Federal Reserve Bulletin, 1966-01

FEDERAL RESERVE B U LLETIN BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER https://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, 5C cents per copy per month, or $5.00 for 12 months Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONTENTS VOLUME 52 • NUMBER 1 • JANUARY 1966 Developments in Consumer Goods 1 Staff Economic Studies 9 Law Department 12 Announcements 34 National Summary of Business Conditions 44 Guide to Tabular Presentation 46 Financial and Business Statistics, U.S. (Contents on p. 47) 48 International Financial Statistics (Contents on p. 117) 118 Board of Governors and Staff 138 Open Market Committee and Staff; Federal Advisory Council 139 Federal Reserve Banks and Branches 140 Federal Reserve Board Publications 141 Index to Statistical Tables 145 Map of Federal Reserve System Inside back cover EDITORIAL COMMITTEE 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DEVELOPMENTS IN CONSUMER GOODS Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

_B.™AXW)M!C activity increased at a rapid pace in the closing months of 1965, spurred by mounting orders for business and defense equipment and increased purchases by consumers. Unusually strong demand for labor contributed to marked increases in personal income and added support for the brisk upswing in consumer spending. To meet the quickened rise in retail sales, production of home goods ex­ panded considerably in the fourth quarter, while automobile assemblies remained close to record levels set earlier in the year. Sales of home goods—furniture, appliances, radios, and television sets—equaled or exceeded production. As a result there was a sharp drop in factory inventories of these goods, and popular models of color TV sets were in short supply. Sales of new cars remained at near­ record rates in the fourth quarter, although down a little from the very high summer volume, while dealer stocks rose to a high level. Housing starts turned upward in November, after tending downward from an advanced level in early 1964. Spending for foods and other staples also showed marked gains, partly reflecting higher prices for meats and some other products. INCOME AND Strength in consumer markets in 1965 was fed by a 7 per cent rise in EMPLOYMENT disposable income, on top of an 8 per cent increase in 1964. Dis­ posable income in these years was increased by a two-step cut in Federal income taxes; the first step added $7 billion in 1964 and the second step—effective January 1965-—raised disposable income an additional $4 billion. Purchasing power of consumers was further OUTPUT AND RETAIL SALES up sharply at year-end igism^MWMmwwimm^^ Seasonally adjusted indexes. Total retail sales and inventories, from Department of Commerce. Latest figures shown: Production and sales. December; inventories. November. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1966 2 augmented in 1965 by a midyear cut in Federal excise taxes, and disposable income was increased substantially in the autumn by a large retroactive social security payment. Consumers supplemented their incomes by continuing to use credit freely. Extensions of consumer credit advanced strongly throughout 1965, and in the fourth quarter instalment credit outstanding reached an estimated 13.9 per cent of disposable income. A year earlier the percentage was 13.1. In addition to tax reductions and large social security payments, the main reasons why disposable income expanded during 1965 were a further rise in wage rates and a strong expansion in employment caused by the rapid growth in demands for goods and services. A vigorous and widespread rise in the fourth quarter brought gross national product for the year to $676 billion. This was a gain of 7.5 per cent over 1964, not far below the 7.7 per cent rise in 1962, the first full year of recovery from the 1960-61 downturn. However, prices rose almost twice as much last year as in 1962, and the rise in real GNP in 1965 was about 5.5 per cent as compared with 6.5 per cent in 1962. CONSUMER PRICES continue upward Bureau of Labor Statistics data. Latest figures, November. Demand for labor rose strongly in the fourth quarter, and for all of 1965 employment grew much faster than the rapidly rising labor force. Consequently, the rate of unemployment in December declined to 4.1 per cent of the civilian labor force, the lowest level since May 1957. Attracted by ample and well paid job opportunities, more young people and women than expected entered the labor market in the second half of 1965, raising the civilian labor force by 1.7 million in the fourth quarter, a much larger growth than the 1.1 million in the correspond­ ing period of 1964. The marked increases that occurred in both employment and per­ sonal income were associated with an increase of 8 per cent in indus­ trial production, a somewhat larger increase than in 1964 or 1963. Except for a dip in September, as manufacturers began to curtail steel Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DEVELOPMENTS IN CONSUMER GOODS 3 inventories built up before the steel-strike threat ended, the Federal Reserve index of industrial production rose throughout the year and in December reached 148 per cent of the 1957-59 base. Output of business equipment expanded more rapidly in the fourth quarter than earlier in the year, and business construction rose sub­ stantially more in 1965 than in 1964. Plans reported by business indicate that fixed capital outlays will continue to rise strongly in coming months. Acceleration in military commitments since last sum­ mer contributed to the increased plans reported for investment in plant and equipment. CONSUMER PRICES The increase in disposable income in 1965 was reduced to about 5 per cent in real terms by a persistent rise in consumer prices. The con­ sumer price index rose nearly 2 per cent during the year as compared with an average increase of 1.4 per cent over the preceding 3 years. Reduced supplies of meat and some other animal products contributed to the sharpest price advances, and rising demand pressures also brought about increases in prices of various other nondurable con­ sumer goods. Prices of automobiles and some other consumer durable goods, however, were lower than a year earlier, principally because of the midyear cut in Federal excise taxes. In the closing months of 1965 retail prices of foods averaged about 3 per cent higher than a year earlier. Meat prices advanced sharply in the spring and increased further in December. By the end of the year output of beef and poultry had recovered, but pork remained in short supply with little improvement expected until a moderately larger spring pig crop is marketed next autumn. On the other hand, large harvests—particularly of citrus fruits and potatoes—reduced prices of fresh and processed fruits and vegetables to levels well below a year earlier. Consumer prices of apparel, particularly shoes, and of fuel oil, transportation, and medical services also rose more than in other recent years. AUTO SALES In their first 3 months on the market, 1966 model domestic cars en­ countered a lively demand. Sales in this period were at an annual rate of 8.6 million vehicles, seasonally adjusted. This represented a gain of 4 per cent over the 8.3 million sold in the 1965 model year, which ended in early October. Reflecting this strong consumer demand and the need to build up dealer inventories, auto assemblies were at a 9.3 million annual rate in the fourth quarter and according to trade sources are scheduled to continue at this level in the current quarter. In the early part of 1965, deliveries of domestic cars followed an uneven course. After settlement of auto strikes that occurred in the autumn of 1964, sales rose to an annual rate of 9.6 million in January 1965 and then declined—as the backlog of demand was reduced— Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1966 4 to 8.1 million in May. Sales rebounded in June, following an excise tax cut that reduced new-car prices about 2.5 per cent, and sales held at an annual rate of 9.0 million throughout the summer. Sales of new autos increased in 1965 for the fourth year in a row to make this period of expansion the longest in the history of the auto industry. During the calendar year a total of 9.3 million cars were sold, including about 550,000 that were imported. Even if allowance is made for an estimated 300,000 units “borrowed” from 1964 be­ cause of strike-delayed purchases, sales were still 7 per cent above the previous year. Seasonally adjusted indexes. Auto sales include registrations of imported cars, but inventories are for domestically pro­ duced cars only. Latest figures shown. December. Forces of expansion. Many factors help to explain the long expan­ sion in demand for new cars. These include rising per capita income, lower net costs for cars, ample credit, growing replacement needs, and a marked increase in the number of persons reaching driving age. Over the period since 1960-61 retail prices of new cars have declined even though consumer prices as a whole have risen 7 per cent as shown in Chart 4. A 15 per cent increase in prices of used cars over this period has raised trade-in allowances and materially reduced net costs of new cars to the average buyer. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DEVELOPMENTS IN CONSUMER GOODS 5 The number of cars scrapped increased from a total of 4.3 million in 1961 to an estimated 5.7 million in 1965, as shown in the table. Two out of three new autos sold in the past 4 years have replaced wrecked or wornout vehicles, while one out of three has been added to the number of cars on the road. NUMBER OF PASSENGER CARS (In millions unless otherwise noted) Percentage On road, New Cars change in Year January 1 cars scrapped cars on sold road 1966 69.8 (est.) 1965 66.2 9.3 5.7 5.4 1964 63.5 8.1 5.4 4.3 1963 61.0 7.7 5.2 4,1 1962 58.7 7.1 4.8 3.9 1961 57.1 5.9 4.3 2.8 1960 54.7 6.6 4.2 4.4 1955 44.5 7.5 3.9 8.1 Cars on road. Bureau ol' Public Roads; new-car sales and scrappage. Federal Reserve. The sharp rise in the birth rate after World War II has resulted in a wave of young drivers. The number of civilians 18 years of age totaled 3.7 million in 1965, 1.0 million or 35 per cent more than in the previous year. In addition, more married women are working outside the home and are commuting to their jobs. These two developments have helped to increase both the proportion of households that own cars and the proportion of households that own more than one. Auto spending relative to income. The portion of disposable income spent for autos and auto parts increased from 5.0 per cent in 1961 to 6.5 per cent in 1965. This is only a little below the record of 6.7 per cent set in 1955. Most of the rise was associated with an increase in the number of cars sold. In addition, although prices of cars with given specifications have declined, the amount spent per vehicle has risen as consumers have shifted toward more expensive styles and additional equipment. Sales of luxury and sport-type models have gained over those of standard models. Three-fourths of the buyers of 1965 models chose cars with 8-cylinder instead of 6-cylinder engines, when the option Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1966 6 was available, compared with about half the purchasers of 1961 models. And there have been substantial increases in the proportions of new cars with air conditioners, automatic transmissions, power brakes, power steering, and other optional equipment. Record sales of cars raised extensions of auto credit to a new high in late 1965. Such credit was readily available throughout the year, with little change in interest rates or downpayment requirements. A slow upward movement continued in the proportion of new cars bought on credit and in the size of the average note. Since 1961, con- USED CAR PRICES high relative to new car prices CHART 4 USED CARS NEW CARS AU CONSUMER PRICES Retail prices, from Bureau of Labor Statistics. Latest figures shown, November. tracts written for a full 36 months have increased by almost a fifth, from 64 to 76 per cent of all contracts. There has been little change, however, in the proportion written for over 36 months, which still represent less than 1 per cent of all contracts. Continued strong demand for autos is suggested by the quarterly survey of buying plans conducted by the Bureau of the Census. The October 1965 survey found that 5.5 per cent of households expected to purchase new cars in the ensuing 6 months. The proportion in­ creased more than seasonally from July and was nearly half a per­ centage point above a year earlier. Young families earning less than $5,000 a year accounted for all of the increase. Intentions to pur­ chase used cars, however, were little changed from October 1964. Another survey of consumers, taken in November by the University of Michigan Survey Research Center, found a similar increase in plans for buying new cars in 1966. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DEVELOPMENTS IN CONSUMER GOODS 7 OTHER CONSUMER By December 1965, sales of home goods had risen to a level 9.0 per GOODS cent above their level a year earlier. The upswing in sales began in July as prices were reduced, principally as a result of the cut in Federal excise taxes. During the summer months retail prices of household durable goods declined by 2.0 per cent, and then were little changed in the autumn. Demand continued to swell, fed by a strong rise in personal income, readily available credit, and anticipation of continued expansion in employment and income fostered by the step-up of the war in Viet Nam. HOME GOODS: Retail Sales outpace production, and factory stocks decline CHART 5 HnMHHMHHHBHHMmi Seasonally adjusted indexes. Sales and retail stocks are based on combinations of value data supplied by the Department of Commerce and major chain department stores. Factory stocks index covers appliances, TV, and radios, and includes some wholesale inventories; it is compiled from unit data sup­ plied by trade associations. Latest figures shown, November. Sales of appliances and radio and television sets were at a high level in January 1965, then declined until midyear when the tax cut became effective. Output eased less than sales during this period, so inventories —particularly factory and wholesale stocks—expanded rapidly. The upturn in retail sales at midyear sharply reversed the movement in pro­ ducers’ inventories, and output advanced strongly after August. A pace setter throughout the year was color TV. From 1.4 million sets in 1964, distributors’ sales rose to nearly 2.5 million units in 1965. Sizable earlier reductions in prices broadened the market for this rela­ tively new product, and demand outstripped producer capacity. Inven­ tories of manufacturers and distributors dropped sharply in the second half, and in many instances prospective buyers were not able to obtain popular models immediately. In the Census survey of buying plans, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1966 8 taken in October, the proportion of households expecting to buy major new home goods during the following 6 months was about the same as it had been a year earlier with one exception—plans to buy TV sets were up a full percentage point to 6.5 per cent of households. Orders for major appliances in 1965 would have been still higher if residential construction activity had expanded. Before the November rise, new housing starts had been on an irregular downward trend from the peak in early 1964. Most of this decline reflected a downward adjustment in apartment construction in the Far West from unusually high earlier levels. Nevertheless, additions of new dwellings to the exist­ ing stock of housing were only slightly below the 1964 high, and com­ pletions of apartment units were probably the second highest on record. In the closing months of 1965 the dollar volume of retail sales of nondurable goods was 7 per cent above a year earlier. Sales of food for home consumption rose by 6 per cent during the year, compared with 4 per cent in 1964. The larger increase for 1965 reflected mainly the sharp rise in prices for meats and increased prices for some other proc­ essed foods. Large harvests of food crops brought some decreases in prices of fresh fruits and vegetables. Sales of apparel expanded rapidly during most of the year, with a large part of the gain reflecting higher retail prices, which stemmed from higher prices for leather and for cotton and wool fabrics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STAFF ECONOMIC STUDIES The research staffs of the Board of Gover­ necessarily indicate concurrence by other nors of the Federal Reserve System and of members of the research staffs, by the Board the Federal Reserve Banks undertake studies of Governors, or by the Federal Reserve that cover a wide range of economic and Banks. financial subjects. From time to time the re­ Single copies of the full text of each of sults of studies that are of general interest the studies summarized below are available to the economics profession and to others are in mimeographed form. The list of publica­ summarized—or in some instances printed tions at the back of each Federal Reserve in full—in this section of the Bulletin. Bulletin includes a separate section enu­ In all cases the analyses and conclusions merating the studies for which copies are set forth are those of the authors and do not currently available in that form. STUDY SUMMARIES MANUFACTURERS’ INVENTORY INVESTMENT AND MONETARY POLICY Jimmie R. Monhollon—Staff, Federal Reserve Bank of Richmond Paper presented at a meeting of the Federal Reserve System Committee on Business Analysis at the Federal Reserve Bank of Philadelphia, on June 3, 1965 Excessive inventory investment is frequently sons for holding inventories supports the view cited as a common development in the expan­ that economists for many years have been sion phase of the business cycle, and the re­ focusing on the right variables in their aggre­ action to that excess is usually considered one gative analyses—sales, new and unfilled orders, of the causes of the subsequent decline. An prices, and the cost and availability of credit. understanding of the nature of the inventory Although a priori one would expect financial cycle and in particular of its sensitivity to fi­ variables to play an important role in inven­ nancial variables subject to influence by the tory decision-making, regression analysis of Federal Reserve is necessary for the proper use data in the postwar period fails to uncover a of monetary policy in helping to achieve eco­ significant relationship. This may be due, in nomic stabilization. This paper is one of a series part, to the fact that fluctuations in the cost and of efforts by numerous researchers to shed availability of credit in this period have been light on this important question. relatively mild compared with the wide fluctua­ A microeconomic analysis of a firm’s rea­ tions which occurred earlier in our history. 9 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

10 FEDERAL RESERVE BULLETIN • JANUARY 1966 Although the study indicates that the direct strain an inventory boom of substantial propor­ effects of monetary policy on inventory invest­ tions which is already under way. At such a ment are very small, the indirect effects, though time, sales, unfilled orders, lengthening delivery extremely difficult to measure, may be quite schedules, and rising prices dominate inventory important. Monetary policy actions, through decisions, and slight increases in interest rates their marginal but pervasive effect on spending or reductions in credit availability tend to be decisions, are reflected after lags of undeter­ ignored. It follows that effective inventory mined duration in the behavior of sales, unfilled stabilization can be achieved only by restraining orders, and prices, and through these in inven­ the exuberance which initiates and feeds a rapid tory investment. and unsustainable rate of accumulation. This If, as this study indicates, the direct impact means that monetary and fiscal policy should be of monetary policy action on inventory invest­ coordinated in such a way that the climb out of ment is quite limited, there is little chance that recession and the subsequent expansion pro­ the monetary authorities can do much to re­ ceed in a gradual, orderly way. SOME FISCAL IMPLICATIONS OF EXPANSION OF THE SOCIAL SECURITY SYSTEM Nancy H. Teeters—Staff, Board of Governors Paper prepared as a staff memorandum in November 1965 Expenditures for old-age, survivors, and dis­ cover the additional expenditures. In the past, ability insurance (OASDI) programs have one of the major sources of increased social grown rapidly over the past 15 years in part security receipts has been the expansion of the because of maturation of the programs and in coverage. The proportion of the employed labor part because of modifications in them. As the force subject to tax has risen from 60 per cent programs matured, expenditures rose because in 1950 to 83 per cent in 1964 as additional an increasing proportion of people over 65 types of employment were brought into the have worked in covered employment for at least system. The only employees exempt at the 10 years, paid social security taxes, and are present time are those under Federal Civil therefore entitled to benefits. In addition to the Service and Railroad Retirement systems, those maturation of the system, Congress has peri­ in Federally tax exempt organizations who have odically raised expenditures by increasing the not elected to be covered, the very low income size of the monthly benefits, by extending the self-employed, and casual and other low-income eligibility, by adding new types of benefits, and laborers who do not accumulate a specified by lowering the minimum age at which persons minimum amount of wages in a quarter from may retire. As a result of the various changes in any one employer. eligibility, the proportion of our population In contrast to the increase in the coverage, receiving OASDI payments has risen from the tax base—that is, taxable earnings as a per slightly more than 2 per cent of the total popu­ cent of total earnings reported—-has been al­ lation in 1950 to nearly 10.5 per cent in 1964. most constantly declining. If there is any in­ Social security tax receipts have risen to crease in the median wage, such a decline in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STAFF ECONOMIC STUDIES 11 the base would seem to be inevitable as long as changes in economic activity. With the recent there is a maximum set on the amount of earn­ reductions in corporate and individual income ings per worker subject to tax. Thus, over time, taxes and in excise taxes, the current and future the proportion earning more than any given increases in the OASDI revenues make this tax ceiling increases, and the tax base becomes a an increasing proportion of receipts with the declining percentage of aggregate wages and consequence that the Federal revenue system is salaries. In the past, the tendency for taxable becoming more regressive and more inflexible. earnings to be a declining proportion of total Support of the elderly, the disabled, and de­ wages and salaries has been compensated for pendent survivors has become an accepted Fed­ by the rapid increase in coverage. However, eral function. But from an economic point of there is now little opportunity left for increasing view, the Federal retirement program should be the coverage further; thus, for any period of considered not as a funded insurance program time during which the wage ceiling and the tax but as a system of taxation and expenditure rate are unchanged, the OASDI tax receipts will which redistributes income from the working be a declining proportion of gross national population to the retired, the disabled, and to product. With a tax base which declines as a dependent survivors. The problem of the future per cent of income, the OASDI taxes are thus is how to finance an expenditure program regressive on both an aggregate and individual which, at a minimum, will keep pace with the basis. Raising the ceiling on the amount of growth in GNP and is more likely to absorb an wages subject to tax has provided only minor increasing proportion of it in the future in a interruptions in the relative decline of the tax way that is not only equitable but plays at least base. Further increases in the tax rate are not a neutral role in fiscal policy. Some rethinking particularly desirable in light of the regressive as to the appropriate method of financing these nature of the tax and its unresponsiveness to expenditures is, thus, indicated. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations, new regulations, and similar material Order Under Bank Merger Act Dated at Washington, D. C., this 22nd day of December, 1965. The following Order and Statement were issued in connection with action by the Board of Gover­ By order of the Board of Governors. nors with respect to an application for approval of Voting for this action: Vice Chairman Balderston, the merger of banks: and Governors Robertson, Shepardson, Mitchell, Daane, and Maisel. Absent and not voting: Chairman FIDELITY BANK, BEVERLY HILLS, Martin. (Signed) Merritt Sherman, CALIFORNIA Secretary. In the matter of the application of Fidelity Bank, [seal] for approval of merger with South Bay Bank. Statement Order Approving Merger of Banks Fidelity Bank, Beverly Hills, California (“Fidel­ There has come before the Board of Governors, ity”), with total deposits of $36.5 million, has pursuant to the Bank Merger Act'of 1960 (12 applied, pursuant to the Bank Merger Act of 1960 U.S.C. 1828(c)), an application by Fidelity Bank, (12 U.S.C. 1828(c)), for the Board’s prior ap­ Beverly Hills, California, a State member bank of proval of the merger of that bank and South Bay the Federal Reserve System, for the Board’s prior Bank, Manhattan Beach, California (“Bay Bank”), approval of the merger of that bank and South which has total deposits of $8 million.1 The banks Bay Bank, Manhattan Beach, California, under the would merge under the charter and title of Fidel­ charter and title of the former. As an incident to ity, which is a member of the Federal Reserve the merger, the sole office of South Bay Bank System. As an incident to the merger, the sole would become a branch of the resulting bank. office of Bay Bank would become an office of Notice of the proposed merger, in form approved Fidelity, increasing the number of its offices to by the Board, has been published pursuant to said three. Act. As required by law, the Board has considered, Upon consideration of all relevant material in as to each of the banks involved, (1) its financial the light of the factors set forth in said Act, in­ history and condition, (2) the adequacy of its cluding reports furnished by the Comptroller of capital structure, (3) its future earnings prospects, the Currency, the Federal Deposit Insurance Cor­ (4) the general character of its management, (5) poration, and the Attorney General on the com­ whether its corporate powers are consistent with petitive factors involved in the proposed merger, the purposes of 12 U.S.C., Ch. 16 (the Federal It is hereby ordered, for the reasons set forth Deposit Insurance Act), (6) the convenience and in the Board’s Statement of this date, that said needs of the community to be served, and (7) the application be and hereby is approved. effect of the transaction on competition (including It is further ordered that the said merger any tendency toward monopoly). The Board may may be consummated at any time within, but not not approve the transaction unless, after consider­ later than, three months after the date of this ing all of these factors, it finds the transaction to Order, the Board having determined, pursuant to be in the public interest. its Rules of Procedures (12 CFR 262.2(f)(5)), Banking factors. Fidelity concentrates in lend­ that the public interest would be served by waiver ing to real estate developers, brokers, and in­ of the requirement that the transaction not be con­ vestors. This business comprises about 40 per cent summated within seven calendar days after the date of this Order. 1 Deposit figures are as of June 30, 1965. 12 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 13 of the bank’s total loans. While such credits often lending limit from $54,000 to over $350,000, make tend to be large and complex, the management of available FHA and GI real estate financing, and Fidelity has demonstrated expertise in this spe­ would be expected to otherwise improve the serv­ cialized banking activity. With an addition to cap­ ice now available at Bay Bank. This would permit ital scheduled to be made at an early date, the greater participation by that banking office in the bank’s capital position will be strengthened. Its expansion and development taking place and con­ net operating earnings have been satisfactory, and templated in the Manhattan Beach area, particu­ operating economies now being effected portend larly real estate construction, while at the same favorable earnings prospects. time providing substantial benefits to Bay Bank’s Bay Bank’s management is in the hands of its customers. president who is past normal retirement age. Fur­ Competition. The nearest office of Fidelity to thermore, there is a need at the bank for additional Bay Bank is located 10 miles to the northwest. management caliber personnel. Thus far, efforts to The service areas of the two banks do not overlap remedy this situation have not been successful. As and are separated by the Los Angeles International the resulting bank would be under Fidelity’s man­ Airport, residential communities, and small indus­ agement, consummation of the proposal would trial areas. There is virtually no competition be­ solve this problem at Bay Bank. It would also pro­ tween the two banks. vide needed diversification in the loan portfolio of There is one other small bank, Gateway Na­ the resulting bank; and considerations otherwise tional Bank, operating in Bay Bank’s service area. relevant to the banking factors are not inconsistent The national bank has proven its ability to com­ with approval of the proposal. pete effectively with other banks in the area, in­ Convenience and needs of the communities. cluding offices of much larger banks, and should Fidelity, located in Beverly Hills, operates one not be adversely affected if the proposal is ap­ branch in nearby West Los Angeles. The conve­ proved. nience and needs of the areas served by Fidelity’s The foregoing, together with the relatively minor offices would not be affected by effectuation of size of Fidelity and Bay Bank in relation to the the proposal. highly concentrated banking market in which Manhattan Beach, situated on the Pacific shore they compete and the fact that their respective approximately 15 miles southwest of downtown service areas are served by numerous other com­ Los Angeles, has a population of about 34,000, petitors, warrants the conclusion that consumma­ and the population of its trade area is estimated at tion of the proposal would have no adverse com­ 62,000. While a “bedroom” community in the petitive effect. main, Manhattan Beach has the attendant retail Summary and conclusion. As just noted, ap­ business and a mixture of light industry and air­ proval of the proposal would not result in any space research firms. The area is heavily dependent adverse effect on competition and would be ex­ for employment upon neighboring aircraft manu­ pected to bring some increase in benefits to the facturing plants, oil wells, electronic manufactur­ community and customers now served by Bay ing plants, and engineering research firms. The Bank. It would solve the management problem at prospect is for increasing development and con­ that bank and provide needed diversification in struction in certain areas near Bay Bank, includ­ the loan portfolio of the resulting bank. ing shopping centers and residential building. Accordingly, the Board finds that the proposed Bay Bank’s “service area” - contains 12 other merger would be in the public interest. banking offices, including nine offices of four of the largest banks in the State. The banking needs Orders Under Section 3 of of the area, therefore, would not appear to be Bank Holding Company Act without adequate sources of supply. However, The following Orders and Statements were is­ consummation of the transaction would raise the sued in connection with actions by the Board of Governors on applications by bank holding com­ 2 The area from which a bank derives 75 per cent or more of its deposits of individuals, partnerships, and panies for approval of the acquisition of voting corporations. shares of banks: Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN • JANUARY 1966 UNITED VIRGINIA BANKSHARES Voting for this action: Chairman Martin, and Gov­ ernors Balderston, Shepardson, Mitchell, and Daane. INCORPORATED, RICHMOND, VIRGINIA Voting against this action: Governor Robertson. Pres­ In the matter of the application of United Vir­ ent but not voting: Governor Maisel. ginia Bankshares Incorporated, Richmond, Vir­ (Signed) Merritt Sherman, ginia, for approval of the acquisition of voting Secretary. shares of Williamsburg State Bank, Williamsburg, [seal] Virginia. WILLIAMSBURG STATE BANK, WILLIAMSBURG, VIRGINIA Order Approving Application Under In the matter of the application of Williamsburg Bank Holding Company Act State Bank for approval of merger with Peninsula There has come before the Board of Governors, Bank and Trust Company and James-York Bank. pursuant to section 3(a)(2) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(2)) Order Approving Merger of Banks and section 222.4(a) (2) of Federal Reserve Regu­ There has come before the Board of Governors, lation Y (12 CFR 222.4(a)(2)), an application pursuant to the Bank Merger Act of 1960 (12 by United Virginia Bankshares Incorporated, U.S.C. 1828(c)), an application by Williamsburg Richmond, Virginia, a registered bank holding State Bank, Williamsburg, Virginia, a proposed company, for the Board’s prior approval of the new bank, for the Board’s prior approval of the acquisition by Applicant of at least 90 per cent of merger of that bank and Peninsula Bank and Trust the voting shares of Williamsburg State Bank, Company, Williamsburg, Virginia, a State mem­ Williamsburg, Virginia, a proposed new bank into ber bank of the Federal Reserve System, and which would be merged Peninsula Bank and Trust James-York Bank, James City County (post office Company and James-York Bank, both of Wil­ address Williamsburg), Virginia, under the charter liamsburg, Virginia. and title of the Peninsula Bank and Trust Com­ In accordance with section 3(b) of the Act, the pany. As an incident to the merger, the two offices Board notified the Commissioner of Banking for of Peninsula Bank and Trust Company and the the Commonwealth of Virginia of receipt of the sole office of James-York Bank would become the application and requested his views and recom­ offices of the resulting bank. Notice of the pro­ mendation thereon. The Commissioner expressed posed merger, in form approved by the Board, no objection to approval of the application. has been published pursuant to said Act. Notice of receipt of the application was pub­ Upon consideration of all relevant material in lished in the Federal Register on July 2, 1965 (30 the light of the factors set forth in said Act, includ­ Federal Register 8500), providing an opportunity ing reports furnished by the Comptroller of the for interested persons to submit comments and Currency, the Federal Deposit Insurance Corpora­ views with respect to the proposed acquisition. The tion, and the Attorney General on the competitive time for filing such comments and views has ex­ factors involved in the proposed merger, pired, and all those received have been considered by the Board. It is hereby ordered, for reasons included in the Board’s Statement accompanying its Order of It is hereby ordered, for the reasons set forth this date concerning the acquisition of Williams­ in the Board’s Statement of this date, that said burg State Bank by United Virginia Bankshares application be and hereby is approved, provided Incorporated, Richmond, Virginia, that said appli­ that the acquisition so approved shall not be con­ cation be and hereby is approved, provided that summated (a) within seven calendar days after said merger shall not be consummated (a) within the date of this Order or (b) later than three seven calendar days after the date of this Order months after said date, and that the Williamsburg or (b) later than three months after said date. Bank shall be opened for business not later than three months after said date. Dated at Washington, D. C., this 15th day of Dated at Washington, D. C., this 15th day of December, 1965. December, 1965. By order of the Board of Governors. By order of the Board of Governors. Voting for this action: Chairman Martin, and Gover- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 15 nors Balderston, Shepardson, Mitchell, Daane, and cial history and condition of the holding company Maisel. Voting against this action: Governor Robert­ and the banks concerned, (2) their prospects, (3) son. (Signed) Merritt Sherman, the character of their management, (4) the con­ Secretary. venience, needs, and welfare of the communities and the area concerned, and (5) whether or not [seal] the effect of the proposed acquisition would be to Statement expand the size or extent of the bank holding company system involved beyond limits consistent United Virginia Bankshares Incorporated, Rich­ with adequate and sound banking, the public in­ mond, Virginia (“Applicant”), a registered bank terest, and the preservation of competition in the holding company, has filed with the Board, pur­ field of banking. suant to section 3(a)(2) of the Bank Holding Under the Merger Act, the Board is required to Company Act of 1956 (“the Holding Company consider, as to each of the banks involved, (1) Act”), an application for approval of the acquisi­ its financial history and condition, (2) the ade­ tion of at least 90 per cent of the voting shares of quacy of its capital structure, (3) its future earn­ Williamsburg State Bank, Williamsburg, Virginia ings prospects, (4) the general character of its (“Williamsburg Bank”), a proposed new bank. management, (5) whether its corporate powers Applicant also has applied for the admission of are consistent with the purposes of 12 U.S.C., Williamsburg Bank to membership in the Federal Ch. 16 (the Federal Deposit Insurance Act), (6) Reserve System, and proposes to merge into Wil­ the convenience and needs of the community to liamsburg Bank the Peninsula Bank and Trust be served, and (7) the effect of the transaction on Company (“Peninsula Bank”) and James-York competition (including any tendency toward mo­ Bank, both of Williamsburg, Virginia.1 Incident nopoly). The Board may not approve the pro­ to the merger proposal, Williamsburg Bank has posed merger unless, after considering all the applied, pursuant to the Bank Merger Act of 1960 factors, it finds the transaction to be in the public (“the Merger Act”) (12 U.S.C. 1828(c)), for the interest. Board’s prior approval of the proposed merger To the extent that the statutory criteria em­ under the charter and title of Peninsula Bank. Ap­ bodied in the respective statutes are substantially plicant intends to operate the existing main office similar, the facts pertinent to both the holding and one branch of Peninsula Bank and main office company proposal and the merger proposal are of James-York Bank, respectively, as the main discussed in common in order to avoid repetition. office and branches of the resulting merged insti­ Substance of the proposal. The aforementioned tution. proposed merger—part of Applicant’s over-all Views and recommendation of State supervisory plan—will not be pursued unless Applicant’s ac­ authority. As required by section 3(b) of the Hold­ quisition of the Williamsburg Bank is approved. In ing Company Act, the Board notified the Virginia these circumstances, although consideration has Commissioner of Banking of receipt of the appli­ been given to the facts in relation to the statutory cation under the Act and requested his views and criteria embodied in both acts, the Board’s State­ recommendation thereon. The Commissioner of­ ment herein reflects principally its consideration fered no objection to approval of the application. of the application filed pursuant to the Holding Subsequently, the Chairman of the State Corpora­ Company Act. This application involves, in effect, tion Commission submitted a letter on behalf of the proposed acquisition by Applicant of the two the Commission recommending that the applica­ existing banks, the Peninsula Bank, having de­ tion be approved. posits 2 of approximately $20 million, and the Statutory factors. Section 3(c) of the Holding James-York Bank, with deposits of $2.6 million. Company Act requires the Board to take into con­ James-York Bank was established as an affiliate, sideration the following five factors: (1) the finanor “satellite”, of Peninsula Bank in 1956 when, 1 The James-York Bank is located in James City under State law, banks were not permitted to County but has a Williamsburg post office address. Herein, the bank is considered as being located in 2 Deposits at December 31, 1964. Unless otherwise Williamsburg. indicated, all banking data noted are as of this date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

16 FEDERAL RESERVE BULLETIN • JANUARY 1966 establish de novo branches beyond the limits of of the merging banks will be inadequate to sup­ their home office city. The two institutions are port anticipated future deposit growth of the re­ presently affiliated by reason of ownership of a sulting bank. Applicant therefore proposes to in­ majority of James-York Bank’s voting shares by ject approximately $600,000 of new capital into James City Investment Corporation, a holding the resulting bank to meet foreseeable needs, and company which is, in turn, owned by shareholders to supply in the more distant future additional holding a majority of the shares of Peninsula capital funds as required. Under Applicant’s pro­ Bank. The president and executive vice president posal, the Board finds the projected capital struc­ of Peninsula Bank are, respectively, the president ture of Williamsburg Bank to be adequate. While and vice president of James-York Bank, and three the Banks as now constituted could, in the Board’s of James-York Bank’s seven directors are directors opinion, successfully meet additional capital needs, of Peninsula Bank. Because of the aforementioned their future financial condition and prospects, as a existing affiliation, further evidence of which is merged institution under Applicant’s ownership, contained in the record before the Board, James- appear more favorable in the light of Applicant’s York Bank may be regarded, for certain purposes, proposed capital program. as merely a third office of Peninsula Bank, and it The proposed management of Williamsburg is so treated in various parts of this Statement, Bank is found to be satisfactory, since it will be the two institutions being sometimes referred to composed of the Banks’ present managements. collectively as “the Banks”. On the basis of the foregoing, the Board con­ Financial history, condition, prospects, and cludes that those aspects of Applicant’s proposal management of Applicant and the Banks, and that relate to the banking factors discussed are other applicable banking factors. Applicant, which consistent with the purposes of both the Holding commenced operation as a bank holding company Company Act and the Merger Act, and weigh in in January 1963, has six subsidiary banks which, favor of approval under both acts. at December 31, 1964, operated 47 offices and Convenience, needs, and welfare of the com­ held total deposits in the aggregate amount of munities and area concerned. Both offices of Pen­ $499 million. Its brief financial history is satisfac­ insula Bank are within the limits of Williamsburg, tory. Similarly satisfactory are its financial condi­ an independent city, and James-York’s one office tion and prospects, due primarily to the satisfac­ is in James City County, just outside Williamsburg. tory condition and prospects of its subsidiary The Banks’ designated combined primary service banks. Applicant’s management, which is drawn area, which is also the primary service area pro­ largely from its subsidiary banks, is regarded as jected for Williamsburg Bank, consists of the well qualified and experienced. corporate limits of Williamsburg and the sur­ Peninsula Bank and James-York Bank were or­ rounding suburban area in York and James City ganized, respectively, in 1917 and 1956. Peninsula Counties within an approximate five-mile radius Bank and a newly organized national bank, which of Williamsburg. The estimated population of the opened for business on December 8, 1965, are the area is 16,000. only banks within the city limits of Williamsburg, In the period 1950-1960, the population of and they and James-York bank are the only banks Williamsburg and the adjoining magisterial dis­ in the combined primary service area of the tricts of York and James City Counties increased Banks.3 The financial history, condition, prospects, at an annual rate which was substantially greater and management of the Banks are considered sat­ than that of the State or the Nation. Tourists, isfactory. However, Applicant foresees that, be­ numbering more than 500,000 annually, are the cause of the rapid population growth and increas­ most important factor in the economy. Tourism ing tourist trade occurring and anticipated in the has been a primary objective of the more than Williamsburg area, the present aggregate capital $72 million expenditure for restoration and cap­ ital improvements in Williamsburg. The total em­ 3 The area from which Applicant indicates 84 per ployment at three area enterprises—The College cent of the amount of the Banks’ combined deposits of individuals, partnerships, and corporations (“IPC de­ of William and Mary, Dow Chemical Company, posits”) originate. and the State’s largest mental health institution— Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 17 contributes significantly to the maintenance of the from 6.8 per cent and 11.4 per cent, respectively.4 local economy. Less substantial but similar contri­ The four bank holding companies operating in bution is made by four military facilities located Virginia (one of which is not registered under the within 12 miles of Williamsburg. Holding Company Act) would control 24.3 per There is no evidence in the record, nor does cent of the offices and 27.0 per cent of the depos­ Applicant contend, that basic banking needs in the its of all banks, representing increases of .4 per Williamsburg area are going unserved. However, cent and .5 per cent, respectively. In the Board’s Applicant claims, on the basis of its experience, judgment, such concentration is not so excessive, that where a useful service is offered, it will be in either the Applicant’s system or in all holding used even though the public had not previously companies, as to preclude the further expansion been aware of a need therefor. Applicant asserts here proposed. Significant in the assessment of the that the need for such service must be anticipated, effect on the banking market of existing concen­ made apparent, and thereafter served, and that, by tration is the fact that, in terms of total deposits, so doing, a bank can help promote the social and the second, third, and fourth in size of the seven economic welfare of its service area. Services that largest banking “systems” in Virginia 5 are inde­ Applicant proposes to introduce or improve upon pendent banks, and those three independent insti­ in the Williamsburg area include a broad and con­ tutions together hold 25.8 per cent of the deposits venient source for mortgage, floor plan, and col­ of all banks in the State. lege tuition loans, apartment and motel financing, For purposes of determining the competitive a revolving credit plan for individuals, and ex­ effects of Applicant’s proposal, the Board has con­ panded trust services. cluded that the Williamsburg area constitutes the The record reflects that there exists a rather market area most directly affected by Applicant’s heavy local demand for mortgage loans. Of the proposal. In this regard, the Board’s attention was services proffered by Applicant, the proposed directed to the so-called Lower Peninsula Area, assistance with respect to mortgage credit appears consisting of James City and York Counties and most pertinent. The two banks together have a the independent cities of Williamsburg, Newport relatively high ratio of loans to deposits, and are News, and Hampton, bounded by the York River on the north, the Chesapeake Bay on the east, and heavily loaned in the mortgage category. While the James River on the south. However, in the Applicant’s subsidiary banks also may at times be Board’s judgment, the Lower Peninsula Area is heavily loaned and unable to participate exten­ not a relevant or realistic market area for pur­ sively in assisting the Banks in handling mortgage poses of the present analysis for the reason that credit demands, arrangements have been com­ Williamsburg, viewed either in terms of its polit­ pleted for the sale by Applicant’s banks of mort­ ical or natural boundaries, is isolated from other gage loans to five insurance companies and a portions of the so-called Lower Peninsula Area, savings and loan association. Under this arrange­ resulting in its being relatively free from the force ment, the subsidiary bank originating a loan will of banking competition from and with that area. continue to service the loan on a fee basis, and Inasmuch as the newly opened national bank is will thus retain direct contact with the borrowers. the only other banking institution operating in the The Board concludes that considerations bear­ Banks’ combined primary service area, consum­ ing on the convenience, needs, and welfare of the mation of Applicant’s proposal would result in its area concerned are consistent with approval of the control of three of four offices and substantially transaction proposed, and offer some weight for approval. ' Data reflected in this paragraph are as follows: Effect of the proposed transactions on adequate Banking offices as of October 31, 1965, and deposits as of December 31, 1964, adjusted to include all merg­ and sound hanking, the public interest, and bank­ ers consummated and, for bank holding companies, ing competition. Applicant’s holding company sys­ all acquisitions either consummated or approved by tem, the largest banking system in the State, would the Board as of October 31, 1965. “ The bank which is fourth in size is practically the have 7.2 per cent of the offices and 11.9 per cent same size, in terms of deposits, as the fifth largest of the deposits of all Virginia banks if the pro­ banking system, which is the second largest bank hold­ posal were consummated, representing increases ing company in the State. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

18 FEDERAL RESERVE BULLETIN • JANUARY 1966 all of the deposits in the Williamsburg area. This and Applicant’s existing subsidiaries, Citizens and result has significance with respect to its effect on Marine Bank in Newport News, Applicant’s sub­ competition both between Peninsula Bank and sidiary, operates 4 offices in Newport News, 4 James-York Bank, and between the Banks and the offices in Hampton, the downtown sections of new national bank. The long-established affiliation which are, respectively, 30 and 37 miles from between the Banks, by virtue of common majority Williamsburg, and 1 office in York County, which ownership and common executive managements, appears to be about midway between Williamsburg effectively negatives the existence of any significant and Hampton, though not on the principal con­ actual competition between them and makes un­ necting route. Some 13 miles separate Williams­ likely measurable future competition. The latter burg and the nearest office of Citizens and Marine conclusion appears all the more valid in view of Bank. The next nearest office of any other of the lack of any evidence in the record that the Applicant’s subsidiaries is in the Richmond area, existing affiliation is likely to terminate. With re­ about 50 miles west of Williamsburg. Since, on the spect to the Board’s conclusion regarding the lack basis of Applicant’s analysis, less than two per of present or likely future competition between the cent of the amount of the Banks’ IPC deposits and Banks, the Board concurs in the view expressed less than five per cent of the amount of their com­ by the State Corporation Commission that the mercial, industrial, farm, and consumer loans were Banks are “virtually one institution”. It may be derived from the service areas of those two nearest reasonably concluded that the competitive situa­ subsidiaries, and since a similar proportion of de­ tion in the Williamsburg area will not be changed mand IPC deposits and an even smaller percentage measurably by consummation of Applicant’s pro­ of loans of those subsidiaries, in relation to such posal. loans and deposits of the Banks, were derived from The recently opened national bank in Williams­ the Williamsburg service area, the Board con­ burg may be expected to increase banking com­ cludes that no significant existing or potential petition in the area, measured either as offered by competition would be eliminated or foreclosed by the Banks as presently constituted, or under the the proposed holding company acquisition. proposed ownership and control of Applicant. The nearest bank to Williamsburg is The First While an accurate appraisal of the potential com­ National Bank, located in Yorktown, about eleven petitive effect of consummation of Applicant’s miles to the southeast. This bank operates but one proposal on the new national bank is difficult, the office with deposits of about $5 million. Its busi­ Board believes it unlikely that the competitive im­ ness, generally, would appear to be local in nature. pact of either the proposed merger or of Appli­ Further distant, in the southeastern section of the cant’s subsequent control of the merged institution Lower Peninsula Area, are offices of ten other will be significantly different or greater than that banks, excluding Applicant’s subsidiary. The polit­ which would be realized from the Banks’ opera­ ical and geographical considerations earlier men­ tion as presently constituted. With respect to this tioned as separating Williamsburg from the latter conclusion, it may be noted that the Comptroller area warrant, in the Board’s view, the conclusion of the Currency, with knowledge of Applicant’s that no measurable effect on the banks in this area proposed acquisition, expressed the view that the will follow consummation of Applicant’s proposal. proposed merger of the Banks would not have a In the light of the foregoing considerations and significant or substantial adverse effect on compe­ all the facts in the record, the Board concludes tition. In conclusion, the Board assumes that the that consummation of the subject proposal would fact of the Banks’ affiliation was known to the not increase Applicant’s size or extent beyond organizers of the national bank at the time they limits consistent with adequate and sound bank­ sought its charter, and that Applicant’s present ing, the public interest, and the preservation of proposal regarding the Banks was brought to their competition in the field of banking. attention. The Board notes that no objection to On the basis of the relevant facts as contained Applicant’s proposal has been filed by those or­ in the record before the Board, and in light of the ganizers. factors set forth in the Holding Company and Mer­ Turning to the effect of this proposal on exist­ ger Acts, it is the Board’s judgment that the pro­ ing or potential competition between the Banks posal is in the public interest and that the applica- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 19 tions regarding the merger of the Banks as pro­ the offices of Applicant’s bank headquartered in posed and the acquisition by Applicant of the Newport News is but 13 miles from Williams­ Williamsburg Bank should, therefore, be approved. burg. In an age of super highways and rapid travel, the cities of Hampton and Newport News Dissenting Statement of Governor are but minutes from Williamsburg—minutes that Robertson will be lessened as the geographic limits of Wil­ liamsburg continue to expand. I am opposed both to the proposed merger of The foregoing compels me to conclude that the Peninsula Bank and Trust Company and the Board has erred in two respects. First, its action James-York Bank, and to the acquisition by United reflects a miscalculation of the potential competi­ Virginia Bankshares Incorporated of control of tion between the two Williamsburg banks to be the merged banking institution for the reason that acquired (with total deposits of $23 million) and consummation of both proposals is contrary to Applicant’s Newport News subsidiary, Citizens the legislative directives embodied in the Bank and Marine Bank (total deposits of $47 million). Merger and Bank Holding Company Act. As set The sizes of these institutions—their closest re­ forth in the Board’s Statement, Peninsula Bank spective offices separated by but 13 miles—and the and the James-York Bank have been affiliated for likelihood that the two areas concerned will be­ some time through their majority control by com­ come increasingly geographically and economi­ mon stockholders. Because of this affiliation, little cally integrated, make clear to me the potential for or no existing competition between these banks future competition that is precluded by approval would be eliminated by consummation of the pro­ of Applicant’s bank holding company proposal. posed merger. However, in the course of time A second finding by the Board in which I am un­ and changing circumstances, the existing basis of able to concur is that consummation of Applicant’s affiliation could terminate, resulting in the growth proposed acquisition would not result in an undue of healthy competition between the banks. The concentration of banking resources under Ap­ possibility of this occurrence, with its attending plicant’s control. Applicant, the State’s largest advantages to the public, is precluded, regrettably, banking system, now controls nearly 25 per cent by the Board’s approval of the proposed merger. and 21 per cent, respectively, of the banking offices In approving Bankshares’ acquisition of the and deposits of the 14 banks operating in the Williamsburg Bank—in actuality, the simultaneous Lower Peninsula Area. Apart from the virtual acquisition of two existing banks—the Board monopoly that would be given Applicant in the found Williamsburg and the immediately adjoin­ Williamsburg area upon its acquiring the Wil­ ing areas to be the significant geographic area liamsburg Bank, in the whole Lower Peninsula within which to appraise the competitive impact Area, its control of both offices and deposits would of these proposals. My view of the record in this be increased to about 32 per cent. Even were there matter makes abundantly clear that a far more presented banking factors considerations arguing relevant market area for analyzing the effect on for approval of Applicant’s acquisition of Wil­ banking competition to follow consummation of liamsburg Bank, Bankshares’ resulting control of the merger and holding company proposals ap­ banking offices and resources in the Lower Penin­ proved by the Board is the entire Lower Peninsula sula Area compels denial of its application. More Area, which encompasses, in addition to Wil­ so is denial compelled where, as here, the record liamsburg and York and James City Counties, clearly reflects that the banking needs of the Wil­ the cities of Hampton and Newport News. The liamsburg area and, as far as I can determine, Board’s use of the greater Williamsburg area as those of the entire Lower Peninsula Area are be­ the relevant market within which to gauge the ing met adequately by the banks in those areas. impact of Applicant’s proposals ignores the reali­ In my opinion, the sole significant benefit pos­ ties of existing and foreseeable circumstances. sibly to flow from consummation of Applicant’s Williamsburg is experiencing rapid physical acquisition of the Williamsburg Bank is the pro­ growth and a dynamic economic expansion. vision that Applicant asserts it would make for Hampton and Newport News each lie but some expanded mortgage loans in the Williamsburg 30 odd miles southeast of Williamsburg. One of area. On analysis, I find that this phase of Appli- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

20 FEDERAL RESERVE BULLETIN • JANUARY 1966 cant’s proposal carries little weight toward ap­ views with respect to the proposed acquisition. proval. Even assuming a future need for increased The time for filing such comments and views has mortgage credit in the Williamsburg area, I am expired, and all those received have been consid­ unable to conclude that the demand for such can­ ered by the Board. not be met either through a restructuring of the It is hereby ordered, for the reasons set forth Williamsburg banks’ loan portfolios, aided, per­ in the Board’s Statement of this date, that said haps, by the entry in this field of the newly es­ application be and hereby is approved, provided tablished national bank, or through the utilization that the acquisition so approved shall not be con­ by the Williamsburg banks of normal correspond­ summated (a) within seven calendar days after ent bank relationships. the date of this Order or (b) later than three On the whole, I am unable to find that the months after said date. relatively insignificant public benefits that may Dated at Washington, D. C., this 22nd day of flow from Applicant’s acquisition of the Williams­ December, 1965. burg Bank are sufficient in any respect to outweigh By order of the Board of Governors. substantially adverse competitive consequences that are inherent in this proposal. Consequently, Voting for this action: Unanimous, with all members present. I would deny both the merger and bank holding company applications. (Signed) Merritt Sherman, Secretary. VIRGINIA COMMONWEALTH CORPORA­ [seal] TION, RICHMOND, VIRGINIA Statement In the matter of the application of Virginia Virginia Commonwealth Corporation, Rich­ Commonwealth Corporation, Richmond, Virginia, mond, Virginia (“Applicant”), a registered bank for approval of the acquisition of voting shares holding company, has filed with the Board, pur­ of The Peoples Bank of Stafford, Falmouth, Vir­ suant to section 3(a)(2) of the Bank Holding ginia. Company Act of 1956 (“the Act”), an application for approval of the acquisition of more than 80 Order Approving Application per cent of the voting shares of The Peoples Bank Under Bank Holding Company Act of Stafford, Falmouth, Virginia (“Bank”). There has come before the Board of Governors, Views and recommendation of supervisory au­ pursuant to section 3(a)(2) of the Bank Holding thority. As required by the section 3(b) of the Company Act of 1956 (12 U.S.C. 1842(a)(2) Act, notice of receipt of the application was given and section 222.4(a)(2) of Federal Reserve Reg­ to, and views and recommendation requested of, ulation Y (12 CFR 222.4(a)(2)), an application the Commissioner of Banking of the Common­ by Virginia Commonwealth Corporation, Rich­ wealth of Virginia. The Commissioner voiced no mond, Virginia, a registered bank holding com­ objection to approval of the application. pany, for the Board’s prior approval of the ac­ Statutory factors. Section 3(c) of the Act re­ quisition of more than 80 per cent of the quires the Board to take into consideration the outstanding voting shares of The Peoples Bank following five factors in acting on this application: of Stafford, Falmouth, Virginia. (1) the financial history and condition of the As required by section 3(b) of the Act, notice holding company and the banks concerned; (2) of receipt of the application was given to, and their prospects; (3) the character of their manage­ views and recommendation requested of, the Com­ ment; (4) the convenience, needs, and welfare missioner of Banking of the Commonwealth of of the communities and the area concerned; and Virginia. The Commissioner expressed no objec­ (5) whether or not the effect of the acquisition tion to approval of the application. would be to expand the size or extent of the bank Notice of receipt of the application was pub­ holding company system involved beyond limits lished in the Federal Register on July 7, 1965 (30 consistent with adequate and sound banking, the Federal Register 8599), providing an opportunity public interest, and the preservation of competi­ for interested persons to submit comments and tion in the field of banking. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 21 Financial history, condition, and prospects of that Bank’s financial history and condition are sat­ Applicant and Bank. At December 31, 1964, isfactory, and that its prospects for continued nearly two years following Applicant’s formation sound growth and earnings as an independent as a bank holding company, Applicant controlled institution are also generally satisfactory. At the six banks (42 banking offices), holding total de­ same time it seems likely that more aggressive posits of approximately $260 million. Applicant’s operating policies will be pursued by Bank under financial history, though relatively brief, is consid­ Applicant’s control, thus improving somewhat ered satisfactory, as is its financial condition and Bank’s growth and earnings prospects. that of its six subsidiary banks. Applicant’s pros­ Management. The Board finds Applicant’s man­ pects, based upon the generally satisfactory growth agement to be capable and experienced, its officers and earnings prospects of its subsidiary banks, having served also as the senior officers of Bank and particularly those of its largest subsidiary, of Virginia. The sound asset condition of each of Bank of Virginia, are considered satisfactory. Applicant’s banks reflects favorably upon their Bank commenced operation in 1922 at Stafford managements. Respecting Bank’s management, Courthouse, Virginia. In the 10-year period since the record shows that Bank’s president and chief 1954, Bank has moved its main office location executive officer has been associated with the in­ to Falmouth, retaining the Stafford Courthouse stitution for many years, is 65 years of age, and site as a branch, and has established a branch in desires to retire at not later than age 70. While Chatham Heights (1960), a suburban area about he is considered capable and well qualified for his 114 miles east of Falmouth, and in Fredericks­ position, there is evidence that he has pursued burg (1964), about two miles south of its main extremely conservative policies and has been re­ office. luctant to make the changes necessary to meet Bank’s growth, while steady, has not been ex­ the more complex and growing needs within ceptional. Its rate of deposit growth in the past Bank’s service area. It was, in part, the desire on five calendar years has been less than that of its the part of management to convert Bank into a nearest competitors in Fredericksburg. At Decem­ full-service institution which could promise the ber 31, 1964,1 Bank’s total deposits were approxi­ maximum of growth, development, and profit, mately $7 million, or about 50 per cent greater which reportedly led to this proposed affiliation of than at the same date in 1960. Its deposits of in­ Bank with Applicant’s holding company system. dividuals, partnerships, and corporations (“IPC Although Bank has a second officer apparently deposits”) at December 31, 1964, were nearly $6 capable of assuming chief-executive responsibili­ million, an increase of approximately $1.5 million ties upon retirement of the president, it is asserted over year-end 1960. In the same period, its loans that, absent the aggressive operational guidance and discounts increased from $3 million to $4 that Applicant could provide, the Bank’s second million. During this four-year period, demand line officer would, as a result of his previous ex­ IPC deposits increased nearly 53 per cent, while perience and training, continue to pursue ultra­ time IPC deposits increased only 33 per cent. conservative policies. Bank’s affiliation with Ap­ Despite the greater increase in demand deposits, plicant, as proposed, offers reasonable assurance at year-end 1964 Bank’s time IPC deposits rep­ that somewhat more aggressive policies will be resented 73 per cent of its total IPC deposits. Such pursued to meet the modern and growing needs disproportionate distribution, according to Appli­ of the area, and that such policies would be ad­ cant, results from a lack of aggressiveness on the ministered competently under Applicant’s super­ part of Bank in pursuing commercial business. vision. In addition, Applicant could provide Bank In the five years ending December 31, 1964, with a ready and immediate source of junior of­ Bank’s reported net income aggregated $212,000 ficer material to allow for future management and dividends paid amounted to $89,000, or 42 succession. Although this proposed acquisition is not the only means of improving Bank’s man­ per cent of reported earnings. agement situation, it is a ready and reasonable On the basis of the record, the Board concludes solution. In the Board’s judgment, this considera­ 1 Unless otherwise indicated, all banking data noted tion offers support, albeit slight, to approval of are as of this date. the application. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BULLETIN • JANUARY 1966 Convenience, needs, and welfare of the com­ Bank’s customers through referral to other of munities and area concerned. Bank’s primary Applicant’s subsidiaries. service area, reflecting a composite of the service With respect to Bank’s internal operations, Ap­ areas of its respective offices, generally comprises plicant proposes to improve the same by initiating the City of Fredericksburg and areas immediately faster check collection facilities and generally adjacent thereto in all directions. The combined more progressive operational programs and pro­ service area has a population estimated at about cedures, including the utilization of Applicant’s 35,500. While this area is generally rural in char­ computer facilities. acter, it is presently experiencing commercial and Although in major respects the Board finds that industrial development that will play an increas­ the principal banking needs of the Fredericksburg ingly important role in the area’s economy. The area are being adequately served, it appears that City of Fredericksburg, with an estimated 1965 the credit requirements of the growing industrial population of 14,000, contains some 260 retail and commercial enterprises in the area would be trade establishments, reporting annual retail sales better served by Bank under Applicant’s control totaling nearly $40 million. An additional $31 than is presently the case. The assistance that Ap­ million in business was generated by some 35 plicant has rendered its existing subsidiary banks wholesale and 20 manufacturing establishments in meeting the banking needs of their respective operating in the area. A notable example of the communities makes reasonable the conclusion that industrial development occurring in Fredericks­ the convenience and needs of the Fredericksburg burg is the location therein of the American area will be better served by Bank under Appli­ Viscose Division of FMC Corporation, which op­ cant’s control. This consideration offers some erates the world’s largest cellophane plant em­ weight for approval of the application. ploying about 2,800 persons. The economy of the Effect of proposed acquisition on adequate and Fredericksburg area is further supported by the sound banking, the public interest, and banking location therein of Mary Washington College and competition. Applicant’s seven subsidiary banks by the nearby location of three Federal military (including First National Bank of Vienna, the installations. Fredericksburg’s numerous historical acquisition of which was approved by the Board points of interest serve to encourage the area’s on August 27, 1965) operate 47 offices and hold substantial tourist trade. deposits aggregating $269 million, representing The evidence of record indicates that Bank has less than 6 per cent each of the total banking of­ not contributed to the extent of its potential to fices and deposits of Virginia banks.2 The addition the commercial and industrial development of the to Applicant’s holding company system of Bank’s Fredericksburg area. It is to this point that Appli­ four offices and $6.9 million of deposits would not cant has principally addressed its proposal to pro­ significantly affect those percentages. vide for Bank additional capital and expanded Neither Applicant nor any other holding com­ operations, particularly in the field of commercial pany has an office of a subsidiary bank located, and industrial lending activities. Applicant intends or competing to any significant degree, in the to effect gradually substantial change in Bank’s primary service area of Bank. The nearest office loan portfolio so that greater emphasis will be of a subsidiary of Applicant is about 12 miles from given to the service of commercial and industrial credit requirements, with less emphasis on residen­ 2 Data in this paragraph relating to banking offices and deposits are as of October 31, 1965, and Decem­ tial mortgage loans, which now comprise a sub­ ber 31, 1964, respectively, adjusted to include bank stantial portion of Bank’s total loan portfolio. mergers consummated and bank holding company Bank’s ability to accommodate a larger number acquisitions consummated or approved by the Board and size of credit demands will be facilitated, ac­ as of October 31, 1965, and, in respect to United Vir­ cording to Applicant, through participations in ginia Bankshares Incorporated, a registered bank hold­ ing company of Richmond, Virginia, approval on such loans by other members of Applicant’s sys­ December 15, 1965, of its acquisition of Williamsburg tem. In addition to the foregoing, Applicant as­ State Bank, Williamsburg, a proposed new bank, into serts that it will further enable Bank to meet an which will be merged the Peninsula Bank and Trust existing demand for auto sales financing programs, Company and James-York Bank, both of Williams­ and to provide fiduciary and agency services for burg. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 23 Bank’s Stafford branch and about 20 miles from not increase Applicant’s size or extent beyond its head office, and there is a non-holding company limits consistent with adequate and sound banking, bank operating in the intervening area. The Board the public interest, and the preservation of com­ finds that no significant amount of existing com­ petition in the field of banking. petition would be eliminated, nor potential com­ On the basis of all relevant facts as contained petition precluded, by Applicant’s acquisition and in the record before the Board, and in light of the operation of Bank. factors set forth in section 3(c) of the Act, it is The Banks which will be most directly affected the Board’s judgment that the proposed acquisi­ competitively by this proposal are those head­ tion would be consistent with the public interest quartered in Fredericksburg, Two of the three and that the application should, therefore, be ap­ Fredericksburg banks, with deposits of $18 mil­ proved. lion and $16.5 million, respectively, are substan­ tially larger than Bank. The remaining Bank was BARNETT NATIONAL SECURITIES COR­ opened in June 1964 and has deposits of $1.3 mil­ PORATION, JACKSONVILLE, FLORIDA lion. The initiation in Bank of more aggressive op­ In the matter of the application of Barnett Na­ erating policies, found earlier to be the likely result tional Securities Corporation, Jacksonville, Flor­ of Applicant’s acquisition of Bank, would, in the ida, for approval of the acquisition of voting Board’s judgment, tend to stimulate competition shares of Barnett First National Bank of Jackson­ between Bank and each of its larger Fredericks­ ville, Jacksonville, Florida. burg competitors. As for the smaller institution, it was chartered and commenced business in the Order Approving Application Under face of direct competition from each of the other Bank Holding Company Act long-established banks, and, despite its relatively There has come before the Board of Governors, recent entry in the area, apparently has acquired pursuant to section 3(a)(2) of the Bank Holding a reasonable share of the banking market. There Company Act of 1956 (12 U.S.C. 1842(a)(2)) is no reason to believe that its ability to compete and section 222.4(a)(2) of Federal Reserve Reg­ effectively will be significantly or adversely altered ulation Y (12 CFR 222.4(a)(2)), an application as a result of Applicant’s acquisition of Bank. on behalf of Barnett National Securities Corpora­ Two banks which would be less directly af­ tion, Jacksonville, Florida, a registered bank hold­ fected by this proposal are headquartered in ing company, for the Board’s approval of the ac­ Spotsylvania3 and in Quantico, each of which quisition of 80 per cent or more of the voting banks has an office located ten miles from an stock of Barnett First National Bank of Jackson­ office of Bank. The relatively small size of Bank, ville, Jacksonville, Florida. its distance from the banks in Spotsylvania, and As required by section 3(b) of the Act, the Quantico, and, with respect to the bank in Spot­ Board notified the Comptroller of the Currency sylvania, the fact that between it and the nearest of receipt of the application and requested his office of Bank there is an office of one of the views and recommendation thereon. The Comp­ Fredericksburg banks, make it unlikely, in the troller recommended approval of the application. Board’s opinion, that the two banks mentioned Notice of receipt of the application was published in Spotsylvania and Quantico will experience any in the Federal Register on August 25, 1965 (30 measurable competitive impact following con­ Federal Register 11006), which provided an op­ summation of Applicant’s proposal. portunity for submission of comments and views In the light of the foregoing considerations and regarding the application. Time for filing such all the facts in the record, the Board concludes comments and views has expired and all com­ that consummation of the subject proposal would ments and views filed with the Board have been considered by it. 3 The Peoples Bank of Spotsylvania is a small insti­ It s hereby ordered, for the reasons set forth tution which was organized in 1964 by some of Bank’s in the Board’s Statement of this date, that said directors with the intent of merging it with Bank after a five-year waiting period required by Virginia law. application be and hereby is approved, provided Forty-one per cent of that bank’s voting shares are that the acquisition so approved shall not be con­ owned by seven directors of Bank. summated (a) within seven calendar days after Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

24 FEDERAL RESERVE BULLETIN • JANUARY 1966 the date of this Order or (b) later than three and the others are in Cocoa, DeLand, and St. months after said date. Augustine. Applicant was organized in 1930, with its initial Dated at Washington, D. C., this 27th day of capital being provided by the shareholders of December, 1965. Bank—Bank’s corporate title then being The By order of the Board of Governors. Barnett National Bank of Jacksonville. From the Voting for this action: Unanimous, with all members time of organization until December 22, 1961, present. Applicant’s stock was trusteed for the benefit of * (Signed) Merritt Sherman, Bank’s shareholders and such stock was, by agree­ Secretary. ment, transferable only in conjunction with the [seal] transfer of an equal number of Bank shares. Statement The agreement restricting the transfer of Appli­ Barnett National Securities Corporation, Jack­ cant’s stock was terminated on the above date, but sonville, Florida (“Applicant” or “Barnett”), a substantial common ownership of the stock of registered bank holding company, has applied to Applicant and Bank remains. At a recent date, the Board of Governors, pursuant to the Bank about 97 per cent of Applicant’s outstanding stock Holding Company Act of 1956 (“the Act”), for was determined to be owned by shareholders who permission to acquire 80 per cent or more of the also owned about 96 per cent of the outstanding voting stock of Barnett First National Bank of stock of Bank. In addition to such common own­ Jacksonville, Jacksonville, Florida (“Bank”). ership, nine of Applicant’s eleven directors serve Views and recommendation of supervisory au­ as officers and/or directors of Bank, and five of thority. As required by section 3(b) of the Act, those same persons are, individually, board chair­ the Board notified the Comptroller of the Cur­ men of the five subsidiary banks. rency of receipt of the application and requested Applicant’s financial history and condition are his views and recommendation thereon. The satisfactory. Its prospects, measured largely by the Comptroller recommended approval of the appli­ sound condition and satisfactory deposit and earn­ cation. ings growth of its subsidiary banks also appear Statutory factors. Section 3(c) of the Act re­ satisfactory, and its management its regarded quires the Board to take into consideration the as capable and experienced. following five factors: (1) the financial history Bank was founded in 1877 and, with deposits and condition of the holding company and the of $159 million, is today the third largest bank banks concerned; (2) their prospects; (3) the in the Jacksonville metropolitan area. The Board character of their management; (4) the conveni­ finds its financial history and condition to be satis­ ence, needs, and welfare of the communities and factory, its future prospects favorable, and its the area concerned; and (5) whether or not the management satisfactory. effect of the proposed acquisition would be to Since Applicant’s formation in 1930, due to expand the size or extent of the bank holding the aforementioned common ownership and in­ company system involved beyond limits consistent terlocking managements of Applicant and Bank, with adequate and sound banking, the public in­ Bank has been and is now considered, for all terest, and the preservation of competition in the practical purposes, as one of the Barnett Group field of banking. of banks. In the Board’s appraisal of the probable Discussion. Applicant owns majority control of effect of the acquisition proposed, due considera­ five Florida banks1 which, at December 31, tion has been given the long-established affiliation 1964,2 had combined deposits of about $75 mil­ between Bank and the Barnett Group. It is con­ lion. The subsidiary banks each operate a single cluded that consummation of the acquisition pro­ office; two of the banks are located in Jacksonville posed will involve primarily a change in form, with no attending measurable change in either 1 One of the five banks, San Jose Barnett Bank, the scope or nature of Bank’s present operations. Jacksonville, commenced operations on May 20, 1965, Accordingly, the acquisition will have no material and had deposits of $1.4 million at June 30, 1965. 2 Unless otherwise indicated, all banking data noted effect on the convenience, needs, and welfare of are as of this date. the area concerned. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 25 Nor, in the Board’s judgment, will the proposed in the Board’s Statement of this date, that said change of Bank’s ownership alter the existing application be and hereby is denied. scope or extent of Applicant’s system, which, as Dated at Washington, D. C., this 27th day of constituted, the Board finds to be within limits December, 1965. consistent with adequate and sound banking, the By order of the Board of Governors. public interest, and the preservation of competi­ tion in the field of banking. Voting for this action: Unanimous, with all members present. On the basis of all the relevant facts as con­ (Signed) Merritt Sherman, tained in the record before the Board, and in the Secretary. light of the factors set forth in section 3(c) of [seal] the Act, it is the Board's judgment that the pro­ Statement posed transaction would be consistent with the public interest and that the application should Barnett National Securities Corporation, Jack­ therefore be approved. sonville, Florida (“Applicant” or “Barnett”), a registered bank holding company, has applied to BARNETT NATIONAL SECURITIES COR­ the Board of Governors, under the Bank Holding PORATION, JACKSONVILLE, FLORIDA Company Act of 1956 (“the Act”), for permission to acquire 80 per cent or more of the voting stock In the matter of the application of Barnett Na­ of First National Beach Bank, Jacksonville Beach, tional Securities Corporation, Jacksonville, Flor­ Jacksonville Beach, Florida (“Bank”). ida, for approval of the acquisition of voting Views and recommendation of supervisory au­ shares of First National Beach Bank, Jackson­ thority. As required by section 3(b) of the Act, ville Beach, Jacksonville Beach, Florida. the Board notified the Comptroller of the Currency Order Denying Application Under of receipt of the application and requested his Bank Holding Company Act views and recommendation thereon. The Comp­ troller voiced no objection to approval of the ap­ There has come before the Board of Governors, plication. pursuant to section 3(a)(2) of the Bank Holding Statutory factors. Section 3(c) of the Act re­ Company Act of 1956 (12 U.S.C. 1842(a)(2) quires the Board to take into consideration the and section 222.4(a)(2) of Federal Reserve Reg­ following five factors: (1) the financial history ulation Y (12 CFR 222.4(a)(2)), an application and condition of the holding company and the on behalf of Barnett National Securities Corpora­ banks concerned; (2) their prospects; (3) the tion, Jacksonville, Florida, a registered bank hold­ character of their management; (4) the conven­ ing company, for the Board’s approval of the ac­ quisition of 80 per cent or more of the voting ience, needs, and welfare of the communities and stock of First National Beach Bank, Jacksonville the area concerned; and (5) whether or not the Beach, Jacksonville Beach, Florida. effect of the proposed acquisition would be to As required by section 3(b) of the Act, the expand the size or extent of the bank holding Board notified the Comptroller of the Currency company system involved beyond limits consistent of receipt of the application and requested his with adequate and sound banking, the public in­ views and recommendation thereon. The Comp­ terest, and the preservation of competition in the troller voiced no objection to approval of the field of banking. application. Notice of receipt of the application The Board has this date announced approval of was published in the Federal Register on August an application by Barnett to acquire controlling 25, 1965 (30 Federal Register 11006), which stock ownership of its affiliate, Barnett First Na­ provided an opportunity for submission of com­ tional Bank of Jacksonville, Jacksonville, Florida. ments and views regarding the application. Time Accordingly, for purposes of this Statement, the for filing such comments and views has expired Barnett First National Bank of Jacksonville will and all comments and views filed with the Board be treated as a subsidiary bank of Applicant. have been considered by it. Applicant’s holding company system is com­ It is hereby ordered, for the reasons set forth prised of six subsidiary banks which, at Decern- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

26 FEDERAL RESERVE BULLETIN • JANUARY 1966 ber 31, 1964,1 had combined deposits of about sion or replacement in Bank appears at this time $235 million. Three of the banks are in Jackson­ to be conjectural, even should Bank have need to ville and the other three are located, respectively, seek management succession from outside, it ap­ at St. Augustine, DeLand, and Cocoa. By this ap­ pears to the Board that Bank’s efforts would prove plication, Applicant seeks permission to acquire successful. Bank is a $10 million-asset institution the only bank in Jacksonville Beach, located about with a good earnings record. It is situated only 18 18 miles east of Jacksonville. Bank has deposits miles from Jacksonville and within that city’s of $9.4 million. metropolitan area. These considerations should Financial history and condition, prospects, and give Bank reasonable, and perhaps advantageous, management of Applicant and Bank. The financial access to qualified managerial talent within and history and condition of Applicant are satisfactory. beyond the State of Florida. Nothing in the rec­ Its prospects, viewed in the light of the sound con­ ord before the Board suggests a contrary conclu­ dition and satisfactory deposit and earnings growth sion. Accordingly, while Applicant’s acquisition of its subsidiary banks, appear favorable. Its man­ of Bank could provide Bank with a convenient agement is regarded as capable and experienced. and reasonable solution to any future problems Bank was chartered as a State banking institu­ of management succession, for the reasons given tion in 1938 and converted to a national bank in this consideration does not weigh significantly in 1960. Bank’s growth has been steady and its op­ favor of approval of the application. erations reasonably profitable. Bank’s financial Convenience, needs, and welfare of the com­ history and condition are satisfactory. Based munities and area concerned. Bank’s primary thereon, and on the future growth potential of service area 2 is delineated roughly as a rectangu­ its service area, prospects for Bank’s sound growth, lar area extending along the Atlantic coastline for either continuing operation independent of Appli­ approximately 15 miles from north to south and cant’s control or as a subsidiary of Applicant, ap­ 2’A to 4 miles from east to west. The area has a pear favorable. population of about 33,000 persons, representing Bank’s principal organizer and chief executive an annual growth rate of about 10 per cent since officer, although 74 years of age, is regarded as a 1940, and encompasses, from north to south, the competent bank officer. The executive vice presi­ cities of Atlantic Beach, Neptune Beach, Jack­ dent, who is 54 years of age, has had more than sonville Beach, and Ponte Vedra (hereafter some­ 25 years’ banking experience (11 years with times referred to collectively as “the Beaches”). Bank) and is also considered competent. Although There is one other bank in the area, Ocean State the latter-mentioned officer has suffered ill health, Bank (deposits $4.4 million), which was estab­ it is not made to appear that his earlier illness lished in 1962 in Neptune Beach, 116 miles to the would prevent his taking charge of Bank when north of Bank. the chief executive retires. At the northern end of the primary service area Applicant asserts that the age and health fac­ is a large naval harbor, Mayport Naval Station. tors respecting these two principal officers will Atlantic, Neptune, and Ponte Vedra Beaches are, soon present a management succession problem for the most part, residential beach areas, while that cannot be solved internally and that Bank, Jacksonville Beach is primarily a small business, because of its size, is unable to attract and retain motel, and tourist area. The cities are linked to­ qualified top management personnel. While the gether along the coast with no rural areas separat­ Board recognizes that Applicant could, with its ing their respective corporate limits. It is Appli­ pool of experienced managerial talent, readily cant’s belief that the area will continue to grow solve management succession problems which residentially as the Jacksonville suburbs expand Bank might encounter, it does not agree that Bank away from the downtown area and as more and could not, as an independent institution, provide faster highways are constructed connecting the its own solution to any such problems. Apart from city and outlying communities. According to Apthe fact that the problem of management succes- 2 The area from which Applicant estimates virtually 1 Unless otherwise indicated, all banking data noted all of Bank’s deposits of individuals, partnerships, and are as of this date. corporations (“IPC deposits”) are derived. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 27 plicant, many people now residing in Atlantic might result in more efficient internal operations, and Neptune Beaches are employed in the City of Applicant’s holding company system is not the only Jacksonville. convenient source for these services. Advice and Applicant, while conceding that Bank is now assistance in such internal matters are generally generally serving the convenience, needs, and wel­ available through appropriate supervisory authori­ fare of its service area, asserts that, under Appli­ ties, correspondent banks, and from qualified pro­ cant’s ownership, Bank will be able to provide fessional organizations, though perhaps not as two additional important services. As a result of economically from the latter two sources as they affiliation with Barnett First National Bank of would be through a parent holding company. Jacksonville, Applicant asserts that Bank will pro­ For the foregoing reasons, while considerations vide trust services and, with access to National’s respecting the convenience, needs, and welfare of experience and knowledge respecting securities the communities and area concerned appear con­ investments, Bank will be able to provide im­ sistent with approval of the application, the Board proved and expanded investment services for its finds that such considerations offer only limited customers. support therefor. As to the proposed provision for trust services, Effect on adequate and sound banking, the Applicant states no intention either to have Bank public interest, and banking competition. On the seek fiduciary powers or, if such are sought and basis of the evidence of record showing (1) the granted, to install in Bank a trust department. areas within which Applicant’s subsidiaries and Rather, Applicant intends that Bank utilize the Bank now operate, (2) the geographic and busi­ trust services available at Applicant’s large Jack­ ness characteristics of those area, and (3) the sonville Bank. Save for a closer and more intimate banking alternatives reasonably available to the relationship that would be provided by such an residents of Bank’s services area, the Board con­ affiliation, Bank presently has available to it the cludes that the Jacksonville Metropolitan Area services of the trust departments of the three is an appropriate market within which to evaluate largest banks in Jacksonville, including Barnett the probable effect of Applicant’s proposal on the First National Bank, on a correspondent bank re­ adequacy and soundness of banking, the public lationship. interest, and the preservation of banking competi­ With respect to Applicant’s proposal to give tion. Consideration is also to be given to certain Bank access to Barnett First National’s securities collateral, but relevant, aspects of the proposal investment assistance, it is not proposed that Ap­ having State-wide effect. plicant will install an investment department at There are five registered bank holding company Bank, nor is there evidence of a need for such groups and one other banking group (the “Florida installation. Further, the Board is of the view that National Group”) operating in Florida. The six whatever may be the need of Bank’s customers groups control about 13 per cent of the banks for investment advice or portfolio management, and 23 per cent of all bank deposits in the State. such need can be reasonably and adequately met Applicant’s subsidiary banks constitute 1.2 per by Bank through recourse to available commer­ cent of the State’s banks, and they control about cial sources, or through the large Jacksonville 3.4 per cent of the deposits of all banks in the banks, only 18 miles distant, three of which have State. Measured on a State-wide basis, the addi­ deposits in excess of $100 million. In the circum­ tion of Bank to Applicant’s holding company stances presented, the slightly greater assurance system would not appear to expand the extent of of assistance offered by the proposed affiliation control of banking resources either by Applicant does not weigh significantly in favor of approval or by all Florida banking groups combined to a of Applicant’s proposal. degree inconsistent or incompatible with the Other services which would be rendered by preservation of banking competition. Applicant to Bank, as a subsidiary, include as­ Turning to the Jacksonville Metropolitan Area, sistance on providing successor management, it is noted that this area is coextensive with Duval modern accounting and check processing, auto­ County. There are three groups of banks operat­ mation, and periodic audit services. Although such ing in the County: the Atlantic Group, with five services would be of some benefit to Bank and banks; the Florida National Group, with six Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

