Federal Reserve Bulletin, 1966-02

FEDERAL RESERVE BULLETIN BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CONTENTS VOLUME 52 • NUMBER 2 • FEBRUARY 1966 Bank Credit and Monetary Developments in 1965 149 Staff Economic Studies 163 Statement to Congress 166 Directors of Federal Reserve Banks and Branches 175 Law Department 188 Announcements 204 National Summary of Business Conditions 206 Guide to Tabular Presentation 208 Financial and Business Statistics, U.S. (Contents on p. 209) 210 International Financial Statistics (Contents on p. 275) 276 Board of Governors and Staff 296 Open Market Committee and Staff; Federal Advisory Council 297 Federal Reserve Banks and Branches 298 Federal Reserve Board Publications 299 Index to Statistical Tables 302 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

BANK CREDIT AND MONETARY DEVELOPMENTS IN 1965 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

149 JLzEMANDS for credit remained strong and interest rates moved up as the economy continued to expand rapidly during 1965, the fifth year of the current expansion. Borrowing was es­ pecially heavy by consumers and businesses, who financed a larger portion of their investment expenditures in credit and equity mar­ kets than in 1964. In the final months of 1965 enlarged credit demands by the Government, as well as by business, led to an acceleration in total borrowing, and interest rates rose sharply. Following the increase in the Federal Reserve discount rate in early December, when credit demands were still increasing, inter­ est rates on virtually all types of debt instruments rose further, and the rise continued into early 1966. Net funds raised by all nonfinancial borrowers in credit and equity markets were an estimated $72 billion in 1965, $5 billion more than in 1964. Commercial banks supplied a slightly larger share of the flow of credit than they had in previous years of the expansion, as they succeeded in attracting a larger proportion of the financial assets acquired by the public. Time and savings de­ posits at banks grew rapidly during the year, and the money stock —including demand deposits—showed the largest increase of the current expansion, as demands for cash for transactions purposes rose. FEDERAL RESERVE With credit demands expanding more rapidly and the economy POLICY ACTIONS approaching full resource-utilization, the Federal Reserve sought AND OPERATIONS to limit credit expansion in 1965. Early in the year, when bank credit expansion was large and the balance of payments deficit was substantial, the Federal Reserve increased the pressure on the BANK DEPOSITS account for a larger share of financial-asset purchases by public in '65 CHART 1 MMHHHHHHHHHHHNHBH Ratios, based on flow of funds data, of increase in total deposits of commercial banks to in­ crease in acquisitions of financial assets—insurance and pension reserves, deposits at financial institutions, and credit and equity market intruments, less security debt—by domestic businesses, consumers, and all levels of government. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • FEBRUARY 1966 150 reserve positions of member banks, and borrowing by these banks from the Federal Reserve rose. Along with the shift in open market operations toward re­ straint in early 1965, the Federal Reserve participated in the administration’s program, announced in February, to alleviate the balance of payments problem. To help reduce outflows of capital to foreigners, which had increased in late 1964 and early 1965, a Voluntary Foreign Credit Restraint (VFCR) program was set up. Under this program, the Board of Governors of the Federal Reserve System issued guidelines to banks and other financial in­ stitutions designed to restrain their lending and investing abroad; new guidelines for 1966 were announced in December. The VFCR program contributed importantly to the shift in the TOTAL RESERVES grow more rapidly in '65; NONBORROWED RESERVES grow somewhat less; and BORROWINGS provide more reserves CHART 2 ■■■■■■■■■■■■■■■■■■■■■■■■■■■■■■ Monthly averages of daily figures. SA, seasonally adjusted; NSA, not seasonally adjusted. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BANK CREDIT AND MONETARY DEVELOPMENTS 151 flow of bank credit from a large outflow in 1964 to a small net inflow in 1965. With total outflows of U.S. private capital reduced, although by less than the shift in the flow of bank credit, the balance of payments deficit for the year was less than half as large on a liquidity basis as in 1964. While the balance of payments was showing an improvement, demand pressures were increasing in the domestic economy, and in the second half of 1965 interest rates began to increase more rapidly. As evidence began to accumulate that Government and private spending would continue to rise, the Federal Reserve raised the discount rate to 416 per cent in early December. At the same time, maximum permissible rates on time deposits maturing in 30 days or more were raised to 51/2 per cent to enable banks to continue to compete for such deposits. In the weeks after these actions, the Federal Reserve made reserves more readily available through open market operations in order to moderate market adjustments to the new rate structure in a period when bank credit demands were proving to be unusually large. Over most of 1965, nonborrowed reserves of banks grew less rapidly than in 1964. Total reserves rose more rapidly, however, as member banks increased their borrowing from the Federal Reserve, especially in the first half. In the summer and during most of the autumn, the tendency for these aggregate measures of reserves to show little net increase was influenced in part by a sharply reduced need for reserves to support U.S. Government deposits, by some reduction in loan demand on banks, and also by the continued pressure on banks’ net reserve positions. Even though nonborrowed reserves of banks last year expanded by less than the year before, the Federal Reserve bought slightly more securities (net) through open market operations than it had in 1964—$3.7 billion as compared with $3.5 billion. These larger purchases—which include repurchase agreements—were necessary because of increased reserve losses by member banks from currency expansion and from an enlarged outflow of gold. BANK DEPOSIT 7racjitionany the American public has held most of its financial GROWTH assets jn the form of claims on financial institutions. In 1965, as in other recent years of the current expansion, commercial banks were able to attract a larger portion of such funds—as well as of those usually directed to open market securities—than at any other time in the postwar period. Consequently, they were able to supply a larger portion of the credit demands of the economy, while the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • FEBRUARY 1966 152 portions met by other types of financial institutions and directly in the market declined. The banks’ portion last year was about 38 per cent of all funds raised by nonfinancial borrowers—a record for an expansion year and about twice as much as during non­ recession years in the 195O’s. Time and savings deposits. Time and savings deposits at commer­ cial banks last year grew by 16 per cent, only a little below the postwar record rate of 1962. During 1965, however, the compo­ sition of the growth in such deposits changed. Under the pressure of heavy loan demand, and with more leeway under the higher Regulation Q ceiling established in late 1964, outstanding nego­ tiable certificates of deposit (CD’s) increased sharply in the first half of 1965. In this period some of the very large banks issued longer-term CD’s in excess of current needs in order to assure funds to meet expected future loan demand. The rate of growth of outstanding CD’s moderated after mid­ year, partly as the result of a summer slow-down in loan demand. Even though there was a rapid pick-up in loan demand in the autumn, growth in outstanding CD’s was held to the lowest level of the 1960’s by rising yields on other financial assets relative to Regulation Q ceilings and by the somewhat strained liquidity of corporations—the major buyers of CD’s. The increase in Regu­ lation Q ceilings in December of 1965 gave banks more leeway to issue CD’s, but with heavy maturities around the tax and divi­ dend payment dates, outstanding CD’s declined. Early in 1966 they grew less rapidly than after previous changes in rate ceilings. At banks in leading cities both passbook savings deposits and time deposits other than negotiable CD’s grew more sharply in 1965 than in 1964. Savings accounts showed particular strength early in 1965 as some banks raised the rates paid on such deposits. As in 1964, banks also increased sharply their use of time deposits other than negotiable CD’s in order to attract funds from interest­ sensitive investors. As the year progressed, more of the growth in time and savings deposits occurred at banks outside of New York City and Chicago. This development reflected not only the greater difficulties encountered by the larger banks in selling negotiable CD’s, but also the increased aggressiveness of banks throughout the country in seeking time and savings deposits to meet the continuing strong demand for loans. Demand deposits and the money stock. With economic activity rising sharply, the seasonally adjusted money stock, as well as the rate of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BANK CREDIT AND MONETARY DEVELOPMENTS 153 turnover of demand deposits, rose as the year progressed. For the year as a whole the money stock increased by 4.8 per cent, the largest increase of the current expansion, and the average an­ nual rate of turnover of demand deposits was 7.6 per cent higher MONEY STOCK and bank time deposits grow rapidly S - 30 Seasonally adjusted monthly averages of daily figures. Money stock consists of demand deposits and currency outside the Treasury, the F.R. System, and the vaults of commercial banks. Demand deposit component excludes deposits due to domestic commercial banks and the U.S. Govt., cash items in process of collection, and F.R. float, but includes foreign demand balances at F.R. Banks. Time deposits exclude those due to domestic commercial banks and the U.S. Govt. Debits are to demand deposit accounts, except interbank and U.S. Govt., as reported by banks in (1) 343 reporting centers and by (2) 224 Standard Metropolitan Statistical Areas (SMSA’s) beginning with January 1964. Latest figures: turnover, December; all others, January (preliminary). than in 1964. As a result of the higher rates being offered on bank time and savings deposits, there appears to have been some shifting out of demand deposits into time deposits in the first quarter of 1965. However, reflecting higher personal incomes and expanding needs for cash balances by businesses for transactions purposes, the demand for money rose in subsequent quarters. Increases in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • FEBRUARY 1966 154 the money stock were particularly sharp in the second half of the year when the pace of economic growth accelerated. On a seasonally adjusted basis, U.S. Government balances at commercial banks rose rapidly in the first half, due to large in­ creases in tax revenues and to restraint on expenditures. With its large balance, the Treasury found it unnecessary to borrow in the third quarter; instead it drew down its cash balance. The Treasury was a large borrower in the fourth quarter, but its balance still declined slightly over that period. COMMERCIAL Expansion of bank credit in 1965 amounted to about $27 billion, BANK CREDIT an increase of 10 per cent. For the sixth consecutive year banks added to both their loans and their investments, but in 1965 loans accounted for more of the expansion in total bank credit. During the first half of the year, when banks were facing particularly heavy loan demand, bank credit rose quite rapidly and loans ac­ counted for all of the increase. Business loans. Business loans at banks increased by nearly one­ fifth in 1965, the largest rate of increase since 1956. Larger credit Seasonally adjusted end-of-month data for all commercial banks. Indexes for 1964 calculated from year-end 1963; for 1965, from Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BANK CREDIT AND MONETARY DEVELOPMENTS 155 INCREASE IN BANK CREDIT demands by business firms reflected both the accelerating pace of business investment in plant, equipment, and inventories and the continuing decline in business liquidity during most of the year. But other factors also affected the rate of growth in these loans. Strikes and the threat of strikes had an important influence on inventory positions of business and, hence, on their demand for bank loans. A dock strike early in the year caused sharp increases '62 '63 '64 '65 in credit demands by commodity dealers and food processors. About the same time, automobile production rose to record levels following strike-induced work stoppages in that industry in late 1964. This increase in output expanded business demand for bank credit, particularly to finance increases in dealer inventories. Moreover, in anticipation of a strike at steel mills in May, the metals industries continued to stockpile inventory in the first months of 1965. This added to the demand for bank credit in the first half. Negotiations were extended and stocks were built up further until September when a new contract was agreed upon. In addition, there was a large increase in demand for loans by foreign businesses beginning in late 1964 and continuing into HOLDINGS of U.S. Governments decline; of other securities, rise MIMM^^ CHART 4 U.S. GOVERNMENT OTHER year-end 1964. Foreign loans included, but interbank loans excluded. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • FEBRUARY 1966 156 early 1965. Most of this increased demand presumably reflected expectations that the interest equalization tax would be extended to bank loans. In February the President did extend this tax to bank loans maturing in 1 year or more. As a result of this action and of the VFCR program, bank loans to foreign businesses grew very little during the remainder of 1965. All of these unusual factors tended to increase business loans sharply early in the year. Nevertheless, demands for such loans were large throughout the year as expanding business expenditures exceeded internally generated funds from late 1964 on. While much of the increase in bank credit was to cover business needs for inventory and other working capital, the large volume of new term loans suggests that some businesses were continuing to bor­ row at banks to finance capital expenditures. In the summer, expanding expenditures for plant and equipment and expectations that market rates of interest would rise caused businesses to increase their borrowing in capital markets. At the same time demands for bank credit remained quite strong, though somewhat moderated from the exceptional pace earlier in the year. But the pace of business loan expansion at banks accelerated again toward the end of 1965, in part because of continued rapid increases in business expenditures and in part because of heavy tax and dividend payments in December. Other loans. Even with the rapid increase in business loans, banks continued to add to their portfolios large amounts of both real estate and consumer loans in 1965. Real estate loans expanded by over 12 per cent—about the same as in the previous 2 years. However, their rate of growth declined a little in the final months of 1965. Rising yields on other assets purchased by banks, as well as the rising cost of time and savings deposits, are likely to affect bank acquisitions of mortgages with a lag because such loans are usually committed in advance. How­ ever, with little growth in the net volume of mortgages in 1965, and with reduced inflows of funds to nonbank depository financial institutions, commercial banks increased their share of the mort­ gage market. Reflecting not only record sales of automobiles, but also large purchases by consumers of other durable goods and their increased borrowing for vacations, medical costs, and other purposes, con­ sumer loans of banks increased by over 15 per cent in 1965. This was the largest rise since 1959. As in other recent years, commer­ cial banks were the biggest single supplier of consumer instalment Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BANK CREDIT AND MONETARY DEVELOPMENTS 157 credit in 1965. They supplied one-half of the total increase in such credit last year; and when their loans to finance companies are included, banks supplied around three-fourths of the total increase. Other loans—a category that excludes business, real estate, and consumer loans—expanded by less than 10 per cent last year, with no net expansion after midyear. The lack of growth of these loans in the second half reflected offsetting movements of several com­ ponents. Reductions in loans to Government securities dealers— as they reduced their inventories on balance—were offset by in­ creases in other components. Securities. Under the pressure of rising loan demand and with reserves provided less plentifully by the Federal Reserve, banks added less to their security holdings in 1965 than in any other year of the current expansion. Liquidation of Treasury issues—the largest since 1959—was particularly sharp in the first half, but it ceased in late summer as business loan demand moderated. During the large Treasury financings in the final months of the year —when the Treasury issued $6.5 billion of tax anticipation bills, which banks could purchase with full credit to Treasury tax and loan accounts—bank holdings of Treasury issues rose again. Over the first 9 months of 1965 bank holdings of other securities —mainly State and local government bonds—rose at an annual rate of 16.5 per cent, considerably above their 1964 rate. Even with larger demands for loans, increases in yields on these tax­ exempt securities made them attractive investments for banks. However, the combined impact of reduced availability of CD’s, of strengthening loan demand, and of a firmer monetary policy led to a reduction in the rate of acquisition of municipals in the fourth quarter of 1965, and there were reports of liquidation of these securities by some banks. Since the current expansion began, there has been a consider­ able shift in the composition of security holdings of banks and in their importance relative to total bank assets. At the end of 1965 Treasury securities accounted for less than 20 per cent of total earning assets of banks, and other securities accounted for about 15 per cent. At the beginning of the current upswing in early 1961, the comparable ratios were about 31 and 11 per cent, respectively. The declining importance of Treasury issues in the portfolio of banks and the greater importance of other securities reflect the increased propensity of banks to invest in higher yielding assets as their deposit costs rose during the 1960’s. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • FEBRUARY 1966 158 BANK LIQUIDITY With larger loan demands, rising interest rates, and a gradual shift of monetary policy towards a firmer stance, bank liquidity declined further in 1965. While no single measure can successfully indicate the degree of bank liquidity, most of the indicators sug­ gested a continued decline. The loan-to-deposit ratio for all commercial banks, for example, climbed to a new postwar high of 64.3 per cent toward the end of 1965, after rising 3.6 percentage points in the first 8 months— the sharpest increase for any comparable period in the current ex- 1964 1965 '66 Wednesday figures. Rates are for 90-179 day issues of major New York City banks. Outstandings are for CD’s of $100,000 or more reported by weekly reporting member banks. Latest figures, January 26. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BANK CREDIT AND MONETARY DEVELOPMENTS 159 pansion. This higher ratio not only is indicative of the pace of loan demand but also suggests that more banks are reaching a more fully loaned position. Paralleling the rapid expansion in loans in the first half, the ratio of short-term Treasury issues to deposits declined to its previous low for this expansion; it did not decline to the postwar low of early 1956, however. In the second half of 1965 bank liquidity was influenced by diverse factors. The moderation of loan demands in the third quarter and the large growth in deposits in the fourth quarter stabilized the loan-to-deposit ratio and contributed—along with the Treasury’s October-November bill financing—to increased bank holdings of short-term Government securities. On the other hand, banks found it more difficult during the autumn to sell negotiable CD’s because rising yields on open market securities pushed CD offering rates to the Regulation Q ceiling, and busi­ nesses reduced their purchases of bank time deposits. Since 1961 many banks have looked less to their portfolios and more to the sale of CD’s as a method of adjusting their reserve positions; in late 1965, however, these banks found this method of reserve adjustment increasingly closed to them. Even with leeway under the new rate ceilings announced in early December, banks still found it more expensive and more difficult to tap short-term money markets with CD’s. This was be­ cause of the reduction in purchases by nonfinancial corporations and reflected in part the fact that market rates on securities rose relatively faster than rates paid by banks on CD’s. Meanwhile, many of the banks were facing heavy maturities of CD’s early in 1966. With less competitive offering rates, and with the additional rate freedom to offer shorter-term CD’s, banks increased their issues of 30-90 day maturities considerably in December and early January. As a result, the average maturity of their outstanding CD’s appears to have been reduced markedly. INTEREST RATES With credit demands strong and Federal Reserve policy moving toward restraint, the largest across-the-board rise in interest rates in 6 years occurred in 1965. Most of the increase was in the second half as it became clear that military spending would be rising sharply in an economy already close to full utilization of its re­ sources, and as business and then Government demands on money and capital markets expanded. In December, following the dis­ count and time-deposit rate actions of the Federal Reserve, in­ terest rates—particularly short-term rates—rose further. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • FEBRUARY 1966 160 Yields on State and local government and corporate bonds de­ clined early in 1965, but when the volume of new issues swelled to record proportions in the spring, yields turned up again and by midyear had advanced 15 basis points from their levels at the end of 1964. Yields on long-term Treasury issues did not reflect these developments because their yields had not declined earlier RISE IN INTEREST RATES accelerates in last half of '65 for both LONG-TERM CHART 6 FHA-INSURED MORTGAGES CORPORATE Aoa NEW ISSUES U.S. GOVT. BONDS STATE AND LOCAL Aaa TREASURY BILLS F.R, DISCOUNT RATE - N.Y. Monthly averages except for FHA (based on quotation for 1 day each month). Yields: FHAinsured mortgages, weighted averages of private secondary market prices of certain new-house mortgages converted to annual yield; State and local govt. Aaa bonds, from Moody’s Investors Service; corporate bonds, weighted averages of new publicly offered bonds rated Aaa, Aa, and A by Moody’s Investors Service and adjusted to an Aaa basis; U.S. Govt, bonds, market yields at constant maturity; and U.S. Treasury bills, market yields on 3-month issues. Latest figures are for January. in the year, because of the large cash surplus, and because of ex­ pectations that the Treasury would not issue any more long-term bonds after the highly successful January advance refunding. These latter factors, as well as some feeling that the capital goods expansion would moderate, led some market participants to believe that long-term interest rates were not likely to rise further in 1965. Yields on short-term Treasury issues rose in February, as reserve Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BANK CREDIT AND MONETARY DEVELOPMENTS 161 availability was reduced, and then declined for the rest of the first half as debt retirement and Federal Reserve purchases—largely to offset gold outflows—reduced the supply of bills available to the public. In July activities in Viet Nam increased, and it became apparent that the performance of the economy during the summer would be stronger than had been expected. Consequently, interest rate expectations, reinforced by a continuing unusually large volume of new corporate and municipal offerings, were reversed, and bond yields advanced further. Increases were large for longer-term Treasury issues as dealers in this market who had earlier thought that yields were not likely to increase over the balance of 1965 began to liquidate sizable positions in Government securities. Reduced purchases of municipal securities by banks in the autumn also added upward pressure to capital market rates. Be­ tween July and November, corporate and municipal bond yields rose by another 10 and 20 basis points, respectively, while those on long-term Treasury issues rose by 20 basis points. Rising yields in other segments of the capital markets began to divert funds from the mortgage markets, and mortgage rates also began to advance in late summer for the first time in 21^ years. Yields on Treasury bills advanced 25 basis points between mid­ year and November. This advance began in the late summer as it became clear that the Treasury would be borrowing heavily in the money market in the final months of the year, a period in which it appeared that bank and corporate liquidity would be lower and in which monetary policy was expected by many to become more restrictive. The resultant increase in bill yields contributed to the upward movement in CD rates to the Regulation Q ceiling in the fall, and it became questionable whether banks could replace the large volume of CD’s that would mature in December. After the increase in the discount rate and in Regulation Q ceilings in early December, the level of rates—especially short­ term rates—moved upward again. With liquidity reduced, the cost of deposits and borrowings from the Federal Reserve higher, and loan demand stronger, most commercial banks raised the prime rate—the rate charged to customers with the highest credit ratings -—from 4.5 to 5.0 per cent. By the month-end Treasury bill yields had risen by 30 basis points, and long-term yields by 8 to 10 basis points. These increases were larger than at the time of similar discount rate and Regulation Q actions by the Federal Reserve Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • FEBRUARY 1966 162 in November 1964 and were indicative of stronger demands for credit and of the lower level of bank liquidity. Interest rates rose further early in 1966 as credit demands re­ mained strong. From the year-end to mid-February the yield on 3-month Treasury bills advanced 16 basis points further to 4.63 per cent, while yields on long-term Government and corporate bonds rose 13 and 12 basis points, respectively. 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 THE DEMAND FOR CURRENCY George G. Kaufman—Staff, Federal Reserve Bank of Chicago Paper presented at a meeting of the f ederal Reserve System Committee on Financial Analysis at the Federal Reserve Bank of Atlanta, on April 28, 1965 (revised January 1966) Changes in currency are of interest for two be attributed primarily to developments dur­ reasons. First, currency accounts for about ing World War II when currency outstand­ 20 per cent of the money supply, a variable ing rose fourfold. The rise was larger than often accorded a key role in the operation of could be explained by the usual economic the economy. Second, because currency is stimuli alone and is frequently laid to hoard­ effectively 100 per cent reserve money while ing for income tax evasion, for black market demand deposits are fractional reserve operations, and by foreigners to serve as a money, shifts between the two components store of value in place of their own depreci­ of the money supply affect the total volume ated currencies. of reserves and, in turn, unless offset by The large volume of currency outstanding appropriate central bank action, the aggre­ is also reflected in the ratio of currency to gate supply of money. money. In mid-1964, currency accounted Tn 1964, currency outstanding amounted for about 22 per cent of the money supply, to almost $175 per capita. This is nearly ten about the same proportion as at the turn of times the average for the period 1892-1915 the century and above that of most pre­ and five times the average for the interwar World War II years. There have been three period. The large increase since 1939 may sharp expansions in the ratio in an otherwise 163 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

164 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 declining long-run trend—currency rose as tribution, age distribution, urbanization, a percentage of the money supply in both travel, and special wartime influences. Of world wars and during the early years of the these variables only income and/or aggre­ great depression. Since 1960 the ratio has gate expenditures bear consistent and signif­ been rising, reversing at least temporarily icant relation to currency in circulation. the downward postwar trend. The much Income or expenditures alone explain about publicized rise in the volume of coins out­ 90 per cent of the quarterly variation in cur­ standing accounts for only about one-fifth rency in the postwar period. The analysis of the over-all rise in coin and currency in also found that changes in currency were not this period. closely correlated with changes in demand An attempt is made to identify the im­ deposits, casting doubt on the popular no­ portant behavioral forces underlying the tion that the public increases its currency changes in the public’s holdings of currency. holdings solely in response to increases in its Factors analyzed include income, expendi­ demand deposits. Since holdings of currency ture patterns, interest rates, cost of checking are influenced primarily by income, the accounts, convenience of banking facilities, amount varies procyclically and any reserve bank failures, charge accounts, income dis­ impact thus tends to be contracyclical. THE DEMAND FOR MONEY: A REVIEW OF THE EMPIRICAL LITERATURE David M. Jones—Staff, Federal Reserve Bank of New York Paper presented at a meeting of the Federal Reserve System Committee on Financial Analysis at the Federal Reserve Bank of St. Louis, on October 19, 1965 Empirical analysis of the demand for money anteed in monetary value and easily avail­ has focused on three basic unresolved issues: able for the settlement of debts. Somewhat the definition of money, the determinants of more progress has been made in identifying the demand for money, and the stability of the determinants of money demand. There the money demand function. These three is, at least, a general consensus that the de­ issues, which are vital to any appraisal of the mand for money may be treated like a con­ impact of monetary developments on eco­ ventional demand relationship with quantity nomic activity, serve as the basis for this demanded depending on own price, the review of the empirical literature on money prices of substitutes, an income (or wealth) demand. constraint, and tastes. Moreover, most A general lack of agreement on the appro­ empirical findings are in agreement that priate definition of money has been evident money holdings do show some sensitivity in quantitative money demand analysis. In­ to interest rates. Nevertheless, such ques­ deed, money has been defined to include tions as whether money holdings are depend­ everything from demand deposits and cur­ ent on income, wealth, or both continue to rency to all financial instruments fully guar­ be debated at length. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STAFF ECONOMIC STUDIES 165 Although the empirical literature abounds demand function may be stable enough to with statements attesting to the “stability” allow a forecast of the direction of changes in money holdings, given a knowledge of in­ of the money demand function, the evidence terest rates and other determinants of money leaves much to be desired, especially from a demand, it is not stable enough to permit policy-maker’s point of view. Indeed, tests very precise forecasts of the size of the ad­ of short-run stability indicate that while the justment. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS Mr. Chairman, your committee’s attention meet the economy’s financial needs will be over the past 5 years to the nature and im­ taken in light of that fact along with all of plication of Federal Reserve float is testi­ the other factors supplying or making de­ mony to its doggedness and the diligence of mands on bank reserves. its staff. “Float” is a highly technical phe­ It is my understanding that you would like nomenon in central bank operation and one me to review, briefly, some background on that most “experts” in finance are content to the nature and causes of float and past Sys­ leave to the “technicians.” tem policies with respect to it and then to I believe it is a phenomenon that elec­ turn to a discussion of the ways in which tronic data processing (EDP) and wire technological changes in settlement pro­ transmission technology has begun to reduce cedure will reduce float to insignificant and will, in the foreseeable future, eliminate. proportions. Further, I believe that as float decreases Float is an inevitable part of any mone­ absolutely, the Federal Reserve will not ex­ tary settlement system that depends upon the perience any difficulty in maintaining the physical movement of checks from the payee level of bank reserves needed to serve ade­ to the drawee bank as the basis for making quately the economy. Changes in the Federal the appropriate accounting entries. This is Reserve System’s portfolio of securities, the because it would be completely impracti­ level of discounting by member banks, or the cable, if not impossible, to keep a record for level of reserve requirements are all avail­ each individual check deposited in a bank able as methods of adjustment. These tech­ and withhold credit to the depositor until the niques will have no greater or lesser effect on funds represented by the check have been the Government’s finances, the banking sys­ collected from the drawee bank and were tem, or the economy generally than would in the hands of the depositing bank. The occur if the purpose were to offset gold bookkeeping cost would be prohibitive. movements or to effect changes in any given Commercial banks deal with the problem monetary posture. As the committee knows, the Federal Re­ by giving immediate credit, but they require serve presently follows the policy of offset­ service charges or the maintenance of mini­ ting the unwanted and unsought easing or mum balances and, where large amounts are tightening effects of changes in float. This is involved, they prohibit withdrawals against done by appropriate open market opera­ check deposits until there is reasonable as­ tions. As the average level of float declines surance that the checks have cleared. Fed­ in the future, the monetary decisions made to eral Reserve Banks, in dealing with their member banks, use a somewhat similar but Noth.—Statement of George W. Mitchell, Member, Board of Governors of the Federal Reserve System, more formalized procedure. The reserves before the Legal and Monetary Affairs Subcommittee which member banks are required to keep of the Committee on Government Operations, House of Representatives, February 9, 1966. with their Reserve Banks double as clearing 166 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 167 accounts or as the “minimum balances” that exceeds “Deferred availability cash items.” commercial banks require of their custom­ During the year 1965 the average daily ers, and, in lieu of the somewhat rougher amount of Federal Reserve float outstanding rules of thumb that the commercial banks was $1.8 billion. In the same year the Fed­ use for determining a safe period for check eral Reserve Banks and branches handled clearances, all Federal Reserve Banks and over 5 billion checks and other cash items branches have a formalized time schedule having an average daily value in excess of stating when credit will be passed to member $7 billion, or about four times daily average banks for checks that they deposit with the float. This means that, on the average, $3 Reserve Banks for collection. out of every $4 in checks deposited for col­ Float arises when the time actually re­ lection in the Federal Reserve Banks and quired to transfer the funds covered by a branches are collected within the time check differs from the time schedule that is schedules. used in allowing credit for the check, Last year, for the first time since 1958, Federal Reserve float is the aggregate average daily float declined as against the amount on any given day of checks for previous year—dropping by $54 million (or which credit has been passed by Federal Re­ about 3 per cent) despite an increase in the serve Banks and branches to their depositing volume of checks handled of about 6 per member banks without receipt of payment cent. from drawee banks, less the amount of such As of the latest statement week, total items (if any) for which payment has been Federal Reserve Bank credit outstanding received but credit not yet given. was at $43 billion, comprising $40.7 bil­ Float is shown on the weekly Federal Re­ lion of System holdings of U.S. Government serve condition statement among the items securities and acceptances, $1.9 billion of that affect Reserve Bank credit; however, float, and about $400 million of member float does not appear on the balance sheets bank borrowings. Federal Reserve credit is of the Federal Reserve Banks as a specific also affected by the level of reserve re­ item, but rather is derived in the following quirements. The reduction in requirements manner. When a Federal Reserve Bank re­ needed to provide an equivalent to the re­ ceives a check for collection, the amount of serve credit made available at present levels the check is simultaneously entered in an of float would be 1V^ percentage points if asset account “Cash items in process of col­ it were uniformly applied to demand ac­ lection” and in a liability account “Deferred counts at country and city banks. Present availability cash items.” The amount of the requirements at these banks are 12 and 16'/i check is transferred from the latter account per cent, respectively. to the reserve account of the depositing Federal Reserve float is a combination of member bank in accordance with the estab­ various factors. The most important of these lished time schedule, but it remains in the is “time-schedule” float which, according asset account “Cash items in process of col­ to various studies, accounts for about twolection” until the Reserve Bank has received thirds of total float. This kind of float re­ actual payment for the check. Thus, in an sults from the fact that under existing time accounting sense, float is the amount by schedules there is a maximum of 2 days’ which “Cash items in process of collection” delay between the time an item is deposited Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

168 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 with the Reserve Bank and the time credit on a bank in Chicago would be an otheris given to the depositing bank; whereas 3 district city item. days or more may be required to collect the (3 ) Own-district country items. These are payment for many items. checks deposited by one bank and drawn on The next most important cause of float another bank that is in the same Federal arises from checks that are received in time Reserve district but that is not located in the to be included in the current day’s business same city as the Federal Reserve Bank or but that cannot be processed in time to be branch. For example, a check deposited by dispatched with that day’s business. Inabil­ a Providence bank in the Boston Reserve ity to process all items on the day of receipt Bank and drawn on a bank in Bangor, is caused mainly by peaks in the volume of Maine, would be an own-district country work, particularly around weekends and item. holidays. This kind of float is called “hold­ (4) Other-district country items. These over” float and in the past has accounted are checks deposited by a bank in one Fed­ for about one-third of total float. It is in eral Reserve district and drawn on a bank this area that the greatest strides are being located in a city in another Federal Reserve made in reducing float. district where there is no Federal Reserve Snowstorms, floods, and other conditions Bank or branch. For example, a check de­ —such as the recent New York blackout— posited by a Providence bank in the Federal slow up the movement or processing of Reserve Bank of Boston and drawn on a checks and add to both “holdover” and “time bank in Indianapolis, Indiana, would be an schedule” float. other-district country item. As background for more detailed discus­ Present Federal Reserve time schedules sion of Federal Reserve time schedules, it provide for (a) immediate credit for own­ may be helpful to mention that checks de­ district city items; (b) credit deferred 1 day posited with the Reserve Banks for collec­ for certain other items—mainly some othertion fall into one of four general groupings: district city items depending upon distances (1) Own-district city items. These are involved; and (c) a maximum 2-day defer­ checks drawn on banks located in the same ment for all other items. city as that of the Federal Reserve Bank or Most of the checks given immediate branch to which the checks have been for­ credit or 1-day deferment are collected warded. For example, a check forwarded by within the time allowed because they can be a Providence, Rhode Island, member bank presented by the Federal Reserve Bank or to the Boston Reserve Bank and drawn on a branch concerned through a local clearing Boston bank would be an own-district city house. On the other hand, most of the otheritem. district country items for which credit is de­ (2) Other-district city items. These are ferred a maximum of 2 days require a mini­ checks drawn on banks located in cities mum of 3 days to collect. For example, a where there are Federal Reserve Banks or check deposited in the Boston Reserve Bank branches other than the one in which the on a Tuesday by a Providence bank and checks were originally deposited. For ex­ drawn on an Indianapolis bank would be ample, a check deposited by a Providence credited to the Providence bank on Thurs­ bank in the Boston Reserve Bank and drawn day. On Tuesday the Boston Reserve Bank Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 169 would send the check to the Chicago Re­ million in 1940, the first full year after the serve Bank where it would be received on maximum 3-day deferment schedule had Wednesday and forwarded to the drawee been adopted. bank in Indianapolis. The Indianapolis bank During the next 5 years float rose quite would not get the check until Thursday, and rapidly and in 1945 stood at $468 million. the Chicago Reserve Bank would not get the This increase, however, was much more due remittance for the check until Friday, at to circumstances relating to World War II which time it would pay the Boston Reserve than it was to the adoption in 1939 of a Bank. Since the Boston Reserve Bank gave maximum 3-day deferment for check credit. credit to the depositing Providence bank on During those years the number and amount Thursday but did not receive payment until of checks handled increased greatly. In addi­ Friday, it would be carrying float on the tion, the war caused irregularities and other check for 1 day. delays in the transportation of checks, diffi­ The Board and the Reserve Banks have culties in obtaining the additional equipment recognized for some time that the present needed to handle the heavy volume, and dif­ time schedule is unrealistic with regard to ficulties in obtaining and keeping adequate other-district country items but have been personnel. reluctant to change the time schedules for a After reaching a peak of $468 million in number of reasons. 1945 Federal Reserve float declined sub­ Up until 1939 the time schedules of the stantially in the next few years despite a Reserve Banks provided for deferment of continuing increase in the volume of checks credit for checks received for collection up handled. In 1949 float averaged $369 mil­ to a maximum of 8 days, depending upon lion, a reduction of 21 per cent from 1945. the location of the drawee banks. This meant This decrease was made possible by greater that member banks were required to sort use of air transportation, a much improved the checks they sent to Reserve Banks into personnel situation, and increasing avail­ nine separate groupings, with a total for ability of more efficient equipment. These each grouping. This was a costly burden for developments prompted a study of the pos­ member banks and one not conducive to use sibility of further simplifying the check col­ of the Federal Reserve check collection sys­ lection procedures by reducing the number tem and, in fact, not inducive to membership of sorts required of checks deposited with in the Federal Reserve System. the Reserve Banks. After extensive consider­ In 1939, after a study of the matter taking ation it was decided that the System would into account improvements in transportation, be justified in changing the maximum defer­ the maximum deferred availability period ment availability period from 3 days to 2 was reduced to 3 days. This action was de­ days, and this change was put into effect in signed to give member banks more prompt January 1951. credit for checks deposited for collection At the time this change was adopted it and to reduce substantially the amount of was estimated that continued improvement work required in sorting and preparing in transportation and check processing pro­ checks for deposit with the Reserve Banks. cedures would be possible and that the Daily average float was $9 million in 1938 change in the time schedule would not in­ prior to the change and increased to $57 crease float by more than about $200 mil- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

170 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 lion. In fact, however, float rose much more One of the reasons for the Board’s re­ rapidly than had been expected; the daily luctance to change the time schedule is the average of $1 billion in 1951 was about fact that “time schedule” float is the easiest twice that of 1950. During the next 3 years kind of float to predict and hence the easiest float declined to $737 million in 1954 even to offset by open market transactions. If the though there was a continuing increase in change to a maximum 3-day deferment were the number and amount of checks handled. made today, the decrease in float would However, during this period wide fluctua­ probably be around $800 million, but in all tions in the volume of float at times pre­ probability the remaining float—due to unsented operating problems to the Federal predictible holdovers, transit delays, and so Open Market Committee in its attempt to forth—would be subject to much the same maintain bank reserve positions at agreedfluctuations as before. upon levels. The Board also was concerned that the Partly because of these developments a recommendation to revert to a 3-day maxi­ special System committee was established in mum deferment schedule came at a time 1956 to study all aspects of the float problem when there were strong indications that a and to suggest remedial actions. One of the much more fundamental change in check proposals resulting from the study was that collection procedures was necessary if the consideration be given to reverting back to whole banking community were to avoid the maximum 3-day deferment that was in being swamped by the rapidly growing num­ effect before 1951, and in 1958 the Confer­ ber of checks. Commercial banks, as well ence of Presidents, by a 7 to 5 vote, recom­ as Federal Reserve Banks, were hard pressed mended this change. By that time float had to find the space and the people to process risen close to $1 billion, and it was estimated the checks they were receiving. Steps were that the proposed change in the time sched­ being taken to develop high-speed electronic ule would reduce float by about $400 mil­ equipment that would sort checks at the rate lion. The Board gave careful consideration of 60,000 an hour as compared with a rate to this recommendation but concluded that the benefits that would result from such a of about 1,500 per hour by previously ex­ change were not clear enough or compelling isting procedures. One of the brighter pros­ enough, at least at that time, to offset the pects of the new equipment was that it would disturbances that would probably be caused cut down “holdover” float, which had been by the change. Accordingly, the Board de­ growing more rapidly than “time-schedule” cided “to lay the matter on the table” for the float. time being and to give continuing attention The Federal Reserve Banks were among to the float problem. I might add that since the first to move toward the use of high­ that decision the question of changing the speed check-processing equipment. Efficient time schedule and other aspects of the float use of this equipment requires the coopera­ problem have had almost continuous con­ tion of commercial banks in imprinting and sideration by the Board, partly because float encoding their checks so that they can be has continued to increase and partly because handled electronically. The Board has been of new developments in the check collection urging all banks to arrange for the elec­ area. tronic handling of their checks in order to Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 171 speed up the check processing procedures of the depositing bank and simultaneously at the Reserve Banks. charged to the reserve account or corre­ While it has taken some time for the spondent account of the drawee bank. Such electronic procedures to become established, an arrangement would, of course, eliminate the benefits of this program are now begin­ float. ning to be clearly apparent in most areas The other study involves a longer-range of the country. For instance, last year 8 of prospect that, in my opinion, has much the 36 Federal Reserve Banks and branches greater potential operating advantages— were able to use the high-speed equipment namely, the introduction of a giro system to process 90 per cent or more of all the which would eliminate the use of the check checks they received, and 19 other offices for the bulk of regular money settlements. used the high-speed equipment for between What I have been saying in my statement 70 per cent and 90 per cent of their check today is that technology will eliminate float. volume. The remaining 9 offices are all This has been a theme in previous state­ smaller branches; 5 of them as yet have no ments by Federal Reserve representatives high-speed equipment and the other 4 are to your committee. It has also been the pre­ just getting started on the program. Because vailing judgment within the System for some of the progress already made at the high- time, based upon first-hand operating volume offices, the 36 Federal Reserve knowledge and numerous special studies. Banks and branches combined handled 80 Up to this point technological changes per cent of all checks received last year on have arrested the expansion in float as trans­ the high-speed equipment. There is every actions volume has risen, but the expected reason to believe that this percentage and absolute decline has yet to materialize in the accompanying benefits—including re­ significant degree. However, technological ductions in holdover float—will continue to improvement of recent years, and near-term show gains as more and more commercial prospects, are more persuasive than ever banks move into the field of EDP, either before that float will shortly be a phenom­ directly or through agencies that offer such enon of the past. services on a fee basis. I would like to mention two specific lines In my opinion, the present high-speed of technological development bearing on processing equipment is but the first step this problem. The first has to do with wire toward much improved systems that will transfers of funds. completely eliminate float—and probably The basic idea underlying wire transfers even eliminate the need for checks—by of funds is not new. In fact, the Federal utilizing the potentialities already existing Reserve Banks and branches have offered in high-speed data communications facilities. this service to their member banks for many, The Federal Reserve System, alert to these many years. The service is handled over a possibilities, is engaged in intensive operat­ leased network of lines that connect each of ing studies of two developments. One in­ the 36 Federal Reserve Banks and branches, volves' a near-range program under which the Board of Governors, and the U. S. Treas­ all checks deposited for collection in Fed­ ury Department with a switching center, eral Reserve Banks and branches would be now located in the Federal Reserve Bank of immediately credited to the reserve account Richmond. The system permits direct com- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

172 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 munication between any of the offices. the development of wide-band transmission Under this arrangement, when a Chicago having computer-controlled input and member bank, for example, wants to in­ switching, and micro-second speed, the vol­ crease its balance with a New York corre­ ume of traffic between computers that could spondent, it merely asks the Federal Reserve be accommodated over such a system would Bank of Chicago to send a telegram to the be virtually without limit. Every check trans­ Federal Reserve Bank of New York direct­ action, as we know it today, could simply ing that the desired amount be credited to become a wire transfer, and this means that the reserve account of the New York cor­ the bank making a transfer on behalf of a respondent. At the same time, the Chicago customer charges his account and has its Reserve Bank will charge the reserve ac­ account charged at the Federal Reserve count of the Chicago member bank by the Bank virtually at the same time that the amount transferred. account of the payee bank at another Fed­ I might add that the same procedure and eral Reserve Bank is credited as is the ac­ facilities are used in handling many trans­ count of that bank’s customer. There is no actions in Government securities. In such float in this process. a case, if a Chicago member bank wanted A second development is the beginnings to sell Government securities in New York, of a giro system in the United States. In it would bring the securities to the Federal such a system the payor initiates the settle­ Reserve Bank of Chicago with appropriate ment process by communicating, not with instructions. The Chicago Reserve Bank the payee, but with his own bank notifying would “retire” the securities—that is, the it directly whom to pay, how much, and actual pieces of paper—it received from its when. member bank and instruct the New York Most of this information will be received Reserve Bank to issue identical securities at the bank in machine language; if not, it to the purchasing bank in New York upon will be converted to that form, and the receipt of payment therefor. Upon receipt bank’s computer will process the bookkeep­ of the payment in New York, the amount ing entries internally for amounts drawn on would be transferred to the Chicago Re­ it. If one computer handles the accounts for serve Bank for credit in the reserve account several banks the operation is still almost of the member bank that had sold the entirely an internal one. If payment is to an securities. account in another bank, the information The basic difference between what we will be automatically routed into that bank’s have been doing along these lines and what equipment. Bank positions will also be we hope to do lies in the nature of the equip­ adjusted frequently throughout the day by ment and the range of transactions involved. debits and credits to member bank accounts At present messages are sent and received with the Federal Reserve System. The com­ over the leased wire network by teletype puters will transmit printed-out confirma­ machines, which are woefully slow even by tions to the payor and advices to the payee present-day standards. Accordingly, trans­ at appropriate intervals. The print-outs fers are generally restricted to transactions could be transmitted by mail or telephone involving large amounts that come within wire, at the option of the customer. In the narrowly prescribed rules. However, with case of larger customers, the bank’s com- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 173 puter will communicate directly with cus­ chandise at a department or grocery store tomer’s equipment. you’ll use your cash/credit card in place of This process of settlement and deposit ac­ cash or the old charge-a-plate. The store counting will be carried on concurrently at clerk will put it in his telephone and do the or between 250 or so computer centers dialing for you. The merchandise would be located throughout the country. The num­ paid for then and there. ber of computer centers given is conjectural But if you’d rather not pay on the spot, but compromises an optimum operational that will be taken care of, too. You can size and a convenient geographical area. name your own preference for cash, con­ The very rapid growth of computer centers venience credit or instalment credit, accord­ recently seems to presage the automation of ing to the terms under which your cash/ all demand deposit accounting in the near credit card was issued. You will no longer future—using checks or any other settlement have to fill out charge-account applications media. Banks will have a choice of their with every vendor you patronize, carry a own equipment, a correspondent’s facilities, pocketful of credit cards, or try to explain a cooperative processing organization, or a to your wife the complexities of various commercial service bureau. credit plans. The giro technique lends itself to still In the modified giro system I am describ­ another technological development that is ing there will be no check sorting and re­ being adapted from earlier methods of ex­ sorting, no shipment of checks from banktending convenience and instalment credit. to-bank or bank-to-customer, no storage re­ Just as vendors’ credit cards have been re­ quirements for checks, no kited checks, no placing currency, a new device is being in­ checks returned for insufficient funds, and troduced that will replace more currency, no float. Deferment schedules will ac­ the present generation of credit cards, and company checks into the world of yesterday, many check uses as well. Promotion de­ and the technicalities we are discussing to­ partments have yet to establish a catch day will be found only in research libraries word for it, but this morning I’ll simply call for historical evaluation. it a cash/credit card. Whatever it is called, Judgments differ, of course, as to the it will team up with the telephone and the practicality and imminency of a new system computer to take the drudgery out of paying like this. Many of those who are convinced bills and take much of the red tape out of that it is inevitable think they will not live getting credit. to see it. But I believe it will come much Once your bank has issued you a cash/ sooner than many observers expect. Most credit card, you will be able to pay any of the innovations needed for the new sys­ creditor who has a bank account simply by tem are now in being, or are about to be inserting your card in a telephone and dial­ placed in operation. For example, more and ing a series of numbers. The telephone line, more employers are processing their pay­ hooked up to your bank’s computer, will rolls not by issuing checks but by using tell the bank how you want payment made. their computer to instruct their bank’s com­ Actually, using a cash/credit card, you puter to charge their account and credit each will probably carry less cash and get fewer employee’s account in the bank of his bills to pay, because when you buy mer­ choice. Some banks have already made Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

174 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 available to their depositors the prototype standing the undoubted strains and pains of a cash/credit card. In fact, individual of transition. banks throughout the country are now I appreciate this opportunity to share adopting, piecemeal, these and other ele­ with you my view of the future money set­ ments of a giro system. I am confident that tlement system of the nation, and how funds giro is not only technically possible, but will flow among 70 million depositors. In practical from a cost standpoint, notwith­ it there is no place for float. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Following is a list of the directorates of the Federal Reserve Banks and branches as at present con­ stituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe. District 1—FEDERAL RESERVE BANK OF BOSTON Term expires Class A: Dec. 31 Darius M. Kelley President, The Orange National Bank, Orange, Mass. 1966 William I. Tucker President, Vermont National Bank, Brattleboro, Vt. 1967 Lawrence H. Martin President, The National Shawmut Bank of Boston, Mass. 1968 Class B: William R. Robbins Vice President for Finance, United Aircraft Corporation, East Hartford, Conn. 1966 James R. Carter President, Nashua Corporation, Nashua, N. H. 1967 John R. Newell Vice Chairman, Bath Iron Works Corp., Bath, Maine 1968 Class C: William Webster - Chairman and Chief Executive Officer, New England Electric System, Boston, Mass. 1966 Erwin D. Canham 1 Editor in Chief, The Christian Science Monitor, Boston, Mass. 1967 Charles W. Cole Former Ambassador, Amherst, Mass. 1968 1 Chairman. 2Deputy Chairman. 175 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

176 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 District 2—FEDERAL RESERVE BANK OF NEW YORK Term expires Class A: Dec. 31 Robert H. Fearon President, The Oneida Valley National Bank of Oneida, N. Y. 1966 George A. Murphy Chairman, Irving Trust Company, New York, N. Y. 1967 Robert G. Cowan Chairman, National Newark and Essex Bank, Newark, N. J. 1968 Class B: Albert L. Nickerson Chairman of the Board, Socony Mobil Oil Company, Inc., New York, N. Y. 1966 Arthur K. Watson Chairman of the Board, IBM World Trade Corporation, and Vice Chairman of the Board, International Business Machines Corporation, Armonk, N. Y. 1967 Milton C. Mumford Chairman, Lever Brothers Company, New York, N. Y. 1968 Class C: Everett N. Case 1 President, Alfred P. Sloan Foundation, New York, N. Y. 1966 James M. Hester President, New York University, New York, N. Y. 1967 Kenneth H. Hannan - Executive Vice President, Union Carbide Corporation, New York, N. Y. 1968 BUFFALO BRANCH Appointed by Federal Reserve Bank: Charles W. Millard, Jr. Chairman of the Board and President, Manufacturers and Traders Trust Company, Buffalo, N. Y. 1966 J. Wallace Ely President, Security Trust Company of Rochester, N. Y. 1967 John D. Hamilton President, Chautauqua National Bank of Jamestown, N. Y. 1967 Arthur S. Hamlin President, The Canandaigua National Bank and Trust Com­ pany, Canandaigua, N. Y. 1968 Appointed by Board of Governors: Thomas E. LaMont 1 Farmer, Albion, N. Y. 1966 Robert S. Bennett General Manager, Lackawanna Plant, Bethlehem Steel Com­ pany, Inc., Buffalo, N. Y. 1967 Maurice R. Forman President, B. Forman Company, Inc., Rochester, N. Y. 1968 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA Class A: Charles R. Sharbaugh Senior Vice President, United States National Bank, Ebens­ burg, Pa. 1966 Lloyd W. Kuhn President, The Bendersville National Bank, Bendersville, Pa. 1967 Howard C. Petersen President, Fidelity-Philadelphia Trust Company, Philadelphia, Pa. 1968 Class B: Leonard P. Pool President, Air Products and Chemicals, Inc., Allentown, Pa. 1966 Bayard L. England Chairman of the Board, Atlantic City Electric Company, Atlantic City, N. J. 1967 Ralph K. Gottshall Chairman of the Board and President, Atlas Chemical Indus­ tries, Inc., Wilmington, Del. 1968 1 Chairman. 2Deputy Chairman. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 177 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA-Continued Term expires Class C: Dec. 31 Walter E. Hoadley 1 Vice President and Treasurer, Armstrong Cork Company, Lancaster, Pa. 1966 Willis J. Winn 2 Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa. 1967 D. Robert Yarnall, Jr. President, Yarway Corporation, Philadelphia, Pa. 1968 District 4—FEDERAL RESERVE BANK OF CLEVELAND Class A: Richard R. Hollington President, The Ohio Bank and Savings Company, Findlay, Ohio 1966 Seward D. Schooler President, Coshocton National Bank, Coshocton, Ohio 1967 Everett D. Reese Chairman of the Board, The City National Bank & Trust Company of Columbus, Ohio 1968 Class B: Edwin J. Thomas Chairman of the Board and Chief Executive Officer, The Good­ year Tire & Rubber Company, Akron, Ohio 1966 David A. Meeker Chairman of the Board and Chief Executive Officer, The Hobart Manufacturing Company, Troy, Ohio 1967 Walter K. Bailey Chairman of the Board, The Warner & Swasey Company, Cleveland, Ohio 1968 Class C: Albert G. Clay President, Clay Tobacco Company, Mt. Sterling, Ky. 1966 Joseph B. Hall 1 Director, Former Chairman of the Board, The Kroger Co., Cincinnati, Ohio 1967 Logan T. Johnston 3 Chairman of the Board, Armco Steel Corporation, Middletown, Ohio 1968 CINCINNATI BRANCH Appointed by Federal Reserve Bank: John W. Humphrey President, The Philip Carey Manufacturing Company, Cin­ cinnati, Ohio 1966 James Pugh President, The Security Central National Bank of Portsmouth, Ohio 1966 Kroger Pettengill President, The First National Bank of Cincinnati, Ohio 1967 Jacob H. Graves President, The Second National Bank and Trust Co., Lexing­ ton, Ky. 1968 Appointed by Board of Governors: Walter C. Langsam 1 President, University of Cincinnati, Ohio 1966 Barney A. Tucker President, Burley Belt Fertilizer Company, Lexington, Ky. 1967 R. Stanley Laing President, The National Cash Register Company, Dayton, Ohio 1968 1 Chairman. 2Deputy Chairman. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

178 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 District 4—FEDERAL RESERVE BANK OF CLEVELAND— continued PITTSBURGH BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 S. L. Drumm President, West Penn Power Company, Cabin Hill, Greens­ burg, Pa. 1966 Joseph S. Armstrong President, The Grove City National Bank, Grove City, Pa. 1966 Edwin H. Keep President, First National Bank of Meadville, Pa. 1967 Robert C. Hazlett President, Wheeling Dollar Savings & Trust Co., Wheeling, W. Va. 1968 Appointed by Board of Governors: G. L. Bach 1 Maurice Falk Professor of Economics and Social Science, Carnegie Institute of Technology, Pittsburgh, Pa. 1966 Robert Dickey 111 President, Dravo Corporation, Pittsburgh, Pa. 1967 F. L. Byrom President, Koppers Company, Inc., Pittsburgh, Pa. 1968 District 5—FEDERAL RESERVE BANK OF RICHMOND Class A: Robert T. Marsh, Jr. Chairman of the Board, First and Merchants National Bank, Richmond, Va. 1966 George Blanton, Jr. President, First National Bank, Shelby, N. C. 1967 William A. Davis President, The Peoples Bank of Mullens, W. Va. 1968 Class B: Robert E. L. Johnson Former Chairman of the Board, Woodward & Lothrop, Incor­ porated, Washington, D. C. 1966 Robert R. Coker President, Coker’s Pedigreed Seed Company, Hartsville, S. C. 1967 Charles D. Lyon President, The Potomac Edison Company, Hagerstown, Md. 1968 Class C: William H. Grier - President, Rock Hill Printing & Finishing Company, Rock Hill, S. C. 1966 Edwin Hyde 1 President, Miller & Rhoads, Inc., Richmond, Va. 1967 Wilson H. Elkins President, University of Maryland, College Park, Md. 1968 BALTIMORE BRANCH Appointed by Federal Reserve Bank: John P. Sippel President, The Citizens National Bank of Laurel, Md. 1966 Martin Piribek Executive Vice President, The First National Bank of Morgan­ town, W. Va. 1967 Adrian L. McCardell President, First National Bank of Maryland, Baltimore, Md. 1967 Joseph B. Browne President, Union Trust Company of Maryland, Baltimore, Md. 1968 Appointed by Board of Governors: Arnold J. Kleff, Jr. Manager, Baltimore Plant, American Smelting & Refining Company, Baltimore, Md. 1966 Leonard C. Crewe, Jr. 1 Chairman of the Board, Maryland Specialty Wire, Inc., Cock­ eysville, Md. 1967 E. Wayne Corrin President, Consolidated Gas Supply Corporation, Clarksburg, W. Va. 1968 1 Chairman. 2 Deputy Chairman. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 179 District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued CHARLOTTE BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 W. W. McEachern Chairman and Chief Executive Officer, The South Carolina National Bank, Greenville, S. C. 1966 Wallace W. Brawley Senior Executive Vice President, The First Commercial Na­ tional Bank of Spartanburg, S. C. 1967 Carl G. McCraw President, First Union National Bank of North Carolina, Char­ lotte, N. C. 1967 G. Harold Myrick Executive Vice President and Trust Officer, The First National Bank of Lincolnton, N. C. 1968 Appointed by Board of Governors: James A. Morris 1 Dean, School of Business Administration, University of South Carolina, Columbia, S. C, 1966 William B. McGuire President, Duke Power Company, Charlotte, N. C. 1967 John L. Fraley Executive Vice President, Carolina Freight Carriers, Inc., Cherryville, N. C. 1968 District 6—FEDERAL RESERVE BANK OF ATLANTA Class A: George S. Craft Chairman of the Board, Trust Company of Georgia, Atlanta, Ga. 1966 D. C. Wadsworth, Sr. President, The American National Bank, Gadsden, Ala. 1967 John W. Gay President, The First National Bank, Scottsboro, Ala. 1968 Class B: W. Maxey Jarman Chairman, Geneseo, Inc., Nashville, Tenn. 1966 James H. Crow, Jr. Vice President, The Chemstrand Corporation, Decatur, Ala. 1967 Harry T. Vaughn President, United States Sugar Corporation, Clewiston, Fla. 1968 Class C: John A. Hunter President, Louisiana State University, Baton Rouge, La. 1966 Jack Tarver1 President, Atlanta Newspapers, Inc., Atlanta, Ga. 1967 Edwin 1. Hatch - President, Georgia Power Company, Atlanta, Ga. 1968 BIRMINGHAM BRANCH Appointed by Federal Reserve Bank: John A. Hand President, The First National Bank of Birmingham, Ala. 1966 Rex J. Morthland President, The Peoples Bank & Trust Company, Selma, Ala. 1967 C. Willard Nelson President, State National Bank, Decatur, Ala. 1967 Major W. Espy, Sr. Chairman and President, The Headland National Bank, Head­ land, Ala. 1968 1 Chairman. aDeputy Chairman. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

180 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued BIRMINGHAM BRANCH-continued Term expires Appointed by Board of Governors: Dec. 31 Mays E. Montgomery General Manager, Dixie Home Feeds Co., Athens, Ala. 1966 C. Caldwell Marks 1 Chairman of the Board, Owen-Richards Company, Inc., Bir­ mingham, Ala. 1967 Eugene C. Gwaltney, Jr. Vice President and General Superintendent, Russell Mills, Inc., Alexander City, Ala. 1968 JACKSONVILLE BRANCH Appointed by Federal Reserve Bank: William H. Dial President, The First National Bank at Orlando, Fla. 1966 William R. Barnett Chairman, Barnett National Bank of Jacksonville, Fla. 1967 Dudley Cole President, Florida First National Bank at Ocala, Fla. 1967 Andrew P. Ireland President, American National Bank in Winter Haven, Fla. 1968 Appointed by Board of Governors: J. Ollie Edmunds 1 President, Stetson University, DeLand, Fla. 1966 Douglas M. Pratt President, National City Lines, Inc., Tampa, Fla. 1967 Castle W. Jordon President, Ryder Systems, Inc., Miami, Fla. 1968 NASHVILLE BRANCH Appointed by Federal Reserve Bank: William F. Earthman, Jr. President, Commerce Union Bank, Nashville, Tenn. 1966 S. N. Brown President, Union National Bank, Fayetteville, Tenn. 1967 J. A. Hill President, Hamilton National Bank, Morristown, Tenn. 1967 Moses E. Dorton President, The First National Bank of Crossville, Tenn. 1968 Appointed by Board of Governors: James E. Ward1 President, Baird-Ward Printing Company, Nashville, Tenn. 1966 Robert M. Williams President, ARO, Inc., Arnold Engineering Development Cen­ ter, Tullahoma, Tenn. 1967 Alexander Heard Chancellor, Vanderbilt University, Nashville, Tenn. 1968 NEW ORLEANS BRANCH Appointed by Federal Reserve Bank: L. Y. Foote Chairman of the Board, First National Bank of Hattiesburg, Miss. 1966 Robert M. Hearin President, First National Bank of Jackson, Miss. 1967 W. Richard White President, First National Bank of Jefferson Parish, Gretna, La. 1967 Donald L. Delcambre President, State National Bank, New Iberia, La. 1968 Appointed by Board of Governors: George Benjamin Blair General Manager, American Rice Growers Cooperative, Lake Charles, La. 1966 Kenneth R. Giddens 1 President, WKRG-TV, Inc., Mobile, Ala. 1967 Frank G. Smith, Jr. Vice President, Mississippi Power and Light Co., Jackson, Miss. 1968 1 Chairman. ^Deputy Chairman. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 181 District 7—FEDERAL RESERVE BANK OF CHICAGO Term expires Class A: Dec. 31 Kenneth V. Zwiener Chairman of the Board, Harris Trust and Savings Bank, Chi­ cago, Ill. 1966 John H. Crocker Chairman of the Board, The Citizens National Bank of Deca­ tur, Ill. 1967 Harry W. Schaller President, The Citizens First National Bank of Storm Lake, Iowa 1968 Class B: G. F. Langenohl Formerly Treasurer and Assistant Secretary, Allis-Chalmers Manufacturing Company, Milwaukee, Wis. 1966 William E. Rutz Director, Giddings & Lewis Machine Tool Company, Fond du Lac, Wis. 1967 Joseph O. Waymire Vice President and Treasurer, Eli Lilly and Company, Indian­ apolis, Ind. 1968 Class C: John W. Sheldon 2 President, Chas. A. Stevens & Co., Chicago, Ill. 1966 Franklin J. Lunding 1 Chairman, Finance Committee, Jewel Tea Company, Inc., Chicago, Ill. 1967 Elvis J. Stahr President, Indiana University, Bloomington, Ind. 1968 DETROIT BRANCH Appointed by Federal Reserve Bank: Franklin H. Moore President, The Commercial and Savings Bank, St. Clair, Mich. 1966 John H. French, Jr. President, City National Bank of Detroit, Mich. 1966 Raymond T. Perring Chairman of the Board, The Detroit Bank and Trust Com­ pany, Detroit, Mich. 1967 B. P. Sherwood, Jr. President, Security First Bank & Trust Co., Grand Haven, Mich. 1968 Appointed by Board of Governors: Max P. Heavenrich, Jr. President and General Manager, Heavenrich Bros. & Company, Saginaw, Mich. 1966 James William Miller President, Western Michigan University, Kalamazoo, Mich. 1967 Guy S. Peppiatt 1 Chairman of the Board, Federal-Mogul Corporation, Detroit, Mich. 1968 District 8—FEDERAL RESERVE BANK OF ST. LOUIS Class A: H. Lee Cooper President, Ohio Valley National Bank of Henderson, Ky. 1966 Harry E. Rogier President, The First National Bank of Vandalia, Ill. 1967 Harry F. Harrington Chairman of the Board & President, The Boatmen’s National Bank of St. Louis, Mo. 1968 Class B: Roland W. Richards Senior Vice President, Laclede Steel Company, St. Louis, Mo. 1966 Mark Townsend Chairman of the Board, Townsend Lumber Company, Inc., Stuttgart, Ark. 1967 Sherwood J. Smith Vice President, Whirlpool Corporation, Evansville, Ind. 1968 1 Chairman. 2Deputy Chairman. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

182 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued Term expires Class C: Dec. 31 William King Self President, Riverside Industries, Marks, Miss. 1966 Smith D. Broadbent, Jr. 2 Owner, Broadbent Hybrid Seed Company, Cadiz, Ky. 1967 Raymond Rebsamen 1 Chairman of the Board, Rebsamen & East, Inc., Little Rock, Ark. 1968 LITTLE ROCK BRANCH Appointed by Federal Reserve Bank: R. M. LaGrone, Jr. President, The Citizens National Bank of Hope, Ark. 1966 Cecil W. Cupp President and Chairman, Arkansas Bank and Trust Company, Hot Springs, Ark. 1966 Ross E. Anderson Chairman of the Board, The Commercial National Bank of Little Rock, Ark. 1967 Louis E. Hurley President, The Exchange Bank & Trust Company, El Dorado, Ark. 1968 Appointed by Board of Governors: Frederick P. Blanks Planter, Parkdale, Ark. 1966 Reeves E. Ritchie 1 President, Arkansas Power & Light Company, Little Rock, Ark. 1967 Carey V. Stabler President, Little Rock University, Little Rock, Ark. 1968 LOUISVILLE BRANCH Appointed by Federal Reserve Bank: Ray A. Barrett President, The State Bank of Salem, Ind. 1966 Wm. G. Deatherage President, Planters Bank & Trust Co., Hopkinsville, Ky. 1966 J. E. Miller Executive Vice President, Sellersburg State Bank, Sellersburg, Ind. 1967 John H. Hardwick President, The Louisville Trust Company, Louisville, Ky. 1968 Appointed by Board of Governors: Lisle Baker, Jr. Executive Vice President & General Manager, The Courier­ Journal & Louisville Times Company, Louisville, Ky. 1966 Richard 1. Smith Farmer, Madisonville, Ky. 1967 C. Hunter Green 1 Vice President and General Manager, Southern Bell Telephone and Telegraph Company, Louisville, Ky. 1968 MEMPHIS BRANCH Appointed by Federal Reserve Bank: Allen Morgan President, The First National Bank of Memphis, Tenn. 1966 Con T. Welch President, Citizens Bank, Savannah, Tenn. 1966 Leon C. Castling President, First National Bank at Marianna, Ark. 1967 Wade W. Hollowell President, The First National Bank, Greenville, Miss. 1968 1 Chairman. 2 Deputy Chairman. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 183 District 8—FEDERAL RESERVE BANK OF ST. LOLJIS-Continued MEMPHIS BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 Edward B. LeMaster1 President, Edward LeMaster Co., Inc., Memphis, Tenn. 1966 James S. Williams Plant Manager, American Greetings Corporation, Osceola, Ark. 1967 Sam Cooper President, HumKo Products Division, National Dairy Products Corporation, Memphis, Tenn. 1968 District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS Class A: Harold C. Refling Executive Vice President, First National Bank in Bottineau, N. Dak. 1966 John F. Nash President, The American National Bank of St. Paul, Minn. 1967 Curtis B. Mateer Executive Vice President, The Pierre National Bank, Pierre, S. Dak. 1968 Class B: Ray C. Lange President, Chippewa Canning Company, Inc., Chippewa Falls, Wis. 1966 Joyce A. Swan Executive Vice President & Publisher, Minneapolis Star and Tribune, Minneapolis, Minn. 1967 John H. Toole President, Toole and Easter Co., Missoula, Mont. 1968 Class C: Judson Bemis1 President, Bemis Company, Inc., Minneapolis, Minn. 1966 Byron W. Reeve President, Lake Shore, Inc., Iron Mountain, Mich. 1967 Robert F. Leach - Attorney, Oppenheimer, Hodgson, Brown, Wolff & Leach, St. Paul, Minn. 1968 HELENA BRANCH Appointed by Federal Reserve Bank: Charles H. Brocksmith President, First Security Bank of Glasgow N. A., Glasgow, Mont. 1966 Glenn H. Larson President, First State Bank of Thompson Falls, Mont. 1966 B. Meyer Harris President, The Yellowstone Bank, Laurel, Mont. 1967 Appointed by Board of Governors: C. G. McClave 1 President and General Manager, Montana Flour Mills Co., Great Falls, Mont. 1966 Edwin G. Koch President, Montana College of Mineral Science and Technol­ ogy, Butte, Mont. 1967 District 10—FEDERAL RESERVE BANK OF KANSAS CITY Class A : Eugene H. Adams President, The First National Bank of Denver, Colo. IP Kenneth H. Peters President, The First State Bank of Larned, Kans. 1 Burton L. Lohmuller President, The First National Bank of Centralia, Kans. 1 Chairman. 2Deputy Chairman. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

184 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued Term expires Class B: Dec. 31 Fred W. Gilmore President, Union Stock Yards Company of Omaha, Nebr. 1966 Robert A. Olson President, Kansas City Power & Light Company, Kansas City, Mo. 1967 Stanley Learned President and Chief Executive Officer, Phillips Petroleum Company, Bartlesville, Okla. 1968 Class C: Homer A. Scott 1 Vice President and District Manager, Peter Kiewit Sons’ Company, Sheridan, Wyo, 1966 Dolph Simons 2 Editor and President, The Lawrence Daily Journal-World, Lawrence, Kans. 1967 Dean A. McGee Chairman of the Board, Kerr-McGee Oil Industries, Inc., Oklahoma City, Okla. 1968 DENVER BRANCH Appointed by Federal Reserve Bank: J. P. Brandenburg President, The First State Bank of Taos, N. Mex. 1966 Theodore D. Brown President, The Security State Bank, Sterling, Colo. 1966 Armin B. Barney Chairman of the Board, Colorado Springs National Bank, Colorado Springs, Colo. 1967 Appointed by Board of Governors: R. A. Burghart Ingle Land and Cattle Company, Colorado Springs, Colo. 1966 Cris Dobbins 1 President and Director, Ideal Cement Company, Denver, Colo. 1967 OKLAHOMA CITY BRANCH Appointed by Federal Reserve Bank: Guy L. Berry, Jr. President, The American National Bank and Trust Company, Sapulpa, Okla. 1966 C. M. Crawford President, First National Bank, Frederick, Okla. 1966 Howard J. Bozarth President, City National Bank and Trust Company, Oklahoma City, Okla. 1967 Appointed by Board of Governors: Otto C. Barby Attorney and rancher, Beaver, Okla. 1966 C. W. Flint, Jr.1 Chairman of the Board, Flint Steel Company, Tulsa, Okla. 1967 OMAHA BRANCH Appointed by Federal Reserve Bank: W. B. Millard, Jr. Chairman of the Board, Omaha National Bank, Omaha, Nebr. 1966 Henry D. Kosman Chairman of the Board and President, Scottsbluff National Bank, Scottsbluff, Nebr. 1967 John W. Hay, Jr. President, Rock Springs National Bank, Rock Springs, Wyo. 1967 Appointed by Board of Governors: Clifford Morris Hardin1 Chancellor, The University of Nebraska, Lincoln, Nebr. 1966 John T. Harris Merchant and cattleman, McCook, Nebr. 1967 1 Chairman. 2Deputy Chairman. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 185 District 11—FEDERAL RESERVE BANK OF DALLAS Term expires Class A: Dec. 31 Murray Kyger Chairman of the Board, The First National Bank of Fort Worth, Tex. 1966 J. Edd McLaughlin President, Security State Bank & Trust Company, Ralls, Tex. 1967 Ralph A. Porter President, The State National Bank of Denison, Tex. 1968 Class B: D. A. Hulcy Chairman of the Board, Lone Star Gas Company, Dallas, Tex. 1966 H. B. Zachry President, H. B. Zachry Co., San Antonio, Tex. 1967 J. B. Perry, Jr. President and General Manager, Perry Brothers, Inc., Lufkin, Tex. 1968 Class C: Max Levine - Chairman of the Board, Foley’s, Houston, Tex. 1966 Carl J. Thomsen 1 Senior Vice President, Texas Instruments, Inc., Dallas, Tex. 1967 Kenneth S. Pitzer President and Professor of Chemistry, Rice University, Hous­ ton, Tex. 1968 EL PASO BRANCH Appointed by Federal Reserve Bank: Dick Rogers President, First National Bank in Alpine, Tex. 1966 Robert W. Heyer President, Southern Arizona Bank & Trust Company, Tucson, Ariz. 1966 Robert F. Lockhart Vice President, The State National Bank of El Paso, Tex. 1967 Joe B. Sisler President, The Clovis National Bank, Clovis, N. Mex. 1968 Appointed by Board of Governors: C. Robert McNally, Jr.1 Rancher, Roswell, N. Mex. 1966 Gordon W. Foster Chairman of the Board, Shop Rite Foods, Inc., El Paso, Tex. 1967 Joseph M. Ray President, Texas Western College, El Paso, Tex. 1968 HOUSTON BRANCH Appointed by Federal Reserve Bank: John E. Gray President, First Security National Bank of Beaumont, Tex. 1966 J. A. Elkins, Jr. Chairman of the Board, First City National Bank of Houston, Tex. 1966 A. G. McNeese, Jr. President, Bank of the Southwest National Association, Hous­ ton, Tex. 1967 Henry B. Clay President, First Bank & Trust, Bryan, Tex. 1968 Appointed by Board of Governors: George T. Morse, Jr. President and General Manager, Peden Iron & Steel Company, Houston, Tex. 1966 Edgar H. Hudgins Ranching—Partner in Hudgins Division of J. D. Hudgins, Hungerford, Tex. 1967 D. B. Campbeli. ' Works Manager, Sabine River Works, E. I. du Pont de Ne­ mours & Company, Orange, Tex. 1968 1 Chairman. 2 Deputy Chairman. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

186 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 District 11—FEDERAL RESERVE BANK OF DALLAS-Continued SAN ANTONIO BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 Forrest M. Smith President, National Bank of Commerce of San Antonio, Tex. 1966 J. R. Thornton Chairman of the Board and President, State Bank and Trust Company, San Marcos, Tex. 1966 Max A. Mandel President, The Laredo National Bank, Laredo, Tex. 1967 James T. Denton, Jr. President, Corpus Christi Bank & Trust, Corpus Christi, Tex. 1968 Appointed by Board of Governors: G. C. Hagelstein 1 President and General Manager, Union Stock Yards San Antonio, Tex. 1966 Harold D. Herndon Independent Oil Operator, San Antonio, Tex. 1967 Francis B. May Chairman, Department of General Business, The University of Texas, Austin, Tex. 1968 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO Class A: Carroll F. Byrd Chairman of the Board and President, The First National Bank of Willows, Calif. 1966 Charles F. Frankland Chairman of the Board & Chief Executive Officer, The Pacific National Bank of Seattle, Wash. 1967 Ralph V. Arnold President and Chairman of the Board, First National Bank & Trust Co., Ontario, Calif. 1968 Class B: Joseph Rosenblatt Honorary Chairman of the Board, The Eimco Corporation, Salt Lake City, Utah 1966 Marron Kendrick President, Schlage Lock Company, San Francisco, Calif. 1967 Herbert D. Armstrong Treasurer, Standard Oil Company of California, San Fran­ cisco, Calif. 1968 Class C: John D. Fredericks 2 Chairman of the Board & Chief Executive Officer, Pacific Clay Products, Los Angeles, Calif. 1966 Frederic S. Hirschler 1 Chairman of the Board and Chief Executive Officer, The Emporium Capwell Company, San Francisco, Calif. 1967 Bernard T. Rocca, Jr. President, Pacific Vegetable Oil Corp., San Francisco, Calif. 1968 LOS ANGELES BRANCH Appointed by Federal Reserve Bank: Douglas Shively President, Citizens State Bank of Santa Paula, Calif. 1966 Harry J. Volk President, Union Bank, Los Angeles, Calif. 1966 Sherman Hazeltine Chairman of the Board & Chief Executive Officer, First Na­ tional Bank of Arizona, Phoenix, Ariz, 1967 1 Chairman. 2 Deputy Chairman. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 187 DISTRICT 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued LOS ANGELES BRANCH-Continued Term Expires Appointed by Board of Governors: Dec. 31 S. Alfred Halgren 1 Vice President and Director, Carnation Company, Los An­ geles, Calif. 1966 Arthur G. Coons President Emeritus, Occidental College, Los Angeles, Calif. 1967 PORTLAND BRANCH Appointed by Federal Reserve Bank: E. M. Flohr President, The First National Bank of Wallace, Idaho 1966 E. W. Firstenburg Chairman of the Board & President, First Independent Bank, Vancouver, Wash. 1966 E. J. Kolar President, The United States National Bank of Portland, Oreg. 1967 Appointed by Board of Governors: Robert F. Dwyer 1 Lumberman, Portland, Oreg. 1966 Graham J. Barbey President, Barbey Packing Corporation, Astoria, Oreg. 1967 SALT LAKE CITY BRANCH Appointed by Federal Reserve Bank: Alan B. Blood Executive Vice President, Barnes Banking Company, Kays­ ville, Utah 1966 Newell B. Dayton Chairman of the Board, Tracy-Collins Bank & Trust Company, Salt Lake City, Utah 1966 William E. Irvin President, The Idaho First National Bank, Boise, Idaho. 1967 Appointed by Board of Governors: Peter E. Marble1 Rancher, Deeth, Nev. 1966 Royden G. Derrick President and General Manager, Western Steel Co., Salt Lake City, Utah 1967 SEATTLE BRANCH Appointed by Federal Reserve Bank: M. F. Hastings President, The First National Bank of Ferndale, Wash. 1966 Chas. H. Parks Executive Vice President, Seattle-First National Bank, Spo­ kane, Wash. 1966 Maxwell Carlson President, The National Bank of Commerce of Seattle, Wash. 1967 Appointed by Board of Governors: Robert D. O’Brien 1 Chairman of the Board and Chief Executive Officer, Pacific Car and Foundry Company, Seattle, Wash. 1966 William McGregor Vice President, McGregor Land and Livestock Company, Hooper, Wash. 1967 1 Chairman, 2 Deputy Chairman. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations, new regulations, and similar material Relationships with Dealers in Securities (12 U.S.C. 24), obligations of the International Bank for Reconstruction and Development, the The Board of Governors, effective January 25, Inter-American Development Bank, any local pub­ 1966, revised section 218.2 of Regulation R, “Re­ lic agency, and obligations insured by the Federal lationships with Dealers in Securities under section Housing Administrator; and general obligations of 32 of the Banking Act of 1933”, for purely edito­ Territories, dependencies, and insular possessions rial purposes. There was no change in substance of the United States. and the revision is intended only to make the sec­ tion easier to read. Footnote 2 is unchanged but Export-Import Bank Participation Certificates an additional paragraph is added to footnote 3 as Collateral for Advances merely to bring to the attention of the reader The Board of Governors has been asked wheth­ another related provision of Law, namely, section er participation certificates representing interests 10(c) of the Investment Company Act of 1940. in loans made by Export-Import Bank of Wash­ The revision reads as follows: ington (“Bank”) are eligible as collateral security REVISION OF REGULATION R for advances by Reserve Banks to member banks. The eighth paragraph of section 13 of the Fed­ (12 CFR Part 218) eral Reserve Act (12 U.S.C. 347) provides that Effective January 25, 1966, section 218.2 is any Reserve Bank “may make advances for peri­ editorially revised to read as follows: ods not exceeding ninety days to its member banks on their promissory notes secured by such notes, Section 218.2—Exceptions drafts, bills of exchange, or bankers’ acceptances Pursuant to the authority vested in it by section as are eligible . . . for purchase by Federal reserve 32, the Board of Governors of the Federal Re­ banks under the provisions of this Act.” Under serve System hereby grants permission for any section 14(b) of the Act (12 U.S.C. 355), the officer, director, or employee of any member bank Reserve Banks may purchase, subject to limitations of the Federal Reserve System, unless otherwise not relevant for this purpose, “any bonds, notes, prohibited, to be at the same time an officer, direc­ or other obligations . . . which are fully guaran­ tor, or employee of any corporation or unincorpo­ teed by the United States as to principal and rated association, a partner or employee of any interest”. partnership, or an individual, engaged in the issue, The Export-Import Bank Act (12 U.S.C. 635) flotation, underwriting, public sale, or distribution, does not expressly pledge or give the Bank the at wholesale or retail, or through syndicate par­ authority to pledge the “faith” or “credit” of the ticipation, of any stocks, bonds, or other similar United States for the redemption of the Bank’s securities, if so engaged only as to the following participation certificates. The Bank is, however, a securities: bonds, notes, certificates of indebted­ wholly-owned Government corporation, and it ness, and Treasury bills of the United States; obli­ docs unconditionally guarantee the payment of gations fully guaranteed both as to principal and principal and interest, when due, on each certifi­ interest by the United States; obligations of Fed­ cate. eral Intermediate Credit banks, Federal Land In National Cored Forgings Co. v. United banks, Central Bank for Cooperatives, Federal States, 132 F. Supp. 454 (1955), the Court of Home Loan banks, the Federal National Mort­ Claims held that a suit based on a guaranty obliga­ gage Association, and the Tennessee Valley Au­ tion of the Reconstruction Finance Corporation, a thority; subject to specifications contained in para­ wholly-owned corporation of the United States, graph Seventh of Section 5136, Revised Statutes could be brought directly against the United States 188 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 189 on the ground that, when the RFC acted within (12 U.S.C. 1828(c)), applications by The County the scope of its statutory authority, it contracted Trust Company, White Plains, New York, a State both in its corporate capacity and as an agent of member bank of the Federal Reserve System, for the United States, thereby obligating the latter also. the Board’s prior approval of the mergers into Moreover, the Attorney General of the United that bank of The Goshen National Bank, Goshen, States has expressed the opinion that obligations New York, and Intercounty Trust Company, guaranteed by the Development Loan Fund, a Monticello, New York, under the charter and title wholly-owned Government corporation, were obli­ of The County Trust Company. As an incident to gations fully binding on the United States, even the mergers, the sole office of The Goshen Na­ though the Congress had neither pledged nor au­ tional Bank and the three offices of Intercounty thorized such Fund to pledge the “faith” or Trust Company would become branches of the “credit” of the United States (42 Op. A.G. No. 1 resulting bank. Notice of the proposed mergers, in of April 14, 1961). That opinion states: form approved by the Board, has been published pursuant to said Act. “A series of opinions of the Attorney General issued between 1953 and 1959 has established that a guaranty Upon consideration of all relevant material in by a Government agency contracted pursuant to a the light of the factors set forth in said Act, in­ congressional grant of authority for constitutional purposes is an obligation fully binding on the United cluding reports furnished by the Comptroller of States despite the absence of statutory language ex­ the Currency, the Federal Deposit Insurance Cor­ pressly pledging its ‘faith’ or ‘credit’ to the redemption poration, and the Attorney General on the com­ of the guaranty and despite the possibility that a fu­ ture appropriation might be necessary to carry out petitive factors involved in the proposed mergers, such redemption.” It is hereby ordered, for the reasons set forth On the basis of these authorities, the Board has in the Board’s Statement of this date, that said concluded that participation certificates with re­ applications be and hereby are approved, provided spect to which the Export-Import Bank uncondi­ that said mergers shall not be consummated (a) tionally guarantees the payment of principal and within seven calendar days after the date of this interest, when due, are “fully guaranteed by the Order or (b) later than three months after said United States as to principal and interest” within date. the meaning of section 14(b) and are therefore Dated at Washington, D. C., this 21st day of eligible as collateral for advances under the eighth January, 1966. paragraph of section 13, provided that the partici­ By order of the Board of Governors. pation certificates (and any sub-participations therein) are fully transferrable to the Reserve Voting for this action: Chairman Martin, and Gover­ nors Balderston, Shepardson, Mitchell, Daane, and Banks in order that they may possess the same Maisel. Voting against this action: Governor Robert­ rights of ownership therein as the original pur­ son. chaser. (Signed) Merritt Sherman, Secretary. Orders Under Bank Merger Act [SEAL] The following Orders and Statements were is­ Statement sued in connection with actions by the Board of Governors with respect to applications for ap­ The County Trust Company, White Plains, New proval of the merger of banks. York (“County Trust”), with total deposits of $731 million, has applied, pursuant to the Bank THE COUNTY TRUST COMPANY, Merger Act of 1960 (12 U.S.C. 1828(c)), for the WHITE PLAINS, NEW YORK Board’s prior approval of the mergers of that bank In the matter of the applications of The County with The Goshen National Bank, Goshen, New Trust Company for approval of mergers with The York (“Goshen Bank”), with total deposits of Goshen National Bank and Intercounty Trust $5 million, and Intercounty Trust Company, Company. Monticello, New York (“Intercounty”), with total deposits of $23 million.1 The banks would merge Order Approving Mergers of Banks under the charter and title of County Trust, which There have come before the Board of Gover­ nors, pursuant to the Bank Merger Act of 1960 'Deposit figures are as of June 30, 1965. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

190 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 is a member of the Federal Reserve System, As an County is expected to surpass that of the metro­ incident to the mergers, the one office of Goshen politan area. Bank and the three offices of Intercounty would The rapid expansion of Orange County has become offices of County Trust, increasing the given rise to a corresponding need for the expan­ number of its offices to 57. sion of banking credit. Goshen Bank’s size has not As required by law, the Board has considered, permitted it to keep pace with this expansion, nor as to each of the banks involved, (1) its financial does the bank offer a number of banking services history and condition, (2) the adequacy of its that would help meet the needs and promote the capital structure, (3) its future earnings pros­ convenience of the public and the communities in pects, (4) the general character of its manage­ the area. The bank has a legal lending limit of ment, (5) whether its corporate powers are con­ $46,000. Most of its real estate loans are for mod­ sistent with the purposes of 12 U.S.C., Ch. 16 erate amounts on existing structures, and it makes (the Federal Deposit Insurance Act), (6) the no FHA or VA mortgage loans. convenience and needs of the community to be Intercounty has its principal banking office in served, and (7) the effect of the transaction on Monticello, the seat of Sullivan County, a branch competition (including any tendency toward mo­ at Wurtsboro, in Sullivan County, and a branch at nopoly). The Board may not approve the transac­ Port Jervis, in Orange County. Sullivan County, tion unless, after considering all of these factors, immediately west of Orange County and in the it finds the transaction to be in the public interest. Catskill Mountains, is primarily a resort area, but Separate applications were received from its year-round activities are rapidly increasing in County Trust with respect to the mergers herein importance. Intensive competition in the resort considered, and the Board has determined that industry requires the constant improvement and unnecessary repetition of facts and conclusions expansion of facilities, causing a chronic condi­ may be avoided through the use of a combined tion of credit tightness that has been aggravated Statement. Accordingly, the Board’s findings, con­ by attempts to diversify the economy of the clusions, and reasoning in respect to each applica­ County. tion are contained in this Statement. Intercounty, with a lending limit of $157,000, Banking factors. The Board has examined the has not been able to satisfy the numerous demands banking factors in regard to the three banks and made upon it for credit. The bank has followed a finds that, while the banking factors do not lend policy of making loans only to applicants who support for approval of the applications, neither already maintain accounts with it and has declined, are they inconsistent with such approval. in recent years, a large number of credit-worthy Convenience and needs of the communities. applications. Intercounty, like Goshen Bank, County Trust operates 49 offices in Westchester makes no FHA or VA loans, but this is not un­ County, wherein White Plains is located. Numer­ usual in either Sullivan or Orange Counties. Indi­ ous offices of other banks are also located in cations are that the deficit of credit in these areas Westchester County, and the convenience and is likely to continue in coming years. needs of that County would not be affected by The entry of County Trust into Sullivan and consummation of the proposed mergers. Orange Counties should alleviate the credit deficit Goshen Bank is located in the village of Goshen, in those Counties and provide residents of both the seat of Orange County. The bank’s service Counties with a wider range of banking services. area “ lies within the central portion of the County While County Trust could enter either Sullivan or and contains an estimated 18,700 persons. Orange Orange Counties through de novo branching, the County has experienced substantial growth since “home office protection” feature of the New York 1950, and the prospects for future growth are Banking Law would preclude the bank from estab­ favorable. The County lies immediately west of lishing offices in the more desirable locations. the Hudson River, north of the New York metro­ Competition. The service areas now served by politan area, and the rate of growth of Orange County Trust, Goshen Bank, and Intercounty are separate and distinct. There is no significant direct 2 The area from which a bank derives 75 per cent or more of its deposits of individuals, partnerships, and competition between the three banks that would corporations. be eliminated by effectuation of the proposed mer- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 191 gers. County Trust does make a number of FHA two Counties should continue to have sufficient and VA mortgage loans in Orange County, but demand for their services to enable them to com­ the greater portion of such loans, for which pete successfully. Goshen Bank does not compete, comes from Little, if any, competition between County areas outside the bank’s service area. County Trust, Goshen Bank, and Intercounty would be Trust’s entry into Sullivan and Orange Counties eliminated by consummation of the mergers. should, in fact, strengthen competition for such Neither should consummation have a substantial loans with respect to the few banks in these Coun­ impact on the banking structure of the Third Bank­ ties that presently do VA and FHA mortgage ing District. lending. Competition should also be increased in Accordingly, the Board finds that the proposed several other product lines in which Goshen Bank mergers would be in the public interest. and Intercounty do not presently provide services. Dissenting Statement of Governor The Board has considered carefully the effect Robertson of the proposed mergers on the smaller banks now in Sullivan and Orange Counties. County I cannot agree with the majority’s finding that Trust is a forceful competitor, and its rates are the banking needs of Sullivan and Orange Coun­ lower for many types of loans and higher for ties are presently not being met. Nor can I agree savings deposits than many of the banks now in that the entry of County Trust into prime loca­ the two Counties. However, this should not have tions within these Counties will not adversely a significantly adverse effect of the financial posi­ affect the smaller banks now located there. tions of the much smaller locally-based banks. As Seventeen banks operate 34 banking offices in previously indicated, there exists a substantia] and Orange County, and nine banks operate 12 bank­ increasing demand in both Counties for banking ing offices within the service area of Goshen Bank. services. While County Trust would aid in satisfy­ These 17 banks range in size from $2 million of ing this demand, the demand is such that the IPC 1 deposits to almost $100 million. In Sullivan smaller banks now located in the two Counties County there are 17 offices of eight banks, with should encounter little difficulty in achieving con­ the same approximate range in size.2 Total IPC tinued growth and vitality. deposits in Orange County are $187 million, and County Trust is the largest bank headquartered total IPC deposits in Sullivan County are $80 in New York’s Third Banking District. The Board million. I am not convinced from the record that is satisfied, however, that effectuation of the pro­ such an array of banks, with correspondents avail­ posed mergers would have only a slight impact on able to acquire participations in larger loans, is the banking structure of the Third Banking Dis­ unable to supply the needs of small and medium­ trict. At present, County Trust holds about 29 size borrowers in both Counties. per cent of the total deposits held by all banks Of course, it is possible to find borrowers any­ within the District, and consummation of the pro­ where outside the large financial centers of the posed mergers would not increase this percentage nation with credit needs too large to be satisfied significantly. In addition, more than 84 per cent by local banks, Such borrowers are not seriously of County Trust's deposits are derived from West­ inconvenienced by arranging to have their credit chester County, and in no other county within the requirements met by banks in the large financial Third Banking District does County Trust hold centers. Large borrowers in Sullivan and Orange Counties are within 100 miles of the giant New more than 20 per cent of the deposits originating from within that County. York City banks and within 75 miles of County Trust’s head office. County Trust operates a Summary and conclusion. There is a need in both Sullivan and Orange Counties for an in­ ' Deposits of individuals, partnerships, and corpora­ creased supply of credit and other banking serv­ tions. ices, which Goshen Bank, Intercounty, and the 2 Several of the banks operating banking offices other locally-based banks have not been able to within Sullivan and Orange Counties arc headquar­ tered outside the Counties. Marine Midland of South­ supply. The entry of County Trust into these eastern New York, Poughkeepsie, operates offices in Counties should help meet the need for additional both Counties and is presently the largest bank oper­ credit, while the smaller banks now located in the ating in either County. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

192 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 branch office at Haverstraw, only 27.5 miles from County Trust will undoubtedly attract many Goshen Bank and 44 miles from Intercounty’s of the larger bank customers now dealing at least head office. partially with the banks located in the two Coun­ The majority states that the resort industry in ties, and with the competitive advantages inherent Sullivan County, with its considerable credit needs in County Trust’s great size, the smaller banks for expansion and improvement of facilities, can­ may not show the growth necessary to keep pace not be satisfied from the supply of credit now with the development of their communities. I available in the County. But the owners of these would not be surprised if, with the passage of resorts are not necessarily local persons or firms. time, the entry of County Trust into Sullivan and Many resort facilities today are parts of large Orange Counties should prove disastrous to several chains that obtain financing for long-term con­ of the smaller banks now operating there, or at struction projects from key banks in the financial very least, stimulate further mergers within the centers of the nation. The record does not indicate Counties, leading to a greater concentration of whether this is the case in Sullivan County, and banking resources and the elimination of locally for this reason, it should not be assumed that the owned and operated institutions fully cognizant of resort facilities in the County need more credit local credit needs. Either result, in my opinion, than the local banks can now provide. would be injurious to the public interest. We should, therefore, weigh these proposals If a larger bank is needed in Sullivan or Orange with regard to the convenience and needs of the Counties, I would prefer to see a merger between small and medium-sized bank customers. The smaller banks, the resulting bank of which would majority places great stress on the expected popu­ not stifle or dominate its competitors. Or, County lation and economic growth of the two Counties, Trust could enter both Counties through de novo but it must be remembered that the local banks branching, thereby providing the same services it may be expected to grow as the population and now proposes without obtaining the competitive economy grow. advantage of prime locations." The elimination of local banks and the substi­ Some idea of the value that County Trust places tution therefor of branches of larger, distantly- on the locations it will obtain through consumma­ located institutions may seem to provide greater tion of the proposed mergers can be gained from availability of credit to the community in times an examination of the premium County Trust in­ when ample funds are available, such as during tends to pay in these tranactions. In the Goshen the past few years. But in a period of tight money, Bank transaction, County Trust intends to ex­ bank funds must of necessity be rationed. Then change stock having a total market value of the large institution may have less interest in meet­ $916,000 for Goshen Bank stock having a total ing the needs of smaller borrowers and greater book value of $475,000—a premium amounting interest in the more profitable large customers who to approximately 9 per cent of Goshen Bank’s are better credit risks and are able to maintain total deposits. In the Intercounty transaction, large compensatory balances. County Trust will exchange stock having a total But even assuming that the convenience and market value of $1,321,000 in excess of the esti­ needs of Sullivan and Orange Counties are not mated total market value of the Intercounty stock being met by the banks already serving those it will receive, a premium amounting to 6.66 per Counties, it would be a great mistake, in my opin­ cent of Intercounty’s total deposits. ion, to allow County Trust to move into four Such premiums are far greater than smaller prime locations within the two Counties. County banks in Sullivan and Orange Counties could Trust is one of the largest banks in the State of afford to pay. Hence, County Trust has discour­ New York outside New York City and Long aged merger negotiations between Intercounty or Island. It has three times the combined assets of Goshen Bank and other banks in their localities. all commercial banks in Orange County and is These substantial premiums also give some indicaten times the size of the largest bank now head­ "The major communities in Sullivan and Orange quartered within the County. The comparative Counties are granted “home office protection” by New figures for Sullivan County are even more dis­ York law and are not open to the establishment of proportionate. de novo branches. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 193 tion of the nature of County Trust as a com­ competitive factors involved in the proposed petitor. It has been stressed in the records in these merger, proposals that County Trust is not a “predatory” It is hereby ordered, for the reasons set forth competitor, merely a “strong and aggressive” one. in the Board’s Statement of this date, that said 1 have difficulty with this characterization. It application be and hereby is approved, provided would appear to me that a bank willing to pay so that said merger shall not be consummated (a) substantial a premium as County Trust is willing within seven calendar days after the date of this to pay for control of two banks with desirable Order or (b) later than three months after said locations would also be willing to use its great date. size and resources to do whatever is necessary to attract an increasing share of business for those Dated at Washington, D. C., this 24th day of January, 1966. locations. Whether this would be “predatory” or merely “aggressive” I do not know, but I am con­ By order of the Board of Governors. vinced that the effect on the small, local banks would be harmful. Voting for this action: Unanimous, with all members present. In sum, I am not convinced that the banking (Signed) Merritt Sherman, needs of Sullivan and Orange Counties are pres­ Secretary. ently going unmet. But if additional banking re­ [seal] sources are needed in those Counties, I can only conclude that approval of the present proposals Statement would provide such banking resources at an ex­ The Reading Trust Company, Reading, Pennsyl­ tremely high cost—the stiffing of competition vania (“Reading Trust”), with total deposits of within both Counties. $71.4 million, has applied, pursuant to the Bank I would disapprove the applications. Merger Act of 1960 (12 U.S.C. 1828(c)), for the Board’s prior approval of the merger of that bank THE READING TRUST COMPANY, and The National Bank of Hamburg, Hamburg, READING, PENNSYLVANIA Pennsylvania (“Hamburg National”), which has In the matter of the application of The Reading total deposits of $6.7 million.1 The banks would Trust Company for approval of merger with The merge under the charter and title of Reading Trust, National Bank of Hamburg which is a member of the Federal Reserve System. As an incident to the merger, the sole office of Order Approving Merger of Banks Hamburg National would become an office of There has come before the Board of Governors, Reading Trust, increasing the number of its pursuant to the Bank Merger Act of 1960 (12 authorized offices to six. U.S.C. 1828(c)), an application by The Reading As required by law, the Board has considered, as Trust Company, Reading, Pennsylvania, a State to each of the banks involved, (1) its financial member bank of the Federal Reserve System, for history and condition, (2) the adequacy of its the Board’s prior approval of the merger of that capital structure, (3) its future earnings prospects, bank and The National Bank of Hamburg, Ham­ (4) the general character of its management, (5) burg, Pennsylvania, under the charter and title of whether its corporate powers are consistent with The Reading Trust Company. As an incident to the purposes of 12 U.S.C., Ch. 16 (the Federal the merger, the sole office of The National Bank Deposit Insurance Act), (6) the convenience and of Hamburg would become a branch of the re­ needs of the community to be served, and (7) the sulting bank. Notice of the proposed merger, in effect of the transaction on competition (including form approved by the Board, has been published any tendency toward monopoly). The Board may pursuant to said Act. not approve the transaction unless, after consider­ Upon consideration of all relevant material in ing all of these factors, it finds the transaction to the light of the factors set forth in said Act, in­ be in the public interest. cluding reports furnished by the Comptroller of Banking factors. Financial history and condithe Currency, the Federal Deposit Insurance Corporation, and the Attorney General on the 1 Deposit figures are as of June 30, 1965. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

194 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 tion, capital structure, earnings prospects, and The service area of Hamburg National has an general character of management are reasonably eight-mile radius to north and south, and stretches satisfactory as to both institutions. Recent earn­ some 12 miles to the west and six miles to the ings of Hamburg National, however, have been east of Hamburg. Headquartered within it are three below the average for the Third Federal Reserve other independent banks, in addition to Hamburg District. With the higher lending limit and greater National, and the area is also served by offices of depth in management that would be supplied by two larger, outside banks. Accordingly, the area Reading Trust if the proposal were consummated, affords ample alternative sources of banking earnings of the Hamburg branch would be ex­ services. pected to be more on a par with those of other In the town of Hamburg itself, however, there comparable banks in the District. is only one other bank, the Hamburg Savings and Convenience and needs of the communities. Trust Company, with total deposits around twice Reading, the seat of Berks County, is about 60 those of Hamburg National. The latter offers no miles northwest of Philadelphia, and has a popula­ trust services and a very limited range of install­ tion of around 100,000. The economy of the area ment loans. Customers who want an alternative is based on industry, producing, among other source for these services must go out of town. things, hosiery, textile mill machinery, chemicals, The lending limit of Hamburg National is only textiles, fabricated steel, paper, food products, $42,500, and from evidence in the record it ap­ optical goods, leather and leather products, bricks, pears that several industrial establishments in its caskets, and transportation equipment and ma­ service area who must now go elsewhere for funds chinery. The local economy is healthy, and could be adequately served by the resulting bank, promises to remain so. with a lending limit of $642,500. An in-town Reading Trust is the third largest bank in Read­ source for data-processing services, such as payroll ing, with between a quarter and a third the total and billing, would also be useful to industrial cus­ deposits of its chief competitor, American Bank tomers of the size found in and around Hamburg. and Trust Company, and two-thirds those of the Competition. While Reading Trust competes to next bank in size, Peoples Trust City Bank. some extent throughout Berks County, the nearest Nevertheless, Reading Trust offers a full line of offices of the two merging banks are some 15 banking services. Its four existing offices, and its miles apart. Due in part to the low lending limit one additional, authorized office, are all located of Hamburg National, which prevents it from at­ within greater Reading. Consummation of the tempting to serve the more important needs of merger will have at most a minimal effect on the local industrial customers, there is relatively little convenience and needs of the Reading community, competition between the two banks, except for the which is amply served by the three banks just business of individuals who live in Hamburg and mentioned, one small private bank, and a range work in Reading, and can choose to bank either of other financial intermediaries. at home or near their jobs. The town of Hamburg is located in the north­ On a county-wide basis, American Bank and east sector of the County, about 17 miles north of Trust Company of Pennsylvania holds approxi­ Reading, and has a population of around 4,000. mately half the area deposits and operates 34 Although supported by agriculture in the sur­ per cent of banking offices in the area. Reading rounding area, its economy is based on diversified Trust is third, with about 17 per cent of deposits small industry. Some 18 separate enterprises lo­ and 14 per cent of offices in the area. Acquisition cated in the service area 3 of Hamburg National of Hamburg National will not significantly change manufacture industrial equipment, stainless steel, these percentages. It will, however, introduce textiles, iron castings, storage batteries, domestic somewhat stronger competition into the northern and industrial brooms, and employ anywhere from sector of the county for business of the kinds 10 to 300 persons each. serviced by the two larger banks having offices in the area around Hamburg. 2 The area from which a bank derives 75 per cent The Hamburg Savings and Trust Company is or more of its deposits of individuals, partnerships, well established, and is not expected to suffer any and corporations. adverse competitive effects as a result of the ac- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 195 quisition of the other local bank by Reading Trust. that said merger shall not be consummated (a) As mentioned above, three smaller independent within seven calender days after the date of this banks are headquartered in or near the service Order or (b) later than three months after said area of Hamburg National, in Shoemakersville, date. Leesport, and Bernville. The first two are located Dated at Washington, D. C., this 7th day of between Hamburg and Reading, while the First February, 1966. National Bank of Bernville is some 16 miles south­ west of Hamburg, and some 13 miles northwest By order of the Board of Governors. of Reading. In each case, a number of banking offices intervene in the direction of both Hamburg Voting for this action: Chairman Martin, and Gover­ and Reading. The proposed acquisition would not nors Balderston, Shepardson, and Daane. Voting against this action: Governors Robertson, Mitchell, significantly affect the competitive position of any and Maisel. of the three banks. (Signed) Kenneth A. Kenyon, Summary and conclusion. Approval of the pro­ Assistant Secretary. posed merger would have very little effect on [seal] competition, and would serve the convenience of Statement the Hamburg community by providing locally a United California Bank, Los Angeles, Cali­ broader range of services. Accordingly, the Board finds that the proposed fornia (“United”), with total deposits of $2.6 billion, has applied, pursuant to the Bank Merger merger would be in the public interest. Act of 1960 (12 U.S.C. 1828(c)), for the Board’s prior approval of the merger of that bank with the UNITED CALIFORNIA BANK, Security National Bank of Monterey County, LOS ANGELES, CALIFORNIA Pacific Grove, California (“Security”), with total In the matter of the application of United deposits of $17 million? The banks would merge California Bank for approval of merger with under the charter and title of United, which is Security National Bank of Monterey County a member of the Federal Reserve System. As an incident to the merger, the six offices of Security Order Approving Merger of Banks would become offices of United, increasing the There has come before the Board of Governors, number of its offices to 193? pursuant to the Bank Merger Act of 1960 (12 As required by law, the Board has considered U.S.C. 1828(c)), an application by United Cali­ as to each of the banks involved, (1) its financial fornia Bank, Los Angeles, California, a State history and condition, (2) the adequacy of its member bank of the Federal Reserve System, for capital structure, (3) its future earnings pros­ the Board’s prior approval of the merger of that pects, (4) the general character of its management, bank and Security National Bank of Monterey (5) whether its corporate powers are consistent County, Pacific Grove, California, under the with the purposes of 12 U.S.C., Ch. 16 (the charter and title of the former. As an incident to Federal Deposit Insurance Act), (6) the con­ the merger, the six offices of Security National venience and needs of the community to be Bank of Monterey County would become branches served, and (7) the effect of the transaction on of the resulting bank. Notice of the proposed competition (including any tendency toward merger, in form approved by the Board, has been monopoly). The Board may not approve the published pursuant to said Act. transaction unless, after considering all of these Upon consideration of all relevant material in factors, it finds the transaction to be in the public the light of the factors set forth in said Act, in­ interest. cluding reports furnished by the Comptroller of Banking factors. Control of Security was ac­ the Currency, the Federal Deposit Insurance Cor­ quired in 1961 by its present chief executive and poration, and the Attorney General on the com­ petitive factors involved in the proposed merger, 1 Deposit figures are as of October 13, 1965. It is hereby ordered, for the reasons set forth ■ As of December 6, 1965, United was operating 187 in the Board's Statement of this date, that said branch offices and had received approval for 11 addi­ application be and hereby is approved, provided tional offices. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

196 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 his immediate family. At that time, Security op­ Security’s service area consists of the Monterey erated one office holding about $2.3 million in Peninsula, 120 miles south of San Francisco and total deposits and $1 million in total loans. Since 350 miles north of Los Angeles. The Peninsula 1961, five branch offices have been opened with a has a permanent population of approximately sixth branch to be opened in May of 1966. Total 84,000 and an additional 30,000 persons are con­ deposits have grown to $17 million and total loans nected with the military base at Fort Ord. to $12.7 million. At the end of 1963, Security held The financial needs of the Peninsula are be­ 7.1 per cent of total deposits in its service area.'1 ing adequately served by Security and by 14 offices It now holds 11.2 per cent. of four other banks all with deposits of over This rapid growth has caused severe problems. one billion dollars: (1) Bank of America NT&SA, Deposits have grown faster than capital, and San Francisco; (2) Wells Fargo Bank, San Fran­ Security’s capital position has steadily deteriorated. cisco; (3) Crocker-Citizens National Bank, San Relatively large advertising and salary expenses Francisco; and (4) Bank of California, N.A., San plus heavy expenses involved in establishing new Francisco. The merger of Security into United branches have adversely affected the bank’s earn­ would thus eliminate the only small, locally-based ings, and it is expected to be several years before bank on the Peninsula, leaving the residents of these branches generate sufficient business to give that area with only offices of five of the seven the bank a sound earnings base. largest banks in the State. However, the number Security’s management has been aware of the of banking alternatives available to the public bank’s need for capital funds, and more than $900,­ would not be reduced. 000 of new capital has been provided during the Security has attempted to provide residents of past three years. Recent efforts to provide addi­ the area with locally-oriented banking service. The tional capital have been unsuccessful, and pros­ bank in addition has responded to a need in the pects for a sale of capital instruments are not area for a service that none of the larger banks favorable within the foreseeable future. There is have provided—extended and more convenient no indication that the retention of earnings will banking hours. The other banks in the Peninsula strengthen capital in the near future. have no Saturday banking hours and are open Security’s management has been satisfactory un­ from 10 a.m. to 3 p.m. Monday through Thursday der its chief executive officer. Its recent growth and from 10 a.m. to 5 or 6 p.m. on Friday. must be attributed to this man, and while Security’s Security has provided daily banking hours of 8:30 capital position and low earnings are serious prob­ a.m. to 5:30 p.m. and Saturday hours of 9 a.m. lems, they might be overcome, with time, under to 1 p.m. his leadership. But the bank’s chief executive must Consummation of the merger would thus not withdraw from active management for reasons of aid the convenience and needs of the public on health, and no other officer in the bank has the the Monterey Peninsula and would deprive the necessary experience and demonstrated ability to area of its only small, locally-based bank. cope with present problems. In recent months the Competition. United competes throughout most chief executive has been able to spend only a very of the State of California through its extensive limited time in management of the bank, and an branch system, but it operates no branches on the extended search for a qualified replacement has Monterey Peninsula. Its closest banking office is been unsuccessful. at Salinas, about 15 miles from the nearest office The proposed merger with United would solve of Security, at Marina, and these offices and their Security’s problems of low capital, below-average service areas are separated by the vast expanse of earnings, and lack of an individual capable of Fort Ord. These offices are not considered by the succeeding in the very near future to the position Board to be active competitors, and effectuation of chief executive officer. of the merger would consequently eliminate little Convenience and needs of the communities. competition between United and Security. How­ ever, United could enter this area through de novo branching, and to this extent, the potential for “The area from which a bank derives 75 per cent or more of its deposits of individuals, partnerships, and future competition would be eliminated. corporations. The proposed merger would also increase, al- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 197 though minutely, the concentration of banking Part of Security’s recent growth can be at­ resources in the State of California within a few tributed to its recognition that area residents might large banks. desire or need a different quality of banking serv­ Summary and conclusion. Consummation of the ices from that available at the four large banks. proposed merger would remedy the capital, man­ The advantages to an area of having its own agement, and earnings problems confronting Se­ locally-headquartered bank are numerous. Perhaps curity. It would, however, have an adverse effect the most important is the advantage of the local on the convenience and needs of that area if bank being aware of and being concerned with the convenience and needs factor is considered the diverse needs of the area and its residents. without regard to the banking factors that normally We must also recognize that, for whatever reason, bear on that factor. Consummation would further many people prefer to do business with a local add to the concentration of banking resources in bank rather than a branch of a large bank head­ the State, although by an insignificant amount, quartered many miles away. while eliminating little present competition between An example of Security’s concern with the the two banks. needs of its area and residents is cited by the Having carefully considered and weighed the majority: Security has offered extended banking various aspects of the matter, the Board concludes hours while the four large banks have not. that the benefits expected to flow to the public The majority believes that the convenience and (if the proposal is effectuated) through the result­ needs factor is outweighed by the need for im­ ing solution of Security’s immediate problems re­ provement in the condition of Security and its garding capital, management, and earnings more need for a new executive officer. We are not sure than offset the adverse considerations. that Security would be unable to provide for these Accordingly, the Board finds that the proposed needs without outside help. Its capital and earnings merger would be in the public interest. positions reflect its rapid expansion and the prob­ lems that accompany such expansion. It is alleged Dissenting Statement of Governors that the bank needs an immediate replacement Robertson and Maisel for its chief executive, but it has competent and Our disagreement with the majority rests mainly experienced second-line management that could with the weight that should be given in this case function adequately in the day-to-day management to each of the factors that the Board is required to of the bank. consider. We would assign more weight to the Even if it is assumed that a merger is the only effect of the proposed merger on the convenience solution to Security’s problems, we do not feel that and needs of the area served by Security. We a merger with a bank the size of United should be recognize that Security has problems with its approved because of the great detriment to the capital structure, low earnings, and its need for a convenience and needs of the area. A merger with new chief executive, but we do not believe that a a bank smaller than United and headquartered not merger with United would be the best solution far from the Monterey Peninsula would be far to these problems. preferable. And such a merger, in our view, would The majority statement reflects our concern not be unlikely. Security is a valuable property; its with the convenience and needs of the banking troubles are only those of a fast-growing bank. public on the Monterey Peninsula. At present, Its capital structure could be easily improved by a only five banks operate offices in this comparatively bank much smaller than United, and its earnings isolated area, and four of these banks are among prospects over the long run are good. A merger the largest banks in the State of California. With with a smaller bank would also solve the alleged approval of the proposed merger, all of the banks management problem. operating offices on the Peninsula would be In this country, unlike practically all other in­ among the seven largest banks in the State. Area dustrial nations of the world, we are fortunate residents would have their choice among five to have developed a banking system composed of “billion-dollar” banks, all of which are headquar­ a great number and variety of banking organiza­ tered far from the Peninsula in either San Fran­ tions. There are large banks and small banks. Some cisco or Los Angeles. have branches; some do not. Some banks are Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

198 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 linked together in groups and chains; most are pursuant to section 3(a)(1) of the Bank Holding not. As a consequence, many alternative sources Company Act of 1956 (12 U.S.C. 1842(a)(1)) of banking facilities are available for customers of and section 222.4(a)(1) of Federal Reserve Reg­ all sizes. A major purpose of the Bank Merger ulation Y (12 CFR 222.4(a)(1)), an application Act is to maintain this advantage of our great bank­ by Mid-Continent Bancorporation, Leadville, Col­ ing system, which has contributed so much to the orado, for the Board’s prior approval of action economic growth of this country. Approval for whereby Applicant would become a bank holding mergers of smaller banks into larger ones must be company through the acquisition of up to 91.6 based on the public interest, not on the fact that and 92.5 per cent, respectively, of the outstanding large banks may find it economically worthwhile voting shares of Commercial Bank of Leadville, to pay prices that the shareholders of those smaller Leadville, and First National Bank in Walsenburg, banks cannot resist and other small institutions Walsenburg, both in Colorado. cannot afford to pay. Because banking is a As required by section 3(b) of the Act, the regulated industry with limited entry, the value Board notified the Colorado State Bank Commis­ of a merger may be far greater to the bank of­ sioner and the Comptroller of the Currency of fering to purchase than it may be to the com­ receipt of the application and requested their views munity and public at large. We should not sacri­ and recommendations thereon. The Commissioner fice the advantages of diversity in our banking advised that the State Banking Board would inter­ system unless, in a particular case, we are certain pose no objection to the application. The Comp­ that the result will provide greater benefits to all troller recommended approval of the proposed the public, and not just to the few, or to the large, action. or to the powerful. This is not such a case. Notice of Receipt of Application was published In our view, approval of the present proposal in the Federal Register on June 11, 1965 (30 would not be in the interest of the banking public F.R. 7628), which provided an opportunity for of the Monterey Peninsula. It would eliminate the the filing of comments and views regarding the Peninsula’s only small, locally-headquartered bank proposed acquisition, and the time for filing such and replace it was a branch of a large bank, similar comments and views has expired and all comments in size and mode of operations to the other banks and views filed with the Board have been consid­ on the Peninsula. Security’s problems are not so ered by it. serious as to warrant such a result. It is hereby ordered, for the reasons set forth We would disapprove the application. in the Board’s Statement of this date, that the said application be and hereby is denied. Order Under Section 3 of the Bank Holding Company Act Dated at Washington, D. C. this 4th day of February, 1966. The Board of Governors issued the following Order and Statement in connection with action By order of the Board of Governors. denying an application for permission to become Voting for this action: Unanimous, with all members a bank holding company: present. (Signed) Kenneth A. Kenyon, MID-CONTINENT BANCORPORATION Assistant Secretary. LEADVILLE, COLORADO [seal] In the matter of the application of Mid-Conti­ Statement nent Bancorporalion, Leadville, Colorado, for approval of action to become a bank holding com­ Mid-Continent Bancorporation, Leadville, Colo­ pany through the acquisition of voting shares of rado (“Applicant”), has filed an application pur­ suant to section 3(a)(1) of the Bank Holding Commercial Bank of Leadville, Leadville, and Company Act of 1956 (the “Act”) for the Board’s First National Bank in Walsenburg, Walsenburg, both in Colorado. approval of proposed action whereby Applicant would become a bank holding company through Order Denying Application Under acquisition of 91.6 per cent of the outstanding Bank Holding Company Act voting shares of Commercial Bank of Leadville, There has come before the Board of Governors, Leadville, Colorado (“Leadville Bank"), and 92.5 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 199 per cent of the outstanding voting shares of First The Banks’ stocks were purchased by their re­ National Bank in Walsenburg, Walsenburg, Colo­ spective corporate owners from the same interests. rado (“Walsenburg Bank”). In October 1964, Financial purchased the stock of Views and recommendations of supervisory au­ Leadville Bank and its affiliated insurance agency thorities. Since this application involves both a for $774,760, with $760,000 of such purchase State-chartered bank and a national bank, pur­ price being borrowed from a Denver bank. Finan­ suant to the requirement of section 3(b) of the cial subsequently retired its bank debt through Act, the Board notified the Colorado State Bank later sale of collateral debentures in the principal Commissioner and the Comptroller of the Cur­ amount of $400,000, and 60,000 shares of com­ rency of receipt of the application and requested mon stock at $8.25 per share. Although none of their views and recommendations thereon. The Financial’s 196 shareholders owns individually as Bank Commissioner advised that the State Bank­ much as 5 per cent of Financial’s outstanding ing Board would interpose no objection to the shares, the organizers and related interests own, application. The Comptroller of the Currency rec­ collectively, nearly 15 per cent thereof. ommended approval of the proposed action. The stock of Walsenburg Bank and its insurance Statutory factors. Section 3(c) of the Act re­ agency affiliate was purchased on or after Decem­ quires the Board to take into consideration the ber 29, 1964, by Plains States for $775,000, all of following five factors in acting upon this applica­ which was borrowed from a Denver bank. Plains tion: (1) the financial history and condition of States’ bank debt is still outstanding and all of the holding company and the banks concerned; Plains States’ stock is owned by its organizers. (2) their prospects; (3) the character of their Under the plan of merger, Applicant will issue management; (4) the convenience, needs, and one share of its stock for each share of Financial’s welfare of the communities and the area con­ stock outstanding and two shares of its stock for cerned; and (5) whether or not the effect of the each three shares of Plains States’ stock out­ acquisition would be to expand the size or extent standing. of the bank holding company system involved be­ With the exception of one individual in each yond limits consistent with adequate and sound instance, Financial and Plains States were organ­ banking, the public interest, and the preservation ized by the same group, consisting of five individ­ of competition in the field of banking. uals and a limited partnership composed of three The proposal. Applicant, a Colorado corpora­ individuals. The top three officers of each corpo­ tion organized in June 1965, proposes to bring ration are identical, and they hold similar positions together under its control two presently affiliated with Applicant. Four of the five directors of both banks and their respective insurance agency affili­ Financial and Plains States are identical, and all ates. Applicant’s proposal involves the acquisition members of those corporate boards serve on Appli­ of the afore-stated percentages of stock of Lead­ cant’s seven-member board of directors. ville Bank and Walsenburg Bank (hereafter Financial history and condition, and prospects. sometimes referred to together as the “Banks”) Applicant has no financial history. Its prospective by merger of two Nebraska corporations which financial condition and prospects are the subject of now own such stock. Mid-Continent Financial analysis and comment hereafter. The financial his­ Corporation (“Financial”) owns 91.6 per cent of tory and condition, and prospects of the Leadville the stock of Leadville Bank (deposits $4.6 mil­ Bank are considered satisfactory, as are the his­ lion ’) and a similar percentage of the stock of tory and condition of the Walsenburg Bank. Some­ Hugh E. Smith, Inc., an insurance agency. Plains what less promising, because of the economic out­ States Financial Corporation (“Plains States”) look of its trade area, are the prospects of the owns 92.5 per cent of the stock of Walsenburg Walsenburg Bank. On the basis of the information Bank (deposits $3.3 million) and a like percent­ in the record, it does not appear to the Board that age of the stock of Spanish Peaks Corporation, an the prospects in the Walsenburg area for indus­ insurance agency. trial growth and related economic expansion, or for rapid population growth, are such as to sug­ ' As of June 30, 1965. Unless otherwise indicated, gest that the Walsenburg Bank’s deposit trend all banking data noted are as of this date. would be significantly improved over that reflected Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

200 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 for the period December 31, 1959, to December to prospective investors in the holding company 31, 1964. In that period, the bank’s deposits de­ and depositors of the subsidiary banks. A bank creased more than $500,000. holding company’s financial condition, directly re­ The Board’s findings, later stated, as to the lated as it is to the financial condition of its sub­ prospective financial condition and operating sidiary banks, is most fairly and accurately stated prospects of Applicant reflect in major respects if the holding company is required to reflect its the Board’s concern over Applicant’s proposed investments on a basis consistent with values re­ debt position in relation to its equity capital. The flected in the published financial statements of its facts underlying this concern are as follows. Un­ subsidiary banks. der Applicant’s proposal, after the merger with Thus computed, the percentage of Applicant’s Applicant of Financial and Plains States, Appli­ proposed debt to equity capital of nearly 200 per cant’s debt would amount to $1,175,000, consist­ cent exceeds by far the debt to equity capital ratio ing of $400,000 of collateral debentures issued by presented in any holding company formation pro­ Financial, and $775,000 short-term bank debt posal that the Board has heretofore considered. owed by Plains States incident to its purchase of Even if Applicant’s debt were reduced by $197,000 the Walsenburg Bank. At the outset, Applicant —the amount of cash on hand reflected in Appli­ proposes to retire $435,000 of the $775,000 bank cant’s pro forma balance sheet, which is greater debt with funds to be realized by sale of an addi­ than Applicant’s estimated liquid reserves of tional 40,000 shares of Applicant’s common stock, $90,000 to $100,000 after refinancing—there and the issuance of $125,000 of convertible deben­ would exist a proposed debt to equity capital ratio tures. The remaining $340,000 of short-term bank of about 1.5 to 1. This ratio greatly exceeds com­ debt would be refinanced on a long-term basis. parable ratios reflected not only in any previous Thus, following the foregoing actions, Applicant proposal considered, but in the financial state­ would have an outstanding debt of $865,000, and ments of all registered bank holding companies on equity capital of approximately $442,000, or a file with the Board. Even if Applicant were per­ debt to equity capital ratio of nearly 2 to 1. mitted to carry its investments in subsidiaries on a Applicant’s equity capital position of approxi­ cost basis rather than at net asset values, Appli­ mately $442,000 was determined by reflecting cant’s ratio of debt to equity capital would remain Applicant’s investments in its proposed bank and sufficiently out of proportion as to preclude the nonbank subsidiaries at Applicant’s proposed pro­ Board’s approval of Applicant’s proposed financial portionate interests in the net assets of those sub­ condition. sidiaries.2 In reflecting Applicant’s investments in Applicant's prospects. Judgment as to the pros­ its proposed subsidiaries at net asset value, the pects for Applicant’s system must reflect an ap­ Board is adhering to an established practice of praisal of Applicant’s ability to reduce its proposed requiring that investments of a bank holding com­ debt, and at the same time serve, when and as pany in subsidiaries be carried in financial state­ required, as a source of financial assistance to its ments issued to shareholders and the public at not subsidiary banks. Both of these functions might more than the company’s interest in the net assets normally be accomplished through the use of of its subsidiaries;' To sanction an alternative funds realized primarily from additional borrow­ form for holding companies to reflect their invest­ ings resulting in increased debt, the sale of Appli­ ments in subsidiaries, such as a cost basis, could cant’s stock, and/or accumulation of earnings. In result in an inflated statement of the holding com­ view of Applicant’s proposed debt position, fur­ pany’s asset position that could prove misleading ther increase therein by borrowings would, as a practical matter, appear to be nearly unavailable. 2 Net asset values of the Banks were obtained from The Board is unable to view as favorable the pros­ financial statements as of June 30, 1965, submitted to supervisory authorities; such values of the proposed pects for further sale of Applicant’s stock with the nonbank subsidiaries were as of December 31, 1964, existence of the debt previously discussed and in and were submitted as part of the application in this the light of Applicant’s stated present intention not matter. to pay dividends on its common stock. Neither 3 See Board Statement In the Matter of Trans­ Nebraska Co., Lincoln, Nebraska, 1963 F.R. Bulletin circumstance is likely to engender public interest 633, 637. in an additional stock offering. 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LAW DEPARTMENT 201 Regarding the accumulation of earnings, Appli­ further minimized upon analysis of the bases for cant has projected an earnings expectancy for the that projection. In arriving at its projected earn­ subsidiaries which, it argues, would enable Appli­ ings for the proposed system, Applicant deter­ cant to service its outstanding debt and, in addi­ mined the difference in combined earnings of its tion, accumulate funds for other purposes. In the proposed subsidiaries for the years 1960 and 1964 Board’s opinion, the following considerations are and, based thereon, computed an average annual persuasively against the occurrence of earnings at rate of increase, which was used as the basis for the rate and in the volume projected by Applicant. projected increased earnings for each year subse­ First, it is unlikely that earnings in the Leadville quent to 1964. Use of the years 1960 and 1964 as Bank will continue to increase annually at the base years for projection permitted inclusion of average of the difference in earnings in 1960 and unusual or nonrecurring expense and income 1964, the base used by Applicant in projecting items in 1960 and 1964, thus distorting the aver­ future earnings. At year-end 1964, the Leadville age annual rate of increase figure utilized by Bank’s percentage of loans to deposits had in­ Applicant in its earnings projections. Among such creased to nearly 61 per cent, as compared to items were nearly $17,000 more in loan losses in year-end percentages from 1960 through 1963, the banks in 1960 than in 1964, net profits from respectively, increasing from 39 per cent to 55 sale of securities in the Banks in excess of $6,000 per cent. In view of the present rather high loan greater in 1964 than in 1960, and an overstate­ to deposit ratio, any future increase in loans—the ment of a subsidiary's income in 1964 by $5,000. principal earnings asset of any bank—would ap­ On the basis of the foregoing and all of the pear geared more directly to a rise in deposits. relevant facts of record, it is the Board’s view that There is no evidence before the Board that sup­ a realistic projection of earnings of Applicant’s ports a conclusion that bank’s deposits are likely proposed subsidiaries does not show an adequate to increase at a rate approaching that which or prudent coverage of the needs of Applicant to would be required to enable a continued loan in­ service and retire its proposed debt and also to crease necessary to support the earnings projected fulfill the responsibilities normally assumed by a for bank. bank holding company with respect to its subsid­ Second, the data presented to the Board in re­ iary banks. This conclusion appears the more valid spect to Walsenburg Bank’s deposit structure in light of Applicant’s stated intention regarding covering the 5-year period December 31, 1964, future bank acquisitions. It is Applicant’s position reflect a decrease in its deposits. Prospects for any that investments in additional banks would further significant change for the better in the bank’s enhance its prospects. Such further acquisitions deposit trend are not likely, absent a rather dra­ would most likely involve either Applicant’s pur­ matic change in the economic outlook of the chase of such bank shares for cash, or an exchange bank’s service area. As earlier stated, nothing in therefor of Applicant’s shares. In view of Appli­ the record before the Board suggests such a deci­ cant’s projected financial condition, any significant sive change. cash expenditure for bank stocks would necessi­ A further fact that makes unlikely, in the tate the raising of funds either by additional bor­ Board’s judgment, a better earnings position in rowings or the sale of additional shares of Appli­ the Walsenburg Bank is Applicant’s stated inten­ cant's stock. Absent a substantial improvement in tion to increase to 4 per cent the interest paid by Applicant’s ratio of debt to equity capital, the the bank on regular savings accounts. Walsenburg Board could not sanction any proposal involving Bank has been paying 1 per cent on balances up an outlay of cash for bank stocks with funds pro­ to $1,000 on such accounts, and no interest on vided by increased debt. Further, lacking the in­ amounts above $1,000. Even though the proposed auguration by Applicant of a program for dividend increased interest rate would likely increase the payments on its common stock—a program not bank’s volume of savings deposits, the substantial presently contemplated by Applicant—it appears increase in expense incident to such interest rate to the Board that Applicant’s sale of additional increase presents a less glowing earnings prospect stock or its success in exchanging its stock for for Applicant’s proposed system than Applicant stock of additional banks would be limited. If has projected. Applicant’s earnings projection is dividends were to be paid on Applicant’s stock, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

202 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 the additional drain on the earnings of Applicant’s case, such further inquiry and treatment are system would make even less favorable its finan­ unnecessary. cial prospects. Convenience, needs, and welfare of the com­ Management of Applicant and the Banks. The munities and areas involved. The Leadville Bank evidence of record satisfies the Board that man­ is located in Leadville, Colorado (Lake County), agement in each of the proposed subsidiary banks about 113 miles west-southwest of Denver. Its is capable and experienced, and the Board con­ primary service area/ with a population of about cludes such managements to be satisfactory. Appli­ 9,000, encompasses the limits of Lake County. cant suggests the existence of a problem relating There are no other banks in this primary service to management succession in both Banks, particu­ area. The Walsenburg Bank is located in Walsen­ larly in the Walsenburg Bank, due to the size and burg (Huerfano County), some 160 miles south­ location of the City of Walsenburg and the fact southeast of Denver. The Walsenburg Bank’s pri­ that the Walsenburg Bank’s two principal operat­ mary service area/ with an estimated population ing officers are both near normal retirement age. of 8,100, encompasses the limits of Huerfano Conceding that the circumstances mentioned by County. There are no other banks in this primary Applicant suggest that a management succession service area. The two banks are approximately problem will arise in the foreseeable future, the 225 miles apart. Board is unable to concur in Applicant’s premise The most significant single factor contributing that its ownership and operation of the Banks to the economy of the Leadville area is the would offer significantly more potential for solu­ molybdenum mining operations conducted in that tion of the management succession problem than area. Approximately 2,500 persons are engaged in can now be offered through the Banks’ respective the mining of molybdenum ore, which is used ex­ owners. In view of the management affiliation tensively as an alloy in the manufacture of steel existing between Financial and Plains States, the and steel products. Applicant has made known a respective corporate owners of the Leadville and proposed major expansion in these mining opera­ Walsenburg Banks, equal movement of personnel tions, justifying the conclusion that the area’s between these Banks, as well as the institution of presently favorable economic climate will con­ a joint management training program for the tinue in the foreseeable future. Additional factors Banks, appears to be present^ feasible. While the contributing to this outlook are major State and certitude of accomplishment as to either action Federal irrigation and reclamation projects now might be somewhat greater under Applicant’s con­ under way, which are expected to result in recrea­ trol, sufficient likelihood of the same result is tional facilities in the Leadville area and, in turn, offered at present so as to minimize the impor­ to increased tourism. Other elements contributing tance of this aspect of Applicant’s proposal. to the Leadville and Lake County economies are The management proposed for Applicant re­ activities relating to agriculture, forestry, and flects diversified backgrounds in finance, insur­ livestock. ance, banking, and business. In respect to the The economy of the Walsenburg Bank’s pri­ professional competence and character of Appli­ mary service area appears somewhat less favorable cant’s proposed management, the Board finds than that of the Leadville area. The Walsenburg management to be satisfactory. economy is predominantly agricultural in nature, With respect to the Board’s consideration of supported in a minor degree by soft coal mining Applicant’s proposed management, certain facts operations and small industries located within the were presented by Applicant reflecting prospective City of Walsenburg. While the area’s economy financial benefits that would inure to certain of has remained stable within the past ten years, the the individuals comprising its management as a record before the Board does not support any result of the proposed sale of stock to the public. reasonable expectation that the economy will grow Were these facts to play a decisive role in the or improve appreciably in the foreseeable future. Board’s decision on this application, further and more detailed inquiry regarding and treatment of ' The area from which Applicant estimates that in these facts would have been in order. However, excess of 90 per cent of the bank’s total deposits in the context of the Board’s statement in this originate. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 203 In urging approval of this application, Appli­ ing on the convenience, needs, and welfare of the cant has stressed the financil benefits to the Banks communities and areas concerned afford no meas­ and service benefits to the public that would flow urable support for approval of the application. from consummation of its proposal. The Board Effect on adequate and sound banking, the pub­ has reviewed these assertions in the light of the lic interest, and banking competition. As earlier financial condition and prospects of Applicant’s stated, the Leadville Bank has total deposits of system, as hereinbefore discussed, and with a view $4.6 million. The Walsenburg Bank’s deposits are to existing and likely banking requirements in the $3.3 million. The Banks are the only banks in Banks’ service areas. Regarding Applicant’s as­ their respective primary service areas and' are serted ability to render financial assistance to its separated from each other by some 225 miles. proposed subsidiary banks, either in the form of Neither bank has any deposits nor commercial additional operating capital or funds for additions and industrial, farm, or consumer loans originat­ to or improvements on bank premises, the Board ing in the other’s service area. The three banks is unable to conclude that any significant financial located nearest to Leadville Bank, each with de­ assistance could be feasibly rendered by Applicant. posits under $3 million, are, respectively, 30, 56, This conclusion is premised upon the Board’s fore­ and 65 miles distant. Approximately 50 miles sepa­ going appraisal of Applicant’s proposed debt posi­ rate the Walsenburg Bank and the bank nearest it. tion, and its questionable ability to service and While neither the Leadville Bank nor the Walsen­ retire this debt and still have substantial funds burg Bank offers appreciable competition beyond available for such assistance. the county in which it is located, there is evidence Regarding the institution or implementation of that the banks located 30 to 65 miles from Lead­ certain customer services at the Banks, such as an ville compete for the business of that area, as do increase in the rate of interest to be paid on regu­ the large Denver banks, and that these Denver lar savings accounts at the Walsenburg Bank, ex­ banks and banks in Pueblo serve to some extent pansion of the installment loan program at that the Walsenburg area. The Board concludes that bank, and assistance to both Banks in respect to from the viewpoint of its impact on banking com­ accommodating larger loan requests, the Board is petition, the size or extent of operation of Appli­ unable to conclude that such additional or imple­ cant’s proposed holding company system would mented customer services could not be equally not be such as to be inconsistent with adequate effected and facilitated under the existing owner­ and sound banking, the public interest, and the ships and affiliated relationship. Concerning the preservation of said banking competition. desire of both Banks to serve any requests for The proposed financing of Applicant’s system, large credit accommodations, it is noted that in hereinbefore discussed, with its direct bearing on 1964 Walsenburg Bank shared no loans with any the statutory factors of Applicant’s financial con­ other bank, while the Leadville Bank originated dition and prospects, is of sufficiently questionable but a single loan which it participated with another bank. Should either bank encounter a future need soundness as to decisively outweigh considerations for loan participations, it is further noted that found herein to be consistent with approval of both Banks have correspondent relationships with the application. The Board concludes that neither larger banks in Denver and Pueblo. the interests of sound banking nor the public Finally, as to specified advisory and accounting would be best served by the Board’s approval of services that Applicant states would be provided the financial structure proposed by Applicant for by the members of the board of directors of Ap­ its holding company system. plicant, since the directors of Applicant are to be On the basis of all the relevant facts as con­ essentially individuals who arc now directors of tained in the record before the Board, and in the Financial and Plains States, Applicant would ap­ light of the factors set forth in section 3(c) of the pear to be in no better position to render such Act, it is the Board’s judgment that the transac­ services than are the present corporate owners of tion here proposed would not be consistent with the Banks. the public interest and that the application should The Board concludes that considerations bear­ therefore be denied. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS APPOINTMENT OF FIRST VICE PRESIDENT in the February 1965 guidelines. This result is a AT THE FEDERAL RESERVE BANK OF ST. LOUIS tribute to the spirit of wholehearted cooperation Effective February 1, J 966, Dale M. Lewis was with which banks and other financial institutions appointed First Vice President of the Federal Re­ have complied with the guidelines designed to meet serve Bank of St. Louis for the unexpired portion the important national problem of improving our of the five-year term ending February 28, and for balance of international payments. a term of five years beginning March 1, 1966. He Despite the usual relatively large seasonal in­ succeeds Darryl R. Francis, whose appointment as crease in December, foreign loans and investments President was effective January 17. Mr. Lewis has of monthly reporting banks on December 31,1965, been associated with the Federal Reserve Bank were only $155 million higher than on December since 1926. He was given officer status with the 31, 1964. Thus, at the end of the year the bank­ title of Assistant Vice President in August 1949, ing system was $320 million below the target (105 and promoted to Vice President in May 1951. Mr. per cent of the December 31, 1964, base) sug­ Lewis is a graduate of the Stonier School of Bank­ gested by the 1965 guidelines. The increase of ing at Rutgers University. $155 million last year compares with an increase of $2.4 billion in 1964 and of over $1 billion on the average for the 3 years 1961-63, although the APPOINTMENT OF DIRECTOR latter figures include some foreign claims not cov­ On January 28, 1966, the Board of Governors an­ ered by the program, such as customers’ assets. nounced the appointment of Robert F. Leach, St. The net change of $2.25 billion between 1964 and Paul, Minnesota, as a Class C director of the 1965 was larger than the total improvement in the Federal Reserve Bank of Minneapolis to serve for U.S. balance of payments. the remainder of a term expiring December 31, 1968. The Board also designated him Deputy Table 1 Chairman for the year 1966. Mr. Leach is a Foreign Credits of U.S. Banks, 1965 partner in the law firm of Oppenheimer, Hodgson, Brown, Wolff & Leach in St. Paul, Minnesota. As End of period a director of the Minneapolis Bank he succeeds Item Mar. June Sept. Dec. Atherton Bean, Chairman of the Board, Interna­ tional Milling Company, Minneapolis, Minnesota, Number of reporting banks.. 150 161 160 161 whose term expired December 31, 1965, and as Millions of dollars Total foreign credits subject Deputy Chairman he succeeds Judson Bemis, to 105 per cent ceiling,.... 9,896 9,589 9,503 9,654 President, Bemis Company, Inc., Minneapolis, Ta o rg f e D t e c c e e i m lin b g e r (1 1 0 9 5 6 4 p b e a r s c e e ), n t .. 9,971 9,981 9,979 9,975 Minnesota, who was designated Chairman for the Net expansion of credit since December 1964................... 398 82 — 2 155 year 1966. Net leeway for further expansion of credit within target ceiling................................. 75 391 477 320 VOLUNTARY FOREIGN CREDIT RESTRAINT PROGRAM With the $320 million margin remaining under the 1965 target ceiling, and the additional ex­ Statement by J. L. Robertson, Member of the Board of Governors of the Federal Reserve pansion of 1 per cent of the base per quarter, System, at a press conference on February 14, which would be consistent with the guidelines for 1966, with respect to balance of payments de­ velopments in 1965. 1966, banks should have more than ample leeway to accommodate all priority credit needs—for ex­ Foreign loans and investments of U.S. com­ port financing and credits to developing countries mercial banks in 1965 expanded by less than the —during the coming year. amount provided for in the target ceiling suggested On December 31, 1965, 35 banks held foreign 204 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 205 claims in amounts which exceeded the target. (2) Money rates and related statistics: Short­ term open market money rates, rates on bank However, half of those banks had foreign claims loans to business, and amount of open market of less than $5 million each and had been over paper outstanding. the target when the program was announced. (3) Securities markets: Prices and yields on bonds and stocks, and volume of trading. Among the other half, a substantial portion of the (4) Stock market credit: Margin require­ excess represented an outflow of a seasonal nature ments and major types of securities credit. in December, which has since been reversed. (5) Securities issues: New issues, and changes in corporate issues outstanding. (6) Institutional investors other than com­ Table 2 mercial banks: Selected balance sheet data. Foreign Credits of Banks in Excess of Target Ceiling, 1965 Requests for copies should be sent to the Division of Administrative Services, Board of Governors of End of period the Federal Reserve System, Washington, D. C. Item Mar. June Sept. Dec. 20551. Remittance should accompany order and be made payable to the order of the Board of Number of banks.................. 60 56 35 35 Governors of the Federal Reserve System (prices Aggregate amount in excess of target (in millions of shown on page 299). dollars)...........................2.74 107 86 113 ADVANCE REFUNDING Table 3 U. S. Treasury Advance Refunding, June 1960- Distribution of Excess Over Ceiling, July 1964, by Thomas R. Beard, is available for December 31, 1965 distribution. Per cent Number Amount in excess This is another in a series of technical papers of of of ceiling published by the Board. It discusses, with detailed 1964 base banks (in millions of dollars) supporting statistics, various aspects of Treasury 105-110............................. advance refunding operations, such as their rela­ 110-115. ........................... 115-120............................. tion to debt management objectives; and their im­ Over 120........................... pact on market activity, dealer positions, owner­ Total.......................... 35 113.2 ship, and long-term Treasury bond yields. The Note.—Ceiling is 105 per cent of December 1964 base. paper concludes with an evaluation of the tech­ nique of advance refunding. Year-end data on financial institutions other Requests for copies should be sent to the Divi­ than banks are still being compiled. Statistics sion of Administrative Services, Board of Gov­ through the third quarter, previously released, in­ ernors of the Federal Reserve System, Washington, dicated that these institutions, too, on balance, D.C. 20551. The price is 50 cents for single were then well within the guidelines as revised copies, and 40 cents each for 10 or more copies in June 1965. sent to one address. Remittance should accom­ pany order, and be made payable to the order of SUPPLEMENT TO BANKING AND the Board of Governors of the Federal Reserve MONETARY STATISTICS System. “Money Rates and Securities Markets,” Section 12 of Supplement to Banking and Monetary Statistics, is now available. The pamphlet includes data for ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM the period 1941-63 and contains descriptive mate­ The following bank was admitted to membership rial and statistics under six main headings: in the Federal Reserve System during the period (1) Rates regulated or established by the Board of Governors of the Federal Reserve January 15, to February 15, 1966: System: Federal Reserve Bank rates, maximum Wisconsin rates on time deposits, and rates established under Regulation V. Beloit..........Community State Bank of Beloit Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Released for publication February 16 Industrial production and nonfarm employ­ Employment ment rose strongly again in January, while retail Nonfarm employment continued to advance sales showed a slight decrease. Prices of foodstuffs strongly in January, increasing by 250,000. Par­ rose further and those of industrial commodities ticularly large gains were shown by employment continued to increase. Bank credit again increased in durable goods manufacturing, trade, and State substantially, while the money supply receded and local government. Construction employment after reaching a new peak early in the month. remained close to the high level reached in Decem­ From mid-January to mid-February yields on ber. The average workweek in manufacturing con­ corporate and Treasury securities rose, while yields tinued for the third month at the postwar high of on municipal bonds changed little. 41.4 hours; average hourly earnings increased slightly. The unemployment rate edged down to Industrial Production 4.0 per cent, the lowest level since early 1957. Industrial production rose further in January to 149.9 per cent of the 1957-59 average, one Distribution per cent above December and 8 per cent above Following a sharp run-up in the closing months a year earlier. Output of business equipment and of 1965, retail sales declined slightly in January, materials increased. Production of consumer goods according to advance figures. The January level as a whole was unchanged, although output of tele­ was 8 per cent above a year earlier, with sales vision sets, household appliances, and furniture by durable goods stores up 6 per cent and non­ continued to expand. Auto assemblies declined durable goods up 10 per cent. Unit sales of new slightly and apparel production was curtailed by domestic cars rose substantially to a seasonally the transit strike in New York City. adjusted annual rate of 9.4 million cars. This rate Output of industrial and most other types of was close to the record reached in January 1965, machinery and equipment increased further. Iron when late-1964 strike losses were being made up. and steel production continued to rise and there Sales of general merchandise stores rose in Jan­ were further gains in output of other durable and uary. In most other lines, sales showed small de­ nondurable materials. clines. Commodity Prices Prices of industrial commodities continued to edge up from mid-January to mid-February. Further price advances occurred in steel scrap, copper scrap, and copper tubing, and prices were raised for chemicals derived from copper and tin. Prices of hides and cattle increased, while hog prices—which rose sharply last year—changed little from early December. Prices of fresh fruits and vegetables increased because of freezing weather in growing areas. Bank Credit, Money Supply, and Reserves Commercial bank credit rose $3 billion in January, somewhat more than in most other re­ cent months. A further substantial loan expansion in all major categories was oflset only in small 206 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 207 part by a reduction in holdings of U.S. Govern­ than in December, while net borrowed reserves ment securities. Holdings of municipal and agency rose slightly to an average outstanding level of issues were unchanged following a marked slow­ about $45 million. down in growth late last year. While the money supply increased substantially in January on a Security Markets daily average basis, the rise was concentrated early Yields on U.S. Government and corporate bonds in the month; thereafter it declined. The rise in rose considerably between mid-January and mid­ time and savings deposits at commercial banks February, while municipal bonds changed little slowed further from the reduced pace in De­ on balance. In the same period rates on shorter cember. term Treasury issues moved slightly higher. In Total and required reserves, like the money mid-February the 3-month bill rate was 4.65 per supply, continued to expand in early January but cent, compared with 4.63 per cent a month earlier. then declined. Excess reserves and member bank Between mid-January and mid-February common borrowings in January were both a little lower stock prices changed little on balance. PRICES INTEREST RATES WHOLESALE CONSUMER 1957-S9-I0O 120 110 ISO so 120 110 100 90 Discount rate, range or level for all F.R. Banks. Weekly Bureau of Labor Statistics indexes. Latest figures shown for average market yields for U.S. Govt, bonds maturing in 10 consumer prices, December; for wholesale prices, December, years or more and for 90-day Treasury bills. Latest figures shown, week ending Feb. 11. 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. LIST 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................. Feb. 1966 272 On, and not on, Federal Reserve Par List Flow of funds (assets and liabilities)................. Nov. 1965 1618-27 number of................................................ Feb. 1966 273 Income and expenses: Federal Reserve Banks............................... Feb. 1966 270-71 Member banks: Annually Calendar year........................................... May 1965 750-58 Operating ratios.................................... Apr. 1965 617-19 Bank holding companies: Insured commercial banks.............................. May 1965 759 List of, Dec. 31, 1964.................................. June 1965 892 Banking offices and deposits of group banks, Stock exchange firms, detailed debit and credit Dec. 31,1964............................................... July 1965 1026 balances....................................................... Sept. 1965 1340 208 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.......... 210 Reserve Bank discount rates; margin requirements; reserve requirements.................... 215 Open market transactions; Federal Reserve Banks.......................................................... 217 Bank debits; currency in circulation .................................................................................. 220 Money supply; banks and the monetary system ............................................................... 222 Commercial and mutual savings banks, by classes .......................................................... 224 Commercial banks, by classes ............................................................................................ 228 Weekly reporting member banks .................................................................................... 230 Business loans ..................................................................................................................... 233 Interest rates ......................................................................................................................... 234 Security prices; stock market credit; open market paper .............................................. 235 Savings institutions ..................................................................................... 236 Federal finance ................................................................................................................... 237 Federally sponsored agencies ............................................................................................ 243 Security issues ..................................................................................................................... 244 Business finance ................................................................................................................. 247 Real estate credit ......................................................................................................... 249 Consumer credit ................................................................................................................... 252 Industrial production ......................................................................................................... 256 Business activity; construction ........................................................................................ 260 Employment and earnings ................................................................................................ 262 Wholesale and consumer prices ........................................................................................ 264 National product and income series .................................................................................. 266 Flow of funds ....................................................................................................................... 268 Earnings and expenses of Federal Reserve Banks during 1965 ........................................ 270 Number of banking offices in the United States................................................................. 271 Banking offices on Federal Reserve par list and not on par list........................................ 272 Guide to tabular presentation .............................................................................................. 208 Index to statistical tables ............................................................................. 302 The data for F.R. Banks and member banks and eral finance, and Federal credit agencies are obfor consumer credit are derived from regular tained from Treasury statements. The 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). 209 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

210 BANK RESERVES AND RELATED ITEMS FEBRUARY 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 r a i r t o e d T U o . t S a . l G B o r o v o ig u u t, h g t ­ s t h e t c u R m c r a i e h g t e p i a r n e e s u s t e e r s ­ ­ c v D o a a a u n n d i c s d n ­ ­ e ts s Float1 t T al o ­ 2 s G to o c ld k T s r o c r e t u i e a n u n u r a n g c y r t s ­ ­ d y ­ ­ r c C t e c u i i n o i u n l r c a n r ­ y ­ ­ T h c i r u n o a e r g s l a y d h s s ­ ­ Tr t u h e w r a a y i s n t ­ h m r e F e s e F . e m i R o g rv . r b n ­ e e B s r , a O b n a t k h n s e k r 1 c O F o a t . u c h R n ­ e . t r s B W F a . n R it k h M . s e r m c e r C o s e a b e n n i u e n r c d r r v y ­ e 3 b s an T k o tal 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 ,38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19 240 1956—Dec......... 24,765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957_Dec......... 23,982 23,615 367 716 1,44326,186 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 2,298 33,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—Dec......... 33,729 33,626 103 360 2,434 36,610 15,562 5,583 37,603 389 879 160 206 1,215 17,303 3,443 20,746 1964—Dec......... 37,126 36,895 231 266 2,423 39,873 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 ,658 39,882 14,472 5,405 38,942 744 865 170 207 783 18,047 3,458 21,505 May..... 38,1(1 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 41,372 801 930 174 224 296 18,235 3,723 21 ,958 Dec......... 40,885 40,772 113 490 2,34943,853 13,799 *■5,565 r42,206 ^808 683 154 231 389 18,747 3,968 22,715 1966—Jan.......... 40,626 40,451 175 427 2,25343,449 13,733 5,608 41 ,587 819 700 160 245 465 18,812 ”3,939 ”22,751 Week ending- 1964 36,667 36,667 377 1,860 38,969 15,387 5 ,456 39,277 554 827 224 196 886 17,848 3,528 21,376 9 37,335 37,335 124 1,950 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 1,106 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 2,149 39,522 15,330 5.394 39,282 649 780 186 205 970 18,174 3,671 21,845 20............. 36,460 36,403 57 322 2,249 39,112 15,187 5,393 38,927 662 1,015 178 212 902 17,797 3,643 21 ,440 27.............. 36,440 36,334 106 252 1,841 38,631 15,187 5,387 38,644 657 997 151 213 877 17,668 3,591 21,259 Feb. 3............. 36,876 36,769 107 323 1,611 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 £07 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 1 220 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 ,597 39,484 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 1,487 39,883 14,519 5,406 39,092 741 910 158 202 804 17,899 3,389 21,288 21............. 37,594 37,486 108 589 1 ,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 ,767 39,548 14,413 5,406 38,802 744 921 166 190 767 17,777 3,623 21,400 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 ,557 40,332 14,395 5,399 39,071 744 1 ,010 134 191 821 18,154 3,311 21,465 19............. 37,843 37,546 297 515 1 ,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 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 BANK RESERVES AND RELATED ITEMS 211 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 Period Tr u e r a y s ­ Cur­ Treas­ than r m es e e m rv b e e s r , bank Me r m es b e e rv r e b s ank d o a r te T U o . t S a . l Go B r v o o ig t u u , h t g s ­ t h e t c u R m c r a i e h g t e p a i r n e s e u s t e e s r ­ ­ c v D o a a a n n u d is c d n ­ - e t s s Float 1 t T al o ­ 2 s G to o c ld k s c o t i a n u u n g r t - ­ d­ r c t e c u i i n o i n l r c a n ­ y ­ h c i u o n a r g s l y d h s ­ Tr u e w r a y i s t ­ h F F e . i R o g r . n ­ Ba O n t k h s er3 c O F o a t . u c h R n ­ e . t r s B W F a . n i R t k h . s c r C e a o n n u in c d r y ­ 3 Total Averages of daily figures Week ending— 1965 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 .......... 559 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 ,717 42,061 13,857 5,493 40,814 802 1 .021 178 218 203 18,175 3,531 21,706 20.............. 39,486 39,424 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 ,635 42,082 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 2,05343,57! 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 4,009 23,083 1966 Jan. 5.............. 41,030 40,607 423 600 2,36644,181 13,733 5,583 42,053 788 612 166 295 346 19,237 4,033 23,270 12.............. 41,145 40,823 322 613 2,39044,309 13,734 5,597 4!,963 804 681 178 232 490 19,291 3,941 23,232 19............. 40,333 40,333 242 2,441 43,128 13,733 5,609 41,618 827 708 136 242 479 18,459 4,008 22,467 26.............. 40,210 40,210 .......... 374 2,08542,816 13,733 5,615 41 ,237 839 746 144 231 481 18,485 ”3,971 ”22,456 End of month 1965 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 5,575 42,056 760 668 150 355 211 18,447 4,154 22,601 Jan. .................. 40,565 40,225 340 239 2,171 43,085 Pl 3,732J’5,623Ml ,067 ”829 823 283 241 447 18,751 ”3,544 ”22,295 Wednesday 1965 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 13,809 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 40,63! 298 2,62743,675 13,809 5,568 42,509 816 843 191 220 346 18,128 4,396 22,524 29.............. 40,889 40,631 258 540 2,215 43,808 13,734 5,591 42,314 820 533 159 227 338 18,742 4,646 23,388 1966 Jan. 5............. 41,490 40,832 658 680 2,52444,886 13,734 5,589 42,018 809 87 163 268 488 20,377 4,215 24,592 12............. 40,769 40,769 123 1 ,981 43,022 13,734 5,607 41,894 813 794 153 237 478 17,993 4,406 22,399 19............. 39,920 39,920 67 1,96942,057 13,734 5,611 41,478 837 854 134 237 469 17,393 4,302 21,695 26.............. 40,036 40,036 .......... 932 1,61842,732 13,734 5,635 41 ,188 840 740 134 236 475 18,488 ”4,334”22,822 1 Beginning with 1960 reflects a minor change in concept, see Feb. 3 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed 1961 Bulletin, p. 164. thereafter. Beginning with Jan. 1963 figures are estimated except for 2 Includes industrial loans and acceptances, when held. (Industrial weekly averages. loan program discontinued Aug. 21, 1959.) For holdings of acceptances on Wed. and end-of-month dates, see subsequent tables on F.R. Banks, See also note 1. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

212 BANK RESERVES AND RELATED ITEMS FEBRUARY 1966 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor­ Reserves Bor­ Reserves Bor­ T h o e t l a d l qu R ir e e ­ d Excess B r F i a o n a . n R w g t k s . ­ s s F e r r r e v e ­ e e s T h o e t ld al qu R ir e e ­ d Excess B r F i a o n a . n R w g t k s . ­ s se F r r r e v e ­ e e s T h o el t d al qu R ir e e ­ d Excess B F r i a o n . a n R w g t k s . ­ s s F e r r r e v e ­ e e s 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June 12,160 1 ,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec. 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec. 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec. 16,027 14,536 1 ,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec. 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 6 7 1950—Dec. 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 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 ...........1.04 —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 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. .......... 22,715 22,272 443 454 -11 4,301 4,261 40 111 -71 1,144 1,129 15 23 -8 1966—Jan............. *’22,751 *22,394 *357 402 p-45 *4,313 *4,278 ”35 109 ”-74 ”1,112 ”1,116 *-3 45 ”-48 Week ending— 1965—Jan. 6. ... 22,199 21,846 353 309 44 4,327 4,328 -2 63 -65 1,153 1,152 14 -14 13 . 21,845 21,257 588 424 164 4,061 4,036 25 161 -137 1 ,085 I ,087 -2 30 -32 20.... 21,440 21,050 390 277 113 4,038 3,982 55 156 -100 1 ,084 1 ,079 5 5 27.... 21,259 20,918 341 203 138 3,984 3,992 -7 74 -81 1 ,084 1 ,082 3 4 -1 1965—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 I ,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 11 -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.... 23,083 22,617 466 546 -80 4,399 4,383 15 138 -122 1,159 1,146 13 44 -31 1966—Jan. 5. . .. 23,270 22,951 319 562 -243 4,553 4,548 5 176 -171 1,185 1,182 3 37 -34 12.... 23,232 22,544 688 590 98 4,307 4,282 25 289 -264 1,116 1,113 3 45 -42 19. ... 22,467 22,259 208 218 -10 4,229 4,182 47 66 -19 1,105 1 ,099 6 27 -21 26... . *22,456*22,157 *299 352 *-53 *4,208 *4,211 *-3 61 ”-64 ”1,091 ”1,089 ”2 74 ”-72 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 BANK RESERVES AND RELATED ITEMS 213 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves B in o g rr s o a w t ­ Free Reserves B in o g rr s o a w t ­ Free T h o e t ld al Required Excess F B . a R n . k s reserves T h o el t d al Required Excess B F a . n R k . s reserves 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 1 947—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 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec.............................. 8^078 7,983 96 300 -203 5,859 5,371 488 144 344 1957—Dec............................. 8,042 7,956 86 314 -228 5; 906 5'457 449 172 277 1958 Dec............................. 7,940 7^883 57 254 -198 5,849 5^419 430 162 268 1959—Dec.............................. 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 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 1964—Dec.............................. 8,735 8,713 22 125 -103 7 ’ 707 7,337 370 55 315 1965—Jan.. . .......................... 8,713 8,676 37 120 -83 7,695 7,369 327 54 273 Feb............................... 8,548 8,'485 63 207 -144 7,617 7'262 355 53 302 8,563 8,547 15 163 -148 7,577 7,279 298 83 215 8,680 8,648 32 271 -239 7,628 7,326 303 86 217 May........................ 8,604 8,554 50 383 -333 7,621 7,358 263 91 172 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 Oct................... 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 9^053 8,990 63 228 -165 8,217 7,893 324 92 232 1966—Jan............................... >’9,034 ”9,012 ”23 164 ”- 141 ”8,291 ”7,989 ”303 84 ”219 Week ending— 8,983 8,942 41 183 -142 7,737 7,424 313 49 264 13....................... 8,763 8'710 54 152 -98 7,936 7'424 511 81 430 20....................... 8,691 8,610 81 71 10 7,626 7,378 249 50 199 27....................... 8,566 8,540 26 87 -61 7,624 7,305 319 38 281 Aug. 4............... 8,710 8,677 33 238 -205 7,779 7,461 318 150 168 “ 11....................... 8,649 8^612 38 274 -236 7,853 7'482 370 145 225 18....................... 8,671 8'638 33 251 -218 7,747 7,471 276 165 111 25...................... 8,635 8,597 38 265 -226 7,808 7,454 354 162 190 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 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 7,831 7,670 162 132 30 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 9'102 44 72 -28 8 J11 7,944 166 62 104 29....................... 9'160 9,126 33 252 -219 8,365 7,962 403 112 291 1966—Jan. 5....................... 9,247 9,218 29 233 -205 8,284 8,002 282 116 166 12....................... 9 J 32 9,088 43 206 -163 8'678 8^061 617 50 567 19....................... 9,024 8,971 53 83 -30 8,109 8,006 102 42 60 26....................... ”8,940 ”8,910 ”30 145 ”-115 ”8,218 ”7'947 ”271 72 ”199 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

214 MAJOR RESERVE CITY BANKS FEBRUARY 1966 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less— Net— Gross transactions Net transactions Reporting banks week a e n n d d ing— s E e x r r v c e e e ­ s s s 1 r a o B t B w a F o n in . r k R ­ g s . s F i f b e n u N a d t n n e e e d t r k r s a ­ l S d u e r o f p i r c l u i . t s P re e a q r o v u c g f i e r . n ed t ch P a u s r e ­ s Sales ac 2 t T r t - a o i w o n t a a n s y l ­ s 2 b c o u P h f y a u n s i r n e e ­ g s t s o b S e a f l a n l n l i e k n e s s g t d L ea o t l o a e n rs s 3 de f r B i a r o n o o l w g e m r s r ­ ­ s 4 lo N a e n t s trans. reserves banks Total—46 banka 1965—Dec. 1............ 71 177 550 -656 6.7 1,804 1,254 897 907 357 983 102 881 8..........1..20 143 708 -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 1966—Jan. 5............ 49 316 1,146 -1,413 13.6 2,255 1,109 981 1,274 128 925 95 829 12............ 44 424 1,781 -2,160 21.6 2,943 1,162 1 ,053 1 ,890 109 996 77 919 19............ 60 93 1 ,858 -1,891 19.2 3,220 1,362 1,258 1 ,961 104 1,070 80 990 26............ 14 160 767 -912 9.3 2,615 1 ,848 1,301 1,314 547 826 98 728 8 in New York City 1965—Dec. 1............ 46 107 295 -355 9.4 733 438 316 417 122 746 55 691 8............ 58 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 1966—Jan. 5............ 24 170 639 -786 18.5 1 ,147 507 458 689 49 783 66 717 12............ 17 289 1 ,086 -1,358 34.0 1 ,587 501 501 1,086 743 77 666 19............ 36 66 902 -932 23.9 1 ,621 719 719 902 724 80 644 26............ -2 61 -171 108 2.7 1 ,029 1 ,200 736 292 463 609 93 516 38 outside New York City 1965—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 1966—Jan. 5............ 25 145 507 -627 10.2 1,108 602 523 585 79 142 29 113 12............ 28 135 696 -803 13.3 1,356 661 552 805 109 253 253 19............ 23 26 956 -959 16.2 1 ,599 643 539 1 ,060 104 346 346 26............ 17 99 938 -1,020 17.3 1 ,586 648 565 1,022 84 217 5 212 5 in City of Chicago 1965—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 1966—Jan. 5............ 2 35 172 -204 19.2 310 138 138 172 36 36 12........... 2 38 263 -299 30.1 420 157 130 290 28 29 29 19............ 5 17 292 -304 30.9 454 162 132 322 30 38 38 26............ 1 59 311 -368 37.8 446 135 116 330 20 32 ............3.2 33 others 1965—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 H.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 1966—Jan. 5............ 23 111 335 -422 8.3 799 464 385 413 79 106 29 76 12 26 97 433 -504 10.0 936 503 422 514 81 224 224 19............ 18 9 664 -656 13.2 1,145 481 407 738 74 308 308 26............ 15 40 627 -652 13.2 1,140 513 449 691 64 186 5 181 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

FEBRUARY 1966 DISCOUNT RATES 215 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 Jan. 31 date rate Jan. 31 date rate Jan. 31 date rate Boston............................................. 4*4 Dec. 8, 1965 4 5 Dec. 8, 1965 4*4 5’4 4*4 New York..................................... 4*/2 Dec. 6' 1965 4 5 Dec 6, 1965 4’4 5*4 5 Philadelphia.................................... 414 Dec. 10’ 1965 4 5 Dec. 10,’ 1965 4’4 5*4 Dec. 10, 1965 5 Cleveland........................................ 4*4 Dec. 10, 1965 4 5 Dec. 10’ 1965 4*4 6 Dec. 10; 1965 Richmond....................................... 4*6 Dec. 10, 1965 4 5 Dec. 10’ 1965 4*4 5*4 Dec. 10’ 1965 5 Atlanta......................................... 4*4 Dec. 8' 1965 4 5 Dec. 8, 1965 4’4 6*4 Dec. 8’ 1965 6 Chicago........................................... 4*4 Dec. 6' 1965 4 5 4*4 5*4 5 St I ,onis.......................................... 4*4 Dec. 10, 1965 4 5 Dec. 16’ 1965 4’4 5*4 Dec. 10, 1965 5 M inneapohs.................................... 4’4 Dec. 10, 1965 4 5 Dec. 10’ 1965 4’4 5*4 Dec. 10, 1965 5 Kansas City................................... 4’4 Dec. 13' 1965 4 5 Dec. 13’ 1965 4*4 5*4 Dec. 13, 1965 5 Dallas............................................. 4’4 Dec. 10' 1965 4 5 Dec. 10' 1965 4*4 5*4 Dec. 10^ 1965 5 San Francisco................................. 41/4 Dec. 10’ 1965 4 5 Dec. 10, 1965 4*4 5'4 Dec, 10, 1965 5 1 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........ i -i*4 1 1955 1959 Oct 3 1 0 5 ... . . . . . .. 1 .. 9 . . . 4 . 2 ... .. ■ . sr t* 1 t 4 A M u ' a g ~ y . 1 1 2 4 5 2 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 i 1 1 1 * ’ ’ ' 4 4 6 4 1 - - - - ’4 2 2 - 2 1 > t % % ' ’ / 4 4 4 2 2 1 1 1 1 - ’ ’ ’4 4 4 4 S M M e a a p y r t. . 2 1 1 6 i 9 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ‘ . . . . . . . . . . . . . . . . . . 1 . . . . . . 8 . . . . ...... 2 3 3 .. . ' ' 4 . 4 4 3 3 .. - - - ' . 3 4 4 . 3 . . ' . 4 .. ......... 4 3 3 4. 3 31 ’/4 4 2 -2% 2-4 13............................ 2 >4 2-4 Apr 25..... 1 .. 9 . 4 .. 6 .. ... ■ ■ • t ’4-i 1 Nov. 2 18 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-4 2 - % 2% 2 2 ' ' 4 4 1960 1 1 June 3............................. 3'4-1 4 1956 10......3..*..4..-..1...............3*/2 Apr. 13.......................2*4-3 2’4 14............................. 3'4 3^ 1948 ' 20............................. 2’4-3 2’4 Aug. 12............................. 3 -3% 3 Jan. 12................................ 1 -1% 1’4 Aug. 24............................ 2’4-3 3 Sept. 9............................. 3 3 19................................ 1% l>/4 ~ 31............................. 3 3 Aug. 13................................ 1*4-1 *4 1% “ 23................................ 1*4 1*4 1957 1963 1950 “ 23............................. 3 3 3 - - % 3 3 % % 3 3 3 '4 July 17...... " . .... 2 .. 6 .. . . . . . . . . . . . .3 . . . . . . . . 3. . . -. '. . 4. 3. .. ' . 4 .. ......... 3 3. * * A 4 Aug 21................................ 1*4-1 *4 1% Dec. 2............................. 3 3 “ 25................................ 1% 1958 1964 Jan. 22.....................2..’.4..-..3. 3 Nov, 24................... 3*4-1 4 1953 24............................. 2’4-3 2’4 30............................. 4 4 1 %-2 2 Mar. 7.................... 2'4-3 2*4 23........................ 2 2 13............................. 2-4-2’4 2’4 21............................. 2'4* 2'4 1965 Apr. 18............................. 1’4-2-4 1’4 4 -4% 4*4 1954 May 9............................. 1’4 1’4 13, ....... 4*4 4*4 Feb 5.............................. 114-2 04 1’4-2 1’4 15.............................. 1% 1’4 1’4-2 2 16............................... 1 i% *4 - - i 1 y ’4 « l 11 ’/ 6 4 Oc ’ t. 2 2 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 -2% 2 2 1966 May 21............................... 1’4 1’4 Nov. 7......................... 2-4 2'4 4% 4*4 t Preferential rate of *4 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. 3l-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. 34, 2.50; June 29, 2.7 5; 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. 43M2. ' 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

216 RESERVE REQUIREMENTS FEBRUARY 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 deposits2 Time deposits Effective date Type and maturity Central of deposit J 1 a 9 1 n 3 , 6 . J 1 a 9 1 n 5 , 7 . J 1 a 9 1 n 6 , 2 . J 1 1 u 9 7 6 ly , 3 N 1 2 9 o 4 6 v , 4 . D 19 6 e 6 , c 5 . Effective date 1 C r b e a e c s n n i e t k t r y r v s a 3 e 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 re e a c s s i n e e t r y r d v v e e C ba o tr n u y k n s ­ banks Savings deposits: 1 year or more................. 2'/i 3 4 4 4 4 Less than 1 year........ 214 3 314 3!4 4 4 In effect Dec. 31, 1948.. 26 22 16 714 71/4 Other time deposits: 1 1949—May 1,5.......... 24 21 15 7 7 1 year or more................. 2% 3 4 4 414 5 >4 June 30, July 1.. 20 14 6 6 6 months-1 year............... 214 3 314 4 4'A 514 Aug. 1, 11 231/i 19i/2 13 5 90 days-6 months............ 2 254 2 >4 4 414 514 Aug. 16, 18........ 23 19 12 5 Less than 90 days........... 1 1 1 1 4 514 Aug. 25.............. 22’/i >81/6 (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. 191/1 17!4 H^ 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.............. 18/2 any event exceed the maximum rate payable by State banks or trust cos. Apr. 24.............. 18 161/2 on like deposits under the laws of the State in which the member bank I960—Sept. 1.............. 171,4 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, Dec. 1 . ............ 16/1 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: In effect Feb. 1, 1966... .......1..6..!.4. 12 4 4 Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2/2 per cent. Present legal requirement: Minimum.......1.0................7...... 3 3 MARGIN REQUIREMENTS Maximum................................. 22 14 6 6 (Per cent of market value) i When two dates are shown, a fust-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 3 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 2/2 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. I, 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 Dec. 8, 1965 Four weeks ending Jan, 5, 1966 Gross demand—Total... 143,258 26,628 6,701 53,453 56,476 Gross demand—Total. . . 148,574 28,490 6,927 55,404 57,753 Interbank..................... 15 856 4,802 1,319 7,638 2,096 Interbank..................... 16,293 4,875 1,331 7,932 2,155 U.S. Govt..................... 3,938 649 ’331 1 ,549 1 '409 U.S. Govt..................... 4'002 ’885 260 1 ,455 1 ,402 Other.. ....................... 123,464 21,177 5,050 44,266 52,970 Other.. ?....................... 128,279 22,731 5,336 46,016 54,195 Net demand 1.................. 115,534 19’917 5 346 42'339 47332 Net demand 1.................. 120,706 21,976 5,694 44,000 49,035 Time................................ 119,264 18’318 5',052 45',001 50', 893 Time......................... 120,026 18,364 5,008 45,309 51,345 Demand balances due Demand balances due from dom. hanks......... 7,923 182 117 2,004 5,620 from dom. banks......... 8,083 179 122 2,062 5,720 Currency and coin.......... 3,796 308 74 M4I 2,272 Currency and coin.......... 4,011 347 75 1 ,212 2,377 Balances with F.R. Balances with F.R. Banks... 18 242 3,707 1,032 7,699 5,804 Banks............................ 18,894 4,037 1 ,070 7,902 5,884 22,038 4,01 5 1' 106 8,840 8,076 Total reserves held.......... 22,905 4,384 1,145 9 J 14 8,261 Rf’/piirprl . 21,681 4,019 I’,101 8,786 7’ 776 Required............. 22,511 4,361 1,140 9,072 7,938 Excess......................... 357 -4 5 54 '300 Excess........................... 394 ’ 23 5 42 323 1 Demand deposits subject to reserve requirements arc 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

FEBRUARY 1966 OPEN MARKET ACCOUNT 217 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—Dec 813 866 215 706 866 215 5 1965—Jan. 388 261 12 388 261 12 Feb. 865 198 464 784 198 464 1,752 Mar 642 7 551 7 Apr 466 290 126 466 290 111 -15 May . ................................. 984 26 876 26 2,521 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 Dec 816 615 297 816 615 297 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—Dec........................... 52 335 45 -335 5 1965-—Jan.............................................. Feb................................................... 46 -1,752 23 12 Mar................................................. 36 574 45 -574 10 Apr.................................................. Mav................................................. 65 -2,521 32 12 185 166 43 July.................................................. Aug.................................................. 61 -1,821 35 -116 10 Sept................................................ 107 40 4 Oct.................................................. Nov................................................................. + 5,582 Dec................................................... Repurchase agreements (U.S. Govt, securities) Bankers* acceptances Net change Net change in U.S. Govt, Month i G n o U v . t S , . Under s a ec c u ce ri p ti t e a s n c a e n s d Gross Gross securities Outright, repurchase purchases sales net agreements, net 1964—Dec.................................................. 2,194 1,657 269 15 15 300 1965—Jan................................................... 1,753 2,171 -303 -1 22 -281 Feb.................................................. 983 1,019 166 -4 -40 122 Mar................................................. 482 434 684 1 71 756 Apr................................................. 1,831 1,717 163 -1 -38 124 May.............................................. 1,207 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 Dec.................................................. 1,661 1,372 193 25 52 270 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

218 FEDERAL RESERVE BANKS FEBRUARY 1966 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1966 1965 1966 1965 Jan. 26 Jan. 19 Jan.12 Jan. 5 Dec. 29 Jan. Dec. Jan. Assets Gold certificate account.............................................. 11,681 11,702 11,702 11,702 11,704 11,696 11,702 13,352 Redemption fund for F.R. notes.................................. 1,740 1 '728 1,728 1 ^732 1’732 1,740 1^34 H554 Total gold certificate reserves,..................................... 13,421 13,430 13,430 13,434 13,436 13,436 13,436 14,906 Cash......................................................... 167 151 139 130 119 173 129 193 Discounts and advances: Member bank borrowings......................................... 912 47 103 660 499 219 96 259 Other........................................................................... 20 20 20 20 41 20 41 45 Acceptances: Bought outright......................................................... 73 73 73 73 73 73 75 58 Held under repurchase agreements.......................... 73 28 76 119 91 37 112 57 U.S. Govt, securities: Bought outright: Bills........................................................................ 8,658 8,542 9,39! 9,454 9,253 8,847 9,100 6,159 Certificates—Special.. ......................................... Other................................................. Notes. .................................................................... 24,828 24,828 24,828 24,828 24,828 24,828 24,828 25,188 Bonds....................................................................... 6^50 6^550 6,550 6^550 6,550 6^550 6^550 5,274 Total bought outright.............................................. 40,036 39,920 40,769 40,832 40,631 40,225 40,478 36,621 Held under repurchase agreements......................... ’658 ’258 ’340 290 120 Total U.S. Govt, securities........................................... 40,036 39,920 40,769 41,490 40,889 40,565 40,768 36,741 Total loans and securities.............................................. 41 114 40,088 41,041 42,362 41,593 40,914 41,092 37,160 Cash items in process of collection............................... 6 411 7,582 7’213 7,’075 7,161 5'907 6,915 5330 Bank premises............................................................... 103 103 '103 '103 103 ’102 103 ' 102 Other assets: Denominated in foreign currencies..................... 351 353 353 354 626 398 629 287 IMF gold deposited1...................... 36 34 34 34 34 36 34 All other..................................................................... 412 386 364 337 313 427 314 367 Total assets..................................................................... 62,015 62,127 62,677 63,829 63,385 61,393 62,652 58,345 Liabilities F.R. notes....................................................................... 36,247 36,551 36,936 37,067 37,364 36,149 37,074 33,706 Deposits: Member bank reserves.............................................. 18,488 17,393 17,993 20,377 18,742 18,751 18,447 17,801 US Treasurer—General account............................. 740 854 '794 87 533 '823 '668 929 Foreign...................................................................... 134 134 153 163 159 283 150 143 Other: IMF gold deposit1............................................... 36 34 34 34 34 36 34 All other................................................................. 200 203 203 234 193 205 321 218 Total deposits................................................................. 19,598 18,618 19,177 20,895 19,661 20,098 19,620 19,091 Deferred availability cash items.............................. 4,793 5,613 5,232 4,551 4,946 3,736 4,667 3,753 Other liabilities and accrued dividends 2..................... '168 164 179 192 206 178 189 638 Total liabilities............................................................ 60,806 60,946 61,524 62,705 62,177 60,161 61,550 57,188 Capital Accounts Capital paid in............................................................... 555 552 552 552 548 555 551 528 Surplus................................................................ 551 551 551 551 524 551 551 524 Other capital accounts................................................. 103 78 50 21 136 126 105 Total liabilities and capital accounts........................... 62,015 62,127 62,677 63,829 63,385 61,393 62,652 58,345 Contingent liability on acceptances purchased for foreign correspondents.............................................. 136 138 141 142 143 134 144 122 U.S. Govt, securities held in custody for foreign account....................................................................... 8,020 7,920 7,894 7,970 8,384 7,974 8,271 7,952 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)..................... 40,106 40,202 40,287 40,349 40,328 40,049 40,350 36,832 Collateral held against notes outstanding: Gold certificate account............................................ 6,625 6,625 6,625 6,625 6,605 6,660 6,625 6,727 Eligible paper.............................................................. 26 9 4 21 21 5 1 6 U.S. Govt, securities................................................. 34,725 34,725 34,730 34,710 34,710 34,653 34,700 31,329 Total collateral............................................... 41,376 41,359 41,359 41,356 41,336 41,318 41,326 38,062 1 See note 6 to table at bottom of page 278. 2 No accrued dividends at end-of-December dates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 FEDERAL RESERVE BANKS 219 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1966 (In miHions 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 Ri o c n h d ­ At t l a an­ c C a h g i o ­ L S ou t. i s M ap i o n l n is e­ K C s a a it s n y ­ Dallas F c S i r s a a c n n o ­ Assets Gold certificate account...................... 11,696 760 2,528 754 993 1,062 699 2,088 432 247 425 352 1,356 Redemption fund for F.R. notes........ 1,740 99 415 93 147 148 98 317 64 32 67 57 203 Total gold certificate reserves............. 13,436 859 2,943 847 1,140 1 ,210 797 2,405 496 279 492 409 1,559 F.R. notes of other banks................... 1,188 95 255 93 103 113 123 108 53 38 41 63 103 Other cash.........................-................. 173 14 24 6 16 14 20 23 10 6 8 9 23 Discounts and advances: Secured by U.S. Govt, securities... 215 7 61 3 19 27 27 29 2 7 14 5 14 Other............................................... 24 1 5 2 1 1 4 1 * 4 1 3 Acceptances: Bought outright............................... 73 73 Held under repurchase agreements, 37 37 U.S. Govt, securities: Bought outright............................... 40,225 2,114 9,940 2,059 3,307 2,748 2,259 6,642 1,493 87! 1,608 1,678 5,506 Held under repurchase agreements . 340 340 Total loans and securities................... 40,914 2,122 10,456 2,063 3,328 2,776 2,287 6,675 1,496 878 1,626 1,684 5,523 Cash items in process of collection... 7,572 474 1,469 490 560 572 632 1 ,234 335 204 436 403 763 Bank premises.................................... 102 3 9 3 5 5 20 20 7 3 7 10 10 Other assets: _ Denominated in foreign currencies . 398 17 i 139 19 32 18 21 50 12 8 16 20 46 IMF gold deposited 2...................... 36 36 AU other.................................. 427 22 106 22 34 29 23 70 16 9 18 18 60 Total assets........................................... 64,246 3,606 15,437 3,543 5,218 4,737 3,923 10,585 2,425 1,425 2,644 2,616 8,087 Liabilities F.R. notes........................................... 37,337 2,224 8,490 2,199 3,179 3,348 2,186 6,781 1,423 693 1,409 1,178 4,227 Deposits: Member bank reserves..................... 18,751 763 5,073 802 1,317 929 1,073 2,781 706 469 870 1,051 2,917 U.S. Treasurer—General account.. 823 80 162 52 47 55 52 103 42 32 63 57 78 Foreign............................................. 283 6 3 191 7 1 1 6 8 18 4 3 6 7 16 Other: IMF gold deposit 2..................... 36 36 AU other....................................... 205 * 133 2 i 6 1 1 2 i 1 I 56 Total deposits...................................... 20,098 849 5,595 863 1,376 996 1,134 2,903 754 505 940 1 ,H6 3,067 Deferred availability cash items......... 5,401 464 984 408 538 316 518 692 198 195 234 246 608 Other liabilities.................................... 178 9 47 7 15 12 10 30 7 4 7 7 23 Total liabilities..................................... 63,014 3,546 15,116 3,477 5,108 4,672 3,848 10,406 2,382 1,397 2,590 2,547 7,925 Capital Accounts Capital paid in..................................... 555 27 145 30 50 28 33 80 19 13 25 32 73 Surplus.................................................. 551 27 144 30 50 28 33 79 19 13 24 32 72 Other capital accounts......................... 126 6 32 6 10 9 9 20 5 2 5 5 17 Total liabilities and capital accounts.. 64,246 3,606 15,437 3,543 5,218 4,737 3,923 10,585 2,425 1 ,425 2,644 2,616 8,087 Ratio of gold certificate reserves to F.R. note liability (per cent): Jan. 31,1966............................... 36.0 38.6 34.7 38.5 35.9 36,1 36.5 35.5 34.9 40.3 34.9 34.7 36.9 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 Jan. 31,1965 ............................... 43.0 34.9 48.0 40.3 40.7 35.6 42.8 37.6 45.0 54.9 50.1 55.0 46,4 Contingent liability on acceptances purchased for foreign correspond­ ents............................... 134 7 4 34 7 12 7 8 19 5 3 6 8 18 Federal Reserve Notes—Federal Reserve Agent’s Accounts F.R. notes outstanding (issued to Bank)............................................ 40,049 2,346 9,064 2,313 3,465 3,554 2,399 7,282 1 ,515 733 1,493 1,276 4,609 Collateral held against notes out­ standing: Gold certificate account.................. 6,660 440 1,000 500 600 888 550 1,100 315 127 225 180 735 Eligible paper.......................... 5 3 U.S. Govt, securities....................... 34,653 1 ,945 8,200 1,900 2,950 2,693 1,900 6,400 1 ,316 625 1,300 1,130 4,300 Total collateral............................. 41,318 2,385 9,200 2,403 3,550 3,581 2,450 7,500 1 ,627 752 1 ,525 1,310 5,035 1 After deducting $259 million participations of other F.R. Banks. 3 After deducting $92 million participations of other F.R. Banks. 2 See Note 6 to table at bottom of page 278. 4 After deducting $100 million participations of other F.R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

220 FEDERAL RESERVE BANKS; BANK DEBITS FEBRUARY 1966 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1966 1965 1966 1965 Jan. 26 Jan. 19 Jan. 12 Jan. 5 Dec. 29 Jan, Dec. Jan. Discounts and advances—Total................................ 932 67 123 680 540 239 137 304 Within 15 days............................................................ 908 45 100 657 501 216 99 256 16 days to 90 days...................................................... 24 22 23 23 39 23 38 48 Acceptances—Total...................................................... 146 101 149 192 164 110 187 115 Within 15 days........................................................... 90 45 95 132 101 54 121 71 16 days to 90 days..................................................... 56 56 54 60 63 56 66 44 IJ S Government securities—Total............................. 40.036 39,920 40,769 41,490 40,889 40,565 40,768 36 741 Within 15 days ^........................................................ 1,230 1 J 57 1 ,025 1 '550 1^012 3’286 793 1 ’305 16 days to 90 days...................................................... 5,820 5,800 6,371 6,505 6.267 4,324 6,545 3,335 91 days to 1 year...................................................... 17,086 17,063 17,473 17,535 17,710 17^055 17,'530 16,503 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 I 449 1 797 Over 10 years............................................................. 385 385 385 385 385 385 '385 295 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d ar ia s n F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese g N u l e a i t n l h d d e e s r r s ­ f S r w an is c s s 1965—M ar.............................. 375 347 11 2 I 2 2 1 2 7 Apr.............................. 315 297 1 2 I I 2 1 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 * Oct.............................. 820 750 52 2 1 10 2 1 3 * BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits t ( o In d e b m ill a io 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 S T M 2 o 2 S t 5 a A l ’s L N e .Y ad . ing S 6 M o S t A he ’s rs2 T c o ( N e t e a n . x Y l t c e l 2 . r . ) 2 s 4 SM o 2 th 1 S 8 e A r ’s S T M 2 o 2 S t 5 a A l ’s N Le .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M ( t e a . x S Y l c A . l 2 ) . 2 ’s 4 S o M 2 th 1 S 8 e A r ’s 1964—|qov.............................. 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 1,115.4 2,923.8 1,808.4 47.9 96.9 44.8 35.4 31.2 Apr.............................. 5,113.3 2,151.3 1,131.7 2,962.0 I,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 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 I,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 JO4.3 1 J42.9 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 1,234.5 3,249.6 2,015.1 50.6 102.2 47.7 37.5 33.3 1966—Jan.. . ......................... 5,509.6 2,311.5 1,218.4 3,198.1 1,979.7 50,7 104.5 47.3 37.0 32.7 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

FEBRUARY 1966 U.S. CURRENCY 221 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir­ End of period 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 h048 65 2,110 6,275 9,119 8,850 2^548 5 370 428 782 5 17 1950..................... 27,741 19,305 1,554 IJ13 64 2,049 5,998 8,529 8,438 2322 5,043 368 588 4 12 1955 ..................... 31'158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958..................... 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959.................... 32'591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5’913 261 341 3 5 1960. ................... 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961..................... 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962..................... 35'338 25'356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,'448 240 293 3 10 1963 ..................... 37;692 26,807 3; 030 1,722 103 2,469 7,373 12J09 10^85 3^21 7,110 249 298 3 4 1964—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 no 2,375 7,282 12,289 ll,366 3,310 7,517 245 288 2 4 Mar........... 38,816 27'424 3,520 U704 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 11394 3313 7’544 244 288 2 4 39,207 27,758 3,608 t ,740 1 14 2,427 7,375 12,494 11,449 3,3 32 7,579 244 289 2 4 June.......... 39’720 28,188 3,662 1,752 116 2,447 7,489 12^723 11/32 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 1 18 2,442 73*3 12,921 11,659 3,389 7,735 243 286 3 4 Sept... . . . . 40’443 28,724 3,808 1,783 120 2,474 7,599 12,941 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 Dec........... 42^056 29,842 4,027 1,908 127 2,618 7,794 13,369 12,214 3,540 8J35 245 288 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 Total out­ Held by standing As security For F.R. Kind of currency Dec. 31, against F.R. Banks 1965 go s l i d lv e a r n d Tr c e a a s s h ury B a a n n d k s A a g n e d n ts De 1 c 9 . 6 5 31, No 1 v 9 . 6 5 30, De 1 c 9 . 6 4 31, certificates Agents Gold................................................................................ 13,733 (13,436) 2 297 Gold certificates............................................................. (13,436) 313,435 1 F R notes...................................................................... 40,351 101 3,276 36,973 36,777 34,573 Treasury currency—Total.............................................. 5,575 (688) 362 130 5,082 5,047 5,046 Standard silver dollars........................................... 485 3 * 482 482 482 Silver bullion.......................................................... 1,026 685 342 Silver certificates ............................................................ (688) 5 32 651 680 1,231 Subsidiary silver coin............................................. 2,722 6 35 2,680 2,612 2,147 M inor coin............................................................. 913 8 40 866 862 776 United States notes................................................ 323 23 299 305 299 In process of retirement 4...................................... 106 1 * 105 106 110 Total—Dec. 31, 1965 .................................................... 559,659 (14,124) 760 13,435 3,408 42,056 Nov. 30, 1965.................................................... $58,798 (14,222) 773 13,511 2,691 41,824 Dec. 3 1 J 964.................................................... 558,025 (16,423) 612 12,259 5,535 39,619 i 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 States and currency and coin held by banks. Esti­ for other items; gold certificates are secured by gold, and silver certificates mated totals for Wed. dates shown in table on p. 21 I. 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. J Consists of credits payable in gold certificates: (I) the Gold Certificate Note.—Condensed from Circulation Statement of United States Fund—Board of Governors, FRS, and (2) the Redemption Fund for F.R. Money, issued by the Treasury. For explanation of currency reserves notes. and security features, see the Circulation Statement or the Aug. 1961 4 Redeemable from the general fund of the Treasury. Bulletin, p. 936. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

222 MONEY SUPPLY FEBRUARY 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 co D d m e e m p p o o a s n n i e t d 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 p o o a s n n i e d t n t jus a te d 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 I960—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 82.7 149.4 302 119 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 1110 5 1 1964—Dec.................................................. 159.7 34.2 125.4 126.6 164.0 35 0 129 1 125*2 5 5 1965—Dec.................................................. 167.4 36.3 131.2 147.0 172.0 370 135 0 145 3 4 * 5 160.0 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 A pr,................................................. 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 Aug............................................. 162.7 35.4 127.3 140.1 160.5 35 5 125.0 1402 7 4 164.3 35.6 128.7 141.6 163.2 35 6 127.5 141 4 5 6 Oct................ 165.6 35.9 129.7 143.6 165.8 36.0 129.8 14115 5 0 Nov................................................ 165.7 36.1 129.6 145.5 167.4 36.5 130.9 144*4 4 0 Dec.................................. 167.4 36.3 131.2 147.0 172.0 37.0 135 0 145 3 4 5 1966—Jan.2’.................................. 168.5 36.7 131.8 148.0 173.1 36.5 136.6 147.4 3.7 Week ending— 162.9 35,3 127.7 138.9 162.1 35 3 126.8 1 39 3 7 5 ~ 11............................................ 162.5 35.4 127.1 139,5 161.4 35.7 125.7 1398 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 ' 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 1410 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 4.8 165.9 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.........1..6..6....6..............3...6....3........ 130.3 146.5 169.5 37 1 132.4 145 0 4 8 15............................................ 166.5 36,3 1 30.2 146.8 171.9 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 37,2 135.5 145 6 5.9 1966—Jan 5............................................ 169.6 36.4 133.1 147.7 175.6 36 9 138.7 146 6 5.2 12............................................ 169.1 36.6 132,5 147.7 174.3 36.9 137,5 146.8 3.8 19........................................... 168,1 36.7 131.5 148.0 173.4 36.5 136,9 147 4 2.5 26*......................................... 167.7 36.6 131 .1 148.2 171.2 36.1 135.1 147.9 3.7 1 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 1947-5 8, 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

FEBRUARY 1966 BANKS AND THE MONETARY SYSTEM 223 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas­ Total Date ury U. S. Government securities liabil­ Capital cur­ ities Total and Gold s r o t 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 r n c m d i a ­ l R Fe e d se e r r v a e l Other O s ri e t t c i h e u e s ­ r ca a p n n e it d t a l, c d u e r a p r n o e d n s i c ts y c m o n a 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—beC( 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 25511 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 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 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 35,300 Mar. 31................... 14,600 5,400 367,200 217,600 103 800 65 100 37’600 1,100 45 800 387,200 351,900 35,300 Apr. 28................... 14,400 5,400 368,900 219,300 102,600 64,200 37,400 1 J00 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 49700 405,200 368,300 36,900 Nov. 24’’................. 13’800 5,500 389,000 234’300 105,400 64,300 40 J 00 1 ,100 49 300 408,300 370,300 38,000 Dec. 29 <’................. 13’700 5,600 396'200 240,200 105’900 64 000 40,900 900 50 100 415,500 379,000 36,500 1966—Jan. 27*’................. 13,700 5,600 394,100 238,700 105,700 64,800 40,000 900 49,700 413,500 376,800 36,700 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 1 Not seasonally adjusted Time U. S. Government Date At Total o b r u C e a t n n u s c i k r d y ­ s e d ju e m s D p a t a o d e e n d s ­ ­ d i t 2 s Total o b r u C e a t n u s n c i k r d y ­ s e d ju e m s p a D t a o d e e n d s ­ ­ d i t 2 s Total m C b e a o r n c m k ia s ­ l b s M a a v n u i k t n u s g a s l 3 S P a S t o e v y s m i s t n a ­ g l s n F e e i o g t r n ­ 4 T h c i r u o n a e r g l s a y d h s s ­ ­ sa c m c a v o i n i e m a n 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 J 94 6,401 29,793 27,059 15,258 10,523 1,278 1 ,217 2,409 846 634 1941—Dec. 31.... 48,607 9,615 38,992 27,729 15,884 10,532 1,313 1 ,498 2,215 1,895 867 1945—Dec. 31.... 102,341 26,490 75,851 48,452 30,135 15,385 2,932 2,141 2,287 24,608 977 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1 ,682 1,336 1,452 870 1950—Dec. 30.. .. 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 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 Dec. 31.... 159,300 33,500 125,800 167,140 34,882 132,258 175,898 126,447 49,065 386 1,724 612 6,770 820 1965—Jan. 27.... 158,700 33,900 124,800 160,800 33,400 127,400 179,000 129,200 49,400 400 1,500 700 4,300 900 Feb. 24.. . . 157,400 33,900 123,500 156,600 33,500 123,100 180,900 131,000 49,600 400 1 ,500 700 7,000 900 Mar. 31 . 161,300 34,100 127,200 156,800 33,800 123,000 183,300 132,800 50,100 400 1 ,600 700 8,600 900 Apr. 28.. . . 159,000 33,800 125,200 159,100 33,500 125,600 184,600 134,100 50,100 400 1,500 800 7,100 1 ,000 May 26.. . . 157,500 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 JOO Nov. 24*’... 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 i ,700 800 5,600 500 1966—Jan. 27*’... 166,500 36,000 130,500 168,700 35,500 133,200 200,800 147,600 53,000 300 1 ,600 800 4,000 700 i Scries begin in 1946; data are available only for last Wed. of month. Non:.—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 Hank ini’ anti Monetary Statistics, 1962, and with June 1961, also includes certain accounts previously classified as Jan. 1948 and Feb. 1960 Bulletins. other liabilities. Except on call dates, figures are partly estimated and arc 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

