Installment Credit
Transcript of 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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A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiringadditional copies may secure them at a special $2.00 annual rate. The regular subscription price in the UnitedStates and its possessions. Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador,Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay,and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy.Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month,or $5.00 for 12 months.
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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.
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BANK CREDIT AND MONETARY
DEVELOPMENTS IN 1964
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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.
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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-
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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
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.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
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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
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BANK CREDIT AND MONETARY DEVELOPMENTS 217
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
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56
I I38
I (60
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'62
1 1
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n
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FEDERAL RESERVE BULLETIN - FEBRUARY 1965 218
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.
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BANK CREDIT AND MONETARY DEVELOPMENTS 219
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—
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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.
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BANK CREDIT AND MONETARY DEVELOPMENTS 221
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
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FEDERAL RESERVE BULLETIN • FEBRUARY 1965 222
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-
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BANK CREDIT AND MONETARY DEVELOPMENTS 223
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.
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FEDERAL RESERVE BULLETIN • FEBRUARY 1965 224
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.
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BANK CREDIT AND MONETARY DEVELOPMENTS 225
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.
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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
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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
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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
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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
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230 FEDERAL RESERVE BULLETIN • FEBRUARY 1965
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.
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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
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232 FEDERAL RESERVE BULLETIN • FEBRUARY 1965
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
1 Chairman. 2 Deputy Chairman.
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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.
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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.
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DIRECTORS RESERVE BANKS AND BRANCHES 235
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
1 Chairman. 2 Deputy Chairman.
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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
i Chairman. 2 Deputy Chairman.
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DIRECTORS RESERVE BANKS AND BRANCHES 237
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
i Chairman. 2 Deputy Chairman.
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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
i Chairman. 2 Deputy Chairman.
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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
1 Chairman. 2 Deputy Chairman.
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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
i Chairman. 2 Deputy Chairman.
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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.
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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
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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.
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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
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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
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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.
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 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.
By order of the Board of Governors.
Voting for this action: Unanimous, with all memberspresent.
(Signed) MERRITT SHERMAN,Secretary.
[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.
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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.
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 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
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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.
Dated at Washington, D. C, this 28th day ofJanuary, 1965.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Gover-nors Mills, Robertson, Shepardson, Mitchell, andDaane. Absent and not voting: Governor Balderston.
(Signed) MERRITT SHERMAN,Secretary.
[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
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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
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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.
(Signed) MERRITT SHERMAN,Secretary.
[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.
Dated at Washington, D. C, this 26th day ofJanuary, 1965.
By order of the Board of Governors.
Voting for this action: Chairman Martin, and Gover-nors Balderston, Mills, Robertson, Shepardson, andMitchell. Absent and not voting: Governor Daane.
(Signed) MERRITT SHERMAN,Secretary.
[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
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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
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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,
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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
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254 FEDERAL RESERVE BULLETIN • FEBRUARY 1965
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
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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
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256 FEDERAL RESERVE BULLETIN • FEBRUARY 1965
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;
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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.
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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
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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.
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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
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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
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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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 BANK RESERVES AND RELATED ITEMS 263
MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
(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 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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
264 BANK RESERVES AND RELATED ITEMS FEBRUARY 1965
RESERVES AND BORROWINGS OF MEMBER BANKS
(In millions of dollars)
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
1950—Dec1951—Dec1952—Dec1953—Dec1954—Dec
1955—Dec1956—Dec1957—Dec1958—Dec1959—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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 BANK RESERVES AND RELATED ITEMS 265
RESERVES AND BORROWINGS OF MEMBER BANKS—Continued
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
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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
(Per cent per annum)
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.
