type with the Economic
Research Institute of Drew University. Information has been collected for a sample
of demand deposit, savings deposit, business
loan, and mortgage loan customers by geographic location for all the banks in one
urban county. Customer data from bank
records will be supplemented by interviews
to obtain insights into the factors believed
to determine the geographical markets.
In addition, the Federal Reserve Bank of
Richmond has undertaken two studies of a
similar nature, and their results should be
available shortly. The first, directed by Clif-
1396
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
ton Kreps of the University of North Carolina, examines banking structure and performance in three metropolitan areas with
markedly different banking situations: unit
banking in one, limited branch banking in
another, and statewide branch banking in
the third. Kreps' evidence, it seems to us,
indicates appreciably more competitive behavior in the branch-bank cities than in the
unit-bank city. A companion study, prepared
by Richard Wallace, involves a similar investigation of three small market areas.
These studies have used mail questionnaires
and interviews with banks, their customers,
and rival financial institutions as sources of
basic data.
More such studies are needed to provide
basic data of this nature. Opinion surveys
of market participants can be helpful in the
development of our body of theory. If they
do not supply final answers, they can at
least provide clues for shaping hypotheses
for testing. It may be hoped that the spreading use of data processing equipment will
make it possible to obtain more readily the
objective information that is needed for testing opinions on the geographical delineation of banking markets and on the characteristics of customers for the various
services.
Another type of empirical evidence that
is needed concerns the organizational aspects of banking, such as correspondent arrangements and clearing house associations.
The Banking and Currency Committee of
the House of Representatives has sponsored
a survey of correspondent banking relationships that provides some information in this
area [40]. Collection of data on the activities of clearing houses and trade associations is a difficult assignment, and so too
may be the assessment of the data. The
impact of such activities upon bank behavior may be indirect, and there may be
considerable reluctance to reveal any activity that could be construed as a restraint of
trade under the Sherman Act. Nevertheless,
the need for studies in this area is clear.
While some information on the supply of
banking services has been collected and analyzed, there has thus far been a relative lack
of emphasis on comparable investigations of
the demand for banking services. Information on the factors that influence an individual, business, or other group to select a
particular bank is vitally important, and it
cannot be obtained satisfactorily without
going to the customer. George Katona and
his colleagues did conduct such a survey
of large corporate customers several years
ago [41]. This was necessarily limited in
scope and, unfortunately, it has not been followed up. The survey of small business
financing problems conducted by the Federal Reserve System several years ago provided some information on bank customers'
behavior. According to present plans the
Banking Markets Unit will exploit these
data in a more intensive study of the demand
side of local markets.11
A particular area that the Board's staff
is experimenting with is the gathering of
data about the size and characteristics of
what might be called "the cutting edge" of
bank customers. Everything we have seen
leads us to believe that a large share of customers of banks—particularly personal customers—are so tied to an individual bank
office by reasons of convenience, habit, and
11
The methodological problems involved here are
substantial. We are hopeful that the demand aspects
of the studies being undertaken by Drew University
and by the Federal Reserve Bank of Richmond, when
subjected to careful scrutiny, will help in the design
of such surveys and the analysis of their results.
RESEARCH INTO BANKING STRUCTURE AND COMPETITION
the like as to convey an important degree
of monopoly to their banker. We would like
to focus attention on those other bank customers (perhaps a minority) who respond
to variations in the cost, type, and quality
of services among banks. We hope by such
research to gain insights concerning the factors that motivate the choice of a particular
bank and the degree of substitutability
among banks. This "marginal group" of
customers is important in terms of its own
motivations and also because its actions may
induce changes in the forms and avenues of
rivalry among banks. Furthermore, this
group logically defines the effective outer
limits of the banking market.
The Board's staff has developed a questionnaire for businesses regarding the sources
of the credit they use, the degree of credit
accommodation, and the extent of competition for the firm's banking business. A series
of pilot projects are planned that will reach
different segments of bank customers, probe
the demand for different types of banking
services, and test different methodologies
and questionnaire designs.
This recitation of areas where theoretical
and empirical clarification is needed indicates that the task of providing an empirically relevant conceptual framework for
understanding bank competition is a substantial one. At first glance the application
of price theory and industrial organization
techniques to banking appears to be one of
translation. It is, however, not so much a
process of translation as it is one of creation.
Studies of bank competition to date have
clearly demonstrated the need for new models of the behavior of banking firms. Hopefully, such new and better models will grow
out of the empirical research now under
way.
1397
CONCLUSION
This paper has highlighted what seem to be
the most significant projects in current research on banking markets and banking
competition. Space is not available to treat
many other worthy contributions. It is
hoped, however, that this review has conveyed a sense of a ferment of ideas as well
as a sense of substantial accomplishments.
One major achievement relates not to the
additions to existing knowledge but rather
to what has been deducted. The research
completed to date has challenged a good
many preconceptions. As Almarin Phillips
once summed up the current state of research: "Few of the questions have been
answered, but many of the answers have
been questioned."
Empirical research in this area is tricky,
and shortcuts are especially hazardous. The
workings of banking markets are so complex
that attempts to reduce structure and performance to a simple formula appear
doomed at present.
More work is needed in each category of
research that has been discussed. The most
promising avenue for further work seems
to be in detailed analysis of the supplies of
and demands for banking services at the
local market level. Studies of this nature
ought to yield a very high return in terms of
understanding the behavior of both banks
and customers.
Moreover, the usefulness of these studies
would extend far beyond the immediate
dictates of public policy regarding bank entry, mergers, interest rates, and other dimensions of competition. If successful, such
studies could make an important contribution to the theory of the functioning of imperfectly competitive markets.
And there is still another potential reward. The understanding of the workings
1398
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
of general monetary policy should also benefit substantially from research on banking
markets. A justifiable criticism of both the
rationale of monetary policy and aggregate
monetary research has been the vagueness
about how aggregate changes in the money
supply, interest rates, and credit availability
are translated into individual credit and investment decisions. More knowledge of the
behavior of banking markets should materially aid in bridging the gap between
theories of the behavior of national income
and financial aggregates and theories of entrepreneurial and consumer decisions that
affect such aggregates.
Banking markets provide many clear issues, both in theory and in public policy,
that are crying for resolution. Further
work in banking markets research is not so
frustrated by lack of data and research
opportunities as is research in many industrial markets. At present about 13,000 banking firms regularly report detailed data concerning their operations—even though it is
not always in the ideal form for economic
analysis. These banks are spread through
a large number of markets, whether measured in geographic terms or in terms of the
products supplied. Within and among these
markets a multiplicity of characteristics are
displayed. Present techniques and equipment now enable us to process the data for
this large group of banks more analytically.
Some of the present theoretical models, even
though they are not totally satisfactory,
warrant use in this respect. And the development and testing of better models should
yield a very high return in terms of insights
into some of the most intriguing issues facing the economics profession.
LIST OF REFERENCES CITED
1. Gerald C. Fischer, Bank Holding Companies
(Columbia University Press, New York, 1961).
2. W. Ralph Lamb, Group Banking (Rutgers University Press, New Brunswick, N.J., 1961).
3. Bernard Shull and Paul M. Horvitz, "Branch
Banking and the Structure of Competition," The
National Banking Review (March 1964).
4. Lawrence L. Werboff and Marvin E. Rozen,
"Market Shares and Competition among Financial
Institutions," Private Financial Institutions (published
by Prentice-Hall, Englewood Cliffs, N.J., 1963, for
the Commission on Money and Credit).
5. "Changes in Banking Structure, 1953-62," Federal Reserve Bulletin (September 1963).
6. Eugene Rotwein, "Bank Mergers in California,
1947-1960," unpublished study prepared for the Federal Reserve Bank of San Francisco.
7. Branch Banking, Bank Mergers and the Public
Interest (New York State Banking Department,
January 1964).
8. Deane Carson and Paul H. Cootner, 'The
Structure of Competition in Commercial Banking in
the United States," Private Financial Institutions
(published by Prentice-Hall, Englewood Cliffs, N.J.,
1963, for the Commission on Money and Credit).
9. David C. Motter and Deane Carson, "Bank
Entry and the Public Interest: A Case Study," The
National Banking Review (June 1964).
10. Jules Backman, "The Bank Holding Company
Act," The Bulletin of the C. J. Devine Institute of
Finance, No. 24-25 (April-June 1963).
11. Charles Lee Thiemann, The Bank Merger Act
of 1960 (Federal Reserve Bank of St. Louis, 1964.
Based on a Ph.D. dissertation, Indiana University,
1964).
12. George R. Hall and Charles F. Phillips, Jr.
Bank Mergers and the Regulatory Agencies: Application of the Bank Merger Act of 1960 (Board of
Governors of the Federal Reserve System, Washington, D.C., 1964).
13. United States v. The Philadelphia National
Bank. 374 U.S. 321 (1963); Reversal of 201 F. Supp.
348 (E.D. Pa. 1962).
14. Victor Abramson, "Comments on the Philadelphia-Girard Decision: Private Competition and
Public Regulation," The National Banking Review
(September 1963).
15. Victor Abramson, "The Philadelphia National
Bank Case: A Reply," The National Banking Review (December 1963).
16. Victor Abramson, et al., "The Philadelphia
Case: Replies to the Rejoinders," The National Banking Review (March 1964).
17. Deane Carson and Paul M. Horvitz, "Comments on the Philadelphia-Girard Decision: Concentration Ratios and Competition," The National Banking Review (September 1963).
18. Emanuel Celler, "The Philadelphia National
RESEARCH INTO BANKING STRUCTURE AND COMPETITION
Bank Case: A Rejoinder," The National Banking
Review (December 1963).
19. Edward G. Herman, "The Philadelphia Bank
Merger Decision and Its Critics," The National Banking Review (March 1964).
20. Thomas Gale Moore, "The PhiladelphiaGirard Decision: Some Further Comments," The National Banking Review (March 1964).
21. David C. Motter, "Comments on the Philadelphia-Girard Decision: Bank Mergers and Public Policy," The National Banking Review (September 1963).
22. David A. Alhadeff, "A Reconsideration of Restrictions on Bank Entry," Quarterly Journal of Economics (May 1962).
23. Sam Peltzman, Determinants of Bank Entry
(Ph.D. dissertation, University of Chicago, 1964).
24. United States v. First National Bank and Trust
Company of Lexington. No. 36, October Term, 1963,
decision rendered April 6, 1964; Reversing 208 F.
Supp. 457 (E.D. Ky. 1962).
25. Franklin R. Edwards, Concentration and Competition in Commercial Banking: A Statistical Study
(Research Report to the Federal Reserve Bank of
Boston, No. 26, 1964. Based on a Ph.D. dissertation,
Harvard University, 1964).
26. David A. Alhadeff, Monopoly and Competition
in Banking (University of California Press, Berkeley,
Calif., 1954).
27. Lyle E. Gramley, A Study of Scale Economies
in Banking (Federal Reserve Bank of Kansas City,
Department of Research, November 1962).
28. Irving Schweiger and John S. McGee, "Chicago
Banking," The Journal of Business of the University
of Chicago (July 1961).
29. Paul M. Horvitz, Concentration and Competition in New England Banking (Research Report to
the Federal Reserve Bank of Boston, No. 2. 1958.
Based on a Ph.D. dissertation, Massachusetts Institute of Technology, 1958).
30. Paul M. Horvitz, "Economies of Scale in
Banking," Private Financial Institutions (published
1399
by Prentice-Hall, Englewood Cliffs, N.J., 1963, for the
Commission on Money and Credit).
31. Stuart I. Greenbaum, Banking Structure and
Costs: A Statistical Study of the Cost-Output Relationship in Commercial Banking (Ph.D. dissertation,
Johns Hopkins University, 1964).
32. George Benston, The Cost of Bank Operations
(Ph.D. dissertation, University of Chicago, 1964).
33. Bernard Shull, "Commercial Banks as MultipleProduct Price-Discriminating Firms," Banking and
Monetary Studies, edited by Deane Carson (Richard
D. Irwin, Inc., Homewood, 111., 1963).
34. Donald R. Hodgman, Commercial Bank Loan
and Investment Policy (Bureau of Economic and
Business Research, University of Illinois, Urbana,
111., 1963).
35. Donald R. Hodgman, "Competition in Banking
and Its Regulation," The Banker's Magazine (Winter
1964).
36. Jules Backman and Arnold W. Sametz, "Workable Competition in Banking," The Bulletin of the
C. J. Devine Institute of Finance, No. 22 (November
1962).
37. Almarin Phillips, "Competition, Confusion and
Commercial Banking, The Journal of Finance (March
1964).
38. Richard G. Davis and Jack M. Guttentag,
"Balance Requirements and Deposit Competition,"
Journal of Political Economy (December 1963).
39. Harold T. Shapiro and Nevin D. Baxter,
"Compensating-Balance Requirements: The Theory
and Its Implications," Southern Economic Journal
(January 1964).
40. U.S. Congress, House. Banking and Currency
Committee, Subcommittee on Domestic Finance, Correspondent Relations: A Survey of Banker Opinion,
88th Cong., 2d sess. (Government Printing Office,
Washington, D.C., 1964).
41. George Katona, et al., Business Looks at
Banks: A Study of Business Behavior (The University
of Michigan Press, Ann Arbor, Mich., 1957).
Major Issues
in Monetary and Fiscal Policies
This paper by Professor Harry G. Johnson
of the University of Chicago was prepared
originally for a Conference of University
Professors sponsored by the American Bankers Association, which took place in Princeton, N.J., on August 29-September 2,1964.
Because the subject matter is of special
interest to students of monetary and banking
processes, the BULLETIN'S editors are providing here for its publication. BULLETIN
publication, however, denotes neither agreement nor disagreement with the views expressed by the author; these are solely his
responsibility.
A DISCUSSION of major issues in monetary
and fiscal policies of the United States seemingly should be restricted to the domestic
aspects of the subject and should take the
international environment as given. Such
restraint, however, seems to be intolerably
confining.
In my opinion the major issue in monetary
and fiscal policy in the United States at the
present time is the shape that the international monetary system should take. Furthermore, the decisions—or failures to take decisions—on this subject that have emerged
from the deliberations of the International
Monetary Fund [1] and of the Group of Ten
[2] are bound to constitute a source of future difficulties for U.S. monetary and fiscal
policy.1
International Monetary Issues
THE DEFICIENCIES OF FIXED
EXCHANGE RATES
The classical debate on the issue of fixed
versus floating exchange rates, which took
the existence of the nation-state for granted,
produced a theoretically overwhelming case
for floating exchange rates, given the initial
assumption that national policy-makers can
be trusted to pursue domestic objectives in
a sensible fashion. The classical statement
of this case is Milton Friedman's essay on
the subject. [3]
More recent works by Robert A. Mundell
[4] and Ronald I. McKinnon [5] have abandoned the earlier identification of a nation
with a particular currency area and have
posed the question of fixed versus floating
exchange rates as a problem of choosing the
optimum currency area. These authors have
raised important questions about the assumptions of the earlier analysis, notably with respect to the diversity of the economy and
the internal mobility of its factors of production, the degree of involvement of the economy in international trade, and the relation
of the "moneyness" of the national currency
to the international mobility of capital.
In spite of the questions it has raised, this
new theorizing has strengthened the reasons
for believing that the United States should
1
Numbers in brackets refer to references cited on
p. 1413.
1400
ISSUES IN MONETARY AND FISCAL POLICIES
have a floating exchange rate for the dollar
in relation to other major world currencies.
It has done this by calling attention to the
importance of internal mobility of factors of
production for the facility of adjustment under floating rates; to the effects of a low ratio
of international trade to national income—
such as we have in this country—in reducing
the impact of changes in exchange rates on
the domestic price level, and so in minimizing the conflict between the balance of payments objective and the price-stability objective of economic policy; and to the effects
of a diversified domestic economy in encouraging capital to flow internationally in
response to changes in exchange rates and
to the effects of such changes on the profitability of investment.
Nevertheless, the United States has become increasingly committed to the present
system of fixed rates of exchange between
the various currencies and a fixed price of
gold. These rates are alterable only in circumstances of "fundamental disequilibrium," and for the major countries at least,
the circumstances that would seem to reflect
such disequilibrium have been redefined
down to the vanishing point. This system of
international monetary organization, under
present conditions and given the policy objectives of the major nations, is seriously defective in a variety of respects.
Current analysis has come to list these
deficiencies under three major headings: (1)
The long-run liquidity problem. This is associated with the present level of the price of
gold and with the inadequacy of new monetary supplies of that precious metal. (2) The
confidence problem. This arises from the
scarcity of gold, the use of the dollar as a
substitute reserve, and the international mobility of capital that has developed, particularly since the European currencies became convertible and the United States
1401
became a chronic deficit country. And (3)
the problem of adjustment to international
disequilibria [6].
THE MECHANISM OF INTERNATIONAL
ADJUSTMENT
In this paper I shall not be concerned with
the first two of these problems since they
do not pose direct and concrete problems for
fiscal and monetary policy. This statement
needs to be qualified, however. That is, one
must recognize that the confidence problem
imposes restraints on the freedom of the
United States to follow any policies that
would be expansionary for the domestic
economy if such policies would have adverse
effects on the balance of payments. The
reality and irksomeness of such restraints
are evident from James Tobin's recent article
in the Review of Economics and Statistics
symposium in honor of Seymour Harris [7].
Also, the confidence problem obliges the
U.S. monetary authorities to pay particular
attention to outflows of U.S. short-term capital, in order to avoid alarming foreign central
banks.
Under the gold standard system of immutably fixed exchange rates propounded in
textbooks, adjustment of international payments disequilibria would occur automatically. It would be brought about by changes
in domestic expenditures and prices, induced
by contraction of the money supply in deficit countries and by expansion of the money
supply in surplus countries. Such monetary
changes would be initiated automatically by
international gold flows, and reinforced by
domestic monetary policies rigidly governed
by national gold reserves.
Under the present system the operation of
this mechanism is impeded in two ways. One
impediment is the downward inflexibility of
wages and prices—the recognition of which
in the 1930's led economists to denounce the
1402
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
gold standard. The other is the unwillingness
of governments—motivated by the objectives of price stability, full employment, and
economic growth—to tolerate and pursue
the adjustment processes required by the system. Deficit countries are reluctant to deflate, and surplus countries reluctant to inflate, as the adjustment processes require.
Adjustment of disequilibria, in the fundamental sense of the term "adjustment," has
therefore come to depend on two crucial factors.
The first is the inability of the countries
concerned to achieve their stated policy objectives: specifically, the inability of deficit
countries to pursue the goal of full employment, or their willingness to accept a performance short of that desired, for the sake
of improving their balances of payments;
and the inability of surplus countries to prevent their surpluses from generating domestic inflation, contrary to the objective of
price stability.
The second factor is the response of the
competitive system to the existence of disequilibrium and to the residual deflationary
and inflationary pressures allowed by the incomplete fulfillment of policy objectives.
Note that I have described this factor in such
a way as to allow for processes of adjustment
that do not depend on direct aggregate demand pressures; these processes may involve
such elements as productivity-increasing innovations prompted by the micro-economic
pressures of competition that are not allowed
for in macro-economic models. Note also
that the competitive response may involve
perverse elements, particularly the tendency
for private capital to flow from depressed to
prosperous economies.
Dependence on these factors means that
the adjustment of fundamental disequilibria is bound to be a slow process. The experience of the dollar-shortage period and
of the ensuing dollar-glut period, combined
with the projections of the Brookings Report
[8], suggests that an adjustment period might
run from 10 to 15 years.
An adjustment period of this prospective
length poses extremely serious problems for
the formation and execution of economic
policy: In the first place, it requires a much
longer perspective than democratic governments are equipped to adopt, bound as they
are to seek electoral approval every 4 or 5
years, and focusing as they must on shortrun economic developments. Much of the
confusion, misunderstanding, and mutual
recrimination that has impeded improvement
in the international monetary system and in
international economic relations in the postwar period can be attributed to the persistent
but mistaken belief that problems of international monetary disequilibrium could be
remedied by appropriate policies in a brief
space of time.
In the second place, the financing of deficits cumulated over such long periods of
time requires massive transfers of capital
among countries. The usual facilities of central banks are not adequate to handle such
large transfers, so it becomes necessary to arrange them by intergovernmental negotiation. And this raises a variety of difficult
political problems for which solutions must
still be found. While events in recent years
have been pressing toward the use of intergovernmental transfers of long-term capital
explicitly for the financing of international
disequilibria, such transfers have not yet
been recognized officially as essential to the
logic of the system. I should note, in passing, that a system of slow international adjustment supported by large-scale transfers
of capital from surplus to deficit countries
raises some obvious questions about the efficiency of the resulting international allocation of capital.
ISSUES IN MONETARY AND FISCAL POLICIES
POLICIES FOR INTERNATIONAL BALANCE
In Mundell's terminology the present international monetary system is, in fact, a
"disequilibrium system" [9]. The attempt
in such a system to devise policies that will
aid in the pursuit of the accepted policy goals
—price stability, full employment, and
growth—has led policy-makers and theorists
alike into new and more complex ideas as
to how policy should be conducted. These
ideas are concerned with achieving the semblance of balance of payments adjustment
in the short run, with the hope that in the
long run a real adjustment will be brought
about through the automatic competitive
processes previously mentioned.
One method of achieving this effect—and
this has already been referred to—is through
negotiated intergovernmental transfers of
longer-term capital.
Another method, which has become increasingly respectable in recent years, is to
vary the degree of government interference
in international trade and payments. For the
deficit country—to wit, the United States—
this method comprises the tying of foreign
aid and military expenditures and the introduction of the interest equalization tax
on the payments side; on the receipts side,
it includes the negotiation of military sales
to allies and envisages a variety of special
incentives to increase exports.
For surplus countries seeking balance of
payments adjustments through policies affecting trade and payments, it is recommended that resistance to the inflationary
consequences of surpluses be sought in a
liberalization of import policy rather than
by tightening the supply of money. The appeal of this recommendation is usually enhanced (as in the Report of the Council of
Economic Advisers submitted in January
1964 [10]) by a deliberate refusal to endorse
1403
the converse proposition for deficit countries, or even to recognize that the policies
actually followed by the United States do
represent its converse.
The third method is to select a combination of fiscal and monetary policies that will
permit a high level of employment without
aggravating the balance of payments situation. In terms of the simplest Keynesian
theory of economic policy, if fiscal expansion
is not accompanied by monetary expansion,
the current-account balance will tend to
worsen because rising income will increase
the demand for imports. But at the same time
the balance on capital account will tend to
improve because rising income will tend to
raise interest rates and attract capital inflows,
or discourage outflows. Monetary expansion
will tend to worsen the balance on current
account through its effect on income and to
worsen the capital-account balance through
its effect on interest rates, whereas monetary
contraction will tend to improve the balance
of payments on both accounts. Hence it
should be possible to combine fiscal expansion with monetary policy in such a way as
to raise income while improving the capital
account enough to offset the adverse effect
of higher income on the current account.
The required monetary policy will probably be a contractionary one, involving
either an actual reduction in the quantity
of money, or a slower rate of growth of the
money supply than normal. It is possible,
however, that this policy would be expansionary if the income effect of the fiscal expansion on the current account fell short of
its interest effect on the capital account. In
any case it would have to be "contractionary" in the different sense of involving an
increase in interest rates.
It is important to notice, for future reference, that the theory leading to this combination of policies for internal and external
1404
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
balance rests on very simple and possibly
questionable Keynesian assumptions: specifically, if an increase in the level of income
were to raise prospects for profits, monetary
expansion could lead to a rise rather than a
decline in interest rates. If so, it would have
effects on the two parts of the balance of
payments similar to those associated with
fiscal expansion.
The policy analysis I have just outlined
suggests fiscal expansion combined with
monetary restraint for countries with deficits
in their balance of payments, and fiscal restraint combined with monetary expansion
(or at least not monetary restraint) for countries with surpluses. The fact that such a
recommendation was made explicit to surplus countries in the 1964 report by the
Council of Economic Advisers [10] no doubt
stems in part from the reaction of the European central banks to the increase in U.S.
interest rates early in the summer of 1963,
when there was still some tendency to assume that the European countries would respond passively to the U.S. policy actions.
A further wrinkle of the analysis, which
in U.S. policy predates the argument outlined, recommends that the deficit country
use monetary policy in such a way as to raise
short-term rates relative to long—that is,
to "twist" the rate structure—with the purpose of attracting short-term capital inflows
or inhibiting outflows while not discouraging
long-term domestic investment. So far as
I am aware, this part of the analysis has not
been crystalized into a policy recommendation for surplus countries, though in some
cases their policies have been designed to
discourage short-term capital inflows by
equivalent means.
The policies of fiscal expansion combined
with higher interest rates in deficit countries
and of fiscal contraction combined with
lower interest rates in surplus countries just
described are not fundamentally designed
to restore international equilibrium. Rather
they are designed to induce whatever transfers of capital are necessary for financing the
deficits or surpluses associated with the pursuit of full employment and price stability
in an environment of disequilibrium in exchange rates to pass through the private capital accounts of the balance of payments. In
this way they seek to relieve the strains on
the international monetary system and on
intergovernmental relations that financing by
central bank accumulations of the currencies of the deficit countries or by negotiated
intergovernmental capital transfers entail.
The utility of such policies is conditional
on the presence of a competitive adjustment
mechanism working steadily (if slowly) behind the scenes. Their use is not only open
to the questions about efficiency of capital
allocation mentioned earlier but also conditional on their not impeding the underlying
adjustment mechanism. The danger that they
may impede adjustment is, of course, reflected in concern about the possibility of
inflation; in wishful (and wistful) contemplation of an income policy (wage and price
guideposts); and in government actions
aimed at offsetting the influence of disequilibrium in exchange rates on the country's
international competitive position by subsidies to productivity-increasing activities
and by export promotion.
In one important sense, indeed, these balance of payments policies may work directly
to aggravate international imbalance: for insofar as tight or loose monetary policies have
an influence on domestic rates of growth,
this method of preserving the semblance of
international balance will accelerate the
growth of the surplus countries and will retard that of the deficit countries. And inso-
ISSUES IN MONETARY AND FISCAL POLICIES
far as international competitiveness is dependent on growth rates, it will tend to promote imbalance rather than balance.
The two connections assumed here, however, are doubtful: for fiscal policy can be
designed to discriminate between investment
and consumption, while the effects of growth
on international competitiveness depend on
the outcome of income and substitution effects.
1405
To my mind, one of the major issues with
respect to fiscal and monetary policies in the
contemporary world concerns how far the
two in combination can be used to operate
the international disequilibrium system without aggravating and prolonging the disequilibria, and without indirectly fostering the
need for, and the growth of, interferences
with both international trade and payments,
and domestic wage and price determination.
Domestic Issues in Monetary and Fiscal Policies
THE SHIFT TO FISCAL POLICY
Having said this much about the international monetary system and the problems
involved in the use of fiscal and monetary
policy to operate it, let me turn to the consideration of monetary and fiscal policy
from the domestic point of view.
The emergence of the United States as
a reserve-currency country with a chronic
balance of payments deficit has forced a
major change in the conception of the respective roles of fiscal and monetary instruments in carrying out U.S. economic policy.
This change is more apparent in the successive annual reports of the Council of Economic Advisers than in the views and attitudes of the general public. At some cost in
terms of longer-run historical accuracy,
notably with respect to the early 1930's, it
can be said that the United States in the past
has relied in large part on monetary policy
as its major instrument for achieving price
stability and high employment. While fiscal
policy has been used from time to time since
the beginning of the New Deal, and especially during World War II, for the pursuit
of macro-economic objectives, the prolonged
period of dollar shortage prevented any serious conflict between the objectives of inter-
nal and external balance and made it unnecessary to work out a coherent and publicly accepted philosophy of the coordinated
use of fiscal and monetary policy. In particular, it was not necessary to educate the
public, including the legislators, in the use
of fiscal policy to achieve short-run economic
stability.
But with the appearance of a chronic deficit and balance of payments problem, it
was no longer possible to use monetary policy for purely domestic purposes. Instead,
monetary policy has had to be governed
increasingly by the requirements of the balance of payments, and especially by the need
to control international capital movements.
Correspondingly, it has become necessary to
put increasing emphasis on fiscal policy as
the primary instrument for accomplishing
domestic objectives.
PROBLEMS AND REQUIREMENTS OF THE
TRANSITION
The transition has not been without strain.
Nor is it yet complete. One aspect of the
strains involved has been the continued
criticism of Federal Reserve policies by economists and others who have been dissatisfied
with the performance of the domestic economy but who have been unwilling—or have
1406
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
refused—to recommend alternatives to
monetary stringency as a way of coping with
the balance of payments deficit. In other
words, many professionals have continued to
think of monetary policy as a purely domestic instrument in circumstances in which it
cannot be so.
A more important aspect was the long
delay in getting the tax cut through Congress
and the need ultimately to sell it by the
promise of government economy, both of
which reflected the attachment of important
sections of the public and of the Congress
to orthodox notions of the necessity of balanced budgeting. While it is true that the
apparent success of the tax cut has enabled
the President to promise further tax cuts in
the near future without exciting anything
like the degree of opposition encountered
before the recent tax bill was passed, there
is certainly no proof that the country has
mastered and accepted the theory of countercyclical fiscal policy.
I would maintain, on the contrary, that
one of the major issues in monetary and fiscal policy in this country at the present time
is the development of conscious public acceptance and official use of fiscal policy as a
countercyclical device. It is one thing to concur in a tax cut after years of preaching by a
conservative press that taxes are too high,
and to do so after paying appropriate lipservice to the need for economy in government spending. It is quite another to set up
machinery allowing the administration to cut
taxes without a gesture in the direction of
cutting spending, and to allow the administration to do so on the basis of its own judgment of what the economy requires. And it
would be a still more demanding test to empower the administration to raise taxes when
it felt that fiscal restraint was necessary to
prevent inflationary developments.
To put the problem in another way, the
tax cut has been only a first, and a relatively
easy, step toward the efficient use of fiscal
policy as a major instrument of domestic
economic stabilization. The next step required is one that would give the budgeting
authority discretionary control of fiscal policy. Such control would be comparable to
the discretionary control that the monetary
authority has long enjoyed over the money
supply. This will be a difficult step. One
reason is that it will be necessary to establish
the idea of countercyclical fiscal policy as
an operating principle of public finance. Another is that the step will require either a
surrender of some congressional control over
the taxing power or a revolutionary change
in the methods by which Congress conducts
fiscal business.
The former appears to be the more probable avenue of change. At the technical
level, it would require the selection of those
taxes whose variation will have the most
predictable and substantial effects on expenditures—a matter important both for the
use of tax variation as a policy instrument
and for the feasibility of transfer of power
over taxes from legislative to executive control—and the framing of rules for discretionary variation in tax rates that would be adequate to the needs of policy-making without departing too far from the principle of
separation of powers in the Government of
the United States.
As a preliminary, it would probably be
necessary—and would be desirable on other
grounds—to effect the rationalization of the
tax structure that the experts have been urging for years but that was sacrificed in the
pursuit of over-all reduction in taxes. It
would also be helpful to keep the macroeconomic impact of the tax-expenditure
structure in the forefront of the discussion,
as the Council of Economic Advisers did in
its report for January 1964 [10], with a view
ISSUES IN MONETARY AND FISCAL POLICIES
to more frequent adjustment of tax rates to
the increasing yield potentials created by the
growth of the economy.
SPECIFIC ISSUES OF MONETARY
AND FISCAL POLICY
General Effectiveness
Let me now turn from the broad issues
raised for the deployment of the instruments
of fiscal and monetary policy by recent
changes in the world monetary environment
and the international position of the U.S.
economy to some of the more specific issues
that have been raised by the use of these
instruments in recent years.
It will be generally agreed, I think, that
one issue has been conclusively settled by
recent experience. This is the capacity of
fiscal and monetary policy, in cooperation,
to raise the level of economic activity and to
reduce the level of unemployment. The current expansion has continued longer than
any previous expansion in this century. Indeed, it shows no clear indications of an
early relapse, but rather of continuation at
least into 1965. It has truly confounded
those who believe that a "natural" business
cycle is inevitable and that economic policy
can exercise no major influence over it. The
expansion has exceeded the forecasts. It has
reduced the budget deficit below the level
that had been predicted. And it has permitted
the administration to hold out the promise of
further tax cuts next year, earlier than could
have been expected.
The unemployment rate has fallen to 4.9
per cent, and this without any serious upward pressure on prices. This last fact is of
special importance, in view of the hypothesis
so widely advanced in recent years that economic policy has been faced with an entirely
new problem—that of structural unemployment caused by automation. Traditional
macro-economic policies, it was alleged,
1407
were incapable of coping with this problem.
The evidence presented in support of this
hypothesis was usually no more than the observation that a rise in unemployment has a
differential impact on different sectors of the
labor force, and it should be noted that empirical research on the problem has tended
to reject the hypothesis as uncorroborated
by the evidence [11].
The recent reduction in the unemployment rate provides much more direct and
convincing evidence against the hypothesis.
But it is not likely that this evidence will convince those who are overly impressed by the
labor-saving effects of technical progress and
who are unable to appreciate the capacity
of a buoyant labor market to reabsorb displaced labor: indeed, a group calling itself
the Ad Hoc Committee on the Triple Revolution has been making a great splash in
Chicago recently with the notion that cybernation—not automation; that term is oldfashioned—threatens unemployment in the
near future on a scale so great as to demand
both the public revision of incomes to a
large part of the labor force and the redefinition of the term "work" to include education,
voluntary political activity, and social welfare work [12].
To argue that the recent reduction in the
unemployment rate demonstrates the efficacy
of macro-economic policies is not, of course,
to argue that the present level of unemployment is satisfactory. Still less does it imply
that there is no need for policies to improve
the mobility of labor, if lower levels of unemployment are to be achieved with reasonable price stability. Nor does it imply that
unemployment policy will be free of problems in the future, especially those associated
with the impending flood of new entrants
to the labor market; however, it does suggest
that macro-economic policy, properly managed, can make a greater contribution to the
1408
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
solution of those problems than most noneconomist commentators on automation,
education, and related phenomena seem to
believe. Finally, it does not imply that we
have no need for a program to deal with
problems stemming from poverty, since the
roots of most poverty lie in one form or
other of incapacity to participate in the labor
force, or to provide labor services valuable
enough to earn a socially decent wage.
Relative Effectiveness: Fiscal
Versus Monetary Policy
While recent experience demonstrates the
efficacy of fiscal and monetary policy in
stimulating aggregate demand and employment, it raises the issue of the relative contributions of fiscal and monetary policy to
the expansion. And this issue in turn involves
perennial and deeper questions concerning
the importance of money and the effectiveness of monetary policy.
A variety of factors make it difficult to
interpret the experience of the past few
years. One of these relates to the changes
in Regulation Q in 1962 and 1963. These
changes, designed to allow rates on time and
savings deposits to rise enough to attract and
hold short-term capital, caused these deposits to rise much faster than demand deposits and currency. The possibilities of substitution between demand and time deposits
on the one hand, and between time and savings deposits and competing savings media
provided by other financial intermediaries
on the other hand, in response to the rise
in deposit rates, make it impossible to determine exactly how expansionary monetary
policy has been over the period, according
to quantity theory standards. Such a determination would require a more detailed
analysis of the magnitudes of the relevant
cross-effects than is currently available.
If the question is approached in terms of
movements in interest rates, other complications are encountered. One of particular
relevance is the effect of the new depreciation guidelines and investment tax credit
adopted in 1962 in raising the net return on
investment, and so in effect making any given
level of long-term interest rates less restrictive than before. E. M. Bernstein has estimated the effects of these changes as equivalent to a reduction of 1 percentage point
in interest rates.2
Another is the standard point that the
restrictiveness of a given level of interest
rates varies with the circumstances. The importance of this point has been emphasized
in certain theoretical papers that have
reached me recently in advance of publication and that have been written with the
current policy situation in view.3
Essentially, these papers question the
standard diagrammatic assumption that the
investment-saving (IS) curve slopes downward, so that monetary expansion necessarily reduces interest rates. The contrary assumption that the IS curve slopes upward
can be reached by a variety of routes: (1)
an income-investment relation stronger than
the income—saving relation; (2) a static
translation of the accelerator; (3) the application of marginal productivity theory to the
effects of increased employment on the
marginal productivity of capital in an aggregated Keynesian model; (4) the application
of the relation between relative production
quantities and factor prices in a two-goods
model on the assumption that the capital
goods sector is capital-intensive. And this
assumption implies both that monetary expansion will raise interest rates and that the
effort to stabilize interest rates in the face
2
This information was obtained in private conservation with Mr. Bernstein.
3
The authors in question are David Meiselman, R.
A. Mundell, and Arnold Collery.
1409
ISSUES IN MONETARY AND FISCAL POLICIES
of shifts in the IS curve will be destabilizing.
Even without the assumption of an upward-sloping IS curve, the effort to stabilize
rates may involve substantial expansion of
the money supply, depending on the interest-sensitivity of the IS curve. And it may
well be that both the critics and the defenders
of recent monetary policy, in their concentration on interest rates, have been misled
into understating the expansiveness of monetary policy and overstating the restraints imposed on it by balance of payments considerations.
In explaining changes in the U.S. economy in recent years, the 1964 report of the
Council of Economic Advisers [10] gives
the impression of assigning relatively greater
weight to tax reductions and a lesser and
complementary role to monetary policy conducted, as it has been, within the limits set
by the policy of raising short-term rates and
twisting the yield structure to reduce outflows of short-term capital.
Milton Friedman, on the other hand, in
reporting on his research in the 44th annual
report of the National Bureau of Economic
Research [13], demonstrates that in the
period 1957-63 there was a fairly close connection between rates of change in the money
supply (on the standard and his own definitions of money) and subsequent rates of
change in the index of industrial production,
when the changes in each series were calculated for homogeneous subperiods. This demonstration indicates that the otherwise mysterious slackening of the pace of economic
expansion in the latter part of 1962, which
is difficult to explain in terms of fiscal developments, appears to have been linked to a
reduction earlier that year in the rate of
growth of the money stock. The comparative
timing of these changes also makes them difficult to explain in terms of a response of
the money supply to prior changes in income.
In view of this evidence, of the considerations previously outlined, and of a variety
of other evidence not worth citing in detail,
I am inclined to attach a greater importance
to monetary policy in generating and sustaining the expansion than the Council does,
though I would not be prepared to accept
the monetary explanation of growth in economic activity to the point of denying that
fiscal policy was an important influence on
income and employment. But while I believe that monetary policy was an important
influence, I am not convinced that the monetary stimulation that has occurred has been
fully intended. There is reason to suspect
that it has been, to some extent, the unintended consequence of a policy intended
to be modestly restrictive in the sense of
raising the level of interest rates, but one
that actually turned out to be quite expansionary in its effects on the money supply.
Effectiveness of the "twist"
A related but subsidiary question about recent monetary policy relates to the effectiveness of the policy of twisting the rate structure. This issue involves the broader question
of the empirical validity of the liquidity-preference theory. When this policy was initiated, the results of contemporary research
suggested that changes in the composition
of the public debt would have relatively
trivial effects on interest rates. In fact, David
Meiselman's work on the expectations
theory of term structure implied that it
would be negligible [14]. Meiselman's work
has since been found defective by R. Kessel
[15] and John H. Wood [16], who have discovered some evidence of liquidity preference.
Meanwhile, the twist policy has apparently had more influence on the rate struc-
1410
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
ture than was earlier predicted for it. A recently completed doctoral dissertation by
Neil Wallace [17], which attempts to combine term-structure theory with liquidity
preference in a more general theory of forward interest rates, finds that the term structure has been twisted to a greater extent
than the liquidity-preference element in his
formulation would predict. As a result of
the balance of payments problem, this question of the manipulatability of the yield
structure has gained new significance, and
further research is evidently called for. A
plausible line of explanation, but one difficult
to explore, is that Federal Reserve policy
pronouncements have a direct effect on the
market's expectations.
THE PERFORMANCE OF THE FEDERAL
RESERVE: INDEPENDENCE AND
COMPETENCE
The issues just discussed relate to the
potency of monetary policy as an instrument,
first, for controlling aggregate demand, and
second, for achieving differential effects on
the pattern of interest rates. Issues of quite
a different kind have been raised by the performance and pronouncements of the Federal Reserve in the period since 1957. These
issues relate to the control over the monetary
instrument, as contrasted with the control
of that instrument over the economy, and are
concerned with two broad questions, which
may be loosely described as the external and
the internal aspects of control over monetary
policy.
By the external aspect I mean the question
of coordination of monetary policy with the
other instruments of policy—fiscal policy
and debt management. This is really a question of the external relation of the Federal
Reserve System to the other agencies of economic policy-making and more broadly to
the political processes of government. By
the internal aspect I mean the question of
the efficiency with which the Federal Reserve
manages monetary policy in pursuit of the
objectives of that policy. This is really a
question of the internal organization and
operating procedures of the System.
The former is in essence a political problem or a problem in political organization.
The latter is a problem on which economic
theory and scientific economic research can
be brought to bear—and in fact have recently been brought to bear. But it too is
ultimately a political problem—or perhaps
it would be more accurately described as a
sociological problem. The economist does
not have the skills to provide the answers to
these problems, but in view of his alternative
role as a political economist, he is naturally
concerned with them.
These issues became active as a result of
the Federal Reserve System's adoption of a
sharply contractionary monetary policy in
1959-60 and of the resulting premature
choking-off of the recovery from the 195758 recession. At that stage, I think it is fair
to say, the major part of the professional
comment was directed at the first issue. The
Federal Reserve was widely criticized for
being too concerned about resisting inflation
and for having too little concern for promoting full employment and growth. And it
was generally believed that the constitution
of the System needed to be revised to give
the administration a stronger and tighter
control over the formulation and conduct of
monetary policy.
While some commentators directed their
criticisms at the System's methods rather
than at its objectives, they were very much
in a minority. And it was the majority view
that found expression in the report of the
Commission on Money and Credit [18]. The
report's discussion of the potentialities of
ISSUES IN MONETARY AND FISCAL POLICIES
monetary policy was bland and conventional; and the report made extensive recommendations for reforming the constitution
of the Federal Reserve System, without paying much attention to how the System actually operates policy.
The issues have recently been thrashed
out again, in the Hearings before the SubCommittee on Domestic Finance of the Committee on Banking and Currency of the
House of Representatives on "The Federal
Reserve System After Fifty Years" [19].
These Hearings were in many respects an
odd production, in which the popular concern about the monopoly power of the
money trust inherited from the late nineteenth century confronted the mid-twentieth
century professional economists' concern
about the failure of the country's central
banking arrangements to apply sophisticated
new developments in monetary theory. The
two concerns found very uncertain common
ground in an onslaught on the independence
of the Federal Reserve in the Governmental
structure and on its organization and methods of performing its functions.
In contrast to the proceedings of the Commission on Money and Credit, the purpose of
the Hearings has been deliberately to encourage the airing of criticisms of the Federal Reserve—and criticisms have been recorded in abundance. The Keynesians have
had their revenge on the System for the
monetary policies of 1959-60. And the
quantity theorists have had their revenge on
both the System and the Keynesians for past
insults and neglect.
Moreover, the quantity theorists' attack
has been extended beyond past charges of
ignorance of how money influences the
economy—charges based on recent research
on the theory of the demand for money—to
charges of ignorance of how the System itself influences money. These charges are
1411
based on still more recent research on the
theory of the supply of money.
Here I refer not to the Hearings themselves, but to the staff study by Karl Brunner
and Allan Meltzer on "The Federal Reserve's Attachment to the Free Reserve Concept" [20]. This study follows earlier works
by Alexander J. Meigs [21] and William G.
Dewald [22], which pinpointed the fallacies
of the theory of monetary control originated
by Winfield W. Riefler [23] and underlined
the inadequacies of this theory as a guide
to the conduct of monetary control.
The result of the Hearings has been to
dramatize both the unpopularity of the Federal Reserve System and its methods with a
large number of monetary economists and
the extent to which it has lost touch with
new developments in monetary theory and
new empirical research on monetary phenomena. The report of the Commission on
Money and Credit [18] and the discussions
of monetary policy surrounding it had already revealed the gap between the Federal
Reserve and the academic economists. But
the Hearings—and especially the threat of
legislation emanating from Representative
Patman's Committee—are undoubtedly the
main influence behind the efforts that Chairman Martin has recently initiated to modernize the Federal Reserve System.
As already mentioned, there are two distinct issues involved here, the external and
the internal. So far as the first is concerned,
I would judge that few economists now
would be prepared to advocate an "independent" central bank, as propounded in
the literature published between the two
World Wars; that is, a bank whose first duty
is to protect the value of money against the
inflationary propensities of the elected politicians. Such a function is consistent with
neither political democracy nor modern concepts of the economic responsibilities of gov-
1412
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
ernment. And even if it were, the historical
record provides little evidence of the capacity of central banks to perform it wisely
[24]. However, there are some subtle issues
relating to precisely how the central bank
should be integrated into the organization
of the government's economic policy-making, and specifically whether the central bank
should be coordinate with the Treasury under the executive department, or should be
subordinate to the Treasury.
In Canada this issue was recently decided
in favor of making the Governor of the Bank
responsible to the Minister of Finance, with
the latter determining the broad outlines of
monetary policy. This is the system that has
ruled in England since 1945. Such a system
of organization assumes that the Treasury
makes macro-economic policy.
In this country, however, there is historical reason to fear that the Treasury might be
excessively concerned with minimizing the
interest cost of the public debt. This problem
is part of a larger problem mentioned earlier:
the need to develop among our people, including the legislative and executive
branches of government themselves, a better
understanding of the techniques and implications of fiscal policy.
With regard to the second issue—the application of modern economic theory and
scientific research methods in the conduct of
monetary policy—it is worth making the
obvious point that the problem is not to get
the central bank to employ and use economists. The Federal Reserve has done that
for a long time, as have most other central
banks. The real problem, which has close
analogies with the problem of the use of
scientists in industry, or ©f economists in
economic planning, is to establish and maintain an organizational structure within which
a scientific and research-oriented approach
can be maintained in the face of the continual pressure of decisions that must be
made on matters only remotely connected
with scientific fundamentals.
A central bank operates in the markets for
credit, and there is an inevitable tendency
for it to conduct its analysis and formulate
and rationalize its policies in terms of how
they affect credit markets. There is an
equally inevitable tendency for economists
who get involved in central bank policymaking to think and talk in the same terms,
if only to be able to communicate and command attention. As the Brunner-Meltzer
study shows, for example, the prevalence of
the free-reserve concept in Federal Reserve
thinking is intimately associated with the
necessity of formulating and communicating
decisions to be implemented by the Manager
of the System Open Market Account.
What internal institutional arrangements
in the central bank would suffice to prevent
this I cannot say: any major improvement
in the theory of policy adopted by the bank
is likely to harden into a dogma offensive
to subsequent theorists, as indeed happened
to the Riefler theory. Perhaps the best that
can be hoped for is that more active and sustained criticisms by academic economists
will accelerate the rate of adoption of theoretical innovations.
ISSUES IN MONETARY AND FISCAL POLICIES
1413
LIST OF REFERENCES CITED
1. International Monetary Fund, 1964 Annual Report, Part II (Washington, D. C , 1964).
2. Ministerial Statement of The Group of Ten and
Annex Prepared by Deputies, reprinted in Federal Reserve Bulletin (August 1964).
3. Milton Friedman, "The Case for Flexible Exchange Rates," Essays in Positive Economics (University of Chicago Press, Chicago, 111., 1953).
4. Robert A. Mundell, "A Theory of Optimum
Currency Areas," American Economic Review (September 1961).
5. Ronald I. McKinnon, "Optimum Currency
Areas," American Economic Review (September
1963).
6. Fritz Machlup and Burton G. Malkiel (editors),
International Monetary Arrangements: The Problem
of Choice, report on the deliberations of an international study group of 32 economists (Princeton University Press, Princeton, N.J., 1964).
7. James Tobin, "Europe and the Dollar," Review
of Economics and Statistics (May 1964).
8. Walter S. Salant, et al., The United States Balance of Payments in 1968 (The Brookings Institution,
Washington, D. C , August 1963).
9. Robert A. Mundell, "The International Disequilibrium System," Kyklos (1961).
10. The Economic Report of the President Together With the Annual Report of the Council of Economic Advisers (Government Printing Office, Washington, D. C , January 1964).
11. A. Rees, "The Dimensions of the Employment
Problem Now and for the Foreseeable Future," remarks before a Symposium on Employment Sponsored by the American Bankers Association, Washington, D. C , February 24, 1964.
12. "Conversation on 'The Triple Revolution: Cybernation, Weaponry, and Human Rights'," Chicago
Perspective (September 1964).
13. Milton Friedman, "The Monetary Studies of
the National Bureau," The National Bureau Enters Its
Forty-Fifth Year (National Bureau of Economic Research, 44th Annual Report, New York, June 1964).
14. David Meiselman, The Term Structure of Interest Rates (Prentice-Hall, Englewood Cliffs, N.J.,
1962); see, however, John H. Wood, "The Expectations Hypothesis, the Yield Curve, and Monetary
Policy," Quarterly Journal of Economics (August
1964).
15. R. Kessel, "The Cyclical Behavior of the Term
Structure of Interest Rates," unpublished MS., National Bureau of Economic Research, New York,
1962.
16. John H. Wood, "Expectations, Errors, and the
Term Structure of Interest Rates," Journal of Political
Economy (April 1963).
17. Neil Wallace, "The Term Structure of Interest
Rates and the Maturity Composition of the Federal
Debt," unpublished Ph.D. dissertation, University of
Chicago, 1964.
18. Money and Credit, the report of the Commission on Money and Credit (Prentice-Hall, Englewood
Cliffs, N.J., 1961).
19. U.S. Congress, House. Banking and Currency
Committee, Subcommittee on Domestic Finance, Federal Reserve System After Fifty Years, Vols. I and II,
88th Cong., 2d sess. (Government Printing Office,
Washington, D. C , 1964).
20. U.S. Congress, House. Banking and Currency
Committee, Subcommittee on Domestic Finance,
"The Federal Reserve's Attachment to the Free Reserve Concept," a Staff Analysis by Karl Brunner and
Allan Meltzer, 88th Cong., 2d sess. (Government
Printing Office, Washington, D. C , 1964).
21. Alexander J. Meigs, Free Reserves and the
Money Supply (University of Chicago Press, Chicago,
111., 1962).
22. William G. Dewald, "Free Reserves, Total Reserves, and Monetary Control," Journal of Political
Economy (April 1963).
23. Winfield W. Riefler, The Reserve Banks and
the Money Market (Harper and Bros., New York,
1930).
24. Harry G. Johnson, statement made Feb. 25,
1964, before the House Banking and Currency Committee, Subcommittee on Domestic Finance, Vol. II,
pp. 969-1020, cited in item 19 above. Statement includes on pp. 975-1016 a reprint of Harry G. Johnson,
"Alternative Guiding Principles for the Use of Monetary Policy," Essays in International Finance (No. 44,
November 1963) in which the role of monetary policy
in general economic policy is discussed.
Law Department
Administrative
interpretations, new regulations, and similar material
Transactions in Federal Funds to Adjust
Reserve Balance Maintained by
Edge Corporation
Question has been raised as to whether Corporations operating under the provisions of Regulation K (12 CFR 211) that must maintain reserves
against deposits as specified in Section 211.7 (c)
of the Regulation may properly engage in Federal
Funds transactions.
The Board of Governors has concluded that it
is permissible for such a Corporation to purchase
or sell Federal Funds where such activities are
merely used to adjust its reserve balance maintained with the Federal Reserve Bank, and not as
a regular means of investing its funds.
For the purposes of Regulation K and reports
of condition, Federal Funds Sold by the reporting
Corporation shall be included in loans subject to
the limitations and restrictions in Section 211.9
(b) of Regulation K, and Federal Funds Bought
shall be treated as liabilities for borrowed money.
Reports of Changes in Control
of Management
Under a statute enacted September 12, 1964
(Public Law 88-593; 78 Stat. 940) all insured
banks are required to report promptly (1) changes
in the outstanding voting stock of the bank which
will result in control or in a change in control of
the bank and (2) any instances where the bank
makes a loan or loans, secured, or to be secured,
by 25 per cent or more of the outstanding voting
stock of an insured bank.
Reports concerning changes in control of a
State member bank are to be made by the president or other chief executive officer of the bank,
and shall be submitted to the Federal Reserve Bank
of its district.
Reports concerning loans by an insured bank
on the stock of a State member bank are to be
made by the president or other chief executive officer of the lending bank, and shall be submitted
to the Federal Reserve Bank of the State member
bank on the stock of which the loan was made.
1414
Paragraphs 3 and 4 of this legislation specify the
information required in the reports which, in
cases involving State member banks, should be
addressed to the Vice President in Charge of Examinations of the appropriate Federal Reserve
Bank.
Reports of Change in Control of Bank
Management Incident to a Merger
A State member bank has inquired whether
Public Law 88-593 (78 Stat. 940) requires reports
of change in control of bank management in situations where the change occurs as an incident to
a merger.
Under the Bank Merger Act of 1960 (12 U.S.C.
1828(c)), no bank with Federal deposit insurance
may merge or consolidate with, or acquire the assets of, or assume the liability to pay deposits in,
any other insured bank without prior approval of
the appropriate Federal bank supervisory agency.
Where the bank resulting from any such transaction is a State member bank, the Board of Governors is the agency that must pass on the transaction. In the course of consideration of such an application, the Board would, of necessity, acquire
knowledge of any change in control of management that might result. Information concerning
any such change in control of management is supplied with each merger application and, in the circumstances, it is the view of the Board that the
receipt of such information in connection with a
merger application constitutes compliance with
Public Law 88-593. However, once a merger has
been approved and completely effectuated, the
resulting bank would thereafter be subject to the
reporting requirements of Public Law 88-593.
Orders Under Section 3 of
Bank Holding Company Act
The following Orders were issued by the Board
of Governors extending the period of time within
which a corporation may become a bank holding
company or for an existing bank holding company
to acquire the stock of an additional bank:
1415
LAW DEPARTMENT
SOCIETY CORPORATION, CLEVELAND,
OHIO
In the matter of the application of Society Corporation, Cleveland, Ohio, for permission to become a bank holding company by acquiring stock
of The Fremont Savings Bank Company, Fremont,
Ohio.
ORDER EXTENDING PERIOD OF TIME
PRESCRIBED BY PROVISO IN ORDER OF APPROVAL
WHEREAS, by Order dated July 27, 1964, the
Board of Governors, pursuant to Section 3(a)
(1) of the Bank Holding Company Act of 1956
(12 U.S.C. 1842(a) and Section 222.4(a) of the
Federal Reserve Regulation Y (12 CFR 222.4(a)
(1)), approved the application of Society Corporation, Cleveland, Ohio, to become a bank holding
company through the acquisition of a minimum of
16,000 shares (80%) of the common stock and
1,000 shares (100%) of the preferred stock of
The Fremont Savings Bank Company, Fremont,
Ohio, and said Order was made subject to the
proviso that the acquisition approved "shall not
be consummated . . . (b) later than three months
after said date [of Order]"; and
WHEREAS, Society Corporation has applied to
the Board for an extension of time within which
the approved acquisition may be consummated,
and it appearing to the Board that good cause has
been shown for the additional time requested and
that such extension would not be inconsistent with
the public interest;
IT IS HEREBY ORDERED, that the Board's Order
of July 27, 1964, be and it hereby is, amended so
that the proviso relating to the time by which
Society Corporation shall consummate the approved acquisition of stock of The Fremont Savings Bank Company shall read: "provided that the
acquisition so approved shall not be consummated
. . (b) later than January 25, 1965."
Dated at Washington, D. C , this 23rd day of
October, 1964.
By Order of the Board of Governors.
(Signed) MERRITT SHERMAN,
Secretary.
ida, for permission to acquire 80 per cent or more
of the voting shares of The San Jose Barnett Bank,
Jacksonville, Florida.
ORDER EXTENDING PERIODS OF TIME PRESCRIBED
BY PROVISOS IN ORDER OF APPROVAL
WHEREAS, by Order dated August 12, 1964, the
Board of Governors, pursuant to Section 3(a) (2)
of the Bank Holding Company Act of 1956 (12
U.S.C. 1842(a)(2)) and Section 222.4(a)(2) of
Federal Reserve Regulation Y (12 CFR 222.4
(a) (2)), approved the acquisition by Barnett National Securities Corporation, Jacksonville, Florida, of 80 per cent or more of the voting shares to
be issued by The San Jose Barnett Bank, Jacksonville, Florida, a proposed new bank, and said
Order was made subject to the provisos that the
acquisition so approved "shall not be consummated . . . (b) later than three months after said
date [of Order], and that The San Jose Barnett
Bank shall be opened for business not later than
six months after said date [of Order]"; and
WHEREAS, Barnett National Securities Corporation has applied to the Board for extensions of
time within which the approved acquisition may
be consummated and within which the bank shall
be opened for business, and it appearing to the
Board that good cause has been shown for the
extensions of time requested and that such extensions would not be inconsistent with the public
interest;
IT IS HEREBY ORDERED, that the Board's Order
of August 12, 1964, be, and it hereby is, amended
so that the provisos relating to the time by which
Barnett National Securities Corporation shall consummate the approved acquisition of stock, and
the date by which The San Jose Barnett Bank shall
be opened for business, shall read: "provided that
the acquisition so approved shall not be consummated . . . (b) later than December 31, 1964, and
that The San Jose Barnett Bank shall be opened
for business not later than May 20, 1965."
Dated at Washington, D. C , this 12th day of
November, 1964.
By Order of the Board of Governors.
(Signed) MERRITT SHERMAN,
[SEAL]
BARNETT NATIONAL SECURITIES CORPORATION, JACKSONVILLE, FLORIDA
In the matter of the application of Barnett National Securities Corporation, Jacksonville, Flor-
Secretary.
[SEAL]
Order Under Bank Merger Act
The Board of Governors issued the following
1416
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
Order and Statement with respect to an application
for approval of the merger of banks:
STATE BANK OF ALBANY,
ALBANY, NEW YORK
In the matter of the application of State Bank
of Albany for approval of merger with The First
National Bank of Cairo.
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 State Bank
of Albany, Albany, New York, 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 Cairo, Cairo,
New York, under the charter and title of State
Bank of Albany. As an incident to the merger,
the two offices of The First National Bank of Cairo
would become branches of State Bank of Albany.
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
transaction,
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 15th day of
October 1964.
By Order of the Board of Governors.
Voting for this action: Chairman Martin, and Governors Balderston, Mills, Shepardson, Mitchell and
Daane. Voting against this action: Governor Robertson.
(Signed) MERRITT SHERMAN,
Secretary.
[SEAL]
STATEMENT
State Bank of Albany, Albany, New York
("State Bank"), with total deposits of $391 mil-
lion, 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 Cairo, Cairo,
New York ("Cairo National"), which has total
deposits of $6 million.1 The banks would merge
under the charter and name of State Bank, which
is a member of the Federal Reserve System. As an
incident to the merger, the two offices of Cairo
National, one of which is presently a seasonal
agency located at Greenville, New York, would
become branches of State Bank, increasing the
number of its offices from 24 to 26.
Under the law, the Board is required to consider, as to each of the banks involved, (1) its
financial history and condition, (2) the adequacy
of its capital structure, (3) its future earnings
prospects, (4) the general character of its management, (5) whether its corporate powers are
consistent with the purposes of 12 U.S.C, Ch. 16
(the Federal Deposit Insurance Act), (6) the
convenience and needs of the community to be
served, and (7) the effects of the transaction on
competition (including any tendency toward monopoly). The Board may not approve the transaction unless, after considering all of these factors, it
finds the transaction to be in the public interest.
Banking factors. The financial histories of State
Bank and Cairo National are satisfactory, and
each bank has a sound asset condition and an adequate capital structure. State Bank's earnings record is good and its future earnings prospects are
favorable. Although the gross income of Cairo
National has been above the average for banks of
comparable size in the Second Federal Reserve
District, it has realized less-than-average net earnings during the past two years due to its relatively
high expenses. The bank's future earnings prospects are considered to be reasonably satisfactory.
While the management of Cairo National is
satisfactory, the bank has a management succession problem. The bank's chief executive officer,
who is past the usual retirement age, wishes to
leave the bank and, thus far, the bank's efforts to
replace him have been unsuccessful. Consummation of the transaction would solve this problem, as
the resulting bank would be under the capable and
aggressive management of State Bank. The resulting bank also would have a sound financial
1
Deposit figures are as of December 20, 1963.
LAW DEPARTMENT
condition, an adequate capital structure, and favorable future prospects.
The corporate powers of the two banks are not,
and those of the resulting bank would not be, inconsistent with the purposes of 12 U.S.C., Ch. 16.
Convenience and needs of the community. Cairo
National, the only bank in Cairo, is located in the
Catskill Mountains of Greene County, New York,
approximately 40 miles southwest of the main
office of State Bank in Albany. The service area 2
of Cairo National consists of Cairo, the adjacent
towns of Greenville and Durham, all located in the
northeastern section of Greene County, and the
towns of Rensselaerville and Westerlo, both located
in the southwestern portion of adjoining Albany
County. There is no other banking office in the
service area of Cairo National. The banking offices
nearest to Cairo are some 10 miles distant.
The economy of the service area of Cairo
National is dependent for the most part upon the
summer tourist trade, and its residents include
many retired persons. The normal population of
the service area is about 7,500, but rises to around
40,000 during the summer months. Cairo National's deposits are subject to wide seasonal fluctuations, as is usual for banks located in resort areas.
Deposit volume is generally at the low point when
loan demand is at the peak and, conversely, when
deposit volume is high, loan demand is low.
Cairo National offers the range of banking services commonly provided by small local banks.
However, it does not offer trust services or investment counseling services, both of which must presently be sought from banks located outside the
service area of Cairo National. In addition, although it follows a rather restrictive lending
policy, there is evidence that Cairo National's
relatively low lending limit renders it unable to
serve adequately the credit needs of some businesses in the area. State Bank would provide for
the community now served by Cairo National a
greater variety of banking services and would be
fully able to cope with the inverse fluctuations in
deposits and loan demand which are characteristic of the area's banking business.
The Banking convenience and needs of the
areas presently served by State Bank would not
2
The area from which a bank obtains 75 per cent
or more of its deposits of individuals, partnerships
and corporations ("IPC deposits").
1417
be materially affected by consummation of this
proposal.
Competition. The nearest offices of State Bank
to Cairo are some 15, 19, and 29 miles distant, respectively, located on the opposite side of the
Hudson River and accessible to the residents of
Cairo National's service area only by use of a toll
bridge. While State Bank could enter Greene
County through the establishment of de novo
branches, it could not, because of the home-officeprotection feature of State law, expand by this
method into the more significant towns.
Cairo National is the largest commercial bank
headquartered in Greene County. National Commercial Bank and Trust Company of Albany
("National Commercial"), the second largest
bank in New York's Fourth Banking District in
terms of total deposits, operates a branch in
Greene County at Athens, about 13 miles from
Cairo. Four other commercial banks, each essentially local in character, operate a total of five
offices in Greene County which are situated within a range of about 10 to 21 miles from Cairo.
There is no significant overlapping of the service
area of Cairo National with the service area of
any other commercial banking office; nor is there
any evidence that the presence of the Athens
branch of National Commercial has had any adverse competitive effect on the other commercial
banks operating in Greene County. This would
seem to be attributable in large part to the nature
of the local economy and the tendency of the
mountainous terrain to intensify the localization
of banking competition. For similar reasons, it
would seem that the competitive situation with
respect to the remaining small banks in the area
would not be materially affected by consummation
of the proposed merger.
There were 43 commercial banks in New York's
Fourth Banking District at the end of 1963. Of
the 167 commercial banking offices in the District, State Bank and National Commercial operated 24 and 38, respectively. State Bank, with 25
per cent of the total commercial bank deposits in
the District, was the largest, and National Commercial, with 23 per cent of such deposits, was
the second largest. On the basis of commercial
bank IPC deposits alone, State Bank held 20.4
per cent and National Commercial held about 21
per cent. The acquisition of Cairo National would
increase State Bank's share of IPC and total com-
1418
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
mercial bank deposits in the District by only fourtenths of one per cent each.
Summary and conclusion. If consummated, this
merger would replace the only bank in Cairo with
a branch of one of the two largest banks in the
Fourth Banking District of New York. The concentration in banking resources in this District
was an important factor in the Board's decision
denying the application of State Bank to merge
with the Unadilla National Bank. However, in the
present case the total of the circumstances differs
significantly. See 49 Federal Reserve BULLETIN
631 (1963).
Consummation of the merger with Cairo National would increase State Bank's present 25 per
cent share of the District's total commercial bank
deposits by less than one-half of one per cent. It
does not appear that other banks would be exposed
to adverse competitive effects as a result of the
merger, or that any significant existing or potential
competition would be eliminated. Further, in addition to solving the management succession problem of Cairo National, the merger would result in
a bank better able to serve the banking needs and
convenience of the community concerned.
Accordingly, the Board finds that the proposed
merger would be in the public interest.
DISSENTING STATEMENT OF
GOVERNOR ROBERTSON
Two formidable opponents, one a national, the
other a State member bank, are engaged in a
race to dominate the Fourth Banking District
of New York. At the end of 1963, the two between them held 48 per cent of total commercial
bank deposits and 37 per cent of commercial
banking offices in the District. Citing this situation, the Board, in its Order of April 26, 1963,
denied the application of the State member to
merge Unadilla National Bank, a healthy $4.7
million institution in a prosperous agricultural region, Otsego County, in the District's southwest
corner. (1963 Federal Reserve BULLETIN 631)
However, not long after, the Comptroller authorized the rival to merge a small bank in the same
county. Now the State member comes to the
Board again, hat in hand, and asks to be allowed
to catch up.
Although consistency in governmental administrative decisions is not easily achieved, it is a
characteristic devoutly to be sought. Today, in
the bank supervisory field it seems to be especially
elusive. The Board, by its approval of the application in this case, permits and encourages the same
kind of increase in banking concentration which
it sought to discourage eighteen months ago.
Like the Unadilla Bank, Cairo National is a
small but sound, growing, and profitable bank with
satisfactory prospects. Indeed, in my judgment,
for the purpose of this application, the two situations are indistinguishable—except that Cairo is a
resort community (with no industry and little commercial activity), whereas Unadilla is in the heart
of a farming area. Surely the needs of a farming
area for adequate banking facilities are at least
equally important from an economic point of view
with those of a resort area.
The following quotation from the Board's decision in the Unadilla case, with no more than
parenthetical insertions as to name and location to
adapt it to the present situation, squarely covers
and should govern the disposition of the application now before the Board:
"If approved, this merger would replace the only
bank in Unadilla (Cairo) with a branch of one of
the two largest banks in the Fourth Banking District
of New York having its main office 100 (40) miles
away, and would constitute one more step in a significant series of bank absorptions by State Bank. There
is no substantial evidence that the banking needs or
convenience of the Unadilla (Cairo) area are not being served adequately, or that Unadilla National
(Cairo National) cannot continue its operation proffitably. Any benefits that might accrue to the public
as a consequence of the merger would be more than
offset in the circumstances of this case by the increase
in the size of the largest bank in the Fourth Banking
District of New York, by the increase in the already
high concentration of banking resources in that District, and by the adverse potential effect on banking
competition in Unadilla (Cairo) and the surrounding
area."
In this language, the Board clearly recognizes
that the Bank Merger Act (as reflected in its legislative history) requires a very positive showing of
public benefit under the other criteria set forth
in the statute to offset competitive considerations
which are as patently adverse as those in the Unadilla or the Cairo situation. In the present case, as
was true in the previous one, there is no substantial evidence in the record that the banking needs
or convenience of the area concerned are not being
served adequately, or that the bank to be acquired
could not continue its operations profitably.
What of competitive considerations? In Una-
LAW DEPARTMENT
dilla, like Cairo a one-bank town, the Board was
concerned with a trade area containing eight offices of modest-sized, thriving banks. The Board
found that "Expansion by State Bank into the
Unadilla area would expose the . . . [nearest] bank
. . . and also the other six banking offices located
from 10 to 16 miles from Unadilla, to the strong
competitive capabilities of a significantly larger
bank". Is the threat to the remaining small local
banks any less in the Cairo area? Five independent
banks within a radius of 21 miles from Cairo,
none even as large as the larger institutions in
the vicinity of Unadilla, are already struggling to
compete with a branch of the vigorously aggressive National Commercial Bank, State Bank's
rival. Approval of the present application subjects the remaining four to the "strong competitive
capabilities" of a second "significantly larger"
bank.
True, the record shows that in a few isolated instances, the Cairo bank has been unable or unwilling to respond to requests for credit—in 1963 the
bank found it necessary to participate one loan
because of its low lending limit. But the local
branch of the other big Albany bank is already
there to meet any community needs and convenience which cannot be satisfied by banks headquartered in the area. To admit a second big
bank will only deprive the remaining smaller ones
of the few attractive crumbs still remaining on the
table.
The majority also mentions a management succession problem as a factor weighing in favor of
1419
approval of the application. But it is hard to believe, as someone else has said, that a bank with
assets in excess of six million dollars and operating income of over $240,000 per year is incapable
of providing sufficient emoluments to obtain the
services of one qualified, full-time executive officer.
Certainly management problems may weigh in
favor of approval in some instances. However, to
give significance to this factor in a case like the
present one will encourage other small banks
similarly situated to neglect planning for management succession—a tendency to be decried.
Finally, it is alleged in the record that the prime
incentive for the merger is the desire of the
shareholders of the Cairo bank to sell their stock.
However, the premium being paid—nearly $350,000 in excess of book value and approximating
6.4 per cent of the bank's deposits—would seem
to indicate that an even stronger incentive is the
desire of the big bank to "buy" another office. If
supervisory authorities continue to permit bank
acquisitions—aided by the lure of such lush premiums—which have no more to justify them than
appears in the record of this case, then the continuing trend toward concentration of banking
power in large banks, able to pay attractive prices,
will surely hasten the demise of small banks—including those in the Fourth Banking District
which may fall under the covetous eye of State
Bank or National Commercial in their race for
dominance.
I would disapprove the application.
Announcements
CHANGES IN THE BOARD'S STAFF
J. Herbert Furth, an Adviser in the Division of
International Finance, retired November 1. He
will temporarily continue to serve the Board as a
Consultant. Appointed to the Board's staff in
1943, Mr. Furth had served as an Economist and
later as Chief of many of the research sections
within the Division prior to his becoming an Adviser in 1961.
M. H. Schwartz was reappointed to the Board's
Staff as Director, Division of Data Processing on
November 9. Mr. Schwartz returns to the position
he held prior to assuming the Associate Director-
ship of the Office of Business Economics, United
States Department of Commerce in June of this
year.
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
October 16, to November 15, 1964:
Minnesota
1420
Minneapolis.
Bank of Minneapolis and
Trust Company
National Summary of Business Conditions
Released for publication November 16
The strike in the auto industry reduced production, employment, and retail sales in October.
The unemployment rate, which is not directly
affected by strikes, was unchanged. Bank credit
declined, monetary expansion continued moderate, and money and capital markets eased. After
reaching a new high in mid-October, common
stock prices showed little net change.
INDUSTRIAL PRODUCTION
The Board's index of industrial production in
October was 131.7 per cent of the 1957-59 average, compared with 134.0 in September and 126.1
in October 1963. The month-long strike at plants
of a major producer of autos, which ended in late
October, reduced assemblies sharply further to
about one-half the rate of last spring and summer
and also curtailed production of trucks and of
automotive parts and stampings. Recovery in November will be dampened by the beginning of
strikes at other plants in the auto industry.
Production of other consumer durable goods
and of consumer staples continued to increase in
October. Gains were also widespread in the equipment industries, and despite the steep decline in
trucks, total output of business equipment adINDUSTRIAL PRODUCTION
1957-59 = 100
-
TOTAL
(rJr
FINAL
^J3^^
PRODUCTS/—*""/
_
vanced and was nearly a tenth above a year earlier. Output of materials was reduced by the drop
in automotive parts and stampings although output of steel and many nondurable materials
increased.
CONSTRUCTION
Expenditures for new construction edged off in
October to a seasonally adjusted annual rate of
$65Vi billion, about 2 per cent below the highs
reached earlier this year. Industrial and commercial building continued to increase but residential
activity declined further. Public construction,
which was revised upward in September to show
an increase of 2Vz per cent, declined 2 per cent
in October.
EMPLOYMENT
Employment in nonfarm establishments declined somewhat in October owing to the auto
strike. Employment declined substantially in the
transportation equipment industry but changed
little in most other manufacturing industries, nondurable as well as durable goods. Meanwhile employment rose considerably further in State and
local government and advanced in the service and
trade groups. The unemployment rate, which
was not affected by the auto strike since striking
workers are counted as employed, remained at
5.2 per cent; the rate in October a year ago was
5.6 per cent.
_
DISTRIBUTION
%
NONDURABLE
MANUFACTURES
KfS~r
y//^'
x N - 7 MATERIALS
~
CONSUMER
,+-u£s
GOODSy/^^
-
/ * / / ^ ""DURABLE
\
_^s^>//V
\
MANUFACTURES
N
/
Total retail sales in October were down 3 per
cent from the record level of August and September. Retail deliveries of new cars fell 30 per cent
and dealer inventories declined even more
sharply. Sales increased appreciably at most other
types of retail stores.
- V '''EQUIPMENT
^ 1
I960
COMMODITY PRICES
!
I
1962
i
^
1964
1960
1962
1964
F. R. indexes, seasonally adjusted. Latest figures shown
for Oct.
The industrial commodity price level, after increasing somewhat from mid-September, was
1421
1422
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
stable in late October and early November. Upward price pressures continued in markets for
nonferrous metals and prices of some paper
products were increased while those for some
plastic materials were reduced. Among foodstuffs, prices of livestock and meats declined
substantially further, in response to seasonal expansion in supplies, and were moderately below
a year earlier.
BANK CREDIT, MONEY SUPPLY, AND RESERVES
Commercial bank credit, seasonally adjusted,
declined somewhat in October following substantial increases in August and September. Heavy
liquidation of U.S. Government securities more
than offset moderate further increases in loans
and holdings of other securities. The seasonally
adjusted money supply increased $600 million,
about the same as in the two previous months but
less than in June or July. Time and savings deposits at commercial banks rose $1.4 billion,
a larger amount than in other recent months.
U.S. Government deposits at commercial banks
declined appreciably.
Total and required reserves, on a seasonally
adjusted basis, declined slightly in October following a substantial increase in September. Free
reserves averaged close to $100 million, about
the same as in September but somewhat lower
than in earlier months this year. Reserves were
supplied principally through Federal Reserve purchases of U.S. Government securities and
through an increase in float and were absorbed
through an outflow of currency.
SECURITY MARKETS
Since mid-October yields on Treasury bonds
and on seasoned municipal issues have declined
somewhat while yields on seasoned corporate
bonds have changed little. Treasury bill rates also
have changed little, with the rate on 3-month bills
remaining just above the 3Vi per cent discount
rate. In moderately active trading, common stock
prices have fluctuated in a narrow range slightly
below the record high reached in mid-October.
INTEREST RATES
PRICES
WHOLESALE
• ' TREASURY BILLS
Bureau of Labor Statistics indexes. Latest figures shown for
consumer prices, Sept.; for wholesale prices, Oct.
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 Nov. 13.
Guide to Tabular Presentation
SYMBOLS AND ABBREVIATIONS
IPC
A
T
JL
sU
i, II,
III, IV
n.a.
n.e.c.
S.A.
Monthly (or quarterly) figures not adjusted
for seasonal variation
Individuals, partnerships, and corporations
Assets
Liabilities
Sources of funds
Uses of funds
Amounts insignificant in terms of the particular unit (e.g., less than 500,000 when
the unit is millions)
(1) Zero, (2) no figure to be expected, or (3)
figure delayed
N.S
Estimated
Corrected
Preliminary
Revised
Revised preliminary
e
c
P
r
rp
Quarters
Not available
Not elsewhere classified
Monthly (or quarterly) figures adjusted for
seasonal variation
GENERAL INFORMATION
Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow.
A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left)
of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the
right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items.
"U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes
municipalities, special districts, and other political subdivisions.
In some of the tables details do not add to totals because of rounding.
The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data.
LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY,
WITH LATEST BULLETIN REFERENCE
Quarterly
Issue
Annually— Continued
Page
Oct. 1964 1332-48
Flow of funds.
1082
Flow of funds (assets and liabilities).
1083
Income and expenses:
Federal Reserve Banks
Member banks:
Calendar year
Operating ratios
Insured commercial banks
Annually
Bank holding companies:
Listof.Dec. 31, 1963
June 1964
Banking offices and deposits of group banks.
Dec.31,1963
June 1964
Issue
Page
Feb. 1964 242-47
Mar. 1964 396-97
Banks and branches, number of, by class and
State
Apr. 1964 518-19
Semiannually
Banking offices:
Analysis of changes in number of
Aug. 1964
On, and not on, Federal Reserve Par List
number of
Aug. 1964
Banking and monetary statistics, 1963
782
783
Apr. 1964
Feb. 1964 238-39
May 1964 630-38
Apr. 1964 520-22
May 1964
639
Stock exchange firms, detailed debit and credit
balances
Sept. 1964
1424
517
1206
Financial and Business Statistics
* United States *
Member bank reserves, Reserve Bank credit, and related items; Federal funds
Reserve Bank discount rates; margin requirements; reserve requirements
Open market transactions; Federal Reserve Banks.
..
Bank debits; currency in circulation.
...
Money supply; banks and the monetary system. . .
Commercial and mutual savings banks, by classes.
Commercial banks, by classes.
Weekly reporting member banks.
Business loans
1426
1431
1433
1436
1438
1440
1444
1446
1449
Interest rates.
.
Security prices; stock market credit; open market paper.
Savings institutions.
Federal finance.
Federally sponsored agencies.
Security issues
Business finance.
Real estate credit.
Consumer credit.
1450
1451
1452
1454
1459
1460
1463
1465
1468
Industrial production.
Business activity; construction
Employment and earnings. .
Wholesale and consumer prices.
National product and income series.
Flow of funds.
1472
1476
1478
1480
1482
1484
Guide to tabular presentation.
Index to statistical tables.
1424
1511
The data for F.R. Banks and member banks and
for consumer credit are derived from regular
reports made to the Board; production indexes
are compiled by the Board on the basis of data
collected by other agencies; and flow of funds
figures are compiled on the basis of materials
from a combination of sources, including the
Board. Figures for gold stock, currency, Fed-
eral finance, and Federal credit agencies are obtained from Treasury statements. The remaining data are obtained largely from other
sources. For many of the banking and monetary
series back data and descriptive text are available in Banking and Monetary Statistics and
its Supplements (see list of publications at end
of the BULLETIN).
1425
1426
BANK RESERVES AND RELATED ITEMS
NOVEMBER 1964
MEMBER BANK RESERVES, FEDERAL RESERVE BANE CREDIT, AND RELATED ITEMS
(In millions of dollars)
Factors absorbing reserve funds
Factors supplying reserve funds
F.R. Bank credit outstanding
U.S. <CJovt securities
Period
or
date
Discounts
To-
Bought Repur- and Float i tal 2
Total out- chase adright agree- vances
Treasury
Gold curstock rency
outstanding
ments
Deposits, other
than member bank
Member bank
reserves,
Cur- Treasreserves
with F.R. Banks
rency ury
Other
in
cash
F.R.
cir- holdaccula- ings
counts With Curtion
Treas- For- Otheri
F.R. rency Total
eign
ury
Banks and
coin 3
Averages of
daily figures
61 1 317 4,024 2,018 4,400
210
272
12 2,208 4,030 2,295 5,455
2,402
83 2,612 17,518 2,956 7,609
170 2,404 22,759 3,239 10,985 2,189
652 24,744 20,047 4,322 28,452 2,269
1929 June.
1933—Jung
1939—Dec
1941 Dec .
1945—Dec
179
179
1,933 1,933
2,510 2,510
2,219 2,219
23,708 23,708
1950 Dec
1951—Dec
1952 Dec .
1953—Dec
1954—Dec
20,345
23,409
24,400
25 639
24,917
20,336
23,310
23,876
25,218
24,888
9
99
524
421
29
978
250
8
5
381
142
657
1,633
448
407
1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec
24,602
24,765
23,982
26,312
27,036
24,318
24,498
23,615
26,216
26,993
27,170
29,061
30,474
31,446
32,464
32,936
33,626
284
267
367
96
43
840
706
716
564
911
78
37
72
94
94
152
305
236
184
190
103
343 1,593 34,628
407 1,771 35,353
360 2,434 36,610
33,127
32,981
33,348
33,453
33,836
34,530
73
28
41
45
71
101
133
289
311
259
214
256
271
265
I960 Dec . .
1961—Dec
1962 Dec . .
1963 June
27 248
29,098
. 30,546
31,540
32,648
1963—Oct.
33,126
Nov.
Dec . . . 33,729
33,200
33,009
33,389
33,498
M a y ! . . . . 33,907
34,631
June
July
34,898
Aug . . . 35,118
35 273
Sect
35,334
Oct
1964—Jan
Feb
Mar
34,765
34,996
35.143
35,257
122
130
77
1,117 21,606
1,375 25,446
1,262 27,299
1,018 27,107
992 26,317
26,853
27,156
26,186
28,412
29,435
1,665 29,060
1,921 31,217
2,298 33,218
1,635 33,454
1,389
1,633
1,443
1,496
1,426
2,164
1,644
1,710
1,798
1,747
1,784
1,841
334 1,670
332 1,914
311 2,027
35,770
35,028
35,454
35,602
35,981
22,879
22,483
23,276
22,028
21,711
21,689
21,942
22,769
20,563
19,482
17,954
16,929
15,978
15,785
15,582
15,582
15,562
15,513
15,480
15,462
15,462
15,462
15,462
15,463
15,462
15,462
15,462
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
5,008
5,064
5,144
5,230
5,311
5,396
5,587
5,561
5,583
31,265
31,775
31,932
32,371
32,775
33,019
33,954
35,281
35,293
5,587 36,120
5,594 36,693
5,583 37,603
5,583 36,827
5,586 36,383
5,579 36,615
5,580 36,887
5,577 37,107
30
81
616
592
625
30
376
2 314
2 314
2 211
11 473
12,812
16,027
739
796
832
908
929
17,391
20,310
21,180
19,920
19,279
17 391
20,310
21,180
19 920
19,279
19,240
19,535
19,420
18,899
304 18,932
350 2,211
248 11,473
292 12,812
493 16,027
164
739
1,531
1,247
615
271
569
602
443
920
571
745
466
439
353
264
290
390
365
777
772
768
691
396
434
463
385
470
524
459
372
345
262
361
394
983 19,240
998 19,535
247
186 .063 19,420
337 1,174 18,899
348 1,195 18,628
408
422
398
400
522
514
587
794
250
229
222
193
495
244
290
216
395
395
389
918
938
879
161
150
160
089
194
198 , H 8
206 1,215
408
429
433
426
425
414
431
965
926
948
924
957
886
804
155
141
153
141
148
135
131
421
437
909
893
145
143
472
863
133
212 1,052
991
205
W8
202
195
987
3,189
180 1,111
3,127
200 1,273 17,356 3,202
201
194 17,408 3,255
194 1,151 17 340 3,224
189
,1?9 17 589 3 338
189 1,009 17,716
1,029
1,112
1,048
1,125
16,688
17,259
16,932
16.800
16,920
17,017
17,303
17,247
17,018
17,146
17,084
17,092
2,595
2,859
3,108
2,929
3,083
3,097
3,443
3,428
3,130
3,067
19 283
20,118
20,040
19,729
20,003
20,114
20,746
20,675
20,148
20,213
20,273
20 219
20,558
20,663
20 564
20 927
5,584
5,568
5,562
5,564
5,533
37,541
37,938
38,033
r
38,224
38,361
35,889
36,066
36,016
35,850
35,858
36,061
36,235
36,165
36,066
391
409
417
385
806
824
942
856
170
153
142
139
192
206
209
181
1,214
1,719
1,139
1,140
16 689 2 995 19 684
16,850 2,964 19 814
16,770 3,130 19,900
17,052 3,148 20 200
393
397
392
901
910
930
915
906
153
153
150
171
167
192
193
194
188
197
1,114
1,141
1,107
1,060
1,048
17,027
17,349
16 894
16,860
16,553
3,150
2,843
3 095
3,082
3,202
20,177
20 192
19 989
19^942
19,755
36,251
36,625
36,722
36,872
37,274
37,487
37,621
37,752
388
823
402
886
403 1,045
386 1,006
156
146
144
151
193
198
208
199
1,019
1,001
1,711
1,750
812
856
907
903
167
143
158
154
197
202
196
210
1,764
1,268
1,194
l,?08
2,978
3 005
3,170
3,212
3,246
3,224
3 476
3 445
20
20
20
20
385
388
392
395
17,188
17 060
17 080
16,823
17 074
16,770
17 204
17 556
37,730
37,306
36,983
36,690
36,364
277 1,417 34,771 15,512 5,587 36,292
372 1.496 35,208 15,498 5,586 36,462
381
927
402
966
406 1,033
416 1,044
410
869
185
168
167
148
141
227
205
213
216
208
1,142
1,070
1,06?
1,059
1,041
17 653 3 796 21 449
17 685 3,484 21 169
17,463 3,442 20,905
17,149 3,314 20,463
16,840 3,360 20,200
759
978
979
903
131
151
124
147
960
214
961
200
209
960
197 1,051
36,760
37,077
37,170
37,578
37,747
P21,031
Week ending—
1963
18
25
32 438
32,644
32,209
32,040
2
9
16
23
30
32,511
33,036
32 784
32,226
32,474
Nov. 6
13
20
27
33,031
33,179
32,949
33,111
Dec. 4
11
18
25
33,795
33,849
. . . . 33,665
33,586
11
Oct.
32 264
32,350
32,209
32,040
32,449
32,617
32,521
32,226
32,413
32,822
32,880
32,773
33,018
33,590
33,759
33,582
33,552
15,582
15,583
15,582
15,582
15,582
15,583
15,583
15,581
15,582
1,631 36,010
1,899 35,945
2,471 36,507
2,991 37,040
15,582
15,582
15,582
15,552
5,587
5,591
5,590
5,587
5,589
5,591
5,582
5,583
5,590
5,593
5,598
5,596
5,593
5,580
5,586
5,582
5,586
2,752 37,153
2,461 36,706
2,203 36,231
2,365 35,623
1,764 34,780
15,513
15,513
15,513
15,513
15,512
5,580
5,582
5,584
5,586
5,582
1.34ft 34,180
1,487 34,553
1,995 34,465
1,937 34,434
,545 34,467
1,527 35,030
1,567 34,737
[,930 34,589
1,416 34,163
174
294
355
385
225
418
62
419
263
373
422
339
392
229
209
299
176
93
434 J W 34,842 15,583
330 1.581 35,138 15,582
462 2,180 35,635 15,582
233 2,126 35,512 15,582
205
90
83
34
540
148
307
350
92
167
590
394
398
166
065
250
035
20 320
19,994
20 680
21 001
1964
Jan.
1
8
15
22
29
Feb
5
12
19
26
. . . .
33,655
33,698
33,494
32,944
32,739
33,563
33,531
33,338
33,009
33,275
32,887
32,750
32,979
33,214
32,862
32,750
32,944
32,739
For notes tee opposite page.
156
30
61
25
396
394
198
209
291 1,846 35,088 15,462 5,583 36,469
200 1,835 34,846 15,462 5,588 36,308
425
424
420
439
17,089
17 116
16,972
16,852
3,131
3 062
3,199
3,184
20,220
20 178
20,171
20,036
1427
BANK RESERVES AND RELATED ITEMS
NOVEMBER 1964
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
(In millions of dollars)
Factors absorbing reserve funds
Factors supplying reserve funds
F.R. Bank credit outstanding
Period
or
date
U.S. Govt. securities
Bought
Total outright
Discounts
ToRepur- and Float i tal
2
chase adagree- vances
ments
Deposits, other
than member bank
Member bank
Treas- Curreserves,
reserves
Treasury
rency
with
F.R.
Banks
Other
ury
curin
Gold rency
F.R.
cash
cirstock
acholdoutcounts With Curings
stand- culation
ForTreasing
F.R. rency
Total
ury
eign Other
and
Banks coin
3
Averages of
daily figures
Week ending—
1964
Mar.
4
11
18
25
Apr.
1.
33,245
33,437
33,270
33,384
33,245
33,437
33,195
33,301
362
253
358
279
529 35,204
609 35,385
758 35,480
973 35,750
15,462
15,463
15,463
15,462
5,586
5,580
5,576
5,579
36,352
36,538
36,692
36,657
443
989
452
941
444
897
431 1,044
150
149
144
159
207 1,040 17,072 3,111 20,183
207 1,062 17,079 2,899 19,978
200 1,005 17,137 3,076 20,213
196
950 17,354 3,156 20,510
33,534
33,916
33,843
33,050
32,985
,512 35,353
1,5
,593 35,898
1',756
-,.-- 35,
,891
2,166 35,593
1,772 35,083
15,462
15,463
15,462
15,462
15,462
5,578
5,583
5,585
5,576
5,578
36,735
36,839
36,998
36,912
36,813
391
415
439
432
423
881
922
980
898
929
164
148
135
133
140
202
952 17,067 3,242 20,309
203 1,039 17,376 2,974 20,350
197 1,005 17,183 3,185 20,368
187
946 17,123 3,200 20,323
193
959 16,667 3,299 19,966
29.....
33,575
33,979
33,843
33,050
33,086
101
155
209
191
321
137
May
6.
13.
20.
27.
33,763
33,987
33,749
33,839
33,580
33,904
33,715
33,819
183
83
34
20
213
314
298
209
1,653 35,724
1,640 36,020
' 064 36,179
2,'
1,739 35,844
15,463
15,463
15,462
15,462
5,582
5,571
5,573
5,581
36,910
37,150
37,154
37,123
426
888
417
990
427 1,010
430
927
156
160
143
131
188
954 17,247
179
939 17,218
178 1,195 17,107
174 1,250 16,852
3,030
3,075
3,197
3,262
20,277
20,293
20,304
20,114
June
3
10
17
24
34,381
34,757
34,591
34,427
34,327
34,530
34,438
34,427
54
227
153
265
289
328
232
1,521 36,222
1,471 36,597
i;823 36,811
2,136 36,875
15,463
15,462
15,461
15,461
5,584
5,590
5,582
5,582
37,263
37,487
37,614
37,574
425
436
415
395
914
905
880
905
145
135
131
138
197
199
196
203
1,257
1,308
1,240
1,273
17,066
17,179
17,378
17,430
20,194
20,186
20,616
20,727
15
22
29
34,841
35,335
35,304
34,392
34,518
34,823
35,215
35,030
34,392
34,357
18
120
274
221 ,818 36,960
263 ,882 37,588
460 ,787 37,636
159 2,195 36,789
179 1,626 36,381
15,462
15,463
15,463
15,463
15,463
5,582
5,574
5,562
5,566
5,567
37,618
37,916
38,099
37,969
37,814
404
416
425
444
440
873
842
885
770
711
140
134
123
131
133
195
222
204
191
190
1,276
1,256
1,223
1,158
1,148
17,498
17,840
17,703
17,154
16,975
3,128
3,007
3,238
3,297
3,347
2,965
3,291
3,275
3,353
35,112
35,397
34,855
35,051
34,980
35,097
34,855
34,929
132
300
19..
26..
262
376
279
329
1,460
1,554
2,024
1,719
36,892
37,393
37,197
37,137
15,462
15,462
15,461
15,462
37,893
38,114
38,113
37,998
433
417
412
429
769
964
932
918
137
141
144
145
199
193
199
188
1,132
1,113
1,102
1,214
17,363
17,467
17,314
17,270
16.
23.
30.
35,162
35,611
35,397
34,904
35,186
35,144
35,234
35,262
34,904
35,157
18
377
135
315
478
225
410
280
1,451
1,563
1,846
2,465
1,943
36,968
37,716
37,524
37,820
37,487
15,462
15,462
15,462
15,462
15,461
5,570
5,554
5,558
5,563
5,572
5,566
5,564
5,569
5,556
38,007
38,243
38,425
38,192
38,075
423
426
435
448
440
858
857
906
962
914
164
131
142
131
161
191 1,199 17,159
188 1,220 17,679
194 ,163 17,285
193 ,054 17,870
186 ,066 17,662
35,759
35,663
34,909
34,911
35,549
35,532
34,909
34,911
210
131
372
241
382
233
1,820 38 ,051
1,875 37,876
2,548 37,878
1,995 37,203
15,463
15,462
15,463
15,462
5,554
5,541
5,538
5,513
38,209
38,465
38,432
38,333
457
838
470
865
489 1,012
467
810
131
133
130
137
204
177
189
185
405
434
485
939
933
687
163
148
120
208 1,186 17,055 3,103 20,158
194 1,130 17,121 3,826 20,947
194 1,135 17,883 ^3,138 »21,021
15
22
July
1.
Sept.
Oct.
7
14
21
28
122
29
,103
,028
966
925
20,845
20,805
20,994
20,429
20,328
3,197
3,130
3,269
3,340
3,362
3,000
3,454
3,386
3,477
20,560
20,597
20,583
20,610
18,125 3,134
17,739 3,246
17,660 ^3,329
17,321 ^3,449
21,259
20,985
*>20,989
^20,770
20,521
20,679
20,739
21,256
21,139
End of month
1964
Aug
Sept
OctWednesday
35,164 35,164
35,350 35,250
35,709 35,709
100
185 1,556 36,941 15,460 5,572 38,014
95 1,567 37,111 15,463 5,553 38,166
415 1,695 37,900 15,462 5,505 38,364
1964
Sept. 2.
9.
16.
23.
30.
35,317
35,633
35,113
34,781
35,350
35,194
35,273
35,113
34,781
35,250
123
360
Oct. 7
14
21
28
35,861
35,137
34,763
35,218
35,652
35,111
34,763
35,218
209
26
100
99
142
74
731
95
212
79
1,171
503
1,266 36,744
1,600 37,435
2,078 37,319
2,030 37,592
1,567 37,111
15,463
15,463
15,463
15,463
15,463
5,574
5,559
5,572
5,556
5,553
38,106
38,475
38,380
38,152
38,166
434
731
433
839
451 1,082
443 1,047
434
933
177
121
154
128
148
183
205
180
199
194
37,810
~~,208
37
38 ,096
37,254
15,463
15,463
15,463
15,463
5,546
5,543
5,516
5,507
38,389
38,546
38,431
38,370
462
622
482 1,04:
474 1,209
474
710
139
130
115
151
204 1,085 17,917 3,332 21,249
201
960 16,852 3,756 20,608
180
974 17,691 *>3,694 »21,385
183
856 17,480*3,844 »21,324
1,635
1,900
2,124
1,451
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.
1,171
1,241
1,094
1,030
1,130
16,979
17,143
17,013
17,612
17,121
3,521
3,404
3,770
3,747
3,826
20,500
20,547
20,783
21,359
20,947
3 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed
thereafter. Beginning with Jan. 1963 figures are estimated except for
weekly averages.
1428
BANK RESERVES AND RELATED ITEMS
NOVEMBER 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.
Excess
quired
Banks
Reserves
Total
held
City of Chicago
Borrowings
at
ReF.R.
Excess
quired
Banks
•leserves
Free
reserves
Total
held
161
133
601
848
924
1,011
1
78
540
295
14
13
63
192
38
161
211
1,141
1,143
939
1,024
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
,409
,295
,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
,164
,138
,127
,070
,038
2
12
8
7
85
97
85
39
104
-83
-86
-77
-31
— 104
3,687
3,834
3,863
3,722
3,658
3,826
3,817
3,742
29
7
46
-20
19
57
108
39
10
-50
-62
-59
958
987
1,042
1,028
953
987
,035
,032
4
7
-4
-4
-22
-11
-7
3,695
3,683
3,951
3,693
3,668
3,895
2
15
56
101
89
37
-99
-74
19
1,036
1,035
1,056
,028
1,031
,051
8
4
5
8
22
18
3
19
40
26
3,906 3,893
3,797 3,757
3,803 3,798
3,787 3,773
3,833 3,832
3,983 3,945
3,943 3,921
3,876 3,858
3,983 3,954
*>3,962 P3,942
13
40
5
14
36
47
22
16
-23
-7
-17
-2
-26
-1
-18
2
2
c
-16
1,048
1,014
1,026
1,021
1,044
1,033
1 039
1,039
1,061
^1,058
,044
,016
1,022
1,015
I 042
1,034
I 036
,033
061
5
-2
4
7
2
27
87
90
-22
-89
-86
21
5
13
22
056
P2
-14
_3
-14
-19
-8
-34
P-26
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
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
20,118
20,040
19,729
18,514
19,550
19,468
19,355
769
568
572
374
87
149
304
236
682
419
268
138
20,003 19,596
20,114 19,705
20,746 20,210
407
409
536
313
376
327
94
33
209
20,675
20,148
20,213
20,273
20,219
20,558
20,663
20,564
20,927
^21,031
20,248
19,753
19,856
19,898
19,886
20,170
20,266
20,151
20,506
^20,616
427
395
357
375
333
388
397
413
421
256
304
259
213
255
270
265
334
331
171
91
98
162
78
118
132
79
90
3>415
309
2
9
16
23
30
20,177
20,192
19,989
19,942
19,755
19,825
19,757
19,603
19,513
19,407
352
435
386
429
348
343
392
309
361
199
9
43
77
68
149
3,891
3,775
3,678
3,643
3,650
1964—May 6
20,277
20,293
20,304
20,114
19,988
19,892
19,896
19,783
289
20....
27
401
408
331
211
314
298
208
78
87
110
123
June 3 . . . .
10
17
24
20,194
20,186
20,616
20,727
19,899
19,857
20,161
20,376
295
329
455
351
264
289
327
232
July
20,845
20,805
20,994
20,429
20,325
20,443
20,514
20,422
20,151
19,957
402
291
572
278
368
20,560
20,597
20,583
20,611
20,209
20,123
20,192
20,140
20,521
20,679
20,739
21,256
21,140
1955—Dec
1956 Dec
1957—Dec
1958 Dec
1959—Dec
1960—Dec
1961—Dec
1962 Dec .
1963 June
...
1963 Oct
Nov
Dec
1964—Jan
Feb
Mar
Apr
May
June
Julv
Aug
Sept
Oct
Total
held
Free
reserves
69
2,611
989
-144
67
1929 June
1933—June
1939 Dec
1941—Dec
1945—Dec
1947—Dec
. .
Borrowings
at
Re- Excess F.R.
quired
Banks
Reserves
Free
reserves
38
22
17
29
26
39
40
39
45
— 167
__
i
3
5
13
34
-11
-36
-21
P20
54
3,877
3,767
3,661
3,639
3,632
15
8
17
4
18
83
100
130
127
34
-69
-92
-113
-123
-16
1,065
1,044
1,033
1,034
1,009
1,060
1,043
1,025
1,028
1,007
3,910
3,805
3,824
3,846
3,890
3,783
3,825
3,818
20
12
*28
8
13
47
12
-48
17
1,056
1,036
1,056
1,038
1,051
1,036
1,047
1,035
31
40
128
119
3,881
3,847
3,966
4,038
3,877
3,824
3,954
4,002
4
23
12
35
80
16
58
26
-76
7
-46
9
1,027
1,006
1,033
1,053
1,028
1,006
1,033
1,048
-1
221
263
460
159
179
181
28
112
119
189
4,075
4,012
3,969
3,905
3,862
4,046
4,007
3,921
3,883
3,846
29
23
91
64
6
-86
-16
22
1,054
1,056
1,041
1,043
1,022
1,059
1,050
1,039
1,016
1,020
-4
6
1
6
3
23
4
68
-27
351
474
391
471
260
376
278
329
91
98
113
142
3,931
3,850
3,885
3,851
3,934
3,833
3,875
3,839
-16
13
-39
-43
1,037
1,028
1,033
1,035
1,036
1,029
1,037
1,035
1
-1
2
6
20
10
14
-5
-21
-13
-14
20,133
20,182
20,368
20,775
20,752
388
497
371
481
388
73
19
146
72
110
3,882
3,831
3,924
4,041
4,143
3,841
3,823
3,894
4,036
4,073
1,038
1,038
1,043
1,087
1,088
1,033
1,033
1,043
1,085
1,084
5
1
37
42
-2
-54
-5
-35
-38
21,259 20,826
20,985 20,575
*20,989 *>20,573
^20,770 P 2 0 , 4 5 5
433
410
P416
P315
315
478
225
409
278
370
239
380
230
63
171
4,095
3,948
3,905
3,881
4,089
3,898
3,898
3,872
1,070
1,047
1,054
1,052
1,070
1,042
1,057
1,048
-1
6
68
33
11
10
-69
-27
-14
-6
V
29
Week ending—
1963—Oct.
1....
8....
15....
22
29....
19!!!;
26
Sept. 2 . . . .
9....
16....
23....
30....
Oct.
7
14
21
28
For notes see opposite page.
22
48
22
16
17
10
12
9
18
U
AS
56
41
8
29
56
30
70
137
6
-15
-22
8
-132
65
53
59
87
1
-47
_9
-80
8
6
5C
9
21
8
6
2
72
51
18
4
4
-67
-50
-10
2
-2
5
9
8
3
2
9
20
20
4
59
6
4
~~8
-10
-20
-20
2
-66
1
-4
BANK RESERVES AND RELATED ITEMS
NOVEMBER 1964
1429
RESERVES AND BORROWINGS OF MEMBER BANKS—Continued
(In millions of dollars)
Other reserve city banks
Reserves
Country banks
Borrowings at
F. R.
Banks
Reserves
Total
held
Required
Excess
Borrowings at
F. R.
Banks
1
96
123
-397
62
1,188
1.302
322
148
632
441
1 568
2,210
4,576
4,972
610
344
897
1,406
3,566
4,375
22
96
671
804
1,011
597
327
126
3
4
46
57
-305
-30
668
800
965
540
232
184
120
85
91
50
354
639
184
117
182
-170
-519
-99
-26
4,761
5,756
6,094
5,901
5,634
4,099
5,161
5,518
5,307
5,032
663
596
576
594
602
29
88
236
105
52
634
508
340
489
550
7,865
7,983
7,956
7,883
7,912
60
96
86
57
41
398
300
314
254
490
-338
-203
-228
-198
-449
5,716
5,859
5,906
5,849
6,020
5,220
5,371
5,457
5,419
5,569
497
488
449
430
450
159
144
172
162
213
338
344
277
268
237
7,950
8,367
8,178
8,036
7,851
8,308
8,100
8,018
100
59
78
18
20
39
130
129
80
20
-52
-111
6,689
6,931
6,956
6,942
6,066
6,429
6,515
6,563
623
502
442
379
40
31
48
65
583
471
394
314
8,155
8,197
8,393
8,117
8,164
8,325
38
33
68
131
171
190
-93
-138
-122
7,118
7,199
7,347
6,758
6,842
6,939
360
357
408
62
76
74
298
281
334
8,346
8,122
8,208
8,234
8,184
8,318
8,385
8,350
8,480
28,528
8,325
8,104
8,172
8,204
8,151
8,290
8,341
8,314
8,440
28,483
21
19
36
30
32
27
44
36
40
245
137
106
90
108
144
142
147
191
179
163
-116
-87
-54
-78
-112
-115
-103
-155
-139
s-118
7,376
7,215
7,176
7,230
7,159
7,225
7,296
7,299
7,403
27,483
6,986
6,876
6,864
6,906
6,861
6,901
6,968
6,945
7,051
27,135
390
339
312
323
298
323
328
355
352
2348
56
64
57
68
80
76
56
91
73
63
334
275
255
255
218
247
272
264
279
2285
2
9
16
23
30
8,191
8,221
8 173
8,105
8,064
8,170
8,185
8,135
8,083
8,038
21
36
38
21
25
111
185
119
182
66
-90
-149
-81
-161
-41
7 030
7,152
7 105
7,160
7,032
6,719
6,762
6 782
6,762
6,729
311
77
56
42
48
95
234
323
398
303
6
20
27
8,215
8,198
8,173
8,137
8,186
8,164
8,144
8,105
29
34
29
32
118
197
188
104
-89
-163
-159
-73
7,095
7,254
7,252
7,094
6,860
6,908
6,880
6,825
235
346
371
269
80
95
63
90
155
251
308
179
June 3
10
17
24
8,184
8,218
8,302
8,420
8,173
8,188
8,283
8,361
11
30
18
59
102
134
170
147
-91
— 104
-152
-87
7,101
7 115
7,314
7,216
6,821
6 839
6,891
6,965
280
276
423
252
73
119
79
58
207
156
344
194
July
1
8
15
22
29
8,413
8,480
8,471
8 341
8,215
8,394
8,454
8,437
8,279
8,192
19
26
34
62
23
134
112
276
106
95
— 115
-86
-242
-44
-72
7,303
7,257
7,514
7 141
7,226
6,944
7,003
7,025
6,954
6,899
359
254
488
187
327
41
56
52
48
59
318
198
436
139
268
AUK
5
12::..::.::::::
19
26
8,350
8,340
8,347
8,353
8,316
8,301
8,315
8,321
33
39
31
32
151
246
145
187
-118
-207
-114
-155
7,242
7,379
7 318
7,371
6,924
6,960
6,965
6,944
318
420
353
427
89
107
74
72
229
313
279
355
Sept. 2
9
16
23
30
8,389
8,406
8,455
8 554
8,555
8,322
8,351
8,399
8,527
8,497
67
55
56
27
58
144
292
124
190
158
-77
-237
-68
-163
-100
7,212
7,405
7,318
7 574
7,353
6,937
6,976
7,033
7,127
7,098
275
429
285
447
256
108
97
74
45
72
167
332
211
402
184
Oct.
8,581
8,567
8 471
8,443
8,554
8,484
8,464
8,419
27
83
7
23
189
91
228
146
-162
-221
-123
7,513
7,424
27 559
27,395
7,113
7,152
27,154
27,117
401
272
2405
2278
60
56
54
73
341
216
2351
2205
Period
Total
held
Required
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
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
I960—Dec
1961—Dec
1962 Dec
1963—June
1963—Oct
Nov
Dec
1929—June
1933 j U ne
1939 Dec,
1941—Dec
1945 Dec
1947_Dec
1950 Dec
1951—Dec
1952—Dec
1953 Dec
1954—Dec
. . .
1964—Jan
Feb
Mar
Apr.
May
June
July
Aug
Sept
Oct
. .
Excess
Free
reserves
Free
reserves
Week ending—
1963—Oct
1964—May
y
i?:....:.......
7
14
21
28
* This total excludes, and that in the preceding table inludes, $51
million in balances of unlicensed banks.
NOTE.—Averages of daily figures. Beginning with Jan. 1964 reserves
are estimated except for weekly averages.
0
390
334
281
350
208
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.
1430
MAJOR RESERVE CITY BANKS
NOVEMBER 1964
BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS
(In millions of dollars unless otherwise noted)
Basic reserve position
Reporting banks
and
week ending—
Less:
Excess
reserves1
Net:
Net
interBorbank
rowings Federal
at F.R. funds
Banks
trans.
Related transactions with
U.S. Govt. securities dealers
Interbank Federal funds transactions
Gross transactions
Per cent
Surplus
of
Puror
avg.
deficit required chases
reserves
Sales
Net transactions
Total
2-way
trans- 2
actions
Purofnet
buying
banks
Sales
of net
selling
banks
Loans
to
dealers 3
Borrowings
from
dealers*
Net
loans
Total—46 banks
1964—Sept. 2
9
16......
23
30
78
36
45
1
92
141
244
89
259
111
501
507
1,113
1,035
554
-565
-715
-1,157
-1,293
-572
6.2
7.8
12.6
13.6
6.0
1,705
1,603
2,268
1,880
1,515
1,204
1,096
1,155
845
961
1,022
828
985
726
818
683
775
1,283
1,153
697
182
268
170
118
143
918
789
1,322
1,572
1,346
145
167
157
103
90
773
622
1,165
1,469
1,256
Oct. 7
14
21
28
13
77
-4
21
218
138
246
82
581
753
507
311
-786
-813
-757
-372
8.2
8.8
8.2
4.0
1,561
1,893
1,824
2,039
980
1,140
1,318
1,728
858
944
972
1,158
703
949
852
881
121
196
345
570
1,127
715
944
744
114
87
66
1,013
628
878
656
1964—Sept. 2
9
16
23
30
34
3
20
6
69
45
29
21
132
226
215
526
579
185
-237
-240
-527
-705
-116
6.6
6.7
14.5
18.7
3.1
762
770
1,070
953
734
536
555
544
374
549
519
462
533
374
468
243
308
537
579
267
17
93
11
81
644
522
935
884
838
60
82
81
53
83
585
439
855
831
755
Oct. 7
14
21
28
4
39
4
12
53
59
87
210
331
99
-57
-259
-351
-182
69
6.8
9.7
5.0
1.9
751
877
733
909
541
547
635
966
490
477
530
614
260
400
203
295
50
70
104
352
779
485
637
606
114
87
65
665
398
572
518
1964—Sept. 2
9
16
23
30
44
33
24
-5
23
96
215
67
127
111
276
292
587
456
369
-328
-474
-630
-588
-456
5.9
8.5
11.3
10.3
8.0
943
834
1,198
927
781
668
541
611
471
412
503
366
452
353
350
440
468
746
574
430
165
175
160
118
62
273
268
386
688
508
86
85
76
51
7
188
183
310
638
501
Oct. 7
14
21
28
10
39
-8
10
165
79
159
82
371
422
408
369
-527
-463
-575
-441
9.2
8.2
10.2
7.9
810
1,016
1,091
1,130
439
593
683
761
368
467
442
544
442
549
649
586
71
127
241
218
348
230
306
138
348
230
306
138
85
105
194
115
120
-81
-151
-195
-149
-155
8.8
16.4
20.9
15.3
15.9
228
208
308
232
220
142
103
113
116
100
142
103
113
101
96
85
105
195
130
123
15
4
83
106
110
137
135
73
96
103
137
135
111
78
70
45
8 in New York City
55 outside
New York City
5 in Chicago
1964—Sept. 2.
9.
16.
23.
30.
Oct.
7. .
14..
21..
28. .
50
33
38
-2
4
-2
62
29
10
122
71
-24
37
-186
-96
12
-44
19.3
10.2
1.2
4.7
256
230
261
241
134
159
285
205
122
119
133
158
134
111
128
84
12
40
152
47
111
78
70
45
40
29
25
c
20
96
165
67
93
72
190
187
392
341
249
-247
-323
-435
-439
-301
5.3
7.0
9.3
9.3
6.4
716
626
890
695
561
525
438
498
354
312
360
263
339
251
254
355
363
552
444
307
165
175
159
103
58
191
161
276
551
372
11
35
-6
9
103
51
149
74
249
351
432
332
-341
-367
-586
-397
7.2
7.8
12.5
8.5
554
785
830
889
305
434
398
557
246
348
309
386
308
438
521
503
59
86
89
170
237
152
236
93
33 others
1964—Sept. 2..
9..
16..
23..
30..
Oct. 7
14
21
28
* Based upon reserve balances including all adjustments applicable to
the reporting period. Carryover reserve deficiencies, if any, are deducted.
2 Derived from averages for individual banks for entire week. Figure
for each bank indicates extent to which its weekly average purchases
and sales are offsetting.
3 Federal funds loaned, net funds supplied to each dealer by clearing
banks, repurchase agreements (purchases of securities from dealers
subject to resale) or other lending arrangements.
76
75
69
51
7
115
86
207
500
365
237
152
235
93
4 Federal funds borrowed, net funds acquired from each dealer by
clearing banks, reverse repurchase agreements (sales of securities to
dealers subject to repurchase), resale agreements, and borrowings secured
by Govt. or other issues.
NOTE.—Weekly averages of daily figures. Details may not add to
totals because of rounding.
For description of series and back data, see August 1964 BULL., pp.
NOVEMBER 1964
DISCOUNT RATES
1431
FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per annum)
Discounts for and advances to member banks
Advances and discounts under
Sees. 13 and 13a i
Federal Reserve Bank
Rate on
Oct. 31
Effective
date
Boston
New Y o r k . . .
Philadelphia..
Cleveland....
Richmond...
Atlanta
Chicago
St. L o u i s . . . . .
Minneapolis..
Kansas City..
Dallas
San Francisco
July
July
July
July
July
July
July
July
July
July
July
July
Previous
rate
Advances to all others3 under
last par. Sec. 13
Advances under
Sec. 10(b) 2
Rate on
Oct. 31
Effective
date
17 1963
17, 1963
19,1963
17, 1963
17, 1963
24, 1963
19, 1963
17,1963
17, 1963
26, 1963
17, 1963
19, 1963
July
July
July
July
July
July
July
July
July
July
July
July
i 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
17,
17,
19,
17,
17,
24,
19,
17,
17,
26,
17,
19,
Previous
rate
Rate on
Oct. 31
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
1963
1963
1963
1963
1963
1963
1963
1963
1963
1963
1963
1963
secured by FICB securities are limited to 15 days.
2 Advances secured to the satisfaction of the F.R. Bank. Maximum
maturity: 4 months.
3 Advances to individuals, partnerships, or corporations other than
member banks secured by U.S. Govt, direct securities. Maximum maturity: 90 days.
FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per annum)
Effective
date
In effect Dec. 31, 1932
Mar. 3
4
Apr. 7
May 26
Oct. 20
Feb. 2
Mar. 16
Range
(or level)—
all F.R.
Banks
F.R.
Bank
of
N.Y.
13^-2
2
Jan. 22
24
Mar. 7
3%
1934
1*4-3%
l%-3
1%
1%
5
Apr.
14*.'.'.'.'.'.'.'.'.'/.'.'.
1 -2
1 -1%
1942
Apr. 11
Oct. 15
30
1%
Apr.
May
Aug.
Sept.
Oct. 24!'.'.'.'.
Nov. 7
Mar. 6
16
May 29
June 12
Sept. 11
18
May
2.'.'.'.'.'.'.'.'.'.'.'.'.
Aug. 4
5
12
Sept. 9
13
Nov. 18
23
Apr. 13
20
Aug. 24
31
1956
1958
21
18
9
15
12
Apr. 14
1946
1948
WA
ft
~'l%'
1955
1%
1%
1937
134-2
May 2l'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.
1935
F.R.
Bank
of
N.Y.
13
1954
Feb.
Range
(or level)—
all F.R.
Banks
Effective
date
I
Jan. 16
23
3 H
Aug. 27
Sept. 4.
Jan. 12
19
Aug. 13
Range
(or level)—
all F.R.
Banks
Effective
date
1953
2*4-3%
1933
Jan. 11
May 14
Apr. 25
May 10.
F.R.
Bank
of
N.Y.
1959
3
-3
3V
%4
I
June
I
2%-3
3
10
14
Aug. 12
Sept. 9
1960
|
•I
•
•I
3%-4
3%-4
3%
3 -3%
3
1963
1957
1950
Aug. 21
25
%1
WA
Nov. 15
Dec. 2
1 Preferential rate of % of 1 per cent for advances secured by U.S.
Govt. securities maturing in 1 year or less. The rate of 1 per cent was
continued for discounts of and advances secured by eligible paper.
NOTE.—Discount rates under Sees. 13 and 13a (as described in table
above). For data before 1933, see Banking and Monetary Statistics.
1943, pp. 439-42.
The rate charged by the F.R. Bank of N.Y. on repurchase contracts
3
3
4
-3
July 17
26
1964
In effect Oct. 31
3 -3%
3%
3%
3%
31/2
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.
1432
RESERVE REQUIREMENTS
NOVEMBER 1964
MAXIMUM INTEREST RATES PAYABLE ON TIME AND
SAVINGS DEPOSITS
RESERVE REQUIREMENTS OF MEMBER BANKS
(Per cent of deposits)
(Per cent per annum)
Net demand deposits 2
Time deposits
Effective date
Type of deposit
Savings deposits held for:
1 year or more
Less than 1 year
} 2%
Other time deposits payable in: i
1 year or more
6 months-1 year
90 days-6 months
Less than 90 days
/
3
1
1
4
3%
4
Ma
3
} 2Vl
July 17,
1963
{ k
3
/
Postal savings deposits
held for:
1 year or more
Less than 1 year
Jan. 1,
1962
Jan. 1,
1957
Jan. 1,
1936
4
I;
2
i For exceptions with respect to foreign time deposits, see Oct. 1962
BULL., p.
1279.
NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q.
Under this Regulation the rate payable by a member bank may not in
any event exceed the maximum rate payable by State banks or trust
cos. on like deposits under the laws of the State in which the member
bank is located. Effective Feb. 1, 1936, maximum rates that may be
paid by insured nonmember commercial banks, as established by the
FDIC, have been the same as those in effect for member banks.
Maximum rate payable on all types of time and savings deposits:
Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2 ^
per cent.
MARGIN REQUIREMENTS
(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
70
70
50
50
70
70
70
50
70
NOTE.—Regulations T and U, prescribed in accordance with Securities
Exchange Act of 1934, limit the amount of credit that may be extended on
a security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value.
Effective date
1
Central
reserve
city
banks3
Reserve
city
banks
Country
banks
Central
reserve
and
reserve
city
banks
Country
banks
In effect Dec. 31, 1948..
26
22
16
7%
7%
1949_May
June
Aug.
Aug.
Aug.
Sept.
1951—Jan.
Jan.
1953—July
1954—June
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
13
14
13
6
6
20
19
12
5
5
18
1958—Feb.
Mar.
Apr.
Apr.
I960—Sept.
Nov
Dec.
27, Mar. 1.
20, Apr. 1..
17
24
1
24.
1
8*
ii*
IS*
!!»
19
23
24
22
21
20
5
.7*
i6y 2
12
16%
4
4
In effect Nov. 1, 1964. .
16Vi
12
4
4
Present legal requirement:
Minimum
Maximum
10
22
7
14
3
6
3
6
1962—Oct. 25, Nov. 1.
1
When two dates are shown, first-of-month or midmonth dates record
changes at country banks, and other dates (usually Thurs.) record changes
at 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
due from domestic banks.
3 Authority of the Board of Governors to classify or reclassify cities as
central reserve cities was terminated effective July 28, 1962.
NOTE.—All required reserves were held on deposit with F.R. Banks,
June 21, 1917 until late 1959. Since then, member banks have also been
allowed to countl vault cash as reserves, as follows: Country banks—in
excess of 4 and 2 /i per cent of net demand deposits effective Dec. 1, 1959
and Aug. 25, 1960, respectively. Central reserve city and reserve city
banks—in excess of 2 and 1 per cent effective Dec. 3, 1959, and Sept. 1,
1960, respectively. Effective Nov. 24, 1960, all vault cash.
DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
Item
All
member
banks
New
York
City
City
of
Chicago
Reserve city banks
Country
banks
Other
Item
Four weeks ending Sept. 16, 1964
Gross demand—Total. . .
Interbank
U.S. Govt
Other
Net demand i
Time
Demand balances due
from dom. b a n k s . . . .
Currency and coin
B a l a n c e s with F.R.
Banks
Total reserves held
Required
Excess
New
York
City
City
of
Chicago
Country
banks
Other
Four weeks ending Oct. 14, 1964
133,404
14,503
5,089
113,812
110,029
100,329
25,055
4,291
994
19,770
19,936
13,990
6,250
1,273
286
4,691
5,268
4,169
50,925
7,120
2,058
41,747
41,222
38,666
51,174
1,818
1,752
47,604
43,603
43,504
7,296
3,289
104
260
103
50
1,914
1,008
5,175
1,972
17,348
20,637
20,206
431
3,612
3,872
3,849
23
988
1,038
1,036
2
7,393
8,401
8,348
53
5,355
7,327
6,972
355
1
Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due from domestic banks.
All
member
banks
Gross demand—Total...
Interbank
U.S. Govt
Other
Net demand *
Time
Demand balances due
from dom. banks...
Currency and coin
B a l a n c e s w i t h F.R.
Banks
Total reserves held
Required
Excess
137,773
14,931
6,912
115,930
113,393
100,856
26,416
4,430
1,835
20,151
21,004
13,958
6,513
1,293
495
4,725
5,472
4,186
52,311
7,316
2,625
42,369
42,201
38,807
52,533
1,891
1,957
48,684
44,716
43,905
7,475
3,311
107
265
98
50
1,993
1,006
5,277
1,990
17,849
21,160
20,732
428
3,792
4,057
4,024
33
1,023
1,073
1,070
3
7,558
8,564
8,515
49
5,476
7,466
7,122
344
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.
1433
OPEN MARKET ACCOUNT
NOVEMBER 1964
TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT
(In millions of dollars)
Outright transactions in U.S. Govt. securities by maturity
Total
Treasury bills
Others within 1 year
Month
Gross
purchases
1963—Sept
Oct
Nov
Dec
1964 Jan
Feb
Mar
May
June
July
Aug
Sept
...
Gross
sales
711
654
1,176
319
95
989
699
588
1,332
937
1 264
574
620
385
156
295
289
670
458
18
714
136
6i6
413
Redemptions
365
9
15
255
115
239
367
85
371
447
534
Gross
purchases
Gross
sales
608
654
977
319
95
989
677
538
1,259
900
1 264
145
388
345
156
295
289
670
458
18
714
136
610
413
534
Redemptions
Exch.
or
maturity
shifts
Gross
sales
Gross
purchases
40
365
9
15
255
115
239
367
85
371
447
2,518
-3,411
15
-2,164
2,030
Outright transactions in U.S. Govt. securities by maturity—continued
1-5 years
Gross
purchases
1963—Sept
Oct
Nov
Dec
1964—Jan
Feb
Mar
Apr
May
June
Aug
Sept
Gross
sales
Exch.
or
maturity
shifts
43
106
11
13
43
20
187
108
1963
Sept
Oct
Nov
Dec
1964—Jan
Feb
Mar
Apr
May
July
Au£
Sept
419
1,095
959
826
429
127
497
172
682
625
1,070
684
812
3,481
Gross
sales
83
Exch.
or
maturity
shifts
9
30
27
11
-2,030
202
89
Gross
sales
573
1,032
921
915
440
127
338
280
734
625
1,021
733
712
Net change
in U.S.
Govt.
securities
172
195
909
-74
-840
416
601
-601
1,060
566
257
113
186
Gross
purchases
Gross
sales
Exch.
or
maturity
shifts
10
-8
— 164
-70
-15
2 164
307
NOTE.-—Sales, redemptions, and negative figures reduce System holdings; all other figures increase such holdings.
Gross
purchases
50
-2,510
164
Repurchase agreements
(U.S. Govt. securities)
Gross
purchases
Over 10 years
5-10 years
-307
10
3
8
4
5
41
34
Bankers' acceptances
Net
outright
-4
10
~28
-2
-4
-4
n
-7
-7
-16
2
Net
repurchases
U[
-U [
91;
-92
64I
2<
-3S
36
-21
— A[
61
Net change
in U.S. Govt.
securities and
acceptances
168
219
893
45
-934
412
662
-633
1,014
ft\1
229
93
249
1434
FEDERAL RESERVE BANKS
NOVEMBER 1964
CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
(In millions of dollars)
End of month
Wednesday
1964
Item
1964
1963
Oct. 28
Oct. 21
Oct. 14
Oct. 7
Sept. 30
Oct.
Sept.
Oct.
13,685
1,500
13,667
1,502
13 677
1,502
13 688
1,496
13 701
1,489
13 685
1,500
13,701
1,489
13,966
1,344
15,185
15,169
15,179
15,184
15,190
15,185
15,190
15,310
154
156
150
153
161
158
161
307
501
1,169
77
210
93
413
93
302
38
44
38
40
52
40
62
38
61
38
43
4,863
4,408
4 756
5,297
4 967
5 354
Assets
Redemption fund for F.R. notes
Cash
Discounts and advances:
Member bank borrowings
Other
Acceptances:
Held under repurchase agreements
U.S. Govt. securities:
Bought outright:
Bills
Certificates Soecial
Other
Notes
Bonds
-•}
44
14
4,967
3,453
25,133
5,222
25,133
5,222
25,133
5,222
25,133
5,222
25,105
5,178
25,133
5,222
25,iO5
5,178
10,712
13,993
4,538
35,218
34,763
35,111
26
33,652
209
35,250
100
35,709
35,250
100
32,696
62
Total U.S. Govt. securities
35,218
34,763
35,137
35,861
35,350
35,709
35,350
32,758
Total loans and securities.
35,803
5,756
102
35,972
6,633
102
35,308
6,953
102
36,175
5,742
102
35,544
5,896
102
36,205
5,392
102
35,544
5,896
102
33,148
5,179
104
348
444
224
419
239
402
214
378
164
356
74
447
164
356
115
392
57,792
58,675
58,333
57,948
57,413
57,563
57,413
54,455
33,213
33,252
33,352
33,180
32,936
33,224
32,936
31,001
17,480
710
151
17,691
1,209
115
16,852
1,042
130
17,917
622
139
17,121
933
148
17,883
687
120
17,121
933
148
16,922
881
175
Total bou&ht outridht.
Held under repurchase agreements
Other'assets:
Denominated in foreicn currencies
All other
Liabilities
FJRL. notes
Deposits:
Member bsnlc reserves .
U.S. Treasurer—General account
Other
Deferred availability cash items
Other liabilities and accrued dividends
Total liabilities
183
180
201
204
194
194
194
209
18,524
19,195
18,225
18,882
18,396
18,884
18,396
18,187
4,305
104
4,509
96
5,053
103
4,107
110
4,329
106
3,697
106
4,329
106
56,146
57,052
56,733
56,279
55,767
55,911
55,767
3,640
83
52,911
521
990
135
521
990
112
520
990
90
519
990
160
518
990
138
521
990
141
518
990
138
489
934
121
57,792
58,675
58,333
57,948
57,413
57,563
57,413
54,455
Capital Accounts
Other capital accounts
Contingent liability on acceptances purchased for
U.S. Govt. securities held in custody for foreign
128
123
124
126
127
126
127
105
8,521
8,428
8,383
8,393
8,373
8,201
8,373
8,241
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.
35,562
35,557
35,489
35,393
35,321
35,591
35,321
32,937
6,552
19
30,165
6,552
54
29,965
6,552
7
29,965
6,552
39
29,890
6,563
6,552
6,563
12
11
12
29,870
30,165
29,870
7,082
60
26,894
36,736
36,571
36,524
36,481
36,445
36,728
36,445
34,036
1435
FEDERAL RESERVE BANKS
NOVEMBER 1964
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1964
(In millions of dollars)
Item
Boston
Total
New
York
Philadelphia
Richmond
Cleveland
Atlanta
Chicago
Minne- Kansas
apolis
City
St.
Louis
Dallas
San
Francisco
Assets
Gold certificate account
Redemption fund for F.R. notes
13,685
1,500
724
86
3,335
651
82
1 029
776
87
270
529
60
299
27
605
60
527
49
1,845
140
957
122
2,408
343
Total gold certificate reserves
15,185
810
3,678
733
1,169
1,079
863
2,678
589
326
665
576
2,019
628
158
54
10
44
41
5
34
10
47
13
48
13
39
24
18
4
37
5
13
6
32
3
52
21
383
32
1
164
1
1
1
53
*
26
21
35
1
10
*
3
31
1
18
*
40
8
F.R. notes of other Banks
Other cash
Discounts and advances:
Secured by U.S. Govt. securities...
Other
Acceptances:
Bought outright
Held under repurchase agreements.
U.S. Govt. securities:
Held under repurchase agreements.
174
38
43
38
43
35,709
1,808
8,835
1,921
3,017
2,475
1 ,942
5,958
1,405
702
1,408
1,454
4,784
36,205
1,809
9,081
1,922
3,018
2,528
1,989
5,994
1,415
705
1,440
1,472
4,832
493 1,287
8
3
4
120
110
22
3,205 14,441
387
3
520
6
524
5
501
18
1,148
343
6
212
4
450
6
363
11
616
10
4
24
4
30
4
25
2
8
20
4
19
10
59
4,230
3,461
10
74
9,989
2
19
3,119
7
37
4,801
2,396
1,299
2,603
2,480
7,619
33,852
F.R. notes
Deposits:
17,883
Member bank reserves
687
U.S. Treasurer—General account..
120
Foreign . . . .
.
.. . .
194
Other
1,976
18,884
Total loans and securities..
Cash items in process of collection...
Bank premises
Other assets:
Denominated in foreign currencies.
All other
6,844
102
74
447
59,643
Total assets
Liabilities
Total deposits.
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities
5,149
106
57,991
1,960
2,861
2,868
1,951
6,154
1,355
594
1,310
1,044
3,820
734
956
467
835
70
6
5
43
6
1
2,605
89
17
2
652
31
7
1
1,312
43
11
1
775
30
6
*
4 898
119
2 32
118
50
4
1
31
3
*
67
5
2
1 029
48
7
2
2,915
66
16
61
741
5,167
773
1,367
856
1,006
2,713
707
501
909
1,086
3,058
289
5
3 027
416
9
416
7
402
6
866
18
273
4
4,147
3,365
9,751
2,339
306
5
2,530
251
5
2,386
505
14
4,653
165
2
1,262
7,397
29
55
47
26
49
30
56
74
140
18
34
8
10
24
5
2
7
30
57
70
132
11
12
23
23
43
8
7
20
3,119
4,801
4,230
3,461
9,989
2,396
1,299
2,603
2,480
7,619
705
405
5
7,959
855
26
3,127 14,007
Capital Accounts
Capital paid in
Surplus
Other capital accounts
521
990
141
Total liabilities and capital accounts.. 59,643
25
47
6
137
33
3,205 14,441
Ratio of gold certificate reserves to
deposit and F.R. note liabilities
combined (per cent):
Oct 31 1964
Sept. 30, 1964
Oct. 31, 1963
28.8
29.2
30.8
29.8
30.5
31.4
28.0
27.2
29.0
26.8
28.9
30.0
27.6
32.8
29.3
29.0
30.9
33.0
29.2
29.1
31.9
30.2
28.8
31.4
28.6
30.4
32.8
29.8
28.7
28.7
30.0
29,8
31.2
27.0
29.4
34.1
29.4
29.6
31.7
Contingent liability on acceptances
purchased for foreign correspondents
126
6
3 33
7
12
6
7
18
4
3
6
7
17
6,416
1,427
619
1,356
1,119
4,026
Federal Reserve Notes—Federal Reserve Agent's Accounts
F.R. notes outstanding (issued to
Bank)
Collateral held against notes outstanding:
Gold certificate account
Total collateral
35,591
2,061
8,489
6,552
11
30,165
400
1,670
1,670
36,728
2,070
3,062
2,052
500
595
340
1,100
225
180
735
2,700
2,375
1,750
5,600
270
10
1,210
112
6,950
425
1
1,700
510
1,200
i ,666
3,500
8,620
2,126
3,200
2,970
2,090
6,700
1,490
622
1,425
1,180
4,235
1 After deducting $54 million participations of other F.R. Banks.
2 After deducting $88 million participations of other F.R. Banks.
2,943
3 After deducting $93 million participations of other F.R, Banks.
1436
FEDERAL RESERVE BANKS; BANK DEBITS
NOVEMBER 1964
MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
(In millions of dollars)
Wednesday
End of month
1964
Item
1963
Oct. 28
Oct. 21
Oct. 14
Oct. 7
Sept. 30
503
497
6
1,171
1,166
5
79
74
5
212
206
6
95
88
7
415
401
14
95
88
7
332
300
2
30
82
55
27
38
11
27
92
61
31
102
69
33
99
66
33
81
54
27
99
66
33
58
21
37
35,218
818
8,891
10,040
13,091
2,053
325
34,763
972
8,548
9,774
13,091
2,053
325
35,137
670
9,016
9,982
13,091
2,053
325
35,861
888
9,344
10,160
13,091
2,053
325
35,350
650
9,281
10,023
12,956
2,126
314
35,709
6,892
3,181
10,167
13,091
2,053
325
35,350
650
9,281
10,023
12,956
2,126
314
32,758
4,194
2,183
13,038
10,909
2,225
209
Netherlands
guilders
Swiss
francs
Discounts and advances- -Total.
Within 15 days
16 days to 90 days...
91 days to 1 year
Acceptances—Total..
Within 15 d a y s . . . .
16 days to 90 days.
U.S. Government securities—Total.
Within 15daysi
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
1964
Oct.
Oct.
Sept.
* Holdings under repurchase agreements are classified as maturing
within 15 days in accordance with maximum maturity of the agreements.
CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS
(In millions of U.S. dollar equivalent)
End of period
Total
1964—Jan..
Feb.
Mar.
Apr.
May
June
July.
254
271
330
214
213
124
168
Pounds
sterling
Belgian
francs
10
11
11
1
37
52
52
52
51
52
52
16
29
Canadian
dollars
French
francs
German
marks
Italian
lire
Japanese
yen
201
201
234
101
101
2
2
21
1
1
1
1
50
50
50
80
BANK DEBITS AND DEPOSIT TURNOVER
Debits to demand deposit accouiits 1
(billions of dollars)
Period
Leading centers
All
centers
N.S.A.
New York
S.A
N.S.A.
6 others 2
S.A
N.S.A.
Annual rate of turnover
of demand deposits 1
Leading centers
337 other
reporting
centers 3
S.A
New York
N.S.A.
S.A
N.S.A.
6 others
S.A.
2
N.S.A.
337 other
reporting
centers 3
S.A
N.S.A.
343
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
27 .3
28 .8
30 .4
30 .0 . . . . .
32 .5
20 .4
21 .8
23 .0 ! ! ! ! !
22 .9
24 .5
22 .3
23 .7
25 .1
24 .9
26 .7
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
1,158. 3
1,209. 6
1,318. 9
1,423. 0
60 .0
70 .0
77 .8
84 .8
34 .8
36 .9
41 .2
44 .6
25 .7
26 .2
27 .7
29 .0
28 .2
29 .0
31 .3
33 .1
..
577.6
622.7
701.7
775.7
1963—Oct
Nov..
Dec..
337.2 133. 7
296.6 125. 4
357.1 139. 6
136.9
116.7
151.0
69. 4
67. 3
69. 7
71.3
63.8
74.6
123. 6
120. 0
123. 7
128. 9
116. 1
131. 5
87. 2
80. 7
89. 0
86 .5
80 .4
93 .8
48 .4
46 .0
47 .5
47 .6
45 .3
48 .6
30. 1
29. 0
29. 8
30 .2
29 .4
30 .6
34. 9
33.6
33. 9
34 .7
33 .6
35 .3
1964—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct...
360.8
294.9
342.9
349.9
329.6
353.6
362.9
319.4
r
339.0
353.5
153.9
121.1
145.8
148.2
135.3
151.2
154.5
128.3
142.4
146.1
69. 6
65. 5
68. 4
72. 4
67. 7
67. 5
71. 4
68. 8
'70 4
71 7
73.5
60.5
71.1
72.8
68.6
70.9
72.9
65.8
'68.0
72.0
126. 6
121. 1
125. 1
131. 8
125. 0
126. 5
131. 1
128. 9
131. 7
132. 8
133. 3 92. 1
113. 2 86. 2
126. 1 91. 6
129. 0 95. 5
125. 7 90. 9
131. 6 94. 5
135. 5 100. 2
125. 4 92. 8
128. 6 97 0
135. 4 94 2
93 .0
81 .8
94 .4
93 .6
91 .1
101 .4
98 .6
87 .4
95 .7
93 .6
47 .8
45 .4
46 .9
49 .3
47 .6
47 .1
49 .1
47 .1
47.7
M 8 .0
47 .4
42 .9
49 . 6
50 . 4
48 . 4
48 .9
48 .1
45 . 8
47 . 0
H7 . 2
30. 6
29.5
30. 1
31. 6
30. 4
30. 5
31. 2
30. 6
30. 7
*31. 1
30 .4
28 .2
30 .2
30 .6
30 .9
31 .5
31 I
30 '.2
30 .7
P31 .1
34. 8
33. 7
34. 4
36. 0
35. 3
35. 0
35. 6
35. 1
35. 1
*>35. 5
34 .9
32 .0
35 .1
35 .7
35 .5
36 . 0
35 .5
34 . 2
34 . 9
1
2
143. 7
129. 4
138. 1
146. 0
135. 1
140. 2
151, 5
140. 4
149.5
146. 0
Excludes interbank and U.S. Govt. demand accounts or deposits.
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.
3 Before Apr. 1955, 338 centers.
* Before Apr. 1955, 344 centers.
P35 .3
NOVEMBER 1964
1437
U.S. CURRENCY
DENOMINATIONS IN CIRCULATION
(In millions of dollars)
Coin and small denomination currency
Total
in circulation i
Total
Coin
$1 2
$2
$5
$10
1939
1941
1945
1947
1950
1955
7,598
11,160
28,515
28,868
27,741
31,158
5,553
8,120
20,683
20,020
19,305
22,021
590
751
1,274
1,404
1,554
1,927
559
695
1,039
1,048
1,113
1,312
36
44
73
65
64
75
1,019
1,355
2,313
2,110
2,049
1958
1959
I960
1961
1962
32,193
32,591
32,869
33,918
35,338
22,856
23,264
23,521
24,388
25,356
2,182
2,304
2,427
2,582
2,782
1.494
1,511
1,533
1,588
1,636
83
85
88
92
97
Sept
Oct
Nov
Dec
35,891
36,177
37,227
37,692
25,468
25,642
26,536
26,807
2,947
2,960
2,986
3,030
1,576
1,592
1,644
1,722
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
36,247
36,312
36,799
36,885
37,208
37,734
37,835
. . . 38,014
. . . 38,166
25,500
25,561
26,000
26,063
26,353
26,797
26,859
26,972
27,068
3,021
3,044
3,105
3,139
3,169
3,205
3,223
3,249
3,285
1,599
1,590
1,621
1,630
1,655
1,676
1,668
1,668
1,693
End of period
1963
Large denomination currency
$20
Total
$50
$100
$500
$1,000
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
425
556
454
801
428
368
782
588
307
438
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
373
261
249
341
316
2,375
6,624
6,672
6,691
6,878
7,071
242
240
98
98
100
103
2,282
2,302
2,396
2,469
7,001
7,046
7,359
7,373
11,564
11,644
12,050
12,109
10,423
10,535
10,691
10,885
3,077
3,103
3,155
3,221
6,794
6,885
6,988
7,110
101
101
102
2,287
2,278
2,321
2,320
2,350
2,379
2,359
2,364
2,361
6,958
6,983
7,096
7,095
7,170
7,280
7,262
7,272
7,280
11,533
11,566
11,754
11,775
11,904
12,151
12,239
12,310
12,339
10,747
10,751
10,799
10,822
10,855
10,937
10,976
11,041
11,098
3,157
3,147
3,158
3,172
3,185
3,217
3,231
3,249
3,253
7,043
7,057
7,094
7,104
7,127
7,175
7,202
7,248
7,302
2,151
2,186
2,216
2,246
2,313
103
105
107
108
109
111
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.
$5,000 $10,000
20
24
32
46
5
4
3
17
12
12
300
293
3
3
3
3
3
9
5
10
10
10
245
245
247
249
294
294
295
298
3
3
3
3
9
5
4
4
247
246
246
294
293
294
3
3
3
247
292
3
246
246
291
292
245
291
3
2
245
246
292
291
4
4
4
4
4
4
4
4
4
7
24
3
3
3
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
15,463
(15 190)
35,319
5,553
Gold
Gold certificates
F R notes
Treasury currency—Total
485
1,734
(1,683)
2 068
Standard silver dollars
Silver certificates
Subsidiary silver coin
Minor coin
United States notes
In process of retirement
Total
Sent 30 1964
Aug 31 1964
Sept 30 1963
Total outstanding As security
Sept. 30,
against
1964
gold and Treasury
cash
silver
certificates
(15,190)
(1,683)
93
68
1,683
3
51
347
162
5 56 335
5 56,110
5 54,048
(16 873)
(16,931)
(17,368)
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. 1427.
23 Includes $156 million reserve against United States notes.
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
3 12,374
434
405
384
2,816
2,384
161
11
1
2
*
758
4
2 273
For
F.R.
Banks
and
Agents
Currency in circulation 1
Held by
F.R.
Banks
and
Agents
Aug. 31,
1964
Sept. 30,
1963
32,842
5,324
32,673
5,341
30 661
5,230
482
482
432
125
8
2
26
1,559
2,048
755
320
161
1,610
2,021
747
321
161
1,801
1,824
690
316
167
5 360
5,315
5,281
38 166
•
12 374
12,376
12,492
Sept. 30,
1964
38 014
35,891
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
1438
MONEY SUPPLY
NOVEMBER 1964
MONEY SUPPLY AND RELATED DATA
(In billions of dollars)
Seasonally adjusted
Not seasonally adjusted
Money supply
Money supply
Period
Total
Currency Demand
deposit
component component
Time
deposits
adjusted i
Total
Currency Demand
deposit
component component
Time
deposits
adjusted 1
U.S.
Govt.
demand
deposits *
1956—Dec
1957 Dec
1958 Dec
1959—Dec
136.9
135.9
141.1
142.1
28.2
28.3
28.6
28.9
108.7
107.6
112.6
113.2
51.9
57.4
65.4
67.4
140.3
139.3
144.7
145.6
28.8
28.9
29.2
29.5
111.5
110.4
115.5
116.1
51.4
56.7
64.6
66.6
3.4
3.5
3.9
4.9
1960 Dec
1961 Dec
1962 Dec
141.1
145.5
147.6
28.9
29.6
30.6
112.1
116.0
117.1
72.9
82.8
97.9
144.7
149.4
151.6
29.6
30.2
31.2
115.2
119.2
120.3
72.1
81.8
96.7
4.7
4.9
5.6
1963 Sent
Oct
Nov
Dec
151.6
152.3
153.5
153.2
31.9
32.0
32.3
32.4
119.7
120.3
121.2
120.7
108.1
109.3
111.1
112.3
150.6
152.5
154.8
157.2
31.9
32.1
32.6
33.1
118.6
120.4
122.1
124.1
108.3
109.5
110.2
111.0
6.6
5.3
4.4
5.2
1964 Jan
Feb
Mar
153.8
153.8
154.2
154.5
154.5
155.6
156.7
157.2
158.0
158.6
32.6
32.7
32.9
33.0
33.3
33.4
33.5
33.7
33.8
33.9
121.2
121.1
121.3
121.5
121.3
122.1
123.3
123.5
124.2
124.7
113.9
115.1
115.7
116.4
117.4
118.5
119.4
120.6
121.7
123.1
157.8
153.8
152.9
155.0
152.4
153.6
155.2
155.1
156.9
158.8
32.4
32.3
32.6
32.7
33.0
33.3
33.7
33.8
33.8
34.1
125.4
121.5
120.3
122.3
119.4
120.3
121.5
121.3
123.1
124.8
113.2
114.6
115.7
116.7
118.1
119.2
120.1
121.1
122.0
123 3
4.2
4.8
6.1
4.2
6.9
7.8
7.0
6.4
6.6
56
July (1)
(2)
156.8
156.6
33.4
33.5
123.4
123.1
118.9
119.8
154.9
155.4
33.8
33.5
121.1
121.9
119.8
120.4
9.1
5.1
Aug. (1)
(2)
157.0
157.5
33.7
33.7
123.3
123.8
120.3
120.9
156.0
154.3
33.9
33.7
122.1
120.6
120.8
121.4
5.9
6.9
Sept. (1)
(2)
157.8
158.1
33.8
33.8
124.1
124.3
121.6
121.9
157.1
156.7
34.0
33.6
123.1
123.1
121.9
122.0
5.0
8 2
Oct (1)
158.9
158.3
33.9
34.0
125.0
124.3
122.7
123.4
158.4
159.2
34.1
34.0
124.3
125.2
123 0
123.6
6 8
4.5
May
June
July
Sept
Oct p
Half month
1964
(2)P
Not seasonally adjusted
Not seasonally adjusted
Money supply
Week
Total
3
10
17
24 . . .
31
148.1
148 6
150 0
149.7
150 0
31.6
32 1
31 8
31.7
31.5
116.6
116 5
118.2
118.1
118.5
105.8
105 9
106.1
106.4
106.7
10.9
9 5
7.7
6.7
6.0
Aug. 7
14
21
28 . . .
150.6
150.3
148.0
147.8
31.9
32.0
31.9
31.7
118.7
118.3
116.1
116.1
107.0
107.3
107.6
107.8
6.4
5.4
6.9
6.6
Sept. 4
11
18
25
149.4
150.8
152.1
149.9
31.9
32.2
32.0
31.8
117.5
118.6
120.2
118.1
108.1
108.2
108.4
108.3
6.1
5.1
5.1
8.1
Oct.
2
9
16
23
30
150.1
151.3
152.8
152.6
153.3
31.7
32.3
32.2
32.2
31.9
118.4
119.0
120.6
120.5
121.4
108.7
109.1
109.3
109.6
110.1
8.8
7.7
5.4
4.1
3.1
Nov. 6
13
20
155.0
155.2
154.4
32.3
32.7
32.6
122.7
122.5
121.8
110.2
110.2
110.1
4.2
3.6
4.7
1963—July
1
Currency Demand
deposit
compo- component
nent
At all commercial banks.
NOTE.—Averages of daily figures. For back data see June 1964 BULL.,
pp. 679-92. Money supply consists of (1) demand deposits at all commercial banks other than those due to domestic commercial banks and
the U.S. Govt., less cash items in process of collection and F.R. float; (2)
Money supply
Week
ending—
Time
U.S.
deposits
Govt.
addemand1
justed i deposits
Total
1964.
Tniv
Currency Demand
deposit
compo- component
nent
Time
U.S.
deposits
Govt.
addemand 1
justed i deposits
8
15
22
29
1
153 0
154.5
155.5
155.5
155 2
33 2
34.0
33.8
33.7
33 4
119 8
120 5
121.7
121 8
121 8
119
119
120
120
120
Aug.
5
8
12
19
26
156.4
156.1
154.5
153.6
33.7
34.0
33.8
33.6
122.7
122.1
120.7
120.0
120.6
120.8
121 1
121.4
5 9
5.5
6 9
7.3
Sept. 2
9
16
23
30
155.3
156.4
158.7
157.2
155.8
33.6
34.3
33.9
33.7
33.5
121.7
122.1
124.8
123.5
122.3
121.6
121.9
122.0
121.8
122.2
6.0
5.7
4.1
7.6
9.2
Oct. 7
14
21
28
157.7
159.0
159.0
159.0
34.1
34.2
34.1
33.8
123.7
124.8
124.9
125.2
122.7
123.2
123.4
123.7
8.3
5.6
4.6
4.1
Nov. 4 P
160.6
34.0
126.6
123.9
5.1
4
7
0
2
5
10
9
8
5
4
2
7
3
5
7
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.
NOVEMBER 1964
1439
BANKS AND THE MONETARY SYSTEM
CONSOLIDATED CONDITION STATEMENT
(In millions of dollars)
Liabilities
and capital
Assets
Other
securities
Total
assets,
net—
Total
liabilities
and
capital,
net
Bank credit
Date
Gold
Treasury
currency
outstanding
U.S. Government securities
Total
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Loans,
net
Total
deposits
and
currency
Capital
and
misc.
accounts,
net
29.
30.
30.
31.
31.
31.
30.
31.
30.
28.
29.
4,037
4,031
17,644
22,737
20,065
22,754
22,706
17,767
16,889
15,978
15,733
2,019
2,286
2,963
3,247
4,339
4,562
4,636
5,398
5,585
5,568
5,587
58,642
42,148
54,564
64,653
167,381
160,832
171,667
266,782
285,992
309,389
318,697
41,082
21,957
22,157
26,605
30,387
43,023
60,366
144,704
154,017
170,693
178,290
5,741
10,328
23,105
29,049
128,417
107,086
96,560
95,461
102,308
103,684
102,418
5,499
8,199
19,417
25,511
101,288
81,199
72,894
67,242
72,715
72,563
69,708
216
1,998
2,484
2,254
24,262
22,559
20,778
27,384
28,881
30,478
32,027
26
131
1,204
1,284
2,867
3,328
2,888
835
712
643
683
11,819
9,863
9,302
8,999
8,577
10,723
14,741
26,617
29,667
35,012
37,989
64,698
48,465
75,171
90,637
191,785
188,148
199,009
289,947
308,466
330,935
340,017
55,776
42,029
68,359
82,811
180.806
175,348
184,384
263,165
280,397
302,195
310,284
8,922
6,436
6,812
7,826
10,979
12,800
14,624
26,783
28,070
28,739
29,732
1963—Oct. 30.
Nov. 27.
Dec. 20.
15,600
15,600
15,582
5,600
5,600
5,586
323,600 182,200
327,000 185,200
333,203 189,433
101,300
102,200
103,273
67,900
68,200
69,068
32,800
33,300
33,552
700
600
653
40,100
39,700
40,497
344,700
348,200
354,371
312,800
316,200
323,251
32,000
32,000
31,118
1964—Jan. 29.
Feb. 26.
Mar. 25.
Apr. 29.
May 27.
June 30.
July 29.
Aug. 26.r
Sept. 30
Oct. 2SP
15,500
15,500
15,500
15,500
15,500
15,461
15,500
15,500
15,500
15,500
5,600
5,600
5,600
5,600
5,600
5,578
5,600
5,600
5,600
5,500
328,700
330,400
334,200
335,000
336,900
343,988
341,300
344,000
351,100
350,600
101,400
101,100
101,700
100,100
99,700
100,879
99,900
100,700
102,800
103,200
68,100
67,500
67,600
66,200
65,200
65,337
64,300
64,900
66,700
67,100
32,700
32,900
33,400
33,100
34,000
34,794
34,800
35,100
35,400
35,200
600
700
700
800
500
748
700
800
700
900
40,100
40,600
41,200
41,400
41,300
41,948
42,100
42,700
43,400
43,500
349,800
351,400
355,300
356.100
358,000
365,027
362,300
365,100
372,100
371,600
319,000
319,400
323,900
323,600
325.100
333,114
329,500
331,100
338,400
337,700
30,800
32,000
31,400
32,400
32,900
31,915
32,800
34,000
33,700
33,900
1929—June
1933—June
1939—Dec.
1941—Dec.
1945_Dec.
1947_Dec.
1950—Dec.
I960—Dec.
1961—Dec.
1962—Dec.
1963—June
187,200
188,700
191,300
193,500
195,900
201,161
199,300
200,600
205,000
203,900
DETAILS OF DEPOSITS AND CURRENCY
Money supply
Related deposits (not seasonally adjusted)
Not seasonally adjusted
Seasonally adjusted *
Time
U.S. Government
Date
De-
Total
1929 June
1933 June
1939 Dec
1941 Dec.
1945 Dec
1947_Dec.
1950—Dec.
I960—Dec.
1961—Dec.
1962—Dec.
1963—June
29
30
30
31
31
31....
30....
31....
30....
28
29....
110,500
114,600
139,200
144,800
147,600
148,300
currency
outside
banks
26,100
24,600
28,200
28,700
29,600
30,700
mand
deposits
ad-
justed
Total
2
84,400
90,000
111,000
116,100
118,000
117,600
26,179
19,172
36,194
48,607
102 341
113,597
117,670
144,458
150,578
153,162
147,144
Currency
outside
banks
3,639
4,761
6,401
9,615
26,490
26,476
25,398
29,356
30,053
30,904
31,832
De-
mand
deposits
ad-
justed
Total
2
22,540
14,411
29,793
38,992
75,851
87,121
92,272
115,102
120,525
122,258
115,312
Commercial
banks
28,611 19,557
21,656 10,849
27,059 15,258
27,729 15,884
48,452 30,135
56,411 35,249
59,247 36,314
108,468 71,380
121,216 82,145
139,448 97,440
149,322 105,648
8,905
9,621
10,523
10,532
15,385
17,746
20,009
36,318
38,420
41,478
43,181
1963—Oct. 3 0 . . . . 150,700
Nov. 2 7 . . . . 151,800
Dec. 2 0 . . . . 153,100
31,100 119,600 152,100
31,600 120,200 154,100
31,700 121,400 158,104
31,300 120,800 154,500 109,900
32,500 121,600 154,900 110,200
33,468 124,636 155,713 110,794
1964—Jan.
Feb.
Mar.
Apr.
May
Jun 3
July
Aug.
Sept.
Oct.
31,900
32,000
32,400
32,300
32,500
32,700
32,800
32,900
33,100
33,300
31,500
31,600
32,100
32,000
32,400
33,020
32,900
33,100
33,200
33,200
29....
26....
25....
29
27....
30....
29....
26
30^...
28*...
152,200
151,200
153,100
152,900
151,900
153,500
154,000
154,300
156,800
157,500
120,300
119,200
120,700
120,600
119,400
120,800
121,200
121,400
123,700
124,200
154,300
150,400
150,800
153,100
150,000
153,331
154,000
152,9C0
155,800
158,100
122,800
118,800
118,800
121,000
117,600
120,311
121,000
119,800
122,600
124,900
1 Series begin in 1946; data are available only for last Wed. of month.
2 Other than interbank and U.S. Govt., less cash items in process of
collection.
3
Includes relatively small amounts of demand deposits. Beginning
with June 1961, also includes certain accounts previously classified as
other liabilities.
4 Reclassification of deposits of foreign central banks in May 1961
reduced this item by $1,900 million ($1,500 million to time deposits and
$400 million to demand deposits).
Postal
Mutual Savings
savings3
System
banks
159,200
160,600
162,200
163,500
165,100
166,627
167,700
169,000
170,400
172,000
113,600
114,800
115,800
117,100
118,400
119,330
120,300
121,200
122,100
123,500
149
Foreign
net 4
At
Treasury
cash
holdings
365
50
204
264
770
651
530
493
1,217
1,498
2,141
1,682
2,518
3,184
1,497
1,488
1,337
2,409
2,215
2,287
1,336
1,293
44,100
44,300
44,467
500
500
452
45,100
45,400
45,900
46,000
46,300
46,882
47,100
47,400
47,900
48,200
400
400
400
400
400
415
400
400
400
400
1,186
1,278
1,313
2,932
3,416
2,923
commercial
and
savings
banks
At
F.R.
Banks
377
422
405
369
1,895
24 608
1,452
2,989
6,193
6,219
7,090
11,306
36
35
634
867
977
870
668
485
465
602
806
1,200
1,200
1,206
400
400
392
3,800
4,600
6,986
800
900
850
1,200
1,100
1,200
,300
1 ,300
1 ,324
,300
,400
,400
1,400
400
500
400
400
400
391
400
400
400
500
381
852
846
3,100
800
800
6,000
8,100 1,100
4,400 1,000
900
7,400
939
10,502
700
5,300
6,300 1,100
900
9,400
700
5,000
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.
1440
COMMERCIAL AND MUTUAL SAVINGS BANKS
NOVEMBER 1964
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
(Amounts in millions of dollars)
Deposits
Total
assets—
Total
Interbank
Securities
Other
liaBor- Total NumCash bilities
row- capital ber
ings
of
assets * and
Demand
capital Total i
banks
acDeU.S.
Time 3
counts 2
mand Time U.S.
Govt. Other
Govt. Other
Loans and investments
Class of bank
and date
Total
Loans
All banks
26,615 25,511 8,999 27,344
30,362 101,288 8,577 35,415
43,002 81,199 10,723 38,388
154,318 72,715 29,667 57,368
172,822 72,563 35,012 54,939
179,714 69,708 37,989 52,046
90,908 81,816
177,332 165,612
175,091 161,865
321,394 287,176
343,201 303,653
347,896 309,428
10,982
14,065
1941_Dec. 31...
1945—Dec. 31..
1947—Dec. 3H.,
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..
61,126
40,227
134,924
256,700
280,397
287,411
1963—Oct. 30..,
Dec. 20...
293,550 185,640 67,860 40,050 48,770 350,510 309,020 14,790
302,251 192,686 69,068 40,497 51,536 362,394 319,636 15,267
1964—Jan. 29..
Feb. 26..
Mar. 25..,
Apr. 29..
M a y 27..,
June 30..,
July 29...
Aug. 26.. .
Sept. 30'P.
Oct. 28?.,
298,190 190,010
299,450 191,340
303,200 194,440
304,130 196,580
305,660 199,210
310,404 203,119
309,330 202,950
311,540 203,920
317,630 207,530
317,920 207,300
68,050 40.130 48,530 355,410 313,950
67,530 40:580 48,830 356,940 314,550
67,610 41:150 48,280 360,310 318,070
66,180 41.370 48,710 361,760 318,450
65,150 41 i300 48,850 363,420 319,500
65,337 41;948 54,073 373,909 331,843
64,310 42;070 48,580
322,830
,580 366,950
366; 950 322
64,900 42!720 48 ,810 369; 080 324 710
66,710 43;390 53 ,680 381; 020 336 980
67,090 43;530 51 ,830 379; 130 333 I840
50,746
124,019
116,284
215,441
235,839
241,014
10,982
21,808 7,225 26,551 79,104 71,283
90,606 7,331 34,806 160,312 150,227
14,065
37,502 155,377 144,103 12,792
69,221 9;006
.
240
17,914
66,578 23,937 56,432 278,561248,689
278
481
66,434 29,298 54;049 297,116 262,122 16,008
535
550
63,542 32J423
"" 51,156 299,875 266,179 15,042
Commercial banks:
1941—Dec. 31..
1945—Dec. 31...
1947—Dec. 314.
1961—Dec. 30..
1962—Dec. 28..,
1963—June 29..
21,714
26,083
38,057
124,925
140,106
145,049
12,793
17,914
16,008
15,042
14,090
13,960
14,070
13,700
13,680
15,272
13,770
14,390
15,820
15,360
240
482
535
551
44,355
105,935
1,346 94,381
5,952 141,979
6,839 141,084
11,069 133,681
570
590
630
640
630
678
690
680
690
710
158,990
2, 820 137
160,420
5;
162,000
7;
4;
136;620 163,310
133,'080 164,910
10,263 139, 160 166,469
110 135,690 167,570
040 134; 760 168,840
180 141,030 170,260
4,740 141,1160 171,870
44,349
105,921
1,343 94,367
5,946 141,920
6,829 141,041
11,060 133,624
246,080 149,670 61,960 34,450 47,950 301,460 264,910 14,790
254,162 156,006 63,196 34,959 50,711 312,773 275,120 15,267
1964—Jan. 29..
Feb. 26..
Mar. 25..
Apr. 29..
M a y 27..
June 30..
July 29...
Aug. 26..,
Sept. 3 0 ^
Oct. 28*.
249,790
250,590
253,880
254,590
255,720
260,179
258,640
260,330
266,060
266,160
153,050
154,000
156,810
158,660
160,860
164,463
163,840
164,400
167,640
167,070
62,140 34, 600 47.670 305.330 268.
61,540 35 050 47;930 306;340 269;
61,500 35 570 47; 390 309;270 272;
60,120 35 810 47; 890 310;580 272;
59,110 35 750 48;000 311;810 273;
59,322 36; 394 53; 168 321;909 284;
58,280 36; 520 47;720 314; 530 275;
58,800 37 130 47;910 316;090 277;
60,630 37 790 52; 800 327;680 289;
61,130 37 960 50;980 325.640 285;
14,090
13,960
14,070
13,700
13,680
15,272
13,770
14,390
15,820
15,360
570
590
630
640
630
677
690
680
690
710
2,820 137
5 ,730 133,790
7 ,870
4 ,180 136;570
7 ,200 133,030
10,257 139,110
43,521
107,183
97,846
179,599
195,698
199,495
18,021
22,775
32,628
106,232
118,637
122,088
19,539
78,338
57,914
54,058
52,968
50,399
10,385
13,576
12,353
17,195
15,309
14,388
140
64
50
303
358
373
,709 37,136
22,179 69,640
1,176 80,609
5,381 119,595
6,086 117,999
9,761 111,548
31..
31..
31..
30..
28 ..
29..
5,96123,123 68,121 61,717
6,070 29,845 138,304 129,670
7,304 32,845 132,060 122,528
,
209,630
19,308
49,579 235,112 209
24,092 47 427 249,488 219,468
27,008 44 929 251,"'
"",619
214' 222
1963—Oct. 30..
Dec. 20..
203,343 126,074 48,568 28,701 41,895
210,127 131,712 49,342 29;073 44;395
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
206,179
206,916
209,979
210,375
211,293
215,132
213,635
215,030
220,105
219,678
29..
26..
25..
29. .
27..
30..
29..
26..
30. .
28».
Mutual savings banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947_Dec. 31 4.
1961—Dec. 3 0 . .
1962—Dec. 2 8 . .
1963—June 2 9 . .
129,103
129,888
132,381
133,873
135,665
138,649
138,042
138,478
141,393
140,646
47,470 35,970
48,089 36,679
1964—Jan. 29..
Feb. 26..
Mar. 25..
Apr. 29..
M a y 27..
June 30..
July 29. .
Aug. 26. .
Sept. 30 r.
Oct. 28P.
48,400
48,860
49,320
49,540
49,940
50,226
50,690
51,210
51,570
51,760
For notes see end of table.
48,344 28 732 41 480
644 223,404 13,363
47,873 29 155 41 969 255 804 223,940 13,275
47,985 29 613 41 171 258,:229 226,541 13,378
46,734 29 768 41 889 259;460 226,817 13,019
45,979 29 649 41 983 260,441 227,459 13,022
46,235 30 249 46 767 269,437 238,052 14,527
45,223 30,370 41 732 262,606 229,429
'" 13,078
45,651 30,901 41,830 263 825 230,642 13,661
47,245 31,467 46
274 302 241,331 15,056
47,458 31,574 44;
271,855 237,656 14,559
3,704 1,774
10,379 4,901
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
46,39^ 34,665 6,166 5,566
1963—Oct. 3 0 . .
Dec. 2 0 . .
36,960
37,340
37,630
37,920
38,350
38,656
39,110
39,520
39,890
40,230
833 220,475 14,083
469 229,376 14,518
793
609
886
936
890
890
11,804
17,020
19,714
42,833
46,086
48,020
10,533
15,385
17,763
38,487
41,531
43,248
23 8,414
227 10,542
66 11,948
482 26,227
,046
563 28,612
14,826
14,553
14,714
13,946
13,940
13,993
550 3,610 135,840 154,230 3,690 29,020 14,050
528 6,734 141,576 155,531 3,702 29,882 14;079
1963—Oct. 30..
Dec. 20..
Member banks:
1941—Dec.
1945—Dec.
1947_Dec.
1961—Dec.
1962—Dec.
1963—June
26,479
45,613
53,105
120,848
139,188
149,083
15,952
30,241
35,360
82,429
97,709
105,903
3,230 29
14,095
3,320 29;
14,113
3,270 29;
14,122
3,560 30
14,140
3,560 30
14,154
2,120 31
14,175
3,950 30 870 14,195
3,540 31 110 14,203
2,760 31 500 14,230
3,940 3i;610 14,242
23 7,173 14,278
219 8,950 14,011
65 10,059 14,181
471 22,459 13,432
627 24,094 13,429
545 24,582 13,482
550 3,610 135,780 110,180 3,690 24,920 13,540
526 6,729 141,534 111,064 3,664 25,677 13,570
113,900
115,020
116,090
117,310
118,630
119,587
120,500
134,710 121,410
140,!980 122,350
141, 110 123,710
3,230 25 ,380 13,586
3,320 25 670 13,604
3,270 25 ,750 13,614
3,560 26 080 13,633
3,560 26 ;380 13,647
2,099 26,768 13,669
3,950 26 590 13,689
3,540 26 ,760 13,697
2,760 27 120 13,724
3,940 27 250 13,736
12,347
4 5,886
24,210
208 7,589
28,340
54 8,464
67,157
438 18,638
79,716 3,550 19,854
86,550 1,440 20
",238
6,619
6,884
6,923
6,113
6,049
6,058
377 3,154 112,702 90,159 3,553 20,555 6,097
382 5,986 117,562 90,929 3,499 21,054 6,112
394 113,823
429
448
110,:823
489
110,-459
493
113,
489
440 110;i82
525
342 115, 624
536
636 112,:319
531 ;
111, 458
542 8,460 116,!969
555 4,325 116,793
6
14
93,395
94,350
95,183
96,240
97,326
98,034
98,860
99,581
100,304
101,424
3,073 20,952
3,166 21 ,172
3,054 21 ,226
3,371 21,500
3,389 21
"',719
1,
,060
3,740 21 ,947
3,,354 22,088
:,624 22,382
2,
3,,733 22 ,474
6,124
6,130
6,136
6,153
6,161
6,180
6,186
6,188
6,204
6,209
10,527
15,371
17,745
38,420
41,478
43,180
1,241
1,592
1,889
3,768
3,951
4,031
548
542
533
514
511
511
5,900 5,600
5,872 5,539
820 49,050 44,110
826 49,621 44,516
44,050
44,467
4,100
38 4,205
510
509
5,910
5,990
6,110
6,060
6,040
6,016
6,030
6,100
6,080
5,960
860
900
890
820
850
905
860
900
880
850
45,090
45,400
45,910
46,000
46,280
46,882
47,070
47,430
47,910
48,160
4,150
4,200
4,240
4,210
4,240
21 4,269
4,280
4,350
4,380
4,360
509
509
508
507
507
506
506
506
506
506
5,530
5,530
5,580
5,560
5,550
5,554
5,550
5,590
5,600
5,570
50,080
50,600
51,040
51,180
51,610
52,000
52,420
52,990
53,340
53,490
45,150
45,460
45,960
46,050
46,330
46,940
47,120
47,480
47,960
48,210
COMMERCIAL AND MUTUAL SAVINGS BANKS
NOVEMBER 1964
1441
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Loans and investments
Deposits
Total
assets—
Total
liaCash bilities
and
capital Total i
accounts 2
Securities
Class of bank
and date
Total
Loans
U.S.
Govt.
Reserve city member banks
New York City: 5, 6, i
1941_Dec. 31
1945—Dec. 31
1947—Dec. 31
1961—Dec. 30
1962—Dec. 28
1963—June 29
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
32,847 21,446 6,506 4,895 9,802 44,981
17,932
30,121
25,216
36,818
37,885
37,454
Interbank *
Other
BorDemand
Demand
4,202
4,640
4,453
5,296
4,783
4,734
Time
Time
17
12
191
207
187
U.S.
Govt.
Other
866
6,940
267
1,267
1,408
2,052
1,648
12,051
807
17,287 1,236
195 2,120
19,040 1,445
30 2,259
23,129 6,935
283 3,683
22,231 9,256 1,728 3,898
20,351 10,131
794 3,931
36
37
37
13
17
13
,438 3,966
,438 3,984
13
13
4,161
4,184
4,184
4,203
4,351
4,402
4,388
4,421
4,447
4,436
13
13
13
13
14
14
14
14
14
13
13
12
14
9
13
12
1963—Oct. 30
Dec. 20
32,860 21,765
34,827 23,577
5,926 5,169 8,776 43,847 35,655 4,020
6,154 5,095 9,372 46,434 38,327 4,289
209
668 19,571 11,187
214 1,419 20,960 11,446
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
29
26
25
29
27
30
29
26
30
28^
33,651
33,611
34,885
34,624
35,467
36,693
35,963
35,936
37,904
36,611
22,965
22,799
23,653
23,967
24,544
25,490
25,179
24,648
26,040
25,048
5,691
5,561
5,879
5,390
5,619
5,779
5,322
5,691
5,973
5,712
4,995
5,251
5,353
5,267
5,304
5,424
5,462
5,597
5,891
5,851
8,864
9,317
8,530
8,864
9,393
10,550
8,669
8,621
10,183
9,639
256
268
306
304
295
317
341
336
340
350
City of Chicago: 5
1941_Dec. 31
1945—Dec. 31
1947_Dec. 31
1961—Dec. 30
1962—Dec. 28
1963—June 29
2,760
5,931
5,088
7,606
8,957
9,082
954
1,333
1,801
4,626
5,418
5,545
1,430
4,213
2,890
2,041
2,129
2,071
376
385
397
940
1,409
1,466
1963—Oct. 30
Dec. 20
9,211
9,615
5,826
6,220
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
9,242
9,423
9,695
9,316
9,394
9,636
9,394
9,638
9,914
9,788
15,347
40,108
36,040
68,565
73,130
74,614
29
26
25
29
27
30
29
26
30
28?
Other reserve city: ?
1941—Dec. 31
1945_Dec. 31
1947_Dec. 31
1961—Dec. 30
1962—Dec. 28
1963—June 29
36,674
37,010
37,661
37,648
38,590
41,545
38,475
38,338
42,287
40,001
4,040
4,060
4,096
4,044
4,071
4,711
3,993
4,000
4,727
4,299
1,566
1,489
1,739
2,603
2,280
2,136
4,363 4,057
7,459 7,046
6,866 6,402
10,383 9,283
11,432 9,993
11,440 10,141
,035
,312
,217
,624
,277
,202
127
1,552
72
369
410
584
476
2,419
3,462
719
4,201
913
5,268 2,008
5,264 3,025
4,840 3,499
35
262
111
288
377
426
870
948
974
1,743
1,705
1,642 1,993
1,690 1,970
11,394 9,934
11,776 10,296
,218
,211
186
395
4,802 3,714
4,887 3,787
274
255
990
996
12
12
5,837
5,956
6,064
6,088
6,173
6,266
6,092
6,311
6,421
6,404
1,823
1,867
2,063
1,706
1,706
1,750
1,737
1,717
1,857
1,791
1,582
1,600
1,568
1,522
1,515
1,620
1,565
1,610
1,636
1,593
1,994
2,023
1,776
2,118
2,185
2,121
2,091
1,930
2,251
2,234
11,437
11,641
11,713
11,676
11,806
12,046
11,733
11,817
12,458
12,305
9,977
10,056
10,128
10,263
10,414
10,630
10,289
10,351
10,964
10,802
,075
,124
,124
,114
,151
,182
,148
,229
,327
,238
100
279
472
212
384
587
282
298
616
288
4,839
4,715
4,627
4,893
4,810
4,744
4,690
4,652
4,840
4,939
257
370
327
166
185
210
201
197
258
255
1,002
1,002
1,011
1,012
1,008
1,017
1,018
1,024
1,034
1,034
12
12
12
12
12
12
12
12
12
7,105
8,514
13,449
42,379
46,567
48,164
6,467
29,552
20,196
19,748
18,398
17,326
1,776
2,042
2,396
6,438
8,165
9,124
8,518
11,286
13,066
20,216
19,539
18,526
24,430
51,898
49,659
90,815
94,914
95,433
22,313
49,085
46,467
81,883
84,248
85,555
4,356
6,418
5,627
8,350
7,477
6,811
12,557 4,806
1,967
24,655 9,760
2 2,566
28,990 11
',423
1 2,844
44,986 26,381
81 6,997
43,609 30,743 1,388 7,263
41,291 33,549
407 7,440
351
359
353
206
191
194
94 1,141 41,359 34,610 1,500 7,635
95 2,212 43,459 35,004 1,417 7,697
194
190
44,912
45,377
45,875
46,040
47,346
49,716
47,137
46,929
50,696
48,758
1963—Oct. 30
Dec. 20
76,106 50,132 16,324 9,650 17,185 95,705 84,266 7,062
78,370 51,891 16,686 9,792 18,778 99,643 87,994 7,225
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
76,859
77,289
78,288
78,650
79,226
80,466
80,080
80,662
82,222
82,239
51,034
51,529
52,395
52,811
53,749
54,604
54,557
55,049
55,804
55,712
16,152 9,673
15,994 9,766
15,866 10,027
15,692 10,147
15,294 10,183
15,488 10,375
15,018 10,505
14,922 10,691
15,680 10,738
15.722 10,805
12,518
35,002
36,324
73,131
80,623
82,952
5,890
5,596
10,199
39,693
44,698
46,934
4,377
26,999
22,857
24,407
25,425
24,496
29
26
25
29
27
30
29
26
30
28*'
96,184
96,845
97,572
98,569
98,750
102,245
99,824
100,348
104,065
103,165
84,938
85,456
86,404
86,601
86,814
91,145
87,609
88,169
91,950
90,422
6.512
6,449
6,495
6,232
6,231
6,894
6,320
6,732
7,217
7,152
19,466
46,059
47,553
90,376
97,008
99,361
17,415
43,418
44,443
81,646
87,342
89,470
1963—Oct. 30
Dec. 20
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Country member banks: 6, 7
1941_Dec. 31
1945—Dec. 31
1947_Dec. 31
1961—Dec. 30
1962—Dec. 28
1963—June 29
29
26
25
29
27
30
29
26
30
28*>
For notes see end of table.
Total Numcapital ber
of
banks
104
30
22
62
82
110
351
901
1,563
833
1,349
2,112
987
992
2,350
1,059
491
8,221
405
2,103
2,337
3,793
20,061 11,966
,294
19,694 12,087
,320
,187
19,453 12,243
,270
20,140 12,327
,494
19,670 13,205
21,224 13,181
13
924
19,606 13,548
,476
19,383 13,627
,365
21,199 13,671
938
20,324 13,969 1,345
3,948
3,923
3,889
4,028
4,046
4,090
4,145
4,149
4,158
4,314
813
2,062
2,796
1,586
2,708
3,771
1,875
2,151
3,244
1,685
41,439 36,076
40,234 36,606
40,167 36,839
41,321 37,345
40,009 37,751
42,387 37,974
41,155 38,144
40,740 38,430
42,689 38,685
42,618 38,849
1,146
1,095
1,000
1,500
1,301
572
1,647
1,415
1,150
1,725
7,773
7,814
7,815
7,984
8,032
8,110
8,125
8,173
8,324
8,357
189
189
186
186
183
183
184
185
186
186
792
,207
,056
,925
,773
,641
225
5,465
432
1,641
1,931
3,332
10,109 6,258
24,235 12,494
28,378 14,560
46,211 31,832
46,895 36,692
45,066 39,371
4
11
23
40
172
127
1,982
2,525
2,934
7,088
7,744
7,894
6,219
6,476
6,519
5.885
5,828
5,839
85,166 48,351 24,575 12,240 13,941 100,887 90,620
87,316 50,023 24,797 12,496 14,274 103,615 92,759
,783
,793
1,159 46,970 40,648
1,960 48,256 40,693
341 7,964 5,878
390 8,377 5,897
86,427
86,593
87,111
87,785
87,206
88,337
88,198
88,794
90,065
91,040
,736
,642
,663
,629
,569
,739
,617
,700
,785
,870
1,130
1,802
2,201
1,120
1,999
2,872
1,492
1,970
2,250
1,293
376
381
540
435
409
230
416
377
278
408
49,267
49,604
50,269
51,007
51,199
52,289
52,214
52,470
53,128
53,482
2,250 6,402
2,408 10,632
3,268 10,778
9,031 15,595
10,501 14,559
11,522 14,465
24,678 12,482 13 796 102,111
24,451 12,538
436 101,941
002 103,069
24,177 12,665
23,946 12.832 13,462 103,175
406 102,539
23,360 12,647
23,218 12,830
953 105,430
23,146 12,838
763 103,912
23,321 13,003
094 104,731
23,735 13,202
*.*, ,.~v~ * ., 107,083
831
24,233 13,325)14,502 107,627
91,815
91,418
92,348
92,305
91,641
94,733
93,056
93,784
96,130
96,431
98
105
107
117
115
118
115
116
115
118
47,484 41,405
46,180 41,734
46,212 42,212
46,960 42,540
45,693 42,324
47,270 42,788
46.868 43,023
46,683 43,375
48,241 43,790
48,912 44,29;
8,016
8,172
8,216
8,301
8,328
8,531
8,416
8,470
8,577
8,647
5,910
5,916
5,925
5,942
5,952
5,971
5,976
5,977
5,992
5,998
1442
COMMERCIAL AND MUTUAL SAVINGS BANKS
NOVEMBER 1964
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Loans and investments
Securities
Class of bank
and date
Insured commercial
KonL-o •
DanKst
1941—Dec. 31..
1945_Dec. 31..
1947_Dec. 31..
1961—Dec. 30..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
National member
L
1
.
Danks:
1941—Dec. 31..
1945—Dec. 31..
1947_Dec. 31..
1961—Dec. 30..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
State member banks :
1941—Dec. 31..
1945_Dec. 31..
1947__Dec. 31..
Total
Loans
Cash
assets l
U. S.
Govt.
Other
Total
assets—
Total
liabilities
and
capital
accounts l
Interbank
Total i
Other
Bor- Total Number
row- capital
acof
ings counts
banks
Demand
Demand Time
Time
U.S.
Govt.
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
25,788
34,292
36,926
76,820
157,544
152,733
10, 654
1,762 41,298 15,699
69,411
13, 883
23,740 80,276 29,876
147,775
54 1,325 92.975 34,882
141,851 12,615
213,904
234,243
252,579
258,597
23,531
28,903
34,594
36,002
56,086
53,702
50,337
52,845
276,600
295,093
310,730
319,913
247,176
260,609
273,657
283,463
27,571 11,725 12,039 3,806
69,312 13,925 51,250 4,137
65,280 21,428 38,674 5,178
14,977
20,114
22,024
43,433
90,220
88,182
13,006
16,042
19,218
20,168
31,078
29,684
28,635
29,511
150,809
160,657
170,233
175,250
15,950 6,295 7,500 2,155
37,871 8,850 27,089 1,933
32,566 11,200 19,240 2,125
8,145
9,731
10,822
24,688
48,084
43,879
22,259
621 13,874 4,025
3, 739
44,730
8,166 24,168 7,986
4, 411
15
40,505 3,978
381 27,068 9,062
6,302
8,050
9,855
10,080
18,501
17,744
15,760
17,256
84,303
88,831
91,235
94,186
74,119
76,643
78,553
82,074
6,835
6,154
5,655
6,038
3,241 1,509 1,025
2,992 10,584 1,063
4,958 10,039 1,448
2,668
4,448
4,083
8,708
19,256
20,691
7,702
18,119
19,340
262
116,402
127,254
137,447
141,198
124,348
139,449
155,261
163,715
67,309
75,548
84,845
89,469
38,924
43,089
46,866
49,179
66,026
65,891
62,723
58,880
36,088
35,663
33,384
31,560
17,737
15,844
15,077
15,072
135,511
142,825
150,823
155,978
10,359
9,155
8,863
8,488
63,196
68,444
72,680
73,934
Insured nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
5,776
14,639
16,444
1961—Dec. 30..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
34,320
38,557
42,464
43,476
18,123
20,811
23,550
25,066
11,972
12,932
13,391
12,654
4,225
4,814
5,523
5,755
6,508
6,276
5,942
6,078
41,504
45,619
49,275
50,488
37,560
41,142
44,280
45,411
543
535
559
546
Noninsured nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31.4
1,457
2,211
2,009
455
318
474
761
1,693
1,280
241
200
255
763
514
576
2,283
2,768
2,643
1,872
2,452
2,251
177
1961—Dec. 30..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
1,536
1,584
1,571
1,571
577
657
745
748
553
534
463
432
406
392
362
390
346
346
374
323
1,961
2,009
2,029
1,984
1,513
1,513
1,463
1,439
177
164
190
200
Nonmember
commercial banks:
1941_Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
7,233
16,849
18,454
3,696 2,270 1,266
3,310 12,277 1,262
5,432 11,318 1,703
3,431
4,962
4,659
10,992
22,024
23,334
9,573
20,571
21,591
439
1961—Dec. 30..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
35,856
40,141
44,035
45,047
18,700
21,469
24,295
25,815
12,525
13,466
13,854
13,087
4,631
5,206
5,885
6,145
6,854
6,622
6,316
6,401
43,465
47,628
51,304
52,472
39,073
42,654
45,743
46,850
719
699
749
745
Insured mutual
savings banks t
1941—Dec. 31..
1945—Dec. 31..
1947 Dec. 31..
1,693
10,846
12,683
642
3,081
3,560
629
7,160
8,165
421
606
958
151
429
675
1,958
11,424
13,499
1,789
10,363
12,207
1961—Dec. 30..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
35,660
38,597
41,664
43,431
25,812
28,778
32,300
34,050
4,690
4,639
4,324
4,316
5,158
5,180
5,041
5,064
828
784
722
799
37,065
39,951
43,019
45,022
33,400
36,104
38,657
40,797
For notes see end of table.
17,971
17,305
15,958
14,675
333
402
443
591
5,934
6,815
6,712
10,234
104
127
146
161
199
231
236
364
129
244
4
30
43
61
66
329
181
457
425
3,315
3,735
3,691
5,822
2,066
2,351
2,295
3,520
10 6,844 13,426
215 8,671 13,297
61 9,734 13,398
141,050 82,122
462 22,089 13,108
140,169 97,380 3,584 23,712 13,119
140,702 110,723 3,571 25,277 13,284
138,323 119,243 2,035 26,358 13,394
39,458
1,088 23,262 8,322
6, 786
84,939
229
14,013 45,473 16,224
82,023 8,375
795 53,541 19,278
35
1961—Dec. 30..
1962—Dec. 28..
1963—Dec. 20..
1964—June 30..
l
4 3,640 5,117
78 4,644 5,017
45 5,409 5,005
76,292 45,441
225 11,875 4,513
76,075 53,733 1,636 12,750 4,505
76,836 61,288 1,704 13,548 4,615
841 14,262 4,702
75,369 66,137
43,303
41,924
40,725
40,255
1 2,246 1,502
130 2,945 1,867
9 3,055 1,918
213 6,763 1,600
21,716
25,983 1,914 7,104 1,544
29,642 1,795 7,506 1,497
31,897 1,095 7,799 1,478
53 4,162 3,360
1,560 10,635 5,680
149 12,366 6,558
959 6,810
6
7 1,083 6,416
7 1,271 6,478
21,456
22,170
23,140
22,699
14,979
17,664
19,793
21,209
24
34
72
99
3,452
3,870
4,234
4,309
6,997
7,072
7,173
7,215
185
1, 291
1, 905
18 1,392
253
365
478
13
4
4
329
279
325
852
714
783
148
133
83
85
12
14
17
23
307
330
341
344
8
44
93
64
370
371
389
399
323
308
285
274
553
729
726
892
869
872
832
787
190
3,613
5, 504
6,045
14, 101
167 13,758 7,036
178
176
144
151
565
743
743
915
1
1
1
1
22,325 15,286
23,042 17,994
23,972 20,134
23,486 21,553
12
2
6
9
5
6
1 789
10,351
12 12,192
256 33,137
267 35,827
292 38,359
333 40,456
18 1,288 7,662
11 1,362 7,130
12 1,596 7,261
3,822
4,240
4,623
4,708
7,320
7,380
7,458
7,489
164
1 1,034
1,252
52
192
194
33
77
165
163
11
7
38
20
3,191
3,343
3,572
3,618
330
331
330
327
1443
COMMERCIAL AND MUTUAL SAVINGS BANKS
NOVEMBER 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
Noninsured mutual savings
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31 3
1961—Dec.
1962—Dec.
1963—Dec.
1964—j u n e
30
28
20
30
Loans
Total
assets—
Securities
Total
liaCash
assetsi bilities
and
Total i
capital
U.S.
Other
acGovt.
2
counts
Interbank 1
Other
Demand
Demand
Time
Time
U.S.
Govt.
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
5,600
5,961
6,425
6,795
3,581
3,938
4,380
4,605
1,446
1,490
1,548
1,700
572
533
498
490
108
106
104
105
5,768
6,134
6,602
6,977
5,087
5,427
5,859
6,143
1
1
1
1
1
Reciprocal balances excluded beginning with 1942.
Includes other assets and liabilities not shown separately.
3 See note 3, p. 587, May 1964 BULL.
4 See note 4, p. 587, May 1964 BULL.
5 See note 5, p. 587, May 1964 BULL.
6
Beginning with May 18, 1964, one New York City country bank with
loans and investments of $1,034 million and total deposits of $982 million
was reclassified as a reserve city bank.
7 See note 6, p. 587, May 1964 BULL.
NOTE.—Data are for all commercial and mutual savings banks in the
United States (including Alaska and Hawaii, beginning with 1959). Com2
Total NumBorcapital ber
rowof
acings
counts banks
Other
8,738
5,020
2 5,553
4
6
8
15
5,083
5,420
5,851
6,128
6
1,077
558
637
496
350
339
577
608
633
651
184
180
179
179
1
1
parability of figures for classes of banks is affected somewhat by change s
in F.R. membership, deposit insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc.
Data for June 30, 1964, for national banks have been adjusted to make
them comparable with State bank data. (Dec. 20, 1963 data also adjusted to lesser extent.)
Figures are partly estimated except on call dates.
For revisions in series before June 30, 1947, see July 1947 BULL., pp.
870-71.
See also NOTE, p. 643, May 1964 BULL.
LOANS AND INVESTMENTS AT COMMERCIAL BANKS
(In billions of dollars)
Seasonally adjusted
Not seasonally adjusted
Securities
Period
TotaU
Securities
Loans 1
Total 1
U.S.
Govt.
Loans 1
U.S.
Govt.
Other
Other
1957—Dec. 31
1958—Dec. 31
1959—Dec. 31
166.4
181.2
185.9
91.4
95.6
107.6
57.1
65.1
57.8
17.9
20.5
20.5
169.3
184.4
189.5
93.2
97.5
110.0
58.2
66.4
58.9
17.9
20.6
20.5
I960—Dec.
1961—Dec.
1962—Dec.
1963—Dec.
31
30
31 2
31 2
194.5
209.8
228.3
246.5
113.8
120.5
133.9
149.4
59.9
65.4
65.2
62.1
20.8
23.9
29.2
35.0
198.5
214.4
233.6
252.4
116.7
123.9
137.9
153.9
61.0
66.6
66 A
63.4
20.9
23.9
29.3
35.1
1963—Aug.
Sept.
Oct.
Nov.
Dec.
28
25
30
27
31 2
239.2
241.5
241.2
244.2
246.5
143.6
145.4
146.1
148.4
149.4
62.0
62.2
60.8
61.4
62.1
33.6
33.9
34.3
34.4
35.0
237.1
241.9
242.4
245.0
252.4
142.5
146.0
146.0
148.6
153.9
60.9
61.8
62.0
62.3
63.4
33.7
34.2
34.5
34.1
35.1
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
29
26
25
29
27
30
29
26
30^
28^
246.7
248.4
251.4
251.8
253.5
256.3
254.5
258.7
261.7
260.8
151.0
151.8
153.9
155.4
157.3
160.0
159.7
161.5
163.0
163.1
60.8
61.2
62.1
60.8
60.3
60.0
58.4
60.2
61.2
37.8
34.9
35.4
35.4
35.6
35.9
36.3
36.4
37.0
37.5
59.9
246.2
247.2
249.9
250.6
251.5
257.3
254.2
256.1
262.2
262.1
149.5
150.6
152.8
154.7
156.7
161.6
159.4
160.2
163.7
163.0
62.1
61.5
61.5
60.1
59.1
59.3
58.3
58.8
60.7
61.1
34.6
35.1
35.6
35.8
35.8
36.4
36.5
37.1
37.8
38.0
1
2
Adjusted to exclude interbank loans.
Data are estimates.
NOTE.—For back data, see June 1964 BULL., pp. 693-97.
For description of seasonally adjusted series, see July 1962 BULL. pp.
797-802.
'97-802.
Data are for last Wed. of moi
month and are partly estimated (except for
June 30 and Dec. 31 call dates).
1444
COMMERCIAL BANKS
NOVEMBER 1964
LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions of dollars)
Investments
Loans
For
To
purchasing
financial
or
carrying
institutions
Total
Comloans !
mer- Agri- securities
and
cial culReal
invest- Total 2 and
estur- To
ments
intate
broduskers To
To
To
trial
and
others
deal- others banks
ers
Class of
bank and
call date
Total: 2
1947_Dec. 31.
1961—Dec. 30.
1962—Dec. 28.,
1963—Dec. 20.,
1964—June 30.
116,284
215,441
235,839
254,162
260,179
38,057 18,167 1,660 830 1,220
124,925 45,172 6,248 4,056 2,134
140,10648,67317,097 5,144 2,131
156,00652,947 7,470 5,353 2,509
164,463 55,061 7,688 5,526 2,704
40
49
114
30. 213,904 124,348 44,965 6,211 4,030 2,107
5
2,103
28. 234,243 139,449 48,458 7,060 5,119
20. 252,579 155,261 52,743 7;444 5,321 2,476
" ,855 7,663 5,492 2,671
30. 258,597 163,715 54
1,027
2,551
3,594
2,839
Member, total
1941—Dec. 31. 43,521 18,021 8,671 972 594 598
1945_Dec. 31. 107,183 22,775 8,949 855 3,133 3,378
1947—Dec. 31. 97,846 32,628 16,962 1,046 811 1,065
39
47
113
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
30. 179,599 106,232 40,931 3,934 3,877 1,827
28. 195,698 118, 637 43;843 4,419 4,954 1,777
20. 210,127 131,71247 403 4,659|5,124 2,136
30. 215,132 138,649 49 217 4,755 5,341 2,320
New York City:
1941_Dec. 31.
1945—Dec. 31.
1947_Dec. 31.
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
30.
28.
20.
30.
City of Chicago:
1941—Dec. 31.
1945—Dec. 31.
1947_Dec. 31.
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
30.
28.
20.
30.
4,072 2,807
7,334 3,044
7,179 5,361
30,297
32,989
34,827
36,693
19,535 11,278
21,954 11
11,943
23,577 12,332
25,490 12
'",647
23 ,956
17 2,766
26 2,677
21 3,045
2,760
5,931
5,088
954
732
1,333
760
1,801 1,418
48
211
73
52
233
87
7,606
8,957
9,615
9,636
4,626
5,418
6,220
6,266
354
407
497
498
137
152
181
192
242
200
114 194
427 1,503
170 484
4
17
15
2,609
2,941
3,378
3,332
Other reserve city:
1941—Dec. 31. 15,347 7,105 3,456
1945_Dec. 31. 40,108 8,514 3,661
1947—Dec. 31. 36,040 13,449 7,088
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
30.
28.
20.
30.
68,565
73,130
78,370
80,466
42,379
46,567
51,891
54,604
300
205
225
412 169
2,453 1,172
545 267
1,014
2,445
3,439
2,733
12,896
26,143
20,393
8
16,879 1,076 976
17,660 1,179 1,053
' " ' " 1,243
18,862 1,219
19,624 ,173 1,155
Bills
9,393 5,723 947 69,221 2,193
115
1,033 7,311 30,320 27,847 3,412 66,578 11,488
2,578 8,'459 34,259'30,553 3,909 66,434 11,674
3,605! 9\ 479 39,056134,550 4,034 63,196 11,059
2,881 10, 450 41,388 37,594 4,421 59,322 9,061
All insured
1941_Dec. 31., 49,290 21,259 9,214 1,450 614 662
1945—Dec. 31. 121,809 25,765 9,461 1,3143,1643,606
—" 1,190
' ~~
1947—Dec. 31. 114,274 37,583 18,012 1,610 823
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
U. S. Government
securities
Other
to
in- Other
dividuals
Total
Certificates
State
and
local Other
govt. secusecu- rities
rities
Notes Bonds
7,789 6,034 53 ,205 5,276 3,729
2,114 26,336 26 ,641 20,345
-,- .- 3,592
3,932 23,841 26,9
987 24,755 4,543
1,658 22,415 28iO65
28,0 29 786 5,173
35 23,141 27,085 311419 4,975
4,773
4,505 21,046
3,159 16,899 3,651 3,333
988
4,677 2,361 1,132 88,912
88
2,455 19,071 16,045 51
",342 3,873 3,258
9,266 5,654 914 67,941 2,124 7,552 5,918 52,347 5,129 3,621
7,296 30,211 27,708 3,,396 66,026
8,434 34,123 30,402 3,890 65,891
9,415 38,861134,383 4,015 62 ,723
10,414 41,190 37,432 4,403 58,880
11,356 2,098 26,145 26,426 20,068 3,462
11,514 3,916 23,715 26,746 24,547 4,356
10,952 1,649 22,316 27,806 29,559 5,035
8,970
32 23,044 26,835 31,184 4,818
3,653 19,539
3,494
971
3,007 15,561 3,090 2,871
057 78,338 2,275 16,985 14,271 44,807 3,254 2,815
3,455 1,900' ~
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
7,936 27,162 24,799 3,657 52,968
8,875 31,009127,908 3,765 49,342
9,887 32,794 30,275 4,137 46,235
123
80
111
32
26
93
522
287
564
669
703
751
893
95
22
36
46
51
149
221
362
401
409
476
523
594
600
7,862
7,017
6,154
5,779
1,430
40 4,213
26 2,890
229
369
318
318
2,041
2,129
1,705
1,750
2,117
1,998
1,711
1,333
2,617
3,319
3,864
3,670
729
606
638
830
629
604
442 2,496 2,806 2,635
508 2,488 2,023 3,585
147 2,341 1,955 4,653
2,625 1,821 4,952
265
432
442
472
7,265
311
1,623 5,331
272 17,574
477 3,433 3,325 10,339
238 11,972 1,002
640
558 9,772
934 2,072 1,220
376 1,711
467
572 2,087 1,329 2,143 1,196
425
569 1,007 2,247 1,968 2,257 1,068
625 1,014 2,762 2,296 2,548 1,128
53
9,229 1,842 21,390 21,598 16,691
8,862 3,249 19,443 21,414 20,773
8,032 1,307 18,072 21,932 25
6,707
16 18,572 20,940 26,579
182
181
213
193
204
185
743
816
788 1,242
717 1,361
680 1,370
124
168
329
251
256
133 1,467
132
235
153 1,022
749 1,864
248 2,274
478
377
347
418
728
849
599
652
92
115
42
1,508
6,467
1,527
295
751 5,421
956
820
855 3:
387 29,552 1,034 6,982 5,653 15,883 1,126 916
1,459
373 2,358 1,901 15,563 1,342 1,053
3,147 1,969 351 20,196
784
470 3,261 9,590
752 1,020 3,583 11,030
891 1,224 4,286 12,525
970
953 4,706 13,207
9,172 998 19,748
9,860 1,266 18
"\398
11,106 1,462 16 ,686
12,063 1,753 15,488
3,020
741 8,605 7,382
2,343 1,403 7,257 7,395
2,152
545 6,600 7,390
2,206
6,566 6,715
5,710
7,252
8,810
9,449
727
913
981
925
Country:
1941—Dec. 31. 12,518 5,890 1,676
1945—Dec. 31. 35,002 5,596 1,484
1947—Dec. 31. 36,324 10,199 3,096
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
Nonmember
1947_Dec.
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
659
648
818
20
42
23
183
471
227
2
4
5
1,823
1,528
4,377
707 359 26,999
1,881
3,827 1,979 224 22,857
73,131
80,623
87,316
88,337
39,693
44,698
50,023
52,289
10,165 2 ,811
,187
11,
12,831 3,374
\535
,614 3
13,"-
591
728
708
644
438
447
496
534
116
764
966
565
1,251
1,563
1,591
1,525
31.
30.
28.
20.
30.
18,454
35,856
40,141
44,035
45,047
5,432
18,700
21,469
24,295
25,815
1,205 614
4,241 2,314
4,830 ",678
5,544 2 ,811
5,844 2 ,933
20
179
190
229
185
156
306
354
373
384
2
19
132
166
149
418
523
604
563
i 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.
13,242 11,132
14,441 12,273
13,951
16,114 13
16,883 15,063
30.
28.
20.
30.
2,266
6,341
7,097
8,047
8,594
1,061
4,995
5,754
6,643
7,320
110
481 3,787 1,222 ,028
630 5,102 4,544 16,722 1,342 1,067
480 2,583 2,108 17,687 2,006 1,262
751I 24,407
826>25,425
25
917 24,797
939 233,218
3,614
566 9,560 10,667 7,530 1,500
1
4,144 1,223 8,849 11,209 8,694 1,807
1
3,822
573 8,531 11,871 10,385 :~ 1 H
2,749
15 8,728 11,725 10,808 2,022
109 11,318
214 12,525
252 13,466
269 13,854
284 13,087
206 1,973 1,219
2,259
272 4,947
2,812
683 4,398
3,027
351 4,343
2,354
19 4,569
7,920
5,046
5,573
6,133
6,144
1,078 625
3,655 976
982
1
r
3 ,576
" 1,224
,309
4,
1,305
4,841
2 Breakdowns of loan, investment, and deposit classifications are not
available before 1947; summary figures for earlier dates appear in the
preceding table.
For other notes see opposite page.
COMMERCIAL BANKS
NOVEMBER 1964
1445
RESERVES AND LIABILITIES BY CLASS OF BANK
(In millions of dollars)
Demand deposits
Class of
bank and
call date
Reserves
with
F. R.
Banks
DeBalCur- ances mand
rency with
dedoand
posits
coin mestic
adbanks3 justed 4
17,796
16,918
17,680
17,150
16,774
2,216
3,689
4,252
4,048
4,539
Interbank
Time deposits
Certified
and
officers'
checks,
etc.
U.S.
Govt. State
Inter- and
and
bank Postal local
Sav- govt.
ings
U.S.
Govt.
State
and
local
govt.
1,343
5,946
6,829
6,729
10,257
6,799
12,242
12,071
12,256
12,583
2,581
5,056
4,511
4,494
4,832
84,987
124,622
124,459
124,784
121,695
240
481
535
526
677
111
283
269
269
257
All insured:
1941_Dec. 3 1 . . . . 12,396 1,358 8,570 37,845 9,823
673 1,762
1945—Dec. 3 1 . . . . 15,810 1,829 11,075 74,722 12,566 1,248 23,740
1947_Dec. 3 1 . . . . 17,796 2,145 9,736 85,751 11,236 1,379 1,325
3,677
5,098
6,692
1,077
2,585
2,559
36,544
72,593
83,723
158
70
54
59
103
111
5,934
6,815
6,712
10,234
12,149
11,991
12,175
12,491
5,023
4,434
4,429
4,781
123,878
123,744
124,098
121,051
333
402
443
591
283
269
269
257
6,246 33,754 9,714
671 1,709
7,117 64,184 12,333 1,243 22,179
6,270 73,528 10,978 1,375 1,176
3,066
4,240
5,504
1,009
2,450
2,401
33,061
62,950
72,704
140
64
50
50
99
105
5,381
6,086
5,986
9,342
9,487
9,270
9,376
9,639
4,654
4,083
4,055
4,379
105,454
104,646
104,130
101,605
303
358
382
525
260
243
240
227
4,371
5,158
6,364
7,045
29
20
14
Total: 2
1947—Dec.
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
31....
30....
28....
20....
30....
30....
28....
20....
30....
16,918
17,680
17,150
16,774
3,670
4,232
4,033
4,524
Member, total:
1941—Dec. 3 1 . . . . 12,396 1,087
1945—Dec. 3 1 . . . . 15,811 1,438
1947_Dec. 3 1 . . . . 17,797 1,672
10,216
14,169
13.099
12,312
12,693
13,871
12,795
11,984
12,409
87,123
122,654
124,342
126,579
122,537
121,671
123,361
125,615
121,608
DoFormestic 3 eign5
11,362
16,574
14,713
14,048
13,909
16,440
14,579
13,900
13,756
1,430
1,340
1,295
1,218
1,363
1,298
1,265
1,177
1,316
IPC
30....
28....
20....
30....
16,918
17,680
17,150
16,774
2,813
3,263
3,131
3,511
New York City:
1941 Dec 31
1945_Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
5,105
4,015
4,639
93
111
151
141 10,761
78 15,065
70 16,653
866
3,595
607
3,535 1,105 6,940
267
3,236 1,217
319
237
290
450
1,338
1,105
11,282
15,712
17,646
6
17
12
10
12
30....
28....
20....
30
3,286
4,121
3,625
3,919
240
251
264
273
143
156
96
82
17,089
17,095
16,763
16,389
4,330
3,854
3,487
3,791
1,267
1,408
1,419
2,112
333
366
368
420
2,583
2,237
2,119
2,323
20,213
19,628
18,473
18,480
191
207
214
317
38
53
76
71
City of Chicago:
1941_Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947 Dec 31
•
1,021
942
1,070
43
36
30
298
200
175
2,215
3,153
3,737
J.027
1,292
1,196
127
8
20 1,552
72
21
233
237
285
34
66
63
2,152
3,160
3,853
30....
28....
20....
30....
889
1,071
1,019
923
37
44
49
53
158
99
98
151
3,809
4,262
4,144
3,845
1,578
1,235
1,169
1,135
45
41
43
47
369
410
395
587
315
351
275
311
124
109
112
114
4,830
4,804
4,500
4,319
Other reserve city:
1941—Dec. 3 1 . . . .
1945_Dec. 3 1 . . . .
1947_Dec. 3 1 . . . .
4,060
6,326
7,095
425
494
562
2,590 11,117
2,174 22,372
2,125 25,714
4,302
6,307
5,497
54
491
110 8,221
131
405
1,144
1,763
2,282
286
611
705
2,542
2,253
2,105
2,296
36,187
35,481
35,859
34,281
8,107
7,229
6,958
6,616
243
248
267
278
2,103
2,337
2,212
3,771
3,520
3,216
3,144
3,234
3,216 9,661
4,665 23,595
3,900 27,424
790
1,199
1,049
2
225
8 5,465
7
432
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
M. - ^ ^
/
X - » V V # fc' *. • • •
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
30....
28....
20....
30....
Country:
1941_Dec. 3 1 . . . .
1945—Dec. 3 1 . . . .
1947—Dec. 31
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
Nonmember:2
1947 Dec.
1961 Dec
1962 Dec
1963—Dec.
1964—June
30....
28....
20....
30....
31
30
28
20
30
7,533
858
7,671 1,021
7,587
935
7,106 1,072
8,724
7,897
7,359
7,807
100,660
101,528
102,816
99,288
15,924
14,071
13,378
13,247
1,270
1,237
1,140
1,280
967
929
801
920
65 10,059
34,383
76,680 471 22,459
90,991 3,627 24,094
102,886 3,664 25,677
110,650 2,099 26,768
492 15,146
496 29,277
826 33,946
5,412
6,397
7,853
8,634
10 6,844
215 8,671
61 9,734
76,426 462 22,089
90,714 3,584 23,712
102,600 3,571 25,277
110,352 2,035 26,358
418 11,878
399 23,712
693 27,542
4 5,886
208 7,589
54 8,464
62,526 438 18,638
74,316 3,550 19,854
84,326 3,499 21,054
90,762 1,936 22,060
778
1,206
1,418
1,648
195 2,120
30 2,259
162 6,735 283 3,683
266 8,937 1,728 3,898
449 10,920 1,438 3,984
528 12,582 924 4,402
2
9
476
719
902
288
377
426
14
18
17
25
5
7
6
5
8
16
185
199
1,996
3,001
3,595
3,887
35
870
262
948
255
996
210 1,017
11,127
22,281
26,003
104
30
22
20
38
45
1,152
980
1,034
1,086
40,315
39,413
39,281
38,067
62
82
95
118
110
83
72
69
1,370
2,004
2,647
239
435
528
8,500
21,797
25,203
30
17
17
31
52
45
243 4,542 . . . . . . 1,967
160 9,563
2,566
1 2,844
332 11,045
2,310
2,633
2,950
3,362
23,962
81 6,997
28,027 1,388 7.263
31,982 1,416 7,697
34,544 572 8,110
146 6,082
219 12,224
337 14,177
2,210
4,527
4,993
526
796
929
5,210
4,817
4,919
4,826
1,678
1,947
1,884
2,113
5,881
5,389
5,060
5,278
43,575
44,689
46,049
44,773
1,910
1,753
1,764
1,705
15
19
29
34
1,641
1,931
1,960
2,872
5,320
5,337
5,590
5,674
796
756
790
856
40,095
40,801
41,877
40,740
37
51
56
64
108
100
86
83
1,891
2,242
2,778
2,956
29,834
34,350
37,829
39,749
40
172
390
230
7,088
7.744
8,377
8,531
544
876
989
917
1,028
3,947
5,446
5,202
4,953
4,886
13,595
21,994
22,814
23,763
23,249
385
649
642
671
661
55
70
57
78
84
167
565
743
743
915
1,295
2,755
2,802
2,880
2,943
180
402
428
438
453
12,284
19,168
19,813
20,654
20,090
190
178
176
144
151
6
23
26
29
30
172
1,094
1,292
1,545
1,635
6,858
14,169
16,675
18,560
19,888
12
33
77
165
163
1,596
3,822
4.240
4 623
4,708
3 Beginning with 1942, excludes reciprocal bank balances.
4 Through 1960, demand deposits other than interbank and U.S.
Govt., less cash items in process of collection; beginning with 1961,
demand deposits other than domestic commercial interbank and U.S.
Govt., less cash items in process of collection.
5 See note 6, May 1964 BULL., p. 589.
4 1,982
11 2,525
23 2,934
banks. Comparability of figures for classes of banks is affected somewhat by changes in F.R. membership, deposit insurance status, and the
reserve classifications of cities and individual banks, and by mergers, etc.
Data for June 30, 1964, for national banks have been adjusted to make
them comparable with State bank data. (Data for Dec. 20, 1963, also
adjusted to lesser extent.)
Also see NOTE, May 1964 BULL., p. 589.
NOTE.—Data are for all commercial banks in the United States. These
figures exclude data for banks in U.S. possessions except for member
866
5,465
6,450
7,908
8,680
IPC
Bor- Capital
row- acings counts
For other notes see opposite page.
1446
WEEKLY REPORTING MEMBER BANKS
NOVEMBER 1964
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
(In millions of dollars)
Loans
For purchasing
or carrying securities
Total
loans
and
invest-l
ments
Wednesday
Loans
and
investments
Loans
2
2
justed
justed
Commercial
and
industrial
Agritural
To brokers
and dealers
To financial institutions
To others
U . S . Other
U.S.
Govt. Other
sese- Govt.
sesecuri- curicuri- curities
ties
ties
ties
Bank
Foreign
Nonbank
Do- Pers.
mes- and
tic
sales
com- finan. Other
mer- COS.,
cial
etc.
Real
estate
All
other
17 455
17,485
17,570
17 612
17,651
19 487
19,438
19,521
19 501
19,565
Valuation
reserves
TotalLeading Cities
1963
Oct
136 864
135,528
135,695
135 398
135,894
134 984
133,423
134,115
133 183
133,754
87 366
86,193
86,827
86,188
86,598
36 145
36,121
36,282
36 310
36 296
1 477 1,152 3 319
497 3,176
1,499
745 3,244
1,521
368 3,083
1 540
452 3,183
1,554
. . . . 145 213
144,523
147 259
146,133
147,809
142 946
141,918
145 042
144,564
145,878
96,015
95,108
97 685
97,242
97,784
39 091
39,031
39 802
39,711
39,953
1 546
1,545
1 561
1,569
1,578
2
9
16
23
30
85 1,673
85
83
680
89 1,681
87 1,685
803
827
833
823
838
1,880
2,105
1,580
2,215
2,140
4,262
3,895
3,820
3,664
3,759
3,469
3,465
3,489
3,474
3,484
961
961
961
957
956
1964
Sept
2
9
16
23
30
1,213
632
1,610
1,482
1,236
3 323
3,197
3 420
3,415
3,558
67 1,902 1,217 2,267 4,333 4,007 19 320
64 ,906 1,211 2,605 4,168 4,011 19,366
63 1,918 1,211 2,217 4,503 4,068 19 458
60 ,917 1,215 1,569 4,260 4,055 19,509
81 1,921 1,239 1,931 4,515 4,043 19,533
22,094 > 0 9 8
22,011 >J00
22,171 <•
I 100
22,151 >,1(V>
22,234 >,107
>•
:
Oct
146,061
146 462
145 436
146,472
143,951
144 094
143 734
144,363
96,498
96 753
96,727
96,545
39,743
39 964
39 913
39,882
1,591
1 594
1 596
1,606
679
669
723
610
3,336
3 290
3 359
3,268
69 ,9?3 1,248 2,110
68 1,917 1,258 2,368
70 1,917 1,251 1,702
69
916 1,248 2,109
32 978
32 419
32,242
32 282
32,457
32 505
31 687
31,821
31 276
31,798
21 481
20 865
20,951
20 568
20,905
11 673
11 641
11,671
11 628
11,650
16
16
16
16
17
556
262
321
161
256
1 893
1,790
1,794
1 701
1,794
10
11
10
19
19
537
524
34,887
34,714
35,706
35 242
36,213
34,226
33,664
35,144
34 936
35,446
23,405
22,981
24,224
24,026
24,250
12,436
12,426
12,775
12 733
12,952
17
17
17
17
17
608 J.83S
350 1,764
785
,938
795 1,933
508 2,055
9
8
35,103
35 382
34 325
34,951
34,389
34 178
33 879
34,256
23,416
23 489
23 352
23,360
12,770
12 831
12 745
12,733
16
16
16
15
283 1,869
301 1,859
333 I 883
.827
360
7
7
103,886
103,109
103 453
103,116
103,437
102,479
101,736
102 294
101,907
101,956
65,885
65,328
65 876
65,620
65,693
24,472
24,480
24 611
24,682
24,646
1,461
1,483
1 505
1,524
1,537
596 1.426
235 1,386
424 I 450
207 1,382
196 1,389
75 1,136
74 1,142
73 1,152
70 1,152
68 1,162
419
434
445
447
443
1,407
1,373
1 159
1,209
1,481
110,326
109,809
111,553
110,891
111,596
108,720
108,254
109,898
109,628
110,432
72,610
72,127
73,461
73,216
73,534
26,655
26,605
27,027
26,978
27,001
1,529
1,528
1,544
1,552
1,561
605
282
825
687
728
1,488
1,433
1,482
1,482
1,503
58
56
55
53
74
1,307
1,312
1,317
1,315
1,314
568
557
554
555
565
. 110,958
111,080
111,111
111,521
. .
109,562
109,916
109,855
110,107
73,082
73,264
73,375
73,185
26,973
27,133
27,168
27,149
1 575
1,578
1,580
1,591
396 1,467
368 1,431
390 I 476
250 ,441
62
61
62
61
1,317
1,318
1,317
1,315
571
569
578
571
7
14
21
28
4,203
4,187
4,065
4,052
4,065
4,038
3,999
3,978
19,560
19 638
19 680
19,719
22,191
22 240
22 263
22,304
523
384
473 1.399
??9
393
732
388
421 1,212
376 1,006 1,117
?08
395
659
630
625
627
650
661
1 796
1,814
1,825
1 824
1,840
3 158
3,131
3,130
3 118
3,113
571
571
571
571
S71
595
594
601
,379
657
843
830
602
607
660
674
2,096
2 100
2,124
2 139
2,154
3,512
3,509
3,528
3 504
3,522
574
574
574
573
*571
606
599
600
601
677
714 :1,286
689 1,204
,?<)?
