Federal Reserve Bulletin, 1966-03

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

CONTENTS VOLUME 52 ■ NUMBER 3 ■ MARCH 1966 Recent Expansion of Demand 305 Staff Economic Studies 315 Treasury and Federal Reserve Foreign Exchange Operations 316 Statement to Congress 330 Law Department 337 Membership of the Board of Governors of the Federal Reserve System, 1913-66 344 Announcements 346 National Summary of Business Conditions 350 Guide to Tabular Presentation 352 Financial and Business Statistics, U.S. (Contents on p. 353) 354 International Financial Statistics (Contents on p. 425) 426 Board of Governors and Staff 446 Open Market Committee and Staff; Federal Advisory Council 447 Federal Reserve Banks and Branches 448 Federal Reserve Board Publications 449 Index to Statistical Tables 452 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

RECENT EXPANSION OF DEMAND Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

305 T 1 HE pace of over-all economic expansion has quickened as rising defense demands have been superimposed on those of a strong civilian economy. Gross national product increased about $16 billion in the fourth quarter, as compared with an average quarterly gain of $12 billion over the preceding year, and almost as large a rise is manifest in the current quarter. In real terms the current level of economic activity is 6 per cent above a year ago; growth in the year 1965 was at a rate of 51/2 per cent, and in 1964 at 5 per cent. The expanding defense program and exceptionally active de­ mands of businesses and consumers have increased pressure on capacity and manpower resources, lifting the utilization of in­ dustrial capacity to the highest rate in a decade. Business invest­ ment is scheduled to rise markedly further this year, and a large addition to manufacturing capacity is in prospect. Nevertheless, with demands generally strong, intensive use of available capacity is likely to continue. Rapid expansion of output has required substantial and wide­ spread additions to employment. Employment gains have exceeded the accelerated growth in the labor force and available manpower supplies have been sharply reduced. In February unemployment declined to 3.7 per cent of the civilian labor force—more than a full percentage point lower than a year earlier. Shortages of skilled labor are more extensive than at any time since the Korean War. GROSS NATIONAL PRODUCT and EMPLOYMENT rise faster; UNEMPLOYMENT down to 12-year low CHART 1 ■■■■■■^■■■■■1 GROSS NATIONAL PRODUCTS Seasonally adjusted series. Gross national product, Dept, of Commerce quarterly data at annual rates; first quarter 1966 estimated by Federal Reserve, Nonagricultural payroll employment and unemployment rate, Bureau of Labor Statistics monthly data; latest figures shown, February. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

306 MARCH 1966 • FEDERAL RESERVE BULLETIN Consumer spending has kept pace with the sizable rise in income. With final purchases by business, government, and con­ sumers rising rapidly amid some signs of delivery delays and shortages, nonfarm business inventory demands picked up sharply in late 1965 and then were somewhat lower in early 1966. Early this year, the increase in industrial prices accelerated somewhat in response to increased pressure on industrial and labor resources. The rate of increase remained moderate, how­ ever, and in February the wholesale price index for industrial com­ modities was 1.7 per cent above a year earlier. From 1960 to late 1964, this index had shown little change. Food prices—at both wholesale and retail-—have increased sharply over the past year, mainly because of limited meat supplies. Chiefly because of ad­ vancing food prices, the consumer price index in January was 1.9 per cent higher than a year earlier, compared with an average annual increase of 1.3 per cent earlier in the current expansion. Rapid growth in capacity in many industries, as well as the availability of imports, have helped to limit price advances thus far, and cost pressures do not appear to have accelerated sig­ nificantly. With manufacturing wage increases more or less in line with productivity gains, labor costs per unit of output in manufacturing in early 1966 were only moderately above a year ago. RISING Expansion of demands over the past year exceeded anticipa­ DEMANDS tions at the beginning of 1965. The key factors in the greaterthan-expected rise were the upturn in Federal government pur­ chases, which began in the second quarter of 1965 and became pronounced near the year’s end, and a progressive stepping-up of business fixed investment spending throughout the year.-More­ over, business inventory accumulation was surprisingly large in late 1965, despite a rapid run-off in steel inventories following the labor contract settlement in early September. Unusually large additions to income over the past year led to one of the biggest increases in consumption of the postwar period. State and local government expenditures continued their steady growth. Only residential construction and net exports failed to expand. FEDERAL Federal defense outlays, which had been drifting downward for GOVERNMENT several years, stabilized in early 1965 and then rose substantially under the impetus of the mounting commitment in Vietnam. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT EXPANSION OF DEMAND 307 Beginning last fall, the size of the armed forces was increased by nearly 40,000 per month and new orders for defense equipment were placed in much greater volume. Military payrolls expanded because of both the increase in size of the armed forces and a substantial military pay raise effective in September. Total de­ fense purchases of goods and services rose rapidly in the fourth quarter and further large increases are implied by the defense budgets for fiscal years 1966 and 1967. DEFENSE OUTLAYS up sharply and so are ORDERS CHART 2 ■■■■■■■■■■■■ PURCHASES OF GOODS AND SERVICES Dept, of Commerce data at seasonally adjusted annual rates. Defense purchases is component of GNP. New orders series is special market category of durable goods, “defense products”; quarterly totals calculated by Federal Reserve. Latest quarterly figures shown, fourth quarter 1965. Federal actions that increased demands in the last half of 1965 were not confined to defense activities. Prior to the ex­ pansion in military activities, reductions in excise taxes had been enacted to take effect around midyear. These reductions stimu­ lated consumption by lowering prices for a variety of consumer goods. Personal income, already rising at a fast pace, was boosted further by the comprehensive Social Security Amendments of 1965 enacted last summer, which'raised benefit payments by 7 per cent, retroactive to January 1. A lump-sum payment of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

308 MARCH 1966 • FEDERAL RESERVE BULLETIN the retroactive increase in September and higher current benefits beginning in October added substantially to transfer payments. Another addition to personal income in the fourth quarter stemmed from the Federal civilian pay raise. An additional feature of last summer’s social security legisla­ tion was the provision of health insurance for the aged, effective July 1, 1966. To provide funds for Medicare and for expanded regular social security benefits, social security tax rates were raised and the wage base subject to tax was broadened, effective January 1. On the same date a second, smaller stage of reduction in excise taxes took effect; also Federal transfer payments were boosted further by additional social security benefits, higher Federal retirement payments, and larger outlays under some other Federal programs. Thus in early 1966 new Federal fiscal actions provided both restrictive and stimulative impacts on the economy. The revenues drawn from the economy through the boost in social security taxes were moderating private demands while the increase in Federal transfer payments and the large rise in defense spending were ex­ panding demands. The size of the program for meeting defense commitments in Vietnam remains a key factor in Federal activities. In recogni­ tion of the potentially over-stimulative effects of rapidly increasing defense outlays, new restrictive measures were enacted on March 15, in the form of restoration of part of the January 1, 1966, reduc­ tion in excise taxes and a speed-up of personal and corporate in­ come tax payments. The Administration has indicated that, if needed, further tax increases would be proposed. BUSINESS Aside from the recent sharp step-up in defense outlays, the out­ FIXED standing feature of recent economic trends has been the strong INVESTMENT and widespread expansion in business outlays for fixed capital. During 1965, as in 1964, businesses repeatedly revised upward their plans for spending on new plant and equipment. These revisions were particularly large in the last half of 1965, when the defense program encouraged expectations of continued eco­ nomic expansion in 1966 and of needs for further additions to capacity. Business fixed investment increased 15]/i per cent in 1965, following an 11 ]/2 per cent rise in 1964 and, according to the latest official survey of business plans, will continue to rise this year at a rapid rate. The level reached by business fixed invest- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT EXPANSION OF DEMAND 309 ment outlays in 1965 was nearly 50 per cent higher than that in 1961, and if present plans for 1966 materialize the increase over 1961 levels will be widened considerably further. Both in length and in magnitude, this succession of fixed capital expendi­ tures is setting a postwar record. Business plans further large additions to PLANT AND EQUIPMENT .... CHART 3 Outlays, Dept, of Commerce-SEC data on expenditures for new plant and equipment at sea­ sonally adjusted annual rates; third and fourth quarters 1966 interpolated by Federal Re­ serve from figure for second half. Capacity utilization, Federal Reserve estimates; latest figure shown, first quarter 1966. Outlays for the two major elements of business fixed invest­ ment—producers’ durable equipment and nonresidential struc­ tures—increased more in 1965 than in 1964. While spending for producers’ durable equipment in the fourth quarter of 1965 was 13 per cent above a year earlier, that for structures was up 18 per cent. The pronounced step-up in spending for struc­ tures centered in industrial and commercial construction and apparently reflected a shift in emphasis towards capacity expan­ sion from replacement and modernization. In both years, public Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

310 MARCH 1966 • FEDERAL RESERVE BULLETIN utility construction rose only moderately and farm construction declined slightly. In early 1966, outlays for business construction and for pro­ ducers’ durable equipment were apparently continuing their ad­ vance. New orders received by the machinery and equipment industries in January were up 12 per cent from a year earlier and the unfilled order backlog was up 19 per cent. Among major sectors of the economy, the rise in fixed invest­ ment has been particularly marked for manufacturing, where an increase in outlays for new plant and equipment of 21 per cent in 1965 followed a rise of 18 per cent in 1964. The total increase since 1961 in these manufacturing expenditures amounted to 64 per cent. The outlays in 1964 and 1965 enlarged capacity in 1965 by an estimated 6 per cent as compared with an average increase of 4 per cent in the preceding 4 years. Manufacturing output gains more than kept pace, however, and around the turn of this year the rate of capacity utilization had reached the highest level in 10 years. In the latest Commerce-SEC survey of business invest­ ment plans, manufacturers reported expectations of a further in­ crease of nearly one-fifth in their plant and equipment outlays during 1966, and capacity will expand still further—perhaps even more than in 1965. But pressures on capacity are likely to remain strong as output rises. Total investment by nonmanufacturing industries increased by more than one-tenth in 1965, as in 1964, and is expected to expand more rapidly in 1966. In transportation industries—where, as in manufacturing, pressing needs for more capacity have been evident—a pronounced spurt in outlays in 1965 is being followed by a moderate further rise in 1966. Public utilities, similarly sub­ ject to greater pressures on capacity, have projected a large increase in investment outlays in 1966 after raising them by a sizable amount in 1965. Increases in investment outlays in the last few years have reflected, as indicated above, high and rising rates of capacity utilization stemming from the large and steady gains in output and sales. They have also been stimulated by increased profits, the availability of improved technological processes, domestic and foreign competition for markets, and government actions such as the liberalization of depreciation rules, the investment tax credit, and the income tax cuts. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT EXPANSION OF DEMAND 311 BUSINESS Business inventory accumulation has been generally moderate INVENTORY throughout most of this expansion period, and in 1964 was par­ INVESTMENT ticularly small. During 1965, on the other hand, inventory buying was at times quite large, and for the year the rate of accumu­ lation was up sharply from the modest 1964 rate. Outlays on inventories were especially large at the beginning and at the end of 1965, when final sales were also up sharply. Stock/sales ratios, however, remained generally stable over the course of the year. The high rate of inventory accumulation in early 1965 was associated with the restocking by auto dealers, following the BUSINESS INVENTORIES AND STOCK/SALES RATIO run-down of their inventories during the strikes of late 1964, and with the build-up in steel stocks in anticipation of a possible Inventory Stock/sales strike in late spring. The increase in auto and steel stocks in the increase ratio Bil. $ first part of the year may have accounted for as much as half of the rise in total business stocks. ’64-1 3.3 1.49 II 4.1 1.49 After agreement on a steel labor contract was reached in III 3.8 1.47 early September, steel output was sharply curtailed and steel IV 7.5 1.48 stocks began to run off. The general expectation was that this ’65-1 8.8 1.47 II 6.4 1.47 would drastically reduce over-all inventory accumulation in the III 7.6 1.47 IV 10.1 1.46 fourth quarter. Even with rapid liquidation of steel stocks, how­ ever, nonfarm inventories rose substantially. Farm stocks also MamHHMMHMHM were increased by bumper crops of feed grains and soybeans, and Dept, of Commerce data, seasonally adjusted. Increase in inventories, an­ total business inventory investment in the fourth quarter was at nual rates on GNP basis. Inventory/ shipment (stock/sales) ratio for manu­ the highest rate of the current expansion period. facturing and trade. The inventory build-up of recent months has been broadly based, occurring for both durable and nondurable goods and at both manufacturers and distributors. Much of the substantial additions to inventories has been work-in-process stocks needed by defense and business equipment industries for their high and rising levels of output and sales. Following a moderate rate of accumulation earlier in 1965, nondurable goods producers en­ larged their stocks at a faster pace in the final quarter. Among distributors, auto stocks continued to climb in the latter part of 1965 but tended to stabilize in early 1966. Food retaijers made large additions to stocks around the turn of the year. Both this increase and the accompanying sharp rise in sales reflected to a considerable extent higher prices. Moreover, the downdrag'on total inventory accumulation stemming from liquidation of steel stocks has tapered off in recent months as the unexpectedly high levels of steel consumption in the production of defense products, business equipment, and consumer durable goods, and in business Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

312 MARCH 1966 • FEDERAL RESERVE BULLETIN construction, have led to a sharp upturn in orders for steel and in steel output. CONSUMER Increases in personal income were marked in the last half of SPENDING 1965, when the rise in employment and in wages and salaries accelerated under the special influence of larger defense spending, and when there were increases in Federal transfer payments and in Federal military and civilian pay. After an abrupt slowing in January, when the higher social security taxes became effective, a large gain in total personal income was resumed in February. Except in early 1965, when final payments of Federal income Upsweep in SALES keeps pace with INCOME CHART 4 Indexes calculated by Federal Reserve from Dept, of Commerce seasonally adjusted data. Latest figures shown, February. taxes for 1964 were large because of underwithholding under the new tax law, disposable income has about kept pace with the rise in before-tax income. Consumers have spent freely on all types of goods and services and have supplemented their current income with a record expansion in consumer credit. For the year 1965, the rise in consumption expenditures exceeded the gain in after-tax income and the saving rate declined to 5.4 per cent from 6.0 per cent in 1964; for the first quarter of 1966 it is estimated at 5.6 per cent. Consumers increased their spending the most, relatively, on durable goods, which are usually the most sensitive to changes in the rate of income growth. Expenditures on durable goods rose nearly 11 per cent from 1964 to 1965 as compared with an increase of around 7 per cent for nondurable goods and for services. Durable goods purchases rose sharply in the first quarter Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECENT EXPANSION OF DEMAND 313 of 1965, for the special reason noted below, and thereafter showed only a moderate increase. Throughout most of the year the bulk of the expansion in total consumer spending reflected outlays for nondurable goods and services. In the first quarter of 1966, with total consumption expendi­ tures estimated to be up 7.5 per cent from a year earlier, the rise for durable goods is estimated at 4.5 per cent, for nondurable goods 8.5 per cent, and for services 7.5 per cent. If allow­ ances were made for price changes, however, the differential behavior of the three major spending categories would not be so marked. Owing in part to the reduction in Federal excise taxes on major durable goods (the first stage last June and the second stage this January), prices of durable goods declined 3 per cent over the past year. In contrast, prices of nondurable goods increased 3 per cent, with food prices up sharply, and prices of services advanced 2.5 per cent. The year 1965 opened with a bulge in new auto sales following the slowdown in late 1964, when strikes reduced the number of cars available. Sales (including imports) were at a seasonally adjusted annual rate of 9.7 million cars in the first quarter. After Widespread, rapid growth in CONSUMER SPENDING continues CHART 5 Indexes calculated by Federal Reserve from Dept, of Commerce seasonally adjusted data through fourth quarter 1965; first quarter 1966 estimated by Federal Reserve. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

314 MARCH 1966 • FEDERAL RESERVE BULLETIN this make-up period, sales receded substantially in the second quarter and then rose again at midyear, but not to the record first-quarter level. For the year, 9.3 million new cars were sold, 15 per cent above 1964. Early 1966 sales experience suggests continued strong consumer demands for new autos, with the prospect of a sixth consecutive year of growth in sales. With auto purchases little above the artificially high rate in early 1965, larger consumer spending on durable goods other than autos in the first quarter accounts for most of the year-over-year gain for durable goods. Consumer purchases of other durable goods accelerated after mid-1965, when sales were stimulated by lowered prices of appliances, radio, and TV resulting from the reduction in excise taxes. Continued strong—and probably ex­ panding—consumer demands for home goods were indicated in the January 1966 Census survey of consumer buying intentions: 18.1 per cent of households reported intentions to buy one or more of 7 major household durable items within 6 months as com­ pared with 16.3 per cent so reporting in January 1965. Plans to buy television sets were well above a year ago, and higher de­ mands were also reported for refrigerators, clothes dryers, dish­ washers, and radio and phonographic equipment. The unusually large rise in consumer purchases of nondurable goods during the past year followed a substantial one in 1964. Over the two years purchases have increased twice as fast as in 1962 and 1963. The gain has matched-—-and at times exceeded —that in disposable income, in contrast with earlier years, when consumer purchases of nondurable goods tended to lag the rise in their income. As already noted, the especially sharp increase over the past year reflected in part significant price advances— mainly for foods and apparel, which together account for over two-thirds of total consumer spending for nondurable goods. Outlays for services have continued the steady climb of recent years. Of the major types of services, housing expenditures showed the largest advance over the past year. The smallest gain was in transportation services, which continue to reflect the growing use of private automobiles at the expense of public transportation. Spending for medical and other types of services showed sizable increases. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STAFF ECONOMIC STUDIES The research staffs of the Board of Governors of forth are those of the authors and do not neces­ the Federal Reserve System and of the Federal sarily indicate concurrence by other members of Reserve Banks undertake studies that cover a wide the research staffs, by the Board of Governors, or range of economic and financial subjects. From by the Federal Reserve Banks. time to time the results of studies that are of gen­ Single copies of the full text of each of the eral interest to the economics profession and to studies summarized below are available in mimeo­ others are summarized—or in some instances graphed form. The list of publications at the back printed in full-—in this section of the Federal Re­ of each Federal Reserve Bulletin includes a serve Bulletin. separate section enumerating the studies for which In all cases the analyses and conclusions set copies are currently available in that form. STUDY SUMMARIES THE DEMAND FOR MONEY: SPEED OF ADJUSTMENT, INTEREST RATES, AND WEALTH—A SEQUEL Patric H. Hendershott—Staff, Board of Governors 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 (revised March 1966) A recent paper by Frank de Leeuw entitled —it is small initially, builds up in the second “The Demand for Money: Speed of Adjust­ year, and then drops off sharply. The re­ ment, Interest Rates, and Wealth,” which was sponse to changes in income is large initially summarized in the October 1965 Bulletin, and then tapers off quite rapidly in the third reported evidence supporting the hypothesis or fourth year. Currency holdings respond to of a substantial lag in the adjustment of interest rate changes in much the same way money balances to changes in long-run de­ that they do to wealth changes. Holdings of sired holdings. This paper explores the lag demand deposits, on the other hand, react hypothesis further by employing tests that do to interest rate changes in a manner similar not constrain the lag pattern as severely as to their response to income changes. those used by de Leeuw. Quarterly changes These dissimilarities in the response of in money holdings are expressed as a func­ money demand to changes in income, tion of changes in the explanatory variables wealth, and interest rates emphasize the dif­ during the current and two previous years. ficulties of interpreting empirical results of The quarterly lag pattern is then inferred studies employing the typical lagged-stock from the three annual change coefficients. formulation. The coefficient of the lagged- Although lags in the adjustment of money stock variable may provide an estimate of holdings are substantial, they do not seem the average speed of adjustment to discrep­ to be as long as de Leeuw’s study suggested. ancies between desired and actual holdings, More importantly, patterns of adjustment in but it very likely does not provide an ac­ money holdings to changes in wealth, in­ curate measure of the response pattern to come, and interest rates are different. The changes in each particular determinant of response to changes in wealth is bell-shaped desired holdings. 315 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS This eighth joint interim report reflects This report was prepared by Charles A. the Treasury-Federal Reserve policy of mak­ Coombs, Vice President in charge of the Foreign Department of the Federal Reserve ing available additional information on for­ Bank of New York, and Special Manager, eign exchange operations from time to time. System Open Market Account. It covers the The Federal Reserve Bank of New York acts period September 1965-February 1966. Pre­ as agent for both the Treasury and the Fed­ vious reports were published in the Bul­ eral Open Market Committee of the Federal letins for September 1962, March and Sep­ Reserve System in the conduct of foreign tember 1963, March and September 1964, exchange operations. and March and September 1965. The announcement on September 10 of ing to the latest series of official measures, new central bank arrangements in support of including most notably the Voluntary For­ sterling helped to set the stage for the strong eign Credit Restraint Program, backed up recovery of sterling this past winter. This by gradually tightening credit conditions. At operation brought about a definite turning the same time, the position of the United in market sentiment, the effects of which Kingdom showed substantial improvement. were evident not only on sterling itself but Although there were fairly wide swings in the on several other major currencies including capital account, the British trade deficit was the dollar. Indeed the air of impending crisis narrowing. At the other end of the spectrum, that had hung over the exchanges during so the huge surpluses of Italy and France began much of the year prior to last September to taper off during the winter months as faded rapidly once the success of the Sep­ domestic activity expanded. tember 10 operation became evident. During Other developments that helped to pro­ the succeeding 6 months through February, mote stability in the exchange markets this the period covered by this report, the mar­ past winter were the actions taken by a num­ kets were generally calmer and more orderly ber of foreign central banks to minimize the than at any time in recent years. effects on international money and ex­ More fundamental than the change in change markets of temporary domestic credit market psychology were the indications that squeezes, year-end pressures, and abnormal a number of countries were moving away strains. The Netherlands Bank, for example, from positions of extreme deficit or surplus resumed swap operations with Dutch com­ and toward better balance of payments equi­ mercial banks in the fall (taking in dollars librium. The persistent payments deficit of spot and selling them forward), thus pro­ the United States at last seemed to be yield- viding the domestic liquidity that the banks 316 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 317 were seeking through repatriations of for­ veloped to deal with seasonal pressures in eign assets without running up the central the past, began in early December to take bank’s holdings of dollars. Likewise the Ital­ dollars in from the market on a swap basis. ian authorities during the fall continued to Before the end of the month, it had pur­ engage in swaps with Italian commercial chased a record $385 million from Swiss banks, in this case selling spot dollars to commercial banks under swaps, and had in the banks under forward repurchase con­ turn placed them back in the Euro-dollar tracts in order to funnel back into private market via the Bank for International Set­ channels dollars that otherwise would have tlements (BIS). All these special arrange­ been drained off into official reserves. This ments helped to insure that temporary pres­ type of exchange operation, which the Ital­ sures would not cause dislocations in the ex­ ians had resumed in 1964 when a large pay­ change markets that could easily have com­ ments surplus had reemerged, reached rec­ plicated the recovery of sterling as well as ord levels during 1965, and served not only posed problems in official reserve manage­ to promote balanced conditions in the Euro­ ment. dollar market, but also avoided the possi­ With the reversal of pressures on sterling bility of large-scale drains on U.S. gold and the broad improvement in the position stock and consequent reduction in interna­ of the dollar, authorities of the United States tional liquidity. To facilitate the Italian op­ and the United Kingdom made good prog­ eration, first the U.S. Treasury and then, in ress in reducing short-term commitments. November, the Federal Reserve System Reflecting the success of the September 10 agreed to share the forward exchange con­ operation, the improving balance of pay­ tracts assumed by the Italian authorities. To­ ments trend, and the special central bank ward the year-end, when some Italian banks arrangements over the year-end, sterling began to repatriate dollars they had previ­ showed sustained strength during the winter ously placed abroad, the Italian authorities stepped up the pace of their swaps with Table t other banks to offset partially the effect of Federal Reserve Reciprocal Currency Arrangements and Commitments these repatriations. In addition to the Bank of Italy, the Amount System commitments of total Term of Swiss and German authorities also took steps Institution ar m ra e n n g t e­ F fa e 1 c b 9 i . 6 l i 6 2 ty 8 , , De 1 c 9 . 6 4 31, A 1 p 9 r 6 . 5 6, Fe 1 b 9 . 6 6 28, to see that the usual repatriation of funds (m months) toward the year-end exerted as little dis­ Tn millions of dollars equivalent ruptive influence on the international fi­ Austrain National nancial markets as possible. The German Bank....................... 12 50 National Bank of Belgium..................... 12 100 45 100 ............ Federal Bank, for example, temporarily re­ Bank of Canada.......... 12 250 Bank of England......... 12 750 duced commercial bank reserve require­ Bank of France............ 3 100 German Federal Bank, 6 250 50 5 ............ ments during December, thus easing sea­ Bank of Italy................ 12 450 200 ............ Bank of Japan............. 12 250 sonal pressures and, in conjunction with Netherlands Bank....... 3 100 100 'so'1 Bank of Sweden.......... 12 50 Swiss National Rank.. 6 150‘ 130 ” other developments, successfully avoiding Bank for International Settlements................ 6 3001 100 100 ............ the sizable repatriations that had charac­ Total..................... 2,800 295 585 ............ terized previous years. The Swiss National Bank, following the pattern that it had de­ i Of which, half is available in Swiss francs and half in other European currencies. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

318 FEDERAL RESERVE BULLETIN • MARCH 1966 months and between September and Feb­ Table 2 ruary the Bank of England took in over $1 Drawings and Repayments by Federal Reserve System Under Reciprocal Currency billion, exclusive of very substantial receipts Arrangements, March 1962-February 1966 used to liquidate maturing forward contracts. (In millions of dollars equivalent) As a result, the British authorities were able Repaid within— to pay off not only the special U.S. credits Bank and year Draw­ of $140 million granted at the end of August ings’ 3 3-6 6-9 9-12 mos. mos. mos. mos. 1965, but also the entire $750 million in drawings under the swap line with the Fed­ Au B s a tr n ia k n National 1962 ....................... 50.0 50.0 eral Reserve System. National Bank of Similarly, during 1965, System swap com­ Belgium 2 1962....................... 30,5 30.5 mitments were reduced by $450 million 1963 ....................... 25.0 25.0 1964....................... 145.0 62.5 37.5 45.0 equivalent from a peak of $585 million in 1965 ....................... 150.0 70.0 75.0 5.0 ............. early April to $135 million equivalent at Total.................. 350.5 188.0 112.5 50.0 Bank of Canada the end of the year, and the remainder of 1963 ........................ 20.0 20.0 these drawings was paid off during January Bank of England 1962....................... 50.0 50.0 and February. Thus, by the end of February, 1963 ....................... 35.0 35.0 the Federal Reserve swap network—now Total.................. 85.0 85.0 totaling $2.8 billion (see Table 1)—was Bank of France 1962....................... 50.0 50.0 fully on a standby basis. During the four 1963 ....................... 21 ,5 21.5 ............. Total................... 71 .5 21.5 50.0 years since the first swap arrangement was German Federal Bank initiated in 1962, total drawings by the Fed­ 1963 ....................... 286.0 143.5 142.5 1964....................... 105.0 105.0 eral Reserve and foreign central banks 1965 ....................... 15.0 15.0 amounted to more than $6 billion; of this Total.................. 406.0 263.5 142.5 total $5.6 billion, or 93 per cent, was re­ Bank of Italy 1962....................... 50,0 50.0 paid within 6 months (see Tables 2 and.3), 1965 ....................... 350.0 82.0 268.0 ............. Total.................. 400.0 132.0 268.0 and no drawings were outstanding for more Netherlands Bank than one year. 1962 ....................... 60.0 50.0 10.0 1963....................... 150.0 60.0 90.0 In addition to swap repayments, System 1964....................... 100.0 55.0 45,0 1965....................... 25.0 25.0 ............. and Treasury forward contracts—exclusive Total.................. 335.0 110.0 180.0 45,0 of technical commitments in Italian lire— Swiss National Bank which had reached a 1965 peak of $281 1962....................... 50.0 50.0 1963 ....................... 80.0 5.0 20.0 55.0 1964....................... 25.0 25.0 million in January, were all paid off. The 1965 ....................... 150.0 90.0 12.0 ....... 48.0 Treasury also acquired sufficient marks to Total.................. 305.0 120.0 32.0 55.0 98.0 repay $175 million equivalent of mark- Bank for International Settlements denominated bonds during the period July- 1962....................... 80.0 40.0 5.0 19.5 15.5 1963 ........................ 150.0 5.0 65.0 80.0 March, thus largely offsetting the increase 1964....................... 100.0 35,0 65,0 in foreign currency bonds that had taken Total.................. 330.0 45.0 105.0 164,5 15.5 All banks place earlier in 1965 (see Table 4). 1962............... 420.5 270.5 65.0 19,5 65.5 1963 ........................ 767.5 315.0 317.5 135.0 1964........................ 475.0 192.5 127.5 155,0 1965 ....................... 690.0 257.0 380.0 5.0 48.0 STERLING Total.................. 2,353.0 1,035.0 890.0 314,5 113,5 By August 1965 the sterling crisis had 1 No drawings were outstanding at the end of the period. 2 Data relate to disbursements and repayments under the $50 stretched out over a full year. During this million fully drawn portion of the swap facility and to utilization of the $50 million standby portion available since December 1964. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 319 Table 3 world lived under the constant threat that the pressures against sterling might have Drawings and Repayments by Foreign Central Banks Under Reciprocal Currency Arrangements, seriously disturbing effects upon the flow March 1962-February 28, 1966 of world trade and payments. (In millions of dollars) While short-term central bank credits and Repaid within— subsequent funding operations through the Draw­ Bank and year ings’ 3 3-6 IMF provided the basic defense line for months months sterling during this troubled period, inade­ National Bank of Belgium quate recognition has been given to the suc­ 1963.............................................. 45.0 40.0 5.0 cess of Bank of England operations in the Bank of Canada 1962.............................................. 250.0 250.0 forward market that were conducted force­ Bank of England 1963.............................................. 25.0 25.0 fully and with great technical skill during 1964. ............................................. 1,370.0 1.370,0 1965.................................................. 1,765.0 1,290.0 475.6 the course of the year. Such large-scale op­ Total.................................... 3,160.0 2,685.0 475.0 erations in the forward market not only Bank of Italy exerted at critical moments a highly salutary 1963.............................................. 50.0 50.0 1964.................................................. 100.0 100.0 influence on market confidence, but also had 150.0 150.0 the vitally important effect of relieving pres­ Bank of Japan 1964.............................................. 80.0 30.0 50.0 sure on the spot market and British dollar All banks reserves by providing at reasonable cost the 1962.............................................. 250.0 250.0 1963..................................;.............. 120.0 65.0 55.0 alternative of hedging in the forward market. 1964.................................................. 1,550.0 1,400.0 150,0 1965.................................................. 1,765,0 1,290.0 475.0 In the absence of such forward operations, 3,685.0 2.755.0 930.0 it seems all too clear that the drain upon 1 No drawings were outstanding at the end of the period. British reserves and utilization of central bank credits would have been much heavier and consequently would have aggravated period, the Bank of England twice drew the full amount of the Federal Reserve swap line, still further an already dangerous crisis. $500 million by November 1964 and $750 As noted in the previous report in this million by August 1965, while also receiv­ series one of the most striking features of ing sizable credits from other central banks. the sterling market during the summer At the end of August the Bank of England months of 1965 was the skepticism of the drew supplementary credits of $140 million market regarding the effectiveness of the from the Federal Reserve and U.S. Treasury. series of policy measures taken by the Brit­ In December 1964 and May 1965 the Brit­ ish Government to correct the deficit in the ish authorities drew the full $2.4 billion British balance of payments. There was, in available to them from the International fact, impressive statistical evidence that these Monetary Fund and received $120 million policy correctives had begun to yield re­ in medium-term credits from Switzerland: sults; during the first 8 months of 1965, for of that total of $2.5 billion, around $2.1 example, British exports had risen more than billion was used to repay earlier short-term 5 per cent over the corresponding period of credits from the Federal Reserve and other 1964, while the rise in imports was negligi­ central banks. Throughout this period, not ble. With price and wage pressures continu­ only the British financial authorities but ing, however, the market remained con­ central banks and treasuries all over the vinced that sterling was heading into a new Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

320 FEDERAL RESERVE BULLETIN • MARCH 1966 and even more serious crisis, and by the shortages of sterling began to appear. The late summer of 1965 market confidence in bonds of mutual interest linking the cen­ sterling had withered away almost to the tral banks and treasuries of the Western vanishing point. At this moment, the Brit­ world again proved their strength, however, ish financial authorities were again con­ and in a special meeting at the BIS on Sep­ fronted with a crisis situation which was in tember 5 the Bank of England and the many respects even more dangerous than Federal Reserve enlisted the assistance of the flight from sterling in November 1964. nine other central banks and the BIS in a As of August 31, the British drawing rights new operation in support of sterling. (Under of $2.4 billion with the IMF had been ex­ these new arrangements, the Federal Reserve hausted, short-term credits from the Federal agreed to provide an additional $200 mil­ Reserve and U.S. Treasury had reached the lion for cooperative action on the exchange sizable total of $890 million, while very markets while the U.S. Treasury supplied heavy commitments in the forward market a further substantial amount.) had also been assumed. The market was This new operation was based upon a aware of the heavy depletion of foreign policy decision of the British Government to credit resources during the preceding year take determined action to arrest the infla­ and increasingly questioned whether Brit­ tionary trend of prices and wages that had ain’s financial defenses would not collapse been progressively undermining the position simply for lack of funds. of sterling and creating market fears of de­ It would indeed have been a major trag­ valuation. Announcement on September 1 edy if the forces of speculation had over­ of the British Government’s intention to seek whelmed sterling at this point through lack Parliamentary authorization of new powers of outside assistance, more particularly since to deal with the wage-price spiral had in selling pressure on sterling was showing signs fact brought an immediate improvement in of exhaustion and from time to time market market sentiment and a more buoyant ten- Table 4 U.S. Treasury Securities, Foreign Currency Series (In millions of dollars equivalent) Transactions ((+) denotes issued; ( —) redeemed) Issued to— O Ja u n t . s t 1 a , n 1 d 9 in 65 g 1965 1966 O M u a t r s . ta 1, n d 19 in 6 g 6 I II III IV J an.-Feb. Austrian National Bank................................ 50.3 +50.3 100.7 National Bank of Belgium............................ 30.1 30.2 German Federal Bank.................................... 678.7 -25.1 -50.3 -100.6 501.0 Bank of Italy.................................................... + 124.8 124.8 Swiss National Bank..................................... 257.4 257.3 Bank for International Settlements 1....... 69.5 +23.2 92.6 Total........................................................... 1,086.0 + 50,3 + 122.9 -50.3 -100.6 1,106.6 1 Denominated in Swiss francs. Note.—Discrepancies in amounts are due to valuation adjustments and rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 321 dency in the sterling rate. The central banks New York, market forces took over and bid that agreed to participate in a new support the rate up so strongly that the Bank of operation for sterling were also well aware England intervened to limit the rise and in of the fact that speculative pressures over the process began an accumulation of dollars the preceding year had left sterling in a that continued almost without interruption grossly oversold position, both in the spot over the following 5 months. Since the in­ and forward markets. In fact, the technical tervention by the Federal Reserve on Sep­ position of sterling in the exchange markets tember 10 succeeded in triggering such a had become so favorable as to open up an strong shift in market expectations, possibili­ excellent opportunity for executing a bear ties of simultaneous intervention in sup­ squeeze. port of sterling by other central banks in This official counterattack was launched their markets did not have to be called into on September 10 with good results. At 9 play but remain available if and when a.m. New York time and 2 p.m. London needed. time, the Bank of England announced the The major swing in the position of sterling negotiation with the central banks of Aus­ since the bear squeeze was initiated on Sep­ tria, Belgium, Canada, Germany, the tember 10 has apparently reflected not only Netherlands, Italy, Japan, Sweden, Switzer­ extensive short covering but also a major land, the United States, and the BIS of new improvement in the British balance of pay­ arrangements that would enable appropriate ments position during the fourth quarter of action to be taken in the exchange markets 1965. Since the turn of the year, favor­ with the full cooperation of the central banks able seasonal forces have also come into concerned. Fifteen minutes later, the Fed­ play, with the result that the sterling rate eral Reserve Bank of New York, operating moved into new, high ground during Jan­ for System account, simultaneously placed uary, and the Bank of England took in a fur­ bids for sterling totaling the equivalent of ther sizable amount of dollars. In February, nearly $30 million with all the major banks however, poor trade figures for January operating in the New York exchange market and rumors of an early election (an­ at the then-prevailing rate of $2.7918. The nounced on February 28 for March 31) market rate immediately reacted upward, tended to unsettle the market by injecting and the Federal Reserve pursued the upward new elements of uncertainty. Exchange movement with new and higher bids until traders understandably took a more cautious the rate of $2.7934 was reached; at this rate view, which became reflected in a narrowing level, $8 million equivalent of sterling was of the sterling market and a reduced rate of sold by the market to the Federal Reserve. reserve gains by the Bank of England. After the rate had held at this level for a As dollars have flowed back to the Bank certain interval, the New York Bank pro­ of England since September, the Bank has ceeded to bid the rate up still further. By shown a scrupulous regard for honoring the the close of the day the rate had risen to maturity dates of its short-term borrowing $2.7945, and Federal Reserve sterling pur­ from foreign financial authorities. Of the chases totaled no more than $13 million total influx of more than $1 billion during equivalent. the 6 months’ period September 1965 to On the following day, in both London and February 1966, the Bank of England has de- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

322 FEDERAL RESERVE BULLETIN • MARCH 1966 voted $890 million to repaying in their en­ million of short-term Swiss franc commit­ tirety credits received during the summer ments has been liquidated. months of 1965 from the Federal Reserve About one-half of the commitments that and U.S. Treasury. Simultaneously, the were repaid had been incurred during Janu­ Bank of England has succeeded in liqui­ ary and March to absorb dollars taken in by dating a very substantial part of its forward the Swiss National Bank at the end of 1964. exchange commitments and has thereby After the turn of the year the franc rate be­ strengthened its hand for dealing with any gan to ease, and the U.S. authorities were new pressures in the forward market. With able to purchase Swiss francs throughout so much of the inflow of dollars thus used the spring and early summer; between in liquidating official debt and forward mar­ March and July, purchases totaled some ket commitments, the British Government, $239 million, including $20 million equiva­ on March 1, deemed it useful to reinforce lent purchased from the Bank of England its official reserves by shifting $885 million and $40 million acquired under a German of liquid dollar assets from its securities port­ mark-Swiss franc swap with the BIS. These folio into the official reserves. This action francs were used to liquidate $202 million raised British official reserves to a level of of the Federal Reserve’s $250 million draw­ $3,648 million, an increase of $1,064 mil­ ings under the swap arrangements and $37 lion over the level on August 31, 1965. million of Federal Reserve and Treasury As noted by Chancellor Callaghan, these forward market sales. reserve availabilities are effectively enlarged In mid-July, however, the Swiss franc by the reconstitution of the $750 million rose to its effective ceiling of $0.2317^ swap line with the Federal Reserve, an un­ in connection with the unwinding of midyear used Export-Import Bank credit line of $250 swaps and inflows of funds from London. million, and the remaining $500 million in Consequently, the Swiss National Bank the British Government securities portfolio bought dollars in its market and the U.S. to an over-all figure in excess of $5 billion. Treasury absorbed $23 million of these Together with the facilities from the Septem­ gains with the proceeds of a Swiss francber 10 package, this adds up to an impres­ denominated bond issued to the BIS. This sive total of financial resources that can bond sale raised the Treasury’s Swiss franc be readily deployed to deal with any recur­ bond indebtedness to $350 million equiva­ rence of speculative pressure on sterling. lent. In mid-August the Swiss franc began to SWISS FRANC back away from its ceiling, as tensions as­ The heavy demand for Swiss francs that sociated with sterling subsided and the Swiss had prevailed during most of 1964 appeared money market became easier. By October only sporadically during 1965. Indeed, the franc had dipped to $0.2314 as short­ francs frequently were on offer in the ex­ term funds were placed abroad, and the change markets—despite a sharp reduction Swiss National Bank began late that month in Switzerland’s trade deficit last year. Under to meet some of its current dollar require­ these circumstances, U.S. authorities were ments by selling Swiss francs to the Federal able to purchase large amounts of Swiss Reserve. These and other purchases enabled francs. Since March 1965, a total of $299.6 the System by early December to liquidate Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 323 its remaining $48 million equivalent swap U.S. short-term Swiss franc indebtedness had drawing from the Swiss National Bank. Also, been reduced to only two German markduring December the final $22.5 million Swiss franc third currency swaps with the equivalent of Treasury forward market com­ BIS—one for $10 million equivalent for mitments was paid off. System account and one for $15 million It is significant that these repayments ex­ equivalent for Treasury account. Both Fed­ tended into December, a period when the eral Reserve swap lines in Swiss francs were Swiss franc is usually at its ceiling as a re­ fully on a standby basis, and there were no sult of repatriations of short-term Swiss as­ outstanding forward commitments, while sets. On previous occasions the Swiss Na­ medium-term indebtedness had increased by tional Bank met these pressures partly only $23 million to $350 million equivalent. through outright purchases of dollars and partly through short-term swaps with the NETHERLANDS GUILDER commercial banks. But in 1965 the Swiss During the course of 1965, the Federal Re­ National Bank began on December 1 to serve and Treasury were able to purchase buy dollars from Swiss banks on the basis at only nominal cost to U.S. gold reserves of 1-month swaps. These swaps—which sufficient guilders to liquidate all outstanding eventually reached a record level of $385 commitments to the Netherlands Bank, the million—made it possible for the Swiss Na­ BIS, and Dutch commercial banks. Most of tional Bank to minimize the increase in its these obligations had been undertaken dur­ uncovered dollar position. At the same time, ing the August 1964-January 1965 period the Swiss National Bank acted to insure that when a strong Dutch balance of payments this inflow of dollars did not result in a position and a flight from sterling contrib­ tightening of the Euro-dollar market; as it uted to large dollar gains by the Nether­ absorbed dollars under these short-term lands Bank. swaps with the market, it simultaneously Over-all U.S. commitments in guilders entered into gold-dollar swaps with the BIS had reached a peak of $348 million equiva­ and that institution immediately invested lent by January 8, 1965. Progress in re­ most of the dollars in the Euro-dollar mar­ ducing these commitments was slow until ket. the spring, when the Netherlands balance of After the year-end the Swiss franc eased payments weakened seasonally and the dol­ further below its ceiling, and during January lar began to show the first positive effects of and February the spot rate was generally corrective U.S. balance of payments meas­ below $0.2310, despite heavy trading vol­ ures. At that point, the U.S. authorities were ume on occasion. In February and early able to begin purchasing sizable amounts March, dollar requirements of the Swiss of guilders from the Netherlands Bank, and Confederation prompted the Swiss National by late July the System had repaid virtually Bank to purchase $33.5 million from the all its $223.7 million equivalent in guilder Federal Reserve with Swiss francs. Most commitments, while the Treasury had re­ of the francs were then used to repay $30 duced its obligations by $89.2 million to million of the System’s $40 million equiva­ $69.4 million equivalent. lent German mark-Swiss franc swap with Toward midsummer, the Netherlands the BIS. Thus, by early March, outstanding Bank resumed taking in dollars. Conse- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

324 FEDERAL RESERVE BULLETIN • MARCH 1966 quently, at the end of July the U.S. Treasury Federal Reserve was able to acquire suf­ purchased $25 million from the Netherlands ficient Belgian francs to eliminate its short Bank with guilders drawn from the IMF, and position in that currency. in August the Federal Reserve drew $25 The Federal Reserve swap line of $100 million equivalent under its swap arrange­ million with the Belgian National Bank was ment with the Netherlands Bank. heavily utilized during the first 8 months of Beginning in late September the guilder 1965. Early in the year the facility was eased gradually as funds flowed back to fully drawn by the Federal Reserve, and al­ London, and later in the fall the demand for though subsequent developments made it dollars picked up as Dutch imports ac­ possible to repay these drawings by the end celerated, largely in anticipation of the im­ of July, a renewed downward movement of position of new excise taxes on January 1, the dollar rate in Brussels during August 1966. With the Netherlands Bank selling in connection with the United Kingdom’s dollars in support of the guilder rate, the balance of payments difficulties led to fur­ Federal Reserve Bank of New York was ther employment of the swap line. Thus, able to purchase from the Netherlands Bank at the beginning of the period covered by guilders totaling $56.9 million equivalent this report, the Federal Reserve had utilized between late September and mid-December $55 million equivalent of Belgian francs and to repay at maturity all the remaining available under the $100 million arrange­ Treasury forward guilder commitments to ment. the market. Continuing support operations In mid-September the Belgian franc by the Netherlands Bank in December fur­ moved away from its ceiling when the situa­ ther reduced its dollar holdings, and in late tion in the United Kingdom began to im­ December this Bank was able to acquire suf­ prove, and the Belgian National Bank sold ficient guilders from the Netherlands Bank dollars in order to maintain smooth condi­ to repay all the remaining official U.S. com­ tions in the market. Consequently, early in mitments in guilders: $25 equivalent under October the Federal Reserve was able to the System’s swap arrangement with the purchase $15 million of francs from that Netherlands Bank and the two $12.5 mil­ bank and to reduce correspondingly its Bel­ lion German mark-Dutch guilder swaps with gian franc commitments under the swap line. the BIS for System and Treasury account. The franc temporarily returned to its ceil­ ing in November, however, and the Federal BELGIAN FRANC Reserve System absorbed $10 million from The dollar rate rose in Brussels at the end of the Belgian central bank with funds avail­ 1 965 after having been subject to virtually able under the swap facility. Then in Decem­ uninterrupted downward pressure for more ber the franc eased once again, and the than a year, and the Belgian market was in National Bank of Belgium sold $15 million relative equilibrium during the first 2 months equivalent of francs to the System. Thus, of 1966. As a result, the National Bank of by the year-end, uncovered System commit­ Belgium ceased taking in dollars in the ments in Belgian francs amounted to $35 exchange market and instead found it neces­ million equivalent. In early 1966, the Na­ sary on occasion to buy dollars for current tional Bank again sold dollars when com­ needs. Consequently, during this period the mercial demand for dollars developed in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 325 Belgium, and the System was then able to Christmas holidays were over, the mark had cover its remaining franc commitments. By begun to come on offer as a result of repay­ January 14, the Federal Reserve swap line ments of corporate borrowings abroad and with the National Bank of Belgium was fully some short-term outflows of funds. With available. Germany’s over-all balance of payments continuing in deficit, the mark eased further GERMAN MARK in January and February, reaching $0.2490 in mid-February. Germany’s official reserves fell by $377 mil­ In June 1965 the decline in the mark rate lion last year, and a further drop occurred had prompted the Federal Reserve Bank during the first 2 months of 1966. This of New York to initiate substantial pur­ decline reflected mainly a sharp increase in chases of marks, both in the New York German expenditures for foreign goods and market and directly from the German Fed­ services as a result of boom conditions in eral Bank, in order to strengthen the over­ the domestic economy. As Germany’s trade all official U.S. foreign currency position, to and services account moved into deficit last begin repayment of outstanding U.S. Treas­ spring, marks began to come on offer in the ury mark-denominated bonds, and to liqui­ exchange markets and the spot rate eased date other commitments. In all, U.S. authori­ significantly below its ceiling for the first ties purchased a little over $300 million time in nearly 2 years. By June the rate had equivalent of marks between late June 1965 dipped below par, as the German trade sur­ and March 1, 1966. plus virtually disappeared. Then, beginning These mark purchases were used for a in October, demand for marks picked up, variety of purposes. Initially, the System on mainly in connection with foreign subscrip­ July 8 sold to the BIS $40 million equiva­ tions to German-mark bond offerings by lent of marks for Swiss francs on a 3-month foreign borrowers and the adoption in Ger­ swap basis and used the francs to liquidate many of a more restrictive monetary policy its remaining Swiss franc drawing under the —the effect of which was in part to prompt swap arrangement with that institution. a repatriation of German funds and sub­ Then in July the Treasury substituted $15 stantial borrowings abroad by German cor­ million of marks for sterling in a sterlingporations. Under the circumstances, the spot Swiss franc swap with the BIS, and in July mark rose to parity late in the month and and August the System and Treasury each held there until mid-December, while marks substituted another $12.5 million equivalent for 3-month forward delivery moved to a dis­ of marks for sterling in outstanding sterling­ count. The customary large year-end repatri­ guilder swaps with that institution.’ The ation of funds did not occur, however, partly because the German Federal Bank had moved to ease bank liquidity, and thereby to 1 In the fall of 1964, both the System and Treasury needed guilders to absorb dollars from the Nether­ temper the inflow of funds for year-end pur­ lands Bank and consequently swapped some of their poses, by suspending for December the Au­ excess sterling balances for guilders with the BIS, gust 1964 increase of 10 per cent in commer­ purchasing the guilders spot and selling them forward against sterling. By substituting marks for sterling in cial bank reserve requirements, and partly these swaps, both the System and the Treasury were because of the inflow of short-term funds in in effect reconstituting their sterling balances while leaving unchanged their forward commitments to de­ earlier months. In fact, by the time the liver guilders and Swiss francs to the BIS. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

326 FEDERAL RESERVE BULLETIN • MARCH 1966 largest operation in marks, however, con­ September when it swapped temporarily sisted of repaying at maturity a total of $ 175 with the Bank of Canada Canadian dollars million of U.S. Treasury bonds denominated that it had drawn from the IMF for eventual in German marks. The Treasury had begun sale to countries repaying the Fund. More to issue such bonds to the German Federal balanced conditions prevailed in October, Bank in January 1963, and commitments and reserve increases that month reflected eventually reached a peak of $679 million essentially the progressive unwinding by the equivalent by 1964. Repayments were ini­ Treasury of its swap with the Bank of tiated on July 12 when a $25 million equiva­ Canada. lent bond matured. Subsequently, bonds of In the final 2 months of the year, the ex­ $50 million equivalent each were repaid on change market was less even, the spot rate October 1, 1965, and on February 1 and fluctuating rather widely in response to al­ March 1, 1966. The Federal Reserve and ternating pressures. The rate dipped when the Treasury meanwhile added $20 million the market learned of the U.S. Government’s and $14 million of marks, respectively, to request in late November that Canadian is­ their balances available for future opera­ sues scheduled for placement in the United tions. States prior to the year-end be deferred until early 1 966, and again in response to the De­ cember 6 U.S. measures raising domestic CANADIAN DOLLAR interest rates and curbing capital outflows. The Canadian dollar eased gradually below The rate recovered quickly, however, once parity by midsummer, with the spot rate de­ initial uncertainties disappeared, and the clining as low as $0.92/4 in early July. market readjusted to the generally tight This easing was partly seasonal but also re­ short-term money market conditions in Can­ flected a sharp rise in imports, in response ada and the year-end preparations for some to the continuing high level of Canadian eco­ $200 million of portfolio-capital inflows nomic activity, as well as the initial impact scheduled from the United States in January of the U.S. Voluntary Foreign Credit Re­ 1966. ’ straint Program. That program, while leav­ By early December, the Treasury had ing untouched essential long-term capital sold virtually all the $60 million equivalent flows to Canada, gave rise to large out­ of Canadian dollars drawn from the IMF flows of short-term U.S. funds, and Cana­ in September. In anticipation of a new U.S. dian banks drew heavily on resources avail­ drawing of Canadian dollars from the IMF, able in the Euro-dollar market. Beginning in the Treasury swapped with the Bank of late July, however, the spot Canadian dollar Canada $10 million of U.S. dollars for Ca­ began to firm as a bulge in Canadian bond nadian dollars. This swap was repaid from offerings in the United States together with the proceeds of a $100 million Canadian dollar drawing from the Fund on January substantial Russian purchases of Canadian 4, 1966. wheat and flour added to upward seasonal pressures. Heavy demand for Canadian dol­ lars in August and September resulted in ITALIAN LIRA substantial official reserve gains; these were During 1965, Italy’s balance of payments partially absorbed by the U.S. Treasury in surplus doubled to $1.6 billion as domestic Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 327 economic activity continued sluggish. The ian dollar gains were absorbed by the U.S. impact of this record surplus on interna­ authorities during January-August 1965 tional financial markets and reserves was (as detailed in September 1965 Bulletin, minimized, however, since U.S. and Italian page 1223): swap drawings by the Federal monetary authorities undertook a variety of Reserve on its expanded arrangement with measures to offset the inflow of dollars. In the Bank of Italy totaled $350 million ($250 this respect, a recent statement by Paolo million of which was repaid from the pro­ Baffi, General Manager of the Bank of Italy, ceeds of lira drawings on the IMF that the is of interest. Mr. Baffi noted that during Federal Reserve purchased from the U.S. the 1940’s and 1950’s Italy had achieved Treasury, the United Kingdom, and Cey­ an outstanding success first in stopping in­ lon); a Treasury lira-denominated bond of flation and then in achieving a high and $125 million equivalent was sold to the stable rate of growth. He went on to say: Bank of Italy; $17 million was purchased “Our distinction during the sixties has been with lire drawn from the IMF; and $80 so far of a more doubtful nature, since it million was absorbed by a Treasury sale of has been based mainly upon the extraordi­ gold,3 In February 1966 the Federal Reserve nary magnitude of our balance of payments was able to acquire sufficient lire to repay the swings. Now that we are in the upswing remaining $100 million equivalent swap and approaching a total gold and foreign ex­ drawing with the Bank of Italy. change reserve of $5 billion, we have not Although the Italian payments surplus re­ chosen to add to that distinction by making mained substantial, it diminished consider­ ourselves a nuisance. We have always been ably during the winter months, partly for ready to cooperate in all appropriate ways seasonal reasons. After August, reserve so that the present international monetary gains were largely limited to a temporary system would work while progress is being bulge over the year-end reflecting repatri­ made on the slow path of reform. Just to ated funds. In general, swaps between the give an instance, we have extensively used Italian authorities and the Italian commer­ the recent surplus in our balance of pay­ cial banks offset official dollar receipts, and ments to reduce drastically our borrowing no additional direct absorption of dollars in the Euro-dollar market. This reflow of from the Italian authorities was necessary. dollars from Italy to the Euro-dollar mar­ Such swaps had already reached substantial ket was partly due to market considerations, proportions as early as March 1965, and it but also was the result of the readiness on was agreed at that time that the U.S. Treas­ the part of the monetary authorities to pro­ ury would begin sharing with the Italian vide to our banks alternative facilities.” - authorities technical commitments for these A major portion of Italy’s potential re­ swap contracts with the Italian banks. The serve gain was reabsorbed directly by the Treasury had undertaken similar commit­ Italian commercial banks under swap ar­ ments, beginning in January 1962 and con­ rangements with the Italian authorities. In tinuing until the contracts between the Ital­ addition, some $572 million of official Ital- ian authorities and Italian banks were fully 2 Statement at the meeting of the National Indus­ 3 This purchase by Italy represented a partial re­ trial Conference Board in New York City on October constitution of the $200 million of gold sold to the 7, 1965. United States during 1964. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

328 FEDERAL RESERVE BULLETIN • MARCH 1966 liquidated as Italy’s balance of payments made during the period covered by this re­ swung into deficit in 1963.4 port—one for $60 million on September 28, Not only did these arrangements have 1965, and one for $100 million on January the effect of reducing Italy’s potential de­ 4, 1966. These operations brought to $760 mand for gold, but they helped materially million equivalent the total of U.S. technical to avoid a potentially disturbing squeeze for drawings under this program. In addition, dollars that might have arisen on the inter­ the United States in July 1965 had drawn national markets as a result of the U.S. $300 million equivalent in five European balance of payments program. As Italian currencies in a regular Fund drawing and banks received dollars from the Bank of used the currencies to repay short-term swap Italy under these swap arrangements, they commitments of the Federal Reserve and placed funds in the Euro-dollar market, to absorb dollars from several European thereby replacing funds being repatriated to central banks. As an offset, however, other the United States. Since the Federal Reserve countries have continued to draw dollars had an interest in assuring the maintenance from the Fund, thereby reducing the Fund’s of market balance and since the volume of holdings of dollars in excess of 75 per cent Italian swap contracts was still increasing of the U.S. quota and thus reducing this during the fall, it was agreed that the Sys­ country’s repayment obligation to the Fund. tem should join with the Treasury in the Consequently, at the end of February 1966 operation. Thus, in late November the Fed­ net U.S. indebtedness to the Fund was only eral Reserve Bank of New York was au­ $516 million. thorized to assume commitments for forward In 1964, a draft agreement was signed by sales of lire up to $500 million equivalent the governors of the Fund, providing for as a means of facilitating both the reten­ increases of 25 per cent or more in mem­ tion of dollar holdings by private foreign bers’ quotas. Such quota increases must be holders and the orderly flow of short-term paid to the Fund partly in a country’s own funds through international money markets. currency and partly in gold. In order to compensate the United States and the United OTHER CURRENCIES Kingdom—the two reserve currency coun­ There were no official U.S. transactions in tries—for gold losses incurred as a result of Austrian schillings, French francs, Japanese other members’ conversions of dollars and yen, or Swedish kronor during the period sterling into gold for payment of their gold under review. subscriptions, the agreement also provided that the IMF would deposit up to $350 mil­ INTERNATIONAL MONETARY FUND lion of gold with the Federal Reserve Bank of New York and the Bank of England. In­ As outlined in previous reports in this series, sofar as the United States is concerned, the United States began in 1964 to draw these compensating operations began last currencies from the IMF for sale to countries September and as of February 28 the Fed­ having repurchase obligations to the Fund. Two drawings of Canadian dollars were eral Reserve Bank of New York held for U.S. Treasury account $37 million of gold so deposited by the IMF. These deposits are ‘See September 1964 Federal Reserve Bulletin, p. reflected in the Federal Reserve’s statement 1233. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 329 of condition under “Other assets” and the fixing price rose as high as $35.17%, “Other deposits.” and the Gold Pool had to supplement mar­ ket supplies. During the spring the gold THE GOLD MARKET market was calmer but, as speculation against sterling revived in early summer and International political tensions and exchange as Communist Chinese buying reached its speculation resulted in very heavy private peak, the fixing price was allowed to rise demand for gold on the London market to $35.19%. Thereafter, the situation im­ through most of 1965. In addition, Com­ munist China bought a fairly sizable amount proved significantly, as the exchange mar­ of gold. Under these circumstances, prices kets quieted with the recovery of sterling and tended to rise somewhat above the levels of as the Soviet Union resumed large-scale gold the past 2 years. sales to finance purchases of wheat from the At the beginning of 1965 the private de­ West. Nevertheless, there were periodic mand for gold was stimulated by continu­ surges of demand as a result of the con­ ing apprehension regarding the future of tinued enlargement of the Vietnam war and sterling, widespread speculation on the con­ the emergence of new crises on the Indian sequences of the French decision to convert subcontinent and in Rhodesia. By the year­ a large amount of dollars into gold—as end, the volume of activity on the London well as French criticism of the gold exchange gold market had receded to more normal standard—and the worsening conflict in levels and the Gold Pool had registered a Vietnam. Thus, during the winter months, small surplus. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS The Bank Holding Company Act of 1956 for the Act to cover one-bank holding com­ has two chief objectives. The first is to pre­ panies if its only purpose were to prevent vent undue concentration of control over any holding company from acquiring too banks in the hands of any holding company, many banks, it seems just as clear that cov­ and the second is to prevent any holding erage of one-bank holding companies is company from controlling both banks and necessary to accomplish the Act’s second nonbanking businesses. The Act prohibits objective. In this connection, let me quote formation of a bank holding company with­ from this committee’s 1955 report on the out the approval of the Board of Governors Act: of the Federal Reserve System, and prohib­ its existing bank holding companies from * * * bank holding companies should confine their activities to the control and management of banks and acquiring more than 5 per cent of any activities closely related to banking. They should not bank’s voting shares without the Board’s combine management and control of banking activi­ ties with management and control of nonbanking approval. It also prohibits a bank holding activities. The divestment requirements in this bill are company from engaging in any business designed to remove the danger that a bank holding company might misuse or abuse the resources of a other than banking, or acquiring more than bank it controls in order to gain an advantage in the 5 per cent of the voting shares of any such operation of the nonbanking activities it controls. (S. Rept. No. 1095, 84th Cong., 1st sess., pp. 13-14) business, and requires the holding company to divest any such interests previously ac­ Abuses could come about “by requiring the quired. In addition, it prohibits any subsid­ bank’s customers to make use of such non­ iary bank from lending to or investing in banking enterprises as a condition of doing its parent holding company or any other business with the bank,” as the committee subsidiary. report pointed out (p. 5), or they could take The principal issue presented by the bills the form of denying credit to competitors of before you this morning relates to the cover­ the bank’s fellow subsidiaries. When a age of the Bank Holding Company Act. For builder seeks a construction loan from a every holding company now registered un­ bank, the loan should be made or denied der the Act, there are 10 or more that are without regard to whether the applicant will exempt, chiefly because the Act does not buy his lumber from a supplier that is cover “one-bank” holding companies. The owned by the same holding company that Board sees no basis in logic or equity for owns the bank. When an automobile dealer this exemption, and recommends its repeal. seeks to discount his customers’ paper at a While there would obviously be no need bank, the bank’s decision should not be complicated by questions of how it will af­ Note.—Statement of William McChesney Martin, fect the competitive position of another Jr., Chairman, Board of Governors of the Federal Reserve System, before the Subcommittee on Finan­ automobile dealership owned by the bank’s cial Institutions of the Senate Committee on Banking parent company. If a holding company is a and Currency, on S. 2353, S. 2418, and H.R. 7371, March 16, 1966. finance company, the bank’s decisions as to 330 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 331 whether it should make automobile loans over, about one-fourth of the one-bank hold­ directly should not be influenced by consid­ ing companies on the list are found in oneerations as to whether its activities would bank towns. In such situations, it is particu­ take business away from its parent finance larly desirable that the bank’s credit deci­ company. sions be based solely on creditworthiness. If you ask whether the Board can cite Let me turn now to questions of what specific examples of such abuses among the kinds of organizations should be included in hundreds of one-bank holding companies in the definition of “company.” At the outset, existence today, the answer is “No.” Pre­ it may be asked why the Act now covers sumably, the organizers of these companies only companies, and does not apply to con­ are neither more nor less scrupulous than trol exercised by an individual. It is, of their counterparts in other businesses. But course, possible for an individual to achieve for companies now registered under the Act, the sort of domination of a banking market no proof of actual abuses was required. The that the Act seeks to prevent a company Congress decided, and the Board agreed, from obtaining. The same conflicts of inter­ that even in the absence of such proof, the est could also arise where an individual potentiality for abuse in the relationships controls a bank and a nonbanking business. between holding company, bank subsidiary, But the need to regulate this kind of activity and nonbank subsidiary was sufficiently on the part of individuals is not as great as great to require divestment of nonbank busi­ it is for corporations, because individuals nesses. The Board believed then, and con­ generally are more limited than are corpo­ tinues to believe, that this is just as true for rations in their ability to attract capital for one-bank holding companies as for two- expansion, and because control by individ­ bank companies. We subscribe to another uals generally is diffused when they die. principle laid down in your committee’s The decision to cover corporations but report, that “in general all bank holding exempt individuals entails some difficulty in companies should be required to observe deciding whether to cover holdings by the same ground rules concerning forma­ groups of individuals associated together in tion and operation, insofar as Federal legis­ some form other than a corporation. The lation is concerned.” (id. at p. 14) Act now covers many such forms of associa­ While it may be argued that multibank tion by defining “company” to include (with holding companies should be treated dif­ certain exceptions) “any corporation, busi­ ferently from one-bank holding companies ness trust, association, or similar organiza­ because their operations have a greater im­ tion.” It excludes partnerships, however. pact on our economy, the facts are that a The Board is not aware of any need to dis­ finance company with assets of $3 billion turb this exclusion. Admittedly, there are now controls a single bank with deposits of exceptions to the broad generalizations that $0.75 billion; the total deposits of the banks corporations have longer lives, and obtain shown on the list of one-bank holding com­ capital more easily, than partnerships. But panies recently published by this committee the Board is inclined to believe that the is about $15 billion compared with about same reasons that support an exemption for $26 billion for the subsidiary banks of all individuals also support—though to a lesser registered bank holding companies. More­ degree—the exemption for partnerships. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

332 FEDERAL RESERVE BULLETIN • MARCH 1966 The next question arises when an individ­ come from that trust as long as she lived. Mrs. du Pont is 81 years old. Upon her death, all of the in­ ual extends his control over banks beyond come from the trust properties will be paid to the his death, as is commonly done through Nemours Foundation, which is the beneficiary of the testamentary trusts established for the bene­ trust. The Nemours Foundation is a tax-exempt, charitable foundation and provides care for crippled fit of a widow or children. The Board sees children, not incurables, and aged men and women. good reason to exempt the ordinary family * 41 * It is a trust in perpetuity, and it is a charitable trust. (Hearings on H.R. 7371, p. 44) trust, which may be regarded as only a tem­ According to Mr. Ball’s 1964 testimony be­ porary extension of the control originally exercised by the individual who established fore the same committee, the Nemours the trust. But when a will creates a trust Foundation is a corporation, created in that is perpetual, with trustees who are not 1937, which embarked upon its charitable only replaceable but are authorized and in­ function with $1 million paid over to it deed obliged to manage the trust’s affairs so from the du Pont Estate. “Mrs. du Pont has that it may grow and prosper, the Board made an irrevocable assignment of 12 per believes that the line between control by cent of her income from the estate to the individuals and control by corporations has Nemours Foundation,” Mr. Ball added. been crossed, and that such a trust should “Last year (1963) this amounted to be subject to the Act just as a corporation $1,007,026.71. Upon her death, the addi­ should. Again, it is not easy to draw a line tional 88 per cent, which last year amounted between trusts that should be exempt and to $7,384,862.57, will go to the founda­ those that should be covered. We believe tion.” (Hearings on H.R. 10668 and H.R. after further study that the provision we 10872, p. 227) originally suggested, which is now incorpo­ The testimony further indicates that when rated in S. 2353, would probably cover the Bank Holding Company Act was en­ some family trusts that should be exempt, acted, the estate controlled 24 banks and 5 such as a trust for the benefit of surviving nonbanking enterprises, doing business in children who might not be “named” in the real estate, insurance, safe deposit box ren­ trust instrument. We now suggest, therefore, tals, small resort operation, and the manu­ that the bill be amended to exclude from facture of paper and pulp products. One of coverage trusts that must terminate within the five nonbanking corporations, the St. 21 years after the death of individual bene­ Joe Paper Company, owned 100 per cent ficiaries living when the trusts become effec­ of the stock of six other companies—includ­ tive. ing a railroad, a telephone and telegraph By far the largest trust that would be company, and a warehousing company— covered by the bills before you is that estab­ and 50 per cent of the stock of a corpora­ lished in 1936 under the will of Alfred I. tion that manufactured cardboard contain­ du Pont. In testimony before the House ers. It also owned 52 per cent of the de­ Banking and Currency Committee last year, faulted bonds of the Florida East Coast Edward Ball, co-trustee of the du Pont Railway Co., in receivership at the time. Estate, described the effect of Mr. du Pont’s The railroad emerged from receivership in will as follows: 1961, under the control of the estate. The In that will, after making some preliminary be­ banks in the Florida National group con­ quests, he established a testamentary trust, appointed trolled by the estate expanded from 24 in trustees, and made his wife the beneficiary of the in­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 333 1956 to 31 last year; the number has now The third principal change in coverage dropped to 30. These banks are listed on recommended by the Board is to delete the page 7 of the committee print of February present exemption for registered investment 1966, listing the organizations covered by companies and their affiliates. This exemp­ S. 2353. ” tion is now enjoyed exclusively by the Fi­ A handful of other trusts are included in nancial General Corporation, a company the published list. They include some em­ that is not, itself, registered under the In­ ployee-benefit trusts, which presumably are vestment Company Act of 1940, but is affil­ perpetual, and a few perpetual charitable iated with Equity Corporation, a registered trusts. We know very little about these company. The Board does not agree with trusts, and it is possible that some of them the contention that because companies reg­ should not be on the list. In the survey we istered under the 1940 Act are supervised conducted at your chairman’s request, on by the Securities and Exchange Commission which this list is based, many other banks there is no need for regulation under the reported that 25 per cent or more of their Bank Holding Company Act. The SEC has voting shares were held by trustees, but it no authority to prevent an affiliate of a reg­ is impractical to investigate each of these istered investment company from expand­ instances to determine whether the trust ing its control over banks or combining would be covered under the proposed banks with nonbanking businesses. SEC amendment. supervision of such affiliates is for an en­ One of the bills before you, S. 2418, tirely different purpose, and is limited to provides that where two trusts have a com­ dealings between the affiliate and the regis­ mon beneficiary or trustee they shall be tered investment company. presumed to control each other unless the Financial General now owns one sub­ Board determines that the presumption sidiary, Empire Shares Corporation, which should not apply. While this provision seems is a registered bank holding company own­ unnecessarily broad, the Board recognizes ing three banks in New York. In addition, that coverage of trusts poses special prob­ Financial General owns 18 other subsidiary lems in connection with the divestiture re­ corporations, each of which owns 1 bank; quirements of section 4 of the Act, and that 2 of these banks are in the District of Co­ some provision may be needed to prevent a lumbia, 1 in Georgia, 4 in Maryland, 1 in token divestment to a newly created trust Tennessee, and 10 in Virginia. Nonbanking controlled by the same trustees. We recom­ interests of Financial General include firms mend that you consider amending section 4 engaged in life insurance, fire and casualty by adding a provision to the effect that insurance, industrial and manufacturing ac­ divestment to any trust having one or more tivities, lease financing, and mortgage bank­ trustees in common with the divesting trust ing. shall not be considered as an effective Financial General is exempt from the divestment. Bank Holding Company Act because of a If the committee agrees that long-term provision in section 2(a) excluding from the trusts should be covered, conforming definition of “bank holding company” any amendments will be required, as indicated company “which is registered under the In­ in the appendix to my statement. vestment Company Act of 1940, and was so Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

334 FEDERAL RESERVE BULLETIN • MARCH 1966 registered prior to May 15, 1955 (or which taken advantage of this exemption, it is is affiliated with any such company in such available for use by others. Any company manner as to constitute an affiliated com­ wishing to take advantage of this loophole pany within the meaning of such Act), un­ may do so by acquiring 5 per cent of the less such company (or such affiliated com­ stock of any of the roughly 300 investment pany), as the case may be, directly owns 25 companies that were registered before May per centum or more of the voting shares of 15, 1955. The Board believes that this pos­ each of two or more banks.” Under the sibility for escaping regulation under the Investment Company Act two companies Act should be eliminated by repeal of the are “affiliated with” each other if either exemption. owns as much as 5 per cent of the other’s The Board also believes that nonprofit stock. Financial General is “affiliated with” corporations engaged in charitable, educa­ Equity Corporation, because the latter owns tional, or religious activities should not be approximately 15 per cent of Financial permitted to acquire banks free of regula­ General’s stock. Neither Equity nor Finan­ tion, or to combine banking and nonbank­ cial General “directly” owns 25 per cent of ing businesses. We see no reason to assume the stock of any bank, because in each case that organizations of this kind are immune, the bank stock is held by a separate holding because of their nature, from the potentiali­ company that is a subsidiary of Financial ties for trouble that exist in the case of General. ordinary business corporations. The Board This exemption has enabled Financial accordingly recommends repeal of the ex­ General not only to continue to operate emption for charitable, educational, and re­ banks and nonbank businesses, but also to ligious organizations now included in sec­ expand its banking interests considerably tion 2(b)(2) of the Act. since enactment of the Bank Holding Com­ The original Bank Holding Company Act pany Act. The company’s latest annual re­ included tax provisions designed to make port observed that it “is now the largest sure that those who are forced to dispose interstate banking group in the East, and of property because of the divestment re­ sixth largest banking group in the United quirements of the Act will not suffer un­ States.” Of the 21 banks under its control, favorable tax consequences. The Board be­ 15 have been acquired since enactment. lieves that this same principle should apply This expansion took place in several differ­ to divestitures required as a result of the ent States, despite the fact that Financial amendments now under consideration. General’s principal place of business is in In addition to a broadening of the Act the District of Columbia. For companies to cover holding companies that are now covered by the Act, acquisitions of a bank exempted, the Board recommends changes outside the holding company’s home State with respect to dealings between subsidiary are prohibited unless the acquisition is “spe­ banks and their parent holding companies cifically authorized by the statute laws of or fellow subsidiaries. Section 6 of the Act the State in which such bank is located, by prohibits any “upstream” or “cross-stream” language to that effect and not merely by loans or investments by a subsidiary bank— implication.” “upstream” meaning from the bank to the Although only one company has thus far holding company, and “cross-stream” mean- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 335 ing from the bank to another subsidiary an exemption for agricultural companies (which must, under the Act, be another that is probably meaningless now although bank or closely-related business). it was designed in 1956 to cover a special The Board believes that this prohibition case, and would repeal two other special is too rigid, in that it prevents some port­ exemptions from the requirement that bank folio adjustments between subsidiary banks holding companies must divest their inter­ that are legitimate and economically bene­ ests in nonbanking businesses. One of these ficial. We recognize the need for limits on exempts certain labor, agricultural, and hor­ upstream and cross-stream credit, and be­ ticultural organizations from the divestment lieve that this can be accomplished readily requirement. The other allows a bank that by applying section 23A of the Federal Re­ is also a holding company to keep nonbank serve Act. Section 23A prohibits any bank stock it owned before the Act was enacted. that is a member of the Federal Reserve In sum, the Board recommends, and the System from extending credit (through House of Representatives has approved, ex­ loans or investments) totaling more than tending coverage under the Act in seven 10 per cent of its capital and surplus to any respects. Three of these changes are incor­ one affiliate, or more than 20 per cent for porated in S. 2418. The different effects of all affiliates. We recommend that this limita­ the three bills as to coverage are shown on tion be applied to all insured banks page 2 of the committee print published by (whether or not they are members of the your committee in November of 1965. Federal Reserve System) and that the defi­ In addition, S. 2353 would, as I have nition of “affiliate” be broadened to cover explained, substitute limitations on “up­ bank holding companies and their subsid­ stream” and “cross-stream” credit for the iaries. prohibitions now contained in section 6 of These are the principal changes involved the Act. S. 2353 also includes a number of in the bills before you. All three bills would other amendments that are largely technical. cover long-term trusts and repeal the exemp­ These are explained in the memorandum tion for registered investment companies that accompanied my letter to your chair­ and their affiliates. In addition, all three man submitting the legislation; this memo­ bills would repeal the exemption for non­ randum is reproduced in the November profit charitable, religious, or educational 1965 committee print. Rather than taking organizations. S. 2353, introduced by your your time now to go through the technicali­ chairman at the Board’s request, and H.R. ties of these changes, perhaps I can best 7371, which passed the House of Repre­ assist you by responding to questions you sentatives last September, would also repeal may have regarding the three bills. (For appendix see following page.) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

