installment credit

FEDERAL RESERVE

B U LLETINFebruary 1965

Volume 51 • Number 2

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BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM

WASHINGTON

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FEDERAL RESERVE

BULLETINContents

Bank Credit and Monetary Developments in 1964 213Statement on Gold Reserve Requirements 226Directors of Federal Reserve Banks and Branches 231Law Department 242Announcements 256National Summary of Business Conditions 258Guide to Tabular Presentation 260Financial and Business Statistics, U.S. (Contents on p. 261) 262International Financial Statistics (Contents on p. 335) 336Board of Governors and Staff 354Open Market Committee and Staff; Federal Advisory Council 355Federal Reserve Banks and Branches 356Federal Reserve Board Publications 357Index to Statistical Tables 359Map of Federal Reserve System Inside back cover

E D I T O R I A L C O M M I T T E ECharles Molony

Ralph A. Young Guy E. Noyes

Daniel H. Brill Elizabeth B. Sette

The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorialcommittee. This committee is responsible for opinions expressed, except in official statementsand signed articles.


BANK CREDIT AND MONETARY

DEVELOPMENTS IN 1964


213

Eederal Reserve operations to increase the reserve base of memberbanks, in order to accommodate a continued growth in savings andtime deposits and a somewhat more rapid rise in demand deposits,made possible a further substantial expansion in bank credit in1964. The rate of increase was about the same as in 1963.

Growth in loans accounted for most of the increase. Businessloans—including those to foreigners—increased faster than theyhad in 1963, and the total of other loans and total investmentsincreased at about the same rate. Nevertheless, the ratio of totalloans to deposits reached a postwar high during the year.

CHART »

BANK CREDIT continued to grow rapidly in 1964.RATIO SCALE

BIUIONS OF DOLLARS

U.S, G O V T . SECURITIES

OTHER SECURITIES

NOTE.—Seasonally adjusted last-Wednesday-of-the-month data(except for June 30 and December 31 call dates) for all com-mercial banks. Interbank loans excluded. Latest figures, Janu-ary (preliminary).

Expansion in the money supply was uneven during 1964, butfor the year as a whole the increase amounted to 4 per cent, whichwas only slightly more than in 1963. Growth in time and savingsdeposits at commercial banks exceeded 12.5 per cent, somewhatless than the rate in the previous year.

Federal Reserve operations during 1964 were carried out ina domestic environment of rapidly expanding industrial output andgross national product, but with commodity price indexes remain-ing stable for the seventh consecutive year. There was some increasein prices of sensitive industrial materials, however, particularly fornonferrous metals. While the unemployment rate declined, it stillaveraged somewhat over 5.0 per cent.


FEDERAL RESERVE BULLETIN - FEBRUARY 1965 214

A major contribution to economic expansion stemmed fromthe March reduction in personal and corporate income tax rates.As a result of the reduction the Treasury had a somewhat largercash deficit, which it continued to finance largely by selling short-term securities.

To help meet the credit demands associated with the contin-ued expansion in the U.S. economy, the Federal Reserve sup-plied reserves to the banking system at a slightly faster rate thanin 1963. Steps were taken in the late summer, however, to dampensomewhat the expansion of bank reserves. As the year pro-gressed, demand forces worked to offset this effort.

Throughout the year our international balance of paymentscontinued to be an important factor in shaping monetary policy.In November, in the wake of an increase from 5 to 7 per centin the discount rate of the Bank of England, associated with thesterling crisis, the Federal Reserve Banks raised the U.S. discountrate from ^Vi to 4 per cent, and the Board of Governors and theFederal Deposit Insurance Corporation increased maximum ratesthat member and insured banks may pay on most time and savingsaccounts.

Until the change in the discount rate, both short- and long-terminterest rates had moved in a narrow range. By the year-end,however, short-term yields had risen about 25 basis points whilelong-term yields were generally little changed.

FEDERAL RESERVE ^ , ^ , , ^ t . , ,OPERATIONS *n 1964 the Federal Reserve sought to provide for moderate

growth in the reserve base in order to facilitate continued expan-sion in the economy while maintaining conditions in the moneymarket that would minimize outflows of short-term capital. In mid-summer, however, reserves were provided a little less freely—relative to demand—thereby permitting some firming in moneymarket rates of interest.

After the Bank of England raised its discount rate to helprelieve pressure on sterling, then under speculative attack follow-ing an extended period in which the British balance of paymentshad been deteriorating, all Federal Reserve Banks raised theirdiscount rates. As was officially stated at the time, this action wastaken to assert the System's resolve to protect the dollar in interna-tional financial markets, and not to curtail domestic credit availa-bility, which was then under strong seasonal and temporary de-mand pressures. Open market operations were adapted so as to beconsistent with these objectives.

Concurrent with the increase in the discount rate, the Board ofGovernors and the FDIC raised the maximum rates that memberand insured banks may pay on time and savings accounts as fol-


BANK CREDIT AND MONETARY DEVELOPMENTS 215

lows: Those on time deposits with maturities greater than 90 dayswere raised from 4 to AV2 per cent and on 30- to 90-day maturitiesfrom 1 to 4 per cent. Those on savings deposits held for less than1 year were raised from 3Vi to 4 per cent. These actions weretaken so that banks could continue to compete for interest-bearing deposits in financial markets characterized by highershort-term interest rates.

BANK RESERVES continued upward in 1964.

— 2 0

r / TOTAL NONBORROWED/ RESERVES

I I I !

.but BORROWINGS averaged somewhat higher.

BORROWINGS — 1EXCESS RESERVES

NOTE.—Monthly averages of daily figures for member banks.Total and nonborrowed reserves are seasonally adjusted. Totalreserves adjusted to exclude the effects of changes in legal re-serve ratio. Nonborrowed reserves are total reserves adjustedminus member bank borrowings from the Federal Reserve.Excess reserves are total reserves less required reserves. Latestfigures, January (preliminary).

Federal Reserve open market purchases supplied all of the 4.2per cent increase in member bank reserves in 1964, slightly morethan in 1963. For the entire year, the Federal Reserve increasedits holdings of U.S. Government securities by about $3.4 billion,a little more than in 1963. Currency expansion, gold losses, andother technical factors absorbing reserves offset all but about$900 million of these purchases.

So as to limit downward pressure on short-term interest ratesfor balance of payments reasons, only 65 per cent of net outrightpurchases were in securities that matured in less than 1 year. Thiswas a larger proportion than in 1963, but issuance by the Treas-ury of a larger supply of short-term securities in 1964 made it



possible for the Federal Reserve to restrict its purchases in theTreasury bill market.

Excess reserves of member banks averaged slightly less, andborrowings from the Federal Reserve slightly more, in 1964 thanin 1963. As a result, the free reserves of these banks generallystayed below the 1963 level, especially after the late summer. InDecember, however, average free reserves rose moderately, reflect-ing in part fluctuations in reserve needs and market conditionscharacteristic of the year-end. Moreover, banks' needs to borrowin December were reduced temporarily by large Federal Reservesecurity purchases, which tended to moderate the market's adjust-ment to the higher levels of short-term interest rates and to under-score the System's intention to maintain reserve availability.

BANK DEPOSIT . .GROWTH *n ^ e current expansion, the level of financial saving by both

the personal and corporate sectors has risen to new highs. Thesesectors have placed a large part of that saving in depositaryclaims, and commercial banks have captured an increased pro-portion of the total flow. The shift reflects the public's response tothe higher rates that banks have offered on time and savings de-posits, the increasing use and acceptance of certificates of deposit(CD's), and the provision by the monetary authorities of a grow-ing reserve base to support such deposits.

The relative diversion of funds to commercial banks has madeit possible not only for banks to grow more rapidly but also forthem to contribute a larger share to total credit flows in recentyears. Although their share of total credit flows has declined ineach year of this expansion, it has remained larger than in anyother cyclical upswing since 1953.

Time and savings deposits. The growth in time and savingsdeposits at commercial banks in 1964 exceeded 12.5 per cent,somewhat below the increase in 1963 but still considerably aboveincreases in the expansion years of previous cycles. Inflows de-clined somewhat in early 1964, but after September they acceler-ated to an annual rate of almost 16 per cent. Indeed, by Novem-ber the nonbank public's time and savings deposits at commercialbanks for the first time exceeded their holdings of demand de-posits—each on a seasonally adjusted basis.

In January 1965, time and savings deposits grew at a seasonallyadjusted annual rate of almost 23 per cent, a rate of increaseexceeded only in February 1962. The enlarged flow of funds intointerest-bearing deposits followed an increase in the rates thatmany banks offered on their time and savings deposits under the



CHART 3

FLOWS OF FUNDS to f inancial i ns t i tu t ions r ise .

BILLIONS OF DOLLARS

. • • MARKET SECURITIES .

C O M M E R C I A L B A N K S a t t r a c t a l a r g e r s h a r e i n t h i s e x p a n s i o na n d c o n s e q u e n t l y . . .

vDEMAND DEPOSITS

V /T H E I R P R O P O R T I O N o f t o t a l c r e d i t f l o w r e m a i n s h i g h .

NOTE.—Based on flow of funds data.Data in top two tiers are for the privatedomestic nonflnancial sector. Securitiesinclude mortgages; depositary-type assetsinclude demand deposits. In bottom tier,total credit expansion is net of borrow-ing by financial institutions and changesin Federal cash; commercial bank creditexcludes changes in Federal cash.

I-*.. 11952

1 154

| |

56

I I38

I (60

| |

'62

1 1

'ft*

n



revised ceilings. Based on previous experience, it is likely that alarge part of this inflow represents a switching of funds from otherfinancial institutions and perhaps from demand deposits. As aresult, the growth rate will most likely moderate in the monthsahead.

All major categories of time and savings deposits grew less in1964 than in 1963. Savings accounts at weekly reporting memberbanks, which are held mainly by individuals less sensitive to inter-est-rate differentials than holders of time deposits, increased morethan 7 per cent. This was 2 percentage points less than in 1963.

The slowdown reflected increased direct acquisitions of mar-ketable securities by individual investors, larger repayments on anexpanding level of consumer debt, and increased competition frommutual savings banks—especially in New York City where savingsbanks raised deposit rates at the beginning of the year.

Additions to passbook savings accelerated after the late summer—particularly in November, when new-car output was held downby the effects of strikes at two major producers. In early 1965,inflows of savings at city banks were larger than in the compar-able period of any other recent year.

Time deposits at weekly reporting member banks, which areheld for the most part by investors who are very conscious ofalternative yields, increased by about one-fourth in 1964. Theexpansion was considerably less than the increase of over one-third in 1963.

Negotiable CD's, which accounted for over half of the growth intime deposits, grew by over one-third in 1964, a much smallerpercentage increase than in 1963. Here, too, growth during theyear was uneven, reflecting particularly large maturities of cor-porate holdings around the quarterly tax and dividend paymentdates. Also, in the spring and again in the fall when short-termmarket rates were high relative to CD rate ceilings, some banksappear to have had difficulty turning over maturing CD's. More-over, these rate relationships tended to restrict banks to the use ofCD's with shorter maturities, and the average maturity of CD'soutstanding declined considerably during the year, especially atNew York and Chicago banks where the demand is highly sensi-tive to levels of interest rates.

Money supply. During 1964 the money supply rose by 4.0 percent, slightly more than in 1963 and a record for any year since1951. After increasing at a seasonally adjusted annual rate of2.0 per cent during the first 5 months, it rose at a rate of 8.5per cent in June and July and 4.1 per cent after that. The currencycomponent rose by a postwar record of almost 6.0 per cent inboth 1964 and 1963.



CHART 4

Expansion accelerated in the MONEY SUPPLY in 1964,but slowed for TIME AND SAVINGS DEPOSITS •

BILLIONS OF DOLLARS

MONEY SUPPLY

TIME & SAVINGSDEPOSITS

1 11960

1 |1962

1 (1964

— 60

NOTE.—Seasonally adjusted semimonthly averages of daily figures. Money supply consists ofdemand deposits and currency outside the Treasury, the F.R. System, and the vaults of com-mercial banks. Figures for demand deposit component and for time and savings deposits are(or all commercial banks. Demand deposit component excludes deposits due to domestic com-mercial banks and the U.S. Govt., cash items in process of collection, and F.R. float, butincludes foreign demand balances at F.R. Banks. Time deposits exclude those due to domesticcommercial banks and the U.S. Govt. Latest figures, January (preliminary).

The acceleration in money growth over the past 2 years sug-gests that expanding transactions needs may now be having agreater influence on the public's demands for cash balances thanformerly. Over the postwar period, these needs have been accom-modated to a substantial degree by activation of idle balances, ascash balances held for liquidity needs were attracted into earningassets by rising interest rates. The incentives for such transfers havebeen particularly strong since early 1962, a period in which com-petition of banks and other savings institutions for time depositsand shares has been aggressive. As the public fulfills more of itsdesires for liquidity by holding nonmoney assets, the demand formoney will be influenced to a greater extent by transactions needsrelated to income and output. Thus, the higher levels of trans-actions in 1963 and 1964 may help to explain the larger rateof growth of the money stock in those years.

Since economies in the use of cash for transactions purposes willcontinue to be developed and since the public will continue tohave changing desires about the amount of liquidity it wishesto hold in the form of cash, the money supply should not beexpected to grow in any fixed relationship to income—at leastin the short run. Indeed, in December 1964 and January 1965—


FEDERAL RESERVE BULLETIN • FEBRUARY 1965 220

BANK CREDIT

as short-term open market rates rose and commercial banks offeredmore on time and savings deposits—the money supply grew lessrapidly than in the previous months.

In 1964, bank credit increased by an estimated $20.2 billion,maintaining the same rate of increase—8 per cent—as in 1963.For the fifth successive year banks added to both loans and in-vestments but, as in each of those years, loans accounted for agrowing share of the increase. In 1964 they accounted for almost90 per cent of the expansion.

Like total bank credit, loans maintained the same rate of in-crease—11.6 per cent—as in 1963. However, a significantly largerproportion of the 1964 increase represented loans to foreigners.

Business loans. Business borrowing at commercial banks ex-panded more rapidly in 1964 than earlier in the current expan-sion. Such loans increased by an estimated $5.9 billion, or 11 percent; this was over one-fourth more than the increase in 1963.

The expansion was at a fairly steady pace, after allowance forseasonal influences, except for a sharp rise in December whendiscussion of an increase in the prime rate appears to have stimu-lated some anticipatory borrowing.

Increases in outstanding loans were widely distributed amongindustries and reflected in large part the increased needs for fundsassociated with expansion of output and capacity. Inventory bor-rowing appeared to be moderate, although such borrowing in-creased in late 1964 and early 1965 in the metals industry, as

CHART 5

1964 saw sustained expansion in LOANS and reduced rate of increase for INVESTMENTS.BILLIONS OF DOLLARS

TOTAL LOANS-INVESTMENTS

15 -

OTHER SECURITIES

BUSINESS LOANS REAL ESTATE LOANS CONSUMER LOANS AIL OTHER LOANS

1954 1954

NOTE.—End-of-year data, excluding interbank loans, for all the four loan categories in the bottom tier. All figures forcommercial banks. Loans to nonbank foreigners and foreign 1962-64 and figures for business and "all other" loans for 1954-central banks and official institutions included in total loans and 58 are estimates.



attempts to stockpile inventories in anticipation of a May steelstrike accelerated.

Business loans not only increased more than in 1963 but alsoaccounted for their largest share of the increase in total loans inthis expansion. However, both the growth rate and the relativeimportance of business loans in the increase in total bank loanshave been less than in earlier expansions. These developments re-flect the fact that domestic business credit demands have beendampened in the current expansion, compared with previous cycles,by higher corporate internal flows from retained earnings and de-preciation and, for most of the period, more conservative inven-tory management. Indeed, the larger increase in business loans in1964 than in 1963 appears to have been largely the result of theincrease in loans made to foreigners.

Other loans. Real estate loans increased by $4.4 billion or 11.2per cent in 1964. Although this expansion was less than in 1963, itwas considerably above the rates of increase in most years priorto 1962. Over the current cyclical expansion to date, the largeinflow of interest-bearing deposits, the lower relative levels ofbusiness loan demands, and the large demands for mortgage creditto finance new construction and for other purposes have broughtbanks increasingly into the mortgage market in search of profitableinvestment outlets.

Bank loans to consumers also rose a little less rapidly in1964 than in 1963. For the year, such loans increased by $2.8billion or around 10 per cent. High automobile sales for the thirdsuccessive year and the continued willingness of consumers toincur debt for this and other purposes were major factors in themaintenance of a relatively large volume of bank lending to con-sumers.

Loans other than business, real estate, and consumer loans,increased by almost $5 billion in 1964. In addition to includingunusually large purchases of Export-Import Bank participationcertificates, this increase reflected growth in security, agricultural,nonbank financial, and a variety of unclassified types of loans.

U.S. Government securities. Bank holdings of U.S. Governmentsecurities continued to decline in 1964. The reduction occurredmainly in the spring and summer, when the inflows of time andsavings deposits slackened. Later in the year, when deposit in-flows accelerated, banks added to their holdings again. As a result,the $1 billion net decline over the year was only one-third as muchas in 1963.

Commercial banks as a rule have reduced their Governmentsecurity portfolios during economic expansions, but they have notdone so this time. While the current expansion is the longest in



the postwar period, banks have on balance increased their hold-ings, as acquisitions early in the period more than offset the rela-tively modest later liquidations. With monetary policy more expan-sive and deposit growth relatively high in the current cycle, whilebusiness loan demand remained quite moderate, there has beenlittle need to liquidate Government securities so far in this cycle.

In the last 4 months in 1964, holdings of short-term Govern-ment securities increased by $5.9 billion, two-thirds in bills. Pre-sumably the increase in holdings of short-term Governments re-flected in part preparation for increased loan demand—particularlyfor inventory stockpiling in the metals industry—and some feelingthat interest rates might rise as the result of international develop-ments related to sterling.

Banks also lengthened their Government security portfolio attimes in 1964, particularly through exchanges for longer-termsecurities in both the January and July advance refundings.Nevertheless, as a result of the passage of time and of someselling, bank holdings of longer-term Governments had been re-duced by the year-end to about the same proportion of total port-folios as at the end of both 1962 and 1963.

In the Treasury's advance refunding in January 1965, bankstook $5.6 billion of long-term bonds—slightly more than in July1964—and their exchanges into the longest maturity were almosttwice those in July. The substantial movement into longer ma-turities suggests that some banks may have regarded the pre-vailing level of long-term yields as being near the peak for thecurrent upswing.

Other securities. Bank holdings of other securities—mainly Stateand local government and Federal agency securities—had grownat record rates earlier in the current expansion, but the rate ofacquisition declined in late 1963 and early 1964. Paralleling theacceleration of the growth in time and savings deposits in thesecond half of 1964, other security holdings again began to risemore sharply. The slower growth early in 1964, however, held theincrease for the year to 10 per cent, one-half of the 1963 rate.

In January 1965, holdings of other securities rose by a record$900 million on a seasonally adjusted basis. In large part theseacquisitions reflected deliveries of securities purchased in Decem-ber when offerings of municipals increased sharply, and anticipa-tions by banks that the January 1 increase in interest rates on timeand savings deposits would increase the inflows of such depositsand thus make more funds available for investment.

BANK LIQUIDITY _ t ,. . . . . , „ , , . „ , . f t

Bank liquidity varied over 1964 in parallel movement with therate of deposits inflows. As the growth of time and savings de-



posits slackened, the growth in loans continued rapid and theloan-to-deposit ratio rose to a postwar high of 61.1 per cent—4.0 percentage points above the previous high in mid-1960. Astime and savings inflows accelerated in the last 4 months of theyear, the loan-to-deposit ratio at first declined. Then, with thelarge increase in loans in the last 2 months of the year, the ratioreturned to its summer high.

The ratio of bank holdings of short-term Governments to totaldeposits moved inversely with the growth in loans over the first 7months of the year. In late July, following heavy bank participa-tions in the advance refunding, it declined to 5.7 per cent. Atthat level the ratio was the lowest for the current expansion, butit still remained somewhat above the 1960 low. Beginning in latesummer, holdings of short-term Governments rose relative to de-posits until the ratio reached 8 per cent in November and Decem-ber—the highest level since early 1963.

In January 1965, holdings of short- and intermediate-termGovernments declined sharply as banks acquired longer-termissues in the advance refunding and sold others or allowed themto mature in order to obtain funds for loans, which rose sharply.

Traditional liquidity ratios, while serving as rough rules ofthumb, suffer from deficiencies, particularly their inability to al-low for certain quantitative and qualitative changes in bank port-folios. For example, the increased holdings by banks of State andlocal government securities, some of which are short-term, pro-vide a more important supplement to liquidity than duringearlier periods, as do larger holdings of Federal agency secu-rities. Moreover, the monthly cash flows from the amortizationof increased holdings of mortgage and consumer loans and of

CHART 6BANK LIQUIDITY RATIOS showed mixed changes in 1964 .

PER CENT OF DEPOSITS

I I I I I I

NOTE.—Based on data for all commercial banks. Loans exclude interbank loans. Short-termU.S. Govt. securities are those maturing within a year. Deposits are net of cash items in proc-ess of collection. Latest figures (preliminary): loans, January; U.S. Govts., December.



INTEREST RATES

business term loans provide additional liquidity that offsets partof the decline in liquidity associated with smaller holdings ofshort-term assets.

Before the change in the discount rate in November, interestrates had moved within a very narrow range in 1964. The 3-monthTreasury bill rate, until late in 1964, fluctuated within a range of10 basis points above and below the V/i per cent discount rate

CHART 7LONG-TERM YIELDS litt le In 1964. . .

PER CENT PER ANNUM

FHA-INSURED MORTGAGES

STATE AND LOCAL Acs

U.S. GOVT. BONDS

I I I 1 I I I I I

but SHORT-TERM YIELDS rose sharply late in year.

NOTE.—Monthly average of daily figures except for FHA-in-sured mortgages, which are based on quotations 1 day eachmonth. Corporate and State and local bonds: Moody's In-vestors Service. U.S. Govt. bonds, issues maturing or callablein 10 years or more. Treasury bills, market yields on 3-monthbills. Latest figures, January.

and remained at about the level reached in mid-1963. Long-termrates showed little net change during this period, after risingmoderately in 1963. There were some increases in yields in thespring as the result of anticipations that monetary policy wouldtighten because of the tax cut and of international developments.



These expectations were relatively short-lived, however, and yieldsreturned to their previous levels.

The reaction of the market to the monetary policy actions oflate November led to a flatter yield curve, but one that was changedlittle at the long end. Yields on short-term market securities rosepromptly, but by less than the change in the discount rate. InDecember the 3-month Treasury bill rate averaged 3.84 per cent,about 25 basis points higher than before the November discountrate increase.

Long-term yields reacted less sharply but in the same direction.However, by the year-end yields on longer-term securities hadreturned by and large to the levels of mid-November. Indeed,yields on tax-exempt securities declined to their lowest level ofthe year, partly as a result of commitments made by commercialbanks in anticipation of an increased flow of time and savingsdeposits after the increase in deposit rates on January 1, 1965.


Statement on Gold Reserve Requirements

You have asked for comment on threebills relating to the requirement of presentlaw that each Federal Reserve Bank main-tain a gold certificate reserve of at least 25per cent against its Federal Reserve notesin actual circulation, plus a further goldcertificate reserve of at least 25 per centagainst the deposits it holds. S. 743, intro-duced by Senator Douglas, would repealboth requirements. S. 797, introduced byyour Chairman at the request of the Presi-dent, would drop the requirement againstFederal Reserve Bank deposits, but retainthat against Federal Reserve notes. S. 814,introduced by Senator Javits, would keepboth requirements, reducing that against de-posits to 10 per cent and that against notesto 15 per cent.

That conditions now call for some changein these requirements seems clear. By theend of 1964, the ratio of the Federal Re-serve Banks' gold certificate holdings totheir deposits and notes combined was 27.5per cent, down 2 points from a year earlierand only 2Vi points above the legal mini-mum now prescribed in Section 16 of theFederal Reserve Act. If developments wellwithin the range of possibilities should berealized, the legal minimum could be pene-trated soon, possibly within a year.

Nevertheless the dollar is strong, and sois our economy. We are enjoying vigorous

NOTE.—Statement of William McChesney Martin,Jr., Chairman, Board of Governors of the FederalReserve System, before the Senate Committee onBanking and Currency, Feb. 2, 1965.

Chairman Martin made a similar statement onFeb. 1, 1965, before the House Committee on Bank-ing and Currency, on H.R. 3318.

economic growth, and have been reason-ably successful in maintaining a relativelystable average of prices. American goodsand services are doing well in competitionin world markets, as indicated by the sub-stantial surplus in our trade balance. There-fore action on this legislation can be takennow, not to deal with a dollar crisis but tomaintain the dollar's current strength.

Gold certificate reserves of the FederalReserve Banks reached their peak of $23.4billion in September 1949 when the totalU.S. gold stock amounted to about 70 percent of the free world's monetary gold. Overthe period from 1949 through 1964, netsales of U.S. gold to foreign monetary au-thorities reduced our gold certificate reserveby $8.4 billion [as shown by the table thatappears on page 230]. In the same periodgrowth in Federal Reserve deposit liabilitiesand notes in circulation absorbed into re-quired reserves $3.5 billion. Over these 15years, therefore, Federal Reserve Bank hold-ings of gold certificates in excess of the min-imum required by statute have on balancedeclined by $11.9 billion.

In substantial part United States sales ofgold to foreign monetary authorities since1949 have reflected postwar recovery of thefree world from the monetary chaos createdby the Second World War, and the desireof the major foreign industrial countries tore-establish convertibility of their currencies.These countries sought to accomplish thisby accumulating monetary reserves partlyin the form of gold and partly in the formof dollar balances. Between the end of 1949and the end of 1964, the dollar component

226


STATEMENT ON GOLD RESERVE REQUIREMENTS 227

of monetary reserves of foreign countriesrose by $10 billion (from $3 billion to $13billion) while their monetary gold stocksrose by $16 billion (from $9 billion to $25billion). Foreign private holdings of dollarsalso increased by $8 billion, from about $3billion to nearly $11 billion.

In the half century since the enactmentof the Federal Reserve Act, the function ofgold in our monetary system has undergonefundamental change. More than three dec-ades ago, coinage of gold, redemption ofbank notes and deposits in gold, and pri-vate acquisition and holding of monetarygold were discontinued in this country. Do-mestically, these actions in effect ended theprivate use of gold as a store of value. Inter-nationally, they enlarged the availability ofU.S. gold for official settlements with othergovernments in response to the needs of ourforeign commerce and investment.

Today, throughout the free world, whena citizen of one country does business witha citizen of another—whether or not eitherof them is an American—the chances arethat they will settle their accounts in U.S.dollars. When foreign bankers, merchants,and investors acquire in their transactionsmore dollars than they wish to hold for work-ing balance or investment purposes, theyusually sell them to their central bank. Thecentral bank may keep the dollars as partof its monetary reserves or use them, if itdesires, to purchase gold from the U.S.Treasury. On the other hand, if a country'sinternational settlements should use up itsdollar balances, its central bank may ac-quire dollars by selling gold to the U.S.Treasury.

In short, the readiness of the U.S. Treas-ury to buy and sell gold at the fixed priceof $35 an ounce in transactions with foreignmonetary authorities has greatly contributed

to the willingness of foreign monetary au-thorities and private foreign residents to holda growing total of dollar reserves and work-ing balances. Consequently, the U.S. goldstock has come to play the dual role of sup-porting the international convertibility ofthe dollar and of facilitating the intercon-vertibility of other currencies among them-selves and into the dollar.

This dual role of the U.S. monetary goldhas helped the dollar to attain a unique posi-tion in international commerce and finance.And the universal acceptability of dollarshas greatly facilitated the record expansionof international trade over the past 15 years,with world trade rising from less than $60billion to nearly $160 billion. For this rea-son, the availability of U.S. monetary goldholdings to meet international convertibilityneeds is a matter of vital importance not onlyto the United States but to the entire presentsystem of international payments on whichthe free world relies.

These developments underscore the needfor speedy correction of the deficit in ourinternational payments, which for all toomany years has been eroding our gold re-serves. The President, in his Economic Re-port, has stressed the seriousness of the prob-lem, and has unequivocally stated that "wemust and will reduce and eliminate" thedeficit.

In consequence of the large and persistentdeficit in the U.S. balance of payments after1957, many foreign countries accumulateddollar balances in excess of their needs forworking balances, reserves, and investments.Their monetary authorities used such excessdollar balances to purchase gold from theU.S. Treasury, and the resulting decline inthe U.S. gold stock has contributed to thesharp reduction in the System's reserve ratio.

In order to avoid any deflationary impact


228 FEDERAL RESERVE BULLETIN • FEBRUARY 1965

from this outflow, the Federal Reserve offsetthe effects of the decline in its gold certificateholdings by expanding its holdings of U.S.Government securities. In addition, the Fed-eral Reserve further increased its Govern-ment security holdings in order to sustain anexpansion of bank credit consistent with agrowing economy and a relatively stableaverage of prices.

Over the years ahead, the continuedgrowth of U.S. economic activity will re-quire continuing monetary expansion con-sistent with a stable dollar. Under prospec-tive conditions, it appears all but certainthat the gold certificate reserve ratio of Fed-eral Reserve Banks, for domestic monetaryreasons alone, will steadily decline, even ifgold sales to foreign monetary authoritiesare small. Of course, any substantial furtheroutflow of gold would accentuate the decline.

Accordingly, the time is ripe for legisla-tive action that will, as President Johnsonsaid in his Economic Report last week,

" . . . place beyond any doubt the ability of the Fed-eral Reserve to meet its responsibility for providing anadequate but not excessive volume of bank reserves,"

and

". . . place beyond any doubt our ability to use ourgold to make good our pledge to maintain the goldvalue of the dollar at $35 an ounce with every re-source at our command."

As you know, the President himself ex-pressly requested that Congress "eliminatethe arbitrary requirement that the FederalReserve Banks maintain a gold certificatereserve against their deposit liabilities." Thespecific provisions to accomplish this areencompassed in S. 797, introduced by yourChairman.

To me, the question before us is a prac-tical one. S. 797 offers a pragmatic response,proportioned to the present circumstances.By removing the reserve requirement againstdeposits, it would free approximately $4.8

billion in gold now earmarked for coverpurposes and raise the total free gold cer-tificate holdings to about $6.2 billion.

Moreover, by retaining the traditionalgold "backing" for Federal Reserve notes,the proposal would be reassuring to thosewho, in their continuing concern for the sta-bility of the dollar, see in a gold cover re-quirement an important element of strength.The value of any currency is so much aproduct of confidence that one should notdisregard this advantage of S. 797.

The removal of the reserve requirementagainst deposits would seem to me fully ade-quate to meet our present and foreseeableneeds and sufficiently ample to remove anydoubt anywhere about our ability to defendthe dollar abroad, and to further advancethe progress of our domestic economy.

I might note here that, on an earlier oc-casion, Congress reduced the gold reserverequirements by lowering the percentage ofreserves required against Federal Reservenotes as well as deposits in the Federal Re-serve Banks. Specifically, in 1945, Congressreduced the gold cover requirements from40 per cent against notes and 35 per centagainst deposits to the present figure of 25per cent for both. That action was takenafter the amount of free gold certificates haddropped from $12.4 billion at the beginningof the war to $3.2 billion by mid-1945. Ifan across-the-board reduction of the present25 per cent requirement were to be madenow—say to 15 per cent—it would releaseabout $5.5 billion of the earmarked gold, ascompared with the $4.8 billion released byS. 797. Or the requirement against depositscould be reduced further, as in S. 814, to10 per cent, coupled with a reduction in thenote cover to 15 per cent; this would releasean additional $1 billion in gold.

From a technical viewpoint this approach


STATEMENT ON GOLD RESERVE REQUIREMENTS 229

may be just as sound as that taken by S. 797.What counts, in my judgment, is which ap-proach would be more acceptable to thepublic. And from that standpoint, I believeit is preferable to preserve the 25 per centrequirement for Federal Reserve notes andthus to keep intact the symbolic tie betweenour circulating currency and gold.

The Congress could, on the other hand,take a more all-out approach and repeal thegold cover requirements altogether. Thiswould release our entire gold certificateholdings of $15 billion by severing the laststatutory link between the volume of ourFederal Reserve notes in circulation andgold. The theory here is that, since neitherFederal Reserve notes nor deposits in Fed-eral Reserve Banks can be redeemed in gold,there is no need to have any gold "backing"against either of them. Further, it is suggestedthat outright repeal of both gold reserve re-quirements would eliminate the possibilitythat Congress might be called upon to takefurther action later. Those who would keepthe "discipline" of gold, however, answerthat this very possibility offers added protec-tion against irresponsible public policies.

While judgments differ as to the value ofthis kind of statutory protection, we need notattempt at this time to resolve forever theproblem of whether or not a gold cover re-quirement serves a useful end. We need onlyto adapt our traditional cover requirementsso that we can better meet present and fore-seeable needs. If we keep the gold cover re-quirement for our currency, our free goldcertificate holdings of more than $6 billionwill be enough to accommodate normalgrowth in circulating Federal Reserve notesfor some time to come.

We face the prospect of some additionalgold losses this year. But if we persevere inefforts to correct our balance of payments

deficit, we can look forward to a cessationof gold outflow and, over the longer run, agradual growth of our gold stock from worldsupplies, at times in consequence of inter-national settlements and at times by sharingin new production.

In considering these proposals, I thinkwe must be careful to keep in mind that, re-gardless of what is done about legal require-ments, there is an inescapable practical re-quirement that we maintain an adequategold stock to back up the role of the dollaras a key currency in world trade. Hence theneed to conserve our gold stock will continueto exert a disciplinary influence on monetaryand other policies, and a statutory gold re-serve requirement for notes will serve toemphasize this need.

All of us need to be mindful that soundmoney is not established by statute alone.In the end, our nation cannot have soundmoney unless its monetary and fiscal affairsare well managed. The fundamental elementsin keeping our financial house in order arethus sound and equitable fiscal and monetarypolicies.

It may be helpful to your consideration oflegislation for me to say at this point a fewwords about the present provisions of thelaw respecting the suspension of gold re-serve requirements. The Board's authorityin this regard is contained in Section 11 (c)of the Federal Reserve Act. It provides thatwe can suspend the gold reserve require-ments for a period of 30 days, and renewsuch suspensions for 15-day periods there-after.

Upon action to suspend the requirements,the Board would have to establish a tax onthe Reserve Banks graduated upward withthe size of their reserve deficiencies. The taxcould be very small so long as the reservedeficiencies were confined to the reserves



against deposits and the first 5 percentagepoints of any deficiencies against FederalReserve notes. But if the reserve deficienciesshould penetrate below 20 per cent of theFederal Reserve notes outstanding, the taxwould undergo a fairly steep graduation inaccordance with statutory specifications.

The Federal Reserve Act further specifiesthat, should the reserve deficiencies fall be-low the 25 per cent requirement againstnotes, the amount of the tax must be addedto Reserve Bank discount rates. But if thedeficiencies were confined to reserves againstReserve Bank deposits, the required penaltytax could be nominal and no addition to Re-serve Bank discount rates would be neces-sary.

From a technical point of view, it mightbe possible under existing law for the Boardto suspend gold reserve requirements indefi-nitely, since there is no limit on the numberof times the Board might renew suspensionsfor periods of 15 days each. Yet it seemsclear that the purpose of the provisions forsuspension was to facilitate adjustments bythose Reserve Banks whose reserves fall tem-porarily below required levels, and not toprovide a solution to a national problem ofmore than temporary import.

In a world in which the role of the dollaras an international means of payment and areserve asset has been under criticism, it isimportant for the Congress to assure theworld of the availability of U.S. monetarygold for legitimate monetary uses in interna-tional commerce, to reaffirm the relation-ship between the dollar and gold, and to re-assert the intention of the United States tomaintain an adequate gold reserve for the

dollar. Enactment of S. 797 would accom-plish this triple purpose.

In conclusion, I would re-emphasize thatwe do not need now to resolve this questionof gold cover for all time, for monetary ar-rangements and institutions are constantlyevolving in accordance with domestic andinternational needs, and these changes callfor adaptation from time to time in monetarylegislation. The all-important need for legis-lation at this juncture is to assure the worldthat U.S. monetary gold is always availableto maintain the convertibility of the dollarand that the United States will honor itsdebts and liabilities in the form of foreigndollar holdings—as I have said many timesbefore—down through the last bar of gold,if that be necessary.

CONSOLIDATED RESERVE POSITION OF THEFEDERAL RESERVE BANKS

(In millions of dollars,

Item

F R Bank depositsF.R. notes

Liabilities requiring reserves

Required reserves:Against depositsAgainst notes

Total required reservesFree gold certificate holdings . . . .

Gold certificate reserves

Ratio of gold certificate reservedeposit and note liabilitiescent)

unless otherwise noted)

s to(per

Sept.21,

1949

17,52323,248

40,771

4,3815,812

10,19313,247

23,440

i 57.5

Dec.31,

1963

18,39232,878

51,270

4,5988,220

12,8182,419

15,237

29.7

Dec.31,

1964

19,45435,342

54,796

2 4,8648,835

13,69921,376

15,075

27.5

1 Postwar peak.2 Elimination of required reserves against deposits, as recommended

in the President's Economic Report, would raise free gold certificateholdings to $6,240 million. "Free gold" includes some additionalgold held by the Treasury (amounting to $240 million on Dec. 31,1964) that is not pledged as cover for gold certificates or U.S. notes.


Directors ofFederal Reserve Banks and Branches

Following is a list of the directorates of the Federal Reserve Banks and branches as at present con-stituted. The list shows, in addition to the name of each director, his principal business affiliation, theclass of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors;three Class A and three Class B directors, who are elected by the stockholding member banks, and threeClass C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class Adirectors are representative of the stockholding member banks. Class B directors must be actively en-gaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers,directors, or employees of any bank. For the purpose of electing Class A and Class B directors, themember banks of each Federal Reserve district are classified by the Board of Governors of the FederalReserve System into three groups, each of which consists of banks of similar capitalization, and eachgroup elects one Class A and one Class B director. Class C directors may not be officers, directors,employees, or stockholders of any bank. One Class C director is designated by the Board of Governorsas Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman.Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointedby the Board of directors of the parent Federal Reserve Bank and the others are appointed by the Boardof Governors of the Federal Reserve System. One of the directors appointed by the Board of Governorsat each branch is designated annually as Chairman of the Board in such manner as the Federal ReserveBank may prescribe.

District 1—FEDERAL RESERVE BANK OF BOSTON

Termexpires

Dec. 31Class A:

OSTROM ENDERS Chairman, Hartford National Bank and Trust Company, Hartford,Conn. 1965

DARIUS M. KELLEY President, The Orange National Bank, Orange, Mass. 1966WILLIAM I. TUCKER President, Vermont National and Savings Bank, Brattleboro, Vt. 1967

Class B:JOHN R. NEWELL President, Bath Iron Works Corp., Bath, Maine. 1965WILLIAM R. ROBBINS Vice President for Finance, United Aircraft Corporation, East Hartford,

Conn. 1966JAMES R. CARTER President, Nashua Corporation, Nashua, N. H. 1967

Class C.-JAMES MCCORMACK Vice President, Massachusetts Institute of Technology, Cambridge,

Mass. 1965WILLIAM WEBSTER 2 Chairman and Chief Executive Officer, New England Electric System,

Boston, Mass. 1966ERWIN D. CANHAM X Editor in Chief, The Christian Science Monitor, Boston, Mass. 1967

1 Chairman. 2 Deputy Chairman.

231



District 2—FEDERAL RESERVE BANK OF NEW YORK

Class A:RALPH H. RUEROBERT H. FEARONGEORGE A. MURPHY

Class B:KENNETH H. HANNANALBERT L. NICKERSON

ARTHUR K. WATSON

Class C:PHILIP D. REED I

EVERETT N. CASE 2

JAMES M. HESTER

Chairman, The Schenectady Trust Company, Schenectady, N. Y.President, The Oneida Valley National Bank of Oneida, N. Y.Chairman, Irving Trust Company, New York, N. Y.

Termexpires

Dec. 31

196519661967

Executive Vice President, Union Carbide Corporation, New York, N. Y. 1965Chairman of the Board, Socony Mobile Oil Company. Inc., New York,

N. Y. ' 1966Chairman, IBM World Trade Corporation, New York, N. Y. 1967

Formerly Chairman of the Board, General Electric Company, NewYork, N. Y. 1965

President, Alfred P. Sloan Foundation, New York, N. Y. 1966President, New York University, New York, N. Y. 1967

Appointed by Federal Reserve Bank:ARTHUR S. HAMLIN

CHARLES W. MILLARD, JR.

JOHN D. HAMILTON

J. WALLACE ELY

Appointed by Board of Governors:MAURICE R. FORM AN ITHOMAS E. LAMONTROBERT S. BENNETT

BUFFALO BRANCH

President, The Canandaigua National Bank and Trust Company,Canandaigua, N. Y. 1965

Chairman of the Board and President, Manufacturers and Traders TrustCompany, Buffalo, N. Y. 1966

President, Chautauqua National Bank of Jamestown, N. Y. 1967President, Security Trust Company of Rochester, N. Y. 1967

President, B. Forman Company, Inc., Rochester, N. Y. 1965Farmer, Albion, N. Y. 1966General Manager, Lackawanna Plant, Bethlehem Steel Corporation,

Buffalo, N. Y. 1967

District 3—FEDERAL RESERVE BANK OF PHILADELPHIA

Class A:BENJAMIN F. SAWIN

CHARLES R. SHARBAUGHLLOYD W. KUHN

Class B:RALPH K. GOTTSHALL

LEONARD P. POOLBAYARD L. ENGLAND

Class C:D. ROBERT YARNALL, JR.WALTER E. HOADLEY l

WILLIS J. WINN 2

Vice Chairman of the Board, Provident Tradesmens Bank and TrustCompany, Philadelphia, Pa. 1965

President, Cambria County National Bank of Carrolltown, Pa. 1966President, The Bendersville National Bank, Bendersville, Pa. 1967

Chairman of the Board and President, Atlas Chemical Industries, Inc.,Wilmington, Del. 1965

President, Air Products and Chemicals, Inc., Allentown, Pa. 1966Chairman of the Board, Atlantic City Electric Company, Atlantic

City, N. J. 1967

President, Yarnall-Waring Company, Philadelphia, Pa. 1965Vice President and Treasurer, Armstrong Cork Company,

Lancaster, Pa. 1966Dean, Wharton School of Finance and Commerce, University of

Pennsylvania, Philadelphia, Pa. 1967



DIRECTORS RESERVE BANKS AND BRANCHES 233

District 4—FEDERAL RESERVE BANK OF CLEVELAND

Class A:FRANK E. AGNEW, JR.

RICHARD R. HOLLINGTON

SEWARD D. SCHOOLER

Class B:

WALTER K. BAILEY

EDWIN J. THOMAS

DAVID A. MEEKER

Class C:LOGAN T. JOHNSTON 2

ALBERT G. CLAYJOSEPH B. HALL 1

Termexpires

Dec. 31

Chairman of the Board and Chief Executive Officer, PittsburghNational Bank, Pittsburgh, Pa. 1965

President, The Ohio Bank and Savings Company, Findlay, Ohio. 1966President, Coshocton National Bank, Coshocton, Ohio. 1967

Chairman of the Board, The Warner & Swasey Company, Cleveland,Ohio. 1965

Chairman of the Board and Chief Executive Officer, The GoodyearTire & Rubber Company, Akron, Ohio. 1966

Chairman of the Board and Chief Executive Officer, The HobartManufacturing Company, Troy, Ohio. 1967

President, Armco Steel Corporation, Middletown, Ohio. 1965President, Clay Tobacco Company, Mt. Sterling, Ky. 1966Director, Former Chairman of the Board, The Kroger Co., Cincinnati,

Ohio. 1967

Appointed by Federal Reserve Bank:JOHN W. WOODS, JR.

JOHN W. HUMPHREY

JAMES PUGHKROGER PETTENGILL

Appointed by Board of Governors:R. STANLEY LAINGWALTER C. LANGSAM 1

BARNEY A. TUCKER

CINCINNATI BRANCH

President, The Third National Bank of Ashland, Ky. 1965President, The Philip Carey Manufacturing Company, Lockland,

Cincinnati, Ohio. 1966President, The Security Central National Bank of Portsmouth, Ohio. 1966President, The First National Bank of Cincinnati, Ohio. 1967

President, The National Cash Register Company, Dayton, Ohio. 1965President, University of Cincinnati, Ohio. 1966President, Burley Belt Fertilizer Company, Lexington, Ky. 1967

PITTSBURGH BRANCH

Appointed by Federal Reserve Bank :ALFRED H. OWENSS. L. DRUMMJOSEPH S. ARMSTRONGEDWIN H. KEEP

Appointed by Board of Governors:F. L. BYROMG. L. BACH I

ROBERT DICKEY III

President, The Citizens National Bank of New Castle, Pa. 1965President, West Penn Power Company, Cabin Hill, Greensburg, Pa. 1966President, The Grove City National Bank, Grove City, Pa. 1966President, First National Bank of Meadville, Pa. 1967

President, Koppers Company, Inc., Pittsburgh, Pa. 1965Maurice Falk Professor of Economics and Social Science,

Carnegie Institute of Technology, Pittsburgh, Pa. 1966President, Dravo Corporation, Pittsburgh, Pa. 1967

District 5—FEDERAL RESERVE BANK OF RICHMOND

Class A:

DAVID K. CUSHWA, JR.

ROBERT T. MARSH, JR.

GEQRGE BLANTON, JR.

President, The Washington County National Savings Bank,Williamsport, Md.

Chairman of the Board, First and Merchants National Bank,Richmond, Va.

President, First National Bank, Shelby, N. C.

1965

19661967

i Chairman.2 Deputy Chairman.


234 FEDERAL RESERVE BULLETIN - FEBRUARY 1965

District 5—FEDERAL RESERVE BANK OF RICHMOND—ContinuedTerm

expiresDec. 31

Class B:R. E. SALVATI Consultant, Island Creek Coal Company, Huntington, W. Va. 1965ROBERT E. L. JOHNSON Chairman of the Board, Woodward & Lothrop, Incorporated,

Washington, D. C. 1966ROBERT R. COKER President, Coker's Pedigreed Seed Company, Hartsville, S. C. 1967

Class C:WILSON H. ELKINS President, University of Maryland, College Park, Md. 1965WILLIAM H. GRIER 2 President, Rock Hill Printing & Finishing Company,

Rock Hill, S. C. 1966EDWIN HYDE I President, Miller & Rhoads, Inc., Richmond, Va. 1967

BALTIMORE BRANCHAppointed by Federal Reserve Bank:

JOSEPH B. BROWNE President, Union Trust Company of Maryland, Baltimore, Md. 1965JOHN P. SIPPEL President, The Citizens National Bank of Laurel, Md. 1966MARTIN PIRIBEK Executive Vice President, The First National Bank of

Morgantown, W. Va. 1967ADRIAN L. MCCARDELL President, First National Bank of Maryland, Baltimore, Md. 1967

Appointed by Board of Governors:E. WAYNE CORRIN President, Hope Natural Gas Company, Clarksburg, W. Va. 1965HARRY B. CUMMINGS Vice President & General Manager, Metal Products Division,

Koppers Company, Inc., Baltimore, Md. 1966LEONARD C. CREWE, JR. 1 Chairman of the Board, Maryland Specialty Wire, Inc.,

Cockeysville, Md. 1967

CHARLOTTE BRANCH

Appointed by Federal Reserve Bank:G. HAROLD MYRICK Executive Vice President and Trust Officer, The First National

Bank of Lincolnton, N. C. 1965W. W. MCEACHERN Chairman and Chief Executive Officer, The South Carolina National

Bank, Greenville, S. C. 1966WALLACE W. BRAWLEY Senior Executive Vice President, The First Commercial National Bank

of Spartanburg, S. C. 1967CARL G. MCCRAW President, First Union National Bank of North Carolina,

Charlotte, N. C. 1967

Appointed by Board of Governors:J. C. COWAN, JR. l Vice Chairman of the Board, Burlington Industries, Inc.,

Greensboro, N. C. 1965JAMES A. MORRIS Dean, School of Business Administration,

University of South Carolina, Columbia, S. C. 1966WILLIAM B. MCGUIRE President, Duke Power Company, Charlotte, N. C. 1967

District 6—FEDERAL RESERVE BANK OF ATLANTA

Class A:M. M. KIMBREL Chairman of the Board, First National Bank, Thomson, Ga. 1965GEORGE S. CRAFT Chairman of the Board, Trust Company of Georgia, Altanta, Ga. 1966D. C. WADSWORTH, SR. President, The American National Bank, Gadsden, Ala. 1967

Class A:MCGREGOR SMITH Chairman of the Board, Florida Power & Light Company,

Miami, Fla. 1965W. MAXEY JARMAN Chairman, Genesco, Inc., Nashville, Tenn. 1966JAMES H. CROW, JR. Vice President, The Chemstrand Corporation, Decatur, Ala. 1967

i Chairman. 2 Deputy Chairman.



Class C:J. M. CHEATHAM 2

JOHN A. HUNTERJACK TARVER *

District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued

President, Dundee Mills, Incorporated, Griffin, Ga.President, Louisiana State University, Baton Rouge, La.President, Atlanta Newspapers, Inc., Atlanta, Ga.

TermexpiresDec, 31

196519661967

BIRMINGHAM BRANCH

Appointed by Federal Reserve Bank:A. CALVIN SMITHJOHN A. HANDC. WILLARD NELSONREX J. MORTHLAND

Appointed by Board of Governors:EUGENE C. GWALTNEY, JR.

MAYS E. MONTGOMERYC. CALDWELL MARKS I

President, First National Bank, Greenville, Ala.President, The First National Bank of Birmingham, Ala.President, State National Bank, Decatur, Ala.President, Peoples Bank and Trust Company, Selma, Ala.

Vice President and General Manager, Russell Mills, Inc.,Alexander City, Ala.

General Manager, Dixie Home Feeds Co., Athens, Ala.Chairman of the Board, Owen-Richards Company, Inc.,

Birmingham, Ala.

1965196619671967

19651966

1967

JACKSONVILLE BRANCH

Appointed by Federal Reserve Bank:ARTHUR W. SAARINENWILLIAM H. DIALDUDLEY COLEWILLIAM R. BARNETT

Appointed by Board of Governors:CLAUDE J. YATES 1

J. OLLIE EDMUNDSHARRY T. VAUGHN

President, Broward National Bank of Fort Lauderdale, Fla. 1965President, The First National Bank at Orlando, Fla. 1966President, Florida First National Bank at Ocala, Fla. 1967Chairman, Barnett National Bank of Jacksonville, Fla. 1967

Chairman of the Board, Florida Atlas Corporation, Jacksonville, Fla. 1965President, Stetson University, DeLand, Fla. 1966President, United States Sugar Corporation, Clewiston, Fla. 1967

Appointed by Federal Reserve Bank:R. S. WALLINGWILLIAM F. EARTHMAN, JR.J. A. HILLS. N. BROWN

Appointed by Board of Governors:ANDREW D. HOLT IJAMES E. WARDROBERT M. WILLIAMS

NASHVILLE BRANCH

President, First National Bank, McMinnville, Tenn.President, Commerce Union Bank, Nashville, Tenn.President, Hamilton National Bank, Morristown, Tenn.President, Union National Bank, Fayetteville, Tenn.

President, University of Tennessee, Knoxville, Tenn.President, Baird-Ward Printing Company, Nashville, Tenn.President, ARO, Inc., Arnold Engineering Development Center,

Tullahoma, Tenn.

1965196619671967

19651966

1967

Appointed by Federal Reserve Bank:J. R. MCCRAVEY, JR.L. Y. FOOTEROBERT M. HEARINW. R. WHITE

NEW ORLEANS BRANCH

Vice President, Bank of Forest, Miss.President, First National Bank of Hattiesburg, Miss.President, First National Bank of Jackson, Miss.President, First National Bank of Jefferson Parish, Gretna, La.

1965196619671967



236 FEDERAL RESERVE BULLETIN * FEBRUARY 1965

District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued

NEW ORLEANS BRANCH—Continued

TermexpiresDec. 31

Appointed by Board of Governors:J. O. EMMERICH Editor, Enterprise-Journal, McComb, Miss. 1965GEORGE BENJAMIN BLAIR * General Manager, American Rice Growers Cooperative, Lake

Charles, La. 1966KENNETH R. GIDDENS President, WKRG-TV, Inc., Mobile, Ala. 1967

District 7—FEDERAL RESERVE BANK OF CHICAGO

Class A:HARRY W. SCHALLER President, The Citizens First National Bank of Storm Lake, Iowa 1965KENNETH V. ZWIENER Chairman of the Board, Harris Trust and Savings Bank, Chicago, 111. 1966JOHN H. CROCKER Chairman of the Board, The Citizens National Bank of Decatur, 111. 1967

Class B:WILLIAM A. HANLEY Director, Eli Lilly and Company, Indianapolis, Ind. 1965G. F. LANGENOHL Treasurer and Assistant Secretary, Alis-Chalmers Manufacturing

Company, Milwaukee, Wis. 1966WILLIAM E. RUTZ Director, Giddings & Lewis Machine Tool Company, Fond du Lac,

Wis. 1967

Class C.-JAMES H. HILTON 2 President, Iowa State University of Science and Technology,

Ames, Iowa 1965JOHN W. SHELDON President, Chas. A. Stevens & Co., Chicago, 111. 1966FRANKLIN J. LUNDING l Chairman, Finance Committee, Jewel Tea Company, Inc., Chicago, 111. 1967

DETROIT BRANCH

Appointed by Federal Reserve Bank:C. LINCOLN LINDERHOLM President, Central Bank, Grand Rapids, Mich. 1965FRANKLIN H. MOORE President, The Commercial and Savings Bank, St. Clair, Mich. 1966JOHN H. FRENCH, JR. President, City National Bank of Detroit, Mich. 1966RAYMOND T. PERRING Chairman of the Board, The Detroit Bank and Trust Company,

Detroit, Mich. 1967

Appointed by Board of Governors:GUY S. PEPPIATT Chairman of the Board, Federal-Mogul-Bower Bearings, Inc.,

Detroit, Mich. 1965MAX P. HEAVENRICH, JR. President and General Manager, Heavenrich Bros. & Company,

Saginaw, Mich. 1966JAMES WILLIAM MILLER * President, Western Michigan University, Kalamazoo, Mich. 1967

District 8—FEDERAL RESERVE BANK OF ST. LOUIS

Class A:HARRY F. HARRINGTON Chairman of the Board & President, The Boatmen's National Bank of

St. Louis, Mo. 1965H. LEE COOPER President, Ohio Valley National Bank of Henderson, Ky. 1966HARRY E. ROGIER President, The First National Bank of Vandalia, 111. 1967

Class B:HAROLD O. MCCUTCHAN Senior Executive Vice President, Mead Johnson & Company,

Evansville, Ind. 1965ROLAND W. RICHARDS Vice President and Secretary, Laclede Steel Company, St. Louis, Mo. 1966MARK TOWNSEND Chairman of the Board, Townsend Lumber Company, Inc.,

Stuttgart, Ark. 1967




District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued

Class C.-RAYMOND REBSAMEN iWILLIAM KING SELFSMITH D. BROADBENT, JR. 2

Chairman of the Board, Rebsamen & East, Inc., Little Rock, Ark.President, Riverside Industries, Marks, Miss.Owner, Broadbent Hybrid Seed Company, Cadiz, Ky.

TermexpiresDec. 31

196519661967

Appointed by Federal Reserve Bank:H. C. ADAMSCECIL W. CUPP

R. M. LAGRONE, JR.Ross E. ANDERSON

Appointed by Board of Governors:CAREY V. STABLER1

FREDERICK P. BLANKSREEVES E. RITCHIE

LITTLE ROCK BRANCH

Executive Vice President, The First National Bank of De Witt, Ark. 1965President and Chairman, Arkansas Bank and Trust Company,

Hot Springs, Ark. 1966President, The Citizens National Bank of Hope, Ark. 1966Chairman of the Board, The Commercial National Bank of

Little Rock, Ark. 1967

President, Little Rock University, Little Rock, Ark. 1965Planter, Parkdale, Ark. 1966President, Arkansas Power & Light Company, Little Rock, Ark. 1967

Appointed by Federal Reserve Bank:JOHN H. HARDWICKRAY A. BARRETTWM. G. DEATHERAGEJ. E. MILLER

Appointed by Board of Governors:C. HUNTER GREEN I

LISLE BAKER, JR.

RICHARD T. SMITH

LOUISVILLE BRANCH

President, The Louisville Trust Company, Louisville, Ky. 1965President, The State Bank of Salem, Ind. 1966President, Planters Bank & Trust Co., Hopkinsville, Ky. 1966Executive Vice President, Sellersburg State Bank, Sellersburg, Ind. 1967

Vice President and General Manager, Southern Bell Telephone andTelegraph Company, Louisville, Ky. 1965

Executive Vice President & General Manager,The Courier-Journal & Louisville Times Company, Louisville, Ky. 1966

Farmer, Madisonville, Ky. 1967

Appointed by Federal Reserve Bank:CHARLES R. CAVINESSALLEN MORGANCON T. WELCHLEON C. CASTLING

Appointed by Board of Governors:SAM COOPER I

EDWARD B. LEMASTERJAMES S. WILLIAMS

MEMPHIS BRANCH

President, National Bank of Commerce of Corinth, Miss. 1965President, The First National Bank of Memphis, Tenn. 1966President, Citizens Bank, Savannah, Tenn. 1966President, First National Bank at Marianna, Ark. 1967

President, HumKo Products Division, National Dairy ProductsCorporation, Memphis, Tenn. 1965

President, Edward LeMaster Co., Inc., Memphis, Tenn. 1966Plant Manager, American Greetings Corporation, Osceola, Ark. 1967

District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS

Class A:CURTIS B. MATEERHAROLD C. REFLINGJOHN F. NASH

Executive Vice President, The Pierre National Bank, Pierre, S. D. 1965Executive Vice President, First National Bank in Bottineau, N. D. 1966President, The American National Bank of St. Paul, Minn. 1967




District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS—Continued

Termexpires

Dec. 31Class B.-

HUGH D. GALUSHA, JR. Lawyer and Certified Public Accountant, Helena, Mont. 1965RAY C. LANGE President, Chippewa Canning Company, Inc., Chippewa Falls, Wis. 1966JOYCE A. SWAN Executive Vice President & Publisher, Minneapolis Star and Tribune,

Minneapolis, Minn. 1967

Class C:ATHERTON BEAN I Chairman of the Board, International Milling Company,

Minneapolis, Minn. 1965JUDSON BEMIS 2 President, Bemis Bro. Bag Co., Minneapolis, Minn. 1966BYRON W. REEVE President, Lake Shore, Inc., Iron Mountain, Mich. 1967

HELENA BRANCH

Appointed by Federal Reserve Bank:B. MEYER HARRIS President, The Yellowstone Bank, Laurel, Mont. 1965CHARLES H. BROCKSMITH President, First Security Bank of Glasgow N. A., Glasgow, Mont. 1966GLENN H. LARSON President, First State Bank of Thompson Falls, Mont. 1966

Appointed by Board of Governors:EDWIN G. KOCH I President, Montana School of Mines, Butte, Mont. 1965C. G. MCCLAVE President and General Manager, Montana Flour Mills Co.,

Great Falls, Mont. 1966

District 10—FEDERAL RESERVE BANK OF KANSAS CITY

Class A:BURTON L. LOHMULLER President, The First National Bank of Centralia, Kans. 1965EUGENE H. ADAMS President, The First National Bank of Denver, Colo. 1966W. S. KENNEDY President and Chairman of the Board, The First National Bank of

Junction City, Kans. 1967

Class B:K. S. ADAMS Chairman of the Board, Phillips Petroleum Company,

Bartlesville, Okla. 1965FRED W. GILMORE President, Union Stockyards Company of Omaha, Nebr. 1966ROBERT A. OLSON President, Kansas City Power & Light Company, Kansas City, Mo. 1967

Class C:DEAN A. MCGEE Chairman of the Board, Kerr-McGee Oil Industries, Inc.,

Oklahoma City, Okla. 1965HOMER A. SCOTT I Vice President and District Manager, Peter Kiewit Sons' Company,

Sheridan, Wyo. 1966DOLPH SIMONS 2 Editor and President, The Lawrence Daily Journal-World,

Lawrence, Kans. 1967

DENVER BRANCH

Appointed by Federal Reserve Bank:ELWOOD M. BROOKS Chairman of the Board, The Central Bank & Trust Co., Denver, Colo. 1965J. P. BRANDENBURG President, The First State Bank of Taos, N. Mex. 1966THEODORE D. BROWN President, Security State Bank, Sterling, Colo. 1966

Appointed by Board of Governors:ROBERT T. PERSON I President, Public Service Company of Colorado, Denver, Colo. 1965R. A. BURGHART Ingle Land and Cattle Company, Colorado Springs, Colo. 1966




District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued

OKLAHOMA CITY BRANCH

Termexpires

Dec. 31Appointed by Federal Reserve Bank:

HOWARD J. BOZARTH President, City National Bank and Trust Company, Oklahoma City,Okla. 1965

GUY L. BERRY, JR. President, The American National Bank and Trust Company,Sapulpa, Okla. 1966

C. M. CRAWFORD President, First National Bank, Frederick, Okla. 1966

Appointed by Board of Governors:JAMES E. ALLISON I Consultant, Warren Petroleum Corporation, Tulsa, Okla. 1965OTTO C. BARBY Attorney and rancher, Beaver, Okla. 1966

OMAHA BRANCH

Appointed by Federal Reserve Bank:R. E. BARTON President, The Wyoming National Bank of Casper, Wyo. 1965HENRY D. KOSMAN Chairman of the Board and President, Scottsbluff National Bank,

Scottsbluff, Nebr. 1965W. B. MILLARD, JR. Chairman of the Board, Omaha National Bank, Omaha, Nebr. 1966

Appointed by Board of Governors:JOHN T. HARRIS Merchant and cattleman, McCook, Nebr. 1965CLIFFORD MORRIS HARDIN I Chancellor, The University of Nebraska, Lincoln, Nebr. 1966

District 11—FEDERAL RESERVE BANK OF DALLAS

Class A:RALPH A. PORTER President, The State National Bank of Denison, Tex. 1965MURRAY KYGER Chairman of the Board, The First National Bank of Forth Worth, Tex. 1966J. EDD MCLAUGHLIN President, Security State Bank & Trust Company, Rails, Tex. 1967

Class B:J. B. PERRY, JR. President and General Manager, Perry Brothers, Inc., Lufkin, Tex. 1965D. A. HULCY Chairman of the Board, Lone Star Gas Company, Dallas, Tex. 1966H. B. ZACHRY President, H. B. Zachry Co., San Antonio, Tex. 1967

Class C.-ROBERT O. ANDERSON 1 Owner, Lincoln County Livestock Company, Roswell, N. Mex. 1965MAX LEVINE Chairman of the Board, Foley's, Houston, Tex. 1966C. J. THOMSEN 2 Senior Vice President, Texas Instruments, Inc., Dallas, Tex. 1967

EL PASO BRANCH

Appointed by Federal Reserve Bank:CHAS. B. PERRY Chairman of the Board, First State Bank, Odessa, Tex. 1965DICK ROGERS President, First National Bank in Alpine, Tex. 1966ROBERT W. HEYER Senior Vice Chairman and President, Southern Arizona Bank & Trust

Company, Tucson, Ariz. 1966ROBERT F. LOCKHART Vice President, The State National Bank of El Paso, Tex. 1967

Appointed by Board of Governors:ROGER B. CORBETT I President, New Mexico State University, University Park, N. Mex. 1965C. ROBERT MCNALLY, JR. Rancher, Roswell, N. Mex. 1966GORDON W. FOSTER President, Food Mart, Inc., El Paso, Tex. 1967




District 11—FEDERAL RESERVE BANK OF DALLAS—Continued

HOUSTON BRANCHTerm

expiresDec. 31

Appointed by Federal Reserve Bank:M. M. GALLOWAY President, First Capitol Bank, West Columbia, Tex. 1965J. A. ELKINS, JR. Chairman of the Board, First City National Bank of Houston, Tex. 1966JOHN E. GRAY President, First Security National Bank of Beaumont, Tex. 1966A. G. MCNEESE, JR. President, Bank of the Southwest National Association, Houston, Tex. 1967

Appointed by Board of Governors:D. B. CAMPBELL 1 Works Manager, Sabine River Works, E. I. du Pont de Nemours &

Company, Orange, Tex. 1965LOVETT C. PETERS Vice President—Transportation and Supplies, Continental Oil

Company, Houston, Tex. 1966EDGAR H. HUDGINS Ranching—Partner in Hudgins Division of J. D. Hudgins,

Hungerford, Tex. 1967

SAN ANTONIO BRANCHAppointed by Federal Reserve Bank:

DWIGHT D. TAYLOR Retired Banker, Brownsville, Tex. 1965FORREST M. SMITH President, National Bank of Commerce of San Antonio, Tex. 1966J. R. THORNTON Chairman of the Board and President, State Bank and Trust Company,

San Marcos, Tex. 1966MAX A. MANDEL President, The Laredo National Bank, Laredo, Tex. 1967

Appointed by Board of Governors:JOHN R. STOCKTON I Professor of Business Statistics and Director of Bureau of Business

Research, The University of Texas, Austin, Tex. 1965G. C. HAGELSTEIN President and General Manager, Union Stock Yards San Antonio,

Tex. 1966HAROLD D. HERNDON Independent Oil Operator, San Antonio, Tex. 1967

District 12—FEDERAL RESERVE BANK OF SAN FRANCISCOClass A:

M. VILAS HUBBARD Chairman of the Board & Chief Executive Officer, CitizensCommercial Trust and Savings Bank of Pasadena, Calif. 1965

CARROLL F. BYRD Chairman of the Board and President, The First National Bank ofWillows, Calif. 1966

CHARLES F. FRANKLAND President, The Pacific National Bank of Seattle, Wash. 1967

Class B:FRED H. MERRILL President, Fireman's Fund American Insurance Companies,

San Francisco, Calif. 1965JOSEPH ROSENBLATT Honorary Chairman of the Board, The Eimco Corporation,

Salt Lake City, Utah. 1966MARRON KENDRICK President, Schlage Lock Company, San Francisco, Calif. 1967

Class C:F. B. WHITMAN l President, The Western Pacific Railroad Company,

San Francisco, Calif. 1965JOHN D. FREDERICKS 2 President, Pacific Clay Products, Los Angeles, Calif. 1966FREDERIC S. HIRSCHLER President, The Emporium Capwell Company, San Francisco, Calif. 1967

LOS ANGELES BRANCHAppointed by Federal Reserve Bank:

RALPH V. ARNOLD President and Chairman of the Board, First National Bank andTrust Company, Ontario, Calif. 1965

DOUGLAS SHIVELY President, Citizens State Bank of Santa Paula, Calif. 1966HARRY J. VOLK President, Union Bank, Los Angeles, Calif. 1966




District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued

LOS ANGELES BRANCH—Continued

Appointed by Board of Governors:ARTHUR G. COONS 1

S. ALFRED HALGRENPresident, Occidental College, Los Angeles, Calif.Vice President and Director, Carnation Company, Los Angeles, Calif.

Termexpires

Dec. 31

19651966

Appointed by Federal Reserve Bank:E. J. KOLARE. M. FLOHRE. W . FlRSTENBURG

Appointed by Board of Governors:GRAHAM J. BARBEY IROBERT F. DWYER

PORTLAND BRANCH

President, The United States National Bank of Portland, Oreg.President, The First National Bank of Wallace, IdahoChairman of the Board & President, First Independent Bank,

Vancouver, Wash.

President, Barbey Packing Corporation, Astoria, Oreg.Lumberman, Portland, Oreg.

19651966

1966

19651966

Appointed by Federal Reserve Bank:V. R. STEFFENSENALAN B. BLOODNEWELL B. DAYTON

Appointed by Board of Governors:HOWARD W. PRICE 1

PETER E. MARBLE

SALT LAKE CITY BRANCH

President, First Security Bank of Idaho, N. A., Boise, Idaho 1965Executive Vice President, Barnes Banking Company, Kaysville, Utah 1966Chairman of the Board, Tracy-Collins Bank & Trust Company,

Salt Lake City, Utah 1966

President, The Salt Lake Hardware Company,Salt Lake City, Utah. 1965

Rancher, Deeth, Nev. 1966

Appointed by Federal Reserve Bank:MAXWELL CARLSONM. F. HASTINGSCHAS. H. PARKS

Appointed by Board of Governors:WILLIAM MCGREGOR 1

ROBERT D. O'BRIEN

SEATTLE BRANCH

President, The National Bank of Commerce of Seattle, Wash. 1965President, The First National Bank of Ferndale, Wash. 1966Executive Vice President, Seattle-First National Bank, Spokane, Wash. 1966

Vice President, McGregor Land and Livestock Company,Hooper, Wash. 1965

President, Pacific Car and Foundry Company, Seattle, Wash. 1966

* Chairman.


Law DepartmentAdministrative interpretations, new regulations, and similar material

Interest Equalization Tax

By Executive Order 11198, issued by the Presi-dent on February 10, 1965, the Interest Equaliza-tion Tax was extended to acquisitions by com-mercial banks, in the ordinary course of theirbanking business, of debt obligations issued byforeign obligors which have one year or more re-maining to maturity (other than such obligationsrepayable exclusively in one or more foreign cur-rencies which are acquired at a foreign branchof a United States bank, and other than loansarising out of United States exports). The Orderalso provides that the tax is applicable to acquisi-tions by banks of Canadian debt obligations with-out regard to the provisions of Executive Order11175 which was not designed to relate to suchacquisitions.

The text of the Executive Order reads as fol-lows:

EXECUTIVE ORDER 11198

IMPOSITION OF INTEREST EQUALIZATION TAX ON

CERTAIN COMMERCIAL BANK LOANS

By virtue of the authority vested in me bychapter 41 (sections 4911 through 4931) of theInternal Revenue Code of 1954, as added by theInterest Equalization Tax Act, approved Septem-ber 2, 1964 (Public Law 88-563, 78 Stat. 809),by section 301 of title 3 of the United States Code,and as President of the United States, it is herebydetermined that the acquisition of debt obliga-tions of foreign obligors by commercial banks inmaking loans in the ordinary course of the com-mercial banking business has materially impairedthe effectiveness of the tax imposed by section4911 of the Internal Revenue Code of 1954, asadded by the Interest Equalization Tax Act, be-cause such acquisitions have replaced acquisitionsby United States persons, other than commercialbanks, of debt obligations of foreign obligorswhich are subject to the tax imposed by section4911, and it is hereby ordered that—

Section 1. The provisions of section 4931 shallapply to acquisitions by commercial banks of debtobligations of foreign obligors to the extent setforth herein.

Sec. 2. (a) Section 4914(j) (1) (A) (ii) andsection 4915(c)(2) (A) shall continue to apply;

(b) Section 4914(b) (2) (A) shall continueto apply only to an acquisition of a debt obliga-tion of a foreign obligor repayable exclusively inone or more currencies other than United Statescurrency which is made by a commercial bankat its branch located outside the United States;and

(c) The tax imposed by section 4931 (c) shallapply to an acquisition of a debt obligation of aforeign obligor having a period remaining tomaturity of one year or more and less than 3years which is made by a commercial bank, otherthan the acquisition of a debt obligation of a for-eign obligor—

(1) Arising out of a transaction described insection 4914(c)(l)(B), (2), (3), (4), or (5),or section 4914 (d), which is transferred in ac-cordance with section 4914(j) (1) (A) (ii) or(iii); or

(2) Repayable exclusively in one or more cur-rencies other than United States currency if suchacquisition is made by a commercial bank at itsbranch located outside the United States.

Sec. 3. An acquisition by a United States per-son which is a commercial bank of a debt obliga-tion of a foreign obligor described in ExecutiveOrder No. 11175 dated September 2, 1964, shallbe subject to the tax imposed pursuant to thisorder without regard to the provisions of Ex-ecutive Order No. 11175.

Sec. 4. The Secretary of the Treasury or hisdelegate is authorized to prescribe from time totime such regulations, rulings, directions, andinstructions, and to require such reports of in-formation, as he shall deem necessary to carryout the purposes of this order.

Sec. 5. This order shall be effective with respect

242


LAW DEPARTMENT 243

to acquisitions made during the period beginningon the day after the date on which such order isissued and ending on the date set forth in section491l(d).

LYNDON B. JOHNSON

THE WHITE HOUSE,February 10, 1965.

Orders Under Bank Merger Act

The following Orders and Statements were is-sued in connection with action by the Board ofGovernors with respect to applications for approvalof the merger of banks:

SECURITY-PEOPLES TRUST COMPANY,ERIE, PENNSYLVANIA

In the matter of the application of Security-Peoples Trust Company for approval of mergerwith The Girard Battles National Bank.

ORDER APPROVING MERGER OF BANKS

There has come before the Board of Governors,pursuant to the Bank Merger Act of 1960 (12U.S.C. 1828(c)), an application by Security-Peoples Trust Company, Erie, Pennsylvania, aState member bank of the Federal Reserve System,for the Board's prior approval of the merger ofthat bank and The Girard Battles National Bank,Girard, Pennsylvania, under the charter and titleof Security-Peoples Trust Company. As an inci-dent to the merger, the three offices of The GirardBattles National Bank would become branches ofSecurity-Peoples Trust Company. Notice of theproposed merger, in form approved by the Board,has been published pursuant to said Act.

Upon consideration of all relevant material inthe light of the factors set forth in said Act, includ-ing reports furnished by the Comptroller of theCurrency, the Federal Deposit Insurance Corpora-tion, and the Department of Justice on the com-petitive factors involved in the proposed transac-tion,

IT IS HEREBY ORDERED, for the reasons set forthin the Board's Statement of this date, that saidapplication be and hereby is approved, providedthat said merger shall not be consummated (a)within seven calendar days after the date of thisOrder, or (b) later than three months after saiddate.

Dated at Washington, D. C, this 27th day ofJanuary, 1965.

By order of the Board of Governors.

Voting for this action: Chairman Martin, and Gover-nors Balderston, Mills, Shepardson, Mitchell, andDaane. Voting against this action: Governor Robert-son.

(Signed) MERRITT SHERMAN,Secretary.

[SEAL]

STATEMENT

Security-Peoples Trust Company, Erie, Penn-sylvania ("Security-Peoples"), with total depositsof $78 million, has applied, pursuant to the BankMerger Act of 1960 (12 U.S.C. 1828(c)), for theBoard's prior approval of the merger of that bankand The Girard Battles National Bank, Girard,Pennsylvania ("Girard Battles"), which has totaldeposits of $7 million.1 the banks would mergeunder the charter and title of Security-Peoples,which is a member of the Federal Reserve System.As an incident to the merger, the three offices ofGirard Battles would become branches of the re-sulting bank, increasing the number of its officesfrom two to five.

Under the law, the Board is required to con-sider, as to each of the banks involved, (1) itsfinancial history and condition, (2) the adequacyof its capital structure, (3) its future earningsprospects, (4) the general character of its manage-ment, (5) whether its corporate powers are con-sistent with the purposes of 12 U.S.C, Ch. 16 (theFederal Deposit Insurance Act), (6) the conveni-ence and needs of the community to be served,and (7) the effect of the transaction on competi-tion (including any tendency toward monopoly).The Board may not approve the proposed mergerunless, after considering all of these factors, itfinds the transaction to be in the public interest.

Banking factors. The financial history andcondition of Girard Battles are satisfactory, as is itscapital structure. The bank's earnings prospectsare satisfactory, and its management capable.

The capital structure of Security-Peoples is rea-sonably adequate; the bank's asset condition isfair. Its financial history reflects willingness, underthe leadership of an unusually capable president,to encourage growing businesses by granting rela-tively high-risk loans. Advancing age and a recent

1 Deposit figures are as of June 30, 1964.



serious illness of this man have transferred man-agement responsibility to a younger executivegroup, which has demonstrated a more conserva-tive point of view. Under its earlier management,the bank enjoyed an above-average rate of earn-ings. Earnings prospects, whether for Security-Peoples or for the resulting bank, are regarded asreasonably favorable.

Neither the corporate powers of the two exist-ing banks, nor those of the resulting bank, are, orwould be, inconsistent with the purposes of 12U.S.C., Ch. 16.

Convenience and needs of the communities.Both Erie and Girard are located in Erie Countyand lie along the shore of Lake Erie. Girard isabout 16 miles to the west of the county metrop-olis, and the nearest offices of the two banks are 11miles apart. Erie is a well-diversified industrial citywith good natural harbor facilities. The entirecounty forms a Standard Metropolitan StatisticalArea with a 1960 population of some 250,000, upabout 30,000 from 1950. Over 60 per cent of thisgrowth was in Erie and its western suburbs, mov-ing along the lake shore toward Girard, which isa small manufacturing, residential, and tradingcenter with a 1960 population of some 2,500.

There are 11 banks, with 28 offices, in ErieCounty. Five, with 26 offices, and 88 per cent ofcounty deposits, have their head offices in Erie.Although State law permits branching throughoutthe head-office and adjoining counties, all but threeof these 26 offices are in or very close to the cityof Erie. In order of size, the five Erie banks rangefrom The First National Bank of Erie, with $92million in deposits, Security-Peoples, with $78 mil-lion, Marine National Bank, with $47 million, andUnion Bank and Trust Company, with $28 million,down to The Bank of Erie, with $11 million. Theremaining county banks are similar in size toGirard Battles, or smaller.

Girard Battles has limited trust powers whichare currently being exercised in one instance only,while Security-Peoples offers a well-rounded rangeof trust services.

It appears from the record that there are about30 businesses in the immediate service area 2 ofGirard Battles, the credit needs of which cannot be

2 The area from which a bank obtains 75 per centor more of its deposits of individuals, partnerships,and corporations.

met by the local bank, and which borrow from thelarge Erie banks. Security-Peoples lends to about10 of these, including floor-planning for three ofthe seven automobile dealers in the Girard area.Security-Peoples has no offices outside Erie, andonly Girard Battles has offices in or immediatelyaround Girard. However, there are four offices oflarge Erie banks between Girard and the city limitsof Erie, so that borrowers whose requirements arenot met in Girard or its environs need not travelto downtown Erie. Placing offices of Security-Peoples in Girard and in the adjoining tradingcenters where Girard Battles has its two brancheswould bring broader banking services to thesecommunities.

Competition. While Security-Peoples obtainsbusiness throughout the county, it appears thatemphasis is on accounts which Girard Battleswould be unable to handle. The record indicatesthat the four large Erie banks compete effectivelyfor business throughout the county, The First Na-tional Bank of Erie through nine offices, and twomore through six offices each, as against the twooffices of Security-Peoples. Despite this competi-tion, felt perhaps chiefly in connection with busi-ness loans and trust services that are beyond thecapacity of the smaller banks to offer, the $4 mil-lion to $7 million banks, located in outlying cen-ters, have shown satisfactory rates of growth. It isnot believed that this situation would change ad-versely due to the entry of Security-Peoples intothe communities served by Girard Battles.

Security-Peoples is the second largest bank inthe county, and consummation of the proposedmerger will give it, initially at least, 29 per cent ofcounty deposits of commercial banks. However,this rank was achieved largely through the effortsof a single man, no longer active in management,as noted above, and with only a third to a quarteras many offices as any of its rivals. Under thesecircumstances, consummation of the proposedmerger, despite the loss of some limited competi-tion between the merging banks, should tend toimprove and continue the competitive climatewhich has obtained in the county, particularly ifother banks establish additional branches in grow-ing areas in and around Girard.

Summary and conclusion. The proposed mergerwould eliminate some competition between themerging banks, but in the long run would improvethe competitive picture in Erie County. It would


LAW DEPARTMENT 245

benefit the communities now served by GirardBattles by placing the offices of a full-service bankwith an ample lending limit in a growing sector ofthe county.

Accordingly, the Board finds that the proposedmerger would be in the public interest.

CONCURRING STATEMENT OF GOVERNORSMITCHELL AND DAANE

We concur in the finding that the proposedmerger would be in the public interest, but webelieve that the Board's Statement obscures therelevant competitive aspects of the case. It is ir-relevant that Security-Peoples and some otherbanks in Erie County make loans of a size beyondGirard Battles' lending limit. The competition thatshould concern the Board is competition for bank-ing services that Girard could extend. The implicitassumption that a recent change in managementwill cause Security-Peoples to lose its relative posi-tion in Erie County is not warranted by the record.

What is significant is that the only real competi-tion between Security-Peoples and Girard Battlesis limited to a small number of customers in theservice area of Girard Battles who could use thatbank but who find access to the facilities of thelarger bank practical and convenient. There is noevidence that Girard Battles is a competitive factorof substantial consequence in any section of ErieCounty outside of its immediate service area.

Consummation of the proposed merger wouldincrease the deposits of Security-Peoples, the sec-ond largest bank in the county, by about 10 percent and give it, initially at least, 29 per cent ofcounty deposits of commercial banks. This increasein size, however, would not be significantly at theexpense of a banking competitor, but rather wouldresult from the extension of the services of Secu-rity-Peoples so far as local deposits and personallending are concerned into an area where it hasscarcely been present hitherto.

DISSENTING STATEMENT OF GOVERNOR

ROBERTSON

I can discover nothing in the record of this caseto support the finding of the majority of the Boardthat a merger of Security-Peoples and Girard Bat-tles would be in the public interest. Indeed, severalpoints in that record seem to me to warrant a con-trary conclusion.

In approving the application, the majority seem

to say that the convenience and needs of the com-munities in which offices of Girard Battles are lo-cated will be better served by replaing the officesof the small bank with offices of a larger one(Security-Peoples).

As for this point, the fact that some businessloans above a certain size are traveling sixteenmiles (or eleven, or eight, or nine, if the nearestoffices of larger banks are considered) to findaccommodation does not establish that the localbank is not properly serving its community. 1should be surprised if companies like Libby-OwensFord and White Sewing Machine, both of whichhave plants in the service area in question, do notgo even farther than Erie to borrow. There areborrowers in almost every community, probablyincluding Erie itself, who have to go elsewhere tosatisfy their credit needs. But that does not meanthat the banks in those communities are not prop-erly serving the needs of their communities.

By and large, concerns needing very large linesof credit can take care of themselves, and it wouldseem appropriate that some consideration be givento the far more numerous members of the commu-nity who prefer to do business with a small localbank. Cf., United States v. Philadelphia NationalBank et ah, 314 U. S. 321, 369 (1963). Thesoundness and the healthy growth of GirardBattles in the face of competition from nearbybanks many times its size clearly evidence that ithas been adequately meeting the needs of thepeople in the three communities in which it op-erates. If there is a need for a wider range ofbanking services than the existing bank provides,establishment of new branches by larger banks ispreferable to the elimination of a small but profit-able and well-run community bank.

As for the management factor, and the refer-ences in the Board's Statement to a recent changein management at Security-Peoples, I will onlycomment here that, in my view, there should be awaiting period until the younger, relatively untried,executive group has demonstrated its capabilitiesbefore expansion through merger is permited.

In addition to the fact that—unlike the majority—I find it impossible to reach a favorable conclu-sion with respect to the banking factors whichCongress asked us to consider before approving amerger, there are factors other than those I havementioned which should require an adverse deci-sion. I refer to "the effect of the transaction on



competition (including any tendency toward mo-nopoly)".

Security-Peoples is already the second largestbank in the county, almost twice the size of itsnext smaller rival, and holds almost a third of areadeposits and a higher proportion of area loans.The figures demonstrate a high existing degree ofconcentration, which should not be augmented bypermitting Security-Peoples to acquire the onlybanking offices in the three communities servedby Girard Battles.

Furthermore, it is admitted—even by the ma-jority—that existing competition between Security-Peoples and Girard Battles will be eliminated.Under the statutory mandate, it is incumbent onthe Board to find that other factors are sufficientlyfavorable to offset any adverse competitive factors.Congress obviously intended that, before approvinga merger which eliminates competition or tendstoward monopoly, the Board must make an affirm-ative finding that consummation of the proposalwould be in the public interest. Since I am unableto subscribe to such a finding on the basis of therecoic1 in this case, I would disapprove the appli-cation.

THE FARMERS' LOAN AND TRUSTCOMPANY, COLUMBIA CITY, INDIANA

In the matter of the application of The Farm-ers* Loan and Trust Company for approval ofmerger with Mayer State Bank.


There has come before the Board of Governors,pursuant to the Bank Merger Act of 1960 (12U.S.C. 1828(c)), an application by The Farmers'Loan and Trust Company, Columbia City, Indiana,a State member bank of the Federal Reserve Sys-tem, for the Board's prior approval of the mergerof that bank and Mayer State Bank, South Whit-ley, Indiana, under the charter and title of TheFarmers' Loan and Trust Company. As an inci-dent to the merger, the sole office of Mayer StateBank would become a branch of The Farmers'Loan and Trust Company. Notice of the proposedmerger, in form approved by the Board, has beenpublished pursuant to said Act.

Upon consideration of all relevant material inthe light of the factors set forth in said Act, in-

cluding reports furnished by the Comptroller ofthe Currency, the Federal Deposit Insurance Cor-poration, and the Department of Justice on thecompetitive factors involved in the proposed trans-action,

IT IS HEREBY ORDERED, for the reasons set forthin the Board's Statement of this date, that saidapplication be and hereby is approved, providedthat said merger shall not be consummated (a)within seven calendar days after the date of thisOrder, or (b) later than three months after saiddate.

Dated at Washington, D. C , this 13th day ofJanuary, 1965.


Voting for this action: Unanimous, with all memberspresent.


[SEAL]

STATEMENT

The Farmers' Loan and Trust Company, Co-lumbia City, Indiana ("Farmers Trust"), withtotal deposits of $7,299,000, has applied, pursuantto the Bank Merger Act of 1960 (12 U.S.C.1828(c)), for the Board's prior approval of themerger of that bank and Mayer State Bank, SouthWhitley, Indiana ("Mayer Bank"), which has totaldeposits of $2,668,000.1 The banks would mergeunder the charter and name of Farmers Trust, aState member bank of the Federal Reserve System.As an incident to the merger, the office of MayerBank would become a branch of Farmers Trust,increasing its number of approved offices to two.

Under the law, the Board is required to con-sider, as to each of the banks involved, (1) itsfinancial history and condition, (2) the adequacyof its capital structure, (3) its future earningsprospects, (4) the general character of its man-agement, (5) whether its corporate powers areconsistent with the purposes of 12 U.S.C, Ch. 16(the Federal Deposit Insurance Act), (6) theconvenience and needs of the community to beserved, and (7) the effect of the transaction oncompetition (including any tendency toward mo-nopoly). The Board may not approve the transac-tion unless, after considering all of these factors, itfinds the transaction to be in the public interest.

1 Deposit figures are as of July 29, 1964.


LAW DEPARTMENT 247

Banking factors. The financial histories of Farm-ers Trust and Mayer Bank are satisfactory, andeach bank has a sound asset condition and an ade-quate capital structure. Each bank has a satisfac-tory earnings record and favorable future earningsprospects. The management of Farmers Trust iscapable. The management of Mayer Bank, al-though presently lacking somewhat in depth, isadequate. In addition to capable management, theresulting bank would have a sound asset condi-tion, an adequate capital structure, and good fu-ture earnings prospects.

There is no indication that the corporate powersof the banks are, or would be, inconsistent withthe purposes of 12 U.S.C., Ch. 16.

Convenience and needs of the communities.Farmers Trust and Mayer Bank are two of sevencommercial banks serving Whitley County, Indi-ana, which is situated in the northeastern portionof the State. The county is principally an agricul-tural and residential area, but industry is graduallyincreasing in importance in the local economy.The service area 2 of Farmers Trust consists ofColumbia City and the surrounding area within aradius of about 8 miles; the service area of MayerBank consists of South Whitley and the surround-ing area within a radius of from 5 to 8 miles.South Whitley is located approximately 10 milessouthwest of Columbia City, and the service areasof the two banks overlap slightly in a sector wherepopulation density is relatively low.

Mayer Bank does not offer consumer install-ment loans, for which there is a need in its servicearea, and its lending limit is inadequate to enableit to meet the demand in its area for commercialand farm loans. Farmers Trust provides consumerinstallment loans and its lending limit, althoughquite small relative to the needs of the area itserves, is 50 per cent higher than that of MayerBank. The merger would result in a bank withgreater resources and a higher lending limit, whichcould better serve the banking needs and conveni-ence of each of the communities now served bythe two banks.

Competition. The merger would eliminate thevery small amount of competition existing betweenFarmers Trust and Mayer Bank and foreclose the

2 The area from which a bank obtains 75 per centor more of its deposits of individuals, partnerships,and corporations.

possible development of further competition be-tween them. However, banking customers in theservice area of the resulting bank would continueto have access to a number of reasonably conveni-ent alternative commercial banking offices. Whilethe merger would result in some increase in theconcentration of banking resources, such increasewould not result in a bank so large as to affectadversely the other five commercial banks servingWhitley County.

Summary and conclusion. The acquisition ofMayer Bank by Farmers Trust would not adverselyaffect banking competition. The merger wouldresult, moreover, in a bank better able to servethe banking needs and convenience of WhitleyCounty and one capable, as well, of contributingto the area's economic development.

Accordingly, the Board finds that the proposedtransaction would be in the public interest.

THE COMMERCIAL BANK AND SAVINGSCOMPANY, FOSTORIA, OHIO

In the matter of the application of The Com-mercial Bank and Savings Company for approvalof merger with The New Riegel State Bank.


There has come before the Board of Governors,pursuant to the Bank Merger Act of 1960 (12U.S.C. 1828(c)), an application by The Commer-cial Bank and Savings Company, Fostoria, Ohio, aState member bank of the Federal Reserve System,for the Board's prior approval of the mergerof that bank and The New Riegel State Bank, NewRiegel, Ohio, under the charter and title of TheCommercial Bank and Savings Company. As anincident to the merger, the sole office of The NewRiegel State Bank would become a branch of theresulting bank. Notice of the proposed merger, inform approved by the Board, has been publishedpursuant to said Act.

Upon consideration of all relevant material inthe light of the factors set forth in said Act, includ-ing reports furnished by the Comptroller of theCurrency, the Federal Deposit Insurance Corpora-tion, and the Department of Justice on the com-petitive factors involved in the proposed merger,

IT IS HEREBY ORDERED, for the reasons set forthin the Board's Statement of this date, that said



application be and hereby is approved, providedthat said merger shall not be consummated (a)within seven calendar days after the date of thisOrder or (b) later than three months after saiddate.



Voting for this action: Chairman Martin, and Gover-nors Mills, Robertson, Shepardson, Mitchell, andDaane. Absent and not voting: Governor Balderston.


[SEAL]

STATEMENT

The Commercial Bank and Savings Company,Fostoria, Ohio ("Commercial"), with total depos-its of $11 million, has applied, pursuant to theBank Merger Act of 1960 (12 U.S.C. 1828(c)),for the Board's prior approval of the merger ofthat bank and The New Riegel State Bank, NewRiegel, Ohio ("State"), which has total depositsof $2 million.1 The banks would merge under thecharter and title of Commercial, which is a mem-ber of the Federal Reserve System. As an incidentto the merger, the single office of State wouldbecome a branch of the resulting bank, increasingthe number of its offices from three to four.

Under the law, the Board is required to consider,as to each of the banks involved, (1) its financialhistory and condition, (2) the adequacy of itscapital structure, (3) its future earnings prospects,(4) the general character of its management, (5)whether its corporate powers are consistent withthe purposes of 12 U.S.C, Ch. 16 (the FederalDeposit Insurance Act), (6) the convenience andneeds of the community to be served, and (7) theeffect of the transaction on competition (includingany tendency toward monopoly). The Board maynot approve the proposed merger unless after con-sidering all of these factors, it finds the transactionto be in the public interest.

Banking factors. The financial history and condi-tion of both banks are satisfactory. The capitalstructure of State is adequate and that of Commer-cial is fairly satisfactory. Earnings of State havedeclined sharply in the last two or three years due

1 Deposit figures are as of June 30, 1964.

to interest expense arising from a high proportionof time to total deposits, and to a difficulty inplacing loans and thereby developing an adequatereturn on earnings assets. There is no immediateprospect for change in either of these factors, andearnings prospects of State would not be regardedas favorable, were it to continue its separate exist-ence. Earnings prospects of Commercial are good,as would be those of the resulting bank.

Management of both banks is competent. Theexecutive officer of State is beginning to look for-ward to retirement. However, he has several moreyears to serve, and the matter of management suc-cession lends no support to the proposal. Manage-ment of the resulting bank would be competent.

Neither the corporate powers of the two exist-ing banks, nor those of the resulting bank, are, orwould be, inconsistent with the purposes of 12U.S.C, Ch. 16.

Convenience and needs of the communities. Thehead offices of Commercial and State are locatedin Seneca County, in a rich, agricultural section ofnorth central Ohio about 40 miles south of Toledoand some 80 miles north of Columbus. Fostoria,where Commercial has its head office, is a city witha 16,000 population and has diversified industryproducing, among other things, spark plugs, car-bon products, machine tools, and wire. New Rie-gel, ten miles away, is a farming community of400 persons. There is a second city in SenecaCounty, Tiffin, with a population of 21,000, whichis somewhat closer to New Riegel, and customersfrom New Riegel have reasonably easy access ineither center to banks offering an adequate range ofservices. However, it seems clear that the needsand convenience of the smaller community wouldbe benefited if a branch of a larger bank werelocated there. Because of State's low lending limit,the bank has had to decline many real estate mort-gage loan applications. It makes no F.H.A. orG.I. loans. Only within the past two years has thebank been accepting a limited volume of con-sumer installment loans. Loans at State are abouta third of deposits, and a substantial portion ofthese loans were purchased from Commercial.

Competition. Fostoria, where Commercial hasits head office, is located on the boundaries ofthree counties. Under Ohio law, Commercial maybranch in any of the three, as may the largest bankin the county, Commercial's chief rival, Tri-County


LAW DEPARTMENT 249

National Bank, with total deposits of $25 millionas against the $13 million which would be held bythe resulting bank. Tri-County National has twobranches in Tiffin, the other city in Seneca County.Three other banks headquartered in Tiffin havetotal deposits of $20 million, $13 million, and $10million, respectively. A small independent bankwith headquarters in Carey, a town about tenmiles southwest of New Riegel, in WyandotCounty, has total deposits of $4 million and isexpected to lose some, but not substantial, businessas a result of the merger.

Commercial is, accordingly, the fourth largest ofsix commercial banks in Seneca County, and wouldbe the third largest of five, with 16 per cent of thedeposits of individuals, partnerships, and corpora-tions in the county after consummation of the mer-ger. The first and second in rank would remainsubstantially larger.

State and Commercial each derive some busi-ness from the area served by the other, and theyhave some common customers. However, compe-tition between the two banks has been relativelymild, due to a working relationship of over 30years' standing. Commercial has advised andassisted the smaller bank, lending it personnel tofill gaps caused by vacations and emergencies, re-ferring deposit accounts to it when requested byborrowers who did not wish to keep more than theinsured maximum at Commercial itself, and sellingreal estate mortgages to State.

Summary and conclusion. While effectuation ofthe merger of Commercial and State would endsome existing competition between two banks, thiscompetition has not been active or aggressive. Thesmaller bank is unable, due to its low lending limit,to meet normal needs of its agricultural commu-nity. Because of the high proportion of time todemand deposits and its inability to build up itsloan and investment portfolio satisfactorily, Statehas experienced a severe drop in earnings. Nochange that can reasonably be expected to occurduring the next few years, other than a mergeralong the lines proposed, would appear likely toreverse this situation. As a result of the merger,New Riegel would benefit by having convenientlyavailable the local office of a bank able to meetcommunity needs.

Accordingly, the Board finds that the proposedmerger would be in the public interest.

Orders Under Section 3 of Bank HoldingCompany Act

The following Order was issued by the Board ofGovernors extending the period of time withinwhich a corporation may become a bank holdingcompany, and Order and Statement denying anapplication for an existing bank holding companyto acquire the stock of an additional bank:

COMMERCIAL BANCORP., INC.,MIAMI, FLORIDA

In the matter of the application of CommercialBancorp, Inc., Miami, Florida, for permission tobecome a bank holding company by acquiringstock of three banks in Florida.

ORDER EXTENDING PERIOD OF TIMEPRESCRIBED BY PROVISO IN ORDER

OF APPROVAL

WHEREAS, by Order dated November 16, 1964,the Board of Governors, pursuant to section3(a)( l) of the Bank Holding Company Act of1956 (12 U.S.C. 1842(a)) and section 222.4(a)of Federal Reserve Regulation Y (12 CFR 222.4(a ) ( l ) ) , approved the application of Commer-cial Bancorp, Inc., Mimai, Florida, to becomea bank holding company through the acquisitionof a minimum of 80 per cent of the voting sharesof each of the following banks located in Florida:Commercial Bank of Miami, Miami; MerchantsBank of Miami, West Miami; and Bank of Ken-dall, Kendall; and

WHEREAS, said Order was made subject to theproviso that the acquisition approved "shall notbe consummated . . . (b) later than three monthsafter said date [of Order]"; and

WHEREAS, Commercial Bancorp, Inc., has ap-plied to the Board for an extension of time withinwhich the approved acquisition may be consum-mated, and it appearing to the Board that goodcause has been shown for the additional time re-quested and that such extension would not beinconsistent with the public interest;

IT IS HEREBY ORDERED, that the Board's Order ofNovember 16, 1964, be, and it hereby is, amendedso that the proviso relating to the time by whichCommercial Bancorp, Inc., shall consummate theapproved acquisition of stock shall read: "provided



that the acquisition so approved shall not be con-summated . . . (b) later than May 16, 1965."

Dated at Washington, D. C , this 18th day ofJanuary, 1965.

By Order of the Board of Governors.


[SEAL]

FIRST VIRGINIA CORPORATION,ARLINGTON, VIRGINIA

In the matter of the application of The FirstVirginia Corporation, Arlington, Virginia, for ap-proval of the acquisition of voting shares of TheLoudoun National Bank of Leesburg, Leesburg,Virginia.

ORDER DENYING APPLICATION UNDER BANK

HOLDING COMPANY ACT

There has come before the Board of Governors,pursuant to section 3 (a) (2) of the Bank HoldingCompany Act of 1956 (12 U.S.C. 1842(a)(2))and section 222.4(a) (2) of Federal Reserve Regu-lation Y (12 CFR 222.4(a)(2)), an applicationby The First Virginia Corporation, Arlington, Vir-ginia, a registered bank holding company, for theBoard's prior approval of the acquisition of 80 percent or more of the voting shares of The LoudounNational Bank of Leesburg, Leesburg, Virginia.

As required by section 3(b) of the Act, theBoard notified the Comptroller of the Currency ofreceipt of the application and requested his viewsand recommendation. The Comptroller recom-mended approval.

Notice of Receipt of Application was publishedin the Federal Register on September 3, 1964 (29F.R. 12567), which provided an opportunity forfiling with the Board comments and views regard-ing the proposed acquisition. The time for filinghas expired and all comments and views filed havebeen considered by the Board.

IT IS HEREBY ORDERED, for the reasons set forthin the Board's Statement of this date, that saidapplication be and hereby is denied.



Voting for this action: Chairman Martin, and Gover-nors Balderston, Mills, Robertson, Shepardson, andMitchell. Absent and not voting: Governor Daane.


[SEAL]

STATEMENT

The First Virginia Corporation ("Applicant"),Arlington, Virginia, a registered bank holdingcompany, has filed with the Board, pursuant tosection 3 (a) (2) of the Bank Holding CompanyAct of 1956 ("the Act"), an application for ap-proval of the acquisition of 80 per cent or moreof the voting shares of The Loudoun NationalBank of Leesburg, Leesburg, Virginia.

Views and recommendation of supervisory au-thority. As required by section 3(b) of the Act,notice of receipt of the application was given to,and views and recommendation requested of, theComptroller of the Currency. He recommendedapproval of the application.

Statutory factors. Section 3(c) of the Act re-quires the Board to take into consideration thefollowing five factors in acting on this application:(1) the financial history and condition of the hold-ing company and the banks concerned; (2) theirprospects; (3) the character of their management;(4) the convenience, needs, and welfare of thecommunities and the area concerned; and (5)whether the effect of the proposed acquisitionwould be to expand the size or extent of the bankholding company system involved beyond limitsconsistent with adequate and sound banking, thepublic interest, and the preservation of competi-tion in the field of banking.

Financial history, condition, and prospects ofApplicant and Bank. Applicant was incorporatedunder the laws of Virginia in 1949. At year-end1956 Applicant's system comprised three banksholding combined deposits of $40.7 million. Atyear-end 1960, with the acquisition of an addi-tional bank, Applicant's subsidiaries held com-bined deposits of approximately $61 million. Thistotal increased to $89.4 million by year-end 1961,the increase due principally to Applicant's acqui-sition of an additional bank in that year. During1962 Applicant acquired four additional banksthrough stock acquisitions and merged a fifth bank


LAW DEPARTMENT 251

with an existing subsidiary, bringing the combineddeposits of Applicant's banks at year-end 1962 tonearly $172 million. At June 30, 1964,1 Applicantowned a majority of the stock of nine banks in theState of Virginia with combined total deposits ofapproximately $197 million. In addition to itsbanking subsidiaries, Applicant owns two insur-ance agencies, a bank premises company and abank servicing corporation.

The Loudoun National Bank of Leesburg("Bank") was chartered and opened for businessin Leesburg, Virginia, in 1870. Since November1962, it has operated a branch office at the DullesInternational Airport, approximately 15 miles eastof Leesburg. In January 1963, Bank opened adrive-in branch in Leesburg approximately twoblocks from its main office. At June 30, 1964,Bank had total deposits of $8.4 million.

Applicant's financial history and condition, re-flected principally in the operating histories andfinancial conditions of its subsidiary banks, appearto offer no bar to approval of this application. Al-though Applicant's present and proposed debtposition is relatively heavy, the past earnings rec-ords and generally sound present conditions ofits subsidiary banks warrant the conclusion thatApplicant's prospects are reasonably satisfactory.

Bank's financial history and condition are satis-factory. This conclusion, in major respects, ispremised upon an impressive growth and satisfac-tory earnings record. These same factors supporta conclusion as to Bank's favorable prospectseither as a subsidiary of Applicant or operatingindependently of Applicant's control.

Management. The management of Applicantand its subsidiary banks is considered experiencedand well qualified. In respect to Bank's manage-ment, Applicant states that "The single most im-portant problem at the Bank is the lack of man-agement" and, in support of this assertion, states"Neither the Bank's officers nor the majority ofthe members of the board are experienced withthe problems that the Bank will encounter as apart of an urban community".

Bank's executive vice president and chief oper-ating officer has been with Bank since 1945. Itscashier, 37 years of age, has been in Bank's em-

1 Unless otherwise indicated, all banking data notedare as of this date.

ploy since 1948 in most phases of its operation.The Board views Applicant's assertion of the man-agement problem, not as evidencing a lack of indi-dividuals capable of managing Bank, but rather aninability on the part of Bank's board of directorsto select a principal operating officer, either frompersons available within Bank or from outsidesources. Applicant describes a conflict withinBank's board of directors, existing for a consider-able period of time, in regard to the selection of anindividual who would serve as president of Bank.Applicant asserts that "this lack of cohesiveness inthe board of directors" would be remedied byApplicant's acquisition of Bank. It is noted thatthe Comptroller of the Currency, while recogniz-ing that Bank lacks depth in its top managerialposts and that Applicant's acquisition of Bankwould provide a source of executive managementfor the future, is of the opinion that Bank "con-tinues to be competently and progressively man-aged by the executive vice president". It is alsonoted that Applicant states it will consider themerits of recommending to Bank's board of di-rectors the election of either the executive vicepresident or the present cashier to the office ofpresident and chief executive officer.

The Board finds reasonable Applicant's assertionthat its control of Bank would result in a satisfac-tory resolution of the present conflict within Bank'sboard of directors regarding choice of an individ-ual to act as Bank's chief operating officer. Suchassurance constitutes a consideration weighing infavor of approval of the application. At the sametime, the Board is unable to conclude that Bank'sboard of directors, being aware of their responsi-bilities to Bank and, in turn, to the communitiesBank serves, cannot resolve their conflicting pointsof view regarding selection of a chief executiveofficer without Applicant's intervention. On at leastone previous occasion, a similar problem withinthe board of directors was resolved in a mannerbeneficial to both Bank and its customers. Whilethe circumstances that apparently facilitated theprevious solution may not now be present, theBoard is of the view that Applicant's proposal,though constituting perhaps the most assured solu-tion to Bank's management problem, is not theonly solution available.

Convenience, needs, and welfare of the com-munities and areas concerned. Leesburg, with anestimated population of 4,000 is situated some 38



miles northwest of Washington, D. C , and is theseat of and largest town in Loudoun County. His-torically, Loudoun County has been one of Vir-ginia's foremost agricultural regions and principallivestock centers. It had a 1960 population of ap-proximately 25,000 and has an estimated presentpopulation of about 33,000. According to a Countydevelopment plan submitted as part of the appli-cation, the estimated 1970 and 1980 populationfigures are 47,900 and 85,200, respectively. Since1962 the economy of Loudoun County, particu-larly the easternmost portion thereof, has becomeincreasingly industrial in nature. This trend to lightindustry, with an accompanying residential devel-opment, has resulted principally from the establish-ment and operation in Loudoun County of DullesInternational Airport. The direct bearing that Ap-plicant asserts the Airport has on this applicationis discussed hereafter.

Applicant has defined the approximate primaryservice area 2 of Bank as encompassing the town ofLeesburg and the surrounding area approximatelycoextensive with the territorial limits of LoudounCounty on the north and east, approximately 15miles to the south and southeast, and approxi-mately 2 miles to the west. In addition, Bank'sDulles Airport branch is stated to serve primarilythe Airport, the village of Sterling some two milesnorth of the Airport, and the town of Herndon, ap-proximately three and one-half miles east of theAirport. The combined population of the afore-mentioned areas is estimated by Applicant at about26,000.

In addition to Loudoun National's offices, thereare three banking offices in Leesburg. The Purcell-ville National Bank, a subsidiary of Applicant withits main office in Purcellville, nine miles from Lees-burg, has a branch office in Leesburg, about .2mile from Bank's main office. The Purcellville Na-tional Bank has total deposits of $4.6 million. ThePeoples National Bank of Leesburg ($10.7 milliondeposits) operates two offices within one-half mileof Bank's location. This bank is one of the ninebanks in Virginia in which majority control is heldby Financial General Corporation of Washington,D. C, a holding corporation that is exempted fromthe Act.

2 The area from which Applicant estimates at least75 per cent of Bank's deposits of individuals, partner-ships, and corporations ("IPC deposits") originate.

The principal services which it is asserted willbe rendered for and made available to Bank as asubsidiary of Applicant are the following: Appli-cant would constitute a ready source of additionalcapital and a source for loan participations. Guid-ance and assistance would be rendered Bank in thesolicitation and servicing of commercial, indus-trial, mortgage, and construction loans, and trustaccounts. A variety of other services would be of-fered to Bank, including internal audit procedures,advice on foreign commerce and exchange, dataprocessing, and other technical services.

Data in the record raise a question as to Appli-cant's financial ability in the near future to aug-ment significantly Bank's capital position. Appli-cant's debt position present and prospective, in-volving, in part, proposals to augment the capitalof three of its larger subsidiary banks, would ap-pear significantly to limit its ability to augmentBank's capital should such action appear advisable.

Similarly questionable, in the Board's view, isApplicant's ability to improve substantially Bank'spotential for meeting the large credit requirementsof its customers. The record reflects the fact, con-ceded by Applicant, that Bank is presently meetingthe credit needs of its service area. Applicant as-serts, however, that Bank's present lending limit($50,000) is insufficient to meet the prospectivecredit requirements of Loudoun County, whichApplicant anticipates Bank will be called upon toserve, and that as a subsidiary of Applicant, therewould be available to Bank, through intrasystemparticipations, an aggregate loan limit of $1.8million.

The percentage of loans to deposits for all banksin Applicant's system is about 62 per cent and forits largest bank, 70 per cent. These circumstancesimpose substantial limitations on the ability of Ap-plicant's banks to relieve Bank of overlines. Even ifit be assumed that Applicant's banks could partici-pate in handling some of Bank's larger credit over-lines, it cannot be further assumed, as Applicantsuggests, that its acquisition of Bank is a sine quanon to Bank's ability to meet the credit needs of itscustomers. The record reflects that in the 12-monthperiod immediately preceding the filing of the ap-plication, Bank issued a participation in only oneloan. There is no indication of any difficulty en-countered in securing this participation. Nor, inthe Board's view, considering Bank's correspondentrelationships by Bank in Virginia, Washington,


LAW DEPARTMENT 253

D. C , and New York, is there reason to believethat a continuing expansion of Loudoun Countywill present Bank with any credit demand which itcannot serve either alone or in participation with itscorrespondents.

As to the remainder of the services which Appli-cant states it would furnish, the Board concludesthat Applicant's system is not now, and would notbe, the only convenient source for these services.The following specific examples reflect the Board'sreasoning in this respect. Applicant states thatBank's service area has great potential for trustservices, but that trust business is not actively so-licited by Bank, and that Bank's officers are notexperienced in the trust field. In view of the factthat Bank operates a trust department, advertisesin the bankers' directories the availability of "com-plete trust services", and has three officers with thetitle of trust officer or assistant trust officer, theBoard is unable to attribute significant weight toApplicant's assertion that none of Bank's officersis experienced in the trust field, or that trust busi-ness is not now actively solicited by Bank. Shouldsome assistance in the trust field be required,Bank's correspondent banks would appear equallyas able as Applicant to assist Bank with any un-usual or troublesome trust problems. In the eventthat Bank might be unable to provide a particulartrust service, it is noted that The Peoples NationalBank of Leesburg advertises complete trust ser-vices, and it is assumed that trust services are alsoavailable through the branch of Applicant's banklocated in Leesburg.

Regarding Applicant's furnishing auditing anddata processing services to Bank, while both ser-vices would benefit Bank directly, and indirectlythe public, assistance in respect to both of theseservices is available to Bank apart from the pro-posed affiliation with Applicant. Guidance andadvice regarding the installation of an internalaudit program are available to Bank through ap-propriate supervisory authorities, from its cor-respondent banks, and from qualified professionalorganizations, in at least one of which Bank adver-tises membership. Similarly, should it be deter-mined that the use of electronic data processingequipment is feasible in respect to Bank's opera-tions, the availability of such equipment in severalof the large banks in nearby Washington appearsto offer a reasonable source, albeit somewhat less

economical and convenient, of such assistance forBank.

Among the services that Applicant has stated itwould provide for Bank are those relating to theoperation of Bank's office at Dulles InternationalAirport. Applicant has made known the view ofthe Federal Aviation Agency concerning the de-sirability of Bank providing foreign exchange ser-vice and a multilingual staff member at its airportoffice. Applicant's subsidiary, Southern Bank ofNorfolk, operates a foreign department which, ac-cording to Applicant, could give assistance toBank in meeting the foreign currency exchangerequirements of travelers arriving and departingthis country by way of Dulles International Air-port.

The Board concurs in Applicant's position thatweighing toward approval of this application is thefact that Applicant stands able to assist Bank inmaking available at its Dulles International Air-port office foreign currency exchange and relatedservices, to the extent that such may be requiredby increased foreign commerce and travel. How-ever, the amount of weight ultimately to be at-tributed to the aforementioned fact is significantlylessened by the following findings. While statingthat the services in respect to foreign commerceand travel are not now presently offered by Bank,Applicant has not established to the Board's satis-faction an existing need for these services. Further,the additional services which the Federal AviationAgency has suggested would be desirable at Bank'sairport branch are such that advice and assistanceregarding their initiation and development, admit-tedly available through Applicant's Norfolk sub-sidiary, appear available to Bank through its cor-respondents. For example, Bank's Washington cor-respondent, a bank with nearly $460 million ofdeposits, operates an international banking depart-ment. It is highly unlikely, in the Board's judgment,that Bank's airport branch now has, or will havein the reasonably foreseeable future, a demand forforeign commerce and related services that can-not be served either by Bank alone or with theassistance of its correspondents.

Summarizing, the Board concludes that the evi-dence of record bearing on the convenience, needs,and welfare of the areas served by Bank, as theywould be affected by consummation of Applicant'sproposal, lends but slight weight toward approval.Even this slightly favorable weight is brought into



question by the presence in Leesburg of the branchof The Purcellville National Bank, Applicant'ssubsidiary. It is reasonable to assume that any newor expanded services which Applicant proposes tomake available through Bank's two Leesburg offi-ces are, or can be, made available to the publicthrough its subsidiary bank's office located in thesame community.

Effect of proposed acquisition on adequate andsound banking, public interest, and banking com-petition. In determining the effect of Applicant'sproposed acquisition of Bank on "adequate andsound banking, the public interest, and the preser-vation of competition . . .", the Board believes itnecessary to determine the extent to which thebanking resources of the areas concerned are, andwould be, concentrated in one or more bankinginstitutions, including subsidiaries of all bank hold-ing companies operating in these areas. For theBoard to limit its consideration to Applicant's sys-tem alone, excluding from consideration the exist-ence of other holding companies and their banksdoing business in the area, "would leave the statu-tory direction without substantial meaning andprevent the Board from the consideration of vitalfacts in making its judgment." Northwest Bancor-poration v. Board of Governors, 303 F.2d 832,842 (CCA-8, 1962).

Applicant's system is composed of nine banks,operating 44 banking offices and holding aggregatedeposits of $197 million. These figures represent,respectively, approximately 6 per cent of the totalbanking offices in the State, and 5 per cent of theaggregate deposits held by such banking offices.Approval of this application would give Applicantcontrol of 10 banks, with 47 banking offices andaggregate deposits of $206 million. Applicant isthe smallest of the four bank holding companies(three registered and one nonregistered) operatingin the State. Combined, these bank holdings com-panies presently control 25.6 per cent of the de-posits of all banks in the State. Applicant's ac-quisition of Bank would increase to 25.8 the per-centage of deposits thus controlled. Measured onthis State-wide basis, the resulting concentrationof banking resources in bank holding companiesis not viewed by the Board as excessive. However,analysis of both bank deposits and banking officecontrol within Loudoun County by bank holdingcompanies that would exist following Applicant's

proposed acquisition of Bank presents a sub-stantially less favorable picture.

In Loudoun County, a total of 6 banks operating10 banking offices hold an aggregate of $35 millionof deposits. At present, two of the banks (fourbanking offices) are owned by bank holding com-panies. Applicant's bank, The Purcellville NationalBank, holds $4.6 million in deposits, or 13 per centof the total held by banks in the County. FinancialGeneral's bank, The Peoples National Bank ofLeesburg, operates two banking offices and holdsapproximately $10.7 million of deposits, or 31 percent of the County's total deposits. Applicant's ac-quisition of Bank would give bank holding com-pany subsidiaries control of 70 per cent of Lou-doun County's banking offices, and 68 per centof the total deposits held by such offices.

The degree of concentration implicit in theforegoing data is not ameliorated as the geographicscope of inquiry is narrowed. Contrary to theposition taken by Applicant, the Board believesthe combined service areas of Bank and The Pur-cellville National Bank to be an appropriate geo-graphic area within which to analyze existing andpotential concentration of banking resources andcompetition between the two banks. In this com-bined area, Applicant now controls 17 per cent ofthe banking offices (2 of 12), and 11 per centof the deposits held by those offices. Consumma-tion of the proposal before the Board would in-crease these figures to 42 per cent of the bankingoffices and 32 per cent of deposits held. Within thesame area, if Applicant's proposal were to be con-summated, Applicant and Financial General Cor-poration, combined, would control approximately67 per cent of the banking offices, and 59 per centof the banking deposits. Within Bank's primaryservice area, Applicant's one office represents 11per cent of the total offices therein. The deposits inthis office ($54,000) represent .2 per cent of thearea's total. In acquiring ownership of Bank, Ap-plicant would increase its control of offices to fourout of nine (44%), and its control of the area'stotal deposits to $8.4 million or 29 per cent ofsuch deposits.

Viewing the banking structures of LoudounCounty and the more restricted geographic areasherein discussed, the Board views as inimical tosound banking competition and the public interestthe demonstrated degree of holding companycontrol of banking offices and deposits that would


LAW DEPARTMENT 255

result from approval of this application.Next to be considered is the question of the ex-

tent to which Applicant's ownership of Bank wouldeliminate existing competition between Bank andApplicant's subsidiary, The Purcellville NationalBank (herein "Purcellville National"), or wouldlikely foreclose future competition between them.The evidence of record clearly establishes, in theBoard's judgment, elimination of actual and po-tential competition in such measure as to requiredenial of the application in the absence of com-pelling reasons for approval.

In determining the degree of existing competi-tion, the Board has removed from considerationthe minimal competition that Bank's Dulles Air-port Branch may offer to either office of Purcell-ville National. Applicant takes the position thatneither of Bank's offices competes substantiallywith Purcellville National. Specifically, Applicantcontends that Loudoun County is physically di-vided in a north-south direction by the CatoctinMountain ridge, and that the ridge, located to thewest of Leesburg, "forms a psychological as wellas a physical barrier" between Leesburg and thetowns of Hamilton, Purcellville, and Round Hillto the west-southwest; Lovettsville to the north;and Middleburg to the south. According to Ap-plicant, bank service areas generally do not crossover the Catoctin Mountain ridge.

The Board does not accept Applicant's premiseregarding competitive restrictions allegedly im-posed by the Catoctin Mountain ridge. As evi-denced by maps contained in the application, theridge in question has its southernmost point wellnorth of the most direct east-west line betweenLeesburg and the aforementioned towns. Travelbetween Leesburg and Purcellville appears to beunimpeded via Virginia Route 7. Evidence of thedaily movement between Leesburg and Purcell-ville, a distance of but nine miles, is given by Ap-plicant's statement that "a substantial portion ofthe business at its [Purcellville National] Leesburgbranch is done by people who would bank at Pur-cellville's main office, but find the Leesburg officemore convenient to their work."

As designated by Applicant, the respective pri-mary service areas of Bank (defined, supra, fn.2)and Purcellville National do not overlap. Applicantconcedes, however, that each bank competes forbusiness in Leesburg, Middleburg, Lovettsville,Hamilton, and Purcellville. Regarding the force of

competition between Bank and Purcellville Na-tional in each of these communities, the Boardconcurs in Applicant's position that neither bankdraws a significant portion of its total deposits orloans from Middleburg, Lovettsville, or Hamilton.Contrary to Applicant's contention, however, theBoard finds that a significant portion of the depositand loan accounts of Purcellville National origin-ates in Bank's primary service area, and that asimilarly substantial percentage of Bank's depositand loan accounts have their source from withinPurcellville National's primary service area.

According to data furnished by Applicant,$855,000 of IPC deposits held by Purcellville Na-tional, representing 20 per cent of the total ofsuch deposits held, originate in Bank's primaryservice area. The $855,000 is 12 per cent of thetotal IPC deposits held by Bank. Twenty-one percent ($354,000) of the total of commercial andindustrial, farm, and consumer loans made by Pur-cellville National originated within Bank's primaryservice area. This dollar volume is 9 per cent ofthe total of such loans made by Bank.

From the primary service area of PurcellvilleNational's main office, Bank derives 18 per cent($1.3 million) of its total IPC deposits, and 59 percent ($2.3 million) of the total of its commercialand industrial, farm, and consumer loans. The dol-lar volume of these loans equals 42 per cent of allloans made by Bank, and 81 per cent of all loansand 136 per cent of all commercial and industrial,farm, and consumer loans made by PurcellvilleNational.

The evidence of record establishes to the Board'ssatisfaction that Bank and Purcellville Nationalcompete actively and substantially for both bankdeposits and loans, principally within PurcellvilleNational's primary service area. Approval of theproposed acquisition would result in the elimina-tion of the substantial competition that now existsand would foreclose the probability that futureeconomic expansion of the area would stimulateeven more vigorous competition. The Board is un-able to accept as realistic Applicant's assertion thatthe fact of Applicant's control of both banks "willnot, in itself, mean that competition between themwill be eliminated." In view of Applicant's pro-posals for financial assistance, service rendition,and general guidance, it is unlikely that the twobanks would remain vigorous competitors.

Applicant's acquisition of Bank would reduce



from three to two the available banking sources inLeesburg, both of which would be holding com-pany subsidiaries. This adverse effect, with the at-tending concentration of banking resources andelimination of competition, outweighs the slightlyfavorable circumstances relating to the manage-ment and convenience factors.

On the basis of all the relevant facts as con-tained in the record before the Board, and in thelight of the factors set forth in section 3(c) of theAct, it is the Board's judgment that the proposedtransaction would not be consistent with the publicinterest and that the application should thereforebe denied.

Announcements

RESIGNATION OF PRESIDENT OF THE FEDERALRESERVE BANK OF MINNEAPOLIS

Mr. Frederick L. Deming, President of the Fed-eral Reserve Bank of Minneapolis since April 1,1957, resigned to accept a Presidential appointmentas Under Secretary of the Treasury for MonetaryAffairs, effective February 1, 1965.

DEATH OF DIRECTOR

Mr. Elwood M. Brooks, Chairman of the Board,The Central Bank & Trust Co., Denver, Colorado,who had served as a director of the Denver Branchof the Federal Reserve Bank of Kansas City sinceJanuary 1, 1964, died on February 5, 1965.

FEDERAL RESERVE ROLE IN BALANCE OFPAYMENTS PROGRAM

The following statement was sent by the presidentsof the Federal Reserve Banks to all banks in theirdistricts regarding the role of the Federal ReserveSystem in connection with the President's messageof February 10, 1965, setting forth his program to

improve the United States balance of payments:The President of the United States has today

sent to Congress a message setting forth his pro-gram to improve the U.S. balance of payments.

In addition to stressing the vital importance ofstability of domestic costs and prices, the Presi-dent's program includes:

( 1) Legislation to continue the Interest Equal-ization Tax through December 31, 1967;

( 2 ) Immediate action under the existing stat-ute to impose the Interest EqualizationTax on bank loans with maturity of oneyear or more;

( 3 ) Legislation to apply the Interest Equali-zation Tax, retroactive to February 10,1965, to nonbank credits to foreignersif such credits have a maturity of oneyear or more;

( 4) A call on the Federal Reserve System—incooperation with the Treasury—to workwith all banks to limit lending to for-eigners;


ANNOUNCEMENTS 257

( 5 ) Legislation to provide immunity fromanti-trust laws for specified voluntaryprograms, if needed, with respect to for-eign loans by banks.

( 6) A call on the Department of Commerceto work with corporations with businessinterests abroad to effectuate a reductionof their capital outflows;

( 7) A more vigorous export promotion drive;( 8 ) Encouragement of foreign investment in

the U.S. through appropriate tax legisla-tion;

( 9) Legislation to reduce from $100 to $50the duty-free allowance of tourists re-turning from abroad, and a "See the USAFirst" program designed to increase tour-ism in the U.S.;

(10) An intensified effort to reduce military ex-penditures abroad;

(11) Continued action to minimize adversebalance of payments effects of the foreignaid program.

The Federal Reserve System shares the Presi-dent's concern about the deterioration in our bal-ance of payments and his determination to im-prove our payments position and to strengthenconfidence in the dollar. The System and thebanking and financial community have been as-signed major roles in the President's program.

The central focus of the program is on meas-ures that will reduce the outflow of U.S. capital.Such flows have been heavy in recent years, andwere particularly so in recent months. In thefourth quarter of 1964, for example, bank creditto foreigners expanded by $1 billion.

To assure the success of the program, the Sys-tem is requesting all banks to limit credits toforeigners that are not clearly and directly forthe purpose of financing exports of U.S. goodsand services. Over all, the objective is to holdoutstanding credits (including export credits) toforeigners during 1965 to a level not over 5 percent above the December 31, 1964, outstandings.In most instances, this should be the minimumgoal for individual banks. Within the over-alllimit, certain countries may need to be given pref-erential treatment.

Outstanding credit to foreigners includes loans,acceptance credits, deposits with foreign banks(including foreign branches and subsidiaries ofU.S. banks), and investments and acquisitions of

assets abroad regardless of maturity, whether ornot they are subject to the interest equalizationtax.

The Federal Reserve program will be furtherexplained under the following procedures:

1. The President is asking representatives ofthe financial community to meet with him soonto discuss the program set forth in his message tothe Congress;

2. The Chairman of the Board of Governors isasking the bank representatives present at thePresident's meeting to confer with him and theother members of the Board of Governors, andpresidents of the Reserve Banks following thatmeeting;

3. Each bank that has foreign loans and in-vestments outstanding in excess of $5 million isbeing requested to meet individually with repre-sentatives of the Reserve Bank of its District forfurther discussion of the program;

4. Technical advisory committees may be in-vited to meet with Federal Reserve officials con-cerning problems that arise under the System'sprogram.

Implementation of the program limiting lend-ing to foreigners will result inevitably in somehardships for individual lenders and borrowers.This is unfortunate, but the overriding long-runinternational position of the dollar is dependentupon the wholehearted cooperation of the na-tion's financial institutions.

I am confident that the financial communitystands prepared to join with the Federal ReserveSystem in this urgent national effort to restorebalance of payments equilibrium and to maintainthe dollar "as good as gold." In good part, thesuccess of the President's program depends on us.

BANK DEBITS AND DEPOSIT TURNOVER

The series of bank debits and deposit turnover(page 272 of this BULLETIN) is in the process ofrevision; hence the data in the table have not beenupdated past December 1964. Beginning with cur-rent release of data for January 1965 and withthe table in the March 1965 BULLETIN this serieswill reflect seasonally adjusted annual rates ofdebits and turnover for approximately 225 stand-ard metropolitan statistical areas. A technicalarticle describing the revised series will also appearin the March BULLETIN.


National Summary of Business ConditionsReleased for publication February 15

Industrial production rose further in January,following the large increases in November andDecember when auto output recovered fromstrikes. The rate of unemployment edged down to4.8 per cent. Retail sales declined slightly al-though sales of new autos rose to a new record.Industrial commodity prices changed little. Ex-pansion in loans and in time and savings depositsat commercial banks was substantial while growthin the money supply was moderate. In late Janu-ary and early February, short-term interest ratesincreased somewhat but bond yields were stableor declined a little.

INDUSTRIAL PRODUCTION

Industrial production in January rose to 137.7per cent of the 1957-59 average, from 137.0 percent in December, and continued 8 per cent abovea year earlier. Production of autos and of steelremained at the high levels of December whileoutput of some other products and materials in-creased.

Production of consumer goods rose slightlyfurther. Auto assemblies were maintained at therecord pace reached in December—an annualrate in excess of 9 million units—mainly to makeup for production lost during the autumn strikes.

INDUSTRIAL PRODUCTION1957-59 = 100

T O T A L / ' ^ -

1 I 1 1 1

r -

N O N D U R A B L E ^ s r * ~MANUFACTURES/*^

C ^ ^ - ^ / A DURABLE -\ / MANUFACTURES

- \j

1 1 1 1 1

FINAL PRODUCTS^j?5^^

v^MATERIALS

1 I 1 1 I

EQUIPMENT/\,

Jff CONSUMER

* - ^ \ / / ^ GOODS _

1 1 1 1 1

F.R. indexes, seasonally adjusted. Latest figures shown arefor January.

February assemblies are scheduled to remain atthat rate. Output of furniture and some otherconsumer goods increased further in January.Production of business equipment, which had in-creased 6 per cent in the second half of 1964,remained at an advanced level.

Increases in output of materials were mainlyamong the nondurable goods. Output of iron andsteel and most other durable goods changed little.

CONSTRUCTION

New construction activity declined 1 per centin January, to a seasonally adjusted annual rateof $66 billion, reflecting a decrease of 4 per centin public construction. In December, according torevised figures, public construction had increased4 per cent and total activity had risen nearly 2per cent to about the record levels set earlier in1964.

DISTRIBUTION

Retail sales declined slightly in January, afterincreasing sharply in December from a reducedrate, but were 7 per cent above a year earlier. De-liveries of new domestic autos increased sub-stantially further, as supplies continued to improvefrom the effects of the strikes last autumn. Dealerstocks of new autos remained moderately belowa year ago.

COMMODITY PRICES

The industrial commodity price index wasstable in late January and early February. Scrapmetals declined moderately and other sensitiveindustrial materials generally changed little.Wholesale prices of foodstuffs rose somewhat, re-flecting mainly increases in livestock.

BANK CREDIT, MONEY SUPPLY, AND RESERVES

Seasonally adjusted commercial bank creditrose $2.7 billion in January, following an increaseof about $1 billion in December. Loans rose sub-stantially further, and banks increased their hold-ings of municipal and Federal agency securities

258


NATIONAL SUMMARY OF BUSINESS CONDITIONS 259

while they continued to reduce their holdings ofTreasury issues. The seasonally adjusted moneysupply increased moderately further and time andsavings deposits at commercial banks rose by arecord amount.

Seasonally adjusted total and required reservescontinued to expand. Free reserves averaged $100million, somewhat less than in December but alittle more than the average in the fourth quarteras a whole. Member bank borrowings rose froma reduced level in December while excess re-serves declined slightly. Reserves were suppliedprincipally by a return flow of currency from cir-culation, and they were absorbed by decreases in

Federal Reserve holdings of U.S. Governmentsecurities, in gold stock, and in float.

SECURITY MARKETS

Yields on seasoned corporate and State andlocal government bonds declined slightly furtherbetween mid-January and mid-February andyields on long-term Treasury securities werestable. The rate on 3-month Treasury bills in-creased somewhat, to about 3.90 per cent.

Common stock prices rose to a new high inearly February, and the volume of trading in-creased. In mid-February stock prices were mod-erately below the peak.

PRICES

ALL COMMODITIES

I I I

PROCESSED FOODS

NONFOOD COMMODITIES

SERVICES „ '

Bureau of Labor Statistics indexes. Latest figures shown forconsumer prices, December; for wholesale prices, January.

INTEREST RATES

Discount rate, range or level for all F.R. Banks. Weeklyaverage market yields for U.S. Govt. bonds maturing in 10years or more and for 90-day Treasury bills. Latest figuresshown, week ending Feb. 12.


Guide to Tabular Presentation

SYMBOLS AND ABBREVIATIONS

ecPrrp

i, n,in, iv

n.a.n.e.c.S.A.

EstimatedCorrectedPreliminaryRevisedRevised preliminary

QuartersNot availableNot elsewhere classifiedMonthly (or quarterly) figures adjusted for

seasonal variation

N.S

IPCALSU

Monthly (or quarterly) figures not adjustedfor seasonal variation

Individuals, partnerships, and corporationsAssetsLiabilitiesSources of fundsUses of fundsAmounts insignificant in terms of the par-

ticular unit (e.g., less than 500,000 whenthe 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 theright (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 in-clude not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includesmunicipalities, 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 origi-nate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data.

LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY,WITH LATEST BULLETIN REFERENCE

Quarterly

Flow of funds.

Issue

Jan. 1965

Semlannually

Banking offices:Analysis of changes in number of Feb. 1965On, and not on, Federal Reserve Par List

number of Feb. 1965

Annually

Bank holding companies:List of, Dec. 31, 1963 June 1964Banking offices and deposits of group banks.

Dec.31,1963 June 1964

Page

176-85

324

325

782

783

Annually—Continued

Banking and monetary statistics, 1964.

Issue Page

Banks and branches, number of, by class andState

Flow of funds (assets and liabilities).

Income and expenses:Federal Reserve BanksMember banks:

Calendar yearOperating ratios

Insured commercial banks

Stock exchange firms, detailed debit and creditbalances

Feb. 1965 326-33Mar. 1964 396-97

Apr. 1964 518-19

Apr. 1964 517

Feb. 1965 322-23

May 1964 630-38Apr. 1964 520-22May 1964 639

Sept. 1964 1206

260


Financial and Business Statistics

* United States *

Member bank reserves, Reserve Bank credit, and related items; Federal funds. 262Reserve Bank discount rates; margin requirements; reserve requirments. 267Open market transactions; Federal Reserve Banks 269Bank debits; currency in circulation 272Money supply; banks and the monetary system. 274Commercial and mutual savings banks, by classes. 276Commercial banks, by classes. . . 280Weekly reporting member banks. 282Business loans . . . . 285

Interest rates . . 286Security prices; stock market credit; open market paper. 287Savings institutions. 288Federal finance 290Federally sponsored agencies . 295Security issues. . . 296Business finance. . . 299Real estate credit. . 301Consumer credit. 304

Industrial production 308Business activity; construction. 312Employment and earnings 314Wholesale and consumer prices 316National product and income series. 318Flow of funds. 320

Earnings and expenses of Federal Reserve Banks during 1964. 322Number of banking offices in the United States 324Banking offices on Federal Reserve par list and not on par list. 325Banking and monetary statistics, 1964 . . . . 326

Guide to tabular presentation 260Index to statistical tables. 359

The data for F.R. Banks and member banks and eral finance, and Federal credit agencies are ob-for consumer credit are derived from regular tained from Treasury statements. The remain-reports made to the Board; production indexes ing data are obtained largely from otherare compiled by the Board on the basis of data sources. For many of the banking and monetarycollected by other agencies; and flow of funds series back data and descriptive text are avail-figures are compiled on the basis of materials able in Banking and Monetary Statistics andfrom a combination of sources, including the its Supplements (see list of publications at endBoard. Figures for gold stock, currency, Fed- of the BULLETIN).

261


262 BANK RESERVES AND RELATED ITEMS FEBRUARY 1965

MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS

(In millions of dollars)

Periodor

date

Factors supplying reserve funds

F. R. Bank credit outstanding

U.S. Govt. securities

TotalBought

out-right

Repur-chaseagree-ments

Dis-counts

andad-

vances

Float iTo-tal 2

Goldstock

Treas-urycur-

rencyout-

stand-ing

Factors absorbing reserve funds

Cur-rency

incir-

cula-tion

Treas-urycashhold-ings

Treas-ury

Deposits, otherthan member bank

reserves,with F. R. Banks

For-eign Other i

OtherF. R.

ac-counts

Member bankreserves

WithF.R.

Banks

Cur-rencyand

coin 3

Total

Averages ofdaily figures

1929—June...1933—June1939—Dec1941—Dec1945—Dec

1950—Dec1951—Dec1952—Dec1953—Dec1954—Dec

1955—Dec...1956—Dec...1957—Dec...1958—Dec1959—Dec

1960—Dec...1961—Dec...1962—Dec...1963—Dec

1964—JanF e b . . . .Mar. . . .Apr . . . .May.June.July..Aug..Sept..Oct..Nov..D e c .

1965—Jan..

Week ending—1963

Dec. 4111825

1964

Jan. 18

152229

Feb. 5121926

Mar. 4111825

Apr. 18

152229

May 6132027

1791,9332,5102,219

23,708

20,34523,40924,40025,63924,917

24,60224,76523,98226,31227,036

27,24829,09830,54633,729

33,20033,00933,38933,49833,90734,63134,89835,11835,27335,33436,03637,126

36,684

33,79533,84933,66533,586

33,65533,69833,49432,94432,739

33,00933,27532,88732,750

33,24533,43733,27033,384

33,57533,97933,84333,05033,086

33,76333,98733,74933,839

1791,9332,5102,21923,708

20,33623,31023,87625,21824,888

24,31824,49823,61526,21626,993

27,17029,06130,47433,626

33,12732,98133,34833,45333,83634,53034,76534,99635,14335,25735,86736,895

36,457

33,59033,75933,58233,552

33,56333,53133,33832,94432,739

32,97933,21432,86232,750

33,24533,43733,19533,301

33,53433,91633,84333,05032,985

33,58033,90433,71533,819

99952442129

2842673679643

783772103

732841457110113312213077169231

227

205908334

92167156

101

183833420

97825085

381

142657,633448407

840706716564911

94152305360

289311259214256271265334332311433266

340

540148307350

590396394198209

277372291200

362253358279

155209191321137

213314298209

611283170

1,3172,2082,6122,404

652 24,744

117 21,606,446,299

018 27,107,317

375 25262 27

992 26

389 26,853633 27,156443 26,186496 28,412426 29,435

1,665 291,9212,2982,434 36;610

,06031,217~218

,164 35,770,644 35,028,710 35,454,798,747

35,60235,981

,784 36,760,841 37,077,670 37,170,914 37,578,027 37,747,874 38,421,423 39,873

2,126 39,245

1,6311,8992,4712,991

36,01035,94536,50737,040

2,7522,4612,2032,3651,764 34

37,15336,70636,23135,623" ,780

1,417 341,496 35

,771,208

846 35,08834,846,835

,529 35,204,609,758,973

35,38535,48035,750

,512 35,353,593 35,898,756 35,891,166 35,593,772 35,083

,653 35,724640 36,020064 36,179739 35,844

4,0244,03017,51822,75920,047

22,87922,48323,27622,02821,711

21,68921,94222,76920,56319,482

17,95416,92915,97815,562

15,51315,48015,46215,46215,46215,46215,46315,46215,46215,46215,44215,388

15,258

15,58215,58215,58215,552

15,51315,51315,51315,51315,512

15,51215,49815,46215,462

15,46215,46315,46315,462

15,46215,46315,46215,46215,462

15,46315,46315,46215,462

2,0182,2952,9563,2394,322

4,6294,7014,8064,8854,982

5,0085,0645,1445,2305,311

5,3965,5875,5615,583

5,5835,5865,5795,5805,5775,5845,5685,5625,5645,5335,4945,401

5,395

5,5805,5865,5825,586

5,5805,5825,5845,5865,582

5,5875,5865,5835,588

5,5865,5805,5765,579

5,5785,5835,5855,5765,578

5,5825,5715,5735,581

4,4005,4557,60910,98528,452

27,80629,13930,49430,96830,749

31,26531,77531,93232,37132,775

33,01933,95435,28137,603

36,82736,38336,61536,88737,10737,54137,93838,03338,22438,36238,937r39,698

39,011

37,27437,48737,62137,752

37,73037,30636,98336,69036,364

36,29236,46236,46936,308

36,35236,53836,69236,657

36,73536,83936,99836,91236,813

36,91037,15037,15437,123

210272

2,4022,1892,269

1,2901,2801,271767805

777772768691396

408422398389

408429433426425414431421437471529r595

653

385388392395

381402406416410

425424420439

443452444431

391415439432423

426417427430

3081616592625

615271569602443

434463385470524

522514587879

965926948924957886804909893863613944

875

812856907903

927966

1,0331,044869

759978979903

989941897

1,044

881922980898929

9901,010927

30164739

1,5311,247

920571745466439

459372345262361

250229222160

155141153141148135131145143133148181

180

167143158154

185168167148141

131151124147

150149144159

164148135133140

156160143131

353264290390365

394247186337348

495244290206

212205202195180200201194189189200186

223

197202196210

227205213216208

214200209197

207207200196

202203197187193

188179178174

376350248292493

739796832908929

983998,063,174,195

,029,112,048,215

1,052991998987

1,1111,2731,1941,1511,1291,0091,1191,093

949

1,2641,2681,1941,208

1,1421,0701,0621,0591,041

960961960

1,051

1,0401,0621,005950

9521,0391,005946959

954939

1,1951,250

2,3142,21111,47312,81216,027

17,39120,31021,18019,92019,279

19,24019,53519,42018,89918,628

16,68817,25916,93217,303

17,24717,01817,14617,08417,09217,35617,40817,34017,58917,71617,81217,964

18,006

17,07416,77017,20417,556

17,65317,68517,46317,14916,840

17,08917,11616,97216,852

17,07217,07917,13717,354

17,06717,37617,18317,12316,667

17,24717,21817,10716,852

304

2,5952,8593,1083,443

r3,426'3,1283,067

3,650

^3,612

3,2463,2243,4763,445

3,7963,4843,4423,3143,360

3,1313,0623,1993,184

3,1112,8993,0763,156

3,2422,9743,185

3,0303,0753,1973,262

2,3142,21111,47312,81216,027

17,39120,31021,18019,92019,279

19,24019,53519,42018,89918,932

19,28320,11820,04020,746

r20,673'20,14620,21320,277'20,22020,558'20,665'20,566"20,928•21,03321,16021,614

^21,618

20,32019,99420,68021,001

21,44921,16920,90520,46320,200

20,22020,17820,17120,036

20,18319,97820,21320,510

20,30920,35020,36820,32319,966

20,27720,29320,30420,114

For notes see opposite page.


FEBRUARY 1965 BANK RESERVES AND RELATED ITEMS 263

MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued


Periodor

date

Factors supplying reserve funds

F.R. Bank credit outstanding

U.S. Govt. securities

TotalBought

out-right

Repur-chaseagree-ments

Dis-counts

andad-

vances

Float i To-tal 2

Goldstock

Treas-urycur-

rencyout-

stand-ing

Factors absorbing reserve funds

Cur-rency

incir-

cula-tion

Tresa-urycashhold-ings Treas-

ury

Deposits, otherthan member bank

reserves,with F.R. Banks

For-eign Other i

OtherF.R.ac-

counts

Member bankreserves

WithF.R.Banks

17,17,17,17,

17,17,17,17,16,

17,17,17,17,

17,17,17,17,17,

18,17,17,17,

17,17,17,17,

17,17,17,18,18,

18,18,17,17,

1818,

17,

1716171817

18171717

066179378430

498840703154975

363467314270

159679285870662

125739660321

851823926592

848745637160338

513174797668

084086

801

709774933147826

543088115820

Cur-rencyandcoin 3

3,3,3,3,

3,2,3,3,3,

3,3,3,3,

3,3,3,3,3,

3,3,3,3,

3,3,3,3,

3,3,3,3,3,

3,3,3,

34,

P3,

3344r4

343

128007238297

347965291275353

197130269340

362000454386477

134246331455

359192389467

528400750681658

690670643592

228278

170

798847112015362

943094978962

Total

Averages ofdaily figures

Week ending—

1964

June 3101724

July 1.8.

15.22.29.

Aug. 5.12.19.26.

Sept. 2.9.

16.23.30.

Oct. 7142128

Nov. 4.11.18.25.

Dec. 29

162330

1965

Jan. 6 . . . .1 3 . . . .20 . . .2 7 . . . ,

34,38134,75734,59134,427

34,84135,33535,30434,39234,518

35,11235,39734,85535,051

35,16235,61135,39734,90435,186

35,75935,66334,90934,911

35,71135,98635,91335,992

36,66737,33537,33536.92636,936

37,05836,81636,46036,440

34,32734,53034,43834,427

34,82335,21535,03034,39234,357

34,98035,09734,85534,929

35,14435,23435,26234,90435,157

35,54935,53234,90934,911

35,64235,67135,69835,867

36,66737,33537,02036,66036,570

36,51536,51536,40336,334

End of month

1964

Nov..Dec .

36,77437,044

36,77436,506

1965

Jan

Wednesday

1964

Dec. 29

162330

1965

Jan. 6132027

36,741

37,37137,03937,28137,03036,763

37,03236,52436,28536,723

36,621

37,37137,03936,90736,61836,506

36,52736,48236,25936,405

54227153

18120274

161

132300

122

18377135

29

210131

69315215125

315266366

54330157106

538

120

374412257

5054226318

265289328232

221263460159179

262376279329

315478225410280

372241382233

479429593162

377124162291535

340460322252

210186

304

152246227505357

33719286

234

36,22236,59736,811

136 36,875

1,5211,4711,8232,"

1,8181,882 371,7872,1951,626 36

36,96037,58837,63636,789"',381

1,460 36,8921,554 37,3932,024 37,1971,719 37,137

1,451 36,96837,716

1',846 37,524" "37,820

37,487

1,563

2,4651,943

1,8201,875 372,5481,""",995 37

38,05137,87637,878~~203

1,634 37,9101,711 38,2011,962 38,5322,136 38,388

1,860 38,1,950 39,

,969,480

2;084 39,6322,907 40,1752,884 40,409

2,622 40,1112,149 39,522

39,11238,631

2,2491,841

2,255 39,3022,606 39,930

1,577 38,737

1,664 39,:1,534 38,

,262,877

2,434 39,993646 40,234502 39,688

2,304 39,762,780 38,597

38,392534 38,611

15,46315,46215,46115,461

15,46215,46315,46315,46315,463

15,46215,46215,46115,462

15,46215,46215,46215,46215,461

15,46315,46215,46315,462

15,46215,46315,46215,430

15,38715,38715,38815,38715.388

15,38815,33015,18715,187

15,38615,388

^15,186

15,38815,38815,38815,38815,388

15,38815,18815,18815,188

5,5845,5905,5825,582

5,5825,574

5,563

5,5725,5665,5645,5695,556

5,5545,5415,5385,513

5,5055,4975,4975,494

5,4565,4005,4025,4045,397

5,4075,3945,3935,387

5,4145,405

5,4035,3975,4085,3915,405

5,4095,3885,3945,391

37,26337,48737,61437,574

37,61837,91638,09937,96937,814

37,89338,11438,11337,998

38,00738,24338,42538,19238,075

38,20938,46538,43238,333

38,44638,79338,97539,071

39,27739,47639,74339,83439,852

39,55239,28238,92738,644

39,24839,619

?38,519

39,38139,71739,83939,97439,775

39,42839,14338,81738,600

425436415395

404416425444440

433417412429

423426435448440

457470489467

484503533552554571593608620

630649662657

543612

562585602612642

656671664676

914905880905

873842885770711

769964932918

858857906962914

838865

1,012810

666546563521

827873

1,024978990

674780

1,015997

974820

929

6171,1181,070918754

49:979

1,09890^

145135131138

140134123131133

137141144145

164131142131161

131133130137

122139130148

224186142144221

228186178151

256229

143

281148121206228

229214177133

197199196203

195222204191190

199193199188

191188194193186

204177189185

197205215183

196186176183177

205212213

209321

218

19018317516:188

201206207194

,257,308,240,273

,276,256,223,158,148

,132,113,102,214

,199,220,163,054

1,066

1,1031,028966925

1,1111,1531,1501,245

8861,2311,1061,057996

1,026970902887

7871,036

1,039

1,3131,1371,048993

1,067

1,010872896860

20,19420,18620,61620,727

20,84520,80520,99420,42920,328

20,56020,59720,58320,610

20,52120,67920,73921,25621,139

21,25920,98520,99120,776

21,21021,01521,31521,059

21,37621,14521,38721,84121,996

22,20321,84421,44021,260

21,31222,364

^20,971

21,50720,62122,04522,162

r22,188

22,48621,18221,093^21,782

1 Beginning with 1960 reflects a minor change in concept, see Feb.1961 BULL., p. 164.

2 Includes industrial loans and acceptances, when held. (Industrialloan program discontinued Aug. 21, 1959.) For holdings of acceptanceson Wed. and end-of-month dates, see subsequent tables on F.R. Banks.See also note 1.

3 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowedthereafter. Beginning with Jan. 1963 figures are estimated except forweekly averages.


264 BANK RESERVES AND RELATED ITEMS FEBRUARY 1965

RESERVES AND BORROWINGS OF MEMBER BANKS


Period

All member banks

Reserves

Totalheld

2,31412,16011,47312,81216,02717,261

17,39120,31021,18019,92019,279

19,24019,53519,42018,89918,932

19,28320,11820,04020,746

20,67520,14820,21320,27320,21920,55820,66320,56420,92721,03221,16021,614

^21,619

'21,45721,16920,90520,46320,200

20,56020,59720,58320,611

20,52120,67920,73921,25621,140

21,25920,98520,99120,776

21,21021,01521,31521,059

21,37621,14521,38721,84121,996

22,19921,84521,440*>21,259

Re-quired

2,2751,7976,4629,42214,53616,275

16,36419,48420,45719,22718,576

18,64618,88318,84318,38318,450

18,51419,55019,46820,210

20,24819,75319,85619,89819,88620,17020,26620,15120,50620,62020,76421,203

*21,217

20,663'20,70120,30520,17419,827

20,20920,12320,19220,140

20,13320,18220,36820,77520,752

20,82620,57520,57420,465

20,76820,64620,72420,801

20,98720,85220,99921,43721,441

21,84621,25721,050*>20,919

Excess

42363

5,0113,3901,491986

1,027826723693703

594652577516482

769568572536

427395357375333388397413421412396411

P402

'794'468600289373

351474391471

388497371481388

433410417311

442369591258

389293388404555

353588390*>340

Bor-row-ingsat

F.R.Banks

97418435

334224

142657

1,593441246

839688710557906

87149304327

256304259213255270265334331309430243

299

558364361164177

260376278329

315478225409278

370239380230

476427590159

375122134257504

309424277203

Freere-

serves

Reserve city banks

New York City

Reserves

Totalheld

Re-quired Excess

Bor-row-ingsat

F.R.Banks

Free

City of Chicago

Reserves

Totalheld

Re-quired Excess

Bor-row-ingsat

F.R.Banks

Freere-

serves

1929—June1933—June1939—Dec1941—Dec1945—Dec1947_Dec



1960—Dec1961—Dec1962—Dec1963—Dec

1964—JanFebMarAprMayJ u n e . . . .JulyAugSeptOctNovDec

1965—Jan

Week ending—

1964—Jan. 1.8.

15.22.29.

19.26.

Sept. 2 .9 .

16.23.30.

Oct. 7 .14.2 1 .28 .

Nov. 4 .11.18.25.

Dec. 2 .9 .

16.23.30.

1965—Jan. 6.13.20.27.

-932179

5,0083,3851,157

762

885169

-870252457

-245- 3 6

-133- 4 1

-424

682419268209

1719198

16278

1181327990

103- 3 4168

'236'104239125196

9198

113142

7319

14672

110

631713781

- 3 4- 5 8

199

1417125414751

44164113

762861

5,6235,1424,1184,404

4,7425,2755,3574,7624,508

4,4324,4484,3364,0333,920

3,6873,8343,8633,951

3,9063,7973,8033,7873,8333,9833,9433,8763,9833,9623,8934,083

4,2284,0683,9093,8423,791

3,9313,8503,8853,851

3,8823,8313,9244,0414,143

4,0953,9483,9053,881

4,0213,8293,8623,904

3,9723,9254,0314,1574,195

4,3274,0614,0383,984

755792

3,0124,1534,0704,299

4,6165,2315,3284,7484,497

4,3974,3924,3034,0103,930

3,6583,8263,8173,895

3,8933,7573,7983,7733,8323,9453,9213,8583,9543,9423,8824,062

^4,073

4,0734,0723,8643,8373,780

3,9343,8333,8753,839

3,8413,8233,8944,0364,073

4,0893,8983,8983,872

3,9893,8243,8373,879

3,9693,9074,0174,1454,147

4,3284,0363,9823,992

769

2,61198948105

12544301412

35573423

-10

2974656

1340514

174

38221729201122

H3

155A

44411

-2171012

418

29570

65079

325

2525

318131248

-22555-7

19238

5815148611562

19714713910299

195710837

364722162639403945549735

113

6745791521

143

4956

563021137

5359871

2207313110

2441238101

6316115674

-16769

2,611989

-14467

67-107-456-101-50

-162-91-105-81-109

10-50-6219

-23-7-17-2-26-1-18-22-16-34-86-13

P10

-49-34-10-10

-1613

-39-43

-15-22

8-132

65

-47-9-80

-188-68-106

15

-21141

-27-53

-65-137-100-81

161211

1,1411,143939

1,024

1,1991,3561,4061,2951,210

1,1661,1491,1361,0771,038

958987

1,0421,056

1,0481,0141,0261,0211,0441,0331,0391,0391,0611,0581,0761,083

1,0941,1001,0471,0271,012

1,037,028,033,035

,038,038,043,087,088

,070,047,054,052

,083,065,070,083

,081,060,065,097,112

,153,085,084

1,084

161133601848924

1,011

,191,353,409,295,210

,164,138,127,070,038

953987

,035,051

,044,016,022,015,042,034,036,033,061,056,072,086

,099

,090,091,043,032,007

,036,029,037,035

,033,033,043,085,084

,070,042,057,048

,081,059,070,078

,081,059,065,104,108

,152,087,079,082

78540295

1413

83

- 41

- 1

212

63

33

- 4

P-5

~t

4

1- 2

53

564

2323715

85978539

104

8221826

27879021

513221334292028

12

44

- 6 278

540295

147

3- 6 1

-236- 3 6- 1 6

- 8 3- 8 6- 7 7- 3 1

-104

- 4- 2 2- 1 1- 2 1

- 2 2- 8 9- 8 6- 1 4- 3

- 1 4- 1 9- 8

- 3 4- 2 6- 1 7- 3 2

- 4 6- 1 9- 3 7- 3 3- 3

- 5- 2 1- 1 3- 1 4

- 2- 5 4- 5

- 3 5- 3 8

- 6 9- 2 7- 1 4- 6

- 1 16

- 4 45

- 3 2- 3

j- 5 0- 7 2

- 1 4- 3 2

5- 1

For notes see opposite page.


FEBRUARY 1965 BANK RESERVES AND RELATED ITEMS 265

RESERVES AND BORROWINGS OF MEMBER BANKS—Continued


Other reserve city banks

PeriodReserves

Totalheld Required Excess

Borrow-ings atF.R.Banks

Freereserves

Country banks

Reserves

Totalheld Required Excess

Borrow-ings atF.R.Banks

Freereserves

1929—June.1933—June.1939—Dec..1941 —Dec.1945—Dec.1947—Pec.

1950—Dec.1951—Dec.1952—Dec.1953—Dec.1954_Dec.

1955—Dec.1956—Dec.1957—Dec.1958—Dec.1959—Dec.

1960—Dec.1961—Dec.1962—Dec.1963—Dec.

1964—Jan...Feb..Mar..Apr..May.June.July..Aug..Sept..Oct...Nov..Dec .

1965—Jan

Week ending—

1964—Jan. 1..

15.22.29.

A u g .

19.26.

Sept. 2.9.

16.23.30.

Oct. 7.14.21.28.

Nov. 4.11.18.25.

Dec 2.9.

16.23.30.

1965—Jan. 6.13.20.27.,

761648

3,1404,3176,3946,861

6,6897,9228,3237,9627,927

7,9248,0788,0427,9407,954

749528

1,9533,0145,9766,589

6,4587,7388,2037,8777,836

7,8657,9837,9567,8837,912

7,9508,3678,1788,393

346;i22,208,234,184,318,385,350,480,529,614,733

8

28,713

8,6368,5408,4168,3378,163

8,3508,3408,3478,353

8,3898,4068,4558,5548,555

8,5818,5678,4718,443

8,5858,5708,6018,624

8,6518,6368,6578,8538,838

8,9838,7638,6918,566

7,8518,3088,1008,325

8,3258,1048,1728,2048,1518,2908,3418,3148,4408,4848,5668,712

P8,675

8,4788,4988,3768,3198,133

8,3168,3018,3158,321

8,3228,3518,3998,5278,497

8,5548,4848,4648,419

8,5438,5368,5568,576

8,6438,5918,6218,8158,799

8,9428,7108,6108,540

12120

1,1881,303418271

2321841208591

6096865741

100597868

211936303227443640454821

238

15842401830

33393132

6755562758

2783723

42344548

45363739

41548126

40958

196123

50354639184117

398300314254490

2039130190

13710690108144142147191179163225125

120

3842171937793

151246145187

144292124190158

18991228146

16326231273

2406081118258

1831527187

-39762

1,1881,302322148

182-170-519-99-26

-338-203-228-198-449

8020

-52-122

-116-87-54-78-112-115-103-155-139-118-177-104

2-82

-226-175-153-59-63

-118-207-114-155

—77-237-68-163-100

-162-8

-221-123

-121-228-267-25

-232-14-45-79-219

-142-9810

-61

632441

1,5682,2104,5764,972

4,7615,7566,0945,9015,634

5,7165,8595,9065,8496,020

6,6896,9316,9567,347

7,3767,2157,1767,2307,1597,2257,2967,2997,4037,4837,5787,714

27,695

7,5007,4617,5337,2577,234

7,2427,3797,3187,371

7,2127,4057,3187,5747,353

7,5137,4247,5617,401

7,5217,5517,7827,448

7,6717,5257,6347,7347,851

7,7377,9367,626

27,624

610344897

1,4063,5664,375

4,0995,1615,5185,3075,032

5,2205,3715,4575,4195,569

6,0666,4296,5156,939

6,9866,8766,8646,9066,8616,9016,9686,9457,0517,1397,2447,342

27,370

7,0237,0417,0226,9866,907

6,9246,9606,9656,944

6,9376,9767,0337,1277,098

7,1137,1527,1557,125

7,1557,2277,2617,268

7,2937,2957,2957,3737,387

7,4247,4247,37827,305

2296671804

1,011597

663596576594602

497488449430450

623502442408

390339312323298323328355352344334372

2324

477421512271327

318420353427

275429285447256

401272406276

366324521180

378229339361464

313511249

327126344657

298823610552

159144172162213

40314874

566457688076569173638855

54

5674484455

891077472

10897744572

60565473

809210376

7955405869

49815038

-305-30668800965540

634508340489550

338344277268237

583471394334

334275255255218247272264279281246317

421347463227272

229313279355

167332211402184

341216352203

286232418104

299174298303395

264430199

2281

i This total excludes, and that in the preceding table includes, $51million in balances of unlicensed banks.

NOTE.—Averages of daily figures. Beginning with Jan. 1964 reservesare 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 open-ing 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.


266 MAJOR RESERVE CITY BANKS FEBRUARY 1965

BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS

(In millions of dollars unless otherwise noted)

Reporting banksand

week ending—

Total—46 banks

1964 Dec 29

162330

1965—Jan. 6132027

8 in New York City

1964—Dec. 29

16.2330

1965 Jan 6132027

38 outsideNew York City

1964—Dec. 29

162330

1965—Jan 613202 7 . .

5 in Chicago

1964—Dec. 29

162330

1965—Jan 6132027

33 others

1964—Dec. 29

162330

1965—Jan 6132027

Basic reserve position

Excessre-

serves i

633322362

2043

101- 1

- 2698

39

41446

- 1 1

826221524

1629559

- 11

— 113

^12

926231420

1532547

Less:

Bor-rowingsat F.R.Banks

1172254

129309

198317211117

4123890

6116115672

117194291

219

1371555545

323

4276

1430

85164249

143

1231255545

Netinter-bank

Federalfundstrans.

440321345

1,123898

1,0151,2951,310

531

41-223-140

494426

635829810443

399545485629472

38046650088

11171

130225121

9615611753

288473354404351

284310383

34

Net:

Surplusor

deficit

-551-311-367

-1 ,228-1,145

-1 ,192-1 ,568-1 ,420

-649

- 4 3226137

-524-477

-691-976-920-526

-508-537-505-704-668

-501-592-500-123

-144- 7 4

-131-265-194

-109-189-116- 5 1

-364-463-374-439-474

-392-404-384- 7 2

Per centof

avg.requiredreserves

5.83.33.9

12.611.8

11.916.515.16.9

1.26.23.7

13.512.3

17.126.024.814.2

8.89.48.8

12.011.4

8.410.38.82.2

14.97.8

13.726.819.5

10.519.412.05.3

7.69.77.89.09.7

7.98.48.11.5

Interbank Federal funds transactions

Gross transactions

Pur-chases

1,9052,1092,0722,2981,886

1,9092,2862,2871,801

969909

1,0091,172

924

9701,1581,167

943

9351,1991,0631,126

961

9391,1281,120

858

239261279345258

232284318190

696938784781703

707844802667

Sales

1,4651,7871,7271,175

987

894991977

1,270

9281,1331,149

678498

335330356500

537655578497489

559662620770

129189148120137

136128201137

408465430377352

423534420633

Total2-waytrans-

actions2

9951,2071,2361,030

884

724815864833

580714732639453

260330356441

415492505392431

463486507392

12517214487

109

136115135107

291321360305322

327370373285

Net transactions

Pur-chasesof netbuyingbanks

910902835

1,2681,002

1,1851,4711,423

968

390195277534471

710829810502

520707558734530

476642613466

11589

134258149

9616918384

406617424476382

380473430382

Salesof netsellingbanks

470581491145104

171176113437

348419417

3945

75

59

12116273

10558

96176113378

4184

3327

136630

117144697231

9516347

348

Related transactions withU.S. Govt. securities dealers

Loansto

dealers 3

1,076532996

1,1041,139

1,1941,4011,4231,061

831469796855883

924877792666

24563

200249256

270524632394

1003195

10384

125145154118

14531

105146172

145379477276

Bor-row-ingsfrom

dealers*

9397716398

12612710792

9397716398

12612710792

Netloans

983434925

1,0411,041

1,0681,2741,316

969

738372725792785

799750685575

24563

200249256

270524632394

1003195

10384

125145154118

14531

1 105146172

145379477276

1 Based upon reserve balances including all adjustments applicable tothe reporting period. Carryover reserve deficiencies, if any, are de-ducted.

2 Derived from averages for individual banks for entire week. Figurefor each bank indicates extent to which its weekly average purchasesand sales are offsetting.

3 Federal funds loaned, net funds supplied to each dealer by clearingbanks, repurchase agreements (purchases of securities from dealerssubject to resale) or other lending arrangements.

• Federal funds borrowed, net funds acquired from each dealer byclearing banks, reverse repurchase agreements (sales of securities todealers subject to repurchase), resale agreements, and borrowings securedby Govt. or other issues.

NOTE.—Weekly averages of daily figures. Details may not add tototals because of rounding.

For description of series and back data, see August 1964 BULL., pp.


FEBRUARY 1965 DISCOUNT RATES 267

Federal Reserve Bank

FEDERAL RESERVE BANK DISCOUNT RATES

(Per cent per annum)

Discounts for and advances to member banks

Advances and discounts underSees. 13 and 13a i

Rate onJan. 31

Effectivedate

Previousrate

Advances underSec. 10(b) 2

Rate onJan.31

Effectivedate

Previousrate

Advances to all others underlast par. Sec. 13 3

Rate onJan. 31

Effectivedate

Previousrate

BostonNew York . . .Philadelphia..ClevelandRichmond...AtlantaChicagoSt. LouisMinneapolis..Kansas City..DallasSan Francisco

Nov. 24,Nov. 24,Nov. 24,Nov. 27,Nov. 27,Nov. 25,Nov. 24,Nov. 24,Nov. 30,Nov. 30,Nov. 27,Nov. 27,

196419641964196419641964196419641964196419641964

Nov. 24,Nov. 24,Nov. 24,Nov. 27,Nov. 27,Nov. 25,Nov. 24,Nov. 24,Nov. 30,Nov. 30,Nov. 27,Nov. 27,

196419641964196419641964196419641964196419641964

P Nov. 24,1964Nov. 24,1964Nov. 24, 1964Nov. 27,1964Nov. 27, 1964Nov. 25,1964July 19,1963Nov. 24,1964Nov. 30, 1964Nov. 30,1964Nov. 27, 1964Nov. 27, 1964

i Advances secured by U.S. Govt. securities and discounts of andadvances secured by eligible paper. Rates shown also apply to advancessecured by securities of Federal intermediate credit banks maturingwithin 6 months. Maximum maturity: 90 days except that discountsof certain bankers* acceptances and of agricultural paper may havematurities not over 6 months and 9 months, respectively, and advances

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 matur-ity: 90 days.

FEDERAL RESERVE BANK DISCOUNT RATES


Effectivedate

Range(or level>-

all F.R.Banks

F.R.Bank

ofN.Y.

Effectivedate

Range(or level)—

all F.R.Banks

F.R.Bank

ofN.Y.

Effectivedate

Rangeor level)—all F.R.Banks

F.R.Bank

ofN.Y.

In effect Dec. 31, 1932. . . . . .

1933Mar. 3

4Apr. 7May 26Oct. 20

1934Feb. 2Mar. 16

1935Jan. 11May 14

1937Aug. 27Sept. 4

1942Apr. 11Oct. 15

30

1946Apr. 25May 10...

1948Jan. 12

19A u g & : : : : : : : : : : : : : : :

1950

'V14

¥1953

Jan. 1623

1954Feb. 5

15Apr. 14

16May 21

1955A p r-£::::May 2Aug. 4

XlY.'.Y.S e p t ,!:::::Nov. 18

23

1956Ap,.3. : ; : :

A u g -£ : : : : :1957A u E - 2 ? : : : : :

Nov. 15Dec. 2

4-2

3 -33

1958Jan. 22

24Mar. 7

1321

Apr. 18May 9Aug. 15S e p t - & : : : : : :Oct. 24Nov. 7

1959Mar. 6

16May 29June 12Sept. 11

18

1960June 3

1014

Aug. 12Sept. 9

1963July 17

26

1964Nov. 24

30

1965In effect Jan. 31

2*4-3

3 -3%

3 S

f

i Preferential rate of V4 of 1 per cent for advances secured by U.S.Govt. securities maturing in 1 year or less. The rate of 1 per cent wascontinued for discounts of and advances secured by eligible paper.

NOTE.—-Discount rates under Sees. 13 and 13a (as described in tableabove). 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

against U.S. Govt. securities was the same as its discount rate exceptin 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; July20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50: Oct. 23, Nov. 32.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 2428, 30, 31, 3.875; 1965—Jan. 4, 5, 6, 7, 8, 3.875.


268 RESERVE REQUIREMENTS FEBRUARY 1965

MAXIMUM INTEREST RATES PAYABLE ON TIME ANDSAVINGS DEPOSITS


Type of deposit

Savings deposits heldfor:

1 year or moreLess than 1 year

Postal savings depositsheld for:

1 year or moreLess than 1 year

Other time depositspayable in:i

1 year or more6 months-1 year90 days-6 months....Less than 90 days....

Effective date

Jan. 1,1936

} 2%

} 2%

} 2%

1

Jan. 1,1957

3

3

3

2%

Jan. 1,1962

4/ 3%

July 17,1963

43%

43%

Nov. 24,1964

44

44

4%

4

1 For exceptions with respect to foreign time deposits, see Oct. 1962BULL., p. 1279.

NOTE.—Maximum rates that may be paid by member banks as estab-lished by the Board of Governors under provisions of Regulation Q.Under this Regulation the rate payable by a member bank may not inany event exceed the maximum rate payable by State banks or trustcos. on like deposits under the laws of the State in which the memberbank is located. Effective Feb. 1, 1936, maximum rates that may bepaid by insured nonmember commercial banks, as established by theFDIC, 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)

Regulation

Regulation T:For extensions of credit by brokers and

dealers on listed securitiesFor short sales

Regulation U:For loans by banks on stocks

Effective date

July 28,1960

7070

70

July 10,1962

5050

50

Nov. 6,1963

7070

70

NOTE.—Regulations T and U, prescribed in accordance with SecuritiesExchange Act of 1934, limit the amount of credit that may be extend ed ona security by prescribing a maximum loan value, which is a specifiedpercentage of its market value at the time of extension; margin require-ments are the difference between the market value (100+) and the maxi-mum loan^value.

RESERVE REQUIREMENTS OF MEMBER BANKS

(Per cent of deposits)

Effective date i

In effect Dec. 31, 1948..

1949—May 1,5June 30, July 1..Aug. 1,11Aug. 16,18Aug. 25Sept. 1

1951—Jan. 11, 16Jan. 25, Feb. 1. .

1953—July 1,91954—June 16,24

July 29, Aug. 1.

1958—Feb. 27, Mar. 1.Mar. 20, Apr. 1..Apr. 17Apr. 24

1960—Sept. 1Nov 24Dec. 1

1962—Oct. 25, Nov. 1.

In effect Feb 1, 1965...

Net demand deposits 2

Centralreserve

citybanks 3

26

24

§*

If*2324222120

8 *IS*17%

16%

Present legal requirement:Minimum . . . .Maximum

Reservecity

banks

22

2120

ii*19201918

17*

16%

16%

1022

Coun-try

banks

16

15141312

131413

12

i t *

12

12

714

Time deposits

Centralreserve

andreserve

citybanks

7%

765

6

5

4

4

36

Coun-try

banks

7%

76

5

6

5

4

4

36

1 When two dates are shown, first-of-month or midmonth dates recordchanges at country banks, and other dates (usually Thurs.) record changesat central reserve or reserve city banks.

2 Demand deposits subject to reserve requirements are gross demanddeposits minus cash items in process of collection and demand balancesdue from domestic banks.

3 Authority of the Board of Governors to classify or reclassify cities ascentral 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 beenallowed to count vault cash as reserves, as follows: Country banks—inexcess of 4 and 2% per cent of net demand deposits effective Dec. 1, 1959and Aug. 25, 1960, respectively. Central reserve city and reserve citybanks—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


Item

Allmemberbanks

Reserve city banks

NewYorkCity

Cityof

ChicagoOther

Countrybanks Item

Allmemberbanks

Reserve city banks

NewYorkCity

Cityof

ChicagoOther

Countrybanks

Four weeks ending Dec. 9, 1964 Four weeks ending Jan. 6, 1965

Gross demand—TotalInterbankU.S. GovtOther

Net demand1

TimeDemand balances due

from dom. banks....Currency and coinBa lances with F . R .

BanksTotal reserves held

RequiredExcess

139,85015,3585,506

118,986114,005102,292

7,6453,446

17,77821,22420,841

383

26,2624,5511,102

20,60920,12614,435

135281

3,6353,9163,898

18

6,5481,309

3284,9115,4144,467

11053

1,0201,0731,072

1

53,1007,5132,217

43,37142,64538,876

1,9881,042

7,5868,6288,591

37

53,9391,9851,859

50,09545,81944,514

5,4122,071

5,5367,6077,279

328

Gross demand—Total..InterbankU.S. GovtOther

Net demand*TimeDemand balances due

from dom. banks...,Currency and coinBalances with F .R .

BanksTotal reserves held ,

RequiredExcess

144,50015,8694,943

123,688117,507103,402

7,9353,694

18,16221,85621,434

422

28,0644,7431,098

22,22321,66114,638

149324

3,8534,1774,160

17

6,7661,313

3135,1405,6254,481

11458

1,0491,1071,107

54,8187,7811,887

45,15043,75439,369

2,0971,119

7,7148,8338,794

39

54,8522,0321,645

51,17546,46744,913

5,5752,194

5,5457,7397,373

366

i Demand deposits subject to reserve""requirements are gross demanddeposits minus cash items in process of collection and demand balancesdue from domestic banks.

NOTE.—Averages of daily figures. Balances with F.R. Banks are !asof close of business; all other items (excluding total reserves held andexcess reserves) are as of opening of business.


FEBRUARY 1965 OPEN MARKET ACCOUNT 269

TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT


Month

1963—Dec

1964—JanFebMarApr

JuneJulyA U ESeptOctNovDec

1963—Dec

1964—JanFebMarAprMay

JulySeptOctNovDec

Outright transactions in U.S. Govt. securities by maturity

Total

Grosspurchases

319

95989699588

1,332937

1,264574620

1,3471 197

813

Grosssales

289

670458

18714136

610413534888131866

Redemp-tions

15

25511523936785

371447

215

Treasury bills

Grosspurchases

319

95989677538

1,259900

1,264145388

1,2751 197

706

Outright transactions in U.S.

1-5 years

Grosspurchases

11134320

187108

33

52

Grosssales

Exch.or

maturityshifts

164

3 481

- 1 52,164

307

—2 030

10228

335

Grosssales

289

670458

18714136

610413534888131866

Redemp-tions

15

25511523936785

371447

215

Others within 1

Grosspurchases

5

Grosssales

Govt. securities by maturity—continued

5-10 years

Grosspurchases

9302711

2028929

45

Grosssales

Exch.or

maturityshifts

-164

- 7 0

-307

— ioi35-335

year

Exch.or

maturityshifts

— 3 411

15-2 ,164

2 030

— 28

Over 10 years

Grosspurchases

3845

413411

5

Grosssales

Exch.or

maturityshifts

- 3 5

1963—Dec

1964—JanFebMarAprMayJune.. . .JulyAUESeptOctNovDec

Repurchase agreements(U.S. Govt. securities)

Grosspurchases

826

429127497172682625

1,070684812682

1,3132,194

Grosssales

915

440127338280734625

1,021733712782

1,3131,657

Net changein U.S.Govt.

securities

- 7 4

-840416601

-6011,060

566257113186359

1,065269

Bankers'

Netoutright

28

- 2- 4- 4- 7- 7

- 7- 4

2

615

acceptances

Netrepurchases

92

- 9 2

64- 2 5- 3 9

36- 2 1- 1 6

61- 1 8- 2 3

15

Net changein U.S. Govt.securities andacceptances

45

-934412662

-6331,014

60222993

249341

1 048300

NOTE.—Sales, redemptions, and negathings; all other figures increase such holdin

itive figures reduce System hold-


270 FEDERAL RESERVE BANKS FEBRUARY 1965

CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS


Item

Assets

Gold certificate accountRedemption fund for F.R. notes

Total gold certificate reserves • . . .

CashDiscounts and advances:

OtherAcceptances:

Held under repurchase agreements. . .U.S. Govt. securities:

Bought outright:BillsCertificates—Special

OtherNotesBonds

Held under repurchase agreements

Total U.S. Govt. securities

Total loans and securitiesCash items in process of collectionBank premises »Other assets:

Denominated in foreign currenciesAll other

Total assets

Liabilities

F.R. notesDeposits:

IVIember bank reservesU.S Treasurer—General account

Other

Total deposits

Deferred availability cash itemsOther liabilities and accrued dividends *

Total liabilities

Capital Accounts

Capital paid inSurplusOther capital accounts

Total liabilities and capital accounts

Contingent liability on acceptances purchased for

U.S. Govt. securities held in custody for foreignaccount

Wednesday

1965

Jan. 27

13,3171,554

14,871

179

18945

5763

5,943

25,1885,274

36,405318

36,723

37,0775,852

102

455361

58,897

33,747

17,820907133194

19,054

4,318635

57.754

52852491

58,897

123

8,188

Jan. 20

13,3171,563

14,880

178

4145

5630

5,797

25,1885,274

36,25926

36,285

36,4576,883

103

423326

59,250

33,957

17,1151 098

Jan. 13

13,3041,564

14,868

161

14745

5645

6,020

25,1885,274

36,48242

36,524

36,8176,796

102

455302

59,501

34,267

17,088Q7Q

177 214207

18,597

4,948633

58,135

52452467

59,250

123

8,187

206

18,487

5,016639

58,409

52452444

59,501

124

8,478

Jan. 6

13,5051,570

15,075

146

30730

5633

6,065

25,1885,274

36,527505

37,032

37,4587,154

102

320276

60,531

34,508

18,543492229201

19,465

4,850639

59,462

52452421

60,531

123

8,471

1964

Dec. 30

13,5051,570

15,075

131

32730

5610

6,044

25,1885,274

36,506257

36,763

37,1867,017

103

370255

60,137

34,831

17,826754228188

18,996

4,515130

58,472

524990151

60,137

123

8,515

End of month

1965

Jan.

13,3521,554

14,906

193

25945

5857

6,159

25,188

1964

Dec.

13,5051,570

15,075

146

15630

5935

6,044

">5 1885,274 j 5,274

36,621 36,506120 j 538

36,741

37,1605,330

102

287367

58,345

33,706

17,801929143218

19,091

3,753638

57,188

528524105

58,345

122

7,952

37,044

37,3247,190

102

295257

60,389

34,659

18,086820229321

19,456

4,584642

59,341

524524

60,389

122

8,389

Jan.

13,8191,412

15,231

325

33232

68

3.312

7.06611,1294,645

32,752

32,752

33,1844,832

103

254342

54,271

31,122

16,983791136210

18,120

3,37377

52,692

501990

88

54,271.

91

8,740

Federal Reserve Notes—Federal Reserve Agents' Accounts

F.R. notes outstanding (issued to Bank)Collateral held against notes outstanding:

Gold certificate account . . . .Eligible paperU.S. Govt. securities

Total collateral

36

6

31

38

,886

,72712

,329

,068

36

6

31

38

,995

,7344

,322

,060

37

6

31

38

,098

,6872

,430

,119

37

6

31

38

,182

,6878

,430

,125

37

6

31

38

,247

,68724

,430

,141

36,832

6,7276

31,329

38,062

37

6

31

38

,233

,68712

,430

,129

33,

6,

28,

35,

879

70068

367

135

i No accrued dividends at end-of-December dates.


FEBRUARY 1965 FEDERAL RESERVE BANKS 271

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1965


Item

Assets

Redemption fund for F.R. notes

F.R. notes of other BanksOther cash

Discounts and advances:Secured by U.S. Govt. securities...Other

Acceptances:

Held under repurchase agreements.U.S. Govt. securities:

Bought outrightHeld under repurchase agreements .

Cash items in process of collection...

Other assets:Denominated in foreign currencies.All other

Total assets

Liabilities

F.R. notesDeposits:

U.S. Treasurer—General account..ForeignOther

Total deposits

Other liabilities

Total liabilities

Capital Accounts

SurplusOther capital accounts

Total liabilities and capital accounts..

Ratio of gold certificate reserves todeposit and F.R. note liabilitiescombined (per cent):

Jan 31 1965Dec 31 1964Jan 31 1964

Contingent liability on acceptancespurchased for foreign correspond-ents

Total

13,3521,554

14,906

940193

25945

5857

36,621120

37,160

6,774102

287367

60,729

34,646

17,801929143218

19,091

5,197638

59,572

528524105

60,729

27.727.530.4

122

Boston

62789

716

8212

32

1,968

1,973

4583

1320

3,277

2,050

675526*

733

40831

3,222

25255

3,277

25.727.430.0

6

NewYork

3,530350

3,880

22943

8712

5857

8,861120

9,195

1,2148

17587

14,731

8,081

4,9951072 47124

5,273

907166

14,427

14013727

14,731

29.125.430.3

3 32

Phila-del-phia

73487

821

696

62

1,950

1,958

4203

1618

3,311

2,037

7717171

850

32535

3,247

29296

3,311

28.428.630.4

7

Cleve-land

1,068136

1,204

8118

24

3,030

3,036

5266

2629

4,926

2,956

1,3007412*

1,386

42655

4,823

47479

4,926

27.728.929.4

11

Rich-mond

929128

1,057

7610

92

2,655

2,666

4895

1425

4,342

2,966

7878575

884

39834

4,282

26268

4,342

27.526.631.9

6

Atlan-ta

77194

865

9920

103

2,000

2,013

57319

1720

3,626

2,022

9965181

1,056

44337

3,558

31316

3,626

28.126.330.1

7

Chi-cago

2,070285

2,355

8029

246

6,320

6,350

1,12421

4161

10,061

6,270

2,584911813

2,706

82493

9,893

767517

10,061

26.227.230.3

17

St.Louis

56162

623

469

2

1,394

1,396

3316

1014

2,435

1,385

6388841

731

25722

2,395

18184

2,435

29.429.328.9

4

Minne-apolis

31329

342

255

4

731

736

2004

76

1,325

623

44460

3*

507

15415

1,299

12122

1,325

30.326.732.3

3

Kan-sasCity

60462

666

209

642

1,401

1,467

4226

1317

2,620

1,329

8358163

925

28828

2,570

23234

2,620

29.127.732.6

6

Dallas

53851

589

466

26

1,487

1,516

36311

1715

2,563

1,071

1,04667

81

1,122

26935

2,497

31314

2,563

26.931.730.3

7

SanFran-cisco

1,607181

1,788

8726

246

4,824

4,854

65410

3855

7,512

3,856

2,730102

1769

2,918

49887

7,359

707013

7,512

26.429.830.2

16

Federal Reserve Notes—Federal Reserve Agent's Accounts

F.R. notes outstanding (issued toBank)

Collateral held against notes out-standing:

Gold certificate accountEligible paper ,U.S. Govt. securities ,

Total collateral

36,832

6,7276

31,329

38,062

2,150

420

1,765

2,185

8,650

1,710

7,200

8,910

2,115

4356

1,800

2,241

3,199

500

2,775

3,275

3,095

690

2,434

3,124

2,178

340

1,900

2,240

6,652

1,100

5,700

6,800

1,465

280

1,260

1,540

645

112

545

657

1,385

225

1,200

1,425

1,154

180

1,050

1,230

4,144

735

3,700

4,435

1 After deducting $212 million participations of other F.R. Banks.2 After deducting $96 million participations of other F.R. Banks.

3 After deducting $90 million participations of other F.R, Banks.


272 FEDERAL RESERVE BANKS; BANK DEBITS FEBRUARY 1965

MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS


Item

Wednesday

1965

Jan. 27 Jan. 20 Jan. 13 Jan. 6

1964

Dec. 30

End of month

1965

Jan.

1964

Dec. Jan.

Discounts and advances—Total. . .Within 15 days16 days to 90 days

Acceptances—TotalWithin 15 days16 days to 90 days

U.S. Government securities—TotalWithin 15 days i16 days to 90 days91 days to 1 yearOver 1 year to 5 yearsOver 5 years to 10 yearsOver 10 years

23418747

1207644

36,7231,4233,233

16,46913,5061,797

295

864046

864541

36,2851,0833,153

16,45113,5061,797

295

19214646

1016041

36,524953

3,41516,55813,5061,797

295

33730631

894544

37,0321,3613,567

16,50613,5061,797

295

35732532

662046

36,7631,1363,523

16,50613,5061,797

C295

30425648

1157144

36,7411,3053,335

16,50313,5061,797

295

18615531

944549

37,0441,0833,564

16,79913,5061,797

295

364360

4

681355

32,7524,1372,153

15,4388,6692,136

219

i Holdings under repurchase agreements are classified as maturingwithin 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

1964—MarAprMayJune .July

SeptOct

Total

33021421312416819516474

Poundssterling

1111

1629619032

Belgianfrancs

525251525245152

Canadiandollars

42222222

Frenchfrancs

Germanmarks

666

Italianlire

234101101

22222

Japaneseyen

50505080805131

Nether-lands

guilders

211111333

Swissfrancs

21

BANK DEBITS AND DEPOSIT TURNOVER

Period

1955.1956.1957.1958.1959.

1960.1961.1962.1963.

1963—Dec....

1964—Jan....FebMar.. . .AprMay . . .June . . .July.. . .AugSeptOctNov.. . .D e c . . .

All

reporuugcenters

N.S.A.

. 2

. 2

. 2

. 22

. 233

. 3

,043.5,200.6,356.8,439.8,679.2

,838.8,111.1,436.4,754.7

357.1

360.8294.9342.9349.9329.6353.6362.9319.4339.0353.5333.9400.1

Debits to demand deposit accounts 1

New

S.A

139.

143.129.138.146.135.140.151.140.149.146.146.156.

6

741012545024

(billions of dollars)

Leading centers

York

N.S.A.

766.9815.9888.5958.7

1,023.6

1,102.91,278.81,415.81,556.0

151.0

153.9121.1145.8148.2135.3151.2154.5128.3142.4146.1136.0173.1

6 others 2

S.A.

69.7

696568726767716870717072

654475484742

N.S.A.

431 .7462.9489487545

577622701775

74

736071726870726568726679

.3

.4

.3

.6

.7

.7

.7

.6

.5

.5

.1

.8

.6

.9

.9

.8

.0

.0

.8

.2

337 otherreportingcenters 3

S.A

123.

126.121.125.131.125.126.131.128.131.132.135.135.

7

611806197848

N.S.A.

845.0921.9979.0993.6

1,110.3

1,158.31,209.61,318.91,423.0

131.5

133.3113.2126.1129.0125.7131.6135.5125.4128.6135.4131.1147.8

Annual rate of turnoverof demand deposits

Leading centers

New York

S.A.

89.0

92.186.291.695.590.994.5

100.292.897.094.292.998.7

N.S.A.

42.745.849.553.656.4

60.070.077.884.8

93.8

93.081.894.493.691.1

101.498.687.495.793.692.6

104.0

6 others 2

S.A.

47

47454649

.5

.8

.4

.9

.347.647494747484648

.1

.1

.1

.7

.0

.4

.1

N.S.A.

27.328.830.430.032.5

34.836.941.244.6

48.6

47.442.949.650.448.448.948.145.847.047.245.749.1

l

337 other

reportingcenters 3

S.A

29.

30.29.30.31.30.30.31.30.30.31.31.31.

. .

8

651645267155

N.S.A.

20.421.823.022.924.5

25.726.227.729.0

30.6

30.428.230.230.630.931.531.130.230.731.131.932.3

343

S.A

33.

34.33.34.36.35.35.35.35.35.35.35.35.

9

874030611552

N.S.A.

22.323.725.124.926.7

28.229 031 333.1

35.3

34.932.035.135.735.536.035.534.234.935.335.536.7

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.NOTE.—See p. 257 for announcement about pending revision.


FEBRUARY 1965 U.S. CURRENCY 273

DENOMINATIONS IN CIRCULATION


End of period

193919411945194719501955

19581959196019611962

1963—Dec

1964 JanFebMarAprMay

July .AugSeptOct . . . .NovDec

Totalin cir-cula-tion i

7,59811,16028 51528,86827,74131,158

32 19332,59132,86933,91835,338

37,692

36 24736,31236,79936,88537,20837,73437,83538 01438,16638,37339,24839,619

Coin and small denomination currency

Total

5,5538,120

20,68320,02019,30522,021

22 85623,26423,52124,38825,356

26,807

25,50025,56126,00026,06326,35326,79726,85926,97227,06827,20127,92528,100

Coin

590751

1,2741,4041,5541,927

2,1822,3042,4272,5822,782

3,030

3 0213,0443,1053,1393,1693,2053,2233,2493,2853,3213,3593,405

$1 2

559695

,039,048,113,312

,494,511,533

1,5881,636

1,722

1,5991,5901,6211,6301,6551,6761,6681,6681.6931J161,7491,806

$2

364473656475

8385889297

103

101101102103105107108109111111108111

$5

1,0191,3552,3132,1102,0492,151

2,1862,2162,2462,3132,375

2,469

2,2872,2782,3212,3202,3502,3792,3592,3642,3612,3852,4552,517

$10

1,7722,7316,7826,2755,9986,617

6,6246,6726,6916,8787,071

7,373

6,9586,9837,0967,0957,1707,2807,2627,2727,2807,3287,5687,543

S20

1,5762,5459,2019,1198,5299,940

10,28810,47610,53610,93511,395

12,109

11,53311,56611,75411,77511,90412,15112,23912,31012,33912,33912,68712,717

Large denomination currency

Total

2,0483,0447,8348,8508,4389,136

9,3379,3269,3489,5319,983

10,885

10,74710,75110,79910,82210,85510,93710,97611,04111,09811,17211,32311,519

$50

460724

2,3272,5482,4222,736

2,7922,8032,8152,8692,990

3,221

3,1573,1473,1583,1723,1853,2173,2313,2493,2533,2623,3143,381

$100

9191,4334,2205,0705,0435,641

5,8865,9135,9546,1066,448

7,110

7,0437,0577,0947,1047,1277,1757,2027,2487,3027,3677,4687,590

$500

191261454428368307

275261249242240

249

247246246247246246245245246246246248

$1,000

425556801782588438

373341316300293

298

294293294292291292291292291291289293

$5,000

20247543

33333

3

333332333332

$10,000

324624171212

95

101010

4

444444444444

i Outside Treasury and F.R. Banks. Before 1955 details are slightlyoverstated because they include small amounts of paper currency heldby the Treasury and the Reserve Banks for which a denominationalbreakdown is not available.

2 Paper currency only; $1 silver coins reported under coin.

NOTE.—Condensed from CirculationMoney, issued by the Treasury.

Statement of United States

KINDS OUTSTANDING AND IN CIRCULATION


Kind of currency

Gold ,Gold certificatesF.R. notesTreasury currency—Total

Standard silver dollars . . . .Silver bullionSilver certificates .Subsidiary silver coinMinor coinUnited States notesIn process of retirement 4

Total—Dec. 31, 1964Nov 30 1964Dec. 31, 1963

Total out-standingDec. 31,

1964

15,388(15,075)37,2315,405

4851,539

(1 348)2,166

782323111

5 58,0255 57.2885 55,410

Held in the Treasury

As securityagainst

gold andsilver

certificates

(15,075)

0,348)

1,348

(16,423)(16,542)(17,236)

Treasurycash

2313

85214

3191

10531

612C543361

ForF.R.

Banksand

Agents

3 12,259

12,25912,27512,421

Held byF.R.

Banksand

Agents

2,8162,573

146

*

io6143

22*

5,5355,2214,936

Currency in circulation 1

Dec. 31,1964

34,5735,046

482

1,2312,147

776299110

39,619

Nov. 30,1964

34,1245,124

482

1,3572,109

768297111

39,248

Dec. 31,1963

32,3135,378

452

1,8631,872

706321165

"37, '692"

1 Outside Treasury and F.R. Banks. Includes any paper currency heldoutside the United States and currency and coin held by banks. Esti-mated totals for Wed. dates shown in table on p. 263.

2 Includes $156 million reserve against United States notes.3 Consists of credits payable in gold certificates: (1) the Gold Certificate

Fund—Board of Governors, FRS, and (2) the Redemption Fund for F.R.notes.

4 Redeemable from the general fund of the Treasury.5 Does not include all items shown, as some items represent the security

for other items; gold certificates are secured by gold, and silver certificatesby standard silver dollars and monetized silver bullion. Duplicationsare shown in parentheses.

NOTE.—Condensed from Circulation Statement of United StatesMoney, issued by the Treasury. For explanation of currency reservesand security features, see the Circulation Statement or the Aug 1961BULL., p. 936.


274 MONEY SUPPLY FEBRUARY 1965

MONEY SUPPLY AND RELATED DATA

(In billions of dollars)

Period

1957 Dec1958—Dec1959 DecI960—Dec1961 Dec1962 Dec1963—Dec1964—Dec

1963—Dec

1964 JanFebMarAprMayJuneJulyAua;.. .SeptOctNovDec

1965—Jan

Half month

1964 Oct (1)(2)

Nov.(l)(2) . . .

Dec (1)

1965—Jan (1)(2)

Weekending—

1963—Oct. 29. . . .

1623. . . .30

Nov 613 . . .2027

Dec. 4111825

1964—Jan. 18

152229

Feb. 51219

Seasonally adjusted

]

Total

135.9141.1142.1141.1145.5147.6153.2159.4

153.2

153.8153.8154.2154.5154.5155.6156.7157.2158.0158.6159.1159.4

159.8

158.9158.2

159.3158.8

159.4159.4

160.1159.5

vloney supply

Currencycomponent

28.328.628.928.929.630.632.434.2

32.4

32.632.732.933.033.333.433.533.733.833.934.234.2

34.5

33.934.0

34.234.2

34.234.2

34.434.5

Demanddeposit

component

107.6112.6113.2112.1116.0117.1120.7125.2

120.7C121.2121.1121.3121.5121.3122.1123.3123.5124.2124.7124.9125.2

125.3

125.0124.3

125.1124.6

125.2125.3

125.8124.9

Not seasonally adjusted

Money supply

Total

150.1151.3152.8152.6153.3

155.0155.2154.4153 8

155.5156.4158.2157.5

158.8158.7158.4158.1156.2

156.1155.5153.2

Currencycompo-

nent

31.732.332.232.231.9

32.332.732.632.6

33.033.333.133.3

32.832.932.632.432.0

32.232.532.3

Demanddepositcompo-

nent

118.4119.0120.6120.5121.4

122.7122.5121.8121.2

122.5123.1125.1124.3

126.0125.8125.8125.7124.1

123.9123.0120.9

Timedeposits

ad-justed l

108.7109.1109.3109.6110.1

110.2110.2110.1110.4

110.5110.8111.0111.0

111.5112.3113.0113.6113.7

113.9114.4114.7

U.S.Govt.

demanddeposits l

8.87.75.44.13.1

4.23.64.74.9

4.53.84.26.6

6.66.44.23.12.9

3.63.65.3

Timedeposits

ad-justed i

57.465.467.472.982.897.9

112.3126.5

112.3

113.9115.1115.7116.4117.4118.5119.4120.6121.7123.1125.1126.5

128.9

122.7123.4

124.4125.8

126.3126.7

128.0129.7


Money supply

Total

139.3144.7145.6144.7149.4151.6157.2163.6

157.2

157.8153.8152.9155.0152.4153.6155.2155.1156.9158.8160.4163.6

163.9

158.4159.1

161.0159.8

162.8164.4

165.3162.5

Weekending—

1964—Oct. 7142128

Nov. 4111825

Dec. 29

162330

1965—Jan. 6132027

Feb. 310*.. . .17

Currencycomponent

28.929.229.529.630.231.233.134.9

33.1

32.432.332.632.733.033.333.733.833.834.034.534.9

34.3

34.133.9

34.534.6

34.935.0

34.634.1

Demanddeposit

component

110.4115.5116.1115.2119.2120.3124.1128.7

124.1

125.4121.5120.3122.3119.4120.3121.5121.3123.1124.8125.9128.7

129.6

124.3125.2

126.5125.2

128.0129.4

130.8128.5

Timedeposits

ad-usted i

56.764.666.672.181 896.7

111.0125.0

111.0

113.2114.6115.7116.7118.1119.2120 1121.1122.0123 3124.1125.0

128.1

123 0123.6

124.0124.1

124.7125.3

127.2128.9

U.S.Govt.

demanddeposits l

3.53.94 94.74 95.65.25.5

5.2

4.24.86.14 26.97.87 06.46.65.65.85.5

4.2

6 84.5

4.67.0

4.96.1

4.73.7


Money supply

Total

157.7159.0159.0159.0

160.6160.8160.9159.3

160.8161.8164.6164.6163.8

166.2164.7164.0162.0

162.0161.9

Currencycompo-

nent

34.134.234.133.8

34.034.634.534.5

34.635.034.835.035.1

34.834.534.234.0

34.034.4

Demanddepositcompo-

nent

123.7124.8124.9125.2

126.6126.3126.4124.8

126.1126.9129.8129.6128.7

131.4130.2129.8128.0

128.0127.5

Timedeposits

ad-justed 1

122.7123.2123.4123.7

123.9124.1124.0124.1

124.2124.6125.0125.0125.5

126.5127.6128.3129.1

129.5130.1

U.S.Govt.

demanddeposits 1

8.35.64.64.1

5.14.55.46.9

7.25.53.65.76.6

6.44.02.93.8

4.64.7

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 com-mercial banks other than those due to domestic commercial banks andthe U.S. Govt., less cash items in process of collection and F.R. float; (2)

foreign demand balances at F.R. Banks; and (3) currency outside theTreasury, the FRS, and the vaults of all commercial banks. Time de-posits adjusted are time deposits at all commercial banks other than thosedue to domestic commercial banks and the U.S. Govt.


FEBRUARY 1965 BANKS AND THE MONETARY SYSTEM 275

CONSOLIDATED CONDITION STATEMENT


Date

1929—June 291933—June 301939—Dec. 301941—Dec 31.1945—Dec. 311947 Dec 311950 Dec. 30.1961—Dec. 301962 Dec 281963—June 29

Dec. 20

1964 Jan 29Apr 29May 27. .June 30July 29Aug. 26Sept. 30 r*Oct 28 r*>Nov. 25r*»Dec. 30 rP

1965—Jan 27 P

Assets

Gold

4,0374,031

17,64422,73720,06522,75422,70616,88915,97815,73315,582

15,50015,50015,50015,46115,50015,50015,50015,50015,40015,400

15,200

Treas-urycur-

rencyout-

stand-ing

2,0192,2862,9633,2474,3394,5624,6365,5855,5685,5875,586

5,6005,6005,6005,5785,6005,6005,6005,5005,5005,400

5,400

Bank credit

Total

58,64242,14854,56464,653

167,381160,832171,667285,992309,389318,697333,203

328,700335,000336,900343,988341,300344,000351,100350,600355,400361,700

359,500

Loans,net

41,08221,95722,15726,60530,38743,02360,366

154,017170,693178,290189,433

187,200193,500195,900201,161199,300200,600205,000204,000206,500212,300

210,500

u.s

Total

5,74110,32823,10529,049

128,417107,08696,560

102,308103,684102,418103,273

101,400100,10099,700

100,87999,900

100,700102,800103,100105,300105,400

104,600

. Government securities

Com-mercial

andsavingsbanks

5,4998,199

19,41725,511

101,28881,19972,89472,71572,56369,70869,068

68,10066,20065,20065,33764,30064,90066,70067,00068,10067,800

66,900

FederalReserveBanks

2161,9982,4842,254

24,26222,55920,77828,88130,47832,02733,552

32,70033,10034,00034,79434,80035,10035,40035,20036,30036,800

36,700

Other

26131

1,2041,2842,8673,3282,888

712643683653

600800500748700800700900

1,000900

1,000

Othersecu-rities

11,8199,8639,3028,9998,577

10,72314,74129,66735,01237,98940,497

40,10041,40041,30041,94842,10042,70043,40043,50043,60043,900

44,400

Totalassets,n e t -Totalliabil-

andcapital,

net

64,69848,46575,17190,637

191,785188,148199,009308,466330,935340,017354,371

349,800356,100358,000365,027362,300365,100372,100371,600376,200382,500

380,100

Liabilitiesand capital

Totaldeposits

andcurrency

55,77642,02968,35982,811

180,806175,348184,384280,397302,195310,284323,251

319,000323,600325,100333,114329,500331,100338,400337,700341,500348,900

346,200

Capitaland

misc.ac-

counts,net

8 9226,4366,8127,826

10,97912,80014,62428,07028,73929,73231,118

30,80032,40032 90031,91532,80034,00033,70033,90034,80033,500

33,800

DETAILS OF DEPOSITS AND CURRENCY

Date

1929 June 291933 June 301939 pec 301941 Dec. 311945 Dec 311947—Dec. 3 1 . . . .1950—Dec. 3 0 . . . .1961—Dec. 3 0 . . . .1962—Dec. 2 8 . . . .1963—June 2 9 . . . .

Dec. 2 0 . . . .

1964—Jan. 2 9 . . , .Apr. 2 9 . . . .May 2 7 . . . .June 30 . . . .July 2 9 . . . .Aug. 2 6 . . . .Sept. 30 '*. .Oct. 28 'P . .Nov. 25 **.Dec. 30 r*\.

1965--Jan. 27*...

Money supply

Seasonally adjusted 1

Total

110,500114,600144,800147,600148,300153,100

152,200152,900151,900153,500154,000154,300156,800157,500156,600158,800

158,100

f u rv^UT-rency

outsidebanks

26,i6624,60028,70029,60030,70031,700

31,90032,30032,50032,70032,80032,90033,10033,30033,40033,600

33,900

De-mand

depositsad-

justed i

84,40090,000

116,100118,000117,600121,400

120,300120,600119,400120,800121,200121,400123.700124,200123,200125,200

124,200


Total

26,17919,17236,19448,607

102,341113,597117,670150,578153,162147,144158,104

154,300153,100150,000153,331154,000152,900155,800158,100159,000164,300

160,200

Cur-rency

outsidebanks

3,6394,7616,4019,615

26,49026,47625,39830,05330,90431,83233,468

31,50032,00032,40033,02032,90033,10033,20033,20034,30034,300

33,400

De-mand

depositsad-

justed i

22,54014,41129,79338,99275,85187,12192,272

120,525122,258115,312124,636

122,800121,000117,600120,311121,000119,800122,600124,900124,700130,000

126,800

Related deposits (not seasonally adjusted)

Time

Total

28,61121,65627,05927,72948,45256,41159,247

121,216139,448149,322155,713

159,200163,500165,100166,627167,700169,000170,400172,000172,500175,000

178,700

Com-mercialbanks

19,55710,84915,25815,88430,13535,24936,31482,14597,440

105,648110,794

113,600117,100118,400119,330120,300121,200122,100123,500123,800125,600

128,900

Mutualsavingsbanks 2

8,9059,621

10,52310,53215,38517,74620,00938,42041,47843,18144,467

45,10046,00046,30046,88247,10047,40047,90048,10048,30049,000

49,400

PostalSavings

Sys-tem

1491,1861,2781,3132,9323,4162,923

651530493452

400400400415400400400400400400

400

For-eignnet 3

36550

1,2171,4981,1411,6822,5181,4971,4881,3371,206

[,2001,3001,3001,3241,3001,4001,4001,4001,500,700

1,500

U.S

Treas-urycashhold-ings

204264

2 4092,2152 2871,3361,293

422405369392

400400400391400400400500600600

700

Government

Atcom-mer-cialand

savingsbanks

381852846

1,89524 608

1,4522,9896,2197,090

11,3066,986

3,1004,4007,400

10,5025,3006,3009,4005,0007,2006,600

4,200

AtF.R.Banks

3635

634867977870668465602806850

8001,000

900939700

1,100900700800800

900

1 Series begin in 1946; data are available only for last Wed. of month.2 Other than interbank and U.S. Govt, less cash items in process of

collection.3 Includes relatively small amounts of demand deposits. Beginning

with June 1961, also includes certain accounts previously classified asother liabilities.

* Reclassification of deposits of foreign central banks in May 1961reduced this item by $1,900 million ($1,500 million to time deposits and$400 million to demand deposits).

NOTE.—For back figures and descriptions of the consolidated conditionstatement and the seasonally adjusted series on currency outside banksand demand deposits adjusted, see "Banks and the Monetary System,"Section 1 of Supplement to Banking and Monetary Statistics. 1962, andJan. 1948 and Feb. 1960 BULLS.

Except on call dates, figures are partly estimated and are rounded tothe nearest $100 million.


276 COMMERCIAL AND MUTUAL SAVINGS BANKS FEBRUARY 1965

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK

(Amounts in millions of dollars)

Class of bankand date

Loans and investments

Total Loans

Securities

U.S.Govt.

Other

Cashassetsl

Totalassets—

Totallia-

bilitiesand

capitalac-

counts2

Deposits

Total i

Interbank 1

De-mand Time

Other

Demand

U.S.Govt. Other

Time 3

Bor-row-ings

Totalcapital

ac-counts

Num-berof

banks

All banks1941—Dec. 3 1 . .1945—Dec. 3 1 . .1947—Dec. 3 H .1962—Dec. 28 . .1963—June 29. .

Dec. 2 0 . .

1964—Jan. 29 . .Apr. 29. .May 27. .June 30 . .July 29. .Aug. 26. .Sept. 30 *•?Oct. 28 r*>Nov. 25 r*>Dec. 30 r»

1965—Jan. 27*\

Commercial banks:1941—Dec. 31. .1945—Dec. 3 1 . .1947_Dec. 3 H .1962—Dec. 28 . .1963—June 29 . .

Dec. 20 . . .

1964—Jan. 2 9 . .Apr. 2 9 . .May 27. .June 30 . .July 29. .Aug. 26. .Sept. 30?.Oct. 28P.Nov. 25^.Dec. 30*\

1965—Jan. 27*\

Member banks:1941_Dec. 31..1945—Dec. 31..1947—Dec. 31 ..1962—Dec. 28 . .1963—June 29 . .

Dec. 20. .

1964—Jan. 29. .Apr. 29. .May 27. .June 30. .July 29. .Aug. 26. .Sept. 30. .Oct. 28. .Nov. 25. .Dec. 30. .

1965—Jan. 27*.

Mutual savings banks:1941—Dec. 31 . .1945_Dec. 31 . .1947—Dec. 31 4.1962—Dec. 28. .1963—June 29 . .

Dec. 20. .

1964—Jan. 2 9 . .Apr. 29. .May 27. .June 3 0 . .July 29. .Aug. 26. .Sept. 30'. .Oct. 28 r . .Nov. 25 r..Dec. 30 r . .

1965—Jan. 27*>..

61,126140,227134,924280,397287,411302,251

298,190304,130305,660310,404309,330311,540

26,61530,36143,002

172,822179,714192,686

190,010196,580199,210203,119202,950203,920

25,511101,28881,199

317,630 207,530317,860 207,340322,390 210,720328,310 216,600

325,810 214,530

50,74624,01916,284135,839141,014154,162

249.790254,590255,720260,179258,640

21,71426,08338,057140,106145,049156,006

153.050158,660160,860164,463163,840

260,330 164,400266,060 167,640266,160 167,07070.360?170,060

275,980

272,930

43,52107,18397,84695.69899.495110,127

206,179210.375211,293215.132213.635215,030220,105219,678223,153228,341

225,493

10,37916,20818,64144.55846.39748,089

48.40049,54049,94050.22650,69051.21051.57051.70052.03052.330

52,880

175,550

173,030

18,02122.77532.628118,637122,088131,712

129,103133.873135.665138.649138,042138,478141.393140.646143,241148,138

145,830

4.9014,2794.94432,71634,66536,679

36,96037.92038,35038.65639.11039.52039.89040.27040.66041,050

41,500

8,999 27,3448,577 35,41510,723 38,388

90,908

72,563 35,012 54,93969,708 37,989 52,04669,068 40,497 51,536

81,816165,612151,865303,653

347;896 309,428362,394 319,636

177,332175,091343,201

68,050 4066,180 4165,150 4165,337 4164,310 4264,900 42!66,710 43;66,980 4368,080 43;67,780 43;

,130 48,370 48,300 48948 54070 48720 48390 53,540 51590

66,850 44,430

410 313,950760 318,450420 319,500909 331,843950 322,830080 324,710020 336,980130 333,810860 338,290420 347,910

51,800 387,260 341,280

52,(

530 355710 361850 363073 373580 366810 369680 381880 379960 384;

930 56,550 394,

12,79316,00815,04215,267

14,09013,70013,68015,27213,77014,39015,82015,36015,46016,470

4,800

10 98214,065

225 2621,80890,60669,22166,434 29,298 5463,542 32,423 5163,196 34,959 50

,55134,806

006 37,50254,049

,156,711

7,7,3319,

• ,600 47.,810 47

79,104160,312155,377297.116299,875312,773

,330670 305890 310;580 272,400

,394,520147,130j47,,790 52,.960 50i,010 52

53,168 321

62,140 3460,120 3559.110 35,750 48,000 311,81059,322 3658,280 3658,800 3760,630 3761,130 3762,290 3862,000 38,430 55,550

71,283150,227144,103262,122266,179275,120

268,800

240535551528

570640630678690680690710700800

880

44,355105,935

1,3466,83911,0696,734 141,576

24710,2635.6,94,

110040,180,740

6,9906,340

10,98214,065

94,381141,084133,681

26,47945,61353,105139,188149,083155,531

137,480 158,990163,310164,910

139;160 166,469690 167,570760 168,840030 170,260160 171,840820 172,320470 174,830

135,134,141,141142;149,

3,990 143,050 178,560

720 314

60,990 38,910 50,850

19,53978.33857,91452,968 2450.399 2749,342

273,170909 284,903530 275,7100901277,230680 289,020640 285,630030 289,900200 298,880

332,500 291,800

5,961 23,1236,070 29,8457,304132,845

,092 47,42727.008 44,92929,073 44,395 261

68,12138,30432.060!49,51

48,344 2846.734 2945,97946,23545.22345,65147.24547.458 3148,383 3148,260 31

732 41768 41649 41249 46370'41901 kl467146574 44529145943 48

,480 .644 223,404889 259,460 226,817

254.6

983767 2697321262,830|263,423 274,680 271689 276,

260,441

2,7926,0085,0425,267

4,0903,7003,6805,2723,7704.3905,8205.3605,4606,470

4,800

61,717129,670122,528

488 219,468,619

469 229,376

227,459437 238,052606 229,4298251230,6423021241.331

47,297 32,366 44,461

3,70410,68211.9786.1296,1665,872

5,9106,0606.0406.0166.0306.1006.0805,8505.7905,780

5,860

1,7741,2461,7185,7145,5665,539

5,5305,5605,5505.5545.5505.5905.6005.5805,5805,500

5,520

737284,712 249,336

277,606

793609886890890826

860820850905860900880900900

1,000

950

237,656241,141

242,781

11,80417,02019,71446.08648,02049,621

50,08051,18051,61052,00052,42052,99053.34053.49053.83054,220

54,760

0,3853,5762,3535,3094,3884,518

3,3633,0193.0224,5273,0783,6615,05614,5594.64615,614

14,016

240535550526

570640630677690680690710700800

880

1406450358373382

429493489525536531542555551649

731

44,349105,921

1,3436,82911,060 133,6246,729

247,10569,1804,6.6,

820 137,420570030110640710980

740990340

3,990

1,70922,1791,1766,0869,7615,""

2,3943,7516,4409,342458,4604,325,319

636411

3,662

94,367141,041

141,534

15,95230,24135,36097,709105,903111,064

113,900117,310118,630119,587120,500121,410122,350

141 illO 123,710770 123,980420 125,850

136,;133,139,135,134,'140,!

142,149,

143,000 129,130

37,13669,64080,609117,999111,548

986 117,562

12,34724,21028,34079,71686,55090,929

113 823314182624319,458,969,793

93,39596,24097,32698,03498,86099,581100,304101,424

118,030 101,595103,207

65 ;782 124,084

118,307 106,065

10,53315,38517,76341.53143,24844,516

45.15046,05046,33046.94047,12047.48047,96048.18048.39049,030

49,480

614

14435842

60505050505050505050

10,52715,37117,74541,47843,18044,467

45.09046,00046,28046,88247,07047.43047,91048.13048,34048,980

23227

8,41410,54211,948

635 28,046,612

702 29,882

66 11

3,230 293,560 303,560 302,120 313,950 303,540 312,760 313,940 314,500 314,730 32

4,400 32,050

2321965

3,6271,5453,664

3,2303,5603,5602,0993,9503,5402,760

7,1738,95010,05924,09424,58225,677

25,38026,08026,38026,768

14,82614,55314,71413,94013,99314,079

14,09514,14014,15414,17514,19514,20314,23014,24214,25114,266

14,289

14,27814,01114,18113,42913,48213,570

13,58613,63313,64713,669

26,590 13,68926,76027,120

3,940 27,2504,5004,730

4,400

13,69713,72413,736

27,380 13,74627,610

27,650

420854

3,5501,440 203,499

5,8867,5898,4649,854",2381,054

3,0733,3713,3891,936 223,7403,354 222,6243,7334,2974,486

20,95221,50021,71922,06021,94722,08822,38222,47422,56022,761

4,186 22,799

1,2411,5921,8893,9514.0314,205

4,1504,2104,2404.2694,2804.3504.3804,3604.4204,400

21

50 49,430 4,400

13,761

13,784

6,6196,8846,9236,0496,0586,112

6,1246,1536,1616,1806,1866,1886,2046,2096,2216,225

6,235

548542533511511509

509507507506506506506506505505

505

For notes see end of table.


FEBRUARY 1965 COMMERCIAL AND MUTUAL SAVINGS BANKS 277

PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued




Total Loans

Securities

U.S.Govt.

Cashassets1

Other

Totalassets—Totallia-

bilitiesand

capitalac-

counts2

Deposits

Total i

Interbank

De-mand Time

Other

Demand

U.S.Govt. Other

Time

Bor-row-ings

Totalcapital

ac-counts

Num-berof

banks

Reserve city member banksNew York City: 5, 6, 7

1941—Dec. 311945—Dec. 311947—Dec. 311962—Dec. 281963—June 29

Dec. 20

1964—Jan. 29Apr. 29May 27June 30July 29Aug. 26Sept. 30Oct. 28Nov. 25Dec. 30

1965—Jan. 27*

City of Chicago: 51941—Dec. 311945—Dec. 311947_Dec. 311962—Dec. 281963—June 29

Dec. 20


1965—Jan. 27*

Other reserve city: 71941—Dec. 311945—Dec. 311947—Dec. 311962—Dec. 281963—June 29

Dec. 20


1965—Jan. 27*

Country member banks:1941—Dec. 311945—Dec. 311947—Dec. 311962—Dec. 281963—June 29

Dec. 20


1965—Jan. 27*

12,89626,14320,39332,98932,84734,827

33,65134,62435,46736,69335,96335,93637,90436,61137,59439,852

38,271

2,7605,9315,0888,9579,0829,615

9,2429,3169,3949,6369,3949,6389,9149,788

10,02110,419

10,245

15,34740,10836.04073,13074.61478,370

76,85978,65079,22680,46680,08080,66282,22282,23983,04484,683

83,987

12,51835,00236,32480,62382.95287,316

86,42787,78587,20688,33788,19888,79490.06591,04092,49493,387

92,990

4,0727,3347,17921,95421,44623,577

22,96523,96724,54425,49025,17924,64826,04025,04826,05127,733

26,573

9541,3331,8015,4185,5456,220

5,8376,0886,1736,2666,0926,3116,4216,4046,6007,003

6,767

7,1058,51413,44946,56748.16451,891

51,03452,81153,74954,60454,55755.04955,80455,71256,29257,907

57,428

5,8905,59610,19944,69846.93450,023

49,26751,00751,19952,28952,21452,47053.12853,48254,29855,495

55,062

7,26517,57411.9727,0176,5066,154

5,6915,3905,6195,7795,3225,6915,9735,7125,9546,127

5,630

1,4304,2132,8902,1292,0711,705

1,8231,7061,7061,7501,7371,7171,8571,7911,7861,853

1,850

6,46729,55220,19618,39817,32616,686

16,152

1,5591,2351,2424,0174.8955,095

4,9955,2675,3045,4245,4625,5975,8915,8515,5895,992

6,068

376385397,409,466,690

,582,522,515,620,565,610,636,593,635,563

1,628

1,7762,0422,3968,1659,1249,792

9,673

6,6376,4397,261

11,0509,8029,372

8,8648,8649,39310,5508,6698,62110,1839,63910,10310,975

9,427

1,5661,4891,7392,2802,1361,970

1,9942,1182,1852,1212,0911,9302,2512,2342,2322,363

2,163

8,51811,28613,06619,53918.52618,778

15,692 10,14715,29415,48815,01814,92215,680 10.15,722 10;

10,18310,37510,50510,691

15,98615,923

15,541

4,37726,99922,85725,42524.49624,797

24,67823,946

10,766 1810,853 19

11,018 18,353

19,86232,88727,98246,13544,98146,434

44,91246,04047,34649,71647,13746,92950,69648,75850,17153,356

50,166

4,3637,4596,86611,43211,44011,776

11,43711,67611,80612,04611,73311,81712,45812,30512,53713,077

12,703

24,43051,89849,65994,91495.43399,643

96,18498,56998,750102,24599,824100,348104.065103,165104,306107,096

104,997

2,2502,4083,26810,50111,52212,496 14,274 103

6,40210,63210.77814,55914,465

19,46646,05947,55397,00899,361',615

12,48212,832

1313

23,360 12,647 13830 14

1323,21823,14623,32123,73524,23324,65724,357

24,276

12,12,83813,00313,20213,32513,53913,535

13,652

102,111103.175

406 102,539105.430103,912

14,094 104,731107,083107,627109.392

15,642 111,183

14,518 109,740

17,93230,12125,21637,88537,45438,327

36,67437,64838,59041,54538,47538,33842,28740,00140,75343,684

40,890

4,0577,0466,4029,993

10.14110,296

9,97710,26310,41410,63010,28910,35110,96410,80211,00911,433

11,177

22,31349,08546,46784,24885.55587,994

84,93886,60186,81491,14587,60988,16991,95090,42291,29994,475

92,273

17,41543,41844,44387,34289.47092,759

91,81592,30591,64194,73393,05693,78496,13096,43198,08099,744

98,441

4,2024,6404,4534,7834,7344,289

4,0404,0444,0714,7113,9934,0004,7274,2994,3944,782

4,274

,035,312,217,277,202,211

,075,114,151,182,148,229,327,238,251,264

1,153

4,3566,4185.6277,4776.8117,225

6,5126,2326,2316,8946,3206,7327,2177,1527,1027,571

6,758

7921,2071,0561J731,6411,793

1,7361,6291,5691,7391,6171,7001,7851,8701,8991,997

1,831

61712

207187214

256304295317341336340350333417

457

10430228211095

98117115118115116115118132147

184

8666,940267

1,4082,0521,419

351833

1,3492,112987992

2,3501,0591,2611,425

795

1271,552

72410584395

100212384587282298616288380399

259

4918,221405

2,3373.7932,212

8131,5862,7083,7711,8752,1513,2441,6852,5802,223

1,580

2255,465432

1,9313,3321,960

,130,120,999,872,492,970

2,2501,2932,0981,735

1,028

12,05117,28719,04022,23120.35120,960

8071,2361,4459.25610.13111,446

20,06120,14019,67021,22419,60619,38321,19920,32420,679 1422,792

11,96612,32713,20513,18113,54813,62713,67113,969' ',08614,268

20,670

2,4193,4624,2015,2644,8404,887

4,8394,8934,8104,7444,6904,6524,8404,9394,9065,250

5,076

14,694

476719913

3,0253.4993,787

3,9484.0284.0464,0904,1454,1494,1584,3144,4504,499

4,663

12,55724,65528,990 1143,609 3041.29143,459 35

4,8069,760,423,743

33.549,004

41,439 36,41,32140,009 3742,387 3741,155 3840.740 3842,689 3842,618 3842,85145,067 39

07637,345

.751,974,144.430.685,849

38,634,467

42,848 40,903

10,10924,23528,37846.895 3645.066 3948,256 40

6,25812,49414,560

,692.371,693

47,484 4146,960 4245.693 4247,270 4246.868 4346,683 4348.24148,912 4449,594 4450,975 44

,405,540.324,788.023375

43.790,292,425,973

19530

1,728794

1,438

1,2941,2701,494924

1,4761,365938

1,3451,7842,157

1,781

262111255

257166185210201197258255256313

232

49,713 45,805

21

1,388407

1,417

1,1461,5001,301572

1,6471,4151,1501,7251,8451,5-53

1,756

41123172127390

376435409230416377278408412483

417

1,6482,1202,2593,8983,9313,984

4.1614,2034,3514,4024,3884,4214.4474,4364,4344,472

4,465

288377426948974996

1,0021,0121,0081,0171,0181,0241.0341,0341,0441,055

1,046

1,9672,5662.8447.2637.4407,697

7,7737,9848,0328,1108,1258.1738,3248,3578,3608,459

8,504

1,9822,5252.9347.7447.8948,377

016,301328531416470

8.5778,6478,7228,775

8,784

363737171313

13131414141414131313

13

131214131212

12121212121212121212

12

351359353191194190

189186183183184185"185C184*182C182

184

6,2196,4766,5195,8285.8395,897

5.9105,9425,9525,9715,9765,977

C5,993c6,000'6,0146018

6,026



278 COMMERCIAL AND MUTUAL SAVINGS BANKS FEBRUARY 1965





Total Loans

Securities

U.S.Govt. Other

Cashassets *

Totalassets—

Totallia-

bilitiesand

capitalac-

counts *

Deposits

Total

Interbank *

De-mand Time

Other

Demand

U.S.Govt. Other

Time

Bor-row-ings

Totalcapital

ac-counts

Num-berof

banks

Insured commercialbanks:1941—Dec. 31..1945—Dec. 31..1947—Dec. 31..

1961—Dec. 30..1962—Dec. 28..1963—Dec. 20..1964—June 30..

National memberbanks:1941—Dec. 31..1945—Dec. 31..1947—Dec. 31..

1961—Dec. 30..1962—Dec. 28..1963—Dec. 20..1964—June 30..

State member banks:1941—Dec. 31..1945—Dec. 31..1947—Dec. 31..

1961—Dec. 30..1962—Dec. 28..1963—Dec. 20..1964—June 30..

Insured nonmembercommercial banks:

1941_Dec. 31..1945—Dec. 31..1947—Dec. 31..

1961—Dec. 30..1962—Dec. 28..1963—Dec. 20..1964—June 30..

Noninsured non-membercommercial banks:

1941—Dec. 31..1945—Dec. 31..1947_Dec. 31.*

1961—Dec. 30.,1962—Dec. 28..1963—Dec. 20.,1964—June 30.,

Nonmembercommercial banks:

1941_Dec. 31.,1945—Dec. 31..1947—Dec. 31..

1961—Dec. 30.,1962—Dec. 28.,1963—Dec. 20.1964—June 30.,

Iniured mutualtarings banks:

1941—Dec. 31.1945—Dec. 31.1947_Dec. 31.

1961—Dec. 30.1962—Dec. 28.1963—Dec. 20.1964—June 30.

49,290121,809114,274

213,904234,243252,579258,597

27,57169,31265,280

116,402127,254137,447141,198

15,95037,87132,566

63,19668,44472,68073,934

5,77614,63916/"

34,32038,55742,46443,476

1,4572,2112,009

1,5361,5841,5711,571

7,23316,84918,454

35,85640,14144,03545,047

1,69310,84612,683

35,66038,59741,66443,431

21,25925,76537,583

124,348139,449155,261163,715

11,72513,92521,428

67,30975,54884,84589,469

6,2958,85011,200

38,92443,08946,86649,179

3,2412,9924,958

18,12320,81123,55025,066

455318474

577657745748

3,6963,3105,432

18,70021,46924,29525,815

6423,0813,560

25,8128,77832,30034,050

21,04688,91267,941

6,9847,1318,750

66,026 2365,89162,723 3458,880 36

,53128,903",594,002

12,03951,25038,674

3,8064 1375,178

36,088 1335,66333,384 1931,560 20

,00616,042",218

,168

7,50027,08919,240

2,1551,9332,125

17,97117,30515,95814,675 10

6,3028,0509,855",080

1,50910,58410,039

11,97212,93213,39112,654

7611,6931,280

553534463432

2,27012,27711,318

12,52513,46613,85413,087

6297,1608,165

4,6904,6394,3244,316

1,0251,0631,448

4,2254,8145,5235,755

241200255

406392362390

1,2661,2621,703

4,6315,2065,8856,145

421606958

5,1585,1805,0415,064

25,78834,29236,926

56,08653,70250,33752,845

14,97720,11422,024

31,07829,68428,63529,511

8,1459,73110,822

18,50117,74415,76017,256

2,6684,4484,083

6,5086,2765,9426,078

763514576

346346374323

3,4314,9624,659

6,8546,6226,3166,401

151429675

82878472:799

76,820157,544152,733

276,600295,093310,730319,913

43,43390,22088,182

150,809160,657170,233175,250

24,68848,08443,879

84,30388,83191,23594,186

8,70819,25620,691

41,50445,61949,27550,488

2,2832,7682,643

1,9612,0092,0291,984

10,99222,02423,334

43,46547,62851,30452,472

1,95811,42413,499

37,06539,95143,01945,022

69,411147,775141,851

247,176260,609273,657283,463

39,45884,93982,023

135,511142,825150,823155,978

22,25944,73040,505

74,11976,64378,55382,074

7,70218,11919,340

37,56041,14244,28045,411

1,8722,4522,251

1,5131,5131,4631,439

9,57320,57121,591

39,07342,65445,74346,850

1,78910,36312,207

33,40036,10438,65740,797

10,65413,883

12,615 54

17,73715,84415,07715,072

1,76223,740

1,325

41,29880,27692.975 34

i,276 29!15,699~~,876

,882

333402443591

934 141,050 82,122140,169 97,380

5,6,8156,712 .10,234 138,323

O U ITVi m.\J7 ^i * JOV

712 140,702 110,723119,243

6,7869,229

8,375 35

10,3599,1558,8638,488

104127146161

3,7394,411

3,978 15

6,8356,1545,6556,038

199231236364

129244

262 4

543535559546

1,08814,013

795

3,3153,7353,6915,822

6218,166

381

2,0662,3512,2953,520

531,560

149

553729726892

23,26245,473 1653,541

8,3226,224

19,278

1,292 4576,76,075 5376,836<75,369 66

,441,733

61,288",137

13,87424,16827,068

4,0257,9869,062

43,303 21,71641,924 25,98340,725 29,64240,255 31,897

4,16210,63512,366

3,3605,6806,558

21,456 14,22,17023,14022,699 21

,97917,664",793,209

177

177164190200

329181

185

1481338385

1,2911,90518 1,392

439

719699749745

457425

869872832787

190

178176144151

5,50414,101167] 13,758

565743743915

253365478

307330341344

3,6136,0457,036

22,325.......... 15,28623,042 17,99423,972 20,13423,486 21,553

1021561

6,844 13,4268,671 13,2979,734 13,398

462 22,0893,584 23,7123,571 25,2772,035 26,358

13,108-,- 13,119

25,277 13,28413,394

7845

2251,6361 704

841

130

2131,9141,7951,095

181112

3377165163

121,789

10,351",19212 12

256 33267292333

,13735,82738,35940,456

3,6404,6445,409

11,87512,75013,54814,262

2,2462,9453,055

6,7637,1047,5067,799

9591,0831,271

3,4523,8704,2344,309

329279325

370371389399

1,2881,3621,596

3,8224,2404,6234,708

1641,0341,25"

3,1913,3433,5723,618

5,1175,0175,005

4,5134,5054,6154,702

,502,867|918

,600,544,497,478

6,8106,4166,478

6,9977,0727,1737,215

852714783

323308285274

7,6627,1307,261

7,3207,3807,4587,489

52192194

330331330327



FEBRUARY 1965 COMMERCIAL AND MUTUAL SAVINGS BANKS 279




Noninsured mutual sayingsbanks:

1941—Dec. 311945—Dec. 311947_Dec. 31 3

1961—Dec. 301962—Dec. 281963 Dec. 201964—June 30


Total

8,6875,3615,957

5,6005,9616,4256,795

Loans

4,2591,1981,384

3,5813,9384,3804,605

Securities

U.S.Govt.

3,0753,5223,813

1,4461,4901,5481,700

Other

1,353641760

572533498490

Cashassetsi

642180211

108106104105

Totalassets—

TotalHa-

bilitiesand

capitalac-

counts 2

9,8465,5966,215

5,7686,1346,6026,977

Deposits

Total 1

8,7445,0225,556

5,0875,4275,8596,143

Interbank1

De-mand Time

Other

Demand

U.S.Govt.

621

1111

Other

2

468

15

Time

8,7385,0205,553

5,0835,4205,8516,128

Bor-row-ings

6

1

1

Totalcapital

ac-counts

1,077558637

577608633651

Num-berof

banks

496350339

184180179179

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.• Beginning with May 18, 1964, one New York City country bank with

loans and investments of $1,034 million and total deposits of $982 millionwas reclassified as a reserve city bank.

7 See note 6, p. 587, May 1964 BULL.NOTE.—Data are for all commercial and mutual savings banks in the

United States (including Alaska and Hawaii, beginning with 1959). Com-

parability of figures for classes of banks is affected somewhat by changesin F.R. membership, deposit insurance status, and the reserve classifica-tions of cities and individual banks, and by mergers, etc.

Data for June 30, 1964, for national banks have been adjusted to makethem comparable with State bank data. (Dec. 20, 1963 data also ad-justed to lesser extent.)

Figures are partly estimated except on call dates.For revisions in series before June 30, 1947, see July 1947 BULL., pp.

870-71.See also NOTE, p. 643, May 1964 BULL.

LOANS AND INVESTMENTS AT COMMERCIAL BANKS


Period

Seasonally adjusted

Total1 Loans1

Securities

U.S.Govt. Other


Total1 Loans1

Securities

U.S.Govt. Other

1957—Dec. 31...1958—Dec. 31...1959—Dec. 31...

1960—Dec. 31...1961—Dec. 30...1962—Dec. 31 2..1963—Dec. 31 2.,1964—Dec. 31 2*

1964—Jan. 29...Feb. 26...Mar. 25...Apr. 29...May 27...June 30...July 29...Aug. 26...Sept. 30'..Oct. 28*..Nov. 25»..Dec. 31 2P

1965—Jan. 27 *>. .

166.4181.2185.9

194.5209.8228.3246.5266.0

246.7248.4251.4251.8253.5256.3254.5258.7261.7260.8264.9266.0

268.7

91.495.6

107.6

113.8120.5133.9149.4166.7

151.0151.8153.9155.4157.3160.0159.7161.5163.0163.1165.2166.7

169.9

57.165.157.8

59.965.465.262.160.9

60.861.262.160.860.360.058.460.261.259.961.360.9

59.5

17.920.520.5

20.823.929.235.038.4

34.935.435.435.635.936.336.437.037.537.838.438.4

39.3

169.3184.4189.5

198.5214.4233.6252.4272.6

246.2247.2249.9250.6251.5257.3254.2256.1262.2262.1265.7272.6

268.1

93.297.5

110.0

116.7123.9137.9153.9171.7

149.5150.6152.8154.7156.7161.6159.4160.2163.7163.0165.4171.7

168.2

58.266.458.9

61.066.666.463.462.4

62.161.561.560.159.159.358.358.860.761.162.362.4

61.0

17.920.620.5

20.923.929.335.138.5

34.635.135.635.835.836.436.537.137.838.038.038.5

38.9

1 Adjusted to exclude interbank loans.2 Data are estimates.

NOTE.—For back data, see June 1964 BULL., pp. 693-97.

For description of seasonally adjusted series, see July 1962 BULL. pp.797-802.

Data are for last Wed. of month and are partly estimated (except forJune 30 and Dec. 31 call dates).


280 COMMERCIAL BANKS FEBRUARY 1965

LOANS AND INVESTMENTS BY CLASS OF BANK


Class ofbank andcall date

Totalloans l

andinvest-ments

Loans 1

Total 2

Com-mer-cialandin-

dus-trial

Agri-cul-tur-al

Forpurchasingor carryingsecurities

Tobro-kersanddeal-ers

Toothers

Tofinancial

institutions

Tobanks

Toothers

Reales-tate

Othertoin-di-vid-uals

Other

Investments

U.S. Governmentsecurities

Total BillsCer-tifi-

catesNotes Bonds

Stateandlocalgovt.secu-rities

Othersecu-rities

Total: 21947—Dec. 31..1961—Dec. 30..1962—Dec. 28..1963—Dec. 20..1964—June 30..

All insured1941—Dec. 31..1945—Dec. 31..1947—Dec. 31..

1961—Dec. 30..1962—Dec. 28..1963—Dec. 20..1964—June 30..

Member, total1941_Dec. 31..1945—Dec. 31..1947—Dec. 31..

1961—Dec. 30..1962—Dec. 28..1963—Dec. 20..1964—June 30..

New York City:1941—Dec. 31..1945_Dec. 31..1947_Dec. 31..

1961—Dec. 30..1962—Dec. 28..1963—Dec. 20..1964—June 30..

City of Chicago:1941—Dec. 31..1945—Dec. 31..1947_Dec. 31..

1961—Dec. 30..1962—Dec. 28..1963—Dec. 20..1964—June 30..

Other reserve city:1941—Dec. 31..1945—Dec. 31..1947—Dec. 31.,

1961—Dec. 30.,1962—Dec. 28.,1963—Dec. 20.,1964—June 30.,

Country:1941—Dec. 31.,1945—Dec. 31.,1947—Dec. 31.,

1961—Dec. 30.1962—Dec. 28.,1963—Dec. 20.1964—June 30.

Nonmember1947_Dec. 31.1961—Dec. 30.1962—Dec. 28.1963—Dec. 20.1964—June 30.

116,284215,441235,839254,162260,179

49,290121,809114,274

213,904234,243252,579258,597

43,521107,18397,846

179,599195,698210,127215,132

12,89626,14320,393

30,29732,98934,82736,693

2,7605,9315,088

7,6068,9579,6159,636

15,34740,10836,040

68,56573,13078,37080,466

12,51835,00236,324

73,13180,62387,31688,337

18,45435,85640,14144,03545,047

38,057 18,167 1,660124,925 45140,106 48156,006 52J947 7J470 5164,463

830 1,2202134

8 ,45,172 6,248 4,056 2,134

097 5,144 2,131353 2,509526 2,704

,673,947

55,061 688 5

21,25925,76537,583

124,348139,449155,261163,715

18,02122,77532,628

9,214 1,4509,461 1 " "18,012 1

1,314 3614 662

44,96548,45852,74354,855

,610

6,2117,060 57,444 57,,663 5

,164 3,606823 1,190

4,030 2,107',119 2,103,321 2,476,492 2,671

8,6718,949

16,962 1

972855

,046

594 598855 3,133 3,378~ " 811 ' " ' "

3,934 3,877106,232 40,931118,637 43,843131,712 47,403138,649 49,217 4J55 5J341

,419 4659 5

1,065

1,827954 1,777124 2,136- ' 2,320

4,0727,3347,179

2,8073,0445,361

8 412 1692,453 1,172

19,53521,954 1123,577 1225,490

11,278,943,332

12,647

545

23 1,95617 2,76626 2,67721 3,045

9541,3331,801

4,6265,4186,2206,266

7,1058,51413,449

732760

1,418

2,6092,9413,3783,332

3,4563,6617,088

16,879

300205225

1,076

4821173

354407497498

114427170

97642,379 ,46,567 17,660 1,179 1,05351,89154,604

18,862 1,219 1,24319,624 1,173 ' ' "1,155

5,8905,59610,199

1,6761,4843,096

,165 2

659648818

39,69344,69850,02352,289 13,614 3

10,11,299 312,831

,811,187

3,374",535

5,43218,70021,46924,29525,815

1,2054,2414,8305,544 25,844 2

6142,314-,678,811,933

204223

591728708644

20179190229185

267

467425569625

5223387

137152181192

1941,503484

784752891970

183471227

438447496534

156306354373384

1151,0332,5783,6052,881

4049114

1,0272,551

9,39330,320 27, ,

8J459 34,259 30,553 3,909 667,311

5,723",847 3,412 66

9,479 39,056 34,550 410,450 41,388 37,594 4

947 69,221,578,434

63,19659,322

,034,421

3,594

4,7734,6779,266

7,296 30,2118,434 349,415 381861

4,5052,361 1,132 885,654 914

8,434 34,123 30,402 3,8909,415 38,861 34,383 4,015

2J839 10,414 41,190 37,432 4,403

3947113

1,0142,4453,4392,733

322693

376572

1,0071,014

3,4943,4557,130

21,04688,91267,941

708 3,396 66,02665,89162,72358,880

3,6531,900 1,057 784,662

6,893 23,987 22,852 3,198 54,0587,936 27,162 24,799 3,657 52,9688,875 31,009 27,908 3,765 49,3429,887 32,794 30,275 4,137 46,235

1,7112,0872,2472,762

5389

242200

41715

4701,0201,224953

245

116764966565

21913:166149

669703751893

12380111

9341,3291,9682,296

223646

221362401409

1,5271,4593,147

522287564

2,0722,143 1,1962,2572,548

51149

476523594600

95

8551,969

3,2613,5834,286 124,706 13,207 12

9,59011,030",525

1,2511,5631,5911,525

418523604563

1,8231,8813,827

13,24214,44116,11416,883

2,2666,3417,0978,0478,594

1,528707

1,979

11,13212,27313,95115,063

1,0614,9955,7546,6437,320

19,53978,338

839 57,914

7,265272 17,574

11,972238

1,220

1,0681,128

4026

229369318318

7,8627,0176,1545,779

1,4304,2132,890

2,0412,1291,7051,750

508 6,467387 29,552

20,196351

9989,1729,860 1,266 1811,106 1,462 16,063 ,753

19,748'-,398,686

15,488

4,377359 26,999224 22,857

751 24,40725,425

917 24,797939 23,218

826 25

109 11,318214 12,525

13,46613,854

284 13,087

2,1931,4881,6741,0599,061

9882,4552,124

1,3561,5140,9528,970

7,7892,114 26,336 263,9321,658

35

6,034 53,20526,64126,987 24

5,276 3,72920,345 3,592

, 24,755 4,543415 28,065 29,786 5,173

27,085 31,419 4,975

23,84122,41523,141

19,0717,552

3,15916,045 515,918 52

16,899",342

,347

3,651 3,3333,873 3,2585,129 3,621

2,098 26,145 26,426 20,068 3,4623,916 23,715 26,746|24,547 4,3561,649 22,316 27,806 29,559,5,035

32 23,044 26,835 31,1844,818

9712,275 16,985 141,987 5,816

3,0074,2714,815 45

15,56144,807'-,295

9,2298,8628,0326,707

311477

1,002

2,1171,9981,7111,333

256133132

478377347418

2951,034373

3,0202,3432,1522,206

110630480

3,6144,1443,8222,749

2062,2592,8123,0272,354

1,8423,2491,307 18

16

16,69121,390 21,59819,443 21,414 20i773 318,072 21,93218,572 20,940

3,433640

442508147

1,467235

9211542

6,9822,358

7411,403545

1,6233,325558

2,4962,4882,3412,625

153749248

728849599652

7515,6531,901

8,6057,2576,6006,566

5,1022,583

5661,22357315

1,97327268335119

4814,544 162,108

9,560 108,849 118,5318,728

1,2194,9474,3984,3434,569

5,33110,3399,772

2,8062,0231,9551,821

1,0221,8642,274

743788717680

5,42115,88315,563

7,3827,3957,3906,715

3,7876,72217,687

,667,209

11,87111,725

7,9205,0465,5736,1336,144

3,090 2,8713,2542,8154,199 3,105

210 3579 3

2,617,319,864,670

729606638

2,6353,5854,6534,952

182181213

8161,2421,3611,370

9561,1261,342

5,7107,2528,8109,449

7,5308,69410,38510, ~ "808 2

1,0783,6553,9824,576 14,841

830629604

265432442472

193204185

124168329251

820916,053

727913981925

1,222 1,0281,342 1,0672,006 1,262

1,5001,8072,111-,022

625976

1,2241,3091,305

i Beginning with June 30, 1948, figures for various loan items areshown gross (i.e., before deduction of valuation reserves); they do notadd to the total and are not entirely comparable with prior figures. Totalloans continue to be shown net.

2 Breakdowns of loan, investment, and deposit classifications are notavailable before 1947; summary figures for earlier dates appear in thepreceding table.

For other notes see opposite page.


FEBRUARY 1965 COMMERCIAL BANKS 281

RESERVES AND LIABILITIES BY CLASS OF BANK


Class ofbank amcall date

Total-.21947—Dec.1961—Dec.1962—Dec.1963—Dec.1964—June

All insured:1941—Dec.1945—Dec.1947—Dec.

1961—Dec.1962—Dec.1963—Dec.1964—June

Member, total1941—Dec.1945—Dec.1947—Dec.

1961—Dec.1962—Dec.1963—Dec.1964— June

I

3 1 . . . .30 . . . .2 8 . . . .20 . . . .30 . . . .

3 1 . . . .3 1 . . . .3 1 . . . .

30 . . . .2 8 . . . .20 . . . .30 . . . .

' 3 1 . . . .3 1 . . . .3 1 . . . .

30 . . . .2 8 . . . .20 . . . .30 . . . .

New York City:1941—Dec. 3 1 . . . .1945—Dec. 3 1 . . . .1947_Dec. 3 1 . . . .

1961—Dec.1962—Dec.1963—Dec.1964—June

30.. .28. . .20. . .30.. .

City of Chicago:1941_Dec. 3 1 . . .1945_Dec. 3 1 . . .1947—Dec. 3 1 . . .

1961—Dec.1962—Dec.1963—Dec.1964—June

30.. .28. . .20. . .30. . .

Other reserve city:1941—Dec. 3 1 . . .1945_Dec. 31 . . .1947—Dec. 3 1 . . .

1961—Dec.1962—Dec.1963—Dec.1964—June

Country:1941—Dec.1945—Dec.1947_Dec.

1961—Dec.1962—Dec.1963—Dec.1964—June

Nonmember:2

1947_Dec.1961 Dec.1962—Dec.1963—Dec.1964—June

30.. .28. . .20. . .30. . .

3 1 . . .3 1 . . .3 1 . . .

30.. .28 . . .20. . .30.. .

3130282030

Re-serveswithF.R.

Banks

17,16,17,17,16,

12,15,17,

16,17,17,16,

121517

16171716

544

3433

1

1

11

467

7777

244

5444

796918680150774

396810796

918680150774

396811797

918680150774

105015639

,286,121,625,919

,021942

,070

889,071,019923

,060,326,095

,533,671,587,106

,210,527,993

,210,817,919,826

Cur-rencyandcoin

2,3,4,4,4,

1,1,2,

34,44

111

2333

1

1

112

1

216689252048539

358829145

670232033524

087438672

813263131511

93111151

240251264273

433630

37444953

425494562

858,021935

,072

526796929

,678,947,884,113

544876989917

,02

Bal-anceswithdo-

mesticbanks3

10,21614,16913,09912,31212,693

8,57011,0759,736

13,87112,79511,98412,409

6,2467,1176,270

8,7247,8977,3597,807

1417870

1431569682

298200175

1589998

151

2,5902,1742,125

2,5422,2532,1052,296

3,2164,6653,900

5,885,3895,0605,27

3,945,445,204,954,88

De-mand

de-posits

ad-usted*

87,22,24,26,22,

37,74,85,

21,23,25,21,

33,64,73,

00,01,02,99,

10,15,16

17171616

2

I3443

112225

36353534

92327

43444644

1321222323

123654342579537

845722751

671361615608

754184528

660528816288

761065653

089095763389

215153737

809262144845

,117,372,714

,187,481,859,281

,661,595,424

,575,689,049,773

,595,994,814,76,249

Interbank

Do-mestic 3

11,16,14,14,13,

9,12,11,

16,14,13,13,

91210

15141313

333

4333

111

1111

465

8766

1

111

362574713048909

823566236

440579900756

714333978

924071378247

595535236

330,854,487,791

,027,292,196

,578,235,169,135

,302,307,497

,107,229,958,616

790,199,049

,910,753,764,705

38649646766

For-eign 5

11111

11

1111

11

1111

1

,430,340,295,218,363

673,248,379

,298,265,177,316

671,243,375

,270,237,140,280

607,105,217

967929801920

82021

45414347

54110131

243248267278

1192934

5705784

Demand deposits

U.S.Govt.

1,5,6,6,0,

3',1,

5,6,6,0,

1,22,

1,

5659

6

1

1

8

2223

5

1112

343946829729257

762740325

934815712234

709179176

381086986342

866940267

267408419112

127,552

72

369410395587

491,221405

,103,337,212,77

22,46432

,64,93,960,87

1656747491

Stateandlocalgovt.

6,79912,24212,07112,25612,583

3,6775,0986,692

12,14911,99112,17512,491

3,0664,2405,504

9,4879,2709,3769,639

319237290

333366368420

233237285

315351275311

1,1441,7632,282

3,5203,2163,1443,234

1,3702,0042,647

5,3205,3375,5905,674

1,292,752,802,882,94

Certi-fiedandoffi-cers'

checks,etc.

2,5,4,4,4,

2!2,

5444

12

4

44

11

2222

1

11

581056511494832

077585559

023434429781

009450401

654083055379

450338

,105

,583,237,119,323

346663

124109112114

286611705

,152980

,034,086

2394352

797579085

1840424345

IPC

84,124,124,124,121,

36,72,83,

123,123,124,121,

33,62,72,

105,104,104,101,

111517

20191818

233

4444

112226

40393938

82125

40404140

1219192020

987622459784695

544593723

878744098051

061950704

454646130605

282712646

213628473480

152160853

830804500319

,127,281,003

,315,413,28,067

,500,79,20

,09,80,87,74

,28,16,81,65,09

Time deposits

inter-bank

240481535526677

1587054

333402443591

1406450

303358382525

61712

191207214317

14181725

1043022

628295

118

301717

3755664

19017171415

U.S.Govt.and

PostalSav-ings

111283269269257

59103111

283269269257

5099

105

260243240227

1012

38537671

2

6

203845

110837269

3524

1010088

2'223

Stateandlocalgovt.

8665,4656,4507,9088,680

492496826

5,4126,3977,8538,634

418399693

4,3715,1586,3647,045

292014

162266449528

(

816

185199

243160332

2,3102,6332,9503,362

14621933

1,892,242,772,95

171,091,291,541,63

IPC

34,76,90,02,10,

15,29,33,

76,90,02,10,

1123,27,

62748490

11

68

1012

1333

49

11

23283134

61214

29343739

614161819

383680991886650

146277946

426714600352

878712542

526316326762

778206418

735937920582

476719902

,996,001,595,887

,542,563,045

,962,027,982,544

,082,224,17

,834,350,82,74

,85,16,67,56,88

Bor-row-ings

65471

,627,664,099

10215

61

462,584,571

2,035

4208

54

4383,5503,499

,936

"19530

2831,7281,438

924

35262255210

""2

811,3881,416

572

12

4173923

137

1616

Caua<

cov

0,2,4,5,

26,

6,8,9,

22,23,25,26,

5,7,8,

8,9,

22',

1,22

333

1

122

6778

22

7788

13444

t:-mts

059459094677768

844671734

089712277358

886589464

638854054060

648120259

683898984402

288377426

870948996017

967,566,844

,997,263,697,110

,982,525,934

,088,744,377,531

,596822240

,623,708

3 Beginning with 1942, excludes reciprocal bank balances.4 Through 1960, demand deposits other than interbank and U.S.

Govt., less cash items in process of collection; beginning with 1961,demand deposits other than domestic commercial interbank and U.S.Govt., less cash items in process of collection.

5 See note 6, May 1964 BULL., p. 589.

NOTE.—Data are for all commercial banks in the United States. Thesefigures exclude data for banks in U.S. possessions except for member

banks. Comparability of figures for classes of banks is affected some-what by changes in F.R. membership, deposit insurance status, and thereserve classifications of cities and individual banks, and by mergers, etc.

Data for June 30, 1964, for national banks have been adjusted to makethem comparable with State bank data. (Data for Dec. 20, 1963, alsoadjusted to lesser extent.)

Also see NOTE, May 1964 BULL., p. 589.For other notes see opposite page.


282 WEEKLY REPORTING MEMBER BANKS FEBRUARY 1965

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES


Wednesday

Totalloansand

invest-ments1

Loansand

invest-ments

ad-justed 2

Loans

Loansad-

justed2

Com-mer-cialand

indus-trial

Agri-cul-tural

For purchasingor carrying securities

To brokersand dealers

U . S .Govt.

curi-ties

Other

curi-ties

To others

U.S .Govt.

se-curi-ties

Other

curi-ties

To financial institutions

Bank

For-eign

Do-mes-tic

com-mer-cial

Nonbank

Pers.andsales

finan.COS.,

etc.

Other

Realestate

Allother

Valua-tionre-

serves

Total-Leading CMea

1964

Jan. 8 ,152229

Dec. 29

162330

1965

Jan. 61320

27

New York City

1964

Jan. 8152229

Dec. 29

162330

1965

Jan. 61320 . . . .27

OutsideNew York City

1964

Jan. 8152229

Dec. 29

162330

1965

Jan. 6132027

140,855140,965138,808137,764

149,460148,789151,814151,599153,695

152,715151,368151,014150,705

34,09834,25533,47033,228

35,96936,03537,64437,18338,176

37,27836,90636,58636,591

106,757106,710105,338104,536

113,491112,754114,170114,416115,519

115,437114,462114,428114,114

138,816138,696136,814135,868

90,81990,93789,74189,122

146,997146,275148,993'149,449151,010 102

98,99298,374100,796101,012",227

149,784 101148,747148,792 100148,145

,224100,905100,450100,079

33,69133,56032,77632,412

35,14634,93636,29336,57937,356

36,69136,16435,95435,838

105,125105,136104,038103,456

111,851111,339112,700i12,870113,654

113,093112,583112,838112,307

22,69522,74222,18321,921

24,33524,02125,19925,30425,938

25,31725,05724,93824,841

68,12468,19567,55867,201

74,65774,35375,597'75,70876,289

75,90775,84875,51275,238

37,81837,64137,42437,195

40,99940,91441,66841,66842,119

42,08441,93841,86341,834

12,35712,21712,17212,058

13,19713,17913,49113,48513,859

13,89013,78213,75013,732

25,46125,42425,25225,137

27,80227,73528,17728,18328,260

28,19428,15628,11328,102

1,561,559,551,531

,621,623,639,607.591

,579,577,569,565

1,5351,5321,5301,510

1,6021,6041,6201,587

1,571

1,5601,5581,5491,546

7791,114984642

690468902909

1,114

9671,5201,241931

298478500380

360306450603640

428591530398

481636484262

330162452306474

539929711533

3,8273,9283,5163,453

3,1733,0723,3823,3213,517

3,2113,0503,1093,080

2,3412,3762,1022,007

1,7881,6771,9681,9322,104

1,7861,6971,6701,681

,486,552,414,446

,385,395,414,389,413

,425,353,439,399

115121117108

6665736672

,729,723,720,726

,936,936,930,946,974

,961,949,962,954

537535539542

582584585588602

593583588583

1,1921,1881,1811,184

1,3541,3521,3451,3581,372

1,3681,3661,3741,371

993970973982

1,3531,3661,3741,4191,560

1,5431,5101,4941,500

512500496525

739737731759843

821816803798

481470477457

614629643660717

722694691702

2,0392,2691,9941,896

2,4632,5142,821

r2,1502,685

2,9312,6212,2222,560

407695694816

8231,0991,351604820

587742632753

,632,574,300,080

,640,415

1,4701,5461,865

2,3441,8791,5901,807

4,3084,1873,7943,788

4,4184,1904,8644,9134,929

4,6764,3684,2224,203

1,380',400

,175,230

,383,262,654,629,516

,445,301,266,269

2,9282,7872,6192,558

3,0352,9283,2103,2843,413

3,2313,0672,9562,934

3,6033,5953,5533,551

4,0134,0274,0474,0774,103

4,1294,0744,0474,034

698687682673

817819828825825

873855850868

2,9052,9082,8712,878

3,1963,2083,2193,2523,278

3,2563,2193,1973,166

17,88917,94417,98317,991

19,90919,93419,948'20,01120,008

20,01220,06420,05420,075

1,8091,8221,8251,815

2,2702,2792,2652,2772,283

2,2902,2972,2702,281

16,08016,12216,15816,176

17,63917,65517,68317,73417,725

17,72217,76717,78417,794

20,24220,20320,17320,197

22,91822,88123,05923,158'23,320

23,27023,06723,09823,121

3,2683,2323,2043,204

3,7403,7173,7633,7403,785

3,7723,7173,7883,810

16,97416,97116,96916,993

19,17819,16419,29619,418

r19,535

19,49819,35019.31019,311

2,0452,0482,0472,042

2,1042,1022,0902,0832,080

2,2782,2782,2802,288

562562562562

570568565564553

613613614614

1,4831,486',485

,480

,534,534,525,519,527

,665,665,666,674

For notes see p. 284.


FEBRUARY 1965 WEEKLY REPORTING MEMBER BANKS 283

ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued


Wednesday

Investments

U.S. Government securities


cates

Notes and bondsmaturing—

With-in

lyear1 to

5 yearsAfter

5 years

Othersecu-rities

Cash assets 3

Total

Bal-anceswith

domes-tic

banks

Bal-anceswithfor-eign

banks

Currencyandcoin

Re-•erveswithF.R.

Banks

Allotherassets

Totalassets—

Totalliabili-

tiesand

capitalaccount!

Total-Leading Cities

1964

Jan. 8..15..22.,29.,

Dec. 2.9.

16.23.,30.

1965

Jan. 61320

27

New York C ty

1964

Jan. 8152229

Dec. 29

162330

1965

Jan. 6132027


1964

Jan. 8.15.22.29.

Dec. 29162330

1965

Jan. 6132027

28,60128,56928,03427,759

27,25626,94127,24127,34027,679

27,47326,50126,93926,671

5,9155,8455,6475,563

5,4415,4695,6195,7695,819

5,7215,4655,3095,289

22,68622,72422,38722,196

21,81521,47221,62221,57121,860

,75221,03621,63021,382

4,7335,0164,6194,509

5,1534,9915,2855,3745,700

5,4514,4825,2945,127

1,620,527,237,259

,512,594,709,812

1,854

1,7421,3091,4491,459

3,1133,4893,3823,250

3,6413,3973,5763,5623,846

3,709

868870876

158155159163

71071571725

3,1733,8453,668

2,8962,8612,8452,342

4,0104,0304,0344,0204,038

4,1874,3013,1883,140

466533667396

698705721740748

757927626597

2,4302,3282,1781,946

3,313,3253,3133,2803,290

3,4303,3742,5622,543

14,21614,08513,99513,770

11,78411,73312,04912,04712,048

12,00811,89010,45510,478

2,5572,5462,5152,484

2,0772,0872,1292,1502,149

2,1612,1491,6421,721

11,65911,53911,48011,286

9,7079,6469,9209,8979,899

9,8479,7418,8138,757

5,8885,7375,6996,250

6,3096,1875,8735,8995,893

5,8275,8288,0027,926

,114,084,069,261

,154,083,060

1,0671,068

1,0611,0801,5921,512

4,7744,6534,6304,989

5,1555,1044,8134,8324,825

4,7664,7486,4106,414

19,39619,19019,03918,987

20,74920,96020,95621,09721,104

21,08721,34121,40321,395

5,0814,9734,9464,928

5,3705,4465,4755,5065,599

5,6535,6425,7075,708

14,31514,21714,09314,059

15,37915,51415,48115,59115,505

15,43415,69915,69615,687

17,74018,20717,30817,580

18,56817,81019,139

19,354'19,020

19,58518,10818,11718,559

4,2684,1974,0794,259

4,4674,0974,0954,4484,356

4,8084,0264,0454,212

13,47214,01013,22913,321

14,10113,71315,044

14,90614,664

14,77714,08214,07214,347

2,9353,1862,9192,867

3,2853,0933,472

'3,398'3,449

3,3513,1963,2853,017

751088892

10479130117146

14611611390

2,8603,0782,8312,775

3,1813,0143,342

'3,281'3,303

3,2053,0803,1722,927

292273274266

264264242298279

266254265264

132124124118

12412497140149

136134142135

160149150148

140140145158130

130120123129

1,9011,8171,8451,851

1,9382,0782,0701,9902,131

1,9882,0821,9701,975

294264269274

298349345303311

310308287292

,607,553,576,577

,640,729,725,687,820

1,6781,7741,6831,683

12,61212,931]12,27012,596!

13,08112,375113,355

13,66813,161

13,98012,57612,59713,303

3,7673,7013,5983,775

3,9413,5453,5233,8883,750

4,2163,4683,5033,695

8,8459,2308,6728,821

9,1408,8309,832

r9,780r9,411

9999

,764,108,094,608

5,3565,3625,4435,541

5,8786,0885,8945,8555,942

5,8395,9475,7925,865

2,2352,2532,3312,359

2,4672,6332,4752,4162,456

2,3802,4602,3782,394

3,1213,1093,1123,182

3,4113,4553,4193,4393,486

3,4593,4873,4143,471

178,959180,969175,633173,885

190,094187,320194,348194,201196,084

195,699192,342190,576189,534

45,50246,38444,57144,400

48,40547,86350,42150,38151,444

50,20648,93248,36948,238

133,457134,585131,062129,485

141,689139,457143,927143,820'144,640

145,493143,410142,207141,296

For notes see the following page.


284 WEEKLY REPORTING MEMBER BANKS FEBRUARY 1965



Wednesday

Total—Leading Cities

1964

Jan 8152229

Dec 29

162330

1965

jan 6132027

New York City

1964

an 8 . . . .152229

Dec 2 . . . .9

162330

1965

Jan 6132027


1964

jan 8152229

Dec. 29

162330

1965

jan 6132027

Deposits

Totalunad-

justed 4

155,386157,883152,144150,500

163,377160,081167,370167,619

169,455

168,846165,783165,209163,459

37,06138,36836,41436,228

38,94338,18141 00041,24442,051

40,62439,52739 65939,210

118,325119,515115,730114,272

124,434121,900126,370126,375

127,404

128,222126,256125,550124,249

De-mand

de-posits

ad-justed 5

65,23967,13665,15164,940

64,60764,96768,19466,161

'68,045

66,20266,16666,06965,897

16,54117,08116,57216,520

15,69815,79817 27616,27317,133

16,47316,29216 41116,320

48,69850,05548,57948,420

48,90949,16950,91849,888

'50,912

49,72949,87449,65849,577

Demand

Total 6

95,89898,22992,16890,224

97,70794,022

101,399101,297102,574

101,51297,52596,56794,374

25,43426,70824,64424,349

25,55024,62227 50627,63628,410

26,95225,53425 74025,179

70,46471,52167,52465,875

72,15769,40073,89373,661

'74,164

74,56071,99170,82769,195

IPC

69,43772,20968,84367,605

69,51568,94074,20172,030

'73,654

72,02972,10970,97869,352

17,23718,21717,30917,160

17,04916,87618 94517,94018,897

17,72617,43317 60017,173

52 20053,99251,53450,445

52,46652,06455,25654,090

'54,757

54,30354,67653,37852,179

StateandlocalGovt.

4,8895,0954,9194,926

5,3334,8754,8865,1205,239

5,1574,7644,8585,106

380411320286

339271254332330

271287294277

4 5094,6844,5994,640

4,9944,6044,6324,7884,909

4,8864,4774,5644,829

tFor-Jign?

1,8701,8571,9491,866

1,9381,9302,0062,169? 190

2,0521,9971 8932,071

1,4201,370

49?1,432

1,4501,4321,4881,6541,666

1,5391,481I 3781,550

450487457434

488498518515524

513516515521

U.S.Govt.

2,9722,0971,5461,545

4,3642,3212,7844,8584,563

3,8061,6012,5052,916

911609384345

1,097586601

1,4361,405

1,195443635747

2,0611,4881,1621,200

3,2671,7352,1833,4223,158

2,6111,1581,8702,169

Do-mes-tic

com-mer-cial

banks

12,67912,56111,39710,739

12,54812,10112,92012,88512,539

13,94412,83912,34011,156

3,0813,3392,9972,930

3,2533,1403,4223,5933,416

3,5443,2593 3343,071

9,5989,2228,4007,809

9,2958,9619,4989,292

'9,123

10,4009,5809,0068,085

Time

Totals

59,48859,65459,97660,276

65,67066,05965,97166,32266,881

67,33468,25868,64269,085

11,62711,66011,77011,879

13,39313,55913,49413,60813,641

13,67213,99313,91914,031

47,86147,99448,20648,397

52,27752,50052,47752,71453,240

53,66254,26554,72355,054

Sav-ings

38,04338,05238,11738,131

40,31240,34340,37140,43140,698

40,86041,05341,13241,220

4,4114,3984,4054,410

4,5844,5964,6074,6134,642

4,6574,6804,7054,723

33,63233,65433,71233,721

35,72835,74735,76435,81836,056

36,20336,37336,42736,497

Other time 9

IPC

13,51813,64313,81814,057

16,23716,43116,02416,18916,407

16,71417,33417,63517,959

4,3624,3734,4424,538

5,2585,3685,1705,2345,231

5,2975,5305,4665,584

9,1569,2709,3769,519

10,97911,06310,85410,95511,176

11,41711,80412,16912,375

StateandlocalGovt.

4,2874,3214,3614,401

4,6804,7705,0235,1425,168

5,2065,3035,2855,301

374404402401

443441531534494

481523468451

3,9133,9173,9594,000

4,2374,3294,4924,6084,674

4,7254,7804,8174,850

For-eign 7

3,2243,2163,2453,241

3,9324,0014,0204,0164,053

3,9863,9483,9643,961

2,2532,2532,2772,275

2,7952,8372,8592,8862,924

2,8742,8512,8832,857

971963968966

1,1371,1641,1611,1301,129

1,1121,0971,0811,104

Borrowings

From•p -p

Banks

25934

255245

110180163398281

257113

5155

143

105144

25

83115

50

55

11634

150101

110155163315166

207113

5100

Fromothers

3,1572 8602,7702,642

3,9724,2284 2563,703

r4,023

4,8184,4693,4193,843

1.566,222,167,156

,900,901932

1,6732,003

2,4842,1981 5751,715

1,5911,6381,6031,486

2,0722,3272,3242,030

'2,020

2,3342,2711,8442,128

Otherliabili-

ties

5,5885 5985 8995,879

7,0237,2196 9746,861

r6,632

6,1016,2986,2836,368

2,6312,6712,7662,748

3,2783,4733 2173,1192,981

2,7522,9192 8502,970

2,9572,9273,1333,131

3,7453,7463,7573,742

'3,651

3,3493,3793,4333,398

Cap-italac-

counts

14,56914,59414,56514,619

15,61215,61215,58515,62015,693

15,67715,67915,66015,709

4,1014,1234,1194,124

4,2844,2834,2724,2624,294

4,2964,2884,2854,288

10,46810,47110,44610,495

11,32811,32911,31311,35811,399

11,38111,39111,37511,421

1 After deduction of valuation reserves.2 Exclusive of loans to domestic commercial banks and after deduction

of valuation reserves; individual loans items are shown gross.3 Excludes cash items in process of collection.* 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.* 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):

Jan. 6Total—Leading Cities 12,763New York City 4,595Outside New York City. . . 8,168

Jan.131348

,262,813,449

Jan13,4,8,

.20425726699

Jan13,4,8,

.27638817821


FEBRUARY 1965 BUSINESS LOANS OF BANKS 285

COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS


Industry

Outstanding

1965

Jan.27

Jan.20

Jan.13

Jan.6

1964

Dec.

Net change during

1965

Jan.

1964

Dec. Nov.

1964

IV III

1964

2nd 1st

Durable goods manufacturing:Primary metalsMachineryTransportation equipmentOther fabricated metal products.. .Other durable goods

Nondurable goods manufacturing:Food, liquor, and tobaccoTextiles, apparel, and leatherPetroleum refiningChemicals and rubberOther nondurable goods

Mining, including crude petroleumand natural gas

Trade: Commodity dealersOther wholesaleRetail

Transportation, communication, andother public utilities

ConstructionAll other: 1

Bankers' acceptancesAll other types of business, mainly

servicesTotal classified loans

6472,249968961

1,157

1,8801,255991

1,372872

3,1741,5102,1832,675

4,5782,231

885

5,54035,128

6462,224968965

1,139

1,9151,2461,0091,449878

3,2071,4722,1962,593

4,5912,245

916

5,49835,157

6402,253962980

1,158

1,8971,2541,0131,411892

3,2191,4482,2192,589

4,5762,246

1,022

5,44135,220

6382,237952970

1,151

1,9651,2631,0131,412894

3,2161,4102,2362,543

4,6322,255

1,087

5,45335,327

6412,207947962

1,153

2,0001,2701,0421,404892

3,1291,4292,2632,493

4,6642,262

1,095

5,39435,247

-120- 1 5- 5 1- 3 2- 2 0

4581

- 8 0182

- 8 6- 3 1

- 2 1 0

146-119

16656130

- 2

146- 7 7

40168

- 3 1

300- 3 4

7- 2 4 7

3511

181

3821,357

- 3 26426

- 1 5- 2 6

169-103- 2 3

42- 3 2

43217

3447

485

- 1 89360

- 3 6- 6 6

527-359

33232

- 9 4

295391

81-211

23738

174

3941,771

- 8 1- 8 1- 1 3

57

17764

- 4 41731

14015475

143

400104

- 3 91,165

70- 5 8

7119

-16323

- 4 25098

15-284

5966

- 7 3226

- 2 9

104268

- 9 91247

- 3 6- 9

704-295- 1 1249

- 6 3

435545156

- 6 8

637142

235

3552,936

1232519

191120

-622234

-134158106

-198-538

4049

-496265

- 7 6

274-460

Commercial and industrial loans—All weekly reporting banks 41,849 41,875 41,947 42,090 42,119 - 2 7 0 1,571 666 2,166 1,205 576 3,371 - 4 5

i Beginning Dec. 31, 1963, bankers' acceptances for the creationof dollar exchange are excluded from commercial and industrial loansand those relating to commercial transactions are shown in a separatecategory. Current figures are therefore not strictly comparable withfigures previously reported, but differences are relatively small.

NOTE.—About 200 of the weekly reporting member banks are includedin this series; these banks classify, by industry, commercial and industrialloans amounting to about 85 per cent of such loans held by all weeklyreporting member banks, and about 60 per cent of those held by allcommercial banks.

BANK RATES ON SHORT-TERM BUSINESS LOANS


Area

period

Year:19 large cities:

195619571958 . . . .1959

I9601961196219631964

Quarter:*19 large cities:

1963—Dec1964 Mar

JuneSeptDec

Allloans

4 24 . 64 35.0

5.25 .05 05 .05 0

5.004 994.994.985.00

Size of loan(thousands of dollars)

1-10

5 25.55 55.8

6.05.95 95.95 9

5.865 835.845.865.85

10-100

4 85.15 05.5

5.75.55 55.55 6

5.545 545.535.575.56

100-200

4 44 . 84 65.2

5.45 .25 25 .25 3

5.235.225.245.235.31

200and over

4 04 . 54 14.9

5.04 . 84 84 . 84 8

4.824 824.814.794.82

Area

period

Quarter—cont.: 1New York City:

1963—Dec1964 Mar . . . .

JuneSept . . . .Dec

7 other northern andeastern cities:

1963 Dec . . . .1964—Mar

JuneSeptDec

11 southern andwestern cities:

1963—Dec1964 Mar

JuneSentDec

Allloans

4.764 774.744 724.77

5 045.025 035.015.03

5.295 295.295.315.31

Size of loan(thousands of dollars)

1-10

5 635 665.645 645.59

5 855.815 835.885.84

5.975 915.935.955.96

10-100

5.365.395.365.405.35

5 555.545.555.565.58

5.655 625.615.675.67

100-200

5.045 065.055 015.08

5 275.245 275.255.31

5.315 315.345.365.46

200and over

4.654 664.634 614.66

4 904.884.894.864.88

5.075 085.075.095.06

l 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 thereafter occurred on the following dates (new levels shownir per cert): 1955—Aug. 4, 3y4; Oct. 14, 3Vi; 1956— Apr. 13, 3%;;Aug.21, 4; 1957—Aug. 6, 4%; 1958—Jan. 22, 4; Apr. 21, 3%; Sept. 11, 41959—May 18, 4%; Sept. 1, 5; and 1960—Aug. 23, AVi.


286 INTEREST RATES FEBRUARY 1965

MONEY MARKET RATES


Period

196219631964

1964 JanFebMar

MayJuneJulyAugSeptOctNovDec

1965—Jan

Week ending—1965—Jan. 2

9162330

Primecoml.paper,

months *

3.263.553.97

3.973.884.003.913.894.003.963.883.894.004.024.17

4.25

4.254.254.254.254.25

FinanceCO.

paperplaced

directly,3- to 6-

months 2

3.073.40

C3.83

3.823.763.833.803.763.883.813.763.753.913.893.98

4.05

4.064.064.064.064.03

Primebankers'accept-ances,

90 days 1

3.013.363.77

3.703.753.753.803.753.753.753.753.753.753.794.00

4.00

4.004.004.004.004.00

Federalfundsrate 3

2.683.183.50

3.483.483.433.473.503.503.423.503.453.363.523.85

3.90

4.004.004.003.574.00

U

3-month bills

Rateon new

issue

2.7783.1573.549

3.5293.5323.5533.4843.4823.4783.4793.5063.5273.5753.6243.856

3.828

3.8673.8293.8143.8213.848

Marketyield 5

2.773.163.54

3.523.533.543.473.483.483.463.503.533.573.643.84

3.81

3.833.803.773.813.85

. S. Government securities (taxable)

6-month bills

Rateon new

issue

2.9083.2533.686

3.6523.6643.7403.6763.6123.5723.5663.6183.6663.7293.7943.971

3.944

3.9573.9273.9423.9603.946

Marketyield 5

2.903.253.68

3.643.673.723.663.603.563.563.613.683.723.813.94

3.94

3.933.923.943.943.94

4

9- to 12-month issues

Bills(marketyield) 5

3.013.303.74

3.683.713.783.753.713.703.643.673.733.793.863.96

3.91

3.933.923.903.903.91

Other «

3.023.283.76

3.663.633.673.633.673.833.683.733.823.833.883,96

3.87

3.923.783.873.853.87

i tn ^

yearissues 7

3.573.724.06

4.064.024.154.184.074.033.993.994.034.044.044.07

4.06

4.074.074.064.044.05

* Averages of daily offering rates of dealers.2 Averages of daily rates, published by finance cos., for varying maturi-

ties in the 90-179 day range.3 Seven-day average for week ending Wed.4 Except for new bill issues, yields are averages computed from daily

closing bid prices.

5 Bills quoted on bank discount rate basis.* Certificates of indebtedness and selected note and bond issues.i Selected note and bond issues.

BOND AND STOCK YIELDS


Period

196219631964

1964 JanFebMarAprM a yJuneJuly

SeptOctNovDec

1965—Jan

Week ending—1965 Jan 2

9162330

Number of issues

Government bonds

UnitedStates(long-term)

3.954.004.15

4.154.144.184.204.164.134.134.144.164.164.124.14

4.14

4.164.154.154.144.13

6-12

TotaU

3.303.283.28

3.293.273.333.303.293.293.263.273.303.313.273.23

3.18

3.223.213.183.173.17

20

Stateand loca

Aaa

3.033.063.09

3.093.083.143.123.093.103.083.083.093.113.083.01

2.97

2.992.992.972.962.96

5

Baa

3.673.583.54

3.563.543.573.523.543.543.543.543.573.583.523.51

3.44

3.513.493.443.423.41

5

Corporate bonds

Total i

4.614.504.57

4.574.554.564.584.594.594.584.574.574.574.584.58

4.57

4.584.584.574.574.57

120

By selectedrating

Aaa

4.334.264.40

4.374.364.384.404.414.414.404.414.424.424.434.44

4.43

4.434.444.434.434.42

30

Baa

5.024.864.83

4.834.834.834.854.854.854.834.824.824.814.814.81

4.80

4.804.804.804.794.79

30

Bygroup

Indus-trial

4.474.424.52

4.504.484.494.534.544.544.524.524.524.534.534.54

4.53

4.534.534.534.534.52

40

Rail-road

4.864.654.67

4.684.674.674.694.694 704.684.654.654.664.674.68

4.66

4.684.674.664.674.66

40

Publicutility

4.514.414.53

4.514 514.514 534.534 554.544.544.534 524.534.54

4.52

4.534.534.534.524.52

40

Stock

Dividend/price ratio

Pre-ferred

4.504.304.32

4.324 314.344 374.414 414.374.294.254 254.254.23

4.18

4.224.214.194.154.17

14

Com-mon

3.373.173.01

3.063 053.033 003.013 052 %3.033.002 952 96

c3.O5

2.99

3.043.023 002.972.96

500

Earnings/price ratio

Com-mon

6.065.68

5.51

5 68

*5.60

500

l Includes bonds rated Aa and A, data for which are not shown sep-arately. Because of a limited number of suitable issues, the numberof 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 ormore.

State and local govt. bonds: General obligations only, based on Thurs.

figures, Corp. bonds: Averages of daily figures. Both of these series arefrom Moody's Investors Service series.

Stocks: Standard and Poor's Corp. series. Dividend/price ratios arebased 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 non-callable issues—12 industrial and 2 public utility; common stock ratioson the 500 stocks in the price index. Quarterly earnings are seasonallyadjusted at annual rates.


FEBRUARY 1965 SECURITY MARKETS 287

MORTGAGES: NEW HOMES SECURITY PRICES

Period

19611962196319631964

1963—Dec.

1964—Jan...Feb...Mar..

M*ay'.;June..July..Aug..Sept..Oct...Nov..Dec...

1965—Jan

FHA-insured

Yield(percent)

15.695.60

5.465.45

5.45

5.455.455.455.455.455.455.465.465.465.455.455.455 45

Conventional first mortgages

Inter-estrate(percent)

(5.98)(5 93)(5.81)5.845.78

5.80

5.835.815.795.795.775.765.765.775.775.755.755.76

Fees,etc.(percent)

.64

.57

.62

.64

.58

.55

.55

.52

.59

.52

.58

.57

.58

.55

.59

Ma-tur-ity

(yrs.)

24.024.8

24.5

24.724.724.524.824.725.424.524.725.024.524.725.2

Loan/priceratio(percent)

73.374.1

73.9

74.774.874.673.973.774.373.974.474.273.273.573.9

Avg.loan

(thou.dollars)

16.317.3

16.7

16.717.217.217.217.017.317.417.817.617.417.417.8

1 Last 6 months only.

NOTE.—Annual data are averages of monthly figures. Yieldson FHA-insured mortgages are derived from weighted averagesof FHA field-office opinions on private secondary market pricesfor Sec. 203, 30-year mortgages, with the minimum down pay-ment, a maximum permissible interest rate of 5}£ per cent, andan assumed prepayment period of 15 years. Price data arereported as of the first of the succeeding month.

Conventional first mortgages, Home Loan Bank Board incooperation with Federal Deposit Insurance Corporation be-ginning in late 1962; interest rate data for earlier years—inparentheses—are based on estimates from Federal HousingAdministration.

Period

196219631964

1964—Jan...Feb...Mar. .Apr . .May..June..July..Aug..Sept..Oct...Nov..Dec...

1965—Jan...

Weekending—Jan. 2

9162330

Bond prices

U.S.Govt.(long-term)

86.9486.3184.46

84.4284.6084.1083.8484.3884.7084.7084.5984.31

C84.3784.8184.65

84.56

84.4284.4884.4884.6084.67

Stateandlocal

112.0111.3111.5

111.2112.3109.9110.3111.6111.8112.1111.8111.0110.9112.0

112.6

114.1

112.9113.5114.3114.2114.2

Cor-por-ate

AAA

96.296.895.1

95.395.795.294.794.794.995.295.395.195.195.295.3

95.5

95.395.495.395.595.7

Common stock prices(1941-43- 10)

Total

62.3869.8781.37

76.4577.3978.8079.9480.7280.2483.2282.0083.4184.8585.4483.96

86.12

84.2384.8885.7886.6087.21

In-dus-trial

65.5473.3986.19

80.8581.9683.6484.9285.7985.1388.1986.7088.2789.7590.3688.71

91.04

89.0589.7590.6891.5292.20

Rail-road

30.5637.5845.46

41.0041.5442.8843.2744.8646.2948.9347.1747.1448.6948.01

C45.75

46.79

45.6046.0146.6847.0947.36

Pub-he

util-ity

59.1664.9969.91

67.2667.2066.7867.3067.2967.4670.3571.1772.0773.3774.3974.24

75.87

74.2274.6075.5876.4976.81

Vol-ume

oftrad-ing

(thou.shares)

3,8204,5734,888

5,3024,6395,4285,6164,9594,3724,6633,9195,2284,8434,9284,729

5,457

5,1314,6605,6315,3736,163

NOTE.—Annual data are averages of monthly figures. Monthly and weeklydata are averages of daily figures unless otherwise noted and are computed asfollows:U.S. Govt. bonds, derived from average market yields in preceding table on basisof an assumed 3 per cent, 20-year bond.Municipal and corporate bonds, derived from average yields, as computed byStandard and Poor's Corp., on basis of a 4 per cent, 20-year bond; Wed. closingprices.Common stocks, Standard and Poor's index.Volume of trading, average daily trading in stocks on the N.Y. Stock Exchangefor a 5Vi-hour trading day.

STOCK MARKET CREDIT


Months

1961—Dec1962—Dec...1963—Dec...

1964—Jan...Feb.. .Mar...Apr...May..June..July..Aug...Sept...Oct. . .Nov...Dec...

t

1965—Jan

Customer credit

Totalsecurities

other thanU.S. Govt.

5,6025,4947,242

7,2507,1207,1417,3147,2777,2297,1607,0967,1427,1017,1087,053

6,940

Net debit balances withN. Y. Stock Exchange

firms secured by—

U.S.Govt.

securities

352426

222121211918252119202021

33

Othersecurities

4,2594,1255,515

5,5245,3845,3665,5105,4395,3705,2895,1875,2215,1855,1605,079

4,986

Bank loans to other thanbrokers and dealers for pur-

chasing and carrying—

U.S.Govt.

securities

12597

140

1089797

1019694706981696472

70

Othersecurities

1,3431,3691,727

1,7261,7361,7751,8041,838,859

1,871,909,921

1,9161,948[,974

1,954

Broker and dealer credit

U.S.Govt.

securities

483532

41331817

113156266191109102184222

177

Money borrowed on—

Other securities

Tr»ta1i oiai

2,9542,7854,449

4,2104,1584,1384,4114,3624,2754,1294,0904,1224,0533,951

'3,910

3,763

Customercollateral

2,5722,4343,852

3,7953,7383,6463,9163,8683,7663,6723,6183,5683,5283,4693,393

3,317

Othercollateral

382351597

415420492495494509457472554525482

r517

446

Cus-tomers

netfree

creditbal-

ances

1,2191,2161,210

1,262,199

1,2311,165,138

1,1461,1141,0771,1451,1551,1311,169

1,207

NOTE.—Data in first 3 cols, and last col. are for end of month; in othercols, for last Wed.

Net debit balances and broker and dealer credit: Ledger balances ofmember firms of N.Y. Stock Exchange carrying margin accounts, asreported to Exchange. Customers' debit and free credit balances excludebalances maintained with reporting firm by other member firms of nationalsecurities exchanges and balances of reporting firm and of general part-ners of reporting firm. Balances are net for each customer—i.e., all ac-counts of one customer are consolidated. Money borrowed includesborrowings from banks and from other lenders except member firms ofnational securities exchanges.

Nov. data on customers' net debit balances exclude amounts carriedby a large former member firm in liquidation; most of these accounts

have been transferred to other member firms and are reported in theirdebit figures from the month received (some in Dec. 1963, more in Jan.1964). Debit balance totals for the period Oct.-Jan., therefore, are notcompletely comparable.

Bank loans to others than brokers and dealers: figures are for weeklyreporting member banks. Before July 1959, loans for purchasing orcarrying U.S. Govt. securities were reported separately only by N.Y.and Chicago banks. Accordingly, for that period the fifth col. includesany loans for purchasing or carrying such securities at other reportingbanks. Composition of series also changed beginning with July 1959;revised data for the new reporting series (but not for the breakdown ofloans by purpose) are available back through July 1958 and have beenincorporated.


288 OPEN MARKET PAPER; SAVINGS INSTITUTIONS FEBRUARY 1965

COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING


End of period

195719581959I96019611962

1963 Dec

1964 JanFebMarAprMay . . . .JuneJulyAug . . .SeptOctN o vDec

Commercial and financecompany paper

Total

2,6723 2,751

3,2024,4974,6866,000

6,747

7,7658,1197,7377,9208,3268,0368,8798,8798,4449,3439,1468,361

Placedthroughdealers 1

551840677

1,3581,7112,088

1,928

2,0422,0792,0382,0391,9731,9482,0062,0702,2202,4312,4382,223

Placeddirect-

ly 2

2,12131,911

2,5253,1392,9753,912

4,819

5,7236,0405,6995,8816,3536,0886,8736,8096,2246,9126,7086,138

Dollar acceptances

Total

1,3071,1941,1512,0272,6832,650

2,890

2,9383,0563,1023,1023,0493,1493,1373,1273,1753,2223,2173,385

Held b y -

Accepting banks

Total

287302319662

,2721,153

1,291

1,3931,4661,3951,3551,4181,3701,4551,4861,4231,4001,4581,671

Ownbills

194238282490896865

1,031

1,0251,0951,0421,0601,1051,1131,1211,1451,1271,1641,1951,301

Billsbought

946436

173376288

260

368371353295313257334341297236263370

F.R.Banks

Ownacct.

6649757451

110

162

6864

125934783563699816394

For-eigncorr.

766882

23012686

92

9195

110117146146137132127126125122

Others

878775fn *?

[,0601,2341,301

1,345

1,3861,4311,4731,5361,4381,550I 4891,4731,525.614

1,5701,498

Im-portsinto

UnitedStates

278254357403485541

567

557596590587576567576586609647657667

Ex-portsfrom

UnitedStates

456349309669969778

908

962983990963941929949922918935955999

Based on—

Dollarex-

change

468374

122117186

56

709487

10573827482

113106102111

Goods stored in orshipped between

points in—

UnitedStates

296244162308293171

41

393135363427242236344043

Foreigncountries

232263249524819974

1,317

1,3511,4011,4111,4261,5451,5131,5141,4991,5001,4631,565

1 As reported by dealers; includes finance co. paper as well as othercommercial paper sold in the open market.

2 As reported by finance cos. that place their paper directly withinvestors.

3 Beginning with Nov. 1958, series includes all paper with maturityof 270 days or more. Figures on old basis for Dec. were (in millions):total $2,739; placed directly $1,899.

MUTUAL SAVINGS BANKS


End of period

19411945.

1956195719581959 4I960

19611962

1963—NovDec

1964 JanFebMarAprMayJuneJulv

SeptOctNov

Loans

Mort-gage

4 7874,202

19,55920,97123,03824,76926,702

28,90232,056

35,65436,007

36,35236,63536,93337,26737,60137,97138,40738,76439,14639,53839,898

Other

8962

248253320358416

475602

659607

667703704646714676705764739727760

Securities

U.S.Govt.

3 59210,650

7,9827,5837,2706,8716,243

6,1606,107

5,8855,863

5,9516,0336,1176,0646,0526,0246,0256,0956,0825,8495,785

Stateandlocalgovt.

Corpo-rateand

other 1

1 7861,257

675685729721672

677527

448440

440427424423419409409407409403399

3,5494,3444,9714,8455,076

5,0405,177

5,0735,074

5,0975,1355,1515,1385,1505,1455,1425,1795,1935,1785,180

Cashassets

829606

920889921829874

937956

811912

849880887819847906863895883898905

Otherassets

689185

448490535552589

640695

781799

823800825820827871867879887889898

Totalassets—

Totalliabili-

tiesand

surplusaccts.

11 77216,962

33,38135 21537,78438,94540,571

42,82946,121

49,31249,702

50,17950,61451,04251,17851,61052,00152,41752,98353,33953,48253,825

Depos-i t s 2

10 50315,332

30,02631 68334,03134,97736,343

38,27741,336

44,02844,606

45,00645,26645,76145,85146,12446,62446,91847,27447,75747,98248,188

Otherliabili-

ties

3848

369427526606678

781828

1,141943

1.0231,1431,0361,118[,2251,1021,2221,3561,200,146

1,223

Surplusac-

counts

1 2311,582

2,9863 1053,2273,3623,550

3,7713,957

4,1434,153

4,1504,2064,2444,2094,2614,2754,2774,3524,3824,3544,414

Mortgage loancommitments 3

Number

89,91265,24858,350

61,855114,985

109,881104,326

102,694113,062120,396123,979124,416132,625132,726134,371134,277139,066136,470

Amount

1,6641,1701,200

1,6542,548

2,3782,549

2,2282,3912,5042,5862,6612,6902,7012,7432,7362,8252,811

1 Includes securities of foreign governments and international organi-zations and U.S. Govt. agencies not guaranteed, as well as corporatesecurities.

2 See note 3, p. 275.3 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.

NOTE.—National Assn. of Mutual Savings Banks data; figures areestimates for all savings banks in the United States and differ somewhatfrom those shown elsewhere in the BULLETIN; the latter are for call datesand are based on reports filed with U.S. Govt. and State bank supervisoryagencies. Loans are shown net of valuation reserves.


FEBRUARY 1965 SAVINGS INSTITUTIONS 289

LIFE INSURANCE COMPANIES


E n d o f p e r i o d

S t a t e m e n t v a l u e :1 9 4 11 9 4 5

1 9 5 71 9 5 81 9 5 9I 9 6 0

1 9 6 11 9 6 21 9 6 3

B o o k v a l u e :1 9 6 1 D e c1 9 6 2 — D e c .

1 9 6 3 N o v r

D e c

1 9 6 4 J a nFebMarA p rM a y .JuneJ u l yA u g . . . .S e p tO c tN o v

T o t a lassets

3 2 , 7 3 14 4 , 7 9 7

1 0 1 , 3 0 91 0 7 , 5 8 01 1 3 , 6 5 01 1 9 , 5 7 6

1 2 6 , 8 1 61 3 3 , 2 9 11 4 1 , 1 2 1

1 2 6 , 8 1 61 3 3 , 2 9 1

1 4 0 , 2 1 51 4 0 , 9 0 3

1 4 1 , 8 6 61 4 2 , 5 3 11 4 3 , 0 6 71 4 3 , 6 7 61 4 4 , 3 1 21 4 4 , 9 6 41 4 5 , 8 2 31 4 6 , 4 7 51 4 7 , 1 7 21 4 7 , 9 7 71 4 8 , 7 4 6

G o v e r n m e n t s e c u r i t i e s

T o t a l

9 , 4 7 822,545

1 0 , 6 9 01 1 , 2 3 41 1 , 5 8 11 1 , 6 7 9

1 1 , 8 9 61 2 , 4 4 81 2 , 4 3 8

1 1 , 9 1 51 2 , 4 6 9

1 2 , 5 1 81 2 , 3 3 0

1 2 , 3 6 51 2 , 5 0 61 2 , 4 2 11 2 , 3 8 91 2 , 4 3 61 2 , 3 4 61 2 , 4 7 61 2 , 5 0 71 2 , 5 5 71 2 , 5 5 51 2 , 5 0 9

U n i t e dS t a t e s

6 , 7 9 62 0 , 5 8 3

7 , 0 2 97 , 1 8 36 , 8 6 86 , 4 2 7

6 1 3 46 , 1 7 05 , 8 1 3

6 , 1 3 56 , 1 7 1

5 , 8 3 75 , 7 5 5

5 , 7 8 25 , 8 0 55 , 7 3 15 , 6 8 95 , 7 3 15 , 6 3 35 , 7 5 85 , 7 6 35 , 7 8 75 , 7 6 95 , 6 9 9

S t a t e a n dl o c a l

1 , 9 9 5722

2 , 3 7 62 , 6 8 13 , 2 0 03 , 5 8 8

3 , 8 8 84 , 0 2 63 , 8 5 2

3 , 9 0 24 , 0 3 7

3 , 8 8 03 , 8 7 6

3 , 8 5 93 , 8 5 73 , 8 4 93 , 8 5 33 , 8 2 73 , 8 2 23 , 8 0 93 , 8 2 23 , 8 4 63 , 8 6 63 , 8 4 1

F o r e i g n 1

6871 , 2 4 0

1 , 2 8 51 , 3 7 01 , 5 1 31 , 6 6 4

1 , 8 7 42 , 2 5 22 , 7 7 3

1 , 8 7 82 , 2 6 1

2 , 8 0 12 , 6 9 9

2 , 7 2 42 , 8 4 42 , 8 4 12 , 8 4 72 , 8 7 82 , 8 9 12 , 9 0 92 , 9 2 22 , 9 2 42 , 9 2 02 , 9 6 9

B u s i n e s s s e c u r i t i e s

T o t a l

1 0 , 1 7 41 1 , 0 5 9

4 4 , 0 5 74 7 , 1 0 84 9 , 6 6 65 1 , 8 5 7

5 5 , 2 9 45 7 , 5 7 66 0 , 7 8 0

5 3 , 9 6 75 6 , 5 6 5

5 9 , 5 2 75 9 , 4 5 2

6 0 , 0 0 66 0 , 0 5 06 0 , 1 8 96 0 , 4 2 66 0 , 6 1 36 0 , 7 9 36 1 , 2 7 56 1 , 3 5 56 1 , 4 5 86 1 , 7 2 26 1 , 9 6 8

B o n d s

9 , 5 7 31 0 , 0 6 0

4 0 , 6 6 64 2 , 9 9 94 5 , 1 0 54 6 , 8 7 6

4 9 , 0 3 65 1 , 2 7 45 3 , 6 4 5

4 9 , 1 4 95 1 , 3 8 9

5 3 , 9 6 45 3 , 7 6 9

5 4 , 2 6 95 4 , 2 8 15 4 , 3 3 55 4 , 5 2 55 4 , 6 7 45 4 , 7 7 25 5 , 2 1 35 5 , 2 2 85 5 , 2 6 25 5 , 4 8 75 5 , 6 5 8

S t o c k s

601999

3 3 9 14 , 1 0 94 , 5 6 14 , 9 8 1

6 2 5 86 , 3 0 27 , 1 3 5

4 , 8 1 85 , 1 7 6

5 , 5 6 35 , 6 8 3

5 , 7 3 75 , 7 6 95 , 8 5 45 , 9 0 15 , 9 3 96 0 2 16 , 0 6 26 , 1 2 76 , 1 9 66 , 2 3 56 , 3 1 0

M o r t -g a g e s

6 4 4 26 , 6 3 6

3 5 , 2 3 63 7 , 0 6 23 9 , 1 9 74 1 , 7 7 1

4 4 2 0 34 6 , 9 0 25 0 , 5 4 4

4 4 , 2 5 04 6 , 9 5 7

4 9 , 8 5 45 0 , 5 4 3

5 0 , 8 2 85 1 , 1 2 65 1 , 4 4 15 1 , 8 0 65 2 , 1 1 75 2 , 4 6 65 2 , 8 3 25 3 , 1 7 35 3 , 5 6 05 3 , 9 8 45 4 , 4 0 4

R e a le s t a t e

1 , 8 7 8857

3 , 1 1 93 , 3 6 43 , 6 5 13 , 7 6 5

4 0 0 74 , 1 0 74 , 3 1 9

4 , 0 1 14 , 1 1 4

4 , 3 4 34 , 3 4 8

4 , 3 6 84 , 3 7 74 , 3 9 14 , 4 0 24 , 4 1 64 4 3 74 , 4 4 64 , 4 6 24 , 4 8 74 , 4 9 94 , 5 1 4

P o l i c yl o a n s

2 , 9 1 91 , 9 6 2

3 , 8 6 94 , 1 8 84 , 6 1 85 , 2 3 1

5 , 7 3 36 , 2 3 46 , 6 5 5

5 , 7 3 56 , 2 3 5

6 , 6 2 26 , 6 9 0

6 , 7 2 96 , 7 7 26 , 8 1 96 , 8 7 26 , 9 0 96 , 9 5 56 , 9 4 76 , 9 8 67 , 0 2 47 , 0 6 07 , 0 9 4

Otherassets

1 , 8 4 01 , 7 3 8

4 , 3 3 84 , 6 2 44 , 9 3 75 , 2 7 3

5 , 6 8 36 , 0 2 46 , 3 8 5

6 , 9 3 86 , 9 5 1

7 , 3 5 17 , 5 4 0

7 , 5 7 07 , 7 0 27 , 8 0 67 , 7 8 17 , 8 2 17 , 9 6 77 , 8 4 77 , 9 9 28 , 0 8 68 , 1 5 78 , 2 5 7

1 I s s u e s o f f o r e i g n g o v e r n m e n t s a n d t h e i r s u b d i v i s i o n s a n d b o n d s o ft h e I n t e r n a t i o n a l B a n k f o r R e c o n s t r u c t i o n a n d D e v e l o p m e n t .

N O T E . — I n s t i t u t e o f L i f e I n s u r a n c e d a t a ; f i g u r e s a r e e s t i m a t e s f o r a l ll i f e i n s u r a n c e c o s . i n t h e U n i t e d S t a t e s .

Year-end figures: A n n u a l s t a t e m e n t a s s e t v a l u e s , w i t h b o n d s c a r r i e do n a n a m o r t i z e d b a s i s a n d s t o c k s a t y e a r - e n d m a r k e t v a l u e . M o n t h - e n d

figures: B o o k v a l u e o f l e d g e r a s s e t s . A d j u s t m e n t s f o r i n t e r e s t d u e a n da c c r u e d a n d f o r d i f f e r e n c e s b e t w e e n m a r k e t a n d b o o k v a l u e s a r e n o t m a d eo n e a c h i t e m , s e p a r a t e l y , b u t a r e i n c l u d e d i n t o t a l , i n " o t h e r a s s e t s . "

S A V I N G S A N D L O A N A S S O C I A T I O N S

( I n m i l l i o n s o f d o l l a r s )

E n d o fp e r i o d

1 9 4 11 9 4 5

1 9 5 61 9 5 71 9 5 81 9 5 9I 9 6 0

1 9 6 11 9 6 2

1 9 6 3 — N o v , , ,D e c

1 9 6 4 — J a nF e bM a rA p rM a yJ u n eJ u l yA u gS e p tO c t . r

N o v

A s s e t s

M o r t -g a g e s

4 , 5 7 85 , 3 7 6

3 5 , 7 2 94 0 , 0 0 74 5 , 6 2 75 3 , 1 4 16 0 , 0 7 0

6 8 , 8 3 47 8 , 7 7 0

8 9 , 8 5 79 0 , 8 4 9

9 1 , 4 5 39 2 , 1 6 39 3 , 0 6 99 3 , 9 7 89 4 , 9 7 19 6 , 0 6 79 7 , 1 1 19 8 , 0 5 99 8 , 8 9 59 9 , 7 3 1

1 0 0 , 3 9 8

U.S.Govt.securi-

ties

1072,420

2,7823,1733,8194,4774,595

5,2115,563

6,5486,440

6,5986,6626,7336,7176,7126,6856,6876,7366,7786,8206,958

Cash

344450

2,1192,1462,5852,1832,680

3,3153,926

3,4823,964

3,5683,6013,6133,4673,5043,7953,3393,3543,3913,4133,497

Other i

775356

2,1992,7703,1083,7294,131

4,7755,346

6,1546,178

5,9896,0986,2336,3536,7386,7286,5366,6496,7516,8237,079

Totalassets 2—

Totaliabilities

6,0498,747

42,87548,13855,13963,53071,476

82,13593,605

106,041107,431

107,608108,524109,648110,515111,925113,275113,673114,798115,815116,787117,932

Liabilities

Savingscapital

4,6827,365

37,14841,91247,97654,58362,142

70,88580,236

89,47191,205

91,66992,42393,52593,84694,82896,59396,60997,38298,45599,206

100,039

Reservesand

undividedprofits *

475644

2,9503,3633,8454,3934,983

5,7086,520

6,8557,208

7,2357,2507,2197,2307,2437,5117,5317,5517,5557,5657,590

Borrowedmoney 3

256336

1,3471,3791,4442,3872,197

2,8563,629

4,4645,011

4,5904,3774,3234,6014,5444,9804,9914,9925,0655,0294,995

Loans inprocess O t h e r

4 0 2

1 , 4 3 01 , 4 8 4

, 1 6 1, 2 9 3, 1 8 6

, 5 5 09 9 9

> , 5 0 2> , 5 2 0

> , 3 6 41 , 3 3 6> , 4 3 0> , 4 6 4> , 5 O 3> , 5 3 8> , 5 5 9> , 4 8 7> , 3 8 8> , 3 O 61 , 2 4 3

7 1 38 7 49 6 8

1 , 1 3 61 , 2 2 1

2 , 7 4 91 , 4 8 7

1 , 7 5 02 , 1 3 82 , 1 5 12 , 3 7 42 , 8 0 71 , 6 5 41 , 9 8 32 , 3 8 62 , 3 5 22 , 6 8 13 , 0 6 5

M o r t g a g el o a n

c o m m i t -m e n t s

8 4 38 6 2

1 . 4 7 51 , 2 8 51 , 3 5 9

1 , 9 0 82 , 2 3 0

2 , 9 2 92 , 6 1 3

2 , 6 6 42 , 8 1 82 , 9 6 43 , 1 1 03 , 1 4 83 , 1 0 73 , 0 7 42 , 9 8 22 , 9 1 12 , 8 9 62 , 8 3 2

1 I n c l u d e s o t h e r l o a n s , s t o c k i n t h e F e d e r a l h o m e l o a n b a n k s , o t h e ri n v e s t m e n t s , r e a l e s t a t e o w n e d a n d s o l d o n c o n t r a c t , a n d o f f i c e b u i l d i n g sa n d f i x t u r e s .

2 B e f o r e 1 9 5 8 m o r t g a g e s a r e n e t o f m o r t g a g e - p l e d g e d s h a r e s . A s s e ti t e m s w i l l n o t a d d t o t o t a l a s s e t s , w h i c h i n c l u d e g r o s s m o r t g a g e s w i t h n od e d u c t i o n s f o r m o r t g a g e - p l e d g e d s h a r e s . B e g i n n i n g w i t h J a n . 1 9 5 8 , n od e d u c t i o n i s m a d e f o r m o r t g a g e - p l e d g e d s h a r e s . T h e s e h a v e d e c l i n e dc o n s i s t e n t l y i n r e c e n t y e a r s a n d a m o u n t e d t o $ 4 2 m i l l i o n a t t h e e n d o f1 9 5 7 .

3 C o n s i s t s o f a d v a n c e s f r o m F H L B a n d o t h e r b o r r o w i n g .

4 T h e d e c l i n e i n r e s e r v e s a n d s u r p l u s f r o m F e b . t o M a r . 1 9 6 4 i s c o nc e n t r a t e d i n s t a t e - c h a r t e r e d s a v i n g s a n d l o a n a s s n s . i n C a l i f , w h e r e t h ea c c o u n t i n g s y s t e m i s b e i n g r e v i s e d .

N O T E . — F e d e r a l S a v i n g s a n d L o a n I n s u r a n c e C o r p . d a t a ; figures a r ce s t i m a t e s f o r a l l s a v i n g s a n d l o a n a s s n s . i n t h e U n i t e d S t a t e s . D a t ab e g i n n i n g w i t h 1 9 5 4 a r e b a s e d o n m o n t h l y r e p o r t s o f i n s u r e d a s s n s . a n da n n u a l r e p o r t s o f n o n i n s u r e d a s s n s . D a t a b e f o r e 1 9 5 4 a r e b a s e d e n t i r e l yo n a n n u a l r e p o r t s . D a t a f o r c u r r e n t a n d p r e c e d i n g y e a r a r e p r e l i m i n a r ye v e n w h e n r e v i s e d .


290 FEDERAL FINANCE FEBRUARY 1965

FEDERAL FISCAL OPERATIONS: SUMMARY


Period

Derivation of U. S. Government cash transactions

Receipts from the public,other than debt

Budgetnet

Plus:Trustfunds

Less:Intra-govt.1

Equals:Totalrects.2

Payments to the public,other than debt

BudgetPlus:Trustfunds

Less:Adjust-ments

Equals:Totalpayts.

Netrects.

orpayts.

Net cash borrowingor repayment

Changein

debt(direct

& agen.)

Less:Invest.

b y *agen. &trusts

Less:Non-cashdebt

Equals :Net

Cal. year—196219631964

Fiscal year—1961196219631964

Half year:1963—Jan.-June....

July-Dec1964—Jan.-June

July-Dec

Month:1963—Dec

1964—JanFebMarAprMayJuneJulyAugSeptOctNovDec

84,70987,51688,696

77,65981,40986,37689,459

47,25040,26649,19339,503

8,803

5,8538,04710,1486,6096,13612,4013,4876,65310,0723,3987,0378,856

25,47129,25530,742

23,58324,29027,68930,331

15,85113,40416,92713,815

2,230

1,0883,7052,3301,9424,7443,1171,5324,1711,9941,2242,9281,966

3,9284,1444,324

3,9453,7764,2814,190

2,3521,7922,3981,926

521

303222304212222

1,136270267320271240557

106,206112,575115,035

97,242101,865109,739115,530

60,72851,84763,68351,352

10,503

6,62811,52512,1688,33410,65214,3764,74510,55211,7394,3449,71610,256

91,90794,18896,944

81,51587,78792,64297,684

45,35648,83248,85248,092

8,289

8,4927,5217,8717,9307,5119,5277,4108,0838,4508,3297,0518,770

25,38628,34828,925

22,79325,14126,54528,885

13,53614,81214,07314,852

2,661

2,2572,0632,2272,9352,0672,5232,7132,5242,2662,4812,0732,794

5,419'5,3135,069

4,7665,2665,4366,237

3,241r2,072'4,165

904

881

90219170770345

1,548-95-6111,016298

-156453

111,874'1 17,222120,800

99,542107,662113,751120,332

55,65061,57258,76062,040

10,069

9,8489,3939,39010,1639,53310,50210,21711,2189,70010,5129,28111,112

-5,668'-4,647-5,765

-2,300-5,797-4,012-4,802

5,078'-9,725'4,923

-10,688

433

-3,2192,1322,778

-1,8291,1193,874

-5,472-6662,039

-6,168436

-857

9,0557,6729,084

2,10211,0108,6817,733

2,5385,1352,5986,486

1,899

-1,0591,550-744

-1,8804,049683

-5943,2841,412

932,976-685

1,1092,5352,156

856492

2,0692,775

2,939-4033,178

-1,022

260

-1,328830167

-1,4913,2301,770

-1,2051,960-251

-1,556809

-780

1,386883619

536923

1,0331,099

169714385234

128

861333522614838678216153

-122

6,5604,2556,309

7129,5945,5793,859

-5694,824-9657,274

1,511

183586

-946-411758

-1,136572

1,2571,5811,6332,015

217

Period

Effects of operations on Treasurer's account

Net operating transactions

Budgetsurplus

ordeficit

Trustfunds3

Clearingaccounts

Net financing transactions

Agencies & trusts

Marketissuance

ofsec. 3

Invest,in U.S.Govt.sec.3

Changein

grossdirectpublicdebt

Change incash balances

Heldoutside

Treasury

Treas-urer's

account

Treasurer's account(end of period)

Balance

Operating bal.

F.R.banks

Taxandloanaccts.

Othernet

assets

Fiscal year—1961..1962..1963..1964..

Half year:1963—Jan.-June.,

July-Dec,1964—Jan.-June..

July-Dec...

Month:1963—Dec


-3,856-6,378-6,266-8,226

1,894-8,567

341-8,589

514

-2,639526

2,277-1,322-1,375

2,874-3,923-1,430

1,622-4,930

- 1 586

790-8511,1431,446

2,315-1,408

2,854-1,036

-431

-1,1691,642

103-9932,677

594-1,181

1,648-273

-1,257855

-829

285566122948

720' - 4 3 41,381

-1,256

232

512-163

368468

-237364

-403-946

61311

-54917

-5381,7801,0221,880

1481,648232258

767

-289-230

24109117502-64378

-10867125

-139

-856-492

-2,069-2,775

-2,939403

-3,1781,022

-260

1,328-830-1671,491

-3,230-1,7701,205

-1,960251

1,556-809780

2,6409,2307,6595,853

2,3903,4872,3666,228

1,132

-7701,780-767

-1,9893,931

181-5302,9061,520

262,851-546

-222118-74206

-78'-129

334367

-151

84194-23335

-3339

-10-43226-3046178

-1,3113,7361,686

-1,080

4,607-4,7413,661

-3,741

2,105

-3,1112,5311,861

-2,5712,2152,735

-4,886640

3,400-4,4982,412-809

6,69410,43012,11611,036

12,1167,37511,0367,295

7,375

4,2646,7958,6566,0858,30011,0366,1506,789

10,1895,6918,1047,295

408612806939

806880939820

880

7911,024831925890939785939933687974820

5,4538,81510,3249,180

10,3245,6219,1805,377

5,621

2,4514,7836,9403,9746,5579,1804,5055,0858,3394,1556,1825,377

8331,003986917

986874917

1,098

874

1,022988885

1,186853917860765917849948

1,098

1 Primarily interest oaymerits by Treasury to trust accounts and accumu-lations to U.S. emoloyee trust funds.

2 Includes small adjustments not shown separately.3 Includes net transactions of Govt. sponsored enterprises.•Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing

accounts.

5 Includes technical adjustments not allocated by functions.6 Fiscal year cash payments for agriculture and international affairs

reflect a shift of the Food for Peace program out of agriculture and intointernational affairs. Data are not yet available to make the adjustmenton a monthly or half-yearly basis.

NOTE.—Based on Treasury Dept. and Bureau of the Budget data.


FEBRUARY 1965 FEDERAL FINANCE 291

FEDERAL FISCAL OPERATIONS: DETAIL


Period

Fiscal year—1961...1962...1963...1964...

Half year:1963—Jan.-June..

July-Dec...1964—Jan.-June..

July-Dec...

Month:1963—Dec.. . . . . .

1964—JanFebMarApr..MayJ u n e . . . . . .JulyAugSept . . . . . . .OctN o v . . . . . . .Dec.

Cash receipts from the public

Total

97,242101,865109,739115,530

60,72851,84763,68351,352

10,503

6,62811,52512,1688,334

10,65214,3764,745

10,55211,7394,3449,716

10,256

Income taxes

Individual

With-held

32,97836,24638,71939,259

19,76120,12019,13917,732

3,176

1,4326,1053,222

8894,8372,6541,1724,8092,6691,1584,9562,969

Other

13,17514,40314,26915,331

10,9503,465

11,8663,598

406

2,441870770

5,006561

2,219377159

2,255264112430

Corp.

21,76521,29622,33624,301

13,5269,242

15,0599,989

3,726

583451

6,654684491

6,196646419

3,950572449

3,953

Excise taxes

Total

12,06412,75213,41013,950

6,6027,0436,9077,398

1,271

1,0871,1121,1211,1031,1951,2901,2341,2841,2031,1761,2441.257

Liquorand to-bacco

5,2045,3675,5215,630

2,6762,9402,690

n.a.

499

385382434465466560456496502n.a.n.a.n.a.

High-way

2,9233,0803,4053,646

1,6491,8981,7481,947

300

283320264254308320328380324298336280

Social ins. taxes

Total

16,38117,03219,72921,936

11,7969,209

12,7279,378

1,240

5423,3821,6781,3944,1631,563

9043,4551,256

6392,238

885

OASIandR.R.

12,98113,19715,12817,405

9,0177,373

10,0327,535

1,147

2942,3931,5271,1163,2421,457

6232,7321,158

4781,766

778

Un-empl.

2,8963,3344,1074,037

2,5321,5882,4491,594

52

19595410923988466

23368456

121435

65

Estateandgift

1,9162,0352,1872,416

1,273992

1,4241,170

150

180184196422234208219219166205168192

Cus-toms

1,0081,1711,2411,284

602661623729

103

10187

108109100117120112122126124125

Int.and

repay-ments

2,1051,3581,8151,702

636'943759900

272

124102146119125145143123132130220152

Re-funds

5,9766,2666,5717,148

5,7661,0446,1041,008

103

126944

1,9601,5751,196

30421920721617610090

Other

1,8261,8382,6042,499

1,3481,2161,2831,466

262

264176233183142288149179202250305383

Period

Cash payments to the public

Tr»t«1 5l oiai •>

99,542107,662113,751120,332

55,64961,572

58,76162,040

10,069

9,8489,3939,390

10,1639,533

'10,43410,21711,2189,700

10,5129,281

11,112

Na-tional

de-fense

47,68551,46253,42954,514

27,30426,359

28,15824,569

4,560

4,3854,3114,4254,5944,6785,7653,5923,8694,2434,3014,0524,512

Intl.affairs 6

'3,608'3,976'3,8053,492

1,3681,031

9621,205

220

251204131

-152275253201265191301

-190437

Spacere-

search

7441,2572,5524,171

1,5271;857

2,3132,333

372

355317359452326504334385386387406435

Agri-culture 6

'3,728'4,458'5,7035,846

2,8214,302

3,0384,255

630

701610541587274325672

1,120624841357641

Nat-uralre-

sources

2,1012,2232,4562,595

1,0671,455

1,1391,543

216

192179171174175248235287293244229255

Com-merceand

transp.

5,1075,4875,7776,545

2,6793,657

2,8904,288

622

394424446472460

'694702740759779657651

Hous-ing

& com.devel.

-1031,691-2681,674

-1 ,2961,850

-175516

499

' - 1 3-383-101

386-245

'181246

1635

- 4 8-193

460

Health,Inhnr Xrlaoor ocwelfare

C22,36423,97525,69827,285

13,34713,162

14,12613,722

2,232

'2,449'2,3582,4022,4042,0002,5132,2772,2492,2292,2612,2992,407

Educa-tion

9451,0521,2141,299

650563

732639

87

'12912014012510611278

1291269490

122

Vet-erans

6,1876,0925,9716,107

3,0102,956

3,1502,943

494

703468499457486

'537485501525505398529

Inter-est

7,2576,9407,4278,011

3,8463,841

4,1704,258

269

2691,393

364402

1,394'348360

1,378317436

1,337430

Gen-eral

Govt.

Fiscal year—1961. .1962..1963..1964'.

Half year:1963—Jan.-June.

July-Dec.f

1964—Jan.-June'July-Dec..

Month:1963—Dec.r.

1964 -Jan.FebMar . . . . .AprMayJ u n e . . . .July . . . . .AugSeptOctNov. . . . .Dec

'1,678'1,837'1,9532,221

'9721,052

1,1681,138

176

'236178181172178223

'184183

'189200164218

1963

ItemII III IV

1964

II III IV

1963

III IV

1964

III IV

Seasonally adjusted Not seasonally adjusted

Cash budget:ReceiptsPayments

Net.

2728

-

.5

.2

.7

27.28.

- .

85

7

28.30.

- 2 .

55

0

2930

- 1

.0

.0

.0

2930

-

.7

.5

.8

2829

- 1

.5

.5

.0

2830

- 2

.2

.6

.5

28.730.2

- 1 . 5

28.226.5

1.7

3229

3

.6

.1

.4

2731

- 3

.3

.0

.6

2430

- 6

.5

.6

.1

3028

1

.3

.6

.7

33.'30.

3.

41

2

2731

_ 4

.0

.1

.1

24.330.9

- 6 . 6

For notes, see opposite page.


292 U.S. GOVERNMENT SECURITIES FEBRUARY 1965

TOTAL DEBT, BY TYPE OF SECURITY


End of period

1941 Dec1945 Dec1947—Dec

1956—Dec1957—Dec1958 Dec1959—Dec

1960—Dec1961—Dec1962 Dec1963—Dec

1964 JanFebMarAprMayJune •JUly,

Sept. . . . .OctNovDec

1965—Jan

Totalgrossdebt i

64.3278.7257.0

276.7275.0283.0290.9

290.4296.5304.0310.1

309.3311.1310.4308.4312.3312 5312.0314.9316 5316.5319 3318.7

318.6

Totalgrossdirectdebt 2

57.9278.1256.9

276.6274.9282.9290.8

290.2296.2303.5309.3

308.6310.4309.6307.6311.5311.7311.2314.1315.6315.6318.5317.9

318.0

Total

50.5255.7225.3

228.6227.1236.0244.2

242.5249.2255.8261.6

262.6263.2262.2261.4262.2260 7261.1262.2263 8265.0267 4267.5

269.4

Public issue:

Marketable

Total

41 6198.8165.8

160.4164.2175.6188.3

189.0196.0203 0207.6

208.6209.2208.2207.4208 0206 5206 8207.7209 0210 1212 4212.5

214.4

Bills

2 017.015.1

25.226.929.739.6

39.443.448 351.5

52.553.652.551.052 250 751 052 053 355 056 556.5

58.4

Certifi-cates

38.221.2

19.034.636.419.7

18.45.5

22.710.9

10.94.24.24.2

Notes

6 023.011.4

35.320.726.144.2

51.371.553.758.7

56.464.564.565.167.367 358 658.658 658.158 959.0

53.2

Bonds *

33 6120.6118.0

80.982.183.484.8

79.875.578.486.4

88.787.087.087.088.588 597 197.197 197.097 097.0

102.8

Con-vert-ible

bonds

10.89.58.37.1

5.74.64 03.2

3.23.23.23.13333.3333.0

3.0

Nonmarketable

Totals

8 956.959.5

57.453.452.148.9

47.848.648.850.7

50.850.850.850.951.051 151 251.451 751.851 952.0

52.1

Sav-ings

bonds

6.148.252.1

56.352.551.248.2

47.247.547.548.8

48.949.049.149.149.249 349.449.449 549.649 749.7

49.8

Specialissues 6

7.020.029.0

45.645.844.843.5

44.343.543.443.7

41.942.943.242.045.046.645.747.447.446.346.746.1

44.2

1 Includes noninterest-bearing debt (of which $286 million, on Jan. 29,1965, was not subject to statutory debt limitation) and guaranteed secur-ities, not shown separately.

2 Excludes guaranteed securities.3 Includes amounts held by U.S. Govt. agencies and trust funds, which

totaled $14,532 million on Dec. 31, 1964.* Includes Treasury bonds and minor amounts of Panama Canal and

postal savings bonds.

5 Includes Series A investment bonds, depositary bonds, armed forcesleave bonds, adjusted service bonds, foreign currency series, foreignseries, Rural Electrification Administration bonds, and before 1956.tax and savings notes, not shown separately.

« Held only by U.S. Govt. agencies and trust funds.

NOTE.—Based on Daily Statement of U.S. Treasury.

OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES

(Par value in billions of dollars)

End ofperiod

1941—Dec1945_Dec1947—Dec

1956—Dec1957—Dec1958—Dec1959 Dec1960—Dec1961—Dec1962—Dec1963—Dec

1964—JanFebMar

MayJuneJulyAugSeptOctNovDec

Totalgrossdebt

64.3278.7257.0

276.7275.0283.0290.9290.4296.5304.0310.1

309.3311.1310.4308.4312.3312.5312.0314.9316.5316.5319.3318.8

Held by—

U.S.Govt.

agenciesandtrust

funds 1

9.527.034.4

54.055.254.453.755.154.555.658.0

56.557.557.656.159.461.159.961.861.860.561.260.6

F.R.Banks

2.324.322.6

24.924.226.326.627.428.930.833.6

32.833.233.833.234.234.835.135.235.435.736.837.0

Held by the public

Total

52.5227.4200.1

197.8195.5202.3210.6207.9213.1217.6218.5

220.0220.5219.0219.1218.8216.6217.0218.0219.3220.2221.4221.1

Com-mercialbanks

21.490.868.7

59.559.567.560.362.167.267.264.3

62.962.261.661.160.060.259.360.061.862.163.463.7

Mutualsavingsbanks

3.710.712.0

8.07.67.36.96.36.16.15.8

5.96.06.16.06.06.06.06.06.05.85.75.7

Insur-ancecom-

panies

8.224.023.9

13.212.512.712.511.911.411.511.3

11.311.311.211.011.010.910.911.011.211.211.211.1

Othercorpo-rations

4.022.214.1

19.118.618.822.820.120.020.220.6

21.822.721.421.822.520.2

'20.5'20.5'19.1'20.2'20.119.7

Stateandlocalgovts.

.76.57.3

16.316.616.518.018.719.020.121.1

21.221.421.722.622.622.522.322.622.322.2

'21.921.6

Individuals

Savingsbonds

5.442.946.2

50.148.247.745.945.746.446.948.1

48.148.248.348.348.448.548.648.648.748.848.948.9

Othersecurities

8.221.219.4

15.415.815.322.119.117.917.618.2

18.819.119.618.819.019.0

'19.3'18.9'19.3'19.4'19.019.2

Foreignand

inter-national*

.42.42.7

7.87.67.7

12.013.013.415.315.9

15.915.915.615.315.415.615.816.016.3

'16.316.416.6

Othermisc.inves-tors 3

.56.65.7

8.49.08.9

10.111.211.612.713.3

14.213.613.614.213.813.714.414.314.6

'14.4'14.614.6

1 Includes the Postal Savings System.2 Includes investments of foreign balances and international accounts

in the United States.

3 Includes savings and loan assns., dealers and brokers, nonprofitinstitutions, and corp. pension funds.

NOTE.—Reported data for F.R. Banks and U.S. Govt. agencies andtrust funds; Treasury estimates for other groups.


FEBRUARY 1965 U.S. GOVERNMENT SECURITIES 293

OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY

(Par value in millions of dollars)

Type of holder and date lotat

195,965203,011207,571212,414212,454

8,4849,63811,88912,11712,146

28,88130,82033,59336,77437,044

158.600162,553162,089163,523163,264

59.07358,00454,88153,30953,752

5,8675,7935,5025,4415,434

9,0209,2659,2549,2099,160

10,54710,75010,4279,6279,136

2,7602,8623,2533,4003,418

10,89311,71612.45315,39015,022

60,44064,16266,32067,14967,341

Within 1 year

Total

84,42887,28489,40388,44388,451

1,2521,5911,8441,6771,731

17,65017,74122,58021,27821,388

65,52667,95264,97965,48865,331

21,14919,88516,70317,75718,509

'686635690579608

1,2281,2591,1811,0251,002

8,6979,0637,6717,2286,748

446437378444490

3,9744,4474,6375,2944,863

29,34632,22733,71933,16233,111

Bills

43,44448,25051,53956,46956,476

583865

1,3661,2471,308

3,3492,7234,1466,4196,487

39,51244,66246,02748,80348,682

9,9629,8389,29010,10810,969

181252268323344

442552549498480

5,4666,5516,1785,5195,043

155254236300343

2,7103,2823,8694,3673,961

20,59623,93525,63727,68727,542

Other

40,98439,03437,86431,97431,974

669726478430424

14,30115,01818,43414,85914,901

26,01423,29018,95216,68516,650

11,18710,0477,4137,6497,540

505383422256263

786707632527522

3,2312,5121,4931,7091,705

291183142144148

1,2641,165768927902

8,7508,2928,0825,4755,570

1-5years

66,36061,64058,48761,42764,007

1,8601,4251,9102,2192,422

8,73710,8348,65813,11913,564

55,76349,38147,91946,08948,021

30,75126,34826,10722,95123,507

1,5141,3371,2111,3601,536

2,2222,1752,0441,9052,045

1,7471,5242,3971,8632,001

895817919

1,0121,055

1,3201,059941

1,8022,014

17,31416,12114,30115,19715,863

5-10years

19,78233,98335,68238,96336,421

1,5942,7313,0213,3723,147

2,2272,0942,1362,0881,797

15,96129,15830,52533,50331,477

5,04311,16311,07511,92011,049

1,7082,2102,0091,9621,765

1,6252,2232,3032,5632,406

72149290412272

6171,0301,2021,3391,297

8421,5051,5022,1922,010

6,05410,87712,14413,11512,678

10-20years

11,9764,5658,3576,1086,108

1,7561,3092,1781,5631,563

20468885658

10,0163,1886,0914,4904,487

1,724191533187187

662306377261260

1,274718939824818

225933

371105253132129

1,250688

1,5911,4501,454

4,7131,1752,3891,6331,637

Over20 years

13,41915,53915,64217,47317,467

2,0222,5832,9363,2863,282

6383131234237

11,33412,87312,57513,95313,948

407417463494501

1,2981,3051,2151,2791,266

2,6712,8902,7872,8912,890

8960122112

431473501473447

3,5074,0173,7824,6524,680

3,0123,7613,7674,0424,052

All holders:1961—Dec. 311962—Dec. 311963—Dec. 311964—Nov. 30

Dec. 31

U.S. Govt. agencies and trust funds:1961—Dec. 311962—Dec. 311963—Dec. 311964—Nov. 30

Dec. 31

Federal Reserve Banks:196i_Dec. 311962—Dec. 311963—Dec. 311964—Nov. 30

Dec. 31

Held by public:1961—Dec. 311962—Dec. 311963—Dec. 311964—Nov. 30

Dec. 31

Commercial banks:1961—Dec. 311962—Dec. 311963—Dec. 311964—Nov. 30

Dec. 31

Mutual savings banks:1961—Dec. 311962—Dec. 311963—Dec. 311964—Nov. 30

Dec. 31

Insurance companies:1961—Dec. 311962—Dec. 311963—Dec. 311964—Nov. 30

Dec. 31

Nonfinancial corporations:1961—Dec. 311962—Dec. 311963—Dec. 311964—Nov. 30

Dec. 31

Savings and loan associations:1961—Dec. 311962—Dec. 311963—Dec. 311964—Nov. 30

Dec. 31

State and local governments:1961—Dec. 311962—Dec. 311963—Dec. 311964—Nov. 30

Dec. 31

All others:1961—Dec. 311962—Dec. 311963—Dec. 311964—Nov. 30

Dec. 31

NOTE.—Direct public issues only. Based on Treasury Survey ofOwnership.

Data complete for U.S. Govt. agencies and trust funds and F.R. Banksbut for other groups are based on Treasury Survey data. Of total mar-ketable issues held by groups, the proportion held on latest date by thosereporting in the Survey and the number of owners surveyed were: (1)about 90 per cent by the 6,006 commercial banks, 501 mutual savings

banks, and 785 insurance cos. combined; (2) about 50 per cent by the469 nonfinancial corps, and 488 savings and loan assns.; and (3) about70 per cent by 507 State and local govts.

Holdings of "all others," a residual, include holdings of all those notreporting in the Treasury Survey, including investor groups not listedseparately.


294 U.S. GOVERNMENT SECURITIES FEBRUARY 1965

DEALER TRANSACTIONS

(Par value, in millions of dollars)

Period

U.S. Government securities

Total

By maturity

Within1 year

1-5years

5-10years

Over10 years

By type of customer

Dealers and brokers

U.S.Goyt.

securitiesOther

Com-mercialbanks

Allother

U.S. Govt.agency

securities

1963—Dec

1964—JanFebMar....AprMayJuneJulyAugSeptOctNov.Dec

Week ending—

1964—Dec. 29.

162330

1965—Jan. 6132027

1,719

2,1441,8091,6851,8491,7021,4881,9361,4531,5101,7491,8642,052

2,3881,9661,8171,6802,361

3,8822,6182.0541,675

1,348

1,6561,3361,3611,5281,2641,2011,4331,0991,2141,4761,4261,596

2,037',495,352,298,978

,529,921,668,271

213

264272213234248170216197155141271261

209271277230233

792293166141

122

15914581701659720812310292127146

112163142122118

309166137164

37

655631182519793439414049

3137463034

25323984100

508

687528563590566458581406443529533615

657661557475648

,106745584468

30

362922242924382620252838

2931383146

71523830

730

905737657737651566784604616719805835

948787731753978

1,6661,176841747

451

516516443498457439532417432475

r499564

754488492422689

1.038645591431

96

99918613412014213111311711413185

76777811077

7254123119

NOTE.—The transactions data combine market purchases and sales ofU.S. Govt. securities dealers reporting to the F.R. Bank of N.Y. Theydo 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 similarcontracts. Averages of daily figures based on the number of tradingdays in the period.

DEALER POSITIONS

(Par value, in millions of dollars)

DEALER FINANCING


Period

1963—Dec

1964—JanFebMarAprM a y . . . . .JuneJulyAugSeptOctNovDec

Week ending—

1964—Nov. 4 . .1 1 . .18 . .2 5 . .

Dec. 2 . .9 . .

16 . .2 3 . .30 . .

U.S. Government securities, by maturity

Allmaturities

3,090

3,5823,4752,7752,3933,0873,4753,8174,3133,9543,3583,6923,252

3,7013,8613,8653,682

2,9262,7393,2743,4203,856

Within1 year

2,800

3,2182,7872,4862,3162,6703,2173,1212,9783,3022,9663,0732,675

3,2473,1053,1843,142

2,3672,1412,6632.8653,266

1-5years

295

27246832315616491

229552373231479419

258579535439

455434400385451

Over5 years

- 4

92219

- 3 4- 7 8253167468782280160140159

196177146100

105164211170140

U.S.Govt.agency

securities

254

163195195170231318225275250262313282

300296309328

322270252288296

NOTE.—The figures include all securities sold by dealers under repur-chase contracts regardless of the maturity date of the contract unless thecontract is matched by a reverse repurchase (resale) agreement or delayeddelivery sale with the same maturity and involving the same amount ofsecurities. Included in the repurchase contracts are some that moreclearly represent investments by the holders of the securities rather than

on number of trading days in the period.

Period

1963—Dec


Week ending—

1964—Nov. 4 . . .1 1 . . .1 8 . . .2 5 . . .

Dec. 2 . . .9 . . .

16. . .2 3 . . .3 0 . . .

Allsources

3,139

3,6463,6452,9712,3903,0823,5414,1564,1864,0113,2993,7063,399

3,7043,6683,8823,698

3,3632,8633,5603,5003,668

Commercial banks

NewYorkCity

823

1,1391,048

784545711981

1,2501,1441,255

8451,0201,029

1,196869

1,118956

944607

1,0541,2351,254

Else-where

587

1,019879613556724761871924

1,069835963781

903967

1,033977

833501895873828

Corpora-tions l

1,466

1,1591,3551,2471,0651,3471,4931,6711,7031,2531,2581,1921,056

1,2271,1311,1551,274

1,2361,427

981842933

Allother

263

328363326225300307364416434361531533

378701576491

350328631551653

dealer trading positions.Average of daily figures based

1 All business corps, except commercial banks and insurance cos.

NOTE.—Averages of daily figures based on the number of calendar daysin the period. Both bank and nonbank dealers arc included. See alsonote to the opposite table on this page.


FEBRUARY 1965 OUTSTANDING SECURITIES 295

U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, JANUARY 31, 1965


Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount

Treasury billsJan. 31. 1965..Feb. 4,1965.Feb. 11,1965.Feb. 18, 1965.Feb. 25, 1965.Feb. 28, 1965.Mar. 4,1965.Mar. 11, 1965.Mar. 18, 1965.Mar. 22, 19651Mar. 25, 1965.Mar. 31, 1965.Apr. 1,1965.Apr. 8,1965.Apr. 15, 1965.Apr. 22, 1965.Apr. 29, 1965.Apr. 30, 1965.May 6,1965.May 13, 1965.May 20, 1965.May 27,1965.May 31,1965.June 3,1965.June 10, 1965.June 17, 1965.June 22, 1965June 24,1965.

1,0002,1012,1022,1022,1021,0012,1012,2022,2012,5042,1091,0012,1002,0032,1042,2012,2061,0011,0001,0001,0011,0001,0001,0001,0011,0013,2631,005

Treasury bills—Cont.June 30, 1965July 1, 1965July 8, 1965July 15, 1965July 22, 1965July 29,1965July 31, 1965Aug. 31, 1965Sept. 30, 1965Oct. 31, 1965Nov. 30, 1965Dec. 31,1965

Treasury notesApr. 1,1965 1%May 15,1965 4%May 15, 1965 . . . . . . 3%Aug. 13,1965 3%Aug. 13,1965 3%Oct. 1,1965 IViNov. 15, 1965 3%Nov. 15, 1965 4Feb. 15,1966 3%Feb. 15, 1966 3%Apr. 1,1966 \ViMay 15,1966 4Aug. 15, 1966 4

1,0011,0021,0031,0011,0011,0031,0001,0001,0011,0001,0011,003

4661,8166,6206,2021,066315

1,6158,0992,1962,600

6759,5195,156

Treasury notes—Cont.Oct. 1, 1966 1Feb. 15, 1967 3Apr. 1,1967 1'Aug. 15, 1967 3Oct. 1,1967 1Apr. 1,1968 1Oct. 1,1968 1 _Apr. 1,1969 1%Oct. 1, 1969 \y2

Treasury bondsJune 15, 1962-67... 2fcDec. 15, 1963-68... 2 ViJune 15, 1964-69... 2 ViDec. 15, 1964-69... 2ViFeb. 15, 1965 2%Mar. 15, 1965-70...2%May 15, 1966 3%Aug. 15, 1966 3Nov. 15, 1966 3y8Mar. 15, 1966-71... 2%June 15, 1967-72... 2%Sept. 15, 1967-72...2%Nov. 15,1967 3%Dec. 15, 1967-72... 2ViMay 15, 1968 3%Aug. 15, 1968 3%Nov. 15, 1968 3%

3572,358

2702,932

4572121156197

1,4321,7942,6262,5372,1702,4131,6851,0241,8511,4011,2871,9522,0282,7172,4603,7471,591

Treasury bonds—Cont.Feb. 15, 1969... 4Oct. 1,1969 4Feb. 15, 1970 4Aug. 15, 1 9 7 0 . . . . . . . . 4Aug. 15, 1971.. 4Nov. 15, 1971......37/sFeb. 15, 1972 4Aug. 15, 1972 . . . . . . . . 4Aug. 15, 1973 4Nov. 15, 1973 4V6Feb. 15, 1974 4HMay 15, 1974 414Nov. 15, 1974 37/sMay 15, 1975-85...4V4June 15, 1978-83... 3 V4Feb. 15, 1980 4Nov. 15, 1980 3V£May 15, 1985 3l/4Feb. 15,1990 3%Aug. 15, 1987-92...414Feb. 15, 1988-93 4May 15, 1989-94... 41/8Feb. 15,1995 3Nov. 15, 1998 . . . . . . 3Vi

Conrertible bondsInvestment Series BApr. 1,1975-80...2%

1,8446,2624,3844,1292,8062,7602,3442,5793,8944,3573,1031,5322,2441,2181,5852,6091,9131,1284,9043,828

2501,5602,3994,430

2,969

1 Tax anticipation issue. NOTE.—Direct public issues only. Based on Daily Statement of U.S.Treasury.

FEDERALLY SPONSORED AGENCIES, DECEMBER 31, 1964

Agency, type and date of issue,and coupon rate Maturity

Amount(millions

of dollars)Agency, type and date of issue,

and coupon rate MaturityAmount(millions

of dollars)

Federal home loan banksNotes:

Mar. 16,1964 4.05Apr. 15,1964 4.15May 15, 1964 4.10June 15,1964 4%Oct. 15, 1964 4Aug. 17, 1964 3.95Sept. 15, 1964 4.05Oct. 15, 1964 4.05Nov. 16, 1964 4.10

Bonds:Sept. 17, 1962 3*/4July 15, 1964 4i/8Dec. 9,1963 4%June 15, 1964 4*4

Federal National Mortgage Association—secondary market operations

Jan. 15, 1965Feb. 15, 1965Apr. 15, 1965May 17, 1965June 15, 1965July 15, 1965Aug. 16, 1965Sept. 15, 1965Oct. 15, 1965

Sept. 15, 1965Mar. 15, 1966Aug. 15, 1966Nov. 15, 1966

Discount notes.

Debentures:Dec. 10, 1957 4%Sept. 10, 1962 334Dec. 12,1960 4HMar. 10, 1958 3%Apr. 10, 1959 4%Apr. 11, 1960 4%Sept. 12, 1960 4VsAug. 23, 1960 4VsSept. 11, 1961 4V£Feb. 10,1960 5%Dec. 11, 1961 4%June 12, 1961.. 4V4Feb. 13,1962 4%

Banks for cooperativesDebentures:

Aug. 3,1964 3.90Oct. 1,1964 4Nov. 2,1964 4Dec. 1,1964 4

JuneMar.Dec.Mar.Apr.Apr.Sept.Aug.Sept.Feb.JuneJuneFeb.

10, 196510, 196612, 196611, 196810, 196910, 197010, 197010, 197110, 197110, 197212, 197212, 197310, 1977

Feb. 1, 1965Apr. 1, 1965May 3,1965June 1, 1965

249435430525250446552172400

175260200275

163

98108938788

1431196496

100100146198

23219667

192

Federal intermediate credit banksDebentures:

Apr. 1,1964 4.05May 4,1964 4V&June 1,1964 4.05July 1,1964 4.10Aug. 3,1964 4Sept. 1,1964 3.95Oct. 1,1964 4Nov. 2,1964 4.05Dec. 1,1964 4.05

Federal land banksBonds:

Apr. 20, 1964 4l/4Aug. 20, 1964 4Oct. 20, 1960 4June 20, 1961 4Apr. 3,1961 3%May 1,1958 3%Sept. 20, 1961 4V4Feb. 15, 1957 4%May 1,1962 4Oct. 1,1957 4ViOct. 22,1963 4YSApr. 1,1959 4V4May 1,1963 4Aug. 20, 1964 4V4Feb. 2,1959 4%July 15,1957 4%Oct. 20, 1964 4V4Feb. 1,1960 5VsFeb. 14, 1958 3%Jan. 5,1960 5V6May 1,1956 3%Sept. 14, 1956 3%Feb. 20, 1963 4i/8Feb. 20, 1962 4%

Tennessee Valley AuthorityShort-term notes

Jan. 4, 1965Feb. 1, 1965Mar.Apr.MayJuneJulyyAug.

1, 19651, 19653, 19651, 19651, 19652, 1965

Sept. 1, 1965

Apr. 20,Aug. 23,Oct. 20,Dec. 20,Feb. 21,May 2,July 20,Feb. 15,May 22,Oct. 1,Oct. 23,Mar. 20,June 20,Aug. 20,Mar. 20,July 15,Oct. 20,Feb. 20,Apr. 1,July 20,May 1,Sept. 15,Feb. 20,Feb. 20,

19651965196519651966196619661967-7219671967-70196719681968196819691969196919701970197019711972.1973-781974

Bonds:Nov. 15, 1960 4.40July 1,1961 4%Feb. 1,1962 4%

Nov. 15, 1985July 1, 1986Feb. 1, 1987

289290259249217204186195226

20915916014015010819372

18075

17411118616010060

20982838560

109148155

45

505045

NOTE.—These securities are not guaranteed by the U.S. Govt.; see alsoNOTE to table at top of following page.


296 CREDIT AGENCIES; SECURITY ISSUES FEBRUARY 1965

MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES


End ofperiod

19551956195719581959

196019611962

1963—Dec...

1964—Jan...Feb...Mar. .Apr...May..June..July. .Aug. .Sept..Oct...Nov. .Dec...

Federal home loan banks

Ad-vances

tomem-bers

1,4171,2281,2651,2982,134

1,9812,6623,479

4,784

4,4144,2164,1684,4444,3954,7694,7634,7814,8374,7974,7845,325

Assets

Invest-ments

7651,027

908999

1,093l _r\i

,153,531

,906

1,730(,6221,7091,420,607

1,8041,4761,6221,5971,6141,8891,523

andde-

posits

62626375

103

90159173

159

10186867282

15310675999484

141

Liabilities and capital

Bondsand

notes

975963825714

1,774

1,2661,5712,707

4,363

3,9613,6313,6223,6253,7274,2014,0424,1694,1654,1444,3694,369

Mem-berde-

posits

698683653819589

9381,1801,214

1,151

944943997957990

1,153936926989978989

1,199

Capitalstock

516607685769866

9891,1071,126

1,171

,1761,1821,1891,193,196

1,2011,2081,2101,2121,214[.2161,227

Federal NationalMortgage Assn.

(secondary marketoperations)

Mort-gageloans(A)

83628

1,5621 3231,967

2,7882 7702,752

2,000

1,9881,9851,9841,9831,9841,9621,9401,9361,9261,9341,9301,940

Deben-turesand

notes(L)

2001,3151,1001,640

2,5232,4532,422

1,788

1,7861,7861,7851,7811,6981,6981,6981,6961,5491,7071,7011,601

Banksfor

cooperatives

Loansto

cooper-atives(A)

371457454510622

649697735

840

866849815786747757782787809924975958

Deben-tures

(L)

110143222252364

407435505

589

589589586533527498498538538576638686

Federalintermediatecredit banks

Loansanddis-

counts(A)

693747932

1,1571,391

1,5011,6501,840

2,099

2,1022,1632,2382,3292,4122,5042,5612,5612,5162,3772,2412,247

Deben-tures

(L)

657705886

1,1161,356

1,4541,5851,727

1,952

1,9642,0182,0692,1572,2462,3152,3962,4332,4242,3522,1742,112

Fedlai

bai

Mort-gageloans(A)

1,4971,744

9192,0892,360

2,5642,8283,052

3,310

3,3333,3643,4063,4453,4813,5163,5513,5863,6203,6523,6803,718

eraln r i

lQ

iks

Bonds

(L)

1,1911,4371,5991,7431,986

2,2102,4312,628

2,834

2,8362,8862,8862,9732,9732,9732,9733,1023,1023,1693,1693,169

NOTE.—Data from Federal Home Loan Bank Board, Federal NationalMortgage Assn., and Farm Credit Admin. Among the omitted balancesheet items are capital accounts of all agencies, except for stock of homeloan banks. Bonds, debentures, and notes are valued at par. They in-clude only publicly offered securities (excluding, for the home loan banks,

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 aregross of valuation reserves and represent cost for FNMA and unpaidprincipal for other agencies.

NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES


Period

19581959

I960196119621963

1963—SeptOctNovDec .

1964—Jan..Feb..Mar.Apr..May.June.July.Aug.Sept.

All issues (new capital and refunding)

Total

7,5267,697

7,2928,5668,845

10,538

4801 265

754495

1,007853867

1,266706938940775920

Type of issue

Gener-al

obli-gations

5,4474,782

4,7715,7245,5825,855

333679401401

606663497630472537563244509

Reve-nue

1,7782,407

2,0952,4072,6814,180

12256731085

230181355473214258367519260

PHAi

187332

302315437254

140

i-ii120

130

U.S.Govt.loans

115176

125120145249

252043

9

318

15222023111220

Type of issuer

State

1,9931,686

1,1101,9281,4191,620

9414318569

21521413610614171

11613

101

Specialdistrict

andstat.auth.

1,3712 121

1,9842,1652,6003,636

73424208126

336208262558167338338511374

Other 2

4,1623,890

4,1984,4734,8255,281

314698362299

456431469602339529486251445

Totalamountdeliv-ered 3

7,7087,423

7,1028,3018,732

10,496

712581897

1,005

428868973810

1,214696947834896

Total

7,4417,589

7,2478,4638,5689,151

4491 051

729416

944772812

1,215665902904756892

Issues for new capital

Use of proceeds

Edu-cation

2,6172,318

2,4052,8212,9633,029

204232278158

273242251378258361401161206

Roadsand

bridges

1,164844

1,0071,1671,114

812

33102130

7

4233

262594042257350

Util-ities 4

1,4121,985

1,3161,7001,6682,344

77338221136

114238136225208183167439248

Hous-ings

251401

426385521598

31921

1413

1114545

134*

133

Veter-ans'aid

339355

201478125

6030

Otherpur-poses

1,6571,685

1,8911,9132,1772,369

10337198

115

313226153407151181311

83254

1 Only bonds sold pursuant to 1949 Housing Act; secured by contractrequiring the Public Housing Administration to make annual contributionsto the local authority.

2 Municipalities, counties, townships, school districts.3 Excludes U.S. Govt. loans. Based on date of delivery to purchaser

(and payment to issuer) which occurs after date of sale.* Water, sewer, and other utilities.

5 Includes urban redevelopment loans.

NOTE.—The figures in the first column differ from those shown on thefollowing page, which are based on Bond Buyer data. The principaldifference 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.


FEBRUARY 1965 SECURITY ISSUES 297

TOTAL NEW ISSUES


Period

1956195719581959

I960196119621963

1963 Nov . . .Dec

1964 Jan . .FebMarAprMayJuneJulyAugSept . . . .OctNov

Gross proceeds, all issues 1

Total

22,40530,57134,44331,074

27,54135,52729,95631,616

2,1172,312

2,4822,0222,1214,9302,2673,0562,4674,1282,4532,9084,611

Period

1956195719581959

I960196119621963

1963 NovDec

1964 JanFebMarAprMayJuneJulyAugSept . . .OctNov

Noncorporate

U.S.Govt. 2

5,5179,601

12,06312,322

7,90612,2538,5907,213

333357

474413399

1,444367383387

2,449358367

3,242

U.S.Govt.agen-cy 3

169572

2,321707

1,6721,4481,1881,168

200

275260160

510

U.S.Stateandlocal

5,4467 6,958

7,4497,681

7,2308,3608,558

10,107

688483

1,006810844

1,204660900922767952816566

Manufacturing

Newcapital 8

3,3364,1043,2651,941

1,9973,6912,9583,312

214515

149123146186206332149164234218192

Retire-ment of

secu-rities

24349

19570

79287228190

813

143

176

10394012361124

Other 4

334557

1,052616

579303915891

513

168973478537292313

18580

Corporate

Total

10,93912,88411,5589,748

10,15413,16510,70512,237

8911,459

985710805

2,2341,1551,461

869728

1,1301,030

724

Bonds

Total

8997

898

10

1

11

,00?,957

' 190

,081,4?0,969,872

732,376

863

714863

,008,091644616974814672

Pub-licly

offered

4,2256,1186,3323,557

4,8064,7004,4404,714

183626

33827936138347046823418337618130

Pri-vatelyplaced

3,7773,8393 3203,632

3,2754,7204,5296,158

549751

526342353480537623411433598633642

Stock

Pre-ferred

636411571531

409450422342

5430

2783

23508259542327

9

Proposed uses of net proceeds, major grou

Commercial andmiscellaneous

Newcapital 8

682579867812

7941,109

803774

41104

846048

10750504545

166100164

Retire-ment of

secu-rities

51291328

30363255

58

12

116

29

Transportation

Newcapitals

694802778942

672651543873

83118

981543191

127359020494449

Retire-ment of

secu-rities

?0143815

39

1683

1

6

861

1*11

Com-mon

2,3012,5161,3342,027

1,6643,2941,3141,022

10653

958087

1,34998

28916658

13318942

Proposed use of net proceeds,all corporate issues 5

Total

10,74912,66111 3729,527

9 92412,88510,50112,081

8791,444

972702796

2,2151,1411,441

854718

1,1171,015

717

N e w capital

Total

10,38412,44710,823

9,65312,017

10,553

8191,415

930685754

2,1781,0691,378

780661

1,035951649

Newmoney 6

911

Q8

810

88

1

2

1

ps of corporate issuers

Public utility

Newcapitals

?

333

7?

,474,821,605,189

,754,883,341,935

131198

10915517r4151441264207138296306

34

Retire-ment of

secu-rities

1451

13815

51106444699

412

264

1819534

16273837

7

Communication

Newcapital8

1,3841,4411,294

707

1,0361,4351,276

726

1364

1578334

1,37 '2725?2316IS8S11

\

\

f

I}

r{

>>

Retire-ment of

secu-rities

214

118*

38211

356

3***1*

54

15261

663784907578

758715?40993

606098

8455?3677094953292653570788776516

Otherpur-poses

721663915814

8951,3021,5071,561

212316

851627783

11686

12791

247175133

Re-tire-ment

ofsecu-rities

364214549135

271868754

1,528

6130

4317423772637457826368

Real estateand financial

Newcapital 8

1,8151,7011,0141,801

2,4012,2481,8252,933

337416

332110322265218439266277271202199

Retire-ment of

secu-rities

176747

6

712223

144

46

11431

13123427

1 Gross proceeds are derived by multiplying principal amounts ornumber 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 flotation.

6 For plant and equipment and working capital.i Beginning with 1957 this figure differs from that shown on the previ-

ous page because this one is based on Bond Buyer data.8 All issues other than those for retirement of securities.

NOTE.—Securities and Exchange Commission estimates of new issuesmaturing in more than 1 year sold for cash in the United States.


298 SECURITY ISSUES FEBRUARY 1965

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES


Period

19581959

1960196119621963

1963—IIIIV

1964—1IIIll

Period

19581959

I960196119621963

1963—IIIIV

1964—1IIIll

Derivation of change, all issuers

All securities

Newissues0

15,09113,338

13,48517,50314,20615,552

3,3424,747

4,2545,0203,871

Retire-mentsc

5,2734,845

4,9626,9996,4578,711

1,9882,476

1,9601,7951,946

Netchange e

9,8188,492

8,52310,5037,7506,841

1,3552,272

2,2943,2251,926

Bonds and notes

Newissues

9,6617,122

8,0729,1948,613

10,556

2,1593,222

2,1492,8672,158

Retire-ments

3,8113,049

3,0784,0243,7494,979

1,2301,121

914940

1,033

Netchange

5,8504,073

4,9945,1704,8645,577

929c2,101

1,2351,9271,126

Common and preferred stocks

New issues

Invest.cos.1

2,3602,838

2,6883,8553,3383,049

734931

920917

1,009

Other«

3,0703,378

2,7254,4542,2551,948

449594

1,1851,235

704

Retirements

Invest.cos.1

519794

8551,1711,1401,536

393392

536469475

Other*

9431,002

1,0291,8041,5672,197

364962

510385438

Net change

Invest.COS.*

1,8412,044

1,8332,6842,1981,513

341539

384448535

Other'

2,1272,376

1,6962,650

688-249

85-368

675850265

Type of issuer

Manu-facturing

Bonds& notes

2,197316

3992,0121,3551,804

378574

81291225

Stocks

- 4 6442

462415

-242-664

- 5 4-275

-253—65

28

Commercialand other 2

Bonds& notes

406217

261516294339

1787

617282

Stocks

11162

- 4 6-447-201-352

- 1 7-307

16- 2 1- 3 4

Transpor-tation 3

Bonds& notes

413332

17371

- 8 5316

- 9 5180

1315129

Stocks

- 9 32

- 4 2- 7

- 2 5- 1 9

27- 1 5

- 631

- 4 7

Publicutility

Bonds& notes

2,1331,738

1 6891,6481,295

876

148288

156606290

Stocks

1,0271,028

635704479245

847

70156149

Communi-cation

Bonds& notes

494475

901149

1,172438

8261

23422542

Stocks

1,070445

3561,457

357447

131129

81168192

Real estateand financial 4

Bonds& notes

206994

1 572775833

1,806

399912

572681458

Stocks'

cl,9992,342

2,1643,2122,5171,607

330592

422516613

1 Open-end and closed-end cos.2 Extractive and commercial and misc. cos.3 Railroad and other transportation cos.4 Includes investment cos.

NOTE.—Securities and Exchange Commission estimates of cash trans-actions only. As contrasted with data shown on p. 297, new issues exclude

foreign and include offerings of open-end investment cos., sales of securi-ties held by affiliated cos. or RFC, special offerings to employees, and alsonew stock issues and cash proceeds connected with conversions of bondsinto stocks. Retirements include the same types of issues, and also securi-ties retired with internal funds or with proceeds of issues for that purposeshown on p. 297.

OPEN-END INVESTMENT COMPANIES


Year

19531954

19551956195719581959

19601961196219631964

Sales and redemptionof own shares

Sales i

672863

1,2071,3471,3911,6202,280

2,0972,9512,6992,4603,404

Redemp-tions

239400

443433406511786

8421,1601,1231,5041,875

Netsales

433463

765914984

1,1091,494

,2551,7911,576

952,528

Assets (market valueat end of period)

Total 2

4,1466,110

7,8389,0468,714

13,24215,818

17,02622,78921,27125,21429,116

Cashposition 3

309

438492523634860

973980

1,3151.3411,329

Other

5,801

7,4008,5548,191

12,60814,958

16,05321,80919,95623,87327,787

Month

1963—Dec...

1964—Jan...Feb. . .Mar . .Apr...May..June..July...Aug...Sept..Oct....Nov . .Dec...

Sales and redemptionof own shares

Sales

225

294219263276241285308260299306317336

Redemp-tions

132

183165184165153147168149149142134136

Netsales

92

1105579

11188

138140110149164184200

Assets (market valueat end of period)

Total i

25,214

25,85426,33426,86327,05127,49727,68228,31928,16429,13029,08729,06229,116

Cashposition 2

]

1,341

1,3831,3801,4031,3391,4441,4991,4711,4571,4361,3121,3001,329

Other

23,873

24,47124,95425,46025,71226,05326,18326,84S26,70727,69427,77527,76227,181

1 Excludes shares issued to shareholders as capital gains and dividenddistributions.

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.

NOTE.—Investment Co. Institute data based on reports of members,which comprise substantially all open-end investment cos. registered withthe Securities and Exchange Commission. Data reflect newly formedcos. after their initial offering of securities.


FEBRUARY 1965 BUSINESS FINANCE 299

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS


Industry 1959 1960 1961 1962 19631963

I I I IV

1964

III

Manufacturing

Total (177 corps.):SalesProfits before taxesProfits after taxesDividends

Nondurable goods industries (78 corps.):1

SalesProfits before taxesProfits after taxesDividends

Durable goods industries (99 corps.):2


Selected industries:Foods and kindred products (25 corps.):


Chemicals and allied products (20 corps.):SalesProfits before taxesProfits after taxesDividends

Petroleum refining (16 corps.):SalesProfits before taxesProfits after taxes.Dividends

Primary metals and products (34 corps.):SalesProfits before taxesProfits after taxesDividends

Machinery (24 corps.):SalesProfits before taxesProfits after taxesDividends

Automobiles and equipment (14 corps.):SalesProfits before taxesProfits after taxesDividends

Public Utility

Railroad:Operating revenueProfits before taxesProfits after taxesDividends

Electric power:Operating revenueProfits before taxes .Profits after taxes.Dividends

Telephone:Operating revenueProfits before taxesProfits after taxesDividends

119,17214,1727,4824,360

45,5435,6513,2121,910

73,6288,5214,2702,450

11,6441,300618349

11,7402,1641,120791

13.3721,187969518

20,9402.3221,218829

16,9831,904941456

23,2623,0121,491812

9,825845578406

11,1292,9831,6551,219

7.5722.1531,073743

123,91113,5437,1614,485

47,3725,5793,2151,948

76,5407,9643,9462.536

12,2021,342639372

12,2052,0051,058786

13,8151,2671,026521

20,8282.214i ;i69838

16.6811,509768494

26,2753,1971.534837

9.514648445385

11,9063,1631,7931,307

8,1112,3261,155806

123,66913,2687,1674,730

49,3625,6023,2252,031

74,3077,6663,9422,699

12,9511,440682397

12.6061,9791,034833

14,4831.2371,025528

20,2341.9991,067843

17.4461.701859508

23,3142,7861,404973

9.189625382359

12.4783.3491,8831,374

8,6152,4781.233867

136,545330215048

245896403150

84,300

13,4571,460698425

13,7592,1621.126

15,1061,3191,099566

21,2601,8381,013820

19,0571,924966531

29,1564.3372,1431,151

9,440729572367

13,4893,5832,0621,462

9,1962,6391,327935

147,38417,3889,1355,441

55,1426,3953,6592,265

92,24310,9935,4763,176

14,1641,533740448

14,6212,3371,213904

15,9951,4951,184608

22,1462,1831,186732

21,0412,3681,151578

33,2365,0112,3931.447

9.560816651383

14,1773,7412,1851,548

9,7962,8151,417988

34,9174,0122,0991,169

13,2391,512867537

21,6712,5001,231632

3,360337164109

3,448544281202

3,959390304151

5.123430231180

4.923528258140

7,9871,268600217

2,23911682

3,8191.100626392

2,36567"336225

37,9224,7592,4531,320

13,8691,613897537

24,0533,1451,556783

3,581387184111

3,728616316202

3,937343265149

6,114711372181

5,286587285143

8,7551,473706362

2,474252189103

3,371848498378

2,440711357255

35,3813,7302,0071,183

13,9841,613934542

21,3952,1181,073641

3,621404195111

3,705584305201

4,068381312154

5,470467252181

5,286585289141

6,564677333220

2,39919715666

39,1734,8872,5761,768

14,0501,658961649

25,1233,2301,6151,119

3,603404197118

3.740593310299

4,032381303154

5,439574332190

5,547668319154

9,9301,593

753648

2,447252225125

3,458 3,529930 862529 532384 394

2,465725368252

2,526707356256

38,3264,7812,6031,285

14,2201,643

992561

24,1063,1381,611

724

3,598345173117

3,791636347207

4,132400336158

5,540560315186

5,401673338157

9,2751,573

782276

2,362188144110

3,9611,106

660424

2.543726377261

40,7845.3332; 8981,448

14,8231.7521,028

569

25,9613,5811,871

879

3,721401202119

4.114682366209

4,111361298159

37,6674,0802.3181,322

14,8821,7431,037

582

22,7852,3381,281

741

3,831422214118

4,067657353212

4.122367312168

6,046 6,0476741 611384 352187 187

5,673702357170

10.0281,775

900419

5,573688349170

7,137593340277

2,8462.481245 .196 175

11-

3.5721 3,687893 998542 583412 426

2,619J 2,654796408262

773402268

1 Includes 17 cos. in groups not shown separately.2 Includes 27 cos. in groups not shown separately.

NOTE.—Manufacturing corps. Data are obtained primarily frompublished co. reports.

Railroads. Interstate Commerce Commission data for Class I line-haul railroads.

Electric power. Federal Power Commission data for Class A and Belectric utilities, except that quarterly figures on operating revenue andprofits before taxes are partly estimated by the Federal Reserve to includeaffiliated nonelectric operations.

Telephone. Data obtained from Federal Communications Commis-sion on revenues and profits for telephone operations of the Bell SystemConsolidated (including the 20 operating subsidiaries and the LongLines and General departments of American Telephone and TelegraphCo.) and for 2 affiliated telephone cos. Dividends are for the 20 operat-ing subsidiaries and the 2 affiliates.

All series. Profits before taxes are income after all charges and beforeFederal income taxes and dividends. For description of series seeJune 1949 BULL., pp. 662-66 (manufacturing); Mar. 1942 BULL., pp.215-17 (public utilities); and Sept. 1944 BULL., p . 908 (electric power).

Back data available from the Division of Research and Statistics.


300 BUSINESS FINANCE FEBRUARY 1965

CORPORATE PROFITS, TAXES, AND DIVIDENDS


Year

1956195719581959

1960196119621963

Profitsbeforetaxes

44.743.237.447.7

44.344.248.251.3

In-cometaxes

21.220.918.623.2

22.322.323.224.6

Profitsaftertaxes

23.522.318.824.5

22.021.925.026.7

Cashdivi-

dends

12.112.612.413.7

14.515.216.518.0

Undis-tributedprofits

11.39.76.4

10.8

7.56.78.58.7

Corporatecapital

consump-tion

allow-ances i

20.021.822.724.3

25.626.930.531.8

Quarter

1963—1III I I . . . .I V . . . .

1964—1III I I . . . .

Profitsbeforetaxes

48.951.151.354.3

56.657.958.0

In-cometaxes

23.424.524.526.0

25.426.026.0

Profitsaftertaxes

25.526.626.728.3

31.231.932.0

Cashdivi-

dends

17.217.717.919.1

19.419.820.0

Undis-tributedprofits

8.38.98.99.2

11.812.112.0

Corporatecapital

consump-tion

allow-ances 1

31.331.632.132.4

33.033.433.8

1 Includes depreciation, capital outlays charged to current accounts, andaccidental damages.

NOTE.—Dept. of Commerce estimates,adjusted annual rates.

Quarterly data are at seasonally

CURRENT ASSETS AND LIABILITIES OF CORPORATIONS


End of period

19561957.1958195919601961 . . .1962

1963—IIIIV

1964—1IIIII.

Networkingcapital

107.4111.6118 7124 2128.6135 6142.8

148 8151.2

154 7157.1159.4

Total

237.9244.7255.3211.2,289.0306 8326.7

342 9349.9

350.6356.7364.3

Cash

34.834.937.436.337.241 142.9

40 844.5

40 642.543.1

Current assets

U.S.Govt.securi-

ties

19.118.618 822.820.120 020.2

19 720.6

21 420.219.1

Notes and accts.receivable

U.S.Govt. 1

2.62.82 82 93.13 43.7

3 43.6

3 33 .03 .2

Other

95.199.4

106 9117.7126.1135 8146.7

158 1159.7

161 3165.6171.6

Inven-tories

80.482.281 988.491.895 2

100.9

105 8107.3

108 6109.6111.2

Other

5.96.77 59 .1

10.611 412.4

15 214.3

15 515.916.1

Current liabilities

Total

130.5133.1136.6153.1160.4171 2184.0

194 1198.8

195 9199.6204.9

Notes and accts.payable

U.S.Govt. i

2.42.31 71.71.81 82.0

2.52 . 5

2 62 . 62 .7

Other

81.584.388.799.3

105.0112 8121.2

128.1131.8

128 9131.7135.0

AccruedFederalincometaxes

17.615.412.915.013.514 115.0

15.316.3

15.615.216.0

Other

29.031.133.337.040.142.545.7

48.348.2

48.850.151.2

i Receivables from, and payables to, the U.S. Govt. exclude amountsoffset against each other on corps.' books.

NOTE.—Securities and Exchange Commission estimates; excludesbanks, savings and loan assns., and insurance cos.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT


Period

1956195719581959

19601961. . . .196219631964 2

1963—11I l lIV

1964 IIIIllIV 2

1965—1 2

Total

35.0836.9630.5332.54

35 6834.3737.3139.2244.66

9.7410.1411.09

9.4011.1111.5412.60

10.58

Manufacturing

Durable

7.628.025.475.77

7 186.277.037.859.35

1.961.962.31

1.932 302.372.75

2.19

Non-durable

7.337.945.966.29

7 307.407.657.849.16

1.951.992.25

1.872.232.302.76

2.24

Mining

1.241.24

.94

.99

99.98

1.081.041.18

.26

.27

.28

.26

.29

.30

.32

.29

Transportation

Railroad

1.231.40

.75

.92

1 03.67.85

1.101.46

.28

.29

.33

.32

.36

.37

.41

.38

Other

1.711.771.502.02

1 941.852.071.922.31

.54

.45

.54

.51

.63

.59

.57

.53

Publicutilities

4.906.206.095 67

5 685.525.485.656.14

1.401.601.61

1.181 581.711.68

1.27

Commu-nications

2.683.032.622 67

3 133.223 633.79

15.

.95

.931.06

.971 101.06

4.

3.

Other 1

8 367.377.208 21

8 448.469 52

10.0306

2 412.642.72

2.372 612 84

11

68

Total

annualrate)

38 0540.0041.20

42.5543 5045.6546.70

47.90

1 Includes trade, service, finance, and construction.2 Anticipated by business.

NOTE.—Dept. of Commerce and Securities and Exchange Commissionestimates for corp. and noncorp. business, excluding agriculture.


FEBRUARY 1965 REAL ESTATE CREDIT 301

MORTGAGE DEBT OUTSTANDING


End ofperiod

19411945

1957195819591960

19611962* , ,1963*1964*>

1963—I*...I IP . .I I IP . .IVP . .

1964—IP. . .U P . .I I IP . .FVX.

All properties

Allhol-ders

37.635.5

156.5171.8190.8206.8

226.3251.6280.9310.4

257.1265.1273.1280.9

287.0295.1303.1310.4

Finan-cial

insti-tutions i

20.721.0

119.7131.5145.5157.6

172.6192.5216.9240.5

197.2204.1210.6216.9

221.8228.3234.7240.5

Otherholders 2

U.S.agen-cies

4.72.4

7.47.8

10.011.2

11.812.211.2

11.811.211.111.2

11.211.211.3

Indi-viduals

andothers

12.212.1

29.332.535.438.0

41.947.052.9

48.149.951.452.9

54.055.657.1

Farm

Allhol-ders

6.44.8

10.411.112.112.8

13.915.216.8

15.516.116.516.8

17.318.018.5

Finan-cial

insti-tutions i

1.51.3

4.04.24.54.7

5.05.56.2

5.65.96.16.2

6.46.76.9

Otherholders'

4.93.4

6.46.97.68.2

8.99.7

10.6

9.910.210.510.6

10.911.311.6

Nonfarm

Allhol-ders

31.230.8

146.1160.7178.7194.0

212.4236.4264.2

241.6249.0256.5264.2

269.7277.1284.6

1- to 4-family houses

Total

18.418.6

107.6117.7130.9141.3

153.1166.5182.2

169.2173.7178.2182.2

185.2189.6194.0

Finan.insti-

tutions

11.212.2

89.998.5

109.2117.9

128.2140.4156.0

143.3147.9152.2156.0

158.9163.1167.2

Otherhol-ders

7.26.4

17.719.221.623.4

24.926.026.2

25.925.826.026.2

26.326.526.8

Multifamily andcommercial properties4

Total

12.912.2

38.543.047.952.7

59.369.982.0

72.475.378.382.0

84.587.590.6

Finan.insti-

tutions

8.17.4

25.828.831.835.0

39.446.654.8

48.350.352.354.8

56.558.560.6

Otherhol-ders

4.84.7

12.714.216.117.7

19.923.427.2

24.125.026.027.2

28.029.030.0

Mortgagetype 5

FHA-VA-

under-written

3.04.3

51.655.259.262.3

65.569.273.0

70.170.971.773.0

73.874.575.6

Con-ven-

tional

28.226.5

94.5105.5119.4131.7

146.9167.2191.1

171.5178.1184.8191.1

195.8202.6209.0

1 Commercial banks (including nondeposit trust cos. but not trustdepts.), mutual savings banks, life insurance cos., and savings and loanassns.

2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin.,and Federal land banks, and in earlier years, RFC, HOLC, and FFMC.Other U.S. agencies (amounts small or current separate data not readilyavailable) included with "individuals and others."

3 Derived figures; includes debt held by Federal land banks and farmdebt held by Farmers Home Admin.

4 Derived figures; includes small amounts of farm loans held by

savings and loan assns.5 Data by type of mortgage on nonfarm 1 - to 4-family properties alone

are shown on second page following.

NOTE.—Based on data from Federal Deposit Insurance Corp., FederalHome Loan Bank Board, Institute of Life Insurance, Depts of Agricul-ture and Commerce, Federal National Mortgage Assn., Federal HousingAdmin., Public Housing Admin., Veterans Admin., and Comptrollerof the Currency.

Figures for first 3 quarters of each year are F.R. estimates.

MORTGAGE LOANS HELD BY BANKS(In millions of dollars)

End of period

19411945

19571958 . . .1959I960

196119621963

1962 IIIIllIV

1963—1II . . .IllIV

1964 IIII I I P

Commercial bank holdings 1

Total

4 9064,772

23,33725,52328,14528,806

30,44234,47639,414

30,84432,19433,43034,476

35,24336,93938,36039,414

40,20041,64842,948

Residential

Total

3 2923,395

17,14718,59120,32020,362

21,22523,48226,476

21,21122,04822,82423,482

23,84624,95825 85526,476

26,89427,750

FHA-in-

sured

4,8235,4766,1225,851

5,9756,5207,105

6,0036,1956,3766,520

6,6276,8617 0077,105

7 1107,158

VA-guar-

anteed

3 5893,3353,1612,859

2 6272,6542,862

2,5472,5932,6172,654

2,6512,8372 8702,862

2 8242,793

Con-ven-

tional

8,7359,780

11,03711,652

12,62314,30816,509

12,66113,26013,83114,308

14,56815,26015,97816,509

16,96017,799

Othernon-farm

1 048856

4,8235,4616,2376,796

7,4708,972

10,611

7,8178,2198,6288,972

9,2709,740

10,20310,611

10,89411,340

Farm

566521

1,3671,4711,5881,648

1,7472,0222,327

1,8161,9271,9782,022

2,1272,2412,3022,327

2,4122,558

Total

4 8124,208

21,16923,26324,99226,935

29 14532,32036,224

29,83330,63831,48432,320

33,36834,30935 19136,224

37 15538,19939,381

Mutual savings bank holdings

Residential

Total

3 8843,387

19,01020,93522,48624,306

26 34129,18132,718

26,94027,63228,46429,181

30,14330,96931 77532,718

33 50634,407

FHA-in-

sured

4,6695,5016,2767,074

8 0459,238

10,684

8,3408,6628 9849,238

9 72410,02310 32810,684

11 00411 376

VA-guar-

anteed

7,7908,3608,5898,986

9 2679,787

10,490

9,3929,5029,6339,787

10,04610,21810,33510,490

10 63910,826

Con-ven-

tional

6,5517,0737,6228,246

9,02810,15611,544

9,2089,4699,847

10,156

10,37310,72811 11211,544

11 86312,205

2

Othernon-farm

900797

2,1022,2752,4512,575

2,7533,0883,454

2,8422,9542,9683,088

3,1743,2903,3653,454

3,5973,740

Farm

2824

57535554

515152

51515251

51505152

5252

1 Includes loans held by nondeposit trust cos., but not bank trust depts.2 Data for 1941 and 1945, except for totals, are special F.R. estimates.

NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp.series for all commercial and mutual savings banks in the United States

and possessions. First and third quarters, estimates based on FDIC datafor insured banks for 1962 and part of 1963 and on special F.R. inter-polations thereafter. For earlier years, the basis for first and third quarterestimates included F.R. commercial bank call data and data from theNational Assn. of Mutual Savings Banks.


302 REAL ESTATE CREDIT FEBRUARY 1965

MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES


Period

1941 . . .1945

195719581959 .I960

196119621963

1963_Nov. r

Dec

1964—JanFebMar..AprMayJune . .JulyAugSeptOct . . .Nov

Loans acquired

Total

976

5 2305,2775 9706,086

6 7857 4789,172

7151,236

745705800808737863861805875904857

Nonfarm

Total

4,8234,8395 4725,622

6 2336,8598,306

6591,148

638615673706652778785739810836791

FHA-insured

6531,3011,5491,401

1,3881,3551,605

132172

141140143133127152151155161165158

VA-guar-

anteed

831195201291

220469678

5569

6154535860515656576060

Other i

3,3393,3433,7223,930

4,6255,0356,023

472907

436421477515465575578528592611573

Farm *

407438498464

552619866

5688

10790

12710285857666656866

Loans outstanding (end of period)

Total

6,4426,636

35,23637,06239,19741,771

44,20346,90250,544

49,85450,543

50,82851,12651,44151,80652,11752,46652,83253,17353,56053,98454,404

Nonfarm

Total

5,5295 860

32,65234,39536,37038,789

41,03343,50246,752

46,09746,753

47,01047,27147,52347,82448,08548,38448,70949,01449,36749,75650,151

FHA-insured

8151,394

6,7517,4438,2739,032

9,66510,17610,756

10,71210,790

10,85710,92310,98211,03211,07611,11611,16511,22711,29611,37611,453

VA-guar-

antced

7,7217,4337,0866,901

6,5536,3956,401

6,3946,411

6,4186,4236,4206,4256,4336,4226,4136,4106,4046,4036,412

Other

4,7144 466

18,18019,51921,01122,856

24,81526,93129,595

28,99129,552

29,73529,92530,12130,36730,57630,84631,13131,37731,66731,97732,286

Farm

913776

2,5842,6672,8272,982

3,1703,4003,792

3,7573,790

3,8183,8553,9183,9824,0324,0824,1234,1594,1934,2284,253

1 Certain mortgage loans secured by land on which oil drilling orextracting operations in process were classified with farm through June1959 and with "other" nonfarm thereafter. These loans totaled $38million on July 31,1959.

NOTE.—Institute of Life Insurance data. For loans acquired, the

monthly figures may not add to annual totals and for loans outstanding,the end-of-Dec. figures may differ from end-of-year figures, becausemonthly figures represent book value of ledger assets whereas year-endfigures represent annual statement asset values, and because data for year-end adjustments are more complete.

MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS


NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS


Period

19411945

1957195819591960

1961196219631964

1963Dec

1964JanFebMar

May'.'.'.'.'.'.',JuneJulyAugSeptOctNov

Loans made

Total

1,3791,913

10,16012,18215,15114,304

17,36420,754'24,73524,489

2,118

1,7161,7122,0712,0812,1452,3942,3632,1642,0482,0511,7911,953

Newcon-

struc-tion

437181

3,4844,0505,2014,678

5,0815,979

r7,0396,499

620

434474621579597624635537498531462506

Homepur-

chase

5811,358

4,5915,1726,6136,132

7,2078,5249,92010,404

776

696674784831881,054,037,025970893

Loans outstanding (end of period)

Total 2

4,5785,376

40,00745,62753,14160,070

68,83478,77090,849101,178

90,849

91,45392,16393,06993,97894,97196,06797,11198,05998,89599,731

770 100,418790 101,178

FHA-in-

sured

1,6432,2062,9953,524

4,1674,4764,6854,888

4,685

4,7054,7054,7104,7144,7234,7374,7524,7614,7854,8024,8214,888

VA-guar-

anteed

7,0117,0777,1867,222

7,1527,0106,9606,683

6,960

6,9316,9026,8796,8556,8216,7906,7706,7436,7226,7006,6836,683

Con-ven-

tional 2

31,35336,34442,96049,324

57,51567,28479,20489,607

79,204

79,81780,55681,48082,40983,42784,54085,58986,55587,38888,22988,91489,607

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.

Period

19411945

195719581959I960

196119621963 . . .

1963

Julv

SentOctNovDec

1964

JanFebMarAprMay

July

Total i

S.A. 2

3,1833,2133,1893,1343,1493,059

3,0813,0293,0343,0083,0963,143

N.S.A.

4,7325,650

24,24427,38832,23529,341

31,15734,18736,925

3,5153,5253,1773,5342,8802,987

2,7582,5752,9353,0893,0903,3883,519

By type of lender (N.S.A.)

Sav-ings &loan

assns.

1,4902,017

9,21710,51613,09412,158

13,66215,14416,716

1 fiOfi1,6111,4421,5941,2711.322

1 1701,1281,290L,35O1,3491,4851,508

Insur-ancecom-

panies

404250

1,4601,5231,318

1,1601,212

no

127123116125103110

10390

102109116126137

Com-mer-cial

banks

1,1651,097

4,2645,2045,8324,520

4,9975,8516,354

595612546616495504

483465540567560607618

Mutualsav-ings

banks

218217

1,6401,7801,557

1,741.957

2,061

218212190206184166

145129140154176197233

1 Includes amounts for other lenders, not shown separately.2 Three-month moving average, seasonally adjusted by Federal Re-

serve.

NOTE.—Federal Home Loan Bank Board data.


FEBRUARY 1965 REAL ESTATE CREDIT 303

GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE


Period

1945

1956195719581959

19601961196219631964

1963—Dec

1964 JanFebMarApr . . . .MayJuneJuly . .AugSeptOctNovDec

FHA-insured

Total

665

3,4613,7156,3497,694

6,2936,5467,1847,2168,130

601

666534600646570711782740720790688683

Mortgages

Newhomes

257

1,133880

1,6662,563

2,1971,7831,8491,6641,608

142

162126126117105128141137138159135135

Ex-istinghomes

217

1,5051,3712,8853,507

2,4032,9823,4213,9054,965

345

381314357367352442476468467491422428

Proj-ects i

20

130595929628

711926

1,079843895

63

624859

1196867

1086866818167

Prop-ertyim-

prove-ments 2

171

692869868997

982855834804663

52

614658434673576749585054

VA-guaranteed

Total 3

192

5,8683,7611,8652,787

1,9851,8292,6523,0452,846

255

268201208206192233251246270271258242

Mortgages

Newhomes

3,9102,8901,3112,051

1,5541,1701,3571,2721,023

106

1148184817176817885939188

Ex-istinghomes

1,948863549730

428656

1,2921,7701,821

149

153120124125121157171167185178167153

MORTGAGE DEBT OUTSTANDING ONNONFARM 1- to 4-FAMELY PROPERTIES


1 Monthly figures do not reflect mortgage amendments included in annual totals.2 Not ordinarily secured by mortgages.3 Includes a small amount of alteration and repair loans, not shown separately; only such

loans in amounts of more than $1,000 need be secured.

NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loansrepresent gross amount of insurance written; VA-guaranteed loans, gross amounts of loansclosed. Figures do not take into account principal repayments on previously insured orguaranteed loans. For VA-guaranteed loans, amounts by type are derived from data onnumber and average amount of loans closed.

End ofperiod

1945

19571958.1959

I96019611962. .1963P

1962—IIIIV

1963—I?IPIIIPIV*

1964—IPIIPIIIP

Total

18.6

107.6117.7130.9

141.3153.1166.5182.2

162.9166.5

169.2173.7178.2182.2

185.2189.6194.0

Government-underwritten

Total

4.3

47.250.153.8

56.459.162.065.5

61.062.0

62.863.564.365.5

66.366.867.9

FHA-in-

sured

4.1

16.519.723.8

26.729.532.335.0

31.532.333.033.534.335.0

35.736.337.4

VA-guar-anteed

.2

30.730.430.0

29.729.629.730.5

29.529.7

29.830.030.030.5

30.630.530.5

Con-ven-

tional

14.3

60.467.677.0

84.893.9

104.5116.7

101.9104.5

106.4110.2113.9116.7

118.9122.7126.2

NOTE.— For total debt outstanding, figures areFHLBB and F.R. estimates. For conventional,figures are derived.

Based on data from Federal Home Loan BankBoard, Federal Housing Admin, and Veterans Admin.

FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY(In millions of dollars)

End ofperiod

1956195719581959

I9601961196219631964

1963—Dec

1964 JanFebMarAprMayJuneJulyAugSeptOctNovDec

Mortgage holdings

Total

3,0473,9743,9015,531

6,1596,0935,9234,6504,412

4,650

4,6244,6134,5984,5724,5654,5394,5164,4774,4534,4404,4394,412

FHA-in-

sured

9781,2371,4832,546

3,3563,4903,5713,0172,996

3,017

3,0063,0113,0163,0153,0273,0253,0333,0082,9982,9973,0112,996

VA-guar-

anteed

2,0692,7372,4182,985

2,8032,6032,3531,6341,416

1,634

1,6181,6031.582

,5571,5381,5141,4821,4691,4551,4431,4281,416

Mortgagetransactions

(duringperiod)

Pur-chases

6091,096

6231,907

1,248815740290424

24

212427384436414434364040

Sales

53

4825

357541498

1,114251

19

114

11312121304324141131

Com-mit-

mentsun-dis-

bursed

360764

1,541568

576631355191313

191

189188192204202199222230245260292313

FEDERAL HOME LOAN BANKS


NOTE.—Federal National Mortgage Assn. data excluding conventionalmortgage loans acquired by FNMA from the RFC Mortgage Co., theDefense Homes Corp., the Public Housing Admin., and CommunityFacilities Admin.

1945

19561957.19581959

19601961.19621963.1964

1963-

1964-

-Dec

_janFebMarAprMayJuneJulyAueSeptOctNovDec

Ad-vances

11'j

1

4

5

278

745,116,364,067

,943,882,111,601,563

754

467225339573352703584369382401379791

Repay-ments

213

9341,0791,3311,231

2,0972,2003,2944,2965,023

259

837424387296401329590351327441392250

Advances outstanding(end of period)

Total

195

1,2281,2651,2982,134

1,9812,6623,4794,7845,325

4,784

4,4144,2164,1684,4444,3954,7694,7634,7814,8374,7974,7845,325

Short-term 1

176

798731685

1,192

1,0891,4472,0052,8632,846

2,863

2,6532,5002,4062,4632,4382,6742,6992,6622,6352,6052,5722,846

Long-term 2

19

430534613942

8921,2161,4741,9212,479

1,921

1,7621,7161,7631,9821,9572,0952,0642,1192,2022,1922,2122,479

Membersdeposits

11

1

1

1

c

1

46

683653819589

938,180213

,151,199

,151

944943977957990153936926989978989

,199

1 Secured or unsecured loans maturing in 1 year or less.2 Secured loans, amortized quarterly, having maturities of more than

1 year but not more than 10 years.

NOTE.—Federal Home Loan Bank Board data.


304 CONSUMER CREDIT FEBRUARY 1965

TOTAL CREDIT


End of period Total

Instalment

TotalAuto-mobilepaper

Otherconsumer

goodspaper

Repairand mod-ernization

loans i

Personalloans

Noninstalment

TotalSingle-

paymentloans

Chargeaccounts

Servicecredit

1939.1941.1945.

1957.1958.1959.

19601961196219631964

1963—Dec.

1964—Jan.. .Feb..Mar..Apr..May.June.July. .Aug..Sept..Oct.. ,Nov..Dec.

7,2229,1725,665

44,97045,12951,542

56,02857,67863.16469,89076,810

69,890

69,20368,78668,91369,81670,94571,90772.45673,06973,49573,92874,37176,810

4,5036,0852,462

33,86733,64239,245

42,83243,52748,03453,74559,397

53,745

53,59753,55253,79554,38255,12055,91456.49657;05557,44657,82658,08559,397

1,4972,458455

15,34014,15216,420

17,68817,22319,54022,19924,521

22,199

22,18922,27122,47122,83023,25523,70224,02424,25124,29524,42324,36724,521

1,6201,929816

8,8449,02810,630

11,52511,85712,60513,76615,303

13,766

13,63813,46713,45113,47613,59913,73013,81313,92314,04614,22214,43115,303

376182

2,1012,3462,809

3,1393,1913,2463,3893,502

3,389

3,3543,3353,3213,3283,3643,3953,4263,4663,4933.5093.5163,502

1,0881,3221,009

7,5828,1169,386

10,48011,25612,64314,39116,071

14,391

14,41614,47914,55214,74814,90215,08715,23315,41515,61215,67215.77116,071

2,7193,0873,203

11,10311,48712,297

13,19614,15115,13016,14517,413

16,145

15,60615,23415,11815,43415,82515,99315,96016,01416,04916,10216,28617,413

787845746

3,3643,6274,129

4,5075,1365,4565,9596,473

5,959

5,9005,9586,0026,0486,2066,2336,2186,2996,3546,3336,4126,473

1,4141,6451,612

5,1465,0605,104

5,3295,3245,6845,8716,300

5,871

5,3394,8054,6344,8335,0995,2385,2405,2315,2235,3525,3946,300

518597845

2,5932,8003,064

3,3603,6913,9904,3154,640

4,315

4,3674,4714,4824,5534,5204,5224,5024,4844,4724,4174,4804,640

1 Holdings of financial institutions; holdings of retail outlets are in-cluded in "other consumer goods paper."

NOTE.—Consumer credit estimates cover loans to individuals for house-hold, 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 Hawaiibeginning with Aug. 1959. For a description of the series see Apr. 1953BULL. Back data are available upon request.

INSTALMENT CREDIT


End of period Total

Financial institutions

TotalCom-

mercialbanks

Salesfinance

cos.Creditunions

Con-sumer

financeOther i

Retail outlets

TotalDepart-

mentstores 2

Furni-ture

stores

Appli-ance

stores

Auto-mobile

dealers 3 Other

193919411945

195719581959

19601961196219631964

1963—Dec


4,5036,0852,462

33,86733,64239,245

42,83243,52748,03453,74559,397

53,745

53,59753,55253,79554,38255,12055,91456,49657,05557,44657,82658,08559,397

3,0654,4801,776

29,20028,65933,570

37,21837,93541,78246,99251,990

46,992

47,30047,45447,65348,19148,82449,54350,08250,58350,93751,22051,34151,990

1,0791,726745

12,84312,78015,227

16,67217,00819.00521,61023,943

21,610

21,63021,79921,91922,22422,55922,90723,17623,38923,52723,66323,68023,943

1,1971,797300

9,6098,84410,319

11,47211,27312,19413,52314,762

13,523

13,84013,78813,80213,89314,02714,22814,35914,47514,55314,62514,62214,762

132198102

2,4292,6683,280

3,9234,3304,9025,6226,458

5,622

5,5845,6075,6685,7765,8896,0146,1096,2046,2836,3346,3786,458

3,1243,0853,337

3,6703,7994,1314,5905,078

4,590

4,5924,5954,5974,6284,6574,7014,7484,7974,8454,8704,9195,078

657759629

1,1951,2821,407

,481,525,550,647,749

,647

,654,665,667,670,692,693,690,718,729,728,742,749

1,4381,605686

4,6684,9835,676

5,6155,5956,2526,7537,407

6,753

6,2976,0986,1426,1916,2966,3716,4146,4726,5096,6066,7447,407

354320131

1,3931,8822,292

2,4142,4213,0133,4273,922

3,427

063949044106182

3,231

3^3323,3713,4443,5413,922

439496240

,210,128,225

,107,058,073,086,152

,086

,065.047;022,013,020,028,037,044,048,062,088,152

18320617

361292310

333293294287286

287

281278273272271271273273275276279286

12318828

478506481

359342345328370

328

328330334340348355360363365367

C367370

339395270

1,2261,1751,368

,402,481,527,625,677

,625

,560,494,469,460,475,486,477,460,450,457,469,677

1 Consumer finance cos. included with "other" financial institutionsuntil Sept. 1950.

2 Includes mail-order houses.

3 Automobile paper only; other instalment credit held by automobiledealers is included with "other" retail outlets.

See also NOTE to table above.


FEBRUARY 1965 CONSUMER CREDIT 305

INSTALMENT CREDIT HELD BY COMMERCIAL BANKS


End of period

193919411945

195719581959

19601961196219631964

1963—Dec


Total

1,0791,726

745

12,84312,78015,227

16,67217,00819,00521,61023,943

21,610

21,63021,79921,91922,22422,55922,90723,17623,38923,52723,66323,68023,943

Automobilepaper

Pur-chased

237447

66

4,1304,0144,827

5,3165,3916,1847,2468,300

7,246

7,2467,2757,3647,5017,6737,8547,9798,0908,1438,2338,2428,300

Direct

178338143

2,2252,1702,525

2,8202,8603,4514,0034,451

4,003

4,0164,0524,1024,1724,2554,3234,3714,3894,3904,3964,3934,451

Othercom-sumergoodspaper

166309114

2,5572,2692,640

2,7592,7612.8243 1233,380

3,123

3,1343,2263,1953,1853,1923,2053,2343,2443,2553,2733,2813,380

Repairand

mod-erniza-

tionloans

135161110

1,5801,7152,039

2,2002,1982,2612,3612,427

2,361

2,3332,3162,3032,3082,3312,3552,3802,4052,4222,4372,4382,427

Per-sonalloans

363471312

2,3512,6123,196

3,5773,7984,2854,8775,385

4,877

4,9014,9304,9555,0585,1085,1705,2125,2615,3175,3245,3265,385

INSTALMENT CREDIT HELD BY SALES FINANCE COM PAMES


End of period

193919411945

195719581959

19601961196219631964

1963—Dec.

1964—Jan..Feb..Mar.Apr.MayJuneJuly.Aug.Sept.Oct..Nov.Dec.

Total

1,1971,797

300

9,6098,84410,319

11,47211,27312,19413,52314,762

13,523

13,84013,78813,80213.89314,02714,22814,35914,47514,55314,62514,62214,762

Auto-mobilepaper

878,363164

,393,310

7,187

7,5286,8117,4498,2288,701

8,228

8,2208,2278,2658,3718,4898,6338,7418,7998,7648,7738,6988,701

Othercon-

sumergoodspaper

115

Repairand

modern-izationloans

3,7013,6353,6033,5803,5833,6153,6143,6433,7063,7543,8043,889

148201

Per-sonalloans

1,5091,7172,114

2,7393,1003,1233,3833,8893,383

58

313672

139161170158142

158

156154152151149150149149148146144142

566654

676781946

,066,201,452,754

2,030

,754

,763,772,782,791,806,830,855,884.935;952,976

2,030

See NOTE to first table on previous page.See NOTE to first table on previous page.

INSTALMENT CREDIT HELD BY OTHERFINANCIAL INSTITUTIONS


NONINSTALMENT CREDIT


End of period

193919411945

195719581959

19601961196219631964

1963—Dec.

1964—Jan...Feb..Mar..Apr..May.June.July..Aug..Sept..Oct...Nov..D e c .

Total

789957731

6,7487,0358,024

9,0749,654

10,58311,85913,285

11,859

11,83011,86711,93212,07412,23812,40812,54712,71912,85712,93213,03913,285

Auto-mobilepaper

8112254

1,1141,1521,400

1,6651,8192,1112,3942,699

2,394

2,3792,3872,4062,4462,4902,5372,5732,6102,6332,6542,6672,699

Othercon-

sumergoodspaper

243620

588565681

111743751835997

835

834838845860876894911927941956969997

Repairand

modern-izationloans

151414

490595698

800832815870933

870

865865866869884890897912923926934933

Per-sonalloans

669785643

4,5554,7235,244

5,8376,2576,9067,7608,656

7,760

7,7527,7777,8157,8997,9888,0878,1668,2708,3608,3968,4698,656

NOTE.—Institutions represented are consumer finance cos., creditunions, industrial loan cos., mutual savings banks, savings and loanassns., and other lending institutions holding consumer instalment loans.

See NOTE to first table on previous page.

End of period

193919411945

195719581959

19601961196219631964

1963—Dec...

1964—Jan....Feb.. .Mar...Apr.. .May..June. .July...Aug...Sept...Oct....Nov...D e c . .

Total

2,7193,0873,203

11,10311,48712,297

13,19614,15115,13016,14517,413

16,145

15,60615,23415,11815,43415,82515,99315,96016,01416,04916,10216,28617,413

Single-payment

loans

Com-mer-cial

banks

625693674

2,9373,1563,582

3,8844,4134,6905,0475,469

5,047

4,9915,0365,0765,1525,2305,3135,3295,3355,3615,3615,3775,469

Otherfinan-cial

insti-tutions

16215272

427471547

623723766912

1,004

912

909922926896976920889964993972

1,0351,004

Charge accounts

De-part-ment

stores 1

236275290

876907958

941948927895909

895

782655614610626610576588624660703909

Otherretail

outlets

1,1781,3701,322

3,9533,8083,753

3,9523,9074,2524,4564,756

4,456

4,0143,5903,4853,6673.9104,0284,0083,9603,9284,0554,0654,756

Creditcards2

317345393

436469505520635

520

543560535556563600656683671637626635

Servicecredit

518597845

2,5932,8003,064

3,3603,6913,9904,3154,640

4,315

4,3674.4714; 4824,5534,5204,5224,5024,4844,4724,4174,4804.640

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.


306 CONSUMER CREDIT FEBRUARY 1965

INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT


Period

1957.. .195819591960

1961196219631964

1963 Dec

1964—JanFebMar

May

July

SeptOctNovDec

1957195819591960

1961196219631964

1963—Dec

1964 JanFebMarApr .MayJuneJulyAugSentOctNovDec

195719581959 . .I960

1961196219631964

1963 Dec

1964—JanFebMarA p r . . . .M a yJuneJulyA.Ug •Sept.OctNovDec

Total

S.A.1 N.S.A.

Automobile paper

S.A.1 N.S.A.

Other consumergoods paper

S.A.1 N.S.A.

Repair andmodernization loans

S.A.1 N.S.A.

Personal loans

S.A.1 N.S.A.

Extension

5,272

5,2765,4215,4805,3715,5525,3995,5415,5295,6175,5075,4565,816

42,01640,11948,05249,560

48,39655,12660,82266,070

5,974

4,7844,5525,3225,5785,5845,9495,7475,5195,3935,5525,3236,767

1,914

1.8881,9531,9421,9612,0231,9621,9962,0172,0241,924.858

2,043

16,46514,22617,77917,654

16,00719,79622,01323,565

1,767

1,6891,6861,9832,1272,1372,2452,1661,9841,8301,9991,7271,992

1,523

J.4931,5781,6651,5441,5891,5371,5461,5701,5881,582

1,719

11,80711,74713,98214,470

14,57815,68517,00719,162

2,094

1.3801,2121,4881,4951,5471,6321,5431,540,592

1,657zr>

2,404

172

185186179174187183189186186180175180

1,6741,8712,2222,213

2,0682 0512,1782,182

154

141142163178205208208210200191175161

=

1,663

1.710L7041,694,692

1,7531,7171,810,756

1,8191,821

7921,874

12,06912,27514,07015,223

15,74417,59419,62421,161

1,959

1.5741,5121,6881,7781,6951,864L,83O1,7851,7711.705l',1492,210

Repayments

4,812

4,8484,8424,9564,9595,0595,0295,0585,0945,1045 0975,1555,256

39,86840,34442,60345,972

47,70050,62055 11160,418

4,924

4,9324,5975,0794,9914,8465,1555,1654,9605,0025,1725,0645,455

1,707

1.6841,7161,7351,7591,7761,7681,7811,789[,802.788

1,8181,864

15,54515,41515,57916,384

16,47217,47819 35421,243

1,675

1.6991,6041,7831,7681,7121,7981,8441,7571,7861,8711,7831.838

1,384

1,4411,3951,4681,4531,4831,4861,4481,4961,4911,4561,5091,505

11,56911,56312,40213,574

14,24614,93915 84617,625

1,374

J. 508,383

1,5041,4701,4241,5011,460,430

1.4691,4811.4631,532

177

176171174172175170171172172167174177

1,4771,6261,7651,883

2,0151,9962 0352,069

172

176161177171169177177170173175168175

1,544

J. 5471,5601,5791,5751,6251,6051,6581,6371,639I 6861.654U710

11,27611,74112 85714,130

14,96716,20617 87619,481

1 703

1 5491.4491,615I 5821 5411,679I 6841,6031,5741 6451,6501 910

Net change of credit outstanding2

460

428579524412493370483435513410301560

2,148-2255 6013,588

6964,5065 7115,652

1,050

- 1 4 8- 4 5243587738794582559391380259

1,312

207

20423720720224719421522822213640

179

920-1 ,189

2,2681,270

-4652,3182 6592,322

92

- 1 082

200359425447322227

44128

- 5 6154

139

5218319791

10651987497

126122214

238184

1 602896

332746

1 1611,537

720

- 1 2 8-171

- 1 625

123131

83110123176209872

- 5

915

52

121318141413

13

197245463330

5355

143113

- 1 8

- 3 5- 1 9- 1 4

73631314027167

- 1 4

119

163144115117128112152119180135138164

793534

1 2691,093

1111 3881 7481 680

256

256373

196154185146182197

6099

300

1 Includes adjustments for differences in trading days. sales of instalment paper, and certain other transactions may increase2 Net changes in credit outstanding equal extensions less repayments the amount of extensions and repayments without affecting the amount

except in 1959, when the differences do not reflect the introduction of outstanding.•outstanding balances for Alaska and Hawaii. For a description of the series in this and the following table see Jan.

1954 BULL., pp. 9-17. Back data upon request.NOTE.—Estimates are based on accounting records and ofen include

financing charges. Renewals and refinancing of loans, purchases and


FEBRUARY 1965 CONSUMER CREDIT 307

INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER


Period

1957 . .195819591960

1961196219631964

1963—Dec

1964—jan

FebMar ,AprMayJuneJulyAugSeptOctNovDec

1957195819591960

1961196219631964 . .

1963—Dec,

1964—JanFebMarAprMayJuneJulyAus. . . . .SeptOctNovDec

195719581959I960

1961196219631964

1963 Dec

1964—JanF e b . . . .MarAprM ay • • .JuneJuly

SeptOctNovDec

Total

S.A.1 N.S.A.

Commercial banks

S.A.i N.S.A.

Sales financecompanies

S.A.1 N.S.A.

Other financialinstitutions

S.A.i N.S.A.

Retail outlets

S.A.1 N.S.A.

Extensions

5,272

5,2765,4215,4805,3715,5525,3995,5415,5295,6175,5075,4565,816

42,01640,11948,05249,560

48,39655,12660,82266,070

5,974

4,7844,5525,3225,5785,5845,9495,7475,5195,3935,5525,3236,767

1,963

1,9282,0432,0061,9812,0752,0042,0652,0842,1042,0302,0362,186

15,35514,86017,97618,269

17 71120,47422,87124,515

1,889

1,8251,7862,0112,1582,1442,2472,1992,0631,9892,0441,8732,176

1,134

J 1951,1871,2091,1601,1961,1741,1581,1571,1911,1561,1141,191

10,2509,043

11,19611,456

10,66711,99912,66414,020

1,192

1,020980

1.1661,2011,1941,3241,2421,1721,1421,1921 0701,317

1,252

1,3121,283J.2921,309,350

1,3211,3971,3551,4051,4021,3701,443

9,9159.654

10,94012,073

12,28213,52514,89416,251

1,476

J 1S7

:

1,1221,2901,3471,3381,4531,4261,3821,348

319l',3651,704

923

911908973921931900921933917919936996

6,4956,5637.9407,762

7,7369.128

10,39311,284

1,417

782664855872908925880902914997

1,0151,570

Repayments

4,812

4,8484,8424,9564,9595,0595,0295,0585,0945,1045.0975,1555,256

460

428579524412493370483435513410301560

39,86840,34442,60345,972

47,70050,62055,11160,418

4,924

4,9324,5975,0794,9914,8465,1555,1654,9605,0025,1725 0645,455

2 148-2255 6013 588

6964 5065 7115^652

1,050

-148- 4 5243587738794582559391380259

1,312

1,802

J.768,793,843,833

[,876[,8451,8571,889[,860[,868,916.944

161

160336163148199159208195244162120242

14,36014,64715,56016,832

18,29418,46820,26622,268

1,765

1.8051,7031,8911,8531,8091,8991.9301,8501,8511,9081,8561,913

1,039

1,0761,0941,0841,0971,1141,1021,0971 0871,1181,0711,1031,129

9,7599,8429,742

10,442

10,94311,43412,21113,161

1,066

1.0501,0321,1521,1101,0601,1231,1111,0561.0971,1201 0731,177

1,167

1,1841,1731,2011,1971,2341,2231,2671 2371,2661,2841,2551,303

Net change in credit outstanding 2

1 066- 6 3

2 4471,446

3351 9972 6052,333

124

20169120305335348269213138136

17263

190

39693

1256382726170

106851162

491-7651 4751,152

— 199921

1 3291,239

221

317- 5 2

1491

1342011311167872

- 3140

85

12811091

11211698

130118139118115140

9,2509,365

10,02011,022

11,71512,59313,61814,82*5

1,291

J.I 861,0851,2251,2051,1741,2831,2871,2101,2101,2441,2581 .458

665289986

1 051

578932

1 2761,426

185

- 2 93765

14216417013917213875

107246

804

820782828832835859837881860874881880

24

-25640

1458996418452244555

116

6,4996,4907,2817,676

6,7498,1259,016

10,164

802

891in811823803850837844844900877907

— 75315693

— 61

— 20656501654

520

- 4 5 6- 1 9 9

4449

1057543583797

138663

1 Includes adjustment for differences in trading days.2 Ne t changes in credit outstanding are equal to extensions less repay-

ments except: (1) in 1959, when the differences do n o t reflect the in t ro-duction of outstanding balances for Alaska and Hawaii , and (2) in certainmonths when data for extensions and repayments have been adjusted toeliminate duplication resulting from large transfers of paper . In those

months the differences between extensions and repayments for someparticular holders do no t equal the changes in their outstanding credit.Such transfers do no t affect total instalment credit extended, repaid, oroutstanding.

See also N O T E to previous table.


308 INDUSTRIAL PRODUCTION: S.A. FEBRUARY 1965

MARKET GROUPINGS

(1957-59= 100)

Grouping

Equipment, including defense... .Materials

Consumer goods

Auto parts and allied products

Appliances, TV, and radios

Apparel, knit goods, and shoes

Beverages and tobacco

Newspapers, magazines, and books..Consumer fuel and lighting

Residential utilitiesElectricityGas

Equipment

Freight and passenger equipment...

Materials

General business supplies

Business fuel and cower •Mineral fuelsNonresidential utilities

ElectricityGeneral industrialCommercial and other

Gas

Supplementary groups ofconsumer goods

Automotive and home goodsApparel and staples

1957-59pro-por-tion

100.00

47.3532.3115.0452.65

3.211.821.39

10.004.591.811.33

.471.261.525.41

19.108.432.432.971.473.671.202.461.72

.74

11.636.852.421.76

.61

3.41

26.733.437.849.176.29

25.929.113.036.077.40

9.416.072.862.321.031.21

.54

7.8024.51

1963aver-age

124.3

124.9125.2124.2123.7

141.2149.5130.2

123.1129.6125.1130.6109.5131.3133.6117.6

123.7116.6116.9140.1117.8133.5116.9141.5146.7

128.3123.0142.4132.2121.6

121.2137.2125.4116.3114.3

126.3120.3120.2120.4145.0

117.2109.3138.7139.5131.2149.6

134.4122.3

1963

Dec.

127.0

128.0128.0128.1125.9

146.1155.6133.5

126.6134.2128.5133.0115.6135.4139.9120.2

125.7118.9117.4142.7120.4135.2117.4143.8150.4

132.9128.6140.2139.9131.6

122.6142.9128.8118.9113.5

129.3123.0121.3123.8151.2

118.2109.0142.3142.9134.5153.3

139.1124.5

1964

Jan.

127.7

128.5128.9127.9126.7

146.6155.3135.2

127.0134.8127.5130.7118.6136.1142.3120.4

127.0121.4116.5142.2121.5136.5115.6146.6154.3

r132.9128.9141.6137.0131.2

123.0141.9129.2119.6117.6

130.4124.4125.1124.0152.2

119.1110.2142.7143.8134.8154.9

139.7125.5

Feb.

128.2

128.1128.8127.1128.1

145.5156.5131.1

128.3137,3131.3135.3120.3138.1143.7120.7

126.2120.2118.5140.1123.7134.7116.8143.4149.2

'131.9127.9140.4137.8126.0

125.8144.3129.6123.2123.4

130.6125.2125.5125.1152.2

118.7109.3143.5144.6135.6155.6

140.7125.0

Mar.

129.0

128.7128.8128.8129.3

144.3152.5133.4

126.8136.4128.7132.9116.9139.0143.5118.7

126.3118.4121.9140.1125.1136.2117.6145.3151.9

134.2131.9141.0135.8127.6

127.3141.9130.4123 4125.2

130.8124.9123.6125.6152.4

118.7108.9144.5145.6136.9156.4

139.7124.6

Apr.

130.5

130.6130.8130.7130.6

149.3160.0135.2

128.9137.7130.7134.7119.5139.7144.2121.5

128.8120.8125.2142.8126.7138.5120.9147.1154.5

136.5133.9143.1140.8126.6

129.0144.1131.6123 8126.9

132.3126.1127.0125.7154.6

120.7110.3147.9149.0140.5159.9

142.4127.2

May

131.3

131.1131.0131.3131.3

151.4160.3139.6

129.5136.9129.7139.4102.4141.0142.1123.2

128.3120.2122.6144.5124.7138.7120.4147.6155.2

138 0135.7141.9143.9130.7

129.8143.8132.9123 5127.5

132.8126.5128.2125.7153.9

122.2112.1148.9150.1142.0160.7

142.9127.2

June

131.6

131.7131.5132.0131.8

151.7161.7138.4

130.0137.8131.0136.9114.3141.9142.4123.4

128.9119.4119.4150.5125.5140.6121.8149.8157.6

139 0137.6143.7141.3129.1

130.8148.1133.3122 8127.3

132.9124.9123 8125.4155.7

122.7112.2149.7150.6143.5160.4

143.5127.7

July

132.9

132.3132.1132.7133.6

152.6162.6139.3

131.2139.7131.1136.6115.5144.7145.9124.0

129.1118.4126.4146 7123.5142.8121.4153.2162.2

140 0138.5145.7141.9127.9

132.7150.2133.8125 7130.2

134.6126.9125 0127.9158.7

123.0112.4149.8150.5143.9160.9

145.0128.0

Aug.

133.8

133.3133.1133.6134.7

155.8165.0143.8

131.9140.1133.3140.0114.5144.2144.8124.9

130.0118.7125.5149.1123.2145.7118.8158.8169.8

141 6139.6145.5144.9139.9

134.1167.0135.7125 7130.6

135.2127.1125 6127.8160.2

123.4112.7150.9151.5145.1161.9

146.6128.9

Sept.

134.0

132.5132.0133.7135.6

144.7146.0143.0

131.9139.8136.8143.9116.7141.0142.3125.3

129.9118.7123.3152 6121.3144.4120.4156.1165.6

141 8140.4147.6141.0136.0

135.6153.1137 1125 8128.4

135.7125.9125 4126.2163.0

123.7113.0150.6151.0147.1159.2

141.8128.9

Oct.r

131.2

130.3129.2132.6132.2

105.983.0

136.1

133.8142.4139.0146.1119 1145.5143.7126.6

130.7120.0123.3151 9121.8145.8122 2157.4166.8

140 7140.4149 3128.6145.1

128 1113.21T7 2123 8130.9

136.3128 7131 6127.3161.4

123.9113.3150.6150.4144.1160.6

127.3129.8

Nov. r

134.8

134.6133.6136.7135.4

143.0145.1140.2

136.6146.6142.7148.9125.1148.3150.0128.0

130.5122.0123.1149.7122.8142.4119.9153.4161.1

146 2144.5151 0149.1138.0

134 4145.1138 9126 6134.5

136.4128 7132 4126.9161.8

123.9112.9151.0150.5147.4158.1

145.1130.0

Dec.

137.0

137.0136.8137.6136.9

166.0183.0143.7

137.9148.1143.4146.2135 5149.6152.5

131.3122.9

* isi j124.4

iio i

147 3144.5152 3155.1137.1

135 8153.3141 0127 7138.6

138.1132 7134 9131.6162.6

124.1112.8

155.5130.8

See NOTE on opposite page.


FEBRUARY 1965 INDUSTRIAL PRODUCTION: S.A. 309

INDUSTRY GROU PINGS

(1957-59= 100)

Grouping

Durable

MiningUtilities

Durable manufactures

Nonferrous metals and products..

Structural metal Darts

Machinery and related products

Aircraft and other equipment. . . .Instruments and related products. . .

Clay, glass, and stone products

Furniture and miscellaneous.........

Nondurable manufactures

Textiles, apparel, and leather

Apparel productsLeather and products

Chemicals, petroleum, and rubber...,

Industrial chemicals

Rubber and plastics products

Foods, beverages, and tobacco

BeveragesTobacco products

Mining

CoalCrude oil and natural gas

Crude oilGas and gas liquids

Metal, stone, and earth materials.,..

Utilities

ElectricGas

1957-59pro-por-tion

100.00

86.4548.0738.388.235.32

12.326.955.451.505.372.86

27.9814.808.436.37

10.194.685.261.711.28

4.722,991.73

3.051.541.51

7.602.903.591.11

8.173.434.741.53

11.547.583.841.971.99

11.0710.258.641.61

.82

6,801.165,644.914.25

.66

.73

1.43.6182

4.041.28

1963aver-age

124.3

124.9124.5125.3107.9140.0

777.7113.3109.6126.7123.4120.2

725.7129.2126.9132.3127.0146.1109.5130.2

774.4117.5108.9

129.1133.1125.0

775.5116.9125.699.8

120.1125.1116.4108.0

141.8148.6162.7117.1140.0

775.5116.9116.8117.8115.2

707.0102.5107.9110.9108.1128.787.4

112.2112.3112.1

142.6131.9

1963

Dec.

127.0

127.9127.3128.7107.3143.0

117.6110.5104.9134.7126.8122.9

752.5133.9133.5134.4131.3151.9112.2132.7

777.0120.5111.0

132.6137.6127.6

121.3119.4129.1101 2

123.9127.6121.3119.2

745.3154.5171.4116.6144.3

118.8119.1119.2118.7114.9

106.0105.1106.2109.9106.6130.881.6

775.2112.9113.4

146.1133.3

1964

Jan.

127.7

725.5128.1128.9108.8144.5

720.0113.6108.3132.2128.2124.4

752.9134.7135.2134.0130.8151.9111 1132.2

777 9121 2112 2

755 0137 3128 6

720.7118.8129.497.8

123.4128.7119.5113.9

146 4154.7173.1116,0145.0

720.2120.8121.3118.4112.7

707.5104.0108.3111.7108.5132.284.9

114.7116.4113.5

148.3133.9

Feb.

128.2

729.7128.9129.4108.9143.4

722.5117.6114,5139.9129.0126.0

752.5133.6132.9134.5131.1153.0110.8133.6

727.5124 1117.3

755 9138 1129.7

122.4119.8131.799.3

124.5129.1121.2114.5

146.9154.5173.3119.1145.3

779.5120.6119.8125.0105.6

107.499.2

109.1111.7107.8136.291.5

116.4118.8114.7

146.5134.6

Mar.

129.0

729.9130.0129.8108.8144.8

124.6120.9118.1142.6129.3127.8

755.2135.9136.7134.9130.1151.1110.6134.2

727.9125.3116,1

134.7139.0130.4

727.7118,9131.896.3

125.4130.4121.8115.2

147.4155.2174.9119.7145.1

720.2120.3119.7123.8118.2

707.794.5

109.7112.3109.0133.392.0

117,0119.8115.0

148.3135.2

Apr.

130.5

131.4131.6131.1109.9147.5

725.5123.8123.7138.5129.5129.2

755.2137.5138.1136.8133.0156.2112.0134.7

121.6125.2115.4

135.6139.8131.4

727.5119.4130.598.4

127.5132.9123.6117.2

749.5157.0176.7120.8149.4

727.2120.6120.0124.1127.5

705.798.7

110.0113.0109.6134.889.8

775.5124.2114.3

151.3

May

131.3

132.2132.6131.7111.3148.3

725.5127.1127.8135.0130.3128.1

135.9138.5139.6137.0134.1157.4112.8134.6

720.9124.3114.9

136.2140.5131.9

725.5119.3132.8104.7

128.2134.3123.9117.1

150.0156.7173.7122.0152.2

120.7120.0120.2119.2129.2

109.9106.1110.7113.5110.1135.391.3

117.9119.4116.8

152.3

June

131.6

132.4133.2131.5111.4149.7

725.7126.1125.2132.8130.6129.6

757.7140.1141.9137.7134.9158.3113.4134.8

120.1126.6109.0

138.0142.8133.2

722.9119.2133.897.3

126.6130.1124.1117.2

752.7159.6176.3122.1153.4

779.5119.6119.5120.1118.1

709.5105.1110.8113.8110.2137.190.1

779.2119.2119.2

153.6

July

132.9

133.9135.0132.5110.9151.4

752.7131.2130.4135.9133.3131.2

755.0141.9143.6139.7134.3158.6111.7136.4

722.5126.4116.1

138.5143.2133.8

724.9121.5134.4103.5

725 0132.8124.5120 0

752.5158.7177.1124 6155.2

720.5120.0118.9125.8127.5

770.7105.0111.1114.2110.3139.090.5

774.9107.7120.2

155.5

Aug.

133.8

134.5135.7133.1111.9154.5

755.7132.8132.2133.0134.8131.0

755.7142.8144.1141.1135.3160.9111.5137.4

121.4125.6114.1

759 0144 4133.4

725.0123.5135.1103.1

727 9132 8124.3118 3

755.5160 8178.7121 2158.2

720.5120.4119 1127.6121.4

770.7107 9111.3113.8109 8139.694.0

777.7112.2121.7

159.3

Sept.

134.0

134.9135.2134.4111.9153.2

755.5132.8129.1138.5134.3131.7

757.5144.1145.0142.9130.9150.1112.7138.6

720.7127.0109.7

138.4144.1132.6

725.5125.8135.8100.3

128.2135.5123.0115.9

755.9165.0184.9120.4162.4

720.0120.0119.1124.6120.6

777.0105.1112.3114.9111.1139.194.4

775.7111.3119.6

157.2

Oct. '

131.2

131.7129.4134.5112.0153.8

131.3131.8130.3133.9130.7128.6

128.7144.7145.4143.8105.396.2

110.8137.6

121.0126.9110.8

141.7\A1A135.9

128.4127.5137.2102.4

729.2137.0123.6116.3

155.4162.5179.9122.9161.0

120.9120.7120.2123.3123.3

110.8109.2111.1114.3110.8136.889.2

118.0115.7119.7

157.4

Nov.*"

134.8

135.8136.5134.9112.8152.1

735.6134.6133.3140.2137.0135.8

138.8147.0148.2145.4129.2143.9114.5140.2

120.9Ml .1109.2

143 4149.3137.4

729.7128.9138.7103.2

725 2134.1123.9117 5

754.5162.2180.9121 6159.4

722.7122.8122 6124.1121.0

770.2108 7110.4113.9110 2

"ti'.Z725.3127.1123.9

155.0

Dec.

137.0

138.5140.1136.4112.0152.0

737.9136.7135.9147.7139.4137.6

743.7148.5149.2147.7140.2167.2115.2142.1

121.5130.1106.7

745 0151 6138.3

730.4130.0

737 4139 3125.6119 6

755.5163 3

i 20 6

723.2123.4123 3

770.0107 2110.5114.1110 4

"86.*4

727.5119.7123.4

NOTE.—Published groupings include some series and subtotals notshown separately. A description and historical data are available in

Industrial Production 1957-59 Base. Figures for individual series andsubtotals (N.S.A.) are published in the monthly Business Indexes release.


310 INDUSTRIAL PRODUCTION: N.S.A. FEBRUARY 1965

MARKET GROUPINGS

(1957-59= 100)

Grouping1957-59

pro-por-tion

1963aver-age

1963

Dec

1964

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. r Nov. r Dec.

Total index.

Final products, totalConsumer goodsEquipment, including defense . . .

Materials

Consumer goods

Automotive productsAutosAuto parts and allied products.

Home goods and apparelHome goods ,

Appliances, TV, and radios. .AppliancesTV and home radios

Furniture and rugsMiscellaneous home goods . . .

Apparel, knit goods, and shoes.

Consumer staplesProcessed foodsBeverages and tobaccoDrugs, soap, and toiletriesNewspapers, magazines, and books.Consumer fuel and lighting

Fuel oil and gasolineResidential utilities

ElectricityGas

100.00

47.3532.3115.0452.65

3.211.821.39

10.004.591.811.33.47

1.261.525.41

19 JO8.432.432.971.473.671.202.461.72

.74

124.3

124.9125.2124.2123.7

141.2149.5130.2

123.1129.6125.1130.6109.5131.3133.6117.6

123.7116.6116.9140.1117.8133.5116.9141.5146.7

124.7

125.5124.0128.8123.9

154.2172.7129.9

117.5132.9123.4134.891.3

139.7138.5104.6

122.2115.2101.2139.8120.9138.6120.2

125.7

126.7126.1128.0124.9

151.9165.4134.1

121.6129.5124.7126.0121.0133.1132.1115.0

124.1113.5102.3141.1120.3150.1120.5

128.3

128.5128.9127.5128.1

154.4m.i130.9

132.9137.4138.7144.6122.2135.8137.2129.1

122.5111.1107.4139.7122.8144.0119.9

129.0

128.5127.7130.1129.6

152.1167.8131.4

129.8138.6137.8147.5110.2137.3140.6122.3

122.6109.8117.6139.4124.8140.2116.4

131.7

130.7130.3131.5132.6

162.5182.4136.4

130.5138.3135.9144.9110.5137.2142.0123.9

124.8112.7127.6142.8125.7135.0114.7

132.3

130.5130.0131.8133.9

160.6176.3139.8

129.5135.6130.0141.697.4

135.6142.1124.4

725.0114.1131.0144.6123.7130.5116.3

133.9

133.3133.2133.5134.5

162.7180.3139.4

131.2140.5136.8145.3112.9140.2145.2123.4

129.2116.9136.5153.8124.5134.2120.3

127.6

127.5126.3130.1127.8

131.1130.1132.4

120.0126.8110.4118.886.6

137.0137.9114.1

128.8117.8132.0140.8121.6145.0123.5

132.9

131.4131.5131.1134.2

89.546.2

146.7

134.2136,4120.2122.0115.1146.1147.7132.4

137.2129.4136.1152.4124.8148,4122.3

155.7 179.9 166.8 161.3 151.4 140.5 145.0 165.4 173.2

136.5

136.1137.1134.0136.8

139.1132.9147.2

135.1147.4144.1147.3134.8147.1151.6124.7

137.9135.2124.9154.1124.7144.7120.4

135.0

134.9136.0132.4135.0

114.795.4

140.2

141.6150.2145.8143.2153.1152.3153.8134.2

135.7

135.0134.7135.6136.3

153.4165.4137.6

138.2151.7148.5150.2143.5152.3155.2126.7

166.4

136.7 129.8134.3 125.1129.5| 116.3154.9j 150.1123.5 122.8137.0; 135.4119.0 119.2

• !•

134.6

134.2132.3138.3135.0

169.4192.2139.5

129.3147.0138.5145.7118.4154.4151.0

127.6119.1

148 .*7124.9

iii.9150.11 146.6

Equipment

Business equipmentIndustrial equipmentCommercial equipmentFreight and passenger equipment.Farm equipment

Defense equipment

Materials

Durable goods materialsConsumer durableEquipmentConstructionMetal materials n.e.c

Nondurable materialsBusiness supplies

ContainersGeneral business supplies.

Nondurable materials n.e.c..

Business fuel and powerMineral fuelsNonresidential utilities

ElectricityGeneral industrialCommercial and other..

Gas

11.636.852.421.76

.61

3.41

128.3123.0142.4132.2121.6

132.8129.4142.6135.0125.8

132.5129.2141.7132.9131.8

132.4127.3139.4139.2142.0

135.9132.0139.7141.9147.3

137.8133.9140.4146.4147.3

138.8135.8140.2148.2140.5

141.2138.8144.1147.0139.9

137.1137.1142.8136.2115.8

138.7139.2145.8136.2111.9

142.2141.7149.8139.0125.9

140.1139.6151.8128.6133.5

26.733.437.849.176.29

25.929.113.036.077.40

9.416.072.862.321.031.21

.54

121.2137.2125.4116.3114.3

126.3120.3120.2120.4145.0

117.2109.3138.7

121.1150.0130.7110.6108.5

126.9118.1105.5124.4148.2

118.6110.6

121.1146.9130.4108.0114.5

128.8119.6117.6120.5151.4

119.9112.1

125.3146.5130.8113.3124.5

131.0123.1123.0123.2155.2

119.6112.6

127.4146.2131.8116.0128.2

131.8124.9123.6125.6156.2

119.3111.4

131.2148.4133.0122.6132.0

134.0129.5130.8128.8157.7

119.8111.6

133.9149.5133.8127.8134.5

133.9128.6129.5128.2157.7

120.4111.0

134.9149.6134.6132.0131.4

134.1126.9130.0125.4158.0

122.2111.0

127.7135.2129.7129.5118.5

127.8120.2125.0117.7147.3

119.8104.6

132.6140.3131.6134.5126.8

135.9129.2138.2124.6157.8

125.2111.3

136.3153.1135.7133.3132.3

137.3130.3133.6128.7161.4

125.0111.8

131.3116.0136.8130.6134.0

144.1142.5152.8146.1122.1

147.3145.4154.9149.7131.2

135.2149.5139.0126.3135.6

138.9 137.4134.3 130.0138.2 "- *132.4162.2

124.9114.1

139.5131.2149.6

139.9133.2148.7

141.5134.1151.0

138.9132.1147.8

iii.3136.9148.0

i-ii.9138.7147.9

146.0142.7152.2

152.5144.8163.0

158.9143.9177.0

162.9148.0181.2

159.9149.3174.3

152.6147.3162.2

125.1132.4163.4

124.1114.3

134.6161.0143.1118.8132.5

135.5127.4117.4132.3159.3

124.6114.5

147.7147.4152.7

Supplementary groups ofconsumer goods

Automotive and home goods.Apparel and staples

7.8024.51

134.4122.3

141.7118.3

138,7122.1

144.4124.0

144.1122.5

148.3124.6

145.9124.9

149.6127.9

128.6125.6

117.1136.1

144.0135.0

135.6136.2

152.4129.1

156.3124.7

See NOTE on opposite page.


FEBRUARY 1965 INDUSTRIAL PRODUCTION: N.S.A. 311

INDUSTRY GROUPINGS

(1957-59= 100)

Grouping

Total index

MiningUtilities

Durable manufactures

Nonferrous metals and products..

Structural metal parts

Machinery and related productsMachinery . .Nonelectrical machineryElectrical machinery . . . . . .

Transportation equipment

Aircraft and other equipment. . . .Instruments and related products. . .

Clay glass and lumberClay, glass, and stone products

Miscellaneous manufactures

Nondurable manufactures

Textiles apparel and leather.......Textile mill products

Leather and products . » • • •

Paper and products

Chemicals, petroleum, and rubber....

Industrial chemicalsPetroleum productsRubber and plastics products

BeveragesTobacco products

Mining

CoalCrude oil and natural g a s . . . . . . . . . .

Gas and gas liquids

Metal, stone, and earth minerals

Utilities

Electric.Gas

1957-59pro-por-tion

100.00

86.4548.0738.388.235.32

12.326.955.451.505.372.86

27.9814.808.436.37

10.194.685.261.711.28

4.722.991.73

3.051.541.51

7.602.903.591.11

8.173.434.741.53

11.547.583.841.971.99

11.0710.258.641.61

.82

6.801.165.644.914.25

.66

.73

1.43.61.82

4.041.28

1963aver-age

124.3

124.9124.5125.3107.9140.0

117.7113.3109.6126.7123.4120.2

128.7129.2126.9132.3127.0146.1109.5130.2

114.4117.5108.9

129.1133.1125.0

118.5116.9125.699.8

120.1125.1116.4108.0

141.8148.6162.7117.1140.0

116.8116.9116.8117.8115.2

107.0102.5107.9110.9108.1128.787.4

112.2112.3112.1

142.6131.9

1963

Dec.

124.7

125.2127.3122.6107.0

115.5107.2102.3125.3126.2124.1

135.3134.3134.4134.3137.0162.2114.4134.3

106.6111.598.2

133.9140.1127.6

109.9112.8112.394.4

119.4115.2122.5118.6

142.8150.7169.7114.9140.7

112.5114.0115.6105.293.5

107.9103.2108.8112.3107.7141.785.5

102.5101.6103.2

146.6

1964

Jan.

125.7

125.8126.7124.7107.9

119.3114.7110.5130.0125.1121.9

133.7134.3135.1133.3133.4157.0112.2131.3

104.2107.398.7

127.8234.6120.9

117.6116.4124.997.3

120.4126.8115.8104.9

145.3152.8172.2114.3147.2

111.4111.4114.097.7

111.5

109.8101.9111.4114.5110.1143.090.4

98.7102.496.0

157.9

Feb.

128.3

129.1129.5128.5108.3

124.4124.3119.4142.0124.7121.0

134.7135.5135.3135.8135.0160.1112.1131.6

112.0111.7112.6

129.6134.6124.5

129.5122.8142.2106.2

124.5132.3118.9110.7

147.7155.0175.0117.3150.4

110.7111.2111.7108.6105.1

110.1100.4112.1115.4111.0144.089.3

100.1106.995.1

150.8

Mar.

129.0

130.0131.3128.4107.6

127.4128.4124.0144.2126.2122.8

136.0138.4140.5135.6134.3158.1112.3132.2

113.9115.9110.3

131.5135.9127.1

124.7123.1133.1102.1

126.4131.7122.6117.5

148.3156.5176.6115.5149.7

111.7111.4110.1118.2116.4

108.695.3

111.4115.2111.2140.585.3

102.7106.699.8

149.8

Apr.

131.7

133.0134.1131.7109.8

130.7132.1128.6144.6128.9125.3

138.1139.5142.2135.8138.5166.7112.6132.7

120.4124.6113.1

133.1137.4128.8

124.7121.2135.798.4

130.9138.2125.6125.5

151.7160.3179.3116.0154.0

116.2115.4113.0127.8127.2

108.799.4

110.7114.5111.4134.185.1

114.8115.5114.3

145.9

May

132.3

133.7134.8132.3111.7

131.9132.9130.4142.2130.6127.5

137.9139.8143.1135.4137.7165.0112.3133.3

125.4129.3118.7

133.1136.3129.9

126.2124.7135.5100.0

129.3135.0125.1124.8

152.2159.9176.5120.2154.5

118.0116.7114.3129.5133.8

108.4107.2108.7111.9109.0130.087.3

127.0131.3123.8

143.7

June

133.9

135.2136.4133.6112.6

131.2128.6125.2141.0134.5132.2

139.8142.6145.3139.0138.4167.4111.8136.1

129.2134.6119.9

138.3142.5133.9

125.1124.6133.898.3

127.3132.7123.4117.8

155.4163.0178.1125.8155.7

121.3120.9117.0141.7126.4

108.6108.4108.6111.6109.1127.688.2

131.8134.7129.6

149.3

July

127.6

127.9128.8126.7107.0

123.5117.4116.1122.3131.3131.2

130.9135.3140.0129.1125.1142.0109.0135.0

126.0133.4113.2

135.5141.8129.1

113.0110.3121.692.6

120.9124.8118.2104.4

145.3152.9170.9128.3133.5

120.8121.5117.7141.8112.8

103.277.2

108.5111.1108.1130.791.1

125.0115.2132.3

161.6

Aug.

132.9

133.1129.6137.4113.0

131.5125.9124.3131.7138.8135.6

126.8138.5138.8138.0109.1106.7109.5138.5

132.4136.3125.5

143.4149.2137.4

131.4126.6141.9109.8

127.8137.3121.0107.1

154.7160.9176.6127.3158.2

130.5130.5129.0138.4131.4

109.7113.5108.9110.8107.6131.196.2

128.8121.2134.5

167.3

Sept.

136.5

137.4136.8138.2113.3

135.4131.3129.1139.5140.7137.0

137.7145.3143.1148.1128.5145.8112.2140.1

129.9134.6121.8

144 8149.6139.9

126.0126 4133.1101.8

129.4135.5124 9116.7

757.5164 5183.1125 2164.5

132 7133.2134 9124.6125.3

110.2111.2109.9111.9108 9131.396.4

128.4125.8130.4

162.6

Oct. r

135.0

136.0132.2140.8114.5

133.8133.1132.3136.4134.6132.5

130.2145.3142.8148.7108.3102.3111.4139.1

128.2134.5117.4

149.2153.0145.4

132.3127 5144.7105.0

134.9145.9126.9122.6

157.8163 6180.8123 5170.0

133 4133.4134 6127.0134.3

111.1119 0110.2113.0109 7133.991.4

128.0123.8131.1

151.5

Nov. '

135.7

137.1138.5135.4113.4

136.7135.9134.6140.2137.8137.8

141.2147.1145.1149.9135.0155.0116.2142.7

121.1129.6106.5

148.2152.0144.3

128.5128 3137.3101.1

131.1134.8128.4128.7

154.4161 7182.3119 8161.0

123 6123.6125 7112.7123.4

111 .7113 2111.4114.6110 2

121.6116.9125.1

147.3

Dec.

134.6

135.7140.1130.3111.6

135.7133.3132.5136.5138.7139.0

146.2149.9150.2149.5144.6174.5117.5143.8

110.8120.394.4

146 4154.3138.3

117.9119 6

127.2125.8128 2123.2

153.6160 6

118 8

116 6118 1119 6

HI .9105 3113.3116 6111 5

110.3107.7112.3

.—Published groupings include some series and subtotals notshown separately. A description and historical data are available in

Industrial Production—1957-59 Base. Figures for individual series andsubtotals (N.S.A.) are published in the monthly Business Indexes release.


312 BUSINESS ACTIVITY; CONSTRUCTION FEBRUARY 1965

SELECTED BUSINESS INDEXES

(1957-59= 100)

Period

19501951195219531954

19551956195719581959

I9601961196219631964P

1963—Dec

1964—JanFebMarAprM a y . . . . .

July .AugSeptOctNovDec

1965—Jan.?'

Industrial production

Total

74.981.384.391.385.8

96.699.9

100.793.7

105.6

108.7109.7118.3124.3131 9

127.0

127.7128.2129.0130.5131.3131.6132.9133.8134.0

r131 2134 8137.0

137.7

Major market groupings

Final products

Total

72.878.684.389.985.7

93.998.199.494.8

105.7

109.9111.2119.7124.9131 5

128.0

128.5128.1128.7130.6131.1131.7132.3133.3132.5130 3

134 6137.0

137.5

Con-sumergoods

78.677.879.585.084.3

93.395.597.096.4

106.6

111.0112.6119.7125.2131 2

128.0

128.9128.8128.8130.8131.0131.5132.1133.1132.0129 2

133.6136.8

137.2

Equip-ment

56.478.494.1

100.588.9

95.0103.7104.691.3

104.1

107.6108.3119.6124.2132.1

128.1

127.9127.1128.8130.7131.3132.0132.7133.6133.7132 6136.7137.6

138.1

Mate-rials

76.983.884.392.685.9

99.0101.6101.992.7

105.4

107.6108.4117.0123.7132.7

125.9

126.7128.1129.3130.6131.3131.8133.6134.7135.6

132 2135.4136.9

137.6

Ma

Mfg.

75.881.985.292.786.3

97.3100.2100.893.2

106.0

108.9109.6118.7124.9132 8

127.9

128.5129.1129.9131.4132.2132.4133.9134.5134.9

131 7135.8138.5

139.1

jor industrygrouping

Min-ing

83.291.390.592.990.2

99.2104.8104.695.699.7

101.6102.6105.0107.9110.9

107.3

108.8108.9108.8109.9111.3111.4110.9111.9111.9

'112 0112.8112.0

112.0

5

Util-ities

49.556.461.266.871.8

80.287.993.998.1

108.0

115.6122.3131.4140.0150.0

143.0

144.5143.4144.8147.5148.3149.7151.4154.5153.2

r153 8152.1152.0

153.0

Con-stru-tioncon-tracts

6163677076

919293

102105

105108120132137

148

147143140138138138140121131136143154

Nonag-ricul-turalem-

ploy-ment—Total i

86.191.193.095.693.3

96.599.8

100.797.8

101.5

103.2102.8105.7107.9110 8

109.1

109.2109.8110.0110.1110.3110.6110.9111.0111.3111 2112 1112.7

112.9

Manu-facturing 2

Em-ploy-ment

99.4106.1106.1111.6101.8

105.5106.7104.795.2

100.1

99.995.999.199.7

101 7

100.4

100.5100.8101.1101.1101.1101.6101.9102.0102.9100 5

103 2103 9

104.4

Pay-rolls

68.980.284.593.685.4

94.8100.2101.493.5

105.1

106.7105.4113.8117.9124 6

121.2

120.6122.3122.5123.4123.3123.8124.3126.0127.6122 9

127 9130.4

132.3

Freight

load-ings

117.1121.5115.0116.6104.6

115.3115.9108.293.897.9

95.391.292.493.395 5

93.9

97.296.994.094.896.493.694.593.296.494 698 599.1

100.4

Totalretailsales3

7276798382

89929798

105

106107115120127

123

123126124125127127128130130125

127133

131

Prices 4

Con-sumer

83.890.592.593.293.6

93.394.798.0

100.7101.5

103.1104.2105.4106.7

107.6

107.7107.6107.7107.8107.8108.0108.3108.2108.4108 5108 7108.8

Whole-sale

com-modity

86.896.794.092.792.9

93.296.299.0

100.4100.6

100.7100.3100.6100.3

100.3

101.0100.5100.4100.3100.1100.0100.4100.3100.7100.8100.7

100.7

101.0

1 Employees only, excludes personnel in the armed forces.2 Production workers only.3 Federal Reserve index based on Census Bureau figures.4 Prices are not seasonally adjusted.

NOTE.—Data are seasonally adjusted unless otherwise noted.Construction contracts: F. W. Dodge Co. monthly index of dollar

value of total construction contracts, including residential, 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


Type of ownership andtype of construction

By type of ownership:PublicPrivate

By type of construction:Residential building

|jy Nonresidential building

1963

45,546

14,65330,893

20,50214,37710,667

1964

47,299

15,37131,928

20,56115,49511,244

1963

Dec.

3,413

1,1552,257

1,3251,102

985

1964

Jan.

3,346

1,1972,149

1,3721,158

816

Feb.

3,201

1,0412,160

1,4271,082

692

Mar.

4,215

1,3392,876

1,9911,252

972

Apr.

4,359

1,3183,042

2,0061,420

933

May

4,639

1,5353,104

2,0501,3621,227

June

4,504

1,4913,013

1,9961,4001,107

July

4,601

1,6192,983

2,0001,5481,054

Aug.

3,760

1 1012,658

1,6791,275

807

Sept.

3,762

1 1242 638

1 7171,228

817

Oct.

4,029

1 3102 719

1 7021,425

902

Nov.

3,757

1 1742 583

1 4821,2631,012

Dec.

3,598

1 2302 368

NOTE.—Dollar value of total contracts as reported by the F. W. DodgeCo. does not include data for Alaska or Hawaii. Totals of monthly

data exceed annual totals because adjustments—negative—are made toaccumulated monthly data after original figures have been published.

Nonbuilding construction formerly labeled public works and utilities.


FEBRUARY 1965 CONSTRUCTION 313

VALUE OF NEW CONSTRUCTION ACTIVITY


Period

195619571958

19591I9601961196219631964-»

1964 JanFebMarAprMayJuneJulyAuuSeptOctNovDec v

1965 Jan v

Total

47,60149,13950,153

55,30553,94155,44759,45362,45165,962

64,68465,52866 50966,61564,98366,57666,64165,99166,45465,33565 58866,737

66,086

Private

Total

34,86935,08034,696

39,23538,07838,29941,69543,77245,915

45,44046,27446 92346,44945,78046,00646,26145,90645,86145,52145 49745,707

45,832

Non-farmresi-

dential

20,17819,00619,789

24,25121,70621,68024,29225,84326,540

26,90727,60028 12327,53826,67826,61226,70826,34225,97225,67925,64225,771

25,952

Business

Total

11,07612,02910,659

10,55711,65211,78912,22212,65613,738

13,10613,15113 26013,29713,43713,59813,73613,78414,18314,23114,29714,389

14,362

Indus-trial

3,0843,5572,382

2,1062,8512,7802,9492,9623,333

3,0603,0583 0743,0763,1493,2043,3343,5053,5143,5403 6553,791

3,818

Com-mercial

3,6313,5643,589

3,9304,1804,6744,9555,2005,635

5,4995,5465 6685,5615,5425,5625,5745,6095,7465,7765 7675,639

5,582

Publicutility

4,3614,9084,688

4,5214,6214,3354,3184,4944,770

4,5474,5474 5184,6604,7464,8324,8284,6704,9234,9154 8754,959

4,962

Othernon-resi-den-tial

3,6154,0454,248

4,4274,7204,8305,1815,2735,637

5,4275,5235 5405,6145,6655,7965,8175,7805,7065,6115 ^585,547

5,518

Public

Total

12,73214,05915,457

16,07015,86317,14817,75818,67920,047

19,24419,25419 58620,16619,20320,57020,38020,08520,59319,81420 09121,030

20,254

Mili-tary

1,3601,2871,402

1,4651,3661,3711,222

High-way

4,4154,9345,545

5,7615,437

C5,8546,3786,670

6,6856,1696 7967,0686,4106,8887,5497,0217,2736,6677,1517,500

. . . .

Sewerand

water

1.2751,3441,387

1,4671,4871 5811,754

2'298

2,1852,2732 3412,3712,4042,4022,3682,3252,2642,1992 1932.170

2 116

Other

5,6826,4947,123

7,3777,5738,3428,404

1 Beginning with 1959, includes data for Alaska and Hawaii. NOTE.—Monthly data are at seasonally adjusted annual rates. Be-ginning with 1959, figures are Census Bureau estimates. Data before1959 are joint estimates of the Dept. of Commerce and Labor.

NEW HOUSING STARTS

(In thousands of units)

Period

1955195619571958

1959 . . . .I9601961196219631964

1963—Dec


JUlyAUKSeptOctN o vDec

Annual rate,

(private only)

Total

1,570

1,7181,6571,6631,5311,5291,6111,5051,4301,4571,591

P 1 , 4 3 0Pl.541

Non-farm

1,524

1,6881,6131,6381,5011,5071,5851,4831,4081,4331,559

P 1 , 4 0 4*>l,502

Total

1.646

V

349,224,382

,554,296,365,492,641

576

97

101101133152161164145145126143

p\ 11?93

By area

Metro-politan

1,077889948

1,0541,1511 113

77

757497

1031151181039790997667

Non-metro-politan

All407417439490463

21

262737504546424836443527

By type of ownership

Private

Total

1,6271 3251,1751,314

1,5171,2521,3131,4631,609

PI 544

96

100100130149158159143142123141

P109P 9 2

1-family

1,234995975992

1,021

51

55648291

1011029290809069

2-family

5644444953

3

45565544454

Multi-family

227214295422535

42

4132435252514747404637

Public

19244968

3744523012

P 3 2

2

1134362332

P?Pi

Government-underwritten

Total

670465322439

458336328339292264

21

161721232925262323242117

F H A

277195193337

349261244261221205

16

111216182319201818191613

VA

393271128102

1097583787159

5

445556655554

NOTE.—Beginning with 1959, Census Bureau series includes both farmand nonfarm series developed initially by the Bureau of Labor Statistics.Series before 1959 reflect recent Census Bureau revisions which are notavailable by area or type of structure. Complete revisions pre-1959

are pending. Data from Federal Housing Admin, and Veterans Admin,represent units started, based on field office reports of first complianceinspections.


314 EMPLOYMENT FEBRUARY 1965

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

(In thousands of persons unless otherwise indicated)

Period

1959I960 31961196219631964

1964—JanFeb . . .MarAprMay . . . .JuneJulyAus . . . . . .SeptOctNovDec

1965—Jan

Total non-institutionalpopulation

123,366125,368127 852130,081132,125134,143

133,200133,358133 51913^,678133,866134,041134,216134,400134,586134,772134,952135,135

135,302

Totallaborforce

71,94673,12674 17574,68175,71276,971

74,51475,25975,55376,54477,49079,38978,95878,50976,86577,11276,89776,567

75,699

Civilian labor force

Total

69,39470,61271,60371,85472,97574,233

71,79372,52772,81073,79974,74276,64576,21875,75874,12274,37574,16673,841

72,992

Employed1

Total

65,58166,68166,79667,84668,80970,357

67,22868,00268,51769,87771,10171,95372,40572,10470,80571,12370,79370,375

68,996

In nonagri-cultural

industries

59,74560,95861,33362,65763,86365,596

63,23464,07164,50065,44866,09466,10066,58666,70465,57565,99766,24866,590

65,257

Inagriculture

5,8365,7235,4635,1904,9464,761

3,9933,9314,0174,4295,0075,8535,8195,4005,2305,1264,5453,785

3,739

Unem-ployed

3,8133,9314,8064,0074,1663,876

4,5654,5244,2933,9213,6404,6923,8133,6543,3173,2523,3733,466

3,996

Not in the

51,42052,24253,67755,40056,41257,172

58,68558,09957,96557,13556,37654,65255,25855,89157,72157,66158,05558,568

59,603

Unemploy-mentrate 2

(per cent)S.A.

5.55 .66 .75 .65.75.2

r5.55.45.45 .4

r5.25.3

r5.05.1

r5.15.2

r4.9r5.0

4 . 8

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 about300,000. Most of the increase was in nonagricultural industries.

NOTE.—Information relating to persons 14 years of age and over isobtained on a sample basis. Monthly data relate to the calendar weekthat 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)

Period

195919601961196219631964*

SEASONALLY ADJUSTED

1964—JanFebMarAprMayJuneJUlyAugSept . . . . . .Oct . . . .NovDec P

1965—Jan. *>

NOT SEASONALLY ADJUSTED

1964 janFebMarAprMay

JUlyAucSeptOctNovDec P

1965—Jan.p

Total

53,29754,20353,98955,51556,64358,178

57,33457,68457,75457,82757,93158,10458,25658,30158,45858,38258,87859,187

59,280

56,32856,44556,78357,32957,87458,59658,41858,68059,25859,16459,44159,917

58,221

Manufac-turing

16,67516,79616,32616,85317,00517,301

17,13117,17117,20817,22417,22517,28517,34417,33917,44917,17117,50517,608

17,689

16,89316,93717,00517,05817,13517,35017,29917,49817,79217,42817,63817,586

17,442

Mining

732712672650635636

632633633633631639639634634638639636

634

618614615627634651646647645644643634

620

Contractconstruc-

tion

2,9602,8852,8162,9022,9833,105

2,9413,1323,1223,0813,0933,1063,1073,1033,0803,1063,1623,247

3,223

2,5792,6312,7072,9213,1303,3083,4243,4823,3913,3763,2733,055

2,827

Transporta-tion & pub-lic utilities

4,0114,0043,9033,9063,9143,974

3,9363,9433,9403,9643,9683,9653,9833,9994,0053,9963,9974,022

3,939

3,8773,8803,8853,9243,9524,0054,0314,0434,0454,0284,0134,026

3,880

Trade

11,12711,39111,33711,56611,80312,184

12,02112,08312,07712,09612,13512,18712,22312,23112,22912,27812,31112,349

12,424

11,85511,77211,86211,91912,03112,18012,17312,20112,24312,34112,51813,152

12,252

Finance

2,5942,6692,7312,8002,8732,945

2,9112,9172,9242,9312,9342,9432,9482,9512,9602,9642,9702,977

2,980

2,8822,8912,9012,9192,9312,9642,9982,9982,9722,9612,9582,959

2,950

Service

7,1157,3927,6107 9478 2308,532

8 4018,4378 4558,4618,4898,5098,5618,5738,5928,6338 6348,649

8,684

8,2338,2778,3288,4538,5488,6548,6988,6768,6618 6768,6088,580

8,510

Govern- "^ment -

8,0838,3538,5948,8909,1999,501

9 3619,3689 3959,4379,4569,4709,4519,4719,5099,5969 6609,699

9,707

9,3919,4439 4809,5089,5139 4849,1499,1359,5099 7109 7909,925

9,740

* Data include Alaska and Hawaii beginning with 1959.

NOTE.—Bureau of Labor Statistics; data include all full- and part-time employees who worked during, or received pay for the pay period

ending nearest the 15th of the month. Proprietors, self-employed persons,domestic servants, unpaid family workers, and members of the armedforces are excluded.


FEBRUARY 1965 EMPLOYMENT AND EARNINGS 315

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES

(In thousands of persons)

Industry group

Seasonally adjusted

1964

Jan. Nov.

1965


1964

Jan. Nov. Dec.P

1965

Total

Durable goodsOrdnance and accessoriesLumber and wood productsFurniture and fixturesStone, clay, and glass productsPrimary metal industriesFabricated metal productsMachinery except electricalElectrical machineryTransportation equipmentInstruments and related productsMiscellaneous manufacturing industries.

Nondurable goods •Food and kindred productsTobacco manufacturesTextile-mill productsApparel and other finished textilesPaper and allied productsPrinting, publishing and allied industriesChemicals and allied productsProducts of petroleum and coalRubber productsLeather and leather products

12,659

7,124115535326490958903

1,0911,0261,134

232314

5,5351,157

75799

1,146489597526118322306

12,993

7,376102532340500

1,038933

1,1451,0651,156

235330

5,6171,151

1,181496605530114337315

13,084

7,450100537344502

1,041945

1,1561,0781,180

237330

5,6341,156

76812

1,185495611531113339316

13,150

7,498100535349502

1,042957

1,1591,0871,199

238330

5,6521,161

76813

1,189496612532113344316

12,435

7,029116504322461950891

1,0891,0281,149

231289

5,4061,088

75787

1,121484593520115321304

13,125

7,454103534346506

1,026946

1,1311,0861,192

238347

5,6711,168

85813

1,195499612527113343317

13,064

7,454102522345490

1,032948

1,1501,0921,214

238322

5,6101,133

80809

1,180496616527111342318

12,923

7,401101504345472

1,033945

1,1571,0891,215

237304

5,5221 091

76801163491608525110343314

NOTE.—Bureau of Labor Statistics; data cover production and relatedworkers only (full- and part-time) who worked during, or received pay for,

the pay period ending nearest the 15th of the month.

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES

Industry Group

Average hours worked(per week; S.A.)

1964

Jan. Nov.

1965

Average weekly earnings(dollars per week; N.S.A.)

1964

Jan. Nov.

1965

Jan.*3

Average hourly earnings(dollars per hour; N.S.A.)

1964

Jan. Nov.

1965

Total

Durable goodsOrdnance and accessoriesLumber and wood productsFurniture and fixturesStone, clay, and glass productsPrimary metal industriesFabricated metal productsMachinery except electricalElectrical machineryTransportation equipmentInstruments and related productsMiscellaneous manufacturing industries.

Nondurable goodsFood and kindred productsTobacco manufacturesTextile-mill productsApparel and other finished textilesPaper and allied productsPrinting, publishing and allied industriesChemicals and allied productsProducts of petroleum and coalRubber productsLeather and leather products

40.2

41.140.739.140.140.841.241.541.840.241.940.138.7

39.140.837.840.734.742.638.141.341.340.936.6

40.9

41.640.439.941.541.542.242.042.840.941.541.139.7

40.041.038.541.536.442.438.441.741.741.338.1

41.2

42.040.740.341.842.142.242.343.041.142.841.340.0

40.041.339.741.836.542.638.641.641.941.138.2

41.4

42.341.239.941.841.642.242.543.041.343.841.540.1

40.041.438.542.136.542.838.441.641.642.037.7

100.30

109.21121.4780.2979.5999.50125.77108.39118.43100.00127.82100.1580.26

88.2495.9172.6970.4060.34106.09110.75113.85132.16101.2566.95

104.70

113.57124.2484.5386.53107.33130.83112.98122.83103.73132.82106.4083.20

92A198.6474.3076.6865.70

109.82114.82118.01134.69105.7369.37

106.81

116.75126.3884.1688.40105.88132.71115.60126.14106.50140.48107.7485.44

93.2699.7782.6277.0465.16111.11117.39118.71135.20106.9171.76

105.52

115.37127.5182.7485.49104.34132.19113.97124.84105.22138.45106.5584.56

92.2799.8075.2075.7664.62109.56114.30117.99136.03106.9171.23

2.52

2.692.972.082.022.503.062.652.842.503.082.512.09

2.282.381.971.761.782.522.932.773.202.501.79

2.562.733.062.142.072.583.132.692.892.533.142.572.08

2.312.401.941.831.812.592.992.833.232.561.84

2.582.763.062.122.082.573.132.722.922.563.202.592.12

2.322.412.031.831.802.593.012.843.252.571.84

2.582.763.082.102.082.573.142.722.912.563.192.582.13

2.332.442.001.831.812.593.002.853.272.571.85

NOTE.—Bureau of Labor Statistics; data are for production and relatedworkers only.


316 PRICES FEBRUARY 1965

CONSUMER PRICES

(1957-59= 100)

Period

19291933 .19411945

1956195719581959

I96019611962 .19631964

1963—Dec

j 964—JanFebMarAprMayJuneJulyAufiSeptOctNovDec . .

Allitems

59.745.151.362.7

94.798.0

100.7101.5

103.1104.2105.4106.7108.1

107.6

107.7107.6107.7107.8107.8108.0108.3108.2108.4108.5108.7108.8

Food

55.635.344.258.4

94.797.8

101.9100.3

101.4102.6103.6105.1106.4

105.4

105.8106.0105.7105.7105.5106.2107.2106.9107.2106.9106.8106.9

Housing

Total

61.467.5

95.598.5

100.2101.3

103.1103.9104.8106.0107.2

106.9

106.9106.9107.1107.0106.9107.1107.1107.2107.4107.6107.7107.8

Rent

85.460.864.366.1

96.598.3

100.1101.6

103.1104.4105.7106.8107.8

107.3

107.3107.5107.5107.7107.7107.8107.8107.9107.9108.2108.3108.4

Home-owner-

ship

94.198.2

100.4101.4

103.7104.4105.6107.0109.1

108.4

108.5108.8108.9108.6108.4108.7108.9109.2109.5109.6109.8110.0

Fueloilandcoal

45.253.6

95.9100.899 0

100.2

99.5101.6102 1104.0103.5

105.8

106.6106.6106 1103.3102.1101 4100.9100.9101 5102.9103.7105.8

Gasandelec-

tricity

88.386.4

95.996.9

100.3102.8

107.0107.9107 9107.9107.9

108.1

108.1106.2107.1108.0108.0108.1107.9108.2108.2108.2108.1108.3

Fur-nish-ingsand

opera-tion

97.399.499.9

100.7

101.5101.4101.5102.4102.8

102.9

102.7102.7102.8102.9102.9102.9102.8102.6102.8102.8102.9102.9

Appareland

upkeep

97.899.599 8

100.6

102.2103.0103.6104.8105.7

106.1

105.0105.1105.3105.6105.7105.7105.5105.3105.9106.2106.4106.6

Trans-porta-tion

51.255.4

91.396.599.7

103.8

103.8105.0107.2107.8109.3

108.9

109.4108.6108.9109.0109.1109.2109.4109.3108.9109.4110.0110.5

Health and recreation

Total

93.697.0

100.3102.8

105.4107.3109.4111.4113.6

112.7

112.7112.9113.1113.4113.5113.5113.7113.8113.9114.0114.2114.3

Med-icalcare

50.657.5

91.895.5

100.1104.4

108.1111.3114.2117.0119.4

117.9

118.2118.5118.7119.0119.1119.3119.5119.8119.7119.9120.2120.3

Per-sonalcare

47.663.6

93.797.1

100.4102.4

104.1104.6106.5107.9109.2

108.8

108.5108.4108.7108.7108.9109.1109.3109.4109.5109.7109.7110.0

Read-ingand

recrea-tion

57.375.0

93.496.9

100.8102.4

104.9107.2109.6111.5114.1

113.1

113.1113.3113.6114.0114.1114.0114.1114.2114.3114.5114.9114.9

Othergoodsandserv-ices

58.267.3

95.898.599.8

101.8

103.8104.6105.3107.1108.8

108.3

108.3108.4108.5108.6108.7108.7108.9108.9109.0109.1109.1109.2

NOTE.—Bureau of Labor Statistics index for city wage-earners andclerical workers.

The new series index begins with January 1964.

WHOLESALE PRICES: SUMMARY

(1957-59= 100)

PeriodAll

com-modi-

ties

Farmprod-ucts

Proc-essedfoods

Other commodities

TotalTex-tiles,etc.

Hides,etc.

Fuel,etc.

Chem-icals,etc.

Rub-ber,etc.

Lum-ber,etc.

Paper,etc. Metals

Ma-chin-ery

Furni-ture,etc.

Non-me-tallicmin-erals

To-bacco

Mis-cella-neous

1956195719581959

I9601961196219631964?

1963—Dec.

1964—Jan..Feb.,Mar.Apr.,MayJuneJuly.Aug.Sept.Oct..Nov.Dec.

96.299.0

100.4100.6

100.7100.3100.6100.3100.5

100.3

101.0100.5100.4100.3100.1100.0100.4100.3100.7100.8100.7100.8

96.699.2

103.697.2

96.996.097.795.794.3

93.3

96.394.595.294.493.793.294.193.695.793.894.092.8

94.397.9

102.999.2

100.0100.7101.2101.1101.0

100.4

102.5100.9100.5100.499.4

100.2101.2101.0102.2101.7100.9100.8

96.599.299.5

101.3

101.3100.8100.8100.7101.2

101.2

101.3101.2101.101.101.100.101.101.101.101.5101.6101.8

100.7100.898.9

100.4

101.599.7

100.6100.5101.2

101.2

101.2101.2101.2101.1101.2101.0101.1101.2101.2101.4101.4101.5

94.894.996.0

109.1

105.2106.2107.4104.2104.6

103.0

102.7102.5102.5104.5104.7104.8105.4105.6105.4106.0

r105.5105.4

97.4102.798.798.7

99.6100.7100.299,897.1

99.3

99.599.097.096.196.496.396.796.495.296.7

'97.698.2

97.599.6

100.4100.0

100.299.197.596.396.7

96.2

96.396.496.596.696.796.596.696.596.696.997.197.2

100.6100.2100.99.7

99.996.193.393.892.5

93.8

93.793.693.993.192.691.691.891.891.992.192.292.1

103.898.597.4

104.1

100.495.996.598.6

100.6

99.1

99.099.9

101.0101.8101.8101.4101.2100.9100.6100.399.699.4

97.299.0

100.1101.0

101.898.8

100.099.299.0

99.4

99.899.999.399.198.798.798.798.798.799.198.998.9

97.899.799.1

101.2

101.3100.7100.0100.1102.8

101.3

101.7101.8102.0102.2102.1102.3102.5103.0103.0103.8104.3104.7

92.197.7

100.1102.2

102.4102.3102.3102.2102.9

102.6

102.5102.5102.7102.9103.3103.0103.1102.9102.9103.0103.2103.1

96.999.4

100.2100.4

100.199.598.898.198.5

98.0

98.498.598.598.698.698.598.698.698.698.5

'98.598.5

95.298.999.9

101.2

101.4101.8101.8101.3101.5

101.3

101.1101.2101.1101.3101.3101.4101.5101.7101.8101.8101.8101.8

95.198.099.7

102.2

102.5103.2104.1106.1107.4

107.5

107.6107.1107.1107.1107.3107.4107.3107.5107.5107.6107.5107.5

98.196.6

101.5101.9

99.3103.9107.3110.4109.2

112.2

112.6110.9109.8109.5107.2106.7107.5107.3109.2110.1108.5110.7

See next page for composition of other commodities.


FEBRUARY 1965 PRICES 317

WHOLESALE PRICES: DETAIL

(1957-59= 100)

Group

1963

Dec.

1964

Oct. Nov. DecGroup

1963

Dec.

1964

Oct. Nov. Dec.

Farm Products:

Fresh and dried produceGrainsLivestock and poultryPlant and animal fibersFluid milkEggsHay and seedsOther farm products

Processed Foods:

Cereal and bakery productsMeat, poultry, and fishDairy products and ice creamCanned and frozen fruits, and veg-

etablesSugar and confectioneryPackaged beverage materialsAnimal fats and oilsCrude vegetable oilsRefined vegetable oilsVegetable oil end productsMiscellaneous processed foods

Textile Products and Apparel:

Cotton productsWool productsMan-made fiber textile products....Silk productsApparelOther textile products

Hides, Skins, Leather, and Products:

Hides and skinsLeatherFootwearOther leather products

Fuels and Related Products, and Power:

CoalCokeGas fuels (Jan. 1958= 100)Electric power (Jan. 1958= 100)Petroleum products, refined

Chemicals and Allied Products:

Industrial chemicalsPrepared paintPaint materialsDrugs and PharmaceuticalsFats and oils, inedibleMixed fertilizersFertilizer materialsOther chemicals and products

Rubber and Products:

Crude rubberTires and tubesMiscellaneous rubber products

Lumber and Wood Products:

LumberMillworkPlywood

94.8101.879.9

101.4103.499.8

114.690.6

106.987.7

108.1

106.8124.985.788.476.777.488.2

107.4

101.5102.894.6

126.3102.3115.3

76.399.5

108.2103.3

98.3103.6124.8101.396.1

94.3105.191.095.085.0

103.598.499.1

89.991.497.9

99.2106.392.4

98.288.985.893.8

104.597.7

111.099.3

108.293.2

108.9

102.7105.898.2

109.896.191.290.4

109.1

99.0103.196.1

116.6103.3120.7

95.4104.8109.1103.6

97.7107.3120.4101.591.9

94.3104.890.594.6

107.7104.399.699.8

91.388.096.5

100.4109.091.2

108.088.083.693.9

105.491.6

115.698.4

108.389.8

109.5

102.3104.798.2

107.3106.299.094.4

110.3

99.1103.396.5

117.8103.2

i l 9 . 4

r90.7i03.9109.0

'103.9

98.0107.3

123.1101.493.3

94.1104.991.394.7

112.6104.5101.099.6

92.188.096.5

99.2109.090.7

99.290.183.192.6

105.385.3

116.798.3

108.188.8

108.9

101.9107.198.2

107.8105.998.0

100.1111.2

99.4102.896.8

117.4103.2118.5

90.2103.7109.0104.0

98.2107,3125.4101.394.0

94.2105.191.294.7117.0104.7100.799.6

90.388.496.5

99.1109.090.3

Pulp, Paper, and Allied Products:

WoodpulpWastepaperPaperPaperboardConverted paper and paperboard...Building paper and board

Metals and Metal Products:

Iron and steelNonferrous metalsMetal containersHardwarePlumbing equipmentHeating equipmentFabricated structural metal products.Fabricated nonstructural metal prod-

ucts

94.490.8

102.996.599.595.2

100.0101.0104.6104.3100.692.798.8

108.2

Machinery and Motive Products:

Agricultural machinery and equip....Construction machinery and equip....Metal working machinery and equip...General purpose machinery and

equipmentMiscellaneous machinerySpecial industry machinery and

equipment (Jan. 1961= 100)Electrical machinery and equipMotor vehicles,

111.9111.2110.8

104.6103.7

Transportation equip., R.R. rollingstock (Jan. 1961= 100)

Furniture and Other Household Dura-bles:

Household furnitureCommercial furnitureFloor coveringsHousehold appliancesTelevision, radios, and phonographs.Other household durable goods

Nonmetallic Mineral Products:

Flat glassConcrete ingredientsConcrete productsStructural clay productsGypsum productsPrepared asphalt roofingOther nonmetallic minerals

Tobacco Products and Bottled Bever-ages:

Tobacco productsAlcoholic beveragesNonalcoholic beverages

Miscellaneous Products:

Toys, sporting goods, small arms. . .Manufactured animal feedsNotions and accessoriesJewelry, watches, photo equipment..Other miscellaneous products

105.097.799.9

100.5

104.7103.198.091.187.3

103.3

101.0103.1101.4103.5106.187.4

101.4

105.9101.0127.7

101.1119.799.1

103.6101.4

97.592.2

104.096.498.194.3

100.7110.4105.6104.8103.991.899.6

108.2

112.9112.4114.0

104.8105.1

106.096.5

100.7

100.6

105.5103.299.091.287.3

104.3

103.1102.8101.1104.8108.691.2

101.5

106.1100.8128.1

101.1115.399.1

103.9103.1

96.892.5

104.096.497.993.9

100.9112.0105.6

104.8104.1'91.9

1C8.2

113.8113.4114.1

104.9105.1

106.4r96.5100.7

100.6

105.6103.299.0

'90.987.2

104.3

103.1102.9101.1104.9108.691.2

101.5

106.1100.5128.1

100.9112.499.1

103.9103.2

96.895.9

103.696.497.993.9

101.1113.4105.6104.8104.192.2

100.0

108.3

114.0113.5114.2

105.0104.2

106.596.3100.8

100.6

105 6103.399.090.887.2104.4

102.1102.9101.1105.1108.691.2

101.5

106.1100.5128.1

101.0116.499.1

103.9103.0

NOTE.—Bureau of Labor Statistics.


318 NATIONAL PRODUCT AND INCOME FEBRUARY 1965

Item

GROSS NATIONAL PRODUCT OR EXPENDITURE


1929 1933 1941 1950 1960 1961 1962 1963 1964P1963

IV

1964

III IV

Gross national product

Personal consumption expenditures.Durable goodsNondurable goodsServices

Gross private domestic investment.New construction

Residential, nonfarmOther

Producers' durable equipment..Change in business inventories.,

Nonfarm only

Net exports of goods and services.ExportsImports

Government purchases of goods and services.Federal

National defenseOtherLess: Government sales

State and local

104.4

79.09.2

37.732.1

16.28.73.65.15.91.71.8

.87.06.3

8.51.3

> 1.3

56.0

46.43.5

22.320.7

1.41.4

.51.01.6

- 1 . 6- 1 . 4

.22.42.3

8.02.02.0

125.8

81.99.7

43.229.0

18.16.63.53.16.94.54.0

1.16.04.8

24.816.9

1 13.8r 3.2

7.2 6.0 7.8

284.6

195.030.499.864.9

50.024.214.110.118.96.86.0

.613.112.5

39.019.314.35.2

.119.7

502.6

328.244.9

151.8131.5

71.840.721.119.727.6

3.53.2

3.026.323.3

99.655.745.78.0

.646.5

518.7

337.343.7

155.4138.3

68.841.021.119.825.9

1.91.5

4.627.623.0

108.057.449.0

8.9.6

50.6

556.2

356.848.4

162.0146.4

79.144.223.620.629.05.95.3

4.029.225.2

116.362.953.610.2

.953.5

583.9

375.052.1

167.5155.3

82.046.625.221.331.04.43.9

4.430.726.3

122.664.755.210.3

.857.9

622.6

399.357.0

177.3165.1

87.748.926.022.935.13.73.6

7.035.228.2

128.665.555.411.2

1.163.0

599.0

381.353.6

168.9158.8

87.148.326.222 A32.46.46.0

5.832.626.9

124.864.955.310.5

.959.9

608.8

390.055.9

172.9161.1

85.949.226.922.334.22.52.2

7.734.526.8

125.264.354.011.51.2

60.9

618.6

396.157.0

175.3163.8

87.248.926.222.734.63.73.4

5.733.727.9

129.667.157.011.0

.962.5

628.4

404.658.7

179.5166.4

87.348.925.723.135.62.82.7

7.035.728.7

129.565.555.211.2

.964.1

634.6

406.556.3

181.3169.0

90.448.725.123.636.05.76.1

7.737.129.4

130.065.355.311.31.2

64.6

Gross national product in constant (1954)dollars 181.8 126.6 238.1 318.1 439.9 447.9 476.4 492.6 516.0 502.0 508.0 513.5 519.6 522.7

NOTE.—Dept. of Commerce estimates. Quarterly data are seasonallyadjusted totals at annual rates. For back data and explanation of seriessee National Income 1954 Edition, A Supplement to the Survey of Current

Business; U.S. Income and O utput, A Supplement to the Survey of CurrentBusiness (1958); and the July 1964 Survey of Current Business.

NATIONAL INCOME


Item 1929 1933 1941 1950 1960 1961 1962 1963 1964*1963 1964

IV III IV*

National income

Compensation of employees

Wages and salariesPrivateMilitaryGovernment civilian

Supplements to wages and salariesEmployer contributions for social in-

suranceOther labor income ,

Proprietors' income

Business and professionalFarm

Rental income of persons

Corporate profits and inventory valuationadjustment

Profits before tax.Profits tax liabilityProfits after tax

DividendsUndistributed profits

Inventory valuation adjustment

Net interest

87.8

51.1

50.445.5

.34.6

.7

.1

.6

14.8

8.86.0

5.4

10.1

9.61.48.35.82.4

6.4

40.2

29.5

29.023.9

.34.9

.5

.1

.4

5.6

3.22.4

2.0

- 2 . 0

.2

.5— .42.1

- 2 . 4

- 2 . 1

5.0

104.7

64.8

62.151.9

1.98.3

2.7

2.0.7

17.4

10.96.5

3.5

14.5

17.07.69.44.54.9

- 2 . 5

4.5

241.9

154.2

146.4124.1

5.017.3

7.8

4.03.8

37.5

23.514.0

9.0

35.7

40.617.922.89.2

13.6

- 5 . 0

5.5

414.5

293.6

271.3222.9

9.938.5

22.3

11.311.0

46.2

34.212.0

12.1

44.5

44.322.322.014.57.5

.2

18.1

426.9

302.2

278.8227.0

10.241.6

23.4

11.811.6

48.2

35.312.9

12.2

44.1

44.222.321.915.26.7

- . 1

20.1

455.6

323.1

297.1241.6

10.844.7

25.9

13.612.3

49.8

36.613.2

12.2

48.4

48.23.225.016.58.5

22.1

478.5

340.3

312.1252.9

10.948.3

28.2

15.113.1

50.6

37.613.0

12.3

50.8

57.324.626.718.08.7

24.4

509.8

361.7

331.6267.4

11.852.4

30.1

16.014.1

52.0

39.312.7

12.4

57.0

57.225.631.619.811.8

- . 2

26.8

490.0

347.7

318.8257.6

11.749.6

28.8

15.413.4

51.5

38.313.2

12.4

53.1

54.326.028.319.19.2

- 1 . 2

25.4

498.4

352.5

323.2260.8

11.750.7

29.4

15.713.7

51.2

38.612.6

12.4

56.4

56.625.431.219.411.8

- . 2

25.9

507.1

358.6

328.7265.3

11.751.7

29.9

15.914.0

51.7

39.112.6

12.4

57.9

57.926.031.919.812.1

- . 1

26.5

514.5

364.8

334.4269 A

11.853.2

30.4

16.214.2

52.1

39.612.6

12.4

58.1

58.026.032.020.012.0

.1

27.1

370.6

339.9274.0

11.954.0

30.7

16.214.5

52.8

39.912.9

12.5

20.2

- . 7

27.6

NOTE.—Dept. of Commerce estimates. Quarterly data are seasonallyadjusted totals at annual rates. See also NOTE to previous table.


FEBRUARY 1965 NATIONAL PRODUCT AND INCOME 319

RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING


Item 1929 1933 1941 1950 1960 1961 1962 1963 1964*1963

IV

1964

II III IV

Gross national product.

Less: Capital consumption allowancesIndirect business tax and nontax lia-

bilityBusiness transfer paymentsStatistical discrepancy

Plus: Subsidies less current surplus of gov-ernment enterprises

104.4

8.6

7.0.6.3

56.0

7.2

7.1.7.9

Equals: National income

Less: Corporate profits and inventory valu-ation adjustment

Contributions for social insuranceExcess of wage accruals over disburse-

ments

- . 1

87.8

10.1.2

40.2

- 2 . 0

125.8

9.0

11.3.5.4

.1

104.7

14.52.8

284.6

19.1

23.7.8

- . 7

.2

241.9

35.76.9

502.6

43.0

46.42.2

- 3 . 0

.5

414.5

44.520.6

518.7

44.5

49.02.4

- 2 . 6

1.6

426.9

44.121.4

556.2

48.7

52.82.4

-1 .8

1.6

455.6

48.423.9

583.9

50.8

55.92.4

- 2 . 7

1.0

478.5

50.826.9

622.6

53.4

59.42.5

- 1 . 7

.9

509.8

57.028.7

599.0

51.7

57.32.4

- 1 . 8

.7

490.0

53.127.5

608.8

52.5

57.92.5

- 1 . 6

1.0

498.4

56.428.0

Plus: Government transfer paymentsNet interest paid by governmentDividendsBusiness transfer payments

Equals: Personal income

Less: Personal tax and nontax payments....FederalState and local

Equals: Disposable personal income

Less: Personal consumption expenditures..

Equals: Personal saving

.91.05.8

.6

85.8

2.61.31.4

83.1

79.0

4.2

1.51.22.

.7

47.2

1.5.5

1.0

45.7

46.4

- . 6

2.61.34.5

.5

96.3

3.32.01.3

93.0

81.9

11.1

14.34.89.2

228.5

20.818.22.6

207.7

195.0

12.6

27.37.8

14.52.2

401.3

51.444.0

7.3

349.9

328.2

21.7

31.37.4

15.22.4

417.6

52.945.1

7.8

364.7

337.3

27.3

32.38.0

16.52.4

442.4

57.949.

384.6

356.8

27.8

34.38.6

18.02.4

464.1

61.651.9

9.6

402.5

375.0

27.5

35.79.2

19.82.5

491.4

59.549.010.6

431.8

399.3

32.5

34.78.8

19.12.4

474.5

63.353.4

9.9

411.2

381.3

29.9

35.99.1

19.42.5

480.9

61.451.210.2

419.5

390.0

29.5

618.6

53.1

59.02.5

- 2 . 4

.7

507.1

57.928.4

35.59.3

19.82.5

487.9

57.747.310.5

430.2

396.1

34.0

628.4

53.7

60.12.5

- 1 . 4

514.5

58.29.0

.1

35.59.2

20.02.5

494.5

58.848.210.6

435.6

404.6

31.0

634.6

54.4

60.72.5

1.0

29.3

- . 1

35.99.3

20.22.5

502.2

60.249.310.9

442.1

406.5

35.5

Disposable personal income in constant (1954)dollars 134.9 102.1 175.1 231.0 317.8 328.2 343.4 354.9 375.8 360.7! 366.7 374.7 378.8 383.1

NOTE.—Dept. of Commerce estimates. Quarterly data are seasonallyadjusted totals at annual rates. See also NOTE to table at top of previouspage.

PERSONAL INCOME


Item 19631963

Dec.

1964

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec33

Totafpersonal income

Wage and salary disbursementsCommodity-producing industries...

Manufacturing onlyDistributive industriesService industriesGovernment

Other labor income.

Proprietors' income.Business and professional.Farm

Rental income

Dividends

Personal interest income.

Transfer payments

Less: Personal contributions forsocial insurance

Nonagricultural income.

Agricultural income

464.1

312.1123.398.080.349.359.2

13.1

50.637.613.0

12.3

18.0

32.9

36.7

11.8

446.6

17.5

491.4

331.6129.8103.084.952.664.2

14.1

52.039.312.7

12.4

19.8

36.0

38.2

12.7

474.2

17.2

477.1

320.0126.0100.282.050.561.5

13.5

51.638.413.2

12.4

20.1

34.4

37.2

12.1

459.5

17.5

1479.4

320.8125.6100.082.450.862.1

13.6

51.138.312.8

12.4

19.3

34.7

139.7

12.2

1462.1

17.2

480.5

323.6127.1100.782.851.462.4

13.7

51.338.712.6

12.4

19.4

35.0

37.5

12.3

463.5

17.0

482.9

325.1127.4101.183.151.962.7

13.8

51.238.812.4

12.4

19.6

35.3

37.8

12.4

466.1

16.8

486.6

327.7128.8702.583.752.163.0

13.9

57.539.0

12.5

12.4

19.8

35.5

38.2

12.5

469.7

17.0

487.8

328.7128.7102.384.252.363.4

14.0

51.739.112.6

12.4

19.8

35.7

38.0

12.5

470.7

17.1

489.3

330.1129.4702.784.652.463.8

14.1

57.939.312.6

12.4

19.9

35.9

37.6

12.6

472.1

17.2

491.4

331.8129.9705.085.252.664.1

14.2

57.939.512.4

12.4

20.0

36.0

37.8

12.7

474.4

16.9

494.9

334.6130.8103.885.752.965.1

14.2

52.239.612.6

12.4

20.0

36.2

38.0

12.8

477.8

17.1

497.9

337.2132.1705.786.353.465.4

14.3

52.439.712.7

12.4

19.9

36.5

38.0

12.9

480.6

17.2

498.7

337.3130.7103.486.853.766.0

14.4

52.539.812.7

12.5

19.9

36.7

38.3

12.9

481.4

17.3

502.3

340.4133.2705.587.353.965.9

14.5

52.839.912.9

12.5

19.9

36.9

38.4

13.0

484.9

17.5

505.7

342.4134.4106.687.654.266.2

14.5

53.140.013.1

12.5

20.6

37.2

38.4

13.1

488.0

17.7

i Includes stepped-up rate of Govt. life insurance dividend paymentsvto veterans in the amount of $2.1 billion.

NOTE.—Dept. of Commerce estimates. Monthly data are seasonallyadjusted totals at annual rates. See also NOTE to table at top of previouspage.


320 FLOW OF FUNDS FEBRUARY 1965

SAVING, INVESTMENT, AND FINANCIAL FLOWS


Transaction category,or sector 1959 1960 1961 1962 1963

1962

III IV

1963

II III IV

1964

II III

I. Saving and investment

1 Gross national saving2 Households3 Farm and noncorp. business4 Corporate nonfin. business5 U.S. Government6 State and local govt7 Financial sectors

8 Gross national investment9 Consumer durable goods

10 Business inventories

11 Gross pvt. fixed investment12 Households13 Nonfinan. business14 Financial sectors

15 Net financial investment

16 Discrepancy (1-8)

II. Financial Hows—Summary

17 Net funds raised—nonfinan. sectors..18 Loans and short-term securities . . . .19 Long-term securities and mtgs

By sector20 U.S. Government21 Short-term mkt. securities22 Other securities23 CCC guaranteed loans24 Foreign borrowers25 Loans26 Securities27 Pvt. domestic nonfin. sectors28 Loans29 Consumer credit30 Bank loans n.e.c31 Other loans32 Securities and mortgages33 State and local obligations34 Corporate securities35 / - to 4-family mortgages36 Other mortgages37 Net sources of credit (=17)38 Chg. in U.S. Govt. cash balance..39 U.S. Govt. lending40 Foreign funds41 Pvt. insur. & pension reserves....42 Sources n.e.c

43 Pvt. domestic nonfin. sectors44 Liquid assets45 Deposits46 Demand dep. and currency47 Time and svgs. accounts...48 At commercial banks....49 At savings instit50 Short-term U.S. Govt. s ec . .

515253

Other U.S. Govt. securitiesPvt. credit mkt. instruments...Less security debt

III. Direct lending in credit markets

54 Total funds raised55 Less change in U.S. Govt. c a s h . . . .56 Total net of U.S. Govt. cash

57 Funds supplied directly to cr. mkts...58 Monetary authorities59 Total60 Less change in U.S. Govt. cash.

61 Commercial banks, net62 Total63 Less chg. in U.S. Govt. cash...64 Security issues

65 Nonbank finance, net66 Total ,67 Less credit raised

68 U.S. Government

69 Foreign

70 Pvt. domestic nonfin71 Consumers72 Business73 St. and local govts74 Less net security credit

116.173.711.733.8

- 2 . 1- 3 . 8

2.8

114.443.6

6.6

66.122.143.3

- 1 . 91.7

119.473.511.932.62.4

- 3 . 32.3

117.344.9

3.5

68.221.646.1

.5

.72.

116.178.011.833.

- 5 . 22

114.443.7

1.9

66.820.046.1

.7

2.01.7

130.483.912.438.4

- 5 . 2- 2 . 2

3.1

128.848.4

5.9

73.221.451.2

.6

1.31.6

140.388.214.039.4

- 2 . 9- 2 . 4

4.1

136.652.14.4

77.621.954.71.0

2.53.7

132.683.312.539.0

- 3 . 7- 2 . 1

3.5

129.748.4

5.1

75.221.752.9

.5

1.02.9

132.284.312.940.3

- 5 . 6- 2 . 5

2.8

130.950.25.4

74.622.451.8

.4

.71.3

132.584.913.439.4

- 5 . 9- 2 . 8

3.4

130.251.13.6

74.321.652.1

.6

1.22.3

140.087.413.939.0

- 2 . 8- 2 . 2

4.7

134.551.53.6

76.721.554.3

.9

2.75.5

141.687.814.340.0

- 2 . 0- 2 . 3

3.9

136.452.24.2

78.622.255.3

1.2

1.45.2

147.392.414.539.1

4.2

145.553.66.4

80.722.457.01.3

4.8

145894.512.843.2

-3.9-2.6

147.155.92.5

83.422.459.81.2

5.3-1 .3

148.8100.313.144.2

- 9 . 5- 2 . 7

3.3

148.357.03.7

83.422.860.1

.4

4.1

152.098.913.644.7

- 6 . 9- 2 . 9

4.5

144.858.72.8

52.318.633.7

8.95.24.3

- . 6.9.2.8

42.513.86.45.42.1

28.64.55.3

13.05.9

52.3.7

3.83.58.83.3

32.216.410.8

.210.62.18.45.6

7.58.4

.2

35.015.020.0

- 2 . 03.1

- 5 . 6.5

2.01.4

.635.010.04.52.92.6

25.03.65.3

10.55.6

35.0.9

2.33.28.24.0

16.59.2

13.8-1.315.05.49.6

-4 .6

- . 57.5

- . 3

46.916.330.7

7.68.8

-1 .4.2

2.82.0

.836.65.31.72.21.4

31.34.97.3

11.47.7

46.9*

2.82.08.73.7

29.724.724.24.1

20.19.0

11.1.5

- 1 . 37.61.3

58.315.442.9

7.5.5

6.8.2

2.31.21.0

48.613.55.55.12.9

35.15.05.3

13.011.958.3

1.33.52.99.02.6

39.031.229.8

1.828.015.012.9

1.4

.67.0

- . 2

62.318.543.8

4.81.43.8

- . 43.42.31.0

54.215.26.75.92.6

38.96.73.4

15.113.662.3- . 42.72.5

10.24.0

43.336.233.05.0

28.113.114.93.2

1.97.22.0

47.5- 7 . 553.2

- 3 . 1-20.6

18.4- . 9- . 3- . 7

.449.114.75.75.64.0

34.44.34.6

13.412.145.7

- 5 . 51.6

.78.14.1

36.722.26.82.0

24.811.413.3

- 4 . 6

5.610.31.5

59.121.537.6

6.44.3

.91.23.41.71.7

49.314.35.46.11.8

35.03.34.1

13.514.159.1

3.93.22.38.82.2

38.834.634.25.4

28.814.014.8

A

- 1 . 67.21.4

59.818.141.7

10.86.54.0

.33.71.62.1

45.29.76.3

.82.5

35.65.65.0

13.511.459.84.6

.23.38.77.2

35.833.729.7

- 2 . 332.015.316.84.0

- 1 . 55.41.8

72.828.844.1

11.59.03.3

- . 75.03.1.8

56.317.46.97.03.5

39.07.02.8

15.813.472.8

3.02.57.1

10.52.2

47.641.836.10.825.310.614.7

5.7

2.16.62.9

54.25.0

49.2

- 5 . 1-10.5

6.4- 1 . 0

1.41.0

.557.915.57.15.82.6

42.47.54.2

16.314.354.2

- 7 . 63.6

- . 411.35.6

41.629.328.42.4

26.013.013.0

1.0

5.88.31.

62.422.140.3

1..4

1.7- . 23.33.5

- . 257.218.46.59.92.0

38.96.61.7

15.115.462.4

- 1 . 74.5

10.5

48.339.837.98.9

28.913.615.4

1.9

1.38.61.4

67.226.041.2

10.99.12.7

- 1 . 04.04.

13.76.54.72.6

38.64.26.5

15.312.567.2

8.12.82.5

11.03.4

39.431.527.9

.327.612.914.83.5

1.26.6

- . 1

77.727.350.4

6.3- . 26.1

.43.93.1

.867.524.0

7.29.7.0

43.55.96.9

16.514.377.7- . 85.12.6

11.33.6

55.935.336.39.3

27.011.515.5

- 1 . 0

4.516.7

.6

52.3.7

51.6

51.6.5.3

- . 1

3.74.6

18.923.34.4

3.8

3.4

21.412.66.03.1

.2

35.0.9

34.2

34.2.8.7

8.09.0

.9

19.221.5

2.4

2.3

1.22.71.0

- 1 . 93.3

- . 3

46.9

46.9

46.91.51.5

15.515.7

.2

21.023.4

2.4

2.8

.75.54.1

.22.51.3

58.31.3

57.0

57.01.92.0

.1

18.119.51.3

.1

23.127.8

4.7

3.5

1.39.24.22.32.6

- . 2

62.3- . 462.7

62.72.62.9

.3

19.719.3- . 7

.3

26.833.66.9

2.7

10.37.22.12.92.0

45.7- 5 . 551.2

51.21.2

.6- . 6

16.211.4

- 4 . 9.1

22.329.1

1.6

9.94.13.53.71.5

59.13.9

55.2

55.21.62.3

.6

20.624.0

3.3.1

24.730.45.7w

3.2

4.75.01.9

- . 91.4

59.84.6

55.2

55.24.15.31.1

15.619.13.5

28.328.9

.6

.2

1.

6.2.91.13.91.8

72.93.0

69.9

69.92.62.2

- . 4

22.526.0

3.4.1

25.636.310.6

2.5

5.1

11.55.94.63.92.9

54.2- 7 . 661.8

61.81.01.9

.9

18.410.1

- 8 . 5

27.838.610.9

3.6

- 2 . 2

13.29.41.34.31.8

62.4- 1 . 764.1

64.12.62.1

- . 5

22.121.8

- 1 . 2.9

25.330.65.3

4.5

- . 7

10.410.81.5

- . 51.4

67.28.1

59.0

59.05.55.1

- . 4

11.721.0

8.5.9

28.030.62.6

2.8

- . 4

11.53.82.35.3

77.7- . 878.5

78.51.42.1

.7

23.822.8

- 1 . 5.5

26.537.310.7

5.1

2.3

19.613.62.74.0

.6

84.2 1123.1 1260.7 13

.4 14

- . 9 157.2 16

65.7 1715.3 1850.5 19

7.7.8

6.3.6

2.72.7

*55.411.27.32.41.5

44.17.55.1

16.914.765.7

- 4 . 12.63.6

10.08.4

45.327.633.35.2

28.112.016.1

- 5 . 7

6.010.8- . 9

2021222324252627282930313233343536373839404142

4344454647484950

515253

65.7- 4 . 169.9

69.9 572.1 582.5 59

.4 60

18.714.7

- 4 . 5.6

33.434.3

61626364

656667

2.6 68

1.2 69

12.07.6

.53.0

7071727374

NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Jan. 1965 BULL., p. 179.


FEBRUARY 1965 FLOW OF FUNDS 321

PRINCIPAL FINANCIAL TRANSACTIONS


Transaction category,or sector 1959 1960 1961 1962 1963

1962

III I V

1963

III IV

1964

III

I. Demand deposits and currency

1 Net incr. in banking system liability2 U.S. Govt. deposits3 Other.4 Domestic sectors5 Households6 Nonfinancial business7 State and local govts8 Financial sectors9 Mail float

10 Rest of the world

II. Time and savings accounts

11 Net increasey-Total12 At commercial banks—Total. . . .13 Corporate business14 State and local govts15 Foreign depositors16 Households17 At savings institutions18 Memo: Households total

III. U.S. Govt. securities

19 Total net issues20 Short-term marketable21 Other

22 Net acquisitions, by sector23 Monetary authorities24 Short-term25 Commercial banks26 Short-term direct27 Other direct28 Nonguaranteed29 Nonbank finance30 Short-term direct31 Other direct32 Nonguaranteed33 Foreign34 Short-term35 Pvt. domestic nonfin. sectors...36 Short-term direct37 Other direct38 Nonguaranteed39 Savings bonds—Households.

IV. Other securities

40 Total net issues, by sector41 State and local govts42 Nonfinancial corporations43 Commercial banks44 Finance companies45 Rest of the world

46 Net purchases47 Households48 State and local govts49 Commercial banks50 Insurance and pension funds...51 Finance n.e.c52 Security brokers and dealers.53 Investment cos.—Net54 Portfolio purchases55 Net issues of own shares..56 Rest of the world

5758596061

62636465666768

V. Mortgages

Total net lending1- to 4-family

In process.Disbursed

Other

Net acquisitionsHouseholdsU.S. GovernmentCommercial banksSavings institutionsInsuranceMortgage companies...

VI. Bank loans n.e.c.

69 Total net borrowing70 Nonfinancial business.71 Nonbank finance72 Rest of the world

1.1.7.4.41.6

-2.5.1.21.0

.9-.8-.7-.9-1.0-1.1

.51.7-.1

5.4*

5.35.11.11.7.31.11.0.2

4.41.33.13.0.8.8.91.1-.6.1

5.0-.45.55.23.9

-2.43.2.3.3.3

-4.1-5.51.42.66.9-.3-2.9

.6-1.6-1.2

11.43.97.57.4

-1.42.94.21.92A

2.24.6

-2.4-2.81.1

-2.6-.2-.5-.6.4

14.43.011.510.87.4

-2.03.6

1.8.6

-4.2-7.63.4

3.*2-1.62.3.8

-1.5.3

7.6-1.79.49.64.0

-3.67.2.71.4-.3

9.98.11.8.2

5.1-5.31.4-.1-.91.6

8.5- . 89.4

10.0- 1 . 2

.71.7-.6

2.1-4.16.24.76.6

-2.11.9e

-l.*21.5

9.51.1— 4-A-.93.08.411.4

15.35.8.81.4.33.39.512.8

20.79.41.3.9.36.811.317.9

28.715.62.61.0.6

11.513.124.4

29.214.13.81.61.07.615.122.6

24.611.4.9.9.1

9.713.223.0

30.615.62.5.51.611.015.125.8

34.116.63.62.91.48.817.525.6

26.011.62.2.3.98.114.422.8

26.613.73.61.5.8

7.912.920.8

29.914.45.91.9.8

5.715.521.1

29.313.95.9.41.06.515.421.3

28.412.82.9.81.37.915.623.3

9.55.24.3

9.5.3

-.8-7.8-3.7-3.6-.5.8.2.2.43.02.113.27.45.32.2

-1.8

11.74.55.3.11.1.8

11.73.21.0

l\-.9— .2-.71.1.8.4

-2.53.1

-5.6

-2.5.7

-1.01.77.0

-5.2-.1-.31.2

-1.7.2.5.2

-5.1-4.3

A

-.3

11.13.65.3.11.5.6

11.12.22.1.4

7.1-.9-.4-.51.01.5.3

7.38.8

-1.4

7.31.5

-1.15.49.3

-4.3.81.6-.8.1.4

- 1

13.74.97.3.2.5

13.72.41.82.68.0

-1.3-.7-.61.42.0.2

7.3.5

6.8

7.31.92.0.8

-5.25.2.81.3.7.5.11.22.02.01.0

.6

.4

11.75.05.3.1.31.0

11.7-.61.24.47.5-.7

*

-.8

l!9

5.21.43.8

5.22.84.9

-2.5-3.6

.5

.5-.7-1.3

.5

.2

.6-.75.12.01.0.91.2

13.06.73.4.31.61.0

13.0— .5

5 27.7n

-'.2e'.81.3.2

-2.2-20.618.4

-2.2.83.3

-6.9-22.014.2.8

2.6.81.2.5.4

2.51.0

-5.24.8.8.6

9.54.34.6.1.2.4

9.51.21.33.55.7

-2.3c

-l!7-.11.6-.2

5.24.3.9

5.22.02.91.7

-2.32.71.31.82.1*

-.3.81.4

-1.2.2

-1.6*.2

9.83.34..1.71.7

9.8-1.41.53.87.4

-1.4-.9

1.0

10.56.54.0

10.55.413.54.0

-5.210.2-1.1-2.5-4.11.8-.21.2-.32.52.6.7

-2.21.4

13.25.65.0*.4

2.1

13.2-.51.85.67.5

-1.3-1.1-.2.4.6

12.39.03.3

12.32.47.8-.1-3.32.01.3

-1.2-1.3

*.13.41.27.84.6*

2.11.

13.67.02.8.11.91.8

13.6-3.41.55.88.41.11.0.1.9.8.5

-4.1-10.56.4

-4.11.8.4

-13.5-10.2-4.0

.73.22.1.6.6

-2.4-2.66.8-.14.21.51.1

14.07.54.2.11.7.5

14.01.01.06.17.7

-2.0-1.-.9.91.8

2.1.41.7

2.11.6

-1.9-.64.5

-6.21.1

-2.2-1.-.6.2.1

-1.13.2.7

-.82.11.2

11.46.61.7.9

2.4-.2

11.4.91.03.37.1— .7.2

-1.0.91.8.2

11.99.12.7

11.95.45.01.32.3.7

-1.72.0.41.6.1

-1.5-1.24.72.71.9-.6

13.24.26.5.91.7

i

13.2

4.78.9

-1.3-1.0-.3.1.4

-.2

5.9-.26.1

6.02.1

-2.8-2.92.0

-5.91.12.22.3-.4.3.9.23.6

-1.92.91.6.9

16.55.96.9

2^4

16.56.01.5.8

8.7c'.6

-1.1.61.6.1

7.12.66.5

-1.8-2.4

4'.93.1.2

2.5.33.03.0.2

-6.66.7-.7

19.113.2

16.010.4

13.05.9

19.11.82.22.59.62.4

10.55.6

16.02.11.2

.78.92.9

19.511.8.4

11.47.7

19.52.4.61.611.02.7.6

25.313.4.4

13.011.9

25.34.0.3

4.013.23.0.5

29.315.7

25.913.8

28.214.1

25.414.0

29.716.4

31.216.9

31.015.6

15.213.6

29.34.3

- 1 . 04.9

16.03.9

.8

13.412.1

25.94.1

4.513.43.0

.6

13.514.1

28.25.6

24.4

13.94.

.2

13.511.4

25.43.5

- 1 . 34.2

15.33.2

.2

15.813.4

29.74.5

- 1 . 95.6

16.43.71.1

16.314.3

31.24.3

- . 45.2

16.54.

15.115.4

31.04.9

- . 44.5

16.04.41.0

27.615.1- . 315.312.5

27.63.8

.34.5

14.64.2

- . 2

30.316.1- . 416.514.3

30.34.0

.84.6

14.84.51.2

7.25.1.6

.2

2.82.7

- . 3.1

3.01.7

.1

.7

6.54.61.0.4

8.15.61.7

.6

6.15.0

.4

7.85.32.0

1.9.2

1.3

9.06.61.3

.6

8.55.72.1

.7

13.110.01.91.4

6.74.7

- . 32.2

13.99.73.6

.6

28.912.94.52.41.05.116.021.2

7.1 19.8 20

6.3 21

222324252627282930313233343536373839

14.6 407.5 415.1 42.6 431.5 44* 45

14.61.91.25.88.4

-2.2-2.0-.21.61.9-.4

4647484950515253545556

31.216.6- . 416.914.7

31.25.3

.14.7

15.45.1

.2

2.4 692.2 70

-1.4 711.2 72

NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Jan. 1965 BULL., p. 179.


322 FEDERAL RESERVE BANKS, 1964 FEBRUARY 1965

EARNINGS AND EXPENSES OF

Item

Current Earnings

Discounts and advancesAcceptances

Foreign currenciesAll other

Total current earnings

Current Expenses

Salaries:Officers

Retirement and other benefits

Traveling expensesPostage and expressage

Printing and supplies . •Insurance . .. .Taxes on real estateDepreciation (building)Light heat power and waterRepairs and alterationsRentFurniture and equipment:

PurchasesRentals

All otherInter-Bank expenses

SubtotalF.R. currencyAssessment for expenses of Board of Governors.

Total

Less: Reimbursement for certain fiscal agencyand other expenses

Net expenses

Profit and Loss

Additions to current net earnings:Profits on sales of U.S. Govt. securities

(net)All other ,

Total additions

Deductions from current net earnings

Net addition to or deduction from (—) currentnet earnings

Net earnings before payments to U.S. Treasury..

Dividends paidPayments to U.S. Treasury (interest on F.R.

Transferred to surplusSurplus, January 1

Total

10,492,1062,787,002

1,323,740,2806,335,565

392,351

1,343,747,303

7,741,458100,462,11517,241,058

537,4162,192,701

21,946,4301,838,7948,354,552

349,6425,197,3235,717,2511,950,0241,400,945

135,555

2,907,04110,217,6253,291,616

191,481,55017,229,6718,655,200

217,366,421

19,970,533

197,395,889

1,146,351,415

615,705361,036

976,743

250,796

725,947

1,147,077,362

30,781,548

1,582,118,614

-465,822,800989,715,700

523,892,900

Boston

360,806

68,290,447299,441

16,628

68,967,322

443,2446,241,0971,117,949

21,648132,861

1,521,05096,030

584,83528,836

595,859182,557128,51151,85816,432

180,636823,793133,10455,373

12,355,673893,393411,900

13,660,966

1,101,360

12,559,606

56,407,716

32,23834,509

66,747

5,281

61,466

56,469,182

1,452,361

77,398,421

-22,381.60047,233,000

24,851,400

New York

2,224,3362,787,002

328,581,7921,694,108

69,830

335,357,068

1,377,96424,402,3263,872,719

55,672376,526

2,825,449407,852

1,690,93645,595

908,116420,704268,092396,457

6,684

779,3681,386,398

910,040-791,929

39,338,9693,036,9882,300,200

44,676,157

3,720,533

40,955,624

294,401,444

150,70476,053

226,757

6,308

220,449

294,621,893

8,137,656

412,485,188

-126,000,950263,214,800

137,213,850

Philadelphia

222,709

71,094,952357,11220,129

71,694,902

561,6094,838,993

845,39927,094

105,6961,062,669

83,753523,26214,449

160,811270,52889,779

105,4315,909

176,448454,277121,77364,026

9,511,906890,940482,600

10,885,446

934,376

9,951,070

61,743,832

33,28131,562

64,844

551

64,293

61,808,124

1,716,176

86,224,099

-26,132,15055,246,300

29,114,150

Cleveland

320,766

i09,727,i78566,03928,419

110,642,402

609,7348,193,1021,439,106

71,141164,260

1,826,191129,182585,64335,461

475,756641,253174,000180,96726,083

298,913871,320448,974104,645

16,275,7311,146,556

783,900

18,206,187

1,756,606

16,449,581

94,192,820

51,27140,114

91,385

3,991

87,394

94,280,214

2,762,835

134,215,180

-42,697,80089,788,700

47,090,900

Richmond

542,502

90,899,834317,40121,022

91,780,759

631,0446,837,8591,160,105

32,811158,504

2,079,353127,528669,39032,004

201,289223,893164,781118,62411,438

148,795812,644110,398-6,898

13 513.5621,469^253

429,500

15,412,315

1,114,146

14,298,169

77,482,590

42,61011,306

53,916

2,319

51,598

77,534,188

1,528,499

99,005,588

-22,999,90049,139,300

26,139,400

Atlanta

1,019.21S

72,724,513-349,19153,278-

74,146,196

671,2556,268,3001,097,656

91,869181,119

2,049,656204,899616,25334,598

317,073667,625165,90571,0528,067

424,331629,108160 67169,068

13 728 5051,628,086

488,500

15,845,091

1,413,854

14,431,237

59,714,959

33,4989,053

42,551

55,621

-13,070

59,701,888

1,774,674

82,807,715

-24,880,50055,626,400

30,745,900

NOTE.—Details may not add to totals because of rounding.


FEBRUARY 1965 FEDERAL RESERVE BANKS, 1964 323

FEDERAL RESERVE BANKS

Chicago

2,774,280

223,502,248901,82348,541

227,226,892

759,86014,624,2422,537,710

36,226275,527

2,956,445205,624

1,250,94030,706

943,7301,261,548

300,734158,35850,757

351,9421,890,204

574,887162,593

28,372,0333,117,6411,224,500

32,714,174

3,691,605

29,022,569

198,204,324

103,88161,005

164,887

2,706

162,180

198,366,504

4.373.219

259,234,935

-65,241,650139.844,500

74,602,850

St. Louis

213,693

5i,628,6i6216,596

14,204

52,073,109

599,6905,541,584

957,02631,714

134,8511,239,252

95,555491,994

28,384190,076301,519145,95753,388

1,577

90,897480,461126,74041,292

10,551,957887,233298,700

11,737,890

1,249,704

10,488,186

41,584,924

23,9778,346

32,323

5,119

27,204

41,612,128

1,054,136

56,862,492

-16,304.50034,247,500

17,943,000

Minneapolis

246,575

26,265,227143,48218,040

26,673,324

421,1013,149,897

536,88338,533

122,755855.96863,932

270,19315,780

366,515344,03790,81257,504

1,301

84,746379,567135,53227,195

6,962,251321,642201,300

7,485,193

609,703

6,875,490

19,797,833

12,28020,433

32,713

2,425

30.288

19,828,121

711,321

29,991,401

-10.874.60023,034,100

12.159,500

KansasCity

651,853

52,835,082274,174

38,985

53,800,094

520,8615,652,7641,026,394

41,496141,440

1,490,462108,455533,15820,264

257,540290,623150,41374,401

3,792

91,988783,305179,22053,044

11,419,620618,990379,200

12,417,810

1,493,658

10,924,152

42,875,942

24,91318,822

43,735

147,821

-104.086

42.771,856

1.362.588

61.360,918

-19.951,65043,252,200

23,300,550

Dallas

965,397

51,185,796363,10724,917

52,539,217

495,0454,314,333

735,39937,621

127,3411,230,572

127,103367,54624,518

263,918689,718127,81950,938

1,019

83,693552,222273,983

67,176

9,569,964802,430498,300

10,870,694

828,499

10,042,195

42,497.022

24,03016.458

40,488

10,588

29.900

42.526,923

1.797,729

66,913,343

-26,184,15056.769,800

30,585,650

SanFrancisco

949,975

177,004,595853,092

38,356

178,846,018

650,05110,397,6181,914,712

51,591271,821

2,809,363188,881770,402

39,047516,640423,246143,22181,9672,496

195,2841,154,326

116,294154,419

19,881,3792,416,5191,156,600

23,454,498

2,056,489

21,398.009

157,448,009

83,02233,375

116,397

8,066

108,331

157,556.340

4,110.356

215,619,334

-62,173,350132,319,100

70,145,750

Item

Current Earnings

Discounts and advancesAcceptancesU.S. Govt. securitiesForeign currenciesAll other

Total current earnings

Current Expenses

Salaries:OfficersEmployees

Retirement and other benefitsFees—Directors and othersTraveling expensesPostage and expressageTelephone and telegraphPrinting and suppliesInsuranceTaxes on real estateDepreciation (building)Light, heat, power, and waterRepairs and alterationsRentFurniture and equipment:

PurchasesRentals

All otherInter-Bank expenses

SubtotalF.R. CurrencyAssessment for expenses of Board of Governors

Total

Less: Reimbursement for certain fiscal agencyand other expenses

Net expenses

Profit and loss

Current net earnings

Additions to current net earnings:Profits on sales of U.S. Govt. securities

(net)All other

Total additions

Deductions from current net earnings

Net addition to or deduction from (—)current net earnings

Net earnings before payments to U.S. Treasury

Dividends paid

Payments to U.S. Treasury (interest on F.R. notes)

Transferred to surplusSurplus, January 1

Surplus, December 31


324 BANKING OFFICES FEBRUARY 1965

NUMBER OF BANKING OFFICES IN THE UNITED STATES

Type of office and type of change Allbanks

Commercial banks1

Total

Member

Total Na-tional Statei

Nonmember

Total In-sured

Non-insured

Mutual savingsbanks

In-sured 1

Non-insured

Banks (head office):

Dec. 31,Dec. 31,Dec. 31,Dec. 31,Dec. 31,Dec. 31,Dec. 31,Dec. 31,Dec. 31,Dec. 31,Dec. 31,Dec. 31,Dec. 31,

1934..1941. .19472.1951..1956..1957..1958..1959..1960..1961. .1962..1963..1964..

Branches, additional offices, and facilities:

Dec. 31,Dec. 31,Dec. 31,Dec. 31,Dec. 31,Dec. 31,Dec. 31,Dec. 31,Dec. 31,Dec. 31,Dec. 31,Dec. 31,Dec. 31,

1934..1941..19472.1951..1956..1957..1958..1959..I960..1961 . .1962..1963..1964..

Changes Jan.-Dec. 31, 1964

Banks:New banks 3

SuspensionsConsolidations and absorptions:

Banks converted into branches .Other

Voluntary liquidations 4

Other change5

Interclass changes:Nonmember to nationalNonmember to State member. .State member to nationalState member to nonmember...National to State memberNational to nonmemberNoninsured to insured

Net changeNumber of banks, Dec. 31, 1964.

Branches and additional offices:De novo 6

Banks convertedDiscontinuedOther changeInterclass changes:

Nonmember to nationalNonmember to State memberState member to nationalState member to nonmemberNational to State memberNational to nonmemberNoninsured to insured

Net changeNumber of branches and additional offices

Dec. 31, 1964

Banking facilities:7

EstablishedDiscontinued 6

Interclass changes:National to nonmemberState member to nonmember

Net changeNumber of facilities, Dec. 31, 1964.

16,06314,82614.71414,61814,16714,09014,02013,99113,98613,94613,93814,07814,266

3,1333,6994,3325,3837,9558,6099,28610,09910,96911,89612,93214,12215,275

337

-124-14- 2-1

15,48414,27814,18114,08913,64013,56813,50113,47413,47213,43213,42713,56913,761

3,0073,5644,1615,1537,5898,2048,8619,65210,48311,35312,34513,49814,601

336

-120-13- 2

6,4426,6196,9236,8406,4626,3936,3126,2336,1746,1136,0476,1086,225

2,2242,5803,0513,8375,8866,3786,9247,4928,1338,8999.649

10,61311,457

203- 1

- 7 7- 6- 1

5,4625,1175,0054,9394,6514,6204,5784,5424,5304,5134,5034,6154,773

1,2431,5651,8702,3703,8094,1784,5344,9735,5096,0446,6407,4208,156

200

- 6 3

- 1

9801,5021,9181,9011,8111,7731,7341,6911,6441,6001.5441,4931,452

9811,0151,1811,4672,0772,2002,3902,5192,6242,8553,0093,1933,301

- 1 4- 3

9,0427,6627,2617,2527,1817,1787,1927,2447,3007,3207,3807,4617,536

783984

1,1101,3161,7031,8261,9372,1602,3502,4542,6962,8853,144

133- 7

- 4 3- 7

7,6996.8106,4786,6026,7376,7536,7936,8786,9486,9977,0727,1777,262

1,343852783650444425399366352323308284274

9321,0431,2751,6661,7891,8982,1182,3032,4102,6462,8353,094

120-6

-43- 7

783

-1

-19-1-5

18814,266

1,072124-46

1

19213,761

1,025121-46

1

1176,225

761100-37

1584,773

58584

-22

-13

c-11-5

1,151

14,995

4- 2

1,101

14,321

4- 2

2280

2280

845

11,215

3-2

-1-1-1242

736

7,940

3- 2

4-13-19

-411,452

17616

-15

12-78-1311

109

3,275

216

-1

26

-19- 4

-19- 4

19

757,536

26421-91

-27-12

52085

7,262

26121Q

1

-27-12

256

3,106

1

53

256

3,056

526741373739424744505050

13i

-1-1

-20-10274

50

6852194202223239241268325330331 j330 |327 I

32124165257296305318381427466502549

126

2-1

2327

442

147

549

511496339327304283278249189184180179178

1034765109109120129105116121122125

-2

178

3

125

1 State member bank and insured mutual savings bank figues, bothinclude 1 to 3 member mutual savings banks, 1941 to 1962 inclusive, notreflected in total commercial bank figures. State member bank figures alsoinclude 1 or 2 noninsured trust cos. 1954 to date.

2 Series revised as of June 30, 1947. The revision resulted in an ad-dition of 115 banks and 9 branches.

3 Exclusive of new banks organized to succeed operating banks.4 Exclusive of liquidations incident to succession, conversion, and

absorption of banks.5 Ceased banking operations.6 Includes one national facility reclassified as a branch.7 Provided at military and other Govt. establishments through arrange-

ments made by the Treasury Dept.

NOTE.—Beginning with 1959, figures include all banks in Alaska andHawaii, but nonmember banks in territories and possessions are excluded.


FEBRUARY 1965 FEDERAL RESERVE PAR LIST 325

NUMBER OF PAR AND NONPAR BANKING OFFICES

F.R. District,State, or other area

Total, including Puerto Ricoand Virgin Islands:1

Dec 31 1963Dec 31 1964

F.R. District, Dec. 31, 1964:BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt LouisMinneapolis .Kansas CityDallasSan Francisco

State or area, Dec. 31, 1964:AlabamaAlaskaArizona

CaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFlorida

GeorsiaHawaiiIdahoIllinois

KansasKentucky

M^ine

M"arvlandMassachusettsMichigan

MississiooiMissouriMontana , . . . .

NevadaNew Hamoshire

New Tersev

New YorkNorth CarolinaNorth DakotaOhioOklahoma

PennsylvaniaRhode Island . .

South CarolinaSouth DakotaTennessee . . .TexasUtah

VirginiaWashington . .West Virginia

WyomingPuerto Rico 1Virgin Islands ^

Total

Banks

13.48713,675

382530554852854

1 5202 5231,4931,3521,8891 267

459

2521215

245194209

632015

418

4317

241 027

430674594348209

43

121158361719196640128428

872

23363

352147163547416

50586

10

133173293

1,1285548

27797

184577

6811

3

Branchesand offices

13,61714,724

1 0402,529

9631.3531,892

7981.519

526180186219

3,519

14251

23990

2,2698

286648417

169114120

5441221

50213236161

369525805

919155

3275820

62784

1.80871144

87136

2491,147

112

24272

29550

10349

486378

170

1407

Total

Banks

11,89312,128

382530554852759

1,0062,5231,237

7451,8871,196

457

1761015

149194209

632015

382

1667

241,027

43067459434811143

12115836131468

593128428

872

23363

3529665

547414

50586

10

8969

2261,100

5548

27797

184577

6811

3

Branchesand offices

13,29714,413

1 0402,529

9631,3531,786

7251,519

458126186209

3,519

13651

23969

2,2698

286648417

157114120

5441221

50213205161

369525805

8123553

275820

62784

1.808614

19871

36249

1,147112

23344

28250

10349

486378

170

1140

7

Pc

Member

Banks

6,1076,224

250419421506418502

1,016481494830672215

10355

83106132

347

12196

712

15525218165211965728

56110222221

3817592

1386

51

19441

2893544

351246

14435

5

305883

6142528

18438

112165

52

1

Branchesand offices

10,63111,475

8242,228

7541,1561,190

584986296

71130130

3,126

12043

18962

2,0916

229347612

13941

1115

2984034

143154115

229431663

66629

3185018

55953

1,715344

9753

3121193878

16836

205248326

373355

37

115

6

Nonmember

Banks

5,7865,904

132111133346341504

1,507756251

1,057524242

735

1066887729133

186

9559

502212509383252

5415

6548

1399330

41836

2902

21

3922636121

196168

36151

5

5911

143486

3020935972

412

1611

Branchesand offices

2.6662,938

216301209197596141533162555679

393

168

507

1782

573085

1873

9

14318116705146

14094

1422

5726

982

6831

293270

10118

538

20934

658

77262023

11323

133

1251

Nor(nonm<

Banks

1,5941,547

95514

256607

2712

762

96

36

265

98

40512847

5198

2

44104

6728

par;mber)

Branchesand offices

320311

10673

6854

10

6

21

12

31

168

9725

92813

1 Puerto Rico and the Virgin Islands assigned to the N.Y. District forpurposes of Regulation J, "Check Clearing and Collection." Memberbranches in Puerto Rico and all except 2 in the Virgin Islands are branchesof N.Y.C. banks. Certain branches of Canadian banks (2 in Puerto Ricoand 2 in Virgin Islands) are included above as nonmember banks; andnonmember branches in Puerto Rico include 6 other branches of Canadianbanks.

2 Includes 5 N.Y.C. branches of 2 insured nonmember Puerto Ricanbanks.

NOTE.—Includes all commercial banking offices in the United States.Puerto Rico, and the Virgin Islands on which checks are drawn, including280 banking facilities. Number of banks and branches differs from thatin the preceding table because this table includes banks in Puerto Ricoand the Virgin Islands but excludes banks and trust cos. on which nochecks are drawn.


326 WEEKLY REPORTING MEMBER BANKS, 1964 FEBRUARY 1965

ASSETS AND LIABILITIES OF BANKS TN LEADING CITIES


Wednesday

Totalloansand

invest-ments !

Loansand

invest-ments

ad-justed 2

Loans

Loansad-

justed2

Com-mer-cialand

indus-trial

Agri-cul-tural

For purchasingor carrying securities

To brokersand dealers

U.S .Govt.

se-curi-ties

Otherse-

curi-ties

To others

U.S.Govt.

se-curi-ties

Otherse-

curi-ties

To financial institutions

Bank

For-eign

Do-mes-tic

com-mer-cial

Nonbank

Pers.andsalesfinan.COS.,

etc.

Other

Realestate

I

Allother

Valua-tion

1964—Jan 8.15.22.29.

Feb. 5.12.19.26.

Mar. 4.11.18.25.

Apr. 1.8.

15.,22.29.

May 6.13.20.27.

June 3.10.17.24.

July 1.8.

15.22.29.

Aug. 5.12.19.26.

Sept. 2.9.

16.23.30.

Oct. 7.14.21.28.

Nov. 4.11.18.25.

Dec. 2.9.

16.23.30.

140,855140,965138,808137,764

138,397138,479138,855138,541

139,454139,240141,160141,158

141,144141,065141,142140,405140,858

141,284141,266141,120141,421

141,644142,113144,147143,369

145,125143,361143,883142,810142,895

143,676143,584144,408143,688

145,213144,523147,259146,133147,809

146.061146,462145,436146,472

148,211147,101148,179148,979

149,460148,789151,814

P151,599153,695

138,816138,696136,814135,868

136,328136,842136,987136,847

137,748137,589139,308138,908

138,373138,844139,288138,001138,680

139,050138,888139,185139,025

139,791140,053142,013141,173

142,720141,597140,987140,327140,332

141,660141,237142,192141,389

142,946141.918145,042144,564145,878

143,951144,094143,734144,363

145,619145,016145,693146,250

146,997146,275148,993i495449151,010

90,81990,93789,74189,122

89,50489,88790,05289,875

89,97790,16891,72791,351

92,00291,34592,19191,59292,208

92,79692,88693,27593,158

93,65893,85295,57394,969

96,02295,19495,33694,89994,568

95,37495,17795,66694,962

96,01595,10897,68597,24297,784

96,49896,75396,72796,545

98,02197,69497,99898,019

98,99298,374

100,796••101,012102,227

37,81837,64137,42437,195

37,31437,36837,61937,590

37,59937,50738,13738,172

38,30837,96438,25238,01538,057

38,30738,39438,41638,320

38,24338,23438,88538,748

38,78538,56838,68738,52638,498

38,70038,87438,91538,902

39,09139,03139,80239,71139,953

39,74339,96439,91339,882

40,19240,29540,65140,548

40,99940,91441,66841,66842,119

1,5611,5591,5511,531

1,5201,5241,5281,513

1,4821,4841,4931,493

1,4961,4921,4941,50111,510

1,5171,5231,5381,545

1,5481,5551,5631,570

1,5671,5701,5841,5951,588

1,5571,5461,5501,542

1,5461,5451,5611,5691,578

1,5911,5941,5961,606

1,6171,6291,6351,633

1,6211,6231,6391,607^1,591

7791,114984642

637930783583

489553759573

3,8273,9283,5163,453

3,3343,3743,3123,279

3,3663,3993,5693,469

343 3,796561 3,706593i 3,732432i 3,679434J 3,613

615615634534

832989853719

7751,0821,1611,4611,088

1,181919

1,118686

1,213632

1,6101,4821,236

679669723610

1,0991,000756954

690468902909

1,114

3,6373,5743,7233,783

3,8213,7803,9963,935

4,1953,8363,6803,4093,355

3,3813,3373,3243,303

3,3233,1973,4203,4153,558

3,3363,2903,3593,268

3,5163,3203,3113,179

3,1733.0723; 3823,3213,517

115121117108

103979597

96989797

109103102100101

95939596

95949294

6870726670

87717469

6764636081

69687069

68636164

6665736672

1,7291,7231,7201,726

1,7411,7411,7361,736

1,7681,7731,7751,775

1,7851,8061,8101,7961,804

1,8081,8311,8371,838

1,8501,8511,8521,859

1,8651,8671,8621,8751,871

1,8661,8671,9161,909

,902,906,918,917,921

,923,917,917,916

993 2,039970 2,2699731 1,994982 1,896

1,0111,0111,0151,000

1,0041,0581,0511,063

1,0711,0881,1121,1231,124

1,1101,1051,10!1,117

1,1211,1311,1591,198

1,1741,1391,1271,1311,142

1,1821.1901,1501,178

1.2171.2111.2111,2151,239

1.2481.7581.2511,248

,928 1,248,943 1.287,950 1.292,948 1,314

,936

,930.946,974

1,353,936 1 '366

1,3741.4191,560

2,069',637,868,694

,706,651,852

2,250

2,7712,2211,8542,4042,178

2,2342,3781,9352,396

1,8532,0602,1342,196

2,4051,7642,8962,4832,563

2,0162,3472,2162,299

2,2672,6052,2171,5691,931

2,1102,3681,7022,109

2,5922,0852,4862,729

2,4632,5142,821

'2,1502,685

4,3084,1873,7943,788

3,9083,8763,9474,033

4,1134,203

3,6033,5953,5533,551

3,5373,5123,4973,478

3,4473,444

17,88917,94417,98317,991

18,02118,08118,12718,161

18,16318,217

4,650 3,455 18,2804,438 3,449J 18,341

4,6404,1594,3694,1464,310

4,3674,3224,3784,321

4,4094,3335,0514,509

4,9904,4174,4074,0694,106

4,4764,3224,4484,278

4,3334,1684,5034,2604,515

4,2034,1874,0654,052

4,3164,1064,1684,103

4,4184,1904,8644,9134,929

3,5393,5063,5493,5253,571

,564,562,578

3,584|

3,604;3,64113,732!3,811j

3.897|3,9133,93l!3,9603,958

3,9683,9954,068

18,36618,39318,46118,48818,520

18,53018,60618,65818,692

18,70618,76418,83618,875

18,93618,97019,03719,08619,120

19,15719,22719,276

3,965 19,292

4,0074,0114,0684,0554,043

4,0654,0383,9993,978

4,0454,0594,0484,023

4,0134,0274,0474,0774,103

19,32019,36619,45819,50919,533

19,56019,63819,68019,719

19,74119,78919,84219,886

19,90919,93419,948

r20,01120,008

20,24220,20320,17320,197

20,42220,42020,44120,457

20,50020,48620,51820,541

20,60120,62020,77120,84121,217

21,30821,32521,37321,384

21,48821,53821,61121,707

21,82921,82121,85021,78121,832

21,87721,88221,92021,933

22,09422,07722,17122,15122,234

22,19122,24022,26322,304

22,36022,31122,39122,474

22,91822,88123,05923,158

'•23,320

2,0452,0482,0472,042

2,0442,0472,0482,052

2,0502,0542,0572,060

2,0522,0532,0542,0542,053

2,0622,0642,0562,056

2,0592,0582,0572,056

2,0592,0592,0622,0602,060

2,0582,0532,0932,095

2,0982,1002,1002,1022,107

2,1102,1102,1092,107

2,1092,1082,1072,107

2,1042,1022,0902,0832,080

For notes see p. 328.


FEBRUARY 1965 WEEKLY REPORTING MEMBER BANKS, 1964 327



Wednesday

Investments

U. S. Government securities


cates

Notes and bondsmaturing—

With-in

1 year1 to

5 yearsAfter

5 years

Othersecu-rities

Cash assets 3

Total

Bal-anceswith

domes-tic

banks

Bal-anceswithfor-eign

banks

Currencyandcoin

Re-serveswithF. R.Banks

Allotherassets

Totalassets—Totalliabili-

tiesand

capitalaccounts

1964—Jan. 8..15.,22.,29.,

Feb. 5.,12.,19.,26.,

Mar. 4.,11.,18.,25.,

Apr. 1.,8.

15.22.29.

May 6.13.20.27.

June 3.10.17.24.

July

Aug. t 5 .

19.26.

Sept. 2.9.

16.23.30.

Oct. 7.14.21.28.

Nov. 4.11.18.25.

Dec. 2.9.

16.23.30.

28,60128,56928,03427,759

27,59027,72827,68227,591

28,19727,86527,91027,802

26,87027,96027,26126,60926,713

26,66426,44026,48826,318

26,56726,39126,50026,278

26,62126,28625,51425,30525,701

26,04925,80526,20525,961

26,39226,14726,57726,59427,207

26,42226,41926,10926,928

26,82926,55227,03227,538

27,25626,94127,24127,34027,679

4,7335,0164,6194,509

4,1114,2644,2764,221

4,9384,7294,8614,837

4,0814,8364,2813,6463,806

3,8203,6403,7723,691

3,9793,9054,0553,900

4,2013,9273,5393,2833,597

4,0213,8003,7733,632

4,2084,0424,5684,6345,252

4,6374,6614,3995,273

5,1714,9224,8475,345

5,1534,9915,2855,3745,700

868870876888

1,0621,072118110

111111112111

109113115162155

194206

2,8962,8612,8452,342

2,3862,3832,7362,802

2,8682,8552,8722,856

2,8712,9232,9953,0133,022

3,0923,1183,7443,814

3,8953,9103,9243,945

4,0014,0143,8844,0222 f "

3,0433,0693,4343,446

3,4603,5043,5203,5863,620

3,6213,6493,6703,683

3,7063,7113,9013,988

4,0104,0304,0344,0204,038

14,21614,08513,99513,770

13,74813,76814,56314,531

14,40314,30614,27914,229

14,13314,45414,27914,23214,184

14,04714,01513,11712,983

12,86712,84713,14713,124

13,18113,11212,87912,51311,386

11,25511,18611,27411,267

11,22111,14111,10511,07611,072

11,45911,4441 1,49011,484

11,56011,50911,87611,786

11.78411,73312,04912,04712,048

5,8885,7375,6996,250

6,2836,2415,9895,927

5,8775,8645,7865,769

5,6765,6345,5915,5565,546

5,5115,4615,8555,830

5,8265,7295,3745,309

5,2385,2335,2125,4877,720

7,7307,7507,7247,616

7,5037,4607,3847,2987,263

'6,705'6,665'6,550'6,488

6,3926,4106,4086,419

6,3096,1875,8735,8995,893

19,39619,19019,03918,987

19,23419,22719,25319,381

19,57419,55619,67119,755

19,50119,53919,83619,80019,759

19,59019,56219,42219,549

19,56619,81019,94019,926

20,07720,11720,13720,12320,063

20,23720,25520,32120,466

20,53920,66320,78020,72820,887

21,03120,92220,89820,890

20,76920,77020,66320,693

20,74920,96020,95621,09721,104

17,74018,20717,30817,580

17,97217,47617,48517,877

17,38417,63418,22517,219

18,88117,32918,58917,04417,379

17,90917,89617,72417,559

17,793XT,11218,29018,116

18,53718,24018,34617,43817,759

18,02417,45617,46517,228

17,76917,81918,18718,37718,292

18,10818,07618,54818,701

18,08617,99418,59917,825

18,56817,81019,13919,35419,020

2,9353,1862,9192,867

2,9243,0253,0192,906

3,0983,0162,9962,830

3,7272,8703,3312,9952,837

2,9223,0882,9503,021

2,9302,9463,1692,987

3,2862,9653,3003,0522,839

3,0083,0843,0462,940

3,1543,2033,4562,9633,366

3,0783,5503,1313,208

3,3483,3523,3543,160

3,2853,0933,472

'3,398'3,449

292273274266

256252258267

271246264267

255254245256266

281263268276

302317339304

303299296281256

254246256255

272254258257251

227255261256

290256257247

264264242298279

,901,817,845,851

,646,796,779,793

,607,726,744,779

,717,701,779,800,842

,640,836,778,849

,674,792,776,862

,715,734,797,819,850

,654,822,820,854

,750,820,871,899,831

,741,930,863,961

1,7291,8821,8781,856

1,9382,0782,0701,9902,131

12,61212,93112,27012,596

13,14612,40312,42912,911

12,40812,64613,22112,343

13,18212,50413,23411,99312,434

13,06612,70912,72812,413

12,88712,71713,00612,963

13,23313,24212,95312,28612,814

13,10812,30412,34312,179

12,59312,54212,60213,25812,844

13,06212,341113,293!13,276 j

12,71912,50413,11012,562

13,08112,37513,35513,66813,161

5,3565,3625,4435,541

5,5925,6365,4065,438

5,5095,5645,4815,560

5,6745,6775,6625,6935,714

5,6875,7295,6165,651

5,6875,6645,5935,534

5,7435,6785,7735,7325,723

5,6335,6705,5235,526

5,6915,7185,6905,7226,032

,862,872,836

5,842

5.885518535,7865,821

5,8786,C5,8945,8555,942

178,959180,969175,633173,885

176,191175,701175,396175,301

176,407176,512179,498177,072

181,656177,771182,403177,211177,812

179,362180,092178,563178,429

178,911179,459183,807180,392

186,388181,188185,255180,111179,412

181,364181,638181,858179,767

182,817181,887188,453184,492188,621

184,481188,109184,736185,472

189,664186,022188,911188,812

190,094187,320194,348194,201

196,084

For notes see the following page.


328 WEEKLY REPORTING MEMBER BANKS, 1964 FEBRUARY 1965



Wednesday

Deposits

Totalunad-

justed 4

De-mand

de-posits

ad-justed5

Demand

Total 6 I P C

Stateandlocalgovt.

For-eign''

U.S.Govt.

Do-mes-tic

com-mer-cial

banks

Time

Totals Sav-ings

Other time 9

I P C

Stateandlocalgovt.

For-eign7

Borrowings

FromF.R.Banks

Fromothers

Otherliabili-

ties

Cap-ital

1964—Jan. 8.15.22.29.

Feb. 5.12.19.26.

Mar. 4 .11.18.25.

Apr. 1.8.

15.22.29.

May 6.13.20.27.

June 3 .10.17.24.

155,386 65,239157,883 67,136152,144 65,151150,500 64,940

July

Aug. 5.12.19.26.

Sept. 2 .9.

16.23.30.

Oct. 7.14.21.28.

Nov. 4.11.18.25.

Dec. 2.9.

16.23.30.

152,281152,245151,917151,505

153,247152,608155,196153,467

157,257154,008157,911152,622153,455

155,135155,564153,924153,955

154,574155,068159,401156,152

161,829157,229160.268155,712154,675

64,01563,71862,09062,565

62,35363,45763,36062,630

62,53263,08365,98764,34163,959

62,26161,79760,69261,651

61,47263,14063,27462,035

62,66461,95963,35963,31463,674

95,898 6998,229 7292,168 6890,224 67

91,81667.91,567 67.91,106 65!90,575 65;

92,140 65.91,237 67!94,006 67;92,053 65;

,437,209,843,605

,228,605,508,460

731421781376

66,659338 66,452

70,854665 67,881232 66,813

95,81192,33896,40190, ""91,

156.645 62,952156,978! 62,613156,995j 61,332155,064! 62,393

157,812| 62,156,662 62,949

92,770 65,24693,058 66,42991,135 64,70990,960 64,867

91,474 64,31291,847 66,38996,377 68,57893,070 65,207

98,717 67,20693,897 65,31796,787 69,33791,943 66,88490,754 66,397

92,827 66,19892,957 67,21392,832 65,61190,735 65,413

163I123159,426164,198

65,04662,74863,722

93,372 6692,086 6699,082 7195,06199,479 68

,168,641,682

66,852",867

159,665 63,522162,850! 63,512158,908160,022

163,630160,129162,791162,336

163,377160,081167,370167,619

64,30764,999

64,01963,89063,28263,856

64,60764,96768,19466,161

,745 67,691,777 70,800,689 69,023,544 68,627

,301[ 69,371,593 67,818,230 68,982

949796,724 68;724

169.455! r68,045

97,707 6994,022 68

101,399 74101,297 72r 102,574

,515,940,201,030

73,654

4,8895,0954,9194,926

5,2604,8794,9975,188

5,3044,6874,7975,169

5,3494,7686,2045,3145,529

5,8435,2235,0395,108

5,3004,9804,7904,849

5,4054,7784,8294,7164,897

5,2154,8974,5964,889

5,0714,7174,7234,6665,224

4,7624,5174,6005,035

5,7305,1934,7315,095

5,3334,8754,8865,1205,239

,870,857,949,866

,850,829,721,674

,763,754,754,854

,841,752,803,820,806

,791,741,747,793

,782,761,813,831

,939,906

2,0102,037

,923

,988,905,876,920

,970,961,903,886,945

,881,924

2,0112,018

2,052,986,988,943

,938,930

2,0062,1692,190

2,9722,0971,5461.545

12,67912,56111,39710,739

1,996 11,5752,560 11,1794,129111,2373,755 10,810

3,6892,1484,4985,493

12,03811,55811,51610,795

5,130112,1923,917 11,6381,380 12,0241.309 10,9462,948 10.464

4,7814,9735,4335,029

4,9973,706 115.6657,043

7,2866,1923,8873,2983,604

4,1603,8315,4534,021

4,5112,8253,754 126,610 116,951

4,6983,2312,6313,389

3,6972,8425,004 124,826 11

4,364 122,3212,7844,8584,563

11,24611,08710,90710.482

11,218,091,661

10,619

11,78411,83712,28811,20010,441

11,68411,58511,58510,996

12,02812,485,965,443

12,318

12,07513,33511,83511,699

13,10312,787',597,855

,54812,10112,92012,88512,539

59,48859,65459,97660,276

60,46560,67860,81160,930

61,10761,37161,19061,414

61,44661,67061,51061,95762,223

62,36562,50662,78962,995

63.10063,22163,02463,082

63,11263,33263,48163,76963,921

63,81864,02164,16364,329

64,44064,57664,04164,36564,719

64,92065,07365,21965,478

65,32965,53665,56165,612

65,67066,05965,97166,32266,881

38,04338,05238.11738,131

38,17238,21838,26438,291

38,36038,42838,50938,566

38,70438,67238,48338.45938,437

38,53338,57138,63238,662

38,72638,77438,79738,848

39,05339,08439,11839,15639,168

39,24239,30239.36939,421

39,47739,53339,57439,64039,873

39,93339,97440.02940,061

40,12840.19740.22740,255

40,31240,34340.37140 43140.698

13,51813,64313,81814,057

14,19814,32714,31714,390

14,47514,68714,31914,513

14,41814,62514,50814,75714,950

14,92015,06015,24215,410

15,46815,54615,38715,481

15,36015,53015,65815,83815,943

15,81815,93515,94016,026

16,00016,09615,50915,74415,854

16,00616,10416,21916,464

16,25416.38816,26416,288

16,23716,43116,02416,18916,407

4,2874,3214,3614,401

4,3684,4044,3814,407

4,4074,3834,4374,390

4,3814,3694,4484,5884,660

4,7054,6654,6944,725

4,7064,6814,6264,597

4,5274,5154,4844,0204,535

4,4924,4834,5334,55?

4,6134,5914,6074,6284,648

4,6444,6994,6504,630

4,6264,6064,6114,628

4,6804,7705,0235,1425,168

3,2243,2163,2453,241

25934

255245

3,280 3233,280 3383,402 283,387 528

3,4113,4143,4393,460

3,4573,5233,6043,6843,704

3.7363,7403,7483,729

3,7353,7503,7403,670

3,6783,7063.7043,7333,750

3,7403,7753,8013,800

3,8293,8363,8293,8263,824

3,8163,7803,8053,803

3,8073,8343,9513,941

3,9324,0014,0204,0164,053

1239791121

223103716103276

189103477108

28424115735

3853659146226

6449211875

36962965220

15931

1,115412

345434103105

110180163398281

3,1572,8602,7702,642

2,9082,3172,6662,439

2,2112,6132,7142,842

3,4702,9172,8413,2792,884

2,8663,0552,8423,043

2,7542,9693,1543,199

3,3042,7833,8353,1943,308

2,8543,2243,3213,125

3,3243,3033,4512,5172,466

2,8613,2762,7693,079

3,7193,3353,6763,967

3,9724,2284,2563,703

r4,023

5,5885,5985,8995,879

14,56914,59414,56514,619

6,009 14,6706,126 14,6756,112 14,6736,131 14,698

220 14,71714,72414,69114,708

6,6,1705,9866,034

5,9265,9476,0576.3376,283

6,1936,4006,3636,319

6,2506,1246,0625,972

5,7285,6495,9326,0386,038

5,9946,1026—6,245

6,3506,5266,5106,5456,489

6,3186,4966,4846,473

6,4056,5496,7916,883

7,0237,2196,9746,861

'6,632

14,78014,79614,87814,87014,914

14,97914,97014,95715,004

15,04915,05715,03315,034

15,14215,16215,12915,12115,165

15,22715,242

190 15,23415,258

15,29515,30015,34015,35215,448

15,47815,45615,46015,486

15,56515,57515,55015,521

15,61215,61215,58515,62015,693

1 After deduction of valuation reserves.2 Exclusive of loans to domestic commercial banks and after deduc-

tion of valuation reserves; individual loans items are shown gross.3 Excludes cash items in process of collection.4 Total demand and total time deposits.5 Demand deposits other than domestic commercial interbank and

U.S. Govt., less cash items in process of collection.6 Includes certified and officers' checks and deposits of mutual savings

banks, not shown separately.

7 Deposits of foreign governments and official institutions, centralbanks, international institutions, banks in foreign countries, and foreignbranches of U.S. banks other than reporting bank.

8 Includes U.S. Govt., postal savings, domestic commercial interbankand mutual savings banks, not shown separately.

9 See opposite page.


FEBRUARY 1965 BUSINESS LOANS OF BANKS, 1964 329

COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING AT WEEKLY REPORTING MEMBER BANKS


Industry

Durable goods manufacturing:Primary metalsMachineryTransportation equipmentOther fabricated metal productsOther durable goods


Mining, including crude petroleum andnatural gas


Transportation, communication, and otherpublic utilities

ConstructionAll other:

Bankers' acceptancesAll other types of business, mainly services..

Total classified loans

Commercial and industrial loans— All weeklyreporting banks

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

6112,156881795

1,014

1,6851,2881,183990827

2,7511,3861,9702,319

4,3791,831

8374,678

31,581

37,520

6332,188855808

1,006

1,5561,3801,1661,003838

2,6961,3131,9822,360

4,1911,844

9134,748

31,480

37,473

6562,213874855

1,048

1,4811,5221,1081,072841

2,6881,2082,0262,455

4,0641,870

9054,883

31,769

37,854

7072,215865901

1,111

1,3851,5361,0851,146883

2,6761,0952,0472,504

4,0411,915

8914,932

31,935

38,119

6942,185904940

1,138

1,2981,5441,0651,143912

2,694959

2,0742,626

4.0002,022

9234,936

32,057

38,359

7232,188898988

1,154

1,2881,5511,0511,138936

2,688885

2,1012,561

3,9812,098

8875,020

32,136

38,528

6662,090824980

1,163

1,2631,606985

1.121961

2,748916

2,1212,481

4,0792,147

9405,063

32,154

38,613

6742,062831966

1,185

1,2541,624944

1,098984

2,781931

2,1242,568

4,0992,228

9765,024

32,353

38,848

6552,073874983

1,213

1,3981,658978

1,162997

2,851998

2,1602,618

4,2622,239

9285,005

6622,111876972

1,190

1,6091,5301,0201,193972

2,8151,1622,2192,634

4,3242,232

8734,996

33,052 133,390

39,518 39,876

6572,122876943

1,172

1,8271,3921,0151,229928

2,8301,4032,2462,754

4,2832,254

8914,996

33,818

40,422

6342,182929953

1,157

1,9511,2951,0241,326909

2,9641,4482,2652,694

4,4892,267

1,0385,207

34,732

41,474

Wednesday

IndustryJan. Jan.

15Jan.22

Jan.29

Feb.5

Feb.12

Feb.19

Feb.26

Mar.4

Mar.11

Mar.18

Mar.25



Mining, including crude petroleum and naturalgas




Bankers' acceptancesAll other types of business, mainly services


Commercial and industrial loans—All weeklyreporting banks

6082,174881799

1,032

1,7511,3091,152978844

2,7941,3862,0012,330

4,4891,834

8354,674

6082,175908797

1,021

1,7181,3081,193984823

2,7531,3901,9692,331

4,3751,841

8064,683

6142,152903794

1,010

1.6451,2771,195993821

2,7361.3871,9542,315

4,3521,825

8174,687

6152.123832788991

1,6261,2561,1921,005819

2,7221,3811,9562,299

4,3001,824

8894,673

6262,159848789997

1,5881,3081,178980841

2,6991,3401,9762,365

4,2291,834

8804,708

6242,168842808

1,005

1,5681,3481,176990832

2,6981,3421,9732,343

4,1891,846

9144,725

6372,202872814

1,011

1,5681,4151,1601,015839

2,7001,2951,9872,361

4,1801,846

9274,771

6432,221857822

1,011

1,5001,4471,1491,026840

2,6891,2771,9932,371

4,1651,850

9324,791

6372,175853824

1,014

1,5031,4871,1281,035829

2,6861,2412,0132,403

4,0881,846

9654,819

6482,179855846

1,031

1,4621,5111,1061,055828

2,6831,2222,0112,402

4,0101,864

8894,858

6692,245895870

1,065

1,4991,5471,1041,092849

2,7041,2022,0322,519

4,0591,877

8764,921

6702,253893879

1,082

1,4591,5421,0951,105857

2,6791,1682,0482,495

4,1001,894

4,935

31,871 31,683 31,477 31,291 31,345 31,391 31,600 31,584 31,546 31,460 32,025 32,043

37,818 37,641 37,424 37,195 37,314 37,368 37,619 37,590 37,599 37,507 38,137 38,172

For Note see end of Table.

Note to table on preceding page:9 Includes certificates of deposit outstanding in following amounts

(in millions of dollars):

Jan. 8152229

Feb. 5121926. . . .

Mar 4 . . .111825

9,822. . 9 897

10,05410 281

10,40510 52610 56210,603

. . 10 62710,79910 55010 718

Apr. 18 . . . : .

152229 .

May 61320. . . .27

June 3101724

10,63910 89110,90611 18811 365

11,36211 53011 73611,864

11 91411,91711 59511 687

July 18

152229

Aug. 5121926

Sept. 29

16 . . . .2330

11,67011,83311 92812 10912,168

.. 12,04812,18112,19412,26212,25112,26311,70111,88511,955

Oct. 7142128 .

Nov. 4111 Q

25

Dec. 29

162330

. . . 12,09512,21212 324

. 12 546

12,44912,7041 0 1A(\

. '12,736

. . . r12 654M2,756r12 348

. . . 1 2 41812,585


330 BUSINESS LOANS OF BANKS, 1964 FEBRUARY 1965

COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING AT WEEKLY REPORTING MEMBER BANKS—Continued


Industry

Wednesday

Apr. Apr.8

Apr. May6

May May20

May June3

June10

June17

June24

Durable goods manufacturing:Primary metalsMachineryTransportation equipmentOther fabricated metal products. . .Other durable goods







services


7052,232876906

1,101

1,4851,5471,0861,148874

2,6541,1712,0512,516

4,0751,884

902

4,945

7112,204872898

1,105

1,3941,5371,0901,136860

2,6771,1202,0392,430

4,0121,883

918

4,926

7142,234871907

1,113

1,3851,5561,1021,146889

2,6761,0812,0532,529

4,0281,933

921

4,925

7052,201858893

1,118

1,3311,5271,0771,149893

2,6931,0732,0492,524

4,0341,935

844

4,923

7022,204850903

1,119

1,3281,5151,0701.153897

2,6791,0312,0442,518

4,0561,941

871

4,936

7032,218905931

1,127

1,3101,5331,0661,146901

2,678997

2,0572,633

3,9941,971

887

4,952

6882,187889936

1,145

1,3031,5551,0701,143912

2,710962

2,0752,618

4,0032,019

955

4,919

6912,168915939

1,141

1,2951,5521,0671,142917

2,693952

2,0892,653

3,9922,046

943

4,932

6932,165908954

1,139

1,2831,5361,0551,141918

2,696923

2,0762,602

4,0092,051

909

4,943

6982,166

873962

1,143

1,2911,5351,0481,114922

2,678894

2,0832,551

3,9442,062

924

5,000

7142,166897983

1,147

1,2431,5361,0491,123922

2,688879

2,0942,536

3,9112,087

893

5,001

7412,225921,007,165

,323,568,052,159944

2,690885

2,1192,597

4,0422,123

871

5,044

7402,195900998

1,162

1,2961,5651,0531,155955

2,694884

2,1072,561

4,0272,120

860

5,039

32,158 31,812 32,063 31,827 31,817 32,009 32,089 32,127 32,001 31,869 32,476 32,311

Commercial and industrial loansAll weekly reporting banks 38,308 37,964 38,252 38,015 38,057 38,307 38,394 38,416 38,320 38,243 38,234 38,885 38,748

Industry

Wednesday

July July8

Aug. Aug.5 12

Aug.19

Aug. Sept. Sept. Sept.16

Sept.23

Sept.30



Mining, including crude petroleum andnatural gas




Bankers' acceptancesAll other types of business, mainly services,


Commercial and industrial loans—All weeklyreporting banks

6562,132846

1,0121,171

1,3221,5931,0431,131954

2,682903

2,1242,522

4,0992,134

9075,060

6672,101

874988

1,181

1,2841,6091,0331,122951

2,685897

2,1162,464

4,0622,125

9115,033

6672,097823983

1,161

1,2521,628961

1,126968

2,796921

2,1232,456

4,070

2,i5r

93:5,096

6682,062796958

1,151

1,2391,612950

1,116964

2,800925

2,1282,436

4,0862,159

9785,063

6732,058781958

1,152

1,2171,587940

1,111966

2,776936

2,1122,526

4,0792,163

9745,06:

6742,068805962

1,174

1,2251,606942

1,102975

2,777928

2,1282,591

4,0872,184

9665,05:

6832,054836972

1,181

1,2361,624943

1,093980

2,784930

2,1222,568

4,0902,23f

98:5,022

6712,070

849967

1,189

1,2731,630948

1,096988

2,777929

2,1232,571

4,0872,245

9825,016

6692,054

835962

1,196

1,2801,635942

1,099994

2,787936

2,1222,541

4,1312,252

9755,011

6482,037

843967

1,198

1,3321,676954

1,142999

2,854951

2,1392,538

4,1552,236

9805,002

6502,037

843966

1,211

1,3411,667959

1,1481,000

2,857963

2,1342,532

4,1522,245

9054,991

6592,096900998

1,222

1,4111,685987

1,1741,007

2,8571,0082,1612,659

4.2722,257

9235,023

6592,079

895985

1,216

1,4321,636981

1,172992

2,8531,0282,1832,657

4,3062,232

9115,015

6592,114

887998

1,219

1,4731,6291,0091,172986

2,8341,0382,1822,704

4,4272,224

9215,000

32,291 32,103 32,212 32,091 32,071 32,246 32,332 32,411 32,421 32,651 32,601 33,299 33,232 33,476

38,785 38,568 38,687 38,526 38,498 38,700 38,87- 38,915 38,902 39,091 39,031 39,802 39,711 39,953

For NOTE see end of table.


FEBRUARY 1965 BUSINESS LOANS OF BANKS, 1964 331

COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING AT WEEKLY REPORTING MEMBER BANKS—Continued


Industry

Wednesday

Oct.7

Oct.14

Oct.21

Oct.28

Nov.4

Nov.11

Nov.18

Nov.25

Dec.2

Dec.9

Dec.16

Dec.23

Dec.30

Durable goods manufacturing:Primary metalsMachineryTransportation equipmentOther fabricated metal products. . .Other durable goods

Nondurable goods manufacturing:Food, liquor, and tobacco ,Textiles, apparel, and leatherPetroleum refiningChemicals and rubberOther nondurable goods






services


6612,114885991

1,201

1,5081,6001,0101,193985

2,8241,0822,1982,585

4,3412,205

876

4,986

6692,134881985

1,195

1,5721,5861,0151,179981

2,8421,1262,2272,603

4,3232,242

901

4,997

6612,120878965

1,183

1,6691,4821,0281,206965

2,8091,1962,2292,655

4,3092,250

851

4,995

6572,078860947

1,181

1,6851,4501,0251,194955

2,7861,2462,2222,693

4,3222,232

866

5,006

6592,101865944

1,182

1,7811,4251,0231,220932

2,8391,3202,2412,743

4,2862,236

4,981

6642,100873946

1,180

1,7961,4121,0221,218931

2,8291,3942,2402,737

4,2582,250

869

4,992

6802,144882951

1,172

1,8771,3861,0111,242927

2,8211,4352,2472,796

4,2752,269

895

4,998

6252,142886932

1,155

1,8541,3471,0021,236923

2,8291,4632,2562,740

4,3132,261

914

5,012

6222,144906939

1,154

1,8941,3161,0131,246924

2,8941,4692,2562,882

4,3662,254

969

5,090

6222,152907951

1,150

1,8711,3111,0131,274921

2,8971,4452,2602,701

4,3712,251

1,016

5,116

6372,206940953

1,166

1,9981,3061,0281,351906

2,9241,4612,2762,759

4,4812,297

1,040

5,199

6502,200945958

1,162

1,9941,2731,0231,356901

2,9751,4362,2692,636

4,5652,269

1,072

5,233

6412,207947962

1,153

2,0001,2701,0421,404892

3,1291,4292,2632,493

4,6642,262

1,095

5,394

33,245 33,458 33,451 33,405 33,664 33,711 34,008 33,890 34,338 34,229 34,928 34,917 35,247

Commercial and industrial loansAll weekly reporting banks 39,743 39,964 39,913 39,882 40,192 40,295 40,651 40,548 40,999 40,914 41,668 41,668 42,119

NOTE.—Data for sample of about 200 banks reporting changes in theirlarger loans; these banks hold about 80 per cent of total commercial andindustrial loans of all weekly reporting member banks and about 60 per

cent of those of all commercial banks.Monthly figures are averages of figures for Wednesday dates.


332 INTEREST RATES, 1964 FEBRUARY 1965

MONEY MARKET RATES


Period

JanFebMarAprMayJuneJulyAUKSeptOctNovDec

Week ending—1963—Dec. 28.. .

1964—Jan. 4 . . .11.. .18...25. . .

Feb. 1...8...

15...22...29...

Mar. 7.. .14...21 . . .28.. .

A p , 4...

18...25. . .

May 2. . .9...

16...23. . .30...

June 6...13...20...27...

M y ....

18...25.. .

Aug. 1...8...

15...22...29...

Sept. i 5 . . .

19...26...

Oct. 3 . . .10...17...24...31 . . .

Nov. 7...14...21 . . .28.. .

Dec. 5. . .12...19...26...

Primecoml.paper,

4- to 6-months i

3.973 884.003.913 894.003.963.883.894.004.024.17

4.00

4.004.004.003.98

3.883.883.883.883.90

4.004.004.004.00

4.003.983.883.88

3.883.883.883.883.94

4.004.004.004.00

4.004.004.003.93

3.883.883.883.883.88

3.883.883.883.88

4.004.004.004.004.00

4.004.004.004.06

4.134.134.134.25

FinanceCO.

paperplaced

directly,3- to 6-months2

3.823 763.833.803 763.883.813.763.753.913.893.98

3.88

3.843.863.883.78

3.753.753.753.753.78

3.813.813.813.86

3.933.843.753.75

3.753.753.753.753.80

3.883.883.883.88

3.883.863.813.78

3.753.753.753.783.78

3.743.723.753.75

3.813.903.943.943.91

3.883.883.883.91

3.943.943.944.06

Primebankers'accept-ances

90 daysi

3.703 753.753.803 753.753.753.753.753.753.794.00

3.63

3.633.633.733.75

3.753.753.753.753.75

3.753.753.753.75

3.803.883.783.75

3.753.753.753.753.75

3.753.753.753.75

3.753.753.753.75

3.753.753.753.753.75

3.753.753.753.75

3.753.753.753.753.75

3.753.753.753.88

4.004.004.004.00

Federalfundsrate 3

3.483 483.433.473.503.503.423.503.453.363.523.85

3.50

3.433.503.503.43

3.503.503.503.433.50

3.293.503.433.46

3.503.453.503.46

3.453.503.503.503.48

3.503.503.503.50

3.503.503.503.14

3.503.503.503.503.50

3.503.433.463.50

3.393.363.073.483.46

3.503.503.593.34

3.713.394.004.00

U.S. Government securities (taxable) 4

3-month bills

Rateon newissue

3.5293 5323.5533.4843.4823.4783.4793.5063.5273.5753.6243.856

3.522

3.5243.5343.5493.538

3.5013.5053.5403.5343.547

3.5893.5343.5383.550

3.5253.5033.4843.463

3.4463.4823.4913.4823.475

3.4783.4623.4963.478

3.4793.4923.4483.503

3.4753.4883.5103.5113.513

3.5123.5143.5413.542

3.5553.5823.5803.5923.567

3.5623.5743.6003.758

3.8683.8153.8643.868

Marketyield 5

3.523.533.543.473 483.483.463.503 533 573.643.84

3.52

3.523.533.543.52

3.503.513.523.533.56

3.563.543.543.54

3.523.483.473.45

3.453.493.473.473.47

3.473.473.493.47

3.483.483.433.46

3.463.483.513.503.50

3.503.523.543.54

3.553.573.583.583.56

3.563.583.613.78

3.823.813.863.86

6-month bills

Rateon newissue

3.6523.6643.7403.6763.6123.5723.5663.6183.6663.7293.7943.971

3.657

3.6513.6693.6793.648

3.6133.6153.6603.6793.703

3.7773.7153.7263.740

3.7103.7033.6873.662

3.6163.6293.6253.5983.595

3.5893.5533.5903.556

3.5283.5443.5493.619

3.5913.5883.6113.6343.639

3.6293.6493.6933.692

3.7113.7443.7263.7383.724

3.7183.7423.7723.942

4.0303.9443.9653.960

Marketyield 5

3.643.673.723.663.603.563.563.613.683.723.813.94

3.64

3.653.663.653.63

3.613.633.663.683.72

3.743.723.723.73

3.703.693.673.64

3.603.633.593.603.58

3.573.573.583.53

3.513.533.553.61

3.573.583.623.633.62

3.643.673.693.70

3.713.733.723.743.71

3.723.743.783.96

3.973.943.953.94

9- to 12-month issues

Bills(Marketyield) 5

3.683 713.783.753 713.703.643.673.733.793.863.96

3.69

3.703.723.693.66

3.653.653.703.713.76

3.783.783.773.80

3.773.773.783.74

3.693.723.713.713.70

3.713.713.713.68

3.683.673.633.65

3.613.653.663.673.67

3.703.723.743.74

3.773.803.803.803.77

3.793.793.804.00

4.023.963.943.94

Other 6

3.663 633.673.633.673.833.683.733.823.833.883.96

3.77

3.753.683.593.66

3.673.663.663.583.61

3.643.653.673.72

3.713.683.643.58

3.563.553.523.843.84

3.843.843.843.85

3.763.683.643.70

3.673.683.713.763.78

3.823.843.833.80

3.823.843.843.843.82

3.823.823.834.00

4.043.973.923.95

3- to 5-year

issues 6

4.064.024.154.184.074.033.993.994.034.044.044.07

4.07

4.084.084.074.04

4.043.994.004.024.05

4.104.124.164.23

4.214.194.184.16

4.144.104.044.074.06

4.054.044.044.02

4.013.993.984.00

3.993.983.993.994.00

4.034.044.054.02

4.024.054.064.054.03

4.024.004.024.11

4.114.064.064.07

1 Averages of daily offering rates of dealers.2 Averages of daily rates, published by finance cos., for varying maturi-

ties in the 90-179 day range.3 Seven-day average for week ending Wed.

4 Except for new bill issues, yields are averages computed from dailyclosing bid prices.

5 Bills quoted on bank-discount-rate basis.<* Selected note and bond issues.


FEBRUARY 1965 INTEREST RATES, 1964 333

BOND AND STOCK YIELDS


Period

Jan

MarAprMayJuneJuly

SeptOctNovDec

Week ending—1963 Dec 28

1964 Jan 411 .1825

Feb 18

152229

Mar 7142128

Apr 4111825

May 29

1623 . . . .30

June 6132027

July 4111825

Aug 18

152229

Sent 5p 1 2 . : . . : .

1926

Oct 310172431 . .

Nov 714 . .2128

Dec 5121926

Number of issues

Government bonds

UnitedStates(long-term)

4.154 144.184.204.164.134.134.144.164.164.124.14

4.16

4.154.164 164.15

4.154.144.144 144.15

4.164.174.184.20

4 204.204.204.19

4.194.184.164.144.14

4 154.144.134.12

4.114 124.134.14

4.144 144.144.144.14

4.164.174 174.16

4.154 164.174.174.15

4.124 114.114.15

4.154.124.134.14

12

Total i

3.293.273.333.303.293.293.263.273.303.313.273.23

3.31

3.303.313.303.29

3.283.263.273.273.28

3.313.313.353.35

3.333.313.293.29

3.303.313.303.273.28

3 273.283.293.30

3.293 273.253.25

3.263 263.273.273.27

3.273.293 323.32

3.323 323.323.323.30

3.293 253.253.29

3 273.243.223.22

20

Stateand loca!

Aaa

3.093.083.143.123.093.103.083.083.093.113.083.01

3.11

3.113.113.103.07

3.083.083.083.073.09

3.123.133.163.16

3.143.153.113.10

3.123.123.103.073.08

3.083.103.113.11

3.103.073.073.09

3.093.083.083.083.08

3.083.083.103.10

3.113 113.113.123.11

3.103.073.053.09

3.053.012.992.99

5

Baa

3.563.543.573.523.543.543.543.543.573.583.523.51

3.60

3.563.573.563.56

3.563.533.543.553.55

3.573.553.573.58

3.563.513.513.52

3.523.543.553.523.53

3.533.543.543.55

3.553.553.533.53

3.533.533.533.543.54

3.543.563.593.59

3.593.593.583.583.56

3.553.503.493.54

3.523.523.513.51

5

Corporate bonds

Total i

4.574 554.564.584.594.594.584.574.574.574.584.58

4.57

4.574.574.574.57

4.574.554.554.554.54

4.554.554.564.57

4.584.584.594.59

4.594.594.594.594.59

4.594.594.604.60

4.594.584.584.58

4.574.574.574.574.57

4.574.574.574.56

4.564 574.574.574.57

4.574.574.574.59

4.594.594.584.58

120

By selectedratings

Aaa

4.374 364.384.404.414.414.404.414.424.424.434.44

4.37

4.374.374.384.38

4.374.364.364.364.35

4.364.374.384.39

4.404.404.404.41

4.414.414.414.414.41

4.414.414.414.41

4.404.404.414.40

4.404.414.424.414.41

4.424.424.424.42

4.424 434.424.424.43

4.434.434.424.44

4.454.454.434.43

30

Baa

4.834 834.834.854.854.854.834.824.824.814.814.81

4.85

4.844.844.844.83

4.834.824.834.834.83

4.834.834.834.83

4.844.854.854.85

4.854.864.864.844.84

4.854.854.864.87

4.864.844.834.82

4.824.814.814.814.82

4.834.824.824.81

4.814 804.804.814.81

4.814 804.804.82

4.834.834.814.80

30

Bygroup

Indus-trial

4.504 484.494.534.544.544.524.524.524.534.534.54

4.50

4.504.504.504.50

4.504.484.474.474.47

4.484.484.484.50

4.524.534.534.54

4.544.544.544.544.54

4.544.544.544.54

4.534 534.524.52

4.524.524.524.524.52

4.524.524.524.52

4.524.534.534.534.53

4.534.524.514.54

4.554.554.534.53

40

Rail-road

4.684 674.674.694.694.704 684.654.654 664.674.68

4.70

4.694.674.684.69

4.684.674.684 674.66

4.664.674.674.68

4.694.684.694.70

4.704.704.704.694.69

4 694.694.704.71

4.704 684.684.67

4.664.654.654.654.66

4.664.654.654.64

4.644.654.654.664.66

4.654.664.664.67

4.694.694.684.67

40

Publicutility

4.514 514.514.534.534.554 544.544.534 524.534.54

4.51

4.514.514 524.52

4 524.514.504 514.50

4.514.514.514.53

4 534.534.544.53

4.534 534.544.544.54

4.554.554.554.55

4.554 554.544.54

4.544.544.544.544.54

4.544.544.534.53

4.534.534.534.524.52

4.534.534.524.55

4.554.544.534.53

40

Stocks

Dividend/price ratio

Pre-ferred

4.324 314.344.374.414.414 374.294.254 254.254.23

4.34

4.344.334 314.31

4.304.314.304.304.31

4.324.334.354.37

4.374.384.374.37

4.384.394.414.414.43

4.414.414.404.40

4.394.364.364.36

4.364.314.294.284.26

4.264.254.244.23

4.254.244.254.254.25

4.244.254.244.27

4.274.244.214.21

14

Com-mon

3.063 053.033.003.013.052 963.033.002 952.963.05

3.15

3.113.073 053.03

3.053.053.033.043.06

3.053.023.013.03

3.023.002.992.98

3.012.963.003.033.05

3.083.083.033.02

2.982.952.952.94

2.963.023.023.023.06

3.033.003.002.98

2.972 952.952.952.96

2.962 962.952.98

3.053.063.073.04

500

Earnings/price ratio

Com-mon

5.51

5.68

500

1 Includes bonds rated Aa and A, data for which are not shown sep-arately. Because of a limited number of suitable issues, the number ofcorp. bonds in some groups has varied somewhat.

NOTE.—Computed as follows: U.S. Govt. bonds: Averages of dailyfigures for bonds maturing or callable in 10 years or more. State andlocal govt. bonds: General obligations only, based on Thurs. figures.

Corp. bonds: Averages of daily figures. Both of these series are fromMoody's Investors Service series. Stocks: Standard and Poor's Corp.series. Dividend/price ratios are based on Wed. figures; earnings/priceratios are as of end of period. Preferred stock ratio is based on 8 medianyields for a sample of non-callable issues—12 industrial and 2 publicutility; common stock ratios on the 500 stocks in the price index. Quar-terly earnings are seasonally adjusted at annual rates.


Financial Statistics

* International *

Reported gold reserves of central banks and governments. 336

Gold production. 337

Net gold purchases and gold stock of the United States. 338

Estimated foreign gold reserves and dollar holdings 339

International capital transactions of the United States. 340

Money rates in foreign countries. 349

Arbitrage in Treasury bills. . 350

Foreign exchange rates. 351

U.S. balance of payments. 352

Foreign trade. 353

Guide to tabular presentation. 260

Index to statistical tables. 359

The figures on international capital transactions piled largely from regularly published sourcesare collected by the F.R. Banks from reports such as central bank statements and officialmade on Treasury foreign exchange forms col- statistical bulletins. For some of the series, backlected by the F.R. Banks in accordance with data are available in Banking and MonetaryExecutive Orders No. 6560, dated Jan. 15, 1934, Statistics and its Supplements (see list of publi-and No. 10033, dated Feb. 8, 1949, and Treas- cations at the end of the BULLETIN).ury regulations thereunder. Other data are com-

335


336 GOLD RESERVES FEBRUARY 1965

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS


End ofperiod

195719581959196019611962

1963—Dec

1964 Jan . . . .FebMarApr . . .MayJuneJulyAugSeptOctNovDec

End ofperiod

195719581959I96019611962

1963—Dec

1964 Jan . .FebMarAprMayJuneJulyAugSeptOctNovDec

End ofperiod

1957.195819591960 . .19611962

1963—Dec

1964—JanFeb . .MarAprMayJuneJulyAugSeptOctNovDec

Esti-matedtotal

world*

38,76539,44540,19540,54041,14041,465

42,315

42,420

42,940

*>43,020

Co-lombia

627271788857

62

62636364646566675758

Kuwait

n.a.n.a.n.a.n.a.

4349

48

4849505050504846464545

Intl.Mone-taryFund

1,1801,3322,4072,4392,0772,194

2,312

2,3142,3222,3282,3342,3532,3592,3592,4242,4252,4252,4302,179

Den-mark

324857

10710792

92

929292929292929292929292

Leb-anon

9191

102119140172

172

172172172172172172172172172172

UnitedStates

22,85720,58219,50717,80416,94716,057

15,596

15,54015,51815,55015,72715,69315,62315,62915,65715,64315,60615,56615,471

Fin-land

353538414761

61

6666666565656565656464

Mex-ico

18014314213711295

139

151157156162168168172170170169

Esti-matedrest ofworld

14,73017,53018,28020,29522,11523,215

24,405

24,540

24,960

24,950

France

581750

1,2901,6412,1212,587

3,175

3,2103,2483,2983,3663,4043,4513,4893,5273,5643,5983,6323,729

Moroc-co

n.a.1623292929

29

2929292929343434343434

Afghan-istan

n.a.n.a.n.a.n.a.

3636

36

3636363636373737373737

Ger-many,Fed.

Rep. of

2,5422,6392,6372,9713,6643,679

3,843

3,8443,8493,9534,0604,0704,0814,1174,1394,1494,1494,1494,248

Nether-lands

7441,0501,132) 4S1

,581,581

,601

,6011,6011,601,601

1,6011,6011,6011,6011,6011,6111,6211.688

Argen-tina

1266056

10419061

78

787816767474747373

Greece

131726768777

77

7777777777777777939898

Nigeria

2020

20

2020202020202020202020

Aus-tralia

126162154147162190

208

210211211215216218219221223224224226

India

247247247247247247

247

247247247247247247247247247247247247

Nor-way

454330303030

31

313131313131313131313131

Aus-tria

103194292293303454

536

547558569579579592592592592592592600

Indo-nesia

393733584344

Paki-stan

494950525353

53

535353535353535353535353

Bel-gium

9151,2701,1341,1701,2481,365

1,371

1,3731,3741,376

,3921,3921,3931,3951,3951,4041,434

451

Iran

138141140130130129

142

142142141141141141141141141141141141

Peru

281928424747

57

575757576767676767676767

Brazil

324325327287285225

150

150150150120120120120120120929292

Iraq

203484988498

98

989898

112112112112112112

Philip-pines

6109

152741

28

302123242526282930

Burma

42

42

4242424242424242424242

Israel

222

1041

60

616262565656565656565656

Portu-gal

461493548552443471

497

497497497497497497497497497

Canada

1,1001,078

960885946708

817

837850871892910931949969990

1,0011,0071,026

Italy

4521,0861,7492,2032,2252,243

2,343

2,3432,3432,1432,1432,1462,1482,1532,1002,1042,1042,1042,107

SaudiArabia

18186578

78

78787878787878787878

Chile

404043454843

43

444343434243434343434343

Japan

93124244247287289

289

289

290

SouthAfrica

217211238178298499

630

632631627627626607615597589601592574



FEBRUARY 1965 GOLD RESERVES AND PRODUCTION 337

GOLD RESERVES OF CENTRAL BANES AND GOVERNMENTS—Continued


End ofperiod

195719581959196019611962

1963—Dec

1964 JanFebMarAprMayJuneJulyA-U2SeptOctNovDec

Spain

1015768

178316446

573

573573573573573575577576576575576616

Sweden

219204191170180181

182

182182182182182182182182182182182189

Switzer-land

1,7061,9251,9342,1852,5602,667

2,820

2,5492,5512,5422 5242 5262,5992 5602,5302,5322 5322,5322,725

Tai-wan

424341414343

50

5151515154545555555555

Thai-land

112112104104104104

104

104104104104104104104104104104104104

Turkey

144144133134139140

115

115115115115115115115105105105105104

U.A.R.(Egypt)

188174174174174174

174

174174174174174174174174174174174

UnitedKing-dom

1,5542,8082,5142,8002,2682,582

2,484

2,458

2,439

2,302

Uru-guay

180180180180180180

171

171171171171171171171171171171171171

Vene-zuela

719719652401401401

401

401401401401401401401401401401401

Yugo-slavia

141710464

14

1414151515151616161717

Bankfor

Intl.Settle-

ments 2

24- 4 2

-134- 1 9

115—50

-279

- 722

—8247406495667179

- 5 0

EPU-EF 3

25412640555656

47

47

28

28

1 Includes reported or estimated gold holdings of international andregional organizations, central banks and govts. of countries listed inthis table and also of a number not shown separately here, and gold to bedistributed by the Tripartite Commission for the Restitution of MonetaryGold; excludes holdings of the U.S.S.R., other Eastern European coun-tries, and China Mainland.

The figures included for the Bank for International Settlements arethe Bank's gold assets net of gold deposit liabilities. This procedureavoids the overstatement of total world gold reserves since most of thegold deposited with the BIS is included in the gold reserves of individualcountries.

2 Net gold assets of BIS, i.e., gold in bars and coins and other goldassets minus gold deposit liabilities.

3 European Payments Union through 1958 and European Fund there-after.

NOTE.—For back figures and description of the data in this and thefollowing tables on gold (except production), see "Gold," Section 14 ofSupplement to Banking and Monetary Statistics, 1962.

GOLD PRODUCTION

(In millions of dollars at $35 per fine troy ounce)

Period

19581959I960196119621963

1963—NovDec


JulyAugSeptOctNov

Worldproduc-tion i

1,050.01,125.01,175.01,215.01,295.01,350.0

Africa

SouthAfrica

618.0702.2748.4803.1892.2960.1

81.678.6

78.779.984.982.383 485.486 987.288.2

Rho-desia

19.419.819.620.119.419-8

1

.7

.8

'.66

.6767

.76

Ghana

29.832.030.829.231.132.2

2.62.62.62.62 62 . 4

Congo(Leo-pold-ville)

12.312.211.18.17.17 .5

2 1.9

22.5

UnitedStates

61.657.258.854.854.551.4

North and South America

Can-ada

158.8156.9162.0156.6145.5139.0

11.710.8

10.79.8

10.311.610 710.811.311.310.911.511.5

Mex-ico

11.611.010.59.48.38 .3

.8

.8

.81.0

.5

.74

.3

.4

.7

Nica-ragua

7.27.37.07.97 .87 . 2

Colom-bia

13.013.915.214.013.911-4

.8

.9

1.21.2

0

*t

0LO

Asia

India

6 .05 .85.65.55 .74 . 8

.4

.4

.4

.4

.5

.44

.4

.4

.4

Philip-pines

14.814.114.414.814.813-2

L.31.2

1.3.2

' *>1.2

Other

Aus-tralia

38.638.138.037 737.435.8

3.12.8

3.12.52.62.62 73 .03 03.12.5

Allother *

58.954.553.653 857.359.3

1 Estimated; excludes U.S.S.R., other Eastern European countries,China Mainland, and North Korea.

2 Quarterly data.

NOTE.—Estimated world production based on report of the U.S.Bureau of Mines. Country data based on reports from individualcountries and Bureau of Mines. Data for the United States are fromthe Bureau of the Mint.


338 U.S. GOLD FEBRUARY 1965

NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY

(In millions of dollars at $35 per fine troy ounce)

Area and country

Western Europe:

ItalyNetherlands

Spain

United KinsdomBank for Intl. Settlements

Total

Canada

Latin American republics:Argentina

Colombia

Other

Total

Asia:

Total

All other .

Intl. Monetary Fund

1956

3- 3 4

- 8100

18

80

15

115- 128

- 2 0 029

- 2 8

*

14

80

4200

280

1957

3

25

31

8

68

5

75

6

81

18

18

172

600

772

1958

- 8 4- 3 2 9

- 3 4 9- 2 6 1- 2 0

32- 2 1 5- 9 0 0- 1 7 8- 2 1

- 2 , 3 2 6

67

2

69

- 3 0- 4

- 3 4

- 3

- 2 , 2 9 4

- 2 , 2 9 4

1959

- 8 3- 3 9

- 2 6 6

— 30- 1 0

20- 3 5 0

- 3 2- 3 8

- 8 2 7

— 11

- 3 065

- 5

19

- 1 5 7- 2 8

- 1 8 6

- 5

- 9 9 8

5-44

-1,041

1960

— 1-141— 173

34

—249

—iii- 3 2 4- 5 5 0

- 3 6- 9 6

- 1 , 7 1 8

— 502

—6- 2 0

- 2 2

- 1 0 0

- 1 5- 9 7

- 1 1 3

- 3 8

- 1 , 9 6 9

4300

- 1 , 6 6 9

1961

- 1 4 4

23100

—25

- 1 5 6— 125- 3 0 6

- 2 3- 5 3

- 7 5 4

—902

- 1 7

-109

1-101

-101

- 6

-970

150

-820

1962

-143- 6 3

—456

-146102

-387

- 1 2

-1 ,105

190

855738

- 5

175

2-93

- 9 3

- 8 3 3

- 8 3 3

1963

- 8 2

—518

- 1 3 0

329

1

- 3 9 9

— 3072

- 4

- 7

32

3 12

12

- 3 6

- 3 9 2

- 3 9 2

1963

III

—214

74

*

- 1 3 9

- 1

- 4

- 1 1

- 1 6

*

*

- 2 5

- 1 8 0

- 1 8 0

IV

—32

— 101

131

- 4

- 7

— 3028

- 1

- 3

- 4

- 4

- 1

- 1 5

- 1 5

1964

I

32

— ioi200200

109

- 7

- 3 1

- 1

- 3

- 4

5

5

2

- 2 8

- 2 8

II

23

101

—2— 30221

14

79

28

- 3

25

- 9

95

95

m

101- 2 5

163

- 1

35

J10

- 2

7

- 1

- 1

- 1

41

41

1 Includes sales of $21 million to Lebanon and $48 million to SaudiArabia.

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.

4 Proceeds from this sale invested by the IMF in U.S. Govt. securities;upon termination of the investment the IMF can reacquire the sameamount of gold from the United States.

5 Payment to the IMF of $344 million as increase in U.S. gold sub-scription less sale by the IMF of $300 million (see also note 4).

U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIESBY U.S. MONETARY AUTHORITIES


Year

1952..1953..1954..1955..1956..1957..

1958..1959..I960..1961..1962..1963..1964..

. . .

End of period

Total

23,25222,09121,79321,75322,05822,857

20,58219,50717,80417,06316,15615,80815,903

Gold stock i

Total 2

23,25222,09121,79321,75322,05822,857

20,58219,50717,80416,94716,05715,59615,471

Treasury

23,18722,03021,71321,69021,94922,781

20,53419,45617,76716,88915,97815,51315,388

Foreigncurrencyholdings

11699

212432

Changes in—

Total

379-1,161

-298- 4 0305799

-2,275-1,075-1,703

-741-907-348

95

Totalgold

379-1,161

-298- 4 0305799

-2,2754-1,075-1,703

-857-890-461-125

Month

1964—JanFeb. . . .Mar....Apr.. . .May.. .June...July....Aug....Sept....OctNov....D e c . . .

1965—Jan.P.. .

End of period

Total

15,84715,86515,99015,99115,94615,80515,84015,89015,87015,70216,32415,903

15,573

Gold stock i

Total 2

15,54015,51815,55015,72715,69315,62315,62915,65715,64315,60615,56615,471

15,209

Treasury

15,51215,46215,46115,46215,46315,46115,46215,46015,46315,46115,38615,388

15,186

Foreigncurrencyholdings 3

30734744026425318221123322796

758432

364

Changes in—

Total

3918

1251

- 4 5-141

3550

- 2 0-168

622-421

-330

Totalgold

- 5 6- 2 2

32177

- 3 4- 7 0

628

- 1 4- 3 7-40-95

-262

1 includes gold sold to the United States by the International Mone-tary Fund with the right of repurchase, which amounted to $800 millionon Jan. 31, 1965.

2 Includes gold in Fxchange Stabilization Fund.3 For holdings of F.R. Banks only see pp. 270 and 272.

4 Includes payment of $344 million increase in U.S. gold subscriptionto the IMF.

NOTE.—See Table 11 on p. 347 for gold held under earmark at F.R.Banks for foreign and international accounts. Gold under earmark isnot included in the gold stock of the United States.

See also NOTE to table on gold reserves.


FEBRUARY 1965 GOLD RESERVES AND DOLLAR HOLDINGS 339

HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS


Area and country

Western Europe:AustriaBelgium

Finland

Germany, Fed. Rep. of.

ItalyNetherlands

Spain

Turkey

Other 2

Total

Latin American republics:ArgentinaBrazilChile

Cuba

Panama, Republic of.

Other

Total

Asia:

PhilippinesThailandOther

Total

Africa:South AfricaU.A.R. (Egypt)Other

Total

Other countries:

All other

Total

International and regional 4

Grand total 3

Dec. 31, 1962

Gold&short-term

dollars

7831,542

159134

3,7446,409

1963,6271,829

155632623671

3,575165

4,191481

28,916

4,057

271429178205

1662698

152281806336

3,398

28872

2,484215437

1,490

4,986

540188373

1,101

337287

624

43,082

7,349

50,431

U.S.Govt.bonds& notes

**

1623

**1

8711

9383•

37048

708

389

11•1*41•113

13

613**

4050

••

10

10

•29

29

1,199

911

2,110

Sept. 30, 1963

Gold&short-term

dollars

9031,678

208134

4,5106,634

2583,5401,910

158646751616

3,325128

4,253441

30,093

3 882

453360176216

14759117198263933376

3,865

30267

2,674222486

1,581

5,332

683186331

1,200

348326

674

45,046

7,093

52,139


21

15*33*12

13311

12382*

31250

729

700

11•

12

513**

4251

*•

10

10

•28

28

1,530

1,163

2,693

Dec. 31, 1963

Gold&short-term

dollars

9011,791

253160

4,6536,884

2653,1461,961

164688778591

3,726136

3,967369

30,433

3 805

453329186231

12808129215284992424

4,063

29892

2,743237486

1,687

5,543

671188291

1,150

388314

702

45,696

6,958

52,654

U.S. Govt.bonds & notes *

Oldseries

21

13*33*12

12611

13383#

36149

779

686

11*1*51*111

12

513*•

42

51

*10

10

•30

30

1,568

1,213

2,781

Newseries

3*

14161*14

131•2

12975

*32846

741

687

***1*2

10•

•1

14

*15**

41

47

•

9

9

*26

26

1,524

1,218

2,742

Mar. 31, 1964

Gold&short-term

dollars

9111,782

259176

4,7096,811

2392,9271,898

135689807610

3,528135

4,245559

30,420

3 555

452329181244

1183791

230277

1,017463

4,132

30290

2,735232513

1,892

5,764

670198287

1,155

373308

681

45,707

7,068

52,775


3*

14171*14

131*2

13077

*38049

800

686

•••1*11*•*2

5

•15*•

3844

•

10

10

•25

25

1,570

1,170

2,740

June 30, 1964

Gold&short-term

dollars

9021,832

289167

5,0036,616

2243,0391,823

188687839615

3,737129

4 153514

30,757

3 674

424294227238

11817105271276

1,057487

4,207

31186

2,731230529

1,944

5,831

645196280

1,121

384351

735

46,325

7,294

53,619


•1417

•15

131*2

13077

•40248

822

686

•••1*1••••2

4

*15*•

4248

*

10

10

•26

26

1,596

1,068

2,664

Sept. 30,1964*

Gold&short-term

dollars

9471,821

352174

5,0936,437

2223,2251,963

205721972733

3,653123

4,222462

31,325

3 863

386330224226

1080889

271280

1,077465

4,166

30772

2,847260546

1,998

6,030

635196280

1,111

392359

751

47,246

7,498

54,744


3*

14171*14

101*2

9078

40249

753

695

**•1*11•**2

5

*15**

45

51

*

14

14

•28

28

1,546

923

2,469

1 The first column continues the series based on a 1960 survey andsubsequently reported securities transactions; the second is based on asurvey 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, unpub-lished gold reserves of certain Western European countries; gold to bedistributed by the Tripartite Commission for the Restitution of Mone-tary Gold; European Fund; and the Bank for International Settlements(the figures for the gold reserves of the BIS represent the Bank's netgold assets).

3 Excludes gold reserves of the U.S.S.R., other Eastern Europeancountries, and China Mainland.

4 Includes international organizations and Latin American and Euro-

pean regional organizations, except the Bank for International Settlementsand European Fund, which are included in "Other Western Europe."

NOTE.—Gold and short-term dollars include reported and estimatedofficial gold reserves, and official and private short-term dollar holdings(principally deposits and U.S. Treasury bills and certificates); excludesnonnegotiable, non-interest-bearing special U.S. notes held by the Inter-American 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; excludesnonmarketable U.S. Treasury bonds and notes held by official institutionsof foreign countries as shown in Table 8 on p. 346.

See also NOTE to table on gold reserves.


340 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 1965

1. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS AND INTERNATIONAL ORGANIZATIONS

(Amounts outstanding; in millions of dollars)

End of period

1963—Dec

1964—JanFebMarAprMayJuneJulyAugSeptOctNov p . . . . . .Dec p

Grandtotal

19,505

19,26519,24119,15218,94919,04719,33719,31819,41219,51619,42619,78920,221

Intl.and

regional 1

5,855

5,8385,9455.9005,9515,9015 9945,9795,9255,9885,9645 9535,873

Foreigncountries

13,650

13,42713,29613,25212,99813,14613,34313,33913,48713,52813,46213,83614,348

WesternEurope 2

7,867

7,6027,5317,5007,1557,2497,4907,4257,6357,7137,5147,8148,268

Canada 3

1,653

J .6211,568,470

1,4641,4741,4781,4601,4821,510,561

I 6111,524

LatinAmericanrepublics

1,058

1,1371,1071,1351,2491,2401,1531,2391,1491,0741,1751,1881,238

Asia

2,731

2,7412,7562,8152,8082,8642,9112,8892,9062,9282,9042,9293,021

Africa

154

157156157151146137147140146158151160

Othercountries

187

169178175171173174179175157150143137

1 Includes international organizations, and Latin American and Euro-pean regional organizations, except the Bank for International Settlementsand the European Fund which are included in Western Europe.

2 Includes Bank for International Settlements and European Fund.3 Data are as reported by the Canadian Dept. of Finance, adjusted to

exclude holdings of nonmarketable U.S. Treasury notes, foreign series.Data on holdings of such notes appear in Table 8.

NOTE.—Data represent short-term liabilities to the official institutionsof foreign countries and to official international and regional organizations,as reported by banks in the United States, and estimated foreign officialholdings of marketable U.S. Govt. securities with an original maturityof more than one year. Data exclude nonnegotiable, non-interest-bearingspecial notes held by the Inter-American Development Bank and theInternational Development Association, and also nonmarketable U.S.Treasury notes and bonds, payable in dollars and in foreign currencies.

1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY


End ofperiod

196019611962

1963—Dec

1964—Jan , . .FebMarAprMay. . . .June . . . .JulyAugSeptOctNov.?'...Dec.*3...

Grandtotal

21 272422,53325,019

25,938

26,12226,11925,90526,33426,34026,30026,86327,24327,36727,99828,92128,759

International and regionall

Total

4,0123,7525,145

4,637

4,6684,7754,7314,7804,8334,9264,9104,9185,0645,0615,0504,971

Intl.

3,8973,6954,938

4,501

4,5374,6494,6034,5914,6544,7554,7484,7574,9104,9004,8894,801

Euro-peanre-

gional2

34

18

171719161625181817181722

L.A.re-

gional

11557

173

118

115109108172163146144143137143144148

Foreign

Total

17,260418,78119,874

21,301

21,45421,34421,17421,55421,50721,37421,95322,32522,30322,93723,87123,788

Offi-c ia l

10,21210,94011,963

12,467

12,21712,05912,01511,75811,90612,10212,12112,30912,35012,29712,71113,223

Other

7,04847,8417,911

8,834

9,2379,2859,1599,7969,6019,2729,832

10,0169,953

10,64011,16010,565

Europe

9 04610,32210,162

10,770

10,75210,61810,67910,64310,61810,65810,78811,14411,28111,23011,99512,248

Canada

2 4392,7583,349

2,988

3,1003,0342,6842,9032,9322,7433,0303,0642,8733,4053,4582,979

LatinAmerica

2,3082,3402,448

3,137

3,1713,1913,1923,3653,3323,3133,4003,3583,2913,4113,4853,532

Asia

3,11542,9743,444

3,971

4,012A,0114,1944,2244,2094,2454,3124,3524,4384,4594,5144,591

Africa

221283319

241

246238248236231228234225231244238247

Othercoun-tries

125104152

194

172184177184185186190183189188181191

2a. Europe

End of period

I96019611962

1963—Dec

1964—JanFebM a r . . . .AprMay . . . .JuneJu ly . . . .AugSeptOctNOV.P. . .Dec.p...

Total

9,04610,32210,162

10,770

10,75210,61810,67910,64310,61810,65810,78811,14411,28111,23011,99512,248

Austria

243255329

365

360322342297341310327355355293349323

Belgium

142326177

420

440431406437439440396424426444474436

Den-mark

545267

161

176157167191195197213229260269280336

Fin-land

469173

99

93108110111112102105105109112110127

France

519989

1,157

1,478

1,4871,467

,411,406,518,552,558,525,529,524,599,663

Ger-many,Fed.

Rep. of

3,4762,8422,730

3,041

2,9993,1572,8582,3862,3032,5352,3602,3612,2882,1842,1522,009

Greece

6367

119

188

177167162156148147143130129159172174

Italy

8771,2341,384

803

685536784849866891928

1,0571,1211,2601,4311,621

Nether-lands

328216248

360

319289297254264222309316362356446367

Norway

82105125

133

10796

104117159157167171174186182183

Portu-gal

8499

161

191

199200192189193190216230224228224257

Spain

149153177

205

206217234218241264296376396409410393

Sweden

227406490

409

421431428415420433451509551563653644

For notes see following two pages.


FEBRUARY 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 341

2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANES EN THE UNITED STATES, BY COUNTRY—Continued


2a. Europe—Continued

End of period

I96019611962

1963—Dec

1964—JanFebM a r . . . .AprMay . . .June . . . .JulyAugSeptOctNov.?7...Dec.p...

Switzer-land

678875908

906

915919986

1,0431,0631,138,121,102,121,083,196

1,368

Turkey

182625

21

182820161514131218222737

UnitedKing-dom

1,6672,2271,609

1,483

1,7771,7351,7872,0081,9311,7141,8641,9511,920i;8481,9971,899

Yugo-slavia

101211

16

141313131414141316121632

OtherWesternEurope 5

357325351

465

334320357514372309278254260254251357

U.S.S.R.

1253

2

323343433233

OtherEasternEurope

141619

24

232219212025232120232119

2b. Latin America

Total

2,3082,3402,448

3,137

3,1713,1913,1923,3653,3323,3133,4003,3583,2913,4113,4853,532

Argen-tina

315235210

375

381392376377402350336307313305279290

Brazil

194228204

179

169172179178189174176221210233253257

Chile

135105135

143

131136138142135184168172181163151176

Colom-bia

158147148

169

174173181190178173164149169162183207

Cuba

7743

615

11

111111121111101010101010

Mexico

39749S531

669

684708681707659649666674638663772732

2b. Latin America—Continued

End ofperiod

I9601961 . . . . . .1962

1963—Dec

1964—JanFebM a r . . . .AprMay . . .June . . . .JulyAugSeptOctNov.»...Dec.P...

Panama

1238798

129

111113919090

10585928996

10398

Peru

7284

105

15$

168173173191197204218214204199196205

Uru-guay

5157

101

113

10510410698

104105106112109113111110

Vene-zuela

398418405

591

646592616717687656769707676763714729

OtherL.A.Rep.

235226267

355

358391397412425426427419404405407404

Bahamas&

Bermuda 7

2c. Asia—Continued

End ofperiod

I96019611962

1963—Dec

1964 JanFebMarAprMayJ u n e . . . .JulyAugSeptOctNOV.P. . .Dec.P. . .

Japan

1,88741 6722,195

2,454

2 4242,3882,4462,4152,3932,4412,4512,5142,5572,5482,5692,672

Korea

152199136

113

122126124120115106100101103103106104

Philip-pines

203185174

209

201203209205203204218216230227228233

Tai-wan

849275

149

166177200215219232249248238240221221

Thai-land

186264333

382

385400409416416425426439442437444458

OtherAsia

204254280

353

384441472512510490523507533571585543

69111123

136

128125141154155166171166175178174178

Neth.Antilles &Surinam

728997

93

888788868593939698

105113114

OtherLatin

America 7

121510

15

161413111416141916161822

Total

3,11542,9743,444

3,971

4,0124,0774,1944,2244,2094,2454,3124,3524,4384,4594,5144,591

ChinaMain-land

353536

35

353636363636353536363535

2c. ,

HongKong

575665

66

787274727171758077748595

2d. Africa

Total

227283319

241

246238248236231228234225231244238247

Congo(Leopold-

ville)

323435

26

252526252425242324262526

Mo-rocco7

649368

49

484133241917201817877

SouthAfrica

293241

41

424343464938443846485150

U.A.R.(Egypt)

221514

14

171924262122242022231924

OtherAfrica

80109161

112

114110123114118126120125123139135141

4sia

India

547841

51

515255566764625660556359

In-do-

nesia

1787628

48

445446454042402728363738

Israel

756381

112

121129126132140135133129134132140133

2e. Other countries

Total

125104152

194

172184177184185186190183189188181191

Aus-tralia

8898

147

180

157170162162164166168162169165163175

Allother7

3765

13

151415222119222020231816

1 International Bank for Reconstruction and Development, Inter-national Monetary Fund, International Finance Corp., InternationalDevelopment Assn., and other international organizations; Inter-Amer-ican Development Bank, European Coal and Steel Community, EuropeanInvestment Bank and other Latin American and European regionalorganizations, except Bank for International Settlements and EuropeanFund which are included in "Europe."

2 Not reported separately until 1962.3 Foreign central banks and foreign central govts. and their agencies,

and Bank for International Settlements and European Fund.

* Includes $82 million reported by banks initially included as of Dec.31, 1961, of which $81 million reported for Japan.

5 Includes Bank for International Settlements and European Fund.• Decline from end of 1961 reflects principally reclassification of de-

posits for changes in domicile over the past few years from Cuba to othercountries.

7 Data based on reports by banks in the Second F.R. District only foryear-end 1960-1962.

For NOTE see end of Table 2.



2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued


2f. Supplementary Data 8 (end of period)

Area or country

Other Western Europe:

Ireland, Rep. of

Other Latin American republics:

Costa Rica

El Salvador

HaitiHondurasJamaica

Trinidad & Tobago

Other Latin America:British West IndiesFrench West Indies & French

Guiana

Other Asia:Afghanistan

Ceylon

1962

5.62.9

10.81.7

923.216.5

942.036.3

922.5940.910.513.83.3

14.85.73.1

9.0

1.0

5.32.5

12.64.9

1963

Apr.

5.24.78.92.0

21.232.847.437.848.674.811.923.7

5.842.56.84.1

22.6

1.3

13.38.9

10.29.6

Dec.

7.010.77.42.7

32.629 158.053.441.747.912.920.06.5

35.08.95.7

7.3

1.3

5.09.96.93.1

1964

Apr.

4.76.08.62.4

35.135.940.662.157.865.117.326.34.7

52.38.45.5

6.3

.6

4.2n.a.2.13.7

Area or country

Other Asia (Cont.):IranIraqJordan

LaosLebanon

PakistanRyukyu Islands (incl. Okinawa).

SyriaViet-Nam

Other Africa:AlgeriaEthiopia, incl. EritreaGhanaLiberia

MozambiqueNigeria

Southern RhodesiaSudanTunisia

All other:New Zealand

1962

918.78.51.2

33.014.065.918.415 917.028.44.9

10.1

1.617.04.1

17.65.52.5

26.8.6

n.a.2.4

10.9

4.7

1963

Apr.

49.411.11.7

38.212.877.918.915 932.737.13.4

11.6

.520.810.813 410.5

1.124.5

.6n.a.2.4

11.6

8.8

Dec.

23.519.82.8

46.58.8

76.324.117 321.761.72.1

12.1

.922.36.4

22 014.1

1.417.8

.83.62.51.0

10.5

1964

Apr.

33.4n.a.2.7

49.96.5

108.124.316 131.6

151.05.7

17.9

1.032.16.3

17 814.9

1.4n.a.

.83.52.0

.8

18.8

8 Represent a partial breakdown of the amounts shown in the "other"categories (except "Other Eastern Europe") in Tables 2a-2e.

Except as indicated by note 9, data for 1962 based on reports by banksin the Second F.R. District only; thereafter data based on reports bybanks in all F.R. Districts.

9 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 fromtheir date of issue; the latter, however, exclude nonnegotiable, non-interest-bearing special U.S. notes held by the International Develop-ment Assn. and the Inter-American Development Bank. For dataon long-term liabilities, see Table 6. For back figures and furtherdescription of the data in this and the following tables on internationalcapital transactions of the United States, see "International Finance/'Section 15 of Supplement to Banking and Monetary Statistics, 1962.

3. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE


End of period

I96019611961 41962

1963—Dec

1964—JanFebMarAprMayJuneJulyAugSeptOct . . .NOV.PDec.*5

Total

21,27222,45022,53325,019

25,938

26,12226,11925,90526,33426,34026,30026,86327,24327,36727,99828,92128,759

Payable in dollars

To banks and official institutions

Total

18,92919,94420,02522,311

22,758

22,99022,92322,68223,06923,11623,04423,61123,96224,00224,64225,51025,291

Deposits

Demand

7,-

Timei

688,6448,7078,528

5,629

5,9005,7965,8186,0635,9015,7726,2106,3596,2436,7647,3106,708

3,673

3,7563,8423,8003,9383,9233,7233,7883,7703,7533,8563,8733,982

U.S.Treasurybills and

certificates

7,4917,3637,3639,214

8,571

8,5318,3717,9727,6877,8007,8667,9148,1638,1808,1308,4678,727

SpecialU.S.

notes 2

2,4692,3882,3883,012

3,036

3,0363,1663,1713,1663,1643,2893,2893,2753,4253,3943,3853,308

Other 3

1,4011,5491,5671,557

1,849

1,7671,7481,9212,2152,3282,3942,4092,3952,4012,4982,4752,566

To all other foreigners

Total

2,2302,3562,3582,565

3,047

3,0023,0703,1113,1483,1073,1323,1303,1583,2343,2503,3003,355

Deposits

Demand

1,*

Time 1

491,9761,9772,096

1,493

1.4251,4431,4241,4571,4671,4961,4641,4501.478i',4491,5001,540

966

980994

1,0231,0381,0571,0771,0931,1321,1751,1961,2081,243

U.S.Treasurybills and

certificates

148149149116

119

12012713611687758691

1011058472

Other 3

233231232352

469

477506528537495484487485480500509500

Payablein

foreigncurrencies

113150150143

134

131125112117118123123124132106111112

1 Excludes negotiable time certificates of deposit which are includedin "Other."

2 Nonnegotiable, non-interest-bearing special U.S. notes held by theInternational Monetary Fund; excludes such notes held by the Inter-national Development Assn. and the Inter-American Development

Bank, which amounted to $329 million on Dec. 31, 1964.3 Principally bankers' acceptances, commercial paper, and negotiable

time certificates of deposit.4 These figures reflect the inclusion of data for banks initially included

as of Dec. 31, 1961.


FEBRUARY 1965 INTL. CAPITAL TRANSACTIONS OF THE U. S. 343

4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY


End of period

I96019611962

1963—Dec

1964—JanFebMarAprMayJuneJulyAugSeptOctNov v . . .Dec.33

Grandtotal

3,6143 4 820

5,163

5,975

6,1586,2656,3726,4976,5616,9016,7316,7796,8106,9236,981

47,416

Intl. andregional

1

t

Europe

717767877

939

9541,001

9401,0021,0281,1641,075,048

1,064,164,140,217

Canada

421556526

638

680636713735764855744746675635636729

LatinAmerica

1,3561,5221,606

1,742

1,7611,7531,7811,8181,7951,8561,9171,9361,9882,0242,097

42,154

Asia

1,0523 1,891

2,017

2,493

2,6012,7162,7962,7942,8252,8742,8372,8912,9232,9252,9343,137

Africa i

104

10410098

10298

1009898

101108108120

Othercountries 2

6985

137

58

555644455052586058666658

4a. Europe

End of period Total Aus-tria

Bel-gium

Den-mark

Fin-land France

Germany,Fed. Rep.

ofGreece

666

9

99999

1011101010109

Italy

343554

97

9695838590

1141009492

113135109

Neth-er-

lands

335427

33

404243473845464040404239

Nor-way

172735

40

393433343541343333364043

Por-tugal

459

14

121217171516192017212019

Spain

81119

26

262427252528313231283240

Swe-den

196019611962

1963—Dec.

1964—Jan..Feb..Mar.Apr.MayJuneJuly.Aug.Sept.Oct..NOV.Dec.

717767877

939

9541,001940

1,0021,0281,1641,0751,0481,0641,1641,1401,217

652032

26

253028293031293131353442

131114

13

131515121516171817151628

92330

52

536969756363656265697185

324268

70

748085869286797274767679

82165186

121

160165123135158135114133127173175159

283518

30

252523292932313136434147

4a. Europe—Continued 4b. Latin America

End of periodSwitz-

er-land

Tur-key

UnitedKing-dom

Yugo-slavia

OtherWesternEurope 5 U.S.S.R.

OtherEasternEurope 6

Total Argen-tina Brazil Chile

Co-lom-bia

Cuba Mex-ico

196019611962

1963—Dec...

1964—Jan...Feb...Mar..Apr...May..June..July. .Aug...Sept..Oct...NOV.PDec. P.

6010575

70

797477817685918882909197

491642

48

365046252342523549311536

245181221

237

212219198246255347285277290312278319

81114172429262321171515

11919

23

232323252422222122262120

,356,522,606

,742

,761,753,781,818,795,856,917,936,988

2,0242,09742,154

121192181

188

1791751761801751711751751871962054201

225186171

163

1701661551471411471471531581551464120

73127186

187

1841841821921861911871871961831884170

80125131

208

218219222226230246251250273291300319

261917

18

171716171717161616161717

343425408

465

468477498519511543575572569584604630

For notes see following page.



4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued


End ofperiod

I96019611962

1963—Dec....

1964—Jan....Feb. . . .Mar....Apr.. . .May. . .June. . .Ju ly . . .Aug....Sept....Oct . . . .Nov.*..Dec.P. .

Panama

233230

35

474550464144403837353841

4b.

Peru

447485

99

1061071101131131141121041029697

102

Latin America—Continued

Uru-guay

5755

122

65

54505048515455,6263626776

Vene-zuela

234144102

114

109112115123125128140137140140153165

OtherL.A.

Repub-lics?

555666

135

148145147147144140160169173188200

4216

Baha-mas

&Ber-

muda 1

42

373334373537384142445058

Neth.Antilles

&Suri-nam

8139

9

91012111312111918191718

OtherLatinAmer-

icas

667498

16

151214111110101313161620

Total

1,05231,8912,017

2,493

2,6012,7162,7962,7942,8252,8742,8372,8912,9232,9252,9343,137

ChinaMain-land

222

2

222222222222

4c.

HongKong

99

13

11

111112131315161620212026

Asia

India

98

20

17

181726222321201924201922

Indo-nesia

31

Israel

243637

22

252931343839443939404544

4c. Asia—Continued

End of period

I96019611962

1963—Dec


JulyAugSeptOct . . . .NOV.PDec P

Japan

80631 5281 740

2,171

2,2472,3402,4002,3942,4212,4692,4162,4722,4932,4882,4962,653

Korea

243

25

283031292827272325252521

Philip-pines

1911470

113

129142150161155158174179179185183202

Tai-wan

7109

8

9109877778989

Thai-land

243441

52

525858575457535653545564

OtherAsia

15014580

71

807677748478787780817988

4d. Africa

Total i

104

10410098

10298

1009898

101108108120

Congo(Leo-pold-ville)

362

1

Moroc-co i

1

211122222222

SouthAfrica

111010

15

151517201819191918181919

U.A.R.(Egypt)

31326

28

252824242926262629292842

OtherAfrica i

59

615555564952505052585856

4e. Other countries

Total 2

6985

137

58

555644455052586058666658

Aus-tra-lia

282941

48

474936374043495049565748

Allother^

242757

9

88889999

10109

10

* 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 Beginning Dec. 31,1964, excludes certain U.S. Govt. claims previously

included. Claims excluded as of this date are as follows: Argentina $8million; Brazil $25 million; Chile $18 million; Other Latin AmericanRepublics $6 million; Total Latin America and Grand total $58 million.

5 Until 1963 includes Eastern European countries other than U.S.S.R.,Czechoslovakia, Poland, and Rumania.

6 Czechoslovakia, Poland, and Rumania only until 1963.7 Bolivia, Dominican Republic, El Salvador, and Guatemala only until

1963.8 Until 1963 includes also the following Latin American Republics:

Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay,and Trinidad and Tobago.

9 Until 1963 includes also African countries other than Congo (Leo-poldville), South Africa, and U.A.R. (Egypt).

NOTE.—Short-term claims are principally the following items payableon demand or with a contractual maturity of not more than 1 year: loansmade to and acceptances made for foreigners; drafts drawn againstforeigners where collection is being made by banks and bankers fortheir own account or for account of their customers in the United States;and foreign currency balances held abroad by banks and bankers andtheir customers in the United States. Excludes convertible currenciesheld by U.S. monetary authorities.

See also NOTE to Table 2.



5. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE


Bad of period

I96019611961 51962

1963 Dec


July

Sept .OctNov p

Dec P

Total

3,6144,7624 8205,163

5,975

6,1586,2656,3726,4976,5616,9016,7316,7796,8106,9236,981

67,416

Payable in dollars

Total

3 1354,1774 2344,606

5,344

5,5095,6205,7105,7885,8266,0936,0436,0876,1366,2466,3096,810

Total

1,2961,6461,6601,954

1,915

2,0242,0572,0512,0982,1432,1962,2372,2692,3142,3832,4732,652

Loans

Officialinstitu-tions 1

290329329359

186

191176162152140168168151159164166223

>to—

Banks

524699709953

955

1.0371,0901,086[,1081,1381,143,152

1,176,207251

1,3291,374

Others

482618622642

774

796791803838865885917942948968978

1,055

Collec-tionsout-

stand-ing

605694700686

832

863891932911932933956956980986990

1,007

Accept-ancesmade

for acct.of for-

eigners 2

2,214

2,2482,3252,3942,4132,3732,4382,4012,4032,4142,4312,4192,600

Other 3

1,2331,8371 8741,967

384

373348333367378526448460428446428552

Payable in foreign currencies

Total

480586586557

631

649644662709735808688692674677672

6 605

Depositswith for-eigners

242385386371

432

399410397444452494419416416416404

6 346

Foreigngovt. se-curities,comml.and fi-nance

paper 2

157

207197211210221254207202176177183182

Other 4

238200200186

42

433655566260627483838477

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.

5 These figures reflect the inclusion of data for banks initially includedas of Dec 31, 1961.

6 Beginning Dec. 31, 1964, excludes certain U.S. Govt. claims previouslyincluded. Claims excluded as of this date amount to $58 million.

6. LONG-TERM CLAIMS ON AND LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE


196019611962

1963 Dec

1964 JanFebMarAprMayJuneJulyAugSet>tOctNov v . . . .Dec v

End of periodTotal

1,6982 0342 160

i 3,030

3,0733,1263,2723,3053,3313,3443,4083,4743,5853,6893,8513,971

Pay*

Total

i 3,028

3,0713,1233,2713,3043,3303,3433,4073,4733,5853,6893,8513,971

Claims

ible in dollars

Loans

2,811

2,8542,9073,0563,0913,1183,1413,2133,2763,3883,4863,6503,777

All other

217

217217215213212202194198197203201195

Payable inforeign

currencies

2

22

*

**

Totalliabilities

724

69

7374

104145154156174173170164284308

1 Includes $193 million reported by banks for the first time as ofDecember 1963, representing in part claims previously held but notreported by banks.



7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE


Period

196119621963

1963—Dec

1964—JanFcbMarAprMay

JulyAugSeptOctNOV.P

U.S. Govt. bonds and notes 1

Net purchases or sales

512- 7 2 8

671-338

- 2 5

- 530

—27

- 8 312

- 1 6—98—81—30- 3 7

Intl.

regional

532-521

302-315

- 1 4

- 4 81*1

- 1 0 3

1- 6 1- 8 4- 2 1

**

Foreign

Total

- 2 0- 2 0 7

369- 2 3

- 1

4329

- 2 7- 52012

- 1 7—37

3- 9

- 3 72

Official

- 5 9

- 6

2726

4*1

- 2 3- 4 0

- 1 3- 4 0

*

Other

36

- 5

173

- 2 7- 82010633432

U.S. corporatesecurities 2

Pur-chases

3,3842,5682,9803,535

277

309230299340313313284260267335296288

Sales

3,1612,5082,7733,710

254

296264334360296297353262301353292302

Net pur-chases or

sales

22360

207- 1 7 5

23

1334

—35- 2 0

1617

- 6 8- 2

—34- 1 7

3- 1 4

Foreign bonds

Pur-chases

8021,093

991915

40

405143705367703751

2528693

Sales

1,2622,0372,0861,837

62

3713440

192157112763297

399342220

Net pur-chases or

sales

- 4 6 0- 9 4 4

- 1 , 0 9 5- 9 2 3

- 2 2

3- 8 3

3- 1 2 1- 1 0 3

- 4 4- 5

6- 4 6

- 1 4 8- 2 5 6- 1 2 7

Foreign stocks

Pur-chases

596702696748

63

776266716264614949605572

Sales

966806644548

28

453636505047423242595059

Net pur-chases or

sales

— 370- 1 0 4

51200

34

3226312212171916715

13

1 Excludes nonmarketable U.S. Treasury bonds and notes held byofficial institutions of foreign countries; see Table 8.

2 Includes small amounts of State and local govt. securities.

NOTE.—Statistics include transactions of international and regionalorganizations.


8. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES


End of period

1962—Dec . . . .1963—Dec


julv

SeDtOctNovDec

1965—Jan

Payable in foreign currencies

Total

251730

730730680732802802953

1,0051,0051,0861,0861,0861,086

Austria

50

50505050505050505050505050

Belgium

30

30303030303030303030303030

Germany

275

275275275477477477628628628679679679679

Italy

200200

200200150

Switzerland

51175

175175175175

124512451245129712971 3271 3271 3271327

Payable in dollars

Total

163

160160158158158152152152354354354354354

Canada

125

125125125125125125125125

2 3292 3292 3292 3292 329

Italy

13

1010888222

Sweden

25

25252525252525252525252525

1 Includes the equivalent of $70 million payable in Swiss francs to theBank for International Settlements.

2 Includes $204 million of nonmarketable bonds issued to the Govern-ment of Canada in connection with transactions under the ColumbiaRiver treaty.



9. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES,BY TYPE OF SECURITY AND BY COUNTRY


Period

1961 . . .196219631964^

1963—Dec...

1964—Jan...Feb...Mar. .Apr...May..June..July. .Aug...Sept...Oct...Nov. P.Dec*.

Total

22360

207— 175

23

13- 3 4- 3 5- 2 0

1617

- 6 82

- 3 4- 1 7

3- 1 4

Type of security

Stocks

323111198

— 350

21

4- 2 6- 5 1- 1 7

3- 6

- 7 4- 5 0- 4 3- 2 5- 2 7- 3 8

Bonds

- 9 9- 5 1

9174

2

9- 916

- 21423

648

98

3024

Country or area

France

214

- 8— 37

- 2*2*

- 9- 4- 4- 3— 5- 6

2- 3

Swit-zer-land

166129

- 1 4— 200

3

- 2- 6

- 1 3- 6

- 2 1- 2 4- 3 2- 2 2- 1 5- 1 9- 2 6- 1 4

UnitedKing-dom

— 17- 3 3206—4

8

- 1 6- 2 2- 1 9- 2 4

728

- 3 2194

1441

- 5

OtherEurope

61241614

7

84536

- 382*

- 1- 1 5

- 1

TotalEurope

232124199

-228

18

- 1 2- 2 5- 2 5- 2 7- 1 7

- 3- 6 1

- 4- 1 6- 1 3

2- 2 3

Canada

— 1 1 2—43—47

1

2

11- 1 0

c109

10- 8

3- 1 8

33

LatinAmer-

ica

44- 2 0

1425

1

101

- 1 0- 223

4- 4- 3

***4

Asia

44— 18

1710

1

1- 2

2- 1

133*

- 222*

Africa *

*

*

s

i

Othercoun-tr ies2

311

*

i

i

Intl.and

regional

12172218

2

123112121111

1 Not reported separately until May 1963.2 Yearly figures include Africa.

NOTE.—Statistics include small amounts of State and local govt. securi-ties.

10. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERMFOREIGN SECURITIES, BY AREA


Period

19611962 . .19631964^

1963—Dec

1964—JanFebMarAprMayJuneJulyAug . . . .SeptOctNov.". . .Dec.*9 . . . .

Total

— 830— 1,048- 1 , 0 4 4

- 7 2 2

12

35- 5 7

33- 1 0 0

- 9 1- 2 8

1422

- 3 9- 1 4 7- 2 5 1- 1 1 4

Intl.andre-

gional

1- 2 3 5

- 9 6- 1 4 0

2

3- 4

2- 4 8

1941*7

- 9 5- 2 2

Totalfor-eign

coun-tries

- 8 3 ?- 8 1 3- 9 4 9- 5 8 2

10

32- 5 3

31- 5 2- 9 2- 3 6

920

- 3 9- 1 5 3- 1 5 6

- 9 2

Eu-rope

- 2 6 2- 1 8 8

- 4 9163

16

24222324

813194

- 52

1516

Can-ada

- 3 1 8- 3 6 0- 6 1 4- 6 6 4

- 2

16- 8 0

10- 5 8- 9 3- 4 9

616

- 3 5- 1 7 1- 1 2 9

- 9 8

LatinAmer-

ica

— 58— 41- 2 6- 3 6

1

1- 4

1- 1 4

32

- 1 311

12- 3 0

5

Asia

- 1 2 1- 1 7 5- 2 5 2

- 7 7

- 1 1

- 1 084

- 5- 1 2

- 8- 5- 2- 1- 5

- 1 5- 1 8

Afri-ca i

7

6

111*2*1

Othercoun-tries2

— 73- 5 0

- 825

1

I11214211622

1 N o t reported separately until May 1963.2 Yearly figures include Africa.

11 . D E P O S I T S , U .S . G O V T . SECU RI TI ES , A N DG O L D H E L D AT F . R. BANKS F O R F O R E I G N E R S


End ofperiod

196119621963

1964—Jan.. . .F e b . . .Mar . . .A p r . . .M a y . .June . .Ju ly . . .A u g . . .Sept. . .Oct . . . .Nov . . .D e c . . .

1965—Jan. . . .

Deposits

279247171

136155167166161156135163148120256229

143

Assets in

U.S. Govt.securities *

6,0066,9908,675

8,7408,7318,1057,8607,8928,0438,2018,2478,3738,2018,2788,389

7,952

custody

Earmarkedgold

11,90512,70012,954

12,89912,88412,77512,72612,74712,79512,75212,74112,73812,70712,67212,698

12,871

1 U.S. Treasury bills, certificates of indebtedness,notes, and bonds; includes securities payable in foreigncurrencies.

NOTE.—Excludes deposits and U.S. Govt. securitiesheld for international organizations. Earmarked goldis gold held for foreign and international accounts (forback figures, see "Gold," Section 14 of Supplement toBanking and Monetary Statistics, 1962).



12. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS

(End of period; in millions of dollars)

Area and country

Liabilities to foreigners

1963

Dec. Dec,

1964

Mar. June June 2 Sept.

Claims on foreigners

1963

Dec. Dec.

1964

Mar. June June 2 Sept.*>

Europe:AustriaBelgiumDenmarkFinlandFranceGermany, Fed. Rep. of.GreeceItalyNetherlandsNorwayPortugalSpainSwedenSwitzerlandTurkeyUnited KingdomYugoslaviaOther Western Europe..U.S.S.ROther Eastern Europe...

Total.

Canada.

Latin America:ArgentinaBrazilChileColombiaCubaMexicoPanamaPeruUruguayVenezuelaOther L.A. RepublicsBahamas and Bermuda....Neth. Antilles & Surinam.Other Latin America

Total.

Asia:China Mainland.Hong KongIndiaIndonesiaIsraelJapanKoreaPhilippinesTaiwanThailandOther Asia

Total.

Africa:Congo (Leopoldville).MoroccoSouth AfricaU.A.R. (Egypt)Other Africa

Total.

Total

International and regional.

Grand total

226

31

33342

2546

3179

252

10043

325

72

71337

2051

2213

164

110

1431

241512

18

72

105

Other countries:AustraliaAll other

25

175

22

626

226

31

33342

2546

3179

252

10043

325

72

71337

2061

2213

164

110

12

1431

241512

18

72

106

25

175

22

627

219

11

31322

26432177

204

11061

321

11

28365

2446

3197

195

10213

320

11

27345

22462187

184

9712

322

11

31444

273122

127

365

10814

2284

47103

91063278

291727

5234

3413

2284

47103

91063278

291727

5241

3413

71867

52114

131013468

322023

5248

45

62175

70829

101307

104717195

27436

319

68

61336*

112983

2010265

316

62

6113

2171

229276

301

57

51037*7

2161

218276

341

59

41147

2651

2011294

678

685

2511325195

6013224

3639105

10

685

731

401132521

560132710363910

511

706

910

391182421

5591026

8374220

510

722

921

341262323

562112515404421

511

122

22

1432

231511

22

112

22

1451

271511

21

104

22

1351

251411

19

111

12

1631

31

121

387

442107

161694

1141

415

442107

161694

1141

426

63957

1705

1237

46

447

53958

1704

1147

53

76 80

1026

73

1025

82

31

1115

295

329

1118

295

329

1118

300

1423

308

21

131326

21

254

19

276

18

275

22

26

43

329

43

329

50

335

55

376

30 33

1

32

1

34 42

1

42

1

38

1

43

1

52075

68799

99306

104617175

27036

706

912

341252122

558112415384220

5

429

53857

1694

1147

51

303

21

121325

53

366

41

635 623 586 649 2,131 2,213 2,430 2,498 2,446

51768

509510903279

4819164

39436

821

1,007

391282526

4649

27234547194

10

471

73647

1865

1457

55

327

52

111227

57

387

45

2,728

1 Eighth revised series; includes data from firms reporting for the firsttime as of Dec. 31, 1963. This series also includes claims previouslyheld but not reported.

2 Ninth revised series; includes reports from firms having $500,000or more of liabilities or of claims; for previous series the exemption levelwas $100,000.

NOTE.—Reported by exporters, importers, and industrial and com-mercial concerns in the United States. Data exclude claims held throughU.S. banks, and intercompany accounts between U.S. companies andtheir foreign affiliates.



FEBRUARY 1965 MONEY RATES 349

CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS


Country

Argentina. •Austria •Belgium • • • • •BrazilBurma • • • • • • • •

Canada * •CeylonChile 2China (Taiwan) 3

Costa Rica .DenmarkEcuador . . . . . . .

Finland

FranceGermany, Fed. Rep. o f . . . . .Ghana

Honduras 4

IcelandIndia .

Iran

Israel • •Italy

Japan • • •• • • •

Mexico •NetherlandsNew ZealandNicaragua . . . . . . . . . . . .Norway

PeruPhilippine Republic sPortucalSouth Africa

Spain . . . .SwedenSwitzerlandThailandTunisia .

United Arab Rep. (Egypt) . .United KingdomVenezuela

Rate as ofJan. 31, 1964

Percent

6.04.54.25

10.04.0

4.04.0

14.3914.048.0

3.05.55.06.07.0

4.03.04.55.53.0

9.04.59.04.03.94

6.03.54.05.84

10.22

4.54.07.06.03.5

4.09.56.02.03.5

4.04.52.07.04.0

7.55.04.04.5

Montheffective

Dec. 1957June 1963Oct. 1963Apr. 1958Feb. 1962

Aug. 1963Aug. 1960Jan. 1964July 1963May 1963

Apr. 1939Nov. 1963Nov. 1956June 1961Apr. 1962

Nov. 1963May 1961Oct. 1961Jan. 1963Jan. 1962

Dec. 1960Jan. 1963Aug. 1963Oct. 1963Jan. 1964

Feb. 1955June 1958Nov. 1963Apr. 1963June 1960

June 1942Jan. 1964Mar. 1961Apr. 1954Feb. 1955

Jan. 1959Nov. 1959Jan. 1962Jan. 1944Nov. 1962

June 1961Jan. 1964Feb. 1959Feb. 1945Oct. 1962

May 1961May 1962Jan. 1963Dec. 1960

Changes during the last 12 months

1964

Feb.

5.0

Mar.

4.5

6.5710.5

Apr. May

4.62

June

6.5

4.69

4.5

July

4.75

14.63

4.87

4.6

2.5

Aug.

4.0

Sept.

5.6

4.89

Oct.

4.94

Nov.

4 25

6.87

5 0

5 0

7.0

Dec.

6.81

4 5

1965

Jan.

12.0

3.5

8.0

6.21

Rateas of

Jan. 31,1965

6.04.54.75

12.04.0

4.254.0

14.6314.048.0

3.06.55.04.07.0

4.03.54.55.53.0

8.05.09.04.06.81

6.03.55.06.21

10.5

4.54.57.06.03.5

4.09.56.02.04.5

4.05.02.57.04.0

7.55.07.04.5

1 On June 24, 1962, the bank rate on advances to chartered bankswas fixed at 6 per cent. Rates on loans to money market dealers willcontinue to be .25 of 1 per cent above latest weekly Treasury bill tenderaverage rate but will not be more than the bank rate.

2 Beginning with Apr. 1, 1959, new rediscounts have been granted atthe average rate charged by banks in the previous half year. Old redis-counts remain subject to old rates provided their amount is reduced byone-eighth each month beginning with May 1, 1959, but the rates areraised by 1.5 per cent for each month in which the reduction does notoccur.

3 Rate shown is for call loans.4 Rate shown is for advances only.5 Beginning with June 1, 1962, the rediscount rate for commercial

bank loans financing the purchase of surplus agricultural commoditiesunder 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 categoriesof development loans was reduced from 6 to 3 per cent.

NOTE<—Rates shown are mainly those at which the central bank eitherdiscounts or makes advances against eligible commercial paper and/orgovt. securities for commercial banks or brokers. For countries withmore than one rate applicable to such discounts or advances, the rate

shown is the one at which it is understood the central bank transactsthe largest proportion of its credit operations. Other rates for someof these countries follow:Argentina—3 and 5 per cent for certain rural and industrial paper, de-pending on type of transaction;Brazil—8 per cent for secured paper and 4 per cent for certain agriculturalpaper;Colombia—5 per cent for warehouse receipts covering approved lists ofproducts, 6 and 7 per cent for agricultural bonds, and 12 and 18 per centfor 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, com-modity involved, etc.;Japan—penalty rates (exceeding the basic rate shown) for borrowingsfrom the central bank in excess of an individual bank's quota;Peru—8 per cent for agricultural, industrial and mining paper; andVenezuela—4 per cent for rediscounts of certain agricultural paper andfor advances against govt. bonds or gold and 5 per cent on advancesagainst securities of Venezuelan companies.


350 MONEY RATES; ARBITRAGE FEBRUARY 1965

OPEN MARKET RATES

[Per cent per annum]

Month

1961—Dec1962—Dec

1963—Dec


Canada

Treasurybills,

3 months1

2.823.88

3.71

3.763.813.883.753.663.563.603.803.793.693.733.85

Day-to-day

money2

2.373.75

3.55

3.513.573.703.523.333.283.493.793.773.603.683.84

United Kingdom

Bankers'accept-ances,

3 months

5.613.86

3.91

3.914.004.534.534.564.644.734.844.844.885.426.84

Treasurybills,

3 months

5.353.64

3.74

3.723.914.304.304.354.444.574.654.654.695.186.62

Day-to-day

money

4.833.30

3.00

3.033.103.793.813.773.803.673.923.943.994.545.87

Bankers'allowance

ondeposits

4.002.50

2.00

2.002.083.003.003.003.003.003.003.003.003.565.00

France

Day-to-day

money 3

3.583.51

4.66

4.134.334.985.036.184.914.834.704.744.304.13

Germany,Fed. Rep. of

Treasurybills,60-90days4

2.002.63

2.63

2.632.632.632.632.632.632.632.632.632.632.632.63

Day-to-day

moneys

3.063.50

2.56

2.692.693.383.443.383.313.383.383.693.253.132.88

Netherlands

Treasurybills,

3 months

1.321.98

2.25

2.312.332.883.003.103.814.263.743.703.803.843.68

Day-to-day

money

1.111.24

1.56

1.671.882.512.422.782.053.532.062.093.14

'•2.792.09

Switzer-land

Privatediscount

rate

2.002.00

2.00

2.002.002.00

'2.272.502.502.502.502.502.502.502.68

1 Based on average yield of weekly tenders during month.2 Based on weekly averages of daily closing rates.3 Rate shown is on private securities.4 Rate in effect at end of month.

5 Based on average of lowest and highest quotation during month.

NOTE.—For description of rates and back data, see "InternationalFinance," Section 15 of Supplement to Banking and Monetary Statistics,1962.

ARBITRAGE ON TREASURY BILLS


Date

1964

Sept. 4l l ! . . ! . . . .1825

Oct. 29

162330

Nov. 6132027

Dec. 411. .182431

1965

j a n 8152229

Feb 5

United States and United Kingdom

Treasury bill rates

UnitedKingdom(adj. to

U.S.quotation

basis)

4.504.504.504.50

4.504.534.594.594.59

4.534.534.626.41

6.416.416.416.416.41

6.446.446.416.38

6.32

UnitedStates

3.483.503.523.52

3.533.563.563.563.53

3.543.563.593.79

3.763.803.843.843.80

3.773.743.813.83

3.89

Spread(favor

ofLondon)

1.021.00

.98

.98

.97

.971.031.031.06

.99

.971.032.62

2.652.612.572.572.61

2.672.702.602.55

2.43

Premium(+>or

discount( - ) onforwardpound

- . 6 2— .66- . 7 2- . 7 5

- . 7 5— .76- . 9 6— .91- . 8 2

- . 9 1- . 9 2

- 1 . 0 1- 2 . 6 5

- 2 . 5 4-2.68-2.62-2.69-2.72

-2.61-2.71-2.61-2.65

-2.55

Netincentive

(favorof

London)

.40

.34

.26

.23

.22

.21

.07

.12

.24

.08

.05

.02- . 0 3

.11- . 0 7- . 0 5- . 1 2- .11

.06- .01- .01- . 10

- . 1 2

United States and Canada

Treasury bill rates

Canada

Asquoted

inCanada

3.803.813.843.75

3.713.673.683.713.70

3.703.673.683.86

3.863.833.863.853.83

3.803.813.723.70

3.71

Adj. toU.S.

quotationbasis

3.713.723.753.66

3.633.593.603.633.62

3.623.593.603.78

3.773.743.773.763.74

3.713.733.633.62

3.63

UnitedStates

3.483.503.523.52

3.533.563.563.563.53

3.543.563.593.79

3.763.803.843.843.80

3.773.743.813.83

3.89

Spread(favor

ofCanada)

.23

.22

.23

.14

.10

.03

.04

.07

.09

.08

.03

.01- . 0 1

.01- . 0 6- . 0 7- . 0 8- . 0 6

- . 0 6- . 0 1- . 1 8- . 2 1

- . 2 6

i

Premium(4-) or

discount(-)onforward

Canadiandollar

— .30— .27- . 2 0- . 2 0

— .20— .20— .14— .20— .20

— .20— .17- . 1 3- . 2 7

- . 1 3- . 0 7- . 0 7- . 0 7- . 1 4

- . 1 4- . 2 0- . 2 7- . 2 7

- . 2 3

Netincentive

(favorof

Canada)

- . 0 7— .05

.03- . 0 6

— .10— .17— .10— .13— .11

— .12— .14- . 1 2- . 2 8

- . 1 2- . 1 3- . 1 4- . 1 5- . 2 0

— 20— .21- . 4 5- . 4 8

- . 4 9

NOTE.—Treasury bills: All rates are on the latest issue of 91-day bills.U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K.rates are Friday opening market offer rates in London.

Premium or discount on forward pound and on forward Canadian dollar:Rates per annum computed on basis of midpoint quotations (betweenbid and offer) at 11 a.m. Friday in New York for both spot and forwardpound sterling and for both spot and forward Canadian dollars.

All series: Based on quotations reported to Federal Reserve Bank ofNew York by market sources.

For description of series and for back figures see Oct. 1964 BULL.,pp. 1241-60. For description of adjustments to U.K. and CanadianTreasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260,Oct. 1964 BULL.


FEBRUARY 1965 FOREIGN EXCHANGE RATES 351

FOREIGN EXCHANGE RATES

(In cents per unit of foreign currency)

Period

1959I9601961196219631964

1964—JanFebMarAprMayJuneJulyAusSeptOctNovDec

1965—Jan

Period

1959I9601961196219631964


July

SeptOctNovDec

1965—Jan

Period

1959I9601961196219631964


JulyAugSeptOctNovDec

1965—Jan

Argentina(peso)

1.27301.20261.2076

.9080

.7245

.7179

.7514

.7582

.7438

.7287

.7312

.7272

.7279

.7075

.6980

.6979

.6725

.6652

.6628

Germany(deutsche

mark)

23.92623.97624.90325.01325.08425.157

25.14825.16925.16325.16025.15925.16525.15925.15225.15425.15825.14825.149

25.135

Norway(krone)

14.02814.01814.00014.01013 98713.972

13.96913.96213.97613.98913.99213.98413.97213.96213.95613.95613.95613.980

13.977

Aus-tralia

(pound)

223.81223.71223.28223.73223.10222.48

222.97222.86222.95223.03223.06222.64222.29222.04221.79221.79221.90222.36

222.42

India(rupee)

21.03120.96820.98021.02620.96620.923

20.96320.95920.96820.97020.97720.94520.91220.88620.86220.85920.86720.898

20.894

Philip-pine

Republic(peso)

49.72149.770

: ; ; ; : : : : ; ;

Austria(schilling)

3.86193.84613.84813.86853.86903.8698

3.87023.86813.86753.86873.86863.86943.87103.87253.87123.86993.86933.8707

3.8697

Ireland(pound)

280.88280.76280.22280.78280.00279.21

279.83279.69279.81279.90279.94279.42278.97278.66278.34278.35278.48279.06

279.13

Portu-gal

(escudo)

3.49673.49373.49093.49863.48913.4800

3.48613.48483.48673.48793.48743.48473.47963.47463.47143.46803.46863.4777

3.4783

Belgium(franc)

2.00122.00532.00522.00932.00522.0099

2.00712.00682.00702.00822.00892.00602.00852.01032.01262.01462.01492.0144

2.0148

Italy(lira)

.16099

.16104

.16099

.16107

.16087

.16014

.16065

.16063

.16029

.16000

.16001

.16002

.16001

.16002

.16002

.16003

.16003

.16003

.16003

Canada(dollar)

104.267103.12298.76093.56192.69992.689

92.55192.57592.53492.49892.49992.49992.47392.69092.91392.98493.10093.039

93.109

Japan(yen)

.27781

.27785

.27690

.27712

.27663

.27625

.27589

.27567

.27603

.27583

.27579

.27580

.27576

.27580

.27665

.27658

.27686

.27837

.27856

South Africa

(pound)

279.83279.71279.48

(rand)

139.57139 87139 48139.09

139.39139.32139.38139.43139.45139.19138.96138.81138.65138.65138.72139.01

139.05

Ceylon(rupee)

21.05521.04821.02321.03421.01520.988

21.02521.02121.01921.02021.02121.00920.97720.95320.95520.95420.95320.944

20.943

Malay-sia

(dollar)

32.85732.81732.65932.75732.66432.566

32.70632.69432.64532.59532.60632.57132.52432.47432.43132.46732.50732.569

32.575

Spain(peseta)

2 05791.66351.66431 66541 66641 fififil

1.66651.66641.66631.66641.66641.66631.66631.66621.66611.66621.66651.6666

1.6665

Denmark(krone)

14.50814.50514.48114.49014.48414.460

14.47114.45714.48414.49414.48214.47014.45914.43814.43514.43014.43014.459

14.458

Mexico(peso)

8.00568.00568.00568.00568.00568.0056

8.00568.00568.00568.00568.00568.00568.00568.00568.00568.00568.00568.0056

8.0056

Sweden(krona)

19.32419.34919.35319.39719 27219.414

19.27219.29019.43019.45119.46419.46719.44119.46619.46119.37619.39619.439

19.465

Finland(markka)

.3115

.31123110

.3107131.05731.067

31 06331.06831.07731.07731.06631.06331.06331.05931.05631.05431.07631.084

31.079

Neth-erlands

(guilder)

26.49226.51327 55527.75527.77027.724

27 75327.73327.73127.71127.68127 62727.65727.67427.71227.77227.82427.831

27.827

Swit-zerland(franc)

23.14223.15223.15123.12423 13923.152

23.16823.12223.11023.14323.17123.17223.13923.14523.14823.16423.17223.172

23.149

France(franc)

.203820.38920 38420.405

220.40420.404

20 40220.40320.40420.40520.40520.40120.40520.40520.40220.40320.40520.405

20.404

NewZealand(pound)

278.10277.98277 45278.00277.22276.45

277 06276.92277.04277.13277.17276 65276.21275.91275.59275.59275.73276.30

276.37

UnitedKing-dom

(pound)

280 88280.76280.22280 78280 00279.21

279.83279.69279 81279.90279.94279.42278.97278.66278.34278.35278.48279.06

279.13

1 A new markka, equal to 100 old markkaa, was introduced on Jan. 1,1963.

2 Effective Jan. 1, 1963, the franc again became the French monetaryunit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1,1960.

NOTE.—Averages of certified noon buying rates in New York forcable transfers. For description of rates and back data, see "InternationalFinance," Section 15 of Supplement to Banking and Monetary Statistics,1962.


352 U.S. BALANCE OF PAYMENTS FEBRUARY 1965

U.S. BALANCE OF PAYMENTS


Item 1961 1962 19631963

m IV

1964

A. Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and other than special U.S. Govt. transactions—Seasonally adjusted

Exports of goods and services—Total1.MerchandiseMilitary salesInvestment income receipts, private..Investment income receipts, Govt....Other services

Imports of goods and services—Total.MerchandiseMilitary expendituresInvestment income paymentsOther services

Balance on goods and services *

Remittances and pensions

goods, services, remittances and1. Balance onpensions

2. U .S . Govt. grants and capital flow, net, excludingadvance debt repayments

Grants 2,3Long-term loans and subscriptions3

Change in foreign currency holdings andshort-term claims, net (increase, —) 3

Seasonal adjustment on three preceding itemscombined ,

Change in associated liabilities ,Scheduled loan repayments

3. U.S . private capital, netDirect investments abroadOther long-term capital ,Short-term capital

4. Foreign capital, net, excluding liquid assets inU.S

Foreign long-term investments in U.SForeign short-term capitalMiscellaneous U.S. Govt. nonliquid liabilities.,

5. Errors and unrecorded transactions

Balance of A ( = 1 + 2 + 3 + 4 + 5 )Less: Net seasonal adjustmentsBalance of A before seasonal adjustment.

28,43819,913

4023,464

3804,279

-22,852-14,497-2 ,954

-882-4 ,519

5,586

-705

4,881

-3 ,396-1 ,854-1 ,939

-261

80578

-4,180-1,599-1,025-1,556

622447175

-998

-3,071

30,08420,576

6563,850

4714,531

-25,021-16,134-3 ,044

-995-4,848

5,063

-738

4,325

-3 ,547-1,919-2,129

-245

147599

-3,434-1,654-1,227

-553

162272

-106- 4

-1,111

-3,605

32,02021,989

6593,969

4984,905

-26,335-16,996-2 ,897-1 ,194-5 ,248

5,685

-826

4,859

-3,785-1,896-2,181

- 4 4 5

94643

-4,307-1,888-1,685

-734

311329

- 1 91

-339

-3,261

7,9775,472

206969124

1,206

-6,531-4,212

-731-279

-1,309

1,446

-209

1,237

-1,170-500-620

-261

4510

156

-1,637-477-598-562

26719967

1

- 1 1

- 1 , 3 1 4- 1 0 2

-1,212

8,0375,610

117963125

1,222

-6,733-4,368

-711-308

-1,346

1,304

-206

1,098

-791-455-441

- 3 3

- 8 035

183

-534-235-303

4

11596172

-267

-379441

-820

8,4715,917

1551,001

1261,272

-6,744-4,379

-708-332

-1,325

1,727

-202

1,525

-925-496-562

-101

4229

163

-1,008-558-238-212

- 4 729

- 7 4- 2

57

-39818

-416

9,0006,112

2101,225

1311,322

-6,748-4,366

-717-317

-1 ,348

2,252

-197

2,055

-773-467-514

75

- 2 2- 9164

-1,380-521-227-632

261394

-170

-242-311

69

8,8396,036

1511,194

1321,326

-7,008-4,576

-728-319

-1,385

1,831

-208

1,623

-939-549-693

66

4636

155

-1,451-571-263-617

13011417

- 1

- 5 4

-691-104-587

9,1646,362

1791,164

1331,326

-7,201-4,747

-684-326

-1,444

1,963

- 2 1 4

1,749

-890-459-606

56

- 6 614

171

-1,408-519-586-303

159- 8 8

43204

-176

-566450

-1,016

B. Changes in foreign liquid assets in U.S. and

Total

Sales of nonconvertible nonmarketable securities,*net

Dollar securities6

Sales of convertible nonmarketable securities,* netDollar securities . .Foreign currency securities

Change in U.S. short-term liabilities reported byU.S. banks 7 and foreign holdings of marketable

International and regional organizations 8

Foreign private holders excluding banks 9

Foreign official holders

Change in U.S. monetary reserve assets (increase,—).IMF position

Gold

in U.S. monetary reserve assets, and special U.S. Govt. transactions—Not seasonally adjusted

3,071696

5

1,764407

81595681

606- 1 3 5- 1 1 6

857

3,605681470

251

251

670211131

- 1 2 9457

1,533626

17890

3,261326334

—4331

- 7 4

702150552

1,564- 2 3 8

394438970

37830

— 113461

1,21234

- 5

-1019

- 2 9

152

152

917- 4 611575

773

12426

116

820241

80

— 95- 4 5- 5 0

17525

150

192- 1 5

93- 3 1145

22759

- 2 8196

41626

239

- i- 1

25

25

132- 1 1 2

1108

126

- 515

- 5 838

- 6 952

151

-55— 5

- 5 0

-166- 8 5

34284

- 3 9 9

-51131

- 2 2 846

58733

- 6 4

-8- 8

*

122

122

201- 2 5

548092

303118258

- 7 3

1,01630

- 2 4

- 2— 2

*

203

203

739- 1 3 8

122574181

70135

—45- 2 0

1 Excludes military transfers under grants.2 Excludes military grants.3 N o t seasonally adjusted separately.4 Includes sell-offs.s With maturities over 12 months.6 Includes certificates sold abroad by Export-Import Bank.

7 Includes official liabilities.8 Includes, for International Monetary Fund, only changes in its

holdings of income-earning U.S. G o v t securities.9 Including undetermined holders.NOTE.—Dept . o f Commerce data. Minus sign indicates net payments

(debits); absence of sign indicates net receipts (credits).


FEBRUARY 1965 FOREIGN TRADE 353

MERCHANDISE EXPORTS AND IMPORTS

(In millions of dollars, seasonally adjusted)

PeriodExports 1

1961 1962 1963' 1964 r

Imports '"

1961 1962 1963' 1964 r

Export surplus

1961 1962 1963 r 1964 r

Month:Jan...Feb...Mar...Apr...May..June..July..Aug...Sept...Oct...Nov...Dec...

Quarter:

if .'.*.*;in . . . .IV. . . .

Year 4 . .

1,6231,7121,7511,6621,585

3 1,5823 1,689

1,6891,6781,7801,7331,725

5,0863 4,8293 5,056

5,238

20,152

1,6681,8091,6721,7951,7621,8361,7481,703

3 1,9083 1,523

1,7253 1,839

5,1495,393

3 5,3593 5,087

20,945

39863 2,1243 1,95831,914

1,8951,8031,8411,9221,9581,9671,9662,091

3 5,06835,612

5,7216,024

22,424

2,0432,0462,0742,0612,0622,0342,1232,1092,2352,1552,1972,430

6,1636,1576,4676,782

25,620

313 1

33 33 3

3

,161,150,163,152,153,174,379,254,262,300,309,315

,474,479,895,924

1,3271,3201,3421,3651,4041,3511,3471,346

3 1,4713 1,312

1,4253 1,377

3,9894,120

3 4,16434,114

14,713 16,389

3 1,10031,5103 1,4853 1,415

1,4161,4311,4501,4971,4431,4551,4661,480

3 4,0953 4,262

4,3904,401

17,142

1,4341,4601,5201,5411,5391,5181,5781,5751,5461,5481,6981,642

4,4144,5984,6994,888

18,685

462562588510432

3 4083 310435416480424410

1,6123 1,3503 1,1611,314

5,439

341489330430358485401357

3 4373 211300

3 462

1,1601,273

3 1,1953 973

4,556

3-11436143 4733 499479372391425515512500611

39733 1,3501,3311,623

5,282

609586554520523516545534689607499788

1,7491,5591,7681,894

6,935

1 Exports of domestic and foreign merchandise; excludes Dept. ofDefense shipments of grant-aid military equipment and supplies underMutual Security Program.

2 General imports including imports for immediate consumption plusentries into bonded warehouses.

3 Significantly affected by strikes.4 Sum of unadjusted figures.

NOTE.—Bureau of the Census data.


BOARD OF GOVERNORSof the Federal Reserve System

W M . M C C . MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman

A. L. MILLS, JR. CHAS. N. SHEPARDSON GEORGE W. MITCHELL

J. L. ROBERTSON J. DEWEY DAANE

RALPH A. YOUNG, Adviser to the Board GUY E. NOYES, Adviser to the Board

CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Legislative Counsel

CLARKE L. FAUVER, Assistant to the Board

OFFICE OF THE SECRETARYMERRITT SHERMAN, SecretaryKENNETH A. KENYON, Assistant SecretaryELIZABETH L. CARMICHAEL, Assistant SecretaryARTHUR L. BROIDA, Assistant SecretaryKARL E. BAKKE, Assistant Secretary

LEGAL DIVISIONHOWARD H. HACKLEY, General CounselDAVID B. HEXTER, Assistant General CounselTHOMAS J. O'CONNELL, Assistant General

CounselJEROME W. SHAY, Assistant General CounselWILSON L. HOOFF, Assistant General Counsel

DIVISION OF RESEARCH AND STATISTICSDANIEL H. BRILL, DirectorROBERT C. HOLLAND, Associate DirectorALBERT R. KOCH, Associate DirectorFRANK R. GARFIELD, AdviserJ. CHARLES PARTEE, AdviserROBERT SOLOMON, AdviserKENNETH B. WILLIAMS, AdviserLEWIS N. DEMBITZ, Associate Adviser

DIVISION OF INTERNATIONAL FINANCERALPH A. YOUNG, DirectorA. B. HERSEY, AdviserSAMUEL I. KATZ, AdviserROBERT L. SAMMONS, AdviserREED J. IRVINE, Associate AdviserJOHN E. REYNOLDS, Associate AdviserRALPH C. WOOD, Associate Adviser

DIVISION OF BANK OPERATIONSJOHN R. FARRELL, DirectorGERALD M. CONKLING, Assistant DirectorM. B. DANIELS, Assistant DirectorJOHN N. KILEY, JR., Assistant Director

DIVISION OF EXAMINATIONS

FREDERIC SOLOMON, Director

GLENN M. GOODMAN, Assistant DirectorBRENTON C. LEAVITT, Assistant DirectorJAMES C. SMITH, Assistant Director

ANDREW N. THOMPSON, Assistant DirectorLLOYD M. SCHAEFFER, Chief Federal Reserve

Examiner

DIVISION OF PERSONNEL ADMINISTRATION

EDWIN J. JOHNSON, Director

H. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE SERVICES

JOSEPH E. KELLEHER, Director

HARRY E. KERN, Assistant Director

OFFICE OF THE CONTROLLER

JOHN KAKALEC, ControllerSAMPSON H. BASS, Assistant Controller

OFFICE OF DEFENSE PLANNING

INNIS D. HARRIS, Coordinator

DIVISION OF DATA PROCESSING

M. H. SCHWARTZ, Director

LEE W. LANGHAM, Assistant Director

354


OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 355

Federal Open Market Committee

W M . M C C . MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman

C. CANBY BALDERSTON A. L. MILLS, JR. HARRY A. SHUFORD

J. DEWEY DAANE GEORGE W. MITCHELL ELIOT J. SWAN

W. BRADDOCK HICKMAN J. L. ROBERTSON EDWARD A. WAYNE

CHAS. N. SHEPARDSON

RALPH A. YOUNG, Secretary DANIEL H. BRILL, Associate Economist

MERRITT SHERMAN, Assistant Secretary GEORGE GARVY, Associate Economist

KENNETH A. KENYON, Assistant Secretary ROBERT C. HOLLAND, Associate Economist

ARTHUR L. BROIDA, Assistant Secretary HOMER JONES, Associate Economist

HOWARD H. HACKLEY, General Counsel ALBERT R. KOCH, Associate Economist

DAVID B. HEXTER, Assistant General Counsel MAURICE MANN, Associate Economist

GUY E. NOYES, 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, Vice President EDWARD BYRON SMITH, CHICAGO

WILLIAM H. MOORE, NEW YORK JAMES P. HICKOK, ST. LOUIS

WILLIAM L. DAY, PHILADELPHIA JOHN A. MOORHEAD, MINNEAPOLIS

L. A. STONER, CLEVELAND ROGER D. KNIGHT, JR., KANSAS CITY

JOHN F. WATLINGTON, JR., RICHMOND JAMES W. ASTON, DALLAS

SAM M. FLEMING, ATLANTA RANSOM M. COOK, SAN FRANCISCO

HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary



Federal Reserve Banks and Branches

Federal Reserve Bankor branch

Zip Code

Boston

New York

Buffalo

Philadelphia

Cleveland

CincinnatiPittsburgh

Richmond

BaltimoreCharlotte

Atlanta

BirminghamJacksonvilleNashvilleNew Orleans

Chicago

Detroit

St. Louis

Little RockLouisvilleMemphis

Minneapolis

Helena

Kansas City

DenverOklahoma City,,Omaha

Dallas

El PasoHoustonSan Antonio

San Francisco

Los AngelesPortlandSalt Lake Ci ty . . . .Seattle

.02106

10045

.14240

19101

44101

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23213

,21203..28201

30303

3520232201

• 37203.70160

.60690

..48231

63166

.7220340201

..38101

55440

..59601

64106

8021773101

..68102

75222

.7999977001

..78206

94120

..9005497208

..8411098124

ChairmanDeputy Chairman

Erwin D . CanhamWilliam Webster

Philip D. ReedEverett N. Case

Maurice R. Forman

Walter E. HoadleyWillis J. Winn

Joseph B. HallLogan T. Johnston

Walter C. LangsamG. L. Bach

Edwin HydeWilliam H. Grier

Leonard C. Crewe, Jr.J. C. Cowan, Jr.

Jack TarverJ. M. Cheatham

C. Caldwell MarksClaude J. YatesAndrew D. HoltGeorge Benjamin Blair

Franklin J. LundingJames H. Hilton

James William Miller

Raymond RebsamenSmith D. Broadbent, Jr.

Carey V. StablerC. Hunter GreenSam Cooper

Atherton BeanJudson Bemis

Edwin G. Koch

Homer A. ScottDolph Simons

Robert T. PersonJames E. AllisonClifford Morris Hardin

Robert O. AndersonCarl J. Thomsen

Roger B. CorbettD. B. CampbellJohn R. Stockton

F. B. WhitmanJohn D. Fredericks

Arthur G. CoonsGraham J. BarbeyHoward W. PriceWilliam McGregor

PresidentFirst Vice President

George H. EllisEarle O. Latham

Alfred HayesWilliam F. Treiber

Karl R. BoppRobert N . Hilkert

W. Braddock HickmanEdward A. Fink

Edward A. WayneAubrey N. Heflin

Malcolm BryanHarold T. Patterson

Charles J. ScanlonHugh J. Helmer

Harry A. ShufordDarryl R. Francis

(Vacancy)M. H. Strothman, Jr.

George H. ClayHenry O. Koppang

Watrous H. IronsPhilip E. Coldwell

Eliot J. SwanH. Edward Hemmings

Vice Presidentin charge of branch

Insley B. Smith

Fred O. KielClyde E. Harrell

Donald F . HagnerEdmund F. MacDonald

Edward C. RaineyThomas A. LanfordRobert E. Moody, Jr.Morgan L. Shaw

Russel A. Swaney

Fred BurtonDonald L. HenryE. Francis DeVos

Clement A. Van Nice

John W. SniderHoward W. PritzGeorge C. Rankin

Fredric W. ReedJ. Lee CookCarl H. Moore

Clifford H. WatkinsWilliam M. BrownArthur L. PriceErwin R. Barglebaugh


Federal Reserve Board Publications

The material listed may be obtained from Publications Services, Division of Administrative Services,Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated,remittance should accompany request and be made payable to the order of the Board of Governors ofthe Federal Reserve System. For a more complete list, including periodic releases, see pp. 1623-26 of theDecember 1964 BULLETIN. (Stamps and coupons not accepted.)

THE FEDERAL RESERVE SYSTEM—PURPOSES ANDFUNCTIONS. 1963. 297 pp.

ANNUAL REPORT OF THE BOARD OF GOVERNORS OFTHE FEDERAL RESERVE SYSTEM.

FEDERAL RESERVE BULLETIN. Monthly. $6.00per annum or $.60 a copy in the United Statesand its possessions, Bolivia, Canada, Chile,Colombia, Costa Rica, Cuba, Dominican Re-public, Ecuador, Guatemala, Haiti, Republicof Honduras, Mexico, Nicaragua, Panama,Paraguay, Peru, El Salvador, Uruguay, andVenezuela. (In quantities of 10 or more ofsame issue sent to one address, $5.00 per annumor $.50 each.) Elsewhere, $7.00 per annumor $.70 a copy.

FEDERAL RESERVE CHART BOOK ON FINANCIALAND BUSINESS STATISTICS. Monthly. Annualsubscription includes one issue of HistoricalChart Book. $6.00 per annum or $.60 a copyin the United States and the countries listedabove. (In quantities of 10 or more of sameissue sent to one address, $.50 each.) Else-where, $7.00 per annum or $.70 a copy.

HISTORICAL CHART BOOK. Issued annually in Sept.Subscription to monthly chart book includesone issue. $.60 a copy in the United States andthe countries listed above. (In quantities of 10or more sent to one address, $.50 each.) Else-where, $.70 a copy.

TREASURY-FEDERAL RESERVE STUDY OF THE GOV-ERNMENT SECURITIES MARKET. Pt. I. 1959.108 pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112pp. Individual books $1.00 each; set of 3, $2.50.

FLOW OF FUNDS IN THE UNITED STATES, 1939-53.1955. 390 pp. $2.75.

DEBITS AND CLEARINGS STATISTICS AND THEIRUSE. 1959. 144 pp. $1.00 a copy; in quantitiesof 10 or more sent to one address, $.85 each.

THE FEDERAL FUNDS MARKET—A Study by aFederal Reserve System Committee. 1959. I l lpp. $1.00 a copy; in quantities of 10 or moresent to one address, $.85 each.

ALL-BANK STATISTICS, 1896-1955. 1959. 1,229 pp.$4.00.

INDUSTRIAL PRODUCTION—1957-59 Base. 1962.172 pp. $1.00 a copy; in quantities of 10 ormore sent to one address, $.85 each. (The 1959revision available at $.50 a copy.)

THE FEDERAL RESERVE ACT, as amended throughOct. 1, 1961, with an appendix containing pro-visions of certain other statutes affecting theFederal Reserve System. 386 pp. $1.25.

SUPPLEMENT TO BANKING AND MONETARY STATIS-TICS. Sec. 1. Banks and the Monetary System.1962. 35 pp. $.35. Sec. 10. Member Bank Re-serves and Related Items. 1962. 64 pp. $.50.Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 14.Gold. 1963. 24 pp. $.35. Sec. 15. InternationalFinance. 1962. 92 pp. $.65.

REGULATIONS OF THE BOARD OF GOVERNORS OFTHE FEDERAL RESERVE SYSTEM.

RULES OF ORGANIZATION AND PROCEDURE—BOARDOF GOVERNORS OF THE FEDERAL RESERVE SYS-TEM. 1962. 40 pp.

PUBLISHED INTERPRETATIONS of the Board ofGovernors, as of Dec. 31, 1962. $2.50.

FARM DEBT: Data from the 1960 Sample Surveyof Agriculture. 1964. 185 pp. $1.00.

357



REPRINTS

(From Federal Reserve BULLETIN unless precededby an asterisk)

THE HISTORY OF RESERVE REQUIREMENTS FOR

BANKS IN THE UNITED STATES. NOV. 1938.

20 pp.

•PART I, ALL-BANK STATISTICS, 1896-1955. Re-

print of the U.S. Summary containing a de-scription of revised statistics for all banks inthe United States, by class of bank, togetherwith revised statistics. Apr. 1959. 94 pp.

STATISTICS ON THE GOVERNMENT SECURITIES

MARKET. Apr. 1961. 8 pp.

REVISION OF CONSUMER CREDIT STATISTICS. Dec.

1961. 15 pp.

REVISED INDEXES OF FREIGHT CARLOADINGS. Dec.

1961. 3 pp.

INDUSTRIAL PRODUCTION—1957-59 BASE. Oct.

1962. 10 pp.

FLOW OF FUNDS SEASONALLY ADJUSTED. NOV.

1962. 15 pp.

FARM DEBT AS RELATED TO VALUE OF SALES.

Feb. 1963. 9 pp.

CHANGES IN STRUCTURE OF THE FEDERAL DEBT.

Mar. 1963. 10 pp.

NEGOTIABLE TIME CERTIFICATES OF DEPOSIT.

Apr. 1963. 11 pp.

N E W 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

LENDING. July 1963. 8 pp.

MEASURING AND ANALYZING ECONOMIC GROWTH.

Aug. 1963. 14 pp.

BANK AND PCA LENDING TO FARMERS. Sept. 1963.

11pp.

THE OPEN MARKET POLICY PROCESS. Oct. 1963.

11pp.

RECENT INTEREST RATE TRENDS. NOV. 1963.

10 pp.

SURVEY OF FINANCIAL CHARACTERISTICS OF CON-

SUMERS. Mar. 1964. 9 pp.

TREASURY AND FEDERAL RESERVE FOREIGN EX-

CHANGE OPERATIONS AND THE GOLD POOL. Mar.

1964. 14 pp.

U.S. TRADE AND PAYMENTS IN 1963. Apr. 1964.

7 pp.

FLOWS THROUGH FINANCIAL INTERMEDIARIES.

May 1964. 9 pp.

BANKING AND MONETARY STATISTICS, 1963. Se-

lected series of banking and monetary statis-tics for 1963 only. Feb., Mar., and May 1964.15 pp.

REVISION OF THE MONEY SUPPLY SERIES. June

1964. 14 pp.

REVISION OF BANK CREDIT SERIES. June 1964.

5 pp.

RECENT MONETARY AND CREDIT DEVELOPMENTS.

July 1964. 9 pp.

FEDERAL RESERVE SECURITY TRANSACTIONS,

1954-63. July 1964. 16 pp.

N E W SERIES ON FEDERAL FUNDS. Aug. 1964.

31 pp.

MINISTERIAL STATEMENT OF THE GROUP OF TEN

AND ANNEX PREPARED BY DEPUTIES. Aug.

1964. 25 pp.

TREASURY AND FEDERAL RESERVE FOREIGN EX-

CHANGE OPERATIONS. Sept. 1964. 16 pp.

U.S. BALANCE OF PAYMENTS, 1963-64. Oct. 1964.

8 pp.

YIELD DIFFERENTIALS IN TREASURY BILLS, 1959-

64. Oct. 1964. 20 pp.

U.S. GOVERNMENT SECURITIES in 1964. Nov.

1964. 8 pp.

RESEARCH INTO BANKING STRUCTURE AND COM-

PETITION. Nov. 1964. 17 pp.

BANK CREDIT AND MONETARY DEVELOPMENTS IN

1964. Feb. 1965. 13 pp.


Index to Statistical Tables(For list of tables published quarterly, semiannually, orannually, with latest BULLETIN reference, see page 260.)

Acceptances, bankers', 269, 286, 288Agricultural loans of commercial banks, 280, 282Arbitrage, 350Assets and liabilities (See also Foreign liabilities and

claims):Banks and the monetary system, consolidated, 275Corporate, current, 300Domestic banks, by classes, 276, 280, 282Federal Reserve Banks, 270

Automobiles:Consumer instalment credit, 304, 305, 306Production index, 308, 309

Bankers' balances, 281, 283(See also Foreign liabilities and claims)

Banking and monetary statistics for 1964, 326Banking offices:

Changes in number, 324Par and nonpar offices, number, 325

Banks and the monetary system, consolidatedstatement, 275

Banks for cooperatives, 295, 296Bonds (See also U.S. Govt. securities):

New issues, 296, 297, 298Prices and yields, 286, 287

Brokers and dealers in securities, bank loans to,280, 282

Business expenditures on new plant andequipment, 300

Business indexes, 312Business loans (See Commercial and industrial loans)

Capital accounts:Banks, by classes, 276, 281, 284Federal Reserve Banks, 270

Carloadings, 312Central banks, foreign, 336, 349Coins, circulation of, 273Commercial and industrial loans:

Commercial banks, 280Weekly reporting member banks, 282, 285, 329

Commercial banks:Assets and liabilities, 276, 279, 280Consumer loans held, by type, 305Number, by classes, 276Real estate mortgages held, by type, 301

Commercial paper, 286, 288Condition statements (See Assets and liabilities)Construction, 312, 313Consumer credit:

Instalment credit, 304, 305, 306, 307Noninstalment credit, by holder, 305

Consumer price indexes, 312, 316Consumption expenditures, 318, 319Corporations:

Sales, profits, taxes, and dividends, 299, 300Security issues, 297, 298Security prices and yields, 286, 287

Cost of living (See Consumer price indexes)Currency in circulation, 262, 273, 274Customer credit, stock market, 287

Debits to deposit accounts, 272Debt (See specific types of debt or securities)Demand deposits:

Adjusted, banks and the monetary system, 275Adjusted, commercial banks, 272, 274, 281Banks, by classes, 268, 276, 284Turnover of, 272

Demand deposits—ContinuedType of holder, at commercial banks, 281

Deposits (See also specific types of deposits):Adjusted, and currency, 275Banks, by classes, 268, 276, 281, 284, 288Federal Reserve Banks, 270, 347Postal savings, 268, 275

Discount rates, 267, 349Discounts and advances by Federal Reserve Banks,

262, 270, 272Dividends, corporate, 299, 300Dollar assets, foreign, 339, 347

Earnings and expenses, Federal Reserve Banks, 322Earnings and hours, manufacturing industries, 315Employment, 312, 314, 315

Farm mortgage loans, 301, 302Federal finance:

Cash transactions, 290Receipts and expenditures, 291Treasurer's balance, 290

Federal funds, 266Federal home loan banks, 295, 296, 303Federal Housing Administration, 287, 301, 302, 303Federal intermediate credit banks, 295, 296Federal land banks, 295, 296Federal National Mortgage Assn., 295, 296, 303Federal Reserve Banks:

Condition statement, 270Earnings and expenses, 322U.S. Govt. securities held by, 262, 270, 272,

292, 293Federal Reserve credit, 262, 270, 272Federal Reserve notes, 270, 273Federally sponsored credit agencies, 295, 296Finance company paper, 286, 288Financial institutions, loans to, 280, 282Float, 262Flow of funds, 320Foreign central banks, 336, 349Foreign currency operations, 270, 272, 338, 346Foreign deposits in U.S. banks, 262, 270, 271, 281,

284, 347Foreign exchange rates, 351Foreign liabilities and claims:

Banks, 340, 342, 343, 345, 347Nonfinancial concerns, 348

Foreign trade, 353

Gold:Certificates, 270, 273Earmarked, 347Net purchases by U.S., 338Production, 337Reserves of central banks and govts., 336Reserves of foreign countries and international

organization, 339Stock, 262, 275, 338

Gross national product, 318, 319

Hours and earnings, manufacturing industries, 315Housing starts, 313

Income, national and personal, 318Industrial production index, 308, 312Instalment loans, 304, 305, 306, 307Insurance companies, 289, 292, 293, 302Insured commercial banks, 278, 280, 324Interbank deposits, 268, 276, 281

359



Interest rates:Bond yields, 286, 333Business loans by banks, 285Federal Reserve Bank discount rates, 267Foreign countries, 349, 350Money market rates, 286, 332, 350Mortgage yields, 287Stock yields, 286, 333Time deposits, maximum rates, 268

International capital transactions of the U.S., 340International institutions, 336, 338, 339Inventories, 318Investment companies, new issues, 298Investments (See also specific types of investments):

Banks, by classes, 276, 280, 283, 288Commercial banks, 279Federal Reserve Banks, 270, 272Life insurance companies, 289Savings and loan assns., 289

Labor force, 314Loans (See also specific types of loans):

Banks, by classes, 276, 280, 282, 288Commercial banks, 279Federal Reserve Banks, 262, 270, 272Insurance companies, 289, 302Insured or guaranteed by U.S., 301, 302, 303Savings and loan assns., 289, 302

Manufactures, production index, 309, 312Margin requirements, 268Member banks:

Assets and liabilities, by classes, 276, 280Banking offices, changes in number, 324Borrowings at Federal Reserve Banks, 264,

270, 284Deposits, by classes, 268Number, by classes, 277Reserve position, basic, 266Reserve requirements, 268Reserves and related items, 262Weekly reporting series, 282, 326

Mining, production index, 309, 312Money rates (See Interest rates)Money supply and related data, 274Mortgages (See Real estate loans)Mutual funds, 298Mutual savings banks, 275, 276, 278, 288, 292, 293,

301, 324National banks, 278, 324National income, 318, 319National security expenditures, 291, 318Nonmember banks, 278, 280, 281, 324Open market transactions, 269Par and nonpar banking offices, number, 325Payrolls, manufacturing, index, 312Personal income, 319Postal Savings System, 268, 275Prices:

Consumer, 312, 316Security, 287Wholesale commodity, 312, 316

Production, 308, 312Profits, corporate, 299, 300Real estate loans:

Banks, by classes, 280, 288, 301Mortgage yields, 287Type of holder, 301, 302, 303Type of property mortgaged, 301, 302, 303

Reserve position, basic, member banks, 266Reserve requirements, member banks, 268Reserves:

Central banks and govts., 336Commercial banks, 281Federal Reserve Banks, 270Foreign countries and international organiza-

tions, 339Member banks, 262, 264, 268, 281, 283

Residential mortgage loans, 301, 302, 303Retail credit, 304Retail sales, 312Sales finance companies, consumer loans of, 304,

305, 307Saving:

Flow of funds series, 320National income series, 319

Savings and loan assns., 289, 293, 302Savings deposits (See Time deposits)Savings institutions, principal assets, 288, 289Securities (See also U.S. Govt. securities):

Federally sponsored agencies, 295International transactions, 346, 347New issues, 296, 297, 298

Silver coin and silver certificates, 273State and local govts.:

Deposits of, 281, 284Holdings of U.S. Govt. securities, 292, 293New security issues, 296, 297Ownership of obligations of, 280, 288, 289Prices and yields of securities, 286, 287

State member banks, 278, 324Stock market credit, 287Stocks:

New issues, 297, 298Prices and yields, 286, 287

Tax receipts, Federal, 291Time deposits, 268, 274, 275, 276, 281, 284Treasurer's account balance, 290Treasury cash, 262, 273, 275Treasury currency, 262, 273, 275Treasury deposits, 262, 270, 290Turnover, deposit, 272Unemployment 314U.S. balance of payments, 352U.S. Govt. balances:

Commercial bank holdings, by classes, 281, 284Consolidated monetary statement, 275Treasury deposits at Federal Reserve Banks, 262,

270, 290U.S. Govt. securities:

Bank holdings, 275, 276, 280, 283, 288, 292, 293Dealer transactions, positions, and financing, 294Federal Reserve Bank holdings, 262, 270, 272,

292, 293Foreign and international holdings, 270, 339, 347International transactions, 346New issues, gross proceeds, 297Open market transactions, 269Outstanding, by type of security, 292, 293, 295Ownership of, 292, 293Prices and yields, 286, 287, 350

United States notes, outstanding and in circulation, 273Utilities, production index, 309, 312Vault cash, 262, 268,281Veterans Administration, 301, 302, 303Weekly reporting member banks, 282, 326Yields (See Interest rates)


BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES

THE FEDERAL RESERVE SYSTEM g)

HAWAII ^ <C^%?

^^

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


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