Full text of Federal Reserve Bulletin : September 1964
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FEDERAL RESERVE
B U LLETIN
September 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
Consumer Instalment Credit
1111
Treasury and Federal Reserve Foreign Exchange Operations
1119
Law Department
1134
Announcements
1141
National Summary of Business Conditions
1142
Guide to Tabular Presentation
1144
Financial and Business Statistics, U.S. (Contents on p. 1145)
1146
International Financial Statistics (Contents on p. 1207)
1208
Board of Governors and Staff
1226
Open Market Committee and Staff; Federal Advisory Council
1227
Federal Reserve Banks and Branches
1228
Federal Reserve Board Publications
1229
Index to Statistical Tables
1231
Map of Federal Reserve System
Inside back cover
Volume £o * Number 9
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Consumer Instalment Credit
CONSUMERS added about as much to their
instalment debt this year, through July, as
they did in the first 7 months of 1963.
In percentage terms, however, the expansion has slowed somewhat. The seasonally
adjusted annual rate of increase through
July was about 10 per cent. This compares
with 12 per cent for the comparable period
last year.
The limited slowdown in debt growth indicated for 1964 to date has been due mainly
to three factors typical of the wide range of
conditions on which the growth of consumer
debt depends.
First, the rise in sales of durable goods
has not been fully matched in gross extensions of credit.
Secondly, there has been no repetition of
the bulge in personal cash loans that occurred a year ago this summer after statutory loan ceilings were raised in a half
dozen States.
Finally, the uptrend in the flow of debt
repayments has accelerated. For the most
part this is the result of the pattern of extensions over recent years. In addition, collection ratios in some lines improved with
the strong rise in consumers' disposable income.
and miscellaneous debts, (3) more than $16
billion in charge accounts and other shortterm noninstalment credit, and (4) $56 billion in short- and medium-term instalment
debt.
This article is concerned with the $56
billion of instalment debt.
The current period of expansion in such
debt began in mid-1961. Growth since then
has totaled $14 billion. This is the largest
dollar increase on record for any single continuous period of expansion. But because
EXPANSION SINCE 1961
Total consumer indebtedness, as defined in
the Board's flow of funds accounts, currently
includes (1) nearly $190 billion in home
mortgages. (2) around $17 billion of security
No I r. -Adjusted Tor seasonal variation.
quarter.
1111
Latest figures
1112
FEDERAL RESERVE BULLETIN • SEPTEMBER 1964
the rise started from a much higher base
than did previous expansionary movements,
it so far has lifted the outstanding debt by
only one-third, as against an increase of onehalf in the 1954-57 period.
As Chart 1 shows, the usual pattern of
past expansions—a phase of very sharp acceleration in both gross and net borrowing,
followed by a leveling off—has not developed in 1961-64.
The latest upswing in extensions has been
much less steep than its predecessors. Being
comparatively gradual, it has not run so far
ahead of the corresponding advance in repayments as during the upswings of 195253, 1954-57, and 1959-60. The maximum
quarterly rate of debt increase, shown in the
lower panel of the chart, has been only
3 per cent this time compared with peaks
of nearly 5 per cent in 1959 and more
than 6 per cent in 1955.
Also, the yearly average increase in debt
since 1961 has been moderate in relation to
disposable personal income. Though these
have all been years of relative prosperity,
the rate of net debt formation—about 1 per
cent of annual income and 20 per cent of
the annual income gain—has not differed
significantly from the average for the entire
period since 1950, taking years of expansion
and recession together.
The recent rise in extensions, moreover,
has been more evenly balanced among categories of credit than were some of the spurts
of borrowing that occurred in the 195O's.
Since an initial upsurge 2 years ago which
centered in auto credit, the various types
of lending have expanded together for the
most part. Currently, each type accounts for
very nearly the same relative share of total
extensions as it did in 1962, according to
Table 1.
ECONOMIC ROLE OF CONSUMER CREDIT
Through July of this year, consumer instalment debt has been rising at a seasonally
adjusted annual rate of $5.6 billion. This
means that credit extensions have been adding $5.6 billion more to consumers' active
purchasing power, at an annual rate, than
has been withdrawn through repayments.
The net flow of such credit is a supplement to disposable income. Obtained partly
through expansion of bank credit and partly
from investors through other financial channels, the additional funds lend strength to
consumer markets and augment the incomes
of producers that serve these markets.
Net borrowing is highly volatile, however.
In the past decade, net debt formation has
ranged from an annual rate of more than
$6 billion in the second quarter of 1955 to
a negative figure (that is, net repayment)
of $1.3 billion in the second quarter of
1958. Its ratio to disposable personal income
TABLE 1
CONSUMER INSTALMENT CREDIT EXTENSIONS
(Percentage distribution)
Repair
and
Other
modconsumer ernization
goods
Persona'
loans
Total
Automobile
1955
100
43
27
4
26
1961
1962
1963
100
100
100
33
36
36
30
28
28
4
4
4
33
32
32
.
.
.
.
100
100
100
100
37
37
35
36
28
27
28
28
3
4
4
4
32
32
33
32
1964—1.... .
II. . . .
100
100
36
36
29
29
3
3
32
32
Period
1963—1
II...
III...
IV...
NOTE.—Quarterly figures are based on. seasonally adjusted data.
1113
CONSUMER INSTALMENT CREDIT
varied in this period from 2.3 per cent down
to a negative 0.4 per cent.
In recent quarters the major changes in
the flow of net new instalment borrowing
have been a rise of $0.6 billion to a seasonally adjusted annual rate of $6.1 billion
for the January-March period, followed by
a drop to a rate of $5.1 billion in the spring
quarter.
This increase and subsequent slowdown
in the use of credit reflected broadly the
pattern of consumers' market behavior at
the time.
Total personal consumption expenditures
increased a little more in the first quarter
than did disposable personal income, with
credit expansion financing part of the difference. In the second quarter, when the
cut in tax-withholding rates was effective
for all 3 months, disposable income rose
much more rapidly than spending and the
growth in consumer debt slowed accordingly. Indeed, close to half of the very large
rise in income went into various forms of
saving, as had been expected.
The limited information now available
for the third quarter suggests a further sizable increase in consumer spending, probably a larger increase than that in aftertax incomes. Tn July consumers' net instalment borrowing again moved up toward a
$6 billion rate, with repayments lagging
behind the moderate rise in new credit extensions.
Aside from the short-term role of net
debt formation, consumer credit plays another and more consistently sustaining part
in the consumer market. This year, for
example, repayments of loans made earlier
will total close to $60 billion. Through the
collection and relending process, purchasing power up to this amount is in effect
being transferred from past buyers-on-
credit, who are not necessarily contemplating further major purchases now, to currently active buyers who have made definite
decisions to spend.
Gross credit extensions to current buyers,
and recent trends in the relation of credit to
sales in specific consumer goods lines, are
discussed in the following section.
CREDIT USE AND CONSUMER BUYING
Outstanding cash loans classified as personal
account for 27 per cent of consumer instalTABLE 2
FINANCING OF A U T O AND GAF
Sales, and
method of
financing
SALES
1963
I
II
1964
III
IV
I
II
Seasonally adjusted quarterly totals in
billions of dollars
Total sales...
Trade-ins....
Balances
financed.
Consumer
cash
outlay...
23.1 22.8 23.2 23.425.0 25.0
4.2
4.1
4.0
4.2
4.7 4.3
6.2
6.3
6.3
6.5
6.7
12.7
12.5
12.9
12.8
6.8
13.6 13.9
Indexes, QI 1963 = 100
Sales
Balances
financed...
100.0
98.9 100.5 101.6
100.0 102.3 102.9 105.3
108.3 108.3
108.7 109.8
NOTE.—Sales are totals for new and used autos and for GAF retailers, taken, with minor adjustments from Census Bureau reports.
(The GAF lines include General Merchandise, Apparel, and Furniture
and appliances.) The allowance for trade-ins is based on a comparison between the Census figures and the estimates released by the
Office of Business Economics, which relate only to new goods and the
dealers' margins on used goods, (For this purpose most of the nonconsumer purchases deducted by OBE were added back.) Balances
financed are estimated as instalment credit extensions less an arbitrary
flat allowance for refinancing, finance charges, insurance, etc. The
cash outlay component is a residual, which includes use of charge
accounts and of revolving credit accounts fully liquidated each month.
Family survey data show relatively less borrowing to finance used
cars and lower values for auto trade-ins than are implied here, and
the proportions shown here may be subject to a considerable margin
of error. It is the movements over time, however, which are of
primary interest for the present purpose.
1114
FEDERAL RESERVE BULLETIN • SEPTEMBER 1964
merit debt, and another 6 per cent consists
of home repair and modernization credit.
The remaining two-thirds of the total stems
from credit sales of autos and other consumer goods.
The role of instalment credit in financing these sales can be seen from available
rough estimates that cover new and used
passenger autos as well as sales at general
merchandise, apparel, and furniture and
household appliance stores, figures for which
are given in Table 2. The nonautomotive
lines mentioned are often referred to for
convenience as the "GAF" group, from the
initial letters of "General merchandise,"
"Apparel," and "Furniture."
Out of each billion dollars that consumers
have spent in these lines in recent years,
consumer instalment credit has supplied a
:*
I ASSENGER AUTO CREDIT
CALCULATED*
NOTF.—The calculated values were obtained from regressions of
credit extensions on sales in 7 lines of business over the 1948-62
period, both variables being expressed in terms of seasonally adjusted
quarterly percentage changes. Time has been included as a second
independent variable to allow for trend shifts in the relationships.
Latest figures, second quarter.
gross total estimated to be on the order
of $270 million.
Reliance on credit in 1964. Extensions of
auto and GAF credit, seasonally adjusted,
have been stepped up in recent quarters as
shown in Table 2. Sales advanced less than
extensions during 1963, but since the fourth
quarter of the year have increased more than
has credit volume.
Such differential movements may of course
arise out of the changing composition of
sales. A given volume of auto sales can
normally be expected to involve more borrowing than would the same volume of sales
of general merchandise. Autos generate
more credit per dollar of purchases, partly
because they require more substantial outlays at a particular time. From the fourth
quarter last year to the second quarter this
year sales of autos did rise less than sales
of general merchandise, and this accounted
in part for the less rapid growth in lending
than in sales.
Another element complicating interpretation is that marked increases in sales are
usually accompanied by larger increases in
credit. In order to set these factors aside and
gain historical perspective, the quarterly
movements in credit extensions since World
War II have been compared with the associated movements in sales separately for autos
and GAF. The average relationships found
have then been applied to the sales figures
for recent quarters to obtain "calculated"
values for credit extensions—the extensions
that would have accompanied the recent
uptrend in sales given the average relationship between sales and credit movements
that prevailed in 1948-62. Chart 2 shows
index numbers of these and of the extensions
that actually occurred—starting in each case
with the first quarter of 1963 as 100.
Comparison of the actual loan volume
with the calculated figures suggests that
CONSUMER INSTALMENT CREDIT
credit has been used less intensively this
year than last, relative to sales. This appears
to have been true for autos as well as for the
GAF lines, but especially for the latter.
From the second quarter of 1963 to the
third the actual use of credit moved above
the calculated amount based on sales. Extensions increased more in the GAF lines,
and declined less for autos, than might have
been expected from the movement of retail
activity, after allowance for seasonal factors.
In the fourth quarter, however, auto credit
fell slightly short of the mark indicated by
sales experience; and GAF extensions,
while remaining high, moved down a little
closer to their calculated volume.
This slight tendency to lessened reliance
on credit as 1963 ended was accelerated in
the first quarter of 1964: extensions rose
less than calculated, as cash business expanded.
Tn the spring quarter the movements of
GAF and auto credit diverged. The dependence of the GAF lines on credit declined still
further while borrowing for auto purchases
rose about parallel with the calculated movement—though continuing below the average
1963 relationship.
At GAF outlets, credit extensions actually
turned downward after Easter despite a continuing advance in seasonally adjusted sales.
It should be noted, however, that the sales
rise was particularly marked in some of the
less credit-intensive GAF lines.
The lessened dependence on credit shown
by sales in the GAF group in recent quarters
has reflected primarily the experience of department stores and mail-order outlets.
Gains in sales at furniture and appliance
stores have likewise been achieved with considerably less recourse to credit than usual.
At these stores, though, the difference between calculated and actual new borrowing
has been growing progressively smaller.
1115
Auto contract terms. As the model year
passes, there is a strong seasonal tendency
to write more auto contracts on terms that
are relatively easy. Chart 3 shows this and
also shows the continuing year-to-year
growth in the proportion of such contracts.
The terms "liberal" and "conservative"
are used here in a relative sense, just
as they were in the report Financing New
Car Purchases published by the Board of
Governors in 1957 but with some updating
of the class limits employed in that study.
These terms are not intended to imply any
judgment as to the risk of loss for borrower
or lender. The "liberal" new-car contracts
provide for a term to maturity over 30
months—usually 36 months—and for a loan
that represents more than 90 per cent of
dealer cost. For used cars, any combination
of a maturity period over 24 months plus a
dealer-cost ratio over 90 per cent is included
in the liberal category. The term "conserva-
Noti:.—See text for definition of the various tvpes ol contidt-ts
Figures are not adjusted for seasonal variation. Latest figures,
second quarter.
1116
FEDERAL RESERVE BULLETIN • SEPTEMBER 1964
tive" refers to contracts with maxima of 30
months and 90 per cent on new cars, and of
24 months and 90 per cent on used cars.
According to these criteria, around 40 per
cent of the contracts studied are "mixed":
they are "liberal" in one respect and not in
the other.
In general, the changes seen in the chart
reflect the progressively more widespread use
of terms that are accepted as maxima, such
as the 36-month maturity, rather than any
substantial tendency to breach these maximum limits. The reported percentage of
contracts with maturities of more than 36
months, for example, is still well under 1
per cent of the total, as it has been for years.
Evidence is lacking as to whether there
has been an easing in the standards applied
to the borrowers' qualifications—the level of
their existing obligations in relation to income and assets, their employment stability
and place in the community, and so on.
Personal loans. Personal cash instalment
loans have traditionally served to meet family emergencies such as illness or unemployment.
The current trend, however, is toward
the use of this type of credit for large expenditures of a more nearly optional character.
These include the purchase of household
goods, as well as outlays for travel, education, and other personal projects and family
occasions. Loans of this nature may now
be more important in the total than are
loans to cover emergency expenses. It should
be noted here that in the personal loan
category the statistics for both extensions
and repayments, particularly the former, are
inflated by a substantial volume of loans to
consolidate earlier debts.
During the summer and early fall of 1963
five States raised the maximum size of loan
permissible under State small loan laws.
Four of these—Arizona, Connecticut, Indi-
ana, and Michigan—adopted a $1,000 ceiling, and West Virginia raised its ceiling to
$800. These statutory changes brought the
number of States with loan limits of $800
or more to 32, almost twice the number a
half decade earlier.
During and immediately after the period
when the changes occurred, the volume of
personal loans increased sharply; then they
leveled off for several months before resuming the gradual upward movement.
RATE OF REPAYMENTS
Collections on instalment debt passed a seasonally adjusted annual rate of $60 billion
for the first time in May of this year.
This amount represents just about 14 per
cent of disposable personal income, the largest proportion on record. The ratio moved
above 12 per cent on an annual basis for
the first time in 1955, and for 1960 it passed
13 per cent. It held at 13.6 per cent through
the first half of 1963 and at 13.8 per cent
in the latter half before rising to 14 per cent
at the turn of the year. Factors in the uptrend, and possible implications for future
debt formation, were analyzed in the May
1963 issue of the BULLETIN.
The initial effect of the tax cut last March
was undoubtedly to reduce the ratio slightly.
But with the total debt rising and with collection rates up as disposable income
spurted, repayments quickly regained their
earlier relationship to income.
At present, the burden of repayments is
being carried with little or no apparent rise
in financial difficulties among marginal borrowers. In recent months the statistics of reported bankruptcies and delinquencies have
taken a relatively favorable turn by comparison with 1963.
Consumer bankruptcies are not numerous
in absolute terms and are geographically
concentrated in a few States, but the general
CONSUMER INSTALMENT CREDIT
trend has been rather sharply upward for
a decade or more. The sustained rise in the
number of bankruptcy petitions that began
in mid-1962 has slowed in recent quarters,
however, and this spring a dip was reported
for the first time in 2 years on a seasonally
adjusted basis.
Delinquency rates on consumer loans at
banks are dominated by cyclical conditions,
but behind the cyclical swings that have occurred in the postwar period there was a
broad downtrend through the mid-1950's
and then a limited rise to secondary peaks in
early 1961 and late 1963. A series of declines followed in the early months of 1964.
Now the rate reported by a sample of banks
is not far from the 1957-59 average.
Reports on delinquencies on home mortgages suggest that consumers have met their
repayment obligations about as regularly as
a year ago, partly in response to more vigorous collection policies by many lenders. Although delinquency rates on Governmentunderwritten loans around midyear were
somewhat above or little changed from yearearlier levels, available evidence suggests
some decline for conventional home loans,
which account for most of the outstanding
debt.
FUND SOURCES
The various lenders' shares of total instalment paper outstanding reflect in part the
general competitive positions of the institutions themselves in obtaining and lending
funds. They also reflect indirectly the relatively greater strength since mid-1963 of demand for auto and other consumer goods
credit and the stability of demand for
home repair and maintenance credit.
Thus the rise in auto loan volume was especially important to the commercial banks,
1117
which have more than half of their consumer
loan business in this category. The recent
lack of growth in home repair and modernization lending partly offset this advantage.
Bank credit. Among the immediate sources
of consumer credit, banks have been playing
a progressively larger role ever since the end
of 1955—which was their low point for the
decade. By mid-1963 their share of consumer instalment paper outstanding had
moved up 4 percentage points and amounted
to 41 per cent of the total. The same fraction was reported this summer.
Besides lending directly to consumers and
buying instalment paper from retailers and
others, banks make a substantial indirect
contribution to consumer credit by lending
to finance companies and retailers. It is estimated that about 10 per cent of all consumer
instalment credit is thus indirectly bankfinanced, as against 20 per cent of the alllender total in 1952.
Directly or indirectly the banks still provide more than half of all the funds used in
consumer instalment credit, though their
share of the total has moved down in recent
years from a high near 60 per cent estimated
for 1952.
Other credit sources. Consumer finance
companies have retained their one-twelfth
share of all instalment credit outstanding this
year. Credit unions have moved up a little,
and now hold more than one-tenth of the
total. Retailers have been financing less and
less of their customers' credit purchases
in recent years, and this trend continued
through the latest period.
Sales finance companies, supplying credit
through auto dealers, mail-order companies,
and other retailers, hold about one-fourth
of all consumer instalment debt. Their share
of the total has declined a little in recent
years, but it leveled off in the latter part of
1118
FEDERAL RESERVE BULLETIN • SEPTEMBER 1964
TABLE 3
CONSUMER RECEIVABLES OF FINANCE
COMPANIES FINANCED WITH SHORT-TERM
FUNDS, JUNE 30
(Per cent of consumer receivables)
Source of funds
Banks1
Nonbank investors
Total
1961
1962
1963
1964
17
13
17
14
17
17
19
18
30
31
34
37
1
Includes bank financing through purchase of finance company
paper.
1963 and moved up fractionally in early
1964.
Sales finance companies have benefited
this year from the strong demand for auto
credit—in which they have specialized—
even though they have not quite kept pace
with the banks in the auto field. In addition
they have increased their share of other consumer goods paper outstanding.
Finance company funds. In mid-1964 finance companies of all types taken together
held about $19 billion of consumer instalment paper. The companies had obtained a
little over three-fourths of this sum through
borrowing. This was about the same proportion as a year earlier, but up significantly
from the 70 per cent estimated for 1961
and 1962.
The rise can be traced to the short-term
component. Long-term debt is estimated to
have financed around 40 per cent of receivables, as of June 30 dates, throughout the
1961-64 period. The proportion financed
with short-term funds rose meanwhile from
30 to 37 per cent. As Table 3 shows, this
rise was largely in the form of an increased
use of nonbank funds.
Finance companies have made increasing
use of the commercial paper market in raising short-term funds in recent years, as nonfinancial corporations have made a rising
volume of such funds available. The paper
market offers flexible rates and maturity
dates, without the need to maintain compensating balances such as many banks require
against direct loans.
The competition for these corporate funds
has stiffened, however, with the step-up in
borrowing by the finance companies shown
in the table, the rising use of certificates of
deposit, and the increase in the Treasury bill
rate. Rates on directly placed finance company paper maturing in 3 to 6 months
have risen by half in a 3-year period—from
2.50 per cent in mid-1961 to 3.75 per cent
this summer.
Treasury and Federal Reserve Foreign
Exchange Operations
This fifth joint interim report reflects the
Treasury—Federal Reserve policy of making
available additional information on foreign
exchange operations from time to time.
The Federal Reserve Bank of New York acts
as agent for both the Treasury and the Federal Open Market Committee of the Federal
Reserve System in the conduct of foreign exchange operations.
This report was prepared by Charles A.
Coombs, Vice President in charge of the
Foreign Department of the Federal Reserve
Bank of New York, and Special Manager,
System Open Market Account. It covers the
period March-August 1964. Previous reports were published in the BULLETINS for
September 1962, March and September
1963, and March 1964.
March
through August 1964, international credit
facilities, both bilateral and multilateral,
were again frequently called upon to cushion
the impact upon gold and foreign exchange
reserves of payments imbalances among the
major trading nations. Official operations in
the forward markets helped to smooth temporary swings during the period, while the
Gold Pool arrangements continued to operate effectively. Transfers of gold among the
central banks also fulfilled their customary
role of helping to settle payments imbalances, but the volume of such official gold
transfers declined still further. The decline
reflected both a tendency toward narrowing
of payments imbalances as well as economies in the use of gold made possible by
the development of international credit facilities.
At the short-term end of the credit spectrum, the Federal Reserve swap network had
been broadened by late 1963 to include 12
foreign official institutions, involving reciprocal credit lines totaling $2,050 million.
During the period under review the shortterm credit needs of the various central
banks concerned were readily accommodated
under the existing swap lines and other central bank credit facilities. From March
through late August, drawings by the Federal Reserve and by three foreign central
banks amounted to $262 million.
From the inception of the swap network
in March 1962 through late August 1964,
total central bank drawings amounted to
DURING THE
6-MONTH
PERIOD
TABLE 1
FEDERAL RESERVE RECIPROCAL CURRENCY
AGREEMENTS, AUGUST 31, 1964
Other party to agreement
Bank of France
Bank of England
Netherlands Bank
,
National Bank of Belgium
j
Bank of Canada
Bank for International Settlements....
Swiss National Bank
German Federal Bank
Bank of Italy
Austrian National Bank
Bank of Sweden
Bank of Japan
1119
Total for all banks.
Amount
of facility
(in millions
of dollars)
100
500
100
50
250
150
150
250
250
50
50
150
2,050
Term
(months)
3
12
3
6
12
6
6
6
6
12
12
12
1120
FEDERAL RESERVE BULLETIN • SEPTEMBER 1964
$1,870 million. Of this amount $1,753 million, or 94 per cent, was repaid, generally
within 6 months. The Federal Reserve
shifted from a peak net debtor position of
$342 million on December 13, 1963, to a
net creditor position of $44.5 million in late
August 1964. Drawings on the Federal Reserve swap network outstanding in late August included $80 million by the Bank of
Japan, partially offset by Federal Reserve
use of $28 million drawn on the Netherlands
Bank and $7.5 million on the National Bank
of Belgium.
The Federal Reserve and U.S. Treasury,
in cooperation with foreign central banks,
also conducted short-term forward operations in sterling, German marks, Swiss
francs, and Canadian dollars, in order to restrain short-term money flows arising either
from speculation or interest arbitrage. Over
the period the Treasury reduced its commitments in the forward markets from $248
TABLE 2
OPERATIONS UNDER FEDERAL RESERVE RECIPROCAL CURRENCY AGREEMENTS, 1962-64
(In millions of dollars)
1962
1963
1964
Bank
Total
III
Bank of France
Drawings
Repayments. . .
50.0
50.0
Bank of England
Drawings
Repayments.. .
50.0
Netherlands Bank
Drawings
Repayments
10.0
National Bank of Belgium 2
Drawings
Repayments
Bank of Canada
Drawings
Repayments. . .
IV
40.0
50.0
10.0
10.5
10.5
20.0
5.0
1250.0
Bank for International
Settlements
Drawings
Repayments
10.0
30.0
32.5
IV
12.5
9.0
12.5
20.0
15.0
10.0
10.0
50.0
40.0
50.0
60.0
20.0
55.0
15.0
17.5
10.0
5.0
15.0
15.0
15.0
9.5
45.5
50.0
German Federal Bank
Drawings
Repayments
150.0
113.0
Austrian National Bank
Drawings
Repayments
50.0
100.0
5.0
15.0
50.0
136.0
113.0
55.0
115.0
1 50.0
1 100.0
210.0
210.0
100.5
100.5
130.0
230.0
230.0
25.0
100.0
155.0
155.0
341.0
341.0
l 150.0
50.0
310.0
160.5
170.5
150.0
270.0
55.0
152.0
200.0
200.0
50.0
50.0
150.0 j
1 Drawings and repayments made by foreign central bank.
2
Data represent disbursements and repurchases under the $50
million arrangement, which has remained fully drawn since its in-
25.0
50.0
Bank of Japan
Drawings
Repayments
Total for all banks
Drawings
Repayments
125.0
110.0
270.0
270.0
80.0
5.0
50.0
50.0
115.0
20.0
20.0
50.0
Bank of Italy
Drawings
Repayments
71.5
71.5
9.0
125.0
125.0
25.0
1 250.0
60.0
10.0
Swiss National Bank
Drawings
Repayments
25.0
50.0
III
240.0
138.0
112.5
193.0
480.0
200.5
155.0
209.0
90.0
405.0
50.0
1,803.0
1,738.0
ception. A total of $45 million disbursements were initiated by the
National Bank of Belgium.
1121
FOREIGN EXCHANGE OPERATIONS
million to $82.5 million, all in Swiss francs,
on August 31, while the Federal Reserve
position on market transactions was in balance on the latter date. The central banks
of Germany, Canada, Switzerland, and Italy
also operated from time to time in the
forward markets, and in each case achieved
the desired effect on the flow of funds.
As noted in the report of the Deputies of
the Group of Ten, "These demonstrations of
close central bank cooperation are themselves an effective deterrent to speculative
movements. Their informality, speed, and
flexibility make them especially suitable as a
first line—and short-term—defense against
sudden balance of payments pressures. Over
the past several years, they have mobilized
massive resources in a short time to combat
and limit speculative and crisis situations.
Their success has greatly reduced the threat
to official reserves from disequilibrating
movements of private short-term capital." *
In the medium-term segment of the international credit spectrum, the U.S. Treasury
issued an additional $474 million of bonds
in the foreign currency series, while redeeming $200 million for a net addition of $274
million equivalent. The total of foreign currency securities outstanding on August 31
amounted to $1,035 million, distributed as
shown in Table 3.
Of the $474 million of foreign currency
bonds issued during the period under review,
$70 million were employed to fund indebtedness previously incurred by the Federal Reserve by drawings upon the swap network.
Of total Federal Reserve repayments of swap
drawings since the inception of the network,
$120 million, or roughly 9 per cent, have
been so financed.
1
Ministerial Statement of The Group of Ten and
Annex Prepared by Deputies, Aug. 10, 1964 (published in Federal Reserve BULLETIN for August
1964, pp. 975-99).
TABLE 3
U.S.
TREASURY SECURITIES DENOMINATED IN
FOREIGN CURRENCIES, AUGUST 31,
1964
(In millions)
Issued to
Austrian National Bank
National Bank of Belgium
German Federal Bank
f
Swiss National Bank
Bank for International Settlements..;
Total.
Amount in
foreign currency
Sch.
BF
DM
SF
SF
1,300
1,500
2,500
1,112
300
U.S. dollar
equivalent
50.3
30.1
628.2
1257.3
69.5
1,035.4
1
Includes a $30 million equivalent, 1-year certificate of indebtedness.
Also in the medium-term credit area, the
United States drew $250 million of foreign
currencies during the first 8 months of the
year under a $500 million standby agreement with the International Monetary Fund
(renewed for another year in July 1964) in
order to facilitate repayments to the Fund
by other member countries. In other sizable
Fund transactions, the Bank of Italy in
March drew a total of $225 million. Also
in March Japan was granted standby facilities in the amount of $305 million. In August the United Kingdom renewed its standby arrangement of $1,000 million with the
Fund.
Liquid resources for cushioning payments
imbalances have thus continued to be flexibly provided through the international credit
machinery. As noted in the report of the
Deputies of the Group of Ten, "A country's
liquidity is no longer measured solely by the
level of its reserves in the form of gold and
reserve currency balances (primary reserves). There is now a variety of ways in
which monetary authorities can, at need, replenish their balances of the currencies used
for operations. Primary reserves are thus
supplemented by a broad spectrum of other
resources and facilities. At one end of this
range come 'other reserves' of only slightly
less liquidity but of unquestioned availabil-
1122
FEDERAL RESERVE BULLETIN • SEPTEMBER 1964
ity; at the other end of the range are negotiated credits, including those which will only
be available when an international institution is satisfied that the borrower will employ
effective adjustment processes to correct his
deficit."
STERLING
In early February sterling came under some
speculative selling pressure. The main factors involved seemed to be uncertainties generated by expectations of a general election
in the spring, by publication of January trade
data showing an unusually large trade deficit,
and by market rumors of a revaluation of
the German mark. These speculative pressures were resisted by Bank of England intervention in the exchange markets and, in
a minor way, by Federal Reserve purchases
of sterling in New York.
On February 27 the Bank of England
raised its discount rate from 4 to 5 per cent.
This decisive action produced an immediate
strengthening of market confidence in
sterling and the sterling rate recovered
sharply. Following the increase in the discount rate, the British Treasury bill rate
rose to a level about 0.60 per cent per
annum over the U.S. bill rate, but the forward discount on sterling promptly widened,
and the covered arbitrage margin on Treasury bills settled at about zero. Almost simultaneously with the British discount rate
increase, the Federal Reserve and U.S.
Treasury joined forces with the German Federal Bank in both spot and forward operations in German marks. As detailed elsewhere in this report, these operations seemed
to achieve their objective of dispelling market rumors of a possible change in the mark
parity, and thereby also helped to relieve
the pressure on sterling that had been coming from this source.
In early April sterling strengthened further
following the announcement that the British
general elections would not be held until October. Immediately thereafter commercial
interests that had previously postponed their
purchases bought sterling to cover their nearterm requirements, and the spot rate for the
pound sterling rose to $2.8002 by the end of
the month. Demand from this source, together with the continued strength of the
payments positions of the overseas sterling
area, bolstered sterling during April and
most of May.
In the last few days of May, however, sterling once again came under pressure as the
covering of commitments was completed
and as very tight conditions in several continental money markets, as well as in the
Euro-dollar market, drew funds from London. Moreover, toward the end of June the
usual midyear "window dressing" by continental banks put additional temporary
pressure on sterling. To temper the impact
of these movements of funds on official
reserves, the Bank of England on June 30
drew $15 million against its $500 million
swap line with the Federal Reserve. The
drawing was repaid on July 13. Also in June,
the Federal Reserve Bank of New York purchased for U.S. Treasury account approximately $6 million in sterling.
As the credit squeeze in continental European money market centers continued into
July, sterling was subject to recurrent selling
pressure and the spot rate on sterling moved
downward with a minimum of official support to a low for the month of $2.7874 on
July 20. In a market aware of British Government determination to defend the sterling
parity with the ready support, if needed, of
the IMF standby arrangement, the Federal
Reserve swap line, and credit facilities at
other central banks, the decline of the spot
1123
FOREIGN EXCHANGE OPERATIONS
rate was taken in stride with no speculative
reaction developing. Moreover, as the spot
rate declined, the technical position of sterling was correspondingly improved by the
increasing risk of a rebound of the spot rate
and consequent loss to those with short positions in sterling. Again reflecting the underlying strength of market confidence in the
sterling parity, the discount on forward sterling also tended to narrow as the spot rate
declined.
The strength of the forward sterling rate,
while gratifying to all concerned, nevertheless created certain complications. As the
discount on forward sterling tightened, the
covered interest arbitrage differential favoring London on Treasury bills became correspondingly more attractive and by July 13
had reached the level of 0.44 per cent per
annum. To forestall private covered outflows
in response to this arbitrage inducement, the
Federal Reserve with the agreement of the
British authorities intervened in the market
to widen out the discount on forward sterling
and thereby reduce the arbitrage differential.
This intervention, amounting to a total of
$28 million equivalent during a 5-day period, was accomplished by swap transactions
in the New York market, with the Federal
Reserve Bank of New York, for System
account, buying sterling spot and selling
sterling forward against U.S. dollars. At the
same time, on July 20, the Treasury announced that it was offering an additional
$1 billion of Treasury bills to help strengthen
U.S. bill rates. By July 23 the arbitrage
margin on Treasury bills in favor of London had been reduced to 0.32 per cent per
annum, and intervention was discontinued.
In mid-August sterling once again came
under pressure in the spot market as continental holders apparently shifted funds
from sterling into the Euro-dollar market.
Spot sterling reached a low in New York of
$2.7839 on August 27, but the forward rate
stayed relatively firm as market confidence
in the sterling parity remained undisturbed.
On March 31 the Federal Reserve sold to
the U.S. Treasury $10 million equivalent
of sterling, which was used by the Treasury,
together with $5 million equivalent of its
own sterling holdings, to acquire $15 million equivalent of Swiss francs through a
sterling-Swiss franc swap with the Bank for
International Settlements. Federal Reserve
and Treasury swaps of this nature—involving the exchange of one foreign currency
for another—have now included five European currencies and amounted to a total
of $115 million equivalent. Of this total,
$51 million equivalent remained outstanding at the end of August—$13 million equivalent for System account and $38 million
equivalent for Treasury account—all involving the purchase of Swiss francs against
sterling.
GERMAN MARK
During 1963, there was almost continuous
upward pressure on the German mark. The
pressure reflected mainly a substantial increase in the German foreign trade surplus,
large inflows of long-term capital, and occasional inflows of short-term funds in response
to tight money market conditions or hedging
operations. Although the Federal Reserve
frequently drew upon its $250 million swap
line with the German Federal Bank in order
to cushion these pressures, all drawings effected during 1963 had been repaid by January 9, 1964, through operations summarized in the preceding report in this series.
In late January and February 1964, buying pressure on the mark resumed in even
greater force, with indications of speculative
overtones developing. To counter these pres-
1124
FEDERAL RESERVE BULLETIN • SEPTEMBER 1964
sures, the German Federal Bank intervened
strongly in Frankfurt—buying dollars at
rates just below the ceiling on the mark. In
addition, the Federal Reserve made sizable
new drawings on the swap line to support
market intervention in New York and to
absorb dollars taken in by the German
Federal Bank. During the first half of March,
Federal Reserve drawings totaled $55 million equivalent.
These operations in the spot market were
reinforced by a resumption—for the first
time since 1961—of joint operations by the
U.S. Treasury and the German Federal
Bank in the forward market in an effort to
dispel rumors of a prospective change in the
mark parity. Sales of 3-month forward marks
amounted to approximately $21 million
equivalent between the end of February and
the middle of March at rates ranging between 0.96 and 0.75 per cent per annum
premium on the mark. All of these contracts
were liquidated without difficulty at maturity.
On March 23 an important turning point
occurred as the German Government announced its intention to propose to Parliament the imposition of a 25 per cent withholding tax on the interest income of nonresidents. This action not only checked the
long-term capital inflow, but actually induced liquidation of a considerable volume
of foreign investments in German fixedinterest securities. Earlier, on March 10, the
German Federal Bank had already taken
steps to encourage an outflow of German
funds into dollar investments by providing
dollars on a swap basis—selling dollars spot
and repurchasing them 90 to 180 days forward—to German commercial banks for
purchases of U.S. Treasury bills at a preferential discount of 0.50 per cent per annum
on the forward dollar. This compared with
a market discount at the time of more than
0.75 per cent per annum. By April 15 the
total of such dollar investment swaps outstanding had risen to $186 million. As a
consequence of the outflows on both shortand long-term capital account, the exchange
market moved into a much closer balance
that continued to prevail during April and
May.
In these circumstances, the Federal Reserve Bank of New York was able in late
March to acquire for System account $20
million equivalent of marks and thereby to
reduce its swap drawings from $55 million
to $35 million equivalent. This remaining
drawing was liquidated on March 31 by
purchase from the Bank of Italy of $35
million of marks originating in an Italian
drawing of marks from the IMF. On the
same date, the U.S. Treasury acquired $45
million equivalent of marks from the same
source. The Treasury subsequently employed
the bulk of these mark funds to absorb
dollars taken in by the German Federal
Bank.
These exchange transactions illustrate
how the United States, because of the
reserve-currency role of the dollar, now
responds to the ebb and flow of the payments
balances of foreign countries. During the
winter months of 1963-64 the large surplus
in the German balance of payments was
accompanied by a very large deficit in Italian
payments. This imbalance within the Common Market brought about a simultaneous
weakening of the lira and a strengthening
of the mark against the dollar, the currency
in which both the Bank of Italy and the
German Federal Bank customarily settle
their international accounts. These exchange
market pressures were intensified by widespread rumors of a revaluation of the mark
and a devaluation of the lira.
FOREIGN EXCHANGE OPERATIONS
As a short-run defensive measure, recourse to central bank credit, in the form
of Bank of Italy drawings of dollars from
the Federal Reserve and Federal Reserve
drawings of marks from the German Federal
Bank, served to temper these potentially
disturbing market pressures with benefit for
all concerned. Consequently when the Italian Government had recourse to the IMF, it
was entirely appropriate for the Federal Reserve and the U.S. Treasury, which had operated to cushion the immediate impact of
both the Italian deficit and the German surplus, to liquidate their mark commitments
by acquiring marks drawn by Italy from
the IMF.
A second aspect of U.S. involvment in
the German-Italian payments imbalance
was the repayment by the U.S. Treasury
of $200 million of lira bonds issued to the
Bank of Italy in 1962 and the issuance to
the German Federal Bank of $200 million
equivalent of mark bonds. In effect, mediumterm foreign currency bonds, previously
acquired by the Bank of Italy in partial
settlement of the surplus in its balance of
payments, were transformed, as had been
originally understood, into a usable reserve
asset as Italy shifted from a creditor to a
debtor position. The lira bonds were redeemed and, in practice, transferred to the
German Federal Bank, becoming an attractive investment medium denominated in
German marks in which Germany could hold
a part of its balance of payments surplus.
The rationale of this operation had been
foreshadowed in a joint central bank report
published in August 1963, which suggested: 2
2
"Conversations on International Finance," by
C. A. Coombs, M. Ikle (Banque Nationale Suisse),
E. Ranalli (Banca d'ltalia), and J. Tungeler (Deutsche
Bundesbank), Monthly Review, Federal Reserve Bank
of New York, August 1963, pp. 114-21.
1125
"Even after the United States has regained
equilibrium in its payments accounts, certain countries will from time to time move
into a strong creditor position which will,
in turn, expose the United States, as
banker for the international financial
system, to the risk of net drains upon its
gold stock. We have previously suggested
that informal understandings should be
sought whereby the creditor countries
might attempt, either through greater
flexibility in their gold policy or through
more extensive use of forward exchange
and related operations, to avoid causing
a net drain upon the United States gold
stock. To round out such a system of
minimizing net losses of gold by the
United States as a result of pronounced
surplus and deficit positions in other countries, the United States might also find it
useful on occasion to provide the creditor
country with an investment outlet for its
surplus in the form of special bonds
denominated in the creditor's currency."
Still a third aspect of the pivotal role of
the United States in the international financial mechanism was a sale of $200 million of
gold by the Bank of Italy to the U.S. Treasury in order to replenish the dollar reserves
of the Bank of Italy. The Treasury immediately resold this gold to the German Federal
Bank in recognition of the fact that the
Italian deficit and German surplus were, to
a considerable extent, opposite sides of the
same coin.
No further operations in German marks
for either Federal Reserve or Treasury account occurred until early June when a brief
revival of speculation concerning a mark
revaluation was met by sales on the New
York market of $5 million of marks for
Federal Reserve account and $6 million for
U.S. Treasury account. The German Federal
1126
FEDERAL RESERVE BULLETIN • SEPTEMBER 1964
Bank simultaneously supported the dollar
with sizable operations in Frankfurt, and
on June 3 the Treasury employed $40 million equivalent of mark balances acquired
at the time of the Italian drawing on the
IMF to absorb dollars taken in by the German Federal Bank. Buying pressure on the
mark was further intensified in mid-June
by commercial bank window-dressing operations, and $150 million of the resultant inflow to the German Federal Bank was
absorbed by an additional Treasury issue
of mark-denominated bonds. This latest
issue raised the total of such mark bonds
outstanding to $628 million equivalent.
On July 9 the German Federal Bank announced an increase in commercial bank
reserve requirements effective August 1. The
mark again was subject to upward pressure,
and the U.S. Treasury sold a total of $4
million equivalent of marks in New York
on July 9 and 10. To counter possible repatriation of short-term bank funds, the
German Federal Bank on July 13 reduced
the investment swap discount on forward
dollars from 0.50 to 0.25 per cent per
annum. The demand for marks then eased,
and no further operations were undertaken
by either the Federal Reserve or U.S. Treasury through the end of August.
ITALIAN LIRA
The Italian lira came under increasingly
heavy selling pressure during the winter of
1963-64 as a result of a widening payments
deficit on current account, sizable capital
outflows, and repayments of foreign indebtedness by the Italian commercial banks.
To deal with the situation, the Italian authorities initiated various corrective policy measures, which were expected to take effect over
a period of months. Meanwhile, as heavy
drains upon the Bank of Italy's reserves con-
tinued, the need for short-term credit and
other assistance became clear.
Under the $250 million swap line with
the Federal Reserve, the Bank of Italy made
three successive drawings of $50 million
each in October 1963, January 1964, and
March 1964. Acquisition of lire by the U.S.
authorities for eventual repayment of $200
million equivalent of lira bonds issued to
the Bank of Italy in 1962 also helped the
Bank of Italy to replenish its liquid reserves.
In anticipation of such repayments, the U.S.
Treasury had purchased $67 million equivalent of lire from the Bank of Italy in the
early fall of 1963. Of this total, $17 million
was temporarily employed in a swap against
Swiss francs with the BIS.
This program of advance acquisition of
lire to meet prospective maturities of lira
bonds was carried further by Federal Reserve
purchases of $50 million equivalent of lire
in December 1963, another $50 million in
January 1964, and a final purchase of $33
million in March. These lire were simultaneously sold forward to the U.S. Treasury,
which redeemed one $50 million lira bond
at its first maturity on March 9, and on April
1 prepaid the remaining $150 million of
lira bonds outstanding. These Federal Reserve and Treasury operations, totaling $350
million, cushioned the decline in the Bank
of Italy's reserves and thereby helped restrain
speculative pressure.
During the week of March 9 to 14, 1964,
an Italian delegation, headed by Governor
Carli of the Bank of Italy, visited Washington to discuss with the World Bank and
the International Monetary Fund various
possible sources of financing for Italy's
longer-term investment requirements and its
expected further balance of payments deficits. In the midst of these discussions the lira
was suddenly struck by a burst of specula-
FOREIGN EXCHANGE OPERATIONS
tion, which brought heavy pressure not only
on the spot rate but also on the forward rate,
which for a 3-month maturity moved to a
discount of 7 per cent per annum. In this
dangerous situation, an immediate and
massive reinforcement of the Italian reserve
position was clearly called for, and within
48 hours the Italian authorities were able to
announce that approximately $1 billion of
external assistance was at their disposal.
This credit package included: (1) a $100
million swap arrangement with the U.S.
Treasury (in addition to the partly drawn
swap facility with the Federal Reserve System), (2) a $200 million standby credit
from the Export-Import Bank, (3) $250
million in credits of up to 3 years from the
U.S. Commodity Credit Corporation, and
(4) short-term credit facilities of $250 million from the Bank of England and the
German Federal Bank. Had time permitted,
other foreign official sources of short-term
credit could readily have been tapped.
Announcement of this credit package immediately broke the speculative wave. As
market confidence in the lira revived, the
Bank of Italy temporarily withdrew its support from the spot market and allowed the
lira to decline to a level close to par, where it
settled in relatively orderly and balanced
trading. At the same time, the discount on
the 3-month forward lira narrowed from
7 to 3 per cent, further reflecting the improvement in market confiidence.
At the end of March the Italian Government made a drawing of $225 million on the
IMF in various currencies. Of this total,
$80 million equivalent of German marks
were immediately sold to the Federal Reserve and the U.S. Treasury, and $20 million equivalent of guilders to the Federal Reserve.
These transactions enabled the Federal
1127
Reserve to settle outstanding commitments
in the respective currencies and provided
marks to the Treasury to meet possible future
operational needs. In June, against the
background of substantial earlier movements
of funds from Italy to Switzerland, the Bank
of Italy negotiated a $100 million equivalent
lira-Swiss franc swap with the Swiss National Bank. In this instance, too, the entire
Swiss franc proceeds were sold by the Bank
of Italy to the Federal Reserve for dollars.
(The System then employed these Swiss
francs to liquidate outstanding Swiss franc
indebtedness to the Swiss National Bank.)
With its dollar reserve position reinforced
not only by bilateral credits and the Fund
drawing, but also by net accruals of dollars
in the exchange market, the Bank of Italy
proceeded to repay during the second quarter
of the year all of its previous drawings of
$150 million on the Federal Reserve as well
as the short-term credit drawn under the
facility provided by the German Federal
Bank. In addition, about one-third of the
$100 million credit from the Swiss National
Bank had also been repaid by the end of
August. (No drawings had been made under
the credit facilities made available by the
U.S. Treasury or the Bank of England. Nor
has there as yet been any utilization of the
credits made available by the Commodity
Credit Corporation or the Export-Import
Bank, although use of these credits is expected to begin shortly.)
One of the most satisfactory aspects of this
display of international cooperation in
beating back a speculative attack on the
Italian lira was that the provision of massive credit assistance to Italy more or
less coincided with a turning point in
the Italian economic and financial scene.
During the first quarter of 1964, the Italian
balance of payments had registered a deficit
1128
FEDERAL RESERVE BULLETIN • SEPTEMBER 1964
of $436 million. This turned into a surplus
of $226 million in the second quarter as the
corrective policy measures previously initiated by the Italian authorities began to
take effect and as a reversal in the leads and
lags brought about the covering of short
positions in lire. In early July a governmental crisis generated a temporary speculative flurry, but forceful operations in the
forward market by the Bank of Italy through
the agency of the Federal Reserve Bank of
New York provided reassurance, and the
speculation quickly subsided. Indeed, Italy
gained reserves during the summer and on
September 1 repaid $65 million of its $225
million IMF drawing. This repayment reduced the Fund's holdings of lire to 75 per
cent of the Italian quota. Thus, Italy's obligation to the Fund has been completely
liquidated.
As reported in previous articles in this
series, the U.S. Treasury in January 1962
had undertaken to share with the Bank of
Italy contracts to purchase forward dollars
that that institution had entered into with
Italian commercial banks in order to encourage a re-export of dollars during the
period of heavy balance of payments surpluses. The initial value of the contracts
taken over by the U.S. Treasury in January
1962 amounted to $200 million. Total U.S.
commitments to supply forward lire rose
to a peak of $500 million in August of that
year, and thereafter—with some fluctuations
—generally declined as Italian commercial
banks reduced their dollar holdings. The
last of the contracts were reacquired by the
Italian authorities in March of this year,
thus fully liquidating the Treasury's forward
lira commitments.
SWISS FRANC
Very heavy inflows of short-term funds into
Switzerland at the end of 1963 reflected the
usual window-dressing operations by Swiss
commercial banks. To absorb part of the
resultant accumulation of dollars on the
books of the Swiss National Bank, the
Federal Reserve increased its swap drawings
in Swiss francs on the BIS from $95 million
to $145 million equivalent and on the Swiss
National Bank from $55 million to $75 million, for a combined total of $220 million.
Prior to this year-end bulge, outstanding
drawings during most of the last quarter
ranged around $150 million. During the
autumn, the Treasury had also entered into
forward transactions in Swiss francs of nearly
$150 million equivalent.
Some easing of the Swiss franc developed
after the year-end, but continuing inflows
of capital during the first quarter limited
the usual seasonal weakening. Moreover,
interest rates in Switzerland had risen rapidly from the fall of 1963 through the first
quarter of 1964. The rate paid by Swiss
banks on 3-month time deposits, which had
ranged from about 2.65 per cent to 3 per
cent during most of 1963, moved up to 3.25
per cent in March, while Euro-Swiss franc
deposit rates, which closely reflect credit
conditions in Switzerland, advanced V2 of
a percentage point to 3.62 per cent during
the first quarter. Consequently, opportunities
for the Federal Reserve to acquire Swiss
francs for settlement of its outstanding Swiss
franc indebtedness developed more slowly
than expected, and by mid-April it had paid
off only $45 million equivalent of its drawings on the BIS.
In April a severe tightening of the Swiss
credit market pushed interest rates up further
and drove the Swiss franc to the ceiling
once more, and the Swiss National Bank was
forced to take in a sizable amount of dollars
at that level. Part of this inflow was absorbed
FOREIGN EXCHANGE OPERATIONS
when the Federal Reserve made a new drawing of $25 million equivalent on its swap
line with the Swiss National Bank, thus putting the Federal Reserve debt in Swiss francs
back to $200 million.
In order to curb inflationary pressures in
the Swiss economy, the Swiss Government in
March had placed restrictions on construction activity and had authorized the Swiss
National Bank to introduce measures limiting credit expansion by banks and discouraging the inflow of foreign funds. Similar
arrangements between the central bank and
the banks had been in effect for several years
on a voluntary basis. The gentlemen's agreements concerning restrictions on domestic
credit growth took on legal force in May
1964. In an effort to halt the heavy inflow
of foreign capital and the rise in dollar holdings of the Swiss National Bank, restraints
on the inflow of funds from abroad were
implemented at the end of March. All Swiss
banking institutions were forbidden to pay
interest on foreign deposits received after
January 1, 1964, and were required to invest in foreign currency assets or to deposit
with the Swiss National Bank any increase
since January 1, 1964, in their net Swiss
franc liabilities to foreigners.
While these measures were successful in
halting further inflows of foreign funds,
they did not of course prevent the repatriation by Swiss banks of funds already held
abroad. Since the credit squeeze in Switzerland was continuing, there seemed little likelihood of any reversal of the previous inflow
of funds. As a result, following the Federal
Reserve swap drawing in April, the Swiss
and U.S. authorities agreed on a combination of special measures to liquidate all of
the Federal Reserve swap drawings and reduce the Treasury's outstanding forward
contracts.
The first step was taken in May, when the
1129
U.S. Treasury issued to the BIS a $70 million Swiss franc bond. To acquire the Swiss
francs, the BIS had issued 3-month promissory notes to the Swiss banks. The Swiss
franc proceeds of this bond issue were then
sold to the Federal Reserve, which immediately repaid an equivalent amount of its
Swiss franc debt to the BIS. The second step
came in June when, as previously noted, the
Bank of Italy entered into a $100 million
lira-Swiss franc swap agreement with the
Swiss National Bank. The Bank of Italy sold
the Swiss francs it acquired to the Federal
Reserve, which retired the remainder of its
Swiss franc debt to the Swiss National Bank.
At the end of June the Federal Reserve
paid off the remaining $30 million of its
swap drawings on the BIS with francs
obtained in conjunction with a sale of gold
to the Swiss National Bank by the Treasury.
The Federal Reserve swap arrangements
with the BIS and the Swiss National Bank
thus reverted to a standby basis.
Meanwhile, interest rates in Switzerland
had risen still further as the heavy demands
imposed on the Swiss money and capital
markets by the continuing high level of economic activity further squeezed the liquidity
position of Swiss banks and firms. The interest rate on 3-month deposits reached 3.50
per cent in June, an increase of about 0.75
per cent over the previous year, while the
average yield on government bonds moved
up to 4.05 per cent, as compared with 3.15
per cent a year earlier. To relieve the squeeze
on their liquidity positions and to satisfy
midyear window-dressing purposes, the
Swiss commercial banks made further sizable repatriations of funds during June.
These commercial bank operations caused
the Swiss National Bank once again to take
in a sizable amount of dollars. In July the
unwinding of some window-dressing operations and an easing of the Swiss money
1130
FEDERAL RESERVE BULLETIN • SEPTEMBER 1964
market brought about only a partial reversal of the previous inflows. In these circumstances, the U.S. Treasury issued to the Swiss
National Bank on August 4 an additional
Swiss franc bond in the amount of $52 million equivalent and used the proceeds to
absorb an equivalent amount of dollars on
the books of the Swiss National Bank. At the
same time the Swiss National Bank placed
with the Swiss commercial banks an equivalent amount of "sterilization rescriptions" (a
form of short-term paper issued by the Swiss
Confederation) to reduce excess domestic
liquidity.
As noted above, the U.S. Treasury in the
latter half of 1963 had sold in the market
nearly $150 million equivalent of 3-month
forward Swiss francs to encourage outward
investment flows by Swiss commercial banks.
By the end of the year the Treasury's forward
commitments had been reduced to $121 million. Additional sales of $9 million equivalent occurred in January, and the outstanding contracts were rolled over at maturity
until May 1964, when $9 million equivalent
was paid off. An additional $19 million was
liquidated in June, and in August, at U.S.
Treasury initiative, a further $19 million
was paid off at maturity. This left a total of
$83 million still outstanding. In addition,
there were outstanding $38 million equivalent in U.S. Treasury Swiss-franc liabilities
arising from swaps of sterling for Swiss
francs with the BIS. During this period a
$17 million swap of lire for Swiss francs was
liquidated, and a $15 million sterling—Swiss
franc swap was substituted.
Taking the Federal Reserve swap drawings and Treasury forward commitments together, temporary financing had reached a
maximum of nearly $350 million at the end
of 1963. By the end of August 1964, the
swap drawings had been entirely paid off
and, as indicated above, Treasury forward
commitments in the market had been reduced to $83 million. A good part of this
reduction in short-term Swiss franc commitments, however, was achieved through
the issuance of $122 million equivalent of
Swiss franc bonds, the sale of $30 million
in gold to the Swiss National Bank, and
purchases of Swiss francs from the Swiss
National Bank, thereby increasing that
Bank's dollar holdings.
NETHERLANDS GUILDER
The Netherlands guilder declined during the
first 2 months of 1964 as the Dutch trade
position began to weaken, and toward the
end of March the Federal Reserve Bank of
New York was able to purchase for System
account $5 million equivalent of guilders
from the Netherlands Bank. At about the
same time, the System acquired $20.1 million equivalent of guilders from the Bank of
Italy, which had taken guilders as part of
its drawing on the IMF. With these guilder
funds, the Federal Reserve on April 2
paid off at maturity its outstanding $25 million equivalent swap drawing from the
Netherlands Bank, thus placing the entire
$100 million swap arrangement on a standby
basis.
During most of the second quarter the
guilder continued to decline as the Dutch
trade deficit increased. In early June the
Netherlands Bank raised its discount rate
by ¥L of a percentage point to AVi per cent.
The money market then began to tighten,
and in July Dutch commercial banks repatriated funds, causing a strengthening of
the spot guilder. The Netherlands Bank took
in dollars in moderating the rise in the rate,
and during the first week in August the
Federal Reserve drew $20 million equivalent of guilders under the swap line and immediately used the guilders to absorb some
of the Netherlands Bank's dollar accruals.
FOREIGN EXCHANGE OPERATIONS
On August 10 the Federal Reserve drew
another $10 million equivalent of guilders
in anticipation of possible market operations.
Subsequently it sold $8 million equivalent to
the Netherlands Bank to mop up additional
dollars held by that Bank.
JAPANESE YEN
During most of the first half of 1964 the
Japanese yen remained at or close to its
floor, as a continuing increase in Japan's
deficit on current account was covered only
in part by long- and short-term capital inflows. The Japanese authorities had initiated
a series of restraint measures beginning in
October 1963, and in March of this year the
Bank of Japan raised its discount rate from
5.84 per cent to 6.57 per cent. In order
to avoid further deterioration in its reserve position until the restraint measures
should bring about the desired effect, as well
as to support confidence in the yen in connection with the acceptance by Japan on
April 1 of Article VIII status under the
IMF Articles of Agreement, the Bank of
Japan on April 30 drew $50 million under
the $150 million swap arrangement with the
Federal Reserve—the first use of this facility since its inception in October 1963. The
pressure on reserves continued over the summer months, and on July 30 the Bank of
Japan renewed the $50 million drawing for
another 3 months and on July 31 drew an
additional $30 million under the swap arrangement. In August, however, Japanese
reserves registered an increase.
CANADIAN DOLLAR
The spot market for Canadian dollars was
relatively quiet through the first half of
1964, but there was considerable activity
in the forward market as a result of grain
sales to the Soviet Union. These sales generated heavy demands on the part of grain
dealers for Canadian dollars against U.S.
1131
dollars for future delivery. (The contracts
with the U.S.S.R. called for payment in U.S.
dollars, whereas the grain companies had to
purchase the wheat from the Canadian
Wheat Board with Canadian dollars.) After
meeting the grain dealers' demand—and
after covering these forward sales to some
extent through spot purchases—commercial
banks attempted to balance their positions
by engaging in swap transactions, selling
Canadian dollars spot against forward purchases timed to meet likely calls on their
forward commitments to the grain dealers.
Consequently, the forward Canadian dollar
advanced to a premium while the spot rate
tended to decline.
In order to offset some of these pressures,
the Bank of Canada sold U.S. dollars spot
and purchased them forward, thus providing
some counterpart to the commercial banks'
swap needs. Despite such operations on a
substantial scale by the Bank of Canada, the
forward Canadian dollar remained at a
premium, and the incentive to move funds
from the United States to Canada on a covered basis as measured by the differential on
3-month Treasury bills rose to about 0.34
per cent in the latter part of March. The situation became a source of concern to the U.S.
authorities when it became evident that
funds actually had been moving to Canada
in some size, and with the agreement of the
Canadian authorities, the Federal Reserve
began in late March to sell Canadian dollars forward against spot purchases. As it
turned out, the pressures on the forward
Canadian dollar temporarily subsided, and
Federal Reserve swaps in the market
amounted to only $2 million. The matching
of forward exchange commitments with
shipment deliveries in connection with the
very large grain sales continued to dominate
the forward market in Canadian dollars
through the end of June. Although the 3-
1132
FEDERAL RESERVE BULLETIN • SEPTEMBER 1964
month forward Canadian dollar widened to
a premium of well over XA of 1 per cent
per annum, the covered differential in favor
of Canada held below 0.40 per cent as
Canadian short-term interest rates declined,
and no further operations by the U.S. authorities were necessary.
By the end of July, Canadian grain shipments to the Soviet Union had been fairly
well completed and pressures on the forward
market consequently eased. Then during
August a series of developments actually
reversed the pressures in the Canadian dollar
market. There was some buying of spot Canadian dollars by continental interests at the
time of the Vietnam crisis, and as the spot
rate rose in a thin market, Canadian exporters proceeded to sell out U.S. dollar balances. In addition, there were new grain
purchases by several Eastern European
countries, the effect of which was felt
mainly in the spot market. At about the
same time, there was a tightening of the
Canadian money market and a flow of funds
into Canada from the United States. The
incentive for interest arbitrage flows was
soon eliminated, however, by a sharp rise
in the spot Canadian dollar rate and a decline in the forward rate. At the close of
the period, the market was in balance.
OTHER CURRENCIES
Throughout most of the second quarter the
Belgian franc moved narrowly in a market
that was essentially in balance, and there
was no occasion for either the Federal Reserve or the National Bank of Belgium to
employ the swap balances held under the
fully drawn swap arrangement. Early in
July, however, the Belgian franc strengthened following the announcement of new
measures designed to curb the growth of
credit in Belgium. On July 3 the Belgian
National Bank raised its discount rate by Vi
percentage point to 43A per cent and announced that effective August 17 it would
impose a cash reserve requirement against
commercial bank deposits for the first time.
Early in August the Federal Reserve used
$7.5 million equivalent of Belgian francs
drawn under the swap to absorb dollars on
the books of the Belgian National Bank.
The French franc held firmly at its ceiling
throughout most of the period, as the French
balance of payments continued in surplus,
and there were no Federal Reserve or Treasury operations in the market. As indicated
in the following section, however, the Treasury did effect certain sales of French francs
to various countries for repayments to the
IMF. These repayments were spread out
over a period of several months. Since the
Treasury did not wish to leave sizable franc
balances uninvested, a swap arrangement
was entered into with the Bank of France,
with provision for gradual reductions of the
swap as the francs were required.
There were no Federal Reserve or Treasury operations in Swedish kronor or Austrian schillings during the March-August
period.
IMF DRAWING
In addition to the exchange operations
discussed above, since the beginning of the
year, the U.S. Treasury has sold foreign
currencies to 16 different countries—including Canada, India, and a number of Latin
American nations—for use in making repurchases from the IMF. (With the Fund's
holdings of dollars now in excess of the dollar portion of the U.S. subscription, the Fund
cannot at this time accept further dollars in
repayment.) The U.S. Treasury acquired
the foreign currencies sold, predominantly
German marks and French francs, through
two drawings on the IMF, on February 13
and June 1, in the amount of $125 million
1133
FOREIGN EXCHANGE OPERATIONS
equivalent each under the $500 million
standby agreement with the Fund announced by President Kennedy in July 1963.
Of this $250 million equivalent drawn by
the United States, the bulk had been utilized
by the middle of August.
Pending disbursement of remaining balances from the second drawing, the marks
were invested by the Treasury in German
Treasury bills, and the French francs were
returned to the Bank of France by means
of the dollar-French franc swap mentioned
above. On July 23, the original standby expired, and the Treasury announced that it
had made a further standby arrangement
with the IMF for another year, restoring the
amount available to $500 million.
The first drawing under the new standby
arrangement was made on September 1,
when the United States drew $50 million in
five European currencies. This drawing was
occasioned by Italy's repayment to the Fund
of $65 million.
GOLD MARKET AND U. S. GOLD
TRANSACTIONS
Throughout the first 8 months of 1964 the
London gold market was generally stable
with prices seldom in excess of $35.09.
There were brief periods when political uncertainties generated some speculative buying. In January, for example, private demand for gold picked up in large part
because of unsettled conditions in Cyprus
and Vietnam. Early in March these pressures were reinforced by buying from Italy,
and gold fixing prices advanced to a high
of $35.0986. The pressures quickly abated,
however, and in the latter part of March,
when the Soviet Union again appeared in
the market as a seller of gold in connection
with renewed grain purchases from the
West, the price receded to $35.0586. Although the Soviet Union had withdrawn
from the market by the end of April, market
supply generally continued to exceed demand. Early in August the military flare-up
in Vietnam and Cyprus again touched off
a brief surge of speculative buying, but these
tensions also faded quickly.
During the first half of the year, the
United States continued to acquire sizable
amounts of gold through the operation of
the London Gold Pool. Such acquisitions
TABLE 4
U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS,
JANUARY-JUNE, 1964
(In millions of dollars at $35 per fine troy ounce. U.S. net sales, —;
net purchases, + )
Country
Austria
Brazil
France
Germany
Italy
Switzerland. .
Turkey.
United Kingd om. .
All o t h e r . . . .
Total.. .
First
quarter
Second
quarter
- 32.1
1.0
-101.3
— 200 0
+200.0
- 23.2
+ 28.1
-101.3
1.2
+ 109.3
1.2
- 30.6
+ 15.0
+220.9
- 14.5
-
+ 95.0
27.5
are included in net gold purchases from the
United Kingdom as shown in Table 4,
though the Gold Pool component in this figure will vary from one period to the next.
Also shown in the table is the triangular gold
transaction mentioned earlier, in which
$200 million of gold sold to the United
States by the Bank of Italy was immediately
resold to the German Federal Bank. France,
which had a continuing surplus in its balance of payments, remained the largest purchaser of gold from the United States. During the first half of the year French reserves
rose some $280 million. On balance, after
taking account of sales to domestic users of
about $40 million, total U.S. gold holdings
—including Stabilization Fund holdings
along with the Treasury gold stock—increased by $27 million during the first 6
months of the year.
Law Department
Administrative
interpretations, new regulations, and similar material
Application of Securities Exchange Act to Stocks
and Other Securities of Banks
Prior to enactment of the "Securities Acts,
Amendments of 1964," approved August 20, 1964
(Public Law 88-467), the registration, periodic
reporting, proxy solicitation, and certain other requirements of the Securities Exchange Act of 1934
applied only to securities traded on exchanges.
Under the new subsection 12(g) of the amended
Act, these "disclosure" requirements apply also to
the issuer of a class of equity securities held of
record by at least 750 persons (if the issuer has
total assets exceeding $1 million), even though the
equity security in question is traded on the "overthe-counter market" and not on a securities exchange. After a lapse of two years, the Act will
apply in any such case where a class of equity
security is held of record by at least 500 persons.
The amended Act applies to bank stocks as well as
to the equity securities of other corporations.
Public Law 88-467 also added to Section 12 of
the Act the following subsection (i):
"(i) In respect of any securities issued by banks the
deposits of which are insured in accordance with the
Federal Deposit Insurance Act, the powers, functions,
and duties vested in the Commission under this title
to administer and enforce sections 12, 13, 14(a), 14
(c), and 16 (1) with respect to national banks and
banks operating under the Code of Law for the District of Columbia are vested in the Comptroller of
the Currency, (2) with respect to all other member
banks of the Federal Reserve System are vested in
the Board of Governors of the Federal Reserve System, and (3) with respect to all other insured banks
are vested in the Federal Deposit Insurance Corporation. The Comptroller of the Currency, the Board of
Governors of the Federal Reserve System, and the
Federal Deposit Insurance Corporation shall have
power to make such rules and regulations as may be
necessary for the execution of the functions vested in
them as provided in this subsection and none of the
rules, regulations, forms or orders issued or adopted
by the Commission pursuant to this title shall be in
any way binding upon such officers and agencies in
the performance of such functions, or upon any such
banks in connection with the performance of such
functions."
As will be seen, Section 12(i) vests in the respective Federal bank supervisory agencies author-
ity to administer the disclosure provisions of the
Securities Exchange Act with respect to securities
of insured banks, to the same extent that administration is vested in the Securities and Exchange
Commission with respect to securities of other corporations. Accordingly, those agencies will administer those provisions in the case of any banks that
elect to list their securities on exchanges as well as
in the case of bank stocks traded over the counter
that are subject to the mandatory disclosure provisions of the new Section 12(g).
Real Estate Loans by National Banks
The Housing Act of 1964, approved September
2, 1964 (Public Law 88-560), amended Section 24
of the Federal Reserve Act, with respect to conventional real estate loans by national banks, by
increasing the maximum maturity of such loans
from 20 to 25 years, and the maximum loan-tovalue ratio from 75 to 80 per cent. The text of the
provision of the Act reads as follows:
SEC. 1004. Clause (3) of the third sentence of the
first paragraph of Section 24 of the Federal Reserve
Act is amended to read as follows: "(3) any such
loan may be made in an amount not to exceed 80 per
centum of the appraised value of the real estate offered as security and for a term not longer than
twenty-five years if the loan is secured by an amortized mortgage, deed of trust, or other such instrument under the terms of which the installment payments are sufficient to amortize the entire principal
of the loan within the period ending on the date of
its maturity, and".
Interest Equalization Tax Information
The Interest Equalization Tax Act, approved
September 2, 1964 (Public Law 88-563), amended
Section 6103(a) of the Internal Revenue Code of
1954, so as to authorize the President to open to
inspection by the Board of Governors of the Federal Reserve System and the Federal Reserve
Banks any information return made by a commercial bank with respect to loans and commitments
to foreign obligors under Section 6011(d)(2) of
the Code. Pursuant to this authority, the following Executive Order and Regulation were issued:
1134
1135
LAW DEPARTMENT
EXECUTIVE ORDER 11176
INSPECTION OF CERTAIN INTEREST EQUALIZATION
TAX INFORMATION RETURNS BY THE BOARD OF
GOVERNORS OF THE FEDERAL RESERVE SYSTEM
AND THE FEDERAL RESERVE BANKS
By virtue of the authority vested in me by section
6103(a) of the Internal Revenue Code of 1954 (68A
Stat. 753; 26 U.S.C. 6103(a)) as amended by section
3 of the Interest Equalization Tax Act, approved September 2, 1964 (Public Law 88-563), it is hereby
ordered that any information return made by a commercial bank with respect to loans and commitments
to foreign obligors under section 6011(d)(2) of
the Internal Revenue Code of 1954, as added by section 3 (a) of the Interest Equalization Tax Act, shall
be open to inspection by the Board of Governors of
the Federal Reserve System and the Federal Reserve
Banks in the interest of sound administration of the
interest equalization tax. Such inspection shall be in
accordance and upon compliance with the rules and
regulations prescribed by the Secretary of the Treasury in a Treasury decision, relating to inspection of
certain interest equalization tax information returns
by the Board of Governors of the Federal Reserve
System and the Federal Reserve Banks, approved by
me this date.
This order shall be effective upon its filing for publication in the FEDERAL REGISTER.
LYNDON B. IOHNSON
THE WHITE HOUSE,
September 3, 1964.
TITLE 26—INTERNAL REVENUE
Chapter I—Internal Revenue Service, Department
of the Treasury
Subchapter F—Procedure and Administration
[T.D. 6757]
respect to loans and commitments to foreign obligors
under section 6011(d)(2) of the Internal Revenue
Code of 1954, as added by section 3(a) of the Interest Equalization Tax Act, shall be open to inspection
by the Board of Governors of the Federal Reserve
System and the Federal Reserve Banks. Such inspection may be made by—
(1) A member or employee of the Board of Governors of the Federal Reserve System duly authorized
by the Board, or
(2) An officer or employee of a Federal Reserve
Bank duly authorized by the president of such Bank.
Upon written notice by the Board of Governors of
the Federal Reserve System or the president of a
Federal Reserve Bank to the Secretary of the Treasury stating that it is desired to inspect information
returns made by commercial banks with respect to
loans and commitments to foreign obligors under section 6011(d)(2) of the Internal Revenue Code of
1954, the Secretary of the Treasury, or any officer or
employee of the Department of the Treasury with the
approval of the Secretary, may furnish the Board or
the Bank with any data on such returns or make the
returns available for inspection and the taking of such
data as the Board or the president of the Bank may
designate. Such data may be furnished or such returns may be made available for inspection, in the
offices of the Board of Governors of the Federal Reserve System or in the offices of the Federal Reserve
Bank, as the case may be. Any information thus obtained shall be held confidential except that it may be
published or disclosed in statistical form provided such
publication does not disclose, directly or indirectly,
the name or address of any person filing such a return.
(b) This section shall be effective upon its filing
for publication in the FEDERAL REGISTER.
DOUGLAS DILLON,
[SEAL]
Secretary of the Treasury.
Approved: September 3, 1964.
LYNDON B. JOHNSON,
The White House.
PART 301—PROCEDURE AND ADMINISTRATION
Inspection of Certain Interest Equalization Tax
Information Returns by the Board of Governors
of the Federal Reserve System and the Federal
Reserve Banks
Section 301.6103(a)-107 is inserted immediately after § 301.6103(a)-106 to read as follows:
§ 301.6103(a)-107 Inspection of certain interest
equalization tax information returns by the Board
of Governors of the Federal Reserve System and
the Federal Reserve Banks.
(a) Pursuant to the provisions of section 6103(a)
of the Internal Revenue Code of 1954 (68A Stat. 753;
26 U.S.C. 6103(a)) as amended by section 3(c) of
the Interest Equalization Tax Act, approved September 2, 1964 (Public Law
88-563), and the Executive
order issued thereunder,1 and in the interest of sound
administration of the interest equalization tax, any
information return made by a commercial bank with
a
E.O. 11176, Title 3, supra.
Collection of Cash and Noncash Items
The Board of Governors, effective September 1,
1964, amended Regulation G, entitled Collection
of Noncash Items, and Regulation J, entitled
Check Clearing and Collection, so as to provide
that Federal Reserve Banks, as collecting banks,
shall receive the same warranties from sending
banks located in jurisdictions in which the Uniform Commercial Code is not in effect as Federal
Reserve Banks located in jurisdictions in which the
Code is in effect give to banks to which they forward checks and noncash items, and to make it
clear that a Federal Reserve Bank which sends
checks and noncash items to another Federal
Reserve Bank makes the same warranties and
agreements as are made by a member or nonmember bank which sends checks and noncash
1136
FEDERAL RESERVE BULLETIN • SEPTEMBER 1964
items to a Federal Reserve Bank. The texts of the
amendments to Regulations G and J are as follows:
warranties under the law of any State applicable
to it as a collecting bank.
AMENDMENTS TO REGULATION G
AMENDMENTS TO REGULATION J
(12 CFR PART 207)
(12 CFR PART 210)
Effective September 1, 1964, paragraphs (a)
and (b) of Section 207.3 are revised to read as
follows:
Effective September 1, 1964, the presently undesignated first paragraph of § 210.5 is designated
as paragraph (a), the present paragraphs (a)
through (i) of § 210.5 are redesignated as paragraphs (b) through (j), respectively, and the
presently undesignated first paragraph of § 210.5
and the present paragraph (a) of such section are
revised to read as follows:
SECTION 207.3—TERMS OF COLLECTION
(a) Agreement of sending bank. Each member
and nonmember clearing bank and each Federal
Reserve bank which sends noncash items to a
Federal Reserve bank for collection shall by such
action be deemed: (1) to authorize the Federal
Reserve banks to handle such items subject to the
terms and conditions of this part; (2) to warrant
its own authority to give the Federal Reserve banks
such authority; (3) to agree to indemnify any Federal Reserve bank for any loss or expense sustained (including but not limited to attorneys' fees
and expenses of litigation) resulting from the
failure of such sending bank to have such authority, or resulting from such Federal Reserve bank's
guaranty of prior endorsements, or resulting from
any action taken by the Federal Reserve bank
within the scope of its authority for the purpose of
collecting such noncash items, or resulting from
any and all warranties given by the Federal Reserve bank, in respect of such items, under the law
of any State applicable to the Federal Reserve bank
as a collecting bank; (4) to guarantee all prior
endorsements on such items whether or not a specific guaranty is incorporated in an endorsement
of the sending bank; and (5) to warrant to the
Federal Reserve bank, in respect of such items, all
such matters and things as the Federal Reserve
bank shall warrant in respect thereof under the
law of any State applicable to the Federal Reserve
bank as a collecting bank; provided, that nothing
herein contained shall, or shall be deemed to, constitute a limitation upon the effect of any warranty
by such sending bank arising under the law of any
State applicable to such sending bank as a collecting bank.
(b) Federal Reserve bank as agent. A Federal
Reserve bank will act only as agent of the bank
from which it receives such noncash items and
will assume no liability except for its own negligence, its guaranty of prior endorsements and its
SECTION 210.5—TERMS OF COLLECTION
(a) The Board of Governors of the Federal Reserve System hereby authorizes the Federal Reserve banks to handle such checks subject to the
following terms and conditions; and each member
and nonmember clearing bank and each Federal
Reserve bank which sends checks to a Federal
Reserve bank for deposit or collection shall by
such action be deemed: (1) to authorize the Federal Reserve banks to handle such checks subject
to the following terms and conditions; (2) to warrant its own authority to give the Federal Reserve
banks such authority; (3) to agree to indemnify
any Federal Reserve bank for any loss or expense
sustained (including but not limited to attorneys'
fees and expenses of litigation) resulting from the
failure of such sending bank to have such authority, or resulting from such Federal Reserve bank's
guaranty of prior endorsements, or resulting from
any action taken by the Federal Reserve bank
within the scope of its authority for the purpose of
collecting such checks, or resulting from any and
all warranties by the Federal Reserve bank, in
respect of such checks, under the law of any State
applicable to the Federal Reserve bank as a collecting bank; (4) to guarantee all prior endorsements on such checks whether or not a specific
guaranty is incorporated in an endorsement of the
sending bank; and (5) to warrant to the Federal
Reserve bank, in respect of such checks, all such
matters and things as the Federal Reserve bank
shall warrant in respect thereof under the law of
any State applicable to the Federal Reserve bank
as a collecting bank; provided, that nothing herein
contained shall, or shall be deemed to, constitute a
LAW DEPARTMENT
limitation upon the effect of any warranty by such
sending bank arising under the law of any State
applicable to such sending bank as a collecting
bank.
(b) A Federal Reserve bank will act only as
agent of the bank from which it receives such
checks and will assume no liability except for its
own negligence, its guaranty of prior endorsements and its warranties under the law of any
State applicable to it as a collecting bank.
Issuance of Unsecured Negotiable Notes by
Member Banks
In response to questions with respect to the
applicability of the Board's Regulation D (Reserves of Member Banks) and Regulation Q (Payment of Interest on Deposits) to unsecured
negotiable notes issued by member commercial
banks as a means of obtaining funds, the Board of
Governors has stated that, since such notes constitute borrowings, they are not subject, under present law and regulation, to the interest rate limitations or reserve requirements prescribed for
deposits by the Board.
The legality of the issuance of notes of the type
referred to must be determined in the light of
applicable Federal and State laws, and it is assumed that any bank borrowing by means of such
notes will satisfy itself that their issuance is
authorized. Borrowings of this type would, of
course, be so identified in financial statements and
call reports and added to all other borrowings in
the application of statutory or other limitations on
the total amount of debt a bank may incur. Any
liabilities thus incurred by a bank would increase
the necessity for maintaining an adequate cushion
of liquidity and equity capital.
Computer Services Under Bank Holding
Company Act For Customers of Subsidiary
Banks
The question has been presented to the Board of
Governors whether a wholly-owned nonbanking
subsidiary ("service company") of a bank holding
company, which is now exempt from the prohibitions of Section 4 of the Bank Holding Company
Act of 1956 ("the Act") because its sole business
is the providing of services for the holding company and the latter's subsidiary banks, would lose
its exempt status if it should provide data proc-
1137
essing services for customers of the subsidiary
banks.
The Board understood from the facts presented
that the service company owns a computer which
it utilizes to furnish data processing services for
the subsidiary banks of its parent holding company. Customers of these banks have requested
that the banks provide for them computerized
billing, accounting, and financial records maintenance services. The banks wish to utilize the computer services of the service company in providing
these and other services of a similar nature. It is
proposed that, in each instance where a subsidiary
bank undertakes to provide such services, the bank
will enter into a contract directly with the customer and then arrange to have the service company perform the services for it, the bank. In no
case will the service company provide services for
anyone other than its affiliated banks. Moreover,
it will not hold itself out as, nor will its parent
corporation or affiliated banks represent it to be,
authorized or willing to provide services for others.
Section 4(c)(l) of the Act permits a holding
company to own shares in "any company engaged
solely . . . in the business of furnishing services to
or performing services for such holding company
and banks with respect to which it is a bank holding company. . . . " The Board has ruled heretofore that the term "services" as used in Section
4(c) (1) is to be read as relating to those services
(excluding "closely related" activities of "a financial, fiduciary, or insurance nature" within the
meaning of Section 4(c)(6)) which a bank itself
can provide for its customers. (1958 Federal Reserve BULLETIN 431; 12 CFR 222.104) A determination as to whether a particular service may
legitimately be rendered or performed by a bank
for its customers must be made in the light of
applicable Federal or State statutory or regulatory
provisions. In the case of a State-chartered bank,
the laws of the State in which the bank operates,
together with any interpretations thereunder rendered by appropriate bank authorities, would govern the right of the bank to provide a particular
service. In the case of a national bank, a similar
determination would require reference to provisions of Federal law relating to the establishment
and operation of national banks, as well as to
pertinent rulings or interpretations promulgated
thereunder.
Accordingly, on the assumption that all of the
1138
FEDERAL RESERVE BULLETIN • SEPTEMBER 1964
services to be performed are of the kinds that the
holding company's subsidiary banks may render
for their customers under applicable Federal or
State law, the Board concluded that the rendition
of such services by the service company for its
affiliated banks would not adversely affect its
exempt status under Section 4(c)(l) of the Act.
In arriving at the above conclusion, the Board
emphasized that its views were premised explicitly
upon the facts presented to it, and particularly its
understanding that banks are permitted, under
applicable Federal or State law, to provide the
proposed computer services. The Board emphasized also that in respect to the service company's
operations, there continues in effect the requirement under Section 4(c) (1) that the service company engage solely in the business of furnishing
services to or performing services for the bank
holding company and its subsidiary banks. The
Board added that any substantial change in the
facts that had been presented might require reexamination of the service company's status under
Section 4 ( c ) ( l ) .
Order Under Section 3 of Bank Holding
Company Act
The following Order and Statement were issued
in connection with action by the Board of Governors on an application by a bank holding company
for approval of the acquisition of voting shares
of a bank.
BARNETT NATIONAL SECURITIES
CORPORATION, JACKSONVILLE, FLORIDA
In the matter of the application of Barnett
National Securities Corporation for approval of
the acquisition of voting shares of The San Jose
Barnett Bank, Jacksonville, Florida, a proposed
new bank.
ORDER APPROVING APPLICATION UNDER BANK
HOLDING COMPANY ACT
There has come before the Board of Governors,
pursuant to Section 3(a)(2) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1842(a)(2))
and Section 222.4(a) (2) of Federal Reserve Regulation Y (12 CFR 222.4(a)(2)), an application
on behalf of Barnett National Securities Corporation, Jacksonville, Florida, a registered bank
holding company, for the Board's approval of the
acquisition of 80 per cent or more of the voting
stock to be issued by The San Jose Barnett Bank,
Jacksonville, Florida, a proposed new bank.
As required by Section 3(b) of the Act, the
Board notified the Florida State Commissioner of
Banking of receipt of the application and requested his views and recommendation thereon.
The Commissioner recommended approval of the
application. Notice of receipt of the application
was published in the Federal Register on April 9,
1964 (29 Federal Register 4976), which provided
an opportunity for submission of comments and
views regarding the application. Time for filing
such comments and views has expired and all comments and views filed with the Board have been
considered by it.
IT IS ORDERED, for the reasons set forth in the
Board's Statement of this date, that said application be and hereby is granted, provided that the
acquisition so approved shall not be consummated
(a) within seven calendar days after the date of
this Order or (b) later than three months after
said date, and that The San Jose Barnett Bank
shall be opened for business not later than six
months after said date.
Dated at Washington, D. C , this 12th day of
August, 1964.
By order of the Board of Governors.
Voting for this action: Vice Chairman Balderston,
and Governors Mills, Robertson, Shepardson, and
Mitchell. Absent and not voting: Chairman Martin
and Governor Daane.
(Signed) KENNETH A. KENYON,
Assistant Secretary.
[SEAL]
STATEMENT
Barnett National Securities Corporation, Jacksonville, Florida ("Applicant" or "Barnett"), a
registered bank holding company, has applied to
the Board of Governors, under the Bank Holding
Company Act of 1956 ("the Act"), for permission to acquire 80 per cent or more of the voting
stock to be issued by The San Jose Barnett Bank,
Jacksonville, Florida ("Bank"), a proposed new
bank.
Views and recommendation of State supervisory
authority. As required by Section 3(b) of the Act,
the Board notified the Florida State Commissioner
LAW DEPARTMENT
of Banking of receipt of the application and requested his views and recommendation thereon.
The Commissioner recommended approval of the
application.
Statutory factors. Section 3(c) of the Act requires the Board to take into consideration the
following five factors: (1) the financial history
and condition of the holding company and the
banks concerned; (2) their prospects; (3) the
character of their management; (4) the convenience, needs, and welfare of the communities and
the area concerned; and (5) whether the effect
of the proposed acquisition would be to expand
the size or extent of the bank holding company
system involved beyond limits consistent with adequate and sound banking, the public interest, and
the preservation of competition in the field of
banking.
Applicant owns 60 per cent or more of the
stock of four subsidiary banks located in the State
of Florida and is affiliated through common ownership with The Barnett National Bank of Jacksonville ("Barnett National"). At December 20,
1963,* Applicant's four subsidiary banks and
Barnett National held combined deposits of $214
million, of which Barnett National held $141 million. (Hereinafter the phrase "Barnett Group"
will refer to Applicant's four subsidiary banks and
Barnett National.) One of Applicant's subsidiary
banks and Barnett National are located in Duval
County, the county in which Bank will be situated.
Applicant's three remaining subsidiary banks are
located at St. Augustine, DeLand, and Cocoa.
With the exception of Barnett National, the Group
banks range in size from $12 million to $27
million.
Applicant proposes to establish Bank in an unincorporated area of Duval County known as San
Jose, approximately &A miles southeast of downtown Jacksonville on the eastern bank of the
St. Johns River. It is estimated that at the end of
its third year of operation Bank will have deposits
of $5.5 million.
Financial history and condition, prospects, and
management of Applicant and Bank. Applicant's
financial history and condition are considered to
be satisfactory. Its prospects, measured in part by
the sound financial condition of the Group banks,
* Unless otherwise indicated, all banking data noted
are of this date.
1139
appear favorable. While Bank has no financial
history, on the basis of its proposed capital structure, and its estimated deposits at the end of its
third year of operation, the Board concludes that
Bank's financial condition will be satisfactory and
that its prospects as a subsidiary of Applicant are
favorable.
The management of Applicant and of its subsidiary and affiliated banks is satisfactory. The
Board concludes that the proposed management
of Bank should be similarly satisfactory inasmuch
as such management will be drawn initially from
the staffs of Barnett National and Applicant's subsidiary bank in Jacksonville.
Convenience, needs, and welfare of the community and area concerned. As earlier indicated,
Bank will be located in a southeastern suburb of
Jacksonville known as San Jose. Bank's primary
service area will encompass approximately ten
square miles and will be primarily residential in
character. A study of the area reflects a growth in
population from 2,500 in 1950 to 15,000 in 1960.
The estimated 1964 population of the area is about
19,000. The number of residential dwelling units
within the area, a large number of which are highcost units for families with incomes considerably
above the average for Duval County, increased
from approximately 900 in 1950 to 4,800 in 1960.
Applicant estimates that approximately 2,700 additional residential units will be constructed in the
area by 1970.
While there are a few industrial and manufacturing concerns in the area, the commercial activity therein is principally related to servicing the
several residential developments. Within Bank's
service area there are approximately 120 retail
and 65 service establishments. The largest complex of retail and commercial outlets in the area
is the San Jose Shopping Center located at the
same intersection as, and across from, Bank's proposed site. This center has 30-40 establishments
of the nature normally found in a complex serving a large residential area. A similar shopping
center containing 14 establishments is located less
than a mile from Bank's proposed site, and a third
shopping center is now in the process of development approximately one mile from Bank's proposed site.
There is no banking office located within Bank's
proposed service area. There is evidence that the
area is now served by three banks located from
1140
FEDERAL RESERVE BULLETIN • SEPTEMBER 1964
3 to 5 miles from Bank's proposed site and by at
least five downtown banks. The three suburban
banks are located generally between the northern
edge of Bank's service area and downtown Jacksonville and offer the same general type of banking
service that Bank proposes to offer.
Applicant does not contend, nor is there evidence to support a rinding, that the major banking
needs of the San Jose area are not being met by
existing facilities. However, considering the past
and prospective development of that area, and the
distance from Bank's site of existing banking facilities, the fact that through consummation of Applicant's proposal there will result an additional
and substantially more convenient source of banking service than is now available is a consideration
weighing toward approval of the application.
Effect of proposed acquisition on adequate and
sound banking, public interest, and banking competition. Duval County is coextensive with the
Jacksonville metropolitan area. Within Duval
County, the area principally affected by Applicant's proposal is the San Jose area. Also to be
considered are the suburban communities in which
are located banks that presently serve the San
Jose area, and the downtown section of Jacksonville. As earlier indicated, two of the Barnett
Group banks are located in Duval County. Barnett
National, the largest of the Group's banks and
third largest of the Jacksonville banks, holds deposits equal to 20 per cent of the combined deposits of all banks ($714 million) in Duval County.
The Group's other Duval County bank, the Murray Hill Barnett Bank, holds deposits of $12 million, or about 2 per cent of the deposits held by
all banks in the County. In addition to the Barnett
Group banks, there are 20 other banks located in
Duval County, 11 of which are components of
one of two "bank groups." The Atlantic Trust
group consists of 10 banks, 5 of which are located
in Duval County. One of the five, The Atlantic
National Bank of Jacksonville, is the largest bank
in the County. Six of the banks in the County,
including the second largest in Jacksonville, belong to the Florida National group.
The Duval County banks of the Atlantic Trust
group hold combined deposits of $246 million, or
34 per cent of the deposits of all banks in the
County. The Florida National group banks in
Duval County hold $199 million of deposits, or
28 per cent of the deposits of all banks. The re-
maining nine banks in the County hold combined
deposits of $115 million, or 16 per cent of the
total deposits of all banks.
In terms of dollar volume of deposits held by
subsidiary and/or affiliated banks, the extent to
which deposits of banks in Duval County are concentrated in both holding company and group
banks is not insignificant. At the same time, however, such concentrations do not appear to represent, either in the case of the Barnett Group or in
respect to either of the other two groups operating
banks in Duval County, a dominance inimical to
the nonaffiliated banks in the County. Since Bank
is to be newly established, its acquisition by Applicant will not immediately alter the Barnett Group's
competitive position in Duval County. Even adding to the combined deposits of that Group's banks
the deposits expected at the end of three years of
Bank's operation, the percentage of deposits of all
banks in the County held by the Group's banks
would be increased by less than one per cent.
Turning to consideration of the probable effect
of Applicant's proposed acquisition on competing
banks in the area, as earlier noted there are no
other banks located in Bank's proposed primary
service area. The only bank in the Barnett Group
that competes measurably in the San Jose area is
Barnett National. Some $365,000 of its deposits
of individuals, partnerships, and corporations
(representing .4 per cent of its total of such deposits) and $100,000 of its commercial loans
(representing .5 per cent of the total of such
loans) are derived from Bank's designated service
area. Even when viewed alone, these totals are
not such as to suggest the potential for substantial
competition between Barnett National and Bank
were Bank to be operated independent of the
Barnett Group. The potential for any substantial
competition between Barnett National and Bank
is further lessened by the location of the earlier
mentioned banks between Bank's proposed site
and downtown Jacksonville, and the fact that other
downtown Jacksonville banks, including the two
that are larger than Barnett National, would also
compete for business in the San Jose area. The
three suburban banks serving the San Jose area,
their distances from Bank's proposed site, and
their sizes by deposits are as follows: Southside
Atlantic Bank (member of the Atlantic group),
3.3 miles distant, with deposits of about $8 million;
American National Bank, 3.7 miles distant, with
1141
LAW DEPARTMENT
deposits of $32 million; and State Bank of Jacksonville, 5 miles distant, with deposits of $27 million.
In view of the fact that each of these banks is located outside Bank's designated primary service
area, and considering their respective sizes in relation to that projected for Bank at the end of its
third year of operation, there is no basis for a
finding that Applicant's acquisition and operation
of Bank will have any significant adverse effect on
these banks. In this regard, the Board has noted
the absence of any expressed opposition by these
banks to Applicant's proposal.
The facts earlier related as to the location, size,
and competitive position of Barnett National warrant the conclusion that its affiliation with Bank
in the Barnett Group will have no consequences
of a nature requiring denial of Applicant's proposal.
Conclusion. Viewing the relevant facts in the
light of the general purposes of the Act and the
factors enumerated in Section 3(c) thereof, it is
the Board's judgment that the proposed acquisition
would be consistent with the public interest and
that the application should be approved.
Announcements
APPOINTMENT OF DIRECTOR
On September 9, 1964, the Board of Governors
announced the appointment of James McCormack, of Boston, Massachusetts, as a director of
the Federal Reserve Bank of Boston for the unexpired portion of a term ending December 31,
1965. General McCormack is Vice President,
Massachusetts Institute of Technology, Cambridge.
As a director of the Boston Bank he succeeds
Mr. John T. Fey, formerly President of the University of Vermont, who had resigned.
ELECTION OF DIRECTOR
The Federal Reserve Bank of Dallas on September 15 announced the election of Murray Kyger
as a Class A director of the Bank to serve for the
remainder of a term expiring December 31, 1966.
Mr. Kyger is Chairman of the Board, The First
National Bank of Fort Worth, Fort Worth, Texas.
As a director of the Dallas Bank he succeeds Mr.
Roy Riddel, President, First National Bank of
Lubbock, Lubbock, Texas, who died on June 27,
1964.
BACK ISSUES OF THE BULLETIN
From time to time the Board of Governors has
received requests for back issues of the monthly
Federal Reserve BULLETIN. It has not been possible to fill most of these requests because the
Board's stock is limited to copies for recent years.
Those who would like to purchase back issues
of the BULLETIN will be interested to know that
Kraus Reprint Corporation, 16 East 46th Street,
New York, N. Y. 10017, has reprinted Volumes
1-10, and that it is planning to reprint Volumes
11-35 later.
National Summary of Business Conditions
Released for publication September 16
Industrial activity and retail sales continued to
expand in August while construction activity declined slightly from a record level. Changes in the
labor force and the unemployment rate were
small. Bank credit rose substantially, after a small
decrease in July. The rate of increase in the money
supply slackened while time and savings deposits
continued to increase.
INDUSTRIAL PRODUCTION
Industrial production in August was 133.5 per
cent of the 1957-59 average, up from 132.7 in
July, and was about 6 per cent higher than in the
summer and autumn of last year. Expansion in
output continued for both final products and
materials.
Among consumer goods auto assemblies increased somewhat, after allowance for the model
change over, and output of furniture and some
other household goods rose further. Activity in
business equipment industries continued to increase, reflecting further gains in output of industrial and freight and passenger equipment.
Steel production showed about the usual recovery in August and the seasonally adjusted rate
INDUSTRIAL PRODUCTION
1957-59 = 100
140
130
TOTAL^/^
_
FINAL
^ J ^ ^
PRODUCTS>y—"-/
_
X
_
120
110
\ ^ — 7 MATERIALS
100
was close to the advanced level of July. Increases
in output were widespread among other materials,
both durable and nondurable.
CONSTRUCTION
New construction put in place in August, at a
seasonally adjusted annual rate of $66 billion, was
1 per cent below the record rate attained in MarchApril and again in June-July. Public construction,
which was revised upward by 4 per cent for July,
declined 3 per cent in August. Private residential
building remained at a level about 5 per cent below
the peak reached earlier this year while commercial and industrial construction continued to
rise.
DISTRIBUTION
Retail sales rose about 1 per cent further in
August and were 7 per cent above a year earlier.
Deliveries of new cars, which had been held down
by a trucking strike, increased sharply in August.
Sales at apparel and general merchandise stores
rose substantially.
AGRICULTURE
Dry weather during most of August lowered
crop production prospects and reduced grazing
capacity of pastures in the Central States and the
Northeast. Nationally, the September 1 estimate
of crop production was 2 per cent below the
August 1 forecast and 3 per cent below the record
output of 1963. The corn crop estimate of 3.64
billion bushels is 11 per cent smaller than the 1963
crop; the soybean estimate of 704 million bushels
is somewhat larger than last year's crop.
/
~
NONDURABLE
MANUFACTURES
^^<7
-/***"
~
MANUFACTURES
_
COMMODITY PRICES
CONSUMER
^-jjJs
GOODSV*^"
^-^s^
/ / /
-V
,n~
1
N
!
1
-
- v ' " EQUIPMENT
1
1
1
1
F. R. indexes, seasonally adjusted. Latest figures shown
for Aug.
The wholesale price index for industrial commodities remained stable in August and early
September. Upward price pressures continued in
markets for nonferrous metals; prices of tin rose
sharply further and quotations for refined lead and
for lead and copper scrap increased. Meanwhile,
steel scrap lost most of July's sharp rise. Among
1142
1143
NATIONAL SUMMARY OF BUSINESS CONDITIONS
foodstuffs, livestock prices rose sharply in late
August in response to an organized movement to
withhold supplies from market, but subsequently
marketings increased and prices declined moderately.
BANK CREDIT, MONEY SUPPLY, AND RESERVES
Seasonally adjusted commercial bank credit increased over $4 million in August following a
moderate decrease in July. Loans continued to rise
and holdings of U.S. Government securities and
of municipal and agency issues increased. The
seasonally adjusted money supply continued to rise,
but the increase of $500 million was considerably
smaller than in the preceding two months. Time
and savings deposits rose $1.2 billion, the largest
increase since February.
Member bank borrowings from the Federal Reserve, at an average of $335 million, were above
earlier levels but excess reserves, at $410 million,
were also somewhat higher than in other recent
months. Seasonally adjusted total and required
reserves rose. Reserves were supplied principally
through Federal Reserve purchases of U.S. Government securities and were absorbed through an
outflow of currency, a decrease in float, and a
build-up of Treasury deposits at the Reserve
Banks.
SECURITY MARKETS
Yields on seasoned corporate and State and
local government bonds changed little between
mid-August and mid-September while yields on
Treasury securities rose somewhat. In mid-September the rate on 3-month Treasury bills was slightly
over V/i per cent.
Common stock prices, which had declined irregularly from the high recorded in mid-July, recovered most of the loss by mid-September.
INTEREST RATES
PRICES
WHOLESALE
ALL ITEMS
-
ALL COMMODITIES
...
1
1
1
1
..
COMMODITIES
O t h 6 r than form and rood
. _ .
!
1
!
1
1
1
1
. . .
NONFOOD COMMODITIES
1
.
. .
1
1
!
I
,^~--r~*
SERVICES
PROCESSED FOODS
"/S^^-FOODS
s/*~'
|
*
FARM PRODUCTS
(
1964
.-1960
I
1
1
_
1
,...-
Bureau of Labor Statistics indexes. Latest figures shown for
consumer prices, July; for wholesale prices, Aug.
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 Sept. 11.
SYMBOLS AND ABBREVIATIONS
N.S
Estimated
Corrected
Preliminary
Revised
Revised preliminary
e
c
P
r
rp
IPC
A
T
JL
s
U
i, II,
III, IV
n.a.
n.e.c.
S.A.
Quarters
Not available
Not elsewhere classified
Monthly (or quarterly) figures adjusted for
seasonal variation
Monthly (or quarterly) figures not adjusted
for seasonal variation
Individuals, partnerships, and corporations
Assets
Liabilities
Sources of funds
Uses of funds
Amounts insignificant in terms of the particular unit (e.g., less than 500,000 when
the unit is millions)
(1) Zero, (2) no figure to be expected, or (3)
figure delayed
GENERAL INFORMATION
Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow.
A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left)
of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the
right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items.
"U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes
municipalities, special districts, and other political subdivisions.
In some of the tables details do not add to totals because of rounding.
The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data.
LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY,
WITH LATEST BULLETIN REFERENCE
Quarterly
Issue
Page
Annually—continued
Apr. 1964 508-17
Flow of funds.
1,082
Flow of funds (assets and liabilities).
1,083
Income and expenses:
Federal Reserve Banks
Member banks:
Calendar year
Operating ratios
Insured commercial banks
Annually
Bank holding companies:
List of, 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.
Apr. 1964
517
Feb. 1964 238-39
M a y 1964
Apr. 1964
M a y 1964
630-38
520-22
639
Stock exchange firms, detailed debit and credit
balances
Sept. 1964
1206
782
783
1144
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
1146
1151
1153
1156
1158
1160
1164
1166
1169
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.
1170
1171
1172
1174
1179
1180
1183
1185
1188
Industrial production.
Business activity; construction
Employment and earnings.
Wholesale and consumer prices. .
National product and income series.
Flow of funds.
1192
1196
1198
1200
1202
1204
Stock Market Credit.
1206
Guide to tabular presentation
Index to statistical tables.
1144
1231
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-
eralfinance,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 avail-
able in Banking and Monetary Statistics and
its Supplements (see list of publications at end
of the BULLETIN).
1145
146
BANK RESERVES AND RELATED ITEMS
SEPTEMBER 1964
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS
(In millions of dollars)
Factors absorbing reserve funds
Factors supplying reserve funds
F.R. Bank credit outstanding
Period
or
date
Gold
stock
U.S. Govt. securities
Discounts
Bought Repur- and Float
chase
outadTotal
agree- vances
right
ments
Total 2
Treasury
currency
outstanding
Currency
in
circulation
Treasury
cash
holdings
Deposits, other
than member bank
reserves,
with F.R. Banks
Treasury
Member bank
reserves
Other
F.R.
With
F.R.
Banks
For- Otheri
eign
Currency Total
and
coin 3
Averages of
daily figures
1929—June....
1933—June....
1939—Dec
1941—Dec
1945—Dec
179
179
1,933
1,933
2,510
2,510
2,219
2,219
23,708 23,708
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
20,345
23,409
24,400
25,639
24,917
20,336
23,310
23,876
25,218
24,888
142
9
657
99
524 1,633
448
421
407
29
1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec...
24,602
24,765
23,982
26,312
27,036
24,318
24,498
23,615
26,216
26,993
284
267
367
96
43
840
706
716
564
911
I960—Dec
1961—Dec
1962—Dec
1963—June....
27,248
29,098
30,546
31,540
27,170
29,061
30,474
31;446
78
37
72
94
1963—Aug
Sept
Oct
Nov
Dec
32,233
32,341
32,648
33,126
33,729
32,171
32,243
32,464
32,936
33,626
1964—Jan...
Feb...
Mar..
Apr...
May..
June.,
July..
Aug...
33,200
33,009
33,389
33,498
33,907
34,631
34,898
35,118
978
250
8
5
381
12
83
170
652
210
1,317 4,024 2,018 4,400
272
2,208 4,030 2,295 5,455
2,612 17,518 2,956 7,609 2,402
2,404 22,759 3,239 10,985 2,189
24,744 20,047 4,322 28,452 2,269
30
81
616
592
625
30
164
739
1,531
1,247
376 2,314
350 2,211
248 11,473
292 12,812
493 16,027
2,314
2,211
11,473
12,812
16,027
117 21,606
,446
262 27,299
018 27,107
992 26,317
22,879
22,483
23,276
22,028
21,711
4,629
4,701
4,806
4,885
4,982
27,806 1,290
29,139 1,280
30,494 1,271
30,968
767
30,749
805
615
271
569
602
443
920
571
745
466
439
353
264
290
390
365
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
1,389
1,633
1,443
1,496
1,426
26 ,853
27 ,156
26 ,186
28 ,412
29 ,435
21,689
21,942
22,769
20,563
19,482
5,008
5,064
5,144
5,230
5,311
31,265
31,775
31,932
32,371
32,775
777
772
768
691
396
434
463
385
470
524
459
372
345
262
361
394
247
186
337
348
983
998
,063
,174
,195
19,240
19,535
19,420
18,899
18,628
19,240
19,535
19,420
18,899
304 18,932
94
152
305
236
1,,665
1,921
2"~
1,635
29,060
31,217
33,218
33.454
17,954
16,929
15,978
15,785
5,396
5,587
5,561
5,583
33,019
33,954
35,281
35.293
408
422
398
400
522
514
587
794
250
229
222
193
495
244
290
216
,029
,112
,048
,125
16,688
17,259
16,932
16.800
2,595
2,859
3,108
2,929
19,283
20,118
20,040
19,729
62
98
184
190
103
355
352
343
407
360
1,453 34,080
1,710 34 ,440
1,593 34,628
1,771 35,353
',610
2,434 36
15,602
15,582
15,582
15,582
15,562
5,584
5,589
5,587
5,594
5,583
35,794
35,945
36,120
36,693
37,603
394
401
395
395
389
846
866
918
938
879
164
149
161
150
160
200
196
194
198
206
,144
,163
,089
,138
,215
16,723
16,890
16,920
17,017
17,303
2,996
3,055
3,083
3,097
3,443
19,719
19,945
20,003
20,114
20,746
33,127
32,981
33,348
33,453
33,836
34,530
34,765
34,996
73
28
41
45
71
101
133
122
289 2,164 35,770
311 1,644 35 ,028
259
710 35,454
214
798 35,602
256
35,981
271
784 36,760
265
,841 37,077
334
,670 37.170
15,513
15,480
15,462
15,462
15,462
15,462
15,463
15.462
5,583
5,586
5,579
5,580
5,577
5,584
5,568
5.562
36,827
36,383
36,615
36,887
37,107
37,541
37,938
38.033
408
429
433
426
425
414
431
422
965
926
948
924
957
886
804
909
155
141
153
141
148
135
131
145
212
205
202
195
180
200
201
194
,052
991
998
987
,111
,273
,194
,151
17,247 3,428 20,675
17,018 3,130 20,148
17,146 3,067 20,213
17,084 3,189 20,273
17,092 3,127 20,219
17,356 3,202 20,558
17,408 3,255 20,663
17.340 *>3,220 ^20,560
34,273
",744
34
,419
34 ,030
33 ,611
15,733
15,691
15,669
15,633
15,633
5,587
5,588
5,582
5,584
5,586
35,581
35,899
35,850
35,698
35,564
863
383
391 1,022
396
922
391
886
393
891
173
180
180
168
179
235
196
199
193
202
,101
,107
,056
,062
,069
17,257
17,228
17,067
16,850
16,530
2,985
2,865
3,105
3,078
3,118
20,242
20,093
20,172
19,928
19,648
288 34,174
367 34,075
787 34,167
418 33,901
15,633
15,618
15,583
15,583
5,587
5,581
5,583
5,586
35,703
35,879
35,850
35,728
402
382
394
400
742
870
879
918
170
167
153
162
250
188
185
181
,071
,038
,217
,219
17,055
16,750
16,655
16,461
2,858
2,959
2,999
3,093
19,913
19,709
19,654
19,554
2,995
2,964
3,130
3,148
19,684
19,814
19,900
20,200
Week ending—
1963
July
3..
10..
17..
24..
31..
32,249
32,652
32,042
31,687
32,086
32,078
32,308
31,939
31,687
32,044
171
344
103
42
329
323
401
313
143
Aug.
7.
14.
21.
28.
32,443
32,286
32,017
32,142
32,373
32,253
31,964
32,074
70
33
53
68
403
382
324
305
Sept.
4.
11.
18.
25.
32,438
32,644
32,209
32,040
32,264
32,350
32,209
32,040
174
294
355 1,348 34,180
385 1,487 34,553
225
,995 34,465
418
937 34,434
15,582
15,583
15,582
15,582
5,587
5,591
5,590
5,587
35,889
36,066
36,016
35,850
391
409
417
385
806
824
942
856
170
153
142
139
192 ,214 16,689
206
,219 16,850
209 1,139 16,770
181 1,140 17,052
Oct.
2.
9.
16.
23.
30.
32,511
33,036
32,784
32,226
32,474
32,449
32,617
32,521
32,226
32,413
62
419
263
61
373
422
339
392
229
15,582
15,583
15,583
15,581
15,582
5,589
5,591
5,582
5,583
5,590
35,858
36,061
36,235
36,165
36,066
393
397
392
394
398
901
910
930
915
906
153
153
150
171
167
192
193
194
188
197
1,114
1,141
1,107
1,060
1,048
17,027
17,349
16,894
16,860
16,553
3,150
2,843
3,095
3,082
3,202
20,177
20,192
19,989
19,942
19,755
Nov. 6
13
20
27
33,031
33,179
32,949
33,111
32,822
32,880
32,773
33,018
209
299
176
93
434
330
462
233
1,315
1,581
2,180
2,126
34,842
35,138
"",635
35
35,512
15,583 5.593 36,251
15,582 5,598 36,625
15,582
,596 36,722
15,582
593 36,872
388
823
402
886
403 1,045
386 1,006
156
146
144
151
193
198
208
199
1,019
1,001
1,211
1,250
17,188
17,060
17,080
16,823
2,978
3,005
3,170
3,212
20,166
20,065
20,250
20,035
Dec.
33,795
33,849
33,665
33,586
33,590
33,759
33,582
33,552
205
90
83
34
540
148
307
350
1,631
1,899
2,471
2,991
36,010
35,945
35
36,507
37,040
15.582
580
15,582
,586
,582
15,582
15,552 5,586
385
388
392
395
812
856
907
903
167
143
158
154
197
202
196
210
1,264
1,268
1,194
1,208
17,074
16,770
17,204
17,556
3,246
3,224
3,476
3,445
20,320
19,994
20,680
21,001
4.
11.
18.
25.
For notes see opposite page.
1,651
1,726
1,
1,990
1,344
,545 34,467
,527 35,030
,567 34,737
,930 34,589
,416 34,163
37,274
37,487
37,621
37,752
SEPTEMBER 1964
1147
BANK RESERVES AND RELATED ITEMS
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
(In millions of dollars)
Factors supplying reserve funds
Factors absorbing reserve funds
F.R. Bank credit outstanding
Period
or
date
U.S. Govt. securities
Discounts
RepurFloat
Bought chase and
adoutTotal
agreevances
right ments
Total 2
Treas- Curury
Treasury
cur- rency
Gold
in
cash
stock rency
cir- holdoutstand- culaings
tion
ing
Deposits, other
than member bank
reserves,
with F.R. Banks
Other
F.R.
accounts
Member bank
reserves
With CurF.R. rency Total
and
Banks coin
3
Averages of
daily figures
Week ending—
1964
590 2,752 37,153 15,513 5,580 37,730
" '". 36,706 15,513 5,582 37,306
396 2,461
394 2,203I 36,231 15,513 5,584 36,983
198
365 355,623 15,513 5,586 36,690
209 J 6 4 34,780 15,512 5,582 36,364
381
927
402
966
406 1,033
416 1,044
410
869
185
168
167
148
141
227
205
213
216
208
36,292
36,462
36,469
36,308
425
424
420
439
759
978
979
903
131
151
124
147
214
960
200
961
209
960
197 1,051
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
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
213 ,653 35,724
314 1,640 36,020
298
'»,179
209 i;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
1,521
1,471
1,823
2,136
36,222
36,597
36,811
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
3,128
3,007
3,238
3,297
20,194
20,186
20,616
20,727
221
263
460
159
179
1,818
1,882
1,787
2,195
1,626
36,960
37,588
37,636
36,789
36,381
15,462
15,463
15,463
15,463
15,463
5,582
5,574
5,562
5,566
5,567
37,618
37,916
38,099
37,969
37,814
404
416
425
444
440
873
842
885
770
711
140
134
123
131
133
195
222
204
191
190
1,276
1,256
1,223
1,158
1,148
17,498
17,840
17,703
17,154
16,975
3,347
2,965
3,291
3,275
3,353
20,845
20,805
20,994
20,429
20,328
262
376
279
329
1.460 36,892
1,554 37.393
2,024 37.197
1,719 37.137
15,462
15,462
15,461
15.462
5,570
5,554
5,558
5,563
37,893
38,114
38,113
37,998
433
417
412
429
769
964
932
918
137
141
144
145
199
193
199
188
1.132
1.113
1.102
1 .214
17,363 3,197
17.467 3,130
17^314 3,269
17.270 ^3,348
20,560
20,597
20,583
^20.618
79 1,633 36,589 15,461 5,578 37,734
239 1,451 36,797 15,462 5,570 37,835
185 1,556 36,941 ^15.461 ^5.573 ^38,003
M21
391
422
939
785
939
156
135
163
182 1,255 16,973 3,505 20,478
198 1,129 17,327 3,532 20,859
208 .186 17,055 ^3,069 ^20.124
871
785
923
734
674
148
125
127
130
140!
203 1,251 17,645 3,528 21,173
213 ,264 17,589 3,351 20,940
216 ,177 17,350 3,670 21,020
199 ,140 16,415 3,648 20,063
196 ,146 17,023 3,711 20,734
129
138
140
186
186 ,129
203 ,030
195 ,208
194 1.217
33,655
33,698
33,494
32,944
32,739
33,563
33,531
33,338
32,944
32,739
Feb.
33,009
33,275
32,887
32,750
32,979
33,214
32,862
32,750
277
372
291
200
1,417
1,496
1,846
1,835
34,771
35,208
35
34,846
15,512
15,498
15,462
15,462
5,587
5,586
5,583
5,588
Mar. 4
11
18
25
33,245
33,437
33,270
33,384
33,245
33,437
33,195
33,301
362
253
358
279
1,529
1,609
1,758
1,973
35,204
35,385
35,480
35,750
15,462
15,463
15,463
15,462
Apr.
33,575
33,979
33,843
33,050
33,086
33,534
33,916
33,843
33,050
32,985
101
512 35,353
155
,898
209
,891
191
166
35,593
321
137 1,772 35,083
33,763
33,987
33,749
33,839
33,580
33,904
33,715
33,819
183
83
34
20
34,381
34,757
34,591
34,427
34,327
34,530
34,438
34,427
54
227
153
265
289
328
232
July
34,841
35,335
35,304
34,392
34,518
34,823
35,215
35,030
34,392
34,357
18
120
274
Auc. 5
12
19
26
35,112
35,397
34.855
35,051
34,980
35,097
34,855
34,929
132
300
Jan.
1.
15
22
29
1.
15
22
29
May
6..
20!!
27..
June 3.
10.
17.
24.
92
167
156
161
122
1,142
1,070
1,062
1,059
1,041
17,653
17,685
17,463
17,149
16,840
R -1
17,089
17,116
16,972
16,852
3,796
3,484
3,442
3,314
3,360
21,449
21,169
20,905
20,463
20,200
3,131
3,062
3,199
3,184
20,220
20,178
20,171
20,036
End of month
1964
34,794 34,794
35,051 35,002
35,164 35.164
June
July
49
Aug
Wednesday
1964
July
1
8
15
22
29
Aim. 5
12
19
26
1
35,123
35,460
35,206
34,160
34,81"
34,998
35,217
34,910
34,160
34,760
125
243
296
35,258
35,009
34,739
35.079
35,051
34,921
34,739
35.007
207
88
424
416
126
104
,637 37,288
,503 37,483
897 37,290
,668 35,973
,295 36,456
15,463
15,463
15,463
15,463
15,463
5,583
5,559
5,564
5.567
5,563
37,799i
38,113
38,087|
37,927
37,857
417
416
437
458
446
735
163
180
138
237 37,296
489 36,721
,728 36,685
,324 36,579
15,463
15,463
15,463
15,463
5,570
5,554
5.561
5; 567
38,031
38,186
38,108
38,002
442
828
411 1,017
420 1,025
444 1.076
52
"ll
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.
17,584 3,289 20,873
16,753 3,574 20,327
16,612 3,575 20,187
16.490 "3,701 ^20,191
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.
1148
BANK RESERVES AND RELATED ITEMS
SEPTEMBER 1964
RESERVES AND BORROWINGS OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
All member banks
New York City
Period
Reserves
Total
held
Required
Borrowings
at
Excess F.R.
Banks
City of Chicago
Borrowings
at
ReF.R.
quired Excess Banks
Reserves
Free
reserves
Total
held
1929—June
1933—June
1939—Dec
1941—Dec
1945—Dec
1947—Dec
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
,593
441
246
885
169
-870
252
457
4,742
5,275
5,357
4,762
4,508
4,616
5,231
5,328
4,748
4,497
1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec
19,240
19,535
19,420
18,899
18,932
18,646
18,883
18,843
18,383
18,450
594
652
577
516
482
839
688
710
557
906
-245
-36
-133
-41
-424
4,432
4,448
4,336
4,033
3,920
4,397
4,392
4,303
4,010
3,930
3,687
3,834
3,863
3,722
3,630
3,748
3,695
3,683
3,951
Reserves
Free
reserves
Total
held
Required
Excess
1
78
540
295
Borrowings
at
F.R.
Banks
63
Free
-62
78
540
295
14
7
192
38
-167
69
2,611
989
-144
67
161
211
,141
,143
939
,024
161
133
601 i
848
924
1,011
125
44
30
14
12
58
151
486
115
62
67
-107
-456
-101
-50
,199
,356
,406
,295
,210
1,191,
1,353
1,409
1,295
1,210
5
64
232
37
15
35
57
34
23
-10
197
147
139
102
99
-162
-91
-105
-81
-109
,166
,149
,136
,077
,038
1,164
1,138
1,127
1,070
1,038
85
97
85
39
104
3,658
3,826
3,817
3,742
29
7
46
-20
19
57
108
39
10
-50
-62
-59
958
987
,042
,028
953
987
1,035
1,032
8
22
18
3
-4
-22
3,620
3,721
3,693
3,668
3,895
10
27
2
15
56
90
82
101
89
37
-80
-55
-99
-74
19
,009
,029
,036
,035
,056
1,007
1,030
1,028
1,031
1,051
29
40
19
40
26
-27
-41
-11
-36
-21
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
13
40
5
14
36
47
22
16
26
39
40
39
-23
-7
-17
2
-26
-1
-18
,048
1,044
,014 1,016
,026 1,022
,021
1,015
,044 1,042
,033 1,034
,039 1,036
,039 ^1,033
27
87
90
21
5
13
22
13
-22
-89
-86
-14
-3
-14
-19
v-S
82
106
89
81
-80
-94
-81
-82
,021
,002
,012
,003
1,024
996
1,009
1,001
73
45
12
-75
-40
-9
2
65
33
32
5
-22
-34
20
1,030
999
1,020
1,037
1,020
999
1,019
1,033
30
70
113
177
-20
-69
-112
-172
27
1
11
-49
15
1,050
1,017
1,014
1,017
1,013
1,037
1,015
1,013
1,016
1,014
32
59
1
28
2
-19
-57
13|"
3
-61
-236
-36
-16
-83
-86
-77
-31
-104
I960—Dec
1961—Dec
1962—Dec
1963—June
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
1963—Aug
Sept
Oct
Nov
Dec
19,719
19,945
20,003
20,114
20,746
19,256
19,533
19,596
19,705
20,210
463
412
407
409
536
330
321
313
376
327
133
91
94
33
209
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
20,675
205148
20,213
20,273
20,219
20,558
20,663
^20,560
20,248
19,753
19,856
19,898
19,886
20,170
20,266
427
395
357
375
333
388
397
171
91
98
162
78
118
132
P20,149
256
304
259
213
255
270
265
334
1963—Aug. 7.
14.
21.
28.
19,913
19,709
19,654
19,554
19,431
19,236
19,252
19,146
482
473
402
408
398
352
294
274
84
121
108
134
3,722
3,611
3,613
3,569
3,720
3,599
3,605
3,570
1964—Mar. 4.
11.
18.
25.
20,183
19,978
20,213
20,510
19,693
19,664
19,838
20,002
490
314
375
508
362
253
358
279
128
61
17
229
3,836
3,718
3,801
3,866
3,766
3,707
3,804
3,837
70
11
-2
28
1.
8.
15.
22.
29.
20,309
20,350
20,368
20,323
19,966
20,037
19,928
20,069
19,882
19,698
272
422
299
441
268
155
208
190
319
135
117
214
109
122
133
3,900
3,814
3,822
3,736
3,736
3,871
3,812
3,801
3,727
3,721
29
6.
13.
20.
27.
20,277
20,293
20,304
20,114
19,988
19,892
19,896
19,783
289
401
408
331
211
314
298
208
78
87
110
123
3,910
3,805
3,824
3,846
3,890
3,783
3,825
3,818
20
22
-1
28
13
47
12
12
9
-48
17
1,056
1,036
1,056
1,038
1,051
1,036
1,047
1,035
5
9
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
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
9
20
20
2
-10
-20
-20
2
1 ..
8.
15.
22.
29.
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
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
5
48
22
16
23
91
64
6
-86
-16
22
-2
1,054
1,056
1,041
1,043
1,022
1,059
1,050
1,039!
1,036
1,020
23
4
68
5
7
-27
2
-66
1
-4
351
474
391
260
376
278
329
91
98
113
3,931
3,850
3,885
3,851
3,934
3,833
3,875
3,839
-2
17
10
12
-16
13
-39
-43
1,037
1,028
1,033
1,035
1,036
1,029
1,037
1,035
6
20
10
14
-21
-13
-14
c
38
22
ni
4
— 11
-j
Week ending—
Apr.
May
June
July
Auc.
5.
"
12.
19.
26.
20,560 20,209!
20,597 20,123
20,583 20,192
P 2 0 , 6 1 8 P20,l40!
For notes see opposite page.
M78
C
''149
21
9
15
2
-27
-3
-9
8
c
SEPTEMBER 1964
BANK RESERVES AND RELATED ITEMS
1149
RESERVES AND BORROWINGS OF MEMBER BANKS—Continued
(In millions of dollan)
Other reserve city banks
Reserves
Period
Tetal
held
Required
Excess
Borrowings at
F.R.
Banks
1929—June
1933—June
1939—Dec
1941_Dec
1945—Dec
1947—Dec
761
648
3,140
4,317
6,394
6,861
749
528
1,953
3,014
5,976
6,589
12
120
1,188
1,303
418
271
409
58
1950—Dec
1951—Dec
1952—Dec
1953—Dec
1954—Dec
6,689
7,922
8,323
7,962
7,927
6,458
7,738
8,203
7,877
7,836
1955—Dec
1956—Dec
1957—Dec
1958—Dec
1959—Dec
7,924
8,078
8,042
7,940
7,954
1960-Dec
1961 -Dec
1962—Dec
1963—June
Country banks
Reserves
Free
reserves
Total
held
Required
Excess
Borrowings at
F.R.
Banks
Free
reserves
1
96
123
-397
62
1,188
1,302
322
148
632
441
1,568
2,210
4,576
4,972
610
344
897
1,406
3,566
4,375
22
96
671
804
1,011
597
327
126
3
4
46
57
-305
-30
668
800
965
540
232
184
120
85
91
50
354
639
184
117
182
-170
-519
-99
-26
4,761
5,756
6,094
5,901
5,634
4,099
5,161
5,518
5,307
5,032
663
596
576
594
602
29
88
236
105
52
634
50S
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
1963—Aug
Sept
Oct
Nov
Dec
8,061
8,118
8,155
8,197
8,393
8,018
8,096
8,117
8,164
8,325
43
22
38
33
68
118
130
131
171
190
-75
-108
-93
-138
-122
7,019
7,050
7,118
7,199
7,347
6,611
6,686
6,758
6,842
6,939
408
364
360
357
408
93
69
62
76
74
315
295
298
281
334
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
8,346
8,122
8,208
8,234
8,184
8,318
8,385
"8,349
8,325
8,104
8,172
8,204
8,151
8,290
8,341
"8,314
21
19
36
30
32
27
44
''35
137
106
90
108
144
142
147
191
-116
-87
-54
-78
-112
-115
-103
7,376
7,215
7,176
7,230
7,159
7,225
7,296
"7,297
6,986
6,876
6,864
6,906
6,861
6,901
6,968
6943
390
339
312
323
298
323
328
56
64
57
68
80
76
56
91
334
275
255
255
218
247
272
^263
8,069
8,014
8,016
7,980
31
29
27
31
140
117
28
8,100
8,043
8,043
8,011
-109
-88
-84
-66
7,069
7,053
6,986
6,971
6,619
6,626
6,622
6,594
451
427
365
376
103
84
82
96
348
343
283
280
1964—Mar. 4
11
18
25
8,139
8,142
8,179
8,256
8,084
8,113
8,155
8,224
55
29
25
32
184
96
145
65
-130
-67
-121
-33
7,178
7,118
7,212
7,352
6,823
6,844
6,860
6,909
355
274
352
443
83
54
68
29
271
220
284
414
1
8
15
22
29
8,286
8,261
8,334
8,214
8,107
8,251
8,230
8,312
8,196
8,083
35
31
22
19
24
49
92
105
176
54
-14
-61
-83
-157
-30
7,073
7,258
7,198
7,356
7,109
6,878
6,870
6,943
6,943
6,879
195
388
255
412
230
72
57
74
57
79
123
331
181
355
151
20
27
.I:::::::::::::
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
Aug. 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
i3n
6,924
6,960
6,965
^6,945
318
420
353
M34
89
107
74
72
229
313
279
*>362
Week ending—1963—Aug. 7
14
21
Apr.
May
i This total excludes, and that in the preceding table includes, $51
million in balances of unlicensed banks.
NOTE.—Averages of daily figures. Beginning with Jan. 1964 reserves
are estimated except for weekly averages.
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.
1150
MAJOR RESERVE CITY BANKS
SEPTEMBER 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—
Net:
Borrowings
at F.R.
Banks
Net
interbank
Federal
funds
trans.
28
15
65
50
20
56
87
261
45
42
16
19
12
18
25
5
43
16
9
Excess
reserves l
Related transactions with
U.S. Govt. securities dealers
Interbank Federal funds transactions
Gross transactions
Net transactions
Total
2-way
trans- 2
actions
Surplus
or
deficit
Per cent
of
avg.
required
reserves
375
842
805
631
-51
-403
-914
-1,000
-625
30
4.3
9.7
10.8
6.8
.3
1,698
1,892
1,597
2,174
1,993
1,324
1,050
792
1,543
2,045
1,002
854
708
1,087
1,210
69
139
119
156
435
667
733
368
-488
-787
-839
-506
5.3
8.6
9.2
5.5
2,049
1,789
2,066
1,564
1,614
1,122
1,333
1.196
1,209
862
1.151
895
10
67
49
258
436
510
184
-297
-243
-499
-516
-168
292
6.4
13.3
14.1
4.6
8.1
936
999
889
1,050
908
678
563
379
866
1,205
-170
-349
-366
-186
4.6
9.8
10.1
5.2
1,004
896
983
678
Purchases
Sales
Purchases
of net
buying
banks
Sales
of net
selling
banks
Loans
to
dealers 3
Borrowings
from
dealers 4
Net
loans
Total—46 banks
1964—July
1
8
15
22
29
Aug
-,!::::::
19
26
783
322
196
85
456
834
1,087
1,213
1,380
1,274
779
76
60
114
153
190
1,011
1,153
1,267
1,120
589
840
927
915
669
405
260
182
301
1,075
863
1,048
946
152
111
91
174
923
752
956
772
625
476
379
600
720
312
523
510
450
188
54
87
952
266
485
691
76
55
110
117
140
877
1,047
1,082
971
551
841
541
653
537
607
463
643
477
397
433
341
201
234
78
10
60
842
694
822
637
102
75
88
93
740
619
733
544
696
1,038
889
1,087
8 in New York City
1964—July
1
8
15
22
29
1,102
1,192
1,089
Aug. 5
c
12
6
7
10
43
55
162
355
330
141
3
11
22
34
11
46
20
211
45
27
117
406
295
447
245
-160
-415
-484
-458
-262
2.8
7.3
8.6
8.3
4.8
762
893
708
1,125
1,085
645
487
413
678
840
377
378
328
487
490
385
515
379
637
595
268
109
85
190
350
134
111
188
185
88
5
4
36
51
134
106
185
149
38
21
13
5
67
139
76
101
272
312
403
227
-318
-438
-473
-320
5.7
7.9
8.5
5.8
1,045
893
1,082
886
773
581
680
659
601
399
508
418
443
495
574
468
171
182
171
241
233
169
226
309
51
36
3
81
182
133
223
228
91
137
82
122
-50
-116
-137
-141
-119
51
12.2
14.5
15.1
12.8
5.5
187
243
171
291
238
96
105
89
169
288
96
105
79
148
149
91
137
92
143
89
10
20
139
25
124
101
-26
-138
-114
-35
2.8
15.0
12.3
3.8
275
267
302
228
251
143
201
200
173
135
152
116
103
132
150
112
78
9
49
84
19
26
38 outside
New York City
1964—July
1
15.
22.
29.
19.
26.
5 in Chicago
1964—July
1...
15
22
29
2
3
2
Aug. 5
12
19
26
1
-2
-5
-1
33 others
1
8
15
22
29
27
20
151
45
26
25
269
213
325
295
-44
-278
-344
-339
-312
.9
5.9
7.3
7.4
6.8
574
650
537
834
847
549
382
324
509
552
281
273
250
339
341
293
378
287
494
506
268
109
75
170
211
Aug. 5
12
19
26
65
126
69
96
248
189
301
199
-292
-300
-359
-285
6.3
6.5
7.8
6.2
770
627
780
658
522
438
479
459
429
264
357
302
341
362
424
356
93
173
122
157
1964—July
1
Based upon reserve balances including all adjustments applicable to
the reporting period. Carryover reserve deficiencies, if any, are deducted.
2 Derived from averages for individual banks for entire week. Figure
for each bank indicates extent to which its weekly average purchases
and sales are offsetting.
3 Federal funds loaned, net funds supplied to each dealer by clearing
banks, repurchase agreements (purchases of securities from dealers
subject to resale) or other lending arrangements,
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
944-74.
SEPTEMBER 1964
1151
DISCOUNT RATES
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
Effective
date
Rate on
Aug. 31
July
July
July
July
July
July
July
July
July
July
July
July
Boston
New Y o r k . . .
Philadelphia..
Cleveland
Richmond.. .
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Previous
Effective
date
Rate on
Aug. 31
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
Advances to all others under
last par. Sec. 13 3
Advances under
Sec. 10(b) 2
17,
17,
19,
17,
17,
24,
19,
17,
17,
26,
17,
19,
Previous
rate
Rate on
Aug. 31
Effective
date
July 17,
June 10,
Aug. 19,
July 17,
July 17,
July 24,
July 19,
July 17,
Aug. 15,
July 26,
Sept. 9,
June 3,
1963
1963
1963
1963
1963
1963
1963
1963
1963
1963
1963
1963
1963
1960
1960
1963
1963
1963
1963
1963
1960
1963
1960
1960
Previous
rate
4
5
secured by FICB securities are limited to 15 days.
2 Advances secured to the satisfaction of the F.R. Bank. Maximum
maturity: 4 months.
3 Advances to individuals, partnerships, or corporations other than
member banks secured by U.S. Govt. direct securities. Maximum maturity: 90 days.
FEDERAL RESERVE BANK DISCOUNT RATES
(Per cent per annum)
Effective
date
Range
(or level)—
all F.R.
Banks
F.R.
Bank
of
N.Y.
In effect Dec. 31, 1932
Effective
date
Jan. 16
23
1933
Mar. 3
4
Apr. 7
May 26
Oct. 20
Feb.
5
15
Apr. 14
16
May 21
1934
Feb. 2
Mar. 16
Jan. 11
May 14
18
1937
1
-&:::::::::::::::
1950
1
it
Apr. 13
20
Aug. 24
31
Range
or level)—
all F.R.
Banks
F.R.
Bank
of
N.Y.
1958
Jan. 22
24
Mar. 7
13
21
Apr. 18
May 9
Aug. 15
Sept. . . . . . .
1959
2^3
3 -3%
3Vi-^
18
June
1956
3
10
1960
14
2M-3
2*4-3
Aug. 12
Sept. 9
3 -3V4
July 17
26
3
-3
1963
1957
**£::::
Nov. 15
Dec.
2
i 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
Effective
date
Mar. 6
16
May 29
June 12
Sept. 11
12.'!.'.'
1946
F.R.
Bank
of
N.Y.
Oct. 24
Nov. 7
-.!:::::
Nov. 18
23
Apr. 25
May 10
Au8
1954
Sept
1942
Jan. 12
19
4-2
*"•&::::
May 2
Aug. 4
-2
Apr. 11
Oct. 15
30
1948
1953
1955
1935
Aug. 27
Sept. 4
Range
or level)—
all F.R.
Banks
3%
3
1964
In effect Aug. 31 .
against U.S. Govt. securities was the same as its discount rate except
in the following periods (rates in percentages): 1955—May 4-6, 1.65;
Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug.
24-29, 2.75; 1957—Aug. 22, 3.50; 1960-Oct. 31-Nov. 17, Dec. 28-29,
2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July
20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3
2.75; 1962—Mar. 20-21, 2.75.
1152
RESERVE REQUIREMENTS
SEPTEMBER 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
Effective date
Type of deposit
Savings deposits held for:
1 year or more
Less than 1 year
Postal savings deposits
held for:
1 year or more
Less than 1 year
Jan. 1,
1936
Jan. 1,
1962
Jan. 1,
1957
3
} 2*
Other time deposits payable in: i
1 year or more
6 months-1 year
90 days-6 months
Less than 90 days
4
3%
{ 3*
3
} 2*
July 17,
1963
4
3%
{ 3»
3
<ji
) :
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,
1963
1960
1962
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
reserve
city
city
banks 3 banks
Country
banks
Time deposits
Central
reserve
and
reserve
city
banks
Country
banks
IneflfectDec.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
1?*
11*
19
i*
23
24
22
21
20
8* {?*
11* 16%
17*4
16
1962—Oct. 25, Nov. 1.
5
11*
12
*
4
4
In effect Sept. 1,1964.. .
16%
12
4
4
Present legal requirement:
Minimum
Maximum
10
22
7
14
3
6
3
6
1 When two dates are shown, first-of-month or midmonth dates record
changes at country banks, and other dates (usually Thurs.) record changes
at central reserve or reserve city banks.
2 Demand deposits subject to reserve requirements are gross demand
deposits minus cash items in process of collection and demand balances
due3 from domestic banks.
Authority of the Board of Governors to classify or reclassify cities as
central reserve cities was terminated effective July 28, 1962.
NOTE.—All required reserves were held on deposit with F.R. Banks,
June 21, 1917, until late 1959. Since then, member banks have also been
allowed to count vault cash as reserves, as follows: County banks—in
excess of 4 and 2% per cent of net demand deposits effective Dec. 1, 1959
and Aug. 25, 1960, respectively. Central reserve city and reserve city
banks—in excess of 2 and 1 per cent effective Dec. 3, 1959 and Sept. 1,
1960, respectively. Effective Nov. 24, 1960, all vault cash.
DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS
(In millions of dollars)
Reserve city banks
Item
All
member
banks
New
York
City
City
of
Chicago
Reserve city banks
Country
banks
Item
Other
Four weeks ending July 22, 1964
Gross demand—Total..
Interbank
U.S. Govt
Other
Net demand i
Time
Demand balances due
from dom. banks...
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 Aug. 19, 1964
135,337
14,341
7,491
113,505
111,574
98,698
25,995
4,423
1,637
19,935
20,726
13,611
6,385
1,229
459
4,696
5,342
4,116
51,559
6,909
3,036
41,614
41,617
38,099
51,399
1,781
2,359
47,259
43,889
42,872
7,219
3,220
17,549
146
253
3,737
108
48
1,001
1,940
971
7,455
5,025
1,948
5,356
20,769
20,383
386
3,990
3,964
26
1,049
1,046
3
8,426
8,391
35
7,304
6,982
322
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 i
Time
Demand balances due
from dom. banks..
Currency and c o i n . . . .
Balances with F.R.
Banks
Total reserves h e l d . . . .
Required
Excess
132,731
14,023
5,117
113,591
109,654
99,535
25,216
4,298
1,095
19,824
20,101
13,887
6,217
1,215
308
4,694
5,236
4,154
50,579
6,772
2,073
41,734
40,897
38,333
1,641
47,339
43,420
43,160
7,043
3,237
17,279
20,516
114
252
3,630
3,882
102
48
982
1,030
1,910
978
7,335
8,313
4,918
1,959
5,332
7,291
20,120
396
3,872
10
1,030
8,281
32
6,937
354
50,719
1,738
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.
1153
OPEN MARKET ACCOUNT
SEPTEMBER 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 July
Aug
Sept
Oct
Nov
Dec
1964—Jan
Feb
Mar
Apr
May
June
July
...
Gross
sales
586
604
385
156
295
289
670
458
18
714
136
1,216
527
711
654
1,176
319
95
989
699
588
1,332
937
1,264
610
Redemptions
294
10
365
9
15
255
115
239
367
85
371
447
Gross
purchases
Gross
sales
1,054
166
608
654
977
319
95
989
677
538
1,259
900
1,264
Redemptions
586
604
345
156
295
289
670
458
18
714
136
294
10
Exch.
or
maturity
shifts
Gross
sales
Gross
purchases
11
—2 193
40
365
9
15
255
115
239
367
85
371
447
610
2 518
-3,411
15
-2,164
Outright transactions in U.S. Govt. securities ?y maturity-—continued
1-5 years
Gross
purchases
79
190
43
1963 Julv
Aug
Sect
Oct
Nov
Dec
1964—Jan
Feb
106
11
Mar
Apr
June
July
.
•.
13
43
20
Gross
sales
5-10 years
Exch.
or
maturity
shifts
Dec
1964 Jan
Feb
Mar
Apr
May
June
July
..
.
...
9
17
10
-2,510
164
83
-8
-164
10
3,481
-15
2,164
307
l,01f
909
243
573
1,032
921
915
440
127
338
280
734
625
1,021
959
826
429
127
497
172
682
625
1,070
NOTE.—Sales, redemptions, and negative figures reduce System holdings; all other figures increase such holdings.
Gross
purchases
-99
Gross
sales
415>
1,09!
Exch.
or
maturity
shifts
63
155
50
Gross
purchases
25:
..
Gross
sales
2,292
Repurchase agreements
(U.S. Govt. securities)
1963 July
Aug
Sept
Oct
Gross
purchases
Over 10 years
9
30
27
11
Net change
in U.S.
Govt.
securities
441
-77
172
195
909
-74
-840
416
601
— 601
1,060
566
257
— 70
— 307
1
i
-4
10
-2
28
-2
—4
-4
-7
-7
-7
Exch.
or
maturity
shifts
3
8
4
5
Bankers' £icceptances
Net
outright
Gross
sales
Net
repurchases
-5
14
-14
92
-92
64
-25
-39
36
-21
Net change
in U.S. Govt.
securities and
acceptances
436
-78
168
219
893
45
-934
412
662
— 633
1,014
602
229
1154
FEDERAL RESERVE BANKS
SEPTEMBER 1964
CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
(In millions of dollars)
End of monthi
Wednesday
Item
1964
1964
1963
Aug. 26
Aug. 19
Aug. 12
Aug. 5
July 29
Aug.
July
Aug.
13 707
1,465
13,722
1,454
13 729
1,451
13,730
1,454
13,731
1,457
13,727
1,465
13,730
1,458
13 972
1,319
15,172
15,176
15,180
15,184
15,188
15,192
15,188
15,291
159
156
156
140
146
167
158
372
138
180
163
735
288
185
239
359
38
38
40
20
41
25
41
20
36
40
16
38
5,112
4,986
5,168
5,398
5,137
5,112
5,379
3,057
Assets
Redemption fund for F.R. notes
Cash
Discounts and advances:
Member bank borrowings
in
Cither
Acceptances:
Held under repurchase agreements
U.S. Govt. securities:
Bought outright:
Bills
Certificates—Special
Other
24,977
4,918
24,917
4,836
24,917
4,836
24,912
4,741
24,912
4,711
25,032
5,020
24,912
4,711
10 732
14,010
4,438
35,007
72
35,079
34,739
34,921
88
35,051
207
34,760
52
35,164
35,002
49
32,237
154
34,739
35,009
35,258
34,812
35,164
35,051
32,391
35,255
5,324
102
34,957
6,163
102
35,232
6,002
102
36,059
5,330
101
35,161
5,211
103
35,385
4,683
102
35,346
4,757
102
32,818
4,567
102
162
253
56,427
165
230
170
388
168
362
137
342
195
266
168
345
56,949
57,230
57,344
56,288
55,990
56,064
66
228
53,444
F R. notes
Deposits:
M^ember bank reserves
U S Treasurer—General account
Foreign
Other
32,747
32,837
32,916
32,764
32,611
32,749
32,569
30,724
16,490
1,076
186
194
16,612
1,025
140
195
16,753
1,017
138
203
17,584
828
129
186
17,023
674
140
196
17,055
939
163
208
17,327
785
135
198
16,782
705
178
195
Total deposits
17,946
17,972
18,111
18,727
18,033
18,365
18,445
17,860
4 000
4 513
'104
4 093
3 916
3 127
3 306
3 251
102
4 435
' 96
104
95
105
105
76
54,795
55,340
55,644
55,688
54,655
54,346
54,425
51,911
516
990
126
516
990
103
516
990
80
516
990
150
516
990
127
517
990
137
516
990
133
486
934
113
56,427
56,949
57,230
57,344
56,288
55,990
56,064
53,444
Bonds
Held under repurchase agreements
Total U.S. Govt. securities
Other assets:
Denominated in forei&n currencies
All other
Liabilities
Deferred availability cash items
Other liabilities and accrued dividends
Capital Accounts
Capital paid in
Surplus
Other capital accounts
Total liabilities and capital accounts
Contingent liability on acceptances purchased for
U.S. Govt. securities held in custody for foreign
134
135
136
137
137
132
137
89
8,241
8,265
8,266
8,221
8,129
8,247
8,201
7,856
Federal Reserve Notes—Federal Reserve Agents' Accounts
F.R notes outstanding (issued to Bank) . .
Collateral held against notes outstanding:
Eligible paper
U.S. Govt. securities
•
35,005
35,016
34,958
34,844
34 ,801
35 ,079
34 ,825
32 ,587
6,607
14
29,465
6,612
12
29,365
6,652
8
29,315
6,642
153
29,315
6 ,642
24
29 ,315
6 ,607
15
29 ,465
6 ,642
43
29 ,315
7 ,183
27
26 ,224
36,086
35,989
35,975
36,110
35 ,981
36 ,087
36 ,000
33 ,434
SEPTEMBER 1964
1155
FEDERAL RESERVE BANKS
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 31, 1964
(In millions of dollars)
Item
Total
Boston
New
York
Philadelphia
Cleveland
Atlanta
Richmond
St.
Louis
Chicago
Minneapolis
Kansas
City
San
Francisco
Dallas
Assets
Gold certificate account
Redemption fund for F.R. notes
13,727
1,465
748
82
3,587
343
713
79
981
128
911
125
792
90
2,285
264
543
59
318
27
535
55
477
47
1,837
166
Total gold certificate reserves
15,192
830
3,930
792
1,109
1,036
882
2,549
602
345
590
524
2,003
581
167
57
10
177
47
45
4
28
15
44
15
53
16
36
17
16
6
43
5
16
6
22
4
44
22
182
3
11
47
1
7
6
16
37
4
7
10
1
10
*
26
2
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:
Bought outright .
Held under repurchase agreements .
36
36
35 164
1 804
8,632
1 871
2,95*5
2,401
1 921
6 008
1 352
676
1 403
1 413
4 728
35,385
1,815
8,715
1,872
2,962
2,407
1,937
6,045
1,356
683
1 ,414
1,423
4,756
6,076
102
453
3
1,158
8
398
488
6
445
466
18
1,010
22
256
6
172
4
367
6
295
11
568
10
195
266
9
14
152
63
11
14
18
22
10
18
11
15
27
45
7
10
c
8
14
11
11
26
35
57,964
3,191
14,150
3,139
4,648
3,980
3,398
9,751
2,259
1,262
2,421
2,301
7,464
F.R. notes
Deposits:
Member bank reserves
U.S. Treasurer—General account..
Foreign . ,
Other
33,330
1,943
7,927
1,931
2,820
2,757
1,918
6,047
1 ,336
581
1,299
1 ,024
3.747
17,055
939
163
208
665
51
6
4,601
181
2 60
143
685
63
8
1,100
75
13
773
6A
901
70
8
2,755
77
20
1
614
81
423
44
*
949
54
8
1
790
81
6
2
2,799
98
19
56
Total deposits
18,365
722
4,985
756
1,188
847
980
2,853
700
471
879
1,012
2,972
4,520
105
442
6
779
26
356
48'
286
400
596
18
163
166
167
4
511
14
13,717
3,048
4 501
3,897
3,303
9,514
2,202
1,225
2,349
2.207
7,244
Total loans and securities
Cash items in process of collection. . .
Bank premises
Other assets:
Denominated in foreign currencies .
All other
Total assets
Liabilities
Deferred availability cash items
Other liabilities and accrued dividends.
Total liabilities
3,in
56,320
Capital Accounts
517
990
137
136
264
33
29
55
46
90
1
26
49
30
56
c
74
140
23
18
34
12
4'
23
43
6
30
57
69
132
19
Total liabilities and capital accounts.
57,964
3,191
14,150
3,139
4,648
3,980
3,398
9.751
2.259
1,262
2.421
2,301
7,464
Ratio of gold certificate reserves to
deposit and F.R. note liabilities
combined (per cent):
Aug 31 1964
July 31 1964
Aug 31 1963
29.4
29 5
31.2
31.
30 3
33.9
30.4
30.2
29.1
29.5
30.7
29.7
27.7
31.1
31.4
28.7
29.6
31.5
30.4
29.2
29.6
28.6
27.6
32.6
29.6
28.6
30.9
32.8
29.5
32.6
27.1
29.9
31.3
25.7
30.0
32.8
29.8
28.4
32.6
Contingent liability on acceptances
purchased for foreign correspondents
132
12
7
7
19
5
6
8
18
6 786
1 ,404
609
1 ,343
1,093
3 962
Capital paid in
..
Surolus
Other capital accounts
3 34
Federal Reserve Notes—Federal Reserve Agent's Accounts
F.R. notes outstanding (issued to
Bank)
Collateral held against notes outstanding :
Gold certificate account .
...
Eligible paper
U.S. Govt. securities
Total collateral
1
2
35 079
8 47?
1 ,997
425
1
2,849
2,017
6 ,607
15
29 ,465
423
1 ,670
500
580
340
1 ,100
1 ,650
6 ,950
1 ,700
2 ,550
2,295
1,700
5 ,400
270
4
1,210
510
1 ,100
1,000
3,40
36 ,087
2 ,073
8 ,620
2 ,126
3 ,050
2,875
2,040
6 ,500
1 ,484
622
1 ,382
1,180
4,135
After deducting $143 milliim participations of other F.R. Banks.
After deducting $103 million participations of other F.R. Banks.
3 018
112
272
10
180
3 After deducting $98 million participations of other F.R. Banks.
735
1156
FEDERAL RESERVE BANKS; BANK DEBITS
SEPTEMBER 1964
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
(In millions of dollars)
Wednesday
Item
End of month
1964
1963
Aug. 26
Aug. 19
Aug. 12
Aug. 5
July 29
138
133
5
180
173
7
163
156
7
735
729
6
288
282
185
179
5
1
239
232
7
389
354
5
30
38
10
28
38
14
24
60
33
27
66
35
31
61
29
32
36
8
28
56
24
32
38
10
28
35,079
852
8,993
10,226
12,770
1,970
268
34,739
35,009
2,760
2,624
12,729
14,736
1,906
254
35,258
2,923
2,733
12,806
14,691
1,861
244
34,812
807
4,504
12,735
14,691
1,836
239
35,164
420
9,396
10,183
12,848
2,037
280
35,051
2,357
3,031
12,897
14,691
1,836
239
32,391
565
5,450
13,135
10,866
2,176
199
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 days
16 days to 90 days
U.S. Government securities—Total
Within 15 days*
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
1,047
8,661
10,165
12,706
1,906
254
July
Aug.
Aug.
* 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
1963—Nov. .
Dec
.
Pounds
sterling
Belgian
francs
110
153
5
10
41
37
254
271
330
214
213
10
11
11
1
1
37
52
52
52
51
Total
.
.
1964—Jan
Feb
Mar. .. .
Apr
May
Canadian
dollars
French
francs
German
marks
Italian
lire
6
2
1
1
5
1
51
101
1
1
2
2
4
2
2
1
1
1
1
1
1
1
6
6
6
201
201
234
101
101
21
Japanese
yen
2
50
50
3
2
1
*
1
BANK DEBITS AND DEPOSIT TURNOVER
Debits to demand deposit accounts 1
(billions of dollars)
Period
Leading centers
All
N.S.A.
New York
S.A
N.S.A.
<5 others
S.A.
Leading centers
337 other
reporting
centers
Annual rate of turnover
of demand deposits i
2
N.S.A.
repOi ui 5
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
S.A.
4
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
577.6
622.7
701.7
775.7
1, 158.3
1, 209.6
1, 318.9
1, 423.0
60.0
70.0
77.8
84.8
34.8
36.9
41.2
44.6
25.7
26.2
27.7
29.0
...
28.2
29.0
31.3
33.1
Sept....
Oct
Nov
Dec
300.1
310.4
337.2
296.6
357.1
127. 8
140. 1
133. 7
125. 4
139. 6
119.5
130.3
136.9
116.7
151.0
63 .3
67 .0
69 .4
67 .3
69 .7
61.9
63.1
71.3
63.8
74.6
119. 2
122. 6
123. 6
120. 0
123. 7
118.7
116.9
128.9
116.1
131.5
88. 9
96. 9
87. 2
80. 7
89. 0
83.7
95.6
86.5
80.4
93.8
44. 2
46. 7
48. 4
46.0
47. 5
42.9
46.1
47.6
45.3
48.6
29
29
30
29
29
5
9
1
0
8
29.1
29.9
30.2
29.4
30.6
33 .6
34 .3
34 .9
33 .6
33 .9
32.7
34.1
34.7
33.6
35.3
1964—Jan
Feb
Mar....
Apr....
May...
June...
July....
Aug
360.8
294.9
342.9
349.9
329.6
353.7
368.6
323.8
143. 7
129. 4
138. 1
146. 0
135. 1
140. 2
157. 0
145. 2
153.9
121.1
145.8
148.2
135.3
151.2
160.1
132.7
69 .6
65 .5
68 .4
72 .4
67 .7
67 .5
71 .4
68 .8
73.5
60.5
71.1
72.8
68.6
70.9
72.9
65.8
126. 6
121. 1
125. 1
131. 8
125. 0
126. 6
131. 1
128. 9
133.3 92. 1
113.3 86. 2
126.1 91. 6
129.0 95. 5
125.7 90. 9
131.6 94. 5
135.5 103. 8
125.4 96. 0
93.0
81.8
94.4
93.6
91.1
101.4
102.2
90.4
47. 8
45. 4
46. 9
49. 3
47. 6
47. 1
49. 1
P47. 1
47.4
42.9
49.6
50.4
48.4
48.9
48.1
*>45.8
30
29
30
31
30
30
31
*30
6
5
1
6
4
5
2
5
30.4
28.2
30.2
30.6
30.9
31.5
31.1
34 .8
33 .7
34 .4
36 .0
35 .3
35 .0
35 .5
"35 .0
34.9
32.0
35.1
35.7
35.5
36.0
35.5
1963—AUK....
1 Excludes interbank and U.S. Govt. demand accounts or deposits.
2 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los
Angeles.
3 Before Apr. 1955, 338 centers.
4 Before Apr. 1955, 344 centers.
i
SEPTEMBER 1964
1157
U.S. CURRENCY
DENOMINATIONS IN CIRCULATION
(In millions of dollars)
Total
Coin
$1 2
$2
$5
$10
7 598
11,160
28,515
28 868
27,741
31,158
5 553
8,120
20,683
20 020
19,305
22,021
590
751
1,274
1 404
1,554
1,927
559
695
1,039
1,048
1,113
1,312
36
44
73
65
64
75
1,019
1,355
2,313
2,110
2,049
2,151
1958
1959
1960
1961
1962
32,193
32 591
32,869
33,918
35,338
22,856
23 264
23,521
24,388
25,356
2,182
2 304
2,427
2,582
2,782
1,494
1 511
1,533
1,588
1,636
83
85
88
92
97
1963—July
Aug
Sept
Oct
Nov
Dec
35,663
35 850
35,891
36,177
37,227
37,692
25,368
25 487
25,468
25,642
26,536
26,807
2,904
2 926
2,947
2,960
2,986
3,030
1,559
1,558
1,576
1,592
1,644
1,722
1964
36,247
36,312
36 799
36,885
37 208
37,734
37,835
25,500
25,561
26 000
26,063
26 353
26,797
26,859
3,021
3,044
3 105
3,139
3 169
3,205
3,223
1,599
1,590
1,621
1,630
1 655
1,676
1,668
1939
1941
1945
1947
1950
1955
.
Jan
Feb .
Mar
Apr
May
June
July
.
Large denomination currency
Coin and small denomination currency
Total
in circulation i
End of period
$20
Total
$50
$100
$500
$1,000
$5,000
$10,000
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
454
428
368
307
425
556
801
782
588
438
20
24
7
5
4
3
32
46
24
17
12
12
2,186
2,216
2,246
2,313
2,375
6,624
6,672
6,691
6,878
7,071
10,288
10 476
10,536
10,935
11,395
9,337
9,326
9,348
9,531
9,983
2,792
2,803
2,815
2,869
2,990
5,886
5,913
5,954
6,106
6,448
275
261
249
242
240
373
341
316
300
293
3
3
3
3
3
9
5
10
10
10
97
98
98
98
100
103
2,265
2,271
2,282
2,302
2,396
2,469
6,993
7,026
7,001
7,046
7,359
7,373
11,549
11,609
11,564
11,644
12,050
12,109
10,295
10,363
10,423
10,535
10,691
10,885
3,060
3,075
3,077
3,103
3,155
3,221
6,691
6,743
6,794
6,885
6,988
7,110
244
244
245
245
247
249
293
293
294
294
295
298
3
3
3
3
3
3
4
4
9
5
4
4
101
101
102
103
105
107
108
2,287
2,278
2,321
2,320
2,350
2,379
2,359
6,958
6,983
7,096
7,095
7,170
7,280
7,262
11,533
11,566
11,754
11,775
11,904
12,151
12,239
10,747
10,751
10,799
10,822
10,855
10,937
10,976
3,157
3,147
3,158
3,172
3,185
3,217
3,231
7,043
7,057
7,09'4
7,104
7,127
7,175
7,202
247
246
246
247
246
246
245
294
293
294
292
291
292
291
3
3
3
3
3
2
3
4
4
4
4
4
4
4
1
Outside Treasury and F.R. Banks. Before 1955 details are slightly
overstated because they include small amounts of paper currency held
by the Treasury and the Reserve Banks for which a denominational
breakdown is not available.
2
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)
Currency in circulation i
Held in the Treasury
Kind of currency
Gold
Gold certificates
F R notes
Treasury currency—Total
Standard silver dollars
Silver bullion
Silver certificates
Subsidiary silver coin
Minor coin
United States notes
In process of retirement 4
Total—July 31, 1964
June 30 1964
July 31, 1963
1
Total outstanding As security
July 31,
against
1964
gold and
silver
certificates
15,462
(15 188)
34 826
5,570
485
1,819
(1 764)
2,014
743
347
162
555,859
555,451
553,678
(15,188)
2274
(1,764)
82
66
1,764
3
56
For
F.R.
Banks
and
Agents
312,372
6
1
1
*
(16,952)
(16.997)
(17,452)
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. 1147.
2 Includes $156 million reserve against United States notes.
3
Consists of credits payable in gold certificates: (1) the Gold Certificate
Fund—Board of Governors, FRS, and (2) the Redemption Fund for F.R.
notes.
4
Redeemable from the general fund of the Treasury.
5
Does not include all items shown, as some items represent the security
Treasury
cash
12,372
12,369
12,530
All
391
389
Held by
F.R.
Banks
and
Agents
July 31,
1964
June 30,
1964
July 31,
1963
2,816
2,256
158
32,489
5,346
32,338
5,396
30,466
5,198
482
482
420
120
8
2
27
*
1,644
2,000
741
319
161
1,708
1,987
736
321
162
1,808
1,803
682
318
168
5,230
4,957
5,096
37,835
''37'734''
35,663
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
1158
MONEY SUPPLY
SEPTEMBER 1964
MONEY SUPPLY AND RELATED DATA
(In billions of dollars)
Seasonally adjusted
Not seasonally adjusted
Money supply
Period
Total
Currency Demand
deposit
component component
Money supply
Time
deposits
adjusted i
Currency Demand
deposit
component component
Total
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—July....
Aug.. . .
Sept
Oct
Nov.. . .
Dec
151.0
151.2
151.6
152.3
153.5
153.2
31.6
31.8
31.9
32.0
32.3
32.4
119.4
119.5
119.7
120.3
121.2
120.7
105.6
107.1
108.1
109.3
111.1
112.3
149.5
149.2
150.6
152.5
154.8
157.2
31.8
31.9
31.9
32.1
32.6
33.1
117.7
117.3
118.6
120.4
122.1
124.1
106.2
107.5
108.3
109.5
110.2
111.0
7.8
6.3
6.6
5.3
4.4
5.2
1964—Jan
Feb
Mar.. . .
Apr
May . . .
June....
July....
Aug.. . .
153.8
153.8
154.2
C
154.5
154.5
155.6
156.7
157.2
32.6
32.7
32.9
33.0
33.3
33.4
33.5
33.7
121.2
121.1
121.3
C
121.5
121.3
122.1
123.3
123.5
113.9
115.1
115.7
116.4
117.4
118.5
119.4
120.6
157.8
153.8
152.9
c
155.O
152.4
153.6
155.2
155.1
32.4
32.3
32.6
32.7
33.0
33.3
33.7
33.8
125.4
121.5
120.3
C
122.3
119.4
120.3
121.5
121.3
113.2
114.6
115.7
116.7
118.1
119.2
120.1
121.1
4.2
4.8
6.1
4.2
6.9
7.8
7.0
6.4
1964—May (1)
(2)
154.4
154.6
33.2
33.4
121.3
121.3
117.0
117.7
153.8
151.2
33.0
33.0
118.2
120.8
117.7
118.5
6.1
7.6
June (1)
(2)
155.2
155.9
33.5
33.4
121.7
122.5
118.4
118.6
153.8
153.4
33.4
33.2
120.4
120.2
119.1
119.2
6.3
9.3
July (1)
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
Half month
Not seasonally adjusted
Not seasonally adjusted
Money supply
Week
ending—
U.S.
Govt.
demand
deposits
Total
Currency
component
Demand
deposit
component
1.
8.
15.
22.
29.
149.8
148.3
148.5
146.1
146.4
30.6
31.2
31.1
31.1
30.9
119.2
117.1
117.4
115.0
115.5
103.4
103.7
104.1
104.4
104.7
4.7
6.7
6.3
8.2
7.6
June
5.
12.
19.
26.
147.5
148.9
149.4
147.1
31.3
31.5
31.4
31.2
116.2
117.3
118.0
115.9
104.9
105.1
105.2
105.3
6.8
4.7
5.9
10.5
July
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
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
1963—May
,f::
18..
25..
1
Time
deposits
adjusted i
At all commercial banks.
NOTE.—Averages of daily figures. For back data see June 1964 BULL.,
pp. 679-92. Money supply consists of (1) demand deposits at all commercial banks other than those due to domestic commercial banks and
the U.S. Govt., less cash items in process of collection and F.R. float; (2) for-
Money supply
Week
ending—
Time
deposits
adjusted i
U.S.
Govt.
demand
deposits *
121.5
120.4
118.6
117.8
117.4
117.8
118.1
118.5
5.6
6.1
«7.6
7.7
33.5
33.4
33.3
119.3
119.7
122.0
120.2
118.9
119.2
119.2
119.2
7.2
6.2
6.3
9.0
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
119.4
119.7
120.0
120.2
120.5
10.2
9.7
8.3
5.5
4.7
Aug. 5
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
155.3
156.3
33.81
34.3
121.7
122.1
121.6
121.9
6.0
5.7
1964—May
June
July
Total
Currency
component
Demand
deposit
component
20'.'.'.'.'.
27
154.4
153.5
151.5
150.6
32.9
33.1
33.0
32.8
3 ....
10
17
24
152.5
153.2
155.3
153.5
33.1
1
8
15
22
29
6
9P....
16
eign 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.
SEPTEMBER 1964
1159
BANKS AND THE MONETARY SYSTEM
CONSOLIDATED CONDITION STATEMENT
(In millions of dollars)
Assets
Liabilities
and capital
Total
assets,
Bank credit
Date
Gold
1929—June
1933—June
1939—Dec.
1941—Dec.
1945_Dec.
1947—Dec.
1950—Dec.
1960—Dec.
1961—Dec.
1962—Dec.
1963—June
Treasury
currency
outstanding
U. S. Government securities
Total
Loans,
net
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Other
securities
Total
liabilities
and
capital,
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—Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 20
15,600
15,600
15 600
15,600
15,582
5,600
5,600
5,600
5,600
5,586
317,500
322,600
323,600
327,000
333,203
178,300
182,100
182,200
185,200
189,433
99,900
100,700
101,300
102,200
103,273
67,000
68,000
67,900
68,200
69,068
32,200
32,100
32,800
33,300
33,552
700
700
700
600
653
39,300
39,800
40,100
39,700
40,497
338,700
343,700
344,700
348,200
354,371
307,200
312,000
312,800
316,200
323,251
31,400
31,700
32,000
32,000
31,118
1964
15,500
15 500
15,500
15,500
15 500
15,500
15 500
15,500
5,600
5 600
5,600
5,600
5 600
5,600
5 600
5,600
328,700
330,400
334,200
335,000
336,900
340,900
341 000
343,700
187,200
188 700
191,300
193,500
195 900
199,000
199 200
200,300
101,400
101,100
101,700
100,100
99 700
100,100
99 800
100,600
68,100
67,500
67,600
66,200
65,200
65,000
64 200
64,800
32,700
32,900
33,400
33,100
34,000
34,500
34,800
35,100
600
700
700
800
500
600
700
800
40,100
40,600
41,200
41,400
41,300
41,800
42,100
42,700
349,800
351,400
355,300
356,100
358,000
361,900
362,100
364,700
319,000
319,400
323,900
323,600
325,100
330,000
329,400
330,900
30,800
32,000
31,400
32,400
32,900
31,900
32,700
33,800
Jan
Feb.
Mar.
Apr
May
June
July
Aug.
29*
26*
25*r
29 * .
27 *
24 r *
29 r *. .
26*
DETAILS OF DEPOSITS AND CURRENCY
Money supply
Seasonally adjusted *
Related deposits (not seasonally adjusted)
Time
Not seasonally adjusted
Date
Total
DeCurmand
rency
outside deposits
adbanks justed
2
84, 400
90, 000
111, 000
116, 100
118, 000
117, 600
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
149
1,186
1,278
1,313
2,932
3,416
2,923
770
651
530
493
365
50
1,217
1,498
2,141
1,682
2,518
3,184
1,497
,488
,337
204
264
2,409
2,215
2,287
1,336
1,293
377
422
405
369
30,900
31,000
31,100
31,600
31,700
117, 300
118, 100
119, 600
120, 200
121, 400
146,900
148,100
152,100
154,100
158,104
31,100
31,100
31,300
32,500
33,468
115,800
117,000
120,800
121,600
124,636
151,600
152,300
154,500
154,900
155,713
107, 600
108, 100
109, 900
110, 200
110, 794
43, 500
43, 700
44, 100
44, 300
44, 467
500
500
500
500
452
,200
,200
,200
,200
,206
400
400
400
400
392
31,900
32,000
32,400
32,300
32,500
32,700
32,800
32,900
120, 300
119, 200
120, 700
120, 600
119, 400
120, 800
121, 100
121, 300
154,300
150,400
150,800
153,100
150,000
151,300
153,800
152,800
31,500
31,600
32,100
32,000
32,400
32,700
32,900
33,100
122,800
118,800
118,800
121,000
117,600
118,700
120,900
119,700
159,200
160,600
162,200
163,500
165,100
165,900
167,700
168,900
113, 600
114, 800
115, 800
117, 100
118, 400
118, 800
120, 200
121, 100
45, 100
45, 400
45, 900
46, 000
46, 300
46, 700
47, 100
47, 400
400
400
400
400
400
400
400
400
,200
,100
,200
,300
,300
,300
,300
1,400
400
500
400
400
400
400
400
400
26,100
24,600
28,200
28,700
29,600
30,700
1963—Aug.
Sept.
Oct.
Nov.
Dec.
2 8 . . . . 148, 200
2 5 . . . . 149, 100
3 0 . . . . 150, 700
2 7 . . . . 151, 800
2 0 . . . . 153, 100
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
29*...
26*...
25*...
Series begin in 1946; data are available only for last Wed. of month.
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).
Treasury
cash
holdings
22,540
14,411
29,793
38,992
75 851
87,121
92,272
115,102
120,525
122,258
115,312
500
600
200
800
600
300
1
2
Foreign
Postal
Mutual Savings
net *
savings
Sysbanks 3
tem
3,639
4,761
6,401
9,615
26 490
26,476
25,398
29,356
30,053
30,904
31,832
29
30
30
31
31
31....
30....
31....
30....
28....
29....
152, 200
151, 200
153, 100
2 9 »•*.. 152, 900
27*... 151, 900
24'*.. 153, 500
29 rP.. 153, 900
26*... 154, 200
Total
Commercial
banks
26,179
19,172
36,194
48,607
102 341
113,597
117,670
144,458
150,578
153,162
147,144
1929—June
1933—June
1939—Dec.
1941—Dec.
1945 Dec
1947—Dec.
1950—Dec.
I960—Dec.
1961—Dec.
1962—Dec.
1963—June
110,
114,
139,
144,
147,
148,
Total
DeCurmand
rency
outside deposits
adbanks justed
2
U. S Government
At
commercial
and
savings
banks
381
852
846
1,895
24 608
1,452
2,989
6,193
6,219
7,090
11,306
At
F.R.
Banks
36
35
634
867
977
870
668
485
465
602
806
6,100 1 ,000
900
9,100
800
3,800
900
4,600
850
6,986
3,100
6,000
8,100
4,400
7,400
10,100
5,400
6,400
800
800
1 ,100
1 ,000
900
1 ,000
700
1,100
NOTE.—For back figures and descriptions of the consolidated condition
statement and the seasonally adjusted series on currency outside banki
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.
1160
COMMERCIAL AND MUTUAL SAVINGS BANKS
SEPTEMBER 1964
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK
(Amounts in millions of dollars)
Deposits
Total
assets—
Total
Other
Interbank 1
Securities
Bor- Total NumliaCash bilities
ber
row- capita]
of
acassets i and
ings counts
Demand
banks
capital Total 1 DeU.S. Other
acTime 3
mand Time U.S.
Govt.
counts 2
Govt. Other
Loans and investments
Class of bank
and date
Total
All banks:
1941_Dec.
1945—Dec.
1947_Dec.
1961—Dec.
1962—Dec.
1963—June
1963—Aug.
Oct.
Nov.
Dec.
Loans
31...
31..
31 4.
30...
28 . ..
29...
61,126 26,615
140,227 30,36f
134,924 43,00:
256,700 154,318
280,397 172,822
287,411 179,714
28.
30.
27.
20.
287,450
293,550
296,870
302,251
25,511 8,999 27,344 90,908 81,816
10,982
101,288 8,577 35,415 177,332 165,612
14,065
81,199 10,723 38,388 175,091 161,865 12,793
240
72,715 29,667 57,368 321,394 287,176
17,914
287
48!
303,653 16,008
72,563 35,012;54,939
535
,. 343,201
. ..
69,708 37,989 52,046 347
"'",896 309,428 15,042
551
44,355
26,479
105,935
45,613
1,3461 94,381 53,105
23 8,414 14,826
227 10,542 14,553
66 11,948 14,714
e nc\ 141,979
-I A 1 nin
120,848
5,952
48: 26,227 13,946
6,839 141,084 139,188 3,635 28,046 13,940
11,069 133,681 149,083 1,563 28,61" 13,993
67,010 39,290 46,190 341,620 300,860 13,800
67,860 40 ,050 48,770 350,510 309,020 14,790
68,190 39,730 51,270 356,420 313,630 14,880
394 319,636 15,267
69,068 40 ,497 51,536 362,""'
530
550
550
528
5,870 129,330 151,330
3,610 135,840 154,230
390 139,100 154,710
4~~~
6,734 141,576 155,531
3,240 28,690 14,025
3,690 29,020 14,050
4,430 29,130 14,068
3,70: 29,88" 14,079
298,190 190,010
299,450 191,340
303,200 194,440
304,130 196,580
305,660 199,210
309,120 202,330
309,060 202,740
311,190 203,680
68,050 40 130
67,530 40 580
67,610 41 150
66,180 41 370
65,150 41 300
64,960 41 830
64,220 42!100
64,800 42!710
570
590
630
640
630
650
680
680
2,820
5,730
7,870
4,180
7,200
9,890
5,200
6,160
3,230 29,530 14,095
3,320 29,870 14,113
3,270 29,990 14,122
3,560 30,290 14,140
3,560 30,620 14,154
3,540 30,700 14,175
3,920 30,920 14,195
3,510 31,100 14,203
50,746 21,714
124,019 26,083
116,284 38,057
215,441 124,925
235,839 140,106
241,014 145,049
21,808 7,225 26,551 79,104 71,283
10,982
90,606 7,331 34,806 160,312 150,227
14,065
69,221 9,006 37
37,502 155,377 144,103 12,792
240
" ,689 17,914
66,578:
, . 56,432
,
,
",937
,578 23
481
278,561
248
66,434 29,298 54,049 297,116 262 ,122 16,008
535
63,542 32,423 51,156 299,875 266,179 15,042
550
1963—Aug. 28.
Oct. 30.
Nov. 27.
Dec. 20.
240,380
246,080
249,070
254,162
60,870 33,710 45,390 293 000 257,340
61,960 34,450 47,950 301 ,460 264,910
62,300 34,120 50;470 307,060 269,280
63,196 34,959 501711 312,773 275,120
1964—Jan. 29*..
Feb. 26*..
Mar. 25*..
Apr. 29*. .
M a y 27*. .
June 24'*.
July 29*. .
Aug. 26*. .
1964—Jan. 29*. .
Feb. 26?. .
Mar. 25*. .
Apr. 29 r*.
M a y 27*. .
June 24 r*.
July 29 r*.
Aug. 26?. .
Commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31 *.
1961—Dec. 30..
1962—Dec. 28..
1963—June 29. .
181,150
185,640
188,950
192,686
48
48
48
48
48
49,
48;
48;
355,410 313,950 14,090
356,940 314,550 13,960
360,310 318,070 14,070
361,760 318,450 13,700
363,420 319,500 13,680
367,360 323,910 13,920
366,870 322,750 13,760
368,880 324,590 14,380
158,990
160,420
162,000
163,310
164,910
165,710
167,500
168,680
44,349
15,952
23 7,173 14,278
105,921
30,241
219 8,950 14,611
1,343 94,367 35,360
65 10,059 14,181
5,946 141,920 82,429
471 22,459 13,432
6,829 141,041 97,709 3,627 24;094 13
13,429
11,060 1331624 105,903 1,545 24,58: 13,482
13,800
14,790
14,880
15,267
530
550
550
526
5,870 129,270 107,870
3,610 135,780 110,180
390 139,040 110,420
4,390
6,729 141,534 111,064
3,240 24,600
3,690 24,920
4,430 "",000
25
3,,664 25,677
249,790 153,050
250,590 154,000
253,880 156,810
254,590 158
"",660
255,720 160 ,860
258,920 163 ,760
258,370 163 ,630
260,060 164,190
62,140 34 600 47 670 305 ,330 268,800 14,090
61,540 35 050 47 930 306;340 269;090 13,960
61,500 35 570 47 390 309;270 272; 110 14,070
60,120 35 810 47 890 310;580 272;400 13,700
59,110 35 750 48,000311 810 273; 170 13,680
58,890 36 270 48,580 315 440 277;160 13,920
58,190 36;550 47,910 314 450 275.630 13,760
58,710 37;160 48,130 316 040 277;180 14,380
570
590
630
640
630
650
680
680
2,820 137 ,420 113,900
,790 115,020
5,730
,450 116,090
7,870
,570 117,310
4,180
...... 133^30 118,630
7,200
9,890 133,690 119,010
120,430
5,200
121,320
6,160
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
3,540 26 460 13,669
3,920 26 640 13,689
3,510 26 810 13,697
31 ..
31 ..
31..
30. .
28 . .
29. .
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 5,96123,123 68,121 61,717 10,385
78,338 6,070 29,845 138,304 129,670 13,576
57,914 7,304 32,845 132,060 122,528 12,353
54,058 19,308 49,579 235,112 209,630 17,195
24,092 47,427
249,488 219,468 15,309
52,968 24,'092
47
50,399 27,008 44,929 251,214 222,619 14,388
140
64
50
303
358
373
1,709 37,136 12,347
4 5,886
208 7,589
54 8,464
438 18,638
086 117,999 79,716 3,550 19,854
"",238
9,761 111,548 86,550 1,440 20
6,619
6,884
6,923
6,113
6,049
6,058
1963—Aug. 28 . .
Oct. 30. .
Nov. 27. .
Dec. 20. .
198,780
203,343
205,816
210,127
122,763
126,074
128,811
131,712
47,876 28,141 39,627 244,827 214,303
48,568 28,701 41,895 251,833 220 ,475
"',778 224,315
48,647 28,358 44',276 256
'"229,376
49,342 29,073 44 395 261,469
13,172
14,083
14,171
14,518
355
377
376
382
5,148 107,350
154 112,702
3,154
3,812 115,516
5,986 117,562
88,278
90,159
90,440
90,929
3,076 20,273
3,,553 20,555
4,244 20 ,606
3,499 21,054
6,080
6,097
6,104
6,112
1964—Jan. 29 . .
Feb. 26. .
Mar. 25. .
Apr. 29. .
M a y 27..
June 24. .
July 29. .
Aug. 26*.
206,179
206,916
209,979
210,375
211,293
214,131
213,635
215,030
129,103
129,888
132,381
133,873
135,665
138,128
138,042
138,478
48,344
,732 41 480 254,644 223,404 13,363
47,873 29 ,155 41
255,804 223,940 13J275
47,985 29 ,613 41
258,229 226,541 13,378
46,734 29 ,768 41 889 259,460 226 ,817 13,019
"
45,979 29 ,649 41
260,441 227,459 13,022
45,866 30 ,137 42
263,611 230,940 13,226
45,223 30;370 41;732 262,606 229,429 13,078
45,651 30,901 41,830 263,825 230,642 3,661
429
448
489
493
489
502
536
531
2,394 113,823
",823
5,044 110
7,032 110,459
3,751 113,314
6,440 110,182
8,884 110,655
4,636 112,319
5,411 111,458
93,395
94,350
95,183
96,240
97,326
97,673
98,860
99,581
3,073 20 ,952
3,166 21,172
3,054 21,226
3,371 21,500
3,389 21,719
3,411 21,793
3,740 21,947
3,354 22,088
6,124
6,130
6,136
6,153
6,161
6,179
6,186
6,188
6
14
14
60
43
58
10,527
15,371
17,745
38,420
41,478
43,180
1,241
1,592
1,889
3,768
3,951
19 4,031
548
542
533
514
511
511
Member banks:
1941—Dec.
1945—Dec.
1947—Dec.
1961—Dec.
1962—Dec.
1963—June
Mutual savings banks:
1941—Dec. 31..
1945—Dec. 31...
1947—Dec. 31 *.
1961—Dec. 30. ..
1962—Dec. 28 . .,
1963—June 29. .,
1963—Aug. 28 . .
Oct. 30..
Nov. 27. .
Dec. 20. .
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
29...
26. ..
25 . . .
29 . . .
27. ..
24...
29'..
26*. .
For notes see end of table.
145,800
149,670
152,650
156,006
10,379 4,901
3,704 1,774
16,208 4,279 10,682 1,246
18,641 4,944 11,978 1,718
41,259 29,393 6,136 5,730
44,558 32,716 6,129 5,714
46,397 34,665 6,166 5,566
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
22
2,179
69,640 24,210
1,176 80,609 28,340
5,381 119,595 67,157
13,515
13,540
13,558
13,570
47,070
47,470
47,800
48,089
35,350
35,970
36,300
36,679
6,140
5,900
5,890
5,872
5,580
5,600
5,610
5,539
800
820
800
826
48,620
49,050
49,360
49,621
43,520
44,110
44,350
44,516
60
60
60
42
43,460
44,050
44,290
44,467
4,090
4,100
4,130
38 4,205
510
510
510
509
48,400
48,860
49,320
49,540
49,940
50,200
50,690
51,130
36,960
37,340
37,630
37,920
38,350
38,570
39,110
39,490
5,910
5,990
6,110
6,060
6,040
6,070
6,030
6,090
5,530
5,530
5,580
5,560
5,550
5,560
5,550
5,550
860
900
890
820
850
890
860
840
50,080
50,600
51,040
51,180
51,610
51,920
52,420
52,840
45,150
45,460
45,960
46,050
46,330
46,750
47,120
47,410
60
60
50
50
50
50
50
50
45,090
45,400
45,910
46,000
46,280
46,700
47,070
47,360
4,150
4,200
4,240
4,210
4,240
4,240
4,280
4,290
509
509
508
507
507
506
506
506
1161
COMMERCIAL AND MUTUAL SAVINGS BANKS
SEPTEMBER 1964
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Total
assets—
Total
Securities
Interbank 1
Other
liaCash1 bilities
assets
and
Demand
capital Total i DeU.S. Other
ac- 2
Time
mand
Govt.
counts
U.S. Other
Govt.
Loans and investments
Class of bank
and date
Total
Reserve city member banks:
New York City: 5,6,7
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1961—Dec. 30
1962—Dec. 28
1963—June 29
Aug. 28
Oct. 30
Nov. 27
Dec. 20
Loans
12,896
26,143
20,393
30,297
32,989
32,847
31,947
32,860
33,615
34,827
4,072 7,265 1,559 6,637 19,862 17,932 4,202
7,334 17,574 1,235 6,439 32,887 30,121 4,640
7,179 11,972 1,242 7,261 27,982 25,216 4,453
19,535 7,862 2,900 11,164 43,538 36,818 5,296
21,954 7,017 4,017 11,050 46,135 37,885 4,783
21,446 6,506 4,895 9,802 44,981 37,454 4,734
21,191 5,418 5,338 7,591 41,789 33, r ~ 3,804
21,765 5,926 5,169 8,776 43,847 35,655 4,020
23,103 5,634 4,878 9,259 45,200 36,807 4,272
23,577 6,154 5,095 9,372 46,434 38,327 4,289
29
26
25
29
27
24
29
26»
33,651
33,611
34,885
34,624
35,467
36,072
35,963
35,936
22,965
22,799
23,653
23,967
24,544
25,038
25,179
24,648
5,691
5,561
5,879
5,390
5,619
5,618
5,322
5,691
4,995
5,251
5,353
5,267
5,304
5,416
5,462
5,597
8,864
9,317
8,530
8,864
9,393
8,955
8,669
8,621
44,912
45,377
45,875
46,040
47,346
47,420
47,137
46,929
36,674
37,010
37,661
37,648
38,590
38,928
38,475
38,338
4,040
4,060
4,096
4,044
4,071
3,993
3,993
4,000
City of Chicago: 5
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1961—Dec. 30
1962—Dec. 28
1963—June 29
Aug. 28
Oct. 30
Nov. 27
Dec. 20
2,760
5,931
5,088
7,606
8,957
9,082
8,965
9,211
9,376
9,615
954
1,333
1,801
4,626
5,418
5,545
5,566
5,826
6,038
6,220
1,430
4,213
2,890
2,041
2,129
2,071
1,825
1,743
1,731
1,705
376
385
397
940
1,409
1,466
1,574
1,642
1,607
1,690
1,566
1,489
1,739
2,603
2,280
2,136
1,951
1,993
1,955
1,970
4,363 4,057
7,459 7,046
6,866 6,402
10,383 9,283
11,432 9,993
11,440 10,141
11,097 9,638
11,394 9,934
11,521 10,103
11,776 10,296
1,035
1,312
1,217
1,624
,277
,202
,165
9,242
9,423
9,695
9,316
9,394
9,464
9,394
9,638
5,837
5,956
6,064
6,088
6,173
6,199
6,092
6,311
1,823
1,867
2,063
1,706
1,706
1,678
1,737
1,717
1,582
1,600
1,568
1,522
1,515
1,587
1,565
1,610
1,994
2,023
1,776
2,118
2,185
2,155
2,091
1,930
11,437
11,641
11,713
11,676
11,806
11,852
11,733
11,817
15,347
40,108
36,040
68,565
73,130
74,614
74,716
76,106
76,776
78,370
7,105
8,514
13,449
42,379
46,567
48,164
48,897
50,132
50,699
51,891
6,467
29,552
20,196
19,748
18,398
17,326
16,440
16,324
16,472
16,686
1,776
2,042
2,396
6,438
8,165
9,124
9,379
9,650
9,605
9,792
8,518
11,286
13,066
20,216
20
19,539
18,526
16,665
17,185
18,887
18,778
76,859
77,289
78,288
78,650
79,226
80,288
80,080
80,662
51,034
51,529
52,395
52,811
53,749
54,588
54,557
55,049
16,152 9,673 16,826
15,994 9,766 17,193
15,866 10,027 16,863
15,692 10,147 17,445
10,183 16,999
15,321 10,379 17,556
15,018 10,505 17,209
14,922 10,691 17,185
12,518
35,002
36,324
73,131
80,623
82,952
83,152
85,166
86,049
87,316
86,427
86,593
87,111
87,785
87,206
88,307
88,198
88,794
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
29
26
25
29
27
24
29
26^
Other reserve city:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1961—Dec. 30
1962—Dec. 28
1963—June 29
Aug. 28
Oct. 30
Nov. 27
Dec. 20
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
29
26
25
29
27
24
29
26^
29
26
25
29
27
24
29
26^
For notes see end of table.
866
6,940
267
1,267
1,408
2,052
937
668
665
1,419
Time
12,051
807
17,287 1,236
19,040 1,445
23,129 6,935
22,231 9,256
20,351 10,131
18,140 10,734
19,571 11,187
20,201 11,457
20,960 11,446
1,648
195 2,120
30 2,259
283 3,683
1,728 3,898
794 3,931
3,940
3,966
3,966
3,984
1,204
1,438
1,480
1,438
256
351 20,061 11,966 1,294
268
901 19,694 12,087 1,320
306 1,563 19,453 12,243 1,187
304
833 20,140 12,327 1,270
295 1,349 19,670 13,205 1,494
299 1,957 19,448 13,231 1,507
341
987 19,606 13,548 1,476
336
992 19,383 13,627 1,365
36
37
37
13
17
13
13
13
13
13
4,161
4,184
4,184
4,203
4,351
4,362
4,388
4,421
13
13
13
13
14
14
14
14
,186
,211
127
1,552
72
369
410
584
289
186
200
395
2,419
3,462
4,201
5,268
5,264
4,840
4,616
4,802
4,909
4,887
476
719
913
2,008
3,025
3,499
3,556
3,714
3,794
3,787
C
35
262
111
252
274
211
255
288
377
426
870
948
974
979
990
993
996
13
12
14
9
13
12
12
12
12
12
9,977
10,056
10,128
10,263
10,414
10,379
10,289
10,351
,075
,124
,124
,114
,151
,132
,148
,229
100
279
472
212
384
581
282
298
4,839
4,715
4,627
4,893
4,810
4,598
4,690
4,652
3,948
3,923
3,889
4,028
4,046
4,044
4,145
4,149
,002
257
,002
370
,011
327
166
,012
185
,008
262 1,012
201 1,018
197 1,024
12
12
12
12
12
12
12
12
24,430
51,898
49,659
90,815
94,914
95,433
93,658
95,705
98,069
99,643
22,313
49,085
46,467
81,883
84,248
85,555
82,704
84,266
85,891
87,994
4,356
6,418
5,627
8,350
7,477
6,811
6,612
7,062
6,949
7,225
104
30
22
62
82
110
98
94
90
95
491
8,221
405
2,103
2,337
3,793
2,022
1,141
1,462
2,212
12,557 4,806
24,655 9,760
28,990 11',423
44,986 26 ,381
43,609 30,743
41,291 33,549
34,105
39,867 34
41,359 34,610
"',692
42,698 34
43,459 35 ,004
2
1
81
1,388
407
1,213
1,500
2,102
1,417
1,967
2,566
2,844
6,997
7,263
7,440
7,490
7,635
7,653
7,697
351
359
353
206
191
194
195
194
195
190
96,184
96,845
97,572
98,569
98,750
100,345
99,824
100,348
84,938
85,456
86,404
86,601
86,814
88,448
87,609
88,169
6,512
6,449
6,495
6,232
6,231
6,455
6,320
6,732
98
105
107
117
115
123
115
116
813
2,062
2,796
1,586
2,708
3,691
1,875
2,151
41,439 36 ,076
40,234 36 ,606
40,167 36,839
41,321 37,345
40,009 37,751
40,351 37,828
41,155 38,144
"",430
40,740 38
1,146
1,095
1,000
1,500
1,301
1,333
1,647
1,415
7,773
7,814
7,815
7,984
8,032
8,059
8,125
8,173
189
189
186
186
183
183
184
185
5,890
5,596
10,199
39,693
44,698
46,934
47,109
48,351
48,971
50,023
402 19,466
4,377 2,250
632 46,059
26,999 2,408
778 47,553
22,857 3,268
595 90,376
24,407 9,031
559 97,008
25,425 10,501
465 99,361
24,496 11,522
420 98,283
24,193 11,850
24,575 12,240 13,941 100,887
24,810 12,268 14' 175 101,988
24,797 12,496 14,274 103,615
17,415
43,418
44,443
81,646
87,342
89,470
88,152
90,620
91,514
92,759
792
,207
,056
,925
,773
,641
,591
,783
,764
,793
225
5,465
432
1,641
1,931
3,332
1,900
1,159
1,485
1,960
10,109
24,235
28,378
46,211
46,895
45,066139,371
44,727139,883
46,970 40,648
47,708 40,497
48,256 40,693
4
11
23
40
172
127
407
341
451
390
1,982
2,525
2,934
7,088
7,744
7,894
7,864
7,964
7,994
8,377
6,219
6,476
6,519
5,885
5,828
5,839
5,860
5,878
5,884
5,897
49,267
49,604
50,269
51,007
51,199
52,303
52,214
52,470
24,678 12,482 13,796 102,111 91,815
,736
101,941 91,418
24,451 12,538
,642
103,069 92,348
24,177 12,665
,663
103,175 92,305
23,946 12,832
,629
102,539 91,641
23,360 12,647
,569
103,994 93,185
23,249 12,755
,646
103,912 93,056
,617
23,146 12,838
104,731 93,784 1,700
23,321 13,003
1,130
1,802
2,201
1,120
1,999
2,655
1,492
1,970
47,484 41,405
46,180141,734
46,212 42,212
46,960 42,540
45,693 42,324
46.258 42,570
46.868143,023
46,683 43,375
376
381
540
435
409
309
416
377
8,016
8,172
8,216
8,301
8,328
8,360
8,416
8,470
5,910
5,916
5,925
5,942
5,952
5,970
5,976
5,977
,218
7
Country member banks: 6,
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31
1961—Dec. 30
1962—Dec. 28
1963—June 29
Aug. 28
Oct. 30
Nov. 27
Dec. 20
1964—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
17
12
191
207
187
194
209
212
214
Bor- Total Number
row- capital
of
acings counts
banks
6,258
12,494
14,560
31,832
36,692
1162
COMMERCIAL AND MUTUAL SAVINGS BANKS
SEPTEMBER 1964
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Deposits
Loans and investments
Total
Securities
Cash
assets *
Class of bank
and date
Total
Loans
U.S.
Govt.
Insured commercial
banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1961—Dec.
1962—Dec.
1963—June
Dec.
30..
28..
29..
20..
National member
banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..
Dec. 20..
State member banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1961—Dec.
1962—Dec.
1963—June
Dec.
Other
Total
liabilities
and
capital
accounts 2
Interbank
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
69,411
1,762 41,298 15,699
10,654
147,775
23,740 80,276
i,276 29
'",876
13,883
141,851 12,615
54 1,325 92,975 34,882
66,026 23 ,531
65,89128 ,903
63,037 32 ,047
62,723 34 ,594
56,086
53,702
50,770
50,337
276,600
295,093
297,836
310,730
247,176
260,609
264,654
273,657
27,571 11,725 12,039 3,806
69,312 13,925 51,250 4,137
65,280 21,428 38,674 5,178
14,977
20,114
22,024
43,433
90,220
88,182
13,006
16,042
17,751
19
",218
31,078
29,684
28,641
28,635
150,809
160,657
162,748
170,233
15,950 6,295 7,500 2,155
37,871 8,850 27,089 1,933
32,566 11,200 19,240 2,125
8,145
9,731
10,822
24,688
48,084
43,879
621 13,874 4,025
22,259
3,739
8,166 24,168 7,986
44,730
4,411
40,505 3,978
381 27,068 9,062
15
6,302
8,050
9,257
9,855
18,501
17,744
16,288
15,760
84,303
88,831
88,466
91,235
74,119
76,643
77,106
78,553
1,509 1,025
10,584 1,063
10,039 1,448
2,668
4,448
4,083
8,708
19,256
20,691
7,702
18,119
19,340
262
543
535
483
559
213,904
234,243
239,447
252,579
116,402
127,254
130,146
137,447
124,348
139,449
144,363
155,261
67,309
75,548
78,383
84,845
36,088
35,663
34,011
33,384
135,511
142,825
145,513
150,823
Insured nonmember
eommercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
5,776
14,639
16,444
3,241
2,992
4,958
1961—Dec.
1962—Dec.
1963—June
Dec.
30..
28..
29..
20..
34,320
38,557
39,963
42,464
18,123
20,811
22,274
23,550
11,972
12,932
12,647
13,391
4,225
4,814
5,042
5,523
6,508
6,276
5,841
5,942
41,504
45,619
46,635
49,275
37,560
41,142
42,035
44,280
Noninsured nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31 «
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
1961—Dec.
1962—Dec.
1963—June
Dec.
30..
28..
29..
20..
1,536
1,584
1,555
1,571
577
657
686
745
553
534
496
463
406
392
373
362
346
346
386
374
1,961
2,009
2,026
2,029
1,513
1,513
1,525
1,463
Nonmember
commercial banks:
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31 4
7,233
16.849
18,454
3,696
2,270 1,266
3,310 12,277 1,262
5,432 11,318 1,703
3,431
4,962
4,659
10,992
22,024
23,334
1961—Dec. 30.
1962—Dec. 28.
1963—June 29.
Dec. 20.
35,856
40,141
41,519
44,035
18,700
21,469
22,961
24,295
12,525
13,466
13,143
13,854
4,631
5,206
5,415
5,885
6,854
6,622
6,227
6,316
1,693
10,846
12,683
642
3,081
3,560
629
7,160
8,165
421
606
958
35,660
38,597
40,128
41,664
25,812
28,778
30,533
32,300
4,690
4,639
4,545
4,324
5,158
5,180
5,050
5,041
For notes see end of table.
17,971
17,305
16,388
15,958
17,737
15,844
14,871
15,077
333
402
430
443
10 6,844 13,426
215 8,671 13,297
61 9,734 13,398
5,934 141,050 82
462 22,089
.... 13,108
6,815
584 23,712 13,119
11,005
,
11,498 24; 191 13,189
6,712 140,702 110,723 3,571 25,277 13,284
39,458
1,088 23,262 8,322
6,786
84,939
14,013 45,473 16
9,229
6,224
82,023 8,375
35
795 53,541 19,278
38,924
43,089
43,705
46,866
Bor- Total Numrow- capital ber
of
acings
counts banks
Demand
Demand
63,196
68,444
69,350
72,680
1961—Dec. 30.
1962—Dec. 28.
1963—June 29.
Dec. 20.
Other
Total
30..
28..
29..
20..
Insured mutual
savings banks:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1
10,359
9,155
8,468
8,863
6,835
6,154
5,920
5,655
104
127
159
146
199
231
215
236
129
244
3,315
3,735
6,038
3,691
2,066
2,351
3,723
2,295
3,640 5,117
4,644 5,017
5,409 5,005
76,292 45,441
225 11,875 4,513
76,075 53,733 1,636 12,750 4,505
72,387 58,462
600 13,008 4,537
76,836 61,288 1,704 13,548 4,615
1 2,246
130 2,945
9 3,055
,502
,867
,918
43,303 21,716
213 6,763
41,924 25,983 1,914 7,104
39,161 28,088
839 7,230
4 01,725
, " " 29
" , 6 4 2 1,795 7,506
,600
,544
,521
,497
53 4,162 3,360
1,560 10,635 5,680
149
12,366 6,558
4
553
729
1,245
726
959 6,810
1,083 6,416
1,271 6,478
21,456
22,170
21,241
23,140
14,979
17,664
19,010
19,793
3,452
3,870
3,964
4,234
6,997
7,072
7,133
7,173
329
181
177
185
1,291
1,905
18 1,392
253
365
478
329
279
325
852
714
783
177
164
171
190
148
133
120
83
869
872
835
832
307
330
343
341
370
371
379
389
323
308
291
285
9,573
20,571
21,591
439
457
425
190
43,465
47,628
48,661
51,304
39,073
42,654
43,560
45,743
719
699
654
749
151
429
675
1,958
11,424
13,499
1,789
10,363
12,207
828
784
789
722
37,065
39,951
41,580
43,019
33,400
36,104
37,585
38,657
5,504
3,613
14,101
6,045
167 13,758 7,036
178
565 22,325 15,286
176
743 23,042 17,994
177 1,300 22,076 19
'",353
144
743 23,972 20,134
12
18 1,288 7,662
11 1,362 7,130
12 1,596 7,261
33
77
105
165
3,822
4,240
4,343
4,623
7,320
7,380
7,424
7,458
1,789
10,351
12 12,192
164
1,034
1,252
52
192
194
256 33,137
267 35,827
303 37,273
292 38,359
3,191
3,343
3,414
3,572
330
331
331
330
1163
COMMERCIAL AND MUTUAL SAVINGS BANKS
SEPTEMBER 1964
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Loans and investments
Deposits
Total
assets—
Securities
Other
Total
Interbank 1
liaCash 1 bilities
assets
and
Demand
capital Total i DeU.S.
ac- 2
Time
Govt. Other
mand
counts
U.S.
Other
Govt.
Class of bank
and date
Total
Noninsured mutual sayings
banks:
1941—Dec. 31
1945—Dec. 31
1947_Dec. 313
1961—Dec.
1962—Dec.
1963—June
Dec.
30
28
29
20
Loans
8,687
5,361
5,957
4,259
1,198
1,384
3,075 1,353
3,522
641
3,813
760
642
180
211
9,846
5,596
6,215
8,744
5,022
5,556
6
2
1
5,600
5,961
6,269
6,425
3,581
3,938
4,132
4,380
1,446
1,490
1,621
1,548
108
106
101
104
5,768
6,134
6,440
6,602
5,087
5,427
5,663
5,859
1
1
1
1
572
533
516
498
1 Reciprocal balances excluded beginning with 1942.
2 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 reclassifled as a reserve city bank.
i See note 6, p. 587, May 1964 BULL.
Bor- Total Number
row- capital
of
acings counts
banks
Time
8,738
5,020
2 5,553
6
1,077
558
637
496
350
339
5,083
5,420
5,645
5,851
1
2
577
608
617
633
184
180
180
179
4
6
18
8
NOTE.—Data are for all commercial and mutual savings banks in the
United States (including Alaska and Hawaii, beginning with 1959). Comparability of figures for classes of banks is affected somewhat by changes
in F.R. membership, deposit insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc.
Figures are partly estimated except on call dates.
For revisions in series before June 30, 1947, see July 1947 BULL., pp.
870-71.
See also NOTE, p. 643, May 1964 BULL.
LOANS AND INVESTMENTS AT COMMERCIAL BANKS
(In billions of dollars)
Seasonally adjusted
Total i
1960—Dec.
1961 Dec
1962 Dec
1963 Dec
31
30
312
312
1963—July
Aug
Sept.
Oct
Nov.
Dec
31
28
25
30
27
31 2
1964
Jan 29?
Feb 26*>
Mar. 25*
Apr 29^
May 27^
June 30^2
July 29 v
Aug 26^
.
...
..
.
. . . .
Loans *
Total i
U.S.
Govt.
Other
Loans1
U.S.
Govt.
Other
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
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
66.4
63.4
20.9
23.9
29.3
35.1
238.0
239.2
241.5
241.2
244.2
246.5
142.6
143.6
145.4
146.1
148.4
149.4
62.6
62.0
62.2
60.8
61.4
62.1
32.8
33.6
33.9
34.3
34.4
35.0
237.8
237.1
241.9
242.4
245.0
252.4
142.4
142.5
146.0
146.0
148.6
153.9
62.5
60.9
61.8
62.0
62.3
63.4
32.9
33.7
34.2
34.5
34.1
35.1
246.7
248.4
251.4
251.8
253.5
255.1
254.2
258.4
151.0
151.8
153.9
155.4
157.3
158.9
159.5
161.3
60.8
61.2
62.1
60.8
60.3
59.9
58.3
60.0
34.9
35.4
35.4
35.6
35.9
36.3
36.4
37.1
246.2
247 2
249.9
250.6
251.5
256 1
254.0
255.9
149.5
150 6
152.8
154.7
156.7
160.5
159.2
160.0
62.1
61.5
61.5
60.1
59.1
59.1
58.2
58.7
34.6
35.1
35.6
35.8
35.8
36.4
36.6
37.2
1 Adjusted to exclude interbank loans.
2
Data are estimates.
NOTE.—For back data, see June 1964 BULL. pp. 693-97.
Securities
Securities
Date
1957 Dec 31
1958 Dec 31
1959—Dec. 31
Not seasonally adjusted
For description of seasonally adjusted series, see July 1962 BULL. pp.
797-802.
Data are for last Wed. of month and are partly estimated (except for
June 30 and Dec. 31 call dates).
1164
COMMERCIAL BANKS
SEPTEMBER 1964
LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions of dollars)
Loans
Investments
For
To
purchasing
financial
institutions
Total
or
carrying
Comloans *
mer- Agri- securities
and
cial culReal
invest- Total 2 and
esments
tur- To
intate
al broduskers To
To
To
trial
and
deal- others banks others
ers
Class of
bank and
call date
Total: 2
1947—Dec.
1961—Dec.
1962—Dec.
1963—June
Dec.
l
31.
30.
28.
29.
20.
116,284
215,441
235,839
241,014
254,162
38,057
124,925
140,106
: .
145,049
156,006
,
18,167
45,172
",172
48
. ,673
, .
49,862
52,947
1,660 830
6,248 4 ,056
7,097
,
5,144
7,541 4,645
""" 5,353
7,470
1,220
2,134
2,131
2,233
2,509
115
1,033
2,578
1,934
3,605
All insured
1941—Dec. 31. 49,290 21,259 9,214 1,450 614 662
1945—Dec. 31. 121,809 25,765 9,461 1,314 3,164 3,606
1947_Dec. 31. 114,274 37,583 18,012 1,610 823
~~ 1,190
40
49
114
1961—Dec.
1962—Dec.
1963—June
Dec.
30.
28.
29.
20.
213,904
234,243
239,447
252,579
124,348 44 965 6,211 4,030 2,107
139,449 48 458 7,060 5^119
2 ,103
"
144,363 49;660 7 -513 4,...
• 615 2,203
155,261 52,743 7,444 5,321 2,476
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
1961—Dec.
1962—Dec.
1963—June
Dec.
106,232 40,931
118,637 43,843
122,088 44,701
131,712 47,403
3,934 3,877 1,827
4,419 4,954 1^77
4,664 4,436 1,880
4,659 5,124 2,136
1,014
2,445
1,844
3,439
New York City:
1941_Dec. 31.
1945—Dec. 31.
1947_Dec. 31.
12,896
26,143
20,393
4,072 2,807
7,334 3,044
7,179 5,361
412 169
2,453 1,172
545 267
32
26
93
30,297
32,989
32,847
34,827
City of Chicago:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1961—Dec.
1962—Dec.
1963—June
Dec.
30.
28.
29.
20.
Other reserve city:
1941—Dec. 31.
1945—Dec. 31.
1947—Dec. 31.
1961—Dec.
1962—Dec.
1963—June
Dec.
30.
28.
29.
20.
Country:
1941—Dec. 31.
1945_Dec. 31.
1947—Dec. 31.
1961—Dec.
1962—Dec.
1963—June
Dec.
Nonmember
1947—Dec.
1961—Dec.
1962—Dec.
1963—June
Dec.
19,535
21,954
21,446
23,577
11,278
11,943
11,630
12,332
23 1,956
17 2,766
13 2,308
26 2,677
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
9,082
9,615
4,626
5,418
5,545
6,220
354
407
358
497
137
152
176
181
53
89
135
242
114 194
427 1,503
170 484
4
17
15
2,609
2,941
3,051
3,378
15,347 7,105 3,456
8,514 3,661
40,108
36,040 13,449 7,088
68,565
73,130
74,614
78,370
42,379
46,567
48,164
51,891
16,879
17,660
17,805
17
18,862
300
205
225
,076 976
,179 ,053
1,245 1,090
1,219 1,243
~
376
467
425
572
448
546
569 1,007
6,893 23,987 22,852
7,936 27,162 24,799
8,134 29,127 26,366
8,875 31,009 27,908
123
80
111
1,711
934 2,072
2,087 1,329 2,143
2,044 1,845 2,161
2,247 1,968 2,257
669
703
741
751
201,068
24;547
27 ,573
29 ,559
1,220
,196
,034
,068
51
149
221
362
393
401
476
523
555
594
7,862
7,017
6,506
6,154
1,430
40 4,213
26 2,890
229
369
288
318
2,041
2,129
2,071
1,705
442
508
240
147
256
133 1,467
132
235
478
377
426
347
92
115
71
42
4 ,475
5 ,035
,090 2•,871
254 21,815
199 3,105
9,229
842 21,390 21,598 16,691
8,862 3,249 19,443121,414 20^73
6,863 2,608 19,423121,505 23,533
8,032 1,307 18,072 21,93225,210
2,117
1,998
1,639
1,711
3 ,462
4 ,356
2,617
3,319
3,475
3,864
729
606
638
830
629
604
2,8061
2,023
2.118
1,955
2,635
3,585
4,451
4,653
265
432
444
442
153 1,022)
749 1.864
248 2,274
182
181
213
193
204
185
743
816
788 1,242
791 1,226
717 1,361
124
168
240
329
2,496
2,488
2,508
2,341
728
849
782
599
6,467
508
1,527
295
751 5,421
956 820
855 387 29
19,552 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
998 19,748 3,020
470 3,261 9,590 9,172
741
784
,266 18,398 2,343 1,403
752 1,020 3,583 11,030 9£"
786
751 3,886 11
11,683 10,464 1,380 17,326 1,685 1,191
891 1,224 4,286 12,525 11,106 1,462 16,686 2,152
545
10,165 2,811
3,187
11,299 3
12
12,215 3,378
12,831 3,374
591
728
680
708
438
447
469
496
116
764
412
966
1,251
1,563
1,463
1,591
13,242
14,441
15,206
16,114
11,132
12,273
13,186
13,951
31.. 18,454 5,432 1,205 614
30., 35,856 18,700 4,241 2,314
28., 40,141 21,469 4,830 2,678
29., 41,519 22,961 5,161 2,877
20., 44,035 24,295 5,544 2,811
20
179
190
209
229
156
306
354
354
373
2
19
132
90
166
418
523
515
604
2,266
6,341
7,097
7,598
8,047
1,061
4,995
5,754
6,295
6,643
4,377
1,823
1,528
707 359 26,999
1,881
1,979
224 22,857
3,827
1 Beginning with June 30, 1948, figures for various loan items are
shown gross (i.e., before deduction of valuation reserves); they do not
add to the total and are not entirely comparable with prior figures. Total
loans continue to be shown net.
2,098 26,145 26,426
3,916 23 ,715 26,746
3,203 233,741 27,092
1,649 22;316 27
"",806
7,265
311
1,623 5,33l!
272 17,574
477 3,433 3,325 10,339,
11,972
238
1,002
640
558 9,772
95
22
36
46
2
4
5
39,693
44,698
46,934
50,023
9,128 3,216 23,821 27,378 27^817 4,606
11,059 1,658 22,415 28,065 29,786 5,173
522
183
471
227
73,131
80,623
82,952
87,316
Certifi- Notes Bonds
cates
2,193 7,789 6,034 53,205 5,2'176 3,729
11,488 2,114 26
",336 26,641 20,"345 3,592
11,674 3,932 23^41
" " 26,987 24, 755 4,543
3,198 54,058
3,657 52,968
3,557 50,399
3,765 49,342
287
564
20
42
23
30.
28.
29.,
20.
69,221
66,578
66,434
63,542
63,196
Bills
3,494
971
3,007 15,561
653 19,539
3,455 1,900 1,057 78,338 2,275 16,985 14,271 44,807
7,130 4,662 839 57,914 1,987 5,816 4,815 45",295
659
648
818
12,518 5,890 1,676
35,002 5,596 1,484
36,324 10,199 3,096
Total
State
and
local Other
govt. secusecu- rities
rities
3,159 16,899 3,651 3,333
4,773
4 505 21,046
4,677 2,361 1,132 88 ,912 2,455 19,071 16,045 51,342 3,873 3,258
9,266 5,654 914 67,941 2,124 7,552 5,918 52,347 5 , 129
' " 3,621
39
47
113
179,599
195,698
199,495
210,127
30.
28.
29.
20.
9,393 5,723 947
27 ,847 3,,412
30^53 3,909
32,661 3,812
34^50
"" 4,034
7,311 30,320
8,459 34,259
,
8,649 36,725
9,479 39;056
U. S. Government
securities
1,027 7,296 30,211 27,708 3,396 66 026 11,356
;i23 30,402 3,890 65 891 11,514
2,551
1,90: 8,620 36,558 32,506 "3; 793 63; 037 9,002
3,594 9,415 38,861 34,383 4,015 62,723 10,952
30.
28.
29.
20.
1961—Dec.
1962—Dec.
1963—June
Dec.
Other
to
in- Other
dividuals
8,605
7,257
7,281
6,600
7,382
7,395
7,168
7,390
5,710
7,252
8,163
8,810
727
913
961
981
110
481 3.787 1,222 1,028
630 5,102 4,544 16
6:722 1,342 1,067
480 2,583 2,108 17,687 2,006 1,262
751 24,407
826I25
25,425
856 24,496
917 24,797
3,614
566 9,560 10,667 7,530 1,500
4,144 1,223 8,849 11,209i 8,694 1,807
3,112 1,106 8,851 11,427 9,692 1,830
573 8,531 11,871 10,385 2,111
3,822
109
214
252
254
269
206 1,973 1,219 7,920 1,078
625
272 4,947 5,046 3,655 976
2,259
683 4,398 5,573 3,982 1,224
2,812
608 4,398 5,873 4,284 1,131
2,265
351 4,343 6,133 4,576 1,309
3,027
11,318
12,525
13,466
13,143
13,854
2 Breakdowns of loan, investment, and deposit classifications are not
available before 1947; summary figures for earlier dates appear in the
preceding table.
For other notes see opposite page.
SEPTEMBER 1964
COMMERCIAL BANKS
1165
RESERVES AND LIABILITIES BY CLASS OF BANK
(In millions of dollars)
Demand deposits
Reserves
with
F. R.
Banks
DeBalCur- ances mand
rency with
deposits
and
domestic3
adbanks justed 4
Total: 2
1947—Dec. 3 1 . .
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..
Dec. 20..
17,796
16,918
17,680
16,529
17,150
2,216
3,689
4,252
3,483
4,048
All insured:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947__Dec. 3 1 . .
12,396 1,358
15,810 1,829
17,796 2,145
Class of
bank and
call date
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..
Dec. 20..
Member, total:
1941_Dec. 31..
1945—Dec. 31..
1947_Dec. 31..
16,918
17,680
16,529
17,150
3,670
4,232
3,468
4,033
12,396 1,087
15,811 1,438
17,797 1,672
Interbank
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
11,060
6,729
6,799
12,242
12,071
12,396
12,256
2,581
5,056
4,511
4,502
4,494
84,987
124,622
124,459
116,726
124,784
240
481
535
550
526
111
283
269
254
269
8,570 37,845 9,823
11,075 74,722 12,566
9,736 85,751 11,236
673 1,762
,248 23,740
,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
13,871
12,795
12,237
11,984
,298
,265
264
,177
5,934
6,815
11,005
6,712
12,149
11,991
12,300
12,175
5,023
4,434
4,421
4,429
123,878
123,744
116,067
124,098
333
402
430
443
283
269
254
269
671 1,709
6,246 33,754 9,714
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
8,724
7,897
7,690
7,359
5,381
6,086
9,761
5,986
9,487
9,270
9,535
9,376
4,654 105,454
4,083 104,646
4,060 97,953
4,055 104,130
303
358
373
382
260
243
228
240
10,216
14,169
13,099
12,579
12,312
87,123
122,654
124,342
117,419
126,579
121,671
123,361
116,471
125,615
DoFormestic 3 eign5
11,362
16,574
14,713
13,749
14,048
16,440
14,579
13,607
13,900
,430
,340
,295
,294
,218
IPC
16,918
17,680
16,529
17,150
2,813
3,263
2,644
3,131
New York City:
1941—Dec. 31..
1945—Dec. 31..
1947_Dec. 31..
5,105
4,015
4,639
93
111
151
141 10,761
78 15,065
70 16,653
866
607
3,595
3,535 1,105 6,940
3,236 1,217
267
319
237
290
450
1,338
1,105
11,282
15,712
17,646
6
17
12
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..
Dec. 20..
3,286
4,121
3,439
3,625
240
251
191
264
143
156
121
96
17,089
17,095
15,669
16,763
4,330
3,854
3,802
3,487
1,267
1,408
2,052
1,419
333
366
357
368
2,583
2,237
2,172
2,119
20,213
19,628
17,822
18,473
191
207
187
214
City of Chicago:
1941_Dec. 31..
1945_Dec. 31..
1947_Dec. 31..
1,021
942
1,070
298
200
175
2,215
3,153
3,737
,027
,292
,196
127
1,552
72
233
237
285
34
66
63
2,152
3,160
3,853
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..
Dec. 20..
889
1,071
974
1,019
158
99
154
98
3,809
4,262
3,941
4,144
,578
,235
,155
,169
369
410
584
395
315
351
373
275
124
109
112
112
4,830
4,804
4,355
4,500
2,590 11,117
2,174 22,372
2,125 25,714
4,302
6,307
5,497
54
491
110 8,221
131
405
1,144
1,763
2,282
286
611
705
11,127
22,281
26,003
104
30
22
20
38
45
7,533
858
7,671 1,021
7,183
815
7,587
935
2,542
2,253
2,234
2,105
36,187
35,481
33,502
35,859
8,107
7,229
6,572
6,958
243
248
239
267
2,103
2,337
3,793
2,212
3,520
3,216
3,195
3,144
1,152
980
1,021
1,034
40,315
39,413
37,075
39,281
62
82
110
95
110
83
70
72
2,210
4,527
4,993
526
796
929
3,216 9,661
4,665 23,595
3,900 27,424
790
1,199
1,049
225
5,465
432
1,370
2,004
2,647
239
435
528
8,500
21,797
25,203
31
52
45
5,210
4,817
4,933
4,919
1,678
1,947
1,599
1,884
5,881
5,389
5,182
5,060
43,575
44,689
42,524
46,049
1,910
1,753
1,617
1,764
1,641
1,931
3,332
1,960
5,320
5,337
5,610
5,590
796
756
755
790
40,095
40,801
38,700
41,877
108
100
94
86
544
876
989
840
917
3,947
5,446
5,202
4,889
4,953
13,595
21,994
22,814
21,782
23,763
385
649
642
603
671
167
565
743
1,300
743
1,295
2,755
2,802
2,861
2,880
180
402
428
442
438
12,284
19,168
19,813
18,773
20,654
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..
Dec. 20..
Other reserve city:
1941_Dec. 3 1 . .
1945_Dec. 3 1 . .
1947_Dcc. 3 1 . .
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..
Dec. 20..
Country:
1941—Dec. 3 1 . .
1945_Dec. 3 1 . .
1947_Dec. 3 1 . .
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..
Dec. 20..
Nonmember:2
1947_Dec. 3 1 . .
1961—Dec. 30..
1962—Dec. 28..
1963—June 29..
Dec. 20..
4,060
6,326
7,095
425
494
562
100,660
101,528
95,637
102,816
15,924
14,071
13,146
13,378
1,270
1,237
1,242
1,140
967
929
932
801
3 Beginning with 1942, excludes reciprocal bank balances.
4
Through 1960, demand deposits other than interbank and U.S.
Govt., less cash items in process of collection; beginning with 1961,
demand deposits other than domestic commercial interbank and U.S.
Govt., less cash items in process of collection.
5 See note 6, May 1964 BULL., p. 589.
866
5,465
6,450
7,466
7S~~
IPC
65 10,059
34,383
76,680 471 22,459
90,991 3,627 24,094
98,183 1,545~ 24,582
24
",664 25,677
102,886 3
492 15,146
496 29,277
826 33,946
5,412
6,397
7,412
7,853
29
20
14
10 6,844
215 8,671
61 9,734
76,426 462 22,089
90,714 ,584 23,712
97,893 ,498 24,191
102,600 3; 571
" ' 25,277
418 11,878
399 23,712
693 27,542
4,371
5,158
5,999
6,364
Bor- Capirow- tal
ings
4 5,886
208 7,589
54 8,464
62,526 438 18,638
74,316 3,550 19,854
80,322 1,440 20
",238
84,326 3;499 21,054
778
1,206
1,418
1,648
195 2,120
30 2,259
162 6,735 283 3,683
266 8,937 ,728 3,898
326 9,746 794 3,931
449 10,920 1,438 3,984
476
719
902
16
130
185
190
178
176
177
144
1,996
3,001
3,363
3,595
243 4,542
160 9,563
332 11,045
2,310
2,633
2,913
2,950
288
377
426
35
262
111
255
870
948
974
996
1,967
2,566
1 2,844
23,962
81 6,997
28,027 1,388 7,263
30,567 407 7,440
31,982 1,416 7,697
146 6,082
219 12,224
337 14,177
1,982
2,525
23 2,934
1,891
2,242
2,631
2,778
29,834
34,350
36,647
37,829
172 7,744
127 7,894
390 8,377
172
1,094
1,292
1,467
1,545
6,858
14,169
16,675
17,861
18,560
12
33
77
105
165
7,088
1,596
3,822
4,240
4,343
4,623
NOTE.—Data are for all commercial banks in the United States. These
figures exclude data for banks in U.S. possessions except for member
banks. Comparability of figures for classes of banks is affected somewhat by changes in F.R. membership, deposit insurance status, and the
reserve classifications of cities and individual banks, and by mergers, etc.
Also see NOTE, May 1964 BULL., p. 589.
For other notes see opposite page.
1166
WEEKLY REPORTING MEMBER BANKS
SEPTEMBER 1964
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
(In millions of dollars)
Loans
For purchasing
or carrying securities
Wednesday
Total
loans
and
investments i
Loans
and
investments
adjusted 2
Loans
adjusted 2
Commercial
and
industrial
Agricultural
To brokers
and dealers
To financial institutions
To others
U.S.
U.S. Other
Govt. Other
se- Govt.
securi- curicuri- cunties
ties
ties
ties
Bank
Foreign
Nonbank
Do- Pers.
mes- and
tic
sales
com- finan. Other
mer- COS.,
cial
etc.
Real
estate
All
other
Valuation
reserves
Total—
Leading Cities
1963
132,976
133,375
132,906
133,128
131,347
131,255
131,440
131,126
84,191
84,467
84,632
84,502
35,159
35,198
35,264
35,204
1,390
1,395
1,408
1,420
358
364
367
291
3,124
3,104
3,063
3,040
1,604
1,617
1,622
1,626
770
774
777
764
1,629
2,120
1,466
2,002
4,159
4,206
4,241
4,126
3,243
3,293
3,302
3,321
17,O83j 19,169 1,953
17,153 19,232 1,956
17,203 19,255 1,956
17,269 19,310 1,956
1
8
15
22
29
145,125
143,361
143,883
142,810
142,895
142,720
141,597
140,987
140,327
140,332
96,022
95,194
95,336
94,899
94,568
38,785
38,568
38,687
38,526
38,498
1,567
1,570
1,584
1,595
1,588
775
1,082
1,161
1,461
1,088
4,195
3,836
3,680
3,409
3,355
1,865
1,867
1,862
1,875
1,871
1,174
1,139
1,127
1,131
1,142
2,405
1,764
2,896
2,483
2,563
4,990
4,417
4,407
4,069
4,106
3,897
3,913
3,931
3,960
3,958
18,936
18,970
19,037
19,086
19,120
Aug. 5
12
19
143,676
143,584
144,408
143,688
141,660
141,237
142,192
141,389
95,374
95,177
95,666
94,962
38,700
38,874
38,915
38,902
1,557
1,546
1,550
1,542
1,181
919
1,118
686
3,381
3,337
3,324
3,303
1,866 1,182 2,016 4,476
1,867 1,190 2,347 4,322
1,916 1,150 2,216 4,448
1,909 1,178 2,299 4,278
31,484
31,781
31,371
31,577
31,001
30,918
31,037
30,876
20,271
20,368
20,414
20,299
11,233
11,182
11,205
11,201
182
239
240
183
1,711
1,727
1,715
ir~
515
529
529
530
365
364
362
360
483
863
334
701
1,342
1,379
1,403
1,340
592
597
596
601
1,778
1,785
1,792
1,806
3,096!
3,109|
3,115
3,123!
568
568
568
568
35,426
34,315
34,625
34,530
34,370
34,621
33,962
33,567
33,266
33,225
24,013
23,508
23,386
23,100
23,079
12,272
12,153
12,251
12,221
12,242
439
690
604
791
694
2,577
2,270
2,105
1,855
1,833
603
604
607
606
602
617
805
608
353
588 1,058
594 1,264
603 1,145
1,728
1,403
1,403
1,204
1,278
824
814
830
828
830
2,009
2,031
2,055
2,062
2,072
3,473
3,465
3,479
3,476
3,459
564
564
564
564
564
34,642
34,511
34,558
34,313
34,077
33,673
34,050
33,615
23,466
23,150
23,321
22,977
12,268
12,259
12,274
12,282
740
567
627
398
1,911
1,860
1,894
1,867
599
606
605
603
628
636
614
625
565
838
508
698
1,470
1,371
1,458
1,353
819
837
848
841
2,085
2,083
2,094
2,101
3,477
3,462
3,4531
3,453!
561
561
575
574
101,492
101,594
101,535
101,551
100,346
100,337
100,403
100,250
63,920
64,099
64,218
64,203
23,926
24,016
24,059
24,003
1,374
1,379
1,392
1,404
176
125
127
108
,413
,377
,348
,342
1,089
1,088
1,093
1,096
405
410
415
404
1,146
1,257
1,132
1,301
2,817
2,827
2,838
2,786
2,65l|
2,696
2,706
2,720
15,305!
15,368
15,411!
15,463i
16,073
16,123
16,140
16,187
1,385
1,388
1,388
1,388
109,699
109,046
109,258
108,280
108,525
108,099
107,635
107,420
107,061
107,107
72,009
71,686
71,950
71,799
71,489
26,513
26,415
26,436
26,305
26,256
1,541
1,545
1,565
',576
,570
336
392
557
670
394
,618
,566
,575
,554
,522
1,262
1,263
1,255
1,269
1,269
557
531
539
537
539
,600
,411
,838
,219
,418
3,262
3,014
3,004
2,865
2,828
3,073
3,099
3,101
3,132
3,128
16,927
16,939
16,982
17,024
17,048
18,356
18,356
18,371
18,305
18,373
1,495
1,495
1,498
1,496
1,496
109,034
109,073
109,850
109,375
107,583
107,564
108,142
107,774
71,!
72,027
72,345
71,985
26,432 ,539
26,615 ,528
26,641 ,532
26,620 1,525
441
352
491
288
,470
,477
,430
,436
1,267
1,261
1,311
1,306
554
554
536
553
,451
,509
,708
,601
3,006
2,951
2,990
2,925
3,149
3,158
3,220
3,124
17,072
17,144
17,182
17,191
18,400
18,420
18,467
18,480
1,497
1,492
1,518
1,521
Aug. 7
14
21
28
1964
July
26
21,829
21,821
21,850
21,781
21,832
3,968 19,157 21,877
3,995 19,227 21,882
4', 068 19] 276 21,920
3*965 19^292; 2l'933j
2,059
2,059
2,062
2,060
2,060
2,058
2,053
2,093
2?,095
New York City
1963
Aug. 7
14
21
28
1964
July
Aug
1
8
15
22
29
-,!:::::::::::
19
26
Outside
New York City
1963
Aug. 7
14
21
28
1964
July
AU8
1
8
15
22
29
-,!::::::::::
19
26
For notes see p. 1168.
SEPTEMBER 1964
1167
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
Withto
After
in
1 year 5 years 5 years
Balances
with
domestic
banks
Balances
with
foreign
banks
Currency
and
coin
Reserves
with
F. R.
Banks
All
other
assets
Total
assets—
Total
liabilities
and
capital
accounts
TotalLeading Cities
1963
Aug. 7
14
21
28
2,638
2,655
3,480
3,509
14,245
14,207
14,533
14,484
6,895
6,841
5,828
5,731
18,810
18,670
18,851
18,941
17,618
16,911
17,446
16,916
2,874
3,040
2,926
2,874
205
214
207
217
1,595
1,691
1,689
1,759
12,944
11,966
12,624
12,066
5,371
5,327
5,059
5,115
168,134
170,112
168,556
167,174
4,001
4,014
3,884
4,022
2,998
13,181
13,112
12,879
12,513
11,386
5,238
5,233
5,212
5,487
7,720
20,077
20,117
20,137
20,123
20,063
18,537
18,240
18,346
17,438
17,759
3,286
2,965
3,300
3,052
2,839
303
299
296
281
256
1,715
1,734
1,797
1,819
1,850
13,233
13,242
12,953
12,286
12,814
5,743
5,678
5,773
5,732
5,723
186,388
181,188
185,255
180,111
179,412
3,043
3,069
3,434
3,446
11,255
11,186
11,274
11,267
7,730
7,750
7,724
7,616
20,237
20,255
20,321
20,466
18,024
17,456
17,465
17,228
3,008
3,084
3,046
2,940
254
246
256
255
1,654
1,822
1,820
1,854
13,108
12,304
12,343
12.179
5,633
5,670
5,523
5,526
181,364
181,638
181,858
179,767
416
429
775
771
2,486
2,460
2,389
2,400
1,434
1,407
1,081
1,069
5,310
5,182
5,236
5,286
3,96:
3,314
3,934
3,653
239
244
240
248
3,559
2,883
3,528
3,236
2,343
2,288
2,167
2,208
41,465
41,931
41,805
41,319
2,370
870
2,365
853
2,282
843
2,211
835
1,855 1,474
5,134
5,169
5,179
5,132
5,097
4,326
4,188
4,243
3,796
4,145
83
66
96
73
60
141
140
149
124
113
265
262
253
256
264
3,837
3,720
3,745
3,343
3,708
2,410
2,397
2,506
2,475
2,424
48,241
45,419
47,298
45,552
45,289
636
661
729
718
1,864
1,870
1,970
1,970
1,443
1,421
1,427
1,390
5,203
5,190
5,201
5,232
3,98!
3,75:
4,10!
3,95:
82
142
138
106
115
110
118
120
254
265
257
264
3,534
3,236
3,592
3,465
2,328
2,372
2,295
2,29"
45,264
45,187
45,781
45,059
2,222
2,226
2,705
2,738
11,759
11,747
12,144
12,084
5,461
5,434
4,747
4,662
13,500
13,488
13,615
13,655
13,656
13,59^
13,512
13,263
2,791
2,944
2,839
2,787
124!
123
128
135
1,356
1,447
1,449
1,511
9,385
9,083
9,096
8,830
3,028
3,039
2,892
2,907
126,669
128,181
126,751
125,855
28,346
28,118
27,957
27,683
2,732
2,569
2,635
2,464
26,621
26,286
25,514
25,305
25,701
4,201
3,927
3,539
26,049
25,80"
26,205
25,961
4,021
3,800
5,420
5,368
5,387
5,291
785
744
891
789
5,474
5,285
1,380
1,215
1,055
925
1,115
854
852
822
1,063
605
1,465
1,381
1,402
1,328
1,836
1,846
1,481
1,495
1964
July
Aug. 5
12
19
26
3,283
3,597
3,773
3,63f
New York City
1963
Aug. 7..
14..
21..
28..
299
328
251
262
1964
July
1
15
22
5,oo:
5,034
5,049
5,408
5,33"
5,528
5,406
29
Aug.
19.
26.
Outside
New York City
1963
Aug. 7..
14..
21..
28..
22,926
22,750
22,570
22,392
1,94'
1,825
1,744
1,675
21,14'
21,00
20,51:
20,27
20,652
2,82
2,712
2,484
2,358
2,482
3,14'
3,162
3,062
2,959
2,393
10,811
10,747
10,597
10,302
9,531
4,368
4,380
4,369
4,652
6,246
14,943
14,948
14,958
14,991
14,966
14,21
14,052
14,10:
13,642
13,614
3,203
2,899
3,204
2,979
2,779
162
159
147
157
143
1,450
1,472
1,544
1,563
1,586
9,396
9,522
9,208
8,943
9,106
3,333
3,28'
3,26'
3,25'
3,299
138,147
135,769
137,957
134,559
134,123
20,64
20,47:
20,67'
20,55:
2,556
2,419
2,37
2,304
2,407
2,408
2,705
2,728
9,391
9,316
9,304
9,29^
6,28'
6,329
6,297
6,226
15,034
15,065
15,120
15,234
14,039
13,703
13.360
13,27
2,926
2,942
2,908
2,83.
139
136
138
135
1,400
1,557
1,563
1,590
9,574
9,068
8,75'
8,71.
3,305
3,298
3,228
3,229
136,100
136,451
136,077
134,708
1,53
1,518
1,230
1,233
1964
July
15
22
29
Aug. 5
12
19
26
,
For notes see the following page.
1168
SEPTEMBER 1964
WEEKLY REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Borrowings
Deposits
Demand
Wednesday
Total
unadjusted 4
Demand
deposits
ad- 3 Total 6
justed
IPC
Time
DomesState
tic
and
For-7 U.S. com8
local eign Govt. mer- Total
Govt.
cial
banks
Other time 9
Savings
IPC
State
For-7
and
local eign
Govt.
Other Capital
acFrom From liabiliF.R. others ties counts
Banks
TotalLeading Cities
1963
Aug. 7
14
21...
28...
144,801
146,991
145,799
144,338
61,833
61,249
60,828
61,528
89,076
91,064
89,657
88,012
64,342
66,047
64,302
64,024
4,919
4,662
4,611
4,715
1, 644
1,685
l~,716'
1,682
3!,579
3,788
4,558
3,759
11,495
11,528
11,126
10,710
161,829
157,229
160,268
155,712
154,675
62,664
61,959
63,359
63,314
63,674
98,717
93,897
96,787
91,943
90,754
67,206
65,317
69,337
66,884
66,397
5,405
4,778
4,829
4,716
4,897
1,939
1,906
2,010
2,037
1,923
7,286
6,192
3,887
3,298
3,604
12
12,288 63,481 39,118 15,658 4,484 3,704
156,645
156,978
156,995
155,064
62,952
62,613
61,332
62,393
92,827
92,957
92,832
90,735
66,198
67,213
65,611
65,413
5,215 1,988 4,160 11,684 63,818
4,897 1,905 3,831 11,585 64,021
4,596 1,876 5,453 11,585 64,163
,920 4,021 10,996 64,329
4r~
33,390
34,014
34,009
33,413
15,403
15,180
15,057
15,225
23,085
23,612
23,448
22,798
15,847
16,266
15,851
15,821
285
244
256
230
,218 1,036 2,970 10,305
,231 1,017 2,867 10,402
,265 1,181 2,877 10,561
,239 939 2,753 10,615
472 2,086
,419 ,756
,535 ,024
,531 877
,434 970
2,969
2,992
2,980
2,984
924
90
531
258
2,540
3,096
2,392
2,678
5,844
5,920
5,817
5,859
14,025
14,015
14,017
14,041
11,784 63,112 39,053 15,360 4,527 3,678
11,837 63,332 39,084 15,530 4,515 3,706
385
365
91
46
226
3,304
2,783
3,835
3,194
3,308
5,728
5,649
5,932
6,038
6,038
15,142
15,162
15,129
15,121
15,165
55,725
55,927
56,142
56,326
36,821
36,850
36,887
36,896
11,756
11,876
12,064
12,181
3,803
3,831
3,837
3,894
1964
July
1...
8...
15...
22...
29. . .
Aug. 5
12...
19...
26...
11,200 63,769 39,156 15,838 4,520 3,733
10
",441 63,921 39,168 15,943 4,535 3,750
39,242
39,302
39,369
39,421
15,818
15,935
15,940
16,026
4,492
4,483
4,533
4,557
3,740
3,775
3,801
3,800
644
92
118
75
2,854
3,224
3,321
3,125
5,994
6,102
6,190
6,245
15,227
15,242
15,234
15,258
4,336
4,344
4,355
4,345
3,349
3,415
3,564
3,609
336
336
336
357
2,107
2,129
2,128
2,127
130
3
,171
,170
,067
,089
2,852
2,821
2,771
2,803
3,922
3,923
3,911
3,910
,723
,331
,477
,248
,374
2,633
2,599
2,764
2,811
2,739
4,207
4,207
4,206
4,202
4,203
New York City
1963
Aug. 7 . . .
14...
21...
28...
47
104
1964
July
1...
8...
15...
22...
29...
39,665
37,122
38,851
37,291
36,860
15,862
15,223
15,812
15,733
15,887
27,280
24,578
26,192
24,535
24,057
16,760
15,765
17,039
16,358
16,471
402
276
359
244
248
3,253
3,080
3,432
3,174
2,850
12,385
12,544
12,659
12,756
12,803
4,460
4,461
4,459
4,463
4,469
4,638
4,768
4,868
4,951
4,967
392
403
400
395
395
2,606
2,619
2,618
2,626
2,645
13
160
Aug.
5...
12...
19...
26...
36,988
36,839
37,234
,724
15,799
15,577
15,188
15,524
24,196
24,017
24,387
23,855
16,277
16,310
16,104
16,189
256
,493 1,150 2,938
347
,416 1,041 2,848
256
,393 1,388 2,5
282 1,409
980 2,857
12,792
12,822
12,847
12,869
4,477
4,488
4,500
4,509
4,953
4,931
4,924
4,936
395
404
415
422
2,639
2,671
2,686
2,677
30
,295
,345
,578
1,359
2,712
2,750
2,732
2,738
4,239
4,245
4,235
4,233
111,411
112,977
111,790
110,925
46,430
46,069
45,771
46,303
65,991
67,452
66,209
65,214
48,495
49,781
48,451
48,203
4,634
4,418
4,355
4,485
426 2,543 8,525
454 2,771 8,661
451 3,377 8,249
443 2,820 7,957
45,420
45,525
45,581
45,711
32,485
32,506
32,532
32,551
8,407
8,461
8,500
8,572
3,467
3,495
3,501
3,537
862
863
852
857
794
87
484
154
1,369
1,926
1,325
1,589
2,992
3,099
3,046
3,056
10,103
10,092
10,106
10,131
1...
8...
15...
22...
29...
122,164
120,107
121,417
118,421
117,815
46,802
46,736
47,547
47,581
47,787
71,437
69,319
70,595
67,408
66,697
50,446
49,552
52,298
50,526
49,926
5,003
4,502
4,470
4,472
4,649
467 5,200
487 4,436
475 2,863
506 2,421
489 2,634
" "
8,531
8,757
8,856
8,026
7,591
50,727
50,788
50,822
51,013
51,118
34,593
34,623
34,659
34,693
34,699
10,722
10,762
10,790
10,887
10,976
4,135
4,112
4,084
4,125
4,140
1,072
1,087
1,086
1,107
1,105
372
205
91
46
113
1,581
1,452
2,358
1,946
1,934
3,095
3,050
3,168
3,227
3,299
10,935
10,955
10,923
10,919
10,962
Aug. 5 . . .
12...
19...
26...,
119,657
120,139
119,761
118,340
47,153
47,036
46,144
46,869
68,631
68,940
68,445
66,880
49,921
50,903
49,507
49,224
4,959
4,550
4,340
4,607,
495 3,010
489 2,790
483 4,065
511 3,041
8,746
8,737
8,597
8,139
51,026
51,199
51,316
51,460
34,765
34,814
34,869
34,912
10,865
11,004
11,016
11,090
4,097
4,079
4,118
4,135
1,101
1,104
1,115
1,123
614
84
116
70
1,559
1,879
1,743
1,766
3,282
3,352
3,458
3,507
10,988
10,997
10,999
11,025
113
Outside
New York City
1963
Aug.
7...
14...
21...
28...
1964
July
1 After deduction of valuation reserves.
2
Exclusive of loans to domestic commercial banks and after deduction
of 3valuation reserves; individual loans items are shown gross.
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
banks, international institutions, banks in foreign countries, and foreign
branches of U.S. banks other than reporting bank.
8 Includes U.S. Govt., postal savings, domestic commercial interbank
and mutual savings banks, not shown separately.
9 Includes certificates of deposit outstanding in following amounts
(in millions of dollars):
Aug. 5 Aug. 12 Aug. 19 Aug. 26
Total—Leading Cities
12,048 12,181 12,194 12,262
New York City
4,385 4,394 4,400
4,412
Outside New York City
7,663 7,787 7,794
7,850
SEPTEMBER 1964
1169
BUSINESS LOANS OF BANKS
COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS
(In millions of dollars)
Outstanding
Net change during
1964
Industry
Aug.
26
Aug.
19
Durable goods manufacturing:
669
Primary metals
671
Machinery
2,054 2,070
Transportation equipment
835
849
Other fabricated metal products. . .
962
967
Other durable goods
1,196
1,189
Nondurable goods manufacturing:
1,280
1,273
Food, liquor, and tobacco
1,635
Textiles, apparel, and leather
1,630
942
Petroleum refining
948
1,099
Chemicals and rubber
,
1,096
994
Other nondurable goods
Mining, including crude petroleum
and natural gas
2,787 2,777
Trade: Commodity dealers
936
929
Other wholesale
2,122 2,123
Retail
2,541 2,571
Transportation, communication, and
other public utilities
4,131 4,087
Construction
2,252 2,245
All other: 1
982
975
Bankers' acceptances
All other types of business, mainly
5,011 5,016
services
32,421 32,411
Total classified loans
Commercial and industrial loans—
all weekly reporting banks
1964
Aug.
12
Aug
July
29
Aug.
July
1964
June
683
2,054
836
972
1,181
674
2,068
805
962
1,174
673
2,058
781
958
1,152
-4
-4
54
4
44
-67
-137
-119
-40
-10
47
30
-8
44
23
70
-58
7
119
80
53
83
12
72
40
1,236
1,624
943
1,093
980
1,225
1,606
942
1,102
975
1,217
1,587
940
1,111
966
63
48
2
-12
-79
22
-113
-44
11
13
29
-2
14
37
-163
23
-42
50
98
-459
211
-92
108
2,784
930
2,122
2,568
2,777
928
2,128
2,591
2,776
936
2,112
2,526
82
52
5
-35
-2
-39
31
-41
15
-284
59
66
-213
-254
4,090
4,087
2,184
4,079
2,163
52
43
18
69
966
974
114
23
2,232
982
5,052 5,062
5,022 32,246 32,071
-51
350
i Beginning December 31, 1963, bankers' acceptances for the creation
of dollar exchange are excluded from commercial and industrial loans
and those relating to commercial transactions are shown in a separate
category. Current figures are therefore not strictly comparable with
figures previously reported, but differences are relatively small.
404
r
1964
1963
IV
1st
half
2nd
half
-5
-51
-90
123
25
19
191
120
9
186
-95
-59
-67
496
-238
72
-20
-96
-622
234
-134
158
106
644
-167
99
-60
-36
413
4
177
-19
-17
348
125
220
-198
-538
40
49
443
583
95
154
-73
226
-423
39
546
-27
-496
265
529
40
-49
-29
-47
104
268
170
-240
96
310
-728
2,446
-460
2,873
-250
428
576
-621
2,849
-45
3,234
32,332
38,902 38,915 38,874 38,700 r38,498
1963
-76
573
570
NOTE.—About 200 of the weekly reporting member banks are included
in this series; these banks classify, by industry, commercial and industrial
loans amounting to about 85 per cent of such loans held by all weekly
reporting member banks, and about 60 per cent of those held by all
commercial banks.
BANK RATES ON SHORT-TERM BUSINESS LOANS
(Per cent per annum)
Area
and
period
All
loans
Size of loan
(thousands of dollars)
110
10100
100200
200
and over
Year:
19 large cities:
1955
1956
1957
1958
1959
3.7
4.2
4.6
4.3
5.0
5.0
5.2
5.5
5.5
5.8
4.4
4.8
5.1
5.0
5.5
4.0
4.4
4.8
4.6
5.2
3.5
4.0
4.5
4.1
4.9
1960
1961
1962
1963
5.2
5.0
5.0
5.0
6.0
5.9
5.9
5.9
5.7
5.5
5.5
5.5
5.4
5.2
5.2
5.2
5.0
4.8
4.8
4.8
5.01
5.01
5.00
4.99
4.99
5.86
5.86
5.86
5.83
5.84
5.54
5.54
5.54
5.54
5.53
5.24
5.21
5.23
5.22
5.24
4.84
4.85
4.82
4.82
4.81
Quarter: *
19 large cities:
1963—June
Sept
Dec
1964—Mar
June
i Based on new loans and renewals for first 15 days of month.
NOTE.—Weighted averages. For description see Mar. 1949 BULL., pp.
228-37. Bank prime rate was 3 per cent Jan. 1,1955-Aug. 3,1955. Changes
Area
and
period
All
loans
Size of loan
(thousands of dollars)
110
10100
100200
200
and over
4.78
4.81
4.76
4.77
4.74
5.61
5.64
5.63
5.66
5.64
5.37
5.36
5.36
5.39
5.36
5.05
5.04
5.04
5.06
5.05
4.68
4.71
4.65
4.66
4.63
7 other northern and
eastern cities:
1963—June
Sept
Dec.
1964—Mar
June
5.01
5.01
5.04
5.02
5.03
5.84
5.85
5.85
5.81
5.83
5.54
5.56
5.55
5.54
5.55
5.27
5.19
5.27
5.24
5.27
4.87
4.88
4.90
4.88
4.89
11 southern and
western cities:
1963—June
Sept
Dec
1964—Mar
June
5.32
5.30
5.29
5.29
5.29
5.97
5.96
5.97
5.91
5.93
5.63
5.64
5.65
5.62
5.61
5.34
5.33
5.31
5.31
5.34
5.12
5.09
5.07
5.08
5.07
Quarter—cont.: 1
New York City:
1963—June
Sept
Dec
1964—Mar
June
thereafter occurred on the following dates (new levels shown, in per
cent): 1955—Aug. 4, 3 ^ ; Oct. 14, 3 % ; 1956—Apr. 13, 3%; Aug. 21, 4;
1957—Aug. 6,4%; 1958—Jan. 22,4; Apr. 21, 3&; Sept. 11,4; 1959—Mav
18, 4Vi; Sept. 1, 5; and 1960—Aug. 23, 4Vi.
1170
INTEREST RATES
SEPTEMBER 1964
MONEY MARKET RATES
(Per cent per annum)
Period
1961
1962
1963
Prime
coml.
paper,
4- to 6-1
months
U. S. Government securities (taxable)3
Finance
CO.
paper
placed
directly,
3- to 6months 2
Prime
bankers'
acceptances,
90 days 1
3-month bills
6-month bills
9- to 12-month issues
Rate
on new
issue
Bank
discount
rate 4
Rate
on new
issue
Bank
discount
rate 4
Bills
(bank
discount
rate) 4
Other 5
3- to 5year
issues 6
2.97
3.26
3.55
2.68
3.07
3.40
2.81
3.01
3.36
2.378
2.778
3.157
2 36
2.77
3.16
2 605
2.908
3.253
2 59
2.90
3.25
2 81
3.01
3.30
2 91
3.02
3.28
3.60
3.57
3.72
3.72
3.88
3.88
3.88
3.96
3.57
3.63
3.72
3.75
3.84
3.59
3.63
3.63
3.71
3.63
3.320
3.379
3.453
3.522
3.523
3.32
3.38
3.45
3.52
3.52
3.437
3.494
3.573
3.648
3.667
3.44
3.50
3.58
3.65
3.66
3.50
3.57
3.61
3.67
3.69
3.41
3.54
3.59
3.70
3.77
3.81
3.88
3.91
3.97
4.04
Apr
May
June
July
Aug
3.97
3.88
4.00
3.91
3.89
4.00
3.96
3.88
3.82
3.76
3.83
3.80
3.76
3.88
3.81
3.76
3.70
3.75
3.75
3.80
3.75
3.75
3.75
3.75
3.529
3.532
3.553
3.484
3.482
3.478
3.479
3,506
3.52
3.53
3.54
3.47
3.48
3.48
3 46
3.50
3.652
3.664
3.740
3.676
3.612
3.572
3 566
3,618
3.64
3.67
3.72
3.66
3.60
3.56
3 56
3.61
3.68
3.71
3.78
3.75
3.71
3.70
3 64
3.67
3.66
3.63
3.67
3.63
3.67
3.83
3 68
3.73
4.06
4.02
4.15
4.18
4.07
4.03
3.99
3.99
Week ending—
1964—Aug 1
8
15
22. .
29
3.88
3.88
3.88
3 88
3.88
3.75
3.75
3.75
3 78
3.78
3.75
3.75
3.75
3 75
3.75
3.475
3.488
3.510
3 511
3.513
3.46
3.48
3.51
3 50
3.50
3.591
3.588
3.611
3 634
3.639
3.57
3.58
3.62
3 63
3.62
3.61
3.65
3.66
3 67
3.67
3.67
3.68
3.71
3 76
3.78
3.99
3.98
3.99
3 99
4.00
1963
Aug
Sent
Oct
Nov
Dec
1964—Jan
Feb
Mar
1
Averages of daily offering rates of dealers.
2 Averages of daily rates, published by finance cos., for varying maturities in the 90-179 day range.
3 Except for new bill issues, yields are averages computed from daily
closing bid prices.
4
5
6
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
United
States
(longterm)
Corporate bonds
State
and loca
By selected
rating
Railroad
Public
utility
Preferred
Common
Common
5.08
5.02
4.86
4 54
4.47
4 42
4 82
4.86
4 65
4 57
4.51
4 41
4 66
4.50
4 30
2 98
3.37
3 17
4 98
6.20
5 75
4.29
4.31
4.32
4 33
4.35
4.83
4.84
4.83
4.84
4.85
4.45
4.46
4.47
4 47
4.48
4.63
4.65
4.66
4 68
4.68
4.42
4.44
4.44
4 45
4.49
4.30
4.30
4.26
4 28
4.32
3.13
3.06
3.05
3 14
3.13
4.57
4.55
4 56
4.58
4.59
4 59
4.58
4.57
4.37
4.36
4 38
4.40
4.41
4 41
4.40
4.41
4.83
4.83
4 83
4.85
4.85
4.85
4.83
4.82
4 50
4.48
4 49
4 53
4.54
4 54
4.52
4.52
4 68
4.67
4 67
4 69
4.69
4 70
4.68
4.65
4 51
4.51
4 51
4 53
4.53
4 55
4.54
4.54
4 32
4.31
4 34
4 37
4.41
4 41
4.37
4.29
3 06
3.05
3 03
3 00
3.01
3 05
2.96
3.03
3.53
3.53
3.53
3 54
3.54
4.57
4.57
4.57
4 57
4.57
4.40
4.41
4.42
4 41
4.41
4.82
4.81
4.81
4 81
4.82
4.52
4.52
4.52
4 52
4.52
4.66
4.65
4 65
4 65
4.66
4.54
4.54
4.54
4 54
4.54
4.36
4.31
4 29
4 28
4.26
2.96
3.02
3 02
3 (P
3.06
5
120
30
30
40
40
40
14
3.27
3.03
3.06
4.01
3.67
3.58
3 99
4.04
4.07
4.10
4.14
3.60
3.30
3.28
3.28
3.31
3.33
3.36
3.33
3.09
3.13
3.15
3.17
3.12
1964—Jan
Feb . .
Mar
Apr
May. .
June
July
Aug...
4.15
4.14
4 18
4.20
4.16
4 13
4.t3
4.14
3.29
3.27
3.33
3.30
3.29
3.29
3.26
3.27
Week ending—
1964—Aug. 1
8
15
22
29
4.14
4.14
4.14
4 14
4.14
Number of issues
6-12
1963
Aug
Sept
Oct
Nov
Dec
Aaa
Baa
4.66
4.61
4.50
4.35
4.33
4.26
3.58
3.58
3.59
3.62
3.61
4.50
4.52
4.52
4 54
4.55
3.09
3.08
3.14
3.12
3.09
3.10
3.08
3.08
3.56
3.54
3.57
3.52
3.54
3.54
3.54
3.54
3.26
3.26
3.27
3 27
3.27
3.09
3.08
3.08
3 08
3.08
20
5
1
Includes bonds rated Aa and A, data for which are not shown sep arately. Because of a limited number of suitable issues, the numbe r
of corporate bonds in some groups has varied somewhat.
NOTE.—Annual yields are averages of monthly or quarterly data.
Monthly and weekly yields are computed as follows: U.S. Govt. bonds:
Averages of daily figures for bonds maturing or callable in 10 years or
more.
State and local govt. bonds: General obligations only, based on Thurs.
Earnings/
price ratio
Industrial
Baa
3.90
3.95
4.00
Dividend/
price ratio
By
group
Total i
Total i
Aaa
1961
1962
1963
Stocks
500
5.72
5.49
5 50
5 55
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.
SEPTEMBER 1964
MORTGAGES: NEW HOMES
FHAinsured
Period
1961
1962
1963
1963
15.69
5.60
SECURITY PRICES
Conventional first mortgages
est
rate
(per
cent)
Fees,
etc.
(per
cent)
Ma-
turity
(yrs.)
Loan/
price
ratio
(per
cent)
Period
5.46
.64
24.0
73.3
16.3
1963—July..
Aug. .
Sept..
Oct...
Nov..
Dec.
5.45
5.45
5.45
5.45
5.45
5.45
5.82
5.82
5.81
5.82
5.82
5.80
.61
.64
.61
.61
.65
.62
24.1
24.5
24.2
24.6
24.2
24.5
73.3
74.2
73.5
73.4
73.5
73.9
16.6
16.8
16.4
16.4
16.4
16.7
1964—Jan...
Feb...
Mar..
Apr. .
May..
June..
July. .
Aug. .
5.45
5.45
5.45
5.45
5.45
5.45
5.46
5.46
5.83
5.81
5.79
5.79
5.77
5.76
5.76
.64
.58
.55
.55
.52
.59
.52
24.7
24.7
24.5
24.8
24.7
25.4
24.5
74.7
74.8
74.6
73.9
73.7
74.3
73.9
16.7
17.2
17.2
17.2
17.0
17.3
17.4
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\h 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.
Volume
of
trading
(thou.
shares)
U.S.
Govt.
(longterm)
State
and
local
Corporate
AAA
Total
Industrial
Railroad
Public
utility
1961
1962
1963
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—Aug..
Sept..
Oct.. .
Nov..
Dec. .
86.45
85.77
85.50
85.03
84.64
111.4
110.7
109.9
108.5
109.5
96.5
95.9
95.9
95.9
95.4
70.98
72.85
73.03
72.62
74.17
74.43
76.63
77.09
76.69
78.38
39.22
39.00
38.31
38.60
39.92
66.57
67.09
65.55
64.81
65.64
4,154
5,331
5,316
5,294
4,701
1964—Jan...
Feb...
Mar..
Apr. .
May..
June..
July. .
Aug. .
84.42
84.60
84.10
83.84
84.38
84.70
84.70
84.59
111.2 95.3
112.3 95.7
109.9 95.2
110.3 r 94.7
111.6 94.7
111.8 '94.9
112.1 '95.2
111.8 95.3
76.45
77.39
78.80
79.94
80.72
80.24
83.22
82.00
80.85
81.96
83.64
84.92
85.79
85.13
88.19
86.70
41.00
41.54
42.88
43.27
44.86
46.29
48.93
47.17
67.26
67.20
66.78
67.30
67.29
67.46
70.35
71.17
5,302
4,639
5,428
5,616
4,959
4,372
4,663
3,919
Week
ending—
Aug. 1
8
15
22
29."'.'.'.'.
84.60
84.65
84.60
84.60
84.55
112.4
111.8
111.8
83.02
82.05
82.09
82.22
81.67
87.84
86.75
86.80
86.95
86.32
48.83
47.88
47.64
47.18
46.27
71.21
70.97
71.03
71.25
71.39
4,151
4,375
3,864
3,920
3,637
Avg.
loan
(thou.
dollars)
(5.98)
(5.93)
(5.81)
5.84
1
Common stock prices
(1941-43= 10)
Bond prices
Inter-
Yield
(per
cent)
1171
SECURITY MARKETS
11118
95.4
95.3
95.2
95.4
95.3
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 5Vi-hour trading day.
STOCK MARKET CREDIT
(In millions of dollars)
Customer credit
Months
Total
securities
other than
U.S. Govt.
Net debit balances with
N.Y. Stock Exchange
firms secured by—
U.S.
Govt.
securities
Other
securities
Broker and dealer credit
Bank loans to other than
brokers and dealers for purchasing and carrying—
U.S.
Govt.
securities
Other
securities
Money borrowed on—
U.S.
Govt.
securities
Customers
free
Other securities
Total
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—Aug
Sept
Oct
Nov
Dec
6,660
6,971
7,180
7,298
7,242
23
41
29
34
26
5,034
5,316
5,495
5,586
5,515
87
86
83
90
140
1,626
1,655
1,685
1,712
1,727
23
69
33
28
32
3,933
4,100
4,218
4,457
4,449
3,467
3,592
3,713
3,892
3,852
466
508
505
565
597
1,093
1,180
1,176
1,211
1,210
1964—Jan
Feb
Mar
Apr
May....
June
July
Aug
7,250
7,120
7,141
7,314
7,277
7,229
7,160
7,096
22
21
21
21
19
18
25
21
5,524
5,384
5,366
5,510
5,439
5,370
5,289
5,187
108
97
97
101
96
94
70
69
1,726
1,736
1,775
1,804
1,838
1,859
1,871
1,909
41
33
18
17
113
4,210
4,158
4,138
4,411
4,362
«4,275
4,129
4,090
3,795
3,738
3,646
3,916
3,868
3,766
3,672
3,618
415
420
492
495
494
,262
,199
,231
,165
,138
,146
,114
,077
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
"156
266
191
c
509
457
472
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.
1172
OPEN MARKET PAPER; SAVINGS INSTITUTIONS
SEPTEMBER 1964
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
(In millions of dollars)
Dollar acceptances
Commercial and finance
company paper
Held b y End of period
Accepting banks
Placed
through
dealers *
Placed
directly i
Total
2,672
3 2,751
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
1963—July
Aug
Sept
Oct
Nov
Dec
7,522
7,808
7,161
7,869
8,170
6,747
2,059
2,062
2,098
2,230
2,172
1,928
5,463
5,746
5,063
5,639
5,998
4,819
2,712
2,644
2,709
2,733
2,744
2,890
1964—Jan
Feb
Mar
Apr
May
June
July
7,765
8,119
7,737
7,920
8,326
8,036
8,879
2,042
2,079
2,038
2,039
1,973
1,948
2,006
5,723
6,040
5,699
5,881
6,353
6,088
6,873
2,938
3,056
3,102
3,102
3,049
3,149
3,137
Total
1957
1958.
1959
I960
1961..
1962
Based on—
F.R.
Banks
Own
acct.
Foreign
corr.
94
64
36
173
376
288
66
49
75
74
51
110
76
68
82
230
126
86
1,202
990
1,174
938
1,107
946
1,093
911
1,190
976
1,291 1,031
213
236
181
181
214
260
39
38
34
58
42
162
1,393
1,466
1,395
1,355
1,418
1,370
1,455
368
371
353
295
313
257
334
68
64
125
93
47
83
56
Total
Own Bills
bills bought
1,025
1,095
1,042
1,060
1,105
1,113
1,121
1
As reported by dealers; includes finance co. paper as well as other
commercial paper sold in the open market.
2 As reported by finance cos. that place their paper directly with
investors.
Goods stored in or
Imshipped between
Exports
ports Dollar
points in—
into
exfrom
Others
United United change
States States
United Foreign
States countries
1,060
1,234
1,301
278
254
357
403
485
541
456
349
309
669
969
778
46
83
74
122
117
186
296
244
162
308
293
171
232
263
249
524
819
974
85
89
104
105
102
92
1,386
1,343
1,463
1,477
1,410
1,345
555
556
564
563
571
567
791
111
775
807
842
908
128
105
97
89
54
56
64
53
47
46
46
41
1,174
1,159
1,226
1,229
1,230
1,317
91
95
110
117
146
146
137
1,386
1,431
1,473
1,536
1,438
1,550
1,489
557
596
590
587
576
567
576
962
983
990
963
941
929
949
70
94
87
105
73
82
74
39
31
35
36
34
27
24
1,310
1,351
1,401
1,411
1,426
1,545
1,513
878
775
fi7«>
3 Beginning with Nov. 1958, series includes all paper with maturity
of 270 days or more. Figures on old basis for Dec. were (in millions):
total $2,739; placed directly $1,899.
MUTUAL SAVINGS BANKS
(Amounts in millions of dollars)
Loans
Securities
End of period
Mortgage
Other
U.S.
Govt.
State
and
local
govt.
4 787
4,202
89
62
3 592
10,650
1956
1957
1958
1959 •
I960
19,559
20,971
23,038
24,769
26,702
248
253
320
358
416
7,982
7,583
7,270
6,871
6,243
675
685
729
721
672
1961
1962
28,902
32,056
475
602
6,160
6,107
1963—June
July
Aug
Sept
Oct
Nov
Dec
34,075
34,389
34,690
34,964
35,333
35,654
36,007
588
583
662
667
637
659
607
1964—Jan
Feb
Mar . .
Apr
May
June
36,352
36,635
36,933
37,267
37,601
37,971
667
703
704
646
714
676
1941...
1945
...
Corporate
and
other !
Other
assets
Deposits 2
Other
liabilities
Surplus
accounts
Mortgage loan
commitments 3
Number Amount
829
606
689
185
11 772
16,962
10 503
15,332
38
48
1 231
1,582
3,549
4,344
4,971
4,845
5,076
920
889
921
829
874
448
490
535
552
589
33,381
35,215
37,784
38,945
40,571
30,026
31 683
34,031
34 977
36,343
369
427
526
606
678
2,986
3,105
3,227
3,362
3,550
89,912
65,248
58,350
i,664
1,170
1,200
677
527
5,040
5,177
937
956
640
695
42,829
46,121
38 277
41,336
781
3,771 61,855
3,957 114,985
1,654
2,548
6,189
6,170
6,137
6,076
5,899
5,885
5,863
458
455
455
453
451
448
440
5,090
5,107
5,132
5,171
5,149
5,073
5,074
890
828
809
848
819
811
912
737
750
741
775
765
781
799
48,028
48,282
48,626
48,955
49,052
49,312
49,702
42,972
43,109
43,282
43,712
43,910
44,028
44,606
1,023
,138
1,248
1,124
,049
,141
943
4,033
4,035
4,096
4,118
4,093
4,143
4,153
110,518
108,914
107,108
109,205
106,337
109,881
104,326
2,447
2,419
2,366
2,403
2,379
2,378
2,549
5,951
6,033
6,117
6,064
6,052
6,024
440
427
424
423
419
409
5,097
5,135
5,151
5,138
5 150
5,145
849
880
887
819
847
906
823
800
825
820
827
871
50,179
50,614
51,042
51,178
51 610
52,001
45,006
45 266
45,761
45,851
46 124
46,624
1,023
1,143
,036
,118
225
,102
4,150
4 206
4,244
4,209
4 261
4,275
102,694
113,062
120,396
123,979
124 416
132,625
2,228
2 391
2,504
2,586
2 661
2,690
1,'
1,257
1 Includes securities of foreign governments and international organizations and U.S. Govt. agencies not guaranteed, as well as corporate
securities.
2 See note 3, p. 1159.
3 Commitments outstanding of banks in N.Y. State as reported to the
Savings Banks Assn. of the State of N.Y.
* Data reflect consolidation of a large mutual savings bank with a
commercial bank.
Cash
assets
Total
assets—
Total
liabilities
and
surplus
accts.
R98
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.
SEPTEMBER 1964
SAVINGS INSTITUTIONS
1173
LIFE INSURANCE COMPANIES
(In millions of dollars)
Government securities
End of period
Total
assets
MortTotal
Statement value:
1941
1945
Business securities
United State and Foreign
States
local
Total
Bonds
Real
estate
Policy
loans
Other
assets
Stocks
32,731
44,797
9,478
22,545
6,796
20,583
1,995
722
687
1,240
10,174
11,059
9,573
10,060
601
999
6,442
6,636
1,878
857
2,919
1,962
1,840
1,738
1956
1957
1958
1959
1960
96,011
101,309
107,580
113,650
119,576
11,067
10,690
11,234
11,581
11,679
7,555
7,029
7,183
6,868
6,427
2,273
2,376
2,681
3,200
3,588
1,239
1,285
1,370
1,513
1,664
41,543
44,057
47,108
49,666
51,857
38,040
40,666
42,999
45,105
46,876
3,503
3,391
4,109
4,561
4,981
32,989
35,236
37,062
39,197
41,771
2,817
3,119
3,364
3,651
3,765
3,519
3,869
4,188
4,618
5,231
4,076
4,338
4,624
4,937
5,273
1961
1962
126,816
133,291
11,896
12,448
6,134
6,170
3,888
4,026
1,874
2,252
55,294
57,576
49,036
51,274
6,258
6,302
44,203
46,902
4,007
4,107
5,733
6,234
5,683
6,024
126,816
133,291
11,915
12,469
6,135
6,171
3,902
4,037
1,878
2,261
53,967
56,565
49,149
51,389
4,818
5,176
44,250
46,957
4,011
4,114
5,735
6,235
6,938
6,951
1963—June r. . .
July
Aug
Sept
Oct
Nov
Dec
136,864
137,670
138,361
138,764
139,610
140,207
140,903
12,448
12,456
12,452
12,429
12,425
12,371
12,330
5,746
5,843
5,810
5,824
5,829
5,787
5,755
3,952
3,954
3,935
3,892
3,893
3,889
3,876
2,750
2,659
2,707
2,713
2,703
2,695
2,699
58,168
58,578
58,764
58,919
59,214
59,574
59,452
52,744
53,129
53,268
53,357
53,654
53,989
53,769
5,424
5,449
5,496
5,562
5,560
5,585
5,683
48,367
48,665
48,964
49,233
49,536
49,813
50,543
4,232
4,260
4,313
4,339
4,357
4,369
4,348
6,474
6,511
6,548
6,585
6,620
6,651
6,690
7,175
7,200
7,320
7,259
7,458
7,429
7,540
1964—Jan
Feb
Mar
Apr
May....
June....
141,866
142,531
143,067
143,676
144,312
144,964
12,365
12,506
12,421
12,389
12,436
12,346
5,782
5,805
5,731
5,689
5,731
5,633
3,859
3,857
3,849
3,853
3,827
3,822
2,724
2,844
2,841
2,847
2,878
2,891
60,006
60,050
60,189
60,426
60,613
60,793
54,269
54,281
54,335
54,525
54,674
54,772
5,737
5,769
5,854
5,901
5,939
6,021
50,828
51,126
51,441
51,806
52,117
52,466
4,368
4,377
4,391
4,402
4,416
4,437
6,729
6,772
6,819
6,872
6,909
6,955
570
702
806
781
821
7,967
Book value:
1961—Dec
1962—Dec
i Issues of foreign governments and their subdivisions and bonds of
the International Bank for Reconstruction and Development.
NOTE.—Institute of Life Insurance data; figures are estimates for all
life insurance cos. in the United States.
Year-end figures: Annual statement asset values, with bonds carried
on an amortized basis and stocks at year-end market value. Month-end
figures: Book value of ledger assets. Adjustments for interest due and
accrued and for differences between market and book values are not made
on each item, separately, but are included in total, in "other assets."
SAVINGS AND LOAN ASSOCIATIONS
(In millions of dollars)
Liabilities
Assets
End of
period
Total
assets2—
Total
liabilities
Savings
capital
Mortgages
U.S.
Govt.
securities
1941
1945
4,578
5,376
107
2,420
344
450
775
356
6,049
8,747
4,682
7,365
475
644
256
336
1956
1957
1958
1959
1960
35,729
40,007
45,627
53,141
60,070
2,782
3,173
3,819
4,477
4,595
2,119
2,146
2,585
2,183
2,680
2,199
2,770
3,108
3,729
4,131
42,875
48,138
55,139
63,530
71,476
37,148
41,912
47,976
54,583
62,142
2,950
3,363
3,845
4,393
4,983
1,347
1 379
1,444
2,387
2,197
1961
1962
68,834
78,770
3,315
3,926
4,775
5,346
82,135
93,605
70,885
80,236
5,708
6,520
1963-—June
July
Aug
Sept
Oct
Nov
Dec
84,525
85,628
86,836
87,933
89,051
89,857
90,849
3,850
3,401
3,353
3,383
3,450
3,482
3,964
5,858
5,708
5,859
5,897
5,979
6,154
6,178
100,434
101,008
102,281
103,558
104,899
106,041
107,431
86,349
86,313
86,956
87,872
88,667
89,471
91,205
1964—Tan
91,453
92,163
93,069
93,978
94,971
96,067
5,211
5,563
6,201
6,271
6,233
6,345
6,419
6,548
6,440
6,598
6,662
6,733
6,717
6,712
6,685
3,568
3,601
3,613
3,467
3,504
3,795
5,989
6,098
6,233
6,353
6,738
6,728
107,608
108,524
109.648
110,515
111,925
113,275
91,669
92,423
93,525
93,846
94,828
96,592
Feb
Mar
Apr......
May
June
Cash
Other i
1
Includes other loans, stock in the Federal home loan banks, other
investments, real estate owned and sold on contract, and office buildings
and2 fixtures.
Before 1958 mortgages are net of mortgage-pledged shares. Asset
items will not add to total assets, which include gross mortgages with no
deductions for mortgage-pledged shares. Beginning with Jan. 1958, no
deduction is made for mortgage-pledged shares. These have declined
consistently in recent years and amounted to $42 million at the end of
1957.
3 Consists of advances from FHLB and other borrowing.
Reserves
and
undivided
profits4
Borrowed
money 3
Loans in
process
Other
Mortgage
loan
commitments
636
402
1,161
1,293
1,186
1, 430
1. 484
713
874
968
843
862
1,475
1,285
1,359
2,856
3,629
[,550
QQQ
1,136
1,221
1,908
2,230
6,800
6,810
6,826
6,830
6,838
6 855
7,208
3,434
3,688
3,912
4,208
4,405
4 464
5,011
2,461
2,485
2,493
2,536
2,576
2 502
2,520
1,390
1,712
2,094
2,112
2,413
2,749
1,487
3,092
3,097
3,110
3,067
3,025
2,929
2,613
7,235
7,250
7,219
7,230
7,243
7.511
4,590
4,377
4,323
4,601
4,544
4,980
2,364
2,336
2,430
2,464
2,503
2,538
1,750
2,138
2,151
2,374
2,807
1,654
2,664
2,818
2,964
3,110
3,148
3,107
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.
1174
FEDERAL FINANCE
SEPTEMBER 1964
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
Derivation of U. S. Government cash transactions
Net cash borrowing
or repayment
Payments to the public,
other than debt
Receipts from the public,
other than debt
Period
Budget
net
Plus:
Trust
funds
Less:
Intragovt. l
Equals:
Total
rects.2
Budget
Less:
Adjustments 4
Plus:
Trust
funds 3
Equals:
Total
payts.
Net
rects.
or
payts.
Change
Less:
in
Invest.
debt
by
(direct
agen. &
& agen.) trusts
Less:
Noncash
debt
Equals:
Net
Cal. year—1961
1962
1963
78,157
84,709
87,516
24,099
25,471
29,255
4,418
3,928
4,144
91,11A
106,206
112,575
84,463
91,907
94,188
25,144
25,386
28,348
5,017
5,419
5,382
104,590
111,874
117,153
-6,816
-5.668
-4,579
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
3,776
4,281
4,192
97,242
101,865
109,739
115,440
81,515
87,787
92,642
97,671
22,793
25,141
26,545
28,870
4,766
5,266
5,436
6,422
99,542
107,662
113,751
120,119
-2,300
-5,797
-4,012
-4,680
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 P. . .
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
55,650
61,503
58,616
-9,090
5,078
-9,657
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—July
Aug
Sept
Oct
Nov
Dec
3,547
7,290
10,095
3,400
7,131
8,803
1,419
3,887
1,830
1,289
2,749
2,230
271
213
269
259
259
521
4,693
10,960
11,652
4,423
9,617
10,503
7.863
8,305
7,815
8,776
7,784
8,289
2,651
2,438
2,515
2,592
1,955
2,661
385
-544
781
629
-73
881
10,128
11,287
9,549
10,740
9,812
10,069
-5,436
-328
2,102
-6,318
-194
433
-854
2,028
366
103
1,593
1,899
-1,253
1,784
-575
-1,101
481
260
128
116
101
78
163
128
271
128
839
1,126
949
1,511
1964—Jan
Feb
Mar
Apr
May
June p
July
5,853
8,047
10,148
6,609
6,136
12,310
3,487
1,088
3,705
2,330
1,942
4,744
3,119
1,532
303
222
304
212
222
1,138
270
6,628
11,525
12,168
8,334
10,652
14,286
4,745
8,492
7,521
7,871
7,930
7,511
9,513
7,410
2,257
2.063
2,227
2,935
2,067
2,509
2,713
902
191
707
703
45
1,733
-95
9,848
9,393
9,390
10,163
9,533
10,290
10,217
-3,219
2,132
2,778
-1,829
1,119
3,996
-5,472
-1,059
1,550
-744
-1,880
4,049
683
-594
-1,328
830
167
-1,491
3,230
1,751
-1,205
86
133
35
22
61
48
38
183
586
-946
-411
758
-1,116
572
Effects of operations on Treasurer's account
Net operating transactions
Net financing transactions
Change in
cash balances
Treasurer's account
(end of period)
Operating bal.
Agencies & trusts
Budget
surplus
or
deficit
Trust
funds 3
Clearing
accounts
Market
issuance
of
sec. 3
Invest,
in U. S.
Govt.
sec. 3
Change
in
gross
direct
public
debt
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
-538
1,780
1,022
1,880
-856
-492
-2,069
-2,756
Half year:
1962—July-Dec
1963—Jan.-June
July-Dec
1964—Jan.-JuneP
-8,160
1,894
-8,567
264
-1,172
2,315
-1,408
2,870
-599
720
-365
1,496
874
148
1,648
232
Month:
1963—July
Aug
Sept
Oct
Nov
Dec
-4,316
-1,015
2,279
-5,377
-652
514
-1,232
1,449
-685
-1,304
795
-431
r_!4
-874
411
291
-495
232
-2,639
526
2,277
-1,322
-1,375
2,797
-3,923
-1,169
1,642
103
-993
2,677
610
-1,181
512
-163
368
468
-237
547
-403
Period
1964—Jan
Feb
Mar
Apr
May
June p
July
Held
outside
Treasury
Treasurer's
account
Balance
2,640
9,230
7,659
5,853
-222
118
-74
348
-1,311
3,736
1,686
-1,080
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
870
-2,939
403
-3,159
5,269
2,390
3,487
2,366
4
-78
-60
408
-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
171
328
265
296
-179
767
1,253
-1,784
575
1,101
-481
-260
-1,025
1,700
100
-193
1,773
1,132
'-45
-43
9
87
-151
-5,118
-152
2,938
-5,273
760
2,105
6,998
6,846
9,783
4,510
5,270
7,375
629
705
948
881
890
880
5,564
5,389
7,958
2,839
3,521
5,621
805
752
877
790
859
874
-289
-230
24
109
117
502
-64
1,328
-830
-167
1,491
-3,230
-1,751
1,205
-770
1,780
-767
-1,989
3,931
181
-530
84
194
-23
335
-333
150
-10
-3,111
2,531
1,861
-2,571
2,215
2,735
-4,886
4,264
6,795
8,656
6,085
8,300
11,036
6,150
791
1,024
831
925
890
939
785
2,451
4,783
6,940
3,974
6,557
9,180
4,505
1,022
988
885
1,186
853
917
860
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.
F. R.
banks
Tax
and
loan
accts.
Other
net
assets
4
Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing
accounts.
5
Includes technical adjustments not allocated by functions.
NOTE.—Based on Treasury Dept. and Bureau of the Budget data.
SEPTEMBER 1964
1175
FEDERAL FINANCE
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions of dollars)
Cash receipts from the public
Income taxes
Period
Excise taxes
Customs
[nt.
and
repayments
Refunds
Other
916
035
187
415
1,008
1,171
1,241
1,284
,105
1 ,358
1 ,903
1 ,764
5,976
6,266
6,571
7,146
1,817
1,830
2,516
2,404
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
Estate
Individual
Total
Social ins. taxes
Liquor
and to- Highway
bacco
ynrl
gift
Total
OASI
and
R.R.
Unempl.
12,981
13,197
15,127
17,404
2,905
3,342
4,114
4,036
1
2
2
2
7,937 6,111
11,798 9,016
9,209 7,373
12,728 10,031
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 16,390
3,080 17,040
3,405 19,735
3,646 21,937
Half year:
1962—July-Dec.
1963—Jan.-June.
July-Dec..
1964—Jan.-JuneP
49,011 18,958 3,319 8,810
60,728 19,761 10,950 13,526
51,848 20,120 3,465 9,242
63,592 19,099 11,844 15,059
6,808
6,602
7,043
6,910
2,845
2,676
2,940
2,690
1,756
1,649
1,898
1,748
Month:
1963—July
Aug
Sept
Oct
Nov
Dec
4,693
10,960
11,652
4,423
9,617
10,503
1,295
5,607
3,210
1,404
5,429
3,176
381
179
2,140
247
113
406
574
386
3,603
557
396
3,726
,179
,207
,165
,156
,065
,271
453
495
466
561
466
499
297
345
300
285
371
300
775
3,199
1,197
652
2,145
1,240
540
2,424
1,097
490
1.699
1,147
189
730
66
140
413
52
221
175
148
158
139
150
117
108
104
123
106
103
186
103
140
104
142
272
245
229
202
207
59
103
210
225
147
203
141
262
6,628
11,525
12,168
8,334
10,652
14,286
4,745
1,432
6,105
3,222
889
4,837
2,614
1,172
2,441
870
770
5,006
561
2,196
377
583
451
6,654
684
491
6,196
646
,087
,112
,121
,103
,195
,293
,234
385
382
434
465
466
560
n.a.
283
320
264
254
305
320
328
542
3,382
1,678
1,394
4,163
1,566
905
? 94
2,393
1,527
1,116
3,242
1,457
195
954
109
239
884
65
233
180
184
196
422
234
206
219
101
87
108
109
100
117
120
148
102
177
123
126
144
143
126
944
1,960
1,575
1,196
302
219
246
176
202
179
141
256
148
Fiscal year—1961..
1962..
1963..
1964^.
Withheld
Other
97,2
242 32 ,978
101,865 36,246
109,739 38,719
115,440 39,219
13,175
14,403
14,269
15,309
1964—Jan
Feb
Mar
Apr
May
Junep....
July
623
Cash payments to the public
Period
de-
fense
Fiscal year—1961
1962
1963
1964?....
Intl.
affairs
Space
research
Agriculture
Natural
resources
Commerce
and
transp.
Na-
tional
Total 5
Hous- Health,
ing
&
& com. labor
devel. welfare
Educa-
22,364
23,975
25,698
27,269
Veterans
Interest
General
Govt.
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
99,542
107,662
113,751
120,119
47,685
51,462
53,429
54,480
2,153
2,492
2,265
1,964
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
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
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
3,099
2,679
3,657
2,864
1,028
-1,296
1,857
-147
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
Month:
1963—July
Aug
Sept
Oct
Nov
Dec
i0,132
11,287
9,549
10,740
9,812
10,069
4,263
4,456
4,246
4,670
4,164
4,560
-7
152
186
238
242
220
270
285
287
342
301
372
-"816
915
621
882
446
632
215
297
265
253
209
216
502
643
650
679
561
619
464
274
274
264
82
499
'2,219
2,099
2,129
2,274
2,201
2,230
109
126
88
83
68
87
513
481
476
503
489
492
227
1,474
285
348
1,238
273
204
171
183
172
171
186
9,848
9,393
9,390
10,163
9,533
10,290
10,217
4,385
4,311
4,425
4,594
4,678
5,732
3,592
251
204
131
355
317
359
452
326
504
334
701
610
541
587
274
357
672
192
179
171
174
175
251
235
394
424
446
472
460
668
702
-12
-383
-101
386
-245
208
246
2,448
2,357
2,402
2,404
2,000
2,508
2,277
127
120
140
125
106
111
78
703
468
499
457
486
541
485
269
1 ,393
364
402
1 ,394
364
360
263
178
181
172
178
234
194
1964—Jan
Feb
Mar
Apr
May
June p
July
-152
275
225
201
1962
1963
-103
1 ,691
-268
1,712
945
1962
1964
1964
1963
Item
III
IV
II
III
III
IV
Net
27 . 2
28 . 0
27 .1
29 .0
27. 5
28. 2
27 .8
28 .5
- .9
- 1 .9
-• 7
- .7
For notes, see opposite page.
28.5
30 4
-1
9
IV
Not seasonally adjusted
Seasonally adjusted
Cash budget:
Receipts . . .
Payments . .
III
IV
29 0
30 0
29 .7
30 .5
28.4
29.3
26.0
28.5
23 ,0
29 .6
78, 2
26. 5
32 ,6
29 .1
27 .3
30 .9
24.5
30.6
30 .3
28 .6
33.3
30.0
-1.0
- .8
— 9
-2.5
- 6 .6
1. 7
3 .4
- 3 .6
-6.1
1 .7
3.3
1176
U.S. GOVERNMENT SECURITIES
SEPTEMBER 1964
TOTAL DEBT, BY TYPE OF SECURITY
(In billions of dollars)
Public issues
Total
gross
debt i
End of period
Total
gross
direct
debt 2
3
Marketable
Total
Total
Bills
Certificates
Notes
Bonds
Convertible
bonds
4
Nonmarketable
Special
issues 6
Total 5
Savings
bonds
8.9
56.9
59.5
6.1
48.2
52.1
7.0
20.0
29.0
1941_Dec
1945—Dec
1947—Dec
64.3
278.7
257.0
57.9
278.1
256.9
50.5
255.7
225.3
41.6
198.8
165.8
2.0
17.0
15.1
38.2
21.2
6.0
23.0
11.4
33.6
120.6
118.0
1956—Dec
1957—Dec
1958—Dec
1959—Dec
276.7
275.0
283.0
290.9
276.6
274.9
282.9
290.8
228.6
227.1
236.0
244.2
160.4
164.2
175.6
188.3
25.2
26.9
29.7
39.6
19.0
34.6
36.4
19.7
35.3
20.7
26.1
44.2
80.9
82.1
83.4
84.8
10.8
9.5
8.3
7.1
57.4
53.4
52.1
48.9
56.3
52.5
51.2
48.2
45.6
45.8
44.8
43.5
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
79.8
75.5
78.4
5.7
4.6
4.0
47.8
48.6
48.8
47.2
47.5
47.5
44.3
43.5
43.4
1963—Aug
Sept
Oct
Nov
Dec...
307.2
307.3
307.1
308.9
310.1
306.5
306.6
306.4
308.2
309.3
257.0
258.0
259.2
260.5
261.6
203.2
204.3
205.3
206.6
207.6
47.2
48.2
49.7
50.5
51.5
17.0
15.5
15.5
10.9
10.9
58.6
54.1
53.7
58.7
58.7
80.5
86.5
86.5
86.4
86.4
3.4
3.4
3.3
3.3
3.2
50.3
50.4
50.6
50.7
50.7
48.5
48.6
48.7
48.8
48.8
45.5
44.7
43.3
43.6
43.7
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
309.3
311.1
310.4
308.4
312.3
312.5
312.0
314.9
308.6
310.4
309.6
307.6
311.5
311.7
311.2 |
314.1
262.6
263.2
262.2
261.4
208.6
209.2
208.2
207.4
208.0
206.5
206.8
207.7
52.5
53.6
52.5
51.0
52.2
50.7
51.0
52.0
10.9
4.2
4.2
4.2
56.4
64.5
64.5
65.1
67.3
67.3
58.6
58.6
88.7
87.0
87.0
87.0
88.5
88.5
97.1
97.1
3.2
3.2
3.2
3.
3.
3.
3.
3.
50.8
50.8
50.8
50.9
51.0
51.1
51.2
51.4
48.9
49.0
49.1
49.1
49.2
49.3
49.4
49.4
41.9
42.9
43.2
42.0
45.0
46.6
45.7
47.
262.2
260.7
261.1
262.2
1 Includes noninterest-bearing debt (of which $361 million, on Aug. 3 1 ,
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 $14,183 million on July 31, 1964.
4 Includes Treasury bonds and minor amounts of Panama Canal and
postal savings bonds.
series, jrc.urai xnecinncauon /\aminisirauon
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.
armed forces
eries, foreign
before 1956,
OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES
(Par value in billions of dollars)
Held by—
End of
period
Total
gross
debt
Held by the public
U.S.
Govt.
agencies
and
trust
funds 1
F.R.
banks
Total
Commercial
banks
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
govts.
Individuals
Other
Savings
bonds securities
Foreign
and
international2
Other
misc.
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
July
Aug
Sept
Oct
Nov
Dec
305.5
307.2
307.3
307.1
308.9
310.1
57.1
58.9
58.3
57.2
57.7
58.0
32.5
32.4
32.6
32.8
33.7
33.6
215.9
215.9
216.4
217.2
217.5
218.5
63.3
61.7
63.0
63.1
62.7
64.1
6.1
6.1
6.0
5.8
5.8
5.8
10.9
10.9
11.0
11.0
11.0
11.0
20.6
21.4
19.7
20.4
21.6
20.6
20.9
21.2
20.9
20.7
20.3
20.8
47.6
47.7
47.7
47.8
48.0
48.1
18.3
18.3
18.7
18.8
18.9
18.9
15.6
15.9
16.0
15.9
16.0
15.9
12.6
12.7
13.5
13.6
13.2
13.3
1964—Jan
Feb
Mar
Apr
May
June
July
309.3
311.1
310.4
308.4
312.3
312.5
312.0
56.5
57.5
57.6
56.1
59.4
61.1
59.9
32.8
33.2
33.8
33.2
34.2
34.8
35.1
220.0
220.5
219.0
219.1
218.8
216.6
217.0
62.6
61.9
61.2
60.6
59.5
59.7
58.8
5.9
6.0
6.1
6.0
6.0
6.0
6.0
11.1
11.0
10.9
10.8
10.8
10.6
10.7
21.8
22.7
21.4
22.0
22.9
20.7
21.0
21.0
21.4
21.9
22.6
22.7
22.6
22.3
48.1
48.2
48.3
48.3
48.4
48.5
48.6
19.4
19.7
20.1
19.2
19.3
19 2
19.4
15.9
15.9
15.6
15.3
15.4
M5.6
16.0
14.2
13.6
13.6
14.2
13.8
'13.7
14.4
1 Includes the Postal Savings System.
2 Includes investments of foreign balances and international accounts
in the United States.
3
Includes savings and loan assns., dealers and brokers, nonprofit
institutions, and corp. pension funds.
NOTE.—Reported data for F.R. Banks and U.S. Govt. agencies and
trust funds; Treasury estimates for other groups.
U.S. GOVERNMENT SECURITIES
SEPTEMBER 1964
1177
OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY
(Par value in millions of dollars)
Within 1 year
1-5
years
5-10
years
10-20
years
Over
20 years
40,984
39,034
37,864
30,684
26,183
66,360
61,640
58,487
65,453
60,672
19,782
33,983
35,682
34,929
43,010
11,976
4,565
8,357
8,355
8,354
13,419
15,539
15,642
16,328
17,508
669
726
478
363
405
1,860
1,425
1,910
1,948
1,900
1,594
2,731
3,021
3,003
3,027
1,756
1,309
2,178
2,197
2,197
2,022
2,583
2,936
149
180
3,349
2,723
4,146
5,171
5,388
14,301
15,018
18,434
12,858
12,865
8,737
10,834
8,658
14,691
14,723
2,227
2,094
2,136
1,836
1,836
204
68
91
91
63
83
131
148
148
65,526
67,952
64,979
61,573
57,482
39.512
44,662
46,027
44,110
44,569
26,014
23,290
18,952
17,463
12,913
55,763
49,381
47,919
48,814
44,049
15,961
29,158
30,525
30,090
38,147
10,016
3,188
6,091
6,067
6,066
11,334
12,873
12,575
13,031
14,180
59,073
58,004
54,881
51,108
50,138
21,149
19,885
16,703
14,549
12,335
9,962
9,838
9,290
7,505
6,993
11,187
10,047
7,413
7,044
5,342
30,751
26,348
26,107
25,392
22,482
5,043
11,163
11,075
10,208
14,107
1,724
191
533
493
502
407
417
463
466
712
5,867
5,793
5,502
5,658
5.685
868
635
690
829
717
181
252
268
374
453
505
383
422
455
264
1,514
1,337
1,211
1,401
1203
1,708
2,210
2,009
1,857
2,163
662
306
377
360
356
1,298
1,305
1,215
1,211
1 ,246
9,020
9,265
9,254
8,933
8,983
1,228
1,259
1,181
900
790
442
552
549
345
401
786
707
632
555
389
2,222
2,175
2,044
2,036
1,878
1,625
2,223
2,303
2,248
2,512
1,274
718
939
9(8
938
2,671
2,890
2,787
2,832
2,865
10,547
10,750
10,427
10,205
10.246
8,697
9,063
7,671
7,688
7,540
5,466
6,551
6,178
5,845
6,073
3,231
2,512
1,493
1,843
1.467
1,747
1,524
2,397
2,078
2,105
72
149
290
319
457
22
5
9
9
9
9
60
110
135
2,760
2,862
3,253
3,289
3,275
446
437
378
447
305
155
254
236
252
211
291
183
142
195
94
895
817
919
962
849
617
1,030
1,202
1,191
1,405
371
105
253
241
230
431
473
501
448
487
State and local governments:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—June 30
July 31
10,893
11,716
12,453
16.067
15.843
3,974
4,447
4,637
6,108
5,602
2,710
3,282
3,869
5,136
4,891
1,264
1,165
768
972
711
1,320
1,059
941
2,022
1,929
842
1,505
1,502
1,890
2,078
1,250
1,591
1,712
1,715
3,507
4,017
3.782
4,335
4,519
All others:
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
July
60,440
64,162
66,320
64,315
65,755
29,346
32,227
33,719
31,052
30.193
20,596
23,935
25.637
24,651
25,548
8,750
8,292
8,082
6,401
4,645
17,314
16,121
14,301
14,924
13,604
6,054
10,877
12,144
12,377
15,426
4.713
1,175
2,389
2,332
2,316
3,012
3,761
3,767
3,630
4,215
Type of holder and date
Total
Total
Bills
Other
195,965
203,011
207,571
206,489
206,775
84,428
87,284
89,403
81,424
77,231
43,444
48,250
51,539
50,740
51,048
U.S. Govt. agencies and trust funds:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—June 30
July 31
8,484
9,638
11,889
12,119
11,800
1,252
1,591
1,844
1,822
1,496
583
865
1,366
1,459
1 .091
Federal Reserve Banks:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—June 30
July 31
28,881
30,820
33,593
34,794
35.051
17.650
17,741
22,580
18,029
18,253
158,600
162,553
162,089
159,576
159,924
All holders:
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
July
Held by public:
1961—Dec.
1962—Dec.
1963—Dec.
1964—June
July
31
31
31
30
31
31
31
31
30
31
Commercial banks:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—June 30
July 31
Mutual savings banks:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—June 30.
July 31
Insurance companies:
1961—Dec. 31.
1962—Dec. 31
1963—Dec. 31
1964—June 30
July 31
Nonfinancial corporations:
1961—Dec. 31
1962—Dec. 31
1963—Dec. 31
1964—June 30
July 31
Savings and loan associations:
1961—Dec. 31.
1962—Dec. 31
1963—Dec. 3 1 . .
1964—June 30
July 31
31
31.
31
30
31
,
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 6,033 commercial banks, 502 mutual savings
688
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 506 State and local govts.
Holdings of "all others," a residual, include holdings of all those not
reporting in the Treasury Survey, including investor groups not listed
separately.
1178
U.S. GOVERNMENT SECURITIES
SEPTEMBER 1964
DEALER TRANSACTIONS
(Par value, in millions of dollars)
U.S. Government securities
By maturity
By type of customer
Period
Total
U.S. Govt
agency
securities
Dealers and brokers
Within
1 year
5-10
years
1-5
years
Over
10 years
U.S.
Goyt.
securities
Other
Commercial
banks
All
other
1963—July
Aug
Sept
Oct
Nov
Dec
1,775
1,308
1,799
1,575
1,713
1,719
1,440
1,060
1,280
1,261
1,300
1,348
172
139
207
144
252
213
134
88
214
124
131
122
29
21
100
46
29
37
556
401
522
467
480
508
27
15
36
31
28
30
727
507
733
637
662
730
464
384
509
439
544
451
95
88
140
91
117
96
1964—Jan
Feb
Mar
Apr
May
June
July
2,144
1,809
1,685
1,849
',702
,488
,936
1,656
1,336
1,361
1,528
1,264
1,201
1,433
264
272
213
234
248
170
216
159
145
81
70
165
97
208
65
56
31
18
25
19
79
687
528
563
590
566
458
581
36
29
22
24
29
24
38
905
737
657
737
651
566
784
516
516
443
498
457
439
532
99
91
86
134
120
142
131
1
8
15
22
29
,551
,564
3,260
,696
,390
1,247
1,292
2,192
1,252
1,136
186
175
496
146
85
97
81
435
198
120
21
15
137
99
49
453
446
919
601
396
25
22
82
25
28
628
659
1,424
643
512
445
436
836
427
454
114
139
144
134
127
Aug. 5
,568
,540
,495
,215
1 164
1,105
1.124
950
174
289
184
125
158
106
148
72
39
39
30
403
431
450
379
31
28
21
23
656
663
624
451
477
418
400
362
79
135
170
82
Week ending—
July
12
19
26
NOTE.—The transactions data combine market purchases and sales of
U.S. Govt. securities dealers reporting to the F.R. Bank of N.Y. They
do not include allotments of and exchanges for new U.S. Govt. securities,
redemptions of called or matured securities, or purchases or sales of securi-
ties under repurchase agreements, reverse repurchase (resale), or similar
contracts. Averages of daily figures based on the number of trading
days in the period.
DEALER POSITIONS
DEALER FINANCING
(Par value, in millions of dollars)
(In millions of dollars)
U.S. Government securities, by maturity
Period
All
maturities
Within
1 year
1-5
years
Over
5 years
1963—July
Aug
Sept
Oct
Nov
Dec
2,881
3,096
3,689
3,538
3,546
3,090
2,505
2,871
3,099
2,899
3,008
2,800
357
307
290
196
430
295
21
-82
300
444
108
-4
267
275
195
176
159
254
1964—Jan
Feb
Mar
Apr
May
June
July
3,582
3,475
2,775
2,393
3,087
3,475
3,817
3,218
2,787
2,486
2,316
2,670
3,217
3,121
272
468
323
156
164
91
229
92
219
-34
-78
253
167
468
163
195
195
170
231
318
225
3..
10. .
17..
24. .
3,712
3,550
3,636
3,286
3,355
3,248
3,413
3,069
135
95
63
80
223
208
161
138
282
309
344
315
1. .
8..
15. .
22. .
29. .
3,308
4,142
3,900
3.445
3,773
3,087
3,946
3,836
2,223
2,652
108
164
669
70
76
113
32
-606
1,152
1.046
325
314
214
178
204
Week ending—
1964—June
July
All
sources
Period
New
York
City
Elsewhere
Corporations i
All
other
1963—July
Aug
Sept
Oct
Nov
Dec
3,020
3,293
3,974
3,415
3,551
3,139
659
553
1,201
825
660
823
533
501
898
775
671
587
1,478
:1,924
1,527
1,387
1,748
1,466
350
316
348
429
472
263
1964—Jan
Feb
Mar
Apr
May
June
July
3,646
3,645
2,971
2,390
3,082
3,541
4,156
1,139
1,048
784
545
711
981
1,250
1,019
879
613
556
724
761
871
1,159
1,355
1,247
1,065
1,347
1,493
,671
328
363
326
225
300
307
364
Week ending—
NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the
contract is matched by a reverse repurchase (resale) agreement or delayed
delivery sale with the same maturity and involving the same amount of
securities. Included in the repurchase contracts are some that more
clearly represent investments by the holders of the securities rather than
dealer trading positions.
Average of daily figures based on number of trading days in the period.
Commercial banks
U.S.
Govt.
agency
securities
1964—June
3...
10...
17. . .
24. . .
3,346
3,556
3,859
3,433
859
829
1,239
979
700
698
900
797
,524
,613
,326
,455
264
416
395
203
July
1 ...
8. ..
15. ..
22
29. ..
3,346
3,780
4,446
4,787
3,684
922
1,139
1,346
1,626
919
636
744
970
1,125
626
,598
,621
,668
,742
,682
190
277
462
293
457
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.
SEPTEMBER 1964
1179
OUTSTANDING SECURITIES
U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, AUGUST 31, 1964
(In millions of dollars)
Issue and coupon rate
Treasury bills
Sept. 3, 1964
Sept. 10, 1964
Sept. 17, 1964
Sept. 24, 1964
Sept. 30, 1964
Oct. 1,1964
Oct. 8,1964
Oct. 15, 1964
Oct. 22, 1964
Oct. 29, 1964
Oct. 31, 1964
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
Amount
Issue and coupon rate
Treasury bills—Cont.
2,104
Feb. 11, 1965
2,101
Feb. 18, 1965
2,099
Feb. 25, 1965
2,102
Feb. 28, 1965
1,002
Mar. 31, 1965
2,102
Apr. 30, 1965
2,101
May 31, 1965
2,202
June 30, 1965
2,202
July 31, 1965
Aug. 31, 1965
2,201
1,000
2,201 Treasury notes
2,196
Oct. 1,1964
2,201
Nov. 15, 1964
2,202
Nov. 15, 1964
Apr. 1,1965
1,005
May 15, 1965
1,005
May 15, 1965
1,001
Aug. 13, 1965
1,001
Aug. 13, 1965
900
Oct. 1,1965
1,901
Nov. 15, 1965
900
31
Nov. 15, 1965
902
Feb. 15, 1966
900
Apr. 1, 1966
902
Aug. 15, 1966
1,000
Oct. 1, 1966
901
NOTE.—Direct public issues only.
Treasury.
Amount
Issue and coupon rate
Treasury notes—Cont.
902
Feb. 15, 1967
3%
901
Apr. 1, 1967
I1/2
902
Aug. 15, 1967
334
1,001
Oct. 1,1967
11/2
1,001
Apr. 1,1968
I1/2
1,001
Oct. 1,1968
11/2
1,000
Apr. 1,1969
iy 2
1,001
1,000 Treasury bonds
1,001
June 15, 1962-67... 21/2
Dec. 15, 1963-68... 21/2
June 15, 1964-69... 21/2
490
Dec. 15, 1964-69... 21/2
3,267
Feb. 15, 1965
2y8
5,442
Mar. 15, 1965-70.. .2i/2
466
May 15, 1966
3%
1,816
Aug. 15, 1966
3
6,620
Nov. 15, 1966
33/8
6,202
Mar. 15, 1966-71.. .2i/2
1,066
June 15, 1967-72... 21/2
Sept. 15, 1967-72... 21/2
315
2,954
Nov. 15, 1967
35/8
8,560
Dec. 15, 1967-72... 21/2
3,261
May 15, 1968
3%
675
Aug. 15, 1968
3Y4
5,156
Nov. 15, 1968
3%
357
Feb. 15, 1969
4
Issue and coupon rate
Amount
Amount
Treasury bonds—Cont.
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
.4y 8
May 15, 1974
4VA
Nov. 15, 1974
3%
May 15, 1975-85.. .4*4
June 15, 1978-83... 3VA
Feb. 15, 1980
4
Nov. 15, 1980
31/2
May 15, 1985
3*4
Feb. 15, 1990
3y2
Aug. 15, 1987-92.. AVA
Feb. 15, 1988-93
4
May 15, 1989-94... 4H
Feb. 15, 1995
3
Nov. 15, 1998
31/2
2,360
270
4,433
457
212
115
26
1,441
1,813
2.627
2; 539
3,976
2,414
2,249
1,024
1,851
1,403
1,296
1,952
3,604
2,732 Convertible bonds
2,460
Investment Series B
3,747
Apr. 1, 1975-80... 234
1,591
1,844
6,266
4,129
2,806
2,760
2,344
2,579
3,894
4,358
1,532
2,244
1,218
1,586
2,610
1,914
1,129
4,907
1,563
250
1,560
2,442
4,436
3,100
Based on Daily Statement of U.S.
FEDERALLY SPONSORED AGENCIES, JULY 31, 1964
Agency, type and date of issue,
and coupon rate
Federal home loan banks
Notes:
Oct. 15, 1963
Dec. 9,1963
Feb. 17, 1964
Mar. 16, 1964
Apr. 15, 1964
May 15, 1964
June 15, 1964
Bonds:
June
Sept.
July
Dec.
June
17, 1963
17, 1962
15, 1964
9,1963
15, 1964
Maturity
Amount
(millions
of dollars)
3.90
4.00
3%
4.05
4.15
4.10
4ys
Aug.
Sept.
Nov.
Jan.
Feb.
Apr.
May
17,
15,
16,
15,
15,
15,
17,
1964
1964
1964
1965
1965
1965
1965
294
564
175
249
435
430
525
3i/2
3%
4}4
4Vs
4H
Oct.
Sept.
Mar.
Aug.
Nov.
15, 1964
15, 1965
15, 1966
15, 1966
15, 1966
460
175
260
200
275
Federal National Mortgage Association—
secondary market operations
Debentures:
Sept. 11, 1961
4
Dec. 11, 1961
3%
Dec. 10, 1957
43/8
Sept. 10, 1962
334
Dec. 12, 1960
4Vs
Mar. 10, 1958
3y8
Apr. 10, 1959
4y8
Apr. 11, 1960
45/8
Sept. 12, 1960
4i/8
Aug. 23, 1960
4i/8
Sept. 11, 1961
41/2
Feb. 10, 1960
5V8
Dec. 11, 1961
43/8
June 12, 1961
4*4
Feb. 13, 1962
4y2
Sept. 10,
Dec. 11,
June 10,
Mar. 10,
Dec. 12,
Mar. 11,
Apr. 10,
Apr. 10,
Sept. 10,
Aug. 10,
Sept. 10,
Feb. 10,
June 12,
June 12,
Feb. 10,
1964
1964
1965
1966
1966
1968
1969
1970
1970
1971
1971
1972
1972
1973
1977
144
111
98
108
93
87
88
146
119
64
98
100
100
146
198
Agency, type and date of issue,
and coupon rate
Federal intermediate credit banks
Debentures:
Nov. 4, 1963
Dec. 2,1963
Jan. 2, 1964
Feb. 3, 1964
Mar. 3, 1964
Apr. 1, 1964
May 4,1964
June 1, 1964
July 1,1964
Federal land banks
Bonds:
Aug. 8,,1963
Dec. 10, 1960
Apr. 20, 1964
Oct. 20, 1960
June 20, 1961
Apr. 2, 1961
May 1, 1958
Sept. 20, 1961
Feb. 15 1957
May
1962
Oct.
1957
Oct.
1963
Apr.
1959
May
1963
Feb.
1959
July
1957
Feb.
1960
Feb. 14 1958
Jan. 5 1960
May 1 1956
Sept. 14, 1956
Feb. 20 1963
Feb. 20, 1962
Maturity
37/8
3.95
4.00
3.90
3.90
4.05
4Vs
4.05
4.10
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
37/8
4
4V4
4
4
35/8
3V4
Aug.
Oct.
Apr.
Oct.
Dec.
Feb.
May
July
Feb.
May
Oct.
Oct.
Mar.
June
Mar.
July
Feb.
Apr.
July
May
Sept.
Feb.
Feb.
AVA
A%
4
41/2
4Vs
AVA
4
43/8
4%
5y8
31/2
5y8
3y2
3%
4i/8
AVi
3,
1,
1,
2,
1,
4,
1,
1,
1,
1964
1964
1964
1964
1964
1965
1965
1965
1965
183
216
262
329
303
312
290
254
248
20, 1964
20, 1964
20, 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, 1969
15, 1969
20, 1970
1, 1970
20, 1970
1, 1971
15, 1972
20,1973-78
20, 1974
215
142
209
160
140
150
108
193
72
180
75
174
86
186
100
60
82
83
85
60
109
148
155
Tennessee Valley Authority
Short-term notes
Banks for cooperatives
Debentures:
Feb. 3,1964
Apr. 1,1964
June 1,1964
3.90
3.95
3.90
Aug. 3, 1964
Oct. 1, 1964
Dec. 1, 1964
194
147
157
NOTE.—These securities are not guaranteed by the U.S. Govt.; see also
NOTE to table at top of following page.
Bonds:
Nov. 15, 1960
July 1,1961
Feb. 1,1962
Amount
(millions
of dollars)
35
4.40
4y 8
4VL
Nov. 15, 1985
July 1, 1986
Feb. 1, 1987
50
50
45
1180
CREDIT AGENCIES; SECURITY ISSUES
SEPTEMBER 1964
MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES
(In millions of dollars)
Federal home loan banks
Liabilities and c.apital
Assets
End of
period
Federal National
Mortgage Assn.
(secondary market
operations)
Advances
to
members
Investments
1955
1956
1957
1958
1959
1 417
1,228
1,265
1,298
2,134
765
1,027
908
999
1,093
62
62
63
75
103
I960
1961
1962
1,981
2,662
3,479
1,233
1,153
1,531
1963—July .
Aug..
Sept..
Oct...
Nov..
Dec...
3,548
3,758
4,024
4,226
4,290
4,784
1964—Jan...
Feb...
Mar..
Apr...
May..
June..
July. .
4,414
4,216
4,168
4,444
4,395
4,769
4,763
Mortgage
loans
(A)
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
2,453
2,422
2,816
3,036
3,299
3,599
3,599
4,363
1,069
1,011
1,014
986
978
1,151
1,146
,148
,153
,150
,166
,171
2,038
2,030
2,028
2,027
2,020
2,000
3,961
3,631
3,622
3,625
3,727
4,201
4,042
944
943
997
957
990
1,153
936
,176
,182
,189
,193
,196
,201
1,208
1,988
1,985
1,984
1,983
1,984
1,962
1,940
Member
deposits
Capital
stock
975
963
825
714
1,774
698
683
653
819
589
90
159
173
1,266
1,571
2,707
1,525
1,511
1,484
1,537
1,515
1,906
94
70
96
131
96
159
1,730
1,622
1,709
1,420
1,607
1,804
1,476
101
86
86
72
82
153
106
Cash
and
deposits
Banks
for
cooperatives
Bonds
and
notes
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)
110
143
222
252
364
693
747
932
1,157
1,391
657
705
886
1,116
1,356
1,497
1,744
919
2,089
2,360
1,191
1,437
1,599
1,743
1,986
649
697
735
407
435
505
1,501
1,650
1,840
1,454
1,585
1,727
2,564
2,828
3,052
2,210
2,431
2,628
1,950
1,916
1,899
1,884
1,792
1,788
711
706
735
848
858
840
459
473
473
526
526
589
2,352
2,360
2,318
2,169
2,083
2,099
2,023
2,233
2,233
2,139
2,027
1,952
3,218
3,240
3,259
3,280
3,291
3,310
2,725
2,796
2,796
2,834
2,834
2,834
1,786
1,786
1,785
1,781
1,698
1,698
1,698
866
849
815
786
747
757
782
589
589
586
533
527
498
498
2,102
2,163
2,238
2,329
2,412
2,504
2,561
1,964
2,018
2,069
2,157
2,246
2,315
2,396
3,333
3,364
3,406
3,445
3,481
3,516
3,551
2,836
2,886
2,886
2,973
2,973
2,973
2,973
a)
bonds held within the FHLB System), and are not guaranteed by the U.S.
Govt.; for a listing of these securities, see preceding page. Loans are
gross of valuation reserves and represent cost for FNMA and unpaid
principal for other agencies.
NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES
(In millions of dollars)
All issues (new capital and refunding)
Type of issuer
Type of issue
Period
Total
General
obligations
Revenue
PHAi
Issues for new capital
U.S.
Govt.
loans
State
Special
district
and Other 2
stat.
auth.
1958
1959
7,526
7,697
5,447
4,782
1,778
2,407
187
332
115 1.993
176 1,686
1,371 4,162
2,121 3,890
I960
1961
1962
1963
7,292
8,566
8,845
10,538
4,771
5,724
5,582
5,855
2,095
2,407
2,681
4,180
302
315
437
254
125 1,110
120 1,928
145 1,419
6?0
249
1,984
2,165
2,600
3,636
4,198
4,473
4,825
5,281
1963—June
July
Aug....
Sept....
Oct
Nov. . .
Dec
1,074
928
764
480
1,265
754
495
423
462
394
333
679
401
401
623
444
240
122
567
310
85
1964—Jan
Feb
Mar
Apr
May....
June
1,007
853
867
'1,266
706
913
606
663
497
'630
472
522
230
181
355
'473
214
249
116
140
1
141
120
Use of proceeds
Total
7,708 7,441
7,423 7,589
7,102
8,301
8,732
10,496
Edu- Roads
and
cation bridges
Utilities 4
Housings
Veterans'
aid
Other
purposes
2,617
2,318
1,164
844
1,412
1,985
251
401
339 1,657
355 1,685
7,247
8,463
8,568
9,151
2,405
2,821
2,963
3,029
1,007
1,167
1,114
812
1,316
1,700
1,668
2,344
426
385
521
598
201 1,891
478 1,913
125 2,177
2,369
335
183
148
103
371
98
115
28
21
14
25
20
43
9
131
78
187
94
143
185
69
517
431
287
73
424
208
126
426
419
290
314
698
362
299
921
930
1,084
680
969
708
712
449
581 1,051
729
897
1,005
416
249
247
261
204
232
278
158
39
67
32
33
102
130
7
193
157
144
77
338
221
136
114
26
123
31
9
2
1
31
8
15
22
20
23
215
214
136
'106
141
71
336
208
262
'558
167
330
456
431
469
'602
399
511
428
944
868
772
812
973
'810 '1,215
1,214
665
688
878
273
242
251
'378
258
350
42
33
262
59
40
42
114
238
136
'225
208
174
141
3
11
145
8
134
1
Only bonds sold pursuant to 1949 Housing Act; secured by contract
requiring the Public Housing Administration to make annual contributions
to 2the local authority.
Municipalities, counties, townships, school districts.
3 Excludes U.S. Govt. loans. Based on date of delivery to purchaser
and payment to issuer) which occurs after date of sale.
* Water, sewer, and other utilities.
Total
amount
delivered 3
60
30
313
226
153
'407
151
177
s 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.
SEPTEMBER 1964
1181
SECURITY ISSUES
rOTAL NEW ISSUES
(In millions of dollars)
Proposed use of net proceeds
all corporate issues 5
l
Gross proceeds, all issues
Noncorporate
Corporate
Period
Total
U.S.
Govt. 2
U.S.
Govt.
agency 3
U.S.
State
and
local
Bonds
Other * Total
Publicly
offered
Total
7J 9 0
636
411
571
531
2,301 10,749 If ),384
2,516 12,661 11> 447
1,334 11 372 10-823
2,027 9,526 (),392
10,154 8 081
13,147 9 ,475
10,770 9 ,016
12,237 10
4,806
4,706
4,487
4,714
3,275
4,720
4,529
6,158
409
449
436
342
1,664 9,924 (),653 8 758
895
271
3,273 12,874 11 ,979 10 8?9 1,150
895
1,491
1,318 10,572 () 814 8
757
1,022 12,081 10.553 8 993 1,561 1,528
1 ,133
710
459
279
336
283
511
183
626
675
431
319
501
481
549
751
38
35
39
5
34
54
30
338
279
361
383
470
468
526
342
353
'480
'537
623
I960
1961
1962
1963
27,541 7,906
35,494 12,253
29,975 8,590
31,616 7,213
1,672 7,230
1,448 8,345
1,188 8,558
1,168 10,107
579
302
869
891
1,072
789
726
452
1,282
688
483
25
78
100
4
10
5
13
1,006
810
844
1,204
660
900
863
16
985
89
710
6'M
73
714
805
'47 '2,234
'863
'85 '1,155 '1 ,008
37 1,461
,091
1964 Jan
Feb
Mar
Apr
May
June
2,482
2 022
2,121
'4 930
'2,267
3,056
474
413
399
1,444
367
383
459
174
200
275
Privately Pre- Complaced ferred mon
3,777
3,839
3,320
3,632
169 5,446
572 7 6,958
2,321 7,449
707 7,681
2,252
413
398
347
394
333
357
Retirement
of
New Other
pur- secuTotal money
$ poses
rities
rotal
4,225
6,118
6,332
3,557
22,405 5,517
30,571 9,601
34,443 12,063
31,074 12,322
5,054
2,089
1,980
1 673
2,977
2,117
2,312
Stock
8 ,00?
9 957
9 .65?
334 10,939
557 12,884
1,052 11,558
616 9,748
1956
1957
1958
1959
1963—June
julv
Aus
Sept . . .
Oct
Nov
Dec
New capital
1,246
810
756
871
1,116
891
1,459
656
784
99?
1
732
75
65
61
81
91
106
53
1,230
797
745
862
1,101
879
1,444
27
95
972
8
80
702
3
87
796
'23 '1,349 '2,215
50
98 '1,141
82
289 1,441
9 663
11 784
9 907
8 578
11,013
676
638
795
1,013
819
1,415
930
783
588
566
730
91?
606
1 098
845
754
677
r'Z, 178 '? 094
' ,069
'953
,378 1 292
721
663
915
814
364
214
549
135
230
89
71
65
100
212
316
217
121
107
67
88
61
30
85
162
77
'83
'116
86
43
17
42
'37
'72
63
Proposed uses of net proceeds, major groups of corporate issuers
Manufacturing
Period
Commercial and
miscellaneous
Transportation
Public utility
Communication
Real estate
and financial
RetireRetireRetireRetireRetireRetireNew
ment of
New
New
ment of
New
ment of
ment of
New
ment of
New
ment of
secu- capital 8
secu- capital 8 secu- capital8 secu- capital 8
capital 8
secu- capital 8
securities
rities
rities
rities
rities
rities
1956
1957
1958
1959
3,336
4,104
3,265
1,941
243
49
195
70
682
579
867
812
51
29
13
28
694
802
778
942
20
14
38
15
?
,474
3 ,821
,605
•}
,189
14
51
138
15
1,384 \
1,441
1,294 \
707r
21
4
118
*
1,815
1,701
1,014
1,801
17
67
47
6
1960
1961
1962
1963
1,997
3,708
3,020
3,312
79
306
204
190
794
1,095
832
774
30
46
29
55
672
680
551
39
26
30
83
?
,754
7 ,892
2 ,357
1 ,935
51
104
445
699
1,036
1,421r
1,281
72(
1
378
10
356
2 401
2,176
1,773
2,933
71
36
39
144
227
297
272
237
240
214
515
10
28
3
47
5
8
13
114
63
50
32
60
41
104
3
4
7
4
4
5
8
109
35
36
61
25
83
118
230
107
100
78
201
131
198
179
82
22
*
73
41
2
51
S(>
2!>
3S>
41
r\
64
8
5
71
276
89
155
348
446
337
416
5
2
4
7
1
4
6
149
123
146
'186
'206
332
14
3
17
r
6
'10
39
84
60
48
'107
'50
50
1
2
1
98
154
31
91
I
1
'127
109
155
174
'151
'441
264
26
4
18
19
'53
4
157
81\
34
'1,37' 7
2"1
25$\
332
110
322
'265
'218
439
1
4
'3
'1
13
1963 June
July
. ..
Sept
Oct
Nov
Dec
1964
Jan
Feb .
Mar
Apr
May
June
1
....
r*
Gross proceeds are derived by multiplying principal amounts or
number of units by offering price.
2 Includes guaranteed issues.
3 Issues not guaranteed.
* Foreign governments, International Bank for Reconstruction and
Development, and domestic nonprofit organizations.
5 Estimated gross proceeds less cost of notation.
873
35
12
8
2
1
6
8
6
1
4
3
*
*
1
*
5
6 For plant and equipment and working capital.
957 this
differs
that shown on the previ7 Beginning with 1957
* " figure
"
— from
ous page because this one is based on Bond Buyer data.
8 All issues other than those for retirement of securities.
Nora—Securities and Exchange Commission estimates of new issues
maturing in more than 1 year sold for cash in the United States.
1182
SECURITY ISSUES
SEPTEMBER 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
N e w Lssues
New
issues
Net
change
Retirements
New
issues
Retirements
Net
change
Retirements
Net change
Invest.
cos. 1
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
I 503
L ,568
2,106
2,354
1960
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
I 419
>.099
1,665
020
1 638
2,632
636
-355
1963
I[
III
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
II
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
?R0
372
616
951
Type of issuer
Bonds
& notes
1958
1959
I960
1961
1962 .
1963
1
3
4
Bonds
& notes
Stocks
Public
utility
Stocks
Communication
Bonds
& notes
Stocks
Bonds
& notes
Real estate
and financial
Stocks
Bonds
& notes
4
Stocks
-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
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
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
81
291
-266
-62
61
72
16
-21
131
51
-36
29
156
606
70
156
234
225
811
781
572
681
301
440
. . .
1964—I
II
2
Bonds
& notes
Stocks
Transportation 3
2,191
316
.
1963—II
Ill
IV
Commercial
and other 2
Manufacturing
Period
Open-end and closed-end cos.
Extractive and commercial and misc. cos.
Railroad and other transportation cos.
Includes investment cos.
NOTE.—Securities and Exchange Commission estimates of cash transactions only. As contrasted with data shown on p. 1181, 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. 1181.
OPEN-END INVESTMENT COMPANIES
(In millions of dollars)
Sales and redemption
of own shares
Assets (market value
at end of period)
Assets (market value
at end of period)
Month
Year
Net
sales
Total 2
Cash
position
Other
Sales i
Redemptions
1952
1953
1954
783
672
863
196
239
400
587
433
463
3,931
4,146
6,110
309
5,801
1955
1956
1957
1958
1959
1,207
1,347
1,391
1,620
2,280
443
433
406
511
786
765
914
984
1,109
1,494
7,838
9,046
8,714
13,242
15,818
438
492
523
634
860
7,400
8,554
8,191
12,608
14,958
1960
1961
1962
1963
2,097
2.951
2,699
2,460
842
1,160
1,123
1,504
1,255
1,791
1,576
952
17,026
22,789
21,271
25,214
973
980
1,315
1,341
16,053
21,809
19,956
23,873
3
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
Net
sales
Total i
Cash
position
2
Other
1963—July...
Aug...
Sept..
Oct...
Nov. .
Dec...
219
193
206
214
210
225
124
123
142
132
123
132
95
69
64
82
87
92
23,550
24,925
24,496
24,914
24,774
25,214
1,310
1,287
1,300
1,374
1,419
1,341
22,240
23,638
23,196
23,540
23,355
23,873
1964—Jan...
Feb...
Mar..
Apr...
May..
June..
July...
294
219
263
276
241
285
308
183
165
184
165
153
147
168
110
55
79
111
88
138
140
25,854
26,334
26,863
27,051
27,497
27,682
28,319
1,383
1,380
1,403
1,339
1,444
1,499
1,471
24,471
24,954
25.460
25,712
26,053
26,183
26,848
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.
1183
BUSINESS FINANCE
SEPTEMBER 1964
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
(In millions of dollars)
1962
Industry
1959
1960
1961
1962
1963
1964
1963
I
IV
III
II
IV
I
II
Manufacturingl
Total (177 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Nondurable goods industries (78 corps.): 2
Sales
Profits before taxes
Profits after taxes
Dividends
Durable goods industries (99 corps.): 3
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Foods and kindred products (25 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Chemicals and allied products (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 taxec
Dividends
Automobiles and equipment (14 corps.):
Sales
Profits after taxes
Dividends
119 177 173 911 173 669 136 545 147 384 3 5 879 34,917 37 9 ? ? 3 5 J 381 39,173
14, 172 13 ,543 13 ,268 15, 330 17, 388 4 ,236 4, 012 4 759 3, 730 4,887
7 ,167
2, 099 2 453 2, 007
7, 482 7 ,161
2,576
8, 215 9, 135 2 ,367
1, 169
1 320
1 ,553
4, 360 4 ,485 4 ,730
1, 183
1,768
5, 048 5, 441
45 543 47 377 49 367 57 745 55 147 13 330 13 ?39 13 869
5 ,579
1 ,560
1, 512
1 613
5 ,602 5, 896 6, 395
5, 651
3 ,225
939
867
3, 403 3, 659
897
3, 212 3 ,215
1 ,948 2 ,031
2 150 2, 265
610
537
910
537
13 984 14,050
1, 613
1,658
934
961
542
649
38,314 40 358
4,767
5 ,382
2,579
2 ,938
1,285
,448
I
14 212 14 785
1,629
1 ,797
972
1 ,069
561
569
73 678 76 540 74 307 84 300 9? 743 77 499 71 671 74 053 71 395 25,123 24 102 ?5 573
2 500 3 145 2, 118 3,230
3,138
3 ,585
8, 521 7 ,964 7 ,666 9 434 10, 993 2 ,676
1 ,427
3 ,942 4, 812 5, 476
231
1, 073
4, 270 3 ,946
1,615
1,608
1 ,870
1 556
,536
,699
2
450 2
943
632
783
641
1,119
724
879
3 , 176
r,
644 17 707 12 951 13 457
1, 300
1 ,342
1,440
1 460
639
682
698
618
475
349
377
397
14 164
1, 533
740
448
3 396
373
179
3 360
337
164
109
3 581
387
184
111
3 6?1
404
195
111
3 603
404
197
118
3 608
345
172
117
3 730
399
202
119
3 7?8
3, 705
3 740
593
310
299
3 790
616
327
207
/\ 11?
702
386
209
381
312
154
4 032
381
303
154
4 132
408
336
158
/\ 083
390
320
159
740 17 ? 0 5
164 2 ,005
1 '1?0
1 058
791
786
17 606
1 ,979
1 034
833
13 759 14 6 ? 1
2 162 2 , 337
1 ?n
1 1?6
868
904
3
13 3 7 ? 13 815
1 ,267
1, 187
969
1 ,026
518
5?1
14 483
1 ,237
1 ,025
578
15 106
1 319
1 099
566
3 944
420
346
145
3 959
390
304
151
343
265
149
036
417
?50
191
5 1?3
6 114
711
37?
181
5
430
^31
180
470
467
05?
181
5 439
574
332
190
5 535
560
315
186
041
673
3^4
187
5 ,279
701
357
170
15 9 9 5
1, 495
1, 184
608
940 70 j8?8 70 734 71 ? 6 0 7 ? 146
1 ,999
1 838 2 , 183
322 2 ,214
1 '?I8
1 169
1 067
1 013
1 J 186
8?9
843
838
870
737
?0
5
455
525
?79
781
3
448
544
?81
707
616
316
584
305
?0?
?01
3 937
4 068
17 ,446 19 057 2 1 , 041
1 ,701
1 924 2 , 368
859
1, 151
966
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
?3
26.275 73 314 79 156 33 ?36
2 ,786 4 337
3 012 3 ,197
5, 011
1 491
1 534
1 404 ? 143 2 393
1 151
1, 447
973
812
837
8 606
1 ,393
7?4
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 ,775
1,573
779
898
276
419
2 ,407
?36
259
171
2 239
116
82
89
2 ,474
95?
189
103
2,399
197
156
66
2,447
252
225
125
2,362
188
144
110
177
741
185
548
3 ,390
829
516
374
3 819
1 100
626
39?
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
9 796
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
16 983
1 904
941
456
16,681
1,509
768
494
Public Utility
Railroad:
Profits before taxes
Profits after taxes
Dividends
Electric power:
Profits before taxes
Profits after taxes
Dividends
Telephone:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
9 825
845
578
406
11
2
1
1
9 ,514
648
445
385
129 11 ,906
983 3 ,163
655
1 ,793
?19
1 307
7 572
2 153
1 073
743
8
2 ^326
1 ,155
806
9 ,189
6? 5
382
359
12 ,478 13 ,489
3 ,349
3 ,583
1 ,883
2 ,062
1 467
1 374
8 ,615
2 ,478
1 ,233
867
and Statistics.
23 Includes 17 cos. in groups not shown separately.
Includes 27 cos. in groups not shown separately.
NOTE.—Manufacturing corps. Data are obtained primarily from
published co. reports.
Railroads. Interstate Commerce Commission data for Class I linehaul railroads.
Electric power. Federal Power Commission data for Class A and B
electric utilities, except that quarterly figures on operating revenue and
9 440
779
572
367
9 ,196
2 ,639
1 ,327
935
9 560
816
651
383
14
3
2
1
1 417
988
P2
,481
H96
profits before taxes are partly estimated by the Federal Reserve to include
affiliated nonelectric operations.
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).
1184
BUSINESS FINANCE
SEPTEMBER 1964
CORPORATE PROFITS, TAXES, AND DIVIDENDS
(In billions of dollars)
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
Undistributed
profits
Corporate
capital
consumption
allowances i
1956
1957
1958
1959
44.7
43.2
37.4
47.7
21.2
20.9
18.6
23.2
23.5
22.3
18.8
24.5
12.1
12.6
12.4
13.7
11.3
9.7
6.4
10.8
20.0
21.8
22.7
24.3
I960 r
1961
1962 rr
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
1
Includes depreciation, capital outlays charged to current accounts, and
accidental damages.
Quarter
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
Undistributed
profits
Corporate
capital
consumption
allowances i
1962—IV r . . .
49.4
23.8
25.7
17.1
8.6
30.9
1963—I»-....
I I r r. . . .
Ill ...
ivr...
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—Ir
II
56.4
57.4
25.4
25.8
31.2
31.7
19.4
19.8
11.8
11.9
33.0
33.4
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
Net
working
capital
End of period
1956
1957
1958
1959
I960
1961
1962
1963
II
III.
IV
1964—1
II
,..
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. i
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
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
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
l Receivables from, and payables to, the U.S. Govt. exclude amounts
offset against each other on corps.' books.
NOTE.—Securities and Exchange Commission estimates; excludes
banks, savings and loan assns., and insurance cos.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT
(In billions of dollars)
Manufacturing
Total
Period
Durable
Nondurable
35.08
36.96
30.53
32.54
7.62
8.02
5.47
5.77
7.33
7.94
5.96
6.29
1 9 6 4 2 >•
35.68
34.37
37.31
39.22
44.21
7.18
6.27
7.03
7.85
9.19
1963 I . .
II
Ill
IV
8.25
9.74
10.14
11.09
1964 I
II r
Ill 22 r
IV
9.40
11.11
11.28
12.43
1956
1957
1958
1959
I960
1961
1962 .
1963 .
. . . .
. . .
Public
utilities
Communications
Other i
Total
(S. A.
annual
rate)
Railroad
Other
1.24
1.24
.94
.99
1.23
1.40
.75
.92
1.71
1.77
1.50
2.02
4.90
6.20
6.09
5.67
2.68
3.03
2.62
2.67
8.36
7.37
7 20
8.21
7.30
7.40
7.65
7.84
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
1.62
1.96
1.96
2.31
1.65
1.95
1.99
2.25
.24
.26
.27
.28
.21
.28
.29
.33
.39
.54
.45
.54
1.04
.40
1.60
L.61
.85
.95
.93
1.06
2.26
2.41
2.64
2.72
36 95
38.05
40.00
41.20
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
I 18
1.58
1.63
L 69
97
1.10
2 37
2.61
42 55
43.50
44.55
46.15
1
Includes trade, service, finance, and construction.
2 Anticipated by busines s.
Transportation
Mining
3 .81
4 .11
NOTE.—Dept. of Commerce and Securities and Exchange Commission
estimates for corp. and noncorp. business, excluding agriculture.
SEPTEMBER 1964
1185
REAL ESTATE CREDIT
MORTGAGE DEBT OUTSTANDING
(In billions of dollars)
All properties
All
holden
End of period
1941
1945..
,,,,
1957
1958
*959
i960
31.2
30.8
18 4
18 6
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
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
. . . . 27^ J
257,1
265.1
280.9
197.2
204.1
210*6
216.9
287.0
221.9
,..
,...
IV?
1964
t
IP
Finan. Other
Total
insti- holdtutions 1 ers
12.2
12.1
HI*
\yv
....
1- to 4-family houses
4.7
2.4
I*
HP
\\v
Ill*
All
holders
20.7
21.0
1961....
*962*
1963*
1963—IP
Other
holders 2
Financial
instiIndiU.S.
tutions * agen- viduals
and
cies
others
37.6
35.5
„., ,
1%2
Nonfarm
Farm
Multifamily and
commercial properties
3
Finan. Other
Total
insti- holdtutions * ers
All
holders
FinanOther
cial
insti- holders*
tutions^
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 I
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 J
49.9
51.4
52,9
241.6
249,0
256.5
264,2
169,2
173 7
178,2
182.2
143.3
147.9
152.2
156.0
25,9
25,8
26.0
26.2
72,4
75.3
78.3
82.0
48.3
50.3
52.3
54.8
24.1
25.0
26.0
27.2
15.5
16J
16.5
16.8
5.6
5,9
6.1
6.2
9 9
10 2
10.5
10.6
11.2
53.9
269.8
185.2
158.9
26.3
84.6
56.6
28.0
17.2
6.4
10.8
4 Derived figures; includes debt held by Federal land banks and
Farmers Home Admin.
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, PHA6 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.
NOTE.—Based on data from Federal Deposit Insurance Corp., Federal
Home Loan Bank Board, Institute of Life Insurance, Depts. of Agriculture and Commerce, Federal National Mortgage Assn., Federal Housing
Admin., Public Housing Admin., Veterans Admin., and Comptroller
of the Currency.
Figures for first 3 quarters of each year are F.R. estimates.
MORTGAGE LOANS HELD BY BANKS
(In millions of dollars)
Commercial bank holdings 1
End of period
Residential
Total
Total
1941
1945.
.
Mutual savings bank holdings
FHAinsured
VAguaranteed
Residential
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
1961—III
IV
29,920
30.442
20,953
21,225
1962 I
II
Ill
IV
30,844
32,194
33,430
34,476
1963—1
II
HI
IV.
35,243
36,939
38,360
39,414
1964 \P
340,300
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
5,905
5,975
2,676
2,627
12,372
12,623
7,227
7,470
21,211
22,049
22,824
23,482
6,003
6,195
6,376
6,520
2,547
2,593
2,617
2,654
12,661
13,260
13,831
14,308
23,846
24,958
25,855
26,476
6,627
6,861
7,007
7,105
2,651
2,837
2,870
2,862
FHAinsured
VAguaranteed
Conventional
Other
nonfarm
Farm
900
797
28
24
6,551
7,073
7,622
8,246
2,102
2,275
2,451
2,575
57
53
55
54
29,145
32,320
36,224
26,341 8,045 9,267 9,028
29,181 9,238 9,787 10,156
32,718 10,684 10,490 11,544
2,753
3,088
3,454
51
51
52
1,740
1,747
28,589
29,145
25,892
26,341
7,811
8,045
9,231
9,267
8,850
9,028
2,646
2,753
51
51
7,817
8,219
8,628
8,972
1,816
1,927
1,978
2,022
29,833
30,638
31,484
32,320
26,940
27,632
28,464
29,181
8,340
8,662
8,984
9,238
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
1 Includes loans held by nondeposit trust cos., but not bank trust depts.
Data for 1941 and 1945, except for totals, are special F.R. estimates.
Breakdown not available because of lack of call report data.
2
3
NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp.
2
4,669
5,501
6,276
7,074
7,790
8,360
8,589
8,986
337,173
series for all commercial and mutual savings banks in the United States
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.
1186
REAL ESTATE CREDIT
SEPTEMBER 1964
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
Loans acquired
Loans outstanding (end of period)
Nonfarm
Nonfarm
Period
Total
Total
FHAinsured
1941
1945
976
1957
1958
1959
I960
5,230
5,277
5,970
6,086
4,823
4,839
5,472
5,622
653
1,301
1,549
1,401
1961
1962
1963
6,785
7,478
9,006
6,233
6,859
8,134
1,388
1,355
1,576
729
821
766
716
661
737
704
653
118
140
140
134
1963—June'
July
Aug
Sent
Oct
Nov
Dec
1964
.
Jan
Feb
Mar
Apr
May
June
VAguaranteed
Farm *
Total
Total
Other i
FHAinsured
6,442
6,636
5,529
5 860
815
1,394
VAguaranteed
Farm
Other
4,714
4 466
913
776
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
220
469
680
4,625
5,035
5,878
552
44,203
46,902
50,543
41,033
43,502
46,753
9,665
10,176
10,790
6,553
6,395
6,411
24,815
26,931
29,552
3,170
3,400
3,790
56
57
50
48
487
540
514
471
68
84
62
63
48,367
48,665
48,^64
49,233
49,536
49,813
50,543
44,775
45,028
45,294
45,522
45,799
46,057
46,753
10,452
10,510
10,564
10,604
10,658
10,711
10,790
6,434
6,428
6,419
6,402
6,393
6,395
6,411
27,889
28,090
28,311
28,516
28,748
28,951
29,552
3,592
3,637
3,670
3,711
3,737
3,756
3,790
50,828
51,126
51,441
51,806
52,117
52.466
47,010
47,271
47,523
47,824
48,085
48,384
10,857
10,923
10,982
11,032
11,076
11,116
6,418
6,423
6,420
6,425
6,433
6,422
29,735
29,925
30,121
30,367
30,576
30,846
3,818
3,855
3,918
3,982
4,032
4,082
831
195
201
619
872
774
718
147
52
519
56
680
1,236
622
1,148
126
172
54
69
442
907
58
88
745
705
638
615
141
140
61
54
436
421
107
90
800
808
737
863
673
706
652
778
143
133
127
152
53
58
60
51
477
515
465
575
127
102
85
85
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.
figures may not add to annual totals and for loans outstanding, the
end-of-Dec. figures may differ from end-of-year figures, because monthly
figures represent book value of ledger assets whereas year-end figures
represent annual statement asset values, and because data for year-end
adjustments are more complete.
NOTE.—Institute of Life Insurance data. For loans acquired, the monthly
MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS
NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
(In millions of dollars)
(In millions of dollars)
Loans made
Period
Total i
New
construction
Loans outstanding (end of period)
FHAHome
pur- Total 2
inchase
sured
Total i
By type of lender (N.S.A.)
N.S.A.
Savings &
loan
assns.
1941.
1945.
4,732
5,650
1,490
2,017
Period
ConVAguarvenanteed tional 2
S.A. 2
Insurance
companies
Commercial
banks
Mutual
savings
banks
404
250
1,165
1,097
218
217
1941
1945
1,379
1,913
437
181
581
1,358
4,578
5,376
1957
1958
1959
1960
10,160
12,182
15,151
14,304
3,484
4,050
5,201
4,678
4,591
5,172
6,613
6,132
40,007
45,627
53,141
60,070
1,643
2,206
2,995
3,524
7,011
7,077
7,186
7,222
31,353
36,344
42,960
49,324
1957.
1958.
1959.
1960.
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
,429
,640
,780
,557
1961
1962
1963
17,364
20,754
24,734
5,081
5,979
7,038
7,207 68,834
8,524 78,770
9,920 90,849
4,167
4,476
4,685
7,152 57,515
7,010 67,284
6,960 79,204
1961.
1962.
1963.
31,157
34,187
36,925
13,662
15,144
16,716
1,160
1,212
1,339
4,997
5,851
6,354
,741
,957
2,061
2,341
2,428
2,196
2,387
1,856
2,118
619
623
642
685
502
620
1,003
1,071
928
977
757
776
4,621
4,635
4,662
4,679
4,683
4,685
7,084
7,085
7,058
7,028
6,980
6,960
Apr..
May.
June.
July.,
Aug..
Sept..
Oct..,
Nov..
Dec.
2,986
3,066
3,121
3,183
3,213
3,189
3,134
3,149
3,059
3,065
3,233
3,177
3,515
3,525
3,177
3,534
2,880
2,987
1,412
1,497
1,468
1,606
1,611
1,442
1,594
1,271
1,322
112
116
119
127
123
116
110
539
563
551
595
612
546
616
495
504
145
168
181
218
212
190
206
184
166
3,081
3,029
3,034
2.758
2,575
2,935
3,089
1,170
1,128
1,290
1,350
103
90
102
109
483
465
540
567
145
129
140
154
1963
July
Sept.
Oct
Nov
Dec
1963
85,628
86,836
87,933
89,051
89,857
90,849
73,923
75,116
76,213
77,344
78,194
79,204
1964
Jan
Feb
Mar
Apr
May
June5
July?
1,716
1,712
2,071
2,081
2,145
2,394
2,353
434
474
621
579
597
624
630
696
674
784
831
881
1,054
1,038
91,453
92,163
93,069
93,978
94,971
96,067
97,131
4,705
4,705
4,710
4,714
4,723
4,737
4,759
6,931
6,902
6,879
6,855
6,821
6,790
6,773
79,817
80,556
81,480
82,409
83,427
84,540
85,599
1 Includes loans for repairs, additions and alterations, refinancing, etc.
not shown separately.
2 Beginning with 1958 includes shares pledged against mortgage loans.
NOTE.—Federal Home Loan Bank Board data.
125
103
1964
Jan...,
Feb....
Mar.. .
Apr...,
1
2
Includes amounts for other lenders, not shown separately.
Three-month moving average, seasonally adjusted by Federal Reserve.
NOTE.—Federal Home Loan Bank Board data.
1187
REAL ESTATE CREDIT
SEPTEMBER 1964
GOVERNMENT-UNDERWRITTEN
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- to 4-FAMILY PROPERTIES
RESIDENTIAL LOANS MADE
(In millions of dollars)
(In billions of dollars)
VA-guaranteed
FHA-insured
Mortgages
Period
Total
New
homes
Existing
homes
257
217
1945
665
1956
1957
1958
1959
3,461
3,715
6,349
7,694
1,133
880
1,666
2,563
1960
1961
1962
1963
6,293
6,546
7,184
7,216
1963—July
Aug
Sept
Oct
Nov
Dec
1964—Jan
Feb
Mar
Apr
May
June
July
Governmentunderwritten
Mortgages
Projects i
Property
imTotal 3
prove-2i
New
ments
homes
End of
period
Total
Total
Existing
homes
20
171
192
1,505
1,371
2,885
3,507
130
595
929
628
692
869
868
997
5,868
3,761
1,865
2,787
3,910
2,890
1,311
2,051
1,948
863
549
730
2,197
1,783
1,849
1,664
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
640
653
617
734
577
601
142
136
138
160
127
142
369
372
367
407
317
345
72
60
46
88
55
63
56
86
66
79
78
52
265
278
267
316
258
255
98
103
103
119
100
106
167
175
165
196
158
149
666
534
600
646
570
711
782
162
126
126
117
105
128
141
381
314
357
367
352
442
476
62
48
59
119
68
67
108
61
46
58
43
46
73
57
268
201
208
206
192
233
251
114
81
84
81
71
76
81
153
120
124
125
121
157
171
1
Monthly figures do not reflect mortgage amendments included in annual totals.
Not ordinarily secured by mortgages.
Includes a small amount of alteration and repair loans, not shown separately; only such
loans in amounts of more than $1,000 need be secured.
NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans
represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans
closed. Figures do not take into account principal repayments on previously insured or
guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on
number and average amount of loans closed.
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
1960 .
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—1
II
Ill
IV
155.3
159.1
162.9
166.5
59.9
60.4
61.0
62.0
30.3
30.9
31.5
32.3
29.6 95.4
29.5 98.7
29.5 101.9
29.7 104.5
1963—IP
IIP
Ill*
IV*
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—1*>
185.2
66.3
35.7
30.6 119.0
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.
2
3
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY
FEDERAL HOME LOAN BANKS
(In millions of dollars)
Mortgage holdings
End of
period
1956
1957
1958
1959
1960
1961
1962
1963
.
.
..
1963 July
Aue
Sept
Oct
Nov
Dec
1964—Jan
Feb
Mar
Apr
May
June
July
.
(In millions of dollars)
Mortgage
transactions
(during
period)
Total
FHAinsured
VAguaranteed
3,047
. . . 3.974
3 901
5,531
978
1,237
1 483
2,546
2,069
2,737
2,418
2,985
1,096
6,159
. . . . 6,093
5,923
4,650
3,356
3,490
3,571
3,017
4,795
4,752
4,720
4,702
4,677
4 650
4,624
. . . 4,613
4,598
4,572
. . . 4,565
4,539
4,516
Purchases
Sales
Commitments
undisbursed
1,541
1,907
5
3
482
5
2,803
2,603
2,353
1,634
1,248
815
740
290
357
541
498
1,114
576
631
355
191
3,069
3,050
3,034
3,033
3,021
3,017
1,727
1,703
1,686
1,669
1,656
1,634
19
23
21
23
74
29
10
5
183
185
183
190
15
24
7
19
196
191
3,006
3,011
3,016
3,015
3,027
3,025
3,033
1.618
1,603
1,582
1,557
[ 538
1,514
1,482
21
24
11
4
189
188
27
38
11
31
192
204
609
623
44
36
41
21
21
30
360
764
568
202
199
222
NOTE.—Federal National Mortgage Assn. data excluding conventional
mortgage loans acquired by FNMA from the RFC Mortgage Co., the
Defense Homes Corp., the Public Housing Admin., and Community
Facilities Admin.
Period
Advances
Repayments
Advances outstanding
(end of period)
Total
Shortterm 1
Longterm 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 i
685
1,192
430
534
613
942
683
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
,180
,213
1,151
1963—Aug
Sept
Oct
Nov
Dec
466
517
610
363
754
256
251
408
299
259
3,758
4,024
4,226
4,290
4,784
2,296
2,493
2,588
2,611
2,863
,462
,531
,638
,679
,921
,011
,014
986
978
1,151
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
467
225
339
573
352
703
584
369
837
424
387
296
401
329
590
351
4,414
4,216
4,168
4,444
4,395
4,769
4,763
4,781
2,653
2,500
2,406
2,463
2,438
2,674
2,699
2.662
,762
,716
,763
,982
1,957
1,095
2,064
<2,119
944
943
977
957
990
1,153
936
926
1
819
589
Secured or unsecured loans maturing in 1 year or less,
i Secured loans, amortized quarterly, having maturities of more than
1 year but not more than 10 years.
NOTE.—Federal Home Loan Bank Board data.
1188
CONSUMER CREDIT
SEPTEMBER 1964
TOTAL CREDIT
(In millions of dollars)
Noninstalment
Instalment
End of period
Total
1939
1941
1945
1956
1957
1958
1959
. . .
I960
1961
1962
1963
1963—July
AUK
Sept.
Oct
Nov
Dec
1964—Jan
Feb
Mar
Apr
May . .
June
July
Other
consumer
goods
paper
Total
Automobile
paper
7,222
9,172
5,665
4,503
6,085
2,462
1,497
2,458
455
1,620
1,929
816
42,334
44,970
45 129
51,542
31 720
33,867
33 642
39,245
14,420
15,340
14 152
16,420
56 028
57,678
63 164
69,890
42,832
43,527
48 034
53,745
65,491
66 308
66,538
67 088
67 746
69,890
69,203
68 786
68,913
69,816
70 945
71,907
72,456
Repair
and modernization
loans 1
Singlepayment
loans
Charge
accounts
Service
credit
Personal
loans
Total
298
376
182
1,088
1,322
1,009
2,719
3,087
3,203
787
845
746
1,414
1,645
1,612
518
597
845
8 606
8,844
9 028
10 630
1 905
2,101
2 346
2,809
6,789
7,582
8,116
9,386
10,614
11,103
11,487
12,297
3,253
3,364
3,627
4,129
4,995
5,146
5,060
5,104
2,366
2,593
2,800
3,064
17,688
17,223
19 540
22,199
11,525
11,857
12 605
13 766
3,139
3,191
3 246
3,389
10,480
11,256
12,643
14,391
13,196
14,151
15,130
16,145
4,507
5,136
5,456
5,959
5,329
5,324
5,684
5,871
3,360
3,691
3,990
4,315
50,894
51 526
51,718
52 257
52,695
53,745
21,593
21 819
21,725
21 971
22,107
22,199
12 459
12 607
12 702
12 845
13 046
13,766
3,316
3 357
3,377
3 400
3,407
3,389
13,526
13,743
13,914
14 041
14,135
14,391
14,597
14,782
14,820
14,831
15,051
16,145
5,683
5,789
5,844
5,830
5,894
5,959
4,760
4,839
4,833
4,898
4,999
5,871
4,154
4,154
4,143
4,103
4,158
4,315
53,597
53 552
53,795
54,382
55 120
55,914
56,496
22,189
22 271
22,471
22,830
23,255
23,702
24,024
13,638
13 467
13,451
13,476
13 599
13,730
13,813
3,354
3 335
3,321
3,328
3 364
3,395
3,426
14,416
14,479
14,552
14,748
14,902
15.087
15,233
15,606
15,234
15,118
15,434
15,825
15,993
15,960
5,900
5,958
6,002
6,048
6,206
6,233
6,218
5,339
4,805
4,634
4,833
5,099
5,238
5,240
4,367
4,471
4,482
4,553
4,520
4,522
4,502
i Holdings of financial institutions; holdings of retail outlets are inchidod in "other consumer goods paper."
NOTE.—Consumer credit estimates cover loans to individuals for household, family, and other personal expenditures, except real estate mortgage
loans. The estimates include data for Alaska beginning with Jan. 1959
(except for instalment credit held by sales finance cos.) and for Hawaii
beginning with Aug. 1959. For a description of the series see Apr. 1953
BULL. Back data are available upon request.
INSTALMENT CREDIT
(In millions of dollars)
Retail outlets
Financial institutions
End of period
Total
Total
Commercial
banks
Sales
finance
cos.
ConCredit
sumer
unions finance
1939
1941
1945
4,503
6,085
2,462
3,065
4,480
1,776
1,079
1,726
745
1,197
1,797
300
132
198
102
1956
1957
1958
1959
31,720
33,867
33,642
39,245
26,977
29,200
28,659
33,570
11,777
12,843
12,780
15,227
9,117
9,609
8,844
10,319
2,014
2,429
2,668
3,280
1960
1961
1962
1963
42,832
43,527
48,034
53,745
37,218
37,935
41,782
46,992
16,672
17,008
19,005
21,610
11,472
11,273
12,194
13,523
1963—July.
Aug.
Sept.
Oct..
Nov.
Dec.
50,894
51,526
51,718
52,257
52,695
53,745
44,878
45,375
45,687
46,161
46,462
46,992
20,874
21,101
21,145
21,391
21,486
21,610
1964—Jan..
Feb..
Mar.
Apr.,
May,
June
July.
53,597
53,552
53,795
54,382
55,120
55,914
56,496
47,300
47,454
47,653
48,191
48,824
49,543
50,082
21,630
21,799
21,919
22,224
22,559
22,907
23,176
Other
Total
Department
stores 2
Furniture
stores
Appliance
stores
Automobile
dealers 3
Other
657
759
629
1,438
1,605
686
354
320
131
439
496
240
183
206
17
123
188
28
339
395
270
2,940
3,124
3,085
3,337
1,129
,195
,282
,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
,226
,175
,368
3,923
4,330
4,902
5,622
3,670
3,799
4,131
4,590
,481
,525
,550
,647
5,615
5,595
6,252
6,753
2,414
2,421
3,013
3,427
1,107
1,058
1,073
1,086
333
293
294
287
359
342
345
328
,402
,481
,527
,625
12,807
12,906
13,073
13,187
13,302
13,523
5,330
5,412
5,458
5,529
5,569
5,622
4,276
4,329
4,381
4,425
4,461
4,590
,591
,627
,630
,629
,644
,647
6,016
6,151
6,031
6,096
6,233
6,753
2,999
3,107
3,025
3,077
3,172
3,427
994
1,004
1,009
1,015
,032
,086
274
276
279
280
282
287
343
341
321
325
326
328
,406
,423
,397
,399
,421
,625
13,840
13,788
13,802
13,893
14,027
14,228
14,359
5,584
5,607
5,668
5,776
5,889
6,014
6,109
4,592
4,595
4,597
4,628
4,657
4,701
4,748
,654
,665
,667
,670
,692
,693
,690
6,297
6,098
6,142
6,191
6,296
6,371
6,414
3,063
2,949
3,044
3,106
3,182
3,231
3,267
,065
,047
,022
,013
,020
,028
,037
281
278
273
272
271
271
273
328
330
334
340
348
355
360
,560
,494
,469
,460
,475
,486
,477
1 Consumer finance cos. included with "other" financial institutions
until Sept. 1950.
2 Includes mail-order houses.
1
3 Automobile paper only; other instalment credit held by automobile
dealers is included with "other" retail outlets.
See also NOTE to table above.
SEPTEMBER 1964
1189
CONSUMER CREDIT
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS
INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES
(In millions of dollars)
(Tn 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
178
338
143
166
309
114
135
161
110
363
471
312
1956
1957
1958
1959
11,777
12,843
12,780
15,227
3,651
4,130
4,014
4,827
2,075
2,225
2,170
2,525
2,464
2,557
2,269
2,640
1,469
1,580
1,715
2,039
2,118
2,351
2,612
3,196
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
1963—July
Aug
Sept
Oct
Nov
Dec
20,874
21,101
21,145
21,391
21,486
21,610
6,976
7,073
7,072
7,177
7,218
7,246
3,922
3,936
3,903
3,951
3,984
4,003
2,986
3,012
3,033
3,073
3,084
3,123
2,312
2,336
2,352
2,370
2,373
2,361
4,678
4,744
4,785
4,820
4,827
4,877
1964—Jan
Feb
Mar
Apr.
May
June
July
21,630
21,799
21,919
22,224
22,559
22,907
23.176
7,246
7,275
7,364
7,501
7,673
7,854
7,979
4,016
4,052
4,102
4,172
4,255
4,323
4,371
3,134
3,226
3,195
3,185
3,192
3,205
3,234
2,333
2,316
2,303
2,308
2,331
2,355
2,380
4,901
4,930
4,955
5,058
5,108
5,170
5,212
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
,066
,201
,452
,754
1963—July..
Aug..
Sept..
Oct...
Nov..
Dec..
12,807
12,906
13,073
13,187
13,302
13,523
8,069
8,153
8,099
8,163
8,210
8,228
3,011
2,986
3,157
3,186
3,233
3,383
162
161
161
161
160
158
,565
,606
,656
,677
,699
,754
1964—Jan....
Feb.. .
Mar...
Apr.. .
May..
June..
July...
13,840
13,788
13,802
13,893
14,027
14,228
14,359
8,220
8,227
8,265
8,371
8,489
8,633
8,741
3,701
3,635
3,603
3,580
3,583
3,615
3,614
156
154
152
151
149
150
149
,763
,772
782
,791
,806
,830
,855
NONINSTALMENT CREDIT
(In millions of dollars)
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—July
Aug
Sept
Oct
Nov
Dec
11,197
11,368
11,469
11,583
11,674
11,859
2,283
2,316
2,330
2,355
2,369
2,394
789
799
802
815
822
835
842
860
864
869
874
870
7,283
7,393
7,473
7,544
7,609
7,760
1964—Jan
Feb
Mar
Apr
May
Tune
July
11,830
11,867
11,932
12,074
12,238
12,408
12,547
2,379
2,387
2,406
2,446
2,490
2,537
2,573
834
838
845
860
876
894
911
865
865
866
869
884
890
897
7,752
7,777
7,815
7,899
7,988
8,087
8,166
. . . .
Nora—Institutions represented are consumer finance cos., credit
unions, industrial loan cos., mutual savings banks, savings and loan
assns., and other lending institutions holding consumer instalment loans.
See NOTE to first table on previous page.
Personal
loans
1,197
1,797
300
(In millions of dollars)
Total
Repair
and
modernization
loans
1939.
1941.
1945.
INSTALMENT CREDIT HELD BY OTHER
FINANCIAL INSTITUTIONS
End of period
Other
consumer
goods
paper
See NOTE to first table on previous page.
See NOTE to first table on previous page.
Automobile
paper
Automobile
paper
Singlepayment
loans
Charge accounts
Service
Other Decredit
Other Credit
finan- partcial
retail
insti- ment 1 outlets cards 2
tutions stores
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—July...
Aug...
Sept..
Oct...
Nov..
Dec...
14,597
14,782
14,820
14,831
15,051
16,145
4,874
4,879
4,927
4,952
4,987
5,047
809
910
917
878
907
912
555
579
620
639
667
895
3,682
3,713
3,667
3,743
3,817
4,456
523
547
546
516
515
520
4,154
4,154
4,143
4,103
4,158
4,315
1964—Jan...
Feb...
Mar..
Apr...
May..
June..
July...
15,606
15,234
15,118
15,434
15,825
15,993
15,960
4,991
5,036
5,076
5,152
5,230
5,313
5,329
909
922
926
896
976
920
889
782
655
614
610
626
610
576
4,014
3,590
3,485
3,667
3,910
4,028
4,008
543
560
535
556
563
600
6 56
4,367
4,471
4,482
4,553
4,520
4,522
4,502
Commercial
banks
518
597
845
1 Includes mail-order houses.
2 Service station and misc. credit-card accounts and home-heating
oil accounts.
See NOTE to first table on previous page.
1190
CONSUMER CREDIT
SEPTEMBER 1964
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
(In millions of dollars)
Automobile paper
Total
Other consumer
goods paper
Repair and
modernization loans
Personal loans
Period
S.A.i
N.S.A.
S.A.i
N.S.A.
S.A.i
N.S.A.
S.A.i
N.S.A.
S.A.i
N.S.A.
Extensions
1956
1957
1958
1959
39,868
42,016
40,119
48,052
15,515
16,465
14,226
17,779
11,721
11,807
11,747
13,982
1,582
1,674
1,871
2,222
11,051
12,069
12,275
14,070
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
1963—July..
Aug..
Sept..
Oct..
Nov..
Dec..
5,100
5,100
5,093
5,311
4,979
5,272
5,365
5,242
4,755
5,487
4,981
5,974
,854
,802
,730
,910
,792
,914
2,055
,839
,524
,040
,734
,767
1,409
1,441
1,425
1,457
1,432
1,523
,393
,456
,384
,547
,517
,094
191
185
181
188
168
172
214
213
193
205
169
154
.646
,672
,757
,756
,587
,663
,703
,734
,654
,695
,561
,959
1964—Jan.. . .
Feb....
Mar...
Apr....
May.. .
June.. .
July. . .
5.276
5,421
5,480
5,371
5,552
5,399
5,541
4,784
4,552
322
578
584
949
5,747
,953
,942
,961
2,023
,962
,996
,686
,983
2,127
2,137
2,245
2,166
1,493
1,578
1,665
1,544
1,589
1,537
1.546
,380
,212
,488
,495
,547
,632
.543
185
186
179
174
187
183
189
141
142
163
178
205
208
,710
.704
,694
,692
,753
,717
1,810
,574
,512
,688
1,778
1,695
1,864
1.830
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—July
Aug
Sept
Oct
Nov
Dec
4,591
4,619
4,752
4,780
4,596
4,812
4,778
4,610
4,563
4,948
4,543
4,924
1,603
1,607
1,659
1,676
1,638
1,707
,698
,613
,618
,794
,598
,675
1,330
1,326
1,347
1,362
1,324
1,384
,356
,308
,289
,404
,316
,374
171
170
174
170
167
177
179
172
173
182
162
172
,487
,516
,572
,572
.467
,544
,545
,517
,483
,568
,467
,703
1964—Jan
Feb
Mar
Apr
May
June
July
4,848
4,842
4,956
4,959
5,059
5,029
5,058
4,932
4,597
5,079
4,991
4,846
5,155
5,165
1,684
1,716
1,735
1,759
1,776
1,768
1,781
,699
,604
,783
,768
,712
,798
,844
1,441
1,395
1,468
1,453
1,483
1,486
1,448
,508
,383
,504
,470
,424
,501
,460
176
171
174
172
175
170
171
176
161
177
171
169
177
177
,547
,560
,579
,575
,625
,605
,658
,549
,449
,615
,582
,541
,679
,684
Net change of credit outstanding2
1956.
1957.
1958.
1959.
2,814
2,148
-225
5,601
960
920
-1,189
2,268
965
238
184
,602
212
197
245
463
678
793
534
1,269
1960
1961
1962
1963
3,588
696
4.506
5,711
1,270
-465
2,318
2,659
332
746
1,161
330
53
55
143
1,093
111
1,388
1,748
1963—July..
Aug..
Sept..
Oct..
Nov..
Dec.
509
481
341
531
383
460
587
632
192
539
438
1,050
251
195
71
234
154
207
357
226
-94
246
136
92
79
115
78
95
108
139
37
148
95
143
201
720
1964—Jan...
Feb..
Mar..
Apr..
May.
June.
July. .
428
579
524
412
493
370
483
-148
-45
243
587
738
794
582
204
237
207
202
247
194
215
-10
82
200
359
425
447
322
52
183
197
91
106
51
98
-128
-171
-16
25
123
131
83
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
20
15
7
18
-5
35
41
20
23
7
-18
159
156
185
184
120
119
158
217
171
127
94
256
9
15
5
2
12
13
18
-35
-19
-14
7
36
31
31
163
144
115
117
128
112
152
25
63
73
196
154
185
146
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.
SEPTEMBER 1964
CONSUMER CREDIT
1191
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions of dollars)
Total
Commercial banks
Period
S.A.i
N.S.A.
S.A.i
N.S.A.
Sales finance
companies
S.A.i
N.S.A.
Other financial
institutions
S.A.i
N.S.A.
Retail outlets
S.A.i
N.S.A.
Extensions
1956
1957
1958
1959
39,868
42,016
40,119
48,052
14,463
15,355
14,860
17,976
9,619
10,250
9,043
11,196
9,148
9,915
9,654
10,940
I960
1961
1962
1963
49,560
48,396
55 126
60,822
18 269
17,711
20 474
22,871
11 456
10 667
11 999
12,664
12
12
13
14
1963
6,638
6,495
6,563
7,940
7 762
7,736
9 128
10,393
073
282
525
RQ4
July
Aug
Sept
Oct
Nov
Dec
5,100
5,100
5,093
5,311
4,979
5,272
5,365
5,242
4,755
5,487
4,981
5,974
1,898
1,878
1,878
2,000
1,877
1,963
2,066
1,920
1,744
2,061
1 766
1,889
1,054
1,051
1,021
1,115
1 030
1,134
1,159
1,094
955
1,194
1 013
1,192
1,254
1,274
1,322
1,351
1 198
1,252
,307
,328
,218
,311
213
,476
894
897
872
845
874
923
833
900
838
921
989
1,417
1964—Jan
Feb
Mar
Apr
May
June
July
5,276
5,421
5,480
5,371
5,552
5,399
5,541
4,784
4,552
5,322
5,578
5,584
5,949
5,747
1,928
2,043
2,006
1,981
2,075
2,004
2,065
1,825
1,786
2 011
2,158
2,144
2,247
2,199
1,125
1,187
1 209
1,160
1,196
1,174
1,158
1 020
980
1 166
1,201
1,194
1,324
1,242
1 312
1,283
1 292
1,309
1,350
1,321
1,397
157
,122
290
,347
,338
,453
,426
911
908
973
921
931
900
921
782
664
855
872
908
925
880
Repayments
1956
1957
1958
1959
37,054
39,868
40,344
42,603
13,362
14,360
14 647
15,560
8,949
9,759
9 842
9,742
8,415
9,250
9 365
10,020
6,328
6,499
6,490
7,281
1960
1961
1962
1963
45,972
47,700
50,620
55,111
16,832
18 294
18 468
20,266
10,442
10 943
11 434
12,211
11,022
11,715
12 593
13,618
7,676
6,749
8,125
9,016
1963—July
Sept
Oct
Nov
Dec
.. .
1964—Jan
Feb
Mar
Apr
May
June
July
4,591
4,619
4,752
4,780
4,596
4,812
4,778
4,610
4,563
4,948
4,543
4,924
1,690
1,692
1,737
1,737
1,734
1,802
1,794
1,693
1,700
1,815
1,671
1,765
1,007
1,000
1,034
1,054
983
1,039
1,045
995
997
1,129
959
1,066
1,144
1,158
1,190
1,209
1,116
1,167
1,188
1,157
1,117
1,197
1,122
1,291
750
769
791
780
763
804
751
765
749
807
791
802
4,848
4,842
4,956
4,959
5,059
5.029
5,058
4,932
4,597
5,079
4,991
4,846
5,155
5,165
1,768
1,793
1,843
1,833
1,876
1,845
1,857
1,805
1,703
1,891
1,853
1,809
1,899
1,930
1,076
1,094
1,084
1,097
1,114
1,102
1,097
1 .050
1,032
1,152
1,110
1,060
1,123
1,111
1,184
1,173
1,201
1,197
1,234
1,223
1,267
1,186
1,085
1 225
1,205
1,174
1,283
.287
820
782
828
832
835
859
837
891
111
811
823
803
850
837
Net change in credit outstanding 2
1956
1957
1958
19^9
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
Julv
Aug
Sept
Oct
Nov
Dec
509
481
341
531
383
460
587
632
192
539
438
1,050
208
186
141
263
143
161
272
227
44
246
95
124
47
51
196
110
108
190
114
99
167
114
115
221
110
116
132
142
82
85
119
171
101
114
91
185
144
128
-128
16
50
24
82
135
-120
65
137
520
1964
Jan
Feb
Mar
Apr
May
June
July
428
579
524
412
493
370
483
-148
-45
243
587
738
794
582
160
336
163
148
199
159
208
20
169
120
305
335
348
269
396
93
125
63
82
72
61
317
-52
14
91
134
201
131
128
110
91
112
116
98
130
-29
37
65
142
164
170
139
-256
40
145
89
96
41
84
-456
-199
44
49
105
75
43
1 Includes adjustment for differences in trading days.
2 N e t changes in credit outstanding are equ o 1 *n av+"
ments except: (1) in 1959, when the differences
duction of outstanding balances for Alaska a n d Hawaii, a n a {Z) in certain
m o n t h s when data for extensions a n d repayments have been adjusted to
eliminate duplication resulting from large transfers of paper. In those
See also N O T E to previous table.
192
INDUSTRIAL PRODUCTION: S.A.
SEPTEMBER 1964
MARKET GROUPINGS
(1957-59= 100)
Grouping
Total index.
Final products, total
Consumer goods
Equipment, including defense. . .
Materials
1957-59 1963
proaverporage
tion
1963 '
July
Aug.
Sept.
Oct.
100.00 124.3 125.6 125.4 125.7 126.1
47.35
32.31
15.04
52.65
124.9
125.2
124.2
123.7
125.2
125.8
124.0
126.0
126.0
126.5
125.0
124.9
126.3
126.4
126.0
125.0
127.2
127.4
127.0
125.5
1964
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May' June 1
July
126.1
127.0 127.7 128.2 129.0 130.5 131.3 131.6 132.7
121.0
126.9
127.1
125.7
128.0
128.0
128.1
125.9
128.5
128.9
127.9
126.7
P
128.1
128.8
-127.1
128.1
128.7
128.8
128.8
129.3
130.6
130.8
130.7
130.6
131.1
131.0
131.3
131.3
131.6
131.3
132.0
131.9
131.9
131.5
132.5
133.6
Consumer goods
Automotive products
Autos
Auto parts and allied products.
3.21 141.2 140.2 141.4 143.0 145.8 145.8 146.1 146.6 145.5 144.3 149.3 151.4 150.9 151.8
1.82 149.5 151.5 151.3 153.3 154.8 155.1 155.6 155.3 156.5 152.5 160.0 160.3 161.7 162.6
1.39 130.2 125.3 128.4 129.5 134.0 133.6 133.5 135.2 131.1 133.4 135.2 139.6 136.6 137.6
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
123.7
129.7
125.7
130.6
111.8
132.7
131.9
118.7
125.1
131.3
128.4
135.5
108.5
133.1
133.2
119.8
124.3
131.8
128.1
136.4
104.9
132.1
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
127.0
134.8
127.5
130.7
118.6
136.1
142.3
120.4
128.3
137.3
131.3
135.3
120.3
138.1
143.7
120.7
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
129.5
136.9
129.7
139.4
102.4
141.0
142.1
123.2
129.8
137.6
131.0
136.9
114.3
141.9
141.9
123.2
131.1
138.8
Consumer staples
Processed foods
Beverages and tobacco
Drugs, soap, and toiletries
Newspapers, magazines, and books.
Consumer fuel and lighting
Fuel oil and gasoline
Residential utilities
Electricity
Gas
19.10
8.43
2.43
2.97
1.47
3.67
1.20
2.46
1.72
.74
123.7
116.6
116.9
140.1
117.8
133.5
116.9
141.5
146.7
124.4
115.5
120.5
142.7
118.3
134.8
116.2
143.9
150.3
124.
116.7
118.2
142.6
118.6
135.4
116.5
144.6
151.5
124.7
116.7
115.3
144.5
117.9
135.8
118.3
144.3
151.1
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
120.2
118.5
140.1
123.7
134.7
116.8
143.4
149.2
126.3
118.4
121.9
140.1
125.1
136.2
117.6
145.3
151.9
128.8
120.8
125.2
142.8
126.7
138.5
120.9
147.1
154.5
128.3
120.2
122.6
144.5
124.7
138.7
120.4
147.6
155.2
128.8
119.4
119.4
150.5
125.5
140.2
121.8
149.3
157.6
128.4
118.9
11.63
6.85
2.42
1.76
.61
128.3
123.0
142.4
132.2
121.6
128.4
123.6
142.3
131.5
117.6
729.7
124.9
141.5
134.5
122.3
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.
127.6
136.51
133.91
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
139.8
139.0
145.4
139.2
26.73
3.43
7.84
9.17
6.29
121.2
137.2
125.4
116.3
114.3
124.6
141.1
126.1
117.5
116.7
121.4
135.4
126.8
117.9
108.9
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
144.1
131.6
123.8
126.9
129.
143.8
132.9
123.5
127.5
130.9
148.1
133.3
123.0
127.6
132.4
147.7
134.2
125.6
130.3
25.92
9.11
3.03
6.07
7.40
126.3
120.3
120.2
120.4
145.0
127.5
120.0
119.9
120.1
146.7
128.4
121.5
119.6
122.5
147.6
128.0
120.8
118.2
122.1
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
124.0
125.4
155.8
134.9
127.3
126.0
128.0
158.6
9.41
6.07
2.86
2.32
1.03
1.21
.54
117.2
109,
138.
139.
131
149.6
119.6
112.2
140.3
141.4
134.4
150.6
120.0
113.0
140.5
141.4
133.5
151.4
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
142.71
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
359.9
122.2
112.1
148.9
150.1
142.0
160.7
122.5 123.5
112.0 113.2
149.4
150.6
143.5
160.4
117.5
144.7
144.1
124.5
146.9
123.9
121.7
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....
Nondurable materials
Business supplies
Containers
General business supplies.
Nondurable materials n.e.c..
Business fuel and power
Mineral fuels
Nonresidential utilities
Electricity
General industrial
Commercial and other.
Gas
l
Supplementary groups of
consumer goods
Automotive and home goods.
Apparel and staples
See NOTE on opposite page.
7.80 134.4 134.0 135.5 136.4 137.3 138.4 139.1 139.7 140.7 139.7 142.4 142.9| 143.1 144.2
24.51 122.3 123.1 123.7 123.2 124.2 123.3 124.5 125.5 125.0 124.6 127.2 127.2 127.6 127.5
SEPTEMBER 1964
1193
INDUSTRIAL PRODUCTION: S.A.
INDUSTRY GROUPINGS
(1957-59- 100)
Grouping
1957-59 1963
proaverporage
tion
1963'
July
Aug.
Sept.
Oct.
1964
Nov.
Dec,
Jan.
Feb.
Mar.
Apr.
May r June r
July
100.00 124.3 125.6 125.4 125.7 126.1 126.1 127.0 127.7 128.2 129.0 130.5 131.3 131.6 132.7
Total index.
86.45
48.07
38.38
8.23
5.32
124.9
124.5
125.3
107.9
140.0
126.1
126.1
126.0
110.1
141.9
125.7
125.0
126.6
111.1
142.4
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
127.9
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
111.3
149.3
733.5
134.7
132.3
111.5
150.0
Primary and fabricated metals
Primary metals
Iron and steel,
Nqnferrous 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
122.7
121.4
117.1
124.7
124.4
121.7
116.6
109.5
102.6
128.2
125.7
122.0
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
128.2
126.4
125.3
133.6
130.6
129.6
732.3
131.3
129.9
136.0
133.5
131.4
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
129.2
129.6
126.8
133.4
127.6
146.7
110.1
131.0
129.7
130.3
128,0
133.4
128.2
147.6
110.5
131.1
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.
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
137.0
139.9
141.9
137.3
134.9
158.3
113.4
134.8
737.3
141.2
143.2
138.5
133.6
158.0
111.0
136.0
Manufacturing, total.
Durable
Nondurable
Mining
Utilities
Durable Manufactures
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
4.72 114.4 114.0 115.0 115.9 777.
777.2 777.0 777.9 727.5 727.9 727.5 720.9 720.3 722.3
2.99 117.5 119.7 118.6 119.1 120.4 120.3 120.5 121.2 124.1 125.3 125.2 124.3 126.6 126.0
1.73 108.9 104.3 108.7 110.5 112.2 111.8 111.0 112.2 117.3 116.1 115.4 114.9 109.5 116.0
Furniture ami miscellaneous..
Furniture and fixtures
Miscellaneous manufactures.
3.05 129.1 130.4 130.5 131.1 130.8 737.
732.5 733.0 733.9 73*. 7 735.5 735.2 735.0 739.5
1.54 133.1 135.0 134.8 135.3 135.3 136.4 137.6 137.3 138.1 139.0 139.8 140.5 142.8 145.0
1.51 125.0 125.7 126.
126.8 126.2 127.
127.6 128.6 129.7 130.4 131.4 131.9 133.2 134.0
Nondurable manufactures
Textiles, apparel, and leather.
Textile mill products
Apparel products
Leather and products
7.60 118.5 118.9 119.9 120.6
2.90 116.9 117.1 118.0 119.0
3.59 125.6 126.2 126.9 127.2
1.11 99.8 99.9 102.1 103.6
720.7
119.3
127.3
102.9
727.3
120.5
128.5
100.0
727.3 720.7 722.* 727.7 727.5 723.5 722.5 725.7
119.4 118.8 119.8 118.9 119.4 119.3 119.4 122.4
129.1 129.4 131.7 131.8 130.5 132.8 133.6 134.8
101.2 97.8 99.3 96.3 98.4 104.7 97.1
Paper and printing
Paper and products
Printing and publishing.
Newspapers
8.17
3.43
4.74
1.53
120.1
125.1
116.4
108.0
121.2
126.3
117.6
111.5
121.9
126.7
118.4
112.9
121.6
125.9
118.4
113.7
727.7
127.0
117.9
111.9
727.7
127.3
117.7
113.2
723.9
127.6
121.3
119.2
723.*
128.7
119.5
113.9
72*. 5
129.
121.2
114.5
725.*
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
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.
148.6
162.7
117.1
140.0
142.2
149.9
163.2
119.5
135.1
143.2
150.7
164.5
117.6
140.1
144.7
152.5
166.7
117.0
142.6
7*5.2
153.5
168.3
119.0
145.0
153.5
169.3
118.5
144.3
146.3
154.5
171.4
116.6
144.3
7*5.*
154.7
173.1
116.0
145.0
7*5.9
154.5
173.3
119.1
145.3
7*7.*
155.2
174.9
119.7
145.1
7*9.5
157.0
176.7
120.8
149.4
750.0
156.7
173.7
122.0
152.2
752.7 752.5
159.6 159.3
176.3
122.1
153.4
Foods, beverages, and tobacco.
Foods and beverages
Food manufactures
Beverages
Tobacco products
11.07
10.25
8.64
1.61
,82
116.
116.9
116.8
117.8
115.2
117.6
117.6
116.8
121.8
117.9
117.4
117.5
117.2
118.9
116.8
116.8
116.9
117.2
115.
115.7
117.8
118.1
117.7
120.5
114.1
777.7
117.3
117.5
116.3
114.6
118.8
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 7/9.*
119.6 119.5
119.5 118.8
120.1
118.1
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
107.0
102.5!
107.9
110.9
108.1
128.7
87.4
109.6
105.9
110.4
113.7
110.9
131.5
88.0
7/0.7
107.2
111.4
114.4
111.7
131.8
90.7
709.2
105.6
169.9
112.7
109.8
131.2
91.3
707.7
103.9
108.5
111.5
109.1
127.0
87.9
106.3
102.2
107.2
110.9
108.1
129.0
82.0
705.0
105.1
106.2
109.9
106.6
130.8
81.6
707.5
104.0
108.3
111.7
108.5
132.2
84.9
707.*
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
709.7
105.1
110.6
113.7
110.2
Metal, stone, and earth materials.
Metal mining
Stone and earth minerals
1.43 112.2 112.1 113.1 775.0 772.5 113.1 113.
77*. 7 775.* 777.0 775.5 777.9 779.
77*.9
.61 112.3 110.3 112.7 112.4 111.9 112.2 112.9 116.4 118.8 119.8 124.2 119.4 119.2 107.7
112.1 113.5 113.4 113.4 113.5 113.8 113.4 113.5 114.7 115.0 114.3 116.8 119.2 120.3
727.7
132.2
124.5
120.0
Mining
/70.5
105.0
112.0
115.1
112.0
*9o!i
Utilitiei
Electric.
Gas
4.04 142.6 145.2 145.7 145.2 145.4 145.0 146.1 148.3 146.5 148.3 151.3 152.3 153.6
1.28 131.9 131.7 132.1 132.4 132.5 132.9 133.3
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.
Data are as revised back to Jan. 1961. See also announcements, July
1964, BULL., p. 847.
1194
INDUSTRIAL PRODUCTION: N.S.A.
SEPTEMBER 1964
MARKET GROUPINGS
(1957-59= 100)
1957-59 1963
proaverporage
tion
Grouping
1964
1963'
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May r June1"
July
100.00 124.3 120.4 123.8 128.3 129.9 127.0 124.7 125.7 128.3 129.0 131.7 132.3 133.9 127.1
Total index
Equipment, including defense....
Materials
47.35 124.9
32.31 125.2
15.04 124.2
52.65 123.7
121.7
121.4
122.2
119.3
123.8
124.3
122.7
123.8
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
133.2
133 1
133.5
134.6
126.4
124.8
130.0
127.7
Consumer Goods
Automotive products
Autos
. .
Auto parts and allied products
Home goods
Appliances TV and radios
Appliances
TV and home radios
Miscellaneous home goods
Apparel, knit goods, and shoes
Processed foods
Drugs soap and toiletries
. •.
Newspapers, magazines, and books..
Fuel oil and gasoline
Electricity
Gas
3.21 141.2 134.9
75.5 127.4 160.7 160.5 154.2 151.9 154.4 152.1 162.5 160.6 162.7 130.8
1.82 149.5 145.4 36.3 122.6 177.2 181.5 172.7 165.4 172.2 167.8 182.4 176.3 180 3 130 1
1.39 130.2 121.1 127.1 133.8 138.9 132.8 129.9 134.1 130.9 131.4 136.4 139.8 139.4 131.8
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
112.0
116.8
104.0
111.7
82.4
125.7
124.6
108.0
126.3
126.8
113.6
114.4
111.3
134.8
135.9
125.8
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
124.1
116.5
124.5
137.0
116,5
134.0
118.1
131.4
126.5
128.1
145 7
123,1
137.9
11.63
6.85
2.42
1.76
.61
128.3
123.0
142.4
132.2
121.6
126.5
122.4
139.5
131.5
106.1
127.0
124.5
141.8
126.4
98.0
131.0
126.7
143.7
135.6
116.3
131.2
125.8
143.6
139.2
120.3
130.1 132.8 132.5
125.6 129.4 129.2
140.7 142.6 141.7
136.9 135.0 132.9
118.7 125.8 131.8
132.4
127.3
139.4
139.2
142.0
135.9
132.0
139.7
141.9
147.3
137.8
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
136.9
137 6
142.5
133.6
26.73
3.43
7.84
9.17
6.29
121.2
137.2
125.4
116.3
114.3
118.6
128.4
122.2
121.0
105.3
118.7
112.4
123.0
126.2
105.7
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
121A
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
131.2
148.4
133 0
122.6
132.0
133.9
149.5
133 8
127.8
134.5
135.0
149.6
134 6
132.2
131.7
727.5
132.9
130 0
129.4
118.6
25.92
9.11
3.03
6.07
7.40
126.3
120.3
120.2
120.4
145.0
120.0
112.1
115.1
110.5
136.1
129.1
123.5
131 6
119.4
145.4
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
127.4
146.2
131.8
116.0
128.2
737.5
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
127.0
130 2
125.4
158.1
128.0
120.2
125 0
117.8
148.1
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
114.9 121.6 120.0 119.3 118.4 118.6 119.9 119.6 119.3 119.8 120.4 122.1 119.7
103.2 111.7 110 2 110 8 110.6 110 6 112.1 112 6 111 4 111 6 111 0 110 9 105 5
130.1
141.0
140.2
144.2
128.8
137.8
144.7
120.9
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
122 2
115.2
101.2
139.8
120.9
138.6
119.9 118.4 116.4 117.7 120.2
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
133.2
133.8
118 3
145 9
121.2
136 2
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
130.9
130 5
124 2
146,9
119.4
123.5
119.9
109.4
142.4
117.2
127.6 128 1
119.9
129.8
138.6
137.8
147.5
110.2
137.3
140.6
122.3
122.6
109.8
117.6
139.4
124.8
140.2
116.4
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
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
131.1
140.4
136 8
145.3
112 9
140.2
144.7
123.2
729 7
116.9
136 5
153.8
124.5
133.9
120.3
779 0
124.2
86 6
137 0
136.2
114.5
725 8
117 1
141.0
122.0
123.7
147.3 154.5 151.9 135.0 135.2 155.7 179.9 166.8 161.3 151.4 140.5 145.0
Equipment
Business equipment
Commercial equipment
Freight and passenger equipment...
Farm equipment
3.41
Materials
Durable goods materials
Consumer durable
. .
Construction
Nondurable materials
Business supplies
. •••
......
General business supplies . . . . . . .
Business fuel and power
Mineral fuels
Electricity
General industrial
Commercial and other
Gas
147.0 isi.o 149.1 144.0 139.7 139 9 iil.5 138 9 141.3 \A\ 9 146 0 152 5
132.7 136.2 135.8 137.2 133.9 133.2 134.1 132.1 136.9 138.7 142.7 144.8
162.7 169.4 164.1 153.2 147.7 148.7 151.0 147.8 148.0 147.9 152.2 163.0
Supplementary groups of
consumer goods
7.80 134.4 124.3 105.7 135.4 148.6 147.7 141.7 138.7 144.4 144.1 148.3 145.9 149.6 126.9
24.51 122.3 120.6 130.2 130.5 129.5 122.2 118.3 122.1 124.0 122.5 124.6 124.9 127.8 124.1
See NOTE on opposite page.
SEPTEMBER 1964
1195
INDUSTRIAL PRODUCTION: N.S.A.
INDUSTRY GROUPINGS
(1957-59= 100)
Grouping
957-59 1963
proaverportion
1963 r
July
Aug.
Sept.
1964
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May r June r
July
100.00 124.3 120.4 123.8 128.3 129.9 127.0 124.7 125.7 128.3 129.0 131.7 132.3 133.9 127.1
Total index.
86.45
48.07
38.38
8.23
5.32
124.9
124.5
125.3
107.9
140.0
120.5
120.8
120.0
105.2
123.4
118.0
130.1
112.1
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
136.5
133.6
112.5
127.5
128.4
126.3
107.6
Primary and fabricated metals
Primary metals
Iron and steel
Nonferrous metals and products.
Fabricated metal products
Structrual metal parts
12.32
6.95
5.45
1.50
5.37
2.86
117.7
113.3
109.6
126.7
123.4
120.2
112.2
104.2
102.5
110.2
122.5
121.7
113.5
102.7
96.4
125.5
127.5
125.1
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
115.5
107.2
102 3
125.3
126.2
124.1
119.3
114.7
110.5
130.0
125.1
121.9
124.4
124.3
119.4
142.0
124.7
121.0
127.4
128.4
124.0
144.2
126.2
122.8
130.7
132.1
128.6
144.6
128.9
125.3
131.9
132.9
130.4
142.2
130.6
127.5
131.3
128.9
125.3
141.9
134.5
132.2
123.6
117.5
115.6
124.4
131.5
131.4
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
124.6
123.2
123.6
122.6
124.9
144.2
107.5
129.7
i77.0
125.7
123.3
128.8
100.1
88.9
108.5
132.1
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.
142.6
145.3
139.0
138.4
167.4
111.8
136.1
130.2
134.2
139.6
127.1
124.7
142.0
108.3
134.6
Manufacturing, total.,
Durable
Nondurable
Mining
Utilities
Durable manufactures
Clay, glass, and lumber
Clay, glass, and stone products.
Lumber and products
4.7. 114.4 117.3 125.4 124.9 124.4 777.3 706.6 104.2 772.0 773.9 720.4 725.4 729.4 725.7
2.99 117.5 126.3 128.7 126.2 127.6 122.1 111.5 107.3 111.7 115.9 124.6 129.3 134.6 132.9
1.73 108.9 101.7 119.6 122.6 118.9 109.0 98.2 98.7 112.6 110.3 113.1 118.7 120.5 113.1
Furniture and miscellaneous..
Furniture and fixtures
Miscellaneous manufactures.
3.05
1.54
1.51
729.7 726.7 134.6 737.7 737.7 736.2 733.9 727.5 729.6 737.5 733.7 733.7 735.3 135.6
133.1 132.0 139.2 140.4 140.4 138.9 140.1 134.6 134.6 135.9 137.4 136.3 142.5 141.8
125.0 121.3 129.9 133.8 135.0 133.5 127.6 120.9 124.5 127.1 128.8 129.9 133.9 129.3
Nondurable manufactures
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather and products
7.60 118.5 106.8
2.90 116.9 105.4
3.59 125.6 113.3
1.11 99.8 89.4
Paper and printing
Paper and products
Printing and publishing
Newspapers
5.77
3.43
4.71.53
724.0
119.8
132.0
108.7
727.7
119.6
127.2
105.
123.8 779.6 709.9 777.6 729.5
119.3 119.3 112.8 116.4 122.8
133.0 126.6 112.3 124.9 142.
105.5 98.0 94.4 97.3 106.2
724.7 724.7 726.2 725./ 113.5
123.1 121.2 124.7 124.8 111.1
133.1 135.7 135.5 133.6 122.7
102.1 98.4 100.0 98.1
772.6 727.5 725.5 727.5
720.
125.1 113.
131.0 127.8 135.3
116.
111.8 115.
120.3 122.3
108.0 97.0 102.2 114.5 121.8
124.6
127.9
122.
124.5
119.4
115.
122.5
118.6
120.4
126.8
115.8
104.9
724.5
132.3
118.9
110.7
726.4
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
120.8
124.3
118.2
104.4
Chemicals, petroleum, and rubber..
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
77.*
7.58
3.84
1.97
1.99
141.8
148.6
162.7
117.1
140.0
135.9
144.3
157.5
123.1
116.
143.3
150.8
162.5
123.5
134.5
145.6
152.
165.0
121.7
144.5
148.3
154.5
169.1
119.6
153.1
745.6
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.
747.
155.0
175.0
117.3
150.4
148.3
156.5
176.6
115.5
149.7
757.7
160.3
179.3
116.0
154.0
752.
159.9
176.
120.2
154.5
755.4 745.5
163.0 153.4
178.1
125.8
155.7
Foods, beverages, and tobacco
Foods and beverages
Food manufactures
Beverages
Tobacco products
77.07
10.25
8.64
1.6
116.8
116.9
116.8
117.8
115.2
118.0
119.1
116.
134.8
104.3
126.6
126.6
126.2
129.0
126.4
130.1
130.9
133.4
117.4
120.2
129.3
129.7
130.7
124.1
124.
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
111.5
770.7
111.
111.
108.6
105.1
777.7
111.4
110.1
118.
116.4
776.
115.4
113.0
127.8
127.
775.0
116.7
114.3
129.5
133.8
727.
775.9
120.9 120.0
117.0 117.0
141.7
126.4
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
4.9
4.25
.66
.73
707.0
102.5
107.9
110.9
108.1
128.
87.4
707.7
71.6
107.9
110.7
108.7
123.6
88.6
709.7
112.8
109.0
111.
109.5
123.8
92.8
705.
111.7
107.7
109.8
107.6
124.0
93.2
705.6
113.2
107.6
110.2
108.0
124.3
90.1
707.5
106.4
108.0
111.6
108.
133.8
84.1
707.9
103.2
108.8
112.3
107.7
141.7
85.5
709.5
101.9
111.
114.5
110.1
143.0
90.4
770.7
100.
112.1
115.
111.0
144.0
89.3
705.6
95.3
111.4
115.2
111.
140.5
85.3
705.
99.4
110.
114.5
111.4
134.1
85.1
705.4
107.2
108.7
111.
109.0
130.0
87.3
705.4
108.
108.4
111.4
109.1
Metal, stone, and earth minerals..
Metal mining
Stone and earth minerals
1.43 772.2 722.0 123.8 725.0 722.3 709.9 702.5 95.7 700.7 702.7 774.5 727.0 737.5 725.7
.6 112.3 118.0 121.7 127.0 119.7 103.2 101.6 102.
106.9 106.6 115.5 131.3 134.7 115.2
.82 112.1 125.0 125.3 123.6 124.3 114.9 103.2 96.0 95.1 99.8 114.3 123.8 129.6 132.4
Mining
103.9
77.2
109.4
112.1
109.8
Utilities
Electric
Gas
4.04 142.6 147.1 153.1 150.3 140.2 137.8 146.6 157.9 150.8 149.8 145.9 143.7 149.3
1.28 131.
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.
1196
BUSINESS ACTIVITY; CONSTRUCTION
SEPTEMBER 1964
SELECTED BUSINESS INDEXES
(1957-59= 100)
Manufacturing
Industria 1 production 5
Major market groupings
Period
Final products
Total
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
.
.
.
.
MateConrials
sumer Equipgoods ment
Mfg.
Mining
Utilities
75.8
81.9
85.2
92.7
86.3
83.2
91.3
90.5
92.9
90.2
49.5
56.4
61.2
66.8
71.8
96.6 93.9 93.3 95.0 99.0 97.3
99.9 98 1 95.5 103.7 101 6 100.2
100.7 99.4 97.0 104.6 101.9 100.8
93.7 94.8 96.4 91.3 92.7 93.2
105.6 105.7 106.6 104.1 105.4 106.0
99.2
104.8
104.6
95.6
99.7
80.2
87.9
93.9
98.1
108.0
Total
74.9
81.3
84.3
91.3
85.8
72.8
78.6
84.3
89.9
85.7
78.6 56.4
77.8 78.4
79.5 94.1
85.0 100.5
84.3 88.9
76 9
83.8
84.3
92.6
85.9
I960
1961
1962 . . .
1963
108.7
109.7
118.3
124.3
109.9
111.2
119.7
124.9
111.0
112.6
119.7
125.2
107.6
108.3
119.6
124.2
107 6
108.4
117.0
123 7
108.9
109.6
118.7
124.9
101.6
102.6
105.0
107.9
115.6
122.3
131.4
140.0
1963—July
125.6
125.4
125.7
126.1
126.1
127.0
125 2
126.0
126.3
127.2
127.0
128.0
125.8
126.5
126.4
127.4
126.9
128.0
124 0
125.0
126.0
127.0
127.1
128.1
126 0
124.9
125.0
125.5
125.7
125.9
126.1
125.7
126.2
126.8
126.9
127.9
110.1
111.1
109.9
108.6
107.5
107.3
141.9
142.4
142.1
142.3
142.1
143.0
127.7
128.2
129.0
130.5
131.3
131.6
132.7
133.5
128 5
128.1
128.7
130.6
131.1
131.6
131.9
132.7
128 9
128.8
128.8
130.8
131.0
131.3
131.5
132.2
127 9
127.1
128.8
130 7
131.3
132.0
132.5
133.8
126 7
128.1
129.3
130 6
131.3
131.9
133.6
134.6
128.5
129.1
129.9
131.4
132.2
132.4
133.6
134.4
108 8
108.9
108.8
109.9
111.3
111.3
111.5
112.7
144 5
143.4
144.8
147.5
148.3
149.3
150.0
151.0
AUR
Sept . .
Oct
Nov
Dec
1964—Jan . . .
Feb
Mar.. .
Apr
May
June
July
Aug.?
1
Employees only, excludes personnel in the armed forces.
* Production workers only.
3 Federal Reserve index based on Census Bureau figures.
• Prices are not seasonally adjusted.
5 Data revised back to Jan. 1961. See announcements, July 1964
BULL., p. 847.
NOTE.—Data are seasonally adjusted unless otherwise noted.
Nonagricultural
employEmment— ployTotal i ment
Payrolls
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
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
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
109.1
109.1
109.3
109.6
109.5
109.8
100.4
99.8
100.1
100.4
100.0
100.5
118.0
117.0
120.3
120.0
119.4
121.7
93.9
90.9
91.2
92.7
92.3
93.9
147 110 0
110.7
143
140 110.9
138 111 3
138 111.4
138 111.8
140 112.1
112.1
100 3
100.8
101.3
101.7
101.8
102.1
102.3
102.0
120 2
122.8
123.1
124 4
124.1
124.4
124.2
125.1
97.2
96.9
94.0
94.8
96.4
93.6
94.5
93.2
Construction
contracts
Major industry
tgrouping 5
Prices
2
61
63
67
70
76
91
92
93
102
105
105
108
120
132
126
132
128
146
144
148
Freight Total
3
load- retail
sales
ings
72
76
79
83
82
89
92
97
98
105
106
107
115
120
121
121
119
121
120
123
123
126
124
125
127
127
128
129
4
Consumer
Wholesale
commodity
83.8
90.5
92.5
93.2
93.6
86.8
96.7
94.0
92.7
92.9
93.3
94.7
98.0
100.7
101.5
93.2
96.2
99.0
100.4
100.6
103.1
104.2
105.4
106.7
100.7
100.3
100.6
100.3
107.1
107.1
107.1
107.2
107.4
107.6
100.6
100.4
100.3
100.5
100.7
100.3
107.7
107.6
107.7
107.8
107.8
108.0
108.3
101.0
J00.5
100.4
100.3
100.1
100.0
100.4
100.3
Construction contracts: F. W. Dodge Corp. monthly index of dollar
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
Total construction
,
1963
1962
1964
1963
July
41,303 45,546 4,125
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
4,061 3,707 4,313 3,749 3,413 3,346 3,201 4,215 4,359 4,639 4,504 4,601
By type of ownership:
Public
Private
13,599 14,653 1,319 1,318 1,154 1,321 1,157 1,155 1,197 1,041 1,339 1,318 1,535 1,491
27,705 30,893 2,805 2,744 2,552 2,992 2,592 2,257 2,149 2,160 2,876 3,042 3,104 3,013
By type of construction:
Residential building
Nonresidential building
Nonbuilding
18,039 20,502 1,934 1,883 1,789 2,028 1,519 1,325 1,372 1,427 1,991 2,006 ! 2,050 1,996 2,000
13,010 14,377 1,271 1,322 1,154 1,331 1,082 1,102 1,158 1,082 1,252 1,420 1,362 1,400 1,548
10,255 10,667
764
857
954 1,148
920
985
816
692
972'
933 1,227 1,107 1,054
NOTE.—Dollar value of total contracts as reported by the F. W. Dodge
Corp. does not include data for Alaska or Hawaii. Totals of monthly
data exceed annual totals because adjustments—negative—are made to
accumulated monthly data after original figures have been published.
Nonbuilding construction formerly labeled public works and utilities
SEPTEMBER 1964
1197
CONSTRUCTION
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)
Private
Period
Total
Total
Public
Public
utility
Other
nonresidential
Total
Military
Highway
Sewer
and
water
Other
Business
Nonfarm
residential
Total
Industrial
Commercial
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
,344
,387
5,491
5,682
6,494
7,123
19591
1960
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
,467
,487
,581
,754
,966
7,377
7,573
8,334
8,404
1963—Aug
Sept
Oct
Nov
Dec
63,653
63,530
64,966
65,072
65,193
44,305
44,633
45,365
45,488
45,778
25,752
25,953
26,584
27,000
26,896
13,158
13,260
13,375
13,078
13,426
3,005
3,049
3,085
3,136
3,158
5,449
5,671
5,518
5,469
5,515
4,704
4,540
4,772
4,473
4,753
5,395
5,420
5,406
5,410
5,456
19,348
18,897
19,601
19,584
19,415
1,583
6,973
6,600
7,145
7,254
6,713
2,061
2,109
2,128
2,159
2,176
8,731
1964—Jan
Feb
Mar
Apr
May
June
July?
Aug."
64,684
65,528
66,509
66,615
64,983
66,576
66,687
66,025
45,440
46,274
46,923
46,449
45,780
46,006
46,217
46,231
26,907
27,600
28,123
27,538
26,678
26,612
26,692
26,511
13,106
13,151
13,260
13,297
13,437
13,598
13,708
13,940
3,060
3,058
3,074
3,076
3,149
3,204
3,334
3,505
5,499
5,546
5,668
5,561
5,542
5,562
5,574
5,609
4,547
4,547
4,518
4,660
4,746
4,832
4,800
4,826
5,427
5,523
5,540
5,614
5,665
5,796
5,817
5.780
19,244
19,254
19,586
20,166
19,203
20,570
20,470
19,794
6,685
6,169
6,796
7,068
6,410
6,888
7,549
2,185
2,273
2,341
2,371
2,404
2,402
2,368
2,328
* 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 type of ownership
By area
Annual rate,
(private only) 1
Period
Total
Metropolitan
Nonfarm
Total
Governmentunderwritten
Pri>/ate
Nonmetropolitan
Public
Total
1family
2family
Multifamily
Total
FHA
19
24
49
68
670
465
322
439
277
195
193
337
393
271
128
102
109
75
83
78
71
1955
1956
1957
1958
1.646
,349
,224
1,382
1959
I960
1961
1962
1963
1,554
L296
1,365
1,492
1.618
1,077
889
948
1,054
1,139
477
407
417
439
479
1,517
1,252
1,313
1,463
1,587
1,234
995
975
992
1,005
56
44
44
49
53
227
214
295
422
529
37
44
52
30
31
458
336
328
339
292
349
261
244
261
221
109
105
100
104
117
84
76
48
47
48
44
49
37
21
153
150
144
145
163
119
95
100
98
96
93
103
72
51
5
5
5
5
5
4
3
49
47
44
48
55
44
41
4
2
4
2
3
2
2
27
29
25
25
27
22
21
20
21
19
19
21
17
16
75
74
97
103
115
116
104
26
27
37
50
45
46
42
100
100
130
149
158
"157
"144
55
64
82
91
101
102
4
5
5
6
5
5
41
32
43
52
52
50
1
1
3
4
3
P5
16
17
21
23
29
25
26
11
12
16
18
23
19
20
1963—June
July
Aug
Sept .
Oct
Nov
Dec
.
1964—Jan
Feb . . . .
Mar
Apr .
May
June
Julv
1,571
1,588
1,455
1,732
1,847
1,564
1.564
1,554
1,573
1,434
1.697
,807
,533
,518
157
152
148
147
166
121
97
1,718
1,657
,663
1,531
529
V ,596
517
,688
,613
,638
,501
,507
,570
495
101
101
133
152
161
^162
"146
V
V
1 627
1 325
1,175
1,314
NOTE.—Beginning with 1959, Census Bureau series includes both farm
and nonfarm series developed initially by the Bureau of Labor Statistics.
Series before 1959 reflect recent Census Bureau revisions which are not
available by area or type of structure. Complete revisions pre-1959
P2
VA
7
8
7
6
6
5
5
4
4
5
5
5
6
6
are pending. Data from Federal Housing Admin, and Veterans Admin,
represent units started, based on field office reports of first compliance
inspections.
1198
EMPLOYMENT
SEPTEMBER 1964
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
(In thousands of persons unless otherwise indicated)
Civilian labor force
Total noninstitutional
population
Period
Total
labor
force
Employed i
Total
Not in the
Total
In nonagricultural
industries
In
agriculture
Unemployed
Unemployment
rate 2
(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
I960 3
1961
1962
1963
125,368
127,852
130,081
132,125
73 126
74,175
74 681
75,712
70,612
71,603
71,854
72,975
66 681
66,796
67 846
68,809
60,958
61,333
62,657
63,863
5,723
5,463
5,190
4,946
3,931
4,806
4,007
4,166
52,242
53,677
55,400
56,412
5.6
6.7
1963—Aug
Sept
Oct
Nov
Dec
132,345
132,497
132,682
132,853
133,025
77,167
75,811
76 086
76,000
75,201
74,418
73,062
73,344
73,261
72,461
70,561
69,546
69,891
69,325
68,615
65,065
64,220
64,541
64,548
64,576
5,496
5,326
5,350
A,111
4,039
3,857
3,516
3,453
3,936
3,846
55,178
56,686
56,596
56,852
57,824
5.5
1964—Jan
Feb
Mar.
Apr
May
June
July. .. .
Aug
133,200
133,358
133,519
133,678
133,866
134,041
134,216
134,400
74,514
75,259
75,553
76,544
77,490
79,389
78,958
78,509
71,793
72,527
72,810
73,799
74,742
76,645
76,218
75,758
67 228
68,002
68,517
69,877
71,101
71,953
72.405
72,104
63,234
64,071
64,500
65,448
66,094
66,100
66,586
66,704
3,993
3,931
4,017
4,429
5,007
5,853
5.819
5,400
4,565
4,524
4,293
3,921
3,640
4,692
3,813
3,654
58,685
58,099
57,965
57,135
56,376
54,652
55,258
55,891
1 Includes self-employed, unpaid family, and domestic service workers.
2 Per cent of civilian labor force.
3 Inclusion of figures for Alaska and Hawaii beginning with 1960
increased population by about 500,000 and total labor force by about
300,000, Most of the increase was in nonagricultural industries.
6.8
5.5
5.6
5.7
5.5
5.6
5.9
5.5
5.6
5.4
5.4
5.4
5.1
5.3
4.9
5.1
NOTE.—Information relating to persons 14 years of age and over is
obtained on a sample basis. Monthly data relate to the calendar week
that contains the 12th day; annual data are averages of monthly figures.
Bureau of Labor Statistics estimate.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
(In thousands of persons)
Contract
construction
Total
Manufacturing
1957.
1958.
1959.
52,904
51,423
53,404
17,174
15,945
16,675
828
751
732
2,923
2,778
2,960
1960.
1961.
1962.
1963.,
54,370
54,224
55,841
57,174
16,796
16,327
16,859
17,035
712
672
652
634
1963—Aug..
Sept..
Oct..,
Nov..
Dec..
57,344
57,453
57,646
57,580
57,748
17,033
17,076
17,119
17,061
17,127
1964—Jan....
Feb....
Mar...
Apr....
May...
June...
July?'.1 .
57,850
58,183
58,327
58,502
58,590
58,782
58,929
58,944
1963—Aug..
Sept..
Oct...
Nov..
Dec...
1964—Jan
Feb....
Mar...
Apr....
May...
June...
Period
Transportation & pubbe utilities
Trade
Finance
Service
Government
4,241
3,976
4,011
10,886
10,750
11,127
2,477
2,519
2,594
6,749
6,811
7,115
7,626
7,893
8,190
2,885
2,816
2,909
3,029
4,004
3,903
3,903
3,913
11,391
11,337
11,582
11,865
2,669
2,731
2,798
2,866
7,392
7,610
7,949
8,297
8,520
8,828
9,188
9,535
635
632
629
630
630
3,083
3,071
3,066
3,057
3,069
3,941
3,950
3,937
3,928
3,915
11,907
11,922
11,935
11,941
11,963
2,873
2,873
2,887
2,887
2,892
8,373
8,377
8,430
8,423
8,447
9,499
9,552
9.043
9,653
9,705
17,119
17,175
17,242
17,301
17,323
17.367
17,411
17,364
623
624
625
631
628
638
643
637
3,017
3,169
3,162
3,144
3,159
3,179
3,186
3,173
3,923
3,934
3,930
3,954
3,961
3,964
3,987
3,999
12,072
12,143
12,143
12,211
12,209
12,268
12,304
12,328
2,904
2,911
2,918
2,925
2,930
2,937
2,944
2,947
8,474
8,515
8,552
8,543
8,572
8,596
8,659
8,689
9,718
9,712
9,755
9,793
9,808
9,833
9,795
9,807
57,651
58,211
58,426
58,220
58,585
17,199
17,398
17,367
17,229
17,139
646
641
637
634
631
3,437
3,378
3,333
3,176
2,925
3,976
3,982
3,968
3,944
3,931
11,878
11,942
12,014
12,166
12,774
2,919
2,887
2,884
2,878
2,880
8,457
8,436
8,472
8,406
8,379
9,139
9,547
9,751
9,787
9,926
56,909
57,045
57,388
57,945
58,500
59,212
59,007
59.247
16,935
16,982
17,051
17,106
17,186
17,404
17,353
17,527
614
611
611
624
631
649
644
648
2,628
2,681
2,760
2,977
3,876
3,879
3,883
3,922
3,949
4,000
4,027
4,035
11,917
11,837
11,926
11,987
12,100
12.252
12,251
12,299
2,875
2,885
2,895
2,913
2,924
2,958
2,991
2,994
8,313
8,362
8,415
8,543
8,641
8,742
8,789
8,776
9,751
9.808
9,847
9,873
9,878
9,834
9,460
9,430
Mining
SEASONALLY ADJUSTED
AxxgJ .
NOT SEASONALLY ADJUSTED
July**.
.
Aug. p .
i Data include Alaska and Hawaii beginning with 1959.
NOTE.—Bureau of Labor Statistics; data include all full- and parttime employees who worked during, or received pay for the pay period
3,191
3,373
3,492
3,538
ending nearest the 15th of the month. Proprietors, self-employed persons,
domestic servants, unpaid family workers, and members of the armed
forces are excluded.
SEPTEMBER 1964
1199
EMPLOYMENT AND EARNINGS
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands of persons)
Not seasonally adjusted
Seasonally adjusted
Industry group
1963
Total
1964
1963
Aug.
June
Aug.
June
July*3
1964
Aug.'J
July*
12,575
12,864
12,892
12,848
12,705
12,892
| 12,815
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.
7,051
119
517
326
496
953
891
1,058
1,051
1.079
240
321
7,278
108
527
339
506
993
921
1,111
1,059
1,147
240
327
7,314
106
532
341
506
1,011
921
1,118
1,069
1,140
'242
328
7,287
105
531
342
508
1,007
929
1,125
1.064
1.107
242
327
6,995
118
547
331
516
946
889
1,044
1,048
984
240
332
7,332
107
554
337
521
1.000
927
1.124
1,047
1,146
239
331
7,271
105
558
336
521
997
909
1.114
1.048
1.121
238
323
7.230
104
562
347
528
1.000
927
1.110
1 .061
1.010
242
338
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
5,524
1,149
5,578
1,154
5,586
1.123
78
803
1.201
490
495
594
527
605
533
120
310
308
114
322
312
5,561
1,124
73
794
1.185
497
604
532
114
327
311
5,7)0
1,272
88
803
1.183
495
592
528
123
310
316
5,560
1.119
66
809
1,181
498
603
533
117
320
313
5,544
1.159
66
793
1.153
493
601
512
117
317
312
5,745
1,244
82
804
1,215
502
602
533
117
327
319
79
793
NOTE.—Bureau of Labor Statistics; data cover production and related
workers only (full- and part-time) who worked during, or received pay
1.120
79
799
1,190
496
606
534
115
325
314
12,975
for, the pay period ending nearest the 15th of the month.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
Average hours worked
(per week; S.A.)
Industry Group
1963
Aug.
Average weekly earnings
(dollars per week; N.S.A.)
1964
1963
1964
June
July^
Aug. j June J July?'
Aug.^
Average hourly earnings
(dollars per hour; N.S.A.)
1963
1964
Aug. I June
July'3 [ Aug.?)
Total
40.3
40.6
40.5
40.7
2.43 i
2.53
2.53
2.52
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..
41.0
41.3
40.0
40.9
41.2
40.9
41.1
41.7
40.3
41.5
40.7
39.8
41.4
40.7
40.0
41.1
41.5
41.5
41.4
42.5
40.3
42.4
40.8
39.5
41.4
40.2
40.3
41.2
41.6
41.7
41.7
42.4
40.8
41.6
40.8
39.7
41.6
40.0
40.4
41.3
41.4
42.3
41.6
42.6
40.7
42.2
41.2
39.9
107.01
119.31
84.45
83.20
104.33
123.02
108.32
115.23
98.74
121.58
101.34
79.60
113.01
121.50
87.72
83.43
107.36
130.20
112.29
123.55
102.47
131.75
103.73
82.58
111.92
119.00
87.48
82.82
107.36
129.27
111.34
121.69
102.21
128.24
102.97
81.14
112.32
119.10
89.38
85.68
107.36
131.04
112.56
121.55
102.56
129.48
104.24
82.59
2.61
2.91
2.08
2.00
2.49
3.03
2.61
2.77
2.45
2.98
2.49
2.00
2.71
3.00
2.15
2.03
2.55
3.10
2.68
2.88
2.53
3.10
2,53
2.08
2.71
2.99
2.16
2.03
2.55
3.10
2.67
2.87
2.53
3.09
2.53
2.07
2.70
3.00
2.18
2.04
2.55
3.12
2.68
2.86
2.52
3.12
2.53
2.07
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
39.6
41.0
39.9
40.5
35.9
42.7
38.4
41.5
41.6
40.8
37.8
39.7
40.8
39.2
40.8
35
42
38.4
41.4
41.7
41.0
37.9
39.5
40.5
39.1
40.8
36.0
42.8
38.4
41.4
41.5
40.5
37.6
39.6
40.7
38.4
41.1
35.8
43.1
38.5
41.6
41.5
41.4
37.9
88.40
93.98
73.57
69.19
63.30
107.32
111.27
113.02
130.21
100.86
67.41
90.97
97.99
81.39
73.10
63.71
109.65
113.28
116.34
133.46
105.66
70.46
91.14
97.82
78.93
71.81
64.25
110.51
112.99
115.92
133.77
103.22
70.25
91.20
97.00
75.08
73.10
66.06
112.23
114.26
116.62
131.14
105.66
69.89
2.21
2.27
1.83
1.70
1.72
2.49
2.89
2.73
3.13
2.46
1.76
2.28
2.39
2.05
1.77
1.76
2.55
2.95
2.79
3.17
2.54
1.83
2.29
2.38
2.05
1.76
1.77
2.57
2.95
2.80
3.17
2.53
1.82
2.28
2.36
1.94
1.77
1.80
.58
2.96
2.81
3.16
2.54
1.82
NOTE. —Bureau of Labor Statistics; data are for production and related
workers only.
98.42 ilO3.48 102.72 103.07
1200
PRICES
SEPTEMBER 1964
CONSUMER PRICES
(1957-59=-100)
Housing
All
items
Food
1929
1933
1941
1945
59 7
45.1
51.3
62.7
1955
1956
1957
1958
1959
Period
Homeownership
Health and recreation
Fuel
oil
and
coal
Gas
and
electricity
Fur- Apparel Transnishportaand
ings
upkeep tion
and
operation
45.2
53.6
88.3
86.4
51.2
55.4
and
recreation
Other
goods
and
services
47.6
63.6
57.3
75.0
58.2
67.3
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
108.1
111.3
114.2
H7.O
104.1
104.6
106.5
107.9
104.9
107.2
109.6
111.5
103.8
104.6
105.3
107.1
111.7
111.9
112.1
112.3
112.4
112.7
c
ll7.3
C
117.4
C
117.5
C
117.7
C
117.9
117.9
108.0
108.0
108.2
108.4
108.4
108.8
111.5
112.1
112.3
112.7
112.8
113.1
108.0
108.0
108.0
108.2
108.3
108.3
112.7
112.9
113.1
113.4
113.5
113.5
113.7
118.2
118.5
118.7
119.0
119.1
119.3
119.5
108.5
108.4
108.7
108.7
108.9
109.1
109.3
113.1
113.3
113.6
114.0
114.1
114.0
114.1
108.3
108.4
108.5
108.6
108.7
108.7
108.9
Total
Rent
55 6
35.3
44.2
58.4
61.4
67.5
85.4
60.8
64.3
66.1
93.3
94.7
98.0
100.7
101.5
94.0
94.7
97.8
101.9
100.3
94.1
95.5
98.5
100.2
101.3
94.8
96.5
98.3
100.1
101.6
92.6
94.1
98.2
100.4
101.4
91.9
95.9
100.8
99.0
100.2
94.9
95.9
96.9
100.3
102.8
97.3
97.3
99.4
99.9
100.7
95.9
97.8
99.5
99.8
100.6
89.7
91.3
96.5
99.7
103.8
91.4
93,6
97.0
100.3
102.8
I960
1961
1962
1963
103.1
104.2
105.4
106.7
101.4
102.6
103.6
105.1
103.1
103.9
104.8
106.0
103.1
104.4
105.7
106.8
103.7
104.4
105.6
107.0
99.5
101.6
102.1
104.0
107.0
107.9
107.9
107.9
101.5
101.4
101.5
102.4
102.2
103.0
103.6
104.8
103.8
105.0
107.2
107.8
105.4
107,3
109.4
111.4
1963—July
Aug
Sept
Oct
Nov
Dec
107 A
107.1
107.1
107.2
107.4
107.6
106.2
106.0
105.4
104.9
105,1
105.4
106.0
106.0
106.2
106,3
106.6
106.9
106.7
106.8
107.0
107.1
107.2
107.3
107.1
107.1
107.2
107.4
108.0
108.4
102.3
102.6
103.7
104.5
105.4
105.8
108.1
107.2
108.0
108.1
108.0
108.1
102.4
102.5
102.7
102.6
102.7
102.9
104.5
104.7
105.4
105.9
106.1
106,1
107.8
108.3
107.9
109.0
109.1
108.9
107.7
107.6
107.7
107.8
107.8
108.0
108.3
105.8
106.0
105.7
105.7
105.5
106.2
107.1*
106.9
106,9
107.1
107.0
106.9
107.1
107.1
107.3
107.5
107.5
107.7
107.7
107.8
107.8
108.5
108.8
108.9
108.6
108.4
108.7
108.9
106.6
106.6
106.1
103.3
102.1
101.4
100.9
108.1
106.2
107.1
108.0
108.0
108.1
107.9
102.7
102.7
102.8
102.9
102.9
102.9
102.8
105.0
105.1
105.3
105.6
105.7
105.7
105.5
109.4
108.6
108.9
109.0
109.1
109.2
109.4
1964
Jan . .
Feb
Mar
Apr.,
May
June
July
.
Total
Medical
care
Personal
care
50.6
57.5
C
Read-
NOTE.—Bureau of Labor Statistics index for city wage-earners and
clerical workers.
The new series index begins with January 1964.
WHOLESALE PRICES: SUMMARY
(1957-59= 100)
Other commodities
Period
All
com- Farm Processed
modi- products foods
ties
Total
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
1963—July..
Aug...
Sept...
Oct...
Nov...
Dec...
100.6
100.4
100.3
100.5
100.7
100.3
96.8
96.3
95.5
95.1
96.2
93.3
102.2
100.9
100.9
102.2
102.5
100.4
1964—Jan...
Feb...
Mar...
Apr...
May..
June..
July..
101.0
100.5
100.4
100.3
100.1
'100.0
100.4
94.5
95.2
94.4
93.7
93.2
94.1
101.3
100.8
100.8
100.7
100.8
100.8
100.7
100.9
100.9
101.2
96.3 102.5 101.3
100.9
100.5
100.4
99.4
100.2
101.2
101.2
101.1
101.1
101.1
'100.9
101.1
Textiles,
etc.
NonMa- Furni- meMisLum- Paper,
Tochincellaber,
ture,
tallic bacco
Metals
etc.
ery
neous
etc.
etc.
minerals
100.7 89.5 94.5 96.9 99.2 102.3 91.1 90.0 85.8 94.3 91.3 94.6 99.1
100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1
100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 98.9 98.0 96.6
98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101.5
100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9
101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.4 100.1 101.4 102.5 99.3
99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9
100.6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.3 98.8 101.8 104.1 107.3
100.5 104.2 99.8 96.3 93.8 98.6 99.2 100.1 102.2 98.1 101.3 106.1 110.4
100.4 104.3 100.4 96.0 93.0 101.6 99.0 100.0 102.1 98.0 100.9 107.5 110.4
100.4 103.6 98.9 96.0 93.7 102.6 99.1 100.1 102.1 98.1 101.0 107.5 111.1
100.5 103.1 99.0 96.0 93.4 99.9 99.1 100.3 102.2 98.1 101.1 107.5 111.8
100.7 103.4 98.8 96.2 94.2 99.2 99.5 100.9 102.3 98.1 101.3 107.5 111.2
101.1 103.5 97.9 96.3 94.2 99.2 99.4 101.0 102.5 98.1 101.2 107.5 110.9
101.2 103.0 99.3 96.2 93.8 99.
99.4 101.3 102.6 98.0 101.3 107.5 112.2
101.2 102.7 99.5 96.3 93.7 99.0 99.8 101.7 102.5 98.4 101.1 107.6 112.6
101.2 102.5 99.0 96.4 93.6 99.9 99.9 101.8 102.5 98.5 101.2 107.1 110.9
101.2 102.5 97.0 96.5 93.9 101.0 99.3 102.0 102.7 98.5 101.1 107.1 109.8
101.1 104.5 96.1 96.6 93.1 101.8 99.1 102.2 102.9 98.6 101.3 107.1 109.5
101.2 104.7 96.4 96.7 92.6 101.8 98.7 102.1 103.3 98.6 101.3 107.3 107.2
101.0 104.8 96.3 96.5 91.6 101.4 98.7 102.3 103.0 98.5 101.4 107.4 106.7
101.1 105.3 96.7 96.6 91.8 101.2 98.7 102.5 103.0 98.5 101.5 107.4 107.4
See next page for composition of other commodities.
RubHides, Fuel, Chemicals, ber,
etc.
etc.
etc.
etc.
SEPTEMBER 1964
1201
PRICES
WHOLESALE PRICES: DETAIL
(1957-59= 100)
Group
1963
1964
1963
July
May
June
July
97.0
99.5
94.4
100.2
99.8
87.5
111.1
89.1
107.4
103.2
81.2
101.3
98.4
76.9
104.9
99.4
113.1
89.8
82.3
101.2
98.8
88.7
105.1
98.7
109.1
Woodpulp
85.7
Wastepaper
87.7
Paper
99.4
Paperboard
Converted paper and paperboard...
100.4
Building paper and board
87.3
105.6
98.3 Metals and Metal Products:
106.4
96.3
107.3
107.5
86.9
106.6
107.9
90.2
107.1
108.
93,
107.
105.7
120.3
81.1
82.7
83.6
84.3
87.0
104.5
106.3
111.9
98.3
89.2
79.0
77.0
87.3
108.9
106.1
108.0
98.3
'90.7
78.5
76.5
87.3
108.4
99.8
100.5
93.7
134.5
102.2
114.4
99.6
102.8
96.0
116.4
102.7
116.2
98.7
102.8
96.2
117.0
102.8
117.3
105.3
106.6
98.3
90.6
80.3 Machinery and Motive Products:
79.2
87.7
Agricultural machinery and equip...
108.8
Construction machinery and equip...,
Metal working machinery and equip..,
General purpose machinery and
equipment
98.5
Miscellaneous machinery
102.6
Special industry machinery and
96.1
equipment (Jan. 1961 = 100)
117.0
Electrical machinery and equip
103.2
Motor vehicles
117.2
Transportation equip., R.R. rolling
stock (Jan. 1961= 100)
83.5
102.2
108.4
104.0
85.7
104.5
108.3
103.4
90.3
103.3
108.3
103.2
95.8
103.6
121.2
102.0
98.7
95.1
107.3
116.6
101.3
92.2
'95.3
107.3
116.0
100.9
92.3
92.6 Furniture and Other Household Dura104.7
bles:
108.4
103.2
Household furniture
Commercial furniture
Floor coverings
Household appliances
96.0
Television, radios, and phonographs.
107.3
Other household durable goods
119.6
100.6
92.5 Nonmetallic Mineral Products:
94.7
103.0
89.2
95.1
81.4
103.6
99.8
98.7
94.5
104.8
91.8
95.5
88.6
103.6
100.2
99.4
94.3
103.9
90.8
94.6
93.2
103.6
100.2
'99.5
Flat glass
Concrete ingredients
94.3
Concrete products
103.9
Structural clay products
90.7
Gypsum products
94.6
Prepared asphalt roofing
95.6
Other nonmetallic minerals
103.5
101.1 Tobacco Products and Bottled Bever99.5
ages:
91.6
89.1
97.5
90.7
88.0
97.9
90.6
88.0
95.7
102.1
104.2
100.9
102.2
108.9
94.2
101.8
109.0
'92.6
Processed Foods:
Cereal and bakery products
Meat, poultry, and fish
Dairy products and ice cream
Canned and frozen fruits, and vegetables
Sugar and confectionery
Packaged beverage materials
Animal fats and oils
Crude vegetable oils,
Refined vegetable oils
Vegetable oil end products
Miscellaneous processed foods
Textile Products and Apparel:
Cotton products
Wool products
Man-made fiber textile products
Silk products
Apparel
Other textile products
Hides, Skins, Leather, and Products:
Hides and skins
Leather
Footwear
Other leather products
Fuels and Related Products, and Power
Coal
Coke
Gas fuels (Jan. 1958= 100)
Electric power (Jan. 1958= 100). . . .
Petroleum products, refined
Chemicals and Allied Products:
Industrial chemicals
Prepared paint
Paint materials
Drugs and Pharmaceuticals
Fats and oils, inedible
Mixed fertilizers
Fertilizer materials
Other chemicals and products
Rubber and Products:
Crude rubber
Tires and tubes
Miscellaneous rubber products
Nora—Bureau of Labor Statistics.
Iron and steel
Nonferrous metals
,
Metal containers
Hardware
Plumbing equipment
,
Heating equipment
,
Fabricated structural metal products.,
Fabricated nonstructural metal products
Tobacco products
Alcoholic beverages
90.0
Nonalcoholic beverages
88.0
96.4 Miscellaneous Products:
Lumber and Wood Products:
Lumber
Millwork
Plywood
July
May
June
July
91.7
91.4
102.2
94.1
99.6
97.5
95.5
90.8
103.7
96.5
97.6
94.4
95.5
93.5
103.7
96.5
97.6
94.4
95.5
93.4
103.7
96.5
97.5
94.4
99.0
99.0
105.0
104.1
100.6
93.3
98.1
100.3
103.9
105.6
104.8
100.5
92.0
98.7
100.4
104.0
105.6
104.8
100.5
'92.4
99.2
100.7
104.4
105.6
104.9
101.3
92.0
99.3
105.0
108.2
108.4
108.2
110.9
109.7
109.9
112.7
112.3
111.8
112.7
112.3
112.0
113.0
112.3
112.8
103.6
103.4
104.8
104.4
104.7
104.5
104.4
104.7
104.1
97.2
99.8
105.8
97.7
101.2
105.9
'96.5
101.1
106.0
96.5
101.2
100.5
100.1
100.1
100.6
104.5
102.8
96.6
91.7
87.7
103.4
105.3
103.1
99.8
91.6
87.3
104.3
105.3
103.2
'98.6
'91.2
87.3
104.4
105.3
103.2
99.0
91.3
87.1
104.4
96.6
103.2
101.2
103.5
105.0
88.2
101.2
102.4
102.7
100.6
104.5
108.6
86.4
101.3
102.4
102.8
100.8
104.5
108.6
86.4
101.7
102.4
102.7
100.9
104.5
108.6
89.2
101.8
105.7
101.0
127.7
106.0
100.7
126.6
106.0
100.6
127.4
106.0
100.6
127.4
101.0 100.8 100.9
116.3 110.5 109.6
98.7
99.1
99.1
103.9 103.2 102.9
100.9 102.4 102.4
101.0
110.8
99.1
102.9
102.5
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
101.5
109.1
92.3
Toys, sporting goods, small a r m s . . .
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment..
Other miscellaneous products
1202
NATIONAL PRODUCT AND INCOME
SEPTEMBER 1964
GROSS NATIONAL PRODUCT OR EXPENDITURE
(In billions of dollars)
1963
Item
1929
1933
1941
1950
1959
1960
1961
1962
II
Gross national product
104.4
56.0 125.8 284.6 482.7 502.6
46.4 81.9 195.0 313.5 328.2
3.5 9.7 30.4 43.6 44.9
22.3 43.2 99.8 147.1 151.8
20.7 29.0 64.9 122.8 131.5
Personal consumption expenditures.
Durable goods
Nondurable goods
Services
79.0
9.2
37.7
32.1
Gross private domestic investment.
New construction
,
Residential, nonfarm
Other
Producers* durable equipment..
Change in business inventories.
Nonfarm only
1.4
16.2
1.4
8.7
3.6
.5
5.1
1.0
5.9
1.6
1.7 -1.6
1.8 -1.4
Net exports of goods and services.
Exports
Imports
.8
7.0
6.3
Government purchases of goods and servict
Federal
National defense
Other
Less: Government sales
State and local
8.5
1.3
Gross national product in constant (1954)
dollars
1964
1963
III
IV
518.7 556.2 583.9 577.4 587.2 599.0 608.8 618.6
337.3 356.8 375.0 372.0 377.4 381.3 390.0 396.1
43.7 48.4 52.1 51.5 52.2 53.6 55.9 57.0
155.4 162.0 167.5 166.6 168.6 168.9 172.9 175.3
138.3 146.4 155.3 153.9 156.6 158.8 161.1 163.8
18.1
6.6
3.5
3.1
6.9
4.5
4.0
50.0
24.2
14.1
10.1
18.9
6.8
6.0
72.7
40.2
22.3
17.9
25.9
6.6
6.5
71.8
40.7
21.1
19.7
27.6
3.5
3.2
68.8
41.0
21.1
19.8
25.9
1.9
1.5
79.1
44.2
23.6
20.6
29.0
5.9
5.3
82.0
46.6
25.2
21.3
31.0
4.4
3.9
80.2
45.9
25.1
20.8
30.7
3.6
3.2
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
1.1
6.0
4.8
.6
13.1
12.5
-.8
22.9
23.6
3.0
26.3
23.3
4.6
27.6
23.0
4.0
29.2
25.2
4.4
30.7
26.3
4.3
30.5
26.3
4.2
31.0
26.8
5.8
32.6
26.9
7.7
34.5
26.8
5.7
33.7
27.9
24.8
16.9
13.8
2.0 \ 3.2
39.0
19.3
14.3
5.2
.1
19.7
97.2
53.6
46.2
7.9
.5
43.6
99.6 108.0 116.3 122.6 120.9 122.8 124.8 125.2 129.6
53.1 57.4 62.9 64.7 64.3 64.4 64.9 64.3 67.1
45.7 49.0 53.6 55.2 55.2 55.5 55.3 54.0 57.0
8.0
8.9 10.2 10.3
9.9
9.5 10.5 11.5 11.0
.6
.6
.9
.8
.9
.9
1.2
.9
.6
46.5 50.6 53.5 57.9 56.7 58.4 59.9 60.9 62.5
1.3
2A
2.3
8.0
2.0 I
7.2
6.0
7.8
181.8 126.6 238.1 318.1 428.6 439.9 447.9 476.4 492.6 487.9 494.8 502.0 508.0 513.5
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)
1963
Item
1929
1933
1941
1950
1959
1960
1961
1962
1964
1963
II
III
IV
National income
87.8
Compensation of employees
51.1
29.5
64.8 154.2 278.5 293.6 302.2 323.1 340.3 338.1 342.7 347.7 352.5 358.6
Wages and salaries
Private
Military
Government civilian
50.4
45.5
.3
4.6
29.0
23.9
.3
4.9
62.1 146.4 258.5 271.3 278.8 297.1 312.1 310.1 314.3 318.8 323.2 328.7
51.9 124.1 213.1 222.9 227.0 241.6 252.9 251.6 255.0 257.6 260.8 265.3
1.9
5.0
9.9
9.9
10.2 10.8 10.9 10.7 10.7 11.7 11.7 11.7
8.3 17.3 35.4 38.5 41.6 44.7 48.3 47.8 48.7 49.6 50.7 51.7
.7
.5
2.7
7.8
20.1
22.3
23.4
25.9
28.2
27.9
28.4
28.8
29.4
29.9
.1
.6
.1
.4
4.0
3.8
9.7
10.4
11.3
11.0
11.8
11.6
13.6
12.3
15.1
13.1
15.0
13.0
15.2
13.2
15.4
13.4
15.7
13.7
15.9
14.0
14.8
5.6
2.0
.7
17.4
37.5
46.5
46.2
48.2
49.8
50.6
50.1
50.7
51.5
51.2
51.7
8.8
6.0
3.2
2.4
10.9
6.5
23.5
14.0
35.1
11.4
34.2
12.0
35.3
12.9
36.6
13.2
37.6
13.0
37.3
12.8
37.8
12.9
38.3
13.2
38.6
12.6
39.1
12.6
5.4
2.0
3.5
9.0
11.9
12.1
12.2
12.2
12.3
12.3
12.4
12.4
12.4
12.4
10.1 - 2 . 0
14.5
35.7
47.2
44.5
44.1
48.4
50.8
50.2
51.4
53.1
56.4
57.4
77.0
7.6
9.4
4.5
4.9
40.6
17.9
22.8
9.2
13.6
47.7
23.2
24.5
13.7
10.8
44.3
ll.'i
22.0
14.5
7.5
44.2
22.3
21.9
15.2
6.7
48.2
23.2
25.0
16.5
8.5
51.3
24.6
26.7
18.0
8.7
51.1
24.5
26.6
17.7
8.9
51.3
24.5
26.7
17.9
8.9
54.3
26.0
28.3
19.1
9.2
56.6
25.4
31.2
19.4
11.8
57.4
25.8
31.7
19.8
11.9
-2.1 - 2 . 5
-5.0
-.5
.2
-.1
.3
-.4
-.9
.2 - 1 . 2
-.2
-.1
4.5
5.5
16.4
18.1
20.1
22.1
24.4
24.0
25.9
26.5
Supplements to wages and salaries
Employer contributions for social insurance
Other labor income
Proprietors' income
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valuation
adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest
9.6
1.4
8.3
5.8
2.4
.5
6.4
40.2 104.7 241.9 400.5 414.5 426.9 455.6 478.5 474.6 481.9 490.0 498.4 506.6
2.1
-2.4
5.0
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to previous table.
24.7
25.4
1203
NATIONAL PRODUCT AND INCOME
SEPTEMBER 1964
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
(In billions of dollars)
1964
1963
1929
Item
1933
1941
1950
1959
1960
1961
1962
1963
III
Gross national product.
104.4
Less: Capital consumption allo
llowances
Indirect business tax: and
and nontax liability
Business transfer payments
Statistical discrepancy
IV
56.0 125.8 284.6 482.7 502.6 518.7 556.2 583.9 577.4 587.2 599.0 608.8 618.6
8.6
7.2
9.0
7.0
.6
.3
7.1
.7
.9
11.3
.5
.4
41.0
19.1
23.7 42.6
2.1
.8
-.7 -3.0
43.0
51.2
44.5
48.7
50.8
46.4 49.0
2.2
2.4
-3.0 -2.6
52.8
2.4
55.9
2.4
-2.7
55.3 56.
2.4
2.4
-4.3 -3.5
1.0
.9
-1.8
50.5
51.7
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 . 0
.2
.3
14.5
2.8
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 14.3 25.4 27.3 31.3 32.3 34.3 33.8 34.0 34.7
7.4
8.6
8.0
7.8
7.1
4.8
1.3
8.8
8.4
8.7
9.2 13.7 14.5 15.2 16.5 18.0 17.7 17.9 19.1
4.5
2.4
2.4
2.4
2.2
2.1
.8
.5
2.4
2.4
2.4
96.3 228.5 383.9 401.3 417.6 442.4 464.1 460.2 466.3 474.5
2.6
1.3
1.4
7.5
.5
Less: Personal tax and nontax payments
Federal
State and local
Equals: Disposable personal income
83.1
Less: Personal consumption expenditures...
Equals: Personal saving
79.0
4.2
Disposable personal income in constant (1954)
dollars
.1
.4
.2
.5
1.6
1.6
52.5
53.1
57.3 57.9 59.0
2.5
2.5
2.4
- 1 . 8 - 1 . 6 P-1.9
.7
1.0
40.2 104.7 241.9 400.5 414.5 426.9 455.6 478.5 474.6 481.9 490.0 498.4*506
1.0
45.7
46.4
3.3
2.0
1.3
47.2
17.6
35.7
6.9
20.8
18.2
2.6
46.8
40.4
6.4
44.5
20.6
51.4
44.0
52.9
45.1
7.3
7.8
93.0 207.7 337.1
81.9 195.0 313.5
11.1
23.6
12.6
-.6
44.1
21.4
349.9 364.7
328.2 337.3
21.7
48.4
23.9
57.9
49.1
384.6
356.8
27.8
50.8
26.9
61.6
51.9
61.1
51.5
9.6
9.6
402.5 399.1
375.0 372.0
27.5
27.3
50.2
26.7
51.4
27.1
61.9
52.2
9.7
404.4
377.4
27.0
53.1
27.5
63.3
53.4
9.9
411.2
381.3
56.4 *>57.4
28.0 28.4
35.9 35.5
9.3
9.1
19.4 19.8
2.5
2.5
480.9 487.9
61.4 56.6
51.2 46.1
10.2 10.5
419.5 431.3
390.0 396.1
29.5
35.2
29.9
27.1
134.9 102.1 175.1 231.0 310.7 317.8 328.2 343.4 354.9 352.6 356.3 360.7 366.7 375.7
NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.
PERSONAL INCOME
(In billions of dollars)
1963
Item
1962
1964
1963
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July*
Total personal income.
442.4 464.1 464.0 466.1 468.9 472.7 473.8 477.1 479.4 480.5 482.9 486.6 487.8 489.3 490.8
Wage and salary disbursements
Commodity-producing industries..
Manufacturing only
Distributive industries
Service industries
Government
297.7 572.7 572.9 314.0 316.0 575.2 575.5 320.0 320.8 323.6 525.7 327.7 328.7 550.7 557.5
118.5 123.3 123.7 123.6 125.0 125.4 125.1 126.0 125.6 127.1 127.4 128.8 128.7 129.4 129.7
94.2 98.0 98.2 98.0 99.4 99.7 99.7 700.2 700.0 700.7 707.7 702.5 702.5 702.7 102.9
76.6 80.3 80.5 80.9 81.5 81.8 81.8 82.0 82.4 82.8 83.1 83.7 84.2 84.6 84.8
46.4 49.3 49.8 50.0 49.9 50.0 50.1 50.5 50.8 51.4 51.9 52.1 52.3 52.4 52.6
55.6 59.2 59.0 59.4 59.7 61.0 61.3 61.5 62.
62.4 62.7 63.0 63.4 63.8 64.1
Other labor income.
12.3
13.1
13.]
13.2
13.3
13.4
13.5
13.5
13.6
13.7
13.8
13.9
14.0
14.1
14.2
Proprietors' income
Business and professional.
Farm
49.8
36.6
13.2
50.5
37.6
13.0
50.6
37.6
12.9
50.7
37.8
12.9
50.8
37.9
12.9
57.5
38.2
13.2
57.5
38.2
13.2
57.5
38.4
13.2
57.7
38.3
12.8
57.5
38.7
12.6
57.2
38.8
12.4
57.5
39.0
12.5
57.7
39.1
12.6
57.9
39.3
12.6
57.9
39.5
12.4
Rental income
12.2
12.3
12.3
12.3
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
17.7
17.8
18.0
18.5
18.8
20.
19.3
19.4
19.6
19.8
19.8
19.9
20.0
Personal interest income.
30.0
32.9
33.0
33.4
33.7
34.0
34.2
34.4
34.7
35.0
35.3
35.5
35.7
35.9
36.0
Transfer payments
34.7
36.7
36.3
36.6
36.6
37.1
37.2
37.2
39.7
37.5
37.8
38.2
38.0
37.6
37.7
10.3
11.8
11.9
11.9
11.8
12.1
11.9
12.
12.2
12.3
12.4
12.5
12.5
12.6
12.7
Less: Personal contributions
social insurance
Nonagricultural income.
Agricultural income
for
424.9 446.6 446.6 448.8 451.6 455.1 456.1 459.5 462.1 463.5 466.1 469.7 470.7 472.1 473.8
17.6
17.5
17.4
17.3
17.3
1
Includes stepped-up rate of Govt. life insurance dividend payments
to veterans in the amount of $2.1 billion.
17.6
17.6
17.5
17.2
17.0
16.8
17.0
17.1
17.2
17.0
NOTE.—Dept. of Commerce estimates. Monthly data are seasonally
adjusted totals at annual rates. See also NOTE to table at top of previous
page.
1204
FLOW OF FUNDS
SEPTEMBER 1964
SAVING, INVESTMENT, AND FINANCIAL FLOWS
(In billions of dollars)
1961
Transaction category,
or sector
I.
1959
1960
1961
1962
1963
IV
1962
I
II
1963
in
IV
I
II
III
IV
Saving and investment
B
C
D
E
F
Consumer and nonprofit
Farm and noncorp, business
Corporate nonfin. business
U.S. Government..,
State and local govt
115.6 119.5 116.1 130.2 139.7 125.7 124.2 131.7 131.9 132.8 132.6 138.6 142.5 145.3
74.5 73.4 80.0 86.6 91.1 85.3 85.2 87.1 86.5 87.7 86.7 91.0 90.8 95.8
13.4 12.9 12.5 13.1 13.3 12.4 12.9 13.1 13.2 13.3 13.2 13.3 13.5 13.6
35.2 29.7 32.1 36.6 40.3 37.3 36.2 36.7 35.1 38.6 37.4 39.7 41.9 42.3
-4.5
4.3 - 5 . 5 - 4 . 7 - 4 . 5 - 5 . 7 - 7 . 0 - 4 . 4 - 2 . 0 - 5 . 7 - 4 5 - 6 0 —3 8
3 7
-3.5 -3.0 -4.7 -3.8 -3.5 -5.2 -4.5 -3.3 -3.4 -4.0 -3.5 -2.6 -3.4 -4.4
1.7
1.4
1.5
2.3
1.6
2.5
2.6
2.9
3.2
2.8
3.3
3.5
1.6
2.2
A
B
C
D
E
F
G
I
J
Consumer durable goods... •.
Business inventories
114.6 117.4 114.5 127.2 136.0 125.2 126.6 128.9 126.0 127.3 129.9 135.5 134.2 144.7
43.6 44.9 43.6 48.2 51.5 46.4 47.3 47.5 47.7 50.5 50.3 51.2 51.0 53.7
4.9
6.6
3.3
4.3
3.5
5.9
2.8
1.8
7.0
7.7
4.6
4.4
4.3
5.5
H
I
J
K
L
Gross pvt fixed investment . . .
Consumer and nonprofit
66.2
22.1
43.4
.7
68.3
21.6
46.0
.6
67.1
20.1
46.4
7
73.2
21.3
51.3
.7
77.6
21.8
55.1
.7
-1.7
2.0
.7
2.2
2.0
1.5
.8
3.0
2.3
3.6
53.2
19.7
33.4
36.2
8.0
28.3
47.2
19.5
27.7
58.1
17.6
40.5
62.4
19.5
42.9
8.7 - 2 . 1
7.5
5.5 - 5 . 1
11.3
3.8
2.5 - 4 . 1
.8
2.0
2.8
.2
1.4
1.9
.7
.7
.8
43.6 36.3 36.9
14.7 11.2
5.9
7.6
2.4
4.9
2.3
1.3
1.0
48.2
13.7
4.8
5.7 16.1
1.5
11.3 17.8
3.7 - 6 . 6 - 2 . 4
3.3
4.3
3.7
2.2
3.1
3.2
1.1
.6
1.1
54.4 43.8 41.9
16.2 10.4
8.1
5.5
2,7
29.0
4.7
5.3
13.2
5.8
2.8
3.9
25.2
3.7
5.3
10.4
5.8
1.9
2.4
31.0
5.0
7.3
11.7
6.9
4.5
3.5
34.5
5.1
4.8
15.4
9.4
6.8
2.7
38.2
6.7
3.4
17.6
10.5
4.0
1.5
33.4
6.3
5.5
13.5
8.0
T Net sources of credit (—A)
U
Chg. in U.S. Govt. cash balance..
V
U.S. Govt. lending
W
Foreign funds
X
Pvt. insur. and pension reserves..
53.2
.7
3.8
3.6
8.8
5.7
36.2
.9
2.4
3.3
8.1
6.3
47.2
.3
2.8
2.2
8.7
5.1
58.1
1.0
3.5
2.5
9.0
5.6
53.8
.2
4.5
4.0
9.4
4.4
Z
Pvt domestic nonfin sectors •
AA Deposits and U.S. Govt. secur....
AB
Deposits
.
AC
Demand dep. and currency..
AD
Time and svgs. accounts
AE
A t commercial banks
AF
A t savings instit
AG
U.S. Govt. securities
30.5
23.8
11.0
15.3 28.2
8.3 23.5
14.0 24.6
-1.0
4.5
lois 15.0 20.0
5.4
8.7
2.1
8.4
9.6
11.4
12.9 - 5 . 7 - 1 . 1
36.5
32.2
29.8
1.6
28.3
15.1
13.2
2.4
62.4
-.6
2.6
2.6
9.5
7.5
40.8
39.0
33.4
5.3
28.1
13.1
15.0
5.5
4.1
-.2
3.5
1.7
4.8
1.8
N
Financial sectors
O
P
Net financial investment. . . .
Discrepancy ( A - H )
A
B
C
Net funds raised—Nonfin. sectors...
Loans and short-term securities....
Long-term securities and mtgs
D
By sector
U.S. Government
G
Foreign borrowers
II.
P
State and local obligations.....
S
Other mortgages
Other securities and mtgs
m.
A
B
D
F
2.4
1.4
.6 - 2 . 4
2.3
2.8
61.8
29.7
32.1
63.0
19.9
43.1
75.4
21.2
53.5
.7
75.0
22.3
52.1
.6
72.1
20.7
50.6
.8
76.6
20.5
55 5
.6
79.7
22.5
56 5
.6
81.9
23.2
58 0
.6
K
L
M
N
* -1.5
5.9
5.5
3.0
2.8
3.4
3.1
-.8
8.3
3.6
.6
O
P
Loans
By sector
Banking system
Finance n.e c
Net sources of funds—Total
Demand deposits and currency...
Life insurance reserves
Pension fund reserves
U
Loans
V Security credit
W Other sources net
58.7
68.3
27.9
40.5
50.0
.2
49.7
72.6
48.5
24.1
A
B
C
40.1
-1.9
42.0
67.7
22.7
45.0
57i6
8.4 - 5 . 6
2.0 - 1 2 . 4
6.6
8.3
2.0
.2
.8 - . 5
1.1
.7
52.6 45.5
17.2 12.5
11.4 11.9
2.4 — 10.4
7.3 21.7
3.3
3.3
1.2
1.5
1.8
2.0
53.0 43.6
9.7
17.1
2.2
1.6
33.8
6.4
6.0
13.2
8.3
6.3
4.0
35.4
5.9
4.9
15.5
9.1
5.5
4.7
33.1
3.6
4.0
16.3
9.2
5.8
3.7
35.9
4.3
4.1
16.5
10.9
3.3
.5
33.8
4.0
5.8
15.5
8.6
9.3 - 6 . 4
4.4 D
10.3 — 12 4 18 4 E
.1
7.6 14 4 F
5.0
2.0
2.8 G
1 2
2 9 H
3.5
1.6
.8
2
I
54.0 54.4 65.5
J
15.1 13.1 26.8 K
6.5
7.5
L
4.2
3.5
16.0 M
3.9
3 1
3 3 N
38.9 41.4 38 7 O
9.3
6.4
7.0
P
1.6
3.8
2 3 Q
17.2 19.7 18 3 R
10.7 11.5 11.2
S
61.8
4.9
4.0
2.7
8.6
3.3
63.0 40.1
3.9 - 6 . 5
1.9
4.5
1.9
2.8
9.0
9.3
8.4
4.3
61.1
1.5
3.6
2.7
9.4
6.3
58.7
7.4
•
2.2
8.6
7.1
68.3 50.0 72 6
2.5 - 9 . 5 - 3 . 0
2.4
3 9
4 3
6.4
2 2
5
9.5 11.0
8.9
6.3
9.4
8.6
38.2
33.4
27.7
2.9
24.8
13.4
11.5
5.7
25.4
24.9
26.1
2.3
23.9
10.6
13.3
-1.3
44.1 33.4
39.1 33.0
37.9 30.8
8.9 - 3 . 7
29.0 34.5
13.7 17.1
15.3 17.4
2.3
1.3
41.3
41.5
30.4
7.0
23.4
9.4
14.0
11.1
33.1
32.3
29.0
4.2
24.8
11.7
13 2
3.2
6.7
.2
-4.5
3.3
2.8
6.2
1.2
2.0
1.6
3.3
3.6
2.7
1.9
31.3 38.4
28.3 31.6
25.5 27.7
8.3 - 7 . 7
17.1 35.4
4.9 22.7
12.2 12.7
3.9
2.9
54.4
48.1
43.0
13.2
29.8
14 3
75 4
5 1
T
U
V
W
X
Y
Z
AA
AB
AC
AD
AE
AF
AG
6.8
.2
6.8
-.3
6.0
1.3
30.6
-7.2
23.2
14.6
34.6
2.9
20.7
11.1
44.4
8.4
27.4
8.5
51.4 57.8
3.9 - 1 . 0
34.0 39.9
13.5 18.9
48.5
1.3
31.4
15.8
52.5
10.6
30.9
11.0
48.3
1.0
39.3
8.0
43.0
-3.9
32.1
14.8
61.9
7.8
33.8
20.4
55.1 57.4 54.3
8.3 - 4 . 5 - 7 0
36.4 41.8 43.0
10.4 20.1 18.3
64 9
3
38 5
26.7
A
B
C
D
5.0
10.6
10.1
4.9
9.9
9.3
10.2
5.3
17.5
12.0
10.7
4.2
20.4
14.5
11.5
5.0
22.7
17.5
12.1
5.6
17.3
13.5
11.8
5.9
25.1
13.6
10.7
3.2
19.5
13.3
11.7
3.8
9.3
15.7
11.3
6.7
27.7
15.4
12.5
6.2
26.8
17.0
11.6
-.2
20.8
16.9
12.0
7.7
30.5
17 4
11 6
5.3
F
G
H
I
30.6
1.5
10.9
1.4
1.1
8.4
3.6
5.2
6.2
1.8
1.1
3.1
34.6
2.2
15.6
44.4
1.7
26.8
5.9
9.4
11.5
3.7
4.9
3.3
2.0
.5
.6
.9
3.0
51.4
2.3
32.1
3.5
15.3
13.3
4.1
5.0
5.6
1.9
.8
2.8
.9
1.3
57.8
2.9
34.7
5.4
14.1
15.2
4.0
5.5
7.2
1.3
1.9
3.8
.8
2.8
48.5
1.6
28.9
10.7
5.5
12.7
3.5
5.9
5.5
2.7
52.5
1.4
35.0
-.4
22.7
12.7
4.1
4.5
4.9
3.2
J
K
L
M
N
O
P
Q
2.0
2.2
1.0
1.2
1.5
1.2
61.9 55.1 57.4 54.3 64.9
3 5
3.2
1 6
2.8
3.3
43.4 38.2 35.3 22.2 42 0
2.3 10.6 - 3 . 5
12.8
11.1
15.0 18.4 10 5 12.4 15 2
15.7 17.4 14.2 13.4 15 8
3.9
4.2
4.4
3.5
4 2
5.2
4.7
5.9
6.6
4.7
95
.6
4.4
9.4
9.3
.8
.8
1.0
1.5
1 7
1.4
.3
2.0
1.6
3 5
-.6
2.1
6.3
6.0
3 4
1.8
2.7 - 1 . 4
3.9 — 1 0
5.8 - 1 . 8
-.7
4.4
3.8
•
3.1
5!8
9.5
3.4
4.7
3.4
1.5
1.5
.2
.5
4.9
NOTE.—Quarterly data are seasonally adjusted totals at annual rates.
For other notes see Apr. 1964 BULL., p. 512.
53.8
25.9
28.0
6.1 AH
- . 2 Al
Financial institutions
J
P
Q
•.
Net funds advanced—Total
U.S. Govt. securities
I
M
73.2
19.9
52.6
.7
Financial flows—Summary
J Pvt domestic nonfin sectors
K
Loans
L
Consumer credit
M
Bank loans n e.c
N
Other loans
AH
69.3
21.7
46.8
.8
70.4
21.5
48.2
8
48.3 43.0
2.5
2.6
31.3 18.8
6.3 - 4 . 7
13.3 10.2
11.7 13.3
3.6
4.4
5.7
4.6
7.2
6.1
2.2
1.3
1.1
.5
3.9
4.2
-2.0
1.6
*
5.0
12.9
18 6
13.1
9.7
R
S
T
U
V
W
SEPTEMBER 1964
1205
FLOW OF FUNDS
PRINCIPAL FINANCIAL TRANSACTIONS
(In billions of dollars)
1959
1962
1961
1960
1963
1962
1961
Transaction category,
or sector
196:
H
I
IV
III
I
IV
II
IV
III
I. Demand deposits and currency
A
R
Net incr. in banking system liability..
U.S. Govt. deposits
Other
Net increase in assets by s e c t o r . . . .
U S Govt
Other domestic sectors
Consumer and nonprofit
Nonfinancial business .
State and local eovt
Financial sectors
Rest of the world
Discrepancy—U.S. Govt. cash
Other
rD
F
F
G
R
J
L
M
1.4
.7
3
9
.7
6
.4
.7
•5
q
3
6
5
-.3
1.2
2.2
.5
.1
*
3 5
5 4
5.9
10
6
.3
2
5 q
5.7
5 0
5 5
4.9
1 1
3
3
5
3. 8
4.8
5 ^
5 1
1.6
1 3 - 2 . 1 — 1.0
1
8
1
q
*
1
1.0 - 1 4
9.4
1.3
.9
6
1
1 0
3 3
6.5
11.5
8.4
9 5
11.5
11.3
12 8
*
.9
#
1
-
10 5
6 4
7
2. 1
5.
12.8
2.3 10 .6
7.4
1.5
8 1
11.3 - 5 . 1
5. 1 17.6
9 .9
1.7
6.
7.3
1.7
3 3
2.1
15.7 - 5 . 2
5 8
1 0
6
13.1 - 1 . 0
2.1 - 4 . 3 - 1 3
3
1 1
2. 7 - 1 . 6
4
2
2 . 1 — 1.0
6. 3
3 9
4. 7
6
1. 7
2.
5. 2
3. 6
o
4. 6
3. 0
0
5
7
ft
-5.7
4 7
1. 4
2 q
5
2
1
4
4! 9
5.
-3.5
-9.5
6.0
-2.7
-11.5
7.8
6.5
1.8
15 8
G
20 8
H
4 0
18 4
7.6 - 1 4 4
C
28 6
15
29.3
35. 4
75 0
13.
4 2
17
18
5
2.4
22. 7
2 6
10
4. 8
2. 0
2. 6
6
7 3
6 6
15. 9
10. 1
13.3
15 2
12 7
12. 7
11. 7
13 3
15.7
17.4
14 2
17.8
24.7
22 3
18 8
28. 6
21 6
22 9
25.7
27.0
20 7
7 3
11.3
-4.1
5
4 7
1 <; U
7 -6 6
15. 4
8 6 -4 1
2 0 -1?, 4
6 6
8 3
9.7
11.3
-10.4
10 4
-4.9
2 4
4 9
7 6
2 4
7
5 1
5 5
3 7
9 3
9
9.8
5 7
3 9
3
1
1.3
.9
4
3.5
4
1 4
1 0
7
6
.2
.7
.7
-.3
7.8
l
5
—2
5
6
4
30.6
15.0
2.3
1.0
3
9 6
10.5
—.
9
-.4
8
F
G
13.4
3
7
.3
13. 7
9.0
1>
3. 6
1.
4
—2 4
C
20.7
-.4
-2.1
q
D
F
R
C
D
F
F
1.5
2.8
1
1
4
12 7
6
30 9
15
6 4
2 5
8
5 4
— 3
•^
A
R
7
8
1. 1
1. 4
1 3
-.1
11 1
-3 0
14. 1
H
T
T
K
L
M
7
6
1
10 7
-1.3
.8
1.0
2.0
.2
.5
1 5
-2.8
35.9
74 7
25.7
II. Time and savings accounts
/\
Net increase—Total
At commercial banks—Total
Corporate business
State and local govt
Foreign depositors
Consumer and nonprofit orgs.. . .
R
c
p
F
At savings institutions
Memo—Consumer and nonprofit
orgs.—Total
G
H
9.5
1.1
-.4
-.4
o
3.0
15
5. 8
8
1. 4
3
20 9
14 1
10
1
1.3
18.4
4.6
2.9
1.4
9.6
2 4
3
12.4
3.2
1.0
6 7
7.5
10
1 0
.7
A
111. U.S. Govt. securities
c
r>
E
F
G
H
T
j
F
L
M
N
Q
P
Q
R
9.3
5.5
3,8
Total net issues
Short-term direct
Other.
R
Net acquisitions, by s e c t o r . . . . . . . . .
Pvt. domestic nonfin. sectors
Consumers and nonprofit
.
Svss! bonds and DOstal svss den
Securities
Corp nonfin business
Financial sectors * Banking svstem
CowfTievcicl banks
8.7
12.9
7.3
-2.0
9.2
3.8
1.8
•.. -7.2
-7.9
.3
• . • . . • -8.2
Insurance and pension funds
Finance n e e
-2.a
-5 1
2.5
-2.3
7.8
-5 7 -1.1
—3 3
4
-2 8
-2 7
2 9
2 7
7
.5
.2
*
3.0
2 0
/\
A
1 0
6
11.8
11 1
4.7
5.3
1,1
.7
3 7
5 3
1 5
7
11 1
2 1
2
-.9
7
-1 6
— .4
3
8.4
7.4
/ 5
5.9
5
1
6
.4
7 4
j
3
1
3 q
2 2
2
1
2
6
1 3
_ j 0
2
2 *
-3,0
7
17.8
4
5 0 1S 7
3 9
2 9
3
-1 9
o
2
—2
1 9
3 q
10 6
1
2
1
—2 7
0
9.6
54 47
-7 0
7
—3 9
-6 4
?.
8
-6
5
A
8
1 3
—1
8
7
6
5 5
13
6 4
6 0
6
2.4
7.3
5.1
2.5
21.7
11.6
2.3
.1
,9
-.8
1.3
g
8.3
11.0
5 1
2.6
.4
.6
1.6
.7
1 2
—1 2
-2.7
1.0
12.1
5
2 6
1 1>
1 2
0
9
9
1
1
8 8
3.6
11.6
4 0
4.1
5.9
10.3 -12.4
.1
9 6 -4.7
11.1
3.2
6.4
3.4
1 ?
5
7 .1
2 6
-4 5
- 4 .8
1.0
2.3
-1.7
1.6
-7.0
-8.8
1.3
- 5 8 -10.1
5
4
3 .1
.6
.7
.5
-1.0
A
R
4 1
r>
j
G
5 1
4 6
3
1
3
2 2
2
6
E
F
H
I
y
K
L
M
N
O
7
—3 7
7
P
Q
R
IV. Other securities
R
State and local govt.
E
Finance companies
Rest of the world
r
F
G
H
Net purchases, by sector
Consumers and nonprofit orgs
11.8
2.7
1.3
J
K
Commercial banks
Insurance and pension funds.
.4
7.0
-.4
I
j
M
N
.7
4
6
t
5.0
7.3
5
8
13.6
2.0
19
2.7
7.7
8
.2
-.7
1.2
1.8
.4
1 0
14
3
2.0
.4
Total net borrowing
1_ to 4-family
Other
19.0
13.2
5.8
16
10 4
8
18.7
19.0
2.0
2.2
2.5
16
2 4
1
7
18.7
Consumer and nonprofit orgs
U S Govt
9.5
2.4
8 .8
8
Security brokers and dealers
O
p
0
0
7 0
13.6
Rest of the world
2
6
11 7
5 1
4 8
8
1 0
13 0
6.7
3.4
13
q
1 1
1
13 0
I 2
1
5 .2
7 6
*A
13 2
1 3
Q
<\
f)
1 1
1 q
.1
1 3
.2
2 7
?4 7
15 4
9 4
11 7
8
1 4
4 4
7 4
6
4
,-,
3 .3
8 .1
o
13
5
4
1
1
1.4
1.8
4.0
5.8
.3
2.0
14
9 3
1 ,6
2 0
1 6
12.7
6.4
3.8
1.6
.8
8.8
13 3 13.0
.4 -2.0
2 4q - 31.3
1.5
*>
5.0
6.5
r
l
1
5 7
8 5
1
.4
q
—1
1 q
3
6
2 4
2
1
?8 1
17 6
10
21-6
71 4
24 .6
7,4 7 78 1
2 .9
3 .3
3 —1
6
1 .2
1 7
5
7
4.3
1 3
11.6 12.1 14.5
12.7
- . 2 - 2 . 7 -1.5 -2.7
1.7
2,0
1.4
1.9
1
.2
—2
.1
3.5
6 .3
3 3
5.8
5.7
6 8
7.9
7.4
8 .5
8.4
1
6
-1.3
— .7
3
-.8
9
4
3
-.4
-1
— .3
0
6
.4
1 2
.8
1
1 0
1 5
.8
3
.1
-.1
4
12 6
7 0
2 3
3
A
R
C
2
r»
E
12 6
2 1
1 7
F
G
H
3 .0
6 .2
J
K
1 4
M
N
q
7
1 7
.2
T
T
O
P
Q
V. Mortgages
R
r
E
Q
H
T
J
Savings institutions
Insurance sector
Mortgage companies
*
11.7
6.9
1.6
6
1 6
11.0
2.7
.6
4
n
13.3
3.0
.4
o
5
16 .2
9
.8
n8
0
•7
12 .1
3 0
1 .1
n8
15 c
9 .1
71 4
24 .6
2 .0
3 .1
1
4
12
-
3
4 7
13
2 .4
1 3
75
27.4
9
10.9
16.5
25 .5
3
*1
4 6
13
!c
24.1
15.5
8.6
27.4
24.1
2.9
-1.3
4.3
3.8
14.2 15.4
4.5
3.2
4.41
77 .9
17 ,,2
10 .7
31.1
29.5
19.7
18 . 3
11 .2
29 .7
2 .8
-2 0
31.1
79 . 5
2 .0
11.5
3.7
6 1
6.1
15 .8
.5
1 .5
16.5
4.0
1.1
7 .7
4 .1
7 .7
.9
6
.7
2 .7
6.6
3.3
9
1.5
9
.7
2.6
5 0
16.9
4.9
.7
A
R
C
D
E
F
G
H
T
J
VI. Bank loans n.e.c.
B
rD
Nonfinancial business
Nonfarm noncorporate
£7
F
G
Rest of the world
7.5
5.3
3.7
1.0
.7
2 *)
2 .7
2 6
.2
.1
.1
2.7
1.6
1.6
-.3
3
.7
6 0
8-9
4 .0
6 .6
4
.6
7
6
.7
7
.4
NOTE.—Quarterly data are seasonally adusted totals at annual rates.
For other notes see Apr. 1964 BULL., p. 512.
.6
3 .3
3' i
.2
1.3
3 9
1.9
1.3
.3
'4
2 .1
80 i
6 .1
1 .7
3 .9
6
4
2
3 !o
.9
8
7.6
5.0
4.5
-.3
.9
2.7
2.9
2.4
.1
.4
A
2.\
- A
18 ,6
15 .6
11 .3
3 .1
1
1 .3
.4
A
B
C
D
F
F
G
1206
STOCK MARKET CREDIT
SEPTEMBER 1964
DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS OF MEMBER FIRMS OF THE
N.Y. STOCK EXCHANGE CARRYING MARGIN ACCOUNTS JUNE 1956-64
(In millions of dollars)
Item
1956
1958
1959
1960
1961
1962
1963
1964
322
324
363
366
422
437
422
466
65
148
134
170
129
291
96
334
152
530
151
368
181
275
201
369
151
14
132
15
159
18
134
22
216
36
2,811
253
2,926
165
3,370
104
3,081
48
4,024
169
22
32
3,604
219
25
31
4,916
199
25
33
5,351
DEBIT BALANCES
Cash on hand and in banks
Securities—
Borrowed
Sold, delivery pending (failed to deliver)
Net debit balances due from—
Member firms of national securities exchanges:
N.Y. Stock Exchange
Other exchanges
All other customers exclusive of firms' own partners secured by—
U.S. Govt. securities
Other collateral
Net debit balances in partners' individual investment & trading
accounts
Debit balances in—
Firm investment accounts
Firm trading & underwriting accounts
Commodity margins on deposit with banks & commodity guaranty
funds on deposit
All other debit balances
Total.
21
35
36
37
58
74
70
78
625
335
486
286
336
247
694
264
959
23
151
39
190
293
582
22
309
243
520
38
137
309
374
23
218
30
303
31
347
28
389
4,332
4,985
5,382
5,097
6,694
5,954
7,460
8,364
2,266
2,387
2,508
2,331
2,880
2,305
4,027
4,499
622
2,231
I 1,743
7,572
1,402
359
341
605
1,871
1,428
444
806
1,473
1,157
316
' 817
2,016
1,515
501
525
1,739
1,007
732
815
3,156
1,852
1,303
859
3,626
2,273
1,353
CREDIT BALANCES
Money borrowed
From banks and trust companies :
U.S. agencies of foreign banks
U.S. banks
In New York City
Elsewhere
From other lenders
(not including members of national securities
exchanges)1
Securities—
Loaned
Bought, delivery pending (failed to receive)
Net credit balances due to member firms of national securities exchanges:
N.Y. Stock Exchange
Other exchanges
Credit balances of other customers exclusive of firms' own partners:
Free credit balances
Other net credit balances
Credit balances & money borrowed which are subordinated to general
creditors under approved agreements
Net credit balances in partners' individual investment & trading
accounts
Credit balances in firm investment & trading accounts
All other credit balances (except those included in next item)
Net balance in capital, profit & loss, & partners' drawing accounts....
Total.
35
21
31
52
47
41
56
14
124
156
187
181
204
294
167
352
233
568
211
363
244
289
268
393
123
120
9
132
13
120
11
174
23
153
17
202
12
192
14
837
207
1,034
367
1,070
1,006
246
1,330
441
1,115
369
1,126
405
25
1,264
335
31
51
90
111
37
61
129
612
47
100
241
797
43
76
193
771
36
116
200
759
37
173
866
279
5,097
6,694
5,954
7,460
8,364
20
1
Before 1958 probably includes some borrowing from U.S. agencies
of foreign banks.
'.NOTE.—End of month figures. Data not collected for June 1957.
For explanation of these figures see "Statistics on Margin Accounts,"
Sept. 1936 BULL. The items "net debit balances due from all other
customers exclusive of firms' own partners," "money borrowed," and
22
34
34
78
466
34
82
83
483
4,332
4,985
38
71
149
604
5,382
245
150
1,451
156
161
1,824
96
123
1,722
38
108
2,289
23
93
,833
27
188
3,181
10
156
3,616
204
98
239
1
105
64
198
107
99
182
1
41
104
300
1
24
106
227
1
19
119
492
1
166
125
425
24
316
24
320
24
328
27
336
42
337
44
335
134
331
Money borrowed, according to collateral:
Customer collateral:
Exempt securities (under Sec. 3(a) of Securities Exchange Act—1934
U.S. Govt. or agency
,
Other securities
Nonexempt securities or mixed collateral
Firm or partners' collateral:
Exempt securities (under Sec. 3(a) of Securities Exchange Act—
1934):
U.S. Govt. or agency
Other securities
Nonexempt securities or mixed collateral
Unsecured
Value of securities sold under repurchase agreements.
Number of firms
277
303
"credit balances of other customers exclusive of firms' own partners—
free credit balances" are conceptually identical to these items (including
debit balances secured by and money borrowed on U.S. Government
obligations), as shown in the table on Stock Market Credit, p. 1171, but
the data differ somewhat because of minor differences in coverage,
statistical discrepancies in reporting, and—for the item "money borrowed"
—the date of reporting.
Financial Statistics
* International *
Reported gold reserves of central banks and governments.
1208
Gold production
1209
Net gold purchases and gold stock of the United States.
1210
Estimated foreign gold reserves and dollar holdings
1211
International capital transactions of the United States
1212
U.S. balance of payments
1221
Foreign trade
1222
Money rates in foreign countries. .
1223
Foreign exchange rates
1224
Guide to tabular presentation.
1144
Index to statistical tables
1231
The figures on international capital transactions
are collected by the F.R. Banks from reports
made on Treasury foreign exchange forms collected by the F.R. Banks in accordance with
Executive Orders No. 6560, dated Jan. 15, 1934,
and No. 10033, dated Feb. 8, 1949, and Treasury regulations thereunder. Other data are com-
piled largely from regularly published sources
such as central bank statements and official
statistical bulletins. For some of the series, back
data are available in Banking and Monetary
Statistics and its Supplements (see list of publications at end of the BULLETIN).
1207
1208
GOLD RESERVES
SEPTEMBER 1964
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(In millions of dollars)
Intl.
Monetary
Fund
United
States
Estimated
rest of
world
Argentina
38,765
39,445
40,195
40,505
41,105
41,440
1,180
1,332
2,407
2,439
2,077
2,194
22,857
20,582
19,507
17,804
16,947
16,057
14,730
17,530
18,280
20,260
22,080
23,190
126
60
56
104
190
61
126
162
154
147
162
190
103
194
292
293
303
454
915
,270
,134
,170
,248
,365
324
325
327
287
285
225
15,677
15,633
15,634
15,640
15,609
15,596
23,930
51
49
49
49
78
78
201
202
202
205
206
208
504
504
504
515
525
536
,354
,365
,367
,367
,367
,371
179
179
41,870
2,268
2,276
2,304
2,305
2,312
2,312
2,314
2,322
2,328
2.334
2,353
2,359
2,359
15,540
15,518
15,550
15,727
15,693
15,623
15,629
78
78
76
76
74
74
210
211
211
215
216
218
219
547
558
569
579
579
592
592
,373
,374
1,376
1,390
1,392
1,392
1,393
Dominican
Republic
Ecuador
France
Germany,
Fed.
Rep. of
Greece
Guatemala
581
750
1,290
1,641
2,121
2,587
2,542
2,639
2,637
2,971
3,664
3,679
13
17
26
76
87
77
27
27
24
24
24
24
247
247
247
247
247
247
138
141
140
130
130
129
20
34
84
98
84
98
1963—July..
Aug..
Sept..
Oct...
Nov..
Dec.
2,963
2,997
031
089
128
175
3,761
3,761
3,761
3,817
3,823
3,843
77
77
77
77
77
77
23
23
23
23
23
23
247
247
247
247
247
247
142
142
142
142
142
142
98
98
98
98
98
98
1964—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
3,210
3,248
3,298
3,366
3,404
3,451
3,489
3.844
3; 849
3,953
4.060
4,070
4,081
4,117
77
77
77
77
77
77
23
23
23
23
247
247
247
247
247
247
247
142
142
141
141
141
141
141
98
98
98
112
End of
period
1957.
1958.
1959.
1960.
1961.
1962.
1963—July..
Aug..
Sept..
Oct..
Nov..
Dec..
1964—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
End of
period
1957.
1958.
1959.
1960.
1961.
1962.
Estimated
total
world 1
>-42,285
42,390
'^42^905'
Cuba
r
24,375
24^i6'
El Salvador
Finland
136
80
50
1
End of
period
Ireland,
Rep. of
Italy
Lebanon
Mexico
Netherlands
Australia
New
Zealand
Austria
Norway
Belgium
Pakistan
Brazil
150
150
Peru
Chile
Colombia
Burma
Canada
42
1,100
1,078
960
885
946
708
40
40
43
45
48
43
62
72
71
78
88
57
42
42
42
42
42
42
762
768
775
784
800
817
43
43
43
44
43
43
61
61
61
61
61
62
42
42
42
42
42
42
42
837
850
871
892
910
931
949
44
43
43
43
42
43
43
62
63
63
64
64
India
Philippines
Indonesia
Portugal
Iran
Saudi
Arabia
Iraq
South
Africa
1957.
1958.
1959.
1960.
1961.
1962.
452
1,086
1,749
2.203
2; 225
2,243
91
91
102
119
140
172
180
143
142
137
112
95
744
1,050
1,132
1.451
1,581
1,581
461
493
548
552
443
471
217
211
238
178
298
499
1963—July..
Aug..
Sept..
Oct...
Nov..
Dec.
2,292
2,291
2,291
2,331
2,331
2,343
172
172
172
172
172
172
95
95
94
115
134
139
1,581
1,581
1,581
1,581
1,581
1,601
482
496
497
497
497
497
611
639
643
630
629
630
1964—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
2,343
2,343
172
172
172
172
172
172
151
157
156
162
168
1,601
1,601
1,601
1,601
1,601
1,601
1,601
497
497
497
497
632
631
627
627
626
607
615
For notes see end of table.
SEPTEMBER 1964
1209
GOLD RESERVES AND PRODUCTION
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued
(In millions of dollars)
1963
1964
24
-42
-134
-19
115
—50
171
171
171
171
171
171
401
401
401
401
401
401
7
8
11
14
14
14
155
150
1
—22
-77
-279
r
401
401
401
401
401
401
401
14
14
15
15
144
144
133
134
139
140
188
174
174
174
174
174
1,554
2,808
2,514
2,800
2,268
2,582
180
180
180
180
180
180
19
19
19
19
19
19
104
104
104
104
104
104
110
108
107
103
102
115
174
174
174
174
174
174
2,506
19
19
19
19
19
19
104
104
104
104
104
104
115
115
115
115
115
115
174
174
174
174
174
174
174
1,706
1,925
1,934
2,185
2,560
2,667
24
24
19
19
19
19
July
Aug
Sect
Oct
Nov
Dec
574
574
574
573
573
573
182
182
182
182
182
182
2,444
2,451
2,501
2 520
2,522
2,820
Jan
Feb
Mar
Apr
May
June
July
573
573
573
573
573
575
575
182
182
182
182
182
182
182
2,549
2 551
2,542
2,524
2,526
2,599
2,560
.
14
17
10
4
6
4
112
112
104
104
104
104
219
204
191
170
180
181
. . .
719
719
652
401
401
401
United
Kingdom
101
57
68
178
316
446
1957
1958
1959
I960
1961
1962.
Bank
for
Intl.
Settle-2
ments
U.A.R.
(Egypt)
Switzerland
Spain
Yugoslavia
Turkey
Sweden
End of
period
Thailand
Syria
i 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.
2,484
Uruguay
2,458
2 439
Venezuela
171
171
171
171
171
171
EPUEF 3
254
126
40
55
56
56
42
47
_7
22
— 82
47
40
64
47
28
2
Net gold assets of BIS, i.e., gold in bars and coins a n d other gold
assets minus gold deposit liabilities.
3 European Payments Union through Dec. 1958 and European F u n d
thereafter.
N O T E . — F o r back figures and description of the data in this a n d the
following tables on gold (except production), see " G o l d , " Section 14 of
Supplement to Banking and Monetary Statistics, 1962.
GOLD PRODUCTION
(In millions of dollars at $35 per fine troy ounce)
Africa
Period
1958
1959
I960
1961
1962
1963
1963
World
production i
1,050.0
1,125.0
1,175.0
1,215.0
1,295.0
1,350.0
June
July
Sept
Oct
Nov
Dec
1964 Jan
Feb
Mar
Apr
May
North and South America
South
Africa
Rhodesia
Ghana
618.0
702.2
748.4
803.1
892.2
960.1
19.4
19.8
19.6
20.1
19.4
19.8
29.8
32.0
30.8
29.2
31.1
32.2
80.1
81.6
81.7
80 9
82.0
81.6
78.6
1.6
6
7
6
7
7
8
78.7
79 9
84.9
82.3
1.7
1.6
1.6
1.6
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
8.3
8.3
7.2
7.3
7 0
7.9
7 8
7.2
2.6
2.7
2.7
2.7
11 6
10.9
11.7
11 5
12.2
11 7
10.8
2.6
2.6
2.6
2.6
10 7
9 8
10.3
11.6
10.7
10.8
12.3
12.2
11.1
8.1
7.1
7.5
i Estimated; excludes U.S.S.R., other Eastern European countries,
China Mainland, and North Korea.
NOTE.—Estimated world production based on report of the U.S.
61.6
57.2
58.8
54.8
54.5
51.4
Asia
Other
ColomIndia
bia
Philippines
Australia
All
other i
13.0
13.9
15 2
14 0
13 9
11.4
6.0
5.8
5.6
5 5
5 7
4.8
14 8
14.1
14 4
14 8
14 8
13 2
38 6
38.1
38 0
37 7
37 4
35 8
58 9
54.5
53 6
53 8
57 3
59 3
.5
.7
.6
4
.8
.8
.8
9
1.0
.9
7
.6
.8
.9
.4
.4
.4
4
.4
.4
.4
1 2
1 2
1 3
1 2
1*2
1 3
1.2
8
1 0
.5
.7
1 2
1 2
1.0
1.2
4
3
3
3
3
2
3
2
3
4
0
0
6
1
8
3
2
2
2
1
5
6
6
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.
1210
U.S. GOLD
SEPTEMBER 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
1963
1958
1957
1959
1960
1961
1962
n
Western Europe:
3
Germany, Fed. Rep. of
Italy
25
Portugal
18
Total
8
Latin American republics:
Argentina
Brazil
Colombia
. .
—349
-261
— 30
—249
-20
-10
32
15
5
115
-1
28
75
Total
Asia:
Japan
Other
Total
-143
— 144
20
-21
-38
— 114
-324
-550
-36
-96
- 8 2 7 -1,718
— 82
-63
HI
IV
—32
32
23
-214
-101
-101
200
200
-101
109
—20
-101
I
-456
-518
— 156
— 125
-306
-23
— 146
— 130
—60
-387
329
18
74
131
-53
-12
1
14
*
A
-149
-139
-34
-350
— 32
-23
100
—25
102
-754 -1.105
-399
-7
II
2
30
221
-7
14
-31
79
190
67
-ii
-50
—2
-90
-2
-6
29
6
2
-28
81
69
19
-100
-109
*
-30
18
-4
— 157
-28
-15
-97
1-101
*
18
-34
-186
-113
-101
-5
-38
All other
14
-3
Total foreign countries
80
172 - 2 , 2 9 4
Intl. Monetary Fund
4 200
Grand total
280
600
772 - 2 , 2 9 4
—30
72
28
-4
-22
-17
-5
175
-998 - 1 , 9 6 9
s-44 4 300
-1,041 - 1 , 6 6 9
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.
85
57
38
—20
-30
65
-5
-200
Other
-83
-39
—215
-900
-178
68 - 2 , 3 2 6
80
Canada
—1
-141
— 173
-329
31
-8
100
United Kingdom . . . . . .
Bank for Intl. Settlements
Other
—266
-84
3
-34
Belgium
1964
1963
2-93
-93
—1
— 30
28
2
28
—4
m
6
-11
-1
-3
-3
32
34
-16
—3
-4
25
3 12
25
*
-4
5
12
25
*
-4
5
-6
-1
-36
-10
-25
-1
2
9
-970
-833
-392
-100
-180
-15
-28
95
-833
-392
-100
-180
-15
-28
95
150
-820
4 Proceeds from this sale invested by the IMF in U.S. Goyt. securities;
upon termination of the investment the IMF can reacquire the same
amount of gold from the United States.
5 Payment to the IMF of $344 million as increase in U.S. gold subscription less sale by the IMF of $300 million (see also note 4).
U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES
BY U.S. MONETARY AUTHORITIES
(In millions of dollars)
Changes in—
End of period
Gold stock
Year
1
Total
Total 2
Treasury
Foreign
currency
holdings
Total
1951
1952
1953
1954
1955
1956
1957
22,873
23,252
22,091
21,793
21,753
22,058
22,857
22,873
23,252
22,091
21,793
21,753
22,058
22,857
22,695
23,187
22,030
21,713
21,690
21,949
22,781
53
379
-1,161
-298
-40
305
799
1958
1959
1960
1961
1962
1963
20,582
19,507
17,804
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
116
99
212
Total
gold
Month
Changes in—
Gold stock i
Total
Total 2
53 1963—Aug....
379
Sept....
-1,161
Oct
-298
Nov....
-40
Dec...
305
799 1964—Jan....
Feb....
-2,275
Mar....
4-1,075
Apr
-1,703
May...
-857
June...
-890
July....
-461
Aug.P. .
1 Includes gold sold to the United States by the International Monetary Fund with the right of repurchase, which amounted to $800 million
on Aug. 31, 1964.
2 Includes gold in Exchange Stabilization Fund.
3 For holdings of F.R. Banks only see pp. 1154 and 1156.
End of period
Foreign
currency
Treasury holdings 3
Total
Total
gold
15,725
15,788
15,910
15,780
15,808
15,633
15,634
15,640
15,609
15,596
15,582
15,582
15,583
15,582
15,513
92
154
270
171
212
-39
63
122
-130
28
-44
1
6
-31
-13
15,847
15,865
15,990
15,991
15,946
15,805
15,840
15,890
15,540
15,518
15,550
15,727
15,693
15,623
15,629
15,657
15,512
15,462
15,461
15,462
15,463
15,461
15,462
15,461
307
347
440
264
253
182
211
233
39
18
125
1
-45
-141
35
50
-56
-22
32
177
-34
-70
6
28
4 Includes payment of $344 million increase in U.S. gold subscription
to the IMF.
NOTE.—See Table 10 on p. 1219 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.
1211
GOLD RESERVES AND DOLLAR HOLDINGS
SEPTEMBER 1964
HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS
(In millions of dollars)
Dec. 31, 1962
Western Europe:
Austria
Belgium
Denmark
Finland
France
Germany, Fed. Rep. of
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other 7
783
1,542
98
134
3,744
6,409
196
3,627
1,829
155
632
623
671
3,575
165
4,191
542
iotal
28,916
Canada
4,057
Latin American republics:
Argentina
Brazil
Chile
Colombia
Cuba
Mexico
Panama, Republic of
Peru
Uruguay
Venezuela
Other
Total
Total
Africa:
South Africa
U.A.R. (Egypt)
Other
Total
Other countries:
Australia
All other
Total
3
International and regional 4 . . . .
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
*
1
2
137
1
73
83
*
298
48
708 29,888
389
271
429
178
205
16
626
98
152
281
806
336
Asia:
India
Indonesia
Japan
Philippines
Thailand
Other
Grand total
3,929
903
1.678
147
134
4,510
6,634
258
3,540
1,910
158
646
751
616
3,325
128
4,253
502
30,093
644
393
348
172
243
15
688
111
168
262
905
398
Mar. 31, 1964
Dec. 31, 1963
3,882
901
1,791
192
160
4,653
6,884
265
3,146
1,961
164
688
778
591
3,726
136
3,967
430
June 30, 1964^
3
3
*
1
2
126
1
1
133
83
*
361
49
729 30,433
700
2
133
1
1
123
82
*
312
50
3,805
453
360
176
216
14
759
117
198
263
933
376
453
329
186
231
12
808
129
215
r
284
992
424
3,865
12 '4,063
328
46
911
1,782
198
176
4,709
6,811
239
2,927
1,898
135
689
807
610
3,528
135
4,245
620
779
741
0,420
800 30,755
686
687
3,555
686
452
329
181
244
11
837
91
230
277
*
3,398
13
288
72
2,499
215
437
1,447
295
76
2,613
223
480
40 ^1,551
302
67
2,689
222
486
40 '1, 544
298
92
2,758
237
486
42 rl,645
4,958
50 '5,238
'5,310
51 '5,516
540
188
373
636
191
355
683
186
331
10
671
188
291
1,101
1,182
1,200
10
1,150
10
3,703
12
12
14
1
6
1
•
1
4
131
2
129
75
14
47
1
4
131
*
2
130
77
*
380
49
902
1,832
228
167
5,003
6,616
224
3,039
1,823
188
685
839
615
3,737
129
4,154
574
3,674
1,017!
463'
424
295'
227 >
237
11
817
105
271
276
1.057
487
4,132
4,207
302
90
2,750
232
513
1,848
38
311
86
2,745
227
529
1,902
42
5,735
44
5,800
48
670
198
284
645
196
276
10
1,152
1,117
*
1
*
1
1
*
*
337
287
29
360
355
30
348
326
28
388
314
30
26
373
308
25
384
351
624
29
715
30
674
28
70:
30
26
681
25
735
26
1,413 r45,024
1,530
45,669
1,568
1,524 45,675
1,570 46,288
1,596
1,213
1,218
43,054
7,349
50,403
1,199 '44,655
911
'7,086
2,110 r51,741
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 are not available to reconcile the 2 series.
2
Includes, in addition to other Western European countries, unpublished gold reserves of certain Western European countries; gold to be
distributed by the Tripartite Commission for the Restitution of Monetary Gold; European Fund; and the Bank for International Settlements
(the figures for the gold reserves of the BIS represent the Bank's net
gold assets).
3 Excludes gold reserves of the U.S.S.R., other Eastern European
countries,
and China Mainland.
4
Includes international organizations and Latin American and Euro-
Sept. 30, 1963
U.S. Govt.
Gold& U.S. Gold & U.S. Gold& U.S. Gold& bonds & notes i Gold& U.S. Gold& U.S.
short- Govt. short- Govt. short- Govt. shortshort- Govt. short- Govt.
term
bonds
term bonds
term
bonds
term
term bonds
bonds
term
dollars & notes dollars & notes dollars & notes dollars
Old
New dollars & notes dollars & notes
series series
Area and country
Total foreign countries
June 30, 1963
1,163
r
6,958
2,693 r52,621
7,068
2,781; 2.742 52,743
1,170
26
7,294
1,068
2,740| 53,582
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. 1218.
See also NOTE to table on gold reserves.
1212
INTL. CAPITAL TRANSACTIONS OF THE U.S.
SEPTEMBER 1964
1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
International and regional *
End of
period
1959
I960
1961.. . .
1962
Grand
total
419
21
522
25
389
272
533
019
Total
43
4
3
5
158
012
752
145
European
regional 2
L.A.
regional
158
897
695
938
Intl.
43
3
3
4
Foreign
Europe
Africa
Other
countries
2,780
3,115
52 974
3,444
253
119
227
283
319
125
104
152
2,940
2,969
3,003
3,019
3,034
3,137
3,737
3,741
3.779
3,852
3,955
3,971
286
293
264
265
274
241
162
164
160
164
185
194
3,171
3,191
3,192
3,365
3,332
3,313
3,400
4,012
4,077
4,194
4,224
4,209
4,245
4.312
246
238
248
236
231
228
234
172
184
177
184
185
186
190
Nether- Norway
lands
Portugal
Spain
95
82
105
138
84
99
161
86
149
153
177
213
227
406
490
151
146
149
152
162
191
184
201
177
164
172
205
470
432
434
419
431
409
199
200
189
193
188
216
206
217
234
218
241
264
296
421
431
428
415
420
433
451
Colombia
Cuba
217
158
147
148
164
77
43
715
442
397
495
531
157
13
168
155
163
12
13
12
658
670
665
Latin
Canada America
Total
Official*
Other
34
115
57
173
16 231
17 260
518 781
19*874
9 154
10*212
10 940
11 963
7
7
57
7
076
048
841
911
8 473
9 046
10 322
10*162
2 198
2,439
2 758
3 349
2,408
2,308
2,340
2,448
145
139
137
120
122
118
20,553
20,961
21,102
21,538
21,760
21,301
11,958
12,215
12,392
12,342
12,394
12,467
8,594
8,746
8,710
9,195
9,367
8,834
10,354
10,666
10,789
10,865
10,819
10,770
3,073
3,128
3,107
3,373
3,493
2,988
9,237 10,752
9,285 10,618
9,159 '10,679
9,796 '10,643
9,601 10,618
9,277 10,657
9,832 10,787
3,100
3.034
2,684
2,903
2.932
2,743
3,030
1963—July
Aug
Sept
Oct
Nov....
Dec
25,498
25,779
25,882
26,294
26,428
25,938
4,945
4,818
4,780
4,756
4,668
4,637
4,783
4,662
4,624
4,619
4,528
4,501
18
18
18
17
17
18
1964—Jan
Feb
Mar
Apr
May.. . .
June7p ...
July* . ..
26,122
26,119
'25,905
'26,334
26,340
26,298
26,863
4,668
4,775
4,731
r
4,780
4,833
4,926
4,910
4,537
4,649
4,603
4,591
4.654
4,755
4,748
17
17
19
16
16
25
18
21,454 12,217
21,344 12,059
'21,174 '12,015
'172 '21,554 '11,758
163
21,507 11,906
146
21,372 12,094
144
21,953 12,121
115
109
108
Asia
la. Europe
End of period
Total
Austria Belgium
Denmark
Germany,
Fed.
Rep. of
Greece
186
63
67
119
1,370
1,157
1,987
3 476
2,842
2,730
2,771
2,844
2,873
2,965
3,041
3,041
181
176
181
78
86
99
1,444
1,486
,479
1,434
1,499
1,478
1,195
1,287
1,249
1,029
93
108
110
111
112
102
105
,487
,467
1,411
,406
,518
,552
1,558
2,999
3,157
2,858
2,386
2.303
2,535
2,360
Finland
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
1963—July
Aug
Sept....
Oct
Nov....
Dec
10,354
10,666
10,789
10,865
10,819
10,770
354
392
399
372
347
365
218
281
311
410
401
420
99
101
116
128
144
161
76
75
1964—Jan
Feb
Mar....
Apr
May . . .
June**...
JulyP. ..
10,752
10,618
'10,679
'10,643
10,618
10,657
10,787
360
322
342
297
341
310
327
440
431
406
437
439
440
396
176
157
167
191
195
197
213
46
91
73
73
France
655
519
989
174
183
188
177
167
162
156
148
147
143
Italy
877
1,234
1,384
Switzer- Turkey
land
United
Kingdom
3
12
5
1,800
1,854
1.747
1,807
1,706
1,483
12
15
15
15
177
179
265
325
395
2
1,777
1,735
1,787
2,008
1,931
1,715
1,864
14
13
334
320
13
'357
'514
31
18
26
25
1,667
2,227
1,609
1963—July
Aug....
Sept
Oct
Nov....
Dec
809
790
824
857
831
906
16
27
21
26
25
21
1964—Jan
Feb
Mar....
Apr
May . .
JuneP...
July?. ..
915
919
986
18
28
20
16
15
14
13
For notes see following page.
Other
Other
Western6 U.S.S.R. Eastern
Europe
Europe
569
357
325
351
969
678
875
908
990
16
16
13
14
14
14
465
372
309
278
125
136
133
127
119
877
803
133
685
536
784
849
866
891
928
319
289
297
254
264
222
309
104
117
159
157
167
119
107
96
192
lb. Latin America
6
10
12
11
1959
I960
1961
1962
1,043
1,063
1,138
1,121
Yugoslavia
216
248
238
226
329
367
361
360
la. Europe—Continued
End of period
485
328
Sweden
3
Total
Argentina
Brazil
Chile
13
14
16
19
2,408
2,308
2,340
2,448
337
315
235
210
151
194
228
204
185
135
105
19
19
2,940
2,969
3,003
3,019
3,034
383
399
404
381
360
375
151
114
117
133
381
392
376
377
402
350
336
169
172
179
178
189
174
176
3
2
2
2
2
17
21
20
24
3
2
3
3
4
3
4
23
22
19
21
20
25
23
3,137
3,171
3,191
3,192
3,365
3,332
3,313
3,400
160
181
185
189
179
135
122
135
143
131
136
138
142
135
184
168
162
169
11
11
174
173
11
11
181
11
190
178
173
164
12
11
11
10
Mexico
632
654
669
684
708
681
707
659
649
666
1213
INTL. CAPITAL TRANSACTIONS OF THE U.S.
SEPTEMBER 1964
1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
lb. Latin America—Continued
End of
period
Panama
Peru
Uruguay
Venezuela
Indonesia
Israel
52,974
2,780
3,115
3,444
36
35
35
36
60
57
56
65
114
54
78
41
139
178
76
28
87
75
63
81
326
322
310
307
306
355
129
126
132
128
134
136
93
89
94
87
82
93
30
32
36
30
30
15
3,737
3,741
3,779
3 852
3,955
3,971
39
35
35
35
35
35
61
62
65
67
69
66
49
48
55
51
49
51
34
33
23
113
559
541
532
616
581
591
32
27
48
91
96
93
105
113
112
105
104
106
98
104
105
106
646
592
616
717
687
656
769
358
391
397
412
425
426
426
128
125
141
154
155
166
171
88
87
88
86
85
93
93
\6
14
13
1!
14
16
14
4,012
4,077
4,194
4,224
4,209
4,245
4.312
35
78
72
74
72
71
71
75
51
52
55
56
67
64
62
44
54
46
45
40
42
40
121
129
126
132
140
135
133
277
398
418
1963- J u l y . . . .
Aug
Sept
Oct
Nov....
Dec
109
113
117
111
125
129
126
129
141
153
155
158
93
91
92
93
110
1964-Jan.. .
Feb
Mar
Apr.....
May . ..
JuneP...
July"...
111
113
91
90
90
168
173
173
405
lc. Asia—Continued
36
36
36
36
36
35
Id. Africa
le. Other countries
Thailand
Other
Asia
Total
Congo
(Leopoldvine)
94
84
92
75
141
186
264
333
504
204
254
280
253
227
283
319
31
32
34
35
58
64
93
68
49
29
32
41
20
22
15
14
204
210
197
209
196
209
114
122
126
134
141
149
379
384
382
382
379
382
365
356
332
344
381
353
286
293
264
265
274
241
30
30
24
24
25
26
88
85
77
71
59
49
45
48
40
43
55
41
201
203
209
205
203
204
218
166
177
200
215
219
232
249
385
400
409
416
416
425
426
384
441
472
512
510
490
523
246
238
248
236
231
228
234
25
25
26
25
24
25
24
48
41
33
24
19
17
20
42
43
43
46
49
38
44
Japan
Korea
Philippines
1,285
1,887
51,672
2,195
148
152
199
136
172
203
185
174
1963—July
Aug .
Sept
Oct
Nov
Dec
2,315
2,309
2,385
2,403
2,456
23454
87
86
86
91
108
113
1964—Jan
Feb
Mar
Apr
May
June?
2,424
2,388
2,446
2,415
2,393
2,441
2,451
122
126
124
120
115
106
100
Taiwan
1
International Bank for Reconstruction and Development, International Monetary Fund, International Finance Corp., International
Development Assn., and other international organizations; Inter-American Development Bank, European Coal and Steel Community, European
Investment Bank and other Latin American and European regional
organizations, except Bank for International Settlements and European
Fund which are included in "Europe."
2 Not reported separately until 1962.
3 Foreign central banks and foreign central govts. and their agencies,
and4 Bank for International Settlements and European Fund.
Includes $1,031 million representing increase in U.S. dollar subscription to the IMF paid in June 1959.
5 Includes $82 million reported by banks initially included as of Dec.
31, 1961, of which $81 million reported for Japan.
*7 Includes Bank for International Settlements and European Fund.
Decline from end of 1961 reflects principally reclassification of deposits for changes in domicile over the past few years from Cuba to other
countries.
8 Data based on reports by banks in the Second F.R. District only for
year-end 1959-1962.
India
33
12
15
10
62
51
57
101
1959
1960
1961
1962
Hong
Kong
88
72
89
97
82
72
84
105
End of
period
China
Mainland
9 H
69
111
123
129
123
87
98
191
197
204
218
Neth.
Other
Bahamas
Antilles & Latin
&
Total
Bermuda » Surinam America 8
227
235
226
267
1959
I960.
1961
1962
10*?
85
Other
L.A.
Rep.
l c . Asia
South
Africa
K/l
U.A.R. Other
(Egypt)' Africa
Total
Australia
95
80
109
161
119
125
104
152
no
9
37
6
15
13
12
18
14
14
109
117
111
109
121
112
162
164
160
147
149
146
148
171
180
15
15
14
16
14
13
17
19
24
26
21
22
24
114
110
123
114
118
126
120
157
170
162
162
164
166
168
15
14
15
164
185
194
172
184
177
184
185
186
190
88
98
147
5
22
21
19
22
9 Bermuda only; Bahamas included in "Other Latin America."
* o Represent a partial breakdown of the amounts shown in the "other"
categories (except "Other Eastern Europe") in Tables la-le.
Except as indicated by note 11, data for 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.
1]
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 SunH<-went to Banking and Monetary Statistics, 1962.
1214
INTL. CAPITAL TRANSACTIONS OF THE U.S.
SEPTEMBER 1964
1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
If. Supplementary Data 1 0 (end of period)
1963
1963
Other Latin American Republics:
Bolivia
. .
. . . •••
Haiti
Jamaica
Paracuav
Trinidad & Tobaeo
Area or country
Apr.
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
H22.5
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:
Ecuador
1964
1962
Area or country
Other Latin America:
British West Indies
French West Indies & French
Guiana
.
Other Asia:
Cambodia
1964
1962
Apr.
Dec.
Apr.
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
na
2.7
49.9
6.5
108.1
24 3
16.1
31.6
151 0
5 7
17.9
1.6
17.0
4 1
17.6
5.5
2.5
26.8
.6
na
2.4
10.9
.5
20.8
10 8
13.4
10.5
l.l
24.5
.6
na
2.4
11.6
9
22.3
6 4
22.0
14.1
1.4
17.8
.8
3 6
2.5
1.0
1 0
32.1
6 3
17.8
14.9
1.4
n.a.
g
3 5
2.0
.8
4.7
8.8
10.5
18.8
Other Asia (Cont.):
H18.7
8 5
1.2
Kuwait
33.0
14.0
65.9
18 4
Malaysia
15.9
Ryukyu Islands (incl. Okinawa). 17.0
Saudi Arabia
28 4
Syria
4.9
Viet-Nam
10.1
Other Africa:
Algeria
Ethiopia, incl. Eritrea
Ghana
Liberia
Libya
Mozambique
Nigeria
Somali Republic
Sudan
Tunisia
All other:
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
Total
1959
I960
1961
1961 5
1962
419,389 416,913
21,272 18,929
22,450 19,944
. . . . 22,533 20,025
25,019 22,311
1963 July
Aue
Sept
Oct
Nov
Dec
1964
Jan
Feb
Mar
Apr . . . .
May
June*p 7
July
Deposits
U.S.
Treasury
bills and
Demand Time i certificates
6,: 41
7,568
8,644
8,707
8,528
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
L,62l
1,699
1,751
1,850
1,886
1,849
2,797
2,864
2,921
2,943
3,022
3,047
1 401
1,399
1,441
1,391
1,454
1,493
,767
1,748
3,002
3,070
3,111
3 148
3,107
3,133
3,130
1,425
1,443
1,424
1 457
1.467
1,496
1,464
25,498
25,779
25 882
26,294
26,428
25,938
22,592
22,804
22,852
23,205
23,277
22,758
5,638
5,487
5,567
5,760
5,994
5,629
1.561
3,674
3,647
3,824
3,806
3,673
8,811
8,916
8,859
8,735
8,555
8,571
2,961
3,028
3,028
3,036
3,036
3,036
26,122
26,119
22,990
22,923
'22,682
r
23,069
23,116
23,043
23,611
5,900
5,796
5,818
6,063
5,901
5,771
6,210
3,756
3,842
3,800
r
3,938
3,923
3,722
3,788
8,531
8,371
7,972
7,687
7,800
7,866
7,914
3,036
3,166
3,171
3,166
3,164
3,289
3,289
r
25,905
r
26,334
26,340
26,298
26,863
Deposits
Special
U.S.
notes 2
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 July 31, 1964.
To all other foreigners
Total
Total
Demand
r
r
921
2',215
2,328
2,395
2,409
Time i
\A 11
1,849
1,976
1,977
2,096
U.S.
Treasury Other 3
bills and
certificates
Payable
in
foreign
currencies
295
148
149
149
116
270
233
231
232
352
77
113
150
150
143
858
886
902
931
949
966
117
111
109
122
134
119
421
468
469
499
485
469
108
112
108
145
130
134
980
994
1,023
I 038
[ 057
,077
1,093
120
127
136
116
87
75
86
All
506
528
537
495
485
487
131
125
112
117
118
123
123
3 Principally bankers' acceptances, commercial paper, and negotiable
time certificates of deposit.
4 Includes $1,031 million of nonnegotiable, non-interest-bearing special
U.S. notes representing increase in U.S. dollar subscription to the IMF
paid in June 1959.
5 These figures reflect the inclusion of data for banks initially included
as of Dec. 31, 1961.
1215
INTL. CAPITAL TRANSACTIONS OF THE U.S.
SEPTEMBER 1964
3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY
(Amounts outstanding; in millions of dollars)
Europe
Canada
Latin
America
2,624
3,614
3 4,820
5,163
534
717
767
877
272
421
556
526
1,176
1,356
1,522
1,606
586
1,052
3 1,891
2,017
1963—July.,
Aug..
Sept..
Oct..
Nov..
5,469
5,434
5,458
5,590
5,759
5,936
877
954
919
964
989
928
667
597
554
627
634
611
1,669
1,698
1,699
1,694
1,688
1,742
2,128
2,051
2,147
2,166
2,298
2,493
78
83
88
82
97
104
47
50
51
56
52
58
1964—Jan...
Feb.. .
Mar...
Apr.. .
6,107
6,222
6,339
6,473
6,541
6,873
6,702
943
991
932
996
1,022
1,156
1,077
641
604
691
720
747
834
713
1,761
1,753
1,777
1,815
1,795
1,854
1,916
2,601
2,716
2,796
2,794
2,825
2,874
2,837
104
100
98
102
98
100
55
56
44
45
52
54
60
Intl. and
regional
Grand
total
End of period
1959.
1960.
1961.
1962.
Dec.
May. .
June^.
July?.
Asia
Africa 1
Other
countries
2
56
69
85
137
3a. Europe
End of period
Total
Austria
Belgium
Denmark
Finland
France
Germany,
Fed. Rep.
of
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
1959
1960
1961
1962
534
717
767
877
56
65
20
32
18
13
11
14
9
23
30
57
32
42
68
54
82
165
186
30
34
35
54
38
33
54
27
7
17
27
35
8
11
19
19
28
35
18
1963—July.
Aug..
Sept.
Oct..
Nov.
Dec.
877
954
919
964
989
928
28
26
28
26
27
26
10
9
11
11
11
13
51
49
51
49
49
52
63
65
69
66
65
70
132
159
146
151
170
121
69
85
70
81
82
97
37
37
37
41
36
33
34
35
35
34
41
40
44
52
45
38
29
26
25
33
32
33
36
30
1964—Jan..
Feb..
Mar..
Apr..
May.
June35
July**
943
991
932
996
1,022
1,156
1,077
25
30
28
29
30
31
29
13
15
15
12
15
16
17
53
69
69
75
63
63
65
74
80
85
86
92
86
79
160
165
123
135
158
135
114
96
95
83
85
90
114
100
40
42
43
47
38
45
46
39
34
33
34
35
41
34
26
24
27
25
25
28
31
25
25
23
29
29
32
31
3a. Europe—Continued
End of period
Switzerland
Turkey
United
Kingdom
3b. Latin America
Other
Other
Yugo- Western
Eastern Total
slavia Europe4 U.S.S.R. Europe
-
Argen- Brazil
Chile
Colombia
Cuba
Mexico
38
60
105
75
47
49
16
42
121
245
181
221
3
11
9
6
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—July.,
Aug..
Sept..
Oct..,
Nov..
Dec,
69
71
75
91
78
70
47
44
47
42
23
48
187
204
196
229
262
225
17
16
13
7
10
7
21
21
19
20
22
23
1,669
1,698
1,699
1,694
1,688
1,742
200
198
187
183
184
188
192
199
210
183
172
163
171
170
179
186
192
187
146
176
169
180
185
208
18
18
18
18
18
18
448
448
454
445
443
465
1964—Jan...
Feb...
Mar..
Apr..
May .
June*5
79
74
77
81
76
85
93
36
50
46
25
23
42
52
200
208
191
240
250
341
285
11
14
17
24
27
26
23
23
23
25
24
22
22
1,761
1,753
1,777
1,815
1,795
1,854
1,916
179
175
176
180
175
171
174
170
166
155
147
141
147
147
184
184
182
192
186
191
187
218
219
222
226
230
246
251
17
17
16
17
17
17
16
468
477
494
516
511
540
575
1959
1960
1961
1962
For notes see following page.
1216
INT'L CAPITAL TRANSACTIONS OF THE U.S.
SEPTEMBER 1964
3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
3b. Latin America—Continued
End of
period
Panama
Peru
Uruguay
Venezuela
Other
L.A.
Republics 6
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—July
Aug..
Sept..
Oct...
Nov..
Dec...
29
30
30
33
33
35
106
104
103
103
98
99
96
93
86
92
82
65
96
99
102
103
106
114
113
112
109
116
121
1964—Jan...
Feb...
Mar..
Apr...
May .
June**
July?.
47
45
50
106
54
50
50
109
112
115
123
125
128
140
148
145
147
147
144
141
156
107
110
113
113
114
112
46
41
44
40
48
51
54
55
135
3c. Asia
Bahamas
&
Bermuda *
Neth.
Antilles
&
Surinam
Other
Latin
America 7
China
Mainland
long
India
] Cong
1 052
31,891
2 017
2
2
2
2
10
9
9
13
6
9
8
20
11
10
11
15
i
9
14
16
2,128
2,051
2,147
2,166
2,298
2,493
2
2
2
2
2
2
12
11
11
11
12
11
16
19
20
18
16
17
9
10
15
12
14
11
11
10
14
2,601
2,716
2,796
2,794
2,825
2,874
2,837
2
2
2
11
11
12
13
13
15
16
26
22
23
21
20
8
13
9
57
66
74
98
29
31
33
31
33
42
14
1C
9
37
33
4
34
37
35
37
38
Total
12
11
13
12
11
586
2
2
2
2
Indonesia
i
t
18
17
Israel
14
24
36
37
29
28
28
30
25
22
25
29
t
31
34
38
44
I
3c. Asia—Continued
End of period
Japan
Korea
Philippines
Taiwan
Thailand
Other
Asia
Total i
324
1
1,528
1,740
4
1
24
19
114
70
9
7
10
9
15
24
34
41
180
150
145
80
1963—July
Aug
Sept
Oct
Nov
Dec
1,877
1,798
,890
.904
2,017
2,171
17
16
16
13
26
25
52
51
56
63
74
113
16
13
11
8
8
38
40
43
44
45
52
69
73
69
72
73
71
78
83
88
82
97
104
1964
2,247
2,340
2,400
2,394
2 421
2,469
2,416
28
30
31
29
28
27
27
129
142
9
10
9
52
150
161
155
158
174
80
76
77
74
104
100
98
102
84
78
78
98
100
98
Jan
Feb
Mar
Apr
May
June*
July*>
8
8
7
7
7
58
58
57
54
57
53
Congo
(Leo- Moroc- South
poldco i
Africa
ville)
3
3
6
2
1959
I960
1961
1962
806
3e. Other countries
id. Africa
2
1
2
1
1
U.A.R. Other Total 2
(Egypt) Africa i
1?
\\
10
10
2
3
13
26
1
2
1
2
3
1
14
13
14
16
15
20
26
29
27
27
28
2
1
15
15
17
25
28
24
1
1
2
2
2
IK
19
24
29
26
26
Australia
Another 8
56
69
85
137
18
28
29
41
21
42
41
42
36
51
59
47
50
51
56
52
58
41
6
6
7
8
8
9
61
55
55
56
44
45
52
54
60
47
49
36
37
43
45
51
55
56
49
52
50
43
44
49
44
48
24
27
57
8
8
8
8
9
9
9
!
1 Not reported separately until 1963.
2
Includes Africa until 1963.
3
Includes $58 million reported by banks initially included as of Dec.
1961, of which $52 million reported for Japan.
4 Until 1963 includes Eastern European countries other than U.S.S.R.,
Czechosolvakia,
Poland, and Rumania.
5
Czechoslovakia, Poland, and Rumania only until 1963.
<5 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.
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.
1217
INTL. CAPITAL TRANSACTIONS OF THE U.S.
SEPTEMBER 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
Total
Foreign
govt. seDeposits curities,
with for- comml. Other *
eigners and finance
paper 2
Official
institutions i
Banks
Others
351
498
524
699
709
953
460
482
618
622
642
516
582
217
203
605
694
700
686
1,233
1,837
1,874
1,967
480
586
586
557
242
385
386
371
741
734
758
773
801
832
2,040
1,961
2,042
2,046
2,052
2,214
381
349
314
345
350
349
636
631
605
694
639
627
401
407
407
465
432
432
176
170
148
174
156
153
58
55
49
55
51
42
863
2,248
2,325
2,394
2,413
2,373
2,438
2,402
326
646
399
641
661
708
734
807
683
410
397
444
452
494
419
204
43
36
55
56
62
60
62
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
290
329
329
359
1963 July
Aue
Sept
Oct
Nov.
Dec.
5,469
5,434
5,458
5,590
5,759
5,936
4,833
4,803
4,853
4,896
5,121
5,309
1,671
1,759
1,739
1,732
1,919
1,915
136
166
177
153
201
186
827
876
840
852
961
955
708
717
722
727
757
774
1964—Jan
6,107
6,222
6,339
6,473
6,541
6,873
6,702
5,461
5,581
5,678
5,764
5,806
6,066
6,019
2,024
2,057
2,047
2,095
2,146
2,192
2,239
191
1.037
,090
1,082
1,104
1,140
1,143
I 163
796
Mar
Apr
May
June p
JUlyP
Collec- Acceptances
tions
made Other 3
outfor
acct.
standof
foring
eigners 2
Total
1959
I960
1961
1961 5
1962
Feb
Payable in foreign currencies
176
162
152
140
165
168
791
803
839
866
884
908
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.
891
932
911
932
933
956
309
305
346
356
503
422
15
238
200
200
186
194
209
20«
220
253
202
5
These figures reflect the inclusion of data for banks initially included
as of Dec 31, 1961.
5. LONG-TERM CLAIMS ON AND LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Claims
Payable in dollars
End of period
Total
Total
Loans
All other
Payable in
foreign
currencies
1
7
2
4
1,545
1,698
2,034
2,160
1959
I960
1961
1962
1963—July
AUK
Sept
Oct
Nov
Dec
1964 Jan
Feb
Mar
Apr
May
June33p
July
....
2,431
2,472
2,512
2,512
2,584
13,015
2,431
2,472
2,512
2,509
2,581
13,013
2,395
2,433
2,471
2,470
2,545
2,796
3,058
3,107
3,246
3,276
3,297
3,313
3,364
3,056
3,104
3,245
3,275
3,297
3,312
3,363
2,839
2,888
3,030
3,062
3,084
3,110
3,169
1 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
36
39
41
39
36
217
217
217
215
213
212
202
194
•
•
*
2
2
2
52
56
55
66
64
69
2
2
73
74
104
145
154
156
174
1218
INTL. CAPITAL TRANSACTIONS OF THE U.S.
SEPTEMBER 1964
6. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE
(In millions of dollars)
U.S. corporate
securities 2
U.S. Govit. bonds and notes l
Foreign bonds
Foreign stocks
Net purchases or sales
Period
Total
regional
I960
1961
1962
1963
1963—July
1964—Jan
Feb
Mar
Apr
May
Junev
July^
127
512
225
532
-98
-20
-521
302
-207
369
142
83
8
105
-3
105
-4
3
61
-25
-14
-5
-48
30
- 27
-4
— 83
....
Total
-728
671
-10
AllE .
Sept . . . . . . . . .
Oct
Nov
Dec
Foreign
Intl.
and
*
1
-103
*
*
12
8
<y
37
87
5
44
-11
43
29
-27
-5
20
12
8
Official
Purchases
Net pur- PurSales chases or chases
sales
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
1,445
1,262
2,037
2,086
—562
—460
-944
-1,095
509
596
702
696
592
966
806
644
—83
-370
-104
51
117
110
232
43
61
62
-41
-65
—4
7
-32
-22
55
42
44
60
70
63
79
43
23
31
28
28
-24
-1
21
29
42
34
37
126
40
177
157
112
76
3
-75
3
-107
-103
-44
77
45
36
36
50
50
47
42
32
26
31
22
12
17
19
Sales
Net purchases or
sales
Other
5
43
82
14
43
-6
-12
-6
5
-9
1
-5
208
225
239
261
258
277
192
207
236
272
227
254
16
18
4
-11
31
23
27
26
17
3
-27
-8
2^1
309
296
264
13
-34
-35
-20
16
4
*
1
2
10
6
230
299
334
^40
313
%0
296
297
350
313
274
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.
17
-76
883
802
1,093
991
75
45
228
50
29
40
40
51
43
70
53
67
70
62
66
71
62
64
61
£
NOTE.—Statistics include transactions of international and regional
organizations.
See also NOTE to Table 1.
7. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES
(In millions of dollars)
Payable in foreign currencies
Payable in dollars
End of period
Total
1962—Dec
251
1963 Aug
705
SeDt.
Nov
Dec
1964
Jan
Feb
Mar
Apr
May
June
July
Aug
Austria
25
730
25
25
25
50
730
730
680
50
50
50
732
50
802
802
953
1,005
50
50
50
50
705
705
705
Belgium
30
30
30
30
30
30
30
30
Germany
Switzerland
Total
Canada
200
51
275
200
200
200
200
200
175
175
175
175
175
163
163
163
163
163
125
125
125
125
125
275
275
275
200
200
150
175
175
175
175
1245
1245
1245
1297
160
160
158
158
158
152
152
152
125
125
125
275
275
275
275
30
477
30
30
30
30
477
477
628
628
l Includes the equivalent of $70 million payable in Swiss francs to the
Bank for International Settlements.
Italy
125
125
125
125
125
Italy
Sweden
13
13
25
25
25
25
25
10
10
8
8
8
2
2
2
25
25
25
25
25
25
25
25
13
13
13
SEPTEMBER 1964
1219
INTL. CAPITAL TRANSACTIONS OF THE U.S.
8. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES,
BY TYPE OF SECURITY AND BY COUNTRY
(In millions of dollars)
Type of security
Period
Country or area
Total
Stocks
Bonds
France
Switzerland
United
Kingdom
Other
Europe
Total
Europe
Canada
Latin
America
Asia
-45
-112
-43
-47
36
44
-20
14
13
44
-18
17
*
-1
-4
«
5
1
10
1
-10
-2
23
4
-4
-4
2
1
1
1
1
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
1963—July..
Aug...
Sept...
Oct...
Nov...
Dec...
16
18
4
-11
31
23
8
16
11
-8
38
21
8
1
-7
2
-7
2
-1
-2
_1
-1
3
*
*
8
2
-10
6
3
20
2
9
15
22
8
1
4
1
6
7
21
13
11
-2
36
18
-4
1
-6
-11
-14
2
1964—Jan...
Feb...
Mar...
Apr...
May..
June P.
July*3.
13
-34
-35
-20
16
17
-76
4
-26
-51
-17
3
-6
-74
9
-9
16
-2
14
23
-2
-2
*
2
*
-9
-4
-4
-2
-6
-13
-6
-21
-24
-32
-16
-22
-19
-24
7
28
-32
8
4
5
3
6
-3
*
-12
-25
-25
-27
-17
-3
-68
11
-10
-5
10
9
10
-8
1
2
Not reported separately until May 1963.
Yearly figures include Africa.
1960
1961.
1962
1963
Intl.
and
regional
Total
foreign
countries
Europe
Canada
Other
Latin
Amer- Asia Africa1 coun-2
tries
ica
-196
-318
-360
-614
-107
-58
—41
-26
-41
-121
-175
-252
1963—July....
Aug..
Sept..
Oct..
Nov..
Dec...
-65
-66
16
36
10
12
2
4
2
2
-73
-67
15
32
8
10
2
-7
-11
10
2
16
-6
-29
-16
28
8
-2
-36
2
16
2
2
1
-36
-34
20
-10
-5
-11
1964—Jan...
Feb..
Mar..
Apr..
May
June?
July**.
35
-49
33
-85
-91
-28
14
3
1
2
-48
1
9
4
32
-49
31
-38
-92
-36
9
24
22
23
24
8
13
19
16
-76
10
-44
-93
-49
6
1
-4
1
-14
3
2
-13
-10
8
-4
-5
-12
-8
-5
1 Not reported separately until May 1963.
2 Yearly figures include Africa.
14
12
17
22
}
*I
I
2
2
2
2
2
2
i
t
1
-2
2
-1
1
3
3
1
2
3
1
1
2
1
(In millions of dollars)
-645 -147 -498 -117
— 830
1 -832 -262
— 1,048 — 235 — 813 - 1 8 8
— 1,044 - 9 6 —949 - 4 9
8
Intl.
and
regional
10. DEPOSITS, U.S. GOVT. SECURITIES, AND
GOLD HELD AT F. R. BANKS F O R FOREIGNERS
(In millions of dollars)
Total
Other
countries 2
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
-36
-73
-50
-8
1
*
4
1
1
2
1
2
1
*
1
1
1
1
2
1
4
2
Assets in custody
End of
period
Deposits
U.S. Govt.
securitiesi
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—Aug...
Sept...
Oct....
Nov...
Dec...
177
174
175
165
171
7,856
7,945
8,241
8,343
8,675
13,129
13,132
13,025
13,048
12,954
1964—Jan....
Feb...
Mar...
Apr...
May..
June..
July...
Aug...
136
155
167
166
161
156
135
163
8,740
8,731
8,105
7,860
7,892
8,043
8,201
8,247
12,899
12,884
12,775
12,726
12,747
12,795
12,752
12,741
i U.S. Treasury bills, certificates of indebtedness,
notes, and bonds; includes securities payable in foreign
currencies.
NOTE.—Excludes deposits and U.S. Govt. securities
held for international organizations. Earmarked gold
is gold held for foreign and international accounts (for
back figures, see "Gold," Section 14 of Supplement to
Banking and Monetary Statistics, 1962).
1220
INTL. CAPITAL TRANSACTIONS OF THE U.S.
SEPTEMBER 1964
11. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS
(End of period; in millions of dollars)
Liabilities to foreigners
II
Europe:
Belsium
Total
. . . .
Africa:
Congo (Leopoldville)
M^orocco 5
South Africa
.
.
U A R (Eevort
Other Africa*
7
9
27
2
100
4
3
1
6
7
40
5
127
3
3
*
1
*
1
2
3
3
3
4
341
356
384
338
333
629
639
660
680
693
64
59
62
72
68
830
918
887
682
821
6
18
6
19
4
5
*
10
11
6
21
4
5
7
13
3
7
*
8
20
6
6
13
31
108
30
103
28
112
3
25
26
23
22
13
3
6
4
6
*
11
29
8
3
20
10
3
6
5
18
6
58
13
14
7
33
22
7
41
20
6
56
14
19
5
37
38
11
9
11
22
6
53
13
19
4
38
40
12
10
8
40
113
25
19
5
60
13
27
9
36
39
12
5
11
39
119
24
19
5
59
10
26
7
37
42
23
5
10
123
382
383
389
415
427
4
50
*
3
49
6
39
5
7
165
5
12
3
7
46
*
3
••
• •
3
1
6
5
••
8
15
11
3
9
2
101
114
119
112
2
2
8
2
2
16
2
2
15
1
2
14
2
1
46
7
2
43
2
1
29
3
1
24
9
Totals
5
6
27
7
1
31
32
4
59
114
3
50
106
26
5
3
48
106
26
82
43
14
1
7
24
15
8
25
6
89
28
15
7
23
7
22
7
102
24
16
7
26
17
28
20
35
4
110
6
1
19
30
6
196
3
4
1
7
201
3
3
*
6
218
3
4
*
8
21
8
4
47
103
9
106
32
18
8
29
17
27
5
226
3
4
4
7
140
7
130
4
11
6
5
44
4
11
3
4
42
*
4
42
10
7
157
6
9
4
11
41
253
273
254
291
295
2
8
14
23
4
42
7
4
19
1
5
1
2
18
104
82
72
76
*
12
1
*
1
3
2
1
2
11
10
9
10
10
6
8
9
12
8
9
14
9
4
6
15
15
12
18
3
2
9
11
18
35
33
25
21
41
42
43
50
10
13
13
4
18
17
5
25
4
26
27
28
6
8
28
7
32
9
33
5
30
17
24
22
30
77
35
35
42
38
*
*
*
*
1
3
2
2
1
685
703
641
651
2,173
2,293
2,269
2,154
2,325
90
1
6
1
626
3
5
1
*
1
Includes data for a number of firms reporting for the first time on
Mar.
31, 1963 (7th revised series).
2
Until June 1963 includes Eastern European countries other than
U.S.S.R., Czechoslovakia, Poland, and Rumania.
3 Czechoslovakia, Poland, and Rumania only until June 1963.
4
Bolivia, Dominican Republic, El Salvador, and Guatemala only
until June 1963.
5 Not reported separately until June 1963.
6 Until June 1963 includes also the following I atir American Republics:
Costa Rica, Ecuador, Haiti, Honduras, Jarraica, Nicaragua, Paraguay,
and Trinidad and Tobago.
i
5
24
6
1
7
1
1
21
3
4
*
4
16
International and regional
Grand total
A
2
19
1
14
3
2
23
1
5
1
1
22
Total 5
Other countries:
Australia
AHother?
33
34
6
17
3
4
25
11
6
9
2
3
Total
Asia:
China Mainland
Hong Kong
India
Indonesia
Israel
Japan
Korea
Philippines
Taiwan
Thailand
Other Asia
25
46
14
4
110
4
.•
7
17
6
7
52
114
13
102
34
18
8
32
20
23
5
224
4
5
26
56
13
8
26
...
IV
30
50
13
1
7
8
27
4
118
3
2
*
*
46
12
1
7
Canada
III
II
2
26
3
29
Total
Ii
IV
1964
2
23
2
1
31
35
1
31
36
Finland
France
. .
Germany, Fed. Rep. of
Greece
Italy
Netherlands
Norway
Portugal
Spain
Sweden
.
.
Switzerland
Turkey
United Kingdom
Yusoslavia
Other Western Europe 2
USSR
Other Eastern Europe 3
III
1963
2
20
3
1
32
33
2
18
?
....
Latin America:
Argentina
Brazil
Chile
Colombia
. .
Cuba
Mexico
Panama
Peru
Uruguay.
.
Venezuela
Other L A Republics4
Bahamas and Bermuda 5
Neth Antilles & Surinam
Other Latin America 6
1964
1963
Area and country
Claims on foreigners
126
4
10
5
5
39
7
Until June 1963 includes also African countries other than Congo
(Leopoldville), South Africa, and U.A.R. (Egypt).
8 Includes Africa until June 1963.
NOTE.—Reported by exporters, importers, and industrial and commercial concerns in the United States. Data exclude claims held through
U.S. banks, and intercompany accounts between U.S. companies and
their foreign affiliates.
See also NOTE to Table 1.
1221
UJS. BALANCE OF PAYMENTS
SEPTEMBER 1964
U.S. BALANCE OF PAYMENTS
(In millions of dollars)
1963
Item
1960
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
Exports of goods and
Merchandise
Military sales
Investment income
Investment income
Other services
services—Total
,
l
receipts, private.
receipts, Govt...
Imports of goods and services—Total.
Merchandise
,
Military expenditures
Investment income payments
Other services
27,044
19,459
335
2,911
349
3,990
-23,193
-14,723
-3,048
-939
-4,483
28,438 I
19,913 j
402 1
3,464 I
380 i
4,279 j
-22,852
-14,497
-2,954
-882
-4,519
30,084
20,576
656
3,850
471
4,531
-25,021
-16,134
-3,044
-995
-4,848
31,673
21,938
634
3,982
498
4,621
7,416
4,984
181
1,026
123
1,102
7,880
5,459
206
972
124
1,119
7,972
5,597
-26,160 j -6,293
-16,931
-4,017
-2,897
-747
-1,207 i
-271
- 5 , 1 2 5 ! -1,258
|
I
i
i
I
993
125
1,165
8,405
5,898
^ 155
991
126
1,235
8,858
6,087
213
1,231
127
1,200
6,506
4,197
-731
-286
1,292
-6,659
-4,353
-711
-309
-1,286
-6,702
-4,364
-708
-341
-1,289
-6,680
-4,347
-720
-298
-1,315
P92
Balance on goods and services 1 .
3,851
5,586 i
5,063
5,513 j
1,123
1,374
1,313
1,703
2,178
Remittances and pensions.
-672
-705 I
-738
-826
-213
-219
-203
-191
-202
1. Balance on goods, services, remittances and
pensions
. ..
3,179
4,881
4,325
4,687
910
1,155
1,110
1,512
1,976
-2,780
-1,664
-1,213
-3,396
-1,854
-1,939
-3,551
-1,919
-2,129
-3,784
-1,896
-2,181
-880
-445
-558
1,166
-500
-620
-789
-455
-441
-949
-496
-562
-740
-435
-516
-527
-261
-249
-50
-260
-31
-103
46
48
10
156
-80
35
183
20
29
163
12
-9
162
-427
-236
-302
68
-1,040
-594
-223
47
-1,309
-463
-226
12
-196
-74
-645
13
-108
2. U.S. Govt. grants and capital flow,
net, excluding
advance debt repayments 2
Grants 3,4
,
Long-term loans and subscriptions 4
Change in foreign currency holdings
and
short-term claims, net (increase,—) 2 , 4 . . . . . ,
Seasonal adjustment on three preceding items
combined
Change in associated l i a b i l i t i e s . . . . . . . . . . . . . . .
Scheduled loan repayments
3. Private capital flows, net, excluding foreign
liquid assets in U.S
U.S. direct investments abroad
U.S. long-term capital, other
Foreign long-term investments in U.S
,
U.S. short-term c a p i t a l . . . . .
Foreign short-term capital 5 .
41
583
80
578
147
599
94
643
12
20
141
-3,545
1,674
-863
430
-3,558
-1,599
-1,025
447
-3,268
-1,654
-1,227
272
-3,903
-1,862
-1,644
-1,086
-581
-521
318
-1
1,350
-451
-598
204
1,348
-90
-1,556
175
-553
-106
-696
-19
46
-29
-572
67
26
17
4. Errors and unrecorded transaction:
-772
-998
-1,111
-286
-124
42
-277
73
Balance of A ( = 1 + 2 + 3 + 4 )
Less: Net seasonal adjustments
Balance of A before seasonal adjustment.
3,918
-3,071
-3,605
-3,286
-3,918
-3^071
-31605'
-3,286
-1,180
-367
-813
1,319
-107
1,212
-383
462
-845
-404
12
-416
-181
-249
68
B. Changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and special U.S. Govt transactions—Not seasonally adjusted
Total
Advance repayments on U S Govt loans ^ . • . . .
Advances on U S military exports net
3,918
53
-16
3,071
696
5
Sales of nonconvertible nonmarketable securities,1
Dollar securities 8
Foreign currency securities
t,
3,605
681
470
3,286
326
359
813
25
20
1,212
34
^
845
241
105
416
26
239
—68
54
140
251
-43
31
-74
702
150
552
63
58
5
-10
19
-29
-95
-45
-50
—/
— 55
-5
-50
350
125
225
152
152
175
25
150
25
251
Soles of convertible nonmarketable securities i net
Foreign currency securities
j
25
Change in U.S.9 short-term liabilities reported by
U.S. banks and foreign holdings of marketable
U S Govt bonds and notes
International and regional organizations 1 0
Foreign private holders excluding banks **
Foreign commercial banks
Foreign official holders
•
1,738
637
-152
104
1,149
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
— 156
-86
34
322
-426
Change in U.S. monetary reserve assets {increase,—).
IM!F position
•
2,143
441
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
-57
131
-228
46
Gold
1,702
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.
67 Includes sell-offs.
With maturities over 12 months.
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. Govt. securities.
1
1 Including undetermined holders.
NOTE.—Dept. of Commerce data. Minus sign indicates net payments
(debits); absence of sign indicates net receipts (credits).
1222
FOREIGN TRADE; MONEY RATES
SEPTEMBER 1964
MERCHANDISE EXPORTS AND IMPORTS
(In millions of dollars, seasonally adjusted)
Exports i
2
Imports
Export surplus
Period
1961
Month:
jan
Feb
Mar
Apr
May
1962
1963
1964
1961
1962
1963
1964
1961
J.66R
1,809
1,672
1,795
1,762
1,836
1,748
2,037
2,029
2,078
2,046
2,052
2,004
2,114
J.161
1,150
1,163
1,152
[,153
311,174
3 1,379
L 254
1,262
1,300
1,309
.315
J.3T7
1,320
1,342
1,365
1,404
1,351
1,347
1 422
1,445
1,523
1,542
1 548
1,506
1 590
3l!471
31,312
1,425
31,377
31,092
31,497
31,487
31.417
1,420
1,421
1,458
L 508
1,450
1,459
1,472
1.480
462
562
588
510
432
3 408
3 310
435
416
480
424
410
341
489
330
430
358
485
401
357
3437
3211
300
3462
3 107
3621
3473
3496
473
364
365
387
530
487
473
569
6,144
6,102
3,474
3 3,479
3 3,895
3,924
3,989
4,120
34,164
34,114
34,076
34,258
4,416
4,411
4 390
4,596
1,612
3 1,350
3 1,161
1 314
1,160
1,273
31,195
3973
3987
31,333
1,282
1 529
14,713
16,389
17,151
5,439
4,556
5,137
1,712
1,751
I 662
1,585
3 1,582
3 1,689
L 689
1,678
1,780
1,733
.725
31J908
31,523
1,725
31,839
3985
32,118
31,960
31.913
1,893
1,785
1,823
1,895
1,980
1,946
1.945
2,049
n
m
iv
5,086
3 4,829
3 5,056
5 238
5,149
5,393
35,359
35,087
35,063
35,591
5,698
5,940
Year*
20,152
20,945
22,288
July
Ann
Seot
Oct
Nov.
Dec
Quarter:
70*
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.
1962
1963
1964
615
584
555
504
504
498
524
1,754
1,506
3 Significantly affected by strikes.
4 Sum of unadjusted figures.
NOTE.—Bureau of the Census data.
OPEN MARKET RATES
(Per cent per
Month
France
United Kingdom
Canada
Treasury Day-tobills,
day
3 months1 money2
Bankers' Treasury
acceptbills,
ances,
3 months 3 months
Day-today
money
Banker's
allowance Day-today
on
money 3
deposits
Germany,
Fed. Rep. of
Netherlands
Treasury
bills,
60-90
days*
Day-today
moneys
Treasury
bills,
3 months
1961—Dec
1962—Dec
2.82
3.88
2.37
3.75
5.61
3.86
5.35
3.64
4.83
3.30
4.00
2.50
3.58
3.51
2.00
2.63
3.06
3.50
1.32
1.98
1963—July
Aug
Sept
Oct
Nov
Dec
3.39
3.64
3.69
3.57
3.64
3.71
2.91
3.12
3.14
2.99
3.22
3.55
3.87
3.85
3.88
3.86
3.91
3.91
3.77
3.71
3.69
3.67
3.75
3.74
2.98
2.97
3.00
2.98
3.02
3.00
2.00
2.00
2.00
2.00
2.00
2.00
5.26
4.10
3.13
3.64
4.14
4.66
2.63
2.63
2.63
2.63
2.63
2.63
3.44
2.69
2.94
2.88
2.75
2.56
1964—Jan
Feb
Mar
3.76
3.81
3.88
3.75
3.66
3.56
3.60
3.51
3.57
3.70
3.52
3.33
3.28
3.49
3.91
4.00
4.53
4.53
4.56
4.64
4.73
3.72
3.91
4.30
4.30
4.35
4.44
4.57
3.03
3.10
3.79
3.81
3.77
3.80
3.67
2.00
2.08
3.00
3.00
3.00
3.00
3.00
4.13
4.33
4.98
5.03
6.18
4.91
4.83
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
May!'.'.'.'.'.'.
June
July
1 Based on average yield of weekly tenders during month.
Based on weekly averages of daily closing rates.
Rate shown is on private securities.
4 Rate in effect at end of month.
2
3
Day-today
money
Switzerland
Private
discount
rate
2.00
2.00
2.07
1.78
1.89
1.95
2.10
2.25
1.11
L.24
1.92
1.06
1.24
1.11
1.14
L.56
2.31
2.33
2.88
3.00
3.10
3.81
4.26
1.67
1.88
2.51
1.42
1.78
1.06
$.72
2.00
2.00
2.00
2.38
2.50
2.50
2.50
2.00
2.00
2.00
2.00
2.00
2.00
5 Based on average of lowest and highest quotation during month.
NOTE.—For description of rates and back data, see "International
Finance," Section 15 of Supplement to Banking and Monetary Statistics.
1962.
1223
MONEY RATES
SEPTEMBER 1964
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS
(Per cent per annum)
Changes during the last 12 months
Rate as of
Aug. 31, 1963
Country
Per
cent
Month
effective
6.0
4.5
4.0
10.0
4.0
Dec.
June
July
Apr.
Feb.
1957
1963
1963
1958
1962
4.0
4.0
14.21
14.04
8.0
Aug.
Aug.
July
July
May
1963
1960
1963
1963
1963
Ecuador
El Salvador.
Finland
3.0
6.0
5.0
6.0
7.0
Apr.
Aug.
Nov.
June
Apr.
1939
1963
1956
1961
1962
Germany, Fed. Rep. of
Ghana
.
Greece
Honduras 4
....
3.5
3.0
4.5
5.5
3.0
Oct.
May
Oct.
Jan.
Jan.
1960
1961
1961
1963
1962
Iceland
India 5
Indonesia
Iran
Ireland.
9.0
4.5
9.0
6.0
3.94
Dec.
Jan.
Aug.
Nov.
Aug.
1960
1963
1963
1960
1963
Israel
Italy
Jamaica
Japan .
Korea
6.0
3.5
5.0
5.84
10.22
Feb.
June
Mar.
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
4.0
4.0
2.0
7.0
4.0
June
June
Feb.
Feb.
Oct.
1961
1963
1959
1945
1962
7.5
5.0
4.0
4.5
May
May
Jan.
Dec.
1961
1962
1963
1960
Argentina
Brazil
Canada l
Ceylon2
Chile
China (Taiwan) 3
Colombia
Costa Rica
.•
Netherlands
New Zealand
...
Pakistan
Philippine Republic
6
Sweden
Thailand
Tunisia
Turkey
United Arab Rep. (Egypt)..
United Kingdom
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar. Apr.
May
June
July
4.75
4.25
4.0
3.0
4.5
5.5
3.0
4.0
4.5
3.98
3.94
4.5
4 0
N OTE .—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
6.0
4.5
4.75
10.0
4.0
3.0
6.5
5.0
6.0
7.0
6.5
5.5
4 0
Aug.
4.0
4.0
14.39
14.04
8.0
14.39
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 Rate applies to advances against commercial paper as well as against
govt. securities and other eligible paper.
6 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
Aug. 31,
1964
1964
1963
4.62
4.69
4.87
6.0
3.5
4.0
6.57
10.5
6.57
10.5
4 0
4.5
4.5
7.0
6.0
3.5
4.5
4.0
4.5
2.5
5.0
9.0
4.5
9.0
4.0
4.87
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
more than one rate applicable to such discounts or advances, the rate
shown is the one at which it is understood the central bank transacts
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.
1224
FOREIGN EXCHANGE RATES
SEPTEMBER 1964
FOREIGN EXCHANGE RATES
(In cents per unit of foreign currency)
Argentina
(peso)
Australia
(pound)
Austria
(schilling)
Belgium
(franc)
Canada
(dollar)
Ceylon
(rupee)
Denmark
(krone)
Finland
(markka)
France
(franc)
2.207
5.556
1.2730
1.2026
1.2076
.9080
.7245
223.88
223.81
223.71
223.28
223.73
223.10
3.8536
3.8619
3.8461
3.8481
3.8685
3.8690
2.0044
2.0012
2.0053
2.0052
2.0093
2.0052
103.025
104.267
103.122
98.760
93.561
92 699
21.049
21.055
21.048
21.023
21.034
21.015
14 482
14.508
14.505
14.481
14.490
14.484
.3118
.3115
.3112
.3110
.3107
131.057
.2374
.2038
20.389
20.384
20.405
220.404
1963 Aug
Sept
Oct
Nov
Dec
.7439
.7034
.6767
.6942
.7391
223.07
222.92
222.93
222.93
222.83
3.8712
3.8706
3.8686
3.8659
3.8690
2.0039
2.0037
2.0026
2.0059
2.0067
92.325
92.590
92.757
92.778
92.629
21.010
21.019
21.015
21.021
21.019
14.470
14.485
14.479
14.484
14.489
31.056
31.057
31.057
31.057
31.059
20.405
20.404
20.400
20.405
20.404
1964—Jan
Feb
Mar
Apr
May
.7514
.7582
.7438
.7287
.7312
.7272
.7279
.7075
222.97
222.86
222,95
223.03
223.06
222.64
222.29
222.04
3.8702
3.8681
3.8675
3.8687
3.8686
3.8694
3.8710
3.8725
2.0071
2.0068
2.0070
2.0082
2.0089
2.0060
2.0085
2.0103
92.551
92.575
92.534
92.498
92.499
92.499
92.473
92.690
21.025
21.021
21.019
21.020
21.021
21 009
20.977
20.953
14.471
14.457
14.484
14.494
14.482
14.470
14.459
14.438
31.063
31.068
31.077
31.077
31.066
31.063
31.063
31.059
20.402
20.403
20.404
20.405
20.405
20.401
20.405
20.405
Germany
(deutsche
mark)
India
(rupee)
Ireland
(pound)
Italy
(lira)
Japan
(yen)
Malaysia
(dollar)
Mexico
(peso)
Netherlands
(guilder)
New
Zealand
(pound)
1958
1959
I960
1961
1962
1963
23.848
23.926
23.976
24.903
25.013
25.084
21 048
21.031
20.968
20 980
21.026
20.966
280 98
280.88
280.76
280.22
280.78
280.00
16006
.16099
.16104
16099
.16107
.16087
27791
.27781
.27785
27690
.27712
.27663
32 767
32.857
32.817
32 659
32.757
32.664
8 0056
8.0056
8.0056
8 0056
8.0056
8.0056
26 418
26.402
26 513
27 555
27.755
27.770
278 19
278.10
277,98
277.45
278.00
277.22
1963—Aug
SeDt
Oct
Nov
Dec
25.101
25.121
25.137
25.154
25.165
20.962
20.951
20.961
20.961
20.954
279.96
279.77
279.78
279.78
279.65
16102
.16078
.16062
.16065
.16065
.27554
.27589
.27603
.27586
.27564
32.647
32.645
32.698
32.705
32.697
8.0056
8.0056
8.0056
8.0056
8.0056
27.712
27.721
27.749
27.765
27.765
277.19
277,00
277.01
277.01
276.88
1964—Jan
Feb
Mar
Apr
May
25.148
25.169
25.163
25.160
25.159
25.165
25.159
25.152
20.963
20.959
20.968
20.970
20.977
20.945
20.912
20.886
279.83
279.69
279.81
279.90
279.94
279.42
278.97
278.66
.16065
.16063
.16029
.16000
.16001
.16002
.16001
.16002
.27589
27567
.27603
.27583
.27579
.27580
.27576
.27580
32.706
32 694
32,645
32 595
32.606
32.571
32.524
32.474
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
277.06
276.92
277.04
277.13
277.17
276.65
276.21
275.91
Norway
(krone)
Philippine
Republic
(peso)
Portugal
(escudo)
Spain
(peseta)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
2 3810
2.0579
1.6635
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
Period
Official
1958
1959
I960
1961
1962
1963
July
Aug
Period
July
Aug
Period
Free
1958
1959
I960
1961
1962
1963
14.008
14.028
14.018
14.000
14.010
13.987
1963—Aug
Sept
Oct
Nov
Dec
13.985
13.971
13.971
13.970
13.972
1964—Jan
Feb
Mar
Apr
May
June
July
Aug
13.969
13.962
13.976
13.989
13.992
13.984
13.972
13.962
49.695
49.721
49.770
;:;::;::;:
3 4900
3.4967
3.4937
3 4909
3.4986
3.4891
(pound)
279 93
279.83
279.71
279 48
(rand)
139 57
139.87
139.48
1 £&U
3.4893
3.4881
3,4863
3.4875
3.4874
139.46
139.36
139.37
139.37
139.30
1.6664
1.6664
1.6664
.6665
. .6666
19.266
19.268
19.250
19.262
19.250
23.164
23.171
23.171
23.166
23.170
279.96
279.77
279.78
279.78
279.65
3.4861
3.4848
3.4867
3.4879
3.4874
3.4847
3.4796
3.4746
139.39
139.32
139.38
139 43
139.45
139.19
138.96
138.81
1.6665
1.6664
1.6663
1.6664
1.6664
1.6663
1.6663
1 6662
19.272
19.290
19.430
19 451
19.464
19.467
19.441
19.466
23.168
23.122
23.110
23.143
23.171
23.172
23.139
23.145
279.83
279.69
279.81
279 90
279.94
279.42
278.97
278.66
i A new markka, equal to 100 old markkaa, was introduced on Jan.l,
1963.
* Effective Jan. 1, 1963, the franc again became the French monetary
unit. It replaces, at a 1 to I ratio, the new franc introduced Jan. 1, 1960.
South Africa
NOTE.—Averages of certified noon buying rates in New York for
cable transfers. For description of rates and baclc data, see "International
Finance," Section 15 of Supplement to Banking and Monetary Statistics,
1962.
BOARD OF GOVERNORS
of the Federal Reserve System
WM, M C C . MARTIN, JR.,
Chairman
C. CANBY BALDERSTON, Vice Chairman
A. L. MILLS, JR.
J. L. ROBERTSON
CHAS. N. SHEPARDSON
GEORGE W. MITCHELL
J. DEWEY DAANE
RALPH A. YOUNG, Adviser to the Board
G U Y E. NOYES, Adviser to the Board
CHARLES MOLONY, Assistant to the Board
ROBERT L. CARDON, Legislative
Counsel
CLARKE L. FAUVER, Assistant to the Board
OFFICE OF THE SECRETARY
DIVISION OF EXAMINATIONS
MERRITT SHERMAN, Secretary
FREDERIC SOLOMON, Director
KENNETH A. KENYON, Assistant Secretary
ELIZABETH L. CARMICHAEL, Assistant Secretary
ARTHUR L. BROIDA, Assistant Secretary
KARL E. BAKKE, Assistant Secretary
GLENN M. GOODMAN, Assistant Director
BRENTON C. LEAVITT, Assistant Director
JAMES C. SMITH, Assistant Director
ANDREW N . THOMPSON, Assistant Director
LEGAL DIVISION
LLOYD M. SCHAEFFER, Chief Federal Reserve
Examiner
HOWARD H. HACKLEY, General Counsel
DAVID B. HEXTER, Assistant General Counsel
THOMAS J. O'CONNELL, Assistant
General
Counsel
JEROME W. SHAY, Assistant General Counsel
WILSON L. HOOFF, Assistant General Counsel
DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON,
DIVISION OF RESEARCH AND STATISTICS
DANIEL H. BRILL,
Director
H. FRANKLIN SPRECHER, JR., Assistant
Director
Director
ROBERT C. HOLLAND, Associate Director
ALBERT R. KOCH, Associate Director
DIVISION OF ADMINISTRATIVE SERVICES
FRANK R. GARFIELD, Adviser
J. CHARLES PARTEE, Adviser
KENNETH B. WILLIAMS, Adviser
JOSEPH E. KELLEHER,
Director
HARRY E. KERN, Assistant
Director
LEWIS N . DEMBITZ, Associate Adviser
ROBERT SOLOMON, Associate Adviser
DIVISION OF INTERNATIONAL FINANCE
OFFICE OF THE CONTROLLER
JOHN KAKALEC,
RALPH A. YOUNG, Director
J. HERBERT FURTH, Adviser
Controller
SAMPSON H. BASS, Assistant
Controller
A. B. HERSEY, Adviser
ROBERT L. SAMMONS,
Adviser
REED J. IRVINE, Associate Adviser
SAMUEL I. KATZ, Associate Adviser
JOHN E. REYNOLDS, Associate Adviser
RALPH C. WOOD, Associate Adviser
OFFICE OF DEFENSE PLANNING
INNIS D . HARRIS,
Coordinator
DIVISION OF BANK OPERATIONS
JOHN R. FARRELL,
DIVISION OF DATA PROCESSING
Director
GERALD M. CONKLING, Assistant
M. B. DANIELS, Assistant
W. M. DAVIS, Acting Director
LEE W. LANGHAM, Assistant Director
Director
JOHN N . KILEY, JR., Assistant
Director
Director
1226
OPEN MARKET COMMITTEE AND ADVISORY COUNCIL
1227
Federal Open Market Committee
WM. M C C . MARTIN, JR., Chairman
ALFRED HAYES, Vice Chairman
C. CANBY BALDERSTON
A. L. MILLS, JR.
HARRY A. SHUFORD
J. DEWEY DAANE
GEORGE W. MITCHELL
ELIOT J. SWAN
W. BRADDOCK HICKMAN
J. L. ROBERTSON
EDWARD A. WAYNE
CHAS. N. SHEPARDSON
RALPH A. YOUNG, Secretary
J. HERBERT FURTH, Associate
MERRITT SHERMAN, Assistant Secretary
GEORGE GARVY, Associate
KENNETH A. KENYON, Assistant
DAVID L. GROVE, Associate
Secretary
Economist
Economist
Economist
ARTHUR L. BROIDA, Assistant Secretary
ROBERT C. HOLLAND, Associate
HOWARD H. HACKLEY, General Counsel
HOMER JONES, Associate
DAVID B. HEXTER, Assistant
ALBERT R. KOCH, Associate
General Counsel
GUY E. NOYES, Economist
DANIEL H. BRILL, Associate
MAURICE MANN, Associate
Economist
Economist
Economist
Economist
Economist
BENJAMIN U. RATCHFORD, Associate
Economist
ROBERT W. STONE, Manager, System Open Market Account
CHARLES A. COOMBS, Special Manager, System Open Market Account
Federal Advisory Council
LAWRENCE H. MARTIN, BOSTON
EDWARD B. SMITH, CHICAGO
WILLIAM H. MOORE, NEW YORK
JAMES P. HICKOK, ST. LOUIS
WILLIAM
L. DAY, PHILADELPHIA
L . A . STONER, CLEVELAND
JOHN
F.
J. FlNLEY MCRAE, ATLANTA
V.
PROCHNOW,
A. MOORHEAD,
MINNEAPOLIS,
President
M . L . BREIDENTHAL, KANSAS CITY
WATLINGTON, JR., RICHMOND
HERBERT
JOHN
JAMES
W. ASTON,
DALLAS,
Vice President
RANSOM M . COOK, SAN FRANCISCO
Secretary
WILLIAM
J.
KORSVK,
Assistant Secretary
1228
FEDERAL RESERVE BULLETIN • SEPTEMBER 1964
Federal Reserve Banks and Branches
Federal Reserve Bank
or branch
Zip Code
Boston
New York
Buffalo
...02106
10045
...14240
Chairman
Deputy Chairman
President
First Vice President
Erwin D. Canham
William Webster
George H. Ellis
Earle O. Latham
Philip D. Reed
James DeCamp Wise
Whitworth Ferguson
Alfred Hayes
William F. Treiber
Insley B. Smith
Philadelphia
19101
Walter E. Hoadley
David C. Bevan
Karl R. Bopp
Robert N. Hilkert
Cleveland
44101
Joseph B. Hall
Logan T. Johnston
Howard E. Whitaker
William A. Steele
W. Braddock Hickman
Edward A. Fink
Edwin Hyde
William H. Grier
Harry B, Cummings
Clarence P. Street
Edward A. Wayne
Aubrey N. Heflin
Jack Tarver
J. M. Cheatham
C. Caldwell Marks
Harry T. Vaughn
Andrew D. Holt
J. O. Emmerich
Malcolm Bryan
Harold T. Patterson
Robert P. Briggs
James H. Hilton
James William Miller
Charles J. Scanlon
Hugh J. Helmer
Raymond Rebsamen
J. H. Longwell
Carey V. Stabler
C. Hunter Green
Frank Lee Wesson
Harry A. Shuford
Darryl R. Francis
Atherton Bean
Judson Bemis
C. G. McClave
Frederick L. Deming
M. H. Strothman, Jr.
Homer A. Scott
Dolph Simons
Robert T. Person
James E. Allison
Clifford Morris Hardin
George H. Clay
Henry O. Koppang
Robert O. Anderson
Carl J. Thomsen
Dysart E. Holcomb
Edgar H. Hudgins
Harold D. Herndon
Watrous H. Irons
Philip E. Coldwell
F. B. Whitman
John D. Fredericks
S. Alfred Halgren
Graham J. Barbey
Howard W. Price
Robert D. O'Brien
Eliot J. Swan
H. Edward Hemmings
Cincinnati
Pittsburgh
Richmond
Baltimore
Charlotte
Atlanta
45201
...15230
23213
21203
...28201
...30303
35202
Birmingham
32201
Jacksonville
37203
Nashville
New Orleans.... ...70160
Chicago
...60690
Detroit
...48231
St. Louis
...63166
Little Rock
Louisville
Memphis
,72203
40201
...38101
Minneapolis
..55440
Helena
...59601
Kansas City
. 64106
Denver
80217
Oklahoma City.. ...73101
...68102
Omaha
Dallas
El Paso
Houston
San Antonio
San Francisco
...75222
,.79999
,77001
...78206
94120
,90054
Los Angeles
...97208
Portland
Salt Lake City... 84110
98124
Seattle
Vice President
in charge of branch
Fred O. Kiel
Clyde E. Harrell
Donald F. Hagner
Edmund F. MacDonald
Edward C. Rainey
Thomas A. Lanford
Robert E. Moody, Jr.
Morgan L. Shaw
Russel A. Swaney
Fred Burton
Donald L. Henry
E. Francis DeVos
Clement A. Van Nice
John W. Snider
Howard W. Pritz
George C. Rankin
Roy E. Bohne
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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1964 BULLETIN. {Stamps and coupons not accepted.)
DEBITS AND CLEARINGS STATISTICS AND THEIR
THE FEDERAL RESERVE SYSTEM- -PURPOSES AND
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USE. 1959. 144 pp. $1.00 a copy; in quantities
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Study by a
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THE FEDERAL FUNDS MARKET—A
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INDUSTRIAL PRODUCTION—1957-59
INDUSTRIAL PRODUCTION MEASUREMENT IN THE
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TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Pt. I. 1959.
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1229
1230
FEDERAL RESERVE BULLETIN • SEPTEMBER 1964
REPRINTS
ECONOMIC
{From Federal Reserve BULLETIN unless preceded
by an asterisk)
THE HISTORY OF RESERVE REQUIREMENTS FOR
BANKS IN THE UNITED STATES. NOV. 1938.
20 pp.
CHANGE
AND ECONOMIC
ANALYSIS.
Sept. 1963. 17 pp.
BANK AND PCA LENDING TO FARMERS. Sept. 1963.
11 pp.
THE U.S. BALANCE OF PAYMENTS, 1961-63. Oct.
1963. 8 pp.
THE MONETARY SYSTEM OF THE UNITED STATES.
Feb. 1953. 16 pp.
FEDERAL FINANCIAL
11 pp.
MEASURES FOR ECONOMIC
RECENT
INTEREST
RATE TRENDS.
NOV. 1963.
10 pp.
STABILITY. May 1953. 7 pp.
•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
THE OPEN MARKET POLICY PROCESS. Oct. 1963.
ON THE GOVERNMENT
SECURITIES
BANK CREDIT AND MONEY IN 1963. Feb. 1964.
7 pp.
SURVEY OF FINANCIAL CHARACTERISTICS OF CONSUMERS. Mar. 1964. 9 pp.
TREASURY AND FEDERAL RESERVE FOREIGN E X CHANGE OPERATIONS AND THE GOLD POOL. Mar.
MARKET. Apr. 1961. 8 pp.
1964. 14 pp.
REVISION OF CONSUMER CREDIT STATISTICS. Dec.
U.S. TRADE AND PAYMENTS IN 1963. Apr. 1964.
1961. 15 pp.
7 pp.
REVISED INDEXES OF FREIGHT CARLOADINGS. Dec.
FLOWS
1961. 3 pp.
INDUSTRIAL
THROUGH
FINANCIAL
INTERMEDIARIES.
May 1964. 9 pp.
PRODUCTION—1957-59
BASE.
Oct.
BANKING AND MONETARY STATISTICS,
1962. 10 pp.
FLOW OF FUNDS SEASONALLY ADJUSTED. NOV.
1962. 15 pp.
FARM D E B T AS RELATED TO VALUE OF SALES.
Feb. 1963. 9 pp.
1963. Se-
lected series of banking and monetary statistics for 1963 only. Feb., Mar., and May 1964.
15 pp.
REVISION OF THE MONEY SUPPLY SERIES. June
1964. 14 pp.
CHANGES IN STRUCTURE OF THE FEDERAL DEBT.
REVISION OF BANK CREDIT SERIES. June
Mar. 1963. 10 pp.
NEGOTIABLE
TIME
1964.
5 pp.
CERTIFICATES
OF DEPOSIT.
RECENT MONETARY AND CREDIT DEVELOPMENTS.
Apr. 1963. 11 pp.
July 1964. 9 pp.
NEW
FOREIGN
BOND
ISSUES
IN
THE U.S.
MARKET. May 1963. 13 pp.
BANK LOANS SECURED BY STOCKS AND BONDS.
July 1963. 19 pp.
A
BANK
EXAMINER
LOOKS
AT AGRICULTURAL
MEASURING AND ANALYZING ECONOMIC GROWTH.
Aug. 1963. 14 pp.
CHANGES IN BANKING STRUCTURE, 1953-62. Sept.
RESERVE
SECURITY
TRANSACTIONS,
1954-63. July 1964. 16 pp.
NEW
LENDING. July 1963. 8 pp.
1963. 8 pp.
FEDERAL
SERIES ON FEDERAL
FUNDS. Aug.
1964.
31 pp.
MINISTERIAL STATEMENT OF THE GROUP OF T E N
AND
ANNEX
PREPARED
BY DEPUTIES.
Aug.
1964. 25 pp.
TREASURY AND FEDERAL RESERVE FOREIGN E X CHANGE OPERATIONS. Sept. 1964. 16 pp.
Index to Statistical Tables
Acceptances, bankers', 1153, 1170, 1172
Agricultural loans of commercial banks, 1164, 1166
Assets and liabilities (See also Foreign liabilities and
claims):
Banks and the monetary system,
consolidated, 1159
Corporate, current, 1184
Domestic banks, by classes, 1160, 1164, 1166
Federal Reserve Banks, 1154
Automobiles:
Consumer instalment credit, 1188, 1189, 1190
Production index, 1192, 1193
Bankers' balances, 1165, 1167
(See also Foreign liabilities and claims)
Banks and the monetary system, consolidated
statement, 1159
Banks for cooperatives, 1179, 1180
Bonds (See also U.S. Govt. securities):
New issues, 1180, 1181, 1182
Prices and yields, 1170, 1171
Brokers and dealers in securities, bank loans to,
1164, 1166
Business expenditures on new plant and
equipment, 1184
Business indexes, 1196
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 1160, 1165, 1168
Federal Reserve Banks, 1154
Carloadings, 1196
Central banks, foreign 1208, 1223
Coins, circulation of, 1157
Commercial banks:
Assets and liabilities, 1160, 1163, 1164
Consumer loans held, by type, 1189
Number, by classes, 1160
Real estate mortages held, by type, 1185
Commercial and industrial loans:
Commercial banks, 1164
Weekly reporting member banks, 1166, 1169
Commercial paper, 1170, 1172
Condition statements (See Assets and liabilities)
Construction, 1196, 1197
Consumer credit:
Instalment credit, 1188, 1189, 1190, 1191
Noninstalment credit, by holder, 1189
Cosumer price indexes, 1196, 1200
Consumption expenditures, 1202, 1203
Corporations:
Sales, profits, taxes, and dividends, 1183, 1184
Security issues, 1181, 1182
Security prices and yields, 1170, 1171
Cost of living (See Consumer price indexes)
Currency in circulation, 1146, 1157, 1158
Customer credit, stock market, 1171, 1206
Debits to deposit accounts, 1156
Demand deposits:
Adjusted, banks and the monetary system, 1159
Adjusted, commercial banks, 1156, 1158, 1165
Banks, by classes, 1152, 1160, 1168
Turnover of, 1156
Type of holder, at commercial banks, 1165
Deposits (See also specific types of deposits):
Adjusted, and currency, 1159
Banks, by classes, 1152, 1160, 1165, 1168, 1172
Deposits—continued
Federal Reserve Banks, 1154, 1219
Postal savings, 1152, 1159
Discount rates, 1151, 1223
Discounts and advances by Federal Reserve
Banks, 1146, 1154, 1156
Dividends, corporate, 1183, 1184
Dollar assets, foreign, 1211, 1219
Earnings and hours, manufacturing industries, 1199
Employment, 1196, 1198, 1199
Farm mortgage loans, 1185, 1186
Federal finance:
Cash transactions, 1174
Receipts and expenditures, 1175
Treasurer's balance, 1174
Federal funds transactions, 1150
Federal home loan banks, 1179,1180, 1187
Federal Housing Administration, 1171, 1185,
1186, 1187
Federal intermediate credit banks, 1179, 1180
Federal land banks, 1179, 1180
Federal National Mortgage Assn., 1179, 1180, 1187
Federal Reserve Banks:
Condition statement, 1154
U.S. Govt. securities held by, 1146, 1154, 1156,
1176, 1177
Federal Reserve credit, 1146, 1154, 1156
Federal Reserve notes, 1154, 1157
Federally sponsored credit agencies, 1179, 1180
Finance company paper, 1170, 1172
Financial institutions, loans to, 1164, 1166
Float, 1146
Flow of funds, 1204
Foreign central banks, 1208, 1223
Foreign currency operations, 1154, 1156, 1210, 1218
Foreign deposits in U.S. banks, 1146, 1154, 1159,
1165, 1168, 1219
Foreign exchange rates, 1224
Foreign liabilities and claims:
Banks, 1212, 1214, 1215, 1217, 1219
Nonfinancial concerns, 1220
Foreign trade, 1222
Gold:
Certificates, 1154, 1157
Earmarked, 1219
Net purchases by U.S., 1210
Production, 1209
Reserves of central banks and govts., 1208
Reserves of foreign countries and international
organizations, 1211
Stock, 1146, 1159, 1210
Govt. debt (See U.S. Govt. securities)
Gross national product, 1202, 1203
Hours and earnings, manufacturing industries, 1199
Housing starts, 1197
Industrial production index, 1192, 1196
Instalment loans, 1188, 1189, 1190, 1191
Insurance companies, 1173, 1176, 1177, 1186
Insured commercial banks, 1162, 1164
Interbank deposits, 1152, 1160, 1165
Interest rates:
Bond yields, 1170
Business loans by banks, 1169
Federal Reserve Bank discount rates, 1151
Foreign countries, 1222, 1223
1231
1232
FEDERAL RESERVE BULLETIN • SEPTEMBER 1964
Interest rates—continued
Mortgage yields, 1171
Open market, 1170, 1222
Stock yields, 1170
Time deposits, maximum rates, 1152
International capital transactions of the U.S. 1212
International institutions, 1208, 1210, 1211
Inventories, 1202
Investment companies, new issues, 1182
Investments {See also specific types of investments):
Banks, by classes, 1160, 1164, 1167, 1172
Commercial banks, 1163
Federal Reserve Banks, 1154, 1156
Life insurance companies, 1173
Savings and loan assns., 1173
Labor force, 1198
Loans {See also specific types of loans):
Banks, by classes, 1160, 1164, 1166, 1172
Commercial banks, 1163
Federal Reserve Banks, 1146, 1154, 1156
Insurance companies, 1173, 1186
Insured or guaranteed by U.S., 1185, 1186, 1187
Savings and loan assns., 1173, 1186
Manufacturers, production index, 1193, 1196
Margin requirements, 1152
Member banks:
Assets and liabilities, by classes, 1160, 1164
Borrowings at Federal Reserve Banks, 1148,
1154, 1168
Deposits, by classes, 1152
Number, by classes, 1161
Reserve position, basic, 1150
Reserve requirements, 1152
Reserves and related items, 1146
Weekly reporting series, 1166
Mining, production index, 1193, 1196
Money rates {See Interest rates)
Money supply and related data, 1158
Mortgages {See Real estate loans)
Mutual savings banks, 1159, 1160, 1162, 1172, 1176,
1177, 1185
National banks, 1162
National income, 1202, 1203
National security expenditures, 1175, 1202
Nonmember banks, 1162, 1164, 1165
Open market transactions, 1153
Payrolls, manufacturing, index, 1196
Personal income, 1203
Postal Savings System, 1152, 1159
Prices:
Consumer, 1196, 1200
Security, 1171
Wholesale commodity, 1196, 1200
Production, 1192, 1196
Profits, corporate, 1183, 1184
Real estate loans:
Banks, by classes, 1164, 1172, 1185
Mortgage yields, 1171
Type of holder, 1185, 1186, 1187
Type of property mortgaged, 1185, 1186, 1187
Reserve position, basic, member banks, 1150
Reserve requirements, member banks, 1152
Reserves:
Central banks and govts., 1208
Commercial banks, 1165
Federal Reserve Banks, 1154
Reserves-—continued
Foreign countries and international
organizations, 1211
Member banks, 1146, 1148, 1152, 1165, 1167
Residential mortgage loans, 1185, 1186, 1187
Retail sales, 1196
Sales finance companies, consumer loans of, 1188,
1189, 1191
Saving:
Flow of funds series, 1204
National income series, 1203
Savings deposits {See Time deposits)
Savings institutions, principal assets, 1172, 1173
Savings and loan assns., 1173, 1177, 1186
Securities {See also U.S. Govt. securities):
Federally sponsored agencies, 1179
International transactions, 1218, 1219
New issues, 1180, 1181, 1182
Silver coin and silver certificates, 1157
State member banks, 1162
State and local govts.:
Deposits of, 1165, 1168
Holdings of U.S. Govt. securities, 1176, 1177
New security issues, 1180, 1181
Ownership of obligations of, 1164, 1172, 1173
Prices and yields of securities, 1170, 1171
Stock market credit, 1171, 1206
Stocks:
New issues, 1181, 1182
Prices and yields, 1170, 1171
Tax receipts, Federal, 1175
Time deposits, 1152, 1158, 1159, 1160, 1165, 1168
Treasurer's account balance, 1174
Treasury cash, 1146, 1157, 1159
Treasury currency, 1146, 1157, 1159
Treasury deposits, 1146, 1154, 1174
Unemployment, 1198
U.S. balance of payments, 1221
U.S. Govt. balances:
Commercial bank holdings, by classes, 1165, 1168
Consolidated monetary statement, 1159
Treasury deposits at Federal Reserve
Banks, 1146, 1154, 1174
U.S. Govt. securities:
Bank holdings, 1159, 1160, 1164, 1167, 1172
1176,1177
Dealer transactions, positions, and
financing, 1178
Federal Reserve Bank holdings, 1146, 1154,
1156, 1176, 1177
Foreign and international holdings, 1154,
1211, 1219
International transactions, 1218
New issues, gross proceeds, 1181
Open market transactions, 1153
Outstanding, by type of security, 1176,
1177, 1179
Ownership of, 1176, 1177
Prices and yields, 1170, 1171
United States notes, outstanding and in
circulation, 1157
Utilities, production index, 1193, 1196
Vault cash, 1146, 1152, 1165
Veterans Administration, 1185, 1186, 1187
Weekly reporting member banks, 1166
Yields {See Interest rates)
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES
A (c THE FEDERAL RESERVE SYSTEM Q)
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