336 FEDERAL RESERVE BULLETIN • MARCH 1966 APPENDIX: TECHNICAL AMENDMENTS TO S. 2353 On page 5, strike line 24, and on page 6, broaden the definition of “company” to in­ strike lines 1 through 4, inclusive, and insert clude long-term trusts. The technical amend­ in lieu thereof the following: ments above are conforming amendments, to make sure that the exemptions now con­ (b) The second sentence of subsection (a) of sec­ tion 3 of the Bank Holding Company Act of 1956 tained in section 3(a) and section 4(c) of (12 U.S.C. 1842(a)) is amended by striking the the 1956 Act for shares held by a bank in words “for the benefit of the shareholders of such bank” at the end of clause (i) and inserting in lieu a fiduciary capacity will not be construed thereof the words “under a trust that constitutes a to exempt any long-term trust where the company as defined in section 2(b)”. trustee is a bank. These exemptions are On page 7, strike lines 20 through 23, needed to permit banks to continue to hold inclusive, and insert in lieu thereof the fol­ shares of stock in banks and other compa­ lowing: nies in the course of their trust business, “(4) shares held or acquired by a bank in good but they should be limited to short-term faith in a fiduciary capacity, except where such shares are held under a trust that constitutes a company as trusts, such as those established by will to defined in section 2(b);” take care of the spouse and children of the Explanation: Section 2 of S. 2353 would testator. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations, new regulations, and similar material Bank Merger Act Amendment of 1966 that it must act immediately in order to prevent the probable failure of one of the banks involved, be By Act of Congress, approved February 21, published— 1966 (Public Law 89-356), the Bank Merger Act “(A) prior to the granting of approval of such transaction, of 1960 was amended to provide a single set of “(B) in a form approved by the responsible standards, applicable to both the Federal bank agency, supervisory agencies and the courts for approving “(C) at appropriate intervals during a period at least as long as the period allowed for fur­ and determining the legality of bank mergers, in nishing reports under paragraph (4) of this sub­ order to eliminate the necessity for dissolution of section, and merged banks. The Act reads as follows: “(D) in a newspaper of general circulation in the community or communities where the main offices of the banks involved are located, AN ACT or, if there is no such newspaper in any such To establish a procedure for the review of proposed community, then in the newspaper of general bank mergers so as to eliminate the necessity for circulation published nearest thereto the dissolution of merged banks, and for other pur­ “(4) In the interests of uniform standards, before poses. acting on any application for approval of a merger transaction, the responsible agency, unless it finds Be it enacted by the Senate and House of Repre­ that it must act immediately in order to prevent the sentatives of the United States of America in Congress probable failure of one of the banks involved, shall assembled, That (a) section 18(c) of the Federal request reports on the competitive factors involved Deposit Insurance Act (12 U.S.C. 1828(c)) is from the Attorney General and the other two bank­ amended to read: ing agencies referred to in this subsection. The reports “(c)(1) Except with the prior written approval of shall be furnished within thirty calendar days of the the responsible agency, which shall in every case date on which they are requested, or within ten calen­ referred to in this paragraph be the Corporation, no dar days of such date if the requesting agency advises insured bank shall— the Attorney General and the other two banking “(A) merge or consolidate with any nonin­ agencies that an emergency exists requiring expedi­ sured bank or institution; tious action. “(B) assume liability to pay any deposits made “(5) The responsible agency shall not approve— in, or similar liabilities of, any noninsured bank “(A) any proposed merger transaction which or institution; would result in a monopoly, or which would be “(C) transfer assets to any noninsured bank in furtherance of any combination or conspiracy or institution in consideration of the assumption to monopolize or to attempt to monopolize the of liabilities for any portion of the deposits made business of banking in any part of the United in such insured bank. States, or “(2) No insured bank shall merge or consolidate “(B) any other proposed merger transaction with any other insured bank, or, either directly or in­ whose effect in any section of the country may directly, acquire the assets of, or assume liability to be substantially to lessen competition, or to tend pay any deposits made in, any other insured bank ex­ to create a monopoly, or which in any other cept with the prior written approval of the responsible manner would be in restraint of trade, unless it agency, which shall be— finds that the anticompetitive effects of the pro­ “(A) the Comptroller of the Currency if the posed transaction are clearly outweighed in the acquiring, assuming, or resulting bank is to be public interest by the probable effect of the a national bank or a District bank; transaction in meeting the convenience and needs “(B) the Board of Governors of the Federal of the community to be served. Reserve System if the acquiring, assuming, or In every case, the responsible agency shall take into resulting bank is to be a State member bank (ex­ consideration the financial and managerial resources cept a District bank): and future prospects of the existing and proposed in­ “(C) the Corporation if the acquiring, assum­ stitutions, and the convenience and needs of the com­ ing, or resulting bank is to be a nonmember in­ munity to be served. sured bank (except a District bank). “(6) The responsible agency shall immediately “(3) Notice of any proposed transaction for which notify the Attorney General of any approval by it approval is required under paragraph (1) or (2) (re­ pursuant to this subsection of a proposed merger ferred to hereafter in this subsection as a ‘merger transaction. If the agency has found that it must act transaction’) shall, unless the responsible agency finds immediately to prevent the probable failure of one of 337 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

338 FEDERAL RESERVE BULLETIN • MARCH 1966 the banks involved and reports on the competitive fac­ (b) Section 18 of such Act is further amended by tors have been dispensed with, the transaction may be adding at the end thereof the following new subsec­ consummated immediately upon approval by the tion: agency. If the agency has advised the Attorney Gen­ “(i)(l) No insured State nonmember bank (except eral and the other two banking agencies of the exist­ a District bank) shall, without the prior consent of the ence of an emergency requiring expeditious action and Corporation, reduce the amount or retire any part of has requested reports on the competitive factors within its common or preferred capital stock, or retire any ten days, the transaction may not be consummated part of its capital notes or debentures. before the fifth calendar day after the date of approval “(2) No insured bank shall convert into an insured by the agency. In all other cases, the transaction may State bank if its capital stock or its surplus will be less not be consummated before the thirtieth calendar day than the capital stock or surplus, respectively, of the after the date of approval by the agency. converting bank at the time of the shareholder’s meet­ “(7)(A) Any action brought under the antitrust ing approving such conversion, without the prior writ­ laws arising out of a merger transaction shall be com­ ten consent of— menced prior to the earliest time under paragraph “(A) the Comptroller of the Currency if the (6) at which a merger transaction approved under resulting bank is to be a District bank; paragraph (5) might be consummated. The com­ “(B) the Board of Governors of the Federal mencement of such an action shall stay the effective­ Reserve System if the resulting bank is to be a ness of the agency’s approval unless the court shall State member bank (except a District bank); otherwise specifically order. In any such action, the “(C) the Corporation if the resulting bank is court shall review de novo the issues presented. to be a State nonmember insured bank (except “(B) In any judicial proceeding attacking a merger a District bank). transaction approved under paragraph (5) on the “(3) Without the prior written consent of the Cor­ ground that the merger transaction alone and of itself poration, no insured bank shall convert into a non­ constituted a violation of any antitrust laws other insured bank or institution. than section 2 of the Act of July 2, 1890 (section 2 “(4) In granting or withholding consent under this of the Sherman Antitrust Act, 15 U.S.C. 2), the subsection, the responsible agency shall consider— standards applied by the court shall be identical with “(A) the financial history and condition of the those that the banking agencies are directed to apply bank, under paragraph (5). “(B) the adequacy of its capital structure, “(C) Upon the consummation of a merger transac­ “(C) its future earnings prospects, tion in compliance with this subsection and after the “(D) the general character of its management, termination of any antitrust litigation commenced “(E) the convenience and needs of the com­ within the period prescribed in this paragraph, or munity to be served, and upon the termination of such period if no such litiga­ “(F) whether or not its corporate powers are tion is commenced therein, the transaction may not consistent with the purposes of this Act.” thereafter be attacked in any judicial proceeding on the ground that it alone and of itself constituted a Sec. 2 (a) Any merger, consolidation, acquisition of assets, or assumption of liabilities involving an violation of any antitrust laws other than section 2 insured bank which was consummated prior to June of the Act of July 2, 1890 (section 2 of the Sherman 17, 1963, the bank resulting from which has not been Antitrust Act, 15 U.S.C. 2), but nothing in this sub­ dissolved or divided and has not effected a sale or dis­ section shall exempt any bank resulting from a mer­ tribution of assets and has not taken any other similar ger transaction from complying with the antitrust action pursuant to a final judgment under the anti­ laws after the consummation of such transaction. trust laws prior to the enactment of this Act, shall be “(D) In any action brought under the antitrust laws conclusively presumed to have not been in violation arising out of a merger transaction approved by a of any antitrust laws other than section 2 of the Act Federal supervisory agency pursuant to this subsection, of July 2, 1890 (section 2 of the Sherman Antitrust such agency, and any State banking supervisory agency Act, 15 U.S.C. 2). having jurisdiction within the State involved, may appear as a party of its own motion and as of right, (b) No merger, consolidation, acquisition of assets, and be represented by its counsel. or assumption of liabilities involving an insured bank “(8) For the purposes of this subsection, the term which was consummated after June 16, 1963, and prior to the date of enactment of this Act and as to ‘antitrust laws’ means the Act of July 2, 1890 (the which no litigation was initiated by the Attorney Sherman Antitrust Act, 15 U.S.C. 1-7), the Act of General prior to the date of enactment of this Act October 15, 1914 (the Clayton Act, 15 U.S.C. 12-27), and any other Acts in pari materia. may be attacked after such date in any judicial pro­ ceeding on the ground that it alone and of itself con­ “(9) Each of the responsible agencies shall include stituted a violation of any antitrust laws other than in its annual report to the Congress a description of section 2 of the Act of July 2, 1890 (section 2 of the each merger transaction approved by it during the Sherman Antitrust Act, 15 U.S.C. 2). period covered by the report, along with the follow­ ing information: (c) Any court having pending before it on or after “(A) the name and total resources of each the date of enactment of this Act any litigation in­ bank involved; itiated under the antitrust laws by the Attorney Gen­ “(B) whether a report was submitted by the eral after June 16, 1963, with respect to the merger, Attorney General under paragraph (4), and, if consolidation, acquisition of assets, or assumption of so, a summary by the Attorney General of the liabilities of an insured bank consummated after June substance of such report; and 16, 1963, shall apply the substantive rule of law set “(C) a statement by the responsible agency forth in section 18(c)(5) of the Federal Deposit In­ of the basis for its approval.” surance Act, as amended by this Act. 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LAW DEPARTMENT 339 (d) For the purposes of this section, the term approving an application also includes, as a condi­ “antitrust laws” means the Act of July 2, 1890 (the tion of approval, a requirement that the transac­ Sherman Antitrust Act, 15 U.S.C. 1-7), the Act of October 15, 1914 (the Clayton Act, 15 U.S.C. 12-27), tion approved shall be consummated within three and any other Acts in pari materia. months and, in the case of acquisition by a hold­ Sec. 3. Any application for approval of a merger ing company of stock of a newly organized bank, transaction (as the term “merger transaction” is used in section 18(c) of the Federal Deposit Insurance a requirement that such bank shall be opened for Act) which was made before the date of enactment of business within six months. this Act, but was withdrawn or abandoned as a result of any objections made or any suit brought by the At­ Investments in Edge Act Corporations torney General, may be reinstituted and shall be acted upon in accordance with the provisions of this Act by Banking Subsidiaries of without prejudice by such withdrawal, abandonment, Bank Holding Companies objections, or judicial proceedings. Approved February 21, 1966. The Board of Governors has been asked whether section 6(a)(1) of the Bank Holding Com­ Delay in Consummation of Approved pany Act of 1956 (12 U.S.C. 1845) makes it un­ Bank Mergers lawful for a banking subsidiary of a bank holding company to invest in all of the stock of an Edge The Board of Governors has adopted an amend­ Act corporation organized pursuant to section ment to section 2(f) of its Rules of Procedure— 25(a) of the Federal Reserve Act (12 U.S.C. 611­ Bank Holding Company and Merger Applications 631). —to conform the provisions concerning the delay Section 6(a)(1) of the Bank Holding Company in consummation of approved merger applications Act provides that it shall be unlawful for a bank­ to the provisions of the new bank merger legisla­ ing subsidiary of a bank holding company tion. The provisions of this section concerning delay in consummation of approved bank holding “to invest any of its funds in the capital stock, bonds, debentures, or other obligations of a bank holding company applications remain unchanged. The company of which it is a subsidiary, or of any other amendment is as follows: subsidiary of such bank holding company”. While the Board has previously taken the posi­ Amendment to tion that a banking subsidiary of a bank holding company may not own 25 per cent or more of the RULES OF PROCEDURE stock of an Edge Act corporation, upon further (12 CFR, Part 262) examination of the matter it is the Board’s view that section 6(a)(1) of the Bank Holding Com­ Effective March 2, 1966, §262.2(f) (5) is pany Act was not intended to reach an investment amended to read as follows: of this kind. (5)(i) Each Order of the Board approving a Literally, an Edge Act corporation the stock of holding company application includes, as a con­ which is wholly owned by a banking subsidiary of dition of such approval, a requirement that the a bank holding company would constitute a sub­ transaction approved shall not be consummated sidiary of the holding company and section 6(a) within seven calendar days following the date of (1) of the Bank Holding Company Act, read such Order, except in emergency or other situa­ strictly, would prohibit the banking subsidiary tions as to which the Board determines that such from investing in stock of the Edge Act corpora­ a requirement would not be in the public interest, tion. However, in the absence of specific language (ii) Each Order of the Board approving a merger indicating such an intent, the Board believes that application includes, pursuant to the Act approved section 6(a)(1) of that Act should not be con­ February 21, 1966 (12 U.S.C. 1828(c) (1) (6), a strued as impliedly repealing the authority of a requirement that the transaction approved shall national bank to invest in all of the stock of an not be consummated before the thirtieth calendar Edge Act corporation pursuant to express pro­ day following the date of such Order, except as visions of section 25(a) of the Federal Reserve the Board may otherwise determine pursuant to Act. emergency situations as to which the Act permits Accordingly, section 6(a)(1) of the Bank consummation at earlier dates, (iii) Each Order Holding Company Act does not prohibit banking Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

340 FEDERAL RESERVE BULLETIN ♦ MARCH 1966 subsidiaries of a bank holding company from ernment agency is an obligation fully binding on investing in all of the stock of an Edge Act cor­ the United States despite the absence of language poration. in the statute expressly pledging the faith or credit of the Government to the redemption of the guar­ Eligibility of Small Business Administration Notes anty (42 Op. A.G. No. 1 of April 14, 1961). for Purchase and as Security for Advances by On the basis of this opinion and the authorities Federal Reserve Banks cited therein, the Board has concluded that notes The Board of Governors has been asked whether of the kind here involved covered by a 100 per notes fully guaranteed as to principal and interest cent SBA guaranty are fully guaranteed by the by the Small Business Administration (“SBA”) United States as to principal and interest within under its small business investment company pro­ the meaning of section 14(b) of the Federal Re­ gram are eligible for purchase by Federal Reserve serve Act. Any such guaranteed notes are, there­ Banks under section 14(b) of the Federal Reserve fore, eligible for purchase and as security for ad­ Act (12 U.S.C. 355), and as security for advances vances by Federal Reserve Banks. to member banks under the eighth paragraph of The notes herein involved are to be distin­ section 13 of that Act (12 U.S.C. 347). guished from notes guaranteed by SBA under sec­ It is understood that the loans in question are tion 7(a) of the Small Business Act (15 U.S.C. made to small business investment companies 636). Those notes are guaranteed by SBA only up (“SBICs”) pursuant to authority of section to a maximum of 90 per cent of the balance due 303(b) of the Small Business Investment Act of and, therefore, are not “fully guaranteed” by the 1958 (15 U.S.C. 683(b)). The stated purpose of United States. the SBIC program is to provide equity capital and Order Under Section 3 of long-term funds, through the medium of SBICs, to Bank Holding Company Act small business concerns for the financing of their operations and for their growth, expansion, and The following Order and Statement was issued modernization. in connection with action by the Board of Gover­ It is further understood that the loans to SBICs nors on an application by a bank holding com­ are made under one of two lending programs pany for approval of the acquisition of voting instituted by the SBA. Under the first program shares of a bank: SBA sells with recourse to private financial institu­ tions loans originally made by SBA to SBICs. VIRGINIA COMMONWEALTH Under the second program SBA guarantees loans CORPORATION, RICHMOND, VIRGINIA made in the first instance by private financial institutions to SBICs. In the matter of the application of Virginia The eighth paragraph of section 13 provides in Commonwealth Corporation, Richmond, Virginia, part that any Reserve Bank “. . . may make ad­ for approval of the acquisition of voting shares of vances for periods not exceeding ninety days to its The Bank of Central Virginia, Lynchburg, Vir­ member banks on their promissory notes secured ginia. by such notes, drafts, bills of exchange, or bankers’ Order Approving Application acceptances as are eligible ... for purchase by Under Bank Holding Company Act Federal Reserve Banks under the provisions of this Act.” Under section 14(b) of the Act, Reserve There has come before the Board of Gover­ Banks may purchase, subject to limitations not nors, pursuant to section 3(a)(2) of the Bank here relevant, “any bonds, notes, or other obliga­ Holding Company Act of 1956 (12 U.S.C. 1842 tions . . . which are fully guaranteed by the United (a)(2)) and section 222.4(a)(2) of Federal Re­ States as to principal and interest.” serve Regulation Y (12 CFR 222.4(a)(2), an Although the Small Business Investment Act application by Virginia Commonwealth Corpora­ does not expressly pledge the “faith” or “credit” tion, Richmond, Virginia, a registered bank hold­ of the United States to the redemption of the SBA ing company, for the Board’s prior approval of guaranteed notes, the Attorney General of the the acquisition of more than 80 per cent of the United States has stated that a guaranty by a Gov­ voting shares of The Bank of Central Virginia, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 341 Lynchburg, Virginia, to be converted from State of the Commonwealth of Virginia of receipt of Industrial Loan Corporation, Lynchburg, Vir­ the application and requested his views and ginia. recommendation thereon. The Commissioner As required by section 3(b) of the Act, notice recommended approval of the application. of receipt of the application was given to, and Statutory factors. Section 3(c) of the Act re­ views and recommendation requested of, the Com­ quires the Board to take into consideration the missioner of Banking of the Commonwealth of following five factors: (1) the financial history Virginia. The Commissioner recommended ap­ and condition of the holding company and the proval of the application. banks concerned; (2) their prospects; (3) the Notice of receipt of the application was pub­ character of their management; (4) the conveni­ lished in the Federal Register on November 10, ence, needs, and welfare of the communities and 1965 (30 Federal Register 14179), providing an the area concerned; and (5) whether or not the opportunity for interested persons to submit com­ effect of the proposed acquisition would be to ex­ ments and views with respect to the proposed ac­ pand the size or extent of the bank holding com­ quisition. The time for filing such comments and pany system involved beyond limits consistent views has expired, and all those received have with adequate and sound banking, the public in­ been considered by the Board. terest, and the preservation of competition in the It is hereby ordered, for the reasons set forth field of banking. in the Board’s Statement of this date, that said ap­ Financial history and condition, prospects, and plication be and hereby is approved, provided that management of Applicant and Bank. Applicant, the acquisition so approved shall not be consum­ organized as a holding company in December mated (a) within seven calendar days after the 1962, has a relatively brief but sound financial date of this Order or (b) later than three months history, and its present condition is considered after said date. generally satisfactory. Similarly, Applicant’s pros­ pects are considered satisfactory. Its management, Dated at Washington, D. C., this 4th day of composed of experienced and qualified bankers March, 1966. and businessmen, is considered to be well qualified By order of the Board of Governors. and sound. Bank, located in Lynchburg, Virginia, was or­ Voting for this action: Chairman Martin, and Gov­ ganized in 1942 as an industrial loan company. ernors Robertson, Shepardson, Mitchell, Daane, and Maisel. Absent and not voting: Governor Balderston. Its activities have been confined to the acceptance of interest-bearing deposits—evidenced by certifi­ (Signed) Merritt Sherman, cates of investment—and the granting of con­ Secretary. sumer loans. In the period from year-end 1955 to [seal] year-end 1964, Bank’s growth has been steady but relatively slow. Its deposits totaled $919,000 at Statement June 30, 1965,1 representing a growth of but Virginia Commonwealth Corporation, Rich­ slightly in excess of $650,000 from year-end 1955. mond, Virginia (“Applicant”), a registered bank On the basis of data reflecting certain aspects of holding company, has applied to the Board of Bank’s operations, Bank’s financial history and Governors, pursuant to section 3(a)(2) of the present condition are considered to be somewhat Bank Holding Company Act of 1956 (“the Act”), less than satisfactory, due principally to the for permission to acquire 80 per cent or more of limited scope of Bank’s service rendition and the the voting shares of The Bank of Central Virginia, generally high risk nature of its loan activities. Lynchburg, Virginia (“Bank”), which, prior to the Bank’s prospects, assuming its continued operation proposed acquisition of stock, is to be converted as an industrial loan company, appear to be limited from State Industrial Loan Corporation, Lynch­ by the fact that it does not possess the service burg, Virginia. potential of a full-service bank and is, thus, not Views and recommendation of supervisory authority. As required by section 3(b) of the Act, 1 Unless otherwise indicated, all banking data noted the Board notified the Commissioner of Banking are as of this date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

342 FEDERAL RESERVE BULLETIN • MARCH 1966 able to meet effectively the competition offered by of Lynchburg and a small portion of Amherst full-service commercial banks operating in the County, which adjoins Lynchburg on the north. same area. Inasmuch as Applicant states that Bank Applicant estimates the present population of its will not be converted to a commercial bank if this primary service area to be about 72,000. Lynch­ application is denied, Bank’s prospects as a com­ burg, with a population estimated at nearly 60,000, mercial bank subsidiary of Applicant appear sub­ and its environs are predominantly industrial in stantially more promising than would otherwise character. Plants in this area employ about 23,000 be the case. workers in the manufacture of a variety of com­ With respect to the management of Bank, its mercial products. Lynchburg is also a marketing chief executive officer is 75 years of age and is center for retail and wholesale trade, particularly looking to be relieved of his executive responsi­ for the agricultural commodities coming from bilities. Bank has no experienced, second-level three adjoining counties. There are significant in­ management personnel capable of taking the place dications that the Lynchburg area, and the larger of or relieving Bank’s executive officer. This man­ central Virginia region, will experience continued agement situation has impelled Applicant, in an­ population and economic growth. Applicant states ticipation of the proposed acquisition of Bank, to its intention, through acquisition and operation of place an officer from one of its affiliated banks in Bank, to share in and contribute to this growth. Bank. This officer has been designated Bank’s Applicant has enumerated several services, not chief executive officer, pending Board action on now provided by bank, that would be offered by this application. Applicant has made known its Bank under Applicant’s control. In view of the intention to return this officer to Applicant’s bank present limited scope and nature of Bank’s opera­ should this application be denied. Should Appli­ tion, its operation as a commercial bank subsidiary cant’s proposal be consummated, Applicant in­ of Applicant, offering an additional alternative tends to further strengthen Bank’s management source of full-banking service, would, as a matter with additional management personnel from its of greater convenience, benefit the businesses and present subsidiary banks. Applicant has added to residents within Bank’s service area. The record Bank’s board of directors one of its experienced in this case gives no indication that any major officers, who is intended to give general policy banking need is going unserved within Bank’s supervision to Bank. primary service area. Nor, despite the probable It is the Board’s judgment that the approaching continued economic development and population retirement of Bank’s principal executive officer, growth in the Lynchburg area, is it likely that the lack of experienced second-line management such future needs as may arise will not be satis­ in Bank, and the unlikelihood that Bank could fied, inasmuch as there are six banking offices lo­ attract experienced, career-minded management cated within three blocks of Bank’s site and an talent if it were to continue as an industrial loan additional 13 banking offices situated within six organization, are factors that indicate less promis­ miles of that site. However, in view of the Board’s ing prospects for Bank. On the other hand, these finding that the communities and area concerned prospects would, in the Board’s judgment, be con­ will be better and more conveniently served by siderably improved under Applicant’s proposal. Bank’s operation as a subsidiary of Applicant than Bank, as a subsidiary of Applicant, would appear would be the case if it were to continue under its assured of experienced present management and present form of organization and operation, the a source for capable successor management. This likelihood of such benefit lends some slight weight assurance constitutes a consideration weighing toward approval of the application. toward approval of the application. Effect of proposed acquisition on adequate and Convenience, needs, and welfare of the com­ sound banking, the public interest, and banking munities and area concerned. Bank’s primary ser­ competition. At June 30, 1965, Applicant con­ vice area 2 comprises a major portion of the City trolled six banks, operating 44 banking offices with total deposits of $267 million. Board approval has been given pursuant to the Act for Applicant’s 2 The area from which Applicant estimates 86 per acquisition of two additional banks that, com­ cent of Bank’s deposits of individuals, partnerships, and corporations originate. bined, have six offices and total deposits of $11 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 343 million. Neither of the two acquisitions approved to 61 miles from Lynchburg, and several offices has been consummated. Assuming consummation of non-affiliated banks separate Applicant’s bank­ of those acquisitions and that of Bank, Applicant’s ing offices and Bank. system would be comprised of nine banks, holding In addition to Bank, there are three banks in deposits of $278 million. the relevant primary service area operating a total Applicant’s acquisition of Bank would mark of 19 banking offices, five of which are branches Applicant’s initial entry into the Lynchburg area. of First and Merchants National Bank, Richmond, One other bank holding company system, United the State’s largest bank. At June 30, 1964, the Virginia Bancshares, operates therein. Its sub­ most recent date for which branch deposit data sidiary, First National Trust and Savings Bank of are available, the three banks’ Lynchburg offices had deposits ranging from approximately $30 Lynchburg, with total deposits of $44 million, million to $45 million as compared to Bank’s operates five offices, all in Lynchburg. Based on total deposits of less than $1 million. Each of the June 30, 1964 data, Applicant’s acquisition of three banks offers a complete line of banking ser­ Bank would increase by less than one per cent, vices. At the present time, Bank’s primary ser­ from 34.6 to 35.4 per cent, the share of commer­ vice area appears to contain a sufficient number cial bank deposits in Lynchburg controlled by of alternative banking outlets to meet the reason­ holding companies. able requirements of its businesses and residents. In view of the size of the institutions with which There will be no reduction in the number of such Bank will compete in the Lynchburg area, its con­ outlets upon consummation of Applicant’s pro­ trol, under Applicant’s ownership, of .8 per cent posal; rather, such consummation will place an of the commercial bank deposits in that area offers additional commercial banking outlet in the ser­ no basis for concern with respect to a resulting vice of the communities involved. The Board can undue concentration of banking resources. State­ foresee no adverse competitive effect on banks in wide, Applicant’s acquisition of Bank would not the Lynchburg area from consummation of Ap­ change Applicant’s relative position of fourth place plicant’s proposal. among the seven largest banking aggregations in On the basis of all the relevant facts as con­ the State. tained in the record before the Board, and in the There is no evidence of any significant competi­ light of the factors set forth in section 3(c) of the tion between Bank and any of Applicant’s sub­ Act, it is the Board’s judgment that the proposed sidiaries, nor is there reason to believe that such acquisition would be consistent with the public in­ will develop in the immediate future. The three terest and the application should therefore be ap­ closest of Applicant’s banking offices are from 54 proved. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MEMBERSHIP OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, 1913-66 APPOINTIVE MEMBERS 1 Federal Reserve Date of initial Other dates and information relating Name district oath of office to membership2 Charles S. Hamlin..........................Boston.......................Aug. 10, 1914 Reappointed in 1916 and 1926. Served until Feb. 3, 1936, on which date his successor took office. Paul M. Warburg...........................New York............................do....... Term expired Aug. 9, 1918. Frederic A. Delano........................Chicago................................do...... Resigned July 21, 1918. W. P. G. Harding..........................Atlanta.................................do...... Term expired Aug. 9, 1922. Adolph C. Miller...........................San Francisco.......................do....... Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936, on which date his successor took office. Albert Strauss................................New York...................Oct. 26, 1918 Resigned Mar. 15, 1920. Henry A. Moehlenpah..................Chicago.......................Nov. 10, 1919 Term expired Aug. 9, 1920. Edmund Platt.................................New York...................June 8, 1920 Reappointed in 1928. Resigned Sept. 14, 1930. David C. Wills...............................Cleveland....................Sept. 29, 1920 Term expired Mar. 4, 1921. John R. Mitchell...........................Minneapolis................May 12, 1921 Resigned May 12, 1923. Milo D. Campbell.........................Chicago.......................Mar. 14, 1923 Died Mar. 22, 1923. Daniel R. Crissinger......................Cleveland....................May 1, 1923 Resigned Sept. 15, 1927. George R. James...........................St. Louis......................May 14, 1923 Reappointed in 1931. Served until Feb. 3, 1936, on which date his successor took office. Edward H. Cunningham................Chicago...............................do....... Died Nov. 28, 1930. Roy A. Young...............................Minneapolis...............Oct. 4, 1927 Resigned Aug. 31, 1930. Eugene Meyer................................New York..................Sept. 16, 1930Resigned May 10, 1933. Wayland W. Magee.......................Kansas City...............May 18, 1931 Term expired Jan. 24, 1933. Eugene R. Black............................Atlanta......................May 19, 1933Resigned Aug. 15, 1934. M. S. Szymczak.............................Chicago......................June 14, 1933Reappointed in 1936 and 1948. Resigned May 31, 1961. J. J. Thomas...................................Kansas City.........................do....... Served until Feb. 10, 1936, on which date his successor took office. Marriner S. Eccles..........................San Francisco............Nov. 15, 1934 Reappointed in 1936, 1940, and 1944. Resigned July 14, 1951. Joseph A. Broderick......................New York..................Feb. 3, 1936Resigned Sept. 30, 1937. John K. McKee.............................Cleveland............................do....... Served until Apr. 4, 1946, on which date his successor took office. Ronald Ransom.............................Atlanta................................do....... Reappointed in 1942. Died Dec. 2, 1947. Ralph W. Morrison.......................Dallas........................Feb. 10, 1936Resigned July 9, 1936. Chester C. Davis............................Richmond..................June 25, 1936Reappointed in 1940. Resigned Apr. 15, 1941. Ernest G. Draper...........................New York..................Mar. 30, 1938Served until Sept. 1, 1950, on which date his successor took office. Rudolph M. Evans........................Richmond..................Mar. 14, 1942Served until Aug. 13, 1954, on which date his successor took office. James K. Vardaman, Jr..................St. Louis....................Apr. 4, 1946Resigned Nov. 30, 1958. Lawrence Clayton..........................Boston........................Feb. 14, 1947Died Dec. 4, 1949. Thomas B. McCabe.......................Philadelphia...............Apr. 15, 1948 Resigned Mar. 31, 1951. For notes see following page. 344 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MEMBERSHIP OF BOARD OF GOVERNORS 345 APPOINTIVE MEMBERSi—Continued Federal Reserve Date of initial Other dates and information relating Name district oath of office to membership2 Edward L. Norton.........................Atlanta.......................Sept. 1, 1950 Resigned Feb. 1, 1952. Oliver S. Powell.............................Minneapolis........................do........ Resigned June 30, 1952. Wm. McC. Martin, Jr....................New York...................Apr. 2,1951 Reappointed for term beginning Feb. 1, 1956. ' A. L. Mills, Jr................................San Francisco..............Feb. 18,1952 Reappointed in 1958. Resigned Mar. 1, 1965. J. L. Robertson..............................Kansas City.......................do........ Reappointed for term beginning Feb. 1, 1964. Paul E. Miller................................Minneapolis................Aug. 13, 1954 Died Oct. 21, 1954. C. Canby Balderston.....................Philadelphia................Aug. 12, 1954 Served through Feb. 28, 1966. Chas. N. Shepardson.....................Dallas.........................Mar. 17, 1955 G. H. King, Jr...............................Atlanta.......................Mar. 25, 1959 Reappointed in 1960. Resigned Sept. 18, 1963. ' George W. Mitchell.......................Chicago.......................Aug. 31, 1961 Reappointed for term beginning Feb. 1, 1962. ' J. Dewey Daane.............................Richmond...................Nov. 29, 1963 Sherman J. Maisel.........................San Francisco.............Apr. 30, 1965 Andrew F. Brimmer......................Philadelphia................Mar. 9, 1966 CHAIRMENS VICE CHAIRMENS Charles S. Hamlin.............Aug. 10, 1914-Aug. 9, 1916. Frederic A. Delano.........Aug. 10, 1914-Aug. 9, 1916. W. P. G. Harding..............Aug. 10, 1916-Aug. 9, 1922. Paul M. Warburg............Aug. 10, 1916-Aug. 9, 1918. Daniel R. Crissinger...........May 1, 1923-Sept. 15, 1927. Albert Strauss.................Oct, 26, 1918-Mar. 15, 1920. Roy A. Young....................Oct. 4, 1927-Aug. 31, 1930. Edmund Platt..................July 23, 1920-Sept. 14, 1930. Eugene Meyer....................Sept. 16, 1930-May 10, 1933. J. J. Thomas...................Aug. 21, 1934-Feb. 10, 1936. Eugene R. Black.................May 19, 1933—Aug. 15, 1934. Ronald Ransom..............Aug. 6, 1936 Dec. 2, 1947. Marriner S. Eccles.............Nov. 15, 1934-Jan. 31, 1948. C. Canby Balderston.......Mar. II, 1955-Feb. 28, 1966. Thomas B. McCabe............Apr. 15, 1948-Mar. 31, 1951. J. L. Robertson................Mar. 1, 1966- Wm. McC. Martin, Jr........Apr. 2, 1951- EX-OFFICIO MEMBERS' SECRETARIES OF THE TREASURY COMPTROLLERS OF THE CURRENCY W. G. McAdoo................Dec. 23, 1913-Dec. 15, 1918. John Skelton Williams... .Feb. 2, 1914-Mar. 2,1921. Carter Glass......................Dec. 16, 1918-Feb. 1, 1920. Daniel R. Crissinger..........Mar. 17, 1921-Apr. 30, 1923. David F. Houston............Feb. 2, 1920-Mar. 3, 1921. Henry M. Dawes...............May 1, 1923-Dec. 17,1924. Andrew W. Mellon..........Mar. 4, 1921-Feb. 12, 1932. Joseph W. McIntosh.........Dec. 20, 1924-Nov. 20, 1928. Ogden L. Mills.................Feb. 12, 1932-Mar. 4, 1933. J. W. Pole.........................Nov. 21, 1928-Sept. 20, 1932. William H. Woodin.........Mar. 4, 1933-Dec. 31, 1933. J. F. T. O’Connor..............May 11, 1933-Feb. 1, 1936. Henry Morgenthau, Jr... .Jan. 1, 1934-Feb. 1,1936. 1 Under the provisions of the original Federal Reserve composed of seven appointive members; that the Secre­ Act the Federal Reserve Board was composed of seven tary of the Treasury and the Comptroller of the Cur­ members, including five appointive members, the Secre­ rency should continue to serve as members until Feb. 1, tary of the Treasury, who was ex-officio chairman of the 1936; that the appointive members in office on the date Board, and the Comptroller of the Currency. The original of that Act should continue to serve until Feb. 1, 1936, term of office was 10 years, and the five original ap­ or until their successors were appointed and had quali­ pointive members had terms of 2, 4, 6, 8, and 10 years, fied ; and that thereafter the terms of members should be respectively. In 1922 the number of appointive mem­ 14 years and that the designation of Chairman and Vice bers was increased to six, and in 1933 the term of office Chairman of the Board should be for a term of 4 years. was increased to 12 years. The Banking Act of 1935, 2 Date after word “Resigned” denotes final day of approved Aug. 23, 1935, changed the name of the Federal service. Reserve Board to the Board of Governors of the Federal 3 Chairman and Vice Chairman were designated Gov­ Reserve System and provided that the Board should be ernor and Vice Governor before Aug. 23, 1935. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS RESIGNATION OF MR. BALDERSTON AS A MEMBER also at the Federal Reserve Bank of Philadelphia. AND VICE CHAIRMAN OF THE BOARD I extend my very best wishes to you in your new Mr. C. Canby Balderston, who had been a mem­ undertaking as Regents Lecturer at the University ber of the Board of Governors since August 12, of California. 1954, and had served as its Vice Chairman since Sincerely, March 11, 1955, resigned effective February 28, Lyndon B. Johnson. 1966. Prior to his appointment as a member of the Board, Mr. Balderston had been the Dean of The Honorable C. Canby Balderston, the Wharton School of Finance and Commerce of Hotel Durant, the University of Pennsylvania. During the period Berkeley, California. from April 1943 to December 1953 he had served on the Board of Directors of the Federal Reserve Bank of Philadelphia, and after March 1949 he DESIGNATION OF MR. ROBERTSON AS VICE CHAIRMAN OF THE BOARD had served as Deputy Chairman of the Board of The President on March 2, 1966, designated Mr. that Bank. J. L. Robertson as Vice Chairman of the Board Mr. Balderston’s letter of resignation and the of Governors of the Federal Reserve System to President’s letter of acceptance follow: serve as such for a term of 4 years from March 1, 1966, unless and until his services as a member March 1, 1966. of the Board of Governors shall have sooner My dear Mr. President: terminated. Mr. Robertson was appointed as a member of Your announcement of the appointment of my the Board on February 18, 1 952, for the unexpired successor makes it possible now for me to begin portion of the 14-year term that began February my duties as Regents Lecturer at the University of 1, 1950. He was appointed to a full 14-year term California. I am hereby tendering my resignation beginning February 1, 1964. as a member and Vice Chairman of the Board of Governors of the Federal Reserve System effective at the close of business on February 28, 1966. APPOINTMENT OF MR. BRIMMER AS A The opportunity to participate in the work of the MEMBER OF THE BOARD Federal Reserve under the leadership of Chairman President Johnson, on Februray 28, 1966, sent to Martin has been most rewarding and satisfying the Senate the nomination of Mr. Andrew F. to me and I appreciate deeply the many courtesies Brimmer, of Pennsylvania, as a member of the extended to me during your Administration. Board of Governors. The Senate unanimously con­ Respectfully yours, firmed his nomination; the President signed the C. Canby Balderston. commission on March 4; and Mr. Brimmer took the oath of office at the White House on March The White House 9, 1966. Present at the ceremony were Mrs. Brim­ March 1, 1966. mer, the former Doris Millicent Scott of New Dear Mr. Balderston: York City, and their 4-year old daughter, Esther In accordance with your wishes, I am accepting Diane. your resignation as a member and Vice Chariman Mr. Brimmer was born on September 13, 1926, of the Board of Governors of the Federal Reserve in Newellton, Louisiana; he migrated to Bremer­ System, effective February 28, 1966. ton, Washington, in 1944. Between May 1945 and You may indeed take pride in the years you have November 1946, he served in the U.S. Army and devoted to public service in the Federal Reserve was discharged as a staff sergeant. He enrolled in System, not only on the Board in Washington but the University of Washington in Seattle in Janu- 346 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 347 ary 1947 and received his B.A. and M.A. degrees “Thirty-three years ago this week not a single in economics in 1950 and 1951, respectively. In bank in America was open for business. It was a 1951-52 Mr. Brimmer studied at the Universities time of depression and despair as Americans lost of Delhi and Bombay, India, under a Fulbright confidence not only in their dollar but in their fellowship. During 1952-55 he was enrolled at system of government itself. Harvard University, and he received a Ph.D. “Today all of that seems to be behind us. Our degree in economics in 1957. banking system is sound and there is confidence From January 1953 to September 1954, Mr. in the American dollar. Instead of depression or Brimmer was a research assistant on the staff of recession, we are beginning our sixth year of un­ the Center for International Studies at the Mas­ interrupted prosperity, the longest in America’s sachusetts Institute of Technology. He was a teach­ peacetime history. “No accident of history brought about this ing fellow at Harvard in 1954-55. In 1955 he was change. It has come because we have learned the employed as a research economist by the Federal economic facts of life and we now realize that Reserve Bank of New York. He left the Bank in recession and inflation are not inevitable. They 1958 to accept an appointment as an assistant pro­ can be avoided through sound economic fiscal fessor of economics at Michigan State University. policies. It has come because we have learned In 1961 Mr. Brimmer joined the faculty of the how we can work together cooperating with each Wharton School of Finance and Commerce of the other for the benefit of all the people of our land. University of Pennsylvania as an assistant pro­ “The great abundance of America is the result fessor of finance, a position from which he was of responsible cooperation between business and on leave of absence until he resigned upon his banking, between labor and Government. No appointment to the Board. In May 1963 President member of that partnership, from Government’s Kennedy appointed Mr. Brimmer to the position viewpoint, is more important or has greater re­ of Deputy Assistant Secretary of Commerce for sponsibilities than the Federal Reserve System of Economic Affairs. He was named as the As­ this country. The seven distinguished Governors sistant Secretary of Commerce for Economic of the Federal Reserve System share the task of Affairs by President Johnson in January 1965, deciding how much money and credit should be and he was serving in this capacity at the time supplied to America’s economy, and that, ladies of his appointment to the Board. Mr. Brimmer and gentlemen, is no easy burden. is the author of a book, Life Insurance Companies “The entire Nation, every worker and every in the Capital Market (1962), and of a number of housewife, every businessman and every farmer, monographs and articles in the fields of monetary is affected by the progressive spirit and the wis­ economics and finance. dom and the prudence of the men who sit on that Mr. Brimmer was appointed for a term of 14 Board. years from February 1, 1966, to succeed C. Canby “In the choice of those men who sit there, the Balderston, whose term of office expired on Janu­ President of the United States has no more farary 31,1 966, and who, under the terms of the law, reaching decision to make. Today the Federal continued to serve until his successor was ap­ Reserve System of our Nation has a new Gover­ nor. I am proud of this choice. His qualifications, pointed. I think, are rare. For if it is true, as some have said, that not one man in 100,000 really under­ stands the complexity of high finance and mone­ At the swearing-in of Mr. Brimmer as a member tary policy, Dr. Andrew Brimmer is one that, I of the Board, the President made the following re­ believe, does understand it. marks : “He has been both student and teacher in major “Dr. Brimmer, Mr. Vice President, members of universities on both the east and west coasts of this the Brimmer family, Chairman Martin, members land. He worked for several years in the Federal of the Federal Reserve Board, most distinguished Reserve Bank of New York. He is a doctor guests, Members of Congress, ladies and gentle­ of economics from Harvard, a professor of eco­ men : nomics on leave from the Wharton School of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

348 FEDERAL RESERVE BULLETIN • MARCH 1966 Finance at the University of Pennsylvania to “I do not expect Dr. Brimmer to be an easyserve in the “little Cabinet” as Deputy Assistant money man or a tight-money man. He knows, as Secretary for Economic Affairs in the important I think we all do, that the complexity of today’s Department of Commerce. economy defies such a simple and rigid qualifica­ “He was also in charge of the voluntary pro­ tion. I expect Dr. Brimmer to be a right-money gram carried out by the businessmen of America man, one who, I believe, will carefully and cau­ which has done so much to correct our balance of tiously and intelligently evaluate the Nation’s payments problems by reducing our deficit from needs and the needs of all of its people, and $2.8 billion last year to $1.3 billion this year. recommend the policies which his conscience and “Dr. Brimmer was born on a farm in the State his judgment tell him will best serve the national of Louisiana. His achievements in life are his own. interest. Through his own intelligence and by his own “He takes office at a time when there is much efforts he rose to the highest academic honors. In to be done by all working together, cooperating. the process, he developed a deep feeling for We must continue to sustain high employment Americans in every walk of life. He is still a without inflation. We must complete the adjust­ young man at age 39. ment of our balance of payments with other “Last month, in fact, he received the Arthur S. nations. We must meet the heavy demands of our Flemming Award which is presented to the 10 military and economic effort in Viet-Nam without outstanding young men in Government service. I don’t know of a recommendation that I have losing our momentum for social progress here at received from any man in Government that was home. stronger than the recommendation Secretary Con­ “To achieve all of this is not going to be easy. nor made of Dr. Brimmer and the work that he It is going to be difficult. It is going to try the best had done in the Commerce Department. that is in all of us. The decisions are going to be “So, ladies and gentlemen, Dr. Brimmer brings many and they are going to be difficult, but I think energy and high professional standards, profound that the people of America can all be glad that Dr. qualities of heart and mind to one of the most Andrew Brimmer will be helping us to make them. critical assignments in our public life today. He “So I welcome each of you to this historic East will recognize the challenges as they arise and I Room this morning to witness the swearing in of hope he will help us face them with intelligence, this most gifted American to this most responsible with knowledge, and with moderation. post.” RESIGNATIONS, APPOINTMENTS, AND DESIGNATIONS AT FEDERAL RESERVE BANKS Presidents and first vice presidents. The Board of Governors has approved appointment of the following Presidents and First Vice Presidents at the Federal Reserve Banks for the five-year terms beginning March 1, 1966. Names in CAPITALS indicate new appointments; all other are reappointments. Brief biograph­ ical data on new appointees follow the list of appointments. Bank President First Vice President Boston George H. Ellis Earle O. Latham New York Alfred Hayes William F. Treiber Philadelphia Karl R. Bopp Robert N. Hilkert Cleveland W. Braddock Hickman WALTER H. MACDONALD Richmond Edward A. Wayne Aubrey N. Heflin Atlanta Harold T. Patterson Monroe Kimbrel Chicago Charles J. Scanlon Hugh J. Helmer St. Louis Darryl R. Francis Dale M. Lewis Minneapolis Hugh D. Galusha, Jr. M. H. Strothman, Jr. Kansas City George H. Clay JOHN T. BOYSEN Dallas Watrous H. Irons Philip E. Coldwell San Francisco Eliot J. Swan H. Edward Hemmings Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 349 Federal Reserve Bank of Cleveland Federal Reserve Bank of Kansas City WALTER H. MACDONALD began his bank­ JOHN T. BOYSEN has been associated with the ing career in 1937 in the transit department of the Federal Reserve System since 1934 when he be­ Cincinnati Branch of the Federal Reserve Bank of came an assistant examiner for the Board of Gov­ Cleveland. After three years, he went with a com­ ernors. In October 1941 he joined the staff of the mercial bank in Kentucky and also had military Kansas City Bank as administrative assistant to service before returning to the Reserve Bank as an First Vice President Henry O. Koppang, whom assistant examiner in 1951. He was appointed he succeeds. He was appointed Assistant Cashier Assistant Cashier at the Cincinnati Branch in 1955 in 1951 and promoted to Assistant Vice President and Cashier in 1964. Mr. MacDonald is a gradu­ in 1952, Cashier in 1953, and Vice President and ate of the University of Cincinnati and the Stonier Cashier in 1955. In 1962 he relinquished his Graduate School of Banking at Rutgers Univer­ duties as Cashier but continued as Vice President sity. As First Vice President, he succeeds Edward in charge of various operating departments of the A. Fink who retired. Bank. Mr. Boysen holds a certificate in accounting from LaSalle Extension University and is a gradu­ ate of the Stonier Graduate School of Banking at Rutgers University. Directors, chairmen, and agents. Mr. Walter E. City, New Jersey, as a Class C director of the Hoadley, Chairman of the Federal Reserve Bank Federal Reserve Bank of Philadelphia for the un­ of Philadelphia since January 1962 and a Class expired portion of a term ending December 31, C director of that Bank since January 1958, re­ 1966, and his designation as Deputy Chairman of signed effective February 14, 1966. Mr. Hoadley, the Bank for the same period. Mr. England is formerly Vice President and Treasurer, Armstrong Chairman of the Board, Atlantic City Electric Cork Company, Lancaster, Pennsylvania, is mov­ Company, Atlantic City, New Jersey. Mr. England ing to California to become senior vice president had served as a Class B director of the Philadel­ and chief economist of the Bank of America in phia Bank since January 1965 and had served in San Francisco. the same capacity from 1955 through 1960. On March 3, 1966, the Board of Governors of Mr. Streuby L. Drumm, a director of the Pitts­ the Federal Reserve System announced the designa­ burgh branch of the Federal Reserve Bank of tion of Dr. Willis J. Winn of Philadelphia, Penn­ Cleveland since January 1961, resigned effective sylvania, as Chairman and Federal Reserve Agent January 31, 1966. Mr. Drumm, former President, of the Federal Reserve Bank of Philadelphia, for West Penn Power Company, Greensburg, Penn­ the remainder of the year 1966. Dr. Winn is Dean, sylvania, has moved to Louisiana. Wharton School of Finance and Commerce, Uni­ On March 10, 1966, the Federal Reserve Bank versity of Pennsylvania, at Philadelphia. Dr. Winn of Cleveland announced the appointment of Mr. was appointed a Class C director of the Philadel­ Charles M. Beeghly of Pittsburgh, Pennsylvania, phia Bank in 1962 and had been serving as Deputy as a director of the Pittsburgh branch board for Chairman of the Bank since January 1965. the unexpired portion of a term ending December On March 3, 1966, the Board of Governors of 31, 1966. Mr. Beeghly is Chairman of the Board the Federal Reserve System announced the ap­ and Chief Executive Officer of the Jones & pointment of Mr. Bayard L. England of Atlantic Laughlin Steel Corporation at Pittsburgh. ERRATA On page 180 of the February 1966 Bulletin in On page 1723 of the December 1965 Bulletin the announcement of “Directors of Federal Re­ in the anouncement of publication of “Federal serve Banks and Branches,” the last name under Reserve Banks,” Section 9 of Supplement to Bank­ Jacksonville Branch should be “Castle W. Jordan, ing and Monetary Statistics, the period covered President, Ryder System, Inc., Miami, Florida.” should read “1941 through 1964.” Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Released for publication March 16 Industrial production and nonfarm employ­ Construction ment advanced strongly again in February, while New construction put in place, which on the retail sales were unchanged. Bank credit showed basis of revised figures advanced 8 per cent from little change and the money supply declined 1964 to 1965, edged upward in February to an slightly. From mid-February to mid-March yields annual rate of nearly $76 billion. While residential increased for most maturities of bonds, and com­ construction increased, most of the rise was in mon stock prices declined in heavy trading. private nonresidential construction which appar­ ently exceeded earlier highs and was at a rate more Industrial Production than a fifth above a year earlier. Public construc­ Industrial production advanced again in Feb­ tion declined somewhat in February and re­ ruary to 151.3 per cent of the 1957-59 average, mained below its recent peak in November. 0.8 per cent above January and 9 per cent above a year earlier. Output of most final products and Employment materials rose further. Nonfarm payroll employment rose by 250,000 Output of consumer goods as a whole increased in February, continuing a steady upward trend. although auto assemblies declined slightly and Sizable gains were registered in both durable and production of monochrome television sets fell off. nondurable goods manufacturing industries. Em­ Output of apparel recovered from the curtailed ployment in trade, State and local government, level in January brought about by the New York and the service industries again advanced strongly. transit strike, and production of consumer staples Construction employment changed little and was advanced further. Output of most types of business well above a year ago. The average workweek in equipment continued to reach new highs. manufacturing rose again to a new postwar high Iron and steel production rose again as did out­ of 41.6 hours; average hourly earnings increased put of other durable materials. Production of non­ slightly further. The unemployment rate dropped durable materials changed little from the advanced sharply to 3.7 per cent, falling to the lowest level December-January level. since late 1953. INDUSTRIAL PRODUCTION Distribution Retail sales in February, according to advance figures, were unchanged from January and were 6 per cent above a year earlier. Sales at durable goods stores declined in February as auto dealers’ sales were off. Deliveries of new domestic autos declined to an annual rate of 9.2 million units from 9.4 million in January, but apparently in­ creased in early March. Total nondurable goods sales rose one per cent. Commodity Prices Average industrial prices continued to increase from mid-February to mid-March at about the same rate characteristic of the past year and a half. Prices of steel scrap, copper scrap, and hides F.R. indexes, seasonally adjusted. Latest figures shown are for February. rose further, and natural and synthetic rubber 350 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 351 edged up. Price advances also occurred for re­ Total and required reserves showed little fur­ placement tires, newsprint, and some industrial ther change. A rise in member bank borrowings, chemicals. Declines occurred among plastics offset only in small part by an increase in excess materials and industrial adhesives. Average live­ reserves, resulted in a rise in net borrowed re­ stock prices declined somewhat as hog prices serves to an average of about $100 million. Re­ dropped sharply from advanced levels, while beef serves were supplied principally through currency cattle rose only moderately further. inflows and absorbed through a decline in Federal Reserve float and other factors. Bank Credit, Money Supply, and Reserves Commercial bank credit showed little further Security Markets growth in February, following a strong increase in Yields on new and seasoned corporate bonds January. Total loans rose less than in other recent continued to advance between mid-February and months, reflecting for the most part a large decline mid-March. Underlying weakness in the munic­ in security loans. Business loans advanced further ipal market became increasingly evident in the but the increase was not as large as in December latter half of February and resulted in a signifi­ and January. Bank holdings of U.S. Government cant jump in yields on State and local government securities were reduced substantially, while hold­ issues. Yields on long-term U.S. Government ings of municipal and agency issues rose some­ bonds were unchanged on balance and yields on what more than in other recent months. The money intermediate-term issues declined slightly. Treas­ supply declined slightly, following large increases ury bills changed little on balance, with the 3in the two previous months. The slower growth in month bill rate at 4.67 per cent. Between mid­ time and savings deposits exhibited in several re­ February and mid-March common stock prices cent months continued during February. declined sharply in active trading. PRICES INTEREST RATES Bureau of Labor Statistics indexes. Latest figures shown for Discount rate, range or level for all F.R. Banks. Weekly consumer prices, January; for wholesale prices, January. average market yields for U.S. Govt, bonds maturing in 10 years, or more and for 90-day Treasury bills. Latest figures shown, week ending Mar. IL 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, 1965 ........ Mar. 1966 414-23 Banks and branches, number of, by class and Semiannually State.................................................................. Apr. 1965 615-16 Banking offices: Analysis of changes in number of.................. Feb. 1966 272 Flow of funds (assets and liabilities).................. Nov. 1965 1618-27 On, anil not on, Federal Reserve Par List number of.............................. .................... Feb. 1966 273 Income and expenses: Federal Reserve Banks............................. Feb. 1966 270-71 Member banks: /I nmtally 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 352 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...........354 Reserve Bank discount rates; margin requirements; reserve requirements .................... 359 Open market transactions; Federal Reserve Banks.............................................................. 361 Bank debits; currency in circulation ............................................................. 364 Money supply; banks and the monetary system ......................................... 366 Commercial and mutual savings banks, by classes ..................................... 368 Commercial banks, by classes ................................................................................................. 372 Weekly reporting member banks ........................................................................................ 374 Business loans ........................................................................................................................... 377 Interest rates ................................................................................................................................ 378 Security prices; stock market credit; open market paper ........................ 379 Savings institutions ................................................................................................................... 380 Federal finance ......................................................................................................................... 381 Federally sponsored agencies ................................................................................................. 387 Security issues ........................................................................................................................... 388 Business finance ....................................................................................................................... 391 Real estate credit ....................................................................................................................... 393 Consumer credit ......................................................................................................................... 396 Industrial production .............................................................................................................. 400 Business activity; construction ............................................................................................ 404 Employment and earnings ..................................................................................................... 406 Wholesale and consumer prices ............................................................................................ 408 National product and income series ...................................................................................... 410 Flow of funds ............................................................................................................................. 412 Banking and monetary statistics, 1965 .................................................................................. 413 Guide to tabular presentation ................................................................................................... 352 Index to statistical tables ......................................................................................................... 452 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). 353 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

354 BANK RESERVES AND RELATED ITEMS MARCH 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 Treas­ than member bank Member bank P d e o a r r i t o e d T U o . t S a . l G B o r o o v ig u u t, h g t­ s t h e t cu R m c a r h e i g e t a i p r n e s e u t s e e s r ­ ­ v c D a o a a n u n i d c s d n ­ e ­ t s s Float1 t T al o ­ 2 s G to o c ld k s r o c e t u in a u n u r g n y c r t ­ ­ d y ­ r c C t e c u i i o n u n i l r a n c r ­ ­ y ­ T h c r i u n e o a g r a s l y d s h s ­ ­ Tr u e w r a y s it ­ h r e F s F e . e R i o g rv . n r e ­ B s, a O n t k h s er i c O F o a t u . h c R n ­ e . t r s B W F a . n R it k h . s re c r C s e a o e n n i u n r d c r v ­ y e 3 s Total 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 64 350 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 1,331 292 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 1,49628,412 20,563 5,230 32,371 691 470 262 337 1 ,174 18,899 18,899 1959—Dec...... 27,036 26,993 43 911 1,42629,435 19,482 5,311 32^775 396 524 361 348 t; 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 2,43436,610 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 2,42339,873 15,388 5,401 39,698 595 944 181 186 1,093 17,964 3,645 21,609 1965—Feb.......... 37,032 36,957 95 450 1,65039,244 14,984 5,394 38,641 696 943 145 211 1,166 17,820 '3,411 '21,23! Mar......... 37,315 37,267 48 441 1,659 39,535 14,687 5,396 38,777 727 890 144 194 1 ,049 17,836 '3,410 '21,246 Apr...3..7..,.6..37 37,482 155 487 1 ,658 39,882 14,472 5,405 38,942 744 865 170 207 783 18,047 '3,464 '21,511 May........ 38,111 37,749 362 520 1,633 40,340 14,358 5,402 39,052 755 908 142 187 985 18,070 '3,402 '21.472 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 '3,562 '21,863 Aug......... 39,318 39,074 244 566 1,581 41,504 13,858 5,433 40,104 810 924 215 185 480 18,076 '3,541 '21,617 Sept......... 39,108 39,055 53 533 1,92241,610 13,858 5,469 40,347 809 978 210 195 287 18,111 '3,629 '21,740 Oct.......... 39,601 39,580 21 515 1,86942,048 13,857 5,496 40,734 800 1,024 169 209 142 18,323 '3,635 '21,958 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...4..0..,.8..85 40,772 113 490 2,34943,853 13,799 5,565 42,206 808 683 154 231 389 18,747 '3,972 '22,719 1966—-Jan.......... 40,626 40,451 175 427 2,25343,449 13,733 5,608 MI ,588 819 700 160 245 465 18,812 3,938 22,750 Feb......... 40,635 40,437 198 498 1,87043,1 16 13,734 5,653 41,223 835 798 140 234 789 18,482 "J, 750"22,232 Week ending— 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 '3,688 '22,201 13.............. 36,816 36,515 301 460 2,149 39,522 15,330 5.394 39,282 649 780 186 205 970 18,174 '3,669 '21,843 20........... 36,460 36,403 57 322 2,24939,112 15,187 5,393 38,927 662 1,015 178 212 902 17,797 '3,643 '21 .440 27.............. 36,440 36,334 106 252 1,841 38,631 15,187 5,387 38,644 657 997 151 213 877 17,668 '3,590 '21.258 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 '21,40! 10.............. 37,272 37,133 139 517 1 ,47239,334 15,045 5,391 38,641 679 924 152 207 1,158 18,060 '3,252 '21 ,312 17.............. 37,151 37,088 63 398 1,54039,189 14,937 5,397 38,715 699 1 ,001 141 220 1,158 17,589 '3,462 '21,051 24.............. 36,812 36,718 94 565 1 ,73039,162 14,938 5,391 38,613 719 878 139 204 1,195 17,744 '3,443 '21,187 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 '3,467 '21,142 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 '3,521 '21,364 Apr. 7.............. 37,725 37,496 229 586 1,409'39,863 14,563 5,398 38,862 732 728 176 207 835 18,283 '3,218 '21,501 14.............. 37,881 37,623 258 412 1,487 39,883 14,519 5,406 39,092 741 910 158 202 804 17,899 '3,390 '21,289 21.............. 37,594 37,486 108 589 1,95640,230 14,412 5,408 39,058 761 881 178 228 720 18,224 '3,498 '21,722 28.............. 37,361 37,343 18 360 1,767 39,548 14,413 5,406 38,802 744 921 166 190 767 17,777 '3,626 '21,403 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 '3,392 '21,745 12.............. 38,190 37,565 625 514 1 ,55740,332 14,395 5,399 39,071 744 1,010 134 191 821 18,154 '3,311 '21,465 19.............. 37,843 37,546 297 515 1 ,915 40,333 14,353 5,407 39,095 762 1,060 138 186 885 17,966 '3,479 '21,445 26.............. 37,980 37,788 192 497 1 ,59840,146 14,335 5,397 39,047 762 791 142 172 1,142 17,821 '3,547 '21,368 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 '3,425 '21,417 9...3..8..,.8..8...9. 38,515 374 494 1 ,55641,006 14,293 5,394 39.472 765 840 127 178 1,293 18,017 '3,350 '21,367 16.............. 38,817 38,527 290 626 1,63241,131 14,292 5,394 39,555 771 816 151 177 I ,231 18,115 '3,534 '21,649 23.............. 38,775 38,696 79 596 2,037 41,455 14,292 5,409 39,528 778 892 129 185 1 ,153 18,49! '3,566 '22,057 30.............. 38,870 38,740 130 500 1,67841,102 14,227 5,413 39,513 777 803 162 184 1 ,082 18,221 '3,672 '21.893 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 BANK RESERVES AND RELATED ITEMS 355 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F. R. Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d T U o .S ta . l Go B r o v o ig t u u , h t g s ­ t h e t c u R m c a r e h i g t e a i p r e n s e u s t e e s r ­ ­ c v D o a a a n u n i d s c n d ­ e ­ t s s Float 1 t T a o l ­ 2 s G to o c ld k T s r r o c e u t e in a u u n r a g n y r c t s ­ ­ d y ­ ­ r c C t e c i u i o n u n i l r n a c r ­ ­ y ­ T h r c i u n e o a g r a s l y d s s h ­ ­ Tr u e w r a y s it ­ h r e F s F e . e R i o g rv . r n e ­ B s, a O nk th s er1 c O F o a t u . h c R n ­ e . t r s B W F a . n R it k h . s re c r C s e a o e n n u i r n c d v r y ­ e 3 s Total Averages of daily figures Week ending— 1965 July 7.............. 39,588 39,050 538 594 1,718 41,955 13,934 5,418 39,895 775 569 162 208 781 18,917 "3,251 "22,168 14.............. 39,570 38,987 583 623 1,883 42,128 13,934 5,405 40,201 762 842 146 196 829 18,491 "3,615 "22,106 21.............. 38,864 38,766 98 427 2,20641 ,535 13,934 5,412 40,065 785 888 179 194 725 18,046 "3,617 "21,663 28.............. 39,013 38,799 214 479 1,67441,201 13,923 5,408 39,901 792 873 156 186 710 17,914 "3,680 "21,594 Aug. 4.............. 39,400 38,903 497 544 1,44041,418 13,857 5,423 39,944 797 903 155 196 500 18,204 "3,579 "21,783 11.............. 39,651 39,259 392 619 1,48041,786 13,858 5,422 40,125 800 1,050 198 191 470 18,230 "3,370 "21,600 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 "3,636 "21,521 Sept. 39,152 39,074 78 537 1,42741,170 13,858 5,453 40,058 810 951 240 177 398 17,846 "3,728 '21,574 8.............. 39,480 39,339 141 483 1,55241,586 13,858 5,462 40,307 807 898 243 179 389 18,082 "3,329 "21,411 15............... 39,088 39,088 564 1,821 41,508 13,857 5,470 40,488 809 987 212 191 312 17,836 "3,749 "21^85 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 "3,679 "21,911 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 "3,495 "22,052 13.............. 39,779 39,749 30 507 1,71742,061 13,857 5,493 40,814 802 1,021 178 218 203 18,175 "3,530 "21,705 20.............. 39,486 39,424 62 61 1 2,21042,347 13,858 5,501 40,848 810 1,053 170 204 78 18,544 "3,730 "22,274 27.............. 39,292 39,292 .......... 372 1,91641,642 13,857 5,504 40,729 803 975 161 196 81 18,058 "3,782 "21,840 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 "3,743 "21,877 24.............. 39,788 39,788 .......... 394 2,26442,501 13,843 5,542 41,520 806 884 180 217 319 17,959 "3,791 "21,750 Dec. 1 40,535 40,535 567 1,80243,018 13,808 5,544 41,734 818 761 159 235 412 18,253 "3,939 "22,192 8.............. 41,014 40,911 103 514 1 ,86043,519 13,809 5,548 41,928 816 670 155 225 460 18,622 "3,712 "22,334 15.............. 40,879 40,824 55 518 2,053 43,571 13,808 5,556 42,260 803 637 158 225 410 18,442 "4,021 "22,463 22.............. 40,824 40,802 22 247 2,87644,066 13,809 5,572 42,367 802 720 146 230 359 18,822 "3,982 "22,804 29.............. 40,852 40,631 221 592 2,713 44,289 13,786 5,585 42,348 817 687 159 226 349 19,074 "4,006 "22,080 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 41,963 804 681 178 232 490 19,29! 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 3,966 22,451 Feb. 2.............. 40,548 40,299 249 439 1 ,90743,005 13,732 5,635 41,085 830 834 178 235 540 18,669 3,869 22,538 9.............. 41,117 40,708 409 523 1 ,671 43,425 13,734 5,646 41,196 833 879 152 235 713 18,796 3,527 22,323 16.............. 40,809 40,542 267 473 1 ,739 43,130 13,733 5,647 41,283 833 910 135 236 745 18,368 3,785 22,153 23.............. 40,224 40,224 .......... 540 2,041 42,912 13,733 5,660 41,219 840 681 129 232 876 18,329 ^3,775 *22,104 End of month 1965 Dec..................... 40,768 40,478 290 137 2,24843,340 13,733 5,575 42,056 760 668 150 355 211 18,447 "4,163 "22,610 1966 Jan. 40,565 40,225 340 239 2,171 43,085 13,733 5,639 41,092 817 823 283 241 447 18,751 3,591 22,342 Feb...................... 40,189 40,189 .......... 315 2,091 42,717 "13,730"5,665 "4!,215 "823 805 140 246 869 18,0141*3,623 »21,637 Wednesday 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 "4,104 "24,481 12.............. 40,769 40,769 123 1,981 43,022 13,734 5,607 41,894 813 794 153 237 478 17,993 "4,445 "22,438 19.............. 39,920 39,920 67 1,96942,057 13,734 5,61! 41,478 837 854 134 237 469 17,393 "4,356 "21,749 26.............. 40,036 40,036 .........9.32 1,61842,732 13,734 5,635 41,188 840 740 134 236 475 18,488 4,300 22,788 Feb. o 41,045 40,599 446 615 1,89043,658 13,734 5,635 41,156 828 1,039 167 236 697 18,904 4,056 22,960 9.............. 41,064 40,677 387 443 1 ,43843,054 13,734 5,648 41,329 835 925 142 234 707 18,264 3,900 22,164 16.............. 40,220 40,220 744 1 ,74442,814 13,734 5,656 41,284 839 919 139 249 875 17,899 4,143 22,042 23 40.000 40,000 656 i . 36242.122 13.734 5.671 41,322 845 878 129 229 873 17,252J-4,078 *21,330 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, sec subsequent tables on F.R. Banks. See also note 1. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

356 BANK RESERVES AND RELATED ITEMS MARCH 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 row­ Free row­ Free row­ Free T h o e t l a d l qu R ir e e ­ d Excess B F i a n . a n g t R s k s . se r r e v ­ es T h o e t l a d l qu R ir e e ­ d Excess B F i a n . a n g t R s k . s se r r e v ­ es T h o e t l a d l qu R ir e e ­ d Excess B F i a n . a n g t R s k . s se r r e v ­ es 1929—June 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June '2,160 1 ,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec. 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec. 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec. 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec. 17,261 16.275 986 224 762 4,404 4,299 105 38 67 1 ,024 1,011 13 6 7 1950—Dec. .......... 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 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 I960—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 4! 1 243 168 4,083 4.062 21 35 -14 1,083 1,086 -3 28 -31 1965—Feb.. 21,231 20,790 441 405 36 3,966 3,960 6 95 -89 1,096 1,082 14 50 -36 Mar. 21,246 20,905 341 416 -75 4,025 4.003 22 120 -98 1 ,082 1,077 5 50 -45 Apr. 21,511 21,145 366 471 -105 4,111 4,086 25 75 -50 1 ,085 1,085 39 -39 May 21.472 21,147 325 505 - 180 4,135 4,127 8 21 -13 1,116 1,110 6 10 -4 June 21,709 21,363 346 528 -182 4,206 4,185 21 135 -114 1,100 1,096 4 19 -15 July. 21,863 21 ,513 350 524 -174 4,(55 4,163 -8 126 -134 1, 102 1 ,100 2 27 -25 Aug. 21,617 21,187 430 564 -134 4,097 4,026 71 103 -32 1 ,077 1,075 2 38 -36 Sept. 21,740 21,356 384 528 -144 4,095 4,079 16 62 -46 1,091 1,088 3 46 -43 Oct.. 21,958 21,614 344 490 -146 4,112 4,104 8 36 -28 1 ,090 1,085 5 85 -80 Nov. 21,958 2!,589 369 452 -83 4,002 3,992 10 87 -77 1 ,086 1 ,084 2 32 -30 Dec. .......... 22,719 22,267 452 454 -2 4,301 4,260 41 1 II -70 1,143 1,128 15 23 -8 1966—Jan.. 22,750 22,392 358 402 -44 4,313 4,278 35 109 -74 1,112 1,116 -4 45 -49 Feb. "22,232"21,859 "373 478 "—105 "4,168 "4,150 "18 93 "-75 "1,092 "1,088 "4 30 "-26 Week ending— 1965—Feb. 3. .. . 21,401 21,017 384 278 106 4,101 4,075 26 69 -43 1,102 1,100 2 34 -32 10.... 21,312 20,8(6 496 472 24 3,991 3,971 20 56 -36 1 ,083 1 ,077 6 55 —49 17. . . . 21,051 20,729 322 353 -31 3,964 3,931 33 145 -112 1,075 1,079 -4 30 -34 24.... 21,187 20,648 539 520 19 3,905 3,892 13 105 -92 1,074 1,069 5 87 -82 Sept. 1 . ... 21,574 21,141 433 537 -104 4,081 3,994 87 96 -9 1 ,080 1 ,076 4 13 -9 8. . . . 21 ,411 21,039 372 483 -111 3,959 3,952 7 43 -36 1 ,071 1,064 7 13 -6 15 . 21 ,585 21,118 467 558 -91 4,009 3,956 53 41 12 1 ,062 1,061 1 35 -34 22. . .. 22,114 21,679 435 627 -192 4,201 4, 192 9 179 -170 1,127 1,120 7 47 -40 29.... 21,911 21 ,554 357 553 -196 4,253 4,193 60 3 57 1,105 1,105 102 -102 Oct. 6. ... 22,052 21,609 443 536 -93 4,209 4,205 4 4 1,090 1,089 1 119 -118 13. . .. 21,705 21,405 300 495 -195 4,035 3,998 37 83 -46 1 ,063 1 ,059 4 93 -89 20, 22,274 21,781 493 591 -98 4,136 4,125 1 1 35 -24 1 ,098 1,092 6 154 -148 27. . . . 21,840 21,643 197 338 -141 4,115 4,108 7 11 -4 1,096 1,094 2 9 -7 Nov. 3. . . . 22,111 21,730 381 486 -105 4,173 4, 142 31 102 -71 1,105 1,102 3 33 -30 10. . .. 21,904 21,475 429 334 95 4,016 3,939 77 79 -2 1 ,066 1,060 6 6 17. . . . 21,877 21,561 316 489 -173 3,823 3,971 -148 59 -207 1,065 1,062 3 105 -102 24.... 21,750 21 ,514 236 361 - 125 3,958 3,969 -11 50 -61 1,078 1,074 4 4 Dec. 1 . . .. 22,192 21,767 425 534 - 109 4,094 4,029 65 110 -45 1,136 1,138 -2 -2 8. . .. 22,334 21,873 461 478 -17 4,187 4, 105 82 39 43 1,144 1,125 19 19 15 ... . 22,463 21,898 565 486 79 4,183 4,135 48 124 -76 1 ,089 1,080 9 37 -28 22. . . . 22,804 22,570 234 218 16 4,402 4,374 28 83 -55 1,147 1,150 -3 1 -4 29.... 23,080 22,617 463 546 -83 4,399 4,383 16 138 -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... . 22,451 22,146 305 352 -47 4,208 4,21 1 _ ? 61 -64 1 ,091 1 ,089 2 74 -71 Feb. 2. . .. 22,538 22,190 348 418 -70 4,271 4,257 14 13 1 1,114 1,109 5 49 -44 9. . 22,323 21 ,979 344 503 -159 4,197 4,176 20 142 -121 1,085 1,087 -1 18 -19 16. 22,153 21,816 337 453 -116 4,132 4, 123 9 116 -108 1,080 1,074 6 29 -24 23. ... "22,104"21,717 "387 520 "-133 "4,125 "4,097 "29 103 "-74 "1,093 fl,087 f6 40 "-34 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 BANK RESERVES AND RELATED ITEMS 357 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves . Borrow­ Reserves Borrow­ ings at Free ings at Free Total F.R. reserves Total F.R. reserves held Required Excess Banks held Required Excess Banks 1929—June.............................. 761 749 12 409 -397 632 610 22 327 305 1933—jUne.............................. 648 528 120 58 62 441 344 96 126 30 1939—Dec................................ 3,140 1,953 1,188 1 ,188 1,568 897 671 3 668 j 941 —Dec................................ 4'317 3^014 1,303 1 1,302 2^210 1,406 804 4 800 6,394 5,976 418 96 322 4,576 3,566 1 011 46 965 1947—Dec................................ 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec................................ 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1955—Dec................................ 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec................................ 8,078 7,983 96 300 -203 5,859 5,371 488 144 344 1957—Dec................................ 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec................................ 7,940 7,883 57 254 -198 5,849 5.419 430 162 268 1959—Dec................................ 7,954 7,912 41 490 -449 6,020 5,569 450 21 3 237 I960—Dec................................ 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—Dec................................ 8,367 8,308 59 39 20 6,931 6,429 502 31 471 1962—Dec................................ 8,178 8,100 78 130 -52 6'956 6,515 442 48 394 1963—Dec................................ 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 1964—Dec................................ 8^735 8,713 22 125 -103 7’707 7,337 370 55 31 5 1965—Feb................................ 8,548 8,485 63 207 -144 7,622 7,263 359 53 306 8^562 8'546 16 163 - 147 7'576 7,279 297 83 214 8,682 8,648 34 271 -237 7,633 7,326 307 86 221 8; 602 8,553 49 383 -334 7,619 7,358 261 91 170 8'653 8,635 18 287 -269 7'750 7^448 302 87 215 July............................... 8,774 8,724 50 264 -214 7,831 7,527 304 107 197 8'659 8,626 33 263 -230 7,784 7’461 323 160 163 8'683 8'640 43 286 -243 7,873 7,549 324 1 34 190 Oct................................ 8,814 8',776 38 245 -207 7,941 7,650 291 124 167 8^800 8,757 43 221 -178 8'069 7'755 314 112 202 Dec................................ 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 9,033 9,010 23 164 -141 8,291 7,988 303 84 219 Feb................................ r'8,825 7’8,771 3’54 204 7’-150 ”8,147 ”7,849 ”298 151 ”147 Week ending— 1965—Feb. 3......................... 8,594 8,568 26 122 -96 7,603 7,275 328 53 275 10......................... 8,529 8,487 42 307 -265 7,708 7’281 427 54 373 17......................... 8,511 8'467 44 130 -86 7,501 7,252 249 48 201 24......................... 8,480 8'440 40 280 -240 7'727 7^247 480 48 432 8,669 8,617 52 258 -206 7,745 7 453 292 170 122 ‘ 8......................... 8^601 8'551 50 286 -236 7'779 7,471 208 141 167 15........................ 8'625 8,565 60 291 -231 7,891 7,536 355 191 164 22......................... 8'762 8,743 19 312 -293 8'023 7'623 400 89 311 29......................... 8,778 8^688 90 322 -232 7'776 7’568 208 126 82 8,765 8,739 26 304 -278 7,987 7,576 411 109 302 13........................ 8,755 8’714 41 194 -153 7,853 7’635 218 125 93 20......................... 8,907 8,870 37 278 -241 8,133 7'693 440 124 316 27......................... 8,795 8^771 24 186 -162 7'833 7^670 163 132 31 Nov. 3......................... 8,842 8,802 40 238 -198 7,991 7,685 306 113 193 10......................... 8,769 8,725 44 129 -185 8'053 7’752 301 126 175 17......................... 8,784 8’762 22 208 -186 8'206 7,766 440 i 17 323 24. . . ................... 8,758 8'710 48 212 -164 7 ,’956 7,760 196 99 97 Dec. 1......................... 8,871 8,825 46 313 -267 8,092 7,775 317 111 206 8 8,949 8,845 104 309 -205 8^054 7,797 257 130 127 15........................ 8,907 8'842 65 267 -202 8'284 7,840 444 58 386 22......................... 9,146 9,102 44 72 -28 8,111 7,944 167 62 105 29......................... 9,160 9,125 35 252 -217 8,361 7,963 398 112 286 1966—Jan. 5........................ 9,247 9,218 29 233 -205 8,284 8,002 282 116 166 12......................... 9,132 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......................... 8,939 8,906 32 145 - 1 13 8,214 7',940 274 72 202 Feb. 2......................... 8,928 8,913 15 194 -179 8,224 7,910 314 162 152 9......................... 8,868 8,820 48 232 -184 8,174 7,896 278 111 166 16......................... 8,793 8'757 36 160 -125 8 J 49 7^861 288 148 140 23......................... 7’8,753 7’8'719 ”34 229 ”-195 ”8'130 ”7’813 ”318 148 ”170 i 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. All 1965 figures final; they 1959; thereafter on closing figures for balances with F.R. Banks and open­ may not agree with those previously published in the Bulletin. ing figures for allowable cash; see also note 3 to preceding table. Required reserves: Based on deposits as of opening of business each day. Note.—Averages of daily figures. Monthly data are averages of daily Borrowings al F.R. Ranks: Based on closing figures. figures within the calendar month; they are not averages of the 4 or 5 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

358 MAJOR RESERVE CITY BANKS MARCH 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 c v e e e ­ s s s 1 r a B o t B w a F o n in . r k R g ­ s s . F i f t b e n r u N a a d n t n e e n e d s t r r k s a ­ . l S d u e o r f p i r c l u . i t s P r r e e e a s q r e o v u c r g f i v e r . e e n s d t ch P a u s r e ­ s Sales a 2 c T tr t - a o i w o n t n a a s y s l ­ 2 b c o b h P u a f a y u n n s i k r n e e ­ s s g t s o b S e a f a l n l l n i e n k e s s g t d L e o a t a o le n r s s 3 de f r B i r a o n o o l g w e m r s r ­ ­ s 4 lo N a e n t s Total—46 banks 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 Feb. 2.............19 91 767 -839 8.5 2,699 1,932 1,276 1 ,423 656 i ,040 69 971 9.............46 229 841 -1 ,024 10.5 2,503 1 ,662 1,075 1,428 586 795 83 711 16............. -5 188 789 -983 10.2 2,655 1,865 1,121 1 ,533 744 784 107 677 23............. 37 222 468 -653 6.8 2,564 2,096 1 ,315 1,249 781 555 172 383 8 in New York City 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 Feb. 2.............5 10 82 -87 2.2 1,180 1,099 621 560 478 755 63 693 9.............15 142 4 -130 3.3 1 ,048 1,044 565 484 480 608 64 543 16............. -32 116 96 -244 6.3 1,194 1 ,098 569 625 529 571 78 493 23............. 21 103 -171 89 2.3 1 ,003 1,174 685 318 489 424 115 310 38 outside New York City 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 Feb. 2.............14 81 686 -753 12.7 1,519 833 656 863 178 284 6 278 9.............30 87 837 -894 15.3 1 ,455 617 511 944 107 187 19 168 16............. 27 72 694 -738 1.2.7 1 ,460 767 552 909 215 213 29 184 23............. 16 119 639 -742 12.8 1,561 922 631 931 292 131 58 73 5 in City of Chicago 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 25............. 1 59 31 1 -368 37.8 446 135 116 330 20 32 32 Feb. 2.............5 41 373 -408 41.1 498 125 111 387 14 23 23 9.............1 15 310 -325 33.3 424 113 108 316 5 6 6 16............. 5 21 219 -235 24.4 336 117 1 17 219 11 11 23............. 5 34 130 -158 16.2 304 175 134 170 41 2 2 33 others 1966—Jan. 5............. 23 ill 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 Feb. 2............. 9 40 313 -344 7.0 1,021 708 545 477 163 261 6 255 9.............30 72 527 -569 11.7 1,031 504 403 628 101 I8L 19 162 16............. 23 51 475 -503 10.4 1,125 650 435 690 215 202 29 173 23............. 10 85 509 -584 12.1 1,257 748 496 761 251 128 58 70 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, sec 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

MARCH 1966 DISCOUNT RATES 359 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 Feb. 28 date rate Feb. 28 date rate Feb. 28 date rate Boston............................................... 4!4 Dec. 8, 1965 4 5 Dec. 8, 1965 4'4 5(4 Nov. 24, 1964 4*4 New York................................... 414 Dec. 6, 1965 4 5 Dec. 6, 1965 4'4 5(4 Dec. 6, 1965 5 Philadelphia...................................... 416 Dec. 10, 1965 4 5 Dec. 10, 1965 414 5'4 Dec. 10, 1965 5 Cleveland........................................... 4'4 Dec. 10, 1965 4 5 Dec. 10, 1965 414 6 Dec. 10, 1965 51/4 Richmond......................................... 4'4 Dec. 10, 1965 4 5 Dec. 10, 1965 4% 5'4 Dec. 10, 1965 5 Atlanta.............................................. 414 Dec. 8, 1965 4 5 Dec. 8, 1965 4% 6'4 Dec. 8, 1965 6 Chicago............................................ 414 Dec. 6, 1965 4 5 Dec. 6, 1965 4'4 5'4 Dec. 6, 1965 5 St. Louis............................................ 4 >4 Dec. 10, 1965 4 5 Dec. 10, 1965 4'4 5'4 Dec. 10, 1965 5 Minneapolis..................................... 414 Dec. 10, 1965 4 5 Dec. 10, 1965 % 5 >4 Dec. 10, 1965 5 Kansas City............................ 414 Dec. 13, 1965 4 5 Dec. 13, 1965 5 >4 Dec. 13, 1965 5 Dallas................................................. 414 Dec. 10, 1965 4 5 Dec. 10, 1965 4(4 5'4 Dec. 10, 1965 5 San Francisco............................... 4'4 Dec. 10,. 1965 4 5 Dec. 10, 1965 4(4 5‘4 Dec. 10, 1965 5 i Advances secured by U.S. Govt, securities and discounts of and secured by FICB securities are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances 2 Advances secured to the satisfaction of the F.R. Bank. Maximum secured by securities of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts 1 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. O In c t e ffe 3 1 c 5 t 0 .. D . . . . e . . . . . . c 1 . . . . . 9 . . . . 3 4 . . . . 2 1 . . . . , . . . . . . 1 . . . . 9 . . . . 4 . . . . 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . t t 1 5 >4 1 4 - -1 1 '4 t' 1 1 I 4 ­ A M u ‘ a g " y . 1 1 4 2 5 2 5. . . . . A . . . . . . . . . . . . . . . p . . . . 1 . . . . . . 9 . . . . r . . . . . . . 5 . . . . . . . . . . 5 . . . . . . . . . . 1 . . . . . . . . . . 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... 2 2 1 1 1 .1 . ’ ’ . ' 4 4 '. 4 4 1 .. - - - - - ’ .- 4 2 2 2 2 . 1 1 ' ' ' ' M ’ 4 4 4 4 4 2 2 2 1 1 1 1 ' ’ ’ ’ 4 4 ' 4 4 4 J S M M u e a n a p e y r t. . 2 1 1 1 6 9 2 1 8 . . . . . . . . . . . . . . . . . . . . . . . . . 1 . . . . . . . . . 9 . . . . . . 5 . . . . . . . . . . 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . . . . . . . . 6 . . . . . . . ....... 3 3 2 .. ' ' . 4 4 . 4 3 3 .. - - - ' . 4 4 3 3 ... ' . 4 ... ......... 4 3 4 ^ 3 ‘ 13............................... 2'4 2'4 1946 t >4-1 1 Nov. 2 1 3 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2'4 2 - '4 2'4 2 2 ' ' 4 4 1960 t i 3'4-4 4 1956 10.............................. 3'4-4 3% Apr. 13............................... 2'4-3 2’4 14.......................... 3'4 314 1948 ' 20............................... 2’4-3 2’4 Aug. 12.................... 3 -3'4 3 i -w* 1'4 Aug. 24.............................. 2’4-3 3 3 3 19................................... 1'4 1'4 ~ 31.............................. 3 3 Aug. 13................................... i’/4-i'4 1'4 “ 23................................... l >4 1'4 1957 1963 1950 Nov ~ . 2 1 3 5 . . A . . . . . . u . . . . g . . . . . . . . . . . . . . . 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... 3 3.. .. 3 .. - -. '4 . 3 3. ' ' 4 4 3 3 3 '4 July 17...................... ’ . .... 2 .. 6 .. ....... 3 . ...3.. - '.4 3 ... ' . 4 .. .......... 3 3. 1 *4 4 1’4-1’4 3 3 ~ 25.................................. 1’4 1% 1964 1958 Jan. 22........................... 2’4-3 3 Nov. 24.............................. 3'4-4 4 1953 24............................... 2’4-3 2’4 30.............................. 4 4 Jan. 16.................... 1’4-2 2 Mar. 7............................... 2'4-3 2'4 23................................. 2 2 13............................... 2'4-2’4 2'4 21............................... 2'4 2'4 1965 1’4-2'4 1’4 4 -4'4 4*4 1954 1’4 1’4 13...........4..'.4................4*4 Feb. 5................................ 1’4-2 1’4 1’4-2 1’4 15................................. 1% 1’4 1’4-2 2 ' 16................................. 1 1 ’4 '4 - - 1 1 ’ ’ 4 4 1 1 ’ ' 4 4 Oc ' t. 2 2 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 -2'4 2 2 1966 May 21................. 1'4 1'4 Nov. 7............................... 2'4 2'4 In effect Feb. 28........... 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. 31-Nov. 17, Dec. 28-29, Note.—Discount rates under Secs. 13 and 13a (as described in table 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2,50; June 29, 2.75; July above). For data before 1942, see Banking and Monetary Statistics. 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct, 23, Nov. 3, 1943, pp. 439-42. 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, The rate charged by the F.R. Bank of N.Y. on repurchase contracts 28, 30, 31, 3,875; 1965—Jan. 4-8, 3.875. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

360 RESERVE REQUIREMENTS MARCH 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 1 J 9 a 1 3 n , 6 . 1 J 9 a 1 5 n , 7 . 1 J 9 a 1 6 n , 2 . 1 J 1 9 u 7 6 ly . 3 N 1 2 9 o 4 6 v , 4 . D 19 6 e 6 , c 5 . Effective date 1 C b re a e c s n n i e ty k t r r v s a e 3 l R b e a c s n i e t k y rv s e C ba o tr n u y k n s ­ r r e e c a s s i e n e ty r d r v v e e C ba t o r n u y k n s ­ banks Savings deposits: 1 year or more.................. 2« 3 4 4 4 4 Less than 1 year............... 2'/i 3 3',4 3V4 4 4 In effect Dec. 31, 1948 .. 26 22 16 7’4 7’4 Other time deposits: * 1949—May 1,5.......... 24 21 15 7 7 1 year or more.................. 2W 3 4 4 5!4 June 30, July 1., 20 14 6 6 6 months-1 year................ 214 3 3!4 4 Aug. 1, 11........ 23 J/2 1914 13 5 90 days-6 months............. 2 2% 2>4 4 4'4 5'4 Aug. 16, 18........ 23'" 19“ 12 5 Less than 90 days............ 1 1 1 1 4 5>4 Aug. 25.............. 221/2 18*4 (30-89 days) Sept. 1............... 22" 18 1951—Jan. 11, 16......... 23 19 13 6 6 Jan. 25, Feb. 1,. 24 20 14 1 For exceptions with respect to foreign time deposits, see Oct. 1962 1953—July 1,9.......... 22 19 13 Bulletin, p. 1279, and Aug. 1965 Bulletin, p. 1084. 1954—June 16, 24........ 21 5 5 July 29^ Aug. 1. 20 18 12 Note.—Maximum rates that may be paid by member banks as estab­ 1958—Feb. 27, Mar. 1. 19*6 17*4 1114 lished by the Board of Governors under provisions of Regulation Q. Mar. 20, Apr. 1,. 19 17'" 11" Under this regulation the rate payable by a member bank may not in Apr. 17............... 18’/4 any event exceed the maximum rate payable by State banks or trust cos. Apr. 24............... 18 16'4 on like deposits under the laws of the State in which the member bank I960—Sept. 1............... 17'4 is located. Effective Feb. 1, 1936, maximum rates that may be paid Nov. 24............... 12 by insured nonmember commercial banks as established by the FDIC, Dec. 1............... 1614 have been the same as those in effect for member banks. Rates for postal savings deposits are shown each year in the Board’s 1962—Oct. 25, Nov. 1. 4 4 Annual Report. , Maximum rate payable on al] types of time and savings deposits: In effect Mar. 1, 1966... .......1..6..’.4... 12 4 4 Nov. 1, 1933-Jan. 31, 1935, 3 per cent; Feb. 1, 1935-Dec. 31, 1935, 2^ per cent. Present legal requirement: 10 7 3 3 MARGIN REQUIREMENTS Maximum..................................... 22 14 6 6 (Per cent of market value) t When two dates are shown, a first-of-month or midmonth date records changes at country banks, and any other date (usually a Thurs.) Effective date records changes at central reserve and reserve city banks. ' 2 Demand deposits subject to reserve requirements are gross demand Regulation deposits minus cash items in process of collection and demand balances July 28, July 10, Nov. 6, due from domestic banks. 1960 1962 1963 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 2y2 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 I per cent effective Dec. 3, 1959, and Sept. 1, For loans by banks on stocks................... 70 50 70 1960, respectively; all member banks were allowed to count all vault cash as reserves effective Nov. 24, I960. Note.-—Regulations T and U prescribed in accordance with Securities Exchange Act of 1934, limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of extension; margin require­ ments are the difference between the market value (100 per cent) and the maximum loan value. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks All Country Ai! 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 Jan. 5, 1966 Four weeks ending Feb. 2, 1966 Gross demand—Total. . . 148,574 28,490 6,927 55,404 57,753 Gross demand—Total. . . 146,527 27,902 6,686 54,282 57,657 Interbank...................... 16,293 4,875 1,331 7,932 2,155 Interbank................. 16,044 4 891 1,285 7,704 2, 165 U.S. Govt...................... 4',002 885 '260 1 ,455 1 ,402 U.S. Govt....................... 3,118 601 116 1 249 1 ' 153 Other................... 128,279 22,731 5,336 46,016 54J95 Other.............................. 127'365 22,411 5,286 45,330 54,339 Net demand 1................... 120'706 21,976 5,694 44,000 49,035 Net demand 1................... 118’987 21'159 5,492 43,237 49’100 Time................................... 120,026 18'364 5,008 45,309 51 345 Time.................................. 121,533 18,542 4,908 45,896 52,188 Demand balances due Demand balances due from dom banks......... 8 083 179 122 2,062 5,720 from dom. banks......... 7,873 173 HO I ,989 5,601 Currency and coin...... 4,011 347 75 1 '212 2,377 Currency and coin........... 3,946 325 72 1 ,178 2’370 Balances with F.R. Balances with F.R. Banks....................... 18,894 4,037 1 ,070 7,902 5,884 Banks............................. 18,726 3,929 1,035 7,828 5,936 Total reserves held.......... 22’905 4,384 1’145 9'114 8,261 Total reserves held........... 22,672 4,254 1' 107 9,006 8,306 Required......................... 22,511 4,361 r,I40 9,072 7,938 Required....... ........... 22,285 4,233 103 8,970 7,979 Excess............................. 394 ' 23 ' 5 ' 42 '323 Excess............... 387 ' 2/ ' 4 36 '327 i Demand deposits subject to reserve requirements are gross demand Note.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 OPEN MARKET ACCOUNT 361 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 196S 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 1H -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 1966 Jan....................................................... 894 919 228 894 919 228 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 1965—Jan....................................................... Feb.................................................... 46 ................... -1.752 23 12 Mar................................................... 36 574 45 -574 10 Apr..................................................... May..................................................... 65 -2,521 32 12 June.......................................... 185 166 43 July..................................................... Aug..................................................... 61 -1,821 35 — 116 io Sept................................................... 107 40 4 Oct...................................................... Nov................................................... 5,582 Dec ................................................... 1966—Jan....................................................... Repurchase agreements Bankers’ acceptances (U.S. Govt, securities) Net change Net change in U.S. Govt, Month in G o U v . t S . . Under s a e c c c u e r p iti t e a s n c a e n s d Gross Gross securities Outright, repurchase purchases sales net agreements, net 1965 Jan ............................................. 1 ,753 2,17! -303 -1 22 -281 Feb ................................................. 983 1,019 166 „4 -40 122 Mar ................................................ 482 434 684 I 71 756 Apr..................................................... 1,831 1,717 163 -J -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 1966—Jan...................................................... 1 ,595 1,545 -203 -2 -75 -280 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

362 FEDERAL RESERVE BANKS MARCH 1966 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1966 1966 1965 Feb. 23 Feb. 16 Feb. 9 Feb. 2 Jan. 26 Feb. Jan. Feb. Assets Gold certificate account.................................... 11.694 11.694 11,696 11,696 11,681 11,709 11,696 13,112 Redemption fund for F.R. notes.................................... 1 ,723 1 ,725 1,731 I,'740 I ,'740 1^723 1,740 I,'549 Total gold certificate reserves................................... <. , 13,417 13,419 13,427 13,436 13,421 13,432 13,436 14,661 Cash..................................................................................... 186 188 172 168 167 190 173 175 Discounts and advances: Member bank borrowings ........................................... 636 724 423 595 912 295 219 255 Other............................................................................... 20 20 20 20 20 20 20 45 Acceptances: Bought outright............................................................. 73 73 73 73 73 73 73 54 Held under repurchase agreements............................. 31 33 36 35 73 49 37 17 U.S. Govt, securities: Bought outright: Bills.............................................................................. 8,579 8,842 9,299 9,221 8,658 8,768 8,847 6,281 Certificates—Special,. ............................................ Other......................................... Notes........................... . ................................. 24,871 24,828 24,828 24,828 24,828 24,871 24,828 25,697 Bonds.......................................................................... 6,550 6,550 6'550 6,550 6,550 6'550 6^550 4,846 Total bought outright................................................... 40,000 40,220 40,677 40,599 40,036 40,189 40,225 36,824 Held under repurchase agreements............................ ’387 446 '340 ' 83 Total U.S. Govt, securities............................................ 40,000 40,220 41,064 41,045 40,036 40,189 40,565 36,907 Total loans and securities................................................. 40,760 41,070 41,616 41,768 41,114 40,626 40 914 37,278 Cash items in process of collection................................. 6,198 7,551 6,238 6,468 6'411 6,103 5,907 5 ,'876 Bank premises.................................................................... ' 102 102 '102 ' 102 '103 '102 ’ 102 '102 Other assets: Denominated in foreign currencies............................. 150 149 149 153 351 166 398 165 IMF gold deposited 1................................................... 37 37 36 36 36 37 36 All other......................................................................... 223 201 460 433 412 243 427 268 Total assets......................................................................... 61,073 62,717 62,200 62,564 62,015 60,899 61,393 58,525 Liabilities F.R. notes.......................................................................... 36,364 36,340 36.381 36.219 36,247 36,265 36,149 33,781 Deposits: Member bank reserves.................................................. 17,252 17,899 18,264 18,904 18,488 18,014 18,751 17,903 U.S. Treasurer—General account............................. '878 919 '925 1 ,039 740 805 823 988 Foreign ........................................................................... 129 139 142 167 134 140 283 154 Other; IMF gold deposit1..................................................... 37 37 36 36 36 37 36 All other..................................................................... 192 212 198 200 200 209 205 210 Total deposits.................................................................... 18,488 19,206 19,565 20,346 19,598 19,205 20,098 19,255 Deferred availability cash items...................................... 4.836 5,807 4,800 4,578 4,793 4,012 3,736 3,732 Other liabilities and accrued dividends......................... 182 191 '186 181 '168 196 178 '602 Total liabilities.................................................................. 59,870 61,544 60,932 61,324 60,806 59,678 60,161 57,370 Capital Accounts Capital paid in.................................................................. 556 556 556 555 555 556 555 532 Surplus................................................................................ 551 551 551 551 551 551 551 524 Other capital accounts.................................................... 96 66 161 134 103 114 126 99 Total liabilities and capital accounts............................. 61 .073 62,717 62,200 62,564 62,015 60,899 61,393 58,525 Contingent liability on acceptances purchased for foreign correspondents......................................... 135 136 138 134 136 135 134 118 U.S. Govt, securities held in custody for foreign account................................................................. 7,887 7,838 7,906 7,767 8,020 7,850 7,974 8,100 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)....................... 39,818 39,854 39,924 40,009 40,106 39,845 40,049 36,567 Collateral held against notes outstanding; Gold certificate account................................. 6.660 6,660 6,660 6,660 6,625 6,660 6,660 6,647 Eligible paper................................................................. 43 65 11 45 26 18 5 5 U.S. Govt, securities..................................................... 34,638 34,638 34,653 34,653 34,725 34,638 34,653 31,355 Total collateral.......................................................... 41,341 41,363 41,324 41,358 41,376 41,316 41,318 38,007 i See note 6 to table at bottom of page 428. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 FEDERAL RESERVE BANKS 363 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1966 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a a ­ ­ C la le n v d e­ m R o ic n h d ­ Atla ta n­ c C a h g i o ­ L S o t u . is M a i p n o n li e s ­ 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....................... 11,709 715 2,850 742 1 ,062 1,071 667 1,857 419 238 432 418 1,238 Redemption fund for F.R. notes........ 1,723 98 412 92 145 144 97 315 64 32 66 56 202 Total gold certificate reserves............. 13,432 813 3,262 834 1,207 1,215 764 2,172 483 270 498 474 1 ,440 F.R. notes of other banks.................... 1 ,057 77 243 68 104 93 119 100 44 30 34 61 84 Other cash............................................... 190 14 28 9 15 14 24 26 10 7 9 9 25 Discounts and advances: Secured by U.S. Govt, securities. . . 283 35 64 3 23 16 65 15 5 37 15 5 Other................................................... 32 5 J 2 11 3 1 * I 4 2 Acceptances: Bought outright. .............................. 73 73 Held under repurchase agreements . 49 49 U.S. Govt, securities: Bought outright................................. 40,189 2,089 9,920 2,114 3,319 2,741 2,282 6,799 1 ,456 885 1,531 1,503 5,550 Held under repurchase agreements. Total loans and securities.................... 40,626 2,125 10,111 2,118 3,321 2,765 2,309 6,867 1 ,472 890 1,569 1,522 5,557 Cash items in process of collection.. . 7,941 500 1 ,422 501 523 659 620 1 ,319 379 227 489 448 854 Bank premises.................................... • • 102 3 9 3 5 5 20 20 7 3 7 10 10 Other assets: Denominated in foreign currencies. 166 8 1 44 9 15 8 10 24 6 4 7 9 22 IMF gold deposited 2....................... 37 37 All other............................................. 243 11 60 12 22 17 14 38 8 5 12 10 34 Total assets............................................. 63,794 3,551 15,216 3,554 5,212 4,776 3,880 10,566 2,409 1,436 2,625 2,543 8,026 Liabilities F.R. notes.......................................... • ■ 37,322 2,226 8,484 2,193 3,172 3,356 2,165 6,790 1,419 692 1 .408 1,177 4,240 Deposits: Member bank reserves...................... 18,014 722 5,004 785 1 ,294 860 1,041 2,603 620 460 856 981 2,788 U.S. Treasurer—General account. . 805 41 143 44 62 82 44 150 73 21 36 40 69 Foreign................................................ 140 7 3 40 7 12 7 8 19 5 3 6 8 18 Other: IMF gold deposit 2...................... 37 37 All other.......................................... 209 143 4 1 3 I I 1 1 2 2 50 Total deposits......................................... 19,205 770 5,367 840 1 ,369 952 1,094 2,773 699 485 900 1,031 2,925 Deferred availability cash items.......... 5,850 486 998 445 545 390 538 791 242 225 256 260 674 Other liabilities...................................... 196 10 48 10 16 13 11 34 7 6 8 7 26 Total liabilities....................................... 62,573 3,492 14,897 3,488 5,102 4,71 1 3,808 10,388 2,367 1,408 2,572 2,475 7,865 Capital Accounts Capital paid in....................................... 556 27 145 30 50 29 33 80 19 13 25 32 73 Surplus..................................................... 551 27 144 30 50 28 33 79 19 13 24 32 72 Other capital accounts.......................... 114 5 30 6 10 8 6 19 4 2 4 4 16 Total liabilities and capital accounts.. 63,794 3,551 15,216 3,554 5,212 4,776 3,880 10,566 2,409 1 ,436 2,625 2,543 8,026 Ratio of gold certificate reserves to F.R. note liability (per cent): Feb. 28, 1966................................. 36.0 36.5 38,4 38.0 38.1 36.2 35.3 32,0 34.0 39.0 35.4 40,3 34.0 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 Feb. 28, 1965..... ................... 42.4 34,5 45,8 37.2 42.7 32,1 46.5 38.9 39,9 45,8 47,3 59.4 47.4 Contingent liability on acceptances purchased for foreign correspond­ ents................................................... 135 7 4 35 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)............................................... 39,845 2,355 9,022 2,288 3,452 3,537 2,365 7,242 1,507 732 1 ,485 1,267 4,593 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..................................... 18 3 15 U.S. Govt, securities......................... 34,638 1 ,945 8,200 1 ,900 2,950 2,678 1 ,900 6,400 1,310 625 1,300 1,130 4,300 Total collateral............................... 41,316 2,385 9,200 2,403 3,550 3,566 2,450 7,500 1 ,640 752 1,525 1,310 5,035 1 After deducting $122 million participations of other F.R. Banks. J After deducting $100 million participations of other F.R. Banks. 2 See Note 6 to table at bottom of page 428. 4 After deducting $100 million participations of other F.R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

364 FEDERAL RESERVE BANKS; BANK DEBITS MARCH 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 1966 1965 Feb. 23 Feb. 16 Feb. 9 Feb. 2 Jan. 26 Feb. Jan. Feb. Discounts and advances—Total..................................... 656 744 443 615 932 315 239 300 Within 15 days............................................................. 630 721 420 592 908 286 216 282 9 1 1 6 d da a y y s s t t o o 9 I 0 y e d a a r y . s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 * 23♦ 23♦ 23 24 29 * 23 18 * Acceptances—Total.......................................................... 104 106 109 108 146 122 110 71 Within 15 days............................................................... 46 51 54 52 90 62 54 34 16 days to 90 days........................................................ 58 55 55 56 56 60 56 37 U S Government securities—Total.............................. 40.000 40,220 41,064 41,045 40,036 40,189 40,565 36,907 Within 1 5 days 1........................................................... 1.136 ! .199 3.803 3 >67 I >30 '603 3,286 '662 16 days to 90 days......................................................... 9,852 10,087 4,012 4,097 5,820 10.453 4 >24 7,649 91 days to 1 year........................................................... 14,059 13,991 17,349 17,281 17,086 14,180 17>55 14'671 Over 1 year to 5 years.................................................. 13 J 19 13,109 14'066 14,066 14,066 13'119 14 066 11 >99 Over 5 years to 10 years............................................... 1 '449 1 ,449 1 ,449 1,449 1 >49 1 >49 1 ,449 1,820 Over 10 years................................................................. '385 385 '385 385 >85 >85 >85 306 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 r n lin d g s B fr e a lg n i c a s n C d a o n l a la d r i s an F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese N la e n th d e s r ­ f S ra w n is c s s guilders 1965—Apr............................... 315 297 1 2 1 I 2 1 3 8 May............................... 80 17 41 2 1 I 1 1 2 12 June.............................. 457 390 42 2 I 17 1 I 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 * Nov................................ 671 600 52 2 1 11 2 1 3 * BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 (In billions of dollars) Turnover of demand deposits Period S T M 2 o 2 S t 5 a A l ’s N Le .Y ad . ing S 6 M o S th A e ’s rs2 T c o N ( e t e a n . x Y t l c e . 2 l r ) . s 2 4 S o M 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 th A e ’s rs2 T S o N ( M t e a . x S Y l c A . 2 l ) . 2 ’s 4 S o M 2 th 1 S 8 e A r ’s 1964—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 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 >42.5 I,997.4 1,077.2 2,845.1 1 >67.9 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 1,830.3 48.4 100.0 44.5 35.2 31.2 May.............................. 4 >25.6 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 1,149.5 3,021.0 I,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 2'104.3 1,142.9 3,022.6 1,879.7 47.2 95.4 44.1 35.3 31.4 Oct................................. 5,129.9 2,061.0 1,165.4 3,068.9 1,903.5 47.4 96.3 43.8 35.1 31.4 Nov............................... 5,408.3 2,229.4 1,215.0 3,178.9 1,963.9 50.5 104.7 47.6 37.0 32.1 Dec................................ 5,523.1 2,273,5 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 Feb................................ 5,605.6 2,341.7 1,251.2 3,263.9 2,012.7 50.9 105.6 47.6 37.0 32.5 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

MARCH 1966 U.S. CURRENCY 365 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 2331 2,545 3,044 724 1,433 261 556 24 46 1945 ....................... 28,515 20,683 1,274 1,039 73 2,313 6382 9,201 7’834 2327 4,220 454 801 7 24 1947....................... 28,868 20,020 1,404 1 348 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950....................... 27,741 19,305 1,554 1J13 64 2,049 5,998 8,529 8,438 2,422 5 343 368 588 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 I960....................... 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2'815 5,954 249 316 3 10 1961....................... 33,918 24,388 2,582 1,588 92 2,313 6378 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 26^07 3 330 1J722 103 2,469 7373 12J09 10,885 3 321 7'110 249 298 3 4 1964....................... 39,'6l9 28,100 3,405 1,806 111 2,517 7,543 12,717 11'519 3,381 7,'59O 248 293 2 4 1965—Jan............. 38,540 27,158 3,435 1,709 110 2,381 7,256 12,267 11,382 3,321 7,519 246 290 2 4 Feb............ 38,593 27,227 3,468 1,702 110 2,375 7,282 12,289 11,366 3310 7,517 245 288 2 4 Mar............ 38,816 27,424 3,520 1,704 111 2,391 7,327 12,371 11,392 3,316 7,536 245 288 2 4 Apr............ 38,760 27,365 3,566 1,714 112 2,381 7,275 12,317 11394 3313 7 344 244 288 2 4 May...... 39,207 27,758 3,608 1,740 114 2,427 7,375 12,494 11,449 3,332 7,579 244 289 2 4 June.......... 39;720 28,188 3,662 1352 116 2,447 7,489 12,723 11,532 3361 7 335 243 287 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 40,165 28,506 3,751 1361 118 2,442 7,513 12,921 11,659 3389 7,735 243 286 3 4 Sept............ 40 343 28i724 3 308 1383 120 2,474 7,599 12,941 11'719 3 392 7,792 243 286 3 4 Oct............ 40,754 28,926 3356 1 307 121 2,489 7,624 13,029 11,828 3,411 7,883 243 285 3 4 Nov............ 41,824 29,829 3,956 1 358 124 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 8,135 245 288 3 4 1966—Jan............ 41,092 28,982 4,060 1 318 127 2,489 7,514 12,974 12,110 3.482 8,092 243 286 3 4 J Outside Treasury and F.R. Banks. Before 1955 details arc slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break­ Note.-—Condensed from Circulation Statement of United States down is not available. Money, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Held by Total out­ Kind of currency s J t a a 1 n n 9 . 6 d 3 6 in 1 g , A g s a o s g s l i d l a e v i c e n a u r s n r t d it y Tre ca a s s h ury B F F a a . n n o R d k r . s A B F g a a . e n n R n d k . t s s Ja 1 n 9 . 66 31, De 1 c 9 . 6 5 31, Ja 1 n 9 . 6 3 5 1, certificates Agents Gold..................................................................................... 13,733 (13,436) 2 297 Gold certificates................................................................. (13.436) J 13,435 1 F.R. notes........................................................................... 40.051' 140 3,904 36,007 36,973 33,585 Treasury currency—-Total................................................. 5,639 (672) 380 .............1..7..3. 5,085 5.082 4,955 Standard silver dollars.............................................. 485 3 • 482 482 482 Silver bullion.............................................................. 1 003 669 333 Silver certificates........................................................ (672) 5 38 629 651 1,120 Fractional coin4...................................... • 3,723 40 104 3,578 3,545 2,954 United States notes................................................... 323 1 31 291 299 289 In process of retirement5......................................... 106 * • 105 105 1 10 Total—Jan. 31,1966....................................................... 659,422 (14,108) 817 13,435 4,078 41,092 Dec. 31, 1965....6. ..5..9..,.6..5..9...........(.1..4...,.1..2..4..)...............760 13,435 3,408 42,056 Jan. 31,1965 ....................................................... 6 57,419 (16,173) 653 12.090 6,136 38,540 i Outside Treasury and F.R. Banks. Includes any paper currency held 5 Redeemable from the general fund of the Treasury. outside the United States and currency and coin held by banks. Esti­ 6 Does not include all items shown, as some items represent the security mated totals for Wed. dates shown in table on p. 355. for other items; gold certificates are secured by gold, and stiver certificates 2 Includes $156 million reserve against United States notes and $36 by standard silver dollars and monetized silver bullion. Duplications million gold deposited by and held for the International Monetary Fund. are shown in parentheses. 3 Consists of credits payable in gold certificates: (1) the Goki Certificate Fund—Board of Governors, FRS, and (2) the Redemption Fund for F.R. Note.—Condensed from Circulation Statement of United States notes. . Money, issued by the Treasury. For explanation of currency reserves 4Through Dec. 31, 1965, shown separately as Subsidiary silver coin and security features, see the Circulation Statement or the Aug. 1961 and Minor coin. For this breakdown see earlier Bulletins. Bulletin, p. 936. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

366 MONEY SUPPLY MARCH 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 n s n e i d t n t jus a te d d ­ 1 Total c C om ur p re o n n c e y n t co D d m e e m p p o o a n s n i e d t n t jus a te d d ­ 1 d d e e p m os a i n ts d 1 1957—Dec...................................................... 135.9 28.3 107,6 57.4 139.3 28.9 110.4 56.7 3.5 1958—Dec...................................................... 141.1 28.6 112.6 65.4 144.7 29.2 115.5 64.6 3.9 1959—Dec...................................................... 141.9 28.9 113,1 67.4 145.6 29,5 116.1 66.6 4.9 1960—Dec.................................................... 141.1 28.9 112, 1 72.9 144.7 29.6 115.2 72.1 4.7 1961—Dec...................................................... 145.5 29.6 116.0 82.7 149.4 30.2 119.2 81.8 4.9 1962—Dec...................................................... 147.5 30.6 1 16.9 97.8 151.6 31.2 120.3 96.7 5.6 1963—Dec...................................................... 153.1 32.5 120.6 112.2 157.3 33,1 124.1 111.0 5.1 1964—Dec...................................................... 159.7 34.2 125.4 126.6 164.0 35.0 129.1 125.2 5.5 1965—Dec...................................................... 167.4 36.3 131.2 147,0 172.0 37.0 135.0 145.3 4.5 1965—Feb...................................................... 159.7 34.7 125.1 131,0 159.5 34.2 125.3 130.8 5.7 Mar..................................................... 160.3 34.7 125.6 132.1 159.0 34.3 124.6 132.7 6.7 Apr..................................................... 161.1 34.7 126.4 133.5 161.6 34.5 127.1 134,0 5.6 May................................,.................. 160.0 34.9 125.1 134.6 157.6 34.6 123.0 135.4 9.7 June................................................... 161.8 35,0 126.8 135.9 159.6 34.9 124.6 136.6 9.3 July..................................................... 162.5 35.2 127,3 137.6 160.9 35,4 125,6 138.3 9.1 Aug..................................................... 162.7 35.4 127.3 140.1 160.5 35.5 125.0 140.2 7.4 Sept..................................................... 164.3 35.6 128.7 141.6 163.2 35.6 127.5 141 .4 5.6 Oct...................................................... 165.6 35.9 129.7 143.6 165.8 36.0 129,8 143.5 5.0 Nov.................................................... 165.7 36.1 129.6 145,5 167.4 36.5 130.9 144.4 4.0 Dec.................................................... 167.4 36.3 131.2 147.0 172.0 37.0 135.0 145.3 4.5 1966—Jan...................................................... 168.4 36.7 131.8 148.0 173.0 36.5 136.5 147.4 3.7 Feb.''.................................................. 168. 1 36.8 131.2 148.9 167.9 36.3 131.6 148.7 5.1 Week ending— 1965—Sept. 1.............................................. 163.1 35.3 127.8 141.0 160.4 35.2 125,2 141,0 6.9 8.............................................. 163.2 35,4 127,8 141.0 161.6 35.9 125,7 141,3 5.6 15.............................................. 164.1 35.5 128.7 141.5 164.2 35.6 128.6 141.5 3.0 22.............................................. 165.2 35.7 129.5 141.6 164.8 35.6 129.2 141,0 5.7 29.............................................. 164.6 35.9 128.7 141.8 162.3 35,5 126,8 141.7 7.6 Oct. 6.............................................. 165.8 35.9 129.9 142.5 164.4 35,9 128,5 142.5 6.3 13.............................................. 165.5 35.9 129,6 143.5 165.4 36.2 129,2 143.3 4.1 20.............................................. 165.4 35.9 129.6 143.9 166.0 36.0 130,0 143,6 5.7 27.............................................. 165.5 36.0 129,5 144,1 J 66.0 35.8 130.2 144.0 4.8 Nov. 3.............................................. 165.9 36.1 129.9 144.5 167.7 35.9 131.7 144.2 4.3 10.............................................. 165.8 36.0 129.7 144,9 167,6 36,5 131,1 144.3 3.1 17.............................................. 165.6 36.1 129.4 145.4 167.8 36.5 131,3 144,2 3.3 24.............................................. 165.8 36.2 129.6 146.2 166.6 36,6 130.1 144,4 4.1 Dec. 1...................................... 165.7 36.2 129.6 146.4 167.4 36.6 130.8 144.7 5.7 8.............................................. 166.6 36.3 130.3 146.5 169.5 37.1 132.4 145.0 4.8 15.............................................. 166.5 36.3 130.2 146.8 17! .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...................................... 167.4 36.6 130.8 148.2 170.9 36.1 134.8 147.9 3.7 Feb. 2.............................................. 167.9 36.7 131.2 148.4 171 .0 36.1 134.9 148. 1 4.2 9.............................................. 168. 1 36.9 131.3 148.4 170. 1 36.6 133.5 148.3 4.3 16.............................................. 168.3 36.9 131.5 148.8 168.5 36.4 132. 1 148.7 4.5 23"............................................ 167.6 36.8 130.8 149.0 165.0 36.3 128.7 148.9 6.2 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 1947-58, see June 1964 Bulletin, pp. 679-89. banks other than those due to domestic commercial banks and the Averages of daily figures. Money supply consists of (1) demand U.S. Govt. deposits at all commercial banks other than those due to domestic com­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 BANKS AND THE MONETARY SYSTEM 367 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas­ Total ury U. S. Government securities liabil­ Capital Date 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 n r m c d i a ­ l F R e e d se e r r v a e l Other O s ri e t t i h c e u e s ­ r ca a n p n e it d t a l, c d u e r a p r n o e d s n i c ts y c m o n a u is e c n c ­ t ts . , 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 J86 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30..................... 17,644 2'963 54,564 22,157 23,105 19 JI 7 2,484 1 J04 9J02 75,171 68,359 6 J12 1941—Dec. 31.................... 22,737 3,247 64,653 26,605 29,049 25,511 2J54 1 J84 8,999 90,637 82,811 7,826 1945—bee. 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—bee. 31.................... 22'754 4,562 160,832 43,023 107,086 81 J99 22,559 3 J28 10,723 188,148 175,348 12 J00 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 J88 201,161 100,879 65J37 34,794 748 41,948 365 J27 333,114 31,915 bee. 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 Feb. 24.................... 14,900 5,400 362,600 213,100 104,300 66,500 36,700 1 JOO 45,200 382,900 347,600 35,300 Mar. 31.................... 14 J00 5 A00 367 J00 217,600 103,800 65 J00 37'600 1 J00 45 J00 387 J00 351'900 35 J00 Apr. 28............... 14,400 5,400 368,900 219,300 102,600 64,200 37,400 1 J00 47,000 388 JOO 354,000 34 J00 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 J00 376,500 226 J00 102,000 62 J00 39,200 600 48,100 395,800 360,000 35 J00 Aug. 25 . . ................. 13,900 5,500 378,700 228,100 101,500 61,300 39 JOO 1 ,000 49,100 398,000 361,100 37 J00 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 J00 5'500 385,900 231,900 104 J00 64,000 39'200 1 J00 49'700 405,200 368,300 36'900 Nov. 24^.................. 13 J00 5'500 389,000 234,300 105,400 64 J00 40,100 1 J00 49 J00 408,300 370 J00 38 J00 Dec. 29 ^.................. 13 J00 5'600 396 J00 240,200 105,900 64,000 40'900 '900 50 J00 415 JOO 379,000 36,500 1966—-Jan. 26^'............... 13,700 5,600 394,100 238.700 105,700 64.700 40.000 900 49 JOO 413,500 376,700 36,800 Feb. 23/’.................. 13,700 5,700 393,300 239,500 103,400 62,500 40,000 900 50 J00 412 J00 373,900 38,800 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 1 Not seasonally adjusted Time U. S. Government Date Total o b r u C e a t n s u n c i k r d y ­ s e d ju e m s D p a t a e o d e n d s ­ ­ d i t s 2 Total o r b u C e a t n s u n c i k r d y ­ s e d ju e m s D p a t a o e d e n s d ­ ­ d i t s 2 Total m C b e a o r n m c k i s a ­ 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 n ta ­ g l s n F e e i o g t n r­ 4 T h c i r u n e o a r g s a l y d s h s ­ ­ s c a m a c o v A i n e i m a n t d r l g ­ ­ s B F A a .R n t k . s banks 1929—June 29.... 26,179 3,639 22,540 28,611 19,557 8,905 149 365 204 381 36 1933—June 30.. . . 19,172 4,761 14,411 21,656 10,849 9,621 1,186 50 264 852 35 1939—Dec. 30.... 36,194 6,401 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 J13 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.... iiojoo 26,iob 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 JOO 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 JOO 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 JOO 153 J31 33 J20 120,311 166,627 119 J30 46 J82 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—Feb. 24.... 157,400 33,900 123,500 156,600 33,500 123,100 180,900 131 JOO 49,600 400 1,500 700 7,000 900 Mar. 31. 161 JOO 34,100 127,200 156,800 33,800 123,000 183 JOO 132 JOO 50,100 400 1 ,600 700 8,600 900 Apr. 28.. .. 159 JOO 33,800 125,200 159,100 33,500 125,600 184,600 134,100 50,100 400 1 ,500 800 7,100 1 JOO 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 JOO 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 JOO 34,500 125,200 158,400 34 JOO 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 JOO 800 7,600 900 Oct. 27/’... 163,900 35,200 128,700 164,600 35,100 129,500 195,900 143,800 51,900 300 1 ,600 800 4,300 1,100 Nov. 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 1,700 800 5,600 500 1966—Jan. 26*/’.. 166,500 36,000 130,500 168,700 35,500 133,200 200,700 147,600 52,800 300 1 ,600 800 4,000 700 Feb. 23/'... 164 JOO 36,100 128,100 163,400 35,700 127,700 201,700 148,400 53 JOO 300 1 ,600 800 5,500 900 1 Series begin in 1946; data are available only lor last Wed. of month. Note.—For back figures and descriptions of the consolidated condition 2 Other than interbank and U.S. Govt., less cash items in process of statement and the seasonally adjusted series on currency outside banks collection. and demand deposits adjusted, see “Banks and the Monetary System,” 3 Includes relatively small amounts of demand deposits. Beginning Section 1 of Supplement to Banking and Monetary Statistics, 1962, and with June 1961, also includes certain accounts previously classified as Jan. 1948 and Feb. 1960 Bulletins. other liabilities. Except on call dates, figures are partly estimated and are rounded to 4 Reclassification of deposits of foreign central banks in May 1961 the nearest $100 million. reduced this item by $1,900 million ($1,500 million to time deposits and $400 million to demand deposits). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

368 COMMERCIAL AND MUTUAL SAVINGS BANKS MARCH 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 v . t . Other a C ss a e s ts h c b a i a l a l i i p n a t c i i d ­ e - ta s l Total 1 m D a e n ­ d Time Demand Time 3 r B in o o g w r s - ­ c c T o a a o u p c t n i ­ a t t a s l b N a b u o 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. 314 134,92^ 43,002 81,199 10,72338,388 175,091 161,865 12,793 240 1 ,346 94,381 53,105 66 11,948 14,714 1963—Dec. 20., 302.251 192,686 69,06840,49751,536362,394 319,636 15.267 528 6,73' 141,576 155,531 3,70229,882 14,079 1964—Dec. 31., 329,739216,674 68,77944,28761,493401,161 356,308 17,938 821 6,517 155,248 175,785 2,70032,196 14,266 1965—Feb. 24. 328,920217,270 66,47045,18052,580391,080343,770 14,890 940 6,710 140,420 180,810 4,33032,200 14,290 Mar. 31 . 331,950221,040 65,14045,77055,520397,650350,890 16,300 950 8,350 142,150 183,140 3,67032,610 14,292 Apr. 28. 335,020223,890 64,18046,95052,580397,710349,320 14,450 920 6,850 142,600 184,500 5,02032,670 14,297 May 26. 336,360226,660 63,03046,67052,150398,710349.550 14,240 970 9,890 138,490 185,960 4,97033,000 14,300 June 30. 342,138231,737 62,60647,795 58,083410,935 362,611 16,172 1,034 11,802 145,319 188,284 3,72634,015 14,295 July 28. 340,780230,510 62,15048,12052,070403,210353,730 14,460 980 6,890 141,41C 189,990 4,73033.820 14,291 Aug. 25. 343,120232,710 61,32049,09051.460404,900354,34014,900 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 7,370143,440 193,620 4,40034,280 14,297 Oct. 27* 351,010237,290 64,04049,68053,870415,530363,760 15,710 1,030 4,120147,050 195,850 5,78034,510 14,303 Nov. 24*. 352,920239,370 64,27049,28055,940419,500366,550 15,770 1,030 5,390147,920 196,440 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* 358,200243,740 64,74049,72055,180424.570371,94015,490 1 .060 3.780 150,940 200.670 6,150 34.900 14.299 Feb. 23* 358,310245,440 62.47050,40056.260425,650371,75015,900 1 ,080 5.240 147.930201.600 6.73035,010 14,299 Commercial banks: 1941—Dec. 31. 50,746 21,714 21,808 7,22526,551 79,104 71,283 10 982 44 349 15,952 23 7,173 14,228 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,o!1 1947—Dec. 3B 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—Dec. 31 . 277,376 175,589 62,991 38,79660,489 346,921 307,170 17,938 819 6,510 155,184 126,720 2,67927,795 13,761 1965—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 11,796 145,266 137,366 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’* 296,990 194,560 58,72043,71055,040361,690314,540 15,770 1,030 5,390 147,870 144,480 5,97030,060 13,805 Dec. 29* 304,150201,030 58,52044,60057,430 371,560323,770 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 3,780 150,890 147,840 6,15030,230 13,794 Feb. 23* 301.350 199,610 56.88044.86055,340 366.800318,720 15,900 1 ,080 5.240 147.880 148,620 6.73030,300 13,794 Member banks: 1941—Dec. 31 43,521 18,021 19,539 5,96123,123 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 49,34229,07344,395 261,469229,376 14,518 382 5,986 1 17.562 90,929 3,49921,054 6,112 1964—Dec. 31 228,497 147,690 48,71732,08952,737 289,142255,724 17,007 664 5,838 128,539 103,676 2,481 22,901 6,225 1965—Feb. 24 227,093 147,818 46,36432,911 44,750279,488244,018 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 34,36045,106285.023248,563 13,710 759 6,263 117,569 110,262 4,80223,253 6,237 May 26 232,373 154,705 43,61534,05344,804285,331248,494 13,525 817 8,881 114,025 111,246 4.701 23,406 6,239 June 30. 237,328 158,832 43,39635,10050,198 296,049259,743 15,355 851 10,806 120,077 112,654 3,455 24,323 6,235 July 28 235,644 157,345 42,863 35,43644,703 288,568251 .216 13,671 803 6,296 116,404 114,042 4,59824,193 6,230 Aug. 25 237,093 158,885 42,06436,14443,951 289.232251,232 14,073 825 6,565 114,426 1 15,343 4,73224,279 6,227 Sept. 29 240,078 161,336 42,29436,44846,087294,704256,981 14,991 861 6,805 117,924 116,400 4,14824,432 6,223 Oct. 27 243,144 162,156 44,438 36,55046,119 297,674258,443 14,815 848 3,760 120,904 118,116 5,46224,654 6,223 Nov. 24, 244,260 163,597 44,55236, UI 48, U0300,784260,630 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 5,87324,896 6,212 Feb. 23* 247,810 168.112 42.73236,96648,453305,117 264,032 15,054 895 4,691 121,740 121.652 6,361 24,955 6,208 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 h 15,371 7 1,592 542 1947—Dec. 31“ 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—Dec. 31 . 52,363 41,085 5,788 5,490 1,004 54,239 49,138 .......... 2 7 64 49,065 21 4,401 505 1965—Feb. 24. 53,190 41,740 5,950 5,500 1,000 55,070 49,640 50 49,590 4,450 504 Mar. 31 . 53,600 42,000 6,100 5,500 1,010 55,540 50,120 50 50,070 4,510 503 Apr. 28. 53,780 42,360 5,860 5.560 940 55,650 50,180 50 50.130 4,460 504 May 26. 54,130 42,730 5,840 5,560 970 56,010 50,370 60 50,310 4.510 504 June 30. 54,415 43,096 5,753 5,566 1 ,020 56,382 50,980 1 7 53 50,918 43 4,536 504 July 28. 54,840 43,450 5,830 5,560 980 56,770 51,080 60 51,020 .......... 4,540 504 Aug. 25. 55,280 43,810 5,810 5,660 950 57,180 51,310 60 51,250 4,610 504 Sept. 29. 55,600 44,140 5,790 5,670 950 57,510 51,680 60 51 ,620 4,650 504 Oct. 27. 55,680 44,490 5,590 5,600 980 57,610 5),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. 26r. 56,700 45,610 5,550 5,540 920 58,590 52,880 50 52,830 4,670 505 Feb. 23*. 56,960 45,830 5,590 5,540 920 58,850 53.030 .......... 50 52,980 .......... 4,710 505 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 369 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 1 Other Cla d J 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 i p i n a t c i i d e ­ t ­ a s l Total1 m D a e n ­ d Time Demand Time r B in o o g w r s ­ ­ c c T a o a o p u c t i n a ­ ta t l s l N ba b u o n e m f k r s ­ counts2 U.S. Other Govt, Reserve city member banks New York City: 5, 6 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 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 20,96011,446 1,438 3,984 13 1964—Dec. 31 39,507 27,301 6,178 6,028 11,820 53,867 45,191 5,088 436 1,486 23,896 14,285 1,224 4,471 13 1965—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. 26. 43,410 32,404 4,852 6,154 10,141 56,377 45,598 4,429 566 618 21,707 18,278 2,104 5.101 12 Feb. 23" 43,167 32,602 4,260 6,305 11,181 57,358 46,014 5,001 578 822 21,745 17,868 2,304 5,115 12 City of Chicago: 5 1941—Dec. 31 . 2,760 954 1 ,430 376 1,566 4,363 4,057 1 ,035 127 2,419 476 288 13 1945—Dec. 31. 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1 552 3,462 719 377 12 1947—Dec. 31 . 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 ’ 72 4,201 913 426 14 1963—Dec. 20. 9,615 6,220 1,705 I ,690 1,970 1 1 ,776 10,296 1 ,211 17 395 4,887 3,787 255 996 12 1964—Dec. 31. 10,562 7,102 1,873 1 ,587 2,366 13,289 11,807 1,448 22 396 5,362 4,578 204 1,056 12 1965—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 I ,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 11 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 Feb. 23" 10,940 7,877 1 ,533 1,530 2,444 13,857 11,606 1,174 34 223 5,100 5,075 613 1,122 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. 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 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—Dec. 31 84,670 57,555 16,326 10,78921,607 109,053 97,145 8,289 134 2,195 46,883 39,645 841 8,488 182 1965—Feb. 24 84,567 57,966 15,410 11,191 18,114 105,275 92,428 6,789 188 2,546 41,59041,315 1,663 8,529 184 Mar. 31 85,374 58,771 15,032 11,571 19,011 107,146 94,519 6,976 185 3,035 42,615 41,708 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 17,984106,851 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 18,790111,469 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 12,578 20,346 115,553 100,747 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 Feb. 23" 90,857 65,012 13,159 12,686 19,095 112,909 98,188 6,990 212 1,875 43,09546,016 2,676 9,032 171 Country member banks'.5, 6 1941—Dec. 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—Dec. 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—Feb. 24 93,280 55,319 24,154 13,807 15,234 110,568 98,863 1,752 64 1,980 48,65946,408 712 8,819 6,027 Mar. 31 93,867 56,127 23,754 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 14,422 111,467 99,665 1 ,729 64 1 ,596 49,02947,247 482 8,996 6,030 May 26 95.775 58,024 23,175 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 I ,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 Feb. 23"... 102,846 62,621 23,780 16,445 15,733 120,993 108,224 1,889 71 1,771 51,800 52,693 768 9,686 6,014 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

370 COMMERCIAL AND MUTUAL SAVINGS BANKS MARCH 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 a ll s k d s a a o t n e f d Total Loans U. S. as C s a e s ts h 1 c b a a i l l i p i n a ti i d ­ e ta s l Total i De­ Demand B r in o o g w r s - ­ c c T a o a o p u c t n i a ­ ta t l s l b N a b o u n e f m k r s ­ Govt. Other cou a n c t ­ s 2 mand Time U. S. Time 3 Govt. Other 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 92,975 34,882 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 12(5,185 2,58027,37713,486 1965—June 30.. 285,375 187,207 56,42641,742 56,555 351,544 309,612 15,920 928 11,761 144,205 136,71)8 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,(45 24,688 22,259 3,739 621 13,874 4,025 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 I ,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 40,725 29,642 1 ,795 7,506 1,497 1964—Dec. 31.. 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486 453 2,234 44,005 32,931 1 ,372 7,853 1 ,452 1965—June 30.. 80,339 55,455 13,166 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 I ,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 1! 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 1 10,351 1 1 ,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 .......... 1 2" 12 12,192 1,252 194 (962—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

MARCH 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 371 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— C a l n a d s s c o al f l b d a at n e k Total Loans G U o S .S v e t . c . urit O ie t s her a C ss a e s t h s 1 c c b T o a i a l a l o u i p i n a t c t n i i d a ­ e t ­ t a l s s l 2 Total 1 m D I a n e n t ­ e d rba T n im k1 e U.S D . e ma O O n t d t h h e e r r Time 3 r B in o o g w r s ­ ­ c c T a o a o p u c t n i ­ a ta t l s l b N a b u o n e m f k r 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 6 558 350 1947—Dec. 31 4................ 5,957 I ,384 3,813 760 211 6,215 5,556 2 5,553 637 339 1962—Dec. 28 ............. 5,961 3,938 1 ,490 533 106 6,134 5,427 6 5,420 608 180 1963—Dec. 20.................. 6,425 4,380 1 ,548 498 104 6,602 5,859 8 5,851 633 179 1964—Dec. 31............ 7,005 4,852 1 ,678 475 7,195 6,387 6 6,381 670 178 1965—June 30................. 7,385 5,126 1,778 481 110 7,576 6,686 20 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 1964 Bulletin. changes in F.R. membership, deposit insurance status, and the reserve 5 Regarding reclassification of New York City and Chicago as reserve classifications of cities and individual banks, and by mergers, etc. cities, see Aug. 1962 Bulletin, p. 993. For various changes between Data for Dec. 31, 1964 and June 30, 1965 for national banks have been reserve city and country status in 1960-63, see note 6, p. 5 87, May 1964 adjusted to make them comparable with State bank data. (Dec. 20, 1963, Bulletin. data also adjusted to lesser extent.) 6 Beginning with May 18, 1964, one New York City country bank with Figures are partly estimated except on call dates. loans and investments of $1,034 million and total deposits of $982 million For revisions in series before June 30, 1947, see July 1947 Bulletin, was reclassified as a reserve city bank. Beginning with May 13. 1965 pp. 870-71. (Toledo, Ohio), reserve city banks with total Ioans and investments of $530 million and total deposits of $576 million were reclassified as country banks. LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In bill ions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total1 Loans1 Total’ Loans1 U.S. Other U.S. Other Govt. Govt. 1957—Dec. 31................................................................... 166.4 91.4 57. 1 17.9 169.3 93.2 58.2 17.9 1958—Dec. 31................................................................... 181 .2 95.6 65.1 20.5 184.4 97.5 66.4 20.6 1959—Dec. 31.................................................................... 185.9 107.6 57.8 20.5 189.5 110.0 58.9 20.5 I960—Dec. 31................................................................... 194.5 113.8 59.9 20.8 198.5 116.7 61.0 20.9 1961—Dec. 30........................................................... 209.8 120.5 65.4 23.9 214.4 123.9 66.6 23.9 1962—Dec. 31................................................................... 228.3 133.9 65.2 29.2 233.6 137.9 66.4 29.3 1963—Dec. 31................................................................... 246.5 149.4 62.1 35.0 252.4 153.9 63.4 35.1 1964—Dec. 31................................................................... 267.2 167.1 61.4 38.7 273.9 172.1 63.0 38.8 1965—Dec. 3 i p................................................................. 294.0 191.8 57.6 44.6 301.3 197.6 58.9 44,7 1965—Jan. 27................................................................... 269.6 170.2 59.9 39.5 269.1 168.5 61.5 39.1 Feb. 24................................................................... 272.1 171.9 60.2 40.0 270.7 170.5 60.5 39.7 Mar.31................................................................... 275.5 175.8 59.6 40,1 273.9 174.5 59.0 40.3 Apr. 28................................................................... 277.3 177.1 59.1 41.1 275.9 176.2 58.3 41.4 May 26................................................................... 279.4 179.5 58.6 41.3 277.1 178.8 57.2 41.1 J une 30................................................................... 282.8 183.0 57.7 42. 1 283.9 184.9 56.9 42.2 July 28................................................................... 281.5 182.7 56.4 42.4 281.2 182.4 56.3 42.6 25...................... ..................................... 286.1 185.8 57.0 43.3 283.2 184.3 55.5 43.4 286.2 186.2 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. 3D’................................................................. 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 Feb. 297. ! 195.5 56.3 45.3 295.7 193.9 44.9 56.9 J 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, sec 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

372 COMMERCIAL BANKS MARCH 1966 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Loans 1 Investments For purchasing To . U.S. Government Total Com- or carrying institutions securities Class of loans 1 securities Other 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 a c i r u n n i i a a s ­ d l l ­ A c tu a u g l r l r ­ ­ i- b k a T e r n o o r d s ­ ot T he o r s ba T n o k s ot T he o r s t e a s te ­ v u d i t a i n o d i l ­ ­ s - Other Total Bills C ti e fi r - - Notes Bonds g s r l i a o e o ti n c c v e a u d t s , ­ l O s ri e t t h i c e e u 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 94769,221 2,193 7,789 6,03453,205 5,2763,729 1962—Dec. 28. . 235,839 140,106 48,673 7,0975,1442,131 2,578 8,45934,25930,5533,909 66,434 11,674 3,93223,841 26,98724,755 4,543 1963—Dec, 20.. 254,162 156,00652,947 7,4705,3532,509 3,605 9,47939,05634,5504,03463,196 11,059 1,65822,415 28,06529,7865,173 1964—Dec, 31 .. 277,376 175,58960,2177,505 5,5422,843 3,491 10,91343,67539,809 5,15262,991 13,377 19,039 30,57433,5335,263 1965—June 30.. 287,723 188,641 65,5468,0686,0662,912 3,788 11,46346,22343,0565,14856,853 8,920 14,67833,25536,541 5,688 All insured 1941—Dec. 31.. 49,290 21,259 9,214 1 ,450 614 662 40 .......... 4,773 4 505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec, 31.. 121,809 25,765 9,461 1,3143,164 3,606 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 I ,610 8231,190 114 .......... 9,266 5,654 91467,941 2,124 7,552 5,918 52,347 5,1293,621 1962—Dec. 28. . 234,243 139,44948,4587,0605,1192,103 2,551 8,43434,12330,4023,89065,891 1 1 ,514 3,91623,715 26,74624,5474,356 1963—Dec. 20.. 252,579 155,261 52,7437,4445,321 2,476 3,594 9,41538,861 34,383 4,015 62,723 10,952 1 .649 22,31627,80629,5595,035 1964—Dec. 31.. 275,053 174,23459,7467,4825,3552,794 3,419 10,81243,43639,627 5,11262,499 13,275 18,939 30,285 33,2945,026 1965—June 30.. 285,375 187,20765,053 8,0475,9252,860 3,680 11,34245,95142,8795,09256,426 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 8553,1333,378 47 3,455 1,900 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 U3 .......... 7,130 4,662 839 57,914 1 ,987 5,816 4,81545,295 4,1993,105 1962—Dec. 28.. 195,698 118,63743,843 4,4194,9541 ,777 2,445 7,93627,16224,7993,65752,968 8,862 3,249 19,443 21,41420,7733,319 1963—Dec. 20.. 210,127 (31,71247,4034,6595,1242,136 3,439 8,87531,00927,908 3,765 49,342 8,032 1,307 18,07221,93225,2103,864 1964—Dec. 31 . . 228,497 147,69053,7174,6435,1422,41 1 3,250 10,17934,58732,0244,82448,717 9,932 15,23823,548 28,374 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 Citv: 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 32 123 522 7,265 31 1 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 .......... 111 564 238 11,972 I ,002 640 558 9,772 638 604 1962—Dec. 28.. 32,989 21,954 11,943 172,766 425 572 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 I ,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 2,941 35 407 152 89 703 362 523 369 2,129 377 115 849 788 1 ,242 168 1963—Dec. 20.. 9,615 6,220 3,378 40 497 181 242 751 401 594 318 1 ,705 347 42 599 717 1 ,361 329 1964—Dec. 31. . 10,562 7,102 3,870 24 510 203 227 948 465 669 430 1,873 564 397 91 1 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 ,459 855 387 29,552 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 1,3421 ,053 1962—Dec. 28.. 73,130 46,567 17,660 1,179 1,053 752 1,020 3,58311,030 9,860 1 ,266 18,398 2,343 1,403 7,257 7,395 7,252 913 1963—Dec. 20.. 78,370 51,891 18,862 1,219 1,243 891 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 57.55521,102 I ,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 1 10 481 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 I ,262 1962—Dec. 28.. 80,623 44,698 11,2993,187 728 447 764 1 ,56314,441 12,273 82625,425 4,144 J ,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 16,11413,951 917 24,797 3,822 573 8,531 1 1 >71 10,3852,111 1964—Dec. 31 .. 93,759 55,733 14,5563,493 830 599 710 1,73017.96415,899 1 ,047 24,341 4,209 7,206 12,925 1 1 ,531 2,154 1965—June 30.. 97,043 59,411 15,641 3,713 629 616 796 1 ,67518,98417,413 1 ,074 22,697 2,932 5,849 13,915 12,6372,299 Nonmember 1947—Dec. 31 .. 18,454 5,432 1,205 614 20 156 2 2,266 1 ,061 109 11,318 206 1 ,973 1,219 7,920 1,078 625 1962—Dec. 28.. 40,141 21,469 4,8302,678 190 354 132 523 7,097 5,754 252 13,466 2,812 683 4,398 5,573 3,982 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 6,9063,099 336 470 272 729 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

MARCH 1966 COMMERCIAL BANKS 373 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Bal­ De­ b c C a a la n ll s k d s a a o n te f d B s F w e R a r . i n v R e t e h k ­ . s s r C c e a o n n u i c d n r­ y b m a a w d n e n c i o s t k e h t ­ i s s c 3 ju m p s d a o a t e d s e n i ­ ­ t d d s 4 m D e In s o t t ­ i e c r 3 ba e F n ig k o n r ­ 5 G U o .S vt . . S g lo a o t n c a v a d t t e l . c C c h o a f e i e e e n f r f r c s d d i t ­ k * i ­ s, J PC I b n a te nk r­ G P S U a o o a n . s S v v d t ­ t . a . l S g l a o o t n c a v a d t t e l . IPC B r in o o g w r s ­ ­ c C o a t a u a c p n l ­ i t ­ s etc. ings Total:2 1947—Dec. 31 ... . 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1962—Dec. 28. . . . 17,680 4,252 13,099 124,342 14,713 1 ,295 6,829 12,071 4,511 124,459 535 269 6,450 90,991 3,62724,094 1963—Dec. 20. . . . 17,150 4,048 12,312 126,579 14,048 1,218 6,729 12,256 4,494 124,784 526 269 7,908102,8863,66425,677 1964—Dec. 31 ... . 17,581 4,532 15,111 134,671 16,369 1,569 6,510 13,519 5,970 135,694 819 272 9,812116,635 2,67927,795 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 1 ,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 ill 826 33,946 61 9,734 1962—Dec. 28... . 17,680 4,232 12,795 123,361 14,579 1,265 6,815 11,991 4,434 123,744 402 269 6,397 90,7143,58423,712 1963—Dec. 20. . . . 17,150 4,033 11 ,984 125,615 13,900 1,177 6,712 12,175 4,429 124,098 443 269 7,853102,6003,571 25,277 1964—Dec. 31 ... . 17,581 4,515 14,613 133,336 16,210 1 ,454 6,487 13,423 5,856 134,764 733 272 9,766116,147 2,58027,377 1965—June 30. .. . 17,842 4,961 12,599 125,471 14,532 I ,387 1 1,761 13,199 5,906 125,100 928 278 10,522125,998 3,56229,051 Member, total: 1941—Dec. 31 ... . 12,396 1 ,087 6,246 33,754 9,7 14 671 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 74,316 3,55019,854 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 84,3263,499 21,054 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 2,48! 22,901 1965—June 30. . . . 17,842 3,853 7,831 101,733 14,009 1,346 10,806 10,127 5,449 104,502 851 247 8,592103,8143,45524,323 New York City: 1941—Dec. 31 ... . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1 ,648 1945—Dec. 3! . . . . 4,015 111 78 15,065 3,535 J, 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 I ,418 30 2,259 1962—Dec. 28.... 4,121 251 156 17,095 3,854 929 1,408 366 2,237 19,628 207 53 266 8,937 1,728 3,898 1963—Dec. 20. . . . 3,625 264 96 16,763 3,487 801 1 ,419 368 2,119 18,473 214 76 449 10,920 1,438 3,984 1964—Dec. 31 ... . 3,730 278 180 17,729 4,112 976 1 ,486 441 2,940 20,515 436 74 677 13.534 1,224 4,471 1965—June 30. . .. 4,274 314 199 16,430 4,H5 950 2,561 561 3,270 18,549 579 87 682 15,969 I ,423 5,094 Citv of Chicago: 1941—Dec. 31 . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 ........ 288 1945—pec. 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 1 10 8,221 1 ,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31 ... . 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1962—Dec. 28... . 7,671 1 ,021 2,253 35,481 7,229 248 2,337 3.216 980 39,413 82 83 2,633 28,027 1,388 7,263 1963—Dec. 20. . . . 7,587 935 2,105 35,859 6,958 267 2,212 3,144 1,034 39,281 95 72 2,950 31,982 1,416 7,697 1964—Dec. 31 .... 7,680 I ,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 I ,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 I ,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 7! 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 23,763 671 743 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..,.1..2..5 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 15 Through 1960, demand deposits other than interbank and U.S. Bulletin.) These figures exclude data for banks in U.S. possessions Govt., less cash items in process of collection; beginning with 1961, except for member banks. Comparability of figures for classes of banks demand deposits other than domestic commercial interbank and U.S, is affected somewhat by changes in F.R. membership, deposit insurance Govt, less cash items in process of collection. status, and the reserve classifications of cities and individual banks, and s 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