224 COMMERCIAL AND MUTUAL SAVINGS BANKS FEBRUARY 1966 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (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 G U o .S vt . . Other a C ss a e s t h s 1 c b a i a l a l p i i n c a t i d i ­ t ­ e a s l Total 1 m D a e n ­ d Time Demand Time3 B r i o n o w g r s - ­ c c T a o a p o u c i t n ­ t a a t l s b N a b o u n e m f k r s ­ counts2 U.S. Other Govt. All banks 1941—Dec. 31............... 61,126 26,615 25,51! 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—Dec. 31 4............. 134,924 43,002 81,199 10,72338,388 175,091 161,865 12,793 24C 1,346 94,381 53,105 6611,948 14,714 1963—Dec. 20............... 302,25! 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 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 4,40032,040 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 62,60647,79558,083410,935362,611 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 Dec. 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 1966—Jan. 26”............ 358,210243,770 64,75049,69055,230424,640372,07015,490 1 ,060 3,780 150,940200,800 6,15034,900 14,299 Commercial banks: 1941—Dec. 31............. 50,746 21 ,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31............. 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 31 4........... 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 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 59,32236,39453,168 321,909284,903 15,272 677 10,257 139,110 119,587 2,09926,768 13,669 Dec. 31............. 277,376 175,589 62,991 38,79660,489346,921 307,170 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 56,85342,22957,063354,553 311,632 16,171, 1 ,032 1 1 ,796 145,266 137,366 3,68229,479 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”............ 296,990194,560 58,720]43,71055,040361,690314,540 15,770 1,030 5,390 147,870 144,480 5,97030,060 13,805 Dec. 29”............ 304,150201,030 58,52044,600 57,430371,560 323,770 16,440 1 ,000 5,350 155,170 145,810 6,81030,230 13,804 1966—Jan. 26”............ 301,500 198,130 59,19044,18054,260365,980319,060 15,490 1 ,060 3,780150,890 147,840 6,15030,230 13,794 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 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 30,24946,767 269,437 238,052 14,527 525 9,342 1 15,624 98,034 1,93622,060 6,180 Dec. 31............. 228,497 147,690 48,717 32,08952,737289,142255,724 17,007 664 5,838 128,539 103,676 2,481 22,901 6,225 1965—Jan. 27.............. 225,493 145,830 47,29732,36644,461 277,606242,781 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 45,12033,41547,749 285,300250,277 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 3,45524,323 6,235 July 28............. 235,644 157,345 42,863 35,43644,703 288,568 251,216 13,671 803 6,296 116,404 114,042 4,598 24,193 6,230 Aug. 25............. 237,093 158,885 42,06436,14443,951 289,232251.232 14,073 825 6,565 114,426 115,343 4,73224,279 6,227 Sept. 29............. 240,078 161,336 42,29436,44846,087 294,704256,981 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 3,760 120,904 118,1 16 5,46224,654 6,223 Nov. 24.............. 244,260 163,597 44,55236,11! 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 50,205 309,596268,834 15,522 822 4,899 128,080 119,511 6,501 24,917 6,221 1966—Jan. 26”............ 247,921 166,717 44,80936,39547,366304,163264,155 14,606 879 3,387 124,179 121,104 5,873 24,896 6,212 Mutual savings banks: 1941—Dec. 31............. 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1 ,241 548 1945—Dec. 31............. 16,208 4,279 10,682 1,246 609 17,020 15,385 k 15,371 7 1,592 542 1947—Dec. 31 4............ 18,641 4,944 11,978 1 ,718 886 19,714 17,763 1 3 14 17,745 1 ,889 533 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 1 7 50 46,882 21 4,269 506 Dec. 31............. 52,363 41,085 5,788 5,490 1 ,004 54,239 49,138 2 7 64 49,065 2! 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 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 1966—Jan. 26”............ 56,710 45,640 5,560 5,510 970 58,660 53,010 50 52,960 4,670 505 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 225 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 iia- Bor­ Total Num­ Class of bank Cash bilities row­ capita) ber and date assets1 and Demand ings ac­ of Total Loans G U o . v S t . . Other c c o a a u p c i n ­ t t a s l 2 TotaU m D a e n ­ d Time G U o . v S t . . Other Time counts banks 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................. 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17'287 1,236 195 2,120 37 1947—Dec. 31................. 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1963—Dec. 20.................. 34,827 23,577 6,154 5,095 9,372 46,434 38,327 4,289 214 1 ,419 20,960 11,446 1,438 3,984 13 1964—June 30................. 36,693 25,490 5.779 5,424 10,550 49,716 41 ,545 4,711 317 2,112 21,224 13,181 924 4,402 14 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................. 38,950 27,570 5,122 6,258 9,218 50,803 41,574 4,359 499 1,083 20,447 15,186 1 ,281 4,487 13 Mar. 31.................. 39,905 28,894 4,788 6,223 11,597 54,198 44,997 4,852 518 1,778 22,123 15,726 1 ,506 4,526 13 Apr. 28.................. 40,325 29,173 4,764 6,388 9,844 52,852 43,502 4,226 492 1,666 20,842 16,276 1 ,655 4,517 13 May 26.................. 40,201 29,558 4,674 5,969 10,230 53,184 43,820 4,308 549 1,989 20,289 16,685 1 ,498 4,548 13 June 30............ 42,225 30,975 4,907 6,342 12,186 57,150 47,322 5,065 579 2,561 22,380 16,738 1 ,423 5,094 13 July 28................. 40,802 29,438 4,834 6,530 9,639 52,998 43,263 4,300 525 1,409 19,934 17,095 1 ,426 5,091 13 Aug. 25 .... .......... 41,207 29,896 4,566 6,745 9,233 53,106 42,890 4,123 534 1 ,287 19,557 17,389 1 ,586 5,114 12 Sept. 29.................. 41,876 30,680 4,366 6,830 9,851 54,511 44,942 4,669 563 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 4,286 553 836 20,546 17,813 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 17,818 2,072 5,142 12 Dec. 29.................. 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 1966—Jan. 26J'................ 43,410 32,404 4,852 6,15410,141 56,377 45,598 4,429 566 618 21,707 18,278 2,104 5,101 12 City of Chicago: 5 1941—Dec. 31............. 2,760 954 1,430 376 1,566 4,363 4,057 1,035 .........1.27 2,419 476 288 13 1945—Dec. 31................. 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1 ,552 3,462 719 377 12 1947—Dec. 31................. 5,088 1 ,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1963—Dec. 20................. 9,615 6,220 1 ,705 1,690 1,970 11,776 10,296 1 ,211 17 395 4,887 3,787 255 996 12 1964—June 30................. 9,636 6,266 1,750 1,620 2,121 12,046 10,630 1,182 25 587 4,744 4,090 210 1 ,017 12 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................. 10,296 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 11,088 1,977 28 501 3,985 4,597 278 1,060 11 Apr. 28................. 10,425 7,073 1 ,669 1,683 2,318 13,095 11,395 1,182 22 463 5,047 4,681 355 1,065 11 May 26................. 10,363 7,108 1 ,643 1,612 2,232 12,961 11,282 1,169 23 576 4,800 4,714 333 1,071 H June 30................. 10,835 7,367 1 ,761 1,707 2,311 13,535 11,699 1,297 27 699 4,926 4,749 438 1 ,096 11 July 28................. 10,558 7,183 1 ,659 1,716 2,206 13,153 11,312 1 ,133 19 395 4,936 4,829 415 1 ,096 11 Aug. 25 ... ............ 10,592 7.316, 1 ,521 1,755 2,110 13,098 11,211 1,221 19 380 4,720 4,871 447 1,102 11 Sept. 29.......... 10,814 7,508 1 ,544 1,762 2,201 13,384 11,448 1,245 19 532 4,790 4,862 566 1,107 11 Oct. 27.................. 10,871 7,555 1 ,619 1 ,697 2,343 13,619 11,547 1,236 19 268 5,031 4,993 623 1,114 11 Nov. 24................. 11,058 7,724 1 ,651 1,683 2,373 13,855 11,834 1,240 25 552 4,978 5,039 460 1,117 11 Dec. 29................ 11,240 8,133 1 ,541 1,566 2,458 14,126 12,032 1,248 28 357 5,402 4,997 531 1,125 11 1966—Jan. 26 ^................ 10,976 7,722 1 ,753 1,501 2,274 13,675 11,514 1 ,214 . 32 121 5,257 4,890 638 1,125 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 8^14 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31................. 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 353 1963—Dec. 20................. 78,370 51,891 16,686 9,792 18,778 99,643 87,994 7,225 95 2,212 43,459 35,004 1 ,417 7,697 190 1964—June 30................ 80,466 54,604 15,488 10,375 19,143 102,245 91,145 6,894 118 3,771 42,38737,974 572 8,110 183 Dec, 31.................. 84,670 57,555 16^26 10,78921,607 109,053 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 15,41011,191 18,114 105,275 92,428 6,789 188 2,546 41 ,59041,315 1 ,663 8,529 184 Mar. 31................. 85,374 58.771 15,032 11,571 19,011 107,146 94,519 6,976 185 3,035 42,61541,708 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 2,310 8,675 183 May 26.................. 86,034 60,015 14,123 11,896 17,984 106,851 93,130 6,366 174 3,548 40,96942,073 2,329 8,676 178 June 30................. 87,225 61,079 14,030 12,116 19,864 110,063 97,418 7,168 173 4,325 42,971 42,781 1,271 8,774 179 July 28................. 87,272 61,417 13,640 12,215 18,133 108,359 94,621 6,473 188 2,566 42,141 43,253 2,257 8,756 179 Aug. 25................. 87,832 61,993 13,377 12,462 17,613 108,284 94,656 6,882 201 2,724 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 42,37444,265 2,081 8,798 177 Oct. 27.................. 89,706 63,161 14,037 12,508 18,790 111,469 97,290 7,299 205 1 ,472 43,62044,694 2,388 8,892 176 Nov. 24 90,081 63,471 14.198 12,412 19,810 112,849 98,151 7,274 208 2,077 43,74944,843 2,562 8,928 172 Dec. 29.................. 92,103 65,536 13,989 12,57820,346 115,553 100,747 7,469 210 1,824 45,92445,320 2,627 9,026 171 1966—Jan. 26^................ 90,687 64,146 14,029 12,512 19,313 113,025 98,559 6,992 210 1,368 44,251 45,738 2,537 9,015 171 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 1,982 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 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 6,519 1963—Dec. 20................. 87,316 50,023 24,797 12,496 14,274 103,615 92,759 1,793 56 1,960 48,25640,693 390 8,377 5,897 1964—June 30 ................. 88,337 52,289 23,218 12,830 14,953 105,430 94,733 1 ,739 64 2,872 47,27042,788 230 8,531 5,971 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 ,98C 48,65946,408 712 8,819 6,027 Mar. 31 93,867 56,127 23,754 13,986 15,052 111,155 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 14,422111,467 99,665 1,729 64 1,596 49,02947,247 482 8,996 6,030 May 26.................. 95,775 58,024 23,175 14,576 14,358 112,335 100,262 1,682 71 2,768 47,96747,774 541 9,111 6,037 June 30 97,043 59,411 22,697 14,935 15,837 115,302 103,304 1,825 71 3,222 49,80048,386 323 9,359 6,032 July 28................. 97,012 59,307 22,730 14,975 14,725 114,058 102,020 1 ,765 71 1 ,926 49,39348,865 500 9,250 6,027 Aug. 25.................. 97,462 59,680 22,600 15,182 14,995 114,744 102,475 1,847 71 2,174 49,02549,358 650 9,301 6,027 Sept. 29................. 98,669 60,344 22,915 15,410 15,369 116,399 104,123 1 ,918 71 1,840 50,311 49,983 508 9,421 6,023 Oct. 27.................. 100,156 60,922 23,543 15,691 15,478 118,109 105,572 1,994 71 1,184 51 ,707 50,616 643 9,511 6,024 Nov. 24................. 101,199 61 ,562 23,806 15,831 15,829 119,433 106,688 1 ,991 71 1 ,509 52,34250,775 597 9,581 6,030 Dec. 29 . . .............. 102,710 62,844 23,740 16,126 16,366 121,528 108,680 2,048 71 1 ,461 53,767 51,333 697 9,617 6,027 1966—Jan. 26 »................ 102,848 62,445 24,175 16,228 15,638 121,086 108,484 1,971 71 1,280 52,96452,198 594 9,655 6,018 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

226 COMMERCIAL AND MUTUAL SAVINGS BANKS FEBRUARY 1966 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 b c C a a l n l a l k s d s a a o n te f d Total Loans as C s a et s s h 1 b ca i a l l p i i n a t i i d t ­ e a s l Total 1 Demand 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 b N a b o u n e f m k r s ­ G U o . v S t . . Other cou a n c­ ts 2 m D a e n ­ d Time U. S. Time 3 Other Govt. Insured commercial banks: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,84413,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,97534,882 61 9,73413,398 1962—Dec. 28.. 234,243 139,449 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 6,487 154,043 126,186 2,58027,377 13,486 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 33,405 21,312 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 44,00532,931 1,372 7,853 1,452 1965—June 30.. 80,339 55,455 13,166 11,718 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 22,170 17,664 34 3,870 7,072 1963—Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23,140 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: 1941—Dec. 31.. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31.. 10,846 3,081 7,160 606 429 11,424 10,363 .......... I2 10,351 1 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 I 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 .......... 1 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

FEBRUARY 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 227 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Class of bank Securities Cash b T & otal s Interbank1 Other Bor­ c T a o p t i a ta l l N b u e m r ­ and call date Total Loans G U o .S vt . . Other assetsl c c o a a a u p n c i n d t ­ a t s l 2 Total 1 m D a e n ­ d U.S D . emand r i o n w gs ­ co a u c n ­ ts ba o n f k s Govt. Noninsured mutual savings banks: 1941—Dec, 31..... . 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31.......... 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 558 350 1947—Dec. 31 4....... 5,957 1,384 3,813 760 211 6,215 5,556 1 5,553 637 339 1962—Dec. 28.......... 5,961 3,938 1 ,490 533 106 6,134 5,427 5,420 608 180 1963—Dec. 20.......... 6,425 4,380 1,548 498 104 6,602 5,859 5,851 633 179 1964—Dec. 31.......... 7,005 4,852 1 ,678 475 111 7,195 6,387 6,381 670 178 1965—June 30.......... 7,385 5,126 1,778 481 110 7,576 6,686 6,666 688 177 i 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 (964 Bulletin. changes in F.R. membership, deposit insurance status, and the reserve s 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. 5 87, May 1964 adjusted to make them compai able 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 . v S t . . 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 Dec. 31............................................................... 181.2 95.6 65.1 20.5 184.4 97.5 66.4 20.6 1959—Dec. 31............................................................... 185.9 107.6 57.8 20.5 189.5 110.0 58.9 20.5 I960—Dec. 31............................................................... 194.5 113.8 59.9 20.8 198.5 116.7 61.0 20.9 1961—Dec. 30............................................................... 209.8 120.5 65.4 23.9 214.4 123.9 66.6 23.9 1962 Dec. 31............................................................... 228.3 133.9 65.2 29.2 233.6 137.9 66.4 29.3 1963—Dec. 31............................................................ 246.5 149.4 62.1 35.0 252.4 153.9 63.4 35.1 1964—Dec. 31................................................................ 267.2 167.1 61.4 38.7 273.9 172.1 63.0 38.8 1965—Dec. 3D’.............................................................. 294.0 191.8 57.6 44.6 301.3 197.6 58.9 44.7 269.6 170.2 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 40.3 277.3 177.1 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 41.1 282.8 183.0 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. 3 l’J.............................................................. 294.0 191.8 57.6 44.6 301.3 197.6 58.9 44.7 1966—Jan. 26”.............................................................. 297.0 195.0 57.4 44.6 296.4 193.0 44.2 59.2 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

228 COMMERCIAL BANKS FEBRUARY 1966 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans 1 Investments For purchasing 1 u U.S. Government Class of l T oa o n ta s l 1 Com- o s r e c c a u r r r i y ti i e n s g institutions Other securities State b c a a n ll k d a a n te d i m n a v e n e n d s ts t­ Total 2 d t c a i r u n n i i a a s ­ d l l ­ A c tu a u g l r l r ­ ­ i- k b a T e n r o o r d s ­ ot T h o er s ba T n o k s ot T he o r s R t e a e s t a ­ e l u v i d t a i n o d i l ­ ­ s - Other Total Bills C ti e fi r - - Notes Bonds s g r l a i o e o t n c c i v e u d a t s l ­ , O s r e i t t h c ie u e s ­ r deal­ cates ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 8301,220 115 9,393 5,723 947 69,221 2,193 7,789 6,03453,205 5,2763,729 1962—Dec. 28.. 235,839140,10648,6737,097 5,1442,131 2,578 8,45934,25930,553 3,90966,434 11,674 3,93223,841 26,98724,755 4,543 1963—Dec. 20.. 254,162156,006 52,9477,4705,3532,509 3,605 9,47939,05634,5504,03463,196 11,059 1,65822,41528,065 29,7865,173 1964—Dec. 31.. 277,376 175,58960,2177,505 5,5422,843 3,491 10,91343,67539,8095,15262,991 13,377 19,039 30,57433,533 5,263 1965-—June 30.. 287,723 188,641 65,5468,0686,0662,912 3,788 11,46346,22343,0565,14856,853 8,920.......... 14,678 33,255 36,541 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 5,91852,347 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.. 252,579155,261 52,7437,4445,3212,476 3,594 9,41538,86134,383 4,015 62,723 10,952 1,64922,31627,80629,5595,035 1964—Dec. 31.. 275,053 174,23459,7467,482 5,3552,794 3,419 10,81243,43639,6275,11262,499 13,275 18,93930,285 33,294 5,026 1965—June 30.. 285,375 187,20765,053 8,047 5,9252,860 3,680 11,34245,95142,879 5,09256,426 8,849.......... 14,603 32,97436,295 5,447 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 I ,900 1,057 78,338 2,27516,985 14,271 44,807 3,2542,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 113 ...... 7,130 4,662 839 57,914 1 ,987 5,816 4,815 45,295 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 19,443 21,41420,773 3,319 1963—Dec. 20.. 210,127 131,71247,4034,6595,1242,136 3,439 8,87531,00927,9083,765 49,342 8,032 1,307 18,07221,93225,210 3,864 1964—Dec. 31.. 228,497 147,69053,7174,643 5,1422,411 3,250 10,17934,58732,0244,82448,717 9,932 15,23823,54828,374 3,715 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 UI 564 238 11 ,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 ,71 1 147 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 16,082 163,657 561 1 ,212 2,977 2,866 2,832 1 ,419 4,907 1,036 1,120 2,752 5,799 543 City of Chicago: 1941—Dec. 31.. 2,760 954 732 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 2,94! 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 17,660 1,179 1,053 752 1,020 3,583 1,030 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 1,243 891 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 12,802 1 ,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 1,591 16,11413,951 91724,797 3,822 573 8,531 11,871 10,385 2,111 1964—Dec. 31 . . 93,759 55,733 14,556 3,493 830 599 710 1 ,73017,96415,899 1,047 24,341 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 12,637 2,299 Nonmember 1947—Dec. 31.. 18,454 5,432 1 ,205 614 20 156 2 2,266 1,061 109 11,318 206 1 ,973 1,219 7,920 1 ,078 625 1962—Dec. 28.. 40,141 21,469 4,8302,678 190 354 132 523 7,097 5,754 252 13,466 2,812 683 4,398 5,573 3,982 1 ,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 6,906 3,099 336 470 272 729 9,646 8,474 366 13,457 2,660.......... 3,248 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

FEBRUARY 1966 COMMERCIAL BANKS 229 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 l a l k s d s a a o n te f d s B F w e a r . i v n 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 k e t ­ h i s s c 3 j p m u o d a s a s t e d n e i - ­ t d d s 4 m D e In s o t t ­ i e c r 3 ba e n F ig k o n r ­ 5 G U o .S vt . . S g l a o o t n a c v d a t t e l . c C c h o a f e e i e n f e r r f c d d t s i k ­ i ’ ­ s, I PC I b n a t n e k r­ G P U S a o o a n . s v S v d t ­ t . a . l S g l a o o t n c a v d a t t e l . IPC B r i o n o w g r s - ­ c C o a t a u a c p l n ­ i t ­ s 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 HI 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 3,627 24,094 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 ,032 278 10,573126,5163,68229,479 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 i ,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 III 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. .11 ... . 17,581 4,515 14,613 133,336 16,210 1,454 6,487 13,423 5,856 134,764 733 272 9,766116,147 2,58027,377 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 ,243.22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31 ... . 17,797 1 ,672 6,270 73,528 10,978 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 95,425 2,481 22,901 1965—June 30 .. . . 17,842 3,853 7,831 10!,733 14,009 1,346 10,806 10,127 5,449 104,502 851 247 8,592103,8143,45524,323 New York City: 1941 —Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31 ... . 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31 ... . 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1 ,418 30 2,259 1962—Dec. 28 . . .. 4,121 251 156 17,095 3,854 929 1 ,408 366 2,237 19,628 207 53 266 8,937 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 4,115 950 2,561 561 3,270 18,549 579 87 682 15,969 1 ,423 5,094 City of Chicano: 1941—Dec. 31... . 1 ,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31 . 942 36 200 3,153 1,292 20 1 ,552 237 66 3,160 719 377 1947—Dec. 31 ... . 1 ,070 30 175 3,737 1,196 21 72 285 63 3,853 ..........2 9 902 ........ 426 1962—Dec. 28. . . . 1 ,071 44 99 4,262 1,235 41 410 351 109 4,804 18 7 16 3,001 262 948 1963—Dec. 20. . . . 1 ,019 49 98 4,144 1,169 43 395 275 112 4,500 17 6 185 3,595 255 996 1964—Dec. 31 ... . 1 ,006 55 150 4,294 1,389 59 396 312 122 4,929 22 5 213 4,361 204 1,056 1965—June 30.... 1 ,028 64 97 3,881 1,237 60 699 276 109 4,542 27 5 181 4,563 438 1,096 Other reserve city: 1941—Dec. 31 ... . 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31 ... . 6,326 494 2,174 22,372 6,307 110 8,221 1 ,763 61! 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31 ... . 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1962—Dec. 28 . . . . 7,671 1 ,021 2,253 35,481 7,229 248 2,337 3,216 980 39,413 82 83 2,633 28,027 1,388 7,263 1963—Dec. 20. . . , 7,587 935 2,105 35,859 6,958 267 2,212 3,144 1 ,034 39,281 95 72 2,950 31 ,982 1,416 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 38,543 1,271 8,774 Country: 1941—Dec. 31 ... . 2,210 526 3,216 9,661 790 2 225 1 ,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31 . 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1 ,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1962—Dec. 28. . . . 4,817 1 ,947 5,389 44,689 1,753 19 1 ,931 5,337 756 40,801 51 100 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 23,763 671 78 743 2,880 438 20,654 144 29 1,545 18,560 165 4,623 1964—Dec. 31.... 1,042 6,054 26,348 765 166 672 3,227 602 22,816 156 33 1,800 21,210 198 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 I960, demand deposits other than interbank and U.S. Bulletin.) These figures exclude data for banks in U.S. possessions Govt., less cash items in process of collection; beginning with 1961, except for member banks. Comparability of figures for classes of banks demand deposits other than domestic commercial interbank and U.S, is affected somewhat by changes in F.R. membership, deposit insurance Govt, less cash items in process of collection. status, and the reserve classifications of cities and individual banks, and 5 For reclassification of certain deposits in 1961, see note 6, p. 589, by mergers, etc. May 1964 Bulletin. Data for 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

230 WEEKLY REPORTING MEMBER BANKS FEBRUARY 1966 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars) Loans For purchasing or carrying securities To financial institutions Total L a o n a d n s Wednesday m in lo a e v n a n e n d s t s s t­ 1 j i m u n a s v e t d e n e ­ s t d s t­ 2 j L us a o t d a e n ­ d s 2 i C n m c a d o n i e a u m d r l s ­ ­ ­ A t c u g u r r a l­ i l ­ U a T n . o S d . b d r e o a k l e e r r s s U T .S o . others Bank Do­ Pe N rs o , n bank e R st e a a te l o A th l e l r V se t r i a r o e v l ­ u n e a s ­ trial G s o e v ­ t, O s t e h ' e r G s o e v ­ t, O s t e h ­ er For­ m ti e c s ­ s a a l n e d s c t u ie r s i­ c t u ie r s i­ c t u ie r s i­ c t u ie r s i­ eign c m c o i e a m r l ­ ­ f c i e o n t s c a . . n , . Other Total— Leading cities 1965 Jan. 6..................... 152,715 149,784 101,224 42,090 1,579 967 3,211 70 1 ,961 1,537 2,931 4,676 4,129 20,012 23,270 2,278 13..................... 151,355 148,734100,897 41,947 1,569 1,520 3,050 66 1 ,949 1 ,504 2,621 4,370 4,074 20,060 23,066 2,278 20..................... 151,001 148,779 100,442 41,875 1,553 1 ,241 3,109 71 1 ,962 1 ,488 2,222 4,226 4,047 20,050 23,100 2,280 27..................... 150,692 148,132 100,071 41,849 1,541 931 3,080 70 1 ,954 t ,494 2,560 4,209 4,034 20,071 23,126 2,288 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 1966 Jan. 5..................... 167,876 165,014 116,969 50,773 1,699 597 3,594 108 2,180 1 ,671 2,862 5,892 4,872 22,556 25,627 2,600 12..................... 166,748 163,796 116,390 50,699 1 ,683 748 3,362 99 2,178 1 ,646 2,952 5,602 4,818 22,600 25,554 2,599 19................... 166,170 163,924 115,776 50,439 1,655 593 3,601 100 2,173 1 ,623 2,246 5,323 4,792 22,634 25,443 2,600 26..................... 165,449 162,910 115,148 50,257 1,644 735 3,250 104 2,175 1 ,611 2,539 5,158 4,755 22,675 25,384 2,600 New York City 1965 Jan. 6..................... 37,278 36,691 25,317 13,890 19 428 1 ,786 13 593 821 587 1,445 873 2,290 3,772 613 13..................... 36,906 36,164 25,057 13,782 19 591 1,697 12 583 816 742 1,301 855 2,297 3,717 613 20..................... 36,586 35,954 24,938 13,750 20 530 1 ,670 17 588 803 632 1 ,266 850 2,270 3,788 614 27..................... 36,591 35,838 24,841 13,732 19 398 1 ,681 16 583 798 753 1 ,269 868 2,281 3,810 614 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 1966 Jan. 5..................... 42,239 41,736 30,896 17,482 22 337 2,308 20 656 904 503 1,799 1,168 2,882 4,082 764 12..................... 42,111 40,993 30,535 17,416 22 363 2,088 17 653 870 1,118 1,744 1,177 2,897 4,052 764 19..................... 41,653 40,822 30,320 17,265 24 305 2,269 18 654 857 831 1,620 1,173 2,901 3,999 765 26..................... 41,605 40,413 30,070 17,177 23 458 1,988 19 657 862 1,(92 1,592 1,164 2,901 3,993 764 Outside New York City 1965 Jan. 6.................... 115,437 113,093 75,907 28,200 1,560 539 1,425 57 1,368 716 2,344 3,231 3,256 17,722 19,498 1,665 13.................... 114,449 112,570 75,840 28,165 1 ,550 929 1,353 54 1,366 688 1,879 3,069 3,219 17,763 19,349 1 ,665 20.................... 114,415 112,825 75,504 28,125 1,533 711 1 ,439 54 1,374 685 1,590 2,960 3,197 17,780 19,312 1,666 27..................... 114,101 112,294 75,230 28,117 1,522 533 1,399 54 1,371 696 1,807 2,940 3,166 17,790 19,316 1 ,674 Dec. 1..................... 123,832 121,946 84,769 32,597 1,67! 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 I ,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 1966 Jan. 5..................... 125,637 123,278 86,073 33,291 1,677 260 1,286 88 1 ,524 767 2.359 4,093 3,704 19,674 21,545 1,836 12..................... 124,637 122,803 85,855 33,283 1 ,661 385 1,274 82 1,525 776 1,834 3,858 3,641 19,703 21,502 1,835 19.................... 124,517 123,102 85,456 33,174 1 ,631 288 1 ,332 82 1,519 766 1 ,415 3,703 3,619 19,733 21,444 1,835 26..................... 123,844 122,497 85,078 33,080 1,621 277 1,262 85 1,518 749 1,347 3,566 3,591 19,774 21,391 1 ,836 For notes see p. 70. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 WEEKLY REPORTING MEMBER BANKS 231 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 Total U.S. Government securities assets—• Wednesday Total Bills c C t a i e f te i r ­ s ­ Wi N th o ­ m te a s t a u 1 n r t i d o n g b — on A d f s t er O s r e i t t c h ie u e s ­ r Total d b a o w B n a t m n c i i a c t e l k h e ­ s s s ­ b a w B e f n a i o n c a i g t r e l k n h ­ ­ s s Cu c r a o r n e i d n n cy s B e F w R a r . i v n e R t e k ­ h . s s a o s A t s h e l e l t r s a c l c T i a c a t a o p i b o n e t i i u d s a t l a i n l ­ l t s in 5 years 5 years 1 year Total—■ Leazing cities 1965 Jan. 6................. 27,473 5,45! 4,187 12,008 5,827 21,087 19,585 3,351 266 1,988 13,980 5,839 195,699 13.............. 26,497 4,482 4,300 11,889 5,826 21,340 18,107 3,195 254 2,082 12,576 5,945 192,326 20................. 26,935 5,294 3,187 10,454 8,000 21,402 18,116 3,284 265 1 ,970 12,597 5,790 190,560 27................. 26,667 5,127 .....3..,.1..3..9.. 10,477 7,924 21,394 18,558 3,016 264 1,975 13,303 5,863 189,518 Dec. 1................. 24,119 4,569 3,921 9,068 6,561 23,671 18,905 3,363 195 2,161 13,186 6,783 209,057 8................. 23,757 4,163 3,911 9,098 6,585 23,865 18,558 3,394 202 2,220 12,742 6,737 204,726 15................. 23,953 4,366 3,836 9,121 6,630 23,963 19,330 3,594 189 2,280 13,267 6,739 213,853 22................. 24,279 4,722 3,807 9,094 6,656 24,053 19,231 3,471 202 2,277 13,281 6,749 212,725 29................. 24,252 4,750 .....3.,.8..2..8.. 9,000 6,674 24,047 19,857 3,343 198 2,378 13,938 6,784 212,709 1966 Jan. 5.. 24,324 4,831 3,819 8,986 6,688 23,721 20,945 3,315 208 2,112 15,310 6,870 213,921 12................. 23,718 4,514 3,748 8,883 6,573 23,688 18,518 3,216 208 2,292 12,802 6,606 210,255 19................. 24,556 4,788 587 3,777 8,845 6,559 23,592 18,446 3,369 210 2,195 12,672 6,771 208,947 26................. 24,290 4,619 592 3,742 8,845 6,492 23,472 19,118 2,946 223 2,175 13,774 6,798 207,153 New York City 1965 Jan. 6................. 5,721 1,742 757 2,161 1,061 5,653 4,808 146 136 310 4,216 2,380 50,206 13................. 5,465 1,309 927 2,149 1,080 5,642 4,026 116 134 308 3,468 2,460 48,932 20................. 5,309 1,449 626 1 ,642 1,592 5,707 4,045 113 142 287 3,503 2,378 48,369 27................. 5,289 1 ,459 ........5..9..7.. 1 ,721 1,512 5,708 4,212 90 135 292 3,695 2,394 48,238 Dec. 1 4,687 1,208 621 1,418 1,440 5,926 4,183 145 86 316 3,636 2,697 54,707 8................. 4,514 1 ,040 596 1 ,424 1 ,454 6,091 4,079 134 89 355 3,501 2,698 53,227 15................. 4,759 1,263 575 1 ,449 1 ,472 6,145 4,210 186 81 358 3,585 2,637 56,970 22................. 4,961 1 ,472 590 1,437 I ,462 6,165 4,038 130 93 342 3,473 2,685 56,316 29................. 4,877 1,372 ........5..8..5. I ,443 1 ,477 6,168 4.471 162 86 346 3,877 2,645 56,333 1966 Jan. 5................. 4,812 1,322 540 I ,446 1,504 6,028 5,231 128 94 324 4,685 2,718 56,646 12................. 4,500 1 ,207 475 1,406 1,412 5,958 3,551 161 98 334 2,958 2,607 54,462 19................. 4,639 1,248 152 466 1,381 1,392 5,863 3,910 234 88 317 3,271 2,727 54,491 26................. 4,605 1 ,289 141 481 1,354 1,340 5,738 4,418 120 1 10 322 3,866 2,735 54,299 Outside New York City 1965 Jan. 6................. 21,752 3,709 3,430 9,847 4,766 15,434 14,777 3,205 130 1,678 9,764 3,459 145,493 13................. 21,032 3,173 3,373 9,740 4,746 15,698 14,081 3,079 120 1,774 9,108 3,485 143,394 20................. 21,626 3,845 2,561 8,812 6,408 15,695 14,071 3,171 123 1 ,683 9,094 3,412 142,191 27................. 21,378 3,668 ....2..,..5..4..2.. 8,756 6,412 15,686 14,346 2,926 129 1,683 9,608 3,469 141,280 Dec. J 19,432 3,361 3,300 7,650 5,121 17,745 14,722 3,218 109 1,845 9,550 4,086 154,350 8................. 19,243 3,123 3,315 7,674 5,131 17,774 14,479 3,260 113 1,865 9,241 4,039 151,499 15................. 19,194 3,103 3,261 7,672 5,158 17,818 15,120 3,408 108 1 ,922 9,682 4,102 156,883 22................. 19,318 3,250 3,217 7,657 5,194 17,888 15,193 3.341 109 1 ,935 9,808 4,064 156,409 29................. 19,375 3,378 .....3.,.2..4..3... 7,557 5,197 17,879 15,386 3,181 112 2,032 10,061 4,139 156,376 1966 Jan. 5................. 19,512 3,509 3,279 7,540 5,184 17,693 15,714 3,187 114 1 ,788 10,625 4,152 157,275 12................. 19,218 3,307 3,273 7,477 5,161 17,730 14,967 3,055 110 1,958 9,844 3,999 155,793 19................. 19,917 3,540 435 3,31 1 7,464 5,167 17,729 14,536 3,135 122 1,878 9,401 4,044 154,456 26................. 19,685 3,330 451 3,261 7,491 5,152 17,734 14,700 2,826 113 1,853 9,908 4,063 152,854 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

232 WEEKLY REPORTING MEMBER BANKS FEBRUARY 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 justed 4 ad­ Total6 I PC and For­ U.S. com­ Total® Sav­ State Banks justed 5 local eign 7 Govt. mer­ ings and For­ Govt. cial IPC local eign 7 banks Govt. Total— Leading cities 1965 Jan, 6.......... 168,846 66,202 101,512 72,029 5,157 2,0523,806 13,944 67,334 40,860 16,714 5,206 3,986 257 4,818 6, 101 15,677 13......... 165,768 66,160 97,518 72,104 4,763 1 ,997 1 ,600 12,839 68,250 41,046 17,333 5,303 3,948 113 4,469 6,298 15,678 20.......... 165,194 66,063 96,560 70,973 4,857 1.8932,504 12,340 68,634 41,125 17,634 5,285 3,964 5 3,419 6,283 15,659 27.......... 163,444 65,891 94,367 69,347 5,105 2,071 2,915 11,156 69,077 41,213 17,958 5,301 3,961 155 3,843 6,368 15,708 Dec. 1.......... 178,866 66,175 101,204 72,127 5,429 2.001 3,789 12,977 77,662 45,09421 ,511 6,118 4,170 153 4,983 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 69,785 105,800 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 68,209 104,462 75,139 5,049 2,1253,735 13,397 77,864 45,19021,175 6,599 4,165 208 5.316 7,726 17,149 29.......... 181,732 69,688 103,472 75,234 5,355 2,2793,866 12,429 78,260 45,362 21 ,258 6,712 4,186 400 5,765 7,610 17,202 1966 Jan. 5.......... 183,494 69,262 105,154 74,867 5,344 2,0993,589 14,073 78,340 45,373 21,360 6,681 4,194 578 5,615 7,077 17,157 12.......... 179,946 68,158 101,394 75,078 4,709 2,116 1,517 13,336 78,552 45,229 21,674 6,725 4,175 71 5,882 7,195 17,161 19......... 179,667 68,276 100,909 74,155 4,873 2,1322,033 13,040 78,758 45,145 22,046 6,631 4,167 19 4.491 7,635 17,135 26.......... 176,851 67,849 97,681 72,535 4,846 2,0882,418 11,626 79,170 45,081 22,414 6,626 4,245 825 4,744 7,577 17,156 New York City 1965 Jan. 6.......... 40,624 16,473 26,952 17,726 271 I ,539 1 ,195 3,544 13,672 4,657 5,297 481 2,874 50 2,484 2,752 4,296 13.......... 39,527 16,292 25,534 17,433 287 1 ,481 443 3,259 13,993 4,680 5,530 523 2,851 2,198 2,919 4,288 20.......... 39,659 16,411 25,740 17,600 294 1 .378 635 3,334 13,919 4,705 5,466 468 2,883 1,575 2,850 4,285 27.......... 39,210 16,320 25,179 17,173 277 1,550 747 3,071 14,031 4,723 5,584 451 2,857 55 1,715 2,970 4,288 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 1966 Jan. 5.......... 45,664 17,167 28,5(5 18,423 388 1 ,523 1,193 3,697 17,149 5,255 7,875 590 2,974 397 2,485 3,163 4,937 12......... 43,816 16,648 26,587 18,105 290 1 ,540 352 3,394 17,229 5,199 7,949 635 2,972 2,475 3,247 4,924 19......... 44,418 16,859 27,077 18,171 289 1 ,572 493 3,524 17,341 5,176 8,145 543 2,980 1 ,713 3,440 4,920 26.......... 43,798 16,806 26,130 17,959 233 1,520 591 3,192 17,668 5,148 8,385 538 3,066 253 1 ,829 3,495 4,924 Outside New York City 1965 Jan. 6.......... 128,222 49,729 74,560 54,303 4,886 5132,61 1 10,400 53,662 36,203 11,417 4,725 1,112 207 2,334 3,349 11,381 13.......... 126,241 49,868 71,984 54,671 4,476 516 1,157 9,580 54,257 36,366 11,803 4,780 1 ,097 113 2,271 3,379 11,390 20......... 125,535 49,652 70,820 53,373 4,563 515 1,869 9,006 54,715 36,420 12,168 4,817 1 ,081 5 1,844 3,433 11,374 27.......... 124.234 49,571 69,188 52,174 4,828 521 2,168 8,085 55,046 36,490 12,374 4,850 1,104 100 2,128 3,398 11,420 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 5601 ,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 5592,671 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 5892,625 8,981 60,977 40,081 13,352 6,056 1 ,212 355 3,228 4,477 12,230 1966 Jan. 5.......... 137,830 52,095 76,639 56,444 4,956 5762,396 10,376 61,191 40,118 13,485 6,091 1,220 181 3,130 3,914 12,220 12.......... 136,130 51,510 74,807 56,973 4,419 576 1,165 9,942 61,323 40,030 13,725 6,090 1,203 71 3,407 3,948 12,237 19......... 135,249 51,417 73,832 55,984 4,584 560 1,540 9,516 61,417 39,969 13,901 6,088 1,187 19 2,778 4,195 12,215 26.......... 133,053 51,043 71,551 54,576 4,613 568 1,827 8,434 61,502 39,933 14,029 6,088 1,179 572 2,915 4,082 12,232 i After deduction of valuation reserves. banks, international institutions, banks in foreign countries, and foreign 2 Exclusive of loans to domestic commercial banks and after deduction branches of U.S. banks other than reporting bank. of valuation reserves; individual loan items are shown gross. 8 Includes U.S. Govt., postal savings, domestic commercial interbank 3 Excludes cash items in process of collection. and mutual savings banks, not shown separately. 4 Total demand and total time deposits. 9 Includes certificates of deposit outstanding in following amounts 5 Demand deposits other than domestic commercial interbank and (in millions of dollars): U.S, Govt., less cash items in process of collection. Jan. 5 Jan. 12 Jan. 19 Jan. 26 6 Includes certified and officers’ checks and deposits of mutual savings Total—Leading cities........ 15,912 16,024 16,142 16,430 banks, not shown separately. . New York City.................. 6,758 6,820 6,947 7,206 7 Deposits of foreign governments and official institutions, central Outside New York City... 9,154 9,204 9,195 9,224 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 BUSINESS LOANS OF BANKS 233 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during— Industry Durable goods manufacturing: Primary metals................................ 883 896 888 881 818 65 55 12 11 6 68 17 160 Machinery........................................ 2,831 2,844 2,870 2,895 2,862 -31 92 11 85 36 77 121 534 Transportation equipment.............. 1,124 1,133 1,168 1 ,161 1,196 -72 8 -43 -50 180 55 130 119 Other fabricated metal products. . . 1,442 1,447 1,457 1,445 1 ,355 87 59 -31 -39 109 154 70 323 Other durable goods....................... 1,550 1,569 1,594 1,541 1,521 29 8 -24 -35 118 142 83 285 Nondurable goods manufacturing: Food, liquor, and tobacco.............. 2,340 2,353 2,354 2,367 2,390 -50 269 157 657 103 -191 760 -370 Textiles, apparel, and leather.......... 1 ,485 1 ,484 1,510 1,512 1 ,530 -45 -139 -77 -336 172 176 -164 424 Petroleum refining........................... 1 ,606 1 ,577 1,564 1,572 1 ,490 116 105 28 157 102 23 259 189 Chemicals and rubber..................... 1 ,804 1,801 1,773 1,773 1 ,786 18 85 -8 92 -9 109 83 299 Other nondurable goods.......... 1,148 1,148 1,141 1,131 1,157 -9 13 -46 108 106 62 203 Mining, including crude petroleum and natural gas..................... 3,721 3,740 3,743 3,733 3,593 128 243 8 242 1 3 243 221 Trade: Commodity dealers................. 1,480 I ,480 1,479 1 ,470 I ,475 5 32 172 374 62 -370 436 -390 Other wholesale....................... 2,616 2,634 2,669 2,709 2,716 -100 25 40 139 44 144 183 270 Retail................................ 2,869 2,935 2,929 2,986 3,097 -228 -240 161 -58 -19 267 -77 681 Transportation communication, and other public utilities..................... 5,919 5,963 6,066 6,104 6,130 -211 467 150 628 333 520 961 505 Construction....................................... 2,544 2,553 2,532 2,532 2,547 -3 -57 53 -3 29 257 26 259 All other:1 Bankers’ acceptances....................... 657 628 661 680 696 -39 94 -21 5 -191 94 -186 -213 All other types of business, mainly services......................................... 6,419 6,419 6,416 6,400 6,339 80 248 10 287 94 136 381 564 Total classified loans........................... 42,438 42,604 42,814 42,892 42,698 -260 1,367 598 2,110 1,278 1,770 3,388 4,063 Commercial and industrial loans— All weekly reporting banks. 50,257 50,439 50,699 50,773 50,564 -307 1,613 731 2,447 1,270 2,227 3,717 4,728 i Beginning Dec. 31, 1963, bankers’ acceptances for the creation of Note.—About 200 of the weekly reporting member banks are included dollar exchange are excluded from commercial and industrial loans and in this series; these banks classify, by industry, commercial and industrial those relating to commercial transactions are shown in a separate cate­ loans amounting to about 85 per cent of such loans held by all weekly gory. Current figures are therefore not strictly comparable with figures reporting member banks, and about 60 per cent of those held by all previously reported, but differences are relatively small. commercial banks. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) Size of Ioan Size of loan p A e a r n r i e d o a d lo A a l n l s 1­ (thou 1 s 0 a ­ nds of 1 d 0 o 0 l ­ lars) 200 p A a e n r r i e d o a d lo A a l n l s 1­ (thou 1 s 0 a ­ nds of 1 d 0 o 0 l ­ lars) 200 10 100 200 and over 10 100 200 and over Year: Quarter—cont.U 19 large cities: New York City: 1964—Dec......4....7.7 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 1960...................... 5.2 6.0 5.7 5.4 5.0 7 other northern and 1961...................... 5.0 5.9 5.5 5.2 4.8 eastern cities: 1962...................... 5.0 5.9 5.5 5.2 4.8 1964—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 cities: 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 June...................... 4.99 5.88 5.59 5.29 4.79 June............. 5.31 6.00 5.71 5.42 5.06 Sept....................... 5.00 5.90 5.60 5.32 4.80 Sept.. .......... 5.31 6.02 5 73 5,45 5,03 Dec........................ 5.27 5.96 5,74 5.51 5.11 Dec......... 5.46 6.07 5.80 5,59 5,23 i Based on new loans and renewals for first 15 days of month. Changes thereafter occurred on the following dates (new levels shown in per cent): 1955—Aug. 4, 3%; Oct. 14, 3ft; 1956—Apr. 13, 3%; Aug. Note.—Weighted averages. For description see Mar. 1949 Bulletin. 21, 4; 1957—Aug. 6, 4ft; 195 8—Jan. 22, 4; Apr. 21, 3ft; Sept. 11,4; pp. 228-37. Bank prime rate was 3 per cent Jan. 1, 1955—Aug. 3, 1955. 1959—May 18, 4ft; Sept. 1, 5; 1960—Aug. 23,4ft ; and 1965—Dec. 6, 5. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

234 INTEREST RATES FEBRUARY 1966 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period p c a o p m e l r . , p p l a a p ce e d r b a a c n c k e e p r t s ­ ’ F f e u d n e d r s a l 3-month bills 5 6-month bills 3 9- to 12-month issues 4- to 6- directly, ances, rate 3 3- to 5months 1 m 3 o - n to th 6 s - 2 90 days 1 on i R s s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie r l k d et ( y m i B e a l i d r ll k ) s e 5 t Other 6 is y su e e a s r 7 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 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 4.02 403 4 12 Apr.................. 4.38 4,25 4.19 4.09 3.932 3.93 3.992 3.99 4.00 4 00 4 12 May......... 4.38 4,25 4.25 4.10 3.895 3.89 3.950 3.95 3 96 3 99 4 11 June................ 4.38 4.25 4.25 4.04 3.810 3.80 3.872 3.86 3 89 3 98 4 09 July................. 4.38 4.25 4.22 4,09 3.831 3.83 3.887 3.89 3.89 3 96 4 10 Aug................. 4.38 4.25 4.14 4.12 3.836 3.84 3.938 3.95 3.96 4 00 4 19 Sept................. 4.38 4.25 4.25 4.01 3.912 3.92 4.050 4.07 4.09 4 11 4 24 Oct................. 4.38 4.32 4.25 4.08 4.032 4.02 4,197 4.18 4.16 4 18 4 33 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 1966—Jan.......... 4.82 4.82 4.75 4.42 4.596 4.58 4.731 4.71 4,69 4.83 4.89 Week ending—• 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 8 4.75 4.75 4.75 4.63 4.532 4.53 4.718 4.70 4.69 4 84 4 93 15.......... 4.78 4.79 4.75 4.59 4.585 4.59 4.737 4.73 4.68 4 82 4 84 22.......... 4.88 4.88 4.75 3.86 4,673 4.61 4.770 4.73 4.70 4^83 4 86 29.......... 4.88 4.88 4.75 4.55 4.596 4.57 4.699 4.68 4,67 4.83 4,92 1 Averages of daily offering rates of dealers. 5 Bills quoted on bank discount rate basis. 2 Averages of daily rates, published by finance cos., for varying maturi­ 6 Certificates of indebtedness and selected note and bond issues. ties in the 90-179 day range. 7 Selected note and bond issues. 3 Seven-day average for week ending Wed. 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 Total1 (long­ term) Total1 Aaa Baa Aaa Baa In tr d ia u l s­ R ro a a i d l­ P ut u i b li l t i y c fe P r r r e e ­ d C m o o m n ­ C m o o m n ­ 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 1965 .............................................. 4.21 3.34 3.16 3.57 4.64 4.49 4.87 4.61 4.72 4.60 4^33 3 00 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 Apr.................................... 4.15 3.28 3.09 3.51 4.56 4.43 4,80 4.54 4.64 4.51 4.28 2.95 May................................... 4.14 3.28 3.09 3.51 4.57 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 4.88 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 1966—Jan..................................... 4.43 3.56 3.40 3.79 4.89 4.74 5.06 4.84 4.97 4.85 4.51 3.02 Week ending— 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 8............................. 4.44 3.57 3.40 3.79 4.88 4.73 5.05 4.82 4.97 4.85 4.50 3.03 15............................. 4.42 3.56 3.40 3.78 4.88 4.74 5,05 4.83 4.97 4.85 4.52 3.02 22............................. 4.42 3.56 3.39 3.78 4.88 4.74 5.06 4.84 4.97 4.85 4.53 3.01 29............................. 4.44 3.56 3.39 3.80 4.90 4.74 5,08 4.85 4.98 4.86 4.50 3.01 ................. Number of issues......................... 6-12 20 5 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep­ Thurs. figures. Corp, bonds: Averages of daily figures. Both of these arately. Because of a limited number of suitable issues, the number series are from Moody's Investors Service series. of corporate bonds in some groups has varied somewhat. Slocks: 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

FEBRUARY 1966 SECURITY MARKETS 235 MORTGAGES: NEW HOMES SECURITY PRICES i F n H su A re - d Conventional first mortgages Bond prices Co ( m 19 m 4 o 1 n - 4 s 3 to = c 1 k 0 ) prices 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 c e e t s . r ) , ( M t y i u t r y r s a ­ . ­ ) L p c r ( a e o r p i t n a e c i t n o r e ) / d ( A o t l h o l v l a o a g n u r . s , ) Period ( G t U l e o o r . n m S v g t . ) , ­ S l a o t n a c d a te l A C p a A o o te r r A ­ ­ Total d t I r u n ia s ­ l ­ R ro a a i d l­ P u i l u t t i y i c b l ­ ­ s ( h t t r h i a o n a o r f g d e u s ­ , ) 1961 ........ i 5 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 .... (5.815 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 1965—Jan... 84.56 114.0 95.5 86.12 91.04 46.79 75,87 5,457 1965............. 5.74 5.76 , .54 24.8 7.41 18.1 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 1964—Dec.. 5.45 5.76 .59 25.2 73.9 17.8 Apr. . 84.53 112.2 95.0 87.97 93,08 46.63 77.24 5,673 May.. 84.58 111.9 94.7 89.28 94.69 45.53 77.50 5,510 1965—Jan.. . 5.45 5.79 .59 24.7 74.0 17.5 June,. 84.57 110.8 94.3 85.04 90.19 42.52 74.12 5,828 Feb. . 5.45 5.79 .61 24.9 74.0 17.6 July.. 84.51 110.8 93.9 84.91 89.92 43.31 74.63 4,056 Mar.. 5.45 5.72 .49 24.9 73.7 18.5 Aug. . 84.00 111.0 93.5 86.49 91.68 46.13 74.71 4,962 Apr.. 5.45 5,74 .51 24.9 73.7 18.1 Sept.. 83.27 109.3 92.8 89.38 94.93 46.96 76,10 7,403 May.. 5.45 5.77 .53 24.9 74.4 18.2 Oct,. . 82.97 108.4 92.7 91,39 97.20 48.46 76,69 7,809 June.. 5.44 5.76 .49 24.6 73.9 17.5 Nov.. 82.22 107.7 92,3 92,15 98.02 50.23 76.72 7,360 July.. 5.44 5.77 .55 25.0 75.0 18,3 Dec... 81 .21 106.3 91.1 91.73 97.66 51.03 75.39 8,690 Aug.. 5.45 5.76 .50 24.5 73.8 18.2 Sept.. 5.46 5.75,- .56 24.9 73.7 18.1 1966—Jan... 81.15 106.9 90.5 93.32 99,56 53.68 74.50 8,935 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 5.78,. .58 24.8 74,0 18.4 Ending— 1966—Jan.. . 5.70 Jan. 1....... 81 .07 106.3 90.7 91.90 97.87 51.05 75.27 7,033 8 81 .07 106,6 90.6 92.70 98,79 51 .95 75.30 8,690 15....... 81.30 107.0 90.6 93,36 99.53 53.64 75.07 8,646 1 Last 6 months only. 22....... 81.32 107.0 90.5 93.65 99,95 54.21 74.31 9,465 29....... 81 .05 107.0 90.4 93.65 100.03 54.75 73.62 9,163 Note.—Annual data are averages of monthly figures. Yields on FHA-insured mortgages are derived from weighted averages of FHA field-office opinions on private secondary market prices Note.—Annual data are averages of monthly figures. Monthly and weekly for Sec. 203, 30-year mortgages, with the minimum down pay­ data are averages of daily figures unless otherwise noted and are computed as ment, a maximum permissible interest rate of 5^ per cent, and follows: U.S. Govt, bonds, derived from average market yields in preceding table an assumed prepayment period of 15 years. Price data are on basis of an assumed 3 per cent, 20-year bond. Municipal and corporate bonds, reported as of the first of the succeeding month. derived from average yields as computed by Standard and Poor's Corp., on basis Conventional first mortgages, Home Loan Bank Board in of a 4 per cent, 20-year bond; Wed. closing prices. Common stocks. Standard cooperation with Federal Deposit Insurance Corporation be­ and Poor’s index. Volume of trading, average daily trading in stocks on the ginning in late 1962; interest rate data for earlier years—in N.Y. Stock Exchange for a 5|4-hour trading day. parentheses—are based on estimates from Federal Housing Administration. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N. Y. Stock Exchange brokers and dealers for pur­ Money borrowed on—• firms secured by—■ chasing or carrying— Cus­ Month Total tomers’ securities net other than Other securities free U.S. Govt. se G c U u o . r S v it t . i , e s se O cu th ri e ti r e s se G c U u o r . v i S t t i . , e s se O cu th ri e ti r e s se G c U u o . r S v it t . i , e s Total C co u l s la to te m ra e l r co O ll t a h te e r r a l a c b n re c a d e l­ i s t 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....... 7,705 22 5,521 101 2,184 130 3,576 2,889 687 1 ,666 1966—Jan........ 104 2,175 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

236 OPEN MARKET PAPER;S A YINGS INSTITUTIONS FEBRUARY 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 t P hr la o c 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 p o pe in d t s b i e n tw — een dealers 1 ly2 Total Own Bills Own For­ United United change bills bought acct. eign States States United Forcing corr. States countries 1957...................... 2,672 551 2,121 1,307 287 194 94 66 76 878 278 456 46 296 232 1958..................... 3 2'751 840 3 1,911 1,194 302 238 64 49 68 775 254 349 83 244 263 1959..................... 3^02 677 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 I ,301 541 778 186 171 974 1963 ..................... 6747 1 '928 4,819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964..................... 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 ,751 725 924 31 22 1’622 Apr........... 9'533 2'047 7,486 3^384 1 ,394 1,171 223 104 139 1,747 744 936 25 21 1 '659 May.......... 9'934 1,976 7,958 3; 467 1,452 1,187 264 82 160 1,774 761 965 23 21 1 ,698 June...... 9'370 1 '965 7; 405 3,355 U443 1,127 316 53 157 1,702 736 960 13 18 1 ,627 July........... 10,439 2'046 8,393 3,337 1,357 1,094 263 35 151 1 ,794 782 949 11 16 1 ,580 Aug....... 10'358 2'117 8,241 3; 299 1^321 1,078 243 55 145 1,779 797 933 11 12 1’547 Sept........... 9’692 2'194 7,498 3,314 1,311 1,114 198 63 152 1,787 820 942 17 20 1'516 Oct............ 10’554 2750 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 Dec............ 9^017 1 ,903 7,114 3,392 1 ,223 1,094 129 187 144 1,837 792 974 26 35 1 ',564 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 l a o o t n c a v d a t t e l . C ot r a o 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 e ia a s t n o i e n b e e t r d i s a 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 i s e li r ­ G r c e o e s a u n e c e n r ­ v r t a s e l c M om or m tg i a tm ge e n lo ts a n 3 accts. Number Amount 1941 ....................... 4,787 89 3,592 1,786 829 689 11,772 10,503 38 1,231 1945............................. 4,202 62 10^50 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............................. 23^38 320 7,270 729 4,971 921 535 37',784 34,031 526 3 ’ 227 89,912 1,664 1959 4........................... 24;769 358 6,871 721 4,845 829 552 38,945 34,977 606 3; 362 65;248 1,170 1960............................. 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1 ;200 1961............................. 28,902 475 6,160 667 5,040 937 640 42,829 38,277 781 3,771 61,855 1 ,654 1962............................. 32,056 602 6,107 527 5 J 77 956 695 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—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 6^16 383 5,123 992 909 55,133 49'444 1 ,214 4,476 138,062 2,838 Mar................... 41'265 820 6^54 381 5,144 1 ,007 931 55,602 49'989 1,108 4'505 138,853 2,873 Apr................... 41,563 798 5,857 379 5,183 944 928 55,652 49,978 1,216 4,459 141,959 2;930 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................... 42^00 807 5'791 356 5,284 '946 955 56'739 50^844 1 J50 4^45 151;885 2; 947 42,964 872 5,814 349 5,299 941 951 57,191 51,063 1,502 4,626 136,180 2,928 Sept................... 43,305 842 5,795 349 5'263 960 958 57,470 51^506 I i 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 Nov................... 44,031 888 5,515 333 5,243 885 966 57,863 51,826 1,366 4'672 124,097 2,823 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. 223. from those shown elsewhere in the Bulletin; the latter are for call dates 2 Commitments outstanding of banks in N.Y. State as reported to the and are based on reports filed with U.S. Govt, and State bank supervisory Savings Bank Assn, of the State of N.Y. agencies. Loans are shown net of valuation reserves. * Data reflect consolidation of a large mutual savings bank with a commercial bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 SAVINGS INSTITUTIONS 237 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a t l s Total U S n ta i t t e e s d Sta lo te c a a l nd Foreign 1 Total Bonds Stocks M ga o ge rt s ­ e R st e a a t l e P lo o a li n c s y O as t s h e e ts r Statement value: 1941........................................ 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945........................................ 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 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 5,683 1962........................................ 133,291 12,448 6,170 4,026 2,252 57,576 51 ,274 6,302 46,902 4,107 6,234 6,024 1963........................................ 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964........................................ 149,470 12,322 5,594 3,774 2,954 63,379 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—Nov.T.......................... 148,806 12,581 5,780 3,821 2,980 61,926 55,671 6,255 54,422 4,527 7,101 8,249 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 Nov.............................. 157,641 11,677 5,110 3,523 3,044 65,672 58,539 7,133 59,276 4,695 7,623 8',698 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance cos. in the United States. on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E pe n r d i o o d f M gag o e r s t­ s G e U c o . u v S r t . i , ­ Cash Other1 a li s a T s b e o i t l t s i a t 2 i l — e s S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n ow ey e 3 d L p o r a o n c s e s i s n Other c m o l m o en a m n ts i t 4 ­ ties profits 1941 4,578 107 344 775 6,049 4,682 475 256 6 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 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>87 1,293 874 1 285 1960 60,070 4,595 2'680 4J31 71,476 62,142 4,983 2'197 C 186 968 1 >59 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 >21 2 230 1963 90 >44 6,445 3,979 6'191 107'559 91,308 7,209 5’015 2,528 1,499 2*614 1964—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 >14 6,973 4,025 6,983 119,295 101,847 7,903 5 >96 2,221 1,728 2*589 1965-—Jan........... 101,844 7,098 3,593 6,827 119,362 102,101 8,014 5,146 2,113 1,988 2,642 Feb.......... 102,351 7,305 3,609 6,964 120,229 102,680 8,029 5,040 2 085 2 395 2 843 Mar...... 103,151 7,386 3,558 7,139 121,234 103',735 8 >00 4'938 2 182 2,379 3*124 Apr.......... 103,975 7,356 3 >98 7'293 122;022 103'642 8'017 5,456 2>81 2,626 3*281 May........ 104^816 7,406 3,433 7,680 123,335 104'434 8,027 5 >65 2,366 3,043 3 >79 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>77 3,408 7'739 126,558 107'199 8 >49 6,164 2 311 2,535 3*076 Oct........... 108,903 7,306 3,450 7,804 127,463 107,781 8 >54 6,162 2,258 2 908 2'993 Nov......... 109 >88 7 >47 3,548 8,041 128,524 108^588 8 >61 6 >66 2’199 3,310 2 >11 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

238 FEDERAL FINANCE FEBRUARY 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 l n u u d s s s t : g I L n o e t v r s t a s . : ­ 1 E r T q ec o u t t a s a l . l s 2 : Budget f T P un r lu u d s s s : t 3 A m L d e e j n s u s t s s ; t 4 ­ E p T q a o u y t a t a s l l s . : pa o y r t s. C (d d h i e i a r n b n e c t g t e a I g L n e v b e n e y s . s s t : & , L N ca e o s s n h s ­ : Eq N u e a t ls: & agen.) trusts debt 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 J 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......8..1 ,409 24,290 3,776 101,865 87,787 25,141 5,266 107,662 -5,797 11,010 492 923 9,594 1963.......8 6,376 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......8.9 ,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......9..3,072 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 "51,347 48,092 14,323 904 "61,511 "-10,164 6,486 "-494 234 "6,745 1965—Jan.-June.... 53,569 17,232 2,377 "68,352 48,415 15,314 2,845 "60,884 "7,468 447 "2,850 16 "-2,417 July-Dec......4.3,110 14,152 2,072 "55,024 52,964 15.700 1 ,628 67,035 -12,011 4,226 -1,464 401 5,289 Month: 1964—pec........... 8,856 1,966 557 10,256 8,770 2,565 453 "10,883 "-627 -685 -550 -122 -13 1965—Jan................ 5,642 1,016 262 6,387 7,676 2,207 774 9,109 -2,722 -240 -1,537 110 1,187 Feb............... 7,518 3,746 27 11,227 7,146 2,183 -277 9,606 1,621 1,884 1,353 60 471 Mar............... 11,188 2,175 285 13,065 8,139 2,064 637 9,566 3,499 -1,859 292 -43 -2,108 Apr.. ............ 8,549 2,201 244 10,492 8,268 2,949 741 10,476 16 -891 -1,471 57 523 May............. 7,268 4,885 284 11,857 8,116 2,323 -128 10,567 1,290 3,119 3,597 -151 -327 June.............. 13,404 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 Dec............... 9,553 1 ,935 602 10,838 9,426 2,636 942 11,121 -283 -852 -935 107 -24 Effects of operations on Treasurer’s account Net operating transactions Net financing transactions Change in Treasurer’s account cash balances (end of period) Period Agencies & trusts Change Operating bal. s B d u e u r o f d p i r g c l u i e t s t f T un ru d s s t 3 a C c l c e o a u ri n n t g s is M s s u e a o c a r f . k n J e c t e in I G n s e v U o c e v . . s t 3 t , S , . p d g d u i r e r i b o n e b l s c i t s t c T o r H u ea t e s s l i u d d r e y a T c u c r r e o e a r u ’ s n s ­ t Balance b F a . n R k . s a l T a c o n c a a d t x n s . a O s n t s h e e t e t s r Fiscal year—-1962..... -6,378 -851 566 1,780 -492 9,230 118 3,736 10,430 612 8,815 1,003 1963 ........ -6,266 1,143 122 1,022 -2,069 7,659 -74 1,686 12,116 806 10,324 986 1964 -8,226 1,446 948 1,880 -2,775 5,853 206 -1,080 11,036 939 9,180 917 1965 ........ -3,435 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 r —508 -1,256 258 "494 6,228 367 -3,741 7,295 820 5,377 1 ,098 1965—Jan.-June....... 5,154 1,917 452 1,114 "-2,850 -667 -193 5,316 12,610 672 10,689 1,249 July-Dec......... -9,853 -1,548 -845 596 1,464 3,630 -528 -6,028 6,582 708 4,577 I ,297 Month: 1964—Dec................ 86 -599 17 -139 550 -546 178 -809 7,295 820 5,377 1,098 1965 Jan................. -2,033 -1,191 402 -282 1,537 42 25 -1,550 5,745 914 3,612 1,219 Feb................ 372 1,563 -364 -16 -1,353 1 ,900 -95 2,197 7,942 988 5,800 1,154 Mar............... 3,049 110 396 327 -292 -2,186 116 1,289 9,231 867 7,271 1,093 Apr................. 280 -748 439 249 1,471 -1,140 447 105 9,336 944 6,934 1,458 May............... -848 2,562 -261 458 -3,597 2,661 -504 1 ,480 10,816 875 8,822 1,119 June............... 4,335 -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 Dec................. 126 -701 233 -45 935 -807 81 -177 6,582 708 4,577 1,297 1 Primarily interest payments by Treasury to trust accounts and accumu­ shift of the Food for Peace program from agriculture to international lations to U.S. employee trust funds. affairs. Half-yearly totals before fiscal 1965 have not been adjusted 2 Includes small adjustments not shown separately. for this reclassification. 3 Includes net transactions of Govt.-sponsored enterprises. 7 Yearly totals for fiscal 1962-65 reflect a shift of Watershed Planning 4 Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing Programs from agriculture to natural resources which is not reflected in accounts. monthly or half-year totals. s Includes technical adjustments not allocated by functions. 6 Yearly totals for fiscal 1962-65 and all monthly figures reflect a Note.—Based on Treasury Dept, and Bureau of the Budget data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 FEDERAL FINANCE 239 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Peiiod Estate Int. Total Individual Corp. Total a L n iq d u t o o r ­ H w ig ay h­ Total O a A n S d 1 e U m n p - l. a g n if d t t C o u m s s ­ r m e a p e n n a d y t s ­ fu R n e d ­ s Other W he i l t d h­ Other bacco R.R. Fiscal year—1962... 101,865 36,246 14,403 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: 1964—Jan.-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.. . ’’51,347 17,732 3,598 9.989 7,398 3,089 1 ,947 ’9,379 ’7,536 1,594 1,170 729 ’897 1 ,008 ’1,463 1965—J an.-J tine.. ’68,352 19,108 13,222 16,142 7,395 2,832 1,835 ’12,759 ’10,297 2,223 1 ,576 749 ’1 ,200 5,022 ’1,223 July-Dec... 55,024 19,964 3,806 10,892 7,046 n.a. 2,068 9,601 7,743 1,607 1 ,274 898 1,296 1,062 1 ,309 Month: 1964—Dec....... 10,256 2,969 430 3,953 1,257 555 280 885 778 65 192 125 152 90 383 1965—Jan............ 6,387 1,181 2,506 607 1 ,045 384 296 508 305 161 183 76 155 107 233 Feb........... 11,227 5,302 872 473 1,214 360 340 3,369 2,537 797 213 106 173 653 158 Mar........... 13,065 3,207 928 6,759 1,303 573 286 1 ,580 1,453 81 308 155 249 1,582 158 Apr........... 10,492 1,091 5,852 1,187 1,150 461 271 1 ,570 1,309 221 370 139 214 1,286 205 May.......... 11,857 5,371 696 520 1,325 489 296 4,211 3,285 888 283 128 205 1,071 189 June......... 15,320 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 1,305 499 421 3,808 2,922 847 212 145 181 225 146 Sept........... 12,599 2,995 2,427 4,236 1,162 512 334 1,200 1,118 43 193 159 196 186 217 Oct............ 4,283 1 ,263 244 625 983 470 313 610 465 101 213 153 202 206 196 Nov........... 10,728 5,793 141 507 1 ,155 575 352 2,313 1,804 469 185 164 352 117 235 Dec........... 10,838 3,237 468 4,315 1 ,220 n.a. 315 899 803 55 238 140 167 105 259 Cash payments io the public Period Total 5 t f i N e d o n e n a s ­ a ­ e l af I f n ai t r i s , 6 s S e p r a e a r ­ c c e h t A u c r g u e r l i ­ ­ 6 7 sou N u r r r e a c a ­ e t l ­ s 7 t m C ra a o e 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 l a o f l r a t r h & e , Ed ti u on 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 I , 257 ’4,399 ’2,282 5,487 1,691 23,975 1,052 6,092 6,940 1 ,837 1963.. 113,751 53,429 3,805 2,552 ’5,623 ’2,535 5,777 -268 25,698 1,214 5,971 7,427 1 ,953 1964....... 120,332 54,514 3,492 4,171 ’5,761 ’2,680 6,545 1 ,674 27,285 1,299 6,107 8,011 2,221 1965 ........ 122,395 ’50,790 ’4,583 ’5,093 ’5,353 '2,820 ’7,421 ’908 ’28,292 ’1,497 ’6,080 ’8,605 2,341 Half year: 1964—Jan.-June .... ’58,760 28,158 962 2,313 3,038 I , 1 39 2,890 -175 14,126 732 3,150 4,170 1 ,168 July-Dec....... ’61,51! 24,569 1 ,818 2,333 3,642 1 ,543 4,288 ’534 13,722 639 ’2,947 ’4,230 ’1,142 1965—Jan.-June .... 60,885 26,219 ’2,767 2,761 ’1,802 1,175 3,131 ’367 14,562 852 ’3,142 ’4,376 1,203 July-Dec....... 67,035 27,085 2,225 2,838 3,369 1 ,694 3,955 1,142 16,373 705 2,587 4,403 1,257 Month: 1964—Dec............ 10,882 4,512 562 435 ’520 255 651 460 2,407 122 ’532 ’422 218 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 ’-108 2,423 122 497 ’1,333 172 Mar............... 9,566 4,583 86 461 386 203 472 -99 2,319 146 501 ’445 197 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 ’588 508 ’385 278 717 123 2,51 I 183 ’512 ’507 218 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 Dec............. . 11,121 5,134 495 521 268 297 668 416 2,722 155 248 462 203 1964 1965 1964 1965 Item I n III IV I II in IV I II HI IV I II III IV Seasonally adjusted Not seasonally adjusted Cash budget: Receipts.... 29.5 28.7 28.2 28.7 29.9 32.7 i 30.5 30.5 30.3 33.4 27.0 24.3 30.7 37.7 29.2 25.8 Payments.... 30.5 29.7 30.2 29.8 30.1 32.3 ' 32.3 33.1 28.7 30.1 30.9 30.6 28.3 32.6 33,1 34.0 Net............ -1.1 -1.1 -2.0 -1.1 - .2 .5 : -l.« -2.5 1.6 3.3 -3.9 -6.3 2.4 5.1 -3.9 -8.1 1 For notes, see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

240 U.S. GOVERNMENT SECURITIES FEBRUARY 1966 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 End of period d T g e r o b o t t s a s l 1 d d T g e i r o r b o e t t s a c s l t 2 Total Marketable C ve o r n t­ ­ Nonmarketable i S s p su e e c s ia l 6 Total Bills C c e a r t t e i s fi­ Notes Bonds 4 bo ib n le d s Total 5 S in a g v s ­ bonds 1941—Dec.................................... 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945—Dec.................................... 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20.0 1947—Dec.................................... 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 ........5..9....5. 52.1 29,0 1958—Dec.................................... 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959—Dec.................................... 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43,5 1960—Dec.................................... 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47,2 44.3 1961-—Dec.................................... 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962—Dec.................................... 304.0 303.5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 47.5 43.4 1963—Dec.................................... 310.1 309,3 261.6 207.6 51.5 10,9 58.7 86.4 3.2 50.7 48.8 43.7 1964—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 ........5..0....2. 104.2 2.8 52.9 50.3 46.3 1966—Jan.................................... 322.4 322.0 273.2 217.7 61.6 1.7 50.2 104.2 2.8 52.8 50.3 44.4 1 Includes non-interest-bearing debt (of which $280 million, on Jan. 31, 5 Includes (not shown separately): depositary bonds, adjusted service 1966, 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 $15,612 million on Dec. 31, 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 pe n r d i o o d f g d r e o b s t s ag G t e a r o n n u v d c s t i t e , s B F a . n R k . s Total m C b e a o r n c m k ia ­ s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u i e e r ­ s ­ r c O a o t t r i h o p e n o r s ­ g S l a o o t n c v a d a t t e s l . Savi I n n g d s i vidu O a t l h s er n F a i o t n a i r n t o e e d n i r g a ­ n l 2 i O m t n o v t i r h 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 1960—Dec............... 290.4 55.1 27.4 207.9 62.1 6.3 11.9 18.7 18.7 45.7 20.5 13,0 11.2 1961 —Dec.. . .......... 296.5 54.5 28.9 213.1 67.2 6.1 11 .4 18.5 19.0 46.4 19.5 13.4 11.6 1962—Dec............... 304.0 55,6 30.8 217.6 67.2 6.1 11.5 18.6 20.1 46.9 19.2 15.3 12.7 1963—Dec............... 310.1 58.0 33.6 218.5 64.3 5.8 11.3 18.7 21.1 48.1 20.1 15.9 13.3 1964—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 11.3 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 60.4 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 J une 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 '60,0 5.4 10.4 16.7 22.9 49.5 '22.6 '16.5 14.9 Dec............... 321.4 61.9 40.8 218.7 60.9 5.4 10.4 15.7 22.9 49.6 22.6 16.5 14.7 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. tn 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

FEBRUARY 1966 U.S. GOVERNMENT SECURITIES 241 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........................................................ 203,011 87,284 48,250 39,034 61,640 33,983 4,565 15,539 1963—Dec. 31........................................................ 207,571 89,403 51,539 37,864 58,487 35,682 8,357 15,642 1964—Dec. 31....................................................... 212,454 88,451 56,476 31 ,974 64,007 36,421 6,108 17,467 1965—Nov. 30........................................................ 214,619 93,392 60,172 33,220 60,593 35,021 8,446 17,167 Dec. 31....................................................... 214,604 93,396 60,177 33,219 60,602 35,013 8,445 17,148 U.S Govt, agencies and trust funds: 1962—Dec. 31................................................ 9,638 1,591 865 726 1,425 2,731 1,309 2,583 1963—Dec. 31................................................ 11,889 1,844 1,366 478 1,910 3,021 2,178 2,936 1964—Dec. 31................................................ 12,146 1 ,731 1,308 424 2,422 3,147 1,563 3,282 1965—Nov. 30................................................ 13,544 1,489 1,097 392 3,167 3,349 2,073 3,466 Dec. 31................................................ 13,406 1 ,356 968 388 3,161 3,350 2,073 3,466 Federal Reserve Banks: 1962—Dec. 31................................................ 30,820 17,741 2,723 15,018 10,834 2,094 68 83 1963—Dec. 31................................................ 33,593 22,580 4,146 18,434 8,658 2,136 88 131 1964—Dec. 31................................................ 37,044 21,388 6,487 14,901 13,564 1,797 58 237 1965—Nov. 30........................................... . . 40,575 24,675 9,197 15,478 14,066 1.449 147 238 Dec. 31................................................ 40,768 24,842 9,346 15,496 14,092 1 ,449 147 238 Held by public: 1962—Dec. 31................................................ 162,553 67,952 44,662 23,290 49,381 29,158 3,188 12,873 1963—Dec. 31.............................................. 162,089 64,979 46,027 18,952 47,919 30,525 6,091 12,575 1964—Dec. 31................................................ 163,264 65,331 48,682 16,650 48,021 31,477 4,487 13,948 1965—Nov. 30................................................ 160,500 67,228 49,878 17,350 43,360 30,223 6,226 13,463 Dec. 31................................................ 160,430 67,198 49,863 17,335 43,349 30,214 6,225 13,444 Commercial banks: 1962—Dec. 31........................................ 58,004 19,885 9,838 10,047 26,348 11,163 191 417 1963—Dec. 31........................................ 54,881 16,703 9,290 7,413 26,107 11,075 533 463 1964—Dec. 31.................................... 53,752 18,509 10.969 7,540 23,507 11,049 187 501 1965—Nov. 30........................................ 49,505 17,286 9,153 8,133 19,792 11,448 329 650 Dec. 31........................................ 50,325 18,003 10,156 7,847 19,676 11,640 334 671 Mutual savings banks: 1962—Dec. 31................................... 5,793 635 252 383 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—Nov. 30........................................ 5,255 758 439 319 1,405 1,606 340 1,146 Dec. 31........................................ 5,241 768 445 323 1,386 1,602 335 1,151 Insurance companies: 1962—Dec. 31........................................ 9,265 1,259 552 707 2,175 2,223 718 2,890 1963—Dec. 31........................................ 9,254 1,181 549 632 2,044 2,303 939 2,787 1964—Dec. 31.................................. .. 9,160 1,002 480 522 2,045 2,406 818 2,890 1965—Nov. 30........................................ 8,803 913 469 444 1,961 2,125 1,099 2,705 Dec. 31........................................ 8,824 993 548 445 1,938 2,094 1,096 2,703 Nonfinancial corporations: 1962—Dec. 31........................................ 10,750 9,063 6,551 2,512 1,524 149 5 9 1963—Dec. 31........................................ 10,427 7,671 6,178 1,493 2,397 290 9 60 1964—Dec. 31........................................ 9,136 6,748 5,043 1,705 2,001 272 3 112 1965—Nov. 30........................................ 8,622 6,428 5,172 1,256 1,797 280 37 80 Dec. 31........................................ 8,014 5,91 1 4,657 1 ,254 1,755 225 35 89 Savings and loan associations: 1962—Dec. 31........................................ 2,862 437 254 183 817 1,030 105 473 1963—Dec. 31........................................ 3,253 378 236 142 919 1,202 253 501 1964—Dec. 31......................................... 3,418 490 343 148 1,055 1,297 129 447 1965—Nov. 30........................................ 3,637 567 382 185 960 1,393 251 466 Dec. 31........................................ 3,644 597 394 203 948 1,374 252 473 State and local governments: 1962—Dec. 31........................................ 11,716 4,447 3,282 1,165 1,059 1,505 688 4,017 1963—Dec, 31 ..................................... 12,453 4,637 3.869 768 941 1,502 1,591 3,782 1964—Dec. 31...................................... 15,022 4,863 3,961 902 2,014 2,010 1,454 4,680 1965—Nov. 30........................................ 15.695 5,606 4,636 970 1,836 1,853 1,992 4,408 Dec. 31........................................ 15,707 5,571 4,573 998 1,862 1,894 1 ,985 4,395 All others: 1962—Dec. 31........................................ 64,162 32,227 23,935 8,292 16,121 10,877 1,175 3,761 1963—Dec, 31........................................ 66,320 33,719 25,637 8,082 14,301 12,144 2,389 3,767 1964—Dec. 31........................................ 67,341 33,111 27,542 5,570 15,863 12,678 1,637 4,052 1965—Nov. 30........................................ 68,983 35,669 29,628 6,04( 15,610 11,518 2,177 4,009 Dec. 31........................................ 68,675 35,356 29,089 6,267 15,784 11,386 2,187 3,962 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 5,951 commercial banks, 501 mutual savings Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

242 U.S. GOVERNMENT SECURITIES FEBRUARY 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 W 1 y it e h a in r y 1 ea -5 rs y 5 e - a 1 r 0 s 10 O y v e e a r rs G U o . v S t . , Other m C b e a o r n c m k ia s ­ l o A th l e l r securities 1964—Dec.............................. 2,052 1,596 261 146 49 615 38 835 564 85 1965—Jan............................... 2,405 1,763 307 177 158 689 44 1,036 637 93 Feb............................... 1,814 1,434 219 91 69 516 29 750 518 101 Mar.............................. 1 ,690 1,369 184 83 53 523 24 672 471 108 Apr.............................. 1 ,769 1,467 172 91 38 562 38 708 460 155 May................... 1,670 1 ,379 151 108 32 448 33 698 491 143 June............................. 1,786 1,453 200 103 31 584 45 696 462 204 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.............................. 2,115 1,745 243 94 34 595 50 895 575 149 Dec............................. 2,187 1 ,691 286 166 43 637 55 1,000 496 146 Week ending—• Dec. 1...................... 2,026 1,738 140 122 26 554 48 871 554 142 8........1..,.6..9..8........ 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 1,324 588 178 1966—Jan. 5...................... 2,612 2,150 243 185 34 721 60 1,314 517. 142 12....................... 1 ,868 1,416 235 189 28 506 53 902 407 104 19....................... 2,229 1,793 231 158 48 631 68 965 566 173 26....................... 1,859 1,490 197 1 10 61 513 34 860 453 136 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 All Corpora­ All mat A ur ll i ties W 1 y it e h a in r y 1 ea -5 rs 5 O y v e e a r rs securities sources Y N C o i e t r w y k w E h ls e e re ­ tions 1 other 1964—Dec......... 3,252 2,675 419 159 282 1964—Dec....... 3,399 1 ,029 781 1,056 533 1965 Jan.......... 3,812 2,882 196 734 246 Feb.......... 3,420 2,688 163 569 237 1965—Jan............. 4,354 1,323 1,229 1,206 596 3,034 2,590 112 332 268 Feb............ 3*495 '856 '902 1 ,278 459 Apr......... 3,471 3,118 115 238 327 Mar....... 3,181 626 807 1 '350 398 May..... 3,398 2,508 149 741 378 Apr........... 3,594 918 885 1,369 422 June........ 3,651 2,838 115 697 509 May.......... 3'635 765 828 1'327 716 July...... 4,180 3,472 100 609 446 June. 4,094 1,251 776 1 ,457 609 Aug......... 3,548 2,907 222 419 368 July........... 4,459 1 '293 1 ,009 1,468 688 Sept......... 2^858 2,622 75 161 292 Aug........... 3,815 ’967 '650 1,584 613 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 Dec......... 3,049 2,857 187 5 278 Nov........... 3'016 829 519 1 ,451 217 Dec............ 3'275 1 ,014 530 1 ^389 341 Week ending— Week ending— 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 Dec. 1 . . 3,598 3,279 215 103 336 8. . 3,125 2,872 183 69 290 Dec. 1 . .. 3,531 925 599 1,784 223 15. . 3,164 2,954 178 33 285 8. 3,425 761 450 1,869 346 22. . 2,950 2,826 176 -52 266 15 . . . 3,417 1,137 481 1 ,486 314 29. . 3,087 2,915 204 -33 267 22. . . 3,140 1,100 623 1,179 237 29. .. 3,133 I ,067 538 1,100 429 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

FEBRUARY 1966 OUTSTANDING SECURITIES 243 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, JANUARY 31, 1966 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Feb 3, 1966................. 2,202 July 7, 1966................. 1,003 Apr. 1, 1968...........114 212 Aug. 15, 1970.........4 4,129 Feb, 16; 1966................. 2;201 July 14, 1966................. 1 ;ooo Oct. 1, 1968...........04 115 Aug. 15, 1971.........4 2,806 Feb 1?; 1966................. 2; 202 July 2i; 1966................. 1 ,001 Apr. 1, 1969...........1U 61 Nov. 15, 1971....... • 3% 2,760 Feb 24’, 1966................. 2', 201 July 28, 1966................. 1 ,000 Oct. 1,1969...........114 159 Feb. 15, 1972.........4 2,344 Feb 28' 1966................. 1 ;ooi July 31, 1966................. 1 ;ooo Apr. 1, 1970...........U/4 88 Aug. 15, 1972....... .4 2,579 Mai. 3’ 1966................. 2 201 Aug. 3i; 1966................. 1 ,000 Oct. i; 1970...........1^ 39 Aug. 15, 1973....... .4 3,894 Mar. 16; 1966................. 2; 202 Sept 30; 1966................. 1,000 Nov. 15, 1973....... ■ 4*4 4,357 Mar. 1?; 1966................. 2; 207 Oct. 31', 1966................. 1 ;ooo Feb. 15, 1974....... 3,130 Mar. 22; 1966................. 3; 009 Nov. 30, 1966................. 1 ;ooi June '15. 1962-67.. .214 1 ,430 May 15, 1974....... .4*4 3,593 Mar. 24’, 1966................. 2',209 Dec. 31, 1966................. 1 ,001 Dec. 15, 1963-68. ..21/4 1,791 Nov. 15, 1974....... • 3% 2,243 Mar. 31, 1966................ 3; 201 Jan. 31', 1967................. 1 ;ooi June 15, 1964-69.. .2^4 2; 548 May 25, 1975-85...4*4 1,218 Apr. 7, 1966,................ 2; 306 Dec. 15, 1964-69... 21A 2,527 June 15, 1978-83...3*4 1,581 Apr. 14, 1966............... 2,301 Mar. 15, 1965-70.. .214 2; 409 Feb. 15, 1980....... .4 2,608 Apr. 21, 1966................. 2,304 May 15, 1966..........3% 1,688 Nov. 15, 1980....... ■3’4 1,912 Apr. 28; 1966................. 2,302 Feb. ’15, 1966..........3% 2,195 Aug. 15, 1966..........3 I 024 May 15, 1985....... .3% 1,126 Apr. 30, 1966................. 1 ;ooi Feb. 15, 1966..........3% 2^97 Nov. 15; 1966..........3% 1,851 Feb. 15, 1990....... .3*4 4,899 May 5, 1966................. I ,000 Apr. i; 1966...........1(4 ’675 Mar. 15, 1966-71. ..2!4 1,398 Aug. 15, 1987-92..• 4% 3,818 May 12; 1966................. I ,000 May 15, 1966..........4’ 9,519 June 15, 1967-72... 2«/4 1 ;276 Feb. 15,1988-93.,.4 250 May 19, 1966................. i ;ooi Aug. 15, 1966..........4 11,060 Sept. 15, 1967-72. ..214 1 ;952 May 15, 1989-94...4% 1,560 May 26; 1966................. 1 ;ooi Oct. 1,1966...........114 357 Nov. 15, 1967...........3*4 2;oi9 Feb. 15, 1995....... .3 2,192 May 31, 1966................. 1 ,001 Nov. 15, 1966..........4 2,254 Dec. 15, 1967-72,. .2/2 2; 682 Nov. 15, 1998....... •3'4 4,412 June 2 1966................. 1 ,000 Feb. 15, 1967...........3% 2,358 May 15, 1968..........3% 2; 460 June 9 1966, .... 1 ,'000 Feb. 15, 1967..........4'" 5,151 Aug. 15, 1968......... 3,747 Convertible bonds June 16, 1966,......... । ;ooi Apr, 1,1967...........1>4 '270 Nov. 15. 1968..........3% 1 ;591 Investment Series B June 22, 1966................. 4; 522 May 15, 1967..........4% 9,748 Feb. 15, 1969..........4' 3,728 Apr. 1,1975-80.,.2% 2,780 June 23 1966,.. .... 1 ,003 Aug. 15,1 967..........3% 2; 929 Oct. i; 1969..........4 6,259 June 30, 1966................. 2; 002 Oct. 1,1967...........1^ 457 Feb. 15; 1970..........4 4,381 Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, DECEMBER 31, 1965 Agency, a n ty d p e c o a u n p d o d n a r t a e t e of issue, Maturity o ( A f m m d il o l o l i l u o a n n r s s t ) Agency, a n ty d p e c o a u n p d o n d a r t a e t e of issue, Maturity o ( A f m d m i o ll o l i l o u a n n rs s t ) Federal home loan banks Federal intermediate credit banks Debentures: Notes: Apr. 1, 1965 ......................... .4*4 Jan. 3,1966 288 Feb. 15, 1965 ......................... .4.20 Jan. 17, 1966 220 May 3, 1965 ......................... .4.30 Feb. 1, 1966 274 Aug. 16, 1965......................... .4.30 Jan. 25, 1966 302 June 1, 1965 ......................... .4.30 Mar. 1, 1966 272 Apr. 15, 1965 ......................... .4.30 Feb. 25, 1966 524 July 1, 1965 ......................... .4.35 Apr. 4, 1966 272 June 15. 1965 ..........................4.35 Mar. 25, 1966 273 Aug. 2, 1965 ......................... .4.30 May 2, 1966 294 May 17, 1965 ..........................4.30 Apr. 25, 1966 525 Sept. 1, 1965 ......................... .4.35 June 1, 1966 228 July 17,1965 ......................... .4.35 May 25, 1966 496 Oct. 4, 1965 ......................... .4.35 July 5, 1966 204 Sept. 15. 1965 ..........................4.40 June 24, 1966 336 Nov. 1, 1965 ......................... .4.45 Aug. 1, 1966 239 Aug. 16, 1965 ..........................4.35 July 25, 1966 500 Dec. 1, 1965......................... 4.60 Sept. 1,1966 165 Nov. 1, 1965......................... .4.60 Sept. 26, 1966 500 Federal land banks Bonds: Bonds: July 15, 1964......................... . .4'4 Mar. 15, 1966 260 Apr. 3, 1961......................... ■ •354 Feb. 21,1966 150 Dec. 9, 1963......................... ..4'4 Aug. 15, 1966 200 June 21, 1965 ......................... .4.35 May 2, 1966 117 June 15, 1964......................... ..4'4 Nov. 15, 1966 275 May 1, 1958 ......................... ..3'4 May 2, 1966 108 Oct. 15,1965 ......................... ..4*4 Jan. 25, 1967 375 Sept.20, 1961......................... -.4'4 July 20, 1966 193 Mar. 15, 1965 ......................... ..4'4 Sept. 15, 1967 185 Oct. 20, 1965 ......................... ..4.55 Sept. 20. 1966 219 June 15, 1965 ......................... .4*4 Mar. 1, 1968 250 Aug.23, 1965 ......................... ..4% Dec. 20, 1966 239 Feb. 15, 1957 ......................... -.4'4 Feb. 15, 1967-72 72 Federal National Mortgage Association— Apr. 20, 1965......................... ..4*4 Feb. 20, 1967 126 secondary market operations May 1, 1962......................... . .4 May 22, 1967 180 Dec. 20, 1965 ............. . .4*4 Aug. 21, 1967 179 Discount notes........................... 396 Oct. 1, 1957 ......................... ■ 4*4 Oct. 1, 1967-70 75 Oct. 22, 1963 ......................... • >4 Vs Oct. 23, 1967 174 Debentures: Apr. 1, 1959......................... ”414 Mar. 20, 1968 111 Sept. 10, 1962......................... • ■3*4 Mar. 10, 1966 108 May 1, 1963 ......................... . .4 June 20, 1968 186 Dec. 12, 1960......................... ..4*4 Dec. 12, 1966 93 Aug. 20, 1964......................... . .414 Aug. 20, 1968 160 Oct. 11, 1965 ......................... ..4*4 Oct. 11,1967 150 Feb. 2, 1959 ......................... ”4*4 Mar.20, 1969 100 Mar. 10, 1958........................ ..3*4 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*4 July 15, 1969 60 Apr. 11, 1960............. ..454 Apr, 10, 1970 142 Oct. 20, 1964 ......................... ”4*4 Oct. 20, 1969 209 Sept. 12, 1960......................... ..4'4 Sept. 10, 1970 119 Feb. 1, 1960......................... ..5*4 Feb. 20, 1970 82 Aug. 23, I960......................... . .4'4 Aug. 10, 1971 64 Feb. 14, 1958 ......................... ”3*4 Apr. 1, 1970 83 Sept. 11, 1961...........................4*4 Sept. 10, 1971 96 Jan. 5, 1960......................... ”5*4 July 20, 1970 85 Feb. 10, 1960......................... . .5'4 Feb. 10, 1972 98 May I, 1956......................... ”3*4 May 1, 1971 60 Dec. Il, 1961.........................■ .4*4 June 12, 1972 100 Sept. 14, 1956......................... ”3% Sept. 15, 1972 109 June 12, 1961......................... . .4*4 June 12, 1973 146 Feb. 20, 1963 ......................... . .4*4 Feb. 20, 1973-78 148 Feb. 13, 1962......................... ■ .4'/2 Feb. 10, 1977 198 Feb. 20, 1962 ......................... . .4*4 Feb. 20, 1974 155 Apr. 20, 1965 ......................... ..4y8 Apr. 21, 1975 200 Banks for cooperatives Tennessee Valley Authority Debentures: Short-term notes......................... 95 Aug. 2,1965..........................4.30 Feb. 1, 1966 225 Bonds: Oct. 4,1965 ..........................4,35 Apr. 4, 1966 217 Nov. 15, 1960......................... .4.40 Nov. 15, 1985 50 Nov. 1, 1965......................... 4,40 May 2, 1966 151 July 1, 1961......................... .454 July 1, 1986 50 Dec. 1,1965 ......................... . .4'4 June 1, 1966 205 Feb. 1, 1962........................ .4*4 Feb. 1, 1987 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

244 CREDIT AGENCIES; SECURITY ISSUES FEBRUARY 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 n t e e o d m c r s e ­ - s I m nv e e n s ts t­ p C a d o a n s e s d i ­ h t s B n a o o n n t d e 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 t s ­ D n t e a u ( o L b n r t e d e e ) s s n ­ c L a o t ( o o i t A v o a p e n ) e s s r ­ D t e u ( b L re e ) s n­ c L o a d ( o u A n i a s n d n ) ­ t s s D t e u (L b re e ) s n­ M l g o ( a A a o g n r ) e t s ­ B ( o L n ) ds 1957. 1,265 908 63 825 653 685 1 ,562 1,315 454 222 932 886 919 1,599 1958. 1,298 999 75 714 819 769 1 ,323 1,100 510 252 1,157 1,116 2,089 1,743 1959. 2,134 1 ,093 103 1 ,774 589 866 I ,967 1,640 622 364 1,391 1 ,356 2,360 1,986 I960. 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 1 ,571 1,180 1,107 2,770 2,453 697 435 1,650 1 ,585 2,828 2,431 1962. 3,479 1 ,531 173 2,707 1 ,214 1,126 2,752 2,422 735 505 1,840 1 ,727 3,052 2,628 1963 4,784 1,906 159 4,363 1,151 1,171 2,000 1 ,788 840 589 2,099 1 ,952 3,310 2,834 1964 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 I 10 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 Sep 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 5,22! 936 1,275 2,290 1 ,918 1 ,082 787 2,501 2,386 4,245 3,671 Dec 5,997 1 ,640 129 5,221 1 ,045 1,277 2,456 1 ,884 1 ,055 797 2,516 2,335 4,281 3,710 Note.—Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the U.S. Mortgage Assn., and Farm Credit Admin. Among the omitted balance Govt., for a listing of these securities, see preceding page. Loans are sheet items are capital accounts of all agencies, except for stock of home gross of valuation reserves and represent cost for FNMA and unpaid loan banks. Bonds, debentures, and notes are valued at par. They in­ principal for other agencies. clude only publicly offered securities (excluding, for the home loan banks, NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds amount Period deliv­ Total G g o a e b t a n i l l o e i­ n r­ s R n e u v e e­ PHAI G l U o o a .S v n . t s , State S di p s a s t e n t a c r d t i i , c a t l Other2 ered 3 Total c E at d i u o ­ n R br o a i a n d d g d s e s U iti t e il s ­ 4 H in o g u s s­ V a a e n i t d s e ’ r ­ O p p o t u h s r e e ­ s r 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 10,069 10,201 3,392 688 2,437 727 120 2,838 1964-—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 1 265 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 3 451 Oct....... 844 476 343 24 193 320 331 965 794 197 79 109 87 322 Nov.. . . 1 ,043 833 192 ........... 17 241 270 532 926 1,021 382 74 288 13 * 264 t Only bonds sold pursuant to 1949 Housing Act; secured by contract 5 Includes urban redevelopment loans. requiring the Public Housing Administration to make annual contributions to the local authority. Note.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt. Ioans. 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

FEBRUARY 1966 SECURITY ISSUES 245 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 Period Re­ Total G U o . v S t. . 2 G a U c g o y . e v S n 3 t ­ . , l U S o a c t n . a a d S t l e . 4 Other 5 Total Total o B P f l o f i u c e n l b r y d e ­ s d p v l P a a t r c e i e l ­ y d fe P r r r e e S ­ d toc C k m o o m n ­ Total Total m N on e e w y 7 O p p o t u s h r e e ­ s r s m r t e i i o t r e c i e f e n u ­ s t ­ 1957................... 30,571 9,601 572 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1958.................. 34 343 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 I960................... 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................... 31 316 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—Nov........ 4,631 3,242 566 97 727 675 30 645 9 43 720 669 553 116 51 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 3,050 390 325 971 131 1,233 1 ,070 422 648 35 127 1 214 1,152 939 213 61 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 Nov........ 6380 3,463 375 1,018 83 I ,441 1,184 613 572 92 165 1 ,419 1 ,358 1,193 165 61 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 an s d Transportation Public utility Communication an R d 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 capita!8 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 ;ou 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—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 2! 21 1 182 4 Feb.................................... 192 15 35 2 47 215 13 44 213 3 494 56 104 4 108 17 229 57 26 4 236 9 Apr.......................... 540 16 120 6 58 1 176 34 15 3 244 2 698 22 75 4 163 248 23 143 1 364 6 June............................ 441 41 151 15 44 I 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 Nov................................... 444 25 61 2 85 209 29 11 1 548 5 1 Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of flotation. number of units by offering price, 7 For plant and equipment and working capital. 2 Includes guaranteed issues, 8 All issues other than those for retirement of securities. 3 Issues not guaranteed. 4 See Note to tabic 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

246 SECURITY ISSUES FEBRUARY 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 Newissues Retirements Net change New Retire­ Net New Retire­ Net issues ments change issues ments change I c n o ve s s .1 t, Other In c v o e s s .1 t. Other I c n o ve 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 1'804 2'684 2,650 1962....................... 14,206 6,457 7,750 8,613 3,749 4,864 3,338 2.255 1,140 1,567 2,198 688 1963....................... 15,552 8,711 6,841 10,556 4,979 5,577 3,049 1,948 1,536 2,197 1,513 -249 1964....................... 18,610 8,290 10,320 10,715 4,077 6,637 4,147 3,748 1,895 2'317 2'252 1,431 1964—III............... 4,011 1,946 2,065 2,297 1 ,033 1,265 1,010 704 475 438 535 265 IV............... 5,158 2,590 2,568 3,233 1,191 2,043 1,300 625 415 984 885 -360 1965—I................. 4,162 2,058 2,103 2,272 967 1,305 1,275 615 485 606 790 8 II................ 6^339 2,525 3^814 4,007 1,252 2,755 1,243 1,089 511 762 732 327 Ill.............. 5,062 2,477 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 n on 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 n on o d te s s Stocks & B o n n o d te s s Stocks 1959....................... 316 442 217 162 332 2 1,738 1,028 475 445 994 2,342 I960....................... 399 462 261 -46 173 -42 1,689 635 901 356 1,572 2,164 1961....................... 2,012 415 516 -447 71 -7 1,648 704 149 1,457 '775 3,212 1962....................... 1,355 -242 294 -201 -85 -25 1,295 479 1,172 357 833 2,517 1963....................... 1,804 -664 339 -352 316 -19 876 245 438 447 1,806 1,607 1964....................... 1,303 -516 507 -483 317 -30 1 ,408 476 458 1,699 2; 644 2,537 1964—in............... 232 28 93 -34 38 -47 290 149 42 92 569 613 IV............... 689 -226 265 -444 88 -7 356 101 -47 115 693 986 1965—I................ 574 -256 -5 -1 39 9 281 97 64 100 351 850 II. . ............ 814 138 234 -30 57 -28 293 116 201 139 1,156 723 Ill............... 625 -170 223 -20 37 21 554 78 255 149 305 530 t Open-end and closed-end cos. foreign and include offerings of open-end investment cos., sales of securi­ 2 Extractive and commercial and misc. cos. ties held by affiliated cos. or RFC, special offerings to employees, and also 3 Railroad and other transportation cos. new stock issues and cash proceeds connected with conversions of bonds 4 Includes investment cos. into stocks. Retirements include the same types of issues, and also 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. 245. actions only. As contrasted with data shown on p. 245, new ssucs exclude OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C si a ti s o h n 3 Other Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C s a i s ti h o n Other 1954.............. 863 400 463 6,109 309 5,800 1964—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; 046 492 8,554 Feb... 313 159 154 30,749 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 12,608 Apr... 351 155 196 31,521 1,523 29,998 1959.............. 2,280 786 1,494 15,818 860 14,958 May. . 301 158 143 31,431 1,551 29,880 June.. 417 186 231 30,036 1,447 28,589 I960.............. 2,097 842 1,255 17,026 973 16,053 July... 332 147 185 30,749 1,616 29,133 1961.............. 2'951 1,160 1 '791 22,789 980 21,809 Aug... 272 142 129 31,762 1,815 29,947 1962.............. 2,699 1,123 1,576 21,271 1,315 19,956 Sept... 381 183 199 32,824 1,787 31,037 1963.............. 2’460 1,504 952 25,214 1,341 23,873 Oct.... 394 173 220 33,921 1,758 32,163 1964.............. 3,404 1,875 1 ,528 29,116 1,329 27,787 Nov... 360 163 197 34,533 1,847 32,686 Dec.. . 475 176 299 35,220 1,803 33,417 1965.............. 4,359 1,962 2,395 35,220 1 ,803 33,417 1 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

FEBRUARY 1966 BUSINESS FINANCE 247 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS In nullions of dollars) 1964 1965 Industry 1960 1961 1962 1963 1964 I II III IV I II III Manufacturing Total (177 corps.): Sales..................................................... 123,911 123,669 136,545 147,380 157,633 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 6^21 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.): Sales........................................................ 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................................... 1,026 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 I ,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 2,575 Profits before taxes.................................... 648 625 729 816 836 188 245 211 192 145 259 445 382 572 651 698 144 196 175 182 121 213 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 Railroads: Interstate Commerce Commission data for Class 1 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

248 BUSINESS FINANCE FEBRUARY 1966 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t r e a o f x o f e i r s t e s c ta o I x n m e ­ s e P t a r a f o x t f e e i r s ts d C d e i a n v s d i h ­ s tr U p i r b n o u d f t i i e t s s d ­ co c a n a t l i l s p o o u i w n t m a ­ l p ­ Quarter P b t e r a o f x o f e i r s t e s c ta o I x n m e ­ e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h ­ s t U r p i r b n o u d f t i i e t s s d ­ co c a n a t l i l s p o o u i n w t m a ­ l p ­ ances 1 ances i 1957.............. 47.2 21.2 26.0 11.7 14.2 20.8 1964—1. ... 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 in... 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—P. .. 73.1 29.5 43.6 18.0 25.6 35.4 1962.............. 55.4 24.2 31.2 15.2 16.0 30.1 H'„. 73.9 29.8 44.1 18,6 25.5 35.8 1963 .............. 58.6 26.0 32.6 15.8 16.8 32.0 1HL. 74.6 30.1 44.5 19.2 25.3 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 G U o . v S t . .1 Other G U o . v S t . .1 Other taxes 1957............................. 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958............................. 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 1.7 88.7 12.9 33.3 1959............................. 124.2 277.3 36.3 22.8 2.9 117.7 88.4 9.1 153.1 1.7 99.3 15.0 37 0 1960 ......................... 128.6 289.0 37.2 20.1 3.1 126.1 91 .8 10.6 160.4 1.8 105 0 13.5 40 1 1961............................. 135.6 306.8 41.1 20.0 3.4 135.8 95,2 11.4 171.2 1.8 112.8 14.1 42.5 1962............................. 142.8 326.7 42.9 20.2 3.7 146.7 100.9 12.4 184.0 2.0 121.2 15.0 45 7 1963 ............................. 151.2 349.9 44,5 20.6 3.6 159.7 107.3 14.3 198.8 2.5 131.8 16^3 48.2 1964—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—1........................ 163.5 376.4 42.5 18.5 3.3 177.5 117.3 17,2 212.9 2.8 141.4 16.6 52.1 H....................... 166.2 384.3 43.7 16.3 3.2 182.8 119.7 18.4 218.0 2.9 145.9 15.9 53 2 HI.................. 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 ab n l ­ e Mining Railroad Other u P t u il b it l i i e c s n C i o ca m ti m on u s ­ Other 1 a ( r n S a n . t u e A ) a . l 1957........................................ 36.96 8.02 7,94 1.24 1.40 1.77 6.20 3.03 7.37 1958........................................ 30.53 5.47 5.96 .94 .75 1.50 6.09 2.62 7.20 1959........................................ 32.54 5.77 6.29 .99 .92 2.02 5.67 2.67 8.21 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 II................................. 11.11 2.30 2.23 .29 .36 .63 1.58 1.10 2.61 43.50 Ill................................ 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 ................................. 12.8! 2.76 2.70 .33 .44 .77 1.71 1.24 2.85 50.35 Ill............................... 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—1 2................................ 12.48 2.70 2.70 .32 .40 .89 1.47 4.)1 56.70 1 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

FEBRUARY 1966 REAL ESTATE CREDIT 249 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Non fa rm Other Multifamily and Mortgage E pe n r d i o o d f All Finan­ holders 2 All Finan, Other All 1- to 4-family houses commercial properties4 type s h e o r l s d­ tu i t c n i i o s a t n l i ­ s 1 a U c g i . e e S n s . ­ v o I i a t d n h n u d e d a i r ­ l s s h e o r l s d­ tu i t c n i i o s a t n l i ­ s 1 h e o r l s d 3 ­ h e o r l s d­ Total tu F i t n i i n o s a t n i n ­ s , ! O h e o t r h l s d e ­ r Total tu F i t n 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 n V r H i d A t A t e e - r - n ­ t C i v o e o n n n a ­ ­ l 1941........... 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945........... 35.5 21.0 2.4 12.1 4.8 1,3 3.4 30.8 18.6 12.2 6.4 12,2 7 4 4.7 4 3 26 5 1957........... 156.5 1 19.7 7.4 29.3 10.4 4.0 6.4 146,1 107.6 89.9 17,7 38 5 25 8 12.7 51 6 94 5 1958........... 171,8 131.5 7.8 32.5 11.1 4.2 6.9 160.7 117.7 98.5 19.2 43.0 28.8 14.2 55 2 105.5 1959........... 190.8 145.5 10.0 35.4 12.1 4.5 7.6 178.7 130,9 109.2 21.6 47.9 31 8 16 1 59 2 119 4 1960........... 206.8 157.6 11.2 38.0 12.8 4.7 8.2 194.0 141.3 117.9 23.4 52.7 35,0 17.7 62 3 131.7 1961........... 226.3 172.6 11.8 4! .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 1965”......... 341 .9 1963—III... 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—I.... 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 III... 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—I”.. . 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 HP.. 326,0 252.2 11.7 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 in?.. 334.0 258.3 11.9 63.8 20.7 7.6 13.1 313.3 209.0 180.8 28.2 104.3 69.9 34,4 IV”.. 341 .9 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 s Data by type of mortgage on nonfarm 1- to 4-family properties alone assns. are shown on second page following. 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin., and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Note.—Based on data from Federal Deposit Insurance Corp., Federal Other U.S agencies (amounts small or current separate data not readily Home Loan Bank Board, Institute of Life Insurance, Depts, of 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. ** 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 v o en n ­ ­ O n fa t o r h n m e ­ r Farm Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ O n fa o t r h n m e ­ r Farm sured anteed tional sured anteed tional 1941 ........................... 4,906 3,292 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 1 ,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961............................... 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,029 2,753 51 1962............................... 34.476 23,482 6,520 2,654 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963............................... 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1964............................... 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965”............................. 49,323 44.726 1963—in...................... 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 H....................... 41,648 27,750 7,158 2,793 17,799 11,340 2,558 38,199 34,407 11,376 10,826 12,205 3,739 53 HI...................... 42,948 28,432 7,250 2,786 18,396 11,896 2,620 39,381 35,449 11,826 10,977 12,646 3,879 53 IV...................... 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965—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 HI”.................... 48,148 43,608 IV”..................... 49,323 44,726 1 Includes Ioans 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

250 REAL ESTATE CREDIT FEBRUARY 1966 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H ur A e - d a g n V u t A e a e r - d ­ Other 1 Farm 1 Total Total in F s H u A re - d a g n V u t A e a e r - ­ d Other Farm 1945 ............................... 976 6,637 5 860 1 394 4 466 766 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 >86 21 011 2 827 I960.............................................. 6,086 5,622 1,401 291 3,930 464 41,771 38,789 9 >32 6,901 22,856 2’982 1961 ........................................ 6,785 6,233 1 ,388 220 4,625 552 44,203 41,033 9,665 6,553 24 815 3 170 1962.............................................. 7,478 6; 859 1,355 469 5,035 619 46,902 43 >02 10,176 6,395 26 >31 3>00 1963............................................. 9,172 8,306 1'598 678 6,030 866 50,544 46,752 10^756 6 >01 29 595 3 792 1964.............................................. 10>32 9,385 1'811 674 6,900 1,047 55>52 5O>48 11 >84 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 1,014 112 55 J 97 50,893 11 >12 6>13 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 >93 11,676 6 >39 33 478 4 348 Mar................................. 939 786 154 51 581 153 56,343 51,923 11,742 6>32 33 749 4 420 Apr................................... 880 772 134 40 598 108 56,687 52,213 1 1,786 6>19 34,008 4 474 May.................................. 749 662 117 37 508 87 56,997 52,482 11 >21 6 >04 34,257 4 515 June................................. 939 840 142 41 657 99 57,384 52,806 11,860 6 >84 34 562 4 578 July................................... 834 759 121 40 598 75 57,663 53,041 11,866 6 >61 34,814 4,622 Aug.................................. 867 798 144 41 613 69 58,017 53^359 11 >14 6 >40 35,105 4 658 Sept.................................. 932 868 142 45 681 64 58,411 53,723 11 >50 6>26 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 loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because (1) 1959 and with “other” nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and (2) data for year-end adjustments are more complete. Note.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS 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 c ­ es R m e e p n a ts y­ M de e p m o b si e t r s s 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 I >65 731 534 653 1959........... 15,151 5,201 6,613 53,141 2,995 7,186 42,960 1958....................... 1,364 1 >31 1,298 685 613 819 1960........... 14,304 4,678 6,132 60,070 3,524 7,222 49,324 1959....................... 2,067 1,231 2,134 1,192 942 589 1960....................... 1 >43 2,097 1,981 1,089 892 938 1961........... 17,364 5,081 7,207 68,834 4,167 7,152 57,515 1962........... 20>54 5,979 8,524 78,770 4,476 7,010 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 >79 2 >05 I 474 1,213 1964........... 24 >05 6,515 10,397 101,314 4,896 6,686 89,732 1963....................... 5,601 4 >96 4,784 2 >63 1 921 1 151 1965^.......... 23,842 5.915 10,699 110.206 5,159 6,426 98.621 1964....................... 5 >65 5 ,025 5 >25 2,846 2 479 I 199 1965....................... 5 007 4 >35 5>97 3 >74 2 923 1 043 1964 1964-—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 >20 2 431 1 013 Mar....... 348 452 4,>47 2 >77 2>70 1,048 Jan.............. 1,527 370 638 101,844 4,906 6,683 90,255 Apr........ 735 264 5 >19 2 >65 2’653 1,026 Feb........ 1 >41 379 638 102,351 4,921 6,654 90,776 M ay........... 350 342 5 >27 2 >80 2 748 1 017 Mar............. 2,056 544 824 103,151 4,939 6,629 91,583 June....... 602 243 5>86 2,867 2,719 1,172 Apr............. 2 >68 558 850 103,975 4,952 6,590 92,433 July............ 613 406 5 >93 3>76 2 617 912 May........... 2 >22 526 861 104,816 4,975 6,568 93,273 Aug............ 355 378 5,770 2,951 2 819 902 June........... 2 >99 614 1,099 105,827 5,001 6,560 94,266 Sept............ 310 278 5 >02 2>08 2,894 942 July............. 2,186 520 1,063 106,647 5,022 6,547 95,078 Oct............. 337 312 5,826 2 >24 2 902 957 Aug............. 2,187 511 1,099 107,490 5,050 6,507 95,933 Nov............ 236 338 5 >24 2>77 2 847 934 Sept............. 2,079 490 1,015 108.234 5,082 6,480 96,672 Dec............. 400 128 5,997 3,074 2,923 1 .043 Oct........ 1 >61 487 ’910 108,903 5,106 6,462 97,335 Nov............. 1.825 431 834 109,488 5.112 6,435 97.941 DecJ’.......... 1 ,991 484 868 110,206 5.159 6,426 98,621 1 Secured or unsecured Joans maturing in 1 year or less. 2 Secured loans, amortized quarterly, having maturities of more than 1 year but not more than 10 years. t 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

FEBRUARY 1966 REAL ESTATE CREDIT 251 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 Mortgages Prop­ Mortgages End of Con­ Period erty period Total ven­ Total h N om ew es h is o E t m i x n ­ e g s e P c r t o s j­ 1 m pr i e o m n v t ­ e s ­ 2 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 r n e ­ A d - a g n V u t A e 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 I960............................ 6,293 2 J97 2,403 711 982 L985 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 i ,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............................ 8130 1,608 4,965 895 663 2,846 1,023 1 ,821 1965............................ 8,689 1 .705 5.760 591 634 2.652 876 1 ,774 1963—1.......... 169.2 63.0 33.0 30.0 106.2 11 173.7 63.8 33.5 30.3 109 9 1964—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.......... 1 85.4 66.6 35.7 31.0 118.8 Mar 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 HI........ 193.9 68.4 37.4 31.1 125M 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—J p........ 200.5 70 1 39.0 31 0 130 5 Aug.................. 875 163 594 51 67 245 78 167 II* 204.8 70.7 39.7 31.0 1343 Sept................. 860 159 597 42 62 254 78 177 IIP.... 209.0 Oct................... 811 161 554 45 52 245 81 163 Nov................. 824 156 550 61 57 243 79 163 Dec.................. 780 165 533 38 43 228 77 151 1 Includes outstanding amount of VA vendee accounts held by private investors under repurchase agreement. 1 Monthly figures do not reflect mortgage amendments included in annual totals. 2 Not ordinarly secured by mortgages. Note.—For total debt outstanding, figures are 3 Includes a small amount of alteration and repair loans, not shown separately; only such FHLBB and F.R. estimates. For conventional, loans in amounts of more than $1,000 need be secured. figures are derived. Based on data from Federal Home Loan Bank Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans Board, Federal Housing Admin., and Veterans Admin. represent gross amount of insurance written; Va-guaranteed loans, gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY MORTGAGE DEBT OUTSTANDING ON INCOME PROPERTIES (In millions of dollars) (In billions of dollars) Mortgage holdings tr M an o s r a t c g t a io g n e s Com­ Non fa rm (during mit­ End of period) ments End of period Total Farm period Total FH in A ­ - g V u A ar - ­ Pur­ bu d u r i n s s ­ e ­ d Total in F s H u A re - d C t o io n n v a e l n­ sured anteed chases Sales 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 2,418 623 482 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 1? 8 1960........ 6; 159 3,356 2,803 1 348 357 576 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 1965. 4,731 3,404 1 ,327 913 200 793 1963—1.......................... 88.0 72.4 7.3 65.1 15.6 Il......................... 91.7 75.5 7.4 68 1 16.2 1964-—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 Up....................... 105.8 87.7 7.7 80.0 18.1 Apr................ 4,341 2^989 1 352 51 43 321 HIP....................... 109.7 91.2 7 8 83 5 18 5 May............. 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—Ip........................ 117.2 97.7 7.9 89.9 19 5 Aug............... 4,332 3^039 1,293 54 418 1[p....................... 121.2 101 .0 8 0 93.0 20.2 Sept................ 4,372 3,083 1,289 78 443 Hl”....................... 125.0 104.3 20.7 Oct................. 4,436 3,145 1,290 96 559 Nov................ 4,559 3,255 1 .304 155 674 Dec................. 4,731 3,404 1 ,327 205 ........7..9.3 Non:.—Based on data from same sources as shown for “Mortgage Debt Outstanding” table (second preceding page), and for table immedi­ ately above. Note.—Federal National Mortgage Assn, data including mortgages subject to participation poll of Government Mortgage Liquidation Trust, hut 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

252 CONSUMER CREDIT FEBRUARY 1966 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A p o a u p b t i e o l r e ­ co g O p n o a s t o p h u d e e m s r r er e a r n l R n o d i e a z n p m a s a t o i i o r 1 d n ­ Pe lo rs a o 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 r r e v 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 1,322 3,087 845 1,645 597 1945........................................ 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1958........................................ 45,129 33,642 14,152 9,028 2,346 8,116 11,487 3,627 5,060 2,800 1959........................................ 51,542 39,245 16,420 10,630 2,809 9,386 12,297 4,129 5,104 3,064 1960........................................ 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 1 1,256 14,151 5,136 5,324 3,691 1962........................................ 63,164 48,034 19,540 12,605 3,246 12,643 15,130 5,456 5,684 3,990 1963........................................ 69,890 53,745 22,199 13,766 3,389 14,391 16,145 5,959 5,871 4,315 1964........................................ 76,810 59,397 24,521 15,303 3,502 16,071 17,413 6,473 6,300 4,640 1965"...................................... 85,983 67.406 28,201 17,414 3,625 18.166 18,577 6,940 6,746 4.89! 1964—Dec.............................. 76,810 59,397 24,521 15,303 3,502 16,071 17,413 6,473 6,300 4,640 1965—Jan............................... 76,145 59,342 24,574 15,204 3,473 16,091 16,803 6,412 5,724 4,667 Feb.............................. 75,741 59,363 24.743 14,984 3,446 16,190 16,378 6,442 5,154 4,782 Mar.............................. 76,085 59,788 25,063 14,944 3,440 16,341 16,297 6,518 4,977 4,802 Apr.............................. 77,483 60,803 25,615 15,056 3,439 16,693 16,680 6,606 5,210 4,864 May............................. 78,687 61,739 26,109 15,229 3,484 16,917 16,948 6,686 5,453 4,809 June............................. 79,887 62,790 26,685 15,422 3,524 17,159 17,097 6,776 5,528 4,793 July............................. 80,686 63,609 27,171 15,573 3,553 17,312 17,077 6,781 5,534 4,762 Aug.............................. 81.454 64,393 27,493 15,738 3,597 17,565 17,061 6,825 5,498 4,738 Sept............................. 81,924 64,846 27,555 15,954 3,613 17,724 17,078 6,856 5,496 4,726 Oct.......................... 82,569 65,368 27,766 16,214 3,625 17,763 17,201 6,871 5,645 4,685 Nov.............................. 83,390 66,012 27,976 16,515 3,638 17,883 17,378 6,903 5,740 4,735 Dec,'1........................... 85,983 67,406 28,201 17.414 3,625 18,166 18,577 6.940 6,746 4,891 1 Holdings of financial institutions; holdings of retail outlets are in- loans. The estimates include data for Alaska beginning with Jan. 1959 eluded 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 lor 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 m c k ia s ­ l fi S n c a o a l n s e . c s e u C n r i e o d n i s t fi s n C u a m o n n c e e ­ r 1 Other 1 Total D st m o e r p e e a n s r t t 2 ­ F st t u o u r r r n e e i s ­ A s a t p o n p r c e l e i s ­ d m e A a o u l b e t r i o l s ­ e 3 Other 1939............................. 4,503 3,065 1,079 1,197 132 657 1 ,438 354 439 183 123 339 1941............................. 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 ............................. 2,462 1,776 '745 300 102 629 686 131 240 17 28 270 1958............................. 33,642 28,659 12,780 8,844 2,668 3,085 1,282 4,983 1,882 1,128 292 506 1 175 1959............................. 39,245 33,570 15,227 10,319 3,280 3,337 I ,407 5'676 2'292 1 '225 310 481 I * 368 I960............................. 42,832 37,218 16,672 11,472 3,923 3,670 I ,481 5,615 2’414 1J07 333 359 1 402 1961............................. 43,527 37,935 17,008 11,273 4,330 3,799 1 ,525 5,595 2,421 1,058 293 342 1 481 1962............................. 48,034 41,782 19,005 12,194 4,902 4,131 1,550 6'252 3,013 I '073 294 345 1 527 1963............................ 53,745 46,992 21,610 13,523 5,622 4,590 1,647 6'753 3’427 1,086 287 328 1 *625 1964............................. 59,397 51,990 23,943 14,762 6,458 5,078 1 ,749 7^407 3^922 1 J 52 286 370 1 677 1965 ............................. "67,406 "59,114 "28.014 16,138 7.512 5.606 1 .844 8,292 4’488 1 '235 302 447 I .’ 820 1964—Dec................... 59,397 51,990 23,943 14,762 6,458 5,078 1,749 7,407 3,922 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 24,246 14,782 6,465 5,101 I ,758 7'011 3,713 I' 10! 282 377 1 538 Mar............ 59,788 52,837 24'537 14,831 6,569 5'132 1,768 6'951 3,673 1 ^085 277 384 1 532 Apr........... 60^803 53,828 25,117 14,991 6,739 5; 202 1,779 6,975 3’701 1 ,077 275 395 1 527 May............ 61,739 54,694 25,602 15,158 6,871 5,243 1,820 7,045 3'745 1 '076 277 405 1 542 June.......... 62,790 55,666 26,154 15,372 7,032 5,287 1,821 7,124 3,785 1 '084 281 417 1 557 July................... 63,609 56,442 26,610 15,565 7,124 5,334 1,809 7,167 3^811 1 ,090 284 425 1 557 Aug................... 64,393 57,181 26,992 15,721 7,235 5,387 1,846 7,212 3^847 1 J 03 287 431 1 ’544 Sept.......... 64,846 57,570 27,210 15,802 7,310 5,410 1,838 7,276 3,910 1'117 289 433 1,527 Oct................... 65,368 57,962 27,475 15,876 7,363 5,422 1,826 7,406 3 ’ 979 1 J 38 293 438 1,558 Nov.................. 66^012 58,411 27,699 15,963 7,436 5,465 1 ,848 7,601 4 JOI 1 167 297 443 1 593 Dec................... "67.406 "59 J 14 "28.014 16.138 7.512 5.606 1 ,844 8’292 4,488 1 ' 235 302 447 1 ’820 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

FEBRUARY 1966 CONSUMER CREDIT 253 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Aut p o a m pe o r bile O co th m e - r R a e n p d a ir Per­ Auto­ O co th n e ­ r R a e n p d a ir Per­ End of period Total s g u o m od e s r e m rn o iz d a ­ ­ s lo o a n n a s l End of period Total m pa o p b e il r e s g u o m od e s r m iz o a d ti e o r n n ­ l s o o a n n a s l ch P a u s r e ­ d Direct paper lo ti a o n n s paper 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 1958 8,844 6/10 I 717 36 781 1958......................... 12,780 4,014 2,170 2,269 1,715 2,612 1959 10,319 7/87 2 114 72 946 1959........................ 15'227 4,827 2,525 2,640 2,039 3,196 1960 11/72 7,528 2,739 139 I 066 I960......................... 16,672 5,316 2,820 2,759 2,200 3,577 1961. 11/73 6/11 3 100 161 1*201 1961......................... 17,008 5,391 2,860 2,761 2,198 3,798 1962. 12,194 7,449 3/23 170 1 452 (962......................... 19,005 6,184 3/51 2,824 2,261 4,285 1963. 13,523 8/28 3 383 158 1 *754 1963 ........................ 21’610 7,246 4,003 3,123 2,361 4,877 1964. 14,762 8,701 3*889 142 9’030 1964........................ 23,943 8,300 4/51 3,380 2/27 5,385 1965 16/38 9/41 4/29 123 2*345 1965"....................... 28'014 9,952 5/37 3,987 2/93 6,145 1964—Dec...................... 14,762 8,701 3 889 142 2 030 1964—Dec............... 23,943 8,300 4,451 3,380 2/27 5,385 1965-—Jan....................... 14/97 8,684 3 943 140 2/30 1965—Jan............... 24,091 8,325 4,503 3/55 2/00 5/08 Feb...................... 14/82 8,693 3 887 139 2 063 Feb............... 24'246 8/05 4,568 3/57 2,378 5/38 Mar..................... 14/31 8/23 3 897 137 2*074 Mar.............. 24,537 8,539 4,673 3,461 2,368 5/96 Apr...................... 14/91 8,824 3 978 136 2*103 Apr............... 25/17 8,769 4,814 3/06 2,364 5,664 May..................... 15^158 8,919 3 977 134 ?128 25,602 8,982 4,935 3,554 2,391 5,740 June............ 15/72 9,055 4*023 133 2*161 June............. 26,154 9,201 5,078 3,616 2/20 5,839 July.................... 15', 565 9,174 4*067 133 2* 191 July............. 26,610 9/21 5'181 3,672 2/46 5,890 Aug..................... 15,721 9/35 4’ 125 131 2*230 Aug.............. 26,992 9,564 5,248 3'726 2/73 5,981 Sept..................... 15’802 9,196 4/04 129 2*273 Sept.............. 27'210 9,638 5,243 3,787 2/88 6,054 Oct..................... 15'876 9/01 4 269 128 2/78 Oct............... 27'475 9'768 5/94 3,847 2/99 6,067 Nov..................... 15,963 9/10 4*332 126 2 295 Nov............. 27,699 9,865 5,364 3,890 2,502 6,078 Dec..................... 16/38 9/41 4,429 123 2^45 Dec."........... 28,014 9/52 5/37 3,987 2/93 6,145 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 paper g p o a o p d e s r iz lo a a ti n o s n loans End of period Total Com­ Other De­ S c e r r e v d ic it e 1 1 9 9 3 4 9 1 . . 9 7 5 8 7 9 12 81 2 3 24 6 1 1 4 5 6 7 6 85 9 b m c a i n e a k r l ­ s t f u i i n c t n i i s a o a t l n i n ­ ­ s s m t p o a e r r n e t s t ­ 1 o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t 1945. 731 54 20 14 643 1958. 7,035 1,152 565 595 4,723 1939.............. 2,719 625 162 236 1.178 518 1959. 8,024 1 ,400 681 698 5/44 1941............. 3/87 693 152 275 1 ’ 370 597 1960. 9,074 1,665 771 800 5,837 1945 ............. 3/03 674 72 290 1’322 845 1961. 9,654 1/19 743 832 6/57 1958.............. 11 ,487 3,156 471 907 3 808 345 2 800 1962. 10,583 2,111 751 815 6,906 1959............. 12/97 3'582 547 958 3*753 393 3*064 1963. 11/59 2,394 835 870 7/60 I960............. 13/96 3,884 623 941 3*952 436 3*360 1964. 13/85 2,699 997 933 8,656 1965 14,962 3/24 1/53 1 .009 9,676 1961.............. 14/51 4/13 723 948 3 907 469 3 691 1962............. 15/30 4'690 766 927 4*252 505 3*990 1964-—Dec...................... 13/85 2,699 997 933 8,656 1963.............. 16/45 5/47 912 895 4*456 520 4 315 1964.............. 17/13 5/69 1,004 909 4*756 635 4*640 1965-—Jan....................... 13/71 2,689 996 933 8,653 1965.............. "18,577 "5.845 1 ,095 968 5 ’O55 723 4*891 Feb...................... 13,324 2,700 1,006 929 8,689 Mar...................... 13/69 2/44 1,019 935 8,771 1964—Dec... 17/13 5/69 1/04 909 4,756 635 4,640 Apr...................... 13/20 2/13 1,042 939 8,926 May..................... 13'934 2/68 1,058 959 9/49 1965—Jan.,. . 16,803 5/09 1/03 793 4,280 651 4,667 June..................... 14,140 2',934 1,076 971 9/59 Feb.. . 16,378 5/36 1/06 660 3,857 637 4,782 July..................... 14/67 2,970 1/92 974 9/31 Mar... 16/97 5/95 1,023 601 3,743 633 4,802 Aug..................... 14/68 3,015 1,106 993 9'354 Apr... 16,680 5,572 1/34 626 3,942 642 4,864 Sept..................... 14,558 3'045 1/20 996 9/97 May.. 16,948 5,628 1 ,058 647 4,142 664 4,809 Oct...................... 14,611 3,065 1,130 998 9/18 June.. 17/97 5,707 1/69 627 4/18 683 4,793 Nov..................... 14,749 3'094 1/35 1 ,010 9'510 July.. . 17,077 5,718 1/63 591 4,217 726 4,762 Dec..................... 14,962 3/24 1.153 1 .009 9.676 Aug... 17/61 5,747 1/78 595 4,149 754 4,738 Sept.., 17/78 5,776 1 ,080 647 4/78 771 4,726 Oct.... 17/01 5,793 1,078 682 4/21 742 4,685 Note.-—Institutions represented are consumer finance cos., credit Nov... 17,378 5,810 1,093 725 4/91 724 4,735 unions, industrial loan cos., mutual savings banks, savings and loan Dec.. . "18/77 "5,845 1 ,095 968 5/55 723 4,891 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

254 CONSUMER CREDIT FEBRUARY 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 s p u e m r er mode R rn ep iz a a i t r i o a n n d l oans Personal loans Period S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 1958........................................ 40,119 14,226 11,747 1,871 12 275 1959........................................ 48,052 17'779 13'982 2,222 14*070 I960........................................ 49,560 17'654 14 470 2 213 15*223 1961........................................ 48,396 16,007 14,578 2 068 15 744 1962....................................... 55,126 19'796 15,685 2’051 17 594 1963........................................ 60,822 22;013 17,007 2,178 19 624 1964........................................ 66'070 23,565 19,’162 2 182 21’161 1965^...................................... 74,527 27^357 21,334 2 213 23 623 1964—Dec............................. 5,816 6,767 2,043 1,992 1,719 2 404 180 161 1 874 7 210 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 6J73 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 May............................. 6^105 6,189 2^15 2,384 1 '728 1,682 190 214 1 972 1 ’ 909 June............................. 6; 139 6,780 2^250 2^608 1 '717 11804 199 225 1 973 2 143 July............................. 6; 278 6^429 2^01 2'465 1 '792 1,755 179 200 2 006 2*009 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 Oct............................... 6,306 6,144 2; 266 2; 263 1,883 1 ,874 177 182 1 980 I *825 Nov.............................. 6,405 6,50! 2,408 2,352 1 ,852 1 ,979 182 187 1 963 1 983 Dec J'........................... 6; 398 7,415 2,'393 2^274 1 ^846 2,632 185 162 1 ,974 2^347 Repayments 1958........................................ 40,344 15,415 . 1,563 1,626 11 741 1959........................................ 42,603 15'579 12 402 1 765 12 857 I960........................................ 45'972 16'384 13’574 1 883 14*130 1961........................................ 47,700 16,472 14,246 2 015 14 967 1962........................................ 50'.620 17,478 14,939 1 996 16 206 1963........................................ 55,111 19^354 15,846 2 035 17,876 1964........................................ 60,418 21^243 17'625 2,069 19 481 1965^...................................... 66,518 23,677 19,223 2 090 21 ,528 1964—Dec.............................. 5,256 5,455 1 ,864 1,838 1,505 1 ,532 177 175 1,710 1,910 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 I ,897 1,746 1,632 1,558 172 159 1 ,680 1 ,523 Mar............................ 5^93 5,748 1 ;924 2,062 1 ;567 1 '659 17! 182 1,731 1 ,845 Apr.............................. 5,445 5,465 1 ,936 1,944 1,487 1'502 190 191 1 '832 1 ,828 May............................. 5,435 5,253 1 ,940 1,890 1,564 1,509 172 169 1 '759 1 '685 J une............................. 5,537 5,729 I ,960 2,032 1,587 1 ,611 179 185 1 ,’811 1,901 July............................. 5,612 5,610 1 ,972 1,979 1 ,612 1 '604 169 171 1 ^859 1,856 Aug..................... 5; 679 5,610 2,030 2,021 1 ’658 1 ,604 180 180 1 ,811 1 ,805 Sept..................... 5,648 5,539 1,996 1'977 1,629 1 '612 168 171 1 ,855 1,779 Oct.............................. 5^717 5,622 2,028 2,052 1,648 1'614 170 170 1 '871 1,786 Nov.............................. 5,748 5,857 2,1 12 2, 142 1,666 1 ,678 173 174 1 ’797 1 ' 863 Dec?’........................... 5,751 6,021 2,049 2,049 1 '695 L733 176 175 1 ,831 2,064 Net change in credit outstanding2 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 2'322 1 ,537 113 1 ,680 1965 p............ • 8^009 3^680 2JII 123 2,095 1964—Dec.............................. 560 1,312 179 154 214 872 3 -14 164 300 1965—Jan............................... 670 -55 290 53 203 -99 10 -29 167 20 Feb.............................. 641 21 331 169 128 -220 3 -27 179 99 Mar............................. 637 425 305 320 131 -40 15 -6 186 151 Apr.............................. 744 1 ,015 336 552 158 112 -1 -1 251 352 May..................... 670 936 275 494 164 173 18 45 213 224 June............................ 602 1,051 290 576 130 193 20 40 162 242 July............................. 666 '819 329 486 180 151 10 29 147 153 609 784 283 322 136 165 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 Dec.''........................... 647 1 ,394 344 225 151 899 9 -13 143 283 i 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," Noth.-—Estimates are based on accounting records and often include Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 CONSUMER CREDIT 255 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 i n e c s e Ot i h n e st r i t f u in ti a o n n c s ial Retail outlets Period S.A.1 N.S.A. S.A. 1 N.S.A. S.AJ N.S.A. S.AJ N.S.A. S.A.1 N.S.A. Extensions 1Q5R_______ . ................................. 40,119 14,860 9,043 9,654 6,563 1959....................................... 48,052 17,976 11'196 10,940 7,940 1960. 49,560 18,269 .................. 11,456 12,073 7,762 1961 ...................................... 48,396 17,711 10,667 12,282 7,736 1962. 55,126 20,474 11,999 13,525 9,128 1963. 60,822 22,871 12,664 14,894 10,393 1964, 66,070 24,515 14,020 16,251 11,284 1965. "74,527 .................. "28,757 ................. 15,075 .......1..8.,.1..2..0. 12,575 1964-—Dec.............................. 5 816 6,767 2,186 2,176 1,191 1,317 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 1,557 1,076 1,014 Aug.............................. 6 288 6,394 2,478 2,509 1,256 1,293 1,514 1 ,576 1,040 1,016 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 1,267 1,293 1,512 1 ,574 1,092 1,224 Dec.............................. "6 398 "7,415 "2,519 "2,475 1 ,291 1 ,425 1,514 1,788 I ,074 1,727 Repayments 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 1965. "66,518 ................. "24,686 .................. 13,699 .......1.6..,.4..4..3... 11,690 1964-—Dec.............................. 5 256 5,455 1 ,944 1 ,913 1,129 1,177 1,303 1,458 880 907 1965-—Jan............................... 5 213 5,078 1,921 1,872 1 ,059 992 1,299 1,233 934 981 Feb............................... 5 381 4,986 1,956 1,819 1 ,157 1,075 1,286 1,164 982 928 Mar.............................. 5 393 5,748 1,972 2,123 1,136 1,243 1,328 1,406 957 976 Apr.............................. 5 445 5,465 2,002 2,011 1,108 1,124 1,396 1,402 939 928 May............................. 5 435 5,253 2,020 1,974 1,113 1,072 1,329 1,273 973 934 June............................. 5 537 5,729 2,048 2,135 1,137 1,179 1,377 1,448 975 967 July.............................. 5 612 5,610 2,070 2,084 1,152 1,125 1,421 1 ,430 969 971 Aug.............................. 5 679 5,610 2,137 2,127 1,160 1,137 1,384 1,375 998 971 Sept.............................. 5 648 5,539 2,083 2,075 1,180 1,147 1,410 1,350 975 967 Oct.............................. 5 717 5,622 2,165 2, 120 1,130 1,149 I ,422 1,351 1,000 1,002 Nov............................. 5 748 5,857 2,181 2,186 1,194 1,206 1,377 1,436 996 1 ,029 Dec............................. ''5 751 "6.021 "2.148 r2,160 1 ,203 1,250 1,401 1,575 999 1,036 Net change in credit outstanding2 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 1965........................................ "8,009 "4’071 1 '376 I ‘677 885 1964—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 24 670 936 323 485 129 167 165 214 53 70 June............................ 602 1 ,051 322 552 100 214 127 206 53 79 July.............................. 666 '819 341 456 101 193 117 127 107 43 Aug.............................. 609 784 341 382 96 156 130 201 42 45 Sept............................ 683 453 381 218 131 81 104 90 67 64 Oct............................... 589 522 297 265 84 74 86 53 122 130 Nov.............................. 657 644 353 224 73 87 135 138 96 195 Dec.............................. "647 "1.394 "371 "315 88 175 113 213 75 691 1 Includes adjustment for differences in trading days. months the differences between extensions and repayments for some 2 Net changes in credit outstanding arc equal to extensions less repay­ particular holders do not equal the changes in their outstanding credit. ments except: (I) 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

256 INDUSTRIAL PRODUCTION: S.A. FEBRUARY 1966 MARKET GROUPING (1957-59=100) 1957-59 1964 1965 pro­ 1964 Grouping por­ aver­ tion age Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec. Total index..................................... 100.00 132.3 138.1 138.6 139.2 140.7 140.9 141.6 142.7 144.2 144.5 143 5 145.1 146 4 148 5 47.35 131.8 138.1 138.4 138.5 140.1 139.4 140.2 140. 7 141.7 142.3 143.3 145. 7 147 4 148 8 Consumer goods........................... 32.31 131.7 138.0 138.4 138,0 140.0 138.5 138.6 138.7 139.3 139.5 140 7 141.7 142 8 144 1 Equipment, including defense. . . . 15.04 132.0 138.4 138.2 139.4 140.4 141.2 143.7 144.9 147.0 148.4 149.0 154.3 157; 3 159:6 Materials ................................. 52.65 132.8 138.0 138.8 139,7 141 .7 142,6 142.6 144.5 146.4 146.1 143.7 144.3 145.6 148 3 Consumer goods Automotive products........................... 3,21 145.1 166.2 165.7 163.8 173.1 166.9 168.1 168.1 167.8 169 8 166 5 168 6 168 7 170 0 Antos................................................................. 1.82 150.6 183.0 182,8 178,9 194.2 183,5 184.9 187.1 184 6 184.3 178 1 181'1 182 5 182 4 Auto parts and allied products........ 1.39 138.0 144.0 143.1 143,9 145.2 145.1 146.0 143.0 145.8 150,7 151.2 152.0 150^6 153> Home, goods and apparel................... 10.00 131.9 139,1 140. 8 141.4 142.4 141.1 141.4 141.5 140 9 140.1 142 7 145 1 146 9 150 1 Home goods...................................... 4.59 14! .1 150.5 151 .7 152.7 154.0 152.1 151.8 151.3 151 2 149 8 153 0 156 9 1590 164 2 Appliances TV, and radios............. 1 .81 137.1 149.4 147.2 148.7 150.8 149 0 147.6 148 8 146 5 145 2 149 1 1540 155 2 161 5 Appliances................................. 1.33 141 . i 150.9 148.5 150,8 152.3 151.7 149.7 152,1 148*4 146 4 1510 156 6 156 5 162 3 TV and home radios................. .47 125.7 145.3 143.6 142.9 146.8 141.3 141.6 139.2 141.3 141.9 143 6 146.6 1515 J 59 3 Furniture and rugs......................... 1.26 142.4 149.7 150.6 152.6 152.7 152.0 154.4 153 5 154 0 152 3 152 0 154 9 157*4 160 7 Miscellaneous home goods........... 1.52 144.7 152.3 157.9 157.5 158.9 155,8 154.7 152 6 154'4 153 3 158 4 161 9 164 8 170 3 Apparel, knit goods, and shoes....... 5.41 124.2 129.4 131.6 131.8 132.5 131.8 132.5 133.2 132^2 131.9 134^0 135,1 I 36*6 (Consumer staples............................... 19.10 129.3 132. 7 132.6 131.9 133.2 132.4 132.2 132. 7 134 1 134 1 135 3 115 4 136 4 136 6 Processed foods................................. 8.43 119.9 122.5 122.3 121.3 122.1 122.1 121.1 120,7 122'4 121 6 121 6 122 2 123 1 123J Beverages and tobacco.................... 2.43 123.2 127.5 128.3 126.1 128,1 121.5 124.8 126.2 123'9 123.6 127'5 126 0 128 2 Drugs, soap, and toiletries............... 2.97 146.9 151.8 154.2 152.8 154.2 152,6 151.9 152 9 157 0 160.1 161 3 159 2 161 *2 161 3 Newspapers, magazines, and books. 1.47 123.7 124.3 125.8 125.3 128.6 126,9 126.6 125.6 128.0 128.0 126.1 126^3 127^6 129,8 Consumer fuel and lighting.............. 3.67 142.3 146,9 143.9 145,4 146.5 148,8 148.2 150.6 151 2 150,6 154 2 156 0 155 2 Fuel oil and gasoline..................... 1.20 119.6 120.1 1 18.0 119.9 118.6 122.4 119.9 122 8 123 1 123 1 122 6 124 8 126 6 126 5 Residential utilities........................ 2.46 153.4 159.9 156.5 157.8 160,0 161.7 162.0 164,1 164’9 164,0 169 7 171 J 1692 Electricity................................... 1.72 159.6 165.9 163.7 164.3 167.0 169.1 169.3 172.2 172.6 171.3 181 .0 182,9 180*1 Gas.............................................. .74 Equipment Ruxiness equipment............................. 11.63 139.1 148.5 147. 7 149.2 150.1 150.9 153.5 154 6 156 4 157 8 1 59 0 164 1 I67 2 Industrial equipment......................... 6.85 137.0 145.9 144.8 147.1 148.3 148.4 150.6 1519 155'1 1538 1553 159 4 162 0 162 0 Commercial equipment..................... 2.42 145.3 152.4 152.5 156.2 159.1 161.3 162.3 164,1 1652 165 2 166 4 169 7 1727 176 2 Freight and passenger equipment. .. 1.76 141.0 155.2 154.0 150.7 148.2 150.8 157.1 157.8 155^0 163.6 164^2 178^7 180^4 190,8 Farm equipment................................ .61 133.1 142.1 142.5 141.3 140.4 138.3 141.7 143 7 145 3 157 1 155 4 155 7 165 8 Defense equipment............................. 3.41 Materials Durable goods materials.................... 26.73 131.2 136.8 138.0 139.0 142.6 142.9 143.4 146 1 148 4 147 1 142 8 142 2 141 0 146 4 Consumer durable................ 3.43 145.8 156.1 159.6 164.9 166.3 163.4 162.3 169 9 171 8 167 9 165 4 167 0 168 2 i 68 1 Equipment......................................... 7.84 134.4 141.5 142.6 143,8 146.9 147.5 148.7 150 0 153'3 1547 154 2 158 4 16Q 0 163 5 Construction...................................... 9.17 124.5 127.5 128.3 130.8 133.5 130 5 13! 4 131 3 1327 1346 1 34 5 1353 137*2 138 4 Metal materials n.e.c......................... 6.29 129.2 139.1 141 .9 140,5 142.5 141.8 139.7 142 3 146’3 142 4 130 6 126 2 122 7 129 5 Nondurable materials......................... 25.92 134.3 139.2 139.5 140.5 140.6 142.4 141 8 143.4 145 0 144 8 144 5 146 4 148 2 150 3 Business supplies............................... 9.11 127.4 132.7 133.2 135,6 134.2 135.1 134.1 134.8 137 6 135 1 135 9 i36 8 140 7 144 2 Containers...................................... 3.03 127.9 135.3 136.3 138.0 129.7 137 3 132.0 132 0 136 1 1 32 1 134 4 1 36 6 144 9 146 9 Genera] business supplies............. 6.07 127.1 131 .4 131.6 134,4 136,5 134.0 135.2 136.2 138 3 136 6 i 36 7 136 9 1 38 6 142 9 Nondurable materials n.e.c............... 7.40 157.7 165.2 167.0 167.5 167.6 170.8 168.8 171.1 174*7 176'6 1783 179 5 180 7 182 6 Business fuel and power.................. 9.41 122.6 125.1 124.1 123.9 125.7 127.2 127.9 129.9 128 9 129 2 126 3 129 7 110 0 130 8 Mineral fuels................................. 6.07 1 12.2 113.3 112,1 Hl J 112.3 114.3 115.1 116 9 117 0 117 2 112 1 1 17 9 117 8 1 18,6 Nonresidential utilities.................. 2.86 149.6 154.6 153,8 155.6 158,5 159.6 160.1 162.4 158.8 160^ 1 16L5 160^9 161 7 Electricity................................... 2.32 149.6 154.6 154.7 156.1 159.1 160.2 160.7 163.4 160 8 162 3 163 5 162 7 163 4 General industrial.................. 1.03 142.8 149.7 148.7 150.9 154.9 155.8 156.0 159.8 159 .'3 161.3 160’7 158^4 162 0 Commercial and other....... 1.2! 159.7 164.2 165.3 166.0 168.3 169.8 170,5 172.4 167.9 169.2 171.9 172,3 170*7 Gas............................................. .54 Supplementary groups of consumer goods Automotive and home goods........... 7.80 142.8 156.9 157.4 157.3 161 .9 158.2 158 5 158.2 158 1 158 1 158 5 161 7 163 0 166 6 Apparel and staples........................... 24.51 128.1 132.0 132,4 131.9 133,0 132.3 132.2 132.8 133*7 133^6 135^0 1354 13C4 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 INDUSTRIAL PRODUCTION: S.A. 257 INDUSTRY GROUPINGS (1957-59=100) 19 p 5 r 7 o - ­ 59 1964 1964 1965 Grouping por­ aver­ tion age Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept, Oct.r Nov. r Dec. To|h1 index.................................... 100.00 132.3 138.1 138.6 139,2 140.7 140.9 141.6 142.7 144.2 144.5 143.5 145. 1 146.4 148.5 Manufacturing, total.......................... 86.45 133.1 139.4 140.2 140.8 142.3 142.4 143.1 144.1 145.7 146.0 145.2 146.7 148.3 150.5 Durable .................................... 48.07 133 5 140,9 142 0 142.7 144.8 145.5 146.4 148.1 150.0 150,5 148.2 150.3 151.5 154.9 38.38 132 6 137.6 137 9 138 4 139.1 138.5 138.8 139.0 140.4 140.4 141.3 142.1 144.2 145.1 M ining............................................. 8.23 1113 112.5 111 8 111.8 112.5 113.0 114.0 115.3 116.0 1.7.0 1 12,6 115.8 115.5 116.9 1 Ifijifies.............................................. 5.32 151 3 157.1 154.9 156.1 158.5 159.9 160.4 162.5 161.3 161 .4 165.3 165.7 (65. I 165.0 Durable manufactures Primary and fabricated metals.......... 12.32 130.7 139.1 140.0 140.4 142.5 144.0 142.7 144.5 148.4 146.9 138.1 135.6 134.4 139.1 Primary metals................................... 6.95 129.1 138.6 139.6 136.9 140.4 141 ,4 140.2 143.0 148.7 146.5 131 .2 123.7 1 19.6 125.8 Iron and steel................................. 5.45 126 5 136 4 137 1 137 0 139.5 141.2 139.7 143.3 152.1 143.3 125.0 1(5.8 HO,5 (18.2 Nonferrous metals and products.. 1.50 138.3 150,9 148.0 149.0 151 .0 153.6 153.4 146.1 138.4 149.0 152.3 155.0 159.7 158.9 Fabrirate<l metal products................ 5.37 1 3? 7 1 39 7 140 6 145 0 145.2 147.4 146.0 146.4 148.0 147.5 147.0 150.9 153.6 156.2 Structural metal parts............... 2.86 130 3 137^2 137 6 140.9 144.1 144.3 142.7 144,3 145,5 145,0 144.7 148.2 152.6 154.0 Machinery and related products........ 27.98 136.4 144.6 145.4 145.9 148.5 149.3 151.2 153.4 154.8 155.8 155.8 160.0 162. 1 165. 1 Machinery. ......................................... 14.80 141 4 150 1 150 7 152.5 153.9 155.4 156.9 159.0 160.6 161.4 162.3 166.0 168.0 I7( .0 Nonelectrical machinery................ 8.43 142' 1 150 7 151 3 152 7 153.8 155.2 157.0 159.4 161 .7 162.4 162,4 165.8 167.8 169.4 Electrical machinery...................... 6.37 140 6 149 2 1 500 152 3 154. 1 155.8 156.8 158.4 159.2 160.1 162.1 166.2 168.4 173.1 Transportation equipment................ 10.19 130'7 140.3 141 .4 139.7 144.4 144.6 147.3 149.5 149.8 151.5 149.4 155,0 157.4 160.7 Motor vehicles and parts.............. 4.68 150 1 167 4 169 1 167 7 176.4 173.2 175,5 178.0 177,4 177.5 175.2 177.1 178.0 179.0 Aircraft and other equipment. . .. 5.26 112'4 115.0 115.5 114. 1 I 15.3 118.6 121.7 123.3 124.1 127.3 125.6 (34,4 138.0 143.4 Instruments and related products. .. 1.71 136.4 142,0 142.7 145.3 146.9 145.5 147.0 149.8 152.1 152.6 155.7 158.0 159.0 162.2 Ordnance and accessories................. 1.28 ('-lay glass and lumber..................... 4. 72 121 ] 121 1 124 9 125, 9 126.0 124.1 125.5 124,7 126.3 127.5 127.3 128.5 129.0 132,2 Clay, glass, and stone products........ 2.99 126 0 130 2 132 4 131 8 129.2 129.9 130.3 131 .6 132.6 133.5 133.8 134.4 134.8 136.5 Lumber and products....................... 1.73 112 6 105.5 1 1 L9 115.6 120.5 114.2 117.1 112.8 1 15.4 117.2 1 16,2 118.3 I 19.1 124.7 Furniture and miscellaneous............... 3.05 138 4 145.4 145.2 147.6 148.4 149.5 150.1 150.3 149.7 151.5 152.0 155.1 157.8 160. 7 Furniture and fixtures,..................... 1.54 143 4 151 5 150 6 154.3 154.3 155.6 156.5 156.8 (55.8 156.3 156,8 (59.7 (62.6 t65.7 Mj^cftllpnefiiis manufactures........... 1.51 133^4 139 1 139 6 140.8 142.4 143.2 143.6 143.6 143.5 146.6 147.1 150.4 153.0 155.6 Nondurable manufactures Textiles, apparel, and leather............ 7.60 125 2 131.5 133.3 133.8 133.7 133.9 135.0 134.5 134.7 134.1 135.5 137.3 138.7 139.6 Textile miff products......................... 2,90 122,9 130,3 131 .7 132.0 131 .5 132.2 131 .6 132.2 133.8 134.8 135.7 137.7 139.0 139.6 Apparel products............................. 3.59 134 1 140 6 142 2 143.7 144.0 144.3 145 3 145 4 143 8 141 9 143,8 145 7 147 3 Leather and products............... 1.11 102 6 105 6 108 7 106.6 106 1 105.0 110 9 105.1 107 7 107.0 108.2 109.3 110 I Paper and printing............................. 8.17 127.5 132.1 132.0 131.8 132.9 133.2 134.2 134.0 135.9 136.4 135,4 136.4 139.2 140.4 Paper and products........................... 3.43 133,4 140.2 139,1 137.5 139.0 140.0 140.9 139.4 142,1 141.1 143.9 143.6 147.4 148.7 Printing and publishing..................... 4,74 123.3 126.2 126.8 127.7 128.5 128.3 129.3 130.0 131.3 133.0 129.3 131.1 133.2 1 34.4 Newspapers.................................... 1.53 117 0 122 6 1 21 4 120.9 121.0 120.7 121.5 124.7 126.2 129.7 120.1 125. 1 127.2 129.5 Chemicals, petroleum, and rubber.... 11.54 152.5 158.5 158.2 160.4 162.0 160.8 161.2 161.6 164.1 164.9 166.9 167. 7 170.3 171.7 Chemicals and products................... 7.58 159 6 166.4 166 7 167 8 169.5 169.2 169.3 169.9 172.8 174.2 176.6 177. 1 178.4 (79.9 Industrial chemicals,..................... 3.84 178 4 187 9 186 0 188 2 190 8 191.6 191 7 192 9 194 9 195 7 199.9 200 9 202 7 Petroleum products........................... 1.97 121 > 120.9 119^0 121.5 122.2 121.5 122.9 121 .8 124.5 125.8 125.1 124.0 126.1 (26.0 Rubber and plastics products........... 1.99 156,3 165.7 164.7 171.1 172.6 167.7 168.2 169,1 170.2 168.1 171 .2 175.5 183.5 Ponds beverages, and tobacco........... 11.07 120 8 123.9 124 2 123.4 123.7 122.4 121.5 122.3 122.9 122.3 123.1 123.0 124.5 124.6 Foods and beverages......................... 10.25 120 8 123.8 124 3 123 4 123.4 122.5 121 .9 122.3 123.1 122.4 123.2 123.6 125.0 (25.1 Food manufactures........................ 8.64 120’1 122.9 123.0 122.6 122.4 122.6 120.6 121 .2 122.6 121 .9 121 .8 122.1 1 23.5 123.6 Beverages....................................... 1.61 124 4 128.6 131 4 127.4 128.6 121.8 129,0 128.5 125.9 125.0 131 .0 131,8 133.0 Tobacco products,........................... .82 120.8 125.4 122 2 123 5 127 2 120.9 116 5 121 8 119.9 120.7 120 6 114.5 118.8 Mining 6.80 109 8 110 4 109 4 109 4 110.0 111.3 112.1 113.3 113.7 114.4 109.9 114.5 114.2 114.4 Coal.................................................... 1.16 107 1 110^ 1 107 7 103^2 103.1 107.9 113.0 117.1 117.1 115.2 106.7 116.8 115.7 118.5 Crude oil and natural gas................. 5.64 110.4 110.4 109,8 110 6 111.4 112.0 111.9 112.5 113.0 1 14.2 1 10.6 1 14.0 113.9 1 13.5 Oil and gas extraction................... 4.91 113 4 114 0 113 2 113.6 114.5 115.8 115.6 116.9 117.0 1 17.6 113.4 118. 1 188.4 1 18.7 Crude oil........................ 4.25 109 9 110.9 109 8 108.6 110.5 HI .4 Hl.3 112.2 112.1 H3.4 108,5 1 14.0 1 14.5 115.1 Gas and gas liquids.............. .66 136 J 133 8 134 6 141.0 140 2 144 0 143 1 146 5 147.9 144.6 144,8 (44. 5 Oil and gas drilling............... .73 90 1 86.4 86 9 94 7 90*2 86.0 87.4 82.9 86.0 91 .2 91.3 86.4 83.5 78.8 Metal, stone, and earth minerals....... 1.43 118.1 122.7 123.3 123.1 124.3 121.4 122.9 124.9 126.9 129.6 125.3 121.7 121.7 129,1 Metal mining..................................... .61 117 4 121.8 126.7 123.4 124,6 125.8 121 .6 123.7 126.4 130.2 122.4 116.5 106.2 1 16.4 Stone and earth minerals.................. .82 118.7 123.4 120.8 122.9 124.1 118.2 123.9 125.8 127.3 129.1 127.4 125.5 133.2 138.6 Utilities Electric............................................... 4.04 153 9 159.4 158.5 159.6 162 4 164 0 164.3 167.1 165.8 166.2 170,9 171.3 170,5 Gas...................................................... 1.28 143.4 149.6 143.6 145.4 146.0 147^2 147.8 147.9 147.1 146,4 147.5 Note.—Published groupings include some series and subtotals not Industrial Production 1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

258 INDUSTRIAL PRODUCTION: N.S.A. FEBRUARY 1966 MARKET GROUPINGS (1957-59=100) 1957-59 1964 1965 pro­ 1964 Grouping por­ aver­ tion age Dec. Jan. Feb. Mar, Apr. May June July Aug. Sept. Oct.r Nov.’- Dec. Total index..................................... 100,00 132.3 135.5 136,7 139.1 141 .7 141 .6 142.6 145.2 139.3 143.2 145,9 149.9 148.1 146.0 Final products t total.................... 47.35 131.8 135.1 136.7 138.3 140.9 138.5 139.8 143.2 138.3 141.1 145.7 151.4 148.7 146.1 Consumer goods........................... 32,31 131.7 133.3 136.0 137.7 140.5 136.9 137.8 141.6 135.2 138.9 143,8 150.1 145.2 139.7 Equipment, including defense. . . . 15.04 132.0 139,1 138.3 139.8 141 .6 142.0 144.2 146.8 144.9 145.9 149.7 154.2 156.1 159.9 Materials.............................. • 52.65 132.8 135 .9 136.7 139.8 142.5 144.3 145.0 147.0 140.3 145.1 146.2 148.6 147.6 146.0 Consumer goods j4 utnmnfive products........................... 3.21 145.1 169.5 175.5 173,9 182.9 176.7 178.8 180.3 158.5 106.8 129.4 185.3 184.6 171 0 Autos........................................... 1,82 150.6 192.2 201.1 196.8 213.6 200.0 203.4 208.6 171.7 72.8 114.0 206.4 211.7 1915 Auto parts and allied products........ 1.39 138.0 139.7 141 .7 143.8 142.4 146,0 146.5 143.1 141,2 151.7 149.8 157.5 148.7 1483 Home goods and apparel.................. JO. 00 J3J. 9 J30.4 135. J 144.6 147.2 141.8 142.6 145.2 129.9 142.1 148.9 155.8 149.8 142 7 Home goods .................................... 4.59 141.1 147.7 143.7 152.8 157.3 152.8 153.0 155.6 138,9 145.6 161.7 167.6 165.4 165 1 Appljanrp*: TV nnd radios............. 1 81 137.1 140.4 138.8 156.7 163.1 154.5 154.7 158,1 126.5 129.2 158.1 166.0 162.0 1612 Appliances.................................... 1.33 141.1 145.1 141 .7 159.8 170.8 161 .5 161.8 165.4 130,2 123.9 154.3 157.3 155,3 157 9 TV and home radios................. .47 125.7 127.0 130.7 148.0 141 .4 134.7 134.7 137.5 115.9 144.2 168.7 190.6 181.0 170.4 Furniture and rugs................................ 1.26 142.4 154.5 147.3 150.0 150.9 149.3 148.5 151.7 145.8 156.1 158,5 163.0 163.2 166.6 Miscellaneous home goods........... 1.52 144.7 150.8 146.5 150.4 155,7 153.5 154.7 155.7 148.2 156,4 168.7 173.2 171.4 168,6 Apparel, knit goods, and shoes........ 5.41 124.2 115.8 127.7 137.7 138.5 132.5 133.8 136.5 122.3 139.2 138.0 145.9 136.6 C'onvumprstaples .. ....................... 19.10 129.3 128.7 129.9 127.9 129.9 127.6 128.4 133.1 134.0 142.6 143.6 141.2 136.2 132 5 Processed foods................................ 8.43 119.9 118.7 115.6 112.1 113.8 112.7 114.4 118,8 122.4 1 33.5 137.7 136.7 128.6 1193 Reverages and tobacco ...................... 2.43 123.2 109.9 112,6 114.8 124.6 123.9 133.6 144,4 127.6 134.8 131.2 129,4 122 9 F^rugs soap and toiletries. ........ 2.97 146.9 148.8 153.0 152.3 1 55.0 151 .1 152.1 156.3 153.9 163.6 162.9 162.4 161.7 160,0 Newspapers, magazines, and books. 1.47 123.7 124.8 124.5 124.4 128.3 125.9 125.6 124.6 126.1 129.7 129.6 128.1 127.6 130.3 Consumer fuel and lighting.............. 3.67 142.3 148.9 156.8 154.0 150,2 145.1 138.5 142.8 151.9 156.5 155,1 146.7 144.8 Fuel oil and gasoline..................... 1.20 119.6 122.9 123.0 123.0 117.4 116.0 115.9 121.4 125.1 126.7 122.6 121.6 125.8 129.5 Residential utilities....................... 2.46 153.4 Electricity.................................. 1.72 159.6 168.4 187.6 180.4 175.7 165.7 151.5 156,7 172.6 181,6 182.8 165.5 158.5 Gas............................................ .74 Equipment /Justness equipment. . ......................... 11.63 139.1 148. 5 147.3 149.7 151.9 152.2 154.4 157.3 153.9 154,9 159.8 163.8 164.9 169,0 Industrial equipment........................ 6.85 137.0 146, 8 145.1 146.4 148.4 148.4 150.8 153 3 153 5 153.3 156.7 158.4 159.7 163.0 Commercial equipment..................... 2.42 145.3 155.0 152.7 155.1 157.7 158.2 160.4 162 9 165.5 168.9 172.6 174.8 179.2 Freight and passenger equipment. .. 1.76 141.0 149.8 149.4 152.2 154.9 156.8 161.8 164.1 148.8 157,1 164,2 178.7 176.8 184.1 Farm equipment,.............................. .61 133.1 138.7 145.0 157.8 158.9 157.6 149.2 152.8 137.9 125.4 145,5 146.1 149.2 Defense equipment........................... 3.41 Materials Durable goods materials..................... 26.73 131.2 135.2 135.7 138.7 142.9 144.4 146.9 149.5 142 9 144.5 146.6 147.6 145.3 144 8 Consumer durable ...................... 3.43 145.8 163.9 165.2 167.4 171.3 168.3 168,8 171 .6 158,1 144,4 165.4 171.2 173.2 176 5 Equipment......................................... 7.84 134.4 143.6 143.9 145,1 148.5 149.1 149.7 151 .5 148.5 150.1 152.7 157,9 160.2 166*0 Construction..................................... 9.17 124.5 118.6 115.9 120.3 125.5 129.2 136.0 141.2 139.3 144.0 142.6 142.7 136.9 129.4 Metal materials n.e.c......................... 6.29 129.2 133.0 138.2 141 .8 145.9 147.5 147.4 146.9 133.1 138,3 134.5 129.2 123.7 123 8 Nondurable materials.................... 25.92 134.3 136.6 137.8 140. 9 142.0 144.3 143.1 144.5 137.5 145.7 145.8 149.7 149.9 147 I Business supplies............................... 9.11 127.4 127,3 128,0 133,3 134.2 138.7 136.3 137.0 128.4 137.2 139.8 144.1 143.9 1383 Containers..................................... 3.03 127.9 117.7 128.1 135.2 129.7 141 .4 133.3 138.6 130.7 145.3 143,1 144.8 140.6 1 27 8 General business supplies............. 6.07 127.1 132.1 127.9 132,4 136.5 137.4 137.9 136 2 127.2 133.2 138.1 143.7 145 5 1416 Nondurable materials n.e.c............... 7.40 157.7 161.9 166.2 170.8 171.8 174.2 173.0 173.7 163.9 174.8 176.5 180 4 182.5 1783 Business fuel and power................... 9.41 122.6 125,6 124.9 124.8 126.1 126.2 126.0 128.8 125,7 131.2 127.5 130,9 130.2 131.2 Mineral fuels.................................. 6.07 112.2 114.9 114.0 114.6 114,9 115.6 113,9 114.9 109.3 115.7 110.9 118,8 119.3 120.4 Nonresidential utilities. ........... 2.86 149,6 Electricity................................... 2.32 149.6 151.4 152.3 150,0 153.6 152.7 156.3 164.8 168,9 174,8 171.9 165.1 160.4 General industrial.................. 1.03 142.8 148.2 148.0 147.0 153.4 153.8 156.8 161.2 158.5 164.5 163.1 161,9 162,0 Commercial and other........... 1.21 159.7 159.3 161.2 157.7 159.2 157.1 161,5 174,1 184.2 190.3 186.0 174.0 164,9 Gas............................................. .54 Supplementary groups of consumer goods Automotive and home goods........... 7.80 142.8 156.7 156,8 161.5 167.8 162,6 163.6 165.8 147.0 129.6 148.4 174.9 173.3 168.4 Apparel and staples.......................... 24,51 128.1 125.8 129.4 130.1 131.8 128.7 129.6 133.6 131.4 141,8 142,3 142.2 136.3 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 INDUSTRIAL PRODUCTION: N.S.A. 259 INDUSTRY GROUPINGS (1957-59=100) 1957-59 1964 1965 pro­ 1964 Grouping por­ aver­ tion age Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.T Nov. r Dec. Total index..................................... 100.00 132.3 135,5 136,7 139.1 141 .7 141 .6 142,6 145.2 139.3 143.2 145.9 149.9 148.1 146,0 Manufacturing, total.......................... 86.45 133.1 136.4 137.7 140.5 143.5 143.4 144.6 147.2 140.3 143.9 147.5 152.3 150.5 147.7 Durable...................................... 48.07 133.5 140.7 140,7 143.5 147.1 147.5 149.0 151.7 144.9 143.3 148.3 154.6 154.6 154.7 Nondurable................................ 38,38 132.6 131.1 133.8 136.8 139.0 1 38.2 139.0 141.5 134.6 144.7 146.5 149.4 145.5 138.9 Mining................................................ 8.23 111.3 112.1 110.8 111.1 111,1 1 13.0 114.4 115,9 112.3 118.2 114,2 118.4 116.6 116.4 Utilities............................................... 5.32 151.3 Durable manufactures Primary and fabricated metals.......... 12.32 130.7 136.4 139.4 142.7 145.9 148.4 146.0 147.4 138.7 143. 1 141.1 139.0 136.9 136.6 Primary metals................................... 6.95 129. 1 134.4 141 .0 144.7 149.1 150.9 146.6 145.9 133.1 137.4 131.1 126.2 122.0 122.0 Iron and steel................................. 5.45 126.5 133.0 139.8 142.9 146.5 148.3 142.5 143.3 135.4 134,7 125.0 117.5 111.6 1 15.2 Nonferrous metals and products.. 1,50 138.3 139.4 145.5 151,2 158.5 160.4 161.5 155.2 124.6 147.5 153.4 157,9 159.7 146.8 Fabricated metal products................ 5.37 132.7 139.0 137,2 140.2 141.7 145.2 145,3 149.3 145.8 150.4 154,1 155,4 156.1 155.4 Structural metal parts................... 2.86 130.3 138,6 134.3 135,3 138.5 140.0 142.0 147,2 145.5 148.6 150.5 152,6 154.9 155.5 Machinery and related products........ 27.98 136.4 147.1 146.9 148.9 152.9 151.6 153.7 156.5 149.4 142.5 152.0 163.3 165.6 168.1 Machinery.......................................... 14.80 141 .4 151 .5 150.3 154,8 158.2 157.5 158.6 161 .7 155.0 155.3 163.3 167.8 169.2 173.6 Nonelectrical machinery................ 8.43 142.1 151 .8 152.1 155.4 159.6 159.9 160.9 163.2 159.3 154.8 160.3 162.8 165.1 170.6 Electrical machinery...................... 6.37 140.6 151 .0 148,1 153,9 156.3 154.4 155.7 159.8 149.2 156.0 167.3 174.3 174.5 177.5 Transportation equipment................ 10.19 130.7 144,7 146.1 144.8 150.6 148.3 151.9 153.9 144.0 123.8 137.3 160.9 ’64.6 164.6 Motor vehicles and parts.............. 4.68 150.1 174,8 178.9 177.3 187.7 179,8 185.0 189.0 168,5 120.2 149.5 189.4 191 .8 184.7 Aircraft and other equipment. . . . 5.26 112.4 117.3 116.7 115,5 117.0 119.2 121.2 121.6 121.1 125.0 125.1 135. 1 140.1 146.3 Instruments and related products. .. 1.71 136.4 143.7 141,7 143,1 144.7 143,3 145.5 151,3 150,6 153.8 157.4 159.7 160.9 164,1 Ordnance and accessories................. 1 .28 Clay, glass, and lumber..................... 4.72 121.1 110.5 108.3 114.4 117.3 122.9 130.6 135.5 133.0 139.8 138.0 138.0 130.1 118.2 Clay, glass, and stone products........ 2.99 126.0 120.4 113.9 116.4 118.9 129,3 136.2 142.1 141 .9 146.2 143.2 144.5 138.2 123.5 Lumber and products....................... 1.73 112.6 93.4 98.5 111 .0 1 14.5 111.9 121.0 124.1 117.7 128.9 129.0 126.6 116.1 109. 1 Furniture and miscellaneous............... 3.05 138.4 146.7 139.5 142,9 145.6 145.2 146.7 150.5 146.4 156.3 159.0 163.4 163.1 162.2 Furniture and fixtures....................... 1 .54 143.4 154.2 147.6 150.4 152.4 151.4 151.8 156.5 154.2 161.5 162.8 165,8 165.5 168.7 Miscellaneous manufactures............. 1 .51 133,4 139.1 131.2 135,2 138.8 138.9 141 .4 144.3 138,5 151.0 155.2 160,9 160,6 155.6 Nondurable manufactures Textiles, apparel, and leather............ 7.60 125.2 119.4 131.2 139.3 139.4 135.5 136.5 137.4 121.9 138.4 137.4 144.8 138.6 126.7 Textile mill products......................... 2.90 122.9 121,2 131 .0 134.6 134. 1 135.5 137.5 136.8 121.5 138.2 136.4 141.8 139,7 129.8 Apparel products............................... 3.59 134.1 124,4 138.6 150.9 151.9 145.0 145.3 147.6 130,1 146.2 146.7 157.4 147.3 Leather and products........................ 1.11 102.6 98.5 108.2 114.0 1 12.5 105.0 105.9 106.2 96.4 1 14.0 109.8 112,0 107 9 Paper and printing............................. 8.17 127.5 127.5 128.6 131.8 134.6 136.1 135.2 134.7 127.3 135.6 137.8 142.8 142.1 137.4 Paper and products........................... 3.43 133.4 126.6 137.0 140.9 141.8 144.2 141 .6 142.2 130.7 144.2 146.8 152.9 148.1 137.3 Printing and publishing..................... 4.74 123.3 128,2 122.6 125.3 129.5 130.2 130.5 129.3 124.8 129.3 131 .4 135.4 137.8 137.4 Newspapers.................................. 1 .53 117.0 123.2 111,2 116.9 123.4 129.3 129.5 125,3 109.8 117.4 120.9 134.2 139.9 132.7 Chemicals, petroleum, and rubber.... 11.54 152.5 154.6 156.9 161.3 163.2 163.4 J62.9 165.4 159.1 166,3 168.9 170.7 169.5 168.2 Chemicals and products................... 7.58 159.6 162.4 164,7 168.2 171 .5 173.2 171 .7 174, 1 168.6 176.0 178.1 178.3 178.0 177.2 Industrial chemicals....................... 3.84 178.4 186.0 185.1 190.1 192.7 196.4 192.8 195,8 190.0 196,7 201 .9 201.9 204.3 Petroleum products........................... 1.97 121 .0 119.1 117.2 119.7 1 17.9 116.6 121 .1 125,5 130. 1 132.1 127.6 125.2 124.5 123.0 Rubber and plastics products........... 1.99 156.3 159.9 166.3 176.2 176.4 172.9 170.7 171,6 151.5 163.1 175.1 1 86,9 181 .7 Foods, beverages, and tobacco........... 11.07 120.8 117.2 115.4 113.2 116.7 115.4 118.8 124.4 123.2 133.3 135.9 135.1 127.7 117.9 Foods and beverages......................... 10.25 120.8 118.4 115.0 112.5 1 16.0 115.0 118.6 123.9 124.6 133.5 136.7 136,0 128.3 1 19.6 Food manufactures....................... 8.64 120.1 119.2 116.2 112,8 1 14.4 113.0 114.6 118.7 122.0 132.9 137.2 136,8 129.1 120.5 Beverages........................................ 1.61 124.4 113.9 108.4 110.7 124.2 125.5 140.1 151.6 138.5 136.9 134.3 131 .8 123,8 Tobacco products......................... .82 120.8 102.1 120,9 122.9 125.3 120.7 120.7 130.3 106.1 1 30.6 125,3 124.7 121,2 Mining Coal, oil, and gas............................... 6.80 109.8 112.3 111.7 112.2 111.5 112.0 110.6 111.3 106.9 113.3 109.0 115.6 115.7 116.3 Coal.................................................... 1.16 107.1 108.1 105,5 104.4 103.9 108.7 114.1 116.6 90.2 121.2 112.9 127.3 120.4 1 16.4 Crude oil and natural gas................. 5.64 110.4 113.1 113.0 113.8 113.1 112.6 109,9 110,2 1 10.3 111.7 108,2 113.1 114.7 116.3 Oil and gas extraction................... 4.91 113.4 116.5 116.0 116.9 117.5 1 17.2 113.8 114,5 113,8 114.4 1 10.4 116.8 119.1 121.3 Crude oil..................................... 4.25 109.9 112.0 111.4 111.9 112.7 1 13.2 110.2 111,1 109.9 111.1 106.3 112.9 114.5 116.3 Gas and gas liquids................... .66 136.1 144.9 145.6 149.0 147.8 143.3 137.5 136,4 139.0 135.8 136.7 141 .5 Oil and gas drilling....................... .73 90.1 90,5 92.6 92.4 83.6 81 .5 83.6 81 .2 86.6 93.3 93,2 88.6 85.6 82.6 Metal, stone, and earth minerals....... 1.43 118.1 111.1 106.2 105.8 109.1 117.7 132.4 138.0 138.1 141.8 138.7 132.0 121.1 117.0 Metal mining. ................................... .61 117.4 109.6 111.5 111.1 110.9 1 17.0 133.8 139,8 135.2 140.6 138.3 124.7 103.0 104.8 Stone and earth minerals.................. .82 118.7 112.3 102.2 101.9 107.7 1 18.2 131.3 136,7 140.2 142.7 138.9 137.4 134.5 126.1 Utilities Electric................................................ 4.04 153.9 158.6 167.3 163.0 163,0 158.2 154.2 161,4 170.5 177.7 176.6 165,3 159.6 .......... Gas..................................................... 1.28 143 4 Note.—Published groupings include some series and subtotals not Industrial Production—1957-59 Fuse. 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

260 BUSINESS ACTIVITY; CONSTRUCTION FEBRUARY 1966 SELECTED BUSINESS INDEXES (1957-59=100) Industrial production fac M tu a r n in u g ­ 2 Prices 4 Nonag- Major market groupings Con­ ricul- Period Total Final products Ma g j r o o r u i p n i d n u g s s try s t c t r t i a r o o u c n n c t ­ s ­ m p t e u e l m o r n a y t ­ l — ­ p E lo m y ­ - Pay­ F l i c o r n e a a g i r d g s - ­ ht r T e s t a o a l t i e a l s l 3 Con­ W sa h l o e l e­ Mate­ Total i ment rolls sumer com­ 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 iti t e il s ­ modity 1950..................... 74.9 72.8 78.6 56.4 76.9 75.8 83.2 49.5 61 86.1 99.4 68.9 117.1 72 83.8 86.8 1951..................... 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 63 91.1 106.1 80.2 121.5 76 90.5 96.7 1952..................... 84.3 84.3 79.5 94. 1 84.3 85.2 90.5 61.2 67 93.0 106.1 84.5 115.0 79 92.5 94.0 1953..................... 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 70 95.6 111.6 93.6 116.6 83 93.2 92.7 1954..................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.3 101.8 85.4 104.6 82 93.6 92.9 1955..................... 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.5 105.5 94.8 115.3 89 93.3 93.2 1956..................... 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.8 106.7 100.2 115.9 92 94.7 96.2 1957..................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.7 104.7 101.4 108.2 97 98.0 99.0 1958..................... 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98. 1 102 97.8 95.2 93.5 93.8 98 100.7 100.4 1959..................... 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101,5 100.1 105. 1 97.9 105 101.5 100.6 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..................... 1 18.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 120 105.7 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»'................... 143.3 142.4 140.3 146.8 144.2 144.9 1 14.5 161.4 143 1 15.1 106.2 135.9 96.6 138 109,9 102.5 1964—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 IH.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 1 13.4 104.5 132.9 96.4 '135 108.9 101 .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 '134 109.0 101.3 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 '133 109.3 101 .7 May......... 141 .6 140.2 138.6 143.7 142.6 143.1 1 14.0 160.4 145 1 14.3 105.2 133.8 100.5 '136 109.6 102. 1 June......... 142.7 140.7 138.7 144.9 144.5 144. 1 115.3 162.5 139 114.8 105.9 134.5 93.8 '137 1 10.1 102.8 July.......... 144.2 141 .7 139.3 147.0 146.4 145.7 116.0 '161.3 149 115.2 106.4 135.3 95. 1 '138 1 10.2 102.9 Aug.......... 144.5 142.3 139.5 148.4 146. 1 146.0 117.0 '161.4 139 115.4 106.7 135.7 94.3 138 1 10.0 102.9 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 1 10.2 103,0 Oct.......... ’’145. 1 '145.7 ■141.7 '154.3 144.3 '146.7 '115.8 165.7 147 1 16.1 107.2 138.6 93.4 '142 110.4 103.1 Nov.......... '146.4 '147.4 '142.8 '157.3 '145.6 '148.3 ’115.5 '165.1 141 117.0 108.3 '140.7 97.9 '144 110,6 103.5 Dec.......... 148.5 148.8 144.1 159.0 148.3 150,5 116.9 165.0 153 '117.8 '109,1 '142.5 102.4 '147 1 1! .0 104.1 1966—Jan.''........ 149.9 149.5 144.2 160,8 150.1 152,0 1 17.7 165.0 118,3 109.7 144.4 99.3 145 ............ 104,6 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. Erices: Bureau of Labor Statistics data. Note.—Data arc seasonally adjusted unless otherwise noted. Freight carloadings: Based on data from Association of American Construction contracts: F. W. Dodge Co. monthly index of dollar Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1964 1965 Ty ty p p e e o o f f o c w o n n e st r r s u h c ip ti o a n nd 1964 1965 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total construction............................... 47,330 49,272 3,598 3,131 3,226 4,224 4,770 4,864 4,625 4,795 4,265 '4,141 4,356 3,745 3,698 By type of ownership: Public............................................ 15,374 16,302 1 ,230 1 ,105 1,113 1,356 1 ,539 1,517 1 ,553 1,750 1,313 1,332 1 294 1 .163 1 304 Private.......................................... 31^956 32^970 2'368 2,’026 2 J13 2,867 3,231 3,348 3,072 3,045 2,952 '2.809 3,061 2,582 2,395 By type of construction; Residential building....................... 20,565 21,247 1 ,306 1 ,275 1 ,300 1 ,877 2,139 2,074 2,080 1,952 1,971 '1,743 1 ,897 1,696 Nonresidential building............... 15^522 17'219 1 ' 299 1 ' 156 1 '062 1 ,384 1 ^546 1 '775 1 551 U691 1’507 1,464 1 ,'582 1'328 Nonbuilding................................ 11'244 10,805 '994 700 '864 962 1,086 1,015 993 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

FEBRUARY 1966 CONSTRUCTION 261 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Business Other Period Total Total d N f r e a e n o r s t m n i i ­ a - l Total In tr d ia u l s­ m C e o rc m ia ­ l P u u ti b li l t i y c n r d t e o e i s a n n i l - - - Total M ta i r l y i­ H wa ig y h­ S w a e a n w t d e e r r Other 1956............................. 47,601 34,869 20,178 11 ,076 3,084 3,631 4,361 3,615 12,732 1,360 4,415 1,275 5,682 1957 ............................. 49,139 35,080 19,006 12,029 3,557 3,564 4,908 4,045 14,059 1,287 4’934 1 ’.344 6'494 1958 ............................. 5OJ53 34,696 19,789 10,659 2,382 3,589 4,688 4,248 15,457 1,402 5'545 1,387 7,123 1959 i........................... 55,305 39,235 24,251 10,557 2,106 3,930 4,521 4,427 16,070 1 ,465 5,761 1,467 7,377 I960............................. 53,941 38,078 21,706 11,652 2,851 4,180 4,621 4,720 15,863 1,366 5,437 1,487 7,573 1961 ........................... 55,447 38,299 21,680 11 ,789 2,780 4,674 4,335 4,830 17,148 1,371 5,854 1,581 8'342 1962............................ 59,576 41,707 24,292 12,234 2,949 4,955 4,330 5,181 17,869 1 ,266 6,365 1 ',754 8,484 1963............................. 62,755 43,859 25,843 12,758 2,962 5,200 4,596 5,258 18,896 1,227 6,948 1'966 8'755 1964............................ 65^817 45,891 26,507 13,809 3,303 5,656 4,850 5,575 19,926 968 7^182 2,298 9',478 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 2', no 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 10376 69'349 48,045 26,195 16,030 4,050 6,675 5,305 5,820 21,304 7,609 1 ,983 Dec.''................ 69'330 48394 26'239 16,204 3,998 7,029 5,177 5,951 20^936 2,182 .............. 1 Beginning with 1959, includes data for Alaska and Hawaii. 1959 are joint estimates of the Depts, of Commerce and Labor. Revisions affecting certain components back to July 1962 in some cases are pending. Note.—Monthly data are at seasonally adjusted annual rates. Be­ ginning with 1959, figures are Census Bureau estimates. Data before NEW HOUSING STARTS (In thousands of units) By area By type of ownership Annual rate, S.A. Governmentunderwritten Period (private only) Total Non­ Private Total N fa o rm n­ p M ol e i t t r a o n ­ p m o e li t t r a o n ­ Total fam 1- i ly fam 2- i ly M fam ul i t l i y ­ Public Total FHA VA 1955 ............................. 1,646 1,627 19 670 277 393 1956 ............................. 1,349 1'325 24 465 195 271 1957 ..................... 1,224 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 1 ,609 1,021 53 535 32 292 221 71 1964............................ 1 ,591 1,119 472 1 ,557 '972 54 532 33 264 205 59 1965 .............................. "1,541 1,066 475 "1 . 503 964 50 489 "38 249 196 53 1964—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 J une.......... 1 ,566 1 A39 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.................... 1 .41 1 1 ,380 136 95 41 134 87 4 43 22 18 4 Nov. "1,537 "1 ,521 <’118 78 39 <415 71 4 41 "2 20 16 4 Dec................... '*1,746 '•1,712 <’102 75 27 WO I 62 3 36 "1 18 15 3 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 arc not reports of first compliance inspections. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

262 EMPLOYMENT FEBRUARY 1966 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Period i p T n o s o N t p t i a . t u S u l l t . a n A i t o 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 S a o o b . r A t c o a e . r l Total Employed1 Unem­ U (p n e r m e a r m e t c e n p e 2 t l n o t y ) ­ Total In c n u o lt n u a ra g l r i­ In ployed S.A. industries agriculture I960 3....................... 125,368 52,242 73 126 70,612 66 681 60 958 5 723 3 931 1961.......................... 127 ,'852 53’677 74’!75 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.......................... 136,241 57,884 78’357 75.635 72,179 67 594 4 585 3 *456 4 6 1965—Jan.’............. 135,302 59,603 77,587 74 883 71 252 66 719 4 533 3 631 4 8 Feb.r............ 135,469 59 051 77,767 75 063 71 326 66 718 4*608 3*737 5 6 Mar.r............ 135,651 59,039 77,723 75 020 71,483 66,895 4 588 3 537 4 7 Apr.r........ 135/12 58,504 77 988 75 302 71’688 66 919 4 769 3 614 4 8 May r....... 135’982 57’556 77,990 75,306 71,816 66,947 4 869 3 490 4 6 June r. 136/60 55’477 78 331 75 ,651 72 085 67 434 4*651 3*566 47 July r............ 136’252 55 J02 78,747 76 054 72 618 67 979 4* 639 1’436 45 Aug.T............ 136/73 56’310 78,468 75,772 72,387 67 815 4*572 3*385 4 5 Sept. r........... 136,670 58,626 78,334 75’61 I 72/97 67,879 4,418 3314 4' 4 Oct.r............. 136,862 58,149 78,606 75,846 72/61 68 010 4 551 3 285 4*3 Nov,r............ 137’043 58’445 78,907 76 J 12 72,914 68,641 4 273 3 * 198 42 Dec.r........ . . 137’226 58’749 79,408 76/67 73,441 68 955 4 486 3* 126 4 1 1966—Jan................. 137,394 59,985 79,644 76,754 73,715 69,286 4,429 3,039 4.0 t 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 ti n s o t t n r r a u c c t ­ T ti li o r c a n n u s & ti p l i o p ti r u e t b a s ­ ­ Trade Finance Service G m ov e e n r t n­ I960......................................................... 54,203 16,796 712 2/85 4,004 11,391 2/69 7,392 8,353 1961......................................................... 53,989 16,326 672 2,816 3,903 11,337 2/31 7/10 8,594 1962..................................................... 55,515 16,853 650 2',902 3,906 11/66 2/00 7/47 8,890 1963 ........................................................ 56,602 16,995 635 2,963 3,903 11/78 2/77 8,226 9 225 1964 ........................................................ 58,156 17,259 633 3,056 3,947 12 J 32 2/64 8,569 9,595 1965 J'...................................................... 60.442 17,984 628 3,210 4,031 12/87 3/44 8,907 10,051 SEASONALLY ADJUSTED 1965—-Jan............................................. 59,295 17/38 634 3,185 3,926 12,374 3/03 8,732 9 803 Feb............................................... 59’581 17,703 634 3/11 3'985 12/23 3/13 8/71 9,841 59,814 17'762 632 3,238 4'0’17 12/60 3/23 8/94 9 888 Apr................................ .. 59,846 17/03 629 3'145 4/13 12/94 3/24 8/14 9*925 May ............................................ 60,032 17/35 627 3,188 4'020 12/32 3/32 8/43 9/54 June............................................ 60'290 17,943 626 3,195 4,034 12'580 3/41 8/57 10'014 July............................................. 60/01 18,032 633 3'154 4'031 12/19 3,049 8/29 10/54 Aug................................ • 60/21 18,072 627 3,189 4,049 12/00 3/53 8/46 10,085 Sept.............................................. 60’756 18,098 617 3,186 4,067 12/41 3/61 8,967 10,119 Oct............................................... 61’001 18’163 622 3,202 4/71 12/84 3/69 9/19 10,171 Nov.............................................. 61'472 18,321 627 3,267 4,079 12/54 3/74 9/81 10/69 Dec?'.......................................... 61,865 18,429 630 3,367 4/79 12/22 3/81 9,127 10'330 1966—Jan?'..................................... 62,111 18/18 629 3,353 4/88 12,902 3,086 9,144 10,391 NOT SEASONALLY ADJUSTED 1965—Jan.............................................. 58,234 17,396 619 2/00 3,863 12,190 2,973 8,557 9/36 Feb.............................................. 58,341 17'473 616 2/13 3,917 12,112 2,986 8/04 9/20 Mar.. .......................................... 58/84 17/78 615 2,820 3,965 12,167 2'999 8/62 9/78 Apr............................................. 59,471 17/59 623 2,978 3,977 12/18 3,012 8/96 10,008 May............................................ 60'000 17,745 629 3/23 4,008 12/37 3/29 8/05 10/24 June............................................ 60,848 18,027 640 3'412 4,070 12/96 3,062 9/08 10,033 July............................................. 60/94 18/16 641 3,476 4/83 12,583 3/98 9/81 9/16 Aug............................................. 60'960 18’211 640 3/75 4,098 12,574 3,102 9/62 9/98 Sept............... • ......................... 61/15 18,428 627 3,495 4/12 12/39 3,073 9/39 10,102 Oct.............................................. 61 '786 18,412 629 3,465 4,104 12/36 3/66 9/73 10/01 Nov.............................................. 62,029 18,443 631 3,375 4,091 12,960 3,062 9,054 10,413 Dec.^.......................................... 62/43 18,416 628 3,185 4/87 13/38 3/63 9/45 10,581 1966—Jan?’............................................ 61,006 18,268 614 2,947 4/23 12/10 3/55 8,961 10,428 1 Data include Alaska and Hawaii beginning with 1959. that includes the 12th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed Note.—Bureau of Labor Statistics; data include all full- and part­ forces are excluded. time employees who worked during, or received pay for, the pay period Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 EMPLOYMENT AND EARNINGS 263 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1965 1966 1965 1966 Jan. Nov. Dec.p Jan?1 Jan. Nov. Dec.p Jan J’ Total .......................................................................... 13,116 13,647 13,741 13,817 12,890 13,770 13,733 13 585 Durable ponds.................... 7,476 7,878 7,963 8,032 7,379 7,949 7 975 7 933 Ordnance and accessories................................. ' 99 108 109 112 100 no 109 ’113 Lumber and wood products.................................. 528 538 546 552 496 540 532 518 furniture and fixtures .......................................... 349 362 368 372 344 367 369 368 Stop? clay and glass products........................ 501 503 512 522 471 508 500 491 Primary metal industries........................................ 1 ,050 1,031 1,036 1 043 1 039 1,017 I 027 1 033 Fabricated metal products..................................... 951 1 '006 1,013 1 024 939 1 017 1*017 1011 Machinery except electrical.................................. 1,161 1,242 1,245 1 254 1,160 1,226 1 *242 1 253 FJecfrical machinery........................................ 1.085 1'199 1 '226 1 ’239 1,086 1,221 1 ’242 1 ’240 Transportation equipment.............................................. 1 185 1 ,282 1,293 1 ’297 1 ’204 1314 1 ’327 1 318 Instruments and related products......................... 238 ’254 256 261 ’237 256 *258 260 Miscellaneous manufacturing industries............... 329 353 359 356 303 373 352 328 Nondurahh grinds........................................................... 5,640 5,769 5,778 5,785 5,511 5,821 5 758 5 652 Food and kindred products................................... 1,160 1’ 174 1,156 1 162 i ,093 I 194 1 136 1 095 Tobacco manufactures .................................. ’ 76 69 ' 71 ' 72 75 75 ’ 75 ’ 71 Textile-mill products.............................................. 809 834 837 837 798 838 834 825 Apparel and other finished textiles....................... 1,189 1,216 1,225 1 209 1,166 1,228 1 220 1 185 Paper and allied products...................................... ’492 503 506 510 486 507 "508 504 Printing publishing, and allied industries............ 612 630 630 634 605 634 635 627 Chemicals and allied products.............................. 535 547 550 553 529 543 545 545 Products of petroleum and coal............................ 110 110 110 110 107 109 108 107 Rubber products.................................................... 347 372 378 380 345 378 380 378 Leather and leather products................................ 310 314 315 318 307 315 317 315 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 1965 1966 1965 1966 1965 1966 Jan. Nov. Dec.’1 Jan.’’ Jan. Nov. Dec.^ Jan.J* Jan. Nov. Dec J' Jan.1' Total.................................................................. 41.2 41.4 41.4 41.4 105.52 109.71 110.92 109.74 2.58 2.65 2.66 2 67 Durable gnnrls ............................................................................ 42.1 42.2 42.2 42.4 11537 119.43 120.98 119.56 2.76 2.83 2 84 2 84 Ordnance anti accessories.......................... 41.0 42.2 42.4 42.5 127.62 133.56 136 85 136 10 3.09 3.15 3 19 3 18 Lumber and wood products...................... 40.7 41.3 41.7 41.0 83.41 89.76 89.19 86.46 2,08 2 20 2.17 2 14 Furniture and fixtures................................ 41.6 41.7 41.7 41.9 84.66 90.30 91.80 88 17 2.07 2.15 2 16 2 14 Stone clay, and glass products................. 42. I 42.2 43.0 42.7 KK.S5 112.94 112.67 111.07 2.55 2.67 2 67 2 67 Primary metal industries........................... 42.3 41.1 41.2 41.8 133.25 129.83 132 48 134.60 3 15 3 19 3 20 3.22 Fabricated metal products......................... 42.2 42.4 42.3 42.7 113.42 118.72 119.28 118.30 2.72 2.80 2.80 2 81 Machinery except electrical....................... 43.1 43.7 43.9 44.0 125.27 130.20 133.48 1 32 28 2 92 .3 00 3 02 3 02 Electrical machinery.................................. 41 .0 41.3 41.5 41.5 104.04 108.32 110.04 107.79 2.55 2.61 2.62 7 61 Transportation equipment........................ 43.4 43.4 42.9 43.5 137.38 144.87 145.97 142 46 3.18 3.30 3 31 3 29 Instruments and related products........ 41 .2 41.7 41.7 41.8 106.19 110.88 111.30 109 82 2.59 2,64 2 65 2 64 Miscellaneous manufacturing industries.., 39.9 40.2 40.3 40.2 84.53 86.46 87.70 86.76 2.14 2.14 2.16 2.18 Nondurable goods............................... ........... 40.1 40.3 40.2 40.1 92.50 96.32 96.96 95.28 2.33 2.39 2 40 2 40 Food and kindred products....................... 41.4 41.1 41.1 41.3 98.98 100.77 101.60 101 18 2.42 2.44 ?- 46 2 48 Tobacco manufactures .............................. 38.5 38.0 37.7 39.4 76.50 80.35 83.46 82.18 2.04 2.12 2 14 2 14 Textile-mill products.................................. 42.0 41.9 42.0 42.2 75.76 80.79 80.79 79.46 1 83 1 91 1 91 1 91 Apparel and other finished textiles............ 36.5 36.5 36.4 35.9 64.98 67.70 67.15 65.31 1.81 1.86 1'86 1 85 Paper and allied products.......................... 43. 1 43.6 43.6 43.3 111.45 116.58 117 82 115 83 2.61 2.68 2 69 2 70 Printing, publishing, and allied industries. 38.6 38.6 38.8 38.6 114.60 118.97 122.30 117.66 3.00 3.09 3’12 3.08 Chemicals and allied products................... 41.8 42.0 42.0 42.1 118.28 123.06 123.35 122.47 2.85 2.93 2 93 7 93 Products of petroleum and coal......... 41.5 42.4 42.0 41.9 133.81 142.97 140.11 139.70 3.24 3.38 3.36 3*35 Rubber products........................................ 42.2 42.5 42.3 42.6 108.52 111.94 113.85 112.52 2.59 2.64 2.66 7 66 Leather and leather products..................... 37.7 38.6 38.5 37.8 71.24 72.58 75.06 72.96 1.86 1.90 1.91 1.90 Note.—Bureau of Labor Statistics; data are for production and related workers only. 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264 PRICES FEBRUARY 1966 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em ll s Food Total Rent H ow om ne e r ­ ­ F a o u n i e l d l e G a l n e a d c s ­ n F i a n i n u s g h d r s ­ ­ A up p a k p n e a d e r e p l T p t o r i a o r n t n a s ­ ­ Total M ic e a d l ­ s P o e n r a ­ l R a i e n n a g d d ­ O g a o t n o h d d e s r ship coal tricity opera­ care care recrea­ serv­ tion tion ices 1929,....................... 59.7 55.6 85.4 1933 45.1 35.3 60.8 1941 51.3 44.2 61.4 64.3 45.2 88.3 51.2 50.6 47,6 57.3 58.2 1945 62.7 58.4 67,5 66.1 53,6 86.4 55.4 57.5 63.6 75.0 67.3 1957. 98.0 97.8 98.5 98.3 98.2 100,8 96,9 99.4 99.5 96.5 97.0 95.5 97.1 96,9 98.5 1958. 100.7 101.9 100.2 100.1 100.4 99.0 100,3 99.9 99.8 99.7 100,3 100.1 100.4 100.8 99.8 1959 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100.7 100,6 103,8 102.8 104,4 102.4 102.4 101.8 1960. 103.1 101.4 103.1 103,1 103.7 99.5 107.0 101.5 102.2 103,8 105.4 108.1 104.1 104.9 103.8 1961 104.2 102.6 103.9 104.4 104.4 101 .6 107.9 101.4 103,0 105,0 107.3 111,3 104,6 107.2 104.6 1962. 105.4 103.6 104.8 105.7 105.6 102.1 107.9 101.5 103,6 107,2 109.4 114.2 106.5 109.6 105.3 1963 . 106.7 105.1 106.0 106,8 107.0 104.0 107.8 102.4 104,8 107.8 111.4 117,0 107.9 111.5 107.1 1964 108.1 106.4 107.2 107.8 109.1 103.5 107.9 102.8 105.7 109.3 113.6 119,4 109.2 114.1 108.8 1965 ........................ 109.9 108.8 108.5 108.9 111.4 105.6 107.8 103.1 106,8 111.1 115.6 122.3 109.9 115.2 111.4 1964--Dec.............. 108.8 106.9 107.8 108.4 110.0 105.8 108.3 102,9 106,6 110,5 114.3 120.3 110.0 114.9 109.2 1965--Jan,.............. 108.9 106.6 108.1 108.4 110.6 106.5 108.0 102,8 105.6 111,1 114.5 120.6 110,0 115.0 109.3 Feb............... 108.9 106.6 108.2 108,5 110.9 106.7 107.8 102.8 105,8 110.6 114.7 121.0 110.1 115.2 109.4 Mar............... 109.0 106.9 108.2 108.7 110.8 106.5 107.7 103.1 106,0 110,6 114.9 121.4 110.4 115.4 109,5 Apr............... 109.3 107.3 108.2 108.8 110.8 105.4 107.7 103.1 106,3 111.0 115.4 121.6 110.7 115.9 110.3 May.............. 109.6 107.9 108.2 108.8 110.8 104.6 107.7 103.1 106.8 111.4 115.6 121.8 111.0 115.9 110.6 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 in.5 115.3 122.7 108.7 114.6 111.5 Aug............... 110.0 110.1 108.2 109.0 111.4 103.5 107.7 102.9 106.4 111.0 115.6 122.8 109.0 114.3 112.6 Sept............... 110.2 109.7 108.6 109.1 111.6 104.3 107.9 103.1 107,2 111.0 115.8 122.8 109.2 114.8 112.7 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 Dec............... 111.0 110,6 109.4 109.5 112.9 108.6 108.0 103.6 108.1 111.6 116.6 123.7 110.0 115.4 113.4 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 c A om ll ­ F pr a o rm d­ P es r s o e c d ­ Nonm ti o e d s i­ ucts foods Total T til e e x s ­ , H e i t d c e . s, F e u tc e . l, C ic h a e l m s, ­ R b u er b , ­ L b u e m r, ­ P e a t p c e . r, M al e s t , ­ c M hi a n ­ ­ F tu u r r e n , i ­ t m all e i ­ c b T ac o c ­ o, c M el i l s a ­ ­ etc. etc. etc. etc. etc. ery etc. min­ etc. neous erals 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 1960............................. 100.7 96.9 100,0 101.3 101 .5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.4 100.1 101 4 102 5 99 3 1961............................. 100.3 96.0 100.7 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102,3 99.5 101.8 103,2 103 9 1962............................. 100.6 97.7 101.2 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.3 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 1965^........................... 102.5 98.4 105,1 102.5 101.8 109,2 98,9 97.4 92.9 101.1 99.9 105.7 103,7 98.0 101.7 107.7 111.0 1964—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 98.0 161.9 107.8 110.3 May................. 102.1 98.4 103,3 H02.3 101 .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 C101.7 107.6 112.6 Aug................... 102.9 99.1 106.7 102.7 10! .9 112.2 99.0 97.1 93.2 101,8 99,9 106.2 103,8 97.7 101 .6 107.6 111.5 103,0 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 99.4 106.9 102.8 102.0 113.3 99,4 97.6 93.4 101 .6 100.5 106,3 103.9 97.8 101 .6 107.7 111,2 103,5 100.3 r107,6 H03.2 HOI .9 113,6 100,3 97.5 93,5 101.6 MOO.8 M06.7 104.1 98.0 HOI .6 107.7 013.2 Dec................... 104.1 103.0 109.4 103.2 102.0 114.3 100,6 97.6 93.5 101.9 100.9 106,6 104.1 98.1 101.6 107.9 112.5 See next page for composition of other commodities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 PRICES 265 WHOLESALE PRICES: DETAIL (1957-59= 100) 1964 1965 1964 1965 Group Group Dec, Oct. Nov. Dec. Dec. Oct. Nov. Dec. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce................... 98.9 95.6 ’94.2 92.4 Woodpulp............................................ 96.8 98.1 98.1 98.1 Grains......................................... 90.1 88.6 87.4 90,1 Wastepaper.......................................... 95.9 104.5 107.0 104.6 Livestock and poultry......................... 83.1 103,2 104.0 109.0 Paper.................................................... 103.7 104.5 104.8 104.9 Plant and animal fibers....................... 92.6 89 9 89.8 89.6 Paperboard......................................... 96.4 96.5 96.5 96.5 Fluid milk............................................. 105.0 105 9 ’107.3 107.7 Converted paper and paperboard .... 97.9 99.8 ’100.1 100.4 Fees.......................................... 85.3 105 1 114.0 118.2 Building paper and board........ 93.3 93.8 ’93.3 92.7 Hay and seeds...................................... 116.7 102.6 107,2 110.8 Other farm products....................... 98.3 100 1 99.9 103.5 Metals and Metal Products: Processed Foods: Iron and steel...................................... 101.1 101 .2 101.3 101.7 Nonferrous metals.............................. 113.0 117.4 ’118.7 117.2 Cereal and bakery products......... 108.2 109 4 410.6 111.2 Metal containers.................................. 105.6 108,3 108.3 109.8 Meat poultry, and fish....................... 88.8 104.9 405.5 110.4 Hardware............................................. 104.8 106,7 107.0 107.2 Dairy products and ice cream............ 108.9 109.4 110.4 111.3 Plumbing equipment........................... 104.1 nos. 2 ’105.4 106.7 Canned and frozen fruits and veg­ Heating equipment............................. 92.2 91.9 91.6 91.7 etables .................................. 101 .9 104.7 4 05.4 105.2 Fabricated structural metal products . 100.0 101.8 102.0 102.0 Sugar and confectionery..................... 107.1 109.4 109.2 108.8 Fabricated nonstructural metal prod­ Packaged beverage materials.............. 97.2 93.4 93.4 93.4 ucts . 108.3 109.8 ’■109,8 109.7 Animal fats and oils........................... 107.7 122.1 4 15.8 116,2 Crude vegetable oils........................ 105.9 101.3 100.9 100.4 Machinery and Motive Products: Refined vegetable oils................. 98.0 94.6 105.0 109.1 Vegetable oil end products................. 100.1 101.2 101 .2 98.4 Agricultural machinery and equip.... 114.2 114.9 116.8 117.0 Miscellaneous processed foods........... 111.2 114.1 414.2 114.1 Construction machinery and equip... 113.7 115.8 116.4 116.5 Metalworking machinery and equip.. 114.2 118.3 ’■118.6 118,9 Textile Products and Apparel: General purpose machinery and equipment........................................ 104,8 106.3 106.5 106.7 Cotton products................................... 99.4 100.8 101 .0 101,2 Miscellaneous machinery. < ................ 104,1 105.1 ’105.3 105,4 Wool products................................... 102.8 105.4 105.4 105.4 Special industry machinery and Man-made fiber textile products,.... 96.8 93.3 ’92.5 91 .9 equipment (Jan. 1961= 100)....... 106.6 108.2 108.9 109.0 Silk products,...................................... 117.4 140,3 142.2 143.6 Electrical machinery and equip.......... 96,3 96.6 r96.5 96,5 Apparel................................................ 103.1 104.3 104.2 104.4 Motor vehicles..................................... 100.8 100.5 100.5 100.5 Other textile products......................... 117.8 127.1 127,0 130.0 Transportation equip,, R.R. roiling stock (Jan. 1961= 100)................ 100.6 101.0 101.0 101 .0 Hides, Skins, Leather, and Products: H Le id a e th s e a r n .. d .. .. s . k ... i . n .. s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 0 0 3 , .9 2 1 1 1 2 1 5 . . 9 6 1 1 2 1 6 3 . , 5 3 1 1 3 1 2 4 . , 3 2 Furn b it l u e r s e : and Other Household Dura­ F O o 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 4 9. . 0 0 1 1 1 0 3 9 . , 6 0 4 4 0 13 9 . . 7 0 1 10 1 9 3 . . 1 8 H Co o m us m eh e o rc ld ia l f u fu rn rn it i u tu re r . e .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 10 0 3 5 , , 3 7 1 1 0 0 6 3 . . 4 7 ’ 1 1 0 0 3 6 . . 7 6 1 1 0 0 6 3 . . 6 7 Floor coverings.................................... 99.0 97.3 97.4 97.6 Fuels and Related Products, and Power: Household appliances.......................... 90.6 88,6 88.6 88.8 C C o ok al e . . . . . . . .. . . . . . .. . . . . . .. . . . . . . . .. . . . . . .. . . . . . .. . . . . . . . .. . . . . . .. . . . . . . . .. . . . . . .. . . . . . .. . . . . . . . .. . . . . . ... . . . . . . . .. . . . . . .. . . . . 1 9 0 8 7 . . 2 3 1 9 0 7 7 . . 3 3 1 ’9 0 7 7 . . 5 3 1 9 0 7 7 . . 6 3 T O e t l h e e v r i s h i o o u n s , e r h a o d l i d o s d , u a r n a d b l p e h g o o n o o d g s ra .. p .. h .. s .. . . . 1 8 0 6 4 . .7 6 10 84 5 . . 5 5 1 8 0 4 6 . . 5 2 1 8 0 4 6 . . 5 2 Gas fuels (Jan. 1958— 100),............... 124.0 125.8 4 26.8 128.6 Electric power (Jan. 1958= 100)......... 101.3 100.8 100.8 100.7 Nonmetallic Mineral Products: Petroleum products, refined............... 94.0 96,6 98.1 98.4 Flat glass.............................................. 102.1 99.9 99.9 99.9 Chemicals and Allied Products: Concrete ingredients............... 102.9 103,4 rl 03.4 103.4 Concrete products............................... 101.1 101.6 101.8 101,8 Industrial chemicals............................ 94,2 95,4 95.5 95.5 Structural clay products...................... 104.8 105.4 105.4 105.5 Prepared paint.................................. 104.8 105,9 105.9 105.9 Gypsum products................................ 106.6 99,1 98.6 97.7 Paint materials..................................... 91 .2 89.7 89.0 89.0 Asphalt roofing.................................... 91.2 94.6 94.6 94.6 Drugs and pharmaceuticals................ 94.7 94.1 94.7 94.6 Other nonmetallic minerals................. 101.2 101.1 101.0 100.9 Fats and oils, inedible.................. 116.8 110.1 106.7 110,1 Mixed fertilizers............................ . . 104.7 105.9 105,2 105,5 F O e t r h t e il r i z c e h r e m mi a c t a e l r s i a a l n s d ,. .. p .. r . o .. d ... u .. c .. t . s .. . . . . . . . . . . . . . . . . . . . . . . . 1 9 0 9 0 . . 4 7 1 10 0 0 3 .4 0 1 10 0 0 3 , , 1 8 1 1 0 0 3 0 , , 8 0 Toba a c g co e s: Products and Bottled Bever- Tobacco products................................ 106.1 106.1 106.1 106.1 Rubber and Products: Alcoholic beverages............................. 100.5 100.9 100.9 101.3 Crude rubber....................................... 90.3 89.0 89.3 89.6 Nonalcoholic beverages...................... 128.1 128.5 128.5 128.5 Tires and tubes.................................. 88.8 91.1 91.1 91.1 Miscellaneous rubber products......... 96.4 97.6 97.7 97.7 Miscellaneous Products: Lumber and Wood Products: Toys, sporting goods, small arms. ... 101.3 ’103.1 ’103.0 103.1 Manufactured animal feeds................ 116.4 116.2 ’119.9 118.6 Lumber............................................... 99.1 103.0 403.0 103.3 Notions and accessories................. 99.1 99.1 99.1 99.1 Millwork............................................. 109.0 107.8 107.8 107.9 Jewelry, watches, photo equipment... 103.9 105.1 105.1 105.1 Plywood.............................................. 90.3 91.6 ’91.7 92.1 Other miscellaneous products........... 103.0 104.0 ’104.7 104.7 Note.—Bureau of Labor Statistics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

266 NATIONAL PRODUCT AND INCOME FEBRUARY 1966 GROSS NATIONAL PRODUCT (In billions of dollars) 1964 1965 Item 1929 1933 1941 1950 1961 1962 1963 1964 1965” IV I II III IV* frojs national product..................................... 103.1 55.6 124.5 284.8 520.1 560.3 589.2 628.7 675.6 641.1 657.6 668.8 681.5 694.6 Pinal purchases..................................... 101.4 57.2 120. i 278.0 518.1 554.3 583.5 623.9 668.2 633.6 648.8 662.4 673.9 687.6 Personal rnnsiimption expenditures................. 77.2 45.8 80.6 191.0 335.2 355.1 373 8 398.9 428.5 405.9 416.9 424.5 432.5 440.1 Durable goods.............................................. 9.2 3.5 9.6 30.5 44.2 49.5 53.4 58.7 64.8 57 9 64.6 63.5 65 4 65.7 Nondurable goods...................................... 37.7 22.3 42.9 98.1 155.9 162.6 168.0 177 5 189.0 180.9 182.8 187.9 190.5 194.8 Services......................................................... 30.3 20.1 28.1 62.4 135.1 143.0 152.3 162.6 174.7 167.1 169.5 173. 1 176.7 179.6 Cross private domestic investment.................. 16.2 1.4 17.9 54.1 71.7 83.0 86.9 92.9 104.9 97.7 103.4 102.8 106.2 107.5 Fixed investment........................................... 14.5 3.0 13.4 47.3 69. 7 77.0 81.2 88. I 97.5 90.2 94.6 96.4 98.6 100.5 Nonresidential..................................... 10.6 2.4 9.5 27.9 47.0 51.7 54 3 60.5 69 8 63.5 66.9 68.4 70.9 73.2 Structures.............................................. 5.0 .9 2.9 9.2 18.4 19.2 19 7 21.1 24.3 21.5 23.2 24.5 24.2 25.4 Producers’ durable equipment............ 5.6 1 .5 6.6 I8.7 28.6 32.5 34.6 39.4 45.5 42.0 43.7 43.9 46.7 47.8 Residential structures.............................. 4.0 .6 3.9 I9.4 22.6 25.3 26.9 27.5 27.6 26 7 27.7 28 0 27 7 27 2 Nonfarm................................................ 3.8 .5 3.7 18.6 22.0 24.8 26. 3 27.0 27. 1 26.2 27. 1 27 5 27 I 26 7 Change tn business inventories................... 1 .7 -1.6 4.5 6.8 2.0 6.0 5.7 4 8 7 4 7.5 8 8 6 4 7.6 7.0 Nonfarm................................. 1.8 -1.4 4.0 6.0 1.7 5.3 4.9 5.4 7. 1 7 8 9.2 6.6 7.0 5.8 Net exports of goods and services............. 1. 1 .4 1.3 1.8 5.6 5.1 5.9 8.6 7.2 8.9 6.0 8 0 7.4 7.4 Exports........................................................ 7.0 2.4 5.9 13.8 28.6 30.3 32.4 37.0 39.2 38.4 34.7 40.4 40.1 41.4 Imports......................................................... 5.9 2.0 4.6 12.0 22.9 25.1 26.4 28.5 32.0 29.5 28.6 32.4 32 7 34 1 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 107.6 117.1 122.6 128.4 135.0 128.6 131.3 133.5 135.4 139.6 Federal. . . ...................................... • .......... 1.3 2.0 16.9 18.4 57.4 63.4 64.4 65.3 66.7 64.3 64 9 65.7 66 5 69.7 National defense..................................... 13.8 14.1 47.8 51 .6 50.8 49.9 49.9 48.8 48.8 49.2 49.8 52 0 Other....................................................... 3.1 4.3 9.6 11.8 13.6 15.4 16. 8 15.5 16. 1 16. 5 16.7 17 7 State and local.............................................. 7.2 6.0 7.9 19.5 50.2 53.7 58.3 63.1 68.2 64.3 66.4 67.8 68.9 69.9 Gross national product in constant (1958) dollars........................................................... 203.6 141.5 263.7 355.3 497.3 530.0 550.0 577.6 609.0 584.7 597.7 603.5 613.0 621.7 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 1961 1962 1963 1964 1965 J’ IV I II III IV* National income................................................ 86.8 40.3 104.2 241.1 427.3 457.7 481.1 514.4 554.6 526.3 540.6 549.5 557.9 Compensation of employees............. 51. 1 29.5 64.8 154.6 302.6 323.6 341.0 365.3 391.9 375.4 382.4 387.9 393 7 403 6 Wages and salaries....................................... 50. 4 29.0 62.1 146.8 278.1 296.1 311.2 333.5 357.4 342.6 348.9 353.6 359.0 168 1 Private....................................................... 45.5 23.9 51.9 124.4 225.9 240. 1 251.6 269.2 288.5 276.5 282.0 285.9 290.0 296.1 M ilitary..................................................... . 3 .3 1.9 5.0 10.2 10.8 10.8 11.7 12.4 11.9 11.8 11.8 12.3 13.7 government civilian................................ 4.6 4.9 8.3 17.4 42.0 45.2 48.8 52.6 56.5 54.3 55.0 55.9 56.7 58.3 Supplements to wages and salaries............... , 7 .5 2.7 7.8 24.6 27.5 29.8 31.8 34.5 32.7 33.5 34.3 34.7 15 5 Employer contributions for social insurance.................................................. . 1 . 1 2.0 4.0 11.8 13.7 15.0 15.4 16.3 15.7 16.0 16.2 16.3 16.6 Other labor income................................. .6 .4 .7 3.8 12.7 13.9 14.8 16.5 18.2 17. I 17.5 18.1 18.4 18.9 Proprietors, income.......................................... 15.1 5.9 17.5 37.5 48.4 50.1 50. 8 51.1 54. 5 51.8 51.9 54.6 55.4 56.2 Business and professional........................... 9.0 3.3 11. 1 24.0 35.6 37.1 37.8 39. 1 40. 3 39.6 39.9 40. 1 40.4 40.7 Farm................................................... 6.2 2.6 6.4 13.5 12.8 13.0 13.0 12.0 14.3 12.2 12.0 14.5 15.0 15.5 Rental income of persons............................... 5.4 2.0 3.5 9.4 16.0 16.7 17.6 18.2 18.6 18.5 18.5 18.6 18.6 18.7 Corporate profits and inventory valuation adjustment.................................................. 10.5 -1.2 15.2 37.7 50.3 55.7 58.1 64. 5 73. 1 64.9 71.7 72.0 73.5 Profits before tax.......................................... 10.0 1.0 17.7 42.6 50.3 55.4 58.6 64.8 74.6 65.9 73.1 73.9 74.6 Profits tax liability.................................... 1.4 .5 7.6 17.8 23. 1 24.2 26.0 27.6 30. 1 28.1 29.5 29.8 30.1 Profits after tax........................................ 8.6 .4 10.1 24.9 27.2 31.2 32.6 37.2 44.5 37.8 43.6 44.1 44.5 Dividends.............................................. 5.8 2.0 4.4 8.8 13.8 15.2 15.8 17.2 18.9 17.7 18.0 18.6 19.2 19 9 Undistributed profits........................... 2.8 -1.6 5.7 16.0 13.5 16.0 16.8 19.9 25.6 20.0 25.7 25.5 25.3 Inventory valuation adjustment.................. .5 -2. 1 -2.5 -5.0 - . 1 .3 - .4 -.3 - 1.5 -1,0 -1.4 -1.8 - 1.2 -1.6 Net interest....................................................... 4.7 4.1 3.2 2.0 10.0 11.6 13.6 15.2 16.5 15.7 16.1 16.4 16.7 17.1 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

FEBRUARY 1966 NATIONAL PRODUCT AND INCOME 267 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1964 1965 Item 1929 1935 1941 1950 1961 1962 1963 1964 1965’ IV I II III IV? Gross national product..................................... 103.1 55.6 124.5 284.8 520.1 560.3 589.2 628.7 675.6 641.1 657.6 668.8 681.5 694.6 Less: Capital consumption allowances...... 7.9 7.0 8.2 18.3 45.2 50.0 52.8 55.7 58.7 56.9 57.7 58.3 59.1 59.8 Indirect business tax and nontax lia­ bility......................................'........ 7.0 7.1 11.3 23.3 47.7 51.5 54.6 58.0 62.0 59.3 61.5 61.4 62.0 62.9 Business transfer payments................... .6 .7 .5 .8 2.0 2.1 2.2 2.3 2.3 2.4 2.3 2.3 2.3 2.3 Statistical discrepancy......... .7 .6 .4 1.5 -.7 .5 - .7 - .5 - .8 -2.2 -3.1 — 1.4 1.4 Plus: Subsidies less current surplus of gov­ ernment enterprises............ -. 1 . 1 .2 1.4 1.4 .7 1.2 1.2 1.5 1.4 1.3 1.2 1.1 Equals: National income.................................. 86.8 40.3 104.2 241.1 427.3 457.7 481.1 514.4 554.6 526.3 540.6 549.5 557.9 Less: Corporate profits and inventory valu­ ation adjustment................. 10.5 -1.2 15.2 37.7 50.3 55.7 58.1 64.5 73.1 64.9 71.7 72.0 73.5 Contributions for social insurance. ... .2 .3 2.8 6.9 21.4 24.0 26.8 27.8 29.5 28.4 28.9 29.2 29.6 30,2 Excess of wage accruals over disburse­ ments.............................................. — .1 Plus: Government transfer payments............9. 1.5 2.6 14.3 30.4 31.2 33.0 34.2 36.8 34.4 36.0 35.1 38.9 37.3 Net interest paid by government and consumer........2....5..........1....6... 2.2 7.2 15.0 16.1 17.5 19.1 20.6 19.5 19.9 20.4 20.8 21.1 Dividends.............................................. 5.8 2.0 4.4 8.8 13.8 15.2 15.8 17.2 18.9 17.7 18.0 18.6 19.2 19.9 Business transfer payments.................. .6 .7 .5 .8 2.0 2.1 2.2 2.3 2.3 2.4 2.3 2.3 2.3 2.3 Equals: Personal income.................................. 85.9 47.0 96.0 227.6 416.8 442.6 464.8 495.0 530.7 507.1 516.2 524.7 536.0 546.0 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.7 52.4 57.4 60.9 59.2 65.4 60.7 64.8 66.2 64.8 65.7 Equals: Disposable personal income................ 83.3 45.5 92.7 206.9 364.4 385.3 403.8 435.8 465.3 446.4 451.4 458.5 471.2 480.3 Less: Persona} outlays.................................... 79. 1 46.5 81.7 103.9 343.2 363.7 383.4 409.5 440.2 416.9 428.1 436. 1 444.4 452.3 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 335.2 355.1 373.8 398.9 428.5 405.9 416.9 424.5 432.5 440.1 Consumer interest payments............ 1.5 .5 .9 2.4 7.6 8. 1 9.0 10.0 11.1 10.4 10.6 11.0 11.3 11.6 Personal transfer payments to for­ eigners. ...................................... .3 .2 .2 .4 .5 .5 .6 .6 .6 .6 .6 .6 .6 .6 Equals: Personal saving................................... 4.2 -.9 11.0 13.1 21.2 21.6 20.5 26.3 25.1 29.5 23.3 22.4 26.8 28.0 Disposable personal income in constant (1958) dollars........................................................ 150.6 112.2 190.3 249.6 350.7 367.6 380.6 406.5 428.1 414.5 417.9 421.7 432.3 439.4 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 1965r Item 1964 1965* Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. v Total personal income.......................... 495.0 530.7 512.0 ‘515.4 515.2 517.8 520.5 525.0 528.5 530.4 532.1 2545.4 541.3 546.1 550.5 Wage and salary disbursements.......... 333.5 357.4 346.2 346.5 348.9 351.1 351.5 353.9 355.4 357.4 358.8 360.8 364.7 368.3 371.2 Commodity-producing industries... 133.9 143.9 139.8 139.8 140.8 141.9 141.4 142.3 143.1 144.0 144.6 144.7 146,1 148.1 149.7 Manufacturing only...................... 107.2 115.5 111.9 112.2 113.0 113.9 113.6 114.1 114.8 115.6 116.1 116.4 117.5 119.1 120.1 Distributive industries..................... 81.1 86.5 83.8 83.8 84.7 85.5 85.6 86.2 86.5 86.8 87.0 87.2 87.8 88.2 88.5 Service industries............................. 54.1 58.1 56.2 56.3 56.6 56.7 57.2 57.6 57.8 58.2 58.5 58.8 59,6 60.0 60.3 Government. ................................... 64.3 68.9 66.4 66.6 66.8 67.0 67.4 67.7 68.0 68.3 68.7 70.1 71.3 72.0 72.6 Other labor income............................. 16.5 18.2 17.1 17.4 17.5 17.6 18.0 18.1 18.2 18.3 18.4 18.4 18.6 18.9 19.0 Proprietors’ income............................. 51.1 54.6 52.3 52.2 51.9 51.8 52.9 54.8 56.0 55.5 55.3 55.4 55.9 56.2 56.5 Business and professional............... 39.1 40.3 39.9 39.8 39.9 40. 1 40.0 40. 1 40. 1 40.3 40.4 40.5 40.6 40.7 40.8 Farm................................................ 12.0 14.3 12.4 12.4 12.0 11.7 12.9 14.7 15.9 15.2 14.9 14.9 15.3 15.5 15.7 Rental income...................................... 18.2 18.6 18.5 18.5 18.5 18.5 18.6 18.6 18.6 18.6 18.6 18.6 18.7 18.7 18.7 Dividends............................................. 17.2 18.9 18.1 17.9 18.0 18.0 18.2 18.5 19.1 19.0 19.2 19.5 19.7 19.9 20.2 Personal interest income..................... 34.3 37.1 35.5 35.7 36.0 36.2 36.5 36.7 37.0 37.2 37.5 37.7 37.9 38.2 38.5 Transfer payments............................... 36.6 39.2 37.0 ‘40.1 37.4 37.6 37.8 37.4 37.2 37.6 37.7 248.4 39.3 39.6 40.2 Less: Personal contributions for social insurance............................ 12.4 13.2 12.8 12.9 12.9 13.0 12.9 13.0 13.1 13.2 13.3 13.4 13.5 13.6 13.7 Nonagricultural income....................... 478.7 512.1 495.3 ’498.7 499.0 502.2 503.2 505.8 508.2 510.8 512.9 2526.2 521.7 526.3 530.4 Agriculture income.............................. 16.3 18.6 16.6 16.7 16.2 15.7 17.3 19.2 20.4 19.7 19.2 19.2 19.6 19.9 20.1 t 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. 2 Includes retroactive lump-sum payment of social security benefits in the amount of $10.6 billion. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

268 FLOW OF FUNDS FEBRUARY 1966 SAVINGS, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1963 1964 1965 Transaction category, or sector 1960 1961 1962 1963 1964 III IV I 11 III IV I II III I. Saving and investment 1 Gross national saving........................ 122.9 119.7 134.5 144.1 158.0 145.7 152.0 153.2 155.0 159.7 164.0 174,6 172.7 174.6 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. / 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........... 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 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. insur. & pension reserves.... 8.2 8.7 9.0 10.2 11.2 11.2 9.7 11.0 12.1 10.2 11.6 1 1.0 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 At savings ins tit............. 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 i.l .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 1 1.3 -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 .1 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 .2 -.6 -1.2 75 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 FLOW OF FUNDS 269 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1963 1964 1965 Transaction category, or sector 1960 1961 1962 1963 1964 HI IV I II III IV I II 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 11. 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. I 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 6.5 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 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 Nonguaranteed......................... -.1 .3 .8 .5 — .2 .7 1.1 -1.7 J. 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 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 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 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 4 .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 6! 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 . 1 -.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 IS.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 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 Jan. 1966 Bulletin, p. 115. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

270 FEDERAL RESERVE BANKS, 1965 FEBRUARY 1966 EARNINGS AND EXPENSES (In Total Boston New York Philadelphia Cleveland Richmond Atlanta Current Earnings Discounts and advances...................................... 19,803,114 735,296 5,438,229 513,389 618,260 1,048,591 1,546,162 Acceptances........................................................ 3,199,151 3,199,151 U.S. Govt, securities.......................................... 1,522,022,371 78,583,698 379,485,733 79,596,236 125,337,410 103,120,760 82,212,211 Foreign currencies........................................................... 13,994,531 664,162 3,661,890 782,259 1,257,302 699,211 832,280 All other............................................................... 464,860 13,189 70,801 22,057 28,684 20,538 73,960 Total............................................................. 1,559,484,027 79,996,345 391,855,804 80,913,941 127,241,656 104,889,100 84,664,613 Current Expenses Salaries: Officers ......................................................... 8,052,240 454,913 1,465.332 605,421 602,860 671,588 703,428 Employees................................................... 99,963,787 5,897,904 24,779,713 4,790,774 8,108,980 6,889,286 6,328,811 Retirement and other benefits............................ 17,232,566 1,061,112 4,121,117 847,620 I ,397,604 1,189,243 1,139,706 Fees Directors and others................................ 632,262 25,969 97,422 33,750 48,776 32,203 71.848 Traveling expenses.............................................. 2,238,850 137,597 370,858 99,872 170,984 157,464 192,593 Postage and expressage . ................................... 23,057,961 1 ,536,186 2,935,256 1 ,077,124 2,036,038 2,350,869 2,084,063 Telephone and telegraph ............................................. 1,896,337 92,364 412,348 87,693 125,168 137,225 217,351 Printing and supplies.......................................... 8,412,368 581,496 1,661,091 510,718 609,247 690,170 645,106 Insurance ......................................................... 378,450 26,292 77,638 14,639 35,001 33,455 23,597 Taxes on real estate......................................................... 5,390,114 629,020 929,077 160,812 447,015 213,023 362,192 Depreciation (building)....................................... 5,533,206 117,205 420,704 154,895 680,018 171,877 792,989 Eight heat power, and water......... 1,987,031 138,361 285,577 90,587 174,525 168,850 166,425 Repairs and alterations............................ 1,220,111 57,293 181,675 195,510 69,316 115,810 84,900 Rent..................................................................... 117,198 13,758 6,291 5,763 26,683 10,870 3,066 Furniture and equipment: Purchases.............................................. 3,411.884 105,508 732,874 232,656 220,459 163,383 926,946 Rentals ............................................ . 9,515,670 611,454 1,359,697 386,689 791,026 886,462 469,858 All other............................................................... 3,241,635 113,091 786,085 131,095 496,444 117,651 134,914 Inter-Bank expenses............................................ 56,654 -836,394 67,033 108,620 -5,564 75,341 Subtotal..................................................... 192,281.670 11,656,177 39,786,361 9,492,651 16,148,764 13,993,865 14,423,134 F.R, currency...................................................... 23,602,856 1,216,159 3,526,806 1,347,933 1,566,524 2,521,524 2,374,995 Assessment for expenses of Board of Governors. 8,576,396 408,200 2,248,600 473,000 769,700 428,900 504,300 Total............................................................ 224,460,922 13,280,536 45,561,767 11,313,584 18,484,988 16,944,289 17,302,429 Less: Reimbursement for certain fiscal agency and other expenses....................................... 20,170,736 1,145,093 3,845,533 921,281 1,851,070 1,149,055 1 ,412,488 Net expenses................... ........................... 204,290,186 12,135,443 41,716,234 10,392,303 16,633,918 15,795,234 15,889,941 Profit and Loss Current net earnings............................................ 1,355,193,838 67,860,901 350,139,570 70,521,638 110,607,738 89,093,866 68,774,672 Additions to current net earnings: Profits on foreign exchange transactions (net)...................................................... 926,098 43,527 242,638 51,861 83,349 46,305 54,640 All other....................................................... 271,065 4,417 21,198 7,532 99,191 50,888 1 ,299 Total additions............................................ 1,197,162 47,943 263,835 59,393 182,540 97,193 55,939 Deductions from current net earnings: Losses on sales of U.S. Govt, securities (net). 8,658 475 1,917 331 862 840 423 AH other....................................................... 166,889 5,386 3,696 4,721 46 3,643 1,026 Total deductions.......................................... 175,548 5,861 5,613 5,052 908 4,483 1,449 Net addition to or deduction from (—) current net earnings................................................. 1,021,614 42,082 258,222 54,341 181,632 92,710 54,490 Net earnings before payments to U.S. Treasury.. 1,356,215.455 67,902,983 350,397,792 70,575,980 110,789,370 89,186,576 68,829,163 Dividends paid.................................................. 32,351,602 1 ,546,585 8,500,590 1,752,341 2,899,235 1,629,632 1,917,336 Payments to U.S. Treasury (interest on F.R. notes)............................................................ 1,296,810,053 64,608,898 334,647,652 68,392,239 105,243,485 85,603,894 64,743,077 Transferred to surplus. ..................................... 27,053,800 1 ,747,500 7,249,550 431,400 2,646,650 1,953,050 2,168,750 Surplus January 1.............................................. 523,892,900 24,851,400 137,213,850 29,114,150 47,090,900 26,139,400 30,745,900 Surplus December 31......................................... 550,946,700 26,598,900 144,463,400 29,545,550 49,737,550 28,092,450 32,914,650 Note.—Details may not add to totals because of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 FEDERAL RESERVE BANKS, 1965 271 OF FEDERAL RESERVE BANKS dollars) Chicago St. Louis Minneapolis K C an it s y as Dallas Fra S n a c n is co Item Current Earnings 3,933,396 652,567 618,556 1.sis,122 1,062,969 1,820.577 Discounts and advances Acceptances 253,958,466 57,100,784 31,622,552 59,115,994 62,144.870 209,743,657 U.S. Govt, securities 1,979,944 474,975 324,848 635,231 809,956 1,872,473 Foreign currencies 68,997 17,246 27,640 47,152 31,407 43,189 Al! other 259,940,803 58,245,572 32,593,596 61,613,499 64,049,202 213,479,896 Total Current Expenses Salaries: 801,560 623.641 409.231 552,245 493,042 668,979 Officers 14,341,358 5,614,610 3,219.690 5,563,790 4,446,952 9,981,919 Employees 2,344,026 975,533 562,269 1.018,305 738,548 1,837,483 Retirement and other benefits 38,894 36,348 38,962 38,629 120,649 48,812 Fees—Directors and others 271 ,857 136,961 144,321 154,682 136,984 264,677 Traveling expenses 3,116,086 1,276,382 887,325 1.627,477 1,306,417 2,824,738 Postage and expressage 214,402 100,110 68,432 1 19,296 130,649 191,299 Telephone and telegraph 1,251,531 474,056 263,331 537,616 380,761 807,245 Printing and supplies 33,093 32,737 12,839 25,103 20,863 43,193 Insurance 979,735 197,738 373,166 283,445 275,272 539,619 Taxes on real estate 1,276,822 234,688 344.038 272,856 689,714 377 ,400 Depreciation (building) 304,670 145,743 88,971 153,197 125,539 144,586 Light, heat, power, and water 162,931 87,498 39,951 45,377 82,546 97,304 Repairs and alterations 40,403 1 ,701 1 ,301 4,414 1,337 1,611 Rent Furniture and equipment: 273,398 160,606 94,695 78,807 118,380 304,172 Purchases 1,704,138 619,734 372,356 779,220 568,600 966,436 Rentals 583,101 132,726 138,932 197,255 283,016 127,325 All other 171,456 43,438 28,519 56,754 71,570 162,573 Inter-Bank expenses 27,909,461 10,894,250 7.088.329 11,508,468 9.990,839 19,389,371 Subtotal 4,003.946 1,105,357 419,857 1,213,333 1.203,185 3,103,237 F.R. currency 1,223,900 293,500 199,400 381,000 501,096 1,144,800 Assessment for expenses of Board of Governors 33,137,307 12,293,107 7,707,586 13,102,801 11,695,120 23,637,408 Total Less; Reimbursement for certain fiscal agency 3,724,823 1,240,672 593,493 1,429,306 840,388 2,017,534 and other expenses 29,412,484 11,052,435 7.114,093 11,673,495 10,854,732 21,619,874 Net expenses Profit and Loss 230,528,318 47,193,138 25,479,503 49,940,004 53,194,469 191,860,021 Current net earnings Additions to current net earnings: Profits on foreign exchange transactions 131,506 31,487 21,300 41,674 53,714 124,097 (net) 23,789 9,355 15,988 17,075 125 20,208 All other 155,295 40,843 37,288 58,750 53,838 144,305 Total additions Deductions from current net earnings: 1,301 207 -29 156 329 1,846 Losses on sales of U.S, Govt, securities (net) 424 1 ,680 2.539 106,709 31,415 5,604 All other 1,725 1,887 2,510 106,865 31,744 7,451 Total deductions Net addition to or deduction from (—) 153,570 38,956 34.778 -48,115 22,094 136,854 current net earnings 230,681,888 47,232,094 25,514,281 49,891,889 53,216,564 191,996,875 Net earnings before payments to U.S. Treasury 4,626,284 1,109,770 759,194 1,433,152 1,891,621 4,285,862 Dividends paid 221,995,054 44,935,574 23,734,187 47,411,487 49,942,542 185,551,964 Payments to U.S. Treasury (interest on F.R. notes) 4,060,550 1,186,750 1,020,900 1,047.250 1,382,400 2,159,050 Transferred to surplus 74,602,850 17,943,000 12,159,500 23.300,550 30,585,650 70,145,750 Surplus, January 1 78,663,400 19,129,750 13,180,400 24,347,800 31,968,050 72,304,800 Surplus, December 31 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

272 BANKING OFFICES FEBRUARY 1966 NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks1 Mutual savings banks Type of office and type of change All Member Nonmember banks Total Total ti N on a a ­ l State1 Total su In re - d in N su o r n e - d su I r n e - d1 in N su o r n e - d Banks (head office): Dec. 31, 1934 ........................................................... 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941........................................................... 14,826 14,278 6,619 5,117 1,502 7,662 6,810 852 52 496 Dec. 31, 19472......................................................... 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec. 31, 1951........................................................... 14,618 14,089 6,840 4,939 1,901 7,252 6,602 650 202 327 Dec. 31, 1956........................................................... 14,167 13,640 6,462 4,651 1,811 7,181 6,737 444 223 304 Dec. 31, 1957........................................................... 14,090 13,568 6,393 4,620 1,773 7,178 6,753 425 239 283 Dec. 31, 1958........................................................... 14,020 13,501 6,312 4,578 1,734 7,192 6,793 399 241 278 Dec. 31, 1959........................................................... 13,991 13,474 6,233 4,542 1,691 7,244 6,878 366 268 249 Dec. 31, I960.......................................................... 13,986 13,472 6,174 4,530 1,644 7,300 6,948 352 325 189 Dec. 31, 1961............................................................ 13,946 13,432 6,113 4,513 1,600 7,320 6,997 323 330 184 Dec. 31, 1962............................................................ 13,938 13,427 6,047 4,503 1,544 7,380 7,072 308 331 180 Dec. 31, 1963......................................................... 14,078 13,569 6,108 4,615 1,493 7,461 7,177 284 330 179 Dec. 31, 1964........................................................... 14,266 13,761 6,225 4,773 1,452 7,536 7,262 274 327 178 Dec. 31, 1965............................................................ 14,309 13,804 6,221 4,815 1,406 7,583 7,320 26j 328 177 Branches, additional offices, and facilities: Dec. 31, 1934........................................................... 3,133 3,007 2,224 1,243 981 783 783 26 Dec. 31, 1941........................................................... 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec. 31, 19472.......................................................... 4,332 4,161 3,051 1,870 1,181 1,110 1 ,043 67 124 47 Dec. 31, 1951........................................................... 5,383 5,153 3,837 2,370 1,467 1,316 1,275 41 165 65 Dec. 31, 1956........................................................... 7,955 7,589 5,886 3,809 2,077 1,703 1,666 37 257 109 Dec. 31, 1957........................................................... 8,609 8,204 6,378 4,178 2,200 1,826 1,789 37 296 109 Dec. 31, 1958........................................................... 9,286 8,861 6,924 4,534 2,390 1,937 1 ,898 39 305 120 Dec. 31, 1959........................................................... 10,099 9,652 7,492 4,973 2,519 2,160 2,118 42 318 129 Dec. 31, 1960......................................................... 10,969 10,483 8,133 5,509 2,624 2,350 2,303 47 381 105 Dec. 31, 1961........................................................... 11,896 11,353 8,899 6,044 2,855 2,454 2,410 44 427 116 Dec. 31, 1962........................................................... 12,932 12,345 9,649 6,640 3,009 2,696 2,646 50 466 121 Dec. 31, 1963........................................................... 14,122 13,498 10,613 7,420 3,193 2,885 2,835 50 502 122 Dec. 31, 1964........................................................... 15,275 14,601 11,457 8,156 3,301 3,144 3,094 50 549 125 Dec. 31, 1965........................................................... 16,471 15,756 12,298 8,964 3,334 3,458 3,404 54 583 132 Changes Jan.-Dec. 31, 1965 Banks: New banks3............................................................. 201 198 92 88 4 106 90 16 2 1 Suspensions............................................................... -7 -7 -2 -2 ...........-..5. -1 -4 ............. Consolidations and absorptions: Banks converted into branches........................... -131 -130 -70 -53 ’ -17 -60 -57 -3 -1 Other..................................................................... -20 -19 -8 -7 -1 -11 -8 -3 -1 Voluntary liquidations4.......................................... 1 Reopening of suspended bank............................. 1 1 .............. 1 ..............1 ........ Interclass changes: Nonmember to national..................................... 13 13 -13 -11 -2 .............. Nonmember to State member............................. 1 1 -1 -1 State member to national.................................... 10 —10 State member to nonmember.............................. -23 —23 23 23 National to nonmember..................................... -7 -7 7 7 Noninsured to insured......................................... Net change............................................................... 43 43 —4 42 46 47 58 -11 1 -1 Number of banks, Dec. 31, 1965........................... 14,309 13,804 6,221 4,815 1,406 7,583 7,320 263 328 177 Branches and additional offices: De novo.................................................................... 1,115 1,074 788 593 195 286 281 5 31 10 Banks converted....................................................... 131 129 98 72 26 31 31 2 Discontinued5......................... ............................. -51 -48 -35 -26 -9 -13 -13 -2 -1 Interclass changes: Nonmember to national...................................... 18 18 -18 -18 Nonmember to State member................ 11 ii — 11 — 11 State member to national.................................... 165 —165 State member to nonmember.............................. -27 —27 27 27 .............. National to State member.......................... — 3 3 National to nonmember...................................... -11 — 11 11 11 Noninsured to insured......................................... 1 -1 2 -2 Nonmember to mutual savings bank................. -1 -1 -1 1 Facilities reclassified as branches....................... 11 11 6 6 5 5 Net change........................................................... 1,206 1,165 848 814 34 317 313 4 34 7 Number of branches and additional offices Dec. 31, 1965.................................................... 16,201 15,486 12,063 8,754 3,309 3,423 3,369 54 583 132 Banking facilities:6 Established........................................................... 5 5 3 3 2 2 .............. Discontinued........................................................ -4 -4 -4 -4 Interclass change: State member to national.................................... 1 -1 Facilities reclassified as branches............................ -11 -11 -6 -6 -5 -5 Net change............................................................... -10 -10 -7 — 6 -1 — 3 — 3 Number of facilities, Dec. 31, 1965 ....................... 270 270 235 210 25 35 35 .............. 1 State member banks and insured mutual savings bank figures both absorption of banks. include 1 to 3 member mutual savings banks, 1941 to 1962 inclusive, not 5 Includes 2 branches of a suspended bank. reflected in total commercial bank figures. State member bank figures 6 Provided at military and other Govt, establishments through arrange­ also include 1 or 2 noninsured trust cos. 1954 to date. ments made by the Treasury Dept. 2 Series revised as of June 30, 1947. The revision resulted in an ad­ dition of 115 banks and 9 branches. Note.-—Beginning with 1959, figures include all banks in Alaska and 3 Exclusive of new banks organized to succeed operating banks. Hawaii, but nonmember banks in territories and possessions are excluded. 4 Exclusive of liquidations incident to succession, conversion, and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 FEDERAL RESERVE PAR LIST 273 NUMBER OF PAR AND NONPAR BANKING OFFICES Par Total Nonpar (nonmember) F.R. District, Total Member Non member State, or other area Banks a B n r d a n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks B an r d a n o c f h fi e c s e s Banks a B n r d a n o c ff h ic e e s s Total, including Puerto Rico and Virgin Islands: 1 Dec 31 1964..................... 13,675 14,724 12,128 14,413 6,224 11,475 5,904 2,938 1,547 311 Dec 31’ 1965 ................... 13,713 15,882 12,221 15,582 6,220 12,316 6,001 3,266 1,492 300 F.R. Districts, Dec. 31, 1965: Boston......................... ■ ■ 384 1,142 384 1,142 251 890 133 252 New York........................... 516 2,69.3 516 2,693 409 2,368 107 325 Philadelphia....................... 541 1,032 541 1,032 408 784 133 248 Cleveland............................ 843 1,471 843 1 ,471 504 1,255 339 216 Richmond................ 832 2,047 748 1 ,961 409 1,300 339 661 84 86 Atlanta ........................... • • 1,555 896 1,063 811 520 641 543 170 492 85 Chicago.............................. 2,527 1,649 2,527 1,649 1,006 1,080 1,521 569 St. I ouis ...................................... 1 ,504 589 1,262 521 483 334 779 187 242 68 Minneapolis...................... 1 ,357 192 754 140 495 81 259 59 603 52 Kansas City........................ 1,908 194 1 ,908 194 835 134 1,073 60 Dallas.................................. 1,280 230 1 ,211 221 675 135 536 86 69 9 San Francisco..................... 466 3,747 464 3,747 225 3,314 239 433 2 State or area, Dec. 31, 1965: Alabama......................... 263 163 193 157 1 10 137 83 20 70 6 Alaska................................. 12 53 10 53 5 45 5 8 2 Arizona................. 17 250 17 250 5 196 12 54 Arkansas,.................... 246 107 154 86 84 74 70 12 92 21 California........................... 193 2,419 193 2,419 110 2,222 83 197 Colorado............................. 212 8 212 8 134 6 78 2 Connecticut......................... 65 313 65 313 36 252 29 61 Delaware............................ 20 65 20 65 7 34 13 31 District of Columbia......... 15 88 15 88 12 80 3 8 Florida............................... 437 18 403 18 203 12 200 6 34 Georgia......................... 429 197 175 183 71 155 104 28 254 14 Hawaii................................. 7 115 7 115 2 42 5 73 Idaho................................... 25 127 25 127 16 118 9 9 Illinois.................. 1,047 5 1,047 5 529 5 518 Indiana. ............................. '421 472 421 472 210 315 211 157 Iowa................................. ■ 672 235 672 235 163 45 509 190 Kansas............................... 599 49 599 49 211 32 388 17 Kentucky............................ 346 232 346 232 95 155 251 77 I oiiRiann - - -..................... 214 248 113 215 57 157 56 58 101 33 Maine.................................. 41 172 41 172 27 124 14 48 Maryland........................... 122 394 122 394 57 245 65 149 Massachusetts..................... 160 567 160 567 110 458 50 109 Michigan............................. 354 893 354 893 217 737 137 156 Minnesota........................... 721 10 319 9 221 6 98 3 402 I Mississippi.......................... 196 221 78 146 43 80 35 66 118 75 Missouri............................. 652 63 609 63 177 35 432 28 43 Montana............................. 130 3 130 3 92 3 38 Nebraska............................ 431 28 431 28 139 19 292 9 Nevada.............................. 9 63 9 63 6 55 3 8 New Hampshire................. 73 27 73 27 52 23 21 4 New Jersey......................... 230 673 230 673 194 600 36 73 New Mexico....................... 64 95 64 95 42 59 22 36 New York.......................... 342 J ,928 342 1,928 281 1,822 61 2 106 North Carolina.................. 141 737 93 657 34 360 59 297 48 80 North Dakota................... 167 49 67 23 46 10 21 13 100 26 Ohio................................. 542 948 542 948 352 816 190 132 Oklahoma........................... 420 38 420 38 246 33 174 5 Oregon...................... 50 265 50 265 15 222 35 43 Pennsylvania....................... 566 1 ,236 566 1,236 417 984 149 252 Rhode Island..................... 11 125 11 '125 5 79 6 46 South Carolina................... 129 270 93 264 30 184 63 80 36 6 South Dakota..................... 170 76 69 51 58 43 11 8 101 25 Tennessee........................... 297 329 231 316 85 229 146 87 66 13 Texas............................ 1,140 52 1,115 52 617 24 498 28 25 Utah.................................... 56 109 56 109 26 88 30 21 Vermont....................... 47 57 47 57 27 31 20 26 Virginia............... 262 558 262 558 175 431 87 127 Washington....................... 100 409 100 409 41 374 59 35 West Virginia..................... 187 187 112 75 Wisconsin........................... 580 171 580 171 162 38 418 133 Wyoming............................ 69 1 69 1 53 1 16 Puerto Rico 1.................... 11 144 11 144 15 H 129 Virgin Islands 1. .............. 3 7 3 7 1 6 2 1 3 Puerto Rico and the Virigin Islands assigned to the N.Y. District for Non:,—Includes all commercial banking offices in the United States, purposes of Regulation J, “Check Clearing and Collection.’’ Member Puerto Rico, and the Virgin Islands on which checks are drawn, including branches in Puerto Rico and all except 2 in the Virigin Islands are branches 270 banking facilities. Number of banks and branches differs from that of N.Y.C. banks. Certain branches of Canadian banks (2 in Puerto Rico in the preceding table because this table includes banks in Puerto Rico and 2 in Virgin Islands) are included above as nonmember banks; and and the Virgin Islands but excludes banks and trust cos. on which no nonmember branches in Puerto Rico include 6 other branches of Canadian checks arc drawn. banks. 2 Includes 6 N.Y.C. branches of 2 insured nonmember Puerto Rican banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FINANCIAL STATISTICS ★ INTERNATIONAL ★ Reported gold reserves of central banks and governments .............................................. 276 Gold production .................................................................................................................. 277 Net gold transactions and gold stock of the United States .............................................. 278 Foreign gold reserves and dollar holdings ........................................................................ 279 International capital transactions of the United States ................................................... 280 U.S. balance of payments .............................................................................. 290 Foreign trade ......................................................................................................................... 291 Money rates in foreign countries ......................................................................................... 292 Arbitrage on Treasury bills ................................................................................................. 293 Foreign exchange rates ....................................................................................................... 294 Guide to tabular presentation ............................................................................................. 208 Index to statistical tables ..................................................................................................... 302 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 275 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

276 GOLD RESERVES FEBRUARY 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 Fund2 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--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.............. 3 43,025 1,832 14,049 26,885 36 68 230 663 1,563 62 84 1,089 42 July............... 1,847 13,969 36 68 231 675 1,564 63 84 1,096 44 Aug............... 1,856 13,916 36 67 231 688 1,573 63 84 1,104 44 Sept............... ”3 43,020 1,865 13,925 *26,945 36 67 222 700 1,554 63 84 1,112 44 Oct................ 1,865 13,937 35 67 223 700 1,558 63 84 1,124 44 Nov............. 1,868 13,879 35 66 224 700 1,558 63 84 1,138 43 Dec............... ................. 1,869 13,806 35 223 700 1,558 84 1,151 44 Ger- E p n er d i o o d f lo C m o b ­ ia m D a e r n k ­ l F a i n n d ­ France m F a e n d y . , Greece India I n n e d si o a ­ Iran Iraq Israel Italy Japan Rep. of 1958. 72 48 35 750 2,639 17 247 37 141 34 2 1,086 124 1959. 71 57 38 1,290 2,637 26 247 33 140 84 2 1,749 244 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-—Dec................ 58 92 85 3,729 4,248 77 247 ..........1..4..1 112 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 4,390 281 141 122 56 2,390 327 Oct................ 34 97 85 4,604 4,404 i8 281 140 122 56 2,403 Nov............... 34 97 85 4,638 4,406 78 281 146 122 56 2,404 Dec............... ................. 97 84 4,706 4,410 281 ..........1..4..6 56 2,404 .............. E pe n r d i o o d f Kuwait a L n e o b n - M ic e o x- Mo c r o oc- N l e a t n h d e s r- Nigeria N w o a r y - P s a ta k n i- Peru P p h in il e i s p- Po g r a t l u- A S r a a u b d i i a A So fr u ic th a 1958 n,a. 91 143 16 1,050 43 49 19 10 493 211 1959 n.a. 102 142 23 1,132 30 50 28 9 548 18 238 1960 n.a. 119 137 29 1,451 30 52 42 15 552 18 178 1961 43 140 112 29 1 ,581 20 30 53 47 27 443 65 298 1962 49 172 95 29 1 ,581 20 30 53 47 41 471 78 499 1963 48 172 139 29 1,601 20 31 53 57 28 497 78 630 1964—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............... 49 182 161 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 37 572 73 382 Dec............... 52 21 1,756 20 31 53 67 38 ............7..3 425 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 GOLDRESERVES AND PRODUCTION 277 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d io o d f Spain Sweden Sw la i n tz 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 i n m t g ed ­ U gu r a u y ­ V zu e e n l e a ­ Y sl u av g i o a ­ S I e f n t o t t r l i e . ­ E E P F U 5 ments 4 1958 57 204 1,925 43 112 144 174 2,808 180 719 17 -42 126 1959 68 191 1,934 41 104 133 174 2,514 180 652 10 -134 40 1960 178 170 2,185 41 104 134 174 2,800 180 401 4 -19 55 1961 316 180 2,560 43 104 139 174 2,268 180 401 6 115 56 1962 446 181 2,667 43 104 140 174 2,582 180 401 4 -50 56 1963 573 182 2,820 50 104 115 174 2,484 171 401 14 -279 47 1964--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 54 Oct............. 810 202 2,660 54 96 116 139 171 401 18 -141 59 Nov................... 810 202 2,660 54 96 116 139 ' 155 '401 19 -247 59 Dec................... 810 202 3,042 .............. 96 116 139 ..........1..5..5 401 .......-.5...5..8. i Includes reported or estimated gold holdings of international and standing as follows (in millions): 1965 June-Aug., $259; Sept., $285; regional organizations, central banks and govts, of countries listed in Oct., $288; and Nov.-Dec., $313. this table and also of a number not shown separately here, and gold to be 3 Includes gold subscription payments to the IMF; see footnote 2 for distributed by the Tripartite Commission for the Restitution of Monetary amounts. Gold; excludes holdings of the U.S.S.R., other Eastern European coun­ 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold tries, and China Mainland. assets minus gold deposit liabilities. The figures included for the Bank for International Settlements are 5 European Payments Union for 1958 and European Fund thereafter. the Bank’s gold assets net of gold deposit liabilities. This procedure avoids the overstatement of total world gold reserves since most of the Note.—For back figures and description of the data in this and the gold deposited with the BIS is included in the gold reserves of individual following tables on gold (except production), see “Gold,” Section 14 of countries. Supplement to Banking and Monetary Statistics, 1962. 2 Beginning June 1965 excludes gold subscription payments by member countries in anticipation of increase in Fund quotas. Amounts out­ 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 R de h s o ia ­ Ghana ( p L o e ld o ­ ­ U St n a i t t e e s d C a a d n a ­ M ic e o x­ r N a i g c u a a ­ Co b l i o a m­ India P p h in il e ip s ­ t A ra u l s ia ­ ot A h l e l r ville) ............................... 1,050.0 618.0 19.4 29.8 12.3 61.6 158.8 11.6 7.2 13.0 6.0 14.8 38.6 58.9 1959. 1'125.0 702.2 19.8 32.0 12.2 57.2 156.9 11.0 7.3 13.9 5.8 14.1 38.1 54.5 I960. 1,175.0 748.4 19.6 30.8 11.1 58.8 162.0 10.5 7.0 15.2 5.6 14.4 38.0 53.6 1961.................................. 1'215.0 803.1 20.1 29.2 8.1 54.8 156.6 9.4 7.9 14.0 5.5 14,8 37.7 53.8 1962.................................. 1'290.0 892.2 19.4 31.1 7.1 54.5 146.2 8.3 7.8 13.9 5.7 14.8 37.4 51.6 1963.................................. 1,350.0 960.1 19.8 32.2 7.5 51.4 139.0 8.3 7.2 11.4 4.8 13.2 35.8 59.3 1964.................................. 1,395.0 1,019.8 20.1 30.3 4.4 51.4 133,4 7.4 7.4 12.8 5.2 14.9 33.7 54.2 1964- 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 2 3.9 2.6 Apr....................... 88.0 1.7 11.3 .7 .8 .4 2.5 May............. 89.2 1.6 10.4 1.0 .3 2.4 June..................... 90.1 1.5 2 6.7 10.7 .9 .4 2 3.8 r2.9 July...................... 90.8 1.6 10.0 1,2 2.4 Aug....................... 91.0 1.5 10.5 1.0 ’’2.6 Sept....................... 89.7 1 .6 2 6.3 10.2 2.3 Oct.................. .. 90,4 10.5 Nov....................... 1 Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 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

278 U.S. GOLD FEBRUARY 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 II III Western Europe: Austria............................. -84 -83 -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 Portugal.......................... -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 Bank for Inti. Settlements -178 -32 -36 -23 Other................................ 18 8 -21 -38 -96 -53 -12 -7 -14 -17 -4 -9 Total 80 68 -2,326 -827 -1,718 -754 -1,105 -399 -88 35 -171 -802 -334 -82 Canada 15 5 190 Latin American republics: Argentina............. 115 75 67 -50 -90 85 -30 Brazil.......................... -2 -2 57 72 54 28 28 Colombia.................. 28 -6 38 10 10 30 Mexico..................... -30 -20 -4 Venezuela...........-.2.0...0..... 65 Other................2..9............ 6 2 -5 -22 -5 -7 -9 -2 -2 -7 -3 Total -28 81 69 19 -100 -109 175 32 56 7 27 -8 58 -4 Asia: Japan -30 -157 -15 Other, 18 -4 -28 -97 1 -101 2 -93 3 12 3 -15 -3 Total 18 -34 - 186 -101 -93 12 3 -15 -3 All other. 14 -3 -5 -38 -6 -36 -7 -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 4 300 150 -259 78 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). 3 Includes purchases of $25 million from the Philippines. 6 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 2 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 stockL2 Foreign Month Gold stock1,2 Foreign Total c h u o r l r d e i n n c g y s 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 4 Total T g o o t l a d l Total3 Treasury TotaP Treasury 1953 ........ 22,091 22,091 22,030 — 1,161 -1,161 1965—Jan.....1.5,572 15,208 15,185 364 -331 -263 1954 ........ 21 ,793 21,793 21,713 -298 -298 Feb.... 15,220 14,993 14,937 227 -352 -215 1955 ........ 21 ,753 21,753 21,690 -40 -40 Mar.... 15,129 14,639 14,563 490 -91 -354 1956........ 22,058 22,058 21 ,949 305 305 Apr.. . . 14,884 14,480 14,410 404 -245 -159 1957 ........ 22,857 22,857 22,781 799 799 May. . . 14,511 14,362 14,290 149 -373 -118 June... 14,595 14,049 13,934 546 84 6 -313 1958 ........ 20,582 20,582 20,534 -2,275 -2,275 July.... 14,697 13,969 13,857 728 102 -80 1959 ........ 19,507 19,507 19,456 -1,075 5 -1.075 Aug... . 14,953 13,916 13,857 1,037 256 -53 1960........ 17,804 17,804 17,767 -1,703 -1,703 Sept.... 14,884 13,925 13,858 959 -69 9 1961........ 17,063 16,947 16,889 116 -741 -857 Oct... . 14,795 13,937 13,857 858 -89 12 1962........ 16,156 16,057 15,978 99 -907 -890 Nov.... 14,686 13,879 13,805 807 -109 -58 1963 ........ 15,808 15,596 15,513 212 -348 -461 Dec.. . . 14,587 13,806 13,733 781 -99 -73 1964........ 15,903 15,471 15,388 432 95 -125 1965........ 14,587 13,806 13,733 781 -1,316 * -1,665 1966—Jan.?’.., 14,450 13,811 13,732 639 -137 5 1 Includes gold sold to the United States by the International Mone­ ■' Includes gold in Exchange Stabilization Fund. tary Fund with the right of repurchase, which amounted to $800 million 4 For holdings of F.R. Banks only, see pp. 218 and 220. on Jan. 31, 1966. Also includes gold deposit of IMF; sec footnote 2. 5 Includes payment of $344 million increase in U.S. gold subscription 2 Beginning September 1965 includes gold deposited by the IMF to to the IMF. mitigate the impact on the U.S. gold stock of purchases by foreign 6 Includes payment of $259 million increase in U.S. gold subscription countries for gold subscriptions on increased IMF quotas. Amounts to the IMF. outstanding were $34 million on Nov. 30 and Dec. 31, 1965, and $36 Note.—See Table 11 on p. 287 for gold held under earmark at F.R. million on Jan. 31, 1966. The United States has a corresponding gold Banks for foreign and international accounts. Gold under earmark is liability to the IMF. not included in the gold stock of the United States. See also Note to table on gold reserves. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 GOLD RESERVES AND DOLLAR HOLDINGS 279 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: A Be u l s g t i r u i m a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... 1,7 9 9 0 1 1 3 4 1,8 9 2 4 1 7 3♦ 1,8 9 8 2 7 3 3 1,8 8 9 7 7 2 3 1,9 8 8 8 3 5 3 ♦ 1,9 9 7 5 2 9 3 Denmark......................................................... 253 14 352 14 428 14 430 14 368 14 335 14 Finland............................................................ 160 1 174 1 212 1 201 1 189 1 179 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 6,437 6,258 6,137 1 5,918 1 5,753 Greece............................................................. 265 225 252 232 235 232 Italy................................................................. 3,146 1 3,225 1 3,729 1 3,539 1 3,824 1 3,758 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 * B C r h a i z le il . . .. .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 18 2 6 9 2 3 2 3 4 0 ♦ 2 3 1 5 9 0 ♦ 4 2 2 0 1 7 * 4 2 0 4 2 0 * ft 4 2 7 4 5 9 * Colombia............................... ................. 231 1 226 1 267 1 229 1 190 1 200 Cuba............................................................... 12 10 12 11 11 10 Mexico.................................................... 808 2 808 1 904 1 913 I 852 803 * Panama, Republic of..................................... 129 10 89 1 99 1 111 1 124 1 113 1 Peru................................................................. 215 * 271 ♦ 273 1 334 1 330 1 323 Uruguay......................................................... 284 * 280 282 * 294 295 299 Venezuela....................................................... 992 1,076 ♦ 1,135 1,103 1,097 4 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 4,570 5 Asia: India................................................................ 298 307 306 342 353 ♦ 357 Indonesia....................................................... 83 63 1 73 62 58 1 58 ] 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 50,651 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 57,650 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. 286. 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

280 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 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 t n d i a , l 1 c F o o u r n e t i r g ie n s E W ur e o st p e e r n 2 Canada A re m L pu e a b r ti i l n c ic a s n Asia Africa co O un th tr e i r e s 1963—Dec................................. 19,505 5,855 13,650 7,867 1 ,664 1,058 2,731 154 176 1964—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 G278 3,124 180 181 Mar................................. 19'317 5 >79 13 >38 7,255 1,316 1^296 3,213 178 180 Apr................................. 18,994 5,883 13'111 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 >46 13^331 7,200 1,275 1,295 3,173 193 195 July................................. 18,822 5 >44 12,878 6,726 1 ,281 1,296 3,198 181 196 Aug................................. 19'039 5,853 13 J 86 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................................ 19,411 5,891 13,520 7,177 1 ,410 1,347 3,188 187 211 Nov.1’........................ 19,’509 5829 13,'680 7,195 1 ,440 1 ,342 3,296 191 216 Dec.’’.............................. 19,921 5,779 14,142 7,517 1 ,403 1,497 3,300 194 231 i Includes international organizations, and Latin American and Euro­ as reported by banks in the United States, and estimated foreign official pean regional organizations, except the Bank for International Settlements holdings of marketable U.S. Govt, securities with an original maturity and the European Fund which are included in Western Europe. of more than 1 year. Data exclude nonnegotiable, non-interest-bearing 2 Includes Bank for International Settlements and European Fund. special notes held by the Inter-American Development Bank and the International Development Association, and also nonmarketable U.S. Note.—Data represent short-term liabilities to the official institutions Treasury notes and bonds, payable in dollars and in foreign currencies. of foreign countries and to official international and regional organizations, 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional 1 Foreign E pe n r d io o d f G to ra ta n l d Total Inti. E p u r e e r a ­ o n ­ g L i r o . e A n ­ a . l Total c O ia ff l i ­ 3 Other Europe Canada A L m a e t r i i n c a Asia Africa O c t o r th i u e e n s r ­ 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................. *22'533 3^752 3,695 57 4 18,781 10,940 4 7,841 10,322 2,758 2,340 4 2,974 283 104 1962................. 25’019 5'145 4^938 34 173 19,874 11 >63 7,911 10,162 3'349 2,448 3’444 319 152 1963................. 25,967 4,637 4,501 18 118 21,330 12,467 8,863 10,770 2,988 3,137 4'001 241 194 1964—Dec. \ .. 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 4,81 1 19 156 23,791 12,588 11,203 11,990 2,961 3,611 4,765 246 218 Feb....... 28,915 4,982 4,815 17 150 23,933 12,685 11,248 12,017 2,941 3,668 4,834 273 199 Mar...... 28 -288 5,081 4,916 19 146 23,207 12,297 10,910 11,527 2,521 3,739 4,953 263 204 Apr....... 27,841 5,085 4,914 15 157 22,756 11 ,970 10,786 11,014 2,549 3,767 4,948 268 210 May,. . . 27,420 4,863 4,696 13 153 22,557 11,959 10,598 10,751 2,509 3,849 4,945 283 221 June.. . . 27,735 4,848 4,689 15 144 22,887 12,205 10,682 11,309 2,403 3,724 4,947 277 228 July. .. . 27,781 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.. ... 29,165 5,096 4,964 12 120 24,069 12,407 11,662 11,580 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 Dec.’’... 29,006 5,028 4,901 10 1 16 23,978 13,037 10,941 11,610 2,539 4,026 5,245 280 278 2a. Europe Ger­ End of period Total Austria Belgium m D a e r n k ­ F la i n n d ­ France m F a e n d y . , Greece Italy N la e n th d e s r­ Norway Po g r a t l u­ Spain Sweden Rep. of 1960................. 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—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....... 11,580 261 411 260 113 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 Dec.’’.., 11,610 250 398 305 104 997 1 ,429 150 1,605 339 323 322 183 647 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 281 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 2a, Europe—Continued 2b. Latin America End of period Sw la i n tz d er­ Turkey U K d n i o n i m t g ed ­ Y Sl u av g i o a ­ W E O u e t r s h o te e p r r e n 6 U.S.S.R. E E O a u s t r h t o e e p r r n e Total A t r i g n e a n­ Brazil Chile Co b l i o a m­ Cuba Mexico 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 7 15 531 1963................. 906 21 1,483 16 465 2 24 3,137 375 179 143 169 11 669 1964-—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 1 I 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 II 623 Aug.... 1 ,319 19 2,727 56 292 1 25 3,781 354 410 184 171 10 622 Sept...... 1,383 24 2,962 57 303 2 27 3,804 382 412 205 167 10 642 Oct....... 1,333 30 3,146 49 245 2 29 3,827 414 356 195 191 10 611 Nov.”... 1,268 27 3,032 48 286 3 27 3,838 397 382 188 201 10 644 Dec.P,.. 1 ,370 34 2,716 36 369 4 30 4,026 432 383 219 214 10 703 2b, Latin America—Continued 2c. Asia E pe n r d i o o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ O L re t . h A p e . . r B B e a r h m & a u m d a a s 8 A S n u N t r i e l i l n t e h a s . m & Am O L e a th r t i i e c n r a 8 Total C M la h a n i i n d n a ­ K H o o n n g g India n d I e n o si ­ ­ a Israel 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 4 2’974 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—Dec....... 99 206 111 734 416 181 114 14 4,660 35 95 59 38 133 1965—Jan........ 102 242 115 764 419 183 115 16 4,765 35 96 65 26 131 Feb....... 111 244 119 720 446 209 118 16 4,834 35 100 70 30 134 Mar.. . . 111 267 123 702 474 212 114 19 4,953 35 95 61 27 128 Apr....... 105 248 128 800 482 222 110 21 4,948 35 97 65 28 116 May... . 113 262 118 761 463 211 112 23 4,945 35 100 67 29 107 June.... 124 263 124 696 472 206 115 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....... 114 251 132 738 498 179 113 23 5,138 35 106 76 34 115 Nov.J*... 116 247 129 715 500 177 111 21 5,255 35 108 83 31 118 Dec.?',.. 119 257 137 738 519 165 113 17 5,245 34 113 84 31 127 2c. Asia—Continued 2d. Africa 2e. Other countries E pe n r d i o o d f Japan Korea P p h in il e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total (L C e v o o il n p le g o ) 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 i e ca r Total t A ra u l s ia ­ ot A he ll r 8 1960................... 1,887 152 203 84 186 204 227 32 64 29 22 80 125 88 37 1961................... * 1,672 199 185 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—Dec.......... 2,740 104 233 221 458 543 238 26 7 47 24 135 192 176 15 1965—Jan........... 2,738 116 243 225 471 618 246 23 8 57 28 131 218 201 18 Feb.......... 2'765 111 259 230 484 615 273 33 8 62 28 142 199 178 21 Mar......... 2'833 100 252 232 488 703 263 37 9 49 24 143 204 182 22 Apr.......... 2'766 93 252 232 488 774 268 35 10 53 25 146 210 184 25 May........ 2,771 91 248 227 494 776 283 31 16 54 27 154 221 198 23 June 2,803 88 250 229 496 747 277 30 18 49 22 158 228 203 25 July......... 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 Sept......... 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 J'.. . . 2,987 110 290 220 513 762 278 11 30 57 19 162 257 235 22 Dec.3'.... 2,973 108 304 212 542 718 280 12 17 51 30 170 278 254 24 1 International Bank for Reconstruction and Development, Inter­ 5 Includes revisions arising from changes in reporting coverage as national Monetary Fund, International Finance Corp., International follows (in millions of dollars): Total +20; Europe —13; Canada 4-1; Development Assn., and other international organizations; Inter-Amer­ Latin America 4-19; Asia 4-22; Africa —9. ican Development Bank, European Coal and Steel Community, European t> 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. & 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. *♦ 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

282 INTL. CAPITAL TRANSACTIONS OF THE U.S FEBRUARY 1966 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 2f, Supplementary Data 9; (end of period) 1963 1964 1965 1963 1964 1965 Area or country Area or country Dec. Apr. Dec. Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia (Cont.): Iceland .................................. 7.0 4.7 5.2 7.1 Iran........................................... 23.5 33.4 23.4 62.0 Ireland Rep. of ........................ 10.7 6.0 8.7 6.3 Iraq..................................... 19.8 22.9 21.6 n.a. Luxembourg. . ..................... 7.4 8.6 17.4 20.1 Jordan.......................................... 2.8 2.7 2.7 n.a. Monaco .................................... 2.7 2.4 4.1 3.6 Kuwait......................................... 46.5 49.9 56.4 52.0 Laos......................................... 8.8 6.5 5.0 5.0 Other Latin American republics: Lebanon....................................... 76.3 108.1 84.2 113.2 Bolivia....................................... 32.6 35.1 43.2 53.1 Malaysia...................................... 24.1 24.3 22.2 36.3 Ooufa R ica............................................... 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 A Tobago.............. 5.7 5.5 7.4 8.6 Liberia.......................................... 22.0 17.8 20.0 17.6 Libya................................ 14.1 14.9 28.9 26.8 Other Latin America: Mozambique............................... 1.4 1.4 2.5 1.6 British West Indies................... 7.3 6.3 8.0 16.0 Nigeria,............................... 17.8 17.3 15.7 n.a. French West Indies & French Somali Republic.......................... .8 .8 .5 .8 Guiana.................................................. 1.3 .6 1.1 1.4 Southern Rhodesia...................... 3.6 3.5 3.0 2.6 Sudan............................................ 2.5 2.0 2.2 2.2 Other Asia: Tunisia................................... 1.0 .8 .9 1.0 Afghanistan. ................ 5.0 4.2 5.5 6.3 Burma.......................................... 9.9 22.1 32.5 n.a. All other: Gam kind in. .................................... 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 Deposits T bi r l U e ls a . s S a u . n r d y S no p U t e . e c S s i . a 2 l Other 3 Total Deposits T bi r l U e ls a . s S a u . n r d y Other 3 currencies Demand Time 1 certificates Demand Time 1 certificates I960...................... 21,272 18,929 7..568 7,491 2,469 1,401 2,230 1,849 148 233 113 1961...................... 22,450 19,944 8,644 7,363 2,388 I ,549 2,356 1 J376 149 231 150 1961 4................... 22,533 20 ,'025 8,707 7,363 2,388 1,567 2,358 1,977 149 232 150 1962...................... 25^019 22311 8.528 9,214 3’012 1,557 2,565 2 096 116 352 143 1963...................... 25,967 22,787 5,629 3,673 8,571 3,036 1,878 3'047 1,493 966 119 469 134 1964—Dec. 5........ 28,843 25,376 6,713 3,994 8,727 3,308 2,634 3,377 1,531 1,271 72 503 90 1965—Jan............. 28,777 25,297 6,849 4,047 8,560 3,303 2,538 3,383 1 ,509 1,295 81 497 97 Feb............ 28,915 25,411 6,753 4,032 8,607 3,303 2,716 3,431 1'516 1'320 79 515 73 Mar........... 28,288 24,742 6'628 3’970 7,978 3,373 2,793 3 382 1 ’,541 1,362 79 501 64 Apr........... 27,841 24,280 6,226 3,982 7,767 3,367 2,938 3,478 1'546 1'393 77 461 84 May.......... 27,420 23,890 6,082 3333 7,690 3J67 3',017 3,440 1'516 1 '400 79 445 90 J une.......... 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 6,533 3,962 7,175 3,462 3,069 3,484 1 '536 1,423 87 438 97 Aug........... 28,457 24,858 7^60 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. 29,165 25,518 7,043 4,077 7,784 3,489 3,125 3,546 1 '515 1 ,529 91 410 101 NovT........ 29,'099 25,398 6; 796 3,984 8,040 3,470 3,108 3; 603 h552 1,573 91 387 98 Dec J’........ 29,006 25,347 6,562 3,949 8,219 3,470 3,147 3,600 1 ,575 1,608 87 330 59 i Excludes negotiable time certificates of deposit which are included time certificates of deposit. in “Other.” 4 These figures reflect the inclusion of data for banks initially included 2 Nonnegotiable, non-interest-bearing special U.S. notes held by the as of Dec. 31, 1961. International Monetary fund; excludes such notes held by the Inter­ s Includes revisions arising from changes in reporting coverage as national Development Assn, and the Inter-American Development follows (in millions of dollars): Total +20; foreign banks, etc. +26; Bank, which amounted to $250 million on Dec. 31, 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

FEBRUARY 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 283 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 in ica Asia Africa 1 co O un th tr e ie r s 2 I960 ............................................................................... 3,614 717 421 1,356 1,052 69 1961................................................................................. 3 4,820 767 556 1'522 3 1'891 85 1962 .............................................................................. 5,163 877 526 1,606 2'017 137 1963................................................................................. 5,975 1 939 638 1'742 2'493 104 58 1964—Dec....................................................................... 7,469 1 1 ,217 725 2,212 3,137 120 58 Dec 4................................................................... 7,950 * 1,230 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 1 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 1,167 902 2,178 3,360 129 57 May.............................................................. 7; 767 * 1 J73 851 2J91 3'359 136 57 June .................................................................. 7,748 1,164 807 2'172 3; 400 146 61 July....................................................................... 7,560 1 1 J 26 786 2'116 3'320 151 62 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 1 J56 679 2J56 3,185 146 66 Nov 11 ................................................................ 7,486 * 1,170 685 2,179 3'248 135 69 Dec.”................................................................... 7^642 * 1 '201 593 2,294 3,348 139 67 4a. Europe End of period Total A tr u ia s­ g B iu e m l­ m D a e r n k ­ l F a i n n d ­ France G Fe e d rm . o R a f n ep y . , Greece Italy N la e e n r t d ­ h s ­ N w o ay r­ t P u o g r a ­ l Spain S d w en e­ 1960................................ 717 2 65 13 9 32 82 6 34 33 17 4 8 28 1961................................ 767 5 20 11 23 42 165 6 35 54 27 5 11 35 1962 ............................. 877 7 32 14 30 68 186 6 54 27 35 9 19 18 1963 ............................. 939 8 26 13 52 70 121 9 97 33 40 14 26 30 1964-—Dec...................... 1,217 10 42 28 85 79 159 9 109 39 43 19 40 47 Dec 4................... 1 ,230 11 48 26 84 81 152 10 114 36 43 23 40 49 1965 Jan................... ■ 1,174 9 57 18 77 89 189 11 106 33 46 28 32 51 Feb...................... 1,185 9 72 20 76 84 203 9 125 42 44 26 26 45 Mar...................... 1,185 10 49 21 77 75 186 10 138 46 49 34 32 44 Apr...................... 1,167 9 49 27 77 82 173 10 123 47 49 36 43 47 May.................... 1,173 9 43 23 75 83 184 14 116 44 51 36 46 38 June.................... 1,164 9 40 19 74 86 167 11 113 46 50 34 38 42 July................... . 1,126 8 37 20 71 72 174 11 113 40 44 32 52 40 Aug...................... 1J20 10 34 20 71 81 169 12 108 38 45 27 45 39 1,213 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 Dec.”................... 1,201 8 52 37 87 72 190 13 110 38 51 26 50 52 4a. Europe—Continued 4b. Latin America End of period S l w a e n r i ­ t d z­ T k u ey r­ U K d n i o i n m t g ed ­ Y sl u av g i o a ­ W E O u e r t s h o te e p r r e n 5 U.S.S.R. E E O a u s t r h t o e e p r r n e 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 It 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- 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- Ian..................... 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 2i 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 2J16 208 113 139 276 16 671 Aug...................... 82 42 201 39 28 3 29 2J24 219 111 135 265 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 Dec.”.................. 73 42 210 28 28 6 27 2*294 237 94 174 270 16 669 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

284 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 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 E pe n r d i o o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ R O l L e ic t p . h s A u e . b 7 r ­ m B B m u a & d e a h r a s a ­ ­ 1 A N S n n u e a t & i t m r l h i l ­ e . s A O L ic m a t a h t i e e n 8 r r ­ Total C M la h a n i i n d n a ­ H K o o n n g g India I n n e d si o a ­ Israel I960 .............. 23 44 57 234 55 8 66 1 ,052 2 9 9 ♦ 24 1961................. 32 74 55 144 56 13 74 3 1‘891 2 9 8 36 j 962 ............ 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—Dec....... 41 102 76 165 222 58 18 20 3,137 2 26 22 7 44 Dec.4... 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 1 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 1 54 July.... 47 115 67 164 208 56 17 20 3,320 1 32 21 1 54 Aug....... 48 122 68 172 210 52 13 21 3,327 32 19 2 53 Sept...... 51 125 67 177 217 56 13 21 3,261 1 28 18 2 54 Oct........ 53 138 67 184 222 55 14 22 3,185 1 27 19 2 67 Nov.?... 55 147 54 181 234 52 14 22 3,248 28 16 1 76 Dec.**... 59 171 45 220 250 53 14 23 3,348 1 29 17 2 86 4c. Asia—Continued 4d. Africa 4e. Other countries Congo End of period Japan Korea P p h in il e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total 1 ( p L o e ld o­ ­ M c o o r o 1 c­ A So fr u ic th a ( U E . g A y . p R t) . A O f t r h i e c r a1 Total 2 A t l r i u a a s ­ ­ oth A e ll r 9 ville) 1960 ..................... 806 2 19 7 24 150 3 II 3 69 28 24 1961 ....................... 3 1,528 4 114 10 34 145 6 10 13 85 29 27 1962 ....................... 1,740 3 70 9 41 80 2 10 26 137 41 57 1963 ......................... 2,’171 25 113 8 52 71 104 1 I 15 28 59 58 48 9 1964 Dec.. ....... 2,653 21 202 9 64 88 120 1 2 19 42 56 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 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 1 3 22 43 77 61 48 13 July............... 2^822 20 191 11 74 94 151 2 32 40 77 62 48 14 Aug,............. 2; 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 Oct......... 2'652 20 219 9 70 98 146 1 2 37 35 70 66 52 15 Nov.7'........... 2,679 20 240 11 71 104 135 1 2 34 32 66 69 55 14 Dec,’’............ 2,746 22 240 15 82 108 139 1 2 35 43 59 67 52 15 1 Not reported separately until 1963. Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, 2 Includes Africa until 1963. and Trinidad and Tobago. 3 Includes $58 million reported by banks initially included as of Dec. 9 Until 1963 includes also African countries other than Congo (Leo­ 1961, of which $52 million reported for Japan. poldville), South Africa, and U.A.R. (Egypt). 4 Differs from December data in line above because of the exclusion as of Dec, 31, 1964, of $58 million of short-term U.S. Govt, claims Note.—Short-term claims are principally the following items payable previously included ; and because of the addition of $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 ? 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

FEBRUARY 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 285 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—• Accept­ Foreign End of period Total Total Total O i t n i f s o f t i n i c t i s u a 1 ­ l Banks Others C s t t o o i i a o l n u n l n g e t d ­ s c ­ ­ e f o o i a m g r f n n a c a f d e o e c r e s c r s ­ t 2 , Other3 Total D w ei e i g t p h n o e f s r o i s t r s ­ g c c p a o u n o n a v a r m d i p t n t , i e c m e f s r e i s e ­ 2 l , . ­ Other4 1960............................. 3,614 3,135 1,296 290 524 482 605 1,233 480 242 238 1961............................. 4,762 4,177 1,646 329 699 618 694 1,837 586 385 200 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—Dec................... 7,469 6,810 2,652 223 1,374 1,055 1 ,007 2,600 552 659 400 182 77 Dec.6................ 7,950 7,323 2,773 221 1,403 1,149 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 J, 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 2,818 232 1,457 1,129 1,150 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 6,892 2,806 265 1,440 1 ,101 1,188 2,422 476 496 321 82 93 Nov.v,........ 7,486 6,983 2,893 256 1,536 1,101 1 ,202 2,411 477 503 325 75 103 Dec."................ 7,642 7,168 2,968 272 1 ,566 1,130 1,214 2,563 422 474 325 54 95 1 Includes centra! banks. 5 These figures reflect the inclusion of data for banks initially included 2 Not reported separately until 1963, as of Dec. 31, 1961. 3 Until 1963 includes acceptances made for account of foreigners. 6 Differs from December data in Jine 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 All fo c r i u e n r i g ­ n U K d n o in i m t g ed ­ E O u t r h o e p r e Canada A L m a e ti r n ica Japan O A t s h i e a r Africa1 ot A he ll r 2 Loans other rencies 1960. ......................... 7 1,698 15 351 76 914 19 115 208 1961 ........................... 2 2,034 11 482 274 931 24 146 166 1962.............................. 7 2 J 60 25 552 304 886 74 148 171 1963 ........................... 69 3 3,030 2,811 217 2 38 3 1,063 290 3 1,015 3 249 3 194 113 68 1964—Dec........... } 305 J 3,971 3,777 195 77 1,611 273 1,162 385 238 123 103 Dec.4................ ( 4^285 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 1,370 455 259 186 119 493 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 '406 472 297 204 137 Apr................... 441 4^680 4’375 299 6 95 1 '770 378 11334 479 295 193 '136 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 1,327 479 305 203 129 July................... 442 4^533 4'233 295 5 89 1 '619 359 1 ,311 482 322 207 '144 Aug................... 443 4’558 4’260 293 4 87 1 '614 357 1 ,311 475 340 213 H6I Sept................... 450 4^586 4'290 292 5 88 1 '590 355 1 ,323 471 358 221 181 Oct.................... 415 4,575 4’280 288 6 89 1 ,578 348 1 ,323 464 354 221 197 Nov."............... 463 4'563 4'273 284 6 87 1,557 354 1 ,312 462 369 210 212 Dec."................ 461 4^501 4^207 286 8 86 1^516 346 1 ;294 445 379 208 228 1 Not reported separately until 1963. this amount are claims on; Europe $5 million, Latin America $134 2 Includes Africa until 1963. million, and Asia $54 million. 3 Includes claims previously held, but reported for the first time as of 4 Differs from Dec. data in line above because of the addition of May 1963; on that date such claims were $86 million. Also includes $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

286 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 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 I a n n t d i, Foreign c P ha u s r e ­ s Sales c N ha s e a s t t e e p s s u o r r ­ chases Sales ch“X°r chases Sales c N h s a e a s t l e e p s s u o r r ­ regional Total Official Other 1962............................. -728 521 -207 2,568 2,508 60 1,093 2,037 -944 702 806 -104 1963............................. 671 302 369 2,980 2,773 207 991 2,086 -1,095 696 644 51 1964............................. -338 315 -23 36 3,537 3,710 -173 915 1,838 -923 748 548 200 1965*........................... -76 15 75 95 4,281 4,766 -485 1,177 2,290 -1,113 903 616 287 1964—Dec................ 2 2 2 289 302 -13 94 221 -127 72 59 13 1965—Jan........-..6..6....... 2 17 240 249 -9 49 107 -58 86 48 38 Feb................... -7 30 -1 282 292 -9 55 269 -214 79 45 34 Mar.. .............. -17 -17 -17 427 395 32 46 157 -111 78 55 23 Apr................... 65 65 65 338 342 -4 88 183 -95 93 69 23 May................. -1 -1 14 346 342 4 119 148 -29 70 52 18 June................. 14 14 14 326 563 -236 97 251 -154 71 36 35 July.................. 20 20 20 244 355 -112 72 135 -63 64 40 24 Aug.................. 8 12 14 234 335 -100 47 90 -44 69 44 25 Sept.................. 6 6 6 365 393 -28 289 413 -124 75 54 21 Oct................... -44 -44 -33 434 441 -6 100 204 -103 67 52 15 Nov.*.............. -56 -13 -5 425 453 -28 123 203 -80 68 51 17 Dec.*............... 2 1 1 619 607 12 93 129 -37 83 70 13 1 Excludes nonmarketable U.S. Treasury bonds and notes held by Note.—Statistics include transactions of international and regional official institutions of foreign countries; see Table 8. organizations. 2 Includes State and local govt, securities, and securities of U.S. Govt, See also Note to Table 2. agencies and corporations which are not guaranteed by the United States. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars) Payable in foreign currencies Payable in dollars End of period Total Austria Belgium Germany Italy Switzerland 1 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 ................. 327 354 329 ..............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 ..............2..5.. Oct........................... 1,208 101 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 1966—Jan............................ 912 101 30 452 125 205 484 299 160 25 1 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-Junc standing were $204 million Sept. 1964-Oct. 1965 and $174 million for 1965 and $93 million July-Dec. 1965. Nov. 1965-Jan, 1966. 2 Includes bonds issued to the Government of Canada in connection Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 287 9. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In miHions of dollars) Type of security Country or area Period Total Stocks Bonds France S z w er i ­ t­ U K n in it g ed ­ E O u t r h o e p r e E T u o ro ta p l e Canada A L m at e in r­ Asia Africa1 O co t u he n r ­ I a n n t d i. land dom ica tries2 regional 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 1965^........... -485 -500 15 14 -63 -522 22 -549 39 -15 24 -4 -1 21 1964—Dec... -13 -37 24 -3 -14 -5 -1 -22 3 4 * * * 1 1965—Jan.. . -9 -9 * -2 -3 -1 -6 -3 -1 I 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 -1 4 1 Sept.., -28 -38 11 4 20 -56 -4 -36 -3 1 7 2 Oct., . -6 -6 -1 4 10 -21 * -7 -4 ♦ 4 1 Nov’. -28 -35 8 2 -3 -16 * -16 -13 -I 2 ♦ I Dec.p, 12 -94 105 -10 4 -25 23 -8 17 -2 I -1 * 5 1 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 IL 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) Total Assets in custody Period Total g I a i r n n o e t d n ­ i, a l c e f o i o g u r n n ­ ­ r E op u e ­ C a a d n a ­ A L i a m c t a i e n r­ Asia r A ic f a ­ 1 O c tr o i t u h es n e 2 r ­ E pe n r d i o o d f Deposits U.S. Govt. Earmarked tries securities1 gold 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............. 229 8,389 12',698 1965^ ............... -826 -164 -661 96 -532 -50 -131 9 -54 1965—Jan.... 143 7,952 12,871 1964--Dec...... -114 -22 -92 16 -98 5 -18 1 2 Feb.,. 154 8,100 12,940 Mar... 162 7,741 13,187 1965--Jan......... -20 5 -25 14 -23 1 -20 1 3 Apr.. . 146 7,626 13,174 Feb......... -180 -178 -1 2 2 -4 -3 1 May. . 142 7,713 13,050 Mar........ -89 3 -92 -6 -81 -6 -1 * 2 June.. 179 7,599 12,951 Apr........ -72 4 -75 22 -28 -26 -47 5 July... 147 7,221 13,108 May....... -11 3 -14 14 -17 10 -21 Aug... 356 7,264 13,065 June....... -119 9 -128 -42 -62 -6 -23 1 3 Sept... 213 7,805 12,923 July....... -39 -13 -26 33 -39 -4 -2 1 -16 Oct.,. 144 7,974 12,905 Aug........ -19 1 -20 16 -41 5 -1 1 Nov... 149 8,171 12,824 Sept........ -102 -17 -86 27 -111 -5 12 4 -12 Dec... 150 8,272 12,896 Oct.,.... -89 6 -95 -9 -89 3 -2 * 3 Nov.p . . . -63 6 -69 30 -29 -17 -29 -24 1966—Jan.. . 283 7,974 12,933 Dec.p..., -24 8 -32 -6 -14 -I -14 2 2 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

288 INTL. CAPITAL TRANSACTIONS OF THE U.S. FEBRUARY 1966 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 Sept. Dec. Mar. June Sept.’’ June Sept. Dec. Mar. June Sept J’ Europe: Austria..................................... 3 3 2 2 2 2 5 5 7 7 5 6 Belgium.................................... 20 22 20 25 21 23 20 17 19 16 16 20 Denmark.................................. 1 1 2 2 1 1 7 6 6 9 11 11 Finland.................................... 1 1 1 1 1 5 8 7 6 6 6 France..................................... 27 31 31 35 47 51 67 50 61 69 71 80 Germany, Fed. Rep. of.......... 34 44 63 70 73 59 79 95 140 114 117 105 Greece...................................... 5 4 4 5 6 7 9 10 10 7 8 10 Italy.......................................... 22 27 26 16 16 18 99 90 95 84 81 76 Netherlands............................. 46 31 33 40 50 45 30 32 31 28 31 30 Norway.................................... 2 2 1 2 5 2 6 7 8 6 7 7 Portugal.................................... 1 2 2 2 2 6 10 9 4 8 10 7 Spain........................................ 8 12 10 5 5 13 46 45 42 39 33 48 Sweden..................................... 7 7 8 6 9 11 17 19 19 21 23 20 Switzerland.............................. 18 36 33 34 35 49 17 16 22 29 41 40 Turkey...................................... 4 5 6 7 7 4 5 4 9 12 8 8 United Kingdom..................... 97 108 102 98 94 121 280 407 329 364 293 289 Yugoslavia............................... 1 1 1 1 1 1 3 3 3 6 5 5 Other Western Europe........... 2 4 5 6 5 6 6 6 9 7 8 8 U.S.S.R.................................... 1 1 Other Eastern Europe............. * 1 1 1 ♦ * 2 3 2 3 2 2 Total................................. 301 341 350 356 380 419 714 832 822 837 777 776 Canada........................................ 57 60 77 72 72 76 923 1,032 1,057 838 705 688 Latin America: Argentina............................. 5 4 3 3 2 3 20 26 30 33 29 38 Brazil........................................ 10 11 11 11 11 14 125 128 145 113 93 89 Chile........................................ 3 4 5 4 4 4 21 25 25 25 27 30 Colombia................................. 7 7 10 12 13 13 22 25 25 26 22 21 Cuba......................................... 5 4 4 4 4 4 Mexico...................................... 7 8 6 6 6 4 58 64 69 69 70 66 Panama.................................... 21 26 28 25 21 12 10 9 12 11 9 12 Peru.......................................... 5 5 7 7 5 6 22 23 26 21 27 25 Uruguay.................................. 1 1 1 1 2 6 8 10 9 11 11 Venezuela................................ 21 20 16 19 19 20 38 45 46 40 43 47 Other L.A. republics............... 8 11 15 13 15 16 42 47 51 49 53 54 Bahamas and Bermuda........... 2 2 2 2 2 2 20 19 11 8 9 5 Neth. Antilles & Surinam....... 7 9 6 5 6 8 5 4 4 3 3 5 Other Latin America............... 6 4 6 1 1 2 9 10 10 9 9 9 Total. ....................... 104 111 115 107 108 105 404 438 468 420 409 416 Asia: China Mainland................... 2 1 1 I 1 1 ♦ Hong Kong.............................. 2 2 2 2 2 2 5 7 9 9 8 8 India........................................ 13 16 21 22 24 26 38 37 41 45 41 36 Indonesia................. 5 3 4 6 7 9 5 4 4 5 6 4 Israel........................................ 1 1 1 2 2 3 7 7 7 6 7 5 Japan........................................ 25 31 28 22 30 28 160 174 180 181 172 168 Korea....................................... 1 1 4 5 4 5 6 14 Philippines............................... 4 6 5 6 6 6 11 14 11 15 14 14 Taiwan...................................... 1 3 2 1 1 4 5 5 5 7 5 Thailand.................................. 1 1 1 1 1 1 7 7 5 7 7 7 Other Asia............................... 19 21 21 24 23 31 51 55 60 62 66 68 Total................................. 73 82 88 87 98 109 294 315 327 339 332 328 Africa: Congo (Leopoldville).......... 1 3 4 * * 2 5 6 2 3 1 Morocco.................................. 1 1 2 1 1 2 1 South Africa............................ 10 11 14 22 22 16 12 11 11 19 24 23 U.A.R. (Egypt)....................... 2 1 3 1 2 1 13 12 13 17 12 14 Other Africa............................. 5 5 10 10 7 6 25 27 26 23 27 27 Total. ............................... 18 22 31 34 32 23 53 57 57 63 68 66 Other countries: Australia.............................. 27 26 25 23 25 21 36 38 38 33 36 33 All other.................................. 5 8 9 8 9 6 6 7 7 8 7 7 Total................................. 32 34 34 32 34 27 41 45 45 41 43 40 International and regional.......... 1 * • * * ♦ 1 * * * * * Grand total...................... 585 650 695 688 725 760 2,430 2,719 2,776 2,539 2,335 2,314 Note.—Reported by exporters, importers, and industrial and com- between U.S. companies and their foreign affiliates, mercial concerns and other nonbanking institutions in the United States. Data exclude claims held through U.S, banks, and intercompany accounts See also Note to Table 2. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 289 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 Pay in a ble Pay in ab le Total Pay in ab le dollars foreign dollars Deposits with currencies banks abroad in reporter’s Other name I960—Dec.................................................................................... 507 437 70 1 505 875 71 560 1961—Mar................................................................................... 583 510 73 1 248 939 76 233 Mar. t........................................................................ 600 524 76 1 '305 968 89 748 June.................................................................................. 673 563 HI 1 ,496 1,181 122 193 June5...................................................................... 684 572 113 1 528 1,208 126 194 Sept.............................................................................. 672 582 89 1 646 1’323 131 192 Sept '............. .......................... ................................... 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.1................................................................................ 644 513 130 2,098 1,668 217 212 1963—Mar........................................................................... 614 470 144 2,113 1,712 201 200 Mar.]......... ......................................................... 616 472 144 2 J 62 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 2131 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 2^335 1,936 1 80 218 Sept,51............................................................................... 760 580 181 2^314 1,904 176 235 1 Revised to include data from firms reporting for the first time. 3 Includes reports fiom 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 Total Country or area 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 A L m a e ti r n ica Japan O A t s h i e a r Africa1 ot A h l e l r1 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 III 103 219 71 134 81 93 87 16 June................. 107 955 27 107 111 221 67 142 85 93 87 16 Sept.F..................... 118 959 28 105 120 217 69 137 89 92 88 17 i Until June 1963 Africa included in “AU other”. 4 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

290 ILS. BALANCE OF PAYMENTS FEBRUARY 1966 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1964 1965 Item 1963 1964 I II III IV I II IIP 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 Transportation....................................................... 2,115 2,317 571 558 600 588 530 617 618 Travel....................................................................... 934 1,095 268 264 270 293 281 298 305 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......................... 498 454 130 132 132 60 139 146 131 Other services.......................................................... 1 ,922 2,098 506 516 523 553 545 554 560 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 Transportation........................................................ -2,316 -2,464 -613 -616 -613 -622 -618 -675 -681 Travel................................................................. -2,090 -2,216 -535 -554 -550 -577 -603 -617 -621 Investment income payments................................ -1,271 -1,404 -341 -345 -347 -371 -374 -404 -394 Other services......................................................... -838 -930 -247 -227 -226 -230 -237 -230 -224 Balance on goods and services1................................. 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 currency holdings and short-term claims........... -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, loans. .. 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: 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: 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...................................... 326 110 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 -I 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 i n n f U o . r S e . i g 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+24-3 + 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 Before seasonal adjustment................................. -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 Pius: Seasonally adjusted change in liquid assets in the U.S, of: Commercial banks abroad............................. 462 1,440 85 243 575 537 13 — 86 634 Other private residents of foreign countries... 393 359 69 19 133 138 110 91 93 International and regional organizations other than IMF.........-..2..3..6............-..2..4...5........ -83 -3! -69 -62 — 56 —42 18 Less: Change in certain nonliquid liabilities to foreign central banks and govts.4............ -74 -20 -50 * * 30 Balance B, seasonally adjusted.......................... -1,977 -1,224 -136 -351 46 -783 — 642 205 260 I.ess: Net seasonal adjustments........................ -637 167 505 -35 —661 166 552 Before seasonal adjustment................................ -1,977 -1,224 501 -518 -459 -748 19 39 -292 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEBRUARY 1966 U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE 291 U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1964 1965 Item 1963 1964 I II HI IV I II III» Transactions by which balances were settled—Not seasonally adjusted A Tn 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 (increase,—').......................... .............. 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 5590 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, securities, 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 private 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 1,977 1,224 -501 518 459 748 -19 -39 292 Change in U.S. official reserve assets (in- 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 foreign central banks and govts.4..................... -74 -20 -50 * * 30 i 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. Minus sign indicates net payments 4 Nonconvertible, nonmarketable, medium-term U.S. Govt, securities (debits); absence of sign indicates net receipts (credits). payable in foreign currencies. s Reflects $259 million payment of gold portion of increased U.S. subscription to IMF. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports 1 Imports2 Export surplus Period 1963 1964’ 1965’ 1966 1963 1964’’ 1965’ 1966 1963 1964’' 1965r 1966 Month: Jan................ 3986 2,040 31,215 3 1,100 1 ,418 3 1,193 3 -114 622 322 Feb..................... 32,124 2,058 31,599 3 1,510 1 ,459 31,600 3614 599 3 -J Mar.................... 3 ! ,958 2,075 32,755 3 1,485 1 ,518 3 1,861 3473 557 3 894 Apr..................... 3 1,914 2,061 3 2,380 3 1,415 1,537 3 1,833 3499 524 3 547 May................... 1,895 2,047 3 2,260 1,4(6 1,530 3 1,789 479 517 3 471 June................... 1,803 2,077 32,230 1 ,431 1 ,514 31 ,830 372 563 3 400 July.................... 1 ,841 2,119 2,256 1,450 1 ,573 4 1,663 391 546 “593 Aug............ 1,922 2,100 2,333 1,497 1 ,608 31,764 425 492 3 569 Sept.................... 1,958 2,261 2,324 1,443 1 ,563 31,807 515 698 3517 Oct..................... 1 ,967 2,156 2,342 1,455 1,551 32,006 512 605 3 336 Nov............ 1 ,966 2,206 2,408 1,466 3 1,698 31,903 500 3 508 3 505 Dec..................... 2,091 3 2,426 2,356 1,480 31,642 2,035 611 3 784 321 Quarter: ]..................... 3 5,068 6,173 35,569 3 4,095 4,395 34,654 3973 1 ,778 3915 H........................ 3 5,612 6,185 3 6,870 3 4,262 4,581 3 5,452 3 1,350 1 ,604 31,418 JU...................... 5,721 6,480 6,913 4,390 4,744 45,234 1,331 1,736 4 1,679 IV....................... 6,024 3 6,788 7,106 4,401 3 4,891 3 5,944 1 ,623 3 I,897 31,162 Year5..................... 22,424 25,671 26,567 17,142 18,684 21,366 5,282 6,987 5,201 i 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 phis entries into bonded warehouses. Noth:.—Bureau of the Census data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

292 MONEY RATES FEBRUARY 1966 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Jan. 31, 1965 Rate Country 1965 1966 as of Jan. 31, Per Month 1966 cent effective Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Argentina.............................. 6.0 Dec. 1957 6.0 Austria.................................. 4.5 June 1963 4.5 Belgium................................ 4.75 July 1964 4.75 Brazil.................................... 12.0 Jan. 1965 12.0 Burma............................... 4.0 Feb. 1962 4.0 Canada *............................ 4.25 Nov. 1964 4.75 4.75 Ceylon................................... 4.0 Aug. I960 5.0 5.0 Chile 2.................................. 15.09 Jan. 1965 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 Fl 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....... 3.5 Jan. 1965 4.0 4.0 Ghana.......................... 4.5 Oct. 1961 7.0 7.0 G recce. ............................... 5.5 Jan. 1963 5.5 Honduras 3.................. 3.0 Jan. 1962 3.0 Iceland................................... 8.0 Jan. 1965 9.0 9.0 India...................................... 5.0 Sept. 1964 6.0 6.0 Indonesia............................. 9.0 Aug. 1963 9.0 Iran.................................. 4.0 Oct. 1963 4.0 Ireland............................................. 6.8! 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.................................... 6.21 Jan. 1965 5.84 5.48 5.48 Korea.................................... 10.5 Mar. 1964 21.6 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 4.75 4.75 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 5............................... 14.04 July 1963 14,04 Thailand............................... 5.0 Oct. 1959 5.0 Tunisia.................................. 4.0 Oct. 1962 4.0 Turkey................................ 7.5 May 1961 7.5 United Arab Rep. (Egypt). . 5.0 May 1962 5.0 United Kingdom................. 7.0 Nov. 1964 6.0 6.0 Venezuela............................. 4.5 Dec. I960 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 I per cent above latest weekly Treasury bill tender of these countries follow, average rate but will not be more than the bank rate. Argentina—3 and 5 per cent for certain rural and industrial paper, de­ 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at pending on type of transaction; the average rate charged by banks in the previous half year. Old redis­ Brazil—8 per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; one-eighth each month beginning with May I, 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 percent for agricultural bonds, and 12 and 18 per cent occur. for rediscounts in excess of an individual bank’s quota; 3 Rate shown is for advances only. Costa Rica~5 per cent for paper related to commercial transactions 4 Beginning with June 1, 1962, the rediscount rate for commercial (rate shown is for agricultural and industrial paper); bank loans financing the purchase of surplus agricultural commodities Ecuador—6 per cent for bank acceptances for commercial purposes; under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, Indonesia—various rates depending on type of paper, collateral, com­ 1962, the rediscount rate for commercial bank financing of 9 categories modity involved, etc.; of development loans was reduced from 6 to 3 per cent. Japan—penalty rates (exceeding the basic rate shown) for borrowings 3 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

FEBRUARY 1966 MONEY RATES; ARBITRAGE 293 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Germany Netherlands Switzer­ Fed. Rep. of land Month 3 T m r b e o i a l s l n s u t , h ry s ’ D m a o d y n a - y e t y o ­ 2 3 B a a m a c n n c o c k e e n e p s t r t h , s ­ s ' T 3 r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e t o y ­ a B d ll e o a p n w o k o n a e s n r i s t c s * e D m a o d y a n - y e t o y ­ 1 Tr 6 d b e a 0 i a y - l s l 9 s s u ' 0 * , r y D m a o d y n a - e y t y o 5 ­ T 3 r m b e i a o l s l 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 t n e t 1962—Dec............. 3.88 3.75 3.86 3.64 3.30 2.50 3,51 2.63 3,50 1.98 1.24 2.00 1963 Dec............. 3.71 3.55 3.91 3.74 3.00 2.00 4 66 2 63 2 56 2 25 1 56 2 00 1964—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 4.1 1 3.1 3 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 J une........... 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 4.62 3.88 4 19 4.16 3.91 3 00 Dec,........... 4.45 4.03 5.91 5.48 4.79 4.00 4.29 3.47 3.00 1 Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month. 2 Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. Note.—For description of rates and back data, see “International 4 Rate in effect at end of month. Finance,’’ Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Net P ( r + em ) iu or m Net Date United d ( is + c ) o u o n r t incentive Canada discount incentive Kingdom Spread (favor Spread (-) on (favor q ( u a b o U d a t j s a . . S i t s . i t ) o o n U S n ta i t t e e s d L ( o fa n o v d f o o r n ) f ( p o - o rw ) u n a o d r n d Lon o d f o n) C qu a A n o in a t s e d d a q A u b o U d a t j . a s . S i t s . t i o o n U St n a 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 l d a a i r r a s d n Can o a f d a) 1965 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 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 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 5.36 4,52 .84 -1.03 -.19 4.58 4.47 4,52 -.05 - .81 -.86 14.............. 5.36 4.58 .78 -1.03 - .25 4.59 4.48 4.58 - . 10 -.67 -.77 21 ............... 5.36 4.56 . 80 -.95 -. 15 4.66 4.54 4.56 -.02 -.74 -.76 28.............. 5.36 4,53 .83 - .87 -.04 4.63 4.5! 4.53 -.02 - .54 -.56 5.39 4.61 .78 - .86 -.08 4.65 4.53 4.61 -.08 -.49 -.57 Noi e.—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 1! 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) al 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

294 FOREIGN EXCHANGE RATES FEBRUARY 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 ch u i s l t l r in ia g ) B (f e r l a g n iu c m ) C (d a o n ll a a d r a ) C (r e u y p l e o e n ) D (k en ro m n a e r ) k ( F m i a n r l k an k d a) F (f r r a a n n c c e ) I960. 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20.389 1961. 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 20.384 1962. .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3107 20.405 1963. .7245 223.10 3.8690 2.0052 92.699 21.015 14.484 331.057 420.404 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 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.... 1 .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 1966-—Jan.. .............................................. .5291 223.42 3.8673 2.0115 93.035 21,012 14.518 31.060 20.399 Period ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e ) ( I p r o el u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do s a i l l a l a a y r ­ ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e ­ s r) ( Z p e N o a u e la w n 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 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 1966-—Jan.. . ............................................. 24.926 21.005 280,39 .16002 .27695 32.678 8,0056 27.659 277.61 Philip- South Africa United Period N (k o r r o w ne a ) y R ( e p p p e i u n s b e o l ) ic (esc g u al d o) (pound) (rand) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( e S fr r w a la n i n t c ­ d ) (p K d o i o u n m n g d ­ ) I960. 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 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 1966--Jan................................................ 13.998 ...............3...4932 .................. 139.67 1.6661 19.339 23.102 280.39 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. I, 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 I to I ratio, the new franc introduced Jan. I, i960. 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 296 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 297 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 A. Moorhead, MINNEAPOLIS, President Ransom M. Cook, san francisco, Vice President John Simmen, boston Sam M. Fleming, Atlanta William H. Moore, new york Henry T. Bodman, Chicago William L. Day, Philadelphia A. M. Brinkley, Jr., st. louis L. A. Stoner, Cleveland Roger D. Knight, Jr., Kansas city John F. Watlington, Jr., Richmond Robert H. Stewart, III, Dallas Herbert V. Prochnow, Secretary William J. Korsvik, Assistant Secretary Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

298 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President 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. LaMont Insley B. Smith Philadelphia........... ...19101 Walter E. Hoadley Karl R. Bopp Willis J. Winn Robert N. Hilkert Cleveland................ ..44101 Joseph B. Hall W. Braddock Hickman Logan T. Johnston Edward A. Fink Cincinnati......... ..45201 Walter C. Langsam Fred O. Kiel Pittsburgh......... ...15230 G. L. Bach Clyde E. Harrell Richmond............... ..23213 Edwin Hyde Edward A. Wayne William H. Grier Aubrey N. Heflin Baltimore........... ..21203 Leonard C. Crewe, Jr. Donald F. Hagner Charlotte........... ..28201 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. Dale M. Lewis Little Rock........ ..72203 Reeves E. Ritchie John F. Breen Louisville........... ..40201 C. Hunter Green Donald L. Henry Memphis........... ..38101 Edward B. LeMaster John W. Menges Minneapolis............ ..55440 Judson Bemis Hugh D. Galusha, Jr. Robert F. Leach 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 C. Robert McNally, Jr. Fredric W. Reed Houston.............. ..77001 D. B. Campbell J. Lee Cook San Antonio....... ..78206 G. C. Hagelstein 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, and remittance should be made pay­ able to the order of the Board of Governors of the Federal Reserve System. For a more complete list, in­ cluding periodic releases, see pp. 141-44 of the January 1966 Bulletin. (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. 1 1 pp. $.35. Sec. 12. Money Rates and Securities Markets. 1966. Federal Reserve Chart Book on Financial and 182 pp. $.65. Sec. 14. Gold. 1963. 24 pp. $.35. Business Statistics. Monthly. Annual subscrip­ Sec. 15. International Finance. 1962. 92 pp. tion includes one issue of Historical Chart Book. $.65. Sec. 16. (New) Consumer Credit. 1965. $6.00 per annum or $.60 a copy in the United 103 pp. $.65. States and the countries listed above; 10 or more of same issue sent to one address, $.50 each. Bank Mergers & the Regulatory Agencies: Elsewhere, $7.00 per annum or $.70 a copy. Application of the Bank Merger Act of 1960. 1964. 260 pp. $1.00 a copy; 10 or more Historical Chart Book. Issued annually in Sept. sent to one address, $.85 each. Subscription to monthly chart book includes one issue. $.60 a copy in the United States and coun­ Banking Market Structure & Performance tries listed above; 10 or more sent to one ad­ in Metropolitan Areas: A Statistical Study dress, $.50 each. Elsewhere, $.70 a copy. of Factors Affecting Rates on Bank Loans. 1965. 73 pp. $.50 a copy; 10 or more sent to one address, $.40 each. Treasury-Federal Reserve Study of the Gov­ ernment Securities Market. Pt. I. 1959. 108 Monetary Theory and Policy: A Bibliography. pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. Part I—Domestic Aspects. 137 pp. $1.00 a Individual books $1.00 each; set of 3, $2.50. copy; 10 or more sent to one address, $.85 each. 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. 299 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

300 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 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. Summaries only printed in the Federal Reserve Revision of Consumer Credit Statistics. Oct. Bulletin. 1956. 24 pp. (Also, similar reprint from Apr. (Limited supply of mimeographed copies of 1953 Bulletin.) full text available upon request for single copies.) Seasonal Factors Affecting Bank Reserves. Statistical Refinement of the Concept of In­ Feb. 1958. 12 pp. flation—Monetary and Liquidity Aspects, Open Market Operations in Long-Term Secu­ by Guy E. Noyes. Oct. 1965. rities. Nov. 1958. 15 pp. The Demand for Money—Speed of Adjust­ *Part I, All-Bank Statistics, 1896-1955. Re­ ment, Interest Rates, and Wealth, by print of the U.S. Summary containing a descrip­ Frank de Leeuw. Oct. 1965. tion of revised statistics for all banks in the Price Analysis and Economic Developments, United States, by class of bank, together with by Murray Altmann. Oct. 1965. revised statistics. Apr. 1959. 94 pp. A Study of Factors Affecting the Money Statistics on the Government Securities Stock—Phase One, by Leonall C. Andersen. Market. Apr. 1961. 8 pp. Oct. 1965. Survey of Finance Companies, Mid-1960. Oct. Criteria for Conduct of Monetary Policy: 1961. 21 pp. Implications of Recent Research, by Daniel H. Brill. Dec. 1965. Liquidity and Public Policy, Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. The Postwar Boom in Hotels and Motels, by Royal Shipp and Robert Moore Fisher. Dec. Revised Indexes of Freight Carloadings. Dec. 1965. 1961. 3 pp. Manufacturers’ Inventory Investment and Seasonally Adjusted Series for Bank Credit. Monetary Policy, by Jimmie F. Manhollen. July 1962. 6 pp. Jan. 1966. Interest Rates and Monetary Policy, Staff Some Fiscal Implications of Expansion of the Paper by Stephen H. Axiirod. Sept. 1962. 28 pp. Social Security System, by Nancy H. Teeters. Jan. 1966. Industrial Production—1957-59 Base. Oct. 1962. 10 pp. The Demand For Currency, by George G. Kaufman. Feb. 1966. Flow of Funds Seasonally Adjusted. Nov. The Demand For Money: A Review Of The 1962. 15 pp. Empirical Literature by David M. Jones. A Sectoral Analysis of Velociiy, Staff Paper Feb. 1966. by Paul F. McGouldrick. Dec. 1962. 14 pp. Printed in full in the Federal Reserve Bulletin. A New Look at the Farm Debt Picture. Dec. (Reprints available as shown in list below.) 1962. 18 pp. REPRINTS Farm Debt as Related to Value of Sales. Feb. 1963. 9 pp. (From Federal Reserve Bulletin unless preceded 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. U PP- 13 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 301 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 Credits to Foreigners. Mar. 1965. 10 pp. 14 pp. Revision of Bank Debits and Deposit Turn­ Changes in Banking Structure, 1953-62. Sept. over Series. Mar. 1965. 4 pp. 1963. 8 pp. Banking and Monetary Statistics, 1964. Se­ Economic Change and Economic Analysis, lected series of banking and monetary statistics Staff Paper by Frank R. Garfield. Sept. 1963. for 1964 only. Feb., Mar., and June 1965. 17 pp. 15 PP- Bank and PCA Lending to Farmers. Sept. 1963. Recent Credit and Monetary Developments. 11 PP- July 1965. 12 pp. The Open Market Policy Process. Oct. 1963. Revision of the Money Supply. Series. July 11 PP- 1965. 11 pp. Recent Interest Rate Trends. Nov. 1963. Interest Rates in Capital Markets. Aug. 10 pp. 1965. 13 pp. Bank Credit and Money in 1963. Feb. 1964. Measures of Banking Structure and Competi­ 7 PP- tion. Sept. 1965. 11 pp. Survey of Financial Characteristics of Con­ Treasury and Federal Reserve Foreign Ex­ sumers. Mar. 1964. 9 pp. change Operations. Sept. 1965. 14 pp. U.S. Trade and Payments in 1963. Apr. 1964. U.S. International Payments. Oct. 1965. 9 pp. 7pp- Time Deposits in Monetary Analysis, Staff Economic Study by Lyle E. Gramley and Sam­ Flows Through Financial Intermediaries. uel B. Chase, Jr. Oct. 1965. 25 pp. May 1964. 9 pp. Fiscal Policy and Debt Management. Nov. Revision of the Money Supply Series. June 1965. 11 pp. 1964. 14 pp. Cycles and Cyclical Imbalances in a Chang­ Revision of Bank Credit Series. June 1964. ing World, Staff Paper by Frank R. Garfield. 5 pp. Nov. 1965. 15 pp. Recent Monetary and Credit Developments. Balance of Payments Program: Guidelines July 1964. 9 pp. for Banks and Nonbank Financial Institu­ tions. Dec. 1965. 9 pp. Federal Reserve Security Transactions, 1954­ 63, Staff Paper by Stephen H. Axilrod and Bank Credit And Monetary Developments In Janice Krummack. July 1964. 16 pp. 1965. Feb. 1966. 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. 208.) Acceptances, bankers’, 217, 234, 236 Demand deposits: Agricultural Ioans of commercial banks, 228, 230 Adjusted, banks and the monetary system, 223 Arbitrage, 293 Adjusted, commercial banks, 220, 222, 229 Assets and liabilities {See also Foreign liabilities and Banks, by classes, 216, 224, 232 claims): Turnover of, 220 Banks and the monetary system, consolidated Type of holder, at commercial banks, 229 statement, 223 Deposits (See also specific types of deposits): Corporate, current, 248 Adjusted, and currency, 223 Domestic banks, by classes, 224, 228, 230 Banks, by classes, 216, 224, 229, 232, 236 Federal Reserve Banks, 218 Federal Reserve Banks, 218, 287 Automobiles: Postal savings, 216, 223 Consumer instalment credit, 252, 253, 254 Discount rates, 215, 292 Production index, 256, 257 Discounts and advances by Federal Reserve Banks, 210, 218, 220 Balance of payments {See U.S. balance of payments) Dividends, corporate, 247, 248 Bankers’ balances, 229, 231 Dollar assets, foreign, 279, 287 {See also Foreign liabilities and claims) Banking offices: Earnings and expenses, Federal Reserve Banks, 270 Changes in number, 272 Earnings and hours, manufacturing industries, 263 Par and nonpar offices, number, 273 Employment, 260, 262, 263 Banks and the monetary system, consolidated state­ ment, 223 Farm mortgage loans, 249, 250, 251 Banks for cooperatives, 243, 244 Federal finance: Bonds {See also U.S. Govt, securities): Cash transactions, 238 New issues, 244, 245, 246 Receipts and expenditures, 239 Prices and yields, 234, 235 Treasurer’s balance, 238 Brokers and dealers in securities, bank loans to, Federal funds, 214 228, 230 Federal home loan banks, 243, 244, 250 Business expenditures on new plant and equip­ Federal Housing Administration, 235, 249, 250, 251 ment, 248 Federal intermediate credit banks, 243, 244 Business indexes, 260 Federal land banks, 243, 244 Business loans (See Commercial and industrial loans) Federal National Mortgage Assn., 243, 244, 251 Federal Reserve Banks: Capital accounts: Condition statement, 218 Banks, by classes, 224, 229, 232 Earnings and expenses, 270 Federal Reserve Banks, 218 U.S. Govt, securities held by, 210, 218, 220, Carloadings, 260 240, 241 ' ’ Central banks, foreign, 276, 292 Federal Reserve credit, 210, 218, 220 Certificates of deposit, 232 Federal Reserve notes, 218, 221 Coins, circulation of, 221 Federally sponsored credit agencies, 243, 244 Commercial and industrial loans: Finance company paper, 234, 236 Commercial banks, 228 Financial institutions, loans to, 228, 230 Weekly reporting member banks, 230, 233 Float, 210 Commercial banks: Flow of funds, 268 Assets and liabilities, 224, 227, 228 Foreign central banks, 276, 292 Banking offices, changes in number, 272 Foreign currency operations, 218, 220, 278, 286 Consumer loans held, by type, 253 Foreign deposits in U.S. banks, 210, 218, 223, 229, Number, by classes, 224 232, 287 Real estate mortgages held, by type, 249 Foreign exchange rates, 294 Commercial paper, 234, 236 Foreign liabilities and claims: Condition statements (See Assets and liabilities) Banks, 280, 282, 283, 285, 287 Construction, 260, 261 Nonfinancial concerns, 288 Consumer credit: Foreign trade, 291 Instalment credit, 252, 253, 254, 255 Noninstalment credit, by holder, 253 Gold: Consumer price indexes, 260, 264 Certificates, 218, 221 Consumption expenditures, 266, 267 Earmarked, 287 Corporations: Net purchases by U.S., 278 Sales, profits, taxes, and dividends, 247, 248 Production, 277 Security issues, 245, 246 Reserves of central banks and govts., 276 Security prices and yields, 234, 235 Reserves of foreign countries and international Cost of living (See Consumer price indexes) organizations, 279 Currency in circulation, 210, 221, 222 Stock, 210, 223, 278 Customer credit, stock market, 235 Gross national product, 266, 267 Debits to deposit accounts, 220 Hours and earnings, manufacturing industries, 263 Debt (See specific types of debt or securities) Housing starts, 261 302 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES 303 Income, national and personal, 266 Prices: Industrial production index, 256, 260 Consumer, 260, 264 Instalment loans, 252, 253, 254, 255 Security, 235 Insurance companies, 237, 240, 241, 250 Wholesale commodity, 260, 264 Insured commercial banks, 226, 228, 272 Production, 256, 260 Interbank deposits, 216, 224, 229 Profits, corporate, 247, 248 Interest rates: Bond yields, 234 Real estate loans: Business loans by banks, 233 Banks, by classes, 228, 236, 249 Federal Reserve Bank discount rates, 215 Mortgage yields, 235 Foreign countries, 292, 293 Type of holder, 249, 250, 251 Money market rates, 234, 293 Type of property mortgaged, 249, 250, 251 Mortgage yields, 235 Reserve position, basic, member banks, 214 Stock yields, 234 Reserve requirements, member banks, 216 Time deposits, maximum rates, 216 Reserves: International capital transactions of the U.S., 280 Central banks and govts., 276 International institutions, 276, 278, 279 Commercial banks, 229 Inventories, 266 Federal Reserve Banks, 218 Investment companies, new issues, 246 Foreign countries and international organiza­ Investments (See also specific types of investments): tions, 279 Banks, by classes, 224, 228, 231, 236 Member banks, 210, 212, 216, 229, 231 Commercial banks, 227 Residential mortgage loans, 249, 250, 251 Federal Reserve Banks, 218, 220 Retail credit, 252 Life insurance companies, 237 Retail sales, 260 Savings and loan assns., 237 Sales finance companies, consumer loans of, 252, 253, 255 ' Labor force, 262 Saving: Loans (See also specific types of loans): Flow of funds series, 268 Banks, by classes, 224, 228, 230, 236 National income series, 267 Commercial banks, 227 Savings and loan assns., 237, 241, 250 Federal Reserve Banks, 210, 218, 220 Savings deposits (See Time deposits) Insurance companies, 237, 250 Savings institutions, principal assets, 236, 237 Insured or guaranteed by U.S., 249, 250, 251 Securities (See also U.S. Govt, securities): Savings and loan assns., 237, 250 Federally sponsored agencies, 243 International transactions, 286, 287 Manufactures, production index, 257, 260 New issues, 244, 245, 246 Margin requirements, 216 Silver coin and silver certificates, 221 Member banks: State and local govts.: Assets and liabilities, by classes, 224, 228 Deposits of, 229, 232 Banking offices, changes in number, 272 Holdings of U.S. Govt, securities, 240, 241 Borrowings at Federal Reserve Banks, 212, New security issues, 244, 245 218, 232 Ownership of obligations of, 228, 236, 237 Deposits, by classes, 216 Prices and yields of securities, 234, 235 Number, by classes, 225 State member banks, 226, 272 Reserve position, basic, 214 Stock market credit, 235 Reserve requirements, 216 Stocks: Reserves and related items, 210 New issues, 245, 246 Weekly reporting series, 230 Prices and yields, 234, 235 Mining, production index, 257, 260 Money rates (See Interest rates) Tax receipts. Federal, 239 Money supply and related data, 222 Time deposits, 216, 222, 223, 224, 229, 232 Mortgages (See Real estate loans) Treasurer’s account balance, 238 Mutual funds (See Investment companies) Treasury cash, 210, 221, 223 Treasury currency, 210, 221, 223 Mutual savings banks, 223, 224, 226, 236, 240, 241, Treasury deposits, 210, 218, 238 249, 272 Turnover, deposit, 220 National banks, 226, 272 Unemployment, 262 National income, 266, 267 U.S. balance of payments, 290 National security expenditures, 239, 266 U.S. Govt, balances: Nonmember banks, 226, 228, 229, 272 Commercial bank holdings, by classes, 229, 232 Consolidated monetary statement, 223 Treasury deposits at Federal Reserve Banks, 210, Open market transactions, 217 218,238 U.S. Govt, securities: Par and nonpar banking offices, number, 273 Bank holdings, 223, 224, 228, 231, 236, 240, 241 Payrolls, manufacturing, index, 260 Dealer transactions, positions, and financing, 242 Personal income, 267 Federal Reserve Bank holdings, 210, 218, 220, Postal Savings System, 216, 223 240, 241 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

304 FEDERAL RESERVE BULLETIN • FEBRUARY 1966 U.S. Govt, securities—Continued United States notes, outstanding and in circula­ Foreign and international holdings, 218, 279, 287 tion, 221 International transactions, 286 Utilities, production index, 257, 260 New issues, gross proceeds, 245 Vault cash, 210, 216, 229 Open market transactions, 217 Veterans Administration, 249, 250, 251 Outstanding, by type of security, 240, 241, 243 Ownership of, 240, 241 Weekly reporting member banks, 230 Prices and yields, 234, 235, 293 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