673
446 1,218
677
?17
695
813
789
2,160
2 183
2 183
2,198
3,500
3,494
3 474
3,508
571
790
787
2,863
2,666
2,608
2,547
2,551
2,839
2,840
2,862
2,824
2,823
15,659
15,671
15 745
15,788
15,811
16,329
16,307
16 391
16,383
16,452
1,390
I 390
I 386
1,385
1.606
1,555
1,655
,263
1,164
2,954
2,865
2,980
2,894
3,003
3,164
3,181
3,226
3,212
3,230
17,224
17,266
17,334
17,370
17,379
18,582
18,568
18,643
18,647
18,712
1,524
I 526
[,526
1,529
1,536
1,396
1,164
1,256
1,414
2,917
2,895
2,847
2,835
3,252
3,249
3,209
3,191
17 400
17,455
17,497
17,521
18 691
18,746
18,789
18,796
I 539
I 539
1,538
1,536
> 110
> 110
M09
> 107
<•
New York City
1963
Oct
2
9
16
23
30
528
529
1964
Sept
Oct
2
9
16
23
30
7
14
21
28
. . .
<•
8
7
7
8
8
649
661
654 1,050
562
306
767
^m
,523
1,366
,51?
842
843
813
571
571
571
Outside
New York City
1963
Oct
2
9
16
23
30
390
1964
Sept
2
9
16
23
30
Oct
7
14
21
28.
.
.
For notes see p. 1448.
NOVEMBER 1964
1447
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Investments
Cash assets 3
U. S. Government securities
Wednesday
Total
Bills
Certificates
Notes and bonds
maturing—
Other
securities
Total
With- 1 to After
in
lyear 5 years 5 years
Balances
with
domestic
banks
Balances
with
foreign
banks
Currency
and
Reserves
with
F. R.
Banks
All
other
assets
Total
assets—
Total
liabilities
and
capital
accounts
TotalLeading Cities
1963
Oct.
2
9
16
23
30
28,367
28,086
28,035
27,794
27,990
4,005
3,821
3,843
3,701
3,904
26,392
26,HI
26,577
26,594
27,207
2,768
2,763
2,768
2,768
2,853
13,325
13,313
13,260
13,225
13,219
7,307
7,232
7,222
7,158
7,078
19,251
19,144
19,253
19,201
19,166
17,897
17,276
17,547
17,089
17,517
3,190
2,948
3,153
2,864
2,850
231
239
231
250
258
1,660
1,688
1,699
1,754
1,814
12,816
12,401
12,464
12,221
12,595
5,207
5,220
5,242
5,146
5,237
174,821
171,315
174,589
170,787
171,958
4,208
4,042
4,568
4,634
5,252
3,460
3,504
3,520
3,586
3,620
11,221
11,141
11,105
11,076
11,072
7,503
7,460
7,384
7,298
7,263
20,539
20,663
20,780
20,728
20,887
17,769
17,819
18,187
18,377
18,292
3,154
3,203
3,456
2,963
3,366
272
254
258
257
251
1,750
1,820
1,871
1,899
1,831
12,593
12,542
12,602
13,258
12,844
5,691
5,718
5,690
5,722
6,032
182,817
181,887
188,453
184,492
188,621
26,422
26,419
26,109
26,928
4,637
4,661
4,399
5,273
3,621
3,649
3,670
3,683
11,394
11,379
11,425
11,419
6,770
6,730
6,615
6,553
21,031
20,922
20,898
20,890
18,108
18,076
18,548
18,701
3,078
3,550
3,131
3,208
227
255
261
256
1,741
1,930
1,863
1,961
13,062
12,341
13,293
13,276
5,862
5,872
5,836
5,842
184,481
188,109
184,736
185,472
5,790
1,522
1,427
1,449
1,371
1,542
490
497
502
489
569
2,189
2,172
2,170
2,174
2,184
,398
,377
,391
,377
,338
5,267
5,189
5,202
5,137
5,103
4,175
3,596
3,793
3,659
4,164
102
243
252
243
252
257
3,750
3,160
3,377
3,221
3,722
2,183
2,199
2,215
2,181
2,167
44,223
42,396
43,497
42,261
43,351
5,497
5,325
5,461
5,472
5,671
1,512
1,398
1,591
1,663
1,822
729
746
717
736
784
1,941
1,860
'828
,834
,315
,321
,286
,245
,231
5,324
5,358
5,459
5,438
5,525
3,989
3,628
4,073
4,254
3,920
122
113
118
115
117
258
275
260
274
260
3,517
3,152
3,598
3,792
3,444
2,359
2,407
2,361
2,372
2,530
45,818
45,156
47,898
46,525
48,734
5,286
5,221
5,047
5,423
1,510
1,456
1,300
1,687
753
761
772
786
,846
,799
,763
,752
,177
,205
,212
,198
5,687
5,468
5,480
5,473
3,930
3,323
4,444
4,431
99
114
113
108
276
287
270
279
3,476
2,826
3,976
3,970
2,436
2,498
2,480
2,431
46,090
47,451
46,112
46,855
22,610
22,453
22,367
22,223
22,200
2,483
2,394
2,394
2,330
2,362
2,278
2,266
2,266
2,279
2,284
11,136
11,141
11,090
11,051
11,035
5,909
5,855
5,831
5,781
5,740
13,984
13,955
14,051
14,064
14,063
13,722
13,680
13,754
13,430
13,353
3,097
2,854
3,064
2,776
2,767
142
149
147
152
156
1,417
1,436
1,456
1,502
1,557
9,066
9,241
9,087
9,000
8,873
3,024
3,021
3,027
2,965
3,070
130,598
128,919
131,092
128,526
128,607
20,895
20,822
21,116
21,122
21,536
2,696
2,644
2,977
2,971
3,430
2,731
2,758
2,803
2,850
2,836
9,280
9,281
9,238
9,248
9,238
6,188
6,139
6,098
6,053
6,032
15,215
15,305
15,321
15,290
15,362
13,780
14,191
14,114
14,123
14,372
3,062
3,115
3,359
2,890
3,267
150
141
140
142
134
1,492
1,545
1,611
1,625
1,571
9,076
9,390
9,004
9,466
9,400
3,332
3,311
3,329
3,350
3,502
136,999
136,731
140,555
137,967
139,887
21,136
21,198
21,062
21,505
3,127
3,205
3,099
3,586
9,548
9,580
9,662
9,667
5,593
5,525
5,403
5,355
15,344
15,454
15,418
15,417
14,178
14,753
14,104
14,270
2,999
3,454
3,046
3,134
128
141
148
148
1,465
1,643
1,593
1,682
9,586
9,515
9,317
9,306
3,426
3,374
3,356
3,411
138,391
140,658
138,624
138,617
962
957
942
942
936
1964
Sept. 2
9
16
23
30
Oct.
7
14
21
28
New York City
1963
Oct.
2
9
16
23
30
1964
Sept. 2
9
16
23
30
Oct.
158
160
156
160
157
Outside
New York City
1963
Oct.
2.
16
23
30
804
797
786
782
779
1964
Sept. 2
16
23
30
Oct. 7.
14.
21.
For notes see the following page.
,
2,1
2,1
2,897
1448
WEEKLY REPORTING MEMBER BANKS
NOVEMBER 1964
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Borrowings
Deposits
Demand
Wednesday
Total
unadjusted4
Demand
deposits
ad- 3 Totals
justed
IPC
Time
Other time 9
DomesState
and For- U.S. tic
Total8
local eign7 Govt. commerGovt.
cial
banks
Savings
IPC
State
and Forlocal eign7
Govt.
Other Capital
acFrom From liabilities
F.R.
counts
Banks others
TotalLeading Cities
1963
151,948
148,193
151,573
146,989
148,428
61,885
61,752
62,749
63,041
63,809
95,237
91,333
94,631
89,731
90,875
66,320
65,605
68,895
66,837
67,322
4,902
4,433
4,454
4,458
4,762
Sept. 2
9
16
23
30
157,812
156,662
163,123
159,426
164,198
62,689
62,949
65,046
62,748
63,722
93,372
92,086
99,082
95,061
99,479
66,168
66,641
71,682
66,852
68,867
5,071
4,717
4,723
4,666
5,224
Oct.
159,665
162,850
158,908
160,022
63,522
63,512
64,307
64,999
94,745
97,777
93,689
94,544
67,691
70,800
69,023
68,627
36,385
34,441
35,634
34,124
35,235
15,641
15,229
15,591
15,636
15,980
25,697
23,730
24,911
23,228
24,169
16,575
15,943
16,919
16,392
16,907
Sept. 2
9
16
23
30
37,354
36,814
39,151
38,202
40,602
15,614
15,507
16,594
15,736
15,742
24,473
23,898
26,483
25,425
27,702
Oct.
37,833
39,010
37,627
38,374
15,922
15,194
15,853
15,946
115,563
113,752
115,939
112,865
113,193
Sept. 2
9
16
23
30
Oct.
Oct.
2
9
16
23
30
6 ,229 12,270
4 ,069 12,221
,001 12,776
2,139 11,397
2,304 11,452
56,711
56,860
56,942
57,258
57,553
37,342
37,425
37,465
37,503
37,534
12,013
12,062
12,107
12,384
12,639
3,917
3,914
3,913
3,897
3,915
3,073
3,096
3,092
3,102
3,095
421
160
338
236
115
2,547
2,937
2,549
3,407
3,267
5,741
5,848
5,951
5,960
5,883
14,164
14,177
14,178
14,195
14,265
970 4,511 12,028
,961 2,825 12,485
,903 3,754 12,965
,886 6,610
6
11,443
945 6,951 12,318
64,440
64,576
64,041
64,365
64,719
39,477
39,533
39,574
39,640
39,873
16,000
16,096
15,509
15,744
15,854
4,613
4,591
4,607
4,628
4,648
3,829
3,836
3,829
3,826
3,824
36
96
29
652
20
3,324
3,303
3,451
2,517
2,466
6,350
6,526
6,510
6,545
6,489
15,295
15,300
15,340
15,352
15,448
4,762 ,881 4,698 12,075
924 3,231 13,335
4,517 ,924
4,600 2,011 2,631 11,835
5,035 2~" ",389 11,699
64,920
65,073
65,219
65,478
39,933
39,974
40,029
40,061
16,006
16,104
16,219
16,464
4,644
4,699
4,650
4,630
3,816
159 2,861
3,780
31 3,276
3,805 1,115 2,769
3,803
412 3,079
6,318
6,496
6,484
6,473
15,478
15,456
15,460
15,486
377
307
320
289
401
,272 2,065 3,104 10,688
1,176 1,297 3,022 10,711
1,204 895 3,178 10,723
1,289 631 2,822 10,896
1,311 663 2,963 11,066
4,391
4,384
4,382
4,381
4,380
3,568
3,578
3,599
3,760
3,935
385
384
381
380
380
2,170
2,191
2,185
2,195
2,192
214
973
30 1,178
1,129
50 1,345
1,428
2,718
2,813
2,795
2,812
2,757
3,933
3,934
3,934
3,930
3,931
16,352
16,165
18,192
16,504
17,371
297
296
311
300
372
1,469 1,193 3,083 12,881
1,464 725 3,259 12,916
1,398 870 3,261 12,668
1,378 2 ,174 2,858 12,777
1,433 2,330 3,559 12,900
4,513
4,519
4,525
4,528
4,566
4,916
4,939
4,697
428
425
418
406
425
2,701
2,710
2,706
2,705
2,698
1,446 2,775
10 1,228 2,863
1,689 2,825
208 1,027 2,858
909 2,963
4,238
4,241
4,233
4,230
4,260
24,918
26,032
24,483
25,149
16,731
17,193
16,795
16,837
309
302
283
351
1,381
1,418
1,487
1,482
4,910
4,993
5,125
5,200
423
429
430
436
2,699
2,680
2,712
2,709
1,130
1,228
226 1,076
1,309
2,872
2,962
2,931
2,915
4,255
4,251
4,252
4,252
46,244
46,523
47,158
47,405
47,829
69,540
67,603
69,720
66,503
66,706
49,745
49,662
51,976
50,445
50,415
,445 3,532
,484
530
,508
532
,624 3,517
,704 3,535
903
905
907
907
903
207
130
333
186
115
1,574
1,759
1,420
2,062
1,839
3,023
3,035
3,156
3,148
3,126
10,231
10,243
10,244
•J,265
10,334
120,458
119,848
123,972
121,224
123,596
47,075
47,442
48,452
47,012
47,980
68,899
68,188
72,599
69,636
71,777
121,832
123,840
121,281
121,648
47,600
48,318
48,454
49,053
69,827
71,745
69,206
69,395
1,705
1,617
1,
1,725
1,751
1964
7
14
21
28
New York City
1963
Oct.
2
9
16
23
30
1964
7
14
21
28
4,r~
4,*
,585
,033
812
,045
2,790
3,557
2,955
3,116
12,915
12,978
13,144
13,225
4,557
4,552
4,553
4,554
4,525
4,126
4,134
4,169
4,361
433 4,164
2,772
436 2,106
,508
440 1,641
9,166
9,199
9,598
8,575
8,489
46,023
46,149
46,219
46,362
46,487
32,951
33,041
33,083
33,122
33,154
49,816
50,476
53,490
50,348
51,496
4,774
4,421
4,412
4,366
4,852
501 3,318
497 2,100
505 2,884
508 4,436
512 4,621
8,945
9,226
9,704
8,585
8,759
51,559
51,660
51,373
51,588
51,819
34,964
35,014
35,049
35,112
35,307
11,084
11,157
10,812
10,936
10,966
4,185
4,166
4,189
4,222
4,223
1,128
1,126
1,123
1,121
1,126
31
86
29
444
20
1,878
2,075
1,762
1,490
1,557
3,575
3,663
3,685
3,687
3,526
11,057
11,059
11,107
11,122
11,188
50,960
53,607
52,228
51,790
4,453
4,215
4,317
4,684
500 3,113
3
5065 2,198
524 1,819
536 2,344
9,285
9,778
8,880
8,583
52,005
52,095
52,075
52,253
35,376 11,096
35,422 11,111
35,476 11
11,094
35,507 11,264
4,221
4,270
4,220
4,194
1,117
1,100
1,093
1,094
159
31
889
407
1,731
2,048
1,693
1,770
3,446
3,534
3,553
3,558
11,223
11,205
11,208
11,234
Outside
New York City
1963
Oct.
2
9
16
23
30
1964
7
14
21
28
1 After deduction of valuation reserves.
Exclusive of loans to domestic commercial banks and after deduction
of valuation reserves; individual loans items are shown gross.
3
Excludes cash items in process of collection.
4
Total demand and total time deposits.
5 Demand deposits other than domestic commercial interbank and
U.S.
Govt., less cash items in process of collection.
6
Includes certified and officers' checks and deposits of mutual savings
banks,
not shown separately.
7
Deposits of foreign governments and official institutions, central
2
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
and9 mutual savings banks, not shown separately.
Includes certificates of deposit outstanding in following amounts
(in millions of dollars):
Oct. 7
Oct. 14
Oct. 21
Oct. 28
Total—Leading Cities
12,095
12,212
12,324
12,546
New York City
4,305
4,407
4,572
4,654
Outside New York City...
7,790
7,805
7,752
7,892
NOVEMBER 1964
1449
BUSINESS LOANS OF BANKS
COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS
(In millions of dollars)
Outstanding
Net change during
1964
Industry
1964
28
Oct.
21
Oct.
14
Oct.
7
657
2,078
860
947
1,181
661
2.120
878
965
1,183
669
2,134
881
985
1,195
661
2,114
885
991
1,201
659
2.114
887
998
1,219
-2
-36
-27
-51
-38
-10
60
52
36
23
1,685
1,450
1,025
1,194
955
1,669
1,482
1,028
1,206
965
1,572
1,586
1,015
1,179
981
1,508
1,600
1,010
1,193
985
1,473
1,629
1,009
1,172
986
212
-179
16
22
-31
193
-6
67
73
2,786
1,246
2,222
2,693
2,809
1,196
2,229
2,655
2,842
1,126
2,227
2,603
2,824
1,082
2,198
2,585
2,834
1,038
2,182
2,704
-48
208
40
-11
47
102
60
163
4.322
2.232
4,309
2,250
4,323
2,242
4.341
2.205
4,427
2.224
-105
8
296
-28
866
851
901
Oct.
Sept.
30
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: 1
Bankers' acceptances
All other types of business, mainly
services
Total classified loans
5,006 4,995 4,997
33,405 33,451 33,458
Commercial and industrial loans—
All weekly reporting banks
39,882 39,913 39,964 39,743 39,953
876J
921 j
4,986 5,000
33,245 33,476
i Beginning Dec. 31, 1963, bankers' acceptances for the creation
of dollar exchange are excluded from commercial and industrial loans
and those relating to commercial transactions are shown in a separate
category. Current figures are therefore not strictly comparable with
figures previously reported, but differences are relatively small.
Sept.
Oct.
1964
Aug.
III
-81
-81
-13
1964
1963
1st
half
2nd
half
70
-58
7
119
80
53
83
12
72
40
123
25
19
191
120
9
186
-95
-59
-67
177
64
-44
17
31
-163
23
-42
50
-459
211
-92
108
-622
234
-134
158
106
644
-167
99
c
-60
c
-36
140
154
75
143
15
-284
59
66
-213
-254
-19
-17
-198
-538
40
49
443
583
95
154
52|
89
400
104
-73
226
-423
39
-496
265
529
40
-4
54
4
44
57
63
48
2
-12
28!
10
l
-29
-76
-55|
-54
6
-71
-11
1,055
-51
350
-39
1,165
104
268
-728
274
-460
2,873
-71
1,051
404
1,205
576
-621
-45
3,234
170
573
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
All
period
loans
110
10100
100200
200
and over
Year:
19 large cities:
3 5
4.0
4.5
4.1
4.9
5.7
5.5
5.5
5.5
4 0
4.4
4 8
4.6
5 2
5.4
5.2
5.2
5 2
5 54
5.54
5.54
5.53
5.57
5.21
5.23
5.22
5.24
5.23
4.85
4.82
4.82
4.81
4.79
1955
1956... .
1957
1958
1959 . .
3 7
4.2
4 6
4.3
5 0
5 0
5.2
5 5
5.5
5 8
4 4
4.8
5 1
I960
1961
1962
1963
5.2
5.0
5.0
5 0
6.0
5.9
5.9
5 9
5.01
5.00
4.99
4.99
4.98
5.86
5.86
5.83
5.84
5.86
Quarter
19 large cities:
1963—Sept
Dec
1964
Mar
June
Sept
5*5
5.0
4.8
4.8
4.8
-J
i Based on new loans and renewals for first 15 days of month.
NOTE.—Weighted averages. For description see Mar. 1949 BULL., pp.
228-37. Bank prime rate was 3 per cent Jan. 1, 1955-Aug. 3, 1955.
Size of loan
(thousands of dollars)
Area
All
period
loans
Quarter—cont.: *
New York City:
1963—Sept
Dec
1964—Mar
June
Sept
7 other northern and
eastern cities:
1963—Sept
Dec
1964—Mar
June
Sept
11 southern and
western cities:
1963—Sept
Dec
1964—Mar
June
Sept
110
10100
100200
200
and over
4.81
4 76
4.77
4.74
4.72
5.64
5 63
5.66
5.64
5.64
5.36
5 36
5.39
5 36
5.40
5.04
5.04
5.06
5.05
5.01
4.71
4 65
4.66
4.63
4.61
5.01
5.04
5.02
5 03
5.01
5.85
5.85
5.81
5 83
5.88
5.56
5.55
5.54
5 55
5.56
5.19
5.27
5.24
5 27
5.25
4.88
4.90
4.88
4 89
4.86
5.30
5.29
5.29
5.29
5.31
5.96
5.97
5.91
5.93
5.95
5.64
5.65
5.62
5.61
5.67
5.33
5.31
5.09
5.31
5.34
5.36
5.07
5.08
5.07
5.09
Changes thereafter occurred on the following dates (new levels shown
in per cent): 1955—AUP. 4, 3V4; Oct. 14, 3i/ 2 ; 1956—Apr. 13, iy4; Aug.
21, 4; 1957—Aug. 6, 4V2; 1958—Jan. 22, 4; Apr. 21, 3i/ 2 ; Sept. 11,4
1959—May 18, 4i/ 2 ; Sept. 1,5: and 1960—Aug. 23, 4y2.
1450
INTEREST RATES
NOVEMBER 1964
MONEY MARKET RATES
(Per cent per annum)
Prime
coml.
paper,
4-to 6months *
Period
1961
1962
1963
2.97
3.26
3.55
1963—Oct
Nov
Dec
3.88
3.88
3.96
3.97
3.88
1964—Jan
Feb
Mar
Apr
May
4.00
3.91
3.89
4.00
3.96
3.88
3.89
4.00
July
Axis
Sept
Oct
Week ending—
1964 Oct 3
10
17
24
31
....
4.00
4 00
4.00
4.00
4.00
Finance
CO.
paper
placed
directly,
3- to 6months 2
2.68
3.07
3.40
3.72
3.75
3.84
U. S. Government securities (taxable) 3
Prime
bankers'
acceptances,
90 days 1
6-month bills
3-month bills
2.81
3.01
3.36
3.63
3.71
3.63
Rate
on new
issue
Bank
discount
4
Rate
on new
issue
Bank
discount
rate 4
Bills
(bank
discount
rate) «
Other 5
3- to 5year
issues 6
2.378
2.778
3.157
2.36
2.77
3.16
2.605
2.908
3.253
2.81
3.01
3.30
2.91
3.02
3.28
3.60
3.57
3.72
3.453
3.522
3.523
3.45
3.52
3.52
3.573
3.648
3.667
2.59
2.90
3.25
3.58
3.65
3.66
3.64
3.67
3.72
3.66
3.60
3.61
3.67
3.69
3.59
3.70
3.77
3.91
3.97
4.04
3.68
3.71
3.78
3.75
3.71
3.66
3.63
3.67
3.63
3.67
4.06
4.02
4.15
4.18
4.07
3.71
3 73
3.72
3.74
3.71
3.77
3 80
3.80
3.80
3.77
3.82
3 84
3.84
3.84
3.82
4.02
4.05
4.06
4.05
4.03
rate
3.82
3.76
3.83
3.80
3.76
3.70
3.75
3.75
3.80
3.75
3.75
3.75
3.75
3.75
3.75
3.529
3.532
3.553
3.484
3.482
3.478
3.479
3.506
3.527
3.575
3.52
3.53
3.54
3.47
3.48
3.48
3.46
3.50
3.53
3.57
3.652
3.664
3.740
3.676
3.612
3.572
3.566
3.618
3.666
3.729
3.81
3 90
3.94
3.94
3.91
3.75
3 75
3.75
3.75
3.75
3.555
3.582
3.580
3.592
3.567
3.55
3 57
3.58
3.58
3.56
3.711
3 744
3.726
3.738
3.724
3.88
3.81
3.76
3.75
3.91
9- to 12-month issues
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.
3.56
3.56
3.61
3.68
3.72
3.83
3.68
3.73
3.82
3.83
3.70
3.64
3.67
3.73
3.79
4.03
3.99
3.99
4.03
4.04
45 This series formerly shown as "Market yield."
Certificates of indebtedness and selected note and bond issues.
* Selected note and bond issues.
BOND AND STOCK YIELDS
(Per cent per annum)
Government bonds
Period
State
and loca
By selected
rating
United
States
(longterm)
Total i
Aaa
Baa
1961
1962
1963
3.90
3.95
4.00
3.60
3.30
3.28
3.27
3.03
3.06
4.01
3.67
3.58
1963—Oct
Nov
Dec
4.07
4.10
4.14
3.33
3.36
3.33
3.15
3.17
3.12
3.59
3.62
3.61
1964
4.15
4.14
4.18
4 20
4.16
4.13
4.13
4 14
4 16
4.16
3.29
3.27
3.33
3 30
3.29
3.29
3.26
3 27
3 30
3.31
3.09
3.08
3.14
3 12
3.09
3.10
3.08
3 08
3 09
3.11
3.56
3.54
3.57
3 52
3.54
3.54
3.54
3 54
3 57
3.58
4.59
4.59
4.58
4 57
4 57
4.57
4.41
4.40
4 41
4 42
4.42
4 85
4.85
4.85
4.83
4 82
4 82
4.81
4.15
4 16
4.17
4 17
4.15
3.32
3 32
3.32
3.32
3.30
3.11
3 11
3.11
3.12
3.11
3.59
3 59
3.58
3.58
3.56
4.56
4 57
4.57
4 57
4.57
4.42
4 43
4.42
4.42
4.43
4.81
4 80
4.80
4 81
4.81
6-12
20
5
5
120
30
30
Jan
Feb
Mar
Apr
May
July
Aus
Sept .
Oct .
. . .
Stocks
Corporate bonds
Dividend/
price ratio
By
group
Earnings/
price ratio
Total i
4.66
4.61
4.50
4.52
4.54
4.55
4.57
4.55
4.56
4 58
Aaa
Baa
Industrial
Railroad
4.35
4.33
4.26
4.32
4.33
4.35
5.08
5.02
4.86
4.54
4.47
4.42
4.83
4.84
4.85
4.47
4.47
4.48
4.83
4.83
4.83
4.50
4.48
4.49
4 53
4.82
4.86
4.65
4.66
4.68
4.68
4.68
4.67
4.67
4 69
4.37
4.36
4.38
4 40
4.41
Public Preutility ferred
4.57
4.51
4.41
4.44
4.45
4.49
4.51
4.51
4.51
Common
Common
4 66
4.50
4.30
2.98
3.37
3.17
4.98
6.20
5.75
4.26
4.28
4.32
3.05
3.14
3.13
5.49
4.32
4.31
4.34
4 37
4.41
4.41
4.37
4 29
4 25
4.25
3.06
3.05
3.03
3 00
3.01
3.05
2.96
3 03
3 00
2.95
4.69
4.70
4.68
4 65
4 65
4.66
4 53
4.53
4.55
4.54
4 54
4 53
4.52
4.52
4 53
4.53
4 53
4.53
4.64
4 65
4.65
4 66
4.66
4.53
4 53
4.53
4 52
4.52
4.25
4 24
4.25
4 25
4.25
2.97
2 95
2.95
2 95
2.96
40
40
40
14
500
4.54
4.54
4.52
4 52
4 52
4.53
5.50
5.55
Week ending—
1964—Oct.
3
10
17. . .
24
31
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.
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.
SECURITY PRICES
MORTGAGES: NEW HOMES
FHAinsured
Period
1961
1962
1963
1963
Yield
(per
cent)
15.69
5.60
1451
SECURITY MARKETS
NOVEMBER 1964
Conventional first mortgages
Interest
rate
(per
cent)
Fees,
etc.
(per
cent)
Loan/
price
ratio
(per
cent)
Matures.)
Common stock prices
(1941-43= 10)
U.S.
Govt.
(longterm)
State
and
local
Corporate
AAA
Total
Industrial
Railroad
Public
utility
Volume
of
trading
(thou.
shares)
87.55
86.94
86.31
107.8
112.0
111.3
95.2
96.2
96.8
66.27
62.38
69.87
69.99
65.54
73.39
32.83
30.56
37.58
60.20
59.16
64.99
4,085
3,820
4,573
1963—Oct... 85.50
Nov.. 85.03
Dec.. 84.64
109.9
108.5
109.5
95.9
95.9
95.4
73.03
72.62
74.17
77.09
76.69
78.38
38.31
38.60
39.92
65.55
64.81
65.64
5,316
5,294
4,701
1964—Jan... 84.42 111.2
Feb... 84.60 112.3
Mar.. 84.10 109.9
83.84 110.3
May"! 84.38 111.6
June.. 84.70 111.8
July.. 84.70 112.1
Aug.. 84.59 111.8
Sept.. 84.31 "111.0
Oct... 84.47 110.8
95.3 76.45
95.7 77.39
95.2 78.80
94.7 79.94
94.7 80.72
94.9 80.24
95.2 83.22
95.3 82.00
95.1 "83.41
95.0 84.85
80.85
81.96
83.64
84.92
85.79
85.13
88.19
86.70
88.27
89.75
41.00
41.54
42.88
43.27
44.86
46.29
48.93
47.17
47.14
48.69
67.26
67.20
66.78
67.30
67.29
67.46
70.35
71.17
72.07
73.37
5,302
4,639
5,428
5,616
4,959
4,372
4,663
3,919
5,228
4,843
Week
ending—
Oct. 3
10
17
24
31
95.2
95.0
95.2
95.1
95.0
89.17
89.89
89.72
89.93
89.69
47.64
47.99
48.45
49.23
49.55
72.52
73.16
73.38
73.69
73.55
4,690
5,022
5,133
4,765
4,622
Bond prices
Avg.
loan
(thou.
dollars)
5.46
(5.98)
(5.93)
(5.81)
5.84
.64
24.0
73.3
16.3
1963—Sept..
Oct...
Nov..
Dec..
5.45
5.45
5.45
5.45
5.81
5.82
5.82
5.80
.61
.61
.65
.62
24.2
24.6
24.2
24.5
73.5
73.4
73.5
73.9
16.4
16.4
16.4
16.7
1964—Jan...
Feb...
Mar..
Apr..
May..
June..
July..
Aug..
Sept..
Oct
5.45
5.45
5.45
5.45
5.45
5.45
5.46
5.46
5.46
5.45
5.83
5.81
5.79
5.79
5.77
5.76
5.76
5.77
5.77
.64
.58
.55
.55
.52
.59
.52
.58
.57
24.7
24.7
24.5
24.8
24.7
25.4
24.5
24.7
25.0
74.7
74.8
74.6
73.9
73.7
74.3
73.9
74.4
74.2
16.7
17.2
17.2
17.2
17.0
17.3
17.4
17.8
17.6
l Last 6 months only.
NOTE.—Annual data are averages of monthly figures. Yields
on FHA-insured mortgages are derived from weighted averages
of FHA field-office opinions on private secondary market prices
for Sec. 203, 30-year mortgages, with the minimum down payment, a maximum permissible interest rate of 5^4 per cent, and
an assumed prepayment period of 15 years. Price data are
reported as of the first of the succeeding month.
Conventional first mortgages, Home Loan Bank Board in
cooperation with Federal Deposit Insurance Corporation beginning in late 1962; interest rate data for earlier years—in
parentheses—are based on estimates from Federal Housing
Administration.
Period
1961
1962
1963
84.48
84.34
84.27
84.29
84.53
110.7
110.7
110.7
110.7
111.4
84.23
84.92
84.81
85.06
84.86
NOTE.—Annual data are averages of monthly figures. Monthly and weekly
data are averages of daily figures unless otherwise noted and are computed as
follows:
U.S. Govt. bonds, derived from average market yields in preceding table on basis
of an assumed 3 per cent, 20-year bond.
Municipal and corporate bonds, derived from average yields, as computed by
Standard and Poor's Corp., on basis of a 4 per cent, 20-year bond; Wed. closing
prices.
Common stocks, Standard and Poor's index.
Volume of trading, average daily trading in stocks on the N.Y. Stock Exchange
for a 5^-hour trading day.
STOCK MARKET CREDIT
(In millions of dollars)
Broker and dealer credit
Customer credit
Months
Total
securities
other than
U.S. Govt.
Net debit balances with
N.Y. Stoclz Exchange
firms secured by—
U.S.
Govt.
securities
Other
securities
Bank loans to other than
brokers and dealers for purchasing and carrying—
U.S.
Govt.
securities
Other
securities
Money borrowed on—
U.S.
Govt.
securities
Customers
net
tree
Other securities
Tr»ta1
1 Olal
creaii
rr<*Ait
Customer
collateral
Other
collateral
balances
1960—Dec
1961—Dec
1962—Dec
4,415
5,602
5,494
95
35
24
3,222
4,259
4,125
138
125
97
1,193
1,343
1,369
142
48
35
2,133
2,954
2,785
1,806
2,572
2,434
327
382
351
1,135
1,219
1,216
1963—Oct
Nov
Dec
7,180
7,298
7,242
29
34
26
5,495
5,586
5,515
83
90
140
1,685
1,712
1,727
33
28
32
4,218
4,457
4,449
3,713
3,892
3,852
505
565
597
1,176
1,211
1,210
1964—Jan
Feb
Mar
Apr
May....
June....
July
Aug
Sept
Oct
7,250
7,120
7,141
7,314
7,277
7,229
7,160
7,096
7,142
7,101
22
21
21
21
19
18
25
21
19
0
5,524
5,384
5,366
5,510
5,439
5,370
5,289
5,187
5,221
5,185
108
97
97
101
96
94
70
69
81
69
1,726
1,736
1,775
1,804
1,838
1,859
1,871
1.909
1,921
1,916
41
33
18
17
113
156
266
191
109
102
4,210
4,158
4,138
4,411
4,362
4,275
4,129
4,090
4,122
4,053
3,795
3,738
3,646
3,916
3,868
3,766
3,672
3,618
3,568
3,528
415
420
492
495
494
509
457
472
554
525
1,262
1,199
1,231
1,165
1,138
1,146
1,114
1,077
1,145
1,155
NOTE.—Data in first 3 cols, and last col. are for end of month; in other
cols, for last Wed.
Net debit balances and broker and dealer credit: Ledger balances of
member firms of N.Y. Stock Exchange carrying margin accounts, as
reported to Exchange. Customers' debit and free credit balances exclude
balances maintained with reporting firm by other member firms of national
securities exchanges and balances of reporting firm and of general partners of reporting firm. Balances are net for each customer—i.e., all accounts of one customer are consolidated. Money borrowed includes
borrowings from banks and from other lenders except member firms of
national securities exchanges.
Nov. data on customers' net debit balances exclude amounts carried
by a large former member firm in liquidation; most of these accounts
have been transferred to other member firms and are reported in their
debit figures from the month received (some in Dec. 1963, more in Jan.
1964). Debit balance totals for the period Oct.-Jan., therefore, are not
completely comparable.
Bank loans to others than brokers and dealers: figures are for weekly
reporting member banks. Before July 1959, loans for purchasing or
carrying U.S. Govt. securities were reported separately only by N.Y.
and Chicago banks. Accordingly, for that period the fifth col. includes
any loans for purchasing or carrying such securities at other reporting
banks. Composition of series also changed beginning with July 1959;
revised data for the new reporting series (but not for the breakdown of
loans by purpose) are available back through July 1958 and have been
incorporated.
1452
OPEN MARKET PAPER; SAVINGS INSTITUTIONS
NOVEMBER 1964
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
(In millions of dollars)
Dollar acceptances
Commercial and 1finance
company paper
Accepting banks
End of period
Total
Placed
through
dealers *
Placed
directly1
2,672
32,751
3 202
4,497
4,686
6,000
551
840
677
1,358
1,711
2,088
2,121
3 1,911
2 525
3,139
2,975
3 912
1,307
1,194
1 151
2,027
2,683
2 650
287
302
319
662
1,272
1,153
194
238
282
490
896
865
94
64
36
173
376
288
7 161
7,869
8,170
6,747
2 098
2,230
2,172
1,928
5 063
5,639
5,998
4,819
2 709
2,733
2,744
2,890
1 107
946
1,093
911
1,190
976
1,291 1,031
181
181
214
260
7 765
8,119
7,737
7,920
8,326
8 036
8,879
8,879
8,444
2 042
2,079
2,038
2 039
1,973
1 948
2,006
2,070
2,220
5 723
6 040
5,699
5 881
6,353
6 088
6,873
6,809
6,224
2 938
3,056
3,102
3,102
3,049
3 149
3,137
3,127
3,175
1 393
1,466
1,395
1,355
1,418
1 370
1,455
I 486
1,423
Total
1957
1958
1959
I960
1961
1962
1963
Sept
Oct
Nov
Dec
1964
Jan
Feb
Mar
Apr
M!ay
June....
July
Aug
Sept
Based on—
Held b y -
Own Bills
bills bought
Total
1 025
1,095
1,042
1,060
1,105
1 113
1,121
1,145
1,127
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.
368
F.R.
Banks
Im-
Others
Ex-
Goods stored in or
shipped between
Dollar
points in—
ports
ports
exinto
from
United United change
States States
United Foreign
States countries
Own
acct.
Foreign
corr.
66
49
75
74
51
110
76
68
82
230
126
86
878
775
675
1,060
1,234
1,301
278
254
357
403
485
541
456
349
309
669
969
778
46
83
74
122
117
186
34
104
775
105
102
92
1,463
1,477
1,410
1,345
564
58
42
162
563
571
567
807
842
908
1,386
1,431
1,473
1,536
1,438
1,550
1,489
1,473
1,525
596
590
587
576
567
576
586
609
91
68
371
64
95
353
295
313
257
334
341
297
125
93
47
83
56
36
99
110
117
146
146
137
132
127
557
296
244
162
308
293
171
232
263
249
524
819
974
97
47
89
54
56
46
46
41
1.226
,229
,230
,317
962
70
39
983
94
31
990
963
941
929
949
922
918
87
105
73
82
74
82
113
35
36
34
27
24
22
36
,310
,351
,401
,411
,426
,545
,513
,514
1 ,499
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
End of period
Mortgage
Securities
Other
1941
1945
1956
1957
1958
1959 4
1960
1961
1962
4,787
4,202
89
62
19,559
20,971
23,038
24,769
26,702
248
253
320
358
416
28,902
32,056
475
602
1963—Aug
Sept
Oct
Nov
Dec
34,690
34,964
35,333
35,654
36,007
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
36,352
36,635
36,933
37,267
37,601
37,971
38,407
38,762
U.S.
Govt.
3,592
10,650
7,982
7,583
7,270
6,871
6,243
State
and
local
govt.
Corporate
and
other 1
1,786
1,257
Other
assets
Deposits 2
Other
liabilities
Surplus
accounts
Mortgage loan
commitments 3
Number Amount
829
606
689
185
11,772
16,962
10,503
15,332
38
48
1,231
1,582
675
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
89,912
65,248
58,350
1,664
1,170
1,200
677
527
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
809
848
819
811
912
741
775
765
781
799
48,626
48,955
49,052
49,312
49,702
43,282
43,712
43,910
44,028
44,606
1,248
1,124
1,049
1,141
943
4,096
4,118
4,093
4,143
4,153
107,108
109,205
106,337
109,881
104,326
2,366
2,403
2,379
2,378
2,549
849
880
887
819
847
906
863
895
823
800
825
820
827
871
867
879
50,179
50,614
51,042
51,178
51,610
52,001
52,417
52,982
45,006
45,266
45,761
45,851
46,124
46,624
46,918
47,273
1,023
1,143
1,036
1,118
1,225
1,102
1,222
1,356
150
206
4,244
209
4,261
102,694
113,062
120,396
123,979
124,416
132,625
132,726
134,371
2,228
2,391
2,504
2,586
2,661
2,690
2,701
2,743
662
667
637
659
607
6,160
6,107
6,137
6,076
5,899
5,885
5,863
455
453
451
448
440
5,040
5,177
5,132
5,171
5,149
5,073
5,074
667
703
704
646
714
676
705
764
5,951
6,033
6,117
6,064
6,052
6,024
6,025
6,095
440
427
424
423
419
409
409
407
5,097
5,135
5,151
5,138
5,150
5,145
5,142
5,180
1 Includes securities of foreign governments and international organizations and U.S. Govt. agencies not guaranteed, as well as corporate
securities.
23 See note 3, p. 1439.
Commitments outstanding of banks in N.Y. State as reported to the
Savings
Banks Assn. of the State of N.Y.
4
Data reflect consolidation of a large mutual savings bank with a
commercial bank.
Cash
assets
Total
assets—
Total
liabilities
and
surplus
accts.
4,275
4,277
4,352
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.
NOVEMBER 1964
SAVINGS INSTITUTIONS
1453
LIFE INSURANCE COMPANIES
(In millions of dollars)
Business securities
Government securities
End of period
Statement value:
1941
1945
Total
assets
Total
United State and Foreign *
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
687
1,240
10,174
11,059
9,573
10,060
601
999
6,442
6,636
1,878
857
2 919
1,962
1 840
1,738
1957
1958
1959
I960
101,309
107,580
113,650
119,576
10,690
11,234
11,581
11,679
7,029
7,183
6,868
6,427
2,376
2,681
3,200
3,588
1,285
1,370
1,513
1,664
44,057
47,108
49,666
51,857
40,666
42,999
45,105
46,876
3,391
4,109
4,561
4,981
35,236
37,062
39,197
41,771
3,119
3,364
3,651
3,765
3,869
4,188
4,618
5,231
4,338
4,624
4,937
5,273
1961
1962
1963
126,816
133.291
141,121
11,896
12.448
12,438
6 134
6.170
5,813
3 888
4,026
3,852
1,874
2,252
2,773
55,294
57,576
60,780
49,036
51,274
53,645
6,258
6,302
7,135
44,203
46,902
50,544
4,007
4,107
4,319
5,733
6,234
6,655
5,683
6,024
6,385
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
1963—Aug. r
Sept
Oct
Nov
Dec
138,314
138,764
139,610
140,207
140,903
12,558
12,429
12,425
12,371
12,330
5.817
5,824
5,829
5,787
5,755
3,931
3,892
3,893
3,889
3,876
2,810
2,713
2,703
2,695
2,699
58,688
58,919
59,214
59,574
59,452
53,197
53,357
53,654
53,989
53,769
5,491
5,562
5,560
5,585
5,683
48,980
49,233
49,536
49,813
50,543
4,303
4,339
4,357
4,369
4,348
6,538
6,585
6,620
6,651
6,690
7,247
7,259
7,458
7,429
7,540
1964
141,866
142,531
143,067
143,676
144,312
144,964
145,823
146,475
12,365
12,506
12,421
12,389
12,436
12,346
12,476
12,507
5,782
5,805
5 731
5,689
5 731
5,633
5,758
5,763
3,859
3,857
3 849
3,853
3 827
3,822
3,809
3,822
2,724
2,844
2,841
2,847
2,878
2,891
2,909
2,922
60,006
60,050
60,189
60,426
60,613
60,793
61,275
61,355
54,269
54,281
54,335
54,525
54,674
54,772
55,213
55.228
5,737
5,769
5,854
5,901
5,939
6,021
6,062
6,127
50,828
51,126
51,441
51,806
52,117
52,466
52,832
53.173
4,368
4,377
4,391
4,402
4 416
4,437
4,446
4,462
6,729
6,772
6,819
6,872
6 909
6 955
6 947
6,986
7,570
7,702
7,806
7,781
7 821
7,967
7,847
7,992
Book value:
1961—Dec
1962—Dec
Jan
Feb
Apr
May
June
July
Aug
1
Issues of foreign governments and their subdivisions and bonds of
the International Bank for Reconstruction and Development.
NOTE.—Institute of Life Insurance data; figures are estimates for all
life insurance cos. in the United States.
Year-end figures: Annual statement asset values, with bonds carried
on an amortized basis and stocks at year-end market vajue. Month-end
figures: Book value of ledger assets. Adjustments for interest due and
accrued and for differences between market and book values are not made
on each item, separately, but are included in total, in "other assets."
SAVINGS AND LOAN ASSOCIATIONS
(In millions of dollars)
Liabilities
Assets
End of
period
Mortgages
U.S.
Govt.
securities
1941
1945
4,578
5,376
107
2,420
344
450
775
356
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
1961
1962
68,834
78,770
5,211
5,563
1963—Aug
Sept
Oct
Nov
Dec
86,836
87,933
89,051
89,857
90,849
1964—Jan
Feb
Mar
Apr......
May
June
July
Aug
91,453
92,163
93,069
93,978
94,971
96,067
97,111
98,090
Cash
Other i
Total
assets 2—
Total
liabilities
Borrowed
money 3
Loans in
process
Other
Mortgage
loan
commitments
636
402
4,682
7,365
475
644
256
336
2,199
2,770
3,108
3,729
4,131
6,049
8,747
42,875
48,138
55,139
63,530
71,476
37,148
41,912
47,976
54,583
62,142
2,950
3,363
3,845
4,393
4,983
1,347
1,379
1,444
2,387
2,197
1,161
1,293
1,186
713
874
968
843
862
1,475
1,285
1,359
3,315
3,926
4,775
5,346
82,135
93,605
70,885
80,236
5,708
6,520
2,856
3,629
1,550
1,999
1,136
1,221
1,908
2,230
6,233
6,345
6,419
6,548
6,440
3,353
3,383
3,450
3,482
3,964
5,859
5,897
5,979
6,154
6,178
102,281
103,558
104,899
106,041
107,431
86,956
87,872
88,667
89,471
91,205
6,826
6,830
6,838
6,855
7,208
3,912
4,208
4,405
4,464
5,011
2,493
2,536
2,576
2,502
2,520
2,094
2,112
2,413
2,749
1,487
3,110
3,067
3,025
2,929
2,613
6,598
6,662
6,733
6,717
6,712
6,685
6,687
6,738
3,568
3,601
3,613
3,467
3,504
3,795
3,339
3,346
5,989
6,098
6,233
6,353
6,738
6,728
6,536
6,619
107,608
108,524
109.648
110,515
111,925
113,275
113,673
114,793
91,669
92,423
93,525
93,846
94,828
96,593
96,609
97,397
7,235
7,250
7,219
7,230
7,243
7,511
7,531
7,559
4,590
4,377
4,323
4,601
4,544
4,980
4,991
4,991
2,364
2,336
2,430
2,464
2,503
2,538
2.559
2,482
1,750
2,138
2,151
2,374
2,807
1,654
1,983
2,364
2,664
2,818
2,964
3,110
3,148
3,107
3,074
2,980
1
Includes other loans, stock in the Federal home loan banks, other
investments, real estate owned and sold on contract, and office buildings
and fixtures.
2 Before 1958 mortgages are net of mortgage-pledged shares. Asset
items will not add to total assets, which include gross mortgages with no
deductions for mortgage-pledged shares. Beginning with Jan. 1958, no
deduction is made for mortgage-pledged shares. These have declined
consistently in recent years and amounted to $42 million at the end of
1957.
3 Consists of advances from FHLB and other borrowing.
Savings
capital
Reserves
and
undivided
profits 4
1,430
1,484
4
The decline in reserves and surplus from Feb. to Mar. 1964 is concentrated in state-chartered savings and loan assns. in Calif, where the
accounting system is being revised.
NOTE.—Federal Savings and Loan Insurance Corp. data; figures are
estimates for all savings and loan assns. in the United States. Data
beginning with 1954 are based on monthly reports of insured assns. and
annual reports of noninsured assns. Data before 1954 are based entirely
on annual reports. Data for current and preceding year are preliminary
even when revised.
1454
FEDERAL FINANCE
NOVEMBER 1964
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
Derivation of U.S. Government cash transactions
Payments to the public,
other than debt
Receipts from the public,
other than debt
Net cash borrowing
or repayment
Period
Budget
net
Plus:
Trust
funds
Less:
Intragovt. 1
Equals:
Total
rects.2
Plus:
Trust
funds 3
Budget
Less:
Adjustments*
Equals:
Total
payts.
Net
rects.
or
payts.
Change
Less:
in
Invest.
debt
b y
(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—1961
1962
1963
1964*....
77,659
81,409
86,376
89,368
23,583
24,290
27,689
30,332
3,945 97,242
3,776 101,865
4,281 109,739
4,192 115,440
81,515
87,787
92,642
97,671
22,793
25,141
26,545
28,870
4,766 99,542 - 2 , 3 0 0
5,266 107,662 - 5 , 7 9 7
5,436 113,751 - 4 , 0 1 2
6,422 120,119 - 4 , 6 8 0
2,102
11,010
8,681
7,733
856
492
2,069
2,756
536
923
1,033
1,099
712
9,594
5,579
3,878
Half year:
1962—July-Dec
1963—Jan.-June....
July-Dec
1964—Jan.-June*...
39,126
47,250
40,266
49,102
11,838
15,851
13,404
16,928
1,928
2,352
1,792
2,400
49,011
60,728
51,847
63,593
47,286
45,356
48,832
48,839
13,010
13,536
14,812
14,058
2,195
3,241
2,141
4,281
58,101 - 9 , 0 9 0
55,650
5,078
61,503 - 9 , 6 5 7
58,616
4,977
6,143
2,538
5,135
2,598
-870
2,939
-403
3,159
865
169
714
385
6,148
-569
4,824
-946
Month:
1963—Sept
Oct
Nov
Dec
10,095
3,400
7,131
8,803
1,830
1,289
2,749
2,230
269
259
259
521
11,652
4,423
9,617
10,503
7,815
8,776
7,784
8,289
2,515
2,592
1,955
2,661
••783
629
-73
881
'9,548
''2,104
10,740 - 6 , 3 1 8
9,812
-194
10,069
433
366
-575
103 - 1 , 1 0 1
1,593
481
1,899
260
101
78
163
128
839
1,126
949
1,511
5,853
8,047
10,148
6,609
6,136
12,310
3,487
6,653
10,072
1,088
3,705
2,330
1,942
4,744
3,119
1,532
4,171
1,994
303
222
304
212
222
1,138
270
267
320
6,628
11,525
12,168
8,334
10,652
14,286
4,745
10,552
11,739
8,492
7,521
7,871
7,930
7,511
9,513
7,410
8,083
8,450
2,257
2,063
2,227
2,935
2,067
2,509
2,713
2,524
2,266
902
191
707
703
45
1,733
-95
-611
1,016
1964—Jan
Feb
Mar
May
June*
July
Aug
Sept
9,848 - 3 , 2 1 9 - 1 , 0 5 9 - 1 , 3 2 8
9,393
2,132
1,550
830
9,390
2,778
-744
167
10,163 - 1 , 8 2 9 - 1 , 8 8 0 - 1 , 4 9 1
9,533
1,119
4,049
3,230
10,290
3,996
683
1,751
10,217 - 5 , 4 7 2
-594 -1,205
11,218
-666
3,284
1,960
9,700
2,039
1,412
-251
86
183
133
586
35
-946
22
-411
61
758
48 - 1 , 1 1 6
38
572
67
1,257
82
1,581
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
Held
outside
Treasury
Treasurer's
account
Balance
-538
1,780
1,022
1,880
-856
-492
-2,069
-2,756
2,640
9,230
7,659
5,853
-222
118
-74
348
-1,311
3,736
1,686
-1,080
-599
720
-365
1,496
874
148
1,648
232
870
-2,939
403
-3,159
5,269
2,390
3,487
2,366
4
-78
-60
408
-685
-1,304
795
-431
'413
291
-495
232
265
296
-179
767
575
1,101
-481
-260
100
-193
1,773
1,132
no
-1,169
1,642
103
-993
2,677
610
-1,181
1,648
-273
512
-163
368
468
-237
547
-403
-946
613
-289
-230
24
109
117
502
-64
378
-108
1,328
-830
-167
1,491
-3,230
-1,751
1,205
-1,960
251
-770
1,780
-767
-1,989
3,931
181
-530
2,906
1,520
Trust
funds 3
Clearing
accounts
Market
issuance
of
sec. 3
Fiscal year—1961
1962
1963
1964*
-3,856
-6,378
-6,266
-8,303
790
-851
1,143
1,462
285
566
122
1,131
Half year:
1962—July-Dec
1963—Jan.-June
July-Dec
1964—Jan.-June*
-8,160
1,894
-8,567
264
-1,172
2,315
-1,408
2,870
Month:
1963—Sept
Oct
Nov
Dec
2,279
-5,377
-652
514
-2,639
526
2,277
-1,322
-1,375
2,797
-3,923
-1,430
1,622
1 Primarily interest payments by Treasury to trust accounts and accumulations
to U.S. employee trust funds.
2
Includes small adjustments not shown separately.
3 Includes net transactions of Govt. sponsored enterprises.
Treasurer's account
(end of period)
Change
in
gross
direct
public
debt
Budget
surplus
or
deficit
1964—Jan
Feb
Mar
Apr
May
June*
July
Aug
Sept
Change in
cash balances
87
-151
84
194
-23
335
-333
150
-10
226
Other
net
assets
F. R.
Banks
Tax
and
loan
accts.
6,694
10,430
12,116
11,036
408
612
806
939
5,453
8,815
10,324
9,180
833
1,003
986
917
-2,922
4,607
-4,741
3,661
7,509
12,116
7,375
11,036
597
806
880
939
6,092
10,324
5,621
9,180
820
986
874
917
2,938
-5,273
760
2,105
9,783
4,510
5,270
7,375
948
881
890
880
7,958
2,839
3,521
5,621
877
790
859
874
-3,111
2,531
1,861
-2,571
2,215
2,735
-4,886
640
3,400
4,264
6,795
8,656
6,085
8,300
11,036
6,150
6,789
10,189
791
1,024
831
925
890
939
785
939
933
2,451
4,783
6,940
3,974
6,557
9,180
4,505
5,085
8,339
1,022
988
885
1,186
853
917
860
765
917
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.
1455
FEDERAL FINANCE
NOVEMBER 1964
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions of dollars)
Cash receipts from the public
Income taxes
Period
Excise taxes
Individual
Total
Social ins. taxes
Liquor
and to- Highway
bacco
Total
OASI
and
R.R.
Unempl.
16,390
17,040
19,735
21,937
Estate
and
gift
Customs
Int.
and
repayments
Refunds
Other
Corp.
Total
21,765
21,296
22,336
24,301
12,064
12,752
13,410
13,953
5,204
5,367
5,521
5,630
2,923
3,080
3,405
3,646
12,981
13,197
15,127
17,404
2,905
3,342
4,114
4,036
1,916
2,035
2,187
2,415
1,008
1,171
1,241
1,284
2,105
1,358
1,903
1,764
5,976
6,266
6,571
7,146
1,817
1,830
2,516
2,404
18,958 3,319 8,810
19,761 10,950 13,526
20,120 3,465 9,242
19,099 11,844 15,059
6,808
6,602
7,043
6,910
2,845
2,676
2,940
2,690
1,756 7,937 6,111
1,649 11,798 9,016
1,898 9,209 7,373
1,748 12,728 10,031
1,579
2,535
1,588
2,448
914
1,273
992
1,423
639
602
661
623
1,179
724
947
817
805
5,766
1,044
6,102
1,252
1,264
1,213
1,191
Withheld
Other
32,978
36,246
38,719
39,219
13,175
14,403
14,269
15,309
Fiscal year—1961...
1962...
1963...
1964*..
97,242
101,865
109,739
115,440
Half year:
1962—July-Dec...
1963—Jan.-June..
July-Dec...
1964—Jan.-June*.
49,011
60,728
51,848
63,592
Month:
1963—Sept..
Oct
Nov
Dec
11,652
4,423
9,617
10,503
3,210
1,404
5,429
3,176
2,140
247
113
406
3,603
557
396
3,726
1,165
1,156
1,065
1,271
466
561
466
499
300
285
371
300
1,197
652
2,145
1,240
1,097
490
1,699
1,147
66
140
413
52
148
158
139
150
104
123
106
103
140
104
142
272
202
207
59
103
147
203
141
262
6,628
11,525
12,168
8,334
10,652
14,286
4,745
10,552
11,739
1,432
6,105
3,222
889
4,837
2,614
1,172
4,809
2,669
2,441
870
770
5,006
561
2,196
377
159
2,255
583
451
6,654
684
491
6,196
646
419
3,950
1,087
1,112
1,121
1,103
1,195
1,293
1,234
1,284
1,203
385
382
434
465
466
560
456
496
n.a.
283
320
264
254
305
320
328
380
324
542
3,382
1,678
1,394
4,163
1,566
905
3,455
1,256
294
2,393
1,527
1,116
3,242
1,457
623
2,732
1,158
195
954
109
239
884
65
233
684
56
180
184
196
422
234
206
219
219
166
101
87
108
109
100
117
120
112
122
148
102
177
123
126
144
143
123
132
126
944
1,960
1,575
1,196
302
219
207
216
246
176
202
179
141
256
148
179
202
1964—Jan
Feb
Mar
Apr
May
June*.....
July
Aug
Sept
Cash payments to the public
Total 5
National
defense
Fiscal year—1961...
1962...
1963...
1964*..
99,542
107,662
113,751
120,119
47,685
51,462
53,429
54,480
2,153
2,492
2,265
1,964
Half year:
1962—July-Dec...
1963—Jan.-June..
July-Dec...
1964—Jan.-June*.
58,101
55,649
61,502
58,617
26,123
27,304
26,359
28,125
Month:
1963—Sept
Oct
Nov
Dec
r
9,548
10,740
9,812
10,069
4,246
4,670
4,164
4,560
4,385
4,311
4,425
4,594
4,678
5,732
3,592
3,869
4,243
Period
1964—Jan
Feb
Mar
Apr
May
June*
July
Aug
Sept
9,848
9,393
9,390
10,163
9,533
10,290
10,217
11,218
9,700
1962
Item
Agriculture
Natural
resources
Commerce
and
transp.
744
1,257
2,552
4,171
5,183
5,942
7,242
7,382
2,101
2,223
2,456
2,599
5,107
5,487
5,777
6,518
875
1,392
1,032
934
1,024
1,527
1,857
2,313
4,446
2,797
4,314
3,070
1,386
1,067
1,455
1,142
186
238
242
220
287
342
301
372
'619
882
446
632
251
204
131
-152
275
225
201
265
191
355
317
359
452
326
504
334
385
386
701
610
541
587
274
357
672
1,120
624
Space
research
Intl.
affairs
1963
IV
Hous- Health,
ing
&
& com. labor
devel. welfare
Education
-103
1,691
-268
1,712
22,364
23,975
25,698
27,269
3,099
2,679
3,657
2,864
1,028
-1,296
1,857
-147
265
253
209
216
650
679
561
619
192
179
171
174
175
251
235
287
293
394
424
446
472
460
668
702
740
759
1964
III
IV
Veterans
Interest
General
Govt.
945
1,052
1,214
1,295
6,187
6,092
5,971
6,108
7,257
6,940
7,427
8,029
1,724
1,882
1,983
2,294
12,349
13,347
13,150
14,119
562
650
561
729
2,956
3,010
2,954
3,154
3,580
3,846
3,845
4,186
983
1,002
1,084
1,206
274
264
82
499
'2,131
2,274
2,201
2,230
83
68
87
476
503
489
492
285
348
1,238
273
183
172
171
186
-12
-383
-101
386
-245
208
246
16
35
2,448
2,357
2,402
2,404
2,000
2,508
2,277
2,249
2,229
127
120
140
125
106
111
78
129
126
703
468
499
457
486
541
485
501
525
269
1,393
364
402
1,394
364
360
1,378
317
263
178
181
172
178
234
194
183
244
1962
III
IV
III
Seasonally adjusted
Cash budget:
Receipts . .
Payments.
27.1
29.0
27. 5
28. 2
27.8
28.5
Net....
-1.9
-. 7
-.7
For notes, see opposite page.
28 .5 29 .0
'30 .5 30 .0
r_
2
.0 -
1
.0
29 .7
30 .5
_ .8
1964
1963
III
IV
Not seasonally adjusted
28.2
30.6
23.0
29.6
28 .2
26 .5
32 .6
29 .1
27 .3
'31 .0
24 .5
30 .6
30 .3
28 .6
33 .3
30 .0
27.0
31.1
- .9 - 2 . 5
-6.6
1 .7
3 .4
- 3 .6
- 6 .1
1 .7
3 .3
-4.1
28 .4
29 .3
1456
U.S. GOVERNMENT SECURITIES
NOVEMBER 1964
TOTAL DEBT, BY TYPE OF SECURITY
(In billions of dollars)
Public issues i
Total
gross
debt i
End of period
Total
gross
direct
debt 2
Marketable
Nonmarketable
Total
Total
Bills
Certificates
Notes
Bonds 4
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
1960 Dec
1961—Dec
1962—Dec
290.4
296.5
304.0
290.2
296.2
303.5
242.5
249.2
255.8
189.0
196 0
203.0
39.4
43 4
48.3
18.4
5.5
22.7
51.3
71 5
53.7
1963—Oct
Nov
Dec
307.1
308.9
310.1
306.4
308.2
309.3
259.2
260.5
261.6
205.3
206.6
207.6
49.7
50.5
51.5
15.5
10.9
10.9
1964
309.3
311.1
310.4
308.4
312.3
312.5
312.0
314.9
316.5
316.5
308.6
310.4
309.6
307.6
311.5
311.7
311.2
314.1
315.6
315.6
262.6
263.2
262.2
261.4
262.2
260.7
261.1
262.2
263.8
265.0
208.6
209 2
208.2
207.4
208.0
206.5
206 8
207.7
209.0
210.1
52.5
53.6
52.5
51.0
52.2
50.7
51.0
52.0
53.3
55.0
10.9
4.2
4.2
4.2
.. .
Jan
Feb
M^ar
Apr
May
June
July
.
Sept
Oct
* Includes noninterest-bearing debt (of which $360 million, on Oct. 31,
1964, was not subject to statutory debt limitation) and guaranteed securities, not shown separately.
2 Excludes guaranteed securities.
3
Includes amounts held by U.S. Govt. agencies and trust funds, which
totaled $14,468 million on Sept. 30, 1964.
4
Includes Treasury bonds and minor amounts of Panama Canal and
postal savings bonds.
Convertible
bonds
Special
issues 6
Savings
bonds
Total 5
8 9
56.9
59.5
6 1
48.2
52.1
7.0
20.0
29.0
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
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
53.7
58.7
58.7
86.5
86.4
86.4
3.3
3.3
3.2
50.6
50.7
50.7
48.7
48.8
48.8
43.3
43.6
43.7
56.4
64 5
64.5
65.1
67.3
67.3
58 6
58.6
58.6
58.1
88.7
87 0
87.0
87.0
88.5
88.5
97 1
97.1
97.1
97.0
3.2
3 2
3.2
3.1
3.1
3.1
3 1
3.1
3.1
3.1
50.8
50 8
50.8
50.9
51.0
51.1
51 2
51.4
51.7
51.8
48.9
49.0
49.1
49.1
49.2
49.3
49 4
49.4
49.5
49.6
41.9
42.9
43.2
42.0
45.0
46.6
45.7
47.4
47.4
46.3
5
Includes Series A investment bonds, depositary bonds, armed forces
leave bonds, adjusted service bonds, foreign currency series, foreign
series, Rural Electrification Administration bonds, and before 1956,
tax and savings notes, not shown separately.
6
Held only by U.S. Govt. agencies and trust funds.
NOTE.—Based on Daily Statement of U.S. Treasury.
OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES
(Par value in billions of dollars)
Held by—
End of
period
Total
gross
debt
U.S.
Govt.
agencies
and
trust
funds 1
F.R.
Banks
Held by'the public
Individuals
Total
Commercial
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
govts.
Savings
bonds
Other
securities
Foreign
and
international2
Other
misc.
investors 3
1941_Dec
1945_Dec
1947_Dec
64.3
278.7
257.0
9.5
27.0
34.4
2.3
24.3
22.6
52.5
227.4
200.1
21.4
90.8
68.7
3.7
10.7
12.0
8.2
24.0
23.9
4.0
22.2
14.1
.7
6.5
7.3
5.4
42.9
46.2
8.2
21.2
19.4
.4
2.4
2.7
.5
6.6
5.7
1956—Dec
1957—Dec
1958—Dec
1959—Dec
1960—Dec
1961—Dec
1962—Dec
276.7
275.0
283.0
290.9
290.4
296.5
304.0
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
22.8
20.1
20.0
20.2
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
22.1
19.1
18.2
18.2
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—Sept
Oct
Nov
Dec
307.3
307.1
308.9
310.1
58.3
57.2
57.7
58.0
32.6
32.8
33.7
33.6
216.4
217.2
217.5
218.5
63.0
63.1
62.7
64.1
6.0
5.8
5.8
5.8
11.0
11.0
11.0
11.0
19.7
20.4
21.6
20.6
20.9
20.7
20.3
20.8
47.7
47.8
48.0
48.1
18.7
18.8
18.9
18.9
16.0
15.9
16.0
15.9
13.5
13.6
13.2
13.3
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
309.3
311.1
310.4
308.4
312.3
312.5
312.0
314.9
316.5
56.5
57.5
57.6
56.1
59.4
61.1
59.9
61.8
61.8
32.8
33.2
33.8
33.2
34.2
34.8
35.1
35.2
35.4
220.0
220.5
219.0
219.1
218.8
216.6
217.0
218.0
219.3
62.6
61.9
61.2
60.6
59.5
59.7
58.8
59.4
61.2
5.9
6.0
6.1
6.0
6.0
6.0
6.0
6.0
6.0
11.1
11.0
10.9
10.8
10.8
10.6
10.7
10.8
10.9
21.8
22.7
21.4
21.8
22.5
20.2
20.7
20.9
19.7
21.0
21.4
21.9
22.6
22.7
22.6
22.3
22.6
22.3
48.1
48.2
48.3
48.3
48.4
48.5
48.6
48.6
48.7
19.4
19.7
20.1
19.4
19.7
19.7
19.9
19.4
19.5
15.9
15.9
15.6
15.3
15.4
15.6
15.8
16.0
16.4
14.2
13.6
13.6
14.2
13.8
13.7
14.4
14.3
14.6
1 Includes the Postal Savings System.
2
Includes investments of foreign balances and international accounts
n 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.
1457
U.S. GOVERNMENT SECURITIES
NOVEMBER 1964
OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY
(Par value in millions of dollars)
Within 1 year
5-10
years
10-20
years
Over
20 years
66,360
61,640
58,487
57,443
57.452
19,782
33,983
35,682
43,002
42.995
11,976
4,565
8,357
8,354
8.353
13,419
15,539
15,642
17,505
17,491
669
726
478
460
460
1,860
1,425
1,910
1,816
1,807
1,594
2,731
3,021
3,078
3.111
1,756
1,309
2,178
2,197
2,198
2,022
2,583
2,936
3,349
2,723
4,146
5,112
5,067
14,301
15,018
18,434
14,887
14,887
8,737
10,834
8,658
12,848
12,956
2,227
2,094
2,136
2,037
2,126
204
68
91
91
63
83
131
189
223
65,526
67,952
64,979
59,719
61,055
39,512
44,662
46,027
45,722
47,058
26,014
23,290
18,952
13,997
13.997
55,763
49,381
47,919
42,779
42,689
15,961
29,158
30,525
37,887
37,758
10,016
3,188
6,091
6,066
6,064
11,334
12,873
12,575
14.095
13,984
59,073
58,004
54.881
50,689
52,149
21,149
19,885
16,703
13,642
15,401
9,962
9,838
9,290
7,507
9,186
11,187
10,047
7,413
6,135
6.215
30,751
26,348
26,107
21.819
21,742
5,043
11,163
11,075
14,103
13,944
1,724
191
533
505
501
407
417
463
621
561
Mutual savings banks:
1961—Dec. 3 1 . . .
1962—Dec. 3 1 . . .
1963—Dec. 3 1 . . .
1964—Aug. 3 1 . . .
Sept. 30
5,867
5,793
5,502
5,725
5,725
868
635
690
755
741
181
252
268
486
475
505
383
422
269
266
1,514
1,337
1,211
1,127
1,133
1,708
2,210
2,009
2,234
2.239
662
306
377
351
351
1,298
1,305
1,215
1,259
1,261
Insurance companies:
1961—Dec. 3 1 . . .
1962—Dec. 3 1 . . .
1963—Dec. 3 1 . . ,
1964—Aug. 3 1 . . .
Sept. 30..
9,020
9,265
9,254
9,077
9,169
1,228
1,259
1,181
866
959
442
552
549
452
540
786
707
632
414
419
2,222
2,175
2,044
1,821
1,832
1,625
2,223
2,303
2,551
2,564
1,274
718
939
936
938
2,671
2,890
2,787
2,903
10,547
10,750
10,427
10,442
9,184
8,697
9,063
7,671
7,689
5,466
6,551
6,178
3,231
2,512
1,493
6,532
5,864
4,868
1,825
1,664
1,747
1,524
2,397
2,163
2,105
72
149
290
448
420
22
5
9
12
9
8
9
60
130
117
2,760
2,862
3,253
3,298
3,302
446
437
378
317
341
155
254
236
215
234
291
183
142
102
107
895
817
919
823
821
617
1,030
1,202
1,428
1,399
371
105
253
240
238
431
473
501
490
503
10,893
11,716
12,453
16,158
15,808
3,974
4,447
4,637
5,988
5,604
2,710
3,282
3,869
5,174
4,772
1,264
1,165
768
814
832
1,320
1,059
941
1,744
1,758
842
1,505
1,502
2,130
2,134
1,250
688
1,591
1,696
1,692
3,507
4,017
3.782
4|600
4,621
60,440
64,162
66,320
65,155
66,212
29,346
32,227
33,719
30,462
31,478
20,596
23,935
25,637
26,023
26,983
8,750
8,292
8,082
17,314
16,121
14,301
13,282
13,297
6,054
10,877
12,144
14,992
15,058
4,713
1,175
2,389
3,012
3,761
3,767
4,092
4,045
Type of holder and date
All holders:
1961—Dec. 31.
1962—Dec. 31.
1963—Dec. 31.
1964—Aug. 31.
Sept. 30.
U.S. Govt. agencies and trust funds:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—Aug. 31
Sept. 30
Federal Reserve Banks:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—Aug. 31....
Sept. 30....
Held by public:
1961—Dec. 31.
1962—Dec. 31.
1963—Dec. 31.
1964—Aug. 31.
Sept. 30.
Commercial banks:
1961—Dec. 31.
1962—Dec. 31.
1963—Dec. 31.
1964— Aug. 31.
Sept. 30.
Nonfinancial corporations:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964— Aug. 31
Sept. 30
Savings and loan association
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—Aug. 31
Sept. 30
State and local governments:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—Aug. 31
Sept. 30
Total
Total
Bills
Other
195,965
203,011
207,571
207,692
208.981
84,428
87,284
89,403
81,389
82,689
43,444
48,250
51,539
52,045
53,345
40,984
39,034
37,864
29,344
29,344
8,484
9,638
11,889
11,983
12,080
1,252
1,591
1,844
1,671
1,680
583
865
1,366
1.21)
1.220
28,881
30,820
33,593
35,164
35,350
17,650
17,741
22,580
19,999
19,954
158,600
162,553
162.089
160,545
161,550
1-5
years
3,221
3.284
2.876
All others:
1961—Dec. 31.