374 WEEKLY REPORTING MEMBER BANKS MARCH 1966 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities To financial institutions Loans Total and Wednesday m in lo a e v a n n e n d t s s s t ­ ' j i u m n s a v e t e d e n s ­ d ts t ­ 2 ju L s o a t a d e n ­ d s 2 C m a c o n i e a m d r l ­ ­ A t c u g u ra r l­ i l ­ T an o d b d r e o a k l e e r r s s To others Bank Nonbank es R ta e t a e l ot A h l e l r V a r t a e io l ­ u n ­ in tr d ia us l ­ G U c s u o . e r v ­ S i t ­ . , O c s t u h e r ­ e i­ r G U c s u o . e r v ­ S i t ­ . , O c s t u h e r ­ e i­ r F ei o g r n ­ c m D o t e i m o c s ­ ­ ­ f P s i a n a e n a l r e d s n s , . Other serves ties ties ties ties mer­ cos., cial etc. Total­ Leading cities 1965 Feb. 3...................... 151,383 149,205 101,060 42,239 1 .529 1,001 3,348 72 1 ,947 1 ,537 2,178 4,285 4,046 20,074 23,273 2,291 10..................... 151,344 148,607 100,839 42,337 1,533 792 3,247 74 1,958 1,541 2,737 4,238 4,020 20,104 23,286 2,291 17...................... 151,935 149,204 101,529 43,012 1,529 662 3,103 68 1,866 1 ,565 2,731 4,524 4,030 20.132 23,330 2.292 24...................... 151,979 149,301 101,587 43.041 1 ,533 746 3,105 77 1,866 1,542 2,678 4,440 3,962 20.163 23,404 2,292 1966 Jan. 5.,.. ............... 167,876 165,014 116,969 50,838 1 ,699 597 3,594 108 2,180 1 ,671 2,862 5,885 4,869 22,526 25,602 2,600 12...................... 166,748 163,796 116,390 50,764 1,683 748 3,362 99 2,178 1 ,646 2,952 5.595 4,815 22,570 25,529 2,599 19...................... 166,170 163,924 115,776 50,504 1 ,655 593 3,601 100 2.173 1 ,623 2.24^ 5,316 4,789 22,604 25,418 2,600 26...................... 165,449 162,910115,148 50,322 1 ,644 735 3,250 104 2,175 1 ,611 2,539 5,151 4,752 22,645 25,359 2,600 Feb. 2...................... 166,273 163,582 116,025 50,462 1 ,641 676 3,459 104 2,190 1 ,609 2,691 5,652 4,697 22,638 25,503 2,606 9...................... 164,002 161,462 114,783 50,476 1 ,638 418 3,112 103 2,192 1 ,591 2,540 5,190 4,634 22,645 25,388 2,604 16...................... 164,916 162,574 115,873 51,008 1 ,649 465 3,159 102 2,196 1,583 2,342 5,499 4,630 22.710 25,477 2,605 23...................... 165,279 162,103 115,703 51,059 1 ,657 330 3,177 101 2,197 1 ,575 3,176 5,404 4,575 22,742 25,490 2,604 New York City 1965 Feb. 3...................... 36,832 36,284 25,396 13,813 20 546 1,897 16 583 81 1 548 1,319 873 2,296 3,835 613 10...................... 37,247 36,118 25,360 13,947 20 380 1,853 19 590 827 1.129 ! ,326 864 2.302 3,846 614 17...................... 36,962 36,030 25,464 14,207 20 282 1 ,717 15 502 837 932 I ,472 869 2.315 3,842 614 24...................... 37,233 36,188 25,535 14,239 20 389 1,691 23 494 819 1,045 1.425 872 2.319 3.858 614 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 IJ92 1,592 1 , 164 2,901 3,993 764 Feb. 2...................... 42,088 40,977 30,564 17,168 23 388 2,159 20 657 848 1,111 1,915 1,192 2,901 4,058 765 9...................... 41 ,045 40,070 29,801 17,213 22 218 1,851 20 659 842 975 1,700 1,151 2,906 3,984 765 16...................... 41,331 40,292 30,115 17,373 21 226 1,897 20 657 839 1,039 1,809 1,151 2,913 3,974 765 23...................... 41,351 39,884 29,966 17,370 21 129 1,872 19 662 841 1 ,467 1,758 1.136 2,921 4,003 766 Outside New York City 1965 Feb. 3...................... 114,551 112,921 75,664 28,426 1,509 455 1 ,451 56 1,364 726 1 ,630 2,966 3,173 17,778 19,438 1,678 10...................... 114,097 112,489 75,479 28,390 1,513 412 1 .394 55 1,368 714 1 ,608 2,912 3,156 17,802 19,440 1,677 17...................... 114,973 113,174 76,065 28,805 1 ,509 380 I ,386 53 1,364 728 1 ,799 3,052 3,161 17,817 19,488 1,678 24.................. 114,746 113,113 76,052 28,802 1,513 357 1 ,414 54 1,372 723 1 ,633 3,015 3,090 17,844 19,546 1,678 1966 Jan. 5...................... 125.637 123,278 86,073 33,356 1,677 260 1,286 88 1,524 767 2,359 4,086 3.701 19,644 21,520 1,836 12...................... 124,637 122,803 85,855 33,348 1,661 385 1 ,274 82 1,525 776 1,834 3,851 3,638 19,673 21,477 1,835 19...................... 124,517 123,102 85,456 33,239 1,631 288 1 ,332 82 1,519 766 1,415 3,696 3,616 19,703 21,419 1,835 26...................... 123,844 122,497 85,078 33,145 1,621 277 1 ,262 85 1,518 749 1,347 3.559 3,588 19,744 21,366 1,836 Feb. 2................... 124,185 122,605 85,461 33,294 1,618 288 1 ,300 84 1,533 761 1,580 3,737 3,505 19,737 21,445 1,841 9...................... 122,957 121,392 84,982 33,263 1 ,616 200 1,261 83 1,533 749 1 ,565 3,490 3,483 19,739 21,404 1 ,839 16...................... 123,585 122,282 85,758 33,635 1,628 239 1,262 82 1,539 744 1,303 3,690 3,479 19,797 21,503 1,840 23...................... 123,928 122,219 85,737 33,689 1 ,636 201 1,305 82 1,535 734 1,709 3,646 3.439 19,821 21,487 1,838 For notes see p. 232. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 WEEKLY REPORTING MEMBER BANKS 375 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 U.S. Government securities Total assets— Wednesday Total Bills C ti e fi r - - t No m tes a t a u n ri d n g b — onds O s ri e t ti h c e u e s ­ r Total d a o w B n m ti c i a c t e e h l ­ s s - a w B e f n o i c a i g t r e h n l - ­ s Cu c a rr o n e i d n n cy s w e F R r . i v e R t e h ­ . s a o s A t s h e l e l t s r c l T i a a a t o i p b n e t i d s i a t l a i l ­ l cates With­ 1 to After banks banks Banks accounts 1 y in ear 5 years 5 years Total­ Leading Cities 1965 Feb. 3 26.516 5.010 3.122 10,467 7,917 21.629 18,887 3.126 254 1,822 13,685 6,011 191,757 10.................. 26,095 4.608 3,143 10,477 7,867 21.673 17,687 2.954 268 1,903 12,562 6,105 189,757 17.................. 25.894 4.267 3,391 11,192 7,044 21,781 18,664 3,178 251 1 ,916 13,319 5,971 193,398 24................... 25.857 4.402 .............. 3,375 11.151 6,929 21 ,857 17,605 3,056 256 2,009 12,284 6,036 191,005 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 Feb. 2.................. 23.942 4.423 562 3,610 8,838 6,509 23,615 19.195 3,118 197 2,014 13.866 7,011 208,771 9 23,163 3.697 548 3,615 8,787 6.516 23,516 18,282 2,828 201 2,043 13,210 6,950 205,116 16.................. 23.085 3,815 535 2.909 9.261 6,565 23,616 18,379 3,169 184 2,094 12,932 6,777 208,111 23................... 22,529 3.579 535 2.856 9,074 6,485 23,871 18.039 3,081 201 2,223 12,534 6,958 208,385 New York City 1965 Feb. 3 5,042 1 .221 639 1 ,660 1.522 5,846 4,325 86 117 281 3,841 2,473 49,044 10.................. 4.916 I . 073 657 1,677 1 .509 5,842 3,395 99 134 302 2.860 2,558 48,542 17.................. 4.663 793 677 1,81! 1,382 5,903 4,049 151 119 278 3,501 2,525 49,738 24.................. 4,763 913 .............. 684 1,832 1,334 5,890 3,292 122 127 296 2,747 2,564 48,837 1966 Jan. 5.................. 4.812 1.322 540 1 ,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 48! 1,354 1 ,340 5,738 4.418 120 110 322 3,866 2,735 54,299 Feb. 2.................. 4,508 1,122 135 572 1,330 1,349 5,905 4,164 152 88 307 3.617 2,850 54,548 9.................. 4,417 882 130 649 1 ,369 1.387 5,852 4.020 108 97 312 3,503 2,832 53,656 16.................. 4,366 989 136 580 1,275 1,386 5.811 3,830 159 81 298 3.292 2,764 53,926 23................... 4,026 748 134 555 1,197 1,392 5,892 4,161 145 99 327 3,590 2.917 55,268 Outside Ne.w York City 1965 Feb. 3.................. 21.474 3.789 2,483 8,807 6,395 15,783 14,562 3,040 137 1,541 9,844 3,538 142,713 10.................. 21,179 3,535 2,486 8,800 6,358 15,831 14.292 2,855 134 1,601 9,702 3,547 141,215 17.................. 21.231 3,474 2,714 9.381 5,662 15,878 14,615 3.027 132 1 .638 9,818 3,446 143,660 24.................. 21.094 3.489 ............... 2,69! 9,319 5,595 15,967 14,313 2,934 129 1,713 9,537 3,472 142,168 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 HO 1,958 9,844 3,999 15J.793 19.................. 19,917 3,540 435 3,311 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 Feb. 2.................. 19.434 3,301 427 3,038 7,508 5.160 17,710 15,031 2,966 109 1.707 10,249 4.161 154,223 9.................. 18,746 2,815 418 2,966 7,418 5,129 17,664 14,262 2,720 104 I ,731 9,707 4,118 151,460 16.................. 18.719 2,826 399 2.329 7.986 5,179 17.805 14,549 3,010 103 1,796 9,640 4,013 154,185 23.................. 18,503 2,831 401 2.301 7,877 5,093 17,979 13,878 2.936 102 1,896 8.944 4,041 153,117 Por notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

376 WEEKLY REPORTING MEMBER BANKS MARCH 1966 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Deposits Borrowings Demand Time De­ Other Cap­ Wednesday ju u T s n o t a t e a d d l ­ 4 ju p m s o d a a t s e d e n i ­ ­ d t d s 5 Totals I PC S l g o a t o n c a v a d te t l . e F ig o n r ­ 7 G U o .S vt . . c m m D c o t i e i e a m c o s r l ­ ­ ­ ­ Totals S in a g v s ­ IPC Othe S lo a r t n c a a d t t i e l m e e 9 F ig o n r­ 7 F F B r . a o n R m k . s o F t r h o e m rs lia tie b s ili­ co i a t u a c n ­ ! ts banks govt. Total— Leading cities 1965 Feb. 3 .......... 165,293 64,992 96,059 68,515 5,396 2,0593,643 11,948 69,234 41,334 17,961 5,342 3,951 640 3,449 6,587 15,788 10.......... 163,442 64,307 93,799 67,254 5.316 2,1533,096 11,775 69,643 41,478 18,048 5,340 4,119 59 3,700 6,755 15,801 17.......... 166,176 62,248 96.227 67,630 4,990 2,0275,120 12.031 69,949 41.560 18,177 5,386 4, 158 140 4,270 7,023 15,789 24...... 164,449 62,987 94,306 67,088 5,152 1 ,9574.534 11,400 70,143 41,623 18.266 5.451 4,132 44 3,650 7,079 15,783 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 J 94 578 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 4,245 833 4,736 7,571 17,156 Feb. 2.......... 178,515 68,220 99,647 72,415 5,532 2,0893,153 11,982 78,868 45,015 22,259 6,565 4,213 496 4,812 7,715 17.233 9.......... 174,813 65,413 95,683 69,795 5,036 2,0372,393 11,995 79,130 45.05322,499 6,558 4,197 340 4,859 7,861 17,243 16.......... 177,824 64,369 98,678 71,158 4,917 2,058 3.950 12,320 79.146 45,04922,515 6,565 4,201 597 4,536 7,960 17,194 23.......... 177,060 64,055 97,736 70,538 4,898 2.0823,445 12,127 79,324 45,06422,716 6,571 4,163 555 5,460 8,117 17,193 New York City 1965 Feb. 3.......... 39,851 16,172 25,756 16,789 306 1 ,545 1 ,004 3.166 14,095 4,745 5,613 468 2,853 155 1.570 3,148 4,320 to.......... 39,612 15.798 25,304 16,362 379 1 ,616 863 3,301 14,308 4,777 5,665 481 2,957 1 ,361 3.244 4,325 17.......... 40,341 15,123 25,884 16,590 304 1 ,493 1,294 3,265 14,457 4,799 5,742 507 2,973 1,743 3,341 4.313 24.......... 39,904 15,318 25,339 16,547 321 1,399 1,062 3,211 14,565 4,810 5,841 522 2,952 1,218 3,404 4,311 1966 Jan. 5.......... 45,664 17,167 28,515 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 I ,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 (7,959 233 1,520 591 3,192 17,668 5,148 8,385 538 3,066 253 1,829 3.495 4,924 Feb. 2.......... 44,011 17,058 26,589 17.887 319 1 ,528 888 3,197 17,422 5,120 8,168 564 3,030 74 1,906 3,606 4,951 9.......... 43,019 15.854 25,521 16,984 257 1 ,473 686 3,222 17,498 5,124 8,232 577 3,019 2,014 3,668 4.955 16.......... 43,389 15,827 26,080 17,323 275 1,508 968 3,284 17,309 5,120 8,023 612 3,019 33 1,924 3.637 4,943 23.......... 44,195 15,551 26,947 17,487 243 1 ,527 804 3,753 17,248 5,1 19 8,015 608 2,977 2,290 3,845 4,938 Outside New York City 1965 Feb. 3.......... 125,442 48,820 70.303 51,726 5,090 5142,639 8,782 55,139 36,589 12,348 4,874 1,098 485 1,879 3,439 11,468 10.......... 123,830 48,509 68,495 50,892 4,937 5372,233 8,474 55,335 36,701 12,383 4,859 1 , 162 59 2,339 3,511 1 1,476 17.......... 125,835 47,125 70,343 51,040 4,686 5343,826 8,766 55,492 36,761 12,435 4,879 1,185 140 2,527 3,682 11,476 24.......... 124,545 47,669 68,967 50,541 4,831 5583.472 8,189 55,578 36,813 12,425 4.929 1,180 44 2,432 3,675 1 I,472 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 1,179 580 2,907 4,082 12,232 Feb. 2.......... 134,504 51,162 73,058 54,528 5,213 561 2,265 8.785 61,446 39,895 14,091 6,001 1,183 422 2.906 4,109 12.282 9.......... 131,794 49,559 70,162 52,811 4,779 564 1 ,707 8,773 61,632 39,929 14,267 5,981 1,178 340 2,845 4,193 12,288 16.......... 134,435 48,542 72,598 53,835 4,642 5502,982 9,036 61,837 39,929 14,492 5,953 1,182 564 2,612 4,323 12,251 23.......... 132,865 48,504 70,789 53,049 4,655 5552,641 8,374 62,076 39,945 14,701 5,963 1,186 555 3,170 4,272 12,255 1 After deduction of valuation reserves. banks, international institutions, banks in foreign countries, and foreign 2 Exclusive of loans to domestic commercial banks and after deduction branches of U.S. banks other than reporting bank. of valuation reserves; individual loan items are shown gross. $ Includes U.S. Govt., postal savings, domestic commercial interbank 3 Excludes cash items in process of collection. and mutual savings banks, not shown separately. 4 Total demand and total time deposits. 9 Includes certificates of deposit outstanding in following amounts 5 Demand deposits other than domestic commercial interbank and (in millions of dollars): U.S. Govt., less cash items in process of collection. Feb. 2 Feb. 9 Feb. 16 Feb. 23 6 Includes certified and officers' checks and deposits of mutual savings Total—Leading cities......... 16,291 16,453 16,359 16,483 banks, not shown separately. New York City................... 7,079 7,140 6.893 6,850 ? Deposits of foreign governments and official institutions, central Outside New York City... 9,212 9,313 9,466 9,633 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 BUSINESS LOANS OF BANKS 377 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during— Industry 1966 1966 1965 1965 1965 F 2 e 3 b. F 1 e 6 b. Fe 9 b. Fe 2 b. J 2 a 6 n. Feb. Jan. Dec. IV III II h 2n a d lf h 1 a st l f Durable goods manufacturing: Primary metals.............................. 874 876 864 869 883 65 55 11 6 68 17 160 Machinery........................................... 2.910 2,919 2,864 2.869 2.831 79 -31 92 85 36 77 121 534 Transportation equipment............... 1.177 1.209 1.172 1,143 1.124 53 -72 8 -50 180 55 130 119 Other fabricated metal products. . . I .436 1 .462 1 .440 1 .442 1 .442 -6 87 59 -39 109 154 70 323 Other durable goods................. 1.574 1.559 1.557 1.545 1 .550 24 29 8 -35 118 142 83 285 Nondurable goods manufacturing: Food, liquor, and tobacco........... 2,364 2.395 2.343 2.322 2.340 24 -50 269 657 103 -191 760 -370 Textiles, apparel, and leather.......... I ,675 1 ,653 1 .588 1 .534 1 .485 190 -45 -139 -336 172 176 -164 424 Petroleum refining............................. 1 .630 1 .628 1 .624 1 .608 1 .606 24 116 105 157 102 23 259 189 Chemicals and rubber...................... 1 .927 1 .909 1 .844 1 .852 1 .804 123 18 85 92 -9 109 83 299 Other nondurable goods.................. 1.174 1,178 1.161 1.155 1.148 26 -9 13 -46 108 106 62 203 Mining, including crude petroleum and natural gas...................... 3,685 3,694 3,687 3,686 3,721 -36 128 243 242 I 3 243 221 Trade: Commodity dealers.................. 1 ,475 1 .482 1 .477 1 ,485 1 .480 -5 5 32 374 62 -370 436 -390 Other wholesale........................ 2,642 2,630 2.631 2,609 2.616 26 -100 25 139 44 144 183 270 Retail.......................................... 2,925 2.895 2.814 2,888 2,869 56 -228 -240 -58 -19 267 -77 681 Transportation communication, and other public utilities.............. 5,918 5,879 5.885 5,913 5.919 - 1 -21 1 467 628 333 520 961 505 Construction.......................................... 2,545 2.557 2.536 2.552 2.544 1 -3 -57 -3 29 257 26 259 Ail other:1 Bankers’ acceptances.................... 663 651 643 633 657 6 -39 94 5 -191 94 -186 -213 All other types of business, mainly services......................................... 6.449 6.447 6.437 6.424 6.419 30 80 248 287 94 136 381 564 Total classified loans............................. 43.043 43,023 42.567 42.529 42.438 605 -260 I ,367 2,110 1,278 1,770 3,388 4,063 Commercial and industrial loans— All weekly reporting banks. 51.059 51.008 50.476 50.462 50.322 737 -307 *1 .678 '2.512 1 ,270 2,227 ’3.782 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 loan Size of loan A a r n e d a All (thousands of dollars) A a r n e d a All (thousands of dollars) period loans I- 10­ 100­ 200 period loans 1­ 10­ 100­ 200 10 100 200 and over 10 100 200 and over Year: Quarter—com.: * 19 large cities: New York City: 1964—Dec........... 4.77 5.59 5.35 5.08 4.66 1956........................ 4.2 5.2 4.8 4.4 4.0 1965—Mar............... 4.74 5.62 5.36 5.10 4,62 1957........................ 4.6 5.5 5.1 4.8 4.5 June.. 4.74 5.62 5.39 5.07 4.62 1958........................ 4.3 5.5 5.0 4.6 4.1 Sept... 4.76 5.65 5.37 5.13 4.64 1959........................ 5.0 5.8 5.5 5.2 4.9 Dec... 5.08 5.74 5.59 5.34 4.99 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 5.1 I Dec............... 5.46 6.07 5.80 5.59 5.23 1 Based on new loans and renewals for first 15 days of month. in per cent): 1955—Aug. 4, 3%; Oct. 14, 3%; 1956—Apr. 13, 3%; Aug. 21, 4; 1957—Aug. 6, 416; 195 8—Jan. 22, 4; Apr. 21, 3i/2; Sept. 11,4; Note.—Weighted averages. For description see Mar. 1949 Buli etin. 1959—Mav 18, 4>/2 ; Sept. 1.5; I960—Aug. 23. 4>/2; 1965—Dec. 6, 5; and pp. 228-37. Bank prime rate was 3 per cent Jan. 1, 1955—Aug. 3, 1955. 1966—Mar. 1 1, 5*/2. Changes thereafter occurred on the following dates (new levels shown Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

378 INTEREST RATES MARCH 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 rs t­ * F f e u d n e d r s a l 3-month bills 5 6-month bills 5 9- to 12-month issues 4- to 6- directly, ances, rate 3 3- to 5months 1 m 3 o - n to th s 6 - 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 R is s a n u t e e e w M y a ie r l k d et ( y m i B e a i l l d l r s k ) e 5 t Other 6 iss y u 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—Feb................... 4.27 4.12 4,10 3.98 3.929 3.93 4.003 4,00 4.00 3,97 4.08 Mar.................. 4.38 4.25 4. 15 4.04 3.942 3.93 4.003 4,00 4.02 4.03 4.12 Apr................... 4.38 4,25 4.19 4,09 3.932 3.93 3.992 3,99 4.00 4.00 4.12 May................. 4.38 4.25 4.25 4.10 3.895 3.89 3.950 3.95 3.96 3.99 4.11 June................. 4.38 4.25 4.25 4.04 3.810 3.80 3.872 3.86 3.89 3.98 4 09 July.................. 4.38 4.25 4.22 4.09 3.831 3.83 3.887 3.89 3.89 3.96 4.10 Aug................... 4.38 4.25 4,14 4.12 3.836 3.84 3.938 3.95 3.96 4.00 4.19 Sept.................. 4.38 4.25 4.25 4.01 3.912 3.92 4.050 4.07 4.09 4. ii 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 Feb................... 4.88 4.88 4.86 4.60 4.670 4.65 4.820 4.82 4.81 4.92 5 02 Week ending—- 1966—Jan. 29........... 4,88 4.88 4,75 4,55 4,596 4.57 4.699 4.68 4,67 4.83 4.92 Feb 5........... 4.88 4.88 4.80 4.54 4.638 4.63 4.740 4 75 4.75 4.86 4.96 12........... 4,88 4.88 4,88 4.63 4.650 4.63 4.774 4.78 4.77 4.88 5 01 19........... 4 88 4.88 4.88 4.59 4.695 4.66 4.876 4.90 4.84 4 94 5 04 26........... 4,88 4.88 4.88 4.63 4.696 4.66 4.892 4.87 4.86 4.98 5.04 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 Baa Aaa Baa In tr d ia u l s­ R ro a a i d l­ P u u ti b lit li y c fe P r r r e e ­ d C m o o m n ­ C m o o m n ­ 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—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 4.15 3.28 3.09 3.51 4.56 4,42 4.78 4.52 4.63 4.51 4.26 2.99 5.65 4,15 3.28 3.09 3.51 4,56 4,43 4.80 4.54 4.64 4.51 4.28 2,95 May 4.14 3.28 3.09 3.51 4.57 4.44 4.81 4.55 4.64 4.53 4.30 2,92 June 4.14 3.32 3.15 3.54 4.60 4.46 4.85 4,59 4.66 4.56 4.38 3.07 6.40 Julv. 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 Feb ............... .. 4.61 3.66 3.48 3,93 4.9-1 4.78 5.12 4.91 5.02 4.90 4.63 3,06 Week ending— 1966 Jan 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 Feb 5............................... 4.52 3.56 3.39 3.80 4.91 4.75 5.09 4.88 4.98 4.87 4,55 3.05 12............................... 4.58 3.57 3.39 3.82 4,92 4.76 5.10 4.88 4.99 4.88 4.60 3.01 19............................... 4.65 3.72 3.51 4.02 4.95 4.79 5. 14 4.93 5.04 4.91 4.66 3.06 26............................... 4.66 3.80 3.62 4.08 4.98 4.82 5.16 4.95 5.06 4.93 4.71 3.12 ................... Number of issues.......................... 6-12 20 5 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep­ Thurs. figures. Corp, bonds: Averages of daily figures. Both of these arately. Because of a limited number of suitable issues, the number series are from Moody’s Investors Service series. of corporate bonds in some groups has varied somewhat. Stocks: Standard and Poor’s Corp, series. Dividend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. Note.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample .of non- Monthly and weekly yields are computed as follows: U.S, Govt, bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. State and local govt, bonds: General obligations only, based on adjusted at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 SECURITY MARKETS 379 MORTGAGES: NEW HOMES SECURITY PRICES FHA- Conventional first mortgages Common stock prices Vol­ insured Bond prices (1941-43= 10) ume of Period Y c ( e p ie n e l t d r ) I c n ( r e e p a t s e n e te t t r r ) ­ F c ( e e e p t e n e c s . t r ) , ( M y t i u r t a y s r­ . ­ ) L p c r ( o a e r p i a t n c e i n o t e r ) / d ( A t o lo h l v l a o a g n u r . s , ) Period G ( t l U e o o r . n m S v g t . ) , ­ S lo a t c n a a d 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 i t c y i b l ­ ­ s ( h t t r h i a n a o r g d e u s ­ , ) 1961 ............ i 5 69 (5.98) 1963.............. 86.31 III .3 96.8 69.87 73.39 37,58 64.99 4,573 1962.............. 5.60 (5.93) 1964.............. 84.46 111.5 95.1 81.37 86,19 45,46 69.91 4,888 1963 .......... (5.81) 1965.............. 83.76 110.6 93.9 88.17 93.48 46,78 76.08 6,174 1963.............. 5.46 5.84 .64 24.0 73.3 16.3 1964.............. 5.45 5.78 .57 24.8 74.1 17.3 1965—Feb.., 84.40 113.3 95.5 86.75 91.64 46.76 77.04 5,910 1065.............. r 5.47 5.76 .54 24.8 7.41 18.1 Mar.. 84.48 112.0 95.2 86,83 91.75 46.98 76,92 5,427 Apr. . 84.53 112.2 95.0 87.97 93.08 46.63 77,24 5,673 1965--Jan... 5.45 5.79 .59 24.7 74.0 17.5 May.. 84.58 111,9 94.7 89.28 94.69 45.53 77.50 5,510 Feb. . 5.45 5.79 .61 24.9 74.0 17.6 June.. 84.57 110,8 94.3 85.04 90,19 42.52 74.12 5,828 Mar.. 5.45 5.72 .49 24.9 73.7 18.5 July.. 84.51 110.8 93.9 84.91 89,92 43.31 74.63 4,056 Apr.. 5.45 5.74 .51 24.9 73.7 18.1 Aug. . 84.00 111 .0 93.5 86.49 91.68 46.13 74.71 4,962 May.. 5.45 5.77 .53 24.9 74.4 18,2 Sept.. 83.27 109.3 92.8 89.38 94.93 46.96 76.10 7,403 June.. 5.44 5.76 .49 24.6 73.9 17.5 Oct... 82.97 108.4 92.7 91.39 97.20 48.46 76.69 7,809 July.. 5.44 5.77 .55 25.0 75.0 18.3 Nov. . 82.22 107.7 92,3 92.15 98.02 50.23 76.72 7,360 Aug.. 5.45 5,76 .50 24.5 73,8 18.2 Dec... 81 .21 106.3 91 .1 91.73 97.66 51 .03 75.39 8,690 Sept.. 5.46 5.75 .56 24.9 73.7 18.1 Oct... 5.49 5,75 .53 24.8 73.8 18.3 1966—Jan.. . 81 . 15 106.9 90.5 93.32 99.56 53.68 74.50 8,935 Nov... 5.51 5.80 .54 25.0 74.9 18.5 Feb... 79.32 105.2 89.5 92.69 99.11 54.78 71 .87 8,753 Dec... 5.62 5.78 .58 24.8 74.0 18.4 Week 1966-—Jan.. . 5.70 5.81 .51 24.6 73.4 18.0 ending— Feb. . Jan. 29........ 81.05 107.0 90.4 93.65 100.03 54.75 73.62 9,163 Feb. 5........ 80. 17 106.4 90.0 92.70 99.03 53.96 72.80 8,155 I Last 6 months only. 12....... 79.43 (06.3 89.7 93.77 (00.27 54.76 72.86 9.347 19...., 78.69 104.6 89.2 93.01 99.46 55.97 71.70 8,813 Note,—Annual data are averages of monthly figures. Yields 26........ 78.50 103,5 89.0 91.35 97.70 54.26 70.51 8,156 on FHA-insured mortgages are derived from weighted averages of FHA field-office opinions on private secondary market prices for Sec. 203, 30-year mortgages, with the minimum down pay­ Note.—Annual data arc averages of monthly figures. Monthly and weekly ment, a maximum permissible interest rate of 5(4 per cent, data are averages of daily figures unless otherwise noted and are computed as through January 1966 and 5Vi per cent thereafter, and an assumed follows: U.S. Govt, bonds, derived from average market yields in preceding table prepayment period of 15 years. Price data are reported as of the on basis of an assumed 3 per cent, 20-year bond. Municipal and corporate bonds, 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%-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 t( others than ♦• N. Y. Stock Exchange brokers and dealers for pur- Money borrowed on— firms secured by— chasing orcarrying— tomers* Month Total securities other than . Other securities 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 S it 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 Customer Other a b nc a e l­ s collateral collateral 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 I ,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—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 J une.... 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 I ,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 7,726 24 5,551 104 2,175 126 3,543 2,948 595 1,730 Feb........ 7,950 24 5,753 101 2,197 34 3,552 2,959 593 1,765 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

380 OPEN MARKET PAPER; SAVINGS INSTITUTIONS MARCH 1966 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS’ ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by— Based on— End of period Accepting banks F.R. Goods stored in or Total th P r la o c u e g d h d P i l r a e c c e t d ­ Total Banks Others p i I n o m t r o t ­ s p f E r o o x r m t ­ s D e o x ll ­ ar ship p p o e in d t s b i e n tw — een dealers 1 ly 2 Total O bi w lls n bo B u il g ls h t a O c w ct n . F ei o g r n ­ U S n ta it te e s d U S n ta it te e s d change United Foreign corr. States countries 1957...................... 2,672 551 2,121 1,307 287 194 94 66 76 878 278 456 46 296 232 1958...................... 32^751 840 3 1,911 1,194 302 238 64 49 68 775 254 349 83 244 263 1959...................... 3,202 677 2,525 1,151 319 282 36 75 82 675 357 309 74 162 249 1960..................... 4,497 1,358 3,139 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961.............. 4,686 1,711 2,975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962. ..................... 6,000 2,088 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963 ...................... 6,747 1,928 4,819 2,890 1,291 1 ,031 260 162 92 1 ,345 567 908 56 41 1,317 1964...................... 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 MSI 725 924 31 22 1,622 Apr............ 9,533 2,047 7,486 3,384 1,394 1,171 223 104 139 1,747 744 936 25 21 1 '659 May...... 9,934 1,976 7,958 3,467 1,452 1,187 264 82 160 1,774 761 965 23 21 1 ,698 June.......... 9,370 1,965 7,405 3,355 1 ,443 1,127 316 53 157 1,702 736 960 13 18 1,627 July............ 10,439 2,046 8,393 3,337 1,357 1,094 263 35 151 1 ,794 782 949 11 16 1 ,580 Aug............ 10,358 2,117 8,241 3,299 1,321 1 ,078 243 55 145 1,779 797 933 11 12 1,547 Sept........... 9^92 2,194 7,498 3,314 1,311 1,114 198 63 152 1,787 820 942 17 20 1’516 O No c v t. . .. .. . . . . . . . . . . . . . . . . . . 1 10 0 , , 4 5 0 5 6 4 2 2 , , 2 2 0 5 5 0 8 8 , , 2 3 0 0 1 4 3 3, , 2 3 4 1 5 0 1 1 , , 1 2 8 6 8 4 1 1 , , 0 0 5 9 1 9 1 1 6 3 5 6 n 8 o 6 1 14 5 6 6 1 1 , ,8 8 0 0 4 2 8 8 0 4 2 2 9 9 1 1 7 9 1 1 4 8 2 1 6 6 1 1 , '4 5 8 1 5 5 Dec............ 9,017 1,903 7,1 14 3,392 1 ,223 1 ,094 129 187 144 1,837 792 974 26 35 1'564 1966—Jan............. 9.910 1 .834 8,076 3.332 1 ,206 1 .109 97 1 10 134 1.882 752 933 26 29 1 ,592 ’ 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 l a o t n c a d a te l C ot o r a h a n r e t p d e r o ­ 1 Cash O as t s h e e ts r g l T i e a a t n o i n b e e t d s i a r l a i l ­ l De its p o 2 s­ l O ia t t i b e h s i e li r ­ G r c e o e s a u n e c e n r ­ v r ts e a l c M o o m r m tg i a tm ge e n lo ts a n 3 govt. reserve accts. Number Amount 1941 4,787 89 3,592 1 J86 829 689 11,772 10,503 38 1,231 1945 4,202 62 10,650 1 ,257 606 185 16,962 15,332 48 1,582 1956 ............................. 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 ............... 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 1959 4 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 1960 26,702 416 6,243 672 5,076 874 589 40,57! 36,343 678 3,550 58,350 1 ,200 1961 28,902 475 6,160 667 5,040 937 640 42,829 38,277 781 3,771 61,855 1 ,654 1962 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1963 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 104,326 2,549 1964-—Dec..................... 40,328 739 5,791 391 5,099 1,004 886 54,238 48,849 989 4,400 135,992 2,820 1965-—Jan...................... 40,640 800 5,907 388 5,105 977 895 54,713 49,222 1,085 4,405 132,992 2,745 Feb..................... 40,924 786 6,016 383 5,123 992 909 55,133 49,444 1,214 4,476 138,062 2,838 Mar.. ................ 41,265 820 6,054 381 5,144 1 ,007 931 55,602 49,989 1,108 4,505 138,853 2,873 Apr.................... 41,563 798 5,857 379 5,183 944 928 55,652 49,978 1,216 4,459 141,959 2,930 May................... 41,853 882 5,841 367 5,188 968 913 56,013 50,166 1,334 4,512 142,676 3,025 June................... 42,187 849 5,821 360 5,199 1,019 946 56,382 50,623 1 ,226 4,533 141,299 3,094 July.................... 42.600 807 5,791 356 5,284 946 955 56,739 50,844 1,350 4,545 151,885 2,947 Aug.................... 42,964 872 5,814 349 5,299 94! 951 57,191 51.063 1 ,502 4,-626 136,180 2,928 Sept.................... 43,305 842 5,795 349 5,263 960 958 57,470 51,506 1,326 4,639 132,029 2,897 Oct..................... 43,680 813 5,585 338 5,265 897 974 57,552 51,663 1,283 4,607 127,757 2,859 Nov................... 44,031 888 5,515 333 5,243 885 966 57.863 51,826 1,366 4,672 124,097 ^2,824 Dec..................... 44,412 855 5,179 317 5.482 1,015 943 58.203 52.437 1,107 4,659 120,476 2.697 t 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 Sec note 3, p. 367. from those shown elsewhere in the Bulletin; the latter are for call dates 3 Commitments outstanding of banks in N.Y. State as reported to the and are based on reports filed with U.S. Govt, and State bank supervisory Savings Bank Assn, of the State of N.Y. agencies. Loans are shown net of valuation reserves. 4 Data reflect consolidation of a large mutual savings bank with a commercial bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 SAVINGS INSTITUTIONS 381 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period T as o s t e a ts l Total U S n ta it te e s d Sta lo te c a a l nd Foreign 1 Total Bonds Stocks M ga o ge r s t­ e R s e ta a te l 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 63,579 55,641 7,938 55,152 4,528 7,140 6,749 Book value: 1962—Dec............................... 133,291 12,469 6,171 4,037 2,261 56,565 51,389 5,176 46,957 4,114 6,235 6,951 1963—Dec............................... 141,121 12,464 5,813 3,868 2,783 59,434 53,770 5,664 50,596 4,325 6,656 7,646 1964—Nov............................... 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 5,76! 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 dift'erences between market and book values are not made life insurance cos. in the United States. on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E p n e d ri o o d f M ga o ge rt s ­ s G e U o c .S u v r t . , i­ Cash Other1 a li s a T s b e o i t l t s i a t 2 ie l — s S c a a v p i i n ta gs l u R n e d a s i e n v d r id v e e s d B m o o rr n o e w y e •’ d Lo pr a o n c s e ss in Other c m o l m o e a n 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 2,387 1,293 874 1,285 1960..................... 60^070 4,595 2,680 4, (31 71,476 62,142 4.983 2,197 1,186 968 1,359 1961..................... 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1 ,550 1,136 1,908 1962...................... 78'770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,230 1963 ...................... 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1,499 2,614 1964—Dec........... 101,314 6,973 4,025 6,983 119,295 101,847 7.903 5,596 2,221 1,728 2,589 1965—Jan............ 101,844 7,098 3,593 6,827 119,362 102,101 8,014 5,146 2,113 1 ,988 2,642 Feb........... 102'351 7'305 3,609 6,964 120,229 102,680 8,029 5,040 2,085 2,395 2,843 Mar.......... 103*151 7’386 3,558 7,139 121,234 103,735 8,000 4,938 2,182 2,379 3,124 Apr........... 103’975 7'356 3,398 7,293 122,022 103'642 8,017 5,456 2,281 2,626 3,281 May......... 104,816 7,406 3333 7,680 123,335 104,434 8,027 5,465 2,366 3; 043 3,379 June..... 105,827 7,235 3,710 7,694 124,466 106,037 8,314 5,887 2,441 1,787 3,266 July........... 106,647 7 ’ 1 80 3'266 7'529 124,622 105,605 8,333 6,086 2,415 2,183 3,195 Aug...... 107’490 7,167 3^308 7,615 125,580 106,159 8,345 6,099 2,364 2,613 3,124 Sept...... 108,234 7'177 3,408 7,739 126,558 107,199 8,349 6,164 2,311 2,535 3,076 Oct....... 108,903 7’306 3,450 7^804 127,463 107,781 8^54 6,162 2.258 2,908 2,993 Nov.......... 109’488 7,447 3,548 8.041 128.524 108.588 8,361 6,066 2,199 3,310 2,91 1 Dec........... 110.202 7.405 3.899 7,936 129.442 1IO:271 8.708 6.440 2.189 1 .834 2.745 1 Includes other loans, stock in the Federal home loan banks, other * 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 arc 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

382 FEDERAL FINANCE MARCH 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 Bu n d e g t et T f P u r n l u u d s s s : t g I L n o e t v s r t s a , : ­ 1 E r T e q c o u t t a s a . l 2 l s : Budget f T u P n r l u u d s s s : t J A m L d e e j n s u t s s s : t 4 ­ E p T q a o u y t a t a s ls l . : p re a o c y r t t s s . . C (d h d i a i e r n e n b g c t t e a I L n ge e v b n e s y . s s : t & , L N c e a o s s n h s ­ : Eq N u e a t ls: & agen.) trusts debt Cal. year-—’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 1965............ 96'679 31 384 4'449 123,376 101,379 31 ,'014 4,473 127,919 -4'543 4,673 ! ,386 417 2,872 Fiscal year-1962........ 81,409 24,290 3,776 101,865 87,787 25,141 5,266 107,662 -5,797 11,010 492 923 9,594 1963........ 86,376 27,689 4,281 109,739 92,642 26,545 5,436 113,751 -4,012 8,681 2,069 1,033 5,579 1964........ 89,459 30,331 4,190 115,530 97,684 28,885 6,237 120,332 -4,802 7,733 2,775 1,099 3,859 1965........ 93,072 31,047 4,303 119,699 96,507 29,637 3,749 122,395 -2,696 6,933 2,356 250 4,328 Half year: 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........ 43,110 14,152 2,072 55,024 52,964 15.700 1 ,628 67,035 -12,011 4,226 -1,464 401 5,289 Month: 1965—Jan................. 5,642 4,007 262 "6,377 7,676 >■2.197 774 "9.098 "-2.721 -240 -1,537 1 10 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................ 11J88 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 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 1L090 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 1966—Jan.................. 6.453 951 253 7,091 8,809 3,048 624 11,233 -4,142 1,364 -1,897 84 3,177 Effects of operations on Treasurer’s account Net operating transactions Net financing transactions ca C sh h a b n a g la e n c in e s Trea (e s n u d re o r’s f p a e c r c io ou d n ) t Period Agencies & trusts Change Operating bal. s B d u u e r o d p fi r g c l u e it 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 a u e o a c rk f . n - e 1 ce t in I G n s e v U o c e v . . s t 3 t S , , . p d g d u i r r e i o n b e b s l c i t s c t T o r u e H t a e s s l i d d u e ry a T u c r c r e e o a r u s ’s n ­ t Balance b F a . n R k . s a l T a c o n c a a t d x n s . O as n t s h e e e t t s r Fiscal year-—1962......... -6,378 -851 566 I ,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 - GO8O 11,036 939 9,180 917 1965 ......... -3,435 1 ^410 -804 1'372 -2,356 5,561 174 1^75 12,610 672 10,689 1,249 Half year: 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 -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 I .464 3,630 -528 -6.028 6.582 708 4,577 1,297 Month: 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 ’ 1 10 396 327 -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 10^16 875 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................. I '548 -I' 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 1966—Jan................... -2,356 -2,097 287 265 1,897 1,099 171 -1,076 5,506 823 3,360 1,323 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. ? Yearly totals for fiscal 1962-65 reflect a shift of Watershed Planning ‘♦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

MARCH 1966 FEDERAL FINANCE 383 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Estate Int. Total W he I i n t l h d d ­ ividu O a th l er Corp. Total a L b n i a q d c u c t o o o r ­ H w i a g y h­ Total O R a A n .R d S . I e U m n p - l. a g n if d t t C o u m s s ­ r m e a p e n n a d t y s ­ fu R n e d ­ s Other Fiscal year—1962... 101,865 36,24614,403 21,296 12,752 5,367 3,080 17,032 13,197 3,334 2,035 1,171 1,358 6,266 1,838 1963... 109,739 38,719 14,269 22,336 13,410 5,521 3,405 19,729 15,128 4,107 2,187 1,241 1,815 6,571 2,604 1964... 115,530 39,25915,331 24,301 13,950 5,630 3,646 21,936 17,405 4,037 2,416 1,284 1,702 7,148 2,499 1965... 119,699 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—Jan.-June. . 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: 1965—Jan......... "6,377 1,181 2,506 607 1,045 384 296 508 305 161 183 76 155 107 "223 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 8) 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 <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 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 ,220 315 899 803 55 238 140 167 105 259 1966—Jan............. 7,091 1 ,412 2,727 682 1 ,007 n.a. 309 547 349 147 292 136 166 107 229 Cash payments to the public Period Total 5 t f i e N o d n n e 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 e r c a a ­ e t l ­ s 7 t C m 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 a e b e l o a fa l r t r h e & , E t d io u n ca­ e V ra e n t s ­ In e t s e t r­ G g e o e ra v n t l . ­ Fiscal year—1962........ 107,662 51,462 3,976 1,257 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 1,139 2,890 -175 14,126 732 3,150 4,170 1,168 July-Dec........ 61,511 24,^69 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: 1965—Jan............. "9,098 4,018 "429 407 210 164 539 -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 (23 2.5/ 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 1966—Jan.................. 11,233 4,680 374 477 373 223 574 351 2.745 256 588 308 189 1964 1965 1964 1965 Item in I 11 III IV I 11 III IV 1 II III IV I 11 IV Seasonally adjusted Not seasonally adjusted Cash budget: Receipts..... 29.5 28.7 28.2 28.7 29.9 ’•32.8 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 -l.l -2 .5 -1.8 -2.5 1.6 3.3 -3.9 -6.3 2.4 5.1 -3.9 -8.1 For notes, see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

384 U.S. GOVERNMENT SECURITIES MARCH 1966 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 Total End of period d T g e r o o b t s t a s l 1 d d g e i r r b o e s t c s t 2 Total Marketable C ve o r n t­ ­ Nonmarkctable i S ss p u e e c s ia 6 l Total Bills C c e a r te ti s fi­ Notes Bonds 4 b i o b 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. I 7.0 1945—Dec...................................... 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20.0 1947—Dec..................................... 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52. 1 29.0 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—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. I 316.5 264.4 208.7 53.7 52.5 102.5 2.9 52.9 50. 1 47.8 Aug...................................... 318.7 318.2 264.1 208.4 53.7 50.4 104.3 2.9 52.8 50.2 49.8 Sept.................................. 317.3 316.7 264.3 208.4 53.7 50.4 104.3 2.9 53.0 50.2 48. 1 Oct....................................... 319.4 318.9 267.6 212.1 57.7 50.2 104.3 2.8 52.7 50.3 47.0 Nov...................................... 322.2 321 .7 270.3 214.6 60.2 50.2 104.2 2.8 52,9 50.3 47. 1 Dec...................................... 321 .4 320.9 270.3 214.6 60.2 .............. 50.2 104.2 2.8 52.9 50.3 46.3 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 Feb...................................... 323.7 323.3 273. 1 217.7 62.0 1 .7 50.9 103.2 2.8 52.7 50.3 45.8 1 Includes non-interest-bearing debt (of which $280 million, on Feb. 28, s 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, Scries A investment 3 Includes amounts held by U.S. Govt, agencies and trust funds, which bonds. totaled $15,625 million on Jan. 31, 1966. 11 Held only by U.S. Govt, agencies and trust funds. 4 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. Note.—Based on Daily Statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public Total U, S. E p n e d ri o o d f g d r e o b s t s ag G t e a r o u n n v s c d i t t e , s B F a . n R ks . Total m C b e a o r n c m k ia s ­ l s M b a a u v n i t n u k g a s s l p I c a n a o n s n m c u ie e r ­ s ­ r c O a o t t i r h o p n e o r s ­ g S lo a o t n c v a d a t t s e l . Savi I n n g d s i vidu O a t ls her n F a i o n t a i r t o n e e d n i r g ­ a n l2 i O m n to 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 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. i 27.4 207.9 62. 1 6.3 1 1 .9 18.7 18.7 45.6 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 ll.6 1962—Dec......... 304,0 55.6 30.8 217.6 67.2 6.1 1 1.5 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................. 31S.7 60.6 37.0 221.1 64.0 5.7 U . I 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 I 1 .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 1 1.1 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 1 1.0 17.0 24,3 49.2 22.0 16.0 15.3 May............... 319.8 62.7 38.7 218.5 58.4 5.8 10,9 17.6 24.4 49.2 22.0 15.8 14,4 June............... 317.9 63.4 39.1 215.4 58.3 5.8 10.6 15.1 24.1 49.2 21.8 15.7 14.8 July................ 317.1 62.3 39.2 215.6 57.3 5.7 10.6 15.9 24. 1 49.3 22,4 15.7 14.6 Aug................ 318.7 64.8 39.0 214.9 56.5 5.7 10.6 16. 1 23.8 49.4 22.3 15.8 14.7 Sept................ 3(7.3 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 ’22.8 49.6 22.6 ’■16,7 14.7 1966—Jan.................. 322.4 60.0 40.6 221.9 61 .0 5.5 10.4 16.8 23.7 49.6 22.9 16.7 15.3 * Includes the Postal Savings System. 3 Includes savings and loan assns., dealers and brokers, nonprofit 2 Includes investments of foreign balances and international accounts institutions, and corp, pension funds. in the United States. Note.-—-Reported data for F.R. Banks and U.S. Govt, agencies and trust funds; Treasury estimates for other groups. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 U.S. GOVERNMENT SECURITIES 385 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—Dec. 3!........................................................... 214,604 93,396 60,177 33,219 60,602 35,013 8,445 17,148 1966—Jan. 31 ........................................................... 217.656 96.461 61,589 34,872 60,608 35,013 8,444 17,131 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—Dec. 31................................................... 13,406 1,356 968 388 3,161 3,350 2,073 3,466 1966—Jan. 31................................................... 13,423 1,379 987 392 3,155 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—Dec. 31............................................. 40,768 24,842 9,346 15,496 14,092 1,449 147 238 1966—Jan. 31................................................... 40,565 24.666 8.890 15,776 14,066 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—Dec. 31................................................... 160,430 67,198 49,863 17,335 43,349 30,214 6,225 13,444 1966—Jan. 31 ................................................... 163.668 70,416 51,712 18,704 43,387 30,214 6,224 13,427 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—Dec. 31........................................... 50,325 18,003 10,156 7,847 19,676 11,640 334 671 1966—Jan. 31.................................... 50.312 18.204 9.596 8.608 19.619 11,618 334 537 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—Dec. 31......................................... 5,241 768 445 323 1 ,386 1 ,602 335 1,151 1966—-Jan. 31......................... 5,305 844 466 378 1.397 1,598 332 1,135 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—Dec. 31........................................... 8,824 993 548 445 1 ,938 2,094 1,096 2,703 1966—Jan. 31........................................... 8.810 980 527 453 1.867 2,092 1,100 2,770 Non financial 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—Dec. 31........................................... 8.014 5,911 4,657 1 ,254 1 ,755 225 35 89 1966—Jan. 31 ......................................... 8,213 6.097 4.846 1,251 1,775 224 35 82 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 1,29? 129 447 1965—Dec. 31........................................... 3,644 597 394 203 948 1,374 252 473 1966—Jan. 31........................................... 3,824 754 513 241 984 1 ,371 257 458 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—Dec. 31.......................................... 15,707 5,571 4,573 998 1,862 1 ,894 1,985 4,395 1966—Jan. 31........................................... 16,159 5,940 4,937 1,003 1,931 1,903 . 1,985 4,400 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—Dec. 31........................................... 68,675 35,356 29,089 6,267 15,784 11,386 2,187 3,962 1966—Jan. 31........................................... 71.044 37,597 30.827 6,770 15,813 11,409 2,181 4,045 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 nonRnancial 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 5,945 commercial banks, 501 mutual savings Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

386 U.S. GOVERNMENT SECURITIES MARCH 1966 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. agency Period Dealers and brokers securities Total Within 1-5 5-10 Over Com­ All 1 year years years 10 years G U o .S vt . , Other m ba e n rc k ia s l other securities 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 1966—Jan................................. 2,129 1 ,660 261 164 43 600 59 970 501 130 Week ending— 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 Feb. 2........................ 2,881 2,061 598 175 46 822 80 1,195 784 102 9................. 2. 106 1 ,558 371 136 41 672 49 901 484 129 16........................ 2,144 1,610 384 120 30 61 I 66 839 628 163 23........................ 2.160 1 ,757 257 122 23 571 60 889 640 180 Note,—The transactions data combine market purchases and sales of ties under repurchase agreements, reverse repurchase (resale), or similar U.S. Govt, securities dealers reporting to the F.R. Bank of N.Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of and exchanges for new U.S. Govt, securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi­ DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity U.S. Commercial banks Period mat A ur l i l t ies W 1 y it e h a in r ye 1 a -5 rs 5 O y v e e a r r s se a G c g u e o r n v it c t i . e y s Period sou A rc ll e s Y N o e r w k Else­ C t o io r n p s o r 1 a­ o A th l e l r City where 1965—Jan........... 3,812 2,882 196 734 246 3,420 2'688 163 569 237 1965—Jan............. 4,354 1 323 1 229 1,206 596 Mar.......... 3'034 2 590 1 12 332 268 3’495 856 902 1 278 459 Apr.......... 3,471 3’1 18 115 238 327 Mar............ 3,181 626 807 1 350 398 May........ 3,398 2*508 149 741 378 Apr........... 3,594 918 885 1 369 422 J une........ 3,651 2,838 115 697 509 3,635 765 828 1 ’327 716 July.......... 4,180 3,472 100 609 446 June........... 4,094 1,251 776 1 457 609 Aug.......... 3'548 2,907 222 419 368 July............ 4^459 1 '293 1 ,009 1 ,468 688 Sept...... 2 ,'858 2’622 75 161 292 Aug............ 3,815 967 650 1,584 613 Oct........... 2,'562 2’381 68 112 286 Sept............ 3,050 807 643 1,284 316 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 45 1 217 Dec............. 3,275 1,014 530 1 ,389 341 1966—Jan........... 2,651 2,725 -58 -16 241 1966—Jan............. 2,708 767 650 906 385 Week ending— Week ending— 1965—Dec. 1 . . 3,598 .3,279 215 103 336 8. . 3,125 2,872 183 69 290 1965—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 1,067 538 1,100 429 1966—Jan. 5.. 2,645 2,551 146 -51 212 12. . 2,677 2.728 -37 -14 206 1966—Jan. 5... 2,898 860 597 864 578 19. . 2.621 2,692 -67 -5 225 12. 2,775 726 555 960 533 26, , 2,577 2,611 -30 -4 290 19. 2.655 730 749 890 286 26. .. 2,470 679 617 970 204 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 arc 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

MARCH 1966 OUTSTANDING SECURITIES 387 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, FEBRUARY 28, 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—Cent. Treasury notes—Cent. Treasury bonds—Cent. Mar. 3 1966.................. 2,201 1 .000 Oct. 1, 1967............|i/2 457 Oct. 1 1969 ... 4 6 259 2,202 Aug. IL 1966.................. 1 ,001 Apr 1’ 1968 .1(6 212 Feb 15 1970. . .4 4 381 2 207 । ;ooi Oct 1 1968. . IJ4 115 Aug. 15' 1970. . .4 4’ 129 Mar. 22 1966.................. 3,009 I ,001 Apr. 1, 1969...........1(4 61 Aug. 15 1971. . .4 2 806 Mar. 24, 1966,................ 2,209 Aug. 31, 1966.................. 1,000 Oct. 1, 1969...........1U 159 Nov. 15 1971...........3% 2’760 Mar. 31, 1966.................. 3^201 Sept. 30, 1966.................. 1 ;ooo Apr. L 1970.......... 1(6 88 Feb. 15' 1972.......... 4' 2,344 Apr. 7, 1966.................. 2,306 Oct. 31, 1966.................. 1,000 Oct. L 1970...........1(6 44 Aug. 15’ 1972...........4 2 579 Apr. 14’ 1966.................. 2,301 Nov. 30’ 1966.................. I',001 Nov. 15, 1970...........S' 7,680 Aug. 15' 1973...........4 3 894 2’304 Dec, 31,’ 1966.................. 1 ^OOl Nov. 15’ 1973...........4‘/8 4 357 Apr. 28^ 1966.................. 2,302 Jan. 31’ 1967.................. 1 ^OOl Feb. 15’ 1974...........4U 3 130 Apr. 30’ 1966.................. 1 ^001 Feb. 28; 1967.................. 1 ;ooo June 15, 1962-67.. .2*6 1 430 May 15 1974 . . .4(4 3 593 May 5, 1966........... 2,301 Dec. 15, 1963-68.. .2»/2 1 791 Nov. 15, 1974...........3% 2 243 May 12, 1966................. 2,304 Certificate June 15, 1964-69.. .2(6 2,548 May 25, 1975-85...4^ 1,218 May 19^ 1966.................. 2’301 Nov. 15, 1966.........4% 1,652 Dec. 15, 1964-69.. .2(6 2'519 June 15; 1978-83.. .3% 1 581 May 26’ 1966........... 2’313 Mar. 15, 1965-70.. .2(6 2,409 Feb. 15, 1980...........4 2,607 May 31,’ 1966.................. 1 ,001 Treasury notes May 15, 1966...........3^ 1,022 Nov. 15, 1980...........31A 1 ;912 June 2, 1966............ 1,000 Apr. ' 1, 1966...........l/2 151 Aug. 15, 1966...........3 '699 May 15; 1985...........3(4 1J26 June 9’1966.................. 1 ,000 May 15, 1966...........4 8,288 Nov. 15; 1966...........3 3/8 1,851 Aug. 15; 1987-92. ..4(4 3,818 June 16,1966.......... 1 ,001 Aug. 15, 1966...........4 8,441 Mar. 15, 1966-71.. .2(6 1,398 Feb. 15; 1988-93...4'’ 250 June 22, 1966............ 4; 522 Oct. 1, 1966...........1^ 357 June 15, 1967-72.. .2(6 1,275 May 15, 1989-94. ..4% 1,560 June 23’1966................ 1,003 Nov. 15, 1966...........4 2,254 Sept. 15, 1967-72.. .2(6 1,952 Feb. 15; 1990...........3(6 4,899 June 30, 1966............ 2,002 Feb. 15, 1967...........3% 2,358 Nov. 15, 1967...........3^8 2,019 Feb. 15; 1995...........3" 2,182 July 7’ 1966.................. 1 ,003 Feb. 15, 1967...........4 5,151 Dec. 15, 1967-72.. .21/2 2,678 Nov. 15; 1998...........3(6 4,411 July 14' 1966.................. 1 ,000 Apr. 1,1967............I/2 270 May 15, 1968...........3% 2,460 July 21'1966.................. 1 .001 May 15, 1967...........414 9,748 Aug. 15, 1968...........334 3^747 July 28' 1966.. 1,000 Aug. 15,1 967...........3% 2^929 Nov. 15. 1968...........3% L591 July 31, 1966............ 1,000 Aug, 15. 1967...........4% 2; 118 Feb. 15,1969...........4" 3,728 Apr. 1, 1975-80... 234 2,774 Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. FEDERALLY SPONSORED AGENCIES, JANUARY 31, 1966 Agency, a n ty d p e c o a u n p d o n d a r t a e t e of issue, Maturity o ( A f m m d il o l o i l o l u 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 m d il o l o i l o l u a n n r s s t ) -Federal home loan banks Federal intermediate credit banks Debentures: Notes: May 3, 1965 ........ ........4.30 Feb. 1, 1966 274 Apr. 15, 1965.........................4.30 Feb. 25, 1966 524 June I, 1965 ........ ........4.30 Mar. 1, 1966 276 June 15, 1965 ............................4.35 Mar. 25, 1966 273 July 1. 1965 ........ ........4.35 Apr. 4, 1966 272 May 17, 1965............................4.30 Apr. 25, 1966 525 Aug. 2, 1965........ ........4.30 May 2, 1966 294 July 17, 1965.........................4.35 May 25, 1966 496 Sept. 1, 1965........ ........4.35 June 1, 1966 232 Sept. 15, 1965 ............................4.40 June 24, 1966 336 Oct. 4, 1965........ .........4.35 July 5, 1966 204 Aug. 16, 1965 ............................4.35 July 25, 1966 500 Nov. 1, 1965 ........ ........4.45 Aug. 1, 1966 239 Jan. 1, 1966............................4.95 Aug. 25, 1966 369 Dec. 1, 1965 ........ .........4,60 Sept. 1, 1966 265 Nov. 1,1965.............................4.60 Sept. 26, 1966 500 Jan. 3, 1966........ ........4.90 Oct. 3, 1966 287 Bonds: Federal land banks July 15, 1964.............. ...............4% Mar. 15, 1966 260 Bonds: Dec. 9, 1963 .............. ................4'4 Aug. 15, 1966 200 Apr. 3, 1961.... ...........3’4 Feb. 21, 1966 150 June 15, 1964.............. ...............4'4 Nov. 15, 1966 275 June 21, 1965 ........ ...........4.35 May 2, 1966 117 Oct. 15, 1965 .............. ...............4'4 Jan. 25, 1967 375 May 1, 1958 ........ ............31/4 May 2, 1966 108 Mar. 15, 1965.............. ...............41/4 Sept. 15, 1967 85 Sept. 20, 1961........ ...........41/4 July 20, 1966 193 June 15, 1965.............. ...............4% Mar. I, 1968 50 Oct. 20, 1965 ........ ...........4.55 Sept. 20, 1966 219 Aug. 23, 1965 ........ ............43/, Dec. 20, 1966 239 Federal National Mortgage Association— Feb. 15, 1957 ........ ............4'/, Feb. 15, 1967-72 72 secondary market operations Apr. 20, 1965 ........ ............4'4 Feb. 20, 1967 126 May I, 1962 ........ ............4 May 22, 1967 180 850 Dec. 20, 1965 ........ ...........41/4 Aug. 21, 1967 179 Oct. 1, 1957 ........ ...........414 Oct. 1, 1967-70 75 Debentures: Oct. 22, 1963 ........ ............4'4 Oct. 23, 1967 174 Sept. 10. 1962................ ..............33/4 Mar. 10, 1966 108 Apr. I, 1959 ........ ............41/4 Mar, 20, 1968 111 Dec. 12, 1960................ ..............4'4 Dec. 12, 1966 93 May 1, 1963 ........ ............4 June 20, 1968 186 Oct. 11, 1965 ................ .............41/2 Oct. 11, 1967 150 Aug. 20, 1964........ ...........4'4 Aug. 20, 1968 160 Mar. 10, 1958 ................ .............334 Mar. 11, 1968 87 Feb. 2, 1959 ........ ............4% Mar. 20, 1969 100 Apr. 10, 1959................ ..............4’4 Apr. 10, 1969 88 Feb. 23, 1965 ........ ............4'4 July 15, 1969 130 Apr. 11, I960................ ............434 Apr. 10, 1970 142 July 15,1957 ........ ............4V, July 15, 1969 60 Sept. 12, 1960................ ............414 Sept. 10, 1970 119 Oct. 20, 1964 ........ ...........4'4 Oct. 20, 1969 209 Aug. 23, 1960................ ..............4'4 Aug. 10, 1971 64 Feb. 1, 1960 ........ ...........5'4 Feb. 20, 1970 82 Sept. 11, 1961................ ..............414 Sept. 10, 1971 96 Feb. 14, 1958 ........ ............3'4 Apr. 1, 1970 83 Feb. 10, 1960............... ..............5'4 Feb. 10, 1972 98 Jan. 5, I960 ........ ...........5'4 July 20, 1970 85 Dec. 11, 1961 .......... .............434 June 12, 1972 100 May 1, 1956 ........ ............3'4 May 1, 1971 60 June 12, 1961................ .............41/4 June 12, 1973 146 Sept. 14, 1956 ........ ............3’4 Sept. 15, 1972 109 Feb. 13, 1962................ .............4'4 Feb. 10, 1977 198 Feb. 20, 1963 ........ ............4'/, Feb. 20, 1973-78 148 Feb. 20, 1962 ........ ............4W Feb. 20. 1974 155 Banks for cooperatives Apr. 20, 1965 ........ ...........434 Apr. 21, 1975 200 Debentures: Tennessee Valley Authority Aug. 2,1965 ................ ...........4.30 Feb. 1, 1966 225 Short-term notes........ 95 Oct. 4,1965 ............................4.35 Apr. 4, 1966 217 Bonds: Nov. 1,1965 ................ ............4.40 May 2, 1966 151 Nov. 15, 1960 4.40 Nov. 15, 1985 50 Dec. 1, 1965 ................ ..............41/2 June 1, 1966 205 July 1. 1961 4% July 1, 1986 50 Feb. 1, 1962 4'4 Feb. 1, 1987 45 Note.—These securities are not guaranteed by the U.S. Govt.; sec also Note to table at top of following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

388 CREDIT AGENCIES; SECURITY ISSUES MARCH 1966 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Assets Liabilities and capital (s M ec o o o r p n tg e d a r a a g r t y e i o m n A s a s ) r s k n e , t coo B p a e fo n ra r k t s iv es i c n r t e e F d r e m i d t e e b r d a a i n a l k te s F b e l a a d n n e k d r s a l End of period v m a b A n t e e o d c r m e s ­ s ­ I m nv e e n s ts t­ p C a o d a n s e s d i ­ t h s B n a o o n n te d d s s M po d b e s e e m i ­ r t s ­ C s a to p c it k al M l g o ( a a A o g n r ) e s t ­ D n t e u a ( o b L n r t e e d e ) s s n ­ c L a o o ( t o t i A v a o p e n ) e s s r ­ D t e u (L b re e ) s n­ c L o a o d ( u A n a is n d n ) ­ t s s D t e u (L b re e ) s n­ M l g o ( a a A o g n r ) e s t ­ Bo (L n ) ds 1957.............. 1,265 908 63 825 653 685 1,562 1,315 454 222 932 886 919 1 ,599 1958.............. 1 ,298 999 75 714 819 769 1 ,323 1,100 510 252 1,157 1,116 2,089 1 ,743 1959.............. 2,134 1 ,093 103 1,774 589 866 1 ,967 I ’640 622 364 1391 1,356 2'360 1 386 I960.............. 1,981 1,233 90 1,266 938 989 2,788 2,523 649 407 1,501 1 354 2,564 2,210 1961.............. 2,622 1,153 159 1,571 1,180 1.107 2,770 2353 697 435 1,650 1 385 2’828 2'431 1962.............. 3,479 1 ,531 173 2,707 1 ',214 1,126 2,752 2322 735 505 1,840 1 '727 3,052 2'628 1963.............. 4'784 1 '906 159 4,363 1 J51 1 J71 2,000 I 388 840 589 2,099 1 '952 3'310 2,834 1964.............. 5,325 1 323 141 4,369 1,199 1 ,227 1 ,940 1 ,601 958 686 2,247 2ji2 3'718 3 J 69 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 2380 2,278 3,950 3315 May.. 5,227 I ,687 73 4,484 1 ,024 1 ,257 2,004 1 ,898 940 678 2,577 2,367 4,011 3,415 June.. 5,586 1,691 110 4,757 1,174 1 ,260 2,014 1 ,797 93! 687 2,687 2,462 4,058 3,532 July.. 5,793 1 ,299 75 4,807 913 1 ,265 2,032 1 ,794 935 687 2,772 2,546 4,097 3,532 Aug... 5,770 1 ,578 79 5,057 903 1 ,268 2,062 1 ,804 944 710 2,786 2,627 4,135 3,612 Sept... 5,802 1 ,567 85 5,046 944 1 ,270 2.108 1 ,756 940 708 2,725 2,603 4,171 3,612 Oct... 5,826 1,574 75 5,018 965 1,272 2,169 1 ,845 1,009 744 2,617 2,501 4,204 3,671 Nov... 5,724 1 ,838 80 5,221 936 1 ,275 2,290 1 ,918 1 ,082 787 2,501 2,386 4,245 3,671 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 1966—Jan.. . 5,898 1,424 80 5.068 844 1.281 2,666 2,338 1,113 797 2,541 2,342 4,328 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 Use of proceeds Total amount Period Special deliv­ Total G g o a e b a t n i l o l e i­ n r­ s R n e u v e e­ PHAi G l U o o a .S n v s . t, State d a i s a s u t n t a t r d h t i , c . t Other2 ered 3 Total c E a d tio u n ­ R b o r a i a d n d g d s e s U itie ti s l­ 4 H in o g u 5 s- V a e a n i t s d e * r ­ O p p o t u h s r e e ­ s r 1959 ................ 7,697 4,782 2,407 332 176 1,686 2,121 3,890 7,423 7,589 2,318 844 1,985 401 355 1,685 I960 7,292 4,771 2,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1,007 I ,316 426 201 1,891 1961 8,566 5,724 2,407 315 120 1,928 2,165 4373 8,301 8363 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 .........4.5..1. 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, loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt, loans. (and payment to issuer), which occurs after date of sale. Investment Bankers Assn, data; par amounts of long-term issues 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 SECURITY ISSUES 389 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, al) issues 1 Proposed use of net proceeds, all corporate issues 6 Noncorporate Corporate New capital Period Total G U o . v S t . .2 G a U c g o y . e v S n 3 t . ­ , l S o U a c t . n a a d S t l e . 4 Other 5 Total Total o B P f l o f i e c u n l r b y d e ­ s d p v l P a a t c r e i e ­ ly d fe P r r r e e S ­ d toc C m k o o m n ­ Total Total m N on e e w y 7 O p p o t u h se r e ­ s r s m r t R i e i t o r e i c e e e f n u ­ s ­ ­ t 1958 34,443 12,063 2,321 7,449 1,052 11,558 9,653 6,332 3,320 571 1 ,334 11,372 10,823 9,907 915 549 1959 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9,527 9,392 8,578 814 135 1960 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1 ,664 9,924 9,653 8,758 895 271 1961 35,527 12,253 1,448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 12,885 12,017 10,715 1,302 868 1962 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 10,501 9,747 8,240 1 ,507 754 1963 31,616 7,213 1,168 10,107 891 12,237 10,872 4,714 6,158 342 1,022 12,081 10,553 8,993 1 ,561 1,528 1964 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 13,792 13,038 11,233 1 ,805 754 1965 .................. 40,108 9,348 2,731 11.148 889 15,992 13,720 5,570 8,150 725 1,547 15,801 14.805 13.063 1 .741 996 1964-—Dec......... 3,339 373 .......1..,.0..97 64 1,805 1,662 320 1,342 49 94 1,787 1 ,642 1,322 320 145 1965—Jan.......... 2,333 433 811 232 858 727 161 565 47 84 850 795 700 95 54 Feb......... 3,997 2,129 129 933 14 791 637 187 450 24 130 779 746 687 59 33 Mar........ 3,003 413 185 1 ,003 45 1,358 1,215 557 658 60 82 1 ,343 1,197 1,039 157 146 Apr......... 3,050 390 325 971 131 1,233 1 ,070 422 648 35 127 1,214 1,152 939 213 61 May........ 3,160 356 1,020 11 1,773 1,324 694 630 65 384 1,746 1,691 1,560 132 55 June..... 4,297 362 775 1,000 122 2,038 1,729 748 980 155 154 2,018 1 ,946 1,665 281 72 July........ 2,936 388 1,055 49 1 ,443 1,322 542 780 44 78 1 ,427 1 ,290 1,168 122 137 Aug......... 2,354 371 239 718 95 930 837 369 468 15 78 919 850 760 91 69 Sept........ 3,029 342 150 984 14 1 ,538 1,370 664 706 92 76 1 ,523 1,392 1,249 143 130 Oct.......... '•2.66! 369 375 867 '65 '986 '861 287 '574 8 116 '973 '924 '834 '90 '49 Nov........ '■6,340 3.463 375 1 .018 '86 '1,398 '1,142 613 '529 92 165 '! .377 '1,325 '1 ,183 '143 '52 Dec........ 2.948 331 179 768 25 1 .646 1 .487 326 1.161 87 72 1 .632 1 .496 1.279 217 136 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om isc m e e ll r a c n ia eo l u a s nd Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Period Retire­ Retire­ Retire­ Retire­ Retire­ Retire­ New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ rities rities rities rities rities rities 1958................................................ 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1959................................................. 1 ,941 70 812 28 942 15 3,189 15 707 1'801 6 1960................................................. 1 ,997 79 794 30 672 39 2,754 51 1,036 1 2,401 71 1961................................................. 3'691 287 1,109 36 651 35 2,883 106 1,435 382 2,248 22 1962................................................. 2,958 228 803 32 543 16 2,341 444 1 ,276 11 1,825 23 1963................................................. 3,312 190 774 55 873 83 1 ,935 699 726 356 2,933 144 1964................................................. 2,772 243 1,024 82 941 32 2,445 280 2,133 36 3,723 80 1965................................................. 5.015 338 1,302 79 967 36 2,546 357 847 92 4'128 93 1964—Dec...................................... 607 26 121 49 127 8 172 31 32 * 582 31 1965—Jan....................................... 385 23 70 5 40 97 21 21 1 182 4 Feb....................................... 192 15 35 2 47 215 13 44 213 3 Mar..................................... 494 56 104 4 108 17 229 57 26 4 236 9 Apr..................................... 540 16 120 6 58 1 176 34 15 3 244 2 May,................................... 698 22 75 4 163 248 23 143 1 364 6 June.................................... 441 41 151 15 44 184 8 98 1 ,028 7 July..................................... 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....................................... '273 '10 77 ’5 53 13 '158 '9 '92 -3 '272 8 Nov..................................... '402 '17 '44 r* '94 209 '28 '43 '4 '533 '3 Dec...................................... 470 18 192 24 130 .............. 243 62 43 17 418 16 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. s AU issues other than those for retirement of securities. 3 Issues not guaranteed. 4 See Note to table at bottom of opposite page. Note.—Securities and Exchange Commission estimates of new issues 5 Foreign governments, International Bank for Reconstruction and maturing in more than 1 year sold for cash in the United States. Development, and domestic nonprofit organizations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

390 SECURITY ISSUES MARCH 1966 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire­ Net New Retire­ Net issues ments change issues ments change In c v o e s s .1 t. Other In c v o e s s .1 t, Other In c v o e s s .2 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—HI................ 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 IinI................... 6 5 , , 3 0 3 6 9 2 2 2 , , 5 4 2 7 5 7 3 2 , , 8 5 1 8 4 5 4 3 , , 0 2 0 0 7 7 1 1 , , 2 2 5 09 2 2 1 , , 7 9 5 9 5 8 1 1 , , 2 1 4 2 3 4 1,0 7 8 3 9 ! 5 4 1 7 1 7 7 79 6 1 2 7 6 3 4 2 7 - 3 6 2 0 7 Type of issuer Manu­ Commercial Transpor­ Public Communi­ Real estate Period facturing and other 2 tation 3 utility cation and financial 4 & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1959......................... 316 442 217 162 332 2 1,738 1,028 475 445 994 2,342 I960......................... 399 462 261 -46 173 -42 1,689 635 901 356 1,572 2,164 1961......................... 2,012 415 516 -447 71 -7 1,648 704 149 1,457 775 3,212 1962........................ 1,355 -242 294 -201 -85 -25 1,295 479 1,172 357 833 2,517 1963......................... 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—III................ 232 28 93 -34 38 -47 290 149 42 92 569 613 IV................ 689 -226 265 -444 88 -7 356 101 -47 115 693 986 1965—I11............................. 574 -256 -5 -1 39 9 281 97 64 100 351 850 814 138 234 -30 57 -28 293 116 201 139 1 ,156 723 Ill................ 625 -170 223 -20 37 21 554 78 255 149 305 530 1 Open-end and closed-end cos. foreign and include offerings of open-end investment cos., sales of securi- 2 Extractive and commercial and misc. cos. ties held by affiliated cos. or RFC, special offerings to employees, and also 3 Railroad and other transportation cos. new stock issues and cash proceeds connected with conversions of bonds 4 Includes investment cos. into stocks. Retirements include the same types of issues, and also 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. 389. actions only. As contrasted with data shown on p. 389, new issues exclude OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C s a it s io h n 3 Other Sales 1 Re ti d o e n m s p­ s N al e 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 1965—Jan.... 407 152 254 30,349 1,545 28,804 Feb... 313 159 154 30,749 1,605 29,144 1955 ............... 1,207 443 765 7,838 438 7,400 Mar... 356 168 188 30,464 1,597 28,867 1956............... 1,347 433 914 9,046 492 8,554 Apr.. . 351 155 196 31,521 1,523 29,998 1957............... 1,391 406 984 8,714 523 8,191 May. . 301 158 143 31,431 1,551 29,880 1958............... 1,620 511 1,109 13,242 634 12,608 J une.. 417 186 231 30,036 I ,447 28,589 1959............... 2,280 786 1,494 15,818 860 14,958 July.. . 332 147 185 30,749 1,616 29,133 Aug.,. 272 142 129 31,762 1,815 29,947 1960............... 2,097 842 1 ,255 17,026 973 16,053 Sept... 381 183 199 32,824 1 ,787 31,037 1961............... 2,951 1,160 1 ,791 22,789 980 21,809 Oct.... 394 173 220 33,921 1,758 32,163 1962............... 2,699 1,123 1 ,576 21,271 1,315 19,956 Nov... 360 163 197 34,533 1 ,847 32,686 1963............... 2,460 1,504 952 25,214 1,341 23,873 Dec.. . 475 176 299 35,220 1 ,803 33,417 1964.. ........... 3,404 1,875 1,528 29,116 1,329 27,787 1966—Jan,... 507 191 316 36,213 2,009 34,204 1965 ............... 4,359 1,962 2,395 35,220 1,803 33,417 i Includes contractual and regular single purchase sales, voluntary short-term debt securities, less current liabilities. and contractual accumulation plan sales, and reinvestment of invest­ ment income dividends; excludes reinvestment of realized capital gains Note.—Investment Co. Institute data based on reports of members, dividends. which comprise substantially all open-end investment cos. registered with 2 Market value at end of period less current liabilities. _ < the Securities and Exchange Commission. Data reflect newly formed 3 Cash and deposits, receivables, all U.S. Govt, securities, and other cos. after their initial offering of securities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 BUSINESS FINANCE 391 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS In millions of dollars) 1964 1965 Industry 1960 1961 1962 1963 1964 I II in 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 6,021 4,718 Profits after taxes.......................................... 7,161 7,167 8,215 9,138 10,520 2,603 2,898 2,335 2,684 3,081 3,399 2,750 Dividends....................................................... 4,485 4,730 5,048 5,444 5,930 1 ,285 1 ,448 1 ,324 1,873 1,411 1,629 1 ',434 Nondurable goods industries (78 corps.):3 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 I ,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,Hl 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 1 ,404 2,143 2,387 2,625 782 900 338 604 942 1,004 430 Dividends....................................................... 837 973 1,151 1 ,447 1,630 276 419 276 659 305 520 307 Public utility Railroad: Operating revenue............................ 9,514 9,189 9,440 9,560 9,857 2,362 2,481 2,486 2,526 2,385 2,582 2,575 Profits before taxes....................................... 648 625 729 816 836 188 245 211 192 145 259 251 Profits after taxes.......................................... 445 382 572 651 698 144 196 175 182 121 213 206 Dividends....................................................... 385 359 367 356 451 110 101 109 132 108 118 81 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 1 Includes 17 corps, in groups not shown separately. Telephone: Data obtained from Federal Communications Commis­ 2 Includes 27 corps, in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Note.— Manufacturing corps: Data are obtained primarily from Lines 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 I line­ subsidiaries and the 2 affiliates. haul railroads. Ad 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

392 BUSINESS FINANCE MARCH 1966 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e a ro x fo e fi r s t e s c ta o I x n m e ­ e s P t a a r f o x t f e e i s t r s d C d e a i n v s d i h ­ s tr U p ib r n o u d f t i i e t s s d ­ co c a n a t l s i l p o o u i n w t m a ­ l p ­ Quarter P b ta e ro x fo e fi r s t e s c ta o I x n m e ­ e s P t a a r f o x te f e it s r s d C d e a i n v s d i h ­ s tr U p ib r n o u d f t i i t e s s d ­ co c a n a t l s i l p o o u i n w t m a ­ l p ­ ances 1 ances 1 1958............... 41.4 19.0 22.3 11.6 10.8 22.0 1964—II.... 64.5 27,5 37.0 17.1 19,9 33.6 1959............... 52.1 23.7 28.5 12.6 15.9 23.5 III... 65.3 27.8 37.5 17.4 20.1 34,3 1960............... 49.7 23.0 26.7 13.4 13.2 24.9 IV... 65.9 28.1 37.8 17.7 20,0 34.8 1961............... 50.3 23.1 27.2 13.8 13.5 26.2 1965—1. . .. 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 II.. . . 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 JU.. . 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 IV... 77.0 31. 1 45.9 19.9 26.0 36.8 1965............... 74.7 30.1 44.5 18.9 25.6 36.1 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 Noles and accts, Notes and accts, End of period working U. S. receivable payable Accrued capital Govt, Inven­ Federal Total Cash securi­ tories Other Total income 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 I960............................... 128.6 289.0 37.2 20.1 3.1 126.1 91.8 10.6 160.4 1.8 105.0 13.5 40.1 1961............................... 135.6 306.8 41.1 20.0 3.4 135.8 95.2 11.4 171.2 1.8 112.8 14.1 42.5 1962.............................. 142.8 326.7 42.9 20.2 3.7 146.7 100.9 12.4 184.0 2.0 121.2 15,0 45.7 1963............................... 151.2 349.9 44.5 20.6 3.6 159.7 107.3 14.3 198.8 2.5 131.8 16.3 48.2 1964—III...................... 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 .....1..6..6....2..........3..84,3 43.7 16.3 3.2 182.8 119.7 18.4 218.0 2.9 145.9 15.9 53.2 Ill...................... 169.1 393.5 43.6 16.0 3.6 188.3 123.4 18.6 224.4 3.1 150,2 17.0 54.1 i Receivables from, and payables to, the U.S. Govt, exclude amounts Note,—Securities and Exchange Commission estimates; excludes offset against each other on corps,’ books. banks, savings and Ioan assns., and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Mining u P ti u li b ti l e ic s n C ic o a m ti m on u s ­ Other 1 a (S nn . u A a . l Durable d N ur o a n bl ­ e Railroad Other rate) 1958.......................................... 30.53 5,47 5.96 .94 .75 1.50 6.09 2.62 7.20 1959........................................... 32.54 5 77 6.29 .99 .92 2.02 5.67 2.67 8.21 I960 . ................................... 35.68 7,18 7.30 .99 1 .03 1.94 5.68 3.13 8.44 1961.......................................... 34.37 6.27 7.40 .98 .67 1.85 5.52 3.22 8.46 1962.......................................... 37.31 7.03 7.65 1.08 .85 2.07 5.48 3.63 9.52 1963 ......................................... 39.22 7.85 7.84 1.04 1.10 1,92 5,65 3.79 10.03 1964.......................................... 44.90 9,43 9.16 1.19 1 .41 2.38 6.22 4.30 10.83 1965 r........................................ 51,96 11.40 11,05 1,30 1 .73 2.81 6.94 4.94 11.79 1966 2 ................................. 60,23 13,50 13,25 1 .51 1 .83 3. 15 8.04 18 95 1964—11................................... 11.11 2.30 2.23 .29 .36 .63 1,58 1.10 2.6, 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—I..................................... 10.79 2.25 2,28 .29 .39 .58 1.32 1 .08 2,59 49.00 II................................... 12,81 2.76 2,70 .33 .44 .77 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 IVr................................ 14.95 3.48 3.24 .35 .46 .73 2.04 1.41 3.25 55.35 1966—I2'................................. 12,64 2.78 2.73 .34 .37 .76 1 .47 4 19 57.20 112. . ............................. 15,01 3,29 3.27 .40 .51 .90 2,00 4 64 58,90 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

MARCH 1966 REAL ESTATE CREDIT 393 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other Multifamily and Mortgage E pe nd ri o o d f h A e o r l l s d l ­ tu F i t n i c i n o i s a a n t l i n s ­ ­ 1 a U c g i . e e S h s n o . ­ lde v o r i s I t d a n h 2 u n d e d a i r ­ l s s h A e o r l l s d l ­ tu F in t i c n io i s a a t n l n i ­ s , 1 O h e o th r l s d e 3 r ­ h A e o r l l s d l ­ T 1 o - t a to l 4 t - u F f i a t n i i n m o s a n t i i n l s ­ y , 1 ho O u h s e o t e r h l s s d e ­ r c T o o m ta m l er t c u F i i a t n i i n o l s a n t p i n s ­ r . o 1 pe O h r e t o t i h r e l s d e s ­ r 4 w u F V n r H i d t A t A e e - t r y n - ­ pe t C 3 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 7g ?, 1945............ 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 12 2 74 4 7 4*3 26 5 1957............ 156.5 119.7 7.4 29.3 10.4 4.0 6.4 146.1 107.6 89.9 17.7 38 5 25,8 12 7 51 6 94 5 1958............ 171.8 131.5 7.8 32.5 11.1 4.2 6.9 160.7 117.7 98.5 19.2 43 0 28 8 14 2 55 7 105 5 1959............ 190.8 145.5 10.0 35.4 12.1 4.5 7.6 178.7 130.9 109.2 21.6 47 9 31 8 16 1 59 2 119 4 I960............ 206.8 157.6 11.2 38.0 12.8 4.7 8.2 194.0 141 .3 117.9 23.4 52 7 35 0 17 7 62 3 | 3| 7 1961............ 226.3 172.6 11.8 41.9 13.9 5.0 8.9 212.4 153.1 128.2 24.9 59 3 39.4 19.9 65 5 146 9 1962............ 251,6 192.5 12.2 47.0 15.2 5.5 9.7 236.4 166,5 140.4 26.0 69 9 46 6 23 4 69 4 167 0 1963......... . 281.2 217.1 11.2 52.9 16.8 6.2 10.7 264.4 182.2 156.0 26.2 82' 2 54 9 27 3 734 190 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 1965p.... 341 .9 21.2 320.7 212.9 107.8 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—1., .. 287.4 222.0 11.3 54.1 17.3 6.4 10.9 270.0 185.4 159,0 26.4 84.6 56.5 28.1. 74.2 195.8 11. . . 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—1 A.. 317,7 245.8 11.6 60.4 19.5 7.2 12.3 298.3 200.5 173. I 27.4 97.7 65.5 32.3 78.0 220.2 1H.. 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 IIP’.. 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 80,1 233.2 IVA. 341 .9 21.2 320.7 212.9 107.8 1 Commercial banks (including nondeposit trust cos. but not trust savings and loan assns. depls.), mutual savings banks, life insurance cos., and savings and loan 5 Data by type of mortgage on nonfarm I - to 4-family properties alone assns. are shown on second page following. 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin., and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Note.—Based on data from Federal Deposit Insurance Corp., Federal Other U.S. agencies (amounts small or current separate data not readily Home Loan Bank Board, Institute of Life Insurance, Depts, of Agricul­ available) included with “individuals and others.’’ ture and Commerce, Federal National Mortgage Assn., Federal Housing 3 Derived figures; includes debt held by Federal land banks and farm Admin., Public Housing Admin., Veterans Admin., and Comptroller debt held by Farmers Home Admin. of the Currency. 4 Derived figures; includes small amounts of farm loans held by Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Other Total FHA- VA- Con­ f n a o r n m ­ Farm Total FHA- VA- Con­ O n t o h n e ­ r Farm Total in­ guar­ ven­ Total in­ guar­ ven­ iarm 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 I 1'037 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................................ 34^76 23,482 6,520 2'654 14'308 8'972 2 322 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 2^38 40,556 36i487 12,287 11 J2I 13^079 4,016 53 1965^’............................... 49,323 44.726 1963—111 ....................... 38,360 25,855 7,007 2,870 15,978 10,203 2,302 35,191 31,775 10,328 10,335 11,112 3,365 51 IV........................ 39,414 26,476 7'105 2,862 16,509 10,611 2,327 36,224 32^718 10,684 10^490 11'544 3,454 52 1964—1........................... 40,200 26,894 7,110 2,824 16,960 10,894 2,412 37,155 33,506 11,004 10,639 11,863 3 507 52 II......................... 41,648 27,750 7,158 2,793 17,799 11,340 2,558 38,199 34,407 11'376 10,826 12'205 3,739 53 HI....................... 42,948 28,432 7,250 2,786 18,396 I 1,896 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 I........................... 44,799 29,388 7,329 2,722 19,337 12,723 2,688 41,521 37,357 12,664 1 1,228 13,465 4 112 52 II......................... 46,548 30,383 7,469 2'712 20;202 13371 2,794 42'467 38'214 13,036 11,322 I3;856 4; 202 51 II p>..................... 48,148 43,608 IV7'...................... 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. lor insured banks for 1962 and part of 1963 and on special F.R. inter­ polations thereafter. For earlier years, the basis for firn and third quarter Note.—Second and fourth quarters, Federal Deposit Insurance Corp, estimates included F.R. commercial bank call data and data from the scries 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

394 REAL ESTATE CREDIT MARCH 1966 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total VA- Farm 1 Total FHA VA- Farm Total FHA- guar­ Other 1 Total insured guar­ Other insured anteed anteed 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 >70 5,472 1 ,549 201 3'722 498 39,197 36', 370 8,273 7'086 21,011 2,827 1960................................................. 6,086 5,622 1 ,401 291 3^930 464 41,771 38,789 9,032 6,901 22 >56 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 >55 469 5,035 619 46,902 43,502 10'176 6’395 26,931 3,400 1963................................................. 9 J 72 8,306 1 '598 678 6,030 866 50,544 46'752 10,756 6'401 29'595 3 792 1964................................................. 10'432 9,385 1'811 674 6 >00 1,047 55'152 50,848 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 55,197 50,893 11,512 6'413 32,968 4,304 1965—Jan....................................... 915 808 175 67 566 107 55,626 51,307 11,625 6,433 33,249 4,319 Feb...................................... 748 655 123 50 482 93 55,941 51,593 11 >76 6'439 33>78 4 348 Mar..................................... 939 786 154 51 581 153 56343 51'923 11,742 6’432 33,749 4,420 880 772 134 40 598 108 56,687 52,213 11,786 6 >19 34>08 4>74 May..................................... 749 662 117 37 508 87 56,997 52,482 11 ',821 6 >04 34,257 4>15 June.................................... 939 840 142 41 657 99 57,384 52,806 11 ,'860 6'384 34 >62 4,578 July...................................... 834 759 121 40 598 75 57,663 53,041 11'866 6,361 34>I4 4,622 867 798 144 41 613 69 58,017 53,359 11,914 6,340 35’105 4'658 Sept..................................... 932 868 142 45 681 64 58,411 53,723 11,950 6 >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 >55 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-Dcc. 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 Ad­ Repay­ Members Period Total 1 s c N t t i o r o e u n n w c ­ ­ H c p h o u a m s r­ e e Total 2 F su H in re A ­ d - a g n V u t A e a e - r ­ d t C i v o e o n n n a ­ ­ l vances ments Total S te h rm or t­ 1 t L e o rm ng ­ 2 deposits 1945.................... 278 213 195 176 19 46 1945 .......... 1,913 181 1,358 5,376 1956........................ 745 934 1 ,228 798 430 683 1958 ............ 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1957........................ 1,116 1,079 1 >65 731 534 653 1959 ............ 15,151 5 >01 6>13 53,141 2,995 7,186 42,960 1958........................ 1 >64 1,331 1 >98 685 613 819 I960............ 14,304 4,678 6,132 60,070 3 >24 7,222 49,324 1959.................... 2 >67 1 >31 2,134 1 ,192 942 589 I960......................... 1,943 2 >97 1 >81 I >89 892 938 1961............ 17,364 5,081 7,207 68,834 4,167 7,152 57,515 1962............ 20,754 5,979 8 >24 78,770 4,476 7,010 67,284 1961........................ 2,882 2,220 2,662 1 ,447 1 ,216 1,180 1963 ............ 24,735 7 >39 9,920 90,944 4,696 6'960 79 >88 1962........................ 4> 11 3 >94 3 479 2'005 1,474 1,213 1964............ 24 ,'505 6'515 10,397 '101,333 ’’4.894 r6,683 '89.756 1963........................ 5 ,601 4 >96 4 >84 2 >63 1 '921 1,151 1965 r.......... 23,847 5'922 10 >97 110'202 5,141 6'391 98,670 1964........................ 5 >65 5>25 5 >25 2,846 2 >79 1,199 1965. 5 >07 4 >35 5>97 3,074 2 >23 1 ,043 1965 1965-—Jan.............. 412 793 4,944 2,590 2 354 1,013 Jan............... 1 ,527 370 638 M01 ,866 '4,905 '6,680 ^90,281 Feb.............. 309 402 4,851 2 >20 2 431 1 013 Feb.............. 1 ,541 379 638 r102,372 ’’4,920 r6,65l '90,801 Mar............. 348 452 4,>47 2>77 2 ’ 470 1 048 Mar............. 2,056 544 824 MO3>73 ’’4,938 r6,626 '91 .609 Apr.............. 735 264 5>19 2 >65 2 653 1,026 Apr.............. 2,068 558 850 rl 03,997 M,950 r6.587 ’’92,460 May............ 350 342 5 >27 2 >80 2 >48 1 017 May...... . 2'022 526 861 M04,837 r4,973 r6.565 ''93,299 June............ 602 243 5 >86 2'867 2>19 1 172 June............ 2'399 614 1 ,099 MOS, 849 ’’4,999 r6,557 '94,293 July............. 613 406 5,793 3 >76 2,617 912 July............. 2'186 520 1 >63 M06>68 r5,020 r6,544 '95,104 Aug............. 355 378 5,770 2 951 2 819 902 Auc............. 2 >87 511 1,099 M07>13 r5,047 r6>04 '95,962 Sept....... 310 278 5,802 2,908 2 894 942 Sept............ 2'079 490 1 ,015 M08'255 r5,079 r6.477 '96,699 Oct.............. 337 312 5 >26 2 >24 2 >02 957 Oct.............. 1 '961 487 910 M08>22 r5,l03 '6,459 '97 >60 Nov............. 236 338 5'724 2 877 2 847 934 Nov............. 1 ,825 431 834 M09,507 ’’5,108 '6,432 ''97,967 Dec.............. 400 128 5,997 3 ,074 2,923 I ,043 Dec............. >996 491 865 110,202 5,141 6.391 98,670 1966--Jan.............. 386 485 5,898 3,071 2,826 843 1966 Jan.p........... 1,552 325 639 110,712 5,158 6,366 99,188 1 Secured or unsecured loans maturing in 1 year or less. 2 Secured loans, amortized quarterly, having maturities of more than I year but not more than 10 years. i 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

MARCH 1966 REAL ESTATE CREDIT 395 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Total h N om M ew e o s rtga h g is o E e t m s i x n e ­ g s e P c r ts o j­ 1 m p P e r e i r m o r o n t v y t p ­ e s ­ ­ 2 Total 3 h N om M ew e o s rtga h g is o E e t m i s x n e ­ g s E p n e d ri o o d f Total Total s F u i H n re ­ A d - a g n V u te A a e r - - d 1 t C i v o e o n n n a ­ ­ l 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 2/197 2^403 711 982 1 ,985 1 ^554 428 1961................. 153.1 59.1 29.5 29.6 93.9 1961.............................. 6,546 1,783 2,982 926 855 1,829 1,170 656 1962................. 166.5 62.2 32.3 29.9 104.3 1962............................. 7,184 1 ,849 3,421 1,079 834 2,652 1,357 1,292 1963 ................. 182.2 65.9 35.0 30.9 116.3 1963.............................. 7^216 1 '664 3,905 843 804 3,045 1 /72 1,770 1964................ 197.6 69.2 38.3 30.9 128.3 1964 ............................ 8,130 1,608 4,965 895 663 2,846 1,023 1 '821 1965"............... 212.9 1965.............................. 8,689 1,705 5,760 591 634 2,652 876 1 774 1963—I........... 169.2 63.0 33.0 30.0 106.2 1965—Jan .................. 630 138 405 34 54 225 84 141 II.......... 173.7 63.8 33.5 30. 3 109.9 Feb................... 517 115 328 40 34 200 72 128 JU........ 178.2 64.6 34.3 30.4 113.6 Mar.................. 640 137 396 62 45 216 77 139 IV........ 182.2 65.9 35.0 30.9 116.3 Apr................... 634 128 413 51 42 179 64 115 M ay.................. 625 116 399 57 53 182 57 125 1964—1.......... 185.4 66.6 35.7 31.0 118.8 June.................. 716 127 484 40 66 217 65 152 II.......... 189.8 67.3 36.3 30.9 122.5 July.................. 776 140 506 71 58 217 65 152 in........ 193.9 68.4 37.4 31.1 125.4 Aug.................. 875 163 594 51 67 245 78 167 IV 197.6 69.2 38.3 30.9 128.3 Sept................. 860 159 597 42 62 254 78 177 Oct,................. 811 161 554 45 52 245 81 163 1965—1"......... 200.5 70.1 39.0 31.0 130.5 Nov.......... 824 156 550 61 57 243 79 163 II"........ 204.8 70.7 39.7 31.0 134.1 Dec................... 780 165 533 38 43 228 77 151 III".. . . 209.0 72.0 40.9 31.1 136.9 IV". . . . 212.9 1966—Jan.................... 800 180 547 42 30 236 80 156 1 Includes outstanding amount of VA vendee 1 Monthly figures do not reflect mortgage amendments included in annual totals. accounts held by private investors under repurchase 2 Not ordinarly secured by mortgages. agreement. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. Note.—For total debt outstanding, figures are FHLBB and F.R. estimates. For conventional, Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans figures are derived. represent gross amount of insurance written; Va-guaranteed loans, gross amounts of loans Based on data from Federal Home Loan Bank closed. Figures do not take into account principal repayments on previously insured or Board, Federal Housing Admin., and Veterans Admin. 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 Mortgage holdings transactions Com­ Non farm (during mit­ End of period) ments End of period Total Farm period Total F su H in re A ­ d - a g n V u t A e a e r - ­ d ch P a u s r e ­ s Sales bu d u r i n s s e ­ ­ d Total in F s H ur A e - d C t o io n n v a e l n­ 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 12.8 1960............................ 6,159 3,356 2,803 1,248 357 576 1961................................. 73.2 59.3 6.4 52.9 13.9 1961............................ 6,093 3,490 2,603 815 541 631 1962................................. 85.1 69.9 7.2 62.7 15.2 1962............................ 5,923 3^571 2,353 740 498 355 1963 ................................. 99.0 82.2 7.5 74.7 16.8 1963..................... 4^650 3,017 1 ,634 290 1,114 191 1964"............................... 114.0 95.1 7.9 87.2 18.9 1964............................ 4,412 2,996 1 ,416 424 251 313 1965............................ 4,731 3,404 1 ,327 913 200 793 1963—1........................... 88.0 72.4 7.3 65.1 15.6 H.......................... 91.7 75.5 7.4 68. 1 16,2 1965—-Jan.................. 4,417 3,009 1 ,408 40 4 316 in......................... 95.2 78.6 7.5 71.2 16.6 Feb................. 4^394 3^005 1 ,388 48 41 316 IV........................ 99.0 82.2 7.5 74.7 16.8 Mar................ 4,364 2,986 1,378 45 43 320 Apr................. 4,341 2'989 1 /52 5! 43 321 1964—1"......................... 101.9 84.6 7.6 77.0 17.3 May............... 4,326 2,997 1 i 329 47 32 327 II"......................... 105.8 87.7 7.7 80.0 18. 1 June................ 4,303 2’992 1,311 44 27 360 HP..................... 109.7 91 .2 7.8 83.5 18.5 July................ 4,309 3,012 1,297 49 9 376 IV"...................... 114.0 95.1 7.9 87.2 18.9 Aug. .............. 4,332 3,039 1,293 54 418 4,372 3,083 1,289 78 443 1965—1"......................... 117.2 97.7 7.9 89.9 19.5 4'436 3,145 1'290 96 559 IP........................ 121.2 101.0 8.0 93.0 20.2 4^559 3,255 1,304 155 674 IIP.................. 125.0 104.3 8.0 96.3 20.7 Dec ........ 4'731 3,404 1 327 205 793 1966—Jan.................. 4,948 3,588 1.360 246 62 923 Note.—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, but excluding conventional mortgage loans acquired by FNMA from the RFC Mortgage Co., the Defense Homes Corp., the Public Housing Admin., and Community Facilities Admin, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

396 CONSUMER CREDIT MARCH 1966 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Other Repair Total m A pa o u p b to e ile r ­ co g p n o a s o p u d e m s r e r e a r n l n o d a iz m n a s t o io 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 e s n ­ t a C c h co 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 11,256 14,151 5,136 5,324 3,691 1962........................................... 63,164 48,034 19,540 12,605 3,246 12,643 15,130 5,456 5,684 3,990 1963.................................... 69,890 53,745 22,199 13,766 3,389 14,391 16,145 5,959 5,871 4,315 1964........................................... 76,810 59,397 24,521 15,303 3,502 16,071 17,413 6,473 6,300 4,640 1965...................................... ■ 85,983 67,406 28,201 17,414 3,625 18,166 18,577 6,940 6,746 4,891 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................................ 85,983 67,406 28,201 17,414 3,625 18,166 18,577 6,940 6,746 4,891 1966—Jan................................. 85 ,089 67.157 28,149 17.287 3.585 18.136 17,932 6.885 6,107 4,940 i 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 for house- data, see “Consumer Credit,” Section 16 (New) of Supplement to Bank­ hold, family, and other personal expenditures, except real estate mortgage ing and Monetary Statistics, 1965. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m b C e a o r n c m k i s a ­ l fin S c a a o l n s e c . s e u C n r i e o d n i s t fin s C a u o n m c n e e ­ r 3 Other 1 Total D st m e or p e e a n s t r t 2 ­ F s t t u u o r r re n e s i­ A s a t p o n p r c e e l s i ­ d m e A a o u le b to r il s e ­ 3 Other 1939 ........................... 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 ........................... 6,085 4,480 1'726 1'797 198 759 1'605 320 496 206 188 395 1945 ........................... 2,462 1,776 '745 300 102 629 686 131 240 17 28 270 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 1,407 5,676 2,292 1,225 310 481 1'368 1960............................... 42,832 37,218 16,672 11,472 3,923 3,670 I',481 5,615 2,414 1,107 333 359 l’,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 1,073 294 345 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 1,152 286 370 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 1 .820 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 1,758 7,011 3,713 1,101 282 377 1 ,538 Mar.................... 59,788 52,837 24,537 14,831 6,569 5,132 l',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 I >90 284 425 1'557 Aug,................... 64,393 57,181 26,992 15,721 7,235 5,387 1,846 7,212 3,847 1,103 287 431 1 '544 Sept.................... 64^846 57,'570 27,210 15,802 7'310 5,410 1,838 7,276 3,910 1 J17 289 433 1’527 65,368 57,962 27,475 15,876 7,363 5,422 1,826 7,406 3,979 1,138 293 438 1 i 558 Nov............. 66,'012 58,411 27,699 15,963 7^436 5*465 1 ,848 7 ,'601 4J01 1'167 297 443 1 '593 Dec.......... 67,406 59,114 28.014 16.138 7,512 5.606 1 ,844 8,292 4,488 1 ,235 302 447 1 .820 1966—Jan.................. 67,157 59,045 28,044 16,106 7.447 5.598 1 .850 8,1 12 4.419 1 ,208 300 448 1.737 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

MARCH 1966 CONSUMER CREDIT 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 Pur­ Direct s g p u o a m o p d e e s r r e m r t n io o iz n 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 p u o a m o p d e e s r r m iz lo o a a d ti n e o s r n n ­ l s o o a n n a s l chased loans _ 1939.................................. 1,197 878 115 148 56 1939.......................... 1,079 237 178 166 135 363 1941.................................. 1,797 1 363 167 201 66 1941.......................... 1 '726 447 338 309 161 471 1945 ............................ >00 164 24 58 54 1945 .......................... 745 66 143 114 110 312 1958.................................. 8,844 6,310 1 717 36 781 1958.......................... 12,780 4,014 2,170 2,269 1,715 2,612 1959.................................. 10,319 7,187 2 114 72 946 1959 .......................... 15 >27 4,827 2,525 2,640 2,’039 3 >96 I960.................................. 11,472 7 528 2>39 1 39 1 066 1960.......................... 16*672 5,316 2>20 2>59 2,200 3,577 1961.................................. 11,273 6,811 3 >00 161 1 201 1961.......................... 17,008 5,391 2 860 2,761 2 198 3,798 1962.................................. 12,194 7,449 3 123 170 I 452 1962.......................... 19,005 6,184 3,451 2 >24 2’,261 4 >85 1963.................................. 13,523 8,228 3 >83 158 1 >54 1963 .......................... 21 '610 7,246 4 >03 3'123 2 361 4,877 1964.................................. 14>62 8,701 3 889 142 2 030 1964.......................... 23,943 8'300 4>5l 3,380 2 >27 5,385 1965................................. 16,138 9,241 4 >29 123 2 345 1965 .......................... 28.014 9,952 5 >37 3'987 2>93 6>45 1965—Jan........................ 14,797 8,684 3 943 140 2 030 1965—Jan................. 24,091 8,325 4,503 3,455 2,400 5,408 Feb........................ 14’782 8,693 3,887 139 2*063 Feb................ 24 >46 8,405 4,568 3 >57 2'378 5 >38 Mar....................... 14>31 8 723 3,897 137 2 ’ 074 Mar............... 24>37 8'539 4,673 3 >61 2,368 5,496 Apr......... 14/991 8 824 3 928 136 2* 103 Apr................ 25’117 8,769 4,814 3'506 2’364 5,664 May..................... 15,158 8,919 3,977 134 7*128 May........ 25'602 8,982 4,935 3,554 2,391 5,740 June..................... 15'372 9 055 4,023 133 2 >61 June.............. 26'154 9,201 5 >78 3'616 2 >20 5 >39 July. ..................... 15 >65 9,174 4,067 133 2’ 191 July.............. 26’610 9,421 5,181 3'672 2 >46 5,890 Aug....................... 15 >21 9 >35 4; 125 131 2*230 Aug. ............. 26,992 9'564 5’248 3 >26 2>73 5'981 Sept....................... 15 >02 9 196 4 204 129 2*273 Sept. . ........... 27,210 9,638 5,243 3’787 2 >88 6,054 Oct........................ 15>76 9,201 4,269 (28 7*278 Oct................ 27'475 9,768 5'294 3'847 2,499 6,067 Nov...................... 15>63 9,210 4 332 126 2*295 Nov............... 27’699 9,865 5 >64 3,890 2,502 6,078 Dec...................... 16,138 9,241 4 >29 123 2*345 Dec........... 28,014 9,952 5 >37 3,'987 2>93 6.145 1966—Jan........................ 16,106 9.187 4.460 119 2.340 1966—Jan................ 28.044 9,957 5,457 4,014 2.462 6.154 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 re rv d ic it e 1 1 9 9 3 4 9 1 . . 9 7 5 8 7 9 1 8 2 1 2 2 3 4 6 1 1 5 4 6 7 6 85 9 b m c a i n e a k r l ­ s t f u i i n c n ti i s a o a t n n l i ­ ­ s s m p to a e r r e n t s ­ t 1 o O r u e t t h t 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 5,244 1941.............. 3,087 693 152 275 1 >70 597 1960 9,074 1,665 771 800 5,837 1945.............. 3,203 674 72 290 1 >22 845 1961. 9,654 1,819 743 832 6,257 1958............... 11,487 3,156 471 907 3,808 345 2,800 1962.................................. 10,583 2,111 751 815 6,906 1959............... 12,297 3>82 547 958 3,753 393 3*064 1963. 11,859 2,394 835 870 7,760 1960............... 13,196 3,884 623 941 3>52 436 3,360 1964. 13,285 2,699 997 933 8,656 1965................................. 14,962 3.124 1,153 1 .009 9.676 1961............... 14,151 4,413 723 948 3,907 469 3,691 1962............... 15,130 4,690 766 927 4>52 505 3,990 1965-—Jan....................... 13,271 2,689 996 933 8,653 1963 ............... 16,145 5,047 912 895 4,456 520 4 315 Feb................ 13,324 2,700 1,006 929 8,689 1964............... 17,413 5,469 1,004 909 4>56 635 4 >40 Mar...................... 13,469 2,744 1,019 935 8,771 1965............... 18,577 5,845 1’095 968 5*055 723 4 >91 Apr....................... 13,720 2,813 1,042 939 8,926 May...................... 13,934 2,868 1,058 959 9,049 1965—Jan.... 16,803 5,409 1,003 793 4,280 551 4,667 June...................... 14,140 2,934 1,076 971 9,159 Feb.. . 16,378 5,436 1,006 660 3,857 637 4,782 July....................... 14,267 2,970 1,092 974 9,231 Mar... 16,297 5,495 1,023 601 3,743 633 4,802 Aug....................... 14,468 3,015 1,106 993 9,354 Apr... 16,680 5,572 1,034 626 3,942 642 4,864 Sept....................... 14,558 3,045 1,120 996 9,397 May.. 16,948 5,628 1,058 647 4,142 664 4,809 Oct........................ 14,611 3,065 1,130 998 9,418 June.. 17,097 5,707 1,069 627 4,218 683 4,793 Nov...................... 14,749 3,094 1,135 1 ,010 9,510 July... 17,077 5,718 1,063 591 4,217 726 4,762 Dec....................... 14.962 3.124 1.153 1 .009 9.676 Aug... 17,061 5,747 1,078 595 4,149 754 4,738 Sept... 17,078 5,776 1,080 647 4,078 771 4,726 1966-—Jan........................ 14.895 3.100 1 .149 1 .004 9.642 Oct.... 17,201 5,793 1,078 682 4,221 742 4,685 Nov... 17,378 5,810 1,093 725 4,291 724 4,735 Dec.. . 18,577 5.845 1 .095 968 5.055 723 4.891 Note.—Institutions represented are consumer finance cos., credit unions, industrial loan cos., mutual savings banks, savings and loan 1966—Jan... 17,932 5.793 1.092 855 4,509 743 4,940 assns., and other lending institutions holding consumer instalment loans. See also Note to first table on previous page. i 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

398 CONSUMER CREDIT MARCH 1966 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a su p m er er mode R r e n p iz a a i t r i o a n n d l oans Personal loans Period S.A.1 N.S.A. S.A. 1 N.S.A. S.A.l N.S.A. S.A.l N.S.A. S.A.l 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>94 1963.......................................... 60,822 22^013 17,007 2,178 19,624 1’964........................................... 66,070 23,565 19,162 2,182 21,161 ............................7..4,527 27,357 21,334 2,213 23,623 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 >60 1 >38 175 132 1,859 1,622 Mar....................... 6,030 6,173 2 229 2,382 1,698 1’619 186 176 1,917 1,996 Apr............... . 6,189 6,480 2 272 2,496 1 '645 1 ,'614 189 190 2,083 2,180 May.............................. 6,105 6,189 2 215 2,384 1’728 1 '682 190 214 1 >72 1 909 Tune.............................. 6,139 6,780 2 250 2 >08 1 >17 1’804 199 225 1 ’973 2,143 July............................... 6'278 6’429 2 30! 2,465 1 >92 1,755 179 200 2,006 2,009 Aug.............................. 6,288 6'394 2 313 2,343 1,794 1 '769 194 224 1,987 2,058 Sept............................... 6,33! 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 1,825 Nov,............................... 6'405 6,501 2 408 2,352 1,852 1,979 182 187 1,963 1,983 Dec......................... 6,398 7,415 2 393 2,274 1,846 2,'632 185 162 1,974 2,347 1966-Jan................................. 6.452 5.501 2 290 1 ,957 1,962 1 .663 177 130 2,023 1 ,751 Repayments 1QSR. 40,344 15,415 11 ,563 1,626 11,741 1959........................................... 42,603 15,579 12'402 1 ,’765 12 >57 1960. ..................................... 45,972 16,384 13’574 1 >83 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 ............................66,518 23 >77 19 >23 2'090 21,528 1965--Jan................................. 5,2(3 5,078 1 830 1,783 1,526 1 ,539 171 163 1,686 1,593 Feb................................. 5,38! 4,986 1 897 1,746 1,632 1 ,558 172 159 1,680 1,523 Mar............................... 5,393 5,748 1 924 2,062 1,567 1 ,659 171 182 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 June............................... 5,537 5,729 1 960 2,032 1 ,587 1 ,611 179 185 1,811 l>01 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 >04 180 180 1 ,811 1 >05 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 >71 1,786 Nov................................ 5,748 5,857 0 112 2,142 1,666 1 ,678 173 174 1 ,797 1 >63 Dec................................ 5,75! 6,021 049 2,049 1,695 1 ,733 176 175 1,831 2,064 1966-Jun................................. 5.830 5.750 054 2.009 1 .756 I .790 174 170 1 ,846 1 ,781 Net change in credit outstanding2 1Q5R -225 -1,189 184 245 534 1959........................................... 5,601 2'268 1,602 463 1,269 1960. ....... 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 >80 1065 .............................. 8.009 3.680 2 J 11 123 2.095 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 I ,015 336 552 158 112 -1 -1 251 352 May.................... 670 936 275 494 164 173 18 45 213 224 June.............................. 602 1 ,051 290 576 130 193 20 40 162 242 July....................... 666 819 329 486 180 151 10 29 147 153 Aug................................ 609 784 283 322 136 165 14 44 176 253 Sept............................... 683 453 328 62 205 216 4 16 146 159 Oct................................ 589 522 238 21 1 235 260 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 1966-Jan................................. 622 -249 236 -52 206 - 127 3 -40 177 -30 1 Includes adjustments for differences in trading days. financing charges. Renewals and refinancing of loans, purchases and 2 Net changes in credit outstanding equal extensions less repayments sales of instalment paper, and certain other transactions may increase except in 1959, when the differences do not rclicet the introduction of the amount of extensions and repayments without affecting the amount outstanding balances for Alaska and Hawaii. outstanding. For back figures and description of the data, see “Consumer Credit,” Note.'—Estimates are based on accounting records and often include Section \6 (New) of Supplement to Banking and Monetary Statistics, 1965. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 CONSUMER CREDIT 399 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p fi a n n a i n 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 J N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.AJ N.S.A. Extensions 1958........................................... 40,119 14,860 9,043 9 654 6 563 1959........................................... 48,052 17'976 11,196 10’940 7 940 I960........................................... 49'560 18,269 11 456 12’073 7 762 1961........................................... 48,396 17,711 10,667 12 282 7,736 1962........................................... 55 J 26 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 18 120 12 575 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 i284 1,607 1 653 977 952 May........................ 6'105 6'189 2,343 2’459 1 ',242 1 ,239 I ,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 I 508 1 404 1 ’ 122 I 132 Nov............................... 6'405 6,'501 2,'534 2,410 1 ,'267 1,293 I 512 1 574 I *092 1 224 Dec................................. 6'398 7,415 2^519 2'475 1 '291 1 ,425 1 514 1 788 I *074 1 ,727 1966—Jan................................. 6,452 5.501 2.408 2.155 1.270 1 .101 1 .553 1 .298 1,221 947 Repayments [958........................................... 40,344 14,647 9,842 9 365 6 490 1959........................................... 42'603 15^560 9,742 10^020 7,281 1960........................................... 45'972 16,832 10’442 11 022 7,676 1961........................................... 47,700 18,294 10,943 11 715 6,749 1962........................................... 50'620 18'468 11,434 12 593 8,125 1963........................................... 55,111 20'266 12,211 13,618 9,016 1964........................................... 60,418 22'268 13,’161 14,825 10 164 1965........................................... 66.518 24'686 13’699 16 443 11,690 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 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 2^01 1 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 I J 79 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 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 J 80 1,147 1,410 1 *350 975 967 Oct................................. 5,717 5,622 2,165 2' 120 1,130 1 J 49 I '422 1,351 1 000 1 002 Nov................................ 5'748 5'857 2,181 2'186 1,194 1 ’206 l'377 1,436 996 1,029 Dec................................ 5,751 6.021 2,148 2 J 60 1 ,203 1 '250 f40l 1 575 999 1,036 1966—Jan................................. 5.830 5.750 2.156 2.125 1 .202 1 .133 1.406 1.365 1 .066 1,127 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 1 '677 885 1965—Jan................................. 670 -55 303 148 116 35 160 - 14 91 —224 Feb................................ 641 21 306 155 124 -15 141 53 70 -172 Mar................. 637 425 314 291 140 49 159 145 24 — 60 Apr........................ 744 1 ,015 360 580 135 160 211 251 38 24 May............................... 670 '936 323 485 129 167 165 214 53 70 June............................... 602 I ,051 322 552 100 214 127 206 53 79 July................................ 666 819 341 456 101 193 1 17 127 107 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 sot 297 265 84 74 86 53 122 1 30 Nov................................ 657 644 353 224 73 87 135 1 38 96 195 Dec................................ 647 1 .394 371 315 88 175 113 213 75 691 1966—Jan................................. 622 -249 252 30 68 -32 147 -67 155 - 180 i Includes adjustment for differences in trading days. months the differences between extensions and repayments for some 2 Net changes in credit outstanding are equal to extensions less repay­ particular holders do not equal the changes in their outstanding credit. ments except: (1) in 1959, when the differences do not re Meet 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

400 INDUSTRIAL PRODUCTION: S.A. MARCH 1966 MARKET GROUPING (1957-59=100) 1957-59 H965 1965 1966 Grouping p p tio r o o n r ­ ­ a a v g e e r­ Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.r Dec.r Jan. Total index....................................... 100.00 143.3 138.6 139.2 140.7 140.9 141.6 142.7 144.2 144.5 143,5 145.1 146.4 148.7 150, I Final products, total............................. 47.35 142.4 138.4 138.5 140.1 139.4 140.2 140.7 141.7 142.3 143.3 145.7 147.4 148.8 149.6 Consumer goods.......................... 32.31 140.2 138.4 138,0 140.0 138,5 138.6 138.7 139.3 139,5 140.7 141 .7 142.8 144.1 144.0 Equipment, including defense. .. . 15.04 146.9 138.2 139.4 140.4 141.2 143.7 144.9 147.0 148.4 149,0 154.3 157.3 158.8 161.6 Materials............................................... 52.65 144.! 138.8 139.7 141 .7 142.6 142,6 144.5 146.4 146.1 143,7 144.3 145.6 148.6 150, 1 Consumer goods A utomoti re products............... 3.21 167. 1 165.7 163.8 J73. 1 166.9 168. J 168.1 167.8 169.8 166.5 168.6 168.8 169.4 168.4 Autos.................................................... 1.82 182.6 182.8 178,9 194,2 183,5 184.9 187.1 184.6 184.3 178.1 181.1 182.5 182.4 180.3 Auto parts and allied products. . ... 1.39 146.8 143.1 143.9 145.2 145.1 146.0 143.0 145.8 150.7 151.2 152.0 150.8 152.4 152.8 Home goods and apparel..................... 10.00 143.7 140.8 141.4 142.4 141. 1 141.4 141.5 140.9 140.1 142.7 145.1 146.8 150.5 149.1 Home goods......................................... 4.59 154.7 151 .7 152.7 154,0 152.1 151.8 151,3 151.2 149.8 153,0 156.9 159.0 164.7 167.2 Appliances, TV, and radios.......... 1.81 152.4 147.2 148.7 150.8 149.0 147.6 148.8 146.5 145.2 149,1 154.0 155.2 161.3 166,7 Appliances.................................... 1.33 153.3 148.5 150,8 152.3 151 .7 149,7 152.1 148.4 146.4 151.0 156.6 156.5 162.0 165.6 TV and home radios.................. .47 149,8 143.6 142,9 146.8 141,3 141 .6 139.2 141.3 141.9 143,6 146.6 151 .5 159.3 170.0 Furniture and rugs.......................... 1.26 154.2 150.6 152.6 152.7 152.0 154.4 153.5 154.0 152.3 152.0 154.9 157.4 (61.0 163.8 Miscellaneous home goods............ 1 .52 158.0 157.9 157.5 158.9 155.8 154.7 152.6 154.4 153.3 158,4 161.9 164.8 171.8 170.6 Apparel, knit goods, and shoes. .... 5.41 134.3 131.6 131.8 132.5 131.8 132.5 133.2 132.2 131.9 134.0 135,1 136.5 138.5 Consumer staples................................. 19.10 133.9 132.6 131.9 133.2 132.4 132.2 132.7 134.1 134.1 135.3 135.4 136.4 136.5 137.2 Processed foods................................... 8.43 122.2 122.3 121.3 122.1 122.1 121 .1 120.7 122.4 121.6 121.6 122.2 123.1 123.1 123.5 Beverages and tobacco....................... 2.43 125.7 128.3 126.1 128.1 121 .5 124.8 126.2 123.9 123.6 127.5 126.0 128.2 128.5 Drugs, soap, and toiletries................ 2.97 157.0 154.2 152,8 154.2 152.6 151,9 152.9 157.0 160.1 161.3 159.2 161.2 162.7 165.2 Newspapers, magazines, and books. 1.47 127.1 125.8 125.3 128.6 126.9 126,6 125,6 128.0 128.0 (26.1 126.3 (27.6 129.6 132.2 Consumer fuel and lighting............... 3.67 149.8 143.9 145,4 146.5 148.8 148.2 150.6 151.2 150.6 154.2 156,0 155.2 153.9 Fuel oil and gasoline...................... 1.20 122.4 118.0 119.9 118.6 122.4 119.9 122.8 123.1 123.1 122.6 124.8 126.6 126.4 126.7 Residential utilities.......................... 2.46 163.2 156.5 157.8 160.0 161.7 162.0 164.1 164.9 164.0 169.7 171.1 169.2 167.4 Electricity..................................... 1.72 171.6 163.7 164.3 167.0 169. 1 169.3 172.2 172.6 171.3 181.0 182.9 180. 1 177.5 Gas................................................ .74 144,0 Equipment Busin ess equipment............................... 11.63 156.6 147.7 149.2 150.1 150.9 153.5 154.6 156.4 157.8 159.0 164.3 167.2 168.9 170.8 Industrial equipment.......................... 6.85 153.1 144.8 147.1 148.3 148,4 150.6 151,9 155.1 153,8 155,3 159.4 162.0 162.4 162,6 Commercial equipment............ 2.42 164.4 152.5 156.2 159.1 161.3 162.3 164,1 165.2 165.2 166.4 169.7 172.7 174.5 177.5 Freight and passenger equipment. .. 1.76 162.4 154.0 150.7 148.2 150,8 157,1 157,8 155.0 163.6 164.2 178.7 180.4 188.1 197.4 Farm equipment................................. .61 148.1 142,5 141.3 140.4 138.3 141,7 143,7 145.3 157. 1 155.4 155.7 165.8 163.9 .......... Defense equipment. ............................. 3.41 Materials Durable goods materials...................... 26.73 144.2 138.0 139.0 142.6 142.9 143.4 146. 1 148.4 147.3 142.8 142.2 143.0 146. 7 149.6 Consumer durable.............................. 3.43 166.8 159,6 164,9 166.3 163.4 162.3 169,9 171.8 167.9 165.4 167.0 168.2 168.3 170. 1 Equipment............................................ 7.84 151.9 142.6 143,8 146.9 147.5 148.7 150,0 153.3 154.7 154.2 158.4 160,0 163.2 165.8 Construction........................................ 9.17 133.8 128.3 130.8 133.5 130.5 131 .4 131.3 132.7 134.6 134.5 135.3 137,2 138,8 142.0 Metal materials n.e.c.................... 6.29 137,6 141.9 140.5 142.5 141 .8 139,7 142.3 146.3 142,4 130.6 126.2 123,2 130.5 136,2 Nondurable materials.......................... 25.92 144.0 139.5 140.5 140.6 142.4 141.8 143.4 145.0 144.8 144.5 146.4 148. 1 150.6 150. 7 Business supplies................................. 9.11 136.5 133.2 135.6 134.2 135.1 134.1 134.8 137.6 135.1 135.9 (36,8 140.3 143.4 141.5 Containers........................................ 3.03 136,6 136.3 138.0 129.7 137.3 132.0 132.0 136.1 132.1 134.4 136.6 144.9 146.9 140.2 General business supplies.............. 6.07 136.5 131 .6 134.4 136.5 134.0 135.2 136.2 138.3 136.6 136.7 136.9 138.0 141 .7 142,1 Nondurable materials n.e.c................ 7.40 173.9 167.0 167.5 167.6 170.8 168.8 171.1 174.7 176.6 178,3 179.5 180.9 183.9 185.7 Business fuel and power.................... 9.41 127.6 124.1 123.9 125.7 127.2 127.9 129.9 128.9 129.2 126.3 129.7 129.9 131 .4 132,0 Mineral fuels ....;......................... 6.07 1 15.2 112,1 111.1 112.3 1 14.3 115.1 1 16.9 1 17.0 117,2 1 12.1 1 17.9 117.8 119. 1 119.4 Nonresidentia! utilities................... 2.86 159.2 153.8 155.6 158.5 159,6 160.1 (62.4 (58.8 160. 1 161 .5 160.9 161.7 163.8 Electricity..................................... 2.32 161 .0 154,7 156,1 159.1 160.2 160.7 163.4 160.8 162.3 163.5 162.7 163.4 166.0 General industrial................... 1.03 157.7 148.7 150.9 154.9 155,8 156.0 159.8 159.3 161 .3 160,7 158.4 162,0 163.0 Commercial and other........... 1.21 169.8 165,3 166.0 168.3 169.8 170.5 172.4 167.9 169.2 171.9 172.3 170.7 174.7 .......... Gas................................................ .54 151.2 Supplementary groups of consumer goods Automotive and home goods............ 7.80 159.9 157.4 157,3 161 .9 158.2 158.5 158.2 158.1 158,1 158.5 161.7 163.0 166,6 167.7 Apparel and staples............................. 24.51 134,0 132.4 131.9 133,0 132.3 132,2 132.8 133,7 133.6 135.0 135.4 136,4 137,0 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 INDUSTRIAL PRODUCTION: S.A. 401 INDUSTRY GROUPINGS (1957-59=100) 1957-59 i' 1965 1965 1966 Grouping pro­ aver­ p tio o n r­ age Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.T Dec.r Jan. Total index................................. 100.00 143.3 138.6 139.2 140.7 140.9 141.6 142.7 144,2 144.5 143.5 145.1 146.4 148,7 150 1 Manufacturing, total........................... 86.45 144.9 140.2 140.8 142.3 142.4 143,1 144. 1 145.7 146.0 145.2 146 7 148 2 150 6 152 1 Durable......................... 48.07 148.4 142.0 142.7 144.8 145.5 146.4 148.1 150.0 150.5 148,2 150.3 151.3 155 0 157 6 Nondurable....................................... 38.38 140.7 137.9 138.4 139.1 138.5 138.8 139.0 140.4 140.4 141.3 142.1 144.2 145.2 145 3 Mining......................................... 8.23 114.4 1 If .8 III .8 1 12.5 113.0 114.0 115.3 116.0 117,0 112.6 115.8 116.0 117 6 118 6 Utilities.................................................. 5.32 161 .0 154.9 156.1 158 5 159.9 160.4 162.5 161.3 161 .4 165.3 165.7 165.1 165 5 165.5 Durable manufactures Primary and fabricated metals........... 12.32 142.0 140.0 140.4 142.5 144.0 142.7 144.5 148.4 146.9 138.1 135.6 134.3 139 5 141 8 Primary metals..................................... 6.95 137.5 139.6 136.9 140 4 141 .4 140.2 143.0 148.7 146.5 131.2 123,7 119 4 126 5 129 8 Iron and steel................ 5.45 133.6 137.1 137.0 139 5 141 .2 139.7 143.3 152. 1 143.3 125.0 115.8 110.5 (18 2 (217 Nonferrous metals and products,. 1.50 152. J 148.0 149.0 151 .0 153.6 153.4 146.1 138.4 149.0 152.3 155.0 158,8 162.1 159.4 Fabricated metal products................. 5.37 147.8 140.6 145.0 145 2 147.4 146.0 146.4 148.0 147.5 147.0 150.9 153 6 156 2 157 3 Structural metal parts..................... 2.86 145.4 137 0 140 9 144 1 144.3 142.7 144 3 145 5 145 0 144 7 148 2 152 6 154 0 154 3 Machinery and related products......... 27.98 154.3 145.4 145.9 148.5 149.3 151.2 153.4 154.8 155.8 155.8 160.0 161.8 164.9 168.4 Machinery............................................. 14.80 160.4 150 7 152 5 153 9 155.4 156.9 159.0 160.6 161 .4 162.3 166 0 167 5 170 7 174 6 Nonelectrical machinery................ 8.43 160.3 151.3 1 52.7 153.8 155.2 1 57.0 159.4 161 .7 162.4 162.4 165.8 166 9 169 ? 171 9 Electrical machinery........................ 6.37 160.6 150,0 152.3 154 1 155.8 156.8 158.4 159.2 160.1 162.1 166.2 168 4 172 8 178 1 Transportation equipment. ............... 10.19 149.2 141.4 139 7 144 4 144.6 147.3 149.5 149.8 151 .5 149.4 155.0 157 3 160 8 163 2 Motor vehicles and parts............... 4.68 175.2 169 I 167 7 176 4 173.2 175,5 178.0 177 4 177 5 175.2 177 1 178 0 179 2 176 7 Aircraft and other equipment. . . . 5.26 125.3 115.5 114J 115.3 118.6 121.7 123.3 124.1 127.3 125.6 134.4 138.0 143.4 150.4 Instruments and related products. .. 1.71 151.4 142,7 145.3 146.9 145.5 147.0 149.8 152.1 152,6 155.7 158.0 159.0 162.2 165.7 Ordnance and accessories.............. 1 .28 Clay, glass, and lumber............ 4.72 127.6 124.9 125.9 126.0 124.1 125.5 124.7 126.3 127.5 127.3 128.5 129 5 131 1 I 34 6 Clay, glass, and stone products........ 2.99 133.5 132.4 131.8 129,2 129,9 130,3 131 .6 132.6 133.5 133.8 134.4 1353 137.6 139.7 Lumber and products......................... 1 .73 117.4 111.9 115.6 120 5 114,2 117.1 112.8 115.4 117.2 116.2 118 3 1 19 1 125 4 125 7 Furniture and miscellaneous................ 3.05 151.7 145.2 147.6 148.4 149.5 150.1 150.3 149. 7 151.5 152.0 !55.1 157 8 159 9 1 58 9 Furniture and fixtures........................ 1,54 157.4 150,6 154.3 1 54.3 155.6 156.5 156.8 155.8 156.3 156,8 159.7 162 6 164 3 165 7 Miscellaneous manufactures.............. 1 51 146 0 139.6 140.8 142.4 143,2 143.6 143.6 143 5 146.6 147 I 150.4 1510 155.5 1520 Nondurable manufactures laxities, apparel, and leather............. 7.60 135. 7 133.3 133.8 133. 7 133.9 135.0 134.5 134.7 134.1 135.5 137.3 138 8 140 4 137 3 Textile mill products.......................... 2.90 134.8 I 31.7 132.0 131,5 132.2 131.6 132.2 133.8 134.8 135.7 137.7 139 4 140 6 140 3 Apparel products................................. 3.59 145.0 142.2 143.7 144.0 144.3 145.3 145.4 143.8 141 .9 143,8 145.7 147 2 148 5 Leather and products......................... 1.11 107.8 108.7 106.6 106.1 105.0 110.9 105.1 107.7 107.0 108.2 109.3 110 1 113 9 Paper and prim big............................... 8. 17 135 3 13? 0 Hl 8 H? 9 133 ? H4 ? 134 0 135 9 136 4 135 4 I 36 4 139 ? 139 9 139 9 Paper and products............................. 3.43 142. 3 139.1 137.5 1390 140.0 140 3 139’4 142" 1 141’1 143 3 143*6 147 4 1 47 7 145 5 Printing and publishing...................... 4.74 130.3 126.8 127.7 128.5 128.3 129.3 130.0 131 3 133 0 129.3 I 31 1 133 2 1 34 2 135 9 Newspapers...................................... I .53 124.2 121 4 120.9 121 0 120.7 121.5 124.7 126.2 129 7 120.1 125 1 127 2 129 s 1 30 7 Chemicals, petroleum, and rubber.... 11.54 164.6 158.2 160.4 162.0 160.8 161.2 161.6 164. 1 164.9 166.9 167.7 170.1 171.7 173.4 Chemicals and products..................... 7 58 173 3 166 7 167 8 169 5 169.2 169.3 169.9 172 8 174 2 176.6 177 1 178 5 1 80 6 187 7 Industrial chemicals................. 3.84 196. 1 1 86.0 188.2 190.8 191.6 191 .7 192.9 194.9 195 7 199.9 200 9 202 9 206 3 Petroleum products............................. 1.97 123 4 119.0 121.5 122.2 121.5 122.9 121.8 124.5 125.8 125. 1 124.0 126 J 127 8 1.31.0 Rubber and plastics products........... 1.99 172.2 164.7 171.1 172.6 167.7 168,2 169.1 170.2 168.1 171.2 175.5 181 3 1813 Foods, beverages, and tobacco........... 11.07 123.1 124.2 123.4 123. 7 122.4 121.5 122.3 122.9 122.3 123.1 123.0 124 5 P4 7 125 7 Foods and beverages........................... 10.25 123.3 124.3 123.4 123 4 122.5 121.9 122.3 123,1 122 4 123.2 123.6 125 0 195 3 125 9 Food manufactures................... 8.64 122.4 123 0 122.6 122.4 122.6 120.6 121.2 122,6 121 .9 121.8 122.1 123 5 1 23 6 124 1 Beverages.......................................... 1.61 128.4 131.4 127.4 128.6 121.8 129.0 128.5 125.9 125.0 13! .0 131 8 133 0 134 3 Tobacco products................................ .82 120 5 122.2 123 5 127.2 120.9 1 16.5 121,8 1 19,9 120.7 120.6 114.5 118’9 117 1 Mining Coal, oil, and gas................................. 6.80 112 2 109.4 109.4 110.0 111.3 112.1 113.3 113.7 114.4 109.9 114.5 114.1 1/4 8 1/5 4 Coaf.. . ............................................... 1.16 Ilia 107 7 103.2 103 1 107.9 113.0 117.1 117 1 115 2 106.7 116 8 115 7 118 5 114 4 Crude oil and natural gas.................. 5.64 1 12 3 109 8 1 10.6 111.4 112.0 111.9 112.5 113.0 114.2 110.6 1(4.0 113 8 1 14 0 1 15 6 Oil and gas extraction................... 4.91 116 0 113 2 113.0 114 5 115 8 115.6 116.9 117.0 117 6 113.4 118 1 118 3 1 19 7 120 6 Crude oil....................................... 4.25 1118 109 8 108.6 110.5 111.4 111.3 1 (2.2 112. ( 113.4 (08.5 114.0 114 5 116.0 117 3 Gas and gas liquids.................... .66 142.8 134.6 141.0 140.2 144.0 143.1 146,5 147.9 144.6 144.8 144.5 142 6 Oil and gas drilling......................... .73 87.1 86.9 94.7 90.2 86,0 87.4 82'. 9 86.0 912 91.3 86 4 83 5 78 8 81 0 Metal, stone, and earth minerals..... 1.43 124.8 123.3 123.1 124.3 121.4 122.9 124.9 126.9 129.6 125.3 121. 7 125 1 130 7 133 8 Metal mining....................................... .61 122 6 126 1 123.4 124.6 125.8 121.6 123.7 126.4 130 2 122.4 116.5 114 2 120 6 1317 Stone and earth minerals................... .82 126.5 120 8 122.9 124.1 118.2 123.9 125.8 127.3 129 I 127.4 125 5 133.2 1383 135 3 Utilities Electric.................................................. 4.04 165.5 158 5 159.6 162.4 164.0 164.3 167.1 165.8 166.2 170.9 171 3 1 70 5 170 9 Gas........................................................ 1.28 147.0 143 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

402 INDUSTRIAL PRODUCTION: N.S.A. MARCH 1966 MARKET GROUPINGS (1957-59=100) 1957-59 i’l965 1965 1966 pro­ Grouping p tio o n r­ a a v g e e r­ Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.r Dec.r Jan. Total index....................................... 100.00 143.3 136.7 139.1 141.7 141 .6 142.6 145.2 139.3 (43.2 145.9 149.9 148.1 146.6 148 2 Final products, total............................. 47.35 142.4 136.7 138.3 140.9 138.5 139.8 143,2 138.3 141.1 145.7 151.4 148.7 146.4 148.6 Consumer goods.............................. 32.31 140.2 136.0 137.7 140.5 136.9 137,8 141 .6 135.2 138.9 143.8 150,1 145.2 140.0 142 2 Equipment, including defense... . 15.04 146.9 138.3 139.8 141 ,6 142.0 144,2 146,8 144.9 (45.9 149.7 154.2 156.1 160.3 162 3 Materials.............................................. 52.65 144. 1 136.7 139.8 142.5 144.3 145.0 147.0 140.3 145. 1 146.2 148.6 147.6 146.7 147 8 Consumer goods Automotive prod acts............................ 3.21 167. 1 175.5 173.9 182.9 176.7 178.8 180.3 158.5 106,8 129.4 185.3 184.7 172.4 178 0 Autos......................... *............ 1.82 182.6 201.1 196.8 2(3.6 200,0 203.4 208.6 171.7 72.8 1 14.0 206.4 21 1.7 191.5 198 3 Auto parts and allied products......... 1.39 146.8 141 .7 143.8 142.4 146.0 146,5 143.1 141.2 151.7 149.8 157,5 149.0 147.3 151 1 Home goods and apparel.................... 10.00 143.7 135.1 144.6 147.2 141.8 142.6 145.2 129.9 142.1 148. 9 155.8 149.8 143.9 144 J Home goods......................................... 4.59 154.7 143.7 152.8 (57.3 152,8 153.0 155.6 138.9 145.6 161.7 167.6 165.4 165.9 161 3 Appliances, TV, and radios........... 1.81 152.4 138.8 156.7 163.1 154.5 154.7 158.1 126.5 129.2 158,1 166.0 162.0 160.9 161 7 Appliances.................................... 1.33 153.3 141 .7 159.8 (70.8 161 .5 161.8 165,4 130.2 123.9 154.3 157.3 155.3 157.6 161 8 TV and home radios.................. .47 149.8 130.7 148.0 141 .4 134,7 134.7 137.5 115.9 144.2 168.7 190.6 181 .0 170,4 161 5 Furniture and rugs.......................... 1.26 154.2 147.3 150.0 150.9 (49.3 148.5 151 ,7 145,8 156.1 158.5 163.0 163.2 167.0 160 2 Miscellaneous home goods............ 1.52 158.0 146,5 150.4 155.7 153.5 154.7 155.7 148.2 156,4 168.7 173.2 171 .4 170.9 161 7 Apparel, knit goods, and shoes........ 5.41 1 34.3 127.7 137.7 138.5 132.5 133.8 136,5 122.3 139.2 138.0 145.9 136.5 125.3 .... Consumer staples................................. 19. 10 133.9 129.9 127.9 129.9 127.6 128.4 133.1 134.0 142.6 143.6 141.2 136.2 132.5 135 / Processed foods................................... 8.43 122.2 115.6 112.1 113.8 1 12,7 1 14.4 118.8 122.4 133.5 137.7 136.7 128.6 119.8 116 7 Beverages and tobacco....................... 2.43 125.7 112.6 1 14.8 124,6 123.9 133.6 144.4 127.6 134.8 131.2 129,4 123.0 108.9 Drugs, soap, and toiletries................ 2,97 157.0 153.0 152.3 155.0 151.1 152.1 156.3 153.9 163.6 162.9 162,4 161.7 (59.4 167 7 Newspapers, magazines, and books. 1 .47 127.1 124.5 124.4 128.3 125.9 125.6 124.6 126. 1 129.7 129,6 128, 1 127.6 130.1 130 9 Consumer fuel and lighting............... 3.67 149.8 156.8 154.0 150.2 145,1 138,5 142,8 151.9 156.5 155.1 146,7 144.8 156.2 Fuel oil and gasoline...................... 1.20 122.4 123.0 123.0 117.4 116.0 115.9 121 .4 125,1 126.7 122.6 121.6 125.8 129.4 132 2 Residential utilities.......................... 2.46 163.2 Electricity...................................... 1.72 171 .6 187.6 180.4 175.7 165,7 151.5 156.7 172.6 181.6 182.8 165.5 158.5 180.2 .... Gas............................................... . 74 144.0 Equipment business ecpdpment........................ 11.63 156.6 147.3 149.7 151.9 152,2 154.4 157.3 153.9 154.9 159.8 163.8 164.9 169.8 17/_2 Industrial equipment........................... 6.85 153.1 145.1 146.4 148.4 148.4 150.8 153.3 153.5 153.3 156.7 158.4 159.7 163.4 162 9 Commercial equipment..................... 2.42 164.4 152.7 155.1 157.7 158.2 160,4 164,6 162.9 165.5 168,9 172.6 174.8 179,7 177 7 Freight and passenger equipment. .. 1.76 162.4 149.4 152.2 154.9 156.8 161.8 164.1 148.S 157.1 164.2 178.7 176.8 184.3 197 4 Farm equipment.................................. .61 148. 1 145.0 157.8 158.9 157.6 149.2 152.8 137.9 125.4 145.5 146. 1 149.2 159,8 .... Defense equipment............................... 3.41 ...... Materials Durable goods materials...................... 26. 73 144.2 135.7 138.7 142.9 144.4 146.9 149.5 142,9 144,5 146.6 147.6 145.4 145.9 146 9 Consumer durable.............................. 3.43 166.8 165.2 167,4 171.3 168,3 168.8 171.6 158,1 144.4 165.4 171.2 173.2 176,7 176 1 Equipment............................................ 7.84 151.9 143.9 145.1 148,5 (49.1 149.7 151.5 148.5 150.1 152.7 157.9 160.2 165.6 167 3 Construction......................................... 9,17 133.8 115.9 120.3 125.5 129.2 136.0 14! .2 139,3 144.0 142.6 142.7 136.9 131.9 128 2 Meta) materials n.e.c.......................... 6.29 137.6 138.2 141 .8 145.9 147.5 147.4 (46.9 133.1 138.3 134.5 129,2 124,2 124.8 132 7 Nondurable materials.......................... 25.92 144.0 137.8 140.9 142.0 144.3 143.1 144.5 137.5 145,7 145.8 149.7 149. 9 147.7 148 8 Business supplies................................. 9. 1 1 136.5 128.0 133.3 134.2 138,7 136.3 137,0 128.4 137.2 139.8 144.1 143.5 137.5 136 0 Containers........................................ 3.03 136.6 128.1 (35.2 129.7 141 .4 133.3 138,6 130.7 145.3 143.1 144.8 140,6 127.8 131 8 General business supplies.............. 6,07 136.5 127,9 132.4 136,5 137.4 137.9 136.2 127.2 133.2 138.1 143.7 144,9 (42.4 138 1 Nondurable materials n.e.c................ 7,40 173.9 166.2 170.8 171.8 174,2 173.0 173.7 163.9 174,8 176.5 180.4 182.7 180,2 184 8 Business fuel and power.................... 9.41 (27.6 124.9 124.8 126.1 126.2 126.0 128.8 125.7 131.2 127.5 130.9 130,2 131.8 132 8 Mineral fuels.................................... 6.07 1 15.2 114.0 1 14.6 114.9 1 15.6 113.9 I 14,9 109.3 115,7 1 10.9 118.8 119.3 (20.8 121 5 Nonresidential utilities................... 2.86 159.2 Electricity..................................... 2.32 161 .0 152.3 150.0 153.6 152.7 156.3 164.8 168.9 174.8 171.9 165.1 160.4 162.5 General industrial................... 1.03 157.7 148.0 147.0 153,4 153.8 156.8 161.2 158.5 164.5 163.1 161,9 162.0 161.4 Commercial and other............ 1.21 169.8 161.2 157.7 159,2 157.1 161.5 174.1 184.2 190,3 186.0 174,0 164.9 169.5 Gas................................................. .54 151.2 ————————— ------------—-------- — ——— Supplementary groups of consumer goods Automotive and home goods............ 7.80 159.9 156.8 161,5 167.8 162.6 163.6 165.8 147.0 129.6 148.4 174.9 173.4 168,6 168 7 Apparel and staples............................ 24.51 134.0 129.4 130.1 131.8 128.7 129.6 133.6 131.4 141 .8 142,3 142.2 136.2 130.9 .... For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 INDUSTRIAL PRODUCTION: N.S.A. 403 INDUSTRY GROUPINGS (1957-59=100) 1957-59 PI965 1965 1966 pro- Grouping por­ a a v g e e rtion Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.r Dec.r Jan. Total index....................................... 100.00 143.3 136.7 139.1 141.7 141.6 142.6 145.2 139.3 143.2 145.9 149.9 148,1 146.6 148.2 fatal. .............. 86.45 144.9 137.7 140.5 143.5 143.4 144.6 147.2 140.3 143.9 147.5 152.3 150.5 148.3 149.7 *Dumbl^ ................................... • 48.07 148,4 140,7 143.5 147.! 147.5 149.0 151.7 144.9 143 3 148.3 154,6 154.5 155.4 156.3 Nondurable.................................... 38.38 140.7 133.8 136.8 139,0 138.2 139.0 141 .5 134,6 144,7 146,5 149.4 145.5 139.4 141.3 Mininn .............................................. 8.23 114.4 110.8 111.1 111,1 113.0 114.4 1 15.9 112.3 118,2 114.2 118.4 117.2 117.0 117.0 Utiliti*^ >............................................ 5.32 161 .0 Durable manufactures 1 / D r i r u I U i r m i o n iu n l n i r t r y y v a n m U H d Y n P it t s n v J t f e nU e i hl u l nr . i . im . i . i m .. t o . e . i . ud .. . . m .... e .. t . a .. l . s ..... * .. • . • . .. • . ■ 1 6 5 2 . . . 9 4 3 5 5 2 1 1 1 3 3 4 7 3 2 . . . 5 6 0 1 1 1 3 3 4 9 9 1 . . . 8 0 4 1 1 1 4 4 4 4 2 2 . . . 7 9 7 1 1 1 4 4 4 9 6 5 . . . 1 5 9 1 1 1 4 5 4 8 0 8 . . . 9 3 4 1 1 14 4 4 2 6 6 , , . 5 6 0 1 1 1 4 4 4 5 3 7 . . 3 4 9 1 1 13 3 3 3 5 8 , . 4 7 1 1 1 1 4 3 3 3 4 7 . , . 1 7 4 1 1 13 4 2 1 1 5 . . 1 0 1 1 1 1 2 1 3 6 7 9 , . 5 0 2 1 1 17 3 1 1 6 L . 6 7 R 1 1 11 2 3 5 2 7 . . 7 0 2 1 1 13 2 4 1 4 0 J .9 I Nonferrous metals and products,. 1.50 152.1 145.5 151.2 158.5 160.4 161,5 155.2 124.6 147,5 153.4 157,9 158.8 149,8 156.7 Fabricated metal products................. 5.37 147.8 137.2 140.2 141 .7 145.2 145 3 149 3 145.8 150,4 154,1 155,4 156.1 155.4 153.5 Structural metal parts.................... 2.86 145.4 134.3 135.3 138,5 140.0 142,0 147*2 145.5 148,6 150.5 152,6 154,9 155.5 151.2 Machinery and related products......... 27.98 154.3 146.9 148.9 152.9 151.6 153.7 156.5 149.4 142.5 152.0 163.3 165.6 168.1 169.7 Mtanhint^rv............... 14.80 160.4 150.3 154,8 158.2 157.5 158,6 161 7 155 0 155 3 163 3 167 8 169.2 173.7 173 6 Nonelectrical machinery................ 8.43 160.3 152.1 155.4 159.6 159 9 160,9 163 2 159 3 154,8 160.3 162.8 165.1 171.2 171 ^9 Electrical machinery. . ................... 6.37 160.6 148.1 153,9 156.3 154 4 155.7 159 8 149.2 156.0 167 3 174 3 174.6 177 I 176.0 TJ rr'ainucNnpnuri ftnufiiunnni Pnuihli pnmucvHt ... ................ 10.19 149.2 146.1 144.8 150.6 148 3 151.9 153.9 144.0 123,8 137.3 160.9 164.6 164.7 168,2 Motor vehicles and parts............... 4.68 175.2 178.9 177.3 187.7 179 8 185.0 189.0 168.5 120.2 149,5 189.4 191,8 184.9 186,7 Aircraft and other equipment. . . . 5.26 125.3 116.7 115.5 117.0 1 19.2 121.2 121 .6 121.1 125.0 125.1 135.1 140.1 146.3 151.9 Instruments and related products. .. 1 .71 151.4 141.7 143.1 144.7 143.3 145,5 151 .3 150.6 153.8 157.4 159.7 161.9 164.1 164.5 Ordnance and accessories.................. 1 .28 Ck^^llUn\yi , gntClnlawA , muniidt lnuiimiimb.e ir ...... .... ... .* .... .» 4.72 127.6 108.3 114.4 117.3 122.9 130.6 135 5 133.0 139.8 138.0 138.0 130.1 123.6 120.2 Clay, glass, and stone products........ 2.99 133.5 1 13,9 116,4 118.9 129.3 136,2 142.1 141 .9 146,2 143,2 144.5 138.2 131 .7 125.7 i umber and products............. 1 .73 117.4 98.5 111.0 114.5 111.9 121.0 124.1 117 7 128 9 129,0 126 6 116.1 109.7 110.6 Furniture cmfl miKi'iillaneous......... 3.05 151.7 139.5 142.9 145.6 145.2 146. 7 150.5 146.4 156.3 159.0 163.4 163.1 162.4 152.8 Fumitur** Hr*d fixtures......................... 1 .54 157 4 147.6 150.4 152.4 151.4 151.8 156 5 154 2 161.5 162 8 165 8 165.5 169 2 162.4 M iscellanemis manufactures.............. 1 .51 146.0 131.2 135,2 138.8 138.9 141.4 144.3 1 38.5 151.0 155 2 160.9 160.6 155*5 142.9 Nondurable manufactures textiles apparel (md leather............. 7.60 135. 7 131.2 139.3 139.4 135.5 136.5 137.4 121 9 138.4 137.4 144.8 138,7 128.9 135 2 ’Textile mill products.......................... 2.90 134.8 131.0 134,6 134.1 135.5 137.5 136.8 1 21 5 138,2 136,4 141 8 140.1 130 8 139^6 Apparel products..................... 3.59 145.0 138.6 150,9 151.9 145.0 145.3 147,6 1 30.1 146,2 146.7 157 4 147,2 134*4 I either and products........................ 1.11 107.8 108.2 114.0 112.5 105.0 105,9 106.2 96.4 114,0 109,8 112.0 107.9 106 3 Paper and printing................ 8.17 135.3 128.6 131.8 134.6 136.1 135.2 134.7 127.3 135.6 137.8 142.8 142.1 137.3 136 4 Taper and products................. ..... 3.43 142,3 137.0 140.9 141.8 144.2 141.6 142.2 I 30 7 144.2 146,8 152.9 148.1 137,4 143.*3 Printing and publishing............ 4.74 130.3 122.6 125.3 129.5 1 30.2 130.5 129.3 1 24 8 129.3 131 4 135 4 137.8 1 37 3 131.4 Newspapers................................ 1 .53 124,2 111.2 116.9 123,4 129.3 129.5 125,3 109 8 117.4 120.9 134^2 139.9 132 7 119 3 Chemicals, petroleum, and rubber.... 11.54 164.6 156.9 161.3 163.2 163.4 162.9 165.4 159.1 166.3 168.9 170.7 169.2 168.3 172.6 Chemicals and products..................... 7.58 173,3 164.7 168.2 171,5 173.2 171 .7 174.1 168.6 176.0 178.1 178,3 178.1 177,8 182.0 Industrial chemicals........................ 3.84 196.1 185.1 190.1 192.7 196.4 192.8 195.8 1 90.0 196.7 201 9 201 .9 204.5 207.3 Petroleum products............................. 1.97 123.4 117.2 119.7 117.9 116.6 121 J 125.5 1 30.1 132.1 127.6 125 2 124.5 124.7 127 I Rubber and plastics products........... 1.99 172.2 166.3 176.2 176,4 172.9 170.7 171.6 1 51 .5 163.1 175.1 186 9 179.8 175.0 Foods, beverages, and tobacco........... 11.07 123.1 115.4 116.7 115.4 118.8 124.4 123.2 133.3 135.9 135.1 127.8 118.0 116.4 Foods and beverages.......................... 10.25 123.3 I 15.0 112.5 116.0 115.0 1 18.6 123.9 124.6 133.5 136.7 136 0 128 3 119. 8 116 4 Food manufactures......................... 8.64 122.4 116.2 112.8 114.4 113.0 114.6 11 8.7 122.0 132.9 137,2 136 8 129.1 120,5 117.5 1 .61 128 4 108.4 1 10.7 124.2 125 5 140.1 151.6 1 38 5 136,9 134.3 131 8 123 R 1 15 8 Tobacco products................................ .82 120.5 120.9 122.9 125.3 120,7 120.7 130.3 106J 130,6 125.3 124.7 121 3 95 3 Mining C'.ctld <dl mid gas................................. 6.80 112.2 111.7 112.2 111.5 112.0 110.6 111.3 106.9 113.3 109.0 115.6 115. 7 116.7 117.4 Coal............................................. 1 .16 111,8 105.5 104.4 103.9 108.7 114,1 116.6 90.2 121 .2 112.9 127.3 120,4 116.4 112,1 Crude, oil and natural gas.................. 5.64 112.3 113.0 113.8 113.1 112.6 109.9 110.2 110.3 111.7 108.2 113. 1 114.7 116,8 118.5 OiJ and gas extraction.................... 4.91 1 16.0 116.0 116.9 117.5 117.2 113.8 114 5 113.8 114.4 110 4 116.8 119 0 121 9 123.7 Crude oil....................................... 4.25 111.8 111.4 111.9 112.7 113.2 1 10,2 111.1 109.9 111.1 106.3 1 12.9 114.5 1 17.2 119.1 Gas and gas liquids.......... . 66 142,8 145.6 149.0 147.8 143.3 137.5 136.4 139.0 135,8 136.7 141 .5 147.9 Oil anti gas drilling......................... .73 87.1 92.6 92.4 83.6 81.5 83 .6 81.2 86.6 93.3 93.2 88.6 85.6 82.6 83.1 Metal, stone, and earth minerals........ 1.43 124.8 106.2 105.8 109.1 117.7 132.4 138.0 138.1 141.8 138.7 132.0 124.4 118.5 115.1 Metal mining........................................ .61 122.6 111.5 111.1 110.9 117.0 133.8 139.8 135.2 140.6 138.3 124.7 110.8 108.5 115.9 Stone and earth minerals................... .82 126.5 102.2 101.9 107.7 118,2 131 .3 136.7 140.2 142.7 138.9 137.4 134.5 125.8 114.5 Utilities Electric................................................... 4.04 165.5 167.3 163.0 163.0 158.2 154.2 161.4 170.5 177.7 176.6 165.3 159,6 170.0 Gas ................................................... 1.28 147.0 Nott.'—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

404 BUSINESS ACTIVITY; CONSTRUCTION MARCH 1966 SELECTED BUSINESS INDEXES (1957-59=100) Manu­ Industrial production facturing 2 Prices 4 Nonag- Major market groupings Con­ ricul- Period Total Final products Mate­ Ma g j r o o r u i p n i d ng u s stry s t c r t t i a r o o u c n n c t ­ s ­ T m p t o e u e lo m t r n a a y ­ t l l - — ‘ p m E l e o m n y ­ t - P ro a ll y s ­ F l c i o r n e a a g i r d g s - ­ ht s T r a e o l t e t a a s i l l 3 s C u o m n e ­ r W c s o h a m o le l ­ e­ Total g s C o u o o m n d e ­ s r E m q e u n ip t ­ rials Mfg. M in i g n­ U itie ti s l­ modity 1950...................... 74.9 72.8 78.6 56.4 76.9 75.8 83.2 49.5 61 86.1 99.4 68.9 117.1 72 83.8 86. 8 1951...................... 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 63 91.1 106.1 80.2 121.5 76 90.5 96.7 1952...................... 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 67 93.0 106. 1 84.5 115.0 79 92.5 94.0 1953...................... 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 70 95.6 111.6 93.6 116.6 83 93.2 92.7 1954...................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.3 101.8 85.4 104.6 82 93.6 92.9 1955...................... 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.5 105.5 94.8 115.3 89 93.3 93.2 1956...................... 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.8 106.7 100.2 115.9 92 94.7 96.2 1957...................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.7 104.7 101.4 108.2 97 98.0 99.0 1958...................... 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 102 97.8 95.2 93.5 93.8 98 100.7 100.4 1959...................... 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.5 100. 1 105.1 97.9 105 101.5 100.6 I960...................... 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.2 99.9 106.7 95.3 106 103.1 100.7 1961...................... 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 108 102.8 95.9 105.4 91.2 107 104.2 100.3 1962...................... 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 120 105.7 99. 1 113.8 92.4 115 105.4 100.6 1963...................... 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 132 107.8 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 n.................... 143.3 142.4 140.2 146.9 144.1 144.9 114.4 161 .0 143 115.1 106.2 135.9 96,6 138 109.9 102.5 1965—Jan............ 138.6 138.4 138.4 138.2 138.8 140.2 111.8 154.9 137 112.9 104.1 132.1 100.4 134 108.9 101 .0 139.2 138.5 138.0 139.4 139.7 140.8 111.8 156. 1 140 113.4 104.5 132.9 96.4 135 108.9 101.2 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 .7 141 .6 140.2 138.6 143.7 142.6 143.1 1 14.0 160.4 145 114.3 105.2 133.8 100.5 1 36 109.6 102.1 142.7 140.7 138.7 144.9 144.5 144.1 115.3 162.5 139 1 14.8 105.9 134.5 93.8 137 1 10.1 102.8 July.......... 144.2 141 .7 139.3 147.0 146.4 145.7 1 16.0 I6L3 149 115.2 106.4 135.3 95.1 138 110.2 102.9 Aug........... 144.5 142.3 139.5 148.4 146.1 146.0 117.0 161 .4 139 115.4 106.7 135.7 94.3 138 110.0 102.9 Sept.......... 143.5 143.3 140.7 149.0 143.7 145.2 112.6 165.3 147 115.7 106.8 136.7 93.5 139 110.2 103.0 Oct............ 145.1 145.7 141.7 154.3 144.3 146.7 115.8 165.7 147 116. 1 107.2 138.6 93.4 142 110.4 103.1 Nov........... 146.4 147.4 142.8 157.3 145.6 ’148.2 ’116.0 165.1 141 117.0 108.3 140.7 97.9 144 110.6 103.5 Dec........... ’148.7 148.8 144. 1 ’’158.8 ’148.6 ^150.6 ’117.6 ’165.5 153 117.8 ’109.0 142.5 102.4 ’145 111.0 104.1 1966—Jan............ rl 50.1 ’•149.6 ’144.0 ’161.6 150.1 ’152.1 ’118.6 ’165.5 149 1 18.3 109.7 ’144.7 99.3 144 1 1 1.0 104.6 Feb.’’........ 151.3 151.3 145.2 164.5 150.9 153.5 118.4 166.5 1 18.8 110.5 146.5 97.2 144 1 Employees only; excludes personnel in the armed forces. value of total construction contracts, including residential, nonrestdenttal, 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; « Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. Note,—Data are seasonally adjusted unless otherwise noted. Freight carloadings: Based on data from Association of American Construction contracts: F. W. Dodge Co. monthly index of dollar Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1965 1966 Type of ownership and 1964 1965 type of construction Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total construction.............................. 47,330 49,272 3,131 3.226 4.224 4,770 4,864 4,625 4,795 4,265 4,141 4,356 3,745 3,698 3,374 By type of ownership: Public.......................................... ’15,371 16,302 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......................................... ’31,959 32’970 2,026 2313 2,867 3.231 3348 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 ,275 1,300 1,877 2,139 2,074 2,080 1,952 1,971 1.743 1,897 1,696 1 ,446 1 ,290 Nonresidential building................ 15,522 17,219 1.156 1 ,062 1,384 1,546 1,775 1,551 1,691 1,507 1,464 1,582 1,328 1 ,433 1,177 Nonbuilding............................. 11,244 10,805 700 864 962 1 .086 1 .015 993 1,151 788 934 877 721 819 906 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

MARCH 1966 CONSTRUCTION 405 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Total d N f r e a e o n r s m t n i i ­ a ­ l Total Indu B s u ­ sines C s om­ Public O n d re t o e h s n n e i - ­ ­ r Total M ta i r l y i­ H wa ig y h­ d C v e o a v n t & e i s o l e o n r p ­ ­ Other 1 trial mercial utility tial ment 1956.. 47.601 34.869 20.178 11.076 3.084 3.631 4,361 3,615 12.732 1,360 4.415 826 r6,l3l 1957. . 49.139 35,080 19,006 12.029 3,557 3,564 4,908 4,045 14,059 1,287 4,934 971 '6,867 1958............................. 50.153 34.696 19.789 10,659 2,382 3,589 4,688 4,248 15 ,457 1,402 5.545 1 .019 ’■7.491 1959 2 55.305 39.235 24.251 10,557 2,106 3,930 4.521 4,427 16,070 1,465 5,761 1.121 '7,723 I960.. 53.941 38,078 21,706 11.652 2,851 4,180 4,621 4,720 15,863 1,366 5.437 1,175 '7,885 1961 . 55.447 38,299 21,680 1 1 .789 2,780 4,674 4,335 4,830 (7,148 1,371 5,854 I .384 '8,539 1962 -' r 59,667 41,798 24,292 12.316 2,842 5,144 4,330 5, 190 17,869 1,266 6.365 1 ,524 8,714 1963 4 r 62.968 43,642 25.843 12,497 2.906 4,995 4.596 5,302 19,326 1.227 7,091 1 ,690 9,318 1964 ’• 66,221 45.914 26.507 13,828 3.572 5.406 4.850 5,579 20,307 968 7,144 1 ,729 10,466 1965 }>........................ 71 .344 49.614 26,647 5.150 .....2.1.. ..,.7..3..0 .......7..,.3..7..8. 1965 r.—Jan.................. 68,823 47.697 26.676 14,951 3,712 6,415 4,824 6,070 21 ,126 785 7,370 1 ,862 11.109 Feb.................. 70,361 48,927 26.713 16,152 4,478 6,599 5,075 6,062 21,434 776 7.434 1 .902 11,322 Mar................. 71,170 49,414 26,602 16,776 4.969 6.600 5,207 6,036 21 ,756 912 7,487 2,003 11 ,354 Apr................. 71.411 49.717 26,675 16,665 4.775 6,709 5,181 6,377 21.694 888 7,559 2.002 11,245 May................ 71,973 50,132 27,070 16,541 5.416 6,091 5,034 6,521 21,841 887 7.512 1 .976 11,466 June................ 71.982 50,317 27.224 16,812 5,426 6,199 5,187 6,281 21.665 834 7.467 2,150 11,214 July................. 70,638 49,122 26,983 15,974 4,907 5.882 5,185 6,165 21 ,516 980 7,414 I ,824 11,298 Aug................. 71,143 49.222 26,621 16,354 4.973 6.239 5.142 6.247 21 ,921 910 7.362 2,072 1 1 ,577 Sept................. 72.279 50,167 26,413 17.506 5.321 6,977 5,208 6,248 22,112 1 .025 7,310 2.089 11 ,688 Oct.................. 71,802 50.084 26,343 17,320 5,068 7.056 5,196 6,421 21 ,718 832 7,261 2,003 11.622 Nov."............. 72.136 50,121 26.195 5,305 .....2..2..,.0..1..5 7,211 2,280 Dec.".............. 71 ,748 50.053 26,239 .............. 5,177 .....2..1..,.6..9..5 7,162 1966—Jan.".................. 74,061 52,442 27,500 .............. 5,310 .....2..1..,.6..1..9 .......7..,.2..5..3 1 Sewer and water, formerly shown separately, now included in Other. Note.—Monthly data are at seasonally adjusted annual rates. Be­ 2 Beginning with 1959, includes data for Alaska and Hawaii. ginning with 1959, figures are Census Bureau estimates. Data before 1 Beginning July 1962, reflects inclusion of new series affecting most 1959 are joint estimates of the Depts, of Commerce and Labor. private nonresidential groups. 4 Beginning 1963, reflects inclusion of new series under Public (for State and local activity only). NEW HOUSING SV ARTS (In thousands of units) By area By type of ownership Annual rate, S.A. G un o d v e e r r w nm rit e te n n t- Period (private only) Total Metro­ Non­ Private Total N fa o rm n­ politan p m o e li t t r a o n ­ Total fam 1- i ly fam 2- ily M fam ul i t ly i­ Public Total FHA VA 1955 ............................... 1,646 1 ,627 19 670 277 393 1956 ...................... 1,349 1 ,325 24 465 195 271 1957 .............................. 1 324 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 ............................... "1,542 1 ,068 474 "1 .505 962 50 493 "38 249 '197 53 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.................... I '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 ,539 162 115 48 156 100 6 50 7 25 19 5 July................... 1 ’473 1'447 144 95 49 141 94 5 43 3 22 17 5 Aug.................... 1 ,422 I '409 138 95 43 135 88 5 42 3 22 18 5 Sept.................... 1 '453 1 336 126 88 38 124 80 4 40 2 21 17 4 Oct..................... 1 >1 1 1,380 136 95 41 134 87 4 43 2 22 18 4 Nov.................... I '.547 1 331 118 79 39 1 16 71 4 41 20 16 4 Dec..................... "1,763 "1 .729 "103 76 27 "102 60 3 39 "I 18 15 3 1966--Jan...................... "1 ,537 "1,511 "85 61 24 "82 51 2 29 "3 16 13 3 Note.—Beginning with 1959, Census Bureau series includes both farm available by area or type of structure. Data from Federal Housing and nonfarm scries 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

406 EMPLOYMENT MARCH 1966 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Period in T p s o o N t p t i a t . u u S l l t a . n i A o t o i . o n n n a - l l N ab N o o t . r S i n . f A o t . r h c e e T l f a o S o b r . t c A o a e . r l Total E In m n p o lo n y a e g d r i­ 1 p U lo n y e e m d ­ U (p n e e m r S a r m e . t c A e n p e . 2 t l n o t y ) ­ Total cultural .In industries agriculture I960 3........................ 125,368 52,242 73,126 70,612 66,681 60,958 5,723 3,931 5.6 1961............................ 127'852 53,677 74'175 71'603 66,796 61;333 5’,463 4 ,'806 6.7 1962............................ 130 381 55,400 74 381 71,854 67,846 62 ,'657 5; 190 4,007 5.6 1963............................ 132J25 56,412 75'712 72,975 68,809 63;863 4346 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—Feb................. 135,469 59,051 77,767 75,063 71,326 66,718 4,608 3,737 5.0 Mar................ 135 351 59339 77J23 75,020 71383 66;895 4; 588 3737 4.7 Apr................. 135,812 58,504 77,988 75,302 71,688 66,919 4 769 3',614 4.8 May ............... 135,982 57,556 77,990 75'306 71,816 66,947 4,869 3,490 4.6 June.............. 136^60 55 377 78,331 75351 72;085 67;434 4,651 3 766 4.7 July............... 136752 55,102 78'747 76;054 72,618 67,979 4',639 3336 4.5 Aug................ 136'473 56'310 78,468 75,772 72,387 67,815 4772 3,385 4.5 Sept......... 136,'670 58,626 78'334 75,611 72,297 67,879 4,418 3314 4.4 Oct................ 136,862 58,149 78,606 75,846 72',561 68,010 4,551 3,285 4.3 Nov................ 137,043 58,445 78,907 76,112 72,914 68,641 4,273 3; 198 4.2 Dec................. 137’226 58'749 79’408 76;567 73;44l 68,955 4'486 3; 126 4.1 1966—Jan.......... (37,394 59,985 79,644 76,754 73,715 69,286 4,429 3,039 4.0 Feb................. 137,565 59,930 79,279 76,355 73,52! 69;079 4 742 2334 3.7 1 Includes self-employed, unpaid family, and domestic service workers, Note.—Information relating to persons 14 years of age and over is ob­ z 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) Contract Transporta­ Period Total M t a u n ri u n f g ac­ Mining con ti s o t n ruc­ ti l o ic n u & til i p tie u s b­ Trade Finance Service G m ov e e n r t n­ I960............................................................ 54,203 16796 712 2,885 4,004 11,391 2,669 7,392 8,353 1961............................................................ 53,989 16,326 672 2,816 3,903 11,337 2,731 7,'6I0 8,594 1962............................................................ 55,515 16353 650 2,902 3,906 11,566 2,800 7,947 8,890 1963 ........................................................... 56,602 16,995 635 2363 3,903 11 778 2,877 8,226 9325 1964 ........................................................... 58756 17',259 633 3356 3,947 12,132 2364 8 769 9795 1965............................................................ 60,444 17,984 628 3.211 4 331 12,588 3 344 8 307 10351 SEASONALLY ADJUSTED 1965—Feb................................................. 59,581 17,703 634 3,211 3,985 12,423 3,013 8,771 9,841 Mar................................................ 59314 17762 632 3338 4,017 12,460 3 323 8,794 9,888 59346 17303 629 3J45 4,013 12,494 3,024 8,814 9325 May .......................................... 60,032 17,835 627 3,188 4,020 12,532 3,032 8,843 9,954 June .............................................. 60390 17,943 626 3,195 4,034 12,580 3,041 8 ,'857 10,014 July................................................ 60,501 18332 633 3754 4,031 12,619 3,049 8 329 10354 Aug.. ............................................. 60^621 18372 627 3789 4,049 12,600 3353 8,946 10385 Sept................................................ 60,756 18398 617 3,186 4,067 12,641 3361 8,967 10719 Oct......................................... 61,001 18,163 622 3 302 4,071 12,684 3,069 9319 10,171 Nov................................................. 61,472 18,321 627 3,267 4,079 12,754 3,074 9,081 10,269 Dec........................................... 61 ,’884 18,429 630 3,386 4,079 12,822 3,082 9,128 10,328 1966—Jan.?l.............................................. 62,146 18,525 632 3,379 4,097 12,906 3,080 9,132 10,395 Feb.1'.............................................. 62,404 18 352 633 3,349 4,094 12,957 3 389 9,178 10,452 NOT SEASONALLY ADJUSTED 1965—Feb.................................................. 58,341 17,473 616 2,713 3,917 12,112 2,986 8,604 9,920 Mar................................................. 58784 17378 615 2320 3,965 12,167 2,999 8,662 9,978 Apr............................................... 59,471 17359 623 2,978 3,977 12,418 3,012 8,796 10,008 May ............................................... 60;000 17 345 629 3,223 4,008 12,437 3,029 8305 10,024 June............................................... 60348 18327 640 3,412 4,070 12,596 3,062 9; 008 10333 July................................................ 60 394 18,016 641 3,476 4,083 12,583 3,098 9,081 9,716 Aug.. . ................................... 60,960 18311 640 3,575 4,098 12,574 3,102 9,062 9,698 Sept................................................. 61715 18328 627 3 395 4,112 12,639 3373 9,039 10,102 Oct...................................... 61,786 18,412 629 3,465 4,104 12736 3,066 9,073 10,301 Nov................................................. 62,029 18’,443 631 3,375 4,091 12,960 3,062 9,054 10,413 Dec.................................................. 62,660 18,415 628 3,203 4; 087 13,638 3,064 9,046 10,579 1966-—Jan.7*............................................... 61,037 18,276 617 2,970 4,031 12713 3,049 8,949 10,432 Feb.'1.......................................... 61 720 1 8; 41 8 615 2,830 4,024 12,631 3,061 9,004 10,537 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

MARCH 1966 EMPLOYMENT AND EARNINGS 407 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Season ally adjusted Not seasonally adjusted Industry group 1965 1966 1965 1966 Feb. Dec. Jan.1* Feb J’ Feb. Dec. Jan?' Feb J' Total... .............................................................................. 13,158 13,731 13,812 13,917 12,956 13,724 13 581 1 3 706 Durable goods.................................................................... 7,515 7,955 8,033 8,102 7,423 7 968 7 935 8 003 Ordnance and accessories......................................... ' 99 107 114 ’ 118 99 108 11 5 117 Lumber and wood products.................................... 531 547 557 552 501 533 523 52J Furniture and fixtures............................................... 351 368 37 1 373 346 368 367 367 Stone clay, and glass products............................... 498 512 520 514 471 500 489 486 Primary metal industries.......................................... 1,050 1 ,035 1 046 1 046 1 049 1 026 1 036 1 045 Fabricated metal products....................................... *962 1,012 1 ’024 1 "034 947 1 016 1 *012 1 *017 Machinery except electrical.................................. • 1.164 1.244 1 252 1 259 1,168 1 242 1 251 1 261 Electrical machinery............................................. 1 .097 1.225 1 .245 1 267 1 090 1 241 1 ’ 246 1 259 Transportation equipment............................. 1.192 1 ,290 1 .296 1 324 1 ,202 1 324 1117 1 335 Instruments and related products........................... 240 256 261 264 238 258 259 262 Miscellaneous manufacturing industries................ 331 359 347 351 312 352 320 331 Nondurable goods.............................................................. 5,643 5,776 5 779 5 815 5 533 5 756 5 646 5 703 Food and kindred products..................................... 1.155 1 156 1 158 1 163 1 069 1 136 1 *09 1 1 076 Tobacco manufactures............................................. 75 72 71 71 72 76 70 68 Textile-mill products........................................... 812 837 839 838 804 834 R27 830 Apparel and other finished textiles......................... 1,186 1 225 1 203 1 237 1 193 1 219 1 179 1 244 Paper and allied products......................................... 493 507 511 512 486 509 504 504 Printing, publishing, and allied industries............ 613 629 639 638 609 635 632 634 Chemicals and allied products................................ 537 548 55 1 552 532 543 544 547 Products of petroleum and coal................................ i io 110 1 10 1 10 107 108 107 107 Rubber products....................................................... 352 378 381 377 350 380 379 375 Leather and leather products.................................. 310 314 316 317 311 316 313 318 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 pcr week; N.S.A.) (dollars per hour; N.S.A.) Industry group 1965 1966 1965 1966 1965 1966 Feb. Dec. Jan?’ Feb J’ Feb. Dec. J an J' Feb?' Feb. Dec. Jan?’ Feb.^ Total......................................................................... 4K2 41.4 41.5 41.6 105.93 110.92 I IO.00 110.27 2.59 2.66 2.67 2 67 Durable goods......................................................... 42.1 42.2 42.4 42.5 115.79 120.98 119.99 120.27 2.77 2.84 2 85 2 85 Ordnance and accessories............................ 41 .2 42.4 42.4 42.8 127.00 136.85 134.93 134.93 3.09 3.19 3* 16 3 16 Lumber and wood products....................... 40.3 41.8 41.4 41 .4 84.16 89.40 88.13 88,32 2. 12 2.17 2 16 2 17 Furniture and fixtures.................................. 41.9 41.8 41.7 41 .7 86.53 92.02 88.15 88 99 2 09 2.16 2 15 2 16 Stone, clay, and glass products.................. 42. 1 43.0 42.7 42.6 105.22 112.25 111.07 111.07 2.56 2.66 7 67 2 67 Primary metal industries............................. 42.3 41 .2 41.9 42.0 131.67 132,48 135.14 1 35 66 3 16 3.20 3 7.1 3 2.1 Fabricated metal products........................... 42.3 42.3 42.6 42.7 114.39 119.71 118.02 119.29 2.73 2.81 2 81 2. 82 Machinery except electrical............. 43. 1 43.9 44.0 44.0 125 85 133.48 132.71 133 32 2 92 3.02 3 01 3 03 Electrical machinery..................................... 41.1 41.5 41.4 41 .7 104.30 110.04 107.53 108.73 2 55 2.62 2 6| 2 62 Transportation equipment.......................... 43.3 42.9 43.6 43.5 136/10 145.53 142.79 141.04 3.18 3.30 3.29 3.28 Instruments and related products.............. 41.3 41.7 42.2 42.4 106 86 1 1 1 30 111.72 111 99 2 60 2.65 2 66 2 66 Miscellaneous manufacturing industries... 39.8 40.2 40.0 40.3 84.56 87.48 87.12 88.44 2.13 2.16 2.20 2'20 Nondurable goods................................................... 40.2 40.2 40.2 40.5 92.73 96.96 95.52 96.24 2.33 2.40 2.40 2 40 Food and kindred products. ,.......>.., 41.2 41.2 41.1 41.4 98.17 101.84 100.69 100.69 2.43 2.46 2 48 2.48 Tobacco manufactures................................. 38.9 37.7 39.4 41.0 77.38 83.07 82.56 85 06 2.08 2.13 2 15 2 17 Textile-mill products..................................... 41.9 42.0 42.5 42.4 76.73 80.79 80.03 81.02 1.84 1.91 I 91 1.92 Apparel and other finished textiles............ 36.6 36.5 36.2 36. 7 66.61 67.33 65.86 69 00 1.82 1.86 1.85 1.88 Paper and allied products........................... 43. 1 41.6 43.3 43.3 111.45 117.82 115.83 115 83 2.61 2.69 2 70 2 70 Printing, publishing, and allied industries. 38.6 38.7 38.5 38.6 115.97 121.60 117.73 119.04 3.02 3.11 3^09 3 HO Chemicals and allied products.................... 41.9 42.0 42.0 42.2 118.56 121.35 122.18 122.77 2.85 2.93 2 93 2.93 Products of petroleum and coal................. 41.9 42.0 42.1 43.2 131.78 140 53 141.20 141 88 3.23 3.37 3 37 3 37 Rubber products........................................... 42.2 42.3 42.4 42.2 108.52 I 13.42 111.14 110.62 2.59 2.65 2. 64 2.64 Leather and leather products...................... 38.2 38.4 38.2 38.9 71.61 74.87 74.11 74.87 1.86 1.91 1.91 1.91 Note.—Bureau of Labor Statistics; data are for production and related workers only. 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408 PRICES MARCH 1966 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em U s Food Home- F o u i e l l G an a d s n F in i u s g h r s ­ ­ A u p p a p k n e a d e r e p l T p t r o i a o r n t n a s ­ ­ Med­ Per­ R i e n a g d ­ g O o t o h d e s r Total Rent owner­ and elec­ and Total ical sonal and and 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 I960........................... 103.1 101 .4 103.1 103.1 103.7 99.5 107.0 101 .5 102.2 103.8 105.4 108.1 104.1 104 9 103.8 1961........................... 104.2 102,6 103.9 104.4 104.4 101 .6 107.9 101,4 103.0 105.0 107.3 111.3 104.6 107,2 104.6 1962........................... 105.4 103.6 104.8 105.7 105,6 102.1 107.9 101 .5 103.6 107.2 109.4 114.2 106.5 109.6 105.3 1963 ........................... 106.7 105.1 106.0 106.8 107.0 104.0 107.8 102.4 104.8 107.8 111.4 117.0 107.9 111.5 107,1 1964........................... 108.1 106.4 107.2 107.8 109,1 103,5 107.9 102.8 105,7 109.3 113.6 119.4 109,2 114.1 108.8 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 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 1 (5.4 109.5 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................ 110.2 110.9 108.3 108.9 111.2 103,2 106.9 102.9 106.1 111.5 115,3 122.7 108.7 114.6 111.5 Aug......... 110.0 110.1 108.2 109,0 111.4 103,5 107.7 102.9 106.4 111.0 115.6 122,8 109.0 114,3 112.6 Sept................ 110.2 109.7 108.6 109.1 111.6 104.3 107.9 103.1 107.2 111.0 115.8 122.8 109,2 114.8 I 12.7 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 1966--Jan................. 111.0 111.4 109.2 109.7 113.1 108.9 107.9 103,6 107.3 111.2 116.9 124.2 1 10.4 115.7 113,4 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 AH Period m c t o i o e m d s i ­ ­ F p u r a c o r t d m s ­ f P e o s r o s o e d c d s ­ Total T t e il e e tc x s . ­ , H e i t d c e . s, F e u tc e . l, C ic e h a t e c ls m . , ­ R b e u e tc b r . , ­ L b e u t e c m r . , ­ P e a t p c e . r, M e a t l e c s . t , ­ c M e h r i a y n ­ ­ F t e u u t r c r e n . , i­ N t m m a o l i e n l n i ­ e ­ - b T e a t c o c c ­ . o, n c M e e o l i l s a u ­ ­ s 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 1965--Jan................. 101.0 93,0 102,2 101.9 101.5 104,9 98.5 97.3 92.3 100,8 99.0 104.5 103,3 98.3 101.7 107,5 110.0 Feb..................... 101.2 94.5 102.1 101.9 101.5 105.1 97.9 97.5 92.2 100,8 99.0 104.6 103,5 98,2 101.8 107.6 109.6 Mar................... 101.3 95.4 101,8 102,0 101 .5 105.7 97.9 97.5 92.2 100.7 99.5 104.8 103,5 98.3 101.9 107,5 109.5 Apr............ 101 .7 97.6 102.3 102.1 101.5 106.3 97.6 97,6 92.3 100.5 99.8 105.2 103.7 98,0 101.9 107.8 110.3 May.................. 102.1 98.4 103.3 102.3 101.6 107.4 98.4 97,6 92.9 100.4 100.0 105.7 103,7 98.0 101.9 108.1 108.9 June................... 102.8 100.3 106,1 102.5 101.9 107.7 98.7 97,4 92.8 100.3 100.0 105.9 103.8 98.0 102.0 107.6 111,0 July........... 102.9 100,0 106.6 102,5 101.9 108.8 98.7 97,4 93.0 100.5 99.9 105.8 103.7 97.8 101.7 107.6 112.6 Aug,................. 102.9 99.1 106.7 102.7 101 .9 112.2 99.0 97.1 93.2 101.8 99.9 106.2 103,8 97.7 101.6 107.6 111.5 Sept................... 103.0 99.5 106,7 102,7 102.1 111.3 99.2 97.2 93,3 102.0 100.0 106.2 103.8 97.7 101.6 107.7 111.5 Oct.................... 103.1 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 Nov.................... 103.5 100.3 107.6 103.2 101.9 113,6 100.3 97.5 93,5 101 .6 100.8 106.7 104,1 98.0 101.6 107.7 113.2 Dec.................... 104.1 103.0 109.4 103.2 102,0 ’’114.4 100.6 97,6 93.5 101 .9 100.9 106,6 ’-104,2 ’98.2 101.6 107.9 112.5 1966-Jan..................... 104.6 104,4 110.2 103.5 101.8 1 15.9 100.5 97.6 93.7 102.7 101.1 106,9 104.3 98,4 101.9 107.8 114.3 See next page for composition of other commodities. 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MARCH 1966 PRICES 409 WHOLESALE PRICES: DETAIL (1957-59= 100) 1965 1966 1965 1966 Group Group Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Farm Products: Pulp, Paper, and Allied Products: Fresh and dried produce...................... 98.5 94.2 >•92.2 97.4 Woodpulp........................................ 98.1 98.1 98.1 98.0 Grains..................................................... 90,4 87.4 90.1 92.4 Wastepaper.................................. 96.1 107.0 104.6 105.8 1 ivestock and poultry........................... 85.5 104.0 109.0 112.6 Paper....................................................... 103.7 104.8 104.9 105.2 Plnnf and animal fibers........................ 92,4 89.8 89.6 89.6 Paperboard ....................... 96.4 96,5 96.5 96.7 Fluid milk............................................... 104.1 107.3 rl 08.0 108.0 Converted paper and paperboard .... 97.9 100.1 100.4 100,6 Feos.................................................. 78.9 114.0 118.2 99.8 Building paper and board.................... 93.4 93.3 92.7 92.7 Hay and seeds......................................... 119.0 107.2 110.8 113.3 Other farm products... ....................... 95.3 99.9 103.5 102.5 Metals and Metal Products; Processed Foods: Iron and steel......................................... 101.4 101.3 101,7 102.0 Nonferrous metals................................. 111.5 118.7 H7.2 118.2 Cereal and bakerv products................. 108.2 1 10.6 111.2 111.5 Metal containers................................... 105.7 108.3 109.8 109.8 Meat poultry, and fish........................ 91.9 105.5 *110,5 112.7 Hardware................................................ 104.8 107.0 107.2 107.3 Dairy products and ice cream............. 108.3 110.4 111.3 110.6 Plumbing equipment............................ 104,1 105.4 106.7 106,6 Canned and frozen fruits and veg- Heating equipment................ 91,3 91.6 r91.6 91.4 etables.............................................. 101.9 105.4 *105.1 104.6 Fabricated structural metal products. 100.3 102.0 102.0 102.0 Sugar and confectionery............ 110.0 109.2 108.8 109.4 Fabricated nonstructural metal prod­ Packaged beverage materials............... 96.2 93.4 93.4 93.5 ucts........................................ 108.3 109.8 109.7 110.0 Animal fats and oils....................... 106.4 115,8 *1 16.4 120.6 Crude vegetable oils................ 104.6 100.9 *•100.3 106.7 Machinery and Motive Products: Refined vegetable oils........................... 96.1 105.0 109. 1 116.1 Vegetable oil end products................... 100.6 101.2 98.4 99.5 Agricultural machinery and equip.... 114,3 1 16.8 117.0 1 17 0 Miscellaneous processed foods............ 114.5 114.2 1 14.1 114.0 Construction machinery and equip,.. 113.8 116.4 116.5 116.9 Metalworking machinery and equip.. 115.3 118.6 1 18.9 119,4 Textile Products and Apparel: General purpose machinery and equipment.......................... 104.1 106.5 ’106.8 106.9 Cotton products..................................... 99.5 101.0 101.2 101.1 Miscellaneous machinery..................... 105.1 105.3 105.4 105.4 Wool products.............. 103.4 105.4 105.4 105.7 Special industry machinery and Man-made fiber textile products........ 96.9 92.5 91.9 91.2 equipment (Jan. 1961= 100).. . , . 107.3 108.9 109.0 109.1 Silk products...................................... 121.6 142.2 143.6 147.6 Electrical machinery and equip.. .... 96.7 96.5 r96.6 96.8 Apparel................................................... 103.1 104.2 *104.3 104.5 Motor vehicles............................. 100.8 100.5 100.5 100.4 Other textile products........................... 118.8 127.0 130.0 124.6 Transportation equip., R.R. rolling stock (Jan. 1961= 100)................. 100.6 101.0 101.0 101 .0 Hides, Skins, Leather, and Products: Hides and skins..................................... 86.5 126.5 132.3 140.0 Furniture and Other Household Dura- Leather............................. 104.2 113.3 114.2 116,6 bles: Footwear................................................ 109.1 113.7 113.8 1 14.5 102.5 109.0 ’’109.7 110.1 Household furniture............................. 106.1 106.6 '106.7 107.0 Commercial furniture........................... 103.3 103.7 *104.0 104, 1 Fuels and Related Products, and Power; Floor coverings...................................... 98.0 97.4 *97.5 97.7 Household appliances........................... 90.2 88.6 88.8 88.8 C Co o k a e l. .............. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 0 8 7 . . 3 3 1 9 0 7 7 . . 5 3 1 9 0 7 7 . . 6 3 1 9 0 8 7 . . 0 3 T O e th le e v r i s h io ou n s , e ra h d o i l o d s d , u a r n a d b l p e h g o o n o o d g s ra .. p ... h .. s .. . . . 1 8 0 6 5. . 0 4 1 8 0 4 6 . ,2 5 1 8 0 4 6 . . 5 2 1 8 0 4 6 . , 5 9 Gas fuels (Jan. 1958= 100).......... 121.4 126.8 128.6 128.6 Electric power (Jan. 1958— 100)......... 101.1 100.8 100.7 100.4 Nonmetallic Mineral Products; Petroleum products, refined................. 95.2 98. 1 98.4 98.3 Flat glass................................................ 102.1 99.9 99.9 99.9 Chemicals and Allied Products: Concrete ingredients............................. 103.2 103.4 103.4 103.5 Concrete products................................. 101.3 101.8 101.8 101.9 Industrial chemicals............................... 94.6 95.5 95.5 95. 1 Structural clay products....................... 104.8 105.4 *105.6 105.6 Prepared paint....................................... 104.8 105.9 105.9 105.9 Gypsum products.................................. 106.6 98.6 *97.4 100 4 Paint materials....................................... 91.3 89.0 89.0 89,8 Asphalt roofing...................................... 91.2 94.6 94.6 94.6 Drugs and pharmaceuticals................. 94.4 94.7 94.6 94.8 Other non metal lie minerals.......... 101.0 101.0 100.9 101.8 Fats and oils, inedible........................... 113,4 106.7 110.1 111.0 Mixed fertilizers. ................................... 104.2 105.2 105.5 105.4 Fertilizer materials................................ 102.3 103.8 103.8 103.8 Tobacco Products and Rot tied lie ver- Other chemicals and products............. 99.5 100.1 *99.8 100.2 ages: Rubber and Products: T A o lc b o a h c o co lic p b ro ev d e u r c a t g s e . s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 0 0 6 0 . . 1 5 1 10 0 6 0 . . 9 1 *1 1 0 0 6 1. . 3 0 1 10 0 1 6 . . 0 J 90.7 89 3 89.6 90.0 Nonalcoholic beverages....................... 128.1 128.5 128.5 128.5 Tires and tubes....................................... 88.8 91 J 91.1 91.1 Miscellaneous rubber products........... 96.6 97.7 97.7 97.9 Miscellaneous Products: Lumber and Wood Products; Toys, sporting goods, small arms.,.. 102.1 103.0 103. 1 103.1 Manufactured animal feeds......... 115.1 119.9 118.6 121.8 Lumber.................................................... 100.8 103.0 *103.4 104.3 N otions and accessories....................... 99.1 99.1 99.1 99 1 Millwork................................................. 107.7 107.8 107.9 107.9 Jewelry, watches, photo equipment.,. 103.6 105,1 105.1 105.2 Plywood................................................. 94.5 91.7 92. 1 93.9 Other miscellaneous products. ...... 102.6 104.7 *104.9 104.9 Note.—Bureau of Labor Statistics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

410 NATIONAL PRODUCT AND INCOME MARCH 1966 GROSS NATIONAL PRODUCT (In billions of dollars) 1964 1965 Item 1929 1933 1941 1950 1961 1962 1963 1964 1965" IV 1 II III IV" Gross national product....................................... 103. ] 55.6 124.5 284.8 520.1 560.3 589.2 628.7 676.3 641.1 657.6 668.8 681.5 697.2 Final purchases.................................................... 101.4 57.2 120.1 278.0 518.1 554.~3 583.5 623.9 668. 1 633.6 648.8 662.4 673.9 687.7 Personal consumption expenditures.................. 77.2 45.8 80.6 191.0 335.2 355.1 373.8 398.9 428.7 405.9 416.9 424.5 432.5 441.0 Durable goods................................................. 9.2 3.5 9.6 30.5 44.2 49.5 53.4 58.7 65 0 57.9 64.6 63.5 65.4 66.4 Nondurable goods.......................................... 37.7 22.3 42.9 98.1 155.9 162.6 168.0 177.5 189.0 180.9 182.8 187.9 190.5 195.0 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 Gross private domestic investment................... 16.2 1.4 17.9 54.1 71.7 83.0 86.9 92.9 105.7 97.7 103.4 102.8 106.2 110.3 Fixed investment. ........................................... 14.5 3.0 13.4 47.3 69.7 77.0 81.2 88.1 97.4 90.2 94.6 96.4 98.6 100.2 Nowesidential....................................... 10.6 2.4 9.5 27.9 47.0 5i.7 54.3 60.5 69.8 63.5 66.9 68.4 70.9 73.0 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 18.7 28.6 32.5 34.6 39.4 45.5 42.0 43.7 43.9 46.7 47 6 Residential structures................................. 4.0 .6 3.9 J9.4 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 1 26.7 Change in business inventories.................... 1.7 -1.6 4.5 6.8 2.0 6.0 5.7 4.8 8.2 7.5 8.8 6.4 7.6 10.1 Nonfarm...................................................... 1.8 -1.4 4.0 6.0 1.7 5.3 4.9 5.4 7.9 7.8 9 2 6.6 7.0 8.9 Net exports of goods and services.................... 1.1 .4 1.3 1.8 5.6 5.1 5.9 8.6 7.1 8 9 6.0 8 0 7.4 6.9 Exports.................................................... 7.0 2.4 5.9 13.8 28.6 30.3 32.4 37.0 39. 0 38.4 34.7 40.4 40.1 40.8 Imports...................................................... 5.9 2.0 4.6 12.0 22.9 25.1 26.4 28.5 31.9 29.5 28.6 32.4 32.7 33 9 Government purchases of goods and services. . 8.5 8.0 24.8 37.9 107.6 117. 1 122.6 128.4 134.8 128.6 131.3 133.5 135.4 139.0 Federal............................................................. 1.3 2.0 16.9 18.4 57.4 63.4 64.4 65.3 66.6 64.3 64.9 65.7 66.5 69.2 National defense........................................ 13.8 14. 1 47.8 51.6 50.8 49.9 49.9 48 8 48 8 49 2 49.8 57 0 Other........................................... 3. 1 4.3 9.6 11.8 13.6 15.4 16.7 15.5 16.1 16^5 16.7 n’z 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 69.8 Gross national product in constant (1958) dollars........................................................... 203.6 141.5 263.7 355.3 497.3 530.0 550.0 577.6 609.6 584.7 597.7 603.5 613.0 624.4 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" IV I II III IV" National income................................................... 86.8 40.3 104.2 241.1 427.3 457.7 481.1 514.4 554.7 526.3 540.6 549.5 557.9 571.0 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 62.1 146.8 278.1 296.1 311.2 333.5 357.4 342.6 348.9 353.6 359.0 368.1 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 Military......................................................... .3 .3 1.9 5.0 10.2 10.8 10.8 11.7 12.4 If.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 29.3 31.8 34.5 32,7 33.5 34.3 34.7 35.5 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 17.1 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 75.4 Profits before tax... . ..................................... 10.0 1.0 17.7 42.6 50,3 55.4 58.6 64.8 74.7 65.9 73.1 73.9 74.6 77.2 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 31.0 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 46.2 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 26.3 Inventory valuation adjustment................... .5 -2.1 -2.5 -5.0 -.1 .3 -.4 -.3 -1.6 -1.0 -1.4 -1.8 -1.2 -1.8 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

MARCH 1966 NATIONAL PRODUCT AND INCOME 411 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. 5 284.8 520.1 560.3 589.2 628.7 676.3 641.1 657.6 668.8 681.5 697.2 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 -.2 -2.2 — 3.1 — 1.4 1.4 2.3 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 40.3 104.2 241.1 427.3 457.7 481.1 514.4 554.7 526.3 540.6 549.5 557.9 571.0 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 75.4 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 I 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: Personal outlays...................................... 79.1 46.5 81.7 193.9 343.2 363.7 383,4 409.5 440.5 416.9 428.1 436. 1 444.4 453.2 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 335.2 355.1 373,8 398.9 428.7 405.9 416.9 424.5 432.5 441.0 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 24.9 29.5 23.3 22.4 26.8 27.1 Disposable personal income in constant (1958) dollars........................................................... 150.6 112.2 190.3 249.6 350.7 367.6 380.6 406.5 427.6 414.5 417.9 421.7 432.3 439.4 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) 1965 1966 Item 1964 1965* Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. v Jan.^ Total personal income.......................... 495.0 530.7 1515.4 515.2 517.8 520.5 525.0 528.5 530.4 532.1 2545.4 541.3 546.1 550.9 551.6 Wage and salary disbursements........... 333.5 357.4 346.5 348.9 351.1 351.5 353.9 355.4 357.4 358.8 360.8 364.7 368.3 371.3 373.3 Commodity-producing industries... 133.9 143.9 139.8 140.8 141.9 141 .4 142.3 143.1 144.0 144.6 144.7 146.1 148.1 149.5 150. 1 Manufacturing only....................... 107.2 115.5 112.2 113.0 113.9 113.6 114.1 114.8 115.6 116.1 116.4 117.5 119,1 120.0 120.8 Distributive industries....................... 81. 1 86.5 83.8 84.7 85.5 85.6 86.2 86.5 86.8 87.0 87.2 87.8 88.2 88.7 89.2 Service industries.............................. 54. 1 58. 1 56.3 56.6 56.7 57.2 57.6 57,8 58.2 58.5 58.8 59.6 60.0 60.4 60,7 Government....................................... 64.3 68.9 66.6 66.8 67,0 67.4 67.7 68.0 68.3 68.7 70.1 71.3 72.0 72.6 73.2 Other labor income.............................. 16.5 18.2 17.4 17.5 17.6 18.0 18. 1 18.2 18.3 18.4 18.4 18.6 18.9 19.0 19.2 Proprietors' income.............................. 51. 1 54.6 52.2 51.9 51.8 52.9 54.8 56.0 55.5 55.3 55.4 55.9 56.2 56.5 56.6 Business and professional................ 39.1 40.3 39.8 39.9 40.1 40.0 40.1 40. 1 40.3 40.4 40.5 40.6 40.7 40.8 40.9 Farm.......................................... 12.0 14.3 12.4 12.0 11.7 12.9 14.7 15.9 15.2 14.9 14.9 15.3 15.5 15.7 15.7 Rental income........................................ 18.2 18.6 18.5 18.5 18.5 18.6 18.6 18.6 18.6 18.6 18.6 18.7 18.7 18.7 18.8 Dividends................................................ 17.2 18.9 17.9 18.0 18.0 18.2 18.5 19.1 19.0 19.2 19.5 19.7 19.9 20.2 20.4 Personal interest income............ 34.3 37.1 35.7 36.0 36.2 36.5 36.7 37.0 37.2 37.5 37.7 37.9 38.2 38.5 38.8 Transfer payments................................. 36.6 39.2 140.1 37.4 37.6 37.8 37.4 37.2 37.6 37.7 248.4 39.3 39.6 40.3 41.0 Less: Personal contributions for social insurance.................................. 12.4 13.2 12.9 12.9 13.0 12.9 13.0 13.1 13.2 13.3 13.4 13.5 13.6 13.7 16.5 Nonagricultural income......................... 478.7 512.1 1498.7 499.0 502.2 503.2 505.8 508.2 510.8 512.92526.2 521.7 526.3 530.7 531.5 Agriculture income................................ 16.3 18.6 16.7 16.2 15.7 17.3 19.2 20.4 19.7 19.2 19.2 19.6 19.9 20.2 20.1 i 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

412 FLOW OF FUNDS MARCH 1966 SAVINGS, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1963 1964 1965 Transaction category, or sector 1960 1961 1962 1963 1964 HI IV 1 11 III IV 1 II 111 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 1 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 1010 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 — 29 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 nnfinnal 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 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 1! 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 J 3 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 11. 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 I 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 I 24 75 T nans................................................ 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 R 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 21J 28 29 Consumer credit........................... 4.5 J.7 5.5 6.7 6.9 6.9 6.6 7.4 7.2 7. / 6.0 9.6 8.7 8^8 29 30 Bank loans n.e.c........................... 2.9 2.2 4.8 6.0 7.6 4.3 11.5 2.7 9.7 4. 7 13.2 14.5 14.1 7.9 30 31 Other loans................................... 2.8 1.6 3.0 2.7 4.1 3.4 1.8 2.1 7.0 4.0 3.5 2.8 6.6 4.4 31 32 Securities and mortgages.............. 22.9 28.6 31.0 34.4 37.1 36.4 34.0 35.0 40.7 37.0 35.7 36 4 39 5 38.9 32 33 State and local obligations......... 3.6 4.9 5.0 6.7 5.9 7.0 7.1 4.2 6.4 6.0 6.8 7.1 7^5 5.0 33 34 Corporate securities.................... 5.0 7.1 5.1 3.6 5.4 4.0 2.2 6.2 7.1 5.3 2.9 4.6 6.7 8.1 34 35 1- to 4-family mortgages............ 10.5 11.4 13,0 15.2 15.8 16.0 15.2 15.6 16.3 15.8 !5.4 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 -l.l - .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 1 1.6 1 1.0 1 1 .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 /It commercial banks.... 5.4 9.0 15.0 13.4 13.1 13. 1 15.4 11.5 10.6 12.2 18. J 21.9 15.2 22.2 48 49 At savings instil............... 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 I .ess security debt...................... — .3 1.3 — .2 2.0 -.2 1.9 2.8 -.2 -1.5 1. 1 .2 — 6 — 1.2 53 54 Memo: Total U.S. Govt, sec............ -5.1 -.3 1.9 4.7 .9 5.8 6.3 4.6 4.2 * -5.0 5.2 6.4 .7 54 III. Direct lending in credit markets 55 Total funds raised............................... 33.1 44.3 54.3 58.2 67.1 49.7 63.0 58.7 75.1 63.9 70.5 75.9 69,7 54.2 55 56 Less change in U.S. Govt, cash .... .9 1 .3 -.3 .2 -4.9 -.8 3.6 -.9 -i. i - .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 er. 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 H .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 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 It. 9 10.7 71 72 Households................................. I. 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 1.1 .2 -.6 -1.2 75 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 FLOW OF FUNDS 413 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1963 1964 1965 Transaction category, or sector I960 1961 1962 1963 1964 in IV 1 II in 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 U.S. Govt, deposits........................ .9 1.3 -.3 .2 -4.9 —. 8 3.6 -.9 -l.l -.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 Non financial business............ -1.0 1 .7 -2.3 -1.9 -2.6 -1.1 -.8 -7.2 2.1 2. 1 -7.5 -4.7 -3.3 -5.6 6 7 State and local govts............. -1.1 .3 .9 2.0 .7 -.1 7.8 -1.7 -2,3 1.4 5.6 -5.6 1.9 -.5 7 8 Financial sectors.................... .5 1.1 1.0 .2 .2 .4 .2 -. 1 1.1 -.8 .7 -.3 .5 .9 8 9 Mail float................................ 1 .7 1.0 -.6 .3 1.0 -.4 -1.9 -2.7 2.4 2.8 1.3 -2.4 5.9 9 10 Rest of the world........................... . 1 .7 . 1 . 1 .5 -.3 -.1 1.4 -.2 1.0 -.3 .7 -.8 1.9 10 II. Time and savings accounts 11 Net increase—Total............................ 15.3 20.7 28.7 29.5 30.4 27.7 31.3 27.9 28.0 30.0 35.7 35.5 28.6 34.8 11 12 At commercial banks—Total.......... 5.8 9.4 15.6 14.3 14.6 13.8 16.2 13.1 12.1 13.3 19.9 22.6 16.7 22.0 12 13 Corporate business......................... 1 .3 1.9 3.7 3.9 3.2 3.2 5.2 6.4 1.4 1.5 3.4 8.3 6.8 3.8 13 14 State and local govts...................... 1.4 .9 1.0 1.6 1.7 1.4 2.2 .3 1.1 2.2 3.3 2. 1 .5 4.1 14 15 Foreign depositors......................... .3 .3 .6 1 .0 1 .4 .8 .8 1.5 1.5 1.0 1.6 .6 1.3 -.1 15 16 Households...................................... 2.8 6.2 10.3 7.9 8.2 8.5 8.0 4.9 8.1 8.5 11.4 11.5 7.9 14.2 16 17 At savings institutions....................... 9.5 11.3 13.1 15.2 15.8 13.9 15. 1 14.8 15.8 16.7 15.8 12.9 11.9 12.8 17 18 Memo: Households total.................. 12.4 17.4 23.4 23.0 23.9 22.5 23.0 19.6 23.8 25.4 27.0 24.5 20.2 27.3 18 IH. U.S. Govt, securities 19 Total net issues,.................................. -2.5 7.3 7.3 5.2 6.2 -2.1 6.4 8.7 3.9 7.7 4,4 7.3 -.8 -7.9 19 20 Short-term marketable.................. 3. 1 8.8 .5 1.4 4.0 -13.5 5.2 9.1 -1.0 -3.7 11.4 12.7 -.5 -11.1 20 21 Other................................................. -5.6 -1.4 6.8 3.8 2.2 11.4 1.3 -.5 4.9 11.4 -7.0 -6.2 -.3 3.2 21 22 Net acquisitions, by sector................ -2.5 7.3 7.3 5.2 6.2 -2.1 6.4 8.7 3.9 7.7 4.4 7.3 -.7 -7.9 22 23 Federal Reserve System................. .7 1.5 1.9 2.8 3.5 2.2 3.5 3.2 1.8 2.4 6.5 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 l.l -.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 l.l .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 3J 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 -l.l 2.8 -2.6 -.1 -2.4 34 35 Pvt. domestic nonfinan. sectors... -5. 1 -.3 1.9 4.7 .9 5.8 6.3 4.6 4.2 -5.0 5.2 6.4 .7 35 36 Short-term direct........................ -4.2 .2 1.0 1.9 -3.3 -.4 4.8 1.4 -3.6 -7.5 -3.6 3.0 1.5 2.9 36 37 Other direct................................. - .4 -1.6 -.1 .9 2.9 3.7 - 1 .6 2.9 5.2 5.7 -2.3 .7 1.2 -4.0 37 38 Nonguaranteed........................... - .2 .3 .6 .8 .4 1.6 1.9 - .5 1.5 ,8 -.2 .6 3.3 1.3 38 39 Savings bonds—Households... - .3 .8 .4 1.2 .9 1.1 1.2 .8 .9 .8 1.0 .8 .4 .5 39 IV. Other securities 40 Total net issues, by sector.................. 10.9 13.6 11.6 13.1 14.6 13.2 12.1 13.4 17.3 13.9 13.9 14.9 18.9 15.3 40 41 State and local govts...................... 3.6 4.9 5.0 6.7 5.9 7.0 7. 1 4.2 6.4 6.0 6.8 7. 1 7.5 5.0 41 42 Nonfinancial corporations............ 5.0 7.1 5. I 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......................... . I .2 . I .3 .6 _ [ .9 .9 .5 .6 .4 .5 2.0 . 1 43 44 Finance companies........................ 1.5 .5 .3 1.4 2. 1 1.6 2.2 2.2 2.4 2.0 1.8 1.5 1.9 1.5 44 45 Rest of the world . ......................... .6 .8 l.O 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 -.4 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 l.l 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 * .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 1n process..................................... -. 1 .4 .4 .5 - .3 .6 .4 -.2 -.4 -.3 - .3 . 1 .2 -.3 59 60 Disbursed..................................... 10.5 11.4 13.0 15.2 15.8 16.0 15.2 15.6 16.3 15.8 15.4 15.4 15. 1 15.2 60 61 Other...................................... 3.8 5.1 7.9 9.0 10. 1 9.5 9.4 8.9 10.9 9.9 10.6 9.4 10,3 10.6 61 62 Net acquisitions................................... 14.2 16.9 21.3 24.7 25.6 26.0 25.0 24.3 26.8 25.4 25.7 24.8 25.5 25.6 62 63 Households...................................... .2 - .2 -.6 .1 -1.0 -1.1 -.2 .3 .2 .2 -1.0 -.7 - .6 63 64 U.S. Government........................... 1 .2 .6 .3 -1,0 .2 -.4 -.4 .3 .8 .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 6 6 8 7 I M ns o u rt r g a a n g c e e . c .. o .. m .... p .. a .. n .. i . e .. s ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 * 2. . 7 6 3. .5 0 4. . 0 8 5. . 4 1 4 1 . . 4 0 4 . . 9 4 4. . 5 3 5 1 . . 0 0 5. . 3 1 5 . . 2 6 5 1 . . 9 0 5. . 5 4 5. .9 0 6 68 7 VI. Bank loans n.e.c. 69 Total net borrowing............................. 2.8 3.0 6.2 8.2 9.9 7.3 14.2 4.8 14.4 4.6 15.8 19.6 15.9 19.6 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 Non bank finance............................ - .3 . 1 1 .0 1.7 .5 2.2 1.5 3.7 -1.7 -, 1 2.5 2.8 2.0 71 72 Households...................................... .6 .9 .5 .9 2.6 .7 2.1 2.2 3.8 .1 4.3 .7 2.9 .7 72 73 Rest of the world........................... . 1 .7 .4 .5 1.9 .8 1.2 1.9 1.0 1.7 2.8 2.5 -l.l .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

414 BANK RESERVES AND RELATED ITEMS, 1965 MARCH 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 g R w t s k . ­ s s F e r r r e v e ­ e e s T h o e t l a d l qu R ir e e ­ d Excess B F r i a n o a . n g R w t k s . ­ s se F r r r e v e ­ e e s T h o e t l a d l qu R i e re ­ d Excess B r F i a o n a . n g w R t k s . ­ s s F e r r r e v e ­ e e s 21.620 21.215 405 299 106 4.116 4.073 43 1 1 3 -70 1 .094 1 .098 4 L2 16 21.231 20.790 441 405 36 3.966 3.960 6 95 -89 1 .096 1 .082 14 50 36 21.246 20.905 34! 416 -75 4.025 4.003 22 1 20 -98 1 082 1 .077 5 50 45 Apr........................... 21 .511 21.145 366 471 - 105 4.111 4.086 25 75 -50 1 .085 1 .085 39 -39 21.472 21.147 325 505 -180 4.135 4.127 8 21 - 13 1.116 1 1 10 6 10 4 21.709 21.363 346 528 - 182 4.206 4.185 2! 135 -1 14 1,100 1 .096 4 19 15 July.......................... 21.863 21.513 350 524 - 174 4.155 4.163 -8 126 -134 1.102 1,100 2 27 2 S 21.617 21.187 430 564 -134 4.097 4.026 71 103 -32 1 .077 1 075 38 36 21.740 21.356 384 528 -144 4.095 4.079 16 62 -46 1.091 1 .088 3 46 43 21.958 21 .614 344 490 - 146 4.112 4.104 8 36 -28 1 .090 1 085 5 85 80 21.958 21.589 369 452 -83 4.002 3.992 10 87 -77 1 .086 1 084 2 32 30 22.719 22.267 452 454 -2 4.301 4.260 41 1 1 1 -70 1 .143 1.128 I 5 23 8 Week ending— 1964—Dec. 30. . . . 21.991 21.429 562 504 58 4.195 4.147 48 101 -53 1.112 1 .108 4 76 -73 1965—Jan. 6.... 22.201 21.854 347 309 38 4.327 4,328 -1 63 -64 1 .153 1 .151 14 -12 21.843 21 .252 591 424 167 4.061 4.036 25 161 -136 1 .085 1 .086 -T 30 -31 20... . 21.440 21.051 389 277 112 4.038 3.982 56 156 - 100 1 .085 1 .078 7 7 27... . 21 .258 20.917 341 203 138 3.985 3.991 -6 74 -80 1 .085 1.081 4 4 Feb. 3.... 21.401 21.017 384 278 106 4.101 4.075 26 69 -43 1 .102 1.100 2 34 -32 10. . . . 21 .312 20.816 496 472 24 3.991 3.971 20 56 -36 1 .083 1 .077 6 55 -49 17. . . . 21.051 20.729 322 353 -31 3.964 3.931 33 145 - 112 1 .075 1 .079 -4 30 -34 24.... 21 .187 20.648 539 520 19 3.905 3.892 13 105 -92 1 .074 1 .069 5 87 -82 Mar. 3 . . . . 21. 142 20.922 220 270 -50 4.049 4.028 21 117 -96 1.106 1.103 3 i 1 10. . . . 21.062 20.694 368 385 -17 3.929 3.920 9 82 -73 1 .064 1 .064 10 - 10 17. . . . 21.168 20.840 328 370 -42 3.998 4.000 -2 88 -90 1 .078 1 .066 12 9 3 24 ... . 21 .512 21.051 461 463 -2 4.056 4.023 33 196 -163 1 .086 1 .085 1 20 -19 31 ... . 21.364 20.996 368 487 - 119 4.105 4.038 67 104 -37 1,101 1 .080 21 180 -159 Apr, 7 . ... 21.501 21.126 375 570 -195 4.139 4.121 18 128 -110 1 .087 1 .088 -1 79 -80 14. . . . 21.289 21.011 278 397 -119 4.017 3.998 19 57 -38 1 .064 1 .060 4 14 -10 21 . 21.722 21.248 474 572 -98 4.093 4.081 12 133 -121 1 .079 1.08! -2 65 -67 28. . . . 21.403 21.162 241 345 - 104 4.118 4.108 10 3 7 1 . 105 1.101 4 7 -3 May 5 . . . . 21.745 21.411 334 478 - 144 4.296 4.291 5 7 -2 1.163 1 . 151 12 5 7 12. . .. 21.465 21.116 349 498 - 149 4.108 4.079 29 30 -1 1 .1 16 1,112 4 8 -4 19.... 21.445 21.102 343 500 - 157 4.109 4.1 10 - 1 48 -49 1 .094 1 .097 -3 17 -20 26. ... 21.368 21.058 310 483 - 173 4.102 4.077 25 8 17 1.103 1 .093 10 3 7 June 2.... 21 .417 21.086 331 518 - 187 4.124 4.109 15 20 -5 1 .099 1 ,096 3 15 - 12 9. . . . 21.367 21.065 302 474 - 172 4.069 4.064 5 52 -47 1 .070 1 .065 5 6 - 1 16 . 21.649 21,247 402 61 1 -209 4.164 4.162 2 175 -173 1 .083 1 .078 5 13 -8 23 . 22.057 21.642 415 583 - 168 4.357 4.271 86 225 -139 1 128 1 . 1 19 9 38 -29 30.... 21.893 2!.555 338 486 -148 4.257 4,252 5 III -106 1 .1 12 1.120 -8 19 -27 Julv 7.... 22.168 21.820 348 582 -234 4.352 4.319 33 233 -200 1,131 1.129 2 30 -28 14 . 22.106 21.574 532 620 -88 4.148 4.136 12 200 -188 1,135 1 .093 42 23 19 2! . . . . 21.663 21.469 194 425 -231 4.139 4.1(9 20 68 -48 1 .096 1 .099 -3 18 -21 28. . . . 21.594 21.272 322 479 - 157 4. 107 4.093 14 37 -23 1 .079 1 .080 -1 35 -36 Aug. 4 . . . . 21.783 21.397 386 544 -158 4.176 4.158 18 135 -1 17 1.113 1.102 11 21 - 10 II.... 21.600 21 .177 423 616 -193 4.031 4.022 9 175 -166 1 .070 1 .066 4 22 -18 18. . .. 2! .514 21.185 329 491 -162 4.028 4.009 19 7 12 1 .069 1 .070 - 1 68 -69 25 ... . 21.521 21.110 41 1 545 - 134 4.003 3.995 8 61 -53 1 .073 1 .068 5 57 -52 Sept. 1 . .. . 21.574 21.141 433 537 - 104 4.081 3.994 87 96 -9 1 .080 1 .076 4 13 -9 8. . . . 21.411 21.039 372 483 - 1 1 1 3.959 3.952 7 43 -36 1 .071 1 .064 7 13 -6 15 . 21.585 21.118 467 558 -91 4.009 3.956 53 41 12 1 .062 1 ,06! 1 35 -34 22. . . . 22.114 21.679 435 627 - 192 4.201 4.192 9 179 -170 1.127 1.120 7 47 -40 29 ... . 21.911 21.554 357 553 - 196 4.253 4.193 60 3 57 1.105 1 . 105 102 - 102 Oct 6. .. . 22.052 21.609 443 536 -93 4.209 4.205 4 4 I 090 1 .089 1 1 19 - 1 1 8 13.... 21.705 21.405 300 495 - 195 4.035 3.998 37 83 -46 1 .063 1 .059 4 93 -89 20. . 22.274 21.781 493 591 -98 4.136 4.125 1 1 35 -24 1 .098 1 .092 6 154 - 148 27. . . . 21.840 21.643 197 338 - 141 4.115 4.108 7 11 -4 1 .096 1 .094 2 9 -7 Nov. 3. . . . 22.111 21.730 381 486 - 105 4.173 4.142 31 102 -71 1.105 1 .102 3 33 -30 10. ... 21.904 21.475 429 334 95 4.016 3,939 77 79 -2 1 .066 1 .060 6 6 17. 21.877 21.561 316 489 - 173 3.823 3.971 - 148 59 -207 1 ,065 1 .062 3 105 - 102 24 ... . 21.750 21 .514 236 36! - 125 3.958 3.969 - 1 1 50 -61 1 .078 1 .074 4 4 22.192 21.767 425 534 - 109 4.094 4.029 65 110 45 1.136 1.138 -2 _ 7 8. . . . 22.334 21.873 461 478 - 17 4.187 4.105 «2 39 43 1.144 1.125 19 19 15. ... 22.463 21.898 565 486 79 4.183, 4.135 48. 124 -76 1 .089 1.080 9 37 -28 22. 22.804 22.570 234 218 16 4.402| 4.374 28 83 -55 1.147 1.150 -3 -4 29.... 23.080 22.617 463 5461 -83 4.3991 4.383 16 1381 -122 1.159 1.146 13 44 -3! For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 BANK RESERVES AND RELATED ITEMS, 1965 415 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves B in o g r s ro a w t ­ Free Reserves B in o g r s ro a w t ­ Free T h o e t l a d l Required Excess B F a . n R k . s reserves T h o e t ld al Required Excess F B . a R n . k s reserves Jan............................................. 8,712 8.676 36 120 -84 7.699 7.368 331 54 277 Feb............................................. 8,548 8.485 63 207 - 144 7,622 7,263 359 53 306 M ar. 8,562 8,546 16 163 - 147 7'576 7.279 297 83 214 Apr........................................ 8,682 8.648 34 271 -237 7.633 7,326 307 86 221 May............................... 8,602 8,553 49 383 -334 7.619 7,358 261 91 170 June........................................... 8,653 8,635 18 287 -269 7.750 7.448 302 87 21 5 July............................................ 8.774 8.724 50 264 -214 7.831 7,527 304 107 197 Aug................................. 8.659 8,626 33 263 -230 7.784 7,461 323 160 163 Sept............................................ 8,683 8,640 43 286 -243 7.873 7,549 324 1 34 190 Oct............................................ 8,814 8,776 38 245 -207 7.941 7.650 291 124 167 Nov............................................ 8,800 8,757 43 221 -178 8,069 7.755 314 112 202 Dec............................................ 9,056 8.989 67 228 -161 8,219 7,889 330 92 238 Week ending— 1964 8,838 8.799 39 258 -219 7.846 7.375 471 69 402 1965- 8.983 8.941 42 183 - 141 7,738 7.434 304 49 255 13........................ 8,763 8,709 54 152 -98 7'935 7.420 515 81 434 20........................ 8,691 8.610 81 71 10 7'626 7.380 246 50 196 27........................ 8,566 8.540 26 87 -61 7,624 7.304 320 38 282 Feb. 3 ......................... 8,594 8.568 26 122 -96 7,603 7.275 328 53 275 10........................ 8.529 8.487 42 307 -265 7,708 7,281 427 54 373 17........................ 8.511 8.467 44 130 -86 7,501 7,252 249 48 201 24........................ 8,480 8.440 40 280 -240 7,727 7.247 480 48 432 8,527 8.527 89 -89 7 460 7,264 (96 62 134 10........................ 8.492 8.454 38 209 - 171 7’576 7,256 320 84 236 17........................ 8.527 8.501 26 180 - 154 7,566 7.274 292 93 199 24........................ 8,658 8.627 31 1 82 -151 7,711 7.316 395 65 330 31........................ 8,665 8.598 67 104 -37 7.495 7,280 215 99 1 16 8,664 8.645 19 293 -274 7,610 7,272 338 70 268 ' 14.........8....6..7...2....... 8.635 37 248 -211 7.538 7.318 220 78 142 21........................ 8,718 8.696 22 279 -257 7.831 7.390 441 95 346 28........................ 8.652 8.626 26 227 -201 7.527 7.327 200 108 92 8.696 8.662 34 397 -363 7 588 7,307 281 69 212 ' 12.........8....6..1..1........ 8.562 49 375 -326 7.630 7.363 267 85 1 82 19........................ 8,516 8,510 6 351 -345 7.724 7.385 339 84 255 26........................ 8,558 8,521 37 366 -329 7,603 7.367 236 106 1 30 8,555 8,529 26 381 -355 7.637 7.352 285 102 183 9.........8..,.5..7..1........ 8.538 33 313 -280 7,656 7.398 258 103 155 16........................ 8,604 8.570 34 338 -304 7.800 7.436 364 85 279 23........................ 8,804 8.734 70 238 - 168 7.771 7.519 252 82 170 30........................ 8.77! 8.719 52 282 -230 7.753 7.465 288 74 214 July 7........................ 8,869 8.841 28 218 -190 7.817 7.532 285 101 184 ' 14........................ 8.799 8,767 32 293 -261 8.064 7.577 487 104 383 21........................ 8,731 8.704 27 225 - 198 7.688 7.547 141 1 14 27 28........................ 8,653 8.621 32 319 -287 7.753 7.478 275 88 187 8,710 8.676 34 238 -204 7.784 7.460 324 150 1 74 11...................... 8,650 8.61 1 39 274 -235 7.851 7,478 373 145 228 18........................ 8.671 8.637 34 251 -217 7.746 7.469 277 165 1 12 25........................ 8,636 8.597 39 265 -226 7.810 7.451 359 162 197 8,669 8,617 52 258 -206 7.745 7.453 292 170 1 22 ' 8........................ 8,601 8,551 50 286 -236 7.779 7.471 308 141 167 15........................ 8,625 8,565 60 291 -231 7.891 7,536 355 191 164 22........................ 8,762 8.743 19 312 -293 8.023 7,623 400 89 311 29........................ 8'778 8,688 90 322 -232 7.776 7,568 208 126 82 Oct. 6........................ 8,765 8.739 26 304 -278 7.987 7,576 411 109 302 13........................ 8.755 8,714 41 194 - 153 7.853 7,635 218 125 93 20................... 8,907 8.870 37 278 -241 8.133 7.693 440 124 316 27...... ............ 8,795 8.771 24 186 -162 7.833 7.670 (63 132 31 Nov. 3....................... 8,842 8.802 40 238 - 198 7.991 7.685 306 113 193 10........................ 8.'769 8.725 44 129 -85 8.053 7,752 301 126 175 17........................ 8.784 8.762 22 208 -186 8.206 7'766 440 1 17 323 24........................ 8,758 8,710 48 212 -164 7.956 7.760 196 99 97 Dec. 1........................ 8.871 8.825 46 313 -267 8,092 7.775 317 III 206 8.........8....9..4..9........ 8,845 104 309 -205 8.054 7.797 257 130 127 15........................ 8.907 8.842 65 267 -202 8.284 7.840 444 58 386 22........................ 9. 146 9.102 44 72 -28 8.111 7.944 167 62 105 29........................ 9,160 9.125 35 252 -217 8.361 7.963 398 1 12 286 Note.—Averages of daily figures. All 1966 figures final; they may noi Required reserves: Based on deposits as of opening of business each agree with those previously published in the Bulletin. day. Total reserves held: Based on closing figures for balances with F.R. Borrowings at H.R. Hanks: Based on closing figures. Banks and opening figures for allowable cash. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

416 WEEKLY REPORTING MEMBER BANKS, 1965 MARCH 1966 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES (In millions of dollars] Loans For purchasing or carrying securities To financial institutions Loans Wednesday T lo a o a n t n d a s l i m n a v e n e n d s t s t­ Loans C m o e m r­ ­ Agri­ a T n o d b d r e o a k l e e r r s s To others Bank Nonbank Valua­ invest­ ad­ ad­ cial cul­ Real All tion ments 1 justed 2 justed 2 in t a r d n i u a d s l ­ tural G c U s u o e .S r v ­ i t . ­ , O c s t u h e r ­ e i­ r G c U s u o . e S v r ­ i t . ­ . O c s t u h e r ­ e i­ r e F i o gn r­ c m D o t e i m c o s ­ ­ ­ f s P m a a e n a l r e d s n s , . Other estate other se r r e v ­ es ties ties ties ties m ci e a r l ­ c e o t s c . . , 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.......... 151,355 148.734 100.897 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 I '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 1 .494 2,560 4,209 4.034 20.071 23.126 2.288 Feb. 3.......... 151,383 149.205 101.060 42.239 1 .529 1 .001 3.348 72 1,947 1 .537 2,178 4,285 4,046 20,074 23.273 2,291 10......... 151.344 148,607 100.839 42.337 1 ,533 792 3,247 74 1,958 I .541 2,737 4,238 4,020 20'104 23,286 2,291 17.......... 151'935 149.204 101.529 43,012 1 ,529 662 3,103 68 1'. 866 1 .565 2,731 4,524 4^030 20.132 23,330 2,292 24.......... 151'979 149.301 101,587 43,041 1 ,533 746 3'105 77 1 .866 1 .542 2,678 4,440 3.962 20.163 23.404 2^292 Mar. 3.......... 152,587 150.235 102,302 43,343 1,530 883 3.340 67 1.863 1 .522 2.352 4,482 3.922 20,188 23.456 2.294 (0.......... 151,943 149,676 101 '754 43,163 1 .530 663 3.283 66 1 .853 1 ,536 2,267 4,387 3,930 20,196 23.440 2.293 17.......... 153,910 1'51 ,742 104.011 44,334 1 ,536 814 3.527 69 1.856 1 .549 2,168 4,860 3,983 20.254 23,530 2,301 24 153,774 151 ,373 103.849 44'314 1,539 713 3,621 70 1 .872 I .559 2,401 4.524 3,977 20,298 23.662 2,300 31.......... 154,050 151,963 104,816 44^620 1.542 776 3,658 129 1 .886 1 ,572 2,087 4,808 4.088 20;327 23.705 2. 295 153,942 151,296 103,994 44,363 1.537 677 3.590 68 1 .895 1.568 2,646 4.524 4.057 20.344 23.664 2.293 ' 14.....1..5...4'197 151'693 104^704 44.448 1.542 733 3.710 68 1.911 1 .596 2,504 4,603 4,083 20.440 23.863 2.293 21 155'743 152,859 105,375 44.525 I .547 1 ,009 3.814 71 1,925 I .585 2,884 4.739 4.056 20.474 23.920 2,290 28.......... 155,553 152.672 105'234 44,597 1 .550 930 3.642 67 1 .933 1 .587 2,881 4.620 4.083 20.559 23.959 2.293 May 5.......... 155,410 152,803 105,969 45,108 1,550 953 3,646 66 1 .929 1,591 2.607 4.808 4.032 20.623 23.958 2.295 12.......... 155,289 152,643 106,111 45,293 1 .548 924 3,662 70 1 .941 I .583 2,646 4,597 4,061 20,693 24.033 2.294 19.......... 155,498 153,112 106,479 45'458 1 ,565 928 3,601 73 1 .953 1 ,583 2,386 4.698 4.077 20.735 24,102 2.294 26.......... 155,829 153.118 106'565 45,223 1 .577 802 3.692 75 1 .955 1 .609 2,711 4.760 4.125 20.804 24.237 2.294 157,092 154,158 107.450 45.270 1 ,572 963 3.811 72 1 ,957 1 .609 2,934 5.151 4. 1 39 20.842 24.359 2.295 9.....1..5..6.,346 153 ^644 106,744 45,258 1 .575 783 3,602 73 1 ,974 1 .604 2.702 4.768 4,145 20,905 24,348 2,291 16.......... 158'629 156.323 109'461 46,473 1 .594 1 ,031 3.750 72 1 .967 1 .582 2.306 5,468 4.224 21.008 24.588 2,296 23.......... 158'258 155.979 109,110 46,320 1 ,601 1 .023 3,699 72 1 .954 1 ,596 2,279 5,215 4,215 21.071 24.636 2,292 30.......... 159,779 158,440 1 10,925 46,847 1 .607 1 . HO 4.265 73 1 ,970 1 .577 I , 339 5,447 4.383 21.149 24.803 2,306 July 7.......... 159,965 157,498 110.218 46,688 1 ,601 1 .231 3,669 71 1 ,963 1 .585 2.467 5,361 4,365 21.192 24,793 2,301 ” 14...... 159,375 156,993 109,768 46,706 1 ,619 1,137 3,319 69 1 ,962 1 .594 2,382 5,192 4.393 21.263 24.810 2,296 21.......... 158'294 156’089 108'996 46,455 1.632 906 3,190 68 1 ,967 1 ,553 2.205 4.953 4,393 21.336 24,837 2,294 28.......... 158,016 155.792 108,548 46,282 1 .640 585 3,088 69 1 ,970 1 .555 2.224 4.974 4,510 21.367 24.805 2.297 159.313 156.662 109.292 46,590 1 .579 594 3,141 66 1 .967 1 ,551 2,651 5.305 4,494 21.421 24.883 2,299 " 11.......... 158,687 156,350 109.111 46,706 1 .588 487 3,062 65 1 .967 1 .550 2.337 5.082 4.502 21.506 24.894 2.298 18.......... 159,393 156,970109,921 47,002 1 .588 758 3,051 66 1 .961 1 ,571 2.423 5,124 4,528 21.617 24.953 2.298 25.......... 159.022 156,834 109,853 46.897 1 .585 664 3.046 68 1 .988 1 ,533 2.188 5,214 4.556 21.681 24.916 2,295 160,140 158.157 111,071 46,987 1.596 1 ,019 3,153 77 1 ,975 1 ,532 1 .983 5,661 4,628 21.739 25,002 2.298 ' 8.......... 159,144 156.744 109,998 46.794 1 .600 534 2,945 78 1 ,982 1 ,540 2.400 5.365 4.672 21,780 25.007 2,299 15 161,766 159,423 112^89 47,697 1 .609 993 3, I 35 77 1 ,987 1 ,546 2,343 5.866 4,709 21.869 25.101 2,300 22.......... 161,071 159.199 111,904 47,955 1 ,619 729 2.945 77 2.038 1 ,537 1.872 5.520 4.739 21,930 25,115 2,300 29.......... 161'012 158,778 Hl .755 48,117 1 ,623 446 2.877 88 2,042 1 .555 2.234 5.368 4.786 22.012 25.141 2,300 Oct. 6.......... 161,002 158.411 111,671 48,132 1 ,634 370 2,887 92 2,028 1.591 2.591 5,250 4,851 22.046 25.112 2.322 13......... 163,146 160.859 112,298 48,370 1 .644 849 2.841 89 2,034 1 .623 2.287 5.024 4,851 22.126 25.167 2.320 20......... 162,975 160,570 Hl ,930 48.241 1 .654 729 2.869 93 2.040 1 .594 2,405 4,877 4.841 22.153 25.157 2.318 27.......... 162.841 160.286 HI .781 48,220 1 ,649 672 2.808 95 2.044 1 .585 2.555 4,831 4.816 22.203 •25.176 2.318 Nov. 3.......... 162.690 160.496 112,727 48,778 1 .662 505 2,918 99 2,065 1 ,631 2,194 5,179 4.879 22,231 25.098 2,318 10.......... 162,336 159.708 112,537 48,737 1 ,657 477 2,975 95 2.060 I ,626 2.628 4.961 4.863 22,278 25.125 2,317 17.......... 163'222 160,618 113.816 49,310 1 ,682 580 3.174 94 2.06? 1 .604 2,604 5,120 4,864 22.356 25,287 2.317 24.......... 163'059 161,007 113.238 48,95! 1 .688 676 3,058 93 2,095 1,622 2.052 4,932 4,833 22.387 25.218 2,315 Dec. 1.......... 165,106 162,531 114,741 49.167 I .692 954 3,325 95 2, 108 1,642 2.575 5,447 4.872 22,425 25,336 2,322 8.....1..6..3.,131 161'267 113,645 49,061 1 ,691 527 3.149 96 2.099 1.638 I .864 5.189 4,756 22,463 25.295 2,319 15......... 167 320 164.501 116,585 50,024 I ,709 994 3,562 94 2. 169 1.638 2,919 5.984 4,765 22,508 25.451 2,313 22.......... 167,624 165,292 116,960 50,560 1 .717 596 3,474 96 2. 186 1.650 2,332 6.086 4.784 22,539 25,582 2,310 29.......... 168.579 165,464 117,165 50,629 1 .693 633 3,502 101 2,184 1 ,616 3.115 6.140 4,779 22.540 25,644 2.296 For notes sec p. 418. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 WEEKLY REPORTING MEMBER BANKS, 1965 417 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) Investments Cash assets 3 U.S. Government securities Total assets— Wednesday Total Bills C ti e fi r - - Not m es a t a u n ri d n g b — onds O s ri e t t i h c e u e s ­ r Total d a o w B n t m i i c a c t e e h l ­ s s - a w B e f n o i c a i g t r e h l n - ­ s Cu c a r o r n e i d n ncy s F w e R r . i R v e th e ­ . s a o s A t s h e l e ! t s r c l T i a a a t o i p n e b t i d s a t il a i l ­ l cates With^ 1 to After banks banks Banks accounts 5 years 5 years 1 year Total— Leading Cities A 1965—Jan. 6.... 27,473 5,451 4, 1(87 12.008 5,827 21.087 19.585 3.351 266 1 ,988 13.980 5,839 195,699 13.... 26.497 4.M2 4.300 1 1 .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 ,070 12,597 5.790 190,560 27.... 26,667 5,i127 3,139 10,477 7,924 21,394 18,558 3,016 264 1 ,p75 13.303 5.863 189.518 Feb, 3.. .. 26.516 5 .,010 3,122 10.467 7,917 21.629 18.887 3.126 254 1 .1822 13.685 6.011 191.757 10.... 26.095 4,1608 3.143 10,477 7,867 21.673 17,687 2.954 268 1 J903 12.562 6,105 189,757 17.... 25,894 4,267 3.391 11.192 7,044 21,781 18.664 3,178 251 1 J9I6 13,319 5,971 193,398 24.... 25,857 4,402 3.375 11.151 6,929 21 .857 17,605 3.056 256 2j009 12,284 6,036 191,005 Mar. 3.. . . 25.965 4'609 3.324 11,128 6.904 21.968 18,402 3,307 259 1 .795 13.041 6,128 193,483 10.... 25,664 4,379 3,335 11.087 6.863 22,258 17,984 3,109 270 1 .920 12.685 6.012 190,696 17.... 25.418 4,234 3,382 11.178 6,624 22,313 18.360 3.212 275 1 /920 12,953 6,012 195,111 24.... 25,140 3,972 3,382 11.169 6,617 22,384 18,090 3,109 270 1 .942 12,769 6,133 193,271 31.... 24,962 31.806 3,468 11.121 6,567 22,185 19,004 3.826 397 1 .885 12,896 6,174 196,379 Apr. 7.. . . 24,701 3,863 3,355 10.946 6,537 22.601 18,235 3.013 228 1.816 13.178 6. 180 193,864 14.... 24.513 3.680 3,398 10,972 6,463 22,476 18,598 3.205 234 2,003 13.156 6,219 196,512 21 ... . 24.586 3,708 3.432 10.942 6.504 22,898 18,162 3,125 225 2,003 12.809 6,246 196,230 28.... 24,510 3,669 3.465 10,887 6,489 22,928 18.507 3,128 224 2.023 13.132 6.325 195.543 May 5.. . . 24,067 3,294 3,434 10,866 6,473 22,767 18.905 3.236 226 1,768 13,675 6,503 197,172 12.... 24.095 3.270 3.493 10.846 6.486 22,437 18,2.15 3.233 231 1 .982 12.789 6,475 197,230 19.... 24,240 3,360 3,452 10,194 7,234 22.393 18,076 3,067 227 1.949 12,833 6.343 195,705 26.... 24.033 3.203 3,517 10.060 7,253 22,520 18,322 2,978 251 2.019 13,074 6,445 195,703 June 2.. . . 24,026 3.203 3,549 10,027 7,247 22,682 18,101 3,156 234 1 ,913 12.798 6,409 198,406 9 . . 23,701 2.901 3.61 I 10.012 7.177 23,199 17.826 2.968 216 1 .952 12,690 6,287 194,841 16 . . 23,707 2.934 3,624 9,981 7,168 23.155 19.687 3.361 219 j ,928 14,179 6,288 202,642 23... . 23,533 2.795 3,636 9,920 7,182 23,336 18.608 3.079 215 2,031 13.283 6,389 198,682 30.... 24,254 3.635 3,637 9.866 7.116 23.261 19,182 3,288 213 1,955 13.726 6,665 204,302 July 7... . 23.829 3,204 3,664 9,857 7,104 23,451 18,391 3.150 211 j ,910 13,120 6,432 202,010 14.... 23,745 3,046 3,760 9,803 7.136 23,480 18.252 3,083 203 .2.059 12,907 6,373 201,563 21... . 23,604 2,976 3,748 9,755 7,125 23,489 18,410 2.988 201 2,005 13,216 6,298 198,422 28.... 23,667 2,990 3,755 9.776 7,(46 23,577 18,509 2.883 201 ;2,050 13,375 6,387 197,430 Aug. 4. . . . 23,562 2.956 3,690 9,782 7,134 23,808 18.747 3,056 199 1 .834 13.658 6,522 199,949 11... . 23.325 2,680 3,674 9,825 7.146 23,914 17,850 2.904 213 1 .962 12,771 6,481 197,960 18.... 23.043 2,455 3,893 9,754 6,941 24,006 18,072 3,035 223 1,973 12,841 6,344 199,127 25.... 22,885 2.404 3,967 9,631 6,883 24,096 18.196 2,868 199 2,039 13,090 6,372 197,465 Sept. 1.. . . 22.992 2,670 4,035 9,525 6,762 24,094 17,652 3,247 194 1.953 12.258 6,564 200,472 8. . . . 22,614 2,379 4,033 9,492 6,710 24,132 17,898 3,081 201 2,022 12,594 6,534 198,788 15.... 22.987 2,737 4,036 9,489 6,725 24,147 18,576 3,552 198 2,071 12,755 6,516 206,494 22.... 23.060 2,819 4,061 9,470 6,710 24,235 18,792 3.105 192 2,027 13,468 6,481 202,666 29.... 22,830 2,628 4.048 9,455 6,699 24,193 18,677 3,206 181 2,125 13,165 6,657 201,595 Oct. 6.. . . 22,577 2,577 4,031 9,322 6,647 24,163 18,109 3,156 190 :1,920 12,843 6,734 201,683 13.... 24.320 4,363 4.027 9,321 6,609 24,241 19,343 3,421 201 2,155 13,566 6,624 208,581 20.... 24,492 4,540 3,999 9,341 6.612 24,148 18,692 3,252 201 2,096 13,143 6,466 204,823 27.... 24,414 4,482 4,018 9,284 6,630 24,091 18,264 3,1 30 207 2,176 12,751 6,436 203,103 Nov. 3.. . . 23,991 4,043 4,057 9,302 6,589 23,778 19,105 3,415 215 2,016 13,459 6,598 207,275 10.... 23.538 3,625 4,052 9,270 6,591 23,633 18.335 3,191 203 2,049 12,892 6,568 205,672 17.... 23,268 3.576 3.922 9.234 6,536 23,534 18,907 3,454 197 2,083 13,173 6,597 207,166 24.... 24,276 4,715 3,846 9.178 6,537 23,493 18,482 3.047 207 2,067 13,161 6,515 205,146 Dec. 1.. .. 24,119 4,569 3,921 9,068 6,56! 23,671 18,905 3,363 195 2.161 13,186 6,783 209.057 8.. . . 23,757 4,163 3,91 1 9,098 6,585 23,865 18,559 3,394 202 2,221 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 3.828 9,000 6,674 24,047 19,857 3.343 198 2,378 13,938 6,784 212,709 ______ ________ For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

418 WEEKLY REPORTING MEMBER BANKS, 1965 MARCH 1966 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued (In millions of dollars) * Deposits Borrowings Demand Time De­ Other Cap­ Wednesday ju u T s n o t a e ta d d l ­ 4 ju m p s o d a a t s e d e n i ­ ­ t d d s 5 Total6 I PC S lo a ta n c t d a e l s e F ig o n r­ 7 G U o .S vt . . c m m D o t e i e m o c s r ­ ­ ­ ­ ^Tptal8 S in a g v s ­ IPC Oth S e a ta r n t d e ti s m e9 For­ B F F a r . o n R m k . s o F t r h o e m rs lia tie b s ili­ co a i u t c a n ­ l t s Govt. cial local eign7 banks Govt. Total Leading Cities 1965 Jan. 6.......... 168,846 66,202 roT.Tn 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 97,5)« 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 1.893 2.504 12.340 ■68.634 41,125 17,634 5.285 3,964 5 3,419 6.283 15,659 27.......... 163.444 65,891 9^,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 Feb. 3.......... 165,293 64,992 967059 68,515 5.396 2,059 3.643 11.948 69,234 41,334 17,961 5,342 3.951 640 3,449 6,587 15.788 10.......... 163,442 64,307 93,799 67,254 5,316 2.153 3,096 11 .775 69,6/13 41.478 18,048 5,340 4,119 59 3,700 6,755 15,801 17.......... 166,176 62,248 96,227 67,630 4.990 2,027 5,120 12,031 69/349 41,560 18,177 5.386 4,158 140 4,270 7,023 15.789 24.......... 164,449 62,987 94,406 67,088 5.152 1,9574,534 11,400 70.(43 41.623 18,266 5,451 4,(32 44 3.650 7.079 15.783 / Mar. 3.......... 166,579 63.509 9^240 68.131 5,423 1 ,9624,035 12,330 7,0.339 41,743 18.358 5,477 4.084 504 3,764 6.791 15.845 10.......... 164,127 64,247 93 >98 67.836 5,112 1 ,941 2,446 11,848 70,829 41 ,910 18,613 5,514 4,096 378 3,622 6,705 15,864 17.......... 168.268 64,405 97,627 69.426 4.851 1 ,891 4.349 12.044 70,641 42,028 18.240 5,483 4,188 347 3.872 6,788 15,836 24.......... 166,316 62,510 95,312 66,183 4,942 I .902 6,056 11 .472 71,0Q4 42.097 18,464 5,550 4,203 184 3.983 6.947 15,841 31.......... 170.319 63,407 99.1^2 67.645 5,570 2.093 5,990 12.634 71,177 42.323 18,457 5.498 4.173 50 3,299 6,755 15.956 95 ,/92 Apr. 7.......... 166,964 63,753 67,942 4,772 I ,947 3,899 12,333 7 J <472 42.352 18,657 5,561 4.210 66 4.245 6.611 15,978 14.......... 169.276 65,031 97/749 71.239 4,841 1,877 2,843 12.377 71 ,527 42.217 18,756 5,616 4,252 224 4,371 6,679 15.962 21.......... 168.800 65,243 97,143 70,163 5,210 1,928 3,823 11,998 ij .657 42.171 18,828 5.735 4,243 162 4,51 I 6.805 15.952 28.......... 168.212 64,741 96,130 68,571 5,269 1.8865,266 10.965 72.082 42.148 19,052 5.898 4,317 259 4.306 6,769 15.997 May 5.......... 169,941 62,842 97,720 66,899 6,017 1,8506.458 12,066 72,221 42.236 19,131 5,822 4.367 311 4.054 6,790 16.076 12... 170.032 62,156 97,679 67,757 5,558 1,8546,701 11,591 72,353 42,315 19,224 5,784 4.347 58 4,(83 6,870 16.087 19.......... 168,504 60,572 95,813' 65,366 5,074 1 .865 8,218 1 I.235 72,69,1 42,387 19,538 5,761 4,312 340 3.880 6,876 16,105 26.......... 168,178 62.273 95,3p8 66,074 5,271 1 .856 7,056 10,872 72.8/0 42,449 19,623 5,792 4.290 232 4,180 6,993 16,120 June 2.......... 170,834 62,606 9/7,840 67,521 5.545 1 .9946,384 12,046 72/994 42,540 19,679 5,815 4.263 162 4.351 6.877 16.182 9.......... 166.911 62.977 93,522 66,492 5,080 1.957 4.632 11 ,531 73;389 42,622 19,989 5.749 4.306 424 4.545 6,773 16.188 16.......... 174,991 65.065 101,958 71 .634 4.97! 2.0506,693 12.162 73,033 42.694 19,670 5,695 4,244 636 4,095 6.846 16.074 23.......... 171,263 62,959 97,832 67,207 4,965 2.021 8.019 11.427 73.431 42.77920,016 5.695 4. 198 26 3.774 7.195 16,424 30.......... 177,370 63,809 103,553 69.651 5,410 2.086 8,664 12.404 73.817. 43,12820,130 5.595 4.232 604 2.582 6,975 16,771 July 7.......... 173,855 63,033 100.180 68,622 4,936 2.0477.043 12.882 73.675 43,140 19,972 5,656 4.196 395 4.130 6.823 16,807 14.......... 173.275 63,117 99,065 69,916 4.723 2.0126.005 12.380 74.210 43.28820,240 5,734 4,233 179 4,328 7,004 16.777 21.......... 170,553 63,314 96/151 68,459 4.563 1.981 5,936 11,481 74.402 43.37420,322 5.752 4.242 220 4,002 6,892 16.755 28.......... 169.336 64,171 94,572 68,096 4,900 2.002 5.022 10,861 74/764 43.433 20,542 5.766 4.302 486 3,877 6.956 16.775 Aug. 4.......... 171,136 63.289 96.233 67.407 5.320 1,958 5,318 12.259 74.903 43,54220.571 5.760 4.306 368 4.557 7,035 16.853 11.......... 169,487 62,891 94,308 67.187 4,841 1.976 4.853 11.622 75.179 43.645 20,610 5.876 4.330 222 4,264 7,129 16,858 18.......... 170.079 61,588 94.704 66.575 4.710 1 .909 5.963 11.835 75;375 43.719 20.753 5.872 4,301 266 4,604 7.349 16.829 25.......... 168.805 62,791 93,102 66.415 4.758 1 .8665.082 1 1 ,354 75.703 43.77920.923 5.932 4.324 374 4.096 7.358 16,832 Sept. 1.......... 171.997 63,505 96 A 01 68,189 5.105 I .918 3,914 12.566 75,896 43.827 20.990 6.006 4.331 42 3,929 7,601 16.903 8.......... 169.342 63,035 93.242 67.776 4.650 1 .989 2.125 12,870 76/100 43.93221,179 6,003 4,246 364 4,516 7.668 16.898 15.......... 177.170 66.203 101.936 74.367 5.026 2,022 2,603 13.494 75.234 43.967 20.426 5,833 4.253 152 4.675 7.631 16.866 22.......... 173.337 63,618 97/678 69.116 4,644 2.002 5,449 12,289 75,659 44,10020.597 5,932 4,272 832 4,01 I 7,626 16.860 29.......... 173,324 64.133 9,7.048 68.280 4.940 2. 135 5.591 12.075 76.276 44,319 21.003 5,976 4,216 28 3.862 7,508 16.873 Oct. 6.......... 171,900 63,558 •'95.162 68,420 4,861 1.9762.404 13.362 76,738 44,50621,295 5.902 4,278 410 4.914 7.494 16.965 13.......... 178,353 63,817 101,399 72.168 4,605 2,065 4.530 13.584 76.954 44.589 21.426 5.932 4,248 855 4.794 7,570 17,009 20. 175,205 65.145 98,070 71.140 4.483 2.094 3.789 12.446 77.\I35 44.66021.561 5.923 4.233 328 4,875 7,428 16,987 27.......... 173,409 65.704 95,945 70.581 4.839 2.001 2,826 11.853 77.4,64 44.719 21.739 6.007 4,248 254 4,941 7,469 17.030 Nov. 3.......... 177,198 65,012 I00.Q28 71.348 5,572 2,011 2.442 13.692 77. |70 44.805 21.342 5.972 4,303 515 4,878 7,551 17,133 10.......... 174,996 64.334 97.620 70.298 5.242 2.079 1 .468 13.385 77 /376 44,925 21 .431 6.020 4,257 86 5,682 7.770 17,138 17.......... 176,176 64,435 98,834 71.611 4,909 2.033 2.871 13,088 77,,342 44.969 21 .336 6.058 4.246 210 5.651 8.015 17.114 24.......... 174,776 64.102 97/082 70,144 5,007 I .997 3.865 12,025 77/694 45.048 21 .552 6,120 4.208 681 4.721 7,887 17.081 Dec. 1.......... 178.866 66,175 101,204 72.127 5.429 2.001 3.789 12,977 77,6162 45.09421 .511 6,118 4.170 153 4.983 7.875 17.(80 8.....1..7..5..292 66,063 97,441 70,812 5.22! 1.996 1 .831 13,248 77.851 45.151 21.648 6,146 4.138 94 4.284 7.884 17.172 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 2,125 3.735 13,397 77.864 45.19021.175 6.599 4,165 208 5.316 7.726 17.149 29.......... 181 ,767 69,723 103,507 75,269 5.355 2.2793.866 12,429 78/260 45,36221.258 6.712 4,186 400 5,765 7.575 17.202 1 After deduction of valuation reserves. 7 Deposits of foreign governments and official institutions, central 2 Exclusive of loans to domestic commercial banks and after deduction banks, international institutions, banks in foreign countries, and foreign of valuation reserves; individual loans items are shown gross. branches of U.S. banks other than reporting bank. 3 Excludes cash items in process of collection. 8 Includes U.S. Govt., postal savings, domestic commercial interbank 4 Total demand and total, time deposits. and mutual savings banks, not shown separately. 5 Demand deposits other than domestic commercial interbank and ^ See opposite page. U.S. Govt., less cash items in process of collection. 6 Includes certified and officers’ checks and deposits of mutual savings banks, not shown separately. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 BUSINESS LOANS OF BANKS, 1965 419 COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING AT WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Durable goods manufacturing: Primary metals.................................................. 642 660 720 748 781 794 776 792 807 757 756 780 Machinery......................................................... 2,241 2.322 2.539 2.680 2.740 2,701 2.723 2.728 2.752 2,791 2.776 2.820 Transportation equipment............................... 963 996 1 .018 993 1 ,035 1 .067 1 .077 1 .136 1 .223 1 .236 1,200 1 ,209 Other fabricated metal products..................... 969 1 .002 1 .092 1 , 126 1 , 185 1 .245 1.287 1,320 1.343 1.355 1.312 1.330 Other durable goods........................................ 1.15! 1.184 ’ .259 1 .329 1.385 1.418 1,461 1,459 1.538 1,553 1 .520 1 ,531 Nondurable goods manufacturing: Food, liquor, and tobacco............................... 1 .914 1 .840 1 .807 1 .715 1.616 I .607 1.558 1.523 1.651 1.877 2,074 2.282 Textiles, apparel, and leather.......................... I .255 1.330 1 .483 1,542 1 .585 1 ,637 1 .730 1 .818 1 .897 1 ,814 1 ,718 1 ,599 Petroleum refining............................................ 1 .007 1.084 1,194 1.194 1.191 1 ,222 1 .239 1.253 1.318 1.354 1,372 1.418 Chemicals and rubber...................................... 1 .411 1 .431 1.550 1.632 1 .675 1 ,675 I .670 1.655 I .667 1 .703 1,708 1,744 Other nondurable goods.................................. 884 910 964 1 .012 1.070 1.087 1 . 102 1.151 1 .203 1 . 170 1,134 1,167 Mining, including crude petroleum and natural gas............................................. 3,204 3.234 3.305 3.359 3.322 3.328 3,352 3.333 3.335 3.357 3,353 3,426 Trade: Commodity dealers................................. 1 .460 1 ,552 1 .470 1 .285 1 ,171 1,050 1 .018 1.027 1.080 1 .185 1.399 1,464 Other wholesale....................................... 2,209 2,216 2.348 2,429 2.494 2,522 2.539 2.560 2.570 2.630 2.687 2.705 Retail........................................................ 2.600 2.735 2,820 2.847 3.002 3,067 3,036 3,021 3,037 3,217 3.332 3,278 Transportation, communication, and other public utilities........................................ 4.594 4.587 4.603 4,616 4.720 4,970 5.178 5.147 5,291 5.502 5.666 5,912 Construction.......................................................... 2.244 2.265 2,277 2.319 2,413 2,477 2.521 2.547 2,542 2,543 2.592 2,583 All other: 1 Bankers’ acceptances....................................... 977 824 766 759 847 875 825 813 723 646 621 644 All other types of business, mainly services... 5.483 5.626 5,731 5.774 5,803 5,886 5.960 6.028 6.037 6.076 6,1 12 6,222 Total classified loans............................................ 35.208 35.798 36.946 37.359 38.035 38.628 39,052 39.311 40.014 40.766 41 .332 42,114 Commercial and industrial loans—All weekly reporting banks............................................. 41.940 42.657 43.954 44.483 45,271 46,033 46.533 46.799 47.510 48,241 48.944 49.888 For Note see end of table. For Wednesday figures see following pages. Note to table on preceding pa fie: ^Includes certificates of deposit outstanding in following amounts (in millions of dollars): Jan. 6.............. ........ 12.763 Apr. 7,............ ........ 14,190 July 7.............. ........ 15.203 Oct. 6.................. ’’16.184 13............ ........ 13,262 14.............. ........ 14.332 14............ ........ 15.469 13............ ........ ’■16,300 20............ ........ '13.420 21.............. ........ 14.453 21 ........ 15,593 20............ ........ '16,378 27.............. ........ '13.633 28.............. ..... 14.741 28.............. ........ 15.840 27............ ........ '16,388 Feb. 3............ ..... 13.590 May 5.............. ........ 14.747 Aug. 4............ ........ 15.822 Nov. 3.................... 16,205 10............ ........ 13.698 12............ ........ 14.902 11............ ........ 16.003 10............ ........ 16,374 17............ ........ 13.748 19 ........ '15.063 18............ ........ 16.015 17............ ........ 16.372 24............ ........ 13.866 26.............. ........ 15,110 25............ ........ 16.177 24............ ........ 16,610 Mar. 3............ ........ 13.914 ........ 15,068 ........ 16,242 ........ 16.465 10............ ..... 14.(47 9............ ........ 15,324 ' 8.................... 16.277 8.................... 16,475 17............ ........ 13,829 16 ........ 14,998 15............ ........ 15,461 15............ ........ 15,745 24............ ........ 14,039 23.............. ........ 15,248 ........ ’•15,665 ........ 15,928 31............ ........ 13^62 30............ ........ '15.338 29....................... ’15.917 29............ ........ 16.’078 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

420 BUSINESS LOANS OF BANKS, 1965 MARCH 1966 COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING AT WEEKLY REPORTING MEMBER BANKS—Continued (In millions of dollars) Wednesday Industry Jan. Jan. Jan. Jan. Feb. Feb. Feb. Feb. Mar, Mar. Mar. Mar. Mar. 6 13 20 27 3 10 17 24 3 10 17 24 31 Durable goods manufacturing: Primary metals............................... 638 640 646 647 654 659 667 661 689 713 731 732 733 Machinery........................................... 2,237 2,253 2,224 2.249 2,277 2,289 2.351 2.371 2,404 2,421 2,591 2,614 2,664 Transportation equipment........ 952 962 968 968 973 980 1 ,014 1 ,015 1 ,006 1 ,004 I ,042 1,026 I ,01 1 Other fabricated metal products. . . 970 980 965 96! 974 996 1,019 1 ,017 1,043 1,059 1,119 1,109 1,131 Other durable goods . ....................... 1 ,151 1,158 1 .139 1,157 1,159 1,179 1,198 1 ,200 1,210 1,229 1 ,280 1 ,281 1,296 Nondurable goods manufacturing: Food, liquor, and tobacco........... 1 ,965 1,897 1 ,915 1,880 1,895 1,825 1 ,836 1,804 1 .852 1 ,774 1 ,814 1,773 ! ,82! Textiles, apparel, and leather.......... 1 ,263 1 ,254 ! ,246 1 ,255 1 ,281 I ,310 1 .361 1,370 1 .413 1 ,443 I ,528 1,512 1 ,518 Petroleum refining.......................... . 1 ,013 1 ,013 1 ,009 991 989 1 ,022 1.154 1.170 1,172 1,171 1 .206 I .213 1 ,208 Chemicals and rubber...................... 1 ,412 1 ,41 1 1 ,449 ! ,372 1,390 1 ,400 1 ,462 1 ,473 1 .503 1 ,499 1 ,577 1 ,577 1 ,594 Other nondurable goods................... 894 892 878 872 901 911 908 921 937 946 968 983 989 Mining, including crude petroleum and natural gas...................... 3,216 3,219 3,207 3,174 3,167 3,239 3,245 3,284 3,281 3.274 3.302 3,319 3,347 Trade: Commodity dealers.................. 1 ,410 1 ,448 1 ,472 1 ,510 ! ,539 1 ,549 1 ,557 1 ,564 1 ,528 1 ,518 1 ,480 1 .417 1 .409 Other wholesale........................ 2,236 2,219 2,196 2,183 2,191 2,190 2,234 2.250 2,305 2,318 2,352 2,377 2,389 Retail...................................... , 2,543 2,589 2.593 2,675 2,761 2,702 2,771 2,708 2,759 2,659 2.908 2.867 2,907 Transportation, communication, and other public utilities............ 4,632 4,576 4,59! 4,578 4,575 4,585 4,592 4,597 4,574 4,528 4,643 4,623 4,649 Construction........................................... 2,255 2,246 2,245 2,231 2,242 2,258 2,280 2,278 2,288 2,270 2,272 2.289 2,264 All other: 1 Bankers’ acceptances,...................... 1 ,087 1,022 916 885 870 795 811 818 786 733 770 755 788 All other types of business, mainly services......................................... 5,453 5,441 5.498 5,540 5,587 5,622 5,634 5,661 5,693 5,651 5,702 5,786 5,822 Total classified loans............................. 35,327 35,220 35.157 35,128 35,425 35,511 36,094 36,162 36,443 36,210 37,285 37,25337,540 Commercial and industrial loans— All weekly reporting banks.. 42,090 41,947 41.875 41,849 42,239 42,337 43,012 43.041 43,343 43,163 44,334 '44,31444,620 Wednesday Industry Apr. Apr. Apr. Apr. May May May May June J une June June June 7 14 21 28 5 12 19 26 2 9 16 23 30 Durable goods manufacturing: Primary metals.............................. 738 747 749 757 780 787 779 777 779 782 804 802 801 Machinery........................................... 2,637 2.687 2,696 2,70! 2,740 2,774 2,727 2,721 2,655 2,655 2,733 2,719 2,741 Transportation equipment............... 989 1 ,010 990 982 (,024 1 ,030 1 ,058 1.028 1,059 1 ,035 1.090 1,087 1,066 Other fabricated metal products. . . 1,122 1,118 1,113 1,153 1,164 1 ,196 1.192 1,187 1 ,207 I ,206 1,271 1.258 1 .285 Other durable goods. ...................... 1 ,302 1,334 1,335 1 ,346 1,384 1 ,397 1 ,379 1,379 1 ,390 1 ,41 I 1 .422 1.426 1 ,438 Nondurable goods manufacturing: Food, liquor, and tobacco............... 1 ,751 1,717 1 ,717 I ,674 1,674 1 ,612 1 ,618 1,561 1 ,544 1 ,585 1,647 1,630 1 ,630 Textiles, apparel, and leather.......... 1 ,525 1,547 1 ,543 1 ,551 1,572 1 ,597 1 ,607 1,565 1 ,575 1 ,599 1,655 1,660 1 ,694 Petroleum refining............................. 1 ,215 1,194 1 ,187 1,181 1,181 1,186 1,196 1,202 1 ,210 1,213 1,229 1.225 1 ,231 Chemicals and rubber...................... 1 .601 1 ,623 1 ,647 1 ,657 1,680 1 ,687 1 ,697 1,637 1 ,628 1 ,622 1,705 1 .717 1 ,703 Other nondurable goods................... 986 992 1,022 1 .046 1,058 1 ,067 1 ,078 1,076 1 .076 1 ,090 1,091 1 .084 1 ,095 Mining, including crude petroleum and natural gas...................... 3,351 3,364 3,364 3,358 3,320 3,320 3,331 3,315 3,294 3,300 3,348 3,350 3,350 Trade: Commodity dealers.................. 1,356 1 ,285 1 ,269 1 ,230 i ,209 1,195 1,166 1,115 1 ,074 I ,053 1,054 1,032 ! ,039 Other wholesale........................ 2,389 2,429 '2,452 2,444 2,471 2,485 2,506 2,515 2,514 2,507 2,522 2,536 2,533 Retail......................................... 2,807 2,848 2,891 2,842 2,957 2,938 3,061 3,051 3,026 2,948 3.123 3,066 3,174 Transportation, communication, and other public utilities.............. 4,63! 4,589 4,600 4,643 4,722 4,703 4,726 4,730 4,818 4,806 5,040 5,017 5,169 Construction......................................... 2,276 2,330 '2,330 2,341 2,378 2,405 2,434 2,433 2,428 2,439 2,498 2,500 2,521 All other: 1 Bankers’ acceptances........................ 761 767 740 769 816 867 842 861 889 863 868 874 882 All other types of business, mainly services........................................ 5,844 5,766 5,732 5,755 5,786 5,812 5,800 5,814 5,806 5,822 5,930 5.910 5,958 Total classified loans............................ 37,281 37,347 ’37,377 37,430 37,916 38,058 38,197 37,967 37,972 37,936 39,030 38,893 39,310 Commercial and industrial loans— All weekly reporting banks.. 44,363 44,448 '44,525 '44,597 45,108 45,293 45,458 45.223 45,270 '45,258 46,473 46,320 46,847 For Note see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 BUSINESS LOANS OF BANKS, 1965 421 COMMERCIAL AND INDUSTRIAL LOANS OUTSTANDING AT WEEKLY REPORTING MEMBER BANKS—Continued (In millions of dollars) Wednesday Industry July July July July Aug. Aug. Aug. Aug. Sept. Sept. Sept. Sept. Srpt. 7 14 21 28 4 11 18 25 1 8 15 22 29 Durable goods manufacturing: Primary metals................................... 775 779 782 770 770 787 804 806 792 789 822 824 807 Machinery......................................... 2,740 2,755 2,697 2,700 2,713 2,726 2,740 ’,733 2,716 2,699 2,786 2,780 2,777 Transportation equipment........ 1 .042 1,069 1 ,094 1,103 1,118 1,141 1,140 ,145 1,181 1 ,173 1,257 1,260 1,246 Other fabricated metal products. . . 1 ,290 1 ,298 I .277 1,282 I ,297 1 ,331 1,329 ,321 1 ,305 1,292 1,336 1,387 1,394 Other durable goods......................... 1 .471 1 ,481 1,465 1 ,427 1 .440 1 ,461 1 ,461 ,472 1 ,506 1,516 1,550 1,560 1 .556 Nondurable goods manufacturing: Food, liquor, and tobacco............... 1 .597 1 ,563 1 ,561 1 ,513 1 ,527 1 ,51 1 1 ,539 ,516 1 ,575 1,569 1 ,670 1,707 1 ,733 Textiles, apparel, and leather.......... 1 ,719 1 ,737 1.729 I ,733 1,767 1 .800 1.826 ,877 1 ,899 1,894 1 ,919 1,908 1 ,866 Petroleum refining............................. 1 ,242 1 ,251 1,237 1 ,227 1 ,236 1 ,239 1 ,248 ,289 1 ,292 I ,294 1 ,335 1 ,337 1,333 Chemicala and rubber....................... 1 ,680 1,677 1 ,667 1 ,656 1 ,659 1 ,654 1 ,669 ,636 1 ,627 1 ,628 1 ,685 1,702 1 ,694 Other nondurable goods................... 1 .089 1,100 1,108 I ,110 1,125 1,145 1,165 ,174 1,192 1,185 1 ,219 1 ,216 1,203 Mining, including crude petroleum and natural gas....................... 3,360 3,364 3,358 3,326 3,333 3,334 3,343 1.327 3,302 3,325 3,353 3,346 3,351 Trade: Commodity dealers.................. 1,026 1,023 1 ,009 1 ,015 1 ,021 1 ,020 1,025 ,041 1 ,069 1 ,066 1,068 1,096 1,101 Other wholesale......................... 2,540 2,540 2,537 2,540 2,560 2,573 2,563 ’,547 2,543 2,552 2,590 2,586 2,577 Retail.......................................... 3,122 3,064 3,005 2,953 3,066 2,982 3,050 ’,986 2,980 2,965 3,005 3,080 3,155 Transportation, communication, and other public utilities.............. 5,165 5,169 5,160 5,216 5,161 5,148 5,132 5,146 5,176 5,138 5,293 5,347 5,502 Construction........................................... 2,504 2,531 2,525 2,525 2,525 2,541 2,565 ’.557 2,547 2,521 2,540 2,552 2,550 All other: 1 Bankers’ accpetances................... 856 829 815 800 813 819 826 793 751 731 717 727 691 All other types of business, mainly services......................................... 5,971 5,964 5,965 5.939 6,010 5,995 6,050 >,055 6,051 6,002 6,045 6,034 6,052 Total classified loans............................. 39,189 39.194 38,991 38,835 39,141 39,207 39,475 39,421 39,504 39,339 40,190 40,449 40,588 Commercial and industrial loans— All weekly reporting banks.. 46,688 46,706 Me, 455 46,282 46,590 46,706 47,002 46,897 46,987 46,794 47,697 47,955 48,117 Wednesday Industry Oct. Oct. Oct. Oct. Nov. Nov. Nov. Nov. Dec. Dec. Dec. Dec. Dec. 6 13 20 27 3 10 17 24 1 8 15 22 29 Durable goods manufacturing: Primary metals.............................. 757 763 757 751 758 750 753 763 768 746 757 813 818 Machinery.......................................... 2,81 1 2,809 2,783 2,759 2,791 2,744 2,800 2,770 2,778 2,774 2,831 2,859 2,862 Transportation equipment.............. 1 .248 1 ,242 1 ,223 1 ,231 1,199 1 ,192 1 ,219 1,188 1,193 1,191 1,249 1,214 1,196 Other fabricated metal products. . . 1 ,379 1,368 1 ,346 1 ,327 1,321 1 ,311 1 ,320 1 ,296 1 ,303 1,303 1 ,333 1,360 1,355 Other durable goods......................... 1 ,564 1,567 1,545 1 ,537 1 ,521 1 ,524 1 ,521 1 .513 1 .520 1,538 1,542 1,532 1,521 Nondurable goods manufacturing: Food, liquor, and tobacco........... 1 ,815 1 ,852 1,876 1 ,964 2,009 2,015 2,151 2,121 2,168 2,158 2,306 2,388 2,390 Textiles, apparel, and leather....... 1,858 1 ,855 1 ,795 1 ,746 1 ,736 1 ,738 1 ,728 1 ,669 1 ,632 1,617 1,624 1,590 1,530 Petroleum refining......................... 1 ,344 1 ,349 1,365 1 ,357 1 ,357 1,370 1 ,376 1,385 1 ,370 1 ,374 1,386 1 ,471 1 ,490 Chemicals and rubber................... 1,702 1 ,706 1 .696 1 ,709 ! ,713 1 ,701 1,717 1 ,701 1 ,698 1 ,710 1 ,748 1 ,776 1,786 Other nondurable goods............... 1,204 1,177 1,155 1,144 1,132 1,126 1,133 1,144 1,160 1,164 1 ,173 1,181 1,157 Mining, including crude petroleum and natural gas...................... 3,361 3,375 3,352 3,342 3,353 3,349 3,360 3,350 3,341 3,338 3,35? 3,500 3,593 Trade: Commodity dealers.......1..,.1..2..3.. .. 1,139 1,206 1 ,271 1,339 1 ,398 I ,414 1 ,443 I ,450 1 ,458 1 ,470 1,465 1 ,475 Other wholesale.......2..,.5. 92 2,628 2,647 2,651 2,667 2,677 2.715 2,691 2,702 2,686 2,712 2,709 2,716 Retail.......3..,.1..8..4........3..,..2..7.7 3,230 3,176 3,309 3,270 3,412 3,337 3,351 3,267 3,378 3,299 3,097 Transportation, communication, and other public utilities.............. 5,493 5,481 5,523 5,513 5,662 5,658 5,683 5,663 5,734 5,727 5,917 6,050 6,130 Construction........................................... 2.526 2,541 2,556 2,551 2,565 2,581 2,618 2,604 2,590 2,603 2,602 2,574 2,54? All other;1 Bankers’ acceptances......................... 661 657 643 623 641 624 618 602 622 625 629 647 696 All other types of business, mainly services......................................... 6,063 6,080 6,080 6,081 6,103 6,128 6,127 6,091 6,127 6,138 6,226 6,278 6,339 Total classified loans............................. 40,685 40,866 40,778 40,733 41,176 41,156 41,665 41,331 41,507 41,417 42,240 42,706 42,698 Commercial and industrial loans— All weekly reporting banks.. 48,132 48,370 48,241 48,220 48,778 48,737 '49,310 48,951 49,167 49,061 '50,024 '50,560 '50,629 Note.—-Data for sample of about 200 banks reporting changes in their cent of those of all commercial banks. larger loans; these banks hold about 80 per cent of total commercial and Monthly figures are averages of figures for Wednesday dates. industrial loans of all weekly reporting member banks and about 60 per Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

422 INTEREST RATES, 1965 MARCH 1966 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable)4 Finance c P o ri m m l e . p c a o p . e r ba P n ri k m e e rs ' Federal 3-month bills? 6-month bills? 9- to 12-month issues 3- to 5- Period paper, placed accept­ funds year 4- to 6- directly, ances, ra te •’ issues* months1 3- to 6- 90 days Rate Rate Bills months2 o i n s s n u e e w M y a ie r l k d et on is s n u e e w M y a ie r l k d et ( y m ie a l r d k ) e ? t Other o 4.25 4.05 4.00 3.90 3.828 3.81 3.944 3.94 3.91 3.87 4.06 4.27 4. 12 4. 10 3.98 3.929 3.93 4.003 4.00 4.00 3.97 4.08 4.38 4.25 4. 15 4.04 3.942 3.93 4.003 4.00 4.02 4.03 4.12 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 4.38 4.25 4.25 4.04 3.810 3.80 3.872 3.86 3.89 3.98 4.09 July....................... 4.38 4.25 4.22 4.09 3.831 3.83 3.887 3.89 3.89 3.96 4. 10 4.38 4.25 4. 14 4. 12 3.836 3.84 3.938 3.95 3.96 4.00 4. 19 4.38 4.25 4.25 4.01 3.912 3.92 4.050 4.07 4.09 4. 11 4.24 4.38 4.32 4.25 4.08 4.032 4.02 4.197 4.18 4. 16 4. 18 4.33 4.38 4.38 4.25 4. 10 4.082 4.08 4.238 4.24 4.23 4.29 4.46 4.65 4.60 4.55 4.32 4.362 4.37 4.523 4.54 4.56 4.66 4.77 Week ending— 1964—Dec. 26... 4.25 4.06 4.00 4.00 3.868 3.86 3.960 3.94 3.94 3.95 4.07 1965—Jan. 2... 4.25 4v06 4.00 4.00 3.867 3.83 3.957 3.93 3.93 3.92 4.07 9... 4.25 4.06 4.00 4.00 3.829 3.80 3.927 3.92 3.92 3.78 4.07 16... 4.25 4.06 4.00 4.00 3.814 3.77 3.942 3.94 3.90 3.87 4.06 23... 4.25 4.06 4.00 3.57 3.821 3.81 3.960 3.94 3.90 3.85 4.04 30... 4.25 4.03 4.00 4.00 3.848 3.85 3.946 3.94 3.91 3.87 4.05 Feb. 6... 4.25 4.05 4.05 4.00 3.888 3.89 3.968 3.97 3.97 3.91 4.07 13... 4.25 4.06 4. 13 4.00 3.903 3.90 3.987 3.99 3.99 3.96 4.08 20... 4.25 4. 13 4.13 4.00 3.936 3.94 4.015 4.02 4.02 3.99 4.09 27... 4.34 4.25 4. 13 3.93 3.989 3.99 4.043 4.04 4.04 4.04 4. 10 Mar. 6... 4.38 4.25 4.13 4.00 3.982 3.96 4.038 4.02 4.05 4.07 4.12 13.. . 4.38 4.25 ■ 4. 13 4.05 3.948 3.94 4.001 4.0! 4.04 4.04 4.13 20... 4.38 4,25 4. 13 4.05 3.917 3.92 3.990 3.99 4.00 4.02 4. 1! 27... 4.38 4.25 4. 15 4.09 3.922 3.91 3.984 3.98 3.99 4.01 4. 10 Apr. 3... 4.38 4.25 4.25 4.02 3.921 3.92 3.993 3.99 4.01 4.01 4.1I 10... 4.38 4.25 4.20 4. I 1 3.942 3.93 3.993 3.98 4.00 4.02 4. 1 I 17... 4.38 4.25 4.13 4.13 3.937 3.93 3.991 4.00 4.00 4.00 4. 11 24... 4.38 4.25 4. 15 4.09 3.946 3.93 4.008 4.00 4.00 4.00 4.12 May 1... 4.38 4.25 4.25 4.02 3.916 3.91 3.977 3.98 3.98 3.97 4. 12 8... 4.38 4.25 4.25 4. 13 3.901 3.89 3.950 3.95 3.96 3.97 4. 10 15... 4.38 4.25 4.25 4.07 3.893 3.89 3.950 3.96 3.96 3.98 4.1 1 22... 4.38 4.25 4.25 4.07 3.897 3.90 3.955 3.95 3.96 4.01 4. 11 29... 4.38 4.25 4.25 4. 11 3.889 3.88 3.945 3.94 3.95 4.00 4. 10 June 5... 4.38 4.25 4.25 4.11 3.870 3.85 3.924 3.92 3.94 4.02 4. 10 12... 4.38 4.25 4.25 4.11 3.781 3.80 3.862 3.88 3.93 4.01 4. 10 19... 4.38 4.25 4.25 4. 13 3.799 3.80 3.873 3.86 3.91 4.00 4. 10 26.. . 4.38 4.25 4.25 3.80 3.789 3.78 3.831 3.82 3.82 3.94 4.07 July 3... 4.38 4.25 4.25 4.13 3.784 3.81 3.824 3.85 3.86 3.95 4.08 10.. . 4.38 4.25 4.25 4.13 3.853 3.86 3.890 3.90 3.91 3.96 4.09 17... 4.38 4.25 4.25 4.09 3.883 3.86 3.933 3.92 3.91 3.95 4. 10 24... 4.38 4.25 4.25 4.03 3.833 3.82 3.913 3.89 3.87 3.95 4. 1 1 31... 4.38 4.25 4. 13 4.09 3.803 3.8! 3.873 3.88 3.87 3.97 4. 12 Aug. 7... 4.38 4.25 4. 13 4. 11 3.832 3.84 3.927 3.94 3.94 4.00 4. 16 14... 4.38 4.25 4. 13 4.13 3.846 3.82 3.948 3.93 3.94 4.02 4. 17 21... 4.38 4.25 4. 13 4.13 3.813 3.82 3.923 3.93 3.95 3.98 4.20 28... 4.38 4.25 4. 15 4.13 3.855 3.86 3.955 3.96 4.00 4.00 4.21 Sept. 4... 4.38 4.25 4.25 4.05 3.886 3.87 3.991 4.00 4.03 4.05 4.22 11... 4.38 4.25 4.25 4.11 3.898 3.89 4.024 4.03 4.04 4.08 4.23 18... 4.38 4.25 4.25 4.13 3.887 3.88 4.031 4.04 4.03 4.08 4.22 25... 4.38 4.25 4.25 4.13 3.905 3.94 4.069 4. 10 4.12 4. 12 4.24 Oct. 2... 4.38 4.25 4.25 3.71 3.983 4.01 4. 133 4. 17 4. 19 4.23 4.31 9... 4.38 4.25 4.25 4.09 4.050 4.00 4.201 4. 17 4. 16 4. 17 4.31 16... 4.38 4.30 4.25 4.13 4.006 4.00 4.180 4.18 4. 14 4. 14 4.30 23... 4.38 4.38 4.25 4.07 4.034 4.03 4.214 4.20 4. 16 4. 17 4.34 30... 4.38 4.38 4.25 4.00 4.040 4.05 4. 192 4.19 4. 16 4.21 4.37 Nov. 6... 4.38 4.38 4.25 4.13 4.082 4.07 4.219 4.22 4.22 4.25 4.44 13... 4.38 4.38 4.25 4.04 4.045 4.06 4.221 4.23 4.24 4.28 4.48 20... 4.38 4.38 4.25 4. 13 4.097 4.09 4.259 4.25 4.23 4.28 4.46 27... 4.38 4.38 4.25 4. 1 1 4. 104 4. 1 1 4.253 4.25 4.24 4.31 4.45 Dec. 4... 4.38 4.38 4.25 4.13 4.115 4. 12 4.249 4.26 4.29 4.36 4.50 _ 11... 4.58 4.46 4.50. 3.68 4.344 4.33 4.468 4.47 4.49 4.58 4.70 18... 4.70 4.61 4.55 4.50 4.391 4.40 4.553 4.58 4.59 4.67 4.79 25... 4.75 4.75 4.63 4.43 4.505 4.46 4.692 4.65 4.65 4.76 4.82 1966—Jan. 1... 4.75 4.75 4.73 4.63 4.457 4.47 4.655 4.66 4.70 4.83 4.90 2 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance cos., for varying maturi­ closing bid prices. ties in the 90-179 day range. 5 Bills quoted on bank discount rate basis. 3 Seven-day average for week ending Wed. f> Selected note and bond issues. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 INTEREST RATES, 1965 423 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Slocks State By selected By Dividend/ Earnings/ Period United and loca rating group price ratio price ratio States (long­ Total i term) Total 1 Aaa Baa Aaa Baa Indus­ Rail­ Public Pre­ Com­ Com­ trial road utility ferred mon mon 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 4.7! 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 2.9! Nov. 4.34 3.50 3.34 3.70 4.75 4.60 4.95 4.71 4.83 4.71 4.41 2.96 ................... Dec. 4.43 3.56 3.39 3.78 4.84 4.68 5.02 4.79 4.91 4.82 4.47 3,06 Week ending— 1964--Dec. 26............................... 4. 14 3.22 2.99 3.51 4.58 4.43 4.80 4.53 4.67 4.53 4.21 3.04 ................... 1965-—Jan. 2............................... 4.16 3.22 2.99 3.51 4.58 4.43 4.80 4.53 4.68 4.53 4.22 3.04 9.............................. 4.15 3.21 2.99 3.49 4.58 4.44 4.80 4.53 4.67 4.53 4.21 3.02 16............................... 4.15 3.18 2,97 3.44 4.57 4.43 4.80 4.53 4.66 4.53 4. 19 3.00 23............................... 4.14 3. 17 2,96 3.42 4.57 4.43 4.79 4.53 4.67 4.52 4.15 2,97 30............................... 4.13 3.17 2.96 3.41 4.57 4.42 4.79 ' 4.52 4.66 4.52 4.17 2.96 Feb. 6............................... 4.15 3.15 2.94 3.40 4.56 4.41 4.79 4.52 4.63 4.52 4.20 2.95 13............................... 4. 16 3.15 2.94 3.40 4.55 4,41 4.79 4.52 4.62 4,51 4.20 3.01 20............................... 4. 16 3.20 2.99 3.44 . 4.55 4,41 4.78 4.52 4.62 4.51 4.22 3.04 27. ............................ 4.16 3.21 3.03 3.44 4.55 4.41 4.78 4.52 4.61 4.51 4.25 2.97 Mar. 6............................... 4.16 3.28 3.09 3.51 4.55 4,41 4.78 4.52 4.62 4.51 4.25 2.97 13............................... 4. 16 3.28 3.09 3.51 4.55 4,41 4.78 4.52 4.63 4.51 4.27 3.00 20............................... 4.14 3.28 3.09 3.51 4.56 4.42 4.78 4.52 4.64 4.51 4.25 2.99 27............................... 4.14 3.28 3.09 3,51 4.56 4.42 4.79 4.52 4.63 4.52 4.26 2.98 Apr. 3............. 4.14 3.28 3.09 3.51 4.56 4.42 4.79 4.53 4.63 4.52 4,27 3.02 10............................... 4.14 3,28 3.09 3.51 4.56 4.42 4.79 4.53 4.64 4.52 4.27 3.00 17............................... 4. 14 3.28 3.09 3.51 4.56 4.43 4.80 4.54 4,64 4.51 4.26 2.95 24............................... 4.15 3.28 3.09 3.51 4.56 4.43 4.80 4.54 4.64 4,51 4.29 2.94 May 1............................... 4.15 3.28 3.09 3.51 4.56 4.43 4.80 4.54 4.63 4.51 4.29 2.92 8............................... 4. 14 3.28 3.09 3.51 4.56 4,43 4.80 4.55 4.63 4.51 4.29 2.90 ................... 15............................... 4.14 3.28 3.09 3.51 4.57 4.45 4.80 4.55 4.64 4.52 4.28 2.90 22............................... 4.14 3.28 3.09 3.51 4.57 4,43 4.81 4.55 4.63 4.53 4.30 2.91 ................... 29................................ 4. 14 3.28 3.09 3.51 4.58 4.44 4.82 4.57 4.64 4.55 4.33 2.96 June 5............................... 4.15 3.28 3.09 3.51 4.59 4.45 4.83 4.58 4.65 4,56 4.36 3.00 12............................... 4.15 3.33 3.16 3.54 4.60 4.46 4.85 4.58 4.66 4.56 4.38 3.08 19............................... 4.14 3.33 3.16 3.54 4.61 4.47 4.85 4.59 4.67 4.57 4.38 3.07 26............................... 4.13 3.35 3.17 3.57 4.61 4.47 4.86 4.60 4.67 4.57 4.39 3.09 July 3............................... 4. 14 3.35 3.17 3.57 4.62 4.46 4.87 4.60 4.68 4.57 4.41 3.11 10....................... 4.14 3.35 3.17 3.57 4.63 4.47 4.87 4.61 4.71 4.57 4.41 3.09 17............................... 4.15 3.33 3.16 3.55 4.63 4.48 4.87 4,61 4.71 4.57 4.39 3.05 24............................... 4. 14 3.33 3.16 3.55 4.64 4,48 4.88 4.62 4.72 4.58 4.36 3.11 .................. 31............................... 4.15 3.33 3.16 3.55 4.64 4.48 4.88 4.62 4.72 4.58 4.36 3.11 Aug. 7............................... 4.16 3.32 3.16 3.55 4.64 4.47 4.88 4.63 4.72 4.58 4.38 3.06 ................... 14............................... 4.18 3.31 3.15 3.55 4.64 4.48 4.87 4.63 4.72 4.59 4.36 3.07 21............................... 4.20 3.31 3,15 3.55 4.66 4.50 4.89 4.63 4.73 4.60 4.29 3.04 28............................. 4.21 3.33 3.17 3.56 4.67 4,51 4.89 4.64 4.75 4.61 4.33 3.05 Sept. 4............................... 4.22 3.35 3.18 3.56 4.67 4.51 4.90 4.64 4.76 4.61 4.32 3.04 ................... 11............................... 4.23 3.37 3.2! 3.58 4.69 4.52 4.92 4.65 4.77 4.64 4.30 2.99 18............................... 4.25 3.41 3.25 3.63 4.69 4.52 4.91 4.65 4.78 4.64 4.31 2.96 25............................... 4.25 3.46 3.31 3.65 4.69 4.52 4,91 4.65 4.78 4.65 4.30 2,94 ................... Oct. 2............................... 4.29 3.46 3.31 3.65 4.70 4.53 4.91 4.66 4.78 4.65 4.36 2.95 9............................... 4.27 3.46 3.31 3,65 4.71 4.57 4.92 4.67 4,80 4.66 4,40 2.94 16............................... 4.26 3.46 3.31 3.65 4.72 4.57 4.92 4.67 4.81 4.68 4.38 2.92 23............................... 4.27 3.46 3.31 3.65 4.72 4.57 4.93 4.67 4.81 4.68 4.38 2.90 30............................... 4.29 3.47 3.32 3.67 4.72 4.57 4.93 4.67 4.81 4.68 4.37 2.88 ................... Nov. 6............................... 4.34 3.47 3.32 3.67 4.73 4.58 4.93 4.68 4.82 4.69 4.39 2.91 ................... 13............................... 4.35 3.47 3.32 3.67 4.75 4.60 4.95 4.70 4.83 4.71 4.42 2.98 20............................... 4.34 3.52 3.36 3.73 4.75 4.61 4.96 4.71 4.83 4.71 4,41 2.96 27............................... 4.34 3.52 3.37 3.74 4.77 4,61 4.97 4.72 4.84 4.73 4.41 3.00 ................... Dec. 4............................... 4.36 3.52 3.37 3.74 4.78 4.60 4.98 4.74 4.83 4.76 4.41 3.05 11............................. . 4.42 3.57 3.40 3.79 4.81 4.64 4.99 4.77 4.86 4.80 4.45 3.07 IB............................... 4.45 3.57 3.40 3.79 4.84 4.69 5.02 4.79 4.92 4.83 4.51 3.05 25............................... 4.43 3.57 3.40 3.79 4.87 4.71 5.04 4.81 4.94 4.84 4.48 3.05 ................... 1966-—Jan. 1............................... 4.44 3.57 3.40 3.79 . 4.87 4.73 5.04 4.81 4.96 4,84 4.49 3.06 .................. Number of issues ........................... 10 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 Corp, bonds: Average of daily figures. Both of these series are from arately. Because of a limited number of suitable issues, the number of Moody's Investors Service series. Stocks: Standard and Poor’s Corp, corp, bonds in some groups has varied sonic what. series. Dividend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. Preferred stock ratio is based on 8 median Note.—Computed as follows: U.S. Govt, bonds: Averages of daily yields for a sample of non-callable issues—12 industrial and 2 public figures for bonds maturing or callable in 10 years or more. State and utility; common stock ratios on the 500 stocks in the price index. Quar­ local govt, bonds: General obligations only, based on Thurs. figures. terly earnings are seasonally adjusted at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FINANCIAL STATISTICS ★ INTERNATIONAL ★ Reported gold reserves Of central banks and governments ................................................. 426 Gold production ....................................................................................................................... 427 Net gold transactions and gold stock of the United States................................................ 428 Foreign gold reserves and dollar holdings ........................................................................... 429 International capital transactions of the United States ..................................................... 430 U.S. balance of payments.......................................................................................................... 431 Foreign trade .............................................................................................................................. 441 Money rates in foreign countries ............................................................................................. 442 Arbitrage on Treasury bills ..................................................................................................... 443 Foreign exchange rates ............................................................................................................ 444 Guide to tabular presentation ................................................................................................. 352 Index to statistical tables .......................................................................................................... 452 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 425 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

426 GOLD RESERVES MARCH 1966 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti­ Inti. Esti­ E p n er d i o o d f m to a t t a e l d M ta o r n y e­ U S n ta it te e s d r m es a t t e o d f Af is g t h a a n n­ A t r i g n e a n­ t A ra u l s ia ­ A tr u ia s­ g B iu e m l­ Brazil Burma Canada Chile world 1 Fund2 world 1059 .............. 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. 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............... P343,350 1,869 13,806 ^27,365 35 66 223 700 1 ,558 84 1,151 44 1966- Jan.................. 1,871 13,811 35 223 700 1,558 84 1,113 44 Ger­ E pe n r d i o o d f lo C m o b ­ ia D m e a n rk ­ F la i n n d ­ France m F a e n d y . , Greece India I n n e d s o ia ­ Iran Iraq Israel Italy Japan Rep. of 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. 58 92 85 3,729 4,248 77 247 141 112 56 2,107 304 1965­—Jan......... 59 92 85 3,913 4,250 77 270 141 112 56 2,107 Feb................. 60 92 85 3,974 4,251 78 281 141 112 56 2,101 Mar................ 60 92 85 4,197 4,243 82 281 141 112 56 2,093 304 Apr................ 45 92 85 4,255 4,243 80 281 141 122 56 2,351 Mav ........ 36 97 85 4,400 4,378 80 281 141 122 56 2,384 31 97 85 4,433 4,378 84 281 141 122 56 2,384 327 July................ 33 97 85 4,471 4,383 81 281 141 122 56 2,388 Aug................ 33 97 85 4,500 4,382 77 281 141 122 56 2,383 Sept................ 33 97 85 4.556 4,390 78 281 141 122 56 2,390 327 Oct .......... 34 97 85 4,604 4,404 78 281 140 122 56 2,403 Nov................ 34 97 85 4,638 4,406 78 281 146 122 56 2,404 Dec . . ... 35 97 84 4,706 4,410 78 281 146 122 56 2,404 1966-—Jan.................. 36 97 84 4,740 4,410 78 146 122 56 2,404 E pe n r d io o d f Kuwait a L n e o b n ­ M ic e o x­ Mo c r o oc­ N la e n th d e s r­ Nigeria N w o ay r­ P s a ta k n i­ Peru P pi h n i e li s p­ Po ga rt l u­ A S r a a u b d ia i A So fr u ic th a 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 48 183 169 34 1 ,688 20 31 53 67 23 523 78 574 1965­—tan............ 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 Maj 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. 49 182 160 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 I ,756 20 31 53 67 38 576 73 425 1966-—Jan. 55 21 1 ,756 20 31 53 67 39 73 471 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 GOLD RESERVES AND PRODUCTION 427 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) E p n e d ri o 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 n it m e g d ­ U gu r a u y ­ V zu e e n l e a ­ Y sl u a g vi o a ­ S B I e f n a o t t t n r l i e . k ­ E F p u u ea n ro n d ­ ments 4 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............................... 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 -ill 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 55 96 116 139 2,265 155 401 19 558 64 1966—Jan...................... 810 202 2,661 96 116 139 401 105 1 Includes reported or estimated gold holdings of international and 2 Beginning June 1965 excludes gold subscription payments by member regional organizations, central banks and govts, of countries listed in countries in anticipation of increase in Fund quotas. Amounts out­ this table and also of a number not shown separately here, and gold to be standing as follows (in millions): 1965 June-Aug., $259; Sept., $285; distributed by the Tripartite Commission for the Restitution of Monetary Oct., $288; Nov.-Dec., $313; and 1966 Jan., $315. Gold; excludes holdings of the U.S.S.R., other Eastern European coun­ 3 Includes gold subscription payments to the IMF; see note 2 for tries, and China Mainland. amounts. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank’s gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual Note.—For back figures and description of the data in this and the countries. following tables on gold (except production), see “Gold,” Section 14 of Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period produc­ Congo tion 1 A S f o r u ic th a d R e h s o ia ­ Ghana ( p L o e ld o ­ ­ U S n ta 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 i e lip s ­ t A ra u l s ia ­ ot A h l e l r ville) 1958.................................... I,050.0 618.0 19.4 29.8 12.3 61.6 158.8 11.6 7.2 13.0 6.0 14.8 38.6 58.9 1959.................................... 1,125.0 702.2 19.8 32.0 12.2 57.2 156.9 11.0 7.3 13.9 5.8 14.1 38.1 54.5 1960..................................... 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 I,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—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 2 7.4 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 .5 1.0 .3 2.4 June........................ 90.1 1.5 2 6.7 10.7 .7 .9 .4 2 3.8 2.9 July................ 90.8 1 .6 10.0 U2 .4 2.4 Aug......................... 91 .0 1.5 10.5 1.0 .3 2.6 Sept........................ 89.7 1.6 26.3 10.2 1.0 2.3 Oct.......................... 90.4 10.5 1.0 Nov........................ 10.4 Dec.......................... 3 181.1 i Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Quarterly data. countries and Bureau of Mines. Data for the United States are from 3 Data for Nov. and Dec. the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 GOLD RESERVES AND DOLLAR HOLDINGS 429 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1963 Dec. 31, 1964 Mar. 31, 1965 June 30, 1965 Sept. 30, 1965 Dec. 31, 1965" Area and country Gold & U.S. Gold & U.S. Gold & U.S. Gold & U.S. Gold & U.S. Gold & U.S. short­ Govt, short­ Govt, short­ Govt, short­ Govt, short­ Govt, short­ Govt, term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Western Europe: Austria............................................................... 901 3 923 3 872 3 885 3 959 3 950 3 Belgium............................................................... 1 ,791 1,887 * 1,897 1 ,983 1,972 * 1 .956 Denmark............................................................. 253 14 428 14 430 14 368 14 335 14 402 14 Finland............................................................... 160 1 212 1 201 1 189 1 179 j 188 1 France................................................................ 4,653 6 5,392 7 5,530 7 5,646 7 5,667 7 5,703 7 Germany, Fed. Rep. of.................................... 6,884 1 6,258 1 6,137 1 5,918 1 5,753 1 5.839 1 Greece................................................................ 265 252 232 235 232 228 Italy..................................................................... 3,146 1 3,729 1 3,539 1 3,824 1 3,758 1 4,009 1 Netherlands...................................................... 1 ,961 4 2,055 5 2,036 5 2,034 5 2,086 6 2.095 6 Norway............................................................... 164 131 215 98 234 68 263 68 262 68 354 49 Portugal........................... ........................ 688 780 802 795 837 898 Spain.................................................................... 778 2 1 ,010 2 984 2 1 ,011 2 1 ,064 2 993 2 Sweden............................................................... 591 129 833 40 928 40 921 24 906 24 849 24 Switzerland.................................................... 3,726 75 4,095 79 3,927 78 4,088 87 4,039 89 4.412 89 Turkey................................................................. 136 140 142 4 145 140 * 150 United Kingdom............................................... 3,967 328 4,020 414 4,308 407 4,715 502 5,101 548 4,981 553 Other1................................................................. 369 46 508 49 391 49 341 50 393 50 34 50 Total........................................................... 30,433 741 32,737 714 32,590 676 33,361 765 33,683 814 34.041 800 Canada.................................................................... 3,805 687 4,010 690 3,565 735 3,492 727 3,893 718 3,690 676 Latin American republics: Argentina........................................................... 453 362 ♦ 371 378 * 449 * 498 ♦ Brazil................................................................... 329 ♦ 350 ♦ 421 402 • 475 * 446 * Chile.................................................................... 186 219 207 240 249 * 263 Colombia............................................................ 231 1 267 1 229 1 190 1 200 1 249 1 Cuba.................................................................... 12 12 * II 11 * 10 * 10 * Mexico................................................................. 808 2 904 1 913 1 852 803 863 Panama, Republic of........................................ 129 io 99 I 111 1 124 1 113 1 19 I Peru..................................................................... 215 273 1 334 1 330 1 323 1 324 1 Uruguay.............................................................. 284 * 282 294 * 295 * 299 292 Venezuela........................................................... 992 1.135 1,103 1 ,097 1 ,091 1.139 1 Other.................................................................. 424 i 478 2 538 1 538 2 558 2 583 1 Total............................................................ 4,063 14 4,381 6 4,532 5 4,457 5 4,570 5 4.786 5 Asia: India.................................................................... 298 306 342 353 357 365 Indonesia............................................................ 83 1 73 1 62 1 58 1 58 66 1 Japan................................................................... 2,773 5 '3.071 5 '3.167 9 >3,170 9 3.274 9 3,334 9 Philippines........................................................ 237 256 * 279 281 312 342 * Thailand............................................................. 486 562 592 592 598 * 638 * Other.................................................................... 1 ,687 41 2,059 43 '2.223 43 >2.234 43 2.223 41 2.249 41 Total............................................................ 5,564 47 r6,327 49 >6.665 53 >6,688 53 6.822 51 6,994 51 Africa: South Africa...................................................... 671 * 621 ♦ 547 * 424 * 400 ♦ 476 * U.A.R. (Egypt)................................................. 188 163 163 161 159 169 Other..............'.................................................... 296 9 283 16 317 16 373 16 357 16 353 16 Total............................................................ 1,155 9 1,067 16 1 ,027 16 958 16 916 16 998 16 Other countries: Australia............................................................ 388 402 41 1 433 421 477 All other............................................................. 313 26 >382 26 >428 31 '425 28 386 28 380 29 Total............................................................ 701 26 '784 26 >839 31 >858 28 807 28 857 29 Total foreign countries2.............................. 45,721 1,524 >■49.306 1,501 '49.218 1 ,516 >49.814 1,594 50.691 1,632 51,366 1,577 International and regional3........................ 6,958 1,218 '7.161 904 >7.280 798 46,689 799 46,999 795 46,906 752 Grand total2.............................................. 52,679 2,742 '■56.467 2,405 >56.498 2,314 >56.503 2,393 57.690 2,427 58,272 2.329 1 Includes, in addition to other Western European countries, unpub­ tion of increase in IMF quotas. Amounts outstanding as follows (in lished gold reserves of certain Western European countries; gold to be millions): 1965 June 30, S259; Sept. 30, S285; and Dec. 31, S313. 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 I 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. 436. 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

430 INTL. CAPITAL TRANSACTIONS OF THE U.S. MARCH 1966 1. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS AND INTERNATIONAL ORGANIZATIONS (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d reg I a i n o n n t d i a . l 1 c F o o u r n e t i r g ie n s E W u e ro st p e e rn 2 Canada A re m L p e u a r b t i i c l n ic a s n Asia Africa co O u t n h t e ri r e s 1963 ....................................... 19,505 5,855 13,650 7,867 1,664 1 ,058 2,731 154 176 1964.............................................. 20,225 5,876 14,349 8,270 1 ,483 1,238 3,020 160 178 1965—Jan.................................... 19,519 5,822 13,697 7,551 1 ,449 1,265 3,096 159 177 Feb.................................... 19,606 5,780 13,826 7,644 1 ,419 1,278 3,124 180 181 Mar................................... 19^317 5^879 13,438 7,255 1 ,316 1,296 3^13 178 180 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 5,646 13,331 7,200 1 ,275 1 ,295 3,173 193 195 July................................... 18,822 5,944 12,878 6,726 1,281 1,296 3,198 181 196 ''19,040 5,853 r13,187 6,892 1 ,378 1 ,356 '3,176 194 '191 Sept................................... 19^74 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................................... 19,511 5.837 13,674 7,193 1 ,440 1,343 3,297 187 214 Dec /-....................... .... 19,92! 5,779 14,142 7,517 1 ,403 1 ,497 3,300 194 231 1966—Jan./'................................. 19,777 5,870 13,907 7,244 1,339 1,475 3,421 209 219 1 Includes international organizations, and Latin American and Euro­ as reported by banks in the United States, and estimated foreign official pean regional organizations, except the Bank for International Settlements holdings of marketable U.S. Govt, securities with an original maturity and the European Fund which are included tn 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 FO REIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional 1 Foreign E p n e d ri o o d f G to ra ta n l d Total Inti. E p r u e e a r ­ o n ­ g L io r . e A n ­ a . l Total c O ia ff l i­ 3 Other Europe Canada Am La e t r i i n c a Asia Africa O c t o r t i h u e n e s r ­ gional 2 1961.................. 422,533 3,752 3,695 57 4 18,781 10,940 <7,841 10,322 2,758 2,340 4 2,974 283 104 1962................. 25^19 5,145 4,938 34 173 19,874 11;963 7,911 10,162 3; 349 2348 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 5................ ’•28; 877 '4,973 4,802 22 150 '23,904 13,224 '10,680 12,240 2,984 '3,563 '4,687 238 192 1965—Jan........ '28,811 4,986 4,81 1 19 156 '23,825 12,588 '11,237 11,990 2.961 '3,619 '4,791 246 218 Feb........ '28,948 4,982 4,815 17 150 '23,966 12,685 '1 1 ,281 12,017 2,941 '3,676 '4,859 273 199 Mar... , . r28,327 '5,082 4,916 19 146 '23,245 12,297 '10,948 1 1 ,527 2,521 '3,748 '4,984 263 204 Apr....... '27.882 '5,086 4,914 15 157 '22,796 11,970 '10,826 11,014 2,549 '3,777 '4,978 268 210 May... . '27,463 '4,862 4,696 13 153 '22,601 11,959 '10,642 10,751 2,509 '3,860 '4,978 283 221 June... . '27,785 4,848 4,689 15 144 '22,937 12,205 '10,732 11,309 2,403 '3,734 '4,986 277 228 July. . . . '27,836 '5,145 4,994 12 140 '22,691 11,752 '10,939 10,770 2,585 '3,762 '5,094 262 219 Aug....... '28,509 '5,058 4,919 9 130 '23,451 '12,063 '11 ,388 11 ,314 2,748 '3,793 '5,095 283 218 Sept '28,881 5,125 4,988 14 122 '23,756 12,330 '1 1 ,426 I 1 ,558 2,781 3,804 '5,119 271 ■ 223 Oct........ '29,203 '5,097 4,964 12 120 '24,106 12.407 '11 ,699 11 ,580 3,007 3,827 '5,176 272 244 Nov....... 29,133 5,085 4,948 12 125 24,048 12,569 11,479 11,458 2,935 3,836 5,288 274 257 Dec./'... 29,040 5,028 4,901 10 116 24,012 13,037 10,975 1 I,610 2,539 4,026 5,279 280 278 1966—Jan./'. .. 29,238 5,126 4,987 9 130 24,112 12,807 11,305 11,674 2,492 4,038 5,327 312 268 2a. Europe Ger­ End of period Total Austria Belgium m De a n rk ­ l F an in 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 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 1 19 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.................. 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;oi7 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 ,424 137 1,325 373 239 303 210 667 Dec./’... 11,610 250 398 305 104 997 1 ,429 150 1 ,605 339 323 322 183 647 1966—Jan./-. .. 11,674 233 393 327 96 985 1 ,449 148 1 ,463 255 231 299 152 644 For notes sec following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 431 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 2a. Europe—Continued 2b. Latin America End of period Sw la i n tz d er­ Turkey U K d n i o n it m e g d ­ Y sl u a g vi o a ­ W E O u e t r s h o t e e p r r e n 6 U.S.S.R. E E O a u s t r h o te e p r r e n Total Ar ti g n e a n­ Brazil Chile Co b lo ia m­ Cuba Mexico 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.................. 1,370 36 1,884 32 358 3 19 '3,563 291 258 176 209 12 735 1965-—Jan........ 1,321 26 2,035 21 253 3 24 r3,619 298 280 189 177 12 699 Feb....... 1 ,308 21 2,074 17 324 2 24 0,676 301 305 161 197 11 710 Mar.... 1,225 27 2,197 21 296 2 24 0,748 301 329 164 169 11 743 Apr....... 1 ,209 19 1,890 17 341 . 3 21 ••3,777 314 298 159 171 11 700 May... . 1,199 22 2,055 16 328 2 19 0,860 337 370 161 180 11 726 June... . 1 ,299 19 2,489 18 390 2 21 0,734 310 340 198 159 II 687 July.... 1 ,27! 15 2,463 15 296 4 25 0,762 327 339 187 162 11 623 Aug.... 1 ,319 19 2,727 56 292 1 25 0,793 354 410 184 171 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 48 287 3 27 3,836 397 382 188 201 10 644 Dec?'... 1,370 34 2,716 36 369 4 30 4,026 432 383 219 214 10 703 1966-—Jan.’*. .. 1,331 34 3,235 14 352 4 30 4,038 424 364 210 189 9 723 2b. Latin America—Continued 2c. Asia E p n e d ri o o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ O L re t . h A p e . . r B B e a r h m & a u m d a a s 8 A S n N u ti r e l i l n e th a s . m & Am O L e a th r t i i e c n a r 8 Total C M la h a n in i d n a ­ H Ko o n n g g India n d I e n o s ­ i ­ a Israel 1961................... 87 84 57 418 226 111 89 15 “ 2,974 35 56 78 76 63 1962.................. 98 105 101 405 267 123 97 10 3 344 36 65 41 28 81 1963.................. 129 158 113 591 355 136 93 15 4,001 35 66 51 48 112 1964.................. 99 206 11 1 734 416 ’189 114 14 '4,687 35 95 59 38 133 1965—Jan........ 102 242 115 764 419 •191 115 16 >4,791 35 96 65 26 131 Feb........ 111 244 119 720 446 '•217 118 16 '4,859 35 100 70 30 134 Mar.. . ■ 111 267 123 702 474 ''221 114 19 '4,984 35 95 61 27 128 Apr....... 105 248 128 ; 800 482 '232 110 21 '4,978 35 97 65 28 116 May.... 113 262 118 - 761 463 >222 112 23 r4,978 35 100 67 29 107 June... . 124 263 124 696 472 '•216 115 18 >4,986 35 94 72 23 111 July.... 114 259 123 782 497 r208 109 20 r5,094 36 97 86 34 114 Aug.. . . 106 267 126 739 496 '181 109 18 '5,095 35 101 78 22 108 Sept....... 113 256 128 690 494 170 114 20 >5,119 35 104 76 23 114 Oct........ 114 251 132 738 498 179 113 23 '5,176 35 106 76 34 115 Nov....... 116 244 129 715 501 177 1 1 1 20 5,288 35 108 83 31 118 Dec.’*... 119 257 137 738 519 165 113 17 5,279 34 113 84 31 127 1966—Jan.". .. 126 248 144 788 512 164 119 18 5,327 35 112 85 35 123 2c. Asia—Continued 2d. Africa 2e. Other countries E pe n r d io o d f Japan Korea P p h in il e ip s ­ T w a an i­ T la h n a d i­ O A t s h i e a r Total (L C e v o o il n l p e g o ) o ld ­ ro M cc o o ­ 8 S A o fr u ic th a ( U E . g A y . p R t) . A O f t r h ic e a r Total t A ra u l s ia ­ oth A e ll r 8 1961..................... 4 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..................... >2,767 104 233 221 458 543 238 26 7 47 24 135 192 176 15 1965—Jan....... ’•2,764 116 243 225 471 618 246 23 8 57 28 131 218 201 18 Feb.......... ’•2,791 111 259 230 484 615 273 33 8 62 28 142 199 178 21 Mar.......... ’’2,863 100 252 232 488 703 263 37 9 49 24 143 204 182 22 A pr.......... '2,797 93 252 232 488 774 268 35 10 53 25 146 210 184 25 •2,803 91 248 227 494 776 283 31 16 54 27 154 221 198 23 J une........ ••2,843 88 250 229 496 747 277 30 18 49 22 158 228 203 25 July.......... '2,830 88 280 226 501 804 262 18 17 52 24 151 219 195 24 Aug.......... '2,897 92 265 228 503 764 283 17 16 61 24 164 218 196 22 Sept.......... '•2,947 101 278 227 502 712 271 14 22 58 20 157 223 199 24 Oct........... '2,972 103 283 228 506 718 272 12 31 53 19 157 244 222 22 Nov.......... 3,020 no 290 220 513 762 274 11 30 57 19 158 257 235 22 Dec.’*. ... 3,007 108 304 212 542 718 280 12 17 51 30 170 278 254 24 1966—Jan.’*........ 2,956 118 295 213 577 778 312 10 20 72 18 191 268 244 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 +55; Foreign other +55; Europe Development Assn,, and other international organizations; Inter-Amer­ — 13; Canada +1; Latin America +26; Asia +49; Africa —9. ican Development Bank, European Coal and Steel Community, European 6 Includes Bank for International Settlements and European Fund. Investment Bank and other Latin American and European regional i Decline from end of 1961 reflects principally reclassification of de­ organizations, except Bank for International Settlements and European posits for changes in domicile over the past few years from Cuba to other Fund which are included in “Europe.” countries. 2 Not reported separately until 1962. 8 Data based on reports by banks in the Second F.R. District only for 3 Foreign central banks and foreign central govts, and their agencies, year-end 1961-62. 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

432 INTL. CAPITAL TRANSACTIONS OF THE U.S MARCH 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) 1964 1965 1964 1965 Area or country Area or country Apr. Dec. Apr. Dec. Apr. Dec. Apr. Dec. Other Western Europe: Other Asia (Coni.): Iceland............................................. 4.7 5.2 7.1 5.8 Iran.................................................. 33.4 23.4 62.0 66.9 Ireland, Rep. of.............................. 6.0 8.7 6.3 6.2 Iraq.................................................. 22.9 21.6 65.4 n.a. Luxembourg................................... 8.6 17.4 20.1 21.1 Jordan.............................................. 2.7 2.7 7.9 16.0 Monaco........................................... 2.4 4. 1 3.6 3.7 Kuwait............................................. 49.9 56.4 52.0 35.5 Laos................................................. 6.5 5.0 5.0 3.2 Other Latin American republics: Lebanon.......................................... 108.1 84.2 113.2 99.7 Bolivia.............................................. 35. 1 43.2 53.1 67.4 Malaysia......................................... 24.3 22.2 36.3 25.9 Costa Rica....................................... 35.9 31.5 28.6 34.2 Pakistan........................................... 16.1 23.1 24.8 19.4 Dominican Republic..................... 40.6 55.8 47.3 72.3 Ryukyu Islands (inch Okinawa). 31.6 25.6 32.7 n.a. Ecuador........................................... 62. 1 67.1 65.2 69.6 Saudi Arabia.................................. 151.0 197.2 288.0 283.6 El Salvador..................................... 57.8 56.0 71.7 67.0 Syria................................................. 5.7 7.6 3.2 4.0 Guatemala........................................... 65.1 48.7 71.6 68. 1 Viet-Nam........................................ 17.9 19.0 19.7 39.0 Haiti................................................. 17.3 14.3 15.4 16.3 Honduras......................................... 26.3 26.0 33.0 31.4 Other Africa: Jamaica............................................. 4.7 7.0 7.8 8.6 Algeria............................................. 1.0 1 .5 2. 1 7.6 Nicaragua......................................... 52.3 42.4 67.4 67.0 Ethiopia, (inch Eritrea)................. 32.1 33.7 45.2 44.1 Paraguay.......................................... 8.4 11.4 12.1 13.8 Ghana.............................................. 6.3 5.6 5.1 2.6 Trinidad & Tobago....................... 5.5 7.4 8.6 3.6 Liberia......................................... 17.8 20.0 17.6 17.9 Libya............................................... 14.9 28.9 26.8 34.8 Other Latin America: Mozambique.................................. 1.4 2.5 1 .6 1 .6 British West Indies......................... 6. 3 8.0 16.0 11.5 Nigeria............................................. 17.3 15.7 20.3 n.a. French West Indies & French Somali Republic............................ .8 .5 .8 .8 Guiana......................................... .6 1 .1 1.4 2.2 Southern Rhodesia10................... 4.5 3.4 3.7 I 1 .0 Sudan............................................... 2.0 2.2 2.2 3.7 Other Asia: Tunisia............................................ .8 .9 1.0 1 .8 Afghanistan...................................... 4.2 5.5 6,3 5.6 Burma....................................... 22.1 32.5 35.9 n.a. All other: Cambodia......................................... 2. 1 1.5 1.7 2.7 New Zealand................. 18.8 12.0 19.7 18.7 Ceylon.............................................. 3.7 2.4 2.7 2.4 ^ Represent a partial breakdown of the amounts shown in the “other” their date of issue; the latter, however, exclude nonnegotiable, non­ categories (except “Other Eastern Europe”) in Tables 2a-2e. interest-bearing special U.S, notes held by the International Develop­ io Includes data reported for Malawi (formerly Nyasaland) and ment Assn, and the Inter-American Development Bank. For data on Zambia (formerly Northern Rhodesia). long-term liabilities, see Table 6. For back figures and further descrip­ tion of the data tn this and the following tables on international capital Note.—Short-term liabilities are principally deposits (demand and transactions of the United States, see “International Finance,” Section time) and U.S. Govt, securities maturing in not more than 1 year from 15 of Supplement to Banking and Monetary Statistics, 1962. 3. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars To banks and official institutions To all other foreigners Payable End of period Total in foreign Total Dem D an e d pos T it i s me 1 c T e b r r il t e U l i s f a i . c S s a a u . n t r e d y s S no p U t e . e S c s i . a 2 l Other 3 Total Dem D an e d pos T it i s me 1 c T b e r i r l e U l t s i a f . i S s c a u . a n r t d y e s Other 3 currencies 1961....................... 22,450 19,944 8,544 7,363 2,388 1 ,549 2,356 1 J776 149 231 150 1961 4.................... 22'533 20'025 8'707 7'363 2'388 1 '567 2'358 1 977 149 232 150 1962....................... 25,019 22'311 8,528 9.214 3.012 1 '557 2,565 2.096 116 352 143 1963 ....................... 25'967 22'787 5,629 3.673 8,571 3,036 1 ,878 3’047 1 ,493 966 119 469 134 1964 *.................... ’28.877 r25'.4lO -6.731 3.994 8 727 3'308 -2.650 3+77 1 .53! 1 ,271 72 503 90 1965—Jan............. ’28,811 '25.331 '6,868 4.047 8.560 3,303 ’2.553 3.383 1 ,509 1 .295 81 497 97 Feb............. -28,948 -25.444 ’6.772 4,032 8.607 3,303 ’2.730 3.431 I +16 1 ,320 79 515 73 Mar............ ’28'327 ’24.781 ’6.647 3.970 7.978 3'373 ’2.813 3.482 r. 541 1 .362 79 501 64 Apr............. ’27,882 ’24.321 ’6.247 3,982 7.767 3.367 ’2.958 3.478 1.546 1 +93 77 461 84 May . ’27.463 ’23,933 ’6.105 3.933 7,690 3.167 ’3.038 3.440 1,516 1 +00 79 445 90 ’27.785 ’24,212 '6.486 3.911 7.640 3.167 ’3.008 3,473 1 .522 1 .418 86 446 101 July............ r27.836 ’"24.256 ’6.556 3+62 7,175 3.462 ’3,101 3+84 1,536 1 +23 87 438 97 Aug............ ’28.509 ’24,911 ’7.080 4,007 7,284 3.434 ’3.106 3+85 1 +80 1 ,471 88 447 113 Sept............ ’28,881 ’25.260 ’6.977 3.930 7,674 3.494 ’3.185 3,501 1 .504 1 +92 81 426 1 1 8 Oct............. ’29+03 ’25.556 ’7.048 4.077 7.784 3.489 ’3.158 3.546 1’515 1 ,529 91 410 101 Nov............ 29 J 33 25,432 6.810 3,998 8,040 3.470 3.114 3.602 I .551 1 .573 91 387 98 Dec. '*......... 29.040 25'381 6.570 3.949 8’219 3+70 3.173 3.600 1,575 1 .608 87 330 59 1966—Jan J-.......... 29,238 25,249 6 871 4.027 7.763 3.558 3.030 3.627 1.563 1 ,639 94 331 361 1 Excludes negotiable time certificates of deposit which are included time certificates of deposit. in “Other.” 4 These figures reflect the inclusion of data for banks initially included 2 Nonnegotiahlc, 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 +55; foreign banks, etc. +60; Bank, which amounted to $225 million on Jan. 31, 1966. other foreigners +23; 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

March i%6 INTL. CAPITAL TRANSACTIONS OF THE U.S. 433 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, io a n n a d l Europe Canada A L m a e ti r n ica Asia Africa 1 co O un th tr e ie r s 2 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 I 939 638 1,742 2,493 104 58 1964 ............................................................................. 7 >69 1 1,217 725 2>12 3'137 120 58 1964 4................................................................................... ’•7,957 * 1 >30 1 ,004 '2.235 '3'294 131 '64 1965—Jan........................................................................... '7,768 2 1,174 1,000 2,206 '3.217 112 56 Feb......................................................................... '7.887 1 1,185 1,059 '2,244 '3.229 118 51 Mar........................................................................... '7,934 ♦ 1, 185 981 2,195 '3.390 130 53 Apr........................................................................... '7,800 * 1’167 902 2,178 '3,367 129 57 '7.775 * 1,173 851 2; 191 '3.367 136 57 '7,758 1,164 807 2,172 '3,409 146 61 July........................................................................... '7.570 1,126 786 2,116 '3 >29 151 62 '7.541 * '1,121 758 2,124 '3>37 142 59 Sept......................................................................... '7.498 ♦ 1,213 678 2,136 '3 >66 146 39 Oct............................................... ........................... '7.392 * 1,156 679 2,156 '3.189 146 66 Nov.......................................................................... 7.489 * 1 .169 685 2,179 3,253 134 69 Dec,'1 ..................................................................... 7,646 * 1,201 593 2,294 3.352 139 67 Dec."^..................................................................... 7,732 * 1 .203 668 2 >99 3,356 139 67 1966—Jan J’......................................................................... 7,564 * 1,205 632 2,214 3,296 142 76 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 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.................................. 1.217 10 42 28 85 79 159 9 109 39 43 19 40 47 1964 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 1 1 106 33 46 28 32 51 Feb........................ 1 '185 9 72 20 76 84 203 9 125 42 44 26 26 45 Mar...................... 1,185 10 49 21 77 75 186 10 138 46 49 34 32 44 Apr........................ 1'167 9 49 27 77 82 173 10 123 47 49 36 43 47 M ay...................... 1'173 9 43 23 75 83 184 14 116 44 51 36 46 38 June...................... 1,164 9 40 19 74 86 167 11 113 46 50 34 38 42 July....................... 1,126 8 37 20 71 72 174 11 113 40 44 32 52 40 Aug....................... '1.121 10 34 20 71 81 169 12 108 38 45 27 '46 39 Sept....................... 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....................... 1,169 10 50 29 79 79 173 12 110 36 47 23 41 44 Dec.'1............. 1,201 8 52 37 87 72 190 13 110 38 51 26 50 52 Dec J* 5.................. 1 .203 8 52 37 87 72 190 13 1 10 38 51 26 50 52 1966—Jan?'..................... 1 ,205 9 57 33 86 74 177 13 121 39 55 26 59 53 4a. Europe—Continued 4b. Latin America End of period S la w e n r it ­ d z­ T k u e r y ­ U K d n i o n it m e g d ­ Y sl u a g vi o a ­ W E O u e t r s h o t e e p r r e n 6 U.S.S.R. E E O a u t s r h t o e e p r r n e 7 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 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 97 36 319 15 20 20 2,212 210 145 188 319 17 630 1964 11 1 37 310 16 20 ♦ 20 '2,235 203 126 '176 338 17 644 1965-—Jan........................ 1 14 36 223 16 20 21 2,206 210 125 '165 313 16 659 Feb........................ 118 32 196 15 21 23 '2,244 209 119 '156 313 16 686 Mar....................... 1 16 30 199 20 23 ♦ 24 2,195 201 119 141 292 16 685 Apr........................ 98 7 213 24 24 1 28 2,178 204 108 140 295 17 684 May............ 95 17 216 28 25 * 30 2,191 208 112 135 294 16 691 June...................... 99 31 223 29 26 1 28 2,172 204 112 144 285 16 693 July....................... 87 42 195 32 26 2 27 2,116 208 113 139 276 16 671 Aug....................... 82 42 201 39 28 3 29 2,124 219 111 135 265 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.. , ................. 81 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 Dec. "J.................. 73 42 212 28 28 6 27 2.299 237 94 174 270 16 674 1966-—Jan."..................... 88 36 199 23 27 5 25 2,214 231 96 176 243 16 662 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

434 INTL. CAPITAL TRANSACTIONS OF THE U.S. MARCH 1966 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 4b. Latin America—Continued 4c. Asia Other Baha­ Neth. Other E p n er d i o o d f Panama Peru g U u r a u y ­ V zu e e n l e a ­ re l L ic p . s A u b . 8 ­ m B m u & d e a a r s ­ 1 A S n n a u t & i m l r l i e ­ s A L ic m a a t e in 9 r ­ Total C M la h a n in i d n a ­ H Ko o n n g g India I n n e d s o ia ­ Israel 1961.................. 32 74 55 144 56 13 74 51,891 2 9 8 * 36 1962.................. 30 85 122 102 66 9 98 2,017 2 13 20 37 1963.................. 35 99 65 114 135 42 9 16 2,493 2 11 17 22 1964.................. 41 102 76 165 222 58 18 20 3,137 2 26 22 7 44 19644................ 49 108 78 168 224 65 18 21 ’•3,294 2 28 21 7 47 1965—Jan........ 49 109 78 158 221 68 19 18 G,2I7 2 21 22 7 37 Feb....... 57 112 84 161 230 63 19 19 0,229 1 21 16 7 46 Mar...... 50 1 16 84 164 229 62 19 18 r3,390 1 25 28 7 55 Apr....... 49 1 12 81 173 221 58 19 19 0,367 24 28 7 57 May.... 51 1 19 78 173 216 58 19 19 0,367 1 27 28 4 55 June.. . . 50 1 17 72 167 213 59 19 18 0,409 1 34 26 54 July.... 47 1 15 67 164 208 56 17 20 0.329 1 32 21 1 54 Aug....... 48 122 68 172 210 52 13 2! 0,337 1 32 19 2 53 Sept....... 51 125 67 177 217 56 13 21 0,266 1 28 18 2 54 Oct........ 53 138 67 184 222 55 14 22 0,189 1 27 19 2 67 Nov....... 55 147 54 181 234 52 14 22 3,253 1 28 16 1 76 Dec,*'... 59 171 45 220 250 53 14 23 3,352 1 29 17 2 86 Dec.''5,, 59 171 45 220 250 53 14 23 3,356 1 29 17 2 86 1966—Jan.''. .. 59 172 49 185 236 51 13 24 3,296 1 24 22 ? 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 an i­ T la h n a d i­ O A t s h i e a r Total * ( p L o e ld o - ­ M c o o r o • c­ A S f o r u ic th a ( U E . g A y . p R t . ) A O f t r h ic e a r 1 Total 2 A tr u a s - - oth A e ll r10 ville) 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 1 15 28 59 58 48 9 1964. 2,653 21 202 9 64 88 120 1 2 19 42 56 58 48 10 I964« ....................... r2,810 21 203 9 65 82 131 1 2 20 42 67 '64 48 16 1965--Jan................. ’2,742 20 205 10 70 80 112 1 1 15 31 63 56 43 13 Feb................ 0,746 20 208 12 73 80 118 1 2 15 29 71 51 39 12 Mar......... 0,861 20 212 12 71 97 130 1 3 19 35 72 53 41 12 Apr................ 0,833 20 212 13 73 99 129 1 2 21 35 70 57 45 13 May............... 0,834 21 209 13 76 99 136 2 20 38 75 57 45 13 June............... 0,880 20 200 12 77 106 146 I 3 22 43 77 61 48 13 July................ 0,831 20 191 11 74 94 151 2 ’31 40 r78 62 48 14 Aug................ 0,830 21 ’■196 10 74 101 142 1 2 '31 36 r72 59 46 14 Sept................ 0,755 20 212- 9 72 93 146 2 '36 38 ’69 59 45 14 Oct................. 0,656 20 219 9 70 98 146 1 ’36 35 ’71 66 52 15 Nov................ 2,683 20 240 11 71 104 134 1 2 33 32 67 69 55 14 Dec.*’............ 2,751 22 240 15 82 108 139 2 35 43 59 67 52 15 Dec.*’5.......... 2,754 22 241 15 82 108 139 1 35 43 59 67 52 15 1966--Jan,*'.............. 2,685 24 240 15 84 113 142 1 2 38 38 63 76 62 14 i Not reported separately until 1963. 9 Until 1963 includes also the following Latin American republics: 2 Includes Africa until 1963. Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, J Includes $58 million reported by banks initially included as of Dec. and Trinidad and Tobago. 1961, of which $52 million, reported for Japan. >o Until 1963 includes also African countries other than Congo (Leo­ 4 Differs from December data in line above because of the exclusion poldville), South Africa, and U.A.R. (Egypt). as of Dec. 31, 1964, of $58 million of short-term U.S. Govt, claims previously included; and because of the addition of $546 million of short­ Note.—Short-term claims are principally the following items payable term claims arising from the inclusion of claims previously held but first on demand or with a contractual maturity of not more than 1 year; loans reported as of Dec. 31, 1964, and revision of preliminary data. made to and acceptances made for foreigners; drafts drawn against 3 Differs from December data in line above because of the addition foreigners where collection is being made by banks and bankers for of short-term claims held in custody for domestic customers, but reported their own account or for account of their customers in the United States; by banks for the first time as of Dec. 31, 1965. and foreign currency balances held abroad by banks and bankers and 6 Until 1963 includes Eastern European countries other than U.S.S.R., their customers in the United States. Excludes foreign currencies held Czechoslovakia, Poland, and Rumania. by U.S. monetary authorities. ? Czechoslovakia, Poland, and Rumania only until 1963. See also Note to Table 2. 8 Bolivia, Dominican Republic, El Salvador, and Guatemala only until 1963. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 435 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 Total Collec­ ances govt, se­ End of period Total Official t o io u n t s ­ fo m r a a d c e c t, Other 3 Total D w e it p h o f s o it r s ­ c c u o r m itie m s l , , Other4 Total in tio st n it s u 1 ­ Banks Others st i a n n g d­ e o ig f n f e o r r s ­ 2 eigners a n n a d n c f e i­ paper2 1961............................... 4,762 4,177 1,646 329 699 618 694 1,837 586 385 200 1961s.............................. 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................................ 7,’469 6,810 2,652 223 I ,374 1,055 1 ,007 2'600 552 659 400 182 77 19646............................ r?;957 ’7,333 2,773 221 1 ,403 ’1,150 ’1,135 2,621 ’803 ’624 ’336 187 102 1965—Jan...................... '7,768 ’7,137 ’2,789 221 1 ,427 1,140 ’1 ,056 2,51 1 ’781 ’631 ’343 181 107 Feb..................... ’7,887 ’7,228 ’2,949 250 1 ,491 ’1'208 ’1'013 2'499 ’767 ’659 ’348 188 123 Mar.............. r?;934 r7,334 2,954 243 1 ,504 1 '207 ’1 .081 2'590 ’708 ’599 ’325 157 117 Apr..................... ’'7,800 ’7'251 2'909 208 1 393 1 '208 ’1 ,088 2 J 84 ’670 ’549 ’310 138 100 May................... ’7 J75 r7,200 2,818 213 1,461 1'144 ’1 '099 2'607 ’676 ’575 ’330 147 98 June.................... r7'758 ’7'191 2'854 231 1 ,476 1' 147 rl, 131 2,605 ’601 ’566 ’328 141 98 July..................... ’7'570 ’7,037 2,803 241 1 ,422 1’139 ’1,136 2 J31 ’566 ’533 ’308 141 84 Aug..................... ’7,541 ’7,032 ’2,821 ’233 ’1 ,458 1'129 ’1,158 2'509 ’544 ’509 ’298 125 87 Sept.................... ’'7'498 ’6,965 2,813 ’239 ’1 ,468 ’1'106 ’1'189 2'454 510 533 364 78 90 Oct............ r7J92 ’6,895 2,806 265 1 ,440 1' 101 ’1,191 2322 476 496 321 82 93 Nov.................... 7,489 6,986 2,893 255 1 ,535 1 JOI 1,207 2 JI 1 477 503 325 75 103 Dec.’1............. 7'646 7 J72 2,968 272 1 ,566 1 J 30 1 '219 2'563 422 474 325 54 95 DecJ'7......... 7’732 7,241 2,968 272 1 J66 1,130 1 '220 2.563 490 491 328 68 96 1966—Jan J'................... 7,564 7,083 2,864 259 I ,497 1 J08 1 ,200 2,543 476 481 298 65 119 i Includes central banks. 6 Differs from December data in line above because of the exclusion 2 Not reported separately until 1963. as of Dec. 31, 1964, of $58 million of short-term U.S. Govt, claims 3 Until 1963 includes acceptances made for account of foreigners. previously included; and because of the addition of $546 million of short­ 4 Until 1963 includes foreign government securities, commercial and term claims arising from the inclusion of claims previously held but first finance paper. reported as of Dec. 31, 1964, and revision of preliminary data. 5 These figures reflect the inclusion of data for banks initially included i Differs from December data in line above because of the addition as of Dec. 31, 1961. of short-term claims held in custody for domestic customers, but reported by banks for the first time as of Dec. 31, 1965. 6. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Claims Type Country or area Total End of period liabili­ ties Total Payable in dollars Payable claims Loans o A th l e l r f r o e c r n u i e n c r i i g ­ e n s U K d n i o n it m e g d ­ E O u t r h o e p r e Canada A L m a e ti r n ic a Japan O A t s h i e a r Africa1 ot A he ll r2 1961................................ 2 2,034 11 482 274 931 24 146 166 1962................................ 7 2'160 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............................... 305 3,971 3,777 195 * 77 1,61 1 273 1,162 385 238 123 103 1964 4............................. 305 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 Feb..................... 493 4,735 4,426 304 5 90 1 ,790 399 1,403 454 276 189 133 Mar..................... 458 4,746 4,458 284 5 96 1,770 364 1,406 472 297 204 137 Apr..................... 441 4'680 4,375 299 6 95 1 '770 378 l'334 479 295 193 136 M ay. ................. 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 L327 479 305 203 129 July..................... 442 4,533 4,233 295 5 89 1 ,619 359 1,311 482 322 207 144 Aug................ 443 4J58 4,260 293 4 87 1 ,614 357 1,311 475 340 213 161 Sept............ 450 4,586 4,290 292 5 88 1 ,590 355 1,323 47! 358 221 181 Oct...................... 415 4'575 4'280 288 6 89 1 '578 348 1,323 464 354 221 197 Nov..................... 463 4,564 4,274 284 6 87 1,557 354 1,310 462 372 211 211 Dec J’................. 491 4,501 4,207 286 8 86 1 ,516 346 1,294 445 379 208 228 1966—Jan.1'................... 485 4,424 4,142 276 6 84 1 ,488 336 1,251 437 381 201 246 i 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 long-term claims arising from the inclusion of claims previously held but $193 million reported for the first time as of Dec. 1963, representing first reported as of Dec. 31, 1964, and revision of preliminary data. n part claims previously held but not reported by banks. Included in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

436 INTL. CAPITAL TRANSACTIONS OF THE U.S. MARCH 1966 7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Govt, bonds and notes 1 U. s S e . c c u o ri r ti p e o s r a 2 te 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 s a t e l e p s s u o r r ­ ch P a u s r e ­ s Sales c N ha s e s a t e le p s s u o r r ­ c P ha u s r e ­ s Sales c N ha s e s a t e l 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 -59 36 3,537 3,710 -173 915 I ,838 -923 748 548 200 1965/*............................. -76 -151 75 -20 95 4,282 4,768 -486 1.204 2,428 -1,224 906 616 290 1965—Jan.................... -66 -68 2 -15 17 240 249 -9 '51 rl 13 '-62 86 48 38 Feb.................... -7 -38 30 32 -1 282 292 ’-10 '55 '279 '-224 79 45 34 Mar................... -17 * -17 * -17 427 395 32 '48 ’182 '-134 78 55 23 Apr.................... 65 * 65 65 338 342 -4 ■95 '201 '-106 93 69 23 May.................. -1 -1 -15 14 346 '343 ’•3 ^127 '176 '-49 70 52 18 June.................. 14 * 14 * 14 326 563 -236 '99 r258 '-159 71 36 35 July................... 20 20 20 244 355 -112 ^72 '145 '-73 64 40 24 Aug................... 8 -4 12 -2 14 234 335 - 100 '48 '97 '-49 '70 44 26 Sept................... 6 ♦ 6 6 365 393 -28 '289 '419 '-130 75 54 21 Oct.................... -44 -44 -11 -33 434 441 -6 '101 '215 '—114 67 52 15 Nov................... -56 -43 -13 -8 -5 426 453 -27 125 208 -83 69 51 18 Dec?'......... 2 1 .............. 1 619 607 12 94 135 -41 83 70 13 1966—Jan.p................. -9 - 10 1 -5 6 470 435 35 67 308 -240 73 65 7 1 Excludes nonmarketable U.S. Treasury bonds and notes held by Note.—Statistics include transactions of international and regional official institutions of foreign countries; see Table 8. organizations, 2 Includes State and local govt, securities, and securities of U.S. Govt, See also Note to Table 2. agencies and corporations which are not guaranteed by the United States. 8. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars) Payable in foreign currencies Payable in dollars End of period Total Austria Belgium Germany Italy Switzerland 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 .................3..27 354 329 ...............2..5.. 1965—Feb............................ 1,112 75 30 679 327 354 329 25 Mar............................ 1,137 101 30 679 327 354 329 25 Apr............................ 1,137 101 30 679 327 354 329 25 May.......................... 1,137 101 30 679 327 354 329 25 June.......................... 1,137 101 30 679 327 354 329 25 July........................... 1 ,259 101 30 653 125 350 354 329 25 Aug............................ 1,259 101 30 653 125 350 354 329 25 Sept............... 1,259 101 30 653 125 350 354 329 25 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 Feb............................ 839 101 30 401 125 182 484 299 160 25 i Includes bonds payable in Swiss francs to the Bank for International with transactions under the Columbia River treaty. Amounts out­ Settlements. Amounts outstanding were $70 million May 1964-June standing were $204 million Sept. 1964-Oct. 1965 and $174 million for 1965 and $93 million July-Dec. 1965. Nov. J965-Feb. 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

MARCH 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 437 9. NET PURCHASES OR SALES BY FOREIGNERS OF U,S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Country or area Period Total Stocks Bonds France S l z a w e n r d i ­ t­ U K d n i o n it m e g d ­ E O u t r h o e p r e E T u o ro ta p l e Canada A L i m a c t a e in r­ Asia Africa * O c tr o t ie h u s e n 2 r ­ re I g a n i n o t d i n , al 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 I965'J............ -486 -499 13 14 -63 -522 22 -548 37 -15 24 -4 -1 21 1965—Jan.. . -9 -9 -2 -3 -1 -6 -3 -1 * 1 Feb... ’-10 8 ’-18 2 -2 7 -3 4 ’ -12 -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.. ’3 -42 '44 3 -5 -9 -1 -12 ’10 3 1 2 June.. -236 -65 -172 6 -4! -220 -7 -262 29 -3 -2 2 July.. -112 -96 -16 -4 -22 -90 -1 -117 H -7 2 -3 3 Aug... -100 -93 -8 -8 -82 -2 -92 -13 -I 4 1 Sept... -28 -38 11 4 20 -56 -4 -36 -3 I 7 2 Oct.. . -6 -6 -1 4 10 -21 * -7 -4 * 4 * 1 Nov,. -27 -35 8 2 -2 -16 -16 -13 -1 2 * 1 Dec.", 12 -94 105 -10 4 -25 23 -8 17 -2 1 -1 ♦ 5 1966—Jan." . 35 22 12 5 2 2 18 27 -3 3 6 * * 1 i Not reported separately until May 1963, Note.—-Statistics include State and local govt, securities, and securities 2 Yearly figures through 1963 include Africa. of U.S. Govt, agencies and corporations which are not guaranteed by the United States. 10. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM 11. DEPOSITS, U.S. GOVT. SECURITIES, AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Inti, Total Assets in custody Period Total g a i r o n e n d ­ a l c e t f o r o i i g u e r n n s ­ ­ r E op u e ­ C a a d n a ­ A L i m a ca t e in r­ Asia r A ica f­ 1 c O tr o i t e u h s n e 2 r ­ E pe n r d i o o d f Deposits U se .S cu . r G iti o e v s t 1 , Ear g m o a ld rked 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".................. -934 - 164 -770 98 -637 -55 -131 9 -54 1965—Feb... 154 8,100 12,940 1965—Jan.......... ’-23 5 ’-28 14 ’-27 ’2 -20 1 3 Mar... 162 7,741 13,187 Feb......... ’-190 -178 ’-12 2 ’-8 -4 -3 1 Apr.. . 146 7,626 13,174 Mar........ ’-112 3 ’-1 15 -6 ’-102 ’-8 -1 * 2 May. . 142 7,713 13,050 Apr.......... ’-82 4 ’-86 22 ’-38 -26 -47 ’4 June. . 179 7,599 12,951 May..... ’-31 3 ’-34 14 ’-34 ’7 -21 July... 147 7,221 13,108 June........ ’-124 9 ’-133 ’-41 ’-67 -6 -23 1 3 Aug... 356 7,264 13,065 July........ ’-49 — 13 ’-36 33 ’-48 -4 -2 1 ’-15 Sept... 213 7,805 12,923 Aug......... ’-23 1 ’-23 ’18 ’-46 5 -I 1 Oct... 144 7,974 12,905 Sept......... ’-108 -17 ’-92 27 ’-117 -5 12 4 -12 Nov... 149 8,171 12,824 Oct.......... ’-99 6 ’-105 -9 -100 3 -2 * 3 Dec... 150 8,272 12,896 Nov......... -65 6 -71 30 -31 -17 -29 -24 Dec.".... -28 8 -36 -6 — 19 -1 -14 2 2 1966—Jan... 283 7,974 12,933 Feb.. . 140 7,850 12,964 1966—Jan.".... -233 7 -240 6 -234 -9 -8 1 4 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

438 INTL. CAPITAL TRANSACTIONS OF THE U.S. MARCH 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 Sept. Dec. Dec.1 Mar. June Sept.* Sept. Dec. DecJ Mar. June Sept.1' Europe: Austria....................................... 3 2 2 2 2 2 5 7 7 7 5 6 Belgium...................................... 22 20 20 25 21 23 17 19 19 16 16 20 Denmark.................................... 1 2 2 2 1 1 6 6 6 9 11 11 Finland....................................... 1 1 1 1 1 8 7 7 6 6 6 France......................................... 31 31 31 35 47 51 50 61 61 69 71 81 Germany, Fed. Rep. of........... 44 63 63 70 73 59 95 140 140 114 '118 105 Greece......................................... 4 4 4 5 6 7 10 10 10 7 8 10 Italy............................................. 2? 26 26 16 16 18 90 95 95 84 81 76 Netherlands............................... 31 33 33 40 50 45 32 31 31 '29 31 30 Norway................................... 2 1 1 2 5 2 7 8 8 6 7 7 Portugal...................................... 2 2 2 2 2 6 9 4 4 8 10 7 Spain........................................... 12 10 10 5 5 13 45 42 42 39 33 48 Sweden ....................................... 7 8 8 6 9 11 19 19 19 21 23 20 Switzerland................................ 36 33 33 34 35 49 16 22 22 29 41 40 Turkey......................................... 5 6 6 7 7 4 4 9 9 12 8 8 United Kingdom...................... 108 102 104 402 400 128 407 329 330 r365 '294 289 Yugoslavia................................. 1 1 I 1 1 1 3 3 3 6 5 5 Other Western Europe............ 4 5 5 6 5 6 6 9 9 7 8 8 U.S.S.R....................................... * * * I Other Eastern Europe............. 1 1 ! 1 * * 3 2 2 3 2 2 Total.................................. 341 350 353 ^361 '386 427 832 822 824 '838 '778 777 Canada........................................... 60 77 79 '77 '82 84 1 ,032 1,057 1,128 r9O8 '778 756 Latin America: Argentina............................... 4 3 3 3 2 3 26 30 30 33 29 38 Brazil........................................... 11 11 11 11 1 1 14 128 145 145 113 93 89 Chile........................................... 4 5 5 4 4 4 25 25 25 25 27 30 C C o u l b o a m ... b .. i . a ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 10 10 * 12 13 13 25 4 25 4 25 4 2 4 6 2 4 2 21 4 Mexico....................................... 8 6 7 6 6 4 64 69 76 '75 '76 71 Panama...................................... 26 28 28 25 21 12 9 12 12 11 9 12 Peru............................................. 5 7 7 7 5 6 23 26 26 21 27 26 Uruguay..................................... 1 1 1 2 1 8 10 10 9 11 11 Venezuela................................... 20 16 16 19 19 20 45 46 46 40 43 47 Other L.A. republics................ 11 15 15 13 15 16 47 51 51 49 53 54 Bahamas and Bermuda............ 2 2 1 2 2 2 19 11 11 8 9 5 Neth. Antilles & Surinam........ 9 6 6 5 6 8 4 4 4 3 3 5 Other Latin America................ 4 6 6 1 1 2 10 10 10 9 9 9 Total................................... 111 115 115 107 108 106 438 468 475 '426 '416 422 Asia: China Mainland........................ 1 1 1 1 1 1 * Hong Kong................................ 2 2 2 2 2 2 7 9 9 9 8 8 India........................................... 16 21 21 22 24 26 37 41 41 45 41 36 Indonesia.................................... 3 4 4 6 7 9 4 4 4 5 6 4 Israel........................................... 1 1 1 2 2 3 7 7 7 6 7 5 Japan........................................... 31 28 28 22 30 28 174 180 180 181 172 168 Korea.......................................... 1 1 5 4 4 5 6 14 Philippines................................. 6 5 5 6 6 6 14 11 11 15 14 14 Taiwan........................................ 3 3 2 1 1 5 5 5 5 7 5 Thailand..................................... 1 1 1 1 1 1 7 5 5 7 7 7 Other Asia.................................. 21 21 21 24 23 31 55 60 60 62 66 68 Total................................... 82 88 88 87 98 109 315 327 327 339 332 328 Africa: Congo (Leopoldville)........... 3 4 4 * 5 6 6 2 3 1 Morocco ..................................... 1 * ♦ * * ♦ 2 1 I 1 2 1 South Africa.............................. 11 14 14 22 22 16 11 11 11 19 24 23 U.A.R. (Egypt)......................... I 3 3 1 2 1 12 13 13 17 12 14 Other Africa.............................. 5 10 10 10 7 6 27 26 26 23 27 27 Total................................... 22 31 31 34 32 23 57 57 57 63 68 66 Other countries: Australia................................ 26 25 25 23 25 21 38 38 38 33 36 33 All other..................................... 8 9 9 8 9 6 7 7 7 8 7 7 Total................................... 34 34 34 32 34 27 45 45 45 41 43 40 International and regional.......... ♦ * * * * ♦ * * * ♦ * * Grand total........................ 650 695 700 '696 '740 776 2,719 2,776 2,855 '2,617 '2,415 2,389 1 Includes data from firms reporting for the first time. Data exclude claims held through U.S. banks, and intercompany accounts between U.S. companies and their foreign affiliates. Note.—Reported by exporters, importers, and industrial and com­ mercial concerns and other nonbanking institutions in the United States. See also Note to Table 2. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 INTL.CAPITAL TRANSACTIONS OF THE U.S. 439 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 Payable Payable Payable Total dol i l n a rs cu f . o r r r e i e n n i g c n ie s Total do i l n la rs D ba e n p k o s s i a ts b r w oa it d h in reporter’s Other name I960—Dec......................................................................................... 507 437 70 1 ,505 875 71 560 1961—Mar......................................................................................... 583 510 73 1 248 939 76 233 Mar.1..................................................................................... 600 524 76 1 305 968 89 248 June................................................................................. 673 563 111 1 ,496 1,181 122 193 June1.................................................................................... 684 572 113 1,528 1,208 126 194 Sept........................................................................................ 672 582 89 1 646 1 323 131 192 Sept i..................................................................................... 676 587 89 1,664 1 340 132 192 Dec,....................................................................................... 678 569 109 1 636 1 335 150 151 (962—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 I 668 217 212 1963—Mar....................................................................................... 614 470 144 2,113 1,712 201 200 Mar.1. . ............................................................................... 616 472 144 2,162 1,758 204 200 June........................................................................................ 674 529 146 2,282 1,877 222 183 Sept..................................................................................... 691 552 139 2 257 1,830 225 202 Dec................................ 626 478 148 2 131 1 739 201 191 Dec.2..................................................................................... 626 479 148 2,188 1,778 199 211 1964—Mar........................................................................................ 63! 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 Dec.1..................................................................................... 700 556 144 2,855 2,340 205 310 1965—Mar........................................................................................ ’696 ’531 ’166 ’2,617 r2 150 ’189 ’278 June....................................................................................... ’740 ’568 ’172 ’2,415 ’1 ,969 r198 r249 Sept.".................................................................................... 776 581 196 2,389 1 ,932 190 268 1 Includes data from firms reporting for the first time. 3 Includes reports from firms having $500,000 or more of liabilities or 2 Includes data from firms reporting for the first time and claims pre- of claims; for previous series the exemption level was $100,000. viously held hut 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 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 O m La t e h t r i e n ic r a Japan O A t s h ia er 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 to 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 Dec.5...................... 107 1 ,086 56 119 1 88 215 77 137 89 98 91 15 1965—Mar......................... ’’115 ’1,079 ’35 ’125 ’200 ’220 ’77 ’137 8! ’96 ’91 ’18 June............. mo rl ,084 ’31 ’121 ’205 221 ’72 ’144 85 ’96 ’91 ’17 Sept.7'...................... 122 1'101 31 119 227 217 74 138 89 96 91 18 1 Until June 1963 Africa included in “All 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. 5 Includes data from firms reporting for the first time. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

440 U.S. BALANCE OF PAYMENTS MARCH 1966 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1964 1965 Item 1963 1964 I II III IV 1 11 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............................................................ 2,1(5 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 * 6 -5 Other nonconvertible, nonmarketable, me­ dium-term U.S. Govt, securities: Payable in U.S. dollars3.................................. -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 V A. Balance on liquidity basis Seasonally adjusted (= 1 + 2 + 34-4 + 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 Plus: 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............................................ -236 -245 -83 -31 -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

MARCH 1966 U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE 441 U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1964 1965 Item 1963 1964 I II III IV I II III” Transactions by which balances were settled'—-Not seasonally adjusted A. To settle balance on liquidity basis............................ 2,670 2,798 -224 632 1,021 1,369 180 -200 975 Change in U.S. official reserve assets (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 ^.................................................. 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 B. Official reserve transactions................... 1,977 1,224 -SOI SIB 459 748 -19 -39 292 Change in U.S. official reserve assets (increase, —)............................................................. 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 forsign central bank’s and govts.4 ................ -74 -20 -50 * * 30 1 Excludes military transfers under grants. 6 With original maturities over I 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. 5 Reflects 1259 million payment of gold portion of increased U.S. subscription to IMF. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports1 Imports2 Export surplus Period 1963 1964 1965 1966 1963 1964 1965 1966 1963 1964 1965 1966 Month: Jan....................... 3 986 2,040 3 1,215 2,249 3 1,100 1 ,418 3 1,193 1,936 3 -114 622 322 313 Feb...................... 32,124 2,058 3 1,599 3 1,516 1,459 31,600 3614 599 3 -1 Mar..................... 31,958 2,075 3 2,755 3 1,485 1,518 31,861 3473 557 3 894 Apr...................... 3 1,914 2,061 3 2,380 3^,415 1,537 31 ,833 3 499 524 3 547 May..................... 1,895 2,047 32,260 1,416 1,530 3 1,789 479 517 3471 June..................... 1,803 2,077 3 2,230 1,431 1,514 3l,830 372 563 3 400 July..................... 1 ,841 2,119 2,256 1,450 1,573 4 1,663 391 546 4 593 Aug...................... 1,922 2,100 2,333 1,497 1,608 3 1 ,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 3 2,006 512 605 3 336 Nov..................... 1 ,966 2,206 2,408 1,466 3 1,698 3 1,903 500 35O8 3 505 Dec...................... 2,091 3 2,426 2,356 1 ,480 3 1 ,642 2,035 611 3 784 321 Quarter: I.......................... 3 5,068 6,173 3 5,569 34,095 4,395 3 4,654 3 973 1,778 3915 II......................... 3 5,612 6,185 36,870 3 4,262 4,581 35,452 31,350 1,604 31,418 in........................ 5,721 6,480 6,913 4,390 4,744 45,234 1,331 1,736 41,679 IV........................ 6,024 36,788 7,106 4,401 3 4,891 3 5,944 1,623 31,897 31,162 \ ear 5...................... 22,424 25,671 26,567 17,142 18,684 21,366 5,282 6,987 5,201 1 Exports of domestic and foreign merchandise; excludes Dept, of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Significantly affected by strikes and by change in statistical procedures. Mutual Security Program. 5 Sum of unadjusted figures. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Note.—Bureau of the Census data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

442 MONEY RATES MARCH 1966 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Feb. 28, 1965 Rate Country 1965 1966 as of Feb. 28, Per Month 1966 cent effective Mar, Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 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 1....................... 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 15.86 15.86 Colombia.............................. • 8.0 May 1963 8.0 Costa Rica.............................. 3.0 Apr. 1939 3.0 Denmark................................. 6.5 June 1964 6.5 Ecuador................................... 5.0 Nov. 1956 5.0 El Salvador............................. 4.0 Aug. 1964 4.0 Finland................................... 7.0 Apr. 1962 7.0 France..................................... 4.0 Nov. 1963 3.5 3.5 Germany, Fed. Rep. of..... 3.5 Jan. 1965 4.0 4.0 Ghana..................................... 4.5 Oct. 1961 7.0 7.0 Greece..................................... 5.5 Jan. 1963 5.5 Honduras 3............................. 3.0 Jan. 1962 3.0 Iceland..................................... 8.0 Jan. 1965 9.0 9.0 India........................................ 6.0 Feb. 1965 6.0 Indonesia................. • ........... 9.0 Aug. 1963 9.0 Iran ...................................... 4.0 Oct 1963 4.0 Ireland . ................................... 6.75 Feb. 1965 6.81 6.69 6.50 5.92 6.00 5.81 5.84 5.08 5.88 5.75 5.75 Israel............ • 6.0 Feb. 1955 6.0 Italy......................................... 3.5 June 1958 3.5 Jamaica................................... 5.0 Nov. 1964 5.0 Japan ...................................... 6.2! Jan. 1965 5.84 5.48 5.48 Korea.......................... 10.5 Mar. 1964 21.0 28.0 28.0 Mexico.................................... 4.5 June 1942 4.5 Netherlands............................ 4.5 June 1964 4.5 New Zealand................ 7.0 Mar. 1961 7.0 Nicaragua............................... 6.0 Apr. 1954 6.0 Norway.................................. 3.5 Feb. 1955 3.5 Pakistan............... 4.0 Jan. 1959 5.0 5.0 Peru................................... 9.5 Nov. 1959 9.5 Philippine Republic 4........... 6.0 Jan. 1962 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 $................................. 14.04 July 1963 14.04 Thailand................................. 5.0 Oct. 1959 5.0 Tunisia............................. . . 4.0 Oct. 1962 4.0 Turkey.................................... 7.5 May 1961 7.5 United Arab Rep. (Egypt). . 5.0 May 1962 5.0 United Kingdom. ................. 7.0 Nov. 1964 6.0 6.0 Venezuela............................... 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks shown is the one at which it is understood the central bank transacts was fixed at 6 per cent. Rates on loans to money market dealers will the largest proportion of its credit operations. Other rates for some continue to be .25 of 1 per cent above latest weekly Treasury bill tender of these countries follow: average rate but will not be more than the bank rate. Argentina-—3 and 5 per cent for certain rural and industrial paper, de­ 2 Beginning with Apr. I, 1959, new rediscounts have been granted at pending on type of transaction; the average rate charged by banks in the previous half year. Old redis­ Brazil—8 per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; one-eighth each month beginning with May 1, 1959, but the rates are Colombia—5 per cent for warehouse receipts covering approved lists of raised by 1.5 per cent for each month in which the reduction does not products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent occur. for rediscounts in excess of an individual bank’s quota; 3 Rate shown is for advances only. Costa Rica—'5 per cent for paper related to commercial transactions 4 Beginning with June 1, 1962, the rediscount rate for commercial (rate shown is for agricultural and industrial paper); bank loans financing the purchase of surplus agricultural commodities Ecuador—6 per cent for bank acceptances for commercial purposes; under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, Indonesia—various rates depending on type of paper, collateral, com­ 1962, the rediscount rate for commercial bank financing of 9 categories modity involved, etc.; of development loans was reduced from 6 to 3 per cent. Japan—penalty rates (exceeding the basic rate shown) for borrowings 5 Rate shown is for call loans. from the central bank in excess of an individual bank’s quota; Peru—8 per cent for agricultural, industrial and mining paper; and Note.—Rates shown are mainly those at which the central bank either Venezuela—4 per cent for rediscounts of certain agricultural paper and discounts or makes advances against eligible commercial paper and/or for advances against govt, bonds or gold and 5 per cent on advances govt, securities for commercial banks or brokers. For countries with against securities of Venezuelan companies. more than one rate applicable to such discounts or advances, the rate Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1966 MONEY RATES; ARBITRAGE 443 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o f Netherlands Sw la i n tz d er­ Month 3 T m re b o a il n l s s u t , h ry s 1 D m a o d n y a e - y t y o 2 ­ 3 B a a m a c n n c o c k e n e e p t s h r t , s ­ s ’ T 3 r m e b a o ill s n s u t , h ry s D m a d o y a n - y e t o y ­ a B d llo e a w p n o o k a n s e n i r t c s s e ’ D m a o d n y a e - y t y o s ­ Tr 6 d e b 0 a a i - l y l s 9 s s u 0 , 1* r y D m a o d n y a e - y t y o s ­ 3 T r m e b a o ill s n s u t , h ry s D m a d o y a n - y e t o y ­ d P is r r c a iv o t a e u te n t 1963—Dec.............. 3.71 3.55 3.9! 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 4.11 3.13 3.56 3.34 3.69 3.00 Mar............. 3.69 3.45 6,74 6.45 5.92 5.00 4.45 3.13 4.06 3.05 3.39 3.00 Apr.............. 3.67 3.51 6.78 6.45 5.90 5.00 4.00 3.13 4.19 3.39 3.54 3.00 May............ 3.84 3.79 6.73 6.31 5.90 5.00 4.22 3.13 3.44 4.05 3.67 3.00 June............ 3.95 3.80 6.04 5.59 5.02 4.08 4,36 3.13 4.44 4.08 2.69 3.00 July............. 4.00 3.76 5.97 5.59 4.93 4.00 4.34 3.13 4.06 4.13 3.53 3.00 Aug.............. 4.08 3.91 5.97 5.56 4.97 4.00 4.01 3.88 3.44 4.07 2.68 3.00 Sept............. 4.11 3.98 5.97 5.51 4.95 4.00 3.86 3.88 4.75 4.00 2.66 3.00 Oct............... 4.14 3.93 5.92 5.42 4.96 4.00 3.88 3.88 4.31 4.07 3.13 3.00 Nov............. 4.17 3,89 5.91 5.45 4.93 4.00 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 4.48 3.88 4.00 4.29 3.47 3.00 1966—Jan............... 4.61 4.05 5.91 5.50 4.86 4,00 ................ 4.00 4.25 4.32 3.72 3.50 1 Based on average yield of weekly tenders during month. s Based on average of lowest and highest quotation during month. 2 Based on weekly averages of daily closing rates. 2 Rate shown is on private securities. Note.—-For description of rates and back data, see “International 4 Rate tn 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 Date United P d ( r is + e c m ) o i u o u n m r t _ i nc N en e t t i ve Canada P d ( r is + e c m ) o i u u o n m r t inc N en e t t i ve K ( i a n U d g . j d S . o . t o m U S n ta it te e s d S (f p a o r v e f o a r d f ( o p - o rw ) u a n o d r n d L ( o f n a o d v f o o r n ) qu A o s te d A U dj . . S . t o U S n ta it t e es d S (f p a o r v e f o a d r C f ( o a - r n w ) a a d o r i n a d n C ( a fa n o v a f o d r a ) qu b o a t s a is ti ) on London) Can in a da qu b o a ta si t s ion Canada) dollars 1965 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 . Dec. 3............... 5.24 4.10 1.14 -1,07 + .07 4.18 4.08 4.10 -.02 -.81 -.83 10............... 5.33 4.31 1.02 -.97 + .05 4.49 4.38 4.31 + .07 -.61 - .54 17............... 5.36 4.40 .96 -1.02 -.06 4.55 4.44 4.40 + .04 -.67 -.63 23............... 5.36 4.44 .92 - .88 + .04 4.53 4.42 4.44 -.02 -.74 -.76 30............... 5.36 4.45 .91 -1.03 -.12 4.52 4.41 4.45 -.04 -.67 -.71 1966 Jan. 7............... 5,36 4.52 .84 -1.03 -.19 4.58 4.47 4.52 -.05 -.81 -.86 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 4.51 4.53 -.02 -.54 -.56 Feb. 4............... 5.39 4.61 .78 -.86 -.08 4.65 4.53 4,61 -.08 -.49 -.57 11............... 5.42 4.63 .79 - .87 - .08 4.66 4.54 4,63 -.09 -.45 - .54 18............... 5.54 4.63 .91 -.92 -.01 4.65 4.53 4.63 -.10 -.37 -.47 25............... 5.45 4.64 .81 - .97 - .16 4.66 4.54 4.64 -.10 - .50 -.60 5.45 4.57 .88 -1.11 - .23 4.67 4.55 4.57 -.02 -.40 -.42 Note.—Treasury bills: AU rates are on the latest issue of 91-day bills. All series: Based on quotations reported to Federal Reserve Bank of U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. New York by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures see Oct. 1964 Bulletin, Premium or discount on forward pound and on forward Canadian dollar: pp. 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260, bid and offer) at 11 a.m. Friday in New York for both spot and forward Oct. 1964 Bulletin. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

444 FOREIGN EXCHANGE RATES MARCH 1966 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Period Argentina Australia Austria Belgium Canada Ceylon Denmark Finland France (peso) (pound) (dollar) (schilling) (franc) (dollar) (rupee) (krone) (markka) (franc) 1960 1.2026 223.71 3.8461 2.0053 103.122 21.048 14.505 .3112 20,389 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 14,481 .3110 20.384 1962 .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3107 20.405 1963 .7245 223.10 3.8690 2.0052 92.699 21.015 14.484 5 31.057 « 20.404 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--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 31.08! 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 Feb................................. .5284 3 223.38 4 111.62 3.8669 2.0107 92,895 21.005 14.496 31 .059 20.401 Period G (d m e e r u a m ts rk a c ) h n e y (r I u n p d e ia e ) ( I p re o l u a n n d d ) ( I l t i a ra ly ) J ( a y p e a n n ) ( M do a si l l a l a a y r ­ ) M (p e e x s i o c ) o ( e g N r u la e il n d th d e ­ s r ) ( Z p e N o a u e la n w n d d ) 1960 23.976 20.968 280,76 .16104 .27785 32.817 8.0056 26.513 277.98 1961 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 27.555 277.45 1962 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27.755 278.00 1963 25.084 20.966 280.00 .16087 .27663 32.664 8.0056 27.770 277.22 1964 25.157 20.923 279.21 .16014 .27625 32.566 8.0056 27.724 276.45 1965 25.036 20.938 279.59 .16004 .27662 32.609 8.0056 27.774 276.82 1965-—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 20.939 279.7! .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 Feb.................................. 24.904 20.998 280.25 .16003 .27631 32.671 8.0056 27.603 277.48 Period N (k o ro rw n a e y ) R P ( e p p h p e in i u s li e b o p ) l - ic (es g c a u l d o) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w ro ed n e a n ) z (f S e r r a w la n i n t c ­ d ) ( U p K d o n i o u n it m n g e d d ­ ) 1960 14.018 49.770 3.4937 279.71 I.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 I.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--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 I.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 Feb.................................. 13.992 .................. 3.4921 ................... 139.60 1.6660 19.346 23.077 280.25 1 Based on quotations through April 16, 1965. 6 Effective Jan. 1, 1963, the franc again became the French monetary 2 Based on quotations beginning May 5, 1965. unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan, 1, I960. 3 Based on quotations through Feb. Il, 1966. 4 Effective Feb. 14, 1966, Australia adopted the decimal currency Note.—Averages of certified noon buying rates in New York for system. The new unit, the dollar, replaces the pound and consists of cable transfers. For description of rates and back data, see “International 100 cents, equivalent to 10 shillings or one-half the former pound. Finance,” Section 15 of Supplement to Banking and Monetary Statistics. 5 A new markka, equal to 100 old markka, was introduced on Jan. 1, 1962. 1963. 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 J. L. Robertson, Vice Chairman Chas. N. Shepardson J. Dewey Daane Sherman J. Maisel George W. Mitchell Andrew F. Brimmer 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, A dviser Lee W. Langham, Assistant Director 446 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 447 FEDERAL OPEN MARKET COMMITTEE Wm. McC. Martin, Jr., Chairman Alfred Hayes, Vice Chairman Karl R. Bopp J. Dewey Daane George W. Mitchell Andrew F. Brimmer W. Braddock Hickman J. L. Robertson George H. Clay Watrous H. Irons Chas. N. Shepardson Sherman J. Maisel Robert C. Holland, Secretary Merritt Sherman, Assistant Secretary George Garvy, Associate Economist Kenneth A. Kenyon, Assistant Secretary Ralph T. Green, Associate Economist Arthur L. Broida, Assistant Secretary Albert R. Koch, Associate Economist Charles Molony, Assistant Secretary Maurice Mann, Associate Economist Howard H. Hackley, General Counsel J. Charles Partee, Associate Economist David B. Hexter, Assistant General Counsel Robert Solomon, Associate Economist Daniel H. Brill, Economist Clarence W. Tow, Associate Economist David P. Eastburn, Associate Economist Ralph A. Young, 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, ninth federal reserve district, President Ransom M. Cook, twelfth federal reserve district, Vice President John Simmen, first federal reserve Sam M. Fleming, sixth federal reserve district district William H. Moore, second federal Henry T. Bodman, seventh federal reserve district reserve district William L. Day, third federal reserve A. M. Brinkley, Jr., eighth federal DISTRICT RESERVE DISTRICT Leland A. Stoner, fourth federal Roger D. Knight, Jr., tenth federal reserve district reserve district John F. Watlington, Jr., fifth federal Robert H. Stewart, Hl, eleventh federal reserve district reserve district Herbert V. Prochnow, Secretary William J. Korsvik, Assistant Secretary Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

448 FEDERAL RESERVE BULLETIN ■ MARCH 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 Willis J. Winn Karl R. Bopp Bayard L. England Robert N. Hilkert Cleveland............... ...44101 Joseph B. Hall W. Braddock Hickman Logan T. Johnston Walter H. MacDonald 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 John T. Boysen 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 I Erwin R. Barglebaugh Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS Material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551, and remittance should be made payable to the order of the Board of Governors of the Federal Reserve System. For a more complete list, including periodic releases, see pp. 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 Oct. 1, 1961, with an appendix containing pro­ Federal Reserve Bulletin. Monthly. $6.00 per visions of certain other statutes affecting the annum or $.60 a copy in the United States and Federal Reserve System. 386 pp. $1.25. its possessions, Bolivia, Canada, Chile, Co­ lombia, Costa Rica, Cuba, Dominican Republic, Supplement to Banking and Monetary Statis­ Ecuador, Guatemala, Haiti, Republic of Hon­ tics. Sec. 1. Banks and the Monetary System. duras, Mexico, Nicaragua, Panama, Paraguay, 1962. 35 pp. $.35. Sec. 9. Federal Reserve Banks. Peru, El Salvador, Uruguay, and Venezuela; 10 1965. 36 pp. $.35. Sec. 10. Member Bank Re­ or more of same issue sent to one address, $5.00 serves and Related Items. 1962. 64 pp. $.50. per annum or $.50 each. Elsewhere, $7.00 per Sec. 11. Currency. 1963. 11 pp. $.35. Sec, 12. annum or $.70 a copy. Money Rates and Securities Markets. 1966. 182 pp. $.65. Sec. 14. Gold. 1963. 24 pp. $.35. Federal Reserve Chart Book on Financial and Sec. 15. International Finance. 1962. 92 pp. Business Statistics. Monthly. Annual subscrip­ $.65. Sec. 16. (New) Consumer Credit. 1965. tion includes one issue of Historical Chart Book. 103 pp. $.65. $6.00 per annum or $.60 a copy in the United Bank Mergers & the Regulatory Agencies: States and the countries listed above; 10 or more Application of the Bank Merger Act of of same issue sent to one address, $.50 each. 1960. 1964. 260 pp. $1.00 a copy; 10 or more Elsewhere, $7.00 per annum or $.70 a copy. sent to one address, $.85 each. Historical Chart Book. Issued annually in Sept. Banking Market Structure & Performance Subscription to monthly chart book includes one in Metropolitan Areas: A Statistical Study issue. $.60 a copy in the United States and coun­ of Factors Affecting Rates on Bank Loans. 1965. 73 pp. $.50 a copy; 10 or more sent to tries listed above; 10 or more sent to one ad­ one address, $.40 each. dress, $.50 each. Elsewhere, $.70 a copy. Monetary Theory and Policy: A Bibliography. Treasury-Federal Reserve Study of the Gov­ Part I—Domestic Aspects. 137 pp. $1.00 a ernment Securities Market. Pt. I. 1959. 108 copy; 10 or more sent to one address, $.85 each. pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. Individual books $1.00 each; set of 3, $2.50. Regulations of the Board of Governors of the Federal Reserve System. Flow of Funds in the United States, 1939-53. Rules of Organization and Procedure—Board 1955. 390 pp. $2.75. of Governors of the Federal Reserve Sys­ tem. 1962. 40 pp. Debits and Clearing Statistics and Their Use. 1959. 144 pp. $1.00 a copy; 10 or more Published Interpretations of the Board of sent to one address, $.85 each. Governors, as of Mar. 31, 1965. $2.50. Trading in Federal Funds. 1965. 116 pp. $1.00 The Federal Funds Market. 1959. Ill pp. a copy; 10 or more sent to one address, $.85 $1.00 a copy; 10 or more sent to one address, each. $.85 each. U. S. Treasury Advance Refunding. June 1960- All-Bank Statistics, 1896-1955. 1959. 1,299 July 1964. 65 pp. $.50 cents a copy; 10 or more pp. $4.00. sent to one address $.40 each. 449 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

450 FEDERAL RESERVE BULLETIN • MARCH 1966 STAFF ECONOMIC STUDIES Adjustment for Seasonal Variation. Descrip­ tion of method used by Board in adjusting eco­ Studies on economic and financial subjects that nomic data for seasonal variation. June 1941. are of general interest in the field of economic 11 pp. research. The Private Demand for Gold, 1931-53. Sept. Summaries only printed in the Federal Reserve 1954. 10 pp. Bulletin. Bankers’ Acceptance Financing in the United (Limited supply of mimeographed copies of States. May 1955. 13 pp. full text available upon request for single copies.) Revision of Consumer Credit Statistics. Oct. Statistical Refinement of the Concept of In­ 1956. 24 pp. (Also, similar reprint from Apr. flation—Monetary and Liquidity Aspects, 1953 Bulletin.) by Guy E. Noyes. Oct. 1965. Seasonal Factors Affecting Bank Reserves. The Demand for Money—Speed of Adjust­ Feb. 1958. 12 pp. ment, Interest Rates, and Wealth, by Frank de Leeuw. Oct. 1965. Open Market Operations in Long-Term Secu­ rities. Nov. 1958. 15 pp. Price Analysis and Economic Developments, by Murray Altmann. Oct. 1965. *Part I, All-Bank Statistics, 1896-1955. Re­ print of the U.S. Summary containing a descrip­ A Study of Factors Affecting the Money tion of revised statistics for all banks in the Stock—Phase One, by Leonall C. Andersen. United States, by class of bank, together with Oct. 1965. revised statistics. Apr. 1959. 94 pp. Criteria for Conduct of Monetary Policy; Statistics on the Government Securities Implications of Recent Research, by Daniel Market. Apr. 1961. 8 pp. H. Brill. Dec. 1965. Survey of Finance Companies, Mid-1960. Oct. The Postwar Boom in Hotels and Motels, by 1961. 21 pp. Royal Shipp and Robert Moore Fisher. Dec. 1965. ‘ Liquidity and Public Policy, Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. Manufacturers’ Inventory Investment and Monetary Policy, by Jimmie F. Manhollen. Revised Indexes of Freight Carloadings. Dec. 1961. 3 pp. Jan. 1966. Seasonally Adjusted Series for Bank Credit. Some Fiscal Implications of Expansion of the July 1 962. 6 pp. Social Security System, by Nancy H. Teeters. Jan. 1966. Interest Rates and Monetary Policy, Staff Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. The Demand for Currency, by George G. Industrial Production—1957-59 Base. Oct. Kaufman. Feb. 1966. 1962. 10 pp. The Demand for Money: A Review of the Flow of Funds Seasonally Adjusted. Nov. Empirical Literature by David M. Jones. 1962. 15 pp. Feb. 1966. A Sectoral Analysis of Velocity, Staff Paper The Demand for Money: Speed of Adjust­ by Paul F. McGouldrick. Dec. 1962. 14 pp. ment, Interest Rates, and Wealth—A A New Look at the Farm Debt Picture. Dec. Sequel by Patric H. Hendershott. Mar. 1966. 1962. 18 pp. Printed in full in the Federal Reserve Bulletin. Farm Debt as Related to Value of Sales. Feb. 1963. 9 pp. (Reprints available as shown in list below, j Changes in Structure of the Federal Debt. REPRINTS Mar. 1963. 10 pp. (From Federal Reserve Bulletin unless preceded Negotiable Time Certificates of Deposit. by an asterisk.) Apr. 1963. 11 pp. The History of Reserve Requirements for New Foreign Bond Issues in the U.S. Market, Banks in the United States. Nov. 1938. Staff Paper by Robert F. Gemmill. May 1963. 20 pp. 13 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 451 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. ' >5 pp. Bank and PCA Lending to Farmers. Sept. 1963. Recent Credit and Monetary Developments. July 1965. 12 pp. 11 PP- The Open Market Policy Process. Oct. 1963. Revision of the Money Supply Series. July 11 PP- 1965. 1 1 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 7pp- tion. Sept. 1965. 11 pp. Survey of Financial Characteristics of Con­ U.S. International Payments. Oct. 1965. 9 pp. sumers. Mar. 1964. 9 pp. Time Deposits in Monetary Analysis, Staff U.S. Trade and Payments in 1963. Apr. 1964. Economic Study by Lyle E. Gramley and Sam­ uel B. Chase, Jr. Oct. 1965. 25 pp. 7pp- Fiscal Policy and Debt Management. Nov. Flows Through Financial Intermediaries. 1965. 11 pp. May 1964. 9 pp. Cycles and Cyclical Imbalances in a Chang­ Revision of the Money Supply Series. June ing World, Staff Paper by Frank R. Garfield. 1964. 14 pp. Nov. 1965. 15 pp. Revision of Bank Credit Series. June 1964. Balance of Payments Program: Guidelines 5 PP- for Banks and Nonbank Financial Institu­ tions. Dec. 1965. 9 pp. Recent Monetary and Credit Developments. July 1964. 9 pp. Bank Credit and Monetary Developments in 1965. Feb. 1966. Federal Reserve Security Transactions, 1954­ 63, Staff Paper by Stephen H. Axilrod and Treasury and Federal Reserve Foreign Ex­ Janice Krummack. July 1964. 16 pp. change Operations. Mar. 1966. 14 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see p. 352.) Acceptances, bankers’, 361, 378, 380 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 372, 374 Adjusted, and currency, 367 Arbitrage, 443 Banks, by classes, 360, 368, 373, 376, 380 Assets and liabilities (See also Foreign liabilities and Federal Reserve Banks, 362, 437 claims): Postal savings, 360, 367 Banks and the monetary system, Discount rates, 359, 442 consolidated, 367 Discounts and advances by Federal Reserve Banks, Corporate, current, 392 354, 362, 364 ' Domestic banks, by classes, 368, 372, 374 Dividends, corporate, 391, 392 Federal Reserve Banks, 362 Dollar assets, foreign, 429, 437 Automobiles: Consumer instalment credit, 396, 397, 398 Earnings and hours, manufacturing industries, 407 Production index, 400, 401 Employment, 404, 406, 407 Balance of payments (See U.S. balance of payments) Farm mortgage loans, 393, 394, 395 Bankers' balances, 373, 375 Federal finance: (See also Foreign liabilities and claims) Cash transactions, 382 Banking and monetary statistics for 1965, 416 Receipts and expenditures, 383 Banks and the monetary system, consolidated state­ Treasurer’s balance, 382 ment, 367 Federal funds, 358 Banks for cooperatives, 387, 388 Federal home loan banks, 387, 388, 394 Bonds (See also U.S. Govt, securities): Federal Housing Administration, 379, 393, 394, 395 New issues, 388, 389, 390 Federal intermediate credit banks, 387, 388 Prices and yields, 378, 379 Federal land banks, 387, 388 Brokers and dealers in securities, bank loans to, Federal National Mortgage Assn., 387, 388, 395 372, 374 Federal Reserve Banks: Business expenditures on new plant and equip­ Condition statement, 362 ment, 392 U.S. Govt, securities held by, 354, 362, Business indexes, 404 364, 384, 385 Business loans (See Commercial and industrial loans) Federal Reserve credit, 354, 362, 364, 414 Federal Reserve notes, 362, 365 Capital accounts: Federally sponsored credit agencies, 387, 388 Banks, by classes, 368, 373, 376 Finance company paper, 378, 380 Federal Reserve Banks, 362 Financial institutions, loans to, 372, 374 Carloadings, 404 Float, 354 Central banks, foreign, 426, 442 Flow of funds, 412 Certificates of deposit, 376 Foreign central banks, 426, 442 Coins, circulation of, 365 Foreign currency operations, 362, 364, 428, 436 Commercial and industrial loans: Foreign deposits in U.S. banks, 354, 362. 367, Commercial banks, 372 373, 376, 437 Weekly reporting member banks, 374, 377, 419 Foreign exchange rates, 444 Commercial banks: Foreign liabilities and claims: Assets and liabilities, 368, 371, 372 Banks, 430, 432, 433, 435, 437 Consumer loans held, by type, 397 Nonfinancial concerns, 438 Number, by classes, 368 Foreign trade, 441 Real estate mortgages held, by type, 393 Commercial paper, 378, 380 Gold: Condition statements (See Assets and liabilities) Certificates, 362, 365 Construction, 404, 405 Earmarked, 437 Consumer credit: Net purchases by U.S., 428 Instalment credit, 396, 397, 398, 399 Production, 427 Noninstalment credit, by holder, 397 Reserves of central banks and govts., 426 Consumer price indexes, 404, 408 Reserves of foreign countries and international Consumption expenditures, 410, 411 organizations, 429 Corporations: Stock, 354, 367, 428 Sales, profits, taxes, and dividends, 391, 392 Gross national product. 410, 411 Security issues, 389, 390 Security prices and yields, 378, 379 Hours and earnings, manufacturing industries, 407 Cost of living (See Consumer price indexes) Housing starts, 405 Currency in circulation, 3 54, 3 65, 3 66 Income, national and personal, 410 Customer credit, stock market, 379 Industrial production index, 400, 404 Debits to deposit accounts, 364 Instalment loans, 396, 397, 398, 399 Debt (See specific types of debt or securities) Insurance companies, 381, 384, 385, 394 Demand deposits: Insured commercial banks, 370, 372 Adjusted, banks and the monetary system, 367 Interbank deposits, 360, 368, 373 Adjusted, commercial banks, 364, 366, 373 Interest rates: Banks, by classes, 360, 368, 376 Bond yields, 378, 423 Turnover of, 364 Business loans by banks, 377 Type of holder, at commercial banks, 373 Federal Reserve Bank discount rates, 359 452 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES 453 Interest rates—Continued Reserves: Foreign countries, 442, 443 Central banks and govts., 426 Money market rates, 378, 422, 443 Commercial banks, 373 Mortgage yields, 379 Federal Reserve Banks, 362 Stock yields, 378, 423 Foreign countries and international organiza­ Time deposits, maximum rates, 360 tions, 429 International capital transactions of the U.S., 430 Member banks, 354, 356, 360, 373, 375,414 International institutions, 426, 428, 429 Residential mortgage loans, 393, 394, 395 Inventories, 410 Retail credit, 396 Investment companies, new issues, 390 Retail sales, 404 Investments (See also specific types of investments): Sales finance companies, consumer loans of, 396, Banks, by classes, 368, 372, 375, 380 397, 399 Commercial banks, 371 Saving: Federal Reserve Banks, 362, 364 Flow of funds series, 412 Life insurance companies, 381 National income series, 411 Savings and loan assns., 381 Savings and loan assns., 381, 385, 394 Savings deposits (See Time deposits) Labor force, 406 Savings institutions, principal assets, 380, 381 Loans (See also specific types of loans): Securities (See also U.S. Govt, securities): Banks, by classes, 368, 372, 374, 380 Federally sponsored agencies, 387 Commercial banks, 371 International transactions, 436, 437 Federal Reserve Banks, 354, 362, 364, 414 New issues, 388, 389, 390 Insurance companies, 381, 394 Silver coin and silver certificates, 365 Insured or guaranteed by U.S., 393, 394, 395 State and local govts.: Savings and loan assns., 381, 394 Deposits of, 373, 376 Holdings of U.S. Govt, securities, 384, 385 Manufactures, production index, 401,404 New security issues, 388, 389 Margin requirements, 360 Ownership of obligations of, 372, 380, 381 Member banks: Prices and yields of securities, 378, 379 Assets and liabilities, by classes, 368, 372 State member banks, 370 Borrowings at Federal Reserve Banks, Stock market credit, 379 356, 362. 376, 414 Stocks: Deposits, by classes, 360 New issues, 389, 390 Number, by classes, 369 Prices and yields, 378, 379 Reserve position, basic, 358 Tax receipts, Federal, 383 Reserve requirements, 360 Time deposits, 360, 366, 367, 368, 373, 376, 418 Reserves and related items, 354, 414 Treasurer’s account balance, 382 Weekly reporting series, 374, 416 Treasury cash, 3 54, 3 65, 3 67 Mining, production index, 401, 404 Treasury currency, 354, 365, 367 Money rates (See Interest rates) Treasury deposits, 354, 362, 382 Money supply and related data, 366 Turnover, deposit, 364 Mortgages (See Real estate loans) Mutual funds (See Investment companies) Unemployment, 406 Mutual savings banks, 367, 368, 370, 380, U.S. balance of payments, 440 384, 385. 393 U.S. Govt, balances: Commercial bank holdings, by classes, 373, 376 National banks, 370 Consolidated monetary statement, 367 National income, 410, 411 Treasury deposits at Federal Reserve Banks, National security expenditures, 383, 410 354, 362, 382 Nonmember banks. 370, 372, 373 U.S. Govt, securities: Bank holdings, 367, 368, 372, 375, 380, Open market transactions, 361 384, 385 Dealer transactions, positions, and financing, 386 Payrolls, manufacturing, index, 404 Federal Reserve Bank holdings, 3 54, 3 62, 3 64, Personal income, 411 384, 385 Postal Savings System, 360, 367 Foreign and international holdings, 362, 429, 437 Prices: International transactions, 436 Consumer, 404, 408 New issues, gross proceeds, 389 Security, 379 Open market transactions, 361 Wholesale commodity, 404, 408 Outstanding, by type of security, 384, 385, 387 Production, 400, 404 Ownership of, 384, 385 Profits, corporate, 391, 392 Prices and yields, 378, 379, 443 United States notes, outstanding and in Real estate loans: circulation, 365 Banks, by classes, 372, 380, 393 Utilities, production index, 401, 404 Mortgage yields, 379 Vault cash, 354, 360, 373 Type of holder, 393, 394, 395 Veterans Administration, 393, 394, 395 Type of property mortgaged, 393, 394, 395 Weekly reporting member banks, 374, 416 Reserve position, basic, member banks, 358 Reserve requirements, member banks, 360 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 * (f THE FEDERAL RESERVE SYSTEM °) * 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