28 FEDERAL RESERVE BULLETIN • JANUARY 1966 banks; and the Barnett Group with three banks, ber of alternative banking sources. Further, in one of which is its largest subsidiary. Applicant’s each of the earlier cases the establishment of a three banks held, at June 30, 1965, 22 and 23 per new banking outlet was found to be of potentially cent, respectively, of the total deposits and loans significant benefit to the convenience, needs, and held by all banks in the County. The 14 banks welfare of the Jacksonville area. controlled by the three groups hold, combined, As earlier stated, Jacksonville Beach is in the 81 per cent of the IPC deposits, 82 per cent of Jacksonville Metropolitan Area, only 18 miles the total deposits, and 79 per cent of the loans from Jacksonville. A substantial number of the held by the 24 banks in the County. Otherwise Jacksonville Beach residents are employed in stated, banks that are not associated with the Jacksonville, thus resulting in daily travel between three groups represent about 40 per cent of all the two areas. The relatively short distance, and banks in the County, but hold less than 20 per the fact that two highways connecting the areas cent of the deposits of all banks. If Applicant’s provide the residents of Jacksonville Beach with acquisition of Bank were consummated, Appli­ direct and rapid access to Jacksonville, warrant cant’s position in the segment of Duval County the conclusion that Jacksonville constitutes a con­ comprising Bank’s primary service area would venient situs for the business and shopping re­ approach the degree of dominance occupied by quirements of the Jacksonville Beach residents. the three groups’ banks in Duval County. Ac­ It follows, in the Board’s judgment, that the quisition of Bank would give Applicant control Jacksonville banks constitute reasonable alterna­ of deposits and loans equal to two-thirds of the tive sources of banking services for these residents. total deposits and loans now held by the two While the record reflects that a relatively small banks in that area. portion of Barnett First National Bank’s total Consummation of the proposed acquisition deposits originates in the Jacksonville Beach area, would reduce by one the number of non-group the volume of loans obtained by Barnett First banks in the County. In view of the dominant National Bank from Bank’s primary service area position now held by group banks in Duval is not insignificant. Barnett First National Bank County, any further increase in this position derives from Bank’s service area commercial and through acquisition by one of the groups of an industrial loans and consumer loans equal in dol­ existing independent bank should be permitted lar volume to approximately 40 per cent, respec­ only if favorable considerations clearly outweigh tively, of the total commercial and industrial and the patently adverse competitive consequences. consumer loans held by Bank. The significance The Board is unable to find such overriding fav­ of these data becomes more pronounced in the orable considerations in this case. light of the fact that consumer loans comprise There are, in the Board’s opinion, discernible nearly 80 per cent of Bank’s total loan portfolio. differences between the present proposal and prior Consummation of Applicant’s proposal would acquisitions by bank holding companies in the eliminate the significant competition that is Jacksonville area which have received Board ap­ evidenced for loans arising in Bank’s primary proval.5 Each of the earlier cases involved the service area. establishment and acquisition of a new bank. Further, residents of Jacksonville Beach, par­ Board approvals in those cases did not permit, as ticularly the segment of the working population would approval of this application, an immediate employed in Jacksonville, would be deprived of increase in the concentration of banking deposits a reasonably accessible alternative source of bank­ under holding company control, elimination of ing service. The importance of this consideration an independent bank, and a decrease in the num- is to be appraised in the light of the potential de­ velopment of the area between Jacksonville and “In the Matter of The Atlantic National Bank of Jacksonville Beach. It may be reasonably assumed Jacksonville and Atlantic Trust Company, 1959 F. R. that Jacksonville Beach will increasingly develop Bulletin 1353 (Nov.). In the matter of The Atlantic as a suburb of Jacksonville. As this occurs, the National Bank of Jacksonville and Atlantic Trust potential for increased competition between Bank Company, 1961 F. R. Bulletin 917 (Aug.), and in the matter of Barnett National Securities Corporation, and Jacksonville banks, including Applicant’s 1964 F. R. Bulletin 1138 (Sept.). Jacksonville subsidiaries, will increase. The bene- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 29 fits of such increased competition to the banking and all those received have been considered by public would be foreclosed by approval of this the Board. application. While the Board cannot predict with It is hereby ordered, for the reasons set forth certitude the precise nature and volume of com­ in the Board’s Statement of this date, that said petition that will develop between the banks of application be and hereby is denied. the two areas, the evidence of record satisfies the Dated at Washington, D. C., this 4th day of Board that approval of Applicant’s proposal January, 1966. would foreclose a sufficiently meaningful volume By order of the Board of Governors. of future competition as to be inconsistent with the preservation of competition in the field of Voting for this action: Chairman Martin, and Gover­ nors Balderston, Robertson, Shepardson, Daane, and banking and contrary to the public interest. Maisel. Voting against this action: Governor Mitchell. On the basis of all the relevant facts as con­ tained in the record before the Board, and in the (Signed) Merritt Sherman, light of the factors set forth in section 3(c) of Secretary. the Act, it is the Board’s judgment that the pro­ [seal] posed transaction would not be consistent with the public interest and that the application should Statement therefore be denied. Central Wisconsin Bankshares, Inc., Wausau, CENTRAL WISCONSIN BANKSHARES, INC., Wisconsin (“Applicant”), a registered bank hold­ WAUSAU, WISCONSIN ing company, has applied to the Board of Gov­ ernors, pursuant to section 3(a)(2) of the Bank In the matter of the application of Central Wis­ Holding Company Act of 1956 (“the Act”), for consin Bankshares, Inc., Wausau, Wisconsin, for permission to acquire up to 100 per cent of the approval of the acquisition of voting shares of voting stock to be issued by the Central National Central National Bank of Stettin, Stettin, Wis­ Bank of Stettin, Stettin, Wisconsin (“Bank”), a consin, a proposed new bank. proposed new bank. Views and recommendation of supervisory au­ Order Denying Application Under thority. As required by section 3(b) of the Act, Bank Holding Company Act the Board notified the Comptroller of the Cur­ There has come before the Board of Governors, rency of receipt of the application and requested pursuant to section 3(a)(2) of the Bank Holding his views and recommendation thereon. The Company Act of 1956 (12 U.S.C. 1842(a)(2)) Comptroller recommended approval of the appli­ and section 222.4(a)(2) of Federal Reserve Reg­ cation. ulation Y (12 CFR 222.4(a)(2)), an application Statutory factors. Section 3(c) of the Act re­ on behalf of Central Wisconsin Bankshares, Inc., quires the Board to take into consideration the Wausau, Wisconsin, a registered bank holding following five factors: (1) the financial history company, for the Board’s approval of the acquisi­ and condition of the holding company and the tion of up to 100 per cent of the 20,000 voting banks concerned; (2) their prospects; (3) the shares of the Central National Bank of Stettin, character of their management; (4) the conveni­ Stettin, Wisconsin, a proposed new bank. ence, needs, and welfare of the communities and As required by section 3(b) of the Act, notice of the area concerned; and (5) whether or not the receipt of the application was given to the Comp­ effect of the proposed acquisition would be to troller of the Currency with a request for his expand the size or extent of the bank holding views and recommendation. The Comptroller rec­ company system involved beyond limits consistent ommended approval of the application. with adequate and sound banking, the public in­ Notice of receipt of the application was pub­ terest, and the preservation of competition in the lished in the Federal Register on June 16, 1965 field of banking. (30 F.R. 7770), providing an opportunity for Applicant became a bank holding company in interested persons to submit comments and views September 1961 and presently controls two with respect to the proposed acquisition. The time banks, namely, the First American National Bank, for filing such comments and views has expired Wausau (“American National”), a commercial Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

30 FEDERAL RESERVE BULLETIN • JANUARY 1966 bank with total deposits of $53 million at Decem­ Regarding the proposed new bank, Applicant ber 31, 1964,1 and the Wisconsin Valley Trust projects that it will have total deposits of about Company, Wausau (“Trust Company”), a trust $4.7 million at the end of three years of operation company with total deposits of $175,000. Trust and that it will show a net profit of about $11,000 Company is primarily engaged in a fiduciary busi­ for its third year of operation. On the basis of ness and cannot, under its charter, accept demand these and additional projections set forth in the deposits. Applicant’s subsidiaries are located in record, the Board concludes that Bank’s condition a common building in the portion of the City of and its future prospects will be satisfactory. Bear­ Wausau lying east of the Wisconsin River. ing on Bank’s favorable prospects is the fact that Preliminary approval of a national bank char­ it is proposed to be established on a tract of land ter for Bank has been granted by the Comptroller owned by Employers Mutuals of Wausau, a lead­ of the Currency. As proposed, Bank will be situ­ ing writer of comprehensive insurance. The com­ ated just outside the city limits of the portion of pany, with an annual payroll of nearly $6 million, Wausau lying west of the Wisconsin River. Al­ plans to construct new main office facilities on though none of Bank’s 20,000 shares has been the site. There also will be developed on the Em­ issued, all have been subscribed for by certain ployers Mutuals tract a 40-acre shopping center directors or officers of Applicant or its subsidiary containing, among other commercial outlets, a banks. Applicant states that Bank will be opened department store, supermarket, and motel. The for business regardless of the Board’s action on tract also will contain commercial office space, a this application, and that if the application is de­ medical center, and multiple family housing units. nied and Bank’s organizers decide to sell their Although it is indicated that the Wausau City shares, they will give purchase priority to the Council has approved the annexation of this com­ present shareholders of Applicant. plex to the city, and Employers Mutuals is ex­ Financial history, condition, and prospects of pected to occupy its new quarters in 1966, the Applicant and Bank. Applicant’s brief financial cumulative effect of the complex is not expected history is satisfactory. In the four-year period end­ to be experienced most strongly until after 1970. ing December 31, 1964, the aggregate deposits As earlier stated, it is proposed that Bank will of its subsidiary banks increased from $35 million be established even if the present application is to $53 million. Based upon the sound condition denied. Since, as hereafter discussed, Bank’s reflected in Applicant’s balance sheet and the sat­ primary service area 2 will encompass the above­ isfactory condition of its subsidiary banks, the mentioned commercial development—a fact au­ Board finds that Applicant’s financial condition is guring well for Bank’s prospects—and inasmuch satisfactory. as Bank probably will be owned and controlled Applicant’s largest subsidiary, American Na­ initially by shareholders of Applicant if this ap­ tional, is by far the dominant bank in Wausau plication is denied, and thus operated in close and in Marathon County. In the past five calendar harmony with Applicant’s other subsidiaries, the years its deposits increased from $32 million to considerations relative to Bank’s prospects as a $53 million, or 64 per cent. In the same five-year subsidiary of Applicant are not viewed as offering period the book value of fiduciary accounts serv­ significant support for approval of the application. iced by Trust Company increased from $27.4 mil­ Management. Applicant’s management is drawn lion to $28.5 million. Both banks appear to be primarily from its subsidiary banks and, based operating profitably. The population in the Wau­ upon the sound financial record of the banks, sau area has grown from 42,197 in 1950 to 48,758 the Board concludes that management of Appli­ in 1960, and is presently estimated at about 51,000 cant is satisfactory. Likewise, inasmuch as Ap­ persons. Based on the favorable growth prospects plicant states that Bank's management also will be drawn from Applicant’s subsidiary banks, and of the subsidiary banks and the area they serve, this apparently regardless of the Board’s action on it is concluded that Applicant’s prospects for con­ Applicant’s proposal, the Board concludes that tinued growth and satisfactory earnings are satis­ management of Bank will be satisfactory regardfactory. !The area from which Applicant estimates that 75 1 Unless otherwise indicated, all banking data noted per cent of Bank’s deposits of individuals, partner­ are as of this date. ships, and corporations (“IPC deposits”) originate. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 31 less of whether or not the acquisition is approved service area, they are unable to furnish the spe­ and consummated. Consequently, while considera­ cialized services which are, or will be, required tions relating to Bank’s management under Ap­ by their customers. On the other hand, according plicant’s plan of acquisition are consistent with to Applicant, through Bank’s affiliation with Ap­ approval of the application, they do not offer plicant’s two subsidiary banks, complete banking strong support therefor. services would be made available to the area’s Convenience, needs, and welfare of the area industrial, commercial, and residential customers. concerned. Bank’s primary service area consists Among the services that Applicant proposes to of that part of the greater Wausau area lying make available through or to Bank are computer west of the Wisconsin River, extending from processing of certain loan and deposit accounts, Bank’s proposed site from five to six miles north, advice and assistance in handling special credit south, and west, and one mile to the east. The problems, assistance in advertising, auditing, ac­ area encompasses portions of the townships of counting, and legal matters, and the availability Maine, Berlin, Stettin, Marathon, and Rib Moun­ of a full range of trust services. tain. The eastern portion of the area, along the A study of the record before the Board, includ­ west bank of the river, contains several large in­ ing the character of the area primarily to be served dustrial plants, as well as some retail establish­ by Bank and the banking facilities now available ments. Also along the river and to the west of to the present and prospective occupants of that Bank’s proposed site are a large number of area, leads to the reasonable conclusion that the residential properties, and still farther west an major banking requirements of the area are pres­ agricultural area. Bank’s primary service area con­ ently being served, and that foreseeable require­ tains about 24,000 persons, a majority of whom ments can be met by Bank, operating independ­ are located within the City of Wausau. Although ently of Applicant’s system, together with other of recent growth in the area has been moderate, the the area’s banks. Even though Bank might, as a prospects are for rather significant growth result­ subsidiary of Applicant, more immediately offer ing from establishment of the Employers Mutuals certain of the services proffered by and through complex. Applicant estimates that within ten years Applicant than would be the case if Bank were after the opening of Bank the population in its pri­ operated outside of Applicant’s system, the Board mary service area will be approximately 36,000, is unable to find that any significant disadvantage and that employment will increase to or exceed would occur to Bank’s prospective customers from 8,600 during the same time. such independent operation. With respect to the Two banks are now located in Bank’s desig­ businesses and individuals to be located in the nated service area—People’s State Bank, Stettin proposed Employers Mutuals complex, since Bank (deposits of $3.7 million), situated six-tenths of will be established in the complex regardless of a mile from Bank’s proposed site; and Citizens the Board’s action on this application, the prob­ State Bank and Trust Company, Wausau (de­ able benefits to prospective occupants and cus­ posits of $15.5 million), situated about one mile tomers of the complex from consummation of from Bank’s proposed site. Four other banks, Applicant’s proposal lend but slight support for including Applicant’s subsidiaries, are located out­ approval thereof. side of, but compete within, Bank’s primary serv­ The same conclusion of minimal benefit from ice area. Applicant’s two subsidiaries are located Applicant’s acquisition of Bank is, in the Board’s within 1.8 miles of the proposed site of Bank, judgment, equally applicable to Bank’s prospective as is the third in size of the six competing banks customers other than those who would be drawn —First National Bank, Wausau, which has de­ to Bank primarily because of the Employers Mu­ posits of $5.7 million. Since there are several tuals development. These customers will have not bridges joining the eastern and western sections only the services offered by Bank, but they will of the City of Wausau, any of the banks named have convenient access, as the Board now finds would appear to be readily accessible to prospec­ they have, to all major banking services through tive customers within Bank’s designated primary Applicant’s two existing subsidiaries, which consti­ service area. tute the area’s largest commercial bank and trust Applicant asserts that due to the small size of institution, both located within two miles of Bank’s the banks located in Bank’s designated primary proposed site, and to the area’s second largest com- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

32 FEDERAL RESERVE BULLETIN • JANUARY 1966 mercial bank, with $15 million of deposits, located Within the Wausau area and in Marathon within one mile of Bank’s site. In addition, a num­ County, American National is the dominant factor ber of the banking services required by the area’s in the commercial banking structure, as it its af­ inhabitants can be obtained within one-half mile of filiated Trust Company in respect to fiduciary ac­ Bank’s site from a bank with nearly $4 million of counts. American National’s deposits of $53 mil­ deposits. lion represent more than 50 per cent of the total On the basis of the foregoing, it is the Board’s deposits, and nearly 58 per cent of the demand judgment that considerations bearing on the con­ IPC deposits of the 16 banks in Marathon County. venience, needs, and welfare of the community Its deposits are more than three times greater than and area concerned, while consistent with approval those of the County’s Second largest bank ($15.5 of the application, lend no tangible support for million), and nearly ten times greater than those such approval. of the County’s third largest bank ($5.7 million). Effect on adequate and sound banking, the In the Wausau area, there are now located six public interest, and banking competition. Appli­ banks. These banks hold, in the aggregate, total cant, in terms of aggregate deposits of subsidiary deposits of nearly $82 million and IPC deposits of banks, is fifth in size of six bank holding com­ about $71 million. The deposits held by American panies headquartered in Wisconsin. Its present two National represent 65 per cent, respectively, of the banking offices, with aggregate deposits of $53 aforementioned total and IPC deposits, and 71 per million, represent, respectively, less than 1 per cent cent of the demand IPC deposits. Applicant has of the offices and deposits of all commercial banks stated that of American National’s total IPC de­ in the State. Were Applicant’s deposits to include posits, about $12.5 million, or more than 25 per the deposits projected for Bank’s first three years cent of such total, were estimated to be derived of operation ($4,650,000), the percentage of com­ from Bank’s designated primary service area. Thus, mercial bank deposits controlled by Applicant American National derives in IPC deposits nearly would remain at less than 1 per cent of all deposits three times the dollar volume of total deposits in the State. The six bank holding companies dom­ projected for Bank at the end of three years of iciled in Wisconsin control about 8 per cent of the operation. offices and 35 per cent of the deposits of Wisconsin Applicant states that more than one-half of the commercial banks, and two other holding com­ near $12.5 million IPC deposits derived from panies headquartered outside the State, but oper­ Bank’s service area are accounts of other than ating three offices therein, hold less than 1 per cent large customers. On the basis of the foregoing, the of such commerc .il bank deposits. On a State-wide Board finds that Applicant’s system so dominates scale, the acquisition here proposed would not, in the banking structures of Marathon County and the Board’s judgment, expand the extent of con­ the Wausau area that even the relatively small in­ trol of banking resources either by Applicant or by crease in Applicant’s control of banking resources all holding company systems operating in Wiscon­ in both areas that would result from consummation sin beyond limits consistent with adequate and of its proposed acquisition of Bank would prove sound banking or the preservation of banking inimical to the preservation of banking competi­ competition. tion in those areas. A similar conclusion was The market area most directly affected by Ap­ reached by the Wisconsin Commissioner of Banks plicant’s propos il. and in relation to which the who recommended denial of the application for Board has determined the probable effects of that the reason that its consummation “would give postion of Marathon County which Applicant has [Applicant] an increased dominant position over designated as the respective primary service areas banking operations within the immediate area of of Bank and of Applicant’s two subsidiaries. Bank’s the City of Wausau” and “would represent a designated primary area, except for portions of the further detriment to the best interests of the other westernmost boundary thereof, lies wholly within independent banks operating within this area.” the common primary service area designated for Additional considerations relevant to the Board’s American National and Trust Company, Appli­ decision on this application are the extent to which cant’s two subsidiaries. This area, common to all competition between Applicant’s present subsidi­ three banks in the aforementioned respect, is her- aries and Bank would be precluded by the acquisi­ after referred to as the Wausau area. tion proposed, and the effect of such acquisition Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 33 on the competitive abilities of other banks in the be measurably affected one way or the other by Wausau area. Inasmuch as this proposal involves affiliation of Central National Bank of Stettin with the acquisition of a new bank, no existing com­ the Holding Company. However, I concluded from petition between it and Applicant’s banks is in­ this that, since this transaction is not hostile to the volved. Respecting future competition between and public interest, Applicant’s business judgment and among these institutions which might arise if this operational acumen should be permitted to pre­ application is denied, the Board recognizes that the vail. individuals who would control Bank as an in­ On the first point, Bank will open with an iden­ dependent institution are at the same time of­ tity of the corporate interest controlling the Hold­ ficers, directors, and stockholders of Applicant ing Company and the Bank and, therefore, there and/or its banks. While such affiliation might rea­ will be no competition in any meaningful sense be­ sonably be expected to preclude the future growth tween Bank and Holding Company. It serves no of any substantial competition between Bank and useful purpose to pretend otherwise. either or both of Applicant’s subsidiaries, the na­ On the second point, the Board’s denial of Ap­ ture of the affiliation that would exist if this ap­ plicant’s proposal assumes a premise not estab­ plication is denied is such as to permit some com­ lished in the record, namely, that the dominant petition between Applicant’s banks and Bank. In position occupied by Applicant’s system in the view of the dominant position now occupied by Wausau area is per se evidence of a position hostile Applicant in this area, action by the Board that to the public interest. It could have been, however, would preclude the development of even minimal that the dominant position reflected the superior future competition would be contrary to the public service provided by Applicant’s banks to the com­ interest, unless accompanied by overriding favor­ able considerations. No such considerations are munity, a fact not contradicted in the record. The found to be present in this case. Comptroller of the Currency presumably deter­ mined that the banking requirements of the area The Board finds that even the slight strengthen­ to be served by Bank were such that the opening ing of Applicant’s already dominant position that would occur upon its acquisition of Bank portends of the bank would not produce an overbanked sufficiently adverse competitive consequences as condition. That decision is not subject to review to outweigh the foreseeably slight contribution to by the Board. However, under the Bank Holding the convenience of the communities and area con­ Company Act, judgments of the banking needs of cerned. On the basis of all the relevant facts as the area involved, and of the probable effect of contained in the record before the Board, and in consummation of the proposal on the adequacy the light of the factors set forth in section 3(c) of and soundness of banking, bring into being a re­ the Act, it is Board’s judgment that the proposed consideration of the need or advisability of per­ transaction would not be consistent with the public mitting Applicant’s ownership and operation of a interest and that the application should therefore new bank at the proposed location. be denied. In my opinion, before asserting that the tech­ nical assent sought by the Holding Company was DISSENTING STATEMENT OF GOVERNOR MITCHELL adverse to the public interest, the Board should have held a public hearing on this application to My dissent from the Board’s action denying elicit direct, pertinent testimony and other evidence Central Wisconsin Bankshares’ application is based on the competitive issue. Such a hearing would on two judgments: first, the inability of the Board, have supplied this type of evidence, regrettably by its action in this case, to change to any signif­ absent in the record before the Board, and perhaps icant degree, the competitive situation in the Wausau area; and, second, that the Board’s action would have enabled the Board to judge more rea­ is premised on the unsupported and implicit as­ sonably the question of whether Applicant’s posi­ sumption that Applicant’s dominant position in the tion in the Wausau area is the result of a service area is per se evidence of a monopolistic and pre­ rendition substantially superior to its competitors. daceous operation. I would agree with the majority Absent evidence that this is not the fact, Appli­ that the applicant has not established that the cant’s operating preferences should not be im­ convenience and needs of the community would peded by unsupported administrative assumption. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS DESIGNATIONS AND APPOINTMENTS OF CHAIRMEN AND FEDERAL RESERVE AGENTS, DEPUTY CHAIRMEN, AND DIRECTORS The Board of Governors of the Federal Reserve System announced the following appointments at the Federal Reserve Banks and branches, effective January 1, 1966, unless otherwise indicated. Names in CAPITALS indicate NEW appointments; all others are reappointments. Brief data about each of the new appointments follow the listings. Chairmen and Federal Reserve Agents (One-year term, beginning January 1, 1966) Federal Reserve Bank Boston Erwin D. Canham, Editor in Chief, The Christian Science Monitor, Boston, Massachusetts. New York EVERETT N. CASE, President, Alfred P. Sloan Foundation, New York City. Philadelphia Walter E. Hoadley, Vice President and Treasurer, Armstrong Cork Com­ pany, Lancaster, Pennsylvania. Cleveland Joseph B. Hall (former Chairman of the Board), The Kroger Co., Cincinnati, Ohio. Richmond Edwin Hyde, President, Miller & Rhoads, Inc., Richmond, Virginia. Atlanta Jack Tarver, President, Atlanta Newspapers, Inc., Atlanta, Georgia. Chicago Franklin J. Lunding, Chairman, Finance Committee, Jewel Tea Company, Inc., Chicago, Illinois. St. Louis Raymond Rebsamen, Chairman of the Board, Rebsamen & East, Inc., Little Rock, Arkansas. Minneapolis JUDSON BEMIS, President, Bemis Company, Inc., Minneapolis, Minne­ sota. Kansas City Homer A. Scott, Vice President and District Manager, Peter Kiewit Sons’ Company, Sheridan, Wyoming. Dallas CARL J. THOMSEN, Senior Vice President, Texas Instruments, Inc., Dallas, Texas. San Francisco FREDERIC S. HIRSCHLER, President, The Emporium Capwell Com­ pany, San Francisco, California. Deputy Chairmen (One-year term, beginning January 1, 1966) Federal Reserve Bank Boston William Webster, Chairman and Chief Executive Officer, New England Electric System, Boston, Massachusetts. New York KENNETH H. HANNAN, Executive Vice President, Union Carbide Corporation, New York City. 34 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 35 Deputy Chairmen—Continued Philadelphia Willis J. Winn, Dean, Wharton School of Finance and Commerce, Uni­ versity of Pennsylvania, Philadelphia, Pennsylvania. Cleveland Logan T. Johnston, President, Armco Steel Corporation, Middletown, Ohio. Richmond William H. Grier, President, Rock Hill Printing & Finishing Company, Rock Hill, South Carolina. Atlanta EDWIN I. HATCH, President, Georgia Power Company, Atlanta, Georgia. Chicago JOHN W. SHELDON, President, Chas. A. Stevens & Co., Chicago, Illinois. St. Louis Smith D. Broadbent, Jr., Owner, Broadbent Hybrid Seed Company, Cadiz, Kentucky. Kansas City Dolph Simons, Editor and President, The Lawrence Daily Journal-World, Lawrence, Kansas. Dallas MAX LEVINE, Chairman of the Board, Foley’s, Houston, Texas. San Francisco John D. Fredericks, Chairman of the Board and Chief Executive Officer, Pacific Clay Products, Los Angeles, California. Federal Reserve Bank.Directors 1 (Three-year terms, beginning January 1, 1966) Boston CHARLES W. COLE (former U.S. Ambassador to Chile), Amherst, Massachusetts. New York KENNETH H. HANNAN (see page 34). Philadelphia D. Robert Yarnall, Jr., President, Yarway Corporation, Philadelphia, Pennsylvania. Cleveland Logan T. Johnston (see above). Richmond Wilson H. Elkins, President, University of Maryland, College Park, Mary­ land. Atlanta EDWIN I. HATCH (see above). Chicago ELVIS J. STAHR, Jr., President, Indiana University, Bloomington, Indiana. St. Louis Raymond Rebsamen (see page 34). Kansas City Dean A. McGee, Chairman, Kerr-McGee Oil Industries, Inc., Oklahoma City, Oklahoma. Dallas KENNETH S. PITZER, President, Rice University, Houston, Texas. San Francisco BERNARD T. ROCCA, Jr., President, Pacific Vegetable Oil Corporation, San Francisco, California. 1 Each Federal Reserve Bank has a board of di­ and the three C directors are appointed by the Board rectors consisting of nine members, divided into three of Governors. The terms of two of the elected di­ classes, designated as Classes A, B, and C. The six A rectors and one of the appointed directors at each and B directors are elected by the member banks, Federal Reserve Bank expire at the end of each year. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

36 FEDERAL RESERVE BULLETIN • JANUARY 1966 Federal Reserve Bank Branch Directors 2 (Three-year terms unless otherwise indicated) Federal Reserve Bank and Branch New York Buffalo Maurice R, Forman, President, B. Forman Company, Inc., Rochester, New York. Cleveland Cincinnati R. Stanley Laing, President, The National Cash Register Company, Dayton, Ohio. Pittsburgh F. L. Byrom, President, Koppers Company, Inc., Pittsburgh, Pennsylvania. Richmond Baltimore E. Wayne Corrin, President, Consolidated Gas Supply Corporation, Clarksburg, West Virginia. ARNOLD J. KLEFF, Jr., Manager, Baltimore Plant, Ameri­ can Smelting and Refining Company, Baltimore, Maryland (for unexpired portion of term ending December 31, 1966). Charlotte JOHN L. FRALEY, Executive Vice President, Carolina Freight Carriers, Inc., Cherryville, North Carolina. A tlanta Birmingham Eugene C. Gwaltney, Jr., Vice President, Russell Mills, Inc., Alexander City, Alabama. Jacksonville CASTLE W. JORDAN, President, Ryder Systems, Inc., Miami, Florida. DOUGLAS M. PRATT, President, National City Lines, Tampa, Florida (for unexpired portion of term ending December 31, 1967). Nashville ALEXANDER HEARD, Chancellor, Vanderbilt University, Nashville, Tennessee. New Orleans FRANK G. SMITH, Jr., Vice President, Mississippi Power and Light Company, Jackson, Mississippi. Chicago Detroit Guy S. Peppiatt, Chairman, Federal-Mogul Corporation, Detroit, Michigan. St. Louis Little Rock Carey V. Stabler, President, Little Rock University, Little Rock, Arkansas. Louisville C. Hunter Green, Vice President, Southern Bell Telephone and Telegraph Company, Louisville, Kentucky. Memphis Sam Cooper, President, HumKo Products Division, National Dairy Products Corporation, Memphis, Tennessee. Minneapolis (2-year term) Helena Edwin G. Koch, President, Montana College of Mineral Science and Technology, Butte, Montana. 3 Federal Reserve Bank branches have either five or serve Bank, and the others are appointed by the seven directors, of whom a majority are appointed Board of Governors of the Federal Reserve System. by the board of directors of the parent Federal Re­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 37 Federal Reserve Bank Branch Directors—Continued Kansas City (2-year terms) Denver CRIS DOBBINS, President, Ideal Cement Company, Denver, Colorado. Oklahoma City C. W. FLINT, Jr., Chairman, Flint Steel Company, Tulsa, Oklahoma. Omaha John T. Harris, merchant and cattleman, McCook, Nebraska. Dallas El Paso JOSEPH M. RAY, President, Texas Western College, El Paso, Texas. Houston D. B. Campbell, Manager, Sabine River Works, E. I. du Pont de Nemours & Company, Inc., Orange, Texas. GEORGE T. MORSE, Jr., President, Peden Iron & Steel Company, Houston, Texas (for unexpired portion of term ending December 31, 1966). San Antonio FRANCIS B. MAY, Chairman, Department of General Business, University of Texas, Austin, Texas. San Francisco (2-year terms) Los Angeles Arthur G. Coons, President Emeritus, Occidental College, Los Angeles, California. Portland Graham J. Barbey, President, Barbey Packing Corporation, Astoria, Oregon. Salt Lake City ROYDEN G. DERRICK, President, Western Steel Com­ pany, Salt Lake City, Utah. Seattle William McGregor, Vice President, McGregor Land and Livestock Company, Hooper, Washington. Federal Reserve Bank of Boston York, who had been serving as a Class B director CHARLES W. COLE, Amherst, Massachusetts, of the Federal Reserve Bank of New York since was appointed a directer of the Federal Reserve January 1960, was appointed a Class C director Bank of Boston for the three-year term beginning for a three-year term beginning January 1, 1966, January 1, 1966. Mr. Cole was until recently and was appointed Deputy Chairman of the Bank United States Ambassador to Chile. As a director, for the year 1966. Mr. Hannan is Executive Vice he succeeds General James McCormack, Vice President, Union Carbide Corporation, in New President, Massachusetts Institute of Technology, York. As Deputy Chairman, he succeeds Everett Cambridge, who resigned effective November 30, N. Case, and as a director he succeeds Philip D. 1965. Reed (see preceding paragraph). Federal Reserve Bank of New York Federal Reserve Bank of Richmond EVERETT N. CASE, New York, New York, ARNOLD J. KLEFF, Jr., Baltmore, Maryland, who had been serving as a Board-appointed di­ was appointed a director of the Baltimore branch rector of the Federal Reserve Bank of New York of the Federal Reserve Bank of Richmond for the since January 1961, and as Deputy Chairman of unexpired portion of a term ending December 31, the Bank since January 1965, was appointed 1966. Mr. Kleff is Manager, Baltimore Plant, Chairman for the year 1966. Mr. Case is Presi­ American Smelting & Refining Company, in dent, Alfred P. Sloan Foundation, in New York. Baltimore. As a director, he succeeds Harry B. As Chairman, he succeeds Philip D. Reed, former Cummings, Vice President, Koppers Company, Chairman of the Board, General Electric Com­ Inc., in Baltimore, who resigned effective Decem­ pany, New York City, whose terms as Chairman ber 31, 1965. and as a director expired December 31, 1965. JOHN L. FRALEY, Cherryville, North Caro­ KENNETH H. HANNAN, New York, New lina, was appointed a director of the Charlotte Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

38 FEDERAL RESERVE BULLETIN • JANUARY 1966 branch of the Federal Reserve Bank of Richmond Holt, President, University of Tennessee, Knox­ for a three-year term beginning January 1, 1966. ville, whose term expired December 31, 1965. Mr. Fraley is Executive Vice President and FRANK G. SMITH, Jr., Jackson, Mississippi, Executive Committee Chairman, Carolina Freight was appointed a director of the New Orleans Carriers, Inc., in Cherryville. As a director, he branch of the Federal Reserve Bank of Atlanta for succeeds J. C. Cowan, Jr., Vice Chairman of the a three-year term beginning January 1, 1966. Mr, Board, Burlington Industries, Inc., Greensboro, Smith is Vice President, Mississippi Power and North Carolina, whose term expired December 31, Light Company, in Jackson. As a director, he 1965. succeeds J. O. Emmerich, Editor, Enterprise­ Journal, McComb, Mississippi, whose term ex­ Federal Reserve Bank of A tlanta pired December 31, 1965. EDWIN I. HATCH, Atlanta, Georgia, was ap­ pointed a director of the Federal Reserve Bank Federal Reserve Bank of Chicago of Atlanta for a three-year term beginning Janu­ JOHN W. SHELDON, Chicago, Illinois, who ary 1, 1966, and was appointed Deputy Chairman had been serving as a Board-appointed director of of the Bank for the year 1966. Mr. Hatch is Presi­ the Federal Reserve Bank of Chicago since Janu­ dent, Georgia Power Company, in Atlanta. As ary 1961, was appointed Deputy Chairman of the Deputy Chairman and as a director, he succeeds Bank for the year 1966. Mr. Sheldon is President, J. M. Cheatham, President, Dundee Mills, Incorpo­ Chas. A. Stevens & Company, in Chicago. As rated, Griffin, Georgia, whose terms as Deputy Deputy Chairman, he succeeds James H. Hilton, Chairman and as a director expired December 31, Director, Office of University Development, Iowa 1965. State University of Science and Technology, Ames, Iowa, whose terms as Deputy Chairman and as a CASTLE W. JORDAN, Miami, Florida, was director expired December 31, 1965. appointed a director of the Jacksonville branch of the Federal Reserve Bank of Atlanta for a ELVIS J. STAHR, Jr., Bloomington, Indiana, three-year term beginning January 1, 1966. Mr. was appointed a director of the Federal Reserve Jordan is President of Ryder Systems, Inc., in Bank of Chicago for a three-year term beginning Miami. As a director, he succeeds Claude J. January 1, 1966. Mr. Stahr is President, Indi­ Yates, Chairman of the Board, Florida Atlas ana University, in Bloomington. As a director, he Corporation, Jacksonville, whose term expired succeeds James H. Hilton (see paragraph above). December 31, 1965. Federal Reserve Bank of Minneapolis DOUGLAS M. PRATT, Tampa, Florida, was JUDSON BEMIS, Minneapolis, Minnesota, who appointed a director of the Jacksonville branch of had been serving as Deputy Chairman of the the Federal Reserve Bank of Atlanta for the un­ Federal Reserve Bank of Minneapolis since expired portion of a term ending December 31, April 1961, was appointed Chairman of the Bank 1967. Mr. Pratt is President, National City Lines, for the year 1966. Mr. Bemis is President, Bemis in Tampa. As a director, he succeeds Harry T. Company, Inc., in Minneapolis. As Chairman, Vaughn, President, United States Sugar Corpora­ he succeeds Atherton Bean, Chairman of the tion, Clewiston, Florida, who resigned effective Board, International Milling Company, Minne­ December 31, 1965, to begin service as an elected apolis, whose terms as Chairman and as a di­ Class B director of the Federal Reserve Bank of rector expired December 31, 1965. Atlanta. Federal Reserve Bank of Kansas City ALEXANDER HEARD, Nashville, Tennessee, CRIS DOBBINS, Denver, Colorado, was ap­ was appointed a director of the Nashville branch pointed a director of the Denver branch of the of the Federal Reserve Bank of Atlanta for a Federal Reserve Bank of Kansas City for a twothree-year term beginning January 1, 1966. Mr. year term beginning January 1, 1966. Mr. Dob­ Heard is Chancellor, Vanderbilt University, in bins is President, Ideal Cement Company in Nashville. As a director, he succeeds Andrew D. Denver. As a director, he succeeds Robert T. Per- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 39 son, President, Public Service Company of Denver, the Federal Reserve Bank of Dallas for the un­ Colorado, whose term expired December 31, 1965. expired portion of a term ending December 31, 1966. Mr. Morse is President, Peden Iron & C. W. FLINT, Jr., Tulsa, Oklahoma, was ap­ Steel Company, in Houston. As a director, he pointed a director of the Oklahoma City branch succeeds Lovett C. Peters, Vice President, Con­ of the Federal Reserve Bank of Kansas City for tinental Oil Company, Houston, who resigned ef­ a two-year term beginning January 1, 1966. Mr. fective December 31, 1965. Flint is Chairman of the Board of the Flint Steel Company, in Tulsa. As a director, he succeeds FRANCIS B. MAY, Austin, Texas, was ap­ James E. Allison, Consultant, Warren Petroleum pointed a director of the San Antonio branch of Corporation, Tulsa, whose term expired December the Federal Reserve Bank of Dallas for a three- 31, 1965. year term beginning January 1, 1966. Mr. May is Chairman of the Department of General Busi­ Federal Reserve Bank of Dallas ness, College of Business Administration, Uni­ versity of Texas, in Austin. As a director, he CARL J. THOMSEN, Dallas, Texas, who had succeeds Dr. John R. Stockton, Director of the been Deputy Chairman of the Federal Reserve Bureau of Business Research, University of Texas, Bank of Dallas since January 1964, was appointed Austin, whose term expired December 31, 1965. Chairman of the Bank for the year 1966. Mr. Thomsen is Senior Vice President, Texas Instru­ ments, Inc., in Dallas. As Chairman, he succeeds Federal Reserve Bank of San Francisco Robert O. Anderson, Owner, Lincoln County Live­ stock Company, Roswell, New Mexico, whose FREDERIC S. HIRSCHLER, San Francisco, terms as Chairman and as a director expired California, who had been serving as a Board- December 31, 1965. appointed director of the Federal Reserve Bank of San Francisco since March 1962, was appointed MAX LEVINE, Houston, Texas, who had been Chairman of the Bank for the year 1966. Mr. serving as a Board-appointed director of the Hirschler is President, The Emporium Capwell Federal Reserve Bank of Dallas since January Company, in San Francisco. As Chairman, he 1964, was appointed Deputy Chairman of the succeeds F. B. Whitman, Director and Con­ Bank for the year 1966. Mr. Levine is Chairman sultant, The Western Pacific Railroad Company, of the Board, Foley’s, in Houston. As Deputy San Francisco, whose terms as Chairman and as Chairman, he succeeds Carl J. Thomsen (see a director expired December 31, 1965. preceding paragraph). KENNETH S. PITZER, Houston, Texas, was BERNARD T. ROCCA, Jr., San Francisco, appointed a director of the Federal Reserve Bank California, was appointed a director of the Federal of Dallas, for a three-year term beginning January Reserve Bank of San Francisco for a three-year 1, 1966. Mr. Pitzer is President, Rice University, term beginning January 1, 1966. Mr. Rocca is in Houston. As a director, he succeeds Robert O. President, Pacific Vegetable Oil Corporation, in Anderson (see second paragraph above). San Francisco. As a director, he succeeds F. B. Whitman (see preceding paragraph). JOSEPH M. RAY, El Paso, Texas, was ap­ pointed a director of the El Paso branch of the ROYDEN G. DERRICK, Salt Lake City, Utah, Federal Reserve Bank of Dallas for a three-year was appointed a director of the Salt Lake City term beginning January 1, 1966. Mr. Ray is Presi­ branch of the Federal Reserve Bank of San Fran­ dent, Texas Western College, in El Paso. As a di­ cisco for a two-year term beginning January 1, rector, he succeeds Roger B. Corbett, President, 1966. Mr. Derrick is President, Western Steel New Mexico State University, University Park, Company, in Salt Lake City. As a director, he whose term expired December 31, 1965. succeeds Howard W. Price, President, The Salt GEORGE T. MORSE, Jr., Houston, Texas, was Lake Hardware Company, Salt Lake City, whose appointed a director of the Houston branch of term expired December 31, 1965. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

40 FEDERAL RESERVE BULLETIN • JANUARY 1966 FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS1 The Federal Reserve Banks have announced the following appointments of branch directors. The appointments have been made for terms of three years beginning January 1, 1966, except where otherwise indicated. Federal Reserve Bank and Branch New York Buffalo Arthur S. Hamlin, President, The Canandaigua National Bank and Trust Company, Canandaigua, New York. (Re­ appointed) Cleveland Cincinnati Jacob H. Graves, President, The Second National Bank and Trust Company, Lexington, Kentucky. Mr. Graves succeeds John W. Woods, Jr., President, The Third Na­ tional Bank of Ashland, Kentucky. Pittsburgh Robert C. Hazlett, President and Director, Wheeling Dollar Savings & Trust Company, Wheeling, West Virginia. Mr. Hazlett succeeds Alfred H. Owens, President, The Citizens National Bank of New Castle, Pennsylvania. Richmond Baltimore Joseph B. Browne, President, Union Trust Company of Maryland, Baltimore, Maryland. (Reappointed) Charlotte G. Harold Myrick, Executive Vice President and Trust Officer, The First National Bank of Lincolnton, North Carolina. (Reappointed) Atlanta Birmingham Major W. Espy, Sr., Chairman and President, The Head­ land National Bank, Headland, Alabama. Mr. Espy suc­ ceeds A. Calvin Smith, President, First National Bank, Greenville, Alabama. Jacksonville Andrew P. Ireland, President, American National Bank in Winter Haven, Florida. Mr. Ireland succeeds Arthur W. Saarinen, President, Broward National Bank of Fort Lauderdale, Florida. 1 Federal Reserve Bank branches have either five Board of Govenors of the Federal Reserve System. or seven directors, of whom a majority are appointed The announcement of appointments of branch di­ by the board of directors of the parent Federal Re­ rectors made by the Board of Governors is published serve Bank, and the others are appointed by the on page 35 of this Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 41 Nashville Moses E. Dorton, President, The First National Bank of Crossville, Tennessee. Mr. Dorton succeeds R. S. Walling, President, First National Bank, McMinnville, Tennessee. New Orleans Donald L. Delcambre, President, State National Bank, New Iberia, Louisiana. Mr. Delcambre succeeds J. R. Mc- Cravey, Jr., Vice President, Bank of Forest, Mississippi. Chicago Detroit B. P. Sherwood, Jr., President, Security First Bank and Trust Company, Grand Haven, Michigan. Mr. Sherwood succeeds G. Lincoln Linderholm, President, Central Bank, Grand Rapids, Michigan. St. Louis Little Rock Louis E. Hurley, President, The Exchange Bank and Trust Company, El Dorado, Arkansas. Mr. Hurley suceeds H. C. Adams, Executive Vice President, The First National Bank of De Witt, Arkansas. Louisville John H. Hardwick, President, The Louisville Trust Com­ pany, Louisville, Kentucky. (Reappointed) Memphis W. W. Hollowell, President, The First National Bank of Greenville, Mississippi. Mr. Hollowell succeeds Charles R. Caviness, President, National Bank of Commerce of Corinth, Mississippi. Minneapolis (2-year term) Helena B. Meyer Harris, President, The Yellowstone Bank, Laurel, Montana. (Reappointed) Kansas City (2-year terms) Denver Armin B. Barney, Chairman of the Board, Colorado Springs National Bank, Colorado Springs, Colorado. (Reap­ pointed) Oklahoma City Howard J. Bozarth, President, City National Bank and Trust Company, Oklahoma City, Oklahoma. (Reap­ pointed) Omaha John W. Hay, Jr., President, Rock Springs National Bank, Rock Springs, Wyoming. Mr. Hay succeeds R. E. Barton, President, The Wyoming National Bank of Casper, Wyoming. Henry D. Kosman, Chairman of the Board and President, Scottsbluff National Bank, Scottsbluff, Nebraska. (Re­ appointed) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

42 FEDERAL RESERVE BULLETIN • JANUARY 1966 Dallas El Paso Joe B. Sisler, President, The Clovis National Bank, Clovis, New Mexico. Mr. Sisler succeeds Chas. B. Perry, Chair­ man of the Board and President, First State Bank, Odessa, Texas. Houston Henry B. Clay, President, First Bank and Trust Company, Bryan, Texas. Mr. Clay succeeds M. M. Galloway, Presi­ dent, First Capitol Bank, West Columbia, Texas. San Antonio James T. Denton, Jr., President, Corpus Christi Bank and Trust Company, Corpus Christi, Texas. Mr. Denton suc­ ceeds Dwight D. Taylor, former President, Pan Ameri­ can State Bank, Brownsville, Texas. San Francisco (2-year terms) Los Angeles Sherman Hazeltine, Chairman of the Board and Chief Executive Officer, First National Bank of Arizona, Phoenix, Arizona. Mr. Hazeltine succeeds Ralph V. Arnold, President and Chairman of the Board, First Na­ tional Bank and Trust Company, Ontario, California. Portland E. J. Kolar, President, The United States National Bank of Portland, Oregon. (Reappointed) Salt Lake City William E. Irvin, President, The Idaho First National Bank, Boise, Idaho. Mr. Irvin succeeds V. R. Steffensen, Presi­ dent, First Security Bank of Idaho, N. A., Boise, Idaho. Seattle Maxwell Carlson, President, The National Bank of Com­ merce of Seattle, Washington. (Reappointed) CHANGES IN THE BOARD’S STAFF also retired on December 31st. Joining the Board’s Lewis N. Dembitz, an Associate Adviser in the staff in 1936, Mr. Bass had served in the Office Division of Research and Statistics, retired Decem­ of the Secretary as Accounting Supervisor and in ber 31, 1965, Mr. Dembitz, who joined the Board’s the Division of Administrative Services and the staff in January 1934 as a research assistant, had Office of the Controller as Chief of the Fiscal Sec­ served in the Divisions of Security Loans and In­ tion before his appointment as Assistant Control­ ternational Finance, in the latter as an Assistant Di­ ler. rector, prior to his transfer in the Division of Re­ search and Statistics in 1956. He had served as CHANGE IN OFFICERS AT THE FEDERAL RESERVE BANK OF ST. LOUIS an Associate Adviser since January 1960. Mr. Harry A. Shuford, President of the Federal Sampson H. Bass, Assistant Controller since 1958, Reserve Bank of St. Louis since October 1, 1962, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 43 resigned effective January 16, 1966, to accept a top adopted by the Board of Governors, all net earn­ management position with the First National Bank ings after the statutory dividend to member banks in Dallas. and additions to surplus accounts to bring them Effective January 17, 1966, First Vice President to the level of paid-in capital stock were paid into Darryl R. Francis was appointed President to suc­ the U.S. Treasury as interest on Federal Reserve ceed Mr. Shuford for the unexpired portion of the notes. five-year term ending February 28, and for a term Compared with 1964, gross earnings were up of five years beginning March 1, 1966. Mr. Fran­ $216 million, reflecting, mainly, larger holdings cis joined the staff of the St. Louis Reserve Bank in of U.S. Government securities and a somewhat 1944 as an Economist in the Research Depart­ higher average yield. The principal increases in ment. He resigned in 1949 to engage in com­ earnings were as follows: on holdings of Govern­ mercial banking. In November 1953, he was re­ ment securities, $198 million; on discounts and employed by the Reserve Bank as a Vice President. advances, $10 million; and on foreign currencies, Mr. Francis served as Vice President and Manager $8 million. Expenses in 1965 were up $7 million, assigned to the Memphis Branch from January 1, and dividends were up $2 million. 1954 until December 1, 1959, when he was ap­ pointed First Vice President. Mr. Francis holds a Item 1965 1964 B.S. Degree in Agriculture from the University of Missouri. Thousands of dollars EARNINGS AND EXPENSES OF THE FEDERAL Current earnings............................................ 1,559,484 1,343,747 RESERVE BANKS IN 1965 AND 1964 Current expenses............................................... 204,290 197,369 Preliminary figures received from the Federal Re­ Current net earnings................................... 1 ,355,194 1,146,351 serve Banks indicate that during 1965 their gross Net addition to current net earnings1........ 1,022 726 earnings were $1,559 million; expenses, $204 mil­ Net earnings before payments to U.S. lion; and net earnings before statutory dividends Treasury............................................................ 1,356,215 1,147,077 and payments to the U.S. Treasury, $1,356 million. Dividends paid........................................... 32,352 30,782 Payments to U.S. Treasury Net earnings were distributed as follows: pay­ (interest on F.R. notes).......................... 1,296,810 1,582,119 ments to the U.S. Treasury, $1,297 million; divi­ Transferred to surplus...................................... 27,054 -465,823 dends to member banks, $32 million; and additions to surplus accounts, $27 million. Under the policy 1 Includes net losses on sales of U.S, Govt, securities of $9,000 in 1965 and net profits of $616,000 in 1964, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Released for publication January 17 Industrial production and nonfarm employment able and nondurable materials advanced consider­ advanced substantially again in December and ably. retail sales increased. Bank credit expanded further Construction and the money supply rose sharply. Long-term market interest rates changed little from mid­ New construction put in place was at an annual December to mid-January as new issue volume rate of about $69 billion in December, unchanged diminished seasonally, but short-term rates rose from the revised figure for November and the further. previous high set in September. Private construc­ tion edged higher in December as business and Industrial Production other nonresidential activity advanced further Industrial production in December rose to 148.3 while residential construction held at its moder­ per cent of the 1957-59 average, 1.4 per cent ately reduced rate. Public construction expendi­ above the revised November level of 146.3 per tures dipped somewhat in December after a sharp cent. Materials production rose sharply further and recovery the previous month. output of final products increased moderately. The December index was 7.4 per cent higher than Employment a year earlier, and for the year as a whole indus­ Nonfarm employment rose again in December, trial output was 8 per cent above 1964. increasing by more than 350,000. Gains were Auto assemblies were maintained at an annual widespread as employment continued to advance rate of 9.3 million units and production for Jan­ in the durable goods manufacturing, trade, and uary is scheduled at the same rate. Output of services industries. Employment in construction household appliances, television sets, furniture, and also posted a sharp gain following a long period of consumer staples continued to expand. Production relative stability. The average workweek in manu­ of commercial machinery and aircraft rose further facturing continued at the postwar high of 41.4 and output of industrial machinery was maintained hours. The unemployment rate declined further to at record levels. Iron and steel output rose more 4.1 per cent, the lowest level since May 1957. than 5 per cent from the low reached in Novem­ ber, but was still a sixth below the levels of last Distribution spring and summer. Production of most other dur- Retail sales in December were up 1 per cent INDUSTRIAL PRODUCTION from the October-November level. They were 7 per cent above a year earlier, reflecting in part a 2 per cent rise in consumer prices. The dollar volume of sales of all durable goods stores com­ bined rose in December, although deliveries of new domestic autos declined to an annual rate of 8.6 million units from 9.0 million in November. Total nondurable goods sales were also higher. Commodity Prices The industrial commodity price index rose slightly further from mid-December to mid­ January, to a level 1.5 per cent above a year earlier. Prices of some structural and tool steels were increased, while steel sheet produced on the West Coast was reduced; the index of steel mill products as a whole changed little, remaining at a F.R. indexes, seasonally adjusted. Latest figures shown are for December. level about 1 per cent above a year ago. Prices 44 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 45 of steel scrap and copper scrap increased, while commercial bank time and savings deposits slowed some chemicals and electronic components de­ somewhat. clined. Average prices of foodstuffs rose above Total and required reserves increased substan­ the advanced levels reached in mid-December. tially in December after showing little overall change in other recent months. Excess reserves Bank Credit, Money Supply, and Reserves increased to about the same level as borrowings, Commercial bank credit rose $2.5 billion in which were unchanged. December, about the same amount as in each of the two previous months. Total loans advanced Security Markets substantially further, reflecting in large part heavy Yields on seasoned corporate and municipal borrowing by businesses during the year-end tax bonds changed little on balance between mid­ and dividend payment period. Holdings of U.S. December and mid-January. In the same period Government securities were unchanged, following yields on long-term Treasury bonds declined increases earlier in the fourth quarter associated slightly, while yields on short- and intermediate­ with Treasury financing operations. Bank acquisi­ term U.S. Government securities continued to rise. tions of municipal and agency issues were a little The 3-month Treasury bill advanced from 4.40 per larger than in other recent months. The money cent to 4.60 per cent. Common stock prices in­ supply increased sharply, following a small in­ creased moderately to a new all-time high in mid­ crease in November, but the rate of growth in January. PRICES INTEREST RATES WHOLESALE CONSUMER Bureau of Labor Statistics indexes. Latest figures shown for consumer prices, November; for wholesale prices, November. years or more and for 90-day Treasury bills. Latest figures shown, week ending Jan. 14. Digitized for FRASER https://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 c Corrected adjusted for seasonal variation IPC Individuals, partnerships, and corpora­ p Preliminary tions r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets I, II L Liabilities III, IV Quarters S Sources of funds n.a. Not available U Uses of funds n.e.c. Not elsewhere classified * Amounts insignificant in terms of the par­ S.A. Monthly (or quarterly) figures adjusted ticular unit (e.g., less than 500,000 for seasonal variation when the unit is millions) (1) Zero, (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. “U.S. Govt, securities” may include guaranteed issues of U.S. Govt, agencies (the flow of funds figures also in­ clude 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. LISI OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued issue Page Flow of funds............................................................... Jan. 1966 106-15 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: A nnt tally 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 46 Digitized for FRASER https://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........ 48 Reserve Bank discount rates; margin requirements; reserve requirements................... 53 Open market transactions; Federal Reserve Banks......................................................... 55 Bank debits; currency in circulation ................................................................................ 58 Money supply; banks and the monetary system ............................................................. 60 Commercial and mutual savings banks, by classes ......................................................... 62 Commercial banks, by classes .......................................................................................... 66 Weekly reporting member banks .................................................................................. 68 Business loans .................................................................................................................... 71 Interest rates ........................................................................................................................ 72 Security prices; stock market credit; open market paper ............................................ 73 Savings institutions ................................................................................................... 74 Federal finance .................................................................................................................. 76 Federally sponsored agencies .......................................................................................... 81 Security issues .................................................................................................................... 82 Business finance ............................................................................................................... 85 Real estate credit ............................................................................................................... 87 Consumer credit ................................................................................................................. 90 Industrial production ....................................................................................................... 94 Business activity; construction ...................................................................................... 98 Employment and earnings ................................................................................................. 100 Wholesale and consumer prices ......................................................................................... 102 National product and income series ................................................................................... 104 Flow of funds ......................................................................................................................... 106 Guide to tabular presentation ............................................................................................ 46 Index to statistical tables ................................................................................................... 145 The data for F.R. Banks and member banks and eral finance, and Federal credit agencies are ob­ for consumer credit are derived from regular tained from Treasury statements. The remain­ reports made to the Board; production indexes ing data are obtained largely from 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 avail­ figures 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). 47 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

48 BANK RESERVES AND RELATED ITEMS JANUARY 1966 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F, R. Bank credit outstanding Deposits, other P d e o a r r i t o e d T U o .S ta . l G B o r o v o ig t u u , g h t s ­ h t e t cu R c a r e h i g ti p a r e e s u s e e r ­ ­ c v D o a a a n u n i d s c n d ­ e ­ ts s Float 1 t T a o l ­ 2 s G to o c ld k T r s r c o e u t e in a u n u r a g n r y c t s ­ ­ y d ­ ­ r c C t e c i u i n o u n i l r c a n r ­ y ­ ­ T h r c i u e n o a r g a s l y d s h s ­ ­ Tr t u e h w r a a y i s n t ­ h m r e F e s e F . e m R i o g rv b . n r e ­ e B s r , a O b n a k th s n e k r i c O F o a t . u h c R n ­ e . t r s B W F a . n R it k h M . s e r m e r C s b e a e e n n u r c r d v r y e ­ b s an T k o tal ments coin 3 Averages of daily figures 1929—June......... 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 ............ 2,314 1933—June......... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec........... 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec........... 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec........... 23,708 23,708 381 65224,744 20,047 4,322 28.452 2,269 625 1,247 493 16,027 16,027 1950—Dec........... 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1955—Dec........... 24,602 24,318 284 840 1,389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec........... 24,765 24;498 267 706 1,633 27,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec........... 23,982 23,615 367 716 1 ,443 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 1,496 28,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec........... 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 1960—Dec........... 27,248 27,170 78 94 1 ,66529,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961—Dec........... 29,098 29,061 37 152 1,921 31,217 16,929 5,587 33,954 422 514 229 244 1,112 17,259 2,859 20,118 1962—Dec........... 30,546 30,474 72 305 2,29833,218 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 2,43436,610 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 1 ,78436,760 15,462 5,584 37,541 414 886 135 200 1,273 17,356 3,202 20,558 1964—Dec........... 37,126 36,895 231 266 2,42339,873 15,388 5.401 39,698 595 944 181 186 1,093 17,964 3,645 21,609 1965—Jan............ 36,684 36,457 227 340 2,12639,245 15,258 5,395 39,013 652 875 180 223 949 18,006 3,613 21,619 Feb........... 37,052 36,957 95 450 1,65039,244 14,984 5,394 38,641 696 943 145 211 1,166 17,820 3,407 21,227 Mar.......... 37,315 37,267 48 441 1,65939,535 14,687 5,396 38,777 727 890 144 194 1,049 17,836 3,412 21,248 Apr........... 37,637 37,482 155 487 1 ,65839,882 14,472 5,405 38,942 744 865 170 207 783 18,047 3,458 21,505 May......... 38,111 37,749 362 520 1 ,63340,340 14,358 5,402 39,052 755 908 142 187 985 18,070 3,406 21,476 June......... 38,840 38,610 230 543 1 ,71441,153 14,277 5,402 39,508 772 844 142 182 1,196 18,187 3,522 21,709 July.......... 39,249 38,891 358 527 1,831 41 ,651 13,924 5,412 40,005 780 805 160 196 740 18,301 3,564 21,865 Aug.......... 39,318 39,074 244 566 1,581 41,504 13,858 5,433 40,104 810 924 215 185 480 18,076 3,544 21 ,620 Sept.......... 39,108 39,055 53 533 1,92241,610 13,858 5,469 40,347 809 978 210 195 287 18,111 3,618 21,729 Oct...... 39,601 39,580 21 515 1,86942,048 13,857 5,496 40,734 800 1 ,024 169 209 142 18,323 3,636 21,959 Nov.......... 40,128 40,127 1 485 1 ,96542,649 13,845 '5,537 Ml ,372 r801 930 174 224 296 18,235 3,723 21 ,958 Dec........... 40,885 40,772 113 490 2.34943,853 13,799 5,566 42,205 809 683 154 231 389 18,747 "3,970 ‘’22,717 Week ending—• 1964 Nov. 4............... 35,711 35,642 69 479 1,63437,910 15,462 5,505 38,446 484 666 122 197 1,111 17.851 3,359 21,210 11............... 35,986 35,671 315 429 1,711 38,201 15,463 5,497 38,793 503 546 139 205 1,153 17,823 3,192 21,015 18............... 35.913 35,698 215 593 1,96238,532 15,462 5,497 38,975 533 563 130 215 1,150 17,926 3,389 21,315 25................ 35.992 35,867 125 162 2,13638,388 15,430 5,494 39,071 552 521 148 183 1,245 17,592 3,467 21,059 Dec. 2................ 36,667 36,667 ........... 377 1 ,86038,969 15,387 5,456 39,277 554 827 224 196 886 17,848 3,528 21,376 9...3..7...,.3..3...5. 37,335 124 1 ,950 39,480 15,387 5,400 39,476 571 873 186 186 1 231 17,745 3,397 21,142 16................ 37 ,'335 37,020 315 162 2,08439,632 15,388 5,402 39,743 593 1 ,024 142 176 1J06 17,637 3,750 21,387 23............... 36,926 36,660 266 291 2,90740,175 15,387 5,404 39,834 608 978 144 183 1,057 18,160 3,681 21 ,841 30............... 36,936 36,570 366 535 2,88440,409 15,388 5,397 39,852 620 990 221 177 996 18,338 3,653 21,991 1965 Jan. 6................ 37,058 36,515 543 340 2,62240,111 15,388 5,407 39,552 630 674 228 283 1,026 18,513 3,686 22,199 13............... 36,816 36,515 301 460 2,14939,522 15,330 5.394 39,282 649 780 186 205 970 18,174 3,671 21,845 20................ 36,460 36,403 57 322 2,24939,112 15,187 5,393 38,927 662 1 ,015 178 212 902 17,797 3,643 21,440 27................ 36,440 36,334 106 252 I ,841 38,631 15,187 5,387 38,644 657 997 151 213 877 17,668 3,591 21,259 Feb. 3................ 36,876 36,769 107 323 1 ,61 i 38,923 15,157 5,396 38,565 664 940 148 216 1,032 17,912 3,489 21,401 10................ 37,272 37,133 139 517 1 ,47239,384 15,045 5,391 38,641 679 924 152 207 1,158 18,060 3,252 21,312 17................ 37,151 37,088 63 398 1 ,54039,189 14,937 5,397 38,715 699 1 ,001 141 220 1 ,158 17,589 3,460 21 ,049 24............... 36,812 36,718 94 565 1 ,73039.162 14,938 5,391 38,613 719 878 139 204 1 ,195 17,744 3,442 21,186 Mar. 3................ 36,911 36,835 76 315 1 ,92439,226 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 1,62439,475 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 2,005 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 1,37639,444 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 .48739,883 14,519 5.406 39,092 741 910 158 202 804 17,899 3,389 21,288 21................ 37,594 37,486 108 589 1 ,95640,230 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 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 BANK RESERVES AND RELATED ITEMS 49 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 r t r io e d T U o . t S a . l Go B o v o t u u , t g ­ s h e t c u R c a r h e i g t a i p r e e s u s e e r ­ ­ c v D a o a a n u n i d s c n d ­ e - t s s Float 1 t T a o l ­ 2 s G to o c ld k T s r c o i t u e n a u u r a g n r y t s - ­ d ­ ­ r c C t e c i u i o n u i n l r n c a r ­ y ­ ­ T h c r i u n e o a g r a s l y d s h s ­ ­ Tr t u e h w r a a y s i n t ­ h r m e F s F e e . e R i m o g rv r . n b ­ e e B s r , a O n b t k a h s n e k r1 c O F o a t . u h c R n ­ e . t r s W F.R ith M e r m e r C e s a b e n n u e r c d r v r y ­ e b s an T k otal right ments Banks coin 3 Averages of daily figures Week ending— 1965 May 5................ 37,894 37,501 393 494 1,641 40,137 14,411 5,409 38,825 747 837 164 205 827 18,353 3,390 21 ,743 12................ 38,190 37,565 625 514 1 ,55740,332 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 ,91540,333 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 ,59840,146 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 1,44640,772 14,291 5,399 39,239 759 856 142 190 1 ,285 17,992 3,422 21,414 9................ 38,889 38,515 374 494 1 ,55641,006 14,293 5,394 39,472 765 840 127 178 1,293 18,017 3,352 21,369 16................ 38,817 38,527 290 626 1,63241,131 14,292 5,394 39,555 771 816 151 177 1 ,231 18,115 3,534 21,649 23................ 38,775 38,696 79 596 2,03741 ,455 14,292 5,409 39,528 778 892 129 185 1 ,153 18,491 3,569 22,060 30................ 38,870 38,740 130 500 1,67841,102 14,227 5,413 39,513 777 803 162 184 1 ,082 18,221 3,673 21,894 July 7................ 39,588 39,050 538 594 1,71841 ,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 1.88342,128 13,934 5,405 40,201 762 842 146 196 829 18,491 3,614 22,105 21................ 38,864 38,766 98 427 2,20641 ,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 1.67441,201 13,923 5,408 39,901 792 873 156 186 710 17,914 3,683 21,597 Aug. 4................ 39,400 38,903 497 544 1,44041 ,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 1.48041 ,786 13,858 5,422 40,125 800 1 ,050 198 191 470 18,230 3,372 21,602 18............... 39,136 39,037 99 493 1,77041,434 13,858 5,426 40,202 812 848 235 190 466 17,965 3,549 21,514 25................ 39,134 38,971 163 547 1,69241,409 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 1,42741,170 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 ,55241 ,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 ,821 41,508 13,857 5,470 40,488 809 987 212 191 312 17,836 3,748 21,584 22................ 38,708 38,621 87 635 2,53941 ,918 13,858 5,470 40,319 812 1.023 187 207 220 18,478 3,636 22,114 29................ 39.074 39,074 ..........5.59 1,89841 ,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 1,721 42,196 13,857 5,478 40,492 794 1,048 187 221 233 18,557 3,496 22,053 13................ 39,779 39,749 30 507 1,71742,061 13,857 5.493 40,814 802 1,021 178 218 203 18,175 3,531 21,706 20................ 39,486 39,424 62 611 2,21042,347 13,858 5,501 40,848 810 1 ,053 170 204 78 18,544 3,729 22,273 27................ 39,292 39,292 ........... 372 1,91641,642 13,857 5,504 40,729 803 975 161 196 81 18,058 3,780 21,838 Nov. 3................ 39,829 39,829 533 1,63542,082 13,858 5,512 40,817 786 927 154 214 176 18,377 3,734 22,111 10................ 40,253 40,249 4 369 1,92542,616 13,858 5,532 41,112 792 1 ,063 179 215 261 18,386 3,518 21,904 17................ 40,048 40,048 522 1,98842,605 13,859 5,540 41,389 791 1 ,045 180 231 234 18,134 3,744 21,878 24................ 39,788 39,788 ........... 394 2,26442,501 13,843 5,542 41,520 806 884 180 217 319 17,959 3,788 21,747 Dec. 1................ 40,535 40,535 567 1,80243,018 13,808 5.544 41,734 818 761 159 235 412 18.253 3,937 22,190 8................ 41,014 40,911 103 514 1.86043,519 13,809 5,548 41,928 816 670 155 225 460 18,622 3,713 22,335 15................ 40,879 40,824 55 518 2,05343,571 13,808 5,556 42,260 803 637 158 225 410 18,442 4,021 22,463 22................ 40,824 40,802 22 247 2,87644,066 13,809 5,572 42,367 802 720 146 230 359 18,822 3,985 22,807 29................ 40,852 40,631 221 592 2,71344,289 13,786 5.585 42,348 817 687 159 226 349 19,074 "4,007 "23,081 End of month 1965 Oct. 39,657 39,657 510 1 ,65241,905 13,857 5,509 40,754 773 1 ,053 144 211 133 18,204 3,419 21,623 Nov. 40,575 40,575 365 1 ,73942,789 13,805 5,532 41,824 773 719 149 245 369 18,050 4,180 22,230 Dec. 40,768 40,478 290 137 2,24843,340 "13,733 "5,590"42,022 "81 I 668 150 355 211 18.447"4.188 "22,635 Wednesday 1965 Nov. 3................ 40,277 40,277 635 1,39242,387 13,859 5,533 40,996 795 945 168 194 248 18,432 3,889 22,321 10................ 40,048 40,048 184 2,20742,505 13,859 5,539 41,410 790 1,190 188 305 255 17,764 3,959 21,723 17................ 40,048 40,048 281 2,16042,535 13,859 5,541 41,490 798 912 182 208 320 18,025 4,065 22,090 24................ 40,086 40,086 ........... 792 1 ,62442,600 13,809 5,544 41,720 836 870 158 222 303 17,844 4,244 22,088 Dec. 1 40,782 40,782 249 1 ,65942,811 13,809 5,540 41,845 803 791 145 244 444 17,888 4,313 22,201 8................ 40,926 40,926 181 1,59442,822 1 3,809 5.557 42,222 804 658 146 218 457 17,683 4,093 21 ,776 15................ 40,824 40.824 122 2,295 43,361 13,809 5,567 42,373 812 612 144 227 347 18,222 4,511 22,733 22................ 40,631 40,631 298 2,627 43,675 1 3,809 5,568 42,509 816 843 191 220 346 18,128 4,396 22,524 29................ 40,889 40.631 258 540 2,21543,808 13.734 5.591 42,314 820 533 159 227 338 18.742 "4,644"23,386 i 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

50 BANK RESERVES AND RELATED ITEMS JANUARY 1966 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks AU 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 ir e e ­ d Excess B r F i a o n a . g n R w t s k . ­ s s F e r r r e e v ­ e e s T h o e t l a d l qu R ir e e ­ d Excess B r F i o a n a . g n R w t s k . ­ s s F e r r r e v e ­ e e s T h o e t l a d l qu R ir e e ­ d Excess B r F i a o n a . n g w R t s k ­ . s s F e r r r e e v ­ e e s 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June >2,160 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 1,011 13 6 7 1950—Dec. 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 I ,199 1,191 8 5 3 1955—Dec. 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1 ,166 1,164 2 85 -83 1956—Dec. 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957—Dec. 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1 ,136 1,127 8 85 -77 1958—Dec. 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 1,070 7 39 -31 1959—Dec. 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 1,038 104 —104 1960—Dec. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 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 1,035 7 18 -11 1963—Dec. 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 5 26 -21 1964—June 20,558 20,168 390 270 120 3,984 3,945 39 39 1,033 1,033 13 -13 1964 Dec. ........... 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1,086 -3 28 -31 1965—Jan.. 21,619 21,217 402 299 103 4,117 4,073 43 113 -70 1,094 1 ,099 -5 12 -17 Feb. 21,227 20,790 437 405 32 3.966 3,961 5 95 -90 1,096 1,083 13 50 -37 Mar. 21,248 20,908 340 416 -76 4,026 4,004 23 120 -97 1 ,082 1,077 5 50 -45 Apr. 21,505 21,146 359 471 -112 4,111 4,087 25 75 -50 1,085 1,086 -1 39 -40 May 21,476 21,149 327 505 -178 4,135 4,127 8 21 -13 1,116 1,110 6 10 -4 June 21,709 21,366 343 528 -185 4,206 4,185 21 135 -114 1,100 1,096 4 19 -15 July. 21,865 21 ,516 349 524 -175 4,155 4,164 -9 126 -135 1,102 1,100 2 27 -25 Aug. 21,620 21,192 428 564 -136 4,097 4,026 71 103 -32 1 ,077 1,075 2 38 -36 Sept. 21,729 21,356 373 528 -155 4,094 4,079 15 62 -47 1 ,091 1,088 3 46 -43 Oct.. 21,959 21,618 341 490 -149 4,112 4,105 8 36 -28 1,091 1,085 5 85 -80 Nov. 21,958 21,588 370 452 -82 4,003 3,994 9 87 -78 1 ,086 1,085 1 32 -31 Dec. ”22,717 ”22,270 ”447 454 p-7 ”4,301 ”4,261 ”40 111 ”-71 ”1,144 ”1,128 ”15 23 ”-8 Week ending— 1964—Dec. 2. ... 21 ,376 20,987 389 375 14 3,972 3,969 3 24 -21 1,081 1,081 -1 32 -33 9. . . . 21,142 20,852 290 122 168 3,925 3,907 18 4 14 1,060 1 ,059 3 -3 16. . . . 21,387 20,999 388 134 254 4,031 4,017 13 12 1 1,065 1,065 1 -1 23. . . . 21,841 21,444 397 257 140 4,157 4,145 12 38 -27 1 ,097 1,104 -7 43 -50 30.... 21,991 21,429 562 504 58 4,195 4,147 48 101 -53 1,112 1,108 4 76 -73 1965—July 7... . 22,171 21,822 349 582 -233 4,352 4,320 32 233 -201 1,132 1,129 3 30 -27 14.... 22,105 21,576 529 620 -9! 4,148 4,137 11 200 -189 1,094 1,094 23 -23 21 .... 21,662 21,470 192 425 -233 4,139 4,119 20 68 -48 1,105 1,100 5 18 -13 28.... 21,597 21,274 323 479 -156 4,107 4,093 14 37 -23 1,079 1,081 -2 35 -37 Aug. 4. . .. 21,777 21,399 378 544 -166 4,175 4,158 17 135 -118 1,113 1,103 11 21 -10 11 . ... 21,602 21,183 419 616 -197 4,031 4,022 8 175 -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 8 61 -53 1,073 1,068 4 57 -53 Sept. 1.... 21,578 21,145 433 537 -104 4,081 3,995 86 96 -10 1,080 1,077 3 13 -9 8. ... 21,414 21,041 373 483 -110 3,959 3,952 7 43 -36 1,071 1,065 6 13 -7 15.... 21,584 21,120 464 558 -94 4,009 3,956 53 41 11 1,061 1 .062 35 -35 22. 22,114 21 ,681 433 627 -194 4,201 4,192 9 179 -171 1,128 1,120 7 47 -39 29.... 21,890 21,556 334 553 -219 4,252 4,194 58 3 56 1,105 1,105 102 -102 Oct. 6. ... 22,053 21,613 440 536 -96 4,209 4,205 3 4 -1 1,090 1,090 1 119 -118 13. ... 21,706 21,408 298 495 -197 4,035 3,999 36 83 -46 1,063 1,059 4 93 -90 20. 22,273 21,783 490 591 -101 4,136 4,126 10 35 -25 1,097 1,093 4 154 -149 27.... 21,838 21,645 193 338 -145 4,115 4,109 6 ll -5 1,097 1,095 2 9 -7 Nov. 3. 22,111 21,732 379 486 -107 4,173 4,142 31 102 -71 1,105 1,102 3 33 -30 10.... 21,904 21,476 428 334 94 4,016 3,939 77 79 -3 1,066 1,060 6 6 17. ... 21,878 21,561 317 489 -172 3,823 3,971 -149 59 -207 1,064 1 ,063 2 105 -103 24... . 21,747 21,517 230 361 -131 3,958 3,969 -11 50 -62 1,078 1,075 3 ..............3 Dec. 1 . ... 22,190 21,766 424 534 -110 4,094 4,030 64 110 -45 1,137 1,139 -2 -2 8. . . . 22,335 21,880 455 478 -23 4,187 4,106 81 39 42 1,144 1,126 19 19 15. . .. 22,463 21,900 563 486 77 4,184 4,136 48 124 -76 1 ,089 1 ,080 9 37 -28 22. 22,807 22,573 234 218 16 4,403 4,375 28 83 -55 1,147 1 ,051 -4 1 -4 29... . ”23,081 ”22,618 ”463 546 ”83 4,399 4,383 15 138 -122 1,159 1,146 13 44 -31 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 BANK RESERVES AND RELATED ITEMS 51 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves B in o g r s ro a w t ­ Free Reserves B in o g r s ro a w t ­ 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 ld al 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 29 634 195 5—Dec.................................... 7,924 7 86^ 60 398 -338 5,716 5,220 497 159 338 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 1960—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 8,318 8,290 28 142 -114 7,224 6,900 324 76 248 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 8,548 8,485 63 207 -144 7,617 7,262 355 53 302 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 8,604 8 554 50 383 -333 7,621 7 358 263 91 172 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 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 8,815 8,778 38 245 -207 7,941 7’651 290 124 166 Nov................................... 8,801 8,757 44 221 -177 8,067 7,’753 315 112 203 *9^53 ”8;989 *64 228 *-164 *8,219 *7’891 *327 92 *235 Week ending— 1964—Dec. 2........................... 8,651 8,643 8 240 -232 7,671 7,293 378 79 299 9........................... 8,633 8,591 42 60 c—17 7,525 7^295 229 55 174 16........................... 8,657 8^621 36 81 -45 7,634 7’295 339 40 298 23........................... 8,853 8^815 37 118 -81 7,734 7^380 354 58 296 30........................... 8,838 8,799 39 258 -219 7'846 7,’ 375 471 69 403 1965—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 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 7 371 276 165 HI 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 8'133 7^693 440 124 316 27........................... 8,795 8^771 24 186 -162 7^31 7; 670 162 132 30 Nov. 3........................... 8,842 8,802 39 238 -199 7,991 7,685 306 113 195 10........................... 8'769 8^725 43 129 -86 8,053 7,752 301 126 175 17........................... 8 784 8'763 21 208 -187 8,208 7'764 444 117 327 24........................... 8,758 8,711 47 212 -165 7,952 7,762 190 99 91 8,871 8,825 45 313 -267 8,089 7,772 317 111 204 8.......................... 8’948 8,846 103 309 -206 8,055 7,802 253 130 121 15........................... 8^906 8^843 63 267 -203 8,284 7,841 443 58 385 22........................... 9,146 9JO2 44 72 -28 8,111 7,944 166 62 104 29........................... 9J60 9; 126 33 252 -219 *8,363 *7,962 *401 112 *289 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 open­ ing 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

52 MAJOR RESERVE CITY BANKS JANUARY 1966 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions U R .S e . l a G te o d v t t , r a s n e s c a u c ri t t i i o e n s s d w ea it le h r s Less— Net— Gross transactions Net transactions Reporting banks and Total Bor­ week ending— s E e x r r c v e e e ­ s s s 1 r a o B t B w a F o n in . k r R g ­ s s . F f t i b e r u n N a a d n t n e e e n d s t r r k s . a ­ l S d u e o r f p i r c l u it s P r r e e e s a q r e v o u c r g f v i e r . e e n s d t ch P a u s r e ­ s Sales a 2 c tr t - a i w o n n a s s y ­ 2 b c b o h P u a f a y u n n s i k r n e e ­ s g s t s o b S e a f a l n l n l i e n k e s s g t d L e o a t a l o e n rs s 3 de f r i r a o n o l g w e m s r ­ s 4 lo N a e n t s Total—46 banks 1965—Nov. 3.............. 38 168 631 -761 7.8 2,233 1,603 951 1,282 652 783 107 676 10.............. 86 89 1,099 -1,102 11.6 2,560 1,461 1,100 1,460 362 499 92 407 17.............. 25 216 1 ,022 -1,213 12.7 2,323 1,301 1,149 1,173 152 797 99 697 24.............. 17 124 786 -892 9.4 2,162 1,376 1,043 1,119 333 835 119 716 Dec. 1.............. 71 177 550 -656 6.7 1,804 1,254 897 907 357 983 102 881 8.............. 120 143 708 '-730 7.5 1,787 1,080 841 946 238 847 141 706 15.............. 83 265 890 -1,072 11.0 2,214 1,323 1,155 1,059 169 1,099 72 1,027 22.............. 40 87 1,752 -1,800 17.7 3,068 1,317 1,199 1,869 118 1,050 107 943 29.............. 45 296 1,182 -1,432 14.0 2,633 1,452 1,182 1,451 269 929 115 814 8 in New York City 1965—Nov. 3.............. 18 96 -114 37 .9 834 949 467 367 481 596 75 521 10.............. 57 79 296 -319 8.6 1,066 770 521 545 248 414 60 354 17. 12 59 379 -426 11.5 995 616 592 403 24 621 72 550 24.............. -9 46 202 -257 6.9 927 725 569 358 156 668 72 596 Dec. 1.............. 46 107 295 -355 9.4 733 438 316 417 122 746 55 691 8.............. 38 39 309 -290 7.6 770 461 399 371 62 682 92 590 15.............. 43 124 392 -472 12.2 1,133 741 687 446 54 918 59 859 22.............. 21 66 1 ,080 -1,125 27.4 1,629 548 548 1,080 829 77 752 29.............. 11 138 811 -937 22.8 1,435 625 527 909 98 766 48 718 38 outside New York City 1965—Nov. 3.............. 20 72 745 -797 13.5 1.399 654 484 915 170 187 32 156 10.............. 29 10 802 -783 13.6 1,494 692 578 915 113 85 32 53 17.............. 13 157 643 -787 13.5 1,327 685 557 770 127 175 28 147 24.............. 26 78 584 -636 11.0 1,235 651 475 761 177 167 47 120 Dec. 1.............. 25 70 256 -301 5.0 1 ,071 816 582 490 234 236 47 189 8.............. 62 103 399 -440 7.4 1,017 618 442 575 176 166 49 116 15.............. 40 142 499 -600 10.2 1,081 582 467 613 115 181 13 168 22.............. 19 22 671 -674 11.1 1,040 768 651 789 118 221 29 192 29.............. 34 158 371 -494 8.1 1,198 827 656 543 171 163 67 96 5 in City of Chicago 1965—Nov. 3.............. 2 31 294 -323 32.6 421 126 125 295 1 11 11 10.............. 4 325 -321 33.9 489 164 148 341 16 2 2 17.............. 105 263 -368 38.7 383 120 111 272 9 2 2 24.............. 3 ................ 123 -122 12.7 309 184 155 155 30 2 ................2 Dec. 1.............. -2 -22 20 2.0 253 275 209 43 66 5 5 8.............. 12 -80 92 9.1 234 314 194 39 119 11 11 15.............. 5 37 78 -110 11.4 292 214 178 114 36 23 4 18 22.............. -4 97 -101 9.8 353 256 235 118 20 28 16 13 29.............. 3 37 102 -135 13.1 278 176 153 125 23 9 11 -2 33 others 1965-Nov. 3.............. 18 42 451 -475 9.6 978 528 359 619 169 177 32 145 10.............. 25 10 477 -462 9.6 1,005 528 431 574 97 83 32 51 17.............. 13 52 380 -419 8.8 945 565 447 498 118 174 28 146 24.............. 23 78 459 -513 10.6 926 467 320 606 147 165 47 118 Dec. 1.............. 28 70 278 -321 6.5 819 541 372 447 169 232 47 185 8.............. 50 103 479 -532 10.8 784 305 248 536 57 154 49 105 15.............. 35 105 421 -491 10.0 789 368 290 500 79 158 9 150 22.............. 23 22 574 -573 11.4 1,087 513 415 671 97 193 14 179 29.............. 31 121 270 -359 7.1 920 651 503 418 148 153 56 97 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 deficiences, 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 DISCOUNT RATES 53 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. 133 Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b) 2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Dec. 31 date rate Dec. 31 date rate Dec. 31 date rate Boston........... 4‘A Dec. 8, 1965 4 5 Dec. 8, 1965 414 5 Nov. 24, 1964 414 New York. . . 414 Dec. 6, 1965 4 5 Dec. 6, 1965 514 Dec. 6, 1965 5 Philadelphia.. 414 Dec. 10, 1965 4 5 Dec. 10, 1965 4^ 514 Dec. 10,1965 5 Cleveland.... 4V4 Dec. 10, 1965 4 5 Dec. 10, 1965 414 6 Dec. 10, 1965 5^ Richmond. . . 414 Dec. 10, 1965 4 5 Dec. 10, 1965 414 514 Dec. 10, 1965 5 Atlanta........... 414 Dec. 8, 1965 4 5 Dec. 8, 1965 414 614 Dec. 8,1965 6 Chicago..... 414 Dec. 6. 1965 4 5 Dec. 6, 1965 414 514 Dec. 6, 1965 5 St. Louis........ 414 Dec. 10, 1965 4 5 Dec. 10, 1965 414 514 Dec. 10, 1965 5 Minneapolis.. 414 Dec. 10, 1965 4 5 Dec. 10, 1965 414 5'4 Dec. 10, 1965 5 Kansas City.. 414 Dec. 13, 1965 4 5 Dec. 13, 1965 414 514 Dec. 13,1965 5 Dallas............. 414 Dec. 10. 1965 4 5 Dec. 10, 1965 414 514 Dec. 10, 1965 5 San Francisco 414 Dec. 10, 1965 4 5 Dec. 10, 1965 414 5 >4 Dec. 10,1965 5 i Advances secured by U.S. Govt, securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F.R. Bank. Maximum secured by securities of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts 3 Advances to individuals, partnerships, or corporations other than of certain bankers’ acceptances and of agricultural paper may have member banks secured by U.S. Govt, direct securities. Maximum matu­ maturities not over 6 months and 9 months, respectively, and advances rity: 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, 1941 . . . 1 -114 1 1955 1959 114-114 114 Oct 3 15 0 ... . . . . . . . . . . . 1 . . . . 9 . . . . 4 . . . . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ii-' t% 1 1 Au “ g " . 1 1 4 5 5 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 1 1 1 1 1 U 4 4 4 - - - - - 2 2 4 1 2 2 1 1 1 1 1 / 4 4 4 4 4 2 2 2 l > ’/ / 4 4 J S M u e a n p e y t. 2 1 1 1 9 2 1 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ‘ . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . . . . . . . . . . . . 8 . . . . ....... 2 3 3 .. . V 1 .. 3 4 4 .. - 1 - . 3 . 4 4 .. 1 .. 4 ............. 3 4 4 3 ^ ‘ 13................................. 2!4 214 Ap 1 r 9 46 2 5.........................t.. ..1..4...-.1... 1 23................................. 214 21 -2 4 14 2 2 1 1 4 4 1960 May 10...................................... 1 1 June 3................................. ^ 4 1956 10................................. ^ 2 >4-3 214 14............................... 1948 ‘ 20.................................. 214-3 214 Aug. 12................................. 3 Jan 12.................................. 1 -U4 1% Aug. 24.................................. 214-3 3 3 19...................................... 1% ’ 31................................. 3 3 114-114 ^ ~ 23...................................... 114 1957 3 -314 3 1963 ~ 23.................................. 314 314 July 17........................ 3 -314 1950 Nov. 15................................. 3 -314 3 ' 26............3..1..4................. 114-114 Dec. 2........................ 3 3 “ 25...................................... iy< >14 1958 Jan. 22........................2..1..4...-.3. 3 1964 1953 24................................. 214-3 214 314-* 4 114-2 2 Mar. 7................................. 214-3 214 30................................. 4 4 23.................................... 2 2 13................................. 214-214 214 21................................. 214 ■ 214 114-214 1’4 F 1 e 9 b 5 4 5..........................1..1..4..-..2. 1% 11 1 4 1 -2 4 1 1 1 1 4 4 1965 15................................... 114 1% 114-2 2 Dec. 6.......................... 4 -4(4 ^ 114-114 114 ‘ 23.................................. 2 2 13............4..1..4................. ' 16.................................... B4-U4 18 Oct. 24................................. 2 -214 2 U4 Nov. 7................................. 214 214 In effect Dec. 31................. 4% 414 t Preferential rate of 14. of 1 per cent for advances secured by U.S. against U.S, Govt, securities was the same as 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 Secs. 13 and 13a (as described in table 2.75; 1961—Jan. 9, Feb. 6-7, 2.7 5; Apr. 3-4, 2.50; June 29, 2.75; July above). For data before 1942, 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