1962—Dec. 31.
1963—Dec. 31.
1964—Aug. 31.
Sept. 30.
NOTE.—Direct public issues only. Based on Treasury Survey of
Ownership.
Data complete for U.S. Govt. agencies and trust funds and F.R. Banks
but for other groups are based on Treasury Survey data. Of total marketable issues held by groups, the proportion held on latest date by those
reporting in the Survey and the number of owners surveyed were: (1)
about 90 per cent by the 6,024 commercial banks, 502 mutual savings
4,439
4,495
2,327
2,334
banks, and 784 insurance cos. combined; (2) about 50 per cent by the
469 nonfinancial corps, and 488 savings and loan assns.; and (3) about
70 per cent by 507 State and local govts.
Holdings of "all others," a residual, include holdings of all those not
reporting in the Treasury Survey, including investor groups not listed
separately.
1458
U.S. GOVERNMENT SECURITIES
NOVEMBER 1964
DEALER TRANSACTIONS
(Par value, in millions of dollars)
U.S. Government securities
By type of customer
By maturity
Period
U.S. Govt.
agency
securities
Dealers and brokers
Total
Within
1 year
5-10
years
1-5
years
Over
10 years
U.S.
Govt.
securities
Other
mercial
banks
All
other
1963—Sept
Oct
Nov
Dec
1,799
1,575
1,713
1,719
1,280
1,261
1,300
1,348
207
144
252
213
214
124
131
122
100
46
29
37
522
467
480
506
36
31
28
30
733
637
662
730
509
439
544
451
140
91
117
96
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
2,144
1,809
1,685
1,849
1,702
1 488
1,936
1,453
1,510
J.656
1,336
1,361
1,528
1,264
I 201
1,433
1,099
1,214
264
272
213
234
248
170
216
197
155
159
145
81
70
165
97
208
123
102
65
56
31
18
25
19
79
34
39
687
528
563
590
566
458
581
406
443
36
29
22
24
29
24
38
26
20
905
737
657
737
651
566
784
604
616
516
516
443
498
457
439
532
417
432
99
91
86
134
120
142
131
113
117
1,522
1,330
1,525
1,451
1,688
[,234
1,044
I 281
1,133
1,345
156
149
125
186
162
110
102
83
99
127
23
36
36
34
54
400
402
440
484
454
25
15
22
23
19
665
518
623
584
680
433
396
440
360
535
156
86
80
155
74
1,717
1,745
1,605
1,811
1,424
1,529
1,360
1,536
172
105
125
123
78
84
90
98
43
27
30
55
519
543
479
562
25
23
21
33
694
685
696
736
480
493
409
482
138
106
97
115
Week ending—
1964—Sept. 2
9
16
23
30
Oct
7
14
21
28
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
3,689
3,538
3,546
3,090
3,099
2,899
3,008
2,800
290
196
430
295
300
444
108
-4
195
176
159
254
3,582
3,475
2,775
2,393
3,087
3,475
3,817
4,313
3,954
3,218
2,787
2,486
2,316
2,670
3,217
3,121
2,978
3,302
272
468
323
156
164
91
229
552
373
92
219
—34
-78
253
167
468
782
280
163
195
195
170
231
318
225
275
250
5..
12..
19..
26..
4,319
4,552
4,323
3,998
3,102
2,984
2,892
2,783
182
658
626
567
1,036
910
804
648
195
258
295
309
Sept. 2 . .
9..
16..
23..
30..
4,301
4,075
3,968
3,820
3,850
3,283
3,269
3,349
3,265
3,316
514
443
359
311
341
504
363
259
245
192
292
274
245
227
245
1963—Sept
Oct
Nov
Dec
1964—j an
Feb
Mar
Apr
May
June
July
Aug
Sept
Over
5 years
U.S.
Govt.
agency
securities
Week ending—
1964—Aug.
NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the
contract is matched by a reverse repurchase (resale) agreement or delayed
delivery sale with the same maturity and involving the same amount of
securities. Included in the repurchase contracts are some that more
clearly represent investments by the holders of the securities rather than
dealer trading positions.
Average of daily figures based on number of trading days in the period.
Commercial banks
All
sources
Period
Corporations i
All
other
New
York
City
Ekewhere
3,974
3,415
3,551
3,139
1,201
825
660
823
898
775
671
587
1,527
1,387
,748
,466
348
429
472
263
3,646
3,645
2,971
2,390
3,082
3,541
4,156
4,186
4,011
1,139
1,048
784
545
711
981
1,250
1,144
1,255
1,019
879
613
556
724
761
871
924
1,069
1,159
1,355
1,247
1,065
1,347
1,493
1,671
1,703
1 ,253
328
363
326
225
300
307
364
416
434
19.'.'.'
26...
4,242
4,210
4,299
4,182
1,259
1,180
1,300
1,005
1,058
904
1,007
870
,536
,556
1 ,678
1 ,880
390
569
314
427
Sept. 2 . . .
9...
16...
23...
30,..
4,043
4,144
4,132
3,981
3,712
1,020
965
1,412
1,379
1,279
847
798
962
1,358
1.179
: ,827
,609
: ,301
l ,015
972
350
772
457
229
283
1963—Sept
Oct
Nov
Dec
1964—Jan
Feb
Mar
Apr
May
„
July
Aug
Sept
Week ending—
1964_Aug.
5...
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.
1459
OUTSTANDING SECURITIES
NOVEMBER 1964
U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE. OCTOBER 31, 1964
(In millions of dollars)
Issue and coupon rate
Treasury bills
Oct. 31, 1964..
Nov. 5, 1964..
Nov. 12, 1964..
Nov. 19, 1964..
Nov. 27, 1964..
Nov. 30, 1964..
Dec. 3, 1964..
Dec. 10, 1964..
Dec. 17, 1964..
Dec. 24, 1964..
Dec. 31, 1964..
Jan. 7,1965..
Jan. 14, 1965.,
Jan. 21, 1965.,
Jan. 28, 1965.,
Jan. 31, 1965..
Feb. 4,1965..
Feb. 11, 1965.,
Feb. 18,1965.
Feb. 25, 1965.
Feb. 28, 1965.
Mar. 4,1965.
Mar. 11, 1965.
Mar. 18, 1965.
Mar. 22, 19651
Mar. 25, 1965.
Mar. 31, 1965.
1
Issue and coupon rate
Amount
Treasury bill—Cont.
Apr. 1,1965
1,000
Apr. 8,1965
2,201
Apr. 15, 1965
2,196
Apr. 22, 1965
2,201
Apr. 29,1965
2,202
1,005
Apr. 30,1965
2,205
May 31, 1965
2,302
June 30, 1965
2,303
July 31, 1965
2,202
Aug. 31, 1965
3,202
Sept. 30, 1965
2,100
2,114 Treasury notes
2,103
Nov. 15,1964
2,102
Nov. 15, 1964
1,000
Apr. 1,1965
901
May 15,1965
902
May 15, 1965
901
Aug. 13, 1965
902
Aug. 13, 1965
1,001
Oct. 1,1965
900
Nov. 15, 1965
901
Nov. 15, 1965
900
Feb. 15,1966
2,504
Feb. 15, 1966
901
Apr. 1,1966
Aug. 15,1966
1,001
Amount
47/s
3%
IVi
45/8
3%
37/8
3%
1%
ZVi
4
3%
3%
1%
4
Issue and coupon rate
Treasury notes—Cont.
900
Oct. 1, 1966
IV
901
Feb. 15, 1967
35/
1,004
Apr. 1,1967
IV
1,001
Aug. 15, 1967
3}
1,003
Oct.
1967.
1,001
Apr.
i 1968.
1,000
Oct.
,1968.
1,001
Apr.
1969
1%
1,000
Oct.
1969.>
1%
1,000
1,001 Treasury bonds
June 15, 1962-67.
%
Dec. 15, 1963-68...
Vi
.. 22Vi
June 15, 1964-69. .. 22Vi
Vi
3,267
Dec. 15, 1964-69. .. 2Vi
5,441
466
Feb. 15, 1965
2
2%
1,816
Mar. 15, 1965-70... 2Vi
6,620
May 15, 1966
3%
6,202
Aug. 15, 1966
3
1,066
Nov. 15, 1966
3%
315
Mar. 15, 1966-71... 2%
2,954
June 15, 1967-72... 2V^
8,560
Sept. 15, 1967-72... 2 ^
3,261
Nov. 15, 1967
35/8
4,040
Dec. 15, 1967-72... 2%
675
May 15, 1968
3%
5,156
Aug. 15, 1968
334
Tax anticipation issue.
Issue and coupon rate
Amount
Amount
Treasury bonds—Cont.
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, 1973
4Vs
May 15, 1974
AVA
Nov. 15, 1974
37/8
May 15, 1975-85... 4 VA
June 15, 1978-83... 3*4
Feb. 15, 1980
4
Nov. 15, 1980
3Vi
May 15, 1985
3VA
Feb. 15, 1990
3%
Aug. 15, 1987-92...414
Feb. 15, 1988-93
4
May 15, 1989-94... 41/8
Feb. 15, 1995
3
Nov. 15, 1998
3%
357
2,359
270
4,433
457
212
115
61
3
1,434
1,813
2,627
2,538
3,976
2,414
2,249
1,024
1,851
1,402
1,294
1,952
3,604
2,725 Convertible bonds
2,460
Investment Series B
3,747
Apr. 1, 1975-80... 2%
1,591
1,844
6,265
4,129
2,806
2,760
2,344
2,579
3,894
4,357
1,532
2,244
1,218
1,586
2,610
1,913
1,129
4,906
1,563
250
1,560
2,424
4,434
3,063
NOTE.—Direct public issues only. Based on Daily Statement of U.S.
Treasury.
FEDERALLY SPONSORED AGENCIES, SEPTEMBER 30, 1964
Agency, type and date of issue,
and coupon rate
Federal home loan banks
Notes:
Feb. 17, 1964
Mar. 16, 1964
Apr. 15, 1964
May 15, 1964
June 15, 1964
Aug. 17, 1964
Sept. 15, 1964
Bonds:
June
Sept.
July
Dec.
June
17, 1963
17, 1962
15, 1964
9,1963
15, 1964
Maturity
37/8
4.05
4.15
4.10
AH
3.95
4.05
3%
3%
AH
4V»
AM
Federal National Mortgage Association—
secondary market operations
Debentures:
Dec. 11, 1961
3%
Dec. 10, 1957
4*/8
Sept. 10, 1962
ZVA
Dec. 12, 1960
4%
Mar. 10, 1958
3%
Apr. 10, 1959
A%
Apr. 11, 1960
45/s
Sept. 12, 1960
4Vs
Aug. 23, 1960
41/s
Sept. 11, 1 9 6 1 . . .
AVi
Feb. 10, 1960
5Vfe
Dec. 11,1961
A%
June 12, 1961
4*4
Feb. 13, 1962
4&
Nov.
Jan.
Feb.
Apr.
May
July
Aug.
16,
15,
15,
15,
17,
15,
16,
1964
1965
1965
1965
1965
1965
1965
Oct. 15, 1964
Sept. 15, 1965
Mar. 15, 1966
Aug. 15, 1966
Nov. 15, 1966
Dec.
June
Mar.
Dec.
Mar.
Apr.
Apr.
Sept.
Aug.
Sept.
Feb.
June
June
Feb.
11,
10,
10,
12,
11,
10,
10,
10,
10,
10,
10,
12,
12,
10,
1964
1965
1966
1966
1968
1969
1970
1970
1971
1971
1972
1972
1973
1977
Amount
(millions
of dollars)
175
249
435
430
525
446
552
444
175
260
200
275
111
98
108
93
87
88
143
119
64
96
100
100
146
198
3.95 Oct.
3.90 Dec.
3.90 Feb.
1, 1964
1, 1964
1, 1965
147
159
232
NOTE.—These securities are not guaranteed by the U.S. Govt.; see also
NOTE to table at top of following page.
Federal intermediate credit banks
Debentures:
Jan. 2,1964
Feb. 3, 1964
Mar. 3, 1964
Apr. 1,1964
May 4,1964
June 1,1964
July 1,1964
Aug. 3,1964
Sept. 1,1964
Federal land banks
Bonds:
Dec. 10, 1960
Apr. 20, 1964
Aug. 20, 1964
Oct. 20, 1960
June 20, 1961
Apr. 2,1961
May 1,1958
Sept. 20, 1961
Feb. 15, 1957
May 1,1962
Oct. 1,1957
Oct. 22, 1963
Apr. 1,1959
May 1,1963
Aug. 20, 1964
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
Maturity
4.00
3.90
3.90
4.05
4i/8
4.05
4.10
4.00
3.95
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
4
Oct.
Apr.
Aug.
Oct.
Dec.
Feb.
May
July
Feb.
May
Oct.
Oct.
Mar.
June
Aug.
Mar.
July
Feb.
Apr.
July
May
Sept.
Feb.
Feb.
AVA
4.00
4
4
3%
3VA
AVA
AVs
4
AVi
41/s
AVA
4
AVA
A''
A:
5
5'
3^
3'
4'
4>
1,
2,
1,
4,
1,
1,
1,
3,
1,
1964
1964
1964
1965
1965
1965
1965
1965
1965
20, 1964
20, 1965
23, 1965
20, 1965
20, 1965
21, 1966
2, 1966
20, 1966
15, 1967-72
22, 1967
1, 1967-70
23, 1967
20, 1968
20, 1968
20, 1968
20, 1969
15, 1969
20, 1970
1,1970
20, 1970
1, 1971
15, 1972
20, 1973-78
20, 1974
Tennessee Valley Authority
Short-term notes
Banks for cooperatives
Debentures:
Apr. 1, 1964
June 1,1964
Aug. 3,1964
Agency, type and date of issue,
and coupon rate
Bonds:
Nov. 15, 1960
July 1, 1961
Feb. 1,1962
Amount
(millions
of dollars)
262
332
306
313
290
254
248
217
204
142
209
159
160
140
150
108
193
72
180
75
174
111
186
160
100
60
82
83
85
60
109
148
155
35
4.40
4%
4%
Nov. 15, 1985
July 1, 1986
Feb. 1, 1987
50
50
45
1460
CREDIT AGENCIES; SECURITY ISSUES
NOVEMBER 1964
MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES
(In millions of dollars)
Federal home loan banks
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
Liabilities and capital
Debentures
and
notes
(L)
Loans
to
cooperatives
(A)
Debentures
516
607
685
769
866
83
628
1,562
1,323
1,967
200
1,315
1.100
1,640
371
457
454
510
622
938
1,180
1,214
989
1,107
1,126
2,788
2,770
2,752
2,523
>,453
2,422
649
697
735
110
143
222
252
364
407
435
505
3,299
3,599
3,599
4,363
1,014
986
978
1,151
1,153
1,150
1,166
1,171
2,028
2,027
2,020
2,000
.899
,884
,792
1,788
735
848
858
840
3,961
3,631
3,622
3,625
3,727
4,201
4,042
4,169
4,165
944
943
997
957
990
1,153
936
926
989
,176
1,182
,189
,193
,196
,201
,208
,210
,212
1,988
1,985
1,984
1,983
,984
,962
,940
,936
,926
,786
,786
1,785
,781
,698
,698
,698
,696
,549
866
849
815
786
747
757
782
787
809
Bonds
and
notes
765
1,027
908
999
1,093
62
62
63
75
103
1,981
2,662
3,479
1,233
1,153
1,531
1963—Sept..
Oct...
Nov..
Dec...
4,024
4,226
4,290
4,784
1964—Jan...
Feb...
4,414
4,216
4,168
4,444
4,395
4,769
4,763
4,781
4,837
Apr...
May..
June..
July..
Aug..
Sept..
Banks
for
cooperatives
Mortgage
loans
(A)
Cash
and
deposits
Mar..
Federal National
Mortgage Assn.
(secondary market
operations)
Member
deposits
Capital
stock
975
963
825
714
1,774
698
683
653
819
589
90
159
173
1,266
1,571
2,707
1,484
1,537
1,515
1,906
96
131
96
159
1,730
1,622
1,709
1,420
1,607
1,804
1,476
1,622
1,597
101
86
86
72
82
153
106
75
99
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,
Federal
intermediate
credit banks
Federal
land
banks
Loans
and
discounts
(A)
Debentures
Mortgage
loans
Bonds
(L)
(A)
a)
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
1,501
1,650
1,840
1,454
1,585
1,727
2.564
2.828
3,052
2,210
2,431
2,628
473
526
526
589
2,318
2,169
2.083
2,099
2,233
2,139
>,027
1,952
3,259
3,280
3,291
3,310
2,796
2,834
2,834
2,834
589
589
586
533
527
498
498
538
538
2,102
2,163
2,238
2,329
2,412
2,504
2,561
2,561
2,516
11,964
3,333
3 364
3.406
3,445
3,481
3,516
3,551
3,586
3,620
2.836
2,886
2,886
2,973
2,973
2,973
2,973
3,102
3,102
(L)
>.O18
L069
M57
>,246
>,315
>,396
>,433
>,424
bonds held within the FHLB System), and are not guaranteed by the U.S.
Govt.; for a listing of these securities, see preceding page. Loans are
gross of valuation reserves and represent cost for FNMA and unpaid
principal for other agencies.
NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES
(In millions of dollars)
Issues for new capital
All issues (new capital and refunding)
Type of issuer
Type of issue
Period
Total
General
obligations
Revenue
PHAi
U.S.
Govt.
loans
State
Special
district
and Other2
stat.
auth.
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
419
290
314
698
362
299
1,084
680
969
708
712
449
581 1,051
897
729
1,005
416
247
261
204
232
278
158
67
32
33
102
130
7
157
144
77
338
221
136
26
123
31
9
2
1
183
148
103
371
98
115
456
431
469
602
339
'529
486
428
944
868
772
973
812
810 1,215
665
1,214
'902
'696
904
947
273
242
251
378
258
'361
401
42
33
262
59
40
42
25
114
238
136
225
208
'183
167
141
3
11
145
45
134
*
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
:1.928
1,419
I 620
1,984
2.165
2.600
3,636
4,198
4,473
4,825
5,281
1963—July....
Aug....
Sept
Oct
Nov....
Dec
928
764
480
1,265
754
495
462
394
333
679
401
401
444
240
122
567
310
85
21
14
25
20
43
9
78
187
94
143
185
69
431
287
73
424
208
126
1964—Jan
Feb
Mar
Apr
May....
June
July....
1,007
853
867
1,266
706
'938
940
606
663
497
630
472
'537
563
230
181
355
473
214
'258
367
31
8
15
22
20
23
11
215
214
136
106
141
71
116
336
208
262
558
167
'338
338
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.
Veter- Other
purans'
poses
aid
7,247
8,463
8,568
9,151
115 1,993
176 1,686
i4i
Housings
339 1,657
355 1,685
187
332
120
Utilities*
251
401
1,778
2,407
7,708 7,441
7,423 7,589
Edu- Roads
and
cation bridges
1,412
1,985
5,447
4,782
140
1
Total
1,164
844
7,526
7,697
116
Use of proceeds
2,617
2,318
1958
1959
1,110
Total
amount
delivered 3
7,102
8,301
8,732
10,496
60
30
313
226
153
407
151
'181
311
5 Includes urban redevelopment loans.
NOTE.—The figures in the first column differ from those shown on the
following page, which are based on Bond Buyer data. The principal
difference is in the treatment of U.S. Govt. loans.
Investment Bankers Assn. data; par amounts of long-term issues.
Based on date of sale unless otherwise indicated.
1461
SECURITY ISSUES
NOVEMBER 1964
TOTAL NEW ISSUES
(In millions of dollars)
Gross proceeds , all issues
Propos ed use of net proceeds,
all corporate issues 5
l
Noncorporate
Corporate
New capital
]Period
Bonds
Total
U.S.
Govt.
2
U.S.
Govt.
agency 3
U.S.
State
and
local
Stock
Total
Other 4
Total
Publicly
offered
Total
10 939
12, 884
11 558
9 748
Total
Privately
placed
Preferred
Common
1956
1957.
1958
1959.
9 9 405
30 ,571
34 ,443
31 ,074
5, 517
9 , 601
063
1? 3??
5,446
169
572 76,958
2,321
7,449
707
7,681
334
557
1,052
616
1960
1961'
1962r
1963.
97 541
35 ,527
99 956
31 ,616
7, 906
12, 253
8 59(1
7,
1,672
1,448
1,188
1,168
7,230
8,360
8,558
10,107
579
303
915
891
1963—Aim..
Sept
Oct
Nov..
Dec...
1 ,980
1 ,673
9 977
9 117
2 ,312
398
347
394
333
357
726
452
1,282
688
483
100
4
10
5
13
756
871
116
891
1, 459
656
784
999
73?
1 ,376
336
283
511
183
626
319
501
481
549
751
39
5
34
54
30
61
81
91
106
53
1964- Jan
Feb
Mar..
Apr
May..
June..
July
Aug..
9 48?
474
413
399
1, 444
367
383
387
2 , 449
1 006
810
844
1,204
660
900
922
767
16
89
73
47
85
37
25
10
985
710
805
2, 234
1, 155
1, 461
899
812
863
338
279
361
383
470
468
234
183
5?6
34?
353
480
537
623
434
500
27
95
8
80
3
87
23 1,349
50
98
82
289
57
167
64
65
9 0??
9
4 ^930
2 ,267
3 ,056
2 486
4 ,199
174
200
275
260
160
New
money 6
Other
purposes
791
663
915
814
00?
9 ,957
,659
" ,190
4,225
6,118
6,332
3,557
3
3
3
3
777
839
390
639
636 2,301 10 749
411 2,516 12 ,661
571 1 334 11 37?
9 596
531 2,027
10
12
10
9
384
447
8?3
39?
9 ,663
11 ,784
9 907
8 ,578
10 154
,081
13, 165 9 ,420
,969
10 705
P ?37 1f 87?
4,806
4,700
4,440
4,714
3
4
4
6
975
720
5?9
158
409 1 664 9 994
450 3,294 12 ,885
422 1 314 10 501
342 1,022 1? 081
9
12
9
10
653
017
747
553
8 758
10 ,715
8 ?40
8 ,993
745
862
1 101
879
1 ,444
638
795
1 013
819
1 415
566
730
9P
606
1 ,098
979
70?
796
2 ,215
1 ,141
1 ,441
877
801
930
685
754
2 178
1 069
1 378
797
729
677
2 ,094
953
1 ,292
716
620
714
863
: ,008
,091
668
683
Retirement
of
securities
364
214
549
135
895
271
1 302
868
1 507
754
1 561 1,528
845
593
71
65
100
107
67
919
316
61
30
85
16?
77
83
116
86
SO
109
43
17
42
37
72
63
81
72
Proposed uses of net proceeds, major groups of corporate is suers
ManufE icturing
Commercial and
miscellaneous
Transportation
Public utility
Communication
Real estate
and financial
Period
New
capital 8
Retirement of
securities
New
capital 8
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
?0
14
38
15
1960
1961 r
1962r
1963
1,997
3 691
2,958
3,312
79
287
228
190
794
1 109
803
774
30
36
32
55
672
651
543
873
39
35
16
83
Am?
Sept..
Oct .
Nov
Dec
272
237
240
214
515
3
47
5
8
13
50
32
60
41
104
7
4
4
5
8
36
61
25
83
118
Tan
Feb
Mar
Apr.
May
June..
July
Aug...
149
123
146
186
206
332
173
188
14
3
17
6
10
39
48
13
84
60
48
107
50
50
51
63
1
2
1
98
154
31
91
127
35
78
25
1963
1964
Retirement of
securities
1
1
2
1
1 Gross proceeds are derived by multiplying principal amounts or
number of units by offering price.
2
Includes guaranteed issues.
3 Issues not guaranteed.
4 Foreign governments, International Bank for Reconstruction and
Development, and domestic nonprofit organizations.
5 Estimated gross proceeds less cost of flotation.
New
capital 8
Retirement of
securities
8
2
1
6
8
6
1
*
1
New
capital 8
?
Retirement of
securities
New
capital 8
Retirement of
securities
RetireNew
ment of
capital 8
securities
,474
3 ,821
3 ,605
3 ,189
14
51
138
15
1 ,384
1 441
1 ?94
707
21
4
118
*
1 815
1 701
1 014
1,801
17
67
47
6
,754
51
106
444
699
1 036
1 435
1 976
7?6
1
382
11
356
2,401
2 248
1 825
2,933
71
22
23
144
71
1
4
3
155
348
446
337
416
4
7
1
4
6
*
*
1
*
332
110
322
265
218
439
264
300
1
1
4
3
1
13
14
6
9 883
,341
1 ,935
100
78
201
131
198
22
95
73
41
2
39
41
13
64
109
155
174
151
441
264
207
137
26
4
18
19
53
4
16
36
157
83
34
,377
97
?58
5
93
16
15
6
For plant and equipment and working capital.
7 Beginning with 1957 this figure differs from that shown on the previous page because this one is based on Bond Buyer data.
8
All issues other than those for retirement of securities.
NOTE.—Securities and Exchange Commission estimates of new issues
maturing in more than 1 year sold for cash in the United States.
1462
SECURITY ISSUES
NOVEMBER 1964
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
(In millions of dollars)
Derivation of change, all issuers
All securities
Bonds and notes
Common and preferred stocks
Period
New issues
New
issues
Retirements
Net
change
Retirements
New
issues
Net
change
Invest.
COS.1
Net change
Retirements
Other
Invest.
COS. 1
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
16,935
13,656
14,995
5,033
7,145
6,491
8,818
8,051
9,790
7,165
6,177
8,072
9,214
8,613
10,491
3,078
4,155
3,749
4,979
4,994
5,059
4,864
5,512
2,288
3,280
2,788
2,541
2,724
4,441
2,255
1,963
869
1,181
1,123
1,521
1,086
1,809
1,619
2,318
1,419
2,099
1,665
1,020
1,638
2,632
636
-355
1963—II
m
IV.
4,176
3,267
4,477
2,449
2,004
2,561
1,727
1,263
1,916
3,013
2,159
3,222
1,540
1,230
1,121
1,473
929
2,101
613
659
661
550
449
594
396
389
388
513
385
1,052
217
270
273
36
64
-458
1964
I
4,146
5,042
2,015
1,792
2,130
3,250
2,149
2,867
914
940
1,235
1,927
812
837
1,185
1,338
532
465
569
387
280
372
616
951
n
Type of issuer
Manufacturing
Period
Bonds
& notes
Transportation 3
Commercial2
and other
Bonds
& notes
Stocks
Bonds
& notes
Stocks
Public
utility
Stocks
Communication
Bonds
& notes
Stocks
Bonds
& notes
Real estate
and financial 4
Stocks
Bonds
& notes
Stocks
1958
1959
2,191
316
-61
425
417
217
9
158
413
335
-93
2
2,133
1,738
1,027
1,028
494
475
1,070
443
206
994
1,656
1,866
I960
1961
1962
1963
399
1,892
1,355
1,804
451
415
-280
-675
261
505
294
274
-91
—447
-204
-441
173
71
—85
316
-42
-7
-34
-22
1,689
1,648
1,295
876
635
704
479
246
901
149
1,172
438
356
1,459
357
448
1,572
795
833
1,806
1,749
2,607
1,984
1,109
1963—-II
460
378
574
-224
-60
-289
112
17
87
-14
-27
-383
131
-95
180
-31
27
-15
250
148
288
167
8
47
99
82
61
101
131
129
422
399
912
254
254
327
1964—I
81
291
-266
-62
61
72
16
-21
131
51
-36
29
156
606
70
156
234
225
811
781
572
681
301
440
m
rv
n
1
2
Open-end and closed-end cos.
Extractive and commercial and misc. cos.
3
Railroad
and other transportation cos.
4
Includes investment cos.
NOTE.—Securities and Exchange Commission estimates of cash transactions only. As contrasted with data shown on p. 1461, 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. 1461.
OPEN-END INVESTMENT COMPANIES
(In millions of dollars)
Sales and redemption
of own shares
Year
Assets (market value
at end of period)
Sales 1
Redemptions
1952
1953
1954
783
672
863
196
239
400
587
433
463
3,931
4,146
6,110
309
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
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
Total 2
Cash
position
3
Other
5,801
Month
1963—Sept..
Oct...
Nov..
Dec...
7,400
8,554 1964—Jan...
8,191
Feb...
Mar..
12,608
Apr...
14,958
May..
June..
16,053
July...
21,809
Aug...
19,956
Sept..
23,873
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
Sales
Redemptions
Assets (market value
at end of period)
Net
sales
Total i
Cash
position
2
Other
206
214
210
225
142
132
123
132
64
82
87
92
24,496
24,914
24,774
25,214
1,300
1,374
1,419
1,341
23,196
23,540
23,355
23,873
294
219
263
276
241
285
308
260
299
183
165
184
165
153
147
168
149
149
110
55
79
111
88
138
140
110
149
25,854
26,334
26,863
27,051
27,497
27,682
28,319
28,164
29,130
1,383
1,380
1,403
1,339
1,444
1,499
1,471
1,457
1,436
24,471
24,954
25,460
25,712
26,053
26,183
26,848
26,707
27,694
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.
1463
BUSINESS FINANCE
NOVEMBER 1964
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
(In millions of dollars)
1962
Industry
1959
1960
1961
1962
1963
1964
1963
IV
III
IV
Manufacturing
Total (177 corps.):
Sales
Profits before taxes
Profits after taxes
,
Dividends
Nondurable goods industries (78 corps.):*
Sales
Profits before taxes
,
Profits after taxes
Dividends
Durable goods industries (99 corps.): 2
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 (20 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 (34 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (24 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
119,172 123,911
14,172 13,543
7,482 7,161
4,360 4,485
,669
268
167
,730
147,384 35,829 34,917 37,922 35,381 39,173 38,314 40,358
17,388 4,236 4,012 4,759 3,730 4,887 4,767 5,382
9,135 2,367 2,099 2,453 2,007 2,576 2,579 2,938
5,441 1,553 1,169 1,320 1,183 1,768 1,285 1,448
45,543 47,372
5,651 5,579
3,212 3,215
1,910 1,948
362
602
225
031
55,142 13,330 13,239 13,869 13,984 14,050 14,212 14,785
6,395 1,560 1,512 1,613 1,613 1,658 1,629 1,797
3,659
939
867
897
934
961
972 1,069
2,265
610
537
537
542
649
561
569
73,628 76,540
8,521 7,964
4,270 3,946
2,450 2,536
307
666
942
,699
92,243 22,499 21,671 24,053 21,395 25,123 24,102 25,573
10,993 2,676 2,500 3,145 2,118 3,230 3,138 3,585
5,476 1,427 1,231 1,556 1,073 1,615
1,608 1,870
632
783
1,119
3,176
943
641
724
879
11,644 12,202 12,951 13,457 14,164
1,300 1,342 1,440 1,460 1,533
639
618
698
740
682
349
372
425
448
397
3,396
373
179
111
3,360
337
164
109
3,581
387
184
111
3,621
404
195
111
3,603
404
197
118
3,608
345
172
117
3,730
399
202
119
11,740 12,205 12,606 13,759 14,621
2,164 2,005 1,979 2,162 2,337
1,120 1,058 1,034 1,126 1,213
791
833
868
904
786
3,455
525
279
281
3,448
544
281
202
3,728
616
316
202
3,705
584
305
201
3,740
593
310
299
3,790
616
327
207
4,112
702
386
209
13,372 13,815 14,483 15,106 15,995
1,187 1,267 1,237 1,319 1,495
969 1,026 1,025 1,099 1,184
518
521
528
566
608
3,944
420
346
145
3,959
390
304
151
3,937
343
265
149
4,068
381
312
154
4,032
381
303
154
4,132
408
336
158
4,083
390
320
159
20,940 20,828 20,234 21,260 22,146
2,322 2,214 1,999 1,838 2,183
1,218 1,169 1,067 1,013 1,186
829
838
843
820
732
5,036
417
250
191
5,123
430
231
180
6,114
711
372
181
5,470
467
252
181
5,439
574
332
190
5,535
560
315
186
6,041
673
384
187
16,983 16,681 17,446 19,057 21,041
1,904 1,509 1,701
1,924 2,368
941
1,151
768
859
456
494
508
531
578
4,983
515
266
136
4,923
528
258
140
5,286
587
285
143
5,286
585
289
141
5,547
668
319
154
5,401
673
338
157
5,279
701
357
170
23,262 26,275 23,314 29,156 33,236
3,012 3,197 2,786 4,337 5,011
1,491 1,534 1,404 2,143 2,393
812
837
973 1,151 1,447
8,606
1,393
724
502
7,987
1,268
600
217
8,755
1,473
706
362
6,564
677
333
220
9,930
1,593
753
648
9,275 10,028
1,573 1,775
779
898
276
419
9,560
816
651
383
2,407
236
259
121
2,239
116
82
89
2,474
252
189
103
2,399
197
156
66
2,447
252
225
125
2,362
188
144
110
2,481
245
196
101
11,129 11,906 12,478 13,489 14,177
2,983 3,163 3,349 3,583 3,741
1,655
1,793 1,883 2,062 2,185
1,307 1,374 1,462 1,548
1,219
3,390
829
516
374
3,819
1,100
626
392
3,371
848
498
378
3,458
930
529
384
3,529
862
532
394
3,973
1,106
660
424
3,577
893
542
412
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
2,543
726
377
261
2,619
796
408
262
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
9,189
625
382
359
8,615
2,478
1,233
867
1
Includes 17 cos. in groups not shown separately.
2 Includes 27 cos. in groups not shown separately.
NOTE.—Manufacturing corps. Data are obtained primarily 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
729
572
367
9,196
2,639
1,327
935
9,796
2,815
1,417
988
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. pp.
215-17 (public utilities); and Sept. 1944 BULL., p. 908 (electric power).
Back data available from the Division of Research and Statistics.
1464
BUSINESS FINANCE
NOVEMBER 1964
CORPORATE PROFITS, TAXES, AND DIVIDENDS
(In billions of dollars)
Corporate
capital
Undis- consumptributed
tion
profits
allowances *
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
1956
1957
1958
1959
44.7
43.2
37.4
47.7
21.2
20.9
18 6
23.2
23.5
22.3
18.8
24.5
12.1
12.6
12.4
13.7
11.3
9.7
6.4
10.8
20.0
21.8
22.7
24.3
1960
1961
1962
1963
44.3
44.2
48.2
51.3
22.3
22.3
23.2
24.6
22.0
21.9
25.0
26.7
14.5
15.2
16.5
18.0
7.5
6.7
8.5
8.7
25.6
26.9
30.5
31.8
Year
Corporate
capital
Undis- consumptributed
tion
profits
allowances !
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
1962—IV
49.4
23.8
25 7
17.1
8 6
30.9
1963—1
II
III....
IV
48.9
51.1
51.3
54.3
23 4
24.5
24.5
26.0
25 5
26.6
26.7
28.3
17.2
17.7
17.9
19.1
8 3
8.9
8.9
9.2
31 3
31.6
32.1
32.4
1964—I
II....
C
56.6
r
25.4
'26.0
31.2
31.7
19.4
19.8
11.8
'12.1
33.0
33.4
Quarter
1
Includes depreciation, capital outlays charged to current accounts, and
accidental damages.
57.9
r
NOTE.—Dept. of Commerce estimates,
adjusted annual rates.
Quarterly data are at seasonally
CURRENT ASSETS AND LIABILITIES OF CORPORATIONS
(In billions of dollars)
Current assets
End of period
Net
working
capital
Total
Cash
U.S.
Govt.
securities
Current liabilities
Notes and accts.
receivable
U.S.
Govt.i
Other
Inventories
Notes and accts.
payable
Other
U.S.
Govt. 1
Other
Accrued
Federal
income
taxes
Total
Other
107.4
111.6
118.7
124.2
128.6
135.6
142.8
237.9
244.7
255.3
277.3
289.0
306.8
326.7
34.8
34.9
37.4
36.3
37.2
41.1
42.9
19.1
18.6
18.8
22.8
20.1
20.0
20.2
2.6
2.8
2.8
2.9
3.1
3.4
3.7
95.1
99.4
106.9
117.7
126.1
135.8
146.7
80.4
82.2
81.9
88.4
91.8
95.2
100.9
5.9
6.7
7.5
9.1
10.6
11.4
12.4
130.5
133.1
136.6
153.1
160.4
171.2
184.0
2.4
2.3
1.7
1.7
1.8
1.8
2.0
81.5
84.3
88.7
99.3
105.0
112.8
121.2
17.6
15.4
12.9
15.0
13.5
14.1
15.0
29.0
31.1
33.3
37.0
40.1
42.5
45.7
m
146.0
148.8
151.2
335.8
342.9
349.9
40.3
40.8
44.5
20.3
19.7
20.6
3.3
3.4
3.6
153.3
158.1
159.7
104.0
105.8
107.3
14.6
15.2
14.3
189.8
194.1
198.8
2.5
2.5
2.5
125.3
128.1
131.8
14.3
15.3
16.3
47.7
48.3
48 2
1964—1
II
154.7
157.1
350.6
356.7
40.6
42.5
21.4
20.2
3.3
3.0
161.3
165.6
108.6
109.6
15.5
15.9
195.9
199.6
2.6
2.6
128.9
131.7
15.6
15.2
48.8
50.1
1956
1957
1958
1959
1960
1961
1962
1963—II
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
Total
Durable
Nondurable
Transportation
Mining
Railroad
Other
Public
utilities
Communications
Other i
Total
(S. A
annual
rate)
1956
1957
1958
1959
35.08
36.96
30.53
32.54
7.62
8.02
5.47
5.77
7.33
7.94
5.96
6.29
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
I960
1961
1962
1963
19642
35.68
34.37
37.31
39.22
44.21
7.18
6.27
7.03
7.85
9.19
7.30
7.40
7.65
7.84
9.08
.99
.98
1.08
1.04
1.12
1.03
.67
.85
1.10
1.46
1.94
1.85
2.07
1.92
2.31
5.68
5.52
5.48
5.65
6.07
3.13
3.22
3.63
3.79
8.44
8.46
9 52
10.03
14 .98
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
K04
n
m
.85
.95
.93
1.06
2.26
2.41
2.64
2.72
36.95
38.05
40.00
41.20
I
II
Ill 2
9.40
11.11
11.28
12.43
1.93
2.30
2.31
2.66
1.87
2.23
2.33
2.64
.26
.29
.29
.28
.32
.36
.34
.44
.51
.63
.56
.61
1.18
.58
L.63
1.69
2.37
2.61
42.55
43.50
44.55
46.15
1963—1
iv
1964
rv2
1
2
Includes trade, service, finance, and construction.
Anticipated by business.
.40
.60
1.61
.97
1.10
3 .81
4 .11
NOTE.—Dept. of Commerce and Securities and Exchange Commission
estimates for corp. and noncorp. business, excluding agriculture.
NOVEMBER 1964
1465
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING
[In billions of dollars]
:S^onfarm
All properties
End of period
Other
holders
Financial
insti-
All
holders
2
1- to 4-family houses
tutions i
U. S.
agencies
Individuals
and
others
holders
Finan. Other
Total
instiholdtutions 1
ers
37.6
35.5
20.7
21.0
4.7
2.4
12.2
12.1
31.2
30.8
18.4
18.6
1957
1958
1959
1960
156.5
171.8
190.8
206.8
119.7
131.5
145.5
157.6
7.4
7.8
10.0
11.2
29.3
32.5
35.4
38.0
146.1
160.7
178.7
194.0
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
231.1
237.8
244.5
251.6
176.0
181.5
186.8
192.5
12.1
12.1
12.1
12.2
257.1
265.1
273.1
280.9
197.2
204.1
210 6
216.9
286.9
295.1
221.8
228.3
ll\p
iyp
1963—-I*>
II P
fflp
\ \ P
1964—IP
\\P
Multifamily and
commercial properties
3
All
1941
1945
1962—IP
Farm
Finan. Other
Total
instiholdtutions 1
ers
All
holders
FinanOther
cial
insti- holders4
tutions 1
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
107.6
117.7
130.9
141.3
11.2
12.2
89.9
98.5
109.2
117.9
17 7
19.2
21.6
23.4
38 5
43.0
47.9
52.7
25 8
28.8
31.8
35.0
12 7
14.2
16.1
17.7
10 4
11.1
12.1
12.8
4 0
4 2
4.5
4.7
6 4
6.9
7.6
8.2
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
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
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 I
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
11.2
11.2
53.9
55.6
269.7
277.1
185.2
189.6
158.9
163.1
26.3
26.5
84.5
87.5
56.5
58.5
28.0
29.0
17.2
18.0
6.4
6.7
10.8
11.3
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
Residential
Total
Total
FHAinsured
VAguaranteed
Conventional
4,906
4,772
3,292
3,395
1957
1958
1959
I960
23,337
25,523
28,145
28,806
17,147
18,591
20,320
20,362
4,823
5,476
6,122
5,851
3,589
3,335
3,161
2,859
8,735
9,780
11,037
11,652
1961
1962
1963
30,442
34,476
39,414
21,225
23,482
26,476
5,975
6,520
7,105
21,211
22,048
22,824
23,482
in
IV
35,243
36,939
38,360
39,414
1964—IP
W
40,200
41,648
I
II
HI
IV
1963—1
II
30,844
32,194
33,430
34,476
c
Other
nonfarm
Farm
Total
Total
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
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
23,846
24,958
25,855
26,476
6,627
6,861
7,007
7,105
2,651
2,837
2,870
2,862
26,894
27,750
7,073
7,158
2,824
2,793
FHAinsured
VAguaranteed
Conventional
Other
nonfarm
Farm
900
797
28
24
6,551
7,073
7,622
8,246
2,102
2,275
2,451
2,575
57
53
55
54
29,145
32,320
36,224
26,341 8,045 9,267 9,028
29,181 9,238 9,787 10,156
32,718 10,684 10,490 11,544
2,753
3,088
3,454
51
51
52
1,816
1,927
1,978
2,022
29,833
30,638
31,484
32,320
26,940
27,632
28,464
29,181
9,392 9,208
9,502 9,469
9,633 9,847
9,787 10,156
2,842
2,954
2,968
3,088
51
51
52
51
14,568 9,270
15,260 9,740
15,978 10,203
16,509 10,611
2,127
2,241
2,302
2,327
33,368
34,309
35,191
36,224
30,143 9,724 10,046 10,373
30,969 10,023 10,218 10,728
31,775 10,328 10,335 11,112
32,718 10,684 10,490 11,544
3,174
3,290
3,365
3,454
51
50
51
52
16,997 10,894
17,799 11,340
2,412
2,558
37,155
38,199
33,506 11,004 10,639 11,863
34,407 11,376 10,826 12,205
3,597
3,740
52
52
1 Includes loans held by nondeposit trust cos., but not bank trust depts.
2 Data for 1941 and 1945, except for totals, are special F.R. estimates.
NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp.
series for all commercial and mutual savings banks in the United States
2
Residential
1941
1945
1962
Mutual savings bank holdings»
4,669
5,501
6,276
7,074
8,340
8,662
8,984
9,238
7,790
8,360
8,589
8,986
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.
1466
REAL ESTATE CREDIT
NOVEMBER 1964
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
Loans acquired
Nonfarm
Nonfarm
Period
Total
Total
1941
1945
1957
1958
1959
I960
Loans outstanding (end of period)
FHAinsured
VAguaranteed
Farm *
. . .
1961
1962
1963
1963—Aug
Sept
Oct
Nov
Dec
r
1964—Jan
Feb
Mar
July
Aug
6,442
6,636
5,529
5,860
815
1,394
VAguaranteed
Farm
Other
4,714
4,466
913
776
4 823
4,839
5,472
5,622
653
1,301
1,549
1,401
831
195
201
291
3 339
3,343
3,722
3,930
407
438
498
464
35,236
37,062
39,197
41,771
32 652
34,395
36,370
38,789
6,751
7,443
8,273
9,032
7 721
7,433
7,086
6,901
18 180
19,519
21,011
22,856
2,584
2,667
2,827
2,982
6,785
7,478
9,172
6,233
6,859
8 306
1,388
1,355
1,605
220
469
678
4,625
5,035
6 023
552
619
866
44,203
46,902
50,544
41,033
43,502
46,752
9,665
10,176
10,756
6,553
6,395
6,401
24,815
26,931
29,595
3,170
3,400
3,792
785
716
774
680
1,236
727
653
718
622
1,148
143
134
147
126
172
51
48
52
54
69
533
471
519
442
907
58
63
56
58
88
48,980
49,233
49,536
49,813
50,543
45,309
45,522
45,799
46,057
46,753
10,565
6,418
6,402
6,393
6,395
6,411
28,326
28,516
28,748
28,951
29,552
3,671
3,711
3,737
3,756
3,790
745
705
800
638
615
141
140
107
90
143
477
127
706
652
133
127
61
54
53
58
60
436
421
673
515
465
778
785
739
152
151
155
51
56
56
575
578
528
102
85
50,828
51,126
51,441
51,806
52,117
52,466
52,832
53,173
47,010
47,271
47,523
47,824
48,085
48,384
48 709
49,014
6,418
6,423
6,420
6,425
6,433
6,422
6 413
6,410
29,735
29,925
30,121
30,367
30,576
30,846
31,131
31,377
3,818
3,855
3,918
3,982
4,032
4,082
4,123
4,159
863
861
805
. . .
FHAinsured
5 230
5,277
5,970
6,086
808
737
Apr
May
Total
Other i
976
.
Total
i Certain mortgage loans secured by land on which oil drilling or
extracting operations in process were classified with farm through June
1959 and with "other" nonfarm thereafter. These loans totaled $38 million
on July 31, 1959.
85
76
66
10,604
10,658
10,711
10,790
10,857
10,923
10,982
11,032
11,076
11,116
11,165
11,227
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.
NOT*.—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)
(In millions of dollars)
Loans outstanding (end of period]
Loans made
Period
Total i
New
construction
FHAHome
inpur- Total 2
chase
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
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
I960
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
1,429
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
I 160
1,212
4 997
5,851
6,354
2,061
2,196
2,387
1,856
2,118
642
685
502
620
928
977
757
776
87,933
89,051
89,857
90,849
4,662
4,679
4,683
4,685
7,058
7,028
6,980
6,960
76,213
77,344
78,194
79,204
1,716
1,712
2,071
2,081
2,145
2,394
2,363
2,164
2,041
434
474
621
579
597
696
674
784
831
881
1,054
1,037
1,025
964
91,453
92,163
93,069
93,978
94,971
96,067
97,111
98,059
98,874
4,705
4,705
4,710
4,714
4,723
4,737
4,752
4,761
4,789
6,931
6,902
6,879
6,855
6,821
6,790
6,770
6,743
6,718
79,817
80,556
81,480
82,409
83,427
84,540
85,589
86,555
87,367
3,121
3,183
3,213
3,189
3,134
3,149
3,059
3,177
3,515
3,525
3,177
3,534
2,880
2,987
1.468
1,606
1,611
1,442
1,594
1,271
1,322
119
127
123
116
125
103
110
551
595
612
546
616
495
504
181
218
212
190
206
184
166
3,081
3,029
3,034
3,008
3,096
2,758
2,575
2,935
3,089
3,090
3,388
1,170
1,128
1,290
350
,349
,485
103
90
102
109
116
126
483
465
540
567
560
607
145
129
140
154
176
197
1964
Jan
Feb
Mar
Apr
Mav
June
July
Aug
Sept.*
624
635
537
498
1 Includes loans for repairs, additions and alterations, refinancing, etc.
not shown separately.
2 Beginning with 1958 includes shares pledged against mortgage loans.
Nora.—Federal Home Loan Bank Board data.
I 741
QV7
1963
1963
Sent.
Oct.
Nov.
Dec
^Q
217
July
Sept
Oct
Nov
Dec
1964
Jan
Feb
Mar .
Apr
May
June
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.
NOVEMBER 1964
1467
REAL ESTATE CREDIT
GOVERNMENT-UNDERWRITTEN
RESIDENTIAL LOANS MADE
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- to 4-FAMILY PROPERTIES
(In millions of dollars)
(In billions of dollars)
FHA-insured
Mortgages
Period
Total
1945
VA-guaranteed
665
New
homes
Existing
homes
257
217
Projects 1
Total 3
improveNew
ments 2
homes
20
171
End of
period
Total
Existing
homes
Total
3,461
3,715
6,349
7,694
1,133
880
1,666
2,563
1,505
1,371
2,885
3,507
130
595
929
628
692
869
868
997
5,868
3,761
1,865
2,787
3,910
2,890
1,311
2,051
1,948
863
549
730
1960
1961
1962
1963
6,293
6,546
7,184
7,216
2,197
1,783
1,849
1,664
2,403
2,982
3,421
3,905
711
926
1,079
843
982
855
834
804
1,985
1,829
2,652
3,045
1,554
1,170
1,357
1,272
428
656
1,292
1,770
1963—Sept
Oct
Nov
Dec
617
734
577
601
138
160
127
142
367
407
317
345
46
88
55
63
66
79
78
52
267
316
258
255
103
119
100
106
165
196
158
149
1964—Jan
Feb
Mar
Apr
May
June
Julv
Aug
Sept
666
534
600
646
570
711
782
740
720
162
126
126
117
105
128
141
137
138
381
314
357
367
352
442
476
468
467
62
48
59
119
68
67
108
68
66
61
46
58
43
46
73
57
67
49
268
201
208
206
192
233
251
246
270
114
81
84
81
71
76
81
78
85
153
120
124
125
121
157
171
167
185
1 Monthly figures do not reflect mortgage amendments included in annual totals.
2 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-2uaranteed 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.
ConvenFHA- VA- tional
inguarsured anteed
1945
18.6
4.3
4.1
.2
14.3
1957
1958
1959
107.6
117.7
130.9
47.2
50.1
53.8
16.5
19.7
23.8
30.7
30.4
30.0
60.4
67.6
77.0
I960
1961
1962
1963*
141.3
153.1
166.5
182.2
56.4
59.1
62.0
65.5
26.7
29.5
32.3
35.0
29.7 84.8
29.6 93.9
29.7 104.5
30.5 116.7
1962—n
Ill
IV
159.1
162.9
166.5
60.4
61.0
62.0
30.9
31.5
32.3
29.5 98.7
29.5 101.9
29.7 104.5
1963—IP
IIP
Ill*
IVP
169.2
173.7
178.2
182.2
62.8
63.5
64.3
65.5
33.0
33.5
34.3
35.0
29.8
30.0
30.0
30.5
1964—IP
IIP
185.2
189.6
66.3
66.8
35.7
36.3
30.6 118.9
30.5 122.7
192
1956
1957
1958
1959
FEDERAL NATIONAL MORTGAGE ASSOCIATION
Governmentunderwritten
Mortgages
Prop-
106.4
110.2
113.9
116.7
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.
ACTIVITY
FEDERAL HOME LOAN BANKS
(In millions of dollars)
(In millions of dollars)
Mortgage
transactions
(during
period)
Total
FHAinsured
VAguaranteed
Purchases
Sales
Commitments
undisbursed
1956
1957
1958
1959
3,047
3,974
3,901
5,531
978
1,237
1,483
2,546
2,069
2,737
2,418
2,985
609
1,096
623
1,907
5
3
482
5
360
764
1,541
568
I960
1961
1962
1963
6,159
6,093
5,923
4,650
3,356
3,490
3,571
3,017
2,803
2,603
2,353
1,634
1,248
815
740
290
357
541
498
1,114
576
631
355
191
1963—Sept
Oct
Nov
Dec
4,720
4,702
4,677
4,650
3,034
3,033
3,021
3,017
1.686
1,669
1,656
,634
21
23
15
24
10
5
7
19
183
190
196
191
1964—Jan
Feb
Mar
Apr
May
4,624
4,613
4,598
4,572
4,565
4,539
4,516
. . . 4,477
4,453
3,006
3,011
3,016
3,015
3,027
3,025
3,033
3,008
2,998
1,618
1,603
,582
1,557
1,538
,514
1,482
1.469
1,455
21
24
27
38
44
36
41
44
34
11
4
11
31
21
21
30
43
24
189
188
192
204
202
199
222
230
245
Mortgage holdings
End of
period
July
AUJZ
Sept
NOTE.—Federal National Mortgage Assn. data excluding conventional
mortgage loans acquired by FNMA from the RFC Mortgage Co., the
Defense Homes Corp., the Public Housing Admin., and Community
Facilities Admin.
Period
Ad-
Repayments
Advances outstanding
(end of period)
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
731
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
2,200
3,294
4,296
1,981
2,662
3,479
4,784
1,089
1,447
2,005
2,863
892
,216
,474
,921
938
1,180
1,213
1,151
1963—Oct
Nov....
Dec
610
363
754
408
299
259
4,226
4,290
4,784
2,588
2,611
2,863
,638
,679
,921
986
978
1,151
1964—Jan
Feb
Mar
Apr
May....
June....
July....
Aug....
Sept
Oct
467
225
339
573
352
703
584
369
382
401
837
424
387
296
401
329
590
351
327
441
4,414
4,216
4,168
4,444
4,395
4,769
4,763
4,781
4,837
4,797
2,653
2,500
2,406
2,463
2,438
2,674
2,699
2,662
2,635
2,605
,762
,716
,763
,982
,957
2,095
2,064
2,119
2,202
2,192
944
943
977
957
990
1,153
936
926
989
974
* Secured or unsecured loans maturing in 1 year or less.
2
Secured loans, amortized quarterly, having maturities of more than
1 year but not more than 10 years.
NOTE.—Federal Home Loan Bank Board data.
1468
CONSUMER CREDIT
NOVEMBER 1964
TOTAL CREDIT
(In millions of dollars)
Noninstalment
Instalment
End of period
Total
Automobile
paper
Other
consumer
goods
paper
Total
Repair
and modernization
loans *
Personal
loans
Total
Singlepayment
loans
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
182
1,088
1,322
1,009
2,719
3,087
3,203
845
746
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
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
1963—Sept
Oct
Nov
Dec
66,538
67,088
67,746
69,890
51,718
52,257
52,695
53,745
21,725
21,971
22,107
22,199
12,702
12 845
13,046
13,766
3,377
3,400
3,407
3,389
13,914
14,041
14,135
14,391
14,820
53,597
53,552
53 795
54,382
55,120
55 914
56 496
57,055
57,446
22,189
22,271
22 471
22 830
23,255
23 702
24 024
24,251
24,295
3,354
3,335
3,321
3,328
3,364
3 395
3 426
3,466
3,493
14,416
14,479
14,552
14,748
14,902
15 087
15,233
15,415
15,612
15,606
15,234
15,118
15,434
15,825
15,993
15,960
16,014
16,049
1964—Jan
Feb
Mar
Apr
May
June .
July
Aug
Sept
69,203
68,786
68 913
69 816
70,945
71 907
72,456
73,069
73,495
298
376
13,638
13,467
13 451
13,476
13,599
13 730
13 813
13,923
14,046
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
Charge
accounts
Service
credit
1,414
1,645
1,612
518
597
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
13,196
4,507
5,136
5,456
5,329
5,324
5,684
5,871
3,360
3,691
3,990
14,151
15,130
16,145
14,831
15,051
16,145
787
5,959
5,844
5,830
5,894
5,959
845
4,833
4,898
4,999
4,315
4,143
4,103
4,158
5,238
5,240
5,231
5,223
4,482
4,553
4,520
4,522
4,502
4,484
4,472
5,871
5,339
4,805
4,634
4,833
5,099
5,900
5,958
6,002
6,048
6,206
6,233
6,218
6,299
6,354
4,315
4,367
4,471
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 available upon request.
INSTALMENT CREDIT
(In millions of dollars)
Financial i nstitution s
End of period
Total
Total
Commercial
banks
Sales
finance
cos.
Retail outlets
ConCredit
sumer Other i
unions finance
*
Total
Department
stores 2
Furniture
stores
Appliance
stores
Automobile
dealers 3
Other
1939
1941
1945
4,503
6,085
2 462
3,065
4,480
1 776
1,079
1,726
745
1,197
1,797
300
132
657
198
102
759
629
1,438
1,605
686
354
439
183
320
131
123
339
496
940
206
17
188
28
395
270
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
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
I960
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
3,923
4,330
4,902
5,622
3,670
3,799
4,131
4,590
1,481
1,525
1,550
1,647
5,615
5,595
6,252
6,753
2,414
2,421
3,013
3,427
1,107
1,058
1,073
1,086
333
293
294
287
359
342
345
328
1,402
1 481
1,527
1 625
1963 Sept
Oct
Nov
Dec
51,718
52,257
52,695
53,745
45,687
46,161
46,462
46,992
21,145
21,391
21,486
21,610
13,073
13,187
13,302
13,523
5,458
5,529
5,569
5,622
4,381
4,425
4,461
4,590
1,630
,629
,644
1,647
6,031
6,096
6,233
6,753
3,025
3,077
3,172
3,427
1,009
1,015
1,032
1,086
279
280
282
287
321
325
326
328
1,397
1,399
1,421
1,625
1964—Jan
Feb
Mar
53,597
53,552
53,795
54,382
55,120
55,914
56,496
57 055
57,446
47,300
47,454
47,653
48,191
48,824
49,543
50,082
50 583
50,937
21,630
21,799
21,919
22,224
22,559
22,907
23,176
23 389
23,527
13,840
13,788
13,802
13,893
14,027
14,228
14,359
14 475
14,553
5,584
5,607
5,668
5,776
5,889
6,014
6,109
6 204
6,283
4,592
4,595
4,597
4,628
4,657
4,701
4,748
4 797
4,845
,654
1,665
,667
,670
1,692
1,693
1,690
718
1,729
6,297
6,098
6,142
6,191
6,296
6,371
6,414
6 472
6,509
3,063
2,949
3,044
3,106
3,182
3,231
3,267
3 332
3,371
1,065
1,047
1,022
1,013
1,020
1,028
1 017
1 044
1,048
281
278
273
272
271
271
273
273
328
330
334
340
348
355
360
363
1,560
1 494
1,469
1,460
1,475
1 486
1,477
1 460
1,450
May
June
July
Aug
Sept
1 Consumer finance cos. included with 'other" financial institutions
until Sept. 1950.
2 Includes mail-order houses.
275
365
3 Automobile paper only; other instalment credit held by automobile
dealers is included with "other" retail outlets.
See also NOTE to table above.
1469
CONSUMER CREDIT
NOVEMBER 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
Total
Purchased Direct
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
1939
1941
1945
1,079
1,726
745
237
447
66
143
114
110
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
I960
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
21,145
21,391
. 21,486
21,610
7,072
7,177
7,218
7,246
3,903
3,951
3,984
4,003
3,033
3,073
3,084
3,123
2,352
2,370
2,373
2,361
4,785
4,820
4,827
4,877
21,630
21,799
21,919
22,224
22,559
22,907
23 176
21,389
23,527
7,246
7,275
7,364
7,501
7,673
7,854
7 979
8,090
8,143
4,016
4,052
4,102
4,172
4,255
4,323
4,371
4,389
4,390
3,134
3,226
3,195
3,185
3,192
3,205
3,234
3,244
3,255
2,333
2,316
2,303
2,308
2,331
2,355
2,380
2,405
2,422
4,901
4,930
4,955
5,058
5,108
5,170
5,212
5,261
5,317
1963—Sept
Oct
Nov
Dec
...
1964 Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
178
338
166
309
135
161
363
471
End of period
Total
878
1,363
164
115
167
24
148
201
58
56
66
54
1956
1957
1958
1959
9,117
9,609
8,844
10,319
7,238
7,393
6,310
7,187
1,277
1,509
1,717
2,114
32
31
36
72
570
676
781
946
1960
1961
1962
1963
11,472
11,273
12,194
13,523
7,528
6,811
7,449
8,228
2,739
3,100
3,123
3,383
139
161
170
158
1,066
1,201
1,452
1,754
1963—Sept.
Oct..
Nov.
Dec.
13,073
13,187
13,302
13,523
8,099
8,163
8,210
8,228
3,157
3,186
3,233
3,383
161
161
160
158
1,656
1,677
1,699
1,754
1964—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
13,840
13,788
13,802
13,893
14,027
14,228
14,359
14,475
14,553
8,220
8,227
8,265
8,371
8,489
8,633
8,741
8,799
8,764
3,701
3,635
3,603
3,580
3,583
3,615
3,614
3,643
3,706
156
154
152
151
149
150
149
149
148
1,763
1,772
1,782
1,791
1,806
1,830
1,855
1,884
1,935
NONINSTALMENT CREDIT
(In millions of dollars)
Automobile
paper
Other
consumer
goods
paper
Repair
and
modernization
loans
Personal
loans
1939
1941
1945
789
957
731
81
122
54
24
36
20
15
14
14
669
785
643
1956
1957
1958
1959
6,083
6,748
7,035
8,024
954
1,114
1,152
1,400
624
588
565
681
404
490
595
698
4,101
4,555
4,723
5,244
I960
1961,
1962.
1963
9,074
9,654
10,583
11,859
1,665
1,819
2,111
2,394
771
743
751
835
800
832
815
870
5,837
6,257
6,906
7,760
1963—Sept
Oct
Nov
Dec
11,469
11,583
11,674
11,859
2,330
2,355
2,369
2,394
802
815
822
835
864
869
874
870
7,473
7,544
7,609
7,760
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
11,830
11,867
11,932
12,074
12,238
12 408
12,^47
12,719
12,857
2,379
2,387
2,406
2,446
2,490
2,537
2,573
2,610
2,633
834
838
865
865
7,752
7,777
7,815
7,899
7,988
8,087
8.166
8,270
8,360
845
860
866
869
876
894
911
927
941
884
890
897
912
923
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.
Personal
loans
1,197
1,797
300
(In millions of dollars)
See NOTE to first table on previous page.
Repair
and
modernization
1939
1941
1945
INSTALMENT CREDIT HELD BY OTHER
FINANCIAL INSTITUTIONS
Total
Other
consumer
goods
paper
See NOTE to first table on previous page.
See NOTE to first table on previous page.
End of period
Automobile
paper
Singlepayment
loans
Charge accounts
Service
Other Decredit
Com- finanOther
merpart- retail Credit2
cial
cial
ment
insti- stores1 outlets cards
banks tutions
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—Sept..
Oct...
Nov..
Dec...
14,820
14,831
15,051
16,145
4,927
4,952
4,987
5,047
917
878
907
912
620
639
667
895
3,667
3,743
3,817
4,456
546
516
515
520
4,143
4,103
4,158
4,315
1964—Jan...
Feb...
Mar..
Apr...
May..
June..
July...
Aug...
Sept...
15,606
15,234
15,118
15,434
15,825
15,993
15,960
16,014
16,049
4,991
5,036
5,076
5,152
5,230
5,313
5,329
5,335
5,361
909
922
926
896
976
920
889
964
993
782
655
614
610
626
610
576
588
624
4,014
3,590
3,485
3,667
3,910
4,028
4,008
3,960
3,928
543
560
535
556
563
600
656
683
671
4,367
4,471
4,482
4,553
4,520
4,522
4,502
4,484
4,472
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.
1470
CONSUMER CREDIT
NOVEMBER 1964
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
(In millions of dollars)
Total
Automobile paper
Period
S.A.1
N.S.A.
S.A.1
N.S.A.
Other consumer
goods paper
S.A.1
N.S.A.
Repair and
modernization loans
S.A.1
N.S.A.
Personal loans
S.A.1
N.S.A.
Extensions
1956
1957
1958
1959
39,868
42,016
40,119
48,052
15,515
16,465
14,226
17,779
11,721
11,807
11,747
13,982
1 582
1,674
1,871
2,222
11,051
12,069
12,275
14,070
I960
1961
1962
1963
49,560
48,396
55,126
60,822
17,654
16,007
19,796
22,013
14,470
14,578
15,685
17,007
2,213
2,068
2,051
2,178
15,223
15,744
17,594
19,624
Sept
Oct
Nov
Dec
5,093
5,311
4,979
5,272
4,755
5,487
4 981
5,974
1,730
1,910
1 792
1,914
1,524
2.040
I 734
1,767
1964—Jan
Feb
Mar
Apr
May
June
July
5,276
5,421
5,480
5,371
5,552
5,399
5,541
5,529
5,617
4,784
4,552
5,322
5,578
5,584
5,949
5,747
5,519
5,393
1,888
1,953
1,942
1,961
2,023
1,962
1,996
2,017
2,024
1,689
,686
.983
2 127
2,137
2,245
2,166
1,984
1,830
1963
Sept
....
1,457
I 432
1,523
1,493
1,578
11,665
[ 544
1,589
1,537
1,546
1,570
.588
J.384
1,547
I 517
J,094
181
188
168
172
193
205
169
154
J 757
1,756
I 587
1,663
1,654
1,695
1,561
1,959
1,380
1,212
1,488
1,495
1,547
1,632
1,543
.540
1,592
185
186
179
174
187
183
189
186
186
141
142
163
178
205
208
208
210
200
1,710
1,704
1,694
1,692
1,753
1,717
1,810
1,756
1.819
1,574
1,512
1,688
1,778
1,695
1,864
1,830
1,785
1,771
Repayments
1956
1957
1958
1959
37,054
39,868
40,344
42,603
14,555
15,545
15,415
15,579
10,756
11,569
11,563
12,402
1,370
1,477
1,626
1,765
10,373
11,276
11,741
12,857
1960
1961
1962
1963
45,972
47,700
50,620
55,111
16,384
16,472
17,478
19,354
13,574
14,246
14,939
15,846
1,883
2,015
1,996
2,035
14,130
14,967
16,206
17,876
1963
Sept
Oct
Nov
Dec
4,752
4,780
4,596
4,812
4,563
4,948
4,543
4,924
1.659
,676
,638
,707
J.61R
1,794
1,598
1,675
1.347
1,362
1,324
1,384
1,289
1,404
1,316
1,374
174
170
167
177
173
182
162
172
1.572
1,572
1,467
1,544
1.483
1,568
1,467
1,703
1964
Jan
Feb
Mar
Apr
May
4,848
4,842
4,956
4,959
5,059
5,029
5,058
5,094
5,104
4,932
4,597
5,079
4,991
4,846
5,155
5,165
4,960
5,002
.684
,716
1,735
1,759
1,776
,768
11,781
.789
1,802
,699
1,604
1,783
1,768
1,712
1,798
1,844
1,757
1.786
11,441
1,508
1,383
1,504
1,470
1,424
1,501
1,460
1,430
1,469
176
171
174
176
161
177
1,547
1,560
1,579
1,575
1,625
1,605
1.658
1,'637
1,639
1,549
1,449
1,615
1,582
1,541
1,679
1,684
1,603
1.574
Tilly
Aug
Sept
1,395
1,468
1,453
1,483
1,486
1,448
1,496
.491
172
175
170
171
172
172
171
169
177
177
170
173
Net change of credit outstanding2
1956
1957
1958
1959
2,814
2,148
-225
5,601
-1,189
2,268
I960
1961
1962
1963
3,588
696
4.506
5,711
1,270
-465
2,318
2,659
960
920
1,602
212
197
245
463
678
793
534
1,269
896
332
746
1,161
330
53
55
143
1,093
111
1,388
1 748
965
238
184
1963
Sent
Oct
Nov
Dec
341
531
383
460
192
539
438
1,050
71
234
154
207
-94
246
136
92
78
95
108
139
95
143
201
720
7
18
1
-5
20
23
7
-18
185
184
120
119
171
127
94
256
1954
jan
Feb
Mar
Apr
May
June
July
428
579
524
412
493
370
483
435
513
-148
-45
243
587
738
794
582
559
391
204
237
207
202
247
194
215
228
222
— 10
82
200
359
425
447
322
52
183
197
91
106
51
98
74
119
182
97
—35
— 19
-14
7
36
31
31
40
27
25
63
73
196
154
185
146
44
9
15
5
2
12
13
18
14
14
163
144
115
117
128
112
152
227
— 128
— 171
-16
25
123
131
83
110
123
180
197
Sept
1 Includes adjustments for differences in trading days.
2 Net changes in credit outstanding equal extensions less repayments
except in 1959, when the differences do not reflect the introduction of
outstanding balances for Alaska and Hawaii.
NOTE.—Estimates are based on accounting records and often include
financing charges. Renewals and refinancing of loans, purchases and
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.
CONSUMER CREDIT
NOVEMBER 1964
1471
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions of dollars)
Total
Commercial banks
Period
S.A.1
N.S.A.
S.A.i
N.S.A.
Sales finance
companies
S.A.i
Other financial
institutions
N.S.A.
S.A.i
N.S.A.
Retail outlets
S.A.I
N.S.A.
Extensions
1956
1957
1958
1959
,
I960
1961
1962..
1963
.
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
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—Sept
Oct
Nov
Dec
5s093
5,311
4,979
5,272
4,755
5,487
4,981
5,974
1,878
2,000
1,877
1,963
1,744
2,061
1,766
1,889
J 021
1,115
1,030
1,134
955
1,194
1,013
1,192
1964—j an
Feb
Mar
Apr
May
June . .
July
Aug
Sept
5,276
5,421
5,480
5,371
5,552
5,399
5,541
5,529
5,617
4,784
4,552
5,322
5,578
5,584
5,949
5,747
5,519
5,393
1,928
2,043
2,006
1,981
2,075
2,004
2,065
2,084
2,104
1,825
1,786
2,011
2,158
2,144
2,247
2,199
2,063
1,989
1,125
1,187
1,209
1,160
1,196
174
1 * 158
1,157
1,191
1,020
980
1,166
1,201
1,194
1,324
1,242
1,172
1,142
•
j xn.
1,351
1,198
1,252
1,312
1,283
1,292
1,309
1,350
1,321
L 397
1,355
1,405
1 118
1,311
1,213
U476
872
845
874
923
838
921
989
1,417
1,157
1,122
1,290
1,347
1,338
1,453
1,426
1,382
1,348
911
908
973
921
931
900
921
933
917
782
664
855
872
908
925
880
902
914
Repayments
1956
1957
1958
1959
37,054
39,868
40,344
42,603
13,362
14,360
14,647
15,560
8,949
9 759
9,842
9,742
8,415
9 250
9,365
10,020
6,328
6,499
6,490
7,281
I960
1961
1962
1963
45,972
47,700
50,620
55,111
16,832
18,294
18,468
20,266
10,442
10,943
11,434
12,211
11,022
11,715
12,593
13,618
7,676
6,749
8,125
9,016
1963 Sept
Oct
Nov
Dec
1964—Jan
Feb
Mar
,
May
.........
July
Aug
Sept
4,752
4,780
4,596
4,812
4,563
4,948
4,543
4,924
J.7V7
1,737
1,734
1,802
) 700
1,815
1,671
1,765
1,034
1,054
983
1,039
997
1,129
959
1,066
1 ion
1,209
1,116
1,167
J 117
1,197
1,122
1,291
791
780
763
804
4,848
4,842
4,956
4,959
5,059
5.029
5,058
5,094
5,104
4,932
4,597
5,079
4,991
4,846
5,155
5,165
4,960
5,002
1,768
1,793
1,843
1,833
1,876
1,845
t,857
1,889
L860
1,805
1,703
1,891
1,853
1,809
1,899
1,930
1,850
1.851
1,076
1,094
1,084
1,097
1,114
1,102
1,097
1,087
1,118
1.050
1,032
1,152
1,110
1,060
1,123
1,184
1,173
1,201
1,197
1,234
L 223
1,267
1,237
.266
1,186
1,085
1,225
11,205
1,174
1,283
1,287
1,210
1.210
820
782
828
832
835
859
837
881
860
ill
1^056
1,097
749
807
791
802
891
in
811
823
803
850
837
844
844
Net change in credit outstanding2
1956
1957
1958
1959
2,814
2,148
-225
5 601
1,176
1,066
— 63
2 447
670
491
—765
1 475
733
665
289
986
235
—75
315
693
I960
1961
1962
1963
3,588
696
4 506
5,711
1,446
335
1 997
2,605
1,152
— 199
921
1,329
1,051
578
932
1,276
-61
—20
656
501
1963 Sept
Oct
Nov
Dec
341
531
383
460
192
539
438
1,050
141
263
143
161
44
246
95
124
196
110
108
190
167
114
115
221
132
142
82
85
101
114
91
185
-128
16
50
24
-120
65
137
520
1964—Jan
Feb
Mar
Apr
May
428
579
524
412
493
370
483
435
513
-148
-45
243
587
738
794
582
559
391
160
336
163
148
199
159
208
195
244
20
169
120
305
335
348
269
213
138
396
93
125
63
82
72
61
70
106
317
—52
14
91
134
201
131
116
78
128
110
91
112
116
98
130
118
139
-29
37
65
142
164
170
139
172
138
-256
40
145
89
96
41
84
52
24
-456
-199
44
49
105
75
43
58
37
July
Sept
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
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.
1472
INDUSTRIAL PRODUCTION: S.A.
NOVEMBER 1964
MARKET GROUPINGS
(1957-59= 100)
Grouping
Total index.
Final products, total
Consumer goods
Equipment, including defense...
Materials
1957-59 1963
pro- averporage
tion
1963
Sept.
Oct.
Nov.
1964
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July5 Aug.: Sept.
100.00 124.3 125.7 126.1 126.1 127.0 127.7 128.2 129.0 130.5
131.3
131.6 132.9 133.1
134.0
130.6
130.8
130.7
130.6
131.1
131.0
131.3
131.3
131.7
131.5
132.0
131.8
132.6
131.9
134.1
135.7
47.35
32.31
15.04
52.65
124.9
125.2
124.2
123.7
126.3
126.4
126.0
125.0
127.2
127.4
127.0
125.5
3.21 141.2
1.82 149.5
1.39 130.2
143.0
153.3
129.5
144.7
145.8 145.8 146.1 146.6 145.5 144.3 149.3 151.4 151.7 152.6 755.
154.8 155.1 155.6 155.3 156.5 152.5 160.0 160.3 161.7 162.6 165.0 146.0
134.0 133.6 133.5 135.2 131.1 133.4 135.2 139.6 138.4 139.3 143.8 142.9
127.0
126.9
127.1
125.7
128.0
128.0
128.1
125.9
128.5
128.9
127.9
126.7
128.1
128.8
127.1
128.1
128.7
128.8
r
128.8
129.3
132.3
132.1
132.7
133.6
133.4
133.1
133.9
134.7
Consumer goods
Automotive products
Autos
Auto parts and allied products
Home goods and apparel
Home goods
Appliances, TV, and radios
Appliances
TV and home radios
Furniture and rugs
Miscellaneous home goods
Apparel, knit goods, and shoes....
10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41
123.1
129.6
125.1
130.6
109.5
131.3
133.6
117.6
124.3
131.8
128.1
136.4
104.9
132.
135.9
118.0
125.2
131.3
125.8
131.8
108.8
133.0
136.5
120.0
126.1
133.3
128.5
134.0
113.1
134.5
137.9
120.0
126.6
134.2
128.5
133.0
115.6
135.4
139.9
120.2
727.0
134.8
127.5
130.7
118.6
136.1
142.3
120.4
128.3
137.3
131.3
135.3
120.3
138.
143.7
120.7
129.5
136.9
129.7
139.4
102.4
141.0
142.1
123.2
130.0
137.8
131.0
136.9
114.3
141.9
142.4
123.4
131.2
139.7
131.1
136.6
115.5
144.7
145.9
124.0
131.8
140.0
133.2
139.8
114.5
144.0
144.
124.9
131.5
140.4
137.4
144.7
116.7
141.0
143.4
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
123.7
116.6
116.9
140.1
117.8
133.5
116.9
141.5
146.7
124.7
116.7
115.3
144.5
117.9
135.8
118.3
144.3
151.
125.4
117.7
118.3
144.0
117.8
135.6
119.4
143.5
150.0
124.2
117.0
115.7
142.0
117.2
134.7
118.5
142.6
148.6
125.7
118.9
117.4
142.7
120.4
135.2
117.4
143.8
150.4
127.0
121.4
116.5
142.2
121.5
136.5
115.6
146.6
154.3
126.2 126.3 128.8 128.3
120.2 118.4 120.8 \20.2
118.5 121.9 125.2 122.6
140.
140.1 142.8 144.5
123.7 125.1 126.7 124.7
134.7 136.2 138.5 138.7
116.8 117.6 120.9 120.4
143.4 145.3 147.1 147.6
149.2 151.9 154.5 155.2
128.9
119.4
119.4
150.5
125.5
140.6
121.8
149.8
157.6
129.1
118.4
126.4
146.7
123.5
142.8
121.4
153.2
162.2
130.0
118.7
125.5
149.1
123.2
145.7
118.8
158.8
169.8
130.0
118.7
11.63
6.85
2.42
1.76
.61
128.3
123.0
142.4
132.2
121.6
130.7
125.6
141.6
137.5
125.7
131.8
126.6
141.2
139.2
130.8
132.0
127.4
139.0
139.7
134.5
132.9
128.6
140.2
139.9
131.6
'132.9
128.9
141.6
137.0
131.2
131.9
127.9
140.4
137.8
126.0
134.2
131.9
141.0
135.8
127.6
136.5
133.9
143.1
140.8
126.6
138.0
135.7
141.9
143.9
130.7
139.0
137.6
143.7
141.3
129.1
140.0
138.5
145.7
141.9
127.9
141.6
139.6
145.5
144.9
139.9
141.7
140.4
147.6
140.9
136.0
126.8
136.4
128.7
132.9
116.9
139.0
143.5
118.7
128.9
137.7
130.7
134.7
119.5
139.7
144.2
121.5
152.6
121.3
119.8
Equipment
Business equipment
Industrial equipment
Commercial equipment
Freight and passenger equipment.
Farm equipment
Defense equipment
r
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
121.2
137.2
125.4
116.3
114.3
122.1
138.6
127.6
118.9
107.6
122.3
139.6
127.8
118.6
110.8
122.6
141.3
127.5
119.0
111.6
122.6
142.9
128.8
118.9
113.5
123.0
141.9
129.2
119.6
117.6
125.8
144.3
129.6
123.2
123.4
127.3
141.9
130.4
123.4
125.2
129.0 129.8
144.
143.8
131.6 132.9
123.8 123.5
126.9 127.5
130.8
148.
133.3
122.8
127.3
132.7
150.2
133.8
125.7
130.2
134.1
167.0
135.7
125.7
130.6
135.5
153.1
137.1
125.7
128.2
Nondurable materials
Business supplies
Containers
General business supplies.
Nondurable materials n.e.c..
25.92
9.11
3.03
6.07
7.40
126.3
120.3
120.2
120.4
145.0
128.0
120.8
118.2
122.
148.6
128.8
122.5
122.5
122.5
149.7
128.9
122.6
123.9
122.0
150.2
129.3
123.0
121.3
123.8
151.2
130.4
124.4
125.1
124.0
152.2
130.6
125.2
125.5
125.1
152.2
130.8
124.9
123.6
125.6
152.4
132.3
126.1
127.0
125.7
154.6
132.8
126.5
128.2
125.7
153.9
132.9
124.9
123.8
125.4
155.7
134.6
126.9
125.0
127.9
158.7
135.2
Ml A
125.6
127.8
160.3
135.9
126.1
125.4
126.5
162.4
9.41
6.07
2.86
2.32
1.03
1.21
.54
117.2
109.3
138.7
139.5
131.2
149.6
118.8
111.3
140.2
140.8
133.8
149.9
118.4
110.1
141.2
141.9
134.2
151.7
118.2
109.3
141.8
142.4
133.9
152.9
118.2
109.0
142.3
142.9
134.5
153.3
119.1
110.2
142.7
143.8
134.8
154.9
118.7
109.3
143.5
144.6
135.6
155.6
118.7
108.9
144.5
145.6
136.9
156.4
120.7
110.3
147.9
149.0
140.5
159.9
122.2
112.
148.9
150.1
142.0
160.7
122.7
112.2
149.7
150.6
143.5
160.4
123.0
112.4
149.8
150.5
143.9
160.9
123.4 124.4
112.7 114.4
150.7
151.4
144.7
161.9
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.
7.80 134.4 136.4 137.3 138.4 139.1 139.7 140.7 139.7 142.4 142.9 143.5 145.0 146.5 142.1
24.51 122.3 123.2 124.2 123.3 124.5 125.5 125.0 124.6 127.2 127.2 127.7 128.0 128.9 128.7
NOVEMBER 1964
INDUSTRIAL PRODUCTION: S.A.
1473
INDUSTRY GROUPINGS
(1957-59= 100)
Grouping
957-59 1963
proaverporage
tion
1963
Sept.
Oct.
Nov.
1964
Dec,
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug. r j Sept.
100.00 124.3 125.7 126.1 126.1 127.0 127.7 128.2 129.0 130.5 131.3 131.6 132.9 133.8
Total index.
86.45
48.07
38.38
8.23
5.32
124.9
124.5
125.3
107.9
140.0
126.2
125.6
127.0
109.9
142.1
126 8
126.0
127.7
108 6
142.3
126.9
126.4
127.6
107.5
142.1
727.9
127.3
128.7
107.3
143.0
128.5
128,1
128.9
108.8
144.5
129.1
128.9
129.4
108.9
143.4
129.9
130.0
129.8
108.8
144.8
131.4
131.6
131.1
109.9
147.5
132.2
132.6
131.7
111.3
148.3
132.4
133.2
131.5
111.4
149.7
733.9
135.Oj
132.5!
110.9
151.4
134.6
135.8j
133.11
111.9
154.5
Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals and products.
Fabricated metal products
Structural metal parts
12.32
6.95
5.45
1.50
5.37
2.86
117.7
113.3
109.6
126.7
123.4
120.2
115.6
107.8
100.0
130.3
125.6
122.5
116.5
108.5
101.5
131.2
126.8
123.0
116.8
109.7
103.5
133.1
126.0
123.1
117.6
110.5
104.9
134.7
126.8
122.9
120.0
113.6
108.3
132.2
128.2
124.4
122.6
117.6
114.5
139,9
129.0
126.0
124.6
120.9
118.1
142.6
129.3
127.8
126.3
123.8
123.7
138.5
129.5
129.2
128.5
127.1
127.8
135.0
130.3
128.1
725.7
126.1
125.2
132.8
130.6
129.6
732.7
131.2
130.4
135.9
133.3
131.2
133.7\
132.8;
132.2
133.0
134.8
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
128,7
129.2
126.9
132.3
127.0
146.1
109.5
130.2
131.0
131.9
130.2
134.0
129.4
149.1
111.2
132.4
131.1
131.7
131.3
132.2
130.0
149.8
111.8
132.5
131.5
132.8
132.1
133.7
129.6
149.8
111.1
131.9
132 8
133.-9
133 5
134.4
131.3
151.9
112.2
132.7
132,9
134.7
135,2
134 0
130.8
151.9
111.1
132.2
132.3
133.6
132.9
134.5
131.1
153.0
110.8
133.6
133.2
135.9
136.7
134.9
130.1
151.1
110.6
134.2
135.2
137.5
138.1
136.8
133.0
156.2
112.0
134.7
135.9
138.5
139.6
137.0
134.1
157.4
112.8
134.6
737.7
140.1
141.9
137.7
134.9
158.3
113.4
134.8
735.0
141.9
143.6
139.7
134.3
158.6
111.7
136.4
138.8
142.8
144.1
141.1
135.3
160.9
111.5
137.4
Manufacturing, total.
Durable
Nondurable
Mining
Utilities
134.0
134.7
135.1
134.0
112.9
155.0
Durable Manufactures
133.4
132.5
129.3
136.4
134.6
131 .0 131.7
138.0
144.2
145.0
143.1
130.9
150.1
112.7
138.6
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
4.72 114.4 775.9 117.4 777.2 777.0 777 9 727.5 727.9 727.5 720.9 720.7 722.5 121.4 720.5
2.99 117.5 119 1 120.4 120.3 120.5 121.2 124.1 125.3 125.2 124.3 126.6 126.4 125.6 126.9
1.73 108.9 110.5 112.2 111.8 111.0 112.2 117.3 116.1 115.4 114.9 109.0 116.
114.1 109.4
Furniture and miscellaneous..
Furniture and fixtures
Miscellaneous manufactures.
3.05
1.54
1.51
729.7 737.7 730.5 737.5 732.5 733,0 733.9 134.7 735.5 735.2 735.0 735.5 139.0 138.4
133.1 135,3 135.3 136.4 137.6 137 3 138 1 139.0 139.8 140.5 142.8 143.2 144.4 144.1
125.0 126.8 126.2 127.1 127.6 128.6 129.7 130.4 131.4 131.9 133.2 133.8 133.4 132.6
Nondurable manufactures
Textiles, apparel, and leather.
Textile mill products
Apparel products
Leather and products
7.60 775.5 720.5 720.7 727.3
2.90 116.9 119.0 119.3 120.5
3.59 125.6 127.2 127.3 128.5
1.11 99.8 103.6 102.9 100.0
Paper and printing
,
Paper and products
Printing and publishing.
Newspapers
5.77
3.43
4.74
1.53
727.3 720.7 122.4 727.7 727.5 723.5 722.9 124.9 125.7 725.7
119.4 118.8 119.8 118.9 119.4 119.3 119.2 121.5 123.4 125.3
129.1 129.4 131.7 131.8 130.5 132.8 133.8 134.4 134.6
101.2 97.8 99.3 96.3 98.4 104.7 97.3 103.5 103.1
720.7
125.1
116.4
108.0
727.5
125.9
118.4
113.7
727.7
127.0
117.9
111.9
727.7
127.3
117.7
113.2
723.9 123.4
127.6 128,7
121.3 119.5
119.2 113.9
124.5
129.1
121.2
114.5
125.4
130.4
121.8
115.2
727.5
132.9
123.6
117.2
725.2
134.3
123.9
117.1
725.5
130.1
124.1
117.2
725.0
132.8
124.5
120.0
727.9
132.8
124.3
118.3
Chemicals, petroleum, and rubber..
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
11.54 141.8
7.58 148.6
3.84 162.7
1.97 117.1
1.99 140.0
144.7
152.5
166.7
117.0
142.6
146.2
153.5
168.3
119,0
145.0
146.0
153.5
169.3
118.5
144.3
146.3 7*5 4
154
154,7
171.4 173.1
1166 116.0
144.3 145.0
146.9
154.5
173.3
119.1
145.3
147.4
155.2
174.9
119.7
145.1
149.5
157.0
176.7
120.8
149.4
750.0
156.7
173.7
122.0
152.2
752.7
159.6
176.3
122.1
153.4
752.3
158.7
177.
124.6
155.2
753.5 156.7
160.9 164.4
178.9
121.2
158.2
Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products
77.07
10.25
8.64
1.61
116.8
116.9
116.8
117.8
115.
116.8
116.9
117.2
115.1
115.7
117 8
118 1
117.7
120.5
114.1
777.7
117 3
117,5
116.3
114.6
775 5
119.1
119.2
118 7
114.9
720.2
120.8
121.3
118.4
112.7
779.5
120.6
119.8
125.0
105.6
720.2
120.3
119.7
123.8
118.2
727.2
120.6
120.0
124.1
127.5
720.7
120.0
120.2
119.2
129.2
779.5
119.6
119.5
120.1
118.1
720.5
120.0
118.9
125.8
127.5
720.5 120.4
120.5 120.3
119.2 119.2
127.6
121.4
Coal, oil, and gas
Coal
Crude oil and natural gas
Oil and gas extraction
Crude oil
Gas and gas liquids
Oil and gas drilling
6.80
1.16
5.64
4.91
4.25
.66
.73
707.0
102.5
107.9
110.9
108.
128.7
87.4
709.2
105.6
109.9
112.7
109.8
131.2
91.3
707.7
103 9
108.5
111.5
109.1
127.0
87.9
705.3
102 2
107.2
110.9
108 1
129 0
82.0
705.0
105 1
106
109.9
106 6
130 8
81.6
707.5
104.0
108.3
111 7
108.5
132.2
84.9
107.4
99.2
109.1
111.7
107.8
136.2
91.5
707.7
94.5
109.7
112.3
109.0
133.3
92.0
705.7
98.7
110.0
113.0
109.6
134.8
89.8
709.9
106.1
110.7
113.5
110.1
135.3
91.3
709.5
105.
110.8
113.8
110.2
137.1
90.1
7/0.7
105.0
111.1
114.2
110.3
139.0
90.5
7/0.7
107.9
111.3
113.8
109.8
112.3
105.1
113.8
116.7
113.1
94.0
94.4
Metal, stone, and earth materials.
Metal mining
Stone and earth minerals
1.43 772.2 773.0 772.5 773.7 773 2 774.7 116.4 777.0 775.5 777.9 779.2 114.9 117.7 116.0
.61 112.3 112.4 111.9 112.2 112 9 116.4 118.8 119.8 124.2 119.4 119.2 107.7 112.2 111.2
.82 112.1 113.4 113.5 113.8 113.4 113.5 114.7 115.0 114.3 116.8 119.2 120.2 121.7 119.6
127.4
133.5
123.0
115.9
iiolo
Mining
Utilities
Electric
Gas
4.04 142.6 145.2 145.4 145.0 146.1 148.3 146.5 148.3 151.3 152.3 153.6 155.5
1.28 131.9 132.4 132.5 132.9 133.3 133.9 134.6 135.2
NOTE.—Published groupings include some series and subtotals not
shown separately. A description and historical data are available in
159.2
Industrial Production 1957-59 Base. Figures for individual series and
subtotals (N.S.A.) are published in the monthly Business Indexes release.
1474
INDUSTRIAL PRODUCTION: N.S.A.
NOVEMBER 1964
MARKET GROUPINGS
(1957-59= 100)
1957-59 1963
propor- average
tion
Grouping
1963
Sept.
Oct.
Nov.
1964
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug. r Sept.
100.00 124.3 128.3 129.9 127.0 124.7 125.7 128.3 129.0 131.7 132.3 133.9 127.6 132.9 136.7
Total index
Equipment, including defense....
Materials
47.35
32.31
15.04
52.65
124.9
125.2
124.2
123.7
129.9
131.7
126.2
126.8
131.8
134.1
126.8
128.2
127.6
128.3
126.1
126.5
125.5
124.0
128.8
123.9
126.7
126.1
128.0
124.9
128.5
128.9
127.5
128.1
128.5
127.7
130.1
129.6
130.7
130.3
131.5
132.6
130.5
130.0
131.8
133.9
133.3
133.2
133.5
134.5
727.5
126.3
130.1
127.8
131.3
131.3
131.3
134.2
136.7
137.7
134.4
136.8
Consumer Goods
Auto parts and allied products
Appliances, TV, and radios
Appliances
TV and home radios
Apparel, knit goods, and shoes
Beverages and tobacco
Newspapers, magazines, and books..
Consumer fuel and lighting
Electricity
Gas
3.21 141.2 127.4 160.7 160.5 154.2 151.9 154.4 152.1 162.5 160.6 162.7 131.1 89.5 139.1
1.82 149.5 122.6 177.2 181.5 172.7 165.4 172.2 167.8 182,4 176.3 180.3 130.1 46.2 132.9
1.39 130.2 133.8 138.9 132.8 129.9 134.1 130.9 131.4 136.4 139.8 139.4 132.4 146.7 147.2
10.00
4.59
1.81
1.33
.47
1.26
1.52
5.41
123.1
129.6
125.1
130.6
109.5
131.3
133.6
117.6
130.1
141.0
140.2
144.2
128.8
137.8
144.7
120.9
131.9
140,2
135.8
135.9
135.5
139.3
146.1
124.8
127.3
138.7
135.8
137.4
131.2
138.1
142.7
117.6
117.5
132.9
123.4
134.8
91,3
139.7
138.5
104.6
121.6
129.5
124.7
126.0
121.0
133,1
132.1
115,0
132.9
137.4
138.7
144.6
122.2
135.8
137.2
129.1
129.8
138.6
137.8
147.5
110.2
137.3
140.6
122.3
130.5
138.3
135.9
144.9
110.5
137.2
142.0
123.9
129.5
135.6
130.0
141.6
97.4
135.6
142.1
124.4
131.2
140.5
136.8
145.3
112.9
140.2
145.2
123.4
120.0
126.8
110.4
118.8
86.6
137.0
137.9
114.1
133.5
136.3
120.1
121.9
115.1
145.9
147.7
131.1
136.3
148.0
144.6
148.1
134.8
147.1
152.7
19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74
123.7
116.6
116.9
140.1
117.8
133.5
116.9
141 5
146.7
133,2
133,8
118.3
145.9
121.2
136.2
118.4
130.9
130.5
124.2
146.9
119,4
127.6
116.4
123.5
119.9
109.4
142.4
117.2
128.1
117.7
122.2
115.2
101,2
139.8
120.9
138.6
120.2
124.1
113.5
102.3
141.1
120,3
150.1
120.5
122.5
111.1
107,4
139.7
122.8
144.0
119.9
122.6
109.8
117.6
139.4
124.8
140.2
116.4
124.8
112.7
127.6
142.8
125.7
135.0
114.7
125.0
114.1
131.0
144.6
123.7
130.5
116.3
129.2
116.9
136.5
153.8
124.5
134.2
120.3
128.8
117.8
132.0
140.8
121.6
145.0
123.5
137.2
129.4
136.1
152 4
124.8
148.4
122.3
138.2
135.3
11.63
6.85
2.42
1.76
.61
128.3
123.0
142.4
132.2
121.6
131.0
126.7
143.7
135.6
116.3
131.2
125.8
143.6
139.2
120.3
130.1
125.6
140.7
136.9
118.7
132.8
129.4
142.6
135.0
125.8
132.5
129.2
141.7
132.9
131.8
132.4
127.3
139.4
139,2
142.0
135.9
132.0
139.7
141.9
147.3
137.8
133.9
140.4
146.4
147.3
138.8
135 8
140.2
148.2
140.5
141.2
138 8
144.1
147.0
139.9
137.1
137.1
142.8
136.2
115.8
138.7
139 2
145 8
136.2
111.9
142.2
141 7
149.8
138.9
125.9
26.73
3.43
7.84
9.17
6.29
121.2
137.2
125.4
116.3
114.3
124.1
138.6
126.3
126.0
110.8
125.4
143.1
127.4
125.1
113.5
123.3
145.5
127.6
118.8
112.5
121.1
150.0
130.7
110.6
108.5
121.1
146.9
130.4
108.0
114.5
125.3
146.5
130.8
113.3
124.5
127.4
146.2
131.8
116.0
128.2
131.2
148.4
133.0
122.6
132.0
133.9
149 5
133.8
127.8
134.5
134.9
149 6
134.6
132.0
131.4
127.7
135.2
129.7
129.5
118.5
132.6
140 3
131 6
134.5
126.8
136.2
153 1
135.7
133.2
132.0
25.92
9.11
3.03
6.07
7.40
126.3
120.3
120.2
120.4
145.0
129.5
125.0
125.9
124.5
147.1
131.2
127.8
128.7
127.4
150.4
129.8
123.9
117.1
127.2
151.7
126.9
118.1
105.5
124.4
148.2
128.8
119.6
117.6
120.5
151.4
131.0
123.1
123.0
123.2
155.2
131.8
124.9
123.6
125.6
156.2
134.0
129.5
130.8
128.8
157.7
133.9
128.6
129.5
128.2
157.7
134.1
126.9
130 0
125.4
158.0
127.8
120.2
125.0
117.7
147.3
135.9
129.2
138 2
124.6
157.9
137.4
130.6
133 6
129.0
160.8
9.41
6.07
2.86
2.32
1.03
1.21
.54
117.2
109.3
138.7
139.5
131.2
149.6
120.0 119.3 118.4 118.6 119.9 119.6 119.3 119.8 120.4 122.2 119.8 125.1 125.7
110.2 110.8 110.6 110.6 112.1 112.6 111.4 111.6 111 0 111 0 104 6 111 3 <113 1
i 54. i
124.7
il9.8
151.9 135.0 135.2 155.7 179.9 166.8 161.3 151.4 140.5 145.0 165.4 173.2
Equipment
Freight and passenger equipment...
3.41
Materials
Dutoblc
goods motcficils.
•...••••••.
Metal materials n.e.c
Business suDDlies •••
Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Commercial and other
Gas
149.1 i44.6 139.7 139.9 141.5 138.9 141.3 141.9 146.0 152.5 158.9 162.7
135.8 137.2 133.9 133.2 134.1 132.1 136.9 138.7 142.7 144.8 143.9 147.6
164.1 153.2 147.7 148.7 151.0 147.8 148.0 147.9 152.2 163.0 177.0 181.2
Supplementary groups ©f
consumer goods
7.80 134.4 135.4 148.6 147.7 141,7 138.7 144.4 144.1 148.3 145.9 149.6 128.6 117.1 144.3
24.51 122.3 130.5 129.5 122.2 118.3 122.1 124.0 122.5 124.6 124.9 127.9 125.6 135.9 135.6
See NOTE on opposite page.
INDUSTRIAL PRODUCTION: N.S.A.
NOVEMBER 1964
1475
INDUSTRY GROUPINGS
(1957-59= 100)
957-59
pro1963
poravertion
age
Grouping
1963
Sept.
Oct.
Nov.
1964
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July r
Aug. r Sept.
100.00 124.3 128.3 129.9 127.0 124.7 125.7 128.3 129.0 131.7 132.3 133.9 127.6 132.9 136.7
Total index.
86.45
48.07
38.38
8.23
5.32
124.9
124.5
125.3
107.9
140.0
128.8
126.6
131.5
111.3
131.2
129.3
133.6
111.0
128.2
128.4
128.0
108.1
125.2
127.3
122.6
107.0
125.8
126.7
124.7
107.9
129.1
129.5
128.5
108.3
130.0
131.3
128.4
107.6
133.0
134.
131.7
109.8
133.7
134.8
132.3
111.7
135.2
136.4
133.6
112.6
127.9
128.8
126.7
107.0
133.0
129.7
137.2
113.0
137.6
136.9
138.5
114.3
Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals and products.
Fabricated metal products
Structural metal parts
12.32
6.95
5.45
1.50
5.37
2.86
117.7
113.3
109.6
126.7
123.4
120.2
117.5
106.6
100.0
130.8
131.6
127.4
118.8
109.6
103.0
133.8
130.6
126.7
117.8
110.8
104.5
133.6
126.8
124.9
775.5
107.2
102.3
125.3
126.2
124.1
779.3
114.7
110.5
130.0
125.1
121.9
124.4
124.3
119.4
142.0
124.7
121.0
127.4
128.4
124.0
144.2
126.2
122.8
750.7
132.1
128.6
144.6
128.9
125.3
131.9
132.9
130.4
142.2
130.6
127.5
131.2
128.6
125.2
141.0
134.5
132.2
123.5
117.4
116.1
122.3
131.3
131.2
737.5
125.9
124.3
131.7
138.8
135.6
135.4
131.0
129.3
137.4
141.1
137.0
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.
14.
8.43
6.37
10.19
4.68
5.26
1.71
1.28
128.7
129.2
126.9
132.3
127.0
146.1
109.5
130.2
129.7
133.3
128.5
139.7
123.5
137.0
110.8
133.9
133.9
133.0
128.9
138.6
135.2
160.4
112.4
134.0
134.2
132.7
129.3
137.2
136.6
163.2
112.8
134.3
135.3
134.3
134.4
134.3
137.0
162.2
114.4
134.3
133.7
134.3
135.1
133.3
133.4
157.0
112.2
131.3
134.7
135.5
135.3
135.8
135.0
160.1
112.1
131.6
136.0
138.4
140.5
135.6
134.3
158.1
112.3
132.2
138.1
139.5
142.2
135.8
138.5
166.7
112.6
132.7
137.9
139.8
143.1
135.4
137.7
165.0
112.3
133.3
139.8
142.6
145.3
139.0
138.4
167.4
111.8
136.1
130.9
135.3
140.0
129.1
125.1
142.0
109.0
135.0
727.0
138.4
138.8
138.0
109.1
106.7
109.5
138.5
137.9
145.4
143.1
148.3
128.5
145.8
112.2
140.1
Manufacturing, total.,
Durable
Nondurable
Mining
Utilities
Durable manufactures
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
4.72 114.4 124.9 124.4 777.3 705.5 104.2 772.0 773.9 720.4 725.4 729.2 725.0 732.4 729.7
2.99 117.5 126.2 127.6 122.1 111.5 107.3 111.7 115.9 124.6 129.3 134.6 133.4 136.3 134.5
1.73 108.9 122.6 118.9 109.0
98.2 98.7 112.6 110.3 113.1 118.7 119.9 113.2 125.5 121.4
Furniture and miscellaneous..
Furniture and fixtures
Miscellaneous manufactures.
3.05 729.7 737.7 737.7 735.2 733.9 727.5 729.5 737.5 733.7 733.7 735.3 735.5 743.4 744.5
1.54 133.1 140.4 140.4 138.9 140.1 234.6 134.6 135.9 137.4 136.3 142.5 141.8 149.2 149.6
1.51 125.0 133.8 135.0 133.5 127.6 120.9 124.5 127.
128.8 129.9 133.9 129.1 137.4 139.9
Nondurable manufactures
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products
7.60 775.5 727.7 723.5 779.5 709.9 777.5 729.5 724.7 724.7 725.2 725.7 773.0 730.4
2.90 116.9 119.6 119.3 119.3 112.8 116.4 122.8 123.
121.2 124.7 124.6 110.3 126.5
3.59 125.6 127.2 133.0 126.6 112.3 124.9 142.2 133.1 135.7 135.5 133.8 121.6 140.0
98.0 94.4 97.3 106.2 102.1 98.4 100.0 98.3 92.6 109.8
1.11 99.8 105.2 105.5
Paper and printing
Paper and products
Printing and publishing
Newspapers
5.77
3.43
4.74
1.53
720.7
125.1
116.4
108.0
723.5
127.8
120.3
114.5
727.5
135.3
122.3
121.8
724.5
127.9
122.2
124.5
119.4
115.2
122.5
118.6
120.4
126.8
115.8
104.9
724.5
132.3
118.9
110.7
725.4
131.7
122.6
117.5
730.9
138.2
125.6
125.5
729.3
135.0
125.1
124.8
727.3
132.7
123.4
117.8
720.9
124.8
118.2
104.4
727.5
137.3
121.0
107.1
Chemicals, petroleum, and rubber.
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
11.54
7.58
3.84
1.97
1.99
141.8
148.6
162.7
117.1
140.0
145.6
152.1
165.0
121.7
144.5
745.3
154.5
169.1
119.6
153.1
145.6
153.1
170.7
116.7
145.7
142.8
150.7
169.7
114.9
140.7
145.3
152.8
172.2
114.3
147.2
747.7
155.0
175.0
117.3
150.4
745.3
156.5
176.6
115.5
149.7
757.7
160.3
179.3
116.0
154.0
752.2
159.9
176.5
120.2
154.5
755.4
163.0
178.1
125.8
155.7
745.3
152.9
170.9
128.3
133.5
754.5 757.5
161.0 164.0
176.8
127.3 124.8
158.2
Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products
77.07
10.25
8.64
1.61
775.5
116.9
116.8
117.8
115.2
730.7
130.9
133.4
117.4
120.2
729.3
129.7
130.7
124.1
124.3
777.9
118.0
120.4
105.6
116.9
772.5
114.0
115.6
105.2
93.5
777.4
111.4
114.0
97.7
111.
770.7
111.2
111.7
108.6
105.1
777.7
111.4
110.1
118.
116.4
775.
115.4
113.0
127.8
127.
775.0
116.7
114.3
129.5
133.8
727.3
120.9
117.0
141.7
126.4
720.5
121.5
117.7
141.8
112.8
730.5 733.2
130.5 133.8
129.0 135.0
138.4
131.4
6.80
1.16
5.64
4.91
4.25
.66
.73
707.0
102.5
107.9
110.9
108.1
128.7
87.4
108.4
111.7
107.7
109.8
107.6
124.0
93.
705.5
113.2
107.6
110.
108.0
124.3
90.1
707.5
106.4
108.0
111.6
108.1
133.8
84.1
707.9
103.
108.8
112.3
107.7
141.7
85.5
709.5
101.9
111.4
114.5
110.1
143.0
90.4
770.7
100.4
112.1
115.4
111.0
144.0
89.3
705.5
95.3
111.4
115.
111.
140.5
85.3
705.
99.4
110.
114.5
111.4
134.
85.1
705.4
107.
108.
111.9
109.0
130.0
87.3
705.5
108.4
108.6
111.6
109.1
127.6
88.
703.
77.
108.5
111.1
108.1
130.7
91.1
709.5
113.5
108.8
110.7
107.6
727.2
125.9
729.4
135.5
124.9
116.7
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
1.43 772.2 725.0 722.3 709.9 702.5
.61 112.3 127.0 119.7 103.
101.6
112.1 123.6 124.3 114.9 103.2
777.4
111.2
111.4
113.6
110.8
95.
700.7 702.7 774.5 727.0 737.5 725.0 725.5 725.4
125.7
102.4 106.9 106.6 115.5 131.3 134.
115.2 121.
96.0 95.
99.8 114.3 123.8 129.6 132.3 134.5 130.4
Utilities
Electric.
Gas
4.04 142.6
1.28 131.9
150.3 140.:
137.8 146.6 157.9 150.8 149.8 145.9 143.7 149.3 161.6 167.2
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.
1476
BUSINESS ACTIVITY; CONSTRUCTION
NOVEMBER 1964
SELECTED BUSINESS INDEXES
(1957-59= 100)
Manufacturing
Industrial production
Major market groupings
Period
Final products
Total
Total
74.9
81.3
84.3
91.3
85.8
1950
1951
1952
1953
1954
72.8
78.6
84.3
89.9
85.7
MateConrials
sumer Equipgoods ment
78.6 56.4
77.8 78.4
79.5 94.1
85.0 100.5
84.3 88.9
Construction
contracts
Major industry
igrouping 5
76.9
83.8
84.3
92.6
85.9
Nonagricultural
employEmment—
ployTotal 1 ment
Prices
2
Freight Total
3
load- retail
sales
ings
Payrolls
4
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
99.2
104.8
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
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
1955
1956
1957
1958
1959
96.6 93.9 93.3
99.9 98.1 95.5
100.7 99.4 97.0
93.7 94.8 96.4
105.6 105.7 106.6
I960
1961
1962
1963
108.7
109.7
118.3
124.3
109.9
111.2
119.7
124.9
111.0 107.6 107.6 108.9
112.6 108.3 108.4 109.6
119.7 119.6 117.0 118.7
125.2 124.2 123.7 124.9
101.6
102.6
105.0
107.9
115.6
122.3
131.4
140.0
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—Sept
Oct
Nov
Dec
125.7
126.1
126.1
127.0
126.3
127.2
127 0
128.0
126.4
127.4
126.9
128.0
126.0
127.0
127.1
128.1
125.0
125.5
125.7
125.9
126.2
126.8
126 9
127.9
109.9
108.6
107.5
107.3
142.1
142.3
142.1
143.0
128
146
144
148
109.3
109.6
109.5
109.8
100.1
100.4
100.0
100.5
120.3
120.0
119.4
121.7
91.2
92.7
92.3
93.9
119
121
120
123
107.1
107.2
107.4
107.6
100.3
100.5
100.7
100.3
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
127.7
128.2
129.0
130.5
131.3
131.6
132.9
133.8
134.0
131.7
128.5
128.1
128.7
130.6
131.1
131.7
'132.3
'133.4
132.6
130.7
128.9
128.8
128.8
130.8
131.0
131.5
'132.1
'133.1
131.9
128.7
127.9
127.1
128.8
130.7
131.3
132.0
132.7
'133.9
134.1
135.0
126.7
128.1
129 3
130.6
131.3
131.8
133.6
'134.7
135.7
132.7
144.5
143.4
144.8
147.5
148.3
149.7
151.4
'154.5
155.0
156.0
147
143
140
138
138
138
140
121
131
110.0
110.7
110.9
111.3
111.4
111.8
112.0
112.1
112.3
112.2
100.3
100.8
101.3
101.7
101.8
102.1
102.3
102.3
103.4
101.4
120.2
122.8
123.1
124.4
124.1
124 A
124.3
125.3
128.7
124.0
97.2
96.9
94.0
94.8
96.4
93.6
94.5
93.2
96.4
94.6
123
107.7
107.6
107.7
107.8
107.8
108.0
108.3
108.2
108.4
101.0
100.5
100.4
100.3
100.1
100.0
100.4
100.3
100.7
100.8
95.0 99.0 97.3
103.7 101.6 100.2
104.6 101.9 100.8
91.3 92.7 93.2
104.1 105.4 106.0
128.5 108.8
129.1 108.9
129 9 108.8
131.4 109.9.
132.2 111.3
132.4 111.4
133.9 '110.9
134.6 '111.9
134.7 112.9
132.1 111.7
i 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 adiusted.
NOTE.—Data are seasonally adjusted unless otherwise noted.
Construction contracts: F. W. Dodge Co. monthly index of dollar
126
124
125
127
127
128
130
130
126
value of total construction contracts, including residential, nonresidential,
and heavy engineering; does not include data for Alaska and Hawaii.
Employment and payrolls: Based on Bureau of Labor Statistics data;
includes data for Alaska and Hawaii beginning with 1959.
Prices: Bureau of Labor Statistics data.
Freight carloadings: Based on data from Association of American
Railroads.
CONSTRUCTION CONTRACTS
(In millions of dollars)
Type of ownership and
type of construction
1963
1962
1964
1963
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept
Total construction
41,303 45,546 3,707 4,313 3,749 3,413 3,346 3,201 4,215 4,329 4,639 4,504 4,601 3,760 3,762
By type of ownership:
Public
Private
13,599 14,653 1,154 1,321 1,157 1,155 1,197 1,041 1,339 1,318 1,535 1,491 1,619 1,101
27,705 30,893 2,552 2,992 2,592 2,257 2,149 2,160 2,876 3,042 3,104 3,013 2,983 2,658
By type of construction:
Residential building....
Nonresidential building,
Nonbuilding
18,039 20,502 1,789 2,028 1,519
13,010 14,377 1,154 1,331 1,082
10,255 10,667
954 1,148
764
NOTE.—Dollar value of total contracts as reported by the F. W. Dodge
Co. does not include data for Alaska or Hawaii. Totals of monthly
data exceed annual totals because adjustments—negative—are made to
1,325 1,372 1,427 1,991 2,006 2,050 1,996 2,000 1,679 1,717
1,102 1,158 1,082 1,252 1,420 1,362 1,400 1,548 1,275 1,228
692
817
985
816
972
933 1,227 1,107 1,054
8071
accumulated monthly data after original figures have been published.
Nonbuilding construction formerly labeled public works and utilities.
1477
CONSTRUCTION
NOVEMBER 1964
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)
Private
Period
Total
Total
Nonfarm
residential
Public
Total
Industrial
Commercial
Public
utility
Other
nonresidential
Business
Total
Military
Highway
Sewer
and
water
Other
1955
1956
1957
1958
46,519
47,601
49,139
50,153
34 804
34 869
35,080
34,696
21,877
20,178
19,006
19,789
9,387
11,076
12,029
10,659
2,399
3,084
3,557
2,382
3,218
3,631
3,564
3,589
3,770
4,361
4,908
4,688
3,540
3,615
4,045
4,248
11,715
12,732
14,059
15,457
1,287
1,360
1,287
1,402
3,852
4,415
4,934
5,545
1.085
1,275
1,344
1,387
5 491
5,682
6,494
7,123
19591
I960
1961
1962
1963
55,305
53,941
55,447
59,453
62 451
39 235
38 078
38,299
41 695
43 772
24,251
21,706
21,680
24,292
25 843
10,557
11,652
11,789
12,222
12 656
2,106
2,851
2,780
2 949
2 962
3,930
4,180
4,674
4,955
5 200
4,521
4,621
4,335
4,318
4 494
4,427
4,720
4,830
5,181
5 273
16,070
15,863
17,148
17,758
18 679
1,465
1,366
1,378
1,222
5,761
5,437
5,855
6,378
6 670
I 467
1,487
1,581
1,754
7 377
7,573
8,334
8 404
1963—Oct
Nov
Dec
64,966
65 072
65,193
45 365
45 488
45,778
26,584
27 000
26,896
13,375
13 078
13,426
3,085
3 136
3,158
5,518
5 469
5,515
4,772
4 473
4,753
5,406
5 410
5,456
19,601
19,584
19,415
7,145
7 254
6,713
2,128
2 159
2,176
1964
64 684
65,528
66,509
66 615
64,983
66 576
66,641
65,991
66,273
65,456
45 440
46,274
46 923
46 449
45 780
46 006
46,261
45,906
45,703
45,308
26 907
27,600
28,123
27 538
26,678
26 612
26,708
26,342
25,945
25,555
13,106
13,151
13,260
13,297
13,437
13 598
13,736
13,784
14,052
14,142
3 060
3,058
3,074
3 076
3,149
3 204
3,334
3,505
3,514
3,540
5 499
5,546
5,668
5 561
5 542
5 562
5,574
5,609
5,746
5,776
4,547
4,547
4,518
4 660
4,746
4 832
4,828
4,670
4,792
4,826
5 427
5,523
5,540
5 614
5,665
5 796
5,817
5,780
5,706
5,611
19,244
19,254
19,586
20,166
19,203
20 570
20,380
20,085
20,570
20,148
6 685
6,169
6,796
7 068
6,410
6 888
7,549
7,021
7,273
2 185
2,273
2,341
2 371
2 404
2 402
2,368
2,325
2,264
2,211
Jan
Feb
Mar
Apr
May
June
Ju|y
Aug 3
Sept.*v
Oct
.
i Beginning with 1959, includes data for Alaska and Hawaii.
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 Dept. of Commerce and Labor.
NEW HOUSING STARTS
(In thousands of units)
By area
Annual rate,
By type of ownership
Governmentunderwritten
C A
Period
(private only)*
Total
Total
Nonfarm
Private
Metropolitan
Nonmetropolitan
Public
Total
1family
2family
Multifamily
1.627
Total
FHA
19
24
49
68
670
465
322
439
277
195
193
337
393
271
128
102
349
261
244
261
221
109
75
83
78
71
6
6
5
5
1955
1956
1957
1958
1,646
1,349
1,224
1,382
1959
I960
1961
1962
1963
1,554
1,296
1,365
1,492
1,641
1,077
889
948
1,054
1,151
477
407
417
439
490
1,517
1,252
1,313
1,463
.609
1,234
995
56
44
227
214
37
44
975
44
295
52
992
1,021
49
53
422
535
30
32
458
336
328
339
292
94
104
72
51
4
5
4
3
48
55
44
42
2
3
2
2
25
27
22
21
19
21
17
16
16
17
21
23
29
2*
26
23
23
11
12
16
18
23
to
20
18
18
,325
,175
1,314
Sept
Oct
Nov
Dec
1,747
1,864
1,577
1,570
,712
I 824
1,544
I 524
148
168
122
97
104
118
85
77
44
50
37
21
146
165
121
96
1964—Jan
Feb
Mar
Apr
May
June
July
1,718
1,657
1,663
1,531
[,529
611
,505
V 1,424
V ,484
1,688
1,613
,638
,501
,507
585
1.483
V 1,402
V ,458
101
101
133
152
161
164
145
Pi 44
»128
75
74
97
103
115
IIS
103
97
91
26
27
37
50
45
46
42
47
37
100
100
130
149
158
159
143
1963
Aug
Sept
NOTE.—Beginning with 1959, Census Bureau series includes both farm
and nonfarm series developed initially by the Bureau of Labor Statistics.
Series before 1959 reflect recent Census Bureau revisions which are rot
available by area or type of structure. Complete revisions pre-1959
?141
*>125
55
4
41
1
64
82
5
5
32
43
1
3
91
6
101
102
52
4
52
51
3
6
92
5
4
47
91
82
4
4
46
39
2
P2
P3
VA
4
4
5
5
f
6
5
5
are pending. Data from Federal Housing Admin, and Veterans Admin.
represent units started, based on field office reports of first compliance
inspections.
1478
EMPLOYMENT
NOVEMBER 1964
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons unless otherwise indicated)
Civilian labor force
Total noninstitutional
population
Period
Total
labor
force
Employed1
Total
Total
In nonagricultural
industries
In
agriculture
Unemployed
Not in the
labor force
Unemployment2
rate
(per cent)
S.A.
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
1960 3
1961
1962
1963
125,368
127,852
130,081
132,125
73,126
74,175
74,681
75,712
70,612
71,603
71,854
72,975
66,681
66,796
67,846
68,809
60,958
61,333
62,657
63,863
5,723
5,463
5,190
4,946
3,931
4,806
4,007
4,166
52,242
53,677
55,400
56,412
5.6
6.7
5.6
5.7
1963—Oct
Nov
Dec
132,682
132,853
133,025
76,086
76,000
75,201
73,344
73,261
72,461
69,891
69,325
68,615
64,541
64,548
64,576
5,350
4,777
4,039
3,453
3,936
3,846
56,596
56,852
57,824
5.6
5.9
5.5
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
133,200
133,358
133,519
133,678
133,866
134,041
134,216
134,400
134,586
134,772
74,514
75,259
75,553
76,544
77,490
79,389
78,958
78,509
76,865
77,112
71,793
72,527
72,810
73,799
74,742
76,645
76,218
75,758
74,122
74,375
67,228
68,002
68,517
69,877
71,101
71,953
72,405
72,104
70,805
71,123
63,234
64,071
64,500
65,448
66,094
66,100
66,586
66,704
65,575
65,997
3,993
3,931
4,017
4,429
5,007
5,853
5,819
5,400
5,230
5,126
4,565
4,524
4,293
3,921
3,640
4,692
3,813
3,654
3,317
3,252
58,685
58,099
57,965
57,135
56,376
54,652
55,258
55,891
57,721
57,661
5.6
5.4
5.4
5.4
5.1
5.3
4.9
5.1
5.2
5.2
1
Includes self-employed, unpaid family, and domestic service workers.
23 Per cent of civilian labor force.
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
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
629
630
630
3,066
3,057
3,069
3,937
3,928
3,915
11,935
11,941
11,963
2,887
2,887
2,892
8 430
8,423
8,447
9,643
9,653
9,705
17,119
17,175
17,242
17,301
17,323
17,367
17,409
17,392
17,516
17,264
623
624
625
631
628
638
643
634
633
634
3,017
3,169
3,162
3,144
3,159
3,179
3,187
3,186
3,138
3,155
3,923
3,934
3,930
3,954
3,961
3,964
3,985
4,003
4,011
3,995
12,072
12,143
12,143
12,211
12,209
12,268
12,300
12,306
12,289
12,318
2,904
2,911
2,918
2,925
2,930
2,937
2,944
2,944
2,949
2,957
8,474
8,515
8 552
8,543
8,572
8 596
8,655
8,678
8 668
8,713
9,718
9,712
9,755
9,793
9,808
9,833
9,789
9,812
9 845
9,947
58,426
58,220
58,585
17,367
17,229
17,139
637
634
631
3,333
3,176
2,925
3,968
3,944
3,931
12,014
12,166
12,774
2,884
2,878
2,880
8,472
8,406
8,379
9,751
9 787
9,926
56,909
57,045
57,388
57,945
58,500
59,212
58,993
59,256
59,821
59,783
16,935
16,982
17,051
17,106
17,186
17,404
17,354
17,553
17,842
17,515
614
611
611
624
631
649
644
645
642
642
2,628
2,681
2,760
2,977
3,191
3,373
3,493
3,552
3,452
3,429
3,876
3,879
3,883
3,922
3,949
4,000
4,025
4,039
4,043
4,027
11,917
11,837
11,926
11,987
12,100
12,252
12,247
12,276
12,309
12,399
2,875
2,885
2,895
2,913
2,924
2,958
2,991
2,991
2,964
2,954
8 313
8,362
8,415
8,543
8,641
8,742
8 785
8,765
8,729
8,757
9,751
9,808
9,847
9 873
9,878
9,834
9 454
9,435
9,840
10,060
Manufacturing
52,904
51,423
53,404
MAIA
15,945
16,675
828
751
732
2,923
2,778
2,960
54 370
54,224
55,841
57,174
16,796
16,327
16,859
17,035
712
672
652
634
1963—Oct
Nov
Dec
57,646
57,580
57,748
17,119
17,061
17,127
1964 Jan
Feb
Mar
Apr
May
57,850
58,183
58,327
58,502
58,590
58,782
58,912
58,955
59,049
58,983
1957
1958
1959
I960
1961
1962
1963..
. . .
Transportation & public utilities
Trade
Total
Period
Mining
SEASONALLY ADJUSTED
July
Aug
Sept.?
Oct.**
NOT SEASONALLY ADJUSTED
1963—Oct
Nov
Dec
1964—Jan
Feb .
Mar
May
June
July
Aug p
Sept.3
Oct.*
1
. .
.
. .
Data include Alaska and Hawaii beginning with 1959.
NOTE.—Bureau of Labor Statistics; data include all full- and parttime employees who worked during, or received pay for the pay period
ending nearest the 15th of the month. Proprietors, self-employed persons,
domestic servants, unpaid family workers, and members of the armed
forces are excluded.
1479
EMPLOYMENT AND EARNINGS
NOVEMBER 1964
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands of persons)
Seasonally adjusted
Industry group
1963
Total
Not seasonally adjusted
1964
1963
1964
Oct.
Aug.
Sept.**
Oct.P
Oct.
Aug.
Sept.*3
12,649
12,884
13,018
12,773
12,895
13,009
13,322
13,017
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.
7,110
120
526
325
491
931
895
1,074
1,051
1,143
237
317
7,312
105
528
339
507
1,011
932
7,440
107
525
340
507
1,020
942
1,143
1,080
i;202
242
332
7,205
106
521
341
506
1,010
907
1,149
1,076
1,016
244
329
7,204
120
543
334
504
929
913
7,253
104
559
344
527
1,004
930
1,112
1,062
1,030
241
339
7,533
107
551
348
528
1,023
957
1,136
1,098
1,190
245
353
7,299
106
538
350
520
1,008
925
1,131
1,100
1,021
247
355
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
5,539
1,159
77
795
1,164
488
591
527
120
308
310
5,572
1,129
75
800
1,185
494
605
532
114
327
311
5,578
1,120
73
803
1,193
496
605
532
115
328
5,568
1,118
79
804
1,188
495
602
530
114
323
315
5,691
1,248
94
804
1,180
493
599
526
120
317
309
5,756
5,789
1,259
94
813
1,214
503
609
533
116
335
314
5,718
1,204
97
813
1,205
500
610
529
114
333
1,127
1,065
1,129
241
328
NOTE.—Bureau of Labor Statistics; data cover production and related
workers only (full- and part-time) who worked during, or received pay
313
1,057
1,074
1,149
240
342
1,250
84
810
1,215
499
603
533
117
327
319
314
for, the pay period ending nearest the 15th of the month.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
Average weekly earnings
(dollars per week; N.S.A.)
Average hours worked
(per week; S.A.)
Industry Group
1963
Oct.
1964
1963
Aug.
Oct.
Aug.
Average hourly earnings
(dollars per hour; N.S.A.)
1964
1963
1964
Sept.?
Oct.
Aug.
Sept.p
Oct.*
Total
40.6
40.7
40.6
40.6 100.53 103.07 103.94 102.97
2.47
2.52
2.56
2.53
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries.
41.2
41.2
40.3
40.7
41.6
40.6
41.6
41.9
40.3
42.3
41.0
39.7
41.5
40.4
40.3
41.2
41.4
42.1
41.7
42.3
40.7
42.3
41.0
39.9
41.5
40.2
39.4
40.5
41.1
42.8
41.2
42.1
40.3
42.4
41.0
39.2
41.2
40.4
39.9
41,4
41.4
42.0
41.3
42.3
40.7
41.0
40.6
39.6
109.71
121.13
85.68
84.03
105.67
122.41
109.93
117.04
100.28
131.52
102.75
81.40
112.05
121.10
89.57
85.48
107.78
130.00
113.25
121.11
102.56
129.38
103.73
82.19
113.71
121.50
87.60
85.28
107.33
136.53
113.01
120.67
102.97
133.25
104.14
81.35
111.78
122.82
88.07
87.14
107.68
129.69
110.81
121.54
103.73
127.10
103.38
83.60
2.65
2.94
2.10
2.02
2.51
3.03
2.63
2.80
2.47
3.08
2.50
2.03
2.70
3.02
2.19
2.04
2.56
3.11
2.69
2.87
2.52
3.11
2.53
2.06
2.74
3.03
2.19
2.06
2.58
3.19
2.71
2.88
2.53
3.15
2.54
2.07
2.70
3.04
2.18
2.06
2.57
3.11
2.67
2.88
2.53
3.07
2.54
2.09
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
39.8
41.0
38.1
41.0
36.4
43.0
38.4
41.5
41.6
41.0
38.9
39.7
40.7
38.6
41.1
35.8
42.9
38.7
41.4
42.1
41.7
38.0
39.3
40.5
36.8
39.9
35.1
42.7
38.5
41.9
42.3
41.7
38.0
39.7
40.6
38.4
41.3
36.2
43.0
38.7
41.5
41.8
41.7
38.4
88.98
94.35
71.46
71.04
64.25
108.43
111.74
113.85
131.77
101.93
67.66
91.43
97.00
75.08
73.10
65.69
111.71
114.85
116.05
133.88
107.68
70.46
91.64
98.06
72.31
71.64
62.82
112.06
115.71
119.83
140.61
108.94
68.45
91.54
97.51
72.58
75.71
64.98
111.89
115.71
116.75
134.50
107.43
68.63
2.23
2.29
1.80
1.72
1.77
2.51
2.91
2.75
3.16
2.48
1.79
2.28
2.36
1.93
1.77
1.79
2.58
2.96
2.81
3.18
2.57
1.83
2.32
2.38
1.84
1.80
1.80
2.60
2.99
2.86
3.27
2.60
1.84
2.30
2.39
1.81
1.82
1.80
2.59
2.99
2.82
3.21
2.57
1.84
NOTE.—Bureau of Labor Statistics; data are for production and related
workers only.
1480
PRICES
NOVEMBER 1964
CONSUMER PRICES
(1957-59= 100)
Housing
Period
All
items
Food
Total
Rent
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
Total
Medical
care
Personal
care
Reading
and
recreation
Other
goods
and
services
50 6
57.5
47 6
63.6
57 3
75.0
58 2
67.3
59.7
45.1
51.3
62.7
55.6
35.3
44 2
58.4
61 4
67.5
85.4
60 8
64.3
66.1
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 A
98 2
100.4
101.4
91.9
95.9
100 8
99.0
100.2
94.9
95.9
96 9
100.3
102.8
97.3
97.3
99 4
99.9
100.7
95.9
97.8
99 5
99.8
100.6
89.7
91.3
96 5
99.7
103.8
91.4
93.6
97 0
100.3
102.8
88.6
91.8
95 5
100.1
104.4
90.0
93.7
97.1
100.4
102.4
92.1
93.4
96 9
100.8
102.4
94.3
95.8
98.5
99.8
101.8
.
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
103.8
105 0
107.2
107.8
105.4
107 3
109 4
111.4
108.1
111 3
114.2
117.0
104.1
104 6
106.5
107.9
104.9
107 2
109.6
111.5
103.8
104.6
105.3
107.1
1963—Sept
Oct
Nov
Dec
107.1
107.2
107.4
107.6
105.4
104 9
105.1
105 4
106.2
106.3
106.6
106 9
107.0
107.1
107.2
307.3
107.2
107.4
108.0
108 4
103.7
104 5
105.4
105 8
108.0
108.1
108.0
108 1
102.7
102 6
102.7
102 9
105.4
105 9
106.1
106 1
107.9
109.0
109.1
108 9
112.1
112 3
112.4
112 7
117.5
117.7
117.9
117.9
108.2
108.4
108.4
108 8
112.3
112.7
112.8
113 1
108.0
108.2
108.3
108.3
1964—Jan
Feb
107 7
107.6
107.7
107.8
107.8
108.0
108.3
108 2
108.4
105 8
106.0
105.7
105 7
105.5
106 2
107.2
106 9
107.2
106 9
106.9
107.1
107.0
106.9
107.1
107.1
107 2
107.4
107 3
107.5
107.5
107.7
107.7
107.8
107.8
107.9
107.9
108 5
108.8
108.9
108.6
108.4
108 7
108.9
109 2
109.5
106 6
106.6
106.1
103.3
102.1
101 4
100.9
100 9
101.5
108 1
106.2
107.1
108.0
108.0
108 1
107.9
108 2
108.2
102 7
102.7
102.8
102.9
102.9
102 9
102.8
102 6
102.8
105 0
105.1
105.3
105.6
105.7
105 7
105.5
105 3
105.9
109 4
108.6
108.9
109.0
109.1
109 2
109.4
109 3
108.9
112 7
112.9
113.1
113.4
113.5
113 5
113.7
113 8
113.9
118 2
118.5
118.7
119.0
119.1
119 3
119.5
119 8
119.7
108 S
108.4
108.7
108.7
108.9
109 1
109.3
109 4
109.5
113 1
113.3
113.6
114.0
114.1
114 0
114.1
114 2
114.3
108 3
108.4
108.5
108.6
108.7
108.7
108.9
108.9
109.0
1929
1933 .
1941 . .
1945
.
1955
1956
1957...
1958
1959 .
1960
1961...
1962
1963
Mar
Apr
May
June
July
Aug
Sept
NOTE.—Bureau of Labor Statistics index for city wage-earners and
clerical workers.
The new series index begins with January 1964.
WHOLESALE PRICES: SUMMARY
(1957-59= 100)
Other commodities
Period
All
com- Farm Processed
modi- products foods Total
ties
Textiles,
etc.
RubHides, Fuel, Chemicals, ber,
etc.
etc.
NonFurni- meLum- Paper,
MisTober,
Metals chin- ture, tallic bacco cellaetc.
minneous
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
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
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
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
1963—Sept..
Oct..
Nov..
Dec.
100.3
100.5
100.7
100.3
95.5
95.1
96.2
93.3
100.9
102.2
102.5
100.4
100.7
100.9
100.9
101.2
100.5 103.
100.7 103.4
101.1 103.5
101.2 103.0
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
101.0
100.5
100.4
100.3
100.1
100.0
100.4
100.3
100.7
96.3
94.5
95.2
94.4
93.7
93.2
94.1
93.6
95.6
102.5
100.9
100.5
100.4
99.4
100.2
101.2
101.0
102.2
101.3
101.2
101.1
101.1
101.1
100.9
101.1
101.1
101.1
101.2
101.2
101.2
101.1
101.2
101.0
101.1
101.2
101.2
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.
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
See next page for composition of other commodities.
99.0
98.8
97.9
99.3
96.0
96.2
96.3
96.2
93.4
94.2
94.2
93.
99.9
99.2
99.2
99.1
99.1
99.5
99.4
99.4
100.3
100.9
101.0
101.3
102.2
102.3
102.5
102.6
98.1
98.1
98.1
98.0
102.7 99.5
102.5 99.0
102.5 97.0
104.5 96.1
104.7 96.4
104.8 96.3
105.4 96.7
105.6 '96.4
105.5 95.5
96.3
96.4
96.5
96.6
96.7
96.5
96.6
96.5
96.6
93.7
93.6
93.9
93.
92.6
91.6
91.8
91.8
91.9
99.0
99.9
101.0
101.8
101.8
101.4
101.2
100.9
100.6
99.8
99.9
99.3
99.1
98.7
98.7
98.7
98.7
98.7
101.7
101.8
102.0
102.2
102.1
102.3
102.5
103.0
103.0
102.5
102.5
102.7
102.9
103.3
103.0
103.1
r
102.9
102.9
98.4
98.5
98.5
98.6
98.6
98.5
98.6
98.6
98.6
101.1
101.3
101.2
101.3
107.5
107.5
107.5
107.5
111.8
111.2
110.9
112.2
107.6
107.1
107.1
107.1
107.3
107.4
107.3
107.5
101.7 107.5
112.6
110.9
109.8
109.5
107.2
106.7
107.5
107.3
109.2
101
101
101
101
101
101
101
101
1481
PRICES
NOVEMBER 1964
WHOLESALE PRICES: DETAIL
(1957-59- 100)
1963
Group
1963
1964
Sept.
July I Aug. | Sept.
88.0
102.9
88.6
99.4
101.8
107.8
110.5
89.0
108.9 '97.9
85.7
85.7
87.7
88.4
99.4
96.0
100.5 '101.8
87.3
98.6
105.6 105.8
98.3
98.5
Woodpulp
101.1
Wastepaper
90.2
90.9
Paper
94.4
Paperboard
103.6
Converted paper and paperboard...
96.9
Building paper and board
108.8
96.8 Metals and Metal Products:
107.0
Cereal and bakery products
Meat, poultry, and
fish
,
94.2
Dairy products and ice cream
108.0
Canned and frozen fruits, and veg105.3
etables
Sugar and confectionery
, 112.5
Packaged beverage materials
80.9
Animal fats and oils
,
84.1
Crude vegetable oils
,
78.6
Refined vegetable oils
,
80.8
Vegetable oil end products
,
86.2
Miscellaneous processed foods.
106.5
108.6 '108.3
93.3
93.3
107.0 107.3
108.1
96.0
108.7
105.3 '102.3
106.6 106.4
98.4
98.2
90.8 '93.5
80.4 '82.3
79.2
79.4
87.7
87.7
108.8 108.9
102.4
105.1
98.2
97.3
87.7 Machinery and Motive Products:
84.0
88.3
Agricultural machinery and equip...,
109.3
Construction machinery and equip...,
Metal working machinery and equip...
General purpose machinery and
equipment
98.9
Miscellaneous machinery
102.9
Special industry machinery and
95.6
equipment (Jan. 1961= 100)
117.0
Electrical machinery and equip
103.3
Motor vehicles
120.7
Transportation equip., R.R. rolling
stock (Jan. 1961= 100)
Sept.
July
Aug.
Sept.
91.7
90.9
102.2
94.1
99.8
97.6
95.5
93.4
103.7
96.5
97.5
94.2
95.5
93.3
103.7
96.4
97.6
93.9
95.5
92.2
103.7
96.4
97.6
94.3
99.1
99.6
104.7
104.2
100.6
93.1
98.6
100.7
104.4
105.6
104.9
101.3
92.1
99.3
101.2
105.8
105.6
r
104.9
'102.9
'91.7
99.4
100.5
107.0
105.6
104.9
103.0
91.7
99.6
105.0
108.0
108.0
108.1
110.9
110.1
110.2
112.9
112.3
113.3
113.1
112.3
113.3
112.9
112.4
113.3
104.1
103.5
104.4
104.7
103.9
104.7
104.0
104.6
104.6
97.2
99.3
106.0
96.5
100.9
106.0
96.6
100.7
106.0
96.6
100.5
100.5
100.6
100.6
100.6
104.8
103.2
96.8
91.4
87.8
103.5
105.4
103.2
99.0
91.2
87.3
104.4
'105.6
103.2
99.0
91.3
87.3
104.4
105.6
103.2
99.0
91.3
87.3
104.4
100.0
103.0
101.3
103.4
106.1
88.2
100.9
102.4
102.7
100.9
104.4
108.6
88.9
101.8
103.1
102.8
100.8
104.5
108.6
91.2
101.8
103.1
102.8
100.9
104.6
108.6
91.2
101.5
105.7
101.0
127.7
106.0
100.3
127.4
106.0
100.8
127.4
106.1
100.8
127.3
101.1
119.0
99.1
103.4
101.1
101.0
110.7
99.1
103.9
102.5
101.0
110.2
99.1
103.9
102.5
101.2
113.7
99.1
103.8
103.1
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
1964
Group
,
,
Processed Foods:
Textile Products and Apparel:
Cotton products
Wool products
Man-made fiber textile products....
Silk products
Apparel
Other textile products
99.9
100.6
94.0
130.1
102.3
116.2
98.3
102.6
96.2
117.0
103.3
117.2
77.3
99.5
108.4
103.4
92.6
96.0
104.7 104.5
108.3 108.3
103.9 '103.7
97.2
103.6
121.7
101.8
95.9
96.1 '96.6
107.3 107.3
120.2 '121.2
100.6 '101.4
92.5
91.4
98.6
103.0
'95.8
117.0
103.3
119.8
Iron and steel
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products.,
Fabricated nonstructural metal products
Hides, Skins, Leather, and Products:
Hides and skins
Leather
Footwear
Other leather products
Fuels and Related Products, and Power:
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100)
Petroleum products, refined
95.5 Furniture and Other Household Dura104.0
bles:
108.4
103.8
Household furniture
Commercial furniture
Floor coverings
Household appliances
97.2
Television, radios, and phonographs.
107.3
Other household durable goods
121.4
101.5
89.5 Nonmetallic Mineral Products:
Flat glass
Concrete ingredients
Concrete products
Structural clay products....
Gypsum products
Prepared asphalt roofing....
Other nonmetallic minerals.
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
94.5
103.9
89.2
94.9
81.3
103.8
97.2
98.9
94.3
93.9
104.1 104.8
90.7
89.8
94.8
94.7
95.9 '101.3
103.5 '103.4
101.1 100.2
99.6
99.6
Rubber and Products:
Crude rubber
Tires and tubes
Miscellaneous rubber products
88.9
91.7
97.2
90.0
88.0
96.4
89.9
88.0
96.4
93.9
104.8
89.9
94.6
106.2
104.4
99.1 Tobacco Products and Bottled Bever99.6
ages:
Tobacco products
Alcoholic beverages
90.4
Nonalcoholic beverages.
88.0
96.4 Miscellaneous Products:
Lumber and Wood Products:
Lumber
Millwork
Plywood
NOTE.—Bureau of Labor Statistics.
100.7
105.6
92.6
101.5 '101.1
109.1 109.1
92.3
91.8
100.7
109.1
91.7
Toys, sporting goods, small arms...
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment..
Other miscellaneous products
1482
NATIONAL PRODUCT AND INCOME
NOVEMBER 1964
GROSS NATIONAL PRODUCT OR EXPENDITURE
(In billions of dollars)
1963
Item
1929
Gross national product
104.4
Personal consumption expenditures.
Durable goods
Nondurable goods
Services
79.0
9.2
37.7
Gross private domestic investment.
New construction
Residential, nonfarm
Other
Producers' durable equipment..
Change in business inventories.
Nonfarm only
16.2
8.7
3.6
5.1
5.9
1.7
1.8
Net exports of goods and services.
Exports
Imports
.8
7.0
6.3
32.1
Government purchases of goods and services.
Federal
National defense
Other
Less: Government sales
State and local
Gross national product in constant (1954)
dollars
8.5
1.3
\ 1.3
7.2
1933
1941
1950
1959
1960
1961
56.0 125.8 284.6 482.7 502.6 518.7
46.4 81.9 195.0 313.5 328.2 337.3
3.5 9.7 30.4 43.6 44.9 43.7
22.3 43.2 99.8 147.1 151.8 155.4
20.7 29.0 64.9 122.8 131.5 138.3
1.4 18.1 50.0 72.7 71.8 68.8
1.4 6.6 24.2 40.2 40.7 41.0
3.5 14.1 22.3 21.1 21.1
.5
3.1 10.1 17.9 19.7 19.8
1.0
6.9 18.9 25.9 27.6 25.9
1.6
4.5
3.5
-1.6
6.8
6.6
1.9
4.0
3.2
-1.4
6.0
6.5
1.5
III
IV
583.9
375.0
52.1
167.5
155.3
587.2
377.4
52.2
168.6
156.6
599.0
381.3
53.6
168.9
158.8
608.8
390.0
55.9
172.9
161.1
618.6
396.1
57.0
175.3
163.8
627.5
404.5
58.8
179.2
166.5
79.1
44.2
23.6
20.6
29.0
5.9
5.3
82.0
46.6
25.2
21.3
82.8
47.2
25.4
21.9
31.4
4.2
3.7
87.1
48.3
26.2
22.1
32.4
6.4
6.0
85.9
49.2
26.9
22.3
34.2
2.5
2.2
87.2
48.9
26.2
22.7
34.6
3.7
3.4
86.5
49.1
25.7
23.4
35.7
4.2
31.0
26.8
5.8
32.6
26.9
31.0
4.4
3.9
4.4
30.7
26.3
22.9
23.6
7.8
97.2
53,6
46.2
7.9
.5
43.6
99.6 108.0 116.3 122.6 122.8 124.8
53.1 57.4 62.9 54.7 64.4 64.9
45.7 49.0 53.6 55.2 55.5 55.3
8.0
9.5 10.5
8.9 10.2 10.3
.6
.9
.9
.8
.6
.6
57.9
46.5 50.6 53.5
58.4 59.9
19.7
4.6
27.6
23.0
HIP
556.2
356.8
48.4
162.0
146.4
3.0
26.3
23.3
.1
6.0
1964
1963
1.1
6.0
4.8
.6
13.1
12.5
8.0 24.8 39.0
19.3
2.0 I 16.9
1 3 . 8 14.3
2.0 f 3.2
5.2
.2
2.4
2.3
1962
4.0
29.2
25.2
1.7
1.6
6.5
57
7.7
34.5 33.7 35.6
26.8 27.9 29.2
125.2 129.6 130.0
64.3 67.1 66.0
54.0 57.0 55.7
11.5 11.0 11.2
.9
1.2
.9
60.9 62.5 64.0
181.8 126.6 238.1 318.1 428.6 439.9 447.9 476.4 492.6 494.8 502.0 508.0 513.5 518.2
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. For back data and explanation of series
see National Income 1954 Edition, A Supplement to the Survey of Current
Business; U.S. Income and Output, A Supplement to the Survey of Current
Business (1958); and the July 1964 Survey of Current Business.
NATIONAL INCOME
(In billions of dollars)
1964
1963
1QCQ
1 QJ.1
1QOO
1 Q£O
1 Qf/J
III
National income
Compensation of employees .
. . . .
Private
Military.
.
...
Supplements to wages and salaries
Employer contributions for social insurance
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
40.2 104.7
29.5 64.8
29.0 62.1
23.9 51.9
1.9
.3
4.9
8.3
.5
2.7
2.0
.4
.7
241.9
154.2
146.4
124.1
5.0
17.3
7.8
4.0
14 8
8.8
6.0
56
3.2
2.4
17 4
10.9
6.5
5.4
2.0
37 5
23.5
14.0
9.7
10.4
46 5
35.1
11.4
414.5
293.6
271.3
222.9
9.9
38.5
22.3
11.3
11.0
46 2
34.2
12.0
426.9
302.2
278.8
227.0
10.2
41.6
23.4
11.8
11.6
48 2
35.3
12.9
3.5
9.0
11.9
12.1
10.1 -2.0 14.5
.2 17.0
9.6
.5
7.6
1.4
8.3 — .4 9.4
5.8
2.1
4.5
2.4 -2.4
4.9
35.7
40.6
17.9
22.8
9.2
13.6
47.2
47.7
44.5
44.3
22.3
22.0
14.5
7.5
87.8
51.1
50.4
45.5
.3
4.6
.7
.1
.6
3.8
23.2
24.5
13.7
10.8
.5
-2.1
-2.5
-5 0
— .5
.2
6.4
5.0
4.5
5.5
16.4
18.1
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to previous table.
400.5
278.5
258.5
213.1
9.9
35.4
20.1
IV
I
II
III?
455.6 478.5 481.9 490.0 498.4 '507.1
323.1 340.3 342.7 347.7 352.5 358.6 364.8
297.1 312.1 314.3 318,8 323.2 328.7 334.4
241.6 252.9 255.0 257.6 260.8 265.3 269.4
10.8 10.9 10.7 11.7 11.7 11.7 11.8
44.7 48.3 48.7 49.6 50.7 51.7 53.2
30.4
38.6
12.6
29.9
15.9
14.0
51 7
39.1
12.6
12.4
12.4
12.4
25.9
13.6
12.3
49 8
36.6
13.2
28.2
28.4
15.2
13.2
50 7
37.8
12.9
28.8
29.4
15.1
13.1
50 6
37.6
13.0
15.4
13.4
15.7
13.7
51 5
51 2
38.3
13.2
12.2
12.2
12.3
12.4
12.4
44.1
44.2
22.3
21.9
15.2
6.7
— .1
48.4
48.2
23.2
25.0
16.5
8.5
50.8
51.4
53.1
56.4 '57.9
51.3
24.6
51,3
24.5
54.3
26.0
28,3
19.1
9.2
56.6
25.4
31.2
19.4
11.8
.3
— .4
20.1
22.1
24.4
26.7
18.0
8.7
26.7
17.9
8.9
'57.9
'26.0
'31.9
19.8
'12.1
.2 — 1.2
— .2
— .1
25.4
25.9
26.5
24.7
16.2
14.2
52 1
39.6
12.6
1
27.1
1483
NATIONAL PRODUCT AND INCOME
NOVEMBER 1964
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
(In billions of dollars)
1964
1963
1QA1
1O0Q
Tt*»TM
1 Q^rt
1QCQ
1 o^n
IQ/Tf
1 Qd'X
Gross national product
104.4
Less: Capital consumption allowances
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
I
IV
in
n
III,
56.0 125.8 284.6 482.7 502.6 518.7 556.2 583.9 587.2 599.0 608.8 618.6 627.5
8.6
7.2
9.0
19.1
41.0
43.0
44.5
48.7
50.8
51.2
51.7
52.5
53.1
53.6
7.0
.6
.3
7.1
.7
.9
11.3
.5
.4
23.7
.8
-.7
42.6
2.1
-3.0
46.4
2.2
-3.0
49.0
2.4
-2.6
52.8
2.4
-1.8
55.9
2.4
-2.7
56.1
2.4
-3.5
57.3
2.4
-1.8
57.9
2.5
-1.6
59.0
2.5
-2.4
60.2
2.5
1
.2
.4
.5
1.6
1 6
10
9
7
1.0
.7
4
Plus: Subsidies less current surplus of government enterprises . . . .
— .1
Equals: National income
87.8
Less: Coroprate profits and inventory valuation adjustment
Contributions for social insurance
10.1
.2
-2.0
.3
Plus* Government transfer payments . . . .
Net interest paid by government
Dividends..
.
Business transfer payments
Equals: Personal income
.9
1.0
5.8
.6
85.8
1.5
1.2
2.1
.7
47.2
. ..
2.6
1.3
1.4
7.5
.5
1.0
Equals'. Disposable personal income
83.1
45 7
93 0 207.7 337.1 349 9 364.7 384 6 402 5 404 4 411 2 419.5 431.3 436 7
Less: Personal consumption expenditures...
79.0
46.4
81.9
4.2
-.6
11.1
Less:
Personal tax and nontax payments.
Federal . .
....
State and local
Equals: Personal saving
40.2 104.7 241.9 400.5 414.5 426.9 455.6 478.5 481.9 490.0 498.4 507.1
35.7
6.9
14.5
2.8
47.2
17.6
44.5
20.6
44.1
21.4
48.4
23.9
50.8
26.9
51.4
27.1
53.1
27.5
56.4
28.0
57.9
28.4 " 2 9 ! 6
2.6
14.3 25.4 27.3 31.3 32.3 34.3 34.0 34.7 35.9 35.5 35.5
9.2
1.3
4.8
7.1
7.8
7.4
8.6
9.3
8.0
9.1
8.8
8.7
4.5
9.2
13.7 14.5 15.2 16.5 18.0 17.9 19.1 19.4 19.8 20.0
2.5
.5
.8
2.2
2.4
2.4
2.5
2.4
2.1
2.4
2.5
2.4
96.3 228.5 383.9 401.3 417.6 442.4 464.1 466.3 474.5 480.9 487.9 494.5
20.8
18.2
2.6
3.3
2.0
1.3
46.8
40.4
6.4
51.4
44.0
7.3
52.9
45.1
7.8
195.0 313.5 328.2 337.3
57.9
49.1
8 8
61.6
51.9
9.6
61.9
52.2
9 7
63.3
53.4
9 9
61.4
51.2
10.2
56.6
46.1
10.5
356.8 375.0 377.4 381.3 390.0 396.1
57.8
47.2
10 6
404.5
35.2
32.2
134.9 102.1 175.1 231.0 310.7 317.8 328.2 343.4 354.9 356.3 360.7 366.7 375.7
379.0
12.6
23.6
21.7
27.3
27.8
27.5
27.0
29.9
29.5
Disposable personal income in constant (1954)
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)
1963
Item
1962
1964
1963
Sept.
Oct.
Nov. Dec.
Jan.
Feb. Mar. Apr. May June
July
Aug. Sept.
Total personal income
442.4 464.1 468.9 472.7 473.8 477.1 1479.4 480.5 482.9 486.6 487.8 489.3 491.4 494.9 497.1
Wage and salary disbursements
Commodity-producing industries...
Manufacturing only
Distributive industries
Service industries
Government
297.1 312.1 316.0 318.
318.3 320.0 320.8 323.6 325.1 327.7 328. 330.7 331.8 334.6 336.4
118.5 123.3 125.0 125.4 125.
129.4 129.9 130.8 131.6
126.0 125.6 127.
127.4 128.8 128.
98.0 99.4 99.7
94.
99.7 100.
100.0 700.7 707.7 702.3 702.3 702.7 703.0 703.8 104.6
85.7 86.1
76.6 80.3 81.5
81.8 81.8
82.0 82.4 82.8
83.1
83.7 84.2 84.6 85.2
52.9 53.3
46.4 49.3 4 9 . 9
50.0 50.1
50.5 50.8 51.4
51.9
52.1 52.3 52.4 52.6
65.
55.6 59.2 59.7
61.0 61.3
61.5 62.1 62.4
62.7
63.0 63.4 63.8 64.1
65.4
Other labor income.
12.3
13.1
13.3
13.4
13.5
13.5
13.6
13.7
13.8
13.9
14.0
14.1
14.2
14.2
14.3
Proprietors' income
.....
Business and professional.
Farm
49.8
36.6
13.2
50.6
37.6
13.0
50.8
37.9
12.9
57.5
38.2
13.2
51.5
38.2
13.2
51.6
38.4
13.2
57.7
38.3
12.8
57.3
38.7
12.6
51.2
38.8
12.4
57.5
39.0
12.5
57.7
39.1
12.6
51.9
39.3
12.6
57.P
39.5
12.4
52.2
39.6
12.6
52.3
39.6
12.7
12.4
Rental income
12.2
12.3
12.4
12.4
12.4
12.4
12.4
12.4
12.4
12.4
12.4
12.4
12.4
12.4
Dividends
16.5
18.0
18.0
18.5
18.8
20.1
19.3
19.4
19.6
19.8
19.8
19.9
20.0
20.0
19.9
Personal interest income.
30.0
32.9
33.7
34.0
34.2
34.4
34.7
35.0
35.3
35.5
35.7
35.9
36.0
36.2
36.5
Transfer payments
34.7
36.7
36.6
37.1
37.2
37.2
139.7
37.5
37.8
38.2
38.0
37.6
37.8
38.0
38.1
10.3
11.8
11.8
12.1
11.9
12.1
12.2
12.3
12.4
12.5
12.5
12.6
12.7
12.8
12.9
Less: Personal contributions for
social insurance
Nonagricultural income.
Agricultural income
424.9 446.6 451.6 455.1 456.1 459.5 462.1 463.5 466.1 469.7 470.7 472.1 474.4 477.8 479.8
17.6
17.5
17.3
17.6
17.6
i Includes stepped-up rate of Govt. life insurance dividend payments
to veterans in the amount of $2.1 billion.
17.5
17.2
17.0
16.8
17.0
17.1
17.2
16.9
17.1
17.3
NOTE.—Dept. of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.
1484
FLOW OF FUNDS
NOVEMBER 1964
SAVING, INVESTMENT, AND FINANCIAL FLOWS
(In billions of dollars)
1962
Transaction cateogry,
or sector
1959
1960
1961
1962
II
I.
III
IV
II
III
IV
115.7 119.7 116.7 130.1 137.7 130.5 131.8 132.2 131.4 137.0 139.0 143.9 146.8 148.1
74.2 73.2 78.5 83.7 88.6 83.7 83.9 84.5 84.9 87.2 89.3 93.0 96.0 102.2
11.6 11.9 11.7 12.0 12.3 12.0 12.1 12.2 12.2 12.3 12.4 12.5 12.8 13.2
33.7 32.6 33.0 38.4 39.4 37.7 38.9 40.5 39.6 39.0 40.0 38.9 43.3 44.2
-2.1
2.4 - 5 . 2 - 5 . 2 - 2 . 9 - 6 . 0 - 3 . 7 - 5 . 7 - 5 . 9 - 2 . 8 - 2 . 0
- . 8 - 3 . 8 -10.8
-3.8 -3.3 -3.8 -2.2 -2.4 -1.4 - 2 .
-2.5
-2.2 -2.3 -2.1 -2.6 -2.7
2
2.4
2.7
2.0
4.6
2.9
2.7
3.5
2.5
1.1
3.1
2.1
3.5
1.6
3^4
114.4 117.3 114.4 128.8 136.6 128.4 129.7 130.9 130.2 134.5 136.4 145.5 147.0 148.1
43.6 44.9 43.7 48.4 52.1 47.7 48.4 50.2 51.1 51.5 52.2 53.6 55.9 57.0
6.6
3.5
1.9
5.9
5.4
6.1
5.1
6.4
3.6
3.6
4.2
3.7
4.4
2.5
8 Gross national investment...
9
Consumer durable goods.
10
Business inventories
Gross pvt. fixed investment.
Households
Nonfinan. business
Financial sectors
15
Net financial investment.
16 Discrepancy (1-8)
II. Financial flows—Summary
Net funds raised—nonfinan. sectors.
Loans and short-term securities
Long-term securities and mtgs
By sector
20 U.S. Government
21
Short-term mkt. securities
22
Other securities
23
CCC guaranteed loans
24 Foreign borrowers
25
Loans
26
Securities
27 Pvt. domestic nonfin. sectors
28
Loans
29
Consumer credit
30
Bank loans n.e.c
31
Other loans
32
Securities and mortgages
33
State and local obligations
34
Corporate securities
35
7- to 4-family mortgages
36
Other mortgages
,
37 Net sources of credit (=17)
38
Chg. in U.S. Govt. cash balance..
39
U.S. Govt. lending
40
Foreign funds
41
Pvt. insur. & pension reserves....
42
Sources n.e.c
43
44
45
46
47
48
49
50
Pvt. domestic nonfin. sectors
Liquid assets
Deposits
Demand dep. and currency
Time and svgs. accounts...
At commercial banks....
At savings instit
Short-term U.S. Govt. sec...
51
52
53
Other U.S Govt. securities
Pvt. credit mkt. instruments.. .
Less security debt
66.1
22.1
43.3
.7
68.2
21.6
46.0
.6
66.8
20.0
46.2
.7
73.2
21.4
51.1
.7
77.6
21.9
54.8
72.7
20.8
51.2
.7
75.2
21.7
52.8
.6
74.6
22.4
51.6
.6
74.3
21.6
52.1
.6
76.7
21.5
54.4
.8
78.6
22.2
55.5
.9
80.7
22.4
57.3
1.0
83.4
22.4
60.0
.9
83.4
22.8
60.3
.3
-1.9
1.3
.7
2.3
2.0
2.2
1.3
1.4
2.5
1.1
1.9
2.2
1.0
2.1
.8
1.2
1.2
1.3
2.7
2.5
1.4
2.6
4.8
-1.6
5.3
-.2
4.0
52.8
19.1
33.7
36.2
16.1
20.0
47.8
17.2
30.7
58.3
15.4
42.9
63.2
19.3
43.8
65.2 45.5
22.6 - 1 0 . 3
42.6 55.8
63.6
22.8
40.8
59.0
19.7
39.3
70.1
30.1
39.9
55.0
1.8
53.2
68.6
25.6
42.9
60.4
21.7
38.8
73.8
26.9
46.9
17
18
19
8.9 - 2 . 0
7.6
5.2
3.1
8.8
4.3 - 5 . 6 - 1 . 4
.2
-.6
.5
.9
2.8
2.0
.2
2.0
1.4
.8
.6
.8
42.9 36.2 37.5
14.3 11.2
6.2
6.4
1.7
4.5
5.6
2.1
2.8
2.3
2.5
3.9
28.6 25.0 31.3
4.5
3.6
4.9
5.3
5.3
7.3
13.0 10.5 11.4
7.7
5.9
5.6
7.5
.5
6.8
.2
2.3
1.2
1.0
48.5
13.4
5.5
4.6
3.4
35.1
5.0
5.3
13.0
11.9
4.8
1.4
3.8
-.4
3.4
2.3
1.0
55.0
16.1
.7
6.8
2.6
38.9
6.7
3.4
15.2
13.6
9.7 - 1 . 6
5.1 - 2 2 . 7
4.6 22.1
* -.9
-.6
2.3
.9 - . 9
.4
1.4
53.2 47.6
16.6 14.3
5.7
6.8
4.8
5.5
4.3
4.3
36.6 33.3
3.2
5.7
4.6
6.4
13.4 13.4
11.1 12.1
9.9
5.5
3.2
1.2
3.1
1.4
1.7
50.6
14.7
6.4
5.7
2.6
35.9
4.1
4.1
13.6
14.1
8.9
7.1
1.4
.3
3.7
1.6
2.1
46.4
10.7
6.3
3.2
1.1
35.7
5.8
5.0
13.5
11.4
9.5 - 3 . 6
11.2 -13.2
-.9
10.6
- . 7 -1.0
5.2
1.2
3.4
.8
1.8
.5
55.3 57.3
16.3 15.1
6.9
7.1
4.7
5.7
4.6
2.3
39.1 42.2
7.1
7.4
2.8
4.2
15.8 16.2
13.4 14.3
4.3 10.0
.2 10.6
4.3
.5
- . 2 -1.0
3.2
4.1
3.4
4.2
-.2
-.1
61.1 46.3
22.2
7.9
6.5
6.5
13.4
-.8
2.3
2.3
38.9 38.4
6.5
4.4
1.7
6.4
15.3 15.3
15.4 12.2
5.8
3.6
1.9
.4
4.1
3.3
.8
63.9
19.7
7.2
6.1
6.4
44.2
5.7
7.4
16.5
14.6
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
52.8
.7
3.8
3.5
9.5
3.8
68.6
*
4.5
— .1
10.7
2.0
51.4
42.7
42.0
12.4
29.6
14.4
15.2
36.2
.9
2.3
3.2
8.5
5.5
47.8
.3
2.8
2.0
9.3
4.6
58.3
1.4
3.5
2.9
9.2
3.1
63.2
-.6
2.7
2.5
10.9
4.1
65.2 45.5
1.7 - 5 . 1
4.7
1.6
2.5
.8
9.1
9.0
4.2
2.9
63.6
5.0
3.2
3.3
9.6
2.0
59.0
3.4
.2
2.8
9.4
7.7
70.1 55.0
1.0 - 6 . 9
2.6
3.6
8.0
-.6
10.7 13.0
2.5
3.9
31.4 15.8
9.2
16.5
10.8 13.7
.2 - 1 . 3
10.6 15.0
2.1
5.4
8.4
9.6
5.7 - 4 . 6
28.8
24.2
23.7
3.7
20.0
8.9
11.1
.5
38.3
31.3
29.9
1.8
28.0
15.1
12.9
1.4
43.5
37.0
33.8
5.8
28.0
13.1
14.9
3.2
42.9 36.2
36.4 21.6
29.3 28.0
2.7
2.8
26.5 25.3
14.6 12.0
11.9 13.3
-6.4
7.
40.5
35.3
35.2
5.3
29.9
14.9
15.0
.1
35.5
35.3
30.6
.3
30.3
13.7
16.6
4.7
45.3 41.9
41.9 28.2
33.5 30.0
3.3
7.9
25.6 26.7
10.8 73.5
14.8 73.2
8.4 - 1 . 8
7.2
7.8
.2
6^9
-.3
-1.3
7.1
1.3
.6
6.3
-.2
2.0
6.5
2.0
54 Total funds raised
55 Less change in U.S. Govt. cash
56 Total net of U.S. Govt. cash
52.8
.7
52.1
36.2
.9
35.3
47.8
.3
47.6
58.3
1.4
56.9
57 Funds supplied directly to cr. mkts..
Monetary authorities
58
52.1
.4
35.3
.7
47.6
1.5
4.3
5.3
7.9
8.9
.9
19.6
24.
4.5
21.1
23.4
III.
1964
Saving and investment
Gross national saving
2
Households
3
Farm and noncorp. business
4
Corporate nonfin. business
5
U.S. Government
6
State and local govt
7
Financial sectors
1
11
12
13
14
1963
1963
-.9
3.6
-3.9
-3
8.0
7.7
1.0
4.'3
-1.2
8.4
5.1
63.2
-.6
63.7
65.2 45.5
1.7 - 5 . 1
63.5 50.6
63.6
5.0
58.6
56.9
1.9
63.7
2.6
63.5
50.6
15.0
15.4
.2
.2
17.7
19.1
1.3
.1
20.7
20.1
22.7
25.0
2.3
24.1
28.9
26^5
11.9
14.6
5.1
54.2
34.0
31.3
6.2
25.1
9.5
15.5
2.7
43
44
45
46
47
48
49
50
10.3
3.3
5.2
15.2
.2
51
52
53
60.4 73.8
8.3 - 3 . 4
52.1 77.2
54
55
56
77.2
1.4
57
58
6.0 16.9
15.5 13.6
8.7 - 3 . 9
.5
.9
59
60
61
62
38.5
31.6
26.4
i
8.4
6.6
1.4
2.3
5.1
-1.3
59.0
3.4
55.5
70.1 55.0
1.0 - 6 . 9
69.1 61.9
68.6
58.6
2.0
55.5
3.0
69.1
2.8
52.1
4.2
19.7 15.7
20.8 11.4
1.1 - 4 . 4
21.2
25.5
4.3
16.7
19.2
2.4
21.2 19.0
22.8 11.3
1.6 - 7 . 9
.1
.1
68.5
3.9
26.2
27.5
.5
.9
27.4
34.3
6.9
24.5
27.
2.6
23.6
31.1
7.5
25.8 29.3
35.0 24.9
9.2 - 4 . 3
26.3
38.
25.9
34.6
29.0
29.1
.1
27.3
37.7
10.4
63
64
65
2.7
4.7
1.6
1.7
6.4
66
-.7
2.5
67
-3.1
.3
5.8
2.6
60.4 73.8 37
8.3 - 3 . 4 38
6.4 39
1.7
4.2 40
.1
12.3 11.7 41
.8 42
-.5
Direct lending in credit markets
59
60
61
62
Commercial banks, net
Total
Less chg. in U.S. Govt. cash...
Security issues
63
64
65
Nonbank finance, net.
Total
Less credit raised...
66
U.S. Government
67
Foreign
68
69
70
71
72
Pvt. domestic nonfin
Consumers
Business
State and local govts...
Less net security credit.
.1
3.8
3.4
2.4
2.8
2.3
1.2
20.6
2.0
.3
11.8
6.0 - 1 . 9
3.1
3.3
.2
4.8
.1
3.5
5.0
3.6
.2
2.5
1.3
1
8.5
3.5
2.2
2.6
1.0
9.7
6.6
2.1
2.9
2.0
13.6
2.4
4.0
3.4
-3.9
8.2
4.5
2.7
2.0
1.0
3.2
.2
1.1
1.7
5.3
.2
2.1
1.9
-1.
4.8
6.1
1.8
2.1
5.1
61.9
1.0
28.1
39.5
11.5
11.8
2.6
3.6
-1.6
4.4
11.8
6.3
3.5
4.6
2.6
NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Oct. 1964 BULL., p. 1335.
11.9
8.7
1.2
3.3
1.4
68.5
8.6
4.5
-1.2
9.5
5.5
1.8
.9
-1.3
12.1
8.0
4.7
2.6
3.3
22.9 68
16.8 69
1.1 70
5.2 71
.2 72
1485
FLOW OF FUNDS
NOVEMBER 1964
PRINCIPAL FINANCIAL TRANSACTIONS
(In billions of dollars)
1962
Transaction category,
or sector
1959
1960
1961
1962
1963
1964
1963
III
II
IV
I
IV
III
II
II
I
I. Demand deposits and currency
1
2
3
4
5
6
7
8
9
10
Net incr. in banking system liability..
1.1
.9
U.S. Govt. deposits
.7
Other
.4
-.8
.4 - . 7
Domestic sectors
1.3 - 1 . 3
Households
....
-2.2 - . 5
Nonfinancial business
.5
.2
State and local govts
....
.2
.5
Financial sectors
.4
.6
Mail float
— .1
Rest of the world
. .
5.4
4.4
1.4
5.8
-.6
3.1
6.4
4.9
3.0
.3
1.9
2.1 - 1 . 2
6.2
6.3
-2.0
5.1
.6
1.2
.7
.2
.7
A
.1
5.4
1.7
3.7
-3.5
-5.1
1.6
3.4
3.0
2.6
3.4
-3.6 -1.3
.7
2.3
1 7
.3
.2
.7
.8
1 4 —9
.7 — 1.8
.2
12.7
4.7
1
2.6 11.1 - 2 . 0 12.3
7.9
5.0
2
8.3 - 3 . 4
1.0 - 64.. 98 12.2 —
3.4Q 10.1
7.7
.5
8.1
3
7.2 - . 2
5.3 12.1 - . 2
8.0
6.9
4
8.0
2.9
5.0 7.4 4.8
9.0
5.3
5
1.2
6
2.7 -4.4 -1.4 - 1 . 5 - 1 . 3 - 7 . 9
7
.1
8
6
4 1
— 8 7
— l
c
.1
-.1
2.0
-.2
.7
8
1.9
4
1
6
1
1
—
1
8
6 9
— 2c
_ .52 — 7
.1
— 3
1.2 10
21
II. Time and savings accounts
15 Net increase—Total
16
At commercial banks—Total... .
17
Corporate business
18
State and local govts
19
Foreign depositors
20
Households
1.1
-.4
-.4
-.9
22
Memo: Households, total
20.7
9.4
1.3
.9
.3
11.4
12.8
11.3
17.8
28.7
15.6
2.6
1.0
.6
11.5
13.1
24.5
9.5
-2.5
7.3
7.3
9.5
3.0
8.4
15.3
5.8
.8
1.4
.3
3.3
9.5
6.7
29.1
14.1
3.8
1.6
1.0
5.2
7.7
15.1
22.6
26.4
14.8
3.0
.8
.3
10.9
11.6
22.7
25.2
12.0
1.0
.6
.1
10.4
13.2
23.7
31.6
16.4
2.6
1.5
1.6
10.8
15.2
25.8
9.7
-.7
8.7
32.3
15.0
3.2
1.8
1 3
27.4
14.2
3.8
1.8
.8
26.4
30.6 28.0
15.3 12.7
5.2
6.2
1.9 - 1 . 4
8
.8
13.1
21.1
6.4
8.1
15.3
21.5
15.2
22.7
26.0
10.3
3.2
1.1
.8
5.3
15.6
20.8
10.2 -2.6
11.2 -13.2
10.6
-.9
4.5
11.0
10.6
.5
5.5
3.6
1.9
11.9
2.2
.6
1.0
8.7
8.0
17.3
25.3
14.5
22.8
7.9
15
16
17
18
19
20
21
22
23
24
25
III. U.S. Govt. securities
23 Total net issues
24
Short-term marketable
25
Other
5.2
8.8
3.1
4.3 - 5 . 6 -1.4
26 Net acquisitions, by sector
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
Short-term
Commercial banks
Short-term direct
Other direct
Nonguaranteed
Nonbank finance
...
Short-term direct
Other direct
Nonguaranteed
Foreign
Short-term
Pvt. domestic nonfin. sectors
Short-term direct
Other direct
.
....
Nonguaranteed
Savings bonds—Households...
.5
6.8
1.4
3.8
5.1 - 2 2 . 7
4.6 22.1
5.5
3.2
8.5
7.1
1.4
7.3 7.3 5.2
9.5 - 2 . 5
-.7
9.7
8.7
8.6
1.5
1.9
2.8
.7
.3
.6
2.5
4.1
- . .2
8 - 1 . 0 -1.1
4.9
1.0
3.3
3.5 12.3
2.0
-7.6
-6.3
1.7
3.2
3.4
.8 -- 23 .. 66 - 43.1
95.4
. 3 -5.2
7.0
.1 -21.0 -1.5 -5.9
-3.7
5.2
-3.4 - 5 . 2 -4.1
.5
6.1 13.9
3.4 10.4
.3
.8
.5
-.5 - . 1
1.1
.8
1.3
n
.8
2.7
1.8 - 2 . 4
.8 - . 3
1.3 - . 7
1.6
.9
1.2
- 1 . 3 -\A
2.1 — 4.1
.2
.7
-.8
. 2 — 1.7
.5
.5
.8
1.3
1 9
.4
3.0
.2
.5
.1
.4
.1
1.2
10.3
2.4
7.5
—2.3
-5.3
1.8
1.3
-1.3
— 1.3
*
.1
2.8
.5
1.1
— .3
— .2
.5
1.8
.9
3.2
1.5
2.0
-.2
.2
.6
.2
14.0
5.7
6.4
.5
8.4
3.2
4.6
.2
10.6
4.1
4.1
.7
1.4
.4
1.7
2.1
1.8
13.7 11.7 13.0 14.0
8.4 10.6
1.9
- 1 . 4 -3.6 - 1 . 3 - 4 . 2
1.9 -1.3
1.2
1.6
1.2
1.3
1.5
13.4
2.4
13.7
-4.3
1.9
1.7
5.5
5.8
.2
.6
2.1
.2 - . 7
13.0 - 5 . 1 - . 8
7.5 - 4 . 3
5.0 - . 4 -1.6
-.1
2.2
.3
2
.8
-1.8
2.0
2.0
1.0
13.7
4.9
7.3
.5
11.7
5.0
5.3
.3
13.0
6.7
3.4
1.6
.8
1.0
1.0
.6
.4
-.7
5.1
2.0
1.1
.9
1.2
1.5
6.2
6.9 - 7 . 0
-1.4
7.1
.4
.8
-3
*
.3
.6
8.7
1.6
7.3
3.3
- . 8 -1.9
2.1
-2.2
1.4
1.1
13.4
5.8
5.0
.4
13.7
7.1
2.8
1.9
.2
4.3
-2.6
4.5 11.1
5.5 26
2.8
2.0 27
4.0
1.9
.7 - . 5
3.7 - 3 . 2 28
-12.4
1.1 - 7 . 6 29
5.7
.2 30
1.7
-8.4
-4.6 - 5 . 7
1.0 - 8 . 8 31
.7
1.1 32
-1.7
3.1 - 2 . 2
2.2 33
2.1
2.0 - 1 . 8
2.2 34
A
.5
.6
— .6
1 6
— 4
.3
.9
.2
7.9
1.8
3.7
1.6
.9
35
36
37
38
39
40
41
42
43
14.0
4.4
6.4
2.4
16.9
5.7
7.4
2.4
.8
44
45
46
47
48
14.0
4.6
16.9
5.7
1.4
40
50
51
52
53
54
55
56
57
58
59
60
.2
.1
1.2
.8
11.2
6.5
1.7
2.4
-1.9 - . 4 - 1 . 2
-2.1 - 1 . 6 - . 9
3.1
6.6
5.0
-2.9 - . 4
4.3
.2
6.8
.5
2.1
1.5
-.6
IV. Other securities
45
46
47
48
11.7
4.5
5.3
1.1
State and local govts
Nonfinancial corporations
Finance companies
Rest of the world
49 Net purchases
50
Households
51
State and local govts .
52
Corp business
53
Commercial banks
54
Insurance and pension funds
55
Finance n.e c
56
Security brokers and dealers...
58
59
60
Portfolio purchases
....
Net issues of own s h a r e s . . . .
Rest of the world
11.1
3.6
5.3
1.5
.8
.6
11.7
2.6
1.1
11.1
1.5
2.2
— 2
.7
.4
7.3
-.5
.2
-.7
1.2
1.8
.4
.4
7.4
-.5
-.5
1.0
2.6
7.9
-.8
-.2
-.6
1.4
1.5
.3
2.0
.2
13.2
13.0
16.0
10.4
— .1
10.5
5.9
5.6
19.5
11.8
.4
11.4
19.1
16.0
2 1
4.4
5.2
7.6
- . .5
2
-.8
1.1
1.9
.1
7.9
-.2
.3
-.5
25.3
13.4
A
13.0
11.9
25.3
29.3
15.7
.8
1.3
.2
5.4
3.6
9.5
6.0
1.7 - 1 . 1
1.5
2.4
2.3
.4
-1.5
— .1
1.3
-.2
3.8
7.9
1.8
2.1
-.3
7.9
— 4.4
-4.0
-.4
.5
.8
.4
.8
13.9
7.4
4.2
1.7
.5
-.2
13.9 11.2
.0
- 1.3
. 8 - 31.3
6.3
4.6
.3
8.7
8.4
1.0
-4.3
-3.8
2.4
TT
-.5 -1.4
.1
.9
.6
.6
1.9
1.6
.1
.2 _ 2
7.8
-.7
-.2
-.6
1.1
.5
1.5
.1
31.1
16.7
.5
16.2
14.3
31.1
31.1
15.7
.5
15.3
15.4
31.1
4.6
-.4
5.2
4.5
16.4
16.1
.9
.4
3.2
8.7
1.6
1.8
-.2
.9
-.1
7.1
2.7
3.4
V. Mortgages
61 Total net lending
62
1- to 4-family
63
In process
...
64
Disbursed
65
Other
66 Net acquisitions
67
Households
68
U.S. Government
69
Commercial banks
71
Insurance.
72
Mortgage companies
. . .
19.1
. .
1.8
2.2
2.5
9.6
2.4
.2
1.2
.7
7.7
19.5
2.4
.6
1.6
.5
15.2
13.6
29.3
4.0
.3
4.0
-1.0
4.5
4.9
24.9
13.8
.4
13.4
11.1
24.9
25.9
13.7
28.3
14.2
25.4
14.0
29.8
16.4
.3
.6
.5
.6
13.4
12.1
13.6
14.1
13.5
11.4
15.8
13.4
25.9
28.3
2.9
.5
4.4
4.1
4.4
13.1
5.7
-.3
4.4
13.4
2.5
1.0
3.1
.6
5.3
4.2
2.7
1.1
.5
8.9
2.9
11.0
13.2
16.0
2.7
.6
3.0
.5
3.9
.8
2.7
2.7
2.6
.2
2.7
1.6
1.7
-.5
.3
6.1
4.1
2.6
.9
.7
9.1
6.5
4.0
1.8
.7
7.0
5.2
3.9
.7
.7
.7
*
.4
1.1
.6
1.7
.3
1.0
25.4 29.8
4.6
3 6
-1.3 -1.9
4.2
5.7
13.8
15.3
16.4
4.3
.2
3.3
.2
3.7
1.1
8.0
5.0
2.6
1.5
.8
2.6
2.6
.5
1.7
.3
2
7.9
4.4
2.0
1.8
.6
4.2
1.1
5.2
-5
4.5
1.0
27.2
15.0
-.3
15.3
12.2
30.7
16.1
-.4
16.5
14.6
30.7
2.7
4.0
.2
.8
4.4
4.7
14.6 14.9
4.3
4.5
<
1.5
27.2
61
62
63
64
65
66
67
68
69
70
71
72
VI. Bank loans n.e.c
73 Total net borrowing
74
Nonfinancial business
75
Corporate
76
Nonfarm noncorporate
77
Farm
78
Rest of the world
79
Financial sectors
7.5
5.3
3.7
1.0
.7
.2
1.7
.1
-.3
-.3
.7
-.6
2.8
-.3
.8
2.2
NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Oct. 1964 BULL., p. 1335.
8.4
5.6
3.0
1.9
.8
.5
2.3
17.3
1.5
13.5 - . 8
10.7 - 2 . 7
1.7
1.7
1.1
.3
1.3
2.5
2.3
8.9
6.0
3.3
1.8
.9
.9
1.9
73
74
75
76
77
78
79
Financial Statistics
* International *
Reported gold reserves of central banks and governments.
1488
Gold production
1489
Net gold purchases and gold stock of the United States.
1490
Estimated foreign gold reserves and dollar holdings
1491
International capital transactions of the United States
1492
Money rates in foreign countries
1501
Arbitrage in Treasury bills
1502
Foreign exchange rates
1503
U.S. balance of payments.
1504
Foreign trade
1505
Guide to tabular presentation.
1424
Index to statistical tables
1511
The figures on international capital transactions
are collected by the F.R. Banks from reports
made on Treasury foreign exchange forms collected by the F.R. Banks in accordance with
Executive Orders No. 6560, dated Jan. 15, 1934,
and No. 10033, dated Feb. 8, 1949, and Treasury regulations thereunder. Other data are com-
piled largely from regularly published sources
such as central bank statements and official
statistical bulletins. For some of the series, back
data are available in Banking and Monetary
Statistics and its Supplements (see list of publications at the end of the BULLETIN).
1487
1488
GOLD RESERVES
NOVEMBER 1964
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(In millions of dollars)
End of
period
Estimated
total
world l
Intl.
Monetary
Fund
United
States
Estimated
rest of
world
Argentina
Australia
Austria
Belgium
Brazil
Burma
Canada
40
40
Chile
Colombia
1957
1958
1959
1960
1961
1962
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
126
162
56
104
190
61
154
147
162
190
292
293
303
454
1 270
1,134
1 170
1,248
1,365
327
287
285
225
42
1 100
1 078
960
885
946
708
1963—Sept
Oct
Nov
41,870
2,304
2,305
2,312
2,312
15,634
15 640
15,609
15,596
23,930
49
49
78
78
202
205
206
208
504
515
525
536
1,367
1 367
1,367
1,371
150
150
42
42
42
42
775
784
800
817
43
44
43
43
61
61
61
62
2,314
2 322
2,328
2 334
2 353
2 359
2 359
2,424
2,426
15.540
15 518
15.550 24,510
15 727
15 693
15 623 *>24 925
15 629
15,657
15,643
78
78
76
76
210
211
211
215
547
558
569
579
42
42
42
42
837
850
871
892
44
43
43
43
62
63
63
64
74
74
74
216
218
219
221
223
579
592
592
592
592
1,373
1 374
1,376
1 390
1 392
1 392
1 391
1,395
1,395
42
42
42
42
910
931
949
969
990
42
43
43
43
43
64
65
66
France
Germany,
Fed.
Rep. of
Dec
1964
Jan
Feb
Mar
42,390
Apr
May
June
July
Aug
Sept
P42 905
End of
period
Cuba
1957
1958
1959
I960
1961
1962
1963
42,285
136
80
50
1
Dominican
Republic
Ecuador
El Salvador
11
11
10
10
3
22
22
20
20
19
31
31
30
30
18
3
19
18
3
3
19
19
18
18
61
61
19
19
18
18
61
61
18
18
18
18
18
18
18
66
66
66
65
65
65
65
18
65
65
Sept
Oct
Nov
3
3
Jan
Feb
Mar
Apr
3
3
3
3
3
3
3
19
18
18
17
17
11
11
3
3
11
11
Dec
1964
May
June
July
Aus
Sept
End of
period
Ireland,
Rep. of
18
18
Italy
452
Lebanon
247
247
247
247
247
77
24
247
129
98
3,761
3 817
3 823
3 843
77
77
23
23
142
142
77
77
23
23
247
247
247
247
142
142
98
98
98
3,210
3,248
3,298
3,366
3 404
3,451
3 489
3 527
3,564
3,844
3,849
3,953
4,060
4 070
4,081
4 117
4 139
4,149
77
77
77
77
77
77
77
23
23
23
23
23
247
247
247
247
247
247
247
142
142
141
141
141
141
141
247
247
141
141
Norway
Pakistan
172
172
172
172
172
172
172
172
151
157
156
162
168
168
172
601
33
33
34
3S
23
Peru
28
19
Philippines
Portugal
6
10
461
493
Saudi
Arabia
20
34
84
98
84
98
98
98
98
112
South
Africa
217
211
238
178
443
471
65
78
298
499
25
27
27
28
497
497
497
497
78
78
643
630
629
630
30
21
23
497
497
497
497
497
497
28
42
9
15
53
53
47
47
27
41
31
31
31
31
53
53
53
53
57
57
57
57
31
31
31
31
31
31
31
31
53
53
53
53
53
53
53
53
57
57
57
57
67
67
67
67
67
53
138
141
140
130
130
18
18
50
52
30
30
39
37
33
58
43
44
548
552
OOOO
2,343
2,343
2,143
2,143
2,146
2,148
2,153
2,100
Iraq
Iran
3,031
3 089
3 128
3 175
1,601
,601
,601
,601
1,601
,601
601
94
115
134
139
71
78
88
57
1,290
1 641
2,121
2,587
1,581
1,581
1,581
1,601
172
172
172
172
581
Indonesia
62
72
13
17
26
76
87
30
30
2,291
2,331
2,331
2,343
18
18
18
18
18
18
18
18
27
27
24
24
24
India
43
45
48
43
2,542
2 639
2 637
2 971
3 664
3,679
.581
112
95
1964 Jan
Feb
M^ar
Apr
May
June
July
Aug
Sept
Guatemala
49
49
140
172
18
18
18
18
Greece
45
43
,132
451
1963—Sept
Oct
Nov
Dec
7d4
050
324
325
581
750
NetherNew
lands Zealand
142
137
18
18
For notes see end of table.
61
180
143
102
119
18
35
35
38
41
47
91
91
1 086
1,749
2,203
2 225
2,243
18
18
Mexico
Finland
915
00 00 00 00 00 00 OO
1957
1958
1959
I960
1961
1962
24,375
103
194
632
631
627
627
626
607
615
597
589
1489
GOLD RESERVES AND PRODUCTION
NOVEMBER 1964
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
(In millions of dollars)
End of
period
Spain
1957
1958
1959
I960
1961
1962
101
57
68
178
316
219
204
191
170
180
446
181
574
182
573
573
182
182
Dec
573
182
Jan
Feb
Mar
573
182
573
573
573
573
182
182
182
182
1963—Sept
Oct
1964
Sweden Switzerland
Apr
May
June
July
.
Aug
Sept
575
575
182
182
575
182
182
..
Thailand
Syria
Turkey
U.A.R.
(Egypt)
United
Kingdom
144
144
133
134
139
140
188
174
174
174
174
174
1,554
2,808
2,514
2,800
2,268
2,582
2,506
1,706
1,925
1,934
2,185
2,560
2,667
24
24
19
19
19
19
112
112
104
104
104
104
2,501
2,520
2,522
2,820
19
19
19
19
104
104
104
104
107
103
102
115
174
174
174
174
2,549
2,551
2,542
2 524
2,526
2,599
2,560
2 530
2,532
19
19
19
19
19
19
19
104
104
104
104
104
104
104
104
115
115
115
115
115
115
115
105
105
174
174
174
174
174
174
174
174
174
1
Includes reported or estimated gold holdings of international and
regional organizations, central banks and govts. of countries listed in
this table and also of a number not shown separately here, and gold to be
distributed by the Tripartite Commission for the Restitution of Monetary
Gold; excludes holdings of the U.S.S.R., other Eastern European countries, and China Mainland.
The figures included for the Bank for International Settlements are
the Bank's gold assets net of gold deposit liabilities. This procedure
avoids the overstatement of total world gold reserves since most of the
gold deposited with the BIS is included in the gold reserves of individual
countries.
Uruguay
2,484
2,458
2,439
Venezuela
Yugoslavia
180
180
180
180
180
719
719
652
401
401
14
17
10
4
6
180
401
4
171
401
11
171
171
401
401
14
171
401
171
401
171
171
171
171
171
401
401
401
401
14
14
14
14
15
15
15
15
16
16
401
401
401
401
Bank
for
Intl.
Settle-2
ments
EPUEF 3
24
-42
-134
— 19
115
-50
254
126
40
55
56
56
-1
—22
—77
-279
42
47
_7
22
82
47
40
64
95
66
47
28
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 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)
North and South America
Africa
World
production *
Period
South
Africa
Rhodesia
618.0
702.2
748.4
803.1
892.2
960.1
19.4
19.8
19.6
20.1
29.8
32.0
30.8
29.2
31.1
32.2
1963—Aug
Sept
Oct
Nov
Dec
81.7
80.9
82.0
81.6
78.6
1.7
6
7
7
8
1964
78.7
79.9
84.9
82 3
83.4
85 4
86.9
87.2
7
6
6
6
7
6
7
1,050.0
1,125.0
1,175.0
1,215.0
1,295.0
1,350.0
1958
1959
I960
1961
1962
1963
Jan
Feb
Mar
Apr
May
June
julv
Aug
..
19.4
19.8
Congo
(Leo- United
pold- States
ville)
Canada
Mexico
Nicaragua
158.8
156.9
162.0
156.6
145.5
139.0
11.6
11.0
10.5
9.4
7.2
7.3
7.0
7.9
7.8
7.2
2.7
2.7
11.7
11.5
12.2
11.7
10.8
2.6
2.6
2.6
2.6
2.6
2.4
10.7
Ghana
12.3
12.2
11.1
8.1
7.1
7.5
9.8
2 1.9
1 Estimated; excludes U.S.S.R., other Eastern European countries,
China Mainland, ar.d North Korea.
2 Quarterly data.
61.6
57.2
58.8
54.8
54.5
51.4
10.3
11.6
10.7
10.8
11.3
11.3
Asia
Colom- India
bia
13.0
13.9
15.2
14.0
13.9
11.4
6.0
5.8
5.6
5.5
5.7
4.8
.6
.4
.8
.8
.8
.9
.7
.6
.8
.9
.4
4
.4
.4
.4
.8
1.0
.5
.7
.4
.3
1.2
1.2
1.0
1.2
1.1
1.1
.4
.4
.5
4
8.3
8.3
Other
Philippines
14.8
14 1
14.4
14.8
14.8
13.2
1.3
1 2
1 2
1 3
1.2
AusAll
tralia other i
38.6
38 1
38 0
37.7
37.4
35.8
58
54
53
53
57
59
9
5
6
8
3
3
3.0
3
2
3
2
0
6
1
8
3
2
2
2
2
3
3
1
5
6
6
7
0
0
NOTE.—Estimated world production based on report of the U.S.
Bureau of Mines. Country data based on reports from individual
countries and Bureau of Mines. Data for the United States are from
the Bureau of the Mint.
1490
U.S. GOLD
NOVEMBER 1964
NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY
(In millions of dollars at $35 per fine troy ounce)
Area and country
1956
1958
1957
1959
1960
1961
1962
1963
1963
n
Western Europe:
3
3
-34
Germany Fed. Rep of
Italy
Netherlands
25
Spain
Switzerland
31
-8
100
Other
18
8
80
Total
Canada
Latin American republics:
Argentina
Brazil
Colombia
•
Venezuela
Other
• .
...
Total
—84
—83
-329
-39
—266
-141
-173
—34
—30
—249
100
-25
— 114
-324
-550
36
— 156
— 125
-306
23
-349
-261
—20
32
—215
-900
178
-21
15
5
115
-1
28
75
-143
-63
-456
—23
-82
—20
-518
— 101
20
-350
32
-96
-827 -1,718
m
IV
—32
— 32
-23
—214
— 101
-101
—200
-101
I
II
200
— 10
-38
68 - 2 , 3 2 6
-144
1964
-146
102
-387
-130
—60
329
18
-2
— 30
74
131
109
221
-12
1
14
*
-4
-7
14
-754 -1,105
-399
-149
-139
-7
-31
79
—30
72
28
—30
28
-1
28
-53
190
67
-50
— 11
—90
—2
—6
—20
85
57
38
-4
__
i
-4
-200
29
6
2
—30
65
-5
-22
-17
-5
-7
6
-11
-1
-3
-3
-28
81
69
19
-100
-109
175
32
34
-16
-3
-4
25
*
18
-30
-157
-15
-28
-97
1-101
2-93
3 12
25
*
-4
5
•
18
-34
-186
-113
-101
-93
12
25
-4
5
-3
-5
-38
-6
-1
-36
-10
-25
-1
2
172 - 2 , 2 9 4
-998 -1,969
-970
-833
-392
-100
-180
-15
-28
95
600
5-44
-833
-392
-100
-180
-15
-28
95
Asia:
Other
Total
.
...
All other
-4
14
Total foreign countries
80
Intl. Monetary Fund
4 200
Grand total
280
*300
150
772 - 2 , 2 9 4 -1,041 - 1 , 6 6 9
-820
1 Includes sales of $21 million to Lebanon and $48 million to Saudi
Arabia.
2 Includes sales of $21 million to Burma, $32 million to Lebanon, and
$13 million to Saudi Arabia.
3 Includes purchases of $25 million from the Philippines.
-9
* Proceeds from this sale invested by the IMF in U.S. Goyt. securities;
upon termination of the investment the IMF can reacquire the same
amount of gold from the United States.
s Payment to the IMF of $344 million as increase in U.S. gold subscription less sale by the IMF of $300 million (see also note 4).
U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES
BY ILS. MONETARY AUTHORITIES
(In millions of dollars)
End of period
Changes in—
Gold stock i
Year
Total
Total 2
Foreign
currency
holdings
Treasury
Total
1951
1952....
1953
1954....
1955....
1956
1957....
.
.
.
.
.
.
.
22,873
23,252
22,091
21,793
21,753
22,058
22,857
22,873
23,252
22,091
21,793
21,753
22,058
22,857
22,695
23,187
22,030
21,713
21,690
21,949
22,781
53
379
-1,161
-298
-40
305
799
1958
1959....
1960
1961
1962....
1963....
.
.
.
.
.
.
20,582
19,507
17,804
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
-2,275
-1,075
-1,703
-741
-907
-348
m
99
212
Total
gold
Month
-2,275
*-1,075
-1,703
-857
-890
-461
Changes i n -
Gold stock i
Total
Total 2
53 1963—Oct
379
Nov...
-1,161
Dec...
-298
- 4 0 1964—Jan...
305
Feb...
799
Mar...
1 Includes gold sold to the United States by the International Monetary Fund with the right of repurchase, which amounted to $800 million
on Oct. 31, 1964.
2 Includes gold in Exchange Stabilization Fund.
3 For holdings of F.R. Banks only see pp. 1434 and 1436.
End of period
Foreign
currency
holdings
3
Treasury
Total
Total
gold
15,910
15,780
15,808
15,640
15,609
15,596
15,583
15,582
15,513
270
171
212
122
-130
28
6
-31
-13
15,847
15,865
15,990
15,991
May.'! 15,946
June.. 15,805
July... 15,840
Aug... 15,890
Sept... 15,870
Oct.*. . 15,702
15,540
15,518
15,550
15,727
15,693
15,623
15,629
15,657
15,643
15,606
15,512
15,462
15,461
15,462
15,463
15,461
15,462
15,460
15,463
15,462
307
347
440
264
253
182
211
233
227
96
39
18
125
1
-45
-141
35
50
-20
-168
-56
-22
32
177
-34
-70
6
28
-14
-37
4 Includes payment of $344 million increase in U.S. gold subscription
to the IMF.
NOTE.—See Table 10 on p. 1499 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.
1491
GOLD RESERVES AND DOLLAR HOLDINGS
NOVEMBER 1964
HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS
(In millions of dollars)
Dec. 31 , 1962
Western Europe:
783
1,542
98
134
3,744
6,409
196
3,627
1,829
155
632
623
671
3,575
165
4,191
542
Denmark
Germany Fed Rep. of
Greece
Italy
Portugal
Sweden
United Kingdom
Other 2
28,916
Total
.
Cuba
Mexico
Uruguay
Other
Total
Asia:
•
Total
Africa:
South Africa
U A R (EJZVDO
Other
Total
Other countries:
Australia
All other
Total
Total foreign countries ^
International and regional 4 . . . .
Grand total 3
*
•
16
2
3
3
*
*
1
87
1
1
93
83
*
370
48
814
1,617
111
131
4,541
6,462
251
3,422
1,897
165
625
736
699
3,420
146
4,354
497
2
1
15
*
3
3
*
21
137
1
73
83
*
298
48
June 30 1964*
903
1,678
147
134
4,510
6,634
258
3 540
1,910
158
646
751
616
3,325
128
4,253
502
2
1
15
*
3
3
*
21
133
1
123
82
*
312
50
2
1
13
*
3
3
*
21
126
1
1
133
83 '
3
901
1,791
192
160
4,653
6,884
265
3 146
1,961
164
688
778
591
3,726
136
3,967
430
361
49
2
129
75
*
328
46
•
•
14
6
1
*
41
131
911
1,782
198
176
4,709
6,811
239
2 927
1,898
135
689
807
610
3,528
135
4,245
620
3
*
14
1
7
*
4
131
*
2
130
77
•
380
49
902
1,832
228
167
5,003
6,616
224
3 039
1,823
188
687
839
615
3,737
129
4,153
575
3
•
14
1
7
1
1
5
131
*
2
130
77
*
402
48
4f
668 30,093
729 30,433
779
741 30,420
800 30,757
822
4,057
389
3,929
644
3,882
700
3,805
686
687
3,555
686
3,674
686
271
429
178
205
16
626
98
132
281
806
336
1
1
•
1
4•
1
•
1
1
393
348
172
243
15
688
111
168
262
905
398
1
1
*
*
4
1
*
1
1
2
453
360
176
216
14
759
117
198
263
933
376
1
453
329
186
231
12
808
129
215
284
992
424
1
1
•
1
*5
452
329
181
244
11
837
91
230
277
1,017
463
*
*
*
13
3,703
12
3,865
4,063
12
4,132
*
•
*
1
*
1
1
*
*
*
2
5
424
295
227
238
11
817
105
271
276
1,057
487
3,398
*
•
*
1
*
2
10
*
*
*
1
14
4,208
4
288
72
2,499
6
1
295
76
2,613
<
1
302
67
2,689
298
92
2,758
<
1
437
1,447
40
*
40
486
1,544
*
42
486
1,645
*
42
302
90
2,750
232
513
1,848
*
38
311
86
2,745
227
529
1,903
1
5
*
42
4,958
50
480
1,551
5,238
*
1
«
*
41
4t
1
49
5,310
51
5,516
51
47
5,735
44
5,801
48
540
188
373
*
*
*
10
671
188
291
*
*
10
10
645
196
276
*
c
670
198
284
•
10
683
186
331
*
10
636
191
355
10
1,101
10
1,182
10
1,200
10
1,150
10
9
1,152
10
1,117
10
337
287
*
29
360
355
30
348
326
28
388
314
*
30
*
26
373
308
*
25
384
351
26
29
715
30
674
28
702
30
26
681
25
735
26
1,530 45,669
1,568
1,570 46,292
1,596
624
43,054
7,349
50,403
1,199 44,655
911
7,086
2,110 51,741
4t
1,413 45,024
1,065
7,093
2,478 52,117
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 arc not available to reconcile the 2 series.
2
Includes, in addition to other Western European countries, unpublished gold reserves of certain Western European countries; gold to be
distributed by the Tripartite Commission for the Restitution of Monetary Gold; European Fund; and the Bank for International Settlements
(the figures for the gold reserves of the BIS represent the Bank's net
gold assets).
3 Excludes gold reserves of the U.S.S.R., other Eastern European
countries, and China Mainland.
* Includes international organizations and Latin American and Euro-
Mar. 31 , 1964
708 29,888
Latin American republics:
Indonesia .
Japan
Philippines
Thailand .
Other
Dec. 31, 1963
Sept. 3(), 1963
U.S. Govt.
Gold& U.S. Gold& U.S. Gold& U.S. Gold& bonds & notes * Gold& U.S. Gold& U.S.
short- Govt. short- Govt. short- Govt. shortshort- Govt. short- Govt.
term bonds
term bonds
term
term bonds
term bonds
term bonds
dollars & notes dollars & notes dollars & notes dollars
Old
New dollars & notes dollars & notes
series series
Area and country
Brazil
Chile .
June 30, 1963
*
1
*
5
1
*
1
1
1
12
*
1
1
1
1,524 45,675
6,958
1,213
1,218
2,693 52,627
2,781
2,742 52,743
1,163
7,068
*
1,170
*
1
*
*
*
*
2
4>
7,294
1,068
2,740 53,586
2,664
pean regional organizations, except the Bank for International Settlements
and European Fund, which are included in "Other Western Europe."
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. 1498.
See also NOTE to table on gold reserves.
1492
INTL. CAPITAL TRANSACTIONS OF THE U.S.
NOVEMBER 1964
1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANES IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
International and regional
End of
period
Grand
total
European
regional 2
1
Foreign
L.A.
regional
Europe
Latin
Canada America
Officials
Other
9 154
10 212
10,940
11 963
7,076
7,048
57,841
2 198
2,439
2,758
3,349
2,408
2,308
2,340
2,448
Africa
Other
countries
2,780
3,115
52,974
3,444
253
227
283
319
119
125
104
152
Asia
Total
Intl.
419 389
21,272
522,533
25,019
43,158
4,012
3,752
5,145
43,158
3,897
3,695
4,938
34
16 231
17,260
518,781
173 19 874
7,911
8 473
9,046
10,322
10 162
1963—Sept....
Oct
Nov
Dec
25,882
26,294
26,428
25,938
4,780
4,756
4,668
4,637
4,624
4,619
4,528
4,501
18
17
17
18
137
120
122
118
21,102
21,538
21,760
21,301
12,392
12,342
12,394
12,467
8,710
9,195
9,367
8,834
10,789
10,865
10,819
10,770
3,107
3,373
3,493
2,988
3,003
3,019
3,034
3,137
3,779
3,852
3,955
3,971
264
265
274
241
160
164
185
194
1964—Jan
Feb
Mar
Apr
May....
June....
July 3
Aug.* ...
Sept.P.. .
26,122
26,119
25,905
26,334
26,340
26,300
26,863
27,243
27,369
4,668
4,775
4,731
4,780
4,833
4,926
4,910
4,917
5,066
4,537
4,649
4,603
4,591
4,654
4,755
4,748
4,757
4.910
17
17
19
16
16
25
18
18
17
115
109
108
172
163
146
144
143
139
21,454
21,344
21,174
21,554
21,507
21,374
21,953
22,326
22,303
12,217
12,059
12,015
11,758
11,906
12,102
12,121
12,309
12,346
9,237
9,285
9,159
9,796
9,601
9,272
9,832
10,017
9,956
10,752
10,618
10,679
10,643
10,618
10,658
10,788
11,144
11,281
3,100
3,034
2,684
2,903
2,932
2,743
3,030
3,065
2,837
3,171
3,191
3,192
3,365
3,332
3,313
3,400
3,358
3,291
4,012
4,077
4,194
4,224
4,209
4,245
4,312
4,352
4,438
246
238
248
236
231
228
234
225
231
172
184
177
184
185
186
190
183
189
Germany,
Fed.
Rep. of
Greece
Italy
Nether- Norway
lands
Portugal
Spain
186
63
67
119
1,370
485
328
216
248
95
82
105
125
138
84
99
161
86
149
153
177
213
227
406
490
1959
I960
1961
1962
Total
115
57
la. Europe
End of period
Total
Austria Belgium
Denmark
Finland
France
Sweden
1959
I960
1961
1962
8,473
9,046
10,322
10,162
331
243
255
329
138
142
326
177
137
54
52
67
71
46
91
73
1,157
1,987
3,476
2,842
2,730
1963—Sept....
Oct
Nov....
Dec
10,789
10,865
10,819
10,770
399
372
347
365
311
410
401
420
116
128
144
161
73
78
86
99
1,479
1,434
1,499
1,478
2,873
2,965
3,041
3,041
181
174
183
188
1,249
1,029
329
367
361
360
127
119
119
133
149
152
162
191
177
164
172
205
434
419
431
409
1964—Jan
Feb
Mar
Apr
May . . .
June....
July
Aug.P...
Sept.?3...
10,752
10,618
10,679
10,643
10,618
10,658
10,788
11,144
11,281
360
322
342
297
341
310
327
355
355
440
431
406
437
439
440
396
424
426
176
157
167
191
195
197
213
229
260
93
108
110
111
112
102
105
105
109
1,487
1,467
1,411
1,406
1,518
1,552
1,558
1,525
1,529
2,999
3,157
2,858
2,386
2,303
2,535
2,360
2,361
2.288
177
167
162
156
148
147
143
130
129
685
536
784
849
866
891
928
319
289
297
254
264
222
309
316
362
107
96
104
117
159
157
167
171
174
199
200
192
189
193
190
216
230
224
206
217
234
218
241
264
296
376
396
421
431
428
415
420
433
451
509
551
Colombia
Cuba
655
519
989
877
1,234
1,384
877
803
1,057
1.121
la. Europe—Continued
lb. Latin America
Switzerland
Turkey
United
Kingdom
1959
I960
1961
1962
969
678
875
908
31
18
26
25
1,667
2,227
1,609
6
10
12
11
569
357
325
351
3
12
5
3
13
14
16
19
1963—Sept....
Oct
Nov....
Dec
824
857
831
906
21
26
25
21
1.747
1,807
1,706
1,483
15
15
16
16
265
325
395
465
2
2
1964—Jan
Feb
Mar....
Apr
May . . .
June....
July
Aug. ^...
Sept.?3...
915
919
986
18
28
20
16
15
14
13
12
18
1,777
1,735
1,787
2,008
1,931
1,714
1,864
1,951
1,920
14
13
13
13
14
14
14
13
16
334
320
357
514
372
309
278
254
260
End of period
1,043
1,063
1,138
1,121
1,102
1,121
For notes see following page.
990
Yugoslavia
Other
Other
Western6 U.S.S.R. Eastern
Europe
Europe
Argentina
Brazil
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
3,003
3,019
3,034
3,137
404
381
360
375
181
185
189
133
122
135
143
155
163
162
2
17
21
20
24
169
13
12
11
11
665
632
654
669
3
2
3
3
4
3
4
3
3
23
22
19
21
20
25
23
21
20
3,171
3,191
3,192
3,365
3,332
3,313
3,400
3,358
3,291
381
392
376
377
402
350
336
307
313
131
136
138
142
135
184
168
172
181
174
11
173
181
190
178
173
164
149
169
11
11
12
11
11
10
10
10
684
708
681
707
659
649
666
674
638
2
Total
179
169
172
179
178
189
174
176
221
210
Chile
Mexico
1493
INTL. CAPITAL TRANSACTIONS OF THE U.S.
NOVEMBER 1964
1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
lc. Asia
lb. Latin America—Continued
End of
period
Panama
Peru
Uruguay
Venezuela
277
105
62
51
57
101
405
117
111
125
129
141
153
155
158
92
93
110
113
532
111
113
91
168
173
173
105
104
106
646
592
616
1959
I960
1961
1962
129
123
87
98
1963—Sept....
Oct
Nov....
Dec
1964—Jan
Feb
Mar....
Apr
May . . .
June....
July. . . .
Aug. P.5 . .
Sept.* ...
82
72
84
90
90
105
85
92
89
191
197
204
218
214
204
Other
L.A.
Rep.
581
591
717
687
656
769
707
676
Korea
Philippines
1,285
1,887
51,672
2,195
148
152
199
203
185
94
84
92
136
174
75
1963—Sept
Oct
Nov
Dec
2,385
2,403
2,456
2 454
86
91
197
209
196
126
134
1964—Jan
Feb
2,424
2,388
2,446
2,415
2,393
2,441
2 451
2,514
2.557
Mar. . . .
Apr
May . . . .
June....
July
Aug.P. . .
Sept.P. . .
108
113
122
126
124
120
115
106
100
101
103
172
209
201
203
209
205
203
204
218
216
230
India
36
35
35
36
60
114
57
56
65
78
41
267
97
310
307
306
355
132
128
134
136
94
87
82
93
36
30
30
15
3,779
3,852
3,955
3,971
35
35
35
35
65
67
69
66
358
391
397
412
425
426
427
419
402
128
125
88
87
88
86
85
93
93
96
98
16
14
13
11
4,012
4,077
4,194
4,224
4,209
4,245
4,312
4,352
4,438
35
36
36
36
36
36
35
35
36
78
72
74
72
71
71
75
80
77
141
154
155
166
171
166
175
Taiwan
14
16
14
19
18
141
149
166
177
200
215
219
232
249
248
238
Morocco 8
South
Africa
253
227
283
319
31
32
58
64
93
68
49
29
32
41
20
22
15
14
332
344
264
265
77
382
381
353
274
241
24
24
25
26
40
43
55
41
385
400
409
416
416
425
426
439
442
384
441
472
512
510
490
523
507
533
246
238
248
236
231
228
234
225
231
25
25
48
41
33
24
19
17
20
18
17
42
43
Other
Asia
Total
141
186
504
204
254
280
264
333
382
382
379
34
35
26
25
24
25
24
23
16
71
59
49
54
55
51
49
Indonesia
139
178
76
28
87
23
32
27
93
51
48
51
52
55
44
54
46
45
40
42
40
27
28
56
67
64
62
56
60
Israel
75
63
81
105
113
112
121
129
126
132
140
135
133
129
134
le. Other countries
Congo
(Leopoldville)
Thailand
1
International Bank for Reconstruction and Development, International Monetary Fund, International Finance Corp., International
Development Assn., and other international organizations; Inter-American Development Bank, European Coal and Steel Community, European
Investment Bank and other Latin American and European regional
organizations, except Bank for International Settlements and European
Fund which are included in "Europe."
2 Not reported separately until 1962.
3 Foreign central banks and foreign central govts. and their agencies,
and Bank for International Settlements and European Fund.
4 Includes $1,031 million representing increase in U.S. dollar subscription to the IMF paid in June 1959.
5 Includes $82 million reported by banks initially included as of Dec.
31, 1961, of which $81 million reported for Japan.
6 Includes Bank for International Settlements and European Fund.
7 Decline from end of 1961 reflects principally reclassification of deposits for changes in domicile over the past few years from Cuba to other
countries.
8 Data based on reports by banks in the Second F.R. District only for
year-end 1959-1962.
Hong
Kong
Id. Africa
Japan
1959
1960
1961
1962
China
Mainland
33 2,780
12 3,115
15 52,974
10 3,444
lc. Asia—Continued
End of
period
Total
88
72
89
226
616
8
9 14
69
111
123
227
235
398
418
98
104
105
106
112
109
Other
Bahamas
Neth.
&
Antilles & Latin
Bermuda 8 Surinam America
43
46
49
38
44
38
46
U.A.R. Other
(Egypt) Africa
Total
Australia
All
other*
95
80
109
161
119
125
104
110
88
98
147
9
37
6
12
18
14
14
111
109
160
164
121
112
14
16
14
194
146
148
171
180
17
19
24
26
21
22
24
20
22
114
110
123
114
118
126
120
125
131
172
184
177
184
185
186
190
183
189
157
170
162
162
164
166
168
162
169
15
14
15
22
21
19
22
20
20
152
185
5
13
9 Bermuda only; Bahamas included in "Other Latin America."
i 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 1962 based on reports by banks
in the Second F.R. District only; thereafter data based on reports by
banks in all F.R. Districts.
11 Based on reports by banks in all F.R. Districts.
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.
1494
INTL. CAPITAL TRANSACTIONS OF THE U.S.
NOVEMBER 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)
1964
1963
Dec.
Apr.
5.6
2.9
10.8
1.7
5.2
4.7
8.9
2.0
7.0
10.7
7.4
2.7
4.7
6.0
8.6
2.4
H23.2
16.5
H42.0
36.3
1122.
H40.9
10.5
13.8
3.3
14.8
5.7
3.1
21.2
32.8
47.4
37.8
48.6
74.8
11.9
23.7
5.8
42.5
6.8
4.1
32.6
29.1
58.0
53.4
41.7
47.9
12.9
20.0
6.5
35.0
8.9
5.7
35.1
35.9
40.6
62.1
57.8
65.1
17.3
26.3
4.7
52.3
8.4
5.5
9.0
22.6
7.3
6.3
1.0
1.3
1.3
.6
5.3
2.5
12.6
4.9
13.3
8.9
10.2
9.6
5.0
9.9
6.9
3.1
4.2
n.a.
2.1
3.7
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
Other Latin America:
British West Indies
French West Indies & French
Guiana
Other Asia:
Afghanistan.
Burma
Cambodia. .
Ceylon
1962
Area or country
Apr.
1964
1963
1962
Area or country
Apr.
Dec.
Apr.
Other Asia (Cont.):
H18.7
Iran
8.5
Iraq
1.2
Jordan
33.0
Kuwait
14.0
Laos
65.9
Lebanon
18.4
Malaysia
15.9
Pakistan
17.0
Ryukyu Islands (incl. Okinawa),
28.4
Saudi Arabia
4.9
Syria
Viet-Nam
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
19.8
2.8
46.5
8.8
76.3
24.1
17.3
21.7
61.7
2.1
12.1
33.4
n.a.
2.7
49.9
6.5
108.1
24.3
16.1
31.6
151.0
5.7
17.9
Other Africa:
Algeria
Ethiopia, incl. Eritrea
Ghana
Liberia
Libya
Mozambique
Nigeria
Somali Republic
Southern Rhodesia
Sudan
Tunisia
1.6
17.0
4.1
17.6
5.5
2.5
26.8
.6
n.a.
2.4
10.9
20.8
10.8
13.4
10.5
1.1
24.5
.6
n.a.
2.4
11.6
.9
22.3
6.4
22.0
14.1
1.4
17.8
.8
3.6
2.5
1.0
1 .0
32.1
4.7
8.8
10.5
18.8
All other:
New Zealand
6.3
17.8
14.9
1.4
n.a.
.8
3.5
2.0
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 banks and official institutions
End of period
To all other foreigners
Deposits
Total
Demand
U.S.
Treasury
bills and
Time * certificates
6 ' 41
7,568
8,644
8,707
8 528
Deposits
Special
U.S.
notes 2
Other 3
7,180
7,491
7,363
7,363
9,214
42,065
2,469
2,388
2,388
3,012
1,328
1,401
1,549
1,567
1,557
2,398
2,230
2,356
2,358
2,565
Total
Demand
419,389
21,272
22,450
22,533
25,019
416,913
18,929
19,944
20,025
22,311
1963—Sept
Oct
Nov
Dec
25,882
26,294
26,428
25,938
22,852
23,205
23,277
22,758
5,567
5,760
5,994
5,629
3,647
3,824
3,806
3,673
8,859
8,735
8,555
8,571
3,028
3,036
3,036
3,036
1,751
1,850
1,886
1,849
2,921
2,943
3,022
3,047
1964 Jan
Feb
Mar
Apr
May
June
July
Aug.P
Sept.P
26,122
26,119
25,905
26,334
26,340
26,300
26,863
27,243
27,369
22,990
22,923
22,682
23,069
23,116
23,044
23,611
23,962
24,003
5 900
5,796
5,818
6,063
5,901
5,772
6,210
6,359
6,242
3,756
3,842
3,800
3,938
3,923
3,723
3,788
3,770
3,753
8,531
8,371
7,972
7,687
7,800
7,866
7,914
8,163
8,180
3,036
3,166
3,171
3,166
3,164
3,289
3,289
3,275
3,425
1,767
1,748
1,921
2,215
2,328
2,394
2,409
2,395
2,403
3,002
3,070
3,111
3,148
3,107
3,132
3,130
3,158
3,234
1959
1960
1961
1961 5
1962
1
Excludes negotiable time certificates of deposit which are included
in "Other."
2
Nonnegotiable, non-interest-bearing special U.S. notes held by the
International Monetary Fund; excludes such notes held by the International Development Assn. and the Inter-American Development
Bank, which amounted to $292 million on Sept. 30, 1964.
Payable
in
foreign
currencies
Total
Time l
1I
1.849
1,976
1.977
2,096
U.S.
Treasury
bills and
certificates
Other 3
295
148
149
149
116
270
233
231
232
352
77
113
150
150
143
M93
902
931
949
966
109
122
134
119
469
499
485
469
108
145
130
134
1 425
,443
,424
,457
,467
1,496
1,464
,450
,478
980
994
,023
,038
,057
,077
,093
,132
,175
120
127
136
116
87
75
86
91
101
477
506
528
537
495
484
487
485
480
131
125
112
117
118
123
123
124
132
,441
,391
.454
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 I M F
paid in June 1959.
5 These figures reflect the inclusion of data for banks initially included
as of Dec. 31, 1961.
1495
INTL. CAPITAL TRANSACTIONS OF THE U.S.
NOVEMBER 1964
3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
Grand
total
End of period
Intl. and
regional
Europe
Canada
Latin
America
Asia
Africa i
Other
countries
1959
1960
1961
1962
2,624
3,614
3 4,820
5,163
534
111
161
877
272
421
556
526
1,176
1,356
1,522
1,606
586
1,052
3 1,891
2,017
1963—Sept...
Oct.. .
Nov...
Dec...
5,458
5,590
5,759
'5,975
919
964
989
'939
554
627
634
'638
1,699
1,694
1,688
1,742
2,147
2,166
2,298
2,493
97
104
51
56
52
58
1964—Jan...
Feb.. .
Mar...
Apr...
May..
June..
July..
Aug.*».
Sept.*
'6,158
r
6,265
'6,372
'6,497
'6,561
'6,901
6,731
6,782
6,805
'954
'1,001
'940
'1,002
'1,028
'1,164
1,075
1,050
1,064
'680
'636
'713
'735
'764
'855
744
746
672
1,761
1,753
'1,781
'1,818
1,795
1,856
1,917
1,936
1,988
2,601
2,716
2,796
2,794
2,825
2,874
2,837
2,890
2,922
104
100
98
102
98
100
98
98
101
55
56
44
45
'50
'52
58
62
58
2
56
69
85
137
3a. Europe
France
Germany,
Fed. Rep.
of
Greece
Italy
Netherlands
Norway
Portugal
Spain
8
9
23
30
57
32
42
68
54
82
165
186
5
6
6
6
30
34
35
54
38
33
54
27
7
17
27
35
2
4
5
9
8
8
11
19
19
28
35
18
11
11
11
13
51
49
49
52
69
66
65
70
146
151
170
121
10
9
9
9
70
81
82
97
37
41
36
33
35
34
41
40
13
14
16
14
45
38
29
26
32
33
36
30
13
15
15
12
15
16
17
18
17
53
69
69
75
63
63
65
62
65
74
80
85
86
92
86
79
72
74
160
165
123
135
158
135
114
133
127
9
9
9
9
9
10
11
10
10
96
95
83
85
90
114
100
94
92
40
42
43
47
38
45
46
40
40
39
34
33
34
35
41
34
35
33
12
12
17
17
15
16
19
20
17
26
24
27
25
25
28
31
32
31
25
25
23
29
29
32
31
31
36
Total
Austria
Belgium
Denmark
1959
1960
1961
1962
534
717
767
877
4
2
5
7
56
65
20
32
18
13
11
14
1963—Sept..
Oct...
Nov..
Dec...
919
964
989
'939
10
10
9
8
28
26
27
26
1964—Jan.. .
Feb...
Mar..
Apr...
May..
June..
July. .
Aug.*
Sept.*
'954
'1.001
'940
'1,002
'1,028
'1,164
1,075
1,050
1,064
8
8
8
8
9
7
7
8
9
25
30
28
29
30
31
29
31
31
End of period
Finland
3a. Europe—Continued
End of period
Switzerland
Turkey
United
Kingdom
Sweden
3b. Latin America
Other
Other
Yugo- Western
Eastern Total
slavia Europe 4 U.S.S.R. Europe
5
Argentina
Brazil
Chile
Colombia
Cuba
Mexico
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—Sept
Oct
Nov
Dec
75
91
78
70
47
42
23
48
196
229
262
'237
19
20
22
23
1,699
1,694
1,688
1,742
187
183
184
188
210
183
172
163
179
186
192
187
169
180
185
208
18
18
18
18
454
445
443
465
1964—Jan
Feb
Mar
Apr
May
June
July
Aug.*
Sept.*
79
74
77
81
76
85
91
88
82
36
50
46
25
23
42
52
35
49
'212
'219
'198
'246
'255
'347
285
277
290
23
23
23
25
24
22
22
21
22
1,761
1,753
'1,781
'1,818
1,795
1,856
1,917
1,936
1,988
179
175
176
180
175
171
175
175
187
170
166
155
147
141
147
147
153
158
184
184
182
192
186
191
187
187
196
218
219
222
226
230
246
251
250
273
17
17
16
17
17
17
16
16
16
468
477
'498
'519
511
543
575
572
569
1959
1960
1961
1962
For notes see following page.
11
14
17
24
29
26
23
21
1496
INTL. CAPITAL TRANSACTIONS OF THE U.S.
NOVEMBER 1964
3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
3c. iVsia
3b. Latin America—Continued
End of
period
Panama
Peru
Uruguay
Venezuela
Other
L.A.
Republics6
Neth.
BahaAntilles
mas
&
&
SuriBernam
muda 1
i
\\
1959
I960
1961
1962
18
23
32
30
36
44
74
85
47
57
55
122
247
234
144
102
57
55
56
66
1963—Sept
Nov.,...
Dec
30
33
33
35
103
103
98
99
86
92
82
65
102
103
106
114
109
116
121
135
33
31
33
42
1964—Jan
Feb
Mar
Apr
May....
June....
July
Aug.P...
Sept. P.. .
47
45
50
46
41
44
40
38
37
106
107
110
113
113
114
112
104
102
54
50
50
48
51
54
55
62
63
109
112
115
123
125
128
140
137
140
148
145
147
147
144
140
160
169
172
37
33
34
37
35
37
38
41
42
Oct
Other
Latin
America?
\
c
r
c>
\
S
s
K)
\7
11
13
\1
11
IS
IS
1959
1960
1961
1962
Japan
Korea
324
806
1
2
4
3
31 528
1 740
1963—Sept . .
Oct
Nov
Dec
1964—Jan
Feb
Mar
Apr
May
June
July p
Aug.
Sept.p
Philippines
Taiwan
Thailand
Other
Asia
15
24
34
41
180
150
145
80
9
7
10
9
43
44
45
52
69
72
73
71
88
82
97
104
52
58
58
57
54
57
53
56
53
80
76
77
74
84
104
100
98
102
98
100
98
98
101
890
904
017
171
16
13
26
25
56
63
74
113
2 247
2 340
2 400
2,394
2 421
2 469
2 416
2,471
2,492
28
30
31
29
28
27
27
23
25
129
142
150
161
155
158
174
179
179
9
10
9
8
7
7
7
7
8
78
78
77
80
1 Not reported separately until 1963.
23 Includes Africa until 1963.
Includes $58 million reported by banks initially included as of Dec.
1961,
of which $52 million reported for Japan.
4
Until 1963 includes Eastern European countries other than U.S.S.R.,
Czechoslovakia,
Poland, and Rumania.
5
Czechoslovakia, Poland, and Rumania only until 1963.
6
Bolivia, Dominican Republic, El Salvador, and Guatemala only until
1963.
7 Until 1963 includes also the following Latin American Republics:
Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay,
and Trinidad and Tobago.
Total i
24
19
114
70
11
8
8
8
1
1
2
2
2
2
2
57
66
74
98
1 052
31,891
2 017
586
11
15
14
16
2,147
2 166
2,298
2,493
2
2
15
12
14
11
11
10
10
13
15
2,601
2,716
2,796
2,794
2,825
2,874
2,837
2,890
2,922
2
2
2
2
2
2
2
2
2
2
2
2
Hong
Kong
India
10
9
9
13
6
9
8
20
14
24
36
37
11
11
12
11
20
18
16
17
28
30
25
22
11
11
12
13
13
15
16
16
20
18
17
26
22
23
21
20
19
24
25
29
31
34
38
39
44
39
39
3d. Africa
3c. Asia—Continued
End of period
China
Mainland
Total
2
9
U.A.R. Other Total 2
(Egypt) Africa i
Australia
All
others
o
o
2
3
13
26
4
15
16
5
29
27
27
28
42
36
51
59
51
56
52
58
44
49
44
48
7
8
8
9
9
]5
]
1
17
20
1
]q
19
19
18
25
28
24
24
29
26
26
26
29
61
55
55
56
49
52
50
50
52
55
56
44
45
r
50
r
52
58
62
58
47
49
36
37
r
40
r
43
49
52
49
8
8
8
8
9
9
9
9
10
1
]
1
9
1
9
9
0
9
1
Israel
3e. Other countries
Congo
(Leo- Moroc- South
poldco i
Africa
ville)
3
3
6
2
Indonesia
2
56
69
85
137
18
28
29
41
21
24
27
57
8 Until 1963 includes also African countries other than Congo (Leopoldville), South Africa, and U.A.R. (Egypt).
NOTE.—Short-term claims are principally the following items payable
on demand or with a contractual maturity of not more than 1 year: loans
made to and acceptances made for foreigners; drafts drawn against
foreigners where collection is being made by banks and bankers for
their own account or for account of their customers in the United States;
and foreign currency balances held abroad by banks and bankers and
their customers in the United States. Excludes convertible currencies
held by U.S. monetary authorities.
See also NOTE to Table 1.
1497
INTL. CAPITAL TRANSACTIONS OF THE U.S.
NOVEMBER 1964
4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Payable in dollars
Loans to—
End of period
Total
Total
Official
institu-1
tions
Banks
Others
498
524
699
709
953
460
482
618
622
642
516
605
694
700
686
758
2,624
3,614
4,762
4,820
5,163
2,406
3,135
4,177
4,234
4,606
1,309
1,296
1,646
1,660
1,954
351
290
329
329
359
1963—Sept
Oct
Nov
Dec
5,458
5,590
5,759
r
5,975
4,853
4,896
5,121
r
5,344
1,739
1,732
1,919
1,915
840
722
153
201
852
961
727
757
186
955
774
1964 Jan
'6,158
'6,265
'6,372
'6,497
'6,561
'6,901
6,731
6,782
6,805
'5,509
r
5,620
'5,710
'5,788
r
5,826
'6,093
6,043
6,090
6,131
2,024
2,057
'2,051
'2,098
'2,143
'2,196
2 237
2,271
2,314
191
1.037
,090
,086
1,108
\
1,138
1,143
1,152
1,176
I 207
796
Mar
Apr
May
June
July 7
Aug.*p
Sept
Collec- Acceptances
tions
made Other 3
outacct.
stand- for
of
foring
eigners 2
Total
1959
I960
1961
1961 5
1962
Feb
Payable in foreign currencies
177
176
162
152
140
168
168
150
159
1 Includes central banks.
2 Not reported separately until 1963.
3 Until 1963 includes acceptances made for account of foreigners.
4 Until 1963 includes foreign government securities, commercial and
finance paper.
773
801
832
863
791
803
'838
'865
'885
917
891
932
911
932
933
956
945
948
956
980
582
Total
1,233
1 837
1 874
1,967
217
480
586
586
557
2,042
2,046
2,052
2,214
2,248
2,325
2 394
2,413
2 373
2,438
2 401
2,403
2,409
Foreign
govt. seDeposits curities,
with for- comml. Other *
eigners and finance
paper 2
15
203
242
385
386
371
238
200
200
186
314
605
345
350
'384
694
639
'631
465
432
174
156
148
49
432
157
42
'373
'348
'333
'367
'378
'526
448
'649
'644
'662
'709
'735
'808
688
399
410
397
444
452
494
419
'207
'197
'211
'210
'221
'254
207
43
460
428
692
674
416
416
202
176
74
83
407
55
51
36
55
56
62
60
62
5 These figures reflect the inclusion of data for banks initially included
asofDec31,1961.
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
Payable in dollars
End of period
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—Sept
Oct
Nov
Dec
2,512
2,512
2,584
13,015
2,512
2,509
2,581
13,013
2,471
2,470
2,545
2,796
1964
3,058
3,107
3,246
3,276
3,297
'3,312
3,369
3,440
3,553
3,056
3,104
3,245
3,275
3,297
'3,311
3,368
3,440
3,552
2,839
2 888
3,030
3 062
3,084
'3,109
3 174
3,242
3,357
Jan
Feb
Mar
May
July p
Aug v
Sept
l Includes $193 million reported by banks for the first time as of
December 1963, representing in part claims previously held but not
reported by banks.
Total
liabilities
41
•
39
36
2
2
217
2
217
2
217
215
213
2
212
202
194
198
195
55
66
64
69
73
74
104
145
154
156
*
174
173
168
1498
INTL. CAPITAL TRANSACTIONS OF THE U.S.
NOVEMBER 1964
6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE
(In millions of dollars)
U.S. corporate
securities 2
U.S. Gov . bonds and notes l
Foreign bonds
Foreign stocks
Net purchases or sales
Period
Intl.
and
Total
regional Total
1960
1961
1962..
1963
127
512
-728
671
225
532
-521
302
-98
-20
-207
369
83
8
105
-25
-4
3
61
-14
87
5
44
-11
-5
30
-27
-4
-83
-48
1
*
1
-103
43
29
-27
-5
20
-16
-98
1
-61
1963—Sept
Oct
Nov
Dec
1964—Jan
Feb
Mar
Apr
May
June
July v
Aug p
Sept
12
...
-81
-84
Foreign
Official
Purchases
Net pur- PurSales chases or chases
sales
2,419
3,384
2,568
2,980
2,167
3,161
2,508
2,773
252
223
60
207
883
802
1,093
991
Net pur- PurSales chases or chases
sales
Sales
Net purchases or
sales
Other
-562
1,445
-460
1,262
2,037
-944
2,086 - 1 , 0 9 5
509
596
702
696
592
966
806
644
-83
-370
-104
51
82
5
14
43
-6
-9
1
-5
239
261
258
277
236
272
227
254
4
-11
31
23
228
50
29
40
232
43
61
62
-4
7
-32
-22
44
60
70
63
23
31
28
28
21
29
42
34
27
26
17
3
-27
-8
20
309
230
299
340
313
296
264
334
360
296
13
-34
-35
-20
16
37
126
40
177
157
3
-75
3
-107
-103
77
62
66
71
62
36
36
50
50
32
26
31
22
12
10
313
-44
64
284
260
17
112
6
3
297
40
51
43
70
53
76
29
17
-68
-2
70
37
47
353
262
61
49
42
32
19
16
49
42
7
4
12
1
-17
-37
-23
-40
3
3
267
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.
301
-34
67
51
97
-5
8
-46
NOTE.—Statistics include transactions of international and regional
organizations.
See also NOTE to Table 1.
7. NONMARKETABLE U.S. TREASURY BONDS AND NOTES H U D BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES
(In millions of dollars)
Payable in foreign currencies
Payable in dollars
End of period
Total
Austria
Belgium
Germany
Italy
Switzerland
Total
Canada
Sweden
Italy
1962—Dec
251
200
51
1963—Oct
Nov
Dec
705
705
730
25
25
50
30
30
30
275
275
275
200
200
200
175
175
175
163
163
163
125
125
125
13
13
13
25
25
25
730
730
680
732
802
802
953
1,005
1,005
1,086
50
50
50
50
50
50
50
50
50
30
30
30
200
200
150
125
125
125
10
10
8
158
158
125
125
25
25
25
25
25
25
25
25
25
50
30
679
175
175
175
175
i 245
1245
1245
1297
i 297
i 327
160
160
158
30
30
30
30
275
275
275
477
477
477
628
628
628
1964—Jan
Feb
Mar
Apr
May..
June
July
Aug
Sept
Oct
.
..
30
30
i Includes the equivalent of $70 million payable in Swiss francs to the
Bank for International Settlements.
152
152
152
354
354
125
125
125
2 329
2 329
g
g
2
2
2
25
2 Includes $204 million of nonmarketable bonds issued to the Government of Canada in connection with transactions under the Columbia
River treaty.
1499
INTL. CAPITAL TRANSACTIONS OF THE U.S.
NOVEMBER 1964
8. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES,
BY TYPE OF SECURITY AND BY COUNTRY
(In millions of dollars)
Country or area
Type of security
Period
Total
Stocks
Bonds
France
Switzerland
United
Kingdom
Other
Europe
Total
Europe
Canada
Latin
America
Asia
1960
1961
1962
1963
252
223
60
207
202
323
111
198
50
-99
-51
9
38
21
4
-8
171
166
129
-14
-48
-17
-33
206
72
61
24
16
234
232
124
199
-45
-112
-43
-47
36
44
-20
14
13
44
-18
17
1963—Sept...
Oct...
Nov...
Dec...
4
-11
31
23
11
-8
38
21
-7
-3
-7
2
2
-10
6
3
9
15
22
8
1
-5
6
7
11
-2
36
18
-6
-11
-14
2
-4
*
5
1
1
1
1
1
1964—Jan...
Feb...
Mar...
13
-34
-35
-20
16
17
-68
-2
-34
4
-26
-51
-17
3
-6
-74
-50
-43
9
-9
16
-2
14
23
6
48
9
-1
-1
3
•
-2
•
2
•
-9
-4
-4
-3
-5
-2
-6
-13
-6
-21
-24
-32
-22
-15
-16
-22
-19
-24
7
28
-32
19
4
8
4
5
3
6
-12
-25
-25
-27
-17
-3
-61
-4
-16
11
-10
-5
10
9
10
-8
3
-18
10
1
-10
-2
23
4
-4
-3
*
1
-2
2
-1
1
3
3
May!!
June..
July..
Aug. p .
Sept.».
o
8
2
*
1 Not reported separately until May 1963.
2 Yearly figures include Africa.
1960
1961
1962
1963
Intl.
and
regional
-645 -147
-830
1
-1,048 -235
— 1,044 - 9 6
Total
foreign
countries
-498 -117
-832 -262
-813 -188
—949 - 4 9
Latin
Can- A
m e r - Asia
ada
ica
15
32
8
10
-11
10
2
16
-16
28
8
16
2
2
1
20
-10
-5
-11
1964—Jan...
Feb..
Mar..
Apr.
May.
June.
July. .
Aug.?
Sept.*7
35
-49
33
-85
-91
-28
14
24
-39
3
1
2
-48
1
9
4
1
32
-49
31
-38
-92
-36
9
23
-39
24
22
23
24
8
13
19
4
-5
16
-76
10
-44
-93
-49
6
19
-35
1
-4
1
-14
3
2
-13
1
-10
8
-4
-5
-12
-8
-5
-2
-1
Not reported separately until May 1963.
Yearly figures include Africa.
Africa
Other
countries2
1
-36
-73
-50
-196 - 1 0 7
-41
— 318 - 5 8 - 1 2 1
-360
-41 -175
— 614 —26 —252
2
4
2
2
14
12
17
22
2
2
2
2
4
2
3
1
1
2
1
2
1
1
1
i
I
-2
Assets in custody
Europe
16
36
10
12
2
I
\
I
(In millions of dollars)
1963—Sept
Oct...
Nov..
Dec...
1
Intl.
and
regional
10. DEPOSITS, U.S. GOVT. SECURITIES, AND
GOLD HELD AT F.R. BANKS FOR FOREIGNERS
(In millions of dollars)
Total
Other
coun-2
tries
NOTE.—Statistics include small amounts of State and local govt. securities.
9. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM
FOREIGN SECURITIES, BY AREA
Period
Africa i
—2
1
—8
4
1
1
1
*
2
1
*
1
1
1
1
2
1
4
2
1
1
End of
period
Deposits
U.S. Govt.
securities *
Earmarked
gold
1959
1960
1961
1962
345
217
279
247
4,477
5,726
6 006
6,990
9,861
11,843
11 905
12,700
1963—Oct....
Nov...
Dec...
175
165
171
8,241
8,343
8,675
13,025
13,048
12,954
1964—Jan....
Feb...
Mar...
136
155
167
166
161
156
135
163
148
120
8,740
8,731
8,105
7,860
7,892
8,043
8,201
8,247
8,373
8.201
12,899
12,884
12,775
12,726
12,747
12,795
12,752
12,741
12,738
12,707
May!!
June..
July...
Aug...
Sept...
Oct....
1
U.S. Treasury bills, certificates of indebtedness,
notes, and bonds; includes securities payable in foreign
currencies.
NOTE.—Excludes deposits and U.S. Govt. securities
held for international organizations. Earmarked gold
is gold held for foreign and international accounts (for
back figures, see "Gold," Section 14 of Supplement to
Banking and Monetary Statistics, 1962).
1500
INTL. CAPITAL TRANSACTIONS OF THE U.S.
NOVEMBER 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
1963
II
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
USSR
Other Eastern Europe
2
20
3
1
Venezuela
.
...
Other L A Republics
Bahamas and Bermuda
Neth Antilles & Surinam
Other Latin America
Total
.
.
Total
Africa:
Congo (Leopoldville)
\f orocco
South Africa
U A R (Egypt)
Other Africa
Total
Other countries:
Australia
All other
Total*
International and regional
Grand total
...
II
7
40
5
9
'25
2
118
3
2
*
127
3
3
*
100
4
3
*
*
'346
'373
'325
319
316
'629
59
62
72
68
62
6
19
4
5
6
21
4
5
7
13
3
7
35
2
26
56
'3
l
6
1
1
7
3
21
1
1
28
36
5
24
46
3
1
9
7
19
5
102
1
3
*
5
27
7
3
50
106
6
89
28
'5
7
23
20
35
7
201
3
3
*
III
IV
6
26
5
3
48
106
7
102
24
'6
7
26
19
30
6
218
3
4
8
'22
8
4
47
103
9
106
32
'7
8
29
I
UP
7
18
6
7
52
5
70
82
9
101
30
6
7
17
27
5
8
32
20
23
5
10
47
'234
3
4
1
244
4
5
*
265
3
6
*
17
19
5
4
2
650
r
678
701
712
918
887
'688
861
847
6
11
3
8
30
103
26
20
40
113
25
19
39
119
24
19
7
1
22
9
2
7
6
6
53
13
5
60
13
5
59
10
34
127
23
22
8
21
6
56
14
28
112
23
22
19
5
37
38
10
9
11
19
4
38
40
11
10
8
27
9
36
39
10
5
11
26
7
37
42
20
5
10
25
15
40
44
21
5
11
447
1
3
3
r
3
*
6
17
*
8
20
4
3
27
11
r
2
9
2
3
4
25
11
r
5
9
2
6
1
22
13
i
6
4
113
118
110
122
112
'382
'388
'412
424
2
2
16
7
2
43
3
5
*
4
19
2
2
15
2
1
2
14
3
29
24
7
1
1
21
5
1
2
18
2
2
14
3
2
23
1
5
1
1
22
2
2
14
5
1
28
1
5
1
1
21
*
3
49
4
7
140
4
11
6
5
44
*
4
42
7
7
130
4
11
3
4
42
4
42
10
7
161
6
9
4
11
41
*
6
39
5
7
170
5
12
3
7
46
104
82
72
76
81
273
254
'295
300
5
62
11
*
5
39
s
8
160
4
11
4
7
53
i
1
7
98
|
14
*
*
12
10
10
1
*
10
6
8
35
33
13
4
1
*
11
9
6
19
7
114
13
101
34
6
13
3
6
*
11
29
8
3
20
10
2
6
5
9
4
6
1
*
10
2
6
2
1
8
15
15
25
21
19
18
6
17
5
25
4
17
24
22
*
*
*
'674
'691
'627
NOTE.—Reported by exporters, importers, and industrial and commercial concerns in the United States. Data exclude claims held through
2
26
3
1
33
34
2
25
46
IIP
8
27
4
1
31
33
2
30
50
*
10
11
.
2
23
2
32
*
Latin America:
Argentina
Brazil
Chile
Colombia
Cuba
M^exico
Panama
Peru
I
1964
1963
2
19
1
1
31
32
2
26
43
2
1
7
7
20
4
110
6
1
*
1
1
7
Canada
1964
IV
'3
Total
Asia:
China Mainland
Hong Kong ..
India
Indonesia
Israel
Japan
Korea
.
Philippines
Taiwan
Thailand
Other Asia
III
Claim son foreigners
1
2
">
9
12
18
3
2
9
11
18
1
8
14
23
1
13
13
26
41
42
43
50
55
27
6
28
8
28
7
32
9
33
5
37
6
30
33
35
35
42
38
43
*
1
3
2
2
635
624
'2,282
'2,257
'2,159
2.375
2,402
•
T
I
U.S. banks, and intercompany accounts between U.S. companies and
their foreign affiliates.
See also NOTE to Table 1.
1501
MONEY RATES
NOVEMBER 1964
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS
(Per cent per annum)
Changes during the last 12 months
Rate as of
Oct. 31, 1963
Country
Per
cent
Month
effective
Belgium
Brazil
6.0
4.5
4.25
10.0
4.0
Dec.
June
Oct.
Apr.
Feb.
1957
1963
1963
1958
1962
Canada *
Ceylon2
Chile
China (Taiwan) 3
Colombia
4.0
4.0
14.21
14.04
8.0
Aug.
Aug.
July
July
May
1963
1960
1963
1963
1963
3.0
6.0
5.0
6.0
7.0
Apr.
Aug.
Nov.
June
Apr.
1939
1963
1956
1961
1962
3.5
3.0
4.5
5.5
3.0
Oct.
May
Oct.
Jan.
Jan.
1960
1961
1961
1963
1962
9.0
4.5
9.0
4.0
3.94
Dec.
Jan.
Aug.
Oct.
Aug.
1960
1963
1963
1963
1963
6.0
3.5
4.5
5.84
10.22
Feb.
June
Sept.
Apr.
June
1955
1958
1963
1963
1960
4.5
3.5
7.0
6.0
3 5
June
Jan.
Mar.
Apr.
Feb
1942
1963
1961
1954
1955
4.0
9.5
6.0
2.0
3 5
Jan.
Nov.
Jan.
Jan.
Nov
1959
1959
1962
1944
1962
Switzerland
4.0
4 0
2.0
7.0
4.0
June
June
Feb.
Feb.
Oct.
1961
1963
1959
1945
1962
Turkey
United Arab Rep. (Egypt)..
United Kingdom
7.5
5.0
4.0
4.5
May
May
Jan.
Dec.
1961
1962
1963
1960
Arsentina
Costa Rica
. ....
Ecuador
Finland
France
Germany, Fed. Rep. of.....
Ghana
Honduras •*
Iceland
India
Ireland
.•
Israel
Italy
Japan
•.
• ••
• •. • . . .
New Zealand
Pakistan
Peru
Philippine Republic
Portugal
5
Spain
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
14.39
5.5
July
Aug.
Sept.
Oct.
4.75
6.0
4.5
4.75
10.0
4.0
14.63
4.0
4.0
14.63
14.04
8.0
3.0
6.5
5.0
4.0
7.0
6.5
4.0
4.0
3.0
4.5
5.5
3.0
4.0
5.0
3.98
4.5
3.94
4.0
4.62
4.69
4.87
4.0
4.5
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
2.5
5.0
4.94
4.5
4.5
7.0
6.0
3.5
4.5
4.0
4.89
9.0
5.0
9.0
4.0
4.94
6.0
3.5
4.0
6 57
10.5
6.57
10.5
1 On June 24, 1962, the bank rate on advances to chartered banks
was fixed at 6 per cent. Rates on loans to money market dealers will
continue to be .25 of 1 per cent above latest weekly Treasury bill tender
average rate but will not be more than the bank rate.
2 Beginning with Apr. 1, 1959, new rediscounts have been granted at
the average rate charged by banks in the previous half year. Old rediscounts remain subject to old rates provided their amount is reduced by
one-eighth each month beginning with May 1, 1959, but the rates are
raised by 1.5 per cent for each month in which the reduction does not
occur.
3 Rate shown is for call loans.
4 Rate shown is for advances only.
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.
Rate
as of
Oct. 31,
1964
1964
1963
4.0
9.5
6.0
2.0
4.0
4.0
4.5
2.5
7.0
4.0
7.5
5.0
5.0
4.5
shown is the one at which it is understood the central bank transacts
the largest proportion of its credit operations. Other rates for some
of these countries follow:
Argentina—3 and 5 per cent for certain rural and industrial paper, depending on type of transaction;
Brazil—8 per cent for secured paper and 4 per cent for certain agricultural
paper;
Colombia—5 per cent for warehouse receipts covering approved lists of
products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent
for rediscounts in excess of an individual bank's quota;
Costa Rica—5 per cent for paper related to commercial transactions
(rate shown is for agricultural and industrial paper);
Ecuador—6 per cent for bank acceptances for commercial purposes;
Indonesia—various rates depending on type of paper, collateral, commodity involved, etc.;
Japan—penalty rates (exceeding the basic rate shown) for borrowings
from the central bank in excess of an individual bank's quota;
Peru—8 per cent for agricultural, industrial and mining paper; and
Venezuela—4 per cent for rediscounts of certain agricultural paper and
for advances against govt. bonds or gold and 5 per cent on advances
against securities of Venezuelan companies.
1502
MONEY RATES; ARBITRAGE
NOVEMBER 1964
OPEN MARKET RATES
[Per cent per annum]
Canada
Month
Treasury Day-to- Bankers'
accept- Treasury
day
bills,
bills,
3 months 1 money 2 3 ances,
months 3 months
Germany,
Fed. Rep. of
France
United Kingdom
Day-today
money
Bankers'
allowance Day-today 3
on
deposits money
Netherlands
Switzerland
Treasury
bills,
60-904
days
Day-today
moneys
Treasury
bills,
3 months
Day-today
money
Private
discount
rate
1961—Dec
1962—Dec
2.82
3.88
2.37
3.75
5.61
3.86
5.35
3.64
4.83
3.30
4.00
2.50
3.58
3.51
2.00
2.63
3.06
3.50
1.32
1.98
1.11
1.24
2.00
2.00
1963—Sept
Oct
Nov
Dec
3.69
3.57
3.64
3.71
3.14
2.99
3.22
3.55
3.88
3.86
3.91
3.91
3.69
3.67
3.75
3.74
3.00
2.98
3.02
3.00
2.00
2.00
2.00
2.00
3.13
3.64
4.14
4.66
2.63
2.63
2.63
2.63
2.94
2.88
2.75
2.56
1.89
1.95
2.10
2.25
1.24
1.11
1.14
1.56
2.00
2.00
2.00
2.00
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
3.76
3.81
3.88
3.75
3.66
3.56
3.60
3.80
3.79
3.51
3.57
3.70
3.52
3.33
3.28
3.49
3.79
3.77
3.91
4.00
4.53
4.53
4.56
4.64
4.73
4.84
4.84
3.72
3.91
4.30
4.30
4.35
4.44
4.57
4.65
4.65
3.03
3.10
3.79
3.81
3.77
3.80
3.67
3.92
3.94
2.00
2.08
3.00
3.00
3.00
3.00
3.00
3.00
3.00
4.13
4.33
4.98
5.03
6.18
4.91
4.83
4.70
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.63
2.69
2.69
3.38
3.44
3.38
3.31
3.38
3.38
3.69
2.31
2.33
2.88
3.00
3.10
3.81
4.26
3.74
3.70
1.67
1.88
2.51
2.42
2.78
r
2.05
'3.53
2.06
2.09
2.00
2.00
2.00
2.38
2.50
2.50
2.50
2.50
2.50
1 Based on average yield of weekly tenders during month.
Based on weekly averages of daily closing rates.
3 Rate shown is on private securities.
* Rate in effect at end of month.
5 Based on average of lowest and highest quotation during month.
2
NOTE.—For description of rates and back data, see "International
Finance," Section 15 of Supplement to Banking and Monetary Statistics
1962.
ARBITRAGE ON TREASURY BILLS
(Per cent per annum)
United States and United Kingdom
United States and Canada
Treasury bill rates
Treasury bill rates
Premium
Date
(+)or
United
Kingdom
(adj. to
U.S.
quotation
basis)
United
States
Spread
(favor
of
London)
discount
(-)on
forward
pound
Net
incentive
(favor
of
London)
Premium
(+)or
Canada
As
quoted
in
Canada
Adj. to
U.S.
quotation
basis
United
States
Spread
(favor
of
Canada)
Net
incentive
(favor
of
Canada)
discount
(-)on
forward
Canadian
dollar
-h-20
+ .27
+ .27
+ .33
.19
.26
.30
.38
1964
June
5
12
19
26
4.32
4.32
4.32
4.34
3.45
3.46
3.46
3.45
.87
.86
.86
.89
-.66
-.60
-.57
-.49
.21
.26
.29
.40
3.52
3.53
3.57
3.58
3.44
3.45
3.49
3.50
3.45
3.46
3.46
3.45
-.01
-.01
.03
.05
July
3
10
17
24
31
4.34
4.34
4.44
4.50
4.50
3.46
3.45
3.39
3.43
3.44
.88
.89
1.05
1.07
1.06
-.57
-.54
-.50
-.73
-.67
.31
.35
.55
.34
.39
3.57
3.55
3.60
3.60
3.67
3.49
3.47
3.52
3.52
3.59
3.46
3.45
3.39
3.43
3.44
.03
.02
.13
.09
.15
+
+
+
+
+
.27
.27
.14
.17
.14
.30
.29
.27
.26
.29
Aug.
7
14
21
28
4.50
4.50
4.50
4.50
3.47
3.48
3.48
3.46
1.03
1.02
1.02
1.04
-.72
-.67
-.60
-.64
.31
.35
.42
.40
3.76
3.83
3.80
3.79
3.67
3.74
3.71
3.70
3.47
3.48
3.48
3.46
.20
.26
.23
.24
-.14
-.34
-.34
-.21
.06
-.08
-.11
.03
Sept. 4
11
18
25
4.50
4.50
4.50
4.50
3.48
3.50
3.52
3.52
1.02
1.00
.98
.98
-.62
-.66
-.72
-.75
.40
.34
.26
.23
3.80
3.81
3.84
3.75
3.71
3.72
3.75
3.66
3.48
3.50
3.52
3.52
.23
.22
.23
.14
-.30
-.27
-.20
-.20
-.07
-.05
.03
-.06
Oct.
2
9
16
23
30
4.50
4.53
4.59
4.59
4.59
3.53
3.56
3.56
3.56
3.53
.97
.97
1.03
1.03
1.06
-.75
-.76
-.96
-.91
-.82
.22
.21
.07
.13
.24
3.71
3.67
3.68
3.71
3.70
3.63
3.59
3.60
3.63
3.62
3.53
3.56
3.56
3.56
3.53
.10
.03
.04
.07
.09
-.20
-.20
-.14
-.20
-.20
-.10
-.17
-.10
-.13
Nov. 6
13
4.53
4.53
3.54
3.56
.99
.97
-.91
-.92
.09
.05
3.70
3.67
3.62
3.59
3.54
3.56
.08
.03
-.20
-.17
-.12
-.14
NOTE.—Treasury bills: All rates are on the latest issue of 91-day bills.
All series: Based on quotations reported to Federal Reserve Bank of
U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K.
New York by market sources.
rates are Friday opening market offer rates in London.
For description of series and for back figures see Oct. 1964 BULL.,
Premium or discount on forward pound and on forward Canadian dollar:pp. 1241-60. For description of adjustments to U.K. and Canadian
Rates per annum computed on basis of midpoint quotations (between
Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260,
bid and offer) at 11 a.m. Friday in New York for both spot and forward
Oct. 1964 BULL.
pound sterling and for both spot and forward Canadian dollars.
NOVEMBER 1964
FOREIGN EXCHANGE RATES
1503
FOREIGN EXCHANGE RATES
(In cents per unit of foreign currency)
Argentina
(peso)
Period
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Denmark
(krone)
Finland
(markka)
France
(franc)
2.207
5.556
1.2730
1.2026
1.2076
.9080
.7245
223.88
223.81
223.71
223.28
223.73
223.10
3.8536
3.8619
3.8461
3.8481
3.8685
3.8690
2.0044
2.0012
2.0053
2.0052
2.0093
2.0052
103.025
104.267
103.122
98.760
93.561
92.699
21 049
21.055
21.048
21.023
21.034
21.015
14 482
14.508
14.505
14.481
14.490
14.484
3118
.3115
.3112
.3110
.3107
131.057
2374
.2038
20.389
20.384
20.405
220.404
.6767
.6942
.7391
222.93
222.93
222.83
3.8686
3.8659
3.8690
2.0026
2.0059
2.0067
92.757
92.778
92.629
21.015
21.021
21.019
14.479
14.484
14.489
31.057
31.057
31.059
20.400
20.405
20.404
.7514
.7582
.7438
.7287
.7312
.7272
.7279
.7075
.6980
.6979
222.97
222.86
222.95
223.03
223.06
222.64
222.29
222.04
221.79
221.79
3.8702
3.8681
3.8675
3.8687
3.8686
3.8694
3.8710
3.8725
3.8712
3.8699
2.0071
2.0068
2.0070
2.0082
2.0089
2.0060
2.0085
2.0103
2.0126
2.0146
92.551
92.575
92.534
92.498
92.499
92.499
92.473
92.690
92.913
92.984
21.025
21.021
21.019
21.020
21.021
21.009
20.977
20.953
20.955
20.954
14.471
14.457
14.484
14.494
14 482
14.470
14.459
14.438
14.435
14.430
31.063
31.068
31.077
31.077
31.066
31.063
31.063
31.059
31.056
31.054
20.402
20.403
20.404
20.405
20 405
20.401
20.405
20.405
20.402
20.403
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Italy
(lira)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
Netherlands
(guilder)
New
Zealand
(pound)
23.848
23.926
23.976
24.903
25.013
25.084
21.048
21.031
20.968
20.980
21.026
20.966
280.98
280.88
280.76
280.22
280.78
280.00
.16006
.16099
.16104
.16099
.16107
.16087
.27991
.27781
.27785
.27690
.27712
.27663
32.767
32.857
32.817
32.659
32.757
32.664
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
26.418
26.492
26.513
27.555
27.755
27.770
278.19
278.10
277 98
277.45
278.00
277 22
25.137
25.154
25.165
20.961
20.961
20.954
279.78
279.78
279.65
.16062
.16065
.16065
.27603
.27586
.27564
32.698
32.705
32.697
8.0056
8.0056
8.0056
27.749
27.765
27.765
277.01
277.01
276.88
25.148
25.169
25.163
25.160
25.159
25.165
25.159
25.152
25.154
25.158
20.963
20.959
20.968
20.970
20.977
20.945
20.912
20.886
20.862
20.859
279.83
279.69
279.81
279.90
279.94
279.42
278.97
278.66
278.34
278.35
.16065
.16063
.16029
.16000
.16001
.16002
.16001
.16002
.16002
.16003
.27589
.27567
.27603
.27583
.27579
.27580
.27576
.27580
.27665
.27658
32.706
32.694
32.645
32.595
32.606
32.571
32.524
32.474
32.431
32.467
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
8.0056
27 753
27.733
27.731
27.711
27.681
27.627
27.657
27.674
27.712
27.772
277 06
276.92
277.04
277 13
277.17
276 65
276.21
275 91
275.59
275.59
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
49.695
49 721
49.770
3.4900
3 4967
3.4937
3.4909
3.4986
3.4891
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
19.272
23.328
23 142
23.152
23.151
23.124
23.139
280 98
280 88
280.76
280.22
280.78
280.00
Official
1958
1959
I960
1961
1962
1963
1963—Oct
Nov
Dec
1964
Jan
Feb
Mar
Apr
May
June
July
Aug
Sent
Oct
. . .
.
.
....
Period
1958
1959
I960
1961
1962
1963
1963
Oct
Nov
Dec
1964—Jan
Feb
Mar
Apr
May
June
July
.
. .
Sept
Oct
Period
1958
1959
I960
1961
1962
1%3
1963
Free
14.008
14 028
14.018
14.000
14.010
13 987
Oct
Nov
Dec
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
. .
.
South Africa
(pound)
279.93
279 83
279.71
279.48
(rand)
13.971
13 970
13.972
3.4863
3.4875
3.4874
139.37
139.37
139.30
1 6664
1.6665
1.6666
19.250
19.262
19.250
23 171
23.166
23.170
279 78
279.78
279.65
13.969
13.962
13.976
13.989
13.992
13.984
13.972
13.962
13.956
13.956
3.4861
3.4848
3.4867
3.4879
3.4874
3.4847
3.4796
3.4746
3.4714
3.4680
139.39
139.32
139.38
139.43
139.45
139.19
138.96
138.81
138.65
138.65
1.6665
1.6664
1.6663
1.6664
1.6664
1.6663
1.6663
1.6662
1.6661
1.6662
19.272
19.290
19.430
19.451
19.464
19.467
19.441
19.466
19.461
19.376
23.168
23.122
23.110
23.143
23.171
23.172
23.139
23.145
23.148
23.164
279.83
279.69
279.81
279.90
279.94
279.42
278.97
278.66
278.34
278.35
1:1
1 A new markka, equal to 100 old markkaa, was introduced on Jan. 1,
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.
C
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.
1504
U.S. BALANCE OF PAYMENTS
NOVEMBER 1964
U.S. BALANCE OF PAYMENTS
(In millions of dollars)
1963
Item
1961
1962
1964
1963
III
IV
A. Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and other than special U.S. Govt. transactions—
Seasonally adjusted
28,438
19,913
402
3,464
380
4,279
30,084
20,576
656
3,850
471
4,531
32,020
21,989
659
3,969
498
4,905
7,535
4,990
181
1,036
123
1,205
7,977
5,472
206
969
124
1,206
8,037
5,610
117
963
125
1,222
8,471
5,917
155
1,001
126
1,272
8,997
6,112
1,227
128
1,320
8,798
6,042
142
1,190
129
1,295
-22,852
-14,497
-2,954
-882
-4,519
-25,021
-16,134
-3,044
-995
-4,848
-26,335
-16,996
-2,897
-1,194
-5,243
-6,327
-4,037
-747
-275
-1,268
-6,531
-4,212
-731
-279
-1,309
-6,733
-4,368
-711
-308
-1,346
-6,744
-4,379
-708
-332
-1,325
-6,745
-4,366
-717
-315
-1,347
-7,009
-4,576
-731
-314
-1,388
Balance on goods and services 1.
5,586
5,063
5,685
1,208
1,446
1,304
1,727
2,252
1,789
Remittances and pensions
-705
-738
-826
-209
-209
-206
-202
-197
-208
1. Balance on goods, services, remittances and
pensions
4,881
4,325
4,859
999
1,237
1,098
1,525
2,055
1,581
-3,396
-1,854
-1,939
-3,551
-1,919
-2,129
-3,784
-1,896
-2,181
-899
-445
-558
-1,169
-500
-620
-789
-455
-441
-927
-496
-562
-764
-467
-514
-940
-556
-692
-261
-249
-50
-260
-31
-103
79
73
45
10
156
-80
35
-17
-9
164
45
35
183
42
29
163
155
Exports of goods and services—Total 1.
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
2. U.S. Govt. grants and capital 2flow, net, excluding
advance debt repayments
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
-444
210
80
578
147
599
94
643
-7
20
141
-3,558
-1,599
-1,025
447
-3,268
-1,654
-1,227
272
-3,997
-1,888
-1,685
329
-1,152
-618
-546
5
-1,371
-477
-598
199
-421
-235
-303
96
-1,053
-558
-238
29
-1,332
-517
-227
13
-1,292
-513
-261
78
U.S. short-term capital
Foreign short-term capital 5 .
4. Errors and unrecorded transactions.
-1,556
175
-553
-106
-734
-19
36
-29
-562
67
4
17
-212
-74
-610
9
-621
25
-998
-1,111
-339
-118
-11
-267
57
-192
-31
Balance of A ( = 1 + 2 + 3 + 4 )
Less: Net seasonal adjustments
Balance of A before seasonal adjustment.
-3,071
-3,605
-3,261
-1,314
-3*07i*
-3,605'
-1,170
-357
-813
-379
441
-820
-398
18
-416
-233
-302
69
-682
-109
-573
3. Private capital flows, net, excluding foreign
liquid assets in U.S
U.S. direct investments abroad
U.S. long-term capital, other
Foreign long-term investments in U.S
-:02
-1,212
B. Changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and special U.S. Govt. transactio ns—Not seasonally adjusted
Total
Sales of nonconvertible nonmarketable
net
3,071
696
5
securities,1
3,605
681
470
3,261
326
334
813
25
20
1,212
34
-5
820
241
80
416
26
239
-69
52
151
573
33
-76
251
—43
31
-74
— 10
19
-29
—95
-45
-50
-/
-55
-5
-50
-8
-8
*
702
150
552
63
58
5
350
125
225
152
175
25
150
25
122
152
25
122
251
Sales of convertible nonmarketable securities,1 net
Dollar securities
Change in U.S. short-term liabilities reported by
U.S. banks 9 and foreign holdings of marketable
International and regional organizations
Foreign private holders excluding banks
10
11
Foreign official holders
Change in U.S. monetary reserve assets (increase,—).
I M F position
Gold
1,764
407
81
595
681
670
211
131
-129
457
1,564
-238
394
438
970
323
-65
76
386
-74
917
-46
115
75
773
192
-15
93
-31
145
132
-112
110
8
126
-166
-85
34
284
-399
199
-26
54
86
85
606
-135
-116
857
1,533
626
17
890
378
30
— 113
461
32
-46
-33
111
124
2
6
116
227
59
-28
196
-5
15
-58
38
-51
131
-228
46
303
118
258
-73
1 Excludes military transfers under grants.
2 Includes also very small amounts of changes in "misc. Govt. nonliquid liabilities."
3 Excludes military grants.
* Not seasonally adjusted separately.
5 Other than foreign liquid assets in U.S.
* Includes sell-offs.
7 With maturities over 12 months.
j
8 Includes certificates sold abroad by Export-Import Bank.
9 Includes official liabilities.
10 Includes, for International Monetary Fund, only changes in its
holdings of income-earning U.S. G o v t securities.
11 Including undetermined holders.
NOTE.—Dept. of Commerce data. Minus sign indicates net payments
(debits); absence of sign indicates net receipts (credits).
FOREIGN TRADE
NOVEMBER 1964
1505
MERCHANDISE EXPORTS AND IMPORTS
(In millions of dollars, seasonally adjusted)
Exports
l
Imports
2
Export surplus
Period
1963
1964
1961
1962
1963
1964
1961
1962
1963
3 985
2 118
1,960
1 913
,893
,785
823
,895
,980
,946
2,037
2 029
2,078
2 046
2,052
2,004
2 111
2,085
2,271
1,161
1 150
1,163
1 152
1,153
3 1,174
3 1 379
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
3 1,471
3 1,312
1,425
3 1,377
3 1,092
3 1 497
31,487
3 1 417
1,420
1,421
1 458
c
l,5O8
1,450
1,459
1,472
1,480
1,422
1,445
1,523
1,542
1,548
1,506
1,590
1,592
1,558
462
562
588
510
432
3 408
3 310
435
416
480
424
410
341
489
330
430
358
485
401
357
3 437
3 211
300
3 462
3 -107
3 621
3 473
3 496
473
364
365
387
530
487
473
569
615
584
555
504
504
498
521
493
713
6,144
6,102
6 467
3,474
3 3,479
3 3 895
3,924
3,989
4,120
3 4 164
34,114
3 4,076
3 4,258
4 416
4,411
4,390
4,596
4,740
1,612
3 1,350
3 1,161
1,314
1,160
1,273
3 1,195
3 973
3 987
3 1,333
1,282
1,529
1,754
1,506
1,727
14,713
16,389
17,151
4,556
5,137
1961
1962
Dec
1,623
\ .712
1,751
1,662
1,585
1,582
1,689
1,689
1,678
1,780
1,733
.725
1,668
1,809
1,672
1,795
1,762
1,836
1,748
•1,703
1,908
1,523
1,725
819
Quarter:
I
II
III
IV
5,086
3 4,829
3 5 056
5,238
5,149
5,393
3 5,359
3 5,087
3 5,063
3 5,591
5 698
5,940
Year 4
20,152
20,945
22,288
Month:
Jan
Feb
Mar
Apr
Mi ay
June
July
Aug
Sept
Oct
Nov
. .
3
3
3
3
3
3
3
3
Q4S
2^049
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.
5,439
3 Significantly affected by strikes.
Sum of unadjusted figures.
4
NOTE.—Bureau of the Census data.
1964
BOARD OF GOVERNORS
of the Federal Reserve System
WM. MCC. MARTIN, JR.,
A. L. MILLS, JR.
J. L. ROBERTSON
RALPH
Chairman
C. CANBY BALDERSTON, Vice Chairman
CHAS. N. SHEPARDSON
A. YOUNG, Adviser to the Board
CHARLES MOLONY,
GUY
Assistant to the Board
CLARKE
GEORGE W. MITCHELL
J. DEWEY DAANE
E. NOYES, Adviser to the Board
ROBERT
L. CARDON, Legislative Counsel
L. FAUVER, Assistant to the Board
OFFICE OF THE SECRETARY
MERRITT SHERMAN, Secretary
KENNETH A. KENYON, Assistant Secretary
ELIZABETH L. CARMICHAEL, Assistant Secretary
ARTHUR L. BROIDA, Assistant Secretary
DIVISION OF EXAMINATIONS
FREDERIC SOLOMON, Director
GLENN M. GOODMAN, Assistant Director
BRENTON C. LEAVITT, Assistant Director
JAMES C. SMITH, Assistant Director
ANDREW N. THOMPSON, Assistant Director
KARL E. BAKKE, Assistant Secretary
LEGAL DIVISION
HOWARD H. HACKLEY, General Counsel
DAVID B. HEXTER, Assistant General Counsel
THOMAS J. O'CONNELL, Assistant General
Counsel
JEROME W. SHAY, Assistant General Counsel
WILSON L. HOOFF, Assistant General Counsel
LLOYD M. SCHAEFFER, Chief Federal Reserve
Examiner
DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON, Director
H. FRANKLIN SPRECHER, JR., Assistant Director
DIVISION OF RESEARCH AND STATISTICS
DANIEL H. BRILL, Director
ROBERT C. HOLLAND, Associate Director
ALBERT R. KOCH, Associate Director
FRANK R. GARFIELD, Adviser
J. CHARLES PARTEE, Adviser
KENNETH B. WILLIAMS, Adviser
LEWIS N. DEMBITZ, Associate Adviser
ROBERT SOLOMON, Associate Adviser
DIVISION OF ADMINISTRATIVE SERVICES
JOSEPH E. KELLEHER, Director
HARRY E. KERN, Assistant Director
OFFICE OF THE CONTROLLER
DIVISION OF INTERNATIONAL FINANCE
A. B. HERSEY, Adviser
ROBERT L. SAMMONS, Adviser
REED J. IRVINE, Associate Adviser
SAMUEL I. KATZ, Associate Adviser
JOHN E. REYNOLDS, Associate Adviser
Controller
H. BASS, Assistant Controller
JOHN KAKALEC,
RALPH A. YOUNG, Director
SAMPSON
OFFICE OF DEFENSE PLANNING
INNIS D. HARRIS, Coordinator
RALPH C. WOOD, Associate Adviser
DIVISION OF BANK OPERATIONS
JOHN R. FARRELL, Director
DIVISION OF DATA PROCESSING
GERALD M. CONKLING, Assistant Director
M. B. DANIELS, Assistant Director
M. H. SCHWARTZ, Director
JOHN N. KILEY, JR., Assistant Director
LEE
1506
W. LANGHAM, Assistant Director
OPEN MARKET COMMITTEE AND ADVISORY COUNCIL
1507
Federal Open Market Committee
WM. M C C . MARTIN, JR.,
C.
CANBY BALDERSTON
Chairman
A.
L.
ALFRED HAYES,
MILLS, JR.
J. DEWEY DAANE
GEORGE W.
W.
J. L.
BRADDOCK HICKMAN
HARRY A.
MITCHELL
SHUFORD
ELIOT J. SWAN
ROBERTSON
CHAS. N.
Vice Chairman
EDWARD A.
WAYNE
SHEPARDSON
RALPH A. YOUNG, Secretary
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
MERRITT SHERMAN,
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
L . A . STONER, CLEVELAND
JOHN
F.
WATLINGTON, JR., RICHMOND
J. FlNLEY M c R A E , ATLANTA
HERBERT
V. PROCHNOW, Secretary
JOHN
A. MOORHEAD,
MINNEAPOLIS,
President
M . L . BREIDENTHAL, KANSAS CITY
JAMES
W. ASTON,
DALLAS,
Vice President
RANSOM M . COOK, SAN FRANCISCO
WILLIAM
J. KORSVTK, Assistant Secretary
1508
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
Federal Reserve Banks and Branches
Federal Reserve Bank
or branch
Zip Code
Chairman
Deputy Chairman
President
First Vice President
Boston....
..02106
Erwin D. Canham
William Webster
George H. Ellis
Earle O. Latham
N e w York
..10045
Alfred Hayes
William F. Treiber
Buffalo
..14240
Philip D. Reed
James DeCamp Wise
Whitworth Ferguson
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
Cincinnati
Pittsburgh
Richmond
Baltimore
Charlotte
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
Chicago
Detroit...
St. Louis
Little Rock
Louisville
Memphis
Minneapolis
Helena
Kansas City
Denver
Oklahoma City
Omaha
Dallas
El Paso
Houston
San Antonio
San Francisco
45201
..15230
23213
21203
..28201
..30303
35202
32201
37203
..70160
..60690
..48231
63166
72203
40201
..38101
55440
..59601
64106
80217
73101
..68102
75222
79999
77001
..78206
94120
90054
Los Angeles
97208
Portland
Salt Lake City.... 84110
..98124
Seattle
James H. Hilton
James William Miller
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
Charles J. Scanlon
Hugh J. Helmer
Russel A. Swaney
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
Fred Burton
Donald L. Henry
E. Francis DeVos
Clement A. Van Nice
John W. Snider
Howard W. Pritz
George C. Rankin
Fredric W. Reed
J. Lee Cook
Carl H. Moore
Clifford H. Watkins
William M. Brown
Arthur L. Price
Erwin R. Barglebaugh
Federal Reserve Board Publications
The material listed may be obtained from Publications Services, Division of Administrative Services,
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remittance should accompany request and be made payable to the order of the Board of Governors of the
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1964 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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DEBITS AND CLEARINGS STATISTICS AND THEIR
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Study by a
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ALL-BANK STATISTICS,
Base. 1962.
172 pp. $1.00 a copy; in quantities of 10 or
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revision available at $.50 a copy.)
INDUSTRIAL PRODUCTION—1957-59
INDUSTRIAL PRODUCTION MEASUREMENT IN THE
UNITED STATES: CONCEPTS, USES, AND COMPILATION PRACTICES. Prepared in reply to an
inquiry from the Economic Commission for
Europe. 50 pp. of text, plus tables and charts.
THE FEDERAL RESERVE ACT, as amended through
Oct. 1, 1961, with an appendix containing provisions of certain other statutes affecting the
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SUPPLEMENT TO BANKING AND MONETARY STATIS-
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Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 14.
Gold. 1963. 24 pp. $.35. Sec. 15. International Finance. 1962. 92 pp. $.65.
Issued annually in Sept.
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HISTORICAL CHART BOOK.
TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Pt. I. 1959.
108 pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112
pp. Individual books $1.00 each; set of 3, $2.50.
FLOW OF FUNDS IN THE UNITED STATES, 1939-53.
REGULATIONS OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
RULES OF ORGANIZATION AND PROCEDURE—BOARD
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of the Board of
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PUBLISHED INTERPRETATIONS
1955. 390 pp. $2.75.
1896-1955. 1959. 1,229 pp.
$4.00.
1509
1510
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
REPRINTS
RECENT
(From Federal Reserve BULLETIN unless preceded
by an asterisk)
THE HISTORY OF RESERVE REQUIREMENTS FOR
BANKS
IN THE UNITED STATES. NOV. 1938.
20 pp.
INTEREST
RATE TRENDS.
NOV. 1963.
10 pp.
BANK CREDIT AND MONEY IN 1963. Feb. 1964.
7 pp.
SURVEY OF FINANCIAL CHARACTERISTICS OF CONSUMERS. Mar. 1964. 9 pp.
THE MONETARY SYSTEM OF THE UNITED STATES.
Feb. 1953. 16 pp.
FEDERAL FINANCIAL
TREASURY AND FEDERAL RESERVE FOREIGN E X CHANGE OPERATIONS AND THE GOLD POOL. Mar.
MEASURES
FOR ECONOMIC
STABILITY. May 1953. 7 pp.
1964. 14 pp.
U.S. TRADE AND PAYMENTS IN 1963. Apr. 1964.
•PART I, ALL-BANK STATISTICS, 1896-1955. Re-
print of the U.S. Summary containing a description of revised statistics for all banks in
the United States, by class of bank, together
with revised statistics. Apr. 1959. 94 pp.
STATISTICS ON THE GOVERNMENT
MARKET. Apr. 1961. 8 pp.
SECURITIES
7 pp.
FLOWS
THROUGH
FINANCIAL
INTERMEDIARIES.
May 1964. 9 pp.
BANKING AND MONETARY STATISTICS,
1963. Se-
lected series of banking and monetary statistics for 1963 only. Feb., Mar., and May 1964.
15 pp.
REVISION OF CONSUMER CREDIT STATISTICS. Dec.
REVISION OF THE MONEY SUPPLY SERIES. June
1961. 15 pp.
1964. 14 pp.
REVISED INDEXES OF FREIGHT CARLOADINGS. Dec.
REVISION OF BANK CREDIT SERIES. June
1961. 3 pp.
INDUSTRIAL
PRODUCTION—1957-59
BASE.
Oct.
1962. 10 pp.
RECENT MONETARY AND CREDIT DEVELOPMENTS.
FLOW OF FUNDS SEASONALLY ADJUSTED. NOV.
FARM D E B T AS RELATED TO VALUE OF SALES.
Feb. 1963. 9 pp.
Mar. 1963. 10 pp.
TIME
OF DEPOSIT.
BOND
ISSUES
IN
THE U.S.
MARKET. May 1963. 13 pp.
BANK LOANS SECURED BY STOCKS AND BONDS.
BANK
EXAMINER
LOOKS AT AGRICULTURAL
LENDING. July 1963. 8 pp.
MEASURING AND ANALYZING ECONOMIC GROWTH.
Aug. 1963. 14 pp.
BANK AND PCA LENDING TO FARMERS. Sept. 1963.
11pp.
THE O P E N MARKET POLICY PROCESS. Oct. 1963.
11pp.
TRANSACTIONS,
SERIES ON FEDERAL FUNDS. Aug.
1964.
31 pp.
AND
ANNEX
PREPARED
BY DEPUTIES.
Aug.
1964. 25 pp.
TREASURY AND FEDERAL RESERVE FOREIGN E X CHANGE OPERATIONS. Sept. 1964. 16 pp.
U.S. BALANCE OF PAYMENTS, 1963-64. Oct. 1964.
8 pp.
July 1963. 19 pp.
A
SECURITY
MINISTERIAL STATEMENT OF THE GROUP OF T E N
CERTIFICATES
Apr. 1963. 11 pp.
FOREIGN
RESERVE
1954-63. July 1964. 16 pp.
NEW
CHANGES IN STRUCTURE OF THE FEDERAL DEBT.
NEW
July 1964. 9 pp.
FEDERAL
1962. 15 pp.
NEGOTIABLE
1964.
5 pp.
YIELD DIFFERENTIALS IN TREASURY BILLS, 1959-
64. Oct. 1964. 20 pp.
U.S.
GOVERNMENT
SECURITIES
in
1964.
Nov.
1964. 8 pp.
RESEARCH INTO BANKING STRUCTURE AND COMPETITION. Nov. 1964. 17 pp.
MAJOR ISSUES IN MONETARY AND FISCAL POLICIES. Nov. 1964. 14 pp.
Index to Statistical Tables
Acceptances, bankers', 1433, 1450, 1452
Agricultural loans of commercial banks, 1444, 1446
Arbitrage, 1502
Assets and liabilities {See also Foreign liabilities and
claims):
Banks and the monetary system,
consolidated, 1439
Corporate, current, 1464
Domestic banks, by classes, 1440, 1444, 1446
Federal Reserve Banks, 1434
Automobiles:
Consumer instalment credit, 1468, 1469, 1470
Production index, 1472, 1473
Bankers' balances, 1445, 1447
{See also Foreign liabilities and claims)
Banks and the monetary system, consolidated
statement, 1439
Banks for cooperatives, 1459, 1460
Bonds {See also U.S. Govt. securities):
New issues, 1460, 1461, 1462
Prices and yields, 1450, 1451
Brokers and dealers in securities, bank loans to,
1444, 1446
Business expenditures on new plant and
equipment, 1464
Business indexes, 1476
Business loans {See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 1440, 1445, 1448
Federal Reserve Banks, 1434
Carloadings, 1476
Central banks, foreign, 1488, 1501
Coins, circulation of, 1437
Commercial banks:
Assets and liabilities, 1440, 1443, 1444
Consumer loans held, by type, 1469
Number, by classes, 1440
Real estate mortgages held, by type, 1465
Commercial and industrial loans:
Commercial banks, 1444
Weekly reporting member banks, 1446, 1449
Commercial paper, 1450, 1452
Condition statements {See Assets and liabilities)
Construction, 1476, 1477
Consumer credit:
Instalment credit, 1468, 1469, 1470, 1471
Noninstalment credit, by holder, 1469
Consumer price indexes, 1476, 1480
Consumption expenditures, 1482, 1483
Corporations:
Sales, profits, taxes, and dividends, 1463, 1464
Security issues, 1461, 1462
Security prices and yields, 1450, 1451
Cost of living {See Consumer price indexes)
Currency in circulation, 1426, 1437, 1438
Customer credit, stock market, 1451
Debits to deposit accounts, 1436
Demand deposits:
Adjusted, banks and the monetary system, 1439
Adjusted, commercial banks, 1436, 1438, 1445
Banks, by classes, 1432, 1440, 1448
Turnover of, 1436
Type of holder, at commercial banks, 1445
Deposits {See also specific types of deposits):
Adjusted, and currency, 1439
Deposits—Continued
Banks, by classes, 1432, 1440, 1445. 1448, 1452
Federal Reserve Banks, 1434, 1499
Postal savings, 1432, 1439
Discount rates, 1431, 1501
Discounts and advances by Federal Reserve
Banks, 1426, 1434, 1436
Dividends, corporate, 1463, 1464
Dollar assets, foreign, 1491, 1499
Earnings and hours, manufacturing industries, 1479
Employment, 1476, 1478, 1479
Farm mortgage loans, 1465, 1466
Federal finance:
Cash transactions, 1454
Receipts and expenditures, 1455
Treasurer's balance, 1454
Federal funds transactions, 1430
Federal home loan banks, 1459, 1460, 1467
Federal Housing Administration, 1451, 1465,
1466, 1467
Federal intermediate credit banks, 1459, 1460
Federal land banks, 1459, 1460
Federal National Mortgage Assn., 1459, 1460, 1467
Federal Reserve Banks:
Condition statement, 1434
U.S. Govt. securities held by, 1426, 1434,
1436, 1456, 1457
Federal Reserve credit, 1426, 1434, 1436
Federal Reserve notes, 1434, 1437
Federally sponsored credit agencies, 1459, 1460
Finance company paper, 1450, 1452
Financial institutions, loans to, 1444. 1446
Float, 1426
Flow of funds, 1484
Foreign central banks, 1488, 1501
Foreign currency operations, 1434, 1436, 1490, 1498
Foreign deposits in U.S. banks, 1426. 1434, 1439,
1445, 1448, 1499
Foreign exchange rates, 1503
Foreign liabilities and claims:
Banks, 1492, 1494, 1495, 1497, 1499
Nonfinancial concerns, 1500
Foreign trade, 1505
Gold:
Certificates, 1434, 1437
Earmarked, 1499
Net purchases by U.S., 1490
Production, 1489
Reserves of central banks and govts., 1488
Reserves of foreign countries and international
organizations, 1491
Stock, 1426, 1439, 1490
Govt. debt {See U.S. Govt. securities)
Gross national product, 1482, 1483
Hours and earnings, manufacturing industries, 1479
Housing starts, 1477
Industrial production index, 1472, 1476
Instalment loans, 1468, 1469, 1470, 1471
Insurance companies, 1453, 1456, 1457, 1466
Insured commercial banks, 1442, 1444
Interbank deposits, 1432, 1440, 1445
Interest rates:
Bond yields, 1450
Business loans by banks, 1449
1511
1512
FEDERAL RESERVE BULLETIN • NOVEMBER 1964
Interest rates—Continued
Federal Reserve Bank discount rates, 1431
Foreign countries, 1501, 1502
Mortgage yields, 1451
Open market, 1450, 1502
Stock yields, 1450
Time deposits, maximum rates, 1432
International capital transactions of the U.S., 1492
International institutions, 1488, 1490, 1491
Inventories, 1482
Investment companies, new issues, 1462
Investments {See also specific types of investments):
Banks, by classes, 1440, 1444, 1447, 1452
Commercial banks, 1443
Federal Reserve Banks, 1434, 1436
Life insurance companies, 1453
Savings and loan assns., 1453
Labor force, 1478
Loans {See also specific types of loans):
Banks, by classes, 1440, 1444, 1446, 1452
Commercial banks, 1443
Federal Reserve Banks, 1426, 1434, 1436
Insurance companies, 1453, 1466
Insured or guaranteed by U.S., 1465, 1466, 1467
Savings and loan assns., 1453, 1466
Manufactures, production index, 1473, 1476
Margin requirements, 1432
Member banks:
Assets and liabilities, by classes, 1440, 1444
Borrowings at Federal Reserve Banks, 1428,
1434, 1448
Deposits, by classes, 1432
Number, by classes, 1441
Reserve position, basic, 1430
Reserve requirements, 1432
Reserves and related items, 1426
Weekly reporting series, 1446
Mining, production index, 1473, 1476
Money rates {See Interest rates)
Money supply and related data, 1438
Mortgages {See Real estate loans)
Mutual savings banks, 1439, 1440, 1442, 1452,
1456, 1457, 1465
National banks, 1442
National income, 1482, 1483
National security expenditures, 1455, 1482
Nonmember banks, 1442, 1444, 1445
Open market transactions, 1433
Payrolls, manufacturing, index, 1476
Personal income, 1483
Postal Savings System, 1432, 1439
Prices:
Consumer, 1476, 1480
Security, 1451
Wholesale commodity, 1476, 1480
Production, 1472, 1476
Profits, corporate, 1463, 1464
Real estate loans:
Banks, by classes, 1444, 1452, 1465
Mortgage yields, 1451
Type of holder, 1465, 1466, 1467
Type of property mortgaged, 1465, 1466, 1467
Reserve position, basic, member banks, 1430
Reserve requirements, member banks, 1432
Reserves:
Central banks and govts., 1488
Commercial banks, 1445
Reserves—Continued
Federal Reserve Banks, 1434
Foreign countries and international
organizations, 1491
Member banks, 1426, 1428, 1432, 1445, 1447
Residential mortgage loans, 1465, 1466, 1467
Retail sales, 1476
Sales finance companies, consumer loans of,
1468, 1469, 1471
Saving:
Flow of funds series, 1484
National income series, 1483
Savings deposits {See Time deposits)
Savings institutions, principal assets, 1452, 1453
Savings and loan assns., 1453, 1457, 1466
Securities {See also U.S. Govt. securities):
Federally sponsored agencies, 1459
International transactions, 1498, 1499
New issues, 1460, 1461, 1462
Silver coin and silver certificates, 1437
State member banks, 1442
State and local govts.:
Deposits of, 1445, 1448
Holdings of U.S. Govt. securities, 1456, 1457
New security issues, 1460, 1461
Ownership of obligations of, 1444, 1452, 1453
Prices and yields of securities, 1450, 1451
Stock market credit, 1451
Stocks:
New issues, 1461, 1462
Prices and yields, 1450, 1451
Tax receipts, Federal, 1455
Time deposits, 1432, 1438, 1439, 1440, 1445, 1448
Treasurer's account balance, 1454
Treasury cash, 1426, 1437, 1439
Treasury currency, 1426, 1437, 1439
Treasury deposits, 1426, 1434, 1454
Unemployment, 1478
U.S. balance of payments, 1504
U.S. Govt. balances:
Commercial bank holdings, by classes,
1445, 1448
Consolidated monetary statement, 1439
Treasury deposits at Federal Reserve Banks,
1426, 1434, 1454
U.S. Govt. securities:
Bank holdings, 1439, 1440, 1444, 1447, 1452,
1456, 1457
Dealer transactions, positions, and
financing, 1458
Federal Reserve Bank holdings, 1426, 1434,
1436, 1456, 1457
Foreign and international holdings, 1434,
1491, 1499
International transactions, 1498
New issues, gross proceeds, 1461
Open market transactions, 1433
Outstanding, by type of security, 1456, 1457, 1459
Ownership of, 1456, 1457
Prices and yields, 1450, 1451, 1502
United States notes, outstanding and in
circulation, 1437
Utilities, production index, 1473, 1476
Vault cash, 1426, 1432, 1445
Veterans Administration, 1465, 1466, 1467
Weekly reporting member banks, 1446
Yields {See Interest rates)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
(g THE FEDERAL RESERVE SYSTEM
Legend
Boundaries of Federal Reserve Districts
Boundaries of Federal Reserve Branch Territories
© Board of Governors of the Federal Reserve System
© Federal Reserve Bank Cities
• Federal Reserve Branch Cities
@FedFRASER