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268 RESERVE REQUIREMENTS FEBRUARY 1965
MAXIMUM INTEREST RATES PAYABLE ON TIME ANDSAVINGS DEPOSITS
(Per cent per annum)
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
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 OPEN MARKET ACCOUNT 269
TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT
(In millions of dollars)
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-
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270 FEDERAL RESERVE BANKS FEBRUARY 1965
CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 FEDERAL RESERVE BANKS 271
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1965
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
272 FEDERAL RESERVE BANKS; BANK DEBITS FEBRUARY 1965
MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 U.S. CURRENCY 273
DENOMINATIONS IN CIRCULATION
(In millions of dollars)
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
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Not seasonally adjusted
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
Not seasonally adjusted
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 BANKS AND THE MONETARY SYSTEM 275
CONSOLIDATED CONDITION STATEMENT
(In millions of dollars)
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
Not seasonally adjusted
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 COMMERCIAL AND MUTUAL SAVINGS BANKS 277
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Class of bankand date
Loans and investments
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
1964—Jan. 29Apr. 29May 27June 30July 29Aug. 26Sept. 30Oct. 28Nov. 25Dec. 30
1965—Jan. 27*
Other reserve city: 71941—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*
Country member banks: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*
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
For notes see end of table.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
278 COMMERCIAL AND MUTUAL SAVINGS BANKS FEBRUARY 1965
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Class of bankand date
Loans and investments
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
For notes see end of table.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 COMMERCIAL AND MUTUAL SAVINGS BANKS 279
PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued
(Amounts in millions of dollars)
Class of bankand date
Noninsured mutual sayingsbanks:
1941—Dec. 311945—Dec. 311947_Dec. 31 3
1961—Dec. 301962—Dec. 281963 Dec. 201964—June 30
Loans and investments
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
(In billions of dollars)
Period
Seasonally adjusted
Total1 Loans1
Securities
U.S.Govt. Other
Not seasonally adjusted
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
280 COMMERCIAL BANKS FEBRUARY 1965
LOANS AND INVESTMENTS BY CLASS OF BANK
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 COMMERCIAL BANKS 281
RESERVES AND LIABILITIES BY CLASS OF BANK
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
282 WEEKLY REPORTING MEMBER BANKS FEBRUARY 1965
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 WEEKLY REPORTING MEMBER BANKS 283
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Wednesday
Investments
U.S. Government securities
Total BillsCer-tifi-
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
OutsideNew York City
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
284 WEEKLY REPORTING MEMBER BANKS FEBRUARY 1965
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
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
OutsideNew York City
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 BUSINESS LOANS OF BANKS 285
COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS
(In millions of dollars)
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
(Per cent per annum)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
286 INTEREST RATES FEBRUARY 1965
MONEY MARKET RATES
(Per cent per annum)
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
(Per cent per annum)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
288 OPEN MARKET PAPER; SAVINGS INSTITUTIONS FEBRUARY 1965
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
(In millions of dollars)
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
(Amounts in millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 SAVINGS INSTITUTIONS 289
LIFE INSURANCE COMPANIES
(In millions of dollars)
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 .
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
290 FEDERAL FINANCE FEBRUARY 1965
FEDERAL FISCAL OPERATIONS: SUMMARY
(In millions of dollars)
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
1964—JanFebMarAprMayJuneJulyAugSeptOctNovDec
-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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 FEDERAL FINANCE 291
FEDERAL FISCAL OPERATIONS: DETAIL
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
292 U.S. GOVERNMENT SECURITIES FEBRUARY 1965
TOTAL DEBT, BY TYPE OF SECURITY
(In billions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
(In millions of dollars)
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
1964—JanFebMarAprMayJuneJulyAugSeptOctNovDec
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 OUTSTANDING SECURITIES 295
U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, JANUARY 31, 1965
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
296 CREDIT AGENCIES; SECURITY ISSUES FEBRUARY 1965
MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES
(In millions of dollars)
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
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 SECURITY ISSUES 297
TOTAL NEW ISSUES
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
298 SECURITY ISSUES FEBRUARY 1965
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES
(In millions of dollars)
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
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 BUSINESS FINANCE 299
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
(In millions of dollars)
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
SalesProfits before taxesProfits after taxesDividends
Selected industries:Foods and kindred products (25 corps.):
SalesProfits before taxesProfits after taxesDividends
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
300 BUSINESS FINANCE FEBRUARY 1965
CORPORATE PROFITS, TAXES, AND DIVIDENDS
(In billions of dollars)
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
(In billions of dollars)
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
(In billions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 REAL ESTATE CREDIT 301
MORTGAGE DEBT OUTSTANDING
(In billions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
302 REAL ESTATE CREDIT FEBRUARY 1965
MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES
(In millions of dollars)
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
(In millions of dollars)
NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 REAL ESTATE CREDIT 303
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
(In millions of dollars)
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
(In billions of dollars)
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
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
304 CONSUMER CREDIT FEBRUARY 1965
TOTAL CREDIT
(In millions of dollars)
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
(In millions of dollars)
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
1964—JanFebMarAprMayJuneJulyAugSeptOctNovDec
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 CONSUMER CREDIT 305
INSTALMENT CREDIT HELD BY COMMERCIAL BANKS
(In millions of dollars)
End of period
193919411945
195719581959
19601961196219631964
1963—Dec
1964—JanFebMarAprMayJuneJulyAugSeptOctNovDec
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
(In millions of dollars)
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
(In millions of dollars)
NONINSTALMENT CREDIT
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
306 CONSUMER CREDIT FEBRUARY 1965
INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT
(In millions of dollars)
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 CONSUMER CREDIT 307
INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 CONSTRUCTION 313
VALUE OF NEW CONSTRUCTION ACTIVITY
(In millions of dollars)
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
1964—JanFebMarAprMay
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 EMPLOYMENT AND EARNINGS 315
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
(In thousands of persons)
Industry group
Seasonally adjusted
1964
Jan. Nov.
1965
Not seasonally adjusted
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
318 NATIONAL PRODUCT AND INCOME FEBRUARY 1965
Item
GROSS NATIONAL PRODUCT OR EXPENDITURE
(In billions of dollars)
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
(In billions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 NATIONAL PRODUCT AND INCOME 319
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
(In billions of dollars)
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
(In billions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
320 FLOW OF FUNDS FEBRUARY 1965
SAVING, INVESTMENT, AND FINANCIAL FLOWS
(In billions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 FLOW OF FUNDS 321
PRINCIPAL FINANCIAL TRANSACTIONS
(In billions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
326 WEEKLY REPORTING MEMBER BANKS, 1964 FEBRUARY 1965
ASSETS AND LIABILITIES OF BANKS TN LEADING CITIES
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 WEEKLY REPORTING MEMBER BANKS, 1964 327
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
Wednesday
Investments
U. S. Government securities
Total BillsCer-tifi-
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
328 WEEKLY REPORTING MEMBER BANKS, 1964 FEBRUARY 1965
ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 BUSINESS LOANS OF BANKS, 1964 329
COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING AT WEEKLY REPORTING MEMBER BANKS
(In millions of dollars)
Industry
Durable goods manufacturing:Primary metalsMachineryTransportation equipmentOther fabricated metal productsOther durable goods
Nondurable goods manufacturing:Food, liquor, and tobaccoTextiles, apparel, and leatherPetroleum refiningChemicals and rubberOther nondurable goods
Mining, including crude petroleum andnatural gas
Trade: Commodity dealersOther wholesaleRetail
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
Durable goods manufacturing:Primary metalsMachineryTransportation equipmentOther fabricated metal productsOther durable goods
Nondurable goods manufacturing:Food, liquor, and tobaccoTextiles, apparel, and leatherPetroleum refiningChemicals and rubberOther nondurable goods
Mining, including crude petroleum and naturalgas
Trade: Commodity dealersOther wholesaleRetail
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
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
330 BUSINESS LOANS OF BANKS, 1964 FEBRUARY 1965
COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING AT WEEKLY REPORTING MEMBER BANKS—Continued
(In millions of dollars)
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
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:
Bankers' acceptancesAll other types of business, mainly
services
Total classified loans
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
Durable goods manufacturing:Primary metalsMachineryTransportation equipmentOther fabricated metal productsOther durable goods
Nondurable goods manufacturing:Food, liquor, and tobaccoTextiles, apparel, and leatherPetroleum refiningChemicals and rubberOther nondurable goods
Mining, including crude petroleum andnatural gas
Trade: Commodity dealersOther wholesaleRetail
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
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 BUSINESS LOANS OF BANKS, 1964 331
COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING AT WEEKLY REPORTING MEMBER BANKS—Continued
(In millions of dollars)
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
Mining, including crude petroleumand natural gas
Trade: Commodity dealersOther wholesaleRetail
Transportation, communication, andother public utilities
ConstructionAll other:
Bankers' acceptancesAll other types of business, mainly
services
Total classified loans
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
332 INTEREST RATES, 1964 FEBRUARY 1965
MONEY MARKET RATES
(Per cent per annum)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 INTEREST RATES, 1964 333
BOND AND STOCK YIELDS
(Per cent per annum)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
336 GOLD RESERVES FEBRUARY 1965
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
(In millions of dollars)
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
For notes see end of table.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 GOLD RESERVES AND PRODUCTION 337
GOLD RESERVES OF CENTRAL BANES AND GOVERNMENTS—Continued
(In millions of dollars)
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
1964—JanFebMarAprMay
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
(In millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 GOLD RESERVES AND DOLLAR HOLDINGS 339
HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS
(In millions of dollars)
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
U.S.Govt.bonds& notes
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
U.S.Govt.bonds& notes
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
U.S.Govt.bonds& notes
•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
U.S.Govt.bonds& notes
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
(Amounts outstanding; in millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
(Amounts outstanding; in millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
342 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 1965
2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
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
(Amounts outstanding; in millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
(Amounts outstanding; in millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
344 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 1965
4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued
(Amounts outstanding; in millions of dollars)
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
1964—JanFebMarAprMay
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 345
5. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE
(Amounts outstanding; in millions of dollars)
Bad of period
I96019611961 51962
1963 Dec
1964—JanFebMarAprMay
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
(Amounts outstanding; in millions of dollars)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
346 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 1965
7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE
(In millions of dollars)
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.
See also NOTE to Table 2.
8. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES
(In millions of dollars)
End of period
1962—Dec . . . .1963—Dec
1964—JanFebMarAprMay
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 347
9. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES,BY TYPE OF SECURITY AND BY COUNTRY
(In millions of dollars)
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
(In millions of dollars)
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
(In millions of dollars)
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
348 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 1965
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.
See also NOTE to Table 2.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 MONEY RATES 349
CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS
(Per cent per annum)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
350 MONEY RATES; ARBITRAGE FEBRUARY 1965
OPEN MARKET RATES
[Per cent per annum]
Month
1961—Dec1962—Dec
1963—Dec
1964—JanFebMarAprMayJuneJulyAugSeptOctNovDec
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
(Per cent per annum)
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEBRUARY 1965 FOREIGN EXCHANGE RATES 351
FOREIGN EXCHANGE RATES
(In cents per unit of foreign currency)
Period
1959I9601961196219631964
1964—JanFebMarAprMayJuneJulyAusSeptOctNovDec
1965—Jan
Period
1959I9601961196219631964
1964 JanFebMarAprMay
July
SeptOctNovDec
1965—Jan
Period
1959I9601961196219631964
1964 JanFebMarAprMay
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
352 U.S. BALANCE OF PAYMENTS FEBRUARY 1965
U.S. BALANCE OF PAYMENTS
(In millions of dollars)
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).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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
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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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
356 FEDERAL RESERVE BULLETIN • FEBRUARY 1965
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
45201..15230
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
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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
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358 FEDERAL RESERVE BULLETIN • FEBRUARY 1965
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.
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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
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360 FEDERAL RESERVE BULLETIN • FEBRUARY 1965
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)
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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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