54 RESERVE REQUIREMENTS JANUARY 1966 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 J 1 a 9 1 3 n , 6 . J 1 a 9 1 5 n , 7 . J 1 a 9 1 6 n , 2 . J 1 1 9 u 7 6 l . y 3 N 1 2 9 o 4 6 v , 4 . D 19 6 e 6 , c 5 . Effective date1 C r b e a e c s n n i e t k t y r r v s a e 3 l R b e c a s i n e ty k rv s e C ba o tr n u y k n s ­ r r e e a c s s n i e e ty d r r v v e e C ba o tr n u y k n s ­ banks Savings deposits: 1 year or more................... 2W 3 4 4 4 4 Less than 1 year................ 2'A 3 3^ 31/2 4 4 In effect Dec. 31, 1948.. 26 22 16 7'4 7’4 Other time deposits: 1 1949—May 1,5........... 24 21 15 7 7 1 year or more.................... 2W 3 4 4 4'4 5H June 30, July 1.. 20 14 6 6 6 months-1 year................. 2Vi 3 3*/i 4 4*4 5% Aug. 1, 11/.... 234 19*4 13 5 90 days-6 months............ 2 2h 2'4 4 4'4 5‘Z Aug. 16, 18......... 23 19 12 5 Less than 90 days.............. 1 1 1 1 4 516 Aug. 25................ 224 18*4 (30-89 days) Sept. 1................. 22 18 1951—Jan. 11,16.......... 23 19 13 6 6 Jan. 25, Feb. 1.. 24 20 14 1 For exceptions with respect to foreign time deposits, see Oct. 1962 1953—JUly 1,9............ 22 19 13 Bulletin, p. 1279, and Aug. 1965 Bulletin, p. 1084. 1954—June 16, 24......... 21 5 5 July 29, Aug. 1. 20 18 12 Note.—Maximum rates that may be paid by member banks as estab­ 1958—Feb. 27, Mar. 1. 19'4 17*4 11’4 lished by the Board of Governors under provisions of Regulation Q. Mar. 20, Apr. L. 19 17 11 Under this regulation the rate payable by a member bank may not in Apr. 17................ 18’4 any event exceed the maximum rate payable by State banks or trust cos. Apr. 24................ 18 1614 on like deposits under the laws of the State in which the member bank 17*4 is located. Effective Feb. 1, 1936, maximum rates that may be paid Nov. 24................ 12 by insured nonmember commercial banks as established by the FDIC, 1614 have been the same as those in effect for member banks. Rates for postal savings deposits are shown each year in the Board’s 1962—Oct. 25, Nov. 1. 4 4 Annual Report. Maximum rate payable on all types of time and savings deposits: 16(4 12 4 4 Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2*A per cent. Present legal requirement: Minimum .................................. 10 7 3 3 MARGIN REQUIREMENTS Maximum........................................ 22 14 6 6 (Per cent of market value) 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.) Effective date records changes at central reserve and reserve city banks. 2 Demand deposits subject to reserve requirements are gross demand Regulation deposits minus cash items in process of collection and demand balances July 28, July 10, Nov. 6, due from domestic banks. 1960 1962 1963 • ’ Authority of the Board of Governors to classify or reclassify cities as central reserve cities was terminated effective July 28, 1962. Regulation T: Note.—All required reserves were held on deposit with F.R. Banks, For extensions of credit by brokers and June 21, 1917, until late 1959, Since then, member banks have been dealers on listed securities.................... 70 50 70 allowed to count vault cash also as reserves, as follows: country banks— For short sales.................................................. 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 Regulation U: banks—in excess of 2 and 1 per cent effective Dec. 3, 1959, and Sept. 1, For loans by banks on stocks..................... 70 50 70 1960, respectively; all member banks were allowed to count all vault cash as reserves effective Nov. 24, I960. Note.—Regulations T and U prescribed in accordance with Securities Exchange Act of 1934, limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of extension; margin require­ ments 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 All Country All Country Item member New City banks Item member New City banks banks York of Other banks York of Other City Chicago City Chicago Four weeks ending Nov. 10, 1965 Four weeks ending Dec. 8, 1965 Gross demand—Total. . . 142,387 26,629 6,582 53,308 55,867 Gross demand—Total. . . 143,258 26,628 6,701 53,453 56,476 Interbank........................ 15,771 4,692 1,306 7,662 2,111 Interbank......................... 15,856 4,802 1,319 7,638 2,096 U.S. Govt........................ 4,020 913 284 L592 1 ,230 U.S. Govt......................... 3,938 649 331 1 ,549 1 ,409 Other................................. 122,596 21,024 4,992 44,053 52,527 Other.................................. 123,464 21,177 5,050 44,266 52,970 Net demand 1..................... 115.364 20,308 5,377 42,415 47,264 Net demand 1.......... 115,534 19 917 5,446 42,339 47,832 Time...................................... 118.779 18,205 5,010 44,851 50,713 Time....................................... 119,264 18.318 5,052 45,001 50,893 Demand balances due Demand balances due from dom, banks.......... 7,860 164 113 1,967 5,616 from dom hanks . . 7 923 182 117 2,004 5,620 Currency and coin............ 3,690 296 71 1,110 2,213 Currency and coin............ 3,796 308 74 1,141 2,272 Balances with F.R. Balances with F.R. Banks................................ 18,342 3,814 I ,020 7,718 5,789 Banks... ................. 18 242 3,707 1,032 7,699 5,804 Total reserves held........... 22,032 4.110 I ,091 8,828 8,002 Total reserves held.......... 22,038 4,015 1,106 8,840 8,076 Required. ......................... 21,659 4,079 1,088 8,793 7,700 Required ................ 21,681 4,019 1,101 8,786 7,776 Excess............................... 373 31 3 35 302 Excess................................ 357 -4 5 54 300 1 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 OPEN MARKET ACCOUNT 55 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities by maturity Total Treasury bills Others within 1 year Month Exch., maturity Gross Gross Redemp­ Gross Gross Redemp­ Gross Gross shifts, purchases sales tions purchases sales tions purchases sales or redemp­ tions 1964—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 Ill -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 Oct........................................................... 652 671 98 '652 671 98 Nov........................................................ 1,666 598 150 1,666 598 150 -5,582 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—Nov 28 35 -35 Dec 52 335 45 -335 5 1965—Jan. Feb 46 -1,752 23 12 Mar 36 574 45 -574 10 Apr May 65 -2,521 32 12 June 185 166 43 July Aug 61 -1,821 35 -116 10 Sept 107 40 4 Oct. Nov 4-5,582 Repurchase agreements (U.S. Govt, securities) Bankers’ acceptances Net change Net change in U.S. Govt, Month in U.S. securities and Govt, Under acceptances Gross Gross securities Outright, repurchase purchases sales net agreements, net 1964—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 -3 -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 1 19 -137 Sept.......................................................... 450 450 725 3 4 732 Oct........................................................... 352 352 -117 2 21 -94 Nov......................................................... 24 24 918 8 16 941 Note.-—Sales, redemptions, and negative figures reduce System hold­ ings; all other figures increase such holdings. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

56 FEDERAL RESERVE BANKS JANUARY 1966 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1965 1965 1964 Dec. 29 Dec. 22 Dec. 15 Dec. 8 Dec. 1 Dec. Nov. Dec. Assets Gold certificate account......................................................... 11,704 11,781 11,787 1 1,812 11,817 11,702 11,817 13,505 Redemption fund for F.R. notes........................................ 1'732 1^34 1’717 C693 1,695 C734 1 ,695 1,570 Total gold certificate reserves................................... 13,436 13,515 13,504 13,505 13,512 13,436 13,512 15,075 Cash............................................................................................. 119 114 106 103 108 129 106 146 Discounts and advances: Member bank borrowings................................................ 499 271 95 148 216 96 332 156 Other....................................................................................... 41 27 27 33 33 41 33 30 Acceptances: Bought outright.............................................................. 73 64 60 56 53 75 50 59 Held under repurchase agreements............................... 91 55 60 65 68 112 60 35 U.S. Govt, securities: Bought outright: Bills..................................................................................... 9,253 9,253 9,446 9,548 9,404 9,100 9,197 6,044 Certificates Special...................................................... Other......................................................... Noles................................................................................... 24,828 24,828 24,828 24,828 24,828 24,828 24,828 25,188 Bonds......................................................................... 6,550 6,550 6,550 6^550 6,550 6,550 6^550 5,274 Total bought outright........................................................ 40 631 40,631 40,824 40,926 40,782 40,478 40,575 36,506 Held under repurchase agreements............................... 258 290 538 Total U.S. Govt, securities................................................... 40,889 40,631 40,824 40,926 40,782 40,768 40,575 37,044 Total loans and securities.................................................. 41,593 41,048 41,066 41,228 4! ,152 41,092 41 050 37,324 Cash items in process of collection,................................ 7.161 8,589 7,924 6,265 6’746 6'915 6,235 7,190 Bank premises.......................................................................... 103 104 103 102 101 ’ 103 ’ 101 102 Other assets: Denominated in foreign currencies................... 626 609 605 598 596 629 671 295 All other................................................................................ 347 327 305 293 270 348 263 257 Total assets................................................................................ 63,385 64,306 63,613 62,094 62,485 62,652 61,938 60,389 Liabilities F.R. notes................................................................................... 37,364 37,576 37,419 37,268 36,919 37,074 36,875 34,659 Deposits: Member bank reserves...................................................... 18,742 18,128 18.222 17,683 17,888 18,447 18 050 18,086 U.S. Treasurer-—General account................................. ’533 843 612 658 791 668 719 820 Foreign................................................................................... 159 191 144 146 145 150 149 229 Other....................................................................................... 227 220 227 218 244 355 245 321 Total deposits.......................................................................... 19,661 19,382 19,205 18,705 19,068 19,620 19 163 19,456 Deferred availability cash items.......................................... 4,946 5,962 5,629 4,671 5 ,087 4,667 4,496 4,584 Other liabilities and accrued dividends1.......................... 206 204 ’205 '211 201 189 '197 642 Total liabilities......................................................................... 62,177 63,124 62,458 60,855 61,275 61 ,550 60,731 59,341 Capital Accounts Capital paid in.......................................................................... 548 548 547 546 546 551 546 524 Surplus........................................................................................ 524 524 524 524 524 551 524 524 Other capital accounts......................................................... 136 110 84 169 140 1 37 Total liabilities and capital accounts................................ 63,385 64,306 63,613 62,094 62,485 62,652 61,938 60,389 Contingent liability on acceptances purchased for foreign correspondents..................................................... 143 143 145 149 145 144 146 122 U.S. Govt, securities held in custody for foreign account................................................................................. 8,384 8,330 8,263 8,281 8,096 8,271 8,171 8,389 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)............ 40,328 40,235 40,094 39,780 39,464 40,350 39,460 37,233 Collateral held against notes outstanding: Gold certificate account................................................... 6,605 6,595 6,645 6,645 6,595 6,625 6,595 6 687 Eligible paper.......................................................... 21 ' 14 2 22 29 1 65 12 U.S. Govt, securities.......................................................... 34,710 34,710 34,190 34,150 34,090 34,700 34,090 31,430 Total collateral..................................................... 41,336 41,319 40,837 40,817 40,714 41,326 40,750 38,129 1 No accrued dividends at end-of-December dates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 FEDERAL RESERVE BANKS 57 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1965 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a a ­ ­ C la le n v d e­ m R o ic n h d ­ At t l a an­ c C a h g i o ­ Lo S u t. i s M ap in o n lis e­ K C s a a it n s y ­ Dallas F c S i r s a a c n n o ­ Assets Gold certificate account......................... 11,702 702 2,478 787 1,028 1,012 662 2,210 463 258 479 368 1,255 Redemption fund for F.R. notes......... 1 ,734 99 409 94 148 143 98 318 65 32 67 57 204 Total gold certificate reserves............... 13,436 801 2,887 881 1 .176 1,155 760 2,528 528 290 546 425 1 ,459 F R notes of other banks...................... 876 74 151 66 70 102 79 85 42 35 35 47 90 Other cash ................................................. 129 9 17 6 12 9 13 22 7 4 7 6 17 Discounts and advances: Secured by U.S. Govt, securities... 82 19 2 1 15 6 19 20 Other . ................................................... 55 2 11 2 4 2 15 6 1 3 2 6 Acceptances: Bought outright............................... 75 75 Held" under repurchase agreements . 112 112 U.S. Govt, securities: Bought outright................................ 40,478 2,097 9,744 2,114 3,435 2,863 2,314 6,742 1.547 839 1 ,584 1,666 5,533 Held under repurchase agreements. 290 290 Total Ioans and securities...................... 41,092 2.099 10,251 2,118 3.439 2.866 2,329 6.763 1,548 846 1,606 1 ,688 5,539 Cash items in process of collection.. . 8.758 519 1 ,677 484 586 700 776 1,508 413 248 535 465 847 Rank premises............................................ 103 3 9 3 5 5 20 20 7 3 7 11 10 Other assets: Denominated in foreign currencies. 629 30 1166 35 57 31 37 89 21 14 28 37 84 All other................................................. 348 16 110 16 27 21 18 50 12 7 15 12 44 Total assets................................................. 65,371 3,551 15.268 3,609 5,372 4,889 4,032 11,065 2,578 1,447 2,779 2,691 8,090 Liabilities 37.950 2,250 8.600 2,241 3.232 3.388 2,257 6,891 1 ,451 700 1.433 1 194 4.313 Deposits: Member bank reserves........................ 18,447 702 4.804 858 1,445 825 1 ,084 2,814 691 493 833 1 ,034 2,864 U.S. Treasurer—Genera! account.. 668 48 160 39 68 69 14 49 55 37 52 21 56 Foreign..................................................... 150 7 240 8 13 8 9 21 5 3 7 9 20 Other....................................................... 355 6 184 6 12 12 13 22 10 6 6 6 72 Total deposits............................................ 19.620 763 5,188 911 1 .538 914 1 . 120 2,906 761 539 898 1 ,070 3.012 Deferred availability cash items........... 6,510 474 1 .142 387 487 518 579 1.080 321 177 393 356 596 Other liabilities.......................................... 189 10 50 10 15 13 10 30 7 5 7 "7 25 Total liabilities.......................................... 64.269 3,497 14,980 3.549 5,272 4,833 3,966 10,907 2,540 1.421 2,731 2,627 7,946 Capital Accounts 55 > 27 144 30 50 28 33 79 19 13 24 32 72 Surplus......................................................... 551 27 144 30 50 28 33 79 19 13 24 32 72 Other capital accounts............................ Total liabilities and capital accounts.. 65,371 3,551 15,268 3,609 5,372 4.889 4.032 11,065 2,578 1 ,447 2,779 2,691 8,090 Ratio of gold certificate reserves to F.R. note liability (per cent): Dec. 31, 1965 ................................... 35.4 35.6 33.6 39.3 36.4 34. 1 33.7 36.7 36.4 41.4 38. 1 35 6 33.8 Nov. 30’ 1965 ................................... 36.1 37.8 39.7 35.9 32.7 34.5 34. 1 36.1 37.8 31.2 38.9 35 1 32.7 Dec. 31' 1964................................... 42.7 36.9 41.5 40.7 42.8 34.2 39.7 39.1 45.1 49. 1 46.3 64 1 53.7 Contingent liability on acceptances purchased for foreign correspond­ ents........................................................ 144 7 J 38 8 13 7 9 20 5 3 7 8 19 Federal Reserve Notes—Federal Reserve Agent’s Accounts F.R. notes outstanding (issued to Bank)................................................... 40,350 2,372 9,095 2,338 3,483 3,573 2,438 7,322 1,536 734 1,509 1,291 4,659 Collateral held against notes out­ standing: Gold certificate account..................... 6,625 440 1,000 500 600 853 550 1,100 315 127 225 180 735 Eligible paper........................................ 1 1 U.S. Govt, securities........................... 34,700 1,945 8,200 1,900 2,950 2,750 1,900 6,400 1,310 615 1,300 1,130 4,300 Total collateral................................. 41,326 2,385 9,200 2,401 3,550 3,603 2,450 7,500 1,625 742 1,525 1,310 5,035 * After deducting $463 million participations of other F.R. Banks. 3 After deducting $106 million participations of other F.R. Banks. 2 After deducting $110 million participations of other F.R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

58 FEDERAL RESERVE BANKS; BANK DEBITS JANUARY 1966 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 Dec. 29 Dec. 22 Dec. 15 Dec. 8 Dec. 1 Dec. Nov. Dec. Discounts and advances—Total......................................... 540 298 122 181 249 137 365 186 Within 15 days............................................................. 501 275 94 151 217 99 333 155 16 days to 90 days............................................................... 39 23 28 30 32 38 32 31 Acceptances—Total................................................................ 164 119 120 121 121 187 110 94 Within 15 days..................................................................... 101 64 69 73 78 121 71 45 16 days to 90 days............................................................... 63 55 51 48 43 66 39 49 U.S. Government securities—Total.................................. 40,889 40,631 40,824 40 926 40,782 40,768 40,575 37,044 Within 15 days1................................................................... 1,012 '680 '822 830 '925 793 '638 1,083 16 days to 90 days............................................................. 6,267 6,207 6,203 6 199 6,214 6,545 6,495 3,564 91 days to 1 year................................................................. 17,710 17,844 17,899 17,997 17,743 17,530 17,542 16,799 Over 1 year to 5 years........................................................ 14,066 14,066 14,066 14,066 14^066 14^066 14,066 13,506 Over 5 years to 10 years................................................... 1,449 1 ‘449 1,449 1 ’449 1,449 1,449 1,449 1,797 Over 10 years........................................................................ 385 '385 385 '385 385 385 385 295 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 f e ra lg n i c a s n C d a o n l a la d r i s an F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese N gu l e a i n l t d h d e e s r r s ­ f S ra w n is c s s 1965—Mar................................... 375 347 11 2 1 2 2 1 2 7 Apr................................... 315 297 2 1 1 2 3 8 M ay................................. 80 17 41 2 1 1 1 1 2 12 June.................................. 457 390 42 2 1 17 1 1 3 July................................... 620 549 52 2 1 12 2 1 3 Aug................................... 884 819 47 2 1 11 2 1 3 Sept................................... 867 802 47 2 1 11 2 1 3 * BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits t ( o In d b em illi a o n n d s d o e f p d o o s l i l t a a rs c ) counts1 Turnover of demand deposits Period T 2 o 2 t 5 a l Leading SMSA’s T c o e ta nt l e 2 rs 2 4 o 2 th 18 e r T 2 o 2 t 5 a l Leading SMSA’s T S o M ta S l A 22 ’s 4 o 2 th 18 e r SMSA’s N.Y. 6 others2 N (e . x Y c . l. ) SMSA’s SMSA’s N.Y. 6 others2 N (e . x Y c . l. ) SMSA’s 1964—Oct.................................... 4,698.2 1,926,7 1,060.6 2,771.5 1,710.9 44.6 89.8 40.9 32.8 29.3 Nov................................... 4^648.0 1,917.7 1^023.7 2^730.3 1,706.6 45.1 91.3 41.0 33.2 29.5 Dec................................... 4,816.5 2 013.0 1,065.4 2 803.5 1 738.1 45 5 90.7 41.7 33 4 30 0 1965—Jan.................................... 4,870.9 2 067.6 1,065.5 2,803.3 1 737.8 46.3 94.8 42.8 33.8 30.0 Feb.................................... 4,842.5 1,997.4 1,077.2 2,845.1 1 ,767.9 47.1 96.1 44.3 34.6 30.5 Mar..................... 4’995.6 2 071.8 1 J 15.4 2923.8 1 808.4 47.9 96.9 44.8 35.4 31.2 Apr.................. 5,113.3 2 151.3 1,131.7 2 962.0 1 830.3 48.4 100.0 44.5 35.2 31.2 May.................................. 4'825.6 1,954.1 1,082.7 2,871.5 1,788.8 47.0 96.0 44.3 34.7 30.6 June.................................. 5,327.8 2'308.4 1 '146.8 3,019.4 1,872.6 50.9 107.0 45.5 36.3 32.2 July................................... 5,302.6 2,281.6 1,149.5 3,021.0 1,871.5 49.3 104.9 44.4 35.1 31.1 Aug................................... 5,146.8 2 128.0 1,141.0 3 018.8 1 877.8 48 4 99.4 44 9 35 5 31 7 Sept................................... 5,126.9 2 J04.3 1; 142.9 3,022.6 1,879.7 47^2 95.4 44.1 35.3 31.4 Oct.................................. 5,129.9 2,061.0 1,165.4 3 068.9 1 903.5 47.4 96.3 43.8 35.1 31 4 Nov................................... 5’408.3 2,229.4 1’215.0 3,178.9 1,963.9 50.5 104.7 47.6 37.0 32.1 Dec................................... 5,’523.1 2,273.5 U234.5 3,249.6 2,015.1 50.6 102.2 47.7 37.5 33.3 1 Excludes interbank and U.S. Govt, demand deposit accounts. Note.—Total SMSA’s include some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA’s. Los Angeles-Long Beach. For a description of the revised series see Mar. 1965 Bulletin, p. 390. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 U.S. CURRENCY 59 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in cir­ cula­ tion 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939......................... 7,598 5,553 590 559 36 1 019 1,772 1,576 2,048 460 919 191 425 20 32 1941......................... 11,160 8,120 751 695 44 1 355 2'731 2,545 3 044 724 1 433 261 556 24 46 1945 ......................... 28,515 20^683 1,274 1,039 73 2 313 6,782 9,201 7 834 2 327 4 220 454 801 7 24 1947......................... 28,868 20^020 1,404 1 048 65 2 110 6,275 9,119 8 850 2*548 5 070 428 782 5 17 1950......................... 27,741 19'305 l'554 1,113 64 2 049 5 998 8,529 8 438 2 422 5 043 368 588 4 12 1955 ......................... 31'158 22'021 1'927 1312 75 2 151 6 617 9 940 9,136 2 736 5 641 307 438 3 12 1958......................... 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9 337 2,792 5 886 275 373 3 9 1959......................... 32,591 23'264 2'304 1’511 85 2,216 6 672 10,476 9,326 2 803 5 913 261 341 3 5 I960......................... 32,869 23'521 2,427 1,533 88 2,246 6,691 10,536 9 348 2*815 5 954 249 316 3 10 1961......................... 33,918 24'388 2^582 1,588 92 2'313 6 878 10,935 9 531 2 869 6,106 242 300 3 10 1962......................... 35'338 25’356 2^782 1,636 97 2 375 7 071 11,395 9 983 2*990 6,448 240 293 3 10 1963......................... 37’692 26,807 3'030 1,722 103 2,469 7,373 12,109 10 885 3*221 7 110 249 298 3 4 1964-—Nov............. 39,248 27,925 3,359 1 749 108 2,455 7,568 12,687 11 323 3,314 7,468 246 289 3 4 Dec.............. 39^619 28'100 3,405 1 806 111 2 517 7,543 12,717 11 519 3 381 7 590 248 293 2 4 1965—Jan............... 38 540 27,158 3 435 1 709 110 2 381 7 256 12 267 11,382 3 321 7,519 246 290 2 4 Feb.............. 38,593 27,227 3,468 1,702 110 2,'375 7’282 12,289 11,366 3*310 7,517 245 288 2 4 Mar 38 816 27'424 3,520 1 ',704 111 2 391 7 327 12,371 11 392 3 316 7,536 245 288 2 4 Apr.............. 38,760 27'365 3,566 1,714 112 2 381 7 275 12,317 11,394 3’313 7,544 244 288 2 4 May............ 39'207 27,758 3,608 1 '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 1'752 116 2 447 7 489 12723 11 532 3 361 7 635 243 287 3 4 July............. 39^897 28,311 3,689 1,748 116 2,431 7’493 12,833 11 586 3*376 7 674 243 287 3 4 Aug............. 40,165 28,506 3,751 1,761 118 2,442 7 513 12,921 ll 659 3,389 7,735 243 286 3 4 Sept............. 40,443 28,724 3'808 1,783 (20 2; 474 7,599 12^41 11,719 3.392 7,792 243 286 3 4 Oct.............. 40,754 28,926 3,856 1 807 121 2,489 7 624 13,029 11 828 3 411 7,883 243 285 3 4 Nov............. 41,824 29,829 3,956 1,858 124 2,571 7,882 13,439 11,994 3,469 7,990 243 286 3 4 1 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 1 Held by Kind of currency T s N o t t a o 1 a n v 9 l 6 . d o 5 i 3 n u 0 g t , ­ A g s a o s g s l i d a l e v i c e n a u r s n r t d it y Tre ca a s s h ury B F a a F . n n o R d k r . s A B F g a a . e n n R n d k . t s s No 1 v 9 . 6 5 30, Oc 19 t. 6 5 31, No 1 v 9 . 6 4 30, certificates Agents Gold...................................,....................................................... 13,805 (13,512) 2293 Gold certificates........................................................................ (13,512) 313,511 1 F.R. notes.................................................................................. 39,461 99 2,585 36,777 35,793 34,124 Treasury currency—Total..................................................... 5,532 (710) 380 .................... 105 5,047 4,961 5,124 Standard silver dollars................................................... 485 3 * 482 482 482 Silver bullion.................................................................... 1 ,061 707 354 Silver certificates............................................................. (710) 4 26 680 698 1,357 Subsidiary silver coin.................................................... 2,647 .................1..1. .................... 24 2,612 2,519 2,109 Minor coin........................................................................ 910 11 38 862 855 768 United States notes........................................................ 323 1 17 305 301 297 In process of retirement4............................................. 106 • .................. .................... 106 106 111 Total—Nov. 30, 1965 ............................................................. 558,798 (14,222) 773 13,511 2,691 41,824 Oct. 31, 1965............................................................... 55 8,060 (14,319) 773 13,581 2,952 40,754 Nov. 30, 1964............................................................ 557,288 (16,542) 543 12,275 5,221 .......3..9...,.2..4...8.. 1 Outside Treasury and F.R. Banks. Includes any paper currency held 5 Does not include all items shown, as some items represent the security outside the United Stales and currency and coin held by hanks. Esti­ for other items; gold certificates are secured by gold, and silver certificates mated totals for Wed. dates shown in table on p. 49. by standard silver dollars and monetized silver bullion. Duplications 2 Includes $156 million reserve against United States notes and $34 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 « Redeemable from the general fund of the Treasury, Bulletin, p. 936. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

60 MONEY SUPPLY JANUARY 1966 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 n t c D o d m e e m p p o o a n s n i e d t n t jus a te d d ­ 1 Total c C om ur p re o n n c e y n t c D o d m e e m p po o a s n n i e d t n t Jus a t d e " d 1 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—Nov.......................................................... 159.1 34.2 124.8 125.1 460.6 34.6 126.1 124.1 5.8 159.7 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 6.7 161.1 34.7 126.4 133.5 161.6 34.5 127.1 134.0 5.6 .......................................................... 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 9.1 162.7 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 Nov.......................................................... 165.7 36,1 129.6 145.5 167.4 36.5 130.9 144.4 4.0 Dec.11....................................................... 167.4 36.3 131.1 146.9 172.0 37.0 134.9 145.3 4.5 Week ending— 1965—July 7................................... 162.7 35.1 127.6 136.7 160.4 35.6 124.8 137.5 12.0 ' 14................................................... 163.0 35.2 127.7 137.2 161.4 35.5 125.9 137.9 9.3 21............................. 162.4 35.3 127.2 137.7 161.1 35.4 125.7 138.4 8.4 28................................................... 162.2 35.3 126.9 138.2 160.6 35.1 125.5 138.9 7.6 162.9 35.3 127.7 138.9 162.1 35.3 126.8 139.3 7.5 " 11................................................... 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 8.1 163.1 35.3 127.8 141.0 160.4 35.2 125,2 141.0 6.9 1 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 7.6 165.8 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 10................................................... 165.8 36.0 129.7 144.9 167.6 36.5 131.1 144.3 3.1 17................................................... 165.6 36.1 129.4 145.4 167.8 36.5 131.3 144.2 3.3 24................................................... 165.8 36.2 129.6 146.2 166.6 36.6 130.1 144.4 4.1 Dec. 1................................................... 165.7 36.2 129,6 146.4 167.4 36.6 130.8 144.7 5.7 8................................................... 166.6 36.3 130.3 146.5 169.5 37.1 132.4 145.0 4.8 15................................................... 166.5 36.3 130.2 146.8 171.9 37.0 134.9 145.3 2.6 22................................................... 167.8 36.4 131.5 146,9 173.7 37.2 136.5 145.1 4.4 29”................................................. 168.6 36.3 132.3 147.4 172.7 37.2 135.6 145.6 5.9 1966—Jan. 5”............................................... 169.1 36.3 132.7 147.6 175.3 36.8 138.4 146.4 5.2 i At all commercial banks. mercial banks and the U.S. Govt., less cash items in process of collection and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) cur­ Note.—Revised data. For description of revision of series and back rency outside the Treasury, the F.R. Banks, and the vaults of all com­ data beginning Jan. 1959, see July 1965 Bulletin, pp. 933-43; for monthly mercial banks. Time deposits adjusted are time deposits at all commercial data 1947-58, see June 1964 Bulletin, pp. 679-89. banks other than those due to domestic commercial banks and the Averages of daily figures. Money supply consists of (1) demand U. S. Govt. deposits at all commercial banks other than those due to domestic com­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 BANKS AND THE MONETARY SYSTEM 61 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas­ Total Date c u u ry r­ U. S. Government securities li i a tie b s il ­ Total Ca a p nd ita l Gold s r t o e i a n n u n g c t d ­ y ­ Total Lo n a e n t s, Total m C a e o n r m c d i a ­ l R F e e s d e e r r v a e l Other O s ri e t t i h c e u e s ­ r ca a n p n e i d t t a l, c d u e r a p r n e o d s n i c ts y c m o a n u i e c s n t ­ c t . s , 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—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 5,400 360,600 210,900 150,100 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 35,3(10 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 30 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. 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. 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. 29. 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 Nov. 24p. 13,800 5,500 389,000 234,300 105,400 64,300 40,100 1,100 49,300 408,300 370,300 38,000 Dec. 29p. 13,700 5,600 396,200 240,200 105,900 64,000 40,900 900 50,100 415,500 379,000 36,500 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 1 Not seasonally adjusted Time U. S. Government Date Total o b r C u e a t n u s n c i k r d y ­ s e d ju e m s D p a t a o e d e n s d ­ ­ d i t s 2 Total o b r u C e a t n s u n c i k r d y ­ s e d ju e m s D p a t a e o d e n d s ­ ­ d i t s 2 Total m C b e a o r n c m k ia s ­ l b s M a a u v n i t k n u s g a s l 3 S P a S t o e v y s m i s n ta ­ g l s n F e e i o g t n r­ 4 T h c i r u n o e a r g s a l y d s h s ­ ­ s c a m c a o A v i n e i a m n t d r l g ­ ­ s B F A a .R n t k . s 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 >01 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 >90 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 35i249 17'746 3>16 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 33,468 124,636 155,714 110,794 44,467 452 1,206 392 6,986 850 1964—June 30.... 153,500 32,700 120,800 153,331 33,020 120,311 166,627 119,330 46,882 415 1,324 391 10,502 939 1964—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 33,900 123,500i 156,600 33,500 123,100 180,900 131,000 49,600 400 1,500 700 7,000 900 Mar. 31... . 161,300 34,100 127,200 156,800 33,800 123,000 183,300 132,800 50,100 400 1,600 700 8,600 900 Apr. 28... . 159,000 33,800 125,200 159,100 33,500 125,600 184,600 134,100 50,100 400 1 ,500 800 7,100 1,000 May 26.. . . 157,500 34,000 123,500 155,400 33,900 121,600 186,100 135,400 50,300 400 1,500 800 10,100 700 June 30.... 161,000 34,100 126,900 158,878 34,524 124,354 188,348 137,088 50,918 342 1 ,631 779 12,062 672 July 28.... 159,800 34,400 125,400 159,600 34,500 125,100 190,100 138,700 51,000 300 1 ,600 800 7,100 800 Aug. 25.. . . 159,700 34,500 125,200 158,400 34,800 123,600 191,900 140,400 51,300 300 1,600 800 7,500 800 Sept. 29.. . . 162,200 34,800 127,400 161,200 34,900 126,300 193,700 141,800 51,600 300 1,700 800 7,600 900 Oct. 27”... 163,900 35,200 128,700 164,600 35,100 129,500 195,900 143,800 51,900 300 1 ,600 800 4,300 1,100 Nov. 24p... 162,500 35,300 127,200 165,000 36,300 128,700 196,500 144,200 52,000 300 1,500 800 5,600 900 Dec. 29”... 166,800 35,400 131,400 171,900 36,200 135,700 198,500 145,600 52,600 300 1,700 800 5,600 500 ! 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. I960 Bulletins. other liabilities. Except on call dates, figures are partly estimated and are rounded to 4 Reclassification of deposits of foreign central banks in May 1961 the nearest $100 million. reduced this item by $1,900 million ($1,500 million to time deposits and $400 million to demand deposits). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

62 COMMERCIAL AND MUTUAL SAVINGS BANKS JANUARY 1966 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits 1 Total assets— Class of bank Securities Cash T l o ia ta - l Interbank1 Other Bor- c T a o p t i a ta l l N b u e m r ­ and date Total Loans G U o .S vt . . Other assets1 c c o a a a u p n c n i d ­ ta t s l 2 Total i m D a e n ­ d Time U.S D . e n□a O n t d her Time 3 ings co a u c n ­ ts ba o n f k s Govt. AH banks 1941—Dec. 31......... 61,126 26,615 25,511 8,99927,344 90,908 81,816 10,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31................. 140,227 30,361 101,288 8,57735,415 177,332 165,612 14,065 105,935 45,613 227 10,542 14,553 1947—Pec. 3H............... 134,924 43,002 81,199 10,723 38,388 175,091 161,865 12,793 240 1,346 94,381 53,105 66 11,948 14,714 1962—Dec. 28................. 280,397 172,822 72,56335,01254,939 343,201 303,653 16,008 535 6,839 141,084 139,188 3,635 28,046 13,940 1963—Dec. 20................. 302,251 192,686 69,06840,49751 ,536362,394319,636 15,267 528 6,734 141,576 155,531 3,70229,882 14,079 1964—June 30................. 310,404203,119 65,33741,94854,073 373,909331,843 15,272 678 10,263 139,160 166,469 2,12031,037 14,175 1964—Dec. 31................. 329,739216,674 68,77944,28761,493401,161 356,308 17,938 821 6,517 155,248 175,785 2,70032,196 '14,266 1965—Jan. 27................ 326,880214,920 67,38044,58051,960388,570342,250 14,800 890 4,060 143,630 178,870 4,400 32,040 14,290 Feb. 24................ 328,920217,270 66,47045,18052,580391,080343,770 14,890 940 6,710 140,420 180,810 4,33032,200 14,290 Mar. 31................ 331,950221,040 65,14045,77055,520397,650350,890 16,300 950 8,350 142,150 183,140 3,67032,610 14,292 Apr. 28................ 335,020223,890 64,18046,95052,580397,710349,320 14,450 920 6,850 142,600 184,500 5,02032,670 14,297 May 26................ 336,360226,660 63,03046,67052,150398,710349,550 14,240 970 9,890 138,490 185,960 4,97033,000 14,300 June 30................ 342,138231,737 62,60647,795 58,083410,935 362,611 16,172 1 ,034 11,802 145,319 188,284 3,72634,015 14,295 July 28................ 340,780230,510 62,15048,12052,070403,210353,730 14,460 980 6,890 141,410 189,990 4,73033,820 14,291 Aug. 25................ 343,120232,710 61,32049,09051,460404,900354,340 14,900 1 ,010 7,230 139,340 191,860 5,06034,020 14.293 Sept. 29................ 347,070235,830 61,72049,52053,780411,570361,320 15,850 1,040 7,370 143,440 193,620 4,40034,280 14,297 Oct. 27*.............. 351,010237,290 64,04049,68053,870415,530363,760 15,710 1,030 4,120 147,050 195,850 5,78034,510 14,303 Nov. 24*.............. 352,920239,370 64,27049,28055,940419,500366,550 15,770 1,030 5,390 147,920 196,440 5,97034,720 14,309 Pec. 29*.............. 360,460246,310 64,04050,11058,410429.810376,400 16,440 1,000 5,350 155,220 198,390 6,81034,880 14,309 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 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 31«.............. 116,284 38,057 69,221 9,00637,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1962—Dec. 28................ 235,839 140,106 66,43429,29854,049297,116262,122 16,008 535 6,829 141,041 97,709 3,62724,094 13,429 1963—Dec. 20................ 254,162 156,006 63,19634,95950.711 312,773275,120 15,267 526 6,729 141,534 111,064 3,66425,677 13,570 1964—June 30................ 260,179 164,463 59,32236,39453,168 321,909 284,903 15,272 677 10,257 139,110 119,587 2,09926,768 13,669 1964—Dec. 31................ 277,376175,589 62,991 38,79660,489 346,921 307,170 17,938 819 6,510 155,184 126,720 2,67927,795 13,761 1965—Jan. 27................ 274,000 173,420 61,52039,06051,010333,810292,770 14.800 890 4,060 143,580 129,440 4,40027,640 13,785 Feb. 24................ 275,730 175,530 60,52039,68051,580336,010294,130 14,890 940 6,710 140,370 131,220 4,33027,750 13,786 Mar. 31................ 278,350 179,040 59,04040,27054,510342,110300,770 16,300 950 8,350 142,100 133,070 3,67028,100 13,789 Apr. 28................ 281,240 181,530 58,32041 ,39051,640342,060299,140 14,450 920 6,850 142,550 134,370 5,02028,210 13,793 May 26................ 282,230 183,930 57,19041,11051,180342.700299,180 14,240 970 9,890 138.430 135,650 4,97028,490 13,796 June 30................ 287,723 188,641 56,85342,22957,063 354,553 311,632 16,171 1,032 11,796 145,266 137,366 3,682 29,479 13,791 July 28................ 285,940 187 060 56,32042,56051,090346.440302,650 14,460 980 6,890 141.350 138.970 4,73029.280 13,787 Aug. 25. ....... 287,840 188,900 55,51043,43050,510347,720303,030 14,900 1 ,010 7,230 139,280 140,610 5,06029,410 13,789 Sept. 29................ 291,470 191,690 55,93043,85052,830354,060309,640 15,850 1 ,040 7,370 143,380 142,000 4,40029,630 13,793 Oct. 27^.............. 295,330 192,800 58,45044,08052,890357,920311,860 15,710 1,030 4,120 147,000 144,000 5,78029,890 13,799 Nov. 24*.............. 296,990 194,560 58,72043,71055,040361,690314,540 15,770 1,030 5,390 147,870 144,480 5,97030,060 13,805 Dec. 29*.............. 304,150201,030 58,52044,600 57,430371,560323,770 16,440 1 ,000 5,350 155,170 145,810 6,810 30,230 13,804 Member banks: 1941—Dec. 31...... 43.521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31................ 107,183 22,775 78,338 6,07029,845 138,304 129,670 13,576 6422,179 69,640 24,210 208 7,589 6.884 1947—Dec. 31................ 97,846 32,628 57,914 7,30432,845 132,060 122,528 12,353 50 1,176 80,609 28.340 54 8.464 6,923 1962—Dec. 28................ 195,698 118,637 52,96824,09247,427249,488219,468 15,309 358 6,086 117.999 79,716 3,550 19,854 6,049 1963—Dec. 20................ 210,127 131,712 49,34229,07344,395261,469229,376 14,518 382 5,986 117,562 90,929 3,49921,054 6,112 1964—June 30................ 215,132 138,649 46,235 30,24946,767269,437238,052 14,527 525 9,342 115,624 98,034 1 ,93622,060 6,180 1964—Dec. 31................ 228,497 147,690 48,71732,08952,737289,142255,724 17,007 664 5,838 128,539 103,676 2,481 22.901 6,225 1965—Jan. 27................ 225,493 145,830 47,297 32,36644,461 277,606242,781 14,016 731 3,662 118,307 106,065 4,18622,799 6,236 Feb. 24................ 227,093 147,818 46,36432.911 44,750279,488 244,018 14,138 779 5,958 115,601 107,542 3,97822,888 6,236 Mar. 31................ 229,456 150,921 45,12033,41547,749285,300250,277 15,556 795 7,510 117,349 109,067 3,50923,173 6,235 Apr. 28................ 231,866 152,951 44,555 34,36045,106285,023 248,563 13,710 759 6,263 117,569 110,262 4,80223,253 6,237 May 26................ 232,373 154,705 43,615 34,05344,804285,331 248,494 13,525 817 8,881 114.025 111,246 4,701 23,406 6,239 June 30................ 237,328 158,832 43,39635,10050,198296,049259,743 15,355 851 10,806 120,077 112.654 3,455 24,323 6,235 July 28................ 235,644 157,345 42,863 35,43644,703288,568 251,216 13,671 803 6,296 116,404 114,042 4,59824,193 6,230 Aug. 25................ 237,093 158,885 42,064 36,14443,951 289.232251,232 14,073 825 6.565 114,426 115,343 4,73224,279 6,227 Sept. 29................ 240,078 161,336 42,294 36,44846,087294,704256,981 14,991 861 6,805 1 17,924 116,400 4,14824,432 6,223 Oct. 27................ 243,144 162,156 44,438 36,55046,119297,674258,443 14,815 848 3,760 120,904 118,116 5,46224,654 6,223 Nov. 24................ 244,260 163,597 44,552 36,111 48,110300,784260,630 14,875 850 4,927 121,503 118,475 5,691 24,768 6,225 Dec. 29*.............. 250,675 169,422 44,39036,863 50,205 309,596 268,834 15,522 822 4,899 128,080 119,511 6,501 24,917 6,221 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 7 1,592 542 1947—Dec. 3H.............. 18,641 4,944 11,978 1,718 886 19,714 17,763 1 3 14 17,745 1 ,889 533 1962—Dec. 28................ 44,558 32,716 6,129 5,714 890 46,086 41,531 1 10 43 41,478 8 3,951 511 1963—Dec. 20................ 48,089 36,679 5,872 5,539 826 49,621 44,516 1 6 42 44,467 38 4,205 509 1964—June 30................ 50,226 38,656 6,016 5,554 905 52,000 46,940 ............ I 7 50 46,882 21 4.269 506 1964—Dec. 31................ 52,363 41,085 5,788 5,490 1,004 54,239 49,138 ............ 2 7 64 49,065 21 4,401 505 1965—Jan. 27................ 52,880 41,500 5,860 5,520 950 54,760 49,480 50 49,430 4,400 505 Feb. 24................ 53,190 41,740 5,950 5,500 1,000 55,070 49,640 50 49,590 4,450 504 Mar. 31................ 53,600 42,000 6,100 5,500 1,010 55,540 50,120 50 50,070 4,510 503 Apr. 28................ 53,780 42,360 5,860 5,560 940 55,650 50,180 50 50,130 4,460 504 May 26................ 54,130 42,730 5,840 5,560 970 56,010 50,370 60 50,310 4,510 504 June 30................ 54,415 43,096 5,753 5,566 1,020 56,382 50,980 1 7 53 50,918 43 4,536 504 July 28................ 54,840 43,450 5,830 5,560 980 56,770 51,080 60 51,020 4,540 504 Aug. 25................ 55,280 43,810 5,810 5,660 950 57,180 51,310 ........... 60 51,250 ........... 4,610 504 Sept. 29................ 55,600 44,140 5,790 5,670 950 57,510 51,680 60 51,620 4,650 504 Oct. 27................ 55,680 44,490 5,590 5,600 980 57,610 51.900 50 51,850 4,620 504 Nov. 24................ 55,930 44,810 5,550 5,570 900 57,810 52,010 50 51 ,960 4,660 504 Dec. 29*.............. 56,310 45,280 5,520 5,510 980 58,250 52,630 50 52,580 4,650 505 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 63 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 1 Other Cla a s n s d o d f a b te ank Total Loans U.S. a C ss a e s t h s 1 c b a i a l l p i i n t a i i d e t ­ a s l Total1 De­ Demand r B in o o g w r s ­ ­ c c T o a a o u p c t n i ­ a ta t l s l b N a b u o n e m f k r s ­ Govt. Other co a u c n ­ ts2 mand Time U.S. Other Time Govt. 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 6 866 12,051 807 1 648 36 1945—Dec. 31.................... 26 >43 7,334 17,574 1 '235 6,439 32 >87 30'121 4 >40 17 6 940 17,287 1 236 195 2,120 37 1947—Dec. 31.................... 20 >93 7 >79 11>72 1 '242 7'261 27 982 25'216 4 453 12 267 19 040 1 445 30 2 259 1962—Dec. 28.................... 32*989 21 ,954 7,017 4,017 11,050 46,135 37,885 4,783 207 1 408 22 >31 9 256 1 728 3 898 17 1963—Dec. 20.................... 34 >27 23,577 6,154 5 , 095 9’372 46'434 38 >27 4,289 214 1 419 20,960 11*446 1 438 3 984 13 1964—June 30.................... 36’693 25 >90 5 >79 5’424 10,'550 49>16 41 >45 4,711 317 2,112 21,224 13 181 * >24 4 402 14 1964—Dec. 31.................... 39,507 27,301 6,178 6,028 11,820 53 867 45,191 5,088 436 1 486 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 >50 27 >70 5'122 6 258 9 >18 50 803 41,574 4'359 499 1 083 20 447 15 186 | >81 4 487 13 Mar. 31.................... 39,905 28’,894 4,788 6 223 11’597 54 198 44>97 4’852 518 1 778 22,123 15 726 1 506 4*526 13 40,325 29'173 4*764 6 388 9 >44 52 852 43,502 4,226 492 1 666 20 842 16’276 1 *655 4 517 May 26.................... 40,201 29'558 4,674 5 969 10,230 53,184 43,820 4,308 549 1 989 20 >89 16*685 1 498 4 548 1-3 42,225 30,975 4,907 6’34212 >86 57 150 47 >22 5 065 579 2 561 22 380 16*738 1 423 5 094 July 28.................... 40 >02 29,438 4,834 6>30 9,639 52 >98 43 >63 4 300 525 1 409 19934 17 095 1 426 5 091 13 Aug. 25.................... 41 >07 29,896] 4,566 6,745 9,233 53,106 42,890 4,123 534 1 >87 19,557 17>89 1,586 5,114 12 Sept. 29.................... 41,876 30,680 4,366 6 830 9,851 54 511 44,942 4 669 563 1 971 20 449 17 290 993 5 106 12 Oct. 27.................... 42^411 30,518 5’239 6 654 9,508 54 477 44,034 4,286 553 >36 20 546 17813 1 808 5 137 12 Nov. 24 . .................. 41'922 30,840 4,897 6’ 185 10^098 54’647 43’957 4’370 546 789 20 434 17818 2 ’ 072 5 142 12 44,622 32,909 5,120 6.593 11,035 58,389 47,375 4,757 513 1,257 22,987 17,’861 2 646 5 149 12 City of Chicago: 5 1941—Dec. 31.................... 2,760 954 1,430 376 1 ,566 4,363 4,057 1,035 127 2 ,419 476 288 13 1945—Dec. 31.................... 5,931 1,333 4>13 385 1 >89 7,459 7,046 1,312 1,552 3*462 719 377 12 1947—Dec. 31.................... 5,088 1 ,801 2'890 397 1,739 6 >66 6,402 1,217 ' 72 4 >01 913 426 14 1962—Dec. 28.................... 8'957 5,418 2'129 1 409 2'280 11 432 9,993 1 '277 18 410 5 264 3 025 262 948 13 1963—Dec. 20.................... 9,615 6,220 1 ’705 1 ’690 1,970 11 >76 10,296 1 >11 17 395 4,887 3 >87 255 996 12 1964—June 30.................... 9,636 6,266 1,750 1 '620 2'121 12 046 10,630 1 >82 25 587 4*744 4 090 21b 1 017 12 1964—Dec. 31.................... 10,562 7,102 1,873 1,587 2,366 13,289 11,807 1,448 22 396 5,362 4 578 204 1 056 12 1965—Jan. 27.................... 10,245 6,767 1 ,850 1,628 2,163 12,703 11,177 1 ,153 26 259 5,076 4 663 232 1 046 12 Feb. 24.................... 10 >96 6'963 1 ’678 1 ’655 2,184 12’842 11'153 1,238 28 349 4,905 4 633 322 1 *053 12 Mar. 31.................... 10,310 7,129 1,546 1 ’635 2,089 12 801 11 >88 1 >77 28 501 3 ,985 4>97 278 1 060 u Apr. 28.................... 10 425 7 >73 1 ^669 1 683 2,318 13 095 11>95 1 182 22 463 5 047 4 681 355 1 065 u 10,363 7', 108 1 ,643 1 612 2,232 12,961 11,282 1 169 23 576 4,800 4>14 333 1 071 □ 10 835 7'367 1,761 1 >07 2311 13 535 11 >99 1 297 27 699 4,926 4>49 438 1 096 u 10,558 7,183 1 ‘659 1 >16 2 >06 13 153 11,312 1,133 19 395 4,936 4*829 415 1 *096 u 10 >92 7>16 1'521 I '755 2,110 13 >98 11 >11 1,221 19 380 4,720 4*871 447 1 102 JI 10>14 7,508 1 >44 1 >62 2>01 13 384 11 '448 1 ’245 19 532 4 790 4*862 566 1 107 u Oct. 27.................... 10,871 7 >55 1,619 1,697 2,343 13 619 11,547 1,236 19 268 5,031 4 >93 623 1 114 Ll Nov. 24................... 11>58 7,724 1,651 1’683 2,373 13 855 11 ,834 1 >40 25 552 4 >78 5 039 460 1117 11 Dec. 29’’.................. 11,240 8,133 1,541 1 ,566 2,458 14,126 12 >32 1 >48 28 357 5,402 4 >97 531 1125 11 Other reserve city:5, 6 1941—Dec. 31.................... 15,347 7,105 6,467 1 ,776 8,518 24,430 22,313 4,356 104 491 12,557 4 806 1 967 351 1945—Dec. 31.................... 40'108 8,514 29 ’ 552 2’042 11 >86 51 >98 49 085 6418 30 8,221 24 655 9 760 2 2*566 359 1947—Dec. 31.................... 36 040 13 >49 20,196 2 >96 13 >66 49 659 46,467 5,627 22 405 28 990 11 423 1 2 844 353 1962—Dec. 28.................... 73,130 46 >67 18,398 8’165 19,539 94,914 84,248 7,477 82 2,337 43,60930 >43 1 388 7 263 191 1963—Dec. 20..................... 78 370 51,891 16,686 9,792 18>78 99 643 87,994 7 225 95 2>12 43 459 35 004 1 417 7 *697 190 1964—June 30.................... 80 466 54 >04 15 488 10 375 19,143 102,245 91,145 6 894 118 3 771 42’38737 >74 * *572 8 110 183 1964—Dec. 31.................... 84,670 57,555 16,32610,78921,607 109,053 97,145 8 289 134 2,195 46,88339 645 841 8 488 182 1965—Jan. 27.................... 83 987 57,428 15 541 11 018 18 353 104 997 92 273 6 758 184 1 580 42 84840 903 1 756 8 ,504 184 Feb. 24.................... 84 567 57,966 15 410 11'191 18,114 105 275 92 428 6 789 188 2 546 41 59041 315 1 663 8 >29 184 Mar. 31.................... 85 374 58,771 15 032 11 >71 19 011 107 146 94 519 6 976 185 3 035 42,61541 >08 1 *413 8 646 186 Apr. 28.................... 86,265 59,701 14,629 11’935 18,522 107,609 94,001 6,573 181 2,538 42,651 42*058 2*316 8*675 183 86 >34 60,015 14,123 11,896 17'984 106’851 93 J 30 6,366 174 3 >48 40*96942 073 2 329 8 676 178 87,225 61,079 14’03012’116 19,864 110 063 97,418 7 168 173 4,325 42,97142 >81 1*271 8*774 179 July 28.................... 87,272 61,417 13,64012’215 18,133 108 359 94,621 6 473 188 2,566 42,141 43 >53 2 257 8*756 179 87 >32 61,993 13 377 12’462 17,613 108 284 94 656 6 882 201 2>24 41 ,’12443 725 2 049 8*762 177 Sept. 29 .................... 88,719 62 ,804 13 469 12’446 18,666 110 410 96,468 7 159 208 2'462 42'37444 >65 2 081 8 798 177 Oct. 27 ............ 89,706 63'161 14,037 12>08 18,790 111,469 97,290 7,299 205 1 >72 43,62044'694 2*388 8*892 176 Nov. 24.................... 90,081 63,471 14,198 12’412 19^810 112>49 98 151 7 274 208 2 >77 43,74944 843 2,562 8* 928 172 Dec. 29 p.................. 92,103 65,536 13,989 12,’578 20,346 115,553 100,747 7,469 210 1,824 45 >2445,320 2,627 9*026 171 Country member banks:5, 6 1941—Dec. 31.................... 12,518 5,890 4 377 2 250 6,402 19 466 17 415 792 30 225 10,109 6 258 4 I 982 6 219 1945—Dec. 31.................... 35,002 5,596 26 999 2'408 10,632 46 059 43,418 1 207 17 5 ,465 24,235 12 494 11 2*525 6 476 1947—Dec. 31.................... 36,324 10,199 22,857 3 >68 10,778 47,553 44,443 1,056 17 432 28 >78 14 >60 23 2>34 6*519 1962—Dec. 28.................... 80 >23 44,698 25’425 10’501 14'559 97^008 87,342 1,773 51 1 ,931 46,89536 692 172 7 744 5 828 1963—Dec. 20.................... 87,316 50,023 24’797 12,496 14,274 103,615 92>59 1,793 56 1 >60 48 >5640 693 390 8*377 5*897 1964—June 30.................... 88 >37 52,289 23’218 12 >3014>53 105,430 94>33 1 ,739 64 2'872 47,27042,788 230 8*531 5*971 1964—Dec. 31.................... 93,759 55,733 24,341 13 685 16,944 112,932 101,581 2,182 71 1,760 52,39845,169 213 8 886 6 018 1965—Jan. 27.................... 92,990 55,062 24,276 13 652 14,518 109 740 98 441 1 831 64 1,028 49,71345 805 417 8 784 6 027 Feb. 24.................... 93,280 55,319 24'154 13’807 15,234 110,568 98,863 1,752 64 1,980 48,65946 408 712 8*819 6 * 027 Mar. 31.................... 93,867 56’127 23 >54 13 986 15 >52 111 155 99 673 1 751 64 2,196 48,62647 036 312 8 * 941 6 025 Apr. 28.................... 94,851 57,004 23,493 14,354 14,422 111,467 99,665 1,729 64 1,596 49,02947,247 482 8*996 6 030 May 26..................... 95,775 58,024 23,175 I4>76 14>58 I12>35 100,262 1>82 71 2,768 47 >6747,774 541 9,111 6 037 97,043 59,411 22'697 14,935 15 >37 115 j302 103,304 1,825 71 3>22 49,80048 386 323 9 359 6*032 July 28.................... 97,'012 59,307 22 >3014’975 14’725 114 >58 102’020 1 >65 71 1,926 49,39348,865 500 9 250 6*027 Aug. 25 .................... 97'462 59’680 22 >0015,182 14,995 114,744 102'475 1 ’, 847 71 2,174 49,02549,358 650 9 301 6 027 98,669 60’344 22’915 15’410 15,369 116 >99 104'123 1 >18 71 1'840 50 >11 49,983 508 9,421 6 023 Oct. 27.................... 100,156 60;922 23’543 15,691 15,478 118/109 105 >72 1,994 71 1'184 51,70750,616 643 9 511 6,024 Nov. 24................... 101’199 61’562 23’806 15 831 15.829 119 >33 106 >88 1 >91 71 1 >09 52 >4250,775 597 9 581 6,030 Dec. 29 r.................. 102,'710 62,844 23,74016,126 16,366 121 >28 108,680 2,048 7! 1,461 53 >6751,333 697 9,617 6,027 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

64 COMMERCIAL AND MUTUAL SAVINGS BANKS JANUARY 1966 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— b c C a a l n a ll k s d s a a o t n e f d Total Loans Securities as C s a e s ts h 1 c b T a i a l l o i p i n a t t i i d e a t ­ a s l l Total i Interbank 1 Dema O n t d her B r in o o g w 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 k r s ­ G U o . v S t . . Other cou a n c t ­ s 2 m D a e n ­ d Time U. S. Other Time 3 Govt. Insured commercial banks: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69.411 10,654 1,762 41,298 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.. 234,243 139,449 65,891 28,903 53,702 295,093 260,609 15,844 402 6,815 140,16997,380 3,58423,71213,119 1963—Dec. 20.. 252,579 155,261 62,723 34,594 50,337 310,730 273,657 15,077 443 6,712 140,702 110,723 3,57125,27713,284 1964—Dec. 31.. 275,053 174,234 62,499 38,320 59,911 343,876 305,113 17,664 733 6,487 154,043 126,185 2,58027,37713,486 1965—June 30.. 285,375 187,207 56,42641,742 56,555 351,544 309,612 15,920 928 11,761 144,205 136,798 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 76,07553,733 1,63612,750 4,505 1963—Dec. 20.. 137,447 84,845 33,384 19,218 28,635 170,233 150,823 8,863 146 3,691 76,83661,288 1,70413,548 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 1,10915,048 4,773 1965—June 30.. 156,989 103,377 30,23023,382 31,595 193,748 171,528 9,096 313 6,721 79,00976.389 1,68515,853 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 15,312 10,777 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 41,06836,265 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 22,17017,664 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 23,140 19,793 72 4,234 7,173 1964—Dec. 31.. 46,567 26,544 13,790 6,233 7,174 54,747 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 1,291 253 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 4 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 ,355 483 474 578 3,033 2,057 273 86 23 1,141 534 99 406 274 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 5,504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31.. 18,454 5,432 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 23,042 17,994 77 4,240 7,380 1963—Dec. 20.. 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,97220,134 165 4,623 7,458 1964—Dec. 31.. 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,645 23,043 198 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: 1 1 9 9 4 4 1 5 — — D D e e c c . . 3 31 1 . . . . 1 1 0 , , 8 6 4 9 6 3 3,0 6 8 4 1 2 7,1 6 6 2 0 9 4 6 2 0 1 6 4 1 2 51 9 1 1 1 , , 9 4 5 2 8 4 1 1 0 , , 7 3 8 6 9 3 2 1 1 0 , , 3 7 5 8 1 9 i 1,0 1 3 6 4 4 1 5 9 2 2 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 1 2 12 12,192 1,252 194 1962—Dec. 28.. 38,597 28,778 4,639 5,180 784 39,951 36,104 1 9 26735,827 7 3,343 331 1963—Dec. 20.. 41,664 32,300 4,324 5,041 722 43,019 38,657 1 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 ............ I 6 37443,912 43 3,848 327 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 65 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank1 Other C an la d s s c o al f l b d a at n e k Total Loans G U o .S vt . . Other a C ss a e s t h s > c b a i a l a l i p i n a t c i i d e t ­ ­ a s l Total 1 m D a e n ­ d Time Demand TimeJ r B i o n o g w r s ­ ­ c c T a o a o p u c t i n a ­ ta t l s l N ba b u o n e m f k r s ­ counts2 U.S. Govt. Other Noninsured mutual savings banks: 1941—Dec. 31........... 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31.................... 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1947—Dec. 31 4................. 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 savings 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.) 6 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 Total1 Loans1 Total1 Loans1 G U o .S vt . . Other G U o .S vt . . Other 1957—Dec. 31......................................................................... 166.4 91.4 57.1 17.9 169.3 93.2 58.2 17 9 1958—bee. 31......................................................................... 181.2 95.6 65.1 20.5 184.4 97.5 66.4 20 6 1959—bee. 3|.......................................................................... 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—bee. 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—bee. 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'—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. 27^........................................................................ 288.9 188.0 57.0 43,9 290.3 187.8 58.5 44.1 Nov. 24^........................................................................ 291.5 189.8 57.6 44.1 292.4 190.0 58.7 43.7 Dec. 31.......................................................................... 294.0 191.8 57.6 44.6 301.3 197.6 58.9 44.7 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

66 COMMERCIAL BANKS JANUARY 1966 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans 1 Investments For b c C a a l n a ll s k d s a a o n te d f l i o m n T a a v o e n n e t n d s a s t s t l ­ 1 Total 2 C m d t a c i r o u n n i i e a a m s d ­ r l l ­ ­ ­ A c t u a g u l r r l­ ­ i- o p b k a s T r e u r n e o o r r d c c s c ­ a u h r r a o r it y t s T i h e i i n n o e s g g r s ba i T n n f o s i k n t s a i T tu n o o t c i o i t T a h n l e o s r s R t e a e s te a ­ l O u v i d t t a n i h o d i l ­ ­ e s - r Other Total B U il . ls S. s G e c C c t o a i u e v f t r e i r e i ­ s t ­ i r e n s m N e o n te t s Bonds s S g r lo a i e t o t i n c a c e v a d t u s t e l , ­ O s ri e t t h i c e e u s r ­ deal­ ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 1 ,660 8301,220 115 9,393 5,723 94769,221 2,193 7,789 6,03453.205 5,2763,729 1962—Dec. 28.. 235,839 140,10648,6737,0975,1442,131 2,578 8,45934,25930,5533,90966,434 11,674 3,93223,841 26,98724,7554,543 1963—Dec. 20.. 254,162 156,006 52,9477,4705,3532,509 3,605 9,47939,05634,5504,03463,196 11,059 1,65822,415 28,06529,7865,173 1964—Dec. 31.. 277,376175,58960,2177,505 5,5422,843 3,491 10,91343,67539,8095,15262,991 13,377 19,03930.57433,533 5,263 1965—June 30.. 287,723 188,641 65.5468,0686,0662,912 3,78811,46346,22343,0565,14856,853 8,920 14,67833,25536,541 5,688 All insured 1941—Dec. 31.. 49,290 21,259 9,214 1 ,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3.333 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,1643,606 49 4,677 2,361 1,13288,912 2,45519,071 16,045 51,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18.012 1 ,610 8231,190 114 ........... 9,266 5,654 91467,941 2,124 7,552 5,918 52,347 5,1293,621 1962—Dec. 28.. 234,243 139,44948,4587,0605,1192,103 2,551 8,43434,12330,4023,89065,891 11,514 3,91623,715 26,74624,5474.356 1963—Dec. 20.. 252,579 155,261 52,7437,4445,321 2,476 3,594 9,41538,86134,3834,015 62,723 10,952 1,64922,31627,80629,5595,035 1964—Dec. 31.. 275,053 174,23459,7467,4825,3552.794 3,419 10,81243,43639,6275,11262,499 13,275 18,939 30,285 33,2945,026 1965—June 30.. 285,373 187,20765.0538,047 5,9252,860 3.68011,34245,95142,8795,092 56,426 8,849............ 14,603 32,97436,2955.447 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.. 107,183 22,775 8,949 855 3,1333,378 47 3,455 1 ,900 1,05778,338 2,27516,985 14,271 44,807 3,2542,815 1947—Dec. 31.. 97,846 32,628 16,9621 .046 811 1,065 113 ............ 7,130 4,662 83957.914 1 ,987 5,816 4,81545,295 4,1993,105 1962—Dec. 28.. 195,698 118,63743,8434,4194,9541,777 2,445 7,93627,16224,7993,65752,968 8,862 3,249 19,44321,41420,773 3.319 1963—Dec. 20.. 210,127 13| ,71247,4034,6595.1242.136 3,439 8,87531,00927,9083,76549,342 8,032 1,307 18,07221,93225,2103,864 1964—Dec. 31.. 228,497 147,69053,7174,643 5.1422,411 3,250 10,17934,58732,0244,82448,717 9,932 15,23823,54828,3743.715 1965—June 30.. 237,328 158.83258,6404,9695,7292.442 3,516 10,73536,57734,5824.78343,396 6.260 11,43025,70631,0364.064 New York City: 1941—Dec. 31.. 12,896 4,072 2.807 8 412 169 32 123 522 7.265 311 1.623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,4531,172 26 80 287 272 17,574 477 3,433 3.325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 ......... 545 267 93 ............ HI 564 238 1 1 ,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 2,143 1,196 7,017 1 .998 508 2,488 2.023 3.585 432 1963—Dec. 20.. 34,827 23,577 12,332 262,677 569 1,007 2,247 1,968 2,257 1,068 6,154 1,711 147 2,341 1,955 4,653 442 1964—Dec. 31.. 39,507 27,301 14,189 302,742 623 1,179 2,615 2.546 2.654 1,371 6,178 1,958 1,972 2.248 5,579 449 1965—June 30.. 42,225 30.975 16,082 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. 3!.. 2,760 954 732 6 48 52 1 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1 ,801 1 ,418 3 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1962—Dec. 28.. 8,957 5.418 2.941 35 407 152 89 703 362 523 369 2,129 377 115 849 788 1,242 168 1963—Dec. 20.. 9,615 6,220 3.378 40 497 181 242 751 401 594 318 1 .705 347 42 599 717 1.361 329 1964—Dec. 31. . 10,562 7,102 3,870 24 510 203 227 948 465 669 430 1,873 564 397 911 1,392 195 1965—June 30.. 10,835 7,367 4,099 26 465 232 266 1,007 514 702 308 1 .761 473 299 989 1,493 214 Other reserve city: 1941—Dec. 31'.. 15,347 7,105 3,456 300 114 194 4 1.527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8.514 3,661 205 4271,503 17 1,459 855 38729,552 1,034 6,982 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1 ,969 351 20.196 373 2,358 1,901 15,563 1,342 1,053 1962—Dec. 28.. 73,130 46,567 17,6601,179 1.053 752 1 ,020 3,58311,030 9,860 1,266 18,398 2,343 1,403 7,257 7,395 7,252 913 1963—Dec. 20.. 78,370 51,891 18,862 1,219 1,24.1 891 1,224 4,28612,52511,106 1,462 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 4,88713,611 12,8021,977 16,326 3,200 5,662 7,463 9,871 918 1965—June 30.. 87,225 61,07922,817 1 ,214 9781,034 1,241 5,07614,21313,636 1,981 14,030 1,819 4,161 8.050 11,108 1,008 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1 ,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 4,544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 ........... 3,827 1 ,979 22422,857 480 2,583 2,108 17,687 2,006 1,262 1962—Dec. 28.. 80,623 44,698 11,2993,187 728 447 764 1,56314,441 12,273 82625,425 4,144 1,223 8,849 11,209 8,694 1,807 1963—Dec. 20.. 87,316 50,023 12,831 3,374 708 496 966 1,59116.11413,951 917 24,797 3,822 573 8,531 11,871 10,3852,111 1964—Dec. 31 .. 93,759 55,733 14,5563,493 830 599 710 1 ,73017,96415,899 1 ,04724,341 4,209 7,206 12,925 11.531 2,154 1965—June 30.. 97,043 59,411 15,641 3,713 629 616 796 1 ,67518,98417,413 1 ,07422,697 2,932 5,849 13,915 12,6372,299 Nonmember 1947—Dec. 31.. 18,454 5,432 1 ,205 614 20 156 2 2,266 1 ,061 109 11,318 206 1,973 1,219 7,920 1,078 625 1962—Dec. 28.. 40,141 21,469 4,8302,678 190 354 132 523 7,097 5,754 252 13,466 2,812 683 4,398 5,573 3,9821,224 1963—Dec. 20.. 44,035 24,295 5,5442,811 229 373 166 604 8,047 6,643 269 13,854 3,027 351 4,343 6,133 4,576 1,309 1964—Dec. 31.. 48,879 27,899 6,5002,862 400 432 241 733 9,088 7,786 328 14,273 3,445 3,801 7,026 5,159 1,548 1965—June 30.. 50,394 29,809 6,9063,099 336 470 272 729 9,646 8,474 366 13,457 2,660 .....3..,.2...4.8 7,549 5,504 1,624 1 Beginning with June 30, 1948, figures for various loan items are 2 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for earlier dates appear in the add to the total and are not entirely comparable with prior figures. Total preceding table. loans continue to be shown net. For other notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 COMMERCIAL BANKS 67 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Re­ Bal­ De­ b c C a a l n a ll k s d s a a o n te d f s B F w e a r . i n v R th e k . s s r C c e a o n n u i c d r n ­ y b m a w a d n e n c i o s t e k h ­ ti s s c 3 ju m p d s o a a e t s d e n i ­ ­ t d d s 4 D In o t ­ erba F nk or­ G U o .S vt . . S lo a t c a n a t d e l C c o f a e e ie n f r r f d d s i t ­ i ' ­ IPC I b n a te nk r­ G P U a o o n . s S v d t t . a . l S lo a t c a n a t d e l IPC B r in o o g w r s ­ ­ c C o a t a u a c p n l ­ i t ­ s mestic3 eign3 govt. checks, Sav­ govt. etc. ings 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 65 10,059 1962—Dec. 28. ... 17,680 4,252 13,099 124,342 14,713 1,295 6,829 12,071 4,511 124,459 535 269 6,450 90,991 3,62724,094 1963—Dec. 20.... 17,150 4,048 12,312 126,579 14,048 1,218 6,729 12,256 4,494 124,784 526 269 7,908102,8863,66425,677 1964—Dec. 31.... 17,581 4,532 15,111 134,671 16,369 1,569 6,510 13,519 5,970 135.694 819 272 9,812116,6352,67927,795 1965—June 30.... 17,842 4,978 13,023 126,714 14,696 1 ,476 11,796 13,291 6,001 125,974 1,032 27810,573126,5163,68229,479 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 1,24823,740 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 12,795 123,361 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 11,984 125,615 13,900 1,177 6,712 12,175 4,429 124,098 443 269 7,853102,6003,571 25,277 1964—Dec. 31.... 17,581 4,515 14,613 133,336 16,210 1,454 6,487 13,423 5,856 134,764 733 272 9,766116,1472,58027,377 1965—June 30.... 17,842 4,961 12,599 125,471 14,532 1,387 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 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31 .... 17,797 1,672 6,270 73,528 10,978 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 7,897 101,528 14,071 1,237 6,086 9,270 4,083 104,646 358 243 5,158 74,3163,550 19,854 1963—Dec. 20.... 17,150 3,131 7,359 102,816 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 95,4252,481 22,901 1965—June 30.... 17,842 3,853 7,831 101,733 14,009 1,346 10,806 10,127 5,449 104,502 851 247 8,592103,8143,45524,323 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 HI 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 8,937 1,728 3,898 1963—Dec. 20. . . . 3,625 264 96 16,763 3,487 801 1,419 368 2,119 18,473 214 76 449 10,920 1,438 3,984 1964—Dec. 31..,. 3,730 278 180 17,729 4,112 976 1 ,486 441 2,940 20,515 436 74 677 13,534 1,224 4,471 1965—June 30. ... 4,274 314 199 16,430 4,H5 950 2,561 561 3,270 18,549 579 87 682 15,9691,423 5,094 City of Chicago: 1 1 9 9 4 4 1 5 — —D D e e c c . . 3 31 1 . . . . . . . . 1,0 9 2 4 1 2 4 3 3 6 2 2 9 0 8 0 2 3 , , 2 1 1 5 5 3 1 1 , , 0 2 2 9 7 2 20 8 1,5 1 5 2 2 7 2 2 3 3 3 7 3 66 4 2 3 , , 1 1 5 6 2 0 7 4 1 7 9 6 ......... 3 2 7 8 7 8 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.... 7,587 934 2,105 35,859 6,958 267 2,212 3,144 1,034 39,281 95 72 2,950 31,9821,416 7,697 1964—Dec. 31.... 7,680 1,065 2,433 37,047 7,962 326 2,195 3,508 1,238 42,137 134 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 38,5431,271 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 51 100 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 1964—Dec. 31.... 5,165 2,092 6,295 49,253 2,141 41 1 ,760 6,031 1,068 45,298 71 83 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 67! 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 21,210 198 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 been adjusted to make them comparable with State bank data. (Data for Note.—Data are for all commercial banks in the United States. (For Dec. 20, 1963, also adjusted to lesser extent.) definition of “commercial banks’’ as used in this table and for other banks For other notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

68 WEEKLY REPORTING MEMBER BANKS JANUARY 1966 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans or c F a o r r r y p in u g rc h s a e s c i u n r g it ies To financial institutions Loans Wednesday m in T lo a e v o a n e n t n d a s t s s t l ­ ! j i u m n s a a v e t n e d e n d s ­ d t s t ­ 2 ju Lo s a a t d e n ­ d s 2 i C n m t a c r d o n i i e a u a m d r l s l ­ ­ ­ A t c u g u ra r l­ i l ­ G c U a T t s u i o e n . e o S r v s d ­ i t . ­ b , d r e o O a k c t l s e u t i e e h e r r r s ­ s e s i­ r G c U t s i u T o e e .S r v o s ­ i t ­ . . oth O c e t s u i t r e e h s r s ­ e i­ r F ei o gn r B ­ an c k m m D c o t i i e e o m a c s r l ­ ­ ­ ­ fi P s c n a e a o e a N n t l s c r e n d s o . . s , , . n b O an th k er e R st e a a te l o A th l e l r V s t e a r i r o e l v u n ­ e a s ­ Total— Leading cities 1964 Dec. 2................. 149,460 146,997 98,992 40,999 1,621 690 3,173 66 1,936 1,353 2,463 4,418 4,013 19,909 22,918 2,104 9........................ 148,789 146,275 98,374 40,914 1 ,623 468 3,072 65 1,936 1,366 2,514 4,190 4,027 19,934 22,881 2,102 16........................ 151,814 148,993 100,796 41,668 1 ,639 902 3,382 73 1,930 1,374 2,821 4,864 4,047 19,948 23,059 2,090 23........................ 151 ,599 149,449 101,012 41,668 1 ,607 909 3,32! 66 1,946 1,419 2,150 4,913 4,077 20,011 23,158 2,083 30........................ 153,695 151,010 102,227 42,119 1 ,591 1,114 3,517 72 1,974 1,560 2,685 4,929 4,103 20,008 23,320 2,080 1965 Nov. 3........................ 162,692 161,498 112,729 48,778 1,662 505 2.918 99 2,065 1,631 2,194 5,179 4,879 22,231 25,100 2,318 10........................ 162,336 159,708 112,537 48,737 1,657 477 2,975 95 2,060 1,626 2,628 4,961 4,863 22,278 25,125 2,317 17........................ 163,222 160,618 113,816 49,310 1,682 580 3,174 94 2,062 1,604 2,604 5,121 4,864 22,356 25,286 2,317 24........................ 163,059 161,007 113,238 48,951 1,688 676 3,058 93 2,095 1,622 2,052 4,932 4,833 22,387 25,218 2,315 Dec. 1......................... 165,106 162,531 114,741 49,167 1,692 954 3,325 95 2,108 1,642 2,575 5.447 4,872 22,425 25,336 2,322 8........................ 163,133 161,269 113,647 49,061 1,691 527 3,149 96 2,099 1,638 1,864 5,189 4,756 22,463 25,297 2,319 15........................ 167,420 164,501 116,585 49,992 1,709 994 3,562 94 2,169 1,637 2,919 5,988 4,765 22,519 25,469 2,313 22........................ 167,624 165,292 116,960 50,511 1,717 596 3,474 96 2,186 1,650 2,332 6,093 4,784 22,559 25,604 2,310 29........................ 168,579 165,464 117,165 50,564 1,693 633 3,502 101 2,184 1,616 3.115 6,147 4,782 22,570 25,669 2,296 New York City 1964 Dec. 2........................ 35,969 35,146 24,335 13,197 19 360 1,788 10 582 739 823 1,383 817 2,270 3,740 570 9........................ 36,035 34,936 24,021 13,179 19 306 1,677 10 584 737 1,099 1,262 819 2,279 3,717 568 16........................ 37,644 36,293 25,199 13,491 19 450 1,968 10 585 731 I ,351 1,654 828 2,265 3,763 565 23........................ 37,183 36,579 25,304 13,485 20 603 1,932 10 588 759 604 1,629 825 2,277 3,740 564 30........................ 38,176 37,356 25,938 13,859 20 640 2,104 14 602 843 820 1.516 825 2,283 3,785 553 1965 Nov. 3........................ 40,186 39,414 28,749 16,341 21 312 1,699 24 579 854 772 1,538 1,158 2,816 4,016 609 10........................ 40,248 39,315 28,789 16,377 21 336 1,735 22 585 853 933 1,478 1,156 2,831 4,003 608 17........................ 40,412 39,631 29,400 16,630 21 345 1,920 23 591 844 781 1,591 1,159 2,855 4,030 609 24........................ 40,140 39,647 29,204 16,523 21 422 1,820 23 619 855 493 1 ,540 1,135 2,874 3,981 609 Dec. 1........................ 41,274 40,585 29.972 16,570 21 582 2,082 21 622 872 689 1,770 1,144 2,881 4,015 608 8........................ 40,681 39,953 29,348 16,550 23 301 1,922 22 630 871 728 1,627 1,129 2,906 3,976 609 15........................ 42,627 41 ,682 30,778 16,990 22 534 2,267 19 652 874 945 1,991 1,135 2,899 3,998 603 22........................ 42,520 41,908 30,782 17,203 23 349 2,181 20 653 891 612 1,993 1,123 2,912 4,034 600 29........................ 42,861 41,915 30,870 17,273 23 356 2,211 21 650 852 946 2,016 1,113 2,903 4,048 596 Outside New York City 1964 Dec. 2........................ 113,491 111,851 74,657 27,802 1,602 330 1,385 56 1,354 614 1,640 3,035 3,196 17,639 19,178 1,534 9........................ 112,754 111,339 74,353 27,735 1,604 162 1,395 55 1,352 629 1,415 2,928 3,208 17,655 19,164 1,534 16........................ 114,170 112,700 75,597 28,177 1,620 452 1 ,414 63 1,345 643 1,470 3,210 3,219 17,683 19,296 1,525 23........................ 114,416 112,870 75,708 28,183 1,587 306 1,389 56 1,358 660 1,546 3,284 3,252 17,734 19,418 1,519 30........................ 115,519 113,654 76,289 28,260 1,571 474 1 ,413 58 1,372 717 1 ,865 3,413 3,278 17,725 19,535 1,527 1965 Nov. 3........................ 122,506 122,084 83,980 32,437 1,641 193 1,219 75 1,486 777 1,422 3,641 3,721 19,415 21,084 1,709 10........................ 122,088 120,393 83,748 32,360 1,636 141 1,240 73 1,475 773 1,695 3,483 3,707 19,447 21,122 1,709 17........................ 122,810 120,987 84,416 32,680 1,661 235 1,254 71 1,471 760 1,823 3,530 3,705 19,501 21,256 1,708 24........................ 122,919 121,360 84,034 32,428 1,667 254 1,238 70 1,476 767 1,559 3,392 3,698 19,513 21,237 1,706 Dec. 1........................ 123,832 121,946 84,769 32,597 1 ,671 372 1,243 74 1,486 770 1,886 3,677 3,728 19,544 21,321 1,714 8........................ 122,452 121,316 84,299 32,511 1,668 226 1,227 74 1,469 767 1,136 3,562 3,627 19,557 21,321 1,710 15........................ 124,793 122,819 85,807 33,002 1,687 460 1,295 75 1 ,517 763 1 ,974 3,997 3,630 19,620 21,471 1,710 22........................ 125,104 123,384 86,178 33,308 1 ,694 247 1,293 76 1,533 759 1,720 4,100 3,661 19,647 21,570 1,710 29........................ 125,718 123,549 86,295 33,291 1,670 277 1 ,291 80 1,534 764 2,169 4,131 3,669 19,667 21,621 1,700 For notes see p. 70. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 WEEKLY REPORTING MEMBER BANKS 69 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 U.S. Government securities Total assets— Bal­ Bal­ All Total Wednesday Total Bills c C t a i e f te i r ­ s ­ Wi N th o ­ m tes a tu a 1 n r t i o d n g b — on • A d f s te r O s ri e t t i h c e u e s ­ r Total d b a o w a n t m i n c i c t e k e h s s s ­ b a e w f a n o i n g c it r e k n h ­ s s Cu c a r o r n e i d n n cy B s F w e R a r . n i v R e t k e h ­ . s s a o s t s h e e ts r a c l c i a a c a ti p o n e b i u s d t i a l n i­ l t s in 5 years 5 years 1 year Total— Leading cities 1964 27,256 5,153 4,010 11,784 6,309 20,749 18,568 3,285 264 1,938 13,081 5,878 190,094 9.................... 26,941 4,991 4,030 11,733 6,187 20,960 17,810 3,093 264 2,078 12,375 6,088 187,320 16.................... 27,241 5.285 4^034 12,049 5,873 20,956 19,139 3,472 242 2,070 13,355 5,894 194,348 23........... 27,340 5'374 4,020 12,047 5,899 21,097 19,354 3,398 298 1,990 13,668 5,855 194,201 30.................... 27,679 5,700 ................ 4,038 12,048 5,893 21,104 19,020 3,449 279 2,131 13,161 5,942 196,084 1965 23.991 4,043 4,057 9,302 6,589 23,778 19,105 3,415 215 2,016 13,459 6,598 207,275 10.................... 23,538 3; 625 4,052 9,270 6,591 23,633 18,335 3,191 203 2,049 12,892 6,568 205,672 17.................... 23,268 3,576 3,922 9,234 6,536 23,534 18,907 3,454 197 2,083 13,173 6,597 207,166 24.................... 24,276 4,715 3,846 9,178 6,537 23,493 18,482 3,047 207 2,067 13,161 6,515 205,146 Dec. 1.................... 24,119 4,569 ................ 3,921 9,068 6,561 23,671 3,363 195 2,161 13,186 6,783 209,057 8.................... 23,757 4,163 3,911 9,098 6,585 23,865 3,394 202 2,220 12,742 6,737 204,726 15.................... 23,953 4,366 3,836 9,121 6,630 23,963 3,594 189 2,280 13,267 6,739 213,853 22.................... 24,279 4,722 3,807 9,094 6,656 24,053 3,471 202 2,277 13,281 6,749 212,725 29.................... 24,252 4,750 3,828 9,000 6,674 24,047 3,343 198 2.378 13,938 6,784 212,709 New York City 1964 Dec. 2.. ................ 5,441 ,512 ................ 698 2,077 1,154 5,370 4.467 104 124 298 3,941 2,467 48,405 9 ................ 5,469 ,594 705 2,087 1,083 5,446 4,097 79 124 349 3,545 2,633 47,863 16 .................. 5,619 '709 721 2,129 1,060 5,475 4,095 130 97 345 3,523 2,475 50,421 23.................... 5,769 ,812 740 2,150 1,067 5,506 4.448 1 17 140 303 3,888 2,416 50,381 30.................... 5,819 ,854 ................ 748 2,149 1.068 5,599 4.356 146 149 311 3,750 2,456 51,444 1965 Nov. 3.................... 4,657 ,144 681 1,431 1,401 6,008 4,246 120 103 307 3,716 2,573 54,184 10.................... 4,648 ,144 680 1,430 1,394 5,878 4, 120 106 95 293 3,626 2,575 54,711 17.................... 4,475 ,030 629 1,421 1,395 5,756 4,139 151 92 298 3,598 2,653 53,262 24.................... 4,670 .221 5*82 1,470 1,397 5,773 4,053 146 99 282 3,526 2,544 52,630 Dec. 1.................... 4,687 1,208 ................ 621 1,418 1 ,440 5,926 145 86 316 3,636 2,697 54,707 8.................... 4,514 1,040 596 1,424 1,454 6,091 134 89 355 3,501 2,698 53,227 15.................... 4,759 1,263 575 1,449 1,472 6,145 186 81 358 3,585 2,637 56,970 22.................... 4,961 1,472 590 1,437 1,462 6,165 130 93 342 3,473 2,685 56,316 29.................... 4,877 1,372 585 1,443 1,477 6,168 162 86 346 3,877 2,645 56,333 Outside New York City 1964 21,815 3,641 3,312 9,707 5,155 15,379 14,101 3,181 140 1,640 9,140 3,411 141,689 9 .................. 21,472 3,397 3,325 9,646 5,104 15,514 13,713 3,014 140 1,729 8,830 3,455 139,457 16.................... 21,622 3,576 3,313 9',920 4,813 15,481 15,044 3,342 145 1 ^725 9,832 3,419 143,927 23.................... 21,571 3,562 3,280 9,897 4,832 15,591 14,906 3,281 158 1'687 9,780 3,439 143,820 30.................... 21,860 3,846 ........ 3,290 9,899 4,825 15,505 14,664 3,303 130 1^20 9,411 3,486 144,640 1965 19,334 2,899 3,376 7,871 5,188 17,770 14,859 3,295 112 1,709 9,743 4,025 153,091 10.................... 18,890 2,481 3,372 7,840 5,197 17,755 14,215 3,085 108 1,756 9,266 3,993 150,961 17.................... 18,793 2,546 3,293 7,813 5,141 17,778 14,768 3,303 105 1,785 9,575 3,944 153,904 24.................... 19,606 3,494 ................ 3,264 7,708 5,140 17,720 14,429 2,901 108 1,785 9,635 3,971 152,516 Dec. 1.................... 19,432 3,361 3,300 7,650 5,121 17,745 3,218 109 1,845 9,550 4,086 154,350 8.................... 19,243 3,123 3,315 7,674 5,131 17,774 3,260 113 1,865 9,241 4,039 151,499 15.................... 19,194 3,103 3,261 7,672 5,158 17,818 3,408 108 1,922 9,682 4,102 156,883 22.................... 19,318 3,250 3,217 7,657 5,194 17,888 3,341 109 1,935 9,808 4,064 156,409 29.................... 19,375 3,378 3,243 7,557 5,197 17,879 3,181 112 2,032 10,061 4,139 156,376 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

70 WEEKLY REPORTING MEMBER BANKS JANUARY 1966 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time De­ Other Cap­ Wednesday mand Do­ Other time9 liabili­ ital Total de­ mes­ From From ties ac­ unad­ posits State tic F. R. others counts justed4 ad­ Total6 IPC and For­ U.S. com­ Total 8 Sav­ State Banks justed 3 local eign7 Govt. mer­ ings and For­ Govt. cial IPC local eign7 banks Govt. Total— Leading cities 1964 Dec. 2........... 163,377 64,607 97,707 69,515 5,333 1 ,9384,364 12,548 65,670 40,312 16,237 4,680 3,932 110 3,972 7,023 15,612 9........... 160,081 64,967 94,022 68,940 4,875 1 ,9302,321 12,101 66,059 40,343 16,431 4,770 4,001 180 4,228 7,219 15,612 16... .. . 167,370 68,194101,399 74,201 4,886 2,0062,784 12,920 65,971 40,371 16,024 5,023 4,020 163 4,256 6,974 15,585 23........... 167,619 66,161 101,297 72,030 5,120 2,1694,858 12,885 66,322 40,431 16,189 5,142 4,016 398 3,703 6,861 15,620 30........... 169,455 68,045102,574 73,654 5,239 2,1904,563 12,539 66,881 40,698 16,407 5,168 4,053 281 4,023 6,632 15,693 1965 Nov. 3........... 177,198 65,014100,028 71,348 5,572 2,011 2,442 13,692 77,170 44,805 21,342 5,972 4,303 515 4,878 7,551 17,133 10........... 174,996 64,334 97,620 70,298 5,242 2,079 1 .468 13,385 77,376 44,925 21,431 6,020 4,257 86 5,682 7,770 17,138 17 176,176 64,435 98,834 71 ,611 4,909 2.033 2,871 13,088 77,342 44,96921,336 6,058 4,246 210 5,651 8,015 17,114 24........... 174,776 64,102 97,082 70,144 5,007 1 ,997 3.865 12,025 77,694 45,04821 ,552 6,120 4,208 681 4,721 7,887 17,081 Dec. 1........... 178,866 66,175101,204 72,127 5,429 2,001 3,789 12,977 77,662 45,09421,511 6,118 4,170 153 4,893 7,875 17,180 8........... 175,292 66,063 97,440 70,811 5,221 1 ,997 1 ,831 13,248 77,852 45,15221.648 6,146 4,138 94 4,284 7,883 17,173 15........... 183,230 69,785105,800 77,807 5,061 2,0342,074 13,577 77,430 45,16020,954 6.460 4,128 55 5,491 7,924 17,153 22........... 182,326 68,209104,462 75,139 5,049 2,125 3,735 13,397 77,864 45,19021,175 6,599 4,165 208 5,316 7,726 17,149 29........... 181,732 69,688103,472 75,234 5,355 2,2793,866 12,429 78,260 45,36221 ,258 6.712 4,186 400 5,765 7,610 17.202 New York City 1964 38,943 15,698 25,550 17,049 339 1 ,450 1 ,097 3,253 13,393 4,584 5,258 443 2,795 1,900 3,278 4,284 9 38,181 15,798 24,622 16,876 271 1,432 586 3,140 13’559 4,596 5,368 441 2,837 25 1,901 3,473 4,283 16........... 41,000 17,276 27,506 18,945 254 1 ,488 601 3,422 13,494 4,607 5,170 531 2,859 1,932 3,217 4,272 23........... 41,244 16,273 27,636 17,940 332 1,654 1 ,436 3,593 13,608 4,613 5,234 534 2,886 83 1,673 3,119 4,262 30........... 42,051 17,133 28.410 18,897 330 1,666 1 ,405 3.416 13.641 4,642 5,231 494 2,924 115 2,003 2,981 4.294 1965 Nov. 3........... 44,064 15,406 27,084 17,391 513 1 ,456 638 3,861 16,980 5,205 7,613 603 3,068 95 1 ,610 3,420 4,995 10........... 43,860 14,716 26,794 17,101 364 1 .535 370 3,940 17,066 5,227 7,704 603 3,051 2,333 3,523 4,995 17........... 42,465 15,344 25,394 17,074 301 1 ,470 617 3,375 17,071 5,237 7,719 603 3,031 2,347 3,464 4,986 24........... 42,204 15,098 24,945 16,829 266 1 .420 709 3,245 17,259 5,248 7,874 645 2,991 233 1.830 3,396 4,967 44,264 15,964 27,005 17,569 422 1 ,451 798 3.690 17,259 5,256 7,884 647 2,974 2,052 3,392 4,999 8 .... 43,154 15,904 25,795 17,056 480 1 ,437 401 3,721 17,359 5,268 7’993 643 2.958 1 ,601 3,484 4,988 15........... 46,344 17,628 29,327 19,915 335 1 ,484 439 3; 764 17,017 5,266 7,645 706 2.942 2,225 3,417 4,984 22........... 45,926 16,933 28,690 18,782 343 1,566 1 ,064 3,620 17,236 5,263 7,834 706 2,972 2,203 3,219 4,968 29........... 45,646 17,318 28,363 18,886 399 1 ,690 1,241 3,448 17,283 5,281 7,906 656 2,974 45 2,537 3.133 4,972 Outside New York City 1964 Dec. 2........... 124,434 48,909 72,157 52,466 4,994 4883,267 9,295 52,277 35,728 10,979 4,237 1,137 110 2,072 3,745 11,328 9 121,900 49,169 69,400 52,064 4,604 498 1,735 8,961 52,500 35,747 11,063 4,329 1,164 155 2,327 3,746 11,329 16........... 126,370 50,918 73,893 55,256 4,632 518 2,183 9,498 52,477 35,764 10,854 4,492 1,161 163 2,324 3,757 11,313 23........... 126,375 49,888 73,661 54,090 4,788 515 3,422 9,292 52,714 35,818 10,955 4,608 1,130 315 2,030 3,742 11,358 30........... 127,404 50,912 74,164 54.757 4,909 5243,158 9.123 53,240 36,056 11,176 4,674 1,129 166 2,020 3,651 11.399 1965 Nov. 3........... 133,134 49,608 72,944 53,957 5,059 555 1,804 9,831 60,190 39,600 13,729 5,369 1 ,235 420 3,268 4,131 12,138 10........... 131,136 49,618 70,826 53,197 4,878 544 1 ,098 9,445 60,310 39,698 13,727 5,417 1,206 86 3,349 4,247 12,143 17........... 133,711 49,091 73,440 54,537 4,608 563 2,254 9,713 60,271 39,73213,617 5,455 1 ,215 210 3,304 4,551 12,128 24........... 132,572 49,004 72,137 53,315 4,741 577 3.156 8,780 60,435 39,800 13,678 5,475 1,217 448 2,891 4,491 12,114 Dec. 1........... 134,602 50,211 74,199 54,558 5.007 5502,991 9,287 60.403 39,838 13,627 5,471 1,196 153 2,931 4,483 12,181 8........... 132,138 50,159 71,645 53,755 4,741 560 1,430 9,527 60,493 39,884 13,655 5,503 1,180 94 2,683 4,399 12,185 15........... 136,886 52,157 76,473 57,892 4,726 550 1 ,635 9,813 60,413 39,894 13,309 5,754 1,186 55 3,266 4,507 12,169 22........... 136.400 51,276 75,772 56,357 4,706 559 2,671 9,777 60,628 39,927 13,341 5,893 1.193 208 3,113 4,507 12,181 29........... 136,086 52,370 75,109 56,348 4,956 589 2,625 8,981 60,977 40,081 13,352 6,056 1,212 355 3,228 4,477 12,230 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. « Includes U.S. Govt., postal savings, domestic commercial interbank 3 Excludes cash items in process of collection. and mutual savings banks, not shown separately. 4 Total demand and total time deposits. 9 Includes certificates of deposit outstanding in following amounts 3 Demand deposits other than domestic commercial interbank and (in millions of dollars): U.S. Govt., less cash items in process of collection. Dec. 1 Dec. 8 Dec. 15 Dec. 22 Dec. 29 6 Includes certified and officers’ checks and deposits of mutual savings Total—Leading cities.......... 16,465 16,475 15,745 15,947 16,097 banks, not shown separately. New York City..................... 6,974 6,996 6,584 6,754 6,865 7 Deposits of foreign governments and official institutions, central Outside New York City... 9,491 9,479 9,161 9,193 9,232 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 BUSINESS LOANS OF BANKS 71 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during— Industry 1965 1965 1965 1965 D 2 e 9 c. D 2 e 2 c. D 1 e 5 c. De 8 c. De 1 c. Dec. Nov. Oct. IV III II h 2n a d lf h 1 a s l t f Durable goods manufacturing: Primary metals................................. 818 813 757 746 768 55 12 -56 11 6 68 17 160 Machinery................................. 2,862 2,859 2,831 2,774 2,778 92 11 -18 85 36 77 121 534 Transportation equipment................ 1,196 1,214 1 ' 249 1,191 1393 8 -43 -15 -50 180 55 130 119 Othe/fabricated metal products... 1'355 1,360 1'333 1303 1,303 59 -31 -67 -39 109 154 70 323 Other durable goods........................... 1,521 1,532 1,542 1,538 1,520 8 -24 -19 -35 118 142 83 285 Nondurable goods manufacturing: Food, liquor, and tobacco................ 2,390 2,388 2,306 2,158 2,168 269 157 231 657 103 -191 760 -370 Textiles apparel and leather........... 1,530 1 ,590 1 ,624 1,617 1 ,632 -139 -77 -120 -336 172 176 -164 424 Petroleum refining............................... 1,490 1 ’471 I 386 i 374 1 370 105 28 24 157 102 23 259 189 Chemicals and rubber........................ 1 '786 1,776 1 ,748 I 310 1 398 85 -8 15 92 -9 109 83 299 Other nondurable goods.................... 1 J57 1 J81 I J73 1,164 1'160 13 -59 -46 108 106 62 203 Mining, including crude petroleum and natural gas......................... 3,593 3,500 3,357 3,338 3,341 243 8 -9 242 1 3 243 221 Trade: Commodity dealers.................... 1,475 1,465 1 ,470 1,458 1,450 32 172 170 374 62 -370 436 -390 Other wholesale.......................... 2,716 2,709 2,712 2,686 2,702 25 40 74 139 44 144 183 270 Retail.............................................. 3,097 3,299 3,378 3,267 3351 -240 161 21 -58 -19 267 -77 681 Transportation communication, and other public utilities................ 6,130 6,050 5,917 5,727 5,734 467 150 11 628 333 520 961 505 Construction...................... 2,547 2,574 2,602 2,603 2,590 -57 53 1 -3 29 257 26 259 All other:1 Bankers* acceptances................. 696 647 629 625 622 94 -21 -68 5 -191 94 -186 -213 All other types of business, mainly services............................................. 6,339 6,278 6,226 6,138 6,127 248 10 29 287 94 136 381 564 Total classified loans............................... 42,698 42,706 42,240 41,417 41,507 1367 598 145 2,110 1,278 1,770 3,388 4,063 Commercial and industrial loans— All weekly reporting banks...... 50,564 50,511 49,992 49,061 49,167 1.613 731 103 2,447 1,270 2,227 3,717 4,728 i Peg inning 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 al) 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 n r e i d o a d lo A a H n s 1­ (thou 1 s 0 a ­ nds of 1 d 0 o 0 l ­ lars) 200 p A e a r r n e i d o a d lo A a l n l s 1­ (thou 1 s 0 a ­ nds of 1 d 0 o 0­ llars) 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.:1 19 large cities: New York City: 1964—Dec............ 4.77 5.59 5.35 5.08 4,66 1956.......................... 4.2 5.2 4.8 4.4 4.0 1965—Mar................ 4.74 5.62 5.36 5.10 4.62 1957.......................... 4.6 5.5 5.1 4.8 4.5 June............... 4.74 5.62 5.39 5.07 4.62 1958.......................... 4.3 5.5 5.0 4.6 4.1 Sept................ 4.76 5.65 5.37 5.13 4.64 1959.......................... 5.0 5.8 5.5 5.2 4.9 Dec................. 5,08 5.74 5.59 5.34 4.99 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—Dec................. 5.03 5.84 5.58 5.31 4.88 1963.......................... 5.0 5.9 5.5 5.2 4.8 1965—Mar................ 5,00 5.85 5.55 5.26 4.85 1964.......................... 5.0 5.9 5.6 5.3 4.8 June............... 5.01 5.88 5.58 5.32 4.85 1965.......................... 5.1 5.9 5.6 5.4 4.9 Sept................ 5.03 5.88 5.62 5.31 4.87 Dec................. 5.32 5.95 5.80 5.56 5.19 Quarter:1 19 large cities: 11 southern and western ities: 1964—Dec.......................... 5.00 5.85 5.56 5.31 4.82 1964—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 4.99 5.88 5.59 5.29 4.79 June............... 5.31 6.00 5.71 5.42 5.06 5,00 5.90 5.60 5.32 4.80 Sept................ 5.31 6.02 5.73 5.45 5.03 Dec........................... 5.27 5.96 5.74 5.51 5.11 Dec................. 5.46 6.07 5.80 5.59 5.23 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, S^; Oct. 14, 3%; 1956—Apr. 13,3%; Aug. Note.—Weighted averages. For description see Mar. 1949 Bulietin. 21, 4; 1957—Aug. 6, 4%; 1958—Jan. 22, 4; Apr. 21, 3%; Sept. 11,4; pp. 228-37. Bank prime rate was 3 per cent Jan. 1, 1953—Aug. 3, 1955. 1959—May 18, 4%; Sept. 1,5; 1960—Aug. 23,4%; and 1965—Dec. 6, 5. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

72 INTEREST RATES JANUARY 1966 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period m 4 p o c - a o n t p o m th e r l s 6 . , - 1 m d 3 p o p i - r l a a n e to c p t c h e e t s l 6 d r y - , 2 9 b a 0 a a c n d n c c a k e e y e p s s r t , s ­ ’ 5 F r f e u a d t n e e d r s 3 a l on i R s 3 s a n - u t m e e e w o nth b M il y l a s ie r l k 5 d et on i R s 6 s a n - u t m e e e w o nth b M il y l a s ie r l k 3 d et 9 ( y - m i B t e o a l i d l r l k s ) 1 e 2 3 t - mon O th t h is e s r u e 6 s i 3 s - s y u e to e a s r 5 2 - 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 1965 ................................ 4.38 4.27 4.22 4.07 3,954 3.95 4.055 4.05 4.06 4.09 4.22 1964—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 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 Nov.................... 4.38 4,38 4.25 4.10 4.082 4.08 4.238 4.24 4.23 4.29 4.46 Dec.................... 4.65 4.60 4.55 4.32 4.362 4,37 4.523 4.54 4.56 4.66 4.77 Week ending— 1965—Dec. 4............ 4.38 4.38 4,25 4,13 4.115 4.12 4.249 4.26 4.29 4.36 4.50 11............ 4,58 4.46 4.50 3.68 4.344 4.33 4.468 4,47 4.49 4.58 4.70 18............ 4.70 4.61 4.55 4.50 4.391 4.40 4.553 4.58 4.59 4.67 4.79 25............ 4.75 4.75 4.63 4.43 4.505 4.46 4.692 4.65 4.65 4.76 4.82 1966—Jan. 1............. 4.75 4.75 4.73 4.63 4.457 4.47 4.655 4.66 4.70 4.83 4.90 1 Averages of daily offering rates of dealers. s Bills quoted on bank discount rate basis. 2 Averages of daily rates, published by finance cos., for varying maturi­ 6 Certificates of indebtedness and selected note and bond issues. ties in the 90-179 day range. 7 Selected note and bond issues. 3 Seven-day average for week ending Wed. 4 Except for new bill issues, yields are averages computed from daily closing bid prices. BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and local rating group price ratio price ratio States (long­ Total1 term) Total > Aaa Baa Aaa Baa In tr d ia us l ­ R ro a a i d l­ P u u ti b lit li 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 4.62 4,33 5,02 4.47 4.86 4.51 4.50 3.37 6.06 1963 ...................................................... 4.00 3.28 3.06 3.58 4,50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5 68 1964...................................................... 4. 15 3.28 3.09 3.54 4,57 4.40 4.83 4.52 4.67 4.53 4 32 3.01 5.54 1964—Dec........................................... 4.14 3.23 3.01 3.51 4.58 4.44 4.81 4.54 4.68 4 54 4.23 3 05 5 36 1965—Jan............................................ 4.14 3.18 2.97 3.44 4.57 4.43 4.80 4,53 4.66 4.52 4 18 2.99 Feb........................................... 4. 16 3.18 2.97 3.42 4.55 4.41 4.78 4.52 4.62 4.51 4.22 2.99 Mar......................................... 4.15 3.28 3.09 3.51 4.56 4.42 4.78 4.52 4.63 4.51 4 26 2 99 5.65 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 4.44 4.81 4.55 4.64 4.53 4 30 2.92 June......................................... 4. 14 3,32 3.15 3.54 4.60 4.46 4.85 4.59 4.66 4.56 4.38 3.07 '6.40 July.......................................... 4.15 3.34 3.16 3.56 4.64 4.48 4.88 4.62 4.71 4 58 4 38 3 09 Aug.......................................... 4.19 3.32 3.16 3.55 4.65 4.49 r4.88 4.63 4.73 4.60 4 34 3 06 Sept......................................... 4.25 3.41 3.25 3.61 4.69 4.52 4.91 4.65 4.77 4 64 4.32 2,98 5.85 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 Nov.......................................... 4.34 3.50 3.34 3.70 4.75 4.60 4.95 4.71 4.83 4.71 4 41 2.96 Dec.......................................... 4.43 3.56 3.39 3.78 4.84 4.68 5.02 4.79 4.91 4.82 4’47 3.06 Week ending— 1965—Dec. 4.................................. 4.36 3.52 3.37 3.74 4.78 4.60 4.98 4.74 4.83 4.76 4 41 3 05 11.................................. 4.42 3.57 3.40 3.79 4.81 4.64 4.99 4.77 4.86 4 80 4.45 3 07 18.................................. 4.45 3.57 3.40 3.79 4.84 4.69 5.02 4,79 4.92 4 83 4 51 3 05 25.................................. 4.43 3.57 3.40 3.79 4.87 4.71 5.04 4.81 4.94 4.84 4 48 3 05 1966-—Jan. 1.................................... 4.44 3.57 3,40 3.79 4.87 4.73 5.04 4.81 4.96 4.84 4.49 3.06 .................... 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. Stacks: 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 SECURITY MARKETS 73 MORTGAGES: NEW HOMES SECURITY PRICES FHA- Conventional first mortgages Common stock prices insured Bond prices (1941-43= 10) Vol­ ume Period Y c ( e p ie n e l t r d ) I c n ( r e e p a t s n e e t t e t r r ) ­ F c ( e e e p t n e c e . s t r ) , ( M y t i u t r y s a r­ . ­ ) L c p r ( o a e p ri a t n e c io t n e r ) / d ( A o t l h o l v l a o a g n u r . s , ) Period ( G t l e U o o r . n m S v g . t ) , ­ S l a o t n c a d a te l A C p a A o o te r A r ­ ­ Total d t I r u n ia s ­ l ­ R ro a a i d l­ P u i l u t i t c y i b l ­ ­ s ( h t t r h i a o n a o r g d f e u s ­ , ) 1961................ 15.69 (5.98) 1963................ 86.31 111.3 96.8 69.87 73.39 37.58 64.99 4,573 1962............... 5.60 (5.93) 1964............... 84.46 111.5 95.1 81.37 86.19 45.46 69.91 4,888 1963............... (5.81) 1965............... 83.76 110.6 93,9 88.17 93.48 46.78 76 08 6,174 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—Dec.. 84.65 112.6 95.3 83.96 88.71 45.75 74,24 4,729 1964—Nov.. 5.45 5.75 .55 24.7 73,5 17.4 1965—Jan... 84.56 114.0 95.5 86.12 91.04 46.79 75.87 5,457 Dec.. 5.45 5.76 .59 25.2 73.9 17.8 Feb... 84.40 113.3 95.5 86.75 91.64 46.76 77.04 5,910 Mar.. 84.48 112.0 95.2 86.83 91.75 46,98 76.92 5,427 1965—Jan... 5.45 5.79 .59 24,7 74.0 17.5 Apr. . 84.53 112.2 95.0 87.97 93.08 46.63 77.24 5,673 Feb. . 5.45 5.79 .61 24.9 74.0 17.6 May.. 84.58 111.9 94.7 89.28 94.69 45.53 77.50 5,510 Mar.. 5.45 5.72 .49 24.9 73.7 18.5 June.. 84.57 110.8 94.3 85.04 90. 19 42.52 74.12 5,828 Apr.. 5.45 5.74 .51 24.9 73.7 18.1 July.. 84.51 110.8 93.9 84.91 89.92 43.31 74.63 4,056 May.. 5.45 5.77 .53 24.9 74,4 18.2 Aug. . 84.00 111.0 93,5 86.49 91.68 46.13 74.71 4,962 June.. 5.44 5.76 .49 24.6 73.9 17.5 Sept.. 83.27 109.3 92.8 89.38 94.93 46.96 76.10 7,403 July.. 5.44 5.77 .55 25.0 75.0 18.3 Oct... 82.97 108.4 92.7 91.39 97.20 48.46 76.69 7,809 Aug.. 5.45 5.76 .50 24.5 73.8 18.2 Nov. . 82.22 107.7 92.3 92.15 '98.02 '50.23 '76.72 7,360 Sept.. 5.46 5,75 .56 24.9 73.7 18.1 Dec... 81 .21 106.3 91.1 91 .73 97.66 51.03 75,39 8,690 Oct... 5.49 5.75 .53 24.8 73.8 18.3 Nov... 5.51 5.80 .54 25.0 74.9 18.5 Week Dec.,. 5.62 Ending— Dec. 4........ 82.02 106.7 91 .9 91.48 97.33 50.88 75.62 9,027 • Last 6 months only. 11......... 81.26 105.7 91 .0 91.32 97. 17 50.85 75.37 9,761 18........ 80.95 106.3 90,9 91 .99 97.94 50.99 75.54 9,526 Note.—Annual data are averages of monthly figures. Yields 25 81 . 14 106.3 90.9 92.04 98.01 51.32 75.36 8,051 on FHA-insured mortgages are derived from weighted averages Jan. 1......... 81.07 106.3 90,7 91,90 97.87 51.05 75.27 7,033 of FHA field-office opinions on private secondary market prices for Sec. 203, 30-year mortgages, with the minimum down pay­ ment, a maximum permissible interest rate of 5% per cent, and Note,—Annual data are averages of monthly figures. Monthly and weekly an assumed prepayment period of 15 years. Price data are data are averages of daily figures unless otherwise noted and are computed as reported as of the first of the succeeding month. follows: U.S. Govt, bonds, derived from average market yields in preceding table Conventional first mortgages, Home Loan Bank Board in on basis of an assumed 3 per cent, 20-year bond. Municipal and corporate bonds, cooperation with Federal Deposit Insurance Corporation be­ derived from average yields as computed by Standard and Poor’s Corp., on basis ginning in late 1962; interest rate data for earlier years—in of a 4 per cent, 20-year bond; Wed, closing prices. Common stocks. Standard parentheses—are based on estimates from Federal Housing and Poor’s index. Volume of trading, average daily trading in stocks on the Administration. N.Y, Stock Exchange for a SVi-hour trading day. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans t< others than N. Y. Stock Exchange brokers and dealers for pur- Money borrowed on—• firms secured by— chasing orcarrying— Month Total securities other than Other securities fl ec U.S. Govt. U.S. Other U.S. Other U.S. — balsecurities securities securities securities securities Customer Other ances collateral collateral 1961—Dec........ 5,602 35 4,259 125 1 ,343 48 2,954 2,572 382 1,219 1962—Dec........ 5,494 24 4,125 97 1,369 35 2,785 2,434 351 1 ,216 1963—Dec......... 7,242 26 5,515 140 1 ,727 32 4,449 3,852 597 1 ,210 1964—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 ,192 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 Nov........ 7.304 23 5,209 93 2,095 134 3,527 2,930 597 1 ,479 Dec........ 101 2,184 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 ac­ cols, 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

74 OPEN MARKET PAPER; SAVINGS INSTITUTIONS JANUARY 1966 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by— Based on— End of period Accepting banks F.R. Goods stored in or Total th P r l o ac u e g d h P di la re c c e t d ­ Total Banks Others p i I n o m t r o t ­ s p fr E o o x r m t ­ s D e o x ll ­ ar shi p pp o e in d t s b e in tw — een dealers 1 ly 2 Total O bi w lls n bo B u il g ls h t O ac w c n t. F ei o g r n ­ U S n ta it te e s d U S n ta i t t e e s d change United Foreign corr. States countries 1957......................... 2,672 551 2,121 1,307 287 194 94 66 76 878 278 456 46 296 232 1958......................... 32'751 840 31,911 1,194 302 238 64 49 68 775 254 349 83 244 263 1959......................... 3'202 677 2^525 1,151 319 282 36 75 82 675 357 309 74 162 249 I960......................... 4'497 1 ,358 3,139 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961......................... 4’686 1,711 2,975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962......................... 6'000 2,088 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963......................... 6'747 1,928 4^819 2,890 1 ,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964—Nov............. 9,146 2,438 6,708 3,217 1,458 1,195 263 63 125 1,570 657 955 102 40 1,463 Dec.............. 8'361 2,223 6,138 3,385 1,671 1,301 370 94 122 1,498 667 999 111 43 1,565 1965—Jan............... 8,928 2,143 6,785 3,276 1,535 1,308 227 115 122 1,504 662 956 79 34 1,545 Feb.............. 9'033 2,239 6,794 3,232 1,439 1,247 193 71 118 1,604 660 916 59 26 1,571 Mar............. 9'077 2^070 7,007 3,325 1,297 1,138 159 143 134 1,731 725 924 31 22 1,622 Apr.............. 9'533 2^47 7,486 3,384 1,394 1,171 223 104 139 1,747 744 936 25 21 1,659 May............ 9'934 1 '976 7,958 3,467 1,452 1,187 264 82 160 1,774 761 965 23 21 1,698 June............ 9'370 1,965 7,405 3,355 1,443 1,127 316 53 157 1,702 736 960 13 18 1,627 July............. 10^439 2'046 8^393 3,337 1,357 1,094 263 35 151 1,794 782 949 11 16 1,580 10'358 2J17 8,241 3,299 1,321 1 ,078 243 55 145 1,779 797 933 11 12 1,547 Sept............. 9; 692 2J94 7,498 3,314 .1,311 1,114 198 63 152 1,787 820 942 17 20 1,516 Oct.............. 10'554 2,250 8,304 3,310 1,264 1,099 165 86 156 1,804 842 919 18 16 1,515 Nov............. 10,406 2,205 8,201 3,245 1,188 1 ,051 136 110 146 1,802 802 917 14 26 1,485 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 . v S t . . S g lo a o t c n a v a d t t e . l C ot o r a h a n r e t p d e r o ­ 1 Cash O as t s h e e ts r g r l e T i e a a s t n o i e n b e e t r s d a i r v l a i l e ­ l D i e ts p o 2 s­ l O ia t t i b e h s i e li r ­ G r c e o e s a u n e c n e r ­ v t r s e a l c M o o m rt m ga itm ge e n lo ts a n 3 accts. Number Amount 1941.................................. 4,787 89 3,592 1.1R6 829 689 11,772 10,503 38 1,231 1945.................................. 4,202 62 10^650 1.257 606 185 16’962 15,332 48 1'582 1956.................................. 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 1957.................................. 20’971 253 7,583 685 4,344 889 490 35'215 31,683 427 3,105 1958.................................. 23,038 320 7,270 729 4'971 921 535 37'784 34^031 526 3^227 89,912 1,664 1959 4............................... 24,769 358 6^871 721 4,845 829 552 38^945 34^977 606 3; 362 65,248 1 J70 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--Oct,..................... 39,538 727 5,849 403 5,178 898 889 53,482 47,982 1,146 4,354 139,066 2,825 Nov............. 39^898 760 5,785 399 5'180 905 898 53'825 48 ’188 1^223 4^414 136'470 2'811 Dec...................... 40'328 739 5,791 391 5^099 1,004 886 54'238 48,849 '989 4'400 135'992 2,820 1965--Jan....................... 40,640 800 5,907 388 5,105 977 895 54,713 49,222 1,085 4,405 132,992 2,745 Feb....................... 40,924 786 6,016 383 5,123 992 909 55'133 49'444 1,214 4^476 138'062 2'838 Mar...................... 41,265 820 6^054 381 5; 144 1 ,007 931 55’602 49^989 1J08 4,505 138,853 2,873 Apr..................... 41,563 798 5,857 379 5'183 944 928 55,652 49^978 1’216 4^459 141,959 2^930 May.......... 41,853 882 5'.841 367 5'188 968 913 56^013 50,166 1’334 4,512 142,676 3,025 June..................... 42'187 849 5,821 360 5'199 1,019 946 56'382 50'623 1^226 4^533 141'299 3'094 July...................... 42,600 807 5,791 356 5,284 946 955 56'739 50^844 1'350 4; 545 151^885 2'947 Aug...................... 42,964 872 5,814 349 5,299 941 951 57,191 51,063 1,502 4,626 136,180 2,928 Sept..................... 43’305 842 5^795 349 5'263 960 958 57^470 51'506 1’326 4,639 132,029 2’897 Oct....................... 43 ,’680 813 5.585 338 5,265 897 974 57,552 51.663 1 ,283 4,607 127,757 2,859 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. 61. from those shown elsewhere in the Bulletin; the latter are for call dates 3 Commitments outstanding of banks in N.Y. State as reported to the and are based on reports filed with U.S. Govt, and State bank supervisory Savings Bank Assn, of the State of N.Y. agencies. Loans are shown net of valuation reserves. 4 Data reflect consolidation of a large mutual savings bank with a commercial bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 SAVINGS INSTITUTIONS 75 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 it te e s d Sta lo te c a a l nd Foreign 1 Total Bonds Stocks M ga o ge r s t­ e R st e a a te l P lo o a l n ic s y a O s 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 ‘1,840 1945............................................... 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1 ,962 cl,738 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 c5,683 1962............................................... 133,29! 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 c6,024 1963.............................................. 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 e6,385 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—Oct.'............................... 147,995 12,617 5,840 3,849 2,928 61 ,682 55,495 6,187 54,001 4,507 7,066 8,122 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 Apr................................... 152,266 12,312 5,521 3,767 3,024 63,156 56,535 6,621 56,687 4,570 7,314 8,227 May........................ 152,918 12,268 5,490 3,754 3,024 63,525 56,851 6,674 56,997 4,580 7,359 8,189 June................................. 153,497 12,043 5,273 3,724 3,046 63,855 57,113 6,742 57,384 4,614 7,408 8,193 July.................................. 154,418 12,018 5,311 3,652 3,055 64,356 57,608 6,748 57,663 4,640 7,464 8,277 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 Sept................................. 156,040 11,897 5,259 3,584 3,054 64,899 57,944 6,955 58,411 4,677 7,552 8,604 Oct.................................... 156,891 11 ,758 5,163 3,544 3,051 65,530 58,342 7,074 58,824 4,682 7,589 8,622 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 p n e d ri o o d f M ga o ge r s t­ s G e U o c .S u v r t . , i­ Cash Other1 a li s a T s b e o i t l t s i a t 2 ie l — 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 d i r d v e es d B m or o r n o e w y e 3 d Lo pr a o n c s e s i s n Other c m o l m o e a n m n ts it 4 ­ ties profits 1941 .... 4,578 107 344 775 6,049 4,682 475 256 626 1945 . . . 5 ' 376 2,420 450 356 8,747 7,365 644 336 402 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—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 2,22! 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 3333 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 Sept...... 108,234 7,177 3,408 7,739 126,558 107,199 8,349 6,164 2,311 2,535 3.076 Oct............. 108^903 7.306 3,450 7.804 127,463 107,781 8,354 6,162 2,258 2,908 2,993 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

76 FEDERAL FINANCE JANUARY 1966 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 rects. Bu n d e g t et T f P u r n l 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 o c u t t a s a l . s l 2 : Budget f T u P n r lu u d s s s : t 3 A m L d e e j n s u t s s s : 4 t- E p T q a o u y t a t a s ls l . : pa o y r t s. & C (d d h a i e a i r n g e b n e c g t n t e . ) a I t g L n r e u e v b n e s s y . s t s s : t & , L N d c e a e o s s b n s h t ­ : Eq N u e a t ls: Cal. year—1962............ 84,709 25,471 3,928 106,206 91,907 25,386 5,419 111,874 -5,668 9,055 1,109 1,386 6,560 1963............ 87,516 29,255 4,144 112,575 94,188 28,348 5,313 117,222 -4,647 7,672 2,535 883 4,255 1964............ 88,696 30,742 4,324 115,035 96,944 28,396 5,069 120,270 -5,235 9,084 2,685 619 5,779 Fiscal year—1962......... 81.409 24,290 3,776 101,865 87,787 25,141 5,266 107,662 -5,797 11,010 492 923 9,594 1963 86,376 27,689 4,281 109,739 92,642 26,545 5,436 113,751 -4,012 8,681 2,069 1,033 5,579 1964......... 89,459 30,331 4,190 115,530 97,684 28,885 6,237 120,332 -4,802 7,733 2,775 1,099 3,859 1965......... 93,072 31.047 4,303 119,699 96,507 29,637 3,749 122,395 -2,696 6,933 2,356 250 4,328 Half year: 1963—July-Dec.... 40,266 13,404 1,792 51,847 48,832 14,812 2,072 61,572 -9,725 5,135 -403 714 4,824 1964—Jan.-June.... 49,193 16,927 2,398 63,683 48,852 14,073 4,165 58,760 4,923 2,598 3,178 385 -965 July-Dec......... 39,503 13,815 1,926 51,352 48,092 14,323 904 61,510 -10,158 6,486 -493 234 6,744 1965—Jan.-June.... 53,569 17,232 2,377 68,347 48,415 15,314 2.845 60,885 7,462 447 2,849 16 -2,416 Month: 1964—Nov..........7..,.037 2,928 240 9,716 7,051 2,191 -156 "9,399 "317 2,976 691 153 "2,133 Dec......... 8,856 1,966 557 10,256 8,770 2,565 453 10,882 -626 -685 -550 -122 -13 1965—Jan................... 5,642 1,016 262 6,387 7,676 2,207 774 9,109 -2,722 -240 -1,537 110 1,187 Feb.................. 7,518 3,746 27 11,227 7,146 2,183 -277 9,606 1,621 1,884 1 ,353 60 471 Mar........... 11,188 2,175 285 13,065 8,139 2,064 637 9,566 3,499 -1,859 292 -43 -2,108 Apr.................. 8,549 2,201 244 10,492 8,268 2,949 741 10,476 16 -891 -1,471 57 523 7,268 4,885 284 11,857 8,116 2,323 -128 10,567 1,290 3,119 3,597 -151 -327 June........ 13,404 3,209 1,275 15,320 9,070 3,589 1,098 11,561 3,759 -1,566 615 -17 -2,163 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 Oct................... 3,295 1.262 238 4,283 8,750 2,447 679 10,518 -6,234 2,187 -1,308 125 3,370 Nov.................. 8,106 3,012 358 10.728 9,105 2,707 -500 12,312 -1,584 2,978 519 75 2,385 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 c in e s Tre ( a e s n u d r e o r’ f s p a e c r c io o d u ) nt Period Agencies & trusts Change Operating bal. Budget in surplus Trust Clearing gross Held Treas­ Other de o fi r c it fundsS accounts is M s s a u e o c a r . f k n J e ce t in I G n s e v U o c e v . . s t 3 t S , , . p d d u i e r b e b l c i t c t T o re u a ts s id u e ry a u cc re o r u ’s n t Balance b F a . n R ks . a l T a o c n c a a t d x n s . as n s e e t t s Fiscal year—1962......... -6,378 -851 566 1,780 -492 9,230 118 3,736 10,430 612 8,815 1,003 1963 -6,266 1,143 122 1,022 -2,069 7,659 -74 1,686 12,116 806 10,324 986 1964.......... -8,226 1 ,446 948 1,880 -2,775 5,853 206 -1,080 U ,036 939 9,180 917 1965 .......... -3,435 1,410 -804 1,372 -2,356 5,561 174 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 7,375 880 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........ 5,154 1,917 452 1,114 -2,849 -667 -193 5.316 12,610 672 10,689 I ,249 Month: 1964—Nov............-..1.5 737 -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—Jam..................... -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.................. 4,335 -380 -160 378 -615 -1,944 -181 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 Oct.................... -5,455 -1,186 317 33 1,308 2,154 24 -2,852 5,786 1,053 3,534 1,199 Nov.............. -999 305 -932 168 -519 2,810 -141 974 6,759 719 4,872 1,168 1 Primarily interest payments by Treasury to trust accounts and accumu­ 6 Yearly totals for fiscal 1962-65 and all monthly figures reflect a lations to U.S. employee trust funds. shift of the Food for Peace program from agriculture to international 2 Includes small adjustments not shown separately. affairs. Half-yearly totals before fiscal 1965 have not been adjusted J Includes net transactions of Govt.-sponsored enterprises. for this reclassification. 4 Primarily (1) intragovt, transactions, (2) noncash debt, (3) clearing accounts. Note.—Based on Treasury Dept, and Bureau of the Budget data. 5 Includes technical adjustments not allocated by functions. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 FEDERAL FINANCE 77 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Int, Total W I i n th d ­ ivid O ua th l er Corp. Total a L b n i a q d c u c t o o o r ­ H w i a g y h­ Total O R a A n .R d S . I e U m n p - l . E a s g n t i a f d t t e t C o u m s s ­ r m e a e p n n a d t y s ­ 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 38,719 14,269 22,336 13,410 5,521 3,405 19,729 15,128 4,107 2,187 1 ,241 1,815 6,571 2,604 1964... 115,530 39,259 15,331 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... 119,699 36,84016,820 26,131 14,793 5,921 3,782 22,138 17,833 3,817 2,746 1,478 2,097 6,030 2,686 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—J an.-June. . 63,683 19,139 11,866 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. . 68,347 19,108 13,222 16,142 7,395 2,832 1,835 12,760 10,298 2,223 1 ,576 749 1,197 5,022 1,220 Month: 1964—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 I6I 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........... 15,320 2,956 2,369 6,597 1,357 565 347 1 ,519 1 ,408 73 218 145 200 324 283 July............. 4,981 1 ,299 362 727 1,221 462 333 773 631 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 Oct.............. 4,283 1 ,263 244 625 983 n.a. 313 610 465 101 213 153 202 206 196 Nov............. 10,728 5,793 141 507 1,155 n.a. 352 2,313 1,804 469 185 164 352 117 235 Cash payments to the public Period Total 5 t f i e N o d n e n a s ­ a e ­ l aff I a n i t r i s , 6 s S e p r a e a r ­ c c e h cu A lt g u r re i­ 6 so N u u r r e r a a c ­ t e l ­ s t m C ra a e o n n r m s d c p e ­ . & H d e i o c n v o u g e m s l. ­ . l H w ab e e o l a fa r lt r h e & , Ed tio u n ca­ 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......... 122,395 50,788 5,261 5,094 4,759 2,722 7.420 864 28,286 1,494 6,084 8,664 2,341 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 3,841 1 ,052 1964—Jan.-June.... '58,760 28,158 962 2,313 3,038 1,139 2,890 -175 14,126 732 3,150 4,170 1,168 July-Dec......... 61 ,510 24,569 1,818 2,333 3,642 1,543 4,288 516 13,722 639 2,943 4,258 1,138 1965—Jan.-June.... 60,885 26,219 3,443 2,761 1 ,123 1,175 3,131 349 14,562 852 3,139 4,407 1,203 Month: 1964—Nov............. '9,399 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................ 11,561 5,067 1,264 508 -294 278 717 123 2,511 183 509 517 218 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 Oct................... 10,518 4,538 456 449 476 269 646 124 2,600 90 520 375 201 Nov................. 12,312 4,555 534 470 377 264 696 160 2,700 98 560 1,231 238 1963 1964 1965 1963 1964 1965 Item IV I II III IV I II 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 37.7 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 30.9 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

78 U.S. GOVERNMENT SECURITIES JANUARY 1966 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 Total Total Marketable Nonmarketable End of period gross gross Con­ Special debt 1 d d e ir b e t c t 2 Total Total Bills C c e at r e ti s fi­ Notes Bonds 4 b v i o b e n l r e d t­ s Total s S in a g v s ­ issues 6 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—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 Nov.......................................... 322.2 321.7 270.3 214.6 60.2 50,2 104.2 2.8 52.9 50.3 47.1 Dec.......................................... 321 .4 320.9 270.3 214.6 60.2 ................ 50.2 104.2 2.8 52.9 50.3 46,3 1 Includes noninterest-bearing debt (of which $281 million, on Dec. 31, 5 Includes (not shown separately): depositary bonds, adjusted service 1965, was not subject to statutory debt limitation) and guaranteed secu­ bonds, foreign currency series, foreign series, and Rural Electrification rities not shown separately. Administration bonds; before 1954, armed forces leave bonds; before 2 Excludes guaranteed securities. 1956, tax and savings notes; and before Oct. 1965, Series A investment 3 Includes amounts held by U.S. Govt, agencies and trust funds, which bonds. totaled $15,750 million on Nov. 30, 1965. 6 Held only by U.S. Govt, agencies and trust funds. 4 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. Note.—Based on Daily Statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public Total U. S. E p n e d ri o o d f g d r e o b ss t ag G t e a r o u n n v c s d i t t e , s b F a . n R ks . Total m C b e a o r n c m k ia s ­ l s M b a a u v n i t n u k g s a s l p I c n a a o n s n m c u ie e r ­ s ­ r c O a o t t r i h o p e n o r s ­ g S lo a o t n c a v d a t t s e l . Savi I n n g d s iv idu O al t s her n F a i o n t a r i t o n e e d n ig r a ­ n l 2 i O n m to v t i h r s e s c e 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 .4 5 1945—Dec.................. 278.7 27.0 24.3 227.4 90,8 10.7 24.0 22.2 6.5 42.9 21.2 2.4 6 6 1947—Dec.................. 257.0 34.4 22.6 200.1 68.7 12.0 23.9 14.1 7 3 46,2 19.4 2.7 5 7 1957—Dec.................. 275.0 55.2 24,2 195.5 59.5 7.6 12.5 17.7 16.6 48.2 16.7 7 6 9 0 1958—Dec.................. 283.0 54.4 26.3 202.3 67.5 7.3 12.7 18.1 16 5 47 .7 16.0 7 7 8 9 1959—Dec.................. 290.9 53.7 26.6 210.6 60.3 6.9 12,5 21.4 18.0 45 9 23.5 12.0 10.1 I960—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—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 '21,2 48 9 '21.1 16.7 14 5 1965 Jan................... 318.6 59.1 36.7 222.8 '62.9 5.8 H.3 18 6 '22.2 49 0 '21 5 16 5 15 0 Feb................... 320.6 60.4 36.9 223 3 '61.7 5.9 11.2 19 0 '23.0 49.1 '21 8 16 6 14 8 Mar................. 318 4 60.7 37.6 220 2 r60.4 6.0 11.1 17.2 '23 2 49.2 '22 3 16 0 14.8 Apr......... 317.2 59.2 37.8 220,3 '59.7 5.8 11.0 ’17.0 '24.3 49.2 '22.0 16 0 15 3 May................ 319.8 62.7 38.7 218.5 '58.4 5.8 10.9 ’17.6 '24.4 49,2 '22.0 15 8 14 4 June................ 317.9 63.4 39.1 215.4 '58.3 5.8 10,6 -15.1 '24.1 49.2 '21.8 15.7 14 8 July................. 317.1 62.3 39.2 215.6 '57.3 5.7 10,6 '15 9 '24.1 49 3 '22 4 15 7 14 6 Aug.................. 318.7 64.8 39.0 214 9 '56.5 5,7 10,6 '16.1 '23,8 49.4 '22.3 15 8 14 7 Sept................. 317.3 63,6 39.8 213 9 '57.5 5.7 10.6 '14.7 '23 1 49 4 '22.7 16 3 14 0 Oct................... 319.4 62.3 39.7 217 5 '59.7 5,5 10,5 '15.6 '23 4 49 4 '22.6 '16 3 14 5 Nov................. 322.2 62.8 40,6 218.8 59,9 5.4 10.4 16.7 22.9 49.5 22.7 16.4 14.9 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 U.S. GOVERNMENT SECURITIES 79 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total 1-5 5-10 10-20 Over years years years 20 years Total Bills Other All holders: 1962—Dec. 31.....2..0...3..,.0...1..1.............8...7..,.2...8..4.............4.8,250 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—Oct. 31................................................................. 212,097 96,491 57,660 38,831 54,952 35,024 8,446 17,184 Nov. 30.....2..1...4..,.6...1..9.............9..3...,.3..9...2.............6..0...,.1..7..2 33,220 60,593 35,021 8,446 17,167 U.S Govt, agencies and trust funds: 1962—Dec. 31.........9...,.6..3...8...............1..,.5.91 865 726 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—Oct. 31........................................................ 13,077 1,407 1,007 400 2,785 3,348 2,070 3,466 Nov. 30........1..3..,.5...4..4................1..,.4..8...9..............1,097 392 3,167 3,349 2,073 3,466 Federal Reserve Banks: 1962—Dec. 31.......3...0..,.8...2..0.............1..7..,.7..4..1...... 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—Oct. 31........................................................ 39,657 29,339 8,279 21,060 8,484 1,449 147 238 Nov. 30................................................,.. 40,575 24,675 9,197 15,478 14,066 1.449 147 238 Held by public: 1962—Dec. 31.....1...6..2..,.5...5..3.............6..7...,.9..5...2..... 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—Oct. 31........................................................ 159,363 65,745 48,374 17,371 43,683 30,227 6,229 13,480 Nov. 30.....1...6..0..,.5...0..0.............6..7...,.2..2..8..............4.9,878 17,350 43,360 30,223 6,226 13,463 ( ommercial banks: 1962—Dec. 31.......5...8..,.0...0..4.............1...9..,.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—Oct. 31............................................... 49,462 16,893 8,786 8,107 20,131 11,462 322 654 Nov. 30............................................... 49,505 17,286 9,153 8,133 19,792 11,448 329 650 Mutual savings banks: 1962—Dec. 31..........5..,.7...9..3....................635 252 383 1,337 2,210 306 1,305 1963—Dec. 31............................................... 5,502 690 268 422 1 ,211 2,009 377 1,215 1964—Dec. 31............................................... 5,434 608 344 263 1,536 1,765 260 1,266 1965—Oct. 31............................................... 5,316 815 486 329 1,414 1,600 339 1,148 Nov. 30............................................... 5,255 758 439 319 1,405 1 ,606 340 1,146 Insurance companies: 1962—Dec. 31..........9..,.2..6...5................1..,.2.59 552 707 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—Oct. 31............................................... 8,853 825 461 364 2,042 2,169 1,114 2,703 Nov. 30............................................... 8,803 913 469 444 1,961 2,125 1,099 2,705 Nonfinancial corporations: 1962—Dec. 31........1..0..,.7...5..0...............9..,..0.63 6,551 2,512 1,524 149 5 9 1963—Dec. 31............................................... 10,427 7,671 6,178 1,493 2,397 290 9 60 1964—Dec. 31............................................... 9,136 6,748 5,043 1,705 2,001 272 3 112 1965—Oct. 31............................................... 7,792 5,694 4,412 1,282 1,746 235 37 80 Nov. 30............................................... 8,622 6,428 5,172 1,256 1 ,797 280 37 80 Savings and loan associations: 1962—Dec. 31... .......2...,.8..6...2............... 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—Oct. 31............................................... 3,597 504 343 161 985 1,393 251 465 Nov. 30............................................... 3,637 567 382 185 960 1,393 251 466 State and local governments: 1962—Dec. 31........1..1...,.7..1..6...............4...,.4.47 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—Oct. 31............................................... 16,119 5,873 4,959 914 1,980 1,857 1,997 4,411 Nov. 30............................................... 15.695 5,606 4,636 970 1 ,836 1,853 1,992 4,408 All others: 1962—Dec. 31.......6...4..,.1...6..2.............3..2...,.2.27 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—Oct. 31............................................... 68,224 35,140 28,927 6,213 15,384 11,511 2,169 4,020 Nov. 30............................................... 68,983 35,669 29,628 6,041 15,610 11,518 2,177 4,009 Note.—Direct public issues only. Based on Treasury Survey of banks, and 770 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 5,957 commercial banks, 501 mutual savings Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

80 U.S. GOVERNMENT SECURITIES JANUARY 1966 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt, agency Period Dealers and brokers securities Total Within 1-5 5-10 Over m C e o rc m ia ­ l All 1 year years years 10 years U.S. banks other Govt, Other securities 1964—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 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 July................................... 1 ,519 1'284 125 82 28 452 37 615 415 152 Aug.................................... 1 '488 1,172 183 91 43 465 39 568 417 140 Sept................................... 1 ,548 1,297 140 70 41 458 32 604 453 139 Oct.................................... 1,928 1,715 123 64 26 596 36 834 461 149 Nov................................... 2 J 15 1 ,745 243 94 34 595 50 895 575 149 Week ending— 1965—Nov. 3........................... 2,136 1,890 166 53 26 518 39 848 731 100 10........................... 1 ,'981 1,587 285 73 37 621 63 737 560 144 17........................... 2,111 1 ,614 346 110 41 634 48 932 497 163 24........................... 2^224 1 '891 204 99 31 581 41 1,025 578 155 Dec. 1........................... 2,026 1,738 140 122 26 554 48 871 554 142 8........................... 1,698 1,357 183 120 38 536 51 689 423 107 15........................... 1,850 1,369 279 154 49 560 51 . 823 416 150 22........................... 2^290 1,652 401 194 43 658 83 1,034 515 163 29........................... 2; 704 2^095 336 222 49 733 59 1324 588 178 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 a G ge o n v c t, y Period Al! Corpora­ All mat A ur ll i ties W 1 y it e h a in r ye 1 a -5 rs 5 O y v e e a r r s securities sources Y N o e r w k w E h ls e e re ­ tions 1 other City 1964—Nov........... 3,692 3,073 479 140 313 Dec........... 3^52 2,675 419 159 282 1964—Nov............. 3,706 1 020 963 1,192 531 Dec.............. 3,399 1 ,029 781 1 056 533 1965—Jan............ 3,812 2,882 196 734 246 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 Apr.............. 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 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 Oct............ 2'562 2,381 68 112 286 Sept............. 3,050 807 643 1,284 316 Nov........... 3'196 2,928 174 94 255 Oct............... 2^579 823 605 871 279 Nov............. 3^016 829 519 1 451 217 Week ending-— Week ending— 1965—Oct. 6.. 1,514 1,346 64 105 294 13. . 2,667 2,463 91 114 312 1965—Oct. 6... 1 ,801 428 377 806 189 20. . 2,845 2,656 73 116 285 13 . .. 2,243 684 527 796 236 27 . . 2,944 2,776 53 115 276 20. . . 3,041 999 889 784 370 27... 2,913 1 ,069 588 962 294 Nov. 3. . 2,776 2,556 116 104 233 10. . 2,882 2,650 153 78 207 Nov. 3 . . . 2,961 981 621 1,077 282 17 . . 2,914 2,690 136 87 258 10. . . 2,664 752 436 1,253 224 24 . . 3,664 3,368 191 105 271 17 . . . 2,902 882 478 1,341 202 24. . . 3,116 741 530 1,644 202 Note.—The figures include all securities sold by dealers under repur­ chase contracts regardless of the maturity date of the contract unless the 1 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 OUTSTANDING SECURITIES 81 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, DECEMBER 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—Coat. Treasury notes—Cont. Treasury bonds—Cont. Jan. 6, 1966, 2,202 June 9, 1966................... 1 ,000 Apr. 1, 1968... ...DA 212 Aug. 15, 1970...........4 4,129 Jan. 13, 1966, 2,201 June 16, 1966.................... 1 ,001 Oct. 1,1968.............DA 115 Aug. 15, 1971...........4 2,806 Jan. 20, 1966, 2,205 June 22, 1966.................... 3,516 Apr. 1, 1969.. .DA 61 Nov. 15, 1971............3% 2,760 Jan. 27, 1966, 2,201 June 23, 1966.................... 1,003 Oct. 1,1969..............DA 159 Feb. 15, 1972...........4 2,344 Jan. 31, 1966. 1,000 June 30, 1966.................... 2,002 Apr. 1,1970..............DA 88 Aug. 15, 1972...........4 2,579 Feb. 3,1966, 2,202 July 31, 1966.................... 1 ,000 Oct. 1,1970..............DA 22 Aug. 15, 1973...........4 3,894 Feb. 10, 1966, 2,201 Aug. 31, 1966.................... 1 ,000 Nov. 15, 1973... . . ,4A 4,357 Feb. 17, 1966, 2,202 Sept. 30, 1966.................... 1,000 Treasury bonds Feb. 15, 1974...........4 A 3,130 Feb. 24, 1966. 2,201 Oct. 31,1966.................... 1 ,000 June 15, 1962-67...2A 1,430 May 15, 1974............4% 3,593 Feb. 28, 1966, 1,001 Nov. 30, 1966.................... 1,001 Dec. 15, 1963-68... 2A 1,791 Nov. 15, 1974............3% 2,239 Mar. 3, 1966, 2,201 Dec. 31, 1966.................... 1 ,001 June 15, 1964-69...2A 2,552 May 25, 1975-85...4A 1,218 Mar. 10, 1966. 2,202 Dec. 15, 1964-69... 2 A 2,533 June 15, 1978-83..,3A 1,581 Mar. 17, 1966. 2,207 Mar. 15, 1965-70...2A 2,409 Feb. 15, 1980...........4 2,608 Mar. 22, 1966. 3,009 Treasury notes May 15, 1966...........3% 1,688 Nov. 15, 1980...........3 A 1,912 Mar. 24, 1966. 2,209 Feb. 15, 1966..........3% 2,195 Aug. 15, 1966...........3 1,024 May 15, 1985...........3 A 1,126 Mar. 31, 1966. 3,201 Feb. 15, 1966..........3% 2,597 Nov. 15, 1966............33/b 1,851 Feb. 15, 1990............3A 4,900 Apr. 7, 1966. 1 ,001 Apr. 1, 1966.........11/i 675 Mar. 15, 1966-71...2A 1,398 Aug. 15, 1987-92,..4 A 3,818 Apr. 14, 1966. 999 May 15, 1966..........4 9,519 June 15, 1967-72... 2 A 1,277 Feb. 15, 1988-93...4 250 Apr. 21, 1966. 1,003 Aug. 15, 1966.........4 11,060 Sept. 15, 1967-72... 2 A 1,952 May 15, 1989-94.. .4% 1,560 Apr. 28, 1966. 1,001 Oct. 1, 1966.........li£ 357 Nov. 15, 1967...........3A 2,019 Feb. 15, 1995...........3 2,207 Apr. 30, 1966. 1,001 Nov. 15, 1966..........4 2,254 Dec. 15, 1967-72... 2 A 2,684 Nov. 15, 1998............3A 4,413 May 5, 1966 1,000 Feb. 15, 1967.........3 A 2,358 May 15, 1968...........3% 2,460 May 12, 1966, 1,000 Feb. 15, 1967..........4 5,151 Aug. 15, 1968...........3% 3,747 Convertible bonds May 19, 1966, 1 ,001 Apr. 1,1967..........DA 270 Nov. 15, 1968...........3% 1,591 Investment Series B May 26, 1966, 1 ,001 May 15, 1967..........4% 9,748 Feb. 15, 1969...........4 3,728 Apr. 1, 1975-80... 2A 2,797 May 31. 1966. 1,001 Aug. 15,1 967..........3% 2,929 Oct. 1, 1969...........4 6,260 June 2, 1966. 1,000 Oct. 1,1967..........1>A 457 Feb. 15, 1970...........4 4,381 Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, NOVEMBER 30, 1965 Agency, type and date of issue, Amount Agency, type and date of issue, Amount and coupon rate Maturity o ( f m d il o li l o la n r s s ) and coupon rate Maturity o ( f m d i o lli l o la n rs s ) Federal home loan banks Federal intermediate credit banks Debentures: Notes: Mar. 1, 1965.. .........................4.20 Dec. 1, 1965 314 Feb. 15, 1965..............................4.20 Jan. 17, 1966 220 Apr. 1, 1965..............................41% Jan. 3, 1966 290 Aug. 16, 1965...............................4.30 Jan. 25, 1966 302 May 3, 1965..............................4.30 Feb. 1, 1966 274 Apr. 15, 1965...............................4.30 Feb. 15, 1966 524 June 1, 1965..............................4.30 Mar. 1, 1966 272 June 15, 1965...............................4,35 Mar. 25, 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 Oct. 4, 1965..............................4.35 July 5, 1966 204 Aug. 16, 1965...............................4.35 July 25, 1966 500 Nov. 1,1965 ................................4.45 Aug. 1, 1966 239 Nov. 1,1965...............................4.60 Sept. 26, 1966 500 Federal land banks Bonds: Bonds: July 15, 1964.................................4 A Mar. 15, 1966 260 June 20, 1961..............................4 Dec. 20, 1965 140 Dec. 9,1963.................................4 A Aug. 15, 1966 200 Apr. 3,1961..................................3 A Feb. 21, 1966 150 June 15, 1964.................................4 A Nov. 15, 1966 275 June 21, 1965..................................4.35 May 2, 1966 117 Oct. 15,1965 ................................4 A Jan. 25, 1967 375 May 1. 1958..................................3!4 May 2, 1966 108 Mar. 15, 1965 .................................4A Sept. 15, 1967 185 Sept. 20, 1961 ..................................4A July 20, 1966 193 June 15, 1965 ................ 4% Mar. 1, 1968 250 Oct. 20,1965..................................4.55 Sept. 20, 1966 219 Aug. 23, 1965..................................4 A Dec. 20, 1966 239 Federal National Mortgage Association—• Feb. 15,1957..................................4 A Feb. 15, 1967-72 72 secondary market operations Apr. 20, 1965.................................4A Feb. 20, 1967 126 May 1, 1962.................................4 May 22, 1967 180 Discount notes............................................. 431 Oct. 1, 1957.................................4 A Oct. 1, 1967-70 75 Oct. 22, 1963.................................4 A Oct. 23, 1967 174 Debentures: Apr. 1,1959..................................4!4 Mar. 20, 1968 111 Sept. 10, 1962.............................3 A Mar. 10, 1966 108 May 1, 1963.................................4 June 20, 1968 186 Dec. 12, 1960................................4 A Dec. 12, 1966 93 Aug. 20, 1964.................................4'4 Aug. 20, 1968 160 Oct. 11,1965................................4 A Oct, 11, 1967 150 Feb. 2,1959..................................4 A Mar. 20, 1969 100 Mar. 10, 1958....................................3 A Mar. 11, 1968 87 Feb. 23, 1965.................................4'4 July 15, 1969 130 Apr. 10, 1959..................................4% Apr. 10. 1969 88 July 15. 1957.................................4% July 15, 1969 60 Apr. 11, 1960....................................4 A Apr. 10, 1970 142 Oct. 20, 1964.................................4M Oct. 20, 1969 209 Sept. 12, 1960....................................4 A Sept. 10, 1970 119 Feb. 1, 1960.................................5 A Feb. 20, 1970 82 Aug. 23, 1960....................................4 A Aug. 10, 1971 64 Feb. 14, 1958.................................3A Apr. 1, 1970 83 Sept. 11, 1961....................................4 A Sept. 10, 1971 96 Jan. 5, 1960.................................5'/, July 20, 1970 85 Feb. 10, 1960....................................5 A Feb. 10, 1972 98 May 1, 1956.................................3 A May 1, 1971 60 Dec. 11, 1961...............................4 A June 12, 1972 100 Sept. 14, 1956.................................3% Sept. 15, 1972 109 June 12, 1961.................................4A June 12, 1973 146 Feb. 20, 1963.................................4 A Feb. 20, 1973-78 148 Feb. 13, 1962.................................4 A Feb. 10, 1977 198 Feb. 20, 1962.................................4W Feb. 20, 1974 155 Apr. 20, 1965.................................4A Apr. 21, 1975 200 Banks lor cooperatives Tennessee Valley Authority Debentures: Short-term notes...................................... 95 June 1, 1965 .............................4 A Dec. 1, 1965 201 Bonds: Aug. 2, 1965...............................4.30 Feb. 1, 1966 225 Nov. 15. 1960..............................4.40 Nov. 15, 1985 50 Oct. 4,1965 ...............................4.35 Apr. 4, 1966 212 July 1,1961..............................4 A July 1, 1986 50 Nov. 1, 1965...............................4.40 May 2, 1966 151 Feb. 1. 1962..............................4A Feb, 1, 198? 45 Note.—These securities arc not guaranteed by the U.S. Govt.; see also Note to table at top of following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

82 CREDIT AGENCIES; SECURITY ISSUES JANUARY 1966 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 (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m a b A t n e e o d c r m s e ­ ­ s I m nv e e n s ts t­ p C a o d a n s e s d i ­ t h s B n a o o n n te d d s s M po d b e s e e m i ­ r t s ­ C s a to p c it k al M l g o ( a a A o g n ) r e s t ­ D n t e a u ( o b L n r t e e d e ) s s n ­ c L a o o ( t o t i A v a o p e n ) e s s r ­ D t e u ( b L re e ) s n­ c L o a o d ( u A n i a s n d n ) ­ t s s D t e u (L b re e ) s n­ M l g o ( a a A o g n r ) e s t ­ Bo (L n ) ds 1956................ 1,228 1,027 62 963 683 607 628 200 457 143 747 705 1,744 1 437 1957............... 1'265 908 63 825 653 685 1,562 1,315 454 222 932 886 '919 1,599 1958............... 1,298 999 75 714 819 769 1,323 1'100 510 252 1,157 1,116 2,089 1,743 1959............... 2 J 34 1,093 103 1,774 589 866 1,967 1,640 622 364 1,391 1'356 2,360 1 '986 1960............... 1,981 1,233 90 1,266 938 989 2,788 2,523 649 407 1,501 1,454 2,564 2,210 1961................ 2; 622 1,153 159 1371 1,180 1,107 2,770 2,453 697 435 1 '650 1'585 2,828 2331 1962............... 3'479 1,531 173 2307 1,214 1,126 2,752 2'422 735 505 1,840 1 '727 3'052 2’628 1963................ 4^784 1^06 159 4,363 1 J51 1'171 2^000 1 '788 840 589 2,099 1 '952 3'310 2,834 1964—Nov... 4,784 1,889 84 4,369 989 1,216 1,930 1,701 975 638 2,241 2,174 3,680 3,169 Dec... 5,325 1,523 141 4,369 1,199 1,227 1,940 1,601 958 686 2,247 2,112 3,718 3,169 1965—Jan.. . 4,944 1,491 75 4,078 1,013 1,232 1,954 1,723 1,020 686 2,252 2,102 3,765 3,169 Feb... 4,851 1,425 77 3,905 1,013 1,237 1,958 1,739 1,037 670 2,308 2,143 3,818 3,298 Mar... 4,747 1,761 80 4,090 1,048 1,247 1,974 1,739 1,007 723 2,380 2,206 3,889 3,298 Apr... 5,219 1,386 95 4,184 1,026 1,254 1,990 1,795 978 696 2,480 2,278 3,950 3,415 May.. 5,227 1,687 73 4,484 1,024 1,257 2,004 1,898 940 678 2,577 2,367 4,011 3,415 June.. 5,586 1,691 110 4,757 1,174 1,260 2,014 1 ,797 931 687 2,687 2,462 4,058 3,532 July.. 5,793 1,299 75 4,807 913 1 ,265 2,032 1,794 935 687 2,772 2,546 4,097 3,532 Aug... 5,770 1,578 79 5,057 903 1,268 2,062 1,804 944 710 2,786 2,627 4,135 3,612 Sept... 5,802 1,567 85 5,046 944 1,270 2.108 1,756 940 708 2,725 2,603 4,171 3,612 Oct... 5,826 1,574 75 5,018 965 1,272 2,169 1,845 1,009 744 2,617 2,501 4,204 3,671 Nov... 5,724 1,838 80 5,221 936 1,275 2,290 1,918 1,082 787 2,501 2,386 4,245 3,671 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 capita! accounts of all agencies, except for stock of home gross of valuation reserves and represent cost for FNMA and unpaid loan banks. Bonds, debentures, and notes are valued at par. They in­ principal for other agencies. clude only publicly offered securities (excluding, for the home loan banks. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv­ Total G g o a e b a t n i l o l e i­ n r­ s R n e u v e e­ PHAi G lo U o a .S n v s t . , State S di p s a s t e n t a r c d t i i , c a t l Other 2 ered 3 Total c E a d ti u o ­ n b R r a i o d n a g d d e s s i U tie ti s l­ 4 H in o g u s s­ V a e a n t id e s’ r ­ O p p o t u h se r e ­ s r auth. 1959 .................. 7,697 4,782 2,407 332 176 1,686 2,121 3,890 7,423 7,589 2,318 844 1,985 401 355 1,685 1960 7,292 4,771 2,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1 ,007 1,316 426 201 1,891 1961 8,566 5,724 2,407 315 120 1 ,928 2,165 4,473 8,301 8,463 2,821 1,167 1 ,700 385 478 1,913 1962 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963 10,538 5,855 4,180 254 249 1 ,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1964 10,847 6,417 3,585 637 208 1 ,628 3,812 5,407 10,06910,201 3,392 688 2,437 727 120 2,838 1964-—Sept.. . . 920 510 260 130 20 101 374 445 925 892 207 50 248 133 254 Oct......... 852 662 178 13 191 133 529 717 801 245 12 240 37 268 Nov.. . . 578 376 195 7 106 126 346 912 529 166 18 137 7 201 Dec........ 1,078 604 345 104 26 218 397 463 722 948 424 30 93 107 30 264 1965-—Jan......... 848 606 235 7 182 247 419 964 803 378 38 167 220 Feb........ 965 666 288 11 191 289 484 754 872 308 20 277 I 265 Mar.. .. 1,079 546 406 116 12 84 451 544 1,018 946 392 28 152 127 248 Apr........ 994 687 291 16 295 276 422 1,035 825 288 20 84 17 317 May.... 987 506 347 126 8 180 370 436 938 924 392 70 125 133 204 June.... 1,060 570 476 14 192 417 451 1,119 967 451 62 198 13 243 July.... 1,038 776 245 17 400 258 379 993 984 215 26 98 2 50 592 Aug....... '733 '373 '224 132 4 38 271 '424 '1 ,003 '648 191 51 '113 139 '155 Sept.. . . 1,008 770 224 ............. 14 337 280 390 761 966 203 194 116 3 .........4..5..1. 1 Only bonds sold pursuant to 1949 Housing Act; secured by contract 3 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 SECURITY ISSUES 83 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 Bonds Stock tire­ Total U. S. U. S. Total ment G U o . v S t. . 2 G a c g o y e v n 3 t ­ , lo S a c t n a a d t l e 4 Other 5 Total Total o P f l f i e c u r l b y e ­ d p v l P a a t c r e i e ­ ly d fe P r r r e e ­ d C m o o m n ­ Total m N on e e w y ? O p p o t u s h e r e ­ s r s ri e t o i c e f u s ­ 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—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......... 2,936 388 1,055 49 1,443 1,322 542 780 44 78 1,427 *•1,290 1,168 122 137 Aug.......... 2,354 371 239 718 95 930 837 369 468 15 78 919 850 760 91 69 Sept......... 3,029 342 150 984 14 1,538 1,370 664 706 92 76 1,523 1,392 1,249 143 130 Oct........... 2,655 369 375 867 43 1,002 877 287 590 8 116 989 933 831 102 56 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l 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 capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ rities rities rities rities rities rities 1957, 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958. 3,265 195 867 13 778 38 3,605 138 1 ,294 118 1 ,014 47 1959. 1,941 70 812 28 942 15 3,189 15 707 1,801 6 1960. 1,997 79 794 30 672 39 2,754 51 1,036 1 2,401 71 1961. 3,691 287 1,109 36 651 35 2,883 106 1,435 382 2,248 22 1962. 2,958 228 803 32 543 16 2,341 444 1,276 11 1,825 23 1963. 3,312 190 774 55 873 83 1,935 699 726 356 2,933 144 1964. 2,772 243 1,024 82 941 32 2,445 280 2,133 36 3,723 80 1964--Oct.......................................... 250 17 88 5 44 1 297 37 82 6 191 1 Nov......................................... 203 24 134 17 62 1 40 6 21 1 208 3 Dec................................. 607 26 121 49 127 8 172 31 32 * 582 31 1965--Jan........................................... 385 23 70 5 40 97 21 21 I 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 1 184 8 98 1 ,028 7 July....................................... 399 50 265 4 124 3 202 24 102 51 197 4 Aug.......................................... 307 54 51 2 42 297 5 25 4 129 4 Sept......................................... 414 16 117 8 65 * 287 74 196 5 313 27 Oct.......................................... 300 12 77 9 53 13 154 8 90 5 260 8 i Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of flotation. number of units by offering price. ? 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. * 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

84 SECURITY RATES JANUARY 1966 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire­ Net New Retire­ Net issues ments change issues ments change In c v o e s s .1 t, Other In c v o e s s .1 t. Other In c v o e s s .1 t. Other 1959........................... 13,338 4,845 8,492 7,122 3,049 4,073 2,838 3,378 794 1,002 2,044 2,376 I960........................... 13,485 4,962 8,523 8'072 3'078 4'994 2'688 2,725 855 1'029 1’833 1,696 1961........................... 17'503 6,'999 10'503 9'194 4,024 5,170 3'855 4’454 1,171 l>04 2 >84 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>52 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—in................. 4,011 1,946 2,065 2,297 I ,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—1.................... 4,162 2,058 2,103 2,272 967 1,305 1,275 615 485 606 790 8 II................... 6^339 ri’525 r3,8U 4,007 rl ,252 r2'755 1'243 1,089 511 r762 732 r327 Ill................. 5 >62 2 >77 2,585 3; 207 1 '209 1 ,'998 1,124 '731 477 791 647 -60 Type of issuer Manu­ Commercial Transpor­ Public Communi­ Real estate Period facturing and other 2 tation 3 utility cation and financial 4 & 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........................... 1804 -664 339 -352 316 -19 876 245 ’438 447 1,806 I 607 1964........................... 1 ’,303 -516 507 -483 317 -30 1,408 476 458 1,699 2,644 2 537 1964—III.................. 232 28 93 — 34 38 -47 290 149 42 92 569 613 IV................. 689 -226 265 -444 88 -7 356 101 -47 115 693 986 1965—1.................... 574 -256 -5 -1 39 9 281 97 64 100 351 850 ............8..1..4... 138 234 r-30 57 -28 293 116 201 139 M ,156 723 Ill................. 625 -170 223 -20 37 21 554 78 255 149 305 530 i 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 * Includes investment cos. into stocks. Retirements include the same types of issues, and also securi­ ties retired with internal funds or with proceeds of issues for that purpose Note.—Securities and Exchange Commission estimates of cash trans­ shown on p. 83. actions only. As contrasted with data shown on p. 83, 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 s a it s io h n 3 Other Sales 1 Re ti d o e n m s p­ s N al e es t Total 2 po C s a i s ti h o n Other 1953................ 672 239 433 4,146 1964—Nov... 317 134 184 29,062 1 300 27 762 1954................ 863 400 463 6,109 309 5,800 Dec... 336 136 200 29,116 1,329 27’787 1955................ 1,207 443 765 7,838 438 7,400 1965 Jan.... 407 152 254 30 349 1 545 28 804 1956................ 1'347 433 914 9 >46 492 8>54 Feb... 313 159 154 30 >49 1 605 29*144 1957................ 1,391 406 984 8,714 523 8’191 Mar... 356 168 188 30,464 1 597 28'867 1958................ 1'620 511 1,109 13,242 634 12>08 Apr.. . 351 155 196 31 521 1 523 29 998 1959.............. 2; 280 786 1 >94 15',818 860 14;958 May.. 301 158 143 31 431 1 >51 29 >80 June.. 417 186 231 30 >36 1>47 28,589 1960................ 2,097 842 1,255 17,026 973 16,053 Inly , 332 147 185 30 749 1 616 29 133 1961................ 2>51 1,160 1 ',791 22’789 980 21,809 Aug... 272 i42 129 31,762 1 >15 29>47 1962................ 2 >99 1'123 1 >76 21 >71 1,315 19,956 Sept... 381 183 199 32 824 1 787 31 037 1963 ................ 2.460 I >04 '952 25,214 1 ’ 341 23 >73 394 173 220 33 921 1 *758 32’163 1964................ 3,404 1,875 1,528 29,116 1>29 27',787 Nov... 360 163 197 34^33 1,847 32^686 i Includes contractual and regular single purchase sales, voluntary short-term debt securities, less current liabilities. and contractual accumulation plan sales, and reinvestment of invest­ ment 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 BUSINESS FINANCE 85 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS Tn millions of dollars) 1964 1965 Industry 1960 1961 1962 1963 1964 I II III IV I II III Manufacturing Total (177 corps.): Sales...................................................................... 123,911 123,669 136,545 147,380157,633 38,326 40,784 37,697 40,827 42,742 45,344 41,978 Profits before taxes........................................... 13,543 13,268 15,330 17,337 18,821 4,781 5,333 4,077 4,631 5,517 6,021 4,718 Profits after taxes.............................................. 7,161 7,167 8,215 9,138 10,520 2,603 2,898 2,335 2,684 3,081 3,399 2,750 Dividends........................................................... 4,485 4,730 5,048 5,444 5,930 1,285 1 ,448 1,324 1 ,873 1,411 1,629 1,434 Nondurable goods industries (78 corps.);1 Sales...................................................................... 47,372 49,362 52,245 55,372 59,256 14,220 14,823 14,915 15,298 15,453 16,131 16,355 Profits before taxes.......................................... 5,579 5,602 5,896 6,333 6,896 1,643 1,752 1 ,740 1 ,761 1,804 1,985 1,984 Profits after taxes.............................................. 3,215 3,225 3,403 3,646 4,137 992 1,028 1 ,037 1,080 1,112 1,213 1,215 Dividends............................................................ 1,948 2,031 2,150 2,265 2,404 561 569 584 690 606 607 616 Durable goods industries (99 corps.):2,...... Sales...................................................................... 76,540 74,307 84,300 92,008 98,377 24,106 25,961 22,782 25,528 27,289 29,214 25,623 Profits before taxes.......................................... 7,964 7,666 9,434 11,004 11,925 3,138 3,581 2,336 2,870 3,713 4,036 2,733 Profits after taxes.............................................. 3,946 3,942 4,812 5,492 6,383 1,611 1,871 1,299 1,603 1,970 2,186 1,535 Dividends............................................................. 2,536 2,699 2,898 3,179 3,526 724 879 740 1,183 804 1,022 818 Selected industries: Foods and kindred products (25 corps.): Sales....................................................................... 12,202 12,951 13,457 14,301 15,209 3,598 3,721 3,863 4,027 3,868 4,082 4,205 Profits before taxes.......................................... 1,342 1,440 1 ,460 1,546 1,589 345 401 420 424 388 433 455 Profits after taxes.............................................. 639 682 698 747 807 173 202 214 219 201 225 235 Dividends............................................................ 372 397 425 448 479 117 119 119 124 124 125 126 Chemical and allied products (20 corps.): 12,205 12,606 13,759 14,623 16,077 3,791 4,114 4,067 4,104 4,238 4,492 4,564 Profits before taxes........................................... 2,005 1,979 2,162 2,286 2,596 636 682 654 623 679 758 734 Profits after taxes............................................. 1,058 1,034 1,126 1,182 1,404 347 366 349 342 386 424 411 Dividends........................................................... 786 833 868 904 924 207 209 212 296 214 213 215 Petroleum refining (16 corps.): Sales...................................................................... 13,815 14,483 15,106 16,043 16,583 4,132 4,111 4,123 4,217 4,404 4,449 4,475 Profits before taxes........................................... 1,267 1,237 1,319 1,487 1,558 400 361 373 424 440 473 469 Profits after taxes.............................................. 1,02€ 1,025 1,099 1,204 1,309 336 298 318 358 363 386 389 Dividends ............................................................ 521 528 566 608 670 158 159 169 184 182 183 187 Primary metals and products (34 corps.): Sales........................................................... 20,828 20,234 21,260 22,116 24,114 5,540 6,046 6,042 6,486 6,614 7,091 6,666 Profits before taxes.......................................... 2,214 1,999 1,838 2,178 2,577 560 674 605 738 768 865 697 Profits after taxes.............................................. 1,169 1 ,067 1,013 1,183 1,485 315 384 349 437 436 493 403 Dividends............................................................ 838 843 820 734 763 186 187 187 204 195 200 202 Machinery (24 corps.): Sales...................................................................... 16,681 17,446 19,057 21,144 22,653 5,401 5,673 5,584 5,995 5,772 6,305 6,270 Profits before taxes..................................... 1,509 1,701 1,924 2,394 2,733 673 702 701 657 747 817 787 Profits after taxes.............................................. 768 859 966 1,177 1,399 338 357 373 331 385 426 425 Dividends............................................................ 494 508 531 577 673 157 170 171 175 192 187 189 Automobiles and equipment (14 corps.): Sales....................................................................... 26,275 23,314 29,156 32,927 35,323 9,275 10,028 7,137 8,883 10,898 11,450 8,281 Profits before taxes.......................................... 3,197 2,786 4,337 5,004 4,997 1,573 1 ,775 589 1 ,060 1,828 1 ,883 756 Profits after taxes.............................................. 1,534 1,404 2,143 2,387 2,625 782 900 338 604 942 1,004 430 Dividends............................................................ 837 973 1,151 1 ,447 1,630 276 419 276 659 305 520 307 Public utility Railroad: Operating revenue............................................ 9,514 9,189 9,440 9,560 9,857 2,362 2,481 2,486 2,526 2,385 2,582 Profits before taxes.......................................... 648 625 729 816 836 188 '245 211 192 145 259 Profits after taxes.............................................. 445 382 572 651 698 144 196 175 182 121 213 Dividends............................................................ 385 359 367 356 451 110 101 109 132 108 118 Electric power: Operating revenue............................................ 11,906 12,478 13,489 14,294 14,968 3,961 3,572 3,686 3,749 4,227 3,822 3,895 Profits before taxes.......................................... 3,163 3,349 3,583 3,735 3,947 1,106 893 998 949 1,154 949 1,036 Profits after taxes.............................................. 1,793 1,883 2,062 2,187 2,385 660 542 583 600 712 597 626 Dividends............................................................ 1,307 1,374 1 ,462 1 ,567 1,672 424 412 426 410 467 438 437 Telephone: Operating revenue............................................ 8,111 8,615 9,196 9,796 10,550 2,543 2,619 2,654 2,734 2,732 2,790 2,854 Profits before taxes.......................................... 2,326 2,478 2,639 2,815 3,069 726 796 773 774 783 766 830 Profits after taxes.............................................. 1,155 1,233 1,327 1,417 1,590 377 408 402 403 420 419 447 Dividends............................................................ 806 867 935 988 1 ,065 261 262 268 274 279 284 294 i 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 and General Depts, of American Telephone and Telegraph Co.) published co. reports. and for 2 affiliated telephone cos. Dividends are for the 20 operating Pailroads: 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

86 BUSINESS FINANCE JANUARY 1966 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e a ro x fo f e i r t s e s c ta o I x n m e ­ e s P t a a r f o x t e f e i s t r s d C d e a i n v s d i h ­ s t U r p ib r n o u d f t i i e t s s d ­ co c a n a t ll s i p o o u i w n t m a ­ l p ­ Quarter P b ta e ro x fo e fi r s t e s c ta o I x n m e ­ s e P t a a r f o x te e fi s t r s d C d e a i n v s d i h ­ s t U r p ib r n o u d f t i i e t s s d ­ co c a n a t l s i l o p o u i n w t m a ­ l p ­ ances 1 ances 1 1957................. 47.2 21.2 26.0 11.7 14.2 20,8 1964—I.... 64.0 27.3 36.7 16.7 20.0 33.2 1958................ 41.4 19.0 22.3 11.6 10.8 22.0 IL... 64.5 27.5 37.0 17.1 19.9 33.6 1959................ 52.1 23.7 28.5 12.6 15.9 23.5 III... 65.3 27.8 37,5 17.4 20.1 34.3 1960................ 49.7 23.0 26.7 13.4 13.2 24.9 IV... 65.9 28.1 37.8 17.7 20.0 34.8 1961................. 50.3 23.1 27.2 13.8 13.5 26.2 1965—I. ... 73.1 29.1 44.0 17.8 26.2 35.4 1962................ 55.4 24,2 31.2 15.2 16.0 30.1 11.... 73.7 29.4 44.4 18.2 26.1 35.8 1963 ................ 58.6 26.0 32.6 15,8 16.8 32.0 HI... 74.4 29.6 44.8 18.6 26.2 36.3 1964................ 64.8 27.6 37.2 17.2 19,9 34.0 1 Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working U. S. receivable payable Accrued capital Total Cash 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 U.S. Other U.S. Other taxes Govt.1 Govt.1 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 H.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—111......................... 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—I.......................... 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 .....1..6...6....2...........3..8.4.3 43.7 16.3 3.2 182.8 119.7 18.4 218,0 2.9 145.9 15,9 53.2 Ill......................... 169.1 393.5 43,6 16.0 3.6 188.3 123.4 18.6 224.4 3.1 150.2 17.0 54.1 1 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 of dollars) Manufacturing Transportation Total Period Total Durable d N ur o a n bl ­ e Mining Railroad Other u P ti u li b ti l e ic s C ni o ca m ti m on u s ­ Other 1 a ( r S n a n . t e u 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 1960.............................................. 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 1965 2............................................ 51.83 11.34 11.18 1.30 1.68 2.83 6.84 16.66 1964—1........................................ 9.40 1.93 1.87 .26 .32 .51 1.18 .97 2.37 42.55 H....................................... 11.11 2.30 2.23 .29 .36 .63 1.58 1.10 2.61 43.50 ...................................... 11.54 2.37 2.30 ,30 .37 .59 1.71 1.06 2.84 45.65 IV...................................... 12.84 2.83 2.76 .33 .35 .64 1.76 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 ....................................... 12.81 2.76 2.70 .33 .44 .77 1.71 1.24 2.85 50.35 in.................................... 13.41 2.91 2.82 .32 .44 .72 1.88 1.22 3.10 52.75 IV 2.................................. 14.82 3.41 3.37 .35 .40 .76 1.94 4.59 54.85 1966—I 2...................................... 12.48 2.70 2.70 .32 .40 .89 1.47 4.51 56.70 * includes trade, service, finance, and construction. Note.—Dept, of Commerce and Securities and Exchange Commission 2 Anticipated by business, estimates for corp, and noncorp, business, excluding agriculture. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 REAL ESTATE CREDIT 87 MORTGAGE DEBT OUTSTANDING (In biDions of dollars) All properties Farm Nonfarm Other Multifamily and Mortgage E pe n r d io o d f All Finan­ holders2 All Finan, Other All 1- to 4-family houses commercial properties4 typeh e o r l s d­ tu i t n c io i s a n t l i s ­ 1 a U c g i . e e S s n . ­ v o I i t d n a h u n d e a d r i­ l s s h e o r l s d­ tu i t n c io i s a n t l i s ­ 1 h e o rs l d 3 ­ h e o r l s d­ Total tu F in t i i n o s a t n i n ­ s , ’ O h e o th r l s d e ­ r Total tu F in t i i n o s a t n i n ­ s , 1 O h e o th r l s d e ­ r w u F V n r H i d t A t A 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 I960............. 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............. 281.2 217.1 11.2 52.9 16.8 6.2 10.7 264.4 182,2 156.0 26.2 82.2 54.9 27.3 73.4 190.9 1964............. 311.6 241.0 11.4 59.2 18.9 7.0 11.9 292.7 197.6 170.4 27.2 95.1 63.6 31.4 77.2 215.6 1963—HI... 273.4 210.8 11.1 51.5 16.6 6.1 10.5 256.8 178,2 152.2 26,0 78.6 52.5 26.1 72. 1 184.7 IV... 281.2 217. 1 11.2 52.9 16.8 6.2 10.7 264.4 182.2 156.0 26.2 82.2 54.9 27.3 73.4 190.9 1964—1.,.. 287.4 222.0 11.3 54.1 17.3 6.4 10.9 270.0 185.4 159.0 26.4 84.6 56.5 28.1 74.2 195.8 II.. . 295.5 228.5 11.3 55.7 18.1 6.7 11.4 277.5 189.8 163.2 26.6 87.7 58.6 29.1 74.9 202.6 DI... 303,6 234.8 11.3 57.4 18.5 6.9 11.7 285.1 193.9 167.0 26.9 91.2 61.0 30.2 76.2 208.9 IV... 311.6 241.0 11.4 59.2 18.9 7.0 11.9 292.7 197.6 170.4 27.2 95.1 63.6 31.4 77.2 215.6 1965—IP,.. 317,7 245.8 11.6 60.4 19.5 7,2 12.3 298,3 200.5 173.1 27.4 97.7 65.5 32.3 78.0 220.2 IIP.. 326.0 252,2 U.7 62.1 20.2 7.4 12.8 305.8 204.8 177.1 27.7 101.0 67.7 33.3 78.7 226.8 HIP.. 334.0 258.3 11.9 63.8 20.7 7.6 13.1 313.3 209.0 180.8 28.2 104.3 1 69.9 34.4 .............. 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 non fa rm 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 Agricul­ available) 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 bank holdings 2 Residential Residential End of period Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ O n fa t o h r n m e ­ r Farm Total Total F i H n A ­ - g V u A a - r ­ C ve o n n ­ ­ O n fa t o h r n m e ­ r Farm sured anteed tional sured anteed tional 1941.................................... 4,906 3,292 1,048 566 4,812 3,884 900 28 1945................................... 4,772 3,395 '856 521 4'208 3,387 797 24 1957.................................... 23,337 17,147 4,823 3,589 8,735 4,823 1 ,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958.................................... 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,360 7,073 2,275 53 1959.................................... 28'145 20^320 6,122 3'161 11'037 6,237 1 ,588 24,992 22,486 6,276 8,589 7,622 2,451 55 1960................................... 28,806 20,362 5'851 2^859 11,652 6,796 I '648 26,935 24,306 7,074 8,986 8; 246 2,575 54 1961.................................... 30,442 21,225 5,975 2,627 12,623 7,470 1 ,747 29,145 26,341 8,045 9,267 9,029 2,753 51 1962............................... 34.476 23^482 6'520 2'654 14^308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963.................................... 39,414 26,476 7,105 2; 862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1964.................................... 43,976 28,933 7,315 2,'742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13'079 4,016 53 1963—111.......................... 38,360 25,855 7,007 2,870 15,978 10,203 2,302 35,191 31,775 10,328 10,335 11,112 3,365 51 IV.......................... 39'414 26,476 7’105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1964—1............................. 40,200 26,894 7,110 2,824 16,960 10,894 2,412 37,155 33,506 11,004 10,639 11,863 3,597 52 Il........................... 41 '648 27’750 7,158 2,793 17,799 11,340 2,558 38'199 34,407 11,376 10,826 12,205 3,739 53 HI.......................... 42,948 28,432 7'250 2J86 18,396 11,896 2,620 39,381 35,449 11,826 10,977 12,646 3,879 53 IV.......................... 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965—1............................. 44,799 29,388 7,329 2,722 19,337 12,723 2,688 41,521 37,357 12,664 11,228 13,465 4,112 52 II........................... 46,548 30,383 7,469 2'712 20,202 13,371 2,794 42,467 38,214 13,036 11,322 13,856 4,202 51 HIP 48,148 43,608 i 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. inter­ polations 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

88 REAL ESTATE CREDIT JANUARY 1966 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total VA- Farm 1 Total VA- Farm Total in F s H ur A e - d a g n u te a e r­ d Other 1 Total in F s H ur A e - d a g n u te a e r­ d Other 1945...................................................... 976 6,637 5 860 1 394 4 466 766 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 2^611 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 >i 1 ’502 10,176 6*395 26 931 3,400 1963...................................................... 9,172 8'306 1 ’,598 678 6,030 866 50,544 46,752 1 O’756 6’401 29 595 3,792 1964...................................................... 10,432 9,385 1,811 674 6,900 1,047 55’152 50,848 11,484 6 403 32,961 4,304 1964—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 1 12 55 J97 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 1 34 40 598 108 56,687 52'213 11 786 6 419 34 008 4 474 May......................................... 749 662 117 37 508 87 56,997 52,482 11,821 6’404 34 257 4^515 June........................................ 939 840 142 41 657 99 57,384 52’806 11,860 6'384 34 562 4.578 July. . ..................................... 834 759 121 40 598 75 57^63 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 35 447 4 688 Oct...................... 932 868 161 44 663 64 58,824 54,103 12,010 6’316 35,777 4,721 Nov.......................................... 959 890 149 41 700 69 59,276 54,525 12,'063 6,307 36,'155 4,751 1 Certain mortgage Ioans 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 FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Advances outstanding (end of period) Period New Home FHA- VA- Con­ Period va A n d ce ­ s R m e e p n a ts y­ M de e p m o b s e its rs Total 1 con­ pur­ Total 2 in­ guar­ ven­ Total Short­ Long­ struc­ chase sured anteed tional term 1 term 2 tion 1945........................... 278 213 195 176 19 46 1945 .............. 1,913 181 1,358 5,376 1956........................... 745 934 1,228 798 430 683 1958 .............. 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1957........................... 1,116 1,079 1 ,265 731 534 653 1959 ............. 15'151 5’201 6’613 53,141 2,995 7,186 42,960 1958........................... 1,364 1 ,331 1:298 685 613 819 1960.............. 14’304 4,678 6,132 60,070 3^24 7 ,’222 49,324 1959........................... 2:067 1 231 2,134 1 192 942 589 I960........................... 1:943 2^97 1.981 1 089 892 938 1961.............. 17,364 5 ,081 7,207 68,834 4,167 7,152 57,515 1962.............. 20'754 5’979 8^24 78,770 4,476 ?:0I0 67,284 1961........................... 2,882 2,220 2,662 1,447 1,216 1,180 1963.............. 24'735 7,039 9 ,’920 90,944 4,696 6 ,'960 79 ,'288 1962........................... 4,111 3^94 3,479 2’005 1,474 1,213 1964.............. 24;505 6’515 10,397 101,314 4,896 89,732 1963.................... 5^01 4,296 4,784 2’863 1,921 1,151 1964........................... 5^65 5 ’025 5,325 2’846 2,479 1 199 1964 1964—Nov....... 379 392 4 784 2 572 2 212 989 Nov............... 1,791 462 770 100,519 4,830 6,690 88 999 Dec............... 791 250 5,325 2’846 2 479 1 199 Dec........ 1,969 522 784 101 ,'314 4:896 6,686 89,732 1965—jan................ 412 793 4,944 2 590 2 354 1 013 1965 Feb............... 309 402 4 851 2*420 2 431 1,013 Mar.............. 348 452 4,747 2:277 2,470 1 048 Jan,,............. 1,527 370 638 101,844 4,906 6,683 90,255 Apr........ 735 264 5^19 2,565 2'653 1 ’026 Feb................ 1,541 379 638 102’351 4,921 6^54 90 776 May............. 350 342 5,227 2,480 2 748 1 017 Mar............... 2,056 544 824 103:151 4,939 6,629 91 ^83 June 602 243 5^86 2 867 2 719 1 172 Apr........ 2^068 558 850 103:975 4^52 6,590 92,433 July.............. 613 406 5,793 3,176 2:617 912 M ay.............. 2'022 526 861 104:816 4^75 6^68 93,273 Aug.............. 355 378 5,770 2,951 2,819 902 June.............. 2'399 614 1,099 105,827 5 ,001 6 ,'560 94 266 Sept....... 310 278 5,802 2 908 2*894 942 July............... 2’186 520 l’063 106,647 5,022 6’,547 95,078 Oct................ 337 312 5 826 2 924 2 902 957 Aug.,........... 2'187 511 1,099 107 ,'490 5,050 6,507 95 933 Nov....... 236 338 5,724 2; 877 2^47 934 Sept.......... 2,079 490 1 ,015 108,234 5,'082 6,480 96,672 Oct................ 1 ’961 487 910 108,903 5; 106 6,462 97,335 Nov.’’........... 1 '827 433 829 109,486 5,'107 6 ,'404 97:975 i Secured or unsecured loans maturing in 1 year or less. 2 Secured loans, amortized quarterly, having maturities of more than 1 year but not more than 10 years. 1 Includes loans for repairs, additions and alterations, refinancing, etc., not shown separately. Note.—Federal Home Loan Bank Board data. 2 Beginning with 1958 includes shares pledged against mortgage loans. Note.—Federal Home Loan Bank Board data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 REAL ESTATE CREDIT 89 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Mortgages P e r r o ty p ­ Mortgages E pe n r d io o d f Total C ve o n n ­ ­ Total h N om ew es h is o E t m i x n e ­ g s e P c r ts o j­ i m pr e i o m n v t ­ e s ­ 1 Total 3 h N om ew es h is o E t m i x n ­ e g s Total s F u i H n re ­ A d - a g n V u te A a e r - - d 1 tional 1945 .................. 18.6 4.3 4.1 .2 14.3 1945, 665 257 217 20 171 192 1957.................. 107.6 47.2 16.5 30.7 60.4 1957. 3,715 880 1,371 595 869 3,761 2,890 863 1958.................. 117.7 50. 1 19.7 30.4 67.6 1958................................... 6,349 1,666 2^885 929 868 1 '865 1'311 549 1959 .................. 130.9 53.8 23.8 30.0 77.0 1959.................................. 7,694 2'563 3,507 628 997 2,787 2'051 730 I960.................. 141.3 56.4 26.7 29.7 84.8 19601.................................. 6,293 2,197 2,403 711 982 1 '985 1,554 428 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................. 197.6 69.2 38.3 30 9 128.3 1964.................................. 8,130 1 ,608 4,965 895 663 2 846 1 023 1 821 1963—J. ..... 169.2 63.0 33.0 30.0 106.2 1964-—Nov.................... 688 135 422 81 50 258 91 167 II........... 173.7 63.8 33.5 30.3 109.9 Dec..................... 683 135 428 67 54 242 88 153 Ill......... 178.2 64.6 34.3 30.4 113.6 IV......... 182.2 65.9 35.0 30 9 116 3 1965-—Jan...................... 630 138 405 34 54 225 84 141 Feb..................... 517 115 328 40 34 200 72 128 1964—1............ 185.4 66.6 35.7 31.0 118.8 M ar................... 640 137 396 62 45 216 77 139 II........... 189.8 67.3 36.3 30.9 122.5 Apr........... 634 128 413 51 42 179 64 115 Ill......... 193.9 68.4 37.4 31.1 125.4 May.................... 625 116 399 57 53 182 57 125 IV......... 197.6 69.2 38.3 30.9 128,3 June.................... 716 127 484 40 66 217 65 152 July................. . 776 140 506 71 58 217 65 152 1965—1".......... 200.5 70.1 39.0 31.0 130.5 Aug.......... 875 163 594 51 67 245 78 167 IP......... 204.8 70.7 39.7 31.0 134.1 Sept.................... 860 159 597 42 62 254 78 177 IIP’... . 209.0 Oct........... 811 161 354 45 52 245 81 163 Nov.................... 824 156 550 61 57 243 79 163 1 Includes outstanding amount of VA vendee accounts held by private investors under repurchase i Monthly figures do not reflect mortgage amendments included in annual totals. agreement. 2 Not ordinarly secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separately; only such Note.—For total debt outstanding, figures are loans in amounts of more than $1,000 need be secured. FHLBB and F.R. estimates. For conventional, figures are derived. Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans Based on data from Federal Home Loan Bank represent gross amount of insurance written; Va-guaranteed loans, gross amounts of Ioans Board, Federal Housing Admin., and Veterans Admin. closed. Figures do not lake 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 MORTGAGE DEBT OUTSTANDING ON INCOME PROPERTIES (In millions of dollars) (In billions of dollars) Mortgage holdings tr M an o s r a tg c a ti g o e n s Com­ Nonfarrn (during mit­ End of period) ments End of period Total Farm period Total F su H in re A ­ d - a g n V u te A a e - r d ­ Pur­ Sales bu d u r i n s s e - ­ d Total in F s H ur A e - d C t o io n n v a e l n­ chases 1945 .................................... 17.0 12.2 12.2 4.8 1956............................ 3,047 978 2,069 609 5 360 1957................................... 48.9 38.5 4.4 34.1 10 4 1957............................... 3,974 1,237 2,737 1,096 3 764 1958.................................... 54.1 43.0 5.1 37.9 11.1 1958............................... 3,901 1,483 2^18 623 482 1,541 1959 .................................... 60.0 47.9 5.4 42.5 12.1 1959............................... 5,531 2,546 2,985 1 ,907 5 '568 1960.............................. 65.5 52.7 5.9 46.8 12.8 1960............................... 6,159 3,356 2,803 1 ,248 357 576 1961.................................... 73.2 59.3 6.4 52.9 13.9 1961............................... 6,093 3 ,490 2,603 815 541 631 1962.................................. 85.1 69.9 7.2 62.7 15.2 1962............................... 5,923 3'571 2,353 740 498 355 1963..................................... 99.0 82.2 7.5 74.7 16.8 1963............................... 4,650 3,017 1,634 290 1,114 191 1964”.................................. 114.0 95.1 7.9 87.2 18.9 1964............................... 4,412 2,996 1,416 424 '251 313 1963—1.............................. 88.0 72.4 7.3 65.1 15.6 1964—Nov................... 4,439 3,011 1,428 40 11 292 II............................. 91.7 75.5 7.4 68.1 16.2 Dec................... 4,412 2,996 1,416 40 31 313 Ill........................... 95.2 78.6 7.5 71.2 16.6 IV. ........................ 99.0 82.2 7.5 74.7 16.8 1965—Jan.................... 4,417 3,009 1,408 40 4 316 Feb................... 4,394 3,005 1,388 48 41 316 1964—1"............................ 101.9 84.6 7.6 77.0 17.3 Mar................... 4’364 2,986 1 '378 45 43 320 IP....................... 105.8 87.7 7.7 80.0 18.1 4,341 2,989 1,352 51 43 321 Ill"......................... 109.7 91.2 7.8 83.5 18.5 M ay. 4,326 2,997 1,329 47 32 327 IV"................ 114.0 95.1 7.9 87.2 18.9 June.................. 4,303 2,992 1,311 44 27 360 July.................. 4,309 3,012 1,297 49 9 376 1965—1"............................ 117.2 97.7 7.9 89.9 19.5 Aug......... 4,332 3,039 1,293 54 418 n»........................... 121.2 101.0 8.0 93.0 20.2 4,372 3,083 1,289 78 443 HIP....................... 125.0 104.3 20.7 Oct.................. 4'436 3,145 1 ’290 96 559 Nov................... 4,559 3,255 1,304 155 ..........6..7..4 Note.—Based on data from same sources as shown for “Mortgage Debt Outstanding’’ table (second preceding page), and for table immedi­ Note.—Federal National Mortgage Assn, data including mortgages ately above. subject to participation poll of Government Mortgage Liquidation Trust, but excluding conventional mortgage loans acquired by FNMA from the RFC Mortgage Co., the Defense Homes Corp., the Public Housing Admin., and Community Facilities Admin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

90 CONSUMER CREDIT JANUARY 1966 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Other Repair Total m A pa o u p b t e o ile r ­ co g p n o a s o p u d e m s r er e a r n l n o d a iz n m a s t o io d 1 n ­ Pe lo r a so n n s al Total p S a lo i y n a m g n l e s e n ­ t a C cc h o a u rg n e ts S c e re rv d ic it 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 11322 3,'087 845 11645 597 1945.............................................. 5,665 2,462 455 '816 182 11009 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 21800 1959............................................... 51,'542 39,245 161420 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 31691 1962.............................................. 631164 48,034 19'540 12,605 3,246 12,643 151130 5,456 51684 3,990 1963...................................... 69,890 53,745 22,199 13,766 3,389 141391 16J45 5,959 5,871 4,315 1964............................................... 76,810 59,397 241521 151303 3'502 161071 17,413 6,473 6,300 4', 640 1964—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 61473 6,300 41640 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 16J90 16.378 6,442 5,154 4,782 Mar.................................. 76 ,'085 59,788 25,063 14344 31440 16’,34l 16,297 6,518 4,977 41802 Apr, 77,483 601803 251615 15'056 3'439 16'.693 161680 61606 5.210 41864 May.................................. 78,687 61,739 26,109 15 329 31484 16J917 16,948 61686 5,453 4,809 June................................. 79'887 62,790 26’685 15,'422 31524 17,159 171097 6,776 51528 41793 July.................................. 80,686 63,609 27.171 15,573 31553 171312 17,077 61781 5',534 4,762 AUg. a ............................... 81,454 64,'393 27.493 15,738 31597 171565 17,061 6,825 51498 41738 Sept................................... 81,924 64,846 27,555 15,954 3,613 17,724 171078 6,856 51496 41726 Oct.................................... 82,569 65,368 27',766 16,214 3',625 17’,763 17,201 6,871 5,645 41685 Nov................................... 83,390 66,012 27,976 16,515 3,638 17;883 17,378 6,903 5,740 4,735 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 coyer loans to individuals for house­ data, see “Consumer Credit," Section 16 (New) of Supplement to Bank­ hold, family, and other personal expenditures, except real estate mortgage ing and Monetary Statistics, 1965. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m C b e a o r n c m k i s a ­ l fi S n C a a O l n e S c . s e u C n r i e o d n i s t fin s C a u n o m c n e e ­ r 1 Other 1 Total D st m e or p e e a n s r t t 2 ­ F s t t u o u r r r e n e s i ­ A s a t p o n r p c e e l s i ­ d m e A a o u le b to r i s le ­ 3 Other 1939.................................. 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941.................................. 6,085 41480 1 ',726 11797 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.................................. 331642 28,659 12,780 81844 2,668 3,085 11282 41983 11882 1,128 292 506 11175 1959.................................. 39,245 33,'570 15,227 10,319 3,280 3,337 1,407 51676 21292 11225 310 481 1,368 I960.................................. 42,832 37,218 16,672 11,472 3,923 3,670 1,481 5,615 2,414 1 107 333 359 1,402 1961.................................. 43,527 37,935 171008 11,273 41330 3,799 1,525 51595 21421 1,058 293 342 1,481 1962.................................. 48,034 41,782 191005 12,194 4,902 4,131 11550 6,252 31013 1,073 294 345 1,527 1963.................................. 53,745 46,992 21,610 13,523 5,622 4,590 11647 6,753 31427 11086 287 328 11625 1964................................. 59,397 51,990 23,943 14,762 6,458 5,078 1,749 71407 3'922 1 152 286 370 1 677 1964—Nov...................... 58,085 51,341 23,680 14,622 6,378 4,919 1,742 6,744 3,541 1,088 279 367 1,469 Dec,..................... 59,397 51,990 231943 14,762 6,458 5,078 1,749 7,407 31922 1,152 286 370 1,677 1965—Jan........................ 59,342 52,159 24,091 14,797 6,429 5,078 1,764 7,183 3,791 1,128 285 373 1,606 Feb....................... 59,363 52,352 241246 141782 61465 5,101 1,758 7,011 3,713 11101 282 377 1 538 Mar...................... 591788 52,837 241537 14,831 61569 5,132 11768 6,951 3’673 1,085 277 384 1,532 Apt.. . 60,803 531828 25,117 14,991 6,739 5,202 l’,779 6,975 31701 11077 275 395 1,527 .....6..1..1..7..3...9..... 54,694 25,602 15,158 6,871 5,243 11820 7',045 31745 11076 277 405 1,542 June..................... 62,790 55,666 26,154 15,372 7,032 51287 11821 7,124 3.785 1 084 281 417 1’557 July...................... 63,609 56,442 26,610 151565 71124 51334 11809 7J67 3,811 1,090 284 425 11557 Aug........... '64,393 571181 261992 151721 7,235 5,387 1,846 7,212 31847 11103 287 431 11544 Sept.................... 641846 57,570 27,210 15',802 7,310 5,410 1,838 7,276 3,910 11117 289 433 1,527 Oct....................... 65,368 57,962 27,475 151876 71363 51422 11826 7 ,'406 31979 11138 293 438 11558 Nov............... 661012 58,411 271699 15,963 7,436 5,465 M48 71601 4,101 1,167 297 443 1,593 1 Consumer finance cos. included with “other" financial institutions 3 Automobile paper only; other instalment credits 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 CONSUMER CREDIT 91 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) End of period Total P A u u r t ­ p o a m pe o D r b ir il e e c t s g O p c u o a o t m o h p m d e e e - s r r r e R m r t a e n io o n p iz n d d a a ­ i ­ r s lo P o a e n n r a ­ s l End of period Total m A pa o u p b t e o il r e ­ s O g p c u o a t o m o h p n d e e e ­ s r r r m R iz lo o a a e a d n t p n i e d o a s r n i n r ­ s lo P o a e n n r a ­ s l 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 L715 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 I960............................. 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 3^51 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 2^61 4'877 1964...................................... 14'762 8,701 3,889 142 2 030 1964............................. 23'943 8,300 4,451 3,380 2>27 5,385 1964—Nov........................ 14,622 8,698 3,804 144 1 976 1964—Nov................. 23,680 8,242 4,393 3,281 2,438 5,326 Dec.......................... 14'762 8,701 3'889 142 2,030 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.......................... 14382 8,693 3,887 139 2*063 Feb.................. 24,246 8'405 4,568 3^57 2378 5,438 Mar......................... 14'831 8'723 3,897 137 2 074 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 2391 5'740 June........................ 15'372 9,055 4’023 133 2,161 June............... 26,'154 9,'2O1 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 2373 5'981 Sept......................... 15,802 9J96 4'204 129 2,273 Sept................ 27,210 9'638 5^243 3,787 2,488 6,054 Oct............. 15,876 9,201 4,269 128 2,278 Oct......... 27'475 9,768 5'294 3,847 2,499 6'067 Nov......................... 15363 9310 4,332 126 2,295 Nov................ 27;699 9; 865 5^64 3,890 2302 6',078 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) Single­ Other Repair payment Charge accounts Auto­ con­ and Per­ loans End of period Total mobile sumer modern­ sonal 1 1 9 9 3 4 9 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 9 8 5 9 7 pap 1 e 8 2 r 1 2 g p o a o p d e 2 3 s r 6 4 iz lo a a ti n o 1 1 s n 5 4 loa 6 7 n 6 8 s 9 5 End of period Total C b m c a o i e n a m k r l ­ s ­ t O f u i i n c n t t i i s h o a a t e n n l i ­ r s ­ s m t p D o a r e e e r n 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 ic it e 1945..................................... 731 54 20 14 643 1957. 6,748 1,114 588 490 4,555 1939................ 2,719 625 162 236 1,178 518 195R. 7,035 1,152 565 595 4'723 1941................ 3,087 693 152 275 1'370 597 1959...................................... 8,024 1 300 681 698 5,244 1945................ 3,203 674 72 290 1,322 845 1960...................................... 9,074 1,665 771 800 5,837 1957................ 11,103 2,937 427 876 3,953 317 2,593 1961...................................... 9,654 1,819 743 832 6'257 1958................ 11'487 3,156 471 907 3,808 345 2'800 1962.............................. 10,583 2,111 751 815 6'906 1959................ 12'297 3,582 547 958 3'753 393 3 064 1963...................................... 11,859 2'394 835 870 7,760 1964...................................... 13,285 2'699 997 933 8,656 1960................ 13,196 3,884 623 941 3,952 436 3,360 1961................ 14,151 4,413 723 948 3'907 469 3,691 13,039 2,667 969 934 8,469 1962................ 15,130 4,690 766 927 4^252 505 3'990 Dec.......................... 13'285 2 399 997 933 8,656 1963................ 16,145 5,047 912 895 4,456 520 4,315 1964................ 17,413 5^469 1,004 909 4'756 635 4,640 1965-—Jan.......................... 13,271 2,689 996 933 8,653 Feb.......................... 13'324 2,700 1,006 929 8,689 1964—Nov... 16,286 5,377 1,035 703 4,065, 626 4,480 Mar......................... 13’469 2,744 C019 935 8,771 Dec... 17,413 5,469 1,004 909 4,756 635 4,640 Apr.......................... 13'720 2,813 1,042 939 8,926 May........................ 13'934 2,868 1'058 959 9,049 1965 Tan . 16,803 5 409 1 003 793 4 280 651 4 667 June........................ 14,140 2,934 1^076 971 9,159 Feb... 16,378 5,436 i;oo6 660 3^57 637 4^782 July......................... 14,267 2,970 1,092 974 9,231 Mar... 16,297 5,495 1,023 601 3,743 633 4,802 Aug............ 14368 3'015 1,106 993 9,354 Apr... 16,680 5,572 1 ,034 626 3,942 642 4,864 Sept......................... 14,558 3'045 1,120 996 9,397 May.. 16,948 5,628 1,058 647 4,142 664 4,809 Oct............. 14'611 3,065 1,130 998 9,418 June.. 17,097 5,707 1,069 627 4,218 683 4,793 Nov......................... 14,749 3 394 1,135 1,010 9;sid July... 17,077 5,718 1,063 591 4,217 726 4,762 Aug... 17,061 5,747 1,078 595 4,149 754 4,738 Sept... 17,078 5,776 1,080 647 4,078 771 4,726 Note.— Institutions represented are consumer finance cos., credit Oct.... 17,201 5,793 1,078 682 4,221 742 4,685 unions, industrial loan cos., mutual savings banks, savings and loan Nov... 17,378 5,810 1 ,093 725 4,291 724 4,735 assns., and other lending institutions holding consumer instalment loans. See also Note to first table on previous page. 1 Includes mail-order houses. 2 Service station and misc. credit-card accounts and home-heating oil accounts. See also Note to first table on previous page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

92 CONSUMER CREDIT JANUARY 1966 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 su pe m r er mode R r e n p iz a a ir t io a n n d l oans Personal loans Period S.A.l N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.l N.S.A. S.A.1 N.S.A. Extensions 1957............................................... 42,016 16,465 11,807 1,674 12 069 1958............................................... 40J19 14’226 11,747 1,871 12,275 1959............................................... 48’052 17'779 13’982 2,222 14 070 1960............................................... 49'560 17^654 14,470 2^213 15,223 1961............................................... 48,396 16,007 14 578 2 068 15 744 1962............................................... 55’126 19,796 15,685 2,051 17 594 1963............................................... 60,822 22^013 17,007 2,178 19,624 1964............................................... 66i070 23,565 19,162 2,182 21,161 1964—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 1’760 1’338 175 132 1,859 1,622 Mar................................... 6,030 6,173 2; 229 2,'382 1'698 1 ,619 186 176 1,917 1,996 Apr.................................... 6,189 6,480 2,272 2'496 1'645 1,614 189 190 2,083 2,180 6'105 6'189 2'215 2'384 1 1728 1,682 190 214 1,972 1,909 June.................................. 6,139 6’780 2,250 2^608 1,717 1 J 804 199 225 1 1973 2’143 July................................. 6,278 6,429 2,’301 2'465 1J 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 1'834 1,828 172 187 2,001 1,938 6'306 6'144 2,266 2^263 1,883 1,874 177 182 1,980 1,825 Nov.................................. 6^405 6,501 2; 408 2,352 M52 1 1979 182 187 1,963 1,983 Repayments 1957............................................... 39,868 15,545 11,569 1,477 11,276 1958............................................... 40'344 151415 11 563 11626 11,741 1959............................................... 42,603 151579 12,402 1,765 12,857 I960............................................... 451972 16,384 131574 11883 14J30 1961............................................... 47,700 16,472 14,246 2,015 14,967 1962.............................................. 50,620 17,478 14,939 11996 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—Nov................................... 5,155 5,064 1,818 1,783 1,509 1,463 174 168 1,654 1,650 Dec................................... 5,256 5,455 1,864 1,838 1,505 11532 177 175 11710 11910 1965—Jan.................................... 5,213 5,078 1,830 1,783 1,526 1,539 171 163 1,686 1,593 Feb.................................... 5,381 4,986 11897 1,746 1,632 j 1558 172 159 1,680 11523 Mar................................... 5,393 5,748 1,924 21062 1,567 1,659 171 182 1,731 11845 5,445 5,465 11936 1,944 11487 11502 190 191 1,832 11828 May................................. 5,435 5,253 11940 11890 11564 1,509 172 169 1,759 1,685 June.................................. 5,537 5,729 11960 21032 1,587 11611 179 185 1,811 1,901 July................................... 5,612 5,610 11972 1,979 1,612 1,604 169 171 1,859 1,856 Aug................................... 5,679 5,610 2,030 21021 1,658 11604 180 180 11811 1,805 Sept................................... 5,648 5,539 1 ,996 11977 1,629 11612 168 171 1,855 11779 Oct,........................... 51717 5,622 21028 21052 11648 11614 170 170 11871 1,786 Nov................................... 5,748 5,857 2,112 2,142 1,666 1,678 173 174 11797 1,863 Net change in credit outstanding 2 1957............................................... 2,148 920 238 197 793 1958............................................... -225 -1,189 184 245 534 1959............................................... 5,601 2,268 1,602 463 1 269 I960............................................... 3,588 1,270 896 330 1 093 1961............................................... 696 -465 332 53 777 1962............................................... 4,506 2,318 746 55 1,388 1963............................................... 5,711 2,659 1,161 143 1 748 1964............................................... 5,652 21322 1,537 113 1 680 1964—Nov................................... 301 259 40 -56 122 209 1 7 138 99 Dec................................... 560 1,312 179 154 214 872 3 -14 164 300 1965—Jan.................................... 670 -55 290 53 203 -99 10 — 29 167 20 Feb.................................... 641 21 331 169 128 -220 3 -27 179 99 Mar................................... 637 425 305 320 131 -40 15 -6 186 151 Apr................................... 744 1,015 336 552 158 112 -1 -1 251 352 May.................................. 670 936 275 494 164 173 18 45 213 224 June.................................. 602 1,051 290 576 130 193 20 40 162 242 July................................... 666 819 329 486 180 151 io 29 147 153 609 784 283 322 136 165 14 44 176 253 Sept................................... 683 453 328 62 205 216 4 16 146 159 Oct................. 589 522 238 211 235 260 7 12 109 39 Nov................................... 657 644 296 210 186 301 9 13 166 120 * 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 (Nw) of Supplement to Banking and Monetary Statistics, 1965. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 CONSUMER CREDIT 93 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 in h s e t r i t f u in ti a o n n c s ial Retail outlets Period S.A.l N.S.A. S.A.l N.S.A. S.A.l N.S.A. S.A.l N.S.A. S.A.l 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 I960............................................... 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—-Nov..................... 5,456 5,323 2,036 1,873 1,114 1,070 1 370 1,365 936 1 015 Dec.................................. 5,816 6'767 2’, 186 2J76 1,191 I 317 1 443 1 704 996 1 *570 1965—Jan................. 5,883 5,023 2,224 2,020 1,175 1,027 1,459 1 219 1 025 757 Feb................................... 6,022 5,007 2'262 1 '974 1,281 1 ,060 1,427 1,217 1 *052 756 Mar.................................. 6,030 6,173 2,286 2,414 1,276 1,292 1 ’487 1'551 981 916 Apr................... 6,189 6,480 2,362 2,591 1,243 1,284 1,607 1,653 977 952 May................ 6,105 6'189 2’343 2'459 1'242 1,239 1 494 1 '487 1 026 1 004 June................................. 6,139 6,780 2,’370 2,’687 1,237 1 393 1,504 1 ,654 1 *028 1 046 July.................................. 6,278 6,429 2,411 2,540 1,253 1 318 1 538 I 557 1,076 1 014 Aug................................... 6,288 6'394 2’(478 2^509 1,256 1,293 1,514 1,576 1,040 1 ,’oi6 Sept.................................. 6,331 5,992 2,464 2'293 1,311 1,228 1,514 1 ’440 1 042 1 031 Oct................................... 6,306 6’144 2'462 2^385 1,214 1,223 1,508 1 '404 1,122 1 * 132 Nov.................................. 6'405 6,501 2,'534 2,410 L267 1,293 1312 1,574 1,092 1,224 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 I960............................................... 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—Nov.................................. 5,155 5,064 1,916 1,856 1,103 1,073 1 ,255 1,258 881 877 Dec.................................. 5,256 5^55 1 ^944 1,913 1,129 1,177 1 ,303 1,458 880 907 1965—Jan............................... 5,213 5,078 1,921 1,872 1,059 992 1,299 1 ,233 934 981 Feb.................................... 5,381 4,986 1 '956 1 ,819 1,157 1,075 1 ’286 1’164 982 928 Mar................... 5,393 5’748 1,972 2,123 1,136 1 243 1,328 1,406 957 976 Apr................................... 5’445 5'465 2,002 2'011 1,108 1,124 1 ,’396 1,402 939 928 May.................... 5^435 5,253 2,020 1 '974 1,113 1,072 1,329 1’273 973 934 June..................... 5,537 5'729 2'048 2, 135 1,137 1,179 1,377 1,448 975 967 July................................... 5,612 5'610 2'070 2^084 1,152 1,125 1,421 1 ,430 969 971 Aug.................................. 5,679 5,610 2J37 2,127 I J 60 1,137 1’384 1'375 998 971 Sept.................................. 5'648 5'539 2,083 2,075 1,180 1,147 1,410 I '350 975 967 Oct................................... 5'717 5,622 2'165 2,120 1 J30 1,149 1 '422 1,351 1,000 1,002 Nov................................... 5^748 5,857 2,181 2,186 1.194 1,206 1'377 L436 '996 1 '029 Net change in credit outstanding2 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—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.................................. '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 Oct............................. 589 522 297 265 84 74 86 53 122 130 Nov................................... 657 644 353 224 73 87 135 138 96 195 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

94 INDUSTRIAL PRODUCTION: S.A. JANUARY 1966 MARKET GROUPING (1957-59=100) 1957-59 1964 1965 pro­ 1964 Grouping por­ aver­ tion age Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.* Oct.*- Nov. Total index........................................... 100,00 132.3 135,4 138.1 138.6 139.2 140,7 140,9 141.6 142.7 144.2 144.5 143.5 144,8 146.3 Final products, total............................... 47.35 131.8 135.2 138.1 138.4 138.5 140.1 139.4 140.2 140.7 141.7 142.3 143.3 145.3 147.3 Consumer goods................................ 32.31 131.7 134.5 138,0 138.4 138.0 140.0 138,5 138.6 138.7 139.3 139.5 140.7 141.3 143.0 Equipment, including defense.... 15.04 132,0 136.7 138.4 138,2 139.4 140,4 141.2 143.7 144.9 147.0 148.4 149,0 153,9 156.5 Materials...................................... 52.65 132,8 135,9 138,0 138,8 139.7 141,7 142.6 142.6 144.5 146.4 146.1 143.7 144,3 145.8 Consumer goods Automotive products............................... 3.21 145.1 143.0 166.2 165.7 163.8 173.1 166.9 168.1 168.1 167.8 169.8 166.5 168.4 169,2 Autos........................................................... 1.82 150,6 145,1 183.0 182.8 178.9 194.2 183.5 184.9 187.1 184.6 184.3 178.1 181.1 182.5 Auto parts and allied products.......... 1.39 138,0 140.2 144.0 143,1 143.9 145,2 145.1 146.0 143.0 145.8 150.7 151.2 151,7 151.6 Home goods and apparel....................... J 0.00 131.9 137.0 139. 1 140.8 141.4 142.4 141.1 141.4 141.5 140.9 140.1 142.7 144.7 147.0 Home goods............................................. 4.59 141.1 147.7 150.5 151.7 152,7 154.0 152.1 151.8 151.3 151.2 149.8 153.0 156.0 159.2 Appliances, TV, and radios............ 1,81 137,1 145.6 149,4 147.2 148.7 150.8 149.0 147.6 148.8 146.5 145.2 149,1 151,7 153.8 Appliances............................. 1.33 141,1 148.9 150.9 148.5 150,8 152.3 151.7 149.7 152.1 148.4 146.4 151.0 153.5 154.6 TV and home radios.................... .47 125.7 136.1 145.3 143,6 142.9 146,8 141.3 141 .6 139.2 141.3 141.9 143.6 146.6 151.5 Furniture and rugs............................ 1.26 142,4 148.3 149.7 150.6 152.6 152.7 152.0 154,4 153,5 154,0 152.3 152.6 154.9 159.3 Miscellaneous home goods............. 1.52 144,7 149.7 152.3 157.9 157.5 158.9 155.8 154.7 152.6 154.4 153,3 158.4 162.1 165.6 Apparel, knit goods, and shoes......... 5.41 124,2 128.0 129,4 131.6 131.8 132.5 131.8 132.5 133.2 132.2 131.9 134,0 135,1 Consumer staples..................................... 19.10 129.3 131.8 132.7 132.6 131.9 133.2 132.4 132.2 132.7 134.1 134.1 135.3 135.4 136.5 Processed foods...................................... 8.43 119.9 122.0 122.5 122.3 121.3 122.1 122.1 121,1 120.7 122.4 121.6 121.6 122.2 123.0 Beverages and tobacco. ....................... 2.43 123,2 126.0 127.5 128.3 126.1 128.1 121.5 124,8 126.2 123.9 123.6 127.5 126.0 Drugs, soap, and toiletries.................. 2.97 146,9 149.7 151.8 154.2 152.8 154.2 152.6 151 .9 152.9 157.0 160.1 161.3 159.2 161.5 Newspapers,’ magazines, and books. 1.47 123,7 122.8 124.3 125.8 125.3 128.6 126.9 126,6 125.6 128.0 128.0 126.1 126.3 127.5 Consumer fuel and lighting............... 3.67 142,3 147.0 146.9 143.9 145.4 146.5 148,8 148.2 150.6 151.2 150.6 154.2 156,0 Fuel oil and gasoline........................ 1.20 119.6 119.9 120. 1 118.0 119.9 118.6 122.4 119.9 122.8 123.1 123.1 122.6 124.8 125.6 Residential utilities............................ 2.46 153,4 160.2 159.9 156.5 157.8 160.0 161.7 162,0 164.1 164.9 164.0 169.7 171.1 Electricity......................................... 1.72 159.6 166.6 165.9 163.7 164.3 167.0 169.1 169.3 172.2 172.6 171.3 181.0 182.9 Gas...................................................... .74 Equipment - Business equipment................ 11.63 139. 1 146.1 148.5 147. 7 149.2 150.1 150.9 153.5 154.6 156.4 157.8 159.0 163.8 166.7 Industrial equipment................... 6.85 137,0 144.5 145,9 144.8 147. 1 148,3 148.4 150.6 151 .9 155.1 153.8 155.3 159.4 162.1 Commercial equipment......................... 2.42 145.3 151 .0 152.4 152,5 156.2 159.1 161.3 162.3 164.1 165.2 165.2 166.4 169.7 173.0 Freight and passenger equipment... 1.76 141.0 149,1 155.2 154.0 150.7 148.2 150.8 157.1 157.8 155,0 163.6 164.2 178.7 178,1 Farm equipment..................................... .61 133.1 135.1 142.1 142.5 141.3 140,4 138,3 141.7 143.7 145,3 157.1 155,4 153.4 Defense equipment................ 3.41 Materials Durable goods materials........................ 26.73 131.2 134.9 136.8 138.0 139.0 142.6 142.9 143.4 146.1 148.4 147.3 142.8 142.1 143.8 Consumer durable.................................. 3.43 145.8 147.4 156.1 159.6 164.9 166.3 163.4 162,3 169.9 171.8 167.9 165.4 167.0 168.9 Equipment................................................ 7,84 134.4 139.2 141.5 142.6 143.8 146.9 147.5 148.7 I 50.0 153.3 154.7 154.2 158.4 160.3 Construction............................................. 9.17 124,5 126.8 127.5 128.3 130.8 133.5 130,5 131,4 131.3 132.7 134.6 134,5 135.3 137.0 Metal materials n.e.c.............................. 6.29 129.2 135.1 139.1 141 .9 140,5 142.5 141.8 139.7 142,3 146,3 142.4 130.6 125.7 125.7 Nondurable materials............................. 25.92 134.3 137.0 139.2 139.5 140.5 140.6 142.4 141.8 143.4 145.0 144.8 144.5 147.2 147.9 Business supplies.................................... 9.11 127.4 129.0 132,7 133.2 135.6 134.2 135.1 134.1 134.8 137.6 135.1 135.9 136.8 139.5 Containers.......................................... 3.03 127.9 132.3 135.3 136,3 138.0 129.7 137.3 132.0 132.0 136.1 132.1 134,4 136.6 141.4 General business supplies................ 6.07 127.1 127.3 131 .4 131,6 134.4 136,5 134.0 135.2 136.2 138.3 136,6 136.7 136.9 138.6 Nondurable materials n.e.c.................. 7.40 157.7 163.3 165,2 167.0 167,5 167,6 170,8 168.8 171.1 174.7 176.6 178,3 182.1 181.3 Business fuel and power...................... 9.41 122.6 124,0 125.1 124.1 123.9 125.7 127.2 127,9 129.9 128.9 129.2 126.3 129.8 129.7 Mineral fuels........................................ 6.07 112.2 113.0 113.3 112.1 111.1 112.3 114.3 115.1 116,9 117,0 117.2 112.1 118.0 117.8 Nonresidential utilities.......... 2.86 149.6 151.2 154.6 153,8 155.6 158.5 159.6 160.1 162.4 158.8 160.1 161.5 160.9 Electricity......................................... 2.32 149.6 150.5 154,6 154.7 156.1 159.1 160.2 160.7 163,4 160.8 162.3 163,5 162,7 General industrial..................... 1.03 142.8 147,4 149.7 148.7 150.9 154,9 155.8 156.0 159.8 159.3 161.3 160,7 158.4 Commercial and other............. 1.21 159,7 158.1 164.2 165.3 166,0 168.3 169,8 170.5 172.4 167.9 169,2 171,9 172,3 Gas.................................... .54 Supplementary groups of consumer goods Automotive and home goods....... 7.80 142,8 145.7 156.9 157.4 157.3 161.9 158,2 158.5 158.2 158,1 158.1 1 58,5 161.1 163.3 Apparel and staples............................... 24.51 128.1 131.0 132.0 132.4 131.9 133.0 132.3 132.2 132.8 133.7 133.6 135.0 135.4 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 INDUSTRIAL PRODUCTION: S.A. 95 INDUSTRY GROUPINGS (1957-59=100) Grouping 19 p p 5 r o 7 o r - ­ ­ 59 a 1 v 9 e 6 r 4 ­ 1964 1965 tion age Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.r Oct.r Nov. Total index .......................................... 100.00 132.3 135.4 138.1 138 6 139.2 140.7 140 9 141 6 142 7 144 2 144 5 143 5 144 8 146 3 Manufacturing^ total.............................. 86.45 133.1 136.4 139.4 140.2 140.8 142.3 142.4 141 I 144 I 145 7 146 0 145.2 146 3 147.9 Durable................................................. 48.07 133 5 137.0 140 9 142 0 142.7 144 8 145 5 146 4 148 1 150 0 150 5 148 2 149 7 151 3 Nondurable.......................................... 38.38 1 32.6 135.6 137.6 137 9 138 4 139 1 1 38'5 1 38 8 i 39 0 140 4 140 4 141*3 142*0 143*6 Mining....................................................... 8.23 111 3 112 8 112.5 111 8 111 8 112 5 113 0 114 0 115 3 116 0 i 17 6 1123 115 9 116 5 Utilities...................................................... 5.32 151 3 155.4 157 I 154 9 156. 1 158.5 159 9 1603 162*5 1613 1619 1653 165 7 166.5 Durable manufactures Primary and fabricated metais............ 12.32 130.7 136 4 139.1 140.0 140. 4 142 5 144 0 147 7 144 5 148 4 146 9 138.1 134 7 135 5 Primary metals........................................ 6.95 129 1 136 1 138.6 1 39 6 136.9 140 4 141 4 140 2 143 0 148 7 146 5 131 2 123 3 121 I Iron and steel..................................... 5.45 126 5 135 2 136 4 1 37 1 137 0 139 5 1412 1 39 7 143*3 1 52 1 143 3 125 0 115 9 113 0 Nonferrous metals and products.. 1.50 138.3 140.6 150,9 1483 149.0 1513 153.6 1533 146/1 1383 149*0 1523 152.4 1573 Fabricated metal products.................. 5.37 132 7 136 9 139 7 140 6 145 0 145 2 147 4 146 0 146 4 148 0 147 5 147 0 149 5 154.2 Structural metal parts....................... 2 86 130 3 135 8 137 2 1370 140 9 144 1 144 3 142 7 144 3 145 5 1 45 0 144 7 148? 153 0 Machinery and related products......... 27.98 136.4 139.2 144.6 145 4 145.9 148.5 149.3 151 2 153 4 154 8 155 8 155 8 159 3 161.3 Machinery................................... 14.80 141 4 147 1 150 I 150 7 152 5 153 9 155 4 156 9 159 0 160 6 161 4 162 3 165 6 167 3 Nonelectrical machinery.................. 8.43 142 1 148 1 150 7 1513 152.7 153 8 155 3 157 0 159 4 1617 162*4 162 4 165 7 166 8 Electrical machinery.......................... 6.37 140 6 147 2 149.2 150 0 152 3 154 1 155.8 1 56 8 158*4 1 593 160 1 162 1 165 5 168 0 Transportation equipment.................. 10.19 130 7 129 2 140 3 141 4 139.7 144 4 144 6 147 3 149 5 149 8 151 5 1 49 4 153 6 156 0 Motor vehicles and parts................ 4.68 150 I 143 9 167 4 169 1 167.7 176 4 173 2 175*5 178" 6 177 4 177 5 1 75*2 1 77 1 177'6 Aircraft and other equipment... . 5.26 1123 1143 1 15.0 1153 114.1 1153 118,6 121 3 1233 124*1 1273 1253 1313 1353 Instruments and related products... 1.71 136.4 140.2 142,0 142.7 1453 146,9 145,5 147,0 149.8 152.1 1523 155.7 158,0 159,2 Ordnance and accessories.................... 1.28 Clay, glass, and lumber......................... 4.72 121 1 120 9 Pl 1 124 9 P5.9 126 0 124.1 125 5 124 7 126 3 127 5 P7 3 P8 5 129 1 Clay, glass, and stone products......... 2.99 1263 1273 130.2 132,4 131.8 1293 129.9 1303 1313 1323 1333 1333 1343 1353 Lumber and products.......................... 1 .73 112 6 109 2 105 5 1119 115.6 120 5 1143 117 1 112 8 115 4 117 2 116 2 118 3 118.2 Furniture and miscellaneous.................. 3.05 138 4 143. 4 145.4 145 2 147.6 148.4 149.5 150 I 150 1 149 7 151 5 157 0 155 I 158.0 Furniture and fixtures......................... 1.54 143 4 149 3 151 5 150 6 154 3 154 3 155 6 156*5 156 8 1 55 8 156 3 156*8 1 59 7 162.7 Miscellaneous manufactures............... 1 51 133 4 137.4 139,1 1393 140.8 142,4 143,2 U33 1433 143*5 146 6 147 J 1503 153.3 Nondurable manufactures Textiles, apparel, and leather.............. 7.60 125.2 130.2 131.5 133.3 133.8 133.7 133.9 115 0 134 5 134 7 134 I 135.5 137.0 138.8 Textile mill products............................. 2.90 122 9 128.7 130 3 131 7 132.0 131 5 132.2 1316 132 2 1 33 8 134 8 1 35 7 136 9 138 8 Apparel products.................................... 3.59 134 1 139.1 140 6 142 2 143 7 144 0 144 3 145 3 145 4 143 8 141 9 143 8 145*7 Leather and products........................... 1.11 102 6 105 4 105 6 108 7 106.6 106 I 105 0 110 9 105 1 107 7 107 0 108 2 109 3 Paper and printing.................................. 8.17 M7.5 128.2 132.1 IP 0 131.8 132 9 133.2 114 7 /14 0 115 9 136 4 135 4 135 8 137.9 Paper and products.......................... 3.43 1 33.4 133.8 140 2 139 1 137 5 1393 140.0 140 9 139 4 1 42 1 1411 143 9 142 2 144 7 Printing and publishing....................... 4.74 123.3 124.2 126.2 126 8 127.7 128.5 1283 129 3 130 0 1313 I 33 0 129 3 1 31 J 133.1 Newspapers.......................................... 1 53 117 0 117.0 122 6 1214 120 9 121 0 120.7 1 21 5 124 7 1 26 ? 129 7 120 1 125 1 127 2 Chemicals, petroleum, and rubber.... 11.54 152.5 156.2 158.5 158.2 160.4 162.0 160.8 161.2 161.6 164.1 164.9 166.9 167.8 169.3 Chemicals and products....................... 1 58 159 6 163 2 166 4 166 7 167 8 169 5 1693 169 3 169 9 172 8 174 ? 176 6 177 1 178 5 Industrial chemicals......................... 3.84 1783 182,9 187 9 1 86 0 188,2 190 8 191.6 191 7 192 9 194 9 195 7 199 9 200 9 Petroleum products............................... 1.97 12! 0 121 7 120 9 119 0 121 5 122 2 121.5 122 9 1218 1 24 5 P5 8 125 1 124 6 125 0 Rubber and plastics products............. 1 .99 1563 1633 165 7 164 7 171 '. 1 172 6 167.7 168 2 169 1 170 2 168 1 171 2 I 75 5 Foods, beverages, and tobacco............. 11.07 120.8 123.3 123.9 124 ? 123.4 123.7 122.4 PI 5 122 3 P2 9 122 3 123.1 123 0 124.2 Foods and beverages............................. 10.25 120.8 123.5 123.8 124 3 123.4 123 4 122.5 1219 122 3 123 1 122 4 123 2 123 6 125 0 Food manufactures........................... 8.64 120 1 122.6 122,9 123 0 122 6 122,4 122.6 P0 6 1212 P2 6 121 9 1218 122'1 123 6 Beverages............................................... 1.61 124 4 128 5 128.6 131 4 127 4 128.6 121.8 129 0 128 5 125 9 125 0 1310 1318 Tobacco products.................................. . 82 1203 121 0 125 4 1223 123,5 127 2 120.9 1163 1218 119 9 1 20 7 1203 1145 Mining Coed, oil, and gas.................................... 6.80 109 8 110.2 110 4 109 4 109.4 110.0 111.3 112 1 113 3 113 7 114 4 109 9 114 6 114.1 Coal............................................................. 1.16 107^ 1 109.6 1 10 J 107 7 103 2 103.1 107.9 113 0 117 1 117 1 115*2 106 3 116 8 115.7 Crude oil and natural gas.................. 5 64 110 4 110 4 110 4 109 8 110 6 1114 1 P.O 1119 112 5 113 0 1 14 2 110 6 114 2 113 8 Oil and gas extraction...................... 431 1134 i i 3 3 114 0 113 2 113 3 i 143 115 8 115 6 116 9 117 0 117 6 113 4 118 3 118 3 Crude oil........................................... 4.25 109 9 110.2 1 10 9 109 8 108 6 110 5 1114 1113 112'’ 112 1 113 4 108 5 1143 114*5 Gas and gas liquids...................... .66 136 J 136.5 1 333 1 346 141 3 140,2 1443 143 1 1463 147 9 1443 144 3 Oil and gas drilling........................... .73 90 1 87 3 86 4 86 9 94 7 90.2 86 0 R7 4 82 9 86 0 91 2 91 3 86 4 83 5 Metal, stone, and earth minerals........ 1.43 118.1 125.1 122.7 123.3 123,1 124.3 121.4 P2 9 124.9 126.9 129 6 P5.3 121 7 127,9 Metal mining........................................... .61 117 4 126.6 1213 126 7 123 4 124 6 125.8 121 6 123 7 126 4 130 2 122 4 1 16 5 120 6 Stone and earth minerals..................... .82 118.7 123.9 123.4 120 8 122.9 124,1 1183 123 9 1253 127 3 129 1 127.4 125 5 1333 Utilities Electric....................................................... 4.04 153 9 157 4 159.4 158 5 159 6 162.4 164,0 164 3 167 1 165 8 166 2 170 9 (71 3 Gas.............................................................. 1.28 143 4 149,0 149.6 143.6 145.4 146.0 147,2 1473 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.) arc published in the monthly Business Indexes release. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

96 INDUSTRIAL PRODUCTION: N.S.A. JANUARY 1966 MARKET GROUPINGS (1957-59=100) 1957-59 1964 1965 pro- 1964 Grouping por- avertion age Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.r Oct.r Nov. Total index . . ...................................... 100.00 132.3 136.2 135.5 1 36.7 139.1 141.7 141.6 142.6 145.2 139,3 143.2 145,9 149.9 148.3 Final products, total.............................. 47.35 131.8 135.5 135.1 136.7 138.3 140.9 138.5 139.8 143.2 138,3 141.1 145.7 151.4 148.6 Consumer goods,............... 32.31 131 ,7 1 35.4 133.3 136.0 137.7 140.5 136.9 137.8 141.6 135.2 138,9 143.8 150.1 145.6 Equipment, including defense. . .. 15.04 132.0 135.7 139.1 138.3 139.8 141.6 142.0 144.2 146.8 144.9 145.9 149.7 154.1 155.2 Materials.................................................. 52.65 132.8 136.8 1 35.9 136.7 139.8 142.5 144.3 145,0 147.0 140.3 145.1 146.2 148.6 147,9 Consumer goods Automotive products................. 3.21 145.1 153.4 169.5 175.5 173.9 182.9 176.7 178.8 180.3 158.5 106.8 129,4 185,1 185.0 Autos........................................................ 1.82 150.6 165.4 192.2 201.1 196.8 213 6 200.0 203,4 208.6 171.7 72.8 114.0 206,4 211.7 Auto parts and allied products.......... 1.39 138.0 137.6 139.7 141.7 143.8 142,4 146.0 146,5 143.1 141.2 151.7 149.8 157.0 149.8 Home goods and apparel....................... 10.00 131.9 139.1 130.4 135.1 144.6 147.2 141.8 142.6 145,2 129.9 142,1 148.9 155.9 151.1 Home goods............................................ 4.59 141.1 152.9 147.7 143,7 152.8 157 3 152.8 153.0 155.6 138.9 145,6 161.7 167.7 165.6 Appliances, TV, and radios............ 1.81 137.1 151.7 140.4 138.8 156.7 163.1 154.5 154.7 158,1 126.5 129,2 158.1 166,0 162.2 Appliances................................ 1.33 141.1 150.2 145.1 141.7 159.8 170,8 161.5 161.8 165.4 130,2 123 9 154.3 157,3 155.5 TV and home radios.................... .47 125.7 156.1 127.0 130.7 148.0 141.4 134.7 134.7 137.5 115.9 144.2 168.7 190,6 181.0 Furniture and rugs............................ 1.26 142.4 152.3 154.5 147.3 150.0 150,9 149.3 148,5 151.7 145.8 156.1 158.5 163,0 163.6 Miscellaneous home goods............. 1.52 144.7 154.9 150.8 146,5 150.4 155.7 153.5 154.7 155.7 148.2 156.4 168.7 173.5 171.4 Apparel, knit goods, and shoes......... 5.41 124.2 127.4 115.8 127.7 137,7 138.5 132.5 133.8 136.5 122.3 139.2 138.0 145,9 (Consumer staples.............................. 19,10 129.3 130.5 128.7 129.9 127,9 129,9 127.6 128.4 133,1 134.0 142,6 143.6 141.2 136.0 Processed foods....................................... 8.43 119.9 125.1 118.7 115.6 112.1 113,8 112.7 114.4 118,8 122.4 133.5 137,7 136.7 127.9 Beverages and tobacco.................. 2.43 123.2 119.0 109.9 112.6 114,8 124.6 123 9 1 33.6 144.4 127.6 134 8 131 2 129 4 Drugs soap, and toiletries......... 2.97 146.9 150 1 148.8 153 0 152.3 155 0 151 1 152.1 156,3 153 9 163,6 162 9 162.4 162.0 Newspapers, magazines, and books. 1.47 123.7 122.8 124.8 124.5 124.4 128.3 125,9 125.6 124.6 126,1 129.7 129.6 128.1 127.5 Consumer fuel and lighting........ 3.67 142.3 137.4 148.9 156 8 154,0 150 2 145.1 138,5 142.8 151 9 156 5 155 1 146 7 Fuel oil and gasoline......................... 1.20 119.6 119.2 122.9 123.0 123,0 117.4 116.0 115,9 121.4 125.1 126.7 122.6 121.6 124.8 Residential utilities........................... 2.46 153.4 Electricity......................................... 1.72 159.6 146.6 168.4 187.6 180.4 175.7 165,7 151 .5 156.7 172.6 181.6 182 8 165.5 Gas..................................................... .74 Equipment Husinexs equipment. ................................ 11.63 139,1 144.1 148.5 147 3 149. 7 151,9 152,2 154,4 157.3 153.9 154.9 159.8 163.7 164.4 Industrial equipment............................ 6.85 137.0 142.5 146.8 145.1 146.4 148 4 148,4 150,8 153.3 153,5 153 3 156.7 158 4 159.8 Commercial equipment......................... 2.42 145 3 152.8 155 0 152.7 155.1 157 7 158 2 160,4 164 6 162 9 165 5 168 9 172 6 175.1 Freight and passenger equipment... 1.76 141,0 146.1 149.8 149.4 152.2 154,9 156.8 161 .8 164.1 148.8 157.1 164'2 178.7 174.5 Farm equipment.................................... .61 133.1 122.1 138.7 145.0 157.8 158.9 157,6 149.2 152.8 137.9 125 4 145 5 144,0 Defense equipment......................... 3.41 Materials Durable goods materials........................ 26.73 131,2 135.8 135.2 135.7 138.7 142.9 144.4 146.9 149.5 142,9 144.5 146.6 147.5 146.1 Consumer durable.................................. 3.43 145.8 151.8 163.9 165.2 167.4 171.3 168.3 168.8 171.6 158.1 144 4 165.4 171.2 174.0 Equipment................................................. 7.84 134.4 139.3 143.6 143.9 145.1 148,5 149.1 149.7 151.5 148.5 150.1 152 7 157.9 160,5 Construction............................ 9.17 124.5 126.5 1 18.6 115.9 120.3 125 5 129 2 136.0 141 .2 139.3 144.0 142.6 142.7 136^7 Metal materials n.e.c............................ 6.29 129.2 136.2 133.0 138.2 141.8 145 9 147.5 147.4 146,9 133.1 138 3 134 5 128.7 126,7 Nondurable materials...... ........ 25,92 134.3 137,9 136.6 137.8 140,9 142,0 144,3 143.1 144.5 137 5 145.7 145.8 149 7 149.8 Business supplies............................... 9.11 127.4 130.2 127.3 128.0 133.3 134.2 138.7 136.3 137.0 128.4 137.2 139.8 144,1 144.1 Containers................................... 3.03 127.9 125.0 117.7 128.1 135.2 129.7 141,4 133.3 138.6 130,7 145.3 143.1 144.8 141,4 General business supplies............... 6.07 127.1 132.8 132.1 127.9 132.4 136.5 137.4 137,9 136.2 127,2 133.2 138 1 143.7 145,5 Nondurable materials n e c.................. 7.40 157.7 164.9 161.9 166.2 170.8 171.8 174.2 173.0 173.7 163 9 174 8 176.5 180 3 182,2 Business fuel and power....................... 9.41 122.6 124.2 125.6 124.9 124.8 126.1 126.2 126.0 128.8 125.7 131.2 127.5 131,0 129.9 Mineral fuels........................................ 6.07 112.2 114.4 114.9 114.0 114.6 114,9 115.6 113.9 114.9 109,3 115.7 110.9 118.9 119.3 Nonresidential utilities..................... 2.86 149.6 Electricity......................................... 2.32 149.6 147.7 151.4 152.3 150.0 153.6 152.7 156.3 164.8 168 9 174,8 171.9 165.1 General industrial.................... 1.03 142.8 147.4 148.2 148.0 147.0 153,4 153.8 156,8 161.2 158.5 164.5 163.1 161.9 Commercial and other....... 1.21 159.7 152 7 159 3 161.2 157.7 159.2 157.1 161.5 174.1 184.2 190.3 186.0 174.0 Gas..................................................... .54 Supplementary groups of consumer goods Automotive and home goods............. 7.80 142.8 153.1 156.7 156.8 161,5 167.8 162,6 163.6 165.8 147 0 129,6 148.4 174 8 173.6 Apparel and staples............................... 24,51 128.1 129.8 125.8 129.4 130.1 131.8 128.7 129.6 133.6 131,4 141.8 142.3 142,2 For notes sec opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 INDUSTRIAL PRODUCTION: N.S.A. 97 INDUSTRY GROUPINGS (1957-59=100) 1957-59 1964 1965 pro­ 1964 Grouping por­ aver­ tion age Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug, Sept.r Oct.r Nov. Total index........................................... 100.00 132.3 136.2 135.5 136.7 139.1 141.7 141.6 142.6 145,2 139.3 143.2 145.9 149.9 148.3 Manufacturing, total............................... 86.45 133.1 137.7 136.4 137.7 140.5 143.5 143.4 144.6 147.2 140.3 143.9 147.5 152.2 150.6 Durable................................................. 48.07 133.5 139.0 140.7 140.7 143.5 147.1 147.5 149.0 151.7 144.9 143.3 148,3 154.5 154.6 Nondurable.......................................... 38.38 132.6 136.0 131.1 133.8 136.8 139.0 138.2 139.0 141,5 134.6 144.7 146.5 149,3 145.5 Mining........................................................ 8.23 111.3 113.4 112.1 110.8 111.1 111.1 113.0 114.4 115.9 112.3 118.2 114,2 118.5 117,6 Utilities...................................................... 5.32 151.3 Durable manufactures Primary and fabricated metals............ 12.32 130,7 137.6 136.4 139.4 142.7 145.9 148.4 146.0 147.4 138.7 143.1 141.1 138.7 137.9 Primary metals........................................ 6.95 129.1 137.5 134.4 141.0 144.7 149.1 150,9 146.6 145,9 133.1 137.4 131.1 125.8 123.5 Iron and steel...................................... 5.45 126.5 136.6 133.0 139.8 142.9 146.5 148.3 142.5 143.3 135.4 134.7 125.0 117.6 114.1 Nonferrous metals and products.. 1.50 138.3 140.6 139.4 145.5 151.2 158,5 160.4 161.5 155,2 124.6 147.5 153.4 155.3 157.8 Fabricated metal products.................. 5.37 132,7 137,7 139.0 137.2 140.2 141 ,7 145,2 145.3 149.3 145.8 150.4 154.1 155 5 156.5 Structural metal parts....................... 2.86 130.3 137.8 138.6 134.3 135.3 138.5 140.0 142.0 147,2 145.5 148,6 150,5 152*6 155.3 Machinery and related products. .... 27.98 136.4 141.6 147.1 146.9 148.9 152.9 151.6 153.7 156.5 149.4 142.5 152.0 163.2 165.1 Machinery................................................. 14.80 141.4 147,9 151 .5 150,3 154.8 158.2 157.5 158.6 161 .7 155.0 155.3 163.3 167.7 169.2 Nonelectrical machinery.................. 8.43 142.1 145.0 151.8 152.1 155.4 159.6 159.9 160.9 163.2 159.3 154.8 160.3 162.7 165.1 Electrical machinery........................ 6.37 140.6 151.7 151.0 148.1 153.9 156.3 154.4 155.7 159.8 149.2 156,0 167,3 174.2 174.7 Transportation equipment................... 10.19 130.7 135.0 144.7 146.1 144.8 150,6 148.3 151.9 153.9 144,0 123.8 137.3 160.9 163.3 Motor vehicles and parts............. . 4.68 150.1 155.0 174.8 178.9 177.3 187.7 179.8 185.0 189,0 168,5 120.2 149,5 189.4 191.5 Aircraft and other equipment. . . . 5.26 112.4 116.2 117.3 116,7 115.5 117.0 1 19.2 121.2 121.6 121.1 125.0 125.1 135.1 137.8 Instruments and related products. .. 1.71 136.4 142.7 143.7 141.7 143.1 144.7 143.3 145.5 151.3 150.6 153.8 157.4 159.7 162.1 Ordnance and accessories................. . 1.28 Clay, glass, and lumber.................. 4.72 121.1 121.1 110.5 108.3 114.4 117.3 122.9 130.6 135.5 133.0 139.8 138.0 138.0 130.1 Clay, glass, and stone products..... 2,99 126.0 129.6 120.4 113.9 116.4 118,9 129.3 136.2 142.1 141.9 146.2 143.2 144,5 138.8 Lumber and products........................... 1.73 112.6 106.5 93.4 98,5 111.0 114,5 HI .9 121.0 124.1 117.7 128.9 129.0 126.6 115.2 Furniture and miscellaneous................. 3.05 138.4 148.2 146.7 139.5 142.9 145,6 145.2 146.7 150.5 146.4 156.3 159.0 163.4 163.3 Furniture and fixtures........................... 1.54 143.4 152.0 154.2 147.6 150.4 152.4 151.4 151.8 156.5 154,2 161.5 162.8 165.8 165,6 Miscellaneous manufactures............... 1.51 133.4 144.3 139.1 131.2 135.2 138.8 138.9 141.4 144.3 138.5 151.0 155.2 160.9 161.0 Nondurable manufactures Textiles, apparel, and leather.............. 7.60 125.2 129.4 119.4 131.2 139.3 139.4 135.5 136.5 137.4 121.9 138.4 137.4 144.8 139,5 Textile mill products............................. 2.90 122.9 129.3 121 .2 131.0 134.6 134.1 135,5 137.5 136.8 121.5 138.2 136.4 141 .7 139.5 Apparel products.................................... 3.59 134 1 137.7 124.4 138.6 150.9 151 .9 145.0 145.3 147.6 130.1 146.2 146.7 157.4 Leather and products............................ 1 11 102.6 103.3 98.5 108.2 114.0 112.5 105 0 105.9 106 2 96.4 114.0 109.8 112.0 Paper and printing.................................. 8.17 127.5 130.9 127.5 128.6 131.8 134,6 136.1 135.2 134.7 127.3 135.6 137.8 142.8 141.9 Paper and products................................ 3.43 133.4 134.5 126.6 137.0 140.9 141.8 144.2 141.6 142.2 130,7 144.2 146.8 152.9 147.6 Printing and publishing........................ 4.74 123.3 128.4 128.2 122.6 125.3 129.5 130.2 130.5 129.3 124.8 129.3 131.4 135.4 137.7 Newspapers.......................................... 1.53 117.0 128.7 123.2 111.2 116.9 123.4 129,3 129.5 125.3 109.8 117.4 120.9 134.2 139.9 Chemicals, petroleum, and rubber.... 11.54 152.5 155.3 154.6 156.9 161.3 163.2 163.4 162.9 165.4 159.1 166.3 168.9 170.7 169.8 Chemicals and products....................... 7.58 159.6 162.8 162.4 164,7 168,2 171 .5 173.2 171.7 174.1 168.6 176.0 178.1 178.2 178. 1 Industrial chemicals...................... 3 84 178.4 184.4 186,0 185,1 190,1 192.7 196.4 192,8 195.8 190.0 196.7 201 9 201 9 Petroleum products................................ 1.97 121 .0 119,9 119,1 1 17,2 119,7 117.9 116.6 121.1 125.5 130,1 132.1 127.6 125.2 123.1 Rubber and plastics products....... 1 99 156 3 162.1 159.9 166,3 176,2 176.4 172.9 170.7 171.6 151 5 163 1 175 1 1 86.9 Foods, beverages, and tobacco............. 11,07 120.8 124.2 117.2 115.4 113,2 116.7 115.4 118.8 124.4 123.2 133.3 135.9 135.1 126.8 Foods and beverages............................. 10.25 120.8 124.3 118.4 115.0 112.5 116.0 115.0 118.6 123.9 124.6 133.5 136.7 136.0 127.6 Food manufactures........................... 8.64 120.1 125.7 119.2 116.2 112,8 114.4 113.0 114.6 118.7 122.0 132.9 137.2 136.8 128.5 Beverages.............................................. 1.61 124.4 116.7 113.9 108 4 110,7 124.2 125 5 140.1 151 .6 138.5 136.9 134.3 131 8 Tobacco products................................... .82 120,8 123.4 102.1 120.9 122,9 125,3 120'7 120.7 130.3 106 1 130.6 125.3 124^7 Mining Coal, oil, and gas.................................... 6.80 109.8 111.7 112.3 111.7 112.2 111.5 112.0 110.6 111.3 106.9 113.3 109.0 115.7 115.7 Coal............................................................. 1.16 107.1 114.1 108, 1 105.5 104.4 103.9 108.7 1 14.1 116.6 90.2 121 .2 112.9 127.3 120.4 Crude oil and natural gas.................... 5.64 110.4 111.3 113.1 113.0 113.8 113.1 112.6 109.9 110,2 110.3 111.7 108,2 113.3 1 14.7 Oil and gas extraction....................... 4.91 113.4 114.5 116.5 116.0 116.9 117.5 117.2 113.8 114.5 113.8 114.4 110.4 116.9 119.0 Crude oil.......................................... 4.25 109.9 110.2 112.0 111.4 111,9 112.7 113.2 1 10.2 111.1 109.9 111.1 106.3 112.9 114.5 Gas and gas liquids........... .66 136.1 141.6 144.9 145.6 149,0 147.8 143 3 137.5 136.4 139.0 135.8 1 36.7 Oil and gas drilling............................ .73 90.1 89.5 90.5 92.6 92,4 83.6 81.5 83.6 81.2 86.6 93.3 93.2 88.6 85.6 Metal, stone, and earth minerals......... 1.43 118.1 121.5 111.1 106.2 105.8 109.1 117.7 132.4 138.0 138.1 141.8 138.7 132.0 127.1 Metal mining........................................... .61 117,4 116.5 109.6 111.5 111,1 110.9 117.0 133.8 139,8 135.2 140.6 138.3 124.7 117.0 Stone and earth minerals..................... .82 118.7 125.1 112.3 102.2 101 .9 107.7 118,2 131,3 136.7 140.2 142.7 138.9 137.4 134,7 Utilities Electric........................................................ 4.04 153 9 147.3 158.6 167.3 163.0 163.0 158,2 154.2 161.4 170.5 177.7 176.6 165.3 Gas............................................................... 1.28 143.4 Note.—Published groupings include some series and subtotals not industrial Product ion—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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

98 BUSINESS ACTIVITY; CONSTRUCTION JANUARY 1966 SELECTED BUSINESS INDEXES (1957-59=100) Manu­ Industrial production facturing 2 Prices 4 Nonag- Major market groupings Major industry s C tr o u n c ­ ­ r t i u c r u a l- l F c re a i r g - ht Total Period Total Final products Mate­ groupings t c r t a i o o c n n t ­ s T m p o e e l t o m n a y ­ t l ­ — 1 m p E lo e m n y ­ - t P ro a l y ls ­ lo in a g d s ­ re s t a a le il s 3 s C u o m n e ­ r W c s o h a m l o e l ­ e­ Total g s C o u o o m n d e ­ s r E m q e u n ip t ­ rials Mfg. M in i g n­ U itie ti s l­ modity 1950........................ 74.9 72.8 78.6 56.4 76.9 75.8 83.2 49.5 61 86.1 99.4 68.9 117.1 72 83.8 86.8 1951........................ 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 63 91.1 106.1 80.2 121.5 76 90.5 96.7 1952........................ 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 67 93.0 106.1 84.5 115.0 79 92.5 94.0 1953........................ 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 70 95.6 111.6 93.6 116.6 83 93.2 92.7 1954........................ 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.3 101.8 85.4 104.6 82 93.6 92.9 1955........................ 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.5 105.5 94.8 115.3 89 93.3 93.2 1956........................ 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.8 106.7 100.2 115.9 92 94.7 96.2 1957........................ 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.7 104.7 101.4 108.2 97 98.0 99.0 1958........................ 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 95.2 93.5 93.8 98 100.7 100.4 1959........................ 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.5 100.1 105.1 97.9 105 101.5 100.6 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........................ 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 132 107.8 99.7 117.9 93.3 120 106.7 100.3 1964........................ 132.3 131.8 131.7 132.0 132.8 133.1 111.3 151.3 137 110.8 101.4 124.2 95.5 127 108.1 100.5 1965 v.................... 143.3 142.4 140.3 146.8 144.2 144.9 114.5 161.4 115.1 106.2 135.9 96.6 137 1964—Nov........... 135.4 135.2 134.5 136.7 135.9 136.4 112.8 155.4 143 112.1 102.9 127.4 98.5 127 108.7 100.7 Dec............ 138.1 138.1 138.0 138.4 138.0 139.4 112.5 157.1 154 112.6 103.6 130.3 99.1 133 108.8 100.7 1965—jan............. 138.6 138.4 138.4 138.2 138.8 140.2 111.8 154.9 137 112.9 104.1 132.1 100.4 134 108.9 101.0 Feb............. 139.2 138.5 138.0 139.4 139.7 140.8 111,8 156.1 140 113.4 104.5 132.9 96.4 136 108.9 101.2 Mar........... 140.7 140.1 140.0 140.4 141.7 142.3 112.5 158.5 141 113.9 105.0 134.3 98.1 133 109.0 101.3 Apr............ 140.9 139.4 138.5 141.2 142.6 142.4 113.0 159.9 152 113.9 105.1 132.8 98.6 134 109.3 101.7 May...... 141.6 140.2 138.6 143.7 142.6 143.1 114.0 160.4 145 114.3 105.2 133.8 100.5 137 109.6 102.1 142.7 140.7 138.7 144.9 144.5 144.1 115.3 162.5 139 1 14.8 105.9 134.5 93.8 136 110.1 102.8 July........... 144.2 141.7 139.3 147.0 146.4 145.7 116.0 161.6 149 115.2 106.4 135.3 95.1 139 110,2 102.9 144.5 142.3 139.5 148.4 146.1 146.0 117.0 161.9 139 115.4 106.7 135.7 94.3 138 110.0 102.9 Sept........... 143.5 143.3 140.7 149.0 143.7 145.2 112.6 165.3 147 115.7 106.8 136.7 93.5 139 110.2 103.0 Oct....... 144.8 145.3 141.3 153.9 144.3 146.3 115.9 165.7 147 116,1 107.2 '138.6 93.4 140 110.4 103.1 146.3 147.3 143.0 156.5 145.8 147.9 116.5 166.5 141 rl17.0 008.3 ’•140.6 97.9 140 110.6 103.5 Dec.”..... 148.3 148.1 143.9 157.3 148.6 150.1 117.9 167.0 117.7 109.0 142.5 102.4 142 1 Employees only; excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, 2 Production workers only, _ and heavy engineering; does not include data for Alaska and Hawaii. 3 Federal Reserve index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. Note.—Data are seasonally adjusted unless otherwise noted. Freight carloadings: Based on data from Association of American Construction contracts: F. W. Dodge Co. monthly index of dollar Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1964 1965 Type of ownership and 1963 1964 type of construction Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total construction..................................... 45,546 47,330 3,758 3,598 3,131 3,226 4,224 4,770 4,864 4,625 4,795 4,265 4,153 4,356 3,745 By type of ownership: Public............................................ 14,653 15,374 1,174 1,230 1,105 1,113 1,356 1 ,539 1,517 1,553 1 ,750 1,313 1,332 1,294 Private ............................................... 30,893 31356 2384 2368 2^26 2,113 2,'867 3331 3 348 3372 3 345 2’952 2321 3361 By type of construction; Residential building................ 20,502 20,565 1,482 1,306 1,275 1,300 1,877 2,139 2,074 2,080 1,952 1,971 1,756 1,897 1,696 Nonresidential building.................. 14,377 15322 1 '264 1 '299 1,156 1,062 1 '384 1 '546 1 375 1,551 1,691 1,507 1,464 1382 1 ’,328 Nonbuilding...................................... 10 367 11,244 1 312 '994 '700 '864 '962 1 386 1315 '993 1,151 '788 '934 877 '721 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 CONSTRUCTION 99 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Non­ Business Other Total farm non- Mili­ High­ Sewer resi­ resi­ Total tary way and Other dential Total Indus­ Com­ Public den­ water trial mercial utility tial 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 I'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 *............................... 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 I960.................................. 53,941 38,078 21,706 1^652 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 1965 ”............................... 68,112 47,878 26,647 15,594 4,010 6,434 5,150 5,637 20'234 2^066 1964—Dec....................... 66,178 45,684 25,953 14,416 3,610 5,641 5,165 5,315 20,494 756 7,583 2,187 9,968 1965—Jan........................ 66,055 46,333 26,676 14,278 3,792 5,662 4,824 5,379 19,722 785 7,010 2,167 9,760 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 2J 10 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..................... 69'311 48,068 26,413 16^076 4,114 6,754 5,208 5,579 21’243 1,025 7,636 2'042 10,540 Oct........................ 67'616 47,844 26,343 15^824 4,099 6^529 5,196 5,677 19,772 832 6,384 2,080 10,476 69,349 48^045 26,195 16^030 4,050 6'675 5,305 5,820 21’304 7,609 1 '983 69,330 48,394 26'239 16,204 3'998 7'029 5'177 5,951 20,936 2'182 i Beginning with 1959, includes data for Alaska and Hawaii. Note.—Monthly data are at seasonally adjusted annual rates. Be­ ginning with 1959, figures are Census Bureau estimates. Data before 1959 are joint estimates of the Depts, of Commerce and Labor. NEW HOUSING STARTS (In thousands of units) By area By type of ownership Annual rate, Government- S.A. underwritten (private only) Private Period Total Non­ Metro­ metro­ Public Non­ politan politan 1- 2- Multi­ Total farm Total family family family Total FHA VA 1955.................................. 1,646 1,627 19 670 277 393 1956.................................. 1' 349 1,325 24 465 195 271 1957.................................. 1 ,224 1' 175 49 322 193 128 1958 . .... 1,382 1^314 68 439 337 102 1959.................................. 1 ,554 1,077 477 1,517 1,234 56 227 37 458 349 109 1960.................................. 1,296 '889 407 1 ^252 '995 44 213 44 336 261 75 1961.................................. 1,365 948 417 1'313 975 44 295 52 328 244 83 1962.................................. 1,492 1,054 439 1 ,463 992 49 422 30 339 261 78 1963 .................................. 1 ,641 1,151 490 ] ,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—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....................... 1 '482 1 ,468 88 63 25 85 51 3 31 2 16 12 4 Mar...................... 1 ^489 1 ',465 125 91 34 121 77 4 40 4 20 16 4 Apr...................... 1 ,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..................... 1 ,566 1 ,539 162 115 48 156 100 6 50 7 25 19 5 July...................... 1 ,473 1 ,447 144 95 49 141 94 5 43 3 22 17 5 Aug............... 1 ,422 1,409 138 95 43 135 88 5 42 3 22 18 5 Sept...................... 1 ,453 1 ,436 126 88 38 124 80 4 40 2 21 17 4 Oct............ 3'1 ,409 *’l ,378 ^136 95 41 ^133 87 4 42 "3 22 18 4 Nov...................... >’1,534 H ,518 '■117 78 39 *’114 73 4 38 2'2 20 16 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

100 EMPLOYMENT JANUARY 1966 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Period in T p s o o N t p t i a t . u S u l l t a . n i A o t o i . o n n n a - l l N ab N o o t . r S i n . f A o t . r h c e e T l f a S o o b r .A c t o a e . r l Total Employed1 Unem­ U (p n e e m ra r m e t c e n p e 2 t l n o t y ) ­ In nonagri­ ployed S.A. Total cultural agri . c I u n l ture industries 1959.............................. 123,366 51,420 71,946 69,394 65,581 59,745 5,836 3 813 5 5 I960 3........................... 125,368 52'242 73'126 70,612 66^681 60,958 5,723 3 931 5 6 1961........................... 127 ,'852 53^677 7<;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 1965?'............................. 136,242 57'884 78'357 75,635 72,179 67'594 4,’585 3 456 4 6 1964—Dec................... 135,135 58,568 77,432 74,706 71,004 4,541 3 702 5 0 1965—Jan.................... 135,302 59,603 77,621 74,914 71,284 66,771 4,513 3,630 4 8 Feb................... 135,469 59,051 77'755 75,051 71'304 66'709 4’595 3 747 5 0 Mar.................. 135,651 59'039 77'647 74'944 71'440 66,890 4,550 3 504 4 7 Apr................... 135,812 58,504 78,063 75'377 71'717 66,874 4^843 3 660 4 9 May......... 135,982 57'556 78,127 75'443 71'937 66,979 4'958 3,506 4 6 June................. 136'160 55'477 78,356 75'676 72,118 67'459 4*659 3 558 4 7 July.................. 136,252 55'102 78'874 76,181 72,766 68'092 4,674 3 415 4 5 Aug......... 136,473 56'310 78'465 75'772 72'397 67;821 4'576 3 375 45 136,670 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 Nov......... 137^043 58,445 78'847 76,052 72'839 68,595 4*244 3 213 4 2 Dec................... 137,226 58,749 79,375 76,534 73,412 68,995 4,*417 3,122 4.1 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 ri u n 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 l o r ic a n n u s & t p il i o p ti r e u ta b s ­ ­ Trade Finance Service G m ov e e n r t n­ 1959 1.............................................................. 53,297 16,675 732 2,960 4,011 11,127 2,594 7 115 8 081 I960.................................................................. 54*203 16,796 712 2*885 4,004 11,391 2 669 7’392 8*353 1961................................................................ 53*989 16,326 672 2*816 3,903 11,337 2 731 7*610 8*594 1962.................................................................. 55,515 16^53 650 2'902 3,906 11,566 2 800 7 947 8*890 1963 .......................................................... 56^602 16^995 635 2*963 3,903 11,778 2,877 8*226 9 225 1964 ................................................................. 58,156 17,259 633 3,056 3*947 12,132 2,964 8^569 9*595 SEASONALLY ADJUSTED 1964—Dec...................................................... 59,163 17,565 635 3,179 3,994 12,303 2 999 8 705 9 783 1965—Jan,................................................... 59,295 17,638 634 3,185 3,926 12,374 3 003 8,732 9 803 Feb....................................................... 59’581 17,703 634 3'211 3,*985 12^423 3’613 8 771 9 * 841 Mar...................................................... 59,814 17,762 632 3,238 4,017 12*460 3 023 8 794 9*888 Apr.................................... ................ 59^846 17,803 629 3*145 4013 12*494 3 024 8 814 9 924 May ............................................. 60*032 17,835 627 3,188 4,020 12,532 3’032 8*843 9*955 June.................................................... 60,290 17,943 626 3’195 4*034 12*580 3,041 8*857 10*014 July . ................................................... 60,501 18,032 633 3*154 4,031 12,619 3 049 8’929 10*054 Aug,.................................................. 60*621 18,072 627 3'189 4,049 12*600 3’053 8 946 10*085 Sept..................................................... 60^756 18,098 617 3,186 4,067 12,641 3 061 8*967 10*119 Oct,,................................................... 61,001 18,163 622 3,202 4,071 12*684 3 ’069 9*619 16'171 Nov.?’.................................................. 61,430 18*323 627 3,271 4^081 12,*744 3*073 9*060 10*251 Dec.p................................................... 61 ,797 18*428 633 3*383 4,078 12,807 3*076 9^095 10*297 NOT SEASONALLY ADJUSTED 1964—Dec....................................................... 59,896 17,547 633 3,007 4,002 13,084 2 981 8 627 10 015 1965—Jan....................................................... 58,234 17,396 619 2,800 3,863 12,190 2,973 8 557 9 836 Feb....................................................... 58*341 17^473 616 2*713 3*917 12,112 2 986 8*604 9*920 Mar.................................................... 58*784 17,578 615 2^820 3,965 12'167 2,999 8*662 9*978 Apr...................................................... 59'471 17,659 623 2,978 3 ,977 12*418 3 012 8 796 10*008 May .................................................... 60'000 17,745 629 3'223 4,008 12,437 3 029 8*905 10*024 June................................................... 60*848 18,027 640 3,412 4*070 12*596 3 062 9*008 10*033 July..................................................... 60,694 18,016 641 3,476 4*083 12,583 3 098 9*081 9*716 Aug..................................................... 60,960 18'211 640 3,’575 4,098 12,574 3,102 9 062 9*698 Sept...................................................... 61,515 18,428 627 3395 4,112 12,639 3 073 9*039 10*102 Oct........................... 61 *786 18,412 629 3465 4 104 12,736 3 066 9*073 10*301 Nov.7’.................................................. 61 ,984 18,444 631 3,379 4,093 12,949 3*061 9*033 10 394 Dec.7’................................................... 62;563 18313 631 3^200 4,086 13,*622 3,058 9^013 10*540 i 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 EMPLOYMENT AND EARNINGS 101 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1964 1965 1964 1965 Dec. Oct. Nov.” Dec.” Dec. Oct. Nov.” Dec.” Total..................................................................................... 13,045 13,507 13,642 13,732 13 035 13 754 13 768 13,723 Durable goods....................................................................... 7,427 7,798 7,877 7,946 7,435 7 900 7 950 7,957 Ordnance and accessories........................................... 99 '107 '108 109 101 108 110 110 Lumber and wood products........................................ 532 530 537 544 518 543 539 530 Furniture and fixtures........................................... 346 358 362 368 347 366 367 369 Stone, clay, and glass products.................................. 497 500 504 511 485 511 509 498 Primary metal industries............................................... 1 ,046 1 ,046 1,035 1,040 1 ,036 1,032 1 021 1,031 Fabricated metal products........................................... 940 987 1 ,'007 1,014 944 1 004 1 ’618 1,018 Machinery except electrical......................................... 1,157 1,224 L243 1'243 1.155 1 212 1,227 1,241 Electrical machinery....................................................... 1,077 1' 182 1,197 1,213 1 ,091 1 203 1219 1'228 Transportation equipment........................................... 1,167 1,263 1 '276 1,288 1,198 1,291 1,309 1,321 Instruments and related products..................... '237 252 254 254 238 254 257 '256 Miscellaneous manufacturing industries,........ 329 349 354 362 322 376 374 355 Nondurable goods................................................................ 5,618 5,709 5,765 5,786 5,600 5,854 5,818 5,766 Food and kindred products....................................... 1,162 1 ,144 1' 172 1,165 1'142 1,232 1,192 1' 144 Tobacco manufactures.................................................. ' 77 ' 70 ' 69 70 82 86 75 74 Textile-mill products. . ................................................. 806 828 833 835 803 835 837 832 Apparel and other finished textiles. ......................... 1,179 1,212 1,216 1,221 1 174 1 229 1 228 1 216 Paper and allied products............................................ 490 500 ’503 506 492 505 ’507 508 Printing publishing, and allied industries.............. 608 625 629 630 614 630 633 636 Chemicals and allied products....................... 534 544 547 554 529 543 543 549 Products of petroleum and coal................................ 110 110 111 111 108 111 110 109 Rubber products............................................................. 343 365 372 379 345 372 378 381 Leather and leather products...................................... 309 311 313 315 311 311 315 317 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 Dec. Oct. Nov.” Dec.” Dec. Oct. Nov.” Dec.” Dec. Oct. Nov.” Dec.” Total............................................................................. 41.2 41.2 41.4 41.4 107.07 108.62 109.71 110.92 2.58 2.63 2.65 2.66 Durable gnnds.......................................................... 42.0 42.0 42.2 42.2 117.02 118.72 119.43 120.98 2.76 2.82 2.83 2.84 Ordnance and accessories.............................. 40.7 42.3 42.2 42.7 127.31 133.56 133.56 137.81 3.09 3.15 3. 15 3,19 I umber and wood products.......................... 40.8 41.1 41.4 41.8 84.42 91.49 89.57 89.40 2.10 2.21 2.19 2.17 Furniture and fixtures........................ 41.7 41.5 41.7 41.6 88.83 90.73 90.30 91.58 2.09 2.15 2.15 2.16 Stone day and glass products..................... 42.4 41.8 42.1 43.2 106.50 112.94 112.67 113.21 2.56 2.67 2.67 2.67 Ptimary metal industries................................ 42.2 41.4 41.1 41.0 133.14 130.06 129.83 131.84 3.14 3.18 3.19 3.20 Fabricated metal products............................. 42.2 42.3 42.5 42.4 115.60 118.30 119.00 119.99 2.72 2.79 2.80 2.81 Machinery except electrical........................... 43.0 43.5 43.7 43.8 126.44 129.47 130.20 133.18 2.92 2.99 3.00 3.02 Electrical machinery......................................... 41.0 41.0 41.3 41.4 105.83 107.12 108.32 109.78 2.55 2.60 2.61 2.62 Transportation equipment............................. 42.9 43.0 43.3 43.0 140.68 141.48 144.10 146.30 3.19 3.26 3.29 3.31 Instruments and related products,.............. 41.2 41.7 41.7 41.9 107.49 109.78 110.88 111.83 2.59 2.62 2.64 2.65 Miscellaneous manufacturing industries... 39.9 40.0 40.2 40.2 84.82 86.46 86.05 87.48 2.11 2.14 2.13 2.16 Nondurable goods................................................... 40.1 40.1 40.3 40.3 93.50 95.68 96.32 97.20 2.32 2.38 2.39 2.40 Food and kindred products........................... 41.3 41.0 41.1 41.2 99.60 100.19 100.77 101.43 2.40 2.42 2.44 2.45 Tobacco manufactures................................... 39.2 37.7 38.0 37.3 82.01 77.62 80.33 82.99 2.02 1.98 2.12 2.15 Textile-mill products........................................ 41.8 41.8 42.0 42.3 77.04 79.99 80.56 81/37 1.83 1.90 1.90 1.91 Apparel and other finished textiles............. 36.5 36.4 36.5 36.7 65.16 67.52 67.70 67.70 1.80 1.86 1.86 1.86 Paper and allied products.............................. 43.0 43.4 43.6 43.7 112.32 117.12 116.58 117.65 2.60 2.68 2.68 2.68 Printing, publishing, and allied industries. 38.6 38.4 38.7 38.7 117.39 119.66 119.27 121.99 3.01 3.10 3.09 3.12 Chemicals and allied products...................... 41.7 41.9 42.0 42.0 119.13 122.06 123.06 122.93 2.85 2.92 2.93 2.92 Products of petroleum and coal................... 42.0 42.5 42.5 42.3 135.11 141.10 142.89 141.54 3.24 3.32 3.37 3.37 Rubber products............................................... 41.6 42.3 42.5 42.3 109.04 112.io 111.94 113.85 2.59 2.65 2.64 2.66 Leather and leather products............ 38.2 38.6 38.7 38.4 72. 15 71.82 72.77 74.87 1.85 1.90 1.90 1.91 Note.—Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

102 PRICES JANUARY 1966 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em ll s Food Total Rent o H w s o h n m ip e e r ­ ­ F c a o o u n i a e d l l l t e r G a i l c e n a i c d s t ­ y o n F i t p a n i i o e n s u g r h d n s r a ­ ­ ­ A u p p a k p n e a d e r e p l T p t r o i a o r n t n a s ­ ­ Total M c ic a e a r d e l ­ s c P o a e n r r e a ­ l r R e t a i c e i n o n r a g e n d d a ­ ­ g O s a i o e c t n o h e r d v d s e ­ s r (929.............................. 59.7 55.6 85.4 1933.............................. 45.1 35.3 60.8 1941.............................. 5t.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 I960.............................. 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—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.................. 109.0 106.9 108.2 108.7 110.8 106.5 107.7 103.1 106,0 110.6 114.9 121.4 110,4 115.4 109,5 109.3 107.3 108.2 108,8 110,8 105.4 107.7 103.1 106.3 111.0 115.4 121.6 110,7 115.9 110.3 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 June................ 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.................. 110.2 110.9 108.3 108.9 111.2 103.2 106.9 102,9 106.1 111,5 115.3 122.7 108.7 114.6 111,5 110.0 110.1 108.2 109,0 111.4 103.5 107.7 102.9 106,4 111.0 115.6 122.8 109.0 114.3 112.6 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 Oct................... 110.4 109.7 109.0 109.2 112.1 106,9 107,9 103.3 107.8 111.2 116.2 123.0 109,2 115,2 113,3 Nov................ 110.6 109.7 109.2 109.3 112,5 107.2 108.0 103.3 108.1 111.5 116.4 123.4 109.6 115.4 113.3 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. The new series index begins with January 1964. WHOLESALE PRICES: SUMMARY (1957-59= 100) Other commodities Period m c t A o i o e m l d s l i ­ ­ p F u r a c o r t m d s ­ P f e o s r o s o e d c d s ­ Total T t e il e e tc x s . ­ , H e id tc e . s, F e u tc e . l, C ic e h a t e c ls m . , ­ R b e u t e c r b . , ­ L b e u e tc 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 c r e n . , i ­ N t m m a o l i e l n n ic ­ ­ - 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—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 93.0 100.5 99.9 105.8 103.7 97.8 101.9 107.6 112.6 Aug.................... 102.9 99.1 106.7 102.7 101.9 112,2 99.0 97.1 93,2 101.8 99,9 106.2 103.8 97.7 101.6 107.6 111.5 Sept,................... 103.0 99.5 106.7 102.7 102.1 111,3 99.2 97,2 93.3 102.0 100.0 106.2 103,8 97,7 101.6 107.7 111,5 Oct....................... 103.1 r99.4 ’’106.9 102.8 ’•102,0 rl 13.3 r99.4 r97,6 93.4 ’■101.6 ’’100,5 106,3 103.9 97.8 101.6 107.7 111.2 Nov...................... 103.5 100.3 107.5 103.1 102.0 113.6 100.3 97.5 93,5 101,6 100.7 106,6 104.1 98.0 101.7 107,7 113.1 See next page for composition of other commodities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 PRICES 103 WHOLESALE PRICES: DETAIL (1957-59= 100) 1964 1965 1964 1965 Group Group Nov. Sept. Oct. Nov. Nov, Sept. Oct. Nov. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce........................ 108.0 96.1 95.6 95,0 Woodpulp................................................... 96.8 98,1 98.1 98.1 Grains.......................................................... 88.0 89.3 88.6 87.4 Wastepaper................................................. 92.5 97,3 104,5 107.0 Livestock and poultry............................. 83.6 102.6 103.2 104.0 Paper............................................................ 104,0 104,1 104.5 104.8 Plant and animal fibers........................... 93.9 90.0 89.9 89.8 Paperboard ......................................... 96,4 96,4 96.5 96.5 Fluid milk................................................... 105.4 104.8 105.9 106.7 Converted paper and paperboard .... 97.9 99.6 '99.8 99.9 Eggs............................................................... 91.6 105.9 105.1 114.0 Building paper and board...................... 93.9 93,4 93.8 93.5 Hay and seeds............................................ 115.6 105.4 '102.6 107.2 Other farm products................................ 98.4 100.8 100,1 99.9 Metals and Metal Products: Processed Foods: Iron and steel............................................ 100.9 101.2 101.2 101.3 Nonferrous metals.................................... 112,0 117.0 117.4 118.6 Cereal and bakery products.................. 108.3 109,1 109.4 110,1 Metal containers........................................ 105,6 108.3 108,3 108.3 Meat, poultry, and fish.............. 89.8 105,3 104.9 105.4 Hardware..................................................... 104,8 106.5 106.7 107.0 Dairy products and ice cream.............. 109.5 109,1 109.4 110.4 Plumbing equipment............................... 103.0 103.8 103.8 104.1 Canned and frozen fruits and veg- Heating equipment.................................. 91.9 91.9 91.9 91.6 etables...................................................... 102,3 101.8 '104.7 105.3 Fabricated structural metal products. 99.9 101.8 101.8 102.0 Sugar and confectionery................ 104,7 108,8 109.4 109.2 Fabricated nonstructural metal prod- Packaged beverage materials................ 97.2 93,4 93.4 93.4 ucts............................................................ 108.2 109.9 '109.8 109.7 Animal fats and oils................................ 107.3 119.7 ’•122,1 116,0 Crude vegetable oils................................. 106.2 100.3 '101.3 100.9 Machinery and Motive Products: Refined vegetable oils............................. 99.0 91.0 '94.6 105.0 Vegetable oil end products............. 94.4 101.2 101.2 101.2 Agricultural machinery and equip..., 113.8 115.0 '114.9 116.8 Miscellaneous processed foods............. 110.3 114.3 114.1 114.0 Construction machinery and equip... 113,4 115.6 115.8 116.4 Metalworking machinery and equip.. 114,1 117.9 118.3 118.5 Textile Products and Apparel: General purpose machinery and equipment............................................... 104,7 105.7 '106.3 106.5 Cotton products........................................ 99.1 100.6 ’•100.8 101.0 Miscellaneous machinery....................... 105,1 104.9 105.1 105.4 Wool products........................................... 103.3 105.2 105.4 105.4 Special industry machinery and Man-made fiber textile products......... 96.5 94.2 '93.3 92.6 equipment (Jan. 1961= 100)............. 106,4 108.2 '108.2 108.9 Silk products...................... 117.8 134.9 140.3 142.2 Electrical machinery and equip........... 96.3 96.6 '96.6 96.4 Apparel................................................. 103.2 104.2 104.3 104.2 Motor vehicles........................................... 100.7 100,5 100,5 100.5 Other textile products............................. 118.7 127,7 127,1 127.0 Transportation equip., R.R. rolling stock (Jan. 1961= 100)....................... 100.6 101.0 101.0 101.0 Fildes, Skins, Leather, and Products: H Le id a e th s e a r n .. d ... . s ... k .. i . n ... s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 0 0 3 , . 7 9 1 1 2 1 4 0 . . 9 9 1 11 2 1 5 . . 9 6 1 11 2 3 6 , . 3 5 Furn b itu le r s e : and Other Household Dura­ O Fo th o e tw r l e e a a r t . h .. e ... r . .. p .. r .. o .. d ... u .. c ... t . s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 0 0 9 3. , 9 0 1 1 1 0 0 9 . . 3 3 r ’■ l 1 1 0 3 9 . . 6 0 1 1 0 1 9 3 . , 3 5 C H o o m us m e e h r o c ld ia l f u fu rn rn itu itu re re ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 10 0 3 5 . . 2 6 1 10 0 3 6 , . 7 2 '1 1 0 0 6 3 . . 4 7 1 1 0 0 3 6. . 5 7 Fuels and Related Products, and Power: F H l o o u o s r e c h o o v ld e r a in p g p s li . a .. n .. c .. e ... s .. . . . . . . . . . . . . . . . . . . . . .. . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 9 9 0 . . 0 7 9 8 7 8 , , 5 6 '9 8 7 8 . . 3 6 9 8 7 8 . . 4 6 C Co o k a e l. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 0 8 7 . . 0 3 1 9 0 6 7 . . 6 3 1 '9 0 7 7 . . 3 3 1 9 0 7 7 . . 4 3 T O e th le e v r i s h io o n u , s e ra h d o i l o d s d , u a r n a d b l p e h g o o n o o d g s ra .. p ... h .. s .. . . . 1 8 0 7 4 . , 2 3 '10 8 5 4 . , 4 4 '1 '8 0 4 5 , . 5 5 1 8 0 4 6 . . 5 2 Gas fuels (Jan. 1958= 100).................... 123.1 125.3 '125.8 126.5 Electric power (Jan. 1958= 100).......... 101 .4 100,8 100.8 100.8 Nonmetailic Mineral Products: Petroleum products, refined.................. 93,3 96.4 96.6 98.1 Flat glass..................................................... 103,1 99.9 99.9 99.9 Chemicals and Allied Products: Concrete ingredients................................ 102.9 103.2 103.4 103.7 Concrete products.................................... 101,1 101,6 101 .6 101.8 Industrial chemicals................................. 94.1 95.0 '95.4 95.5 Structural clay products. .................. 104,7 105,4 105.4 105.4 Prepared paint........................................... 104.9 105.7 105.9 105.9 Gypsum products...................................... 108.6 99.9 '99.1 98.6 Paint materials........................................... 91.3 89.2 89,7 89.0 Asphalt roofing.......................................... 91.2 95,0 '94,6 94.6 Drugs and pharmaceuticals................... 94.7 93.9 '94,1 94.7 Other nonmetailic minerals........... 101.5 101.3 '101,1 101.0 Fats and oils, inedible............................. 112.6 108.4 ’’110.1 106.7 M Fe ix rt e il d iz e fe r r m til a iz t e er r i s a . l . s ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 0 0 4 0 . . 5 7 1 10 0 2 5 . . 5 9 1 10 0 5 3 . . 9 4 1 10 0 3 5 . . 8 2 Toba a c g c e o s . Products and Bottled Be ver- Other chemicals and products.............. 99,4 99.9 100.0 100.1 Rubber and Products: T A o lc b o a h c o co li c p b ro ev d e u r c a t g s e .. s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 0 0 6 0 . , 1 5 1 1 0 0 6 0 . . 1 9 1 1 0 0 6 0 . . 1 9 1 1 0 06 0 . . 1 9 Crude rubber............................................. 92.1 88.7 89.0 89.3 Nonalcoholic beverages.......................... 128.1 128.5 128.5 128.5 Tires and tubes.......................................... 88.0 91.1 91.1 91.1 Miscellaneous rubber products............ 96.5 97.5 97.6 97.7 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms... . 101.2 103.0 '102.9 102.8 Manufactured animal feeds.................. 112.4 116.8 116.2 119,8 Lumber.................................................... 99.2 103.1 403.0 102,9 Notions and accessories.......................... 99.1 99.1 99.1 99.1 Millwork..................................................... 109.0 107.8 107.8 107.8 Jewelry, watches, photo equipment,.. 103.9 105.1 105,1 105.1 Plywood........................................................ 90.7 93.3 '91.6 91.8 Other miscellaneous products.............. 103,2 104.6 104,0 104.2 Note.—Bureau of Labor Statistics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

104 NATIONAL PRODUCT AND INCOME JANUARY 1966 GROSS NATIONAL PRODUCT (In billions of dollars) 1964 1965 Item 1929 1933 1941 1950 1960 1961 1962 1963 1964 III IV I ' II ' III r Gross national product........................................... 103.1 55.6 124.5 284.8 503.8 520.1 560.3 589.2 628.7 634.8 641.1 657.6 668.8 681.5 final purchases........................................... 101.4 57.2 120.1 278.0 500,2 518.1 554.3 583.5 623.9 631.0 633.6 648.8 662.4 673.9 Personal consumption expenditures.................... 77.2 45.8 80.6 191.0 325.2 335.2 355.1 373.8 398.9 404.6 405.9 416.9 424.5 432.5 Durable goods.............................................. 9.2 3.5 9.6 30.5 45.3 44.2 49.5 53.4 58.7 60.5 57.9 64.6 63.5 65 4 Nondurable goods............................................. 37.7 22.3 42.9 98.1 151.3 155.9 162.6 168.0 177.5 179.8 180.9 182.8 187.9 190*5 Services..... .......................... 30.3 20.1 28.1 62.4 128.7 135.1 143.0 152.3 162.6 164.3 167.1 169.5 173 1 176.7 Gross private domestic investment...................... 16.2 1.4 17.9 54.1 74.8 71.7 83.0 86.9 92.9 92.6 97.7 103.4 102.8 106.2 fixed investment....................... 14.5 3.0 13.4 47.3 71.3 69.7 77.0 81.2 88.1 88.8 90.2 94.6 96.4 98.6 N(presidential........................ 10.6 2.4 9.5 27.9 48.4 47.0 51.7 54.3 60.5 61.6 63,5 66.9 68.4 70.9 Structures..................................................... 5.0 .9 2.9 9.2 18.1 18.4 19.2 19.7 21.1 ?1,1 21.5 23.2 24.5 24.2 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 43.7 43.9 46.7 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 27.7 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 27.1 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 8.8 6.4 7 6 Nonfarm............................................................ 1.8 -1.4 4.0 6.0 3.3 1.7 5.3 4.9 5.4 4.6 7.8 9.2 6.6 7^0 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 6.0 8.0 7 4 Exports................................................................... 7.0 2.4 5.9 13.8 27.2 28.6 30.3 32.4 37.0 37.3 38.4 34.7 40.4 40.1 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 32.4 32.7 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 99.6 107.6 117.1 122.6 128.4 128.7 128.6 131.3 133.5 135.4 federal.. ................. .................... 1.3 2.0 16.9 18.4 53.5 57.4 63.4 64,4 65.3 64.9 64 3 64.9 65.7 66.5 National defense............................................. 13.8 14.1 44.9 47.8 51.6 50.8 49.9 49.5 48.8 48.8 49.2 49.8 Other................................................................... 3.1 4.3 8.6 9.6 11.8 13.6 15.4 15.4 15.5 16.1 16.5 16.7 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 66.4 67.8 68.9 Gross national product in constant (1958) dollars..................................................................... 203.6 141.5 263.7 355.3 487.8 497.3 530.0 550.0 577.6 582.6 584.7 597.7 603.5 613.0 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 r II r III ' National income........................................................ 86.8 40.3 104.2 241.1 414.5 427.3 457.7 481.1 514.4 519.5 526.3 540.6 549.5 557.9 Compensation of employees.................................. 51.1 29.5 64.8 154.6 294.2 302.6 323.6 341.0 365.3 369.0 375.4 382.4 387.9 393.7 Wages and salaries.............................................. 50.4 29.0 62.1 146.8 270.8 278.1 296.1 311.2 333.5 336.8 342.6 348.9 353.6 359.0 Private................................................................ 45.5 23.9 51.9 124.4 222.1 225.9 240.1 251.6 269.2 271.7 276.5 282.0 285.9 290.0 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 33.5 34.3 34.7 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 16.0 16.2 16.3 Other labor income........................................ .6 .4 .7 3.8 12.0 12.7 13.9 14.8 16.5 16.7 17.1 17.5 18.1 18.4 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 55.4 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 15.0 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 73.5 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 73.9 74,6 Profits tax liability.......................................... 1.4 .5 7.6 17.8 23.0 23.1 24.2 26.0 27.6 27.8 28.1 29.5 29.8 30.1 Profits after tax............................................... 8.6 .4 10.1 24.9 25.7 27.2 31.2 32.6 37.2 37.5 37.8 43.6 44.1 44.5 Dividends...................................................... 5.8 2.0 4.4 8.8 13.4 13.8 15.2 15.8 17.2 17.4 17.7 18.0 18.6 19.2 Undistributed profits................................ 2.8 -1.6 5.7 16.0 13.2 13.5 16.0 16.8 19.9 20.1 20.0 25.7 25.5 25.3 Inventory valuation adjustment.................... .5 -2.1 -2.5 -5.0 .2 -.1 .3 -.4 -.3 .2 -1.0 -1.4 -1.8 -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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 NATIONAL PRODUCT AND INCOME 105 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 r II ' III ' Gross national product........................................... 103.1 55.6 124.5 284.8 503.8 520.1 560.3 589.2 628.7 634.8 641.1 657.6 668.8 681 5 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 61.5 61.4 62.0 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 Statistical discrepancy............................... .7 .6 .4 1.5 -1.0 -.7 .5 -.7 -.5 -.7 -2.2 -3.1 -1.4 1.4 Plus: Subsidies less current surplus of gov­ ernment enterprises............... - J .1 .2 .2 1.4 1.4 .7 1.2 1.3 1.5 1.4 1.3 1.2 Equals: National income........................................ 86.8 40.3 104.2 241.1 414.5 427.3 457.7 481.1 514.4 519.5 526.3 540.6 549.5 557.9 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 73.5 Contributions for social insurance.... .2 .3 2.8 6.9 20.7 21.4 24.0 26.8 27.8 28.0 28.4 28.9 29.2 29.6 Excess of wage accruals over disburse­ ments...................................................... .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 18.0 18.6 19.2 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 Equals: Personal income........................................ 85.9 47.0 96.0 227.6 401.0 416.8 442.6 464.8 495.0 499.1 507.1 516.2 524.7 536.0 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 66.2 64.8 Equals: Disposable personal income.................. 83.3 45.5 92.7 206.9 350.0 364.4 385.3 403.8 435.8 440.3 446.4 451.4 458.5 471.2 Less: Personal outlays.......................................... 79.1 46.5 81.7 193.9 333.0 343.2 363.7 383.4 409.5 415.3 416.9 428.1 436.1 444.4 Personal consumption expenditures.. 77.2 45.8 80.6 191 .0 325.2 335.2 355.1 373.8 398,9 404,6 405.9 416.9 424.5 432.5 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 23.3 22.4 26.8 Disposable personal income in constant (1958) dollars..................................................................... 150.6 112.2 190.3 249.6 340.2 350.7 367.6 380.6 406.5 410.7 414.5 418.1 421.8 432.4 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.’’ Total personal income.............................. 464.8 495.0 506.6 512.0 1515.8 515.7 518.4 520.7 525.3 528.8 530.5 532.0 545.7 541.2 545.6 Wage and salary disbursements............ 311.2 333.5 342.6 346.2 347.2 349.8 352.2 352.7 355.2 356.9 359.2 360.7 363.3 366.9 370.0 Commodity-producing industries... 125.7 133.9 137,4 139.8 140.3 141.4 142.6 142,3 143.3 144.2 145.1 145.8 146.0 147.4 149.1 Manufacturing only.......................... 100.6 107.2 110.1 111.9 112.6 113.6 114.6 114.4 115.0 115.7 116.7 117,3 117.6 118.8 120.2 Distributive industries......................... 76.0 81.1 83.3 83.8 84.0 84.9 85.8 85.8 86.5 86.7 87.2 87.5 87.8 88.3 88.6 Service industries.................................. 49.9 54.1 55.8 56.2 56.4 56.7 56.9 57.2 57.7 57.9 58.5 58,8 59.2 59.8 60.2 Government........................................... 59.6 64.3 66.1 66.4 66.6 66.8 67.0 67.4 67.7 68.0 68.3 68.7 70.2 71.3 72.0 Other labor income.................................. 14.8 16.5 17.1 17.1 17,2 17.3 17.4 17.4 17.5 17.6 17.7 17,7 17.7 17.8 18.0 Proprietors’ income.................................. 50.8 51.1 51.8 52.3 52.2 51.9 51.8 52.9 54.8 56.0 54.9 54.4 54.5 55.2 55.8 Business and professional.................. 37.8 39.1 39.6 39.9 39.8 39.9 40.1 40.0 40.1 40.1 40.3 40.4 40.5 40.6 40.7 Farm......................................................... 13.0 12.0 12,2 12.4 12.4 12.0 11.7 12.9 14.7 15.9 14.6 14.0 14.0 14.6 15.1 Rental income............................................. 17.6 18.2 18.5 18.5 18.5 18.5 18.5 18.6 18.6 18.6 18.6 18.6 18.6 18.7 18.7 Dividends..................................................... 15.8 17.2 17.7 18.1 17.8 17.8 17.8 18.0 18.1 18.6 18.5 18,6 18.8 19.0 19.1 Personal interest income................ 31.1 34.3 35.2 35.5 35.7 36.0 36.2 36.5 36.7 37,0 37.2 37,5 37.7 37.9 38.2 Transfer payments................................... 35,2 36.6 36,5 37.0 140.1 37.4 37.6 37.8 37.4 37.2 37.6 37.7 48.4 39.2 39.4 Less: Personal contributions for social insurance................................. 11.8 12.4 12.7 12.8 13.0 13.0 13.1 13,1 13.1 13.2 13.3 13.4 13.4 13.5 13.6 Nonagricultural income........................... 447.4 478.7 490.4 495.3 1499.1 499.5 502.7 503.4 506.1 508.5 511.4 513.6 527.5 522.3 526.1 Agriculture income.................................... 17.4 16.3 16.3 16.6 16.7 16.2 15.7 17.2 19.2 20.4 19.1 18.1 18.2 19.0 19.5 1 Includes stepped-up rate of Govt, life insurance dividend payments Note.—Dept, of Commerce seasonally adjusted monthly totals at to veterans in the amount of $2.4 billion. annual rates. See also Note to table at top of previous page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR THIRD QUARTER, 1965—SEASONALLY ADJUSTED ANNUAL RATES (In billions of dollars) O Ch Private domestic nonfinancial sectors Financial sectors Rest of State U.S. the AU Natl. Sector H h o o u ld s s e­ B n u es s s i­ a g n o d v lo ts c . al Total Govt. Total Mo a n u e th ta . ry C ba o n m ks l. N f o in n a b n a c n e k world sectors Di a s n c c re y p­ and s a i v n in ve g st­ ment 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................................. .......... 107.4 .......... 70.1 .......... —2.1 .......... 175.3 .......... -4.5 .......... 3.7 *........... 2.1 .......... 1.5 .......... -4.6 .......... 176.0 -1.6 174.6.......... I 7 (Capital consumption............ .......... 59.8 .......... 49.7 .......... 109 4 .... 9 ........ 4 5 . . 110 3 110.3.......... 2 3 Net saving (1 —2)................. .......... 47.6 .......... 20.4 .......... —2.1 .......... 65 9 .......... -4.5 .......... 2.8 * .......... 1.7.......... 10 .......... —4.6 .......... 59.6 64.2.......... 3 4 Gross investment (5+10)......... IK. 6.......... 67.1.......... -3.0.......... 180.8 .......... -7.0.......... 3.9.......... .1.......... 1.2.......... 2.7.......... -3.6.......... 174.1 .......... -2.6 175.2.......... 4 5 Private cap. expend., net..... 89.7.......... 81.1.......... 170.8 .......... .8.......... .4.......... .4.......... 171.5 ........... 171.5.......... 5 6 Consumer durables.............. 65.4.......... 65.4.......... 65.4.......... 6 7 Residential constr.................. 20.1.......... 7.0 27.1 .. . 27 1........... 27.1.......... 7 R Plant and equipment........... 4 2.......... 66.5.......... 70 7 ........ 8.......... 4.......... 4 71 5.......... 71.5.......... 8 9 Inventory change.................. 7.6.......... 7.6.......... 7.6.......... 7.6.......... 9 10 Net financial invest. (11—12). 27.0.......... -13.9.......... -3.0.......... 10.1.......... -7.0.......... 3.2.......... .1.......... .8.......... 2.3.......... -3.6.......... 2.6.......... -2.6 3.6.......... 10 11 Financial uses, net..................... 53.7.......... 23.4.......... 6.4.......... 83.5.......... -10.9.......... 45.5.......... 3.6.......... 14.1.......... 27.8 . .3 118.5 .......... 4.0.......... 11 12 Financial sources........................ .......... 26.7 .......... 37.3 .......... 9.4 .......... 73.5 .......... -3.8 .......... 42.4 .......... 3.5 .......... 13.3 .......... 25.5 .......... 4.0 ........ 116.0 -J.......... 12 17 Gold & off. U.S. fgn. exch.. —1 5 ... 1.3.......... 1.3.......... .5 .3 .3 .3 ...................... 13 14 Treasury currency................ .... 2 .3.......... .3.......... .3 .2 -.1... ...................... 14 15 Dem dep and currency... ......................7 .......... 5.1 .......... -4 4 -6.5 .7 ...................... 15 16 Private domestic............... 11.3.......... —5.6.......... — .5.......... 5.2.......... .9 12.1 .......... 3.2 .......... 8.8 9.......... 6.1 12.1 5.9 ...................... 16 17 U.S Govt............................. — 14 6.......... .......... -13.3 .......... 1.7 ..........-15.0 -14.6 -13.3 1.3 ...................... 17 18 Foreign................................ .......... 1.9 ......................I .......... 1.8 1.9................................1 .9 ...................... 18 19 Time and svgs. accounts... 27.3.......... 35.2.......... -.3 34.8 -.3.......... .......... 34.8 ...................... 19 20 At coml. banks.................. 14.2.......... 3.8.......... 4.1.......... 22.2.......... * .......... 22.0 ........... 22.0 —. 1 . 22 0 ...................... 20 21 At svgs. instit...................... 13.1.......... 13.1.......... -.3 12.8 -.3 12.8 .......... 12.8 ..................... 21 22 Life insur. reserves................ 4.1.......... 4.1.......... .......... 4.1 .......... 4 1 .......... 4.1 ...................... 22 23 Pension fund reserves........... 13.0.......... .......... 4 3 13.0 4.3 .......... 7.1 .. 7 1 . 13 0 ...................... 23 24 Consol, bank items1............. -2.3 -2.3 -1.0 -1.3 -1.3 -1.0 -2.3 -2.3 ...................... 24 25 Credit mkt. instr.......... .7 26.3 6.2 28.7 2.7 5.0 9.6 60.0 2.6 -7.0 52.7 8.1 3.0.......... 23.3 .1 26.4 8.0 -2.5 1.1 62.3 62.2 .............................................. 25 26 U.S. Govt, securities .... -.1.......... 3.4.......... -2.6.......... .7....... .......... -7 9 -6.9.......... 3 0.......... -5.1.......... -47.. -1 7.......... . .. —7 9 ...................... 26 27 State and local oblig........ .1.......... -.6 5.0 -.5 5.0 5.5.......... 6.1.......... — 6 . . 5.0 ...................... 27 28 Corp, and foreign bonds. 2.0.......... .......... 8.3 5.5.......... 7.5 8.3 3.4 1.6 .......... 1 3.4 1.5 -.1 .9 10 8 ...................... 28 79 Corp stocks. ................... - 6........ .......... —.2 -.6 -.2 3.2 2.2 3.2 2.2 -.9 -.3 i 7 29 30 1- to 4-family mortgages. -.6 15.2.......................1 .4.......... -.2 15.2 .2.......... 15.0 -.3 2.9.......... 12.0 -.3 .......... 15 0 ...................... 30 31 Other mortgages................ .......... 10 .......... 9 6 .......... 10 6 10 1.......... 3.0.......... 7.1 . 10 6 ...................... §i 32 Consumer credit................ .......... 8.8 1.2.......... 1.2 8.8 7.6.......... 4.8.......... 2 8... 8 8 ...................... 32 33 Bank loans n.e.c................ ......................7.......... 7.2 .......... 7 9 10.6 2.0 ♦ 10.6.......... .......... 2 0 .......... 6 .......... 16 6 ...................... 33 34 Other loans......................... 1.5 3.7 ♦ 1.5 4.4 1.9 .9 4.2 2.5 * 1.0.......... 3.1 2.5 .1 -.1 7.7 7.7 * ...................... 34 35 Open market paper. .. 1.5 .6 1.5 .6 .2 1.8 * ♦ .1 1.8 .1 -.6 1 8 .................. 35 36 Federal loans................. .....................6 * ......................7 1.9.......... ......................7 ......................7......................5 .......... 19 ...................... 36 37 Security credit.. . . ... . 1.2 .1 1.2 .1 -10.1 -9.0 -9 7........-.5 -9.0 * — 8 9 ...................... 37 38 To brkrs. and dealers.... 1.2.......... 1.2.......... -10.3 -9.0 -10 3.......... .1 -9.0 -9 0 ..... 38 39 To others.............................. ......................1 ......................1 .1.......... 6.......... - 5 ... * . . 1 ...................... 39 40 Taxes payable.......................... .......... 1.9 .1.......... .1 1.9 1.1.......... .......... —.1 ........... —.2.......... 1 1.1 1.8 .7 ...................... 40 41 Trade credit............................ ......................1 9.2 7.7 .......................1 9.2 7.9 .8 1.2 .2.......... 2.......... 10.1 9.1 -1.0 .......... . 41 42 Equity in noncorp, business. -4 2.......... .......... -4.2 -4.2 -4.2 .... -42 ...................... 42 43 Mise, financial trans.............. .2 .2 9.9 3.3 10.1 3.5 .8 .1 3.0 -1.0 .......... -.3 1.8 -3.1 1.2 2.5 .6 2.5 14.4 5.1 -9.3 ...................... 43 44 Sector discrepancies (1 —4)... -9.3.......... 3.0.......... .8.......... -5.5.......... 2.6.......... -.2.......... * ... .9.......... -1.2.......... -1.0.....-...4...1.......... -4.1 -.6...... 44 i Claims between commercial banks and monetary authorities: member bank reserves, vault cash, F.R. Ioans to banks, F.R. float, and stock at F.R. banks. FLOW OF FUNDS JANUARY 1966 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 FLOW OF FUNDS 107 2. SAVINGS, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1963 1964 1965 Transaction category, or sector 1960 1961 1962 1963 1964 III IV I II III IV Ir ID III I. Saving and investment 1 Gross national saving............................ 122.9 119.7 134.5 144.1 158.0 145.7 152.0 153.2 155.0 159.7 164.0 174.6 m.i 174.6 i 2 Households.......................................... 72.0 75.8 82.1 85.9 98.4 85.9 91.8 93.4 99.5 99.3 101.3 102.3 101.0 107.4 2 3 Farm and noncorp, business......... 12.5 12.6 13.1 13.4 13.9 13.5 13.6 13.8 13.9 14.0 14.1 14.2 14,4 14.5 3 4 Corporate nonfin. business............ 34.4 35.6 41.8 44.3 49.4 45.5 45.2 48.7 49.3 50.2 49.4 55.1 54.7 55.6 4 5 U.S. Government............................. 2.5 -4.8 -4.8 -1.0 -5.0 -.6 -.1 -3.9 -8.9 -5.1 -2.3 2.3 1.9 -4.5 5 6 State and local govt.......................... -1.9 -2.9 -1.4 -1.8 -2.1 -1.8 -1.8 -2.2 -2.2 -2.0 -1.9 -2.9 -3.1 -2.1 6 7 Financial sectors............................... 3.3 3.3 3.8 3.2 3.4 3.1 3.2 3.5 3.4 3.4 3.3 3.6 3.8 3.7 7 8 Gross national investment.................... 120.9 117.9 133.8 143.1 156.3 143.7 152.3 152.1 154.3 158.4 160.4 171.2 170.9 175.2 8 9 Consumer durable goods............... 45.3 44.2 49.5 53.4 58.7 54.1 54.9 57.4 59.1 60.5 57.9 64.6 63.5 65,4 9 10 Business inventories............ 3.6 2.0 6.0 5.7 4.8 5,8 8.1 3.3 4.2 4.0 7.7 8.9 6.4 7.6 10 11 Gross pvt. fixed investment........... 71.3 69.7 77.0 81.2 88.1 82.0 84.3 86.5 86.8 88,8 90.2 94.6 96.3 98.6 11 12 Households..................................... 23.0 20.9 22.2 22.6 23.5 22.7 23.2 23.8 23.7 23.6 23.0 22.8 24.3 24.3 12 13 Nonfinan. business....................... 47.7 48.1 54.2 57.6 63.7 58.2 60.0 61.8 62,2 64.4 66.3 70.9 71 .2 73.5 13 14 Financial sectors........................... .5 .7 .6 1.0 .9 1.1 1.1 .9 .9 ,9 .8 .9 .9 .8 14 15 Net financial investment................. .7 2.0 1.3 2.8 4.7 1.9 5.0 4.9 4.2 5.1 4.6 3.2 4.7 3.6 15 16 Discrepancy (1-8).................................. 2.0 1.8 .7 1.0 1.6 1.9 -.3 1.1 .7 1.3 3.6 3.4 1.8 -.6 16 II. Financial flows—Summary 17 Net funds raised—Nonfinan. sectors. 33.1 44.3 54.3 58.2 67.1 49.7 63.0 58.7 75.1 63.9 70.5 75.9 69,7 54.2 17 18 Loans and short-term securities.... 15.1 16.4 15.5 18.8 27.1 1.5 27.9 24.3 28.6 15.6 39.8 44.5 29.7 11.5 18 19 Long-term securities and mtgs...... 18.0 27.9 38.8 39.3 40.0 48.2 35.0 34.5 46.5 48.4 30.7 31.4 40.1 42.7 19 By sector 20 U.S. Government.................................. -2.0 7.6 7.8 5.0 6.7 -2.9 5.9 7.6 5.6 8.7 5.0 7.1 -1.1 -7.0 20 21 Short-term mkt. securities............. 3.1 8.8 ■ 5, 1.4 4.0-13.5 5.2 9.1 -1.0 -3.7 11.4 12.7 -.5 -11.1 21 22 Other securities................................. -5.6 -1.4 6.8 3.8 2.2 11.4 1.3 -.5 4.9 11.4 -7.0 -6.2 -.3 3.2 22 23 Loan participation certs.................. .5 .3 .5 -.2 .5 -.7 -.5 — 1.1 1.7 .9 .6 - .2 -.3 .9 23 24 Foreign borrowers................... 2.0 2.8 2.3 3.3 4.6 1.6 3.2 3.9 4.9 2.6 7.1 5.4 1.8 1.1 24 25 Loans. ................................................. 1.4 2.0 1.2 2.2 3.9 1.1 3.4 3.9 4.0 2.6 5.0 4.2 1.0 .5 25 26 Securities.............................................. .6 .8 1.0 1.0 .7 .5 -.2 ♦ .9 2.0 1.2 .8 .6 26 27 Pvt. domestic nonfin. sectors............. 33.0 33.9 44.2 49.9 55.8 51.0 53.9 47.2 64.6 52.7 58.5 63.4 69.0 60.0 27 28 Loans................................................... 10.1 5.4 13.3 15.5 18.7 14.6 19.9 12.2 23.9 15.7 22.8 26.9 29.4 21.1 28 29 Consumer credit.................... 4.5 1.7 5.5 6.7 6.9 6.9 6.6 7.4 7.2 7.1 6.0 9.6 8.7 8.8 29 30 Bank loans n.e.c............................. 2.9 2.2 4.8 6.0 7.6 4.3 11.5 2.7 9.7 4.7 13.2 14.5 14.1 7.9 30 31 Other loans...................................... 2.8 1.6 3,0 2.7 4.1 3.4 1.8 2.1 7.0 4.0 3.5 2.8 6.6 4.4 31 32 Securities and mortgages................ 22.9 28.6 31.0 34.4 37.1 36.4 34.0 35.0 40.7 37.0 35.7 36.4 39.5 38.9 32 33 State and local obligations......... 3.6 4.9 5.0 6.7 5.9 7.0 7.1 4.2 6.4 6,0 6.8 7.1 7.5 5.0 33 34 Corporate securities...................... 5.0 7.1 5.1 3.6 5.4 4.0 2.2 6.2 7.1 5.3 2.9 4.6 6.7 8.1 34 35 J- to 4-family mortgages............ JO.5 11.4 13.0 15.2 15.8 16.0 15.2 15.6 16.3 15.8 15.4 15.4 15.1 15.2 35 36 Other mortgages..................... 3.8 5.1 7.9 9.0 10.1 9.5 9.4 8.9 10.9 9.9 10.6 9.4 10.3 10.6 36 37 Net sources of credit (= 17)............... 33.1 44.3 54.3 58.2 67.1 49.7 63.0 58.7 75.1 63.9 70.5 75.9 69.7 54.2 37 38 Chg. in U.S. Govt, cash balance.. .9 1.3 -.3 .2 -4.9 -.8 3.6 -.9 -1.1 -.9 5.4 2.2 -13.3 38 39 U.S. Govt, lending........................... 2.3 2.8 3.5 2.7 3.8 3.7 4.1 3.4 4.9 3.4 3.6 4.9 6.7 2.6 39 40 Foreign funds..................................... 3.4 2.5 2.8 2.3 2.4 -1.0 .3 1.7 3.3 1.0 3.8 3.4 3.5 -.3 40 41 Pvt. instir. & pension reserves... . 8.2 8.7 9.0 10.2 11.2 11.2 9.7 11.0 12.1 10.2 11.6 11.0 11.5 11.2 41 42 Sources n.e.c........................................ 4.4 3.7 3.2 4.2 5.4 3.0 1.2 4.1 6.4 4.2 6.8 8.0 4.0 -3.2 42 43 Pvt. domestic nonfin. sectors........ 13.9 26.6 34.5 39.2 44,1 37.7 48.5 35.0 49.4 46.3 45.6 43.2 41.9 57.1 43 44 Liquid assets.................................. 9.3 24.9 31 .5 37.3 33.0 32.7 48.3 27.5 29.3 31.5 43.6 37.8 31,9 49.8 44 45 Deposits.................................. 13.7 24.0 30.1 34.2 35.4 32,1 42.3 25.3 31.9 38.1 46.2 34.0 30,0 46.4 45 46 Demand dep. and currency -1.3 3.8 2.1 5.7 6.5 5.0 11.9 -1.0 5.6 9.1 12.5 -1.0 2.5 11.2 46 47 Time and svgs. accounts... 15.1 20.2 28.1 28.5 28.8 27.1 30.4 26.2 26.3 29.0 33.7 34.9 27,5 35.2 47 48 At commercial banks.... 5.4 9.0 15,0 13.4 13.1 13,1 15.4 11.5 10.6 12,2 18.1 21.9 15.2 22.2 48 49 A t savings instit................ 9.6 11.2 13.0 15.1 15.7 14.0 15.0 14.7 15.7 16.8 15.6 13.0 12.3 13.1 49 50 Short-term U.S. Govt. sec... -4.4 1.0 1.4 3.1 -2.4 .6 6.0 2.2 -2.6 -6.6 -2.6 3.9 1.9 3.4 50 51 Other U.S. Govt, securities.... -.7 -1.3 .5 1.6 3.3 5.2 .3 2.4 6.8 6.6 -2.5 1.3 4.5 -2.7 51 52 Pvt. credit mkt. instruments. . . 4.9 4.2 2.3 2.2 7.7 1.7 2.7 5.2 13.1 6.7 5.5 4.2 4.9 8.9 52 53 Less security debt......................... -.3 1.3 -.2 2.0 -.2 1.9 2.8 -.2 -1.5 1.1 .2 -.6 -1.2 53 54 Memo: Total U.S. Govt, sec............. -5.1 -.3 1.9 4.7 .9 5.8 6.3 4.6 4.2 * -5.0 5.2 6.4 .7 54 III. Direct lending in credit markets 55 Total funds raised.................................. 33.1 44.3 54.3 58.2 67.1 49.7 63.0 58.7 75.1 63.9 70.5 75.9 69.7 54.2 55 56 Less change in U.S. Govt, cash .... .9 * 1.3 -.3 .2 -4.9 -.8 3.6 -.9 -1.1 -.9 5.4 2.2 -13.3 56 57 Total net of U.S. Govt. cash....... 32.2 44.3 53.0 58.5 66.9 54.6 63.8 55.2 76.0 65.1 71.4 70.5 67.5 67.5 57 58 Funds supplied directly to cr. mkts.. 32.2 44.3 53.0 58.5 66.9 54.6 63.8 55.2 76.0 65.1 71.4 70.5 67.5 67.5 58 59 Federal Reserve System................. .8 1.5 1.9 2.6 3.2 1.4 4.5 3.2 1.0 2.1 6.4 4.1 3.8 1.3 59 60 Total................................................. .7 1.5 2.0 2.9 3.4 2.3 4.0 2.9 1.6 2.5 6.6 4.5 3.2 3.0 60 61 Less change in U.S. Govt. cash. * * .1 .3 .2 .8 -.5 -.3 .5 .4 .1 .4 -.6 1.7 61 62 Commercial banks, net................... 8.0 15.5 18.1 19.5 21.7 17.3 23.5 12.7 22.3 21.1 30.7 25.7 19.6 28.6 62 63 Total................................................ 9.0 15.7 19.5 19. 1 22.2 11.7 24.1 17.4 21.3 20.2 30.0 31,2 24.5 13.6 63 64 Less chg. in U.S. Govt. cash... .9 1.2 -.6 -5.7 -.3 3.8 -1.4 -1.5 -1.1 5.0 2.8 -15,0 64 65 Security issues........................... .1 .2 .1 .3 .6 .1 .9 .9 .5 .6 .4 .5 2.0 .1 65 66 Nonbank finance, net...................... 19.8 21.3 24.0 28.1 29.2 28.9 26.2 27.6 28.2 31.4 29.7 27.9 25.0 26.9 66 67 Total................................................. 22.1 23.7 28.7 34.5 33.6 39.0 31.1 32.2 38.4 32.9 31.0 35.4 36.3 23.6 67 68 Less credit raised........................... 2.4 2.5 4.7 6.4 4.4 10.0 4.9 4.7 10.2 1.5 1.4 7.4 IL3 -3.3 68 69 U.S. Government.............................. 2.3 2.8 3.5 2.7 3.8 3.7 4.1 3.4 4.9 3.4 3.6 4.9 6.7 2.6 69 70 Foreign................................................. 1.2 .6 1.2 .8 .4 -2.2 -.6 -1.3 2.3 -1.0 1.8 -1.3 .7 -2.5 70 71 Pvt. domestic nonfin........................ .2 2.6 4.4 4.9 8.7 5.6 6.2 9.8 17.5 8.2 -.6 9.2 11.9 10.7 71 72 Households..................................... 1.1 .7 -1.7 1.3 3.5 2.4 5.8 2.7 9.2 1.2 .9 1.4 6.8 .7 72 73 Business............................................ -4.6 . J 2.3 2.1 1.3 2.0 .6 1.7 2.0 2.6 -1.1 -3.3 -4.0 6.2 73 74 State and local govts.................... 3.3 3.2 3.6 3.5 3.7 3.1 2.5 5.4 6.1 2.8 .6 11.3 8.4 2.7 74 75 Less net security credit................ -.3 1.3 -.2 2.0 -.2 1.9 2.8 * -.2 -1.5 LI .2 -.6 -1.2 75 Note.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see second page following. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

108 FLOW OF FUNDS JANUARY 1966 3. PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1963 1964 1965 Transaction category, or sector 1960 1961 1962 1963 1964 III IV I II III IV F If III I. Demand deposits and currency 1 Net incr. in banking system liability.. .1 5.6 4.5 5.6 7.4 .2 11.2 3.9 5.6 8.2 12.0 4.9 4.4 .7 1 2 U.S. Govt, deposits.......................... .9 1.3 -.3 .2 -4.9 -.8 3.6 -.9 -1.1 -.9 5.4 2.2 -13.3 2 3 Other...................................................... -.7 5.6 3.2 5.9 7.3 5.1 12.0 .3 6.5 9.3 13.0 -.5 2.2 14.0 3 4 Domestic sectors........................... -.8 4.8 3.1 5.9 6.8 5.4 12.1 -1.0 6.7 8.3 13.2 -1.2 3.0 12.1 4 5 Households................................. -.9 .8 4.1 5.3 7.4 6.7 6.8 10.6 3.4 2.8 13.1 11.7 3.8 11.3 5 6 Nonfinancial business............. -1.0 1.7 -2.3 -1.9 -2.6 -1.1 -.8 -7.2 2.1 2.1 -7.5 -4.7 -3.3 -5.6 6 7 State and local govts............... -1.1 .3 .9 2.0 .7 -.1 7.8 -1.7 -2.3 1.4 5.6 -5.6 1.9 -.5 7 8 Financial sectors...................... .5 1.1 1.0 .2 .2 .4 .2 -.1 1.1 -.8 .7 -.3 .5 .9 8 9 Mail float............................... 1.7 1.0 -.6 .3 1.0 -.4 -1.9 -2.7 2.4 2.8 1.3 -2.4 5.9 9 10 Rest of the world.............................. .1 .7 .1 .1 .5 -.3 -.1 1.4 -.2 1.0 -.3 .7 -.8 1.9 10 II. Time and savings accounts 11 Net increase—Total............................... 15.3 20.7 28.7 29.5 30.4 27.7 31.3 27.9 28.0 30.0 35.7 35.5 28.6 34.8 11 12 At commercial banks—Total........... 5.8 9.4 15.6 14.3 14.6 13.8 16.2 13.1 12.1 13.3 19.9 22.6 16.7 22.0 12 13 Corporate business........................... 1.3 1.9 3.7 3.9 3.2 3.2 5.2 6.4 1.4 1.5 3.4 8.3 6.8 3.8 13 14 State and local govts........................ 1.4 .9 1.0 1.6 1.7 1.4 2.2 .3 1.1 2.2 3.3 2.1 .5 4.1 14 15 Foreign depositors............................ .3 .3 .6 1.0 1.4 .8 .8 1.5 1.5 1.0 1.6 .6 1.3 -.1 15 16 Households.......................................... 2.8 6.2 10.3 7.9 8.2 8.5 8.0 4.9 8.1 8.5 11.4 11.5 7.9 14.2 16 17 At savings institutions......................... 9.5 11.3 13.1 15.2 15.8 13.9 15.1 14.8 15.8 16.7 15.8 12.9 11.9 12.8 17 18 Memo: Households total.................... 12.4 17.4 23.4 23.0 23.9 22.5 23.0 19.6 23.8 25.4 27.0 24.5 20.2 27.3 18 III. U.S. Govt, securities 19 Total net issues....................................... -2.5 7.3 7.3 5.2 6.2 -2.1 6.4 8.7 3.9 7.7 4.4 7.3 -.8 -7.9 19 20 Short-term marketable.................... 3.1 8.8 .5 1.4 4.0 -13.5 5.2 9.1 -1.0 -3.7 11.4 12.7 -.5 -11.1 20 21 Other...................................................... -5.6 -1.4 6.8 3.8 2.2 11.4 1.3 -.5 4.9 11.4 -7.0 -6.2 -.3 3.2 21 22 Net acquisitions, by sector.................. -2.5 7.3 7.3 5.2 6.2 -2.1 6.4 8.7 3.9 7.7 4.4 7.3 -.7 -7.9 22 23 Federal Reserve System.................. .7 1.5 1.9 2.8 3.5 2.2 3.5 3.2 1.8 2.4 6.3 4.3 3.6 3.0 23 24 Short-term....................................... -1.0 -1.1 2.0 4.9 2.1 -1.0 .3 3.5 -2.3 5.1 1 2.2 15.5 6.9 -2.9 24 25 Commercial banks............................ 1.7 5.4 .8 -2.6 -.5 -10.1 -1.1 1.0 -6.6 2.7 .9 -2.1 -10.5 -5.1 25 26 Short-term direct........................... 7.0 9.3 -5.2 -3.7 3.9 -10.8 3.1 5.4 1.4 -.5 9.2 -1.9 -7.7 -5.9 26 27 Other direct.................................... -5.2 -4.1 5.2 .5 -4.1 -5.4 -2.7 -9.0 3.8 -8.6 -3.5 .3 27 28 Nonguarantced.............................. -.1 .3 .8 .5 -.2 .7 1.1 -1.7 1.1 -.6 .3 -.1 .8 .5 28 29 Nonbank finance............................... -.3 .4 1.5 -.3 1.8 2.3 -2.6 1.7 3.5 2.8 -.7 2.5 -1.2 -4.7 39 30 Short-term direct........................... 1.1 1.1 .7 -1.1 1.1 1.2 -2.2 .4 2.8 .3 .8 -.5 -1.0 -2,8 30 31 Other direct.................................... -1.7 -.8 .6 .6 .5 .5 -.7 1.3 .3 2.2 -1.9 3.0 -.9 -2.1 31 32 Nonguaranteed............................. .3 .1 .2 .3 .3 .6 .3 .4 .3 .4 -.1 .7 .2 32 33 Foreign................................................. .5 .4 1.2 .6 .4 -2.3 .3 -1.8 1.0 -.2 2.7 -2.6 .9 -1.7 33 34 Short-term...................................... .2 -.7 2.0 -.7 .2 -2.5 -.9 — 1.6 .7 -1.1 2.8 -2.6 -.1 -2.4 34 35 Pvt. domestic nonfinan. sectors... -5.1 -.3 1.9 4.7 .9 5.8 6.3 4.6 4.2 -5.0 5.2 6.4 .7 35 36 Short-term direct........................... -4.2 .2 1.0 1.9 -3.3 -.4 4.8 1.4 -3.6 -7.5 -3.6 3.0 1.5 2.9 36 37 Other direct.................................... -.4 -1.6 -.1 .9 2.9 3.7 -1,6 2.9 5.2 5.7 -2.3 .7 1.2 -4,0 37 38 Nonguaranteed.............................. -.2 .3 .6 .8 .4 1.6 1.9 -.5 1.5 .8 -.2 .6 3.3 1.3 38 39 Savings bonds—Households .. . -.3 .8 .4 1.2 .9 1.1 1.2 .8 .9 .8 1.0 .8 .4 .5 39 IV. Other securities 40 Total net issues, by sector................... 10.9 13.6 11.6 13.1 14.6 13.2 12.1 13.4 17.3 13.9 13.9 14.9 18.9 15.3 40 41 State and local govts........................ 3.6 4.9 5.0 6.7 5.9 7.0 7.1 4.2 6.4 6.0 6.8 7.1 7.5 5.0 41 42 Nonfinancial corporations............. 5.0 7.1 5.1 3.6 5.4 4.0 2.2 6.2 7.1 5.3 2.9 4.6 6.7 8.1 42 43 Commercial banks............................ .1 .2 .1 .3 .6 .1 .9 .9 .5 .6 .4 .5 2.0 .1 43 44 Finance companies........................... 1.5 .5 .3 1.4 2.1 1.6 2.2 2.2 2.4 2.0 1.8 1.5 1.9 1.5 44 45 Rest of the world.............................. .6 .8 1.0 1.0 .7 .5 -.2 .9 ♦ 2.0 1.2 .8 .6 45 46 Net purchases.......................................... 10.9 13.6 11.6 13.1 14.6 13.2 12.1 13.4 17.3 13.9 13.9 14.9 18.9 15.3 46 47 Households.......................................... 1.4 1.3 -2.1 -1.8 1.3 -1.7 -.7 .6 4.9 .2 -.5 -.4 -.1 1.4 47 48 State and local govts........................ 2.1 2.2 2.0 2.5 3.0 2.5 2.5 2.8 3.0 3.1 2.9 3.1 4.0 4.9 48 49 Commercial banks............................ .4 2.6 4.4 5.2 3.7 6.1 3.6 2.4 2.6 4.9 4.7 4.3 6.3 6.1 49 50 Insurance and pension funds......... 7.2 8.0 7.7 7.8 7.5 7.8 6.4 7.7 7.9 6.8 7.5 8.2 7.9 9.8 50 51 Finance n.e.c................................ -.5 -.7 -.2 -.5 -.5 -1.5 .5 -.1 -1.1 -.6 -.3 -.5 1.8 -6.1 51 52 Security brokers and dealers... -.1 .5 -.7 1.3 .3 .1 -.4 .1 1.0 2.1 -5.4 52 53 Investment cos.—Net.................. -.5 -.6 -.7 -.5 -.6 -.9 -.8 -.5 -1.2 -.2 -.4 -1.6 -.3 -.8 53 54 Portfolio purchases.................. 1.0 1.4 1.1 .8 1.1 1.0 .9 * .5 1.7 2.1 4 2.0 1.4 54 55 Net issues of own shares.... 1.5 1.9 1.8 1.3 1.6 1.8 1.7 .4 1.7 1.9 2.5 1.6 2.2 2.2 55 56 Rest of the world.............................. .3 .2 ♦ .2 -.2 .1 .2 -.2 .1 -.4 -.1 .1 -1.0 -1.0 56 V. Mortgages 57 Total net lending.................................... 14.2 16.9 21.3 24.7 25.6 26.0 25.0 24.3 26.8 25.4 25.7 24.8 25.5 25.6 57 58 1- to 4-family...................................... 10.4 11.8 13.4 15.7 15.5 16.5 15.6 15.5 15.9 15.5 15.1 15.4 15.3 15.0 58 59 In process........................................ -.1 .4 .4 .5 -.3 .6 .4 -.2 -.4 -.3 -.3 .1 .2 -.3 59 60 Disbursed........................................ 10.5 11.4 13.0 15.2 15.8 16.0 15.2 15.6 16.3 15.8 15.4 15.4 15.1 15.2 60 61 Other...................................................... 3.8 5.1 7.9 9.0 10.1 9.5 9.4 8.9 10.9 9.9 10.6 9.4 10.3 10.6 61 62 Net acquisitions...................................... 14.2 16.9 21.3 24.7 25.6 26.0 25.0 24.3 26.8 25.4 25.7 24.8 25.5 25.6 62 63 Households.......................................... .2 -.2 — .6 .1 -1.0 -1.1 -.2 .3 .2 .2 -1.0 -.7 -.6 63 64 U.S. Government.............................. 1.2 .6 .3 -1.0 .2 -.4 -.4 .3 .8 -.3 .6 1.2 .7 64 65 Commercial banks............................ .7 1.6 4.0 4.9 4.5 5.2 4.5 4.5 4.4 4.0 5.1 4.8 5.5 5.9 65 66 Savings institutions.......................... 8.9 11.0 13.2 16.1 14.7 16.5 16.2 14.5 14.9 15.1 14.4 13.1 13.2 13.2 66 67 Insurance............................................. 2.9 2.7 3.0 4.0 5.1 4.4 4.4 4.5 5.0 5.3 5.6 5.9 5.5 5.0 67 68 Mortgage companies....................... .6 .5 .8 .4 1.0 .9 .3 1.0 .1 .2 1.0 .4 .9 68 VI. Bank loans n.e.c. 69 Total net borrowing................................ 2.8 3.0 6.2 8.2 9.9 7.3 14.2 4.8 14.4 4.6 15.8 19.6 15.9 10.6 69 70 Nonfinancial business...................... 2.3 1.3 4.3 5.1 5.0 3.6 9.4 .5 5.9 4.6 9.0 13.8 11.3 7.2 70 71 Nonbank finance............................... -.3 .1 1.0 1.7 .5 2.2 1.5 3.7 -1.7 -.1 2.5 2.8 2.0 71 72 Households.......................................... . 6 .9 .5 .9 2.6 .7 2.1 2.2 3.8 .1 4.3 .7 2.9 .7 72 73 Rest of the world.............................. .1 .7 .4 .5 1.9 .8 1.2 1.9 1.0 1.7 2.8 2.5 -1.1 .6 73 Note.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 FLOW OF FUNDS 109 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 Ill, 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 1 536. 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 nonguaranteed 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 I 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 III IV I II III IV I' IF III (A) Households 1 1 Personal income.................................... 400.9 416.8 442.6 464.7 495.0 467.1 475.6 483.0 490.6 499.1 507.2 516.3 524.6 536.0 1 2 Less: Personal taxes & nontaxes.. 50.9 52.4 57.4 60.9 59.2 61.0 61.6 60.4 56.9 58.8 60.7 64.8 66,2 64.8 2 3 Personal outlays.................... 333.0 343.2 363.7 383.4 409.5 386.3 389.5 399.3 406.3 415.3 416.9 428.1 436.1 444.4 3 4 Equals: Personal saving...................... 17,0 21.2 21.6 20.4 26.3 19.8 24.4 23.4 27.3 25.0 29.5 23.5 22.3 26.8 4 5 Plus: Credits from Govt, insur.2. 3.1 3.4 3.5 4.0 4.8 3.9 4.2 4.5 4.6 5.1 4.9 5.2 6.2 5.9 5 6 Other adjustments 3.............. .5 .6 .6 .6 .7 .6 .6 .5 .6 .7 .9 .8 .7 .8 6 7 Net durables in consumpt... 5.1 2.9 6.7 8.5 10.8 8.9 8.9 10.6 11.6 12.2 8.9 14.8 13.0 14.1 7 8 Purchases............................. 45.3 44.2 49.5 53.4 58.7 54. 1 54.9 57.4 59.1 60.5 57.9 64.6 63.5 65.4 8 9 Less: Cap. consumpt....... 40.2 41.3 42.8 45.0 47.9 45.2 46.0 46.8 47.5 48,3 49.0 49.8 50.5 51.3 9 10 Equals: Net saving............................... 25.7 28.0 32.4 33.5 42.6 33.2 38.2 38.9 44.1 43.0 44.2 44.3 42.2 47.6 10 11 Plus: Capital consumpt.4.............. 46.3 47.8 49.7 52.4 55.8 52.7 53.6 54.5 55.4 56.2 57. 1 58.0 58,9 59.8 11 12 Equals: Gross saving........................... 72.0 75.8 82.1 85.9 98.4 85.9 91.8 93.4 99.5 99.3 101.3 102.3 101 .0 107.4 12 13 Gross investment (14+18).................. 72.8 78.0 87.8 91.5 102.1 94.3 97.6 98.2 103.0 100.8 106.4 108.8 105.0 116,6 13 14 Capital expend, (net of sales). . .. 68.3 65.0 71.7 76.0 82.3 76.8 78.1 81.2 82.8 84.1 81.0 87.4 87,8 89.7 14 15 Residential construction............. 19.8 17.5 18.7 18.9 19.5 19.0 19.5 19.9 19.7 19.5 18.9 18.6 20.2 20.1 15 16 Consumer durable goods........... 45.3 44.2 49.5 53.4 58.7 54.1 54.9 57.4 59.1 60.5 57.9 64.6 63.5 65.4 16 17 Plant and equip, (nonprofit)... 3.2 3.3 3.5 3.7 4.0 3.7 3.8 3.9 4.0 4.1 4.1 4.1 4.2 4.2 17 18 Net finan. investment (19—37)........... 4.4 12.9 16.1 15.5 19.8 17.5 19.5 17.0 20.2 16.7 25.4 21.4 17.1 27.0 18 19 Net acquis, of finan. assets 5.......... 22.6 29.9 36.6 41.9 47.2 45.5 46.1 44.7 49.9 41.5 52.8 49.3 45.4 53.7 19 20 Demand dep. and currency.. .. -.9 .8 4.1 5.3 7.4 6.7 6.8 10.6 3.4 2.8 13.1 11.7 3.8 11.3 20 21 Savings accounts........................... 12.4 17.4 23.4 23.0 23.9 22.5 23.0 19.6 23.8 25.4 27.0 24.5 20,2 27.3 21 22 At commercial banks.............. 2.8 6.2 10.3 7.9 8.2 8.5 8.0 4.9 8.1 8.5 11.4 11,5 7.9 14.2 22 23 At savings instutitions............ 9.6 11.2 13.0 15.1 15.7 14.0 15.0 14.7 15.7 16.8 15.6 13.0 12,3 13.1 23 24 Life insurance reserves................ 3.2 3.5 3.7 4.3 4.4 4.4 4.6 4.6 4.4 4.3 4.2 4.2 4.3 4.1 24 25 Pension fund reserves.............. 8.1 8.6 8.8 9.9 11.6 10.7 9.3 10.9 12.3 11.0 12.4 12.0 13.4 13.0 25 26 Cr. and equity mkt. instr............ 1.1 .7 -1.7 1.3 3.5 2.4 5.8 2.7 9.2 1.2 .9 1.4 6.8 .7 26 27 U.S. Govt, securities................ -.5 -.5 .4 3.7 2.1 5.2 7.6 2.3 4.0 .8 1.1 2.8 7.6 -.1 27 28 Savings bonds....................... -.3 .8 .4 1.2 .9 1.1 1.2 .8 .9 .8 1.0 .8 .4 .5 28 29 Short-term mkt..................... -2.6 -.1 .5 2.9 -1.8 5.0 2.9 -.7 -4.3 -1.9 -.5 4.1 -.7 4.8 29 30 Other direct........................... 2.7 -1.2 -.9 -.9 2.0 -2.1 1.6 2.4 5.1 .3 -.1 4.3 -5.4 30 31 Nonguaranteed.................... -.2 * .3 .5 1.0 1.2 1.9 -.2 2.2 1.6 .3 -2.0 3.7 * 31 32 State and local oblig........ 1.8 1.1 .4 1.6 2.6 1.7 3.3 2.3 4.9 .3 2.9 3.5 1.8 . 1 32 33 Corporate and fgn. bonds ... -.1 -.2 -.9 -.5 -.7 -2.1 .4 -1.7 -2.4 .8 .6 -.8 .8 2.0 33 34 Corporate stock........................ -.3 .4 -1.6 -2.9 -.6 -1.3 -4.4 2.5 -.9 -3.9 -3.1 -2.7 -.6 34 35 Mortgages................................... .2 -.2 • -.6 .1 -1.0 -1.1 -.2 .3 .2 .2 -1.0 -.7 -.6 35 36 Net invest, in noncorp. bus.... -2.1 -1.8 -2.3 -2.6 -4.2 -2.6 -2.7 -3.8 -4.7 -4.5 -3.8 -4.6 -4.7 -4.2 36 37 Net increase in liabilities.................. 18.2 16.9 20.6 26.3 27.4 28.0 26.6 27.7 29.7 24.8 27.4 27.8 28.3 26.7 37 38 Credit mkt. instruments.............. 16.5 13.4 18.9 22.1 23.6 23.2 21.8 24.3 23.9 23.9 22.2 27.5 27.4 26.3 38 39 1- to 4-family mtgs................... 11.3 11.2 12.9 14.9 16.0 15.5 14.8 16.3 16.0 16.2 15.6 15.5 14.0 15.2 39 40 Other mortgages....................... .9 .9 .9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 40 41 Consumer credit....................... 4.5 1.7 5.5 6.7 6.9 6.9 6.6 7.4 7.2 7.1 6.0 9.6 8.7 8.8 41 42 Bank loans n.e.c........................ .6 .9 .5 .9 2.6 .7 2.1 2.2 3.8 .1 4.3 .7 2.9 .7 42 43 Other loans 6............................. .7 .6 .6 .5 .6 .9 .5 .6 .7 .6 .6 .8 .8 .7 43 44 Security credit................................ -.1 1.3 -.1 2.0 -.2 2.6 1.3 -.4 .7 -.8 -.3 -.1 .7 . 1 44 45 Discrepancy (12—13)........................... -.7 -2.2 -5.7 -5.7 -3.7 -8.4 -5.8 -4.8 -3.5 -1.5 -5.0 -6.5 -3.9 -9.3 45 For numbered notes see p. 115. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

110 FLOW OF FUNDS JANUARY 1966 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1963 1964 1965 Category I960 1961 1962 1963 1964 III IV I II III IV P IP III (B) Nonfinancial business-—Total 1 1 Income before taxes 2.......................... 93.4 95.7 102.4 106.7 112.6 108.0 108.5 110.9 112.3 113.6 113.8 120.1 122.8 125.3 1 2 Gross saving............................................ 46.9 48.2 54.9 57.7 63.3 59.1 58.9 62.4 63.2 64.2 63.5 69.3 69.1 70.1 2 3 Gross Investment.................................. 42.1 45.8 49.9 54.7 59.8 58.2 56.0 60.3 58.6 62.2 58.2 63.3 63.1 67.1 3 4 Capital expenditures..................... 51.3 50.1 60.2 63.3 68.5 64.0 68.1 65.2 66.4 68.3 74.0 79.8 77.6 81.1 4 5 Fixed investment.............................. 47.7 48.1 54.2 57.6 63.7 58.2 60.0 61.8 62.2 64.4 66.3 70.9 71.2 73.5 5 6 Business plant & equipment. . . 45.3 43.6 48.1 50.2 56.2 50.9 52.2 53.9 54.6 57.2 59.1 62.4 63.9 66.5 6 7 1-4 family residential const.3... -.9 .3 .1 .4 -.3 .4 .5 -.2 -.2 -.6 -.3 .8 -.1 -.2 7 8 Other residential........................... 3.3 4.2 6.0 7.0 7.8 6.9 7.4 8.1 7.8 7,8 7.5 7.7 7.4 7.2 8 9 Change in inventories 4.................. 3.6 2.0 6.0 5.7 4.8 5.8 8.1 3.3 4.2 4.0 7.7 8.9 6.4 7.6 9 10 Net financial investment............. -9.2 -4.3 -10.2 -8.7 -8.7 -5.8-12.1 -4.9 -7.8 -6.2 -15.8 -16.5 -14.4 -13.9 10 11 Net acquis, of finan. assets............. 5.7 17.7 14.5 17.6 15.4 17.3 11.0 12.3 15.5 25.8 8.2 23.2 23.7 23.4 11 12 Net increase in liabilities 7............. 14.9 22.0 24.8 26.3 24.1 23,0 23.1 17.2 23.3 31.9 23.9 39.7 38.1 37.3 12 13 Credit mkt. instruments.............. 11.1 13.4 18.2 18.8 22.2 18.5 21.4 15.2 29.0 21.0 23.6 28.4 33.4 28.7 13 14 Securities..................................... 5.0 7.1 5.1 3.6 5.4 4.0 2.2 6.2 7.1 5.3 2.9 4.6 6.7 8.1 14 15 1-4 family mortgages............... -.7 .2 .1 .3 -.2 .5 .4 -.6 .3 -.4 -.2 -.1 1.1 .1 15 16 Other mortgages....................... 2.8 4.2 7.0 8.0 9.1 8.5 8.5 7.9 9.9 8.8 9.6 8.3 9.2 9.6 16 17 Bank loans n.e.c........................ 2.3 1.3 4.3 5.1 5.0 3.6 9.4 .5 5.9 4.6 9.0 13.8 11.3 7.2 17 18 Other loans 7............................. 1.7 .6 1.7 1.8 3.0 1.9 1.0 1.2 5.8 2.7 2.4 1.7 5.2 3.7 18 19 Trade debt...................................... 4.1 7.3 4.7 6.4 3.4 4.9 2.4 3.9 -6.6 11.3 4.7 7.6 7.1 7.7 19 20 Other liabilities............................. -.4 1.3 1.9 1.1 -1.5 -.3 -.7 -2.0 .9 -.3 -4.4 3.7 -2.4 1.0 20 21 Discrepancy..................... 4.8 2.4 5.0 3.1 3.5 .8 2.9 2.2 4.6 2.0 5.3 6.0 6.0 3.0 21 (C) Farm and noncorporate nonfinancial business 5 1 Net income 2......................................... 53.2 55.6 57.5 58.7 59.4 58.9 59.3 58 4 59.1 59.7 60 2 60 3 63 0 63 8 1 2 Gross saving 6...................................... 12.5 12.6 13.1 13.4 13.9 13.5 13.6 13.8 13.9 14.0 uh 14'2 14.4 14.5 2 3 Gross investment................. 12.5 12.6 13.1 13.4 13.9 13.5 13.6 13.8 13.9 14.0 14.1 14.2 14.4 14.5 3 4 Capital expenditures..................... 14.5 15.3 18.2 19.7 18.9 19.9 22.4 17.9 18.5 19.8 19.5 20,6 20.3 22.1 4 5 Fixed investment............................... 14.0 14.8 16.9 18.2 18.7 18.5 18.9 18.2 18.4 19.2 18.9 19.5 19,5 20.5 5 6 Change in inventories 4.................. .5 .5 1.3 1.5 .2 1.4 3.4 -.4 .1 .6 .6 1.1 .8 1.6 6 7 Net financial investment............. -2.1 -2.7 -5.1 -6.3 -5.0 -6.3 -8.7 -4.1 -4.6 -5.8 -5.4 -6.4 -5.9 -7.6 7 8 Net acquis, of finan, assets............. -.1 .5 .7 .5 .9 .6 .5 .8 .4 .4 .5 .4 .4 8 9 Net increase in liabilities 7............. 2,0 3.1 5.6 7.0 5.5 7.2 9.4 4.6 5.4 6.1 5.8 6.9 6.4 8.0 9 10 Credit mkt. instruments............. 3.1 4.3 7.0 8.5 8.8 8.3 10.2 7.7 10.9 8.3 8.1 10.7 10.3 10.0 10 11 Mortgages................................... 1.4 2.7 4.2 5.0 5.5 5.4 5.1 4.7 6.2 5.2 5.7 5.2 6.3 6.0 11 12 Bank loans n.e.c........................ 1.0 1.3 1.9 2.2 1.6 1.7 4.0 2.1 1.5 1.5 1.1 4.1 1.2 1.8 12 13 Other loans 7,*......................... .7 .3 1.0 1.3 1.7 1.2 1.1 .9 3.1 1.6 1.2 1.5 2.9 2.2 13 14 Trade debt, net............................. 1.0 .6 .9 1.1 .9 1.4 1.9 .7 -.8 2.2 1.5 .7 .7 2.3 14 15 Proprietors’ net investment 9,.. -2.1 -1.8 -2.3 -2.6 -4.2 -2.6 -2.7 -3.8 -4.7 -4.5 -3.8 -4.6 -4.7 -4.2 15 (D) Corporate nonfinancial business J o 1 Profits........................................................ 40,3 40.2 44.9 48.0 53.3 49.2 49.3 52.4 53.1 54.0 53.6 59.8 59.8 61.5 1 2 Profits tax accruals............................. . 19.5 19.7 20.8 22.5 23.5 22.7 23.4 23.7 23.9 24.2 22.3 25.9 26.1 26.4 2 3 Net dividend payments 11......... 10.6 10.3 11.4 12.2 13.3 12,2 12.4 12.3 12.5 12.8 15.5 13.2 13.7 14.6 3 4 Net savings (1-2-3)................................ 10.2 10.1 12.6 13.3 16.5 14.3 13.4 16.5 16.7 17.0 15.7 20.8 20.1 20.5 4 5 Capital consumption............................ 24.2 25.4 29.2 31.0 32.9 31.3 31.8 32.2 32.6 33.2 33.7 34.3 34.7 35.1 5 6 Current surp.= gross saving (4+5).. 34.4 35.6 41.8 44.3 49.4 45.5 45.2 48.7 49.3 50.2 49.4 55.1 54.7 55.6 6 7 Gross investment........................ 29.6 33,2 36.8 41.2 45.9 44.7 42.3 46.5 44.7 48.2 44.1 49.1 48.8 52.6 7 8 Capital expenditure#...................... 36.7 34.9 42.0 43,6 49.6 44.1 45.7 47.3 48.0 48.6 54.4 59.2 57.3 59.0 8 9 Fixed investment............................... 33.7 33.3 37.3 39,4 45.0 39.7 41.1 43.6 43.8 45.2 47.4 51.4 51,7 53.0 9 10 Plant and equipment................... 32.5 31.1 34.3 35.7 41.3 36.0 37.1 39.7 40.0 41.6 43.8 47.2 48.1 49.5 10 11 Residential construction............ 1.2 2.3 3.0 3.7 3.7 3.7 3.9 4.0 3.8 3.6 3.6 4.2 3.6 3.5 11 12 Change in inventories 4.................. 3.0 1.5 4.7 4.2 4.6 4.4 4.6 3.7 4.1 3.4 7.0 7.7 5.6 6.0 12 13 Net financial investment............. -7.1 -1.7 — 5.2 —2.4 —3.7 .6 -3.4 -.8 -3.3 -.4 -10.3-10.1 -8.5 -6.3 13 14 Net acquis, of finan. assets 12........ 5.8 17.2 14.0 16.9 14.9 16.4 10.4 11,8 14.7 25.4 7.7 22.7 23.3 22.9 14 15 Liquid assets.............................. -4.6 3.3 1.6 2.3 -1.0 2.5 3.6 -.1 1.1 3.4 -7.6 -1.8 -1.8 1.6 15 16 Demand dep. and curr........... -.5 1.6 -2.3 -1.9 -2.6 -1.1 -.8 -7.2 2.1 2.1 -7.5 -4.7 -3.3 -5.6 16 17 Time deposits........................... 1?3 1.9 3.7 3.9 3.2 3.2 5.2 6.4 1.4 1.5 3.4 8.3 6.8 3.8 17 18 U.S. Govt, securities............... -5.4 -.3 .2 .4 — 1 5 .4 -.8 .2 -2.4 -.2 -3.5 -5.4 -5.3 3.4 18 19 Open-market paper...................... .6 .1 .8 .7 1.4 .2 .6 1.0 2.0 1.6 1.1 .6 1.5 19 20 Consumer credit............................ .2 .9 .7 1.0 .9 .5 .2 1.7 .9 1.0 1.7 .4 .9 20 21 Trade credit.................................... 6.3 9.4 7.8 8.0 8.9 6.6 6.0 6.7 5.5 14.4 9.0 14.2 12.5 9.2 21 22 Other financial assets 13............. 3.5 4.4 2.9 5.2 4.5 6.2 -.3 4.5 4.3 5.1 4.2 8.5 11.6 9.8 22 23 Net increase in liabilities......... 12.9 18.9 19.2 19.3 18.6 15.9 13.8 12.6 17.9 25.8 18.1 32.8 31.8 29.3 23 24 Credit mkt. instruments............. 8.0 9.1 11.2 10.3 13.5 10.1 11.2 7.6 18.1 12.7 15.5 17.7 23.1 18.7 24 25 Corporate bonds...................... 3.5 4.6 4.6 3.9 4.0 3.6 3,7 3.6 3.8 4.2 4.3 4.7 5.0 8.3 25 26 Corporate stock........................ 1.6 2.5 .6 -.3 1 .4 .3 -1.5 2.6 3.3 1.1 -1.5 1.7 -.2 26 27 Mortgages................. .7 1.7 2.9 3.4 3 4 3.6 3.7 2.6 3.9 3.2 3.7 3.0 4.0 3.7 27 28 Bank loans n.e.c....................... 1.3 2.4 2.8 3.4 1.9 5.4 -1.5 4.3 3.1 7.8 9.8 10.1 5.4 28 29 Other loans 14........................... 1.0 .3 ,7 ,5 1.3 .7 -.1 .3 2.7 1.1 1.1 .2 2.3 1.5 29 30 Profit tax liability 15................... -2.2 1.7 .4 1.8 ,2 1.4 .8 .6 -.6 -.1 .9 3.6 -1.2 1.9 30 31 Trade debt...................................... 3.2 6.7 3.8 5.3 2.4 3.5 .6 3.2 -5.7 9.0 3.2 6.8 6.4 5.4 31 32 Other liabilities............................. 3.9 1.4 3.8 1.9 2 5 .9 1.2 1.1 6.1 4.2 -1.6 4.7 3.5 3.3 32 33 Discrepancy................................... 4.8 2.4 5.0 3.1 3 5 .8 2.9 2.2 4.6 2.0 5.3 6.0 6.0 3.0 33 34 Memo; Net trade credit........... 3.1 2.7 4.0 2.7 6.5 3.1 5.4 3.5 11.3 5.4 5.8 7.4 6.1 3.7 34 35 Profits tax payments 15....................... 21.7 18.1 20.6 20.5 24.0 20.6 21.1 23.6 24.7 23.8 23.8 23.1 28.5 25.4 35 For numbered notes see p. 115. See Note at end of table Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 FLOW OF FUNDS 111 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1963 1964 1965 Category 1960 1961 1962 1963 1964 III IV I II HI IV U IP III (E) U.S. Government 1 1 Tax receipts (net of refunds)............. 78.8 80.0 85.9 91.2 90.8 91.4 92.8 91,5 88.4 90.7 92.6 99,0 99.5 97.6 1 2 Individual income............................. 43.6 44.7 48.6 51,5 48.6 51.5 51.9 50.2 46.5 48.1 49.8 53,5 54.8 53.2 2 3 Corp, profits tax accruals............... 21.7 21.8 22.7 24.5 26.0 24.6 25.4 25,7 25.9 26.2 26.4 27.7 28,0 28.3 3 4 Other..................................................... 13.5 13.6 14.6 15.3 16.1 15.3 15.5 15.6 16.0 16.4 16.4 17.7 16,7 16.1 4 Social insurance programs 2 5 Premiums received........................... 15.7 16.2 18.5 20.9 21.5 21 .0 21.3 21.1 21.3 21.7 22.0 22.5 22.6 22.9 5 6 Benefits paid....................................... 14.2 16.8 17.4 18.2 18.6 17.8 18.2 19.2 18.4 18.5 18.5 19.7 18.4 18.7 6 Life insur. & retirement programs 3 7 Premiums received........................... 2.0 2.0 2.1 2.1 2.2 2.1 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.3 7 8 Benefits paid....................................... 2.6 3.0 2.9 3.2 3.2 3.2 3.2 3.2 3.1 3.1 3.2 3.3 3.4 3.5 8 9 Net grants and donations paid *,... 15.7 18.3 19.4 20.5 22.9 20.8 21.4 21.8 22.9 23.2 23.6 23.6 24.3 28,1 9 10 Net interest paid................................... 7.1 6.6 7.2 7.8 8.4 7.9 8.0 8.3 8.2 8.5 8.4 8.7 8.7 8.9 10 11 Net purchases of goods & services.. 53.5 57.4 63.4 64.4 65.3 64.2 64.4 65.0 67.0 64.9 64,3 64.9 65.7 66.5 11 12 Net surplus.............................................. 3.5 -3.8 -3.8 .3 -3.8 .6 1.1 -2.7 -7.7 -3.7 -1.2 3.5 3.8 -3.0 12 13 Credits imputed to consumers 5.... 1.0 1.0 1.1 1.3 1.3 1.3 1.3 1.3 1.3 1.5 1.2 1.3 2.0 1.6 13 14 Gross saving............................................ 2.5 -4.8 -4.8 -1.0 -5.0 -.6 -.1 -3.9 -8.9 -5.1 -2.3 2.3 1.9 -4.5 14 15 Net finan. investment (16—23)........... 2.5 -5.0 -4.2 -1.1 -2.9 .7 .5 .9 -3.1 -8.4 -1.2 4.2 6.1 -7.0 15 16 Net acquis, of finan. assets.............. 2.4 4.1 5.0 4.9 4.7 ~1.6 7.9 7.7 2.8 3.3 5.1 11.8 7.7 -10.9 16 17 Demand deposits & currency... 1.0 .1 1 .0 -.3 .6 -6.6 1.2 4.4 -1.5 -.1 .3 5.9 .6 -14.6 17 18 Credit market instruments......... 2.3 2.8 3.5 2.7 3.8 3.7 4.1 3.4 4.9 3.4 3.6 4.9 6.7 2.6 18 19 Mortgages................................... 1.2 .6 .3 -1.0 .2 -.4 -.4 .3 .8 .1 -.3 .6 1.2 .7 19 20 Other loans................................. 1.1 2.2 3.1 3.7 3.6 4.1 4.6 3.0 4.0 3.3 4.0 4.3 5.5 1.9 20 21 Excess of tax accruals over receipts ........................................ -1.2 .7 .8 1.7 .2 2.0 2.0 .3 -.2 .9 -.3 1.8 -2.3 1.1 21 22 Other financial assets 6............... .2 ■ 5 -.3 .9 .1 -.6 .6 -.4 -.4 -.2 1.5 -.8 2.7 * 22 23 Net increase in liabilities.................. -.1 9.1 9.2 6.0 7.7 -2.3 7.4 6.8 5.9 11.7 6.3 7.6 1.6 -3.8 23 24 Lite insurance and retirement reserves........................................ 1.0 1.0 1.1 1.3 1 .3 1.3 1.3 1 .3 1.3 1.5 1.2 1.3 2.0 1.6 24 25 U.S. Govt, securities 7............... -2.5 7.3 7.3 5.2 6.2 -2.1 6.4 8.7 3.9 1.1 4.4 7.3 -.8 -7.9 25 26 Svgs. bonds 8............................. -.3 .8 .4 1.2 .9 1.1 1.2 .8 .9 .8 1.0 .8 .4 .5 26 27 Short-term direct 9. .. ............ 3.1 8.8 .5 1.4 4.0 -13.5 5.2 9.1 -1.0 -3.7 11.4 12.7 -.5 -11.0 27 28 Other securities.............. -5.3 -2.9 4.8 1.1 .9 7.5 -3.3 1.0 1 .0 10.0 -8.6 -7.5 -5.5 .7 28 29 Nonguaranteed issues............. .7 1.6 1.5 .4 2.8 3.4 -2.3 3.0 .5 .6 .5 4.8 1.9 29 30 Other loans 1 o............................... .5 .3 .5 -.2 .5 -.7 -.5 -1.1 1 .7 .9 .6 - ,2 -.3 .9 30 31 Other liabilities.............................. .9 .5 .3 -.3 -.4 - .7 .2 -2.1 -1.0 1 .6 - .8 .7 1.5 31 32 Discrepancy (14—15)........................... .2 - .6 .1 -2.1 -1.2 -.6 -4.8 -5.8 3.3 -1.1 -1.9 -4.1 2.6 32 33 Memo: Corp, tax receipts, net......... 22.9 21.0 21 .9 22.8 25.9 22.6 23,4 25,4 26.1 25.3 26.7 25.9 30.3 27.2 33 (F) State and local governments 11 1 Tax receipts............................................. 40.3 43.2 47.1 50.2 54.1 50.5 51.4 52,6 53.6 54,8 55.5 56.9 57.9 59.3 I 2 Social ins. and grants rec.................... 9.5 10.4 11 .5 12.9 14.5 13.2 13.8 13.9 14.4 14.7 15.0 15.0 15.3 16.0 2 3 Purch. of goods and services............. 46.1 50.2 53.7 58.3 63.1 58.9 60.0 61.3 62.7 63.8 64.3 66.4 67.8 68.9 3 4 Net interest & transfers paid 1 2. ... 3.5 3.9 3.9 4.0 4.2 3.9 4.0 4.1 4.2 4.1 4.3 4.4 4.4 4.3 4 5 Net surplus............................................... .2 - .5 .9 .9 1.4 .9 1.2 .9 1.1 1.5 1.9 1.1 1.1 2.2 5 6 Less retirement cr. to hsholds........... 2.1 2.4 2.4 2.7 3.5 2.7 2.9 3.2 3.4 3.6 3.7 4,0 4.2 4.3 6 7 Equals: Gross saving........................... — 1.9 -2.9 -1.4 -1.8 -2.1 -1.8 -1.8 -2.2 -2.2 -2.0 -1.9 -2.9 -3.1 -2.1 7 8 Net financial investment (9 —17). . .. -2.4 -3.3 -2.5 -2.6 ' -3.6 -5.9 2.0 -3.6 -5.5 -3.8 -1.4 -3.5 -1.7 -3.0 8 9 Net acquis, of finan. assets.............. 3.6 4.4 5.6 7.2 6.2 4.4 12.5 4.0 4.7 6.4 9.7 8.0 10.7 6.4 9 10 Liquid assets.................................. .7 1.1 2.5 3.7 1 .9 -.8 10.5 -1.1 1.2 1.1 6.4 1.7 5.1 -.1 10 11 Demand deposits and cur.... -1.1 .3 .9 2.0 .7 -.1 7.8 -1 .7 -2.3 1.4 5.6 -5.6 1 .9 -.5 11 12 Time deposits...................... 1 .4 .9 1 .0 1 .6 1.7 1 .4 2.2 .3 1.1 2.2 3.3 2.1 .5 4.1 12 13 Short-term U.S. Govt. sec. .. .5 -.1 .6 . 1 -.5 -2.1 .5 .2 2.5 -2.4 -2.5 5.2 2.7 -3.8 13 14 Other U.S. Govt, securities. . .. .4 .5 .7 .6 .9 2.3 -.9 1.9 . 1 1.8 -.1 2.7 1.3 1.2 14 15 State and local obligations........ .1 -.2 -.7 -.7 -.6 -.7 -.7 -.6 -.6 -.6 -.6 -.6 -.8 -.6 15 16 Other 13........................................... 2.4 2.9 3.0 3.5 3.9 3.6 3.7 3.8 4.0 4.0 3.9 4.0 5.1 5.9 16 17 Net increase in liabilities.................. 6.1 7.7 8.1 9.8 9.8 10.3 10.5 7.6 10,2 10.2 11.1 11.5 12.5 9.4 17 18 Credit market borrowing........... 3.8 5.2 5.6 7.0 6.2 7.5 7.4 4.3 6.1 6.5 1.3 7.4 8.2 5.0 18 19 State and local obligations.. . 3.6 4.9 5.0 6.7 5.9 7.0 7. 1 4.2 6.4 6.0 6.8 7.1 7.5 5.0 19 20 Short-term.............................. .4 .4 .7 .5 .6 .6 .5 1 .0 .1 .2 1 .4 1.2 .2 20 21 Other....................................... 3.5 4.5 4.6 6.0 5.4 6.4 6.6 3.7 5.4 5.9 6.6 5.7 6.4 4.8 21 22 U.S. Govt, loans....................... .3 .3 . 6 .3 .4 .5 .3 .1 .4 . 5 .5 .4 . 6 22 23 Employee retirement reserves. . 2.1 2.4 2.4 2.7 3.5 2.7 2.9 3.2 3.4 3.6 3.7 4.0 4.2 4.3 23 24 Trade debt...................................... . 1 .1 . 1 .1 .1 . 1 . 1 .1 .1 .1 .1 . 1 24 25 Discrepancy............................................ .5 .4 1.1 .8 1.5 4.2 -3.8 1 .4 3.3 1.7 -.4 .6 -1.4 .8 25 26 Memo: Total U.S. Govt, sec............. .8 .4 1.3 .7 .4 .2 -.4 2.1 2.6 -.6 -2.7 7.8 4.0 -2.6 26 For numbered notes see p. 115. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

112 FLOW OF FUNDS JANUARY 1966 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1963 1964 1965 Category 1960 1961 1962 1963 1964 III IV I II III IV I*- IP III (G) Monetary authorities 1 1 Current surplus...................................... * .1 .1 .1 .1 .1 .1 .1 .1 .1 J .1 * * 1 2 Net acquis, of financial assets............ -1.1 1.4 1.7 2.2 3-4 2.2 3.5 4.4 1.7 2.2 5.2 2.0 3.5 3.6 2 3 Gold and foreign exchange 2......... -1.7 -.8 -.8 -.4 -.5 -.1 .5 -.8 .2 .2 -3.0 -2.2 1.3 3 4 Treasury currency.............................. .1 .2 * ♦ -.2 * -.1 -.1 -.6 -.1 .1 .3 4 5 Credit mkt. instruments.................. .7 1.5 2.0 2.9 3.4 2.3 4.0 2.9 1.6 2.5 6.6 4.5 3.2 3.0 5 6 U.S. Govt, securities.................... .7 1.5 1.9 2.8 3.5 2.2 3.5 3.2 1.8 2.4 6.5 4.3 3.6 3.0 6 7 Short-term direct...................... -1.0 -1.1 2.0 4.9 2.1 -1.0 .3 3.5 -2.3 5.1 2.2 15.5 6.9 -2.9 7 8 Other............................................. 1.7 2.6 -.1 -2.2 1.3 3.2 3.2 -.3 4.1 -2.6 4.2 -11.2 -3.3 5.9 8 9 F.R. float............................................. .3 .5 .6 -.3 -.8 .5 .6 .1 -1.1 .2 1.7 9 10 F.R. loans to domestic banks. . . . -.4 .1 -.1 .1 .4 .4 .5 .4 -.4 .1 .4 2.4 -2.8 10 11 Net increase in liabilities...................... -1.1 1.3 1.6 2.1 3.3 2.2 3.5 4.3 1.6 2.1 5.1 2.0 3.5 3.5 11 12 Member bank reserves..................... -1.1 .3 .1 -.4 .8 -.3 1.0 2.4 -1.5 .3 2.0 .5 2.2 -.9 12 13 Vault cash of coml. banks 3.......... .3 .3 .7 .6 -.4 -.4 1.0 .8 -.3 -.2 -2.1 3.3 .3 -.4 13 Demand deposits and currency .. 14 Due to U.S. Govt......................... .1 .3 .2 .8 -.5 -.3 .5 .4 .1 .4 -.6 1.7 14 15 Due to rest of the world 4......... -.1 .1 -.1 .1 -.1 -.1 .4 -.3 .1 .1 15 16 Currency outside banks.............. -.1 .7 .8 1.7 2.4 2.0 2.0 1.5 2.5 1.9 3.6 -.5 1.8 3.2 16 17 Other...................................................... -.2 -.2 • -.1 .3 * * * .3 -.2 1.1 -1.5 -.3 -.3 17 (H) Commercial banks 5 1 Current surplus....................................... 1.6 1.3 1.5 1.7 1,9 1.7 1.8 1.9 1.9 2.0 2.0 2.1 2.1 2.1 1 2 Net acquisition of financial assets . .. 9.1 17.1 20.7 19.8 23.2 10.9 27.6 20.7 20.2 22.9 29.0 36.5 27.1 14.1 2 3 Member bank reserves 6................. -1.1 .3 .1 -.4 .8 -.3 1.0 2.4 -1.5 .3 2.0 .5 2.2 -.9 3 4 Vault cash............................................ .3 .3 .7 .6 -.4 -.4 1.0 .8 -.3 -.2 -2.1 3.3 .3 -.4 4 5 Total loans and investments......... 9.0 15.7 19.5 19.1 22.2 11.7 24. 1 17.4 21.3 20.2 30.0 31.2 24.5 13,6 5 6 Credit market instruments......... 8.7 14.6 18.4 18.5 21.7 9.8 23.6 15.4 19.6 21.3 30.6 28.5 22.5 23.3 6 7 U.S. Govt, securities?............. 1.7 5.4 .8 -2.6 -.5 -10.1 -1.1 1.0 -6.6 2.7 .9 -2.1 -10.5 -5.1 7 8 Short-term direct.................. 7.0 9.3 -5.2 -3.7 3.9 -10.8 3. 1 5.4 1.4 -.5 9.2 -1.9 -7.7 -5.9 8 9 Other direct.......................... -5.2 -4.1 5.2 .5 -4.1 -5.4 -2.7 -9.0 3.8 -8.6 -3.5 .3 9 10 Nonguaranteed..................... -.1 .3 .8 .5 -.2 .7 1.1 -1.7 1.1 -.6 .3 -.1 .8 .5 10 11 Other securities & mortgages . 1.1 4.2 8.3 10.1 8.2 11.3 8.1 6.9 7.0 9.0 9.7 9.1 11.8 12.0 11 12 State and local oblig........... .6 2.8 4.4 5.2 3.6 6.1 3.6 2.1 2.4 5.1 4.8 4.2 6.2 6.1 12 13 Corporate bonds.................. -.2 -.2 .1 .3 .3 -.1 -.1 . 1 .1 13 14 1- to 4-family mortgages . . .8 2.0 2.7 2.3 2.9 2.4 2.7 2.2 2.0 2.1 2.7 2.7 2.9 14 15 Other mortgages.................. .6 .8 1.9 2,2 2.2 2.3 2.1 1.8 2.2 2.0 3.0 2.0 2.9 3.0 15 16 Other credit exc. security.. . . 6.0 5.0 9.3 11.1 14.1 8.6 16.7 7.5 19.1 9.7 20.0 21.5 21.1 16.4 16 17 Consumer credit................... 1.7 .9 2.3 3.0 2.8 2.5 2.8 3.0 2.5 3.0 2.5 4.1 4.4 4.8 17 18 Bank loans n.e.c.................... 2.8 3.0 6.2 8.2 9.9 7.3 14.2 4.8 14.4 4.6 15.8 19.6 15.9 10.6 18 19 Other loans 8......................... 1.4 1.1 .8 1.4 -1.2 -.3 -.3 2.2 2.0 1.6 -2.1 .8 1.0 19 20 CCC loans......................... .5 .3 .5 -.2 .5 -.7 -.5 -1.1 1.7 .9 .6 -.2 -.3 .9 20 21 Open market paper......... .9 .8 .2 .1 .7 -.5 .1 .6 .4 .9 .9 -2.0 1.1 21 22 Security credit................................ .2 1,1 1.1 .6 .5 1.9 .4 2.0 1.7 -1.1 -.6 2.7 2.0 -9.7 22 23 Mise, assets......................................... .8 .7 .5 .4 .6 -.1 1.6 .1 .7 2.6 -.9 1.5 .1 1.8 23 24 Net increase in liabilities...................... 7.9 16.0 19.7 19.1 21.7 10.5 27.2 19.4 17.9 21.9 27.5 35.5 25.0 13.3 24 25 Demand deposits, net...................... .3 4.8 3.7 3.7 4.8 -2.6 9.7 2.8 2.5 6.0 7.9 5.2 3.1 -4.4 25 26 U.S. Govt. «.................................... .9 1.2 -.6 -5.7 -.3 3.8 -1.4 -1.5 -1.1 5.0 2.8 -15,0 26 27 Foreign 10....................................... .2 .7 .1 .1 .4 -.3 -.2 1.5 -.2 1.1 -.6 1.0 -.9 1.8 27 28 Other, net >1, ................................ - .8 4.1 2.3 4.2 4.4 3.5 10.2 -2.5 4.2 6.4 9.7 -.7 1.2 8.8 28 29 Time deposits...................................... 5.8 9.4 15.6 14.3 14.6 13.8 16.2 13.1 12.1 13.3 19.9 22.6 16.7 22.0 29 30 F.R. float............................................. .3 .5 .6 -.3 -.8 .5 .6 .1 -1.1 .2 1.7 30 31 Borrowing at F.R. Banks............... -.4 -.1 .1 .4 .4 .5 .4 -.4 .1 .4 2.4 -2.8 31 32 Other liabilities.................................. 2.0 1.3 -.1 1.4 2.1 -1.1 1.7 2.6 2.2 3.0 .6 7.0 2.8 -3.2 32 33 Security issues................................ .1 .2 .1 .3 . 6 .1 .9 .9 .5 . 6 .4 .5 2.0 .1 33 34 Discrepancy............................................ .3 * .3 .5 * .8 .8 .2 -.8 .6 .1 .6 -.4 .9 34 35 Memo: Total loans exc. mortgages.. 6.2 6.1 10.3 11.7 14.6 10.5 17.1 9.5 20.9 8.5 19.3 24.2 23.1 6.7 35 (I) Nonbank financial institutions 1 1 Net acquis, of financial assets............ 25.1 28.3 32.7 37.1 36.9 42.4 34.2 33.7 42.9 35.4 35.8 37.8 40.2 27.8 1 2 Demand deposits and currency, . . .5 1.1 1.0 .2 .2 .4 .2 -.1 1.1 -.8 .7 -.3 .5 .9 2 3 Credit mkt. instr................................. 23.7 24.6 30.8 33.8 35.8 38.4 31.7 33.6 39.8 36.0 33.7 37.9 38,1 26.4 3 4 Security credit..................................... 1.1 -.3 1.9 -.5 2.4 1.0 -1.0 .2 -1.1 -.2 -1.0 .4 -.5 4 5 Other financial assets ....................... .9 1.5 1.2 1.2 1.4 1.2 1.2 1.1 1.7 1 .3 1.6 -2.4 1.1 1.1 5 6 Net increase in liabilities...................... 24.0 26.8 30.5 35.7 35.1 40.0 33.6 32.0 41.6 32.8 34.2 34.1 38.1 25.5 6 7 Credit mkt. instruments 2.............. 3.4 3.5 5.6 7.2 5.9 9.5 8.0 4.1 9.7 4.1 5.7 7.5 10.6 8.0 7 For numbered notes see p. 115. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 FLOW OF FUNDS 113 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1963 1964 1965 Category 1960 1961 1962 1963 1964 MI IV I II III IV I' IP III (1.1) Savings and loan associations 1 7.9 10.7 11.5 14 0 11.7 14 6 13.6 11.1 12 4 12 0 11 4 10 0 10 8 10 3 1 2 Demand deposits and currency 5. .1 .4 .6 ‘ .i .1 .1 -.4 . 1 .6 2 3 Cr. mkt. instr. 6................................. 7.3 9.4 10.3 13.3 11.1 14.1 12.8 10.7 11.5 11.3 10.8 10.0 10.0 8.5 3 4 U.S. Govt, securities.................... .2 .6 .4 1.0 .6 .7 .8 ♦ .7 .6 1.1 .8 .4 -.2 4 5 1- to 4-family mortgages............ 5.9 7.0 7.4 9.6 7.8 10.1 9.4 8.4 7.9 7.6 7.2 7.1 6.8 6.1 5 6 Other mortgages........................... 1.0 1.7 2.6 2.6 2.6 2.8 2.7 2.4 2.8 2.7 2.5 2.1 2.6 2.5 6 7 Mise, financial transactions........... .5 .9 .6 .5 .7 .2 .6 .3 1.0 .8 .7 .4 .8 1.2 7 8 Net increase in liabilities...................... 7.4 9.9 10.7 13.3 11.0 13.9 12.9 10.4 11.6 11.3 10.9 9.0 9.9 9.6 8 9 Savings shares.................................... 7.6 8.7 9.4 11.1 10.5 10.1 10.6 9.9 10.7 11.1 10.4 8.1 7.7 8.4 9 10 Mtg. loans in process...................... -.1 .4 .4 .5 -.3 .6 .4 -.2 -.4 -.3 -.3 .1 .2 -.3 10 11 Borrowing from FHLB................... -.2 .7 .8 1.3 .5 2.8 1.7 .7 .8 .1 .6 .9 1.6 .7 11 12 Memo: FHLB loans less deposits.,. -.5 .4 .8 1.4 .5 3.2 1.8 1.2 .5 -.1 .4 1.4 1.5 .7 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 3.2 4.3 5.0 5.2 3.8 4.3 4.3 4.0 1 2 U.S. Govt, securities......................... -.6 -.1 * -.2 -.4 -.5 .6 .2 -.9 -.2 .4 -.3 2 3 Corporate bonds............................... .2 -.1 -.2 -.2 -. 1 -.2 -.4 .1 -.2 -.1 -.4 .1 -.1 .2 3 4 1- to 4-family mortgages................ 1.5 1.7 2.1 2.6 2.7 2.4 2.5 2.3 2.0 3.2 3.2 2.6 2.5 3.1 4 5 Other mortgages................................ .5 .6 1.0 1.3 1.6 1.1 1.6 1.4 2.1 1.5 1.5 1.3 1.3 1.5 5 6 Savings deposits...................................... 1.4 1.9 3.1 3.3 4.2 3.1 3.6 3.9 4.0 4.7 4.4 3.9 3.1 3.7 6 (1.3) Life insurance companies 1 Net acquis, of financial assets 4........ 5.7 6.1 6.8 7.0 7.7 7.9 6.9 7.2 6.8 8.6 8.1 9.0 8.1 8.3 1 2 Cr, mkt. instr........................... 5.4 5.7 6.5 6.7 7.4 7.4 6.6 6.9 6.5 8.4 7.6 8.7 7.8 8.1 2 3 U.S. Govt, securities.................... -.5 -.4 .1 -.4 -.3 -.1 .3 -.4 -.1 -.7 .1 -.7 -.7 3 4 State and local obligations........ .4 .3 .1 -.2 -.1 -.3 -.2 -.8 .8 -. 1 -.3 -.1 -.6 4 5 Corporate bonds........................... 1.8 2.5 2.5 2.8 2.3 2.6 2.2 2.7 2.3 1.8 2.2 2.1 2.0 3.6 6 6 Corporate stock............................. .4 .5 .4 .2 .5 .2 .5 .5 .6 .6 .6 .6 .8 6 7 1- to 4-family mortgages............ 1.3 .9 .6 .9 1.4 1.0 1.1 1.1 1.2 1.6 1.7 1.9 1.5 1.5 7 8 Other mortgages........................... 1.3 1.5 2.1 2.7 3.2 3.0 3.0 2.9 3.2 3.2 3.4 3.4 3.0 3.1 8 9 Other loans...................................... .8 .4 .7 .5 .3 1.0 .1 .3 * .5 .5 .9 1.5 .5 9 10 Net increase in liabilities...................... 5.4 5.7 6.1 6.5 7.2 6.6 7.1 7.2 7.2 7.2 7.1 7.2 7.3 7.4 10 11 Life insurance reserves.................... 3.2 3.4 3.6 4.1 4.3 4.2 4.5 4.5 4.4 4.2 4.1 4.1 4.1 4.1 11 12 Pension fund reserves....................... 1.3 1.4 1.4 1.7 2.0 1.7 1.8 1.8 1.9 2.0 2.0 2.1 2.2 2.2 12 13 Other...................................................... .9 1.0 1.0 .7 .9 .7 .8 .9 .9 1.0 1.0 .9 .7 .6 13 (1.4) Noninsured Pension Plans 1 Net acquis, of financial assets 4.......... 3.8 3.9 4.0 4.4 5.0 5.3 3.4 4.6 5.7 4.0 5.5 4.8 5.3 4.9 1 2 Credit mkt. instr. 7........................ 3.8 3.8 4.0 4.3 4.8 5.2 3.4 4.5 5.5 3.9 5.4 5.4 5.4 4.7 2 3 U.S. Govt, securities............... -.1 .1 .2 .4 .4 .7 .1 .3 .4 -.2 1.0 -.3 — .2 -.7 3 4 Corporate bonds....................... 1.6 1.2 1.2 1.5 1.6 2.0 .7 1.3 2.1 1.5 1.6 2.1 1.6 1.7 4 5 Corporate stock........................ 1.9 2.3 2.2 2,2 2.3 2.2 2.2 2.3 2.4 2.1 2.2 3.1 3.0 3.3 5 (1.5) Other insurance companies 1 Net acquis, of financial assets 4......... 1.2 1.3 1.5 1.5 1.0 1.5 1.6 1.2 1.1 .5 1.4 1.1 .7 1.2 1 2 Demand deposits and currency... * * ♦ -.1 -.1 ♦ 2 3 Credit mkt. instr................................. 1.0 1.2 1.3 1.4 .9 1.4 1.5 1.1 1.0 .4 1.2 1.0 .5 1.0 3 4 U.S. Govt, securities.................... -.2 -.1 .1 .2 .1 .2 .3 -.3 .5 .2 .3 -.4 -.1 4 5 State and local obligations........ .8 1.0 .7 .8 .2 .9 .8 .6 .3 -.2 -.1 .2 .4 5 6 Corporate bonds.........................I .1 * .1 .1 .4 .1 .1 .2 .3 .4 .5 .4 .4 .3 6 7 Corporate stock............................ .3 .3 .4 .3 .3 .2 .2 .3 .7 -.5 .7 .3 .3 .3 7 (1.6) Finance companies 1 Net acquis, of financial assets............ 2k 3 .6 2.7 4.0 4.0 4.3 4.0 3.5 7.3 2.3 2.8 5.0 6.1 5.1 1 2 1- to 4-family mortgages........ .6 .5 .8 .4 1.0 .9 .3 1.0 .1 .2 1.0 .4 .9 2 3 Consumer credit................................ 1.5 ♦ 1.3 1.8 1.8 1.8 2.2 3.0 1.3 1.4 1.4 2.3 2.0 1.7 3 4 Other loans.......................................... .7 -.2 .8 1.6 1.8 1.7 1.1 .2 5.1 .8 1.2 1.7 3.7 2.4 4 5 Net increase in liabilities...................... 2.2 .5 2.6 4.0 4.0 4.1 4.0 3.5 7.4 2.4 2.7 5.2 6.1 5.0 5 6 Corporate bonds............................... 1.5 .5 .3 1.4 2.1 1.6 2.2 2.2 2.4 2.0 1.8 1.5 1.9 1.5 6 7 Bank loans n.e.c................................. -.2 .1 1.0 1.6 .4 2.1 1.3 .3 3.5 -1.8 -.2 2.8 2.4 1.7 7 8 Open mkt. paper................................ .8 -.1 1.2 1.0 1.5 .4 .5 1.0 1.5 2.1 1.2 .8 1.8 1.8 8 For numbered notes see p. 115. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

114 FLOW OF FUNDS JANUARY 1966 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1963 1964 1965 Category I960 1961 1962 1963 1964 in IV I II III IV If nr III (1.7) Security brokers and dealers 1 Net acquis, of financial assets............ .5 1.0 .9 .5 .2 2.4 -1.4 1.0 2.2 — .7 —1.8 1.6 3 0 -9.0 1 2 U.S, Govt, securities........................ .6 -.1 .6 -1.1 .6 1.1 -3.5 1.3 2.0 .3 -1.3 .5 .6 -3.1 2 3 Other securities.................................. -.1 .5 ♦ ♦ — .7 1.3 .3 .1 -.4 .1 1 0 2.1 — 5.4 3 4 Security credit.................................... -.1 1.1 -.2 1.5 — .5 1.9 .8 -.7 • — .7 — .6 — .1 .2 — .5 4 5 Net incr. in liab.—security credit..., .5 .9 .9 .5 .1 2.4 -1.4 1.0 2.1 -.7 -1.8 1.5 3.0 -9^0 5 6 From banks........................................ .3 .8 1.1 .2 .2 1.2 — .1 1.7 1.1 -1.0 — .9 2.7 1 5 — 10,3 6 7 From agencies of fgn. banks......... .1 -.2 .4 .5 .2 -.3 .2 -.5 .4 -.9 .2 .1 7 8 Customer credit balances................ .2 .1 • ♦ * .6 -1.5 -.4 .9 .7 -1.4 -.3 1.3 1.2 8 (1.8) Open-end investment companies 1 Net financial investment. .............. -.4 -.5 -.4 -.5 -.6 -.5 -.5 -.4 -.5 — .6 -.8 — .6 — .5 -.7 1 2 Net acquis, of financial assets.... 1.1 1.5 1.4 .8 1.1 1.4 1.1 .1 1.2 1.3 1.7 .9 1.7 1.6 2 3 Corporate stocks.......................... .8 1.2 .7 .9 .7 .7 .7 -.3 -1.1 2.5 1.5 — .2 1.7 1.2 3 4 Net stock issues 3................... 1.5 1.9 1.8 1.3 1.6 1.8 1.7 .4 1.7 1.9 2.5 1.6 2.2 2.2 4 (J) Rest of the world 1 Net purch. of goods and serv. (2-3).. 4.1 5.6 5.1 5.9 8.6 5.7 7.3 8.8 7.7 8.8 8.9 6.0 8.0 7.4 1 2 Purch. of goods and services 1... 27.2 28.6 30.3 32.4 37.0 32.6 34.4 36.3 36.0 37.3 38.4 34.7 40.4 40.1 2 3 Sales of goods and services 1......... 23.2 22.9 25.1 26.4 28.5 26.9 27.1 27.5 28.2 28.5 29.5 28.6 32.4 32.7 3 4 Net unilateral receipts from Govt. 1. 2.3 2.6 2.7 2.8 2.7 2.8 2.8 2.7 2.9 2.7 2.7 2.6 2.9 2.8 4 5 Current surplus (4-1) 2....................... -1.7 -3.1 -2.5 -3.2 -5.8 -2.9 -4.5 -6.1 -4.8 -6.1 -6.2 -3.4 —5.1 -4.6 5 6 Net financial investment (7-14).......... -.7 -2.0 -1.3 -2.8 -4.7 -1.9 -5.0 -4.9 -4.2 -5.1 -4.6 -3.2 -4.7 -3.6 6 7 Net acquis, offinan. assets.............. 4.2 3.1 3.2 3.4 3.5 .6 ,7 1.6 3.8 2.4 6.0 4.4 — .2 .3 7 8 Gold....'.'.................................... 1.7 .9 .9 .5 .1 .8 .2 .2 -.3 -.1 ■ .7 3.3 2.4 8 9 U.S. dem. dep. and currency... .1 .7 .1 .1 .5 -.3 -.1 1.4 -.2 1.0 -.3 .7 -.8 1.9 9 10 Time deposits................................. .3 .3 .6 1.0 1.4 .8 .8 1.5 1.5 1.0 1.6 .6 1.3 10 11 U.S Govt, securities.................. .5 .4 1.2 .6 .4 -2.3 .3 -1.8 1.0 -.2 2.7 —2.6 .9 — 1.7 11 12 Other credit market instr............ .7 .3 .1 .2 -.9 .5 1.3 -.8 -1,0 1.3 — .3 — .8 12 13 Mise, financial assets................... .9 .5 .4 1.1 1.0 1.5 .5 -.1 .5 1.4 2.3 1.0 —3 6 6 13 14 Net increase in liabilities.................. 5.0 5.1 4.5 6.1 8.1 2.5 5.8 6.5 8.0 7.5 10.6 7.6 4.5 4.0 14 15 Official U.S. foreign exchange 3 -.4 .3 -.6 .1 -.1 .2 .4 -1.5 -.4 1.3 2.1 .3 15 16 Securities................. .6 .8 1.0 1.0 .7 .5 — .2 • .9 * 2.0 1.2 .8 .6 16 17 Loans 4............................................. 1.4 2.0 1.2 2.2 3.9 1.1 3.4 3.9 4.0 2.6 5.0 4.2 1.0 5 17 18 Miscellaneous 5.............................. 3.4 2.0 2.9 2.7 3.6 1.0 2.4 2.2 4.6 5.3 2.3 2.2 .6 2 5 18 19 Discrepancy (5-6)6................................ -1.0 -1.0 -1.2 -.4 -1.2 -1.0 .5 -1.3 -.7 -1.0 -1.6 -.2 -.4 -1.0 19 U.S. gold and fgn. exchg. held by: 20 Monetary auth...................................... -1.7 -.8 -.8 -.4 * -.5 -.1 .5 -.8 .2 .2 -3.0 -2.2 1.3 20 21 U.S. Treasury........................................ -.4 .2 -.7 * -.2 -.4 .1 -.3 -.4 -.5 .4 -.4 1.9 -1.5 21 For numbered notes see p. 115. Note.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 FLOW OF FUNDS 115 Notes to Table 4 (A) Households 1 Includes nonprofit organizations serving individuals. 4 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 Tables 4(E), line 13 c 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 0 Policy loans, hypothecated deposits, and U.S. Govt, loans life insurance reserve revaluations. to nonprofit organizations. (B, C, D) Business 3Sum of Ttables 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 0 Includes earnings retained in business; see note 6 above. houses, included in Table 4(A). 10 Excludes corporations in Tables 4(C), (G), (H), and (I). 3 Change in work in process. 11 Includes branch profits paid to fgn. parents less branch 4 After inventory valuation adjustment. profits received from abroad. s Includes corporate farms. 0 Noncorporate net income is treated as payment in full to 33 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 consumpiton 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, borrow­ finance cos. ing; see Table 4(E), line 30. 16 Includes State and local profit taxes. (E, F) Govts. 1 Lines 1 through 12 are derived from national-income data, fi 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 non­ cash budget. Line 21 is a link between the two accounting sys­ financial operation. tems on treatment of corporate taxes, and the discrepancy “ 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 guarantecd 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 8 E and H bonds held by households. cash budget. 0 Marketable issues due in less than 1 year plus part of those 2 OASI, disability insurance, and unemployment programs. due in less than 2 years. Line 5 includes U.S. Govt, employment taxes; line 6, U.S. Govt, benefit payments to households. 30 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. funds. 11 Includes employee retirement funds. 4 Transfers other than lines 6 and 8, grants-in-aid to State 12 Net of current surplus of govt, enterprises. and local govts., subsidies less current surplus of Govt, enter­ prises. 13 Corporate bonds and mortgages. (G, H) Banking 1 Federal Reserve System plus those Treasury accounts in­ Reported bank data, as on p. 62, 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. 3 Deposits with F.R. Banks; vault cash in reserves is in line 4. 3 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 0 Includes deposits held outside Treasury. IMF; IMF deposits are net in line 3. 10 Bank and nonbank. " Based on balance sheet estimates for last day of quarter. 31 Net of F.R. float, shown separately in line 30. (I) Nonbank Finance 1 In addition to types shown, includes credit unions, agencies 4 Includes cash and other assets, not shown separately. of foreign banks, and banks in possessions 6 Excludes deposits at FHLB, which are included in Miscel­ 3 Lines 10, 11 of 1.1; lines 6, 7, and 8 of 1.6; and line 4 laneous, line 7. of 1.8, n Includes consumer credit, not shown separately. 3 Includes retained capital-gains dividends. 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 secu­ foreigners income and product accounts. rity credit. 2 Net foreign investment in national income accounts with opposite sign. 3 Direct investment abroad, foreign currencies held by other 3 Official foreign currency holdings and net IMF position of than in line 15, subscriptions to international organizations U.S. IMF position consists of U.S. capital subscription less except IMF, and unidentified liabilities. IMF holdings of special U.S. Govt, notes and deposits with 3 Errors and omissions in U.S. balance of payments state­ Federal Reserve. ment. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FINANCIAL STATISTICS ★ INTERNATIONAL ★ Reported gold reserves of central banks and governments ............................................ 118 Gold production ............................................................................................................... 119 Net gold transactions and gold stock of the United States ............................................ 120 Foreign gold reserves and dollar holdings ..................................................................... 121 International capital transactions of the United States ................................................ 122 U.S. balance of payments ................................................................................................... 132 Foreign trade ...................................................................................................................... 133 Money rates in foreign countries ...................................................................................... 134 Arbitrage on Treasury bills ............................................................................................... 135 Foreign exchange rates ..................................................................................................... 136 Guide to tabular presentation .......................................................................................... 46 Index to statistical tables ................................................................................................... 145 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 publi­ and No 10033, dated Feb 8, 1949, and Treas­ cations at the end of the Bulletin). ury regulations thereunder. Other data are com­ 117 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

118 GOLD RESERVES JANUARY 1966 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti­ Inti. Esti­ End of mated Mone­ United mated Afghan­ Argen­ Aus­ Aus­ Bel­ period total tary States rest of istan tina tralia tria gium Brazil Burma Canada Chile world1 Fund world 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 1,134 327 960 43 1960. 40,540 2,439 17,804 20,295 n.a. 104 147 293 1,170 287 885 45 1961. 41,140 2,077 16,947 22,115 36 190 162 303 1,248 285 946 48 1962. 41,470 2,194 16,057 23,220 36 61 190 454 1,365 225 42 708 43 1963. 42,310 2,312 15,596 24.400 36 78 208 536 1,371 150 42 817 43 1964—Nov................. 2,430 15,566 36 73 224 592 1,434 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 1,532 62 84 1 ,081 42 June................ 243,025 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 1,564 63 84 1,096 44 Aug................. 31,856 13,916 36 67 231 688 1,573 63 84 1,104 44 Sept................. ”243,020 31,865 13,925 ”26,945 36 67 222 700 1,554 63 84 1,112 44 Oct................... 31,865 13,937 '35 67 '223 700 1,558 63 84 1,124 44 Nov................. .................... M ,868 13,879 ................ 35 ............2..2..4 700 1,558 ..............8..4 1,138 43 Ger- E p n e d ri o o d f lo C m o b ­ ia m De a n rk ­ l F a i n n d ­ France m F a e n d y . , Greece India I n n e d s o ia ­ Iran Iraq Israel Italy Japan Rep. of 1958. 72 48 35 750 2,639 17 247 37 141 34 2 1,086 124 1959. 71 57 38 1,290 2,637 26 247 33 140 84 2 1 ,749 244 1960. 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—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 4,383 81 281 141 122 56 2,388 Aug.................. 33 97 85 4,500 4,382 77 281 141 122 56 2.383 Sept................. 33 97 85 4,556 4,390 78 281 141 122 56 2,390 327 Oct................... 34 97 85 4,604 4,404 78 281 140 122 56 2,403 Nov................. • • ■ * ........... 97 85 4,638 4,406 78 146 122 56 2,404 ................ E pe n r d io o d f Kuwait a L n e o b n - M ic e o x- Mo c r o oc- N l e an th d e s r- Nigeria N w o ay r- P s a ta k n i- P pi h n i e li s p- Po g r a t l u- A S r a a u b d ia i A S f o r 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—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 1,723 20 31 53 67 26 532 78 519 Mar................. 49 182 170 34 1,723 20 31 53 67 27 538 78 498 Apr.................. 48 182 168 34 1,723 20 31 53 67 28 540 78 453 May................ 48 182 167 34 1 ,756 20 31 53 67 30 544 78 408 June................ 49 182 165 34 1,756 20 31 53 67 31 547 74 375 July.................. 49 182 164 34 1 ,756 20 31 53 67 32 548 74 359 Aug................. 49 182 162 34 1 ,756 20 31 53 67 33 560 73 339 Sept................. 49 182 31 1 ,756 20 31 53 67 34 560 73 342 Oct................... 49 182 31 1,756 20 31 53 67 36 563 73 371 Nov................. 49 182 ................ 31 1,756 20 31 53 67 37 73 382 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 GOLD RESERVES AND PRODUCTION 119 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E p n e d ri o o d f Spain Sweden Sw la it n z d er­ Taiwan 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 e g d ­ U gu r a u y ­ V zu e e n l e a ­ Y sl u a g vi o a ­ S I e f n o t t t r i le . ­ E E P F U S ments 4 1958.................................. 57 204 1,925 43 112 144 174 2,808 180 719 17 -42 126 1959.................................. 68 191 C934 41 104 133 174 2^514 180 652 10 -134 40 I960.................................. 178 170 2,185 41 104 134 174 2^800 180 401 4 -19 55 1961.................................. 316 180 2,560 43 104 139 174 2^268 180 401 6 115 56 1962.................................. 446 181 2,667 43 104 140 174 2’582 180 401 4 -50 56 1963 .................................. 573 182 2^820 50 104 115 174 2'484 171 401 14 -279 47 1964—Nov...................... 576 182 2,532 55 104 105 174 171 40! 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 18 —249 54 July...................... 810 202 2^655 54 96 116 139 171 401 18 -92 Aug................ 810 202 2,653 54 96 116 139 171 401 19 -199 Sept...................... 810 202 2'656 54 96 116 139 2,139 171 401 18 — 145 34 Oct............... 810 202 2,660 54 96 116 139 171 401 18 -141 59 Nov............... 810 202 2; 660 96 116 139 376 -247 59 1 Includes reported or estimated gold holdings of international and 3 Excludes gold subscription payments by member countries in antici­ regional organizations, central banks and govts, of countries listed in pation of increase in Fund quotas. Amounts outstanding as follows this table and also of a number not shown separately here, and gold to be (in millions): June-Aug., $259; Sept., $285; Oct, $288; and Nov,, $313. distributed by the Tripartite Commission for the Restitution of Monetary 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold Gold; excludes holdings of the U.S.S.R., other Eastern European coun­ assets minus gold deposit liabilities. tries, and China Mainland. 5 European Payments Union for 1958 and European Fund thereafter. The figures included for the Bank for International Settlements are the Bank’s gold assets net of gold deposit liabilities. This procedure Note.—For back figures and description of the data in this and the avoids the overstatement of total world gold reserves since most of the following tables on gold (except production), see “Gold,” Section 14 of gold deposited with the BIS is included in the gold reserves of individual Supplement to Banking and Monetary Statistics, 1962. countries, 2 Includes gold subscription payments to the IMF; see footnote 3 for amounts. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period produc­ Congo tion 1 A So fr u ic th a d R e 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 N ra i g c u a a ­ Co b l i o a m­ India P p h in i e li s p­ t A ra u l s ia ­ ot A h l e l r 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........................................ 1J25.0 702.2 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........................................ 1 J75.0 748.4 19.6 30.8 11.1 58.8 162.0 10.5 7.0 15.2 5.6 14.4 38.0 53.6 1961........................................ 1,215.0 803.1 20.1 29.2 8.1 54.8 156.6 9.4 7.9 14.0 5.5 14.8 37.7 53.8 1962........................................ 1'290.0 892.2 19.4 31.1 7.1 54.5 146.2 8.3 7.8 13.9 5.7 14.8 37.4 51.6 1963........................................ 1,350.0 960.1 19.8 32.2 7.5 51.4 139.0 8.3 7.2 11.4 4.8 13.2 35.8 59.3 1964........................................ 1^395.0 1,019.8 20.1 30.3 4.4 51.4 133.4 7.4 7.4 12.8 5.2 14.9 33.7 54.2 1964—Oct............................. 89.9 1.6 2.6 11.5 .8 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 27.4 10.8 .7 .8 .5 23.9 2.6 88.0 1.7 11.3 .7 .8 .4 2.5 May........................... 89.2 1.6 10.4 1.0 .3 2.4 90.1 1.5 26.7 10.7 .9 .4 23.8 2.8 July........................... 90.8 1.6 10.0 1.2 2.4 Aug................. 91 .0 1.6 10.5 1.0 2.7 Sept............. 89.7 1.5 26.3 10.2 90.4 10.5 ’Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Quarterly data. countries and Bureau of Mines. Data for the United States are from the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

120 U.S. GOLD JANUARY 1966 U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Net sales ( —) or net acquisitions; in millions of dollars at $35 per fine troy ounce) 1964 1965 Area and country 1956 1957 1958 1959 1960 1961 1962 1963 1964 III IV I II III Western Europe: Austria............................... -84 -83 -1 -143 -82 —55 -25 -38 -38 Belgium ............................. 3 3 -329 -39 -141 -144 -63 —40 -40 -40 -22 -21 France...................................... -34 -266 -173 -456 -518 -405 -101 -101 -482 -148 -117 Germany, Fed. Rep. of. . . -34 -23 -225 -25 Italy........... . -349 100 200 -80 Netherlands ................. • - 25 — 261 -30 -249 — 25 -60 -60 —35 Pprlugal......................... -20 -10 Spain........................................ 31 32 -114 -156 -146 -130 -32 -30 -90 -60 -30 Switzerland............................ -8 -215 20 -324 -125 102 -81 -51 -37 -13 United Kingdom.. .............. . . 100 -900 -350 -550 -306 -387 329 618 163 125 -76 29 132 Rank for Tnt1 Settlements . — 178 -32 -36 -23 Other........................................ 18 8 -21 -38 -96 -53 -12 1 -7 -1 -14 -17 -4 -9 Total................................ 80 68 -2,326 -827 -1,718 -754 -1,105 -399 -88 35 -171 -802 -334 -82 t?^npda . ............. 15 5 190 Latin American republics: Argentina ....................... 115 75 67 -50 -90 85 -30 Brazil....................................... -1 -11 -2 -2 57 72 54 -1 28 -1 28 -1 Colombia ................................ 28 -6 38 10 10 * 30 Mexico ............................. -30 -20 -4 Venezuela............................... — 200 65 Other.............................. 29 6 2 -5 -22 -17 -5 -7 -9 -2 -2 -7 • -3 Total............................... -28 81 69 19 -100 -109 175 32 56 7 27 -8 58 -4 Asia: Tapan ................................. — 30 - 157 -15 Other .................................... ♦ 18 -4 -28 -97 1-101 2-93 312 3 -1 -1 * -15 -3 Total............................... * 18 -34 - 186 -113 -101 -93 12 3 -1 -1 * -15 -3 All other...................................... 14 — 3 — 5 -38 — 6 -1 -36 — 7 -1 1 -1 -9 -15 Total foreign countries........... 80 172 -2,294 -998 -1,969 -970 -833 -392 — 36 41 -145 -811 -299 -104 Int Monetary Fund............... 4 200 600 5-44 4300 130 6-259 ?8 Grand total......... 280 772 -2,294 -1,041 -1,669 -820 -833 -392 -36 41 -145 -811 -558 -96 1 Includes sales of $21 million to Lebanon and $48 million to Saudi upon termination of the investment the IMF can reacquire the same Arabia. amount of gold from the United States. 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and 5 Payment to the IMF of $344 million as increase in U.S. gold sub­ $13 million to Saudi Arabia. scription less sale by the IMF of $300 million (see also note 4). * Includes purchases of $25 million from the Philippines. & Payment to the IMF as increase in U.S. gold subscription. 4 Proceeds from this sale invested by the IMF in U.S. Govt, securities; 7 Represents gold deposit by the IMF; see footnote 6 to table below. U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U.S. MONETARY AUTHORITIES (In millions of dollars) End of period Changes in— End of period Changes in—• Year Gold stock1 Foreign Month Gold stock1 Foreign Total c h u o r ld re in n g c s y Total T g o o t l a d l Total h c o u l r d re in n g c s y 3 Total T g o o t l a d l Total2 Treasury Total 2 Treasury 1953 .......... 22,091 22,091 22,030 .................. -1,161 -1,161 1964—Dec.. . . 15,903 15,471 15,388 432 -421 -95 1954......... 21 ,793 21,793 21 ,713 -298 -298 1955 ......... 21,753 21 ,753 21 ,690 -40 -40 1965—Jan.....1...5,572 15,208 15,185 364 -331 -263 1956.......... 22,058 22,058 21,949 305 305 Feb. . . . 15,220 14,993 14,937 227 -352 -215 1957 .......... 22,857 22,857 22,781 .................. 799 799 Mar.... 15,129 14,639 14,563 490 -91 -354 Apr.... 14,884 14,480 14,410 404 -245 -159 1958......... 20,582 20,582 20,534 -2,275 -2,275 May. .. 14,511 14,362 14,290 149 -373 -118 1959 ......... 19,507 19,507 19,456 -1,075 4-1.075 June... 14,595 14,049 13,934 546 84 5-313 1960......... 17,804 17,804 17,767 -1,703 -1,703 July.... 14,697 13,969 13,857 728 102 -80 1961......... 17,063 16,947 16,889 116 -741 -857 Aug... . 14,953 13,916 13,857 1,037 256 -53 1962......... 16,156 16,057 15,978 99 -907 -890 Sept.... 14,884 613,925 613,858 959 -69 9 1963......... 15,808 15,596 15,513 212 -348 -461 Oct.. . . 14,795 613,937 613,857 858 -89 12 1964......... 15,903 15,471 15,388 432 95 -125 Nov.... 14,686 613,879 613,805 807 -109 -58 1965^.... 14,584 613,807 613,733 Til -1,319 5-1,664 Dec.p.. 14,584 613,807 ‘13,733 777 -102 -72 1 Includes gold sold to the United States by the International Mone­ 6 Includes gold deposited by the IMF to mitigate the impact on the tary Fund with the right of’repurchase, which amounted to $800 million U.S. gold stock of purchases by foreign countries for gold subscriptions on on Dec. 31, 1965. Also includes gold deposit of IMF; see footnote 6. increased IMF quotas. Amounts outstanding were $8 million on Sept. 2 Includes gold in Exchange Stabilization Fund. 30, $9 million on Oct. 31, and $34 million on Nov. 30 and Dec. 31, 1965. 3 For holdings of F.R. Banks only, see pp. 56 and 58. The United States has a corresponding gold liability to the IMF. 4 Includes payment of $344 million increase in U.S. gold subscription Note.—See Table 11 on p. 129 for gold held under earmark at F.R. to the IMF. Banks for foreign and international accounts. Gold under earmark is 5 Includes payment of $259 million increase in U.S. gold subscription not included in the gold stock of the United States. to the IMF. See also Note to table on gold reserves. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 GOLD RESERVES AND DOLLAR HOLDINGS 121 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1963 Sept. 30, 1964 Dec. 31, 1964 Mar. 31, 1965 June 30, 1965 Sept, 30, 1965” Area and country Gold & U.S. Gold & U.S. Gold & U.S. Gold & U.S. Gold& U.S. Gold & U.S. short­ Govt, short­ Govt, short­ Govt, short­ Govt, short­ Govt, short­ Govt, term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Western Europe: Austria...................................................................... 901 3 947 3 923 3 872 3 885 3 959 3 Belgium..................................................................... 1,191 1,821 1,887 1,897 1,983 1,972 * Denmark................................................................... 253 14 352 14 42E 14 430 14 368 14 335 14 Finland...................................................................... 160 1 174 1 212 1 201 1 189 1 179 1 France........................................................................ 4,653 6 5,093 7 5,392 7 5,530 7 5,646 7 5,667 7 Germany, Fed. Rep. of....................................... 6,884 1 6,437 1 6,258 1 6,137 1 5,918 1 5,753 1 Greece........................................................................ 265 225 252 232 235 232 Italy............................................................................ 3,146 1 3,225 1 3,729 1 3,539 1 3,824 I 3,758 1 Netherlands............................................................. 1,961 4 1 ,964 4 2,055 5 2,036 5 2,034 5 2,086 6 Norway...................................................................... 164 131 205 101 215 98 234 68 263 68 262 68 Portugal.................................................................... 688 747 780 802 795 837 Spain.......................................................................... 778 2 972 2 1,010 2 984 2 1 ,011 2 1 ,064 2 Sweden...................................................................... 591 129 733 90 833 40 928 40 921 24 906 24 Switzerland.............................................................. 3,726 75 3,653 78 4,095 79 3,927 78 4,088 87 4,039 89 Turkey...................................................................... 136 123 140 142 145 140 United Kingdom.................................................... 3,967 328 4,222 402 4,020 414 4,308 407 4,715 502 5,101 548 Other1........................................................................ 369 46 491 49 508 49 391 49 341 50 393 50 Total................................................................. 30,433 741 31 ,384 753 32,737 714 32,590 676 33,361 765 33,683 814 Canada.......................................................................... 3,805 687 3,863 695 4,010 690 3,565 735 3,492 727 3,893 718 Latin American republics: Argentina................................................................. 453 386 362 ♦ 371 378 449 Brazil.......................................................................... 329 330 350 421 402 475 Chile.......................................................................... 186 224 219 207 240 249 Colombia.................................................................. 231 I 226 1 267 1 229 1 190 1 200 1 Cuba.......................................................................... 12 10 12 11 « 11 10 * Mexico...................................................................... 808 2 808 1 904 1 913 1 852 804 Panama, Republic of.................................... 129 10 89 1 99 1 111 124 1 113 I Peru........................................................................... 215 271 273 334 1 330 1 323 1 Uruguay.................................................................. 284 280 282 294 295 299 Venezuela................................................................. 992 1 ,076 1,135 1,103 1,097 1,091 Other.......................................................................... 424 1 465 2 478 2 538 1 538 2 558 2 Total................................................................. 4,063 14 4,165 5 4,381 6 4,532 5 4,457 5 4,571 5 Asia: India.......................................................................... 298 307 306 342 353 357 Indonesia.................................................................. 83 1 63 1 73 1 62 1 58 1 58 1 Japan.......................................................................... 2,773 5 2,882 5 3,044 5 3,137 9 3,130 9 3,234 9 Philippines............................................................... 237 260 * 256 279 281 312 Thailand................................................................... 486 546 562 592 592 598 * Other.......................................................................... 1,687 41 1 ,994 45 2,059 43 2,222 42 2,235 43 2,224 41 Total................................................................. 5,564 47 6,052 51 6,300 49 6,634 53 6,649 53 6,783 51 Africa: South Africa............................................................ 671 ♦ 635 * 621 * 547 * 424 * 400 ♦ U.A.R. (Egypt)....................................................... 188 196 163 163 161 159 Other.......................................................................... 296 9 288 14 283 16 317 16 373 16 357 16 Total................................................................. 1,155 9 1,119 14 1,067 16 1,027 16 958 16 916 16 Other countries: Australia............................................................ 388 392 402 411 433 421 All other................................................................... 313 26 358 28 374 26 421 31 414 28 385 28 Total.................................................................. 701 26 750 28 776 26 832 31 847 28 806 28 Total foreign countries2.................................. 45,721 1,524 47,333 1,546 49,271 1,501 49,180 1,516 49,764 1,594 50,652 1,632 International and regional3........................... 6,958 1,218 7,499 923 7,162 904 7,279 798 46,689 799 46,999 795 Grand total2................................................... 52,679 2,742 54,832 2,469 56,433 2,405 56,459 2,314 56,453 2,393 57,651 2,427 1 Includes, in addition to other Western European countries, unpub­ tion of increase in IMF quotas. Amounts outstanding were as follows: lished gold reserves of certain Western European countries; gold to be $259 million on June 30 and $285 million on Sept. 30, 1965. distributed by the Tripartite Commission for the Restitution of Mone­ Note.—Gold and short-term dollars include reported and estimated tary Gold; European Fund; and the Bank for International Settlements official gold reserves, and official and private short-term dollar holdings (the figures for the gold reserves of the BIS represent the Bank’s net (principally deposits and U.S. Treasury bills and certificates); excludes gold assets.) nonnegotiable, non-interest-bearing special U.S. notes held by the Inter­ 2 Excludes gold reserves of the U.S.S.R., other Eastern European American Development Bank and the International Development Assn. countries, and China Mainland. U.S. Govt, bonds and notes are official and private holdings of U.S. 3 Includes international organizations and Latin American and Euro­ Govt, securities with an original maturity of more than 1 year; excludes pean regional organizations, except the Bank for International Settlements nonmarketable U.S. Treasury bonds and notes held by official institutions and European Fund, which are included in “Other Western Europe.’’ of foreign countries as shown in Table 8 on p. 128, 4 Excludes gold subscription payments by member countries in anticipa­ See also Note to table on gold reserves. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

122 INTL. CAPITAL TRANSACTIONS OF THE U.S. JANUARY 1966 1. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS AND INTERNATIONAL ORGANIZATIONS (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d reg I a i n o n n t d i a , l 1 c F o o u r n e t i r g ie n s E W u e ro s p te e r n 2 Canada A re m L p e u a r b t i i c l n i a c s n Asia Africa co O u t n h t e ri r e s 1963—Dec....................................... 19,505 5.855 13,650 7,867 1,664 1,058 2,731 154 176 1964—Nov............................ 19,802 5,954 13,848 7,824 1,577 1,191 2,930 152 174 Dec...................................... 20'225 5,876 14,349 8,270 1,483 1,238 3,020 160 178 1965—Jan........................................ 19,519 5,822 13,697 7,551 1,449 1,265 3,096 159 177 Feb....................................... 19'606 5,780 13^826 7,644 1,419 1 '278 3,124 180 181 Mar............................ 19,317 5,879 13,438 7,255 1,316 1 ^296 3,213 178 180 Apr....................................... 18,994 5,883 13 Jll 6,955 1 ,308 1 ,305 3,175 180 188 May................................... 18,745 5,660 13,085 6,822 1,304 1,389 3,178 191 201 June..................................... 18,977 5,646 13,331 7,200 1,275 1,295 3,173 193 195 July...................................... 18,822 5,944 12,878 6,726 1,281 1,296 3,198 181 196 Aug..................................... 19^039 5,853 13,186 6,892 1,378 1,356 3,174 194 192 Sept...................................... 19,374 5,920 13,454 7,140 1,385 1,385 3,162 184 198 Oct.’.................................... 19,410 5’891 13’519 7,177 1,410 1 347 3,187 187 211 Nov.’................................. 19,509 5,829 13,680 7,195 1 ,440 1,342 3,296 191 216 1 Includes international organizations, and Latin American and Euro­ as reported by banks in the United States, and estimated foreign official pean regional organizations, except the Bank for International Settlements holdings of marketable U.S. Govt, securities with an original maturity and the European Fund which are included in Western Europe. of more than 1 year. Data exclude nonnegotiable, non-interest-bearing 2 Includes Bank for International Settlements and European Fund. special notes held by the Inter-American Development Bank and the International Development Association, and also nonmarketable U.S. Note.—Data represent short-term liabilities to the official institutions Treasury notes and bonds, payable in dollars and in foreign currencies. of foreign countries and to official international and regional organizations. 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) Internationa! and regional 1 Foreign Other E pe nd ri o o d f G to ra ta n l d Total Inti. E p r u e e a r ­ o n ­ g L i r o A e n ­ a . l Total c O ia ff l i­ 3 Other Europe Canada Am La e t r i i n ca Asia Africa c t o ri u e n s ­ gional 2 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 3^49 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—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.s... 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 U ,970 10,786 11,014 2,549 3,767 4,948 268 210 May... . 27,420 4,863 4,696 13 153 22,557 11,959 10,598 10,751 2,509 3,849 4,945 283 221 June... . 27,735 4,848 4,689 15 144 22,887 12,205 10,682 11,309 2,403 3,724 4,947 277 228 July. ... 27,781 5,146 4,994 12 140 22,635 11,752 10,883 10,770 2,585 3,750 5,050 262 219 Aug....... 28,457 5,059 4,919 9 130 23,398 12,062 11 ,336 11,314 2,748 3,781 5,054 283 218 Sept....... 28,841 5,125 4,988 14 122 23,716 12,330 11,386 11,558 2,781 3,804 5,080 271 223 Oct.”.. . 29,148 5,096 4,964 12 120 24,052 12,406 11,646 11,563 3,007 3,827 5,138 272 244 Nov.’... 29,099 5,078 4,940 12 125 24,021 12,575 11,446 11,458 2,935 3,838 5,255 278 257 2a. Europe Ger­ End of period Total Austria Belgium m D a e r n k ­ l F a i n n d ­ France m F a e n d y . , Greece Italy N l e an th 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—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 1,928 165 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 1,894 150 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 1 ,711 148 1,357 285 205 246 197 748 June.. . . 11,309 222 420 271 104 1,213 1 ,540 151 1,440 278 232 248 231 719 July.... 10,770 248 425 269 104 1,089 1,363 148 1,314 308 214 241 234 724 Aug....... 11,314 263 444 242 100 1,181 1,233 152 1,486 316 224 256 271 707 Sept....... 11,558 259 418 238 94 1,111 1,363 154 1,368 330 231 277 254 704 Oct.”... 11,563 261 411 260 113 1,036 1,385 147 1,328 356 240 280 229 699 Nov.’.,. 11,458 263 404 275 101 1 ,045 1,440 137 1,325 373 239 297 210 657 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 INTL. CAITTALTRANS ACTIONS OF THE U.S. 123 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 it m e g d ­ Y sl u a g vi 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 t s r h o te e p r r e n Total Ar ti g n e a n­ Brazil Chile Co b l i o a m­ Cuba Mexico 1960.................... 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 2,448 210 204 135 148 715 531 1963_________ 906 21 1,483 16 465 2 24 3,137 375 179 143 169 11 669 1964-—Nov.... 1,199 27 2,004 15 251 3 21 3,480 279 253 151 177 10 773 Dec........ 1,370 36 1,884 32 358 3 19 3,556 291 258 176 209 12 735 1965--Jan......... 1,321 26 2,035 21 253 3 24 3,611 298 280 189 177 12 699 Feb........ 1,308 21 2,074 17 324 2 24 3,668 301 305 161 197 11 710 Mar. . . . 1,225 27 2,197 21 296 2 24 3,739 301 329 164 169 11 743 Apr........ 1,209 19 1,890 17 341 3 21 3,767 314 298 159 171 11 700 May.... 1,199 22 2,055 16 328 2 19 3,849 337 370 161 180 11 726 June.... 1,299 19 2,489 18 390 2 21 3,724 310 340 198 159 11 687 July.... 1,271 15 2,463 15 296 4 25 3,750 327 339 187 162 11 623 Aug.. . . 1,319 19 2,727 56 292 1 25 3,781 334 410 184 171 10 622 Sept....... 1,383 24 2,962 57 303 2 27 3,804 382 412 205 167 10 642 Oct.”. .. 1,317 30 3,146 49 245 2 29 3,827 414 356 195 191 10 611 NovA.. 1,268 27 3,032 48 286 3 27 3,838 397 382 188 201 10 644 2b. Latin America-—Continued 2c. Asia E pe n r d io 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 ti r e l i l n e th a s . m & Am O L e a th r t i i e c n r a 8 Total C M la h a n in i d n a - H Ko o n n g g India n d I e n o s ­ i - a Israel 1960.................... 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—Nov.... 103 196 111 714 410 174 113 15 4,553 35 85 63 37 140 Dec........ 99 206 111 734 416 181 114 14 4,660 35 95 59 38 133 1965—Jan......... 102 242 115 764 419 183 115 16 4,765 35 96 65 26 131 Feb........ 111 244 119 720 446 209 118 16 4,834 35 100 70 30 134 Mar. . . . 111 267 123 702 474 212 114 19 4,953 35 95 61 27 128 Apr........ 105 248 128 800 482 222 110 21 4,948 35 97 65 28 116 May.. . . 113 262 118 761 463 211 112 23 4,945 35 100 67 29 107 June.. . . 124 263 124 696 72 206 115 18 4,947 35 94 72 23 111 July. . . . 114 259 123 782 497 196 109 20 5,050 36 97 86 34 114 Aug.. . . 106 267 126 739 496 169 109 18 5,054 35 101 78 22 108 Sept....... 113 256 128 690 494 170 114 20 5,080 35 104 76 23 114 Oct.*... 114 251 140 730 498 179 113 23 5,138 35 106 76 34 115 Nov.p... 116 247 129 715 500 177 111 21 5,255 35 108 83 31 118 2c. Asia—Continued 2d. Africa 2e. Other countries Congo E p n e d ri o o d f Japan Korea P p h in il e ip s ­ T w a an i­ T la h n a d i­ O A t s h i e a r Total (Le v o ill p e o ) ld­ ro M cc o o ­ 8 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 ­ oth A e ll r 8 1960....................... 1,887 132 203 84 186 204 227 32 64 29 22 80 125 88 37 1961....................... <672 199 185 92 264 254 283 34 93 32 15 109 104 98 6 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—Nov........... 2,608 106 228 22! 444 585 238 25 7 51 19 135 181 163 18 2,740 104 233 22! 458 543 238 26 7 47 24 135 192 176 15 1965—Jan............ 2,738 116 243 225 471 618 246 23 8 57 28 131 218 201 18 2,765 111 259 230 484 515 273 33 8 62 28 142 199 178 21 2,833 100 252 232 488 703 263 37 9 49 24 143 204 182 22 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 2,786 88 280 226 501 804 262 18 17 52 24 151 219 195 24 Aug..........2.,856 92 265 228 503 764 283 17 16 61 24 164 218 196 22 Sent. 2,907 101 278 227 502 712 271 14 22 58 20 157 223 199 24 Oct.*.... 2,934 103 283 228 506 718 272 12 31 53 19 157. 244 222 22 Nov?’... 2,987 no 290 220 513 762 278 11 30 57 19 162 257 235 22 i International Bank for Reconstruction and Development, Inter­ 5 Includes revisions arising from changes in reporting coverage as nationa! Monetary Fund, Internationa) Finance Corp., International follows (in millions of dollars): Total +20; Europe —13; Canada +1; Development Assn., and other international organizations; Inter-Amer- Latin America +19; Asia +22; Africa —9. ican Development Bank, European Coal and Steel Community, European 6 Includes Bank for International Settlements and European Fund. Investment Bank and other Latin American and European regional ? Decline from end of 1961 reflects principally reclassification of de­ organizations, except Bank for International Settlements and European posits for changes in domicile over the past few years from Cuba to other Fund which are included in “Europe.” countries. 2 Not reported separately until 1962. 8 Data based on reports by banks in the Second F.R. District only for 3 Foreign central banks and foreign central govts, and their agencies, year-end 1960-62. and Bank for International Settlements and European Fund. 4 Includes $82 million reported by banks initially included as of Dec. For Note see end of Table 2. 31, 1961, of which $81 million reported for Japan. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

124 INTL. CAPITAL TRANSACTIONS OF THE U.S JANUARY 1966 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 21. Supplementary Data 9; (end of period) 1963 1964 1965 1963 1964 1965 Area or country Area or country Dec. Apr. Dec. Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia (Cont.): Iceland............................................ 7.0 4.7 5.2 7.1 Iran.................................................. 23.5 33.4 23.4 62.0 Ireland, Rep. of................................. 10.7 6.0 8.7 6.3 Iraq...................................................... 19.8 22.9 21.6 T.uxembourg..................................................... 7.4 8.6 17.4 20.1 Jordan................................................. 2.8 2.7 2.7 n.a. Monaco............................................... 2.7 2.4 4.1 3.6 Kuwait................................................. 46.5 49.9 56.4 52.0 Laos...................................................... 8.8 6.5 5.0 5.0 Other Latin American republics: Lebanon.............................................. 76.3 108.1 84.2 113.2 Bolivia............................ 32.6 35.1 43.2 53.1 Malaysia............................................. 24.1 24.3 22.2 36.3 Costa Rica........................................... 29.1 35.9 31.5 28.6 Pakistan.............................................. 17.3 16.1 23.1 24.8 Dominican Republic....................... 58.0 40.6 55.8 47. 3 Ryukyu Islands (inch 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, (inch 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 French West Indies & French Somali Republic.............................. .8 .8 .5 .8 Guiana........................................... 1.3 .6 1. 1 1.4 Southern Rhodesia..................... 3.6 3.5 3 0 2.6 Sudan................................................... 2.5 2.0 2.2 2.2 Other Asia: Tunisia................................................. 1.0 .8 .9 1.0 Afghanistan....................................... 5.0 4.2 5.5 6.3 Burma................................................... 9.9 22.1 32.5 All other: Cambodia............................................ 6.9 2.1 1.5 1.7 New Zealand.................................... 10.5 18.8 12.0 19.7 Ceylon................................................. 3.1 3.7 2.4 2.7 9 Represent a partial breakdown of the amounts shown in the “other” interest-bearing special U.S. notes held by the International Develop­ categories (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 Dema D n e d pos T it i s me 1 c T b e r r il e t U l i s f a i . c S s a a u . n t r e d y s n S o U p t e . e S c s i . a 2 l Other 3 Total Dema D n e d pos T it i s me 1 c T e b r r il t e U l i s f a i . c S s a a u . n t r e d y s Other 3 currencies I960......................... 21,272 18,929 7..568 7,491 2,469 1,401 2,230 1 148 233 113 1961......................... 22+50 19,944 8,644 7,363 2,388 1+49 2,356 1,976 149 231 150 1961 *...................... 22^533 20,025 8,707 7.363 2,388 1'567 2'358 1 977 149 232 150 1962......................... 25+19 22,311 8.528 9,214 3,012 1 '557 2,565 7 116 352 143 1963 ......................... 25,967 22,787 5,629 3,673 8,571 3 '036 1 +78 3,047 1 ,493 966 119 469 134 1964—Nov............. 28,975 25,563 7,310 3,880 8,470 3,385 2,518 3 302 1,500 1 206 84 517 Dec.3.......... 28'843 25 ,'376 6 + 13 3,994 8,727 3,308 2,634 3,377 1 ,531 1+71 72 503 90 1965—Jan............... 28,777 25,297 6,849 4,047 8,560 3,303 2,538 3,383 1 ,509 1 295 81 497 97 Feb.............. 28,915 25,411 6,753 4+32 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 1 541 1 *362 79 501 64 Apr.............. 27,841 24+80 6,226 3+82 7,767 3,367 2 938 3,478 I 546 1 ’ 393 77 461 84 May............ 27+20 23+90 6,082 3,933 7+90 3,167 3 017 3 440 1 516 1 400 79 445 90 June........... 27,735 24'162 6*465 3'911 7’640 3,167 2,979 3 473 1 522 1 418 86 446 101 July............. 27,781 24^200 6+33 3'962 7'175 3’462 3 069 3 484 1 536 1 *423 87 438 97 Aug....... 28'457 24,858 7,060 4'007 7’284 3,434 3 074 3 485 1 480 1 471 88 447 113 Sept............. 28,841 25,221 6’973 3'930 7'674 3 494 3,150 3’501 1 504 1 492 81 426 118 Oct+........... 29’148 25 + 18 7,043 4,077 7,784 3 489 3 125 3 529 1515 1 529 91 394 101 Nov.p......... 29,099 25J98 6+96 3,984 8,040 3,470 3,108 3+03 1 +52 1’573 91 387 98 1 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 3 Includes revisions arising from changes in reporting coverage as national Development Assn, and the In ter-American Development follows (in millions of dollars): Total +20; foreign banks, etc. +26; Bank, which amounted to $250 million on Nov. 30, 1965. other foreigners +22; payable in foreign currencies —28. 3 Principally bankers’ acceptances, commercial paper, and negotiable Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 125 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 ra ta n l d I r n e t g i, i o a n n a d l Europe Canada A L m a e t r i i n c a Asia Africa 1 co O un th tr e ie r s 2 1960.............................................................................................. 3,614 717 421 1,356 1,052 69 1961.............................................................................................. 34,820 767 556 1,522 31'891 85 1962.............................................................................................. 5,163 877 526 1,606 2'617 137 1963 .............................................................................................. 5,975 1 939 638 1,742 2,493 104 58 1964—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 * U230 1,004 2,234 3,287 131 63 1965—Jan.................................................................................... 7,762 2 1,174 1,000 2,206 3,212 112 56 Feb.................................................................................. 7 ,’881 I 1,185 1,059 2,'243 3,'224 118 51 Mar.................................................................................. 7,929 ♦ 1,185 981 2,195 3,385 130 53 Apr.................................................................................. 7,794 11167 902 2,178 3,360 129 57 May................................................................................ 7'767 * 1,173 851 2,191 3,359 136 57 June................................................................................ 7,748 1,164 807 2J72 3,400 146 61 July................................................................................. 7,560 1 1,126 786 2,116 3,320 151 62 Aug................................................................... 7,531 1.120 758 2.124 3,327 142 59 Sept.................................................................................. 7,493 1,213 678 2,136 3,261 146 59 Oct.?............................................................................... 7,388 IJ56 679 2,156 3,185 146 66 Nov.?............................................................................. 7^486 ♦ 1,170 685 2,179 3,248 135 69 4a. Europe End of period Total A tr u ia s­ g B iu e m l­ m De a n rk ­ l F an in d ­ France G Fe e d r . m o R a f e n p y . , Greece Italy N la e e n r d t ­ h s ­ N w o ay r­ t P u o ga r­ 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-—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...................... 1,230 11 48 26 84 81 152 10 114 36 43 23 40 49 1965-—Jan........................... 1,174 9 57 18 77 89 189 I 1 106 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......................... 1,120 10 34 20 71 81 169 12 108 38 45 27 45 39 Sept......................... I ,213 9 40 24 70 76 173 12 115 42 42 24 42 40 Oct,?....................... 1,156 9 54 30 78 79 164 12 110 39 43 21 46 40 Nov,?..................... 1,170 10 50 29 79 79 173 12 110 36 47 23 41 44 4a. Europe—Continued 4b. Latin America End of period S la w e n r it ­ d z­ T k u ey r­ U K d n i o n it m e g d ­ Y sl u a g vi o a ­ W E O u e t r s h o te e p r r e n 3 U.S.S.R. E E O a u t s r h o te e p r r e n 6 Total A t r i g n e a n­ Brazil Chile l C o b m i o a ­ ­ Cuba M ic e o x­ 1960...................................... 60 49 245 11 11 8 1,356 121 225 73 80 26 343 1961...................................... 105 16 181 9 9 8 1,522 192 186 127 125 19 425 1962...................................... 75 42 221 6 19 ♦ 8 1,606 181 171 186 131 17 408 1963 ................................. 70 48 237 7 23 * 16 1,742 188 163 187 208 18 465 1964-—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.4...................... 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 Apr.......................... 98 7 213 24 24 1 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 1 28 2,172 204 112 144 285 16 693 July......................... 87 42 195 32 26 2 27 2,116 208 113 139 276 16 671 Aug.......................... 82 42 201 39 28 3 29 2,124 219 III 135 265 16 672 Sept............ 89 36 282 36 25 3 31 2,136 220 104 143 248 16 677 Oct. ^....................... 85 40 218 32 27 3 27 2,156 220 91 152 266 16 655 Nov.®..................... 82 26 240 28 28 5 26 2,179 234 84 157 262 16 665 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

126 INTL. CAPITAL TRANSACTIONS OF THE U.S. JANUARY 1966 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 Other Baha­ Neth. Other E p n e d ri o o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ R l L i e c . p s A u . 7 b ­ B m & e a r s ­ A S nt u & il r l i e ­ s A L ic m a a t e in 8 r­ Total C M la h a n in i d n a ­ H Ko o n n g g India I n n e d s o ia ­ Israel muda 1 nam I960 ................ 23 44 57 234 55 8 66 1,052 2 9 9 24 196i ............... 32 74 55 144 56 13 74 31 ',891 2 9 8 36 1962 ............... 30 85 122 102 66 9 98 2'017 2 13 20 37 1963.................... 35 99 65 114 135 42 9 16 2,493 2 11 17 « 22 1964—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.«... 49 108 78 168 224 65 18 21 3,287 2 28 21 7 47 1965—Jan......... 49 109 78 158 221 68 19 18 3,212 2 21 22 7 37 Feb........ 57 112 84 161 230 63 19 19 3,224 I 21 16 7 46 Mar....... 50 116 84 164 229 62 19 18 3,385 1 25 28 7 55 Apr........ 49 112 81 173 221 58 19 19 3,360 1 24 28 7 57 May.... 51 119 78 173 216 58 19 19 3,359 1 27 28 4 55 June... . 50 117 72 167 213 59 19 18 3,400 1 34 26 I 54 July.... 47 115 67 164 208 56 17 20 3,320 I 32 21 1 54 Aug........ 48 122 68 172 210 52 13 21 3,327 1 32 19 2 53 Sept....... 51 125 67 177 217 56 13 21 3,261 1 28 18 2 54 Oct.?... 53 138 67 184 224 55 14 20 3,185 1 27 19 2 67 Nov.?... 55 147 54 181 234 52 14 22 3,248 1 28 16 1 76 4c. Asia—Continued 4e. Other countries Congo End of period Japan Korea P p h in i e lip s ­ T w a an i­ T la h n a d i­ O A t s h i e a r Total > ( p v L o il e l l e d o ) ­ ­ M c o o r o * c­ A S f o r u ic th a ( U E . g A y . p R t . ) A O f t r h ic e a r 1 Total 2 A t l r u i a a s ­ ­ oth A e ll r 9 1960. 806 2 19 7 24 150 3 11 3 69 28 24 1961 31.528 4 114 10 34 145 6 10 13 85 29 27 1962 1,740 3 70 9 41 80 2 10 26 137 41 57 1963 2,171 25 113 8 52 71 104 1 1 15 28 59 58 48 9 1964-—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 36 58 48 10 Dec.4.............. 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 99 136 1 2 20 38 75 57 45 13 June................ 2,871 20 200 12 77 106 146 3 22 43 77 61 48 13 July................. 2,822 20 191 11 74 94 151 2 32 40 77 62 48 14 Aug.................. 2,822 21 194 10 74 101 142 1 2 32 36 71 59 46 14 Sept................. 2,750 20 212 9 72 93 146 1 2 37 38 68 59 45 14 OctJJ............... 2,652 20 219 9 70 98 146 2 37 35 70 66 52 15 Nov.?.............. 2,679 20 240 11 71 104 135 1 2 34 32 66 69 55 14 1 Not reported separately until 1963. Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, 2 Includes Africa until 1963. and Trinidad and Tobago. 3 Includes $58 million reported by banks initially included as of Dec. 9Until 1963 includes also African countries other than Congo (Leo­ 1961, of which $52 million reported for Japan. poldville), South Africa, and U.A.R. (Egypt). 4 Differs from December data in line above because of the exclusion as of Dec. 31, 1964, of $58 million of short-term U.S. Govt, claims Note.—Short-term claims are principally the following items payable previously included; and because of the addition of $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 5 Until 1963 includes Eastern European countries other than U.S.S.R., their own account or for account of their customers in the United States; Czechoslovakia, Poland, and Rumania. and foreign currency balances held abroad by banks and bankers and 6 Czechoslovakia, Poland, and Rumania only until 1963. their customers in the United States. Excludes foreign currencies held 2 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 127 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 Loans to— Foreign End of period Total Total Total O in tio f s fi n t c i s t i u a 1 ­ l Banks Others C s t o t o i a i o n u l n l n g e t d s ­ c ­ ­ f e A o o i a m g c r f n c n a c a f e e d o e c p e r s r c s t ­ t ­ 2 , Other3 Total D w e e i i g t p h n o e f s r o i s t r s ­ g c c a p n o u o n a a v r m d i p n t t , i c e e m f s e r s i e ­ 2 l , . ­ Other4 I960,....................... 3,614 3,135 1,296 290 524 482 605 1,233 480 242 238 1961.................................. 4,762 4'177 1,646 329 699 618 694 1 ,’837 586 385 200 19615................................ 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—Nov.. .................. 6,964 6,303 2,461 165 1,316 980 990 2,420 432 662 394 183 84 Dec....................... 7'469 6'810 2'652 223 I ,'374 1,055 1,007 2,600 552 659 400 182 77 Dec.®................... 7^950 7,323 2,773 221 1,403 1J49 1,129 2,621 800 626 338 187 102 1965—Jan........................ 7,762 7,130 2,788 221 1,427 1,140 1,051 2,511 779 633 345 181 107 Feb....................... 7'881 7'220 2'947 250 1 '491 1'206 1,007 2,499 765 661 350 188 123 Mar........... 7'929 7,327 2'954 243 1'504 1,207 1,076 2,590 706 602 328 157 117 Apr....................... 7'794 7,243 2,909 208 1,493 1 ,’208 1,082 2'584 668 550 312 138 100 May.......... 7'767 7^ 189 2'818 213 1'461 1' 144 1'091 2,607 673 577 332 147 98 June. 7'748 7,180 2'854 231 1'476 1'147 1'122 2,605 599 568 330 141 98 July...................... 7^560 7,025 2,803 241 1,422 1,139 1,127 2,531 564 535 310 141 84 Aug...................... 7,531 7^019 2^18 232 1'457 1'129 1J50 2^509 542 512 300 125 87 Sept...................... 7,493 6,960 2,813 238 1'473 1' 102 1,184 2,454 510 533 364 78 90 Oct.”,.................. 7,388 6'891 2,807 264 1,446 1,097 1,188 2,421 476 496 321 82 93 Nov.”.................. 7^486 6,983 2,893 256 L536 1J01 1,202 2,411 477 303 325 75 103 1 Includes central banks. J These figures reflect the inclusion of data for banks initially included 2 Not reported separately until 1963. as of Dec. 31, 1961. 3 Until 1963 includes acceptances made for account of foreigners. 6 Differs from December data in line above because of the exclusion 4 Until 1963 includes foreign government securities, commercial and as of Dec. 31, 1964, of $58 million of short-term U.S. Govt, claims finance paper. previously included; and because of the addition of $539 million of short­ term claims arising from the inclusion of claims previously held but first reported as of Dec, 31, 1964, and revision of preliminary data. 6. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Claims Type Country or area Total End of period liabili­ ties 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 i r i g e ­ n s U K d n i o n it m e g 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 Africa1 ot A h l e l r2 I960 ......................... 7 1,698 15 351 76 914 19 115 208 1961.................................. 2 2,034 11 482 274 931 24 146 166 1962.................................. 7 2,160 25 552 304 886 74 148 171 1963 .................................. 69 33,030 2,811 217 2 38 31,063 290 31,015 3249 3194 113 68 1964—Nov................. 298 3,853 3,652 201 77 1,493 291 1,153 369 238 125 107 Dec....................... } 305 /( 43,,927815 3,777 195 ♦ 77 1,611 273 1,162 385 238 123 103 Dec.4................... 3,995 288 1 87 1,632 327 1,275 430 255 156 122 1965—Jan........................ 309 4,513 4,228 283 2 86 1,686 351 1,370 455 259 186 119 Feb....................... 493 4,735 4,426 304 5 90 1 ,790 399 1,403 454 276 189 ■ 133 Mar........... 458 4,746 4,458 284 5 96 1,770 364 1,406 472 297 204 136 Apr....................... 441 4^680 4,375 299 6 95 1,770 378 1,334 479 295 193 135 May......... 441 4,620 4,316 299 5 91 1,698 362 1,360 483 296 196 133 June..................... 501 4,545 4,239 301 5 92 1,655 357 1,327 479 305 203 128 July....................... 442 4,533 4,233 295 5 89 1,619 359 1,311 482 322 207 143 Aug..................... 443 4,558 4,260 293 4 87 1,614 357 1,311 475 340 213 160 Sept...................... 450 4’586 4.290 292 5 88 1 ,590 355 1,323 471 358 221 181 Oct.”.................... 415 4^573 4,279 288 6 89 1 ,577 345 1,323 464 354 221 196 Nov.”................... 463 4^63 4,273 284 6 87 1,557 354 1,312 462 369 210 212 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 T963; on that date such claims were $86 million. Also includes $314 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

128 INTL. CAPITAL TRANSACTIONS OF THE U.S. JANUARY 1966 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 1 securities 2 Foreign bonds Foreign stocks Net purchases or sales Period Total 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 ­ ch P a u s r e ­ s Sales c N ha s e s a t e le p s s u o r r ­ ch P a u s r e ­ s Sales c N ha s e s a t e l e p s s u o r r ­ 1961................................. 512 3,384 3,161 223 802 1,262 -460 596 966 -370 1962................................. -728 2,568 2,508 60 1,093 2,037 -944 702 806 -104 1963................................. 671 2,980 2,773 207 991 2,086 -1,095 696 644 51 1964................................. -338 3,537 3,710 -173 915 1,838 -923 748 548 200 1964—Nov........-..3...7........ 297 292 5 86 -256 55 50 5 Dec...................... 2 289 302 -13 94 -127 72 59 13 1965—Jan....................... -66 240 249 -9 49 107 86 48 38 Feb...................... -7 282 292 -9 55 269 79 45 34 Mar..................... -17 427 395 32 46 157 78 55 23 Apr..................... 65 338 342 -4 88 183 93 69 23 May.................... -1 346 342 4 119 148 70 52 18 June.................... 14 326 563 -236 97 251 71 36 35 July..................... 20 244 355 -112 72 135 64 40 24 Aug..................... 8 234 335 -100 47 90 -44 69 44 25 Sept..................... 6 365 393 -28 289 413 -124 75 54 21 Oct.1'.........-. .. -44 430 439 -10 101 204 -102 67 52 15 Nov.’’................ -56 425 453 -28 123 203 -80 68 51 17 * Excludes nonmarketable U.S. Treasury bonds and notes held by Note,—Statistics include transactions of international and regional official institutions of foreign countries; see Table 8. organizations. 2 Includes State and local govt, securities, and securities of U.S. Govt, See also Note to Table 2. agencies and corporations which are not guaranteed by the United States. 8. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars) Payable in foreign currencies Payable in dollars End of period Total Austria Belgium Germany Italy Switzerland J Total Canada 2 Italy Sweden 1962—Dec............................... 251 200 51 1963—-Dec.. ............................ 730 50 30 275 200 175 163 125 13 25 1964—Dec............................... 1,086 50 30 679 ...................3..27 354 329 ................2..5... 1965'—Jan................................ 1,086 50 30 679 327 354 329 25 Feb............................... 1,112 75 30 679 327 354 329 25 Mar.............................. 1,137 101 30 679 327 354 329 25 Apr............................... 1,137 101 30 679 327 354 329 25 May............................. 1,137 101 30 679 327 354 329 25 June............................. 1,137 101 30 679 327 354 329 25 July.............................. 1,259 101 30 653 125 350 354 329 25 Aug............................... 1,259 101 30 653 125 350 354 329 25 Sept.............................. 1,259 101 30 653 125 350 354 329 25 Det................................ 1,208 lot 30 603 125 350 354 329 25 Nov............... 1,208 101 30 602 125 350 399 299 75 25 Dec............................... 1,208 101 30 602 125 350 484 299 160 25 i Includes bonds payable in Swiss francs to the Bank for International with transactions under the Columbia River treaty. Amounts out­ Settlements. Amounts outstanding were $70 million May 1964-June standing were $204 million Sept. 1964-Oct. 1965 and $174 million for 1965 and $93 million July-Dec. 1965. Nov.-Dec. 1965. 2 Includes bonds issued to the Government of Canada in connection Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 129 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 d i ­ t­ U K d n i o n it m e g d ­ E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r­ Asia Africa1 O c tr o t ie h u e s n 2 r ­ re I g a n i n o t d i n . al 1961............... 223 323 -99 21 166 -17 61 232 -112 44 44 3 12 1962............... 60 111 -51 4 129 -33 24 124 -43 -20 -18 1 17 1963 ... . 207 198 9 —8 -14 206 16 199 -47 14 17 1 22 1964............... -173 -349 176 -37 -200 -4 14 -228 3 25 10 * -1 18 1964—Nov... 5 -27 32 -2 -26 41 -15 -2 5 2 1 Dec... -13 -37 24 -3 -14 -5 -1 -22 3 4 * * * 1 1965—Jan... -9 -9 * -2 -3 -1 -6 -3 -1 1 Feb... -9 8 -17 2 -2 7 -3 4 -11 -3 ♦ Mar... 32 9 23 8 -2 -7 23 22 7 -2 3 1 Apr... -4 -49 45 -2 -13 -4 -19 10 1 1 * 3 May.. 4 -42 45 3 -5 -9 -1 -12 11 3 1 2 June.. -236 -65 -172 6 -41 -220 -7 -262 29 -3 -2 2 July. . -112 -96 -16 -4 -22 -90 -1 -117 11 -7 2 -3 * 3 Aug... -100 -93 -8 -8 -82 -2 -92 -13 -I 4 Sept... -28 -38 11 4 20 -56 -4 -36 -3 1 7 * 2 Oct.”. -10 -8 -1 3 7 -21 -II -4 4 1 Nov1’. -28 -35 8 2 -3 -16 ♦ -16 -13 -1 2 • * 1 i Not reported separately until May 1963. Note.—-Statistics include State and local govt, 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) I a n n t d i, T f o o t r a ­ l Eu­ Can­ Latin Af­ Other End of Assets in custody Period Total gi r o e n ­ al c e t o r i i u g e n n s ­ rope ada A i m ca er­ Asia rica 1 c tr o ie u s n 2 ­ period Deposits U s . e S c . u G rit o ie v s t. 1 Ear g m o a ld rked 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—Dec... 229 8,389 12,698 1964—Nov..... -251 -95 -156 15 -129 -30 -15 2 Dec.......... -114 -22 -92 16 -98 5 -18 1 2 1965—Jan.... 143 7,952 12,871 Feb... 154 8,100 12,940 1965—Jan........... -20 5 -25 14 -23 1 -20 1 3 Mar... 162 7,741 13,187 Feb........... -180 -178 -1 2 2 -4 -3 1 Apr... 146 7,626 13,174 Mar......... -89 3 -92 -6 -81 -6 -1 2 May.. 142 7,713 13,050 Apr.......... -72 4 -75 22 -28 -26 -47 * 5 June.. 179 7,599 12,951 May......... -11 3 -14 14 -17 10 -21 July... 147 7,221 13,108 June — 119 9 -128 -42 -62 -6 -23 I 3 Aug... 356 ^7,264 13,065 July......... -39 -13 -26 33 -39 -4 -2 1 -16 Sept... 213 7,805 12,923 Aug.......... -19 1 -20 16 -41 5 -I ♦ 1 Oct... 144 7,974 12,905 Sept..... -102 -17 -86 27 -111 -5 12 4 -12 Nov... 149 8,171 12,824 Oct.”.... -88 6 -94 -9 -88 ■ 3 -2 3 Dec... 150 8,272 12,896 Nov.1’. .. -63 6 -69 30 -29 -17 -29 * -24 1 U.S. Treasury bills, certificates of indebtedness, 1 Not reported separately until May 1963. notes, and bonds; includes securities payable in foreign 2 Yearly figures through 1963 include Africa. currencies. Note.—Excludes deposits and U.S. Govt, securities held for international organizations. Earmarked gold is gold held for foreign and international accounts (for back figures, see “Gold,” Section 14 of Supplement to Banking and Monetary Statistics, 1962). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

130 INTL. CAPITAL TRANSACTIONS,OF THE U.S. JANUARY 1966 --------------------—gi--------------------- 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 June J Sept. Dec. Mar. June? June June 1 Sept. Dec. Mar. June? Europe: Austria....................................... 3 3 3 2 2 2 6 5 5 7 7 5 Belgium......................................... 21 20 22 20 25 21 21 20 17 19 16 16 Denmark........................................ 1 1 1 2 2 I 7 7 6 6 9 11 Finland.......................................... 1 1 1 1 1 5 5 8 7 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 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 1 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 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 1 3 3 3 3 6 5 Other Western Europe............. 3 2 4 5 6 5 6 6 6 9 7 4 U.S.S.R.......................................... * 1 Other Eastern Europe............... 1 • 1 1 1 4 2 2 3 2 3 2 Total...................................... 316 301 341 350 356 380 731 714 832 822 837 773 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 It 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............................................ 8 7 8 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 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 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 I 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 I 1 1 1 ♦ * Hong Kong................................... 2 2 2 2 2 2 5 5 7 9 9 8 India............................................... 14 13 16 21 22 24 39 38 37 41 45 41 Indonesia....................................... 5 5 3 4 6 7 5 5 4 4 5 6 Israel.............................................. 1 1 1 1 2 2 8 7 7 7 6 7 Japan............................................... 27 25 31 28 22 30 161 160 174 180 181 172 Korea.............................................. 1 1 4 4 4 5 4 5 6 Philippines................................... 5 4 6 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 1 7 7 7 5 7 7 Other Asia..................................... 21 19 21 21 24 23 53 51 55 60 62 67 Total.................................. 80 73 82 88 87 98 298 294 315 327 339 333 Africa: Congo (Leopoldville)............. 1 1 3 4 2 2 5 6 2 3 Morocco........................................ 1 1 2 1 1 2 South Africa................................. 10 10 11 14 22 22 13 12 11 11 19 24 U.A.R. (Egypt)............................ 2 2 3 I 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: Australia................................... 27 27 26 25 23 25 37 36 38 38 33 36 All other........................................ 6 5 8 9 8 9 6 6 7 7 8 7 Total...................................... 33 32 34 34 32 34 43 41 45 45 41 43 International and regional........... 1 1 • * ♦ • 1 1 • * * * Grand total.......................... 622 585 650 695 688 725 2,482 2,430 2.719 2,776 2,539 2,333 1 Ninth revised series; includes reports from firms having $500,000 Note.—Reported by exporters, importers, and industrial and com­ or more of liabilities or of claims; for previous series the exemption level mercial concerns and other non banking 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 131 13. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (In millions of dollars) Liabilities Claims Payable in foreign currencies End of period Total P d a o y i ll n a a b rs le cu P f r o a r r e y i e n a n i g b c l i n e e s Total P d a o y i l n l a a b rs le D ba e n p k o s s i a ts b r w oa it d h in reporter’s Other name I960 Dec................................................................................................ 485 424 61 1,432 824 58 549 Dec 1....................................................................................... 507 437 70 1,505 875 71 560 1961—Mar.............................................................................................. 583 510 73 1,248 939 76 233 Mar. i. ............................................................................... 600 524 76 1'305 968 89 248 June................................................................................................ 673 563 111 1 '496 1,181 122 193 June i............................................................................................. 684 572 113 1 ',528 1 ^208 126 194 Sept................................................................................................. 672 582 89 1 '646 1,323 131 192 Sept,1............................................................................................ 676 587 89 1 '664 1'340 132 192 Dec................................................................................................. 678 569 109 1 '636 1 ^335 150 151 1962—Mar............................................................................................... 675 577 98 1,780 1,461 144 175 June................................................................................................ 616 518 99 1,776 1 449 178 149 June1.............................................................................................. 665 551 114 1,974 1 ,598 208 168 Sept................................................................................................. 678 554 123 2’136 1 ',685 197 254 Dec................................................................................................. 637 508 129 2,051 1,625 214 212 Dec. L.. ..................................................................................... 644 513 130 2^098 1,668 217 212 1963 Mar................................................................................................. 614 470 144 2,113 1,712 201 200 Mar. 1............................................................................................ 616 472 144 2,162 1,758 204 200 June............................................................................................... 674 529 146 2^282 1,877 222 183 Sept............................................................................................... 691 552 139 2'257 1,830 225 202 Dec................................................................................................. 626 478 148 2,131 1,739 201 191 Dec. 2............................................................................................. 626 479 148 2,188 1 778 199 211 1964—Mar................................................................................................ 631 475 156 2,407 1,887 239 282 June................................................................................................ 622 471 151 2’482 2,000 220 262 June3............................................................................................. 585 441 144 2’430 1 ’952 219 260 Sept................................................................................................ 650 498 152 2,719 2,168 249 302 Dec,......................................................................................... 695 553 141 2,'776 2,306 189 281 1965—Mar................................................................................................. 688 527 161 2,539 2,119 173 246 June?.............................................................................................. 725 567 157 2; 333 1,936 179 218 i Revised to include data from firms reporting for the first time. 3 Includes reports from firms having $500,000 or more of liabilities or 2 Revised to include data from firms reporting for the first time and of claims; for previous series the exemption level was $100,000. claims previously held but not reported. 14. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims Country or area . Total End of period liabilities Total Other K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico Am La e t r in ic a Japan O A t s h i e a r Africa1 ot A h l e l r1 1962—Dec............................. 161 769 9 63 32 134 109 187 122 91 22 1963-—Mar........................... 155 816 9 64 33 143 123 193 142 90 20 June........................... 159 766 12 69 28 145 101 190 112 84 16 10 June2......................... 159 882 12 88 28 145 101 192 115 85 99 18 Sept.......................... 153 881 14 85 42 127 102 188 123 87 98 16 Dec.3........... 148 734 16 83 56 61 69 154 90 93 96 16 1964—Mar............................ 143 761 30 85 58 64 74 158 89 94 96 13 June4........................ 140 815 68 92 64 67 78 145 94 99 94 14 Sept............................ 112 832 64 102 90 68 74 142 90 96 93 13 Dec................... 107 962 51 109 95 215 72 135 89 95 88 14 1965—Mar............................ 111 948 31 111 103 219 71 134 81 93 87 16 June^........................ 107 955 27 107 111 221 67 142 85 93 87 16 1 Until June 1963 Africa included tn “All other”. < As a result of an increase in the exemption level from $100,000 to 2 Data include claims previously held but reported for the first time. $500,000, data exclude $3 million of liabilities and $3 million of claims 3 Data include $12 million of claims reported by firms reporting for held by firms previously reporting but now exempt. the first time and claims previously held but not reported. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

132 U.S. BALANCE OF PAYMENTS JANUARY 1966 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1964 1965 Item 1963 1964 I II III IV I' IP ini* Transactions other than changes in foreign liquid assets in U.S, and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—Total1................ 32,353 37,017 9,084 8,991 9,335 9,607 8,665 10,092 10,026 Merchandise...................................................................... 22,069 25,288 6,149 6,067 6,382 6,690 5,586 6,748 6,806 Military sales..................................................................... 659 762 194 191 168 209 174 229 210 Investment income receipts, private.......................... 4,156 5,003 1,266 1,263 1,260 1,214 1,410 1,500 1,396 Investment income receipts, Govt.............................. 498 454 130 132 13 J 60 139 146 131 Other services............................................................ • • • 4,971 5,510 1,345 1,338 1,393 1,434 1,356 1,469 1,483 Imports of goods and services—Total....................... -26,436 -28,457 -6,878 -7,061 -7,136 -7,382 -7,157 -8,097 -8,176 Merchandise..................................................................... -16,992 -18,619 -4,410 -4,599 -4,709 -4,901 -4,663 -5,469 -5,521 Military expenditures..................................................... -2,929 -2,824 -732 -720 -691 -681 -662 -702 -735 Investment income payments...................................... -1,271 -1,404 -341 -345 -347 -371 -374 -404 -394 Other services................................................................... -5,244 -5,610 -1,395 -1,397 -1,389 -1,429 -1,458 -1,522 -1,526 Balance on goods and services I........................................ 5,917 8,560 2,206 1,930 2,199 2,225 1,508 1,995 1,850 Remittances and pensions................................................... -837 -839 -209 -203 -207 -220 -224 -290 -235 1. Balance on goods, services, remittances and pensions......................................................................... 5,080 7,721 1,997 1,727 1,992 2,005 1,284 1,705 1,615 2. U.S. Govt, grants and capital flow, net.................... -3,487 -3,514 -761 -855 -891 -1,007 -793 -969 -760 Grants2, loans, and net change in foreign cur­ rency holdings and short-term claims (increase,—).................................................................. -4,551 -4,260 -966 -1,083 -1,085 -1,126 -970 -1,160 -1,137 Associated liabilities................................................. 94 49 -8 35 4 18 4 -10 -21 Scheduled repayments on U.S. Govt. Ioans. .. 644 575 161 160 160 94 163 196 215 Nonscheduled repayments and selloffs.............. 326 122 52 33 30 7 10 5 183 3. U.S. private capital flow, net...................................... -4,456 -6,462 -1,327 -1,344 -1,569 -2,222 -1,541 -367 -822 Direct investments..................................................... -1,976 -2,376 -464 -540 -551 -821 -1,159 -891 -515 Foreign securities....................................................... -1,104 -677 24 -105 -84 -512 -210 -71 -283 Other long-term claims (increase.—): Reported by banks............................................... -754 -942 -272 -93 -264 -313 -483 178 -66 Reported by others............................................... 163 -356 -26 -58 -264 -8 14 -7 -7 Short-term claims (increase, —): Reported by banks............................................... -781 -1,523 -383 -523 -162 -455 43 193 8 Reported by others.............................................. -4 -588 -206 -25 -244 -113 254 231 41 4. Foreign capital flow, net, excluding change in liquid assets in U.S.......................................... 594 618 122 42 166 288 344 -50 -234 Long-term investments............................................ 326 HO 6 94 -72 82 281 -247 -240 Short-term claims — .............................................. -24 115 4 19 64 28 _7 60 30 Nonliquid claims on U.S. Govt, associated with: Military contracts................................................. 334 222 163 -62 -28 149 69 133 -19 Other specific transactions. ......................... 1 207 4 — 1 204 * 1 6 -5 Other nonconvertible, nonmarketable, me­ dium-term U.S. Govt, securities: P P a a y y a a b b l l e e i in n f U o . r S e . ig d n o c ll u a r r r s e 3 n . c . i . e . s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -7 3 4 1 - - 1 2 6 0 -5 -5 0 -8 * -2 * - 3 1 0 ...............-..2. * 5. Errors and unrecorded transactions........................... -401 -1,161 -288 -152 -291 -430 -3 -77 -284 Balances A. Balance on liquidity basis Seasonally adjusted (= 1 -I-2-F3 + 4 + 5).... -2,670 -2,798 -257 -582 -593 -1,366 -709 242 -485 less* Net seasonal adjustments........................... -481 50 428 3 — 529 42 490 -2,670 -2,798 224 -632 -1,021 -1,369 -180 200 -975 B. Balance on basis of official reserve transactions Balance A seasonally adjusted............................. -2,670 -2,798 -257 -582 -593 -1,366 -709 242 -485 Plus: Seasonally adjusted change in liquid assets in the U.S. of: Commercial hanks abroad................ 462 1 ,440 85 243 575 537 13 — 86 634 393 359 69 19 133 138 110 91 93 International and regional organizations other than IMF................................................. -236 -245 -83 — 31 -69 >2 —56 —42 18 Less: Change in certain nonliquid liabilities to foreign central banks and govts.*. ............ -74 -20 -50 ♦ 30 Balance R seasonally adjusted........................ -1,977 -1,224 -136 -351 -783 -642 205 260 [ pr? • Net seasonal adjustments.............. -637 167 505 -35 -661 166 552 -1,977 -1,224 501 —518 -459 -748 19 39 -292 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE 133 U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1964 1965 Item 1963 1964 I II III IV P IP III? Transactions by which balances were settled—Not seasonally adjusted A. To settle balance on liquidity basis.................. 2,670 2,798 -224 632 1,021 1,369 180 — 200 975 Change in U.S. official reserve assets (in­ crease, . 378 171 -51 303 70 -151 842 68 40 IMF gold tranche position................................. 30 266 131 118 135 — 118 68 5-466 329 Convertible currencies......................................... -113 -220 -228 258 -45 -205 -58 -56 -413 Gold........................................................................... 461 125 46 -73 -20 172 832 3590 124 Change in liquid liabilities to all foreign accounts 2,292 2,627 -173 329 951 1,520 -662 -268 935 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities 6.. ................................................... 703 375 122 203 50 51 122 Marketable U.S. Govt, bonds and notes6. 466 -59 53 5 -63 -54 16 -15 -2 Deposits, short-term U.S. Govt, securi­ ties, etc., reported by banks in U.S..... 504 757 -453 88 249 873 -928 -92 124 IMF (gold deposits)...................................... 8 Commercial banks abroad...................................... 462 1,440 278 82 580 500 186 “254 653 Other residents of foreign countries........... 393 359 35 57 122 145 78 119 86 International and regional organizations other than IMF............................................................ -236 -245 -86 -25 -140 6 -65 -26 -56 B. Official reserve transactions........................................ 1,977 1,224 -501 518 459 748 -19 “39 292 Change in U.S. official reserve assets (in­ crease,—).............................................................. 378 171 -51 303 70 -151 842 68 40 Change in liquid liabilities to foreign central banks and govts, and IMF (See detail above under A.)........................................................ 1,673 1,073 -400 215 389 869 -861 -107 252 Change in certain nonliquid liabilities to for­ eign central banks and govts.4..................... -74 -20 -50 * * 30 1 Excludes military transfers under grants. 6 With original maturities over 1 year. 2 Excludes military grants. 3 Includes certificates sold abroad by Export-Import Bank. Note.—Dept, of Commerce data. This table has been revised in line 4 Nonconvertible, nonmarketable, medium-term U.S. Govt, securities with a revision of the tables published by the Dept, of Commerce. payable in foreign currencies. 5 Reflects $259 million payment of gold portion of increased U.S. subscription to IMF. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports1 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 *1,670 401 391 545 *593 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 2,349 31,312 1,455 1,548 32,002 3211 512 607 3347 Nov...................... 1,725 1,966 2,197 2,406 1,425 1,466 31,698 31,903 300 500 3499 3503 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 II.......................... 5,393 35,612 6,157 36,843 4,120 34,262 4,598 35,469 1,273 31,350 1,559 31,374 Ill........................ 35,359 5,721 6,467 6,907 34,164 4,390 4,699 *5,182 31,195 1,331 1,768 *1,725 IV......................... 35,087 6,024 36,782 34,114 4,401 34,888 3973 1,623 31,894 Years.....2..0..,.9..4..5.........22,424 25,620 ..............1..6.,389 17,142 18,685 .......4..,.5..5...6.. 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

134 MONEY RATES JANUARY 1966 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Dec. 31, 1964 Rate as of Country 1965 Dec. 31, 1965 Per Month cent effective Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Argentina................................... 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.................................... 4.25 Nov. 1964 4.75 4.75 Ceylon........................................ 4.0 Aug. 1960 5.0 5,0 Chile 2........................................ 14.63 July 1964 15.09 15.30 15.30 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 4.0 Ireland........................................ 6.81 Dec. 1964 6.75 6.81 6.69 6.50 5.92 6.00 5.81 5.84 5.08 5.88 5.88 Israel........................................... 6.0 Feb. 1955 6.0 Italy............................................ 3.5 June 1958 3.5 Jamaica...................................... 5.0 Nov. 1964 5.0 Japan.......................................... 6.57 Mar. 1964 6.21 5.84 5.48 5.48 Korea.......................................... 10.5 Mar. 1964 21.0 28.0 28.0 Mexico........................................ 4.5 June 1942 4.5 Netherlands............................... 4.5 June 1964 4.5 New Zealand............................ 7.0 Mar. 1961 7.0 Nicaragua.................................. 6.0 Apr. 1954 6.0 Norway. ............................. 3.5 Feb. 1955 3.5 Pakistan..................................... 4.0 Jan. 1959 5.0 5.0 Peru............................................. 9.5 Nov. 1959 9.5 Philippine Republic 4............ 6.0 Jan. 1962 6.0 Portugal .................................... 2.0 Jan, 1944 2.5 2.5 South Africa............................. 4.5 Dec. 1964 5.0 5.0 Spain........................................... 4.0 June 1961 4.0 Sweden....................................... 5.0 Nov. 1964 5.5 5.5 Switzerland......................... 2.5 July 1964 2.5 Taiwan 3.................................... 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.................... 7.0 Nov. 1964 6.0 6.0 Venezuela.................................. 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks shown is the one at which it is understood the central bank transacts was fixed at 6 per cent. Rates on loans to money market dealers will the largest proportion of its credit operations. Other rates for some continue to be .25 of 1 per cent above latest weekly Treasury bill tender of these countries follow: average rate but will not be more than the bank rate. Argenfina—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 « 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 basic rate shown) for borrowings 5 Rate shown is for call loans. from the central bank in excess of an individual bank’s quota; Peru—8 per cent for agricultural, industrial and mining paper; and Note,—Rates shown are mainly those at which the central bank either Venezuela—4 per cent for rediscounts of certain agricultural paper and discounts or makes advances against eligible commercial paper and/or for advances against govt, bonds or gold and 5 per cent on advances govt, securities for commercial banks or brokers. For countries with against securities of Venezuelan companies. more than one rate applicable to such discounts or advances, the rate Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1966 MONEY RATES; ARBITRAGE 135 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o f Netherlands Sw la i n tz d er­ Month 3 T m re b o a il n l s s t u h r s y 1 D m a o d y n a - y e t o y2 ­ 3 B a a m a c n n c o c k e e n e p s th r t , ­ s s ’ T 3 r m e b a o ill s n s u t , h ry s D m a d o y a n - y e t o y ­ a B d llo a e w p n o o k a n s e n i r t c s s e ’ m Da o d n y a e - y t y o 3 ­ Tr 6 d e b 0 a a il y - l s 9 s s u 0 4 , r y D m a o d y n a - y e t o y ­ 3 T 3 r m e b a i o ll s n s u t , h ry s D m a d o y a n - y e t o y ­ d P is r r c i a v o t a e u te n 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—Nov,............. 3,73 3.68 5.42 5.18 4.54 3.56 4.13 2.63 3.13 3.84 2.88 2.50 Dec............... 3.85 3.84 6.84 6.62 5.87 5.00 4.16 2.63 2.88 3.68 2.09 2.68 1965—Jan................ 3.78 3.83 6.84 6.60 5.92 5.00 3.77 3.13 2.44 3.29 2.43 3.00 Feb............... 3.72 3.57 6.74 6.48 5.92 5.00 4.11 3.13 3.56 3.34 3.69 3.00 Mar.......... 3.69 3.45 6.74 6.45 5.92 5.00 4.45 3.13 4.06 3.05 3.39 3.00 Apr........... 3.67 3.51 6.78 6.45 5.90 5.00 4.00 3.13 4.19 3.39 3.54 3.00 May.............. 3.84 3.79 6.73 6.31 5.90 5.00 4.22 3.13 3.44 4,05 3,67 3.00 June............. 3.95 3.80 6.04 5.59 5.02 4.08 4.36 3.13 4.44 4.08 2.69 3.00 July.............. 4.00 3.76 5.97 5.59 4.93 4.00 4.34 3.13 4.06 4.13 3.53 3.00 Aug............... 4.08 3.91 5.97 5.56 4.97 4.00 4.01 3.88 3.44 4.07 2.68 3,00 Sept............... 4.11 3.98 5.97 5,51 4.95 4.00 3,86 3.88 4.75 4.00 2.66 3.00 Oct................ 4.14 3.93 5.92 5.42 4.96 4.00 3.88 3.88 4.31 4.07 3.13 3.00 Nov......... 4.17 3.89 5.91 5.45 4.93 4.00 3.88 4.19 4.16 3.91 3.00 i 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 Premium Date K U in n g i d te o d m Spread d ( is + c ) o u o n r t in ( c f N a en v e o t t i v r e Canada Spread d ( ( i — s + c ) ) o u o o n n r t in ( c f N a en v e o t t i v r e q ( u a o U d t . a j S . t . i t o o n U S n ta i t t e e s d Lo (f n a o d v f o o r n ) f ( p o - o rw ) u a n o r d n d Lon o d f o n) qu A o in s t e d q A uo U d t . j a . S t . t i 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 f d o a o r n w l a la a d r i r s a d n Can o a f d a) basis) Canada basis 1965 Aug. 6................ 5.46 3.82 1 .64 -2,54 -.90 4.09 3.99 3.82 + .17 -.07 + .10 13................. 5.36 3.81 1.55 -2.49 -.94 4.10 4.00 3,81 + .19 + .14 + .33 20................ 5.36 3.81 1.55 -2.51 -.96 4.08 3.98 3.81 + .17 .00 + .17 27................ 5.39 3.83 1.56 -2.49 -.93 4.09 3.99 3,83 + .16 -.14 + .02 Sept. 3 . . ............ 5.36 3.84 1.52 -2.59 -1.07 4.10 4,00 3.84 + .16 -.34 -.18 10................ 5.36 3.87 1.49 -2.09 -.60 4.13 4.03 3.87 + .16 -.54 -.38 17................ 5.36 3.86 1.50 -1.88 -.38 4,09 3.99 3.86 + .13 -.40 -.27 24................. 5.36 3.94 1.42 -1.73 -.31 4.08 3.98 3.94 + .04 -.61 -.57 Oct. 1................. 5.27 3.99 1.28 -1.38 -.10 4.16 4.06 3.99 + .07 -.54 -.47 8................ 5.24 3.98 1.26 -1.35 -.09 4.10 4.00 3.98 + .02 -.60 -.58 15................ 5.30 3.99 1.31 -1.27 + .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 -1.29 -.05 4.17 4.07 4.03 + .04 -.67 -.63 Nov. 5.............. 5.33 4.04 1.29 -1.33 -.04 4.18 4.08 4.04 + .04 -.60 -.56 12................. 5.33 4.05 1.28 -1.32 -.04 4.21 4.11 4.05 + .06 -.67 -.61 19................. 5.33 4.07 1 .26 -1.26 .00 4.18 4.08 4.07 + .01 -.81 -.80 26................. 5.24 4.09 1.15 -1.10 + .05 4.16 4.06 4.09 -.03 -.67 -.70 Dec. 3................. 5,24 4,10 1.14 -1.07 + .07 4.18 4.08 4.10 -.02 -.81 -.83 10................. 5.33 4.31 1.02 -.97 + .05 4.49 4.38 4.31 + .07 -.61 -.54 17................. 5.36 4.40 .96 -1.02 -.06 4.55 4.44 4.40 + .04 -.67 -.63 23................. 5.36 4,44 .92 -.88 + .04 4.53 4.42 4.44 -.02 -.74 -.76 30................. 5,36 4.45 .91 -1.03 -.12 4.52 4.41 4.45 -.04 -.67 -.71 1966 Jan. 7................. 5.36 4.52 .84 -1.03 -.19 4,58 4,47 4.52 -.05 -.81 -.86 Note.— Treasury bills: All rates are on the latest issue of 91-day bills. All series: Based on quotations reported to Federal Reserve Bank of U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. New York by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures see Oct. 1964 Bulletin, Premium or discount on forward pound and on forward Canadian dollar: pp. 1241-60, For description of adjustments to U.K, and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 1, p, 1257, and to Table 2, p. 1260, bid and offer) at 11 a.m. Friday in New York for both spot and forward Oct. 1964 Bulletin. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

136 FOREIGN EXCHANGE RATES JANUARY 1966 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Aus­ Period Ar ( g p e e n so ti ) na (p t o ra u l n ia d ) (s A c u h s il t li r n ia g ) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (ru e p y e lo e n ) D ( e kr n o m n a e r ) k ( F m in a l r a k n k d a ) F (f r r a a n n c c e ) 1960. 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961. 1,2076 223.28 3.8481 2.0052 98.760 21,023 14.481 .3110 20.384 1962. .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3107 20.405 1963. .1245 223.10 3.8690 2.0052 92.699 21.015 14.484 3 31.057 420.404 1964. .7179 222.48 3.8698 2.0099 92.689 20.988 14.460 31.067 20.404 1965. .5952 222.78 3.8704 2.0144 92,743 20.959 14.460 31.070 20.401 1964--Dec........................................................ .6652 222.36 3.8707 2.0144 93.039 20.944 14.459 31.084 20,405 1965--Jan.... .6628 222.42 3.8697 2.0148 93.109 20.943 14.458 31.079 20,404 Feb.... .6615 222.72 3.8681 2.0147 92.943 20.967 14,460 31.081 20,404 Mar,. . .6629 222.50 3.8694 2.0144 92.480 20.950 14,453 31.080 20.400 Apr.... i .6627 222.80 3.8700 2.0147 92.654 20.948 14.462 31.081 20.401 May... 2 .5814 222.87 3.8701 2.0147 92.627 20.951 14.456 31.098 20.397 June... .5805 222.49 3.8713 2.0147 92.381 20.939 14.429 31.062 20.405 July... .5802 222.39 3.8726 2.0145 92.280 20.935 14.418 31.061 20.405 Aug.. . .5806 222.37 3.8724 2.0146 92.714 20.934 14.405 31,061 20.403 Sept.. . .5632 222.84 3.8721 2.0140 92.888 20.952 14.457 31.060 20.400 Oct... . .5542 223.35 3.8707 2.0130 92.999 20.989 14.502 31.059 20.393 Nov.. . .5546 223.40 3.8700 2.0145 93,009 21.008 14.506 31.061 20.403 Dec.... .5322 223.27 3.8680 2.0141 92.939 21,003 14,520 31.061 20.402 Period ( G d m e eu r a m ts rk a c ) h n e y (r I u n p d e ia e ) ( I p re o l u a n n d d ) ( I l t i a ra ly ) J ( a y p e a n n ) ( M do a si l l a l a a y r) ­ M (p e e x s i o c ) o ( e g N r u la e il n d th d e ­ s r) ( Z p e N o a u e la n w n d d ) 1960. 23.976 20.968 280.76 .16104 .27785 32,817 8.0056 26.513 277.98 1961, 24,903 20.980 280.22 .16099 .27690 32.659 8.0056 27.555 277.45 1962. 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27.755 278.00 1963. 25.084 20.966 280.00 .16087 .27663 32.664 8.0056 27.770 277.22 1964. 25.157 20.923 279.21 .16014 .27625 32.566 8,0056 27.724 276.45 1965. 25.036 20.938 279.59 .16004 .27662 32.609 8.0056 27.774 276.82 1964--Dec.... 25.149 20.898 279.06 .16003 .27837 32.569 8.0056 27.831 276.30 1965--Jan.. .. 25,135 20.894 279.13 .16003 .27856 32.575 8.0056 27.827 276.37 Feb.... 25.137 20.915 279,51 .16003 .27830 32.602 8.0056 27.825 276.75 Mar.. . 25.144 20.912 279,24 .16003 .27710 32.553 8.0056 27.780 276.47 Apr.... 25,149 20.935 279,62 .16004 .27609 32.582 8.0856 27.780 276.85 May... 25.097 20.939 279.71 .16004 .27585 32.617 8.0056 27.768 276.94 June... 25.003 20.924 279.23 .16003 .27638 32.583 8.0056 27.735 276.46 July... 24.960 20.914 279.10 .16005 .27599 32.579 8,0056 27.761 276.33 Aug.. . 24.923 20.913 279.08 .16005 .27598 32,565 8.0056 27.791 276.32 Sept.. . 24.934 20.943 279.67 .16005 .27597 32.621 8.0056 27.781 276,90 Oct.. . . 24.968 20.978 280.31 .16003 .27602 32.694 8.0056 27.772 277.53 Nov.. . 24.997 20,990 280.37 .16003 .27661 32.679 8.0056 27.756 277.59 Dec........................................................ 24.992 20.994 280.21 .16004 .27689 32.666 8.0056 27.724 277.43 Philip- South Africa United Period N (k o ro rw n a e y ) R ( e p p p e in u s e b o) lic (es g c a u l d o) (pound) (rand) (p S e p s a e i t n a) S (k w ro ed n e a n ) z (f e S r r a w la n i n t c ­ d ) (p K d o i o u n r n g n d - ) 1960. 14.018 49.770 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 1,6654 19.397 23.124 280.78 1963. 13.987 3.4891 139.48 1,6664 19.272 23.139 280.00 1964, 13.972 3.4800 139.09 1.6663 19,414 23.152 279.21 1965. 13.985 ..................... 3.4829 139,27 1.6662 19.386 23.106 279.59 1964—Dec....................................................... 13.980 ..................... 3.4777 ..................... 139.01 1,6666 19,439 23.172 279.06 1965--Jan.. .. 13.977 3.4783 139,05 1,6665 19,465 23.149 279.13 Feb.. . . 13.982 3.4826 139,23 1.6665 19.469 23,102 279.51 Mar.. . 13.976 3.4817 139,10 1,6663 19.468 23,020 279.24 Apr.... 13.983 3.4822 .............. 139.29 1,6663 19,434 23,019 279.62 May... 13.982 3.4819 139.33 1.6662 19.411 23.004 279.71 June.. . 13.976 3.4804 139.09 1,6662 19.369 23,075 279.23 July... 13.975 3.4798 139.03 1 6662 19.355 23.128 279.10 Aug.. . 13.978 3.4775 139.02 1,6658 19.332 23.161 279.08 Sept.. . 13.990 3.4786 139,31 1.6662 19.352 23.162 279.67 Oct.. . . 13.998 3.4871 139,63 1.6658 19.329 23.150 280,31 Nov.. . 14.001 3.4928 139,66 1 ,6657 19.329 23.150 280.37 Dec.... 13,999 ..................... 3.4922 ..................... 139,58 1,6663 19.327 23.162 280.21 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 https://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 Daniel H. Brill, Director Edwin J. Johnson, Director Albert R. Koch, Deputy Director H. Franklin SpRecher, Jr., Assistant 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 Lyle E. Gramley, Associate Adviser Stanley J. Sigel, Associate Adviser Tynan Smith, Associate Adviser OFFICE OF THE CONTROLLER John Kakalec, 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 Samuel I. Katz, Adviser DIVISION OF DATA PROCESSING John E. Reynolds, Adviser M. H. Schwartz, Director Ralph C. Wood, Adviser Lee W. Langham, Assistant Director 138 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 139 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 Robert C. Holland, Associate Economist Arthur L. Broida, Assistant Secretary Albert R. Koch, Associate Economist 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 John Simmen, boston Henry T. Bodman, Chicago William H. Moore, new york A. M. Brinkley, Jr., st. louis William L. Day, Philadelphia John A. Moorhead, Minneapolis L. A. Stoner, Cleveland Roger D. Knight, Jr., Kansas city John F. Watlington, Jr., Richmond Robert H. Stewart, III, Dallas Sam M. Fleming, Atlanta Ransom M. Cook, san francisco Herbert V. Prochnow, Secretary William J. Korsvik, Assistant Secretary Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

140 FEDERAL RESERVE BULLETIN • JANUARY 1966 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President ui anvil Deputy Chairman First Vice President in charge of branch Zip code Boston.................. ...02106 Erwin D. Canham George H. Ellis William Webster Earle O. Latham New York............. ...10045 Everett N. Case Alfred Hayes Kenneth H. Hannan William F. Treiber Buffalo................ ...14240 Thomas E. La Mont 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 Donald F. Hagner Charlotte............ ...28201 James A. Morris Edmund F. MacDonald Atlanta.................. ..30303 Jack Tarver Harold T. Patterson Edwin I. Hatch Monroe Kimbrel Birmingham.......35202 C. Caldwell Marks Edward C. Rainey Jacksonville........ ..32201 J. Ollie Edmunds Thomas A. Lanford Nashville............ ...37203 James E. Ward Robert E. Moody, Jr. New Orleans.... ..70160 Kenneth R. Giddens Morgan L. Shaw Chicago.................. ..60690 Franklin J. Lunding Charles J. Scanlon John W. Sheldon Hugh J. Helmer Detroit................ ..48231 Guy S. Peppiatt Russel A. Swaney St. Louis............... ...63166 Raymond Rebsamen Darryl R. Francis Smith D. Broadbent, Jr. Little Rock........ ...72203 John F. Breen Louisville............ . .40201 Donald L. Henry Memphis............ ...38101 John W. Menges Minneapolis.......... ..55440 Judson Bemis Hugh D. Galusha, Jr. M. H. Strothman, Jr. Helena................ ...59601 C. G. McClave Clement A. Van Nice Kansas City........... ..64106 Homer A. Scott George H. Clay Dolph Simons Henry O. Koppang Denver................ ..80217 Cris Dobbins John W. Snider Oklahoma City.. ..73101 C. W Flint, Jr. Howard W. Pritz Omaha................ ..68102 Clifford Morris Hardin George C. Rankin Dallas................... ..75222 Carl J. Thomsen Watrous H. Irons Max Levine Philip E. Coldwell El Paso............... ..79999 Fredric W. Reed Houston.............. ..77001 J. Lee Cook San Antonio.... ..78206 Carl H. Moore San Francisco....... ..94120 Frederic S. Hirschler Eliot J. Swan John D. Fredericks H. Edward Hemmings Los Angeles....... ..90054 S. Alfred Halgren Clifford H. Watkins Portland.............. ..97208 Robert F. Dwyer William M. Brown Salt Lake City... ..84110 Peter E. Marble Arthur L. Price Seattle................. ..98124 Robert D. O’Brien Erwin R. Barglebaugh Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS The material listed may be obtained from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indi­ cated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System. (Stamps and coupons not accepted.) The Federal Reserve System—Purposes and Industrial Production—1957-59 Base. 1962. Functions. 1963. 297 pp. 172 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. Annual Report. The Federal Reserve Act, as amended through Federal Reserve Bulletin. Monthly. $6.00 per Oct. 1, 1961, with an appendix containing pro­ annum or $.60 a copy in the United States and visions of certain other statutes affecting the its possessions, Bolivia, Canada, Chile, Co­ Federal Reserve System. 386 pp. $1.25. lombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Hon­ Supplement to Banking and Monetary Statis­ duras, Mexico, Nicaragua, Panama, Paraguay, tics. Sec. 1. Banks and the Monetary System. Peru, El Salvador, Uruguay, and Venezuela; 10 1962. 35 pp. $.35. Sec. 9. Federal Reserve Banks or more of same issue sent to one address, $5.00 1965. 36 pp. $.35. Sec. 10. Member Bank Re­ per annum or $.50 each. Elsewhere, $7.00 per serves and Related Items. 1962. 64 pp. $.50. annum or $.70 a copy. Sec. 11. Currency 1963. 11 pp. $.35. Sec. 14. Gold. 1963. 24 pp. $.35. Sec. 15. International Federal Reserve Chart Book on Financial and Finance. 1962. 92 pp. $.65. Sec. 16. (New) Business Statistics. Monthly. Annual subscrip­ Consumer Credit. 1965. 103 pp. $.65. tion includes one issue of Historical Chart Book. $6.00 per annum or $.60 a copy in the United Bank Mergers & the Regulatory Agencies: States and the countries listed above; 10 or more Application of the Bank Merger Act of of same issue sent to one address, $.50 each. 1960. 1964. 260 pp. $1.00 a copy; 10 or more Elsewhere, $7.00 per annum or $.70 a copy. sent to one address, $.85 each. Historical Chart Book. Issued annually in Sept. Banking Market Structure & Performance Subscription to monthly chart book includes one in Metropolitan Areas: A Statistical Study issue. $.60 a copy in the United States and coun­ of Factors Affecting Rates on Bank Loans. tries listed above; 10 or more sent to one ad­ 1965. 73 pp. $.50 a copy; 10 or more sent to dress, $.50 each. Elsewhere, $.70 a copy. one address, $.40 each. Treasury-Federal Reserve Study of the Gov­ Monetary Theory and Policy: A Bibliography. ernment Securities Market. Pt. I. 1959. 108 Part I—Domestic Aspects. 137 pp. $1.00 a pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. copy; 10 or more sent to one address, $.85 each. Individual books $1.00 each; set of 3, $2.50. Flow of Funds in the United States, 1939-53. Regulations of the Board of Governors of 1955. 390 pp. $2.75. the Federal Reserve System. Debits and Clearing Statistics and Their Rules of Organization and Procedure—Board Use. 1959. 144 pp. $1.00 a copy; 10 or more of Governors of the Federal Reserve Sys­ sent to one address, $.85 each. tem. 1962. 40 pp. The Federal Funds Market. 1959. Ill pp. Published Interpretations of the Board of $1.00 a copy; 10 or more sent to one address, Governors, as of Mar. 31, 1965. $2.50. $.85 each. Trading in Federal Funds. 1965. 116 pp. $1.00 All-Bank Statistics, 1896-1955. 1959. 1,299 a copy; 10 or more sent to one address, $.85 pp. $4.00. each. 141 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

142 FEDERAL RESERVE BULLETIN • JANUARY 1966 PERIODIC RELEASES Federal Reserve Par List (Also annual list.) (G.3) WEEKLY Interdistrict Settlement Fund (G.15) Applications Received, or Acted on, by the Index Numbers of Wholesale Prices (G.8) Board (H.2) Monthly Foreign Exchange Rates (G.5) Commercial and Industrial Loans Outstand­ ing by Industry (H.12) National Summary of Business Conditions (G.12.2) Condition of Weekly Reporting Member Banks in New York and Chicago (H.4.3) Open Market Money Rates and Bond Prices (G.13) Condition of Weekly Reporting Member Banks in Leading Cities (H.4.2) Retail Furniture Report (G.16) Demand Deposits, Currency, and Related Sales Finance Companies (G.20) Items (H.6) State Member Banks of the Federal Reserve Factors Affecting Bank Reserves and Con­ System and Nonmember Banks that Main­ dition Statement of F. R. Banks (H.4.1) tain Clearing Accounts with Federal Re­ serve Banks (Also annual list) (G.4) Reserve Positions of Major Reserve City Banks (H.5) Monthly U.S. Government Security Yields and Prices (G.14) Weekly Foreign Exchange Rates (H.10) Weekly U.S. Government Security Yields QUARTERLY—SEMIANNUALLY and Prices (H.15) All Banks in the United States and Other Areas—Principal Assets and Liabilities, by SEMIMONTHLY-IRREGULAR States (E.4) Assets and Liabilities of all Banks in the Bank Rates on Short-Term Business Loans United States (J.4) (E.2) Changes in State Bank Membership (K.3) Maturity Distribution of Outstanding Nego­ tiable Time Certificates of Deposit (E.8) Deposits, Reserves, and Borrowings of Mem­ ber Banks (J.l) Summary Report—Assets and Liabilities of Member Banks (E.3.1) Research Library—Recent Acquisitions (J.2) Member Bank Loans (E.3.4) Sales, Profits, and Dividends of Large Cor­ MONTHLY porations (E.6) Assets and Liabilites of All Member Banks, by Districts (G.7.1) ANNUALLY Banks Debits and Deposit Turnover (G.6) Bank Debits to Demand Deposit Accounts Business Indexes (G.12.3) Except Interbank and U.S. Government Accounts (C.5) Consumer Credit (G.19) Member Bank Income (C.4) Consumer Credit at Consumer Finance Com­ panies (G.22) Consumer Instalment Credit at Commercial BIENNIALLY Banks (G.18) Distribution of Bank Deposits by Counties Department Store Credit (G.17) and Standard Metropolitan Areas (C.8) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1966 143 STAFF ECONOMIC STUDIES The Private Demand for Gold, 1931-53. Sept. 1954. 10 pp. Studies on economic and financial subjects that are of general interest in the field of economic Bankers’ Acceptance Financing in the United research. States. May 1955. 13 pp. Revision of Consumer Credit Statistics. Oct. Summaries only printed in the Federal Reserve 1956. 24 pp. (Also, similar reprint from Apr. Bulletin. 1953 Bulletin.) (Limited supply of mimeographed copies of Seasonal Factors Affecting Bank Reserves. full text available upon request for single copies.) Feb. 1958. 12 pp. Statistical Refinement of the Concept of In­ Open Market Operations in Long-Term Secu­ flation—Monetary and Liquidity Aspects, rities. Nov. 1958. 15 pp. by Guy E. Noyes. Oct. 1965. *Part I, All-Bank Statistics, 1896-1955. Re­ The Demand for Money—Speed of Adjust­ print of the U.S. Summary containing a descrip­ ment, Interest Rates, and Wealth, by tion of revised statistics for all banks in the Frank de Leeuw. Oct. 1965. United States, by class of bank, together with revised statistics. Apr. 1959. 94 pp. Price Analysis and Economic Developments, by Murray Altmann. Oct. 1965. Statistics on the Government Securities Market. Apr. 1961. 8 pp. A Study of Factors Affecting the Money Stock—Phase One, by Leonall C. Andersen. Survey of Finance Companies, Mid-1960. Oct. Oct. 1965. 1961. 21 pp. Criteria for Conduct of Monetary Policy; Liquidity and Public Policy, Staff Paper by Implications of Recent Research, by Daniel Stephen H. Axilrod. Oct. 1961. 17 pp. H. Brill. Dec. 1965. Revised Indexes of Freight Carloadings. Dec. The Postwar Boom in Hotels and Motels, by 1961. 3 pp. Royal Shipp and Robert Moore Fisher. Dec. Seasonally Adjusted Series for Bank Credit. 1965. July 1962. 6 pp. Manufacturers’ Inventory Investment and Monetary Policy, by Jimmie F. Manhollen. Interest Rates and Monetary Policy, Staff Jan. 1966. ' Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. Some Fiscal Implications of Expansion of the Industrial Production—1957-59 Base. Oct. 1962. 10 pp. Social Security System, by Nancy H. Teeters. Jan. 1966. ’ Flow of Funds Seasonally Adjusted. Nov. 1962. 15 pp. Printed in full in the Federal Reserve Bulletin. A Sectoral Analysis of Velocity, Staff Paper by Paul F. McGouldrick. Dec. 1962. 14 pp. (Reprints available as shown in list below.) A New Look at the Farm Debt Picture. Dec. 1962. 18 pp. REPRINTS Farm Debt as Related to Value of Sales. (From Federal Reserve Bulletin unless preceded Feb. 1963. 9 pp. by an asterisk.) Changes in Structure of the Federal Debt. The History of Reserve Requirements for Mar. 1963. 10 pp. Banks in the United States. Nov. 1938. 20 PP. Negotiable Time Certificates of Deposit. Apr. 1963. 11 pp. Adjustment for Seasonal Variation. Descrip­ tion of method used by Board in adjusting eco­ New Foreign Bond Issues in the U.S. Market, nomic data for seasonal variation. June 1941. Staff Paper by Robert F. Gemmill. May 1963. 11 PP. 13 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

144 FEDERAL RESERVE BULLETIN • JANUARY 1966 Recent Changes in Liquidity, Staff Paper by New Series on Federal Funds. Aug. 1964. Daniel H. Brill. June 1963. 10 pp. 31 pp. Interest Rates on Time Deposits, Mid-Febru- Ministerial Statement of the Group of Ten ary 1963. June 1963. 7 pp. and Annex Prepared by Deputies. Aug. 1964. 25 pp. Measures of Member Bank Reserves. July 1963. 14 pp. Yield Differentials in Treasury Bills, 1959­ 64, Staff Paper by Samuel I. Katz. Oct. 1964. Bank Loans Secured by Stocks and Bonds. July 20 pp. 1963. 19 pp. U.S. Government Securities in 1964. Nov. A Bank Examiner Looks at Agricultural 1964. 8 pp. Lending, Staff Paper by Brenton C. Leavitt. July 1963. 8 pp. ' Research into Banking Structure and Com­ petition. Nov. 1964. 17 pp. Measuring and Analyzing Economic Growth, Staff Paper by Clayton Gehman. Aug. 1963. Bank Credit and Monetary Developments in H pp. 1964. Feb. 1965. 13 pp. Changes in Banking Structure, 1953-62. Sept. Bank Credits to Foreigners. Mar. 1965. 10 pp. 1963. 8 pp. Balance of Payments Program: Guidelines Economic Change and Economic Analysis, for Banks and Nonbank Financial Institu­ Staff Paper by Frank R. Garfield. Sept. 1963. tions. Dec. 1965. 9 pp. 17 pp. ’ Revision of Bank Debits and Deposit Turn­ Bank and PCA Lending to Farmers. Sept. 1963. over Series. Mar. 1965^ 4 pp. 11 PP- Banking and Monetary Statistics, 1964. Se­ The Open Market Policy Process. Oct. 1963. lected series of banking and monetary statistics 11 PP- for 1964 only. Feb., Mar., and June 1965. 15 PP- Recent Interest Rate Trends. Nov. 1963. 10 pp. Recent Credit and Monetary Developments. July 1965. 12 pp. Bank Credit and Money in 1963. Feb. 1964. 7 PP- Revision of the Money Supply. July 1965. 11 PP- Survey of Financial Characteristics of Con­ sumers. Mar. 1964. 9 pp. Interest Rates in Capital Markets. Aug. 1965. 13 pp. U.S. Trade and Payments in 1963. Apr. 1964. Measures of Banking Structure and Competi­ 7 PPtion. Sept. 1965. 11 pp. Flows Through Financial Intermediaries. Treasury and Federal Reserve Foreign Ex­ May 1964. 9 pp. change Operations. Sept. 1965. 14 pp. Revision of the Money Supply Series. June U.S. International Payments. Oct. 1965. 9 pp. 1964. 14 pp. Fiscal Policy and Debt Management. Nov. Revision of Bank Credit Series. June 1964. 1965. 11 pp. 5 PP- Time Deposits in Monetary Analysis, Staff Recent Monetary and Credit Developments. Economic Study by Lyle E. Gramley and Sam­ July 1964. 9 pp. uel B. Chase, Jr. Oct. 1965. 25 pp. Federal Reserve Security Transactions, 1954­ Cycles and Cyclical Imbalances in a Chang­ 63, Staff Paper by Stephen H. Axilrod and ing World, Staff Paper by Frank R. Garfield. Janice Krummack. July 1964. 16 pp. Nov. 1965. 15 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see p. 46.) Acceptances, bankers’, 55, 72, 74 Demand deposits: Agricultural loans of commercial banks, 66, 68 Adjusted, banks and the monetary system, 61 Arbitrage, 135 Adjusted, commercial banks, 58, 60, 67 Assets and liabilities (See also Foreign liabilities and Banks, by classes, 54, 62, 70 claims): Turnover of, 58 Banks and the monetary system, consolidated Type of holder, at commercial banks, 67 statement, 61 Deposits (See also specific types of deposits): Corporate, current, 86 Adjusted, and currency, 61 Domestic banks, by classes, 62, 66, 68 Banks, by classes, 54, 62, 67, 70, 74 Federal Reserve Banks, 56 Federal Reserve Banks, 56 129 Automobiles: Postal savings, 54, 61 Consumer instalment credit, 90, 91, 92 Discount rates, 53, 134 Production index, 94, 95 Discounts and advances by Federal Reserve Banks, 48, 56, 58 Dividends, corporate, 85, 86 Balance of payments (See U.S. balance of payments) Dollar assets, foreign, 121, 129 Bankers’ balances, 67, 69 (See also Foreign liabilities and claims) Banks and the monetary system, consolidated Earnings and hours, manufacturing industries, 101 statement, 61 Employment, 98, 100, 101 Banks for cooperatives, 81, 82 Bonds (See also U.S. Govt, securities): Farm mortgage loans, 87, 88 89 New issues, 82, 83, 84 Federal finance: Prices and yields, 72, 73 Cash transactions, 76 Brokers and dealers in securities, bank loans to, 66, 68 Receipts and expenditures, 77 Business expenditures on new plant and equipment, 86 Treasurer’s balance, 76 Business indexes, 98 Federal funds, 52 Business loans (See Commercial and industrial loans) Federal home loan banks, 81, 82, 88 Federal Housing Administration, 73, 87, 88, 89 Capital accounts: Federal intermediate credit banks, 81, 82 Banks, by classes, 62, 67, 70 Federal land banks, 81, 82 Federal National Mortgage Assn., 81, 82, 89 Federal Reserve Banks, 56 Carloadings, 98 Federal Reserve Banks: Central banks, foreign, 118, 134 Condition statement, 56 Certificates of deposit, 70 U.S. Govt, securities held by, 48, 56, 58, 78, 79 Coins, circulation of, 59 Federal Reserve credit, 48, 56, 58 Commercial and industrial loans: Federal Reserve notes, 56, 59 Commercial banks, 66 Federally sponsored credit agencies, 81, 82 Weekly reporting member banks, 68, 71 Finance company paper, 72, 74 Commercial banks: Financial institutions, loans to, 66, 68 Assets and liabilities, 62, 65, 66 Float, 48 Consumer loans held, by type, 91 Flow of funds, 106 Number, by classes, 62 Foreign central banks, 118, 134 Real estate mortgages held, by type, 87 Foreign currency operations, 56, 58, 120, 128 Commercial paper, 72, 74 Foreign deposits in U.S. banks, 48, 56, 61, 67, Condition statements (See Assets and liabilities) 70, 129 Construction, 98, 99 Foreign exchange rates, 136 Consumer credit: Foreign liabilities and claims: Instalment credit, 90, 91, 92, 93 Banks, 122, 124, 125, 127, 129 Noninstalment credit, by holder, 91 Nonfinancial concerns, 130 Consumer price indexes, 98, 102 Foreign trade, 133 Consumption expenditures, 104, 105 Corporations: Gold: Sales, profits, taxes, and dividends, 85, 86 Certificates, 56, 59 Security issues, 83, 84 Earmarked, 129 Security prices and yields, 72, 73 Net purchases by U.S., 120 Cost of living (See Consumer price indexes) Production, 119 Currency in circulation, 48, 59, 60 Reserves of central banks and govts., 118 Customer credit, stock market, 73 Reserves of foreign countries and international organizations, 121 Debits to deposit accounts, 58 Stock, 48, 61, 120 Debt (See specific types of debt or securities) Gross national product, 104, 105 145 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

146 FEDERAL RESERVE BULLETIN • JANUARY 1966 Hours and earnings, manufacturing industries, 101 Payrolls, manufacturing, index, 98 Housing starts, 99 Personal income, 105 Postal Savings System, 54, 61 Income, national and personal, 104 Prices: Industrial production index, 94, 98 Consumer, 98, 102 Instalment loans, 90, 91, 92, 93 Security, 73 Insurance companies, 75, 78, 79, 88 Wholesale commodity, 98, 102 Insured commercial banks, 64, 66 Production, 94, 98 Interbank deposits, 54, 62, 67 Profits, corporate, 85, 86 Interest rates: Bond yields, 72 Real estate loans: Business Joans by banks, 71 Banks, by classes, 66, 74, 87 Federal Reserve Bank discount rates, 53 Mortgage yields, 73 Foreign countries, 134, 135 Type of holder, 87, 88, 89 Money market rates, 72, 135 Type of property mortgaged, 87, 88, 89 Mortgage yields, 73 Reserve position, basic, member banks, 52 Stock yields, 72 Reserve requirements, member banks, 54 Time deposits, maximum rates, 54 Reserves: International capital transactions of the U.S., 122 Central banks and govts., 118 International institutions, 118, 120, 121 Commercial banks, 67 Inventories, 104 Federal Reserve Banks, 56 Investment companies, new issues, 84 Foreign countries and international Investments (See also specific types of investments) : organizations, 121 Banks, by classes, 62, 66, 69, 74 Member banks, 48, 50, 54, 67, 69 Commercial banks, 65 Residential mortgage Ioans, 87, 88, 89 Federal Reserve Banks, 56, 58 Retail credit, 90 Life insurance companies, 75 Retail sales, 98 Savings and loan assns,, 75 Sales finance companies, consumer loans of, 90, 91, 93 Labor force, 100 Saving: Loans (See also specific types of loans): Flow of funds series, 106 Banks, by classes, 62, 66, 68, 74 National income series, 105 Commercial banks, 65 Savings and loan assns., 75, 79, 88 Federal Reserve Banks, 48, 56, 58 Savings deposits (See Time deposits) Insurance companies, 75, 88 Savings institutions, principal assets, 74, 75 Insured or guaranteed by U.S., 87, 88, 89 Securities (See also U.S. Govt, securities): Savings and loan assns., 75, 88 Federally sponsored agencies, 81 International transactions, 128, 129 Manufactures, production index. 95, 98 New issues, 82, 83, 84 Margin requirements, 54 Silver coin and silver certificates, 59 Member banks: State and local govts.: Assets and liabilities, by classes, 62, 66 Deposits of, 67, 70 Borrowings at Federal Reserve Banks, 50, 56, 70 Holdings of U.S. Govt, securities, 78, 79 Deposits, by classes, 54 New security issues, 82, 83 Number, by classes, 63 Ownership of obligations of, 66, 74, 75 Reserve position, basic, 52 Prices and yields of securities, 72, 73 Reserve requirements, 54 State member banks, 64 Reserves and related items, 48 Stock market credit, 73 Weekly reporting series, 68 Stocks: Mining, production index, 95, 98 New issues, 83, 84 Money rates (See Interest rates) Prices and yields, 72, 73 Money supply and related data, 60 Mortgages (See Real estate loans) Tax receipts, Federal, 77 Mutual funds (See Investment companies) Time deposits, 54, 60, 61, 62, 67, 70 Mutual savings banks, 61, 62, 64, 74, 78, 79, 87 Treasurer’s account balance, 76 Treasury cash, 48, 59, 61 National banks, 64 Treasury currency, 48, 59, 61 National income, 104, 105 Treasury deposits, 48, 56^76 National security expenditures, 77. 104 Turnover, deposit, 58 Nonmember banks, 64, 66, 67 Unemployment, 100 Open market transactions, 55 U.S. balance of payments, 132 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES 147 U.S. Govt, balances: U.S. Govt, securities—Continued Commercial bank holdings, by classes, 67, 70 Outstanding, by type of security, 78, 79, 81 Consolidated monetary statement, 61 Ownership of, 78, 79 Treasury deposits at Federal Reserve Banks, 48, Prices and yields, 72, 73, 135 56, 76 United States notes, outstanding and in circulation, 59 U.S. Govt, securities: Utilities, production index, 95, 98 Bank holdings, 61, 62, 66, 69, 74, 78, 79 Dealer transactions, positions, and financing, 80 Vault cash, 48, 54, 67 Federal Reserve Bank holdings, 48, 56, 58, 78, 79 Veterans Administration, 87, 88, 89 Foreign and international holdings, 56, 121, 129 International transactions, 128 Weekly reporting member banks, 68 New issues, gross proceeds, 83 Open market transactions, 55 Yields (See Interest rates) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES ☆ (o THE FEDERAL RESERVE SYSTEM q) $ Legend ”“ Boundaries of Federal Reserve Districts ---- Boundaries of Federal Reserve Branch Territories O Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis