Federal Reserve Bulletin, 1965-10

FEDERAL RESERVE B U LLETIN October Volume £i * Number 10 * * BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN Contents U.S. International Payments 1367 Staff Economic Studies 1376 Time Deposits in Monetary Analysis 1380 Communique of the Ministers and Governors of The Group of Ten 1407 Law Department 1409 Announcements 1411 National Summary of Business Conditions 1412 Guide to Tabular Presentation 1414 Financial and Business Statistics, U.S. (Contents on p. 1415) 1416 International Financial Statistics (Contents on p. 1477) 1478 Board of Governors and Staff 1498 Open Market Committee and Staff; Federal Advisory Council 1499 Federal Reserve Banks and Branches 1500 Federal Reserve Board Publications 1501 Index to Statistical Tables 1504 Map of Federal Reserve System Inside back cover E D I T O R I AL C O M M I T T EE Charles 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 editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. INTERNATIONAL PAYMENTS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1367 he international payments position of the United States has im- DEFICIT ON REGULAR TRANSACTIONS proved sharply in 1965 as a result of the response by U.S. banks and other lenders and investors to the President's balance of payments program announced on February 10. In the first half of the year the deficit on regular transactions was at a seasonally adjusted annual rate of $1.3 billion, as compared with deficits of more than $3 billion in each of the preceding 7 calendar years. The immediate objective of the President's program was to reduce net outflows of U.S. private capital from the extraordinarily 1964 1965 high rates of last year to rates more in line with previous experi- [1st HALF) • adjusted annual rah ence, and in this way to bring about a substantial improvement in the U.S. payments position. Beginning in March and continuing through August there were net reflows of both U.S. bank credits and liquid money market investments from abroad. These reflows, together with a trade surplus which was temporarily swollen by the after-effects of the dock strike, resulted in a U.S. payments surplus on regular transactions in the second quarter. Because the second-quarter results benefited from some favorable developments of a once-and-for-all nature, the results for the first half are believed to be more representative of underlying conditions. However, a net inflow of U.S. short-term capital such as was recorded for this 6-month period is not likely to be sustained. A comparison of the balance of payments in the first half of 1965 with results for the full year 1964 shows a shift from a very large outflow of U.S. short-term private capital last year to a substantial inflow this year; a decline in the net outflow of U.S. longterm portfolio capital, which consists primarily of long-term bank loans and securities transactions other than direct investment; an increase in income on foreign investments; and a decline in the net outflow on errors and unrecorded transactions. Partly offsetting these shifts, which contributed to imporvement in the U.S. payments position this year, there was a decline in the surplus on merchandise trade and a rise in net outflows of U.S. direct investment. The latter substantially exceeded the growth in investment income receipts. Some of the shifts that helped to reduce the deficit were primarily the direct result of the President's balance of payments program. Changes in some components of the balance of payments, however, reflected longer-run economic forces. These transactions may show the influence of the program only over a period of time. VFCR PROGRAM From the outset, U.S. commercial banks have cooperated fully FOR BANKS in the voluntary foreign credit restraint program conducted by the Federal Reserve System. Under this program—the guidelines for which were published in the March, May, and August 1965 BULLETINS—banks were asked not to allow their claims on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1368 FEDERAL RESERVE BULLETIN • OCTOBER 1965 foreigners to rise more than 5 per cent above their end-of-1964 level during 1965. The reduction in the net outflow of banks' term loans to foreigners accounted for nearly all of the reduction in the total net outflow of long-term portfolio capital in the first half of 1965, as compared with last year, and an outright reduction in outstanding short-term bank claims produced a shift in flows that accounted for more than hah* of the very large improvement in total U.S. private short-term capital flows. CHART 1 WIDE SHIFTS have occurred in some U.S. international transactions since '64 BILLIONS OF DOLLARS U. S. SHORT-TERM U.S. LONG-TERM PORTFOLIO INCOME ON FOREIGN INVESTMENTS ERRORS AND OMISSIONS TRADE SURPLUS U. S. DIRECT INVESTMENT NOTE.—Dept. of Commerce balance of payments data for U.S. private capital flows, income from U.S. private investments abroad, trade surplus, and errors and omissions. Annual data for 1964; first half of 1965, at a seasonally adjusted annual rate. This impact of the program must be viewed in the light of developments just preceding its announcement. During the first 6 weeks of 1965 there had been a strong surge in foreign lending by U.S. banks. In many instances the increase reflected efforts by residents of foreign countries to secure credits before the interest equalization tax or other restraints were applied to bank term loans. As a result, at the end of February foreign claims of U.S. banks were close to the target ceiling. And in March, as may be seen from Chart 2, they rose a little further as banks fulfilled previous commitments. But beginning in April and continuing through August, banks as a group reduced their foreign claims each month. A number of banks that had foreign claims much in excess of their target ceilings in the spring managed to reduce their claims to levels under, or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. INTERNATIONAL PAYMENTS 1369 only a little above, their targets, in part through the sale of excess long-term credits to foreign branches. At the end of August foreign claims of U.S. banks were $100 million below their level at the end of 1964 and $575 million below the 105 per cent target CHART 2 FOREIGN CLAIMS of U.S. banks decline in each month since March BILLIONS OF DOLLARS MILLIONS OF DOLLARS 10 — !O5?5 400 8 — 1 •MVi 6 — 200 4 — 1 • + 2 — 'It "' \ i * ^ ?LJLJ " i * >:;J »—• Wl -r IOO . • rs. DEC. 31,1964 FEB. APR. JUNE AUG. NOTE.—Foreign claims and 105 per cent target ceiling are as reported by U.S. banks to the Federal Reserve System under the VFCR program. ceiling. There were 45 banks with foreign claims in excess of their ceilings, and the total overage of these banks was $75 million. This represents a reduction both in number of banks and in overage from the position at midyear, which is shown in Chart 3 on the next page. Because both the overage of banks with outstanding claims above the target ceiling and the leeway of those with claims under the target are concentrated in a relatively few institutions, the course of bank credit outflows under the VFCR program during the remainder of 1965 will depend to a considerable degree on the experience of these few institutions. Banks are known in some instances to have sizable commitments outstanding. Some of these are commitments on long-term loans, and some represent the unused portions of firm short-term credit lines. The extent of foreign drawings on these credit lines will depend in part on the relative availability of credit abroad. Recent relaxations of monetary restraint in some foreign countries, notably Italy and Japan, where borrowers often turn to U.S. banks, may help to reduce foreign credit demands during the rest of this year. On Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1370 FEDERAL RESERVE BULLETIN • OCTOBER 1965 the other hand, demands of many foreign countries for short-term U.S. bank credits tend to be seasonally strong late in the year. CHART 3 OVERAGE AND LEEWAY under VFCR program cciceatroted in a few baakt MILLIONS OF DOLUIS — 100 LEEWAY NET LEEWAY — 100 — 300 — 500 BANKS OVER BANKS UNDER NET. ALL BANKS [521 1104] (1561 NOTE.—Data are foi June 30, 1965. Foi banks with claims above target ceiling, the total overage shown for 4 banks is for those banks with largest total overage. For banks with foreign claims legs than the target ceiling, the total leeway shown for 4 banks is for those with largest total leeway. VFCR PROGRAM Financial institutions other than banks also have made changes FOR NONBANK in their holdings of foreign assets in conformity with the various INSTITUTIONS guidelines for different types of assets, as described on pages 944- 46 of the BULLETIN for July 1965. They reduced their holdings of short-term money market investments abroad by about $160 million in the first half of 1965, as the table shows. This amount accounted for almost one-fourth of the total reflow of such funds by all U.S. residents. As a group these institutions by mid-year appear to have cut such liquid assets to less than their holdings at the end of 1963, which was the target in the guidelines for institutions that had added to their investments in 1964. Credits maturing in 10 years or less and investments in foreign subsidiaries engaged in financial or real estate activities, which combined are to be limited to an expansion of 5 per cent in 1965 under Guideline No. 2, rose about 2.5 per cent in the first half. Credits with more than 10 years to maturity and portfolio holdings of equity issues were not made subject to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. INTERNATIONAL PAYMENTS 1371 an over-all target ceiling, but normally under the guidelines institutions are expected to avoid any increase in nonexport credits to developed countries other than Canada, Japan, and the United Kingdom. Moreover, acquisitions of such claims on developed countries are subject to the interest equalization tax unless covered by the exemption for Canada or by the partial one for Japan. The decline of $154 million in holdings of equities by nonbank financial institutions, shown in the table, almost equaled total net sales of foreign stocks by all U.S. investors in the first half of 1965. However, a part of the change shown in the table may reflect changes in market values. Gross U.S. purchases of foreign equities have been less than gross U.S. sales almost continually since announcement of the interest equalization tax in mid-1963. The $464 million increase in holdings of longer-term credits by nonbank financial institutions in the first half of 1965 accounted for most of the total outflow of U.S. capital through purchases of foreign bonds, net of redemptions. This outflow continued at roughly the rate of last year, with most of the issues representing borrowing by Canada and the World Bank. Long-term credits outstanding to developed countries other than Canada and Japan declined very slightly while credits to Japan and less developed countries increased. FOREIGN FINANCIAL ASSETS OF U.S. NONBANK FINANCIAL INSTITUTIONS DECEMBER 1964 AND JUNE 1965 Amounts Change (millions of dollars) during period Assets subject to Guideline— Dec. 31, June 30, Millions Per 1964 1965 of dollars cent 1. Short-term money market assets. 447 284 -163 -36.5 2. Credits maturing in 10 years or less 629 652 23 3.7 Net investments in financial subsidiaries 545 550 5 0.9 Total, Guideline 2 1,174 1,202 28 2.4 3. Credits maturing in more than 10 years 7,152 7,616 464 6.5 Equity securities 2,720 2,566 -154 -5.7 Total, Guideline 3 9,873 10,182 309 3.1 Total under Guidelines 1-3 11,494 11,668 174 1.5 NOTE.—Based on data for 582 institutions submitted to the Federal Reserve System under the voluntary foreign credit restraint program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1372 FEDERAL RESERVE BULLETIN • OCTOBER 1965 INVESTMENTS OF U.S. corporations whose principal activities are not in the fi- NONFEVANCIAL nancial field repatriated roughly $0.5 billion of short-term money CORPORATIONS market investments during the first half of 1965. This reflow in response to the balance of payments program accounted for much of the shift from net outflows of short-term capital in 1964 to net inflows in 1965, apart from that attributable to restraint on bank credits. However, the reflow of liquid funds is unlikely to be sustained at this rate. Many nonfinancial corporations with "excess" holdings of money market investments abroad have doubtless already reduced them. Outflows into direct investment abroad, which are predominantly long-term, were extraordinarily high in the first quarter of 1965. Although they were reduced in the second, they were still very large. The high rate of outflow in the first half, 70 per cent above that of 1964, reflected some special factors. But more fundamentally, it reflected business plans to make substantial increases in their foreign investments this year. U.S. companies with foreign affiliates planned expenditures abroad on plant and equipment this year one-fifth above the volume in 1964. Many companies may have found it difficult to adjust their plans or to arrange alternative sources of financing. However, in response to the balance of payments program, the foreign affiliates of some U.S. companies—usually with the guarantee of the U.S. parent—and one U.S. company itself have borrowed through long-term bond issues in Europe, at rates significantly above those prevailing in the U.S. market. These foreign affiliates have also increased their outstanding borrowings from foreign banks. The large outflow of direct investment in the first half overshadowed a marked rise in income from previous direct investments abroad. While such investments add in the long run to net U.S. international receipts, the more immediate effect of the outflows is to increase the amount of dollars made available to foreigners, with an adverse effect on the U.S. international payments position. MERCHANDISE The reduction in the payments deficit this year occurred in spite TRADE of a narrowing of the U.S. trade surplus, much of which was attributable to worldwide cyclical forces. An earlier temporary reduction in the U.S. payments deficit, from mid-1963 to mid- 1964, had owed much to a cyclical strengthening of the U.S. trade surplus. But beginning late last year and continuing well into the spring, U.S. exports leveled off. The pause in expansion of exports reflected a drop in sales of agricultural products, particularly wheat and cotton, while in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. INTERNATIONAL PAYMENTS 1373 dustrial exports remained relatively stable at close to the high rate of late last year. The trend in industrial exports probably reflected a lessening in economic growth in some European industrial countries and in Japan. In July and August, however, there was renewed expansion in exports to an average above even the swollen rate of the second quarter, following the termination of the dock strike. This upsurge suggests that the lull in the first half may have been temporary; a similar pause in export growth occurred in 1962, when there was a slowing of expansion in some industrial countries abroad. CHART 4 TRADE SURPLUS narrows in first half, but widens again after mid-1965 BILLIONS OF DOLLARS - 30 (JULAUG.) — 20 \^^ IMPORTS / 1 1 1 1 1 19S1 1963 1965 NOTE.—Census Bureau data, quarterly, at annual rates. Dashed line indicates data with estimated adjustment for strikes. Imports for July-August also adjusted for changes in statistical reporting. Meanwhile, continued expansion of the U.S. economy contributed to increased demands for imports during the first half. Purchases from abroad have generally tended to grow faster than our gross national product when domestic production of industrial materials is rising sharply. This tendency was temporarily reinforced in 1965 by especially large deliveries of foreign steel because of the threat of a strike at U.S. mills. But in addition the growth in imports reflected stepped-up deliveries of jet aircraft and a wide range of machinery and further increases in imports of consumer goods. Statistics for July and August appeared to indicate a leveling off in total imports. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1374 FEDERAL RESERVE BULLETIN • OCTOBER 1965 FINANCING THE i n t h e first half of 1965 foreign holdings of short-term dollar DEFICIT assets and of marketable and nonmarketable U.S. Government securities declined by $930 million, while U.S. monetary reserve assets fell by $910 million. However, special U.S. Government receipts of $210 million—representing advance repayments on U.S. Government loans and net advances on U.S. military exports —were important both in reducing our liabilities and in preventing a larger reduction in our reserve assets. After inclusion of these special receipts among the settlement items—those that finance the deficit—the U.S. payments deficit on regular transactions was about $190 million before seasonal adjustment. In past years the deficit on regular transactions in the first half has been substantially lower than in the last half because of the influence of seasonal elements. The adjustment required to take account of these influences has been estimated at $470 million for 1965. With this adjustment, the deficit on regular transactions in the first half was $660 million, or $1.3 billion at an annual rate. The decline in U.S. monetary reserve assets resulted from net foreign purchases of gold at very close to the peak rates of the first half of 1958 and the last half of 1960. In each of the earlier periods, however, the U.S. payments deficit on regular transactions had exceeded net purchases of gold by foreigners, whereas this year the deficit was substantially smaller than net foreign purchases. Net gold purchases by foreign countries in the first half of 1965 totaled $1,100 million, almost three-fourths of which occurred in the first quarter. In addition, in June the United States made a payment of $259 million in gold to the International Monetary Fund as a subscription payment in anticipation of an increase in the U.S. quota in the Fund. This latter gold payment does not reduce U.S. monetary reserve assets, because it is matched by an increase in our gold tranche position, and hence in virtually automatic drawing rights, at the IMF. In the first half of 1965 our IMF gold tranche position improved by $400 million, but at the end of July the United States drew $300 million in foreign currencies from the Fund to pay off short-term credits and otherwise to reduce official holdings of dollars abroad by purchasing dollars with the currencies drawn. Purchases of gold by monetary authorities in a number of European countries represented conversions of dollar assets into gold. Such conversions raised the proportions of their total reserves held in gold. Some countries, such as Belgium, Spain, and Switzerland, purchased gold in amounts that reduced their official holdings of foreign exchange—mainly dollars—to about the levels at the end Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. INTERNATIONAL PAYMENTS 1375 of 1963. Austria reduced its foreign exchange holdings to the level of mid-1964, which was the same as in mid-1963. These countries thus converted into gold this year the dollars they had added to their reserves in 1964, when net foreign gold purchases from the United States were only $36 million. French purchases, which were particularly heavy in the first quarter, represented a more pronounced shift in the composition of reserves, as French holdings of foreign exchange were reduced well below the amounts of recent years. In mid-1965 about four-fifths of official French holdings of gold and foreign exchange were in gold. After midyear, net foreign gold purchases slackened from the second-quarter rate. In the third quarter the U.S. gold stock, including holdings in the Exchange Stabilization Fund, declined by $123 million. During the first half of 1965 foreign private holdings of liquid dollar assets rose by only $35 million, after seasonal adjustment. The rise in the first quarter and the decline in the second were each more than seasonal. Thus, the balance as measured by changes in U.S. reserve assets and liquid liabilities to foreign official organizations differed only slightly from the balance as measured by changes in reserve assets and all liquid liabilities. According to the "official settlements" concept of the payments deficit, proposed by the Review Committee for Balance of Payments Statistics, increases in foreign private dollar holdings and net U.S. advance receipts on military exports are regarded as reducing the deficit to be financed, rather than as settlement items. On this basis, the U.S. payments deficit in the first half was about $430 million after seasonal adjustment, or at an annual rate of $0.9 billion compared with $1.3 billion for the year 1964. In July and August foreign private dollar holdings rose by $650 million, representing almost entirely increases in assets held in the United States by foreign commercial banks, including foreign branches of U.S. banks. In large part, these increases may have reflected movements of funds out of sterling and Italian lire and into the Euro-dollar market. During the summer Italian commercial banks continued to make purchases of dollars from the Italian authorities on a swap basis and used the funds mainly to reduce their net foreign liabilities. Also in the summer speculative pressures on sterling increased, and heavy market offerings of sterling required substantial support purchases by the Bank of England with dollars from its reserves. Beginning in September, market confidence improved, and as this development continues, the earlier movement out of sterling and into Euro-dollars may be expected to be reversed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Staff Economic Studies The research staffs of the Board of Gover- set forth are those of the authors; publinors of the Federal Reserve System and of cation of these studies—whether in sumthe Federal Reserve Banks undertake studies mary form or in full—does not necessarily that cover a wide range of economic and indicate concurrence by other members of financial subjects. In order to make the re- the research staffs, by the Board of Goversults of these studies available to the eco- nors, or by the Federal Reserve Banks. nomics profession and to the general public, Single mimeographed copies of the full the Federal Reserve BULLETIN is initiating text of each study summarized may be obin this issue a new section in which staff tained from the Publications Services Secstudies of general interest will be sum- tion, Division of Administrative Services, marized and in which complete studies will Board of Governors of the Federal Reserve be printed from time to time. Also some System, Washington, D.C., 20551. A list of Staff Economic Studies will be printed in full the studies that are currently available in this in a separate pamphlet series to be in- form will appear regularly in the list of augurated shortly. publications at the back of each Federal In all cases the analyses and conclusions Reserve BULLETIN. STUDY SUMMARIES STATISTICAL REFINEMENT OF THE CONCEPT OF INFLATION- MONETARY AND LIQUIDITY ASPECTS Guy E. Noyes—Staff, Board of Governors Paper presented at the Annual Meeting of the American Statistical Association, Philadelphia, Pennsylvania, September 10, 1965 Taking as a hypothesis the "conventional less than full employment, and inflation in wisdom" that significant increases in money those that are fully employed, this paper and/or liquidity (or their credit counter- presents the results of some tests of that parts on the asset side of books of financial hypothesis against the experience of a intermediaries) generally produce increases number of countries over the postwar period. in output and employment, rather than in- Specifically, it analyzes the relationship in flation, in economies that are operating at the behavior of money, and money plus 1376 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAFF ECONOMIC STUDIES 1377 quasi-money, consumer prices, and the un- mentary runs were made on a cross-sectional employment rate for the period from 1949 basis, and for five countries the data were to 1964, to the extent of data availability. run separately for low and high unemploy- Quarterly data for the entire period were ment rates. available for the United States, Germany, In general, in the ranges in which the Italy, France, and Japan. More limited data variables have moved in most countries in were used for the United Kingdom, Brazil, the period studied, there does not appear to Argentina, Mexico, Canada, Switzerland, be a sufficiently stable relationship between Sweden, Belgium, the Netherlands, Panama, changes in prices and money in either peri- India, Ceylon, and Chile. ods of high or low unemployment to support The basic analysis involved running ordithe oversimplified but widely accepted connary least squares regressions of prices on cept of monetary inflation hypothesized. In money and the unemployment rate, both a few countries where monetary expansion concurrently and with money lagged up to five quarters. In the results presented, the and price inflation have both moved at high price and money variables entered the cal- rates, there does appear to be a somewhat culations in first-difference form. Supple- closer relationship. THE DEMAND FOR MONEY—SPEED OF ADJUSTMENT, INTEREST RATES, AND WEALTH Frank de Leeuw—Staff, Board of Governors Paper presented at the Conference of University Professors sponsored by the American Bankers Association at Purdue University, August 29-September 1, 1965 Recent empirical studies of the demand for of "scale" variable, and speed of adjustmoney are in agreement as to the importance ment—specifically in mind. of an interest rate (or interest rates) and Probably the strongest evidence the postsome "scale" variable (reflecting the size of war quarterly data provide is on the matter an economy) in accounting for much of the of speeds of adjustment. The evidence, as variation over time in the amount of money analyzed in this paper, supports fairly the public holds. They are not in agreement, strongly the hypothesis that portfolios adjust however, as to which interest rates are the with a considerable lag. This finding persists relevant ones or as to whether the "scale" even after attempts to correct for possible variable should be an income measure, a statistical biases, and it seems true for curtransactions measure, or a wealth measure. rency, for demand deposits, and for bank Nor are they in agreement as to whether or time and savings deposits. not there exists a substantial lag in the ad- With respect to the choice of "scale" justment of money holdings to a stock- variable, the postwar evidence seems to supequilibrium position. The present paper re- port a net worth measure for demand deports the results of examining aggregative posits, a weighted-average income measure quarterly postwar data with these matters for currency, and either one for time deof contention—choice of interest rate, choice posits. Deviations of current from weighted- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1378 FEDERAL RESERVE BULLETIN • OCTOBER 1965 average income seem to influence signifi- ment for the theory of money demand are cantly holdings of both currency and demand difficult to deduce. The existence of long deposits, a finding that seems more con- lags seems hard to reconcile with an invensistent with an inventory theory of money tory theory in which money serves as a demand than with a utility approach. buffer stock if the reason for the lags is costs With respect to interest rates, collinearity (in time and effort as well as direct money among rates makes it difficult to discriminate payments) of adapting to changes in the sharply between a single long-term rate on "desired" stock; for such a theory implies the one hand and rates on the "safe assets," that costs of adaptation are relatively low. Treasury bills and time deposits, on the If long lags reflect delays in the spread of other. information, however, there is no necessary The implications of long lags in adjust- incompatibility with an inventory approach. PRICE ANALYSIS AND ECONOMIC DEVELOPMENTS Murray Altmann—Staff, Board of Governors Paper presented at the Twelfth Annual Conference of the Mid-Continent Research and Development Council, University of Nebraska, September 27, 1965 In an era of rising standards for appraising effectively in terms of the price situation in the performance of economic policy, efforts detail than in terms of any aggregate to harmonize the several goals of policy have measure. renewed interest in the measurement and Analysis of price developments and prosanalysis of prices. Questions are raised about pects also requires disaggregation. In one the appropriateness of various price meas- set of special groupings of wholesale prices, ures as policy variables, given the objectives described and charted, industrial commodithat underlie the price goals, and also about ties are separated from foodstuffs because the use of price measures in judging market the latter are so responsive to influences conditions to detect promptly the accumulaother than cyclical changes in income and tion of forces that bring about widespread demand. Because of their greater cyclical changes in prices. responsiveness, industrial materials are sepa- Goals concerning price behavior have rated from industrial products and "sensibeen changing, and problems of measuretive" materials from other materials. While ment—especially problems of quality change sensitive material prices are likely to increase and the representativeness of reported prices before prices generally, not every increase —are involved in continuing debate. Probin sensitive indexes foreshadows a general lems of measurement aside, absolute stability movement. Appraisal of prospects requires in an over-all measure may not be necessary consideration of the more complex influences to foster the goals of economic stability and in price determination such as capacity utiliinternational competitiveness. For the goal zation, long- as well as short-term competiof equity among income groups, more is involved than the direct impact of price tion, and developments tending to change changes. Goals can be considered more costs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAFF ECONOMIC STUDIES 1379 A STUDY OF FACTORS AFFECTING THE MONEY STOCK: PHASE ONE Leonall C. Andersen—Staff, Federal Reserve Bank of St. Louis Paper presented at a meeting of the Federal Reserve System Committee on Financial Analysis, at the Federal Reserve Bank of Atlanta, on April 28, 1965 The money stock may be related through serve holdings of U.S. Government securian identity to the accounts comprising total ties, other reserve factors (primarily gold member bank reserves and to required re- and Treasury accounts at Federal Reserve serves. Such an identity permits the isolation Banks), member bank borrowings, excess and measurement of what might be termed reserves, time and savings deposits, foreign the "direct determinants" of the money deposits at Reserve Banks, currency held by stock, from a balance sheet point of view. the nonbank public, Federal Reserve float, The objectives of this study are to specify U.S. Government demand deposits, deposits these direct determinants and to measure the due from banks, deposits due to domestic impact of each on short-run changes in commercial banks, the nonmember bank demoney. posit component of money, reserve require- Three steps are involved. First, the direct ments, and distributional shifts of deposits determinants of the money stock are speci- among classes of banks. Three factors apfied from the identity. Secondly, a method is pear to be the most important in month-tothen developed of determining the contribu- month changes in the money stock: Federal tion of changes in each to changes in the Reserve holdings of Government securities, money stock, measured both in dollar other reserve factors, and currency held by amounts and annual rates of change. Finally, the nonbank public. Some by-products of the the relative importance of each factor as a study are a method of ex post analysis of short-run determinant of the money stock is factors contributing to short-run changes in ascertained. the money stock, time series (unadjusted Fourteen direct determinants are identi- data) of such factors, and time series of each fied and each one's relative importance is factor's contribution to month-to-month measured. The fourteen are: Federal Re- changes in money. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAFF ECONOMIC STUDY Time Deposits in Monetary Analysis Lyle E. Gramley and Samuel B. Chase, Jr. As noted in the introduction to this sec- of Governors, and Mr. Chase of the Brooktion, the BULLETIN from time to time pub- ings Institution. As in all staff economic lishes, in full, staff studies on economic and studies, the authors are responsible for the financial subjects that are of general interest analyses and conclusions set forth, and the in the field of economic research. views expressed are not necessarily those of The paper below was prepared by Mr. their colleagues or of the Board of Gov- Gramley, a member of the staff of the Board ernors. Developments in banking over the past itary institutions consisted mainly of adverdecade have heightened the importance of tising appeals. Commercial banks did little time deposits in discussions of central bank to attract time deposits in large denominapolicy. The decade has seen time deposits tions—in fact, major banks refused to acat commercial banks grow by more than 170 cept time deposits from nonfinancial corpoper cent, 10 times as fast as demand deposits rations. held by the public. Since 1961, time deposit Then in February 1961, for the first time growth has averaged $15 billion a year, since before World War II, major commercompared with an average of less than $3 cial banks in New York and Chicago anbillion per year for private demand bal- nounced that they would issue large-denomances. Late in 1964, private holdings of ination time certificates of deposit (CD's) time deposits exceeded demand deposits for that would be negotiable in the open market the first time in history. and could be held by any investor. Investors Three recent developments are particu- apparently regarded this new instrument as larly noteworthy. First, investors seem to an alternative to both demand balances and have become increasingly willing to substi- market securities in their liquid asset porttute time deposits for other financial assets, folios, and the volume of CD's outstanding especially for open market securities, in re- grew rapidly. But the increased willingness sponse to changes in yields. of investors to substitute deposits for mar- Second, competitive pressures in finan- ket instruments and of banks to compete cial markets have led to departures from aggressively for these funds had their origins established traditions of commercial bank- at least as early as the mid-1950's. ing. A decade ago, most time deposits at The third important development relates commercial banks were modest savings ac- to regulation. Banking legislation of the counts held by individuals. Banks adjusted early 1930's gave the Federal Reserve and the rates of interest paid on these accounts the Federal Deposit Insurance Corporation infrequently; competition with other depos- power to regulate interest payments on time deposits, which the Federal Reserve exer- NOTE.—An earlier draft of this paper was pre- cises under Regulation Q. The use of this sented at a meeting of the Federal Reserve System authority over the past decade has permitted Committee on Financial Analysis, Atlanta, Georgia, on Apr. 29, 1965. banks to increase the rates paid on time de- 1380 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TIME DEPOSITS IN MONETARY ANALYSIS 1381 posits relative to rates on most other financial multiplier," are not well suited to this task. assets. Four times—in 1957, 1962, 1963, In such analyses time deposits, if discussed and 1964—interest ceilings have been re- at all, are typically assigned a subordinate laxed, and rates paid by banks subsequently role among bank liabilities—treated, perhave risen. Policy decisions under Regula- haps, as a "leakage" in the process of money tion Q were one of the necessary conditions creation or destruction.1 It would be equally for recent time deposit expansion. justifiable analytically to regard the money These developments have reaffirmed the stock as a leakage in the process of time debanker's point of view that deposits are posit creation or destruction. attracted, not created, as textbooks sug- The "new view" in monetary economics gest. Attracting time deposits in the negoti- provides a more useful analytic framework.2 able certificate market is one of several In the new view, banks—like other financial forms of open market borrowing. With the institutions—are considered as suppliers of aid of permissive regulatory rulings, other financial claims for the public to hold, and new methods of borrowing, through unse- the public is given a significant role in decured notes and debentures, have also been termining both the total amount of bank liaemployed in recent years. In principle, these bilities and their distribution among classes. latter methods are the same as "borrow- The special characteristics of the various ing" through issuing deposits—the differ- classes of claims result in behavioral prinences are government-made in Washington ciples that can be incorporated explicitly and the State capitals and relate to reserve into monetary analysis. requirements, insurance, interest payment The next section of this paper presents limitations, and other creations of the State. a model of financial behavior that facilitates In this new environment, growth rates treatment of policy questions that arise of deposits have become more suspect than when the banking system supplies multiple ever as indicators of the conduct of mone- classes of liabilities for the public to hold. tary policy. Thus, each increase in Regula- Subsequent sections deal with policy implition Q ceilings has been followed by an ac- cations of recent developments in banking celeration in time deposit growth, and some and include some empirical evidence on the observers have warned that the increase in implications of increased substitutability bank credit and deposits has been excessive. Others have been concerned that the diver- XA notable recent exception is found in Milton Friedman and Anna J. Schwartz, A Monetary Hission of funds from market securities and tory of the United States, 1867-1960 (Princeton: claims against nonbank intermediaries into Princeton University Press for the National Bureau of Economic Research, 1964), where total bank detime deposits has not been fully compenposits (demand and time) are viewed as the multiplisated by accelerated growth of bank credit. cand. This approach is no more useful than the traditional one for the questions considered here. Systematic consideration of such ques- 2 See James Tobin, "Commercial Banks as Creators tions requires a framework of analysis from of 'Money'," Banking and Monetary Studies, edited by Deane Carson (Chicago: Richard D. Irwin, 1963). which the significance of time deposits and An application of the "new view" to central bank of changing time deposit rates can be de- policy is contained in James Tobin and William C. Brainard, "Financial Intermediaries and the Effecduced. Traditional methods of monetary tiveness of Monetary Controls," American Economic analysis, which postulate that the money Review, May 1963. The analytic approach used in this paper parallels stock is an exogenous variable fixed by that of Tobin and Brainard, although our model is central bank policies through the "money designed to deal with different policy questions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1382 FEDERAL RESERVE BULLETIN • OCTOBER 1965 between time deposits and securities, and debtedness of the public to the monetary of varying time deposit rates. system. The model assumes that public hold- The model is simple and permits treat- ings of claims against the monetary system ment of only a limited number of questions. in the form of currency and bank deposits It is not a general equilibrium model but a equal the volume of private securities held partial equilibrium model of the financial by the monetary system—in effect, that markets. It postulates a single class of open the public holds zero net financial claims market security and does not consider the against the government and commercial effect of changes in time deposit rates, and bank sectors.3 in the distribution of bank liabilities, on the Linkages between financial and nonfinancial structure of interest rates. These are severe markets. The model deals with the determination of equilibrium prices and quantilimitations, but light can be thrown on ties in financial markets and, in particular, policy questions even within these conwith immediate financial responses to censtraints, and such an approach is a necessary tral bank policy actions. To focus attention first step in the development of a more comsharply on these matters, we define a period plete analytical framework. short enough that changes in financial mar- A MODEL OF FINANCIAL MARKETS ket variables do not influence commodity expenditures during this period. The finan- The model assumes there are four financial cial markets are therefore a closed system, assets—claims against a central bank in the with nonfinancial variables assumed to be form of currency and bank reserves, demand exogenous. deposits, time deposits, and private securi- The links between financial markets and ties. The three sectors in the model include markets for goods and services are not ina central bank, commercial banks, and the vestigated here, although these linkages are nonbank public—or simply the public. the heart of the process of monetary control. Currency an,d balances at the central In drawing out the implications of the analbank are non-interest-bearing claims held ysis for nonfinancial responses to policy aceither by the public as currency or by the tions, it is assumed that the interest rate on banking system as excess or required reprivate securities is the link between finanserves. Demand and time deposits are liacial and nonfinancial markets. In fact, a bilities of the banking system and are held vast array of interest rates and other credit only by the public. Private securities are terms are involved in the linkage. issued by the public and are held by both Financial behavior of the public. Much atthe public and the banks. The central bank tention has been devoted elsewhere to finanalso buys and sells these securities when it cial asset demand and supply functions of conducts open market operations. Private the public. The controversy that remains securities are assumed to be all alike in terms of maturity, risk, and other features and therefore sell at the same price and 3 Throughout the model, the wealth implications of yield. fluctuating market prices of securities are ignored for reasons of simplicity. The assumption that the public At any point in time, the dollar volume of holds no net claims against the government also is private securities held by the commercial made to simplify the model and would need to be dropped if the model were to be extended to cover a banks and the central bank measures the in- broader range of questions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TIME DEPOSITS IN MONETARY ANALYSIS 1383 pertains chiefly to the role exercised by fac- lower panel of Figure 1 is identical to the tors taken here as exogenous—such as cur- slope and position of R£ + DP +TP in the D rent income, wealth, and the yields on real upper panel. assets. Since these exogenous factors are Public demands for bank deposits also taken as given, the public's desired alloca- depend on rates paid on bank deposits. The tion of financial asset portfolios among cur- lower right panel of Figure 3 (page 1386), rency, demand deposits, time deposits, and for example, shows the demand for time securities depends only upon relative yields deposits, Tp , as an increasing function of the of these assets. time deposit rate, n given the rate on secu- 9 Figure 1 shows the influence of the rate rities and the rate on demand balances. on private securities, r, on financial assets Similarly, the lower left panel shows the s demanded and supplied by the public, for demand for demand deposits, DP , as an in- D given rates on bank deposits. In the top creasing function of the demand deposit panel, /?£ represents public demand for cur- rate, ra, holding n and r constant. s rency; Rp + D*D represents public demand It may seem peculiar to speak of an infor currency and demand deposits; 2?£ + terest rate on demand deposits, since banks DP -f Tp represents public demand for cur- are forbidden by law to pay interest on D rency, demand deposits, and time deposits. demand accounts. The legal prohibition, All three are assumed to be substitutes for however, relates to explicit interest paysecurities. Since the public wishes to hold ments. Banks do, in fact, pay implicit inmore of each at lower rates of interest on terest on checking accounts—by relating securities, the demand functions slope down service charges for check handling and to the right.4 other services to the size of customers' bal- The net supply of securities the public ances—and that is the interest rate meawishes to sell to the monetary system, Sp, is sured by r*. There is little evidence, however, s shown in the bottom panel of Figure 1. The that implicit rates on demand deposits vary lower the rate of interest, r, the more secu- appreciably in the short run, and we assume s rities the public chooses to offer for the in the argument to follow that ra is fixed. (It monetary system to hold—including both is also assumed that service charges per securities outstanding at the beginning of check are invariant.) the period that were held by the public and Behavior of the banking system. In this new securities issued during the period. This model, the banking system issues only two net supply of securities is not independent classes of liabilities for the public to hold as of public demands for currency and de- assets—demand deposits and time accounts. posits. On the contrary, the net security With funds raised in supplying deposits, supply must, by assumption, equal public banks acquire reserves or private securities. demand for currency and bank deposits. Ac- Banks are required to hold reserves equal to cordingly, the slope and position of Sp s in the specified percentages of demand and time deposits. The percentage requirement for time deposits is lower than that for demand 4 For simplicity, all demand and supply functions deposits. In addition to required reserves, of the model are assumed to be linear. The slopes shown in Figure 1 and elsewhere are hypothetical, ex- banks may hold excess reserves. cept to the extent that the logic of the model imposes Banks are assumed to set rates on deposits such requirements as that the demand functions of Figure 1 slope down to the right. and to stand ready to supply all the public Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1384 FEDERAL RESERVE BULLETIN • OCTOBER 1965 FIGURE 1 Rp+np+T D D D CURRENCY & BANK DEPOSITS s DOLLAR AMOUNT OF SECURITIES wishes to hold at these rates. Supply func- it is supposed that deposit rates quoted by tions for demand and time deposits are thus banks are fixed by forces not explained in perfectly elastic at quoted deposit rates, r* the model. Subsequently, this assumption is on demand balances and r* on time ac- relaxed to explore the implications of variacounts, as shown in Figure 3. tions in time deposit rates. Delving into the forces that determine The deposit supply functions of Figure 3 deposit rates would take us far afield from are at variance with the traditional view our main line of inquiry. Initially, therefore, found in much of the literature on money Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TIME DEPOSITS IN MONETARY ANALYSIS 1385 FIGURE 2 K BANK DEPOSITS "AND ASSETS and banking. At this point in the argument, demand and time deposits. DP + Tp defines D it seems desirable merely to indicate the ap- the total quantity of funds available for bank proach to be used here, reserving until later investment in cash reserves and earning a comparison with accepted traditional assets. Bank demand for required reserves, views. RB , is derived directly from the public's wil- DR In this model, banks are not constrained lingness to hold deposits, the mix of deposits in their ability to supply deposits by the it chooses, and the legal reserve requirements existence of legal reserve requirements or by on demand and time deposits. Banks may the level of bank reserves. The required re- wish to hold reserves in addition to legal reserve ratio may influence the rates at which quirements, however. The demand for exan individual bank is willing to supply de- cess reserves, RB , is taken to be a decreas- DE posits, but at the rates quoted, the quantity ing function of the rate on securities, reflectof deposits a bank sells depends on the willing substitution between cash and earning ingness of the public to purchase its deposits. assets in bank portfolios. The sum of RB DE Since this is true for each and every bank in and RB measures total bank demand for DR the system, the constraint on bank deposits reserves, shown in Figure 2 as RB . D —and hence on bank asset holdings—is At the security rate r* in Figure 2, the derived from the public's desire to hold bank public is willing to hold OD in bank dedeposits. posits. Bank demand for required reserves This constraint on bank assets is shown in Figure 2 by DP + 7£, the total quantity at this rate is OB, while demand for excess D of deposits the public is willing to hold at reserves is OA (-BC). Dollar demand for varying rates on securities, given rates on securities by banks, at this interest rate, is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1386 FEDERAL RESERVE BULLETIN • OCTOBER 1965 CD, the difference between total demand by serves supplied by the central bank. The banks for reserves and their total assets. solution is shown in the top two panels of Equilibrium in the financial markets. These Figure 3. postulates regarding the financial behavior The upper left panel shows aggregate of banks and the public make it possible to demand for currency and bank reserves, solve for the equilibrium rate on securities, R£+B, derived by summing its two separate given the rates quoted by banks on deposits components, currency demanded by the and the quantity of currency and bank re- public, R^ (Figure 1), and total reserves FIGURE 3 CURRENCY AND DOLLAR AMOUNT BANK RESERVES "OF SECURITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TIME DEPOSITS IN MONETARY ANALYSIS 1387 demanded by banks, RB (Figure 2). Ro librium rate on securities, r . At the deposit D 8Q represents the total quantity of currency and rates rj and r* quoted by banks, the equibank reserves supplied by the central bank librium quantities of demand and time deand is taken as exogenously determined. posits are D and T , respectively. o o Given Ro, the market for currency and bank reserves clears at the rate r« ,. EFFECTS OF OPEN MARKET OPERATIONS 0 The upper right panel shows the aggre- The analysis of financial market responses gate excess dollar demand for securities by to exogenous disturbances begins by conthe public and the banks, Sp +B, together x sidering the effect of an open market operawith the dollar quantity of securities held by tion on the money stock, time deposits, and the central bank, Fo. This latter quantity is the security rate on the assumption that rates measured to the left of the origin at 0, and paid by banks on deposits are fixed. is equal to the dollar quantity of claims The treatment of an open market operaagainst the central bank in the form of curtion is shown diagrammatically in Figure 4. rency and bank reserves. The aggregate ex- Suppose the central bank engages in an open cess demand for securities, Sp +B, is derived x market purchase, shifting F to Fi, and ino by subtracting the public's net supply of creasing the quantity of currency and bank securities, S£ (shown in Figure 1), from the reserves outstanding from R to Ri. Because o banks' demand for securities (represented expenditures for goods and services are by the horizontal distance between DP + TP D D assumed to be unaffected by financial market and RB m Figure 2). D variables in the short run, the aggregate de- It is readily shown that the aggregate mand functions for securities and for curexcess dollar demand for securities must, at rency and bank reserves are stable. The each rate of interest r, be equal in absolute s equilibrium rate on securities must fall from value to the aggregate demand for currency r to r , shown by the intersections of Ri 8Q 8l and bank reserves, RP^B, but of opposite with R™ and of F with Sp +B. 5 x sign.5 From this fact, it follows that the rate The model assumes that both time deof interest r SQ which clears the market for posits and demand balances substitute for currency and bank reserves also clears the securities. The drop in the security rate, conmarket for securities. sequently, increases demand for both classes The bottom two panels of Figure 3 show of bank deposits, shifting both DP and TP to D D the determination of equilibrium quantities the right and increasing equilibrium quantiof demand and time deposits. The demand ties of time and demand deposits. If curfunctions Dp and TP are drawn for the equi- rency substitutes for securities in the port- D folios of the public, as the slope of RP in D Figure 1 implies, public currency holdings 5 Let Sp represent dollar demand of banks for sealso are enlarged. curities. By assumption: Growth in demand and time deposits accompanying an open market purchase is and not viewed as the result of an increase in the - RB D quantity of deposits that banks are willing to Accordingly, supply, but of an enlarged public demand to hold them that stems from falling security Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1388 FEDERAL RESERVE BULLETIN • OCTOBER 1965 FIGURE 4 I, F, .F, 0 ' \ \ \ \ RP+B CURRENCY AND DOLLAR AMOUNT BANK RESERVES OF SECURITIES rates. Increased bank willingness to supply recognize the ultimate limits on the quantity deposits would be reflected in higher rates of demand and time deposits that the bankpaid by banks to attract time and demand ing system is capable of supplying, given the balances; it is hard to imagine such a re- total quantity of currency and bank reserves sponse to easier bank reserve positions and outstanding. These ultimate capacity limits, falling yields on bank earning assets. represented by the dotted vertical segments It may be objected that the demand-pull of the deposit supply functions of Figure 4, interpretation of deposit growth fails to are shifted to the right by an open market Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TIME DEPOSITS IN MONETARY ANALYSIS 1389 purchase that increases total claims against tionable, no matter what role time deposits the central bank. play in monetary processes. These ultimate capacity limits on bank The element of volition in deposit expansion* deposits clearly exist, but their existence Gurley and Shaw, for example, have argued does not contribute to an understanding of that commercial banks are like other finanwhy and how bank deposits change in re- cial institutions in many respects and that sponse to open market operations. The ulti- they must compete with such institutions by mate limit on demand deposits, after all, is making their liabilities attractive for the encountered when the entire quantity of public to hold.6 This argument was received currency and bank reserves outstanding is in some quarters with astonishment and was absorbed by required reserves against de- resisted by defenders of accepted doctrines. mand balances—and it implies that currency Perhaps, Aschheim argued, banks are like held by the public, excess bank reserves, and other financial institutions in their time depublic holdings of time deposits are all zero. posit business but certainly not in their de- Similarly, the capacity limit on time deposits mand deposit business.7 When the banking reflects zero holdings of currency and desystem wishes to create additional demand mand balances by the public, and zero deposits, said Culbertson, the public has no excess bank reserves. Such extreme condichoice but to acquire them, since the volitions are not encountered in the real world. tional element in the process of deposit expansion lies with the banks, not with the SOME CONTRASTS WITH TRADITIONAL VIEWS public.8 The view of the deposit expansion process The confusion in this argument perhaps set forth here may be contrasted with some comes from misinterpreting the exogeneity time-honored doctrines of traditional moneassumption. For example, in the familiar tary analysis. The more conventional view "hot potato" analogy used to explain monefocuses on the impact of open market operatary processes, it is presupposed that the tions on the nominal money stock, taking central bank has the capability—through the stock of money as an exogenous variable open market purchases—of dictating an inset by central bank policy. It has often been crease in the money stock. The public then implicitly assumed that time deposits are not has no choice but to hold the larger stock substitutes for securities sold to the moneof money, and individuals' efforts to part tary system by the public. At one time, perwith money balances merely redistribute the haps, this assumption was suitable as a stock from one hand to another, raising working approximation. As noted earlier, time deposits were once held primarily by 6 See John G. Gurley and Edward S. Shaw, Money small savers, who may have been insensitive in a Theory of Finance (Washington: The Brookings to interest rate differentials on alternative Institution, 1960), pp. 198-99. 7 Joseph Aschheim, "Commercial Banks and Finanfinancial assets. In such a world, taking the cial Intermediaries, Fallacies and Policy Implications," money stock as an exogenous variable might Journal of Political Economy, Feb. 1959, pp. 61-62. 8J. M. Culbertson, "Intermediaries and Monetary seem justifiable. Yet, the assumption that Theory: A Criticism of the Gurley-Shaw Theory," the money stock is determined by central American Economic Review, Mar. 1958, p. 122. A bank policies has led to substantial con- similar view is put forth by J. A. Galbraith, The Economics of Banking Operations (Montreal: McGill fusion, and its usefulness is seriously ques- University Press, 1963), p. 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1390 FEDERAL RESERVE BULLETIN • OCTOBER 1965 nominal expenditures and income in the the monetary base, Ro, and a series of "leakprocess. ages" into time deposits, currency, and The initial premise is erroneous. Open excess bank reserves. market purchases increase the aggregate of Once the nature of these leakages has currency and bank reserves outstanding; re- been specified, the equation is properly establishment of equilibrium requires an viewed as exhibiting a relation between the increase in the amount of currency and bank equilibrium money stock and the reserve reserves demanded to match the enlarged base. Constructs of this nature are somesupply. This increased demand does not times identified as "money supply hypothnecessarily require expansion of the nominal eses." 9 But they are devoid of postulates money stock. Increased demand for cur- regarding the willingness of any economic rency and bank reserves could, for example, unit to supply either of the two components result solely from a rise in public demand of the money stock—currency and demand for time deposits and the induced increase deposits. The construct is, in fact, simply an in bank demand for required reserves. In- equilibrium condition specifying that total deed, public demands for currency, demand demand for currency and bank reserves deposits, and time deposits might all be equals the total quantity outstanding. unaffected by an open market purchase; the While the equilibrium quantity of money equilibrating adjustment could come entirely can be determined in this way, it must—in from increased bank demand for excess re- a consistent model—be identical to that serves. In short, open market operations found by summing the equilibrium quantialter the stock of money balances if, and ties of currency and demand deposits obonly if, they alter the quantity of money tained from the public's demand functions demanded by the public. for these two financial assets. Determining the impact of open market operations on the Money supply hypotheses. It is possible to money stock, consequently, requires knowlexpress the quantity of money, and its reedge of the effect of these operations on the lation to other variables of the model, in a endogenous variables of the system, no matway that effectively conceals this fact. Thus, ter which procedure is used. the equation: The role of interest rate adjustments. In taking the money stock as an exogenous vari- M able controlled by the central bank, tradiwhere M is the quantity of currency and tional monetary analysis often regards a demand balances, m is the reserve require- decline in market rates of interest accompanying an open market purchase as the ment against time deposits, and k is the result of the increase in actual money stocks reserve requirement for demand deposits, relative to desired stocks. In fact, changes in relates the money stock of the model to total the money stock and interest rates are deterclaims against the central bank, reserve mined simultaneously. But if logical priority ratios against time and demand deposits, public holdings of currency and time deposits, and bank ownership of excess re- 9 Karl Brainier and Allan H. Meltzer, "Some Further serves. Viewed in this way, changes in the Implications of Demand and Supply Functions for Money," Journal of Finance, May 1964, especially pp. money stock are functions of changes in 242-56. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TIME DEPOSITS IN MONETARY ANALYSIS 1391 is to be assigned to the correlative move- be as long as 16 months.10 Yet he also arments of the two variables, changes in the gues that the interest elasticity of demand money stock are properly viewed as the for money, which he defines to include time result, not the cause, of declining yields deposits, is unimportant.11 on market securities. These postulates are difficult to reconcile Given the rates on deposits, the security with the way financial markets behave. In yield bears the entire burden of the adjust- the limiting case of complete interest inelasment in the current period of the model, ticity of demand for money and time desince expenditures for goods are assumed to posits, the effect of central bank operations on the rate of interest would not alter pubrespond to financial market variables with a lic demands for money and time deposits. lag. An open market purchase requires the The money stock and time deposits would yield on securities to fall until expanded change, therefore, only to the extent that public demand for currency, together with expenditures for goods and services rebank demand for reserves, absorbs the ensponded to a varying rate of interest, therelarged stock of outstanding claims against by changing the demand for these finanthe central bank. cial assets. Long lags between central bank The role of the adjustment in the secupolicy actions and their effects on spending rity rate in the short run is displaced subdecisions would, in this case, imply the sequently by increases in nominal expendabsence of any short-run effect of open maritures and income that result from the ket operations on the level of bank deposits initial changes in financial variables. But and public currency holdings. Changes in when central bank actions influence spendthe supply of currency and bank reserves, ing decisions with a significant lag, the iniin the short run, would be reflected entirely tial adjustment required to bring the dein variations in bank demand for excess mand for currency and bank reserves into reserves. balance with a changed supply is a decline in the security rate. The extent of decline CYCLICAL VARIATIONS IN MONEY depends on the interest elasticity of aggre- AND TIME DEPOSITS gate demand for currency and bank re- When the public regards time deposits and serves. This elasticity depends, in part, on securities as substitutes, open market operathe interest sensitivity of bank demand for tions of the central bank—by influencing excess reserves and public demands for cur- market rates on securities—influence the rency and, in part, on the interest elasticity level of time accounts, as well as money of public demands for bank deposits. balances, if time deposit rates adjust slowly It is interesting to note the implications to changes in the rate on securities. The of a theory that specifies long lags between effect of central bank operations is dispersed over a wider range of financial assets than monetary actions and their effects on spending, but also postulates that public demands for money and time deposits are highly in- 10 See Milton Friedman, 'The Lag in Effect of Monetary Policy," Journal of Political Economy, terest inelastic. Friedman, for example, Oct. 1961, pp. 457-64. contends that the lag between monetary ac- uSee Milton Friedman, "The Demand for Money: Some Theoretical and Empirical Results," Journal of tions and their effects on money income may Political Economy, Aug. 1959, especially p. 349. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1392 FEDERAL RESERVE BULLETIN • OCTOBER 1965 is contemplated in traditional analysis. depends on the growth of income and Such substitution is also likely to weaken wealth—factors taken as exogenous to the the association between money balances and model. If income and wealth elasticities of bank reserves by fostering procyclical move- demand for demand deposits are high relaments in the money stock. tive to those for time deposits, or if the in- Suppose, for example, that economic ex- terest elasticity of demand for time deposits pansion is initiated by an increased rate of is high relative to that for demand balances, investment, financed by an increased sup- the quantity of demand deposits held by ply of securities. The effect on demands for the public may rise while the quantity of financial assets depends, in part, on the rise time deposits held may fall. Thus, the money in the rate on private securities, but it also stock may increase—even if the supply of QUARTERLY CHANGES IN MONEY AND TIME DEPOSITS, 1952-64 NOTE.—Quarterly changes based on averages of daily figures, and time deposits are given in the July 1965 BULLETIN, pp. seasonally adjusted. Methods used in calculating money stock 933-35. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TIME DEPOSITS IN MONETARY ANALYSIS 1393 currency and bank reserves is fixed, its divi- tary growth were concentrated in the early sion between the banks and the public is quarters of expansion, when gross national unchanged, and the quantity of excess bank product was rising sharply. Because it takes reserves is unaltered. The opposite sequence the stock of money as a policy-determined might accompany a recession. variable, traditional analysis assigns poor The postwar years prior to 1961 pro- marks to the central bank for its conduct of vided a setting in which switches between policy in these circumstances. It fails to rectime deposits and securities may have had an ognize that substitution between time deposimpact of this kind on the money stock. its and securities may be an important Time deposit rates were relatively unrespon- source of procyclical variations in the stock sive to cyclical forces during this period, of money even in the face of countercyclical although the trend was upward. Conse- central bank policy.12 quently, cyclical fluctuations in market To assess the role of substitution between rates of interest gave rise to a varying differ- time deposits and securities as a factor in ential between rates on time deposits and money stock behavior, we turn to an econosecurities as well as between money bal- metric study of the financial markets by ances and securities. Frank de Leeuw.13 The behavioral assump- The chart shows quarterly changes in the tions of the de Leeuw model are sufficiently money stock and time deposits since 1951. close to those employed here to make his Broad cyclical swings in rates of addition results usable, although there are some difto the stock of money and time deposits ferences. The de Leeuw model is of the have been similar, suggesting that the de- stock-adjustment form, and it postulates that mand for time deposits, as well as money financial asset demands are homogeneous in balances, has been affected importantly by dollar magnitudes. Consequently all dollarmarket rates of interest. Cyclical turns in the growth of money, however, have lagged 12 Use of the money stock as an indicator of central turning points in the growth of time deposbank policy is questioned on broader grounds in an its. Thus, in the recessions of 1953-54 and unpublished paper by Patric Hendershott, "Monetary Policy, 1952-62," given at the 1964 meetings of the 1957-58, growth of time deposits began to Econometric Society. Hendershott observes that proaccelerate about one quarter before the cyclical movements in the money stock are also engendered by the effects of the business cycle on memtrough in growth of money balances; in the ber bank borrowings and other technical factors afexpansion periods that followed, growth of fecting bank reserves. time deposits began to diminish before the 13 Frank de Leeuw, "A Model of Financial Behavior," in the Brookings-SSRC Quarterly Econometric peak advance in money balances. But the Model of the U.S. Economy, edited by James S. cyclical timing of the two series almost coin- Duesenberry, Gary Fromm, Lawrence R. Klein, and Edwin Kuh (Rand McNally and North Holland, cided in the recession of 1960-61. forthcoming). We are deeply indebted to de Leeuw for permitting us to use the results of his work in The money stock has a procyclical comthis paper; he is, of course, free of responsibility for ponent. As a matter of fact, money balances any misuse that we have made of it. Details on definitions of the variables and the sources of data used in were not enlarged appreciably during any of the de Leeuw model are contained in a data appenthe last three recessions—even though the dix to his paper. (Requests for this appendix should be addressed to Mr. de Leeuw, Division of Research growth of total bank deposits and bank and Statistics, Board of Governors of the Federal Recredit accelerated. Periods of rapid mone- serve System, Washington, D.C., 20551.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1394 FEDERAL RESERVE BULLETIN • OCTOBER 1965 value variables are measured as ratios to than those in the average rate on private wealth, where wealth is estimated by a meas- securities.1§ ure of permanent income comparable to the These results confirm the view that mone- Friedman concept. tary policy, through its impact on market Equations describing changes in the pub- rates of interest, has an important bearing lic's holdings of currency, demand deposits, on the level of commercial bank time deposand time deposits, measured as a proportion its. They also indicate why the money stock of the private sector's wealth, were esti- may vary procyclically around turning points mated by de Leeuw for quarterly periods in economic activity despite countercyclical from 1948 through 1962. Ordinary least changes in bank reserves. squares (OLS) and two-stage least squares CHANGES IN SUBSTITUTIONARY RELATIONS (TSLS) estimates of these equations, updated to include 1963 and the first three The chart on page 1392 indicates that a quarters of 1964, are shown in Table I.14 marked increase in the cyclical component (All tables appear on pages 1405 and 1406.) of time deposits developed in the mid- The data there indicate that demands for 1950's—judged, for example, by the extent currency and demand deposits, particularly of the cyclical upswing during the recessions the latter, are much more strongly influ- of 1957-58 and 1960-61 compared with the enced by changes in current income than is upswing during the recession of 1953-54. the demand for time deposits. Holdings of One possible explanation for this developdemand deposits are positively related to ment is an increase in the degree of substitution between time deposits and securities. current household income, lagged house- Development of a national market for negohold income, and current business income. tiable CD's in 1961 may have been partly Time deposit ownership is significantly reresponsible, but cyclical swings in time delated only to the second of these three variaposits suggest that a growing degree of subbles, and the coefficient of that income varstitution apparently developed prior to 1961. iable is quite small. Two results of increased substitution be- In each of the demand functions shown tween time deposits and securities are imin the table, de Leeuw employed either an mediately evident. First, short-run changes average rate on private securities or the in the money stock, per dollar of open mar- Treasury bill rate, but not both. The regresket operations, are reduced, because more sion coefficient of the private security rate of the change in the supply of currency and in the demand deposit equation is higher bank reserves is absorbed in bank demand than the Treasury bill rate coefficient in the demand function for time deposits. As 15 The de Leeuw model visualizes the adjustment of shown in Table 2, however, the bill rate actual to desired asset stocks as taking place over more than a single quarter and interprets the coefficient of moves through cyclical swings much larger the lagged stock variable as a speed-of-adjustment coefficient. Using this interpretation, it is possible to compute equilibrium stock elasticities of demand for "The de Leeuw model is a 19-equation representa- each of the three financial assets. Evaluated at 1948-64 tion of the financial markets; the three equations means, using the two-stage regression coefficients, the extracted for inclusion in Table 1 are the most relevant equilibrium stock elasticity of demand for time defor our problem. The forms of the equations were not posits with respect to the bill rate is —1.7; the elasticity altered in the re-estimation that includes data for 1963 of demand for demand deposits with respect to the and 1964. private security rate is —0.3. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TIME DEPOSITS IN MONETARY ANALYSIS 1395 for required reserves to support time depos- tion between time deposits and securities its. Substitution between time deposits and raises the "bank credit multiplier." securities lowers the "money multiplier." These two results, however, do not carry Second, because reserve requirements for any necessary implications for the impact of time deposits are lower than those for de- open market operations on market interest mand deposits, changes in total deposits and rates, which provide the link between open in bank earning assets, per dollar of open market operations and nominal expenditures market operations, are increased. Substitu- for goods and services. Whether reserve dol- FIGURE 5 \x _3, V \ v \ F CURRENCY & CURRENCY & BANK DEPOSITS "BANK RESERVES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1396 FEDERAL RESERVE BULLETIN • OCTOBER 1965 lars have become more or less "high pow- reflect a displacement of currency and deered" in a meaningful economic sense can- mand deposits as substitutes for market senot be deduced by reference to changes in curities. This possibility is illustrated in Figthe money and bank credit multipliers. In ure 6, where it is assumed that the increased the context of the model, the significant response of time deposit demand to changes question concerns the effect of the in- in r is offset entirely by a decreased response 8 creased substitution on the response of ag- of demand for demand balances to changes gregate excess demand for securities, and of in r. As a consequence, the slope of public s aggregate demand for currency and bank demand for the total of currency and bank reserves, to changes in the security rate. deposits is not altered. A given decline in r 8 enlarges public demand for demand depos- One possible source of greater substituits less, while raising demand for time detion between time deposits and market secuposits more. Therefore bank demand for rerities is an increased response of public quired reserves is increased less, because security supply to changes in the private time deposits carry lower reserve requiresecurity rate, shown by the twist of Sp in s ments. Aggregate demand for currency and the lower left panel of Figure 5. As the bank reserves thus becomes less responsive net supply of securities the public wishes to to changes in r«, as does SP *B. Open market sell to the monetary system becomes more re- X operations shifting R and F by given sponsive to r, public demand for time de- o o s amounts now have a greater effect on the posits (and hence for the total of currency market rate of interest and subsequently on and bank deposits) does also, as indicated spending decisions. by the twist of Rp + DP + TP to the dotted D D The increased substitutability of time deline in the upper left panel. Since a given posits for market securities since 1957 decline in r increases public demand for 8 should not be expected to reflect either of time deposits more than before, it raises these two cases exclusively, but rather some bank demand for required reserves by a combination of them. Thus it is possible that larger amount. Total demand for currency and bank reserves, RP^B, also becomes more increased substitution prior to 1961 reflected primarily a displacement of demand responsive to changes in r«, as shown in the deposits as the "idle balances" of liquidity upper right panel. The offset in the market preference analysis. But it is quite likely that for securities is an increase in the slope of the growth of a national market for nego- SJ+*. Shifts in R and F which result from o o tiable CD's since 1961 has increased the a given dollar amount of open market operresponse of private security demands to ations then have a smaller effect on the changes in market interest rates, especially security rate and ultimately on spending deon short-term issues such as Treasury bills, cisions. Consequently, a stabilizing monebecause the marketability feature of CD's tary policy calls for wider cyclical swings made time deposits a closer substitute for in bank reserves.16 market securities. On the other hand, increased substitution Evidence on this score can be obtained between securities and time deposits may by re-estimating the three de Leeuw equations of Table 1 for subperiods of the years 16 This conclusion depends on the assumption that time deposit rates are fixed. 1948-64. The subperiods chosen for this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TIME DEPOSITS IN MONETARY ANALYSIS 1397 FIGURE 6 CURRENCY & CURRENCY & "BANK DEPOSITS BANK RESERVES DOLLAR AMOUNT DOLLAR AMOUNT "OF SECURITIES "OF SECURITIES purpose were 1948-57 and 1958-64. This equations for time deposits and demand breaks the full period at about the time balances changed appreciably from the first when an increased degree of substitution to the second subperiod. The coefficient of between time deposits and market securities the bill rate in the time deposit equation apparently began to develop. increased (absolutely) nearly three-fold. As Table 3 shows, the regression coeffi- The coefficient of the private security rate cients of the interest rate variables in the in the demand deposit equation declined Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1398 FEDERAL RESERVE BULLETIN • OCTOBER 1965 absolutely, but the two-stage and ordinary The empirical evidence is not conclusive least squares estimates give substantially regarding the meaning of increased substidifferent impressions of the decline. De- tution between time deposits and securities mand for time deposits also seems to have for the impact of open market operations on become more responsive to changes in time market rates of interest. The evidence sugdeposit rates—very likely reflecting the gests that the interest sensitivity of public closer substitutability between time deposits demand for both securities and demand baland short-term securities. ances has been altered significantly, but it The de Leeuw model does not contain does not yield fully satisfactory estimates of equations relating to total public demands these changes. Whether reserve dollars have for, or supplies of, marketable private secu- become more high powered as a conserities comparable with the supply function quence of this increased substitution must of our model. However, it does contain remain an open question. equations explaining household and business holdings of U.S. Government securi- VARIATIONS IN DEPOSIT RATES ties, and it is to be expected that changes The implications of changes in time deposit in the interest sensitivity of security demand rates have not yet been considered. The sigresulting from the increased substitution be- nificance of such changes has been treated tween time deposits and market instruments sparingly in monetary analysis, probably would be evident in these equations. Table because there was no clear evidence, until 4 shows these two de Leeuw equations re- quite recently, that rates paid by banks on estimated for the subperiods 1952-57 and time deposits changed much in the short 1958-64.17 run.18 Sharp adjustments in time deposit The results of the re-estimation for sub- rates have followed each of the four inperiods are mixed. As expected, demands creases in ceiling rates under Regulation Q for U.S. Government securities prove to be since 1956, however, and rates quoted by more responsive to changes in the Treasury banks on CD's appear to be highly sensitive bill rate during the latter subperiod, with the to changes in market yields on Treasury increased interest sensitivity confined princi- bills. pally to the business sector. But the data Movements in time deposit rates immedishown in Table 3, together with general ately following Regulation Q changes and reasoning about the effects of increased sub- adjustments in CD rates in response to varistitutability between securities and time de- ations in bill yields illustrate two different posits, lead to the expectation that security categories of deposit rate variation. Those demands should also have become more re- following a change in Regulation Q reflect sponsive to changes in time deposit rates. an exogenous disturbance introduced by pol- The regression coefficients of the time de- icy actions. But the adjustment of CD rates posit rate in the security demand functions by banks in response to variations in the of Table 4 are generally lower in 1958-64 yields on bank earning assets is a response than in the 1952-57 subperiod, however. 18 Though treated sparingly, the significance of vary- "The initial year of 1952, in this instance, was dic- ing deposit rates has not been overlooked completely. tated by the availability of quarterly flow of funds See, for example, John G. Gurley and Edward S. data. Shaw, op. cit., Chapter 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TIME DEPOSITS IN MONETARY ANALYSIS 1399 CURRENCY & CURRENCY & BANK DEPOSITS BANK RESERVES s DOLLAR AMOUNT DOLLAR AMOUNT OF SECURITIES "OF SECURITIES to market forces. These deposit rate changes securities and thereby influencing expendiare properly characterized as endogenous. tures for goods and services in subsequent The implications of these two categories of periods. Unless the resulting impact in comdeposit rate changes are very different. modity markets is in keeping with policy Exogenous changes in deposit rates. Exoge- objectives, offsetting open market operanous changes in time deposit rates disturb tions are required to keep interest rates on an existing equilibrium in the financial mar- securities stable. kets, raising or lowering the rate on private The effect of an exogenous rise in time Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1400 FEDERAL RESERVE BULLETIN • OCTOBER 1965 FIGURE 8 CURRENCY & CURRENCY & "BANK DEPOSITS BANK RESERVES DOLLAR AMOUNT DOLLAR AMOUNT "OF SECURITIES "OF SECURITIES deposit rates on the private security rate of increase in public demand for time deposits the model depends on the shifts it induces that accompanies a rise in time deposit rates in the public's desired holdings of financial is matched by an equal increase in the pubassets.19 Suppose, at one extreme, that the lic's net supply of securities. This case is 19 In the discussion that follows, the possibility that illustrated in Figure 7, where the increase currency and time deposits may be substitutes is in net public security supply shown in the ignored. The extremely small, and statistically insignificant, coefficient of the time deposit rate in the cur- lower left panel is counterbalanced by an rency equation for the 1958-64 subperiod, shown in equal rise in demand for time accounts— Table 3, seems to justify this. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TIME DEPOSITS IN MONETARY ANALYSIS 1401 and hence in the demand for the total of must absorb the securities the public wishes currency and bank deposits—shown in the to part with, at existing rates on securities, panel at the upper left. Since public demand if security rates are not to rise. for bank deposits is larger at each rate of The effect of an exogenous rise in time interest on securities, so also is bank demand deposit rates works initially on existing for required reserves. Total demand for cur- stocks of financial assets, shifting demand rency and bank reserves is larger at each from demand deposits and securities to time rate of interest on securities; correspond- accounts. To prevent this shift in demand ingly, aggregate excess demand for securi- among existing stocks of assets from raising ties is lower. Given the total quantity of interest rates on market securities, total bank currency and bank reserves, the private se- earning assets (and hence total bank deposcurity rate must rise from r to r to re- its) must undergo a once-for-all increase. SQ 8l establish equilibrium in the current period. Higher rates on time deposits also affect Alternatively, suppose the increased pub- flow demands for financial assets, however. lic demand for time deposits accompanying As income and wealth increase, public dea rate increase on time accounts reflected mands for currency, demand deposits, time an equivalent reduction in public demand deposits, and securities are all likely to rise, for demand deposits. Public demand for the but the higher the rate on time accounts, the total of currency and bank deposits—at larger is the proportion of this flow demand each rate of interest on securities—would for financial assets that is channeled into then be unaffected, as shown in the upper time deposits. Interpreted in the context of left panel of Figure 8. But at each rate of an economy with growth in income and interest on securities, the mix of public de- wealth, higher time deposit rates restrict mand for bank deposits would be shifted spending unless they are accompanied by a from demand deposits toward time accounts, higher rate of growth of bank credit and on which reserve requirements are lower. deposits. Formulas for central banking Bank demand for required reserves would, which assume that desired additions to accordingly, be smaller at each rate r, and money and time deposits are determined by s aggregate excess demand for securities trends in income and wealth do not cope greater, as indicated by the shifts in RP^B with the meaning of changing rates of return and S*xB in the two panels on the right. The on bank deposits relative to other financial rate of interest on securities thus would be assets. driven down, from r to r« . Endogenous changes in deposit rates. En- So 2 Although the impact of an exogenous dogenous changes in time deposit rates occhange in time deposit rates on market rates cur when banks adjust the rates they pay of interest, given the level of bank reserves in response to variations in market rates of and currency, is ambiguous, there is one interest. Endogenous variations in deposit principle that remains invariant. If time de- rates make open market operations either posits and securities are substitutes, and more or less "high powered," because they the empirical evidence clearly indicates they alter the equilibrium change in market rates are, an exogenous rise in time deposit rates stemming from open market purchases and always increases market rates of interest un- sales. less bank earning assets increase. Banks Whether these open market operations are Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1402 FEDERAL RESERVE BULLETIN • OCTOBER 1965 made more, or less, high powered depends— time deposits, and household and business in the context of the model—on the degree security holdings to changes in time deposit of substitution between time deposits and rates—based on the two-stage least squares other financial assets. If time deposits sub- estimates for 1948-64.20 Changes in desired stitute principally for demand balances, a financial asset holdings are expressed in change in time deposit rates generates an billions of dollars per 1 percentage point opposite movement in the private security change in the rate on time deposits. rate, as noted earlier. In this case, open The evidence is not easy to interpret. For market operations are made less powerful. initial-quarter responses, the figures shown Purchases by the central bank that drive imply that public demands for money and down the security rate induce banks to lower U.S. Government securities decline more, offering rates on time deposits. Falling rates in response to an increase in time deposit on time deposits, however, reduce aggregate rates, than the demand for time accounts excess demand for securities and moderate increases—an implausible result. The equithe decline in the security rate. librium-stock responses do not suffer from Contrariwise, when time deposits substi- this ambiguity, but they suggest shifts among tute principally for securities, open market stocks of financial assets, in response to operations become more high powered. For relative yield changes, that seem extraordiwhen open market purchases drive down narily large.21 the market rate on securities, an induced It seems appropriate to interpret these reduction of time deposit rates increases results with considerable caution. The equiaggregate excess demand for securities, and librium-stock responses suggest that only a this accelerates the decline in the security small portion of the increased demand for rate. time deposits accompanying a time deposit Empirical evidence. The degree to which rate increase represents demand diverted time deposits substitute for other financial from currency and demand deposits. The assets is clearly an important empirical ques- largest portion represents funds diverted tion. Results obtained from the de Leeuw from household and business holdings of model—reported earlier—shed some light U.S. Government securities, and from other on the question, but they do not provide financial assets not encompassed by the five fully satisfactory answers. equations—including private securities and The de Leeuw model is of the stock-ad- claims against nonbank intermediaries. It justment form—it postulates that adjustments to changes in desired asset stocks do 20 For securities, the period is 1952-64. not occur within a single quarter but are 21 The magnitude of the equilibrium-stock responses depends importantly on the size of the coefficient of spread over longer periods. The full equithe lagged-stock variable. As de Leeuw noted in his librium-stock adjustments in financial asset study, coefficients of lagged-stock variables are especially sensitive to specification error; it thus seems wise holdings, following a change in yield relato interpret the results that depend on them cautiously. tionships, differ materially from the re- Additionally, the quarterly interest rate for time desponses in the initial quarter. posits used in the de Leeuw model is generated from annual data, because quarterly figures are not avail- Table 5 shows both the initial quarter able. Because it is not possible to evaluate the acand the equilibrium-stock response of pub- curacy of the resulting quarterly data, estimates of demand elasticities with respect to the time deposit lic demands for currency, demand deposits, rate may be biased to an unknown degree. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TIME DEPOSITS IN MONETARY ANALYSIS 1403 thus appears that when time is allotted for tral bank. But in a world in which expansive full equilibrium-stock adjustments to occur, policy measures take such forms as open a time deposit rate increase exerts upward market purchases and lowered reserve repressure on market rates of interest unless quirements, central bank actions do not compensating open market operations ex- affect the actual money stock except as they pand the supply of currency and bank re- lead to a change in desired money balances. serves. The short-run impact of an increase The effect of these actions on money inin time deposit rates, on the other hand, come occurs not because the money stock apparently reduces demand for demand de- has been altered, but because financial variposits significantly. It is thus possible that ables through which the central bank alters the short-run effect lowers average reserve the desired stock of money also affect the requirements enough to generate a tempo- public's decisions to purchase goods and rary fall in market rates of interest, given services. the supply of currency and bank reserves. There are conditions under which changes in the money stock can be rationalized as an SOME POLICY IMPLICATIONS appropriate indicator of monetary policy The principal focus throughout this paper conducted through conventional means. has been on the policy implications of view- What is required is that movements in the ing banks as sellers of claims against them- money stock reflect the influence of central selves for the public to hold, rather than as bank actions on the prices and yields of "creators of money." It may be helpful to financial assets and on the nonprice terms summarize the main thread of the argument. governing the availability of credit to pri- A traditional way of viewing monetary vate borrowers. Changes in the money stock processes that has recently gained in popu- may then serve as a proxy for the more comlarity takes as its initial premise that central plex set of financial variables that enter bank actions affect spending decisions by expenditure functions. Whether financial altering the actual stock of money balances markets ever behaved in such a way as to relative to the desired stock. The public, it permit this interpretation of changes in the is argued, has only negligible power to alter money stock is debatable, but there is little the actual stock of money; that power lies doubt that such a simple rule for appraisal in the hands of the central bank. Conse- of central bank operations is no longer apquently, when policy actions raise actual propriate. money stocks relative to desired stocks, the The existence of time deposits and other public's efforts to exchange money for other classes of bank liabilities that substitute for assets alter asset prices and the real value securities loosens the link between central of money balances.22 bank actions and money, making the money One could not object seriously to this stock an untrustworthy indicator of the view of monetary processes if increases in effects of policy actions on financial asset the money stock took the form of gifts of prices and yields. The attractive simplicity money distributed to the public by the cenof the money-stock guide to central bank policy cannot be salvaged by redefining the 23 Karl Brunner and Allan H. Meltzer, "Predicting money stock to include other classes of bank Velocity: Implications for Theory and Policy," Journal of Finance, May 1963, p. 322. liabilities, however. Variable rates of return Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1404 FEDERAL RESERVE BULLETIN • OCTOBER 1965 on bank deposits make simple rules of no single financial variable in which the growth in money, regardless of how money essence of monetary ease and restraint is distilled, and the influence of financial variais defined, unsuitable guidelines for the conbles on expenditures is not so conveniently duct of monetary policy. timed as to make possible an easy separa- There remains no alternative but to search tion of the financial market effects of policy for indicators among the relevant financial actions from those produced by shifts in the variables that enter expenditure functions— private sector's demand and supply funcprices, yields, and nonprice terms on finan- tions for securities. Financial market behavcial assets. It is not pleasant to face the com- ior is too complex for simple monetary rules plexities of this task. Unfortunately, there is to work. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TIME DEPOSITS IN MONETARY ANALYSIS 1405 TABLE 1 CHANGES IN PUBLIC HOLDINGS OF CURRENCY, DEMAND DEPOSITS, AND TIME DEPOSITS, 1948-64 Interest rates Household dis- Business Capital spending posable income income Item C st o a n n - t l S ag to g c e k d , i Treas- Private Time House- R2 s.e. D.W. ury secur- de- Current Lagged * Current Lagged i House- Busi- hold + bills 2 ities 3 posits hold ness business Currency: TSLS.. -.541 -.078 -.071 -.018 004 .018 -.007 57 036 .84 (.010) (.018) (.014) (.006) (.003) (.006) OLS . — 085 -.080 -.019 .011 .014 -.010 .66 .032 .90 (.009) (.014) (.012) (.005) (.004) ( 003) Demand deposits : TSLS.. .083 -.178 -.333 -.634 .069 .052 .141 -.128 -.163 .49 .151 1.31 (.029) (.076) (.152) (.035) (.018) (.069) (.057) (.051) OLS... -!526 -.175 -.346 -.463 .076 055 105 -.144 -.115 67 121 1.36 (.020) (.052) (.083) (.020) (.018) (.031) (.035) ( 030) Time deposits : TSLS.. -.589 -.015 -.177 .409 .021 -.062 .72 .127 .77 (.017) (.039) ( 075) ( 010) ( 028) OLS... .062 -.019 -.167 392 009 - 037 79 111 .92 (.014) (.029) ( 056) ( 00 K\ ( 013^ TSLS = two-stage least squares; OLS = ordinary least squares; s.e. = standard error of estimate; D.W.= Durbin-Watson ratio. 1 One-quarter lag. 2 The market yield on 3-month Treasury bills. 3 A weighted average of rates on corporate and municipal bonds, mortgages, and bank loans to business. NOTE.—Based on the de Leeuw model cited in footnote 13, -.018 r p. 1393. Figures in parentheses are standard errors of the regression coefficients. All variables other than interest rates are measured as a percentage of permanent dollar gross national product in the previous quarter. A -f A The coefficients may therefore be interpreted as though all dollar -f .004 -.007 t t variables were measured in the same units. For the dollar-valued independent variables, the numerator of the ratio is the level of the TABLE 2 TABLE 5 CYCLICAL TROUGHS AND PEAKS IN INTEREST RATES, 1948-64 CHANGE IN DESIRED FINANCIAL ASSET HOLDINGS PER PERCENTAGE POINT INCREASE IN TIME DEPOSIT (In per cent per annum) RATE, 1948-64 (In billions of dollars) Private Treasury bill security rate! rate 2 Trough or peak Asset q I u n a it r i t a e l r Equ st i o li c b k ri s um Year Quar- Level Year Q t u e a r r- Level Currency . .. . .. -.1 -.9 P T P T T P e e e r r r o o o a a a k k k u u u g g g h h h 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 5 3 9 0 8 7 4 I I I I I I I I I V V I I I I 4 4 3 4 5 5 . . . . . . 5 0 5 4 8 9 6 7 0 5 7 8 1 1 1 1 1 1 9 9 9 9 9 9 5 4 5 5 5 5 3 8 4 7 8 9 I I I I V I I I I I I I I 2 4 1 3 . . . . . . 0 1 3 2 7 9 0 5 5 3 9 6 D H e o D T B H p l i d u e o o m i s m u s n i e i s n g a t e e s s n h : s d o s o f l d U.S. Government securities: - - - 1 2 3 1 . . . . 1 4 2 6 - - - 1 1 1 3 0 3 2 2 4 . . . . 5 5 8 1 Trough , 1962 IV 5.29 1961 II 2.30 Latest quarter 1964 III 5.37 1964 III 3.50 NOTE.—Based on Table 1 and equations for household and business holdings of securities comparable to those in Table 4 but covering the period 1952-64. Equilibrium stock figures are derived by dividing 1 A weighted average of rates on corporate and municipal bonds, initial quarter responses shown above by the coefficients of the relemortgages, and bank loans to business used by de Leeuw (see foot- vant lagged stock variables. note 13, p. 1393, for citation). 2 The market yield on 3-month Treasury bills. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1406 FEDERAL RESERVE BULLETIN • OCTOBER 1965 TABLE 3 CHANGES IN PUBLIC HOLDINGS OF CURRENCY, DEMAND DEPOSITS, AND TIME DEPOSITS, 1948-57 AND 1958-64 Interest rates Household dis- Business Capital spending posable income income Item s C t o an n t l S a t g o g c e k d , Treas- Private Time House- Busi- House- R2 s.e. D.W. b u i r l y ls se it c ie u s r- po d s e i - ts Current Lagged Current Lagged hold ness b h u o s l i d n e + ss Currency: TSLS 1948-57 -.746 -.096 -.046 -.072 .021 .011 -.024 70 034 (.012) (.094) (.148) (.008) (.004) (.010) 1958-64 '-.*932 -.079 -.077 -.004 .027 -.005 .010 .74 .019 1.67 (.046) (.030) (.042) (.010) (.014) ( 013) OLS 1948-57 -.726 -.091 .012 -.161 .018 .009 -.018 .76 .030 (.009) (.044) (.067) (.005) (.004) (.005) 1958-64 '-.'654 -.082 -.082 -.009 .019 -.001 .013 .81 .016 1.68 (.033) (.020) (.027) (.007) (.008) (.007) Demand deposits: TSLS 1948-57 1.054 -.223 -1.561 1.366 .119 .070 -.027 -.125 -.076 .52 .159 (.041) (.595) (.839) (.049) (.026) (.085) (.079) (.143) 1958-64 -12.379 -.279 -.086 -.452 .411 -.006 -.343 .139 -.528 .61 .111 2.19 (.010) (.378) (.438) (.227) (.081) (.348) (.135) (.249) OLS 1948-57 .594 -.186 -.781 .189 .089 .050 .080 -.169 -.052 .71 .124 (.023) (.202) (.300) (.022) (.022) (.037) (.041) (.067) 1958-64 -1.082 -.186 -.487 -.641 .027 .128 .126 -.096 - 238 .62 .109 1.89 (.067) (.147) (.252) (.074) (.073) (.092) (.090) ( 104) Time deposits: TSLS 1948-57 .556 -.055 -.106 .329 .010 -.045 .70 .065 (.017) (.055) ( 008) ( 010) 1958-64 3.982 .010 -.318 445 - 069 084 .82 .108 1.97 (.030) (.074) (.155) (.077) ( 117) OLS 1948-57 .847 -.067 -.097 .291 .007 -.034 .75 .060 (.014) (.032) (.077) (.005) (.007) 1958-64 -.286 .022 -.229 435 012 — 075 .83 .104 1.99 (.030) (.051) (.146) (.049) (.051) For explanation of abbreviations and description of data see footnotes to Table 1, p. 1405. TABLE 4 CHANGES IN HOUSEHOLD AND BUSINESS HOLDINGS OF U.S. GOVERNMENT SECURITIES, 1952-57 AND 1958-64 Interest rates Business Time Item C st o an n t - l S a t g o g c e k d , Treas- Time s p t d o o e c s - i k t , Capital li T ab ax il- R2 s.e. D.W. b u i r l y ls po d s e i - ts lagged sp i e n n g d- it P ie a s y — ments Households: TSLS 1952-57 1.352 -.092 .267 - 960 099 .43 121 1.27 (.050) (.071) (.255) (.182) 1958-64 4.268 -.228 .309 -.676 .007 .68 .144 1.16 (.074) (.047) (.215) (.039) OLS 1952-57 -.208 -.071 .282 -.920 .180 .53 .109 1.46 (.038) (.064) (.194) (.157) 1958-64 3.924 -.210 .320 -.562 -.010 .74 .130 1.08 (.066) (.042) (.190) (.036) Businesses: TSLS 1952-57 4.456 - 334 055 — 840 021 115 .56 147 92 (.165) (.165) (.332) (.138) (.044) 1958-64 1.250 -.288 .182 -.396 .197 .133 .84 .080 1.99 (.058) (.039) (.068) (.086) (.035) OLS 1952-57 1.835 -.125 -.011 -.346 .011 .147 .40 .171 .88 (.195) (.146) (.377) (.116) (.048) 1958-64 1.565 -.266 .185 - 372 138 130 81 088 1.95 (.065) (.038) (.075) (.078) (.038) For explanation of abbreviations and description of data see footnotes to Table 1, p. 1405. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Communique of the Ministers and Governors of The Group of Ten issued on September 28, 1965 1. In the course of the annual meeting Director of the IMF has indicated his conof the International Monetary Fund (IMF) tinuing need of these supplementary rein Washington, the Ministers and Central sources. The Ministers and Governors Bank Governors of the 10 countries (Bel- agreed that the Arrangements should be gium, Canada, France, Germany, Italy, renewed for a second period of 4 years. Japan, the Netherlands, Sweden, the United However, they would suggest, in the light Kingdom and the United States) participat- of increasing experience with these credit ing in the General Arrangements to Borrow facilities, that a review be undertaken in due (GAB) met under the chairmanship of Mr. time for the purpose of considering whether Emilio Colombo, Minister of the Treasury some adaptation would be desirable in Octoof Italy. Mr. Pierre-Paul Schweitzer, Man- ber 1968, or later. aging Director of the IMF, took part in the 4. The Ministers and Governors remeeting, which was also attended by the viewed developments in international pay- Secretary General of the Organization for ments during the past 9 months and reaf- Economic Cooperation and Development firmed the increasingly vital role of close (OECD), the General Manager of the Bank cooperation of the Group in the light of the for International Settlements (BIS), and inevitable tendency of any major financial the President of the Swiss National Bank. stresses and imbalances in payments to have 2. They noted that, since their meeting consequences of importance to all members in Paris in December 1964, the Members of of the Group. They also noted with approval the Group had been called upon, in May the putting into effect of the program of 1965, to provide additional supplementary "Multilateral Surveillance" recommended resources to the IMF in the amount of $525 by the Ministers in August 1964; this promillion. This brings the cumulative use of gram had contributed to a better underthe GAB to the amount of $930 million. standing of the ways in which deficits and The use made of the GAB has demonstrated surpluses were being financed, as well as once again the important contribution which their repercussions on other countries and those arrangements provide to the smooth on the evolution of international liquidity. functioning of the international monetary 5. The Ministers and Governors noted in system. particular that the deficit in the U.S. balance 3. The GAB were originally made effec- of payments, which had for years been the tive from October 1962 to October 1966. major source of additional reserves for the It was stipulated that a decision should be rest of the world, is being corrected and that taken on renewal of the Arrangements be- the United States has expressed its deterfore October 24, 1965. The Managing mination to maintain equilibrium in its bal- 1407 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1408 FEDERAL RESERVE BULLETIN • OCTOBER 1965 ance of payments. They welcomed this de- deliberations and the scope of agreement velopment in the U.S. international pay- that they have found. During the course of ments position which in itself contributes to their discussions, it would be desirable for the smooth functioning of the international the Deputies to continue to have the active monetary system. At the same time, they participation of representatives of the Manconcluded that it is important to undertake, aging Director of the IMF, and also of the as soon as possible, contingency planning OECD, and the BIS. The Swiss National so as to ensure that the future reserve needs Bank will also be invited to continue to send of the world are adequately met. its representative to meetings of the Group. 6. The Ministers and Governors recalled 8. The Ministers and Governors recogthe mandate given to their Deputies in Octo- nized that the functioning of the internaber 1963, to "undertake a thorough exam- tional monetary system would be improved ination of the outlook for the functioning of if major and persistent international imthe international monetary system and of its balances would be avoided. They recalled probable future needs for liquidity." They that, in their statement of August 1964, the noted that their Deputies had submitted to Ministers and Governors had invited Workthem an interim report on these problems in ing Party 3 of the OECD to make a July 1964, and had arranged for a detailed thorough study of the measures and instruexamination of various proposals for the ments best suited for achieving this purpose creation of reserve assets by a special Study compatibly with the pursuit of essential Group. The report of this Group, which has internal objectives. They expressed the hope now been published, will facilitate, through that Working Party 3 would be in a posiits exposition of the elements necessary for tion to make their views known at about the evaluation of various proposals for re- the same time as the Deputies of the Group serve creation, the acceleration of the work of Ten report to the Ministers and Goverof contingency planning. nors. 7. Therefore, as the first phase of con- 9. The Ministers and Governors recogtingency planning, the Ministers and Gov- nize that, as soon as a basis for agreement ernors gave instructions to their Deputies to on essential points has been reached, it will resume on an intensified basis the discus- be necessary to proceed from this first phase sions which were the subject of the Annex to a broader consideration of the questions to the Ministerial Statement of August that affect the world economy as a whole. 1964.1 The Deputies should determine and They have agreed that it would be very usereport to the Ministers what basis of agree- ful to seek ways by which the efforts of the ment can be reached on improvements Executive Board of the IMF and those of needed in the international monetary sys- the Deputies of the Group of Ten can be tem, including arrangements for the future directed toward a consensus as to desirable creation of reserve assets, as and when lines of action, and they have instructed needed, so as to permit adequate provision their Deputies to work out during the comfor the reserve needs of the world economy. ing year, in close consultation with the Man- The Deputies should report to the Ministers aging Director of the IMF, procedures to in the spring of 1966 on the progress of their achieve this aim, with a view to preparing for the final enactment of any new arrange- Ministerial Statement of the Group of Ten ments at an appropriate forum for internaand the Annex prepared by the Deputies appeared in the BULLETIN for August 1964, pp. 975-99. tional discussions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Real Estate and Building Construction Loans amended to read as follows: "(7) Unless the by National Banks Board shall otherwise direct, each holding company and merger application received subsequent By Act of Congress, approved August 10, to October 30, 1965, shall be made available for 1965 (Public Law 89-117), the first paragraph inspection by the public except for portions thereof of section 24 of the Federal Reserve Act (12 as to which the Board determines that disclosure U.S.C. § 371), was amended by inserting before would not be in the public interest." the next to the last sentence the following new sentence: Eligibility of Consumer Loans and Notwithstanding the foregoing limitations and restric- Finance Company Paper tions in this section, any national banking association may make loans for land development which are se- The Board of Governors has been asked to cured by mortgages insured under title X of the Na- clarify its position with respect to the eligibility tional Housing Act. for discount with the Reserve Banks of consumer The Act also amended the third paragraph of loans and finance company paper. section 24 by striking out "eighteen months," Section 13, paragraph 2, of the Federal Rewherever it appears therein, and inserting in lieu serve Act authorizes a Federal Reserve Bank, thereof "twenty-four months." under certain conditions, to discount for member Public Inspection of Bank Holding Company banks "... notes, drafts, and bills of exchange and Bank Merger Applications arising out of actual commercial transactions; that is, notes, drafts, and bills of exchange issued The Board of Governors has adopted amendor drawn for agricultural, industrial, or commerments to its Rules Regarding Information, Subcial purposes, or the proceeds of which have been mittals, and Requests and its Rules of Procedure used, or are to be used, for such purposes, the under which bank holding company and bank Board of Governors of the Federal Reserve Sysmerger applications, received subsequent to Octem to have the right to determine or define the tober 30, 1965, will be available for public inspeccharacter of the paper thus eligible for discount tion whether or not the Board has ordered public within the meaning of this Act." hearings or oral presentations of views with re- It continues to be the opinion of the Board spect to the applications. Under the amendments, that borrowing for the purpose of purchasing before applications become available for inspecgoods is borrowing for a commercial purpose, tion by the public, there will be deleted from the whether the borrower intends to use the goods applications such portions thereof as to which the himself or to resell them. Hence, loans made to Board determines disclosure would not be in the enable consumers to purchase automobiles or public interest. These amendments are as follows: other goods should be included under "commer- Amendments to cial, agricultural, and industrial paper" within RULES REGARDING INFORMATION, the meaning of the Federal Reserve Act, and as SUBMITTALS, AND REQUESTS such are eligible for discounting with the Reserve and Banks and as security for advances from the Re- RULES OF PROCEDURE serve Banks under section 13, paragraph 8, of the (12 CFR Parts 261 and 262) Federal Reserve Act as long as they conform to Effective October 30, 1965, § 261.2(d)(2)(v) requirements with respect to maturity and other is amended by inserting before the period at the matters. This applies equally to loans made diend thereof the following: "and except as pro- rectly by banks to consumers and to paper acvided in § 262.2(f)(7) of this Chapter concern- cepted by banks from dealers or finance coming bank holding company and bank merger ap- panies. It also applies to notes of finance plications." companies themselves as long as the proceeds of Effective October 30, 1965, §262.2(f)(7) is such notes are used to finance the purchase of 1409 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1410 FEDERAL RESERVE BULLETIN • OCTOBER 1965 consumer goods or for other purposes which are or publicize the Commingled Account as such. eligible within the meaning of the Federal Reserve Participations in the Commingled Account are to Act. be made available only on the premises of the If there is any question as to whether the pro- Bank (including its branches), or to persons who ceeds of a note of a finance company have been are already customers of the Bank in other conor are to be used for a commercial, agricultural, or nections, or in response to unsolicited requests." industrial purpose, a financial statement of the Such information indicated further that particifinance company reflecting an excess of notes pations would be received by the bank as agent, receivable which appear eligible for rediscount under a broad authorization signed by the cus- (without regard to maturity) over total current tomer, substantially equivalent to the power of liabilities (i.e., liabilities maturing within one attorney under which customers currently deposit year) may be taken as an indication of eligibility. their funds for individual investment, and that the participations would not be received "in trust." Interlocking Relationships Between Bank and The Board understood that Account would be Its Commingled Investment Account required to comply with certain requirements of the Federal securities laws not applicable to an The Board was asked recently whether the esordinary common trust fund operated by a bank. tablishment of a proposed "Commingled Invest- In particular, supervision of Account would be in ment Account ("Account") by a national bank the hands of a committee to be initially appointed would involve a violation of section 32 of the by the bank, but subsequently elected by partici- Banking Act of 1933 in view of the interlocking pants having a majority of the units of participarelationships that would exist between the bank tion in Account. At least one member of the and Account. committee would be entirely independent of the From the information submitted, it was underbank, but the remaining members would be ofstood that Account would comprise a commingled ficers in the trust department of the bank. fund, to be operated under the effective control of The committee would make a management the bank, for the collective investment of sums agreement with the bank under which the bank of money that might otherwise be handled inwould be responsible for managing Account's individually by the bank as managing agent. It was vestments, have custody of its assets, and mainunderstood further that the Comptroller of the tain its books and records. The management Currency had taken the position that Account would be an eligible operation for a national bank agreement would be renewed annually if approved under his Regulation 9, "Fiduciary Powers of Na- by the committee, including a "majority" of the tional Banks and Collective Investment Funds" independent members, or by a vote of participants (12 CFR 9). The bank had advised the Board having a majority of the units of participation. that the Securities and Exchange Commission was The agreement would be terminable on sixty days' of the view that Account would be a "registered notice by the committee, by such a majority of investment company" within the meaning of the the participants, or by the bank, and would termi- Investment Company Act of 1940, and that par- nate automatically if assigned by the bank. ticipating interests in Account would be "securi- It was understood also that the bank would ties" subject to the registration requirements of receive as annual compensation for its services the Securities Act of 1933. one-half of one per cent of Account's average net The information submitted showed also that assets. Account would also pay for its own indethe minimum individual participation that would pendent professional services, including legal, be permitted in Account would be $10,000, while auditing, and accounting services, as well as the the maximum acceptable individual investment cost of maintaining its registration and qualificawould be half a million dollars; that there would tion under the Federal securities laws. be no "load" or payment by customers for the Initially, the assets of Account would be divided privilege of investing in Account; and that: "The into units of participation of an arbitrary value, availability of the Commingled Account would and each customer would be credited with a not be given publicity by the Bank except in con- number of units proportionate to his investment. nection with the promotion of its fiduciary ser- Subsequently, the assets of Account would be vices in general and the Bank would not advertise valued at regular intervals, and divided by the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 1411 number of units outstanding. New investors ing of the proposal and on the general principles would receive units at their current value, de- that have been developed in respect to the applitermined in this way, according to the amount cation of section 32, that the bank and Account invested. Each customer would receive a receipt would constitute a single entity for the purposes evidencing the number of units to which he was of section 32, at least so long as the operation of entitled. The receipts themselves would be non- Account conformed to the representations made transferable, but it would be possible for a cus- by the bank and outlined herein. Accordingly, the tomer to arrange with Account for the transfer Board said that section 32 would not forbid of his units to someone else. A customer could officers of the bank to serve on Account's committerminate his participation at any time and with- tee, since Account would be regarded as nothing draw the current value of his units. more than an arm or department of the bank. Section 32 of the Banking Act of 1933 provides In conclusion, the Board called attention to in relevant part that: "No officer, director, or section 21 of the Banking Act of 1933 which, employee of any corporation or unincorporated briefly, forbids a securities firm or organization association, no partner or employee of any part- to engage in the business of receiving deposits, nership, and no individual, primarily engaged in subject to certain exceptions. However, since secthe issue, flotation, underwriting, public sale, or tion 21 is a criminal statute, the Board has foldistribution, at wholesale or retail, or through lowed the policy of not expressing views as to its syndicate participation, of stocks, bonds, or other meaning. (1934 Federal Reserve BULLETIN 41, similar securities, shall serve [at] the same time 543) The Board, therefore, expressed no position as an officer, director, or employee of any mem- with respect to whether the section might be held ber bank. . . ." applicable to the establishment and operation of The Board concluded, based on its understand- the proposed "Commingled Investment Account". Announcements CHANGES IN OFFICERS AT RESERVE BANKS Thomson, Georgia, and a Class A Director of Mr. Malcolm Bryan, President of the Federal the Reserve Bank. Mr. Kimbrel was President of Reserve Bank of Atlanta since 1951, retired effec- the American Bankers Association in 1962. He tive September 30, 1965. holds a B.S. degree from the University of Effective October 1, Mr. Harold T. Patterson Georgia. was appointed President for the unexpired portion of the five-year term ending February 28, 1966. TABLES ON YIELD DIFFERENTIALS IN TREASURY Mr. Patterson joined the Federal Reserve Bank BILLS of Atlanta as Counsel in 1947, became Vice Presi- Statistics for the period 1957-58 comparing weekly dent and General Counsel in 1952, and First Vice yields on Treasury bills between the United States President and General Counsel in 1960. Mr. Pat- and the United Kingdom and those between the terson received his B.S. and M.A. degrees from United States and Canada are reproduced on the University of Georgia, and his LL.B. degree pages 1496-97 of this BULLETIN. These tables from Harvard Law School. precede those for the period 1959-64 that were Mr. Monroe Kimbrel was appointed First Vice printed with the article "Yield Differentials in President to succeed Mr. Patterson. At the time Treasury Bills, 1959-64," in the October 1964 of his appointment as Senior Vice President of BULLETIN, pages 1241-60. Current statistics for the Reserve Bank in June 1965, Mr. Kimbrel was arbitrage are published regularly in the interna- Chairman of the Board, First National Bank, tional financial statistics section of the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication October 15 Industrial production declined in September, Consumer goods production continued to but nonfarm employment increased and the un- change little. Auto assemblies declined 3 per cent employment rate edged down. Retail sales declined because of a work stoppage early in the month. slightly. Bank credit changed little after a very However, output of home goods and apparel was large increase in August. The money supply in- maintained, and consumer staples increased somecreased sharply, while the rise in time and savings what. Production of business equipment increased deposits slackened. Common stock prices ad- further to a level 12 per cent higher than a year vanced to a new high in active trading. earlier. INDUSTRIAL PRODUCTION CONSTRUCTION The Board's index of industrial production de- Construction expenditures in September reclined 1 per cent in September to 142.8 per cent mained near the record annual rate of $69 billion of the 1957-59 average, which was about the level reached in June. Residential construction conin June. The decline resulted mainly from a sharp tinued to decline moderately, but business and cutback in steel output, but strikes curtailed proother private construction increased further. Pubduction of aircraft, autos, newspapers, and coal. lic construction, revised downward in August, Iron and steel production declined 13 per cent edged above its high June level. in September and continued to fall in October as steel users reduced inventories following the wage settlement in the steel industry. Output of con- EMPLOYMENT struction materials was maintained, but production Nonfarm employment continued to expand in of nondurable materials declined largely as a re- September. Gains in durable goods were concensult of work stoppages in the coal industry and trated in machinery, electrical equipment, and curtailments in crude oil output because of a ordnance. Employment increased in most nonhurricane. manufacturing industries and rose sharply in State and local government with schools back in session. The average workweek in manufacturing INDUSTRIAL PRODUCTION was unchanged from August and a half-hour be- 1957-59 = 100 low the high first quarter average. The unemployment rate, at 4.4 per cent, was down slightly from August. COMMODITY PRICES The industrial commodity price index edged up from mid-September to mid-October. Advances occurred in fuel oils and some chemicals and paper products. Prices of newly introduced 1966 model cars, adjusted for excise tax reductions and added safety features, were about the same as those for new models a year ago. Average wholesale prices of foodstuffs changed little al- F.R. indexes, seasonally adjusted. Latest figures shown are for September. though meats declined somewhat. 1412 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1413 DISTRIBUTION million in September. Both were little changed from the average of other recent months. Total Sales at retail stores declined 1 per cent in outstanding reserves also showed little change September, according to advance estimates, and as reserves freed by a sharp decline in Governwere nearly 2 per cent below the record July ment deposits were used to support further exvolume. The September decline was concentrated pansion of privately-held demand and time dein durable goods, particularly in autos which posits. were affected partly by later introductions of new models this year. SECURITY MARKETS BANK CREDIT, MONEY SUPPLY, AND RESERVES Yields on seasoned corporate and State and local government bonds continued to rise from Commercial bank credit showed little change mid-September to mid-October with corporate in September following a sharp rise in August. bond yields reaching the highest level since early Most major categories of loans increased sub- 1960 and municipals the highest since late 1961. stantially while holdings of U.S. Government Yields on U.S. Government securities rose in the securities and security loans declined. Following a small increase in August, the money supply rose latter part of September and declined in the first sharply in September in association with an un- half of October. In mid-October the three-month usually large reduction in Treasury balances at Treasury bill rate was about 4.0 per cent, comcommercial banks. Time and savings deposits in- pared with about 3.9 per cent a month earlier. creased further, but less rapidly than in July or Common stock prices advanced in very active August. trading. In mid-October average prices were Net borrowed reserves averaged about $155 slightly above the previous record set in mid-May. million and member bank borrowings about $530 INTEREST RATES PRICES WHOLESALE — ALL ITEMS _^^>» -\ ALL COMMODITIES ^- 1 1 1 t 1 1 I I I !! COMMODITIES NONFOOD COMMODITIES ^^ OTHER THAN FARM AND FOOD _«. 1 ! 1 1 1 1 1 1 I SERVICES^^_^~-'" PROCESSED FOODS f jS** ^"^ FOODS _ f FARM PRODUCTS f I I I !! Discount rate, range or level for all F.R. Banks. Weekly Bureau of Labor Statistics indexes. Latest figures shown for average market yields for U.S. Govt. bonds maturing in 10 consumer prices, August; for wholesale prices, September esti- years or more and for 90-day Treasury bills. Latest figures mates. shown, week ending Oct. 8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation p Preliminary EPC Individuals, partnerships, and corporations r Revised SMSA Standard metropolitan statistical area A Assets rp Revised preliminary L Liabilities 1,11, S Sources of funds III, IV Quarters U Uses of funds n.a. Not available * Amounts insignificant in terms of the parn.e.c. Not elsewhere classified ticular unit (e.g., less than 500,000 when S.A. Monthly (or quarterly) figures adjusted for the unit is millions) seasonal variation (1) Zero, (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. "U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds. Apr. 1965 604-13 Banking and monetary statistics, 1964. Feb. 1965 326-33 Mar. 1965 490-91 June 1965 888-91 Semiannually Banks and branches, number of, by class and Banking offices: 615-16 Analysis of changes in number of Aug. 1965 1170 State Apr. 1965 On, and not on, Federal Reserve Par List 614 number of Aug. 1965 1171 Flow of funds (assets and liabilities) Apr. 1965 Income and expenses: Federal Reserve Banks Feb. 1965 322-23 Annually Member banks: 750-58 Calendaryear May 1965 617-19 Bank holding companies: Operating ratios Apr. 1965 759 List of, Dec. 31,1964 June 1965 892 Insured commercial banks May 1965 Banking offices and deposits of group banks, Stock exchange firms, detailed debit and credit Dec. 31, 1964 July 1965 1026 balances Sept. 1965 1340 1414 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

J Financial and Business Statistics * United States Member bank reserves, Reserve Bank credit, and related items; Federal funds 1416 Reserve Bank discount rates; margin requirements; reserve requirements 1421 Open market transactions; Federal Reserve Banks. . . 1423 Bank debits; currency in circulation 1426 Money supply; banks and the monetary system. . 1428 Commercial and mutual savings banks, by classes. . 1430 Commercial banks, by classes... 1434 Weekly reporting member banks. . 1436 Business loans 1439 Interest rates 1440 Security prices; stock market credit; open market paper. 1441 Savings institutions 1442 Federal finance. . 1444 Federally sponsored agencies. 1449 Security issues 1450 Business finance. . . 1453 Real estate credit 1455 Consumer credit 1458 Industrial production 1462 Business activity; construction. 1466 Employment and earnings. . . 1468 Wholesale and consumer prices. . 1470 National product and income series. 1472 Flow of funds. 1474 Guide to tabular presentation. 1414 Index to statistical tables. 1504 The data for F.R. Banks and member banks and eral finance, and Federal credit agencies are obfor consumer credit are derived from regular tained from Treasury statements. The remainreports made to the Board; production indexes ing data are obtained largely from other are compiled by the Board on the basis of data sources. For many of the banking and monetary collected by other agencies; and flow of funds series back data and descriptive text are availfigures are compiled on the basis of materials able in Banking and Monetary Statistics and from a combination of sources, including the its Supplements (see list of publications at end Board. Figures for gold stock, currency, Fed- of the BULLETIN). 1415 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1416 BANK RESERVES AND RELATED ITEMS OCTOBER 1965 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other P d e o a ri r t o e d T U o .S ta . l Go B v o o t u u . g t s - h e t cu R c r a i e h g t p i a r e e u s s e e r- - c v D a o a a i n u n d s c n d - - e t s s Float t T a o l - 2 s G to o c ld k T r s o c r e t u i a e u n n u r n a y g r c t d s - - y - - r c C t e c u i i n u i o n l r c a n r - - y - T h c i r u o n e a r l g s a y d h s s - - T t r u h e w r a a y s i n t - h m r e F e s F e . e m R i o g rv b r . n - e e B s r , a O b n a t k h n s e k r i c O F o t a . u h c R n e - . t r s W F. i R t M h . e r m e r C s b a e e u e n n r r r c d v - y e b s an T k otal right ments Banks coin 3 Averages of daily figures 1929—June.... 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June.... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12.812 1945—Dec 23,708 23,708 381 652 24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec 20,345 20,336 142 1,117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1955—Dec 24,602 24,318 284 840 389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 633 27,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 443 26,186 22,769 5,144 31,932 768 385 345 186 ,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 ,496 28,412 20,563 5,230 32,371 691 470 262 337 ,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 ,426 29,435 19,482 5,311 32,775 396 524 361 348 ,195 18,628 304 18,932 1960—Dec 27,248 27,170 78 94 1,,665 29,060 17,954 5,396 33,019 408 522 250 495 ,029 16,688 2,595 19,283 1961—Dec 29,098 29,061 37 152 1,92131,217 16,929 5,587 33,954 422 514 229 244 ,112 17,259 2,859 20,118 1962—Dec 30,546 30,474 72 305 2:,,229988 3"3,218 15,978 5,561 35,281 398 587 222 290 ,048 16,932 3,108 20,040 1963—Dec 33,729 33,626 103 360 2,434 36,610 15,562 5,583 37,603 389 879 160 206 ,215 17,303 3,443 20,746 1964—June.... 34,631 34,530 101 271 1,784 36,760 15,462 5,584 37,541 414 886 135 200 ,273 17,356 3,202 20,558 1964—Sept 35,273 35,143 130 332 914 37,578 15,462 5,564 38,224 437 893 143 189 ,129 17,589 3,339 20,928 Oct. 35,334 35,257 77 311 027 37,747 15,462 5,533 38,362 471 863 133 189 ,009 17,716 3,317 21,033 Nov 36,036 35,867 169 433 874 38,421 15,442 5,494 38,937 529 613 148 200 ,119 17,812 3,347 21,159 Dec 37,126 36,895 231 266 423 39,873 15,388 5,401 39,698 595 944 181 186 ,093 17,964 3,645 21,609 1965—Jan 36,684 36,457 227 340 2,126 39,245 15,258 5,395 39,013 652 875 180 223 949 18,006 3,613 21,619 Feb 37,052 36,957 95 450 1,650 39,244 14,984 5,394 38,641 696 943 145 211 ,166 17,820 3,407 21,227 Mar 37,315 37,267 48 441 1,659 39,535 14,687 5,396 38,777 727 890 144 194 ,049 17,836 3,412 21,248 Apr.... 37,637 37,482 155 487 1,658 39,882 14,472 5,405 38,942 744 865 170 207 783 18,047 3,458 21,505 May... 38,111 37,749 362 520 1,633 40,340 14,358 5,402 39,052 755 908 142 187 985 18,070 3,406 21,476 June 38,840 38,610 230 543 1,714 41,153 14,277 5,402 39,508 772 844 142 182 1,196 18,187 3,522 21,709 July 39,249 38,891 358 527 1,83141,651 13,924 5,412 40,005 780 805 160 196 740 18,301 3,564 21,865 Aug.. . . 39,318 39,074 244 566 1,58141,504 13,858 5,433 M0,104 '810 924 215 185 480 18,076 3,544 21,620 Sept.... 39,108 39,055 53 533 922 41,610 13,858 5,469 40,346 810 978 210 195 287 18,111*>3,619*>21,730 Week ending— 1964 35,112 34,980 132 262 1,460 36,892 15,462 5,570 37,893 433 769 137 199 1,132 17,363 3,197 20,560 35,397 35,097 300 376 1,- ,393 15,462 5,554 38,114 417 964 141 193 1,113 17,467 3,130 20,597 19 34,855 34,855 279 2,024 37,197 15,461 5,558 38,113 412 932 144 199 1,102 17,314 3,269 20,583 26 35,051 34,929 "l22 329 1,719 37,137 15,462 5,563 37,998 429 918 145 188 1,214 17,270 3,341 20,611 Sept. 2 35,162 35,144 18 315 1,45136,968 15,462 5,572 38,007 423 858 164 191 1,199 17,159 3,372 20,531 9 35,611 35,234 377 478 1,56337,716 15,462 5,566 38,243 426 857 131 188 1,220 17,679 3,000 20,679 16 35,397 35,262 135 225 1,846 3377,524 15,462 5,564 38,425 435 906 142 194 1,163 17,285 3,454 20,739 23 34,904 34,904 410 2,46537,820 15,462 5,569 38,192 448 962 131 193 1,054 17,870 3,386 21,256 30 35,186 35,157 29 280 1,94337,487 15,461 5,556 38,075 440 914 161 186 1,066 17,662 3,478 21,140 Oct. 7 35,759 35,549 210 372 1,820 38,051 15,463 5,554 38,209 457 838 131 204 1,103 18,125 3,134 21,259 14 35,663 35,532 131 241 1,875 37,876 15,462 5,541 38,465 470 865 133 177 1,028 17,739 3,246 20,985 21 34,909 34,909 382 2,54837,878 15,463 5,538 38,432 489 1,012 130 189 966 17,660 3,341 21,001 28 34,911 34,911 233 1,99537,203 15,462 5,513 38,333 467 810 137 185 925 17,321 3,448 20,769 Nov. 4 35,711 35,642 69 479 1,634 37,,(910 15,462 5,505 38,446 484 666 122 197 1,111 17,851 3,359 21,210 11 35,986 35,671 315 429 1,71138,201 15,463 5,497 38,793 503 546 139 205 1,153 17,823 3,192 21,015 18 35,913 35,698 215 593 ,962 3"8,532 15,462 5,497 38,975 533 563 130 215 1,150 17,926 3,389 21,315 25 35,992 35,867 125 162 2,136 38,388 15,430 5,494 39,071 552 521 148 183 1,245 17,592 3,467 21,059 Dec. 2 36,667 36,667 377 1,860 3388,969 15,387 5,456 39,277 554 827 224 196 886 17,848 3,528 21,376 9 37,335 37,335 124 1,950 3"9,480 15,387 5,400 39,476 571 873 186 186 1,231 17,745 3,397 21,142 16 37,335 37,020 315 162 2,084 39,632 15,388 5,402 39,743 593 1,024 142 176 1,106 17,637 3,750 21,387 23 36,926 36,660 266 291 2,907 40,175 15,387 5,404 39,834 608 978 144 183 1,057 18,160 3,681 21,841 30 36,936 36,570 366 535 2,884 40;,409 15,388 5,397 39,852 620 990 221 177 996 18,338 3,653 21,991 1965 Jan 6 37,058 36,515 543 340 2,622 40,111 15,388 5,407 39,552 630 674 228 283 ,026 18,513 3,686 22,199 13 36,816 36,515 301 460 2,14939,522 15,330 5,394 39,282 649 780 186 205 970 18,174 3,671 21,845 20 36,460 36,403 57 322 2,249 39,112 15,187 5,393 38,927 662 1,015 178 212 902 17,797 3,643 21,440 27 36,440 36,334 106 252 1,841 38,631 15,187 5,387 38,644 657 997 151 213 877 17,668 3,591 21,259 For aotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 BANK RESERVES AND RELATED ITEMS 1417 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F. R. Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d T U o .S ta . l Go B r v o o ig t u u . h t g - s t h e t cu R m c a r e i h g e t p a i r n e e u s t s e e r s - - c v D o a a a n u n i d s c d n - - e ts s Float i t T a o l - 2 s G to o c ld k T r s o c r e t u i a e u n n u r n a r g y c t d s - - y - - r C c e t c u i n i i u o n r l c r - a n y - - T h c i r u o n a e r l g s a y d h s s - - Tr u e r a w y s i - th re s F F e e i . o g r v r R n - e . s , B O a th n e k r s c O F o . a t u c h - n R e t r . s B W F a . n i R t k h . s re c r C s e o a e n n i u r n c d r v y - 3 es Total Averages of daily figures Week ending-— 1965 Feb. 3 36,876 36,769 107 323 1,61138,923 15,157 5,396 38,565 664 940 148 216 ,032 17,912 3,489 21,401 10 37,272 37,133 139 517 1,472 "3"9,384 15,045 5,391 38,641 679 924 152 207 ,158 18,060 3,252 21,312 17 37,151 37,088 63 398 1,540 39,189 14,937 5,397 38,715 699 1,001 141 220 ,158 17,589 3,460 21,049 24 36,812 36,718 94 565 1,730 39,162 14,938 5,391 38,613 719 878 139 204 ,195 17,744 3,442 21,186 Mar. 3 36,911 36,835 76 315 924 39,226 14,902 5,400 38,625 706 922 159 217 ,224 17,675 3,461 21,136 10 37,319 37,211 108 426 39,475 14,813 5,394 38,756 715 806 150 209 ,202 17,844 3,218 21,062 17 37,371 37,308 63 388 597 39,484 14,741 5,397 38,894 717 912 132 191 ,061 17,714 3,454 21,168 2 3 4 1 3 3 7 7 , , 3 4 0 1 5 9 3 37 7 , , 4 3 0 0 1 5 "is 4 5 8 0 2 2 376 3 3 9 9 , , 9 4 0 4 0 4 1 14 4 , , 5 5 6 6 2 2 5 5 , , 3 3 9 9 7 3 3 3 8 8, , 7 7 9 1 6 4 7 7 3 4 5 6 9 8 5 9 6 8 1 1 3 4 9 6 1 18 8 1 6 9 8 8 7 0 5 1 1 8 7 , , 0 8 6 4 4 3 3 3 , , 4 5 4 2 8 3 2 21 1 , , 3 5 6 1 6 2 Apr -,I:::::::: 37,725 37,496 229 586 ,409 39,863 14,563 5,398 38,862 732 728 176 207 835 18,283 3,220 21,503 37,881 37,623 258 412 ,48739,883 14,519 5,406 39,092 741 910 158 202 804 17,899 3,389 21,288 21 37,594 37,486 108 589 ,956 40,230 14,412 5,408 39,058 761 881 178 228 720 18,224 3,492 21.716 28 37,361 37,343 18 360 ,767 39,548 14,413 5,406 38,802 744 921 166 190 767 17,777 3,623 21,400 Ma M:::::::: 37,894 37,501 393 494 ,64140,137 14,411 5,409 38,825 747 837 164 205 827 18,353 3,390 21,743 38,190 37,565 625 514 ,557 40,332 14,395 5,399 39,071 744 1,010 134 191 821 18,154 3,311 21,465 19 37,843 37,546 297 515 ,915 40,333 14,353 5,407 39,095 762 1,060 138 186 885 17,966 3,476 21.442 26 37,980 37,788 192 497 ,598 40,146 14,335 5,397 39,047 762 791 142 172 1,142 17,821 3,543 21,364 June 2 38,717 38,462 255 532 ,446 40,772 14,291 5,399 39,239 759 856 142 190 1,285 17,992 3,422 21,414 9 38,889 38,515 374 494 ,556 41,006 14,293 5,394 39,472 765 840 127 178 1,293 18,017 3,352 21,369 16 38,817 38,527 290 626 ,632 41,131 14,292 5,394 39,555 771 816 151 177 1,231 18,115 3,534 21,649 23 38,775 38,696 79 596 ,037 41,455 14,292 5,409 39,528 778 892 129 185 1,153 18,491 3,569 22,060 30 38,870 38,740 130 500 ,678 41,102 14,227 5,413 39,513 777 803 162 184 1,082 18,221 3,673 21,894 39,588 39,050 538 594 718 41,955 13,934 5,418 39,895 775 569 162 208 781 18,917 3,254 22,171 July ,!::::::: 39,570 38,987 583 623 883 42,128 13,934 5,405 40,201 762 842 146 196 829 18,491 3,614 22,105 21 38,864 38,766 98 427 206 41,535 13,934 5,412 40,065 785 888 179 194 725 18,046 3,616 21,662 28 39,013 38,799 214 479 674 41,201 13,923 5,408 39,901 792 873 156 186 710 17,914 3,683 21,597 Aug. 4 39,400 38,903 497 544 1,440 41,418 13,85 5,423 39,944 797 903 155 196 500 18,204 3,573 21,777 11 39,651 39,259 39: 619 1,480 41,786 13,858 5,422 40,125 800 1,050 198 191 470 18,230 3,372 21,602 18 39,136 39,037 99 493 1,770 41,434 13,858 5,426 40,202 812 848 235 190 466 17,965 3.549 21,514 25 39,134 38,971 163 54' 1,692 41,409 13,858 5,441 40,118 824 908 218 178 578 17,885 3,634 21,519 Sept. 1 39,152 39,074 78 53' 1,427 41,170 13,858 5,453 40,058 810 951 240 177 398 17,846 3,732 21,578 8 39,480 39,339 141 483 1,552 41,586 13,858 5,462 40,307 807 898 243 179 389 18,082 3,332 21,414 15 39,088 39,088 564 1,82141,508 13,857 5,470 40,488 809 987 212 191 312 17,836 3,748 21,584 22 38,708 38,621 635 2,539 41,918 13,858 5,470 40,319 812 1,023 187 207 220 18,478^3,636 '22,114 39,074 39,074 55! 1,898 41,578 13,858 5,474 40,286 811 961 199 199 222 18,232*>3,658 '21,890 29 End of month 1965 July 39,207 38,804 403 536 1.388 41,166 13,857 5,421 39,897 786 947 147 202 455 18,008 3,314 21,322 Aug 39,049 39,049 237 1,278 40,619 13,857 5,456 40,165 782 916 356 is: 339 17,191 3,942 21,133 Sept 39,774 39,774 174 1,693 41,704^13,858^5,471 *>40,413 P800 1,002 213 22' 230 18,149^4,105*22,254 Wednesday 1965 Aug. 4....... 39,812 39,127 685 47: 1,28141,601 13,859 5,429 40,04: 811 808 158 184 476 18,409 3,707 22,116 11 39,459 39,185 274 292 1,28141,068 13,859 5,421 40,238 810 916 245 192 467 17,480 3,836 21.316 18 38,949 38,949 328 1,756 41,069 13,859 5,434 40,212 829 949 217 188 586 17,381 3,863 21;244 25 39,200 39,026 174 454 1,317 41,007 13,859 5,453 40,124 82 81 21' 184 540 17,619 4,041 21,660 Sept. 1 38,999 38,999 131 1,284 400,468 13,859 5,463 40,170 815 1,260 20' 181 375 16,782 3,864 20,646 8....... 39,216 39,216 436 1, 1,243 13,859 5,469 40,569 812 951 231 175 386 17,447 3,727 21,174 15 38,968 38,968 241 1,959 411,204 13,859 5,473 40,467 817 1,146 196 211 216 17,484 4,192 21,676 22 38,6J9 38,619 906 1,986 411; ,554477 13,859 5,469 40.315 826 1,000 180 208 218 18,128M.007 P22J35 29 39,569 39,569 130 1,405 411,165 13,859 5,472 40,417 804 85" 195 213| 218 17,797 M,045 r>2] .842 1 Beginning with 1960 reflects a minor change in concept, see Feb. 3 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed 1961 BULLETIN, p. 164. thereafter. Beginning with Jan. 1963 figures are estimated except for 2 Includes industrial loans and acceptances, when held. (Industrial weekly averages. loan program discontinued Aug. 21, 1959.) For holdings of acceptances on Wed. and end-of-month dates, see subsequent tables on F.R. Banks. See also note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1418 BANK RESERVES AND RELATED ITEMS OCTOBER 1965 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves Bor- T h o e t l a d l qu R i e r - ed Excess B F r i o . a n a n w g R t k s - . s s F e r r r e v e - e e s T h o e t ld al qu R i e r - ed Excess B F r i . o a n a n w g R t k s - . s s F e r r r e v e - e e s T h o e t l a d l qu R i e r - ed Excess B F r i . o a n a n w g R t k s - . s s F e r r r e v e - e e s 1929—June 2,314 2,275 42 974 -932 762 755 174 -167 161 161 1 63 -62 1933—June 12,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 ,141 601 540 540 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 143 848 295 295 1945—Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 ,024 ,011 13 6 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 ,199 ,191 8 5 3 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 ,166 ,164 2 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 ,149 ,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 ,136 ,127 8 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 ,077 ,070 7 39 -31 1959—Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 ,038 ,038 104 -104 1960—Dec 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 8 -4 1961—Dec 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962—Dec 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 ,042 ,035 18 -11 1963—Dec 20,746 20,210 536 327 209 3,951 3,895 56 37 19 ,056 ,051 26 -21 1964—June 20,558 20,168 390 270 120 3,984 3,945 39 39 ,033 ,033 13 -13 1964—Sept 20,928 20,508 420 331 89 3,983 3,954 29 45 -16 ,061 ,060 1 34 -33 Oct 21,033 20,618 415 309 106 3,962 3,942 20 54 -34 ,058 ,055 3 29 -26 Nov 21,159 20,763 396 430 -34 3,893 3,882 11 97 -86 ,076 ,072 4 20 -16 Dec 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 ,083 ,086 -3 28 -31 1965—Jan 21,619 21,217 402 299 103 4,117 4,073 43 113 -70 ,094 ,099 -5 12 -17 Feb 21,227 20,790 437 405 32 3,966 3,961 95 -90 ,096 ,083 13 50 -37 Mar 21,248 20,908 340 416 -76 4,026 4,004 23 120 -97 ,082 ,077 5 50 -45 Apr 21,505 21,146 359 471 -112 4,111 4,087 25 75 -50 ,085 ,086 -1 39 -40 May 21,476 21,149 327 505 -178 4,135 4,127 8 21 -13 ,116 ,110 6 10 -4 June 21,709 21,366 343 528 -185 4,206 4,185 21 135 -114 ,100 ,096 4 19 -15 July 21,865 21,516 349 524 -175 4,155 4,164 -9 126 -135 ,102 ,100 2 27 -25 Aug 21,620 21,192 428 564 -136 4,097 4,026 71 103 -32 ,077 ,075 2 38 -36 Sept "21,730"21,356 "374 528 "-154 "4,094 "4,079 "15 62 "-47 ,091 .088 "3 46 "-43 Week ending— 1964—Sept. 2.. 20,531 20,133 398 315 83 3,882 3,841 41 56 -14 ,038 ,033 7 -2 9.. 20,679 20,182 497 478 19 3,831 3,823 8 30 -22 ,038 ,033 59 -54 16.. 20,739 20,372 367 225 142 3,924 3,894 29 21 8 ,043 ,043 6 -5 23.. 21,256 20,775 481 409 72 4,041 4,036 5 137 -132 ,087 ,085 37 -35 30.. 21,140 20,752 388 278 110 4,143 4,073 70 6 65 ,088 ,084 42 -38 1965—Apr. 7.. 21,503 21,130 373 570 -197 4,139 4,122 17 128 -111 ,087 ,089 -2 79 -80 21,288 21,012 276 397 -121 4,017 3,999 19 57 -38 ,064 ,061 3 14 -11 21'.'. 21,716 21,249 467 572 -105 4,093 4,081 12 133 -121 ,078 ,081 -3 65 -68 28.. 21,400 21,164 236 345 -109 4,118 4,108 9 3 6 ,105 ,101 4 7 May,i:: 21,743 21,411 332 478 -146 4,296 4,291 5 7 -2 ,163 ,152 11 5 6 21,465 21,118 347 498 -151 4,109 4,079 30 30 ,116 ,113 3 8 19.. 21,442 21,104 338 500 -162 4,109 4,110 -1 48 -49 ,093 ,098 -5 17 -~22 26.. 21,364 21,059 305 483 -178 4,102 4,077 25 17 ,102 ,094 3 6 June 2.. 21,414 21,087 327 518 -191 4,124 4,109 15 20 -5 ,099 ,096 3 15 -12 9.. 21,369 21,067 302 474 -172 4,069 4,064 5 52 -46 ,070 ,065 4 6 -2 16.. 21,649 21,249 400 611 -211 4,164 4,163 1 175 -173 ,083 ,079 4 13 -9 23.. 22,060 21,644 416 583 -167 4,358 4,271 87 225 -138 ,128 ,119 9 38 -29 30.. 21,894 21,558 336 486 -150 4,256 4,253 3 111 -108 ,112 J20 -8 19 -27 22,171 21,822 349 582 -233 4,352 4,320 32 233 -201 ,132 ,129 30 -27 July.!:: 22,105 21,576 529 620 -91 4,148 4,137 11 200 -189 ,094 ,094 23 -23 21.. 21,662 21,470 192 425 -233 4,139 4,119 20 68 -48 ,105 ,100 5 18 -13 28.. 21,597 21,274 323 479 -156 4,107 4,093 14 37 -23 ,079 ,081 -2 35 -37 21,777 21,399 378 544 -166 4,175 4,158 17 135 -118 ,113 ,103 11 21 -10 Aug'ii:: 21,602 21,183 419 616 -197 4,031 4,022 8 175 -167 ,070 ,066 3 22 -19 18.. 21,514 21,188 326 491 -165 4,028 4,009 19 7 12 ,068 ,070 -2 68 -70 25.. 21,519 21,115 404 545 -141 4,003 3,995 61 -53 ,073 ,068 4 57 -53 Sept. 1. . 21,578 21,145 433 537 -104 4,081 3,995 96 -10 ,080 ,077 3 13 -9 8.. 21,414 21,041 373 483 -110 3,959 3,952 43 -36 ,071 ,065 6 13 -7 15.. 21,584 21,120 464 558 -94 4,009 3,956 41 11 ,061 ,062 35 -35 22.. "22,114P21,679 "435 627 "-192 4,201 4,192 179 -171 ,128 ,120 47 -39 29.. "21,890 "2"1",559 "331 553 "-222 4,252 4,194 3 56 ,105 ,105 102 -102 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 BANK RESERVES AND RELATED ITEMS 1419 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves Borrow- Reserves Borrowings at Free ings at Free T h o e t ld al Required Excess B F a . n R k . s reserves T h o e t l a d l Required Excess B F a . n R k . s reserves 1929 June 761 749 12 409 -397 632 610 22 327 -305 1933—June 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1,188 1,188 1,568 897 671 3 668 1941_Dec 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 1945_Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947_Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1955 Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec 8,078 7,983 96 300 —203 5 859 5,371 488 144 344 1957 Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 I960 Dec 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961 Dec 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962—Dec 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 1963—Dec 8,393 8,325 68 190 — 122 7 347 6,939 408 74 334 1964 June 8,318 8,290 28 142 -114 7,224 6,900 324 76 248 1964—Sept 8,480 8,441 39 179 -140 7 404 7,053 351 73 278 Oct 8,530 8,483 47 163 -116 7,483 7,138 345 63 282 Nov 8,612 8,565 47 225 -178 7 578 7,244 334 88 246 Dec 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 1965—Jan 8,713 8,676 37 120 -83 7 695 7,369 327 54 273 Feb 8,548 8,485 63 207 -144 7,617 7,262 355 53 302 Mar 8,563 8,547 15 163 -148 7,577 7,279 298 83 215 Apr 8,680 8,648 32 271 —239 7 628 7,326 303 86 217 May 8,604 8,554 50 383 -333 7,621 7,358 263 91 172 June 8,649 8,636 13 287 -274 7,751 7,450 301 87 214 July 8,774 8,725 50 264 -214 7 528 306 107 199 Aus 8,661 8,626 35 263 -228 7,785 7,465 320 160 160 Sept ^8,681 ^8,641 286 P-246 134 Week ending— 1964 Sept 2 8,389 8,322 67 144 -77 7,222 6,937 285 108 177 9 8,406 8,351 55 292 -237 7 405 6 976 429 97 332 16 8,455 8,399 56 124 -68 7 318 7,037 281 74 207 23 8,554 8,527 27 190 -163 7,574 7,127 447 45 402 30 8,555 8,497 58 158 -100 7,353 7,098 256 72 184 1965_Apr. 7 8,665 8,645 19 293 -274 7,613 7,274 339 70 269 14 8,671 8,635 36 248 -212 7 536 7,317 218 78 140 21 8,717 8,696 21 279 -257 7,826 7,390 437 95 342 28 8,653 8,626 26 227 -201 7,524 7,328 197 108 88 May 5 8,697 8,662 35 397 -362 7,587 7,306 280 69 211 8,610 8,563 48 375 -327 7 629 7,363 267 85 182 19 8,516 8,511 5 351 -346 7,724 7,385 338 84 254 26 8,558 8,522 37 366 -329 7,602 7,367 235 106 128 June 2 8,555 8,530 26 381 -355 7,635 7,352 282 102 181 9 8,571 8,539 32 313 -280 7,659 7,399 260 103 157 16 8,603 8,571 32 338 -306 7,799 7,436 363 85 278 23 8,804 8,734 70 238 -167 7,770 7,520 250 82 168 30 8,772 8,719 53 282 -229 7,751 7,450 301 87 214 July 7 8,869 8,841 28 218 -190 7 818 7,532 286 101 185 14 8,800 8,768 32 293 -261 8,063 7,577 486 104 382 21 8,731 8,704 26 225 -199 7,687 7,547 140 114 26 28 8,654 8,621 33 319 -286 7,757 7,479 278 88 190 Aug. 4 8,710 8,677 33 238 -205 7,779 7,461 318 150 168 11 8,649 8,612 38 274 -236 7,853 7,482 370 145 225 18 8,671 8,638 33 251 -218 7 747 7 471 276 \C5 111 25 8,635 8,597 38 265 -226 7,808 7,454 354 162 190 Sept. 1 8,669 8,617 52 258 -205 7,747 7,456 292 170 119 8 8,602 8,551 50 286 -235 7,783 7,473 310 141 170 15 8,625 8,565 60 291 -232 7,889 7,536 352 191 159 22 8,762 8,744 18 312 -294 ^8,023 ^7,623 M00 89 mi 29 8,778 8,689 89 322 -233 ^7,754 ^7,571 126 P57 1 This total excludes, and that in the preceding table includes, $51 Total reserves held: Based on figures at close of business through Nov million in balances of unlicensed banks. 1959; thereafter on closing figures for balances with F.R. Banks and opening figures for allowable cash; see also note 3 to preceding table. NOTE.—Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. weeks ending on Wed. that fall within the month. Beginning with Jan. 1964 reserves are estimated except for weekly averages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1420 MAJOR RESERVE CITY BANKS OCTOBER 1965 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt. securities dealers Less— Net- Gross transactions Net transactions Reporting banks and Total Borweek ending— s E e x r r v c e e - e s s s i r a o B t B w a F o n in r . k R - g s s . F t i f b e n r u N d a a t n e n e e n d t r r k s s - a . l S d u e r o f p i r l c u i s t P r r e e e a s q r e o v u r f c g i v e r . e n e s d t c P ha u s r e - s Sales a 2 c tr - t a w io n a n s y - s2 b c o b P u h f a a y u n n s i r k n e e - s s t g s o b S e f a a l l n n l i e n k e s g s t d L ea o t l a o e n rs s 3 de r f i a r n o o l w g e m r s - s 4 lo N a e n t s Total—46 banks 1965 Aue 4 235 438 -639 6.6 2 003 1.565 1,104 899 461 1 030 95 935 U 30 338 554 -862 9.1 1,978 1,424 978 1,000 446 614 70 544 18 31 214 679 -862 9.2 2,051 1,372 1,100 952 272 792 71 721 25 27 244 388 -605 6.4 1,753 1,365 897 857 469 723 61 662 Sept 1 108 248 502 -642 6.7 1,918 1,416 1,006 912 410 878 95 784 8 37 211 626 -800 8.5 2,066 1,440 949 1,118 491 652 161 491 15 ...... oo 238 1,179 -1,328 14.1 2,443 1.264 1,129 1,314 135 802 109 693 22 9 398 1,350 -1,739 17.7 2,199 848 760 1,438 88 908 107 801 29 92 238 783 -928 9.5 1,985 1,203 865 1,120 337 627 103 524 8 in New York City 1965 Aug 4 11 115 -78 -26 .7 753 831 543 210 288 779 95 684 9 167 6 -164 4.4 773 767 486 287 281 442 70 372 18 13 4 239 -230 6.1 857 618 554 303 64 602 71 531 25 52 -45 -2 668 713 469 199 244 520 61 459 Sept 1 ...... 78 81 196 -199 5.3 798 602 461 337 141 655 95 560 8 5 43 -15 -23 .6 741 756 468 273 288 486 149 337 15 49 29 395 -375 10.1 1,000 605 568 432 37 692 84 608 22 4 161 518 —674 17 1 935 418 418 518 687 81 606 29 50 3 70 -23 .6 696 626 418 278 208 521 79 442 38 outside New York City 1965 Aue 4 23 120 516 -613 10.5 1.250 734 561 689 173 251 251 20 170 548 -698 12.1 ,204 657 492 713 165 172 172 18 18 209 441 -632 11.2 ,194 754 546 649 208 190 190 25 .. 22 192 433 -603 10.5 ,085 652 427 658 225 203 203 Sept 1 30 167 306 -443 7.7 ,120 814 545 575 269 224 224 8 32 168 641 -778 13.7 ,326 685 481 845 203 166 12 154 15 39 209 783 -953 16.7 ,442 659 560 882 98 no 25 85 22 4 237 833 -1,065 18.1 .263 430 342 921 88 221 26 195 29 42 235 713 -906 15.5 1,290 577 448 842 129 106 24 82 ' 5 in City of Chicago 1965 Aue 4 7 4 219 -216 2t.9 348 129 119 229 9 11 11 2 13 222 -233 24.5 352 130 105 247 25 22 22 18 -2 66 143 -211 22.1 308 165 134 174 31 18 18 25 3 57 156 -210 22.1 296 140 121 174 19 23 23 Sept 1 3 13 77 — 87 9 1 308 231 148 160 83 34 34 3 5 12 118 — 126 13.3 363 245 175 187 69 24 24 15 1 26 200 —227 23 9 391 192 173 218 18 24 24 22 40 228 — 268 26.5 354 127 114 240 13 35 35 29 91 188 -278 28.0 326 138 132 194 6 6 3 3 33 others 16 116 296 -397 8.2 902 605 442 460 164 240 240 Ug' 11 18 157 326 -465 9.7 853 527 387 465 140 150 150 18 20 143 298 -421 9.0 887 589 412 475 177 173 173 25 19 134 277 — 392 8 2 789 512 306 483 206 180 180 Sept 1 27 154 229 — 356 7 4 812 583 397 415 186 190 190 8 27 156 523 -652 13.7 963 440 306 657 134 143 \2 131 15 40 183 583 -726 15.3 1,051 467 387 664 80 85 25 61 22 4 196 605 -797 16.4 909 303 228 681 75 186 26 160 29 . .. 42 144 525 -627 13.0 963 438 315 648 123 99 21 78 1 Based upon reserve balances including all adjustments applicable to 4 Federal funds borrowed, net funds acquired from each dealer by the reporting period. Carryover reserve deficiencies, if any, are de- clearing banks, reverse repurchase agreements (sales of securities to ducted. dealers subject to repurchase), resale agreements, and borrowings secured 2 Derived from averages for individual banks for entire week. Figure by Govt. or other issues. for each bank indicates extent to which its weekly average purchases and sales are offsetting. NOTE.—Weekly averages of daily figures. For description of series 3 Federal funds loaned, net funds supplied to each dealer by clearing and back data, see Aug. 1964 BULLETIN, pp. 944-74. banks, repurchase agreements (purchases of securities from dealers subject to resale), or other lending arrangements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 DISCOUNT RATES 1421 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 13 3 Federal Reserve Bank Sees. 13 and 13a i Sec. 10(b) 2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Sept. 30 date rate Sept. 30 date rate Sept. 30 date rate P Boston Nov. 24,1964 Nov. 24,1964 Nov. 24,1964 New York... Nov. 24,1964 Nov. 24,1964 Nov. 24,1964 Philadelphia.. Nov. 24,1964 Nov. 24,1964 h Nov. 24,1964 Cleveland Nov. 27,1964 Nov. 27,1964 Nov. 27,1964 Richmond. .. Nov. 27,1964 Nov. 27,1964 Nov. 27,1964 Atlanta Nov. 25,1964 Nov. 25,1964 Nov. 25,1964 Chicago Nov. 24,1964 Nov. 24,1964 6 July 19,1963 4% St. Louis Nov. 24,1964 Nov. 24,1964 5 Nov. 24,1964 Minneapolis.. Nov. 30,1964 Nov. 30,1964 5 Nov. 30,1964 Kansas City.. Nov. 30,1964 Nov. 30,1964 5 Nov. 30,1964 Dallas Nov. 27,1964 Nov. 27,1964 5 Nov. 27,1964 San Francisco Nov. 27,1964 Nov. 27,1964 5 Nov. 27,1964 5 i Advances secured by U.S. Govt. securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F.R. Bank. Maximum secured by securities of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts 3 Advances to individuals, partnerships, or corporations other than of certain bankers' acceptances and of agricultural paper may have member banks secured by U.S. Govt. direct securities. Maximum maturmaturities not over 6 months and 9 months, respectively, and advances ity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date all F.R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31,1932.... 1953 1958 Jan. 16 134-2 Jan. 22 1933 23 24 Mar. 3 Mar. 7 4 13 Apr. 7 1954 21 May 26 Feb. 5 Apr. 18 Oct. 20 15 May 9 Apr. 14 Aug. 15 1934 16 Sept. 12 Feb. 2 May 21 Mar. 16 Oct. 24'.'.'.'.'.'.'. Nov. 7 1935 1955 Jan. 11 Apr-£::::: 1959 May 14 Mar. 6 May 2 16 1937 Aug. 4 May 29 Aug. 27 1 -2 5 June 12 Sept. 4 1 -1% SepS? 12 :::::: 2 2 - -2 2 1 % 4 Sept. 1 1 8 1 1942 Apr. 11 Nov. 18 214-21/2 1960 Oct. 15 23 2V4 June 3 30 10 14 f 1946 Aug. 12 Apr. 25 1956 Sept. 9 May 10 Apr. 13 21/2-3 20 234-3 1963 1948 Aug. 24 234-3 July 17 3% Jan. 12 26 3 3 19 3Vi Aug. 13 1964 1957 Nov. 24 Aug. 9 3 r? 30 1950 23 Aug. 21 Nov. 15 3 -3 1965 25 Dec. 2 3 Tn effect Sept. 30 fPreferential rate of % of 1 per cent for advances secured by U.S. against U.S. Govt. securities was the same asTits discount rate except Govt. securities maturing in 1 year or less. The rate of 1 per cent was in the following periods (rates in percentages): 1955—May 4-6, 1.65: continued for discounts of and advances secured by eligible paper. 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, NOTE.—Discount rates under Sees. 13 and 13a (as described in table 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July above). For data before 1933, see Banking and Monetary Statistics, 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23,Nov.3, 1943, pp. 439^*2. 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24 v The rate charged by the F.R. Bank of N.Y. on repurchase contracts 28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1422 RESERVE REQUIREMENTS OCTOBER 1965 MAXIMUM INTEREST RATES PAYABLE ON TIME AND RESERVE REQUIREMENTS OF MEMBER BANKS SAVINGS DEPOSITS (Per cent of deposits) (Per cent per annum) Net demand deposits 2 Time deposits Effective date Type and maturity Central of deposit Jan. 1, Jan. 1, Jan. 1, July 17, Nov. 24, Effective date * Central reserve 1936 1957 1962 1963 1964 reserve Reserve Coun- and Councity city try reserve try banks 3 banks banks city banks Savings deposits: banks Less than 1 year } 2* 3 {** 3% 4 4 InefifectDec. 31, 1948.. 26 22 16 7% 7% Postal savings deposits: L 1 e y s e s a t r h a o n r m 1 o y r e e ar }2K 3 {t» 4 3% 4 4 1949— J M un ay e 30 1 , , 5 July 1.. 24 2 2 1 0 1 1 5 4 7 6 7 6 Other time deposits:1 A A u u g g . . 16 1 , , 1 1 1 8 , ,,. S* 1 1 3 2 5 5 6 1 m ye o a n r t h o s r - m 1 o y r e e ar 3 1: 4% A Se u p g t . . 25 1 It* 90 days-6 months.... 2% 1951—Jan. 11,16 23 13 6 6 Less than 90 days 4 Jan. 25, Feb. 1.. 24 14 1953—July 1,9 22 19 13 1954—June 16,24 21 20 5 5 1 For exceptions with respect to foreign time deposits, see Oct. 1962 July 29, Aug. 1. 20 1198 12 BU N LL O E T T E IN .— , p M . a 1 x 2 im 79 u , m a n r d a te A s u t g h . at 1 9 m 65 a y B b U e L L p E a T id IN b , y p . m 1 e 0 m 84 b . er banks as estab- 1958— M Fe a b r . . 2 2 0 7 , , A M p a r r . . 1 1 . . . 1 1 9 9 % i7* lished by the Board of Governors under provisions of Regulation Q. Apr. 17 18% 7 Under this regulation the rate payable by a member bank may not in Apr. 24 18 16% any event exceed the maximum rate payable by State banks or trust 1960—Sept. 1 17% cos. on like deposits under the laws of the State in which the member Nov. 24 12 bank is located. Effective Feb. 1, 1936, maximum rates that may be Dec. 1 16% paid by insured nonmember commercial banks, as established by the FDIC, have been the same as those in effect for member banks. 1962—Oct. 25, Nov. 1. 4 4 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% In effect Oct 1 1965 . 16% 12 4 4 per cent. MARGIN REQUIREMENTS Present legal requirement: Minimum 10 7 3 3 (Per cent of market value) M^aximum . .. . 22 14 6 6 Effective date 1 When two dates are shown, a first-of-month or midmonth date records changes at country banks, and any other date (usually a Thurs.) Regulation records changes at central reserve and reserve city banks. July 28, July 10, Nov. 6, 2 Demand deposits subject to reserve requirements are gross demand 1960 1962 1963 deposits minus cash items in process of collection and demand balances due from domestic banks. 3 Authority of the Board of Governors to classify or reclassify cities as Regulation T: central reserve cities was terminated effective July 28, 1962. For extensions of credit by brokers and dealers on listed securities 70 50 70 NOTE.—All required reserves were held on deposit with F.R. Banks, For short sales 70 50 70 June 21, 1917, until late 1959. Since then, member banks have been Regulation U: allowed to count vault cash also as reserves, as follows: country banks— For loans by banks on stocks 70 50 70 in excess of 4 and 2% per cent of net demand deposits effective Dec. 1, 1959, and Aug. 25, 1960, respectively; central reserve city and reserve city banks—in excess of 2 and 1 per cent effective Dec. 3, 1959, and Sept. 1, NOTE.—Regulations T and U, prescribed in accordance with Securities 1960, respectively; all member banks were allowed to count all vault cash Exchange Act of 1934, limit the amount of credit that may be extended on as reserves effective Nov. 24, 1960. a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of extension; margin requirements are the difference between the market value (100 per cent) and the maximum loan value. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item m b e a A m n l k b l s er Y N o e r w k C o it f y Other C b o a u n n k t s ry Item m b e a A m n l k b l s er Y N o e r w k C o it f y Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Aug. 18,1965 Four weeks ending Sept. 15,1965 Gross demand—Total... 138,037 25,958 6,458 51,916 53,704 Gross demand—Total. . .136,652 25,117 6,346 51,374 53,815 Interbank 14,498 4,497 1,220 6,905 1,877 Interbank 14,986 4,483 1,277 7,273 1,953 U.S. Govt 6,590 1,518 414 2,701 1,957 U.S. Govt 5,188 1,026 277 2,067 1,818 Other 116,949 19,943 4,824 42,311 49,871 Other [16,478 19,608 4,792 42,034 50,044 Net demand 1 113,465 20,389 5,368 41,788 45,920 Net demand i 112,169 19,734 5,280 41,343 45,813 Time 115,142 17,668 4,856 43,548 49,070 Time 116,467 17,963 4,920 44,033 49,550 Demand balances due Demand balances due from dom. banks.... 7,245 156 107 1,880 5,102 from dom. banks 7,485 144 102 1,881 5,359 Currency and coin.... 3,545 282 62 1,060 2,141 Currency and coin 3,611 287 64 1,096 2,163 Balances with F.R. Balances with F.R Banks 18,078 3,803 1,021 7,611 5,643 Banks 17,913 3,726 1,007 7,537 5,643 Total reserves held.... 21,623 4,085 1,083 8,671 7,784 Total reserves held 21,524 4,013 1,071 8,633 7,806 Required 21,261 4,071 /,080 8,637 7,473 Required 21,105 3,975 1,068 8,583 7,480 Excess 362 14 3 34 311 Excess 419 38 3 50 326 l Demand deposits subject to reserve requirements are gross demand NOTE.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 OPEN MARKET ACCOUNT 1423 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt. securities by maturity Total Treasury bills Others within 1 year Month Exch., maturity Gross Gross Redemp- Gross Gross Redemp- Gross Gross shifts, purchases sales tions purchases sales tions purchases sales or redemptions 1964—Aug 574 413 145 413 2 030 Sept 620 534 388 534 Oct 1,347 888 1 275 888 Nov 1,197 131 1 197 131 —28 Dec 813 866 215 706 866 215 5 1965 Jan 388 261 12 388 261 12 Feb 865 198 464 784 198 464 1 752 Mar 642 7 551 7 Apr 466 290 126 466 290 111 -15 May 984 26 876 26 2 521 755 115 224 361 115 224 julv 206 284 206 284 Aug 758 398 114 652 398 114 1,937 Outright transactions in U.S. Govt. securities by maturity—Continued 1-5 years 5-10 years Over 10 years Month Exch. Exch. Exch. Gross Gross or Gross Gross or Gross Gross or purchases sales maturity purchases sales maturity purchases sales maturity shifts shifts shifts 1964 Aug 187 -2,030 202 41 Sept 108 89 34 Oct 33 102 29 -102 11 Nov 28 35 -35 Dec 52 335 45 -335 5 1965—Jan Feb 46 -1,752 23 12 Mar 36 574 45 -574 10 Apr May 65 -2,521 32 12 June 185 166 43 Julv Aug 61 -1,821 35 -116 10 Repurchase agreements (U.S. Govt. securities) Bankers' acceptances Net change Net change Month in U.S. in U.S. Govt. Govt. Under securities and Gross Gross securities Outright, repurchase acceptances purchases sales net agreements, net 1964—Aug 684I 733 113 —4 -16 93 SeDt 812 712 186 2 61 249 Oct 682 782 359 -18 341 Nov 1,313' 1,313 1,065 6 -23 1 048 Dec 2,194I 1,657 269 15 15 300 1965 Jan 1,753 2,171 —303 — 1 22 —281 Feb 983 1,019 166 -4 -40 122 Mar 482 434 684 1 71 756 Apr 1,831 1,717 163 — 1 -38 124 May 1,201r 1,233 932 -3 -20 909 1,894\ 1,895 415 -10 — 19 386 July 2,734I 2,549 106 -6 -12 88 Aug 1,552 1,955 -157 I 19 -137 NOTE.—Sales, redemptions, and negative figures reduce System holdings; all other figures increase such holdings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1424 FEDERAL RESERVE BANKS OCTOBER 1965 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1965 1965 1964 Sept. 29 Sept. 22 Sept. 15 Sept. 8 Sept. 1 Sept. Aug. Sept. Assets 11,938 11,931 11,932 11,950 11,950 11,938 11,955 13,701 Redemption fund for F.R. notes 1,649 1,653 1,655 1,643 1,646 1,649 1,641 1,489 13,587 13,584 13,587 13,593 13,596 13,587 13,596 15,190 Cash 117 123 117 119 113 119 109 161 Discounts and advances: 123 900 235 436 131 167 237 93 Other 7 6 6 7 Acceptances: 2 38 36 36 36 36 40 36 38 23 23 18 23 19 U.S. Govt. securities: Bought outright: Bills 8,191 7,241 7,590 7,838 7,773 8,396 7,823 4,967 Certificates—Special Other Notes 24,828 24,828 24,828 24,828 24,759 24,828 24,759 25,105 Bonds 6,550 6,550 6,550 6,550 6,467 6,550 6,467 5,178 Total bought outright 39,569 38,619 38,968 39,216 38,999 39,774 39,049 35.250 Held under repurchase agreements 100 39,569 38,619 38,968 39,216 38,999 39,774 39,049 35,350 Total U.S. Govt. securities 39,760 39,561 39,245 39,711 39,184 40,011 39,341 35,544 5,957 7,686 7,815 5,499 5,847 5,946 5,163 5,896 Cash items in process of collection 102 102 102 102 102 102 102 102 Other assets: 866 860 857 844 844 867 884 164 All other 344 308 289 270 247 347 243 356 60,733 62,224 62,012 60,138 59,933 60,979 59,438 57,413 Total assets Liabilities F.R. notes 35,594 35,520 35,655 35,765 35,372 35,589 35,340 32,936 Deposits: 17,797 18,128 17,484 17,447 16,782 18,149 17,191 17,121 U.S. Treasurer—General account 8 1 5 9 2 5 1,0 1 0 8 0 0 1,1 1 4 9 6 6 9 2 5 3 1 1 1,2 2 6 0 0 7 1,0 2 0 1 2 3 9 3 1 5 6 6 9 1 3 4 3 8 Other 213 208 211 175 181 227 182 194 19,057 19,516 19,037 18,804 18,430 19,591 18,645 18,396 4,552 5,700 5,856 3,967 4,563 4,253 3,885 4,329 Other liabilities and accrued dividends 336 323 323 374 364 349 368 106 Total liabilities 59,539 61,059 60,871 58,910 58,729 59,782 58,238 55,767 Capital Accounts 544 544 544 544 544 544 544 518 524 524 524 524 524 524 524 990 Other capital accounts 126 97 73 160 136 129 132 138 Total liabilities and capital accounts 60,733 62,224 62,012 60,138 59,933 60,979 59,438 57,413 Contingent liability on acceptances purchased for 149 141 140 142 144 152 145 127 U.S. Govt. securities held in custody for foreign 7,598 7,646 7,389 7,271 7,265 7,805 7,264 8,373 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 38,304 38,332 38,336 38,258 38,134 38,302 38,112 35,321 Collateral held against notes outstanding: 6,450 6,430 6,380 6,350 6,350 6,450 6,350 6,563 4 14 6 11 14 2 39 12 U.S. Govt. securities 32,865 32,865 32,865 32,855 32,855 32,865 32,855 29,870 39,319 39,309 39,251 39,216 39,219 39,317 39,244 36.445 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 FEDERAL RESERVE BANKS 1425 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 30. 1965 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - Atlan- c C a h g i o - L S ou t. is M ap i o n l n is e- K C s a i a t n s y - Dallas F c S i r s a a c n n o - Gold certificate account 11,938 781 2,521 706 967 1,104 729 2,012 536 369 522 382 1,309 Redemption fund for F.R. notes 1,649 94 380 89 139 133 96 312 62 31 66 55 192 Total gold certificate reserves 13,587 875 2,901 795 ,106 1,237 825 2,324 598 400 588 437 1,501 F.R. notes of other Banks. 730 140 83 71 74 Other cash 119 19 6 21 16 Discounts and advances: Secured by U.S. Govt. securities... 148 13 19 Other 26 2 Acceptances: Bought outright 40 40 Held under repurchase agreements. 23 23 U.S. Govt. securities: Bought outright 39,774 2,060 10,070 2,055 3,320 2,698 2,125 6,466 1,463 721 1,546 1,662 5,588 Held under repurchase agreements Total loans and securities 40,011 2,064 10,148 2,055 3,321 2,717 2,157 6,524 1,465 725 1,568 1,678 5,589 Cash items in process of collection 7,621 465 1,415 454 516 612 609 1,316 350 257 474 404 749 Bank premises 102 3 3 5 5 20 21 7 3 6 11 10 Other assets: Denominated in foreign currencies. 867 41 1228 49 78 43 51 123 29 39 50 116 Allother 347 17 95 16 28 22 18 53 12 16 14 49 Total assets. 63,384 3,559 14,954 3,440 5,104 4,725 3,755 10,453 2,491 ,449 2,718 2,632 8,104 Liabilities F.R. notes 36,319 2,159 8,170 2,126 3,109 3,219 2,092 6,669 1,393 677 1,393 1,147 4,165 Deposits: Member bank reserves 18,149 810 4,942 775 1,330 816 1,033 2,454 691 489 857 976 2,976 U.S. Treasurer—General account.. 1,002 68 141 78 71 107 68 96 82 52 53 84 102 Foreign 213 9 2 65 11 18 10 12 28 7 5 9 12 27 Other 227 159 1 5 1 1 2 1 56 Total deposits. 19,591 887 5,307 864 1,420 938 1,114 2,579 780 547 921 1,073 3,161 Deferred availability cash items... 5,928 437 1,073 367 438 486 459 978 264 190 337 327 572 Other liabilities and accrued dividends. 349 18 91 19 30 20 20 52 13 7 15 17 47 Total liabilities 62,187 3,501 14,641 3,376 4,997 4,663 3,685 10,278 2,450 1,421 2,666 2,564 7,945 Capital Accounts Capital paid in 544 143 72 Surplus 524 137 70 Other capital accounts. 129 33 17 Total liabilities and capital accounts.. 63,384 3,559 14,954 3,440 5,104 4,725 3,755 10,453 2,491 1,449 2,718 2,632 8,104 Ratio of gold certificate reserves to F.R. note liability (per cent): Sept. 30,1965 37.4 40.5 35.5 37.4 35.6 38.4 39.4 34.8 42.9 59.1 42.2 38. 36.0 Aug. 31, 1965 37.7 37.6 41.6 35.7 39.0 39. 37.0 36.9 33.2 33.9 39.3 28.2 35.3 Sept. 30, 1964 45 42.7 44.2 40.6 48.3 40.6 43.0 41.4 47.3 51.7 49.3 56.4 53.2 Contingent liability on acceptances purchased for foreign correspondents 15: 142 13 20 Federal Reserve Notes—Federal ReiserveAgent's Accounts F.R. notes outstanding (issued to Bank) 38,302 2,271 8,528 2,203 3,310 3,350 2,231 7,059 1,477 717 1,462 1,240 4,454 Collateral held against notes outstanding: Gold certificate account 6,450 440 ,000 465 600 833 450 1,100 295 127 225 180 735 2 * 2 U.S. Govt. securities 32,865 1,865 7,700 1,800 2,775 2,560 1,850 6,100 1,260 605 1,250 1,100 4,000 Total collateral 39,317 2,305 8,700 2,265 3,375 3,393 2,300 7,200 1,557 732 1,475 1,280 4,735 * After deducting $639 million participations of other F.R. Banks. 3 After deducting $110 million participations of other F.R. Banks. 2 After deducting $148 million participations of other F.R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1426 FEDERAL RESERVE BANKS; BANK DEBITS OCTOBER 1965 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1965 1965 1964 Sept. 29 Sept. 22 Sept. 15 Sept. 8 Sept. ] Sept. Aug. Sept. Discounts and advances—Total. 130 906 241 436 131 174 237 95 Within 15 days 118 893 229 428 121 161 227 88 16 days to 90 days 12 13 12 10 13 10 7 91 days to 1 year Acceptances—Total.. 61 36 36 59 54 63 55 99 Within 15 days.... 32 9 6 31 27 32 30 66 16 days to 90 days. 29 27 30 28 27 31 25 33 U.S. Government securities—Total. 39,569 38,619 38,968 39,216 38,999 39,774 39,049 35,350 Within 15 daysi 963 923 956 785 995 575 111 650 16 days to 90 days 9,778 9,583 9,872 10,201 10,189 9,811 10,409 9,281 91 days to 1 year 18,510 17,795 17,822 17,912 17,648 19,070 17,756 10,023 Over 1 year to 5 years 8,484 8,484 8,484 8,484 8,378 8,484 8,378 12,956 Over 5 years to 10 years 1,449 1,449 1,449 1,449 1,408 1,449 1,408 2,126 Over 10 years 385 385 385 385 381 385 381 314 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d ar ia s n F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese g N u l e a i t n l h d d e e s r r s - f S ra w n i c ss s 1964 Dec 295 234 51 2 1 1 2 3 • 1 1965—Jan 287 235 36 2 1 2 3 6 Feb 165 131 16 2 4 2 1 2 5 Mar 375 347 11 2 2 2 1 2 7 Apr 315 297 1 2 1 2 1 3 g May 80 17 41 2 1 1 2 12 June . 457 390 42 2 1 17 1 1 3 * BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 (In billions of dollars) Turnover of demand deposits Period SM T 2 o 2 S t 5 A al 's N Le .Y ad . ing S 6 M o S th A e ' r s s2 T c o N ( e t e n a . x Y l t c e 2 . l r ) . 2 s 4 SM o 2 th 1 S e 8 A r 's S T M 2 o 2 S t 5 a A l 's L N e .Y ad . ing S 6 M o S th A e 's rs2 T S o ( N M t e a . x S Y l c A 2 l . . ) 2 's 4 SM o 2 th S 1 e 8 A r 's 1964—July. 4,833.7 2,087.0 ,058.9 2,746.7 1,687.8 46.3 95.8 42.3 33.3 29.4 Aug. 4,579.9 1,898.2 ,021.3 2,681.7 1,660.4 44.7 89.3 42.4 33.0 29.1 Sept. 4,763.5 2,007.6 ,049.5 2,755.9 1,706.4 44.3 88.5 41.4 32.9 29.2 Oct.. 4,698.2 1,926.7 ,060.6 2,771.5 1,710.9 44.6 89.8 40.9 32.8 29.3 Nov. 4,648.0 1,917.7 ,023.7 2,730.3 1,706.6 45.1 91.3 41.0 33.2 29.5 Dec. 4,816.5 2,013.0 ,065.4 2,803.5 1,738.1 45.5 90.7 41.7 33.4 30.0 1965—Jan.. 4,870.9 2,067.6 ,065.5 2,803.3 1,737.8 46.3 94.8 42.8 33.8 30.0 Feb., 4,842.5 1,997.4 ,077.2 2,845.1 1,767.9 47.1 96.1 44.3 34.6 30.5 Mar. 4,995.6 2,071.8 ,115.4 2,923.8 1,808.4 47.9 96.9 44.8 35.4 31.2 Apr., 5,113.3 2,151.3 ,131.7 2,962.0 1,830.3 48.4 100.0 44.5 35.2 31.2 May, 4,825.6 1,954.1 ,082.7 2,871.5 1,788.8 47.0 96.0 44.3 34.7 30.6 June, 5,327.8 2,308.4 ,146.8 3,019.4 1,872.6 50.9 107.0 45.5 36.3 32.2 July. 5,302.6 2,281.6 ,149.5 3,021.0 1,871.5 49.3 104.9 44.4 35.1 31.1 Aug. 5,146.8 2,128.0 ,141.0 3,018.8 1,877.8 48.4 99.4 44.9 35.5 31.7 Sept. 5,126.9 2,104.3 1,142.9 3,022.6 1,879.7 47.2 95.4 44.1 35.3 31.4 1 Excludes interbank and U.S. Govt. demand deposit accounts. NOTE.—Total SMSA's include some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA's. Los Angeles-Long Beach. For a description of the revised series see Mar. 1965 BULLETIN, p. 390. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 U.S. CURRENCY 1427 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in circulation 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963 37,692 26,807 3,030 1,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 1964—Aug. 38,014 26,972 3,249 1,668 109 2,364 7,272 12,31011,041 3,249 7,248 245 292 3 4 Sept. 38,166 27,068 3,285 1,693 111 2,361 7,280 12,339 11,098 3,253 7,302 246 291 3 4 Oct.. 38,373 27,201 3,321 1,716 111 2,385 7,328 12,339 11,172 3,262 7,367 246 291 3 4 Nov. 39,248 27,925 3,359 1,749 108 2,455 7,568 12,687 11,323 3,314 7,468 246 289 3 4 Dec. 39,619 28,100 3,405 1,806 111 2,517 7,543 12,717 11,519 3,381 7,590 248 293 2 4 1965—Jan.. 38,540 27,158 3,435 1,709 110 2,381 7,256 12,267 11,382 3,321 7,519 246 290 2 4 Feb. 38,593 27,227 3,468 1,702 110 2,375 7,282 12,289 11,366 3,310 7,517 245 288 2 4 Mar. 38,816 27,424 3,520 1,704 111 2,391 7,327 12,371 11,392 3,316 7,536 245 288 2 4 Apr. 38,760 27,365 3,566 1,714 112 2,381 7,275 12,31711,394 3,313 7,544 244 288 2 4 May 39,207 27,758 3,608 1,740 114 2,427 7,375 12,49411,449 3,332 7,579 244 289 2 4 June 39,720 28,188 3,662 1,752 116 2,447 7,489 12,72311,532 3,361 7,635 243 287 3 4 July. 39,897 28,311 3,689 1,748 116 2,431 7,493 12,83311,586 3,376 7,674 243 287 3 4 Aug. 40,165 28,506 3,751 ],761 118 2,442 7,513 12,921 11,659 3,389 7,735 243 286 3 4 i Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- NOTE.—Condensed from Circulation Statement of United States down is not available. Money, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation l Total out- Held by Kind of currency A st u a 1 n g 9 . d 6 i 5 3 n 1 g , A g a s o s g l s i d a l e v i c n e a u s r n r t d ity Tr c e a a s s h ury B F F a a . n o n R d r k . s A B F a g a . n e n R d n k . t s s Au 1 g 9 . 6 5 31, Ju 1 ly 9 6 3 5 1, Au 1 g 9 . 6 4 31, certificates Agents Gold 13,857 (13,596) 2261 Gold certificates .... (13,596) 313,595 1 F R notes 38 111 86 2 772 35,253 35,016 32,673 Treasury currency—Total 5,456 (802) 435 109 4,912 4,881 5,341 Standard silver dollars 485 3 482 482 482 Silver bullion 1,206 799 407 Silver certificates (802) 4 44 753 785 1,610 Subsidiary silver coin 2 458 17 14 2,427 2,383 2,021 Minor coin . 877 4 31 842 824 747 United States notes 323 2 20 302 299 321 In process of retirement4 108 * 107 107 161 Total Aug 31 1965 557,424 (14,398) 782 13,595 2,882 40,165 July 31 1965 557,174 (14,438) 786 13,590 2,901 39,897 Aug 31 1964 556,110 (16,931) 405 12,376 5,315 38,014 1 Outside Treasury and F.R. Banks. Includes any paper currency held for other items; gold certificates are secured by gold, and silver certificates outside the United States and currency and coin held by banks. Esti- by standard silver dollars and monetized silver bullion. Duplications mated totals for Wed. dates shown in table on p. 1417. are shown in parentheses. 2 Includes $156 million reserve against United States notes. 3 Consists of credits payable in gold certificates: (1) the Gold Certificate NOTE.—Condensed from Circulation Statement of United States Fund—Board of Governors, FRS, and (2) the Redemption Fund for F.R. Money, issued by the Treasury. For explanation of currency reserves notes. and security features, see the Circulation Statement or the Aug. 1961 4 Redeemable from the general fund of the Treasury. BULLETIN, p. 936. 5 Does not include all items shown, as some items represent the security Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1428 MONEY SUPPLY OCTOBER 1965 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt. Total c C om ur p r o en n c e y nt c D o d m e e m p p o o a s n n i e t d nt jus a t d e - d i Total c C om ur p r o en n c e y nt co D d m e e m p p o o a n s n i e t d nt jus a t d e - d i d d e e p m os a i n ts d * 1957—Dec 135.9 28.3 107.6 57.4 139.3 28.9 110.4 56.7 3.5 1958—Dec 141.1 28.6 112.6 65.4 144.7 29.2 115.5 64.6 3.9 1959—Dec 141.9 28.9 113.1 67.4 145.6 29.5 116.1 66.6 4.9 1960—Dec 141.1 28.9 112.1 72.9 144.7 29.6 115.2 72.1 4.7 1961—Dec 145.5 29.6 116.0 82.7 149.4 30.2 119.2 81.8 4.9 1962—Dec 147.5 30.6 116.9 97.8 151.6 31.2 120.3 96.7 5.6 1963—Dec 153.1 32.5 120.6 112.2 157.3 33.1 124.1 111.0 5.1 1964—Dec 159.7 34.2 125.4 126.6 164.0 35.0 129.1 125.2 5.5 1964—Aug 157.1 33.8 123.3 121.0 155.0 33.9 121.1 121.1 6.3 Sept 158.2 33.9 124.3 122.1 157.1 33.9 123.2 122.0 6.5 Oct 158.8 34.0 124.8 123.5 159.0 34.1 124.9 123.4 5.5 Nov 159.1 34.2 124.8 125.1 160.7 34.6 126.1 124.1 5.S Dec 159.7 34.2 125.4 126.6 164.0 35.0 129.1 125.2 5.5 1965—Jan 160.0 34.5 125.5 128.8 164.4 34.4 130.1 128.3 4.2 Feb 159.7 34.7 125.1 131.0 159.5 34.2 125.3 130.S 5.7 Mar 160.3 34.7 125.6 132.1 159.0 34.3 124.6 132.7 6.7 Apr 161.1 34.7 126.4 133.5 161.6 34.5 127.1 134.0 5.6 May 160.0 34.9 125.1 134.6 157.6 34.6 123.0 135.4 9.7 June 161.8 35.0 126.8 135.9 159.6 34.9 124.6 136.6 9.3 July 162.5 35.2 127.3 137.6 160.9 35.4 125.6 138.3 9.1 Aug 162.7 35.4 127.3 140.1 160.5 35.5 125.0 140.2 7.4 Sept.*... 164.3 35.6 128.7 141.6 163.2 35.6 127.5 141.4 5.6 Week ending— 1965—Apr. 7. 161.6 34.8 126.8 132.9 160.1 34.6 125.4 133.6 7.1 14. 161.4 34.8 126.6 133.2 161.9 34.7 127.2 133.9 4.6 21. 161.7 34.8 126.9 133.5 164.1 34.6 129.5 133.9 4.4 28. 160.3 34.7 125.5 133.8 160.9 34.1 126.8 134.4 5.8 May 5. 160.4 34.8 125.6 134.1 160.3 34.4 125.9 134.8 8.5 12. 159.9 34.9 125.1 134.3 158.9 34.7 124.1 135.1 8.4 19. 159.6 34.9 124.7 134.6 156.6 34.6 122.0 135.4 10.3 26. 159.7 34.9 124.9 134.8 155.7 34.4 121.2 135.6 10.8 June 2. 161.0 34.9 126.1 135.2 157.5 34.8 122.8 136.1 9.7 9. 161.5 34.9 126.6 135.6 158.8 35.1 123.7 136.4 8.1 16. 162.0 35.0 127.0 135.8 161.2 35.0 126.2 136.7 7.2 23. 162.1 35.0 127.2 136.1 160.2 34.9 125.3 136.6 10.2 30. 161.7 35.0 126.7 136.3 158.4 34.7 123.7 137.0 11.5 July 7. 162.7 35.1 127.6 136.7 160.4 35.6 124.8 137.5 12.0 14. 163.0 35.2 127.7 137.2 161.4 35.5 125.9 137.9 9.3 21. 162.4 35.3 127.2 137.7 161.1 35.4 125.7 138.4 8.4 28. 162.2 35.3 126.9 138.2 160.6 35.1 125.5 138.9 7.6 Aug-n: 1 1 6 62 2 . . 5 9 3 35 5 . . 4 3 1 12 2 7 7 . . 1 7 1 13 3 9 8 . . 5 9 1 1 6 6 2 1 . . 1 4 3 35 5 . . 7 3 1 12 2 5 6 . . 7 8 1 1 3 3 9 9 . . 8 3 7 6. . 6 5 18. 162.5 35.4 127.1 140.0 160.3 35.6 124.7 140.1 7.6 25. 162.4 35.4 126.9 140.4 158.8 35.4 123.4 140.5 8.1 Sept. 1. 163.1 35.3 127.8 141.0 160.4 35.2 125.2 141.0 6.9 8. 163.2 35.4 127.8 141.0 161.6 35.9 125.7 141.3 5.6 15. 164.1 35.5 128.7 141.5 164.2 35.6 128.6 141.5 3.0 22. 165.2 35.7 129.5 141.6 164.8 35.6 129.2 141.0 5.7 29. 164.6 35.9 128.7 141.8 162.3 35.5 126.8 141.7 7.6 Oct. 6^ 165.8 35.8 130.0 142.5 164.4 35.9 128.5 142.5 6.3 1 At all commercial banks. deposits at all commercial banks other than those due to domestic commercial banks and the U.S. Govt., less cash items in process of collection NOTE.—Revised data. For description of revision of series and back and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) curdata beginning Jan. 1959, see July 1965 BULLETIN, pp. 933-43; for monthly rency outside the Treasury, the FRS, and the vaults of all commercial data 1947-58, see June 1964 BULLETIN, pp. 679-89. banks. Time deposits adjusted are time deposits at all commercial banks Averages of daily figures. Money supply consists of (1) demand other than those due to domestic commercial banks and the U.S. Govt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 BANKS AND THE MONETARY SYSTEM 1429 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Liabilities and capital Total Bank credit assets, Treas- net- Date Gold s r t o c u e i a u n u n r n r g t y c d - - y - Total Lo n a e n t s, Tota U l .S. G m C o a e o v r n m e c d i r a - n l men R F t e e d s s e e e r c r v u a e r l itie O s ther O s r e i t t c h i u e e s - r c l T a i i a a n p t o n i b e i t e t d a i t s a l l - l, c d u e T r a p r o n o e t d s n a i c l ts y C c m o a a a u n i p c n s n e - i c d t t t . a s, l savings Banks banks 1929—June 29., 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30.. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30., 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31., 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31., 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31., 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30., 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 14,624 1962—Dec. 28., 15,978 5,568 309,389 170,693 103,684 72,563 30,478 643 35,012 330,935 302,195 28,739 1963—Dec. 20., 15,582 5,586 333,203 189,433 103,273 69,068 33,552 653 40,497 354,371 323,251 31,118 1964—June 30. 15,461 5,578 343,988 201,161 100,879 65,337 34,794 748 41,948 365,027 333,114 31,915 1964—Sept. 30., 15,500 5,600 351,300 205,000 102,900 66,800 35,400 700 43,400 372,300 338,500 33,700 Oct. 28. 15,500 5,500 351,000 204,100 103,300 67,200 35,200 900 43,600 372,000 338,100 33,900 Nov. 25., 15,400 5,500 356,100 206,700 105,700 68,500 36,300 1,000 43,700 377,000 342,100 34,900 Dec. 31. 15,388 5,405 365,366 214,254 106,825 68,779 37,044 1,002 44,287 386,159 352,964 33,193 1965—Jan. 27. 15,200 5,400 360,600 210,900 105,100 67,400 36,700 1,000 44,600 381,100 347,200 34,000 Feb. 24. 14,900 5,400 362,600 213,100 104,300 66,500 36,700 1,100 45,200 382,900 347,600 35,300 Mar. 31 *, 14,600 5,400 367,200 217,600 103,800 65,100 37,600 1,100 45,800 387,200 351,900 35,300 Apr. 28*. 14,400 5,400 368,900 219,300 102,600 64,200 37,400 1,100 47,000 388,700 354,000 34,700 May 26*, 14,300 5,400 371,000 221,900 102,400 62,900 38,300 1,100 46,700 390,600 354,400 36,200 June 30? 13,900 5,400 378,700 228,100 102,900 62,600 39,100 1,200 47,700 398,100 361,900 36,200 July 28* 13,900 5,400 376,300 226,200 101,800 61,900 39,200 600 48,300 395,500 360,000 35,500 Aug. 25* 13,900 5,500 378,500 228,000 101,200 61,100 39,200 1,000 49.200 397,800 361,100 36,700 Sept. 29? 13,900 5,500 383,200 231,500 102,100 61,500 39,600 1,000 49,700 402,500 365,900 36,700 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted * Not seasonally adjusted Time U.S.Government Date For- At Cur- De- Cur- De- Postal eign, Treas- comrency mand rency mand Com- Mutual Savings net 4 ury mer- At Total outside deposits Total outside deposits Total mercial savings Sys- cash cial F.R. banks ad- banks ad- banks banks 3 tem hold- and Banks justed 2 justed 2 ings savings banks 1929 June 29 26,179 3,639 22,540 28,611 19,557 8,905 149 365 204 381 36 1933 June 30 19,172 4,761 14 411 21,656 10,849 9,621 1,186 50 264 852 35 1939 Dec. 30 36,194 6,401 29,793 27,059 15,258 10,523 1,278 1,217 2,409 846 634 1941 Dec 31 48,607 9,615 38 992 27,729 15,884 10,532 1,313 1,498 2 215 1,895 867 1945 Dec. 31 102,341 26,490 75,851 48,452 30,135 15,385 2,932 2,141 2,287 24,608 977 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 1962—Dec. 28.... 147,600 29,600 118,000 153,162 30,904 122,258 139,448 97,440 41,478 530 1,488 405 7,090 602 1963—Dec. 20.... 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 1,206 392 6,986 850 1964—June 30.... 153,500 32,700 120,800 153,331 33,020 120,311 166,627 119,330 46,882 415 1,324 391 10,502 939 1964—Sept. 30.... 156,900 33,100 123,800 155,900 33,200 122,700 170,500 122,100 47,900 400 1,400 400 9,400 900 Oct. 28.... 157,800 33,300 124,500 158,400 33,200 125,200 172,100 123,600 48,100 400 1,400 500 5,000 700 Nov. 25.... 156,900 33,400 123,500 159,300 34,300 125,000 172,700 124,000 48,300 400 1,500 600 7,300 800 Dec. 31.... 159,300 33,500 125,800 167,140 34,882 132,258 175,898 126,447 49,065 386 1,724 612 6,770 820 1965—Jan. 27.... 158,700 33,900 124,800 160,800 33,400 127,400 179,000 129,200 49,400 400 1,500 700 4,300 900 Feb. 24.... 157,400 33,900 123,500 156,600 33,500 123,100 180,900 131,000 49,600 400 1,500 700 7,000 900 Mar. 31* 161,300 34,100 127,200 156,800 33,800 123,000 183,300 132,800 50,100 400 1,600 700 8,600 900 Apr. 28* 159,000 33,800 125,200 159,100 33,500 125,600 184,600 134,100 50,100 400 1,500 800 7,100 1,000 May 26* 157,400 33,900 123,500 155,400 33,800 121,600 185,900 135,200 50,300 400 1,500 800 10,200 700 June 30* 160,700 34,000 126,700 158,600 34,400 124,200 188,000 136,900 50,700 400 1,700 800 12,100 700 July 28* 159.800 34,400 125,400 159,600 34,500 125.100 189,900 138,500 51,000 300 1,600 800 7,300 800 Aug. 25* 159.900 34,600 125,300 158.500 34,800 123.700 191,800 140.200 51,300 300 1,600 800 7.600 800 Sept. 29* 162,200 34,700 127,500 161,200 34,800 126,400 193,500 141,600 51,600 300 1,700 800 7,700 900 1 Series begin in 1946; data are available only for last Wed. of month. NOTE.—For back figures and descriptions of the consolidated condition 2 Other than interbank and U.S. Govt., less cash items in process of statement and the seasonally adjusted series on currency outside banks collection. and demand deposits adjusted, see "Banks and the Monetary System," 3 Includes relatively small amounts of demand deposits. Beginning Section 1 of Supplement to Banking and Monetary Statistics, 1962, and with June 1961, also includes certain accounts previously classified as Jan. 1948 and Feb. 1960 BULLETINS. other liabilities. Except on call dates, figures are partly estimated and are rounded to 4 Reclassification of deposits of foreign central banks in May 1961 the nearest $100 million. reduced this item by $1,900 million ($1,500 million to time deposits and $400 million to demand deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1430 COMMERCIAL AND MUTUAL SAVINGS BANKS OCTOBER 1965 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans U S .S e . curities a C ss a e s t h s1 c b T a i a l l o p i n i a t t i d i a - t e a l s l Total i D In e t - erbank1 Dema O nd ther r B i o n o w g r s - - c c T a o a p o u c i t - n t a a t l s l N ba b u o n e m f r ks - Govt. Other co a u c n - ts2 mand Time U.S. Time 3 Govt. Other All banks 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31 140,227 30,361101,288 8,577 35,415177,332165,612 14,065 105,935 45,613 22710,542 14,553 1947—Dec. 31 «.... 134,924 43,002 81,19910,723 38,388 175,091161,865 12,793 240 1,346 94,381 53,105 66 '1'1,948 14,714 1962—Dec. 28 280,397 172,822 72,563 35012 54,939 343,201303,65316,008 535 6,839141,084 139,188 635 28,046 13,940 1963—Dec. 20 302,251192,686 69,068 40497 51,536 362,39"'4 319,63615,267 528 6,734 114411, i5 7567 6155,531 702 29,882 14,079 1964—June 30 310,404203,119 65,337 41 ;948 54;073 373909 331,84315,272 67810,263139,160 166,469 120 31,037 14,175 1964—Sept. 30 317,750207,560 66,790 43,400 53,750 381,230 337,15015,820 700 9,200 141,140 170,290 2,760 31,490 14,230 Dec. 31 329,739216,674 68,779 44,287 61,493 401,161356,30817,938 821 6,517155,248175,785 2,700 32,196 14,266 1965—Jan. 27 326,880214,920 67,380 44,580 51,960 388,570 342,25014,800 890 4,060 143630178,870 4,400 32,040 14,290 Feb. 24 328,920217,270 66,470 45,180 52,580 391,080 343,770 14^90 940 6,710 140,420180,810 4,330 32,200 14,290 Mar. 31* 331,950221,040 65,140 45,770 55,520 397,650 350,890 16,300 950 8,350 142150183,140 3,670 32,610 14,292 Apr. 28* 335,020223,890 64,180 46,950 52,580 397,710 349,320 14,450 920 6,850 142,600184,500 5,020 32,670 14,297 May 26* 336,100226,450 62,940 46,710 52,200 398,500 349,420 14,240 970 9,920 138,490185,800 4,970 32,920 14,300 June 30* 341,260230,930 62,610 47,720 58,060 409,840 361,820 16,080 99011,890 145000187,860 3,500 33,680 14,295 July 28* 340,660230,450 61,920 48,290 52,310 403,330 353,700 14,420 960 7,020 141510 189,790 4,850 33,810 14,291 Aug. 25* 342,910232,610 61,070 49,230 51,670 404,900 354,320 14,850 980 7,380139,430 191,680 5,060 34,000 14,293 Sept. 29* 346,830235,720 61,460 49,650 54,010 411,560 361,290 15,800 1,020 7,500 143,510 193,460 4,400 34,260 14,297 Commercial banks: 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,3313344 ,8"0'6 16600,,331122 115500,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 31 4 116,284 38,057 69,221 9,,0 06 37,. 155,,377144,10312,792 240 1,343 94,367 35,360 6510,059 14,181 1962—Dec. 28 235,839 140,106 66,434 29,298 54,049 229977,,111166 226622,12216,008 535 6,829141,041 97,709 627 "2'4,094 13,429 1963—Dec. 20 254,162156,006 63,196 34,959 50, 312,773275,120 1155,267 526 6,729141,534 111,064 664 25,677 13,570 1964—June 30 260,179 164,463 59,322 36,394 53,168 3"2'1,909284,90315,272 67710,257139,110 119,587 099 26,768 13,669 1964—Sept. 30 266,180167,670 60,710 37,800 52,870 327,890 289,190 15,820 700 9,200 141,090 122,380 2,760 27,110 13,724 Dec. 31 277,376175,589 62,99138,796 60,489 346,921307,170 17,938 819 6,510 155,184 126,720 2,679 27,795 13,761 1965—Jan. 27 274,000173,420 61,520 39,060 51,010 333,810 292,770 14,800 890 4,060 143,580 129,440 400 27,640 13,785 Feb. 24 275,730175,530 60,520 39,680 51,580 336,010 294,130 14,890 940 6,710 140,370 131,220 330 27,750 13,786 Mar. 31* 278,350179,040 59,040 40,270 54,510 342,110 300,770 16,300 950 8,350142,100 133,070 670 28,100 13,789 Apr. 28* 281,240181,530 58,320 41,390 51,640 342,060 299,140 14,450 920 6,850142,550 134,370 020 28,210 13,793 May 26* 281,970183,720 57,100 41,150 51,230 342,490 299,050 14,240 970 9,920138,430 135,490 970 28,410 13,796 June 30* 286,870187,910 56,800 42,160 57,040 353,500 311,030 16,080 99011,890144,940 137,130 500 29,150 13,791 July 28* 285,820187,000 56,090 42,730 51,330 346,560 302,620 14.420 960 7,020141.450 138.770 850 29,270 13,787 Aug. 25* 287,630188,800 55,260 43,570 50,720 141,120 303,010 14,850 980 7,380139,370 140,430 060 29,390 13,789 Sept. 29* 291,230191,580 55,670 43,980 53,060 354,050 309,610 15,800 1,020 7; 500 143,450 141,840 400 29,610 13,793 Member banks: 1941—Dec. 31 43,521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 ,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 "2,9845 138,304129,67013,576 64 221,179 69,640 24,210 208 7,589 6,884 1947_Dec. 31 97,846 32,628 57,914 7,304 32,845132,060 112222,52812,353 50 1,176 80,609 28,340 54 8,464 6,923 1962—Dec. 28 195,698118,637 52,968 24,092 47^27 224499,488219,46815,309 358 6,086117;999 79,716 550 19,854 6,049 1963—Dec. 20 210,127131,712 49,342 29,073 44395 261,469229,37614,518 382 5,986117,562 90,929 499 21,054 6,112 1964—June 30 215,132138,649 46,235 30,249 46767 269,437238,05214,527 525 9,342115,624 98,034 936 22,060 6,180 1964— Sept. 30 220,105141,393 47,245 31,467 46,423 274,302 241,33115,056 542 8,460 116,969 100,304 2,624 22,382 6,204 Dec. 31 228,497147,690 48,717 32,089 52,737 289,142 255,72417,007 664 5,838128,539103,676 2,48122,901 6,225 1965—Jan. 27 225,493145,830 47,297 32,366 44,461277,606 242,78114,016 731 662118,307106,065 4,186 22,799 6,236 Feb. 24 227,093147,818 46,364 32,91144,750 279488 244^018 14^38 779 958115,601107,542 3, ,888 6,236 Mar. 31 229,456 150,921 45,120 331,415 47749 285,300 250i,27715,556 795 510 117;349109.067 3,509 23,173 6,235 Apr. 28 231,866 152,951 44,555 34,360 45106 285023 248,56313,710 759 6,263117,569110,262 4,802 23,253 6,237 May 26 232,373154,705 43,615 34t,053 44804 285;331248,49413,525 817 8,881114,i025111,246 4,70123,406 6,239 June 30* 236,858158,402 43,502 34,954 50029 295;,309 25926315,314 83110,715119,788112,615 3,380 ~2'4,104 6,235 July 28 235.644157,345 42.863 35,436 44703 288;568 251 21613,671 803 6,296116.404 114,042 4,598 24.193 6,230 Aug. 25 237,093158,885 42,064 36,144 43951289 232 25123214,073 825 6,565••"/- 115,343 4,732 24,279 6,227 Sept. 29* 240,078161,336 42,294 36,448 46,087 294704 256,98114,991 861 6,805 117,924 116,400 4,148 24,432 6,223 Mutual savings banks: 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947—Dec. 31 4.... 18,641 4,944 11,978 1,718 886 19,714 17,763 14 17,745 1,889 533 1962—Dec. 28 44,558 32,716 6,129 5,714 890 46,086 41,531 43 41,478 3,951 511 1963—Dec. 20 48,089 36,679 5,872 5,539 826 49,621 44,516 42 44,467 4,205 509 1964—June 30 50,226 38,656 6,016 5,554 905 52,000 46,940 50 46,882 4,269 506 1964—Sept. 30 51,570 39,890 6,080 5,600 880 53,340 47,960 50 47,910 4,380 506 Dec. 31 52,363 41,085 5,788 5,490 1,004 54,239 49,138 64 49,065 21 4,401 505 1965—Jan. 27 52,880 41,500 5,860 5,520 950 54,760 49,480 50 49,430 4,400 505 Feb. 24 53,190 41,740 5,950 5,500 1,000 55,070 49,640 50 49,590 4,450 504 Mar. 31 53,600 42,000 6,100 5,500 1,010 55,540 50,120 50 50,070 4,510 503 Apr. 28 53,780 42,360 5,860 5,560 940 55,650 50,180 50 50,130 4,460 504 May 26 54,130 42,730 5,840 5,560 970 56,010 50,370 60 50,310 4,510 504 June 30* 54,390 43,020 5,810 5,560 1,020 56,340 50,790 60 50,730 4,530 504 July 28 54,840 43.450 5,830 5,560 980 56,770 51,080 60 51,020 4,540 504 Aug. 25 55,280 43,810 5,810 5,6*0 950 57,180 51,310 60 51,250 4.610 504 Sept. 29* 55,600 44,140 5,790 5,670 950 57,510 51,680 60 51,620 4,650 504 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 COMMERCIAL AND MUTUAL SAVINGS BANKS 1431 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S .S v e . c t. urit O ie t s her a C ss a e s t h s1 c b c T o a i a l l a u o p i n i c a t t n i d - i a - t e t a l s s l 2 Total* m I D n a e t n - e d rba T nk im 1 e U. D S. ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e f m k r s - Govt. Other Reserve city member banks New York City: 5,6 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1962—Dec. 28 32,989 21,954 7,017 4,017 11,050 46,135 37,885 4,783 207 1,408 22,231 9,256 1,728 3,898 17 1963—Dec. 20 34,827 23,577 6,154 5,095 9,372 46,434 38,327 4,289 214 1,419 20,96011,446 1,438 3,984 13 1964—June 30 36,693 25,490 5,779 5,42410,550 49,716 41,545 4,711 317 2,112 21,22413,181 924 4,402 14 1964—Sept. 30 37,904 26,040 5,973 5,891 10,183 50,696 42,287 4,727 340 2,350 21,19913,671 938 4,447 14 Dec. 31 39,507 27,301 6,178 6,02811,820 53,867 45,191 5,088 436 1,486 23,89614,285 1,224 4,471 13 1965—Jan. 27 38,271 26,573 5,630 6,068 9,427 50,166 40,890 4,274 457 795 20,670 14,694 1,781 4,465 13 Feb. 24 38,950 27,570 5,122 6,258 9,218 50,803 41,574 4,359 499 1,083 20,44715,186 1,281 4,487 13 Mar. 31 39,905 28,894 4,788 6,22311,597 54,198 44,997 4,852 518 1,778 22,12315,726 1,506 4,526 13 Apr. 28 40,325 29,173 4,764 6,388 9,844 52,852 43,502 4,226 492 1,666 20,842 1166,276 1,655 4,517 13 May 26 40,201 29,558 4,674 5,96910,230 53,184 43,820 4,308 549 1,989 20,28916,685 1,498 4,548 13 June 30? 42,202 30,947 4,906 6,34912,229 57,263 47,366 5,061 563 2,560 22,426 1166,756 1,388 5,087 13 July 28 40,802 29,438 4,834 6,530 9,639 52,998 43,263 4,300 525 1,409 19,93417,095 1,426 5,091 13 Aug. 25 41,207 29,896 4,566 6,745 9,233 53,106 42,890 4,123 534 1,287 19,557 1177,389 1,586 5,114 12 Sept. 29P 41,876 30,680 4,366 6,830 9,851 54,511 44,942 4,669 563 1,971 20,44917,290 993 5,106 12 City of Chicago: 5 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1962—Dec. 28 8,957 5,418 2,129 ,409 2,280 11,432 9,993 1,277 410 5,264 3,025 262 948 13 1963—Dec. 20 9,615 6,220 1,705 ,690 1,970 11,776 10,296 1,211 395 4,887 3,787 255 996 12 1964—June 30 9,636 6,266 1,750 ,620 2,121 12,046 10,630 1,182 587 4,744 4,090 210 1,017 12 1964—Sept. 30 9,914 6,421 ,857 ,636 2,251 12,458 10,964 1,327 616 4,840 4,158 258 1,034 12 Dec. 31 10,562 7,102 ,873 ,587 2,366 13,289 11,807 1,448 396 5,362 4,578 204 1,056 12 1965—Jan. 27 10,245 6,767 ,850 ,628 2,163 12,703 11,177 1,153 259 5,076 4,663 232 1,046 12 Feb. 24 10,296 6,963 ,678 ,655 2,184 12,842 11,153 1,238 349 4,905 4,633 322 1,053 12 Mar. 31 10,310 7,129 ,546 ,635 2,089 12,801 11,088 1,977 501 3,985 4,597 278 1,060 11 Apr. 28 10,425 7,073 ,669 ,683 2,318 13,095 11,395 1,182 463 5,047 4,681 355 1,065 11 May 26 10,363 7,108 ,643 ,612 2,232 12,961 11,282 1,169 576 4,800 4,714 333 1,071 11 June 30* 10,802 7,381 ,743 ,678 2,310 13,501 11,687 1,292 697 4,921 4,752 415 1,097 11 July 28 10,558 7,183 ,659 ,716 2,206 13,153 11,312 1,133 395 4,936 4,829 415 1,096 11 Aug. 25 10,592 7,316 ,521 1,755 2,110 13,098 11,211 1,221 380 4,720 4,871 447 1,102 11 Sept. 29P 10,814 7,508 1,544 1,762 2,201 13,384 11,448 1,245 532 4,790 4,862 566 1,107 11 Other reserve city: 5,6 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1 967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11',286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 1111,423 1 2,844 353 1962—Dec. 28 73,130 46,567 18,398 8,165 19,539 94,914 84,248 7,477 82 2,337 43,60930,743 1,388 7,263 191 1963—Dec. 20 78,370 51,891 16,686 9,79218,778 99,643 87,994 7,225 95 2,212 43,45935,004 1,417 7,697 190 1964—June 30 80,466 54,604 15,48810,37519,143102,245 91,145 6,894 118 3,771 42,38737,974 572 8,110 183 1964—Sept. 30 82,222 55,804 15,68010,73819,158104,065 91,950 7,217 115 3,244 42,689 38,685 1,150 8,324 185 Dec. 31 84,670 57,555 16,326 10,789 21,607109,053 97,145 8,289 134 2,195 46,883 39,645 841 8,488 182 1965—Jan. 27 83,987 57,428 15,54111,01818,353104,997 92,273 6,758 184 1,580 42,848 40,903 1,756 8,504 184 Feb. 24 84,567 57,966 15,41011,19118,114105,275 92,428 6,789 188 2,546 41,590 41,315 1,663 8,529 184 Mar. 31 85,374 58,771 15,03211,57119,011107,146 94,519 6,976 185 3,035 42,615 41,708 1,413 8,646 186 Apr. 28 86,265 59,701 14,62911,93518,522107,609 94,001 6,573 181 2,538 42,65142,058 2,310 8,675 185 May 26 86,034 60,015 14,12311,89617,984106,851 93,130 6,366 174 3,548 40,969 4'"2,073 2,329 8,676 180 June 30? 87,204 61,069 14,00312,13219,908110,037 97,405 7,157 172 4,322 42,963 42,791 1,343 8,733 181 July 28 87,27." 61,417 13,640 12,21518,133108,359 94,621 6,473 188 2,566 42,14143,253 2,257 8,756 181 Aug. 25 87,83: 61,993 13,37712,46217,613108,284 94,656 6,882 201 2,724 41,124 43,725 2,049 8,762 179 Sept. 29*> 88,719 62,804 13,46912^46 18,666 110,410 96,468 7,159 208 2,462 42,374 44,265 2,081 8,798 179 Country member banks: 5,6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,40810,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947_Dec. 31 36,324 10,199 22,857 3,26810,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6,519 1962—Dec. 28 80,623 44,698 25,42510,50114,559 97,008 87,342 1,773 1,931 46,895 "3,6692 172 7,744 5,828 1963—Dec. 20 87,316 50,023 24,79712,49614,274103,615 92,759 1,793 1,960 48,256 40,693 390 8,377 5,897 1964—June 30 88,337 52,289 23,21812,83014,953105,430 94,733 1,739 2,872 47,270 42,788 230 8,531 5,971 1964—Sept. 30 90,065 53,128 23,73513,20214,831107,083 96,130 1,785 2,250 48,241 43,790 278 8,577 5,993 Dec. 31 93,759 55,733 24,34113,68516,944112,932101,581 2,182 1,760 52,398 45,169 213 8,886 6,018 1965—Jan. 27 92,990 55,062 24,27613,65214,518109,740 98,441 1,831 1,028 49,713 45,805 417 8,784 6,027 Feb. 24 93,280 55,319 24,15413,80715,234110,568 98,863 1,752 1,980 48,659 46,408 712 8,819 6,027 Mar. 31 93,867 56,127 23,75413,98615,052111,155 99,673 1,751 2,196 48,626 47,036 312 8,941 6,025 Apr. 28 94,851 57,004 23,49314,35414,422111,467 99,665 1,729 1,596 49,029 47,247 482 8,996 6,028 May 26 95,775 58,024 23,17514,57614,358112,335100,262 1,682 2,768 47,967 47,774 541 9,111 6,035 June 30? 96,650 59,005 22,85014,79515,582114,508102,805 1,804 3,136 49,478 48,316 234 9,187 6,030 July 28 97,01f 59,307 22,73014,97514,725114,058102,020 1,765 1,926 49,393 48,865 500 9,250 6,025 Aug. 25 97,46: 59,680 22,60015,18214,995114,744102,475 1,847 2,174 49,025 49,358 650 9,301 6,025 Sept. 29? 98,669 60,344 22,91515,41015,369116,399104,123 1,918 1,840 50,31149,983 508 9,421 6,021 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1432 COMMERCIAL AND MUTUAL SAVINGS BANKS OCTOBER 1965 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK-Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans Securities as C s a e s ts h * c b T a i a l l o p i n i a t t i d i - t a e a l s l Total Interbank * Dema O n t d her r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b o u n e f m r k - s G U o .S v . t. Other cou a n c- ts 2 m D a e n - d Time U.S. Other Time 3 Govt. Insured commercial banks: 1941_Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,29815,699 10 6,844 13,426 1945_Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,227766 2299,876 215 8,67113,297 1947_Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,85112,615 54 1,325 92,97534,882 61 9,73413,398 1962—Dec. 28.. 234,243139,449 65,89128,903 53,702 295,093 260,60915,844 402 6,815 140,169 9^7/,38O 3,584 23,71213,119 1963—Dec. 20.. 252,579 155,261 62:,,772233 "3 4,594 50,337 310,730 273,65715,0771 443 6,712 1' 4'0",702110,723 3,57125,27713,284 1964—June 30.. 258,597163,715 58,880 36,002 52,845 319,913 283,46315,072 59110,234 138,323 119,243 2,03526,35813,394 Dec. 31.. 275,053174,234 62,499 38,320 59,911 343,876 305,11317,664 733 6,487154,043126,185 2,580 2"7,377 13,486 National member banks: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945_Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,47316,224 4,644 5,017 1947_Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 ,375 35 795 53,54119,278 5,409 5,005 1962—Dec. 28.. 127,254 75,548 35,66316,042 29,684 160,657 142,825 9,155 127 3,735 76,07553,733 1,636 12,750 4,505 1963—Dec. 20.. 137,447 84,845 33,384*"9,218 28,635 170,233 150,823 8,863 146 3,691 76,83661,288 1,70413,548 4,615 1964—June 30.. 141,198 89,469 31,560 20,168 29,511 175,250 155,978 8,488 161 5,822 75,,336699 6"6,137 84114,262 4,702 Dec. 31.. 151,406 96,688 33,40521,312 34,064 190,289 169,61510,521 211 3,604 84,534 70,746 1,10915,048 4,773 State member banks: 1941_Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 ,502 1945_Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 ,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 ,918 1962—Dec. 28.. 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41,924 25,983 1,914 7,104 ,544 1963—Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,725 29,642 1,795 7,506 ,497 1964—June 30.. 73,934 49,179 14,67510,080 17,256 95,186 82,074 6,038 364 3,520 40,255 31,897 1,095 7,799 1,478 Dec. 31.. 77,091 51,002 15,312 1'"0,777 18,673 98,852 86,108 6,486 453 2,234 44,00532,931 1,372 7,853 1,452 Insured nonmember commercial banks: 1941_Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945_Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947_Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 1,271 6,478 1962—Dec. 28.. 38,557 20,811 12,932 4,814 6,276 45,619 41,142 535 729 22,170 17,664 3,870 7,072 1963—Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 726 23,140 19,793 4,234 7,173 1964—June 30.. 43,476 25,066 12,654 5,755 6,078 50,488 45,411 546 892 22,699 21,209 4,309 7,215 Dec. 31.. 46,567 26,544 13,790 6,233 7,174 54,747 49,389 658 649 25,504 22,509 4,488 7,262 Noninsured nonmember commercial banks: 1941 _Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 314. 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 325 783 1962—Dec. 28.. 1,584 657 534 392 346 2,009 1,513 164 133 872 330 371 308 1963—Dec. 20.. 1,571 745 463 362 374 2,029 1,463 190 83 832 341 389 285 1964—June 30.. 1,571 748 432 390 323 1,984 1,439 200 85 787 344 399 274 Dec. 31.. 2,312 1,355 483 474 578 3,033 2,057 273 86 1,141 534 406 274 Nonmember commercial banks: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947_Dec. 31.. 18,454 5,43f 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 1 1,596 7,261 1962—Dec. 28 . 40,141 21,469 13,466 5,206 6,62 47,628 42,654 699 176 743 23,042 17,994 77 4,240 7,380 1963—Dec. 20.. 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,972 20,134 165 4,623 7,458 1964—June 30.. 45,047 25,815 13,087 6,145 6,401 52,472 46,850 745 151 915 23,486 21,553 163 4,708 7,489 Dec. 31.. 48,879 27,899 14,273 6,707 7,75f 57,780 51,447 931 156 672 26,645 23,043 198 4,894 7,536 Insured mutual savings banks: 1941—Dec. 31.. 1,693 64: 629 421 151 1,958 1,789 1,789 164 52 1945_Dec. 31.. 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 12 12 1,252 194 1962—Dec. 28.. 38,597 28,778 4,639 5,180 784 39,951 36,104 267 35,827 3,343 331 1963—Dec. 20.. 41,664 32,300 4,324 5,041 722 43,019 38,657 29:38,359 3,572 330 1964—June 30.. 43,431 34,050 4,316 5,064 799 45,022 40,797 33340,456 3,618 327 Dec. 31.. 45,358 36,233 4,110 5,015 893 47,044 42,751 326 4-2,416 3,731 327 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 COMMERCIAL AND MUTUAL SAVINGS BANKS 1433 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S .S v e . t c . urit O ie t s her a C ss a e s t h si c c b o T a i a l u a l o p i i n c n a t t i - d i t - a t e a s l s l 2 Total i m D I a n e n t - e d rba T n i k m * e U.S D . ema O O n t t d h h e e r r Time 3 r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e f m r ks - Govt. Noninsured mutual savings banks: 1941 Dec 31 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1947—Dec. 3H 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1962—Dec. 28 5,961 3,938 1,490 533 106 6,134 5,427 1 6 5,420 1 608 180 1963—Dec 20 6,425 4,380 1,548 498 104 6,602 5,859 1 8 5,851 633 179 1964—June 30 6,795 4,605 1,700 490 105 6,977 6,143 15 6,128 1 651 179 Dec. 31 7,005 4,852 1,678 475 111 7,195 6.387 6 6,381 670 178 i 1 Reciprocal balances excluded beginning with 1942. NOTE.—Data are for all commercial and mutual savings banks in the 2 Includes other assets and liabilities not shown separately. United States (including Alaska and Hawaii, beginning with 1959). For 3 Figures for mutual sayings banks include relatively small amounts definition of "commercial banks" as used in this table, and for other of demand deposits. Beginning with June 1961, also includes certain banks that are included under member banks, see NOTE, p. 643, May 1964 accounts previously classified as other liabilities. BULLETIN. 4 Beginning with Dec. 31, 1947, the series was revised; for description, Comparability of figures for classes of banks is affected somewhat by see note 4, p. 587, May 1964 BULLETIN. changes in F.R. membership, deposit insurance status, and the reserve 5 Regarding reclassification of New York City and Chicago as reserve classifications of cities and individual banks, and by mergers, etc. cities, see Aug. 1962 BULLETIN, p. 993. For various changes between Data for June 30 and Dec. 31, 1964, for national banks have been reserve city and country status in 1960-63, see note 6, p. 587, May 1964 adjusted to make them comparable with State bank data. (Dec. 20,1963, BULLETIN. data also adjusted to lesser extent.) 6 Beginning with May 18,1964, one New York City country bank with Fugures are partly estimated except on call dates. loans and investments of $1,034 million and total deposits of $982 million For revisions in series before June 30, 1947, see July 1947 BULLETIN, was reclassified as a reserve city bank. Beginning with May 13, 1965 pp. 870-71. (Toledo, Ohio), reserve city banks with total loans and investments of $530 million and total deposits of $576 million were reclassified as country banks. LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Loansl Total i Loans i G U o .S v . t. Other G U o .S v . t. Other 1957_Dec. 31 166.4 91.4 57.1 17.9 169.3 93.2 58.2 17.9 1958—Dec. 31 181.2 95.6 65.1 20.5 184.4 97.5 66.4 20.6 1959—Dec. 31 185.9 107.6 57.8 20.5 189.5 110.0 58.9 20.5 1960—Dec. 31.... 194.5 113.8 59.9 20.8 198.5 116.7 61.0 20.9 1961—Dec. 30 209.8 120.5 65.4 23.9 214.4 123.9 66.6 23.9 1962—Dec. 31 228.3 133.9 65.2 29.2 233.6 137.9 66.4 29.3 1963—Dec. 31 246.5 149.4 62.1 35.0 252.4 153.9 63.4 35.1 1964—Dec. 31 267.2 167.1 61.4 38.7 273.9 172.1 63.0 38.8 1964—Aug. 26 258.7 161.5 60.2 37.0 256.1 160.2 58.8 37.1 Sept. 30 261.7 163.0 61.2 37.5 262.2 163.7 60.7 37.8 Oct. 28 261.1 163.2 60.0 37.9 262.4 163.0 61.4 38.0 Nov. 25 265.5 165.4 61.6 38.5 266.3 165.5 62.7 38.1 Dec. 31 267.2 167.1 61.4 38.7 273.9 172.1 63.0 38.8 1965—Jan. 27 269.6 170.2 59.9 39.5 269.1 168.5 61.5 39.1 Feb. 24 272.1 171.9 60.2 40.0 270.7 170.5 60.5 39.7 Mar. 31» 275.5 175.8 59.6 40.1 273.9 174.5 59.0 40.3 Apr. 28P 277.3 177.1 59.1 41.1 275.9 176.2 58.3 41.4 May 26? 279.1 179.3 58.5 41.3 276.9 178.6 57.1 41.2 June 30P 282.2 182.6 57.6 42.0 283.4 184.4 56.8 42.2 July 28*> 281.5 182.8 56.1 42.6 281.2 182.4 56.1 42.7 Aug. 25" 286.0 185.8 56.7 43.5 283.1 184.3 55.3 43.6 Sept. 29>J 286.1 186.2 56.2 43.7 286.6 187.0 55.7 44.0 i Adjusted to exclude interbank loans. are call dates. For back data see June 1964 BULLETIN, pp. 693-97; for description of NOTE.—Data are for last Wed. of month except for June 30 and Dec. seasonally adjusted series, see July 1962 BULLETIN, pp. 797-802. 31; data are partly or wholly estimated except when June 30 and Dec. 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1434 COMMERCIAL BANKS OCTOBER 1965 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans 1 Investments For purchasing To U. S. Government b c C a a l n l a l k s d s a a o n te f d l i m o T n a a v o e n n e n t d s a s t t l s - i Total 2 C m d t a c i r o u n i n i e a s m a d - r - l l - - A c tu u a g r l l r - - i- o b k a T s r r e n e o o r d c c - s a u r r o r i y t t T i h i e n o e s g rs b i a T n n f o s i k n ti s a tu n t c o i i o t T a h n l o e s rs R t e a e s t - a e l O u v i d t t a i n o h i d l - - e s - r Other Total Bills sec c C t u a i e f t r i e i r - t - s ies |Notes Bonds s l g r S o i e a o t t c c n a i v e u a d t t s e l - . O s ri e t t h c ie e u s r dealers Total: 2 1947—Dec. 31.. 16,284 38,057 18,1671,660 830 ,220 115 9,393 5,723 947 69,221 2,193 7,789 6,034 53,205 5,2763,729 1962—Dec. 28..235,839140,106 48,673 7|097 5,1442,131 2,578 459 34,25930,553 909 66,43411,674 3,932 2"3,84126,987 244,;7554,543 1963—Dec. 20..254,162156,006 f ,4705,353 2,509 3,605 ,479 39,05634,550 4;"03'46 36,3196 11,059 1,658 22,41528,06529,7865,173 1964—June 30..260,179164,463 7,6885,5262,704 2,88110,450 41,38837,594 4,42159,322 9,061 35 23,14127,08531,4194,975 Dec. 31..277,376175,589 601217 "7,505 5,5422,843 3,49110,913 43,67539,809 5,152 6",2991 13,377 19,03930,574 "3,35335,263 All insured 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,6513,333 1945—Dec. 31.. 21,809 25,765 9,461 11J 3"1 '4 3,164 3,606 49 4,677 2,3611,13288,912 2,45519,07116,04551,342 3,8733,258 1947—Dec. 31.. 14,274 37,58318,012 1,610 8231,190 114 9,266 5,654 914 67,941 2,124 7,552 5,918 5"2,347 5,—129 3,621 1962—Dec. 28..234,243139,449 48,458 7,060 5,1192,103 2,551 8,,434 34,123 ,402 3,890 65,89111,514 3,916 23,715 26,,7.46 24,5474,356 1963—Dec. 20..252,579155,261 52,743 7,444 5,321 2,'4763,594 9,4155 38,,861 62,72310,952 1,649 22,316 27,806 29,5595,035 1964—June 30..258,597163,715 54,855 7,663 5,492 2,671 2,83910,414 41,190 37,432 4 58,880 8,970 32 23. ,.0..4 426,835 31,184 4,818 Dec. 31..275,053174,234 59,746 7,482 5,355 2,7943,41910,812 43,43639J627 5i 112 62,49913,275 18,939 30,285 33,294 5,026 Member, total 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,090 2',871 1945_Dec. 31.. 07,183 22,775 8,949 8553,133 3,378 47 3,455 1,900 1,05778,338 2,27516,98514,27144,807 3,,254 21,815 1947—Dec. 31.. 97,846 32,62816,962 1,046 8111,065 113 7,130 4,662 839 57,914 1,987 5,816 4,81545,295 4, ,199 31,105 1962—Dec. 28..95,698 118,637 43,843 4,419 4,954 1,777 2,445 7,936 27,162 24,799 3,657 52,9688,862 3,24919,44321,414 20,7733,319 1963—Dec. 20..210,127131,712 47,403 4,659 5,124 2,1363,439 8,875 31,00927,9083,,7 6549,342 8,032 1,307 18,072 21,932 25,210 3,864 1964—Dec. 31..228,497147,690 53,717 4,643 5,142 2,411 3,25010,179 34,58732,0 —2 4' 44,,882244 48,7179,932 15,23823,548 28,3743,715 1965—June 30..237,328158,832 58,640 4,969 5,729 2,4423,516 10,73536,577 34,582 4,78343,396 6,260 11,430 25,706 31,0364,064 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,4531,172 26 80 287 272 17,574 477 3,433 3,32510,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,972 1,002 640 558 9,772 638 604 1962—Dec. 28.. 32,989 21,954 11,943 17 2,766 425 572 2,087 1,329 2,1431,196 7,017 1,998 508 2,488 2,023 3,585 432 1963—Dec. 20.. 34,827 23,577 12,332 26 2,677 569 1,007 2,247 1,968 2,257',068 6,154 1,711 147 2,341 1,955 4,653 442 1Q64—Dec. 31.. 39.507 27,30114,189 30 2,742 623 1,179 2,615 2,546 2,654 ,371 6.178 1,958 1,972 2,248 5,579 449 1965—June 30., 42,225 30,97516,082 16 3,657 561 1,212 2,977 2,866 2,8 3"2 1,419 4,907 1,036 1,120 2,752 5,799 543 City of Chicago: 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1962—Dec. 28.. 8,957 5,418 2,941 407 152 89 703 362 523 369 2,129 377 115 849 788 1,242 168 1963—Dec. 20.. 9,615 6,220 3,378 497 181 242 751 401 594 318 1,705 347 42 599 717 1,361 329 1964—Dec. 31.. 10.562 7,102 3,870 510 203 227 948 465 669 430 1,873 564 397 911 1,392 195 1965—June 30.. 10,835 7,367 4,099 465 232 266 1,007 514 702 308 1,761 473 299 989 1,493 214 Other reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 17 1,459 855 33817 29,552 1,034 6,982 5,65315,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,342 1,053 1962—Dec. 28.. 73,130 46,56717,660 1,1791,053 752 1,020 3,58311,030 9,860 1,,266 18,398 2,343 1,403 7,257 7,395 7,252 913 1963—Dec. 20.. 78,370 51,89118,8621,2191,243 891 1,224 4,286 12,52511,106 1,462 1166,686 2,152 545 6,600 7,390 8,810 981 1964—Dec. 31.. 84,670 57,555 21,1021,0951,060 986 1,134 4,887 13,61112,,802 1,97716.326 3,200 5,662 7.463 9,871 918 1965—June 30.. 87,225 61,079 22,8171,214 978 1,034 1,241 5,07614,21313i,,636 1,98114,030 1,819 4,161 8,05011,108 1,008 Country: 1941—Dec. 31., 12,518 5,890 1,676 659 20 183 2 1,823 1528 4,377 110 481 3,787 1,2221,028 1945—Dec. 31., 35,002 5,596 1,484 648 42 471 4 1,881 707 359 2>66,999 630 5,102 4,544 16,722 1,342 1,067 1947_Dec. 31., 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,583 2,10817,687 2,006 1,262 1962—Dec. 28., 80,623 44,698 11,299 3,187 728 447 764 1,56314,44112,273 826 25,425 4,144 1,223 8,849 11,209 8,694 1,807 1963—Dec. 20., 87,316 50,02312,8313,374 708 496 966 1,59116,11413,951 917 24,797 3,822 573 8,53111,87110,3852,111 1964—Dec. 31., 93,759 55,73314,555566 "3,493 830 599 710 1,730 17:964 1155,899 047 24,341 4,209 7,206 1122,92511,5312,154 1965—June 30. 97,043 59,41115,6413,713 629 616 796 1,67518,98417,413 074 22,697 2,932 5,849 13,91512,6—37 2,299 Nonmember 1947_Dec. 31. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 109 11,318 206 1,973 1,219 7,920 1,078 625 1962—Dec. 28. 40,141 21,469 4,830 2,678 190 354 132 523 7,097 5,754 25213,466 2,812 683 4,398 5,573 3r~ ,224 1963—Dec. 20. 44,035 24,295 5, ,811 229 373 166 604 8,047 6,643 26913,854 3,027 351 4,343 6,133 4,576 1,309 1964—June 30. 45,047 25,815 5, ,933 185 384 149 563 8,594 7,320 284 13,087 2,354 19 4,569 6,144 4,8411,305 Dec. 31. 48,879 27,899 6,500 2,862 400 432 241 733 9,088 7,786 328 14,273 3,445 3,801 7,026 5,'1"59" 1,548 1 Beginning with June 30, 1948, figures for various loan items are 2 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for earlier dates appear in the add to the total and are not entirely comparable with prior figures. Total preceding table. loans continue to be shown net. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 COMMERCIAL BANKS 1435 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d B s F w e R a r . i n v e R t - k h e . s s r C c e a o n u n i c d r n - y b m a a w B d n e n a o i c s k t l e - t h - s i s c 3 j m p u D o s a d a t d s e e e n i - - - d t d s * m D e I s o n t - t i e c r 3 ba e F n i k g o n r- 5 G U o .S v . t. S g l a o o t n c a v d a t t e l . c C c h o a f e e i f e n e f r r c i d d t s - k i ' - s, IPC I b n a t n e k r- G p U i a s o n o a n . s g S v v d t s . - t a . l S l g a o o t n c a v d a t t e l . IPC r B i o n o w g r s - - c C o a 2 u c n - f ts etc. Total: 2 1947__Dec. 31.. 17,796 2,216 10,216 87,123 11,362 ,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1962—Dec. 28.. 17,680 4,252 13,099 12"4";,342 14,713 ,295 6,829 12,071 4,511 124,459 535 269 6,450 90,9913,627 24,094 1963—Dec. 20.. 17,150 4,048 12,312 126,579 14,048 ,218 6,729 12,256 4,494 124,784 526 269 7,908102,888866 3,664 25,677 1964—June 30.. 16,774 4,539 12,693 122,537 13,909 363 10,257 12,583 4,832 121,695 677 257 8,680110,650 2099 26,768 Dec. 31.. 17,581 4,532 15,111134,671 16,369 ,569 6,510 13,519 5,970 135,694 819 272 9,812 116,635 2679 27,795 All insured: 1941_Dec. 31... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945_Dec. 31.. 15,810 1,829 11,075 74,722 12,566 ,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. 17,796 2| 145 9,736 85,751 11,236 ,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1962—Dec. 28.. 17,680 4,232 12,795123,361 14,579 ,265 6,815 11,991 4,434 123,744 402 269 6.,..3. 97 90,714 3,584 23,712 1963—Dec. 20.. 17,150 4,033 11,984 112255,615 13,900 ,177 6,712 12,175 4,429 124,098 443 269 7,853 102,600 3,57125,277 1964—June 30.. 16,774 4,524 12,409121,608 13,756 ,316 10,234 12,491 4,781 121,051 591 257 8,634 110,352 2,035 26,358 Dec. 31.. 17,581 4,515 14,613133,336 16,210 ,454 6,487 13,423 5,856 134,764 733 272 9,766 116,147 2,580 27,377 Member, total: 1941_Dec. 31.. 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 5,886 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 ,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,528 10,978 ,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1962—Dec. 28.. 17,680 3,263 7,897 10._1,528 14,071 ,237 6,086 9,270 4,083 104,646 358 243 5,158 74,316 3,550 19,! 1963—Dec. 20.. 17,150 3,131 7,359 110022,816 13,378 ,140 5,986 9,376 4,055 104,130 382 240 6,364 8844,,332266 33,,449999 2211,,054 1964—Dec. 31.. 17.581 3,490 9,057 108,324 15,604 .403 5,838 10,293 5,368 112,878 664 239 8,012 9955..442255 22,,448811 22.901 1965—June 30.. 17,842 3,853 7,831 101,733 14,009 1,346 10,806 10,127 5,449 104,502 851 247 8,592 103,814 3,455 24,323 New York City: 1941—Dec. 31.. 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 20 1,206 195 2,120 1947—Dec. 31.. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 14 1,418 30 2,259 1962—Dec. 28.. 4,121 251 156 17,095 3,854 929 1, 366 2,237 19,628 207 266 8,937 1,728 3,898 1963—Dec. 20.. 3,625 264 96 16,763 3,487 801 1,419 368 2,119 18,473 214 449 10,,920 1,438 3,984 1964—Dec. 31.. 3.730 278 180 17,729 4.112 976 1,486 441 2.940 20,515 436 677 13.5534 1,224 4.471 1965—June 30.. 4,274 314 199 16,430 4,115 950 2,561 561 3,270 18,549 579 682 15,9691,423 5,094 City of Chicago: 1941—Dec. 31.. 1,021 298 2,215 ,027 127 233 34 2,152 476 288 1945—Dec. 31.. 942 200 3,153 ,292 1,552 237 66 3,160 719 377 1947—Dec. 31.. 1,070 175 3,737 ,196 72 285 63 3,853 902 426 1962—Dec. 28.. 1,071 99 4,262 ,235 410 351 109 4,804 16 3,001 262 948 1963—Dec. 20.. 1,019 98 4,144 ,169 395 275 112 4,500 185 3,595 255 996 1964—Dec. 31.. 1.006 150 4,294 ,389 396 312 122 4,929 213 4.361 204 1 056 1965—June 30.. 1,028 97 3,881 ,237 699 276 109 4,542 181 4,563 438 1,096 Other reserve city: 1941— Dec. 31.. 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 243 4,542 1,967 1945—Dec. 31.. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 160 9,563 2,566 1947—Dec. 31.. 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 332 11,045 2,844 1962—Dec. 28.. 7,671 1,021 2,253 35,481 7,229 248 2,337 3,216 980 39,413 82 2,633 28,027 1,388 7,263 1963—Dec. 20.. 7,587 935 2,105 35,859 6,958 267 2,212 3,144 1,034 39,281 95 2,950 31,9821,416 7,697 1964—Dec. 31.. 7.680 1,065 2.433 37.047 7.962 326 2,195 3,508 1,238 42,137 134 3.840 35.728 R41 8,488 1965__jUne 30.. 7,274 1,149 2,202 34,279 6,874 294 4,325 3,280 1,091 38,600 173 4,163 38,543 ,271 8,774 Country: 1941—Dec. 31.. 2,210 526 3,216 9,661 790 225 1,370 239 8,500 31 146 6,082 1,982 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 52 219 12,224 11 2,525 1947—Dec. 31.. 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 45 337 14,177 23 2,934 1962—Dec. 28.. 4,817 1,947 5,389 44,689 1,753 1,931 5,337 756 40,801 100 2,242 34,350 172 7,744 1963—Dec. 20.. 4,919 1,884 5,060 46,049 1,764 1,960 5,590 790 41,877 86 2,778 37,829 390 8,377 1964—Dec. 31.. 2.092 6,295 49,253 2.141 1,760 6.031 1,068 45,298 83 3,282 41.803 213 8,886 1965—June 30.. 5,267 2,326 5,333 47,143 1,784 3,222 6,010 979 42,810 81 3,566 44,739 323 9,359 Nonmember:* 1947—Dec. 31.. 544 3,947 13,595 385 55 167 1,295 180 12,284 190 172 6,858 12 1,596 1962—Dec. 28.. 989 5,202 22,814 642 57 743 2,802 428 19,813 176 1,292 16,675 77 4,240 1963—Dec. 20.. 917 4,953 23,763 671 78 743 2,880 438 20,654 144 1,545 18,560 165 4,623 1964—June 30.. 1,028 4,886 23,249 661 84 915 2,943 453 20,090 151 1,635 19,888 163 4,708 Dec. 31.. 1,042 6,054 26,348 765 166 672 3,227 602 22,816 156 1,800 21,210 198 4,894 3 Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see NOTE, p. 589, May 1964 * Through I960, demand deposits other than interbank and U.S. BULLETIN.) These figures exclude data for banks in U.S. possessions Govt., less cash items in process of collection; beginning with 1961, except for member banks. Comparability of figures for classes of banks demand deposits other than domestic commercial interbank and U.S. is affected somewhat by changes in F.R. membership, deposit insurance Govt., less cash items in process of collection. status, and the reserve classifications of cities and individual banks, and 5 For reclassification of certain deposits in 1961, see note 6, p. 589, by mergers, etc. May 1964 BULLETIN. Data for June 30 and Dec. 31, 1964, for national banks have been adjusted to make them comparable with State bank data. (Data for NOTE.—Data are for all commercial banks in the United States. (For Dec. 20, 1963, also adjusted to lesser extent.) definition of "commercial banks" as used in this table and for other banks For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1436 WEEKLY REPORTING MEMBER BANKS OCTOBER 1965 ASSETS AND LIABILITIES OF BANES IN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities To financial institutions Total L a o n a d ns Wednesday m i l n o e v a n e n s t s s t- 1 j i m u n s a v e t d e n e - s d t t s * - j L u o a st d a e - n d s 2 i C n m t a c r d o n i i e a u m a d r l l s - - - A t c u u g r l r a - i l - G c U a T t s u o i n e . e o r S v - d s i . - t b . d r e o O a c k t l s u t e i e e h e r r r - s i s e s - r G c U t s u o i T e . e r S v - o s i . - t . oth O c e t s u t i r e h e r s - s i e - r F ei o g r n B - an c k m m D c o t e i i e o m a c s - r l - - - f P C s i a e a n O e N t n l c a S r e d . . o s n , s . . nb O an t k her e R st e a a t l e o A th l e l r V se t a r i r e o l v - u n e a s - Total— Leading cities 1964 Sept. 2 145,213 142,946 96,015 39,091 1,546 1,213 3,323 1,902 1,217 2,267 4,333 4,007 19,320 22,094 2,098 9 144,523 141,918 95,108 39,031 1,545 632 3,197 1,906 1,211 2,605 4,168 4,011 19,366 22,077 2,100 16 147,259 145,042 97,685 39,802 1,561 1,610 3,420 1,918 1,211 2,217 4,503 4,068 19,458 22,171 2,100 23 146,133 144,564 97,242 39,711 1,569 1,4.82 3,415 1,917 ',215 1,569 4,260 4,055 19,509 22,151 2,102 30 147,809 145,878 97,784 39,953 1,578 1,236 3,558 1,921 ,239 1,931 4,515 4,043 19,533 22,234 2,107 1965 Aug. 4 159,307 156,656 109,286 46,590 1,578 594 3,141 1,967 ,550 2,651 5,305 4,494 21,418 24,882 2,299 11 158,686 156,349109,111 46,706 1,588 487 3,062 1,967 ,551 2,337 5,082 4,502 21,505)24,894 2,298 18 159,393 156,970 110099,921 47,002 1,588 758 3,051 1,961 ,571 2,423 5,124| 4,528 21,617i24,953 2,298 25 159,022 156,834109,853 46,897 1,585 664 3,046 1,988 ,533 2,188 5,214 4,556 21,681|24,916 2,295 Sept. 1 160,140 158,157111,071 46,987 1,596 1,019 3,153 1,975 ,532 1,983 5,661 4,628 21,739 25,002 2,298 8 159,144 156,744 110099,998 46,794 l,600l 534 2,945 1,982 ,540 2,400 5,365 4,672 21,780 25,00? 2,299 15 161,766 159,423112,289 47,697 1,609! 993 3,135 1,987 ,546 2,343 5,866 4.709 21,869 25,101 2.300 22 161,071 159,199111,904 47,955 1,619| 729 2,945 2,038 ,537 1,872 5,520 4.739 21,930 25,115 2,300 161,012 158,778 '1"1,1755 48,117 l,623i 4461 2,877 2,042 ,555 2,234 5,368 4.786 22,012 25,141 2,300 29 New York City 1964 34,887 34,226 23,405 12,436 17 608 1,835 595 649 661 1,379 843 2,096! 3,512 574 Sept. 2 34,714 33,664 22,981 12,426 17 350 1,764 594 654 1,050 1,303 830 2,100 3,509 574 9 35,706 35,144 24,224 12,775 17 785 1,938 601 657 562 1,523 842 2,124 3,528 574 16 35,242 34,936 24,026 12,733 17 795 1,933 602 660 306 1,366 843 2,139 3,504 573 23 36,213 35,446 24,250 12,952 17 508 2,055 607 674 767 1,512 813 2,154 3,522 571 30 1965 Aug. 4 39,436 38,649 27,917 15,550 18 266 1,868 531 787 1,783 ,027 2,635 4,046 610 11 39,291 38,476 27,787 15,620 17 220 1,819 530 791 815 1,655 ,027 2,659 4,043 610 18.... 39,478 38,728 28,164 15,695 17 450 1,822 527 818 750 1,630 ,041 2,690 4,068 610 25 39,431 38,877 28,226 15,731 16 376 1,824 549 788 554 1,725 ,058 2,703 4,050 610 Sept. 1 40,262 39,588 28,774 15,682 16 565 1,850 536 785 674 2,048 ,073 2,730 4,074 609 8 39,732 38,715 28,164 15,640 16 283 1,729 539 789 1,017 1,867 ,084 2,746 4,057 609 15 40,646 40,003 29,373 16,032 17 602 1,846 540 807 643 2,178 ,092 2,768 4,077 609 22 40,218 39,670 28,918 16,146 19 378 1,714 582 793 548 1,942 ,102 2,772 4,056 609 29 40,148 39,320 28,755 16,185 19 233 1,669 585 806 828 1,857 ,123 2,790 4,071 609 Outside New York City 1964 Sept. 2 110,326 108,720 72,610 26,655 1,529 605 1,488 ,307 568 1,606 2,954 3,164 17,224 18,582 1,524 9 109,809 108,254 72,127 26,605 1,528 282 1,433 ,312 557 1,555 2,865 3,181 17,266 18,568 1,526 16 111,553 109,898 73,461 27,027 1,544 825 1,482 ,317 554 1,655 2,980 3,226 17,334 18,643 1,526 23 110,891 109,628 73,216 26,978 1,552 687 1,482 ,315 555 1,263 2,894 3,212 17,370 18,647 1,529 30 111,596 110,432 73,534 27,001 ,561 728 1,503 ,314 565 1,164 3,003 3,230 17,379 18,712 1,536 1965 Augu::::::::::: 1 1 1 1 9 9 , , 8 3 7 9 1 5 1 1 1 1 7 8 , , 8 0 7 0 3 7 8 8 1 1 , , 3 3 6 2 9 4 3 3 1 1 , , 0 0 8 4 6 0 1 , , 5 5 7 6 1 0 2 3 6 2 7 8 1 1 , , 2 2 4 7 3 3 , , 4 43 3 6 7 7 7 6 6 0 3 1 ', , 5 8 2 6 2 4 3 3 , , 4 5 2 2 7 2 3 3, , 4 4 7 6 5 7 1 1 8 8 , , 8 7 4 8 6 3 2 2 0 0 , , 8 8 5 3 1 6 1 1 , , 6 6 8 8 8 9 18 119,915 118,242 81,757 31,307 1,571 308 1,229 ,434 753 ,673 3,494 3,487 18,927 20,885 1,688 25 119,591 117,957 81,627 31,166 1,569 288 1,222 ,439 745 ,634 3,489 3,498 18,978 20,866 1,685 Sept. 1 119,878 118,569 82,297 31,305 ,580 454 1,303 ,439 747 ,309 3,613 3,555 19,009 20,928 1,689 8 119,412 118,029 81,834 31,154 ,584 251 1,216 ,443 751 ,383 3,498 3,588 19,034 20,950 1,690 15 121,120 119,420 82,916 31,665 ,592 391 1,289 ,447 739 ,700 3,688 3,617 19,101 21,024 1,691 22 120,853 119,529 82,986 31,809 ,600 351 1,231! 1,456 744 ,324 3,578 3,637 19,158 21,059 1,691 29 120,864 119,458 83,000 31,932 ,604 213 1,208! 1,457 749 ,406 3,511 3,663 19,222 21,070 1,691 For notes see p. 1438. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 WEEKLY REPORTING MEMBER BANKS 1437 ASSETS AND LIABILITIES OF BANES IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 Total U.S. Government securities assets— Wednesday Total Bills c C t a i e f t i e r - - s Wi N th o - m te a s tu a r n i d n g b — onds O s ri e t t c h ie u e s - r Total d b a o w B a n t m n i i a c c t k l e e h - s s s- b a w e B f n a o i i n a c g r t l e n k h - - s s Cu c a r o r n e i d n ncy B s F w e R a r . i n R v e t k - h e . s s o A th l e l r a c l c T i a a c a t o p i b o n e t i i u d s a t l a n i l - l ts in 1 to After lyear 5 years 5 years Total— Leading cities 1964 Sept. 2 26,392 4,208 3,460 11,221 7,503 20,539 17,769 3,154 272 1,750 12,593 5,691 182,817 9 26,147 4,042 3,504 11,141 7,460 20,663 17,819 3,203 254 1,820 12,542 5,718 181,887 16......... 26,577 4,5681 3,520 11,105 7,384 20,780 18,187 3,456 258 1,871 12,602 5,690 188,453 23 26,594 4,634 3,586 11,076 7,298 20,728 18,377 2,963 257 1,899 13,258 5,722 184,492 30 27,207 5,252 3,620 11,072 7,263 20,887 18,292 3,366 251 1,831 12,844 6,032 188,621 1965 Aug-.?::::::::: 23,562 2,956 3,690 9,782 7,134 23,808 18,747 3,056 199 1,834 13,658 6,525 199,949 23,325 2,680 3,674 9,825 7,146 23,913 17,850 2,904 213 1,962 12,771 6,480 197,960 18 23,043 2,455 3,893 9,754 6,941 24,006 18,072 3,035 223 1,973 12,841 6,344 199,127 25 22,885 2,404 3,967 9,631 6,883 24,096 18,196 2,868 199 2,039 13,090 6,372 197,465 Sept. 1 22,992 2,670 4,035 9,525 6,762 24,094 17,652 3,247 194 1,953 12,255 6,564 200,472 8 22,614 2,379 4,033 9,492 6,710 24,132 17,898 3,081 201 2,022 12,594 6,534 198,788 15 22,987 2,737 4,036 9,489 6,725 24,147 18,576 3,552 198 2,071 12,755 6,516 206,494 22 23,060 2,819 4,061 9,470 6,710 24,235 18,792 3,105 192 2,027 13,468 6,481 202,666 22,830 2,628 4,048 9,455 6,699 24,193 18,677 3,206 181 2,125 13,165 6,657 201,595 29 New York City 1964 5,497 1,512 729 1,941 ,315 5,324 3,989 122 258 3,517 2,359 45,818 Sept. 2 5,325 1,398 746 1,860 ,321 5,358 3,628 113 275 3,152 2,407 45,156 9 5,461 1,591 717 1,867 ,286 5,459 4,073 118 260 3,598 2,361 47,898 16 5,472 1,663 736 1,828 ,245 5,438 4,254 115 274 3,792 2,372 46,525 23 5,671 1,822 784 1,834 ,231 5,525 3,920 117 260 3,444 2,530 48,734 30 1965 4,578 818 714 1,482 ,564 6,154 4,692 123 93 280 4,196 2,589 51,596 Aug- 4,546 747 726 1,501 ,572 6,143 4,189 133 104 292 3,660 2,570 50,754 18 4,369 687 640 1,535 ,507 6,195 4,407 135 114 281 3,877 2,582 51,358 25 4,350 694 666 1,513 ,477 6,301 4,397 79 93 294 3,931 2,589 51,078 Sept. 1 4,414 837 671 1,452 ,454 6,400 3,759 138 90 280 3,251 2,638 52,443 8 4,169 639 664 1,441 ,425 6,382 3,772 97 94 306 3,275 2,676 50,993 15 4,239 752 653 1,422 ,412 6,391 4,180 164 97 288 3,631 2,660 54,148 22 4,324 831 670 1,414 ,409 6,428 4,457 132 95 296 3,934 2,642 52,850 29 4,154 653 664 1,431 1,406 6,411 4,368 134 84 300 3,850 2,704 52,537 Outside New York City 1964 Sept. 2... 20,895 2,696 2,731 9,280 6,188 15,215 13,780 3,062 150 ,492 9,076 3,332 136,999 9 20,822 2,644 2,758 9,281 6,139 15,305 14,191 3,115 141 ,545 9,390 3,311 136,731 16 21,116 2,977 2,803 9,238 6,098 15,321 14,114 3,359 140 ,611 9,004 3,329 140,555 23 21,122 2,971 2,850 9,248. 6,053 15,290 14,123 2,890 142 ,625 9,466 3,350 137,967 30 21,536 3,430 2,836 9,238 6,032 15,362 14,372 3,267 134 ,571 9,400 3,502 139,887 1965 Aug. 1 4 1 1 18 8 , , 7 9 7 8 9 4 2 1 , , 1 93 3 3 8 2 2 , , 9 9 7 4 6 8 8 8, , 3 3 2 0 4 0 5 5, , 5 5 7 7 4 0 1 17 7 , , 7 6 7 5 0 4 1 1 4 3, , 6 0 6 5 1 5 2 2 , , 7 9 7 3 1 3 1 1 0 0 6 9 S , 5 6 5 7 4 0 9 9, , 1 4 1 6 1 2 3 3 , , 9 9 1 3 0 6 1 1 4 4 7 8 , ,3 2 5 0 3 6 18 18,674 ',768 3,253 8,219 5,434 17,811 13,665 2,900 109 ,692 8,964 3,762 147,769 25 18,535 ,710 3,301 8,118 5,406 17,795 13,799 2,789 106 ,745 9,159 3,783 146,387 Sept. 1......... 18,578 ,833 3,364 8,073 5,308 17,694 13,893 3,109 104 ,673 9,007 3,926 148,029 8.... 18,445 ,740 3,369 8,051 5,285 17,750 14,126 2,984 107 ,716 9,319 3,858 147,795 15 18,748 ,985 3,383 8,067 5,313 17,756 14,396 3,388 101 ,783 9,124 3,856 152,346 22 18,736 ,988 3,391 8,056 5,301 17,807 14,335 2,973 97 ,731 9,534 3,839 149,816 29 18,676 ,975 3,384 8,024 5,293 17,782 14,309 3,072 97 ,825 9,315 3,953 149,058 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1438 WEEKLY REPORTING MEMBER BANKS OCTOBER 1965 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time De- Other C it a a p l - Wednesday ju u T s n o t a e t d a d l - 4 j p u m o s a d a t d s e e n i - - d t d s 5 Totals IPC S g l a o o t n c a v d a t t e l . e F ig o n r- 7 G U o . v S t . , c m m D c o t i e i e o m a c s r - l - - - Total 8 S in a g v s - IPC Oth S l e a o r t n c a d t a t i e l me e F 9 ig o n r- 7 F B F r . a o n R m k . s F ot r h o e m rs li t a i b e i s li- co a u c n - ts banks govt. Total— Leading cities 1964 Sept. 2 157,812 62,689 93,37! 66,168 5,071 1,9704,51112,028 64,440 39,47716,000 4,613 3,829 36 3,324 6,350 15,295 9 156,662 62,949 92,086 66,641 4,717 1,9612,82512,485 64,576 39,53316,096 4,591 3,836 96 3,303 6,526 15,300 16 163,123 65,046 99,082 71,682 4,723 1,903 3,754 12,965 64,041 39,574 1155,509 4,607 3,829 29 3,451 6,510 15,340 23 159,426 62,748 95,061 66,852 4,666 1,886 6,61011,443 64,365 39,64015,744 4,628 3,826 652 2,517 6,545 15,352 30 164,198 63,722 99,479 68,86^ 5,224 1,945 6,95112,318 64,719 39,87315,854 4,648 3,82 20 2,466 6,489 15,448 1965 Aug'n::::: 171,139 63,285 96,234 67,407 5,320 1,9585,31812,261 74,905 43,544 20,571 5,760 4,306 368 4,557 7,033 16,852 169,483 62,888 94,305 67,186 4,841 1^976 4,853 11,620 75,178 43,644 20,610 5,876 4,330 222 4,264 7,131 16,860 18 1 16 7 8 0 , , 8 0 0 7 5 9 6 6 2 1 , , 7 5 9 8 1 9 9 9 3 4 , , 1 7 0 0 2 4 6 6 6 6 , , 4 5 1 7 5 5 4 4 , , 7 7 1 5 0 8 1 1' , , 8 9" 6 11 6 05 5 ,9 , . 0 6 8 2 2 ,1 1 1 1 , , 3 83 5 5 4 7 7 5 5 , , 7 3 0 7 3 5 4 4 3 3 , , 7 7 1 7 9 9 2 2 0 0 , ,7 9 5 2 3 3 5 5 , , 8 93 7 2 2 4 4, , 3 3 2 0 - 1 ' 2 3 6 7 6 4 4 4 , ,0 6 9 0 6 4 7 7 , , 3 3 4 5 9 8 1 1 6 6 , , 8 8 2 3 9 2 25 Sept. 1 171,997 63,505 96,101 68,189 5,105 1,9183,914 12,566 75,896 43,82720,990 6,006 4,331 3,929 7,601 16,903 8 169,342 63,035 93,242 67,776 4,650 1,9892~, 1"2~5 12,870 76,100 43,93?21,179 6,003 4,246 364 4,516 7,668 16,898 15 177,170 66,203101,936 74,367 5,026 2,0222,60313,494 75,234 43,"'967 20,426 5,833 4,253 152 4,675 7,631 16,866 22 173,337 63,618 97,678 69,116 4,644 2,0025,44912,289 75,659 44,100 20,597 5,932 4,272 832 4,011 7,626 16,360 173,324 64,133 97,048 68,280 4,940 2,1355,59112,075 76,276 44,319 21,00: 5,976 4,216 28 3,.86r 7,508 16,873 29 New York City 1964, 37,354 15,614 24,473 16,352 297 1,469 ,193 3,083 12,881 4,513 4,916 428 2,701 1,446 2,775 4,238 Sept. 2... 36,814 15,507 23,898 16,165 296 1,464 725 3,259 12,916 4,519 4,939 425 2,710 1,228 2,863 4,241 9... 39,151 16,594 26,483 18,192 311 1,398 870 3,261 12,668 4,525 4,697 418 2,706 1,689 2,825 4,233 16... 38,202 15,736 25,425 16,504 300 1,378 2,174 2,858 12,777 4,528 4,808 406 2,705 208 1,027 2,858 4,230 23... 40,602 15,742 27,702 17,371 37: 1,433"2,330 3,559 12,900 4,566 4,888 425 2,698 909 2,963 4,260 30... 1965 Aug-n::: 41,625 15,412 25,118 16,198 263 1,426 ,542 3,285 16,507 5,083 7,274 615 3,045 110 1,698 3,214 4,949 40,927 15,276 24,331 15,895 333 1,427 ,367 2,984 16,596 5,097 7,292 679 3,043 47 1,609 3,219 4,952 18... 41,144 14,966 24,496 15,948 283 1-,,3-7.3- 1,552 3,087 16,648 5,107 7,369 662 3,022 1,821 3,451 4,942 25... 41,168 15,437 24,393 16,184 317 1 348 1,272 3,023 16,775 5,114 7,459 667 3,039 109 1,421 3,444 4,936 Sept. 1... 42,638 15,569 25,851 16,846 1,391 985 3,513 16,787 5,123 7,474 675 3,026 1,360 3,489 4,956 8... 40,687 15,210 23,818 16,029 229 1,440 516 3,279 16,869 5,132 7,572 680 2,999 1,749 3,605 4,944 15... 43,913 16,863 27,624 18,865 439 1_,,4.7.3_ 618 3,481 16,289 5,133 7,104 559 2,993 11 1,724 3,558 4,942 22... 42,725 15,693 26,314 16,820 287 1,457 1,855 3,233 16,411 5,159 7,167 557 3,022 308 1,411 3,473 4,933 29... 43,226 15,834 26,518 16,738 315 1,585 1,955 3,412 16,708 5,182 7,472 572 2,973 8 976 3,399 4,928 Outside New York City 1964 Sept. 2 120,458 47,075 68,899 49,816 4,774 5013,318 8,945 51,559 34,964 1,084 4,185 ,128 31 1,878 3,575 11,057 9 119,848 47,442 68,188 50,476 4,421 497 2,100 9,226 51,660 35,014 1,157 4,166 ,126 86 2,075 3,663 11,059 16 123,972 48,452 72,599 53,490 4,412 505 2,884 9,704 51,373 35,049 0,812 4,189 ,123 29 1,762 3,685 11,107 23 121,224 47,012 69,636 50,348 4,366 508 4,436 8,585 51,588 35,112 0,936 4,222 ,121 444 1,490 3,687 11,122 30 123,596 47,980 71,777 51,496 4,852 512 4,621 8,759 51,819 35,307 0,966 4,223 ,126 20 1,557 3,526 11,188 1965 Aug-n:::::: 129,514 47,873 71,116 51,209 5,057 532 3,776 8,976 58,398 38,461 3,297 5,145 ,261 258 2,859 3,819 11,903 128,556 47,612 69,974 51,291 4,508 549 3,486 8,636 58,582 38,547 3,318 5,197 ,287 175 2,655, 3,912 11,908 18 128,935 46,623 70,208 50,627 4,427 537 4,410 8,748 58,727 38,612 3,384 5,210 ,279 266 2,783 3,898 11,887 25 127,637 47,354 68,709 50,231 4,441 518 3,810 8,331 58,928 38,665 3,464 5,265 ,285 265 2,675j 3,914 11,896 Sept. 1 129,359 47,936 70,250 51,343 4,764 5272,929 9,053 59,109 38,704 3,516 5,331 ,305 42 2,569 4,112 11,947 8 128,655 47,825 69,424 51,747 4,421 5491,609 9,591 59,231 38,800 3,607 5,323 ,247 356 2,767 4,063 11,954 15 133,257 49,340 74,312 55,502 4,587 5491,985 0,013 58,945 38,834 3,322 5,274 ,260 141 2,951 4,073 11,924 22 130,612 47,925 71,364 52,296 4,357 545 3,.594 9,056 59,248 38,941 3,430 5,375 1,250 524 2,600 4,153 11,927 29 130,098 48,299 70,530 51,542 4,625 550 3,636 8,663 59,568 39,137 3,531 5,404 1,243 20 2,886 4,109 11,945 1 After deduction of valuation reserves. banks, international institutions, banks in foreign countries, and foreign 2 Exclusive of loans to domestic commercial banks and after deduction branches of U.S. banks other than reporting bank. of valuation reserves; individual loan items are shown gross. 8 Includes U.S. Govt., postal savings, domestic commercial interbank 3 Excludes cash items in process of collection. and mutual savings banks, not shown separately. 4 Total demand and total time deposits. 9 Includes certificates of deposit outstanding in following amounts 5 Demand deposits other than domestic commercial interbank and (in millions of dollars): U.S. Govt., less cash items in process of collection. 6 Includes certified and officers' checks and deposits of mutual savings Sept. 1 Sept. 8 Sept. 15 Sept. 22 Sept. 29 banks, not shown separately. Total—Leading cities 16,242 16,277 15,461 15,662 15,914 7 Deposits of foreign governments and official institutions, central New York City 6,841 6,871 6,357 6,473 6,680 Outside New York City... 9,401 9,406 9,104 9,189 9,234 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 BUSINESS LOANS OF BANKS 1439 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during— 1965 1965 1965 1964 1965 1964 Industry Se 2 p 9 t. Sep.. Se 8 pt. Sept. Sept. Aug. July III II I h 1 a s l t f h 2 a n l d f Durable goods manufacturing: 807 824 822 789 792 1 36 -31 6 68 92 160 -99 2.777 2-780 2.786 2699 2 716 44 33 —41 36 77 457 534 12 Transportation equipment........ 1,246 1,260 1,257 1,173 ,181 101 42 37 180 55 64 119 47 Other fabricated metal products... 1,394 ,387 1,336 1,292 ,305 73 39 -3 109 154 169 323 -36 1,556 1,560 1,550 1,516 ,506 84 45 -11 118 142 143 285 -9 Nondurable goods manufacturing: [,733 1,707 1,670 •1,569 ,575 217 3 -117 103 -191 -179 370 704 Textiles apparel and leather ,866 1,908 1,919 1,894 ,899 -11 144 39 172 176 248 424 -295 Petroleum refining. • 1,333 1,337 1,335 1,294 1Q1 44 62 -4 102 23 166 189 -11 1,694 1,702 .6R5 1,628 l'627 58 -20 -47 -9 109 190 299 249 Other nondurable goods ?03 216 1,219 1SS 1,192 29 64 15 108 106 97 203 -63 Mining, including crude petroleum 3,351 3,346 3,353 3,325 3,302 24 1 -24 3 218 221 435 Trade * Commodity dealers 1,101 1,096 1,068 1,066 1,069 60 26 -24 62 -370 -20 -390 545 Other wholesale 2,577 2,586 2,590 2,552 2,543 30 7 7 44 144 126 270 156 Retail 3,155 3,080 3,005 2,965 2,980 169 33 -221 -19 267 414 681 -68 Transportation, communication, and 5,502 5,347 5,293 5,138 5,176 356 -70 47 333 520 -15 505 637 Construction 2,550 2,552 2,540 2,521 2,547 -7 32 4 29 257 2 259 142 All otherri Bankers' acceptances •... 691 727 717 731 751 -102 -7 -82 -191 94 -307 -213 235 All other types of business, mainly 6,052 6,034 6,045 6,002 6,051 -3 116 -19 94 136 428 564 355 Total classified loans 40,588 40,449 40,190 39,339 39,504 1,167 586 -475 1,278 1,770 2,293 4,063 2,936 Commercial and industrial loans— All weekly reporting banks 48,117 47,955 47,697 46,794 46,987 1,220 615 -565 1,270 2,227 2,501 4,728 3,371 l Beginning Dec. 31, 1963, bankers' acceptances for the creation of NOTE.—About 200 of the weekly reporting member banks are included dollar exchange are excluded from commercial and industrial loans and in this series; these banks classify, by industry, commercial and industrial those relating to commercial transactions are shown in a separate cate- loans amounting to about 85 per cent of such loans held by all weekly gory. Current figures are therefore not strictly comparable with figures reporting member banks, and about 60 per cent of those held by all previously reported, but differences are relatively small. commercial banks. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) Size of loan Size of loan p A e a r r n i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 p A e a r r n i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 10 100 200 and over 10 100 200 and over Year: Quarter—-cont.: * 19 large cities: Ne 1 w 9 6 Y 4— ork S e C pt ity: 4.72 5.64 5.40 5.01 4.61 1956 4.2 5.2 4.8 4.4 4.0 Dec 4.77 5.59 5.35 5.08 4.66 1957 4.6 5.5 5.1 4.8 4.5 1965—Mar 4.74 5.62 5.36 5.10 4.62 1958 4.3 5.5 5.0 4.6 4.1 June 4.74 5.62 5.39 5.07 4.62 1959 5.0 5.8 5.5 5.2 4.9 Sept 4.76 5.65 5.37 5.13 4.64 1960 5.2 6.0 5.7 5.4 5.0 7 other northern and 1961 5.0 5.9 5.5 5.2 4.8 eastern cities: 1962 5.0 5.9 5.5 5.2 4.8 1964— Sept 5.01 5.88 5.56 5.25 4.86 1963 5.0 5.9 5.5 5.2 4.8 Dec 5.03 5.84 5.58 5.31 4.88 1964 5.0 5.9 5.6 5.3 4.8 1965—Mar 5.00 5.85 5.55 5.26 4.85 June 5.01 5.88 5.58 5.32 4.85 Sept 5.03 5.88 5.62 5.31 4.87 Quarter:^ 19 large cities: 11 southern and western cities: 1964—-Sept 4.98 5.86 5.57 5.23 4.79 1964—Sept 5.31 5.95 5.67 5.36 5.09 Dec 5.00 5.85 5.56 5.31 4.82 Dec 5.31 5.96 5.67 5.46 5.06 1965—Mar 4.97 5.89 5.56 5.26 4.78 1965—Mar 5.27 6.02 5.68 5.36 4.99 June 4.99 5.88 5.59 5.29 4.79 June 5.31 6.00 5.71 5.42 5.06 Sept 5.00 5.90 5.60 5.32 4.80 Sept 5.31 6.02 5.73 5.45 5.03 l Based on new loans and renewals for first 15 days of month. Changes thereafter occurred on the following dates (new levels shown in per cent): 1955—Aug. 4, 3%; Oct. 14, 3%; 1956—Apr. 13, 3%; Aug. NOTE.—Weighted averages. For description see Mar. 1949 BULLETIN, 21, 4; 1957—Aug. 6, 4%; 1958—Jan. 22, 4; Apr. 21, 3%; Sept. 11, 4; pp. 228-37. Bank prime rate was 3 per cent Jan. 1, 1955—Aug. 3, 1955. 1959—May 18, 4%; Sept. 1, 5; and 1960—Aug. 23, 4%. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1440 INTEREST RATES OCTOBER 1965 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable)4 Finance Prime CO. Prime coml. paper bankers* Federal 3-month bills 5 6-month bills 5 9- to 12-month issues Period m 4 p - o a n t p o t e h r 6 s - * m d 3 p i o - r l n a e to c c th t e l 6 s d y - 2 , 9 a 0 a c n d c c a e e y p s s t , - i r f a u t n e d s 3 on i R s s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie r l k d et ( y m i B e a l i r d ll k ) s e 5 t Other 6 i 3 s - s y u t e o e a s r 5 7 - 1962 3.26 3.07 3.01 2.68 2.778 2.77 2.908 2.90 3.01 3.02 3.57 1963 3.55 3.40 3.36 3.18 3.157 3.16 3.253 3.25 3.30 3.28 3.72 1964 3.97 3.83 3.77 3.50 3.549 3.54 3.686 3.68 3.74 3.76 4.06 1964 Sept 3.89 3.75 3.75 3.45 3.527 3.53 3.666 3.68 3.73 3.82 4.03 Oct 4.00 3.91 3.75 3.36 3.575 3.57 3.729 3.72 3.79 3.83 4.04 Nov 4.02 3.89 3.79 3.52 3.624 3.64 3.794 3.81 3.86 3.88 4.04 Dec 4.17 3.98 4.00 3.85 3.856 3.84 3.971 3.94 3.96 3.96 4.07 1965—Jan 4.25 4.05 4.00 3.90 3.828 3.81 3.944 3.94 3.91 3.87 4.06 Feb 4.27 4.12 4.10 3.98 3.929 3.93 4.003 4.00 4.00 3.97 4.08 Mar 4.38 4.25 4.15 4.04 3.942 3.93 4.003 4.00 4.02 4.03 4.12 Apr 4.38 4.25 4.19 4.09 3.932 3.93 3.992 3.99 4.00 4.00 4.12 May 4.38 4.25 4.25 4.10 3.895 3.89 3.950 3.95 3.96 3.99 4.11 June 4.38 4.25 4.25 4.04 3.810 3.80 3.872 3.86 3.89 3.98 4.09 July 4.38 4.25 4.22 4.09 3.831 3.83 3.887 3.89 3.89 3.96 4.10 Aus 4.38 4.25 4.14 4.12 3.836 3.84 3.938 3.95 3.96 4.00 4.19 Sept ........ 4.38 4.25 4.25 4.01 3.912 3.92 4.050 4.07 4.09 4.11 4.24 Week ending— 1965 Aug 28 4.38 4.25 4.15 4.13 3.855 3.86 3.955 3.96 4.00 4.00 4.21 Sent 4 . ... 4.38 4.25 4.25 4.05 3.886 3.87 3.991 4.00 4.03 4.05 4.22 u::::.. 4.38 4.25 4.25 4.11 3.898 3.89 4.024 4.03 4.04 4.08 4.23 18 4.38 4 25 4 25 4.13 3.887 3.88 4.031 4 04 4.03 4.08 4.22 25 . ... 4.38 4.25 4.25 4.13 3.905 3.94 4.069 4.10 4.12 4.12 4.24 1 Averages of daily offering rates of dealers. 5 Bills quoted on bank discount rate basis. 2 Averages of daily rates, published by finance cos., for varying maturi- 6 Certificates of indebtedness and selected note and bond issues. ties in the 90-179 day range. 7 Selected note and bond issues. 3 Seven-day average for week ending Wed. • Except for new bill issues, yields are averages computed from daily closing bid prices. BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and local rating group price ratio price ratio States Total i (longterm) Total 1 Aaa Baa Aaa Baa Indus- Rail- Public Pre- Com- Comtrial road utility ferred mon mon 1962 3.95 3.30 3.03 3.67 4.61 4.33 5.02 4.47 4.86 4.51 4.50 3 37 6 06 1963 4.00 3.28 3.06 3.58 4.50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5.68 1964 4.15 3.28 3.09 3.54 4.57 4.40 4.83 4.52 4.67 4.53 4.32 3.01 5.54 1964 Sept 4.16 3.30 3.09 3.57 4.57 4.42 4.82 4.52 4.65 4.53 4.25 3.00 5.60 Oct 4.16 3.31 3.11 3.58 4.57 4.42 4.81 4.53 4 66 4 52 4 25 2 95 Nov 4.12 3.27 3.08 3.52 4 58 4.43 4 81 4 53 4 67 4 53 4 25 2 96 Dec 4.14 3.23 3.01 3.51 4.58 4.44 4.81 4.54 4.68 4.54 4.23 3.05 5.36 1965—Jan 4.14 3.18 2.97 3.44 4.57 4.43 4.80 4.53 4.66 4 52 4 18 2 99 Feb 4.16 3.18 2.97 3.42 4.55 4.41 4.78 4.52 4.62 4.51 4 22 2 99 Mar 4.15 3.28 3.09 3.51 4 56 4.42 4.78 4 52 4 63 4 51 4 26 2 99 r5 65 Apr 4.15 3.28 3.09 3.51 4.56 4.43 4.80 4.54 4 64 4 51 4 28 2 95 May 4.14 3.28 3.09 3.51 4.57 3.44 4.81 4.55 4.64 4.53 4 30 2 92 June. 4.14 3.32 3.15 3.54 4.60 4.46 4.85 4.59 4.66 4.56 4.38 3 07 6 24 July 4.15 3.34 3.16 3.56 4.64 4.48 4.88 4.62 4 71 4 58 4 38 3 09 Aug 4.19 3.32 3.16 3.55 4.65 4.49 4.89 4.63 4.73 4.60 4.34 3.06 Sept . 4.25 3.41 3.25 3.61 4.69 4 52 4 91 4 65 4 77 4 64 4 32 2 98 Week ending— 1965 Aug 28 4.21 3.33 3.17 3.56 4.67 4.51 4.89 4.64 4.75 4.61 4.33 3.05 Sept 4 4.22 3.35 3.18 3.56 4.67 4.51 4.90 4.64 4.76 4.61 4.32 3.04 11 4.23 3.37 3.21 3 58 4 69 4 52 4 92 4 65 4 77 4 64 4 30 2 99 18 4.25 3.41 3.25 3.63 4.69 4.52 4.91 4.65 5.78 4.64 4.31 2.96 25 4.25 3.46 3.31 3.65 4.69 4.52 4.91 4.65 4.78 4.65 4.30 2.94 Number of issues 6-12 20 5 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep- Thurs. figures. Corp. bonds: Averages of daily figures. Both of these arately. Because of a limited number of suitable issues, the number series are from Moody's Investors Service series. of corporate bonds in some groups has varied somewhat. Stocks: Standard and Poor's Corp. series. Dividend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. NOTE.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt. bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. State and local govt. bonds: General obligations only, based on adjusted at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 SECURITY MARKETS 1441 MORTGAGES: NEW HOMES SECURITY PRICES FHA- Conventional first mortgages Common stock prices Volinsured Bond prices (1941-43= 10) ume Inter- Loan/ Period Y c ( e p ie n e l t r d ) c r ( e e p a s n t e t e t r ) F c ( e e p e t n c e e . t s r ) , ( M t y i u t r y a r s - - .) p c r ( a e r p i t n e c i t o r e ) d ( A o l t o h l v l a o a g n u r . s . ) Period ( G t l U e o o r . n m S v g . t ) . - S l a o t n c a d a te l A C p a A o o te r r A - - Total d t I r u n i s a - - l R ro a a i d l- P u i l u t t i i y b c l - - s ( h t t r i h a n a r o d g e u - s . ) 1961 15.69 (5.98) 1962 86.94 112.1 96.2 62.38 65.54 30.56 59.16 '3,818 1962 5.60 (5.93) 1963 86.31 111.3 96.8 69.87 73.39 37.58 64.99 4,573 1963 (5.81) 1964 84.46 111.5 95.1 81.37 86.19 45.46 69.91 4,888 1963 5.46 5.84 .64 24.0 73.3 16.3 1964 5.45 5.78 .57 24.8 74.1 17.3 1964—Sept... 84.31 111.0 95.1 83.41 88.27 47.14 72.07 5,228 Oct... 84.37 110.9 95.1 84.85 89.75 48.69 73.37 4,843 1964—Aug... 5.46 5.77 .58 24.7 74.4 17.8 Nov... 84.81 112.0 95.2 85.44 90.36 48.01 74.39 4,928 Sept... 5.46 5.77 .57 25.0 74.2 17.6 Dec... 84.65 112.6 95.3 83.96 88.71 45.75 74.24 4,729 Oct... 5.45 5.75 .58 24.5 73.2 17.4 Nov... 5.45 5.75 .55 24,7 73.5 17.4 1965—Jan... 84.56 114.0 95.5 86.12 91.04 46.79 75.87 5,457 Dec... 5.45 5.76 .59 25.2 73.9 17.8 Feb... 84.40 113.3 95.5 86.75 91.64 46.76 77.04 5,910 Mar... 84.48 112.0 95.2 86.83 91.75 46.98 76.92 5,427 1965—Jan... 5.45 5.79 .59 24.7 74.0 17.5 Apr... 84.53 112.2 95.0 87.97 93.08 46.63 77.24 5,673 Feb... 5.45 5.79 .61 24.9 74.0 17.6 May.. 84.58 111.9 94.7 89.28 94.69 45.53 77.50 5,510 Mar... 5,45 5.72 .49 24.9 73.7 18.5 June.. 84.57 110.8 94.3 85.04 90.19 42.52 74.19 5,828 Apr... 5.45 5.74 .51 24.9 73.7 18.1 July.. 84.51 110.8 93.9 84.91 89.92 43.31 74.63 4,056 May.. 5.45 5.77 .53 24,9 74.4 18.2 Aug... 84.00 111.0 93.5 86.49 91.68 46.13 74.71 4,962 June.. 5.44 5.76 .49 24.6 73.9 17.5 Sept... 83.27 109.3 92.8 89.38 94.93 46.96 76.10 7,403 July.. 5.44 5.77 .55 25.0 75.0 18.3 Aug... 5.45 5.76 .50 24.5 73.8 18.2 Week Sept.. 5 46 ending— Aug. 28 83.73 110.7 93.2 86.88 92.15 46.53 74.55 5,411 i Last 6 months only. Sept. 4 83.58 110.2 93.3 87.45 92.75 46.83 75.14 5,595 11 83.48 109.9 92.8 88.75 94.21 46.81 75.93 6,507 NOTE.—Annual data are averages of monthly figures. Yields 18 83.32 109.3 92.6 89.60 95.18 46.61 76.31 7,027 o o n f F F H H A A - f i i n e s ld u - r o e f d f ic m e o o r p tg in ag io e n s s a o re n d p e ri r v iv a e te d s f e r c o o m n d w ar e y i g m ht a e r d k e a t v e p r r a ic g e e s s 25 83.22 108.7 92.8 90.00 95.62 47.09 76.44 8,186 for Sec. 203, 30-year mortgages, with the minimum down payment, a maximum permissible interest rate of 5lA per cent, and an assumed prepayment period of 15 years. Price data are NOTE.—Annual data are averages of monthly figures. Monthly and weekly reported as of the first of the succeeding month. data are averages of daily figures unless otherwise noted and are computed as Conventional first mortgages, Home Loan Bank Board in follows: U.S. Govt. bonds, derived from average market yields in preceding table cooperation with Federal Deposit Insurance Corporation be- on basis of an assumed 3 per cent, 20-year bond. Municipal and corporate bonds, ginning in late 1962; interest rate data for earlier years—in derived from average yields as computed by Standard and Poor's Corp., on basis parentheses—are based on estimates from Federal Housing of a 4 per cent, 20-year bond; Wed. closing prices. Common stocks, Standard Administration. and Poor's index. Volume of trading, average daily trading in stocks on the N.Y. Stock Exchange for a 5^-hour trading day. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans 1o other than N. Y. Stock Exchange brokers and dealers for pur- Money borrowed on— Cusfirms secured by— chasing or carrying— tomers' Month Total net securities other than Other securities credit U.S. Govt. se G c U u o . r S v it . t i . es se O cu th ri e ti r es se G c U u o r . v S it t . i . es se O cu th ri e ti r es se G c U u o . r S v it . t i . es Tntnl Customer Other a b n a c l e - s loiai collateral collateral 1961—Dec.... 5,602 35 4,259 125 1.343 48 2,954 2,572 382 1,219 1962—Dec 5,494 24 4,125 97 1,369 35 2,785 2,434 351 1,216 1963—Dec 7,242 26 5,515 140 1,727 32 4,449 3,852 597 ,210 1964—Sept.... 7,142 19 5,221 81 1,921 109 4,122 3,568 554 1,145 Oct 7,101 20 5,185 69 1,916 102 4,053 3,528 525 ,155 Nov 7,108 20 5,160 64 1,948 184 3,951 3,469 482 1,131 Dec 7,053 21 5,079 72 1,974 222 3,910 3,393 517 ,169 1965—Jan 6,940 33 4,986 70 1,954 177 3,763 3,317 446 ,207 Feb 6,872 31 5,007 76 1,865 132 3,748 3,259 489 ,254 Mar 6,941 30 5,055 129 1,886 106 3,894 3,303 591 ,264 Apr..... 7,001 30 5,066 67 1,935 213 3,853 3,326 527 1,207 May.... 7,085 26 5,129 75 L 956 157 4,030 3,397 633 1,208 June.... 7,084 26 5,114 73 1,970 225 4,211 3,396 815 1,297 July 6,833 24 4,863 69 1,970 82 3,594 3,099 495 1,233 Aug 6,874 22 4.886 68 .988 145 3,626 3.108 518 ,193 Sept 7,036 22 4,994 88 2,042 86 3,522 2,978 544 1,369 NOTE.—Data in first 3 cols, and last col. are for end of month; in other ners of reporting firm. Balances are net for each customer—i.e., all accols, for last Wed. counts of one customer are consolidated. Money borrowed includes Net debit balances and broker and dealer credit: Ledger balances of borrowings from banks and from other lenders except member firms of member firms of N.Y. Stock Exchange carrying margin accounts, as national securities exchanges. reported to Exchange. Customers' debit and free credit balances exclude Bank loans to others than brokers and dealers: Figures are for weekly balances maintained with reporting firm by other member firms of national reporting member banks. securities exchanges and balances of reporting firm and of general part- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1442 OPEN MARKET PAPER; SAVINGS INSTITUTIONS OCTOBER 1965 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by- Based on— End of period Accepting banks F.R. Goods stored in or Placed Placed Total Banks p I o m rt - s p E o x rt - s Dollar shi p p o p i e n d t s b i e n t — ween Total through direct- Others into from exdealers * ly2 Total O bi w ll n s bo B u il g ls ht Own F ei o g r n - U S n ta i t t e e s d U S n ta i t t e e s d change United Foreign acct. corr. States countries 1957 2,672 551 2,121 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 32,751 840 31,911 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3,202 677 2,525 1,151 319 282 36 75 82 675 357 309 74 162 249 I960 4,497 1,358 3,139 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961 4,686 1,711 2,975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962 6,000 2,088 3,912 2,650 1,153 865 288 110 86 L,301 541 778 186 171 974 1963 6,747 1,928 4,819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 1.317 1964—Aug 8,879 2,070 6,809 3,127 1,486 1,145 341 36 132 1,473 586 922 82 22 1,514 Sept 8,444 2,220 6,224 3,175 1,423 1,127 297 99 127 1,525 609 918 113 36 1,499 Oct 9,343 2,431 6,912 3,222 1,400 1,164 236 81 126 L,614 647 935 106 34 1,500 Nov 9,146 2,438 6,708 3,217 1,458 1,195 263 63 125 1,570 657 955 102 40 1,463 Dec 8,361 2,223 6,138 3,385 1,671 1,301 370 94 122 1,498 667 999 111 43 1,565 1965—Jan 8,928 2,143 6,785 3,276 1,535 1,308 227 115 122 1,504 662 956 79 34 1,545 Feb. 9,033 2,239 6,794 3,232 1,439 1,247 193 71 118 1,604 660 916 59 26 L.571 Mar 9,077 2,070 7,007 3,325 1,297 1,138 159 143 134 1,751 725 924 31 22 1,622 Apr 9,533 2,047 7,486 3,384 1,394 1,171 223 104 139 1,747 744 936 25 21 1,659 May 9,934 1,976 7,958 3,467 1,452 1,187 264 82 160 1,774 761 965 23 21 1,698 June 9,370 1,965 7,405 3,355 1,443 1,127 316 53 157 1,702 736 960 13 18 1,627 July 10,439 2,046 8,393 3,337 1,357 1,094 263 35 151 1,794 782 949 11 16 1,580 Aug 10,366 2,117 8,249 3,299 t ,321 1,078 243 55 145 1,779 797 933 11 12 1,547 1 As reported by dealers; includes finance co. paper as well as other 3 Beginning with Nov. 1958, series includes all paper with maturity commercial paper sold in the open market. of 270 days or more. Figures on old basis for Dec. were (in millions): 2 As reported by finance cos. that place their paper directly with total $2,739; placed directly $1,899. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total assets— Mortgage loan End of period Mort- Other G U o .S v . t. S l a o t n c a d a te l Co r a a n r t p d e o- a C s a se sh ts O as t s h e e ts r l T ia a t o i b n e t i d s a li l - D i e t p s o 2 s- l O ia t t i b h e i s e li r - S c u o a r u c p n - l t u s s commitments 3 govt. other 1 surplus accts. Number Amount 1941 4,787 89 3,592 1,786 829 689 11,772 10,503 38 1,231 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 1956 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 1959 4 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 1960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961 28,902 475 6,160 667 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1963 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 104,326 2,549 1964—July. 38,407 705 6,025 409 5,142 863 867 52,417 46,918 1,222 4,277 132,726 2,701 Aug. 38,764 764 6,095 407 5,179 895 879 52,983 47,274 1,356 4,352 134,371 2,743 Sept. 39,146 739 6,082 409 5,193 883 887 53,339 47,757 L,200 C4,383 134,277 2,736 Oct.. 39,538 727 5,849 403 5,178 898 889 53,482 47,982 1,146 4,354 139,066 2,825 Nov. 39,898 760 5,785 399 5,180 905 898 53,825 48,188 1,223 4,414 136,470 2,811 Dec. 40,328 739 5,791 391 5,099 1,004 886 54,238 48,849 989 4,400 135,992 2,820 1965—Jan.. 40,640 800 5,907 388 5,105 977 895 54,713 49,222 1,085 4,405 132,992 2,745 Feb., 40,924 786 6,016 383 5,123 992 909 55,133 49,444 L,214 4,476 138,062 2,838 Mar. 41,265 820 6,054 381 5,144 1,007 931 55,602 49,989 1,108 4,505 138,853 2,873 Apr. 41,563 798 5,857 379 5,183 944 928 55,652 49,978 1,216 4,459 141,959 2,930 May 41,853 882 5,841 367 5,188 968 913 56,013 50,166 1,334 4,512 142,676 3,025 June 42,187 849 5,821 360 5,199 1,019 946 56,382 50,623 ,226 4,533 141,299 3,094 July. 42,600 807 5,791 356 5,284 946 955 56,739 50,844 L,35O 4,545 151,885 2,947 1 Also includes securities of foreign governments and international NOTE.—National Assn. of Mutual Savings Banks data; figures are organizations and n on guaranteed issues of U.S. Govt. agencies. estimates for all savings banks in the United States and differ somewhat 2 See note 3, p. 1429. from those shown elsewhere in the BULLETIN ; the latter are for call dates 3 Commitments outstanding of banks in N.Y. State as reported to the and are based on reports filed with U.S. Govt. and State bank supervisory Savings Bank Assn. of the State of N.Y. agencies. Loans are shown net of valuation reserves. 4 Data reflect consolidation of a large mutual savings bank with a commercial bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 SAVINGS INSTITUTIONS 1443 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort- Real Policy Other Total U S n ta i t t e e s d Sta lo te c a a l ndForeign Total Bonds Stocks gages estate loans assets Statement value: 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,784 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,534 1959 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 1960 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,684 1962 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,025 1963 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,383 1964 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 Book value: 1962—Dec... 133,291 12,469 6,171 4,037 2,261 56,565 51,389 5,176 46,957 4,114 6,235 6,951 1963—Dec... 141,121 12,464 5,813 3,868 2,783 59,434 53,770 5,664 50,596 4,325 6,656 7,646 1964—July.. 145,786 12,504 5,788 3,801 2,915 61,255 55,216 6,039 52,833 4,451 6,951 7,792 Aug.... 146,475 12,507 5,763 3,822 2,922 61,355 55,228 6,127 53,173 4,462 6,986 7,992 Sept.... 147,172 12,557 5,787 3,846 2,924 61,458 55,262 6,196 53,560 4,487 7,024 8,086 Oct 147,977 12,555 5,769 3,866 2,920 61,722 55,487 6,235 53,984 4,499 7,060 8,157 Nov... 148,746 12,509 5,699 3,841 2,969 61,968 55,658 6,310 54,404 4,514 7,094 8,257 Dec... 149,318 12,274 5,511 3,808 2,955 62,087 55,697 6,390 55,179 4,521 7,133 8,124 1965—Jan 150,392 12,518 5,724 3,821 2,973 62,484 56,024 6,460 55,626 4,534 7,162 8,068 Feb.... 151,028 12,549 5,761 3,797 2,991 62,704 56,183 6,521 55,941 4,543 7,201 8,090 Mar.... 151,663 12,337 5,557 3,787 2,993 63,008 56,399 6,609 56,343 4,568 7,258 8,149 152,266 12,312 5,521 3,767 3,024 63,156 56,535 6,621 56,687 4,570 7,314 8,227 May... 152,918 12,268 5,490 3,754 3,024 63,525 56,851 6,674 56,997 4,580 7,359 8,189 June... 153,497 12,043 5,273 3,724 3,046 63,855 57,113 6,742 57,384 4,614 7,408 8,193 July... 154,418 12,018 5,311 3,652 3,055 64,356 57,608 6,748 57,663 4,640 7,464 8,277 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item separately but are included in total, in "other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E pe n r d i o o d f M ga o g r e t s - s G U ec o . u S v r . t i . - Cash Other i l a i s a T s b e o i t l t s i a t 2 i l — es S c a a v p i i n ta g l s u R n e d a s i e n v r d i v d e e s d B m or o r n o e w y e 3 d L p o ro an ce s s i s n Other co m l m o e a m n n t i s tties profits 1941 4,578 107 344 775 6,049 4,682 475 256 63 1945 5,376 2,420 450 356 8,747 7,365 644 336 40? 1958 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 1,161 713 1,475 1959 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 I960 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 1,908 1962 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,230 1963 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1,499 2,614 1964 July 97,211 6,690 3,364 6,537 113,802 96,712 7,528 4,995 2,567 2,000 3,075 Aug 98,159 6,739 3,378 6,651 114,927 97,485 7,548 4,996 2,495 2,403 2,983 Sept 98,995 6,781 3,411 6,757 115,944 98,558 7,552 5,069 2,396 2,369 2,912 Oct 99,832 6,823 3,434 6,828 116,917 99,309 7,564 5,033 2,314 2,697 2,897 Nov 100,519 6,965 3,520 7,054 118,058 100,168 7,580 5,003 2,244 3,063 2,822 Dec 101,314 6,973 4,025 6,983 119,295 101,847 7,903 5,596 2,221 1,728 2,589 1965—Jan 101,844 7,098 3,593 6,827 119,362 102,101 8,014 5,146 2,113 1,988 2,642 Feb 102,351 7,305 3,609 6,964 120,229 102,680 8,029 5,040 2,085 2,395 2,843 Mar 103,151 7,386 3,558 7,139 121,234 103,735 8,000 4,938 2,182 2,379 3,124 Apr 103,975 7,356 3,398 7,293 122,022 103,642 8,017 5,456 2,281 2,626 3,281 May 104,816 7,406 3,433 7,680 123,335 104,434 8,027 5,465 2,366 3,043 3,379 June 105,827 7,235 3,710 7,694 124,466 106,037 C8,314 5,887 2,441 cl,787 3,266 July 106,647 7,180 3,266 7,529 124,622 105,605 8,333 6,086 2,415 2,183 3,195 1 Includes other loans, stock in the Federal home loan banks, other 3 Consists of advances from FHLB and other borrowing. investments, real estate owned and sold on contract, and office buildings and fixtures. NOTE.—Federal Savings and Loan Insurance Corp. data; figures are 2 Before 1958 mortgages are net of mortgage-pledged shares. Asset estimates for all savings and loan assns. in the United States. Data items will not add to total assets, which include gross mortgages with no beginning with 1954 are based on monthly reports of insured assns. and deductions for mortgage-pledged shares. Beginning with Jan. 1958, no annual reports of noninsured assns. Data before 1954 are based entirely deduction is made for mortgage-pledged shares. These have declined on annual reports. Data for current and preceding year are preliminary consistently in recent years and amounted to $42 million at the end of even when revised. 1957. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1444 FEDERAL FINANCE OCTOBER 1965 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U. S. Government cash transactions Receipts from the public, Payments to the public, Net cash borrowing other than debt other than debt or repayment Period Net Bu n d e g t et f P T u l r n u u d s s s : t g I L n o e t v s r t a s . : - i E r T e q c o u t t a s a l . l 2 s: Budget f P T un l r u u d s s s : t 3 A m L d e e j n u s t s s s : t 4 - E p T q a o u y t a t a l s l s . : p re a o c y r t t s s . . C & (d h d a i i a r n g e n e b e c g n t t e .) a I t g L n r e v e u n e s s . s s t s : t & . L N c d e a e o s s b n h s t - : Eq N u e a t ls: Cal. year—1962 84,709 25,471 3,928 106,206 91,907 25,386 5,419 111,874 -5,668 9,055 1,109 1,386 6,560 1963 87,516 29,255 4,144 112,575 94,188 28,348 5,313 117,222 -4,647 7,672 2,535 883 4,255 1964 88,696 30,742 4,324 115,035 96,944 28,396 5,069 120,270 -5,235 9,084 2,685 619 5,779 Fiscal year—1962... 81,409 24,290 3,776 101,865 87,787 25,141 5,266 107,662 -5,797 11,010 492 923 9,594 1963... 86,376 27,689 4,281 109,739 92,642 26,545 5,436 113,751 -4,012 8,681 2,069 1,033 5,579 1964... 89,459 30,331 4,190 115,530 97,684 28,885 6,237 120,332 -4,802 7,733 2,775 1,099 3,859 1965^.. 93,044 31,055 4,302 119,685 96,518 29.627 3,776 122,369 -2,684 6,933 2,362 267 4,304 Half year: 1963—July-Dec... 40,266 13,404 1,792 51,847 48,832 14,812 2,072 61,572 -9,725 5,135 -403 714 4,824 1964—Jan.-June.. 49,193 16,927 2,398 63,683 48,852 14,073 4,165 58,760 4,923 2,598 3,178 385 -965 July-Dec... 39,503 13,815 1,926 51,352 48,092 14,323 904 61,510 -10,158 6,486 -493 234 6,744 1965—Jan.- June?. 53,541 17,240 2,376 68,333 48,426 15,304 2,872 60,859 7,474 447 2,855 33 -2,440 Month : 1964—Aug 6,653 4,171 '270 '10,549 8,083 2,602 '-609 '11,293 -744 3,284 1,882 67 1,335 Sept 10,072 1,994 320 11,739 8,450 1,966 1,016 9,400 2,339 1,412 49 82 1,281 Oct 3,398 1,224 271 4,344 8,329 2,286 298 10,317 -5,973 93 -1,360 16 1,437 Nov 7,037 2,928 240 9,716 7,051 2-191 -156 9,398 318 2,976 691 153 2,132 Dec 8,856 1,966 557 10,256 8,770 2,565 453 10,882 -626 -685 -550 -122 -13 1965—Jan 5,642 1,016 262 6,387 7,676 2,207 774 9,109 -2,722 -240 -1,537 110 1,187 Feb 7,518 3,746 27 11,227 7,146 2,183 -277 9,606 1,621 1,884 1,353 60 471 Mar 11,188 2,175 285 13,065 8,139 2,064 637 9,566 3,499 -1,859 292 -43 -2,108 Apr 8,549 2,201 244 10,492 8,268 2,949 741 10,476 16 -891 -1,471 57 523 May 7,268 4,885 284 11,857 8,116 2,323 -128 10,567 1,290 3,119 3,597 -151 -327 June? 13,377 3,217 1,274 15,306 9,081 3,579 1,125 11,535 3,771 -1,566 621 -2,187 July 3,807 1,417 233 4,981 7,240 2,418 -37 9,696 -4,714 -667 -1,045 50 318 Aug 7,350 4,572 314 11,595 8,990 2,349 -960 12,299 -705 2,131 2,515 -383 Effects of operations on Treasurer's account Net operating transactions Net financing transactions ca C sh h a b n a g la e n i c n es Tre (e a n s d u r o er f 's p e a r c i c o o d u ) nt Period Agencies & trusts Change Operating bal. s B d u u e r o f d p i r g c lu i e t s t f T un ru d s s t 3 a C c l c e o a u ri n n t g s i M ssu a a rk n e c t e i I n n v U e . s t S , . p d g u i r i r b o n e l s c i s c t T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance F.R. T an a d x O as n t s e h e t e ts r se o c f . 3 G se o c v . t 3 . debt banks a l c o c a t n s. Fiscal year—1962. . . -6,378 -851 566 1,780 -492 9,230 118 3,736 10,430 612 8,815 1,003 1963.. . -6,266 1,143 122 1,022 -2,069 7,659 -74 1,686 12,116 806 10,324 986 1964... -8,226 1,446 948 1,880 -2,775 5,853 206 -1,080 11,036 939 9,180 917 1965*.. -3,474 1,428 -793 1,372 -2,362 5,561 158 1,575 12,610 672 10,689 1,249 Half year: 1963—July-Dec... -8,567 -1,408 -434 1,648 403 3,487 -129 -4,741 7,375 5,621 874 1964—Jan.-June.., 341 2,854 1,381 232 -3,178 2,366 334 3,661 11,036 939 9,180 917 July-Dec..., -8,589 -507 -1,256 258 493 6,228 367 -3,741 7,295 820 5,377 1,098 1965—Jan.-June^. 5,115 1,935 463 1,114 -2,855 -667 -209 5,316 12,610 672 10,689 1,249 Month: 1964—Aug -1,430 1,570 -946 378 -1,882 2,906 -43 640 6,789 939 5,085 765 Sept 1,622 28 613 -108 -49 1,520 226 3,400 10,189 933 8,339 917 Oct -4,930 -1,062 11 67 1,360 26 -30 -4,498 5,691 687 4,155 849 Nov -15 737 -549 125 -691 2,851 46 2,412 8,104 974 6,182 948 Dec 86 -599 17 -139 550 -546 178 -809 7,295 820 5,377 1,098 1965—Jan -2,033 -1,191 402 -282 1,537 42 25 -1,550 5,745 914 3,612 1,219 Feb 372 1,563 -364 -16 -1,353 1,900 -95 2,197 7,942 988 5,800 1,154 Mar 3,049 110 396 327 -292 -2,186 116 1,289 9,231 867 7,271 1,093 Apr 280 -748 439 249 1,471 -1,140 447 105 9,336 944 6,934 1,458 May -848 2,562 -261 458 -3,597 2,661 -504 1,480 10,816 875 8,822 1,119 June*\...... 4,296 -362 -150 378 -621 -1,944 -197 1,795 12,610 672 10,689 1,249 July -3,434 -1,001 -320 15 1,045 -692 -263 -4,124 8,486 947 6,333 1,206 Aug -1,640 2,223 -1,273 473 -2,515 1,658 -215 -858 7,627 916 5,548 1,163 1 Primarily interest payments by Treasury to trust accounts and accumu- 6 Yearly totals for fiscal 1962-65 and all monthly figures reflect a lations to U.S. employee trust funds. shift of the Food for Peace program from agriculture to international 2 Includes small adjustments not shown separately. affairs. Half-yearly totals before fiscal 1965 have not been adjusted 3 Includes net transactions of Govt.-sponsored enterprises. for this reclassification. 4 Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing accounts. NOTE.—Based on Treasuty Dept. and Bureau of the Budget data. 5 Includes technical adjustments not allocated by functions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 FEDERAL FINANCE 1445 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public 1 Income taxes Excise taxes Social ins. taxes Period Estate Int. Individual Cus- and Re- W he i l t d h- Other Corp. Total a L b n i a q d c u c t o o o r - H w ig ay h- Total O R a A . n R d S . I e U m n p - l. a g n if d t toms r m ep e a n y ts - funds Other Fiscal year—1962.., 101,865 36,24614,403 21,296 12,752 5,367 3,080 17,032 13,197 3,334 2,035 1,171 1,358 6,266 1,838 1963.. 109,739 38,719 14,269 22,336 13,410 5,521 3,405 19,729 15,128 4,107 2,187 1,241 1,815 6,571 2,604 1964.. 115,530 39,25915,331 24,301 13,950 5,630 3,646 21,936 17,405 4,037 2,416 1,284 1,702 7,148 2,499 1965*. 119,685 36,83016,820 26,130 14,798 n.a. 3,782 22,140 17,833 3,816 2,744 1,478 2,094 6,028 2,679 Half year: 1963—July-Dec. 51,847 20,120 3,465 9,242 7,043 2,940 1,898 9,209 7,373 1,588 992 661 943 1,044 1,216 1964—Jan.-June. 63,683 19,13911,866 15,059 6,907 2,690 1,748 12,727 10,032 2,449 1,424 623 759 6,104 1,283 July-Dec.. 51,352 17,732 3,598 9,989 7,398 3,089 1,947 9,378 7,535 1,594 1,170 729 900 1,008 1,466 1964—Jan.-J 68,334 19,09813,223 16,142 7,400 n.a. 1,786 12,759 10,297 2,221 1,574 749 1,193 5,021 1,217 Month: 1964—Aug rl 0,549 4,809 159 419 1,284 496 380 3,455 2,732 684 219 112 123 207 176 Sept 11,739 2,669 2,255 3,950 1,203 502 324 1,256 1,158 56 166 122 132 216 202 Oct 4,344 1,158 264 572 1,176 n.a. 298 639 478 121 205 126 130 176 250 Nov 9,716 4,956 112 449 1,244 n.a. 336 2,238 1,766 435 168 124 220 100 305 Dec 10,256 2,969 430 3,953 1,257 555 280 885 778 65 192 125 152 90 383 1965—Jan 6,387 1,181 2,506 607 1,045 384 296 508 305 161 183 76 155 107 233 Feb 11,227 5,302 872 473 1,214 360 340 3,369 2,537 797 213 106 173 653 158 Mar 13,065 3,207 928 6,759 1,303 573 286 1,580 1,453 81 308 155 249 1,582 158 Apr 10,492 1,091 5,852 1,187 1,150 461 271 1,570 1,309 221 370 139 214 1,286 205 May 11,857 5,371 696 520 1,325 489 296 4,211 3,285 888 283 128 205 1,071 189 Junep 15,306 2,946 2,369 6,596 1,363 n.a. 347 1,521 1,408 73 217 145 197 322 274 July 4,981 1,299 362 727 1,221 n.a. 333 773 631 94 232 137 198 223 255 Aug 11,595 5,377 164 482 1,305 n.a. 421 3,808 2,922 847 212 145 181 225 146 Cash payments to the public Period Total 5 t f i N e d o n e n a s - - a e l af I fa n i t r l s . 6 s S e p r a e a r - c c e h cu A lt g u r r i e - 6 so N u u r r e a r a c - t l - es t m C r a a e o n n r m d s c p e - . & H d e i o c n v u o g e s m l - . . l H w ab e el o a f l r a t r h & e , Ed ti u o c n a- e V ra e n t- s In e t s e t r- G G e o r e a v n l t - . Fiscal year—1962 107,662 51,462 3,976 1,257 4,458 2,223 5,487 1,691 23,975 1,052 6,092 6,940 1,837 1963 113,751 53,429 3,805 2,552 5,703 2,456 5,777 -268 25,698 1,214 5,971 7,427 1,953 1964 120,332 54,514 3,492 4,171 5,846 2,595 6,545 1,674 27,285 1,299 6,107 8,011 2,221 1965*>.... 122,369 50,767 4,622 5,094 5,413 2,723 7,420 862 28,285 1,493 6,087 8,684 2,348 Half year: 1963—July-Dec 61,572 26,359 1,031 1,857 4,302 1,455 3,657 1,850 13,162 563 2,956 3,481 1,052 1964—Jan.-June.... 58,761 28,158 962 2,313 3,038 1,139 2,890 -175 14,126 732 3,150 4,170 1,168 July-Dec 61,510 24,569 1,818 2,333 3,642 1,543 4,288 516 13,722 639 2,943 4,258 1,138 1965—Jan.-JuneP... 60,859 26,198 2,804 2,761 1,777 1,176 3,133 344 14,560 851 3,143 4,426 1,209 Month: 1964—Aug 11,293 3,869 336 385 r1,045 287 740 17 2,249 129 1,378 180 Sept 9,400 4,243 324 386 491 293 759 35 2,229 126 525 331177 189 Oct 10,317 4,301 448 387 694 244 779 -48 2,261 94 505 436 200 Nov 9,398 4,052 -53 406 220 229 657 -193 2,299 90 398 1,337 164 Dec 10,882 4,512 562 435 516 255 651 460 2,407 122 529 430 218 1965—Jan 9,109 4,018 439 407 210 164 539 -176 2,422 118 658 315 202 Feb 9,606 3,885 311 423 288 166 465 -126 2,423 122 497 1,353 172 Mar 9,566 4,583 86 461 386 203 472 -99 2,319 146 501 446 197 Apr 10,476 4,384 609 529 370 185 449 562 2,448 142 488 450 195 May 10,567 4,282 734 433 163 179 489 65 2,439 141 486 1,326 219 June? 11,535 5,046 625 508 360 279 719 118 2,509 182 513 536 224 July 9,696 3,855 48 427 543 264 586 281 2,465 73 250 325 212 Aug 12,299 4,393 346 482 1,066 319 611 67 2,387 118 496 1,645 189 1963 1964 1965 1963 1964 1965 Item III IV III IV III IV III IV Seasonally adjusted Not seasonally adjusted Cash budget: Receipts.... 28.5 29.0 29.5 '28.7 28.2 28.7 '29.9 '32.7 27.3 24.5 30.3 33.4 27.0 24.3 30.7 37.7 Payments. .. 30.2 29.9 30.5 29.7 30.2 29.8 30.1 32.3 31.0 30.6 28.7 30.1 30.9 30.6 28.3 32.6 Net. -1.7 -.9 -1.1 -1.1 -2.0 -1.1 '-.2 .5 _3,6 -6.1 1.6 3.3 -3.9 -6.3 2.4 5.1 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1446 U.S. GOVERNMENT SECURITIES OCTOBER 1965 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 Total Total gross Marketable Nonmarketable Special End of period gross direct Con- issues * debt' debt 2 Total vertible Sav- Total Bills C c e a r t t e if s i- Notes Bonds * bonds Total 5 b i o n n g d s s 1941 Dec 64.3 57.9 50.5 41 6 2 0 6 0 33 6 8 9 6.1 7.0 1945 Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20.0 1947 Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52.1 29.0 1957 Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958 Dec 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959 Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 1960—Dec 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Dec 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962—Dec 304.0 303.5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 47.5 43.4 1963 Dec 310.1 309.3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 48.8 43.7 1964 Sept 316.5 315.6 263.8 209.0 53.3 58.6 97.1 3.1 51.7 49.5 47.4 Oct. 316 5 315 6 265 0 210 1 55 0 58 1 97 0 3 1 51 8 49 6 46 3 Nov 319.3 318.5 267.4 212.4 56.5 58.9 97.0 3.1 51.9 49.7 46.7 Dec 318.7 317.9 267.5 212.5 56.5 59.0 97.0 3.0 52.0 49.7 46.1 1965 Jan 318 6 318 0 269 4 214 4 58 4 53 2 102 8 3 0 52 1 49 8 44 2 Feb . 320.6 319.9 270.0 214 9 58 8 55 5 100 6 3 0 52 1 49 9 45.6 Mar 318.4 317.7 267.7 212.5 56.5 55.5 100.5 2 9 52 2 49.9 45.7 Apr 317 2 316.6 267.8 212 5 56 9 55 1 100 5 2 9 52 5 50 0 44 4 May 319.8 319.2 266.3 211.0 55.9 52.5 102.5 2 9 52 5 50.0 47.8 317 9 317.3 264 5 208 7 53 7 52 5 102 5 2 9 52 9 50 0 48 6 July 317.1 316.5 264.4 208.7 53.7 52.5 102.5 2.9 52.9 50.1 47.8 318.7 318.2 264.1 208.4 53 7 50.4 104 3 2 9 52 8 50.2 49.8 Sept 317.3 316.7 264.3 208.4 53.7 50.4 104.3 2.9 53.0 50.2 48.1 1 Includes noninterest-bearing debt (of which $282 million, on Sept. 30, 5 Includes Series A investment bonds, depositary bonds, armed forces 1965, was not subject to statutory debt limitation) and guaranteed secur- leave bonds, adjusted service bonds, foreign currency series, foreign ities not shown separately. series. Rural Electrification Administration bonds, and before 1956, 2 Excludes guaranteed securities. tax and savings notes, not shown separately. 3 Includes amounts held by U.S. Govt. agencies and trust funds, which 6 Held only by U.S. Govt. agencies and trust funds. totaled $15,039 million on Aug. 31, }96b. 4 Includes Treasury bonds and minor amounts of Panama Canal and NOTE.—Based on Daily Statement of U.S. Treasury. postal savings bonds. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public E pe n r d io o d f T g d r o e o t b s a t s l ag G U t a e r o n n . u S v c s d . t i t e . s b F a . n R k . s Total m b C e a o r n m c k i - a s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie r e - s - r c O a o t r t i h p o e n o r - s g S l a o o t n c v a a t d t s e l . Savi I n n g d s ividu O a t l h s er n F a i o n t a i r t n o e e n d i r g a - n l2 i O t m n o t v r i h s e s e c s r . - ' funds 1 bonds securities 1941—Dec 64.3 9.5 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .4 .5 1945 Dec 278.7 27.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 2.4 6.6 1947—Dec 257.0 34.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 2.7 5.7 1957 Dec 275.0 55.2 24.2 195.5 59.5 7.6 12.5 17.7 16.6 48.2 16.7 7.6 9.0 1958—Dec 283.0 54.4 26.3 202.3 67.5 7.3 12.7 18.1 16.5 47.7 16.0 7.7 8.9 1959 Dec 290.9 53.7 26.6 210.6 60.3 6.9 12.5 21.4 18.0 45.9 23.5 12.0 10.1 1960—Dec 290.4 55.1 27.4 207.9 62.1 6.3 11.9 18.7 18.7 45.7 20.5 13.0 11.2 1961—Dec 296.5 54.5 28.9 213.1 67.2 6.1 11.4 18.5 19.0 46.4 19.5 13.4 11.6 1962 Dec 304.0 55.6 30.8 217.6 67.2 6.1 11.5 18.6 20.1 46.9 19.2 15.3 12.7 1963—Dec 310.1 58.0 33.6 218.5 64.3 5.8 11.3 18.7 21.1 48.1 20.1 15.9 13.3 1964—Aug 314.9 61.8 35.2 218.0 60.1 6.0 11.0 19.0 22.6 48.6 20.4 16.0 14.3 Sept 316.5 61.8 35.4 219.3 61.9 6.0 11.2 17.7 22.1 48.7 20.9 16.3 14.6 Oct 316.5 60.5 35.7 220.2 62.2 5.8 11.2 18.7 21.9 48.8 21.0 16.3 14.4 Nov. 319.3 61.2 36.8 221.4 63.6 5.7 11.2 18.5 21.6 48.9 20.8 16.4 14.6 Dec 318.7 60.6 37.0 221.1 64.0 5.7 11.1 17.9 21.1 48.9 21.2 16.7 14.5 1965—Jan 318.6 59.1 36.7 222.8 62.8 5.8 11.3 18.6 22.0 49.0 21.8 16.5 15.0 Feb 320.6 60.4 36.9 223.3 61.6 5.9 11.2 19.0 22.7 49.1 22.2 16.6 14.8 Mar 318.4 60.7 37.6 220.2 60.3 6.0 11.1 17.2 22.8 49.2 22.8 16.0 14.8 Apr 317.2 59.2 37.8 220.3 59.5 5.8 11.0 17.3 24.0 49.2 22.2 16.0 15.3 May 319.8 62.7 38.7 218.5 58.1 5.8 10.9 18.1 24.0 49.2 22.2 15.8 14.4 June 317.9 63.4 39.1 215.4 57.9 5.8 10.6 15.9 23.6 49.2 21.9 15.7 14.8 July 317.1 62.3 39.2 215.6 57.0 5.7 10.6 17.1 23.5 49.3 22.1 15.7 14.6 Aug 318.7 64.8 39.0 214.9 56.2 5.7 10.6 17.5 23.2 49.4 21.9 15.7 14.7 • Includes the Postal Savings System. 3 Includes savings and loan assns., dealers and brokers, nonprofit 2 Includes investments of foreign balances and international accounts institutions, and corp. pension funds. in the United States. NOTE.—Reported data for F.R. Banks and U.S. Govt. agencies and trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 U.S. GOVERNMENT SECURITIES 1447 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total y 1 e - a 5 rs y 5 e - a 1 r 0 s 1 y 0 ea -2 rs 0 20 O y v e e a r rs Total Bills Other All holders: 1962—Dec. 31 203,011 87,284 48,250 39,034 61,640 33,983 4,565 15,539 1963—Dec. 31 207,571 89,403 51,539 37,864 58,487 35,682 8,357 15,642 1964—Dec. 31 , 212,454 88,451 56,476 31,974 64,007 36,421 6,108 17,467 1965—July 31 208,664 87,635 53,662 33,973 56,192 39,166 8,448 17,222 Aug. 31 208,402 92,446 53,657 38,789 55,266 35,032 8,448 17,210 U.S. Govt. agencies and trust funds: 1962—Dec. 31 9,638 1,591 865 726 1,425 2,731 1,309 2,583 1963—Dec. 31 11,889 1,844 1,366 478 1,910 3,021 2,178 2,936 1964—Dec. 31 12,146 1,731 1,308 424 2,422 3,147 1,563 3,282 1965—July 31 12,181 1,145 815 330 2,269 3,491 2,052 3,224 Aug. 31 12,711 1,215 829 386 2,791 3,307 2,059 3,339 Federal Rcserre Banks: 1962—Dec. 31 30,820 17,741 2,723 15,018 10,834 2,094 68 83 1963—Dec. 31 33,593 22,580 4,146 18,434 8,658 2,136 88 131 1964—Dec. 31 37,044 21,388 6,487 14,901 13,564 1,797 58 237 1965—July 31 39,207 27,185 7,994 19,191 10,154 1,491 146 230 Aug. 31 39,049 28,883 7,823 21,060 8,378 1,408 147 234 Held by public: 1962—Dec. 31 162,553 67,952 44,662 23,290 49,38t 29,158 3,188 12,873 1963—Dec. 31 162,089 64,979 46,027 18,952 47,919 30,525 6,091 12,575 1964—Dec. 31 163,264 65,331 48,682 16,650 48,021 31,477 4,487 13,948 1965—July 31 157,276 59,305 44,853 14,452 43,769 34,184 6,250 13,768 Aug. 31 156,642 62,348 45,005 17,343 44,097 30,317 6,242 13,637 Commercial banks: 1962—Dec. 31 58,004 19,885 9,838 10,047 26,348 11,163 191 417 1963—Dec. 31 54,881 16,703 9,290 7,413 26,107 11,075 533 463 1964—Dec. 31 53,752 18,509 10,969 7,540 23,507 11,049 187 501 1965—July 31 47,688 13,140 6,340 6,800 20,603 12,917 321 707 Aug. 31 46,870 13,961 5,807 8,154 20,445 11,444 328 692 Mutual sayings banks: 1962—Dec. 31 5,793 635 252 383 1,337 2,210 306 1,305 1963—Dec. 31 5,302 690 268 422 1,211 2,009 377 1,215 1964—Dec. 31 5,434 608 344 263 1,536 1,765 260 1,266 1965—July 31 5,499 766 555 211 1,360 1,817 346 1,209 Aug. 31 5,521 875 560 315 1,455 1,641 349 1.201 Insurance companies: 1962—Dec. 31 9,265 1,259 552 707 2,175 2,223 718 2,890 1963—Dec. 31 9,254 1,181 549 632 2,044 2,303 939 2,787 1964—Dec. 31 9,160 1,002 480 522 2,045 2,406 818 2,890 1965—July 31 8,841 683 389 294 1,942 2,388 1,117 2,711 Aug. 31 8,839 784 402 382 2,028 2,209 1,117 2,701 Nonfinancial corporations: 1962—Dec. 31 10,750 9,063 6,551 2,512 1,524 149 5 9 1963—Dec. 31 10,427 7,671 6,178 1,493 2,397 290 9 60 1964—Dec. 31 9,136 6,748 5,043 1,705 2,001 272 3 112 1965—July 31 8,297 5,986 4,832 1,154 1,924 254 51 82 Aug. 31 8,632 6,339 5,051 1,288 1,939 231 48 75 Savings and loan associations: 1962—Dec. 31 2,862 437 254 183 817 1,030 105 473 1963—Dec. 31 3,253 378 236 142 919 1,202 253 501 1964—Dec. 31 3,418 490 343 148 1,055 1,297 129 447 1965—July 31 3,553 416 286 130 938 1,492 245 461 Aug. 31 3,546 448 286 162 1,000 1,383 245 470 State and local governments: 1962—Dec. 31 11,716 4,447 3,282 1,165 1,059 1,505 688 4,017 1963—Dec. 31 12,453 4,637 3,869 768 941 1,502 1,591 3,782 1964—Dec. 31 15,022 4,863 3,961 902 2,014 2,010 1,454 4,680 1965—July 31 16,886 6,646 5,632 1,014 1,866 1,965 1,996 4,413 Aug. 31 16,577 6,405 5,492 913 1,915 1,853 1,997 4,407 AH others: 1962—Dec. 31 64,162 32,227 23,935 8,292 16,121 10,877 1,175 3,761 1963—Dec. 31 66,320 33,719 25,637 8,082 14,301 12,144 2,389 3,767 1964—Dec. 31 67,341 33,111 27,542 5,570 15,863 12,678 1,637 4,052 1965—July 31 66,512 31,667 26,818 4,849 15,135 13,349 2,174 4,186 Aug. 31 66,656 33,537 27,407 6,130 15,316 11,555 2,157 4.091 NOTE.—Direct public issues only. Based on Treasury Survey of banks, and 773 insurance cos. combined; (2) about 50 per cent by the Ownership. 469 nonfinancial corps, and 488 savings and loan assns.; and (3) about Data complete for U.S. Govt. agencies and trust funds and F.R. Banks 70 per cent by 507 State and local govts. but for other groups are based on Treasury Survey data. Of total mar- Holdings of "all others," a residual, include holdings of all those noi ketable issues held by groups, the proportion held on latest date by those reporting in the Treasury Survey, including investor groups not listed reporting in the Survey and the number of owners surveyed were: (1) separately. about 90 per cent by the 5,964 commercial banks, 501 mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1448 U.S. GOVERNMENT SECURITIES OCTOBER 1965 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt agency Period Dealers and brokers securities Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e -1 ar 0 s 10 O y v e e a r rs G U o .S v . t. Other m b C e a o r n m c k ia - s l o A th l e l r securities 1964—Aug 1,453 1,099 197 123 34 406 26 604 417 113 SeDt 1,510 1,214 155 102 39 443 20 616 432 117 Oct 1,749 1,476 141 92 41 529 25 719 475 114 Nov 1,864 1,426 271 127 40 533 28 805 499 131 Dec 2,052 1,596 261 146 49 615 38 835 564 85 1965 Jan 2 405 1,763 307 177 158 689 44 1,036 637 93 Feb 1,814 1,434 219 91 69 516 29 750 518 101 Mar 1,690 1,369 184 83 53 523 24 672 471 108 Apr I 769 1,467 172 91 38 562 38 708 460 155 May 1,670 1,379 151 108 32 448 33 698 491 143 ,786 1,453 200 103 31 584 45 696 462 204 A JU u ly g 4 5 8 1 R 9 1 1 ,2 1 8 7 4 2 1 1 8 2 3 5 9 8 1 2 4 2 3 8 4 46 5 5 2 3 3 7 9 6 5 1 6 5 8 4 4 1 1 7 5 1 1 4 5 0 2 Week ending— 1965—Aug. 4 2.093 1,635 318 107 33 508 44 893 647 112 1 568 1,252 186 96 34 519 41 591 418 226 18 1,420 1,156 160 67 38 479 35 548 358 130 25 1,307 986 168 102 52 452 40 473 341 135 Sept 1 . . .. I 378 1 135 109 83 52 407 40 518 414 96 8 1 644 1,369 172 68 35 440 36 633 534 155 15 1,433 1,177 140 67 50 453 29 565 386 135 22 1 225 1 008 115 55 47 369 28 513 315 154 29 1,742 1,496 138 73 36 504 33 662 543 98 NOTE.—The transactions data combined market purchases and sales of ties under repurchase agreements, reverse repurchase (resale), or similar U.S. Govt. securities dealers reporting to the F.R. Bank of N.Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of and exchanges for new U.S. Govt. securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi- DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity U.S. Commercial banks Period mat A ur l i l ties W 1 i y th e i a n r y 1 e - a 5 rs 5 O y v e e a r rs se a G c g u e o r n v i c t t i y . es Period so A ur l c l es Y N C o e it r w y k w E h ls e e r - e C t o io rp n o s ra i - o A th l e l r 1964—Aug 4,313 2,978 552 782 275 Sept 3,954 3,302 373 280 250 1964—Aug 4,186 1,144 924 1,703 416 Oct 3,358 2,966 231 160 262 Sept 4,011 1,255 1,069 1,253 434 Nov 3,692 3,073 479 140 313 Oct 3,299 845 835 1,258 361 Dec 3,252 2,675 419 159 282 Nov 3,706 1,020 963 1,192 531 Dec 3,399 1,029 781 1,056 533 1965—Jan 3,812 2,882 196 734 246 Feb 3,420 2,688 163 569 237 1965—Jan 4,354 1,323 1,229 1,206 596 Mar 3,034 2,590 112 332 268 Feb 3,495 856 902 1,278 459 Apr 3,471 3,118 115 238 327 Mar 3,181 626 807 1,350 398 May 3,398 2,508 149 741 378 Apr 3,594 918 885 1,369 422 A J Ju u u l n y g e..... 4 3 3 , , , 6 1 5 5 8 4 1 0 8 2 2 3 , , , 8 9 4 3 0 7 8 7 2 2 1 1 2 1 0 2 5 0 4 6 6 1 9 0 9 7 9 5 4 3 0 4 6 9 6 8 J M ul a y y 4 4 3 , , , 0 4 6 9 5 3 4 9 5 1 1 , ,2 2 7 5 9 6 1 3 5 1,0 7 8 0 7 2 9 6 8 1 1 , , , 4 3 4 5 2 6 7 7 8 7 6 6 0 1 8 9 6 8 Aug 3,815 967 650 1,584 613 Week ending— Week ending— 1965—July 7.. 4,358 3,557 164 638 481 Aug. 2 2 1 4 8 4 1 . . . . . . . . 4 4 4 4 , , , , 0 0 1 2 5 8 5 0 7 7 3 5 3 3 3 3, , , , 5 3 4 4 2 7 2 2 5 6 2 4 1 1 1 8 5 3 3 6 6 4 5 5 5 6 6 9 0 9 7 6 9 5 4 4 4 4 1 7 0 2 5 7 3 2 1965—July 2 2 1 8 1 4 7 . . . . . . . . . . . . 4 4 4 4 , , , , 3 5 5 3 5 5 6 0 8 9 4 2 1 1 1 1 , , , , 2 5 2 0 1 9 6 6 6 1 8 4 1 1 1, , , 1 0 0 9 0 4 1 0 2 9 4 5 1 1 1 1 , , , , 5 3 7 2 3 4 2 2 3 7 3 0 4 6 8 8 5 1 1 7 4 0 0 8 2 1 1 5 8 1 . . . . . . 3 3 3 , , , 4 4 4 0 8 0 9 6 5 2 2 2 , , , 6 7 8 8 5 4 0 3 4 2 3 1 3 8 1 7 3 8 4 4 3 1 8 8 5 8 3 4 3 3 1 9 3 3 4 4 Aug. 1 11 4 8 . . . . . . . . . 4 3 3 , , , 5 9 6 2 2 8 3 3 8 1 1, , 0 2 8 1 5 5 0 8 9 9 6 6 1 6 4 0 4 2 1 1 , , , 5 5 5 2 3 0 5 8 7 4 8 8 9 7 4 8 5 7 NOTE.—The figures include all securities sold by dealers under repur- 25... 3,631 869 584 1,684 494 chase contracts regardless of the maturity date of the contract unless the i All business corps, except commercial banks and insuranc contract is matched by a reverse repurchase (resale) agreement or delayed i^HH^Tn""!^^6-8^ matmitl and living thge sthame es amame oaumntooufntof contracts are some that more by oIders of the securities h Average of daily figures based on number of trading days in the period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 OUTSTANDING SECURITIES 1449 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, SEPTEMBER 30, 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 bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Oct. 7, 1965. 2,203 Mar. 10, 1966 1,000 Oct. , 1967. 457 Feb. 15, 1970 4 4,381 Oct. 14, 1965. 2,203 Mar. 17, 1966 1,005 Apr. , 1968. 212 Aug. 15, 1970 4 4,129 Oct. 21, 1965. 2,203 Mar. 24, 1966 1,000 Oct. , 1968. 115 Aug. 15, 1971 4 2,806 Oct. 28, 1965, 2,204 Mar. 31, 1966 2,000 Apr. , 1969. 61 Nov. 15, 1971 3% 2,760 Oct. 31, 1965, 1,000 Apr. 30,1966 1,001 Oct. , 1969 \\ 159 Feb. 15, 1972 4 2,344 Nov. 4, 1965, 2,202 May 31, 1966 1,001 Apr. , 1970 IV 44 Aug. 15, 1972 4 2,579 Nov. 12, 1965, 2,202 June 30,1966 1,001 Aug. 15, 1973 4 3,894 N N N o o o v v v . . . 1 2 3 8 6 0 , , , 1 1 1 9 9 9 6 6 6 5 5 5 , , 2 2 1 , , , 2 2 00 0 0 1 1 3 A J S u e u l p y g t . . 3 3 3 1 0 1 , , , 1 1 1 9 9 9 6 6 6 6 6 6 1 1 1 , , , 0 0 0 0 0 0 0 0 0 Tre Ju as n u e r y 1 5 b , o n 1 d 9 s 62-67... 1,431 N F M e o a b v y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 7 7 7 4 3 4 4 4 4^ i i / / 8 8 3 4 3 , , , 5 3 1 9 5 3 4 7 0 Dec. 2, 1965 2,205 Dec. 15, 1963-68... 1,792 Nov. 15, 1974 3% 2,243 Dec. 9, 1965, 2,202 June 15, 1964-69... 2,563 May 15, 1975-85...414 1,218 Dec. 16, 1965 2,203 Treasury notes Dec. 15, 1964-69... 2,534 June 15, 1978-83... 3^ 1,583 Dec. 23, 1965, 2,202 Oct. 1,1965 1% 315 Mar. 15, 1965-70... 2,410 Feb. 15, 1980 4 2,608 Dec. 30, 1965, 2,200 Nov. 15,1965 3Vi 1,617 May 15, 1966 3 1,688 Nov. 15, 1980 3& 1,912 Dec. 31, 1965 1,003 Nov. 15, 1965 4 8,099 Aug. 15, 1966 3 1,024 May 15, 1985 3lA 1,127 J J a a n n . . 1 6 3, , 1 1 9 9 6 6 6 6, 1 1 , , 0 0 0 0 1 1 F F e e b b . . 1 1 5 5 , , 1 1 9 9 6 6 6 6 3 3 % % 2 2 , , 1 5 9 9 5 7 N M o a v r. . 1 1 5 5 , , 1 19 9 6 6 6 6 -71. .. 3 2 3 ^ /8 1 1 , , 3 8 9 5 9 1 F A e u b g . . 1 1 5 5 , , 1 1 9 9 9 8 0 7 -92... 4 3 ^ % 3 4 , , 8 9 1 0 8 1 Jan. 20, 1966 1,005 Apr. 1, 1966 UA 675 June 15, 1967-72... 2^ 1,279 Feb. 15, 1988-93...4 250 J J F a a e n n b . . . 2 3 7 1 3 , , , 1 1 1 9 9 9 6 6 6 6 6 6 1 1 1 , , , 0 0 0 0 0 0 1 1 0 M A Oc u a t g y . . 1 1 5 1 5 , , , 1 1 1 9 9 9 6 6 6 6 6 6 4 4 1% 1 9 1 , , 5 3 0 1 5 6 9 7 0 N D Se e o p c v . t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 7 7 7 - - 7 7 2 2 . . . . . . 2 3 2 V y % 8 i 2 2 1 , , , 0 6 95 1 9 2 9 1 M N Fe o a b v y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 9 9 8 5 8 9 -94.. .4 3 3 i % /8 4 2 1 , , , 4 5 2 1 6 5 7 0 3 Feb. 10, 1966 1,000 Nov. 15, 1966 4 2,254 May 15, 1968 3% 2,460 Feb. 17,1966 1,001 Feb. 15, 1967 3% 2,358 Aug. 15, 1968 3% 3,747 Feb. 24, 1966 1,000 Feb. 15, 1967 4 5,151 Nov. 15, 1968 3% 1,591 Convertible bonds Feb. 28,1966 1,001 Apr. 1,1967 1% 270 Feb. 15, 1969 4 3,728 Investment Series B Mar. 3, 1966, 1,000 Aug. 15, 1967 3% 2,929 Oct. 1,1969 4 6,260 Apr. 1, 1975-80... 2% 2,862 NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, AUGUST 31,1965 Agency a , n t d y p c e o u an p d o n d a ra te t e of issue, Maturity o ( A f m m d i o l o l l i u l o a n n r t s s ) Agency a , n t d y p c e o u an p d o n d a r t a e t e of issue, Maturity o ( A f m m d il o l o l i l u o a n n r t s s) Federal home loan banks Federal intermediate credit banks Debentures: Notes: Dec. 1,1964 4.05 Sept. 1, 1965 228 Oct. 15,1964 4.05 Sept. 15, 1965 172 Jan. 1, 1965 4.20 Oct. 4, 1965 305 Nov. 16, 1964 4.10 Oct. 15, 1965 400 Feb. 1,1965 4.15 Nov. 1, 1965 345 May 17, 1965 4.25 Nov. 24, 1965 300 Mar. 1,1965 4.20 Dec. 1, 1965 326 Feb. 15. 1965 4.20 Jan. 17, 1966 220 Apr. 1,1965 414 Jan. 3, 1966 298 Aug. 16, 1965 4.30 Jan. 25, 1966 302 May 3,1965 4.30 Feb. 1, 1966 289 Apr. 15, 1965 4.30 Feb. 15, 1966 524 June 1,1965 4.30 Mar. 1,1966 272 June 15, 1965 4.35 Mar. 22, 1966 273 July 1,1965 4.35 Apr. 4, 1966 272 May 17, 1965 4.30 Apr. 25, 1966 525 Aug. 2,1965 4.30 May 2, 1966 294 July 17, 1965 4.35 May 25, 1966 496 Aug. 16, 1965 4.35 July 25,1966 500 Federal land banks Bonds: Bonds: Oct. 20, 1960 4 Oct. 20, 1965 160 Sept. 17,1962 3V4 Sept. 15, 1965 175 June 20, 1961 4 Dec. 20, 1965 140 July 15,1964 4y8 Mar. 15, 1966 260 Apr. 3,1961 3% Feb. 21, 1966 150 Dec. 9,1963 4y8 Aug. 15, 1966 200 June 21, 1965 4.35 May 2,1966 117 June 15, 1964 414 Nov. 15, 1966 275 May 1,1958 3% May 2, 1966 108 Mar. 15, 1965 4% Sept. 15, 1967 185 Sept. 20, 1961 414 July 20.1966 193 June 15, 1965 4% Mar. 1, 1968 250 A Fe u b g . . 2 1 3 5 , , 1 1 9 9 6 5 5 7 4 4 3 % /8 D Fe e b c. . 2 1 0 5 , , 1 1 9 9 6 6 6 7-72 2 7 3 2 9 Fede s r e a c l o N n a d t a io ry n a m l M ark o e rt t g o a p g e e r a A ti s o so n c s iation— A M p a r y . 20 1 , , 1 1 9 9 6 6 2 5 4 4 V4 M Fe a b y . 2 2 0 2 , ,1 1 9 9 6 6 7 7 1 12 8 6 0 Oct. 1,1957 4Vi Oct. 1,1967-70 75 Discount notes 467 O A c p t r . . 22 1 , , 1 1 9 9 5 6 9 3 4 4 1 i , / 4 8 O M c a t r . . 2 2 3 0 , , 1 1 9 9 6 6 8 7 1 1 1 7 1 4 Debentures: May 1,1963 4 June 20,1968 186 Sept. 10, 1962 334 Mar.10, 1966 108 Aug. 20, 1964 414 Aug. 20,1968 160 Dec. 12, 1960 4i/8 Dec. 12, 1966 93 Feb. 2,1959 4% Mar. 20,1969 100 Mar. 10,1958. 33/8 Mar.11, 1968 87 Feb. 23,1965 4% July 15,1969 130 A A p p r r . . 1 10 1 , , 1 1 9 9 5 6 9 0 .. 4 4 3 % /8 A A p p r r . . 1 1 0 0 , , 1 1 9 9 6 7 9 0 1 8 4 8 2 J O u c ly t. 2 1 0 5 , , 1 1 9 9 6 5 4 7 4 4 5 i/ / i 8 J O u c ly t. 2 1 0 5 , ,1 1 9 9 6 6 9 9 20 6 9 0 A S F S e e e u b p p g . t t . . . 2 1 1 1 3 0 2 1 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 0 1 0 0 5 4 4 4 V i % i / / s 8 8 A S F S e e e u p p b g t t . . . . 1 1 1 1 0 0 0 0 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 1 1 2 0 1 9 9 6 1 6 8 4 9 J F M F a e e n a b b y . . . 1 5 4 1 1 , , , , 1 1 1 1 9 9 9 9 6 6 5 5 0 0 6 8 5 3 5 3 * % % % /8 J A F M u e p l a b y r y . . 2 2 0 0 1 1 , , , , 1 1 1 19 9 9 9 7 7 7 7 1 0 0 0 8 8 6 8 2 3 0 5 D Ju e n c e . 1 12 1 , , 1 1 9 9 6 6 1 1 4 4 3 % /8 J Ju u n n e e 1 12 2 , , 1 1 9 9 7 7 2 3 1 1 0 4 0 6 S Fe e b p . t . 2 1 0 4 , , 1 1 9 9 6 5 3 6 4 3 % % S Fe e b p . t . 2 1 0 5 , ,1 1 9 9 7 73 2 -78 1 1 0 4 9 8 Bank F s e f b o . r 1 c 3 o , o p 1 e 9 r 6 a 2 t ives 4Vi Feb. 10, 1977 198 F A e p b r . . 2 2 0 0 , , 1 1 9 9 6 6 5 2 4 4 3 i/ / 2 8 F A e p b r . . 2 2 1 0 , , 1 1 9 9 7 7 5 4 2 1 0 5 0 5 Tennessee Valley Authority Debentures: Short-term notes 80 Apr. 1,1965 414 Oct. 4, 1965 175 Bonds: May 3,1965 4V4 Nov. 1, 1965 108 Nov. 15, 1960 4.40 Nov. 15, 1985 50 June 1,1965 AVA Dec. 1, 1965 201 July 1,1961 4% July 1, 1986 50 Aug. 2,1965 4.30 Feb. 1,1966 227 Feb. 1,1962 4Vi Feb. 1, 1987 45 NOTE.—These securities are not guaranteed by the U.S. Govt.; see also NOTE to table at top of following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1450 CREDIT AGENCIES; SECURITY ISSUES OCTOBER 1965 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Asset F s ederal home loa L n i a b b a il n it k ie s s and capital (s F M e e c d o o o e r p n r t e d g a r a l a a r g t y N e i o a m n A ti s a o s ) r s n k n a e . l t coo B pe f a o r n a r k t s ives i c n r t e F e d r e i m t d e e b r d a a i n l a k te s F b e l a a d n n e k d ra s l End of period v m b a A t e n e o d m c rs - e - s I m nv e e n s t t s - p C a o d a n s e s d - i h ts B n a o o n n t d e d s s M po b d e s e e m - i r ts - C s a to p c it k al M l g o ( a A o a g n r ) e t s - D n t a u e ( o n L b r t e d e e ) s s n- c L a o t ( o o i t A v o a p n e ) e s s r- D t e u ( b L re e ) s n- c L o a d ( o u A n i a s n d - n ) t s s D t e u ( b L re e ) s n- M l g o ( a A o a g n r ) e t s - B ( o L n ) ds 1956 1,228 1,027 62 963 683 607 628 200 457 143 747 705 1,744 1,437 1957 1,265 908 63 825 653 685 1,562 1,315 454 222 932 886 919 1,599 1958 1,298 999 75 714 819 769 1,323 1,100 510 252 1,157 1,116 2,089 1,743 1959 2,134 1,093 103 1,774 589 866 1,967 1,640 622 364 1,391 1,356 2,360 1,986 1960 1,981 1,233 90 1,266 938 989 2,788 £,523 649 407 1,501 1,454 2,564 2,210 1961 2,662 1,153 159 1,571 1,180 1,107 2,770 >,453 697 435 1,650 1,585 2,828 2,431 1962 3,479 1,531 173 2,707 1,214 1,126 2,752 1,422 735 505 1,840 1,727 3,052 2,628 1963 4,784 1,906 159 4,363 1,151 1,171 2,000 1,788 840 589 2,099 1,952 3,310 2,834 1964—Aug... 4,781 1,622 75 4,169 926 1,210 1,936 ,696 787 538 2,561 2,433 3,586 3,102 Sept... 4,837 1,597 99 4,165 989 1,212 1,926 ,549 809 538 2,516 2,424 3,620 3,102 Oct... 4,797 1,614 94 4,144 978 1,214 1,934 ,707 924 576 2,377 2,352 3,652 3,169 Nov... 4,784 1,889 84 4,369 989 1,216 1,930 ,701 975 638 2,241 2,174 3,680 3,169 Dec... 5,325 1,523 141 4,369 ] ,199 1,227 1,940 1,601 958 686 2,247 2,112 3,718 3,169 1965—Jan... 4,944 1,491 75 4,078 1,013 1,232 1,954 1,723 1,020 686 2,252 2,102 3,765 3,169 Feb... 4,851 1,425 77 3,905 1,013 1,237 1,958 1,739 1,037 670 2,308 2,143 3,818 3,298 Mar... 4,747 1,761 80 4,090 ,048 1,247 1,974 1,739 1,007 723 2,380 2,206 3,889 3,298 Apr... 5,219 1,386 95 4,184 1,026 [,254 1,990 1,795 978 696 2,480 2,278 3,950 3,415 May.. 5,227 1,687 73 4,484 ,024 1,257 2,004 1,898 940 678 2,577 2,367 4,011 3,415 June.. 5,586 1,691 no 4,757 1,174 1,260 2,014 1,797 931 687 2,687 2,462 4,058 3,532 July.. 5,793 1,299 4,807 913 1,265 2,032 1,794 935 687 2,772 2,546 4,097 3,532 Aug.. 5,770 ,578 75 5,057 903 1,268 2,062 ,804 944 710 2,786 2,627 4,135 3,612 79 NOTE.—Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the U.S. Mortgage Assn., and Farm Credit Admin. Among the omitted balance Govt.; for a listing of these securities, see preceding page. Loans are sheet items are capital accounts of all agencies, except for stock of home gross of valuation reserves and represent cost for FNMA and unpaid loan banks. Bonds, debentures, and notes are valued at par. They in- principal for other agencies. clude only publicly offered securities (excluding, for the home loan banks, NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv- Total G g o a e b a t n i l l o e i- r n - s R n e u v e e- PHAi G l U o o a .S v n . t s . State S di p s a s t e n t a r c d t i i . c a t l Other 2 ered3 Total c E a d ti u o - n R br a o i n d a d g d e s s i U ti t e i s l * - H in o g u s s- V a a e n i t s d e ' r- O p p o t u h s r e e - s r auth. 1959 7,697 4,782 2,407 332 176 1,686 2,121 3,890 7,423 7,589 2,318 844 1,985 401 355 1,685 1960 7,292 4,771 2,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1,007 1,316 426 201 1,891 1961 8,566 5,724 2,407 315 120 1 928 2 165 4 473 8,301 8,463 2,821 1,167 1,700 385 478 1,913 1962 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963 10,538 5,855 4,180 254 249 1 620 3 636 5 281 10,496 9,151 3,029 812 2,344 598 2,369 1964 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,06910,201 3,392 688 2,437 727 120 2,838 1964—June ... 939 537 260 120 23 71 339 529 696 903 362 43 183 134 181 July 943 563 369 11 116 341 487 948 906 401 25 169 * 311 Aug 799 267 520 12 13 534 252 829 780 161 73 440 105 Sept.. . . 920 510 260 130 20 101 374 445 925 892 207 50 248 133 254 Oct 852 662 178 13 191 133 529 717 801 245 12 240 37 268 Nov 578 376 195 7 106 126 346 912 529 166 18 137 7 201 Dec 1,078 604 345 104 26 218 397 463 722 948 424 30 93 107 30 264 1965—Jan 848 606 234 7 182 247 419 964 803 378 38 167 * 220 Feb 965 666 288 11 191 289 484 754 872 308 20 277 1 265 Mar 1,079 546 406 116 12 84 451 544 1 018 946 392 28 152 127 248 Apr 993 687 290 16 295 275 422 1,036 824 288 120 83 17 317 May.... 984 506 345 126 8 180 370 434 846 921 392 70 125 133 202 June.... 1,034 565 455 14 192 397 445 1,192 943 435 61 195 13 239 1 Only bonds sold pursuant to 1949 Housing Act; secured by contract 5 Includes urban redevelopment loans. requiring the Public Housing Administration to make annual contributions to the local authority. NOTE.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal • lvxuiuiapaiiiics, v^uumica, luwusuips, SLUULU UISUILU, luiiuwiiig page, wiiitu. axe ua&cu KJLI jjvnu ouyv 3 Excludes U.S. Govt. loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt. loans. (and payment to issuer), whhiicchh ooccccuuirs after date of sale. Investment Bankers Assn. data; par amounts of long-term issues 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 SECURITY ISSUES 1451 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues 1 Prop a o l s l e c d o u rp se o r o a f t e n i e s t s u p e r s o c 6 eeds, Noncorporate Corporate New capital Re- Period tire- Bonds Stock ment Total G U o . v S t . .2 G a U c g o y . e S v n 3 . t - . U S l a o t . n c a S d a t . e l* Others Total Total o P f l f i u c e b r ly e - d p v l P a a t r c e i- e ly d fe P r r r e e - d C m o o m n - Total Total m N on ew ey7 O p p o t u h s r e e - s r ri s o t e i f e c s u- 1957. 30,571 9,601 572 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1958. 34,443 12,063 2,321 7,449 1,052 11,558 9,653 6,332 3,320 571 1,334 11,372 10,823 9,907 915 549 1959. 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9,527 9,392 8,578 814 135 1960. 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 1961. 35,527 12,253 1,448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 12,885 12,017 10,715 1,302 1962. 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 10,501 9,747 8,240 1,507 754 1963. 31,616 7,213 1,168 10,107 891 12,237 10,872 4,714 6,158 342 1,022 12,081 10,553 8,993 1,561 1,528 1964. 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 13,792 13,038 11,233 1,805 754 1964—July.. 2,500 387 260 922 29 902 677 234 443 59 166 887 812 684 128 75 Aug... 4,148 2,44< 160 767 23 748 636 183 453 54 58 738 680 587 93 58 Sept.. 2,548 358 952 13 1,226 1,069 376 693 23 133 1,212 1,130 807 323 82 Oct... 2,914 367 510 816 186 1,036 823 181 642 25 188 1,019 953 754 199 67 Nov.. 4,631 3,242 566 97 727 675 30 645 9 43 720 669 553 116 51 Dec... 3,339 37~ 1,097 64 1,805 1,662 320 1,342 49 94 1,787 1,642 1,322 320 145 1965—Jan... 2,333 43 811 232 858 727 161 565 47 84 850 795 700 95 54 Feb... 3,997 2,129 129 933 14 791 637 187 450 24 130 779 746 687 59 33 Mar.. 3,003 41" 185 1,003 45 1,358 1,215 557 658 60 8: 1,343 1,197 1,039 157 146 Apr... 3,050 390 325 971 131 1,233 1,070 422 648 35 12' 1,214 1,152 939 213 61 May.. 3,160 356 1,020 11 1,773 1,324 694 630 65 384 1,746 1,691 1,560 132 55 June.. 4,297 362 775 1,000 122 2,038 1,729 748 980 155 154 2,018 1.946 1,665 281 72 July.. 2,842 38! 1,055 20 1,379 1,258 542 717 43 78 1,363 1,228 1,119 110 134 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e al Period Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capital * secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1959 1,941 70 812 28 942 15 3,189 15 707 * 1,801 6 1960 1,997 79 794 30 672 39 2,754 51 1,036 1 2,401 71 1961 3,691 287 1,109 36 651 35 2,883 106 1,435 382 2,248 22 1962 2,958 228 803 32 543 16 2,341 444 1,276 11 1,825 23 1963 3,312 190 774 55 873 83 1,935 699 726 356 2,933 144 1964 2,772 243 1,024 82 941 32 2,445 280 2,133 36 3,723 80 1964—July. 150 40 45 1 90 207 16 23 4 297 13 Aug., 176 12 45 1 20 138 27 16 15 285 3 Sept. 234 36 176 2 59 296 38 19 2 345 4 Oct.. 250 17 88 5 44 297 37 82 6 191 t Nov. 203 24 134 17 62 40 6 21 208 3 Dec. 607 26 121 49 127 172 31 32 582 31 1965—Jan.. 385 23 70 5 40 97 21 21 182 4 Feb.. 192 15 35 2 47 215 13 44 213 3 Mar. 494 56 104 4 108 17 229 57 26 236 9 Apr., 540 16 120 6 58 1 176 34 15 244 2 May 698 22 75 4 163 248 23 143 364 6 June 441 41 151 15 44 184 8 98 1.028 7 July. 418 52 238 3 93 204 22 102 174 6 1 Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of flotation. number of units by offering price. 7 For plant and equipment and working capital. 2 Includes guaranteed issues. * All issues other than those for retirement of securities. 3 Issues not guaranteed. 4 See NOTE to table at bottom of opposite page. NOTE.—Securities and Exchange Commission estimates of new issues 5 Foreign governments, International Bank for Reconstruction and maturing in more than 1 year sold for cash in the United States. Development, and domestic nonprofit organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1452 SECURITY ISSUES OCTOBER 1965 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire- Net New Retire- Net issues ments change issues ments change I C n O ve S. s 1 t. Other In C v O e S s .1 t. Other I c n o v s e . s 1 t. Other 1959 ... . 13,338 4,845 8,492 7,122 3,049 4,073 2,838 3,378 794 1,002 2,044 2,376 I960 13,485 4,962 8,523 8,072 3,078 4,994 2,688 2,725 855 1,029 1,833 1,696 1961 17,503 6,999 10,503 9,194 4,024 5,170 3,855 4,454 1,171 1,804 2,684 2,650 1962 14,206 6,457 7,750 8,613 3,749 4,864 3,338 2,255 1,140 1,567 2,198 688 1963 15,552 8,711 6,841 10,556 4,979 5,577 3,049 1,948 1,536 2,197 1,513 -249 1964 18,610 8,290 10,320 10,715 4,077 6,637 4,147 3,748 1,895 2,317 2,252 1,431 1964 II 5,139 1,795 3,344 2,987 940 2,046 917 1,235 469 385 448 850 III 4,011 1,946 2,065 2,297 1,033 1,265 1,010 704 475 438 535 265 IV 5,158 2,590 2,568 3,233 1,191 2,043 1,300 625 415 984 885 -360 1965—T 4,162 2,058 2,103 2,272 967 1,305 1,275 615 485 606 790 8 II 6,339 2,475 3,864 4,007 1,227 2,780 1,243 1,089 511 737 732 352 Type of issuer Manu- Commercial Transpor- Public Communi- Real estate facturing and other 2 tation 3 utility cation and financial 4 Period & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1959 316 442 217 162 332 2 1,738 1,028 475 445 994 2,342 I960 399 462 261 -46 173 -42 1,689 635 901 356 1,572 2,164 1961 2,012 415 516 -447 71 <T 1,648 704 149 1,457 775 3,212 1962 1,355 -242 294 -201 -85 -25 1,295 479 1,172 357 833 2,517 1963 1,804 -664 339 -352 316 -19 876 245 438 447 1,806 1,607 1964 1,303 -516 507 -483 317 -30 1,408 476 458 1,699 2,644 2,537 1964—H 291 -65 84 -21 59 31 606 156 229 681 775 516 Ill 232 28 93 -34 38 -47 290 149 42 92 569 613 IV 689 -226 265 -444 88 -7 356 101 -47 115 693 986 1965—1 574 -256 -5 39 9 281 97 64 100 351 850 II 814 138 234 -4 57 -28 293 116 201 139 1,181 723 1 Open-end and closed-end cos. foreign and include offerings of open-end investment cos., sales of securi- 2 Extractive and commercial and misc. cos. ties held by affiliated cos. or RFC, special offerings to employees, and also 3 Railroad and other transportation cos. new stock issues and cash proceeds connected with conversions of bonds 4 Includes investment cos. into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose NOTE.—Securities and Exchange Commission estimates of cash trans- shown on p. 1451. actions only. As contrasted with data shown on p. 1451, new issues exclude OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales i Re ti d o e n m s p- s N al e e t s Total 2 po C si a ti s o h n 3 Other Sales i Re ti d o e n m s p- s N al e e t s Total 2 po C si a ti s o h n 3 Other 1953 672 239 433 4,146 1964—Aug... 260 149 110 28,164 1,457 26,707 1954 863 400 463 6,109 309' * * 5 * 800 * Sept... 299 149 149 29,130 1,436 27,694 Oct.... 306 142 164 29,087 1,312 27,775 1955 1,207 443 765 7,838 438 7,400 Nov... 317 134 184 29,062 1,300 27,762 1956 1,347 433 914 9,046 492 8,554 Dec... 336 136 200 29,116 1,329 27,787 1957 1,391 406 984 8,714 523 8,191 1958 1,620 511 1,109 13,242 634 12,608 1965—Jan.... 407 152 254 30,349 1,545 28,804 1959 2,280 786 1,494 15,818 860 14,958 Feb... 313 159 154 30,749 1,605 29,144 Mar... 356 168 188 30,464 1,597 28,867 1960 2,097 842 1,255 17,026 973 16,053 Apr... 351 155 196 31,521 1,523 29,998 1961 2,951 1,160 1,791 22,789 980 21,809 May.. 301 158 143 31,431 1,551 29,880 1962 2,699 1,123 1,576 21,271 1,315 19,956 June.. 417 186 231 30,036 1,447 28,589 1963 2,460 1,504 952 25,214 1,341 23,873 July... 332 147 185 30,749 1,616 29.133 1964 3,404 1,875 1,528 29,116 1,329 27,787 Aug... 272 142 129 31,762 1,815 29,947 1 Includes contractual and regular single purchase sales, voluntary short-term debt securities, less current liabilities. and contractual accumulation plan sales, and reinvestment of investment income dividends; excludes reinvestment of realized capital gains NOTE.—Investment Co. Institute data based on reports of members, dividends. which comprise substantially all open-end investment cos. registered with 2 Market value at end of period less current liabilities. the Securities and Exchange Commission. Data reflect newly formed 3 Cash and deposits, receivables, all U.S. Govt. securities, and other cos. after their intial offering of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 BUSINESS FINANCE 1453 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1963 1964 1965 Industry 1960 1961 1962 1963 1964 IV III IV Manufacturing Total (177 corps): Sales 123,911123,669136,545147,380 157,633 38,990 38,326 40,784 37.697 40,827 42,742 45,378 Profits before taxes 13,543 13,268 15,330 337 18,821 4,877 4,781 5,333 4,077 4,631 5,517 6,034 Profits after taxes 7,161 7,167 8,215 ,138 10,520 2,587 2,603 2,898 2,335 2,684 3,081 3,405 Dividends 4,485 4,730 5,048 ,444 5,930 1,770 1,285 1,448 1,324 1,873 1,411 1,628 Nondurable goods industries (78 corps.): i Sales 47,372 49,362 52,245 59,256 14,057 14,220 14,823 14,915 15,298 15,453 16,165 Profits before taxes 5,579 5,602 5,896 6,896 1,646 1,643 1,752 1,740 1,761 1,804 1,993 Profits after taxes 3,215 3,225 3,403 4,137 971 992 1,028 1,037 1,080 1,112 1,216 Dividends 1,948 2,031 2,150 2,404 649 561 569 584 690 606 607 Durable goods industries (99 corps.):2 Sales 76,540 74,307 84,300 98,377 24,933 24,106 25,961 22,782 25,528 27,289 29,213 Profits before taxes 7,964 7,666 9,434 11,925 3,230 3,138 3,581 2,336 2,870 3,713 4,042 Profits after taxes 3,946 3,942 4,812 6,383 1,615 1,611 1,871 1,299 1,603 1,970 2,189 Dividends 2,536 2,699 2,898 3,526 1,121 724 879 740 1,183 804 1,021 Selected industries: Foods and kindred products (25 corps.): Sales 12,202 12,951 13,457 14,301 15,209 3,632 3,598 3,721 3,863 4,027 3,868 4,082 Profits before taxes 1,342 1,440 1,460 1,546 1,589 407 345 401 420 424 388 434 Profits after taxes 639 682 698 747 807 199 173 202 214 219 201 225 Dividends 372 397 425 448 479 118 117 119 119 124 124 125 Chemical and allied products (20 corps): Sales ... 12,205 12,606 13,759 14,623 16,077 3,751 3,791 4,114 4,067 4,104 4,238 4,492 Profits before taxes 2,005 1,979 2,162 2,286 2,596 572 636 682 654 623 679 758 Profits after taxes 1,058 1,034 1,126 1,182 1,404 301 347 366 349 342 386 424 Dividends 786 833 868 904 924 299 207 209 212 296 214 213 Petroleum refining (16 corps): Sales 13,815 14,483 15,106 16,043 16,583 4,006 4,132 4,111 4,123 4,217 4,404 4,476 Profits before taxes 1,267 1,237 1,319 1,487 1,558 388 400 361 373 424 440 All Profits after taxes 1,026 1,025 1,099 1,204 1,309 321 336 298 318 358 363 386 Dividends 521 528 566 608 670 154 158 159 169 184 182 183 Primary metals and products (34 corps).: Sales 20,828 20,234 21,260 22,116 24,114 5,405 5,540 6,046 6,042 6,486 6,614 7,091 Profits before taxes 2,214 1,999 1,838 2,178 2,577 572 560 674 605 738 768 872 Profits after taxes 1,169 1,067 1,013 1,183 1,485 330 315 384 349 437 436 497 Dividends 838 843 820 734 763 191 186 187 187 204 195 200 Machinery (24 corps.): Sales 16,681 17,446 19,057 21,144 22,653 5,576 5,401 5,673 5,584 5,995 5,772 6,305 Profits before taxes 1,509 1,701 1,924 2,394 2,733 673 673 702 701 657 747 817 Profits after taxes 768 859 966 1,177 1,399 323 338 357 373 331 385 426 Dividends 494 508 531 577 673 154 157 170 171 175 192 187 Automobiles and equipment (14 corps.): Sales 26,275 23,314 29,156 32,927 35,323 9,736 9,275 10,028 7,137 8,883 10,898 11,450 Profits before taxes 3,197 2,786 4,337 5,004 4,997 1,591 1,573 1,775 589 1,060 1,828 1,883 Profits after taxes 1,534 1,404 2,143 2,387 2,625 752 782 900 338 604 942 1,004 Dividends 837 973 1,151 1,447 1,630 648 276 419 276 659 305 520 Public utility Railroad: Operating revenue 9,514 9,189 9,440 9,560 9,857 2,447 2,362 2,481 2,486 2,526 2,385 2,582 Profits before taxes 648 625 729 816 836 252 188 245 211 192 145 Profits after taxes 445 382 572 651 698 225 144 196 175 182 121 Dividends 385 359 367 356 451 125 110 101 109 132 198 Electric power: Operating revenue 11,906 12,478 13,489 14,294 14,968 3,567 3,961 3,572 3,6 3,749 4,227 3,797 Profits before taxes 3,163 3,349 3,583 3,735 3,947 862 1,106 893 998 949 1,154 949 Profits after taxes 1,793 1,883 2,062 2,187 2,385 531 660 542 583 600 712 597 Dividends 1,307 1,374 1,462 1,567 1,672 415 424 412 426 410 467 438 Telephone: Operating revenue 8,111 8,615 9,196 9,796 10,550 2,526 2,543 2.619 2,654 2,734 2,732 2,790 Profits before taxes 2,326 2,478 2,639 2,815 3,069 707 726 796 773 774 783 766 Profits after taxes 1,155 1,233 1,327 1,417 1.590 356 377 408 402 403 420 419 Dividends 806 867 935 988 i;065 256 261 262 268 274 279 284 1 Includes 17 corps, in groups not shown separately. Telephone: Data obtained from Federal Communications Commis- 2 Includes 27 corps, in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long NOTE.—Manufacturing corps: Data are obtained primarily from Lines snd General Depts. of American Telephone and Telegraph Co.) published co. reports. and for 2 affiliated telephone cos. Dividends are for the 20 operating Railroads: Interstate Commerce Commission data for Class I line- subsidiaries and the 2 affiliates. haul railroads. All series: Profits before taxes are income after all charges and before Electric power: Federal Power Commission data for Class A and B Federal income taxes and dividends. electric utilities, except that quarterly figures on operating revenue and Back data available from the Division of Research and Statistics. profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1454 BUSINESS FINANCE OCTOBER 1965 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e a ro f x o f e i r t s e s c ta o I x n m e - s e P t a a r f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s d - co c a n a t l s i l p o o u i w n t m a - l p- Quarter P b t e r a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i t e s s d - co c a n a t l i l s p o o u i w n t m a - l pances 1 ances J 1957 47.2 21.2 26.0 11.7 14.2 20.8 1963—IV... 60.8 27.0 33.8 16.1 17.7 32.8 1958 41.4 19.0 22.3 11.6 10.8 22.0 1959 52.1 23.7 28.5 12.6 15.9 23.5 1964—1 64.0 27.3 36.7 16.7 20.0 33.2 1960 49.7 23.0 26.7 13.4 13.2 24.9 II.... 64.5 27.5 37.0 17.1 19.9 33.6 III... 65.3 27.8 37.5 17.4 20.1 34.3 1961 50.3 23.1 27.2 13.8 13.5 26.2 IV... 65.9 28.1 37.8 17.7 20.0 34.8 1962 55.4 24.2 31.2 15.2 16.0 30.1 1963 58.6 26.0 32.6 15.8 16.8 32.0 1965—1 73.1 29.1 44.0 17.8 26.2 35.4 1964 64.8 27.6 37.2 17.2 19.9 34.0 II.... 73.7 29.4 44.3 18.2 26.1 35.8 1 Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates, Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash Govt. Inven- Other Total Federal Other securi- tories income ties U.S. Other U.S. Other taxes Govt.i Govt.i 1957 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 1.7 88.7 12.9 33.3 1959 124.2 277.3 36.3 22.8 2.9 117.7 88.4 9.1 153.1 1.7 99.3 15.0 37.0 I960 128.6 289.0 37.2 20 1 3.1 126.1 91.8 10.6 160.4 1.8 105.0 13.5 40.1 1961 135.6 306.8 41.1 20.0 3.4 135.8 95.2 11.4 171.2 1.8 112.8 14.1 42.5 1962 142.8 326.7 42.9 20.2 3.7 146.7 100.9 12.4 184.0 2.0 121.2 15.0 45.7 1963 151.2 349.9 44.5 20.6 3.6 159.7 107.3 14.3 198.8 2.5 131.8 16.3 48.2 1964—11 157.1 356.7 42.5 20.2 3.0 165.6 109.6 15.9 199.6 2.6 131.7 15.2 50.1 Ill 159.4 364.3 43.1 19.1 3.2 171.6 111.2 16.1 204.9 2.7 135.0 16.0 51.2 IV 161.1 371.0 45.0 19.1 3.4 173.8 114.3 15.5 209.9 2.7 140.0 17.0 50.2 1965—1 163.5 376.4 42.5 18.5 3.3 177.5 117.3 17.2 212.9 2.8 141.4 16.6 52.1 II 166.2 384.3 43.7 16.3 3.2 182.8 119.7 18.4 218.0 2.9 145.9 15.9 53.2 i Receivables from, and payables to, the U.S. Govt. exclude amounts NOTE.—Securities and Exchange Commission estimates; excludes offset against each other on corps.' books. banks, savings and loan assns., and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions ot dollars) Manufacturing Transportation Total Period Total Durable d N ur o a n b - le Mining Railroad Other u P ti u l b it l i i e c s n C i o ca m ti m on u s - Other i a ( r n S a n . t u e A ) al 1957 36.96 8.02 7.94 1.24 1.40 1.77 6.20 3.03 7 37 1958 30.53 5.47 5.96 .94 .75 1.50 6.09 2.62 7 20 1959 32.54 5.77 6.29 .99 .92 2.02 5.67 2.67 8.21 I960 35.68 7.18 7.30 .99 1.03 1.94 5.68 3.13 8.44 1961 34.37 6.27 7.40 .98 .67 1.85 5.52 3.22 8.46 1962 37.31 7.03 7.65 1.08 .85 2.07 5.48 3.63 9.52 1963 39.22 7.85 7.84 1.04 1.10 1.92 5.65 3.79 10.03 1964 44.90 9.43 9.16 1.19 1.41 2.38 6.22 4.30 10.83 19652 50.92 10.96 10.92 1.31 1.62 2.79 6.69 16.63 1963 IV 11.09 2.31 2.25 .28 .33 .54 1.61 1.06 2.72 41.20 1964 I 9.40 1.93 1.87 .26 .32 .51 1.18 .97 2.37 42 55 II 11.11 2.30 2.23 .29 .36 .63 L.58 1.10 2.61 43 50 ni 11.54 2.37 2.30 .30 .37 .59 1.71 1.06 2.84 45.65 IV 12.84 2.83 2.76 .33 .35 .64 L.76 1.17 3.01 47.75 1965 I 10.79 2.25 2.28 .29 .39 .58 1.32 1.08 2.59 49.00 II 12.81 2.76 2 70 .33 .44 .77 L .71 1.24 2 85 50 35 IH2 13.02 2.71 2.77 .33 .40 .70 L.82 4 30 51.15 IV2 14.30 3.24 3.17 .35 .39 .73 84 4 58 52.95 I * Includes trade, service, finance, and construction. NOTE.—Dept. of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corp. and noncorp. business, excluding agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 REAL ESTATE CREDIT 1455 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other Multifamily and Mortgage E pe n r d io o d f h A e o n l l d l - t F u in t i r n i i s o a a t n i n l - s - i a U c g i . e e h S n s o . - lde v r o I i s t a d n * h n u d e d a i r - l s s h A e o r l l d s l - t F u in i t c n i i s o a a t n i l n - s - 1 h O ol t d h e e r r s* h A e o r l l s l d- T 1 o - t a to l 4- t F f u i a n i t n m i s o a t i i n n l - y s . ho O h u e o t s r h l e d s e s - r c T o o m ta m l erc t F u i ia n i t n l i s o a t p i n n - r s . ope O h r e o t t r h i l e d s e s - r 4 w u F V n r H i d A t A t e e - r t - n y - pe t s C v io e o n n n a - - l 1941 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1957 156.5 119.7 7.4 29.3 10.4 4.0 6.4 146.1 107.6 89.9 17.7 38.5 25.8 12.7 51.6 94.5 1958 171.8 131.5 7.8 32.5 11.1 4.2 6.9 160.7 117.7 98.5 19.2 43.0 28.8 14.2 55.2 105.5 1959 190.8 145.5 10.0 35.4 12.1 4.5 7.6 178.7 130.9 109.2 21.6 47.9 31.8 16.1 59.2 119.4 1960 206.8 157.6 11.2 38.0 12.8 4.7 8.2 194.0 141.3 117.9 23.4 52.7 35.0 17.7 62.3 131.7 1961 226.3 172.6 11.8 41.9 13.9 5.0 8.9 212.4 153.1 128.2 24.9 59.3 39.4 19.9 65.5 146.9 1962 251.6 192.5 12.2 47.0 15.2 5.5 9.7 236.4 166.5 140.4 26.0 69.9 46.6 23.4 69.4 167.0 1963 280.8 217.1 11.2 52.5 16.8 6.2 10.6 264.0 182.2 156.3 25.9 81.8 54.6 27.1 73.4 190.6 1964* 311.4 241.0 11.4 59.1 18.9 7.0 11.9 292.5 197.7 170.5 27.2 94.9 63.5 31.4 77.2 215.4 1963—1.... 257.0 197.2 11.8 48.0 15.5 5.6 9.9 241.5 169.2 143.4 25.8 72.2 48.1 24.1 70.3 171.2 n... 265.0 204.1 11.2 49.8 16.1 5.9 10.2 248.9 173.7 148.1 25.6 75.2 50.2 25.0 71.2 177.7 m... 273.0 210.8 11.1 51.1 16.5 6.1 10.5 256.5 178.2 152.5 25.8 78.3 52.3 26.0 72.1 184.4 IV... 280.8 217.1 11.2 52.5 16.8 6.2 10.6 264.0 182.2 156.3 25.9 81.8 54.6 27.1 73.4 190.6 1964—I*... 286.8 221.9 11.2 53.7 17.3 6.4 10.9 269.5 185.2 159.2 26.0 84.3 56.4 28.0 74.2 195.3 II*.. 295.5 228.4 11.2 55.8 18.0 6.7 11.3 277.4 189.6 163.0 26.6 87.8 58.7 29.1 74.9 202.5 m».. 303.6 234.8 11.3 57.4 18.5 6.9 11.6 285.1 193.9 167.0 26.9 91.2 61.0 30.2 76.2 208.9 311.4 241.0 11.4 59.1 18.9 7.0 11.9 292.5 197.7 170.5 27.2 94.9 63.5 31.4 77.2 215.4 IV».. 1965—1*... 317.5 245.6 11.5 60.3 19.4 7.2 12.3 298.0 200.3 173.0 27.3 97.7 65.5 32.3 77.9 220.1 II", 325.1 1 Commercial banks (including nondeposit trust cos. but not trust savings and loan assns. depts.), mutual savings banks, life insurance cos., and savings and loan 5 Data by type of mortgage on nonfarm 1- to 4-family properties alon« assns. are shown on second page following. 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin., and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. NOTE.—Based on data from Federal Deposit Insurance Corp., Federal Other U.S. agencies (amounts small or current separate data not readily Home Loan Bank Board, Institute of Life Insurance, Depts. of Agriculavailable) included with "individuals and others." ture and Commerce, Federal National Mortage Assn., Federal Housing 3 Derived figures; includes debt held by Federal land banks and farm Admin., Public Housing Admin., Veterans Admin., and Comptroller debt held by Farmers Home Admin. of the Currency. 4 Derived figures; includes small amounts of farm loans held by Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1957 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,360 7,073 2,275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,276 8,589 7,622 2,451 55 I960 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,029 2,753 51 1962 34,476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3 454 52 1964 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1963—1 35,243 23,846 6,627 2,651 14,568 9,270 2,127 33,368 30,143 9,724 10,046 10,373 3,174 51 II 36,939 24,958 6,861 2,837 15,260 9,740 2,241 34,309 30,969 10,023 10,218 10,728 3,290 50 Ill 38,360 25,855 7,007 2,870 15,978 10,203 2,302 35,191 31,775 10,328 10,335 11,112 3,365 51 IV 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3^454 52 1964 I 40,200 26,894 7,110 2,824 16,960 10,894 2,412 37,155 33,506 11,004 10,639 11,863 3,597 52 II 41,648 27,750 7,158 2,793 17,799 11,340 2,558 38,199 34,407 11,376 10,826 12,205 3,739 53 HI 42,948 28,432 7,250 2,786 18,396 11,896 2,620 39,381 35,449 11,826 10,977 12,646 3,879 53 IV 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965 IP 44,627 41,513 1 Includes loans held by nondeposit trust cos., but not bank trust depts. and possessions. First and third quarters, estimates based on FDIC data 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. for insured banks for 1962 and part of 1963 and on special F.R. interpolations thereafter. For earlier years, the basis for first and third quarter NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp. estimates included F.R. commercial bank call data and data from the series for all commercial and mutual savings banks in the United States National Assn. of Mutual Savings Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1456 REAL ESTATE CREDIT OCTOBER 1965 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total FHA- g V u A ar - - Other 1 Farm i Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1945 976 6,637 5 860 1,394 4 466 776 1958 5,277 4,839 1.301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959 5,970 5,472 1,549 201 3,722 498 39,197 36,370 8,273 7,086 21,011 2,827 I960 6,086 5,622 1,401 291 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 1961 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962 7,478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 1963 9,172 8,306 ,598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 3,792 1964 10,432 9,385 1.811 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 4,304 1964— Aug 821 755 157 56 542 66 53,177 49,015 11,222 6,408 31,385 4,162 SeDt 891 826 165 57 604 65 53,571 49,374 11,291 6,402 31,681 4,197 Oct 921 853 168 60 625 68 54,001 49,768 11,371 6,403 31,994 4,233 Nov 890 825 165 64 596 65 54,422 50,164 11,446 6,410 32,308 4,258 Dec 1,340 1,228 162 52 1,014 112 55,197 50,893 11,512 6,413 32,968 4,304 1965—Jan 915 808 175 67 566 107 55,626 51,307 11,625 6,433 33,249 4,319 Feb 748 655 123 50 482 93 55,941 51,593 11,676 6,439 33,478 4,348 Mar 939 786 154 51 581 153 56,343 51,923 11,742 6,432 33,749 4,420 Apr 880 772 134 40 598 108 56,687 52,213 11,786 6,419 34,008 4,474 May 749 662 117 37 508 87 56,997 52,482 11,821 6,404 34,257 4,515 June 939 840 142 41 657 99 57,384 52,806 11,860 6,384 34,562 4,578 July 834 759 121 40 598 75 57,663 53,041 11,866 6,361 34,814 4,622 Aug 867 798 144 41 613 69 58,017 53,359 11,914 6,340 35,105 4,658 * Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because (1) 1959 and with "other" nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and (2) data for year-end adjustments are more complete. NOTE.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) By type of lender (N.S.A.) Period New Home FHA- VA- Con- Total 1 Total i s c t t i r o o u n n c - - c p h u a r s - e Total 2 su in re - d a g n u te a e r- d ti v o e n n a - l Period N.S.A. in l S o g a a s v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - M s i u n a t g v u s - al assns. panies banks banks 1945 1,913 181 1,358 5,376 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1945 5,650 2,017 250 1,097 217 1959 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1960 14,304 4,678 6,132 60,070 3,524 7,222 49,324 1958 27,388 10,516 1.460 5,204 1,640 1959 32,235 13,094 1,523 5,832 1,780 1961 17,364 5,081 7,207 68,834 4,167 7,152 57,515 I960 29,341 12,158 1,318 4,520 1,557 1962 20,754 5,979 8,524 78,770 4,476 7,010 67,284 1963 24,735 7,039 9,920 90,944 4,696 6,960 79,288 1961 31,157 13,662 1,160 4,997 1,741 1964 24,505 6,515 10,397 101,314 4,896 6,686 89,732 1962 34,187 15,144 1,212 5,851 1,957 1963 36,925 16,716 339 6 354 2 061 1964 1964 36,921 15-759 .408 6,656 2,182 Aug 2,164 537 1,025 98,159 4,769 6,750 86,640 1964 Sept 2,048 498 970 98,995 4,793 6,729 87,473 Oct 2,051 531 893 99,832 4,811 6,706 88,315 Jan 2,758 1,170 103 483 145 Nov 1,791 462 770 100,519 4,830 6,690 88,999 Feb 2,575 1,128 90 465 129 Dec 1,969 522 784 101,314 4,896 6,686 89,732 Mar 2,935 1,290 102 540 140 Apr 3,089 1,350 109 567 154 1965 May 3,090 1,349 116 560 176 June 3,388 1,485 126 607 197 Jan 1,527 370 638 101,844 4,906 6,683 90,255 July 3,519 1,508 137 618 233 Feb 1,541 379 638 102,351 4,921 6,654 90,776 3,277 1,398 130 581 213 Mar 2,056 544 824 103,151 4,939 6,629 91,583 Sept 3,281 1,386 131 597 215 Apr 2,068 558 850 103,975 4,952 6,590 92,433 Oct.. 3,225 1,332 129 590 201 May 2,022 526 861 104,816 4,975 6,568 93,273 Nov 2,847 .174 114 514 192 June 2,399 614 1,099 105,827 5,001 6,560 94,266 Dec 2,936 1.198 120 533 185 July 2,186 520 1,063 106,647 5,022 6,547 95,078 Aug.*7 2,194 512 1,100 107,483 5,060 6,503 95,920 1965 Jan 2,422 975 88 453 136 1 Includes loans for repairs, additions and alterations, refinancing, etc., not shown separately. 2 Beginning with 1958 includes shares pledged against mortgage loans. i Includes amounts for other lenders, not shown separately. NOTE.—Federal Home Loan Bank Board data. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 REAL ESTATE CREDIT 1457 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Mortgages Prop- Mortgages E p n er d i o o d f Total C ve o n n - - Total h N om ew es h is o E t m i x n - e g s e P c r t o s j - 1 m pr i e o m n v t - e s - l Total 3 h N om ew es h is o E t m i x n - e g s Total s F u i H n re - A d - a g n V u te A a e r - d - 1 tional 1945 18.6 4.3 4.1 .2 14.3 1945 665 257 217 20 171 192 1957 107.6 47.2 16.5 30.7 60.4 1957 3,715 880 1,371 595 869 3,761 2 890 863 1958 . 117.7 50.1 19.7 30.4 67.6 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1959 130.9 53.8 23.8 30.0 77.0 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 I960 6,293 2,197 2,403 711 982 1,985 1,554 428 I960 141.3 56.4 26.7 29.7 84.8 1961 153,1 59.1 29.5 29.6 93.9 1961 6,546 1,783 2,982 926 855 1 829 1 170 656 1962 . 166.5 62.2 32.3 29.9 104.3 1962 7,184 1,849 3,421 1,079 834 2,652 1,357 1,292 1963 182.2 65.9 35.0 30.9 116.3 1963 7,216 1,664 3,905 843 804 3,045 1,272 1,770 1964* 197.7 69.2 38.3 30.9 128.4 1964 8,130 1,608 4,965 895 663 2,846 1,023 1 821 1963—1 169.2 63.0 33.0 30.0 106.2 1964—Aug 740 137 468 68 67 246 78 167 II 173.7 63.8 33.5 30.3 109.9 Sept 720 138 467 66 49 270 85 185 Ill 178.2 64.6 34.3 30.4 113.6 Oct 790 159 491 81 58 271 93 178 IV 182.2 65.9 35.0 30.9 116.3 Nov 688 135 422 81 50 258 91 167 Dec 683 135 428 67 54 242 88 153 185.2 66.6 35.7 31.0 118.5 189.6 67.3 36.3 30.9 122.3 1965 Jan 630 138 405 34 54 225 84 141 1964—I*5 193.9 68.4 37.4 31.1 125.4 Feb 517 115 328 40 34 200 72 128 197.7 69.2 38.3 30.9 128.4 Mar 640 137 396 62 45 216 77 139 Apr 634 128 413 51 42 179 64 115 200.3 70.1 39.0 31.0 130.2 May 625 116 399 57 53 182 57 125 June 716 127 484 40 66 217 65 152 1965—iv July 776 140 506 71 58 217 65 152 l Includes outstanding amount of VA vendee Aug 875 163 594 51 67 245 78 167 accounts held by private investors under repurchase agreement. 1 Monthly figures do not reflect mortgage amendments included in annual totals. NOTE.—For total debt outstanding, figures are 2 Not ordinarly secured by mortgages. FHLBB and F.R. estimates. For conventional, 3 Includes a small amount of alteration and repair loans, not shown separately; only such figures are derived. loans in amounts of more than $1,000 need be secured. Based on data from Federal Home Loan Bank Board, Federal Housing Admin., and Veterans Admin. NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) (during mit- Period Ad- Repay- Members End of period) ments vances ments deposits period FHA- VA- un- Long- Total in- guar- dis- term 1 term 2 sured anteed Pur- Sales bursed chases 1945 278 213 195 176 19 46 1956 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 683 1957 3,974 1,237 2,737 1,096 3 764 1957 1,116 1,079 1,265 731 534 653 1958 .... 3,901 1,483 2,418 623 482 1,541 1958 1,364 1,331 1,298 685 613 819 1959 5,531 2,546 2,985 1,907 5 568 1959 2,067 1,231 2,134 1,192 942 589 I960 6,159 3,356 2,803 1,248 357 576 1960 1,943 2,097 1,981 1,089 892 938 1961 6,093 3,490 2,603 815 541 631 1961 2,882 2,220 2,662 1,447 1,216 1,180 1962 5,923 3,571 2,353 740 498 355 1962 4,111 3,294 3,479 2,005 1,474 1,213 1963 4,650 3,017 1,634 290 1,114 191 1963 5,601 4,296 4,784 2,863 1,921 1,151 1964 4,412 2,996 1,416 424 251 313 1964 :5,565 c5,025 5,325 2,846 2,479 1,199 1964 Aug 4,477 3,008 1,469 44 43 230 1964—Aug. 369 351 4,781 2,662 2,119 926 Sept 4,453 2,998 1,455 34 24 245 Sept. 382 327 4,837 2,635 2,202 989 Oct 4,440 2,997 1,443 36 14 260 Oct.. 401 441 4,797 2,605 2,192 978 Nov 4,439 3,011 1,428 40 11 292 Nov. 379 392 4,784 2,572 2,212 989 Dec 4,412 2,996 1,416 40 31 313 Dec. 791 250 5,325 2,846 2,479 1,199 1965 Jan 4,417 3,009 1,408 40 4 316 1965—Jan.. 412 793 4,944 2,590 2,354 1,013 Feb 4,394 3,005 1,388 48 41 316 Feb. 309 402 4,851 2,420 2,431 1,013 Mar 4,364 2,986 1,378 45 43 320 Mar. 348 452 4,747 2,277 2,470 1,048 Apr 4,341 2,989 1,352 51 43 321 Apr. 735 264 5,219 2,565 2,653 1,026 May 4,326 2,997 1,329 47 32 327 May 350 342 5,227 2,480 2,748 1,017 June 4,303 2,992 1,311 44 27 360 June 602 243 5,586 2,867 2,719 1,172 July 4,309 3,012 1,297 49 9 376 July. 613 406 5,793 3,176 2,617 912 Aug 4,332 3,039 1,293 54 418 Aug. 355 378 5,770 2,951 2,819 902 NOTE.—Federal National Mortgage Assn. data including mortgages 1 Secured or unsecured loans maturing in 1 year or less. subject to participation pool of Government Mortgage Liquidation 2 Secured loans, amortized quarterly, having maturities of more than Trust, but excluding conventional mortage loans acquired by FNMA year but not more than 10 years. from the RFC Mortgage Co., the Defense Homes Corp., the Public Housing Admin., and Community Facilities Admin. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1458 CONSUMER CREDIT OCTOBER 1965 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e i o l r - e co g O p n o a s t o u p h d m e e r r s er e a r n l R n o d i e a z p m n a a t s o i i 1 r o d n - Pe lo rs a o n n s al Total p S a l i o y n a m g n l e e s n - t a C cc h o a u r n ge ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1957 44,970 33,867 15,340 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958 45,129 33,642 14,15^ 9,028 2,346 8,116 11,487 3,627 5,060 2,800 1959 51,542 39,245 16,430 10,630 2,809 9,386 12,297 4,129 5,104 3,064 I960 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961 57,678 43,527 17,223 11,857 3,191 11,256 14,151 5,136 5,324 3,691 1962 63,164 48,034 19,540 12,605 3,246 12,643 15,130 5,456 5,684 3,990 1963 69,890 53,745 22,199 13,766 3,389 14,391 16,145 5,959 5,871 4,315 1964 76,810 59,397 24,521 15,303 3,502 16,071 17,413 6,473 6,300 4,640 1964 Aug 73,069 57,055 24,251 13,923 3,466 15,415 16,014 6,299 5,231 4 484 Sept 73,495 57,446 24,295 14,046 3,493 15,612 16,049 6,354 5,223 4,472 Oct 73,928 57,826 24,423 14,222 3,509 15,672 16,102 6,333 5,352 4,417 Nov 74,371 58,085 24,367 14,431 3,516 15,771 16,286 6,412 5,394 4,480 Dec 76,810 59,397 24,521 15,303 3,502 16,071 17,413 6,473 6,300 4,640 1965—Jan 76,145 59,342 24,574 15,204 3,473 16,091 16,803 6,412 5,724 4,667 Feb 75,741 59,363 24,743 14,984 3,446 16,190 16,378 6,442 5,154 4,782 Mar 76,085 59,788 25,063 14,944 3,440 16,341 16,297 6,518 4,977 4,802 Apr 77,483 60,803 25,615 15,056 3,439 16,693 16,680 6,606 5,210 4,864 May 78,687 61,739 26,109 15,229 3,484 16,917 16,948 6,686 5,453 4,809 79,887 62,790 26,685 15,422 3,524 17,159 17,097 6,776 5,528 4,793 July 80,686 63,609 27,171 15,573 3,553 17,312 17,077 6,781 5,534 4,762 Aug 81,454 64,393 27,493 15,738 3,597 17,565 17,061 6,825 5,498 4,738 i Holdings of financial institutions; holdings of retail outlets are in- loans. The estimates include data for Alaska beginning with Jan. 1959 cluded in "other consumer goods paper." (except for instalment credit held by sales finance cos.) and for Hawaii beginning with Aug. 1959. For back figures and description of the NOTE.—Consumer credit estimates coyer loans to individuals for house- data, see "Consumer Credit," Section 16 (New) of Supplement to hold, family, and other personal expenditures, except real estate mortgage Banking and Monetary Statistics, 1965. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m b C e a o r n m c k ia - s l fi S c n a o a l s e n . s ce u C n r i e o d n i s t fin s C u a m o n n c e e - r * Other i Total D st m e o p r e a e n r s t t 2 - F st t u u o r r r n e e i s - A s a t p o n p r c e l e i s - d m A ea o u l b e to i r l - s e 3 Other 1939 4,503 3 065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1957 33,867 29,200 12,843 9,609 2,429 3,124 1,195 4,668 1,393 1.210 361 478 1.116 1958 33,642 28,659 12,780 8,844 2,668 3,085 1,282 4,983 1,882 ,128 292 506 ,175 1959 39,245 33,570 15,227 10,319 3,280 3,337 1,407 5,676 2,292 ,225 310 481 ,368 I960 42,832 37,218 16,672 11,472 3,923 3,670 1.481 5,615 2,414 ,107 333 359 ,402 1961 43,527 37,935 17,008 11,273 4,330 3,799 ,525 5,595 2,421 ,058 293 342 ,481 1962 48,034 41,782 19,005 12,194 4,902 4,131 ,550 6,252 3,013 ,073 294 345 ,527 1963 53,745 46,992 21,610 13,523 5,622 4,590 1,647 6,753 3,427 ,086 287 328 ,625 1964 59,397 51,990 23,943 14,762 6,458 5,078 1,749 7,407 3,922 ,152 286 370 ,677 1964 Aug 57,055 50,583 23,389 14,475 6,204 4,797 1,718 6,472 3,332 ,044 273 363 ,460 Sept 57,446 50,937 23,527 14,553 6,283 4,845 1,729 6,509 3,371 ,048 275 365 1,450 Oct 57,826 51,220 23,663 14,625 6,334 4,870 11,728 6,606 3,444 ,062 276 367 1,457 Nov 58,085 51,341 23,680 14,622 6,378 4,919 1,742 6,744 3,541 ,088 279 367 1,469 Dec 59,397 51,990 23,943 14,762 6,458 5,078 1,749 7,407 3,922 ,152 286 370 1,677 1965—Jan 59,342 52,159 24,091 14,797 6,429 5,078 1,764 7,183 3,791 ,128 285 373 1,606 Feb 59,363 52,352 24,246 14,782 6,465 5,101 1,758 7,011 3,713 ,101 282 377 11,538 Mar. 59,788 52,837 24,537 14,831 6,569 5,132 1,768 6,951 3,673 1,085 277 384 1,532 Apr 60,803 53,828 25,117 14,991 6,739 5,202 1,779 6,975 3,701 1,077 275 395 1,527 May 61,739 54,694 25,602 15,158 6,871 5,243 1,820 7,045 3,745 1,076 277 405 1,542 62,790 55,666 26,154 15,372 7,032 5,287 1,821 7,124 3,785 1,084 281 417 1,557 July 63,609 56,442 26,610 15,565 7,124 5,334 1,809 7,167 3,811 ,090 284 425 1,557 Aug 64,393 57,181 26,992 15,721 7,235 5,387 1 846 7,212 3,847 103 287 431 [ 544 1 Consumer finance cos. included with "other" financial institutions 3 Automobile paper only; other instalment credit held by automobile until 1950. dealers is included with "other" retail outlets. 2 Includes mail-order houses. See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 CONSUMER CREDIT 1459 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile Other Repair Other Repair paper com- and Auto- con- and Per- End of period Total s g u o m od e s r e m rn o iz d a - - s P o e n r a - l End of period Total m pa o p b e il r e s g u o m od e s r m iz o a d ti e o r n n- s lo o a n n a s l Pur- Direct paper tion loans paper loans chased loans 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1957 9,609 7,393 1,509 31 676 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,844 6,310 1,717 36 781 1958 12,780 4,014 2,170 2,269 1,715 2,612 1959 10,319 7,187 2,114 72 946 1959 15,227 4,827 2,525 2,640 2,039 3,196 1960 11,472 7,528 2,739 139 ,066 I960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,273 6,811 3,100 161 ,201 1961 17,008 5,391 2 860 2,761 2 198 3,798 1962 12,194 7,449 3,123 170 ,452 1962 19,005 6,184 3,451 2,824 2,261 4,285 1963 13,523 8,228 3,383 158 ,754 1963 21 610 7 246 4 003 3,123 2 361 4 877 1964 14,762 8,701 3,889 142 ,030 1964 23,943 8 300 4 451 3,380 2 427 5,385 1964—Aug. 14,475 8,799 3,643 149 ,884 1964 Aug 23,389 8,090 4,389 3,244 2,405 5,261 Sept. 14,553 8,764 3,706 148 ,935 Sept 23,527 8,143 4,390 3,255 2,422 5,317 Oct.. 14,625 8,773 3,754 146 ,952 Oct 23,663 8,233 4,396 3,273 2,437 5,324 Nov. 14,622 8,698 3,804 144 ,976 Nov 23,680 8,242 4,393 3,281 2,438 5,326 Dec. 14,762 8,701 3,889 142 2,030 Dec 23,943 8,300 4,451 3,380 2,427 5,385 1965—Jan.. 14,797 8,684 3,943 140 2,030 1965 Jan 24,091 8,325 4,503 3,455 2,400 5,408 Feb. 14,782 8,693 3,887 139 2,063 Feb 24,246 8,405 4,568 3,457 2,378 5,438 Mar. 14,831 8,723 3,897 137 2,074 Mar 24,537 8,539 4,673 3,461 2,368 5,496 Apr. 14,991 8,824 3,978 136 2,103 25,117 8,769 4,814 3,506 2,364 5,664 May 15,158 8,919 3,977 134 2,128 May 25,602 8,982 4,935 3,554 2,391 5,740 June 15,372 9,055 4,023 133 2,161 June 26,154 9,201 5,078 3,616 2,420 5,839 July. 15,565 9,174 4,067 133 2,191 July 26,610 9,421 5,181 3,672 2,446 5,890 Aug. 15,721 9,235 4,125 131 2,230 Aug 26,992 9,564 5,248 3,726 2,473 5,981 See NOTE to first table on previous page. See NOTE to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Singlepayment Charge accounts Other Repair loans Auto- con- and Per- End of period Total m pa o p b e il r e s g p u o a m o p d e e r s r m iz l o o a d a ti n e o s r n n- l s o o a n n a s l End of period Total b C m c a o i n e a m r k l - - s t f O u i i n c n t t i i s h a o a t n e l i n - r - s s m p t D o a e r e r n e - t- t s1 o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t S c e r r e v d i i c t e 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1941 3,087 693 152 275 1,370 597 1957 6,748 1,114 588 490 4,555 1945 3,203 674 72 290 1,322 845 1958 7,035 1,152 565 595 4,723 1959 8,024 1,400 681 698 5 244 1957 11,103 2,937 427 876 3,953 317 2 593 1958 11,487 3,156 471 907 3,808 345 2,800 I960 9,074 1,665 771 800 5,837 1959 12,297 3,582 547 958 3,753 393 3,064 1961 9,654 1,819 743 832 6,257 1962 10,583 2,111 751 815 6,906 I960 13,196 3,884 623 941 3,952 436 3 360 1963 11,859 2,394 835 870 7,760 1961 14,151 4,413 723 948 3 907 469 3 691 1964 13,285 2,699 997 933 8,656 1962 15,130 4,690 766 927 4,252 505 3^990 1963 16,145 5,047 912 895 4,456 520 4,315 1964 Aug 12,719 2,610 927 912 8,270 1964 17,413 5,469 1,004 909 4,756 635 4 640 12,857 2,633 941 923 8,360 Oct 12,932 2,654 956 926 8,396 1964—Aug... 16,014 5,335 964 588 3,960 683 4,484 Nov 13,039 2,667 969 934 8,469 Sept. 16,049 5,361 993 624 3,928 671 4,472 Dec 13,285 2,699 997 933 8,656 Oct.. 16,102 5,361 972 660 4,055 637 4,417 Nov. 16,286 5,377 L,O35 703 4,065 626 4,480 1965 Jan 13,271 2,689 996 933 8,653 Dec. 17,413 5,469 1,004 909 4,756 635 4,640 Feb 13,324 2,700 1,006 929 8,689 Mar 13,469 2,744 1,019 935 8,771 1965—Jan.. 16,803 5,409 1,003 793 4,280 651 4,667 Apr 13,720 2,813 1,042 939 8,926 Feb. 16,378 5,436 1,006 660 3,857 637 4,782 May 13,934 2,868 1,058 959 9,049 Mar. 16,297 5,495 1,023 601 3,743 633 4,802 14,140 2,934 1,076 971 9,159 Apr. 16,680 5,572 1,034 626 3,942 642 4,864 July 14,267 2,970 1,092 974 9,231 May 16,948 5,628 1,058 647 4,142 664 4,809 Aug 14,468 3,015 1,106 993 9,354 June 17,097 5,707 1,069 627 4,218 683 4,793 July. 17,077 5,718 1,063 591 4,217 726 4,762 Aug... 17,061 5,747 1,078 595 4,149 754 4,738 NOTE.—Institutions represented are consumer finance cos., credit unions, industrial loan cos., mutual savings banks, savings and loan assns., and other lending institutions holding consumer instalment loans. 1 Includes mail-order houses. 2 Service station and misc. credit-card accounts and home-heating See also NOTE to first table on previous page. oil accounts. See also NOTE to first table on previous page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1460 CONSUMER CREDIT OCTOBER 1965 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir ti o a n n d loans Personal loans Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1957 42,016 16,465 11,807 1,674 12,069 1958 40,119 14,226 11,747 1,871 12,275 1959 48,052 17,779 13,982 2,222 14,070 1960 49,560 17,654 14,470 2,213 15,223 1961 48,396 16,007 14,578 2,068 15,744 1962 55,126 19,796 15,685 2,051 17,594 1963 60,822 22,013 17,007 2,178 19,624 1964 66,070 23,565 19,162 2,182 21,161 1964—Aug 5,529 5,519 2,017 1.984 1.570 1,540 186 210 1.756 1.785 Scot 5,617 5,393 2,024 1,830 1,588 1,592 186 200 1,819 1,771 Oct 5,507 5,552 1,924 1,999 1,582 1,657 180 191 1,821 1,705 Nov 5 456 5 323 1,858 1,727 I 631 1,672 175 175 1,792 1,749 Dec 5,816 6,767 2,043 1,992 1,719 2,404 180 161 1,874 2,210 1965—Jan 5,883 5 023 2,120 ,836 1,729 1,440 181 134 1,853 1,613 Feb 6,022 5,007 2,228 .915 1,760 1,338 175 132 1,859 1,622 Mar 6 030 6 173 2 229 2', 382 1,698 1,619 186 176 1,917 1.996 Apr 6,189 6 480 2,272 2,496 [,645 1,614 189 190 2,083 2!l80 May 6,105 6,189 2,215 2,384 1,728 1,682 190 214 1,972 1,909 June .......... 6,139 6,780 2,250 2,608 1,717 1,804 199 225 1.971 2,143 July 6,278 6,429 2,301 2,465 ,792 1,755 179 200 2,006 2,009 Aug 6,288 6,394 2,313 2,343 .794 1,769 194 224 1,987 2,058 Repayments 1957 39,868 15,545 11,569 1,477 11,276 1958 40,344 15,415 11,563 1,626 11,741 1959 42,603 •••• 15,579 12,402 1,765 12,857 1960 45,972 16,384 13,574 1,883 14,130 1961 47,700 16,472 14,246 2,015 14,967 1962 50,620 17,478 14,939 1,996 16,206 1963 55,111 19,354 15,846 2,035 17,876 1964 60,418 21,243 17,625 2,069 19,481 1964 Aug 5,094 4,960 1.789 1,757 1.496 1,430 172 170 1.637 1.603 Sept 5,104 5,002 1,802 1,786 ,491 1,469 172 173 ,639 1,574 Oct 5,097 5,172 1,788 1,871 ,456 1,481 167 175 ,686 [,645 Nov 5,155 5,064 1,818 1,783 ,509 1,463 174 168 ,654 1,650 Dec 5,256 5,455 1,864 1,838 ,505 1,532 177 175 ,710 1,910 1965 Jan 5,213 5,078 1,830 1,783 ,526 1,539 171 163 ,686 1,593 Feb 5,381 4,986 1,897 1,746 ,632 1,558 172 159 ,680 1,523 Mar 5,393 5,748 1,924 2,062 ,567 1,659 171 182 ,731 1,845 Apr 5,445 5,465 1,936 1,944 ,487 1,502 190 191 ,832 1,828 May 5,435 5,253 1,940 1,890 ,564 1,509 172 169 ,759 ,685 5,537 5,729 1,960 2,032 ,587 1,611 179 185 .811 ,901 July . . . . 5,612 5 610 <m 1 979 612 1 ,604 169 171 1,859 ,856 5,679 5,610 2,030 2,021 .658 1.604 180 180 1,811 .805 Net change in credit outstanding 2 1957 2,148 920 238 197 793 1958 . -225 — 1,189 184 245 534 1959 5,601 2,268 1,602 463 1,269 I960 . . 3,588 1,270 896 330 1,093 1961 696 -465 332 53 111 1962 . . 4,506 2,318 746 55 1,388 1963 . 5,711 2,659 1,161 143 1,748 1964 5,652 2,322 1,537 113 1,680 1964—Aug 435 559 228 227 74 110 14 40 119 182 Sept 513 391 222 44 97 123 14 27 180 197 Oct 410 380 136 128 126 176 13 16 135 60 Nov 301 259 40 -56 122 209 1 7 138 99 Dec 560 1,312 179 154 214 872 3 -14 164 300 1965 Jan 670 -55 290 53 203 -99 10 -29 167 20 Feb 641 21 331 169 128 -220 3 -27 179 99 Mar 637 425 305 320 131 -40 15 -6 186 151 Apr 744 1,015 336 552 158 112 -1 -1 251 352 May 670 936 275 494 164 173 18 45 213 224 June 602 1,051 290 576 130 193 20 40 162 242 July 666 819 329 486 180 151 10 29 147 153 Aug 609 784 283 322 136 165 14 44 176 253 1 Includes adjustments for differences in trading days. financing charges. Renewals and refinancing of loans, purchases and 2 Net changes in credit outstanding equal extensions less repayments sales of instalment paper, and certain other transactions may increase except in 1959, when the differences do not reflect the introduction of the amount of extensions and repayments without affecting the amount outstanding balances for Alaska and Hawaii. outstanding. For back figures and description of the data, see "Consumer Credit," NOTE.—Estimates are based on accounting records and often include Section 16 (New) of Supplement to Banking and Monetary Statistics^ 1965. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 CONSUMER CREDIT 1461 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p fi a n n a i n es ce Ot i h n e st r i t f u in ti a o n n c s ial Retail outlets Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1957 42,016 15,355 10,250 9,915 6,495 1958 40,119 14,860 9,043 9,654 6,563 1959 48,052 17,976 11,196 10,940 7,940 1960 49,560 18,269 11,456 12,073 7,762 1961 48,396 17,711 10,667 12,282 7,736 1962 55,126 20,474 11,999 ::: 13,525 9,128 1963 60,822 22,871 12,664 14,894 10,393 1964 66,070 24,515 14,020 16,251 11,284 1964—Aug , 5,529 5,519 2,084 2,063 1.157 J.172 1,355 J *R2 933 902 Sept... 5,617 5,393 2,104 1,989 1.191 11,142 1,405 1,348 917 914 Oct 5,507 5,552 2,030 2,044 I 156 ,192 1,402 1,319 919 997 Nov 5,456 5,323 2,036 1.873 1,114 1,070 1,370 1,365 936 1,015 Dec 5,816 6,767 2,186 2,176 1,191 1,317 1,443 11,704 996 1,570 1965—Jan 5,883 5,023 2,224 2,020 1,175 1,027 1,459 1,219 1,025 757 Feb 6 022 5 007 2,262 1,974 1,281 1,060 I 427 I 217 1 052 756 Mar 6,030 6,173 2,286 2,414 1,276 ,292 [,487 1,551 981 916 Apr 6,189 6,480 2,362 2,591 1,243 .284 1,607 1,653 977 952 May 6,105 6,189 2,343 2,459 1,242 f,239 1,494 1,487 1,026 1,004 June 6,139 6,780 2,370 2,687 1,237 1,393 1,504 1,654 1,028 1,046 July 6,278 6,429 2,411 2,540 1,253 1,318 1,538 ,557 1,076 1,014 Aug 6,288 6,394 2,478 2,509 ,256 1,293 1,514 1.576 1,040 1,016 Repayments 1957 39,868 14,360 9,759 ... 9,250 6,499 1958 40,344 14,647 9,842 9,365 6,490 1959 42,603 15,560 9,742 10,020 7,281 1960 45,972 16,832 10,442 11,022 7,676 1961 47,700 18,294 10,943 11,715 6,749 1962 50,620 18,468 11,434 12,593 8,125 1963 55,111 20,266 12,211 13,618 9,016 1964 60,418 22,268 13,161 14,825 10,164 1964—Aug 5,094 4,960 1,889 1,850 1.087 1.056 1,237 1,210 881 844 Sept 5,104 5,002 1,860 1,851 1,118 1,097 1,266 1,210 860 844 Oct 5,097 5,172 1,868 1,908 1,071 1,120 1,284 1,244 874 900 Nov , 5,155 5,064 1,916 1,856 1,103 1,073 1,255 1,258 881 877 Dec 5,256 5,455 1,944 1,913 1,129 1,177 1,303 1,458 880 907 1965—Jan , 5,213 5,078 1,921 1,872 1,059 992 1,299 1,233 934 981 Feb 5,381 4,986 1,956 1,819 1,157 1,075 1,286 1,164 982 928 Mar 5,393 5,748 1,972 2,123 1,136 1,243 1,328 1,406 957 976 Apr 5,445 5,465 2,002 2,011 1,108 1,124 1,396 1,402 939 928 May 5,435 5,253 2,020 1,974 1,113 1,072 1,329 1,273 973 934 June 5,537 5,729 2,048 2,135 1,137 1,179 1,377 1,448 975 967 July 5,612 5.610 2,070 2,084 1,152 1,125 1,421 1,430 969 971 Aug 5,679 5,610 2,137 2,127 1,160 1,137 1,384 1,375 998 971 Net change in credit outstanding i 1957 , 2,148 1,066 491 665 -75 1958 225 -63 —765 289 315 1959 5,601 2,447 1,475 986 693 I960 3 588 1,446 1,152 1,051 —61 1961 696 335 — 199 578 —20 1962 4,506 1,997 921 932 656 1963 5,711 2,605 1,329 1,276 501 1964.. 5 652 2,333 1,239 1,426 654 1964—Aug 435 559 195 213 70 116 118 172 52 58 Sept 513 391 244 138 106 78 139 138 24 37 Oct 410 380 162 136 85 72 118 75 45 97 Nov 301 259 120 17 11 -3 115 107 55 138 Dec 560 1,312 242 263 62 140 140 246 116 663 1965—Jan 670 -55 303 148 116 35 160 -14 91 -224 Feb 641 21 306 155 124 -15 141 53 70 -172 Mar 637 425 314 291 140 49 159 145 24 -60 Apr 744 1,015 360 580 135 160 211 251 38 24 May 670 936 323 485 129 167 165 214 53 70 602 1,051 322 552 100 214 127 206 53 79 Julv 666 819 341 456 101 193 117 127 107 43 Aug 609 784 341 382 96 156 130 201 42 45 1 Includes adjustment for differences in trading days. months the differences between extensions and repayments for some 2 Net changes in credit outstanding are equal to extensions less repay- particular holders do not equal the changes in their outstanding credit. ments except: (1) in 1959, when the differences do not reflect the intro- Such transfers do not affect total instalment credit extended, repaid, or duction of outstanding balances for Alaska and Hawaii, and (2) in certain outstanding. months when data for extensions and repayments have been adjusted to See also NOTE to previous table. eliminate duplication resulting from large transfers of paper. In those Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1462 INDUSTRIAL PRODUCTION: S.A. OCTOBER 1965 MARKET GROUPING (1957-59= 100) 1957-59 1964 1964 1965 Grouping p p r o o r - - avertion Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Juner Julyr I Aug. Total index 100.0C 132.3 134.0 134.0 131.6 135. 138.1 138.6 139.2 140.7 140.9 141.6 142.7 144.: 144.3 Final products, total 47.35 131. 133.1 132.8 130.5 135.2 138.1 138.4 138.5 140. 139.4 140. 140.1 141. 142.3 Consumer goods 32.3 131. 133.1 132.5 129.5 134.5 138.0 138.4 138.0 140.0 138.5 138.6 138.7 139.2 139.6 Equipment, including defense... 15.0- 132.0 133.2 133.5 132.5 136.7 138. 138." 139.4 140.4 141. 143.7 144.9 147.0 148.1 Materials , 52.6: 132.8 135.3 135.6 132.6 135.9 138.0 138.8 139.7 141.7 142.6 142.6 144.5 146.5 145.9 Consumer goods Automotive products 3.21 145.1 155.8 144.7 105.9 143.0 166.2 165. 163.8 173.1 166.9 168.1 168.1 167.8 168.4 Autos 1.82 150.6 165.0 146.0 83.0 145.1 183.0 182.8 178.9 194. 183.5 184.9 187.1 184.6 184.3 Auto parts and allied products 1.39 138.0 143.8 143.0 136.1 140. 144.0 143. 143.9 145.2 145.1 146.0 143.0 145.8 147.5 Home goods and apparel 10.0C 131.9 132.6 132.6 134.8 137.0 139.1 140.8 141.4 142.4 141.1 141.4 141.5 140.6 140.3 Home goods 4.59 141. 141. 140.6 144.0 147. 150.5 151.7 152.7 154.0 152. 151.8 151.3 149.7 148.8 Appliances, TV, and radios 1.8 137.1 137.4 138.9 143.1 145.6 149.4 147.2 148.7 150.8 149.0 147.6 148.8 144.4 142.5 Appliances 1.33 141.1 142.1 143.4 146.8 148.9 150.9 148.5 150.8 152.3 151.7 149.7 152.1 145.4 142.7 TV and home radios .4' 125.7 124.1 126.1 132.7 136.1 145.3 143.6 142.9 146.8 141.3 141.6 139.2 141.3 141.9 Furniture and rugs 1.26 142.4 144.2 141.0 145.5 148.3 149. 150.6 152.6 152.7 152.0 154.4 153.5 152.4 154.5 Miscellaneous home goods 1.52 144.7 144.8 142.3 143.7 149.7 152.3 157.9 157.5 158.9 155.8 154.7 152.6 153.8 151.7 Apparel, knit goods, and shoes.... 5.41 124. 124.8 125.8 127.1 128.0 129.4 131.6 131.8 132.5 131.8 132.5 133.2 132.9 Consumer staples 19.10 129.3 129.6 130.4 130.7 131.8 132.7 132.6 131.9 133. 132.4 132.2 132.7 134.1 134.4 Processed foods 8.43 119.9 118.7 118.7 120.0 122.0 122.5 122.3 121.3 122.1 122.1 121.1 120.7 122.4 122.2 Beverages and tobacco 2.43 123. 124. 125.2 121.5 126.0 127.5 128.3 126.1 128.1 121.5 124.8 126.2 123.9 Drugs, soap, and toiletries 2.97 146.9 149.1 152.6 151.9 149.7 151.8 154.2 152.8 154.2 152.6 151.9 152.9 157.0 161.2 Newspapers, magazines, and books. 1.47 123.7 123.2 121.3 121.8 122.8 124.3 125.8 125.3 128.6 126.9 126.6 125.6 128.0 127.7 Consumer fuel and lighting 3.67 142.3 144.4 145.8 147.2 147.0 146.9 143.9 145.4 146.5 148.8 148.2 150.6 151.0 Fuel oil and gasoline 1.20 119.6 118.8 120.4 122.2 119.9 120.1 118.0 119.9 118.6 122.4 119.9 122.8 123. 122.5 Residential utilities 2.46 153.4 156.9 158.2 159.4 160.2 159.9 156.5 157.8 160.0 161.7 162.0 164.1 164.6 Electricity 1.72 159.6 163.4 164.8 165.9 166.6 165.9 163.7 164.3 167.0 169.1 169.3 172.2 172.6 Gas .7- Equipment Business equipment 11.63 139.1 141.1 141.4 140.6 146.1 148.5 747.7 149.2 150.1 150.9 153.5 154.6 156.4 157.2 Industrial equipment 6.85 137.0 139.6 140.4 140.4 144.5 145.9 144.8 147.1 148.3 148.4 150.6 151.9 155.1 153.7 Commercial equipment 2.42 145.3 145.5 147.6 149.3 151.0 152.4 152.5 156.2 159.1 161.3 162.3 164. 165.2 166.0 Freight and passenger equipment. 1.76 141.0 141.9 139.0 128.6 149.1 155.2 154.0 150.7 148.2 150.8 157.1 157.8 155.0 162.0 Farm equipment .61 133.1 138.0 134.1 142.2 135.1 142.1 142.5 141.3 140.4 138.3 141.7 143.7 145.3 Defense equipment 3.41 Materials Durable goods materials. 26.73 131.2 135.2 755.5 128.6 134.9 755.5 755.0 759.0 742.5 742.9 745.4 745.7 745.4 745.5 Consumer durable 3.43 145.8 167.6 153.1 112.8 147.4 156.1 159.6 164.9 166.3 163.4 162.3 169.9 171.8 167.0 Equipment 7.84 134.4 136.0 137.1 137.7 139.2 141.5 142.6 143.8 146.9 147.5 148.7 150.0 153.3 154.9 Construction 9.17 124.5 125.9 125.8 124.1 126.8 127.5 128.3 130.8 133.5 130.5 131.4 131.3 132.7 133.5 Metal materials n.e.c 6.29 129.2 131.4 128.5 131.7 135.1 139.1 141.9 140.5 142.5 141.8 139.7 142.3 146.4 141.3 Nondurable materials 25.92 134.3 755.5 755.5 755.7 757.0 759.2 759.5 740.5 740.5 742.4 747.5 745.4 745.7 745.2 Business supplies 9.11 127.4 127.6 126.4 129.3 129.0 132.7 133.2 135.6 134.2 135.1 134.1 134.8 137.4 135.4 Containers 3.03 127.9 125.9 125.4 131.8 132.3 135.3 136.3 138.0 129.7 137.3 132.0 132.0 136.3 132.3 General business supplies. 6.07 127.1 128.5 126.9 128.0 127.3 131.4 131.6 134.4 136.5 134.0 135.2 136.2 138.0 137.0 Nondurable materials n.e.c.. 7.40 157.7 159.3 162.1 162.2 163.3 165.2 167.0 167.5 167.6 170.8 168.8 171. 174.7 176.9 Business fuel and power 9.41 122.6 123.8 124.3 124.0 124.0 125.1 124.1 123.9 125.7 127.2 127.9 129. 129.1 129.8 Mineral fuels 6.07 112.2 113.0 113.4 113.3 113.0 113.3 112.1 111.1 112.3 114.3 115.1 116. 116.6 117.5 Nonresidential utilities 2.86 149.6 151.3 152.1 151.0 151.2 154.6 153.8 155.6 158.5 159.6 160.1 162.4 160.3 Electricity 2.32 149.6 151.1 152.0 150.4 150.5 154.6 154.7 156.1 159.1 160.2 160.7 163.4 160.8 General industrial 1.03 142.8 145.1 147.1 144.1 147.4 149.7 148.7 150.9 154.9 155.8 156.0 159.8 159.3 Commercial and other.. 1.21 159.7 161.1 161.1 160.6 158.1 164.2 165.3 166.0 168.3 169.8 170.5 172.4 167.9 Gas .54 Supplementary groups of consumer goods Automotive and home goods... 7.80 142.8 147.5 142.3] 128.3 145.7 156.9 157.4 157.3 161.9 158.2 158.5 158.2 157.2 156.9 Apparel and staples 24.51 128.1 128.5 129.4 129.9 131.0 132.0 132.4 131.9 133.0 132.3 132.2 132.8 133.8 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 INDUSTRIAL PRODUCTION: S.A. 1463 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1964 1964 1965 Grouping p p r o o r - - avertion age Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Juner July Aug. Total index 100.00 132.3 134.0 134.0 131.6 135.4 138.1 138.6 139.2 140.7 140.9 141.6 142.7 144.2 144.3 86.45 133.1 134.9 134.8 132.0 136.4 139.4 140.2 140.8 142.3 142.4 143.1 144.1 145 8 145 8 Durable 48.07 133.5 136.2 135.3 129.9 137.0 140.9 142.0 142.7 144.8 145.5 146.4 148.1 150 0 149 9 Nondurable . 38.38 132.6 133.2 134.2 134.6 135.6 137.6 137.9 138.4 139.1 138.5 138.8 139 0 140 5 140 6 Mining 8.23 111.3 112.1 112.2 112.0 112.8 112.5 111.8 111.8 112.5 113.0 114.0 115.3 115 7 117 0 Utilities 5.32 151.3 153.9 155.0 154.9 155.4 157.1 155.1 156.6 159.2 160.6 160.9 163.2 162.3 163 0 Durable manufactures 12.32 130.7 134.6 133.5 132.3 136.4 139.1 140.0 140.4 142.5 144.0 142.7 144.5 148.4 145.9 6.95 129.1 134.4 132.9 133.6 136.1 138.6 139.6 136.9 140.4 141.4 140.2 143.0 148 7 144 2 Iron and steel . ... 5.45 126.5 133.8 129.1 132.5 135.2 136.4 137.1 137.0 139.5 141.2 139.7 143.3 152.1 143.1 Nonferrous metals and products.. 1.50 138.3 134.4 139.0 133.9 140.6 150.9 148.0 149.0 151.0 153.6 153.4 146.1 138.6 146.3 5.37 132.7 134.9 134.3 130.7 136.9 139.7 140.6 145.0 145.2 147.4 146.0 146.4 148 1 148 2 Structural metal parts •. • 2.86 130.3 132.3 131.7 128.6 135.8 137.2 137.0 140.9 144.1 144.3 142.7 144.3 145.5 144.1 Machinery and related products 27.98 136.4 139.1 138.2 129.0 139.2 144.6 145.4 145.9 148.5 149.3 151.2 153.4 154.7 155.4 Machinery . .... 14.80 141.4 143.2 144.4 145.2 147.7 150.1 150.7 152.5 153.9 155.4 156.9 159.0 160.6 160.8 ^Nonelectrical machinery 8.43 142.1 144.2 145.0 145.4 148.1 150.7 151.3 152.7 153.8 155.2 157.0 159 4 162 0 162 0 Electrical machinery 6.37 140.6 141.9 143.7 144.9 147.2 149.2 150.0 152.3 154.1 155.8 156.8 158.4 158 6 158 9 Transportation equipment • • • 10.19 130.7 135.9 131.3 105.3 129.2 140.3 141.4 139.7 144.4 144.6 147.3 149.5 149.8 151.3 Miotor vehicles and parts 4.68 150.1 162.4 151.0 96.2 143.9 167.4 169.1 167.7 176.4 173.2 175.5 178.0 177.4 177.2 Aircraft and other equipment.... 5.26 112.4 111.5 112.7 110.8 114.5 115.0 115.5 114.1 115.3 118.6 121.7 123.3 124,1 127.3 Instruments and related products... 1.71 136.4 137.4 138.6 137.6 140.2 142.0 142.7 145.3 146.9 145.5 147.0 149.8 152 1 151.5 1.28 Clav glass and lumber . ... 4.72 121.1 121.4 120.7 121.0 120.9 121.1 124.9 125.9 126.0 124.1 125.5 124.7 126.3 126.3 Clay, glass, and stone products 2.99 126.0 125.6 127.0 126.9 127.7 130.2 132.4 131.8 129.2 129.9 130.3 131.6 132.6 133.1 Lumber and products 1.73 112.6 114.1 109.7 110.8 109.2 105.5 111.9 115.6 120.5 114.2 117.1 112.8 115.4 114.5 Furniture and miscellaneous • ... 3.05 138.4 139.0 138.4 141.7 143.4 145.4 145.2 147.6 148.4 149.5 150.1 150.3 149.0 151.8 1.54 143.4 144.4 144.1 147.4 149.3 151.5 150.6 154.3 154.3 155.6 156.5 156.8 155.8 157.2 1.51 133.4 133.4 132.6 135.9 137.4 139.1 139.6 140.8 142.4 143.2 143.6 143.6 142.1 146.2 Nondurable manufactures Textiles apparel, and leather. 7.60 125.2 126.4 127.0 128.9 130.2 131.5 133.3 133 8 133.7 133.9 135.0 134.5 135 2 134.7 2.90 122.9^123.7 125.5 127.8 128.7 130.3 131.7 132.0 131.5 132.2 131.6 132.2 133.8 133.9 Apparel products 3.59 134.1 '1l35.1 135.8 137.2 139.1 140.6 142.2 143.7 144.0 144.3 145.3 145.4 144.8 Leather and products 1.11 102.6 J105.5 102.7 104.8 105.4 105.6 108.7 106.6 106.1 105.0 110.9 105.1 107.7 Paper and printing . . 8.17 127.5 127.9 727.4 128.8 128.2 132.1 132.0 131.8 132.9 133.2 134.2 134.0 135.9 136.6 Paper and products 3.43 133.4 132.8 133.5 137.0 133.8 140.2 139.1 137.5 139.0 140.0 140.9 139.4 142 3 141.6 Printing and publishing . ... 4.74 123.3 124.3 123.0 123.0 124.2 126.2 126.8 127.7 128.5 128.3 129.3 130.0 131.3 132.9 Newspapers 1.53 117.0 118.3 115.9 114.3 117.0 122.6 121.4 120.9 121.0 120.7 121.5 124.7 126.2 129.7 Chemicals, petroleum, and rubber.... 11.54 152.5 154.0 157.1 156.2 156.2 158.5 158.2 160.4 162.0 160.8 161.2 161.6 164.3 164.7 7.58 159.6 160.7 165.1 163.0 163.2 166.4 166.7 167.8 169.5 169.2 169.3 169.9 172.8 174.4 Industrial chemicals 3.84 178.4 178.6 185.2 181.0 182.9 187.9 186.0 188.2 190.8 191.6 191.7 192.9 194.9 Petroleum products.. ..... 1 97 121.0 121.0 120 2 122.7 121 7 120 9 119.0 121 5 122.2 121.5 122.9 121 8 126 3 125i2 Rubber and plastics products 1.99 156.3 161.2 163.0 163.2 163.7 165.7 164.7 171.1 172.6 167.7 168.2 169.1 169.4 foods beverages and tobacco 11.07 120.8 120.2 120.4 120.5 123.3 123.9 124.2 123.4 123.7 122.4 121.5 122.3 122.9 122.6 10.25 120.8 120.1 120.4 120.3 123.5 123.8 124.3 123.4 123.4 122.5 121.9 122.3 123.1 122.8 Food manufactures 8.64 120.1 119.1 119.1 120.2 122.6 122.9 123.0 122.6 122.4 122.6 120.6 121.2 122.6 122.6 Beverages . . 1.61 124.4 125.4 127.6 120.6 128.5 128.6 131.4 127.4 128.6 121.8 129.0 128.5 125.9 Tobacco products .82 120.8 121.4 120.6 123.3 121.0 125.4 122.2 123.5 127.2 120.9 116.5 121.8 119.9 Mining 6.80 109.8 111.0 111.4 110.7 110.2 110.4 109.4 109.4 110.0 111.3 112.1 113.3 113.3 114.7 Coal 1.16 107.1 109.5 107.0 108.9 109.6 110 1 107.7 103.2 103.1 107.9 113.0 117.1 117.1 115.2 Crude oil and natural gas 5.64 110.4 111.3 112.3 111.1 110.4 110.4 109.8 110.6 111.4 112.0 111.9 112.5 112.6 114.5 4.91 113.4 113.8 114.9 114.3 113 8 114.0 113.2 113.0 114.5 115.8 115.6 116.9 116.5 118.0 Crude oil ... . 4.25 109.9 109.8 111.1 110.8 110.2 110.9 109.8 108.6 110.5 111.4 111.3 112.2 112.1 113.7 Gas and gas liquids .66 136.1 139.6 139.1 136.8 136.5 133.8 134.6 141.0 140.2 144.0 143.1 146.5 Oil and gas drilling .73 90.1 94.0 94.4 89.2 87.3 86.4 86.9 94.7 90.2 86.0 87.4 82.9 "86.0 "9\'.2 Metal, stone, and earth minerals 1.43 118.1 117.6 116.0 117.9 125.1 122.7 123.3 123.1 124.3 121.4 122.9 124.9 126.9 128.0 .61 117.4 112.1 111.1 115.4 126.6 121.8 126.7 123.4 124.6 125.8 121.6 123.7 126.4 127.4 Stone and earth minerals .82 118.7 121.7 119.6 119.7 123.9 123.4 120.8 122.9 124.1 118.2 123.9 125.8 127.3 128.4 Utilities Electric 4.04 153.9 156.4 157.5 157.0 157.4 159.4 158.5 159.6 162.4 164.0 164.3 167.1 165.8 Gas 1.28 143.4 146.0 147.1 148.4 149.0 149.6 144.2 147.5 149.2 NOTE.—Published groupings include some series and subtotals not Industrial Production 1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1464 INDUSTRIAL PRODUCTION: N.S.A. OCTOBER 1965 MARKET GROUPINGS (1957-59= 100) 1957-59 1964 1964 1965 pro- aver- Grouping portion age Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Juner July Aug. Total index 100.00 132.3 133.2 136.8 135.3 136.2 135.5 136.7 139.1 141.7 141.6 142.6 145.2 139.4 143.1 47.35 131.8 131.7 136.6 135.1 135.5 135.1 136.7 138.3 140.9 138.5 139.8 745.2 138.3 141.1 32.31 131.7 132.0 137.7 136.4 135.4 133.3 136.0 137.7 140.5 136.9 137.8 141.6 135.3 138.9 Equipment, including defense.... 15.04 132.0 131.0 134.1 132.4 135.7 139.1 138.3 139.8 141.6 142.0 144.2 146.8 144.9 145.9 Materials 52.65 132.8 134.6 137.0 135.5 136.8 135.9 136.7 139.8 142.5 144.3 145.0 147.0 140.3 144.9 Consumer goods Automotive vvoducts 3.21 145.1 89.5 139.1 114.7 153.4 169.5 775.5 775.9 182.9 776.7 178.8 180.3 158.5 707.7 1.82 150.6 46.2 132.9 95.4 165.4 192.2 201.1 196.8 213.6 200.0 203.4 208.6 171.7 72.8 Auto parts and allied products 1.39 138.0 146.7 147.2 140.2 137.6 139.7 141.7 143.8 142.4 146.0 146.5 143.1 141.2 152.2 Home Roods and apparel 10.00 131.9 135.2 135.8 142.5 139.1 130.4 755.7 144.6 147.2 141.8 142.6 145.2 750.5 142.6 4.59 141.1 137.9 148.4 151.7 152.9 147.7 143.7 152.8 157.3 152.8 153.0 155.6 139.0 145.9 Appliances, TV, and radios 1.81 137.1 123.9 146.6 149.5 151.7 140.4 138.8 156.7 163.1 154.5 154.7 158.1 126.5 128.5 Appliances 1.33 141.1 123.1 147.1 143.9 150.2 145.1 141.7 159.8 170.8 161.5 161.8 165.4 130.2 122.9 TV and home radios .47 125.7 126.1 145 0 165.2 156.1 127.0 130.7 148.0 141.4 134.7 134.7 137.5 115 9 144.2 1.26 142.4 146.1 147.1 152.3 152.3 154.5 147.3 150.0 150.9 149.3 148.5 151.7 145.8 156.5 Miscellaneous home goods 1.52 144.7 147.7 151.6 153.8 154.9 150.8 146.5 150.4 155.7 153.5 154.7 155.7 148.4 157.8 Apparel, knit goods, and shoes 5.41 124.2 132.9 125.2 134.7 127.4 115.8 127.7 137.7 138.5 132.5 133.8 136.5 122.9 19.10 129.3 137.4 755.5 136.8 130.5 128.7 129.9 127.9 129.9 127.6 725.4 755.7 134.0 142.3 8.43 119.9 129.4 135.2 134.3 125.1 118.7 115.6 112.1 113.8 112.7 114.4 118.8 122.4 133.2 2.43 123.2 135.3 126.8 127.6 119.0 109.9 112.6 114.8 124.6 123.9 133.6 144.4 127.6 Drugs soap and toiletries 2.97 146.9 152.4 154.1 154.9 150.1 148.8 153.0 152.3 155.0 151.1 152.1 156.3 153.9 164.7 Newspapers, magazines, and books. 1.47 123.7 124.8 124.7 123.5 122.8 124.8 124.5 124.4 128.3 125.9 125.6 124.6 126.1 129.4 Consumer fuel and lighting . 3.67 142.3 150.1 146.6 138.8 137.4 148.9 156.8 154.0 150.2 145.1 138.5 142.8 151.6 Fuel oil and gasoline. 1.20 119.6 122.3 120.4 119.0 119.2 122.9 123.0 123.0 117.4 116.0 115.9 121.4 125.1 126.1 2.46 153.4 Electricity 1.72 159.6 173.2 166.4 150.1 146.6 168.4 187.6 180.4 175.7 165.7 151.5 156.7 172.6 .74 Equipment 11.63 139.1 138.7 142.2 140.1 144.1 148.5 147.3 149.7 151.9 752.2 154.4 157.3 153.9 754.7 Industrial equipment 6.85 137.0 139.2 141.7 139.6 142.5 146.8 145.1 146.4 148.4 148.4 150.8 153.3 153.5 153.2 2.42 145.3 145.8 149.8 151.8 152.8 155.0 152.7 155.1 157.7 158.2 160.4 164.6 162.9 166.3 Freight and passenger equipment... 1.76 141.0 136.2 139.0 128.6 146.1 149.8 149.4 152.2 154.9 156.8 161.8 164.1 148.8 155.5 Farm equipment .61 133.1 111.9 125.9 133.5 122.1 138.7 145.0 157.8 158.9 157.6 149.2 152.8 137.9 3 41 Materials 26.73 131.2 133.0 136.3 131.8 135.8 135.2 755.7 138.7 142.9 144.4 146.9 149.5 142.9 143.8 3.43 145.8 140.8 153.1 115.6 151.8 163.9 165.2 167.4 171.3 168.3 168.8 171.6 158.1 143.6 Equipment 7.84 134.4 131.9 135.7 137.3 139.3 143.6 143.9 145.1 148.5 149.1 149.7 151.5 148.5 150.3 Construction 9.17 124.5 134.7 133.3 130.9 126.5 118.6 115.9 120.3 125.5 129 2 136 C 141 2 139.3 142.8 Metal materials nee . 6.29 129.2 127.6 132.4 134.9 136.2 133.0 138.2 141.8 145.9 147.5 147.4 146.9 133.2 t37.2 Nonduvable materials 25.92 134.3 136.3 137.6 139.3 137.9 136.6 757.5 140.9 142.0 144.3 143.1 144.5 137.6 146.0 9.11 121A 129.7 130.8 134.9 130.2 127.3 128.0 133.3 134.2 138.7 136 3 137.0 128.3 137.6 Containers 3.03 127.9 138.5 133.6 138.4 125.0 117.7 128.1 135.2 129.7 141.4 133.3 138.6 130.8 145.5 6.07 127.1 125.3 129.4 133.1 132.8 132.1 127.9 132.4 136.5 137.4 137.9 136.2 127.0 133.6 Nondurable materials nee... ... 7.40 157.7 157.9 161.4 163.0 164.9 161.9 166.2 170.8 171.8 174.2 173.0 173.7 163.9 174.3 Business fuel and power 9.41 122.6 125.6 125 4 125.0 124.2 125.6 124.9 124.8 126.1 126.2 126 0 128 8 125.9 131.8 IVtineral fuels. . . . 6.07 112.2 111.6 112.2 114.1 114.4 114.9 114.0 114.6 114.9 115.6 113.9 114.9 108.9 116.0 Nonresidential utilities 2.86 149.6 Electricity 2.32 149.6 162.9 159.9 152.6 147.7 151.4 152.3 150.0 153.6 152.7 156.3 164.8 168.9 1.03 142.8 148.0 149.3 147.3 147.4 148.2 148.0 147.0 153.4 153.8 156.8 161.2 158.5 Commercial and other 1.21 159.7 181.2 174.3 162.2 152.7 159.3 161.2 157.7 159.2 157.1 161.5 174.1 184.2 Gas .54 Supplementary groups of consumer goods Automotive and home goods 7.80 142.8 118.0 144.6 136.5 153.1 156.7 156.8 161.5 167.8 162.6 163.6 165.8 147.1 129.9 Apparel and staples 24.51 128.1 136.4 135.5 136.4 129.8 125.8 129.4 130.1 131.8 128.7 129.6 133.9 131.5 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 INDUSTRIAL PRODUCTION: N.S.A. 1465 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1964 1964 1965 Grouping p p ti r o o o r n - - a a v g e e r- Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Juner July1" Aug. Total index. 100.00 132.3 133.2 136.8 135.3 136.2 135.5 136.7 139.1 141.7 141.6 142.6 145.2 139.4 143.1 Manufacturing, total., 86.45 133.1 133.3 137.6 136.3 137.7 136.4 137.7 140.5 143.5 143.4 144.6 147.2 140.3 143.7 Durable 48.07 133.5 130.0 136.9 132.6 139.0 140.7 140.7 143.5 147.1 147.5 149.0 151.7 144.9 142.6 Nondurable 38.38 132.6 137.5 138.5 141.0 136.0 131.1 133.8 136.8 139.0 138.2 139.0 141.5 134.7 144.8 Mining 8.23 111.3 113.2 113.6 114.5 113.4 112.1 110.8 111.1 111. 113.0 114.4 115.9 112.0 118.2 Utilities 5.32 151.3 Durable manufactures Primary and fabricated metals 12.32 750.7 132.4 135.5 134.8 137.6 136.4 139.4 142.7 145.9 148.4 146.0 147.4 138.7 142.7 Primary metals 6.95 129.1 127.4 131.4 134.9 137.5 134.4 141.0 144.7 149.1 150.9 146.6 145.9 133.1 136.7 Iron and steel 5.45 126.5 125.8 129.1 134.5 136.6 133.0 139.8 142.9 146.5 148.3 142.5 143.3 135.4 134.5 Nonferrous metals and products. 1.50 138.3 133.1 140.0 136.4 140.6 139.4 145.5 151.2 158.5 160.4 161.5 155.2 124.7! 144.8 Fabricated metal products 5.37 H32.7 138.9 140.7 134.6 137.7 139.0 137.2 140.2 141.7 145.2 145.3 149.3 145.9 150.4 Structural metal parts 2.86 130.3 135.6 137.0 132.5 137.8 138.6 134.3 135.3 138.5 140.0 142.0 147.2 145.5 147.7 Machinery and related products 27.98 756.4 127.1 137.9 130.5 141.6 147.1 146.9 148.9 152.9 151.6 153.7 156.5 149.4 742.2 Machinery 14.80 141.4 138.9 145.6 145.7 147.9 151.5 150.3 154.8 158.2 157.5 158.6 161.7 155.0 155.2 Nonelectrical machinery 8.43 138.9 143.1 142.8 145.0 151.8 152.1 155.4 159.6 159.9 160.9 163.2 159.3 154.7 Electrical machinery 6.37 140i6 138.9 149.0 149.6 151.7 151.0 148.1 153.9 156.3 154.4 155.7 159.8 149.2 155.7 Transportation equipment 10.19 130.7 109.1 128.5 108.3 135.0 144.7 146.1 144.8 150.6 148.3 151.9 153.9 144.0 123.5 Motor vehicles and parts 4.68 150.1 106.7 145.8 102.3 155.0 174.8 178.9 177.3 187.7 179.8 185.0 189.0 168.5 119.7 Aircraft and other equipment... 5.26 112.4 109.5 112.2 111.4 116.2 117.3 116.7 115.5 117.0 119.2 121.2 121.6 121.1 125.0 Instruments and related products.. 1.71 136.4 138.5 140.1 139.1 142.7 143.7 141.7 143.1 144.7 143.3 145.5 151.3 150.6 152.7 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 121.1 132.4 129.9 725.2 727.7 770.5 705.5 114.4 777.5 722.9 750.5 755.5 755.0 755.4 Clay, glass, and stone products. 2.99 126.0 136.3 134.6 134.5 129.6 120.4 113.9 116.4 118.9 129.3 136.2 142.1 141.9 145.7 Lumber and products 1.73 112.6 125.5 121.8 117.4 106.5 93.4 98.5 111.0 114.5 111.9 121.0 124.1 117.7 125.9 Furniture and miscellaneous.. 3.05 138.4 143.4 144.8 149.2 148.2 146.7 759.5 142.9 145.6 745.2 745.7 750.5 745.4 756.6 Furniture and fixtures 1.54 143.4 149.2 149.6 153.0 152.0 154.2 147.6 150.4 152.4 151.4 151.8 156.5 154.2 162.4 Miscellaneous manufactures. 1.51 133.4 137.4 139.9 145.4 144.3 139.1 131.2 135.2 138.8 138.9 141.4 144.3 138.5 150.6 Nondurable manufactures Textiles, apparel, and leather 7.60 125.2 131.8 126.2 132.8 129.4 779.4 757.2 759.5 759.4 755.5 755.5 757.4 722.5 755.6 Textile mill products 2.90 122.9 126.8 126.1 127.8 129.3 121.2 131.0 134.6 134.1 135.5 137.5 136.8 121.5 137.2 Apparel products 3.59 134.1 141.9 133.1 144.7 137.7 124.4 138.6 150.9 151.9 145.0 145.3 147.6 131.0 Leather and products 1.11 102.6 112.4 104.2 107.4 103.3 98.5 108.2 114.0 112.5 105.0 105.9 106.2 96.4 Paper and printing 5.77 127.5 127.8 129.4 134.9 130.9 727.5 725.6 757.5 754.5 755.7 755.2 754.7 727.4 755.5 Paper and products 3.43 133.4 137.3 135.5 145.9 134.5 126.6 137.0 140.9 141.8 144.2 141.6 142.2 130.9 144.7 Printing and publishing. 4.74 123.3 121.0 124.9 126.9 128.4 128.2 122.6 125.3 129.5 130.2 130.5 129.3 124.8 129.3 Newspapers 1.53 117.0 107.1 116.7 122.6 128.7 123.2 111.2 116.9 123.4 129.3 129.5 125.3 109.8 117.4 Chemicals, petroleum, and rubber. 11.54 152.5 755.0 158.2 158.6 755.5 154.6 156.9 757.5 755.2 755.4 752.9 755.4 759.0 766.5 Chemicals and products 7.58 159.6 160.9 164.6 164.1 162.8 162.4 164.7 168.2 171.5 173.2 171.7 174.1 168.6 176.1 Industrial chemicals 3.84 178.4 176.5 183.3 181.9 184.4 186.0 185.1 190.1 192.7 196.4 192.8 195.8 190.0 Petroleum products 1.97 121.0 127.1 125.0 123.3 119.9 119.1 117.2 119.7 117.9 116.6 121.1 125.5 130.1 131.5 Rubber and plastics products 1.99 156.3 160.4 166.8 172.3 162.1 159.9 166.3 176.2 176.4 172.9 171.6 171.6 150.8 Foods, beverages, and tobacco. 11.07 120.8 130.4 133.1 755.0 724.2 777. 115.4 775.2 775.7 775.4 775.5 724.4 725.2 752.9 Foods and beverages 10.25 120.8 130.3 133.7 132.9 124.3 118.4 115.0 112.5 116.0 115.0 118.6 123.9 124.6 133.1 Food manufactures 8.64 120.1 129.0 134.9 134.6 125.7 119.2 116.2 112.8 114.4 113.0 114.6 118.7 122.0 132.6 Beverages 1.61 124.4 137.3 127.6 124.2 116.7 113.9 108.4 110.7 124.2 125.5 140.1 151.6 138.5 Tobacco products .82 120.8 131.4 125.3 134.3 123.4 102.1 120.9 122.9 125.3 120.7 120.7 130.3 106.1 Mining Coal, oil, and gas 6.80 109.8 770.0 770.5 111.6 777.7 772.5 777.7 772.2 777.5 772.0 770.5 777.5 706.5 7/5.6 Coal 1.16 107.1 115.2 113.2 118.7 114.1 108.1 105.5 104.4 103.9 108.7 114.1 116.6 90.2 121.2 Crude oil and natural gas. 5.64 110.4 108.9 109.9 110.2 111.3 113.1 113.0 113.8 113.1 112.6 109.9 110.2 109.9 112.1 Oil and gas extraction.. 4.91 113.4 110.8 111.9 113.0 114.5 116.5 116.0 116.9 117.5 117.2 113.8 114.5 113.4 114.8 Crude oil 4.25 109.9 107.6 108.9 109.7 110.2 112.0 111.4 111.9 112.7 113.2 110.2 111.1 109.9 111.4 Gas and gas liquids.. .66 136.1 131. 131.3 133.9 141.6 144.9 145.6 149.0 147.8 143.3 137.5 136.4 Oil and gas drilling.... .73 90.1 96.2 96.4 91.4 89.5 90.5 92.6 92.4 83.6 81.5 83.6 81.2 86.6 93.3 Metal, stone, and earth minerals. 1.43 118.1 128.8 128.3 727.9 727.5 777.7 705.2 705.5 709.7 777.7 752.4 755.0 755.7 740.7 Metal mining .61 117.4 121.1 125.5 123.5 116.5 109.6 111.5 111.1 110.9 117.0 133.8 139.8 135.2 137.6 Stone and earth minerals .82 118.7 134.5 130.4 131.1 125.1 112.3 102.2 101.9 107.7 118.2 131.3 136.7 140.2 141.9 Utilities Electric 4.04 153.9 167.3 162.6 151.5 147.3 158.6 167.3 163.0 163.0 158.2 154.2 161.4 170.5 Gas 1.28 143.4 NOTE.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1466 BUSINESS ACTIVITY; CONSTRUCTION OCTOBER 1965 SELECTED BUSINESS INDEXES (1957-59=100) Industrial production Manu- Prices * facturing 2 Nonag- Major market groupings Con- ricul- Major industry stru- tural Freight Total Period Total Final products Mate- groupings> t c r ti a o o c n n t - s T m p o e l e t m o a n l y t - — - i p m E lo e m n y - t - P ro a l y ls - l i o n a g d s - s r a e l t e a s i l 3 s C um on e - r W c s o h a m l o e l - e- Total g s C o u o o m n d - e s r E m q e u n ip t - rials Mfg. M in in g - U iti t e il s - modity 1950 74.9 72.8 78.6 56.4 76.9 75.8 83.2 49.5 61 86.1 99.4 68.9 117.1 72 83.8 86.8 1951 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 63 91.1 106.1 80.2 121.5 76 90.5 96.7 1952 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 67 93 0 106.1 84.5 115.0 79 92.5 94.0 1953 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 70 95.6 111.6 93.6 116.6 83 93.2 92.7 1954 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.3 101.8 85.4 104.6 82 93.6 92.9 1955 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.5 105.5 94.8 115.3 89 93.3 93.2 1956 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.8 106.7 100.2 115.9 92 94.7 96.2 1957 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.7 104.7 101.4 108.2 97 98.0 99.0 1958 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 95.2 93.5 93.8 98 100.7 100.4 1959 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.5 100.1 105.1 97.9 105 101.5 100.6 I960 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.2 99.9 106.7 95.3 106 103.1 100.7 1961 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 108 102.8 95.9 105.4 91.2 107 104.2 100.3 1962 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 120 105.7 99.1 113.8 92.4 115 105.4 100.6 1963 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 132 107.9 99.7 117.9 93.3 120 106.7 100.3 1964 132.3 131.8 131.7 132.0 132.8 133.1 111.3 151.3 137 110.8 101.7 124.7 95.5 127 108.1 100.5 1964 Aug 134.0 133.1 133.1 133.2 135.3 134.9 112.1 153.9 121 111.0 102.0 126.0 93.2 130 108.2 100.3 Sept 134.0 132.8 132.5 133.5 135.6 134.8 112.2 155.0 131 111.3 102.9 127.6 96.4 130 108.4 100.7 Oct 131.6 130.5 129.5 132.5 132.6 132.0 112.0 154.9 136 111.2 100.5 122.9 94.6 125 108.5 100.8 Nov 135.4 135 2 134.5 136.7 135.9 136.4 112 8 155.4 143 112 1 103 2 127.9 98.5 127 108.7 100.7 Dec 138.1 138.1 138.0 138.4 138.0 139.4 112.5 157.1 154 112.7 104.0 130.9 99.1 133 108.8 100.7 1965 Jan 138.6 138.4 138.4 138.2 138.8 140.2 111.8 155.1 137 113.0 104.5 132.8 100.4 134 108.9 101.0 Feb 139.2 138.5 138.0 139.4 139.7 140.8 111.8 156.6 140 113.6 105.0 133.5 96.4 136 108.9 101.2 Mar 140.7 140.1 140.0 140.4 141.7 142.3 112.5 159.2 141 114.2 105.6 135.1 98.1 133 109.0 101.3 Apr .... 140.9 139.4 138.5 141.2 142.6 142.4 113.0 160.6 152 114.1 105.7 133.6 98.6 134 109.3 101.7 May 141.6 140.2 138.6 143.7 142.6 143.1 114.0 160.9 145 114.5 105.8 134.7 100.5 137 109.6 102.1 June 142.7 '140.7'138.7 144.9 144.5 144.1 '115.3 163.2 139 115.0 106.6 135.5 93.8 136 110.1 102.8 July 144.2 '141.7'139.2 '147.0'146.5 '145.8 '115.7 '162.3 149 115.4 107.3 '136.3 95.1 139 110.2 102.9 Aug 144.3 142.3 139.6 148.1 145.9 145.8 117.0 163.0 139 115.5 107.4 136.7 94.3 138 110.0 102.9 Sept.*3 142.8 142.6 139.7 148.6 142.8 144.3 113.8 164.5 115.8 107.5 138.3 93.5 137 103.0 1 Employees only; excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 Federal Reserve index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. NOTE.—Data are seasonally adjusted unless otherwise noted. Freight carloadings: Based on data from Association of American Construction contracts: F. W. Dodge Co. monthly index of dollar Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1964 1965 Type of ownership and 1963 1964 type of construction Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. 45,546 47,330 3,761 3,763 4,033 3,758 3,598 3,131 3,226 4,224 4,770 4,864 4,625 4,795 4,265 Bv type of ownership: "Public 14,653 1,10? 1 1,311 1,174 1,230 1 1 1,539 1 517 553 1750 1 313 Private 30,893 31,J956 ,660 639 2,722 2,584 2,368 *026 ,m ,867 3,231 3,348 ,07? ,045 By type of contruction: Residential building ?0 50? ?0 1,679 1,717 1 703 1 482 1 306 ?7S t 300 877 2 139 2 074 7 080 I 952 14,377 15,522 1,276 1,229 1,429 1,264 1,299 1,156 1,062 1,384 1,546 1,775 1',551 1,691 10,667 11,244 807 817 902 1,012 994 700 864 962 1,086 1,015 993 1,151 NOTE.—Dollar value of total contracts as reported by the F. W. Dodge data exceed annual totals because adjustments—negative—are made to Co. does not include data for Alaska or Hawaii. Totals of monthly accumulated monthly data after original figures have been published. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 CONSTRUCTION 1467 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total d N f e r a e n o r s t m n i i - a - l Total In tr d i u a B l s u - sine m C s e s o rc m ia - l P u u ti b li l t i y c O n d r t e t o e i h s a n n i e l - - - r Total M ta i r l y i- H w ig ay h- S w a e a n w t d e e r r Other 1956 47,601 34,869 20,178 11,076 3,084 3,631 4,361 3,615 12,732 1,360 4,415 1,275 5,682 1957 49,139 35,080 19,006 12,029 3,557 3,564 4,908 4,045 14,059 1,287 4,934 1,344 6,494 1958 50,153 34,696 19,789 10,659 2,382 3,589 4,688 4,248 15,457 1,402 5,545 1,387 7,123 19591 55,305 39,235 24,251 10,557 2,106 3,930 4,521 4,427 16,070 1,465 5,761 1,467 7,377 1960 53,941 38,078 21,706 11,652 2,851 4,180 4,621 4,720 15,863 1,366 5,437 1,487 7,573 1961 55,447 38,299 21,680 11,789 2,780 4,674 4,335 4,830 17,148 1,371 5,854 1,581 8,342 1962 59,576 41,707 24,292 12,234 2,949 4,955 4,330 5,181 17,869 1,266 6,365 1,754 8,484 1963 62,755 43,859 25,843 12,758 2,962 5,200 4,596 5,258 18,896 1,227 6,948 1,966 8,755 1964 65,817 45,891 26,507 13,809 3,303 5,656 4,850 5,575 19,926 968 7,182 2,298 9,478 1964—Sept.... 65,968 45,571 25,934 14,058 3,400 5,587 5,071 5,579 20,397 1,068 7,414 2,236 9,679 Oct 64,861 45,294 25,685 14,088 3,445 5,653 4,990 5,521 19,567 1,097 6,739 2,195 9,536 Nov.... 65,153 45,368 25,638 14,242 3,521 5,709 5,012 5,488 19,785 1,033 7,087 2,189 9,426 Dec... 66,178 45,684 25,953 14,416 3,610 5,641 5,165 5,315 20,494 756 7,583 2,187 9,968 1965—Jan 66,055 46,333 26,676 14,278 3,792 5,662 4,824 5,379 19,722 785 7,010 2,167 9,769 Feb.... 66,881 46,846 26,713 14,647 3,871 5,701 5,075 5,486 20,035 776 7,151 2,164 9,944 Mar.... 67,598 47,171 26,602 15,044 3,934 5,903 5,207 5,525 20,427 912 7,541 2,110 9,864 Apr.... 67,590 47,544 26,675 15,267 3,997 6,089 5,181 5,602 20,046 888 7,396 2,074 9,688 May... 67,572 47,982 27,070 15,300 4,012 6,254 5,034 5,612 19,590 887 6,862 2,042 9,799 June... 68,950 48,616 27,224 15,801 4,040 6,574 5,187 5,591 20,334 833 7,546 2,014 9,941 July.... 68,599 48,603 26,983 16,084 4,073 6,826 5,185 5,536 19,996 980 7,156 1,995 9,865 Aug.p. . 67,878 48,136 26,510 16,106 4,096 6,815 5,195 5,520 19,742 6,529 2,000 Sept. P.. 68,529 47,974 26,138 16,266 4,145 6,819 5,302 5,570 20,555 2,041 i Beginning with 1959, includes data for Alaska and Hawaii. NOTE.—Monthly data are at seasonally adjusted annual rates. Beginning with 1959, figures are Census Bureau estimates. Data before 1959 are joint estimates of the Depts. of Commerce and Labor. NEW HOUSING STARTS (In thousands of units) Ann S ua .A l . rate, By area By type of ownership Government- (private only) underwritten Period Total N fa o rm n- Total M po e li t t r a o n - p m N o e l o i t t r n a o - n - Total fam 1- il P y rivat f e am 2- ily M fam ul i t l i y - Public Total FHA VA 1955 1,646 19 670 277 393 1956 1,349 I 325 24 465 195 271 1957 1,224 1,175 49 322 193 128 1958 1,382 1,314 68 439 337 102 1959 1,554 1,077 477 [,517 1,234 56 227 37 458 349 109 I960 1,296 889 407 1,252 995 44 213 44 336 261 75 1961 1,365 948 417 1,313 975 44 295 52 328 244 83 1962 1,492 1,054 439 1,463 992 49 422 30 339 261 78 1963 1,641 1,151 490 1,609 1,021 53 535 32 292 221 71 1964 1,591 1,119 472 I 557 972 54 532 33 264 205 59 1964 Aug 1,513 1,489 146 98 48 142 90 4 48 3 23 18 5 Sept 1,445 1,422 127 91 37 124 79 4 41 3 23 18 5 Oct 1,522 1,495 146 101 45 144 92 5 47 2 24 19 5 Nov 1,505 1,480 115 78 37 112 69 4 39 3 21 16 5 Dec . .... 1,610 [,575 98 70 28 97 59 3 35 2 17 13 4 1965—Jan 1,442 1,417 86 59 27 82 52 3 27 4 17 13 4 Feb ......... 1,482 [,468 88 63 25 85 51 3 31 2 16 12 4 Mar 1,489 ,465 125 91 34 121 77 4 40 4 20 16 4 Apr ,552 1,532 155 103 52 152 100 5 48 3 22 17 5 May .. ,516 ,501 162 111 52 158 102 5 50 5 24 19 5 June ,566 ,539 162 115 48 156 100 6 50 7 25 19 5 July V ,461 V1,435 P143 94 49 ^140 93 5 42 n 22 17 5 Aug V 402 VI 384 HZ6 93 43 P\32 89 5 38 22 18 5 NOTE.—Beginning with 1959, Census Bureau series includes both farm available by area or type of structure. Data from Federal Housing and nonfarm series developed initially by the Bureau of Labor Statistics. Admin, and Veterans Admin, represent units started, based on field office Series before 1959 reflect recent Census Bureau revisions which are not reports of first compliance inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1468 EMPLOYMENT OCTOBER 1965 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Unemploy- Period i p n T o s o N t p t i a t u . u S l l t a . n i A t o i o o n . n n a - l l N ab N o o t . r S in . f A o t r h . c e e T l f S a o o . b r A t c o a e . r l Total In E m no p n lo a y g e ri d - i In U pl n o e y m ed - (pe m r S r a . e t A c e n e 2 . t nt) Total cultural industries agriculture 1959 123,366 51,420 71,946 69,394 65,581 59,745 5,836 3,813 5.5 1960 3 125,368 52,242 73,126 70,612 66,681 60,958 5,723 3,931 5.6 1961 127,852 53,677 74,175 71,603 66,796 61,333 5,463 4,806 6.7 1962 130,081 55,400 74,681 71,854 67,846 62,657 5,190 4,007 5.6 1963 132,125 56,412 75,712 72,975 68,809 63,863 4,946 4,166 5.7 1964 134,143 57,172 76,971 74,233 70,357 65,596 4,761 3,876 5.2 1964—Sept 134,586 57,721 77,023 74,280 70,465 65,650 4,815 3,815 5.1 Oct 134,772 57,661 76,996 74,259 70,379 65,658 4,721 3,880 5.2 Nov 134,952 58,055 77,140 74,409 70,755 66,084 4,671 3,654 4.9 Dec 135,135 58,568 77,432 74,706 71,004 66,463 4,541 3,702 5.0 1965—Jan 135,302 59,603 77,621 74,914 71,284 66,771 4,513 3,630 4.8 Feb 135,469 59,051 77,755 75,051 71,304 66,709 4,595 3,747 5.0 Mar 135,651 59,039 77,647 74,944 71,440 66,890 4,550 3,504 4.7 Apr 135,812 58,504 78,063 75,377 71,717 66,874 4,843 3,660 4.9 May 135,982 57,556 78,127 75,443 71,937 66,979 4,958 3,506 4.6 June 136,160 55,477 78,356 75,676 72,118 67,459 4,659 3,558 4.7 July 136,252 55,102 78,874 76,181 72,766 68,092 4,674 3,415 4.5 Aug 136,473 56,310 78,465 75,772 72,397 67,821 4,576 3,375 4.5 Sept 136.670 58,626 78,206 75,483 72,182 67,777 4,405 3,301 4.4 1 Includes self-employed, unpaid familyr,, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is ob- 2 Per cent of civilian labor force. tained on a sample basis. Monthly data relate to the calendar week that 3 Inclusion of figures for Alaska and Hawaii beginning with 1960 in- contains the 12th day; annual data are averages of monthly figures, creased population by about 500,000 and total labor force by about Bureau of Labor Statistics. 300,000. Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g ac- Mining c C o o n t n i s o t t r r n a u c c t - T ti l o i r c a n n u s & t p il o i p t r i u e ta b s - - Trade Finance Service G m ov e e n r t n- 1959 l 53,297 16,675 732 2,960 4,011 11,127 2,594 7,115 8,083 I960 54,203 16,796 712 2,885 4,004 11,391 2,669 7,392 8,353 1961 53,989 16,326 672 2,816 3,903 11,337 2,731 7,610 8,594 1962 55,515 16,853 650 2,902 3,906 11,566 2,800 7,947 8,890 1963 56,643 17,005 635 2,983 3,914 11,803 2,873 8,230 9,199 1964 58,188 17,303 635 3,106 3,976 12,188 2,944 8,533 9,502 SEASONALLY ADJUSTED 1964 Sept 58,458 17,449 634 3,080 4,005 12,229 2,960 8,592 9,509 Oct 58,382 17,171 638 3,106 3,996 12,278 2,964 8,633 9,596 Nov 58,878 17,505 639 3,162 3,997 12,311 2,970 8 634 9 660 Dec 59,206 17,622 637 3,244 4,020 12,362 2,975 8,654 9,692 1965 Jan 59,334 17,705 633 3,235 3,939 12,447 2,979 8,689 9,707 Feb 59,676 17,772 635 3,281 3,997 12,532 2,987 8,730 9,742 Mar 59,992 17,849 633 3,304 4,042 12,622 2,997 8,754 9 791 Apr 59,913 17,896 629 3,186 4,044 12,563 2,997 8,763 9,835 May 60,110 17,915 629 3,207 4,057 12,636 3,005 8,797 9,864 June 60,382 18,045 630 3,220 4,068 12,673 3,013 8,814 9 919 July. 60,602 18,156 638 3,178 4,074 12,710 3,018 8,886 9,942 Aug.p 60,680 18,159 631 3,211 4,092 12 708 3 024 8 897 9 958 Sept » 60,806 18,192 619 3,191 4,112 12,724 3,026 8,917 10,025 NOT SEASONALLY ADJUSTED 1964—Sept 59,258 17,792 645 3,391 4,045 12,243 2,972 8,661 9,509 Oct. 59,164 17,428 644 3,376 4,028 12,341 2,961 8 676 9 710 Nov 59,441 17,638 643 3,273 4,013 12,518 2,958 8,608 9,790 Dec 59,938 17,601 635 3,053 4,024 13,166 2,957 8,585 9,917 1965—Jan 58,271 17,456 619 2,837 3,880 12,275 2,949 8,515 9,740 Feb 58,398 17,538 616 2,756 3,933 12,209 2,960 8,564 9,822 Mar 58,847 17,643 615 2,865 3,985 12,262 2,973 8 623 9 881 Apr 59,545 17,732 623 3,020 4,004 12,517 2,985 8,754 9.910 May 60,058 17,826 632 3,245 4,041 12,528 3,002 8,859 9,925 June 60,884 18J0Q 642 3 d?9 4,100 12,665 3,034 8 964 9 932 July 60,749 18,105 645 3,502 4,123 12,658 3,069 9,028 9,619 Aug.^ 61,039 18.302 644 3,603 4,137 12,677 3,072 9,004 9,600 Sept v 61,625 18.539 630 3,513 4,153 12,739 3,038 8,988 10,025 1 Data include Alaska and Hawaii beginning with 1959. that includes the 12th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed NOTE.—Bureau of Labor Statistics; data include all full- and part- forces are excluded. time employees who worked during, or received pay for, the pay period Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 EMPLOYMENT AND EARNINGS 1469 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1964 1965 1964 1965 Sept. July Aug.*3 Sept. July Aug.p Sept.*7 Total 12,956 13,518 13,524 13,546 13,280 13,440 13,628 13,875 Durable goods 7,377 7,814 7,828 7,840 7,490 7,763 7,746 7,959 Ordnance and accessories 103 104 106 111 104 103 105 112 Lumber and wood products 530 534 532 533 555 559 562 558 Furniture and fixtures 338 354 352 353 345 349 358 360 Stone, clay, and glass products 500 506 505 506 519 523 527 526 Primary metal industries 1,026 1,090 1,073 1,070 1,027 1,075 1,070 1,071 Fabricated metal products 945 998 993 992 961 988 992 1,009 Machinery except electrical 1,149 1,217 1,218 1,228 1,142 1,212 1,206 1,221 Electrical machinery 1,049 1,155 1,150 1.156 1,068 1,134 1,147 1,177 Transportation equipment 1,180 1,268 1,305 1,298 1,187 1,241 1,171 1,306 Instruments and related products 234 252 249 250 237 248 250 253 Miscellaneous manufacturing industries. 323 336 345 343 345 332 358 366 Nondurable goods 5,579 5,704 5,696 5,706 5,790 5,677 5,882 5,916 Food and kindred products 1,133 1.129 1,126 1,127 1,272 1,166 1,244 1,266 Tobacco manufactures 71 74 66 64 91 62 75 82 Textile-mill products 803 826 826 829 811 821 835 837 Apparel and other finished textiles 1,173 1,207 1,206 1,216 1,196 1,174 1,236 1,240 Paper and allied products 494 507 505 505 501 505 511 512 Printing, publishing, and allied industries 606 624 625 625 610 619 624 629 Chemicals and allied products 530 549 550 547 532 548 552 549 Products of petroleum and coal 116 115 114 114 118 117 117 116 Rubber products 340 358 363 361 345 350 363 366 Leather and leather products 313 315 315 318 315 314 324 320 NOTE.—Bureau of Labor Statistics; data cover production and related the pay period that includes the 12th of the month. workers only (full- and part-time) who worked during, or received pay for HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked Average weekly earnings Average hourly earnings (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) Industry group 1964 1965 1964 1965 1964 1965 Sept. July Aug.** Sept.*7 Sept. July Aug.P Sept.* Sept. July Aug.2* Total 40.5 40.9 40.9 40.9 104.60 107.01 106.60 108.09 2.57 2.61 2.60 2.63 Durable goods 41.4 41.6 41.6 41.8 114.13 116.06 115.23 117.74 2.75 2.79 2.77 2.81 Ordnance and accessories 40.0 42.6 41.7 41.6 121.60 130.20 128.75 129.79 3.04 3.10 3.11 3.12 Lumber and wood products 39.4 40.3 40.7 40.4 88.00 90.32 92.29 93.07 2.20 2.23 2.24 2.27 Furniture and fixtures 40.5 41.1 41.3 41.0 85.49 85.89 89.04 89.45 2.07 2.10 2.12 2.14 Stone, clay, and glass products 41.1 41.6 41.5 41.4 107.33 110.99 111.25 111.45 2.58 2.63 2.63 2.66 Primary metal industries 42.8 42.2 42.2 42.0 136.21 135.36 132.51 133.66 3.19 3.20 3.17 3.19 Fabricated metal products 41.3 41.7 41.7 41.5 112.86 114.68 115.50 116.34 2.70 2.75 2.75 2.77 Machinery except electrical 42.0 42.9 42.8 42.7 120.67 125.83 124.95 126.10 2.88 2.94 2.94 2.96 Electrical machinery 40.3 40.6 40.7 40.6 102.72 104.38 105.41 106.34 2.53 2.59 2.59 2.60 Transportation equipment 42.3 42.1 42.2 43.0 133.67 133.56 130.60 138.46 3.16 3.18 3.17 3.22 Instruments and related products 40.9 41.4 41.2 41.3 104.81 107.53 107.38 108.32 2.55 2.61 2.60 2.61 Miscellaneous manufacturing industries. 39.1 39.8 40.1 40.0 81.35 84.10 85.01 85.63 2.07 2.14 2.12 2.13 Nondurable goods 39.4 39.8 39.9 39.9 91.87 94.64 95.11 95.84 2.32 2.36 2.36 2.39 Food and kindred products 40.7 41.2 41.0 40.2 98.53 101.57 99.77 99.80 2.38 2.43 2.41 2.44 Tobacco manufactures 37.0 38.3 37.4 36.8 73.10 83.10 78.45 78.59 1.86 2.21 2.07 2.01 Textile-mill products 40.0 41.3 41.8 41.8 71.82 77.23 79.19 79.23 1.80 1.87 1.89 1.90 Apparel and other finished textiles 34.9 36.2 36.1 36.1 63.00 66.43 67.53 67.33 1.80 1.82 1.83 1.86 Paper and allied products 42.7 42.9 43.0 42.8 112.06 114.38 114.75 115.78 2.60 2.66 2.65 2.68 Printing, publishing, and allied industries 38.5 38.4 38.6 38.5 116.10 116.82 118.81 119.58 3.00 3.05 3.07 3.09 Chemicals and allied products 42.1 41.5 41.7 42.6 120.41 120.22 120.51 124.82 2.86 2.89 2.89 2.93 Products of petroleum and coal 42.5 42.1 42.7 42.8 140.51 139.10 138.78 142.79 3.26 3.25 3.25 3.29 Rubber products 41.3 41.6 42.2 41.5 108.26 109.25 110.83 110.88 2.59 2.62 2.62 2.64 Leather and leather products 37.7 37.9 37.6 38.3 68.45 71.80 71.82 71.82 1.84 1.86 1.88 1.90 NOTE.—Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1470 PRICES OCTOBER 1965 CONSUMER PRICES (1957-59- 100) ]Housing Health and recreation Period it A em ll • Food Total Rent H ow s o h n m i e p e r - - F c a o o u n i a e l d l l t e r G a l i n e c a i c d t s - y o n F i t p a n i i u e n o s g r h r n d s a - - - A up p a k p n e a d e r p el T p t o r i a r o n t n a s - - Total M c ic a e a r d l e - s P c o a e n r r a e - l r R e t a i c e i n n o r a g e d n d a - - g O s a i o e c t n r o h e v d d e s - r s 1929 59.7 55 6 85.4 1933. 45.1 35.3 60.8 1941. 51.3 44.2 61.4 64.3 .... 45.2 88.3 51.2 50.6 47.6 57 3 58.2 1945 62.7 58 4 67.5 66.1 536 86 4 55 4 575 63.6 750 67.3 1956. 94 7 94.7 95.5 96.5 94 1 95.9 95.9 97.3 97.8 91 93.6 91 8 93.7 93 4 95.8 1957. 98.0 97.8 98.5 98.3 98.2 100.8 96.9 99.4 99.5 96.5 97.0 95.5 97.1 969 98.5 1958. 100.7 101.9 100.2 100.1 1004 99.0 100.3 99.9 99.8 997 100.3 1001 100.4 1008 99.8 1959. 101.5 100.3 101.3 101.6 101 4 100.? 102.8 100.7 100.6 103 8 102.8 104 4 102.4 10? 4 101.8 1960. 103.1 101.4 103.1 103.1 103 7 99. 107.0 101.5 102.2 103 8 105.4 108 1 104.1 104 9 103.8 1961. 104 ? 102.6 103.9 104.4 104 4 101.6 107.9 101.4 103.0 105 0 107.3 111 3 104.6 107 7 104.6 1962. 105.4 103 6 104.8 105.7 105 6 102.1 107.9 101.5 103.6 107 ? 109.4 114 ? 106.5 109 6 105.3 1963. 106.7 105.1 106.0 106.8 107 0 104.0 107.8 102.4 104.8 107 8 111.4 117 0 107.9 111 107.1 1964. 108.1 106.4 107.2 107.8 109 1 103.5 107.9 102.8 105.7 109 113.6 119 4 109.2 114 1 108.8 1964—Ant? 108 ? 106.9 107.2 107.9 109 ? 100.9 108.2 102.6 105.3 109 113.8 119 8 109.4 114 ? 108.9 Sept 108 4 107.2 107.4 107.9 109 5 101.5 108.2 102.8 105.9 108 9 113.9 119 7 109.5 114 -\ 109.0 Oct 108. 106 9 107.6 108.2 109 6 102.9 108.2 102.8 106.2 109 4 114.0 119 9 109.7 114 109.1 Nov 108.7 106.8 107.7 108.3 109 8 103.7 108.1 102.9 106.4 110 0 114.2 1?0 ? 109.7 114 9 109.1 Dec 108 8 106.9 107.8 108.4 110 0 105.8 108.3 102.9 106.6 110 114.3 1?,0 3 110.0 114 9 109.2 1965—Jan 108 9 106.6 108.1 108.4 110 6 106 5 108.0 102.8 105.6 111 1 114.5 1?0 6 110.0 115 0 109.3 Feb 108.9 106.6 108.2 108.5 110 9 106.7 107.8 102.8 105.8 110 6 114.7 171 0 110.1 115 ? 109.4 Mar 109.0 106.9 108.2 108.7 110 8 106.5 107.7 103.1 106.0 110 6 114.9 171 4 110.4 115 4 109.5 Apr 109 107.3 108.2 108.8 110 8 105 107.7 103.1 106.3 111 0 115.4 1?1 6 110.7 115 9 110.3 May 109.6 107.9 108.2 108.8 110 8 104.6 107.7 103.1 106.8 111 4 115.6 171 8 111.0 115 9 110.6 110.1 110.1 108.2 108.8 111 0 103.4 107.8 103.1 106.9 111 ? 115.7 1?? ? 111.0 115 7 111.0 July 110 ? 110.9 108.3 108.9 111 ? 103 ? 106.9 102.9 106.1 111 5 115.3 1?? 7 108.7 114 6 111.5 Aug 110.0 110.1 108.2 109.0 111.4 103 5 107.7 102.9 106.4 111.0 115.6 122.8 109.0 114.3 112.6 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. The new series index begins with January 1964. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities Period m c t o A o i m e d l s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total t T e il t e e c x s . - , H e i t d c. es, F e u tc e . l, C ic e h t a e c l m . s, - R b e u t e c b r . - , L b e u e t m c r . , - P e a t p c. er, M a e l t s c e , . t- c M e h r i a n y - - F t e u u t r r c e . n , i- N t m m a o i l e n l n i - - - c b T e a t c o c c - . o, n c M e e l o i l s u a - - s erals 1956. 96.2 96.6 94.3 96.5 100.7 94.8 97.4 97.5 100.6 103.8 97.2 97.8 92.1 96.9 95.2 95.1 98.1 1957. 99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98.S 99.0 99.7 97.7 99.4 98.9 98.0 96.6 1958. 100.4 103.6 102.9 99.5 98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101.5 1959. 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 1960. 100.7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.4 100.1 101.4 102 5 99.3 1961. 100.3 96.0 100.7 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.3 99.5 101.8 103.2 103.9 1962. 100.6 97.7 101.2 100.8 100.6 107.4 100.2 97.5 93.3 96. 100.0 100.0 102.3 98 8 101 8 104 1 107 3 1963. 100.3 95.7 101.1 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 100.1 102.2 98.1 101.3 106.1 110.4 1964. 100.5 94.3 101.0 101.2 101.2 104.6 97.1 96.7 92.5 100.6 99.0 102.8 102.9 98.5 101.5 107.4 109.2 1964- 100.3 93.6 101.0 101.1 101.2 105.6 96.4 96.5 91.8 100.9 98.7 103.0 102.9 98.6 101.7 107.5 107.3 Sept 100.7 95.7 102.2 101.1 101.2 105.4 95.2 96.6 91.9 100.6 98.7 103.0 102.9 98.6 101.8 107.5 109.2 Oct 100.8 93.8 101.7 101.5 101.4 106.0 96.7 96.9 92.1 100. 99.1 103.8 103.0 98 5 101 8 107 6 110 1 Nov 100.7 94.0 100.9 101.6 101.4 105.5 97.6 97.1 92.2 99.6 98.9 104.3 103.2 98.5 101.8 107.5 108.5 TW 100.7 92.7 100.8 101.8 101.5 105.4 98.1 97.2 92.2 99.4 98.9 104.7 103.1 98.4 101.6 107.5 110.7 1965—Jan 101.0 93.0 102.2 101.9 101.5 104.9 98.5 97.3 92.3 1008 99.0 104.5 103.3 98.3 101.7 107.5 110.0 Feb 101.2 94.5 102.1 101.9 101.5 105.1 97.9 97.5 92.2 100.8 99.0 104.6 103.5 98.2 101.8 107.6 109.6 Mar 101.3 95.4 101.8 102.0 101.5 105.7 97.9 97.5 92.2 100.7 99.5 104.8 103.5 98.3 101.9 107 5 109.5 Apr 101.7 97.6 102.3 102.1 101.5 106.3 97.6 97.6 92.3 100.5 99.8 105.2 103.7 98.0 101.9 107.8 110.3 M Ju a n y e 1 1 0 0 2 2 . . 1 8 1 9 0 8 0 . . 4 3 1 1 0 06 3 . . 1 3 1 1 0 0 2 2 . . 3 5 1 1 0 0 1 1 . . 6 9 r1 1 0 0 7 7 . . 7 4 9 9 8 8 . . 4 7 9 9 7 7 . . 6 4 9 9 2 2 .8 9 1 1 0 00 0.4 3 1 1 0 0 0 0 . . 0 0 1 1 0 0 5 5 . . 7 9 1 1 0 0 3 3 .8 7 9 9 8 8 .0 0 1 1 0 0 1 2 .0 9 1 1 0 0 8 7 . 1 6 1 1 0 1 8 1 .0 9 July 102 9 100.0 r106.6 102.5 101.9 r108.8 98.7 97.4 92 7 r100 99 9 105.8 r103 7 97 8 101 9 107 6r112 6 Aug 102.9 99.1 106.7 102.6 102.0 111.1 99.0 97.2 93.0 101 7 99.9 106.2 103.7 97.7 101.9 107.6 111.5 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 PRICES 1471 WHOLESALE PRICES: DETAIL (1957-59=100) 1964 1965 1964 1965 Group Group Aug. June July Aug. Aug. June July Aug. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce 97.9 109.0 103.9 85.4 Woodpulp 95.5 98.1 98.1 98.1 Grains 85.7 89.6 88.4 88.3 Wastepaper 93.3 98.0 98.3 97.5 Livestock and poultry 88.4 104.6 105.0 106.4 Paper 103.7 104.1 104.1 104.1 Plant and animal fibers 96.0 92.0 91.8 90.5 Paperboard 96.4 96.3 96.3 96.3 Fluid milk 101.8 100.7 r102.4 103.9 Converted paper and paperboard... 97.6 99.5 r99.3 99.3 Eggs 98.6 82.0 84.7 100.0 Building paper and board 94.1 92.7 r93.5 93.5 Hay and seeds 105.8 114.7 113.8 106.6 Other farm products 98.5 95.6 95.4 98.3 Metals and Metal Products: Processed Foods: Iron and steel 101.2 101.3 101.5 101.4 Nonferrous metals 105.8 116.2 115.5 116.5 Cereal and bakery products 108.3 108.5 109.3 109.1 Metal containers 105.6 108.3 108.3 108.3 Meat, poultry, and fish 93.3 105.5 106.3 106.3 Hardware 104.9 105.9 106.1 106.2 Dairy products and ice cream 107.3 107.1 107.8 108.5 Plumbing equipment 102.9 104.3 104.3 104.3 Canned and frozen fruits and veg- Heating equipment 91.7 92.0 r91.7 91.8 etables 102.1 101.5 r101.8 100.4 Fabricated structural metal products 99.4 101.2 rl01.4 101.6 Sugar and confectionery 106.4 '109.2 109.1 109.2 Fabricated nonstructural metal prod- Packaged beverage materials 98.2 94.2 r93.5 93.4 ucts 108.0 109.2 r109.1 110.0 Animal fats and oils 93.5 108.4 115.9 113.7 Crude vegetable oils 82.3 94.4 r91.3 93.2 Machinery and Motive Products: Refined vegetable oils 79.4 89.2 89.4 90.0 Vegetable oil end products 87.9 101.2 101.2 101.2 Agricultural machinery and equip — 113.1 114.7 114.9 114.9 Miscellaneous processed foods 108.9 112.7 113.4 114.8 Construction machinery and equip.. 112.3 115.2 115.3 115.6 Metalworking machinery and equip. 113.3 116.4 116.5 116.9 Textile Products and Apparel: General purpose machinery and equipment 103.7 104.7 104.7 105.1 Cotton products 98.6 100.2 100.3 100.4 Miscellaneous machinery 104.7 105.5 105.2 105.3 Wool products 103.0 104.0 104.4 105.1 Special industry machinery and Man-made fiber textile products 95.8 95.9 95.7 94.8 equipment (Jan. 1961 = 100) 106.0 107.9 107.9 108.0 Silk products 117.0 132.2 127.6 132.8 Electrical machinery and equip 96.6 97.1 97.0 96.8 Apparel 103.3 103.6 '103.8 103.9 Motor vehicles 100.7 100.7 100.7 100.7 Other textile products 119.8 123.3 '120.7 122.8 Transportation equip., R.R. rolling stock (Jan. 1961 =100) 100.6 101.0 101.0 101.0 Hides, Skins, Leather, and Products: Hides and skins 96.0 103.1 117.4 133.4 Furniture and Other Household Dura- Leather 104.5 107.6 105.9 106.5 bles: Footwear 108.3 109.8 110.0 110.2 Other leather products 103.7 104.7 '105.2 108.5 Household furniture 105.3 105.9 105.9 106.1 Commercial furniture 103.2 103.7 103.7 103.7 Fuels and Related Products, and Power, Floor coverings 99.0 97.7 r97.7 97.5 Household appliances 91.3 89.4 r89.2 89.0 Coal 96.6 94.7 r95.2 95.7 Television, radios, and phonographs. 87.3 85.9 r84.6 83.9 Coke 107.3 107.3 107.3 107.3 Other household durable goods 104.4 104.9 104.9 104.9 Gas fuels (Jan. 1958= 100) 121.2 122.7 122.5 123.5 Electric power (Jan. 1958= 100) 101.4 100.8 100.7 100.8 Petroleum products, refined 91.4 96.0 96.0 96.4 Nonmetallic Mineral Products: Chemicals and Allied Products: Flat glass 103.1 101.7 100.2 100.2 Concrete ingredients 102.8 103.1 103.1 103.1 Industrial chemicals 93.9 94.8 95.0 95.0 Concrete products 100.8 101.6 101.7 101.5 Prepared paint 104.8 105.7 105.7 105.7 Structural clay products 104.5 105.1 105.1 105.5 Paint materials 89.8 89.3 89.6 89.2 Gypsum products 108.6 107.5 107.5 107.5 Drugs and Pharmaceuticals 94.7 94.7 r94.7 94.7 Asphalt roofing 91.2 92.1 92.1 92.1 Fats and oils, inedible 101.3 114.0 110.3 103.7 Other nonmetallic minerals 101.8 101.6 101.7 101.7 Mixed fertilizers 103.4 104.8 '104.6 105.5 Fertilizer materials 100.2 104.3 103.3 102.1 Tobacco Products and Bottled Bever- Other chemicals and products 99.6 99.8 99.8 99.8 ages : Rubber and Products: Tobacco products 106.0 106.1 106.1 106.1 Alcoholic beverages 100.8 100.7 100.7 100.7 Crude rubber 89.9 90.1 r89.1 Nonalcoholic beverages 127.4 128.1 128.1 128.1 Tires and tubes 88.0 90.2 90.2 91.1 Miscellaneous rubber products 96.4 96.6 96.8 96.8 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms. . . 101.0 p102.5 r102.9 102.9 Manufactured animal feeds 110.2 116.6 118.8 116.7 Lumber 101.1 101.1 "101.2 102.5 Notions and accessories 99.1 99.1 99.1 99.1 Millwork 109.1 107.8 107.8 107.8 Jewelry, watches, photo equipment.. 103.9 104.3 '105.1 105.1 Plywood 91.8 90.5 '91.0 94.2 Other miscellaneous products 102.5 102.9 104.6 104.4 NOTE.—Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1472 NATIONAL PRODUCT AND INCOME OCTOBER 1965 GROSS NATIONAL PRODUCT (In billions of dollars) 1964 1965 Item 1929 1933 1941 1950 1960 1961 1962 1963 1964 II ni IV Gross national product. 103.1 55.6 124.5 284.8 503.8 520.1 560.3 589.2 628.7 624.2 634.8 641.1 656.4 665.9 Final purchases 101.4 57.2 120.1 278.0 500.2 518.1 554.3 583.5 623.9 620.1 631.0 633.6 647.6 659.2 Personal consumption expenditures. 77.2 45.8 80.6 191.0 325.2 335.2 355.1 373.8 398.9 396.0 404.6 405.9 416.9 424.4 Durable goods 9.2 3.5 9.6 30.5 45.3 44.2 49.5 53.4 58.7 59.1 60.5 57.9 63.9 63.7 Nondurable goods 37.7 22.3 42.9 98.1 151.3 155.9 162.6 168.0 177.5 175.7 179.8 180.9 183.0 187.6 Services 30.3 20.1 28.1 62.4 128.7 135.1 143.0 152.31 162.6 161.2 164.3 167.1 170.0 173.1 Gross private domestic investment 16.2 1.4 17.9 54.1 74.8 71.7 83.0 86.9 92.9 90.9 92.6 97.7 102.4 101.1 Fixed investment 14.5 3.0 13.4 47.3 71.3 69.7 77.0 81.2 88.1 86.8 88.8 90.2 93.7 94.4 Nonresidential 10.6 2.4 9 5 27.9 48.4 47.0 51.7 54. i 60.5 58.9 61.6 63.5 66.0 66.4 Structures 5.0 .9 2.9 9.2 18.1 18.4 19.2 19.7 21.1 21.1 21.1 21.5 21.8 22.7 Producers' durable equipment. 5.6 1.5 6.6 18.7 30.3 28.6 32.5 34.6 39.4 37.9 40.5 42.0 44.2 43.7 Residential structures 4.0 .6 3.9 19.4 22.8 22.6 25.3 26.9 27.5 27.9 27.2 26.7 27.7 28.0 Nonfarm 3.8 .5 3.7 18.6 22.2 22.0 24.8 26.3 27.0 27.3 26.6 26.2 27.1 27.5 Change in business inventories 1.7 -1.6 4.5 6.8 3.6 2.0 6.0 5.7 4.8 4.1 3.8 7.5 8.7 6.7 Nonfarm 1.8 -1.4 4.0 6.0 3.3 1.7 5.3 4.9 5.4 5.1 4.6 7.8 9.3 7.1 Net exports of goods and services. 1.1 1.3 1.8 4.1 5.6 5.1 5.9 8.6 7.7 8.8 8.9 6.2 7.5 Exports 7.0 2A 5.9 13.8 27.2 28.6 30.3 32.4 37.0 36.0 37.3 38.4 34.8 39.8 Imports 5.9 2.0 4.6 12.0 23.2 22.9 25.1 26.4 28.5 28.2 28.5 29.5 28.6 32.3 Government purchases of goods and services. 8.5 8.0 24.8 37.9 99.6 107.6 117.1 122.6 128.4 129.7 128.7 128.6 130.9 132.9 Federal 1.3 2.0 16.9 18.4 53.5 57.4 63.4 64.4 65.3 67.0 64.9 64.3 64.9 65.9 National defense 13.8 14. 44.9 47.8 51.6 50.8 49.9 51.7 49.5 48.8 48.9 49.4 Other 3.1 4.3 8.6 9.6 11. S 13.6 15.4 15.3 15.4 15.5 16.0 16.5 State and local 7.2 6.0 7.9 19.5 46.1 50.2 53.7 58.3 63.1 62.7 63.8 64.3 66.0 67.0 Gross national product in constant (1958) dollars 203.6 141.5 263.7 355.3 487.8 497.3 530.0 550.0 577.6 575.9 582.6 584.7 597.5 601.4 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally definitions underlying the U.S. national accounts, see National Income, adjusted totals at annual rates. For changes in definitions of com- 1954 Edition, and U.S. Income and Output (1958), both supplements ponents reflected in the Aug. 1965 revision by Dept. of Commerce, see to the Survey of Current Business. Aug. 1965 Survey of Current Business. For broad concepts and most NATIONAL INCOME (In billions of dollars) 1964 1965 Item 1929 1933 1941 1950 1960 1961 1962 1963 1964 II in IV National income 86.8 40.3 104.2 241.1 414.5 427.3 457.7 481.1 514.4 510.5 519.5 526.3 541.4 550.4 Compensation of employees 51.1 29.5 64.8 154.6 294.2 302.6 323.6 341.0 365.3 361.9 369.0 375.4 383.1 388.7 Wages and salaries 50.4 29.0 62.1 146.8 270.8 278.1 296.1 311.2 333.5 330.4 336.8 342.6 349.8 355.0 Private 45.5 23.9 51.9 124.4 222 A 225.9 240. 251.6 269.2 266.9 271.7 276.5 282.9 287.3 Military .3 .3 1.9 5.0 9.9 10.2 10.8 10.8 11.7 11.6 11.7 11.9 11.8 11.8 Government civilian 4.6 4.9 8.3 17.4 38.8 42.0 45.2 48.8 52.6 51.9 53.3 54.3 55.0 55.9 Supplements to wages and salaries .7 .5 2.7 7.8 23.4 24.6 27.5 29.8 31.8 31.5 32.2 32.7 33.4 33.8 Employer contributions for social insurance .1 .1 2.0 4.0 11.4 11.8 13.7 15.0 15.4 15.2 15.5 15.7 16. 16.3 Other labor income .6 .4 .7 3.8 12.0 12.7 13.9 14.8 16.5 16.3 16.7 17.1 17.3 17.5 Proprietors' income 15.1 5.9 17.5 37.5 46.2 48.4 50.1 50.8 51.1 51.0 51.4 51.8 51.9 54.6 Business and professional 9.0 3.3 11.1 24.0 34.2 35.6 37.1 37.8 39.1 39.0 39.4 39.6 39.9 40.1 Farm 6.2 2.6 6.4 13.5 12.0 12.8 13.0 13.0 12.0 12.0 12.0 12.2 12.0 14.5 Rental income of persons 5.4 2.0 3.5 9.4 15.8 16.0 16.7 17.6 18.2 18.1 18.3 18.5 18.5 18.6 Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 49.9 50.3 55.7 58.1 64.5 64.5 65.5 64.9 71.7 72.1 Profits before tax 10.0 1.0 17.7 42.6 49.7 50.3 55.4 58.6 64.8 64.5 65.3 65.9 73.1 75.5 Profits tax liability 1.4 .5 7.6 17.8 23.0 23.1 24.2 26.0 27.6 27.5 27.8 28.1 29.1 29.4 Profits after tax 8.6 .4 10.1 24.9 26.7 27.2 31.2 32.6 37.2 37.0 37.5 37.8 44.0 44.4 Dividends 5.8 2.0 4.4 8.8 13.4 13.8 15.2 15.8 17.2 17.1 17.4 17.7 17.8 18.2 Undistributed profits 2.8 -1.6 5.7 16.0 13.2 13.5 16.0 16.8 19.9 19.9 20.1 20.0 26.2 26.2 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 .2 -.1 .3 -.4 -.3 .0 .2 -1.0 -1.4 -1.7 Net interest 4.7 4.1 3.2 2.0 8.4 10.0 11.6 13.6 15.2 15.0 15.4 15.7 161 16.4 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to previous table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 NATIONAL PRODUCT AND INCOME 1473 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1964 1965 Item 1929 1933 1941 1950 1960 1961 1962 1963 1964 II III IV Gross national product. 103.1 55.6 124.5 284.8 503.8 520.1 560.3 589.2 628.7 624.2 634.8 641.1 656.4 665.9 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 43.4 45.2 50.0 52.8 55.7 55.2 56.1 56.9 57.7 58.3 Indirect business tax and nontax liability 7.0 7.1 11.3 23.3 45.2 47.7 51.5 54.6 58.0 57.6 58.8 59.3 60.7 61.0 S B t u a s t i i n st e i s c s a l t r d a i n sc sf r e e r p a p n a c y y ments . . 6 7 . . 6 7 . . 5 4 .8 1.9 - 2 .7 .0 2. . 1 5 - 2 .7 .2 - 2 .5 .3 - 2 .3 .3 - 2 .7 .3 -2 2 . . 2 4 -4 2 . . 2 3 -4 2 . . 7 3 1.5 -1.0 Plus: Subsidies less current surplus of government enterprises -.1 .1 .2 .2 1.4 1.4 .7 1.2 1.2 1.3 1.5 1.5 1.5 Equals: National income 86.8 40.3 104.2 241.1 414.5 427.3 457.7 481.1 514.4 510.5 519.5 526.3 541.4 556.4 Less: Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 49.9 50.3 55.7 58. 64.5 64.5 65.5 64.9 71.7 72.1 Contributions for social insurance .2 .3 2.8 6.9 20.7 21.4 24.0 26.8 27.8 27.6 28.0 28.4 29.1 29.4 Excess of wage accruals over disbursements Plus: Government transfer payments 2.6 14.3 26.6 30.4 31.2 33.0 34.2 33.9 34.1 34.4 36.0 35.1 Net interest paid by government and consumer 2.5 1.6 2.2 7.2 15.1 15.0 16.1 17.5 19.1 18.8 19.4 19.5 19.9 20.4 Dividends 5.8 2.0 4.4 13.4 13.8 15.2 15.8 17.2 17.1 17.4 17.7 17.8 18.2 Business transfer payments .6 .7 1.9 2.0 2.1 2.2 2.3 2.3 2.3 2.4 2.3 2.3 .5 Equals: Persona! income 85.9 47.0 227.6 401.0 416.8 442.6 464.8 495.0 490.6 499.1 507.1 516.6 524.9 96.0 Less: Personal tax and nontax payments... 2.6 1.5 20.7 50.9 52.4 57.4 60.9 59.2 56.9 58.8 60.7 64.8 66.0 3.3 Equals: Disposable personal income 83.3 45.5 206.9 350.0 364.4 385.3 403.8 435.8 433.6 440.3 446.4 451.9 458.9 92.7 Less: Personal outlays 79.1 46.5 193.9 333.0 343.2 363.7 383.4 409.5 406.3 415.3 416.9 428.1 436.0 C Pe o r n s s o u n m al e c r o i n n s t u er m es p t t i p o a n y e m x e p n e t n s ditures.. 77.2 45.8 81.7 191.0 325.2 335.2 355.1 373.8 398.9 396.0 404.6 405.9 416.9 424.4 Personal transfer payments to for- 1.5 .5 80.6 2.4 7.3 7.6 8.1 9.0 10.0 9.8 10.2 10.4 10.6 11.0 eigners .2 .9 .3 .4 .5 .5 .5 .6 .6 .5 .5 .6 .6 .6 Equals: Personal saving. .2 4.2 13.1 17.0 21.2 21.6 20.5 26.3 27.3 25.0 29.5 23.8 23.0 Disposable personal income in constant (1958) 11.0 dollars 150.6 112.2 190.3 249.6 340.2 350.7 367.6 380.6 406.5 404.9 410.7 414.5 418.4 422.2 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table at top of previous page. PERSONAL INCOME (In billions of dollars) 1964 1965 Item ,«, «. Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July' Total personal income 464.8 495.0 499.5 501.7 502.8 506.6 512.0 1515.8 515.7 518.4 520.7 525.3 528.8 530.5 531.6 Wage and salary disbursements 311.2 333.5 337.1 338.7 339.4 342.6 346.2 347.2 349.8 352.2 352.7 355.2 356.9 359.2 360.8 Commodity-producing industries... 125.7 133.9 135.2 136.2 135.2 137.4 139.8 140.3 141.4 142.6 142.3 143.3 144.2 145.1 145.9 Manufacturing only 100.6 107.2 108.3 109.6 107.9 110.1 111.9 112.6 113.6 114.6 114.4 115.0 115.7 116.7 117.4 Distributive industries 76.0 81.1 82.0 81.9 82.6 83.3 83.8 84.0 S4.9 85.8 85.8 86.5 86.7 87.2 87.4 Service industries 49.9 54.1 54.6 55.1 55.6 55.8 56.2 56.4 56.7 56.9 57.2 57.7 57.9 58.5 58.8 Government 59.6 64.3 65.2 65.6 66.1 66.1 66.4 66.6 66.8 67.0 67.4 67.7 68.0 68.3 68.6 Other labor income. 14.8 16.5 16.7 16.8 17.0 17.1 17.1 17.2 17.3 17.4 17.4 17.5 17.6 17.7 17.7 Proprietors' income 50.8 51.1 51.3 51.5 51.4 51.8 52.3 52.2 51.9 51.8 52.9 54.8 56.0 54.9 54.3 Business and professional. 37.8 39.1 39.3 39.4 39.4 39.6 39.9 39.8 39.9 40.1 40.0 40.1 40.1 40.3 40.4 Farm 13.0 12.0 12.0 12.1 12.0 12.2 12.4 12.4 12.0 11.7 12.9 14.7 15.9 14.6 13.8 Rental income 17.6 18.2 18.3 18.4 18.4 18.5 18.5 18.5 18.5 18.5 18.6 18.6 18.6 18.6 18.6 Dividends 15.8 17.2 17.3 17.4 17.5 17.7 18.1 17.8 17.8 17.8 18.0 18.1 18.6 18.5 18.5 Personal interest income. 31.1 34.3 34.8 35.0 35.1 35.2 35.5 35.7 36.0 36.2 36.5 36.7 37.0 37.2 37.4 Transfer payments 35.2 36.6 36.4 36.4 36.6 36.5 37.0 140.1 37.4 37.6 37.8 37.4 37.2 37.6 37.8 Less: Personal contributions for social insurance 11.8 12.4 12.5 12.6 12.6 12.7 12.8 13.0 13.0 13.1 13.1 13.1 13.2 13.3 13.4 Nonagricultural income. 447.4 478.7 483.1 485.5 486.5 490.4 495.31499.1 499.5 502.7 503.4 506.1 508.5 511.4 513.6 Agricultural income 17.4 16.3 16.3 16.2 16.3 16.3 16.6 16.7 16.2 15.7 17.2 19.2 20.4 19.1 18.1 i Includes stepped-up rate of Govt. life insurancedividend payments NOTE.—Dept. of Commerce estimates. Monthly data are seasonallyto veterans in the amount of $2.4 billion. adjusted totals at annual rates. See also NOTE to table at top of previous page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1474 FLOW OF FUNDS OCTOBER 1965 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1963 1964 1965 Transaction category, 1960 1961 1962 1963 1964 or sector II III IV I II III IV I UP I. Saving and investment 119.4 115.9 129.8 138.7 148.7 138.0 140.1 146.1 144.6 148.2 150.4 151.8 162.9 164.1 1 2 Households 73.5 78.0 83.9 88.2 98.3 87.4 87.8 92.4 94.4 100.1 98.7 100.1 101.1 102.9 2 3 Farm and noncorp. business 11.9 11.5 11.8 12.3 12.3 12.3 12.4 12.5 11.6 12.1 12.6 12.9 12.9 12.9 3 4 Corporate nonfinan. business.... 32.6 33.1 38.4 39.4 44.9 38.7 40.4 39.9 44.2 45.1 45.5 44.9 49.1 49.0 4 2.4 -5.2 -5.2 -2.9 -6.7 -2.8 -2.0 -4.0 -9.6 -7.0 -6.5 -1.0 -2.4 5 6 State and local govt -3.3 -3.8 -2.2 -2.4 -2.6 -2.2 -2.3 -2.1 -2.5 -2.6 -2.8 -2.5 -3.2 -3.3 6 2.3 2.2 3.1 4.1 2.6 4.7 3.9 4.2 .9 3.2 3.4 2.9 4.0 4.8 7 117.4 114.5 128.8 136.7 148.9 134.6 136.5 145.5 147.3 148.2 149.9 150.2 160.5 158.4 8 44.9 43.7 48.4 52.1 56.9 51.5 52.2 53.6 55.9 56.9 58.5 56.1 62.0 60.6 9 3.5 1.9 5.9 4.4 3.5 3.6 4.2 6.4 2.4 3.6 2.5 5.5 6.8 5.7 10 68.3 66.9 73.3 77.7 84.0 76.7 78.7 80.8 83.5 83.5 84.3 84.6 87.8 88.6 11 21.6 20.0 21.4 21.9 22.7 21.5 22.2 22.4 22.9 22.8 22.6 22.4 21.7 22.7 12 46.2 46.2 51.3 54.8 60.7 54.4 55.3 57.1 59.4 60.2 61.4 61.8 65.6 65.6 13 .5 .7 .6 1.0 .6 .9 1.2 1.3 1.2 .4 .4 .4 .5 .4 14 .7 2.0 1.3 2.5 4.6 2.7 1.4 4.8 5.5 4.2 4.5 4.0 3.9 3.5 15 16 Discrepancy (1-8) 2.0 1.4 .9 2.0 -.2 3.4 3.6 .6 -2.7 * .4 1.6 2.4 5.7 16 II. Financial flows—Summary 17 Net funds raised—Nonfinan. sectors. 35.0 46.9 58.3 62.3 70.9 72.5 53.7 63.7 68.2 78.5 65.7 71.3 82.5 75.3 17 18 Loans and short-term securities.... 15.0 16.3 15.4 18.5 26.9 28.4 4.5 23.5 26.1 28.6 14.6 38.3 41.8 n.a. 18 19 Long-term securities and mtgs 20.0 30.7 42.9 43.8 44.0 44.1 49.2 40.2 42.1 49.9 51.1 33.0 40.7 n.a. 19 By sector 20 U.S. Government -2.0 7.6 7.5 4.8 6.8 11.6 -5.0 1.7 11.6 7.9 5.1 2.6 11.3 .8 20 3.1 8.8 .5 1.4 4.1 9.0 -10.4 .3 9.1 .8 -2.0 8.4 12.7 na 21 22 Other securities -5.6 -1.4 6.8 3.8 2.2 3.3 6.4 1.6 3.5 5.5 6.5 -6.7 -1.3 n.a. 22 .2 .2 -.4 .5 -.7 -1.0 -.2 -1.0 1.7 .6 .9 -.2 -.3 23 2.0 2.8 2.3 3.4 4.7 5.0 1.4 3.2 4.1 4.0 3.0 7.5 6.0 .7 24 1.4 2.0 1.2 2.3 3.9 3.1 1.0 3.5 4.1 3.2 3.0 5.3 4.8 -.1 25 .6 .8 1.0 1.0 .8 1.8 .5 -.2 * .9 * 2.2 1.1 .8 26 35.0 36.6 48.6 54.2 59.4 55.9 57.3 58.8 52.4 66.5 57.5 61.2 65.2 73.7 27 10.0 5.3 13.5 15.2 18.4 16.9 15.0 19.9 13.8 22.9 13.0 23.7 24.5 30.8 28 4.5 1.7 5.5 6.7 6.8 6.9 7.1 6.5 6.5 7.3 7.5 6.0 9.6 8.7 29 30 Bank loons nee 2.9 2.2 5.1 5.9 7.2 6.5 5.2 11.4 4.3 8.4 3.1 13.1 11.7 16.2 30 2.6 1A 2.9 2.6 4.3 3.5 2.6 2.0 3.0 7.2 2.4 4.6 3.1 6 0 31 25.0 31.3 35.1 38.9 41.1 39.0 42.4 38.9 38.6 43.6 44.6 37.5 40.8 42.9 32 33 State and local obligations 3.6 4.9 5.0 6.7 5.9 7.0 7.5 6.6 4.2 5.9 7.8 5.6 8.0 7.4 33 6 6 7 0 5 2 2 8 c / 7 A 'XA 35 7- to 4-familv tnovtzazes ..... 10.5 11.4 13.0 15.2 16.0 15.8 16.3 15.1 15.3 16.5 16.9 15.3 13.6 15.0 35 5.6 7.7 11.9 13.6 13.8 13.4 14.3 15.4 12.5 14.3 14.7 13.9 14.1 13.1 36 37 Net sources of credit (— 17) 35.0 46.9 58.3 62.3 70.9 72.5 53.7 63.7 68.2 78.5 65.7 71.3 82.5 75.3 37 38 Chg. in U.S. Govt. cash balance.. .9 * 1.3 -.4 .1 2.9 -7.7 -1.5 8.0 -1.1 -4.1 -2.4 11.0 1.2 38 39 U.S. Govt. lending 2.3 3.5 2.7 3.6 2.6 3.6 4.5 2.8 5.1 3.0 3.4 4.5 5.5 39 3.2 22..80 2.9 2.5 2.5 7.1 -.4 * 2.8 2.7 .5 4.0 2.4 4.6 40 41 Pvt. insur. & pension reserves.... 8.2 8.7 9.0 10.2 10.4 10.5 11.3 10.5 9.9 10.7 9.4 11.8 10.0 11.6 41 4.0 3.7 2.6 4.0 5.0 2.2 5.7 1.0 6.5 4.9 5.7 3.2 9.6 4.3 42 43 Pvt. domestic nonfin. sectors 16.5 29.7 39.0 43.3 49.3 47.3 41.2 49.3 38.2 56.3 51.1 51.3 45.0 48.0 43 9.2 24.7 31.2 36.2 32.8 41.5 29.0 40.7 27.5 35.9 28.7 39.0 34.9 n.a. 44 13.8 24.2 29.8 33.0 34.7 35.9 28.1 38.7 24.6 36.3 33.9 43.8 27.4 37.0 45 46 Demand dep. and currency -1.3 4.1 1.8 5.0 6.5 10.6 2.1 9.8 -3.0 9.5 5.9 13.7 -8.9 11.0 46 47 Time and svgs. accounts... 15.0 20.1 28.0 28.1 28.1 25.3 26.0 28.9 27.6 26.8 28.1 30.1 36.3 26.0 47 48 At commercial banks.... 5.4 9.0 75.0 13.1 12.6 10.6 13.0 13.6 12.5 11.4 12.0 14.5 22.7 14.5 48 9.6 11.1 12.9 14.9 15.5 14.7 13.0 15.3 15.1 15.4 16.1 15.6 13.6 11.6 49 50 Short-term U.S. Govt. sec.... -4.6 .5 1.4 3.2 -1.8 5.6 .9 2.1 3.0 -.4 -5.2 -4.8 7.5 n.a. 50 51 Other U.S. Govt. securities -.5 -1.3 .6 1.9 3.4 2.1 5.8 1.3 1.2 6.9 7.4 -2.1 .7 n.a. 51 52 Pvt. credit mkt. instruments... 7.5 7.6 7.0 7.2 12.9 6.6 8.2 8.6 9.3 14.1 14.0 14.0 9.6 10.2 52 53 Less security debt 1.3 -.2 2.0 -.2 2.9 1.8 1.4 i .6 -.4 .2 .9 53 III. Direct lending in credit markets 54 Total funds raised 35.0 46.9 58.3 62.3 70.9 72.5 53.7 63.7 68.2 78.5 65.7 71.3 82.5 75.3 54 55 Less change in U.S. Govt. cash.... .9 * 1.3 .1 2.9 -7.7 -1.5 8.0 -1.1 -4.1 -2.4 11.0 1.2 55 56 Total net of U S Govt cash 34.2 46.9 57.0 62! 7 70.8 69.6 61.4 65.2 60.2 79.6 69.7 73.7 71.5 74.0 56 57 Funds supplied directly to cr. mkts.... 34.2 46.9 57.0 62.7 70.8 69.6 61.4 65.2 60.2 79.6 69.7 73.7 71.5 74.0 57 .8 1.5 1.9 2.6 3.2 2.6 1.0 2.6 5.5 1.4 .8 5.0 6.0 3.8 58 59 Total .7 1.5 2.0 2.9 3.4 2.2 1.9 2.1 5.1 2.1 1.2 5.1 6.4 3.5 59 60 Less change in U.S. Govt. cash. * * .1 .3 .2 -.4 .9 -.5 -.4 .7 .4 .1 .3 -.3 60 61 Commercial banks, net 8.0 15.5 18.1 19.7 20.6 22.3 18.1 23.0 10.4 23.8 19.4 28.9 18.6 27.5 61 62 Total 9.0 15.7 19.5 19.3 21.1 25.7 9.7 22.9 19.6 22.6 15.5 26.8 29.7 31.6 62 63 Less chg. in U.S. Govt. cash... .9 * 1.3 -.7 -.1 3.3 -8.5 -1.0 8.4 -1.8 -4.5 -2.5 10.6 1.6 63 .1 .2 .1 .3 .6 .1 .1 .9 .9 .5 .6 .4 .5 2.6 64 19.2 21.0 23.1 26.8 28.5 25.7 27.8 25.4 28.4 27.3 31.4 27.2 27.3 23.8 65 66 Total 21.5 23.4 27.8 33.6 32.7 36.3 38.7 30.7 31.1 38.5 32.7 28.9 32.6 36.9 66 2.4 2.4 4.7 6.9 4.2 10.6 10.9 5.3 2.7 11.1 1.3 1.7 5.3 13.1 67 2.3 2.8 3.5 2.7 3.6 2.6 3.6 4.5 2.8 5.1 3.0 3.4 4.5 5.5 68 69 Foreign ... 1.2 .7 1.3 .8 .4 5.1 -2.2 -.7 -.4 2.1 -2.0 1.7 -2.5 2.4 69 70 Pvt. domestic nonfin 2.7 5.5 9.2 10.3 14.6 11.4 13.1 10.6 13.6 20.0 17.2 7.5 17.6 11.1 70 71 Households 1.0 4.1 4.2 7.2 10.4 6.0 9.5 10.4 5.7 14.3 10.9 10.6 11.8 6.9 71 -1.9 .2 2.3 2.1 1.3 4.4 1.1 2.1 2.9 1.5 1.9 -1.0 -2.4 -.2 72 3.3 2.5 2.6 2.9 2.7 3.9 4.3 -.4 4.9 4.8 3.4 -2.5 8.4 5.3 73 q 1.3 -.2 2.0 2.9 1.8 1.4 .6 — 9 -.4 .2 .9 74 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes, see Apr. 1965 BULLETIN, p. 607. Revisions incorporating the revised GNP data will be published in the Nov. 1965 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 FLOW OF FUNDS 1475 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1963 1964 1965 Transaction category, or sector 1960 1961 1962 1963 1964 II III IV II III IV II* I. Demand deposits and currency 1 Net incr. in banking system liability. 5.4 4.4 5.0 7.3 14.1 -4.5 8.7 6.4 8.4 2.8 11.7 3.4 10.7 2 U.S. Govt. deposits .9 1.3 -.4 2.9 -7.7 -1.5 8.0 -1.1 -4.1 -2.4 11.0 1.2 2 3 Other -.8 5.3 3.1 5.5 7*. 3 11.2 3.1 10.2 -1.6 9.6 6.9 14. -7.5 9.4 3 4 Domestic sectors -.7 5.1 3.0 5.2 6.6 10.6 2.9 10.5 -3.2 10.2 5.3 14.0 -8.5 10.8 4 5 Households -.9 1.1 .4 2. 2.1 5.5 .8 -.2 2.1 — 4 2.4 4.2 -1.0 7.8 5 6 Nonfinancial business -1.0 1.7 .8 -2.5 .5 -2.6 -1.7 -1.3 -5.0 7*.9 -.9 -3.6 5.8 6 7 State and local govts -1.1 .3 .9 3.2 2.4 3.6 2.3 7.2 2.0 1.5 2.6 3.4 .2 1.0 7 8 Financial sectors .5 1.1 1.1 .3 .1 • .8 .7 _ 2 .7 -.5 .3 .4 2 8 1 9 0 Re M st a o il f f t l h o e a t world - 1 .1 .7 1 . . 2 0 A 2 2. . 1 3 1 . . 7 6 4. . 1 6 . . 3 7 - 4 .3 .1 -2 1 .1 .6 -.6 .6 1. .9 5 7. .2 0 -4 1 .4 .0 - -1 3 . ! 3 7 1 9 0 II. Time and savings accounts 11 Net increase—Total 15.3 20.7 28.7 29.2 29.7 26.1 26.7 29.9 29.4 28.5 28.9 32.0 37.0 27.2 12 At commercial banks—Total 5.8 9.4 15.6 14. 14.0 11.6 13.8 14.4 14.0 12.9 12.9 16.0 23.3 15.7 13 Corporate business .8 1.3 2.6 3.9 3.3 2.4 3.2 5.2 6.5 1.5 1.9 3.2 8.3 7.1 14 State and local govts 1.4 .9 1.0 1.6 1.7 .3 1.5 1.9 .5 2.5 3. 2.2 .4 15 Foreign depositors .3 .3 .6 1.0 1.4 .9 .8 .8 1.5 1.0 1.4 1.2 16 Households 3.3 6.8 11.5 7.6 7.6 8.0 8.3 6.4 5.5 7.6 8.2 7.0 17 At savings institutions 9.5 11.3 13.1 15.1 15.7 14.4 12.9 15.5 15.4 15.6 16.0 15.9 11.4 18 Memo: Households total 12.8 17.9 24.4 22.6 23.2 22.6 21.3 21.8 20.6 24.4 23.7 23.8 18.5 III. U.S. Govt. securities 19 Total net issues -2.5 7.3 7.3 5.2 6.3 12.4 -4.0 1.9 12.6 6.2 4.5 1.7 11.4 1.1 19 20 Short-term marketable 3.1 8.8 .5 1.4 4.1 9.0 -10.4 .3 9.1 .8 -2.0 8.4 12.7 n.a. 20 21 Other -5.3 -2.9 4.8 1.1 .9 -1.2 2.5 -3.0 5.0 1.6 5.1 -8.3 -2.5 n.a. 21 22 Net acquisitions, by sector -2.5 7.3 7.3 5.2 6.3 12.4 -4.0 1.9 12.7 6.3 4.5 1.8 11.5 1.1 22 23 Monetary authorities .7 1.5 1.9 2.8 3.4 2.4 1.8 1.6 5.4 2. 1.3 5.0 6.2 3.9 23 24 Short-term -1.0 -1.1 2.0 4.9 2.1 7.8 .4 -1.9 5.1 -2.9 5.9 .4 17.2 n.a. 24 25 Commercial banks 1.7 5.4 .8 -2.5 -.8 -13.3 -1.0 2.5 -5.3 -1.8 1.4 -7.7 25 26 Short-term direct 7.0 9.3 -5.2 -3.6 3.7 -3.2 -10.1 4.2 2.7 2.3 -1.0 11.0 -5^2 n.a. 26 27 Other direct -5.2 -4.1 5.2 .5 -4.3 2.0 -3.9 -6.3 1.5 -8.7 -.2 -9. 5.2 n.a. 27 28 Nonguaranteed -.1 .3 .8 .5 -.2 1.3 .7 1.1 -1.7 1.1 -.6 .3 -.1 -.1 28 29 Nonbank finance -.3 .8 1.3 7 1.6 -1.2 3.2 -2.2 2.2 2.2 3.0 -1.0 2.0 29 3 3 0 1 O Sh th o e rt r - t d e i r r m ec t direct -1 1 . . 7 2 - 1 .8 .6 . . 7 5 -1. .5 3 . . 8 5 -1.3 2. . 1 6 -1 -. . 6 8 1. .5 6 - 2 .4 .3 2. . 4 3 -1.7 .2 3.7 n n . . a a . . 3 3 1 0 32 Nonguaranteed .2 .1 .1 .2 .3 .1 .6 .2 .1 .3 .3 .4 -.1 .1 32 33 Foreign .5 .4 1.2 .6 .5 3.4 -2.4 .2 -1.6 .8 -.2 3.1 -3.0 1.2 33 34 Short-term .2 -.7 2.0 -.7 .2 1.2 -2.6 -1.1 -1.3 .4 -1.0 2.7 -2.5 -.1 34 35 Pvt. domestic nonfinan. sectors -5.1 2.0 5.1 1.5 7.7 6.7 3.4 4.2 6.5 2.2 -6.9 8.2 1.8 35 3 3 6 7 S O h th o e rt r - t d e i r r m ec t direct -4 -. . 4 3 1.6 1.0 2 1 . . 0 0 -2 3 . . 7 0 4.6 - 4 .2 .2 -.7 .9 2 1 . . 1 9 -15.3.3 -6 6 .0 .6 - - 5 1 . . 9 9 6.7 n n . .a a . . 3 3 6 7 3 3 9 8 S N a o v n in g g u s a r b a o n n te d e s d —Households. - - . . 1 3 .3 . . 6 4 1. .9 2 . .9 4 2 1 . . 1 1 1 1 . . 5 2 1 . . 1 2 -.6 1. .9 6 - 1 .2 .0 .7 4 1 . . 8 2 3 3 8 9 IV. Other securities 40 Total net issues, by sector 11.1 13.7 11.7 13.0 14.7 13.6 14.0 11.4 13.4 17.0 15.5 12.8 15.8 20.4 40 41 State and local govts 3.6 4.9 5.0 6.7 5.9 7.0 7.5 6.6 4.2 5.9 7.8 5.6 8.0 7.4 41 42 Nonfinancial corporations 5.3 7.3 5.3 3.4 5.4 2.8 4.2 1.7 6.6 7.0 5.2 2.8 5. 7.4 42 43 Commercial banks .1 .2 .1 .3 .6 .1 .1 .9 .9 .5 .6 .4 .5 2.6 43 44 Finance companies .5 .3 1.6 2. 1.9 1.7 2.4 2.8 1.9 1.9 1.1 2.1 44 4 4 4 4 4 5 6 7 8 9 Ne H C S R t t o e o a p s r u t u t p e s r o e c o a h h r f n a a o d t t s l h e d e e l s s o b w c u a s o l i r n l g e d o s v s ts 1 - 2 2 1 .2 . . . . 2 1 6 1 1 2 3 1 . . . . 4 8 8 1 - 1 1 1 .6 . . . 7 2 0 1 - 3 1 1 .5 . . . 0 3 0 1 3 4 1 . . . . 7 8 4 4 - 1 3 3 1 1 .4 . . . 6 8 5 14 1 1 . . . . 0 5 0 0 11 1 . . . 4 9 0 2 1 2 3 1 . . . 4 4 0 1 4 7 1 . . . . 3 0 9 5 1 3 5 1 . . . 5 7 5 * 1 2 3 2 1 . . . . 2 8 1 6 1 2 1 5 . . . . 7 1 9 8 2 2 0 1 . . . . 2 5 8 4 4 4 4 4 4 5 7 6 8 9 50 Commercial banks .4 2.6 4.4 5.2 3.5 5.8 6. 3.3 2.5 3.0 5.6 3.1 4.9 7.8 50 51 Insurance and pension funds... 7.1 8.0 7.5 7.7 8.3 8.4 7.7 7.1 8.8 7.4 8.2 7.2 7.5 51 5 5 3 2 S F e in cu an ri c ty e n b . r e o .c kers and dealers. - — .9 .4 -1.3 *T - - . . 2 7 - - 1 1 . . 1 1 . . 1 0 -2.0 -. . 7 2 - - 1 1. . 3 0 .6 - - 2 2 . . 0 2 - - 2 2. . 8 2 - 1 . . 1 2 1 1. . 1 0 5 5 2 3 54 Investment cos.—Net -.5 -.6 -.5 .1 -1.0 -.3 -1.1 -.2 -.6 -1.3 -.1 54 55 Portfolio purchases 1.0 1.4 1. .8 .9 .9 .9 .1 .6 1.6 2.1 2.1 2.7 55 56 Net issues of own shares . . 1.5 2.0 1.9 1 3 1.6 .8 1.8 1.8 .4 1.6 1.9 2.7 3.3 2.8 56 57 Rest of the world '.2 .5 .2 -.2 .1 -.4 -.1 .1 57 V. Mortgages 58 Total net lending 16.0 19.5 25.3 29.3 29.5 29.7 31.2 31.0 27.6 30.3 31.2 29.0 27.6 28.2 58 59 1- to 4-familyy 10.4 11.8 13.4 15.7 15. t6.4 16.9 15.6 15.0 16.0 16.6 15.1 13.6 15.1 59 60 IIn process -.1 .4 .5 . 5 -.3 — .4 -.4 -.2 -.1 .1 60 6 6 6 6 1 2 4 3 Ne H O " t o t a D h u c e i s qq r s e u b h" i u o s r i l s t d" i e o s d ns. 1 1 2 5 6 0 . . . 1 0 6 1 1 2 7 9 1 . . . . 4 5 4 2 1 1 4 5 1 3 . . . . 3 9 0 0 2 1 1 4 9 5 3 . . . . 3 3 6 2 2 1 1 4 9 3 6 . . . . 9 5 8 0 2 1 1 4 9 5 3 . . . . 5 8 7 4 3 1 1 4 1 6 4 . . . . 3 3 3 2 3 1 1 4 1 5 5 . ! . . 9 0 4 1 2 1 1 7 3 5 2 . . . . 6 3 5 8 3 1 1 4 0 6 4 . . . . 3 5 3 0 3 1 1 1 5 6 4 . . . . 9 2 7 3 2 1 1 9 6 5 3 . . . . 3 9 0 4 2 1 1 7 4 3 3 . . . . 1 6 6 7 2 1 1 8 3 3 5 . . . . 1 2 0 7 6 6 6 6 1 2 3 4 6 6 5 6 U Co .S m . m G e o r v ci e a r l n m ba e n n k t s 1 . . 7 2 1 . . 6 6 4. . 0 3 -1 4 . . 0 9 4. . 4 2 -1 5 . . 9 6 - 5 . . 4 2 4! < 5 3 4. . 5 3 4. . 6 8 4. . 7 1 - 3 . . 3 9 4. . 0 6 4 1 . . 4 2 6 6 5 6 67 Savings institutions 8.9 11.0 13.2 16.0 14.4 16.4 16.5 16.0 14.6 14.8 15.4 13.0 13.2 13.0 67 68 Insurance 2.9 2.7 3.0 3.9 4.8 3.7 4.1 4.4 4.2 4.5 5.1 5.3 5.3 4.3 68 69 Mortgage companies .6 .8 .4 1.1 1.1 1.0 -.2 1.2 .2 .3 .5 1.2 69 VI. Bank loans n.e.c. 70 Total net borrowing 2.8 3.0 6.5 8.1 10.1 8.5 8.0 14.6 6.3 12.6 3.4 17.9 16.8 17.8 70 71 NOP fi n ancial business... 2. 4.6 5.6 7.0 6.1 5.1 11.5 4.3 8.3 2.9 12.7 11.7 16.0 71 72 Nrnbank finance 1.0 1.0 1.3 2.1 1.9 3.6 -1.4 2.0 2.2 3.1 72 73 Rest of the world 1.9 1.6 2.9 2.8 -1.5 73 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see Apr. 1965 BULLETIN, p. 607. Revisions incorporating the revised GNP data will be published in the Nov. 1965 BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments. . 1478 Gold production 1479 Net gold purchases and gold stock of the United States. . . . 1480 Estimated foreign gold reserves and dollar holdings. . .1481 International capital transactions of the United States. . 1482 Money rates in foreign countries. . .1491 Arbitrage in Treasury bills. . 1492 Foreign exchange rates.. 1493 U.S. balance of payments. . 1494 Foreign trade. , 1495 Arbitrage 1496 Guide to tabular presentation 1414 Index to statistical tables. 1504 The figures on international capital transactions piled largely from regularly published sources are collected by the F.R. Banks from reports such as central bank statements and official made on Treasury foreign exchange forms col- statistical bulletins. For some of the series, back lected by the F.R. Banks in accordance with data are available in Banking and Monetary Executive Orders No. 6560, dated Jan. 15, 1934, Statistics and its Supplements (see list of publiand No. 10033, dated Feb. 8, 1949, and Treas- cations at the end of the BULLETIN). ury regulations thereunder. Other data are com- 1477 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1478 GOLD RESERVES OCTOBER 1965 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Esti- E pe n r d i o o d f m to a t t a e l d M ta o r n y e- U S n ta i t t e e s d m re a st t e o d f A i f s g t h a a n n- A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Burma Canada Chile world i Fund world i 1958 39,445 1,332 20,582 17,530 n.a. 60 162 194 1,270 325 1,078 40 1959 40 195 2 407 19 507 18 280 n a 56 154 292 I 134 327 960 43 I960 40,540 2,439 17,804 20,295 n.a. 104 147 293 1,170 287 885 45 1961 41,140 2,077 16,947 22,115 36 190 162 303 1,248 285 946 48 1962 41,470 2,194 16,057 23,220 36 61 190 454 1,365 225 42 708 43 1963 42,310 2,312 15,596 24,400 36 78 208 536 1,371 150 42 817 43 1964 Aug 2,424 15,657 36 73 221 592 1,395 120 42 969 43 Sent 43,070 2,425 15,643 25,000 36 73 223 592 1,395 120 42 990 43 Oct 2,425 15,606 36 73 224 592 1,404 92 42 1,001 43 Nov 2 430 15 566 36 73 224 592 I 434 92 42 007 43 Dec 43,060 2,179 15,471 25,410 36 71 226 600 1,451 92 84 1,026 43 1965 Jan 2,181 15,208 36 71 228 600 1,461 92 84 1,036 43 Feb 2,188 14,993 36 70 228 613 1,473 92 84 1,041 42 Mar . . .. 42,810 2,189 14,639 25,980 36 70 229 625 1,484 92 84 1,044 43 Apr 2,217 14,480 36 70 230 638 1,490 62 84 ,045 43 May 1,822 14,362 36 68 230 650 1,532 62 84 ,081 42 June P242,995 31,832 14,049 P26.855 36 68 230 663 1,563 62 84 1,089 42 July 31,847 13,969 36 68 231 675 ,564 63 84 ,096 44 Aug 31,856 13,916 36 231 688 ,573 84 1,104 44 Ger- E pe n r d i o o d f lo C m o b - ia m De a n rk - l F a i n n d - France m F a e n d y . , Greece India I n n e d s o ia - Iran Iraq Israel Italy Japan Rep. of 1958 72 48 35 750 2,639 17 247 37 141 34 2 1,086 124 1 1 9 9 5 6 9 0 7 7 1 8 1 5 0 7 7 4 3 1 8 1 1, , 6 2 4 9 1 0 2 2 ,9 6 7 3 1 7 2 7 6 6 2 2 4 4 7 7 5 3 8 3 1 13 4 0 0 9 8 8 4 * 2 1 , ,7 2 4 0 9 3 2 24 4 7 4 1961 88 107 47 2,121 3,664 87 247 43 130 84 10 2,225 287 1962 57 92 61 2,587 3,679 77 247 44 129 98 41 2,243 289 1963 62 92 61 3,175 3,843 77 247 35 142 98 60 2,343 289 1964 Aug .. . . 67 92 65 3 527 4 139 77 247 141 112 56 2 100 SeDt 57 92 65 3,564 4,149 93 247 141 112 56 2,104 290 Oct 58 92 64 3 598 4 149 98 247 141 112 56 2 104 Nov . 58 92 64 3,632 4,'149 98 247 141 112 56 2,104 Dec 58 92 85 3,729 4,248 77 247 141 112 56 2,107 304 1965 Jan 59 92 85 3 913 4 250 77 270 141 112 56 2 107 Feb 60 92 85 3,974 4,251 78 281 141 112 56 2,101 Mar 60 92 85 4,197 4,243 82 281 141 112 56 2,093 304 Apr 45 92 85 4 255 4 243 80 281 141 122 56 2 351 May . 36 97 85 4 400 4 378 80 281 141 122 56 2 384 June 31 97 85 4,433 4,378 84 281 141 122 56 2,384 327 Julv 33 97 85 4 471 4 383 81 281 141 122 56 2 388 Aug 97 85 4,500 4^82 77 281 141 122 56 2,383 E pe n r d i o o d f Kuwait a L n e o b n - M ic e o x- Mo c r o oc- N l e a t n h d e s r- Nigeria N w o a r y - P s a ta k n i- Peru P p h i i n li e p s - Po g r a t l u- A S r a a u b d i i a A So fr u ic th a 1958 n.a. 91 143 16 1,050 43 49 19 10 493 211 1959 n a 102 142 23 } n? 30 50 28 9 548 18 238 1960 n.a. 119 137 29 1,451 30 52 42 15 552 18 178 196! 43 140 112 29 1,581 20 30 53 47 27 443 65 298 1962 49 172 95 29 I 581 20 30 53 47 41 471 78 499 1963 48 172 139 29 1,601 20 31 53 57 28 497 78 630 1964 Aug 46 172 170 34 [,601 20 31 53 67 29 523 78 597 SeDt 46 172 170 34 1,601 20 31 53 67 30 523 78 589 Oct 45 172 169 34 I 611 20 31 53 67 31 523 78 601 Nov 45 167 34 1,621 20 31 53 67 32 523 78 592 Dec 48 183 169 34 1,688 20 31 53 67 23 523 78 574 1965 Jan 48 174 34 [,688 20 31 53 67 24 523 78 545 Feb 48 171 34 1,723 20 31 53 67 26 532 78 519 Mar 49 182 170 34 1,723 20 31 53 67 27 538 78 498 Apr 48 168 34 1,723 20 31 53 67 28 540 78 453 May 48 34 I 756 20 31 53 67 30 544 78 408 49 143 34 1,756 20 31 53 67 31 547 78 375 July 49 173 32 [ 756 20 31 53 67 32 548 r74 359 Aug 49 34 I'756 20 31 53 33 339 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 GOLD RESERVES AND PRODUCTION 1479 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f Spain Sweden Sw la i n tz d er- T w a a i n - T la h n a d i- Turkey ( U E . g A y . p R t) . U K d n i o n i m t g e - d U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n o tt t r l l e . - E E P F U 5 ments * 1958 57 204 1,925 43 112 144 174 2,808 180 719 17 -42 126 1959 68 191 1,934 41 104 133 174 2,514 180 652 10 -134 40 1960 178 170 2,185 41 104 134 174 2,800 180 401 4 -19 55 1961 316 180 2,560 43 104 139 174 2,268 180 401 6 115 56 1962 446 181 2,667 43 104 140 174 2,582 180 401 4 -50 56 1963 573 182 2,820 50 104 115 174 2,484 171 401 14 -279 47 1964—Aug. 576 182 2,530 55 104 105 174 171 401 16 95 Sept. 576 182 2,532 55 104 105 174 2,302 171 401 16 66 28 Oct.. 575 182 2,532 55 104 105 174 171 401 17 71 Nov. 576 182 2,532 55 104 105 174 171 401 17 79 Dec. 616 189 2,725 55 104 104 139 2,136 171 401 17 -50 43 1965—Jan.. 646 189 2,702 55 104 111 139 171 401 17 -111 Feb.. 677 189 2,702 55 104 115 139 171 401 16 — 159 Mar. 706 189 2,702 55 104 115 139 2,111 171 401 17 -104 53 Apr., 735 189 2,713 55 104 116 139 171 401 18 —98 May 780 202 2,688 55 104 126 139 171 401 18 -164 June 780 202 2,789 '55 96 126 139 2,226 171 401 19 -249 54 July. 810 202 2 6^5 54 96 116 139 171 401 18 — 92 Aug. 810 202 2,653 96 116 139 171 401 17 -199 i Includes reported or estimated gold holdings of international and 2 Includes U.S. gold subscription payment of $259 million to the IMF. regional organizations, central banks and govts. of countries listed in 3 Excludes gold subscription payment of $259 million by the U.S. in this table and also of a number not shown separately here, and gold to be anticipation of increase in Fund quota. distributed by the Tripartite Commission for the Restitution of Monetary 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold Gold; excludes holdings of the U.S.S.R., other Eastern European coun- assets minus gold deposit liabilities. tries, and China Mainland. 5 European Payments Union for 1958 and European Fund thereafter. The figures included for the Bank for International Settlements are the Bank's gold assets net of gold deposit liabilities. This procedure NOTE.—For back figures and description of the data in this and the avoids the overstatement of total world gold reserves since most of the following tables on gold (except production), see "Gold," Section 14 of gold deposited with the BIS is included in the gold reserves of individual Supplement to Banking and Monetary Statistics, 1962. countries. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period produc- Congo tion * A So fr u ic th a R de h s o i - a Ghana ( p L o e l o d - - U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - Co b l i o a m- India P pi h n i e li s p- t A ra u l s i - a oth A e l r l * ville) 1958 1 050.0 618.0 19.4 29.8 12.3 61 6 158 8 H 6 7 2 13 0 6 0 14 8 38 6 58 9 1959 1,125.0 702.2 19.8 32.0 12.2 57.2 156.9 11.0 7.3 13.9 5.8 14.1 38.1 54.5 I960 1,175.0 748.4 19.6 30.8 11.1 58.8 162.0 10.5 7.0 15.2 5.6 14.4 38.0 53.6 1961 1,215.0 803.1 20.1 29.2 8.1 54.8 156.6 9.4 7.9 14.0 5.5 14.8 37.7 53.8 1962 1,290.0 892.2 19.4 31.1 7.1 54.5 146.2 8.3 7.8 13.9 5.7 14.8 37.4 51.6 1963 1,350.0 960.1 19.8 32.2 7.5 51.4 139.0 8.3 7.2 11.4 4.8 13.2 35.8 59.3 1964 1,395.0 1,019.8 20.1 30.3 4.4 51.4 133.4 7.4 7.4 12.8 5.2 14.9 33.7 54.2 1964—July 86.9 1-7 2.4 11.3 .4 1.0 .4 1.2 3.0 87.2 1.7 2.5 11.3 .7 1.0 .4 1.2 3.1 Sept 88.2 1 6 10.9 .5 .9 .4 1.2 2.5 Oct 89.9 1.6 11.5 .8 1.0 .5 1.3 2.8 Nov 88.0 1.8 11.5 .6 1.1 .4 1.3 3.0 Dec 84.2 1.9 ••••••• 10.8 .5 .8 .4 1.3 2.8 1965 Jan 87 4 1 6 10 8 7 9 4 2 8 Feb 85.3 6 9.8 5 1.1 .4 2 5 Mar 86.8 1.5 10.8 .8 .5 2.6 Apr 88.0 7 11.3 .8 2 5 1 f, 10.4 2.4 June 2179.4 10.8 July 10 0 1 Estimated; excludes U.S.S.R., other Eastern European countries, NOTE.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Data for May and June. countries and Bureau of Mines. Data for the United States are from the Bureau of the Mint. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1480 U.S. GOLD OCTOBER 1965 NET GOLD PURCHASES OR SALES BY THE UNITED STATES, BY COUNTRY (In millions of dollars at $35 per fine troy ounce) 1964 1965 Area and country 1956 1957 1958 1959 1960 1961 1962 1963 1964 II III IV I II Western Europe: Austria -84 -83 -1 -143 -82 -55 -23 -25 -38 Bel&ium 3 3 — 329 — 39 — 141 — 144 — 63 — 40 —40 —40 -22 France . — 34 -266 — 173 -456 -518 -405 -101 -101 -101 -482 -148 34 23 225 25 Italy — 349 100 200 -80 Netherl an ds 25 -261 -30 -249 -25 60 60 35 20 10 Spain 31 32 — 114 — 156 — 146 — 130 — 32 —2 — 30 —90 -60 Switzerland -8 -215 20 -324 -125 102 -81 -30 -51 -37 -13 United Kincdom 100 900 -350 -550 -306 -387 329 618 221 163 125 -76 29 Bank for Intl Settlements — 178 — 32 — 36 —23 Other 18 8 -21 -38 -96 -53 -12 1 <T 14 -1 -14 -17 -4 Total . . . 80 68 -2,326 -827 -1,718 -754 -1,105 -399 -88 79 35 -171 -802 -334 Canada 15 5 190 Latin American republics: Argentina 115 75 67 — 50 —90 85 — 30 Brazil -1 -11 2 -2 57 72 54 28 -1 28 -1 28 Colombia 28 -6 38 10 10 * 30 30 20 4 -200 65 Other 29 6 2 -5 -22 -17 -5 -7 -9 -3 -2 -2 -7 * Total -28 81 69 19 -100 -109 175 32 56 25 7 27 -8 58 Asia: Japan -30 -157 -15 Other ... * 18 -4 -28 -97 1-101 2-93 312 3 -1 -1 * -15 Total * 18 — 34 — 186 — 113 — 101 —93 12 3 _ j ~l -15 All other 14 -3 -5 -38 -6 -1 -36 -7 -9 -1 -1 -9 Total foreiffti countries 80 172 -2,294 -998 1 969 -970 -833 -392 -36 95 41 -145 -811 -299 Intl Mionetary Fund • 600 5-44 4300 150 6-259 Grand total 280 772 -2,294 -1,041 -1,669 -820 -833 -392 -36 95 41 -145 -811 -558 1 Includes sales of $21 million to Lebanon and $48 million to Saudi upon termination of the investment the IMF can reacquire the same Arabia. amount of gold from the United States. 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and 5 Payment to the IMF of $344 million as increase in U.S. gold sub- $13 million to Saudi Arabia. scription less sale by the IMF of $300 million (see also note 4). 3 Includes purchases of $25 million from the Philippines. 6 Payment to the IMF as increase in U.S. gold subscription. * Proceeds from this sale invested by the IMF in U.S. Govt. securities; U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U.S. MONETARY AUTHORITIES (In millions of dollars) End of period Changes in— End of period Changes in— Year Total To G ta o l 2 ld s T to r c e k a s i ury c h F u o o r l r r d e e i i n n g c g n y s Total T g o o t l a d l Month Total To G ta o l2 ld s T to r c e k a s i ury h c F o u o l r d r r e e i i n n g c g n y s3 Total T g o o t l a d l 1952.. 23,252 23,252 23,187 379 379 1964—Sept.... 15,870 15,643 15,463 227 -20 -14 1953.. 22,091 22,091 22,030 -1,161 -1,161 Oct 15,702 15,606 15,461 96 -168 -37 1954.. 21,793 21,793 21,713 -298 -298 Nov.... 16,324 15,566 15,386 758 622 -40 1955.. 21,753 21,753 21,690 -40 -40 Dec... 15,903 15,471 15,388 432 -421 -95 1956.. 22,058 22,058 21,949 305 305 1957.. 22,857 22,857 22,781 799 799 1965—Jan 15,572 15,208 15,185 364 -331 -263 Feb.... 15,220 14,993 14,937 227 -352 -215 1958.. 20,582 20,582 20,534 -2,275 -2,275 Mar.... 15,129 14,639 14,563 490 -91 -354 1959.. 19,507 19,507 19,456 -1,075 4-1,075 Apr.... 14,884 14,480 14,410 404 -245 -159 I960.. 17,804 17,804 17,767 -1,703 -1,703 May... 14,511 14,362 14,290 149 -373 -118 1961.. 17,063 16,947 16,889 116 -741 -857 June... 14,595 14,049 13,934 546 84 5-313 1962.. 16,156 16,057 15,978 99 -907 -890 July.... 14,697 13,969 13,857 728 102 -80 1963.. 15,808 15,596 15,513 212 -348 -461 Aug 14,953 13,916 13,857 1,037 256 -53 1964.. 15,903 15,471 15,388 432 95 -125 Sept. P.. 14,885 13,926 13,858 959 -68 10 1 Includes gold sold to the United States by the International Mone- 5 Includes payment of $259 million increase in U.S. gold subscription tary Fund with the right of repurchase, which amounted to $800 million to the IMF. on Sept. 30, 1965. 2 Includes gold in Exchange Stabilization Fund. NOTE.—Sec Table 11 on p. 1489 for gold held under earmark at F.R. 3 For holdings of F.R. Banks only, see pp. 1424 and 1426. Banks for foreign and international accounts. Gold under earmark is 4 Includes payment of $344 million increase in U.S. gold subscription not included in the gold stock of the United States. to the IMF. See also NOTE to table on gold reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 GOLD RESERVES AND DOLLAR HOLDINGS 1481 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1963 June 30, 1964 Sept. 30, 1964 Dec. 3I, 1964 Mar. 31, 1965 June 30, 1965* Area and country Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Western Europe: Austria. . 901 3 902 3 947 3 923 3 872 3 885 3 Belgium 1,791 * 1,832 * 1,821 1,887 * 1,897 * 1,983 * Denmark 253 14 289 14 352 14 428 14 430 14 368 14 Finland 160 1 167 1 174 1 212 1 201 189 1 France 4,653 6 5,003 7 5,093 7 5,392 7 5,530 7 5,646 7 Germany Fed Rep of 6,884 1 6,616 1 6,437 1 6,258 6,137 5,918 Greece 265 227 * 225 * 252 232 235 * I N N ta e o l t r y h w e a r y la nds ... 3 1 , ,9 1 1 6 4 6 1 6 4 13 4 1 1 3 1, , 8 0 1 2 3 8 4 9 8 1351 1 3 1, , 9 2 2 6 2 0 4 5 5 10 4 1 1 2 3 , , 0 7 2 5 2 1 5 9 5 98 5 1 2 3 , , 0 5 2 3 3 3 6 9 4 68 5 1 2 3 , , 0 8 2 3 2 6 4 4 3 68 5 1 Portugal 688 * 698 * 747 * 780 * 802 795 * Spain 778 2 839 2 972 2 1,010 2 984 2 1,011 2 T S S w w ur e i k t d z e e e y n rl and .... 3,7 5 1 2 9 3 6 1 6 1 7 2 5 9 3,7 6 1 3 1 2 7 5 9 1 7 3 7 0 3,6 7 1 5 3 2 3 3 3 9 7 0 8 * 4,0 8 1 9 3 4 5 3 0 4 7 0 9 3,9 9 1 2 2 4 7 8 2 4 7 0 8 4,0 9 1 8 2 4 8 1 5 2 8 4 7 * United Kingdom 3,967 * 4,153 * 4,222 402 4,020 414 4,308 407 4,715 502 Otheri 369 328 514 402 491 49 508 49 391 49 342 50 46 48 Total 30,433 741 30,772 822 31,384 753 32,737 714 32,590 676 33,362 765 Canada 3,805 687 3,674 686 3,863 695 4,010 690 3,565 735 3,492 727 Latin American republics: Argentina 453 * 424 * 386 * 362 * 371 * 378 * Brazil 329 * 294 * 330 • 350 * 421 * 402 * Chile 186 * 227 * 224 * 219 * 207 * 240 * Colombia .... 231 238 226 1 267 229 1 190 1 Cuba... 12 * 11 * 10 * 12 * 11 11 * Mexico 808 2 817 808 904 1 913 855 * Panama Republic of 129 10 105 * 89 1 99 1 111 1 124 1 P U e r r u u guay 2 2 1 8 5 4 * * 2 2 7 7 1 6 * * 2 27 8 1 0 * 2 2 7 8 3 2 * 1 2 3 9 3 4 4 * 2 3 9 3 5 0 * 1 Venezuela 992 1,057 * 1,076 * 1,135 * 1,103 * 1,097 * Other 424 1 487 2 465 2 478 2 538 1 538 2 Total 4,063 14 4,207 4 4,165 5 4,381 6 4,532 5 4,460 5 Asia: India 298 * 311 * 307 * 306 * 342 * 353 * Indonesia 83 1 77 63 1 73 1 62 1 58 1 Japan 2,773 5 2,757 5 2,882 5 3,044 5 3,137 9 3,130 9 P T h h i a l i i l p a p n i d nes . 4 2 8 3 6 7 * * 2 52 3 9 0 * 2 5 6 4 0 6 • * it 2 5 5 6 6 2 * * 2 5 7 9 9 2 * * 2 5 8 9 1 2 * * Other 1,687 41 1,943 42 1,994 45 2,059 43 2,222 43 2,200 43 Total 5,564 47 5,847 48 6,052 51 6,300 49 6,634 53 6,614 53 Africa: South Africa 671 645 * 635 * 621 * 547 424 * U A R (Eevot") 188 196 196 163 163 161 Other 296 9 287 10 288 14 283 16 317 16 373 16 Total 1,155 9 1,128 10 1,119 14 1,067 16 1,027 16 958 16 Other countries: Australia 388 * 384 * 392 * 402 * 411 433 * All other 313 26 350 26 358 28 374 26 421 31 414 28 Total 701 26 734 26 750 28 776 26 832 31 847 28 Total foreign countries2 45,721 1,524 46,362 1,596 47,333 1,546 49,271 1,501 49,180 1,516 49,733 1,594 International and regional3 6,958 1,218 7,294 1,068 7,499 923 7,162 904 7,279 798 6,689 799 Grand total2 52,679 2,742 53,656 2,664 54,832 2,469 56,433 2,405 56,459 2,314 56,422 2,393 1 Includes, in addition to other Western European countries, unpub- NOTE.—Gold and short-term dollars include reported and estimated lished gold reserves of certain Western European countries; gold to be official gold reserves, and official and private short-term dollar holdings distributed by the Tripartite Commission for the Restitution of Mone- (principally deposits and U.S. Treasury bills and certificates); excludes tary Gold; European Fund; and the Bank for International Settlements nonnegotiable, non-interest-bearing special U.S. notes held by the Inter- (the figures for the gold reserves of the BIS represent the Bank's net American Development Bank and the International Development Assn. gold assets.) U.S. Govt. bonds and notes are official and private holdings of U.S. 2 Excludes gold reserves of the U.S.S.R., other Eastern European Govt. securities with an original maturity of more than 1 year; excludes countries, and China Mainland. nonmarketable U.S. Treasury bonds and notes held by official institutions 3 Includes international organizations and Latin American and Euro- of foreign countries as shown in Table 8 on p. 1488. pean regional organizations, except the Bank for International Settlements See also NOTE to table on gold reserves. and European Fund, which are included in "Other Western Europe." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1482 INTL. CAPITAL TRANSACTIONS OF THE U.S. OCTOBER 1965 1. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS AND INTERNATIONAL ORGANIZATIONS (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d reg I a i n o n n t d l a . l i c F o o u r n e t i r g ie n s E W u e r s o t p e e r n 2 Canada A re m L p e u a r t b i i l c n i a c n s Asia Africa co O u t n h t e ri r es 1963—Dec 19,505 5,855 13,650 7,867 1 664 1,058 2,731 154 176 1964 Aug 19,415 5,925 13,490 7,636 ,492 1,152 2,906 139 165 Sept 19,518 5,989 13,529 7,714 ,495 1 074 2,928 146 172 Oct . . .. 19,429 5,964 13,465 7,517 ,533 1,175 2,904 158 178 Nov 19,802 5,954 13,848 7,824 ,577 1,191 2,930 152 174 Dec 20,225 5,876 14,349 8,270 483 1,238 3,020 160 178 1965—Jan 19,519 5,822 13,697 7,551 449 1,265 3,096 159 177 Feb 19,606 5,780 13,826 7,644 ,419 1,278 3,124 180 181 Mar . 19,317 5,879 13,438 7,255 ,316 1,296 3,213 178 180 Apr 18,994 5,883 13,111 6,955 ,308 1,305 3,175 180 188 May 18,745 5,660 13,085 6,822 ,304 1,389 3,178 191 201 June 18,977 5,646 13,331 7,200 ,275 1,295 3,173 193 195 JulyP 18,820 5,944 12,876 6,712 ,281 1,308 3,198 181 196 Augp 19,039 5,853 13,186 6,892 I 378 1,356 3,174 194 192 1 Includes international organizations, and Latin American and Euro- as reported by banks in the United States, and estimated foreign official pean regional organizations, except the Bank for International Settlements holdings of marketable U.S. Govt. securities with an original maturity and the European Fund which are included in Western Europe. of more than 1 year. Data exclude nonnegotiable, non-interest-bearing 2 Includes Bank for International Settlements and European Fund. special notes held by the Inter-American Development Bank and the International Development Association, and also nonmarketable U.S. NOTE.—Data represent short-term liabilities to the official institutions Treasury notes and bonds, payable in dollars and in foreign currencies. of foreign countries and to official international and regional organizations, 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional i Foreign E pe n r d i o o d f G to ra ta n l d Total Intl. g E i p o r u e n e r a a - o n l - 2 g L i r o . e A n - a . l Total c O ia ff l i 3 - Other Europe Canada Am La e t r i i n ca Asia Africa O c t o r t i u h e n e s r - I960 21,272 4,012 3,897 115 17,260 10,212 7,048 9,046 2,439 2,308 3 115 227 125 1961 422,533 3,752 3,695 57 418,781 10,940 47,841 10,322 2,758 2,340 42,974 283 104 1962 25,019 5,145 4,938 34 173 19 874 11,963 7,911 10,162 3,349 2 448 3,444 319 152 1963 25,967 4,637 4,501 18 118 21,330 12,'467 8,863 10J770 2,988 3,137 4,001 241 194 1964—Aug 27,277 4,918 4,757 18 143 22,359 12,312 10,047 11,148 3,064 3,358 4,383 224 183 Sept.. 27,406 5,065 4,910 17 138 22,341 12,351 9,990 11,285 2,873 3,290 4,474 231 189 Oct... 28,039 5,061 4,900 18 143 22,978 12,300 10,678 11,233 3,405 3,411 4,497 244 188 Nov.. 28,975 5,051 4,889 18 144 23,924 12,723 11,201 12,012 3,461 3,480 4,553 238 181 Dec. 5 28,843 4,974 4,802 22 150 23,869 13,224 10,645 12,240 2,984 3,556 4,660 238 192 1965—Jan... 28,777 4,986 4,811 19 156 23,791 12,588 11,203 11,990 2,961 3,611 4,765 246 218 Feb... 28,915 4,982 4,815 17 150 23,933 12,685 11,248 12,017 2,941 3,668 4,834 273 199 Mar.. 28,288 5,081 4,916 19 146 23,207 12,297 10,910 11,527 2,521 3,739 4,953 263 204 Apr... 27,841 5,085 4,914 15 157 22,756 11,970 10,786 11,014 2,549 3,767 4,948 268 210 May.. 27,420 4,863 4,696 13 153 22,557 11,959 10,598 10,751 2,509 3,849 4,945 283 221 June.. 27,735 4,848 4,689 15 144 22,887 12,205 10,682 11,309 2,403 3,724 4,947 277 228 July?. 27,779 5.146 4,994 12 140 22,633 11,750 10,883 10,757 2.585 3.762 5,049 262 219 Aug.p.. . 28,454 5,059 4,919 9 130 23,395 12,062 11,333 11,313 2,748 3,779 5,054 283 218 2a. Europe Ger- End of period Total Austria Belgium m De a n rk - l F a i n n d - France m F a e n d y . . Greece Italy N l e a t n h d e s r- Norway Po g r a t l u- Spain Sweden Rep. of I960. 9,046 243 142 54 46 519 3,476 63 877 328 82 84 149 227 1961 10,322 255 326 52 91 989 2 842 67 234 216 105 99 153 406 1962 10,162 329 177 67 73 1,157 2,730 119 ,384 248 125 161 177 490 1963 10,770 365 420 161 99 1,478 3,041 188 803 360 133 191 205 409 1964—Aug 11,148 355 424 229 105 1,525 2,361 133 ,057 317 171 230 376 509 Sept. 11,285 355 426 260 109 1,529 2,288 132 ,121 363 174 224 396 551 Oct... 11,233 293 444 269 112 1,524 2,184 159 ,263 356 186 228 409 563 Nov.. 12,012 349 473 280 110 1,600 2,152 172 ,434 447 182 228 410 653 Dec. 12,240 323 436 336 127 1,663 2,010 175 ,622 367 184 257 394 644 1965—Jan.. 11,990 296 470 344 129 ,530 1,928 165 ,592 355 153 257 408 682 Feb.. 12,017 269 459 334 126 ,584 1,916 152 ,571 339 174 267 338 717 Mar. 11,527 247 413 338 116 ,333 1,894 150 1,446 313 203 264 278 739 Apr.. 11,014 215 460 318 122 ,273 1,879 148 1,345 328 197 264 244 724 May, # # 10,751 206 463 255 113 ,174 1,711 148 1,357 285 205 246 197 748 June. 11,309 222 420 271 104 ,213 1,540 151 1,440 278 232 248 231 719 JulyP 10,757 248 425 269 104 ,089 1,363 148 .300 308 214 241 234 724 Aug.p 11,313 263 444 242 100 ,171 1,242 152 1,486 316 224 256 271 707 For notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1483 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COl NTRY- Continued (Amounts outstanding; in millions of dollars) 2a. Europe—Continued 2b. Latin America End of period Sw la it n z d er- Turkey U K d n i o n i m t g ed - Y sl u av g i o a - W E O u e r t s h o te e p r r e n 6 U.S.S.R. E E O a u t s r h t o e e p r r n e Total A t r i g n e a n- Brazil Chile Co b l i o a m- Cuba Mexico I960 678 18 1,667 10 357 12 14 2,308 315 194 135 158 77 397 1961 875 26 2,227 12 325 5 16 2,340 235 228 105 147 43 495 1962 908 25 1,609 11 351 3 19 2,448 210 204 135 148 531 1963 906 21 1,483 16 465 2 24 3,137 375 179 143 169 11 669 1964—Aug 1,102 12 1,951 13 254 3 21 3,358 307 221 172 149 10 674 Sept 1,121 18 1,920 16 260 3 20 3,290 313 210 181 169 10 638 Oct 1,083 22 1,848 12 254 2 23 3,411 305 233 163 162 10 663 Nov 1,199 27 2,004 15 251 3 21 3,480 279 253 151 177 10 773 Dec 1,370 36 1,884 32 358 3 19 3,556 291 258 176 209 12 735 1965—Jan 1,321 26 2,035 21 253 3 24 3,611 298 280 189 177 12 699 Feb 1,308 21 2,074 17 324 2 24 3,668 301 305 161 197 11 710 Mar 1,225 27 2,197 21 296 2 24 3,739 301 329 164 169 11 743 Apr 1,209 19 1,890 17 341 3 21 3,767 314 298 159 171 11 700 May.... 1,199 22 2,055 16 328 2 19 3,849 337 370 161 180 11 726 June.... 1,299 19 2,489 18 390 2 21 3,724 310 340 198 159 11 687 JulyP. 1,271 15 2,464 15 296 4 25 3,762 327 339 187 162 11 623 Aug.?'..'. 1,319 19 2,727 56 292 1 25 3,779 354 410 184 171 10 622 2b. Latin America—Continued 2c. i4sia E p n er d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - O L re t . h A p e . . r B B e a r h m & a u m d a a s 8 A S n N u t r i e i l n t le h a s . m & Am O L e a t r h t i i e c n r a* Total M C la h a n i i n d n a - K H o o n n g g India n d I e n o si - - a Israel I 1 9 9 6 6 0 1 1 8 2 7 3 7 8 2 4 5 5 1 7 4 3 1 9 8 8 2 2 3 2 5 6 1 6 1 9 1 7 8 2 9 1 1 2 5 42 3, , 1 9 1 7 5 4 3 3 5 5 5 5 7 6 5 7 4 8 1 7 7 6 8 7 6 5 3 1962 98 105 101 405 267 123 97 10 3,444 36 65 41 28 81 1963 129 158 113 591 355 136 93 15 4,001 35 66 51 48 112 1964—Aug 92 214 112 707 419 166 96 19 4,383 35 80 56 27 129 Sept 89 204 109 675 404 175 98 16 4,474 36 77 60 28 134 Oct 96 199 113 763 405 178 105 16 4,497 36 74 55 36 132 Nov 103 196 111 714 410 174 113 15 4,553 35 85 63 37 140 Dec 99 206 111 734 416 181 114 14 4,660 35 95 59 38 133 1965—Jan 102 242 115 764 419 183 115 16 4,765 35 96 65 26 131 Feb 111 244 119 720 446 209 118 16 4,834 35 100 70 30 134 Mar.... 111 267 123 702 474 212 114 19 4,953 35 95 61 27 128 Apr 105 248 128 800 482 222 110 21 4,948 35 97 65 28 116 May.... 113 262 118 761 463 211 112 23 4,945 35 100 67 29 107 June.... 124 263 124 696 472 206 ll< 18 4,947 35 94 72 23 111 JulyP. .. 114 259 123 794 497 196 109 20 5.049 36 97 86 34 114 Aug.*7... 106 265 126 739 496 169 109 18 5,054 35 101 78 22 108 2c. Asia—Continued 2d. Africa 2e. Other countries E p n er d io o d f Japan Korea P p h in il e ip s - T w a a i n - T la h n a d i- O A t s h i e a r Total «•• Congo ro M cc o o - 8 A So fr u i t c h a ( U E . g A y . p R t) . A O f t r h ic e a r Total t A ra u l s ia - ot A he ll r* 1960 1,887 152 203 84 186 204 227 32 64 29 22 80 125 88 37 1961 41,672 199 185 92 264 254 283 34 93 32 15 109 104 98 1962 2,195 136 174 75 333 280 319 35 68 41 14 161 152 147 5 1963 2,484 113 209 149 382 353 241 26 49 41 14 112 194 180 13 1964—Aug 2,545 101 216 248 439 507 224 23 18 38 20 124 183 162 20 Sept 2,592 103 230 238 442 533 231 24 17 46 22 123 189 169 20 Oct 2,587 103 227 240 437 571 244 26 8 48 23 139 188 165 23 Nov 2,608 106 228 221 444 585 238 25 7 51 19 135 181 163 IS Dec 2,740 104 233 221 458 543 238 26 7 47 24 135 192 176 15 1965—Jan 2,738 116 243 225 471 618 246 23 8 57 28 131 218 201 18 Feb 2,765 111 259 230 484 615 273 33 8 62 28 142 199 178 21 Mar 2,833 100 252 232 488 703 263 37 9 49 24 143 204 182 22 Apr 2,766 93 252 232 488 774 268 35 10 53 25 146 210 184 25 May 2,771 91 248 227 494 776 283 31 16 54 27 154 221 198 23 June 2,803 88 250 229 496 747 277 30 18 49 22 158 228 203 25 JulyP 2,786 88 280 226 501 803 262 18 17 52 24 151 219 195 24 Aug.P... 2,856 92 265 229 503 764 283 17 16 61 24 164 218 196 22 1 International Bank for Reconstruction and Development, Inter- 5 Includes revisions arising from changes in reporting coverage as national Monetary Fund, International Finance Corp., International follows (in millions of dollars): Total +20; Europe —13; Canada +1; Development Assn., and other international organizations; Inter-Amer- Latin America +19; Asia +22; Africa -9. ican Development Bank, European Coal and Steel Community, European 6 Includes Bank for International Settlements and European Fund. Investment Bank and other Latin American and European regional 7 Decline from end of 1961 reflects principally reclassification of deorganizations, except Bank for International Settlements and European posits for changes in domicile over the past few years from Cuba to other Fund which are included in "Europe." countries. 2 Not reported separately until 1962. 8 Data based on reports by banks in the Second F.R. District only for 3 Foreign central banks and foreign central govts. and their agencies, year-end 1960-62. and Bank for International Settlements and European Fund. 4 Includes $82 million reported by banks initially included as of Dec. For NOTE see end of Table 2. 31, 1961, of which $81 million reported for Japan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1484 INTL. CAPITAL TRANSACTIONS OF THE U.S. OCTOBER 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 9; (end of period) 1963 1964 1965 1963 1964 1965 Area or country Area or country Dec. Apr. Dec, Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia (Cont.): Iceland 7.0 4.7 5.2 7.1 Iran 23.5 33.4 23.4 62.0 Ireland, Rep. of 10.7 6.0 8.7 6.3 Iraq 19.8 22.9 21.6 n.a. Luxembourg 7.4 8.6 17.4 20.1 Jordan 2.8 2.7 2.7 n.a. Monaco 2.7 2.4 4.1 3.6 Kuwait 46.5 49.9 56.4 52.0 Laos 8.8 6.5 5.0 5.0 Other Latin American republics: Lebanon 76.3 108.1 84.2 113.2 Bolivia 32.6 35.1 43.2 53.1 Malaysia 24.1 24.3 22.2 36.3 Costa Rica 29.1 35.9 31.5 28.6 Pakistan.. 17.3 16.1 23.1 24.8 Dominican Republic 58.0 40.6 55.8 47.3 Ryukyu Islands (incl. Okinawa) 21.7 31.6 25.6 32.7 Ecuador 53.4 62.1 67.1 65.2 Saudi Arabia 61.7 151.0 197.2 288.0 El Salvador 41.7 57.8 56.0 71.7 Syria 2.1 5.7 7.6 3.2 Guatemala 47.9 65.1 48.7 71.6 Viet-Nam 12.1 17.9 19.0 19.7 Haiti 12.9 17.3 14.3 15.4 Honduras 20.0 26.3 26.0 33.0 Other Africa: Jamaica 6.5 4.7 7.0 7.8 Algeria .9 1.0 1.5 2.1 Nicaragua 35.0 52.3 42.4 67.4 Ethiopia, incl. Eritrea 22.3 32.1 33.7 45.2 Paraguay 8.9 8.4 11.4 12.1 Ghana 6.4 6.3 5.6 5.1 Trinidad & Tobago 5.7 5.5 7.4 8.6 Liberia 22.0 17.8 20.0 17.6 Libya 14.1 14.9 28.9 26.8 Other Latin America: Mozambique 1.4 1.4 2.5 1.6 British West Indies 7.3 6.3 8.0 16.0 Nigeria 17.8 17.3 15.7 n.a. French West Indies & French Somali Republic .8 .8 .5 .8 Guiana 1.3 .6 1.1 1.4 Southern Rhodesia 3.6 3.5 3.0 2.6 Sudan 2.5 2.0 2.2 2.2 Other Asia: Tunisia 1.0 .8 1.0 Afghanistan 5.0 4.2 5.5 6.3 Burma 9.9 22.1 32.5 n.a. All other: Cambodia 6.9 2.1 1.5 1.7 New Zealand , 10.5 18.8 12.0 19.7 Ceylon 3.1 3.7 2.4 2.7 9 Represent a partial breakdown of the amounts shown in the "other" interest-bearing special U.S. notes held by the International Developcategories (except "Other Eastern Europe") in Tables 2a-2e. ment Assn. and the Inter-American Development Bank. For data on long-term liabilities, see Table 6. For back figures and further descrip- NOTE.—Short-term liabilities are principally deposits (demand and tion of the data in this and the following tables on international capital time) and U.S. Govt. securities maturing in not more than 1 year from transactions of the United States, see "International Finance," Section their date of issue; the latter, however, exclude nonnegotiable, non- 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) Payable in dollars To banks and official institutions To all other foreigners Payable End of period Total for i e n ign Total Deposits T bi r l U e ls a . S s a u . n r d y n S o U p t e . e c S s i . a 2 l Other 3 Total Deposits T bi r l U e ls a . s S a u . n r d y Other 3 currencies Demand Time * certificates Demand Time i certificates I960 21,272 18,929 7, 568 7,491 2,469 1,401 2,230 1,849 148 233 113 1961 22,450 19,944 8, 544 7,363 2,388 1,549 2,356 1,976 149 231 150 1961 4 22 533 20,025 8, 707 7,363 2,388 1,567 2,358 1 977 149 232 150 1962 25,019 22,311 8, 528 9,214 3,012 1,557 2,565 2,096 116 352 143 1963 25,967 22,787 5,629 3,673 8,571 3,036 1,878 3,047 1,493 966 119 469 134 1964—Aug 27,277 23,993 6,359 3,769 8,163 3,275 2,427 3,161 1.450 1,135 91 485 124 Sept 27,406 24,038 6,243 3,752 8,180 3,425 2,439 3,237 ,478 1,178 101 480 132 Oct 28,039 24,683 6,764 3,856 8,133 3,394 2,536 3,250 ,449 1 196 105 500 106 Nov 28,975 25,563 7,310 3,880 8,470 3,385 2,518 3,302 ,500 1,206 84 512 111 Dec. 5 28,843 25,376 6,713 3,994 8,727 3,308 2,634 3,377 ,531 1,271 72 503 90 1965—Jan 28,777 25,297 6,849 4,047 8,560 3,303 2,538 3,383 ,509 1,295 81 497 97 Feb 28,915 25,411 6,753 4,032 8,607 3,303 2,716 3,431 ,516 ,320 79 515 73 Mar 28,288 24,742 6,628 3,970 7,978 3,373 2,793 3,482 ,541 I 362 79 501 64 Apr 27,841 24,280 6,226 3,982 7,767 3,367 2,938 3,478 ,546 1,393 77 461 84 27,420 23,888 6,081 3,933 7,690 3,167 3,017 3,441 ,517 1,400 79 445 90 June 27 735 24,162 6,465 3,911 7,640 3,167 2,979 3,473 522 I 418 86 446 101 July*7 27,779 24,199 6,545 3,962 7,165 3,462 3,065 3,484 ,536 1,423 89 436 97 Aug.23 28,454 24,859 7,061 3,997 7,293 3,434 3,074 3,482 ,478 1,471 88 445 113 1 Excludes negotiable time certificates of deposit which are included time certificates of deposit. in "Other." 4 These figures reflect the inclusion of data for banks initially included 2 Nonnegotiable, non-interest-bearing special U.S. notes held by the as of Dec. 31,1961. International Monetary Fund; excludes such notes held by the Inter- 5 Includes revisions arising from changes in reporting coverage as national Development Assn. and the Inter-American Development follows (in millions of dollars): Total +20; foreign banks, etc. +26; Bank, which amounted to $288 million on Aug. 31, 1965. other foreigners +22; payable in foreign currencies —28. 3 Principally bankers' acceptances, commercial paper, and negotiable Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1485 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period G to r t a a n l d I r n e t g l i . o a n n a d l Europe Canada A L m a e t r i i n ca Asia Africa * cou O n t t h r e ie r s 2 I960 3,614 717 421 1,356 1,052 69 1961 . .... 3 4 820 767 556 1,522 31,891 85 1962 5 163 877 526 1 606 2,017 137 1963 5,975 1 939 638 1,742 2,493 104 58 1964 Aug 6,775 1 1,048 746 1,932 2,891 98 60 Sent 6,806 1 1,064 675 1,984 2,923 101 58 Oct.. 6,912 1 1,164 629 2,020 2,925 108 66 6,964 1 1.129 627 2,098 2,934 109 67 Dec 7,469 1 1,217 725 2,212 3,137 120 58 Dec.4 '7,955 * 1,230 1,010 '2,233 '3,287 131 63 1965—Jan . . '7,768 2 1,174 1,007 '2,205 '3,212 112 56 Feb r7,887 1 1,185 1,065 '2,243 r3 224 118 51 Mar '7,934 * 1,185 r987 '2,193 '3,385 130 53 Apr. '7,799 * 1,167 '908 '2,177 '3,360 129 57 May r7,772 * 1,173 '857 '2,189 '3 360 136 57 June 7,753 * 1,164 813 2,170 3,400 146 61 JulyP 7,573 1 124 803 2,113 3,318 151 64 Aug.P 7,521 1,123 748 2,120 3,328 142 59 4a. Europe Germany, Neth- End of period • fotal A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - France Fed. o R f ep. Greece Italy la e n r d - s N w o a r y - t P u o g r a - l Spain S d w en e- 1960 717 2 65 13 9 32 82 6 34 33 17 4 8 28 1961 767 5 20 11 23 42 165 6 35 54 27 5 11 35 1962 877 7 32 14 30 68 186 6 54 27 35 9 19 18 1963 939 8 26 13 52 70 121 9 97 33 40 14 26 30 1964—Aug... 1,048 8 31 18 62 72 133 10 94 40 33 20 32 31 Sept.. . 1,064 9 31 17 65 74 127 10 92 40 33 17 31 36 Oct.... 1,164 9 35 15 69 76 173 10 113 40 36 21 28 43 Nov... 1,129 7 34 16 71 16 175 10 122 42 41 20 32 41 Dec..., 1,217 10 42 28 85 79 159 9 109 39 43 19 40 47 Dec.4., 1,230 11 48 26 84 81 152 10 114 36 43 23 40 49 1965—Jan.... 1,174 9 57 18 77 89 189 11 106 33 46 28 32 51 Feb.... 1,185 9 72 20 76 84 203 9 125 42 44 26 26 45 Mar.. . 1,185 10 49 21 77 75 186 10 138 46 49 34 32 44 Apr..., 1,167 9 49 27 77 82 173 10 123 47 49 36 43 47 May.., 1,173 9 43 23 75 83 184 14 116 44 51 36 46 38 June.., 1,164 9 40 19 74 86 167 11 113 46 50 34 38 42 July**. . 1,124 8 39 20 71 72 174 11 109 40 44 32 52 40 Aug. *\ 1,123 10 34 20 71 81 169 12 108 38 45 30 45 39 4a. Europe—Continued 4b. Latin America End of period S l w a e n r i - t d z- T k u ey r- U K d n i o i n m t g e - d Y sl u av g i o a - W E O u e t r s h o t e e p r r e n 5 U.S.S.R. E E O u as t r h o te e p r r e n 6 Total A t r i g n e a n- Brazil Chile l C o b m i o a - - Cuba M ic e o x- 1960 60 49 245 11 11 1,356 121 225 73 80 26 343 1961 105 16 181 9 9 1,522 192 186 127 125 19 425 1962 75 42 221 6 19 1,606 181 171 186 131 17 408 1963 70 48 237 7 23 t 1,742 188 163 187 208 18 465 1964—Aug.. 88 35 277 23 21 1,932 175 153 187 250 16 568 Sept.. 82 49 290 21 22 1,984 187 158 196 273 16 565 Oct... 90 31 312 17 26 2,020 196 155 183 291 16 580 Nov.. 92 15 278 15 21 2,098 205 146 188 300 17 604 Dec... 97 36 319 15 20 2,212 210 145 188 319 17 630 Dec.4 111 37 310 16 20 2,233 '203 126 175 338 17 644 1965—Jan... 114 36 223 16 20 2,205 '210 125 164 313 16 '659 Feb... 118 32 196 15 21 i 2,243 '209 119 155 '313 16 '686 Mar.. 116 30 199 20 23 2,193 '201 119 141 292 16 '685 Apr.. 98 7 213 24 24 1 2,177 '204 108 140 295 17 '684 May. 95 17 216 28 25 * 2,189 '208 112 135 294 16 691 June. 99 31 223 29 26 1 2,170 204 112 144 285 16 693 July?. 87 42 195 31 26 2 2,113 208 113 139 276 16 670 Aug. P 82 42 200 39 28 2,120 219 111 135 262 16 672 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1486 INTL. CAPITAL TRANSACTIONS OF THE U.S. OCTOBER 1965 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 4b. Latin America—Continued 4c. Asia E pe n r d i o o d f Panama Peru U gu r a u y - V zu e e n l e a - R O l L e ic t p . h s A u e 7 . b r - m B B m u a & d e h a r a s a - - i A N S n n u e a t & i m t r l h i l - e . s A O L ic m a t a h t e i e 8 n r r - Total M C la h a n i i n d n a - H K o o n n g g India I n n e d s o ia - Israel 1960 23 44 57 234 55 8 66 1,052 2 9 9 24 1961 32 74 55 144 56 13 74 31,891 2 9 8 36 1962 30 85 122 102 66 9 98 2,017 2 13 20 37 1963 35 99 65 114 135 42 9 16 2,493 2 11 17 22 1964—Aug 38 104 62 137 169 41 19 13 2,891 2 16 19 39 Sept... 37 102 63 140 173 42 18 13 2,923 2 20 24 39 Oct... 35 96 62 140 188 44 19 16 2,925 2 21 20 40 Nov... 38 99 67 153 199 50 17 16 2,934 2 20 19 3 45 Dec... 41 102 76 165 222 58 18 20 3,137 2 26 22 7 44 Dec*. 48 108 78 168 224 65 18 21 '3,287 2 28 21 7 '47 1965—Jan.. 48 109 78 158 221 68 19 18 '3,212 2 21 22 7 '37 Feb.. 56 112 84 161 230 63 19 19 '3,224 21 16 7 '46 Mar.. 48 116 84 164 229 62 19 18 '3,385 25 28 7 '55 Apr... 48 112 81 173 221 58 19 19 '3,360 24 28 7 '57 May.. 50 119 78 173 216 58 19 19 '3,360 27 28 4 '55 June.. 49 117 72 167 213 59 19 18 3,400 34 26 1 54 July*». 46 115 67 164 208 56 17 20 3,318 32 21 52 Aug.p. 47 122 68 172 210 52 13 21 3,328 32 19 2 53 4c. Asia—Continued 4d. Africa 4e. Other countries Congo End of period Japan Korea P p h i i n l e ip s - T w a a i n - T la h n a d i- O A t s h i e a r Total l ( p v L o il e l l d e o ) - - M c o o r o i c- A So fr u ic th a ( U E . g A y . p R t) . A O f t r h ic e a r i Total 2 A t l r u i a a s - - oth A e l r l 9 I960 806 2 19 7 24 150 3 11 3 69 28 24 1961 31,528 4 114 10 34 145 6 10 13 85 29 27 1962 1,740 3 70 9 41 80 2 10 26 137 41 57 1963 2,171 25 113 8 52 71 104 1 1 15 28 59 58 48 9 1964 Aug 2,472 23 179 7 56 77 98 1 2 19 26 50 60 50 9 Sept 2,493 25 179 8 53 80 101 1 2 18 29 52 58 49 10 Oct 2,488 25 185 9 54 81 108 1 2 18 29 58 66 56 10 Nov 2,496 25 183 8 55 79 109 1 2 19 28 60 67 58 9 Dec 2,653 21 202 9 64 oo 120 1 2 19 42 56 58 48 10 Dec* '2,803 21 203 9 65 82 131 1 2 20 42 67 63 48 16 1965 Jan '2,738 20 205 10 70 80 112 1 1 15 31 63 56 43 13 Feb .... r2,741 20 208 12 73 80 118 1 2 15 29 71 51 39 12 Mar r2,856 20 212 12 71 97 130 1 3 19 35 72 53 41 12 js^pr '2,827 20 212 13 73 99 129 1 21 35 70 57 45 13 Mav .. . '2,856 21 209 13 76 100 136 1 2 20 38 75 57 45 13 June 2,871 20 200 12 77 106 146 1 3 22 43 77 61 48 13 JulyP . ... 2,822 20 1Q1 11 74 94 151 * 2 32 40 77 64 50 14 Aug P 2,823 21 194 10 74 101 142 1 2 32 36 71 59 46 14 1 Not reported separately until 1963. Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, 2 Includes Africa until 1963. and Trinidad and Tobago. 3 Includes $58 million reported by banks initially included as of Dec. 9 Until 1963 includes also African countries other than Congo (Leo- 1961, of which $52 million reported for Japan. poldville), South Africa, and U.A.R. (Egypt). 4 Differs from December data in line above because of the exclusion as of Dec. 31, 1964, of $58 million of short-term U.S. Govt. claims NOTE.—Short-term claims are principally the following items payable previously included; and because of the addition of $544 million of short- on demand or with a contractual maturity of not more than 1 year; loans term claims arising from the inclusion of claims previously held but first made to and acceptances made for foreigners; drafts drawn against reported as of Dec. 31,1964, and revision of preliminary data. foreigners where collection is being made by banks and bankers for 3 Until 1963 includes Eastern European countries other than U.S.S.R., their own account or for account of their customers in the United States; Czechoslovakia, Poland, and Rumania. and foreign currency balances held abroad by banks and bankers and 6 Czechoslovakia, Poland, and Rumania only until 1963. their customers in the United States. Excludes foreign currencies held 7 Bolivia, Dominican Republic, El Salvador, and Guatemala only until by U.S. monetary authorities. 1963. See also NOTE to Table 2. 8 Until 1963 includes also the following Latin American republics: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1487 5. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Loansto— C t o io ll n e s c- A a c n c c e e p s t- Deposits g c F o u o v r r t it . e ie i s g e s n , - Total Total O i t n i f s o f t i n i c t s i u a l - l Banks Others st o i a n u n g t d - - e f o o i m g f r n a a f e d o c r e c r s - t 2 . Other 3 Total w ei i g th n e f r o s r- c p a n o a n a m p d n e m c f r e i 2 l - . Other* I960 3,614 3,135 1,296 290 524 482 605 1,233 480 242 238 1961 4,762 4,177 1,646 329 699 618 694 1,837 586 385 200 1961 5 4,820 4,234 1,660 329 709 622 700 1,874 586 386 200 1962 5,163 4,606 1,954 359 953 642 686 1,967 557 371 186 1963 5,975 5,344 1,915 186 955 774 832 2,214 384 631 432 157 42 1964_Aug 6,775 6,083 2,265 151 ,176 938 956 2,403 460 692 416 202 74 Sept 6,806 6,132 2,310 159 ,207 944 980 2,414 428 674 416 176 83 Oct 6,912 6,242 2,379 164 ,251 964 986 2,431 446 670 410 177 83 Nov 6,964 6,303 2,461 165 1,316 980 990 2,420 432 662 394 183 84 Dec 7,469 6,810 2,652 223 ,374 ,055 ,007 2,600 552 659 400 182 77 Dec <5 '7,955 '7,329 2,772 221 ,403 ,148 ,129 2,621 '807 '626 338 '187 102 1965 Jan '7,768 '7,135 2,788 221 1,427 1,139 ,051 2,511 '785 '633 345 '181 107 Feb '7,887 '7,225 2,947 250 1,491 ,206 [,007 2,499 '771 '661 350 '188 123 Mar r7,934 '7,332 2,954 243 1,504 ,206 ,076 2,590 '712 '602 '328 '157 117 Apr r7,799 '7,248 2,908 208 1,493 1,207 I 082 2,584 '674 '550 '312 '138 100 May '7,772 '7,195 2,818 213 1,462 1,143 1,091 2,607 '680 '577 '332 '147 98 June 7,753 7,185 2,853 231 1,476 1,146 I 122 2,605 605 568 330 141 98 July*3 7,573 7,026 2,803 241 1,422 1,140 ,126 2,531 566 546 310 152 85 Aug v 7,521 7,009 2,820 232 1,458 I 130 I 150 2,507 532 512 300 125 87 1 Includes central banks. 5 These figures reflect the inclusion of data for banks initially included 2 Not reported separately until 1963. as of Dec. 31, 1961. 3 Until 1963 includes acceptances made for account of foreigners. 6 Differs from December data in line above because of the exclusion 4 Until 1963 includes foreign government securities, commercial and as of Dec. 31, 1964, of $58 million of short-term U.S. Govt. claims finance paper. previously included; and because of the addition of $544 million of shortterm claims arising from the inclusion of claims previously held but first reported as of Dec. 31, 1964, and revision of preliminary data. 6. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Claims Type Country or area Total End of period liabilities Total Payable in dollars Payable claims Loans o A th n e - r f r o e c n r i u e c n i r i g - e n s U K d n i o n i m t g e - d E O u t r h o e p r e Canada A L m a e ti r n ica Japan O A t s h i e a r Africa i ot A he ll r2 I960 7 1,698 15 351 76 914 19 115 208 1961 2 2,034 11 482 274 931 24 146 166 1962 7 2,160 25 552 304 886 74 148 171 1963 69 33,030 2,811 217 2 38 31,063 290 31,015 3249 3194 113 68 1964—Aug 174 3,480 3,282 198 1 72 1.307 294 1,058 332 216 115 86 Sept 171 3,589 3,392 197 • 73 ,358 292 1,073 351 229 120 92 Oct 164 3,693 3,490 203 • 76 1,408 292 1,099 352 229 131 105 Nov 298 3,853 3,652 201 77 1,493 291 1,153 369 238 125 107 D D e e c c* } 305 J \4 3 , , 2 9 7 7 0 1 3 3 , , 7 9 7 8 7 2 2 1 8 9 6 5 * 1 7 8 7 7 1 1 , , 6 6 1 2 1 5 2 3 7 2 3 5 1 1 , , 1 2 6 7 2 2 4 3 3 8 0 5 2 25 3 5 8 1 1 2 5 3 3 1 1 2 0 2 3 1965 Jan 309 4,498 4,215 281 2 86 1,679 349 1,367 455 259 183 119 Feb 493 4,720 4,413 302 5 90 1,783 397 1,400 454 276 186 133 Mar 458 4,732 4,445 282 5 96 1,763 362 1,403 472 297 202 136 Apr 441 4,666 4,363 298 6 95 1,764 375 1,332 479 295 191 135 May 441 4,605 4,303 297 5 91 1,691 359 1,358 483 295 194 133 June 501 4,531 4,227 299 92 1,649 353 1,324 479 305 201 128 JulyP . . .. 441 4,518 4,220 293 5 89 1,613 356 1,308 482 322 206 141 Aug v 442 4,566 4,245 317 4 87 .604 379 1,306 475 341 212 160 1 Not reported separately until 1963. this amount are claims on: Europe $5 million, Latin America $134 2 Includes Africa until 1963. million, and Asia $54 million. 3 Includes claims previously held, but reported for the first time as of 4 Differs from Dec. data in line above because of the addition of May 1963; on that date such claims were $86 million. Also includes $298 million of long-term claims arising from the inclusion of claims $193 million reported for the first time as of Dec. 1963, representing previously held but first reported as of Dec. 31, 1964, and revision of in part claims previously held but not reported by banks. Included in preliminary data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1488 INTL. CAPITAL TRANSACTIONS OF THE U.S. OCTOBER 1965 7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Govt. bonds and notes l U. s S e . c u co ri r t p ie o s r 2 ate Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d l. Foreign c P ha u s r e - s Sales c N h s a e a t s l e p e s s u o r r - ch P a u s r e - s Sales c N h s a e a t s l e p e s s u o r r - c P ha u s r e - s Sales c N h s a e a s t e l p e s s u o r r regional Total Official Other 1961 512 532 -20 3,384 3,161 223 802 1,262 -460 596 966 -370 1962 -728 -521 -207 2,568 2,508 60 1,093 2,037 -944 702 806 -104 1963 671 302 369 2,980 2 773 207 991 2 086 -1 095 696 644 51 1964 -338 -315 -23 -59 36 3,537 3 710 — 173 915 1,838 -923 748 548 200 1964—Aug -98 -61 -37 -40 3 260 262 -2 37 32 6 49 32 16 Sent -81 -84 3 3 267 301 —34 51 97 -46 49 42 7 Oct -30 -21 -9 -13 4 335 353 -17 252 399 -148 60 59 1 Nov -37 * -37 —40 3 297 292 5 86 342 —256 55 50 5 Dec 2 * 2 • 2 289 302 — 13 94 221 -127 72 59 13 1965—Jan -66 -68 2 -15 17 240 249 -9 49 107 —58 86 48 38 Feb 7 -38 30 32 -1 282 292 -9 55 269 -214 79 45 34 Mar -17 * -17 « -17 427 395 32 46 157 -111 78 55 23 Apr 65 • 65 65 338 342 —4 88 183 —95 93 69 23 May -1 * -1 -15 14 346 342 4 117 146 -28 70 52 18 14 • 14 * 14 326 563 -236 97 250 -153 71 36 35 Julyp 20 * 20 20 244 355 — 112 72 135 -63 64 40 24 Aug.P 8 -4 12 -2 14 234 335 -100 48 87 -40 69 44 25 1 Excludes nonmarketable U.S. Treasury bonds and notes held by NOTE.—Statistics include transactions of international and regional official institutions of foreign countries; see Table 8. organizations. 2 Includes State and local govt. securities, and securities of U.S. Govt. See also NOTE to Table 2. agencies and corporations which are not guaranteed by the United States. 8. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars) Payable in foreign currencies Payable in dollars End of period Total Austria Belgium Germany Italy Switzerland Total Canada Italy Sweden 1962—Dec 251 200 51 1963 Dec 730 50 30 275 200 175 163 125 13 25 1964 Sept j nos 50 30 628 l 297 354 2 329 25 Oct 1,086 50 30 679 l 327 354 2 329 25 Nov I 086 50 30 679 i 327 354 2 329 25 Dec 1,086 50 30 679 1327 354 2 329 25 1965 Jan I 086 50 30 679 i 327 354 2 329 25 Feb 1,112 75 30 679 1327 354 2 329 25 Mar I 137 101 30 679 l 327 354 2 329 25 Apr 1,137 101 30 679 1327 354 2 329 25 May I 137 101 30 679 1327 354 2 329 25 June 1,137 101 30 679 1327 354 2 329 25 July I 259 101 30 653 125 3 350 354 2 329 25 Aus 1,259 101 30 653 125 3 350 354 2 329 25 Sept I 259 101 30 653 125 3 350 354 2 329 25 1 Includes the equivalent of $70 million payable in Swiss francs to the 3 Includes the equivalent of $93 million payable in Swiss francs to the Bank for International Settlements. Bank for International Settlements. 2 Includes $204 million of nonmarketable bonds issued to the Government of Canada in connection with transactions under the Columbia River treaty. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1489 9. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Country or area Period Total Stocks Bonds France S l z a w e n r i d - t- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia Africa i O c tr o t i u h e n e s2 r - reg I a n i n o t d l n . al 1961 223 323 -99 21 166 — 17 61 232 — 112 44 44 3 12 1962 60 111 —51 4 129 -33 24 124 —43 —20 — 18 1 17 1963 207 198 9 —8 -14 206 16 199 -47 14 17 1 22 1964 -173 -349 176 —37 -200 _4 14 —228 3 25 10 • — 1 18 1964—Aug.. -2 -50 48 -3 -22 19 2 -4 3 -3 * 2 Sept.. -34 -43 9 -5 -15 4 • -16 -18 * -2 Oct... -17 -25 8 -6 -19 14 -1 -13 -7 • 2 i Nov.. 5 -27 32 -2 -26 41 -15 -2 5 • 2 t Dec... -13 -37 24 -3 -14 -5 -1 -22 3 4 • « 1965—Jan... -9 • -9 -2 -3 -1 -6 -3 -1 • t Feb... -9 8 -17 2 -2 7 -3 4 -11 -3 * t i Mar.. 32 9 23 8 -2 -7 23 22 7 -2 3 t i 1 Apr... -4 -49 45 -2 -13 • -4 -19 10 1 1 « t 3 May.. 4 -42 45 3 -5 -9 -1 -12 11 3 1 i t 2 June.. -236 -65 -172 6 -41 -220 -7 -262 29 -3 -2 i 2 July*. -112 -96 -16 -4 -22 -90 -1 -117 11 -7 2 -3 3 Aug.P. -100 -93 -8 * -8 -82 -2 -92 -13 -1 4 * 1 1 Not reported separately until May 1963. NOTE.—Statistics include State and local goyt. securities, and securities 2 Yearly figures through 1963 include Africa. of U.S. Govt. agencies and corporations which are not guaranteed by the United States. 10. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM 11. DEPOSITS, U.S. GOVT. SECURITIES, AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F. R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Intl. Total Assets in custody and for- Eu- Can- Latin Afri- Other Period Total re- eign rope ada Amer- Asia ca i coun- End of Deposits gional coun- ica tries 2 period U.S. Govt. Earmarked tries securities1 gold 1961 —830 1 -832 -262 —318 -58 -121 -73 1961 279 6,006 11,905 1962 . -1,048 -235 -813 -188 -360 -41 -175 -50 1962 247 6,990 12,700 1963 . -1,044 -96 -949 -49 -614 -26 -252 -8 1963 171 8,675 12,954 1964 —723 -140 -583 163 —665 —36 —77 7 25 1964—Sept.. 148 8,373 12,738 1964—Aug.... 22 1 20 4 16 1 -2 1 1 Oct... 120 8,201 12,707 Sept -39 * -39 -5 -35 1 -1 * 1 Nov.. 256 8,278 12,672 Oct . -147 7 -153 2 -171 12 -5 2 6 Dec... 229 8,389 12,698 Nov . -251 -95 -156 15 -129 -30 -15 * 2 Dec . -114 -22 -92 16 -98 5 -18 1 2 1965—Jan... 143 7,952 12,871 Feb... 154 8,100 12,940 1965—Jan -20 5 -25 14 -23 1 -20 1 3 Mar.. 162 7,741 13,187 Feb . -180 -178 -1 2 2 -4 -3 * 1 Apr... 146 7,626 13,174 Mar.... -89 3 -92 -6 -81 -6 -1 * 2 May.. 142 7,713 13,050 -72 4 -75 22 -28 -26 -47 * 5 June.. 179 7,599 12,951 May!!'.'. -to 3 -13 14 -16 10 * * -21 July... 147 7,221 13,108 June . -119 9 -128 -42 -61 -6 -23 1 3 Aug... 356 7,263 11,065 July**... -39 -13 -26 33 -39 -4 -2 1 -16 Sept... 213 7,805 12,923 Aug.P.. . -15 1 -16 17 -38 5 -1 1 * U.S. Treasury bills, certificates of indebtedness, 1 Not reported separately until May 1963. notes, and bonds; includes securities payable in foreign 2 Yearly figures through 1963 include Africa. currencies. NOTE.—Excludes deposits and U.S. Govt. securities held for international organizations. Earmarked gold is gold held for foreign and international accounts (for back figures, see "Gold," Section 14 of Supplement to Banking and Monetary Statistics, 1962). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1490 INTL. CAPITAL TRANSACTIONS OF THE U.S. OCTOBER 1965 12. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Claims onforeigners Area and country 1964 1965 1964 1965 Mar. June June1 Sept. Dec. Mar. Mar. June Junei Sept. Dec. Mar. Europe: 2 3 3 3 2 2 7 6 5 5 7 7 Belgium 19 21 20 22 20 25 18 21 20 17 19 16 1 1 1 2 2 6 7 7 6 6 9 1 1 1 1 1 1 7 5 5 8 7 6 France 31 28 27 31 31 35 52 69 67 50 '61 69 Germany Fed. Rep. of 32 36 34 44 63 70 114 82 79 95 140 114 Greece 2 5 5 4 4 5 13 9 9 10 10 7 Italy 26 24 22 27 26 16 101 101 99 90 95 84 Netherlands 43 46 46 31 33 40 34 30 30 32 31 28 Norway 2 3 2 2 1 2 6 7 6 7 8 6 Portugal 1 1 1 2 2 2 8 10 10 9 4 8 Spain 7 9 8 12 10 5 32 47 46 45 42 39 Sweden 7 7 7 7 8 6 20 17 17 19 19 21 Switzerland 20 19 18 36 33 34 23 19 17 16 22 29 Turkey 4 5 4 5 6 7 5 5 5 4 9 12 United Kincdom 110 102 97 108 102 98 248 284 280 407 '329 364 6 1 1 1 1 1 4 3 3 3 3 6 Other Western Europe 1 3 2 4 5 6 5 6 6 6 9 7 USSR * 9* * * * * * * * * 1 Other Eastern Europe 1 1 * 1 1 1 4 2 2 3 2 3 Total 319 316 301 341 350 356 706 731 714 832 '822 837 68 62 57 60 '77 72 910 932 923 '1,032 '1,057 838 Latin America: Argentina 6 6 5 4 3 3 23 20 20 26 30 33 13 11 10 11 11 11 118 126 125 128 145 113 Chile 3 3 3 4 5 4 24 23 21 25 25 25 Colombia 6 8 7 7 10 12 21 23 22 25 25 26 Cuba * * 5 5 5 4 4 4 11 8 7 8 '6 6 59 62 58 64 69 69 Panama . ......... 29 21 21 26 28 25 10 10 10 9 12 11 5 6 5 5 7 7 23 23 22 23 26 21 1 1 1 1 1 5 6 6 8 10 9 Venezuela 20 22 21 20 16 19 37 40 38 45 46 40 Other L A. republics 10 9 8 11 15 13 42 45 42 47 51 49 Bahamas and Bermuda .. • 2 2 2 2 2 2 20 21 20 19 11 8 Neth. Antilles & Surinam.... 6 7 7 9 6 5 5 5 5 4 4 3 Other Latin America 5 6 6 4 6 1 10 11 9 10 10 9 Total 118 112 104 111 r115 107 403 422 404 438 468 420 Asia: China Mainland 2 2 2 1 1 * * * * * * Hone iContz 2 2 2 2 2 2 6 5 5 7 9 9 14 14 13 16 21 22 39 39 38 37 41 45 3 5 5 3 4 6 5 5 5 4 4 5 2 1 1 1 2 7 8 7 7 7 6 Japan 23 27 25 31 28 22 170 161 160 174 180 181 Korea 1 1 1 * 1 * 5 4 4 5 4 5 PhilioDines 5 5 4 6 5 6 12 11 11 14 11 15 1 1 1 * 3 2 3 4 4 5 5 5 1 1 1 1 7 7 7 7 5 7 Other Asia 22 21 19 21 21 24 46 53 51 55 60 62 Total 76 80 73 82 88 87 300 298 294 315 327 339 Africa: Congo (Leopoldville) 1 1 1 3 4 * 2 2 2 5 6 2 * * 1 * * 1 1 2 1 South Africa 9 10 10 11 14 22 8 13 12 11 11 19 U A R (EevDt> 4 2 2 1 3 1 14 13 13 12 13 17 Other Africa 6 6 5 5 10 10 23 26 25 27 26 23 Total 21 19 18 22 31 34 50 55 53 57 57 63 Other countries: Australia 25 27 27 26 25 23 33 37 36 38 38 33 All other 4 6 5 8 9 8 5 6 6 7 7 8 Total 30 33 32 34 34 32 38 43 41 45 45 41 International and regional * 1 1 * * * 1 1 1 * * Grand total 631 622 585 650 695 688 2,407 2,482 2,430 '2,719 '2,776 2,539 1 Ninth revised series; includes reports from firms having $500,000 NOTE.—Reported by exporters, importers, and industrial and comor more of liabilities or of claims; for previous series the exemption level mercial concerns in the United States. Data exclude claims held through was $100,000. U.S. banks, and intercompany accounts between U.S. companies and their foreign affiliates. See also NOTE to Table 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 MONEY RATES 1491 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Sept. 30, 1964 Rate as of Country 1964 1965 Sept. 30, 1965 Per Month cent effective Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Argentina 6.0 Dec. 1957 6.0 4.5 June 1963 4.5 Belgium 4.75 July 1964 4.75 Brazil 10.0 Apr. 1958 12 0 12.0 Burma •.. 4.0 Feb. 1962 4.0 Canada 1 ... 4.0 Aug. 1963 4 25 4.25 Ceylon 4.0 Aug. 1960 5 0 5.0 Chile 2 14.63 July 1964 15 09 15.09 Colombia 8.0 May 1963 8.0 Costa Rica 3.0 Apr. 1939 3.0 Denmark 6.5 June 1964 6.5 5.0 Nov. 1956 5.0 El Salvador . ... 4.0 Aug. 1964 4.0 Finland 7.0 Apr. 1962 7.0 France 4.0 Nov. 1963 3 5 3.5 Germany, Fed. Rep. of 3.0 May 1961 3.5 4.0 4.0 Ghana 4.5 Oct. 1961 4.5 5.5 Jan. 1963 5.5 3.0 Jan. 1962 3.0 Iceland 9.0 Dec. 1960 8 0 8.0 India 5.0 Sept. 1964 6 0 6.0 Indonesia 9.0 Aug. 1963 9.0 Iran. 4.0 Oct. 1963 4.0 Ireland 4.89 Sept. 1964 4.94 6.87 6.81 6.75 6.81 6.69 6.50 5.92 6.00 5.81 5.84 5.84 Israel 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 Jamaica 4.0 Nov. 1963 5 0 5.0 Japan 6.57 Mar. 1964 6.21 5.84 5.48 5.48 Korea 10.5 Mar. 1964 10.5 Mexico 4.5 June 1942 4.5 Netherlands 4.5 June 1964 4.5 New Zealand 7.0 Mar. 1961 7.0 Nicaragua 6.0 Apr. 1954 6.0 Norway 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 5 0 5.0 Peru 9 5 Nov 1959 9.5 Philippine Republic 4 6.0 Jan. 1962 6.0 Portugal 2.0 Jan. 1944 2.5 2.5 South Africa 4.0 July 1964 4.5 5 0 5.0 Spain 4.0 June 1961 4.0 Sweden 4.5 Jan. 1964 5 0 5 5 5.5 Switzerland 2.5 July 1964 2.5 Taiwan 5 14.04 July 1963 14.04 Thailand 5.0 Oct. 1959 5.0 Tunisia 4.0 Oct. 1962 4.0 Turkey 7.5 May 1961 7.5 United Arab Rep. (Egypt)... 5.0 May 1962 5.0 United Kingdom 5.0 Feb. 1964 7.0 6.0 6.0 Venezuela 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks shown is the one at which it is understood the central bank transacts was fixed at 6 per cent. Rates on loans to money market dealers will the largest proportion of its credit operations. Other rates for some continue to be .25 of 1 per cent above latest weekly Treasury bill tender of these countries follow: average rate but will not be more than the bank rate. Argentina—3 and 5 per cent for certain rural and industrial paper, de- 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at pending on type of transaction; the average rate charged by banks in the previous half year. Old redis- Brazil—8 per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; one-eighth each month beginning with May 1, 1959, but the rates are Colombia—5 per cent for warehouse receipts covering approved lists of raised by 1.5 per cent for each month in which the reduction does not products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent occur. for rediscounts in excess of an individual bank's quota; 3 Rate shown is for advances only. Cosra Rica—5 per cent for paper related to commercial transactions 4 Beginning with June 1, 1962, the rediscount rate for commercial (rate shown is for agricultural and industrial paper); bank loans financing the purchase of surplus agricultural commodities Ecuador—6 per cent for bank acceptances for commercial purposes; under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, Indonesia—various rates depending on type of paper, collateral, com- 1962, the rediscount rate for commercial bank financing of 9 categories modity involved, etc.; of development loans was reduced from 6 to 3 per cent. Japan—penalty rates (exceeding the basis rate shown) for borrowings 5 Rate shown is for call loans. from the central bank in excess of an individual bank's quota; Peru—8 per cent for agricultural, industrial and mining paper; and NOTE.—Rates shown are mainly those at which the central bank either Venezuela—4 per cent for rediscounts of certain agricultural paper and discounts or makes advances against eligible commercial paper and/or for advances against govt. bonds or gold and 5 per cent on advances govt. securities for commercial banks or brokers. For countries with against securities of Venezuelan companies. more than one rate applicable to such discounts or advances, the rate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1492 MONEY RATES; ARBITRAGE OCTOBER 1965 OPEN MARKET RATES (Per cent per ?nnum) Canada United Kingdom France F G ed e . r m R« a p n . y , of Netherlands Sw la it n z d er- Month 3 T m r b e o i a l n s ls u t , h ry s1 D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c o c k e n e p e s t r t , h - s s ' 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - a B d ll a e o n p o w k o n a s e i n r t s c s ' e D m a o d y n a - y e t y o 3 - Tr 6 d b e 0 a i a l - y s l 9 s s u 0 , 4 ry D m a o d y n a - e y t y o s - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - d P is r r c i a v o t a u e t n e t 1962—Dec 3.88 3.75 3.86 3.64 3.30 2.50 3.51 2.63 3.50 1.98 1.24 2.00 1963—Dec 3.71 3.55 3.91 3.74 3.00 2.00 4.66 2.63 2.56 2.25 1.56 2.00 1964—Aug 3.80 3.79 4.84 4.65 3.92 3.00 4.70 2.63 3.38 3.74 2.06 2.50 Sept 3.79 3.77 4.84 4.65 3.94 3.00 4.74 2.63 3.69 3.70 2.09 2.50 Oct 3.69 3.60 4.88 4.69 3.99 3.00 4.30 2.63 3.25 3.80 3.24 2.50 Nov 3.73 3.68 5.42 5.18 4.54 3.56 4.13 2.63 3.13 3.84 2.88 2.50 Dec 3.85 3.84 6.84 6.62 5.87 5.00 4.16 2.63 2.88 3.68 2.09 2.68 1965—Jan 3.78 3.83 6.84 6.60 5.92 5.00 3.77 3.13 2.44 3.29 2.43 3.00 Feb 3.72 3.57 6.74 6.48 5.92 5.00 4.11 3.13 3.56 3.34 3.69 3.00 Mar 3.69 3.45 6.74 6.45 5.92 5.00 4.45 3.13 4.06 3.05 3.39 3.00 Apr 3.67 3.51 6.78 6.45 5.90 5.00 4.00 3.13 4.19 3.39 3.54 3.00 May 3.84 3.79 6.73 6.31 5.90 5.00 4.22 3.13 3.44 4.05 3.67 3.00 June 3.95 3.80 6.04 5.59 5.02 4.08 4.36 3.13 4.44 4.08 2.69 3.00 July 4.00 3.76 5.97 5.59 4.93 4.00 4.34 3.13 4.06 4.13 3.53 3.00 Aug 4.08 3.91 5.97 5.56 4.97 4.00 4.01 3.88 3.44 2.68 4.07 3.00 1 Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. NOTE.—For description of rates and back data, see "International 4 Rate in effect at end of month. Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Date United P d ( r i + s e c m ) o i u o u n r m t inc N en e t t ive Canada d ( i + sc ) o o u r nt inc N en e t t ive Kingdom Spread (-)on (favor Spread (-)on (favor q ( u a b o U d a t j . s a . S i t s . i t ) o o n U S n ta it te e s d L ( o f n a o v d f o o r n) fo p r o w u a n r d d Lon o d f on) qu A i o n t s ed q A uo U d t j . a . S t t . io o n U S n ta it te e s d C ( a fa n o v a f o d r a) C fo a d r n o w a ll d a a r i r a d n Can o a f da) Canada basis 1965 Mav 7 6.13 3.87 2.26 -2.01 + .25 3.82 3.73 3.87 -.14 + .20 + .06 14........ 6.13 3.88 2.25 -1.96 + .29 3.81 3.72 3.88 -.16 + .20 + .04 21 6.10 3.88 2.22 -1.82 + .40 3.85 3.76 3.88 — .12 + .27 + .15 28 6.20 3.85 2.35 -2.44 — .09 3.93 3.84 3.85 — .01 + .27 + .26 June 4 5.49 3.82 1.67 -1.82 -.15 3.98 3.89 3.82 + .07 + .34 + .41 11 5.42 3.79 1.63 -1.68 -.05 3.97 3.88 3.79 + .09 + .41 + .50 18 5.42 3.77 1.65 — 1.96 -.31 3.96 3.87 3.77 + .10 + .47 + .57 25 5.39 3.74 1.65 -1.60 + .05 3.94 3.85 3.74 + .11 + .41 + .52 July 2 5.36 3.80 1.56 -1.93 -.37 3.92 3.83 3.80 + .03 + .27 + .30 y 9:.: 5.42 3.84 1.58 -1.82 -.24 3.96 3.87 3.84 + .03 + .27 + .30 16 5.46 3.82 1.64 -1.85 -.21 3.96 3.87 3.82 + .05 +:H + .19 23 5.46 3.79 1.67 -1.98 -.31 4.01 3.92 3.79 + .13 + .14 + .27 30 5.46 3.78 1.68 -2.09 -.41 4.06 3.96 3.78 + .18 -.20 — .02 Aug. 6 5.46 3.82 1.64 -2.54 -.90 4.09 3.99 3.82 + .17 — .07 + .10 n::::.... 5.36 3.81 1.55 -2.49 -.94 4.10 4.00 3.81 + .19 + .14 + .33 20 5.36 3.81 1.55 -2.51 -.96 4.08 3.98 3.81 + .17 00 + 17 27 5.39 3.83 1.56 -2.49 -.93 4.09 3.99 3.83 + .16 -.14 + .02 Sent 3 5.36 3.84 [.52 -2.59 -1.07 4.10 4.00 3.84 + .16 -.34 -.18 10.:.:..:. 5.36 3.87 1.49 -2.09 -.60 4.13 4.03 3.87 + .16 -.38 17 5.36 3.86 1.50 -1.88 -.38 4.09 3.99 3.86 + .13 -.40 -.27 24 5.36 3.94 [.42 -1.73 -.31 4.08 3.98 3.94 + .04 - 61 — 57 Oct 1 5.27 3.99 1.28 -1.38 -.10 4.16 4.06 3.99 + 07 — 54 — 47 8 5.24 3.98 1.26 -1.35 -.09 4.10 4.00 3.98 + .02 -.60 -.58 NOTE.—Treasury bills: All rates are on the latest issue of 91-day bills. All series: Based on quotations reported to Federal Reserve Bank of U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. New York by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures see Oct. 1964 BULLETIN, Premium or discount on forward pound and on forward Canadian dollar: pp. 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260 bid and offer) at 11 a.m. Friday in New York for both spot and forward Oct. 1964 BULLETIN. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 FOREIGN EXCHANGE RATES 1493 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Period Ar ( g p e e n so ti ) na (p t A o ra u u l s n i - a d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) D ( e k n ro m n a e r ) k ( F m i a n r l k an k d a) F (f r r a a n n c c e ) 1959. 1.2730 223.81 3.8619 2.0012 104.267 21.055 14.508 .3115 .2038 1960. 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961. 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 20.384 1962. .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3107 20.405 1963. .7245 223.10 3.8690 2.0052 92.699 21.015 14.484 3 31.057 4 20.404 1964. .7179 222.48 3.8698 2.0099 92.689 20.988 14.460 31.067 20.404 1964—Sept.. .6980 221.79 3.8712 2.0126 92.913 20.955 14.435 31.056 20.402 Oct... .6979 221.79 3.8699 2.0146 92.984 20.954 14.430 31.054 20.403 Nov.. .6725 221.90 3.8693 2.0149 93.100 20.953 14.430 31.076 20.405 Dec... .6652 222.36 3.8707 2.0144 93.039 20.944 14.459 31.084 20.405 1965—Jan... .6628 222.42 3.8697 2.0148 93.109 20.943 14.458 31.079 20.404 Feb... .6615 222.72 3.8681 2.0147 92.943 20.967 14.460 31.081 20.404 Mar.. .6629 222.50 3.8694 2.0144 92.480 20.950 14.453 31.080 20.400 i .6627 222.80 3.8700 2.0147 92.654 20.948 14.462 31.081 20.401 May'.'. 2.5814 222.87 3.8701 2.0147 92.627 20.951 14.456 31.098 20.397 June.. .5805 222.49 3.8713 2.0147 92.381 20.939 14.429 31.062 20.405 July.. .5802 222.39 3.8726 2.0145 92.280 20.935 14.418 31.061 20.405 Aug.. .5806 222.37 3.8724 2.0146 92.714 20.934 14.405 31.061 20.403 Sept.. .5632 222.84 3.8721 2.0140 92.888 20.952 14.457 31.060 20.400 Period ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a si l l a l a a y r - ) M (p e e x s i o c ) o ( e g N r u l e a il t n d h d e - s r) ( Z p e N o a u e la w n n d d ) 1959 23.926 21.031 280.88 .16099 .27781 32.857 8.0056 26.492 278.10 1960 23.976 20.968 280.76 .16104 .27785 32.817 8.0056 26.513 277.98 1961 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 27.555 277.45 1962 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27.755 278.00 1963 25.084 20.966 280.00 .16087 .27663 32.664 8.0056 27.770 277.22 1964 25.157 20.923 279.21 .16014 .27625 32.566 8.0056 27.724 276.45 1964—Sept. 25.154 20.862 278.34 .16002 .27665 32.431 8.0056 27.712 275.59 Oct.. 25.158 20.859 278.35 .16003 .27658 32.467 8.0056 27.772 275.59 Nov. 25.148 20.867 278.48 .16003 .27686 32.507 8.0056 27.824 275.73 Dec.. 25.149 20.898 279.06 .16003 .27837 32.569 8.0056 27.831 276.30 1965—Jan.. 25.135 20.894 279.13 .16003 .27856 32.575 8.0056 27.827 276.37 Feb.. 25.137 20.915 279.51 .16003 .27830 32.602 8.0056 27.825 276.75 Mar. 25.144 20.912 279.24 .16003 .27710 32.553 8.0056 27.780 276.47 Apr.. 25.149 20.935 279.62 .16004 .27609 32.582 8.0856 27.780 276.85 May. 25.097 20.939 279.71 .16004 .27585 32.617 8.0056 27.768 276.94 June. 25.003 20.924 279.23 .16003 .27638 32.583 8.0056 27.735 276.46 July. 24.960 20.914 279.10 .16005 .27599 32.579 8.0056 27.761 276.33 Aug. 24.923 20.913 279.08 .16005 .27598 32.565 8.0056 27.791 276.32 Sept. 24.934 20.943 279.67 .16005 .27597 32.621 8.0056 27.781 276.90 Period N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b e o p l ) - ic (e P s o g c r a u t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e S fr r w a la n i n t c - d ) ( U p K d o n i o u i n m t n g e d d . ) 1959 14.028 49.721 3.4967 279.83 2.0579 19.324 23.142 280.88 1960 14.018 49.770 3.4937 279.71 .6635 19.349 23.152 280.76 1961 14.000 3.4909 279.48 139.57 .6643 19.353 23.151 280.22 1962 14.010 3.4986 139.87 .6654 19.397 23.124 280.78 1963 13.987 3.4891 139.48 .6664 19.272 23.139 280.00 1964 13.972 3.4800 139.09 .6663 19.414 23.152 279.21 1964—Sept.. 13.956 3.4714 138.65 .6661 19.461 23.148 278.34 Oct... 13.956 3.4680 138.65 .6662 19.376 23.164 278.35 Nov.. 13.956 3.4686 138.72 .6665 19.396 23.172 278.48 Dec... 13.980 3.4777 139.01 .6666 19.439 23.172 279.06 1965—Jan... 13.977 3.4783 139.05 .6665 19.465 23.149 279.13 Feb... 13.982 3.4826 139.23 .6665 19.469 23.102 279.51 Mar.. 13.976 3.4817 139.10 .6663 19.468 23.020 279.24 Apr... 13.983 3.4822 139.29 .6663 19.434 23.019 279.62 May.. 13.982 3.4819 139.33 .6662 19.411 23.004 279.71 June.. 13.976 3.4804 139.09 .6662 19.369 23.075 279.23 July.. 13.975 3.4798 139.03 .6662 19.355 23.128 279.10 Aug.. 13.978 3.4775 139.02 .6658 19.332 23.161 279.08 Sept.. 13.990 3.4786 139.31 .6662 19.352 23.162 279.67 1 Based on quotations through April 16, 1965. NOTE.—Averages of certified noon buying rates in New York for 2 Based on quotations beginning May 5, 1965. cable transfers. For description of rates and back data, see "International 3 A new markka, equal to 100 old markkaa, was introduced on Jan. 1, Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1963. 1962. 4 Effective Jan. 1, 1963, the franc again became the French monetary unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1,1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1494 U.S. BALANCE OF PAYMENTS OCTOBER 1965 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1964 1965 Item 1962 1963 1964 III IV A. Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and other than special U.S. Govt. transaction Seasonally adjusted Exports of goods and services—Total*. 30,278 32,353 37,017 9,084 8,991 9,335 9,607 8,670 10,084 Merchandise 20,604 22,069 25,288 6,149 6,067 6,382 6,690 5,586 6,762 Military sales 656 659 762 194 191 168 209 174 231 Investment income receipts, private., 3,954 4,156 5,003 1,266 1,263 1,260 1,214 1,413 1,509 Investment income receipts, Govt.... 471 498 454 130 132 132 60 139 146 Other services 4,593 4,971 5,510 1,345 1,338 1,393 1,434 1,358 1,436 Imports of goods and services—Total. -25,129 -26,436 -28,457 -6,878 -7,061 -7,136 -7,382 -7,152 -8,078 Merchandise -16,173 -16,992 -18,619 -4,410 -4,599 -4,709 -4,901 -4,663 -5,469 Military expenditures -3,078 -2,929 -2,824 -732 -720 -691 -681 -662 -693 Investment income payments -1,056 -1,271 -1,404 -341 -345 -347 -371 -375 -393 Other services -4,822 -5,244 -5,610 -1,389 -1,452 -1,523 -1,395 -1,397 -1,429 Balance on goods and services 5,149 5,917 8,560 2,199 1,518 2,006 2,206 1,930 2,225 Remittances and pensions -738 -837 -839 -207 -224 -288 -209 -203 -220 1. Balance on goods, services, remittances and pensions 4,411 5,080 7,721 1,997 1,727 1,992 2,005 1,294 1,718 2. U.S. Govt. grants and capital flow, net, excluding advance debt repayments -3,547 -3,813 -3,636 -813 -921 -1,014 -805 -954 -1,919 -1,917 -1,884 -470 -538 -425 -451 -437 -All G Lo ra n n g t - s t e 2 rm , 3 l oans and subscriptions 3 , -2,129 -2,187 -2,349 -521 -697 -601 -530 -632 -693 Ch s a h n o g r e t- te in rm f c o l r a e i i m gn s , n c e u t r r ( e in n c c r y e as h e o , ld — in ) g 3 s and , -245 -447 -27 72 69 21 -189 147 -45 Seasonal adjustment on three preceding items -47 83 -80 44 -51 87 combined 147 94 49 -8 35 4 18 4 -10 C Sc h h a e n d g u e l e i d n l a o s a s n o c r i e a p te a d y m lia e b n i t l s ities 599 644 575 161 160 160 94 164 184 3. U.S. private capital, net -3,425 -4,456 -6,462 -1,327 -1,344 -1,569 -2,222 -1,533 -264 Direct investments abroad -1,654 -1,976 -2,376 -464 -540 -551 -821 -1,159 -882 Other long-term capital -1,227 -1,695 -1,975 -274 -256 -612 -833 -688 115 Short-term capital -544 -785 -2,111 -589 -548 -406 -568 314 503 4. Foreign capital, net, excluding liquid assets in U.S 153 303 432 14 112 196 110 274 -215 Foreign long-term investments in U.S 272 326 110 6 94 -72 82 281 -271 Foreign short-term capital -115 -24 115 4 19 64 28 -8 50 Miscellaneous U.S. Govt. nonliquid liabilities 207 4 -1 204 1 6 -4 1 5. Errors and unrecorded transactions -1,161 -288 -152 -291 -430 -10 -166 -1,197 -401 Balance of A (= 1+2+3+4+5) -3,106 -417 -545 -593 -1,551 -780 119 Less: Net seasonal adjustments -3,605 -3,287 -481 50 428 3 -521 47 Balance of A before seasonal adjustment 64 -595 -1,021 -1,554 -259 72 -3^605' -3,287' B. Changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and special U.S. Govt. transactions—Not seasonally adjusted Total 3,605 3,287 3,106 -64 595 1,021 1,554 259 -72 Advance repayments on U.S. Govt. loans 4. 681 326 122 52 33 30 10 6 Advances on U.S. military exports, net 470 334 222 163 -62 -28 149 69 126 Sales of nonconvertible nonmarketable securities, net. 5 251 -43 -36 -55 -8 -2 29 -2 Dollar securities « 31 -16 -5 -8 -2 -1 -2 Foreign currency securities *251 -74 -20 -50 30 Sales of convertible nonmarketable securities, net s. 705 375 122 203 50 Dollar securities 150 Foreign currency securities 553 375 122 *203 Change in U.S. short-term liabilities reported by U.S. banks 1 and foreign holdings of marketable U.S. Govt. bonds and notes 670 1,589 2,252 -173 207 748 1,470 -713 -270 International and regional organizations 8 211 -236 -245 -86 -25 -140 6 -65 -26 Foreign private holders excluding banks 9 131 393 359 35 57 122 145 78 116 Foreign commercial banks „ -129 462 1,440 278 82 580 500 186 -246 Foreign official holders 457 970 698 -400 93 186 819 -912 -114 Change in U.S. monetary reserve assets (increase, — ). 1,533 378 171 -51 303 70 -151 842 68 IMF position 626 30 266 131 118 135 -118 68 10-466 Convertible currencies 17 -113 -220 -228 258 -45 -205 -58 -56 Gold 890 461 125 46 -73 -20 172 832 io 590 1 Excludes military transfers under grants. * Includes, for International Monetary Fund, only changes in its 2 Excludes military grants. holdings of income-earning U.S. Govt. securities. 3 Not seasonally adjusted separately. • Includes undetermined holders. • Includes sell-offs. i o Reflects payment of $259 million increase in U.S. gold subscrips With maturities over 12 months. tion to the IMF. * Includes certificates sold abroad by Export-Import Bank. NOTE.—Dept. of Commerce data. Minus sign indicates net payments f Includes official liabilities. (debits); absence of sign indicates net receipts (credits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 FOREIGN TRADE 1495 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports * Imports2 Export surplus Period 1962 1963 1964 1965 1962 1963 1964 1965 1962 1963 1964 1965 Month: Jan 1,668 3986 2,043 31,217 1,327 31,100 1,434 31,206 341 3-114 609 311 Feb 1,809 32,124 2,046 31,593 1,320 31,510 1,460 31,601 489 3614 586 3 — 8 Mar 1,672 31,958 2,074 32,753 1,342 31,485 1,520 31,869 330 3473 554 3884 Apr 1,795 31,914 2,061 32,380 1,365 3J 41 S 1,541 31,835 430 3499 520 3545 May 1,762 1,895 2,062 32,278 1,404 1,416 1,539 31,799 358 479 523 3479 June 1,836 1,803 2,034 32,185 1,351 1,431 1,518 31,835 485 372 516 3350 July 1,748 1,841 2,123 2,263 1,347 1,450 1,578 1,670 401 391 545 593 Aug 1,703 1,922 2,109 2,346 1,346 1,497 1,575 1 725 357 425 534 621 Sept 31 908 1 958 2 235 31 471 I 443 1 546 3437 515 689 Oct 31,523 1,967 2,155 31,312 1,455 1,548 3211 512 607 Nov 1,725 1,966 2,197 1,425 1,466 31,698 300 500 3499 Dec 31,839 2,091 32,430 31,377 4R0 31,642 3462 611 3788 Quarter: I 5,149 35,068 6,163 35,563 3,989 34,095 4,414 34,676 1,160 3973 1,749 3887 II 5,393 35,612 6,157 36,843 4,120 34,262 4,598 35,469 1,273 31,350 1,559 31,374 Ill 35 359 5 721 6 467 34 164 4 390 4 699 31 195 1 331 1,768 IV 35,087 6,024 36,782 34,114 4,401 34,888 3973 1,623 31,894 Year4 20,945 22,424 25,620 16,389 17,142 18,685 4,556 5,282 6,935 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1496 ARBITRAGE OCTOBER 1965 ARBITRAGE ON U.S. AND U.K. TREASURY BILLS, 1957-58 (Per cent per annum) Date 1957—Jan. 4.. 11.. 18.. 25.. Feb. 1.. 8.. 15.. 22.. Mar. 1.. 8.. 15.. 22.. 29.. Apr. 5.. 12.. 19.. 26.. May 3.. 10.. 17.. 24.. 31.. June 7.. 14.. 21.. 28.. July 5.. 12.. 19.. 26.. Aug. 2.. 9.. 16.. 23.. 30.. Sept. 6.. 13.. 20.. 27.. Oct. 4.. 11.. 18.. 25.. Nov. 1.. OO1 Treasury bill rates Treasury bill rates Premium Premium (+)or Net (+)or Net United discount incentive United discount incentive Kingdom Spread (-) on (favor of Date Kingdom Spread (-)on (favor of (Adj. to United (favor of forward London) (Adj. to United (favor of forward London) U.S. States London) pound U.S. States London) pound quotation quotation basis) basis) 4.72 3.04 1.68 -2.48 -.80 1958—Jan. 3.. 6.24 2.74 3.50 -3.04 .46 4.70 2.98 1.72 -2.20 -.48 10.. 6.24 2.65 3.59 -2.92 .67 4.60 2.94 1.66 .88 -.22 17.. 6.20 2.51 3.69 -3.16 .53 4.49 3.12 1.37 .72 -.35 24.. 6.19 2.20 3.99 -3.20 .79 31.. 6.05 1.45 4.60 -3.44 1.16 4.48 3.06 1.42 — .38 .04 4.17 2.94 1.23 — .12 .11 Feb. 7.. 5.98 1.62 4.36 -3.68 .68 4.22 2.97 1.25 .44 -.19 14.. 5.96 L .69 4.27 -3.72 .55 4.09 3.15 .94 .52 -.58 21.. 5.89 1.54 4.35 -3.32 1.03 28.. 5.93 1.19 4.74 -3.72 1.02 3.95 3.23 .72 —1.24 -.52 3.96 3.16 .8-0 1.12 -.32 Mar. 7.. 5.94 1.36 4.58 -4.12 .46 4.06 3.10 .96 L.20 -.24 14.. 5.95 1.28 4.67 -3.84 .83 4.07 2.93 1.14 1.48 -.34 21.. 5.48 1.30 4.18 -3.40 .78 4.04 2.88 1.16 - 1.24 -.08 28.. 5.44 1.02 4.42 -3.92 .50 4.09 3.04 1.05 _ 1.12 -.07 Apr. 4.. 5.36 1.01 4.35 -3.96 .39 3.98 3.13 .85 —1.16 -.31 11.. 5.26 1.06 4.20 -3.72 .48 3.89 3.04 .85 .12 -.27 18.. 5.13 .98 4.15 -4.00 .15 3.86 2.97 .89 - 1.08 -.19 25.. 5.11 1.12 3.99 -3.80 .19 3.69 2.92 .77 1.12 -.35 May 2.. 4.99 1.18 3.81 -3.68 .13 3.76 2.90 .86 —L24 -.38 9.. 5.13 1.05 4.08 -3.64 .44 3.78 2.99 .79 1.32 -.53 16.. 5.13 .89 4.24 -3.56 .68 3.86 3.13 .73 1.56 -.83 23.. 4.75 .58 4.17 -3.24 .93 3.87 3.26 .61 1.44 -.83 30.. 4.75 .57 4.18 -3.24 .94 3.86 3.22 .64 1.24 -.60 June 6.. 4.66 .71 3.95 -3.08 .87 3.81 3.26 .55 1.24 -.69 13.. 4.45 .82 3.63 -3.00 .63 3.81 3.31 .50 1.20 -.70 20.. 4.23 .92 3.31 -2.84 .47 3.80 3.18 .62 L.32 -.70 27.. 4.23 .77 3.46 -3.00 .46 3.80 3.20 .60 1.36 -.76 July 4.. 4.11 .78 3.33 -4.20 -.87 3.80 3.08 .72 1.24 -.52 11.. 3.96 .92 3.04 -2.48 .56 3.79 2.94 .85 —1.32 -.47 18.. 4.19 .81 3.38 -3.00 .38 3.80 3.20 .60 - t .52 -.92 25.. 4.10 .78 3.32 -2.86 .46 3.77 3.33 .44 -1.64 -1.20 Aug. 1.. 3.96 .85 3.11 -2.64 .47 3.83 3.30 .53 -1.72 -1.19 8.. 3.82 1.24 2.58 -2.40 .18 3.94 3.30 .64 -3.60 -2.96 15.. 3.67 1.66 2.01 -1.56 .45 3.99 3.31 .68 -5.24 -4.56 22.. 3.68 1.97 .71 -1.32 .39 4.06 3.47 .59 -4.00 -3.41 29.. 3.70 2.25 .45 -1.28 .17 4.16 3.51 .65 -4.64 -3.99 Sept. 5.. 3.65 2.28 .37 -1.16 .21 4.17 3.54 .63 -4.08 -3.45 12.. 3.63 2.32 .31 -1.04 .27 6.51 3.55 2.96 -5.48 -2.52 19.. 3.54 2.19 .35 -.72 .63 6.51 3.45 3.06 -5.04 -1.98 26.. 3.58 2.49 .09 -.84 .25 6.52 3.49 3.03 -4.76 -1.73 Oct. 3.. 3.66 2.45 1.21 -.64 .57 6.51 3.52 2.99 -3.48 -.49 10.. 3.60 2.72 .88 -.64 .24 6.51 3.58 2.93 -3.84 -.91 17.. 3.56 2.65 .91 -.68 .23 6.51 3.55 2.96 -3.52 -.56 24.. 3.63 2.71 .92 -.88 .04 31.. 3.53 2.52 1.01 -.92 .09 6.50 3.57 2.93 -3.36 -.43 6.50 3.45 3.05 -3.24 -.19 Nov. 7.. 3.53 2.41 1.12 -1.00 .12 15.. 6.49 3.10 3.39 -3.56 -.17 14.. 3.50 2.70 .80 -1.00 -.20 22.. 6.38 3.10 3.28 -3.36 -.08 21.. 3.37 2.62 .75 -.52 .23 29.. 6.37 3.12 3.25 -3.24 .01 28.. 3.26 2.74 .52 -.48 .04 Dec. 6.. 6.37 3.04 3.33 -3.32 .01 Dec. 5.. 3.18 2.79 .39 -.36 .03 13.. 6.37 3.00 3.37 -2.92 .45 12.. 3.08 2.81 .27 -.16 .11 20.. 6.35 3.11 3.24 -2.88 .36 19.. 3.11 2.78 .33 -.24 .09 27.. 6.28 3.05 3.23 -2.88 .35 26.. 3.11 2.68 .43 -.16 .27 NOTE.—U.K. Treasury bills {adjusted to U.S. quotation basis): Premium or discount on the forward pound sterling: Rates per annum, Rates are average Friday tender in London for 91-day bills, which are computed on the basis of the midpoint quotation (midpoint between quoted on a 365-day discount basis (i.e., interest equals 365/91 x 100 bid and offer) for both spot and forward pounds sterling in New minus the discount price divided by 100), adjusted to make them more York at noon on Friday. comparable with the U.S. Treasury bill yield, which is computed on a All series: Except for rates on U.K. Treasury bills (which are from 360-day discount basis (i.e., 1= 360/91 x 100 —discount price divided the Economist), all series are based on quotations reported to the by 100). Federal Reserve Bank of New York by market sources. U.S. Treasury bills: Market offer rates at 11 a.m. Friday in New See announcement on p. 1411. York for 91-day bills. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1965 ARBITRAGE 1497 ARBITRAGE ON U.S. AND CANADIAN TREASURY BILLS, 1957-59 (Per cent per annum) Treasury bill rates Treasury bill rates Premium Premium Canada (+)or Net Canada (+)or Net Date discount incentive discount incentive United Spread (-)on (favor of Date Spread (-)on (favor of Quoted Adj. to States (favor of Cana- Canada) Adj. to United (favor of Cana- Canada) in U.S. Canada) dian Quoted U.S. States Canada) dian Canada quotation dollar in quotation dollar basis Canada basis 1957 1958 Jan. 3.... 3.65 3.57 3.07 .50 -2.76 -2.26 Jan. 2.... 3.60 3.52 2.73 .79 -1.80 -1.01 10.... 3.71 3.63 3.06 .57 -2.16 -1.59 9.... 3.64 3.56 2.74 .82 -1.28 -.46 17.... 3.72 3.63 3.02 .61 -.20 .41 16.... 3.65 3.57 2.55 1.02 -.92 .10 24.... 3.72 3.63 3.09 .54 -1.68 — 1.14 23.... 3.58 3.50 2.33 1.17 -.68 .49 31.... 3.70 3.62 3.10 .52 -.20 .32 30.... 3.25 3.18 1.90 1.28 -.96 .32 Feb. 7.... 3.72 3.63 3.00 .63 -1.44 -.81 Feb. 6.... 2.99 2.93 1.63 1.30 -.60 .70 14.... 3.75 3.66 2.96 .70 -1.68 -.98 13.... 3.06 2.99 1.69 1.30 -1.16 .14 21.... 3.81 3.72 3.15 .57 -1.64 -1.07 20.... 3.03 2.97 1.55 1.42 -.84 .58 28.... 3.76 3.67 3.25 .42 -1.88 -1.46 27.... 2.86 2.80 1.18 1.62 -.72 .90 Mar. 7.... 3.72 3.63 3.16 .47 -1.92 -1.45 Mar. 6.... 2.66 2.61 1.37 1.24 -1.16 .08 14.... 3.73 3.64 3.11 .53 -2.00 -1.47 13.... 2.42 2.37 1.28 1.09 -1.08 .01 21.... 3.69 3.61 2.94 .67 -1.76 -1.09 20.... 2.39 2.34 1.30 1.04 -.92 .12 28.... 3.70 3.62 2.95 .67 -1.56 -.89 27.... 2.27 2.23 1.10 1.13 -.84 .29 Apr. 4.... 3.69 3.61 3.03 .58 -.96 -.38 Apr. 3.... 1.83 1.80 1.01 .79 -.56 .23 11.... 3.71 3.63 3.12 .51 -.84 -.33 10.... 1.89 1.85 1.09 .76 -.36 .40 18.... 3.73 3.64 3.04 .60 -1.00 -.40 17.... 1.58 1.55 1.09 .46 -.28 .18 25.... 3.75 3.66 2.97 .69 -1.00 -.31 24.... 1.37 1.35 1.06 .29 -.32 -.03 May 2.... 3.76 3.67 2.97 .70 -1.04 -.34 May 1.... 1.58 1.55 1.18 .37 -.28 .09 9.... 3.78 3.69 2.91 .78 -.80 -.02 8.... 1.63 1.60 1.08 .52 -.56 -.04 16.... 3.78 3.69 2.94 .75 .04 -.29 15.... 1.54 1.51 .99 .52 -.84 -.32 23.... 3.76 3.67 3.12 .55 .04 -.49 22.... 1.53 1.50 .68 .82 -.84 -.02 30.... 3.76 3.67 3.23 .44 .28 -.84 29.... 1.54 1.51 .57 .94 -.64 .30 June 6 3.79 3.70 3.28 .42 .16 -.74 June 5.... 1.72 1.69 .71 .98 -.44 .54 13.... 3.79 3.70 3.23 .47 .44 -.97 12.... 1.76 1.73 .82 .91 -.52 .39 20.... 3.80 3.71 3.33 .38 • .52 -1.14 19.... 1.78 1.75 .91 .84 -.52 .32 27.... 3.81 3.72 3.20 .52 -1 .08 -.56 26.... 1.72 1.69 .84 .85 -.52 .33 July 4.... 3.81 3.72 3.19 .53 .00 -.47 July 3.... 1.61 1.58 .78 .80 -.56 .24 11.... 3.81 3.72 3.14 .58 _ .84 -.26 10.... 1.66 1.63 .91 .72 -.52 .20 18.... 3.81 3.72 2.99 .73 • .12 -.39 17.... 1.45 1.42 .80 .62 -.48 .14 25.... 3.80 3.71 3.19 .52 — .00 -.48 24.... .97 .95 .84 .11 -.04 .07 31.... .87 .85 .88 -.03 -.24 -.27 Aug. 1.... 3.81 3.72 3.35 .37 .36 -.99 8.... 3.92 3.83 3.26 .57 — .44 -.87 Aug. 7 1.23 1.21 1.16 .05 -.16 -.11 15.... 4.03 3.93 3.44 .49 • .76 1.27 14.... L .16 1.14 1.58 -.44 -.24 -.68 22.... 4.08 3.98 3.30 .68 • .88 1.20 21.... 1.26 1.24 1.94 -.70 -.12 -.82 29.... 4.03 3.93 3.48 .45 .96 1.51 28.... 1.49 1.46 2.22 -.76 -.28 -1.04 - Sept. 5.... 4.01 3.92 3.51 .41 .64 1.23 Sept. 4.... 1.71 1.68 2.36 -.68 -.04 -.72 12.... 4.00 3.91 3.53 .38 — • .68 1.30 11.... 1.94 1.90 2.39 -.49 -.04 -.53 19.... 3.93 3.84 3.55 .29 .56 .27 18.... 2.17 2.13 2.45 -.32 -.02 -.34 26.... 3.80 3.71 3.46 .25 -1 .68 - 1.43 25.... 2.27 2.23 2.45 -.22 + .24 .02 Oct. 3.... 3.84 3.75 3.51 .24 .84 1.60 Oct. 2.... 2.37 2.32 2.78 -.46 -.36 -.82 10.... 3.87 3.78 3.52 .26 .76 1.50 9.... 2.39 2.34 2.64 -.30 + .48 .18 17.... 3.88 3.79 3.64 .15 — .92 L.77 16.... 2.35 2.30 2.57 -.27 + .56 .29 24.... 3.83 3.74 3.52 .22 ^1.04 1.82 23.... 2.48 2.43 2.72 -.29 + .24 -.05 31.... 3.80 3.71 3.57 .14 .92 1.78 30.... 2.83 2.77 2.54 .23 + .04 .27 Nov. 7.... 3.79 3.70 3.47 .23 .32 -1.09 Nov. 6.... 2.95 2.89 2.45 .44 -.04 .40 14.... 3.74 3.65 3.41 .24 • .00 -.76 13.... 3.16 3.09 2.66 .43 -.04 .39 21.... 3.51 3.43 3.08 .35 .12 -.77 20.... 3.00 2.94 2.74 .20 -.02 .18 28.... 3.58 3.50 3.12 .38 .08 -.70 27.... 2.88 2.82 2.69 .13 + .32 .45 - Dec. 5.... 3.67 3.59 3.04 .55 -1.60 -1.05 Dec. 4.... 3.07 3.00 2.78 .22 + .08 .30 12.... 3.67 3.59 2.96 .63 -1.40 -.77 11.... 3.52 3.44 2.81 .63 + .04 .67 19.... 3.64 3.56 3.10 .46 -1.56 -1.10 18.... 3.56 3.48 2.82 .66 -.36 .30 26.... 3.62 3.54 3.09 .45 -1.60 -1.15 25.... 3.64 3.56 2.69 .87 -.40 .47 NOTE.—Canadian Treasury bills (quoted in Canada): Rates for 91- Premium or discount on the forward Canadian dollar: Rates per day bills are average Thursday tender. annum, computed on basis of the midpoint quotations (midpoint Canadian Treasury bills (adjusted to U.S. quotation basis): Rates for between bid and offer) for both spot and forward Canadian dollars 91-day bills (described above) which are quoted in Canada on a 365- in New York at noon on Thursday. day true yield basis (i.e., interest equals 365 /91 x 100 minus discount All series: Except for rates on Canadian bills (which are from price divided by discount price) are adjusted to make them comparable Statistical Summary, Bank of Canada), all series are based on quotawith the U.S. Treasury bill yield, which is computed on a 360-day dis- tions reported to the Federal Reserve Bank of New York by market count basis (i.e., 1= 360/91 x 100 - discount price divided by 100). s ources. U.S. Treasury bills: Market offer rates at 11 a.m. Thursday in New See announcement on p. 1411. York for 91-day bills. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS of the Federal Reserve System WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman J. L. ROBERTSON GEORGE W. MITCHELL J. DEWEY DAANE CHAS. N. SHEPARDSON SHERMAN J. MAISEL 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 SECRETARY DIVISION OF EXAMINATIONS MERRITT SHERMAN, Secretary FREDERIC SOLOMON, Director KENNETH A. KENYON, Assistant Secretary GLENN M. GOODMAN, Assistant Director ELIZABETH L. CARMICHAEL, Assistant Secretary BRENTON C. LEAVITT, Assistant Director ARTHUR L. BROIDA, Assistant Secretary KARL E. BAKKE, Assistant Secretary JAMES C. SMITH, Assistant Director ANDREW N. THOMPSON, Assistant Director LEGAL DIVISION LLOYD M. SCHAEFFER, Chief Federal Reserve HOWARD H. HACKLEY, General Counsel Examiner DAVID B. HEXTER, Assistant General Counsel THOMAS J. O'CONNELL, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION JEROME W. SHAY, Assistant General Counsel WILSON L. HOOFF, Assistant General Counsel EDWIN J. JOHNSON, Director H. FRANKLIN SPRECHER, JR., Assistant Director DIVISION OF RESEARCH AND STATISTICS DANIEL H. BRILL, Director ROBERT C. HOLLAND, Associate Director DIVISION OF ADMINISTRATIVE SERVICES ALBERT R. KOCH, Associate Director FRANK R. GARFIELD, Adviser JOSEPH E. KELLEHER, Director J. CHARLES PARTEE, Adviser HARRY E. KERN, Assistant Director ROBERT SOLOMON, Adviser KENNETH B. WILLIAMS, Adviser LEWIS N. DEMBITZ, Associate Adviser OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE JOHN KAKALEC, Controller RALPH A. YOUNG, Director SAMPSON H. BASS, Assistant Controller A. B. HERSEY, Adviser SAMUEL I. KATZ, Adviser ROBERT L. SAMMONS, Adviser OFFICE OF DEFENSE PLANNING REED J. IRVINE, Associate Adviser JOHN E. REYNOLDS, Associate Adviser INNIS D. HARRIS, Coordinator RALPH C. WOOD, Associate Adviser DIVISION OF BANK OPERATIONS DIVISION OF DATA PROCESSING JOHN R. FARRELL, Director M. B. DANIELS, Assistant Director M. H. SCHWARTZ, Director JOHN N. KILEY, JR., Assistant Director LEE W. LANGHAM, Assistant Director 1498 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 1499 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON HUGH D. GALUSHA, JR. J. L. ROBERTSON J. DEWEY DAANE SHERMAN J. MAISEL CHARLES J. SCANLON GEORGE H. ELLIS GEORGE W. MITCHELL CHAS. N. SHEPARDSON RALPH A. YOUNG, Secretary ERNEST T. BAUGHMAN, Associate Economist MERRITT SHERMAN, Assistant Secretary DANIEL H. BRILL, Associate Economist KENNETH A. KENYON, Assistant Secretary GEORGE GARVY, Associate Economist ARTHUR L. BROIDA, Assistant Secretary ROBERT C. HOLLAND, Associate Economist HOWARD H. HACKLEY, General Counsel ALBERT R. KOCH, Associate Economist DAVID B. HEXTER, Assistant General Counsel CHARLES T. TAYLOR, Associate Economist GUY E. NOYES, Economist PARKER B. WILLIS, Associate Economist ALAN R. HOLMES, 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, President 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

1500 FEDERAL RESERVE BULLETIN • OCTOBER 1965 Federal Reserve Banks and Branches Federal Reserve Bank Chairman President Vice President or branch Deputy Chairman First Vice President in charge of branch Zip code Boston ...02106 Erwin D. Canham George H. Ellis William Webster Earle O. Latham New York 10045 Philip D. Reed Alfred Hayes Everett N. Case William F. Treiber Buffalo ...14240 Maurice R. Forman Insley B. Smith Philadelphia ..19101 Walter E. Hoadley Karl R. Bopp Willis J. Winn Robert N. Hilkert Cleveland .,44101 Joseph B. Hall W. Braddock Hickman Logan T. Johnston Edward A. Fink Cincinnati 45201 Walter C. Langsam Fred O. Kiel Pittsburgh ...15230 G. L. Bach Clyde E. Harrell Richmond ...23213 Edwin Hyde Edward A. Wayne William H. Grier Aubrey N. Heflin Baltimore 21203 Leonard C. Crewe, Jr. Donald F. Hagner Charlotte ...28201 J. C. Cowan, Jr. Edmund F. MacDonald Atlanta ...30303 Jack Tarver Harold T. Patterson J. M. Cheatham Monroe Kimbrel Birmingham.... . 35202 C. Caldwell Marks Edward C. Rainey Jacksonville 32201 Claude J. Yates Thomas A. Lanford Nashville 37203 Andrew D. Holt Robert E. Moody, Jr. New Orleans ...70160 George Benjamin Blair Morgan L. Shaw Chicago ...60690 Franklin J. Lunding Charles J. Scanlon James H. Hilton Hugh J. Helmer Detroit ...48231 James William Miller Russel A. Swaney St. Louis 63166 Raymond Rebsamen Harry A. Shuford Smith D. Broadbent, Jr. Darryl R. Francis Little Rock 72203 Carey V. Stabler John F. Breen Louisville 40201 C. Hunter Green Donald L. Henry Memphis ...38101 Sam Cooper E. Francis DeVos Minneapolis 55440 Atherton Bean Hugh D. Galusha, Jr. Judson Bemis M. H. Strothman, Jr. Helena ...59601 Edwin G. Koch Clement A. Van Nice Kansas City 64106 Homer A. Scott George H. Clay Dolph Simons Henry O. Koppang Denver 80217 Robert T. Person John W. Snider Oklahoma City., 73101 James E. Allison Howard W. Pritz Omaha ...68102 Clifford Morris Hardin George C. Rankin Dallas 75222 Robert O. Anderson Watrous H. Irons Carl J. Thomsen Philip E. Coldwell El Paso 79999 Roger B. Corbett Frederic W. Reed Houston 77001 D. B. Campbell J. Lee Cook San Antonio ...78206 John R. Stockton Carl H. Moore San Francisco 94120 F. B. Whitman Eliot J. Swan John D. Fredericks H. Edward Hemmings Los Angeles 90054 Arthur G. Coons Clifford H. Watkins Portland 97208 Graham J. Barbey William M. Brown Salt Lake City , 84110 Howard W. Price Arthur L. Price Seattle ,98124 William McGregor Erwin R. Barglebaugh Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551, and remittance should be made payable to the order of the Board of Governors of the Federal Reserve System. For a more complete list, including periodic releases, see pp. 915-18 of the June 1965 BULLETIN. (Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND ALL-BANK STATISTICS, 1896-1955. 1959. 1,229 pp. FUNCTIONS. 1963. 297 pp. $4.00. ANNUAL REPORT. INDUSTRIAL PRODUCTION—1957-59 Base. 1962. 172 pp. $1.00 a copy; 10 or more sent to one FEDERAL RESERVE BULLETIN. Monthly. $6.00 address, $.85 each. per annum or $.60 a copy in the United States and its possessions, Bolivia, Canada, Chile, THE FEDERAL RESERVE ACT, as amended through Colombia, Costa Rica, Cuba, Dominican Re- Oct. 1, 1961, with an appendix containing propublic, Ecuador, Guatemala, Haiti, Republic visions of certain other statutes affecting the of Honduras, Mexico, Nicaragua, Panama, Federal Reserve System. 386 pp. $1.25. Paraguay, Peru, El Salvador, Uruguay, and Venezuela; 10 or more of same issue sent to SUPPLEMENT TO BANKING AND MONETARY STATISone address, $5.00 per annum or $.50 each. TICS. Sec. 1. Banks and the Monetary System. Elsewhere, $7.00 per annum or $.70 a copy. 1962. 35 pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50. FEDERAL RESERVE CHART BOOK ON FINANCIAL Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 14. AND BUSINESS STATISTICS. Monthly. Annual Gold. 1963. 24 pp. $.35. Sec. 15. International subscription includes one issue of Historical Finance. 1962. 92 pp. $.65. Sec. 16. (New) Chart Book. $6.00 per annum or $.60 a copy Consumer Credit. 1965. 103 pp. $.65. in the United States and the countries listed above; 10 or more of same issue sent to one BANK MERGERS & THE REGULATORY AGENCIES: address, $.50 each. Elsewhere, $7.00 per an- APPLICATION OF THE BANK MERGER ACT OF num or $.70 a copy. 1960. 1964. 260 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. HISTORICAL CHART BOOK. Issued annually in Sept. Subscription to monthly chart book includes BANKING MARKET STRUCTURE & PERFORMANCE one issue. $.60 a copy in the United States and IN METROPOLITAN AREAS: A STATISTICAL countries listed above; 10 or more sent to one STUDY OF FACTORS AFFECTING RATES ON BANK address, $.50 each. Elsewhere, ,$.70 a copy. LOANS. 1965. 73 pp. $.50 a copy; 10 or more sent to one address, $.40 each. TREASURY-FEDERAL RESERVE STUDY OF THE GOV- ERNMENT SECURITIES MARKET. Pt. I. 1959. REGULATIONS OF THE BOARD OF GOVERNORS OF 108 pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 THE FEDERAL RESERVE SYSTEM. pp. Individual books $1.00 each; set of 3, $2.50. RULES OF ORGANIZATION AND PROCEDURE—BOARD FLOW OF FUNDS IN THE UNITED STATES, 1939-53. 1955. 390 pp. $2.75. OF GOVERNORS OF THE FEDERAL RESERVE SYS- TEM. 1962. 40 pp. DEBITS AND CLEARINGS STATISTICS AND THEIR USE. 1959. 144 pp. $1.00 a copy; 10 or more PUBLISHED INTERPRETATIONS of the Board of sent to one address, $.85 each. Governors, as of Mar. 31, 1965. $2.50. THE FEDERAL FUNDS MARKET. 1959. Ill pp. $1.00 TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 a copy; 10 or more sent to one address, $.85 a copy; 10 or more sent to one address, $.85 each. each. 1501 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1502 FEDERAL RESERVE BULLETIN • OCTOBER 1965 REPRINTS RECENT MONETARY AND CREDIT DEVELOPMENTS. July 1964. 9 pp. (From Federal Reserve BULLETIN unless preceded by an asterisk) FEDERAL RESERVE SECURITY TRANSACTIONS, 1954-63. July 1964. 16 pp. THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS IN THE UNITED STATES. NOV. 1938. NEW SERIES ON FEDERAL FUNDS. Aug. 1964. 20 pp. 31 pp. •Part I, ALL-BANK STATISTICS, 1896-1955. Re- MINISTERIAL STATEMENT OF THE GROUP OF TEN print of the U.S. Summary containing a de- AND ANNEX PREPARED BY DEPUTIES. Aug. scription of revised statistics for all banks in 1964. 25 pp. the United States, by class of bank, together with revised statistics. Apr. 1959. 94 pp. U.S. BALANCE OF PAYMENTS, 1963-64. Oct. 1964. 8 pp. STATISTICS ON THE GOVERNMENT SECURITIES MARKET. Apr. 1961. 8 pp. YIELD DIFFERENTIALS IN TREASURY BILLS. 1959- 64. Oct. 1964. 20 pp. REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. 1961. 3 pp. U.S. GOVERNMENT SECURITIES IN 1964. Nov. 1964. 8 pp. INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. 1962. 10 pp. BANK CREDIT AND MONETARY DEVELOPMENTS IN CHANGES IN STRUCTURE OF THE FEDERAL DEBT. 1964. Feb. 1965. 13 pp. Mar. 1963. 10 pp. BANK CREDITS TO FOREIGNERS. Mar. 1965. 10 pp. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. Apr. 1963. 11 pp. BALANCE OF PAYMENTS PROGRAM: GUIDELINES FOR BANKS AND NONBANK FINANCIAL INSTITU- NEW FOREIGN BOND ISSUES IN THE U.S. TIONS. Mar. 1965. 6 pp. MARKET. May 1963. 13 pp. REVISION OF BANK DEBITS AND DEPOSIT TURN- BANK LOANS SECURED BY STOCKS AND BONDS. OVER SERIES. Mar. 1965. 4 pp. July 1963. 19 pp. BANKING AND MONETARY STATISTICS, 1964. Se- A BANK EXAMINER LOOKS AT AGRICULTURAL lected series of banking and monetary statistics LENDING. July 1963. 8 pp. for 1964 only. Feb., Mar., and June 1965. 15 pp. MEASURING AND ANALYZING ECONOMIC GROWTH. Aug. 1963. 14 pp. RECENT CREDIT AND MONETARY DEVELOPMENTS. BANK AND PCA LENDING TO FARMERS. Sept. 1963. July 1965. 12 pp. 11 pp. REVISION OF THE MONEY SUPPLY. July 1965. THE OPEN MARKET POLICY PROCESS. Oct. 1963. 11pp. 11pp. BALANCE OF PAYMENTS PROGRAM: REVISED SURVEY OF FINANCIAL CHARACTERISTICS OF CON- GUIDELINES FOR NONBANK FINANCIAL INSTI- SUMERS. Mar. 1964. 9 pp. TUTIONS. July 1965. 3 pp. U.S. TRADE AND PAYMENTS IN 1963. Apr. 1964. INTEREST RATES IN CAPITAL MARKETS. Aug. 7 pp. 1965. 13 pp. FLOWS THROUGH FINANCIAL INTERMEDIARIES. MEASURES OF BANKING STRUCTURE AND COMPETI- May 1964. 9 pp. TION. Sept. 1965. 11 pp. REVISION OF THE MONEY SUPPLY SERIES. June TREASURY AND FEDERAL RESERVE FOREIGN EX- 1964. 14 pp. CHANGE OPERATIONS. Sept. 1965. 14 pp. REVISION OF BANK CREDIT SERIES. June 1964. 5 pp. U.S. INTERNATIONAL PAYMENTS. Oct. 1965. 9 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 1503 SUMMARIES OF STAFF ECONOMIC STUDIES Guy E. Noyes, STATISTICAL REFINEMENT OF THE Murray Altmann, PRICE ANALYSIS AND ECONOMIC CONCEPT OF INFLATION—MONETARY AND DEVELOPMENTS. LIQUIDITY ASPECTS. Leonall C. Andersen, A STUDY OF FACTORS AF- Frank de Leeuw, THE DEMAND FOR MONEY— FECTING THE MONEY STOCK—PHASE ONE. SPEED OF ADJUSTMENT, INTEREST RATES, AND WEALTH. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables (For list of tables published quarterly, semiannually, or annually, with latest BULLETIN reference, see page 1414) Acceptances, bankers', 1423, 1440, 1442 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 1434, 1436 Adjusted, and currency, 1429 Arbitrage, 1492, 1496, 1497 Banks, by classes, 1422, 1430, 1435, 1438, 1442 Assets and liabilities (See also Foreign liabilities and Federal Reserve Banks, 1424, 1489 claims): Postal savings, 1422, 1429 Banks and the monetary system, consoli- Discount rates, 1421, 1491 dated, 1429 Discounts and advances by Federal Reserve Banks, Corporate, current, 1454 1416, 1424, 1426 Domestic banks, by classes, 1430, 1434, 1436 Dividends, corporate, 1453, 1454 Federal Reserve Banks, 1424 Dollar assets, foreign, 1475, 1489 Automobiles: Consumer instalment credit, 1458, 1459, 1460 Earnings and hours, manufacturing industries, 1469 Production index, 1462, 1463 Employment, 1466, 1468, 1469 Farm mortgage loans, 1455, 1456 Balance of payments (See U.S. balance of payments) Federal finance: Bankers' balances, 1435, 1437 (See also Foreign liabilities and claims) Cash transactions, 1444 Receipts and expenditures, 1445 Banks and the monetary system, consolidated statement, 1429 Treasurer's balance, 1444 Banks for cooperatives, 1449, 1450 Federal funds, 1420 Bonds (See also U.S. Govt. securities): Federal home loan banks, 1449, 1450, 1457 New issues, 1450, 1451, 1452 Federal Housing Administration, 1441, 1455, Prices and yields, 1440, 1441 1456, 1457 Brokers and dealers in securities, bank loans to, Federal intermediate credit banks, 1449, 1450 1434, 1436 Federal land banks, 1449, 1450 Business expenditures on new plant and Federal National Mortgage Assn., 1449, 1450, 1457 equipment, 1454 Federal Reserve Banks: Business indexes, 1466 Condition statement, 1424 Business loans (See Commercial and industrial loans) U.S. Govt. securities held by, 1416, 1424, 1426, 1446, 1447 Capital accounts: Federal Reserve credit, 1416, 1424, 1426 Banks, by classes, 1430, 1435, 1438 Federal Reserve notes, 1424, 1427 Federal Reserve Banks, 1424 Federally sponsored credit agencies, 1449, 1450 Carloadings, 1466 Finance company paper, 1440, 1442 Central banks, foreign, 1478, 1491 Financial institutions, loans to, 1434, 1436 Certificates of deposit, 1438 Float, 1416 Coins, circulation of, 1427 Flow of funds, 1474 Commercial and industrial loans: Foreign central banks, 1478, 1491 Commercial banks, 1434 Foreign currency operations, 1424, 1426, 1480, 1488 Weekly reporting member banks, 1436, 1439 Foreign deposits in U.S. banks, 1416, 1424, 1425, Commercial banks: 1435, 1438, 1489 Assets and liabilities, 1430, 1433, 1434 Foreign exchange rates, 1493 Consumer loans held, by type, 1459 Foreign liabilities and claims: Number, by classes, 1430 Banks, 1482, 1484, 1485, 1487, 1489 Real estate mortgages held, by type, 1455 Nonfinancial concerns, 1490 Commercial paper, 1440, 1442 Foreign trade, 1495 Condition statements (See Assets and liabilities) Gold: Construction, 1466, 1467 Certificates, 1424, 1427 Consumer credit: Earmarked, 1489 Instalment credit, 1458, 1459, 1460, 1461 Net purchases by U.S., 1480 Noninstalment credit, by holder, 1459 Production, 1479 Consumer price indexes, 1466, 1470 Reserves of central banks and govts., 1478 Consumption expenditures, 1472, 1473 Reserves of foreign countries and international Corporations: organizations, 1481 Sales, profits, taxes, and dividends, 1453, 1454 Stock, 1416, 1429, 1480 Security issues, 1451, 1452 Gross national product, 1472, 1473 Security prices and yields, 1440, 1441 Cost of living (See Consumer price indexes) Hours and earnings, manufacturing industries, 1469 Currency in circulation, 1416, 1427, 1428 Housing starts, 1467 Customer credit, stock market, 1441 Income, national and personal, 1472 Debits to deposit accounts, 1426 Industrial production index, 1462, 1466 Debt (See specific types of debt or securities) Instalment loans, 1458, 1459, 1460, 1461 Demand deposits: Insurance companies, 1443, 1446, 1447, 1456 Adjusted, banks and the monetary system, 1429 Insured commercial banks, 1432, 1434 Adjusted, commercial banks, 1426, 1428, 1435 Interbank deposits, 1422, 1430, 1435 Banks, by classes, 1422, 1430, 1438 Interest rates: Turnover of, 1426 Bond yields, 1440 Type of holder, at commercial banks, 1435 Business loans by banks, 1439 1504 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES 1505 Interest rates—Continued Reserves—Continued Federal Reserve Bank discount rates, 1421 Foreign countries and international organiza- Foreign countries, 1491, 1492, 1496, 1497 tions. 1481 Money market rates, 1440, 1492, 1496, 1497 Member banks, 1416, 1418, 1422, 1435, 1437 Mortgage yields, 1441 Residential mortgage loans, 1455, 1456, 1457 Stock yields, 1440 Retail credit, 1458 Time deposits, maximum rates, 1422 Retail sales, 1466 International capital transactions of the U.S., 1482 Sales finance companies, consumer loans of, 1458, International institutions, 1478, 1480, 1481 1459, 1461 Inventories, 1472 Saving: Investment companies, new issues, 1452 Flow of funds series, 1474 Investments (See also specific types of investments): National income series, 1473 Banks, by classes, 1430, 1434, 1437, 1442 Savings and loan assns., 1443, 1447, 1456 Commercial banks, 1433 Savings deposits (See Time deposits) Federal Reserve Banks, 1424, 1426 Savings institutions, principal assets, 1442, 1443 Life insurance companies, 1443 Securities (See also U.S. Govt. securities): Savings and loan assns., 1443 Federally sponsored agencies, 1449 Labor force, 1468 International transactions, 1488, 1489 Loans (See also specific types of loans): New issues, 1450, 1451, 1452 Banks, by classes, 1430, 1434, 1436, 1442 Silver coin and silver certificates, 1427 Commercial banks, 1433 State and local govts.: Federal Reserve Banks, 1416, 1424, 1426 Deposits of, 1435, 1438 Insurance companies, 1443, 1456 Holdings of U.S. Govt. securities, 1446, 1447 Insured or guaranteed by U.S., 1455, 1456, 1457 New security issues, 1450, 1451 Savings and loan assns., 1443, 1456 Ownership of obligations of, 1434, 1442, 1443 Prices and yields of securities, 1440, 1441 Manufactures, production index, 1463, 1466 State member banks, 1432 Margin requirements, 1422 Stock market credit, 1441 Member banks: Stocks: Assets and liabilities, by classes, 1430, 1434 New issues, 1451, 1452 Borrowings at Federal Reserve Banks, 1418, Prices and yields, 1440, 1441 1424, 1438 Deposits, by classes, 1422 Tax receipts, Federal, 1445 Number, by classes, 1431 Time deposits, 1422, 1428, 1429, 1430, 1435, 1438 Reserve position, basic, 1420 Treasurer's account balance, 1444 Reserve requirements, 1422 Treasury cash, 1416, 1427, 1429 Reserves and related items, 1416 Treasury currency, 1416, 1424, 1429 Weekly reporting series, 1436 Treasury deposits, 1416, 1424, 1444 Mining, production index, 1463, 1466 Turnover, deposits, 1426 Money rates (See Interest rates) Unemployment, 1468 Money supply and related data, 1428 U.S. balance of payments, 1494 Mortgages (See Real estate loans) U.S. Govt. balances: Mutual funds (See Investment companies) Commercial bank holdings, by classes, Mutual savings banks, 1429, 1430, 1432, 1442, 1446, 1435, 1438 1447, 1455 Consolidated monetary statement, 1429 National banks, 1432 Treasury deposits at Federal Reserve Banks, National income, 1472, 1473 1416, 1424, 1444 National security expenditures, 1445, 1472 U.S. Govt. securities: Nonmember banks, 1432, 1434, 1435 Bank holdings, 1429, 1430, 1434, 1437, 1442, 1446, 1447 Open market transactions, 1423 Dealer transactions, positions, and Payrolls, manufacturing, index, 1466 financing, 1448 Personal income, 1473 Federal Reserve Bank holdings, 1416, 1424, Postal Savings System, 1422, 1429 1426, 1446, 1447 Prices: Foreign and international holdings, 1424, Consumer, 1466, 1470 1481, 1489 Security, 1441 International transactions, 1488 Wholesale commodity, 1466, 1470 New issues, gross proceeds, 1451 Production, 1462, 1466 Open market transactions, 1423 Profits, corporate, 1453, 1454 Outstanding, by type of security, 1446, 1447, 1449 Real estate loans: Ownership of, 1446, 1447 Banks, by classes, 1434, 1442, 1455 Prices and yields, 1440, 1441, 1492, 1496, 1497 Mortgage yields, 1441 United States notes, outstanding and in circula- Type of holder, 1455, 1456, 1457 te, 1427 Type of property mortgaged, 1455, 1456, 1457 Utilities, production index, 1463, 1466 Reserve position, basic, member banks, 1420 Reserve requirements, member banks, 1422 Vault cash, 1416, 1422, 1435 Reserves: Veterans Administration, 1455, 1456, 1457 Central banks and govts., 1478 Commercial banks, 1435 Weekly reporting member banks, 1436 Federal Reserve Banks, 1424 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES (p THE FEDERAL RESERVE SYSTEM o) Legend 1 Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System © Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis