Federal Reserve Bulletin, 1965-11

FEDERAL RESERVE B U LLETIN November Volume * Number 11 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 subscription 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

ERRATA SHEET (For Corrected Charts Only) National Summary of Business Conditions Released for publication November 16 Industrial production rose somewhat in October Production of iron and steel declined 8 per cent following a decline in September. Nonfarm further in October as steel users reduced invenemployment continued to increase and the unem- tories. Output of coal and crude oil recovered from ployment rate edged further downward. Retail the effects of strikes and a hurricane, respectively, sales advanced again. Bank credit expanded and and production of various other nondurable the money supply increased further. materials rose in October. INDUSTRIAL PRODUCTION CONSTRUCTION Industrial production in October was 143.6 per New construction expenditures—revised upward cent of the 1957-59 average, compared with 143.0 in September to a new high—dipped in October to in September and 144.4 in August. A further a seasonally adjusted annual rate of $68.2 billion. reduction in steel output in October was more than Private residential expenditures again edged down. offset by increases in final products and nondurable Outlays for business and other private construcmaterials. In the first 10 months of this year the tion, which rose in most earlier months this year, total index has averaged 8 per cent above a year declined slightly. Public construction expenditures earlier. fell 3 per cent following September's sharp advance Auto assemblies recovered somewhat to an for highways. annual rate of 9.3 million units following a limited work stoppage in September. November produc- EMPLOYMENT tion schedules are set at about the October rate. Output of home goods showed some rise in October Nonfarm payroll employment increased strongly and consumer staples rose further. Production of in October, reflecting substantial gains in trade, industrial and commercial machinery continued to services, and State and local government. A further expand, and with settlement of an aircraft work reduction in primary metals employment, because stoppage in early October, output of freight and of liquidation of steel inventories, limited the rise passenger equipment rose sharply. in manufacturing. Machinery continued to show large increases. The average workweek in manufacturing rose to 41.0 hours as overtime in durable INDUSTRIAL PRODUCTION 957 59 100 goods industries reached the highest level since May. The unemployment rate was 4.3 per cent in October compared with 4.4 per cent in September TOTAL/ and 5.2 per cent a year earlier. The October level was the lowest since August 1957. 1 L j._ A _.._ COMMODITY PRICES Industrial commodity prices have edged up NONDURABLE slightly since mid-October. Advances occurred in MANUFACTURES tinplate, copper and some copper and brass DURABLE products. Primary aluminum and many semifabri- "/ MANUFACTURES cated products were raised, but subsequently the 1 1 11 increases were rescinded. Prices of some synthetic fibers declined. Average wholesale prices of food- F.R. indexes, seasonally adjusted. Latest figures shown are for October. stuffs changed little. 1546 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1547 DISTRIBUTION in October. Borrowings and excess reserves declined and net borrowed reserves remained at Retail sales in October rose somewhat further about $155 million, close to the average level of the from the September volume, which itself had been two previous months. Reserves were supplied revised upward to a record high. Sales of durable principally through System purchases of U. S. goods were up slightly despite a moderate decline Government securities and absorbed through in new car sales from high summer levels. Increases currency outflows. were widespread among nondurable goods lines. SECURITY MARKETS BANK CREDIT, MONEY SUPPLY, AND RESERVES Yields on seasoned corporate and State and local Commercial bank credit increased $2.7 billion government bonds rose further from mid-October in October following little change in September. to mid-November, but at a slower pace than over Although loans accounted for most of the October the previous two months. Yields advanced for all expansion, holdings of U. S. Government issues maturity groups of U. S. Government securities. In also increased, as the result of Treasury financing mid-November the 3-month Treasury bill rate was operations, and holdings of other securities rose about 4.10 per cent, compared with 4.00 per cent moderately. The money supply expanded substana month earlier. tially, but somewhat less than in September. Time Common stock prices advanced moderately in deposit growth continued rapid. late October. Over the first half of November they Total and required reserves increased somewhat rose slightly further on balance. INTEREST RATES PRICES — ALL ITEMS • ALL COMMODITIES ^~- 1 1 1 1 I 1 I 1 COMMODITIES NONFOOD COMMODITIES _^^ OTHER THAN FARM AND FOOD _ _, 1 1 1 1 1 SERVICES ...•••' PROCESSED FOODS f~" j^ ~^~^ FOODS _ | V FARM PRODUCTS ^ ^ 1 1 I 1 1 1963 1965 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, September; for wholesale prices, October esti- years or more and for 90-day Treasury bills. Latest figures mates. shown, week ending Nov. 12. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE B U LLETIN Contents Fiscal Policy and Debt Management 1507 Cycles and Cyclical Imbalances in a Changing World 1518 Revision of Flow of Funds Accounts 1533 Law Department 1539 Announcements 1544 National Summary of Business Conditions 1546 Guide to Tabular Presentation 1548 Financial and Business Statistics, U.S. (Contents on p. 1549) 1550 International Financial Statistics (Contents on p. 1629) 1630 Board of Governors and Staff 1648 Open Market Committee and Staff; Federal Advisory Council 1649 Federal Reserve Banks and Branches 1650 Federal Reserve Board Publications 1651 Index to Statistical Tables 1654 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 Robert C. Holland Robert Solomon 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

FISCAL POLICY AND DEBT MANAGEMENT Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1507 T he expansionary fiscal impact of the reduction in Federal income Ahtax rates in early 1964 contributed, along with a continuing generally expansive monetary policy, to rapid improvement in the U.S. economy. Gross national product, corporate profits, and personal income have risen sharply since then, and the rate of unemployment has dropped. With the resulting increase in the income base, tax collections more than offset the impact of the reduction in tax rates. The expansion in cash receipts of the U.S. Government during fiscal year 1965 was twice the increase in its payments, and the cash deficit declined to the lowest level since the fiscal year 1961. Despite the decline in the deficit, net demands by the U.S. Treasury on credit markets were about unchanged from the previous year. Borrowing was concentrated, as usual, in the July-December half of the fiscal year. Net repayment of debt was possible during the January-June period of 1965, and the net repayment was U.S. GOVT. CASH DEFICIT larger than during the same period of the previous 3 years. Unexpectedly large tax receipts and small cash payments in the Fiscal Billion spring made possible both the debt repayment and a build-up in year dollars the Treasury's cash balance by mid-1965 to a level about $1.5 1965 2.7 billion above a year earlier. 1964 4.8 Debt retirement in the first half of 1965 was accomplished 1963 4.0 1962 5.8 mainly by the repayment of maturing tax anticipation bills in 1961 2.3 March and June. The reduction in the supply of Treasury bills contributed to the downward pressures on bill rates that developed during the spring. In the late summer and early autumn bill rates again came under upward pressure, and by mid-November the 3-month bill yielded 4.09 per cent. Many factors—including market anticipations of increased Federal spending because of Viet Nam, more buoyant business forecasts, and existing liquidity pressures on banks and corporations—contributed to this pressure. Moreover, direct additions to market bill supplies occurred in October and November as the Treasury sold tax bills in order to meet its autumn needs for cash. Interest rates on long-term U.S. Government securities have recently risen to an average of 4.35 per cent, influenced by some of the same expectational factors affecting bill rates and by continued large issues of securities in the corporate and municipal markets. Debt lengthening activities by the Treasury—chiefly through advance refundings—increased the supply of long-term debt during the past fiscal year, but long-term interest rates changed little until the late summer of 1965. FEDERAL OUTLAYS Cash outlays of the Federal Government rose by only $2 billion AND RECEIPTS in the fiscal year 1965. Such outlays for defense, as shown in the cash budget, actually declined by $3.7 billion to a total of $50.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1508 FEDERAL RESERVE BULLETIN • NOVEMBER 1965 billion. But over the period there were increases in outlays for other functions. The decline in defense outlays was reflected in a reduction in total Federal purchases of goods and services as measured in the national income accounts. These purchases declined in fiscal year 1965 for the first time since 1959. Other government expenditures —grants-in-aid, transfer payments, net interest, and subsidies— continued to rise, however, and for the fiscal year as a whole, Federal expenditures as shown in the national income accounts rose by only a little more than $1 billion. The small difference between the increase in Federal expenditures as shown in the national income accounts and the somewhat larger rise in outlays in the cash budget represents principally the continued growth in Federal cash payments generated primarily by the lending activities of the Government. These credit transactions are not included as expenditures in the national income accounts. Federal receipts rose by more than $4.0 billion in the 1965 fiscal year on both a cash and national income basis. Even though there were sizable reductions in Federal income tax rates for both corporations and individuals in March 1964, tax collections increased as a direct result of the accelerated growth in both corporate and individual incomes that followed the tax reduction. Rapidly rising corporate profits, both in dollar terms and as a per cent of gross national product, provided such a greatly expanded tax base that profits taxes were larger than a year previous, despite the reduction in tax rates. With the withholding rate for individuals reduced from 18 to 14 per cent, withheld income taxes were lower in fiscal year 1965 than in fiscal year 1964. However, nonwithheld taxes, net of refunds, rose by a virtually offsetting amount, as there were unusually large net final payments on 1964 personal tax liabilities in the spring of 1965. The first phase of the reduction in excise taxes, which became effective in late June of 1965, together with the second phase, which will become effective on January 1, 1966, is expected to reduce Federal revenues by $2.2 billion in the current fiscal year. The economic impact of these reductions will be partially offset by the impact of increased social security taxes scheduled for the beginning of 1966; this will add $1.5 billion to fiscal year 1966 cash revenues. On an annual basis the increase in social security tax liabilities is expected to range from $5 billion to $6 billion. FISCAL POLICY During the fiscal year 1965 the interaction of discretionary fiscal policy designed to stimulate economic growth and of the effects of that growth on the tax base produced a decline in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FISCAL POLICY AND DEBT MANAGEMENT 1509 Federal budgetary deficit. Economic expansion has an automatic impact on both Federal revenues and expenditures. An expanding GNP tends to reduce Federal expenditures—primarily in the form of reduced unemployment compensation—and to increase receipts —reflecting the higher levels of incomes. The combination tends to bring about smaller deficits or larger surpluses. During the past year such developments occurred at the same time that discretionary fiscal policy—the tax cut—was tending to increase the deficit. The net effect of these two forces was to reduce the deficit. Since the budget deficit or surplus reflects both fiscal policy actions and the level of income and output, it is useful to have a supplementary measure that separates the effects of changes in the economy on the budget from the effects of changes in the budget on the economy. To this end, calculation of Federal receipts and expenditures based on the full-employment concept was developed. Full-employment surplus. The full-employment calculation introduced in the Annual Report of the Council of Economic Advisers CHART 1 EXPANSIONARY fiscal policy rtfUcted in reduced FULl-EMPLOYMENT SURPLUS BILLIONS OF DOLLARS _ FEDERAL EXPENDITURES 120 - FEDERAL REVENUES _ 120 FULL-EMPLOYMENT _ 100 I I I I 1 I _ FEDERAL SURPLUS OR DEFICIT FULL-IMPLOYMENT NOTE.—All calculations on a national accounts basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1510 FEDERAL RESERVE BULLETIN • NOVEMBER 1965 for 1962 is designed to estimate what Federal receipts and expenditures would be if the economy were operating at or near full employment, which for these purposes is taken to be a 4 per cent rate of unemployment. The full-employment level of GNP is estimated as what GNP would be if it had grown, in constant prices, at an annual rate of 3.5 per cent from mid-1955 through 1962 and 3.75 per cent since then. Federal expenditures in the fullemployment calculation of the budget are assumed to equal actual Federal expenditures, except that outlays for unemployment benefits would be less at the 4 per cent unemployment rate. Fullemployment receipts are estimated by applying Federal tax rates to the calculated values of full-employment GNP and income. Such a calculation of Federal receipts and expenditures tends to eliminate the impact of the business cycle on Federal receipts and expenditures. Changes in the calculated full-employment surplus thus reflect only growth in full-employment GNP and changes in tax rates and budget expenditures. Since the levels of GNP necessary to sustain full employment must increase through time, Federal revenue derived from full-employment levels of income rises also, and therefore the full-employment surplus has a tendency to grow unless offset by increased expenditures or reductions in tax rates. Comparison of the calculated full-employment surplus in one time period with that in another is a method of evaluating the impact of the Federal budget on the economy. If the full-employment surplus is smaller in one year than it had been the year before, it is possible to say that fiscal policy was more expansionary in the year with the smaller surplus. Since a Federal surplus is, in effect, an additional form of saving, the appropriate size of the fullemployment surplus or deficit depends on the strength of private demands. When private demands are very strong, a relatively large full-employment surplus is desirable so as to help forestall inflationary pressures; on the other hand, when private demands are not sufficient to generate high levels of economic activity, a relatively small full-employment surplus (or deficit) helps to provide necessary stimulation to the economy. The actual and full-employment estimates of Federal expenditures, receipts, and the surplus or deficit are shown in Chart 1. Impact of the tax cut. Actual Federal receipts reached a low of $112 billion (seasonally adjusted annual rate) in the second quarter of 1964, the first quarter the tax cut was fully effective. By the second quarter of 1965, Federal receipts had risen by nearly $12 billion. Application of the new tax rates to the estimates of full-employment aggregate income indicates that the increase in full-employment revenues over this period would have been $7.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FISCAL POLICY AND DEBT MANAGEMENT 1511 billion. Thus, it would appear that $4.0 billion, or about a third, of the actual increase in Federal revenues during fiscal year 1965 resulted from acceleration in the rate of economic expansion as the economy began to move toward full-employment goals. It should be noted, however, that the way in which the reduction in individual income taxes was put into effect, described earlier, not only was responsible to some extent for the quick acceleration in actual economic growth after the cut in taxes but also accounted for part of the rapid increase in both full-employment and actual receipts in the spring of 1965. The stimulative impact of the tax cut can be most clearly seen from the figures in the last line of Table 1, which shows the budgetary full-employment surplus—that is, the balance between what Federal receipts and outlays would have been at an unemployment rate of 4 per cent. This surplus declined sharply in the January-June period of 1964, when the tax cut became effective. The lower surplus reflected the reduction in tax rates, which left TABLE 1 THREE MEASURES OF THE FEDERAL BUDGET (IN BILLIONS OF DOLLARS) Fiscal year 1964 Fiscal year 1965 Type of budget July-Dec. 1963 Jan.-June 1964 July-Dec. 1964 Jan.-June 1965 Semiannual totals Cash: Receipts 51.8 63.7 51.4 68.3 Payments 61.6 58.8 61.5 60.9 Surplus or deficit -9.7 4.9 -10.2 7.5 National income: Receipts 54.0 61.1 53.4 66.2 Expenditures 58.8 58.3 60.0 58.3 Surplus or deficit -4.8 2.8 -6.6 7.9 Seasonally adjustedannual rates National income: 1 Receipts 115.4 113.4 115.7 123.2 Expenditures 114.5 118.6 118.1 120.5 Surplus or deficit .9 -5.2 -2.4 2.7 Full-employment: Receipts 126.0 122.2 122.8 126.8 Expenditures 113.9 117.9 117.5 120.1 Surplus 12.1 4.3 5.3 6.7 1 Sum of the two seasonally adjusted quarters divided by two. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1512 FEDERAL RESERVE BULLETIN • NOVEMBER 1965 a larger proportion of incomes available for spending by individuals and businesses. The full-employment surplus rose somewhat after January-June 1964. However, during the July-December period of 1965 the lower levels of excise taxes, the rise in social security benefits, and the increased expenditures for defense are again reducing the full-employment surplus. CASH BUDGET AND BORROWING In terms °^ the actua* fl°w °* cash into the Treasury, the initial impact of the tax cut was to increase the Federal deficit. From the figures in the top section of Table 1, it can be seen that the seasonal deficit in the July-December period was enlarged somewhat in the calendar year 1964 after the tax cut. But this was followed by a sharper than usual swing to surplus in January- June 1965, as tax receipts began to come in strongly and as expenditures, especially for defense, changed little. The cash deficit in the fiscal year 1965 was $2.7 billion, as compared with $4.8 billion the year before. The extent to which the Treasury borrows is largely a reflection of cash receipt and payment flows as they are netted out in the cash deficit. But the Treasury may also cover a cash operating deficit over short periods by drawing down its cash operating balances held primarily at commercial banks. Conversely, if it has seasonal cash surpluses, it may use them to increase its cash balance instead of retiring debt. Over the last several fiscal years net cash borrowing by the Treasury has varied more widely than has the cash deficit. Although the cash deficit in fiscal year 1965 declined from the prior fiscal year, net cash borrowing rose slightly to a level of $4.3 billion. The unexpectedly large cash surplus in the latter part of fiscal year 1965 in fact gave rise to a very high Treasury operating TABLE 2 COMPARISON OF U.S. TREASURY DEFICITS AND BORROWING, FISCAL YEARS 1961-65 (IN BILLIONS OF DOLLARS) Item 1961 1962 1963 1964 1965 Cash deficit -2.3 -5.8 -4.0 -4.8 -2.7 Less: Change in cash balance -1.5 3.9 1.6 -.9 1.7 Equals: Net cash borrowing .7 9.6 5.6 3.9 4.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1513 FISCAL POLICY AND DEBT MANAGEMENT balance, $11.5 billion, on June 30. This balance was subsequently drawn down in the process of meeting the July-September seasonal deficit of the new fiscal year. About half of the Treasury's cash borrowing in the fiscal year 1965 represented an increase in marketable debt. Most of the remainder represented the net effect of debt operations of Government agencies and trust funds and the issuance of nonmarketable foreign securities; a small portion represented an increase in savings bonds. MATURITY In recent years the marketable debt of the U.S. Government STRUCTURE OF THE has grown roughly in step with the steady deficits in the Treasury's FEDERAL DEBT cash budgets. In fiscal years 1961-65 marketable debt rose by about $25.0 billion, including the $2.2 billion increase in fiscal year 1965. Last year's increase was the smallest for the period, however. Although the change in total marketable debt is determined mainly by budgetary considerations, the Treasury in its role as debt manager to a large extent controls the structure and composition of the marketable debt. Market demand is always a consideration in the choice of type of issue and maturity, but within the market framework the Treasury has been able to alter significantly the debt structure. The existence of the statutory 4YA per cent ceiling on the interest rate on Treasury bonds poses a problem for debt management, however, whenever market bond yields rise above that level, as they have recently. Debt management In fiscal year 1961 the Treasury's debt management program began to focus on changing the debt structure CHART 2 LONGER-TERM U.S. GOVT. DEBT iicrtaits li fiscal '65 wkil* irowtb ii TREASURY BILLS slackens BILLIONSOF DOLLARS — BILLS COUPON ISSUES: — 8 UNDER 5 YEARS OVER 5 YEARS •JJJ| 11 - ^H ^H ^H 1"I ••• - — 4 H 61-63 >n '64 '65 '61'63 ,H '64 65 •61-63 a, . '64 '65 FISCAL YEARS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1514 FEDERAL RESERVE BULLETIN • NOVEMBER 1965 in two ways. First came the program of increasing the volume of Treasury bills outstanding, thus putting the short-term bill rate under upward pressure in hopes of reducing outflows of shortterm capital. Secondly, in order to alleviate the shortening effects that the large new issues of bills had on the debt structure and in order to reverse the almost continual shortening of the debt that had taken place since 1946, the Treasury undertook an extensive program of debt lengthening. While new cash borrowing during this period has been concentrated in Treasury bills, the Treasury has been using its refunding operations—particularly advance refundings of groups of outstanding issues—to lengthen the debt. Operations in the 1965 fiscal year followed this general pattern. In addition to relying on 3-month, 6-month, and 1-year bills for new cash over a full fiscal year, the Treasury in several recent years has issued tax anticipation bills maturing in March and June TABLE 3 TREASURY MARKETABLE DEBT: CHANGES IN VOLUME AND MATURITY STRUCTURE—FISCAL YEAR 1965 (IN BILLIONS OF DOLLARS) Maturity Type of financing Within 1-5 5-10 10-20 20 years 1 year years years years and over New borrowing: Treasury bills 2.9 Other -1.0 .2 Refinancings: Cash: Aug. 15, 1964 -4.1 4.0 Nov. 15, 1964 -8.7 9.5 Feb. 15, 1965 -2.2 2 3 Regular refunding: May 15, 1965 -8.4 5.9 Advance refunding: July 22, 1964 -4.5 -4.8 8.1 1.2 Jan. 15, 1965 -3.6 -6.2 7.5 2.3 Total involved in Treasury financing -29.3 10.9 17.6 3.5 Change due to passage of time 35.8 -20.2 -13.4 -2.4 Net change in debt outstandingl 6.2 -9.3 4.2 .1 .9 1 Certain bonds when issued carry the option that they may be turned in in lieu of paying estate taxes. Hence, marketable debt may rise by less than the amount of Treasury financings and the changes due to the passage of time would indicate. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FISCAL POLICY AND DEBT MANAGEMENT 1515 to phase in the sharp seasonal turn-around from cash deficit in July-December to cash surplus in January-June. Inasmuch as it had a large cash balance on June 30, 1965, the Treasury did not undertake any new borrowing in the first quarter of the 1966 fiscal year, as it had in earlier years. However a heavy concentration of new cash borrowing, including $6.5 billion of tax anticipation bills, was necessary in the October-December quarter of 1965. Further lengthening of the debt in the 1965 fiscal year was the result primarily of the two largest advance refundings to date. In these refundings—undertaken in July 1964 and January 1965 —$19.1 billion of debt with fewer than 3 years to maturity was shifted into the 5- to 10-year and the over-20-year maturity classes. A concomitant feature of the advance refunding technique of debt lengthening has been the Treasury's use of shorter-term issues in its regular refundings. During the fiscal year 1965 new issues offered in the four refundings, with but one exception, carried maturities of 21 months or less. Changes in structure. Changes in the maturity structure of the debt reflect, in addition to Treasury operations, the continual shortening of the debt with the passage of time. As a case in point, during the 1965 fiscal year a total of $35.8 billion of securities passed into the within-1-year maturity area. Treasury debt lengthening operations were large enough to offset all but $6.2 billion of the rise in this maturity category, however. And despite the effects of the passage of time, the Treasury expanded by $5.2 billion its debt maturing in more than 5 years. Another measure of the debt extension that has resulted during the year is the increase in the average maturity of the marketable public debt. During fiscal year 1965 the average maturity rose by 4 months to a level of 5 years 4 months on June 30. TERM STRUCTURE Yields on short- and long-term U.S. Government securities OF INTEREST RVTES moved closer together during fiscal year 1965 and during recent months, as illustrated by a further flattening of the yield curve. A more rapid rise in short-term rates than in long-term rates has been a feature of the current expansion as well as of previous expansionary periods. The flattening of the yield structure in fiscal year 1965 was consistent with expectations during most of the year as to how interest rates would move in the future and also with monetary policy actions. Long-term rates were generally expected to be stable, while upward movements in short-term rates were always a possibility because of the persisting U.S. balance of payments deficit. The Federal Reserve discount rate was in fact raised from ZVi to 4 per cent in late November 1964 at the time of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1516 FEDERAL RESERVE BULLETIN • NOVEMBER 1965 sterling crisis, and 3-month Treasury bill rates in this country rose from around 3.50 per cent to a 3.80-3.90 per cent range. In the winter and spring of 1965 some additional firming of monetary policy became evident as member banks were forced into net borrowed reserve positions, and some short-term rates edged higher. CHART 3 SHORT-TERM YIELDS ,.,. r.l.tW. t. lo.g-t.rm OCTOBER 1965 15 20 25 YEARS TO MATURITY NOTE.—Curves are fitted to monthly averages of daily yields for outstanding U.S. Govt. securities. In themselves, changes in the supplies of debt in various maturities that were made available to the nonbank public through debt management operations and through market transactions of official and bank investors were not such as to raise short-term rates relative to long-term ones. In fact, short-term debt declined while long-term debt in the portfolios of these nonbank public investors rose. For the entire fiscal year the amount of short-term debt—that is, debt maturing in less than 1 year—held by the nonbank public declined by $9.2 billion, while its holdings of debt maturing in fewer than 5 years declined by $8.6 billion. Within this total, however, bill holdings rose by more than $0.7 billion. And supplies of Treasury bills, which are traded very actively, may be a more influential factor in short-term rate movements than are supplies of short-term coupon issues. While its holdings of shorter-term debt declined, the nonbank public increased its holdings of over-5-year maturities by $8.6 billion. This lengthening of investor portfolios was not accompanied by any significant rise in Government bond yields during the period. To some extent the failure of long-term yields to move higher in response to the increased supply might be attributed to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FISCAL POLICY AND DEBT MANAGEMENT 1517 the technique of lengthening employed by the Treasury. Most debt lengthening undertaken during the year was done in advance refundings, which tend to minimize upward rate pressures resulting from the increased supply of long-term issues outstanding. The portfolio preferences of commercial banks are one of the most important factors leading to changes in the volume and maturity structure of Government securities held by the nonbank public. Changes in bank holdings of U.S. Government securities often seem to be less the result of movements in market yields on these securities than the result of such factors as loan demand, the growth in time deposits, and monetary policy. Banks have been active sellers of coupon issues maturing in fewer than 5 years during recent years of the current economic expansion, and their market sales and cash redemptions of these issues accelerated in fiscal year 1965. At the same time banks have invested heavily—$9.9 billion in fiscal 1965—in coupon issues with over-5-year maturities. With the further rise in ceiling rates on time deposits and the continued growth in such deposits, the incentive for banks to invest in relatively high-yielding assets remained strong. These long-term securities were acquired by the banks chiefly through switches out of short-term and intermediateterm issues in connection with Treasury advance refundings. Since July of this year yields on both short-term and long-term securities have moved higher, and the differential between shortand long-term rates has narrowed further. Interest rates generally rose as expectations of a more ebullient economic expansion than had been foreseen became widespread when the administration announced a step-up in U.S. participation in the Vietnamese war and as private demands for credit continued strong. Reflecting these developments and with monetary policy remaining firm, with bank liquidity progressively being reduced as loan demand remained strong, and with the Treasury returning to the bill market with large issues to finance its cash needs, the rate on 3-month Treasury bills has most recently risen to 4.09 per cent. Partly in sympathy with the rise in short-term rates, yields on long-term U.S. Government securities posted increases of about 20 basis points, on the average, from late July to mid-November. The extent of this rise in long-term rates appears also to have been influenced by the large supplies of long-term Treasury securities that were issued during fiscal year 1965, some of which were still in the hands of Government securities dealers at the time market expectations shifted. In addition, the rate increase was affected by the continued large volume of corporate and municipal security issues, which led to a widening of the spread between yields on U.S. Government and other long-term securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Cycles and Cyclical Imbalances in a Changing World by FRANK R. GARFIELD ROUGHLY A CENTURY has passed since duction and others; or (2) when the effects Stanley Jevons wrote a tract on the value of of important imbalances are largely offsetgold in which he incidentally discussed "vari- ting; or (3) when any important net effect is ations of permanent investment" as they re- largely offset by actions of responsible lated to "great commercial fluctuations." people in government who understand what Roughly half a century has passed since is going on, know of acceptable means for Wesley Mitchell wrote his monumental 1913 reshaping events, and can make timely use volume on business cycles. This, therefore, of their knowledge. Have conditions affectmight be a time to honor ing private and public the cycle concept. Instead a decision-making changed STAFF PAPERS—In addibasic question is being enough to prevent develoption to its regular contents raised: "What's left of the ment of imbalances or to the Federal Reserve BULLETIN business cycle?" What has from time to time includes spe- offset their effects? happened? cial papers on economic and A related inquiry of spefinancial subjects. These papers, Another concept, one of cial technical interest to prepared originally for the insteady growth, has entered economists, econometriformation of the Board of Govthe field as a description of cians, and statisticians is ernors by individuals on its the pattern of events. As a staff, are selected for publica- whether, if somehow steady broad goal—generally with tion because of their general advance were to be achieved accompanying emphasis on interest. The authors are re- for any considerable period, sponsible for the analyses and speed, sometimes qualified there would then be cyclical conclusions set forth. by certain Malthusian res- evidence for the analysis ervations—this concept of that policy-makers might steady growth has been widely accepted for need to make to prevent the return of cyclia long time, and increasingly governments cal fluctuations. Certainly, reference cycles have been taking it as a guide for action. Has for the economy would be gone and specific the world perhaps changed so much that cycles for particular industries would be modcycles are, or soon will be, of historical in- ified. Also, for a transition period, the choice terest only? of time periods from which to draw general- To answer, one needs to consider under izations would be even more critical than what conditions the steady advance widely it has been heretofore. But those of us workdesired can be achieved. As I see it, steady ing in this area are accustomed to dealing over-all economic advance can be achieved with problems too tough to handle in any only (1) when there are no important im- precise or assured fashion. We should cerbalances—as, for example, between produc- tainly be glad to reconsider the concept of tion and consumption and some types of pro- cycles and to face the problems posed here if 1518 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CYCLES AND CYCLICAL IMBALANCES 1519 the economy could be rid of cyclical fluctua- nomic power, within and among nations. In tions, at not too great a cost in terms of other this country, population has more than goals of the economy. What are the chances? doubled. Meanwhile the number of people living on farms has declined and now is only CHECKERED CAREER OF CYCLE 7 per cent of the total rather than 33 per CONCEPT cent. The Federal Government's share of Useful as the concept of business cycles gross national product has risen from almost has been to analysts and policy-makers, over nothing to 10 per cent, and canons of the past half century, it has had a checkered respectability for Federal participation in career. As an alternative to "financial crises" economic affairs, as revealed in Presidential the new term served more than one purpose. messages and Supreme Court decisions, have It emphasized change throughout the busialtered greatly. Methods of analysis have ness community. It also called attention to changed in basic ways, moreover, reflecting several features of broad fluctuations in acin part the analytical work of John Maynard tivity characteristic of specialized industrial Keynes, the advent of the national income economies in which business decisions were and product accounts, the coming of eleccentered on profit making. Cyclical change tronic computers and charting machines, was continuous, cumulative, and self-reversand the development of new statistical teching. Although cycles were by no means uniniques. form in different times and different places, Altogether, economic facts and fancies perhaps, after all, there was more order to be have changed greatly over the years, in ways found in business fluctuations, at home and not always readily represented by straight abroad, than had been supposed. Perhaps lines. In the depression years of the 1930's, study of the cyclical aspects of broad ecothe cycle concept seemed to have lost much nomic fluctuations would facilitate "predicof its significance. The central problem of the tion and control," to use the language of that economy then was how to avoid perpetual day. stagnation. The sharp recession of 1937-38, Ever since 1913, intensive efforts have however, was a reminder of cyclical elements been made to develop cyclical analysis in of change even at low levels of resource many different directions, especially at the utilization. Now, in the middle 1960's, with National Bureau of Economic Research. activity not far below full employment Data have been examined and classified in levels, the hypothesis of perpetual unintermany different ways; standards for defining rupted growth gains a hearing—and constages of cycles and choosing turning points siderable support. What's left of the business have been set; many an average has been cycle? What does the recent record show? struck to suppress irregularities; the search for reliable leading series has been continu- THE RECENT RECORD ous; and numerous theories have been for- From a quick look at Chart 1, we can see mulated to explain common and different some basis for growing hope that the cycle is features of various cycles. moderating. In the two decades since the But this has been a turbulent half century, war, the physical volume of industrial prowith two world wars, major changes in the duction in this country—output at factories technology and composition of economic ac- and mines and in the electric and gas utility tivity, and important shifts in the loci of eco- industries—has fluctuated over a much nar- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1520 FEDERAL RESERVE BULLETIN • NOVEMBER 1965 CHART 1 INDUSTRIAL PRODUCTION AFTER TWO WORLD WARS 1947 1952 1966 1920 1925 1939 NOTE.—Monthly data, seasonally adjusted. rower range than in the interwar period. The still so high as to contribute to many serious latest advance, moreover, has continued for economic and social ills. The average for an unusually long time—nearly 5 years. all groups, after a long period of economic The recent record in terms of gross na- expansion, is now somewhat below 4.5 per tional product, as revised, is one of steadier cent of the civilian labor force, as compared growth than that of industrial production, with 7 per cent in early 1961, a little over which is more heavily weighted with volatile 5 per cent in early 1960, and a little over activities. This steadier growth is evident 4 per cent in the middle 1950's. in the middle panel of Chart 2, where quar- In most countries of Western Europe, as terly figures are shown for real GNP and is evident in Chart 3, industrial production for industrial production. In the top panel has expanded very rapidly most of the time the more frequently used current dollar ag- since 1953 and, except for the recession in gregates for GNP are shown and in the bot- Italy last year, cyclical influences on aggretom panel the monthly index of industrial gate production have been evident chiefly in production. shifts in the rate of advance; the "stop and Unemployment, presenting the same prob- go" phrase often used to describe developlems at however aggregate a level produc- ments in the United Kingdom, where growth tion may be measured, has been materially has been slow, was designed to cover periods reduced in recent years. For some groups it of hesitation and slight decline rather than has reached low levels, for other groups it is of sharp reversal. It is only within the broad Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CYCLES AND CYCLICAL IMBALANCES 1521 CHART 2 framed and so well timed as to justify belief CYCLES IN PRODUCTION in greater wisdom in policy-making and RATIO SCALE BILLIONS OF DOLLARS steadier growth in the economy? Looking GROSS NATIONAL PRODUCT backward, should cyclical developments earlier in the postwar period perhaps be reread more in terms of policy mistakes—mistakes that need not be repeated—and less in terms of the cumulative effects of internal imbalances likely to recur unless market conditions are basically changed? Some analysts think so. Some other analysts take note that the length of expansion periods has varied rather widely before. They ask whether evidences CHART 3 INDUSTRIAL PRODUCTION I I 1955 1960 1965 NOTE.—Top panel: GNP in current dollars, quarterly at annual rate; middle panel: quarterly; bottom panel: monthly. GNP data, from Dept. of Commerce. All data seasonally adjusted. aggregates of production and employment and in the record of policy that strong evidences of persistent cyclical influences appear. POLICY AND MARKET INFLUENCES The unprecedented length of the current expansion in the United States has been particular cause for recent wonderment and hope. Have various tax measures designed to increase aggregate demand by stimulating investment—and, also, consumption, di- 1955 1960 1965 rectly and indirectly—perhaps been so well NOTE.—"Western Europe" includes OECD countries in Europe, except Switzerland. Data are monthly, seasonally adjusted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1522 FEDERAL RESERVE BULLETIN • NOVEMBER 1965 of imbalance are to be found in the recent as over, do inquire what businesses have done well as the distant past. They also urge or are about to do; and businesses cooperate further consideration of the wisdom or folly in furnishing information in a way that of credit and other policies adopted earlier, would have surprised their forebears. as in the 1950's. Nevertheless, the observation about the Pursuing the question of imbalances, I am independence of business decisions still impelled to inquire first how far relevant stands, modified only to a limited degree. basic economic conditions have changed, say If a manufacturer or distributor thinks since 1913. shortages or price advances are in prospect, he may still act to protect his interest by PRIVATE BUSINESS DECISIONS increasing his purchases, thereby stimulating To list many changes in composition of outproduction, inventory accumulation, and put, means of distribution, methods of fiborrowing. His action will often tend to nancing, and the like would be instructive; make others act likewise to protect their and one could speculate usefully on their iminterest; and the sum of all the decisions pact on cyclical fluctuations. Certainly one taken by particular enterprises—on the should make mention of the greatly inbasis of order books that may be quite miscreased size of Federal expenditures, espeleading as to final demand—may set up cially for defense purposes, and the cora flow, fund, reverse flow sequence not conresponding increase in tax receipts; the new ducive to steady growth in the economy as and expanding social security program; and a whole. insurance of bank deposits and savings and Similarly, if fixed investment is under conloan shares. sideration the primary concern is the interest But the observation I find important to of the private firm, as seen by its managers. make first is that independently made busi- This need not coincide, for this firm or all ness decisions to buy or sell—under still firms taken together, with the interest of the more or less competitive conditions—conwhole economy in orderly growth. tinue to play a central role in economic ac- What, now, is the recent record for intivity. The Federal Government is seldom ventory change and fixed investment, in the consulted on the accumulation of inventories past among the principal elements in cyclical or the acquisition of new plant and equipfluctuations? ment, or about the manufacture or purchase of goods to pass on to consumers. The terms INVENTORY CHANGE AND PLANT AND EQUIPMENT OUTLAYS on which goods are transferred or services rendered are generally agreed upon by pri- Inventory change quarterly since 1953, as vate parties, subject to few legal restrictions. reflected in real GNP figures, is shown in Broad fiscal and credit policies, it is true, Chart 4. Many influences, including strikes do have some effect on business choices, and threats of strikes, especially in the steel and so do broad policies embodied in wage industry, have combined to keep the rate and price guideposts. Decisions on particular well above or below cycle averages most of activities, such as raising cotton, or borrow- the time, although the record of the current ing to buy securities, or pricing public utility expansion is difficult to interpret. Inventory services are affected in varying degrees by holdings, shown monthly in Chart 5 at book public agencies. Federal agencies, more- value, are now at a level sharply advanced Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CYCLES AND CYCLICAL IMBALANCES 1523 CHART 4 interpretation involves trend problems— PRIVATE DOMESTIC INVESTMENT materials production may be declining rela- BILLIONS OF 1958 DOLLARS tive to output of final products. But it appears that inventory fluctuations will still — 60 bear watching. Differential changes in production of materials and final products seem to be persisting. — 50 What about fluctuations in business fixed CHART 5 — 40 INVENTORIES BILLIONS OF DOLLARS MANUFACTURERS' AND DISTRIBUTORS' - 120 - 110 — 100 1955 1960 1965 NOTE.—Data are from national income accounts, Dept. of Commerce, seasonally adjusted annual rates. but still not high in relation to the uncertain standard of sales—uncertain because of trend as well as cycle problems. For various reasons, inventory accumulation is often greater for materials than for finished products, as is suggested in the lowest panel of Chart 5; and production of materials in industry typically has fluctuated more widely than production of other goods, as appears in Chart 6. At the recession low of early 1961, production of materials in industry was appreciably lower, relative to the 1957-59 average, than output of final products; this year it has been higher, partly 1960 1965 because of the steel strike threat. Here again NOTE.—Data are from Dept. of Commerce, end of month, seasonally adjusted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1524 FEDERAL RESERVE BULLETIN • NOVEMBER 1965 CHART 6 INDUSTRIAL PRODUCTION: MARKET GROUPINGS - 150 — 100 1950 1955 1960 1965 NOTE.—Data are monthly, seasonally adjusted. investment? Chart 7 shows that output of and that since then it has risen to a level business equipment declined cyclically in considerably higher. 1960-61 to a point slightly lower relative Comparison of another set of figures— to 1957-59 than output of consumer goods quite independently compiled—yields simi- CHART 7 INDUSTRIAL PRODUCTION: FINAL PRODUCTS RATIO SCALE 1957-59 .00 — 150 — 100 1950 1955 1960 1965 NOTE.—Data are monthly, seasonally adjusted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CYCLES AND CYCLICAL IMBALANCES 1525 lar results; an index of plant and equipment CHART 8 EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS expenditures by manufacturers, on a 1957- 59 base, fluctuates over a considerably wider range from 1953 to date than the corre- — 60 sponding index for shipments of all sorts of goods by manufacturers. In the current ex- — 58 pansion, the two indexes show similar changes until early 1963; since then plant and equipment expenditures by manufac- — 58 turers have risen at a 15 per cent annual rate, shipments at a 6 per cent rate—after - 54 allowance for price changes. The current levels of plant and equipment outlays by — 52 manufacturers relative to shipments is higher than the average level for 1957-59, not so high as the level reached in 1956. MANUFACTURING — 20 Recently revised real GNP figures for business fixed investment show about as — 18 much rise since 1961 as business equipment output. By the second quarter this year fixed — 16 investment was 10.3 per cent of GNP, well above the 1961 recession low of 9.0 and moderately above the 1960 high of 9.7, but still slightly below the 10.5 reached in early 1957. Business fixed investment, it may be noted, has flow and fund aspects in some ways similar to those of inventory accumulation, in other ways quite different. Additions to capacity, for example, generally take longer, and they have much more lasting effects. REINFORCING AND OFFSETTING CHANGES - The observations made so far only begin to suggest the nature of the problem of bringing about steady growth. Actually, the effects of imbalances of the sort discussed— in comparative volumes of output and in accumulations resulting therefrom—may augment each other, or they may offset each other. As indicated in Chart 4, for the period since 1953, the year the Korean war ended, fluctuations in inventory change and busi- 1960 1965 ness fixed investment have often, but not NOTE.—Data are from Bureau of Labor Statistics, monthly, seasonally adjusted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1526 FEDERAL RESERVE BULLETIN • NOVEMBER 1965 always, reinforced each other. Residential nondurable split shown for manufacturing. construction has taken a rather more in- This distinction—one that Jevons made— dependent course, starting to rise in 1954 relates to the nature of the fund in the flowbefore activity generally; starting down early fund-flow sequence and cuts across the in 1955; showing no net rise from 1955 to producer-consumer line; houses owned by date; and being lower now than at the begin- consumers and office buildings owned by ning of 1964. In the middle 1950's expendi- businesses are both stocks of durable goods. tures on autos followed a course quite simi- Stocks of such goods are large relative to lar to that of residential construction; in the annual output, and fluctuations in output of current expansion they have shown much such goods are often larger proportionately more sustained strength, moving more like than for less durable goods. business fixed investment. Many other types Keeping in mind the question about basic of expenditures—as for consumer staples changes in the economy and in the nature and some services—have followed a steady of cycles, have recent changes in the commoderate upward course, tending to limit position of industrial output—as between both the upswings and downswings in gen- durable and nondurable goods, producer eral activity. and consumer goods, materials, and final The way this has all worked out for em- products—been such as to reduce appreciployment at nonagricultural establishments ably the threat of cyclical imbalances? No. in recent years is shown in Chart 8. Particu- Perhaps there is more hope for greater lar note may be taken here of the durable- steadiness of growth from the use of com- CHART 9 INDUSTRIAL PRODUCTION AND INDUSTRIAL PRICES RATIO SCALE 1957-59100 150 — 1915 1920 1925 1930 1935 1939 NOTE.—Data are Bureau of Labor Statistics wholesale commodity prices, other than farm Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CYCLES AND CYCLICAL IMBALANCES 1527 puters and other improved practices that tuate, and how their fluctuations have conreduce inventory requirements; but account tributed to cyclical imbalances. must be taken of increased inventory re- PRICE CHANGES AND CYCLICAL quirements resulting from the proliferation FLUCTUATIONS of sizes and models of some products, not- The variety of cyclical price experience has ably autos. been great, as evident in Chart 9, showing If we do not see a basis of steadier growth industrial commodity prices and industrial in the changing composition of output—we production since 1913. In some periods, should think also about the declining im- price changes have been highly significant. portance of agriculture and the increasing In the early 1930's, for example, persistent importance of services in this connection— general declines in prices of goods and servis there reason to expect that fluctuations in ices currently produced, and of existing fixed particular types of production will be re- assets as well, operated along with other duced—perhaps indirectly by government forces to undermine the foundations of longaction? Or that fluctuations in private ac- term financial commitments entered into in tivities will tend more to offset each other? the 1920's, contributing to heavy losses and Or that net fluctuations in private activities to the drastic curtailment of investment opwill be offset in the broad aggregates by portunities and means of their financing. In government actions? Before discussing any the middle 1950's, price advances for inof these questions, we must look further, dustrial commodities contributed to an unto consider, for example, how prices fluc- sustainable situation, stimulating as well as 1940 1945 1950 1955 1960 1965 prices and food, monthly, seasonally adjusted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1528 FEDERAL RESERVE BULLETIN • NOVEMBER 1965 reflecting accumulation of inventories and sharp unsustainable rise in industrial proa sharp rise in business fixed investment. duction from a mild recession low of late But in the late 1920's commodity prices 1927 to the peak of mid-1929—a rise of were not rising, and it is evident that im- a fifth in a year and a half—reflected other portant problems can develop without wide- influences, including speculation in the stock spread commodity price advances. The market on the basis of unwarranted hopes for uninterrupted advance. Also, for periods of considerable length, growth may be CHART 10 WHOLESALE PRICES steady despite rising prices; it has been for many years now in a number of Western European countries. In the 1950's, a ratchet theory of price movements gained favor. Given the distribution of market power in the United States, it was said, with strong labor unions in key industries, costs and prices would typically go up in expansion periods and not decline in recessions. This theory has not been supported by the record of the early 1960's, as can be seen from Chart 10. Industrial prices as a whole eased in 1961 and now after nearly 5 years of expansion in the economy, are only a little higher than they were in mid-1960. Thus during the current upswing, a potential cumulative price element in ex- I I I I I I I I I I I I pansion of demand has been missing, or at INDUSTRIAL MATERIALS least—remembering marked advances in — 110 nonferrous metals and some types of machinery—not so significant as it might have '— 100 been. Price stability, to the extent that it has — 90 been achieved in this expansion, has re- I I I I i I I I I I I I flected the influences that stopped the price INDUSTRIAL PRODUCTS rise of the late 1950's—including credit restraint—and many current influences. — 110 PRODUCERS' EQUIPMENT These include the development and introduction of many new products and cost- - 100 CONSUMER NONFOODS saving processes, the substantial growth in — 90 the labor force and plant capacity, strong competition from producers in other coun- J I 1 1 11 1 1 1 11 tries, and increased consideration by some 1955 1960 1965 producers of the long-term advantages of NOTE.—Special Federal Reserve groupings of Bureau of maintaining markets as against the short- Labor Statistics indexes, monthly. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CYCLES AND CYCLICAL IMBALANCES 1529 term advantages of higher earnings through Board's current and historical chart books.) higher prices. Average labor costs per unit Prices of foodstuffs are subject to special of output have been quite stable, as increases supply influences—such as cattle and hog in output per manhour have roughly cor- production cycles—and may well be conresponded to increases in wage costs, in line sidered separately. Among other commodiwith the guidepost set up by the Council of ties, materials prices tend to move in ad- Economic Advisers. vance of product prices and over a wider One question now is whether, if resources range. Among product prices, those for come to be more fully utilized, and expecta- producers equipment behave rather differtions of continued marked advance are ently from those for consumer goods. Constrengthened, prices can be expected to re- sideration of the reasons for such differences main fairly stable and the disturbing influ- in each period is naturally important; meence of rising prices continue to be largely chanical projection of past average relationavoided. One factor working to hold back ships would be subject to the hazards likely any general rise in prices will be the increas- to be encountered in regarding any average ing amount of new equipment coming into of a number of items as representative of effective use, replacing higher cost old equip- any particular item, especially where the ment and adding to capacity; plant and items are drawn from different time periods. equipment outlays this year are up about Changes in prices and costs are significant 13 per cent from last year and 28 per cent for cyclical analysis not only as they affect from the year before. The chief immediate markets for goods directly but as they affect price impact of further substantial increases profits and profit prospects and the availin outlays now reported planned for 1966 ability of internal funds to finance new projects. Rapid increases in profits in recovery will be to further increase demands for and early expansion are often followed by a machinery and metals. A later impact will leveling off in profits as production and probe a further increase in the speed at which ductivity increases slow down and as wage new cost-saving equipment is installed and increases continue, with workers' bargaining brought into effective use. With utilization power enhanced by higher levels of producof resources at present rather advanced tion and employment. In the current exrates, the actual course of prices in any pansion productivity increases have been particular period ahead may depend more unusually well sustained and so have profits than in some other periods on relatively after taxes, aided directly by legislative and small changes in the balance between inadministrative actions to permit faster decreases in capacity and increases in preciation, to provide tax credits, and— demands, and also on changes in expectaeffective at the beginning of 1964 and at tions arising from a variety of sources. the beginning of 1965—to lower corporate Understanding of what is happening can income tax rates. be facilitated by study of many detailed situations—markets are often closely inter- FINANCIAL COUNTERPARTS related—and by study of changes in vari- Imbalances touched on already—in flows ous groups of prices, such as those shown in and accumulations of goods and in prices and Chart 10. (This chart, like several of the costs—have their counterparts in the finanothers shown here, is adapted from the cial world—flows of credit, accumulations Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1530 FEDERAL RESERVE BULLETIN • NOVEMBER 1965 of debt, and prices for the use of funds, for ties and prices; they need to be considered various time periods and various purposes. together. Symmetry of analysis might call for equal FISCAL POLICY space for monetary and credit developments In the final chapter of his 1913 volume, en- —or more, to take care of policy problems. titled "Controlling Business Cycles," Wesley Certainly the financial aspects of interna- Mitchell mentioned banking reform first but tional economic developments have been of went on to discuss other measures—such as almost continuous, though changing, conimproved information on stocks of goods— cern over the whole postwar period; imbalas if he expected that banking reform would ances in this area, however, have not been not be enough to achieve even the degree of primarily of a cyclical nature. Domestic fi- modification of cycles that he hoped for. Annancial problems have been greatly affected other possibility he mentioned was contraby cyclical swings, even though these swings cyclical buying of equipment by the railhave been much less marked than those of roads, as proposed in France and the United the interwar period. To keep abreast of the States, or contracyclical government buying changing situation, the Federal Open Mar- as proposed in the United Kingdom by Sidket Committee meets every 3 weeks, consid- ney and Beatrice Webb. ering economic developments at home The increased relative size of the modern and abroad and what actions should be government budget—including large transtaken to approximate the reserve position fer payments as well as purchases of goods for the commercial banking system deemed and services—automatically makes fiscal most conducive to maximum sustainable policy more significant than it used to be. growth in production and employment and Moreover, governments now are widely stability in prices. The enthusiasm with expected to accept greatly increased responwhich economic analysts in private as well sibility for keeping their economies on a as public positions advocate different poli- path of steady and rapid growth. In the cies attests to their belief in the importance simplest version of modern fiscal policy, differences between Federal expenditures of credit developments. Clearly, the recent and receipts are to be varied in such a way move to take account of financial developas to lend whatever encouragement or disments in models of economic behavior was couragement may be needed to offset any long overdue. But in this paper I have shortage or excess of private expenditures chosen to emphasize other elements of the in relation to the amount needed for full economic situation. use of resources. To some extent this varia- From what has been said about these tion can be assured far in advance in setting other elements, it is true, anyone would be up unemployment insurance programs and justified in drawing the inference that I developing appropriate tax structures. would not go along with any analysis of Current adjustment of expenditures and financial developments that attached over- receipts to appropriate levels requires adept whelming importance to some one item such analysis of the developing economic situaas the money supply, however it is defined. tion and flexible procedures for adjusting In the financial area, as elsewhere, there is tax and expenditure programs. Even a continuing interplay of changes in quanti- the measurement of economic activity and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CYCLES AND CYCLICAL IMBALANCES 1531 income as a basis for estimating tax receipts bility in the mix of fiscal, monetary, and and expenditures presents difficulties; we other economic policies to take account of are reminded of this by revisions of current changes in the nature of current problems, series to benchmark data and by the per- domestic and international. sistence of gaps in information needed for analysis. The problem is seen to be more CONTINUING PROBLEMS complicated when account is taken of differ- From all this discussion one major observaences in the effects of decreasing receipts tion may be drawn. Despite numerous and increasing expenditures—and the differ- changes, many basic features of our private ent effects of altering different taxes or business industrial economy—relating to the different expenditures. These complexities, composition of output and the organization however, have already been brought under of production, trade, and finance—are simiintensive study, and increasing recognition lar enough to those of the postwar and even that fiscal affairs should be managed partly the interwar period, so that private and pubwith a view to the changing economic situalic decision-makers still need to be on guard tion represents an important advance that against potential imbalances and cyclical has already been reflected in various adfluctuations. ministrative and legislative actions. Some business practices have improved; The variety of options under the head of the Federal Government is more important fiscal policy—not to mention debt managein the economy these days; institutional ment policy—is wide, and at times policy changes introduced in the 1930's—such as can be oriented to specific purposes such as unemployment insurance and deposit insurdirectly stimulating investment in plant and ance—are significant as stabilizers; and alequipment or consumption expenditures. tered views as to the functions of the Federal The interest of economic planners in Government and the purposes of fiscal policy steady rapid growth is by no means the only have already begun to play an important role interest to be considered in working out tax in reshaping the course of affairs. But many and expenditure programs; defense outlays, of these changes occurred before the postit may be noted, account for the greater part war period, during at least the first 15 years of Federal outlays for goods and services. of which cycles of moderate amplitude per- Also, problems often arise in making poli- sisted. Hope for continuing the steady excies effective at the appropriate time. Be- pansion under way since 1961 hinges not fore the potentials of fiscal policy for cyclical only on private decisions somehow better control can be fully realized, speeding up adapted to minimizing inventory, equipment, of the decision-making process seems essen- and other cyclical surges but also on govtial and so does recognition that at times ernment fiscal and monetary policies that restraint rather than stimulation may be will be in fact flexible enough so that they needed. Flexibility has been a key feature will be changed as may be required to check of monetary and credit policy; the Federal the development of major imbalances and, Reserve System is likely to be reminded of as far as possible, offset the net effects of any lags in adjusting policy to changed con- such imbalances as may develop. ditions. Increasingly in recent years, atten- Further progress toward steady and rapid tion has been directed to the need for flexi- growth seems most likely to be achieved if Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1532 FEDERAL RESERVE BULLETIN • NOVEMBER 1965 we recognize that decision-makers in private largely from a cyclical past. Again, in apand public life still have substantial prob- praising current developments and policies, lems to solve in learning how to appraise it will not do to argue both (1) that rapid exthe ever changing economic situation; how pansion of one sort or another is to be exto judge approximately how alternative ac- pected in a cyclical expansion and so should tions will affect it—immediately and over be regarded as normal and acceptable and the longer run; and how to reconcile a vari- (2) that full confidence in uninterrupted ety of objectives, domestic and international. expansion will do no damage because we Not to put forward a counsel of despair or live in a world of steady growth. to minimize the responsibilities that modern If as economic analysts and statisticians governments should accept, I nevertheless we are to facilitate progress in transforming think a special effort is needed at this time the goals of steady rapid growth and full to keep in perspective the extent of such employment into descriptions of actual perprogress in learning as has been made so far formance—along with the related goals of and to inquire how we can keep on pushing price stability and international financial back the frontiers of understanding. If cycles order—we shall need to keep right on exbelong to the past, it is because of advances ploring both worlds. We shall need to keep in understanding now still in the making. right on asking "What's left of the business At this uncertain juncture in the history cycle?", answering in the best perspectives of the history of events and ideas that we can of cycles, we need to distinguish carefully command, and shaping new programs in the in our analyses between two intellectual light of what we learn. worlds—the world of cycles and the world of steady growth. Estimates must be made of tax receipts under conditions of full and NOTE.—This paper has been adapted for the BULexpanding employment; the data for making LETIN from one presented at the Annual Meeting of the American Statistical Association in Philadelphia such estimates must somehow be drawn on September 11, 1965. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Federal Reserve's flow of funds ac- first is a revision in the total flow and level counts published on pages 1608-27 of this of mortgage credit on multifamily and com- BULLETIN have been revised to incorporate mercial properties. The revision, amounting the statistical revisions and changes in struc- in 1964 to a reduction of $5 billion in credit ture presented in the new income and prod- flows and $38 billion in asset and debt levuct data published and described by the els, results from the elimination of the house- Department of Commerce in the August hold sector as a lender group in estimates of 1965 Survey of Current Business. The tables this type of credit. While households and also reflect new benchmark information on nonprofit organizations undoubtedly hold financial statistics. some of this kind of mortgage, no informa- A full publication of the revised flow of tion on the amount is available, and the funds accounts is planned for early 1966 estimating procedure used for this item in covering asset and liability levels from the accounts appears to have been over- 1945, annual flows from 1946, and quar- stating household financial investment and terly flows from 1952.1 business borrowing, and seriously so in recent years. This change reduces total credit FINANCIAL REVISIONS flows, household financial investment, and Financial data in the flow of funds accounts business borrowing in Tables 2, 3, and 4 are subject to some revision every year to (A), (B), (C), and (D) in the regular bring them into agreement with new bench- BULLETIN flow of funds tables. Asset and mark data on State and local governments, liability tables are affected correspondingly. corporations, and financial institutions. This Mortgage debt of nonprofit institutions has year there was no new balance sheet for coralso been revised upward somewhat for the porations in the tax statistics, and routine whole period of the accounts; this is offset by annual revisions have been fewer than usual. lower business borrowing in the form of Seasonal adjustments have been recalculated mortgages. for all financial data with 1964 information The other important financial change is included, and this has modified all of the in allocation among borrowing sectors of seasonally adjusted tables somewhat. bank loans not elsewhere classified. The re- Apart from ordinary annual revisions, the vision, based on a comprehensive review of new accounts reflect two changes in estimatestimating procedures, increases the share ing procedures that should be noted. The attributed to households and nonprofit organizations for most periods, decreases cor- 1 Copies of tables giving the new annual totals back to 1953 are being mailed to all those whose names are respondingly the total estimated for nonfarm on the permanent mailing list for flow of funds supple- nonfinancial business, and modifies the dismentary materials. Others who would like to receive tribution between corporate and noncorpocopies should address their requests to the Flow of Funds and Saving Section, Division of Research and rate borrowers. On an annual basis, total Statistics, Board of Governors of the Federal Reserve bank loans n.e.c. and total borrowing are System. Washington, D.C. 20551. 1533 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1534 FEDERAL RESERVE BULLETIN • NOVEMBER 1965 unaffected by this change in derivation, al- flows among sectors, detailed by type of inthough quarterly movements within years strument. The deconsolidation distributes are somewhat different from earlier esti- the national totals of saving and tangible inmates. vestment among the sectors, while the details of financial flows indicate the routes— RELATION TO INCOME AND PRODUCT direct or through intermediaries—by which ACCOUNTS sectors, such as households, that have ex- One of the main purposes of the flow of cesses of saving over physical investment funds accounts is to establish and maintain lend to sectors, such as business and governa statistical connection between nonfinancial ments, that may have an excess of spending. activities of the economy—as summarized in In understanding the position of the Comthe income and product accounts—and fimerce Department capital account in the nancial activities, as reflected in data on money and banking, security flotations, non- flow of funds system, the user of the flow of bank financial institutions, international funds accounts will find it helpful to have financial flows, and a variety of other infor- an explicit statement of the allocation of the mation on lending, borrowing, and assets totals of saving and investment among flow and liabilities. This connection takes the of funds sectors. Tables I and II below sumform of a system of statements of sources marize the allocation for the year 1961. and uses of funds for the major sectors of These tables refer to Commerce Department the economy. Each sector statement relates categories of saving and investment as prethe sector's saving (current receipts less cur- sented in the August Survey of Current Busirent outlays) both to its investment in phys- ness, Table 11, page 40. ical properties and to its net financial invest- Table I gives the relationships among the ment (lending less borrowing). The capital national totals of saving and investment in account published by the Commerce Depart- the two systems of accounts. Total gross ment (Table V—Gross Saving and Invest- national saving (line C) in the flow of funds ment, page 9 of the August Survey of Cur- accounts is equal to the Commerce Departrent Business) is such a statement of sources ment total with the single exception that purand uses of funds for the entire economy on chases of consumer durable goods have been a consolidated basis. In that statement all treated in the flow of funds accounts as capfinancial claims within the United States are ital expenditures rather than as consumpoffset against one another, and there is no tion. This shift produces a smaller amount recording of financial flows within the econ- of current outlays and larger amount of omy or of financial investment by individual saving in flow of funds accounts. sectors. The consolidation leaves a measure This treatment of durable goods is in keepof net financial investment for the economy ing with the recommendation of a Conferas a whole that is conceptually the same as ence of Consultants on Saving that the net foreign investment—the excess of U.S. Board of Governors convened in 1958 in lending abroad over U.S. borrowing abroad. preparation for construction of the quarterly The flow of funds accounts in effect de- flow of funds accounts in 1959. The consultconsolidate this Commerce Department cap- ants' recommendation was based on the conital account among a number of domestic sideration that expenditures on consumer sectors, with explicit recording of financial durable goods are not substantially different Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF FLOW OF FUNDS ACCOUNTS 1535 TABLE I GROSS NATIONAL SAVING AND INVESTMENT—SUMMARY COMPARISON, 1961 (Millions of dollars) Income and Flow of product funds Difference Source of difference A Gross private saving 79,845 127,369 47,524 Lines B and C B Government surplus —4,334 —7,678 —3,344 Insurance and pension funds, etc. C Gross national saving 75,511 119,691 44,180 Consumer durables D Gross private domestic investment 71,699 115,879 44,180 Consumer durables E Net foreign investment 3,074 2,029 — 1,045 Errors and omissions in balance of payments statement F Gross national investment 74,773 117,908 43,135 Lines D and E G Statistical discrepancy (C-F) 738 1,783 1,045 Line E from those for producers' durables for three life insurance and pension claims by housereasons: (1) when a household buys a con- holds as a part of household assets and recsumer durable good, the purchase typically ommended that these claims, both private represents an investment in a product that and public, be established in the capital acwill be useful over a period of several years; count as financial relationships. In the Com- (2) consumer durable goods substitute to a merce Department accounts government life significant degree for related business capi- insurance and retirement fund transactions tal equipment; and (3) purchases of durable with households are treated as social insurgoods are debt-financed to a large extent. ance contributions and transfer payments in In order to bring consumer durable goods the current account. In following the conmore explicitly into the capital account sultants' recommendation, the flow of funds complex of saving and investment, a total accounts treat household transactions with for household saving is taken before any such funds similarly to transactions with deduction is made for these purchases, and private insurance; this shifts saving from total saving and investment are correspond- governments to households relative to the ingly higher. Commerce Department accounts but with Within the total of saving the flow of no effect on total saving.3 funds accounts have a somewhat different A second and minor difference in the disdistribution between private and public sav- tribution of total saving between private and ing. This difference arises mainly from the public arises from the sectoring in flow of treatment of government life insurance and funds of Federal home loan banks and Fedretirement fund activities.2 The 1958 con- eral land banks as part of the U.S. Governsultants' conference mentioned above viewed ment. The retained earnings of these institutions are in undistributed corporate profits, 2 Flow of funds accounts formerly had another difference in saving that arose from government pur- and thus in private saving, in the income and chases of real estate (shown, for example, in the April product accounts. They are part of the U.S. 1965 BULLETIN, p. 609, Part F, line 6). These pur- Government's gross saving in flow of funds. chases have now been eliminated from government uses of funds and transferred to government sector In the investment part of Table I, the only discrepancies. The purchases have been an unbalanced element of the accounts, with no allocation of sales of 3 Government retirement funds here cover governthe real estate among private sectors. Until useful in- ment employees and persons covered by railroad reformation appears on sales, they will remain in the tirement. Old-age and survivors insurance is treated sector discrepancies rather than the saving-investment the same in the two accounting systems; in neither discrepancy. does it give rise to household saving. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1536 FEDERAL RESERVE BULLETIN • NOVEMBER 1965 difference between the measures of gross national saving and investment among flow private domestic investment in the two sys- of funds sectors. Part A.I shows the allotems (line D) is the presence of consumer cation among the flow of funds sectors of durables in the flow of funds total, as dis- each component of total saving as published cussed above. The one other difference in in the income and product accounts (first total investment is in the measurement of column). Part A.2 of that table shows net foreign investment. In the Commerce the changes in the total and its distribution Department accounts net foreign investment in the flow of funds accounts occasioned by is measured as the net of current account differences in treatment of specific transactransactions in balance of payments—im- tions. Part A.I is based entirely on Comports, exports, and unilateral transfers. In merce Department data underlying the inflow of funds accounts net foreign invest- come and product accounts, while A.2 is ment is defined as one form of net financial based on flow of funds estimates except for investment and is in fact a consolidation of consumer durables. In Part A.I, a few spethat item for all domestic sectors. It is meas- cific points of allocation should be menured as the excess of foreign borrowing from tioned: corporate farms are in the farm the United States over foreign lending to the sector, and Federal land banks and home United States and is thus a net figure in the loan banks are in the U.S. Government seccapital rather than current account of the tor rather than in private finance. Mutual balance of payments statement. The net cur- savings banks are included with savings rent balance and net capital balance, which institutions rather than with banking as in in concept should be equal, differ statisti- Commerce Department tables. cally by the amount of errors and omissions It was decided to make the described alloin the balance of payments statement, which cations to these three sectors in order to thus appears as the difference between the preserve widely used financial totals for net foreign investment totals on line E of farms, the U.S. Government on a cash Table I. As may be seen from Table I, (line consolidated basis, and commercial banks G), this difference in foreign investment and savings institutions. totals is reflected in a difference between the Gross saving of nonfarm nonfinancial income and product statistical discrepancy corporations shown here (and in Table and flow of funds discrepancy between sav- 4(D), line 6, in the BULLETIN tables) is ing and investment (line 16 of Table 2-T, different from the Commerce Department page 1609).4 total of cash flow net of dividends published Table II spells out the allocation of in the September 1965 Survey of Current Business (page 53) only in that the figure 4 The flow of funds saving-investment discrepancy is in Table II includes inventory valuation to be distinguished from the nonfinancial discrepancy that appears in the matrix (p. 1608), line 1, discrep- adjustment and net profits of branches ancy column. The latter matches total gross saving abroad and excludes farm corporations. (the net on current nonfinancial transactions), including the foreign sector's, with total nonfinancial invest- The major differences in transaction treatment (line 5). In this matching the foreign component ment between the two accounting systems, is the balance of payments current-account balance (with opposite sign) used as net foreign investment recorded in Part A.2, have already been disin the Commerce Department statement. The flow of cussed in connection with Table I: consumer funds nonfinancial discrepancy is thus identically equal to the Commerce Department statistical discrepancy. durables (line 11), which affect total sav- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF FLOW OF FUNDS ACCOUNTS 1537 ing, and government life insurance and re- dividends as being a capital transfer rather tirement funds (lines 12 and 13), which than income distribution. In the flow of affect only distribution among sectors. Part funds accounts these have been continued A.2 has two further adjustments to alloca- as a current account payment from investtion of saving among sectors: capital gains ment companies to households so that a capdividends of open-end investment compa- ital transfer account in the system need not nies, both cash and retained, are omitted be established for this one item. Saving is from the Commerce Department total of reallocated accordingly. Line 16 reflects ad- TABLE II SAVING AND PHYSICAL INVESTMENT IN FLOW OF FUNDS ACCOUNTS, 1961 (Millions of dollars) Nonfinancial business Government Savings Insur- Total House- Non- Bank- institu- ance & Other holds corp. Corp. State ing tions pension finance non- non- Total and Federal funds farm farm local A.I Allocation of NI&P saving among F/F sectors 1 Personal saving 21,178 21,178 1 2 Undistributed corp. profits.... 13.475 — 25 10 188 10 163 50 1,087 992 1,049 "134 2 3 Corporate IVA -52 -52 -52 3 4 Wage accruals less disburs 0 0 0 0 4 U.S. Government surplus -3,812 -3,812 5 6 State and local govt surplus -522 — 522 6 7 Net national saving (NI&P). .. 30,267 21.178 -25 10 136 10 111 -522 -3,762 1.087 992 1,049 i 34 7 Capital consumption allowances: 8 Corporate 26,240 147 25 438 25 585 305 66 204 80 8 9 Noncorporate 19,004 ^502 4,062 8,440 12 502 9 10 Gross national saving (NI&P). 75,511 27,680 4,184 8,440 35 574 48 198 -522 -3,762 1,392 1,058 1,253 214 10 A.2 Transaction differences between NI&P and F/F affecting saving n Consumer durables 44,180 44,180 11 1? U.S. Govt. insur. & pen. res... 1017 -1.017 1? n State & local govt pen res 2 TJ7 -2,377 n 14 Subtotal: lines 10+11 + 12+13. 119,691 75,254 4,184 8,440 35,574 48,198 -2,899 -4.779 1.392 1,058 1,253 214 14 15 499 -499 15 16 Reserve on acct. of chg. in val. 16 basis 74 — 74 17 Gross national saving (F/F). .. 119,691 75,827 4,184 8,440 35,574 48 198 -2,899 -4,779 1,392 1,058 1,179 -285 17 18 Depreciation on consumer dur.. 41,309 41,309 18 19 Net national saving (F/F)= 17-8-9-18 33,138 28,016 -25 10,136 10 111 -2,899 -4,779 1,087 992 975 -365 19 B.I Allocation of grossprivjite domestic investment in NI&P among F/F sectors 20 Nonfarm residen. constr 22,043 17,531 2,256 2,256 4 512 20 New 1- to 4-family houses.. 13,998 13,708 145 145 290 Other 8,045 3,823 2,111 2,111 4 222 21 Farm residen constr 602 ""602 602 21 22 Nonresiden. plant and equip.. . 47,032 3,324 3,487 8,413 31,087 42 987 275 n.e. 446 n.e. 22 23 Change in business invent 2,022 279 222 1,521 2 022 23 24 Gross pvt. dom. inv. (NI&P). . 71,699 20,855 4,368 10,891 34,864 50 123 275 n.e. 446 n.e. 24 B.2 Transaction differerices >etween NI&P and F/F affecting investment 25 Consumer durables 44,180 44,180 25 26 Gross pvt. dom. inv. (F/F) .... 115,879 65,035 4.368 34,864 50 123 275 n.e. ""446 n.e. 26 10,891 n.e.= Not estimated. NI&P = National income and product account. IVA= Inventory valuation adjustment. F/F= Flow of funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1538 FEDERAL RESERVE BULLETIN • NOVEMBER 1965 justments that life insurance companies have is essentially an inventory-change compomade in their reserves after they have re- nent of the total residential figure. "Other" assessed their risks. Such changes in re- residential construction consists of multiserves, not included in the income and prod- family units, additions and alterations, and uct accounts, are included in household in- nonhousekeeping units. That part of "other" vestment in life insurance and are shifted to residential construction allocated to househousehold saving in Table II. holds is mainly additions and alterations, Line 18 gives a flow of funds estimate of but it includes a small amount of multicapital consumption on consumer durable family and nonhousekeeping construction goods needed to derive net household and for nonprofit organizations. Farm residennational saving in the flow of funds accounts, tial construction (Commerce Department where such durables are viewed as capital estimate) (line 21) is allocated to farms, as goods rather than consumption at the time before in flow of funds, since it is compurchased. The estimate is a declining-bal- mingled with other farm expenditures in ance calculation in constant dollars on 10 financing. Nonresidential plant and equipclasses of durables, with the result stated in ment (line 22) is allocated as a single figcurrent-year prices. ure among sectors rather than separately Part B.I of Table II shows flow of funds for construction and producers' durable sectoring of the income and product totals goods. The household allocation is for plant of gross private domestic investment by type. and equipment of schools, churches, and Part of this allocation rests on flow of funds other nonprofit organizations. estimates of data not available from the It will be noted that Table II carries no Commerce Department. In particular, in the allocation of net foreign investment among flow of funds accounts, figures for construcdomestic sectors. Each sector's net foreign tion of new nonfarm residential dwelling investment is part of its net financial investunits are divided between 1- to 4-family ment (line 10 of the matrix, page 1608), units and multifamily structures in order to but not yet entirely identifiable as such. To estimate purchases of new homes by housecomplete identification would require alloholds.5 Business investment in 1- to 4-family cation of miscellaneous financial sources and units represents only changes in work in uses of funds in the balance of payments process on houses for sale to households and statement that are occasionally sizable but 5 All income and product and financial activities as- not specified as to nature. Pending further sociated with owner-occupied housing are allocated specification of those items, net foreign indirectly to households in flow of funds. This includes purchases of completed new houses, vestment can be viewed only as the consoliadditions and alterations, mortgage borrowing secured dated total of net financial investment for by such properties, capital consumption allowances, imputed rents in consumption, and imputed net rental the United States, mixed, for individual secincome. The noncorporate business account (Table tors, with similar net investment in domestic 4(C) includes only activities in cash rental housing and in construction itself. claims. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Mobile Branches in the light of the facts presented, and has concluded that the views then expressed should be The Board of Governors was recently requested modified so as to permit loans of the type deby a State member bank to approve the operation scribed without regard to the limitation imposed of mobile offices at designated out-of-town locaby section 22(g) and Regulation O. The underlytions. These offices would be stationed at such ing purpose of these limitations was to prevent locations on certain days and hours each week. executive officers from exerting improper influ- Section 5155 of the Revised Statutes (12 U.S.C. ence in connection with loans made to them from 36), which is made applicable by section 9 of the deposits accepted from the public for prudent in- Federal Reserve Act to the establishment of vestment. The same dangers against which section branches by State member banks, defines the term 22(g) was directed are not present, insofar as the "branch" as any "place of business ... at which Board can discern, with respect to loans made deposits are received, or checks paid, or money from the trust fund established under the profitlent." Accordingly, the Board concluded that as sharing plan. The privilege of borrowing is exeach location would be a place of business at which tended to any employee who chooses to become some or all of such activities would be conducted, a member and makes contributions to the fund. permission to establish branches was required. No member is extended any special treatment Such offices may only be approved by the Board since each may borrow on the same terms and in when State statute permits branch banking at such an amount not exceeding his particular vested inlocations. The approval of the State authorities terest. In these circumstances it is difficult to perhad been obtained and the Board approved the ceive how an executive officer could exert imestablishment of branches at these locations. proper influence. Accordingly, the Board's 1936 interpretation as Loan to Executive Officer from Bank Administered to the applicability of Regulation O is modified Profit-Sharing Trust Fund to the extent indicated above. The Board of Governors has been requested to consider the question whether the restrictions of Industrial Banks as "Banks" under section 22(g) of the Federal Reserve Act and the Bank Holding Company Act Board's Regulation O apply to loans made by a The Board of Governors recently considered member bank to executive officers from funds held (1) whether certain industrial banks are "banks" in trust by the bank under an employee profitwithin the meaning of section 2(c) of the Bank sharing plan. It is understood that one of the Holding Company Act of 1956, and the interpreimportant provisions of the trust arrangement is tation published in 1963 Federal Reserve BULthat a participating employee is extended the privilege of borrowing for worthwhile purposes up to LETIN 165 (12 CFR 222.116); and (2) if so, whether certain changes in the operations of the the amount of his vested interest in the trust, and that all officers and employees of the bank may institutions would remove them from the "bank" participate in the plan. category. Section 2(c) defines "bank" to include "any national banking association or any State The question presented involves the Board's inbank, savings bank, or trust company ..." terpretation in the 1936 Federal Reserve BULLETIN at page 324, to the effect that Regulation O ap- Classification of industrial banks for purposes plies to loans made to executive officers of mem- of the Holding Company Act is difficult, because ber banks from trust funds administered by such they perform some of the functions of commercial banks. or savings banks, particularly in the consumer The Board has reviewed its 1936 interpretation loan field, but differ from such banks in other 1539 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1540 FEDERAL RESERVE BULLETIN • NOVEMBER 1965 respects. It is clear from the legislative history of prevailing rates for such loans", but in no event the Act that Congress did not intend to include less than 2 per cent more than the interest rate all financial intermediaries within the definition of currently being paid on the pledged savings. "banks" in section 2(c). The Board concluded, in After the proposed change was put into effect, its 1963 interpretation, that an industrial bank savings deposits accepted by the industrial bank should not be regarded as a "bank" for this would no longer be "in actual practice repaid on purpose demand." Accordingly, the Board concluded that, when the proposed change was consummated, the . . . unless in a particular case, regardless of the tide of the institution or the form of the transaction, it institution would no longer be a "bank" within the accepts deposits subject to check or otherwise accepts purview of the Holding Company Act. funds from the public that are, in actual practice, repaid on demand, as are demand or savings deposits held by commercial banks. Antitrust Exemption for Voluntary Agreements or Programs In the situations recently considered, one of the industrial banks formerly issued "investment An Act of Congress, approved September 9, certificates" to the public in exchange for funds, 1965 (Public Law 89-175), provides procedures and such certificates were repaid, in practice, on for obtaining exemptions from the antitrust laws demand. Consequently, that institution was a to assist in safeguarding the balance of payments "bank" under the above-cited interpretation of position of the United States. The text of the Act the Board. However, in 1964 it ceased issuing reads as follows: investment certificates in exchange for funds deposited with it and began a gradual program of AN ACT transferring outstanding certificate accounts of To provide for exemptions from the antitrust laws to this nature to a savings and loan association. The assist in safeguarding the balance of payments position of the United States. industrial bank no longer issues new certificates or, accepts additional payments on outstanding Be it enacted by the Senate and House of Representatives of the United States of America in Congress certificates. assembled, That it is declared to be the policy of Con- Based on these facts, the Board concluded that gress to safeguard the position of the United States the industrial bank in question is no longer with respect to its international balance of payments. To effectuate this policy the President shall undertake accepting funds from the public within the terms continuous surveillance over the private flow of dollar of the interpretation quoted above and conse- funds from the United States to foreign countries, the solicitation of cooperation by banks, investment quently is no longer a "bank" within the meaning bankers and companies, securities brokers and dealers, of the Act. insurance companies, finance companies, pension The second situation presented a somewhat funds, charitable trusts and foundations, and educational institutions, to curtail expansion of such flow, different question. In that case the industrial bank and the authorization of such voluntary agreements or accepts what are described as "savings deposits", programs as may be necessary and appropriate to as permitted by applicable State law. Heretofore, safeguard the position of the United States with respect to its international balance of payments. these deposits have been repaid on demand, and SEC. 2. (a) The President is authorized to consult for this reason the institution would constitute a with representatives of persons described in section 1 to stimulate voluntary efforts to aid in the improve- "bank" under the above-quoted interpretation. ment of the balance of payments position of the However, the institution proposes to "notify all United States. holders of savings accounts that henceforth such (b) When the President finds it necessary and appropriate to safeguard the United States balance of accounts would not be paid [immediately] upon payments position, he may request persons described request but that a written notice of withdrawal in section 1 to discuss the formulation of voluntary would be required to be presented" to the insti- agreements or programs to achieve such objective. When such a request is made, a notice shall be tution "for some period of time [not less than 30 promptly published by the President in the Federal days] prior to withdrawal." In order "to cover the Register, listing the persons invited to attend and the time and place at which the discussion is to be held. emergency cash needs of a holder . . ., [the in- If the President makes such a request, no such discusdustrial bank] would loan such holder the cash sion nor the formulation of any voluntary agreement required not in excess of the balance in the savings or program in the course of such discussion shall be construed to be within the prohibitions of the antiaccount, such loan to be secured by pledge of the trust laws or the Federal Trade Commission Act of the savings account and the loan to bear interest at United States: Provided, That no act or omission to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1541 act in effectuation of such voluntary agreement or guarding of the United States balance-of-payments program is taken until after such voluntary agreement position. or program is approved in accordance with the pro- (g) The Attorney General shall have the authority visions of subsections (c) and (d) hereof: And pro- to require the production of such books, records, or vided further, That any meeting or discussion comply other information as shall have a direct bearing upon with the requirements of subsection (e). such agreement or program and the implementation (c) The President may approve, subject to such thereof from any participant in a voluntary agreement conditions as he may wish to impose, any voluntary or program as he may determine reasonably necessary agreement or program among persons described in for the performance of his responsibilities under this section 1 that he finds to be necessary and appro- Act. priate to safeguard the United States balance-of-pay- (h) The President may withdraw any request or ments position. No act or omission to act which finding made hereunder or approval granted hereoccurs pursuant to any approved voluntary agreement under, in which case, or upon termination of this Act, or program by a person described in section 1 who the provisions of this section shall not apply to any has accepted a request of the President to participate subsequent act or omission to act. shall be construed to be within the prohibitions of the SEC. 3. On or before January 1, 1966, and at least antitrust laws or the Federal Trade Commission Act: once every six months thereafter, the Attorney General Provided, That any meeting or discussion pursuant to shall submit to the Congress and to the President any such agreement or program comply with the re- reports on the performance of his responsibilities quirements of subsection (e). under this Act. In such reports the Attorney General (d) No voluntary agreement or program shall be shall indicate, among other things, the extent to approved except after submission to the Attorney which his review of approved agreements or programs General for his review as to its effect on competition has disclosed any actual or potential detriment to and a finding by the Attorney General after consul- competition. The full text of each voluntary agreetation with the delegate of the President that the ment or program approved pursuant to this Act shall actual or potential detriment to competition is out- be transmitted to the Attorney General immediately weighed by the benefits of such agreement or program upon the approval thereof, and shall be published by to the safeguarding of the United States balance-of- the President in the Federal Register not less than payments position. The finding of the Attorney three days prior to its effective date unless the Presi- General, together with his reasons, shall be published dent finds that publication of the full text of any in the Federal Register not later than the time re- agreement or program would be inconsistent with the quired by section 3 for publication of any approved national interest in which case only a summary need agreement or program: Provided, however, That be published. where the President finds that the balance-of-payments SEC. 4. The President may require such reports as position of the United States requires immediate he deems necessary to carry out the policy of this Act approval of an agreement or program he may waive from any person, firm, or corporation within the the requirement for a finding by the Attorney General United States concerning any activities authorized by and may approve such agreement or program. the provisions of this Act. (e) Any meeting of representatives of persons SEC. 5. The President may delegate the authority described in section 1 requested by the President pur- granted him by this Act, except that the authority suant to any approved voluntary agreement or pro- granted may be delegated only to officials appointed gram or meetings or discussions pursuant to a request by the President, with the advice and consent of the made in accordance with subsection (b), shall comply Senate, whether acting singly or jointly or as a comwith each of the following conditions: (1) The mittee or board: Provided, however, That the Presi- Attorney General shall be given reasonable notice dent may not delegate his authority under section prior to any meeting, with such notice to include a 2(d) to waive the requirements for a finding by the copy of the agenda, a list of the participants, and the Attorney General and approve an agreement or protime and place of the meeting; (2) meetings shall be gram where he has found that the balance-of-payments held only at the call of a full-time salaried officer or position of the United States requires immediate employee of such department or agency as the Presi- approval. dent shall designate, and only with an agenda formu- SEC. 6. This Act and all authority conferred therelated by such officer or employee; (3) meetings shall under shall terminate twenty months after it becomes be presided over by an officer or employee of the law, or on such date prior thereto as the President type mentioned in (2), who shall have the authority shall find that the authority conferred by this Act is and be required to adjourn any meeting whenever he no longer necessary as a means of safeguarding the or a representative of the Attorney General considers balance-of-payments position and shall by proclamaadjournment to be in the public interest; (4) a ver- tion so declare. batim transcript shall be kept of all proceedings at SEC. 7. As used in this Act the word "person" each meeting, including the names of all persons includes corporations, companies, associations, firms, present, their affiliations, and the capacity in which partnerships, societies, and joint stock companies, as they attend; and (5) a copy of each transcript shall be well as individuals, satisfying the description conpromptly provided for retention by the Attorney tained in section 1. General. Approved September 9, 1965. (f) The Attorney General shall continuously review the operation of any agreement or program approved pursuant to this Act, and shall recommend to the Order Under Bank Merger Act President the withdrawal or suspension of such approval if in his judgment after consultation with the The following Order and Statement were issued delegate of the President its actual or potential detriment to competition outweighs its benefits to the safe- in connection with action by the Board of Gover- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1542 FEDERAL RESERVE BULLETIN • NOVEMBER 1965 nors with respect to an application for approval with total deposits of $1.1 billion,1 has applied, of the merger of banks: pursuant to the Bank Merger Act of 1960 (12 U.S.C. § 1828(c)), for the Board's prior approval of the merger of that bank and The Re- UNION BANK public National Bank of San Diego, San Diego, LOS ANGELES, CALIFORNIA California ("Republic"), which has total deposits In the matter of the application of Union Bank of ,$6.8 million.2 As an incident to the merger, for approval of merger with The Republic Na- the sole office of Republic would become a branch tional Bank of San Diego of Union, increasing the number of its offices to 13. ORDER APPROVING MERGER OF BANKS Under the law, the Board is required to consider, as to each of the banks involved, (1) its There has come before the Board of Governors, financial history and condition, (2) the adequacy pursuant to the Bank Merger Act of 1960 (12 of its capital structure, (3) its future earnings U.S.C. 1828(c)), an application by Union Bank, prospect, (4) the general character of its manage- Los Angeles, California, a State member bank of ment, (5) whether its corporate powers are conthe Federal Reserve System, for the Board's prior sistent with the purposes of 12 U.S.C, Ch. 16 approval of the merger of that bank and The (the Federal Deposit Insurance Act), (6) the Republic National Bank of San Diego, San Diego, convenience and needs of the community to be California, under the charter and title of the served, and (7) the effect of the transaction on former. As an incident to the merger, the sole competition (including any tendency toward office of The Republic National Bank of San monopoly). The Board may not approve the trans- Diego would become a branch of the resulting action unless, after considering all of these bank. Notice of the proposed merger, in form factors, it finds the transaction to be in the public approved by the Board, has been published purinterest. suant to said Act. Banking factors. Union has a satisfactory fi- Upon consideration of all relevant material in nancial history, and both its asset condition and the light of the factors set forth in said Act, incapital structure are reasonably adequate. The cluding reports furnished by the Comptroller of earnings record of Union is above average and its the Currency, the Federal Deposit Insurance future earnings prospects are favorable. Union's Corporation, and the Attorney General on the management is capable and progressive. competitive factors involved in the proposed Republic opened for business on August 5, merger, 1964, and, for the period ending with the calendar IT IS HEREBY ORDERED, for the reasons set forth year, realized above average operating earnings. in the Board's Statement of this date, that said However, in early 1965 Republic began to exapplication be and hereby is approved, provided perience a deposit decline and as of September 13, that said merger shall not be consummated (a) 1965, its deposits were down from $9.2 million within seven calendar days after the date of this to $6.8 million, a decrease of more than 25 per Order or (b) later than three months after said cent in less than nine months. In addition, while date. Republic's asset condition cannot be described as Dated at Washington, D. C, this 29th day of critical at this time, the bank has a substantial October, 1965. volume of loans which are of questionable quality. Republic, since it opened for business, has not By order of the Board of Governors. been able to acquire and retain the services of an Voting for this action: Unanimous, with all members experienced lending officer and, as long as the present. bank continues to operate without such an officer, (Signed) MERRITT SHERMAN, further deterioration in its asset condition seems Secretary. probable. Republic's difficulties, manifested in its rather uncertain earnings prospects, are compli- [[SEAL] STATEMENT es of December 31, 1964. Union Bank, Los Angeles, California ("Union)", 2 As of September 13, 1965. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1543 cated by some disharmony among its directors as about 91 per cent of the total deposits held by the to a proper course for the bank's future. nine commercial banks operating offices in San Consummation of the proposed merger would Diego, and about 90 per cent of such deposits remove the uncertainty concerning Republic and held by the seven commercial banks operating would not adversely affect the banking factors as offices in downtown San Diego. Republic accounts they relate to Union. for 1.0 per cent of the city-wide commercial bank There is no indication that the corporate powers deposits and 1.8 per cent of the total deposits held of the banks are, or would be, inconsistent with by the downtown commercial bank offices. the purposes of 12 U.S.C., Chapter 16. The nearest office of Union to San Diego is Convenience and needs of the communities. located nearly 100 miles distant in Orange. Union Union is headquartered in Los Angeles and all derives some business from the San Diego area, of its 12 offices are located in Orange and Los but it is nearly all of a type and volume (e.g., Angeles Counties. Republic's sole office is located interim construction financing) that Republic in San Diego, some 128 miles southeast of Los could not handle or would not attract. It does not Angeles. The convenience and needs of the comappear that any significant competition exists bemunities served by Union's present offices would tween the two banks. not be affected by the merger. As mentioned earlier, Union plans to establish San Diego, a major seaport, has a population of a de novo branch in San Diego if its proposed about 648,000. Despite declines in certain indusmerger with Republic is not approved. Thus, the tries in the past, notably in aviation and fishing, transaction would foreclose such potential for the condition of the local economy appears to be competition as may exist between the two banks. satisfactory. Nine commercial banks, five of them In addition, the transaction may be viewed as ranking among California's ten largest in terms of foreclosing a desirable step toward the deconcentotal deposits, operate 64 offices in the city of San tration of banking resources in the San Diego Diego. Seven of these banks, including Republic, market. However, to attach meaningful weight to operate 14 offices in the immediate downtown area either of these considerations, it is necessary to of San Diego. conclude that Republic is capable of becoming, Union has received approval to establish a de and continuing as, a significant competitive force. novo branch in downtown San Diego, but will The evidence, as discussed under the "Banking abandon its plans in this respect if the proposed factors" heading, rather than providing support for merger with Republic is approved. Thus, although such a conclusion, raises doubts concerning the Union would replace Republic, and the total numbank's future. Considering all the relevant circumber of commercial banks and banking offices stances, it does not appear that the merger would serving San Diego would remain unchanged, the adversely affect any other bank, or that its conseproposed transaction would result in the eliminaquences for banking competition in general would tion of an alternate source of banking services. be significantly adverse. However, this consideration must be weighed in Summary and conclusion. Although consumthe light of Republic's relatively uncertain future mation of the proposed merger would result in and the fact that the banking needs and conthe elimination of an independent commercial venience of the community are being satisfactorily bank, it does not seem probable, particularly in met with the existing number of commercial banks view of the uncertainty concerning Republic's and banking offices. On balance, it does not appear future, that it would materially affect the banking that the convenience and needs of the banking needs and convenience of the community or that public would be adversely affected in any sigthe effect on banking competition would be significant respect. Competition. Union, with about 3.3 per cent nificantly adverse. Further, consummation of the of the total deposits and .5 per cent of the offices, proposed merger would afford an orderly and is the sixth largest commercial bank in California. prompt resolution of the problems that beset The proposed merger would increase Union's Republic and which make the bank's prospects share of the State's total commercial bank deposits uncertain. by about three one-hundredths of 1 per cent. Five Accordingly, the Board finds that the proposed of the State's ten largest banks in California hold transaction would be in the public interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements CHANGES IN THE BOARD'S STAFF eral Reserve Bank of Kansas City from 1955 to 1962, including approximately 2 years as an The following promotions were made in the official with that Bank. In the academic years Board's staff, effective November 1, 1965: 1962-63 and 1963-64, he was an associate pro- Ralph A. Young, from Adviser to the Board to fessor at the University of Maryland. Mr. Gramley Senior Adviser to the Board; Mr. Young will con- joined the Board's staff as a senior economist in tinue as Director of the Division of International 1964. Finance. Stanley J. Sigel to Associate Adviser. Mr. Sigel Robert C. Holland, from Associate Director in has A.B., M.A., and Ph.D. degrees from Harvard the Division of Research and Statistics to Adviser University. Except for a 2-year assignment with to the Board. Mr. Holland succeeds Guy E. Noyes, the Organization for Economic Cooperation and who has resigned. Development in Paris, Mr. Sigel has been with the Board since 1947. Most recently he has served as Robert Solomon, from Adviser in the Division Assistant to the Director in the Division of Reof Research and Statistics to Adviser to the Board. search and Statistics. In the Legal Division: David B. Hexter, from Tynan Smith to Associate Adviser. Mr. Smith Assistant General Counsel to Associate General has an A.B. degree from Reed College and an Counsel. M.A. degree from Colorado College. He joined the Board's staff as an economist in 1950 and most In the Division of Research and Statistics: Alrecently has been serving as senior economist in bert R. Koch, from Associate Director to Deputy charge of the Banking Markets Unit. Director; and J. Charles Partee, from Adviser to Associate Director. DEATH OF DIRECTOR In the Division of International Finance: Robert Mr. V. R. Steffensen, President, First Security L. Sammons, from Adviser to Associate Director; Bank of Idaho, N.A., Boise, Idaho, who had served John E. Reynolds, Reed J. Irvine, and Ralph C. as a director of the Salt Lake City Branch of the Wood, from Associate Advisers to Advisers. Federal Reserve Bank of San Francisco since January 1, 1964, died on November 11. In addition, the Board has promoted the following members of its staff to official positions in BIBLIOGRAPHY ON MONETARY THEORY AND POLICY the Division of Research and Statistics: The Board of Governors now has available for distribution Monetary Theory and Policy: A Stephen H. Axilrod to Associate Adviser. Mr. Bibliography, Part I, Domestic Aspects. Axilrod has an A.B. degree from Harvard Uni- This publication is the first part of a bibliography versity and an M.A. degree from the University of works in the area of monetary and debt manageof Chicago. He joined the Board's staff in 1952 ment theory, policy, and analysis. The bibliograas an economist in the Division of International phy, compiled by the staff of the Board of Gov- Finance. Most recently he has served as Chief of ernors of the Federal Reserve System, covers the Government Finance Section in the Division books, articles, and other contributions issued in of Research and Statistics. English from 1950 to date, with an occasional Lyle E. Gramley to Associate Adviser. Mr. entry prior to 1950. The present volume focuses Gramley has an A.B. degree from Beloit College on domestic aspects of the general subject area, and M.A. and Ph.D. degrees from Indiana Uni- that is, on internal aspects for a given national versity. He was a financial economist at the Fed- economy. A description of the coverage is given 1544 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 1545 in an introductory note. A companion volume 85 cents each. Remittance should accompany covering the international aspects is planned for requests and be made payable to Board of later preparation. The present volume cites more Governors of the Federal Reserve System. than 1,400 works by 326 authors. It is organized alphabetically by name of author, with the entries ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM for each author given in chronological order. The following bank was admitted to membership Requests for copies should be sent to the Diviin the Federal Reserve System during the period sion of Administrative Services, Board of Gover- October 15 to November 15, 1965: nors of the Federal Reserve System, Washington, D. C. 20551. The price is $1.00 per copy; in Tennessee quantities of 10 or more copies sent to one address, Smithville Citizens Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication November 16 Industrial production rose somewhat in October Production of iron and steel declined 8 per cent following a decline in September. Nonfarm further in October as steel users reduced invenemployment continued to increase and the unem- tories. Output of coal and crude oil recovered from ployment rate edged further downward. Retail the effects of strikes and a hurricane, respectively, sales advanced again. Bank credit expanded and and production of various other nondurable the money supply increased further. materials rose in October. INDUSTRIAL PRODUCTION CONSTRUCTION Industrial production in October was 143.6 per New construction expenditures—revised upward cent of the 1957-59 average, compared with 143.0 in September to a new high—dipped in October to in September and 144.4 in August. A further a seasonally adjusted annual rate of $68.2 billion. reduction in steel output in October was more than Private residential expenditures again edged down. offset by increases in final products and nondurable Outlays for business and other private construcmaterials. In the first 10 months of this year the tion, which rose in most earlier months this year, total index has averaged 8 per cent above a year declined slightly. Public construction expenditures earlier. fell 3 per cent following September's sharp advance Auto assemblies recovered somewhat to an for highways. annual rate of 9.3 million units following a limited work stoppage in September. November production schedules are set at about the October rate. EMPLOYMENT Output of home goods showed some rise in October Nonfarm payroll employment increased strongly and consumer staples rose further. Production of in October, reflecting substantial gains in trade, industrial and commercial machinery continued to services, and State and local government. A further expand, and with settlement of an aircraft work reduction in primary metals employment, because stoppage in early October, output of freight and of liquidation of steel inventories, limited the rise passenger equipment rose sharply. in manufacturing. Machinery continued to show large increases. The average workweek in manufacturing rose to 41.0 hours as overtime in durable INDUSTRIAL PRODUCTION 1957-59=100 goods industries reached the highest level since May. The unemployment rate was 4.3 per cent in October compared with 4.4 per cent in September TOTAL/7^ - FINAL PRODUCTS^^'^^ and 5.2 per cent a year earlier. The October level was the lowest since August 1957. ^/^MATERIALS 1 I 1 1 1 I ! I 1 1 /' COMMODITY PRICES Industrial commodity prices have edged up ~ EQUIPMENT/' rA^'~ slightly since mid-October. Advances occurred in - NONDURABLE ^*f^* ~ MANUFACTURES^"^ tinplate, copper and some copper and brass /y^^CONSUMER ^~^/s/ DURABLE ><P^v /s GOODS _ products. Primary aluminum and many semifabri- \ / MANUFACTURES cated products were raised, but subsequently the - y.J I 1 ! 1 1 1 1 1 1 1 increases were rescinded. Prices of some synthetic fibers declined. Average wholesale prices of food- F.R. indexes, seasonally adjusted. Latest figures shown are for October. stuffs changed little. 1546 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1547 DISTRIBUTION in October. Borrowings and excess reserves Retail sales in October rose somewhat further declined and net borrowed reserves remained at about $155 million, close to the average level of the from the September volume, which itself had been two previous months. Reserves were supplied revised upward to a record high. Sales of durable principally through System purchases of U. S. goods were up slightly despite a moderate decline Government securities and absorbed through in new car sales from high summer levels. Increases currency outflows. were widespread among nondurable goods lines. SECURITY MARKETS BANK CREDIT, MONEY SUPPLY, AND RESERVES Yields on seasoned corporate and State and local Commercial bank credit increased $2.7 billion government bonds rose further from mid-October in October following little change in September. to mid-November, but at a slower pace than over Although loans accounted for most of the October the previous two months. Yields advanced for all expansion, holdings of U. S. Government issues maturity groups of U. S. Government securities. In also increased, as the result of Treasury financing mid-November the 3-month Treasury bill rate was operations, and holdings of other securities rose about 4.10 per cent, compared with 4.00 per cent moderately. The money supply expanded substana month earlier. tially, but somewhat less than in September. Time Common stock prices advanced moderately in deposit growth continued rapid. late October. Over the first half of November they Total and required reserves increased somewhat rose slightly further on balance. INTEREST RATES PRICES PER CENT 5 ALL ITEMS ^^r- - LONG-TERM ALL COMMODITIES -- GOVERNMENT SECURITIES \ 1 I 1 1 I 1 1 1 1 COMMODITIES. NONFOOD COMMODITIES ^^ F.R. DISCOUNT RATES J OTHER THAN FARM AND FOOD ^_ TREASURY BILLS 1 1 1 1 1 1 1 1 1 1 SERVICES^^—^'"^ PROCESSED FOODS f j**—*/W>^'~1FOODS | FARM PRODUCTS J 1 1 1 1 1 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, September; for wholesale prices, October esti- years or more and for 90-day Treasury bills. Latest figures mates. shown, week ending Nov. 12. 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 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 lor 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. ... Nov. 1965 1608-17 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: State Apr 1965 615-16 Analysis of changes in number of Aug. 1965 1170 On, and not on. Federal Reserve Par List Flow of funds (assets and liabilities). ... Nov. 1965 1618-27 number of Aug. 1965 1171 Income and expenses: Federal Reserve Banks Feb. 1965 322-23 Member banks: Annually Calendar year May 1965 750-58 Operating ratios Apr. 1965 617-19 Bank holding companies: Insured commercial banks May 1965 759 List of, Dec. 31,1964 June 1965 892 Banking offices and deposits of group banks, Stock exchange firms, detailed debit and credit Dec. 31, 1964 July 1965 1026 balances Sept. 1965 1340 1548 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items; Federal funds 1550 Reserve Bank discount rates; margin requirements; reserve requirements 1555 Open market transactions; Federal Reserve Banks 1557 Bank debits; currency in circulation. 1560 Money supply; banks and the monetary system. 1562 Commercial and mutual savings banks, by classes 1564 Commercial banks, by classes 1568 Weekly reporting member banks 1570 Business loans 1573 Interest rates . . . .. 1574 Security prices; stock market credit; open market paper 1575 Savings institutions. ... 1576 Federal finance. . 1578 Federally sponsored agencies 1583 Security issues 1584 Business finance 1587 Real estate credit 1589 Consumer credit 1592 Industrial production 1596 Business activity; construction 1600 Employment and earnings. . 1602 Wholesale and consumer prices 1604 National product and income series 1606 Flow of funds 1608 Guide to tabular presentation 1548 Index to statistical tables 1654 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). 1549 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1550 BANK RESERVES AND RELATED ITEMS NOVEMBER 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 Treas- than member bank Member bank P d e o r a i r t o e d T U o .S ta . l G B o r v o o i t u g u . g h t- s t h e t cu R r c a i e h g t p i a r e u e s s e e r- - c v D o a a a n u n i d s c d n - - e ts s Float t T a o l - 2 s G to o c ld k r s o c t u e i u u r n n sm r t c g y d - - y - r c C t e c u i i n u i o n l r c a r n - - y - T h c i r u o n e a r l g s a y d h s s - - Tr u e w r a y i s t - h r e F s F e . e R i o r g v . r n - e B s, a O n t k h s er O c F a o t . c h u R - e n . r ts B W F a . n i R t k h . s re r C s a e e n n u r c d r v - y es Total :oin 3 Averages of daily figures 1929—June 179 179 978 61 1,317 4.024 2018 4.400 210 30 30 376 2,314 2,314 1933—June.... 1,933 1,933 250 12 2,208 4,030 2295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3239 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 1,11721,606 22,879 4629 27,806 1,290 615 920 353 739 17,391 17,391 1955—Dec 24,602 24,318 284 840 1,389 26,853 21,689 5008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 1,63327,156 21,942 5064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 1,4 43' 26,186 22,769 5 144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 1,49628,412 20,563 5.230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 1,426 2299,435 19,482 5311 32,775 396 524 361 348 1,195 18,628 304 18,932 1960—Dec 27,248 27,170 78 94 1,665 29,060 17,954 5396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961—Dec 29,098 29,061 37 152 31,217 16,929 5587 33,954 422 514 229 244 1,11" 17,259 2,859 20,118 1962—Dec 30,546 30,474 72 305 33,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—Dec 33,729 33,626 103 360 434 36,610 15,562 5.583 37,603 389 879 160 206 1,215 17,303 3,443 20,746 1964—June.... 34,631 34,530 101 271 784 36,760 15,462 5584 37,541 414 886 135 200 1,273 17,356 3,20: 20,558 1964—Oct 35,334 35,257 77 311 2,027 37,747 15,462 5533 38,36: 471 86 133 189 1,009 17,716 3,317 21,033 Nov 36,036 35,867 169 433 1,874 38,421 15,442 5,494 38,937 529 613 148 200 1,119 17,812 3,347 21,159 Dec 37,126 36,895 231 266 2,423 39,873 15,388 5401 39,698 595 944 181 186 1,093 17,964 3,645 21,609 1965—Jan 36,684 36,457 227 340 2,126 39,245 15,258 5395 39,013 65: 875 180 223 949 18,006 3,613 21,619 Feb 37,052 36,957 95 450 650 39,244 14,984 5394 38,641 696 943 145 211 1,166 17,820 3,407 21,227 Mar 37,315 37,267 48 441 ,659 39,535 14.687 5,396 38,777 72' 890 144 194 l,04f 17,836 3,412 21,248 Apr 37,637 37,482 155 487 ,658 39,882 14,472 5405 38,94: 744 865 170 207 783 18,047 3,458 21,505 May.... 38,111 37,749 362 520 ,633 40,340 14,358 5402 39,052 755 908 142 187 985 18,070 3,406 21,476 June.... 38,840 38,610 230 543 ,71441,153 14,277 5402 39.508 772 844 142 182 1,196 18,18^ 3,522 21,709 July 39,249 38,891 358 527 ,83141,651 13,924 412 40,005 780 805 160 196 740 18,301 3,564 21,865 Aug 39,318 39,074 244 566 ,581 41,504 13,858 5433 40,104 810 924 215 185 480 18,076 3,544 21,620 Sept 39,108 39,055 53 533 ,922 41,610 13,858 5.469^•40,347 '809 978 210 195 287 18,111 3,618 21,729 Oct 39,601 39,580 21 515 ,869 42,048 13,857 5497 40,733 1,024 169 209 142 18,323 '3,633 921,956 Week ending— 1964 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 1,563 37,716 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 37,524 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 ,054 17,870 3,386 21,256 30 35,186 35,157 "29 280 1,943 37,487 15,461 5,556 38,075 440 91 161 186 ,066 17,662 3,478 21,140 Oct. 7 35,759 35,549 210 37 1,82038,051 15463 5,554 38,209 457 838 131 204 ,103 18,125 3,134 21,259 14 35,663 35,532 131 241 1,87537,876 15,462 5,541 38,465 470 865 133 17' ,028 17,739 3,24( 20,985 21 34,909 34,909 38: 2,548 3377,878 15463 5,538 38,432 489 1,012 130 189 966 17,660 3,34 21,001 28 34,911 34,911 233 1,99537,203 15462 5,513 38,333 46' 810 137 185 925 17,32' 3,448 20,769 Nov. 4 35,711 35,642 69 479 1,634 37,910 15462 5,505 38,446 484 666 12 197 ,11 17,85 3,35' 21,210 11 35,986 35,671 315 429 1,71138,201 15463 5,497 38,793 503 54. 13" 205 ,153 17,823 3,192 21,015 18 35,913 35,698 215 593 1,96238,532 15,462 5,497 38,975 533 563 130 215 17,926 3,38S 21,315 25 35,992 35,867 125 16: 2,13638,388 15430 5,494 39,07 552 52 148 183 ^245 17,592 3,46-J 21,059 Dec. 2 36,667 36,667 37' 1,86038,969 15387 5,456 39,27 554 82' 224 17,848 3,528 21,376 9 37,335 37,335 124 1,95039,480 15387 5,400 39,476 57 873 186 186 ,23 17,745 3,39") 21,142 16 37,335 37,020 315 16: 2,084 39,632 15388 5,402 39,743 593 1,024 142 176 ,106 17,637 3,75i 21,387 23 36,926 36,660 266 291 2,907 40,175 15387 5,404 39,834 608 978 144 183 ,05^ 18,160 3,68 21,841 30 36,936 36,570 366 535 2,884 40,409 15388 5,397 39,852 62C 99C 221 17 99i 18,33$ 3,65: 21,991 1965 Jan. 6 37,058 36,515 543 340 2,62240,111 15388 5,407 39,552 630 674 228 28. l,02i 18,51 3,68< 22,199 13 36,816 36,515 301 460 2,14939,522 15330 5,394 39,282 649 780 186 20: 971 18,17 3,67: 21,845 20 36,460 36,403 57 322 2,24939,112 15187 5,393 38,927 662 1,01. 178 21: 90: 17,79 3,64: 21,440 27 36,440 36,334 106 252 1,84138,631 15187 5,387 38,644 657 99' 151 21 87' 17,668 3,59: 21,259 Feb. 3 36,876 36,769 107 323 1,61138,923 15,157 5,396 38,56: 664 94C 148 21 1,03: 17,91 3,48< 21,401 10 37,272 37,133 139 51 1,47239,384 15,045 5,391 38,64 679 924 152 20 1,15; 18,06C 3,25: 21,312 17 37,151 37,088 63 398 1,54039,189 14,937 5,397 38,71: 699 1,00 14 220 1,15! 17,589 3,461 21,049 24 36,812 36,718 94 565 1,73039,162 14,938 5,391 38,61; 719 87 139 204 1,19: 17,744 3,44: 21,186 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 BANK RESERVES AND RELATED ITEMS 1551 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 P d e o a ri r t o e d T U o .S ta . l Go B r v o o i t g u u . h t g - s t h e t cu R c r a e i h g t p i a r e u e s s r e e - - c D o a u n is d n - ts Float t T a o l - 2 s G to o c ld k T r s c r o e t u i e a u n n u r a n r y c g t s - d - y - - r c C t e c u i i n u i o n l r c a r n - - 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 i s n t - h m r e F e s F . e m R o rv r b . - e e B s r , a O b n t a k h n s e k ri c O F o a t . u c h R - n e . t r s B W F a . n i R t k h M s e r m e r c C s e a o b e n u n i e r n c d r v r - y e 3 b s an T k otal Averages of daily figures Week ending— 1965 Mar. 3 36,911 36,835 76 315 1,924 39,226 14,902 5,400 38,625 706 922 159 217 1,224 17,675 3,461 21,136 10 37,319 37,211 108 426 1,624 39,475 14,813 5,394 38,756 715 806 150 209 1.202 17,844 3,218 21,062 17 37,371 37,308 63 388 1,59739,484 14,741 5,397 38,894 717 912 132 191 1,061 17,714 3,454 21,168 24 37,305 37,305 482 2'0,0'5" 39,900 14,562 5,393 38,796 735 956 139 186 980 18,064 3,448 21,512 31 37,419 37,401 18 502 1,376 39,444 14,562 5,397 38,714 746 898 146 181 875 17,843 3,523 21,366 Apr. 7 37,725 37,496 229 586 1,40939,863 14,563 5,398 38,862 732 728 176 207 835 18,283 3,220 21,503 14 37,881 37,623 258 412 1,487 39,883 14,519 5,406 39,092 741 910 158 202 804 17,899 3,389 21,288 21 37,594 37,486 108 589 1,956 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 1,76739,548 14,413 5,406 38,802 744 921 166 190 767 17,777 3,623 21,400 May ,1::::::: 37,894 37,501 393 494 1,64140,137 14,411 5,409 38,825 747 837 Ib4 205 827 18,353 3,390 21,743 38,190 37,565 625 514 1,557 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 1,915 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 1,598 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 ,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 ,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 ,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 ,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 ,082 18,221 3,673 21,894 July 7 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 14 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 38,903 497 544 440 41,418 13,857 5,423 39,944 797 903 155 196 500 18,204 3,573 21,777 11 39,651 39,259 392 619 480 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 99 493 770 41,434 13,858 5,426 40,202 812 848 235 190 466 17,965 3,549, 21,514 25 39,134 38,971 163 547 692 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 78 537 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 87 635 2,539 41,918 13,858 5,470 40,319 812 1,023 187 207 220 18,478 3,636 22,114 29 39,074 39,074 559 1,898 41,578 13,858 5,474 40,286 811 961 199 199 222 18,232 3,658 21,890 Oct. 6 39,850 39,850 547 1,72142,196 13,857 5,478 40,492 794 1,048 187 221 233 18,557 3,496 22,053 13 39,779 39,749 507 1,717 42,061 13,857 5,493 40,814 802 1,021 178 218 203 18,175 3,531 21,706 20 39,486 39,424 611 2,210 42,347 13,858 5,501 40,848 810 1,053 170 204 78 18,544^3,727 '22,271 27 39,292 39,292 372 1,91641,642 13,857 5,504 40,729 975 161 196 81 18,058^3,782 '21,840 End of month 1965 Aug 39,049 39,049 237 1,278 40,619 13,857 5,456 40,165 782 916 356 182 339 17,191 3,942 21,133 Sept 39,774 39,774 174 1,693 41,704 13,858 5,479 40,443 779 1,002 213 227 230 18,149 4,067 22,216 39,657 39,657 510 1,652 41,905^13,857''5,513M0,737 P794 1,053 144 211 133 18,204^3,393 21,597 Oct Wednesday 1965 38,999 38,999 131 284 40.468 13,859 5,463 40,170 815 1,260 207 181 375 16,782 3,864 20,646 Sept. 1 39,216 39,216 436 532 41,243 13,859 5,469 40,569 812 951 231 175 386 17,447 3,727 21,174 8. 38,968 38,968 241 959 41,204 13,859 5,473 40,467 817 1,146 196 211 216 17,484 4,192 21,676 15 38,619 38,619 906 986 41,547 13,859 5,469 40,315 826 1,000 180 208 218 18,128 4,007 22,135 22 39,569 39,569 130 405 41,165 13,859 5,472 40,417 804 852 195 213 218 17,797 4,045 21,842 29 Oct. 6 39,791 39,791 511 1,543 41.920 13,859 5,491 40,692 802 1,224 183 210 228 17,931 3,645 21,576 13 39,900 39,693 207 950 1,21142,117 13,859 5,503 40,968 812 916 168 195 81 18,339 4,044 22,383 20 39,200 39,200 414 1,872 4"1,525 13,859 5,508 40,837 813 891 162 201 75 17,913M,092^22,005 27 39,238 39,238 366 1,44341,106 13,859 5,502 40,770 803 1,085 153 196 73 17,387M213 ^21,600 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

1552 BANK RESERVES AND RELATED ITEMS NOVEMBER 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 re - d Excess B r F 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 re - d B r F i o a n a . n w R g 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 r F i o a n a . w n 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 7 174 -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 1,141 601 540 540 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 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 1,024 ,011 13J 6 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 ,191 5 3 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 ,164 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 ,138 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 ,127 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 ,070 39 -31 1959—Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 ,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 1,042 ,035 18 1963—Dec 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 ,051 26 -21 1964—June 20,558 20,168 390 270 120 3,984 3,945 39 39 1,033 ,033 13 -13 1964—Oct 21,033 20,618 415 309 106 3,962 3,942 20 54 -34 1,058 ,055 3 29 -26 Nov 21,159 20,763 396 430 -34 3,893 3,882 11 97 -86 1,076 ,072 4 20 -16 Dec 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 ,086 -3 28 -31 1965—Jan 21,619 21,217 40: 299 103 4,117 4,073 113 -70 1,094 ,099 1 -17 Feb 21,227 20,790 43' 405 3: 3,966 3,961 95 -90 1,096 ,083 50 -37 Mar 21,248 20,908 340 416 -76 4,026 4,004 23 120 -97 1,082 ,077 50 -45 Apr 21,505 21,146 359 471 -11 4,111 4,087 25 75 -50 1,085 ,086 39 -40 May 21,476 21,149 327 505 -178 4,135 4,127 8 21 — 13 1,116 ,110 10 -4 June 21,709 21,366 343 528 -185 4,206 4,185 21 135 -114 1,100 ,096 19 -15 July 21,865 21,516 349 524 -175 4,155 4,164 -9 126 -135 1,102 ,100 27 -25 Aug 21,620 21,192 428 564 -136 4,097 4,026 71 103 — 3' 1,077 ,075 38 -36 Sept 21,729 21,356 373 528 -155 4,094 4,079 15 6: -47 1,091 ,088 46 -43 Oct ^21,956»21,619 490 42 M,105 36 ^-28 "1,091 ,085 "-80 Week ending— 1964—Oct. 7... 21,259 20,826 433 370 63 4,095 4,089 -47 1,070 1,070 -69 14... 20,985 20,575 410 239 171 3,948 3,898 -9 1,047 1,042 6 -28 21. .. 21,001 20,574 427 380 4' 3,905 3,898 -80 1,054 1,057 -3 -14 28... 20,769 20,465 304 230 74 3,881 3,872 8 1,052 1,048 4 -6 1965—May 5 ... 21,743 21,411 332 478 -146 4,296 4,291 1,163 1,152 11 6 21,465 21,118 34' 498 -151 4,109 4,079 30 1,116 1,113 3 -5 2 19 6 . . '. . ' . .' 2 21 1 , , 3 4 6 4 4 2 2 21 1 , , 0 1 5 0 9 4 3 3 0 3 5 8 5 48 0 3 0 - - 1 16 7 : 8 4 4 , , 1 1 0 0 9 2 4 4 , , 1 0 1 7 0 7 48 8 -4 1 9 7 1 1 , , 0 1 9 0 3 2 1 1, , 0 0 9 9 4 8 -5 -22 6 June 2... 21,414 21,087 327 518 -191 4,124 4,109 20 1,099 1,096 3 15 -12 9. .. 21,369 21,067 302 474 -17: 4,069 4,064 52 -46 1,070 1,065 4 6 -2 16... 21,649 21,249 400 611 -211 4,164 4,163 175 -173 1,083 1,079 4 13 -9 23. .. 22,060 21,644 416 583 -16 4,358 4,271 225 -138 1,128 1,119 9 38 -29 30. .. 21,894 21,558 336 486 -150 4,256 4,253 111 -108 1,112 1,120 -8 19 -27 July 7... 22,171 21,822 349 58: -233 4,352 4,320 233 -201 1,132 1,129 30 -27 14... 22,105 21,576 529 620 -91 4,148 4,137 200 -189 1,094 1,094 23 -23 21 ... 21,662 21,470 19! 425 -233 4,139 4,119 68 -48 1,105 1,100 5 18 -13 28... 21,597 21,274 323 479 -156 4,107 4,093 37 -23 1,079 1,081 -2 35 -37 Aug. 4.... 21,777 21,399 378 544 -166 4,175 4,158 135 -118 1,113 1,103 11 21 -10 11... 21,602 21,183 419 616 -19' 4,031 4,022 175 -167 1,070 1,066 3 22 -19 18.... 21,514 21,188 326 491 -165 4,028 4,009 19 7 12 1,068 1,070 -2 68 -70 25.... 21,519 21,115 404 545 -141 4,003 3,995 61 -53 1,073 1,068 4 57 -53 Sept. 1 21,578 21,145 433 537 -104 4,081 3,995 96 -10 1,080 1,077 3 13 8.... 21,414 21,041 373 483 -110 3,959 3,952 43 -36 1,071 1,065 6 13 -7 15..., 21,584 21,120 464 558 -94 4,009 3,956 41 11 ,061 1,062 35 -35 22..., 22,114 21,681 433 627 -194 4,201 4,192 179 -171 ,128 1,120 47 -39 29.... 21,890 21,556 334 553 -219 4,252 4,194 3 56 ,105 1,105 102 -102 Oct. 6... 22,053 21,613 440 536 -96 4,209 4,205 4 ,090 1,090 119 -118 13... 21,706 21,408 298 495 -197 4,035 3,999 83 -46 ,063 1,059 93 -90 20... P22,271 ^21,781 *>490 591 4,136 4,126 35 -25 ,097 1,093 154 -149 27... *21,840*>21,648 P192 338 4,115 4,109 11 -5 ,097 1.095 9 -7 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 BANK RESERVES AND RELATED ITEMS 1553 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 l a d l 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—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 7,833 7,528 306 107 199 AUK .. 8,661 8,626 35 263 -228 7,785 7,465 320 160 160 Sept 8,681 8,641 40 286 -246 7,863 7,548 315 134 181 Oct. ^8,814 ^8,775 P39 245 p-206 ^7,938 *>7,654 124 P160 Week ending— 1954 Oct 7 8,581 8,554 27 189 -162 7,513 7,113 401 60 341 14 8,567 8,484 83 91 7,424 7,152 272 56 216 21 8,471 8,464 7 228 -221 Q 7,571 7,155 416 54 362 28 8,443 8,419 23 146 -123 7,394 7,125 269 73 196 1965—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 7,471 276 165 111 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 7,624 399 89 310 29 8,778 8,689 89 322 -233 7,755 7,568 187 126 61 Oct 6 8,767 8,742 25 304 -279 7,987 7,576 411 109 302 13 8,755 8,715 40 194 -154 7,851 7,633 218 125 93 20 8,907 8,871 36 278 -242 ^8,132 ^7,692 *>439 124 27 8,795 8,771 24 186 -162 ^7,832 P\6\ 132 P29 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

1554 MAJOR RESERVE CITY BANKS NOVEMBER 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 week a e n n d ding— s E e x r r c v e e - e s s s 1 r a B o t B w a F o n i r n . k R - g s s . F t i f b e n r u N d a a t n e e n e n d t r r k s s - a . l S d u e r o f p i r c l i u t s P r r e e e a s q r e o v u c r f g e i v r . n e e t s d c P ha u s r e - s Sales a 2 t c T r - t a w o io n t a a n s y l - s2 b c b o P h u f a u y a n n i s r k n e e - s t g t 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 r s s} de r f B i r a n o o o l w g e r m s r - - s* lo N a e n t s Total—46 banks 1965 Sect 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 88 238 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 Oct 6 14 290 844 -1,120 11.4 2,291 1,447 984 1,307 463 516 133 384 13 52 276 1,322 -1,546 16.2 2,864 1,542 1,149 1,715 393 742 104 638 20 26 270 1,011 -1,255 12.8 2,194 1,183 798 1,397 386 979 102 877 27 31 41 692 -701 7.2 2,475 1,783 1,136 1.339 647 717 86 631 8 in New York City 1965 Sect 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 Oct 6 3 —41 44 808 849 516 292 333 434 102 332 13 29 83 466 -520 13.9 1,183 717 485 698 232 561 73 489 20 7 32 152 -177 4.6 819 666 410 409 256 721 75 647 27 15 11 -46 50 1.3 1,005 1,051 604 401 447 553 54 499 38 outside New York City I965 Sept 1 30 167 306 -443 7.7 1,120 814 545 575 269 224 224 8 32 168 641 -778 13.7 1,326 685 481 845 203 166 12 154 15 39 209 783 -953 16.7 1,442 659 560 882 98 110 25 85 22 4 237 833 -1,065 18.1 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 Oct 6 11 290 885 -1,164 19.9 1,482 597 468 1,015 130 82 31 51 13 23 193 857 -1,026 17.8 1,682 825 664 1,017 161 181 32 149 20 20 238 859 -1,077 18.2 1,376 517 388 988 129 258 28 230 27 16 29 738 -751 12.7 1,469 732 531 938 200 164 32 133 5 in City of Chicago 1965 Seot 1 3 13 77 -87 9.1 308 231 148 160 83 34 34 8 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 Oct 6 4 111 345 -453 46.2 503 158 158 345 8 6 2 13 88 356 —443 46 8 521 164 164 356 7 —6 20 3 143 255 — 395 40 5 351 97 97 255 24 24 27 3 277 -279 28.4 398 121 110 288 11 8 8 33 others i965 Seot 1 . . 27 154 229 -356 7.4 812 583 397 415 186 190 190 27 156 523 -652 13.7 963 440 306 657 134 143 12 131 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 Oct 6 7 179 540 -712 14.6 980 440 310 670 130 75 25 50 13 22 105 500 -583 12.1 1,161 661 500 661 161 180 25 155 20 17 95 604 -682 13.8 1,024 420 291 733 129 234 28 206 27 15 26 461 -472 9.6 1,071 611 422 650 189 156 32 125 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

NOVEMBER 1965 DISCOUNT RATES 1555 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 Oct. 31 date rate Oct. 31 date rate Oct. 31 date rate r 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 Nov. 24, 1964 Cleveland Nov. 27t1964 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 July 19,1963 St Louis Nov. 24,1964 Nov. 24,1964 Nov. 24, 1964 Minneapolis.. Nov. 30,1964 Nov. 30,1964 Nov. 30,1964 Kansas City.. Nov. 30,1964 Nov. 30,1964 Nov. 30, 1964 Dallas Nov. 27,1964 Nov. 27,1964 Nov. 27,1964 San Francisco Nov. 27,1964 Nov. 27,1964 Nov. 27, 1964 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 214-3% 1953 1958 Jan. 16 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 23 Mar. 16 Oct. 24 Nov. 7 2% 1935 Apr-£:::19:5:5 Jan. 11 ig 1959 May 14 Mar. 6 May 2 16 1937 Aug. 4 May 29 Aug. 27 1 -2 June 12 Sept. 4 12.'.'.'.'.'. Sept. 11 **• i?:::::: 18 1942 w Apr. 11 Nov. 18 1960 Oct. 15 23 June 3 30 10 f 14 1946 Aug. 12 Apr. 25 1956 Sept. 9 May 10 1948 AAupgr J - ? & : : : : : : : : : : : July 17 1963 Jan. 12 1 nS 26 19 1964 Aug-&:::::::::::: An8-2l::: 1 : 9 : 57 : 3 4* Nov. 2 3 4 0 3%-4 1950 Nov. 15 1965 Dec. 2 In effect Oct. 31 tPreferential rate of V£ of 1 per cent for advances secured by U.S. against U.S. Govt. securities was the same ast'its 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. 439-42. 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, 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

1556 RESERVE REQUIREMENTS NOVEMBER 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 L 1 e y s e s a t r h a o n r m 1 o y r e e ar 3 { k 4 3% 4 4 In effect Dec. 31, 1948.. 26 22 16 7% 7% Postal savings deposits: Less than 1 year } } « 3 { k 4 3% 4 4 1949— J M un a e y 30 1 , , 5 July 1.. 24 2 2 1 0 1 1 5 4 7 6 7 6 Other time deposits:1 r { ¥ A Au u g g . . 1 1 6 , , 1 1 1 8 §* 8* 1 1 3 2 5 5 6 1 m ye o a n r t h o s r - 1 m o y r e e ar 3 I; 4% S A e 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 19 14 1953—July 1,9 22 20 13 1 For exceptions with respect to foreign time deposits, see Oct. 1962 1954__ J j u u l n y e 2 1 9 6 , , 2 A 4 ug. 1. 2 2 1 0 1 1 9 8 12 5 5 BULLETIN, p. 1279, and Aug. 1965 BULLETIN, p. 1084. 1958—Feb. 27, Mar. 1. 19% S* ii* NOTE.—Maximum rates that may be paid by member banks as estab- Mar. 20, Apr. 1.. 19 lished by the Board of Governors under provisions of Regulation Q. Apr. 17 18% 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 Nov. 1, 1965.. 16% 12 4 4 per cent. MARGIN REQUIREMENTS Present legal requirement: 10 7 3 3 (Per cent of market value) 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 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 i f ty Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Sept. 15, 1965 Four weeks ending Oct. 13, 1965 Gross demand—Total... 136,652 25,117 6,346 51,374 53,815 Gross demand—Total. . . 141,277 26,853 6,582 52,826 5,5017 Interbank 14,986 4,483 1,277 7,273 1,953 Interbank 15,662 4,690 1,306 7,617 2,049 U.S. Govt 5,188 1,026 277 2,067 1,818 U.S. Govt 5,296 1,356 372 1,954 1,613 Other 116,478 19,608 4,792 42,034 50,044 Other 120,319 20,806 4,904 43,254 51,354 Net demand i 112,169 19,734 5,280 41,343 45,813 Net demand i 114,996 20,820 5,441 42,102 46,633 Time 116,467 17,963 4,920 44,033 49,550 Time 117,226 17,808 4,896 44,406 50,116 Demand balances due Demand balances due from dom. banks.... 7,485 144 102 1,881 5,359 from dom. banks...... 7,768 156 105 1,953 5,554 Currency and coin 3,611 287 64 1,096 2,163 Currency and coin... 3,581 291 66 1,083 2,141 Balances with F.R. Balances with F.R. Banks 17,913 3,726 1,007 7,537 5,643 Banks 18,360 3,883 !,030 7,683 5,763 Total reserves held 21,524 4,013 1,071 8,633 7,806 Total reserves held. .. 21,941 4,174 1,096 8,766 7,904 Required 21,105 3,975 1,068 8,583 7,480 Required 21,565 4,148 1,094 8,723 7,601 Excess 419 38 3 50 326 Excess 376 26 2 43 303 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

1557 NOVEMBER 1965 OPEN MARKET ACCOUNT 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 sa es or redemptions 1964 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 -15 May 984 26 876 26 2,521 June 755 115 224 361 115 224 July 206 284 206 284 Aug 758 398 114 652 398 114 1,937 Sept 1,692 770 198 1,541 770 198 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—Sept 108 89 34 Oct 33 102 29 -102 1 1 Nov 28 35 — 35 Dec 52 335 45 -335 5 1965 Jan Feb 46 -i 752 23 12 Mar 36 574 45 -574 10 Apr May 65 -2,521 32 12 June 185 166 43 July Aug 61 -1,821 35 -116 10 Sept . . .. 107 40 4 Repurchase agreements (U.S. Govt. securities) Net change Bankers' acceptances Net change in U.S. in U.S. Govt. Month Govt. securities and securities Under acceptances Gross Gross Outright, repurchase purchases sales net agreements, net 1964—Sept 812 712 186 2 61 249 Oct 682 782 359 — 18 341 Nov 1,313 1,313 1,065 6 -23 1,048 Dec 2,194 1,657 269 15 15 300 1965—Jan 1,753 2,171 -303 i 22 -281 Feb 983 1,019 166 —4 -40 122 Mar 482 434 684 1 71 756 Apr 1,831 1,717 163 -I -38 124 May 1 207 1,233 932 -20 909 June 1,894 1,895 415 -10 -19 386 July 2,734 2,549 106 -6 -12 88 Aug 1,552 1,955 -157 19 -137 Sept 450 450 725 3 4 732 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

1558 FEDERAL RESERVE BANKS NOVEMBER 1965 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1965 1965 1964 Oct. 27 Oct. 20 Oct. 13 Oct. 6 Sept. 29 Oct. Sept. Oct. Assets Gold certificate account 11,905 11,917 11,927 11,928 11,938 11,905 11,938 13,685 Redemption fund for F.R. notes 1,677 1,659 1,651 1,656 1,649 1,677 1,649 1,500 13,582 13,576 13,578 13,584 13,587 13,582 13,587 15,185 Cash 137 126 112 110 117 146 119 158 Discounts and advances: 333 381 938 499 123 452 167 413 Other 33 33 12 12 7 58 7 2 Acceptances: 41 39 39 39 38 42 40 38 Held under repurchase agreements 18 17 36 23 44 23 43 U.S. Govt. securities: Bought outright: Bills . .. 7,860 7,822 8,315 8,413 8,191 8,279 8,396 5,354 Certificates—Special Other Notes 24,828 24,828 24,828 24,828 24,828 24,828 24,828 25,133 Bonds 6,550 6,550 6,550 6,550 6,550 6,550 6,550 5,222 39,238 39,200 39,693 39,791 39,569 39,657 39,774 35,709 Held under repurchase agreements 207 Total U.S. Govt. securities 39,238 39,200 39,900 39,791 39,569 39,657 39,774 35,709 39,663 39,653 40,906 40,377 39,760 40,253 40,011 36,205 Cash items in process of collection 6,230 7,166 6,679 6,130 5,957 5,764 5,946 5,392 Bank premises ... 103 102 102 102 102 103 102 102 Other assets: Denominated in foreign currencies 869 869 871 872 866 820 867 74 All other 431 409 385 363 344 448 347 447 Total assets 61,015 61,901 62,633 61,538 60,733 61,116 60,979 57,563 Liabilities F.R notes 35,931 35,985 36,108 35,838 35,594 35,888 35,589 33,224 Deposits: Member bank reserves 17,387 17,913 18,339 17,931 17,797 18,204 18,149 17,883 U.S. Treasurer—General account 1 085 891 916 1,224 852 1,053 1,002 687 Foreign 153 162 168 183 195 144 213 120 Other 196 201 195 210 213 211 227 194 Total deposits 18,821 19,167 19,618 19,548 19,057 19,612 19,591 18,884 Deferred availability cash items 4,787 5,294 5,468 4,587 4,552 4,112 4,253 3,697 Other liabilities and accrued dividends 286 291 303 346 336 298 349 106 Total liabilities . .. 59,825 60,737 61,497 60,319 59,539 59,910 59,782 55,911 Capital Accounts Capital paid in • • 546 546 545 545 544 546 544 521 Surplus 524 524 524 524 524 524 524 990 Other capital accounts 120 94 67 150 126 136 129 141 Total liabilities and capital accounts 61,015 61,901 62,633 61,538 60,733 61,116 60,979 57,563 Contingent liability on acceptances purchased for foreign correspondents 155 155 154 155 149 156 152 126 U.S. Govt. securities held in custody for foreign account 8,099 8,003 7,787 7,718 7,598 7,974 7,805 8,201 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank)... 38,643 38,616 38,488 38,351 38,304 38,692 38,302 35,591 Collateral held against notes outstanding: Gold certificate account 6,470 6,450 6,450 6,450 6,450 6,470 6,450 6,552 Eligible paper 26 18 14 9 4 34 2 11 U.S. Govt. securities 33,270 33,070 32,895 32,865 32,865 33,270 32,865 30,165 Total collateral. 39,766 39,538 39,359 39,324 39,319 39,774 39,317 36,728 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 FEDERAL RESERVE BANKS 1559 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1965 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - At t l a an- 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 - Assets Gold certificate account 11,905 687 2,706 680 992 1,026 2,198 416 203 458 458 1,415 Redemption fund for F.R. notes 1,677 95 387 90 148 141 95 311 63 31 65 55 196 13,582 782 3,093 770 1,140 1,167 761 2,509 479 234 523 513 1,611 F.R. notes of other Banks 740 77 155 50 44 91 65 69 25 34 24 36 70 Other cash 146 12 21 7 12 10 13 26 7 4 7 8 19 Discounts and advances: Secured by U.S. Govt. securities... 422 1 124 15 10 81 23 20 24 30 58 25 11 Other 88 2 15 3 5 3 23 8 12 1 4 4 8 Acceptances: Bought outright 42 42 Held under repurchase agreements. 44 44 U.S. Govt. securities: 39,657 2,081 9,654 2,012 3,302 2,683 2,189 6,645 1,527 850 1,554 1,592 5,568 Held under repurchase agreements. 40,253 2,084 9,879 2,030 3,317 2,767 2,235 6,673 1,563 881 1,616 1,621 5,587 Cash items in process of collection... 7,412 460 1,389 424 522 582 589 1,251 374 239 454 417 711 103 3 8 3 5 5 20 21 7 3 7 11 10 Other assets: Denominated in foreign currencies. 820 38 1215 46 74 41 48 116 28 19 37 48 110 Allother 448 22 117 21 38 28 24 72 16 11 20 16 63 Total assets 63,504 3,478 14,877 3,351 5,152 4,691 3,755 10,737 2,499 1,425 2,688 2,670 8,181 Liabilities F.R. notes 36,628 2,170 8,246 2,137 3,124 3,272 2,127 6,728 1,402 681 1,400 1,155 4,186 Deposits: 18,204 740 4,813 727 1,361 799 1,043 2,676 649 458 820 1,049 3,069 U.S. Treasurer—General account.. 1,053 61 213 47 74 77 37 128 103 59 61 76 117 144 7 237 8 13 7 9 21 5 3 7 8 19 Other 211 * 140 2 5 2 2 * * 1 1 57 Total dcDosits* •• ••••••••••••••••• 19,612 808 5,203 783 1,450 888 1,091 2,827 757 520 889 1,134 3,262 Deferred availability cash items 5.760 428 1,036 351 445 451 449 960 288 190 334 298 530 Other liabilities and accrued dividends. 298 14 76 16 25 17 17 47 11 6 13 14 42 Total liabilities 62,298 3,420 14,561 3,287 5,044 4,628 3,684 10,562 2,458 1,397 2,636 2,601 8,020 Capital Accounts 546 26 143 29 49 28 33 78 19 13 24 32 72 524 25 137 29 47 26 31 75 18 12 23 31 70 Other capital accounts 136 7 36 6 12 9 7 22 4 3 5 6 19 Total liabilities and capital accounts.. 63,504 3,478 14,877 3,351 5,152 4,e91 3,755 10,737 2,499 1,425 2,688 2,670 8,181 Ratio of gold certificate reserves to F.R. note liability (per cent): Oct 31 1965 37.1 36.0 37.5 36.0 36.5 35.7 35.8 37.3 34.2 34.4 37.4 44.4 38.5 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 38.1 36.0 Oct. 31,1964 44.9 41.0 46.2 37.4 40 9 37 6 44.2 43 5 43.5 54.9 50.8 55.2 52.9 Contingent liability on acceptances purchased for foreign correspondents. • •• 156 7 342 9 14 8 9 22 5 3 7 9 21 Federal Reserve Notes—Federal Reserve Agent's Accounts F.R. notes outstanding (issued to Bank) 38,692 2,274 8,671 2,214 3,337 3,414 2,276 7,105 1,493 718 1,466 1,250 4,474 Collateral held against notes outstanding: 6,470 440 1,000 465 600 853 450 1,100 295 127 225 180 735 Eligible paper 34 * U.S. Govt. securities 33,270 1,865 7,900 1,800 2,950 2,590 1,850 6,100 1,260 605 1,250 1,100 4,000 Total collateral 39,774 2,305 8,900 2,265 3,550 3,443 2,300 7,200 1,589 732 1,475 1,280 4,735 1 After deducting $605 million participations of other F.R. Banks. 3 After deducting $114 million participations of other F.R. Banks. 2 After deducting $107 million participations of other F.R. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1560 FEDERAL RESERVE BANKS; BANK DEBITS NOVEMBER 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 Oct. 27 Oct. 20 Oct. 13 Oct. 6 Sept. 29 Oct. Sept. Oct. 366 414 950 511 130 510 174 415 Within 15 days 329 379 935 495 118 470 161 401 16 days to 90 days 37 26 15 16 12 40 13 14 9 Acceptances Total 59 39 56 75 61 86 63 81 Within 15 days 28 6 23 42 32 53 32 54 16 days to 90 days 31 33 33 33 29 3} 31 11 U.S. Government securities—Total 39,238 39,200 39,900 39,791 39,569 39,657 39,774 1 35,709 Within 15 days1 699 1,044 1,132 921 963 6,993 575 1 6 K9? 16 days to 90 days 9,855 9,481 9,828 9,832 9,778 3,774 9,811 3,181 18,366 18,357 18,622 18,720 18,510 18,572 19,070 10,167 Over 1 year to 5 years 8,484 8,484 8,484 8,484 8,484 8,484 8,484 13,091 1,449 1,449 1,449 1,449 1,449 1,449 1 ,449 2,053 385 385 385 385 385 385 385 1 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 la d r ia s n F fr r a e n n c c s h G m er a m rk a s n It l a ir li e an Jap y a e n n ese g N u l e a i t l n d h d e e s r r s - f S r w an is c s s 1965—Jan.. 287 235 36 1 6 Feb. 165 131 16 4 5 Mar. 375 347 11 2 7 Apr. 315 297 1 1 8 May. 80 17 41 12 June 457 390 42 17 July. 620 549 52 12 BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (In billions of dollars) 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 s 2 T c o N ( e t e n a . x Y t l c e 2 . l r ) . 2 s 4 SM o 2 th 1 S e 8 A r 's SM T 2 o 2 S t 5 a A l 's N Le .Y ad . ing S 6 M o S th A e ' r s s 2 T S o ( N M t e a . x S Y l c A l . 2 . ) ' 2 s 4 SM o 2 th 1 S e 8 A r 's 1964—Aug.. 4,579.9 1,898.2 ,021.3 2,681.7 ,660.4 44.7 89.3 42.4 33.0 29.1 Sept. 4,763.5 2,007.6 ,049.5 2,755.9 ,706.4 44.3 88.5 41.4 32.9 29.2 Oct... 4,698.2 1,926.7 ,060.6 2,771.5 ,710.9 44.6 89.8 40.9 32.8 29.3 Nov.. 4,648.0 1,917.7 ,023.7 2,730.3 ,706.6 45.1 91.3 41.0 33.2 29.5 Dec. 4,816.5 2,013.0 ,065.4 2,803.5 ,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 ,737.8 46.3 94.8 42.8 33.8 30.0 Feb.. 4,842.5 1,997.4 ,077.2 2,845.1 ,767.9 47.1 96.1 44.3 34.6 30.5 Mar.. 4,995.6 2,071.8 ,115.4 2,923.8 ,808.4 47.9 96.9 44.8 35.4 31.2 Apr.. 5,113.3 2,151.3 ,131.7 2,962.0 ,830.3 48.4 100.0 44.5 35.2 31.2 May. 4,825.6 1,954.1 ,082.7 2,871.5 ,788.8 47.0 96.0 44.3 34.7 30.6 June. 5,327.8 2,308.4 ,146.8 3,019.4 ,872.6 50.9 107.0 45.5 36.3 32.2 July.. 5,302.6 2,281.6 ,149.5 3,021.0 ,871.5 49.3 104.9 44.4 35.1 31.1 Aug.. 5,146.8 2,128.0 ,141.0 3,018.8 ,877.8 48.4 99.4 44.9 35.5 31.7 Sept.. 5,126.9 2,104.3 ,142.9 3,022.6 ,879.7 47.2 95.4 44.1 35.3 31.4 Oct.. * 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

NOVEMBER 1965 U.S. CURRENCY 1561 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir- End of period culation i Total Coin $1 $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 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,722 103 2,469 7,373 12,109 1"0,885 3,221 7,110 249 298 3 4 1964—Sept 38,166 27,068 3,285 ,693 111 2,361 7,280 12,33911,098 3,253 7,302 246 291 3 4 Oct 38,373 27,201 3,321 ,716 111 2,385 7,328 12,339 1111,172 3,262 7,367 246 291 3 4 Nov 39,248 27,925 3,359 ,749 108 2,455 7,568 12,68711,323 3,314 7,468 246 289 3 4 Dec 39,619 28,100 3,405 ,806 111 2,517 7,543 12,71711,519 3,381 7,590 248 293 2 4 1965—Jan 38,540 27,158 3,435 ,709 110 2,381 7,256 12,26711,382 3,321 7,519 246 290 2 4 Feb 38,593 27,227 3,468 ,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 ,704 111 2,391 7,327 12,37111,392 3,316 7,536 245 288 2 4 Apr 38,760 27,365 3,566 ,714 112 2,381 7,275 12,31711,394 3,313 7,544 244 288 2 4 May 39,207 27,758 3,608 ,740 114 2,427 7,375 12,494 11,449 3,332 7,579 244 289 2 4 June 39,720 28,188 3,662 ,752 116 2,447 7,489 12,72311,532 3,361 7,635 243 287 3 4 July 39,897 28,311 3,689 ,748 116 2,431 7,493 12,833 11,586 3,376 7,674 243 287 3 4 Aug 40,165 28,506 3,751 ,761 118 2,442 7,513 12,92111,659 3,389 7,735 243 286 3 4 Sept 40,443 28,724 3,808 ,783 120 2,474 7,599 12,94111,719 3,392 7,792 243 286 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 Total out- Held by standing As security For F.R. Kind of currency Se 1 p 9 t 6 . 5 30, g a o s g l i d a lv i n e a r s n t d Tr c e a a s s h ury B F a a . n n R d k . s A B a g a n e n n d k t s s Se 1 p 9 t 6 . 5 30, Au 1 g 9 . 6 5 31, Se 1 p 9 t. 6 4 30, certificates Agents Gold 13,858 (13,587) 2 271 Gold certificates (13,587) 313,585 F.R. notes 38,302 84 2,712 35,506 35,253 32,842 Treasury currency—Total. 5,479 (768) 423 119 4,937 4,912 5,324 Standard silver dollars 485 3 482 482 482 Silver bullion 1,155 765 390 Silver certificates (768) 3 44 721 753 1,559 Subsidiary silver coin 2,520 24 19 2,477 2,427 2,048 Minor coin 890 4 36 849 842 755 United States notes 323 2 20 301 302 320 In process of retirement 4. 107 106 107 161 Total—Sept. 30, 1965 557,639 (14,355) 779 13,585 2,832 40,443 Aug. 31, 1965 557,424 (14,398) 782 13,595 2,882 40,165 Sept. 30, 1964 556,335 (16,873) 434 12,374 5,360 38,166 1 Outside Treasury and F.R. Banks. Includes any paper currency held s Does not include all items shown, as some items represent the security outside the United States and currency and coin held by banks. Esti- for other items; gold certificates are secured by gold, and silver certificates mated totals for Wed. dates shown in table on p. 1551. by standard silver dollars and monetized silver bullion. Duplications 2 Includes $156 million reserve against United States notes and $8 are shown in parentheses. million gold deposited by and held for the International Monetary Fund. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1562 MONEY SUPPLY NOVEMBER 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 re o n n c e y nt co D d m e e m p p o o a s n n i e t d nt jus a t d ed - ! Total c C om ur p re o n 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 ed - ! d d e e p m os a i n ts d 1 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—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 5.8 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 34.2 125.3 130.8 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 5.6 165.6 35.9 129.7 143.6 165.8 36.0 129.8 143.5 5.0 Week ending— 1965—May 5.. 160.4 34.8 125.6 134.1 160.3 34.4 125.9 134.8 8.5 159.9 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. 162.7 127.6 136.7 160.4 35.6 124.8 137.5 12.0 14. 163.0 127.7 137.2 161.4 35.5 125.9 137.9 9.3 21. 162.4 127.2 137.7 161.1 35.4 125.7 138.4 8.4 28. 162.2 126.9 138.2 160.6 35.1 125.5 138.9 7.6 162.9 35.3 127.7 138.9 162.1 35.3 126.8 139.3 7.5 162.5 35.4 127.1 139.5 161.4 35.7 125.7 139.8 6.6 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 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 35.9 129.9 142.5 164.4 35.9 128.5 142.5 6.3 13... 165.5 35.9 129.6 143.5 165.4 36.2 129.2 143.3 4.1 20... 165.4 35.9 129.6 143.9 166.0 36.0 130.0 143.6 5.7 27... 165.5 36.0 129.5 144.1 166.0 35.8 130.2 144.0 4.8 Nov. 3*. 165.9 36.1 129.9 144.5 167.7 35.9 131.7 144.2 4.3 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

NOVEMBER 1965 BANKS AND THE MONETARY SYSTEM 1563 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Bank credit a T s o se ta ts l , 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 r ia - n l men R F t e e d s s e e e c r r u v 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 i a i a a t n o p i n b t e e i d a i t s t l a 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 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 5,400 371,200 222,100 102,400 63,000 38,300 1,100 46,700 390,900 354,600 36,400 June 30r 13,934 5,413 378,834 228,721 102,318 62,606 39,100 612 47,795 398,181 362,370 35,814 July 28 r 13,900 5,400 376,500 226,400 102,000 62,200 39,200 600 48,100 395,800 360,000 35,800 Aug. 25 r 13,900 5,500 378,700 228,100 101,500 61,300 39,200 1,000 49,100 398,000 361,100 37,000 Sept. 29r 13,900 5,500 383,500 231,600 102,300 61,700 39,600 1,000 49,500 402,800 365,900 36,900 Oct. 27? 13,900 5,500 385,900 231,900 104,300 64,000 39,200 1,000 49,700 405,200 368,300 36,900 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 1 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 6,986 859 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—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 U600 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 26r... 157,500 34,000 123,500 155,400 33,900 121,600 186,100 135,400 50,300 400 ,500 800 10,100 700 June 30r... 161,000 34,100 126,900 158,878 34,524 124,354 188,348 137,088 50,918 342 ,631 779 12,062 672 July 28r... 159,800 34,400 125,400 159,600 34,500 125,100 190,100 138,700 51,000 300 ,600 800 7,100 800 Aug. 25 r... 159,700 34,500 125,200 158,400 34,800 123,600 191,900 140,400 51,300 300 ,600 800 7,500 800 Sept. 29'... 162,200 34,800 127,400 161,200 34,900 126,300 193,700 141,800 51,600 300 ,700 800 7,600 900 Oct. 27*... 163,900 35,200 128,700 164,600 35,100 129,500 195,900 143,800 51,900 300 ,600 800 4,300 1,100 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 * 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

1564 COMMERCIAL AND MUTUAL SAVINGS BANKS NOVEMBER 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 I G U o S .S v e . t c . urit O ie t s her a C ss a e s t h s1 c c b T o a i a l a l u p o i n i c a t i n t - d i t - a e t a l s s l 2 Total m D I a n e n - te d rba T n i k m 1 e U.S D . ema O nd ther r B i o n o w g r s - - c T a o p t i a ta l l b N a b u o n e m f k r s - Govt. Other AH 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 35,415177,332 165,612 14,065 105,935 45,613 22710,542 14,553 1947—Dec. 314 134,924 43,002 81,199 10,723 38,388175,091 161,86512,793 240 1,346 94,381 53,105 6611,948 14,714 1962—Dec. 28 280,397 172,822 72,563 35,012 54,939 343,201 303,65316,008 535 6,839141,084139,188 635 28,046 13,940 1963—Dec. 20 302,251 192,686 69,068 40,49751,536 362,394 319,63615,267 528 6,734141,576155,531 702 29,882 14,079 1964—June 30 310,404203,119 65,337 41,948 5"4'; 0~7~3~ 373,909 331,84315,272 67810,263139,160166,469 120 31,037 14,175 1964—Oct. 28 318,300207,490 67,210 43,600 52,000379,720 334,26015,360 710 4,770141,440171,980 3,940 31,600 14,242 Dec. 31 329,739216,674 68,779 44,287 61,493 401,161356,30817,938 821 6,517 155,248175,785 2,700 32,196 14,266 1965—Jan. 27 . . 326,1 214,920 67.380 44580 51,960 388,570 342,25014,800 890 4,060 143 630178,870 400 32>,040 14,290 Feb. 24. . 328,920217,270 66,470 45 180 52,580 391,080 343,77014,890 940 6,710 140;420180,810 330 322,200 14,290 J J A A S O M M u u e u c p l n a a p y t g r y e r . t . . . . 2 3 2 3 2 2 2 2 7 9 5 8 6 8 0 1 ' * . r * r . r . r . . . . . . . 3 3 3 3 3 3 3 3 4 4 5 4 4 3 3 3 2 3 1 0 7 1 5 6 , , , , , , , , 1 1 0 7 0 9 0 3 3 2 1 8 7 5 2 6 8 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 3 3 3 3 2 3 2 2 2 5 7 1 3 0 6 1 , , , , . , , , 7 8 2 7 8 5 6 0 1 3 9 3 9 1 6 4 0 0 0 7 0 0 0 0 6 6 6 6 6 6 6 6 2 4 1 1 2 4 3 5 , , , , , , , , 6 0 3 7 1 1 0 1 0 4 2 2 5 8 3 4 6 0 0 0 0 0 0 0 4 4 4 4 4 4 4 4 8 6 5 7 9 9 9 6 , ! ; ; ; 0 9 7 6 7 6 5 1 9 9 5 8 7 2 7 2 5 0 0 0 0 0 0 0 5 5 5 5 5 5 5 5 1 2 2 8 5 2 3 3 , , . , , , 7 8 4 0 1 5 5 0 8 8 7 6 5 8 2 7 3 0 0 0 0 0 0 0 4 4 3 4 3 3 4 4 1 0 9 9 0 9 1 1 0 7 4 7 8 3 1 5 , , , , , ^ 9 2 5 9 7 6 7 2 5 0 1 3 7 1 5 1 1 3 0 0 5 0 0 0 0 0 0 3 3 3 3 3 3 3 3 3 5 4 5 4 6 5 5 6 6 3 2 9 4 9 0 3 1 3 , , , , , , 6 3 3 3 8 5 7 7 1 4 2 2 9 5 3 6 1 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 6 4 4 4 4 5 5 6 , , , , , , , , 1 4 2 4 9 8 7 3 7 5 4 6 0 5 1 0 2 0 0 0 0 0 0 0 1 1 1 1 . , , , 9 9 9 9 0 0 0 0 1 3 3 4 2 7 8 5 0 0 4 0 0 0 0 0 1 7 4 9 1 6 6 8 1 . . . , . , . . 1 8 2 3 3 8 2 9 3 7 5 0 0 0 0 0 2 0 1 1 1 1 1 1 1 3 4 4 4 4 3 4 5 9 7 2 3 8 2 . 4 4 0 4 6 3 3 1 4 9 5 1 1 0 4 5 0 0 0 9 0 0 0 0 1 1 1 1 1 1 1 1 8 9 9 8 8 8 8 9 4 1 5 8 3 5 9 3 , , , . , , , . 5 8 8 2 1 9 9 6 0 6 5 8 4 6 9 2 0 0 0 4 0 0 0 0 0 9 0 4 7 6 7 7 2 7 6 0 8 2 7 3 0 0 0 0 0 6 0 0 3 3 3 3 3 3 3 3 4 2 4 4 2 4 3 3 3 4 3 2 2 4 4 4 , , , , , , , , 0 0 8 6 2 6 0 5 1 0 2 7 8 1 2 1 5 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 4 4 4 4 4 4 4 4 , , , , , , , , 3 2 2 2 2 2 2 3 9 0 9 9 9 9 9 0 1 3 5 3 2 7 7 0 Commercial banks: 1941—Dec. 31 50,746 21,714 21,808 7,22526.551 79,104 71,283 10,982 44,349 15,952 23 7,173 14.278 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806160,312150,227 14,065 105,921 30.241 219 8,950 14,011 1947—Dec. 314 116,284 38,057 69,221 9,006 37,502155,377144,10312,792 240 1,343 94.367 35.360 6510,059 14,181 1962—Dec. 28 235,839 140,106 66,43429,29854,049 297,116 226622,12216,008 535 6.829141,041 97.709 627 24,094 13,429 1963—Dec. 20 254,162 156,006 63.196 34,959 50,711312;773 275,12015,267 526 6,129141,534111,064 ,677 13,570 1964—June 30 260,179 164,463 59,32236,39453,168 321,909284,90315,272 67710,257139,110119,587 099 26,768 13,669 1964—Oct. 28 266,600 167,220 61,360 38,020 51,100326,230 286,08015.360 710 4,770141,390123,850 3,940 27,240 13,736 Dec. 31 277,376 175,589 62,99138,796 60,489 346,921307,17017,938 819 6,510 155,184126,720 2,679 27,795 13,761 1965—Jan. 27 274,000 173,420 61,520 39,06051,010 333,810292,77014,800 890 4,060 129,440 4.40027,640 13,785 Feb. 24 175,730 175,530 60,520 39 680 51580336,010294,13014,890 940 6,710 131,220 4,;3 33300 27,750 13,786 Mar. 31 278,350 179,040 59,040 40,270 54;510 342,110300,77016,300 950 8,350 133,070 3,670 28.100 13,789 Apr. 28 281,240181,530 58,320 41 390 51,640342,060 299,14014,450 920 6,850 134,370 5,020 28,210 13,793 May 26 r 282,230 183,930 57,190 41, 51,180 342,700299,18014,240 970 9,890 138 135,650 4,970 28,490 13,796 June 30 r 287,723 188,641 56,853 42 229 57,063354553 311,63216.171 1,03211,796145 137,366 3, ,479 13,791 July 28 r 285,940 187,060 56,320 42 560 ,090 346440 3022,65014,460 980 6,890141 138,970 4,73029.280 13,787 Aug. 25 r 287,840 188,900 55,51043 43050510 347720 303,03014,900 1,010 7,230 139 140,610 5,060 29,410 13,789 Sept. 29' 291,470 191,690 55,930 43;850 52830 354060 309,640 15,850 1.040 7.370 143. 142,000 4,400 29,630 13,793 Oct. 27? 295,330 192,800 58,450 44 080 52890 357^920 311,86015,710 1,030 147 144,000 5,780 29,890 13,799 Member banks: 1941—Dec. 31 43,521 18,021 19.539 5,96123,123 68,121 61,71710.385 140 1,709 37,136 12.347 4 5.886 6,619 1945—Dec. 31 107,183 22,775 78,338 6.07029,845138,304 129,67013,576 64 12,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 7,304 32,,8 45 132,060 122.52812,353 50 1,176 80.609 28.340 54 8,464 6,923 1962—Dec. 28 195,698 118,637 52,96824, 092 47,,427 249,488 219,46815.309 358 6,086 117;999 79,716 3,550 19.854 6,049 1963—Dec. 20 210,127 131,712 49,34229,,0 73 44,,39 5261,469 229,37614^518 382 5,986117,562 90,929 3,499 21,054 6,112 1964—June 30 215,132 138,649 46223355 3300,224499 4466,776677 269,437 238,05214,527 525 9,342 115,624 98,034 1,936 22,060 6,180 1964—Oct. 28. 219,678 140.646 47,45831,574 44,680271,855237,656 14,559 555 4,325 116.793101,424 3,73322,474 6,209 Dec. 31 . 228,497 147,690 48,717 32,08952,737289,142 255,72417,007 664 5,838 128,539103,676 2,48122,901 6,225 1965—Jan. 27 225,493 145,830 47.297 32.366 44,461277,606 242,781 14,016 731 3,662118307106,065 4.186 22,799 6,236 Feb. 24 227,093 147,818 46,364 32.91144,750279 488 244,01814,138 779 5,958 601107,542 3; 6,236 Mar. 31 229,456 150,921 45,120 33 415 47,749 285 300 250,27715.556 795 7,510 349109,067 3,509 23,173 6,235 Apr. 28 231.866 152,951 44,555 34.360 45,106285023 248,56313,710 759 6,263 569110,262 4,802 3,253 6,237 May 26 232,373 154,705 43,61534,1053 44,804285,331248,49413,525 817 8,881 025111,246 4,70123,406 6,239 June 30 »• 237,328 158,832 43,396 35,100 50,198296,049 259,74315.355 85110,806 077112,654 3,45524,323 6,235 July 28 235,644 157,345 436 444,703 568 251,21613.671 803 6,296 404114,042 4,598 24,193 6,230 Aug. 25 237,093 158,885 42,064 36 J44 43,951 2321251,232 14,073 825 6,565 426115,343 4,73224,279 6,227 Sept. 29 240,078 161,336 42,294 "448 46,087 704256,981 14,991 861 117^24 116,400 4,148 2-4•,432 6,223 Oct. 27^ 243,144 162,156 44,438 550 46,119 674 258,44314,815 848 120,904 118,116 5,462 24,654 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. 314. . 18,641 4,944 11,978 1,718 886 19,714 17,763 3 14 17,745 1,889 533 1962— Dec. 28... 44,558 32,716 6,129 5,714 890 46,086 41,531 10 43 41,478 3.951 511 1963—Dec. 20... 48,089 36,679 5,872 5,539 826 49,621 44,516 6 42 44,467 38 4,205 509 1964—June 30. .. 50,226 38,656 6,016 5,554 905 52,000 46,940 7 50 46,882 4,269 506 1964—Oct. 28. 51,700 40,270 5,850 5,580 900 53,490 48,180 50 48.130 4.360 506 Dec. 31. 52,363 41,085 5,788 5,490 1,004 54,239 49,138 64 49,065 4,401 505 1965—Jan. 27 52,880 41,500 5,520 950 54.760 49,480 50 49,430 4,400 505 Feb. 24 53,190 41,740 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 5,560 940 55,650 50,180 50 50,130 4,460 504 May 26 54,130 42,730 5,560 970 56,010 50,370 60 50.310 4,510 504 June 30 r 54,415 43,096 5,753 5,566 1,020 56.382 50,980 53 50,918 43 4,536 504 July 28 54,840 43,450 5,830 5,560i 980 56,770 51.080 60 51,020 4.540 504 Aug. 25 55.280 43,810 5,810 5,660 950 57,180'i51.310 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 Oct. 27*> 55,680 44,490 5,590 5,6001 980 57,610; 51.900 50 51.850'. 4.620 504 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 COMMERCIAL AND MUTUAL SAVINGS BANKS 1565 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 c b T o a i a l l a u o p i i n c a t t i n d - i t a - e t a l s s l 2 Total i m I D n a e t n - e d rba T nk im * 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 ] b N a b u o n e m f 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 20,960 11,446 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 21,224 13,181 924 4,402 14 1964— Oct. 28.. 36,611 25,048 5,712 5,851 9,639 48,758 40,001 4,299 350 ,059 20,324 3,969 1,345 4,436 13 Dec. 31.. 39,507 27,301 6,178 6,028 11,820 53,867 45,191 5,088 436 ,486 23,896 14,285 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 ,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 ,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 ,666 20,84216,276 1,655 4,517 13 May 26.. 40,201 29,558 4,674 5,96910,230 53,184 43,820 4,308 549 ,989 20,28916,685 1,498 4,548 13 June 30 r. 42,225 30,975 4,907 6,342'2,186 57,150 47,322 5,065 579 ,561 22,38016,738 1,423 5,094 13 July 28.. 40,802 29,438 4,834 6,530 9,639 52,998 43,263 4,300 525 ,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 ,287 19,55717,389 1,586 5,114 12 Sept. 29. . 41,876 30,680 4,366 6,830 9,851 54,511 44,942 4,669 563 ,971 20,44917,290 993 5,106 12 Oct. 27P. 42,411 30,518 5,239 6,654 9,508 54,477 44,034 4,286 553 836 20,54617,813 5,137 12 City of Chicago: 5 1941—Dec. 31.. 2,760 954 1,430 376 1,566 4,363 4,057 ,035 127 2,419 476 288 13 1945—Dec. 31.. 5,931 1,333 4,213 385 1,489 7,459 7,046 ,312 1,552 3,462 719 377 12 1947_Dec. 31.. 5,088 1,801 2,890 397 1,739 6,866 6,402 ,217 72 4,201 913 426 14 1962—Dec. 28.. 8,957 5,418 2,129 ,409 2,280 11,432 9,993 ,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 ,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 ,182 587 4,744 4,090 210 1,017 12 1964—Oct. 28.. 9,788 6,404 1,791 ,593 2,234 12,305 10,802 ,238 288 4,939 4,314 255 ,034 12 Dec. 31.. 10,562 7,102 1,873 ,587 2,366 13,289 11,807 ,448 396 5,362 4,578 204 ,056 12 1965—Jan. 27.. 10,245 6,767 1,850 ,628 2,163 12,703 11,177 ,153 259 5,076 4,663 232 ,046 12 Feb. 24.. 10,296 6,963 1,678 ,655 2,184 12,842 11,153 ,238 349 4,905 4,633 322 ,053 12 Mar. 31.. 10,310 7,129 1,546 ,635 2,089 12,801 11,088 ,977 501 3,985 4,597 278 ,060 11 Apr. 28.. 10,425 7,073 1,669 ,683 2,318 13,095 11,395 ,182 463 5,047 4,681 355 ,065 11 May 26.. 10,363 7,108 1,643 ,612 2,232 12,961 11,282 ,169 576 4,800 4,714 333 ,071 11 June 30r. 10,835 7,367 1,761 ,707 2,311 13,535 11,699 ,297 699 4,926 4,749 438 ,096 11 July 28.. 10,558 7,183 1,659 ,716 2,206 13,153 11,312 ,133 395 4,936 4,829 415 ,096 11 Aug. 25.. 10,592 7,316 1,521 ,755 2,110 13,098 11,211 ,221 380 4,720 4,871 447 ,102 11 Sept. 29. . 10,814 7,508 1,544 ,762 2,201 13,384 11,448 ,245 532 4,790 4,862 566 ,107 11 Oct. 27P. 10,871 7,555 1,619 ,697 2,343 13,619 11,547 ,236 268 5,031 4,993 623 ,114 11 Other reserve city: 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 1L1_,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 43,609 30,743 1,388 7,263 191 1963—Dec. 20.. 78,370 51,891 16,686 9,792 18,778 99,643 87,994 7,225 95 2,212 43,459 35,004 1,417 7,697 190 1964—June 30. . 80,466 54,604 15,48810,37519,143102,245 91,145 6,894 118 3,771 42,387 37,974 572 8,110 183 1964—Oct. 28.. 82,239 55,71 15,72210,80518,305103,165 90,42 7,152 118 1,685 42,61838,849 1,725 8,357 184 Dec. 31 . . 84,670 57,555 16,32610,789 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 8,675 183 May 26.. 86,034 60,015 14,12311,89617,984106,851 93,130 6,366 174 3,548 40,969 4422,073 2,329 8,676 178 June 30 r. 87,225 61,079 14,03012,11619,864110,063 97,418 7,168 173 4,325 42,97142,781 1,271 8,774 179 July 28.. 87,272 61,417 13,64012,21518,133108,359 94,621 6,473 188 2,566 42,14143,253 2,257 8,756 179 Aug. 25.. 87,832 61,993 13,37712,46217,613108,284 94,656 6,882 201 2,724 41,124 4-3,725 2,049 8,762 177 Sept. 29.. 88,719 62,804 13,46912,44618,666110,410 96,468 7,159 208 2,462 42,374 44,265 2,081 8,798 177 Oct. 27*. 89,706 63,161 14,03712,50818,790111,469 97,290 7,299 205 1,472 43,620 44,694 2,388 8,892 176 Country member banks: 5,6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 79: 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 ',773 1,931 46,89536,692 172 7,744 5,828 1963—Dec. 20 87,316 50,023 24,79712,49614,274103,615 92,759 ,793 1,960 48,256 4"0,693 390 8,377 5,897 1964—June 30 88,337 52,289 23,21812,83014,953105,430 94,733 ,739 2,872 47,270 42,788 230 8,531 5,971 1964—Oct. 28. . 91,040 53,482 24,23313,32514,502107,627 96,431 ,870 1,293 48,91:44,292 408 8,647 6,000 Dec. 31.. 93,759 55,733 24,34113,68516,944112,932101,581 ,18: 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 ,831 1,028 49,71345,805 417 8,784 6,027 Feb. 24.. 93,280 55,319 24,15413,80715,234 110,568 98,863 ,752 1,980 48,659 46,408 71: 8,819 6.027 Mar. 31.. 93,86' 56,127 23,75413,98615,052111,155 99,673 ,751 2,196 48,626 47,036 31: 8,941 o,025 Apr. 28.. 94,85 57,004 23,493 i 354 14;422 111,46799,665 ,729 1,596 49,02947,247 48: 8,996 6,030 May 26.. 95,775 58,024 23,17514,57614,358112,335100,262 ,682 2,768 47,96747,774 541 9,111 6,037 June 30r. 97,043 59,411 22,69714,93515,83' 115,302103,304 ,825 3,222 49,80048,386 323 9,35r 6,032 July 28.. 97,012 59,307 22,73014,97514,725114,058102,020 ,765 1,926 49,39348,865 500 9,250 6,027 Aug. 25.. 97,462 59,680 22,60015,18214,995114,744102,475 ,847 2,174 49,02549,358 650 9,301 6,027 Sept. 29. . 98,669 60,344 22,91515,41015,369116,399104,123 ,918 1,840 50,31149,983 508 9,421 6,023 Oct. 27*. 100,156 60,922 23,54315,69115,478118,109105,572 ,994 1,184 51,70750,616 643 9,511 6,024 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1566 COMMERCIAL AND MUTUAL SAVINGS BANKS NOVEMBER 1965 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank l Other Cla a s n s d o d f a b t a e nk Total Loans as C s a et s s h 1 c b a i a l l p i i n a t i d i t - e a s l Total i Demand r B in o 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 o u n e f m r ks - T U T . o C . Other ac- ue- Time Time 3 Govt. counts 2 mand U.S. Other 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 41,298 15,699 10 6,84413,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,97534,882 61 9,73413,398 1962—Dec. 28.. 234,243139,449 65,89128,903 53,702 295,093 260,609 15,844 402 6,815140,16997,380 3,58423,71213,119 1963—Dec. 20.. 252,579155,261 62,72334,594 50,337 310,730 273,657 15,077 443 6,712140,702 110,723 3,571 25,277 13,284 1964—Dec. 31.. 275,053174,234 62,49938,320 59,911 343,876 305,113 17,664 733 6,487154,043 126.185 2.58027.377 13.486 1965__june 30.. 285,375187,207 56,42641,742 56,555 351,544 309,61215,920 92811,761 144,205 136,798 3,56229,051 13,528 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 4 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 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1962—Dec. 28.. 127,254 75,548 35,663 16,042 29,684 160,657 142,825 9,155 127 3,735 76,075 53,733 1,636 12,750 4,505 1963—Dec. 20.. 137,447 84,845 33,38419,218 28,635 170,233 150,823 8,863 146 3,691 76,83661,288 1,704 13,548 4,615 1964—Dec. 31.. 151.406 96.688 33.40521,312 34,064 190 289 169.615 10.521 211 3 604 84,53470,746 1,109 15.048 4,773 1965—June 30.. 156,989103,377 30,23023,382 31,595 193,748 171,528 9,096 313 6,721 79,00976,389 1,685 15,853 4,803 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 1,502 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 1,867 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 1,918 1962—Dec. 28.. 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41,92425,983 1,914 7,104 1,544 1963—Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,72529,642 1,795 7,506 1,497 1964—Dec. 31.. 77 091 51.002 15,31210,777 18.673 98.852 86.108 6.486 453 2.234 44.005 32,931 1.372 7.853 1.452 1965—June 30.. 80,339 55,455 13,16611,718 18,603 102,301 88,215 6,259 538 4,085 41,068 36,265 1,769 8,470 1,432 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 6 959 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 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1962—Dec. 28.. 38,557 20,811 12,932 4,814 6,276 45,619 41,142 535 43 729 22,170 17,664 34 3,870 7,072 1963—Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23,14019,793 72 4,234 7,173 1964—Dec. 31.. 46.567 26.544 13.790 6.233 7,174 49,389 658 70 649 25,50422.509 99 4.488 7.262 1965—June 30.. 48,058 28,375 13,039 6,644 6,357 55^507 49,869 565 78 955 24,12824,144 108 4,739 7,294 Noninsured nonmember commercial banks: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 31*. 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1962—Dec. 28.. 1,584 657 534 392 346 2,009 1,513 164 133 14 872 330 44 371 308 1963—Dec. 20.. 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 1964—Dec. 31.. 2,312 1.355 483 474 ^78 3.033 2.057 273 23 1,141 534 99 4A6 274 1965—June 30.. 2,336 1,434 418 484 508 2,997 2,020 252 104 34 1,061 568 120 417 262 Nonmember commercial banks: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 ,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 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1962—Dec. 28 . 40,141 21,469 13,466 5,206 6,622 47,628 42,654 699 176 743 23,04217,994 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 23,97220,134 165 4,623 7,458 1964—Dec. 31.. 48,879 27.899 14,273 6,707 7.752 S7.780 51,447 156 672 26,64523.043 198 4,894 7.536 1965—June 30.. 50,394 29,809 13,457 7,128 6,865 58,503 51,889 817 181 989 25,18924,713 228 5,156 7,556 Insured mutual savings banks: 1941—Dec. 31.. 1,693 642 629 421 151 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 1,034 192 1947_Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 1 2 1212,192 1,252 194 1962—Dec. 28.. 38,597 28,778 4,639 5,180 784 39,951 36,104 9 26735,827 7 3,343 331 1963—Dec. 20.. 41,664 32,300 4,324 5,041 722 43,019 38,657 5 29238,359 38 3,572 330 1964—Dec. 31.. 45,358 36,233 4,110 5,015 893 47,044 42,751 2 7 32642,416 20 3,731 327 1965—June 30.. 47,031 37,970 3,975 5,085 910 48,806 44,293 1 6 37443,912 43 3,848 327 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 COMMERCIAL AND MUTUAL SAVINGS BANKS 1567 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 U S .S e . curit O ie t s her a C ss a e s t h s1 c b T a i a l a l o p i i n c a t i t d - i t - a e a l s l Totali D In e t - erba T n i k m 1 e Dema O n t d her 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 m f r ks - Govt. counts2 mand U.S. Other Govt. Noninsured mutual sayings 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 5,020 6 558 350 1947 Dec 314 . 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 Dec 31 7,005 4,852 1,678 475 111 7,195 6,387 6 6,381 670 178 1965 June 30 . 7,385 5,126 1,778 481 110 7,576 6,686 1 20 6,666 1 688 177 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 Dec. 31,1964 and June 30,1965 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.) « Beginning with May 18,1964, one New York City country bank with Figures 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 Totali Loans1 TotaU Loans 1 U.S. Other U.S. Other Govt. Govt. 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 I960 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—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. 28 277.3 177.1 59.1 41.1 275.9 176.2 58.3 41.4 May 26 279.4 179.5 58.6 41.3 277.1 178.8 57.2 41.1 June 30 282.8 183.0 57.7 42.1 283.9 184.9 56.9 42.2 July 28 281.5 182.7 56.4 42.4 281.2 182.4 56.3 42.6 Aug 25 286.1 185.8 57.0 43.3 283.2 184.3 55.5 43.4 Sept. 29 286.2 186.2 56.5 43.5 286.8 187.0 55.9 43.9 Oct 2JP 288.9 188.0 57.0 43.9 290.3 187.8 58.5 44.1 1 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

1568 COMMERCIAL BANKS NOVEMBER 1965 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans ] Investments For To purchasing financial 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 * - Total 2 C m d t a c i r o u n n i i e a m a s - d r l - l - - A c tu a u g r l l r - - i- o b k d a T s r r e e n e o o a r c d c s - l a u - ! r r r o i y t t T i h i e n o e s g rs b i a T n n o s k ti s tut o io t T h n o e s rs R t e a e s t a - e l O u v i d t t a i n h o 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 g l r S o i e a o t t c c n i a v e u a d t t s e l - . O s r e i t t h c i e e u r s ers Total: 2 1947—Dec. 31.. 16,284 38,05718,167 1,660 830 ,220 115 9,393 5,723 947 69,221 2,193 7,789 6,03453,205 5.,,2_7.6. 3,,729 1962—Dec. 28..235,839 40,106 4488,673 7,097 ,1442,131 2,578 8,459 34,259 30,553 3,909 66,434 1,674 3,932 23,84126,987 2"4 ,7"5""5 4,,543 1963—Dec. 20..254,162 56,00652,947 7,470 5',3532,509 3,605 9,479 39,056 34,550 4,034 63,196 1,059 1,658 22,415 28;,0 65 29,786 ,173 1964—Dec. 31..277,376 75,589 6"0,217 7,505 f5 ,5"4"22.843 3,49i 0,913 43,675 39,809 5,152 62,991 3.377 9,03930,574 33,533 ,263 1965—June 30.. 287,723 88,64165,546 8,0686,0662,912 3,788 1,463 46,223 43,056 5,148 56,853 8,920 !4,678 33,25536,5415,688 All insured 1941—Dec. 31.. 49,290 21,259 9,214 ,450 614 662 40 4,773 4,505 21,046 988 3,159 6,899 3,6513,333 1945—Dec. 31.. 21,809 25,765 9,4611,314 3,164 3,606 49 4,677 2,3611,13288,912 2,455 9,071 6,04551,342 3,8—73 ~3,258 1947—Dec. 31.. 14,274 37,58318,012 1,610 8231,190 114 9,266 5,654 91467,941 2,124 7,552 5,91852,347 5,129 3,621 1962—Dec. 28..234,243139,449 48,458 7,060 5,1192,103 2,551 8,434 34,123 30,402 3,890 65,891 1,514 3,916 23,715 26,746 24,547 4,356 1963—Dec. 20..252,579 115555,26152,743 7,444 5,3212,476 3,594 9,415 38,861 34,383 4,015 62,723 0,952 1,649 22,316 27,806 29,559 5,035 1 Q*4—Dec. 31..275,053174,23459,746^,4825,3552,794 3,41910,812 43,436 39,627 5,112 62,499 3,275 '8,939 30.285 33,294 5,026 1965—June 30.. 285,375187,20765,0538,0475,9252,860 3,68011,342 45,951 42,879 5,092 56,426 8,849 4,60332,974 36,2955,447 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 3,0902,871 1945—Dec. 31.. 07,183 22,775 8,949 885555 3,1333,378 47 3,455 1,900 1,057 7788,338 2,27516,985 4,27144,807 3,2542,815 1947—Dec. 31.. 97,846 32,628 16',962 1,0'•4' 6 8111,065 113 7,130 4,662 839 57,914 1,987 5,816 4,815 4"5,295 4,'1"99 3,105 1962—Dec. 28..195,698118,637 43,843 4,419 4,954 1,777 2,445 7,936 27,162 24,799 3,657 52,968 8,862 3,249 9,443 21,414 20,773 3,319 1963 -Dec. 20..210,127131,712 47;403 4, ,1242,136 3,439 8,875 3311,,000099 2:7,9083,765 49,342 8,032 1,307 8,072 21,932 25,210 3,864 1964-Dec. V , 228,497147,690 53717 4,643 5,1422,411 3,25010,179 34,58732,024 4,824 48,717 9,932 5,238 23,548 28,374 3,715 1965—June 30.,237,328158,832 58,640 4,9695,7292,442 3,51610,735 "36,577 34,582 4,783 43,396 6,260 11,430 25,706 31,036 4,064 New York City: 1941—Dec. 31., 12,896 4,072 2,807 412 169 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 27217,574 477 3,433 3,325 100,339 606 629 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 23,57712,332 26 2:,677 569 1,007 2,247 1,968 2,2571,068 6,154 1,711 147 2,341 1,955 4,653 442 1964—Dec. 31. 39,507 27,30114,189 30 2:,742 623 1,179 2,615 2,546 2,654 1,371 6 178 1.058 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 2,832 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 si 508 6,467 295 751 5,421 956 820 1945—Dec. 31. 40,108 8,514 3,661 205 427 1,503 17 1,459 33!87 29,552 1,034 6,98: 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 ,053 1962—Dec. 28. 73,130 46,567 17,6601,179 1,053 752 1,020 3,58311,030 9,8601,266 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 4,28612,52511,1061,462 16,686 2,152 545 6,600 7,390 8,810 981 1964—Dec. 31. 84,670 57,55521,1021,095 1,060 986 1,134 4,88713,61112,8021,977 1166,326 3,200 5,662 7,463 9,871 91R 1965—June 30. 87,225 61,079 22,8171,214 978 ,034 1,241 5,076 142,"13 13,6361,981 14,030 1,819 4,161 8,050 11,1081,008 Country: 1941—Dec. 31. 12,518 5,890 1,676 659 20 183 2 1,823 ,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31. 35,002 5,596 1,484 648 42 471 4 1,881 707 35926,999 630 5,102 4,54416,722 1,34:1,067 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 2,0061,262 1962—Dec. 28. 80,623 44,69811,,299 3,187 728 447 764 1,563 14,44112,273 826 25,425 4,144 1,223 8,84911,209 8,694 1,807 1963—Dec. 20. 87,316 50,02312,8313,374 708 496 966 1,591 16,11413,951 91724,797 3,822 573 8,531 11,87110,38: 2,111 1964—Dec. 31. 93,759 55,73314,556 3,493 830 599 710 1,7W 17.964 1"S.899 ,04724,341 4.209 7,20612.92511 5^ 2,1*54 1965—June 30. 97,043 59,41115,6413,713 629 616 796 1,675 18,984 17,4131,07422,697 2,932 5,84913,91512,63 2,299 Nonmember 1947—Dec. 31. 18,454 5,43: 1,205 61 20 156 2,266 1,061 109 11,318 206 1,973 1,219 7,920 1,078 625 1962—Dec. 28. 40,141 21,469 4,8302,678 190 354 13: 523 7,097 5,754 > 13,4662,812 683 4,398 5,573 3,9821,224 1963—Dec. 20. 44,035 24,295 5,554444 22,811 229 373 166 604 8,047 6,643 269 13,854 3,027 351 4,343 6,133 4,5761,309 1964—Dec. 31. 48,879 27,899 6,5002,862 400 43! 241 733 9,088 7.786 32814.273 3.445 3,801 7,026 5,15r 1,548 1965—June 30. 50,394 29,809 6,9063,099 336 470 272 729 9,646 8,474 36613,457 2,660 . 3,248 7,549 5,504 ,624 i 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

NOVEMBER 1965 COMMERCIAL BANKS 1569 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Re- Bal- Deb c C a a l n l a l k s d s a a o n t f e d B s F w e a r . i n v R t k h e . s s r C c e a o n n u i c d r n - y b m a a w d n e n o i c s k t - e t h s i s c 3 ju p m o s d a a t e d s 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 ig k o n r- 3 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 t d 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 g l 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 t a u a c p l - n i- ts etc. Total: 2 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1962—Dec. 28.... 17,680 4,252 13,099124,342 14,713 1,295 6,829 12,071 4,511 124,459 535 269 6,450 90,9913,62724,094 1963—Dec. 20.... 17,150 4,048 12,312126,579 14,048 1,218 6,729 12,256 4,494 124,784 526 269 7,908 102,8863,66425,677 1964—Dec. 31.... 17,581 4,532 15,111134,671 16,369 1,569 6.510 13.519 5,970 135.694 819 272 9.812 116.6352,67927,795 1965—June 30.... 17,842 4,978 13,023126,714 14,696 1,476 11,796 13,291 6,001 125,974 1,032 27810,573 126,5163,68229,479 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 •1,248 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 1,379 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 1,265 6,815 11,991 4,434 123,744 402 269 6,397 90,7143,58423,712 1963—Dec. 20.... 17,150 4,033 11,984125,615 13,900 1,177 6,712 12,175 4,429 124,098 443 269 7,853102,6003,57125,277 1964—Dec. 31.... 17.581 4.515 14,613133,336 16,210 1,454 6.487 13,423 5,856 134.764 733 272 9,766 116.1472.58027.377 1965—June 30.... 17,842 4,961 12,599 125,471 14,532 ,387 11,761 13,199 5,906 125,100 928 278 10,522125,9983,56229,051 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 4 5,886 1945_Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,389 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1962—Dec. 28.... 17,680 3,263 7,897101,528 14,071 1,237 6,086 9,270 4,083 104,646 358 243 5,158 74,3163,55019,854 1963—Dec. 20.... 17,150 3,131 7,359102,816 13,378 1,140 5,986 9,376 4,055 104,130 382 240 6,364 84,3263,49921,054 1964—Dec. 31.... 17,581 3,490 9,057 108,324 15.604 1,403 5,838 10,293 5,368 112,878 664 239 8,012 95.4252,48122,901 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 8,592103,8143,45524,323 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 10 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 12 14 1,418 30 2,259 1962—Dec. 28.... 4,121 251 156 17,095 3,854 929 1,408 366 2,237 19,628 207 53 266 8,9371,728 3,898 1963—Dec. 20.... 3,625 264 96 16,763 3,487 801 1,419 368 2,119 18,473 214 76 449 10,9201,438 3,984 1964—Dec. 31,... 3,730 278 180 17.729 4.112 976 1,486 441 2,940 20,515 436 74 677 13.5341,224 4,471 1965—June 30.... 4,274 314 199 16,430 4,115 950 2,561 561 3,270 18,549 579 87 682 15,9691,423 5,094 City of Chicago: 1941—Dec. 31.... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31.... 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31.... 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1962—Dec. 28.... 1,071 44 99 4,262 1,235 41 410 351 109 4,804 18 7 16 3,001 262 948 1963—Dec. 20,... 1,019 49 98 4,144 1,169 43 395 275 112 4,500 17 6 185 3,595 255 996 1964—Dec. 31.... 1,006 55 150 4,294 1,389 59 396 312 122 4,929 22 5 213 4,361 204 1.056 1965—June 30.... 1,028 64 97 3,881 1,237 60 699 276 109 4,542 27 5 181 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 20 243 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 38 160 9,563 ""2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1962—Dec. 28.... 7,671 1,021 2,253 35,481 7,229 248 2,337 3,216 980 39,413 82 83 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 72 2,950 31,9821,416 7,697 10f4_Dec. V ... 7.6R0 1.065 2 411 11 047 7,962 326 2,195 3,508 1.238 42, 1T7 H4 77 3.840 35,728 841 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 75 4,163 38,543 1,271 8,774 Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1962—Dec. 28.... 4,817 1,947 5,389 44,689 1,753 19 1,931 5,337 756 40,801 51 too 2,242 34,350 172 7,744 1963—Dec. 20.... 4,919 1,884 5,060 46,049 1,764 29 1,960 5,590 790 41,877 56 86 2.778 37,829 390 8,377 1Q64—TVc, ^1 5.165 2.0Q2 6 ?Q5 4Q.251 2.141 4T 1 760 6.0-U 1 .068 45,298 71 R3 3,282 41.803 213 8,886 1965—June 30.... 5,267 2,326 5,333 47,143 1,784 41 3,222 6,010 979 42,810 71 81 3,566 44,739 323 9,359 Nonmember:2 1947_Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1962—Dec. 28 989 5,202 22,814 642 57 743 2,802 428 19,813 176 26 1,292 16,675 77 4,240 1963—Dec. 20 917 4,953 23,763 671 78 743 2,880 438 20,654 144 29 1.545 18,560 165 4,623 1964—Dec 31 1,042 6,054 26,348 765 166 672 3,227 602 22,816 156 33 1,800 21,210 19R 4.894 1965_june 30 1,125 5,192 24,982 686 130 989 3,164 552 21,473 181 30 1,981 22,702 228 5,156 3 Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see NOTE, p. 589, May 1964 4 Through 1960, 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 Dec. 31,1964 and June 30,1965, for national banks have beer 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

1570 WEEKLY REPORTING MEMBER BANKS NOVEMBER 1965 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities To financial institutions Loans Wednesday T lo a o n a t n d a s l i m n a v e n e n d s t t s - Loans C m o e m r- - Agri- a T n o d b d r e o a k l e e r r s s To others Bank Nonbank Valuam in e v n e t s s t - l jus a t d e - d 2 jus a t d e - d 2 in t a c r d n i i a u a d l l s- t c u u r l a - l G c U t u o i . e r S v s i . - t. O c t u t i h e r s i e - r G c U t s u o i e . e r S v - s i . t - . O c t s u t i e h e r - s i e - r F ei o g r n - c m m D c o t i e i e o m a c s r - l - - - f P s C i a e a n e O t n l c a r S e d . s n . s , . . Other e R st e a a t l e o A th l e l r se t r i r e o v - n es Total- Leading cities 1964 Oct. 7 146,061 143,951 96,498 39,743 ,591 679 3,336 1,923 ,248 2,110 4,203 4,065 19,560 22,191 2,110 14 146,462 144,094 96,753 39,964 ,594 669 3,290 1,917 ,258 2,368 4,187 4,038 19,638 22,240 2,110 21 145,436 143,734 96,727 39,913 ,596 723 3,359 1,917 ,251 1,702 4,065 3,999 19,680 22,263 2,109 28 146,472 144,363 96,545 39,882 ,606 610 3,268 1,916 ,248 2,109 4,052 3,978 19,719 22,304 2,107 1965 Sept. 1 160,140 158,157111,071 46,987 ,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 ,600 534 2,945 1,982 ,540 2,400 5,365 4,672 21,780 25,007 2,299 15 161,766 159,423112,289 47,697 ,609 993 3,135 1,987 ,546 2,343 5,866 4,709 21,869 25,101 2,300 22 161,071 159,199 1"1'1,904 47,955 ,619 729 2,945 2,038 ,537 1,872 5,520 4,739 21,930 25,115 2,300 29 161,012 158,778 111,755 48,117 ,623 446 2,877 2,042 ,555 2,234 5,368 4,786 22,012 25,141 2,300 Oct. 6 161,002 158,411111,671 48,132 ,634 370 2,887 2,028 ,591 2,591 5,251 4,851 22,046 25,111 2,322 13 163,146 160,859112,298 48,370 ,644 849 2,841 2,034 ,623 2,287 5,024 4,851 22,126 25,167 2,320 20 162,975 160,570 '1"1,1930 48,241 ,654 729 2,869 2,040 ,594 2,405 4,877 4,841 22,153 25,157 2,318 162,841 160,286 111,781 48,220 ,649 672 2,808 2,044 ,585 2,555 4,831 4,816 22,203 25,176 2,318 27 New York City 1964 35,103 34,389 23,416 12,770 283 ,869 606 677 714 1,286 813 2,160 3,500 571 Oct. 7 35,382 34,178 23,489 12,831 301 ,859 599 689 1,204 1,292 789 2,183 3,494 571 14 34,325 33,879 23,352 12,745 333 ,883 600 673 446 1,218 790 2,183 3,474 571 21 34,951 34,256 23,360 12,733 360 ,827 601 677 695 1,217 787 2,198 3,508 571 28 1965 Sept. 1 40,262 39,588 28,774 15,682 565 ,850 536 785 674 2,048 ,073 2,730 4,074 609 8 39,732 38,715 28,164 15,640 283 ,729 539 789 1,017 1,867 ,084 2,746 4,057 609 15 40,646 40,003 29,373 16,032 602 ,846 540 807 643 2,178 ,092 2,768 4,077 609 22 40,218 39,670 28,918 16,146 378 ,714 582 793 548 1,942 ,102 2,772 4,056 609 29 40,148 39,320 28,755 16,185 233 ,669 585 806 828 1,857 ,123 2,790 4,071 609 Oct. 6 40,023 38,965 28,539 16,222 176 ,677 573 812 1,058 1,666 ,137 2,805 4,041 609 13 40,367 39,814 28,787 16,309 443 ,631 577 833 553 1,559 ,131 2,811 4,064 609 20 40,836 39,744 28,618 16,204 479 ,637 579 819 1,092 1,461 ,144 2,815 4,048 610 27 40,596 39,557 28,372 16,131 364 ,598 583 809 1,039 1,437 ,147 2,814 4,056 609 Outside New York City 1964 Oct. 7 110,958 109,562 73,082 26,973 1,575 396 ,467 1,317 571 ,396 2,917 3,252 17,400 18,691 ,539 14 111,080 109,916 73,264 27,133 1,578 368 ,431 1,318 569 ,164 2,895 3,249 17,455 18,746 ,539 21 111,111 109,855 73,375 27,168 1,580 390 ,476 1,317 578 ,256 2,847 3,209 17,497 18,789 ,538 28 111,521 110,107 73,185 27,149 1,591 250 ,441 1,315 571 ,414 2,835 3,191 17,521 18,796 ,536 1965 Sept. 1 119,878 118,569 82,297 31,305 ,580 454 ,303 1,439 747 ,309 3,613 3,555 19,009 20,928 ,689 8 119,412 118,029 81,834 31,154 ,584 251 ,216 1,443 751 ,383 3,498 3,588 19,034 20,950 ,690 15 121,120 119,420 82,916 31,665 ,592 391 ,289 1,447 739 ,700 3,688 3,617 19,101 21,024 ,691 22 120,853 119,529 82,986 31,809 ,600 351 ,231 1,456 744 ,324 3,578 3,637 19,158 21,059 ,691 29 120,864 119,458 83,000 31,932 ,604 213 ,208 1,457 749 ,406 3,511 3,663 19,222 21,070 ,691 Oct. 6 120,979 119,446 83,132 31,910 ,614 194 ,210 1,455 779 ,533 3,585 3,714 19,241 21,070 ,713 13 122,779 121,045 83,511 32,061 ,624 406 ,210 1,457 790 ,734 3,465 3,720 19,315 21,103 ,711 20 122,139 120,826 83,312 32,037 ,633 250 ,232 1,461 775 ,313 3,416 3,697 19,338 21,109 ,708 27 122,245 120,729 83,409 32,089 ,628 308 ,210 1,461 776 ,516 3,394 3,669 19,389 21,120 ,709 For notes see p. 1572. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 WEEKLY REPORTING MEMBER BANKS 1571 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 Total U.S. Government securities assets— Total Wednesday Total Bills c C t a if e t i e r - - s Wi N th o - m te a s tu an ri 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 a i c c t l k e e h - s s s - b a w e B f a n i o n a g c i r t l e k n h - - s s .u c a r o r n e i d n ncy B s F w e R a r . i n e v R t - k h e . s s a o s A t s h e l e l t r s a c l c i a a c a t p i b o n e i i u d s t l a n i- l ts in 1 to After 1 year 5 years Total- Leading cities 1964 Oct. 7 26,422 4,637 3,621 11,459 6,705 21,031 18,108 3,078 227 1,741 13,062 5,862 184,481 14 26,419 4,661 3,649 11,444 6,665 20,922 18,076 3,550 255 1,930 12,341 5,872 188,109 21 26,109 4,399 3,670 11,490 6,550 20,898 18,548 3,131 261 1,863 13,293 5,836 184,736 28 26.928 5,273 3,683 11,484 6,488 20,890 18,701 3,208 256 1,961 13,276 5,842 185,472 1965 Sept. 1 22,992 2,670 4,035 9,525 6,762 24,094 17,652 3,247 194 1,953 12,258 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 2,731 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 29 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 Oct. 6 22,577 2,577 4,031 9,322 6,647 24,163 18,109 3,156 190 1,920 12,843 6,734 201,683 13 24,320 4,363 4,027 9,321 6,609 24,241 19,343 3,421 201 2,155 13,566 6,624 208,581 20 24,492 4,532 4,007 9,341 6,612 24,148 18,692 3,252 201 2,096 13,143 6,466 204,823 24,414 4,482 4,018 9,284 6,630 24,091 18,264 3,130 207 2,176 12,751 6,436 203,103 27 New York City 1964 5,286 1,510 753 1,846 1,177 5,687 3,930 99 276 3,476 2,436 46,090 Oct. 7 5,221 1,456 761 1,799 1,205 5,468 3,323 114 287 2,826 2,498 47,451 14 5,047 1,300 772 1,763 1,212 5,480 4,444 113 270 3,976 2,480 46,112 21 5,423 1,687 786 1,752 1,198 5,473 4,431 108 279 3,970 2,431 46,855 28 1965 Sept. 1 4,414 837 671 1,452 1,454 6,400 3,759 138 90 280 3,251 2,638 52,443 8 4,169 639 664 1,441 1,425 6,382 3,772 97 94 306 3,275 2,676 50,993 15 4,239 752 653 1,422 1,412 6,391 4,180 164 97 288 3,631 2,660 54,148 22 4,324 831 670 1,414 1,409 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 Oct. 6 4,044 609 655 1,390 1,390 6,382 3,718 129 90 295 3,204 2,773 51,611 13 4,665 1,235 658 1,383 1,389 6,362 4,619 148 97 322 4,052 2,679 54,685 20 4,862 1,388 661 1,418 1,395 6,264 4,059 149 97 299 3,514 2,516 53,048 27 4,941 1,428 678 1,430 1,405 6,244 4,189 175 106 299 3,609 2,471 52,402 Outside New York City 1964 Oct. 7 21,136 3,127 2,8 9,613 5,528 15,344 14,178 2,999 128 ,465 9,586 3,426 138,391 14 21,198 3,205 2,8 9,645 5,460 15,454 14,753 3,454 141 ,643 9,515 3,374 140,658 21 21,062 3,099 2,8._ 9,727 5,338 15,418 14,104 3,046 148 ,593 9,317 3,356 138,624 28 21,505 3,586 2,897 9,732 5,290 15,417 14,270 3,134 148 ,682 9,306 3,411 138,617 1965 Sept. 1 18,578 1,833 3,364 8,073 5,308 17,694 13,893 3,109 104 ,673 9,007 3,926 148,029 8 18,445 1,740 3,369 8,051 5,285 17,750 14,126 2,984 107 ,716 9,319 3,858 147,795 15 18,748 1 985 3,383 8,067 5,313 17,756 14,396 3,388 101 ,783 9,124 3,856 152,346 22 18,736 1,988 3,391 8,056 5,301 17,807 14,335 2,973 97 ,731 9,534 3,839 149,816 29 18,676 1,975 3,384 8,024 5,293 17,782 14,309 3,072 9' ,825 9,315 3,953 149,058 Oct. 6 18,533 1,968 3,376 7,932 5,257 17,781 14,391 3,027 100 ,625 9,639 3,961 150,072 13 19,655 3,128 3,369 7,938 5,220 17,879 14,724 3,273 104 ,833 9,514 3,945 153,896 20 19,630 3,144 3,346 7,923 5,217 17,884 14,633 3.103 104 ,797 9,629 3,950 151,775 27 19,473 3,054 3,340 7,854 5,225 17,847 14,075 2; 955 101 ,877 9,142 3,965 150,701 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1572 WEEKLY REPORTING MEMBER BANKS NOVEMBER 1965 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time De- Other Cap- Wednesday j u 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 Total 6 IPC S g l a o o t n c a v d a t t e l . For- G U o .S vt . . c m m D c o t i i e 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 i a u t c a n - l ts banks govt. Total— Leading cities 1964 Oct. 7 159,665 63,522 94,745 67,691 4,762 1,881 4,69812,075 64,920 39,93316,006 4,644 3,816 159 2,861 6,318 15,478 14 162,850 63,512 97,777 70,800 4,517 1,924 3,23113,335 65,073 39,974 1166,104 4,699 3,780 31 3,276 6,496 15,456 21 158,908 64,307 93,689 69,023 4,600 2,0112,63111,835 65,219 40,02916,219 4,650 3,805 1,115 2,769 6,484 15,460 28... 160,022 64,999 94,544 68,627 5,035 2,0183,38911,699 65,478 40,06116,464 4,630 3,803 412 3,079 6,473 15,486 1965 Sept. 1... 171,997 63,505 96,101 68,189 5,105 1,918 3,914 12,566 75,896 43,827 20.990 6,006 4,331 42 3,929 7,601 16,903 8... 169,342 63,035 93,242 67,776 4,650 1,989 2,12512,870 76,100 43,932 21179 6,003 4,246 364 4,516 7,668 16,898 15... 177,170 66,203101,936 74,367 5,026 2,022 2,60313,494 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 2,002 5,44912,289 75,659 44,100 20,597 5,932 4,272 832 4,011 7,626 16,860 29... 173,324 64,133 97,048 68,280 4,940 2,1355,59112,075 76,276 44,319 21003 5,976 4,216 28 3,862 7,508 16,873 Oct. 6... 171,900 63,558 95,16: 68,420 4,861 1,976 2,404 13,362 76,738 44,506 21295 5,902 4,278 410 4,914 7,494 16,965 13... 178,353 63,817101,399 72,168 4,605 2,065 4,53013,584 76,954 44,589 21426 5,932 4,248 855 4,794 7,570 17,009 20... 175,205 65,145 98,070 71,140 4,483 2,094 3,78912,446 77,135 44,660 21561 5,923 4,233 328 4,875 7,428 16,987 27... 173,409 65,704 95,945 70,581 4,839 2,0012,82611,853 77,464 44,719 21739 6,007 4,248 254 4,941 7,469 17,030 New York City 1964 Oct. 7... 37,833 15,922 24,918 16,731 309 1,381 1,585 2,790 12,915 4,557 4,910 423 2,699 1,130 2,872 4,255 14... 39,010 15,194 26,032 17,193 302 1,4181,033 3,557 12,978 4,552 4,993 429 2,680 1,228 2,962 4,251 21... 37,627 15,853 24,483 16,795 283 1,487 812 2,955 13,144 4,553 5,125 430 2,712 226 1,076 2,931 4,252 28... 38,374 15,946 25,149 16,837 351 1,482 1,045 3,116 13,225 4,554 5,200 436 2,709 1,309 2,915 4,252 1965 Sept. 1... 42,638 15,569 25,851 16,846 341 ,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 ,440 516 3,279 16,869 5,132 7,572 680 2,999 8 1,749 3,605 4,944 15... 43,913 16,863 27,624 18,865 439 ,473 618 3,4.81 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 ,4571,855 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 ,5851,955 3,412 16,708 5,182 7,472 572 2,973 976 3,399 4,928 Oct. 6... 41,585 15,299 24,619 16,088 344 ,436 708 3,515 16,966 5,191 7,701 559 3,011 1,585 3,479 4,962 13... 44,122 15,009 27,097 17,248 319 ,5251,310 3,758 17,025 5,197 7,740 581 2,996 180 1,900 3,520 4,963 20... 42,989 15,940 25,925 17,174 301 ,5121,031 3,317 17,064 5,194 7,803 552 3,003 23 1,675 3,400 4,961 27... 42,242 16,025 25,002 17,025 332 ,437 730 3,101 17,240 5,200 7,918 591 3,028 79 1,699 3,421 4,961 Outside New York City 1964 Oct. 7 121,832 47,600 69,827 50,960 4,453 500 3,113 9,285 52,005 35,376 11,096 4,221 ,117 159 1,731 3,446 11,223 14 123,840 48,318 71,745 53,607 4,215 506 2,198 9,778 52,095 35,422 11,111 4,270 ,100 31 2,048 3,534 11,205 21 121,281 48,454 69,206 52,228 4,317 524 ,819 8,880 52,075 35,476 11,094 4,220 ,093 889 1,693 3,553 11,208 28 121,648 49,053 69,395 51,790 4,684 536 2,344 8,583 52,253 35,50711,264 4,194 ,094 407 1,770 3,558 11,234 1965 Sept. 1 129,359 47,936 70,250 51,343 4,764 5272,929 9,053 59,109 38,704 13,516 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 13,607 5,323 ,247 356 2,767 4,063 11,954 15 133,257 49,340 74,312 55,502 4,587 5491,98510,013 58,945 38,834 13,322 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 38,94113,430 5,375 ,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 39,13713,531 5,404 ,243 20 2,886 4,109 11,945 Oct. 6 130,315 48,259 70,543 52,332 4,517 5401,696 9,847 59,772 39,31513,594 5,343 ,267 410 3,329 4,015 12,003 13 134,231 48,808 74,302 54,920 4,286 5403,220 9,826 59,929 39,39213,686 5,351 ,252 675 2,894 4,050 12,046 20 132,216 49,205 72,145 53,966 4,182 5822,758 9,129 60,071 39,46613,758 5,371 ,230 305 3,200 4,028 12,026 27 131,167 49,679 70,943 53,556 4,507| 5642,096 8,752 60,224 39,51913,821 5,416 ,220 175 3,242 4,048 12,069 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. * 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 Oct. 6 Oct. 13 Oct. 20 Oct. 27 banks, not shown separately. Total—Leading cities 16,177 16,293 16,372 16,381 7 Deposits of foreign governments and official institutions, central New York City 6,897 6,957 6,992 6,948 Outside New York City... 9,280 9,336 9,380 9,433 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 BUSINESS LOANS OF BANKS 1573 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during— Industry 1965 1965 1965 1964 1965 1964 O 2 c 7 t O 2 c 0 t. O 1 c 3 t. O 6 ct. S 2 ep 9 t. Oct. Sept. Aug. III h 1 a s l t f h 2 a n l d f Durable goods manufacturing: Primary metals 751 757 763 757 807 -56 1 36 6 68 92 160 -99 Machinery 2,759 2,783 2,809 2,811 2,777 -18 44 33 36 77 457 534 12 Transportation equipment 1,231 ,223 ,242 1,248 1,246 -15 101 42 180 55 64 11 47 Other fabricated metal products. . . 1,327 ,346 ,368 1,379 1,394 -67 73 39 109 154 169 323 -36 Other durable goods 1,537 ,545 ,567 1,564 1,556 -19 84 45 118 142 143 285 Q Nondurable goods manufacturing: Food, liquor, and tobacco ,964 ,876 ,852 1,815 1,733 231 217 3 103 -191 -179 -370 704 Textiles, apparel, and leather ,746 ,795 ,855 1,858 1,866 -120 -11 144 172 176 248 424 -295 Petroleum refining ,357 ,365 ,349 1,344 1,333 24 44 62 102 23 166 189 -11 Chemicals and rubber ,709 ,696 ,706 1,702 1,694 15 58 -20 o 109 190 299 249 Other nondurable goods ,144 ,155 ,177 1,204 1,203 -59 29 64 108 106 97 203 -63 Mining, including crude petroleum and natural gas 3,342 3,352 3,375 3,361 3,351 -9 24 1 1 3 218 221 435 Trade: Commodity dealers 1,271 1,206 1,139 1,123 1,101 170 60 26 62 -370 -20 -390 545 Other wholesale 2,651 2,647 2,628 2,592 2,577 74 30 7 44 144 126 270 156 Retail 3,176 3,230 3,277 3,184 3,155 21 169 33 -19 267 414 681 -68 Transportation communication, and other public utilities 5,513 5,523 5,481 5,493 5,502 356 -70 333 520 -15 505 637 Construction 2,551 2,556 2,541 2,526 2,550 -7 32 29 257 2 259 142 Allother:! Bankers' acceptances 623 643 657 661 691 -68 -102 -7 -191 94 -307 -213 235 All other types of business, mainly services 6,081 6,080 6,080 6,063 6,052 29 -3 116 94 136 428 564 355 Total classified loans 40,733 40,778 40,866 40,685 40,588 145 1,167 586 1,278 1,770 2,293 4,063 2,936 Commercial and industrial loans— All weekly reporting banks 48,220 48,241 48.370 48,132 48,117 103 1,220 615 1,270 2,227 2,501 4,728 3.371 i 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 n r 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.:l 19 large cities: New York City: 1964—Sept.. 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 i960 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 5.32 4. Sept 5.03 5.88 5.3! 4.87 Quarter: i 19 large cities: I 1 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 1 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*4; Oct. 14, 3%; 1956—Apr. 13, 3%; Aug. NOTE.—Weighted averages. For description see Mar. 1949 BULLETIN. 21, 4; 1957—Aug. 6, 4Vi; 1958—Jan, 22, 4; Apr. 21, 3V2; Sept. 11.4; pp. 228-37. Bank prime rate was 3 per cent Jan. I, 1955—Aug. 3, 1955. 1959—May 18, 4y2; Sept. 1,5; and 1960—Aug. 23, 4?/2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1574 INTEREST RATES NOVEMBER 1965 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) * Finance Prime CO. Prime coml. paper bankers' Federal 3-month bills 5 6-month bills s 9- to 12-month issues Period paper, placed accept- funds 4-toe- directly, ances, rate 3 3- to 5months * m 3 o - n to th 6 s - 2 90 days 1 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 d r ll k ) s e 5 t Other* iss y u ea es r i 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 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 Aug 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 Oct 4.38 4.32 4.25 4.08 4.032 4.02 4.197 4.18 4.16 4.18 4.33 Week ending— 1965—Oct. 2 4.38 4.25 4.25 3.71 3.983 4.01 4.133 4.17 4.19 4.23 4.31 9 4.38 4.25 4.25 4.09 4.050 4.00 4.201 4.17 4.16 4.17 4.31 16 4.38 4.30 4.25 4.13 4.006 4.00 4.180 4.18 4.14 4.14 4.30 23 4.38 4.38 4.25 4.07 4.034 4.03 4.214 4.20 4.16 4.17 4.34 30 4.38 4.38 4.25 4.00 4.040 4.05 4.192 4.19 4.16 4.21 4.37 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- * 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 rod local rating group price ratio price ratio States Total i (longterm) Total* Aaa Baa Aaa Baa In tr d ia u l s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - 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 5^4 1964 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 IS 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 5 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 C4.44 4.81 4.55 4.64 4.53 4 30 2 92 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 4.19 3.32 3.16 3.55 4.65 4.49 4.89 4.63 4.73 4.60 4 34 3 06 4.25 3.41 3.25 3.61 4 69 4.52 4.91 4 65 4.77 4 64 4 32 2 98 Oct 4.27 3.46 3.31 3.65 4.72 4.56 4.93 4.67 4.81 4 67 4 38 2 91 Week ending— 1965 Oct 2 4.29 3.46 3.31 3.65 4.70 4.53 4.91 4.66 4.78 4 65 4 36 2 95 9 4.27 3.46 3.31 3.65 4.71 4.57 4.92 4.67 4.80 4.66 4.40 2 94 16 4.26 3.46 3.31 3.65 4.72 4.57 4.92 4.67 4.81 4 68 4 38 2 92 23 4.27 3.46 3.31 3.65 4.72 4.57 4.93 4.67 4.81 4 68 4 38 2 90 30 4.29 3.47 3.32 3.67 4.72 4.57 4.93 4.67 4.81 4.68 4.37 2.88 Number of issues 6-12 20 5 5 120 30 30 40 40 40 14 500 500 i 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

NOVEMBER 1965 SECURITY MARKETS 1575 MORTGAGES: NEW HOMES SECURITY PRICES 1 FHA- Conventional first mortgages Commonstock prices insured Bond prices (1941-43= 10) i V im O e l- Inter- Loan/ Period Y c ( e p i n e e l t r d ) c ( r e e p a s n e t t e t r ) F c ( e e p e t n e c e t s . r ) , ( M t y i u t r a r y 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 U l 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 t r e r A - - Total d t I r u n ia s - l - R ro a a i d l- P u i l u t t i i y c b 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—Oct... 84.37 110.9 95.1 84.85 89 75 48.69 73.37 4,843 Nov.. 84.81 112.0 95.2 85.44 90.36 48.01 74.39 4,928 1964—Aug.. 5.46 5.77 .58 24.7 74.4 17.8 Dec. 84.65 112.6 95.3 83.96 88 71 45.75 74.24 4,729 Sept.. 5.46 5.77 .57 25.0 74.2 17.6 Oct... 5.45 5.75 .58 24.5 73.2 17.4 1965—Jan... 84.56 114.0 95.5 86.12 91 04 46.79 75.87 5,457 Nov.. 5.45 5.75 .55 24.7 73.5 17.4 Feb... 84.40 113.3 95.5 86.75 91 64 46.76 77.04 5,910 Dec. 5.45 5.76 .59 25.2 73.9 17.8 Mar.. 84.48 112.0 95.2 86.83 91 75 46.98 76.92 5,427 Apr. . 84.53 112.2 95.0 87.97 93 08 46.63 77.24 5,673 1965—Jan... 5.45 5.79 .59 24.7 74.0 17.5 May.. 84.58 111.9 94.7 89.28 94 69 45.53 77.50 5,510 Feb.. 5.45 5.79 .61 24.9 74.0 17.6 June.. 84.57 110.8 94.3 85.04 90 19 42.52 74.19 5,828 Mar.. 5.45 5.72 .49 24.9 73.7 18.5 July.. 84.51 110.8 93.9 84.91 89 92 43.31 74.63 4,056 Apr.. 5.45 5.74 .51 24.9 73.7 18.1 Aug.. 84.00 111.0 93.5 86.49 91 68 46.13 74.71 4,962 May.. 5.45 5.77 .53 24.9 74.4 18.2 Sept.. 83.27 109.3 92.8 89.38 94 93 46.96 76.10 7,403 June.. 5.44 5.76 .49 24.6 73.9 17.5 Oct... 82.97 108.4 92.7 91.39 97 20 48.46 76.69 7,809 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 5.75 .56 24.9 73.7 18.1 ending— Oct 6.49 Oct. 2 82.80 108.5 92.7 90.19 95 87 47.42 76.18 8,491 9 82.99 108.5 92.6 90.51 96 23 47.61 76.35 6,588 1 Last 6 months only. 16 83.21 108.5 92.7 91.33 97 11 48.28 76.83 8,929 23 83.03 108.4 92.8 91.84 97 69 48.87 76.92 8,628 NOTE.—Annual data are averages of monthly figures. Yields 30 82.78 108.2 92.7 92.20 98 12 49.31 76.77 7,200 on FHA-insured mortgages are derived from weighted averages of FHA field-office opinions on private secondary market prices for Sec. 203, 30-year mortgages, with the minimum down pay- NOTE.—Annual data are averages of monthly figures. Monthly and weekly ment, a maximum permissible interest rate of 5 1/A per cent, and data are averages of daily figures unless otherwise noted and are computed as an assumed prepayment period of 15 years. Price data are follows: U.S. Govt. bonds, derived from average market yields in preceding table reported as of the first of the succeeding month. on basis of an assumed 3 per cent, 20-year bond. Municipal and corporate bonds, Conventional first mortgages, Home Loan Bank Board in derived from average yields as computed by Standard and Poor's Corp., on basis cooperation with Federal Deposit Insurance Corporation be- of a 4 per cent, 20-year bond; Wed. closing prices. Common stocks. Standard ginning in late 1962; interest rate data for earlier years—in and Poor's index. Volume of trading, average daily trading in stocks on the parentheses—are based on estimates from Federal Housing N.Y. Stock Exchange for a 5Vi-hour trading day. Administration. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N. Y. Stock Exchange brokers and dealers for pur- Money borrowed on— Cus- Month Total firms secured by— chasing or carrying— tomers' securities net other than Other securities free U.S. Govt. 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 . v i S t 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 Total C co u l s l t a o te m ra e l r co O ll t a h t e er r al a c b n re a c d l e - i s t 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 1,210 1964—Oct 7,101 20 5,185 69 1,916 102 4,053 3,528 525 1,155 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 1,169 1965—Jan 6,940 33 4,986 70 1,954 177 3,763 3,317 446 1,207 Feb 6,872 31 5,007 76 1,865 132 3,748 3,259 489 1,254 Mar 6,941 30 5,055 129 1,886 106 3,894 3,303 591 1,264 Apr 7,001 30 5,066 67 1,935 213 3,853 3,326 527 1,207 May.... 7,085 26 5,129 75 1,956 157 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 1,988 145 3,626 3,108 518 1,193 Sept 7,036 22 4,994 88 2,042 86 3,522 2,978 544 1,369 Oct 7,117 23 5,073 95 2,044 150 3,403 2,882 521 1,475 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

1576 OPEN MARKET PAPER; SAVINGS INSTITUTIONS NOVEMBER 1965 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by- ]Jased on— End of period Accepting banks F.R. Goods stored in or Total Banks Im- Ex- shipped between Placed Placed ports ports Dollar 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 ,272 896 376 51 126 1.234 485 969 117 293 819 1962 6,000 2,088 3,912 2,650 ,153 865 288 110 86 ,301 541 778 186 171 974 1963 6,747 1,928 4,819 2,890 ,291 1,031 260 162 92 ,345 567 908 56 41 1,317 1964 Sept 8,444 2,220 6,224 3,175 1,423 1,127 297 99 127 1,525 609 918 113 36 J 4QQ Oct. 9,343 2,431 6,912 3,222 I 400 1,164 236 81 126 L,614 647 935 106 34 ,500 Nov 9,146 2,438 6,708 3,217 1,458 1,195 263 63 125 1,570 657 955 102 40 ,463 Dec 8,361 2,223 6,138 3,385 1,671 1,301 370 94 122 1,498 667 999 111 43 ,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 1,571 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 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 r10,358 2,117 r8,241 3,299 1'.321 1,078 243 55 145 1,779 797 933 11 12 1,547 Sept 9,692 2,194 7,498 3,314 1,311 1,114 198 63 152 1,787 820 942 17 20 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— End of period M ga o g r e t- Other G U o .S v . t. S l a o t n c a d a te l C r o a a n r t p d e o- Cash O as t s h e e ts r g l T i e a a t n o i b n e e t i d s a r l a i l - l D i e t p s o 2 s- l O ia t t i b h e i s e li r - G r c e o e s a n u e c e n r - v r t a s e l c M om or m tg i a tm ge e n lo ts a n 3 govt. other i reserve accts. Number Amount 1941 . ... 4 787 89 3,592 1,7R6 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 * 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 I960 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 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 1.200 •4,383 134,277 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 2,1 AS Feb 40,924 786 6,016 383 5,123 992 909 55,133 49,444 1,214 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 » 4? 187 849 5,821 360 5,199 1,019 946 56,382 50,623 1,226 4,533 141 299 % 094 July 42,600 807 5,791 356 5,284 946 955 56,739 50,844 ,350 4,545 151,885 2,947 42,964 872 5,814 349 5,299 941 951 57,191 51,063 1,502 4,626 136,180 2,928 1 Also includes securities of foreign governments and international NOTE.—National Assn. of Mutual Savings Banks data; figures are organizations and nonguaranteed 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. *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

NOVEMBER 1965 SAVINGS INSTITUTIONS 1577 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a ts l Total U S n ta i t t e e s d Sta lo te c a a l nd Foreignl Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r 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—Aug.'.. 146,454 12,547 5,805 3,811 2,931 61,337 55,239 6,098 53,177 4,467 6,991 7,935 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 M?y!'.'. 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 Aug 155,186 11,982 5,321 3,606 3,055 64,629 57,834 6,795 58,017 4,653 7,510 8,395 i 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 io o d f M ga o g r e t s - s G U ec o . u S v r . t i . - Cash Other 1 l a i s a T s b e o i t l t s i a t 2 i l e — s S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 3 d L pr o o a c n e s s s in 4 Other c m o l m e o n a m n ts i 4 tties profits 1941 4 578 107 344 775 6 049 4 682 475 256 6' 1945 5 376 2,420 450 356 8 747 7 365 644 336 401 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—Aug 98,159 6,739 3,378 6,651 114,927 97,485 7,548 4,996 2,495 2,403 2,983 Sent ..... 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 8,314 5,887 2,441 1,787 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 Aug .. 107,490 7,167 3,308 7,615 125,580 106,159 8,345 6,099 2,364 2,613 3,124 1 Includes other loans, stock in the Federal home loan banks, other 4 Commitments data comparable with those shown for mutual savings investments, real estate owned and sold on contract, and office buildings banks (on opposite page) would include loans in process. and fixtures. 2 Before 1958 mortgages are net of mortgage-pledged shares. Asset NOTE.—Federal Savings and Loan Insurance Corp. data; figures are items will not add to total assets, which include gross mortgages with no estimates for all savings and loan assns. in the United States. Data deductions for mortgage-pledged shares. Beginning with Jan. 1958, no beginning with 1954 are based on monthly reports of insured assns. and deduction is made for mortgage-pledged shares. These have declined annual reports of noninsured assns. Data before 1954 are based entirely consistently in recent years and amounted to $42 million at the end of on annual reports. Data for current and preceding year are preliminary 1957. even when revised. 3 Consists of advances from FHLB and other borrowing. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1578 FEDERAL FINANCE NOVEMBER 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 . : - 1 E r T e q c o u t t a s a l . l 2 s: Budget f T P 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 s l l s . : p re a o c y r t t s s . . C (d h d i i a r n e n e b g c t t e a I g L n e v b e y n e s . s s * : t & . L N c e a o s s n h s - : Eq N u e a t ls: & agen.) trusts debt 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*5. 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—Sept 10,072 1,994 320 11,739 8,450 1,966 1,016 9,400 2,339 1,412 49 82 1,280 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 All 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 Sept 10,999 1,954 328 12,599 9,452 3,142 1,504 11,090 1,509 -1,542 -1,210 46 -378 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. B s 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 ss s u e a o c r a f . k n 3 e c t e i I n G n s e v U o c e v . . s 3 t S t . , . p d g d u i r i e r b o n e b l s c i t s c t T o r H u e t a e s s l i d u d r e y a T u c r c r e e o a r u ' s s n - t Balance b F a . n R k . s a l T a c o n c a a d t x n s. O as n t s e h e t e ts r 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—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 Sept 1,548 -1,189 1,130 -49 1,210 -1,493 148 1,010 8,637 1,002 6,394 1,241 1 Primarily interest payments by Treasury to trust accounts and accumu- «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. * 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

NOVEMBER 1965 FEDERAL FINANCE 1579 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Estate Int. Total W I i n th d - ivid O u t a h l er 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 t C o u m s s - r m e a p e n a n d y ts - fu R n e d - s Other held 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 38,71914,269 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 5,921 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 1965—Jan.-June*. 68,334 19,09813,223 16,142 7,400 2,832 1,786 12,759 10,297 2,221 1,574 749 1,193 5,021 1,217 Month: 1964—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 June* 15,306 2,946 2,369 6,596 1,363 565 347 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 Sept 12,599 2,995 2,427 4,236 1,162 n.a. 334 1,200 1,118 43 193 159 196 186 217 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 a e r a c - t l - es t m C ra a o e n n r m d s c p e - . & H d e i o c n r u o g e s m l - . . l H w ab e el a o 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—Jaiu-June*... 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—Sept 9,400 4,243 324 386 491 293 759 35 2,229 126 525 317 '196 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 Sept 11,090 4,610 346 489 639 281 748 94 3,499 171 513 365 214 1963 1964 1965 1963 1964 1965 Item IV I II III IV I n, III IV I II III IV I ii. III Seasonally adjusted Not seasonally adjusted Cash budget: Receipts 29.0 29 5 28.7 28.2 28.7 29.9 32.7 30.5 24.5 30.3 33.4 27 0 24.3 30.7 377 29.2 Payments 29.9 30 5 29.7 30.2 29.8 30.1 32.3 32.3 30.6 28.7 30.1 309 30.6 28.3 32 6 33 1 Net -.9 -1 1 -1. 1 -2.0 -1.1 - 2 .5 -1.8 -6.1 1.6 3.3 -3 9 -6. 3 2.4 5 1 -3. 9 For notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1580 U.S. GOVERNMENT SECURITIES NOVEMBER 1965 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issuei Total T gr o o t s a s l Marketable Nonmarketable Special End of period d c e r b os t s * d d e ir b e t c 2 t Total C ve o r n t- - issues • Total Bills C c e a r t t e if s i- Notes Bonds < b i o b n l d e s Totals S in a g v s bonds 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 I960—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 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 June 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 Aug 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 Oct 319.4 318.9 267.6 212.1 57.7 50.2 104.3 2.8 52.7 50.3 47.0 1 Includes noninterest-bearing debt (of which $282 million, on Oct. 31, 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 « Held only by U.S. Govt. agencies and trust funds. totaled $15,519 million on Sept. 30, 1965. 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 i o 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 d s t i . t e . s B F an .R k . s Total m b C e a o r n m c k ia - 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 t r 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 O i t m n o t v r i h s e s e c s r 3 . 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 .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.A 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—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 Aue 318.7 64.8 39.0 214.9 56.2 5.7 10.6 '17.3 23.2 49.4 '22.0 '15.8 14.7 Sept 317.3 63.6 39.8 213.9 57.2 5.7 10.6 16.2 22.7 49.4 22.1 15.9 14.1 1 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

NOVEMBER 1965 U.S. GOVERNMENT SECURITIES 1581 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 e - a 2 rs 0 20 O v y e e r ars 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—Aug. 31 208,402 92,446 53,657 38,789 55,266 35,032 8,448 17,210 Sept. 30 208,381 92,444 53,655 38,789 55,264 35,027 8,447 17,199 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—Aug. 31 12,711 1,215 829 386 2,791 3,307 2,059 3,339 Sept. 30 13,197 1,530 1,130 400 2,788 3,344 2,069 3,466 Federal Reserve 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—Aug. 31 39,049 28,883 7,823 21,060 8,378 1,408 147 234 Sept. 30 39,774 29,456 8,396 21,060 8,484 1,449 147 238 Held by public: 1962—Dec. 31 162,553 67,952 44,662 23,290 49,381 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—Aug. 3J 156,642 62,348 45,005 17,343 44,097 30,317 6,242 13,637 Sept. 30 155,410 61,458 44,129 17,329 43,992 30,234 6,231 13,495 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—Aug. 31 46,870 13,961 5,807 8,154 20,445 IT,444 328 692 Sept. 30 47,674 14,976 6,814 8,162 20,245 11,463 326 664 Mutual sayings banks: 1962—Dec. 31 5,793 635 252 383 1,337 2,210 306 ,305 1963—Dec. 31 5,502 690 268 422 1,211 2,009 377 ,215 1964—Dec. 31 5,434 608 344 263 1,536 1,765 260 ,266 1965—Aug. 31 5,521 875 560 315 1,455 1,641 349 ,201 Sept. 30 5,509 933 610 323 1,435 1,612 348 ,181 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—Aug. 31 8,839 784 402 382 2,028 2,209 1,117 2,701 Sept. 30 8,834 784 416 368 2,038 2,185 1,117 2,710 Nonfraancial corporations: 1962—Dec. 31.. 10,750 9,063 6,551 2,512 1,524 149 5 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—Aug. 31.... 8,632 6,339 5.051 1,288 1 ,939 231 48 75 Sept. 30 7,394 5,190 3,955 1,235 1,853 233 43 76 Sayings 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—Aug. 31 3,546 448 286 162 1,000 1,383 245 470 Sept. 30 3,516 439 279 160 977 1,388 250 462 State and local goremments: 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—Aug. 31 16,577 6,405 5,492 913 1.915 1,853 1.997 4.407 Sept. 30 15,912 5,730 4,815 915 1,940 1,841 1,996 4,405 All 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—Aug. 31 66,656 33,537 27.407 6,130 15,316 11,555 2,157 4.091 Sep. 30 66,571 33,407 27,239 6,168 15,503 11,513 2,150 3,997 NOTE.—Direct public issues only. Based on Treasury Survey of banks, and 772 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 not 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 5,960 commercial banks, 501 mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1582 U.S. GOVERNMENT SECURITIES NOVEMBER 1965 DEALER TRANSACTIONS (Par value, in millions of dollar*) U.S. Government securities By maturity By type of customer U.S. Govt Period Dealers and brokers agency Total securities Within 5-10 Over mercial All 1 year years years 10 years G U o . v S t . . Other banks other securities 1964—-Sept 1,510 1,214 155 102 39 443 20 616 432 117 Oot 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 1,769 1,467 172 91 38 562 38 708 460 155 May 1,670 1,379 151 108 32 448 33 698 491 143 June 1,786 1,453 200 103 31 584 45 696 462 204 julv 1,519 1,284 125 82 28 452 37 615 415 152 ,488 1,172 183 91 43 465 39 568 417 140 Sept ,548 1,297 140 70 41 458 32 604 453 139 Week ending— 1965 Seot 1 ,378 1,135 109 83 52 407 40 518 414 96 8 ,644 1,369 172 68 35 440 36 633 534 155 15 . .. ,433 1,177 140 67 50 453 29 565 386 135 22 ,225 1,008 115 55 47 369 28 513 315 154 29 1,748 1,502 138 73 36 510 33 662 543 98 Oct 6 J, 111 1,853 159 73 26 642 42 925 502 176 13 >,363 2,118 134 82 29 696 42 1,142 483 190 20 ,807 1,585 126 73 22 583 35 741 449 147 27 613 I 447 86 51 29 589 31 629 365 122 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 ll ities W 1 i y t e h a in r y 1 ea -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 sou A r l c l es Y N C o e i r t w y k w E h ls e e r - e C t o io rp n o s r * a- ot A h l e l r 1964—Sept 3,954 3,302 373 280 250 Oct 3,358 2,966 231 160 262 1964—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—Jaru.. 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 3,471 3,118 115 238 327 Mar 3,181 626 807 1,350 398 May. 3,398 2,508 149 741 378 3,594 918 885 1,369 422 June. 3,651 2,838 115 697 509 3,635 765 828 1,327 716 July.. 4,180 3,472 100 609 446 June 4,094 1,251 776 1,457 609 Aug.. 3,548 2,907 222 419 368 July 4,459 1,293 1,009 1,468 688 Sept.. 2,858 2,622 75 161 292 Aug 3,815 967 650 1,584 613 Sept 3,050 807 643 1,284 316 Week ending— Week ending— 1965—Aug. 4. 4,205 3,525 113 567 415 3,486 2,680 318 488 413 1965—Aug. 4... 4,523 1,258 910 1,507 847 18*. 3,405 2,753 237 415 394 3,923 859 664 1,525 875 25. 3,409 2,844 183 383 334 n'.W 3,688 1,010 642 1,538 498 25... 3,631 869 584 1,684 494 Sept. 1. 3,538 3,092 158 289 301 8. 3,012 2,717 99 197 289 Sept. 1... 3,619 1,036 587 1,666 330 15. 3,053 2,819 76 159 283 8. .. 3,173 582 487 1,698 405 22. 3,051 2,839 56 157 289 15. .. 3,160 846 570 1,469 275 29. 2,498 2,304 70 125 308 22. .. 3,264 955 876 1,118 315 29. .. 2,627 805 647 873 302 NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the i All business corps, except commercial banks and insurance cos. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of NOTE.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than note to the opposite table on this page. dealer trading positions. 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

NOVEMBER 1965 OUTSTANDING SECURITIES 1583 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, OCTOBER 31, 1965 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Oct. 31, 1965 1,000 Mar. 31, 1966 2,000 Oct. 1,1967 n/2 457 Feb. 15, 1970 4 4,381 Nov. 4, 1965 2,202 Apr. 7,1966 1,001 Apr. 1,1968 11/2 212 Aug. 15, 1970 4 4,129 Nov. 12, 1965 2,202 Apr. 14, 1966 999. Oct. 1,1968 n/2 115 Aug. 15, 1971 4 2.806 Nov. 18, 1965 2,203 Apr. 21, 1966 1,003 Apr. 1,1969 11/2 61 Nov. 15, 1971 37/s 2,760 Nov. 26, 1965 2,201 Apr. 28, 1966 1,001 Oct. 1, 1969 I1/2 159 Feb. 15, 1972 4 2,344 Nov. 30, 1965 1,001 Apr. 30, 1966 1,001 Apr. 1,1970 iy2 88 Aug. 15, 1972 4 2,579 Dec. 2, 1965.... 2,205 May 31, 1966 1,001 Oct. 1,1970 iy2 3 Au?. 15, 1973 4 3,894 Dec. 9,1965 2,202 June 22, 1966 1,003 Nov. 15, 1973 4i/8 4,357 Dec. 16, 1965 2,203 June 30, 1966 1,001 Treasury bonds Feb. 15, 1974 4i/8 3,130 Dec. 23, 1965 2,202 July 31, 1966 1,000 June 15, 1962-67... 21/2 1,431 May 15, 1974 AVA 3,593 Dec. 30, 1965 2,200 Aug. 31, 1966 1,000 Dec. 15, 1963-68... 21/2 1,792 Nov. 15, 1974 3% 2,243 Dec. 31, 1965 1,003 Sept. 30, 1966 1,000 June 15, 1964-69... 21/2 2,563 May 25, 1975-85...AVA 1,218 Jan. 6, 1966 2,202 Dec. 15, 1964-69... 21/2 2,533 June 15, 1978-83... 3 VA 1,582 Jan. 13, 1966 2,201 Treasury notes Mar. 15, 1965-70.. .2y2 2,410 Feb. 15, 1980 4 2,608 Jan. 20, 1966 2,205 Nov. 15, 1965 31/2 1,617 May 15, 1966 3% 1,688 Nov. 15, 1980 31/2 1,912 Jan. 27, 1966 2,201 Nov. 15, 1965 4 8,099 Aug. 15, 1966 3 1,024 May 15, 1985 3*4 1,127 Jan. 31, 1966 1,000 Feb. 15, 1966 3% 2,195 Nov. 15, 1966 33/8 1,851 Feb. 15, 1990 3y2 4,900 Feb. 3,1966 1,001 Feb. 15, 1966 3?/s 2,597 Mar. 15, 1966-71.. .2y2 1,399 Aug. 15, 1987-92... 414 3,818 Feb. 10, 1966 ,000 Apr. 1,1966 11/2 675 June 15, 1967-72... 21/2 1,279 Feb. 15, 1988-93... 4 250 Feb. 17, 1966 ,001 May 15, 1966 4 9,519 Sept. 15, 1967-72... 21/2 1,952 May 15, 1989-94.. .4y8 1,560 Feb. 24, 1966 ,000 Aug. 15, 1966 4 11,060 Nov. 15, 1967 3Y& 2,019 Feb. 15, 1995 3 2,240 Feb. 28, 1966 ,001 Oct. 1,1966 iy2 357 Dec. 15, 1967-72... 21/2 2,688 Nov. 15, 1998 31/2 4,415 Mar. 3, 1966 1,000 Nov. 15, 1966 4 2,254 May 15, 1968 3% 2,460 Mar. 10, 1966 ,000 Feb. 15, 1967 3% 2,358 Aug. 15, 1968 3% 3,747 Mar. 17, 1966 1,005 Feb. 15, 1967 4 5,151 Nov. 15, 1968 37/s 1,591 Convertible bonds Mar. 22, 1966 3,009 Apr. 1,1967 l*/2 270 Feb. 15, 1969 4 3,728 Investment Series B Mar. 24, 1966 1,000 Aug. 15, 1967 3% 2,929 Oct. 1, 1969 , . ,4 6,260 Apr. 1, 1975-80... 2 Y4 2,816 NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, SEPTEMBER 30, 1965 Agency, a n ty d p e c o a u n p d o n d a r t a e t e of issue, Maturity o ( A f m m d il o o l l i u l o a n n r t s s) Agency, a n ty d p e c o a u n p d o n d a r t a e 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) Federal home loan banks Federal intermediate credit banks Debentures: Notes: Jan. 1, 1965 .4.20 Oct. 4, 1965 283 Nov. 16, 1964 4.10 Oct. 15,1965 400 Feb. 1,1965 .4.15 Nov. 1, 1965 342 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 AVA 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 Sept. 1,1965 .4.35 June 1, 1966 228 Sept. 15, 1965 4.40 June 24,1966 336 Aug. 16, 1965 4.35 July 25, 1966 500 Federal land banks Bonds: Bonds: Oct. 20, 1960. Oct. 20,1965 160 July 15, 1964 4y8 Mar. 15, 1966 260 June 20, 1961. Dec. 20, 1965 140 D Ju e n c. e 1 9 5 , , 1 1 9 9 6 6 3 4 A 4 V y A 8 A N u o g v . . 1 1 5 5 , , 1 1 9 9 6 6 6 6 2 27 0 5 0 J A u p n r. e 21 3 , , 1 1 9 9 6 6 5 1 . . .4. / 3 8 5 F M eb a . y 21 2 , , 1 19 9 6 6 6 6 1 1 5 1 0 7 Mar. 15, 1965 AVA Sept. 15, 1967 185 May 1, 1958. May 2, 1966 108 June 15, 1965 4% Mar. 1, 1968 250 Sept. 20, 1961. July 20, 1966 193 Aug. 23, 1965. Dec. 20, 1966 239 Federal National Mortgage Association— Feb. 15, 1957. Feb. 15,1967-72 72 secondary market operations Apr. 20, 1965. Feb. 20, 1967 126 May 1,1962. May 22, 1967 180 Discount notes 418 Oct. 1, 1957. Oct. 1,1967-70 75 Oct. 22, 1963. Oct. 23, 1967 174 Debentures: Apr. 1, 1959. Mar. 20, 1968 111 Sept. 10, 1962 3Y4 Mar. 10, 1966 108 May 1,1963. June 20, 1968 186 Dec. 12, 1960 4y8 Dec. 12, 1966 93 Aug. 20, 1964. Aug. 20,1968 160 Mar. 10, 1958 3% Mar. 11, 1968 87 Feb. 2, 1959. Mar. 20, 1969 100 Apr. 10, 1959 4% Apr. 10, 1969 88 Feb. 23, 1965. July 15,1969 130 Apr. 11, 1960 4% Apr. 10, 1970 142 July 15, 1957. July 15,1969 60 A S S e e u p p g t t . . . 2 1 1 3 2 1 , , , 1 1 1 9 9 9 6 6 6 0 1 0 4 4 4 1 y y / 8 2 8 A S S e e u p p g t t . . . 1 1 1 0 0 0 , , , 1 1 1 9 9 9 7 7 7 1 1 0 1 9 6 1 6 4 9 O F F c e e t b b . . . 2 1 0 4 1 , , , 1 1 1 9 9 9 6 5 6 4 8 0 . . . A O Fe p c b t r . . . 2 2 0 0 1 , , ,1 1 1 9 9 9 6 7 7 9 0 0 20 8 8 9 2 3 D J F F u e e e b b n c . . . e 1 1 1 1 0 2 3 1 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 2 1 0 1 A A 4 5 V Y y y 2 & 4 8 J J F F u u e e b b n n . . e e 1 1 1 1 0 2 2 0 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 7 2 3 2 1 1 1 9 9 0 4 8 8 0 6 J F F M S a e e e a p n b b y t . . . . 2 2 1 0 0 1 5 4 , , , , , 1 1 1 1 1 9 9 9 9 9 6 5 6 5 6 6 3 2 6 0 . . . . ., F F J S M u e e e b b l a p y . . y t . 2 2 2 1 0 0 0 5 1 , , , , , 1 1 1 1 1 9 9 9 9 9 7 7 7 7 7 4 2 3 1 0 -78 1 1 1 6 8 0 5 4 0 5 9 5 8 Banks for cooperatives Apr. 20, 1965. Apr. 21, 1975 200 Debentures: Tennessee Valley Authority Apr. 1,1965 AVA Oct. 4, 1965 174 Short-term notes 95 May 3,1965 AVA Nov. 1, 1965 108 Bonds: June 1, 1965 414 Dec. 1, 1965 200 Nov. 15, 1960 .4.40 Nov. 15, 1985 50 Aug. 2,1965 4.30 Feb. 1, 1966 227 July 1, 1961 .45/8 July 1, 1986 50 Feb. 1,1962 .41/2 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

1584 CREDIT AGENCIES; SECURITY ISSUES NOVEMBER 1965 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn. Banks Federal Federal Assets Liabilities and capital (sec o o p n e d r a a r t y i o m n a s) rket coop f e o r r atives i c n r t e e d r i m t e b d a i n a k te s b l a a n n k d s End of period v m a A t n e o d m c - e - s I m nv e e n s t t s - C a d a n e s d - h B n a o o n n t d e d s s M b d e e e m r - - C s a to p c it k al M l g o a o a g n r e t s - D n t e a u o b n r t e e d e s n s - c L a o t o o i t v o a p n e e s s r- D t e u b re e s n- c L o a d o u n i a s n d n - t s s D t e u b re e s n- M l g o a o a g n r e t s - Bonds bers posits posits (A) (L) (A) (L) (A) (L) (A) (L) 1956 1,228 1,027 62 963 683 607 628 900 457 143 747 705 1,744 1,437 1957 1,265 908 63 825 653 685 1,562 1,315 454 222 932 919 1 '599 1958 1,298 999 75 714 819 769 1,323 ,100 510 252 1,157 ,116 2,089 1 ^743 1959 2,134 1,093 103 1,774 589 866 1,967 '640 622 364 1*391 '356 2,360 1,' 986 I960 1,981 1,233 90 1,266 938 989 2 788 I 523 649 407 1 501 1,454 2,564 2,210 1961 2 622 1,153 159 1,571 1,180 1,107 2,770 2,453 697 435 1,650 ,585 2,828 2431 1962... 3,479 1,531 173 2',707 1 214 1 * 126 2*752 i',422 735 505 1' 840 ',727 3,052 2', 628 1963 4,784 1.906 159 4,363 1,151 1 't71 2,000 ,'788 840 589 2'099 3^310 2*834 1964—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 1,199 1,227 1,940 ,601 958 686 2,247 2,112 3,718 3,169 1965—Jan.. . 4,944 [,491 75 4,078 1,013 1,232 1,954 ,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 ,739 1,037 670 2,308 2,143 3,818 3,298 Mar... 4,747 ,761 80 4,090 1,048 1,247 1,974 ,739 1,007 723 2,380 2,206 3,889 3,298 Apr... 5,219 1,386 95 4,184 1,026 1,254 1,990 ,795 978 696 2,480 2,278 3,950 3,415 May.. 5,227 1,687 73 4,484 1,024 1,257 2,004 ,898 940 678 2,577 2,367 4,011 3,415 June.. 5,586 ,691 110 4,757 1,174 1,260 2,014 ,797 931 687 2,687 2,462 4,058 3,532 July.. 5,793 ,299 75 4,807 913 ,265 2,032 ,794 935 687 2,772 2,546 4,097 3,532 Aug... 5,770 1,578 79 5,057 903 1,268 2,062 ,804 944 710 2,786 2,627 4,135 3,612 Sept... 5,802 1,567 85 5,046 944 ,270 2.108 ,756 940 708 2,725 2,603 4,171 3,612 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 amount Period deliv- Total G g o a e b t a n i l l o e i- n r- s R n e u v e e- PHAi G l U o o a . v S n t s . . State S d a i p s a s u t e n t a t r c d h t i i . c . a t l Other 2 ered 3 Total c E at d i 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- 4 I ! H in o g u 5 s- V a a e n i t d s e ' r- O p p o t u h s r e e - s r 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 1960 7,292 4,771 2,095 302 125 ,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 ,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 ,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 ,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 ,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 13 191 133 529 111 801 245 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 2881 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.... 984 506 345 126 180 370 434 846 921 392 70 125 133 202 June.... 1,034 565 455 192 397 445 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 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), which occurs 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

NOVEMBER 1965 SECURITY ISSUES 1585 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues 1 Proposed use of net proceeds, all corporate issues 6 Noncorporate Corporate New capital Re- Period tire- Total G U o . v S t . .2 G a U c g o y . e S v n 3 . t - . l U S o a c t n . a a S d t l . e 4 Other 5 Total Total o B P f l o f i u e c n b r ly d e - d s p v l P a a t r c e i- e ly d fe P r r r e e - S d toc C k orn- Total Total m N on ew ey7 O p p o t u h s r e e - s r m s ri e o t e c i f e n u s t - 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 1,302 868 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—Aug.. 4,148 2,449 160 767 23 748 636 183 453 54 58 738 680 587 93 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. 3,339 373 1,097 64 1,805 1,662 320 1,342 49 94 1,787 1,642 1,322 320 145 1965--Jan... 2,333 433 811 232 858 727 161 565 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.. 3,003 413 185 1,003 45 1,358 1,215 557 658 60 82 1,343 1,197 1,039 157 146 Apr... 3,050 390 325 971 131 1,233 1,070 422 648 35 127 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.. 2,842 388 1,055 20 1,379 1,258 542 717 43 78 1,363 1,228 1,119 110 134 Aug.. 2,321 371 '2391 718 94 807 369 438 13 77 887 817 751 66 70 Proposed uses of net proceeds, major groups of corporate issuers Commercial and Real estate Manufacturing miscellaneous Transportation Public utility Commun ication and financial 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 8 secu- capital * secu- capital 8 secu- capital 8 secu- capital 8 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 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—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 1 Nov. 203 24 134 17 62 40 6 21 1 208 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 4 236 9 Apr. 540 16 120 6 58 1 176 34 15 3 244 2 May 698 22 75 4 163 248 23 143 1 364 6 June 441 41 151 15 44 184 8 98 * 1,028 7 July. 418 52 238 3 93 204 22 102 51 174 6 Aug. 56 44 3 32 296 5 25 4 134 2 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. 8 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

1586 SECURITY ISSUES NOVEMBER 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 Newissues Retirements Net change New Retire- Net New Retire- Net issues ments change issues ments change I C nv O e S s .* t. Other In co v s e . s 1 t. Other I c n o v s e . s i 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—H 5,139 1,795 3,344 2,987 940 2,046 917 1,235 469 385 448 850 Ill 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 I 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 Period facturing and other 2 tation 3 utility cation and financial * & 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 -7 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 ITI 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 I . . 574 -256 -5 -I 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. 1585. actions only. As contrasted with data shown on p. 1585, 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 1 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 1 Re t d io e n m s p- s N al e e t s Total 2 po C s a it s i h on Other 1953 672 239 433 4,146 1964—Sept... 299 149 149 29,130 1,436 27,694 1954 863 400 463 6,109 309 5,800 Oct.... 306 142 164 29,087 1,312 27,775 Nov... 317 134 184 29,062 1,300 27,762 1955 1,207 443 765 7,838 438 7,400 Dec... 336 136 200 29,116 1,329 27,787 1956 1,347 433 914 9,046 492 8,554 1957 1,391 406 984 8,714 523 8,191 1965—Jan.... 407 152 254 30,349 1,545 28,804 1958 1,620 511 1,109 13,242 634 12,608 Feb... 313 159 154 30,749 1,605 29,144 1959 2,280 786 [,494 15,818 860 14,958 Mar... 356 168 188 30,464 1,597 28,867 351 155 196 31,521 1,523 29,998 1960 2,097 842 [,255 17,026 973 16,053 May!! 301 158 143 31,431 1,551 29,880 1961 2,951 1,160 [,791 22,789 980 21,809 June.. 417 186 231 30,036 1,447 28,589 1962 2,699 1,123 1,576 21,271 1,315 19,956 July... 332 147 185 30,749 1,616 29,133 1963 2,460 1,504 952 25,214 1,341 23,873 Aug... 272 142 129 31,762 1,815 29,947 1964 3,404 1,875 1,528 29,116 1,329 27,787 Sept... 381 183 199 32,824 1,787 31,037 1 Includes contractual and regular single purchase sales, voluntary short-term debt securities, less current liabilities. and contractural 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 initial offering of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 BUSINESS FINANCE 1587 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 ,911123,669136,545147,380 157,633 38,990 38,326 40,784 37,697 40,827 42,742 45,378 Profits before taxes ,543 13,268 15,330 17,337 18,821 4,877 4,781 5,333 4,077 4,631 5,517 6,034 Profits after taxes ,161 7,167 8,215 9,138 10,520 2,587 2,603 2,898 2,335 2,684 3,081 3,405 Dividends ,485 4,730 5,048 5,444 5,930 1,770 1,285 1,448 1,324 1,873 1,411 1,628 Nondurable goods industries (78 corps.):1 Sales ,372 49,362 52,245 55,372 59,256 14,057 14,220 14,823 14,915 15,298 15,453 16,165 Profits before taxes ,579 5,602 5,896 6,333 6,896 1,646 1,643 1,752 1,740 1,761 1,804 1,993 Profits after taxes ,215 3,225 3,403 3,646 4,137 971 992 1,028 1,037 1,080 1,112 1,216 Dividends ,948 2,031 2,150 2,265 2,404 649 561 569 584 690 606 607 Durable goods industries (99 corps.): 2 Sales ,540 74,307 84,300 92,008 98,377 24,933 24,106 25,961 22,782 25,528 27,289 29,213 Profits before taxes ,964 7,666 9,434 11,004 11,925 3,230 3,138 3,581 2,336 2,870 3,713 4,042 Profits after taxes ,946 3,942 4,812 5,492 6,383 1,615 1,611 1,871 1,299 1,603 1,970 2,189 Dividends ,536 2,699 2,898 3,179 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 1,558 388 400 361 373 424 440 477 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 3,686 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 1,065 256 261 262 268 274 279 284 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

1588 BUSINESS FINANCE NOVEMBER 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 s t e s c ta o I x n m e - s e P t a r a f o x t f e e i r s ts 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 l t l s i 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 s i l p o o u i w n t m a - l pances 1 ances * 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 i 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 s G ec o u v r t i . - I t n o v ri e e n s - Other Total F in e c d o e m ra e l Other ties G U o . v S t . .1 Other G U o . v S t . .i Other taxes 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 1960 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—H 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 c m ati m on u s - Other i a ( n r S a n . t u e A a ) . l 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—TV 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 n 11.11 2.30 2.23 .29 .36 .63 1.58 1.10 2.61 43.50 m.. 11.54 2.37 2.30 .30 .37 .59 1.71 1.06 2.84 45.65 rv 12.84 2.83 2.76 .33 .35 .64 L.76 1.17 3.01 47.75 1965—1 10.79 2.25 2.28 .29 .39 .58 1.32 1.08 2.59 49.00 n 12.81 2.76 2.70 .33 .44 .77 1.71 1.24 2.85 50.35 ni* 13.02 2.71 2.77 .33 .40 .70 1.82 4.30 51.15 rv*2 14.30 3.24 3.17 .35 .39 .73 1.84 4.58 52.95 i Includes trade, service, finance, and construction. NOTE.—Dept. of Commerce and Securities and Exchange Commission * Anticipated by business. estimates for corp. and noncorp. business, excluding agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 REAL ESTATE CREDIT 1589 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Multifamily and Mortgage End of 1- to 4-family houses commercial properties 4 typeperiod h A e o r l l s d l - tu F i t i n c i n i o s a a t n l i n - s - i h A e o r l l s d l - t F u i t i n c i n i s o a a t n i l n - s - 1 O h e o t r h l s d e 3 - r h A e o r l l s d l - Total tu F i t i n i n s o a t n i n - s - 1 O ho e th r l s d e - r Total tu F i t i n i n s o a t n i n - s . 1 O ho e th r l s d e - r w u F V n r H i d A t A t e e - r - n - t C i v o 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—III... 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—IP. .. 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 IIP.. 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 74.9 202.5 303.6 234.8 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 IV P.'.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 1965—IP... 317.6 245.7 11.5 60.3 19.5 7.2 12.3 298.1 200.6 173.2 27.3 97.5 65.3 32.2 77.9 220.2 II".. 325.7 252.1 11.7 61.9 20.2 7.4 12.8 305.5 205.0 177.3 27.7 100.5 67.4 33.1 78.7 226.8 HIP.. 333.6 I 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 alone 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 Mortgage 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 bankholdings 2 Residential Residential IEnd of period Total Total FH in A - - g V u A ar - - C ve o r ii i - - O n fa o t r h n m e - r Farm Total Total FH in A - - g V u A ar - - C ve o n n - - O n fa o t r h n m e - r Farm sured anteed tional sured anteed tional 1941 4 906 3 099 1,048 566 4 812 3 884 900 28 1945 4,772 3,395 856 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, 5,476 3,335 9,780 5,461 1,471 23,263 ?0,935 5,501 8,360 7,073 2,275 53 1959. 28,145 20, 370 6,17? 3,161 11,037 6,237 1 588 24,992 7? 486 6,276 8,589 7,622 2,451 55 1960 28,806 20, 36? 2,859 11,65? 6,796 1,648 26,935 ?4,306 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 23,48? 6,570 2,654 14,308 8,972 ,0?? 32,320 ?9 181 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 12,405 638 40,556 36487 12,287 11,121 13,079 4,016 53 1963—TT1 38,360 25,855 7 007 2,870 15 978 10,203 ? 30? 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 2 377 36,224 3?,718 10,684 10,490 11,544 3,454 52 1964 -I 40 200 26,R94 7,110 16,960 10,894 ?,41? 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 Ill 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 ?8 933 7 315 2,742 18876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965— T 44,799 29 388 7 179 2,722 19 337 12,723 2 688 41,521 37,357 12,664 11,228 13,465 4,112 52 II 46 548 30 7 469 2,712 20 13,371 794 42,467 38 714 13,036 11,322 13,856 4,202 51 III" . 48.148 43,608 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

1590 REAL ESTATE CREDIT NOVEMBER 1965 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H u A re - d a g n V u t A e a e r - - d Other! Farm 1 Total Total in F s H u A re - d a g n V u t A e a e r - - d Other Farm 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 1960 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 1,598 678 6 030 866 50,544 46,752 10,756 6,401 29,595 3,792 1964 T0,432 9,385 .811 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 4,304 1964— Sept 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 4,515 939 840 142 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 Sept 932 868 142 45 681 64 58,411 53,723 11,950 6,326 35,44? 4,688 * 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 Total i s N c t t i o r o e u n n w c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A e a e r - - d t C i v o e o n n n a - - l Period T N o .S ta . l A i . in l S o g a a s v n & - I c a n o n s m c u e - r- C m c o i e m a r l - - M i s u n a t v g 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 1,339 6,354 2,061 1964 1964 36,921 15,759 1,408 6,656 2,182 Aug : 2,048 498 970 98,995 4,793 6,729 87,473 1964 Oct 2,051 531 893 99,832 4,811 6,706 88,315 Nov 1,791 462 770 100,519 4,830 6,690 88,999 Jan 2,758 1.170 103 483 145 Dec 1,969 522 784 101,314 4,896 6,686 89,732 Feb 2,575 1,128 90 465 129 Mar 2,935 1,290 102 540 140 1965 Apr 3,089 1,350 109 567 154 May 3,090 1,349 116 560 176 Jan 1,527 370 638 101,844 4,906 6,683 90,255 3,388 1,485 126 607 197 Feb 1,541 379 638 102,351 4,921 6,654 90,776 July 3,519 1,508 137 618 233 Mar 2,056 544 824 103,151 4,939 6,629 91,583 Aug 3,277 11,398 130 581 213 Apr 2,068 558 850 103,975 4,952 6,590 92,433 Sept 3,281 1,386 131 597 215 May 2,022 526 861 104,816 4,975 6,568 93,273 Oct 3,225 1,332 129 590 201 June 2,399 614 1,099 105,827 5,001 6,560 94,266 Nov 2,847 1,174 114 514 192 July 2,186 520 1,063 106,647 5,022 6,547 95,078 Dec 2,936 e .IRQ 120 533 185 Aug 2,187 511 1,099 107,490 5,050 6,507 95,933 Sept.? 2,072 492 1,011 108,218 5,079 6,483 96,656 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

NOVEMBER 1965 REAL ESTATE CREDIT 1591 GOVEIUNfMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMTLY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Mortgages Proj- P e r r o ty p- Mortgages E p n er d i o o d f Total FHA- VA- t C i v o e o n n n a - - l Total h N om ew es h is o E t m i x n - e g s ects i m pr i e o m n v t - e s - ! Total 3 h N om ew es h is o E t m i x n - e g s Total su in re - d a g n u te a e r d - i 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 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1960 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—Sept.. .. 720 138 467 66 49 270 85 185 II 173.7 63.8 33.5 30.3 109.9 Oct 790 159 491 81 58 271 93 178 Ill 178.2 64.6 34.3 30.4 113.6 Nov.. .. 688 135 422 81 50 258 91 167 IV 182.2 65.9 35.0 30.9 116.3 Dec 683 135 428 67 54 242 88 153 1964—IP 185.2 66.6 35.7 31.0 118.5 1965—Jan 630 138 405 34 54 225 84 141 UP 189.6 67.3 36.3 30.9 122.3 Feb 517 115 328 40 34 200 72 128 193.9 68.4 37.4 31.1 125.4 Mar.... 640 137 396 62 45 216 77 139 IV*... 197.7 69.2 38.3 30.9 128.4 Apr 634 128 413 51 42 179 64 115 May.... 625 116 399 57 53 182 57 125 1965—1 200.6 70.1 39.0 31.0 130.5 June.... 716 127 484 40 66 217 65 152 UP 205.0 70.7 39.7 31.0 134.2 July.... 776 140 506 71 58 217 65 152 Aug 875 163 594 51 67 245 78 167 Sept 860 159 597 42 62 254 78 177 i Includes outstanding amount of VA vendee accounts held by private investors under repurchase agreement. 1 Monthly figures do not reflect mortgage amendments included in annual totals. 2 Not ordinarly secured by mortgages. NOTE.—For total debt outstanding, figures are 3 Includes a small amount of alteration and repair loans, not shown separately; only such FHLBB and F.R. estimates. For conventional, loans in amounts of more than $1,000 need be secured. figures are derived. Based on data from Federal Home Loan Bank NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans Board, Federal Housing Admin., and Veterans Admin. 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- Total Short- Long- Total in- guar- dis- term * 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 1960 6,159 3,356 2,803 1,248 357 576 I960 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 5,025 5,325 2,846 2,479 1,199 1964 Sept 4,453 2,998 1,455 34 24 245 1964—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 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 Au2 355 378 5,770 2,951 2,819 902 Sept 4,372 3,083 1,289 78 443 Sept 310 278 5,802 2,908 2,894 942 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 1 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

1592 CONSUMER CREDIT NOVEMBER 1965 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Auto- Other Repair Single- Total m pa o p b e il r e co g p n o a s o u p d m er s er e a r n l n o d i a z m n at s o i 1 o d n - Pe lo rs a o n n s al Total pa lo y a m n e s nt 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 14,152 9,028 2,346 8,116 11,487 3,627 5,060 2,800 1959 51,542 39,245 16,420 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 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 Ang 81,454 64,393 27,493 15,738 3,597 17,565 17,061 6,825 5,498 4.738 Sept 81,924 64,846 27,555 15,954 3,613 17,724 17,078 6,856 5,496 4,726 1 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 cover 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 n c a o a l s n e . 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 1 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 e A a o u l b e t r o il 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 1.226 1958 33,642 28,659 12,780 8,844 2,668 3,085 1,282 4,983 1,882 ,128 292 506 1,175 1959 39,245 33,570 15,227 10,319 3,280 3,337 1,407 5,676 2,292 ,225 310 481 1,368 I960 42,832 37,218 16,672 11,472 3,923 3,670 1,481 5,615 2,414 ,107 333 359 1,402 1961 43,527 37,935 17,008 11,273 4,330 3,799 1,525 5,595 2,421 ,058 293 342 1,481 1962 48,034 41,782 19,005 12,194 4,902 4,131 1,550 6,252 3,013 ,073 294 345 1,527 1963 53,745 46,992 21,610 13,523 5,622 4,590 1,647 6,753 3,427 ,086 287 328 1,625 1964 59,397 51,990 23,943 14,762 6,458 5,078 1,749 7,407 3,922 ,152 286 370 1,677 1964 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 1,728 6,606 3,444 ,062 276 367 457 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 I 758 7 011 3 713 1,101 282 377 I 538 Mar 59,788 52,837 24,537 14,831 6,569 5,132 1,768 6,951 3,673 ,085 277 384 1,532 Apr 60,803 53,828 25,117 14,991 6,739 5,202 1,779 6,975 3,701 L,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 1,090 284 425 1,557 A.u$z 64,393 57,181 26,992 15,721 7,235 5,387 1,846 7,212 3,847 ,103 287 431 1,544 Sept 64,846 57,570 27,210 15,802 7,310 5,410 1 S3S 7,276 3,910 117 289 433 1,527 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

NOVEMBER 1965 CONSUMER CREDIT 1593 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Aut p o a m pe o r bile O co th m e - r R a e n p d air Auto- O co th n e - r R a e n p d air 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 1,066 1960 16,672 5,316 2,820 2,759 2,200 3,577 1961 11,273 6,811 3,100 161 1,201 1961 17,008 5,391 2,860 2,761 2,198 3,798 1962 12,194 7,449 3,123 170 1,452 1962 19,005 6,184 3,451 2,824 2,261 4,285 1963 13,523 8,228 3,383 158 1,754 1963 21,610 7,246 4,003 3,123 2,361 4,877 1964 14,762 8,701 3,889 142 2,030 1964 23,943 8,300 4,451 3,380 2,427 5,385 1964 Sept 14,553 8,764 3,706 148 1,935 1964 Sept 23,527 8,143 4,390 3,255 2,422 5,317 Oct 14,625 8,773 3,754 146 1,952 Oct 23,663 8,233 4,396 3,273 2,437 5,324 Nov 14,622 8,698 3,804 144 1,976 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 Apr 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 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.Q81 Sept 15,802 9,196 4,204 129 2,273 Sept 27,210 9,638 5,243 3,787 2,488 6,054 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- s lo 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 O f u i i n c t n t i i s h a o a t e n i l n - r - s s m p t D o a e r e r n e - t- s t 1 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 Sept 12,857 2,633 941 923 8,360 1964 17,413 5,469 1,004 909 4,756 635 4*640 Oct 12,932 2,654 956 926 8,396 Nov 13,039 2,667 969 934 8,469 1964—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 1,035 703 4,065 626 4,480 1965 Jan 13,271 2,689 QQfi 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 ,006 660 3,857 637 4,782 May 13,934 2,868 1,058 959 9,049 Mar... 16,297 5,495 ,023 601 3,743 633 4,802 14,140 2,934 1,076 971 9 159 16,680 5,572 ,034 626 3,942 642 4,864 JUly 14,267 2,970 ,092 974 9,231 May.'.' 16,948 5,628 ,058 647 4,142 664 4,809 Aus 14,468 3,015 ,106 993 0.354 June.. 17,097 5,707 ,069 627 4,218 683 4,793 Sept 14,558 3,045 ,120 996 9,397 July... 17,077 5,718 ,063 59! 4,217 726 4,762 Aug... 17,061 5,747 ,078 595 4,149 754 4,738 Sept... 17,078 5,776 1,080 647 4,078 771 4,726 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

1594 CONSUMER CREDIT NOVEMBER 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 rn ep iz a a ir t io 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. Extens>ions 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 I960 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 Sept 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 1,631 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 1,836 1.729 1.440 181 134 1,853 1,613 Feb 6,022 5,007 2,228 1,915 760 1,338 175 132 1,859 1,622 Mar 6,030 6,173 2,229 2,382 ,698 [,619 186 176 1,917 1,996 Apr 6,189 6,480 2,272 2,496 1,645 1,614 189 190 2,083 2,180 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 1,973 2,143 July 6,278 6,429 2,301 2,465 I 792 1,755 179 200 2,006 2,009 Aug 6,288 6,394 2,313 2,343 1,794 1,769 194 224 1,987 2,058 Sept 6,331 5,992 2,324 2,039 ,834 ,828 172 187 2,001 1,938 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—Sept 5,104 5,002 1.802 1.786 1.491 1.469 172 173 1,639 1.574 Oct 5,097 5,172 1,788 ,871 1,456 1,481 167 175 1.686 1,645 Nov 5,155 5,064 1,818 ,783 1,509 1,463 174 168 1,654 1,650 Dec 5,256 5,455 1,864 ,838 1,505 1,532 177 175 1,710 1,910 1965 Jan 5,213 5,078 1,830 ,783 1,526 1,539 171 163 1,686 1,593 Feb 5,381 4,986 ,897 ,746 1,632 1,558 172 159 1,680 1,523 A M p a r r 5 5, , 4 3 4 9 5 3 5 5 , , 4 7 6 4 5 8 1 [, , 9 9 3 2 6 4 \ !, , 0 9 6 4 2 4 1 1 , , 5 4 6 8 7 7 1 1, , 5 6 0 5 2 9 1 1 9 7 0 1 1 19 8 1 2 1 1 , , 7 8 3 3 1 2 1 1 , , 8 8 4 2 5 8 M^ay 5,435 5,253 1,940 .890 1,564 1,509 172 169 1,759 1,685 June 5,537 5,729 1,960 2,032 1,587 1,611 179 185 1,811 1,901 July 5,612 5,610 .972 1,979 1,612 .604 169 171 1,859 1,856 Aug . . . .... 5,679 5,610 2,030 2,021 1,658 1,604 180 180 1,811 1,805 Sept 5,648 5,539 1,996 1,977 1,629 1,612 168 171 1,855 1,779 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 I 093 1961 696 —465 332 53 777 1962 4,506 2,318 746 55 I 388 1963 5,711 2,659 1,161 143 I 748 1964 5,652 2,322 1,537 113 680 1964—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 IVIay 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 AUK 609 784 283 322 136 165 14 44 176 253 Sept 683 453 328 62 205 216 4 16 146 159 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

NOVEMBER 1965 CONSUMER CREDIT 1595 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e s r t it f u i t n i a o n n c s ial Retail outlets Period S.A.I N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 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 Sept 5,617 5,393 > 104 1 989 J 191 1 142 J 405 1 348 917 914 Oct 5,507 5,552 2,030 2,044 1,156 ,192 ,402 ,319 919 997 Nov 5,456 5,323 2,036 1,873 1,114 ,070 ,370 ,365 936 1,015 Dec 5,816 6,767 2,186 2,176 1,191 ,317 ,443 ,704 996 1,570 1965 Jan 5,883 5,023 2,224 2,020 ,175 ,027 459 ,219 1,025 757 Feb 6,022 5,007 2,262 1,974 1,281 ,060 ,427 ,217 1,052 756 Mar 6,030 6,173 2,286 2,414 ,276 ,292 ,487 ,551 981 916 Apr 6,189 6,480 2,362 2,591 ,243 ,284 ,607 ,653 977 952 May 6,105 6,189 2,343 2,459 242 ,239 ,494 ,487 1,026 1,004 June 6,139 6,780 2,370 2,687 1,237 ,393 ,504 ,654 1,028 1,046 July 6,278 6,429 2,411 2,540 1,253 ,318 ,538 ,557 1,076 1,014 Aug . 6,288 6,394 2,478 2,509 1,256 ,293 ,514 ,576 1,040 1,016 Sept 6,331 5,992 2,464 2,293 1,311 ,228 ,514 ,440 1,042 1,031 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—Sept 5,104 5,002 1.860 1.851 1.118 1 .097 1,266 1 .210 860 844 Oct 5,097 5,172 ,868 ,908 1,071 1,120 1,284 1,244 874 900 Non . . .. 5,155 5,064 ,916 ,856 1,103 1,073 1,255 1,258 881 877 Dec 5,256 5,455 1,944 ,913 1,129 1,177 1,303 1,458 880 907 1965—Jan 5,213 5,078 ,921 ,872 1,059 992 J .299 1,233 934 981 Feb 5,381 4,986 ,956 .819 1,157 1,075 1,286 1,164 982 928 Mar 5,393 5,748 .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 1fin 1,137 1,384 1,375 998 971 Sept 5,648 5,539 2,083 2,075 1,180 1,147 1,410 1,350 975 967 Net change in credit outstanding 2 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 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 June 602 1,051 322 552 100 214 127 206 53 79 July 666 819 341 456 101 193 117 127 107 43 Aug 609 784 341 382 96 156 130 201 42 45 Sept 683 453 381 218 131 81 104 90 67 64 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

1596 INDUSTRIAL PRODUCTION: S.A. NOVEMBER 1965 MARKET GROUPING (1957-59« 100) [957-59 1964 1964 1965 Grouping p p r o o r - - avertion age Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July*" Aug. Sept. Total index 100.00 132.3 134.0 131.6 135.4 138.1 138.6 139.2 140.7 140.9 141.6 142.7 144.2 144.4 143.0 Final products, total 47.35 131.8 132.8 130.5 135.2 138.1 138.4 138.5 140.1 139.4 140.2 140.7 141.7 142.3 142.6 Consumer goods 32.31 131.7 132.5 129.5 134.5 138.0 138.4 138.0 140.0 138.5 138.6 138.7 139.3 139.7 139.7 Equipment, including defense.. 15.04 132.0 133.5 132.5 136.7 138.4 138.2 139.4 140.4 141.2 143.7 144.9 147.0 148.0 148.9 Materials 52.65 132.8 135.6 132.6 135.9 138.0 138.8 139.7 141.7 142.6 142.6 144.5 146.4 145.9 143.0 Consumer goods Automotive products 3.21 145. 144.7 105.9 143.0 166. 165.7 163.8 173.1 166.9 168.1 168.1 167.8 169.8 166.2 Autos 1.82 150.6 146.0 83.0 145.1 183.0 182.8 178.9 194.2 183.5 184.9 187.1 184.6 184.3 178.1 Auto parts and allied products... 1.39 138.0 143.0 136.1 140.2 144.0 143.1 143.9 145.2 145.1 146.0 143.0 145.8 150.7 150.6 Home goods and apparel 10.00 131.9 132.6 134.8 137.0 139.1 140.8 141.4 142.4 141.1 141.4 141.5 140.9 140.6 141.4 Home goods 4.59 141.1 140.6 144.0 147.7 150.5 151.7 152.7 154.0 152.1 151.8 151.3 151.2 150.0 151.5 Appliances, TV, and radios.. 1.81 137.1 138.9 143.1 145.6 149.4 147.2 148.7 150.8 149.0 147.6 148.8 146.5 145.2 147.1 Appliances 1.33 141.1 143.4 146.8 148.9 150.9 148.5 150.8 152.3 151.7 149.7 152.1 148.4 146.4 148.4 TV and home radios .4' 125.7 126.1 132.7 136.1 145.3 143.6 142.9 146.8 141.3 141.6 139.2 141.3 141.9 143.6 Furniture and rugs 1.26 142.4 141.0 145.5 148.3 149.7 150.6 152.6 152.7 152.0 154.4 153.5 154.0 152.3 152.0 Miscellaneous home goods... 1.5! 144.7 142.3 143.7 149.7 152.3 157.9 157.5 158.9 155.8 154.7 152.6 154.4 153.9 156.2 Apparel, knit goods, and shoes. 5.41 124.2 125.8 127.1 128.0 129.4 131.6 131.8 132.5 131.8 132.5 133.2 132.2| 132.6 Consumer staples 19.10 129.3 130.4 130.7 131.8 132.7 132.6 131.9 133.2 132.4 132.2 132.7 134.11134.1 134.4 Processed foods 8.43 119.9 118.7 120.0 122.0 122.5 122.3 121.3 122.1 122.1 121.1 120.7 122.4 121.6 121.6 Beverages and tobacco 2.43 123.2 125.2 121.5 126.0 127.5 128.3 126.1 128.1 121.5 124.8 126.2 123.9 124.1 Drugs, soap, and toiletries 2.97 146.9 152.6 151.9 149.7 151.8 154.2 152.8 154.2 152.6 151.9 152.9 157.0 160.1 161.3 Newspapers, magazines, and books. 1.47 123.7 121.3 121.8 122.8 124.3 125.8 125.3 128.6 126.9 126.6 125.6 128.0 128.0 126.1 Consumer fuel and lighting 3.67 142.3 145.8 147.2 147.0 146.9 143.9 145.4 146.5 148.8 148.2 150.6 151.2 150.6 Fuel oil and gasoline 1.20 119.6 120.4 122.2 119.9 120.1 118.0 119.9 118.6 122.4 119.9 122.8 123.1 123.1 123.9 Residential utilities 2.46 153.4 158.2 159.4 160.2 159.9 156.5 157.8 160.0 161.7 162.0 164.1 164.9 164.0 Electricity 1.72 159.6 164.8 165.9 166.6 165.9 163.7 164.3 167.0 169.1 169.3 172.2 172.6 171.3 Gas .74 Equipment Business equipment 11.63 139.1 141.4 140.6 146.1 148.5 747.7 149.2 150.1 150.9 153.5 154.6 156.4 157.31 158.7 Industrial equipment 6.85 137.0 140.4 140.4 144.5 145.9 144.8 147.1 148.3 148.4 150.6 151.9 155.1 153.8 155.3 Commercial equipment 2.4: 145.3 147.6 149.3 151.0 152.4 152.5 156.2 159.1 161.3 162.3 164.1 165.2 165.2 166.4 Freight and passenger equipment. 1.76 141.0 139.0 128.6 149.1 155.2 154.0 150.7 148.2 150.8 157.1 157.8 155.0 163.6 164.2 Farm equipment .61 133.1 134.1 142.2 135.1 142.1 142.5 141.3 140.4 138.3 141.7 143.7 145.3 147.3! Defense equipment 3.41 Materials Durable goods materials. 26.73 131. 135.3 128.6 134.9 136.8 138.0 139.0 142.6 142.9 143.4 146.1 148.4 147.0 142.3 Consumer durable 3.43 145.8 153.1 112.8 147.4 156.1 159.6 164.9 166.3 163.4 162.3 169.9 171.8 167.9 164.1 Equipment 7.84 134.4 137.1 137.7 139.2 141.5 142.6 143.8 146.9 147.5 148.7 150.0 153.3 154.7 154.3 Construction 9.17 124.5 125.8 124.1 126.8 127.5 128.3 130.8 133.5 130.5 131.4 131.3 132.7 134.6 134.2 Metal materials n.e.c.... 6.29 129.2 128.5 131.7 135.1 139.1 141.9 140.5 142.5 141.8 139.7 142.3 146.3 140.8 129.6 Nondurable materials 25.92 134.3 135.8 136.7 137.0 139.2 139.5 140.5 140.6 142.4 141.8 143.4 145.0 144.8 143. Business supplies 9.11 127.4 126.4 129.3 129.0 132.7 133.2 135.6 134.2 135.1 134.1 134.8 137.6 135.6 134.4 Containers 3.03 127.9 125.4 131.8 132.3 135.3 136.3 138.0 129.7 137.3 132.0 132.0 136.1 132.1 133.5 General business supplies. 6.07 127.1 126.9 128.0 127.3 131.4 131.6 134.4 136.5 134.0 135.2 136.2 138.3 137.3 134.8 Nondurable materials n.e.c.. 7.40 157.7 162.1 162.2 163.3 165.2 167.0 167.5 167.6 170.8 168.8 171. 174.7 175.9 176.6 Business fuel and power 9.41 122.6 124.3 124.0 124.0 125.1 124.1 123.9 125.7 127.2 127.9 129. 128.9 129.3 126.7 Mineral fuels 6.07 112.2 113.4 113.3 113.0 113.3 112.1 111.1 112.3 114.3 115.1 116. 117.0 117.4 113.2 Nonresidential utilities 2.86 149.6 152.1 151.0 151.2 154.6 153.8 155.6 158.5 159.6 160.1 162.4 158.8 160.1 Electricity 2.3! 149.6 152.0 150.4 150.5 154.6 154.7 156.1 159.1 160.2 160.7 163.4 160.8 162.3 General industrial 1.03 142.8 147.1 144.1 147.4 149.7 148.7 150.9 154.9 155.8 156.0 159.8 159.3 161.3 Commercial and other.. 1.21 159.7 161.1 160.6 158.1 164.2 165.3 166.0 168.3 169.8 170.5 172.4 167.9 169.2 Gas .54 Supplementary groups of consumer goods Automotive and home goods... 7.80 142.8 142.3 128.3 145.7 156.9 157.4 157.3 161.9 158.2 158.5 158.2 158.1 158.21 157.6 Apparel and staples 24.51 128.1 129.4 129.9 131.0 132.0 132.4 131.9133 .0 132.3 132.2 132.8 133.7 133.8| For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 INDUSTRIAL PRODUCTION: S.A. 1597 INDUSTRY GROUPINGS (1957-59= 100) .957-59 1964 1964 1965 Grouping p p ti r o o o r n - - a a v g e e r- Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept Total index. 100.00 132.3 134.0 131.6 135.4 138.1 138.6 139.2 140.7 140.9 141.6 142.7 144.2 144.4 143.0 Manufacturing, total. 86.45 133.1 134.8 132.0 136.4 139.4 140.2 140.8 142.3 142.4 143.1 144.1 145.7 146.0 144.6 Durable 48.07 133.5 135.3 129.9 137.0 140.9 142.0 142.7 144.8 145.5 146.4 148.1 150.0 150.3 147.8 Nondurable 38.38 132.6 134.2 134.6 135.6 137.6 137.9 138.4 139.1 138.5 138.8 139.0 140.4 140.5 140.5 Mining 8.23 111.3 112.2 112.0 112.8 112.5 111.8 111.8 112.5 113.0 114.0 115.3 116.0 117.2 113.4 Utilities 5.32 151.3 155.0 154.9 155.4 157.1 154.9 156.1 158.5 159.9 160.4 162.5 161.6 161.9 163.0 Durable manufactures Primary and fabricated metals 12.32 130.7 133.5 132.3 136.4 139.1 140.0 140.4 142.5 144.0 142.7 144.5 148.4 146.1 757.7 Primary metals 6.95 129.1 132.9 133.6 136.1 138.6 139.6 136.9 140.4 141.4 140.2 143.0 148.7 145.0 129.9 Iron and steel 5.45 126.5 129.1 132.5 135.2 136.4 137.1 137.0 139.5 141.2 139.7 143.3 152.1 143.3 124.8 Nonferrous metals and products. 1.50 138.3 139.0 133.9 140.6 150.9 148.0 149.0 151.0 153.6 153.4 146.1 138.4 142.2 148.0 Fabricated metal products 5.37 132.7 134.3 130.7 136.9 139.7 140.6 145.0 145.2 147.4 146.0 146.4 148.0 147.6 146.4 Structural metal parts 2.86 130.3 131.7 128.6 135.8 137.2 137.0 140.9 144.1 144.3 142.7 144.3 145.5 145.0 144.7 Machinery and related products.... 27.98 136.4 138.2 129.0 139.2 144.6 145.4 145.9 148.5 149.3 151.2 153.4 154.8 755.5 755.5 Machinery 14.80 141.4 144.4 145.2 147.7 150. 150.7 152.5 153.9 155.4 156.9 159.0 160.6 161.4 161.7 Nonelectrical machinery 8.43 142.1 145.0 145.4 148.1 150.7 151.3 152.7 153.8 155.2 157.0 159.4 161.7 162.4 161.8 Electrical machinery 6.37 140.6 143.7 144.9 147.2 149.2 150.0 152.3 154.1 155.8 156.8 158.4 159.2 160.1 161.6 Transportation equipment 10.19 130.7 131.3 105.3 129.2 140.3 141.4 139.7 144.4 144.6 147.3 149.5 149.8 151.5 149.4 Motor vehicles and parts 4.68 150.1 151.0 96.2 143.9 167.4 169.1 167.7 176.4 173.2 175.5 178.0 177.4 177.5 175.1 Aircraft and other equipment... 5.26 112.4 112.7 110.8 114.5 115.0 115.5 114.1 115.3 118.6 121.7 123.3 124.1 127.3 125.6 Instruments and related products.. 1.71 136.4 138.6 137.6 140.2 142.0 142.7 145.3 146.9 145.5 147.0 149.8 152.1 152.6 155.7 Ordnance and accessories 1.28 C C l l a a y y , t g g l l a as s s s , , a an n d d l s u to m n b e e r products. 4 2 . . 7 9 2 9 1 1 2 2 1 6 . . 1 0 1 1 2 2 0 7 . . 7 0 1 1 2 2 1 6 . . 0 9 1 1 2 2 0 7 . . 9 7 1 1 2 3 1 0 . . 1 2 1 1 2 3 4 2 . . 9 4 1 1 2 3 5 1 . . 9 8 1 1 2 2 6 9 . . 0 2 7 12 2 9 4 . . 9 7 7 13 2 0 5 . . 3 5 1 1 2 3 4 1 . . 7 6 7 1 2 32 5 . . 6 5 7 1 2 33 7 . . 5 5 7 1 2 3 7 3. . 8 2 Lumber and products 1.73 112.6 109.7 110.8 109.2 105.5 111.9 115.6 120.5 114.2 117.1 112.8 115.4 117.2 115.9 Furniture and miscellaneous.. 3.05 138.4 138.4 141.7 143.4 145.4 145.2 147.6 148.4 149.5 750.7 750.5 149.7 757.5 752.0 Furniture and fixtures 1.54 143.4 144.1 147.4 149.3 151.5 150.6 154.3 154.3 155.6 156.5 156.8 155.8 156.3 156.8 Miscellaneous manufactures. 1.51 133.4 132.6 135.9 137.4 139.1 139.6 140.8 142.4 143.2 143.6 143.6 143.5 146.6 147.1 Nondurable manufactures Textiles, apparel, and leather 7.60 125.2 727.0 128.9 130.2 757.5 133.3 133.8 133.7 133.9 755.0 134.5 754.7 134.3 134.8 Textile mill products 2.90 122.9 125.5 127.8 128.7 130.3 131.7 132.0 131.5 132.2 131.6 132.2 133.8 134.1 134.6 Apparel products 3.59 134. 135.8 137.2 139.1 140.6 142.2 143.7 144.0 144.3 145.3 145.4 143.8 143.0 Leather and products 1.11 102.6 102.7 104.8 105.4 105.6 108.7 106.6 106.1 105.0 110.9 105. 107.7 107.0 Paper and printing 8.17 127.5 127.4 128.8 128.2 132.1 132.0 131.8 132.9 133.2 134.2 134.0 755.9 136.4 134.8 Paper and products 3.43 133.4 133.5 137.0 133.8 140.2 139.1 137.5 139.0 140.0 140.9 139.4 142. 141.2 142.5 Printing and publishing. 4.74 123.3 123.0 123.0 124.2 126.2 126.8 127.7 128.5 128.3 129.3 130.0 131.3 133.0 129.3 Newspapers 1.53 117.0 115.9 114.3 117.0 122.6 121.4 120.9 121.0 120.7 121.5 124.7 126.2 129.7 120.1 Chemicals, petroleum, and rubber., 11.54 152.5 157.1 156.2 156.2 755.5 158.2 160.4 162.0 160.8 757.2 161.6 164.1 165.0 755.9 Chemicals and products 7.58 159.6 165.1 163.0 163.2 166.4 166.7 167.8 169.5 169.2 169.3 169.9 172.8 173.8 175.3 Industrial chemicals 3.84 178.4 185.2 181.0 182.9 187.9 186.0 188.2 190.8 191.6 191.7 192.9 194.9 194.8 Petroleum products 1.97 121.0 120.2 122.7 121.7 120.9 119.0 121.5 122.2 121.5 122.9 121.8 124.5 125.8 125^6 Rubber and plastics products 1.99 156.3 163.0 163.2 163.7 165.7 164.7 171.1 172.6 167.7 168.2 169. 170.2 170.3 Foods, beverages, and tobacco.... 11.07 120.8 120.4 120.5 123.3 123.9 124. 123.4 123.7 122.4 727.5 722.5 122.9 122.4 122.4 Foods and beverages 10.25 120.8 120.4 120.3 123.5 123.8 124.3 123.4 123.4 122.5 121.9 122.3 123.1 122.5 122.5 Food manufactures 8.64 120.1 119.1 120.2 122.6 122.9 123.0 122.6 122.4 122.6 120.6 121.2 122.6 121.9 121.9 Beverages 1.61 124.4 127.6 120.6 128.5 128.6 131.4 127.4 128.6 121.8 129.0 128.5 125.9 125.9 Tobacco products .82 120.8 120.6 123.3 121.0 125.4 122.2 123.5 127.2 120.9 116.5 121.8 119.9 120.7 Mining Coal, oil, and gas 6.80 109.8 111.4110.7 110. 110.4 109.4 109.4 770.0 777.5 772.7 775.5 775.7 114.6 770.5 Coal 1.16 107.1 107.0 108.9 109.6 110.1 107.7 103.2 103.1 107.9 113.0 117.1 117.1 115.2 106.7 Crude oil and natural gas 5.64 110.4 112.3 111.1 110.4 110.4 109.8 110.6 111.4 112.0 111.9 112.5 113.0 114.5 111.7 Oil and gas extraction 4.91 113.4 114.9 114.3 113.8 114.0 113.2 113.0 114.5 115.8 115.6 116.9 117.0 118.0 114.7 Crude oil 4.25 109.9 111 110.8 110.2 110.9 109.8 108.6 110.5 111.4 111.3 112.2 112.1 113.4 110.5 Gas and gas liquids .66 136.1 139.1 136.8 136.5 133.8 134.6 141.0 140.2 144.0 143.1 146.5 147.9 Oil and gas drilling .73 90.1 94.4 89.2 87.3 86.4 86.9 94.7 90.2 86.0 87.4 82.9 86.0 91 ."i '91.3 Metal, stone, and earth minerals. 1.43 118.1 116.0 117.9 125.1 122.7 123.3 123.1 124.3 121.4 722.9 124.9 126.9 729.5 725.7 Metal mining .61 117.4 111.1 115.4 126.6 121.8 126.7 123.4 124.6 125.8 121.6 123.7 126.4 130.1 123.4 Stone and earth minerals .82 118.7 119.6 119.7 123.9 123.4 120.8 122.9 124.1 118.2 123.9 125.8 127.3 129.1 127.4 Utilities Electric 4.04 153.9 157.5 157.0 157.4 159.4 158.5 159.6 162.4 164.0 164.3 167.1 165.8 166.2 Gas 1.28 143.4 147.1 148.4 149.0 149.6 143.6 145.4 146.0 147.2 147.8 147.9 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

1598 INDUSTRIAL PRODUCTION: N.S.A. NOVEMBER 1965 MARKET GROUPINGS (1957-59= 100) 1957-59 1964 1964 1965 pro- aver- Grouping p ti o o r n - age Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July' Aug.r Sept. 100.00 132.3 136.8 135.3 136.2 135.5 136.7 139.1 141.7 141.6 142.6 145.2 139.3 143.2 145.3 47.35 131.8 136.6 135.1 135.5 135.1 136.7 138.3 140.9 138.5 139.8 143.2 138.3 141.2 144.9 32.31 131.7 137.7 136.4 135.4 133.3 136.0 137.7 140.5 136.9 137.8 141 6 135 2 139 1 142 7 Equipment, including defense.... 15.04 132.0 134.1 132.4 135.7 139.1 138.3 139.8 141.6 142.0 144.2 146.8 144.9 145.9 149.4 52.65 132.8 137.0 135.5 136.8 135.9 136.7 139.8 142.5 144.3 145.0 147.0 140.3 144.9 145.7 Consumer goods 3.21 145.1 139.1 114.7 153.4 169.5 175.5 173.9 182.9 176.7 178.8 180.3 158.5 106.8 129.1 1.82 150.6 132.9 95.4 165.4 192.2 201.1 196.8 213.6 200.0 203.4 208.6 171.7 72.8 114.0 Auto parts and allied products 1.39 138.0 147.2 140.2 137.6 139.7 141.7 143.8 142.4 146.0 146.5 143.1 141.2 151.7 149.1 10.00 131.9 135.8 142.5 139.1 130.4 135.1 144.6 147.2 141.8 142.6 145.2 129.9 142.6 146.8 4.59 141.1 148.4 151.7 152.9 147.7 143.7 152.8 157.3 152.8 153.0 155.6 138.9 145.8 160.1 Appliances, TV, and radios 1.81 137.1 146.6 149.5 151.7 140.4 138.8 156.7 163.1 154.5 154.7 158.1 126.5 129.2 156.0 1.33 141.1 147.1 143.9 150.2 145.1 141.7 159.8 170.8 161.5 161.8 165 4 130.2 123 9 151.5 TV and home radios .47 125.7 145.0 165.2 156.1 127.0 130.7 148.0 141.4 134.7 134.7 137.5 115.9 144.2 168.7 Furniture and rugs 1.26 142.4 147.1 152.3 152.3 154.5 147.3 150.0 150.9 149.3 148.5 151.7 145.8 156.1 158.5 1.52 144.7 151.6 153.8 154.9 150.8 146.5 150.4 155.7 153.5 154.7 155.7 148.2 157.0 166.3 Apparel, knit goods, and shoes 5.41 124.2 125.2 134.7 127.4 115.8 127.7 137.7 138.5 132.5 133.8 136.5 122.3 139.9 19.10 129.3 755.5 136.8 130.5 128.7 129.9 127.9 129.9 127.6 128.4 133.1 134.0 142.6 142.9 8.43 119.9 135.2 134.3 125.1 118.7 115.6 112.1 113.8 112.7 114.4 118.8 122.4 133.5 137.7 Beverages and tobacco 2.43 123.2 126.8 127.6 119.0 109.9 112.6 114.8 124.6 123.9 133.6 144.4 127.6 135.4 2.97 146.9 154.1 154.9 150.1 148.8 153.0 152.3 155.0 151.1 152.1 156.3 153.9 163.6 162.9 Newspapers, magazines, and books. 1.47 123.7 124.7 123.5 122.8 124.8 124.5 124.4 128.3 125.9 125.6 124.6 126.1 129.7 129.6 Consumer fuel and lighting 3.67 142.3 146.6 138.8 137.4 148.9 156.8 154.0 150.2 145.1 138.5 142.8 151.9 156.5 1.20 119.6 120.4 119.0 119.2 122.9 123.0 123.0 117.4 116.0 115.9 121.4 125.1 126.7 124.6 2.46 153.4 Electricity 1.72 159.6 166.4 150.1 146.6 168.4 187.6 180.4 175.7 165.7 151.5 156.7 172.6 181.6 Gas .74 Equipment Business equipment 11.63 139.1 142.2 140.1 144.1 148.5 147.3 149.7 151.9 152.2 154.4 157.3 153.9 154.9 159.4 6.85 137.0 141.7 139.6 142.5 146.8 145.1 146.4 148.4 148.4 150.8 153.3 153.5 153.3 156.7 2.42 145.3 149.8 151.8 152.8 155.0 152.7 155.1 157.7 158.2 160.4 164.6 162.9 165.5 168.9 Freight and passenger equipment... 1.76 141.0 139.0 128.6 146.1 149.8 149.4 152.2 154.9 156.8 161.8 164.1 148.8 157.1 164.2 Farm equipment .61 133.1 125.9 133.5 122.1 138.7 145.0 157.8 158.9 157.6 149.2 152.8 137.9 125.4 3.41 Materials Durable goods materials 26.73 131.2 136.3 131.8 135.8 135.2 135.7 138.7 142.9 144.4 146.9 149.5 142.9 144.1 146.1 3.43 145.8 153.1 115.6 151.8 163.9 165.2 167.4 171.3 168.3 168.8 171.6 158.1 144.4 164.1 Equipment 7.84 134.4 135.7 137.3 139.3 143.6 143.9 145.1 148.5 149.1 149.7 151.5 148.5 150.1 152.8 Construction 9.17 124.5 133.3 130.9 126.5 118.6 115.9 120.3 125.5 129.2 136.0 141.2 139.3 144.0 142.3 6.29 129.2 132.4 134.9 136.2 133.0 138.2 141.8 145.9 147.5 147.4 146.9 133.1 136.7 133.5 Nondurable materials 25.92 134.3 137.6 139.3 137.9 136.6 137.8 140.9 142.0 144.3 143.1 144.5 137.5 145.8 145.2 9.11 121.4 130.8 134.9 130.2 127.3 128.0 133.3 134.2 138.7 136.3 137.0 128.4 137.7 139.1 3.03 127.9 133.6 138.4 125.0 117.7 128.1 135.2 129.7 141.4 133.3 138.6 130.7 145.3 142.2 6.07 127.1 129.4 133.1 132.8 132.1 127.9 132.4 136.5 137.4 137.9 136.2 127.2 133.9 137.5 Nondurable materials nee.. . 7.40 157.7 161.4 163.0 164.9 161.9 166.2 170.8 171.8 174.2 173.0 173.7 163.9 174.1 174.8 Business fuel and power 9.41 122.6 125.4 125.0 124.2 125.6 124.9 124.8 126.1 126.2 126.0 128.8 125.7 131.3 127.9 Mineral fuels. 6.07 112.2 112.2 114.1 114.4 114.9 114.0 114.6 114.9 115.6 113.9 114.9 109.3 115.9 112.0 2.86 149.6 Electricity . 2.32 149.6 159.9 152.6 147.7 151.4 152.3 150.0 153.6 152.7 156.3 164.8 168.9 174.8 General industrial 1.03 142.8 149.3 147.3 147.4 148.2 148.0 147.0 153.4 153.8 156.8 161.2 158.5 164.5 Commercial and other 1.21 159.7 174.3 162.2 152.7 159.3 161.2 157.7 159.2 157.1 161.5 174.1 184.2 190.3 Gas .54 Supplementary groups of consumer goods Automotive and home goods 7.80 142.8 144.6 136.5 153.1 156.7 156.8 161.5 167.8 162.6 163.6 165.8 147.0 129.7 147.3 24.51 128.1 135.5 136.4 129.8 125.8 129.4 130.1 131.8 128.7 129.6 133.9 131.4 142.0 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 INDUSTRIAL PRODUCTION: N.S.A. 1599 INDUSTRY GROUPINGS (1957-59= 100) 957-59 1964 1964 1965 Grouping p p ti r o o o r n - - a a v g e e r- Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Julyr Aug.r Sept Total index. 100.00 132.3 136.8 135.3 136.2 135.5 136.7 139.1 141.7 141.6 142.6 145.2 139.3 143.2 145.3 Manufacturing, total.. 86.45 133 A 137.6 136.3 137.7 136.4 137.7 140.5 143.5 143.4 144.6 147.2 140.3 143.8 146.8 Durable 48.07 133.5 136.9 132.6 139.0 140.7 140.7 143.5 147.1 147.5 149.0 151.7 144.9 143.1 147.9 Nondurable 38.38 132.6 138.5 141.0 136.0 131.1 133.8 136.8 139.0 138.2 139.0 141.5 134.6 144.8 145.4 Mining 8.23 111.3 113.6 114.5 113.4 112.1 110.8 111.1 111.1 113.0 114.4 115.9 112.3 118.4 115.0 Utilities 5.32 151.3 Durable manufactures Primary and fabricated metals 12.32 130.7 135.5 134.8 137.6 136.4 139.4 142.7 145.9 148.4 146.0 147.4 138.7 142.4 140.2 Primary metals 6.95 129.1 131.4 134.9 137.5 134.4 141.0 144.7 149.1 150.9 146.6 145.9 133.1 136.0 130.0 Iron and steel 5.45 126.5 129.1 134.5 136.6 133.0 139.8 142.9 146.5 148.3 142.5 143.3 135.4 134.7 124.8 Nonferrous metals and products. 1.50 138.3 140.0 136.4 140.6 139.4 145.5 151.2 158.5 160.4 161.5 155.2 124.6 140.8 149.0 Fabricated metal products 5.37 132.7 140.7 134.6 137.7 139.0 137.2 140.2 141.7 145.2 145.3 149.3 145.8 150.6 153.4 Structural metal parts 2.86 130.3 137.0 132.5 137.8 138.6 134.3 135.3 138.5 140.0 142.0 147.2 145.5 148.6 150.5 Machinery and related products.... 27.98 136.4 137.9 130.5 141.6 147.1 146.9 148.9 152.9 151.6 153.7 156.5 149.4 142.5 151.8 Machinery 14. 141.4 145.6 145.7 147.9 151.5 150.3 154.8 158.2 157.5 158.6 161.7 155.0 155.3 162.7 Nonelectrical machinery 8.43 142.1 143.1 142.8 145.0 151.8 152.1 155.4 159.6 159.9 160.9 163.2 159.3 154.8 159.7 Electrical machinery 6.37 140.6 149.0 149.6 151.7 151.0 148.1 153.9 156.3 154.4 155.7 159.8 149.2 156.0 166.8 Transportation equipment 10.19 130.7 128.5 108.3 135.0 144. 146.1 144.8 150.6 148.3 151.9 153.9 144.0 123.8 137.3 Motor vehicles and parts 4.68 150.1 145.8 102.3 155.0 174.8 178.9 177.3 187.7 179.8 185.0 189.0 168.5 120.2 149.5 Aircraft and other equipment... 5.26 112.4 112.2 111.4 116.2 117.3 116.7 115.5 117.0 119.2 121.2 121.6 121.1 125.0 125.1 Instruments and related products.. 1.71 136.4 140.1 139.1 142.7 143. 141.7 143.1 144.7 143.3 145.5 151.3 150.6 153.8 157.4 Ordnance and accessories 1.28 Clay, glass, and lumber 4.7. 121.1 129.9 128. 121.1 110.5 108.3 114.4 117.3 122.9 130.6 135.5 133.0 139.8 137.8 Clay, glass, and stone products. 2.99 126.0 134.6 134.5 129.6 120. 113.9 116.4 118.9 129.3 136.2 142.1 141.9 146.2 143.2 Lumber and products 1.73 112.6 121.8 117.4 106.5 93.4 98.5 111.0 114.5 111.9 121.0 124.1 117.7 128.9 128.6 Furniture and miscellaneous.. 3.05 138.4 144.8 149. 148. 146.7 139.5 142.9 145.6 145.2 146.7 150.5 146.4 156.3 159.0 Furniture and fixtures 1.54 143.4 149.6 153.0 152.0 154. 147.6 150.4 152.4 151.4 151.8 156.5 154.2 161.5 162.8 Miscellaneous manufactures. 1.51 133.4 139.9 145.4 144.3 139.1 131.2 135.2 138.8 138.9 141.4 144.3 138.5 151.0 155.2 Nondurable manufactures Textiles, apparel, and leather. 7.50 125. 126.2 132.8 129.4 119.4 131.2 139.3 139.4 135.5 136.5 137.4 121.9 138.7 135.3 Textile mill products 2.90 122.9 126.1 127.8 129.3 121. 131.0 134.6 134.1 135.5 137.5 136.8 121.5 137.5 135.3 Apparel products 3.59 134.1 133.1 144.7 137.7 124.4 138.6 150.9 151.9 145.0 145.3 147.6 130.1 147.3 Leather and products 1.11 102.6 104.2 107.4 103.3 98.5 108.2 114.0 112.5 105.0 105.9 106.2 96.4 114.0 Paper and printing 8.1 127.5 129.4 134.9 130.9 127.5 128.6 131.8 134.6 136.1 135.2 134.7 127.3 135.6 137.3 Paper and products 3.43 133.4 135.5 145.9 134.5 126.6 137.0 140.9 141.8 144.2 141.6 142.2 130.7 144.3 145.4 Printing and publishing 4.74 123.3 124.9 126.9 128.4 128.2 122.6 125.3 129.5 130.2 130.5 129.3 124.8 129.3 131.4 Newspapers 1.53 117.0 116.7 122.6 128.7 123.2 111.2 116.9 123.4 129.3 129.5 125.3 109.8 117.4 120.9 Chemicals, petroleum, and rubber.. 11.54 152.5 158. 158.6 155.3 154.6 156.9 161.3 163.2 163 A 162.9 165.4 159.1 166.4 757.5 Chemicals and products 7.58 159.6 164.6 164.1 162.8 162.4 164.7 168.2 171.5 173.2 171.7 174.1 168.6 175.6 176.9 Industrial chemicals 3.84 178.4 183.3 181.9 184.4 186.0 185.1 190.1 192.7 196.4 192.8 195.8 190.0 195.8 Petroleum products 1.97 121.0 125.0 1*23.3 119.9 119.1 117. 119.7 117.9 116.6 121.1 125.5 130.1 132.1 127.5 Rubber and plastics products 1.99 156.3 166.8 172.3 162.1 159.9 166.3 176.2 176.4 172.9 171.6 171.6 151.5 165.2 Foods, beverages, and tobacco 11.07 120.8 133.1 133.0 124.2 117.2 115.4 113. 116.7 115.4 118.8 124.4 123.2 133.4 135.2 Foods and beverages 10.25 120.8 133.7 132.9 124.3 118. 115.0 112.5 116.0 115.0 118.6 123.9 124.6 133.7 136.0 Food manufactures 8.64 120.1 134.9 134.6 125.7 119.2 116.2 112.8 114.4 113.0 114.6 118.7 122.0 132.9 137.2 Beverages 1.61 124.4 127.6 124. 116. 113.9 108.4 110.7 124.2 125.5 140.1 151.6 138.5 137.9 Tobacco products 120.8 125.3 134.3 123.4 102. 120.9 122.9 125.3 120.7 120.7 130.3 106.1 130.6 Mining Coal, oil, and gas 6.80 109.8 110.5 111.6 111.7 112.3 111. 112.2 111.5 112.0 110.6 111.3 106.9 113.5 UO.O Coal 1.16 107.1 113. 118. 114.1 108. 105.5 104.4 103.9 108.7 114.1 116.6 90.2 121.2 112.9 Crude oil and natural gas 5.64 110.4 109.9 110. 111.3 113.1 113.0 113.8 113.1 112.6 109.9 110. 110.3 111.9 109.4 Oil and gas extraction 4.91 113.4 111.9 113.0 114.5 116.5 116.0 116.9 117.5 117. 113.8 114.5 113.8 114.7 111.8 Crude oil 4.25 109.9 108.9 109. 110.2 112.0 111.4 111.9 112.7 113. 110. 111.1 109.9 111.1 108.3 Gas and gas liquids .66 136.1 131.3 133.9 141.6 144.9 145.6 149.0 147.8 143.3 137.5 136.4 139.0 Oil and gas drilling .73 90.1 96.4 91.4 89.5 90.5 92.6 92.4 83.6 81.5 83.6 81.2 86.6 '93.'3 '93.*2 Metal, stone, and earth minerals... 1.43 118. 128.3 127.9 121.5 HI. 106. 105.8 109.1 117. 132.4 138.0 138.1 141. 139.1 Metal mining .61 117.4 125.5 123.5 116.5 109.6 111.5 111.1 110.9 117.0 133.8 139.8 135.2 140.5 139.4 Stone and earth minerals .82 118.7 130.4 131.1 125.1 112.3 102. 101.9 107. 118. 131.3 136.7 140.2 142. 138.9 Utilities Electric. 4.04 153.9 162.6 151.5 147.3 158.6 167.3 163.0 163.0 158.: 154.: 161.4 170.5 177. 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

1600 BUSINESS ACTIVITY; CONSTRUCTION NOVEMBER 1965 SELECTED BUSINESS INDEXES (1957-59-100) Industrial production fac M tu a r n in u g - 2 Prices 4 Nonag- Period Total M F a in jo a r l m pr a o r d k u e c t t g s roupi M ng a s te- Ma g j r o o r u i p n i d n u g s s try t C s c r t t o i a o r o n n c u n - t - - s T m r p o t e u i l e t m c o a r n u a y - l t l — l - - i p m E l m o en y - - t P ro a l y ls - F l r i c o n e a a i g r g d s - h - t s T r a e o l t e t a s a i l l 3 s C u o m n e - r W m c s o o a h m d l o e - i l t e y - 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 - 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 1960 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—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.. 138.6 138.4 138.4 138.2 138.8 140.2 111.8 154.9 137 113.0 104.5 132.8 100.4 134 108.9 101.0 Feb.. 139.2 138.5 138.0 139.4 139.7 140.8 111.8 156.1 140 113.6 105.0 133.5 96.4 136 108.9 101.2 Mar.. 140.7 140.1 140.0 140.4 141.7 142.3 112.5 158.5 141 114.2 105.6 135.1 98.1 133 109.0 101.3 Apr.. 140.9 139.4 138.5 141.2 142.6 142.4 113.0 159.9 152 114.1 105.7 133.6 98.6 134 109.3 101.7 May. 141.6 140.2 138.6 143.7 142.6 143.1 114.0 160.4 145 114.5 105.8 134.7 100.5 137 109.6 102.1 June. 142.7 140.7 138.7 144.9 144.5 144.1 115.3 162.5 139 115.0 106.6 135.5 93.8 136 110.1 102.8 J A u u ly g . .. r1 14 4 4 4 . . 2 4 1 1 4 4 2 1 . . 3 7 1 1 3 3 9 9 . . 7 3 1 1 4 4 8 7 . . 0 0 1 1 4 4 6 5 . . 4 9 ' 1 1 4 4 5 6 . . 7 0 1 '1 1 1 6 7 . . 0 2 1 16 6 1 1 . . 9 6 1 1 4 3 9 9 1 1 1 1 5 5. . 4 5 1 1 0 0 7 7 . . 3 3 1 1 3 3 6 6 . . 3 7 9 9 5 4 . . 1 3 1 1 3 3 9 8 1 1 1 1 0 0 . . 2 0 1 1 0 0 2 2 . . 9 9 Sept., 143.0 142.6 139.7 148.9 143.0 144.6 113.4 163.0 147 115.8 107.4 137.9 93.5 139 110.2 103.0 OP 143.6 144.1 140.3 152.2 143.2 145.0 116.0 164.0 116.2 107.5 139.1 93.4 140 103.1 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 Ty ty p p e e o o f f o c w o n n e s r tr sh u i c p ti o a n nd 1963 1964 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total construction 45,546 47,330 3,763 4,033 3,758 3,598 3,131 3,226 4,224 4,770 4,864 4,625 4,795 4,265 4,153 By type of ownership: Public 14,653 15,374 1,124 1,311 1,174 1,230 1,105 1,113 1,356 1,539 1,517 1,553 1,750 1,313 Private 30,893 31,956 2,639 2,722 2,584 2,368 2,026 2,113 2,867 3,231 3,348 3,072 3,045 2,952 By type of contraction: Residential building 20,502 20,565 1,717 1,703 1,482 1,306 1,275 1,300 1,877 2,139 2,074 2,080 1,952 1,971 1,756 14,377 15,522 1,229 1,429 1,264 1,299 1,156 1,062 1,384 1,546 1,775 1,551 1,691 1,507 1,464 Nonbuilding 10,667 11,244 817 902 1,012 994 700 864 962 1,086 1,015 993 1,151 788 934 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

NOVEMBER 1965 CONSTRUCTION 1601 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 ia u B l s u - sine m C ss e o rc m ia - l P u u ti b li l t i y c O n d r t e o t e i h s a n n i l e - - - 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 1959 i 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—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 C9,476 Dec. 66,178 45,684 25,953 14,416 3,610 5,641 5,165 5,315 20,494 756 7,583 2,187 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 9,760 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.. 67,953 48,194 26,621 16,053 4,096 6,815 5,142 5,520 19,759 910 6,529 2,000 10,320 Sept.** 69,178 48,000 26,276 16,145 4,114 6,754 5,277 5,579 21,178 7,636 2,040 Oct. P. 68,191 47,599 26,091 15,855 4,117 6,507 5,231 5,653 20,592 2,105 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) Annual rate, By area By type of ownership S.A. Government- (private only) underwritten Period Total Non- Private Metro- metro- Total N fa o rm n- politan politan Total fam 1- ily fam 2- ily f M am ul i t l i y - Public Total FHA VA 1955 1,646 1 627 19 670 277 393 1956 1,349 1,325 24 465 195 271 1957 . . 1 224 175 49 322 193 128 1958 1,382 314 68 439 337 102 1959 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960 1,296 889 407 I 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 .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 1,557 972 54 532 33 264 205 59 1964—Sept 1,445 ,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 :1,575 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 ,482 1,468 88 63 25 85 51 3 31 2 16 12 4 Mar ,489 I 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 1,516 1,501 162 111 52 158 102 5 50 5 24 19 5 June ,566 1,539 162 115 48 156 100 6 50 7 25 19 5 July ,473 ,447 144 95 49 141 94 5 43 3 22 17 5 Aus V ,422 V ,404 *>138 94 43 2>134 88 5 41 22 18 5 Sept V ,424 V ,407 *123 86 38 nil 81 4 37 v2 21 17 4 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

1602 EMPLOYMENT NOVEMBER 1965 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force,S.A. Unemploy- Total non- Not in the Total Employed * ment Period institutional labor force labor rate 2 po N pu .S la .A ti . on N.S.A. f S o . r A ce . Total Total In c n u o lt n u a ra g l ri- In U pl n o e y m ed - (pe S r .A ce . nt) 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—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 4.5 136.473 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 Oct 136,862 58,149 78,538 75,778 72,486 67,935 4,551 3,292 4.3 1 Includes self-employed, unpaid family, 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 n r a u c c t - T ti li o r c a n n u s & t p il o i p t r i u t e b a s - - Trade Finance Service G m ov e e n r t n- 1959 i 53,297 16,675 732 2,960 4,011 11,127 2,594 7 115 8,083 1960 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—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 Aus 60,685 18,158 631 3,214 4,092 12,706 3,024 8,901 9,959 Septp . 60 796 18,177 620 3,201 4,110 12,731 3,028 8 927 10 002 Oct p 61,019 18,215 626 3,207 4,105 12,792 3,031 8 973 10 070 NOT SEASONALLY ADJUSTED 1964—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 18,109 642 3,429 4,109 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 A Se u p e t.*3 6 6 1 1 , , 0 6 4 1 6 3 1 18 8 , , 5 3 2 0 1 3 6 6 4 3 4 1 3 3 , , 6 5 0 2 6 4 4 4 , , 1 15 3 1 7 1 1 2 2 , , 6 7 7 4 5 6 3 3 , , 0 0 7 4 2 0 9 8 ,9 0 9 0 8 8 1 9 0 ,0 6 0 0 2 1 Oct v 61,833 18,483 632 3,486 4,138 12,857 3,028 9,018 10,191 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

NOVEMBER 1965 EMPLOYMENT AND EARNINGS 1603 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1964 1965 1964 1965 Oct. Aug. Sept.? Oct.* Oct. Aug. Sept.? Oct.* Total 12,661 13,521 13,530 13,545 12,915 13,622 13,858 13,813 Durable goods 7,089 7,825 7,837 7,845 7,190 7,741 7,956 7,961 Ordnance and accessories 102 107 110 114 103 106 111 115 Lumber and wood products 528 533 528 527 543 563 553 542 Furniture and fixtures 339 350 353 353 346 355 360 361 Stone, clay, and glass products 498 506 509 508 511 528 529 521 Primary metal industries 1,022 1,074 1,063 1,035 1,013 1,071 1,064 1,026 Fabricated metal products 901 995 997 1,002 918 994 1,014 1,020 Machinery except electrical 1,146 1,215 1,230 1,242 1,132 1,203 1,223 1,227 Electrical machinery 1,053 1,151 1,159 1,174 1,075 1,148 1,180 1,199 Transportation equipment 942 1,299 1,291 1,292 964 1,165 1,299 1,322 Instruments and related products 232 249 251 251 234 250 254 254 Miscellaneous manufacturing industries. 326 346 346 347 351 358 369 374 Nondurable goods 5,572 5,696 5,693 5,700 5,725 5,881 5,902 5,852 Food and kindred products 1,132 1,132 1,117 1,118 1,224 1,251 1,254 1,209 Tobacco manufactures 78 67 64 66 95 76 83 81 Textile-mill products 803 826 829 831 811 835 837 839 Apparel and other finished textiles 1,173 1,206 1,219 1,226 1,189 1,235 1,243 1,243 Paper and allied products 494 504 506 507 499 510 513 513 Printing, publishing, and allied industries 604 624 623 621 611 623 626 628 Chemicals and allied products 526 549 546 543 525 551 548 542 Products of petroleum and coal 116 114 115 115 116 117 117 115 Rubber products 334 359 357 358 342 359 362 366 Leather and leather products 312 315 317 315 313 324 319 316 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 Oct. Aug. Sept.*3 Oct.*3 Oct. Aug. Sept.» Oct.* Oct. Aug. Sept.* Oct.? Xotal 40.5 40.9 40.8 41.0 102.97 106.60 107.83 108.77 2.53 2.60 2.63 2.64 41.2 41.6 41.6 41.9 111.51 115.23 117.18 118.44 2.70 2.77 2.81 2.82 Ordnance and accessories 40.6 41.7 41.7 42.5 123.83 128.75 129.69 132.60 3.05 3.11 3.11 3.12 39.7 40.7 40.3 40.2 87.85 92.29 92.03 90.58 2.18 2.24 2.25 2.22 41.2 41.3 40.9 41.3 86.94 89.04 89.24 90.52 2.07 2.12 2.14 2.15 41.5 41.5 41.5 41.5 108.62 111.67 111.72 112.41 2.58 2.64 2.66 2.67 41.9 42.2 41.9 41.4 129.48 132.51 133.76 130.79 3.12 3.17 3.20 3.19 Fabricated metal products 41.4 41.8 41.4 42.0 110.24 115.78 116.48 118.16 2.65 2.75 2.78 2.80 Machinery except electrical 42.0 42.8 42.8 43.2 120.38 124.95 126.82 128.57 2.88 2.94 2.97 2.99 Electrical machinery 40.7 40.7 40.5 40.7 103.48 105.01 106.49 107.68 2.53 2.58 2.61 2.62 40.5 42.3 41.9 43.0 125.15 130.51 135.34 141.05 3.06 3.16 3.23 3.25 Instruments and related oroducts 40.9 41.3 41.5 41.5 105.22 108.05 109.25 109.25 2.56 2.61 2.62 2.62 Miscellaneous manufacturing industries.. 39.7 40.1 39.9 40.3 83.41 85.01 85.41 87.10 2.08 2.12 2.13 2.14 39.9 39.9 40.0 40.0 92.00 95.11 95.68 95.44 2.30 2.36 2.38 2.38 Food and kindred oroducts 41.0 41.0 40.7 40.8 97.88 99.77 101.43 100.70 2.37 2.41 2.45 2.45 39.3 37.5 37.0 36.7 73.85 78.66 78.60 77.34 1.81 2.07 2.00 2.03 41.4 41.9 41.8 41.8 75.71 79.38 78.81 79.99 1.82 1.89 1.89 1.90 Apparel and other finished textiles 36.2 36.1 36.2 36.4 64.98 67.53 67.52 67.52 1.80 1.83 1.86 1.86 42.9 43.0 42.8 43.1 111.89 115.18 116.21 115.88 2.59 2.66 2.69 2.67 Printing, publishing, and allied industries. 38.6 38.5 38.6 38.5 116.10 118.50 119.89 119.27 3.00 3.07 3.09 3.09 41.6 41.7 42.2 41.9 117.45 120.93 123.22 121.22 2.83 2.90 2.92 2.90 41.6 42.7 42.7 42.1 133.86 138.35 142.46 139.68 3.21 3.24 3.29 3.31 41.6 42.0 41.5 4z.4 106.50 110.30 110.88 111.94 2.56 2.62 2.64 2.64 38.5 37.7 38.3 38.9 69.00 72.00 71.82 72.01 1.84 1.88 1.90 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

1604 PRICES NOVEMBER 1965 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em ll s Food Total Rent H ow o n m e e r - - F a o u n i e d l l e G a l n e a c d s - n F i a n i n u s g h d r s - - A up p a k p n e a d e re p l T p t o r i a o r n t n a s - - Total M ic e a d l - s P o e n r a - l R a i e n n a g d d- g O a o t n o h d d er s ship coal tricity opera- care care recrea- servtion tion ices 1929 59.7 55.6 85.4 1933 . . 45.1 35 3 60.8 1941 5i.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 53.6 86.4 55 4 57.5 63.6 75.0 67.3 1956 94.7 94.7 95.5 96.5 94.1 95.9 95.9 97.3 97.8 91.3 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 96 9 98 5 1958 100.7 101.9 100.2 100.1 100.4 99.0 100.3 99.9 99.8 99.7 100.3 100.1 100.4 100.8 99.8 1959 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100.7 100.6 103.8 102.8 104.4 102.4 102.4 101.8 1960 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103.8 105.4 108.1 104.1 104.9 103.8 1961 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105.0 107.3 111.3 104.6 107.2 104 6 1962 105.4 103.6 104.8 105.7 105.6 102.1 107.9 101.5 103.6 107.2 109.4 114.2 106.5 109.6 105.3 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 5 107 1 1964 108.1 106.4 107.2 107.8 109.1 103.5 107.9 102.8 105.7 109.3 113.6 119.4 109.2 114.1 108.8 1964—Sept 108.4 107.2 107.4 107.9 109.5 101.5 108.2 102.8 105.9 108.9 113.9 119.7 109.5 114.3 109.0 Oct 108.5 106.9 107.6 108.2 109.6 102.9 108.2 102.8 106.2 109.4 114.0 119.9 109.7 114.5 109.1 Nov 108.7 106.8 107.7 108.3 109.8 103.7 108.1 102.9 106.4 110.0 114.2 120.2 109.7 114.9 109.1 Dec 108.8 106.9 107.8 108.4 110.0 105.8 108.3 102.9 106.6 110.5 114.3 120.3 110.0 114.9 109.2 1965—Jan 108.9 106.6 108.1 108.4 110.6 106.5 108.0 102.8 105.6 111.1 114.5 120.6 110.0 115.0 109.3 Feb . 108 9 106 6 108.2 108.5 110.9 106.7 107.8 102.8 105.8 110.6 114.7 121.0 110.1 115 2 109 4 Mar 109.0 106.9 108.2 108.7 110.8 106.5 107.7 103.1 106.0 110.6 114.9 121.4 110.4 115.4 109.5 Apr 109 3 107 3 108.2 108 8 110.8 105.4 107.7 103.1 106 3 111.0 115 4 121 6 110 7 115 9 110 3 May 109.6 107.9 108.2 108.8 110.8 104.6 107.7 103.1 106.8 111.4 115.6 121.8 111.0 115.9 110.6 110.1 110.1 108.2 108.8 111.0 103.4 107.8 103.1 106.9 111.2 115.7 122.2 111.0 115.7 111.0 July 110.2 110 9 108.3 108.9 111.2 103.2 106.9 102.9 106.1 111.5 115.3 122.7 108.7 114.6 111.5 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 Sept 110.2 109.7 108.6 109.1 111.6 104.3 107.9 103.1 107.2 111.0 115.8 122.8 109.2 114.8 112.7 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 All Farm Proc- Period m c t o o ie m d s i - - p u r c o t d s - f e o s o se d d s Total t T e il e t e c x s . - , H e i t d c e . s, F e u tc e . l, C ic e h a t e c l m . s, - R b e u t e c b r . , - L b e u t e c m r . , - P e a t p c e . r, M e a t l e c s . t , - c M e h r i a y n - - F t e u u t r r c e n . , i- N t m m a o l i e l n n i - c - - b T a e c t o c c - . o, n c M e e o l 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 98.5 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 I960 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 96.5 100.0 100.0 102.3 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 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 92.1 100.3 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 Dec 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 92.3 100.8 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 May 102.1 98.4 103.3 120.3 101.6 107.4 98.4 97.6 92.9 100.4 100.0 105.7 103.7 98.0 101.9 108.1 108.9 June 102.8 100.3 106.1 102.5 101.9 107.7 98.7 97.4 92.8 100.3 100.0 105.9 103.8 98.0 102.0 107.6 111.0 July 102 9 100 0 106.6 102.5 101.9 108.8 98.7 97.4 r93.0 100.5 99.9 105.8 103.7 97.8 101.9 107.6 112 6 102.9 99.1 106.7 r102.7 r101.9 112.2 99.0 r97.1 r93.2 r101.8 99.9 106.2 r103.8 97.7 r101.6 107.6 111.5 Sept 103.0 99.5 106.7 102.7 102.0 111.3 99.2 97.2 93.3 101.8 100.1 106.3 103.8 97.7 101.8 107.7 111.6 See next page for composition of other commodities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 PRICES 1605 WHOLESALE PRICES: DETAIL (1957-59= 100) 1964 1965 1964 1965 Group Group Sept. July Aug. Sept. Sept. July Aug. Sept. Farm Products: Pulp, Paper, and A Hied Products: Fresh and dried produce 101.5 103.9 '85.5 96.1 Woodpulp 95.5 98.1 98.1 98.1 Grains 90.2 88.4 88.3 89.3 Wastepaper 92.2 98.3 97.5 97.3 Livestock and poultry 90.9 105.0 106.4 102.6 Paper 103.7 104.1 104.1 104.1 Plant and animal fibers 94.4 91.8 90.5 90.0 Paperboard 96.4 96.3 96.3 96.4 Fluid milk 103.6 102.4 103.9 105.1 Converted paper and paperboard. 97.6 99.3 '99.4 99.6 Eggs 96.9 84.7 100.0 105.9 Building paper and board 94.5 93.5 93.5 93.6 Hay and seeds 108.8 113.8 106.6 105.4 Other farm products 96.8 95.4 98.3 100.8 Metals and Metal Products: Processed Foods: Iron and steel 100.5 101.5 101.4 101.2 Nonferrous metals 107.0 115.5 116.5 117.0 Cereal and bakery products 108.1 109.3 '108.8 109.1 Metal containers 105.6 108.3 108.3 108.3 Meat, poultry, and fish 96.1 106.3 106.3 105.3 Hardware 104.9 106.1 106.4 106.5 Dairy products and ice cream 108.7 107.8 108.5 109.1 Plumbing equipment 103.0 104.3 105.3 105.3 Canned and frozen fruits and veg- Heating equipment 91.7 91.7 '91.9 91.9 etables 102.2 101.8 100.4 101.6 Fabricated structural metal products. 99.6 101.4 101.7 101.8 Sugar and confectionery 105.1 109.1 109.1 109.4 Fabricated nonstructural metal prod- Packaged beverage materials '97.2 93.5 93.4 93.4 ucts 108.2 109.1 109.9 110.0 Animal fats and oils 97.7 115.9 114.1 119.6 Crude vegetable oils 87.7 91 93.2 100.3 Machinery and Motive Products: Refined vegetable oils 84.0 89 90.0 91.0 Vegetable oil end products 88.6 101 101.2 101.2 Agricultural machinery and equip 113.0 114.9 114.8 114.9 Miscellaneous processed foods 109.3 113.4 114.8 114.3 Construction machinery and equip.., 112.4 115.3 115.6 115.6 Metalworking machinery and equip. 113.6 116.5 117.4 117.8 Textile Products and Apparel: General purpose machinery and equipment , 103.5 104.7 105.3 105.3 Cotton products 98.9 100.3 100.4 100.6 Miscellaneous machinery 104.9 105.2 105.1 105.1 Wool products 102.9 104.4 105.0 105.1 Special industry machinery and Man-made fiber textile products 95.7 95.7 '94.7 94.1 equipment (Jan. 1961 = 100) 106.0 107.9 108.0 108.1 Silk products 117.0 127.6 132.8 134.9 Electrical machinery and equip 96.4 97.0 '96.7 96.6 Apparel 103.3 103.8 103.9 104.1 Motor vehicles 100.5 100.7 100.7 100.5 Other textile products 120.7 120.7 122.8 127.7 Transportation equip., R.R. rolling stock (Jan. 1961=100) 100.6 101.0 101.0 101.0 Hides, Skins, Leather, and Products: H Le id a e th s e a r nd skins 1 9 0 5 4 . . 5 0 1 1 1 0 7 5 . . 4 9 1 1 1 3 2 3 . . 5 4 1 1 2 1 4 0 . . 9 9 Furn b it l u e r s e : and Other Household Dura- O Fo th o e tw r e le a a r ther products 1 1 0 0 8 3 . . 4 3 1 1 1 0 0 5 . . 0 2 1 1 0 1 8 0 . . 8 2 1 1 1 0 0 9 . . 3 1 H Co o m us m eh e o rc ld ia l f u f r u n r i n t i u t r u e re 1 1 0 0 5 3 . . 3 2 1 1 0 0 5 3 . . 9 7 1 1 0 0 6 3 . . 1 7 1 1 0 0 6 3 . . 2 7 Fuels and Related Products, and Power. F H l o o u o s r e h co o v ld e ri a n p g p s liances 9 91 9 . . 1 0 9 8 7 9 . . 7 2 '8 9 8 7 . . 6 5 9 8 7 8 . . 5 6 C C o o a k l e 1 9 0 7 7 . . 3 3 1 9 0 5 7 . . 2 3 1 '9 0 5 7 . . 8 3 1 9 0 6 7 . . 5 3 T O e th le e v r i s h i o o u n, s e r h a o d l i d o s d , u a r n a d b l p e h g o o n o o d g s raphs. 1 8 0 7 4 . . 3 4 1 8 0 4 4 . . 6 9 1 r8 0 4 4 . . 4 9 1 8 0 4 5 . . 4 0 Gas fuels (Jan. 1958= 100) 118.4 122.5 123.9 124.8 Electric power (Jan. 1958= 100) 101.5 100.7 100.8 100.8 Nonmetailic Mineral Products: Petroleum products, refined 89.5 96.0 96.4 96.4 Flat glass 103.1 100.2 100.2 100.2 Chemicals and Allied Products: Concrete ingredients 102.8 103.1 103.2 103.2 Concrete products 101.1 101.7 101.5 101.6 Industrial chemicals 93.9 95.0 95.0 95.0 Structural clay products 104.6 105.1 105.5 105.6 Prepared paint 104.8 105.7 105.7 105.7 Gypsum products 108.6 107.5 102.6 101.9 Paint materials 89.9 89.6 89.2 89.2 Asphalt roofing 91.2 92.1 92.1 95.3 Drugs and Pharmaceuticals 94.6 94.7 '93.9 93.9 Other nonmetallic minerals 101.5 101.4 101.4 101.4 Fats and oils, inedible 106.2 110.3 104.4 108.3 O M Fe t i h r x t e i e l r d i z c e f h e r e rt m m il i i a c z t a e e l r r s s i a a ls nd products 1 9 9 0 9 8 4 . . . 6 8 4 '1 1 9 0 0 9 4 3 . . . 8 8 3 1 1 0 9 0 5 9 2 . . . 7 8 1 1 1 9 0 0 9 5 2 . . . 8 9 5 Toba a c g c e o s : Products and Bottled Bever- Rubber and Products: Tobacco products 106.1 106.1 106.1 106.1 Alcoholic beverages 100.8 100.7 100.7 100.8 Crude rubber 90.4 89.1 '88.6 88.7 Nonalcoholic beverages 127.3 128.1 128.5 128.5 Tires and tubes 88.0 90.2 91.1 91.1 Miscellaneous rubber products 96.4 '97.4 '97.4 97.5 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms. .. 101.2 102.9 102.7 103.0 Manufactured animal feeds 113.7 118.8 116.9 116.9 Lumber 100.7 101.2 102.5 102.9 Notions and accessories 99.1 99.1 99.1 99.1 Millwork 109.1 107.8 107.8 107.8 Jewelry, watches, photo equipment.. 103.6 105.1 105.1 105.1 Plywood 91.8 91.0 '94.6 93.3 Other miscellaneous products 103.1 104.6 104.4 104.6 NOTE.—Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1606 NATIONAL PRODUCT AND INCOME NOVEMBER 1965 GROSS NATIONAL PRODUCT (In billions of dollars) 1964 1965 Item 1929 1933 1941 1950 1960 1961 1962 1963 1964 III IV ii in Gross national product. 103.1 55.6 124.5 284.8 503.8 520.1 560.3 589.2 628.7 634.8 641.1 656.4 665.9 676.9 Final purchases 101.4 57.2 120.1 278.0 500.2 518.1 554.3 583.5 623.9 631.0 633.6 647.6 659.2 670.8 Personal consumption expenditures. 77.2 45.8 80.6 191.0 325.2 335.2 355.1 373.8 398.9 404.6 405.9 416.9 424.4 432.2 Durable goods 9.2 3.5 9.6 30.5 45.3 44.2 49.5 53.4 58.7 60.5 57.9 63. 63.7 65.4 Nondurable goods 37.7 22.3 42.9 98.1 151.3 155.9 162.6 168.0 177.5 179.8 180.9 183.0 187.6 191.0 Services 30.3 20.1 28.1 62.4 128.7 135.1 143.0 152.3 162.6 164.3 167.1 170.0 173.1 175.9 Gross private domestic investment 16.2 1.4 17.9 54.1 74.8 71.7 83.0 86.9 92.9 92.6 97.7 102.4 101.1 101.8 Fixed investment 14.5 3.0 13.4 47.3 71.3 69.7 77.0 81.2 88.1 88.8 90.2 93.7 94.4 95.7 Nonresidential 10.6 2.4 9.5 27.9 48.4 47.0 51.7 54.3 60.5 61.6 63.5 66.0 66.4 68.1 Structures 5.0 .9 2.9 9.2 18.1 18.4 19.2 19.7 21.1 21.1 21.5 21.8 22.7 23.2 Producers' durable equipment 5.6 1.5 6.6 18.7 30.3 28.6 32.5 34.6 39.4 40.5 42.0 44.2 43.7 44.9 Residential structures 4.0 .6 3.9 19.4 22.8 22.6 25.3 26.9 27.5 27.2 26.7 27.7 28.0 27.6 Nonfarm 3.8 .5 3.7 18.6 22.2 22.0 24.8 26.3 27.0 26.6 26.2 27.1 27.5 27.0 Change in business inventories 1.7 -1.6 4.5 6.8 3.6 2.0 6.0 5.7 4.8 3.8 7.5 8.7 6.7 6.1 Nonfarm 1.8 -1.4 4.0 6.0 3.3 1.7 5.3 4.9 5.4 4.6 7.8 9.3 7.1 6.0 Net exports of goods and services. 1.1 .4 1.3 1.8 4.1 5.6 5.1 5.9 8.6 8.8 8.9 6.2 7.5 7.8 Exports 7.0 2.4 5.9 13.8 27.2 28.6 30.3 32.4 37.0 37.3 38.4 34.8 39.8 40.3 Imports 5.9 2.0 4.6 12.0 23.2 22.9 25.1 26.4 28.5 28.5 29.5 28.6 32.3 32.5 Government purchases of goods and services. 8.5 8.0 24.8 37.9 99.6 107.6 117.1 122.6 128.4 128.7 128.6 130.9 132.9 135.1 Fe N de a r t a io l nal defense 1.3 2.0 1 1 6 3. . 8 9 1 14 8 . .4 4 53 4 . . 5 9 4 57 7 . . 4 8 6 5 3 1 . . 4 6 6 5 4 0 . . 4 8 4 65 9 . . 3 9 4 64 9 . . 9 5 4 64 8 . . 3 8 4 64 8 . . 9 9 4 65 9 . . 9 4 6 5 7 0 . . 3 8 Other 3.1 4.3 8.6 9.6 11.8 13.6 15.4 15.4 15.5 16.0 16.5 16.5 State and local 7.2 6.0 7.9 19.5 46.1 50.2 53.7 58.3 63.1 63.8 64.3 66.0 67.0 67.8 Gross national product in constant (1958) dollars 203.6 141.5 263.7 355.3 487.8 497.3 530.0 550.0 577.6 582.6 584.7 597.5 601.4 609.1 NOTE.—Dept. of Commerce seasonally adjusted quarterly totals at the U.S. national accounts, see National Income, 1954 Edition, and U.S. annual /rates. For changes in definitions of components reflected in Income and Output (1958), both supplements to the Survey of Current the Aug. 1965 revision by Dept. of Commerce, see Aug. 1965, Survey of Business. Current Business. For broad concepts and most definitions underlying NATIONAL INCOME (In billions of dollars) 1964 1965 Item 1929 1933 1941 1950 1960 1961 1962 1963 1964 III IV I II IIIP National income 86.8 40.3 104.2 241.1 414.5 427.3 457.7 481.1 514.4 519.5 526.3 541.4 550.3 Compensation of employees 51.1 29.5 64.8 154.6 294.2 302.6 323.6 341.0 365.3 369.0 375.4 383.1 388.7 395.2 IVages and salaries 50 4 29.0 62.1 146.8 270.8 278.1 296.1 311.2 333.5 336.8 342 6 349 8 355 0 360 9 Private . 45.5 23.9 51.9 124.4 222.1 225.9 240.1 251.6 269.2 271.7 276.5 282.9 287.3 291.9 Military .3 .3 1.9 5.0 9.9 10.2 10.8 10.8 11.7 11.7 11.9 11.8 11.8 12.3 Government civilian .. . 4.6 4.9 8.3 17.4 38.8 42.0 45.2 48.8 52.6 53.3 54.3 55 0 55 9 56.7 Supplements to wages and salaries .7 .5 2.7 7.8 23.4 24.6 27.5 29.8 31.8 32.2 32.7 33.4 33.8 34.2 Employer contributions for social insurance .1 .1 2.0 4.0 11.4 11.8 13.7 15.0 15.4 15.5 15.7 16.1 16.3 16.5 Other labor income .6 .4 .7 3.8 12.0 12.7 13.9 14.8 16.5 16.7 17.1 17.3 17.5 17.7 Proprietors' income 15.1 5.9 17.5 37.5 46.2 48.4 50.1 50.8 51.1 51.4 51.8 51.9 54.6 54.6 Business and professional 9.0 3.3 11.1 24.0 34.2 35.6 37.1 37.8 39.1 39.4 39.6 39.9 40.1 40.4 Farm 6 2 2 6 6.4 13.5 12.0 12.8 13.0 13.0 12.0 12.0 12 2 12 0 14 5 14 2 Rental income of persons 5.4 2.0 3.5 9.4 15.8 16.0 16.7 17.6 18.2 18.3 18.5 18.5 18.6 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 65.5 64.9 71.7 72.0 Profits before tax 10.0 1.0 17.7 42.6 49.7 50.3 55.4 58.6 64.8 65.3 65.9 73.1 73.7 1.4 .5 7.6 17.8 23.0 23.1 24.2 26.0 27.6 27.8 28.1 29.1 29 A 8.6 .4 10.1 24.9 26.7 27.2 31.2 32.6 37.2 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 17.4 17.7 17.8 18.2 18.6 Undistributed profits 2.8 -1.6 5.7 16.0 13.2 13.5 16.0 16.8 19.9 20.1 20.0 26.2 26.1 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 .2 -.1 .3 -.4 -.3 .2 -1.0 -1.4 -1.7 -1.2 Net interest 4.7 4.1 3.2 2.0 8.4 10.0 11.6 13.6 15.2 15.4 15.7 16.1 16.4 16.7 NOTE.—Dept. of Commerce seasonally adjusted quarterly totals at annual rates. See also NOTE to previous table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 NATIONAL PRODUCT AND INCOME 1607 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 III IV I II III? Gross national product 103.1 55.6 124.5 284.8 503.8 520.1 560.3 589.2 628.7 634.8 641.1 656.4 665.9 676.9 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 43.4 45.2 50.0 52.8 55.7 56.1 56.9 57.7 58.3 59.1 Indirect business tax and nontax liability 7 0 7 1 11 3 23 3 45.2 47.7 51 5 54.6 58.0 58.8 59 3 60 7 61.0 61.4 Business transfer payments .6 .7 .5 .8 1.9 2.0 2.1 2.2 2.3 2.3 2.4 2.3 2.3 2.3 .7 .6 .4 1.5 -1.0 n .5 7 -.5 -.7 -2.2 -4.2 -4.6 Plus: Subsidies less current surplus of government enterprises ... .... 1 2 .2 1.4 1.4 .7 1.2 1.3 1.5 1.5 1.5 1.4 Equals: National income 86.8 40.3 104.2 241.1 414.5 427.3 457.7 481.1 514.4 519.5 526.3 541.4 550.3 Less: Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 49.9 50.3 55.7 58.1 64.5 65.5 64.9 71.7 72.0 Contributions for social insurance.... .2 .3 2.8 6.9 20.7 21.4 24.0 26.8 27.8 28.0 28.4 29.1 29.4 "29!9 Excess of wage accruals over disbursements .1 1 Plus' Government transfer payments .9 1.5 2.6 14.3 26.6 30.4 31.2 33.0 34.2 34.1 34.4 36.0 35.1 38.9 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 19.4 19.5 19.9 20.4 20.8 Dividends 5.8 2 0 4 4 8.8 13.4 13.8 15.2 15.8 17.2 17.4 17.7 17.8 18.2 18.6 .6 .7 .5 .8 1.9 2.0 2.1 2.2 2.3 2.3 2.4 2.3 2.3 2.3 Equals: Personal income 85.9 47.0 96.0 227.6 401.0 416.8 442.6 464.8 495.0 499.1 507.1 516.6 524.9 535.9 Less' Personal tax and nontax payments.... 2.6 1 5 3 3 20.7 50.9 52.4 57.4 60.9 59.2 58.8 60.7 64.8 66.0 64.6 Equals * Disposable personal income 83.3 45.5 92.7 206.9 350.0 364.4 385.3 403.8 435.8 440.3 446.4 451.9 458.9 471.3 Less' Personal outlays . . . .. 79.1 46.5 81.7 193.9 333.0 343.2 363.7 383.4 409.5 415.3 416.9 428.1 436.0 444.1 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 325.2 335.2 355.1 373.8 398.9 404.6 405.9 416.9 424.4 432.2 Consumer interest payments 1.5 .5 .9 2.4 7.3 7.6 8.1 9.0 10.0 10.2 10.4 10.6 11.0 11.3 Personal transfer payments to foreigners .3 .2 .2 .4 .5 .5 .5 .6 .6 .5 .6 .6 .6 .6 Equals: Personal saving 4.2 -.9 11.0 13.1 17.0 21.2 21.6 20.5 26.3 25.0 29.5 23.8 23.0 27.2 Disposable personal income in constant (1958) dollars . . .. 150.6 112.2 190.3 249.6 340.2 350.7 367.6 380.6 406.5 410.7 414.5 418.4 422.2 432.4 NOTE.—Dept. of Commerce seasonally adjusted quarterly totals at annual rates. See also NOTE to table at top of previous page. PERSONAL INCOME (In billions of dollars) 1964 1965 Item 1963 1964 Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Total personal income. 464.8 495.0 501.7 502.8 506.6 512.01515.8 515.7 518.4 520.7 525.3 528.8 530.5 532.0 545.3 Wage and salary disbursements 311.2 333.5 338.7 339.4 342.6 346.2 347.2 349.8 352.2 352.7 355.2 356.9 359.2 360.7 362.9 Commodity-producing industries... 125.7 133.9 136.2 135.2 137.4 139.8 140.3 141.4 142.6 142.3 143.3 144.2 145.1 145.8 146.0 Manufacturing only 100.6 107.2 109.6 107.9 110.1 111.9 112.6 113.6 114.6 114.4 115.0 115.7 116.7 117.3 117.6 Distributive industries 76.0 81.1 81.9 82.6 83.3 83.8 84.0 84.9 85.8 85.8 86.5 86.7 87.2 87.5 87.7 Service industries 49.9 54.1 55.1 55.6 55.8 56.2 56.4 56.7 56.9 57.2 57.7 57.9 58.5 58.8 59.1 Government 59.6 64.3 65.6 66.1 66.1 66.4 66.6 66.8 67.0 67.4 67.7 68.0 68.3 68.7 70.1 Other labor income. 14.8 16.5 16.8 17.0 17.1 17.1 17.2 17.3 17.4 17.4 17.5 17.6 17.7 17.7 17.7 Proprietors' income 50.8 51.1 51.5 51.4 51.8 52.3 52.2 51.9 51.8 52.9 54.8 56.0 54.9 54.4 54.5 Business and professional. 37.8 39.1 39.4 39.4 39.6 39.9 39.8 39.9 40.1 40.0 40.1 40. 40.3 40.4 40.5 Farm 13.0 12.0 12.1 12.0 12.4 12.4 12.0 11.7 12.9 14.7 14.6 14.0 14.0 12.2 15.9 Rental income 17.6 18.2 18.4 18.4 18.5 18.5 18.5 18.5 18.6 18.6 18.6 18.6 18.6 18.5 18.6 Dividends 15.8 17.2 17.4 17.5 18.1 17.8 17.8 17.8 18.0 18.1 18.5 18.6 18.8 17.7 18.6 Personal interest income. 31.1 34.3 35.0 35.1 35.5 35.7 36.0 36.2 36.5 36.7 37.2 37.5 37.8 35.2 37.0 Transfer payments 35.2 36.6 36.4 36.6 37.0 140.1 37.4 37.6 37.8 37.4 37.6 37.7 48.4 36.5 37.2 Less: Personal contributions for social insurance.. 11.8 12.4 12.6 12.6 12.7 12.8 13.0 13.0 13.1 13.1 13.1 13.2 13.3 13.4 13.4 Nonagricultural income. 447.4 478.7 485.5 486.5 490.4 495.31499.1 499.5 502.7 503.4 506.1 508.5 511.4 513.6 527.0 Agriculture income 17.4 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 18.2 i Includes stepped-up rate of Govt. life insurance dividend payments NOTE.—Dept. of Commerce seasonally adjusted monthly totals at to vetereans in the amount of $2.4 billion. 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

1. SUMMARY OF FLOW OF FUNDS ACCOUNTS, 1964 as (In billions of dollars) o 00 Private domestic nonfinancial sectors Financial sectors Rest of State U.S. the All Natl. House- Busi- and local Total Govt. Monetary Coml. Nonbank world sectors Discrep- saving Sector holds ness govts. Total auth. banks finance ancy and investment Transaction category U S U S U S U S U S U S U S U S U S U S u s U 1 Gross saving 98.4 61.8 -2.1 158.1 -5.0 3.4 1 1.9 1.4 -5.8 150.6 -1.0 156.5 1 2 Capital consumption 55 8 47 0 102 8 .8 4 4 103 6 103.6 , 2 3 Net saving (1-2) 42.6 14.9 -2.1 55.3 -5.0 2.6 1 1.5 1.0 -5.8 47.0 52.9 3 4 Gross investment (5+10) 102.1 .. .. 58.3 -3.6.. .. 156.8 -2.9 . 4.3 .1 2.0 2.3 -4.7 . 153.5.. -1.9 156.3 4 5 Private cap expend., net 82.3 68.5 150.7 .9 .4 .5 151.6 151.6 5 6 Consumer durables 58 7 58.7 58 7 58 7 6 7 Residential constr 19 5 7.5 27.0 27 0 27.0 7 8 Plant and eduirjment 4 0 56 2 60 2 . 9 4 5 61 1 61.1 8 9 Inventory change 4.8 4.8 4 8 4.8.. 9 10 Net financial invest. (11 -12). 19.9 -10.2 -3.6 6.1 -2.9 3.4 .1 1.6 1.8 -4.7 1.9 -1.9 4.7.. 10 11 Financial uses, net 47.3 15.4 6.2 . ... 68.8 4.7 63.5 3.4 23.2 36.9 3.5 140.5 8.1 11 12 Financial sources 27.4 25.6 9.8 62.7 7.7 60.1 3 0 21.7 35.1 8.1 138 6 3.5 12 13 Gold & off U S fen exch . -.2 * .1 * * * 13 14 Treasury currency * -.2 '.'.'.'.'.'. -.2.'.'..'.'. -.2 2 14 15 Dem dep and currency... . ... 7 4 2 6 4.8 6.9 7.4 15 16 Private domestic 7 4 —2 6 .. . 7 5 6.. .2 6.8 2.4 4.4 2 5.8 6.8 1.0 16 17 US Govt 6 . ... 2 2 .6 .2 -.5 17 18 Foreign 5 1..... A .5 5 18 19 Time and svgs accounts .. 23 9 28 8 .2 30.4 2 30 4 19 20 At coml. banks 8 2 .... 3 2 17 13 1 .. * .1 14.6 14.6 .1 1 4 14 6 20 21 At svgs. instit 15.7 15 7 1 15 8 1 15.8 15 8 21 22 Life insur reserves 4 4 4 4 * 4.3 4.3 4 4 22 23 Pension fund reserves 11 6 .... 3 5 11 6 3 5 1 3 6.9 6.9 11 6 23 24 Consol bank items1 5 5 1 4 4 1 .5 .5 24 25 Credit mkt. instr 3.5 27.3 1.3 22.3 3.7 6.2 8.6 55.8 3.8 6.7 60.9 6.5 3.4 21.8 .6 35.8 5.9 .4 4.6 73.8 73.6 25 26 U S Govt securities . 2 1 — 1 5 4 9 6 2 4.8 3.5 -.5 1.8 .4 6.2 26 27 State and local oblig 2.6 -.6 5.9 2.0 5.9 3.8 .... 3.6 .2 5.9 27 28 Corp. and foreign bonds. -.7 '. 4.0 3.5 2.8 4.0 4.6 2.6 .1 .5 4.5 2.1 "".2 '"".9 7.6 28 29 Corp stocks - 6 1 4 -.6 1.4 3.S 1.7 * 3.8 1.6 -.3 -.2 2.9 29 30 1- to 4-family mortgages. .1 16.0 -.2 .4 .5 15.8"'-.2.'.'.'.'.'. 15.1 -.3 12.9 -.3 15.5 30 31 Other mortgages 1.0 9.1 10.1 A 9.7 2.2 '.'.'.'.'.'. 7.4 .... 10.1 31 32 Consumer credit 6.9 1.4 1.4 6.9 5.5 2.8 2.8 6.9 .... 32 33 Bank loans n.e.c 2.6 5.0 7.6 10.0 .5 * 10 0 5 19 10 0 33 34 Other loans 8 1.4 3.0......' A 1.4 4.1"Y.6"' ".5 3.7 2.0 -.1 ...... 1.4 2.4 2.0 ,2 2.0 8.9 8.7 -.2 34 35 Open market paper 14 n a 14 n a .5 1.5 -.1 ...... .7 -.1 1.5 ,2 .4 2 1 35 36 Federal loans 1 9 4 13 3.5... . 5 5 17 3 5 16 37 Security credit -.1 -.2 -.1 -.2 • .1 .5...... -.5 .1 * * — 1 37 O 38 To brkrs. and dealers.... -.1 i .2 .1 2 .,,,,. * .1 * 1 38 39 To others -.2 ...... -.2 -.2 ..... ,3 - 5 * - 2 39 w 40 Taxes payable . . 2 * .2 2 4 3 1 .2 .6 .5 40 41 Trade credit 1 8.9 4.8 '"".1 8.9 5.0 .2 -.2 2 .. 2 9.3 4.8 -4.5 41 42 Equity in noncorp. business -4.1 -4.1 -4.1 -4.1 -4 1 42 43 Misc. financial trans .6 .2 4.6 2.5 5.2 2.6 .1 -.2 1.7 3.5 3 .6 1.2 1.1 2.0 1.0 3.6 8.0 9.6 1.6 43 44 Sector discrepancies (1—4)... -3.8 3.6 1.5 1 3 —2 1 — 9 . * — 9 — 1 2 2 9 -2.9 .2 ... 44 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 FLOW OF FUNDS 1609 2. SAVINGS, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1963 1964 1965 Transaction category, or sector 1960 1961 1962 1963 1964 II III IV II III IV I. Saving and investment 1 Gross national saving 122.9 119.7 134.5 144.1 158.0 142.4 145.7 152.0 153.2 155.0 159.7 164.0 174.1 174.1 2 Households 72.0 75.8 82.1 85.9 98.4 83.6 85.9 91.8 93.4 99.5 99.3 101.3 101.9 101.9 2 Farm and noncorp. business 12.5 12.6 13.1 13.4 13.9 13.4 13.5 13.6 13.8 13.9 14.0 14.1 14.2 14.4 4 Corporate nonfln. business 34.4 35.6 41.8 44.3 49.4 43.8 45.5 45.2 48.7 49.3 50.2 49.4 55.6 55.5 5 U.S. Government 2.5 -4. -4. -1.0 -5.0 .2 -.6 -.1 -3.9 -8.9 -5. -2.3 1.3 .9 6 State and local govt -1.9 -2. -1.4 -1. -2.1 -1. -1.8 -1.8 -2.2 -2.2 -2.0 -1.9 -2.5 -2.4 7 Financial sectors 3.3 3.3 3.8 3.2 3.4 3.2 3.1 3.2 3.5 3.4 3.4 3.3 3.6 3.8 8 Gross national investment 120.9 117.9 133.8 143.1 156.3 140.4 143.7 152.3 152.1 154.3 158.4 160.4 169.3 169.0 9 Consumer durable goods 45.3 44.2 49.5 53.4 58.7 52.6 54.1 54.9 57.4 59.1 60.5 57.9 63.9 63.7 10 Business inventories 3.6 2.0 6.0 5.7 4.8 4.6 5.8 8.1 3.3 4.2 4.0 7.7 8.7 6.7 11 Gross pvt. fixed investment 71.3 69.7 77.0 81.2 80. 82.0 84.3 86.5 86.8 90.2 93.7 94.4 11 12 Households 23.0 20.9 22.2 22.6 23.5 22.2 22.7 23.2 23.8 23.7 23.6 23.0 22.8 23.1 12 13 Nonfinan. business 47.7 48.1 54.2 57.6 63.7 56.9 58.2 60.0 61.8 62.2 64.4 66.3 69.9 70.4 13 14 Financial sectors .5 .7 .6 1.0 .9 1.0 1.1 1.1 .9 .9 .9 .9 .8 14 15 Net financial investment .7 2.0 1.3 2.8 4.7 3.1 1.9 5.0 4.9 4.2 5.1 4.6 3.0 4.2 2.0 .7 1.0 1.6 2.0 1.9 -.3 1.1 .7 1.3 3.6 4.7 5.1 16 Discrepancy (1-8) II. Financial flows—Summary 33.1 44.3 54.3 58.2 67.1 66.2 49.7 63.0 58.7 75.1 63.9 70.5 76.6 68.4 17 Net funds raised—Nonfinan. sectors. 15.1 16.4 15.5 18.8 27.1 27.6 1.5 27.9 24.3 28.6 15.6 39.8 44.2 29.6 18 Loans and short-term securities.... 18.0 27.9 38.8 39.3 40.0 38.6 48.2 35.0 34.5 46.5 48.4 30.7 32.4 38.9 19 Long-term securities and mtgs By sector -2.0 7.6 7.8 5.0 6.7 9.7 -2.9 5.9 7.6 5.6 8.7 5.0 7.3 -1.2 20 20 U.S. Government 3. 8.8 .5 1.4 4.0 8.0 -13.5 5.2 9.1 -1.0 -3.7 11.4 13.7 -.5 21 21 Short-term mkt. securities -5.6 -1.4 6.8 3 2.2 1.5 11.4 1.3 -.5 4.9 11.4 -7.0 -6.2 -.4 22 2 2 2 3 L O o th a e n r p s a e r c t u ic ri i t p ie a s tion certs 2. . 0 5 2. . 8 3 2. . 3 5 - 3 .2 .3 4. . 6 5 4'.9 1.6 n 3*. c 2 -1 3 . . 1 9 4 1 . . 9 7 2. . 6 9 7. . 1 6 - 5 .2 .4 - 1 .3 .9 2 2 3 4 24 Foreign borrowers 1.4 2.0 1.2 2.2 3.9 3.1 1.1 3.4 3.9 4.0 2.6 5.0 4.2 1.1 25 4 4 4 2 2 2 3 2 2 3 3 3 3 3 3 3 3 3 2 0 1 5 6 9 6 7 8 1 2 3 4 5 7 8 9 0 N Pv e P F S L S L C S U t t . o e o e v o o h . s c B c d S 1 O C C u O r S t a a o g e u . u t o r - a n n o o u . t t a . i c r i r h h m n s s g t r n r G n i t i i e o e c t e e t p k n n s s s i e i r o e r o u e e u 4 s s U v a n s f l r m s m r t l - o u a i o t . n . f o c . e . a e a a n o t a d S f & e r n . n m d r l n n c . e t s l s c d s s c g i o o G n p r l e r n a n c y e d m e c e o . a g f d n i e u d v i n o m l e i . s n r i c t t g s r t o i i . . o . t o t ( b g i r c s n e = l t a e a i g s g g 1 c s r a a e h t e 7 g o s t s ) e i r b o e s s a n r l v s a e n s c . e .. . . . 2 3 1 3 1 2 4 5 3 3 8 4 2 2 3 2 3 0 3 0 . . . . . . . . . . . . . . . . . 0 8 6 3 5 8 2 4 9 4 9 5 1 9 6 0 1 4 2 1 3 2 2 5 5 4 8 3 2 4 8 1 7 1 1 3 . . . . . . . . . . . . . . . . 1 5 8 9 7 2 7 4 6 1 7 4 3 6 8 9 4 5 1 3 1 9 2 5 3 5 5 3 4 3 4 7 3 4 1 1 1 3 . . . . . . . . . . . . . . . . . 0 5 0 0 1 8 8 2 5 3 0 9 0 2 3 0 3 4 5 3 1 1 1 - 2 2 4 6 6 2 6 3 9 9 8 5 1 4 0 5 .3 . . . . . . . . . . . . . . . . 7 0 7 7 6 0 7 2 3 0 9 2 2 4 2 5 6 5 3 1 1 1 1 2 5 6 4 5 5 3 7 5 7 5 0 7 1 8 . . . . . . . . . . . . . . . . . 4 4 9 1 9 4 8 2 6 8 8 1 7 1 1 2 7 6 5 1 3 1 2 4 2 9 6 3 6 6 3 9 6 5 7 1 5 1 6 . . . . . . . . . . . . . . . . . 9 4 4 8 4 1 5 2 6 2 8 7 0 2 5 2 3 - - 4 5 3 1 1 1 1 4 3 4 9 6 4 3 3 9 7 6 1 6 1 4 . . . . . . . . . 0 . . 9 . . . . . . 4 0 5 9 3 7 0 0 0 7 5 0 2 4 6 6 5 3 1 1 1 - - 9 4 6 2 9 1 1 3 1 7 3 4 5 9 . . 2 . 8 . . . . . . . . . . . . . 1 5 6 2 4 8 1 2 9 1 2 9 0 0 4 5 3 1 1 1 4 6 2 2 4 7 7 8 3 3 1 8 5 5 2 1 . . . . . . . . . . . . . . . . 7 1 2 1 4 9 7 6 4 2 6 7 0 2 0 2 4 7 6 1 1 1 - 4 6 6 3 3 9 0 7 4 5 7 7 6 0 2 .9 . . . . . . . . . . . . . . . . 9 4 4 7 3 9 1 7 0 3 9 6 9 1 1 - 6 5 3 1 1 1 1 4 4 4 6 5 9 3 3 2 1 7 7 5 0 5 . . . . . . . . . 1 . . . . . . . 7 0 0 3 9 2 1 9 7 8 0 0 2 4 7 * 2 5 7 3 1 1 1 1 - 2 6 6 3 6 3 2 3 2 3 8 0 5 5 0 1 .9 . . . . . . . . . . . . . . . . 0 5 8 8 9 0 8 6 8 5 4 7 5 6 6 2 7 6 1 3 1 1 4 9 2 4 9 9 5 8 3 6 6 3 4 1 7 2 5 . . . . . . . . . . . . . . . . . 3 6 5 6 4 4 2 4 4 2 4 9 5 6 9 2 4 2 6 6 3 1 1 1 - 2 8 5 6 6 6 9 3 9 7 8 8 5 4 2 .2 . . . . . . . . . . . . . . . . 7 9 7 8 4 5 0 7 5 3 5 8 8 7 4 8 4 4 2 2 2 2 4 3 3 3 3 3 3 3 3 3 3 0 2 6 7 8 9 1 1 2 4 5 9 0 3 6 7 8 43 Pvt. domestic nonfin. sectors 13.9 26.6 34.5 39.2 44.1 40.4 37.7 48.5 35.0 49.4 46.3 45.6 40.9 43.7 43 44 Liquid assets 9.3 24.9 31.5 37.3 33.0 36.4 32.7 48.3 27.5 29.3 31.5 43.6 33.4 36.1 44 45 Deposits 13.7 24.0 30.1 34.2 35.4 32.2 32.1 42.3 25.3 31.9 38.1 46.2 29.4 34.4 45 46 Demand dep. and currency -1.3 3.8 2.1 5.7 6.5 7.0 5.0 11.9 -1.0 5.6 9.1 12.5 -5.6 6.9 46 47 Time and svgs. accounts... 15.1 20.2 28.1 28.5 28.8 25.2 27.1 30.4 26.2 26.3 29.0 33.7 35.1 27.5 47 48 At commercial banks.... 5.4 9.0 15.0 13.4 13.1 10.4 13.1 15.4 11.5 10.6 12.2 18.1 22.0 15.2 48 49 At savings instit 9.6 11.2 13.0 15.1 15.7 14.9 14.0 15.0 14.7 15.7 16.8 15.6 13.1 12.3 49 50 Short-term U.S. Govt. sec... -4.4 1.0 1.4 3.1 -2.4 4.1 .6 6.0 2.2 -2.6 -6.6 -2.6 4.0 1.8 50 51 Other U.S. Govt. securities n -1.3 .5 1.6 3.3 1.3 5.2 2.4 6.8 6.6 -2.5 1.4 3.8 51 52 Pvt. credit mkt. instruments. . . 4.9 4.2 2.3 2.2 7.7 4.3 1.7 2.1 5.2 13. 6.7 5.5 6.0 3.5 52 53 Less security debt -.3 1.3 -.2 2.0 -.2 1.5 1.9 2.8 -.2 -1.5 1.1 -.1 -.3 53 54 Memo: Total U.S. Govt. sec -5.1 o 1.9 4.7 .9 5.4 5.8 6.3 * 4.2 -5.0 5.3 5.5 54 4.6 III. Direct lending in credit markets 55 Total funds raised 33.1 44.3 54.3 58.2 67.1 66.2 49.7 63.0 58.7 75.1 63.9 70.5 76.6 68.4 55 56 Less change in U.S. Govt. cash.... .9 1.3 2 .2 4.1 -4.9 -.8 3.6 -.9 -1.1 -.9 5.4 2.4 56 57 Total net of U.S. Govt. cash 32.2 44.3 53.0 66.9 62.1 54.6 63.8 55.2 76.0 65.1 71.4 71.2 66.0 57 58^5 58 Funds supplied directly to cr. mkts.. 32.2 44.3 53.0 58.5 66.9 62.1 54.6 63.8 55.2 76.0 65.1 71.4 71.2 66.0 58 59 Monetary authorities .8 1.5 1.9 2.6 3.2 2.3 1.4 4.5 3.2 1.0 2.1 6.4 4.1 3.6 59 60 Total .7 1.5 2.0 2.9 3.4 1.8 2.3 4.0 2.9 1.6 2.5 6.6 4.5 3.2 60 61 Less change in U.S. Govt. cash. .1 .3 .2 -.5 c -.3 .5 .4 .1 .4 -.5 61 62 Commercial banks, net 8.0 15.5 18.1 19.5 21.7 16.9 17.3 23.5 12.7 22.3 21.1 30.7 26.0 20.1 62 63 Total 9.0 15.7 19.5 19.1 22.2 21.6 11.7 24.1 17.4 21.3 20.2 30.0 31.5 25.0 63 64 Less chg. in U.S. Govt. cash... .9 1.2 -.6 4.6 -5.7 -.3 3.8 -1.4 -1.5 -1. 5.0 2.9 64 65 Security issues .1 "".2 .1 .3 .61 .1 .9 .9 .5 .6 .4 .5 2.0 65 66 Nonbank finance, net 19.8 21.3 24.0 28.1 29.2 27.3 28.9 26.2 27.6 28.2 31.4 29.7 26.5 26.1 66 67 Total 22.1 23.7 28.7 34.5 33.6 36.3 39.0 31.1 32.2 38.4 32.9 31.0 34.2 37.2 67 68 Less credit raised 6.4 4.4 10.0 4.9 10.2 11.1 68 2.4 2.5 4.7 9.0 4.7 1.5 1.4 7.7 69 U.S. Government 2.7 3.8 3.7 4.1 4.9 6.0 69 2.3 2.8 3.5 2.4 3.4 3.4 3.6 4.4 70 Foreign .4 -2.2 -.6 2.3 .9 70 1.2 .6 1.2 5.0 -1.3 -1.0 1.8 -1.2 71 Pvt. domestic nonfin 4.4 4.9 8.7 8.2 5.6 6.2 9.8 17.5 8.2 -.6 11.5 9.4 72 Households .2 2.6 -1.7 1.3 3.5 .1 2.4 5.8 2.7 9.2 1.2 .9 4.6 4.4 73 Business 1.1 .7 2.3 2.1 1.3 4.5 2.0 .6 1.7 2.0 2.6 -1. -3.3 -3.6 7 7 4 5 L St e a s t s e n a e n t d s e lo cu ca ri l t y g o c v re ts dit -4 3 . . 6 3 3. . 2 1 - 3 .2 .6 2 3 . . 0 5 - 3 .2 .7 5 1 . . 1 5 3 1 . . 1 9 2 2 . . 5 8 5.4 - 6 .2 . -1 2 . . 5 8 1. . 1 6 10.1 i - 8 .3 .2 -.3 1.3 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For further notes see second page following. All data are revised from those shown in Sept. 1965 BULLETIN as described on pp. 1533-38. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1610 FLOW OF FUNDS NOVEMBER 1965 3. 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 I. Demand deposits and currency 1 Net incr. in banking system liability 5.6 4.5 5.6 7.4 11.9 .2 11.2 3.9 5.6 8.2 12.0 .2 8.9 2 U.S. Govt. deposits * 1.3 -.3 .2 4.1 -4.9 -.8 3.6 -.9 -1.1 -.9 5.4 2.4 1 6 7 9 4 5 8 3 0 O Re t D h st e o S H N F M r o m t i f o o a n a e n u t t i a s e l h f s n t i e e i f n c a c h l n i a o w a o s n d a l l e o c t d c s r l i s a o l t e d o l c c r a t s b o l u r g s s o in v e t s s s - - 1 1 1 . . . 1 0 . . 7 5 1 Q 4 5 1 1 1 . . . . . . . . 6 8 1 0 7 3 8 7 - - 2 4 3 3 1 . . 6 . . . . . 3 . 1 0 2 1 9 1 -1 2 5 5 5 . . . . . 9 . . . 0 9 3 9 2 1 3 -2 7 7 6 1 . . . . . . . 6 . 3 4 8 7 2 0 5 ! 7 7 3 3 . . . . . ' . 8 4 5 0 4 5 . 2 3 -1 - - - 6 5 5 . . . . 1 1 4 3 . . . . 7 1 4 4 - 1 1 - - 1 7 6 2 2 . . . 1 8 . . . 9 . . 8 8 2 0 1 - - - - 1 2 1 - 7 1 1 0 . . . . . 1 7 0 . 2 7 . . 4 3 6 - - 2 2 2 6 6 3 1 . . 2 . . . . . . 3 1 4 5 7 1 4 2 9 2 2 8 1 1 . . . . . . 1 3 8 3 4 0 - 1 1 1 7 5 1 3 3 3 . . . . 5 . . . 6 3 2 7 1 0 - - - - - 5 4 - 5 1 6 7 . . . . . . 2 . 8 9 6 . 7 7 - -2 - 4 7 6 8 4 . . . 9 . . . 1 . 3 . 6 3 5 7 5 II. Time and savings accounts 11 Net increase—Total 15.3 20.7 28.7 29.5 30.4 26.0 27.7 31.3 27.9 28.0 30.0 35.7 35.6 28.6 11 12 At commercial banks—Total.... 5.8 9.4 15.6 14.3 14.6 11.4 13.8 16.2 13.1 12.1 13.3 19.9 22.6 16.7 12 13 Corporate business 1.3 1.9 3.7 3.9 3.2 2.4 3.2 5.2 6.4 1.4 1.5 3.4 8.3 6.9 13 14 State and local govts 1.4 .9 1.0 1.6 1.7 .3 1.4 2.2 .3 1.1 2.2 3.3 2. .5 14 15 Foreign depositors .3 .3 .6 1.0 1.4 .9 .8 .8 1.5 1.5 1.0 1.6 .6 1.3 15 16 Households 2.8 6.2 10.3 7.9 8.2 7.7 8.5 8.0 4.9 8.1 8.5 11.4 11.6 7.8 16 17 At savings institutions 9.5 11.3 13.1 15.2 15.8 14.6 13.9 15.1 14.8 15.8 16.7 15.8 12.9 11.9 17 18 Memo: Households total 12.4 17.4 23.4 23.0 23.9 22.6 22.5 23.0 19.6 23.8 25.4 27.0 24.6 20.1 18 III. U.S. Govt. securities 19 Total net issues -2.5 7.3 7.3 5.2 6.2 9.6 -2.1 6.4 8.7 3.9 7.7 4.4 7.5 -.9 19 20 Short-term marketable 8.8 .5 1.4 4.0 8.0 -13.5 5.2 9.1 -1.0 -3.7 11.4 13.7 -.5 20 21 Other -5*. -1.4 6.8 3.8 2.2 1.5 11.4 1.3 -.5 4.9 11.4 -7.0 -6.2 -.4 21 22 Net acquisitions, by sector -2.5 7.3 7.3 5.2 6.2 9.6 -2.1 6.4 8.7 3.9 7.7 4.4 7.5 -.9 22 23 Monetary authorities .7 1.5 1.9 2. 3.5 2.0 2.2 3.5 3.2 2.4 6.5 4.4 3.5 23 24 Short-term -1.0 -1.1 2.0 4.9 2.1 8.0 -1.0 .3 3.5 -2.3 5.1 2.2 15.5 6.9 24 2 2 2 2 3 2 3 3 3 3 3 3 3 3 3 5 6 7 8 8 9 9 6 7 3 4 5 1 2 0 C P N Fo v o o O S N S N O N S O S S r t m n . e a h h h h t o o t o t b i m v h d h h o o o o g n n n a i e o e e r r r r n n e g g g n t t t t r r r m - r - - g - u u u k t c t t t d d d s a a e a e e e e i i i i f s r r r a r r r r r r r b i a m a a m m t m l e n e e i o n n n c c c c a b n t t t t t n t d d d e e a e n d c i i i e e e n o r r s r e d d d e k e e n — c c c s f t t i t H na o n u . s s e e h c o t l o d r s s . . - - - - — 5 - 1 5 4 - - - 7 1 1 . . . . . . . . 3 3 2 4 . . 2 . 7 1 2 . . . 0 7 1 . 3 2 5 1 - - 4 - - 1 9 5 1 . . . . 7 8 . . 1 . . \ . . . . 6 3 4 1 4 3 1 4 3 l 3 -5 - 2 5 1 1 1 1 . . 1 . . . . . . 2 . . . . . . . 0 4 6 2 5 8 8 7 6 9 0 2 2 - - - - 3 - 1 2 4 1 1 . . . . . 3 7 . . . 7 1 . . . . . . 6 . 7 9 2 6 3 6 5 5 9 8 - - - 4 3 2 3 U 1 . . . 5 . . . . . . . . . 1 3 8 9 9 5 1 4 3 4 2 9 - - - 4 5 2 3 3 1 1 1 1 l . . 6 2 . . . . . . . . . . . 1 9 4 1 3 3 4 9 8 8 3 - - - - 1 1 - 2 2 0 0 2 5 3 1 1 1 . . . . . 4 . . . . . . 5 3 . . . 8 8 1 3 7 6 2 6 5 7 * - - - - - - - 1 1 2 5 2 4 6 3 1 1 1 . . . . . . . 9 7 . . . . . . 1 6 6 4 . . 2 8 3 2 9 1 1 3 3 - - - - 1 - 2 1 1 2 4 5 1 1 1 1 . . . . . 5 7 . . . . . . . . 7 6 . 9 6 4 8 0 3 4 7 4 - - - 6 9 3 4 2 5 3 1 1 1 1 . . . . . . . . . . . . . . . 6 0 6 8 2 5 1 2 4 0 5 9 4 7 3 - - - - 1 2 2 2 3 5 . . . . ^ 5 6 ^ 2 . . . . ' 1 8 7 8 3 . 2 7 3 8 - - - - - - 8 - 2 3 5 1 9 2 2 1 . . . . . . . 7 2 . . . . 6 . . 3 6 9 0 . . 2 8 7 0 9 3 8 4 - - - - 1 - 2 - 2 2 5 3 3 . . . . . . 5 1 . . 9 5 . . . 5 3 1 7 7 1 - - - - - 1 1 7 3 - 1 0 2 5 1 1 1 1 . . . . . . 9 . . . . . . 9 2 4 . 0 . . 0 8 5 2 4 3 0 1 4 7 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 7 5 6 8 9 0 2 5 7 8 9 1 3 4 6 IV. Other securities 40 Total net issues, by sector.... 10.9 13.6 11.6 13.1 14.6 13.7 13.2 12.1 13.4 17.3 13.9 13.9 16.0 18.3 40 41 State and local govts 3.6 4.9 5.0 6.7 5.9 7.0 7.0 7.1 4.2 6.4 6.0 6.8 8.2 6.7 41 42 Nonfinancial corporations. 5.0 7.1 5.1 3.6 5.4 3.4 4.0 2.2 6.2 7.1 5.3 2.9 4.6 6.8 42 43 Commercial banks. .1 .1 .3 .6 .1 .1 .9 .9 .6 .4 .5 2.0 43 44 Finance companies. 1.5 15 .3 1.4 2.1 1.4 1.6 2.2 2.2 2.*4 2.0 1.8 1.5 2.0 44 45 Rest of the world. . .6 1.0 1.0 .7 1.8 .5 -.2 .9 2.0 1.2 45 46 Net purchases. 10.9 13.6 11.6 13.1 14.6 13.7 13.2 12.1 13.4 17.3 13.9 13.9 16.0 18.3 46- 4 4 5 5 4 5 7 9 8 1 2 0 — I H F S C n i t o o s n a S u u m t a e e r s n c m a e c u a n h e e n r c o i r d e t - n c l y d i . l a e a s o b l . n c c r d b a o l a k p n e g e k r o n s s v s i t a o s n n d f d u e n a d le s r . s .. . - 2 7 1 .5 . . . . 2 1 4 4 - 2 2 8 1 .1 . . . . 6 2 0 3 "I - - 2 2 7 4 . . 2 . . . 1 . 7 0 4 5 - - 1 2 7 5 . . 5 . . . 8 8 5 2 - 7 3 3 1 .5 . . . . 5 7 0 3 * - - 2 2 5 8 . . 3 . . . 1 5 1 5 A - - - 1 1 2 7 6 . . . 7 . . . 5 7 8 5 1 - 2 6 3 1 .7 . . . . . 5 4 3 6 5 2 2 7. . . ! . 7 8 4 6 3 -1 2 7 4 3 . . . . . 1 . 9 6 9 0 1 - 4 6 3 .6 . . . . 8 9 1 2 4 - - 7 2 4 . . 3 5 . . . . 5 7 9 1 - 4 6 3 1 1 . . 3 . . . . 8 8 3 4 -1 9 4 5 1 1 . . . . . . 4 2 1 8 9 5 4 4 4 5 5 5 8 9 7 0 1 2 5 5 4 3 Inv P e o s r t t m fo e l n io t c p o u s r . c — ha N se e s t - 1 .5 .0 - 1 .6 .4 - 1 .7 .1 -.5 .8 - 1 .6 .1 - 1 .9 .0 -.8 .9 -.5 * -1.2 .5 -' 1 .2 .7 - 2 .4 .1 -1.6 2!o 54 5 5 5 6 Rest N o e f t t h is e s u w e o s r o ld f own shares.. 1. . 5 3 1. . 9 2 1.8 1. . 3 2 - 1 .2 .6 .5 1. . 7 2 -.2 .4 1. . 7 1 - 1 .4 .9 - 2 .1 .5 1. . 6 1 -1 2 . . 0 2 5 5 5 6 V. Mortgages 57 Total net lending. 14.2 16.9 21.3 24.7 25.6 25.5 26.0 25.0 24.3 26.8 25.4 25.7 24.7 25.2 57 58 1- to 4-family.. 10.4 11.8 13.4 15.7 15.5 16.3 16.5 15.6 15.5 15.9 15.5 15.1 15.3 15.7 58 59 In process... -.1 .4 .4 .5 -.3 .6 .6 .4 -.4 -.3 -.3 .1 .2 59 60 Disbursed. . . 10.5 11.4 13.0 15.2 15.8 15.7 16.0 15.2 15^6 16.3 15.8 15.4 15.2 15.5 60- 61 Other 3.8 5.1 7.9 9.0 10.1 9.2 9.5 9.4 8.9 10.9 9.9 10.6 9.4 9.5 61 62 Net acquisitions 14.2 16.9 21.3 24.7 25.6 25.5 26.0 25.0 24.3 26.8 25.4 25.7 24.7 25.2 62 6 6 6 6 6 6 3 5 8 4 6 7 H I M C S U n a o o . s o v S m u u r i . s n r t m g a e g G a n h s e o g c o r v e i e c l n d i e a c s s r l n t o i m b m tu a e p t n n i a k o t n s n i . e s s . . . . . . 2 8 1 . . . . . 9 9 2 7 2 1 - 2 l 1 . ! 2 . . . 6 7 6 0 1 4 3 3 . . . . . 0 0 5 3 2 * - 1 i 4 4 6 !o . . . . 9 0 8 1 c. 1 4 5 4 . . . . . . 5 1 1 2 4 7 - 1 1 5 3 6 . . . 9 . . . 5 8 3 5 9 - 1 - 1 4 5 1 6 . . 4 . . . 0 . 2 4 0 5 - 1 - 1 4 4 6 . . 4 . . 1 . 5 4 2 1 - 4 4 4 .2 . . . . . 5 5 5 3 3 1 4 5 1 4 . . . . . . 0 4 0 3 8 9 1 4 5 5. . . . . . 0 3 1 2 1 1 - 5 5 4 ! . . 3 . . 1 6 2 4 - 1 1 4 6 1 3 . . 0 . . . . 0 7 0 0 6 - 1 1 5 5 3 1 . . . . . . 0 1 6 5 4 2 6 6 6 6 6 6 7 3 4 5 6 8 VI. Bank loans n.e.c. 69 Total net borrowing 2.8 3.0 6.2 8.2 9.9 8.2 7.3 14.2 4.8 14.4 4.6 15.8 19.6 16.5 69 7 7 7 0 1 2 H N N o o o n u n f s b i e a n h n a o n k l c d f i s a in l a b n u ce siness. 2. . 3 6 T 1. . . 3 1 9 4 1 . . . 3 0 5 5 1 . . . 7 9 2 5 . . . 6 0 5 4 1 1 . . . 9 4 3 2 3 . . . 2 6 7 2 9 1 . . . 1 4 5 2. . 2 5 5 3 3 . . . 9 7 8 -1 4 . . 7 . 6 1 - 4 9 .1 . . 3 0 1 2 3 . . . 5 7 8 1 2 2 1 . . . 9 8 8 7 7 7 0 1 2 73 Rest of the world .1 .7 .4 .5 1.9 .5 .8 1.2 1.9 1.0 1.7 2. 2.5 -1.1 73 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see following page. All date are revised from those shown in Sept. 1965 BULLETIN as described on pp. 1533-38. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 FLOW OF FUNDS 1611 Notes to Table 2 of deposits and credit market instruments by households, nonfinancial I. Saving and investment. Derived statistically from Commerce Dept. business, and state and local govts. Line 50 includes household savings income and product accounts. Tables presenting the relation to those bonds as well as marketable issues; see Table 3, line 39. Line 52 includes accounts are on pages 1535-37. Gross national saving (line 1) is the sum consumer credit and open-market paper in addition to private securities for domestic sectors of gross-saving entries in Table 4. It is before and mortgages. Line 53 is net of free credit balances at brokers. deduction of capital consumption allowances. Govt. saving is net of III. Direct lending in credit markets. Monetary authority total is public outlays for capital goods as well as current operations. Gross Table 4(G), lines 5 less 14. Commercial-bank total, line 63, is Table national investment (line 8) is gross private domestic investment in 4(H), line 5; includes security credit. Nonbank finance totals include income-and-product accounts plus consumer durables plus net foreign security credit both in lending and funds raised and exclude investment investment. Net foreign investment differs from corresponding income- company shares on both sides; line 67 is lines 3 and 4 of Table 4(1), less and-product series by amount of errors and omissions in balance of pay- line 4 of 4(1.8), and line 68 is line 7 of Table 4(1) plus line 5 of 4(1.7) less ments statement. line 4 of 4(1.8). Line 71 is the net sum of lines 50-53 in Table 2-II. Relation of saving-investment discrepancy to flow of funds matrix is described on page 1536. Notes to Table 3 II. Financial flows-Summary. This table is described in Nov. 1962 I. Demand deposits and currency. Lines 5-8 are holder record; line 9 BULL., p. 1405. Total net funds raised (line 17) is borrowing through is difference between holder and bank record. credit markets (line 25 of Table 1) by households, nonfinancial business, III. U.S. Govt. securities. All holdings stated in par values; excludes govts., and foreigners. Credit market funds raised by all sectors consists special issues to international organizations and includes nqnguaranteed of line 17 plus financial-sector borrowing (Table 4(H), line 33 and Table issues of Govt. agencies. Short-term category consists of direct market- 4(1), line 7). able issues due in less than one year plus part of those due in less than U.S. Govt. short-term securities are direct marketable issues due in less 2 years. than 1 year plus part of those due in less than 2 years. For further IV. Other securities. Total excludes open-end investment co. shares; detail see Table 4(E), lines 26-29. these are shown as a deduction on line 55, offsetting net purchases of Demand deposits on lines 38 and 46 are on bank-record basis rather such shares included in the other lines (mainly consumer) under "net than holder records shown in Table 4. Difference is described in Aug. purchases." Net purchases includes small amounts for mutual savings 1959 BULL., p. 852 ff. Foreign funds consist of lines 8-12 of Table 4(J). banks and nonfinancial corporations not shown separately. Sources n.e.c. (line 42) is mainly financial institution net sources of funds V. Mortgages. Loans in process at savings and loan associations are other than deposits, insurance and pension reserves, security credit, and included in totals outstanding and treated as savings and loan liability. credit mkt. funds. Line 62 includes holdings by State and local govts. not shown separately. Private domestic nonfinancial sectors (line 43) consists of acquisition 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (In billions of dollars) 1963 1964 1965 Category 1960 1961 1962 1963 1964 II III IV II III IV (A) Households • 1 Personal income 400.9 416.8 442.6 464.7 495.0 460.1 467.1 475.6 483.0 490.6 499.1 507.2 516.6 525.0 2 Less: Personal taxes & nontaxes. 50.9 52.4 57.4 60.9 59.2 60.6 61.0 61.6 60.4 56.9 58.8 60.7 64.8 66.0 3 Personal outlays 333.0 343.2 363.7 383.4 409.5 380.5 386.3 389.5 399.3 406.3 415.3 416.9 428.1 436.0 4 Equals: Personal saving 17.0 21.2 21.6 20.4 26.3 18.9 19.8 24.4 23.4 27.3 25.0 29.5 23.8 23.0 5 Plus: Credits from Govt. insur.2 3.1 3.4 3.5 4.0 4.8 4.2 3.9 4.2 4.5 4.6 5.1 4.9 5.2 6.2 6 Other adjustments 3 .5 .6 .6 .6 .7 .6 .6 .6 .5 .6 .7 .9 .8 .7 7 Net durables in consumpt.. 5.1 2.9 6.7 8.5 10.8 8.1 8.9 8.9 10.6 11.6 12.2 8.9 14.1 13.1 8 Purchases 45.3 44.2 49.5 53.4 58.7 52.6 54.1 54.9 57.4 59.1 60.5 57.9 63.9 63.7 9 Less: Cap. consumpt.... 40.2 41.3 42.8 45.0 47.9 44.5 45.2 46.0 46.8 47.5 48.3 49.0 49.8 50.5 10 Equals: Net saving 25.7 28.0 32.4 33.5 42.6 31.7 33.2 38.2 38.9 44.1 43.0 44.2 43.9 43.0 11 Plus: Capital consumpt.4 46.3 47.8 49.7 52.4 55.8 51.9 52.7 53.6 54.5 55.4 56.2 57.1 58.0 58.9 12 Equals: Gross saving 72.0 75.8 82.1 85.9 98.4 83.6 85.9 91.8 93.4 99.5 99.3 101.3 101.9 101.9 13 Gross investment (14+18) 72.8 78.0 87.8 91.5 102.1 86.8 94.3 97.6 98.2 103.0 100.8 106.4 106.0 106.8 14 Capital expend, (net of sales) . . . 68.3 65.0 71.7 76.0 82.3 74.8 76.8 78.1 81.2 82.8 84.1 81.0 86.7 86.8 15 Residential construction 19.8 17.5 18.7 18.9 19.5 18.6 19.0 19.5 19.9 19.7 19.5 18.9 18.7 19.0 16 Consumer durable goods 45.3 44.2 49.5 53.4 58.7 52.6 54.1 54.9 57.4 59.1 60.5 57.9 63.9 63.7 17 Plant and equip, (nonprofit). . 3.2 3.3 3.5 3.7 4.0 3.6 3.7 3.8 3.9 4.0 4.1 4.1 4.1 4.2 18 Net finan. investment (19-37) 4.4 12.9 16.1 15.5 19.8 12.0 17.5 19.5 17.0 20.2 16.7 25.4 19.3 20.0 19 Net acquis. of finan. assets 5. . . . 22.6 29.9 36.6 41.9 47.2 39.1 45.5 46.1 44.7 49.9 41.5 52.8 47.3 48.9 20 Demand dep. and currency.. . -.9 .8 4.1 5.3 7.4 3.0 6.7 6.8 10.6 3.4 2.8 13.1 7.7 8.6 20 21 Savings accounts 12.4 17.4 23.4 23.0 23.9 22.6 22.5 23.0 19.6 23.8 25.4 27.0 24.6 20.1 21 22 At commercial banks 2.8 6.2 10.3 7.9 8.2 7.7 8.5 8.0 4.9 8.1 8.5 11.4 11.6 7.8 22 23 At savings instutitions 9.6 11.2 13.0 15.1 15.7 14.9 14.0 15.0 14.7 15.7 16.8 15.6 13.1 12.3 23 24 Life insurance reserves 3.2 3.5 3.7 4.3 4.4 4.2 4.4 4.6 4.6 4.4 4.3 4.2 4.2 4.3 8.1 8.6 8.8 9.9 11.6 9.9 10.7 9.3 10.9 12.3 .1.0 12.4 10.6 14.7 25 Pension fund reserves 1.1 .7 -1.7 1.3 3.5 .1 2.4 5.8 2.7 9.2 1.2 4.6 4.4 26 26 Cr. and equity mkt. instr -.5 c .4 3.7 2.1 1.9 5.2 7.6 2.3 4.0 1.1 4.2 6.8 27 27 U.S. Govt. securities -.3 '.8 .4 1.2 .9 1.1 1.1 1.2 .8 .9 1.0 .8 .4 28 28 Savings bonds -2.6 -.1 .5 2.9 -1.8 .6 5.0 2.9 -.7 -4.3 -1.9 -.5 4.3 .4 29 2 3 9 0 O Sh th o e rt r - t d e i r r m ec t mkt - 2 .2 .7 -1.2 -.9 .3 '. Q 5 2 1 . . 0 0 1 \A # 1 -2 1 . . 1 2 1 1. . 9 6 - 2 .2 .4 2 5. . 1 2 1. . 6 3 . . 3 3 -2 1 . . 0 1 2 3 . . 4 6 3 3 1 0 31 Nonguaranteed 32 State and local oblig 1.8 1.1 .4 1.6 2.6 1.3 1.7 3.3 2.3 4.9 .3 2.9 4.1 1.2 32 33 Corporate and fgn. bonds.. -.1 -.2 -.9 -.5 -.7 -.6 -2.1 .4 -1.7 -2.4 .8 .6 .6 -.4 33 34 Corporate stock -.3 .4 -1.6 -2.9 -.6 -2.8 -1.3 -4.4 * 2.5 Q -3.9 -3.3 -2.1 34 35 Mortgages .2 -.2 -.6 .1 .3 -1.0 -1.1 -.2 .3 '.2 .2 -1.0 -1.0 35 36 Net invest, in noncorp. bus... -2.1 -1.8 -2.3 -2.6 -4.2 -2.6 -2.6 -2.7 -3.8 -4.7 -4.5 -3.J -4.7 -4.4 36 37 Net increase in liabilities 18.2 16.9 20.6 26.3 27.4 27.1 28.0 26.6 27.7 29.7 24.8 27.4 28.1 29.0 37 4 4 3 3 1 0 8 9 Cr O C e 1 d - o t i h t n t o e s m r u 4 m m k -f t e a o . r m r i t n i c g l s r a y t e g r d u m e i s m t tg e s nts 1 1 4 6 1 . . . . 5 9 5 3 1 1 1 3 1 . . . . 7 9 4 2 1 1 5 2 8 .5 . . .9 9 9 2 1 6 2 1 4 . . . . 7 1 0 9 2 1 6 3 1 6 . . . . 9 0 6 0 2 1 6 2 5 . . . . 5 0 9 2 2 1 3 6 1 5 . . . . 2 9 0 5 2 1 6 1 1 4 . . . . 6 0 8 8 2 1 7 4 1 6 . . . . 4 0 3 3 2 1 7 3 1 6 . . . . 2 9 0 0 2 1 3 1 6 . . . 9 0 2 2 1 2 1 5 . . . 0 2 6 2 1 9 5 1 5 . . . . 6 9 0 7 2 1 8 4 1 4 . . . . 2 7 7 0 4 4 3 3 0 1 9 8 4 4 2 3 B O a th n e k r l l o o a a n n s s n 6 .e.c . . 6 7 . . 9 6 . . 5 6 . . 9 5 2. . 6 6 1. . 3 2 . . 7 9 2. . 1 5 2. . 2 6 3. . 8 7 7. . 1 1 4 6 . . 3 0 .7 2. . 9 7 4 4 2 3 .6 .6 44 Security credit i 1.3 -.1 2.0 -.2 2.7 2.6 1.3 -.4 .7 -.3 i .8 44 45 Discrepancy (12-13) -.7 -2.2 -5.7 -5.7 -3.7 -3.1 -8.4 •r5.8 -4.8 -3.5 -1.5 -5.0 -4.1 -4.9 45 For numbered notes see p. 1617. See NOTE at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1612 FLOW OF FUNDS NOVEMBER 1965 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1963 1964 1965 Category 1960 1961 1962 1963 1964 II III IV II III IV (B) Nonfinancial business—Total 1 Income before taxes 2 93.4 95.7 102.4 106.7 112.6 105.9 108.0 108.5 110.9 112.3 113.6 113.8 120.1 122.8 1 2 Gross saving 46.9 48.2 54.9 57.7 63.3 57.2 59.1 58.9 62.4 63.2 64.2 63.5 69.9 69.9 2 3 Gross Investment 42.1 45.8 49.9 54.7 59.8 52.2 58.2 56.0 60.3 58.6 62.2 58.2 64.8 64.0 3 4 Capital expenditures 51.3 50.1 60.2 63.3 68.5 61.6 64.0 68.1 65.2 66.4 68.3 74.0 78.7 77.1 4 5 Fixed investment 47.7 48.1 54.2 57.6 63.7 56.9 58.2 60.0 61.8 62.2 64.4 66.3 69.9 70.4 5 6 Business plant & equipment. 45.3 43.6 48.1 50.2 56.2 49.4 50.9 52.2 53.9 54.6 57.2 59.1 61.5 61.9 6 7 1 -4 family residential const. 3 -.9 .3 .4 -.3 .4 .4 .5 -.2 -.2 -.6 .9 .6 7 8 Other residential 3.3 4.2 6.*0 7.0 7.8 7.2 6.9 7.4 8.1 7.8 7.8 7.5 7.9 8 9 Change in inventories 4 3.6 2.0 6.0 5.7 4.8 4.6 5.8 8.1 3.3 4.2 4.0 7.7 8.7 6.7 9 10 Net financial investment -9.2 -4.3 -10.2 -8.7 -8.7 -9.3 -5.8 -12.1 -4.9 -7.8 -6.2 -15.8 -13.9 -13.2 10 11 Net acquis. of Jinan, assets 5.7 17.7 14.5 17.6 15.4 21.1 17.3 11.0 12.3 15.5 25.8 8.2 27.7 25.3 11 12 Net increase in liabilities 7 14.9 22.0 24.8 26.3 24.1 30.5 23.0 23.1 17.2 23.3 31.9 23.9 41.6 38.4 12 13 Credit mkt. instruments 11.1 13.4 18.2 18.8 22.2 20.0 18.5 21.4 15.2 29.0 21.0 23.6 28.1 32.7 13 14 Securities 5.0 7.1 5.1 3.6 5.4 3.4 4.0 2.2 6.2 7.1 5.3 2.9 4.6 6.8 14 15 1-4 family mortgages -.7 .2 .1 .3 -.2 .5 .5 .4 -.6 .3 -.4 -.2 -.5 .8 15 16 Other mortgages 2.8 4.2 7.0 8.0 9.1 8.2 8.5 8.5 7.9 9.9 8.8 9.6 8.4 8.5 16 17 Bank loans n.e.c 2.3 1.3 4.3 5.1 5.0 4.9 3.6 9.4 .5 5.9 4.6 9.0 13.8 11.8 17 18 Other loans 7 1.7 .6 1.7 1.8 3.0 3.1 1.9 1.0 1.2 5.8 2.7 2.4 1.7 4.8 18 19 Trade debt 4.1 7.3 4.7 6.4 3.4 6.3 4.9 2.4 3.9 -6.6 11.3 4.7 10.1 7.3 19 20 Other liabilities -.4 1.3 1.9 1.1 -1.5 4.2 -.3 -.7 -2.0 -.3 -4.4 3.4 -1.6 20 21 Discrepancy 4.8 2.4 5.0 3.1 3.5 5.0 2.9 2.2 4.6 2.0 5.3 5.1 5.9 21 (C) Farm and noncorporate nonfinancial business 5 1 Net income 2 53.2 55.6 57.5 58.7 59.4 58.3 58.9 59.3 58.4 59.1 59.7 60.2 60.3 63.0 1 2 Gross saving 6 12.5 12.6 13.1 13.4 13.9 13.4 13.5 13.6 13.8 13.9 14.0 14.1 14.2 14.4 2 3 Gross investment 12.5 12.6 13.1 13.4 13.9 13.4 13.5 13.6 13.8 13.9 14.0 14.1 14.2 14.4 3 4 Capital expenditures 14.5 15.3 18.2 19.7 18.9 19.1 19.9 22.4 17.9 18.5 19.8 19.5 20.2 20.6 4 5 Fixed investment 14.0 14.8 16.9 18.2 18.7 18.0 18.5 18.9 18.2 18.4 19.2 18.9 19.2 19.5 5 6 Change in inventories 4 .5 .5 1.3 1.5 .2 1.1 1.4 3.4 -.4 .1 .6 .6 1.0 1.1 6 7 Net financial investment.... -2.1 -2.7 -5.1 -6.3 -5.0 -5.7 -6.3 -8.7 -4.1 -4.6 -5.8 -5.4 -6.0 -6.3 7 8 Net acquis. offinan. assets.... -.1 .5 .5 .7 .5 .8 .9 .6 .5 .8 .4 .4 .5 .4 8 9 Net increase in liabilities 7 2.0 3.1 5.6 7.0 5.5 6.5 7.2 9.4 4.6 5.4 6.1 5.8 6.5 6.7 9 10 Credit mkt. instruments 3.1 4.3 7.0 8.5 8.8 9.4 8.3 10.2 1.1 10.9 8.3 8.1 10.5 10.1 10 11 Mortgages 1.4 2.7 4.2 5.0 5.5 5.2 5.4 5.1 4.7 6.2 5.2 5.7 5.1 5.8 11 12 Bank loans n.e.c 1.0 1.3 1.9 2.2 1.6 2.3 1.7 4.0 2.1 1.5 1.5 1.1 4.0 1.6 12 13 Other loans 7,8 .7 .3 1.0 1.3 1.7 1.9 1.2 1.1 .9 3.1 1.6 1.2 1.5 2.7 13 14 Trade debt, net 1.0 .6 .9 1.1 .9 -.3 1.4 1.9 .7 -.8 2.2 1.5 .6 1.0 14 15 Proprietors' net investment9 -2.1 -1.8 -2.3 -2.6 -4.2 -2.6 -2.6 -2.7 -3.8 -4.7 -4.5 -3.8 -4.7 -4.4 15 (D) Corporate nonfinancial business 10 1 Profits 40.3 40.2 44.9 48.0 53.3 47.7 49.2 49.3 52.4 53.1 54.0 53.6 59.8 59.8 2 Profits tax accruals 19.5 19.7 20.8 22.5 23.5 22.5 22.7 23.4 23.7 23.9 24.2 22.3 25.4 25.7 3 Net dividend payments 11 10.6 10.3 11.4 12.2 13.3 12.2 12.2 12.4 12.3 12.5 12.8 15.5 13.0 13.3 4 Net savings (1-2-3) 10.2 10.1 12.6 13.3 16.5 13.0 14.3 13.4 16.5 16.7 17.0 15.7 21.3 20.8 5 Capital consumption 24.2 25.4 29.2 31.0 32.9 30.8 31.3 31.8 32.2 32.6 33.2 33.7 34.3 34.7 6 Current surp.= gross saving (4+5). 34.4 35.6 41.8 44.3 49.4 43.8 45.5 45.2 48.7 49.3 50.2 49.4 55.6 55.5 7 Gross investment 29.6 33.2 36.8 41.2 45.9 38.8 44.7 42.3 46.5 44.7 48.2 44.1 50.6 49.6 8 Capital expenditures 36.7 34.9 42.0 43.6 49.6 42.4 44.1 45.7 47.3 48.0 48.6 54.4 58.5 56.5 9 Fixed investment 33.7 33.3 37.3 39.4 45.0 38.9 39.7 41.1 43.6 43.8 45.2 47.4 50.7 50.9 9 10 Plant and equipment 32.5 31.1 34.3 35.7 41.3 35.1 36.0 37.1 39.7 40.0 41.6 43.8 46.5 46.7 10 11 Residential construction 1.2 2.3 3.0 3.7 3.7 3.8 3.7 3.9 4.0 3.8 3.6 3.6 4.2 4.2 11 12 Change in inventories 4 3.0 1.5 4.7 4.2 4.6 3.5 4.4 4.6 3.7 4.1 3.4 7.0 7.7 5.6 12 13 Net financial investment -7.1 -1.7 -5.2 -2.4 -3.7 -3.6 .6 -3.4 -.8 -3.3 -.4 -10.3 -7.9 -6.9 13 14 Net acquis. of Jinan, assets 12.... 5.8 17.2 14.0 16.9 14.9 20.3 16.4 10.4 11.8 14.7 25.4 7.7 27.2 24.8 14 15 Liquid assets -4.6 3.3 1.6 2.3 -1.0 3.7 2.5 3.6 7 1.1 3.4 -7.6 -2.0 -2.3 15 16 Demand dep. and curr -.5 1.6 -2.3 -1.9 -2.6 .2 -1.1 -.8 -7!2 2.1 2.1 -7.5 -4.9 -4.3 16 17 Time deposits 1.3 1.9 3.7 3.9 3.2 2.4 3.2 5.2 6.4 1.4 1.5 3.4 8.3 6.9 17 18 U.S. Govt. securities -5.4 -.3 .2 .4 -1.5 1.1 .4 -.8 .2 -2.4 -.2 -3.5 -5.5 -4.9 18 19 Open-market paper .6 .1 .8 .7 1.4 1.5 .2 .6 1.0 2.0 1.6 1.1 .6 19 20 Consumer credit .2 .1 .9 .7 1.0 1.5 .9 .5 .2 1.7 .9 1.0 "i'.i .4 20 21 Trade credit 6.3 9.4 7.8 8.0 8.9 8.9 6.6 6.0 6.7 5.5 14.4 9.0 14.2 12.4 21 22 Other financial assets 13 3.5 4.4 2.9 5.2 4.5 4.7 6.2 -.3 4.5 4.3 5.1 4.2 13.3 13.8 22 23 Net increase in liabilities 12.9 18.9 19.2 19.3 18.6 23.9 15.9 13.8 12.6 17.9 25.8 18.1 35.1 31.7 23 24 Credit mkt. instruments 8.0 9.1 11.2 10.3 13.5 10.6 10.1 11.2 7.6 18.1 12.7 15.5 17.6 22.6 24 25 Corporate bonds 3.5 4.6 4.6 3.9 4.0 3.4 3.6 3.7 3.6 3.8 4.2 4.3 4.7 5.0 25 26 Corporate stock 1.6 2.5 .6 -.3 1.4 .3 -1.5 2.6 3.3 1.1 -1.5 * 1.8 26 27 Mortgages .7 1.7 2.9 3.4 3.4 3.4 3.6 3.7 2.6 3.9 3.2 3.7 2.8 3.5 27 28 Bank loans n.e.c 1.3 * 2.4 2.8 3.4 2.6 1.9 5.4 -1.5 4.3 3.1 7.8 9.9 10.2 28 29 Other loans 14 1.0 .3 .7 .5 1.3 1.2 .7 -.1 .3 2.7 1.1 1.1 .2 2.1 29 30 Profit tax liability 15 -2.2 1.7 .4 1.8 .2 3.1 1.4 .8 .6 -.6 -.1 .9 3.8 -1.3 30 31 Trade debt 3.2 6.7 3.8 5.3 2.4 6.6 3.5 .6 3.2 -5.7 9.0 3.2 9.5 6.3 31 32 Other liabilities 3.9 1.4 3.8 1.9 2.5 3.7 .9 1.2 1.1 6.1 4.2 -1.6 4.2 4.2 32 33 Discrepancy 4.8 2.4 5.0 3.1 3.5 5.0 .8 2.9 2.2 4.6 2.0 5.3 5.1 5.9 33 34 Memo: Net trade credit 3.1 2.7 4.0 2.7 6.5 2.3 3.1 5.4 3.5 11.3 5.4 5.8 4.7 6.2 34 35 Profits tax payments 15 21.7 18.1 20.6 20.5 24.0 20.1 20.6 21.1 23.6 24.7 23.8 23.8 23.2 28.3 35 For numbered notes see p. 1617. See NOTE at end of table Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 FLOW OF FUNDS 1613 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1963 1964 1965 Category 1960 1961 1962 1963 1964 II III IV II III IV (E) U.S. Government 1 1 Tax receipts (net of refunds) 78.8 80.0 85.9 91.2 90.8 91.0 91.4 92.8 91.5 88.4 90.7 92.6 97.8 98.6 2 Individual income 43.6 44.7 48.6 51.5 48.6 51.3 51.5 51.9 50.2 46.5 48.1 49 8 53.5 54.6 3 Corp. profits tax accruals 21.7 21.8 22.7 24.5 26.0 24.5 24.6 25.4 25.7 25.9 26.2 26.4 27.4 27.6 4 Other 13.5 13.6 14.6 15.3 16.1 15.2 15.3 15.5 15.6 16.0 16.4 16 4 16.8 16.3 Social insurance programs 2 5 Premiums received 15.7 16.2 18.5 20.9 21.5 20.8 21.0 21.3 21.1 21.3 21.7 22 0 22.7 22.8 6 Benefits paid 14.2 16.8 17.4 18.2 18.6 17.7 17.8 18.2 19.2 18.4 18.5 18.5 19.7 18.4 Life insur. & retirement programs 3 7 Premiums received 2.0 2.0 2.1 2.1 2.2 2.1 2.1 2.2 2.2 2.2 2.2 2.2 2.2 2.2 8 Benefits paid 2.6 3.0 2.9 3.2 3.2 3.2 3.2 3.2 3.2 3.1 3.1 3.2 3.3 3.4 9 Net grants and donations paid 4 15.7 18.3 19.4 20.5 22.9 20.1 20.8 21.4 21.8 22.9 23.2 23.6 23.7 24.4 9 10 Net interest paid 7.1 6.6 7.2 7.8 8.4 7.6 7.9 8 0 8.3 8.2 8.5 8 4 8.6 8.7 10 11 Net purchases of goods & services.. 53.5 57.4 63.4 64.4 65.3 63.6 64.2 64.4 65.0 67.0 64.9 64.3 64.9 65.9 11 1 1 2 3 N Cr e e t d s i u ts r p i l m us puted to consumers 5.... 3 1. . 0 5 -3 1 . . 8 0 -3 1 . . 8 1 1. . 3 3 -3 1 . . 8 3 1 1. . 7 8 1. . 3 6 1.3 -2 1 . . 7 3 -7 1 .7 .3 -3 1 . . 7 5 1 « . 2 2 2.5 2 2 . . 8 0 1 1 2 3 14 Gross saving 2.5 -4.8 -4.8 -1.0 -5.0 .2 -.6 -3.9 -8.9 -5.1 -2.3 .9 14 15 Net finan. investment (16-23) 2.5 -5.0 -4.2 -1.1 -2.9 -.3 .7 .5 .9 -3.1 -8.4 -1.2 5.8 15 16 Net acquis. of finan. assets 2.4 4.1 5.0 4.9 4.7 10.1 -1.6 7.9 7.7 2.8 3.3 5.7 10.7 6.8 16 1 1 7 8 D Cr e e m di a t n m d a d r e k p e o t s i i n ts s t & ru m cu e r n r t e s ncy... 2 1 . . 3 0 2. A 8 3 1 . . 5 0 - 2 .3 .7 3. . 8 6 2 3 . . 4 8 -6 3 . . 6 7 4 1 . . 1 2 4 3 . . 4 4 -1 4 . . 5 9 — 3 .'4 7 3. . 6 3 5.7 6. . 0 7 1 1 7 8 19 Mortgages 1.2 .6 .3 -1.0 .2 -1.9 -.4 A .3 .8 .1 -.3 1.2 19 20 Other loans 1.1 2.2 3.1 3.7 3.6 4.3 4.1 4.6 3.0 4.0 3.3 4.0 3.8 4.7 20 21 Excess of tax accruals over receipts 1 9 .7 .8 1.7 .2 1.8 2.0 2.0 .3 -.2 .9 -.3 1.4 -2.4 21 22 Other financial assets 6 \l .5 2 .9 .1 2.1 -.6 .6 -.4 -.4 — .2 1.5 -.8 2.6 22 23 Net increase in liabilities -.1 9.1 9.2 6.0 7.7 10.4 -2.3 7.4 6.8 5.9 11.7 6.3 7.6 1.1 23 24 Life insurance and retirement reserves 1.0 1.0 1.1 1.3 1.3 1.7 1.3 1.3 1.3 1.3 1.5 1.2 1.3 2.0 24 25 U.S. Govt. securities ? -2.5 7.3 7.3 5.2 6.2 9.6 -2.1 6.4 8.7 3.9 7.7 4.4 7.5 -.9 25 26 Svgs. bonds 8 -.3 .8 .4 1.2 .9 \A 1.1 1.2 .8 .9 .8 1.0 .8 .4 26 27 Short-term direct 9 3.1 8.8 .5 1.4 4.0 8.0 -13.5 5.2 9.1 -1.0 -3.7 11.4 13.7 5 27 2 2 8 9 N Ot o h n e g r u s a e r c a u n r t i e ti e e d s issues -5.3 * -2.9 .7 4 1 . . 8 6 1 1 . . 5 1 . . 9 4 -3 3 . . 0 5 7 2 . . 5 8 -3 3 . . 3 4 -2 1 . . 3 0 3 1 . . 0 0 10 . . 5 0 -8.6 .6 -7.5 5 -5 4.8 7 2 2 8 9 30 Other loans 10 .5 .3 .5 -.2 .5 -.7 -.5 -1.1 1.7 .9 .6 -'.2 3 30 31 Other liabilities .9 .5 .3 -.3 -.4 -'.9 -.7 .2 -2.1 -1.0 1.6 .1 -1.0 3 31 32 Discrepancy (14-15) * .2 -.6 -2.1 .5 -1.2 -.6 -4.8 -5.8 3.3 -1.1 -1.8 -4.8 32 33 Memo: Corp. tax receipts, net 22.9 21.0 21.9 22!8 25.9 22.6 22.6 23.4 25.4 26.1 25.3 26.7 26.0 30.1 33 (F) State and local governments ] 1 Tax receipts 40.3 43.2 47.1 50.2 54.1 49.8 50.5 51.4 52.6 53.6 54.8 55.5 56.8 57.8 2 Social ins. and grants rec 9.5 10.4 11.5 12.9 14.5 12.4 13.2 13.8 13.9 14.4 14.7 15.0 15.0 15.3 3 Purch. of goods and services 46.1 50.2 53.7 58.3 63.1 57.5 58.9 60.0 61.3 62.7 63.8 64.3 66.0 67.0 4 Net interest & transfers paid 12. . 3.5 3.9 3.9 4.0 4.2 4.0 3.9 4.0 4.1 4.2 4.1 4.3 4.4 4.4 5 Net surplus .2 c .9 .9 1.4 .7 .9 1.2 .9 1.1 1.5 1.9 1.4 1.8 6 Less retirement cr. to hsholds.. . . 2.1 2!4 2.4 2.7 3.5 2.5 2.7 2.9 3.2 3.4 3.6 3.7 4.0 4.2 7 Equals: Gross saving -1.9 -2.9 -1.4 -1.8 -2.1 -1.8 -1.8 -1.8 -2.2 -2.2 -2.0 -1.9 -2.5 -2.4 8 Net financial investment (9 —17) . . -2.4 -3-3 -2.5 -2.6 -3.6 -4.0 -5.9 2.0 -3.6 -5.5 -3.8 -1.4 -1.2 -4.8 9 Net acquis. of finan. assets 3.6 4.4 5.6 7.2 6.2 5.8 4.4 12.5 4.0 4.7 6.4 9.7 10.8 6.5 10 Liquid assets .7 1.1 2.5 3.7 1.9 3.3 -.8 10.5 1.2 1.1 6.4 5.2 .9 11 Demand deposits and cur.. -1.1 .3 .9 2.0 .7 .3 j 7.8 -Ul -2.3 1.4 5.6 -1.6 -2.1 12 Time deposits 1.4 .9 1.0 1.6 1.7 .3 \A 2.2 .3 1.1 2.2 3.3 2.1 .5 13 Short-term U.S. Govt. sec. .5 -.1 .6 .1 -.5 2.7 -2.1 .5 .2 2.5 -2.4 -2.5 4.7 2.5 14 Other U.S. Govt. securities.. .4 .5 .7 .6 .9 -.4 2.3 0 1.9 1 1.8 -.1 1.9 1.1 15 State and local obligations... .1 -.2 -.7 "7 -.6 -.7 -.7 n -.6 -'.6 -.6 -.6 -.6 -.6 16 Other 13 2.4 2.9 3.0 3!5 3.9 3.5 3.6 1.1 3.8 4.0 4.0 3.9 4.0 5.1 17 Net increase in liabilities 6.1 7.7 8.1 9.8 9.8 9.8 10.3 70.5 7.6 10.2 10.2 77.7 12.1 77.3 18 Credit market borrowing 3.8 5.2 5.6 7.0 6.2 7.2 7.5 7.4 4.3 6.7 6.5 7.3 8.0 7.0 19 State and local obligations. 3.6 4.9 5.0 6.7 5.9 7.0 7.0 7.1 4.2 6.4 6.0 6.8 8.2 6.7 20 Short-term * .4 .4 .7 .5 .9 .6 .6 .5 1.0 .1 .2 1.4 1.2 21 Other 3.5 4.5 4.6 6.0 5.4 6.1 6.4 6.6 3.7 5.4 5.9 6.6 6.8 5.6 22 U.S. Govt. loans .3 .3 .6 .3 .4 .2 .5 .3 .1 .4 .5 .5 2 .3 23 Employee retirement reserves 2.1 2.4 2.4 2.7 3.5 2.5 2.7 2.9 3.2 3.4 3.6 3.7 4^0 4.2 24 Trade debt .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 25 Discrepancy .5 .4 1.1 .8 1.5 2.2 4.2 -3.8 1.4 3.3 1.7 -.4 -1.3 2.4 26 Memo: Total U.S. Govt. sec .8 .4 1.3 .7 .4 2.3 .2 -.4 2.1 2.6 -.6 -2.7 6.6 3.6 For numbered notes see p. 1617. See NOTE at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1614 FLOW OF FUNDS NOVEMBER 1965 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1963 1964 1965 Category 1960 1961 1962 1963 1964 II III IV II III IV (G) Monetary authorities 1 1 Current surplus * .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 2 Net acquis. of financial assets.... -1.1 1.4 1.7 2.2 3.4 1.4 2.2 3.5 4.4 1.7 2.2 5.2 2.1 3.5 3 Gold and foreign exchange 2... -1.7 -.8 -.8 -.4 * -.7 -.5 .5 o .2 .2 -3.0 -2.2 4 Treasury currency .1 .2 * * -.2 * * -.1 * * -.1 -.6 -.1 .1 5 Credit mkt. instruments .7 1.5 2.0 2.9 3.4 1.8 2.3 4.0 2.9 1.6 2.5 6.6 4.5 3.2 6 U.S. Govt. securities .7 1.5 1.9 2.8 3.5 2.0 2.2 3.5 3.2 1.8 2.4 6.5 4.4 3.5 7 Short-term direct -1.0 -1.1 2.0 4.9 2.1 8.0 -1.0 .3 3.5 -2.3 5.1 2.2 15.5 6.9 8 Other 1.7 2.6 -2.2 1.3 -6.1 3.2 3.2 a 4.1 -2.6 4.2-11.1 -3.4 9 F.R. float .5 .6 -.3 * .4 -.8 .5 .6 .1 i i .2 10 F.R. loans to domestic banks.. — A 1 .1 — 2 .4 .4 .5 .4 — .4 j .4 2.4 11 Net increase in liabilities 1.1 1.3 1.6 2.1 3.3 1.3 2.2 3.5 4.3 1.6 2.1 5.1 2.0 3.5 11 12 Member bank reserves -1 1 .3 — .4 .8 — .7 — .3 1.0 2.4 — 1.5 .3 2.0 .5 2.2 12 13 Vault cash of coml. banks 3... .3 .3 .7 .6 -.4 1.0 -.4 1.0 .8 -.3 -.2 -2.1 3.3 .3 13 Demand deposits and currency 14 Due to U.S. Govt * j .3 .2 5 .8 -.5 -.3 .5 .4 .1 .4 -.5 14 15 Due to rest of the world 4... -.1 .1 * -.1 .1 -.1 * -.1 * -.1 .4 -3 .1 15 16 Currency outside banks -.1 .7 .8 1.7 2.4 1.5 2.0 2.0 1.5 2.5 1.9 3.6 -.5 1.8 16 17 Other -.2 2 * -.1 .3 .1 * * * .3 -.2 1.1 -1.4 -.4 17 (H) Commercial banks 5 1 Current surplus. 1.6 1.3 1.5 1.7 1.9 1.7 1.7 1.8 1.9 1.9 2.0 2.0 2.1 2.1 1 2 Net acquisition of financial assets.. 9.1 17.1 20.7 19.8 23.2 22.8 10.9 27.6 20.7 20.2 22.9 29.0 36.7 27.8 2 3 Member bank reserves 6 -1.1 .3 .1 -.4 .8 -.7 -.3 1.0 2.4 -1.5 .3 2.0 .5 2.2 3 4 Vault cash .3 .3 .7 .6 -.4 1.0 -.4 1.0 .8 -.3 -.2 -2. 3.3 .3 4 5 Total loans and investments 9.0 15.7 19.5 19.1 22.2 21.6 11.7 24.1 17.4 21.3 20.2 30.0 31.5 25.0 5 6 Credit market instruments.... 8.7 14.6 18.4 18.5 21.7 20.7 9.8 23.6 15.4 19.6 21.3 30.6 28.9 23.0 6 7 U.S. Govt. securities 7 1.7 5.4 .8 -2.6 -.5 -2.1 -10.1 -1.1 1.0 -6.6 2.7 .9 -2.1 -10.0 7 8 Short-term direct 7.0 9.3 -5.2 -3.7 3.9 -4.1 -10.8 3.1 5.4 1.4 c 9.2 -1.9 -7.9 8 9 Other direct -5.2 -4.1 5.2 .5 -4.1 .8 -5.4 -2.7 -9.0 3.8 -8.6 -.1 -3.4 9 10 Nonguaranteed -.1 .3 .5 -.2 1.3 .7 1.1 -1.7 1.1 -.6 .3 -.1 1.3 10 11 Other securities & mortgages 1.1 4.2 8.3 10.1 8.2 11.0 11.3 8.1 6.9 7.0 9.0 9.7 9.5 11.4 11 12 State and local oblig .6 2.8 4.4 5.2 3.6 5.8 6.1 3.6 2.1 2.4 5.1 4.8 4.8 5.8 12 13 Corporate bonds -.2 -.2 .1 -.3 .3 .3 -.1 -.1 13 14 1- to 4-family mortgages. 2.0 2.7 2.3 3.2 2.9 2.4 2.7 2.2 2.0 2.1 2.6 2!7 14 15 Other mortgages .6 1.9 2.2 2.2 2.3 2.3 2.1 1.8 2.2 2.0 3.0 2.1 2.7 15 16 Other credit exc. security... 6.0 5.0 9.3 11.1 14.1 11.8 8.6 16.7 7.5 19.1 9.7 20.0 21.5 21.7 16 17 Consumer credit 1.7 .9 2.3 3.0 2.8 3.0 2.5 2.8 3.0 2.5 3.0 2.5 4.1 4.4 17 2 1 1 0 8 9 B O a t C h n e k C r C l l o o a l a o n n a s s n n s 8 .e.c 2 1 . . . 8 5 4 3 1. . . 1 0 3 6. . . 2 8 5 8.2 2 9 1 . . . 9 5 4 8. . . 2 1 6 -1 - 7 . . 7 2 .3 1 -' 4 .5 .2 2 - - 1 4 . . 3 . 1 8 1 2 1 4 . . . 2 7 4 4 2 . . . 6 0 9 15 1 . . . 8 6 6 - 1 2 - 9 . . . 1 2 6 1 - 6 . . . 3 5 8 2 1 1 0 9 8 21 Open market paper. .9 .8 .2 .7 .4 -.5 A .6 .4 .9 .9 -2.0 1.1 21 22 Security credit .2 1.1 1.1 .6 .5 .9 1.9 .4 2.0 1.7 -1.1 -.6 2.6 2.0 22 23 Misc. assets .7 .5 .4 .6 1.6 .1 .7 2.6 -.9 1.4 .2 23 24 Net increase in liabilities. 7.9 16.0 19.7 19.1 21.7 22.1 10.5 27.2 19.4 17.9 21.9 27.5 35.7 25.7 24 25 Demand deposits, net. .3 4.8 3.7 3.7 4.8 11.0 -2.6 9.7 2.8 2.5 6.0 7.9 .6 7.5 25 26 U.S. Govt. 9 , .9 1.2 -.6 4.6 -5.7 -.3 3.8 -1.4 -1.5 -1.1 5.0 2.9 26 27 Foreign io , .2 .7 .1 .1 .4 .5 1.5 -.2 1.1 -.6 1.0 -.9 27 28 Other, net 11 4.1 2.3 4.2 4.4 5.9 -2.5 4.2 6.4 9.7 -5.3 5.6 28 29 Time deposits 5.8 9.4 15.6 14.3 14.6 11.4 13.8 16.2 13.1 12.1 13.3 19.9 22.6 16.7 29 30 F.R. float .3 .5 .6 .4 .5 .6 .1 -1.1 .2 30 31 Borrowing at F.R. Banks -.4 .1 -.1 .1 -.2 .4 .4 .5 .4 -.4 .1 .4 2.4 31 32 Other liabilities 2.0 1.3 -.1 1.4 2.1 -.5 -1.1 1.7 2.6 2.2 3.0 .6 11.8 -1.0 32 33 Security issues .1 .2 .1 .3 .6 .1 .9 .9 .5 .6 .4 5 2.0 33 34 Discrepancy .3 .5 .6 .1 .6 -.4 34 .2 .6 35 Memo: Total loans exc. mortgages. 6.2 6.1 10.3 11.7 14.6 12.7 10.5 17.1 20.9 19.3 24.1 23.6 35 9.5 8.5 (I) Nonbank financial institutions 1 Net acquis. of financial assets 25.1 28.3 32.7 37.1 36.9 38.2 424 34.2 33.7 42.9 35.4 35.8 36.7 41.0 2 Demand deposits and currency, 5 1.1 1.0 .2 .2 .4 4 .2 -.1 1.1 —.8 .7 -.2 .5 3 Credit mkt. instr 23.7 24.6 30.8 33.8 35.8 34.1 384 31.7 33.6 39.8 36.0 33.7 36.7 39.0 4 Security credit * 1.1 —.3 1.9 -.5 3.0 24 1.0 -1.0 .2 -1.1 -.2 -1.0 .5 5 Other financial assets 9 1.5 1.2 1.2 1.4 .7 1.2 1.2 1.1 1.7 1.3 1.6 1.2 6 Net increase in liabilities 24.0 26.8 30.5 35.7 35.1 37.2 40.0 33.6 32.0 41.6 32.8 34.2 32.9 39.1 7 Credit mkt. instruments 2 3.4 3.5 5.6 7.2 5.9 7.5 95 8.0 4.1 9.7 4.1 5.7 7.5 10.6 For numbered notes see p. 1617. See NOTE at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 FLOW OF FUNDS 1615 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1963 1964 1965 Category 1960 1961 1962 1963 1964 II III IV II III IV (I.I) Savings and loan associations 1 Net acquis. of financial assets 7.9 10.7 11.5 14.0 11.7 14.5 14.6 13.6 11.1 12.4 12.0 11.4 10.0 10.7 2 Demand deposits and currency 5 .1 .4 .6 . i * * .3 .1 .1 * * * -.4 3 Cr. mkt. instr. 6 7.3 9.4 10.3 13.3 11.1 14.0 14.1 12.8 10.7 11.5 11.3 10.8 10.0 lolo 4 U.S. Govt. securities .2 .6 .4 1.0 .6 1.2 .7 .8 * .7 .6 1.1 .8 .3 5 1- to 4-family mortgages 5.9 7.0 7.4 9.6 7.8 9.9 10.1 9.4 8.4 7.9 7.6 7.2 7.3 7.5 6 Other mortgages 1.0 1.7 2.6 2.6 2.6 2.8 2.8 2.7 2.4 2.8 2.7 2.5 1.9 1.9 7 Misc. financial transactions .5 .9 .6 .5 .7 .5 .2 .6 .3 1.0 .8 .7 .4 .6 8 Net increase in liabilities 7.4 9.9 10.7 13.3 11.0 13.9 13.9 12.9 10.4 11.6 11.3 10.9 8.9 9.8 9 Savings shares 7.6 8.7 9.4 11.1 10.5 10.7 10.1 10.6 9.9 10.7 11.1 10.4 8.1 7.7 10 Mtg. loans in process - 1 .4 .4 .5 — .3 .6 .6 .4 -.2 4 — .3 q .1 .2 11 Borrowing from FHLB -.2 .7 .8 1.3 .5 1.5 2.8 1.7 .7 .8 .1 .6 .9 1.6 12 Memo: FHLB loans less deposits.. -.5 .4 .8 1.4 .5 1.7 3.2 1.8 1.2 .5 -.1 .4 1.4 1.5 12 (1.2) Mutual savings banks 1 Net acquis. of financial assets 4. 1.6 2.3 3.3 3.6 4.5 3.5 3.5 3.2 4.3 5.0 5.2 3.8 4.3 4.3 2 U.S. Govt. securities -.6 —. i * —.2 * .2 -.4 -.5 * .6 .2 —.9 -2 .4 3 Corporate bonds .2 —.1 —.2 .2 1 .4 2 -.4 .1 -.2 .1 .4 .1 -.1 4 1- to 4-family mortgages 1.5 1.7 2. 1 2.6 2!7 2.5 2.4 2.5 2.3 2.0 3.2 3.2 2.5 2.5 5 Other mortgages .5 .6 1.0 1.3 1.6 1.2 1.1 1.6 1.4 2.1 1.5 1.5 1.3 1.2 6 Savings deposits 1.4 1.9 3 3.3 4.2 3.2 3. 1 3.6 3.9 4.0 4.7 4.4 3.9 3.1 (1.3) Life insurance companies 1 Net acquis. of financial assets 4.. 5.7 6.1 6.8 7.0 7.7 6.4 7.9 6.9 7.2 6.8 8.6 8.1 9.1 8.0 2 Cr. mkt. instr 5.4 5.7 6.5 6.7 7.4 5.9 7.4 6.6 6.9 6.5 8.4 7.6 8.8 7.7 U.S. Govt. securities -.5 -.4 .1 -.4 — 3 y -.1 .3 -.4 -.1 -.7 .1 -.7 State and local obligations.. 4 3 1 2 1 3 _ 2 o .8 _. i — .3 Corporate bonds 1.8 2.5 2.5 2.8 2.3 3.3 2.6 2.2 2!7 2.3 1.8 2.2 2.1 2.0 Corporate stock .4 .5 .4 .2 .5 .2 .2 .5 .5 .6 .6 .6 .5 1- to 4-family mortgages. .. 1.3 .9 .6 .9 1.4 .9 1.0 l'.l 1.1 1.2 1.6 1.7 1.8 1.4 Other mortgages 1.3 1.5 2.1 2.7 3.2 2.6 3.0 3.0 2.9 3.2 3.2 3.4 3.6 3.0 Other loans .8 .4 .7 .5 .3 -.1 1.0 .1 .3 .5 .5 .9 1.5 10 Net increase in liabilities.... 5.4 5.7 6.1 6.5 7.2 6.3 6.6 7.1 7.2 7.2 7.2 7.1 7.2 7.3 10 11 Life insurance reserves... 3.2 3.4 3.6 4.1 4.3 4.0 4.2 4.5 4.5 4.4 4.2 4.1 4.1 4.1 11 12 Pension fund reserves.... 1.3 1.4 1.4 1.7 2.0 1.6 1.7 1.8 1.8 1.9 2.0 2.0 2.1 2.2 12 13 Other .9 1.0 1.0 .7 .9 .7 .7 .8 .9 .9 1.0 1.0 1.0 1.1 13 (1.4) Noninsured Pension Plans 1 Net acquis. of financial assets 3.8 3.9 4.0 4.4 5.0 4.3 5.3 3.4 4.6 5.7 4.0 5.5 3.4 6.6 2 Credit mkt. instr. 7 3.8 3.8 4.0 4.3 4.8 4. 3 5.2 3.4 4.5 5.5 3.9 5.4 3.9 6.8 4 5 3 C C U o o .S r r p p . o o G r r o a a t v t e e t . b s s t o o e n c c d k u s rities.. — 1.9 6 1 2 1 . . . 3 2 1 2 1 . . . 2 2 2 2 1 . . . 2 5 4 2 1 . . . 4 6 3 2 1 . # 4 4 2 2. . . 2 0 7 2 . . . 1 7 2 2 1 . . . 3 3 3 2 2 . . . 1 4 4 — 2 1 . . . 2 5 1 2 1 1 . . . 2 6 0 — 3 . . 3 6 3^ 2 0 2.8 (1.5) Other insurance companies 1 Net acquis. of financial assets 4. . 1.2 1.3 1.5 15 1.0 1.7 1.5 1.6 1.2 1.1 .5 1.4 1.1 .7 4 2 5 6 3 D Cr e S U C e m d t o . a a i S r t t n . e p m d o G a r k d o n a t e v d t . e p t i . l o n o b s s s c o e i t a t r c n s l u d o a r s i n b ti l d e i s g c a u t r i r o e n n s c . y . — 1 . #2 0 8 * 1 \ 1 < . . 2 0 • * 1. . . . 3 7 1 1 * 1. . . . 4 8 2 1 * . . . . 9 2 1 4 1 . . . 9 5 3 * 1. . . 4 9 2 1 . . . . . 8 1 5 3 1 I! t 2 6 * 1 1 1 . . . . 3 3 3 0 * . . . 4 5 4 * * — 1 . . . . 2 5 2 2 1. . ' 0 . 3 * 4 i -.4 . . . 5 4 2 * 7 Corporate stock 3 3 .4 .3 .3 !3 .2 .2 3 .7 -.5 .7 .3 .3 (1.6) Finance companies 1 Net acquis. of financial asset 2.3 .6 2.7 4.0 4.0 4.3 4.3 4.0 3.5 7.3 2.3 2.8 5.0 6.1 2 1- to 4-family mortgages. * .6 .5 .8 .4 .9 1.0 .9 .3 1.0 . 1 .2 1.0 .4 3 Consumer credit 1.5 * 1.3 1.8 1.8 .6 1.8 2.2 3.0 1.3 1.4 1.4 2.3 2.0 4 Other loans .7 2 .8 1.6 1.8 2.9 1.7 1.1 .2 5.1 .8 1.2 1.7 3.7 5 Net increase in liabilities.... 2.2 .5 2.6 4.0 4.0 4.2 4.1 4.0 3.5 7.4 2.4 2.7 5.2 6.1 6 Corporate bonds 1.5 .5 .3 1.4 2.1 1.4 1.6 2.2 2.2 2.4 2.0 1.8 1.5 2.0 7 Bank loans n.e.c -.2 .1 1.0 1.6 .4 1.1 2.1 1.3 .3 3.5 -1.8 -.2 2.8 2.4 8 Open mkt. paper .8 I 1.2 1.0 1.5 1.7 .4 .5 1.0 1.5 2.1 1.2 .8 1.7 For numbered notes see p. 1617. See NOTE at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1616 FLOW OF FUNDS NOVEMBER 1965 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1963 1964 1965 Category 1960 1961 1962 1963 1964 II III IV II III IV (1.7) Security brokers and dealers 1 Net acquis. of financial assets 1.0 .9 .5 .2 2.3 2.4 -1.4 1.0 2.2 -.7 -1.8 1.8 2.7 2 U.S. Govt. securities — .1 .6 — 1 1 6 .1 1 l — 3.5 1.3 2.0 .3 — 1.3 5 .6 3 Other securities -.1 .5 * -.4 -.7 1.3 .3 .1 -.4 .1 1.3 1.8 4 5 Ne S t e i c n u c r r i . t y in c l r i e a d b i . t —security credit.. • 1 .9 1 _ .9 2 1 .5 5 _ .1 5 2 2 .3 5 2 1 . 4 9 -1.4 8 _ 1 .0 7 2.1 * — . n 7 - — 1. 8 6 _ 1 .8 i 2. . 7 3 7 6 F F r ro o m m b ag a e n n k c s ies of fgn. banks.... .8 • - 1 .2 .1 . . 2 4 .2* . . 7 5 1. . 2 5 -.1 .2 - 1 .3 .7 1.1 — i .5 !o .4 9 - 2 .9 .7 1. . 5 2 8 Customer credit balances .1 * * * 1.1 .6 -1.5 -.4 *.9 .7 -1.4 * 1.1 (1.8) Open-end investment companies 1 Net financial investment -.4 -.5 -.4 -.5 -.5 C c -.6 -.8 -.6 -.5 1 2 Net acquis. of financial assets... 1.1 1.5 1.4 .4 l.*4 l.'l 1.2 1.3 1.7 .9 1.7 2 3 Corporate stocks 1.2 .7 .9 .7 .7 -1.1 2.5 1.5 -.2 1.7 3 4 Net stock issues 3 1.5 1.9 1.8 1.3 1.8 1.7 1.7 1.9 2.5 1.6 2.2 4 (J) Rest of the world 1 Net purch. of goods and sery. (2-3). 4.1 5.6 5.1 5.9 8.6 6.2 5.7 7.3 8.8 7.7 8.8 8.9 6.2 7.5 2 Purch. of goods and services *.. 27.2 28.6 30.3 32.4 37.0 32.4 32.6 34.4 36.3 36.0 37.3 38.4 34.8 39.8 3 Sales of goods and services 1.... 23.2 22.9 25.1 26.4 28.5 26.2 26.9 27.1 27.5 28.2 28.5 29.5 28.6 32.3 4 Net unilateral receipts from Govt. 1 2.3 2.6 2.7 2.8 2.7 2.8 2.8 2.8 2.7 2.9 2.7 2.7 2.6 2.9 5 Current surplus (4-1) 2 -1.7 -3.1 -2.5 -3.2 -5.8 -3.5 -2.9 -4.5 -6.1 -4.8 -64 -6.2 -3.6 -4.7 6 Net financial investment (7-14).... -.7 -2.0 -1.3 -2.8 -4.7 -3.1 -1.9 -5.0 -4.9 -4.2 -5.1 -4.6 -3.0 -4.2 7 Net acquis. offinan. assets 4.2 3.1 3.2 3.4 3,5 6.8 .6 .7 1.6 3.8 2.4 6.0 4.4 8 Gold 1.7 .9 .9 .5 A .5 .8 .2 .2 -.3 -A .7 3.3 9 U.S. dem. dep. and currency.. .1 .7 .1 A .5 .5 -.3 -.1 1.4 -.2 1.0 -.3 .7 10 Time deposits .3 .3 .6 1.0 1.4 .9 .8 .8 1.5 1.5 1.0 1.6 .6 10 11 U.S. Govt. securities .5 .4 1.2 .6 .4 3.4 -2.3 .3 -1.8 1.0 -.2 2.7 -2.5 1.2 11 12 Other credit market instr .7 .3 .1 .2 * 1.6 .1 -.9 .5 1.3 -.8 -1.0 1.3 -.3 12 13 Misc. financial assets .9 .5 .4 1.1 1.0 * 1.5 .5 -.1 .5 1.4 2.3 1.0 -3.8 13 14 Net increase in liabilities 5.0 5.1 4.5 6.1 8.1 9.8 2.5 5.8 6.5 8.0 7.5 10.6 7.4 4.1 14 15 Official U.S. foreign exchange -.4 .3 -.6 . 1 * * — A .2 .4 -1.5 -.4 1.3 * 2.1 15 16 Securities .6 .8 1.0 1.0 .7 1.8 .5 9 * .9 * 2.0 1.2 .8 16 17 Loans 4 , 1.4 2.0 1.2 2.2 3.9 3.1 1.1 3A 3.9 4.0 2.6 5.0 4.2 1.1 17 18 Miscellaneous 5.... 3.4 2.0 2.9 2.7 3.6 4.9 1.0 2.4 2.2 4.6 5.3 2.3 2.1 .1 18 19 Discrepancy (5-6) 6 -1.0 -1.0 -1.2 -.4 -1.2 -.4 -1.0 .5 -1.3 -.7 -1.0 -1.6 -.6 -.4 19 U.S. gold and fgn. exchg. held by: 20 Monetary auth -1.7 -.8 -.8 -.4 * -.7 e -.1 .5 -.8 .2 .2 -3.0 -2.2 20 21 U.S. Treasury -.4 .2 -.7 * -.2 .2 -'A .1 -.3 -.4 -.5 .4 -.4 1.9 21 For numbered notes see p. 1617. NOTE.—Quarterly data are seasonally adjusted totals at annual rates. All data are revised from those shown in April 1965 BULLETIN as described on pp. 1533-38. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 FLOW OF FUNDS 1617 (A) Households 1 Includes nonprofit organizations serving individuals. * Line 9 plus capital consumption on owner-occupied houses 2 Imputed saving associated with growth of government life and nonprofit plant and equipment. insurance and retirement reserves. From Table 4(E), line 13 6 Includes net free balances with security brokers not shown and 4(F), line 6. separately. 3 Capital-gains dividends from open-end investment cos. plus 6 Policy loans, hypothecated deposits, and U.S. Govt. loans life insurance reserve revaluations. to nonprofit organizations. (B, C, D) Business 1 Sum of Tables 4(C) and 4(D); for detail see below. 8 Loans from U.S. Govt. and commercial loans from finance 2 Profits and noncorporate income as defined in national cos. income. Excludes imputed rental income of owner-occupied e Includes earnings retained in business; see note 6 above. ho 3 u s C e h s a , n i g n e c lu i d n e d w o i r n k T i a n b l p e r o 4 c ( e A ss ) . . 1 1 0 1 E In x c c l l u u d d e e s s b co ra r n p c o h ra ti p o r n o s fi t i s n p T a a i b d l e t s o 4 ( fg C n ) . , ( p G ar ) e , n t ( s H l ) e , s a s n d b ra ( n I c ). h * After inventory valuation adjustment. 5 Includes corporate farms. profits received from abroad. 6 Noncorporate net income is treated as payment in full to 12 Includes State and local obligations not shown separately. proprietors in the household sector. Gross saving consists of 13 Direct investments abroad, fgn. currency holdings, and capital consumption allowances plus corporate farm retained unallocated current assets. profits. 14 Mainly commercial paper and commercial loans from 7 Excludes CCC-guaranteed loans, treated as Govt. borrowing; finance cos. see Table 4(E), line 30. 15 Includes State and local profit taxes. (E, F) Govts. 1 Lines 1 through 12 are derived from national-income data, 5 Govt. life ins., employee retirement, and R.R. retirement while lines 15 through 31 are based on data behind Treasury programs. Excludes social security, which is treated as noncash budget. Line 21 is a link between the two accounting sys- financial operation. tems on treatment of corporate taxes, and the discrepancy 6 Mainly nonconvertible fgn. currencies and official fgn. ex- (line 32) represents differences on other matters. change position of Treasury. Net cash borrowing in Treasury cash budget corresponds closely to line 25 less accrual of interest on savings Bonds and 7 Public debt held by public and Federal Reserve, plus non- Treasury bills. Cash surplus is closely indicated by line 17 less guaranteed issues of Govt. agencies. Includes interest accruals net cash borrowing. Lines 18, 22, 30, and 31 are in cash outgo on savings bonds and Treasury bills; excludes special notes to in cash budget except for small amounts in receipts. Lines 13 international organizations. and 24 are imputations reflected in neither national-income nor 8E and H bonds held by households. cash budget. 2 OASI, disability insurance, and unemployment programs. e Marketable issues due in less than 1 year plus part of those Line 5 includes U.S. Govt. employment taxes; line 6, U.S. due in less than 2 years. Govt. benefit payments to households. 10 CCC-guaranteed loans and certificates of participation in 3 Veterans' life insurance and Govt. employee and R.R. re- Export-Import Bank loans. Net movements in inventory under tirement funds. Line 7 excludes Govt. contributions to these CCC-guarantee are included in line 11. f a u n n 4 d d T s l r . o a c n a s l f e g rs o v o ts t . h , e s r u b th si a d n i es li n le e s s s 6 c u a r n re d n t 8, s u g rp ra lu n s ts - o in f - a G id o v t t o . e S n t t a e t r e - 1 u 1 N In et c lu o d f e s c u e r m re p n l t o y s e u e rp l r u e s ti r o em f e g n o t v t f . u e n n d t s e . rprises. prises. 13 Corporate bonds and mortgages. (G, H) Banking 1 Federal Reserve System plus those Treasury accounts in- Reported bank data, as on p. 0000, are frequently for last cluded in "Member Bank Reserves, Federal Reserve Bank Wednesday of month or other reporting date. Excludes banks Credit, and Related Items." Excludes Exchange Stabilization in U.S. possessions. Fund, which is in U.S. Govt. accounts. 6 Deposits with F.R. Banks; vault cash in reserves is in line 4. 2 Includes F.R. holdings of fgn. currencies, which are net in 7 Net change in par value of holdings. "other F.R. accounts" in table mentioned in note 1. 8 Includes consumer loans secured by hypothecated deposits 3 Includes vault cash of nonmember banks. not shown separately. 4 Includes deposits of international organizations other than e Includes deposits held outside Treasury. IMF; IMF deposits are net in line 3. 10 Bank and nonbank. 5 Based on balance sheet estimates for last day of quarter. 11 Net of F.R. float, shown separately in line 30. (I) Nonbank Finance. 1 In addition to types shown, includes credit unions, agencies 5 Excludes deposits at FHLB, which are included in Miscelof foreign banks, and banks in possessions. laneous, line 7. 3 2 I L n i c n l e u s d e 1 s 0 , r 1 et 1 a i o n f e d I. I c ; a l p in it e a s l -g 6 a , i 7 n , s a d n i d v i 8 d e o n f d s 1 . .6; and line 4 of 1.8. 8 Includes consumer credit, not shown separately. 4 Includes cash and other assets, not shown separately. 7 Includes mortgages, not shown separately. (J) Rest of the World 1 Lines 2, 3, and 4 are exports, imports, and transfers to 4 Bank loans, acceptances, loans from U.S. Govt., and security foreigners in income and product accounts. credit. 2 Net foreign investment in national income accounts with 6 Direct investment abroad, foreign currencies held by other op 3 p o O s f i f t i e ci a s l i g f n o . reign currency holdings and net IMF position of t e h x a c n ep t i n I M li F n , e an 1 d 5 , un su id b e s n c t r i i f p ie ti d o n l s ia b t i o l iti i e n s t . ernational organizations U.S. IMF position consists of U.S. capital subscription less IMF holdings of special U.S. Govt. notes and deposits with •Errors and omissions in U.S. balance of payments state- Federal Reserve. ment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OS 00 5. FINANCIAL ASSETS AND LIABILITIES, DECEMBER 31, 1964 (Amounts outstanding in billions of dollars) (A) All sectors Private domestic nonfinancial sectors Financial sectors Sector H h o o u ld se s - Busi- an g S d o t v a lo t t e s c . al Total G U o .S vt . . Total Mo au ne th ta . ry C ba o n m k l s . N f o in n a b n a c n e k R w t e h o s e r t l o d f se A ct l o l rs Discrepancy § Transaction Category 2 s Total financial assets 1305.2 . 292.8 73.1 1671.0 84.7 874.7 . 306.8 507.1 80.0.,.. 2710.5 ... Total liabilities 313.4 416.4 130.1 ... 859.9 303. 802.7 284.0 457.8 87.6 2053.4 Gold stock .1 15.4 . 15.4 . 27.6 . 43.1 Official U.S. fgn.exch.. .1 .3 . .3 . IMF position 4.1 23. Treasury currency 2. 5.2 5.2 . 5.2 -2.4 Demand dep. and currency. 175.5 36.8 138.7 162.4 175.5 .13.1 7 Pvt. domestic 44.7 10.0 8.5 12 A 164.6 35.1 129.5 12.4 . 150.9 164.6 13.7 8 9 U.S. Govt 7.9 1.4 6.5 8.6 7.9 -.6 9 10 Foreign 2.9 2.6 2.9 ... 2.9 2.9 10 11 Time and savings accounts. 253.0 . 278.2 286.1 286.1 286.1 11 12 At coml. banks 94.8 . 15.4 . 120.0 127.2 127.2 6.7 ... 127.2 127.2 .. 12 13 At svgs. instit 158.2 . 158.2 158.9 158.9 158.9 158. .. 13 14 Life insur. reserves... 101.0 . 101.0 94.2 94.2 101.0 101.0 14 15 Pension fund reserves. 136.6 30.6 136.6 30.6 18.4 87.5 87.5: 136.6 136.6 15 16 Consol. bank items2. 25.7 2.8 22.9 22.9 2.8 25.7 25.7 16 25.7 17 Credit mkt. instr 714.4 45.0 243.8 52.1 96.7 811.5 640.1 49.3 268.3 779.6 37.2 . 270.0 .8 472.5 67.8 29.1 36.71669.4 1013.7 17 18 U.S. Govt. securities3 76.0 . 18.3 22.0 . 116.4 .... 266.6 137.2 68.6 37.0 . 66.7 .... 33.4 13.1 266.6 266.6 18 19 State and local oblig 6 . 2.4 5.3 93.6 44.3 93.6 49.3 33.5 15 8 . 93.6 93.6 19 20 Corp. and fgn. bonds 4.1 92.4 22.0 . 26.0 92.4 88.7 15.0 .9 .8 87.8 14.3 .9 8.2 115.7 115.7 20 21 Corp. stocks4 586.5 n.a. 586.5 n.a. 83.8 29.1 83.8 29.1 13.8 n.a. 684.1 29.1 21 22 1-4 family mortgages 11.2 188.1 7.3 14.0 195.5 6.0 177.7 2.2 27.0 .. 150.7 2.2! 197.7 197.7 22 23 Other mortgages 13.1 76.0 5.4 70.6 16.7 .. 53.9 76.0 76.0 23 24 Consumer credit 76 18.4 . 18.4 76.8 58. 29.4 .. 29.0 76.; 76. 24 25 Bank loans n.e.c 12.2 60.3 72.5 89.2 9.7 89.2 .. 9.7 7.1 89.2 89.2 25 26 Other loans 9.5 5.9 20. 3.1 5.9 33.4 37.9 1.7 24.8 12.6 6.5 .. 18.1 12.6 1.3 21.4 69.7 69.1 26 27 Open market paper 5.9 1.9 5.9 1.9 16.5 7.2 3.8 7.2 1.3 2.6 11.7 11.7 27 28 Federal loans 9.3 .... 13.2 37^3 . 5.3 5.3 .... 18. 27.3 37.3 29 Security credit 1.2 1.2 15.0 7.9 8.4 . 6.7 7.9 .1 .1 16.3 16.3 29 30 To brkrs. and dealers. 1.2 . 1.2 . 7.9 5.5 . 1.1 7.9 .1 .... 7.9 7.9 30 31 To others 8.4 2.8 5.6 1 8.5 8.5 31 2 32 Taxes payable 17.6 1.1 . 1.1 17.6 18.4 1.9 1.0 19.5 19.5 32 O 33 Trade credit 2.3 131.5 5 97.5 2.8 131.5 102.6 2.7 3.4 2.5 . 2.5 136.7 105 -30.7 33 34 Equity in noncorp. business. n.a. n.a. n.a. n.a. n.a. n.a. 34 35 Misc. financial trans 15.3 56.3 57.6 71.5 60.6 4.5 3.4 17.7 55.4 1.1 5.5 13.7 12.2 13.7 49.7 107.3 169.1 61.7 35 For notes see following page. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

S. FINANCIAL ASSETS AND LIABILITIES, DECEMBER 31, 1964—Continued (Amounts outstanding in billions of dollars) (B) Nonbank financial sector Total M s b a a v u n i t n u k g a s s l a S n a a d s v s i l n n o s g a . s n u C n r i e o d n i s t in a L n s i u f c e r e - N in a o n s n u c li r e f - e p P f e r u n i n v s d i a o s te n Fin co a s n . ce o A f b g f a e o n n r k c e i i s e g s n B p a s o n i s o k s n e s s s i - n In m c v o e e s n . s t t- an S b d e r c o d u k e r e a i r t le s y rs A L A L A L A L A L A L A L A L A L A L A L A L 1 Total financial assets 507.1 54.3 119.3 8.3 144.8 37.5 63.3 36.3 4.3 1.3 39.1 9.9 1 2 Total liabilities 457.8 49.8 111.4 8.3 134.0 18.5 63.3 31.3 4.3 1.3 39.1 7.9 2 3 Demand dep and currency 3 4 Pvt. domestic 12.4 .8 2.8 .5 1.4 1.3 .9 2.3 .8 .2 .6 .8 4 5 Time and savings accounts .9 158.9 .2 .7 5 6 At coml banks •. .2 .2 6 7 At sves instit .7 158.9 48.8 101.8 7 8 2 7 8 Life insur reserves 94 2 94.2 8 87 5 25 3 62 3 9 10 Credit mkt. instr 472.5 67.8 52.5 110.3 7.8 7.0 138.1 33.7 61.4 34.0 30.9 2.3 1.2 28.6 29.1 3.5 10 11 US Govt securities 33 4 .. 6 5 7 6 5.5 6 0 3 8 1.9 1 8 11 11 12 State and local ohiie 15 8 4 . 3.8 10 8 1 7 12 87 8 14 3 3 1 58 3 2 2 21 2 14 3 * 2 1 8 . 13 14 Corp stocks4 83 8 29.1 1.3 7.9 14.6 33.5 25.6 29.1 .8 14 15 1-4 family mortgages 1 5 5 3 0 .7 9 2.2 2 1 7 3 . 4 1 8 1 7 4 . 1 2 2.2 .5 2 2 6 8 .7 4 i 2.7 •"Y.9 '.'.'.'.'.'. .2 1 ...... 1 1 6 5 17 Consumer credit 29 0 3 .. .. 13 6 5 20 8 17 18 Bank loans nee • 9 7 3 9.4 18 19 Other loans 18.1 12.6 4 5 3 7 4 1 .. .. 9 2 7 2 4 .... 7 19 20 ODen market tracer 7 7 2 2 .1 7.2 .4 20 21 Federal loans 5 3 5 3 21 22 Securitv credit 6.7 7.9 1 1 . .. 5.6 7.9 22 23 To brkrs. and dealers 1.1 7.9 1.1 7 9 23 24 To others 5 6 5 6 24 25 Taxes payable 1.0 6 4 25 26 Trade credit 2 5 . 2 5 26 12.2 40.6 .7 1.0 6.2 1.7 5.3 14.0 18 5 4 2 1 3 27 1 IMF position liabilities of the U.S. Govt. (IMF notes) and monetary authorities (deposits of IMF at investment companies. No specific liability is attributed to issuers of stocks other than open-end invest- F.R. Bank of New York) are netted against assets in determining both the sector and transaction totals. ment companies for amounts outstanding. 2 Claims between commercial banks and monetary authorities; member bank reserves, vault cash, F.R. 5 Net of noncorporate trade credit assets. loans to banks, F.R. float, and stock at F.R. banks. 3 Includes savings bonds. Postal savings system deposits are included in line 12. NOTE.—For description of sectors and transaction categories; see Aug. 1959 BULL., pp. 846-57. 4 Assets shown at market value; nonbank finance liability is redemption value of shares of open-end Details may not add to totals because of rounding. Data on opposite page and total for the nonbank financial sector on this page are revised from those shown in April 1965 BULLETIN as described on pp. 1533-38. O\ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1620 FLOW OF FUNDS NOVEMBER 1965 6. STRUCTURE AND FINANCING OF TOTAL DEBT (Billions of dollars) 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 Financial Borrowing—Summary Nonfinancial Sector Liabilities— 1 Credit market debt 431.1 460.4 488.8 512.3 548.3 574.7 604.6 640.8 689.8 722.3 765.0 821.3 880.0 945.2 1 2 Loans and short-term secur.... n.a. 146.9 168.9 155.2 170.4 187.1 201.1 202.2 221.3 236.4 252.8 268.7 287.5 314.5 2 3 Long-term securities and mtgs.. n.a. 313.6 319.9 357.1 377.8 387.6 403.5 438.6 468.5 485.9 512.2 552.5 592.5 630.7 3 By Sector 4 U.S. Government 218.2 223.0 229.9 232.1 232.0 226.4 225.5 234.4 243.3 241.3 248.9 256.7 261.6 268.3 4 5 Short-term mkt. securities n.a. 63.9 79.6 64.7 68.5 74.5 81.5 78.7 83.9 87.0 95.8 96.3 97.7 101.6 5 6 Other securities n.a. 158.5 148.1 165.1 162.5 151.1 143.7 154.9 159.2 153.6 152.2 158.9 162.8 165.0 6 7 Loan participation certificates .3 .6 2.3 2.3 1.0 .8 .3 .8 .2 .6 .9 1.4 1.2 1.7 7 8 Foreign debt to U.S 13.9 14.5 15.9 16.5 16.8 17.6 18.9 20.6 21.2 23.2 25.6 28.3 31.6 36.7 8 9 Loans 11.9 12.3 13.5 13.8 14.1 14.7 15.6 16.7 16.9 18.3 20.2 21.9 24.3 28.5 9 10 Securities 2.1 2.2 2.4 2.7 2.7 2.9 3.3 3.9 4.3 4.9 5.4 6.3 7.3 8.2 10 11 Pvt. domestic nonfin. sectors 198.9 222.9 243.0 263.8 299.5 330.8 360.2 385.8 425.3 457.8 490.5 536.4 586.7 640.1 11 12 Loans 62.2 70.1 73.5 74.4 86.8 97.1 103.7 106.0 120.3 130.5 135.9 149.1 164.3 182.7 12 13 Consumer credit 22.7 27.5 31.4 32.5 38.8 42.3 45.0 45.1 51.5 56.0 57.7 63.2 69.9 76.8 13 14 Bank loans n.e.c 28.2 30.6 29.8 29.8 35.1 41.1 42.9 43.9 49.6 52.5 54.6 59.4 65.2 72.5 14 15 Other loans 11.2 11.9 12.3 12.2 12.9 13.7 15.8 17.0 19.2 22.0 23.5 26.5 29.2 33.4 15 16 Securities and mortgages 136.7 152.8 169.5 189.4 212.6 233.7 256.5 219.8 305.0 327.3 354.7 387.2 AHA 457.5 16 17 State and local obligations 26.9 29.6 33.7 38.8 44.2 48.2 53.8 58.2 63.4 67.9 74.1 81.3 88.4 93.6 17 18 Corporate bonds 38.9 43.6 47.0 50.4 53.3 56.9 63.2 68.9 71.9 75.3 80.0 84.5 88.4 92.4 18 19 1- to 4-family mortgages 51.0 58.0 65.6 74.9 87.3 98.1 106.8 116.5 129.6 140.1 151.5 164.5 179.7 195.5 19 20 Other mortgages 19.9 21.6 23.3 25.2 27.8 30.5 32.7 36.2 40.2 44.0 49.1 57.0 65.9 76.0 20 21 Assets financing total debt (= 1). . 431.1 460.4 488.8 512.3 548.3 574.7 604.6 640.8 689.8 722.3 765.0 821.3 880.0 945.2 21 22 U.S. Govt. cash bal 4.9 6.6 5.3 5.5 4.9 4.9 5.1 5.3 5.9 6.8 6.8 8.1 7.8 7.9 22 23 U.S. Govt. loans 20.1 21.7 23.6 23.3 24.7 25.9 28.3 30.0 33.8 36.2 39.0 42.9 45.5 49.3 23 24 Foreign funds 6.4 7.9 8.8 9.8 10.4 11.6 12.3 13.2 15.3 16.9 18.3 20.3 22.1 24.9 24 25 Pvt. insur. & pension reserves 65.6 71.3 77.3 83.7 92.5 99.4 105.9 116.2 126.2 134.5 147.3 153.1 166.9 181.7 25 26 Sources n.e.c 9.0 12.1 16.1 18.1 18.7 21.7 23.3 25.3 27.4 31.7 30.0 35.0 33.5 33.2 26 27 Pvt. domestic nonfin. sectors 325.1 340.9 357.8 372.0 397.0 411.2 429.7 450.8 481.0 496.2 523.7 561.9 604.2 648.2 27 28 Liquid assets n.a. 272.0 286.4 298.0 316.6 327.0 339.2 356.5 373.5 382.9 407.7 439.3 476.6 509.6 28 29 Deposits 192.5 204.8 214.7 228.2 239.2 250.0 261.0 281.7 293.0 306.7 330.7 360.8 395.0 430.4 29 30 Demand dep. and currency 118.5 123.0 124.3 128.0 130.4 131.6 130.2 135.1 135.4 134. 137.9 139.9 145.7 152.2 30 31 Time and svgs. accounts... 74.0 81.8 90.4 100.2 108.9 118.4 130.8 146.5 157.5 172.6 192.8 220.8 249.4 278.2 31 32 At commercial banks... 36.1 38.9 41.7 44.9 46.4 48.7 54.3 61.2 64.0 69.5 78.5 93.5 106.9 120.0 32 33 At savings instit 37.9 42.9 48.7 55.3 62.4 69.7 76.6 85.3 93.5 103.1 114.3 127.3 142.5 158.2 33 34 Short term U.S. Govt. sec.. . n.a. 67.2 71.7 69.8 77.4 11A 78.2 74.8 80.6 76.2 77.1 78.5 81.6 79.2 34 35 Other U.S. Govt. securities.. .. n.a. 29.8 28.7 28.7 28.7 26.7 25.5 26.2 33.6 32.9 31.8 32.3 33.9 37.2 35 36 Pvt. credit mkt. instr 37.6 41.0 45.0 48.4 55.6 61.4 68.5 72.4 78.4 84.7 89.7 95.7 101.1 108.6 36 37 Less net security debt 1.6 1.9 2.3 3. 3.9 3.9 3.5 4.4 4.5 4.3 5.5 5.4 7.3 7.2 37 38 Memo: Total U.S. Govt. sec.. 96.5 97.0 100.4 98.5 106.1 103.8 103.7 101.0 114.2 109. 108.8 110.7 115.4 116.4 38 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 FLOW OF FUNDS 1621 7. SUMMARY OF PRINCIPAL FINANCIAL ASSETS AND LIABILITIES (Amounts outstanding at end of year; in billions of dollars) Transaction category, or sector 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 I. Demand deposits and currency 1 Net banking system liability 131.0 137. 137.5 142.0 144.2 146.0 145.3 151.1 152.0 152.2 157.8 162.3 168, 175.5 2 U.S. Government deposits 4.9 6. 5.3 5.5 4.9 4.9 5.1 5.3 5.9 6.8 6.8 8.1 7, 7.9 3 Money supply 126.1 130 132.2 136.4 139.4 141.1 140.2 145.8 146.1 145.4 150.9 154.2 160. 167.5 4 Domestic sectors 125.3 129 131.4 135.6 138.6 140.1 138.9 144.6 144.9 144.0 148.9 152.0 157. 164.6 5 Households 59.2 61 61.9 63.3 63.8 64.8 63.6 65.3 66.8 65.9 66.7 70.8 76. 83.8 6 Nonfinancial business 45.2 45 45.5 48.0 49.3 49.6 50.3 53.4 51.0 50.0 51.7 49.4 47. 44.7 7 State and local govts 7.1 7 8.0 7.6 7.4 7.0 7.2 7.1 7.2 6.1 6.4 7.3 9. 10.0 8 Financial sectors 6.7 6 7.2 7.6 8.2 8.4 8.8 9.5 9.5 10.0 11.0 12.0 12. 12.4 9 Mail float 7.0 8 8.9 9.1 9.9 10.2 9.1 9.4 10.4 12.1 13.1 12.5 12. 13.7 10 Rest of the world 1 .9 1.0 1.2 1.2 1.2 1.3 2.1 2.2 2. 2.9 II. Time and savings accounts 11 Total held 76.7 84.9 94.1 104.6 113.0 122.4 134.8 151.6 161.5 176.8 197.5 226.2 255.7 286.1 12 At commercial banks 38.7 41.7 45.1 48.9 50.3 52.3 57.8 65.8 67.5 73.3 82.7 98.3 112.6 127.2 13 Corporate business .9 .9 .9 1.1 1.0 1.0 1.0 1.9 1.5 2.8 4.6 8.4 12.2 15.4 14 State and local government 1.5 1.6 2.0 2.4 2.4 2.4 2.8 3.6 3.2 4.6 5.5 6.5 8.1 9.8 15 Foreign depositors 2.1 2.3 2.8 3.4 3.2 3.1 3.1 4.0 3.1 3.5 3.8 4.3 5.3 6.7 16 Households 33.7 36.4 38.9 41.4 43.1 45.3 50.5 55.8 59.4 62 68.4 78.7 86.6 94.8 17 At savings institutions 38.1 43.2 48.9 55.6 62.8 70.1 77.0 85.9 94.0 103 114.8 127.9 143.1 158.9 18 Memo: Households, total 71.6 79.3 87.6 96.7 105.5 115.0 127.0 141.1 152.8 165.3 182.7 206.0 229.1 253.0 III. U.S. Govt. securities 19 Total debt outstanding 217.9 222.4 227.7 229.7 231.0 225.6 225.2 233.6 243.1 240.7 248.0 255.3 260.5 20 Direct marketable 166.8 171.1 176.2 177.7 177.2 171.5 170.8 180.2 189.3 187.1 193.0 198.3 200.7 21 Short-term n.a. 63.9 79.6 64.7 68.5 74.5 81.5 78.7 83.9 87.0 95.8 96.3 97.7 22 Other n.a. 107.3 96.6 113.0 108.8 97.0 89.3 101.5 105.4 100.1 97.2 101.9 103.1 I 23 N on guaranteed agency issues.... 2.1 2.1 2.1 2.1 3.6 4.0 6.2 5.7 7.9 7.9i 8.5 10.1 11.7 12.1 24 Savings bonds-households 49.1 49.2 49.4 50.0 50.2 50.1 48.2 47.7 45.9 45.6i 46.4 46.9 48.0 49.0 25 Holdings, by sector 217.9 222.4 227.7 229.7 231.0 225.6 225.2 233.6 243.1 240.7 248.0 255.3 260.5 26 Federal Reserve System 23.8 24.7 25.9 24.9 24.8 24.9 24.2 26.3 26.6 27.4 28.9 30.8 33.6 27 Short-term n.a. 14.6 16.5 19.9 21.2 22.2 21.8 21.0 20.2 19.2 18.2 20.2 25.2 28 Other n.a. 10.1 9.4 5.1 3.6 2.7 2.4 5.4 6.5 8.1 10.7 10.6 8.4 29 Commercial banks 62.6 64.6 64.8 70.2 63.5 60.7 61.2 69.3 61.8 63.5 68.9 69.7 67.3 30 Short-term direct n.a. 23.5 32.1 17.0 12.1 15.8 19.2 19.2 15.6 22.6 31.9 26.6 23.1 31 Other direct n.a. 39.6 31.4 51.9 49.6 43.5 40.0 48.0 44.6 39.3 35.2 40.4 41.0 32 Nonguaranteed 1.3 1.4 1.3 1.3 1 1.5 2.1 2.1 1.7 1.6 1.8 2.7 3.2 33 Nonbank finance 32.0 32. 32.1 31.3 30.8 29.5 29.1 29.9 30.5 30. 30.5 32.0 31.6 34 Short-term direct n.a. 4.9 5.3 4.3 3.8 4.4 5.2 6.0 6.0 7.0 8.2 8.9 7.6 35 Other direct n.a. 27.1 26.6 26.9 26.7 24.6 23.0 23.0 23.2 21.5 20.7 21.3 21.9 36 Nonguaranteed .1 .1 .2 .3 .5 1.0 .9 1.3 1.6 1.6 1.8 2.1 37 Foreign 3.0 4.1 4.5 4^8 5.8 6.7 6.9 7.0 10.0 10.5 10.9 12.0 12.6 38 Short-term 2.1 2.9 3.4 3.7 4.2 5.2 5.4 5.4 7.5 7.6 6.9 9.0 8.3 39 Other .9 1.2 1.1 1.1 1.6 1.5 1.5 1.6 2.5 2.9 3.9 3.1 4.4 40 Pvt. domestic nonfinan. sectors... 9b.5 97.0 100.4 98.5 106.1 103.8 103.7 101.0 114.2 109.1 108.8 110.7 115.4 41 Direct marketable 46.7 47.3 50.5 47.9 54.4 51.6 52.4 50.7 63.3 58.7 57.3 58.2 61.0 42 Short-term n.a. 18.0 22.4 19.8 27.2 26.9 30.0 27.1 34.7 30.5 30.6 31.6 33.5 43 Other n.a. 29.3 28.1 28.1 27.2 24.7 22.4 23.6 28.7 28.2 26.7 26.6 27.4 44 Nonguaranteed .6 .5 .6 .6 1.4 2.0 3.2 2.6 4.9 4.7 5.1 5.7 6.4 45 Savings bonds—households 49.1 49.2 49.4 50.0 50.2 50.1 48.2 47.7 45.9 45.6 46.4 46.9 48.0 IV. Other securities 46 Total at market value 236.9 259.8 261.5 347.9 414.7 443.3 417.6 543.0 586.1 592.0 721.5 667.3 768.3 864.2 46 47 State and local obligations 26.9 29.6 33.7 38.8 44.2 48.2 53.8 58.2 63.4 67.9 74. 81.3 88.4 93.6 47 48 Corporate and foreign bonds. 43.0 48.1 53.0 57.2 61.3 66.1 73.5 80.1 84.5 90.1 95.8 101.6 108.1 115.7 48 49 Nonfinancial corporations 38.9 43.6 47.0 50.4 53.3 56.9 63.2 68.9 71.9 75.3 80.0 84.5 88.4 92.4 49 50 Finance companies 2.0 2.3 3.7 4.0 5.4 6.3 7. 7.2 8.3 9.9 10.4 10.7 12.2 14.3 50 51 Commercial banks .2 .8 51 52 Foreign 2.1 2.2 2.4 2.7 2.7 2.9 3.3 3.9 4.3 4.9 5.4 6.3 7.3 8.2 52 53 Corporate stocks 167.0 182.1 174.9 251.9 309.2 329.0 290.3 404.8 438.2 434.0 551.6 484.4 571.8 655.0 53 54 Holdings, by sector 236. 259.8 261.5 347.9 414.7 443.3 417.6 543.0 586.1 592.0 721.5 667.3 768.3 864.2 54 55 Households. 169. 183.9 177.6 251.4 307.9 329.7 295.8 402.2 433.0 429.0 536.3 473.8 551.8 627.1 55 56 Stocks 155. 169.0 161.0 233.3 284.9 303.6 266.0 372.3 400.8 394.3 499.7 435.9 512.5 586.5 56 57 Bonds 13. 14.9 16.6 18.1 22.9 26.1 29.8 29.9 32.1 34.7 36.5 37.8 39.3 40.6 57 58 State and local government 5. 6.0 7. 8.2 9.1 10.1 11.7 13.8 15.1 17.4 19.9 22.1 24.5 27.3 58 5 6 9 0 C C o o m rp m or e a r t c e i a b l u b s a in n e k s s s n! 12 .7 12 . . 8 9 1 1 4 . . 0 5 14 1. . 2 4 1 1 4 . . 3 2 1 1 5 . . 5 3 1 2 7 . . 0 8 1 2 8 . . 6 2 1 2 8 . . 4 6 2 2 1 . . 4 2 2 2 5 . . 4 6 3 2 0 . . 4 8 3 2 4 . . 4 4 6 5 0 9 61 Mutual savings banks 2. 3.2 3.7 4.1 3.9 4.0 4.7 5.4 5.2 5.3 5.2 5.0 4.8 4.7 61 62 Insurance and pension funds.... 41. 47 53.4 60.9 68.9 74.8 80.0 91.6 100.9 108.2 123.1 126.2 139.7 152.4 62 63 Stocks 7. 8.6 9.4 12.4 16.6 17.8 17.5 24.0 28.2 30.9 40.9 39.3 47.8 56.0 63 64 Bonds 34. 39. 44.0 48.6 52.3 57.0 62.4 67.6 72.6 77.3 82.3 86.9 92.0 96.4 64 65 Finance n.e.c 2, 2.1 2.3 2.3 2.5 1.8 2.1 1.4 1.3 1.2 .9 1.2 1.1 1.1 65 66 Security brokers and dealers 2, 2.3 2.5 2.6 2.8 2.2 2.5 1.9 2.1 2.1 1.9 2.4 2.4 2.4 66 67 Investment companies—net... — .3 2 -.3 -.4 -.5 -.5 -.6 -.9 -1.0 -1.1 -1.3 -1.3 -1.3 67 Portfolio securities 2. 3'.7 3.9 5.8 7.4 8.6 8.2 12.6 15.0 16.1 21.8 20.0 23.9 27.8 68 69 Own shares outstanding.... 3 3.9 4.1 6.1 7.8 9.0 8.7 13.2 15.8 17.0 22.9 21.3 25.2 29.1 69 70 Rest of the world 3, 3.9 3.9 5.5 6.8 7 6 9.9 10.0 12.4 11.0 13.2 14.8 70 See NOTE at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1622 FLOW OF FUNDS NOVEMBER 1965 7. SUMMARY OF PRINCIPAL FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Transaction category, or sector 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 V. Mortgages 71 Total outstanding 71.6 80.1 89.4 100.9 116.1 129.5 140.4 153.9 171.0 185.2 202.2 223.5 248.1 273.7 71 72 1- to 4-family mortgages. 51.7 58.5 66.1 75.7 88.2 99.0 107.6 117.7 130.9 141.3 153.1 166.5 182.2 197.7 72 73 In process .8 .5 .6 .8 .9 .9 .9 1.2 1.3 1.2 1.6 2.0 2.5 2.2 73 74 Disbursed 51.0 58.0 65.6 74.9 87.3 98.1 106.8 116.5 129.6 140.1 151.5 164.5 179.7 195.5 74 75 Other mortgages 19.9 21.6 23.3 25.2 27.8 30.5 32.7 36.2 40.2 44.0 49.1 57.0 65.9 76.0 75 76 Holdings, by sector 71.6 80.1 89.4 100.9 116.1 129.5 140.4 153.9 171.0 185.6 202.2 223.5 248.1 273.7 76 77 Households 8.0 8.3 8.8 9.1 9.3 9.9 10.8 11.5 11.6 11.8 11.6 11.6 11.1 11.2 77 78 U.S. Government 3.4 4.0 4.4 4.6 5.2 6.0 7.5 7.8 10.0 11.2 11.8 12.2 11.2 11.4 78 79 Commercial banks 14.6 15.7 16.7 18.4 20.8 22.5 23.1 25.3 28.1 28.7 30.3 34.3 39.2 43.7 79 80 Savings institutions 25.6 29.9 35.0 41.3 49.0 55.7 61.4 69.2 78.5 87.4 98.4 111.5 127.7 142.4 80 81 Insurance sector 19.6 21.5 23.7 26.4 29.9 33.6 36.0 38.0 40.3 43.2 45.9 48.9 52.9 58.0 81 82 Mortgage companies .4 .6 .6 .8 1.4 1.3 .9 1.4 1.6 1.6 2.2 2.7 3.5 3.9 82 VI. Bank loans n.e.c. 83 Total outstanding 31.9 35.1 34.0 34.2 42.3 48.1 50.4 51.5 59.1 61.9 64.8 71.1 79.2 89.2 83 84 Households 3.2 3.5 3.7 4.1 4.4 4.8 5.0 5.7 6.7 7.2 8.1 8.6 9.6 12.2 84 85 Nonfinancial business 25.0 27.1 26.1 25.7 30.7 36.3 38.0 38.2 42.9 45.2 46.5 50.8 55.6 60.3 85 86 Corporate 17.6 19.2 18.8 17.9 21.3 26.1 27.3 26.6 29.8 31.1 31.1 33.5 36.1 39.2 86 87 Nonfarm noncorporate 4.3 4.7 4.6 4.8 6.1 7.0 7.1 7.5 8.3 9.1 10.1 11.3 12.8 14.1 87 88 Farm 3.1 3.2 2.8 2.9 3.3 3.3 3.6 4.2 4.8 5.0 5.3 6.0 6.7 7.0 88 89 Rest of the world .8 .8 .7 1.0 1.4 1.8 2.1 2.6 2.9 3.0 3.7 4.1 4.9 7.1 89 90 Financial sectors 2.9 3.7 3.5 3.5 5.8 5.3 5.4 5.1 6.7 6.4 6.5 7.5 9.2 9.7 90 NOTE.—All data are revised from those shown in Oct. 1964 BULLETIN as described on pp. 1533-38. 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Amounts outstanding at end of year; in billions of dollars) Category 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 (A) Households 1 Total financial assets 468.5 501.1 513.0 604.6 684.0 727.7 714.8 849.1 911.4 930.91072.71048.01176.0 1305.2 2 Demand deposits and currency. 59.2 61.2 61.9 63.3 63.8 64.8 63.6 65.3 66.8 65.9 66.7 70.8 76.1 83.8 3 Savings accounts 71.6 79.3 87.6 96.7 105.5 115.0 127.0 141.1 152.8 165.3 182.7 206.0 229.1 253.0 4 At commercial banks , 33.7 36.4 38.9 41.4 43.1 45.3 50.5 55.8 59.4 62.2 68.4 78.7 86.6 94.8 5 At savings institutions 37.9 42.9 48.7 55.3 62.4 69.7 76.6 85.3 93.5 103.1 114.3 127.3 142.5 158.2 6 Life insurance reserves 57.8 60.7 63.7 66.3 69.3 72.7 75.5 78.5 82.0 85.2 88.6 92.4 96.7 101.0 6 7 Pension fund reserves 27.4 32.1 37.0 41.9 49.7 55.7 61.7 71.7 81.2 89.5 102.2 107.8 121.4 136.6 7 8 Credit market instruments 243.5 258.1 252.6 325.4 384.4 408.0 375.0 479.8 515.3 511.1 617.8 555.7 636.8 714.4 8 9 U.S. Government securities.. 66.2 66.0 66.2 64.9 67.3 68.4 68.3 66.0 70.8 70.3 69.9 70.3 63.9 76.0 9 10 Savings bonds 49.1 49.2 49.4 50.0 50.2 50.1 48.2 47.7 45.9 45.6 46.4 46.9 48.0 49.0 10 11 Short-term marketable.... n.a. 5.8 7.8 5.4 5.8 7.3 9.5 7.3 10.8 8.2 8.0 8.5 11.4 9.6 11 12 Other direct n.a. 10.6 8.6 9.1 10.3 9.7 8.8 9.2 11.0 13.6 12.5 11.6 10.7 12.8 12 13 Nonguaranteed .5 .4 .5 .4 .9 1.3 1.9 1.9 3.1 2.9 2.9 3.3 3.7 4.7 13 14 State and local obligations... 10.2 11.2 13.0 14.4 18.1 20.6 23.6 23.3 25.4 28.0 30.1 32.4 34.5 36.6 14 15 Corporate and foreign bonds. 3.6 3.6 3.7 3.7 4.8 5.5 6.2 6.6 6.7 6.6 6.4 5.5 4.8 4.1 15 16 Corporate stock, mkt. value. 155.4 169.0 161.0 233.3 284.9 303.6 266.0 372.3 400.8 394.3 499.7 435.9 512.5 586.5 16 17 Mortgages 8.0 8.3 8.8 9.1 9.3 9.9 10.8 11.5 11.6 11.8 11.6 11.6 11.1 11.2 17 18 Security credit .8 .7 .7 1.0 .9 .9 .9 1.2 1.0 1.1 1.2 1.2 1.2 1.2 18 19 Miscellaneous 8.3 9.0 9.6 9.9 10.4 10.7 11.2 11.6 12.2 12.8 13.5 14.1 14.7 15.3 19 20 Total liabilities 80.8 93.7 106.9 119.1 139.9 156.3 169.2 182.0 204.0 222.2 239.1 259.6 286.0 313.4 20 21 Credit market instruments 70.4 82.0 93.8 103.8 122.6 137.6 149.6 159.4 179.2 195.6 209.1 228.0 250.1 273.7 21 22 1- to 4-family mortgages.... 44.5 51.3 58.9 67.5 79.7 90.9 99.8 109.1 121.9 133.2 144.4 157.3 172.1 188.1 22 23 Other mortgages 2.8 3.3 3.8 4.5 5.1 5.8 6.6 7.4 8.3 9.2 10.2 11.1 12.1 13.1 23 24 Consumer credit 22.7 27.5 31.4 32.5 38.8 42.3 45.0 45.1 51.5 56.0 57.7 63.2 69.9 76.8 24 25 Bank loans n.e.c 3.2 3.5 3.7 4.1 4.4 4.8 5.0 5.7 6.7 7.2 8.1 8.6 9.6 12.2 25 26 Other loans 3.2 3.3 3.5 3.8 4.0 4.3 4.8 5.2 5.7 6.4 7.0 7.6 8.1 8.7 26 27 Security credit 2.4 2.6 3.0 4.1 4.8 4.8 4.4 5.5 5.5 5.4 6.7 6.6 8.6 8.4 27 28 Trade credit .9 1.1 1.2 1.3 1.4 1.6 1.7 1.8 1.9 2.0 2.1 2.1 2.2 2.3 28 See NOTE at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 FLOW OF FUNDS 1623 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Category 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 (B) Nonfinancial business—Total 1 Total financial assets 142.9 149.7 153.2 160.3 179.8 187.6 195.3 210.3 226.4 232.0 247.6 262.3 278.3 292.8 1 2 Total liabilities 172.6 182.4 190.2 198.5 226.2 244.8 257.3 271.9 296.2 311.8 333.5 360.1 389.3 416.4 3 Credit market instruments 94.7 103.3 107.2 112.1 122.6 133.8 144.4 154.0 166.4 175.9 186.8 204.4 223.2 243.8 4 Corporate bonds 38.9 43.6 47.0 50.4 53.3 56.9 63.2 68.9 71.9 75.3 80.0 84.5 88.4 92.4 5 1- to 4-family mortgages 6.5 6.8 6.6 7.4 7.6 7.2 6.9 7.4 7.6 6.9 7.1 7.2 7.5 7.3 6 Other mortgages 17.1 18.3 19.5 20.7 22.7 24.6 26.2 28.8 31.9 34.7 38.9 45.9 53.9 62.9 7 Bank loans n.e.c 25.0 27.1 26.1 25.7 30.7 36.3 38.0 38.2 42.9 45.2 46.5 50.8 55.6 60.3 8 Other loans 7.2 7.5 7.9 7.9 8.3 8.7 10.2 10.7 12.1 13.7 14.3 16.0 17.8 20.8 9 Trade debt, net 36.7 38.6 39.8 44.0 53.9 59.3 61.0 65.9 71.6 75.7 83.0 87.7 94.1 97.5 10 Other liabilities 41.1 40.5 43.3 42.3 49.7 51.7 51.9 52.0 58.3 60.2 63.7 68.0 72.0 75.1 (C.I) Farm business 1 Total financial assets 7.4 1 2 Demand deposits and currency.., 6.5 6.4 6.3 6.2 6.2 6.0 5.9 6.2 5.8 5.6 5.5 5.5 5.5 5.5 2 3 Nonlife insurance claims , 1.0 1.1 1.2 1.2 1.3 1.4 1.4 1.5 1.6 1.6 1.7 1.7 1.9 1.9 3 4 Total liabilities 12.8 13.7 13.5 14.4 15.8 16.7 18.0 20.0 22.3 23.5 25.4 28.2 31.4 34.3 5 Credit market instruments 10.7 11.5 11.5 12.3 13.5 14.3 15.4 16.9 18.8 19.8 21.5 23.7 26.3 28.8 6 Mortgages , 6.7 7.2 7.7 8.2 9.0 9.8 10.4 11.1 12.1 12.8 13.9 15.2 16.8 18.9 7 Bank loans n.e.c 3.1 3.2 2.8 2.9 3.3 3.3 3.6 4.2 4.8 5.0 5.3 6.0 6.7 7.0 8 Other loans 1.0 1.0 1.0 1.1 1.1 1.2 1.4 1.6 1.9 2.0 2.2 2.5 2.8 3.0 9 Trade debt 2.1 2.3 2.1 2.2 2.3 2.4 2.6 3.1 3.5 3.7 3.9 4.5 5.1 5.5 Memo: CCC guaranteed loans and 10 certificates not included above.., .3 .6 2.3 2.3 1.0 .8 .3 .8 .2 .6 .9 1.1 .7 .5 10 (C.2) Noncorporate nonfinancial business 1 Total financial assets 15.9 16.2 16.5 17.3 17.9 18.6 19.8 21.1 20.6 20.7 21.1 21.7 22.2 22.7 1 2 Demand deposits and currency 10.8 10.4 10.4 10.9 11.2 11.5 12.4 13.6 12.7 12.4 12.5 12.5 12.5 12.5 2 3 Consumer credit 3.6 4.0 4.2 4.3 4.4 4.7 4.8 4.8 5.0 5.3 5.5 5.9 6.3 6.7 3 4 Nonlife insurance claims 1.5 1.7 1.9 2.1 2.3 2.4 2.6 2.7 2.9 3.0 3.1 3.3 3.5 3.5 4 5 Total liabilities 14.6 15.4 16.4 19.4 23.0 24.6 26.7 28.5 31.9 34.8 37.8 42.9 49.2 56.0 6 Credit market instruments 18.4 19.4 19.7 20.8 23.3 24.8 25.8 27.6 30.4 32.4 35.1 39.9 45.7 51.9 7 1- to 4-family mortgages 5.0 5.2 5.1 5.5 5.6 5.4 5.3 5.5 5.6 5.3 5.4 5.4 5.6 5.5 8 Multifamily and coml. mtgs., 5.2 5.5 5.9 6.2 6.8 7.4 7.9 8.8 9.9 10.9 12.5 15.3 18.5 22.0 9 Bank loans n.e.c 4.3 4.7 4.6 4.8 6.1 7.0 7.1 7.5 8.3 9.1 10.1 11.3 12.8 14.1 10 Other loans 3.9 4.0 4.2 4.3 4.7 5.0 5.6 5.8 6.5 7.1 7.1 7.8 8.8 10.4 11 Trade debt, net -3.8 -4.1 -3.3 -1.4 -.2 -.2 .9 .9 1.6 2.4 2.7 3.0 3.5 4.1 12 Trade debt 6.5 7.5 8.8 10.7 11.9 13.3 14.0 15.1 15.5 16.0 16.6 16.9 17.1 17.5 13 Trade receivables 10.3 11.5 12.1 12.1 12.2 13.6 13.1 14.2 13.9 13.6 13.9 13.9 13.6 13.4 (D) Corporate nonfinancial business 1 Total financial assets 119.5 126.0 129.2 135.6 154.4 161.6 168.2 181.5 198.4 204.1 219.2 233.4 248.7 262.6 1 2 Liquid assets 49.4 49.4 51.1 51.1 56.2 51.9 51.4 53.8 59.0 54.3 57.6 59.2 61.5 60.3 2 3 Demand deposits and currency 27.9 28.7 28.8 30.9 31.9 32.1 32.1 33.5 32.5 32.0 33.7 31.4 29.4 26.6 3 4 Time deposits .9 .9 .9 1.1 1.0 1.0 1.0 1.9 1.5 2.8 4.6 8.4 12.2 15.4 4 5 U.S. Govt. securities 20.5 19.8 21.4 19.1 23.3 18.8 18.4 18.4 25.0 19.5 19.3 19.5 19.8 18.3 5 b Open market paper .9 1.2 1.4 1.3 1.3 1.5 1.8 1.8 2.3 2.8 2.9 3.7 4.4 5.9 6 7 State and local obligations .6 .7 .8 1.0 1.2 1.3 1.5 2.0 3.6 2.4 2.4 2.4 2.4 2.4 7 8 Consumer credit 5.1 5.9 6.1 6.4 7.1 7.5 7.6 8.1 8.9 9.1 9.2 10.1 10.8 11.7 8 9 Trade credit 47.7 51.2 50.5 55.1 66.1 73.6 76.6 84.1 91.0 97.3 106.7 114.5 122.5 131.5 9 10 Other financial assets 15.8 17.7 19.3 20.7 22.6 25.8 29.3 31.7 34.7 38.1 40.5 43.5 47.1 50.9 10 11 Total liabilities 145.1 153.3 160.2 164.7 187.3 203.5 212.6 223.5 242.0 253.5 270.4 289.0 308.7 326.0 11 12 Credit market instr 65.6 72.4 76.0 79.0 85.8 94.7 103.2 109.5 117.3 123.7 130.3 140.9 151.2 163.0 12 13 Corporate bonds 38.9 43.6 47.0 50.4 53.3 56.9 63.2 68.9 71.9 75.3 80.0 84.5 88.4 92.4 13 14 Mortgages 6.6 7.1 7.4 8.1 8.8 9.2 9.5 10.7 11.9 12.6 14.3 17.1 20.5 23.9 14 15 Bank loans n.e.c 17.6 19.2 18.8 17.9 21.3 26.1 27.3 26.6 29.8 31.1 31.1 33.5 36.1 39.2 15 16 Other loans 2.4 2.5 2.8 2.6 2.4 2.5 3.2 3.3 3.7 4.7 5.0 5.7 6.2 7.5 16 17 Profit taxes payable 21.9 18.6 18.9 15.9 20.1 18.1 15.8 13.5 15.7 13.5 15.2 15.6 17.3 17.6 17 18 Trade debt 38.4 40.4 41.0 43.3 51.8 57.1 57.5 61.9 66.5 69.7 76.4 80.2 85.5 87.9 18 19 Other liabilities 19.2 21.9 24.3 26.4 29.6 33.7 36.1 38.5 42.6 46.7 48.5 52.4 54.7 57.6 19 See NOTE at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1624 FLOW OF FUNDS NOVEMBER 1965 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Category 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 (E) U.S. Government 1 Total financial assets 51.5 52.8 53.9 50.4 55.6 55.8 57.1 56.6 63.3 65.7 69.8 75.2 79.6 84.7 1 Gold and official U.S. foreign 2 exchange 1.6 1.4 1.5 1.3 1.2 1.8 2.1 2.0 2. 1.7 1.9 1.2 1.2 3 Demand dep. and currency 5.2 7.0 5.5 5.1 5.4 5. 5.2 5.5 6.2 7.3 7.3 8.3 8.0 4 At F.R. Banks 1.5 1.7 1.1 1.4 1.2 1.2 1.2 1.0 .9 .9 .9 1.0 1.2 5 Other 3.6 5.3 4.4 3.8 4.2 3.9 4.0 4.5 5.3 6.4 6.4 7.3 6.7 6 Credit market instruments 20.1 21.7 23.6 23.3 24.7 25.9 28.3 30.0 33.8 36.2 39.0 42.9 45.5 7 1 - to 4-family mortgages 2.1 2.5 2.8 2.8 3.0 3.5 4.7 4.7 6.3 7.1 7.3 7.4 6.2 8 Other mortgages 1.3 1.4 1.7 1.8 2.2 2.5 2.8 3.1 3.7 4.1 4.5 4.8 5.0 9 Other loans 16.7 17.7 19.2 18.7 19.6 19.9 20.8 22.2 23.9 25.0 27.2 30.7 34.3 9 10 To svgs. and loan assns .9 .9 1.0 .9 1.4 1.2 1.3 1.3 2.1 2.0 2.7 3.5 4.8 10 11 To rest of the world 10.9 11.3 12.7 12.5 12.4 12.5 12. 13.4 13.5 14.1 14.7 16.0 17.1 8 11 12 To others 4.9 5.5 5.5 5.4 5.7 6.2 6.7 7.5 8.3 8.9 9.8 11.2 12.4 8 12 13 Time deposits .3 .3 .3 .4 .4 .3 .3 .3 .3 .3 .3 .3 .3 13 14 Taxes receivable 22.1 19.2 19.9 16.9 20.5 18.6 16.6 14.4 16.2 14.9 15.6 16.5 17.7 14 15 Trade credit 1.3 2.3 2.2 2.4 2.3 2.4 2.3 1.7 1.7 1.8 1.8 2.0 2.5 15 16 Miscellaneous .9 1.0 .9 1.0 1.2 1.7 2.4 2.6 2.9 3.6 3.8 4.0 4.4 16 17 Total liabilities 240.8 246.6 253.9 256.1 256.2 252.0 251.6 261.7 271.4 271.0 280.2 289.2 295.4 303.3 17 18 Life insurance reserves 6.1 6.2 6.3 6.0 5.8 6.1 6.2 6.2 6.4 6.4 6.5 6.6 6.8 6.8 18 19 Retirement fund reserves 7.5 8.4 8.9 9.4 10.0 10.9 11.3 12.3 13.2 14.1 15.0 16.0 17.2 18.4 19 20 Credit market instruments 218.2 223.0 229.9 232.1 232.0 226.4 225.5 234.4 243.3 241.3 248.9 256.7 261.6 268.3 20 21 U.S. Govt. securities 217.9 222.4 227.7 229.7 231.0 225.6 225.2 233.6 243.1 240.7 248.0 255.3 260.5 266.6 21 22 Savings bonds 49.1 49.2 49.4 50.0 50.2 50.1 48.2 47.7 45.9 45.6 46.4 46.9 48.0 49.0 22 23 Short-term direct n.a. 63.9 79.6 64.7 68.5 74.5 81.5 78 83.9 87.0 95. 96.3 97.7 101.6 23 24 Other securities n.a. 107.3 96.6 113.0 108.8 97.0 89.3 101 105.4 100.1 97.2 101.9 103.1 103.9 24 25 Nonguaranteed issues 2.1 2.1 2.1 2.1 3.6 4.0 6.2 5.7 7.9 7.9 8.5 10.1 11.7 12.1 25 26 Other loans .3 .6 2.3 2.3 1.0 .8 .3 .8 .2 .6 .9 1.4 1.2 1.7 26 27 Trade debt 2.7 2.8 2.6 2.4 2.3 2.6 2.8 2.8 2.9 3.1 3.4 3.7 3.6 3.4 27 28 Treasury currency liability 2.4 2.4 2.5 2.5 2.5 2.5 2.6 2.6 2.6 2.7 2.7 2.8 2.8 2.8 28 29 Miscellaneous liabilities 3.9 3.8 3.7 3.8 3.5 3.4 3.2 3.3 3.0 3.4 3.7 3.5 3.4 3.4 29 Dep. of svgs. and loan asso- 30 ciations at FHLB .3 .4 .6 .7 .7 .7 .6 .9 1.2 1.2 1.2 1.2 30 31 Other 3.6 3.3 3.2 3.0 2.8 2.7 2.6 2.5 2.5 2.5 2.5 2.3 2.3 2.3 31 (F) State and local governments Total financial assets 24.8 27.3 30.6 33.6 35.6 37.4 40.0 42.4 45.6 49.4 54.1 59.9 67.0 73.1 Demand deposits and currency.. 7.1 7.5 8.0 7.6 7.4 7.0 7.2 7.1 7.2 6.1 6.4 7.3 9.3 10.0 Time deposits 1.5 1.6 2.0 2.4 2.4 2.4 2.8 3.6 3.2 4.6 5.5 6.5 8.1 9.8 Credit market instruments 15.3 17.2 19.9 22.8 24.8 27.0 29.2 30.9 34.3 37.9 41.3 45.1 48.5 52.1 U.S. Govt. securities 9.7 11.2 12.8 14.5 15.6 16.6 17.0 16.6 18.4 19.2 19.7 20.9 21.6 22.0 State and local obligations.... 3.8 3.9 4.3 4.6 5.0 5.4 5.9 6.4 6.9 7.2 7.3 6.9 6.0 5.3 Corporate bonds 2.2! 2.8 3.5 4.1 4.8 5.8 7.4 8.2 10.3 12.6 15.3 18.4 22.0 1- to 4-family mortgages .2 .3 .4 .5 .8 1.2 1.7 2.1 2.4 2.8 Taxes receivable .9 .9 1.0 .9 .9 .9 1.0 1.0 1.1 1.1 10 Total liabilities 34.9 38.9 43.9 50.1 57.0 62.6 70.3 76.8 84.3 91.5 100.5 110.8 121.0 130.1 10 11 Credit market instruments 27.8 30.7 34.4 39.3 44.7 48.8 54.5 59.1 64.6 69.4 75.9 83.7 91. 96.7 11 12 State and local obligations 26.9 29.6 33.7 38.8 44.2 48.2 53.8 58.2 63.4 67.9 74.1 81.3 88.4 93.6 12 13 Other loans (U.S. Govt.) .8 1.1 .8 .5 .5 .6 .7 1.0 1.2 1.5 1.8 2.4 2.7 3.1 13 14 Trade debt , 1.2 1.3 1.4 1.6 1.7 1.8 2.0 2.2 2.3 2.4 2.5 2.6 2.7 2.8 14 Consumer svgs. in retirement 15 funds 6.0 6.9 8.1 9.3 10.6 12.1 13.7 15.5 17.4 19.7 22.1 24.5 27.1 30.6 15 See NOTE at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 FLOW OF FUNDS 1625 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Amounts outstanding at end of year; in billions of dollars) Category 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 (G) Monetary authorities 1 Total financial assets 52.2 53.8 53.6 52.4 53.0 53.5 53.5 53.3 53.3 52.2 53.6 55.3 57.5 60.8 2 Gold and fgn. exchange i 22.7 23.3 22.0 21.7 21.6 21.9 22.8 20.5 19.4 17.7 16.8 16.0 15.6 15.6 3 Treasury currency 4.6 4.7 4.7 4.8 4.9 4.9 5.0 5.1 5.2 5.2 5.4 5.4 5.4 5.2 4 Credit market instruments 23.8 24.7 25.9 25.1 24.8 25.0 24.3 26.4 26.7 27.5 28.9 30.9 33.8 37.2 5 U.S. Govt. securities 23.8 24.7 25.9 24.9 24.8 24.9 24.2 26.3 26.6 27.4 28.9 30.8 33.6 37.0 6 Short-term direct n.a. 14.6 16.5 19.9 21.2 22.2 21.8 21.0 20.2 19.2 18.2 20.2 25.2 27.3 7 Other n.a. 10.1 9.4 5.1 3.6 2.7 2.4 5.4 6.5 8.1 10.7 10.6 8.4 9.8 8 F.R. float 1.2 1.0 .9 .8 1.6 1.7 1.4 1.3 1.6 1.8 2.3 2.9 2.6 2.6 9 F.R. loans to domestic banks .1 .1 * .1 * .5 .1 * * .2 10 Total liabilities 52.2 53.8 53.6 52.4 53.0 53.5 53.5 53.3 53.3 52.2 53.6 55.3 57.5 60.8 11 Vault cash 2.7 2.8 2.5 2.5 2.7 3.3 3.3 3.2 3.0 3.3 3.7 4.3 5.0 4.5 12 Member bank reserves 20.1 20.0 20.2 18.9 19.0 19.1 19.0 18.5 18.2 17.1 17.4 17.5 17.0 17.9 13 Demand deposits and currency 28.6 29.9 29.8 29.9 30.0 30.1 30.1 30.3 30.8 30.6 31.4 32.3 34.2 36.8 14 Due to U.S. Government 1.5 1.7 1.1 1.4 1.2 1.2 1.2 1.0 .9 .9 .9 1.0 1.2 1.4 15 Due to rest of the world *> .6 .4 .5 .4 .3 .4 .3 .4 2 .3 .3 .2 .3 16 Currency outside banks 26.5 27.7 28.3 28.0 28.5 28.5 28.5 28.9 29.6 29.5 30.2 31.0 32.7 35.1 17 Capital stock at F.R. banks 9 .3 .3 .3 .3 .3 .3 4 4 4 4 .5 .5 .5 18 Other 7 .9 .9 .9 1.0 .8 .7 1.0 .9 .8 .7 .8 8 1.1 (H) Commercial ?anks2 1 Total financial assets 157.1 166.3 170.7 180.0 185.4 191.4 197.3 212.0 217.3 226.4 243.4 264.1 283.6! 306.8 2 Member bank reserves 20.1 20.0 20.2 18.9 19.0 19.1 19.0 18.5 18.2 17.1 17.4 17.5 17.0| 17.9 3 Vault cash 2.7 2.8 2.5 2.5 2.7 3.3 3.3 3.2 3.0 3.3 3.7 4.3 5.0l 4.5 4 Total loans and investments 3.... 131.8 141.9 146.2 156.4 161.5 166.5 171.9 187.1 192.7 201.7 217.4 236.9 256.2 278.4 5 Credit market instruments 129.2 138.7 142.7 151.9 156.5 162.2 167.7 182.4 187.9 196.6 211.2 229.6 248.3i 270.0 6 U.S. Govt. securities 4 62.6 64.6 64.8 70.2 63.5 60.7 61.2 69.3 61.8 63.5 68.9 69.7 67.31 66.7 7 Short-term direct n.a. 23.5 32.1 17.0 12.1 15.8 19.2 19.2 15.6 22.6 31.9 26.6 23.1 27.0 8 Other direct n.a. 39.6 31.4 51.9 49.6 43.5 40.0 48.0 44.6 39.3 35.2 40.4 41.0 36.8 9 Nonguaranteed 1.3 1.4 1.3 1.3 1.8 1.5 2.1 2.1 1.7 1.6 1.8 2.7 3.2! 2.9 10 Other securities & mortgages, 26.0 28.0 29.6 32.9 35.2 36.7 38.4 43.1 46.3 47.3 51.5 59.9 70.01 78.1 10 11 State and local obligations, 9.2 10.2 10.8 12.6 12.7 12.9 13.9 16.5 17.0 17.6 20.3 24.8 30.0 33.5 11 12 Corporate bonds 2.2 2.1 2.1 1.9 1.7 1.3 1.4 1.3 1.2 1.0 .9 .8 .9 12 13 1- to 4-family mortgages... 10.2 11.1 11.9 13.2 14.9 16.1 16.2 17.4 19.1 19.2 20.0 22.0 24^7 27.0 13 14 Other mortgages 4.4 4.6 4.8 5.2 5.9 6.4 6.9 7.8 8.9 9.5 10.4 12.3 14.4 16.7 14 15 Other credit exc. security 40.6 46.2 48.3 48.8 57.8 64.8 68.0 70.0 79.8 85.7 90.7 100.0 111.1 125.1 15 16 Consumer credit 7.5 9.4 10.9 10.9 13.2 14.6 15.8 15.9 18.8 20.6 21.4 23.7 26.7 29.4 16 17 Bank loans n.e.c 31.9 35.1 34.0 34.2 42.3 48.1 50.4 51.5 59.1 61.9 64.8 71.1 79.2 89.2 17 18 Other loans 1.3 1.7 3.4 3.7 2.2 2.1 1.8 2.5 1.9 3.3 4.4 5.2 5.1 6.5 18 19 CCC loans .3 .6 2.3 2.3 1.0 .8 .3 .8 .2 .6 .9 1.4 1.2 1.7 19 20 Open market paper .6 .7 .7 .9 .7 .7 .9 1.1 1.0 1.9 3.0 3.1 3.8 20 21 Hypothecated deposits.. .4 .4 .4 .5 .5 .6 .6 .6 .7 .7 .8 .8 1.0 21 22 Security credit 2.6 3.2 3.6 4.5 5.0 4.3 4.2 4.7 4.9 5.1 6.2 7.3 7.9 8 22 23 Miscellaneous assets 2.3 1.5 1.6 1.9 1.9 2.3 2.7 2.8 3.0 3.8 4.5 5.0 4.9 5.5 23 24 Capital stock of F.R. Banks .2 .3 .3 .3 .3 .3 .3 .4 .4 .4 .4 .5 .5 .5 24 25 Total liabilities 145.8 154.5 158.3 166.6 171.5 176.7 181.7 195.5 200.0 207.8 223.6 243.2 262.4 284.0 25 26 Demand deposits, net 102.4 107.5 107.6 112.1 114.2 115.9 115.2 120.8 121.2 121.6 126.3 130.0 133.9 138.7 26 27 U.S. Government 3.4 4.9 4.1 4.2 3.7 3.7 3.9 4.3 5.1 5.9 5.9 7.2 6.5 6.5 27 28 Foreign .3 .5 .3 .4 .4 .7 .9 .9 .9 1.1 1.8 1.9 2.2 2.6 28 29 Other, net 98.8 102.2 103.2 107.6 110.1 111.5 110.4 115.6 115.3 114.5 118.6 121.0 125.1 129.5 29 30 Time deposits 38.7 41.7 45.1 48.9 50.3 52.3 57.8 65.8 67.5 73.3 82.7 98.3 112.6 127.2 30 31 Foreign 2.1 2.3 2.8 3.4 3.2 3.1 3.1 4.0 3.1 3.5 3.8 4.3 5.3 6.7 31 32 State and local govts 1.5 1.6 2.0 2.4 2.4 2.4 2.8 3.6 3.2 4.6 5.5 6.5 8.1 9.8 32 33 Nonfinancial corp .9 .9 .9 1.1 1.0 1.0 1.0 1.9 1.5 2.8 4.6 8.4 12.2 15.4 33 34 Households 33.7 36.4 38.9 41.4 43.1 45.3 50.5 55.8 59.4 62.2 68.4 78.7 86.6 94.8 34 35 U.S. Government .3 .3 .3 .4 .4 .3 .3 .3 .3 .3 .3 .3 .3 .3 35 36 Mutual savings banks .2 .2 .2 .3 .2 .2 .1 .2 .1 .1 .2 .2 .1 .2 36 37 F.R. float 1.2 1.0 .9 .8 1.6 1.7 1.4 1.3 1.6 1.8 2.3 2.9 2.6 2.6 37 38 Borrowing at F.R. Banks .1 * * .1 .1 * .5 * .1 * * .2 38 39 Miscellaneous 3.5 4.1 4.6 4.8 5.4 6.8 7.2 7.6 9.2 11.1 12.2 12.0 13.3 15.4 39 40 Memo: Total loans exc. mortgages. 43.2 49.3 51.9 53.2 62.8 69.1 72.2 74.6 84.6 90.8 96.9 107.3 119.0 133.5 40 (I) Nonbank financial institutions 1 Total financial assets 151.8 168.4 185.6 206.6 233.3 251.7 268.4 298.1 326.5 351.7 391.3 416.4 462.2 507.1 2 Demand deposits and currency. 6.7 6.9 7.2 7.6 8.2 8.4 8.8 9.5 9.5 10.0 11.0 12.0 12.2 12.4 3 Credit market instruments 139.3 155.1 171.0 189.9 215.1 232.4 248.4 275.4 303.3 327.1 362.9 386.2 428.7 472.5 4 Security credit 1.6 1.7 2.2 3.1 3.6 3.7 3.5 4.5 4.5 4.5 5.6 5.3 7.2 6.7 5 Other financial assets 4.1 4.8 5.3 6.0 6.4 7.1 7.7 8.7 9.2 10.2 11.8 13.0 14.1 15.6 6 Total liabilities 133.0 148.4 164.0 181.8 206.1 223.4 239.9 266.3 292.6 316.4 351.2 375.1 416.9 457.8 7 Credit market instruments . ... 10.7 12.7 14.5 16.7 23.0 24.7 25.6 30.2 37.1 40.2 47.6 49.8 59.6 67.8 i Monetary gold stock and F.R. holdings of foreign currencies. Ex- 2 Excludes banks in territories and possessions. change Stabilization Fund holdings of gold and foreign exchange are in 3 Gross of bad debt reserves. Excludes corporate stock holdings. U.S. Govt. account, Table 6(E). 4 At par value. See NOTE at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1626 FLOW OF FUNDS NOVEMBER 1965 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Category 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 (I.I) Savings and loan associations 1 Total financial assets 19.2 22.7 26.7 31.6 37.7 42.9 48.1 55.1 63.5 71.5 82.1 93.6 107.6 119.3 2 Demand dep. and currency .8 .9 .9 1.2 1.4 1.4 1.5 1.8 1.6 1.7 2.1 2.7 2.8 2.8 3 Credit market instruments. 17.4 20.5 24.3 28.6 34.3 39.2 44.2 50.6 59.0 66.3 75.6 85.9 99.2 110.3 4 U.S. Govt. securities 1.6 1.8 1.9 2.0 2.5 2.9 3.6 4.2 4.9 5.2 5.7 6.0 7.0 7.6 5 1- to 4-family mortgages 14.8 17.6 21.0 25.0 30.0 34.0 38.0 42.9 49.5 55.4 62.4 69.8 79.4 87.1 6 Other mortgages .7 .8 1.0 1.1 1.4 1.7 2.0 2.7 3.7 4.7 6.4 9.0 11.6 14.2 7 Consumer credit .2 4 4 5 6 6 g 9 1 0 1 1 1 i 1 3 1.3 8 Miscellaneous 1.0 1.3 1.6 1.9 1.9 2.2 2.4 2.8 2.9 3.5 4.4 5.0 5.5 6.2 9 Total liabilities 17.8 21.0 24.8 29.4 35.1 39.9 44.8 51.3 59.1 66.5 76.4 87.1 100.4 111.4 10 Savings shares 16. 19.2 22.8 27.3 32.1 37.1 41.9 48.0 54.6 62.1 70.9 80.2 91.3 101.8 11 Mtg. loans in process .5 .6 .8 .9 .9 .9 1.2 1.3 1.2 1.6 2.0 2.5 2.2 12 FHLB loans '.9 .9 1.0 .9 1.4 1.2 1.3 1.3 2.1 2.0 2.7 3.5 4.8 5.3 13 Bank loans n.e.c .1 1 1 1 1 1 1 1 3 2 2 2 2 .3 14 Other liabilities 4 .4 .4 .5 .5 .6 .7 .9 1.0 1.1 1.2 1.5 1.7 15 Memo: FHLB loans less dep. .6 .4 .4 .1 .7 .5 .6 .5 1.5 1.0 1.5 2.3 3.6 4.1 15 (1.2) Mutual savings banks 1 Total financial assets 23.5 25.3 27.2 29.4 31.3 33.4 35.2 37.8 38.9 40.6 42.8 46.1 49.7 54.2 2 Demand dep. and currency .7 .7 .7 .8 .7 .8 .8 .8 .7 .7 .8 .8 .8 .8 3 Credit market instruments 22.5 24.2 26.1 28.1 30.2 32.2 34.1 36.5 37.8 39.4 41.5 44.6 48.1 52.5 4 U.S. Govt. securities 9.9 9.5 9.3 8.8 8.6 8.2 7.9 7.6 7.3 6.7 6.6 6.7 6.5 6.5 5 1- to 4-family mortgages 5.3 6.2 7.4 9.0 11.1 13.0 14.1 15.6 16.9 18.4 20.0 22.1 24.7 27.4 6 Other mortgages 4.6 5.2 5.6 6.0 6.4 6.8 7.1 7.6 8.1 8.6 9.1 10.2 11.5 13.1 7 Other credit mkt. instruments 2.7 3.4 3.8 4.3 4.1 4.3 5.0 5.7 5.5 5.7 5.7 5.6 5.4 5.5 8 Other assets .3 .4 .4 .5 A .4 .4 .5 .4 .5 .6 .7 .8 1.0 9 Savings deposits 20.9 22.6 24.4 26.4 28.2 30.0 31.7 34.0 35.0 36.3 38.3 41.3 44.6 48.8 9 10 Other liabilities .2 .2 .2 .3 .3 .3 .3 .5 .6 .7 .8 .8 .9 1.0 10 (1.3) Life insurance companies 1 Total financial assets 66.7 71.4 76.6 82.1 87.9 93.2 98.3 104.3 110.1 115.9 122.8 129.2 136.9 144.8 2 Demand dep. and currency.., 1.1 1.1 1.2 1.2 1.3 1.3 1.3 1.4 1.3 1.3 1.4 1.5 1.5 1.4 3 Credit market instruments 63.8 68.4 73.3 78.6 84.1 89.1 94.0 99.7 105.2 110.6 117.2 123.2 130.5 138.1 4 U.S. Govt. securities 11.0 10.3 9.9 9.1 8.6 7.6 7.1 7.3 7.0 6.5 6.1 6.2 5.9 5.5 5 State and local obligations. 1.2 1.1 1.3 1.8 2.0 2.2 2.4 2.7 3.2 3.6 3.9 4.0 3.9 3.8 6 Corporate bonds 27.5 30.6 33.3 35.3 37.0 39.2 41.8 44.3 46.5 48.2 50.7 53.2 56.0 58.3 7 Corporate stock 2.2 2.4 2.6 3.3 3.6 3.5 3.4 4.1 4.6 5.0 6.3 6.3 7.1 7.9 8 1- to 4-family mortgages. . 10.6 11.8 13.2 15.2 17.7 20.1 21.4 22.4 23.6 24.9 25.8 26.4 27.3 28.7 9 Other mortgages 8.7 9.5 10.1 10.8 11.8 12.9 13.8 14.7 15.6 16.9 18.4 20.5 23.2 26.4 10 Other loans 2.6 2.7 2.9 3.1 3.4 3.6 4.1 4.3 4.7 5.5 5.9 6.6 7.0 7.4 11 Miscellaneous assets 1.8 1.9 2.1 2.3 2.5 2.8 3.0 3.3 3.6 3.9 4.3 4.6 4.9 5.3 12 Life insurance reserves... 51.6 54.5 57.4 60.4 63.5 66.6 69.3 72.3 75.6 78.8 82.1 85.8 89.9 94.2 12 13 Pension fund reserves... . 6.6 7.7 8.8 10.0 11.3 12.5 14.1 15.6 17.6 18.9 20.3 21.6 23.3 25.3 13 14 Taxes payable .3 .4 .5 .5 .4 .3 .4 .5 .6 .5 .5 .6 .5 .6 14 15 Miscellaneous liabilities .. 4.9 5.3 5.7 6.4 7.2 8.0 8.5 9.1 9.4 10.3 11.3 12.3 13.1 14.0 15 (1.4)Noninsured pension plans Total financial assets 7.4 9.1 11.1 13.3 17.7 20.2 22.5 28.3 33.1 36.9 44.9 45.8 53.8 62.3 Demand dep. and currency .3 .3 4 .4 .4 4 5 .5 .5 .5 7 .7 .8 .9 Credit market instruments 7.1 8.8 10!8 12.9 17.3 19*.8 22!1 27.8 32.5 36.4 44!2 45.0 53.0 61.4 U.S. Govt. securities 2.1 2.3 2.5 2.6 2.9 2.7 2.5 2.6 2.8 2.7 2.8 3.1 3.4 3.8 Corporate bonds 3.5 4.5 5.6 6.9 7.9 9.5 11.3 12.8 14.1 15.7 16.9 18.1 19.6 21.2 Corporate stock 1.4 1.8 2.4 3.2 6.1 7.1 7.5 11.6 14.5 16.5 22.9 21.9 27.7 33.5 Mortgages .1 .1 2 .2 .3 4 6 .7 1.0 1.3 1.6 1.9 2.2 2.7 (1.5) Other insurance companies Total financial assets 13.8 15.4 16.8 19.2 21.0 21.8 22.1 24.8 27.1 28 2 31. 6 32.1 35.2 37.5 Demand dep. and currency 1.2 1 3 1.4 1.3 1.3 1.3 1.3 1.3 1.3 1 3 1.4 1.4 1.4 1.3 Credit market instruments 11.7 13.1 14.4 16.8 18.5 19.2 19.4 21.9 23.9 24.9 28.2 28.5 31.5 33.7 U.S. Govt. securities 5.5 5.8 6.1 6.2 6.1 5.7 5.6 5.5 5.8 5 6 5.6 5.7 5.9 6.0 State and local obligations 1.4 1.9 2.6 3.4 4.2 4.9 5.6 6.2 7.2 8 1 9. 1 9.8 10.6 10.8 Corporate bonds .8 1.0 1.1 1.1 1.2 1.2 1.4 1.5 1.6 1 7 1.7 1.8 1.9 2.2 Corporate stock 3.9 4.3 4.5 5.9 6.9 7.2 6.7 8.4 9. 1 9 4 11.8 11.1 13.0 14.6 Mortgages .1 1 .1 .1 .2 .2 2 .2 .1 1 2 .1 .1 .1 Trade credit .9 9 1.0 1.1 1.2 1.3 l!5 1.6 1.8 1.9 2*.0 2.2 2.3 1 Excludes deposits at FHLB in line 8. See NOTE at end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 FLOW OF FUNDS 1627 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; billions of dollars) Category 1951 1952 1953 1954 1955 1956 1957 i 1958 1959 1960 1961 1962 1963 1964 (1.6) Finance companies 1 Total financial assets 9.8 11.4 13.0 13.2 17.3 18.1 19.6 19.3 22.8 25.0 25.6 28.2 32.3 36.3 2 Demand dep. and currency 1.1 1.2 1.2 1.2 1.5 1.5 1.6 1.7 2.0 2.1 2.3 2.5 2.3 2.3 3 Credit market instruments. 8.7 10.3 11.8 12.0 15.8 16.6 18.0 17.5 20.7 22.9 23.2 25.8 30.0 34.0 4 1- to 4-family mortgages. .4 .6 .6 .8 1.4 1.3 .9 1.4 1.6 1.6 2.2 2.7 3.5 3.9 5 Consumer credit 5.6 7.1 8.6 9.1 11.8 12.8 13.5 12.7 14.5 16.0 15.9 17.2 19.1 20.8 6 Other loans. 2.7 2.6 2.6 2.1 2.6 2.5 3,5 3.4 4.6 5.3 5.0 5.8 7.4 9.2 7 Total liabilities 6.1 7.6 9.1 9.2 13.1 13.7 15.0 14.6 18.0 20.1 20.7 23.2 27.2 31.3 8 Corporate bonds 2.0 2.3 3.7 4.0 5.4 6.3 7.1 7.2 8.3 9.9 10.4 10.7 12.2 14.3 9 Bank loans n.e.c 2.8 3.6 3.4 3.4 5.7 5.2 5.3 4.9 6.4 6.2 6.3 7.4 8.9 9.4 10 Open market paper 1.1 1.4 1.6 1.5 1.7 1.9 2.3 2.2 2.9 3.7 3.6 4.8 5.8 7.2 11 Taxes payable .2 .3 .3 .3 .3 .3 .3 •3 •3 .3 .3 .4 .4 (1.7) Security brokers and dealers 1 Total financial assets 4.6 5.1 5.4 6.5 6.7 6.2 6.3 6.8 6.9 7.4 8.3 9.2 9.7 9.9 2 Cash .6 .5 .6 .5 .5 .5 .6 .6 .6 .7 .6 .7 3 U.S. Govt. securities .3 .7 .6 .7 .3 .2 .4 .6 .4 1.0 1.0 1.6 .5 4 Other securities 2.3 2.3 2.5 2.6 2.8 2.2 2.5 1.9 2.1 2.1 1.9 2.4 2.4 2.4 5 Secuiity credit 1.5 1.9 2.7 3.1 3.1 2.8 3.8 3.8 3.6 4.7 4.6 6.1 5.6 6 Total liabilities—security credit 2.6 3.1 3.4 4.5 4.7 4.2 4.3 4.8 4.9 5.4 6.3 7.2 7.7 7.9 7 From banks 1.6 2.1 2.4 2.9 3.3 2.6 2.6 2.8 3.0 3.3 4.1 5.2 5.3 5.5 8 From agencies of fgn. banks. .2 .2 .3 .4 .5 .6 .7 .7 .8 .8 .9 .7 1.1 1.1 9 Customer credit balances.... .9 .8 .8 1.1 1.0 1.0 1.0 1.3 1.1 1.2 1.3 1.3 1.3 1.3 (1.8) Open-end investment companies 1 Total financial assets 3.0 3.9 4.1 6.1 7.8 9.0 8.7; 13.21 15.8 17.0 22.9 21.3 25.2 29.1 ! 2 Corporate and fgn. bonds .3 3 .3 .4 5 7 .8' 9 1.1 1.2 1.4 1.8 1.7 2. 1 2 3 Corporate stocks 2.5 3.3 3.5 5.4 6.9 7.9 7.4! 11.7 13.9 14.8 20.4 18.1 22.2 25.6 3 I (J) Rest of the world 1 Total financial assets 28.7 30.7 33.5 37.7 41.0 43.6 43.4 50.1 55.9 60.5 66.7 68.2 74.0 80.0 1 2 Gold 12.7 12.6 14.2 15.1 15.9 16.0 15.9 18.9 20.7 22.7 24.2 25.4 26.7 27.6 2 3 U.S. demand deposits .8 1.0 .8 .9 .8 1.0 1.2 1.2 1.2 1.3 2.1 2.2 2.4 2.9 3 4 Time deposits 2.1 2.3 2.8 3.4 3.2 3.1 3.1 4.0 3.1 3.5 3.8 4.3 5.3 6.7 4 5 Credit market instruments 6.9 8.3 8.9 10.8 13.0 14.4 14.1 16.3 20.3 21.4 24.3 24.1 26.9 29.1 6 U.S. Govt. securities 3.0 4.1 4.5 4.8 5.8 6.7 6.9 7.0 10.0 10.5 10.9 12.0 12.6 13.1 7 Corporate bonds .2 .2 .3 .2 .3 .3 .4 .5 .5 .6 .6 .7 .7 .9 8 Corporate stock 3.5 3.7 3.7 5.3 6.6 7.0 6.1 8.3 9.4 9.3 11.8 10.3 12.5 13.8 9 Other loans.... .3 .3 .4 .6 .3 .5 •7 .6 .5 1.0 1.0 1.0 1.1 1.3 10 Security credit .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 . l .1 .1 11 Miscellaneous assets 6.1 6.5 6.8 7.4 8.0 8.9 9.0 9.6 10.4 11.4 12.2 12.1 12.6 13.7 12 Direct investment in U.S 3.7 3.9 4.3 4.6 5.1 5.5 6.1 6.6 6.9 7.4 7.6 7.9 8.4 5.7! 13 Total liabilities 29.7 32.1 34.8 36.7 38.7 43.4 52.9 56.3 61.5 66.6 71.3 78.6 87.6 13 14 Official U.S. foreign exchange and 48.8 net IMF position 1.4 1.5 1.4 1.2 1.0 1.6 2.0 2.0 1.6 1.8 1.2 1.2 1.2 14 15 Credit market instruments 13.9 14.5 15.9 16.5 16.8 17.6 2.0 20.6 21.2 23.2 25.6 28.3 31.6 36.7 15 16 Bonds 2.2 2.4 2.7 2.7 2.9 18.9 3.9 4.3 4.9 5.4 6.3 7.3 8.2 16 17 Bank loans n.e.c .8 .7 1.0 1.4 1.8 3.3 2.6 2.9 3.0 3.7 4.1 4.9 7.1 17 18 Other loans.. 11.1 11.5 12.9 12.7 12.7 12.9 2.1 14.1 14.0 15.3 16.5 17.8 19.4 21.4 18 2 2 1 0 1 9 M Se i U c s u c . e r S i l t . l y a n c d e a e o p b u i t t s al subscription to 14. • 3 16.0 17.5 • 19^0 j 2o!8 24. . 1 1 2 1 7 3 . . . 9 5 1 30 . . 1 2 33 . . 1 0 36. .1 6 39 . . 1 0 41. .1 8 45. .1 6 49. . 7 1 2 1 0 9 IBRD, etc .6 .6 .6 .6 .6 .7 .7 .7 .7 .8 1.0 1.1 1.2 1.2 21 22 U.S. direct invest, abroad.... 13.1! 14.8 16.3 17.6 19.3 22.2 25.2 27.3 29.7 32.7 34.7 37.2 40.7 44.5 22 23 Fgn. currency held by U.S .51 .6 .6 .7 .9 1.3 2.0 2.3 2.6 3.1 3.4 3.5 3.8 3.9 23 NOTE.—Data are revised from those shown in Oct. 1964 BULLETIN as described on pp. 1533-38. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments 1630 Gold production 1631 Net gold purchases and gold stock of the United States 1632 Estimated foreign gold reserves and dollar holdings. 1633 International capital transactions of the United States 1634 Money rates in foreign countries 1643 Arbitrage in Treasury bills 1644 Foreign exchange rates 1645 U.S. balance of payments 1646 Foreign trade 1647 Guide to tabular presentation 1548 Index to statistical tables 1654 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- 1629 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1630 GOLD RESERVES NOVEMBER 1965 GOLD RESERVES OF CENTRAL BANES AND GOVERNMENTS (In millions of dollars) Esti- Intl. Esti- End of mated Mone- United mated Afghan- Argen- Aus- Aus- Belperiod total tary States rest of istan tina tralia tria gium 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 t961 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 ,371 150 42 817 43 1964 Sept 43,070 2,425 15,643 25,000 36 73 223 592 1,395 120 42 QQft 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 ,434 92 42 1,007 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 1,045 43 May 1 822 14 362 36 68 230 650 532 62 84 I 081 42 June P243,025 31,832 14,049 ^26,885 36 68 230 663 1,563 62 84 1,089 42 July 31,847 13,969 36 68 231 675 ,S64 63 84 1,096 44 Aug 31,856 13,916 36 67 231 688 ,573 63 84 1,104 44 Sept 31,865 13,925 222 700 ,554 63 84 1,112 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 si o a - Iran Iraq Israel Italy Japan Rep. of 1958 72 48 35 750 2,639 17 247 37 141 34 2 1,086 124 1959 71 57 38 1,290 2,637 26 247 33 140 84 2 1,749 244 I960 78 107 41 1,641 2,971 76 247 58 130 98 * 2,203 247 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 Sept 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 July 33 97 85 4 471 4 ^83 81 281 141 122 56 2,388 Aug 33 97 85 4,500 4 382 77 281 141 122 56 2,383 Sept 97 85 4,556 4,390 78 281 141 122 56 2,390 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 1.132 30 50 28 9 548 18 238 1960 n a 119 137 29 1,451 30 52 42 15 552 18 178 1961 43 140 112 29 1,581 20 30 53 47 27 443 65 298 1962 49 172 95 29 1,581 20 30 53 47 41 471 78 499 1963 48 172 139 29 1,601 20 31 53 57 28 497 78 630 1964—Sept 46 172 170 34 1,601 20 31 53 67 30 523 78 589 Oct 45 172 169 34 1,611 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 1,688 20 31 53 67 24 523 78 545 Feb 48 171 34 I 723 20 31 53 67 26 532 78 519 Mar 49 182 170 34 1,723 20 31 53 67 27 538 7S 49S Apr 48 182 168 34 1.723 20 31 53 67 28 540 78 433 May 48 182 167 34 1,756 20 31 53 67 30 544 78 408 June .... 49 rl82 165 34 1,756 20 31 53 67 31 547 •74 375 July 40 r184 32 .7*»6 20 31 53 67 32 548 74 359 Aug 49 184 34 ,756 20 31 53 67 33 560 73 339 Sept 49 184 31 1 756 20 31 53 67 73 342 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 GOLD RESERVES AND PRODUCTION 1631 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E p n er d i o o d f Spain Sweden Sw la it n z 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 it m g ed - 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 t o t 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 I960 178 170 2,185 41 104 134 174 2,800 180 401 -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 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 rl8 -249 54 Julv 810 202 2,655 54 96 116 139 171 401 18 -92 A.U2 810 202 2 653 54 96 116 139 171 401 r19 — 199 Sept 810 202 2.656 96 116 139 401 18 -145 1 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 payments by member countries in anticithis table and also of a number not shown separately here, and gold to be pation of increase in Fund quotas. Amounts outstanding as follows: distributed by the Tripartite Commission for the Restitution of Monetary 3>259 million June 30-Aug. 31, and $285 million on Sept. 30. Gold; excludes holdings of the U.S.S.R., other Eastern European coun- 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold tries, and China Mainland. assets minus gold deposit liabilities. The figures included for the Bank for International Settlements are 5 European Payments Union for 1958 and European Fund thereafter. the Bank's gold assets net of gold deposit liabilities. This procedure avoids the overstatement of total world gold reserves since most of the NOTE.—For back figures and description of the data in this and the gold deposited with the BIS is included in the gold reserves of individual following tables on gold (except production), see "Gold," Section 14 of countries. Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period produc- Congo tion i A So fr u i t c h a R de h s o ia - Ghana ( p L o e ld o - - U S n ta it te e s d C a a d n a - M ic e o x- r N a i g c 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 i ville) 1958 1.050.0 618.0 19.4 29.8 12.3 61.6 158.8 11.6 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 1960 I 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 ,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 .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—Aug 87.2 1.7 2.5 11.3 .7 1.0 .4 1.2 3.1 Seot 88.2 1.6 2.5 10.9 .9 .4 1.2 2.5 Oct 89.9 1.6 2.6 11.5 '.S 1.0 .5 1.3 2.8 Nov 88.0 1.8 2.5 11.5 .6 1.1 .4 1.3 3.0 Dec 84.2 1.9 2.4 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 1.6 9.8 5 1.1 4 2 5 Mar 86.8 1.5 10.8 .7 ....... .8 .5 2.6 Apr 88.0 1 7 11.3 .8 4 2 5 May 89.2 1.6 10.4 .3 2.4 June 90.1 1.5 10.7 2.9 July 90.8 10.0 2.4 91.0 10.5 i 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 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

1632 U.S. GOLD NOVEMBER 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 n III IV I II Western Europe: -84 -83 1 -143 -82 -55 -23 -25 -38 Belgium... 3 3 -329 -39 -141 -144 -63 -40 -40 -40 -22 -34 -266 -173 -456 -518 -405 -101 -101 -101 -482 -148 34 23 225 25 Italy — 349 100 200 -80 Netherlands 25 -261 -30 -249 -25 —60 60 — 35 20 10 Spain 31 32 -114 -156 -146 -130 -32 -2 -30 -90 -60 -8 -215 20 -324 -125 102 -81 -30 -51 -37 -13 United Kingdom 100 -900 -350 -550 -306 -387 ""329 618 221 ""i63 125 -76 29 Bank for Intl. Settlements. -178 -32 -36 -23 Other 18 8 -21 -38 -96 -53 -12 1 -7 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 Mexico 28 30 - 2 6 0 38 4 10 10 • 30 Venezuela —200 65 Other 29 6 2 -5 -22 -17 -5 -7 -9 -3 -2 -7 * Total -28 81 69 19 -100 -109 175 32 56 25 7 27 -8 58 Asia: -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 -1 -1 * -15 All other 14 -3 ^ -38 -6 -1 -36 -7 -9 -1 1 -1 -9 Total foreign countries 80 172 -2,294 -998 -1,969 -970 -833 -392 -36 95 41 -145 -811 -299 Intl. Monetary Fund 4200 600 5-44 *300 150 6-259 Grand total 280 772 -2,294 -1,041 -1,669 -820 -833 -392 -36 95 41 -145 -811 -558 * "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 Incl udes purchases of $25 million from the Philippines. • 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 milb'ons 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 l 2 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 in i n g g c n s y 3 Total T g o o t l a d l 1952.. 23,252 23,252 23,187 379 379 1964—Oct.... 15,702 15,606 15,461 96 -168 -37 1953.. 22,091 22,091 22,030 -1,161 -1,161 Nov.... 16,324 15,566 15,386 758 622 -40 1954.. 21,793 21,793 21,713 -298 -298 Dec... 15,903 15,471 15,388 432 -421 -95 1955.. 21,753 21,753 21,690 -40 -40 1956.. 22,058 22,058 21,949 305 305 1965—Jan 15,572 15,208 15,185 364 -331 -263 1957.. 22,857 22,857 22,781 799 799 Feb.... 15,220 14,993 14,937 227 -352 -215 Mar.... 15,129 14,639 14,563 490 -91 -354 1958.. 20,582 20,582 20,534 -2,275 -2,275 Apr.... 14,884 14,480 14,410 404 -245 -159 1959.. 19,507 19,507 19,456 -1,075 *-l,075 May... 14,511 14,362 14,290 149 -373 -118 i960.. 17,804 17,804 17,767 -1,703 -1,703 June... 14,595 14,049 13,934 546 84 5-313 1961.. 17,063 16,947 16,889 116 -741 -857 July.... 14,697 13.969 13,857 728 102 -80 1962., 16,156 16,057 15,978 99 -907 -890 Aug 14,953 13,916 13,857 1,037 256 -53 1963.. 15,808 15,596 15,513 212 -348 -461 Sept.... 14,884 613,925 613,858 959 -69 9 1964. . 15,903 15,471 15,388 432 95 -125 Oct.*7... 14,795 613,937 613,857 858 -89 12 1 Includes gold sold to the United States by the International Mone- 6 Includes gold deposited by the IMF ($8 million as of Sept. 30 and $9 tary Fund with the right of repurchase, which amounted to $800 million million as of Oct. 31) to mitigate the impact on the U.S. gold stock of on Oct. 31, 1965. Also includes gold deposit of IMF; see footnote 6. purchases by foreign countries for gold subscriptions on increased IMF 2 Includes gold in Exchange Stabilization Fund. quotas. The United States has a corresponding gold liability to the IMF. 3 For holdings of F.R. Banks only, see pp. 1558 and 1560. NOTE.—See Table 11 on p. 1641 for gold held under earmark at F.R. * Includes payment of $344 million increase in U.S. gold subscription Banks for foreign and international accounts. Gold under earmark is o the IMF. not included in the gold stock of the United States. 5 Includes payment of $259 million increase in U.S. gold subscription See also NOTE to table on gold reserves. o the IMF. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 GOLD RESERVES AND DOLLAR HOLDINGS 1633 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 3I, 1963 June 30, 1964 Sept. 30, 1964 Dec. 3 , 1964 Mar. 31, 1965 June 3(), 1965 P 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 1 212 201 1 189 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 I 6,258 1 6,137 1 5,918 1 Greece 265 « 227 * 225 * 252 * 232 • 235 Italy 3,146 3,039 1 3,225 1 3,729 1 3,539 1 3,824 1 Netherlands 1,961 4 1,824 5 1,964 4 2,055 5 2,036 5 2,034 5 Norway 164 131 188 131 205 101 215 98 234 68 263 68 Portugal . 688 * 698 * 747 * 780 * 802 * 795 * Spain 778 2 839 2 972 2 1,010 2 984 2 1,011 2 Sweden 591 129 615 130 733 90 833 40 928 40 921 24 Switzerland 3,726 75 3,737 77 3,653 78 4,095 79 3,927 78 4,088 87 Turkey 136 • 129 * 123 * 140 * 142 * 145 United Kingdom 3,967 328 4,153 402 4,222 402 4,020 414 4.308 407 4,715 502 Other* 369 46 514 48 491 49 508 49 39! 49 341 50 Total... 30,433 741 30,772 822 31,384 753 32,737 714 32,590 676 ''33,361 765 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 1 238 1 226 1 267 1 229 1 190 1 Cuba 12 * 11 * 10 * 12 * 11 • 11 41 Mfexico 808 2 817 808 1 904 1 913 1 852 * 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 2 7 8 1 0 * * 2 2 7 8 3 2 • 1 2 3 9 3 4 4 * 1 2 3 9 3 5 0 4 1 1 992 * 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 4,457 5 Asia: India 298 * 311 * 307 * 306 * 342 353 • Indonesia 83 77 1 63 1 73 I 62 1 58 1 2,773 5 2,757 5 2,882 5 3,044 5 3,137 9 3,130 9 Philippines 237 * 230 * 260 256 * 279 * 281 * Thailand... . 486 * 529 * 546 * 562 * 592 * 592 * Other 1,687 41 1,943 42 1,994 45 2,059 43 2,222 43 2,235 43 Total 5,564 47 5,847 48 6,052 51 6,300 49 6,634 53 6,649 53 Africa: South Africa 671 * 645 * 635 * 621 * 547 • 424 U A R (Egypt) 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 countries 2 45,721 1,524 46,362 1,596 47,333 1,546 49,271 1,501 49,180 1,516 49,764 1,594 International and regional 3 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 56,453 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. 1640. 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

1634 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 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 t n d l a . l c F o o u r n e t i r g ie n s E W u e ro st p e e r n 2 Canada A re m L pu e a b r t i i l n c ic a s n Asia Africa co O u t n h t e ri r es 1963—Dec... 19,505 5,855 13,650 7,867 ,664 1,058 2,731 154 176 1964—Sept.. 19,518 5,989 13,529 7,714 ,495 ,074 2,928 146 172 Oct.. 19,429 5,964 13,465 7,517 ,533 ,175 2,904 158 178 Nov.. 19,802 5,954 13,848 7,824 ,577 ,191 2,930 152 174 Dec... 20,225 5,876 14,349 8,270 ,483 ,238 3,020 160 178 1965—Jan... 19,519 5,822 13,697 7.551 ,449 ,265 3,096 159 177 Feb... 19,606 5,780 13,826 7,644 ,419 ,278 3,124 180 181 Mar.. 19,317 5,879 13,438 7,255 ,316 ,296 3,213 178 180 Apr... 18,994 5,883 13,111 6,955 ,308 ,305 3,175 180 188 May.. 18,745 5,660 13,085 6.822 ,304 ,389 3,178 191 201 June.. 18,977 5,646 13,331 7,200 ,275 ,295 3,173 193 195 July.. 18,822 5.944 12,878 6.726 ,281 ,296 3,198 181 196 Aug.** 19,039 5,853 13,186 6,892 ,378 ,356 3,174 194 192 S 19,373 5,920 13,453 7,140 ,385 ,385 3,161 184 198 * Includes international organizations, and Latin American and European regional organizations, except the Bank for International Settlements L original maiuruy and the European Fund which are included in Western Europe. or more man 1 year, u'dia. cxciuue noimegouaoie, 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 1 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 er ti i n ca Asia Africa O c t o r t i u h e e n 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 10,770 2,988 3,137 4,001 241 194 1964—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 2,40} T.724 4.947 277 228 July.. 27,781 5,146 4,994 12 140 22 M5 11,752 10,883 10,771 2,585 3,750 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 Sept.*. 28,835 5,125 4,988 14 122 23,710 12.329 11.381 11,558 2,781 3,797 5.080 271 223 2a. Europe Ger- End of period Total Austria Belgium m De ar n k - 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 1,234 216 105 99 153 406 1962 10,162 329 177 67 73 1,157 2,730 119 1,384 248 125 161 177 490 1963 10,770 365 420 161 99 1,478 3,041 188 803 360 133 191 205 409 1964—Sept.... 11,285 355 426 260 109 1,529 2,288 132 1,121 363 174 224 396 551 Oct.... 11,233 293 444 269 112 1,524 2,184 159 1,263 356 186 228 409 563 Nov.... 12,012 349 473 280 110 1,600 2,152 172 1,434 447 182 228 410 653 Dec 12,240 323 436 336 127 1,663 2,010 175 1,622 367 184 257 394 644 1965—Jan 11,990 296 470 344 129 1,530 ,928 165 1,592 355 153 257 408 682 Feb 12,017 269 459 334 126 1,584 1,916 152 1,571 339 174 267 338 717 Mar.... 11,527 247 413 338 116 1,333 ,894 150 1,446 313 203 264 278 739 Apr 11,014 215 460 318 122 1,273 1,879 148 1,345 328 197 264 244 724 May.... 10,751 206 463 255 113 1,174 ,711 148 1,357 285 205 246 197 748 June 11,309 222 420 271 104 1,213 ,540 151 1,440 278 232 248 231 719 July. ... 10,771 248 425 269 104 1,089 .363 148 1,314 308 214 241 234 724 Aug.P... 11,313 263 444 242 100 1,171 1,242 152 1,486 316 224 256 271 707 Sept. P. .. 11,558 259 418 238 94 1,111 1,363 159 1,362 330 231 277 253 704 For notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1635 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY— Continued (Amounts outstanding; in millions of dollars) 2a. Europe—Continued 2b. Latin America End of period Sw la i n tz d er- Turkey U K d n i o n i 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 6 U.S.S.R. E E O a u s t 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 7l5 531 1963 906 21 1,483 16 465 2 24 3,137 375 179 143 169 11 669 1964—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 t64 169 11 743 Apr 1,209 19 1,890 17 341 3 21 3,767 314 298 159 171 11 700 May.... ,199 22 2,055 16 328 2 19 3,849 337 370 161 180 11 726 June.... ,299 19 2,489 18 390 2 21 3\724 310 340 198 159 11 687 July ,271 15 2,464 is 296 4 25 3,750 327 339 187 162 11 623 Aug.*7... ,319 19 2,727 56 292 1 25 3,779 354 410 184 171 10 622 Sept."... .383 24 2,962 57 303 2 27 3,797 382 412 205 167 10 642 2b. Latin America—Continuec1 2c. 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 - 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 u N t r i e l i l n t e h a s . m & Am O L e a t r h t i i e c n r a* Total C M la h a n i i n d n a - H K o o n n g g India n d I e n o s - i - a Israel I960 123 72 51 398 235 69 72 12 3,115 35 57 54 178 75 1961 87 84 57 418 226 111 89 15 42,974 35 56 78 76 63 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—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 3-6 132 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 Man,... 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 6Q6 472 206 115 \S 4,947 35 94 72 23 111 July 114 259 1 91 782 497 196 109 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 Sept.*... 113 254 128 690 494 165 114 20 5,080 35 104 If 23 114 2c. Asia—Continued 2d. Africa It. Other countries E pe n r d i o o d f 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 C e v o o il n p le g o ) o ld- ro M cc o o - * 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 Total t A ra u l s ia - ot A he ll r 8 I960 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 5 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—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 18 Dec 2,740 104 233 221 458 543 238 26 7 47 24 135 192 «v6 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 Anr 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 July 2,786 88 280 226 501 803 262 18 17 52 24 151 219 195 24 Aug.*5 2,856 92 265 229 503 764 283 17 16 61 24 164 218 22 Sept.?3 2,907 101 278 227 502 713 271 14 22 58 20 157 223 199 24 1 International Bank for Reconstruction and- Devetoprnent,' Inter-~" --5inrltiders revisions arising from changes in reporting coverage as national Monetary Fund, International Finance Corp., International follows (in millions of dollars): Total -f-20; Europe —13; Canada +1; Development Assn., and other international organizations; Inter-Amer- Latin America +19; Asia +22; Africa —9. \r*nr\ 1C\cL\Tt*\f\Y\YY\f*Y\t "Rani/- FnrAnpQti C**r\*\] QV\c\ Qtf±e*\ PntYitnimiti' Purnnpan 6 Includes Bank for International Settlements and European Fund. 7 Decline from end of 1961 reflects principally reclassification of deposits for changes in domicile over the past few years from Cuba to other countries. 2 Not reported separately until 1962. 8 Data based on reports by banks in the Second F.R, District only for year-end 1960-62. For NOTE see end of Table 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1636 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 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 5; (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 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 2.8 2.7 2.7 n.a. M!onaco 2.7 2.4 4.1 3.6 Kuwait 46.5 49.9 56.4 52.0 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 g Guiana . .. . .. 1.3 .6 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 .9 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. S 12.0 19.7 Ceylon 1 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 in foreign Total Dem D an e d pos T it i s me 1 c T b er i r l t U e l i s f a . i s a S c u a n . r t d e y s n S o U p t e . e c S s i . a 2 l Other 3 Total Dema D n e d pos T it i s me 1 c T b er i r l t U e l if s a . i s S c a u a . n r t d e y s Other 3 currencies 1960 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 1 1 9 9 6 6 1 2 4 2 2 2 5 , ,0 5 1 3 9 3 2 2 0 2 , , 0 3 2 1 5 1 8 8, ,'7 52 0 8 7 7 9, , 2 3 1 6 4 3 2 3 , , 3 01 8 2 8 1 1, , 5 5 5 6 7 7 2 2 , , 5 3 6 5 5 8 2 1 , ,9 0 7 9 7 6 1 1 4 1 9 6 2 3 3 5 2 2 1 1 5 4 0 3 1963 25,967 22,787 5,629 3,673 8,571 3,036 1,878 3,047 1,493 966 119 469 134 1964—Sept 27,406 24,038 6,243 3,752 8,180 3,425 2,439 3,237 1.478 ,178 101 480 132 Oct 28,039 24,683 6,764 3,856 8,133 3,394 2,536 3,250 1,449 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 1,531 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 1,516 1,320 79 515 73 Mar 28,288 24,742 6,628 3,970 7,978 3,373 2,793 3,482 ,541 1,362 79 501 64 Apr 27,841 24,280 6,226 3,982 1,161 3,367 2,938 3,478 ,546 ,393 77 461 84 May 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 1,522 I 418 86 446 101 July 27,781 24,200 6,533 3,962 7,179 3,462 3,065 3,484 1,536 1,423 87 438 97 Aug.P 28,454 24,859 7,061 3,997 7,293 3,434 3,074 3,482 1,478 1,471 88 445 113 Sept.P 28,835 25,217 6,970 3,930 7,674 3,494 3,150 3,501 1,504 [,492 81 424 118 * Excludes negotiable time certificates of deposit which are included time certificates of deposit. in "Other." * 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 $268 million on Sept. 30, 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

NOVEMBER 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1637 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 in ica Asia Africa 1 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 3 1,891 85 1962 5,163 877 526 1,606 2,017 137 1963 5,975 1 939 638 1,742 2,493 104 58 1964 Sept 6,806 1 1,064 675 1,984 2,923 101 58 Oct 6,912 I 1,164 629 2,020 2,925 108 66 Nov 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 '7,950 * 1,230 rl,004 '2,234 3,287 131 63 1965 Jan .. . ... r7,762 2 1,174 '1,000 r2,206 3,212 112 56 Feb r7,881 1 1,185 rl ,059 2,243 3,224 118 51 Mar '7,929 1,185 '981 r2,195 3,385 130 53 Apr r7,794 1,167 r902 r2,178 3,360 129 57 May r7,768 1,173 r851 '2,191 3,360 136 57 June . .... . . . . .. '7,748 1,164 '807 '2,172 3,400 146 61 July 7,560 1,126 786 2,116 3,320 151 62 Aug v 7,531 > 1,124 758 2,121 3,328 142 59 Sept r 7,490 i I 213 678 2,137 3.258 146 59 4a. Europe End of period Total A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - France G Fe e d r . m o R a f n e y p , . Greece Italy N la e e n r t d - h 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—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 76 175 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 ,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 1,126 8 37 20 71 72 174 11 113 40 44 32 52 40 Aug." 1,124 10 34 20 71 81 169 12 108 38 45 30 45 39 Sept." ,213 9 40 24 70 76 173 12 115 42 42 21 45 40 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 n i m t g e - d Y sl u av g i o a - W E O u e t r s h o te e p r r e n 5 U.S.S.R. E E O u as t r h t o e 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 16 1,742 188 163 187 208 18 465 1964—Sept.. 82 49 290 21 22 18 1,984 187 158 196 273 16 565 Oct... 90 31 312 17 26 20 2,020 196 155 183 291 16 580 Nov.. 92 15 278 15 21 20 2,098 205 146 188 300 17 604 Dec... 97 36 319 15 20 20 2,212 210 145 188 319 17 630 Dec. «. 111 37 310 16 20 20 '2,234 203 126 175 338 17 644 1965—Jan... 114 36 223 16 20 21 '2,206 210 125 164 313 16 659 Feb... 118 32 196 15 21 23 2,243 209 119 155 313 16 686 Mar.. 116 30 199 20 23 24 '2,195 201 119 141 292 16 685 98 7 213 24 24 28 '2,178 204 108 140 295 17 684 May!! 95 17 216 28 25 30 '2,191 208 112 135 294 16 691 June.. 99 31 223 29 26 28 '2,172 204 112 144 285 16 693 July.. 87 42 195 32 26 27 2,116 208 113 139 276 16 671 Aug.". 82 42 201 39 28 29 2,121 219 111 135 262 16 672 S 89 36 282 36 25 31 2,137 220 104 143 248 16 677 For notes sec following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1638 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 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 i t c p . h A s u e ? b . r - m B B m u a & d e h a r a s a - - 1 A N S n n u a e 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 I960 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 g i 36 1962 30 85 122 102 66 9 98 2,017 2 13 20 a 37 1963 35 99 65 114 135 42 9 16 2,493 2 11 17 a 22 1964—Sept 37 102 63 140 173 42 18 13 2,923 2 20 24 a 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.*... r49 108 78 168 224 65 18 21 3,287 2 28 21 7 47 1965—Jan r49 109 78 158 221 68 19 18 3,212 2 21 22 7 37 Feb '57 112 84 161 230 63 19 19 3,224 1 21 16 7 46 Mar '50 116 84 164 229 62 19 18 3,385 1 25 28 7 55 Apr r49 112 81 173 221 58 19 19 3,360 1 24 28 7 57 May... . r51 119 78 173 216 58 19 19 3,360 1 27 28 4 55 June '50 117 72 167 213 59 19 18 3,400 1 34 26 1 54 July.... 47 115 67 164 208 56 17 20 3,320 1 32 21 1 54 Aug.*>... 48 122 68 172 210 52 13 21 3,328 1 32 19 2 53 Sept.*... 51 125 67 177 217 56 13 21 3,258 1 28 18 'I 54 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 i ( p v L o il e l l o d e - ) - 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* A t l r u i a a s - - oth A e l r l » 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 i 15 28 59 58 48 9 1964—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 88 120 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 2,741 20 208 12 73 80 118 1 2 15 29 71 51 39 12 Mar 2,856 20 212 12 71 97 130 1 3 19 35 72 53 41 12 Apr 2,827 20 212 13 73 99 129 1 2 21 35 70 57 45 13 May 2,826 21 209 13 76 100 136 1 2 20 38 75 57 45 13 2,871 20 200 12 77 106 146 1 3 22 43 77 61 48 13 July 2,822 20 191 11 74 94 151 * 2 32 40 77 62 48 14 Aug * 2,823 21 194 10 74 101 142 1 2 32 36 71 59 46 14 Sept.* 2,750 20 209 9 72 93 146 1 2 37 38 68 59 45 14 i Not reported separately until 1963. Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, a 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). * 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 $539 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 « 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

NOVEMBER 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1639 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 Total Total O i t n i f L o s f t i o n i c t s a i u a n 1 - l s to B — anks Others C s t t o o i i a o n u l n l n g t e d - s c - - f e A o o i m a g c r f n n c a a c f e e d o c e p r e c r s s t - t - 2 . Other 3 Total D w ei e i g t p h n o e f s r o i s t r s - g c c F p a o n o u o n a v a r m r p d i n t e t . e m i c i f r e g s e i l s e - 2 n . , - Other 4 1960.... 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—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 ,316 980 990 2,420 432 662 394 183 84 Dec . . 7,469 6,810 2,652 223 ,374 J 055 1,007 2,600 552 659 400 182 77 Dec. 6. . . _ '"7,950 '7,323 r2,773 221 1,403 r1,149 1,129 2,621 r800 626 338 187 102 1965—Jan '7,762 r7.13O 2,788 221 ,427 ,140 1,051 2.511 H19 633 345 181 107 F M e a b r . .. . r r 7 7 . . 8 92 8 9 l r r 7 7, . 3 2 2 2 7 0 2 2 , , 9 9 4 5 7 4 2 24 5 3 0 , , 5 49 0 1 4 1 1, , 2 2 0 0 7 6 1 1 , 0 0 7 0 6 7 2 2 ,4 5 9 9 9 0 r r 7 7 6 0 5 6 6 6 6 02 1 3 3 5 28 0 1 15 8 7 8 1 1 1 2 7 3 A M p a r y r ' 7 7 , , 7 7 9 6 4 8 H '"7 , ,1 2 9 4 1 3 r r 2 2 , , 8 90 2 9 0 2 2 1 08 3 , ,4 4 6 9 2 3 r r 1 , , 1 20 4 8 4 1 1 , , 0 0 9 8 1 2 2 2 , , 5 6 8 0 4 7 r '6 6 7 6 3 8 5 5 7 50 7 3 3 1 3 2 2 1 1 4 38 7 1 9 00 8 June '7.748 r7,180 r2,854 231 1,476 r1,147 1,122 2.605 r599 568 330 141 98 July 7,560 7,025 2,803 241 ,422 ,139 1 ,127 2^531 564 535 310 141 84 7,531 7,020 2,820 232 ,458 ,131 1,150 2.507 542 512 300 125 87 7.490 6,955 2,811 237 1,472 1,102 1,184 2,454 507 535 367 78 90 * Includes central banks. 5 These figures reflect the inclusion of data for banks initially included 2 ^33 N UU iN nn oO t t t i ii ll rr ee 11 pp 99 oo 66 rr 33 tiee i d i u nn cc ss ll ee uu pp dd aa ee rr ss aa tt aa ee cc llyy cc ee u p u p n t n taa t; n in n l c c 1 e i e ?9 ss o6 mm o3.. ade for account of foreigners. aass u 6 oi f DD LD ii » ff C ff e e C e c rr .. ss J 3I ff 1, rr , oo mm 1iy9 o6i DD .1 ee . cceemmbbeerr ddaattaa iinn lliinnee aabboovvee bbeeccaauussee ooff tthhee eexxcclluussiioonn 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 $539 million of shorttteerrmm ccllaaiimmss aarriissiinngg firroomiu tiihiee iinncclluussiioonn 0o1f ccllaaiimmss pprreevviioouussllyy hneelud. 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 l e l r f r o e c r n i u e n c r i i g - e n s U K d n i o i n m t g e - d E O u t r h o e p r e Canada A L m a e t r in ica Japan O A t s h i e a r Africa* ot A he ll r 2 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—Sept 171 3,589 3,392 197 * 73 1,358 292 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 ,153 369 238 125 107 D D e e c c 4 ) 305 \ ( 4 3 , , 2 97 7 1 0 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 , , 2 1 6 6 2 2 4 3 3 8 0 5 2 25 3 5 8 1 1 2 5 3 3 1 12 0 2 3 1965—Jan 309 4,498 4,215 281 2 86 1,679 349 ,367 455 259 183 119 Feb 493 4,720 4,413 302 5 90 1,783 397 ,400 454 276 186 133 Mar 458 4,732 4,445 282 5 96 1,763 362 ,403 472 297 202 136\ Apr 441 4,666 4,363 298 6 95 1,764 375 ,332 479 295 191 135 May 441 4,605 4,303 297 5 91 1,691 359 ,358 483 295 194 133 June 501 4,531 4,227 299 5 92 1,649 353 ,324 479 305 201 128 July 442 4,520 4,222 293 5 89 1,613 356 ,310 482 322 203 144 Aug *> 442 4,550 4,245 301 4 87 1,604 363 ,306 475 341 212 160 Sept p 452 4,575 4,280 290 5 89 1,583 353 .322 471 359 216 181 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

1640 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 1965 7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. corporate U.S. Govt. bonds and notes i securities * Foreign bonds Foreign stocks Net purchases or sales Period Intl. Foreign c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r r - c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r r - c P ha u s r e - s Sales c N ha s e a s t l e e p s s u o r r anH 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 Sept ... • —81 —84 3 3 267 301 —34 51 97 -46 49 42 7 Oct —30 —21 n -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 32 282 292 Q 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 July 20 « 20 20 244 355 — 112 72 135 -63 64 40 24 Aug.* 8 -4 12 -2 14 234 335 -100 48 87 -40 69 44 25 Sept.? 6 * 6 6 365 393 -28 288 407 -119 75 54 21 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. 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 Oct 1,086 50 30 679 1327 354 2 329 25 Nov 1,086 50 30 679 i 327 354 2329 25 Dec 1,086 50 30 679 1327 354 2 329 25 1965 Jan .. 1 086 50 30 679 1327 354 2 329 25 Feb 1,112 75 30 679 1327 354 2329 25 Mar 1,137 101 30 679 1327 354 2 329 25 Apr 1,137 101 30 679 1327 354 2 329 25 May 1,137 101 30 679 1327 354 2 329 25 June • •. I 137 101 30 679 l 327 354 2 329 25 July 1,259 101 30 653 125 3 350 354 2 329 25 Aug 1,259 101 30 653 125 3 350 354 2 329 25 Sect 1,259 101 30 653 125 3 350 354 2 329 25 Oct I 208 101 30 603 125 3 350 354 2 329 25 i 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. * 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

NOVEMBER 1965 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1641 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 t m g ed - E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e i r n - Asia Africa i O c tr o t i u h es n e 2 r - re I g a n i n o t d l n . al 1961 223 323 -99 21 166 -17 61 232 -112 44 44 \ 12 1962 60 111 -51 4 129 -33 24 124 -43 -20 -18 17 1963 207 198 9 -8 -14 206 16 199 -47 14 17 ]I 22 1964 -173 -349 176 -37 -200 -4 14 -228 3 25 10 i> -1 18 1964—Sept.. -34 -43 9 -5 -15 4 • -16 -18 • -2 1 Oct... -17 -25 8 -6 -19 14 -1 -13 -7 • 2 1 1 Nov.. -27 32 -2 -26 41 -15 -2 5 • 2 4 1 Dec... -13 -37 24 -3 -14 -5 -1 -22 3 4 • 1 1965—Jan... -9 * -9 • -2 -3 -1 -6 -3 -1 • t 1 J M F J M A u u e p a a n b l r y y r e . . . . . . . . . . . . . . - - 2 1 - 3 1 4 3 6 2 4 < 2 j - - - - 6 9 4 4 5 6 2 9 9 8 -1 - -1 1 7 2 4 4 6 7 2 3 5 5 -2 2 6 8 3 A - - - - - - 4 1 2 2 2 5 1 3 2 -2 - - 9 - 2 9 7 0 0 7 * - - - - - 3 1 2 4 7 1 3 - - 1 2 - - 1 1 1 6 2 9 2 7 2 4 2 -1 2 1 1 1 1 7 9 0 1 1 - - - - 3 2 7 3 3 1 -2 2 * 3 1 1 i 1 t i I t 2 2 • 3 3 1 Aug.P. -100 -93 -8 * -8 -82 -2 -92 -13 -1 4 i Sept. P. -28 -39 11 4 20 -56 -3 -36 -3 1 7 2 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^ coun- End of Deposits gional coun- ica tries2 period U.S. Govt. Earmarked tries securities i 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—Oct... 120 8,201 12,707 1964—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 -4 -3 1 Apr... 146 7,626 13,174 Mar -89 3 -92 -6 -81 -6 -1 2 May.. 142 7,713 13,050 Apr -72 4 -75 22 -28 -26 -47 5 June.. 179 7,599 12,951 May - 10 -13 14 -16 10 * -21 July... 147 7,221 13,108 June -119 9 -128 -42 -61 -6 -23 3 Aug... 356 7,263 13,065 July -39 -13 -26 33 -39 -2 1 -16 Sept... 213 7,805 12,923 Aug.P.. .. -15 1 -16 17 -38 5 _ \ * 1 Oct... 144 7,974 12,905 Sept.*. . . -98 -17 -81 27 -107 12 4 -12 i 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

1642 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 1965 12. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1964 1965 1964 1965 June Junei Sept. Dec. Mar. June** June June1 Sept. Dec. Mar. Europe: Austria 3 3 3 2 2 2 6 5 5 7 7 5 Belgium 21 20 22 20 25 19 21 20 17 19 16 16 Denmark 1 1 1 2 2 1 7 7 6 6 9 11 Finland 1 1 1 1 1 5 5 8 6 6 France 28 27 31 31 35 47 69 67 50 61 69 71 Germany, Fed. Rep. of.. 36 34 44 63 70 73 82 79 95 140 114 117 Greece 5 4 4 5 6 9 9 10 10 7 8 Italy 24 22 27 26 16 16 101 99 90 95 84 81 Netherlands 46 46 31 33 40 50 30 30 32 31 28 31 Norway 3 2 2 1 2 5 7 6 7 8 6 7 Portugal 1 2 2 2 2 10 10 9 4 8 10 Spain 9 8 12 10 5 5 47 46 45 42 39 33 Sweden 7 7 8 6 9 17 17 19 19 21 23 Switzerland 19 18 36 33 34 35 19 17 16 22 29 41 Turkey 5 4 5 6 7 7 5 5 4 9 12 8 United Kingdom 102 97 108 102 98 94 284 280 407 329 364 293 Yugoslavia 1 1 1 1 1 3 3 3 3 6 5 Other Western Europe... 3 2 4 5 6 6 6 6 9 7 4 U.S.S.R 1 Other Eastern Europe 3 Total 316 301 341 350 356 377 731 714 832 822 837 773 Canada 62 57 60 77 72 72 932 923 1,032 1,057 838 704 Latin America: Argentina 6 5 4 3 3 2 20 20 26 30 33 29 Brazil 11 10 11 11 11 11 126 125 128 145 113 93 Chile 3 3 4 5 4 4 23 21 25 25 25 27 Colombia 8 7 7 10 12 13 23 22 25 25 26 22 Cuba * * * * 5 5 4 4 4 4 Mexico 7 6 6 6 62 58 64 69 69 70 Panama 21 21 26 28 25 21 10 10 9 12 11 9 Peru 6 5 5 7 7 5 23 22 23 26 21 27 Uruguay 1 1 1 1 2 6 6 8 10 9 11 Venezuela 22 21 20 16 19 19 40 38 45 46 40 43 Other L.A. republics* 9 8 11 15 13 15 45 42 47 51 49 55 Bahamas and Bermuda... 2 2 2 2 2 2 21 20 19 11 8 9 Neth. Antilles & Surinam 7 7 9 6 5 6 5 5 4 4 3 3 Other Latin America 6 6 4 6 1 11 9 10 10 9 9 Total 112 104 111 115 107 108 422 404 438 468 420 412 Asia: China Mainland 2 2 1 1 1 Hong Kong 2 2 2 2 2 2 5 5 7 9 9 India 14 13 16 21 22 24 39 38 37 41 45 41 Indonesia 5 5 3 4 6 7 5 4 4 5 6 Israel 1 1 1 2 2 8 7 7 7 6 7 Japan 27 25 28 22 30 161 160 174 180 181 172 Korea 1 1 1 * 4 4 5 4 5 6 Philippines 5 4 5 6 6 11 11 14 11 15 14 Taiwan 1 1 3 2 1 4 4 5 5 5 7 Thailand 1 1 1 1 1 7 7 7 5 7 7 Other Asia 21 19 21 21 24 23 53 51 55 60 62 67 Total. .. 73 82 87 98 298 294 315 327 339 333 Africa: Congo (Leopoldville) 3 2 2 5 6 3 Morocco 1 1 1 2 1 2 South Africa 10 10 11 14 22 22 13 12 11 11 19 24 U.A.R. (Egypt) 2 2 1 3 1 2 13 13 12 13 17 12 Other Africa 6 5 5 10 10 7 26 25 27 26 23 27 Total 19 18 22 31 34 32 55 53 57 57 63 68~~ Other countries: 25 Australia 27 27 26 25 23 9 37 36 38 38 33 36 6 5 8 9 6 6 7 7 7 Allother 33 32 34 34 32 34 43 41 45 45 41 Total 1 1 1 International and regional.. 622 585 650 695 688 722 2,482 2,430 2,719 2,776 2,539 j 2,333 Grand total i 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 and other nonbanking institutions in the United States. was $100,000. Data exclude claims held through 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

NOVEMBER 1965 MONEY RATES 1643 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Oct. 31, 1964 Rate Country 1964 1965 as of Oct. 31, 1965 Per Month cent effective Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Arsentina 6.0 Dec. 1957 6.0 Austria 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 Ecuador 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 Greece 5.5 Jan. 1963 :::;:: 5.5 Honduras 3 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 1 4.0 Ireland 4.94 Oct. 1964 6.87 6.81 6.75 6.81 6.69 6 50 1 5 92 6.00 5.81 5.84 5.08 5.08 Israel 6 0 Feb 1955 6.0 j Italy 3.5 June 1958 3.5 Jamaica 4.0 Nov. 1963 5.0 I 5.0 Japan 6.57 Mar. 1964 6.21 5.84 5.48 j " 5.48 Korea 10.5 Mar. 1964 '.'.'.'.'.'. \ V.'.'.'.'. i'.'.'.'1.'.0'..5 Mexico 4.5 June 1942 4.5 Netherlands 4.5 June 1964 4.5 New Zealand 7.0 Mar. 1961 j 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 s 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 6 6.0 Venezuela 4.5 Dec 1960 4.5 i 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. Costa 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 Venezuela—4 per cent for rediscounts of certain agricultural paper and for advances against govt. bonds or gold and 5 per cent on advances govt. securities tor commercial oanks or Brokers, for countries v against securities of Venezuelan companies. more than one rate applicable to such discounts or advances, the r Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1644 MONEY RATES; ARBITRAGE NOVEMBER 1965 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France F G ed e . r m R a e n p. y , of Netherlands Sw la i n tz d er- Month 3 T m r b e o i a l s n 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 c o k e e n 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 e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - e y 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 - y e 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 e u 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—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 4.1? 1.53 3.00 Aug 4.08 3.91 5.97 5.56 4.97 4.00 4.01 3.88 3.44 r4.07 '2.68 3.00 Sept 4.11 3.98 5.97 5.51 4.95 4.00 3.88 4.75 4.00 2.66 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 K U in n g i d te o d m Spread P d ( ( r i + e s - c ) m ) o i o u o u n n r m t in ( c f N e av n e o t t i r ve Canada Spread d ( ( ( i + sc ) ) \ o o u o _ r n n _ t in ( c f N e a n v e o t t i r ve 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 i t t e e s d L ( o f n a o v d f o o r n) f p o o rw un ar d d Lon o d f on) qu A i o n t s ed qu A o U d t j . a . S t . i t o o n U S n ta i t t e e s d C ( a fa n o v a f o d r a) C fo a d n r o w a ll d a a i r r a d n Can o a f da) Canada basis 1965 5.49 3.82 1.67 -1.82 -.15 3.98 3.89 3.82 + .07 + .34 + .41 11 5.42 3.79 .63 -1.68 -.05 3.97 3.88 3.79 + .09 + .41 + .50 18 5.42 3.77 .65 -1.96 -.31 3.96 3.87 3.77 + .10 + .47 + .57 25 5.39 3.74 .65 -1.60 + .05 3.94 3.85 3.74 + .11 + .41 + .52 July 2 5.36 3.80 .56 -1.93 -.37 3.92 3.83 3.80 + .03 + .27 + .30 9 5.42 3.84 .58 -1.82 -.24 3.96 3.87 3.84 + .03 + .27 + .30 16 5.46 3.82 .64 -1.85 -.21 3.96 3.87 3.82 + .05 + .14 + .19 23 5.46 3.79 .67 -1.98 -.31 4.01 3.92 3.79 + .13 + .14 + .27 30 5.46 3.78 .68 -2.09 -.41 4.06 3.96 3.78 + .18 — .20 -.02 AUB 6 ... 5.46 3.82 .64 -2.54 -.90 4.09 3.99 3.82 + .17 — 07 + 10 n:::::::: 5.36 3.81 .55 -2.49 -.94 4.10 4.00 3.81 + .19 + .14 + .33 5.36 3.81 .55 -2.51 -.96 4.08 3.98 3.81 + .17 .00 + .17 2207 5.39 3.83 .56 -2.49 -.93 4.09 3.99 3.83 + .16 -.14 + .02 Sept 3 5.36 3.84 .52 -2.59 -1.07 4.10 4.00 3.84 + .16 -.34 — .18 10 s.36 1.87 .49 -2.09 -.60 4.13 4 03 T 87 + 16 — 54 — 38 17 5.36 3.86 .50 .88 -.38 4.09 3.99 3.86 + .13 1 - 40 - 27 24 5.36 3.94 .42 .73 -.31 4.08 3.98 3.94 + .04 -.61 -.57 Oct. 1 5.27 3.99 .28 .38 -.10 4.16 4.06 3.99 + .07 -.54 -.47 8 5.24 3.98 1.26 .35 -.09 4.10 4.00 3 98 + 02 — 60 — 58 15 5.30 3.99 1.31 .2? + .04 4.13 4.03 3.99 + 04 - 67 — 63 22 5.30 4.01 1.29 _ 1.23 + .06 4 18 4 08 4 01 + 07 — 74 67 29 5.27 4.03 1.24 .29 -.05 4.17 4.07 4.03 + .04 -.67 -.63 Nov. 5 5.33 4.04 1.29 .33 -.04 4.18 4.08 4.04 + .04 -.60 -.56 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. 11224411--6600.. FFoorr ddeessccrriipption of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see no>ttees 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

NOVEMBER 1965 FOREIGN EXCHANGE RATES 1645 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) 1959 .2730 223.81 8619 2.0012 21.055 14.508 .3115 1960 .2026 223.71 8461 2.0053 21.048 14.505 .3112 1961 .2076 223.28 8481 2.0052 21.023 14.481 .3110 1962 .9080 223.73 8685 2.0093 21.034 14.490 .3107 1963 .7245 223.10 8690 2.0052 21.015 14.484 -'31.057 1964 .7179 222.48 2.0099 20.988 14.460 31.067 1964—Oct. 221.79 3.8699 2.0146 92.984 20.954 31.054 Nov. 221.90 3.8693 2.0149 93.100 20.953 31.076 Dec. 222.36 3.8707 2.0144 93.039 20.944 31.084 1965—Jan. .6628 222.42 3.8697 93.109 20.943 31.079 Feb. .6615 222.72 3.8683 92.943 20.967 31.081 Mar .6629 222.50 3.8694 92.480 20.950 31.080 Apr. 1.6627 222.80 92.654 20.948 33.081 May 2.5814 222.87 92.627 20.951 31.098 June .5805 222.49 92.381 20.939 31.062 July .5802 222.39 92.280 20.935 31.061 Aug. .5806 222.37 92.714 20.934 31.061 Sept .5632 222.84 92.888 20.952 31.060 Oct. .5542 223.35 92.999 20.989 31.059 Germany (deutsche mark) 1959 23.926 21.031 280.88 16099 27781 8.0056 26.492 278.10 1960 23.976 20.968 280.76 16104 27785 8.0056 26.513 277.98 1961 24.903 20.980 280.22 16099 27690 8.0056 27.555 277.45 1962 25.013 21.026 280.78 16107 27712 8.0056 27,755 278.00 1963. 25.084 20.966 280.00 16087 27663 8.0056 27.770 277.22 1964 25.157 20.923 279.21 16014 27625 8.0056 27.724 276.45 1964—Oct. 25.158 20.859 278.35 32.467 27.772 275.59 Nov 25.148 20.867 278.48 32.507 27.824 275.73 Dec 25.!49 20.898 279.06 32.569 27.831 276.30 1965—Jan 25.135 20.894 279.13 16003 27856 32.575 27.827 276.37 Feb 25.137 20.915 279.51 16003 27830 32.602 27..825 276.75 Mar 25.144 20.912 279.24 16003 27710 32.553 27.780 276.47 Aor. 25.149 20.935 279.62 16004 27609 32.582 27.780 276.85 25.097 20.939 279.71 16004 27585 32.617 27.768 276.94 June 25.003 20.924 279.23 16003 27638 32.583 27.735 276.46 July 24.960 20.914 279.10 16005 27599 32.579 27.761 276.33 Aug 24.923 20.913 279.08 16005 27598 32.565 27.791 276.32 Sept 24.934 20.943 279.67 16005 27597 32.621 27.781 276.90 Oct. 24.968 20.978 280.31 16003 27602 32.694 27/772 277.53 Philip- United pine Swit- King- Republic zerland dom (peso) (franc) (pound) 1959 14.028 3,4967 279.83 2.0579 19.324 23.142 280.88 1960 14.018 3.4937 279.71 1.6635 19.349 23.152 280.76 1961 14.000 3.4909 279.48 139.57 1.6643 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—Oct 3.4680 138.65 19.376 23.164 278.35 Nov. 3.4686 138.72 19.396 23.172 278.48 Dec 3.4777 139.01 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 Oct 13.998 3.4871 139.63 .6658 19.329 23.150 280.3! 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 markka, 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

1646 U.S. BALANCE OF PAYMENTS NOVEMBER 1965 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1964 1965 Item 1962 1963 1964 II HI IV A. Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets, and other than special U.S. Govt. transactions— Seasonally adjusted Exports of goods and services—Total1. 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.... All 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 -1,395 -1,389 -1,452 -1,523 -1,397 -1,429 Balance on goods and services '. 5,149 5,917 8,560 2,206 2,199 1,518 2,006 1,930 2,225 Remittances and pensions -738 -837 -839 -209 -207 -224 -288 -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 Grants 2, 3 , -1,919 -1,917 -1,884 -470 -538 -425 -451 -437 -477 Long-term loans 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 Ul -45 S C S c e h c h a a o s e n o m d g n u e b a l i e l i n d n a e d d l a o j s u a s s n o t c m r i e a e p t n e a t d y o m l n ia e b n th i t l s r i e ti e e s preceding items , 5 1 9 4 9 7 6 9 4 4 4 5 4 7 9 5 - 1 4 6 7 g 1 1 8 3 6 3 5 0 - 1 8 6 0 4 0 9 4 1 4 4 8 - 1 5 6 1 4 4 - 1 1 8 8 0 7 4 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 o 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. -3*,i06* 64 -595 -1,021 -1,554 -259 72 -3,695* -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 6 470 334 222 163 -62 -28 149 69 126 Sales of nonconvertible nonmarketable securities, 251 -43 -36 -55 -8 -2 29 -2 Dollar securities ^ . • 31 — 16 — 5 —8 —2 — 1 — 2 251 -74 -20 -50 * * 30 Sales of convertible nonmarketable securities, net 5.. 703 375 122 203 50 57 150 Foreign currency securities 553 375 122 203 50 51 Change in U.S. short-term liabilities reported by U.S. banks 7 and foreign holdings of marketable 670 1,589 2,252 -173 207 748 1,470 -713 — 270 International and regional organizations * 211 -236 -245 -86 -25 -140 6 -65 -26 Foreign private holders excluding banks 9 131 393 359 35 57 122 145 78 116 -129 462 1,440 278 82 580 500 186 246 457 970 698 -400 93 186 819 -912 -114 Change in U.S. monetary reserve assets (increase, —). 1,533 378 171 -57 303 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 10 590 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. 9 Includes undetermined holders. 4 Includes sell-offs. i o Reflects payment of $259 million increase in U.S. gold subscrip- 5 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 7 Includes official liabilities. (debits); absence of sign indicates net receipts (credits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1965 FOREIGN TRADE 1647 MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports i Imports 2 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 31,415 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 41,670 401 391 545 4593 Aug 1,703 1,922 2,109 2,346 1,346 1,497 1,575 31,725 357 425 534 3621 Sept . .. 31,908 1,958 2,235 2,298 31,471 1,443 1,546 31,787 3437 515 689 3511 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 1,480 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 11 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 6,907 34,164 4,390 4,699 45,182 31,195 1,331 1,768 41,725 IV.... 35,087 6,024 36,782 34,114 4,401 34,888 3973 1,623 31,894 Years 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 Significantly affected by strikes and by change in statistical procedures. Mutual Security Program. 5 Sum of unadjusted figures. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. NOTE.—Bureau of the Census data. 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, Senior Adviser to the Board ROBERT C. HOLLAND, Adviser to the Board ROBERT SOLOMON, 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 BANK OPERATIONS MERRITT SHERMAN, Secretary JOHN R. FARRELL, Director KENNETH A. KENYON, Assistant Secretary M. B. DANIELS, Assistant Director ELIZABETH L. CARMICHAEL, Assistant Secretary JOHN N. KILEY, JR., Assistant Director ARTHUR L. BROIDA, Assistant Secretary KARL E. BAKKE, Assistant Secretary DIVISION OF EXAMINATIONS LEGAL DIVISION FREDERIC SOLOMON, Director GLENN M. GOODMAN, Assistant Director HOWARD H. HACKLEY, General Counsel BRENTON C. LEAVITT, Assistant Director DAVID B. HEXTER, Associate General Counsel JAMES C. SMITH, Assistant Director THOMAS J. O'CONNELL, Assistant General ANDREW N. THOMPSON, Assistant Director Counsel LLOYD M. SCHAEFFER, Chief Federal Reserve JEROME W. SHAY, Assistant General Counsel Examiner WILSON L. HOOFF, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS EDWIN J. JOHNSON, Director DANIEL H. BRILL, Director H. FRANKLIN SPRECHER, JR., Assistant Director ALBERT R. KOCH, Deputy Director J. CHARLES PARTEE, Associate Director FRANK R. GARFIELD, Adviser DIVISION OF ADMINISTRATIVE SERVICES KENNETH B. WILLIAMS, Adviser JOSEPH E. KELLEHER, Director STEPHEN H. AXILROD, Associate Adviser HARRY E. KERN, Assistant Director LEWIS N. DEMBITZ, Associate Adviser LYLE E. GRAMLEY, Associate Adviser STANLEY J. SIGEL, Associate Adviser OFFICE OF THE CONTROLLER TYNAN SMITH, Associate Adviser JOHN KAKALEC, Controller SAMPSON H. BASS, Assistant Controller DIVISION OF INTERNATIONAL FINANCE RALPH A. YOUNG, Director OFFICE OF DEFENSE PLANNING ROBERT L. SAMMONS, Associate Director INNIS D. HARRIS, Coordinator A. B. HERSEY, Adviser REED J. IRVINE, Adviser DIVISION OF DATA PROCESSING SAMUEL I. KATZ, Adviser JOHN E. REYNOLDS, Adviser M. H. SCHWARTZ, Director RALPH C. WOOD, Adviser LEE W. LANGHAM, Assistant Director 1648 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 1649 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 HAROLD T. PATTERSON RALPH A. YOUNG, Secretary ERNEST T. BAUGHMAN, Associate Economist MERRITT SHERMAN, Assistant Secretary GEORGE GARVY, Associate Economist KENNETH A. KENYON, Assistant Secretary ^ „ . , n A r J ROBERT C. HOLLAND, Associate Economist ARTHUR L. BROIDA, Assistant Secretary _ __ ^ 1 ^1 ALBERT R. KOCH, Associate Economist T HOWARD H. HACKLEY, General Counsel DAVID B. HEXTER, Assistant General Counsel CHARLES T. TAYLOR, Associate Economist DANIEL H. BRILL, 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

1650 FEDERAL RESERVE BULLETIN • NOVEMBER 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 Wiiliam 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 per address, $.85 each. annum or $.60 a copy in the United States and its possessions, Bolivia, Canada, Chile, Co- THE FEDERAL RESERVE ACT, as amended through lombia, Costa Rica, Cuba, Dominican Republic, Oct. 1, 1961, with an appendix containing pro- Ecuador, Guatemala, Haiti, Republic of Hon- visions of certain other statutes affecting the duras, Mexico, Nicaragua, Panama, Paraguay, Federal Reserve System. 386 pp. $1.25. Peru, El Salvador, Uruguay, and Venezuela; 10 SUPPLEMENT TO BANKING AND MONETARY STATISor more of same issue sent to one address, $5.00 TICS. Sec. 1. Banks and the Monetary System. per annum or $.50 each. Elsewhere, $7.00 per 1962. 35 pp. $.35. Sec. 10. Member Bank Reannum or $.70 a copy. serves and Related Items. 1962. 64 pp. $.50. FEDERAL RESERVE CHART BOOK ON FINANCIAL AND Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 14. BUSINESS STATISTICS. Monthly. Annual subscrip- Gold. 1963. 24 pp. $.35. Sec. 15. International tion includes one issue of Historical Chart Book. Finance. 1962. 92 pp. $.65. Sec. 16. (New) $6.00 per annum or $.60 a copy in the United Consumer Credit. 1965. 103 pp. $.65. States and the countries listed above; 10 or more of same issue sent to one address, $.50 each. BANK MERGERS & THE REGULATORY AGENCIES: Elsewhere, $7.00 per annum or $.70 a copy. APPLICATION OF THE BANK MERGER ACT OF 1960. 1964. 260 pp. $1.00 a copy; 10 or more HISTORICAL CHART BOOK. Issued annually in Sept. sent to one address, $.85 each. Subscription to monthly chart book includes one issue. $.60 a copy in the United States and coun- BANKING MARKET STRUCTURE & PERFORMANCE tries listed above; 10 or more sent to one ad- IN METROPOLITAN AREAS : A STATISTICAL STUDY dress, $.50 each. Elsewhere, $.70 a copy. OF FACTORS AFFECTING RATES ON BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or more sent to TREASURY-FEDERAL RESERVE STUDY OF THE GOV- one address, $.40 each. ERNMENT SECURITIES MARKET. Pt. I. 1959. 108 pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. REGULATIONS OF THE BOARD OF GOVERNORS OF Individual books $1.00 each; set of 3, $2.50. THE FEDERAL RESERVE SYSTEM. FLOW OF FUNDS IN THE UNITED STATES, 1939-53. RULES OF ORGANIZATION AND PROCEDURE—BOARD 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. TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 $1.00 a copy; 10 or more sent to one address, a copy; 10 or more sent to one address, $.85 $.85 each. each. 1651 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1652 FEDERAL RESERVE BULLETIN • NOVEMBER 1965 STAFF PAPERS Murray Altmann, PRICE ANALYSIS AND ECONOMIC (Special papers on economic and financial subjects DEVELOPMENTS. Oct. 1965. included in the Federal Reserve BULLETIN because Leonall C. Andersen, A STUDY OF FACTORS AFof their general interest. Available as reprints FECTING THE MONEY STOCK—PHASE ONE. Oct. unless otherwise noted.) 1965. Stephen H. Axilrod, LIQUIDITY AND PUBLIC POL- Printed in full in the Federal Reserve Bulletin. ICY. Oct. 1961. 17 pp. (Available as reprints unless otherwise noted.) Stephen H. Axilrod and Ralph A. Young, INTER- Lyle E. Gramley and Samuel B. Chase, Jr., TIME EST RATES AND MONETARY POLICY. Sept. 1962. DEPOSITS IN MONETARY ANALYSIS. Oct. 1965. 28 pp. 25 pp. Paul F. McGouldrick, A SECTORAL ANALYSIS OF VELOCITY. Dec. 1962. 14 pp. OTHER REPRINTS Robert F. Gemmill, NEW FOREIGN BOND ISSUES (From Federal Reserve BULLETIN unless preceded by an asterisk.) IN THE U.S. MARKET. May 1963. 13 pp. Daniel H. Brill, RECENT CHANGES IN LIQUIDITY. THE HISTORY OF RESERVE REQUIREMENTS FOR June 1963. 10 pp. BANKS IN THE UNITED STATES, NOV. 1938. 20 pp. Brenton C. Leavitt, A BANK EXAMINER LOOKS AT AGRICULTURAL LENDING. July 1963. 8 pp. *Part I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U.S. Summary containing a de- Clayton Gehman, MEASURING AND ANALYZING scription of revised statistics for all banks in ECONOMIC GROWTH. Aug. 1963. 14 pp. the United States, by class of bank, together Frank R. Garfield, ECONOMIC CHANGE AND ECO- with revised statistics. Apr. 1959. 94 pp. NOMIC ANALYSIS. Sept. 1963. 17 pp. STATISTICS ON THE GOVERNMENT SECURITIES Stephen H. Axilrod and Janice Krummack, FED- MARKET. Apr. 1961. 8 pp. ERAL RESERVE SECURITY TRANSACTIONS, 1954- REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. 63. July 1964. 16 pp. 1961. 3 pp. Samuel I. Katz, YIELD DIFFERENTIALS IN TREAS- INDUSTRIAL PRODUCTION—1957-59 BASE. Oct. URY BILL, 1959-64. Oct. 1964. 20 pp. 1962. 10 pp. Frank R. Garfield, CYCLES AND CYCLICAL IMBAL- CHANGES IN STRUCTURE OF THE FEDERAL DEBT. ANCES IN A CHANGING WORLD. NOV. 1965. 15 Mar. 1963. 10 pp. pp. NEGOTIABLE TIME CERTIFICATES OF DEPOSIT. STAFF ECONOMIC STUDIES Apr. 1963. 11 pp. (Studies on economic and financial subjects that BANK LOANS SECURED BY STOCKS AND BONDS. are of general interest in the field of economic July 1963. 19 pp. research.) BANK AND PCA LENDING TO FARMERS. Sept. 1963. Summaries printed in the Federal Reserve Bulletin. ii PP. (Single mimeographed copies of the full text avail- THE OPEN MARKET POLICY PROCESS. Oct. 1963. able unless otherwise noted.) 11pp. SURVEY OF FINANCIAL CHARACTERISTICS OF CON- Guy E. Noyes, STATISTICAL REFINEMENT OF THE SUMERS. Mar. 1964. 9 pp. CONCEPT OF INFLATION—MONETARY AND LIQUIDITY ASPECTS. Oct. 1965. U.S. TRADE AND PAYMENTS IN 1963. Apr. 1964. 7 pp. Frank de Leeuw, THE DEMAND FOR MONEY— SPEED OF ADJUSTMENT, INTEREST RATES, AND FLOWS THROUGH FINANCIAL INTERMEDIARIES. WEALTH. Oct. 1965. May 1964. 9 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 1653 REVISION OF THE MONEY SUPPLY SERIES. June REVISION OF BANK DEBITS AND DEPOSIT TURN- 1964.14 pp. OVER SERIES. Mar. 1965. 4 pp. REVISION OF BANK CREDIT SERIES. June 1964. BANKING AND MONETARY STATISTICS, 1964. Se- 5PP- lected series of banking and monetary statistics for 1964 only. Feb., Mar., and June 1965. 15 RECENT MONETARY AND CREDIT DEVELOPMENTS. pp. July 1964.9 pp. RECENT CREDIT AND MONETARY DEVELOPMENTS. NEW SERIES ON FEDERAL FUNDS. Aug. 1964. July 1965. 12 pp. 31pp. REVISION OF THE MONEY SUPPLY. July 1965. MINISTERIAL STATEMENT OF THE GROUP OF TEN 11pp. AND ANNEX PREPARED BY DEPUTIES. Aug. BALANCE OF PAYMENTS PROGRAM: REVISED 1964.25 pp. GUIDELINES FOR NONBANK FINANCIAL INSTI- YIELD DIFFERENTIALS IN TREASURY BILLS. 1959- TUTIONS. July 1965. 3 pp. 64. Oct. 1964.20 pp. INTEREST RATES IN CAPITAL MARKETS. Aug. 1965. 13 pp. U.S. GOVERNMENT SECURITIES IN 1964. Nov. 1964. 8 pp. MEASURES OF BANKING STRUCTURE AND COMPETI- TION. Sept. 1965. 11 pp. BANK CREDIT AND MONETARY DEVELOPMENTS IN 1964. Feb. 1965. 13 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- CHANGE OPERATIONS. Sept. 1965. 14 pp. BANK CREDITS TO FOREIGNERS. Mar. 1965. 10 pp. U.S. INTERNATIONAL PAYMENTS. Oct. 1965. 9 pp. BALANCE OF PAYMENTS PROGRAM: GUIDELINES FOR BANKS AND NONBANK FINANCIAL INSTITU- FISCAL POLICY AND DEBT MANAGEMENT. NOV. TIONS. Mar. 1965. 6 pp. 1965. 11 pp. 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 1548) Acceptances, bankers', 1557, 1574, 1576 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 1568, 1570 Adjusted, and currency, 1563 Arbitrage, 1644 Banks, by classes, 1556, 1564, 1569, 1572, 1576 Assets and liabilities (See also Foreign liabilities and Federal Reserve Banks, 1558, 1641 claims): Postal savings, 1556, 1563 Banks and the monetary system, Discount rates, 1555, 1643 consolidated, 1563 Discounts and advances by Federal Reserve Banks, Corporate, current, 1588 1550, 1558, 1560 Domestic banks, by classes, 1564, 1568, 1570 Dividends, corporate, 1587, 1588 Federal Reserve Banks, 1558 Dollar assets, foreign, 1609, 1641 Automobiles: Consumer instalment credit, 1592, 1593, 1594 Earnings and hours, manufacturing industries, 1603 Production index, 1596, 1597 Employment, 1600, 1602, 1603 Balance of payments (See U.S. balance of payments) Farm mortgage loans, 1589, 1590 Bankers' balances, 1569, 1571 Federal finance: (See also Foreign liabilities and claims) Cash transactions, 1578 Banks and the monetary system, consolidated Receipts and expenditures, 1579 statement, 1563 Treasurers' balance, 1578 Banks for cooperatives, 1583, 1584 Federal funds, 1554 Bonds (See also U.S. Govt. securities): Federal home loan banks, 1583, 1584, 1591 New issues, 1584, 1585, 1586 Federal Housing Administration, 1575, 1589, Prices and yields, 1574, 1575 1590, 1591 Brokers and dealers in securities, bank loans to, Federal intermediate credit banks, 1583, 1584 1568, 1570 Federal land banks, 1583, 1584 Business expenditures on new plant and Federal National Mortgage Assn., 1583, 1584, 1591 equipment, 1588 Federal Reserve Banks: Business indexes, 1600 Condition statement, 1558 Business loans (See Commercial and industrial loans) U.S. Govt. securities held by, 1550, 1558, 1560, 1580, 1581 Capital accounts: Federal Reserve credit, 1550, 1558, 1560 Banks, by classes, 1564, 1569, 1572 Federal Reserve notes, 1558, 1561 Federal Reserve Banks, 1558 Federally sponsored credit agencies, 1583, 1584 Carloadings, 1600 Finance company paper, 1574, 1576 Central banks, foreign, 1630, 1643 Financial institutions, loans to, 1568, 1570 Certificates of deposit, 1572 Float, 1550 Coins, circulation of, 1561 Flow of funds: Commercial and industrial loans: Financial assets and liabilities, 1618 Commercial banks, 1568 Saving and financial flows, 1608 Weekly reporting member banks, 1570, 1573 Foreign central banks, 1630, 1643 Commercial banks: Foreign currency operations, 1558, 1560, 1632, 1640 Assets and liabilities, 1564, 1567, 1568 Foreign deposits in U.S. banks, 1550, 1558, 1559, Consumer loans held, by type, 1593 1569, 1572, 1641 Number, by classes, 1564 Foreign exchange rates, 1645 Real estate mortgages held, by type, 1589 Foreign liabilities and claims: Commercial paper, 1574, 1576 Banks, 1634, 1636, 1637, 1639, 1641 Condition statements (See Assets and liabilities) Nonfinancial concerns, 1642 Construction, 1600, 1601 Foreign trade, 1647 Consumer credit: Instalment credit, 1592, 1593, 1594, 1595 Gold: Noninstalment credit, by holder, 1593 Certificates, 1558, 1561 Consumer price indexes, 1600, 1604 Earmarked, 1641 Consumption expenditures, 1606, 1607 Net purchases by U.S., 1632 Corporations: Production, 1631 Sales, profits, taxes, and dividends, 1587, 1588 Reserves of central banks and govts., 1630 Security issues, 1585, 1586 Reserves of foreign countries and international Security prices and yields, 1574, 1575 organizations, 1633 Cost of living (See Consumer price indexes) Stock, 1550, 1563, 1632 Currency in circulation, 1550, 1561, 1562 Gross national product, 1606, 1607 Customer credit, stock market, 1575 Hours and earnings, manufacturing industries, 1603 Debits to deposit accounts, 1560 Housing starts, 1601 Debt (See specific types of debt or securities) Demand deposits: Income, national and personal, 1606 Adjusted, banks and the monetary system, 1563 Industrial production index, 1596, 1600 Adjusted, commercial banks, 1560, 1562, 1569 Instalment loans, 1592, 1593, 1594, 1595 Banks, by classes, 1556, 1564, 1572 Insurance companies, 1577, 1580, 1581, 1590 Turnover of, 1560 Insured commercial banks, 1566, 1568 Type of holder, at commercial banks, 1569 Interbank deposits, 1556, 1564, 1569 1654 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES 1655 Interest rates: Reserves: Bond yields, 1574 Central banks and govts., 1630 Business loans by banks, 1573 Commercial banks, 1569 Federal Reserve Bank discount rates, 1555 Federal Reserve Banks, 1558 Foreign countries, 1643, 1644 Foreign countries and international Money market rates, 1574, 1644 organizations, 1633 Mortgage yields, 1575 Member banks, 1550, 1552, 1556, 1569, 1571 Stock yields, 1574 Residential mortgage loans, 1589, 1590, 1591 Time deposits, maximum rates, 1556 Retail credit, 1592 International capital transactions of the U.S., 1634 Retail sales, 1600 International institutions, 1630, 1632, 1633 Sales finance companies, consumer loans of. 1592. Inventories, 1606 1593, 1595 Investment companies, new issues, 1586 Saving: Investments (See also specific types of investments): Flow of funds series, 1608 Banks, by classes, 1564, 1568, 1571, 1576 National income series, 1607 Commercial banks, 1567 Savings and loan assns., 1577, 1581, 1590 Federal Reserve Banks, 1558, 1560 Savings deposits (See Time deposits) Life insurance companies, 1577 Savings institutions, principal assets, 1576, 1577 Savings and loan assns., 1577 Securities (See also U.S. Govt. securities): Federally sponsored agencies, 1583 Labor force, 1602 International transactions, 1640, 1641 Loans (See also specific types of loans): New issues, 1584, 1585, 1586 Banks, by classes, 1564, 1568, 1570, 1576 Silver coin and silver certificates, 1561 Commercial banks, 1567 State and local govts.: Federal Reserve Banks, 1550, 1558, 1560 Deposits of, 1569, 1572 Insurance companies, 1577, 1590 Holdings of U.S. Govt. securities, 1580, 1581 Insured or guaranteed by U.S., 1589, 1590, 1591 New security issues, 1584, 1585 Savings and loan assns., 1577, 1590 Ownership of obligations of, 1568, 1576, 1577 Manufactures, production index, 1597, 1600 Prices and yields of securities, 1574. 1575 Margin requirements, 1556 State member banks, 1566 Member banks: Stock market credit, 1575 Assets and liabilities, by classes, 1564, 1568 Stocks: Borrowings at Federal Reserve Banks, 1552, New issues, 1585, 1586 1558, 1572 Prices and yields, 1574, 1575 Deposits, by classes, 1556 Tax receipts, Federal, 1579 Number, by classes, 1565 Time deposits, 1556, 1562, 1563, 1564, 1569, 1572 Reserve position, basic, 1554 Treasurer's account balance, 1578 Reserve requirements, 1556 Treasury cash, 1550, 1561, 1563 Reserves and related items, 1550 Treasury currency, 1550, 1558, 1563 Weekly reporting series, 1570 Treasury deposits, 1550, 1558, 1578 Mining, production index, 1597, 1600 Turnover, deposit, 1560 Money rates (See Interest rates) Unemployment, 1602 Money supply and related data, 1562 U.S. balance of payments, 1646 Mortgages (See Real estate loans) U.S. Govt. balances: Mutual funds (See Investment companies) Commercial bank holdings, by classes, Mutual savings banks, 1563, 1564, 1566, 1576, 1580, 1569, 1572 1581, 1589 Consolidated monetary statement, 1563 Treasury deposits at Federal Reserve Banks, National banks, 1566 1550, 1558, 1578 National income, 1606, 1607 U.S. Govt. securities: National security expenditures, 1579, 1606 Bank holdings, 1563, 1564, 1568, 1571, 1576. Nonmember banks, 1566, 1568, 1569 1580, 1581 Open market transactions, 1557 Dealer transactions, positions, and financing, 1582 Federal Reserve Bank holdings, 1550, 1558, Payrolls, manufacturing, index, 1600 1560, 1580, 1581 Personal income, 1607 Foreign and international holdings, 1558, Postal Savings System, 1556, 1563 1633, 1641 Prices: International transactions, 1640 Consumer, 1600, 1604 New issues, gross proceeds, 1585 Security, 1575 Open market transactions, 1557 Wholesale commodity, 1600, 1604 Outstanding, by type of security, 1580, 1581, 1583 Production, 1596, 1600 Ownership of, 1580, 1581 Profits, corporate, 1587, 1588 Prices and yields, 1574, 1575, 1644 United States notes, outstanding and in Real estate loans: circulation, 1561 Banks, by classes, 1568, 1576, 1589 Utilities, production index, 1597, 1600 Mortgage yields, 1575 Vault cash, 1550, 1556, 1569 Type of holder, 1589, 1590, 1591 Veterans Administration, 1589, 1590, 1591 Type of property mortgaged, 1589, 1590, 1591 Reserve position, basic, member banks, 1554 Weekly reporting member banks, 1570 Reserve requirements, member banks, 1556 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 T HE <S FEDERAL RESERVE SYSTEM o) HAWAII 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